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Quotation Supplement (Monthly) Street RailwaijSupplement ^km^ Investors Supplement (0™^) Stale and City Supplement faum^ [Entered aooordlng to Act of Congress, in the year 1901, by the William B. Dana Oompant, In the office of the Librarian of Congress.]
VOL. 73. SATURDAY, SEPTEMBER 28, 1901. NO. 1892.
Wee*, endint September 81. %ht Chronic!*. Clearing* at— PUBLISHED WEEKLY. 1901. 1900. 1901. 1899. 1898. Terms of Subscription—Payable in Advance: For One Year $10 OO Boston 184,ll9,02f 99 339.169 185 482.790 95 368.889 For Six Months 6 00 Proridenee 8.504,100 6,829. 100 6 887,500 4 619.900 European Subscription (lnolndlng postage) 13 00 Hartford 8.08680V- 2,157 652 2,897.997 2.080 207 European Subscription Six Months (lnoludlng postage) 7 50 New Haven 1,342.478 1,266 888 1,679 601 1.4E0 778 Springfield 1,141,818 1,115.180 1,206 65' 1.378,745 Annual Subscription In London (including postage) 42 14s. Worcester 1,: 93,811 J.848.688 1,427 83f 1 439,203 Six Mos. do. do. do. 41 lis. Portland 1,192,208 1,098 80!) 1 SO7.602 1.878.116 fall River 803.598 684.856 679.37* 796.012 Above subscription lnoludes— Lowell 440 092 486,76f 689,767 667.801
Thb Quotation supplement I street Railway Supplement New Bedford 381,971 385.04- 487,156 871,668 322.59C 246,65- 336 000 Thb Investors' Supplement | state and City Supplement Holvoke Total New Eng.. 148,866.902 113,287,754 +81'4 162.213,148 108 310,567 Terms oi Advertising—(Per Inch Space.) Chicago 180 983 008 128.48847P 184.618.07* 108,641,567 Transient matter $4 20 Three Months (IS times) . . $29 00 Cinolnnatl 16,188,850 14 184.600 14,16»850 18 103.200 •TANDINO BUSINESS CARDS. 81x Months (26 " ).. 50 00 Detroit 10 81B.263 8 809.638 7 965 010 6164.864 Two Months (8 times).. 22 00 Twelve Months (52 " ).. 87 OO Cleveland 18,768 3-9 11,887 300 10.583 088 7.686 078 Milwaukee 6.966,619 6.958.179 8 917.080 4.400 885 London Agents: Columbus 6.0H7.500 4,785 000 5 633.700 4,417.500 Indianapolis 8 937.445 3123.90:- 2,744,170 8.398.0S8 Messrs. Edwards Otearlngt— tt«turo« bv Ttltgravti. San Franolsoo. 81862 081 20.629 789 18.980 149 15 461.618 1001. 8.613.410 6 808 238 Week BndinQ September 28. 1900. P. Cent Bait Lake City. 3.048.910 8,047 638 Portland 8.826,67-t< 2,435 278 1.647 231 1.688.068 6n5 470 New York 1 1. 077,490.354 $681,588,058 + 5T6 Los Angeles... 8,795,645 2,284.586 1 1,880,668 Boston. 116.245 519 87,478.716 +329 Seattle 8 051,830 3,316,643 5,400 326 L075.188 1,061,723 1,843.261 1.483.284 803,090 Philadelphia 90,703 551 78,361.288 +15*7 Spokane Tacoma. 1,838 976 1,884.084 1.226.161 682.953 Baltimore 17.79S.168 14.714 723 +20 9 Helena 616,985 666.016 563.125 592,183 Chicago 130.46\a89 102 825,693 +88*9 Fargo 315.965 807,927 193,682 887,807 St. Louli 36.594 3S1 85.791,113 +419 Sioux Falls 22l,ft76 139.480 183.880 78 886 New Orleans 7,727,555 9.862,837 -17-6 Total Paoltio. 86 037,396 84 659 247 +4'0 3 i, 684,884 25 484,887 Seven cities, 6 days $1,477.01 VS.507 |1,0(>2 105 405 4-47-4 16,620,880 16 980.187 +4 14,908,010 11868.717 Other oitiei, 6 days 928 9-6 411 105.316421 4-17-8 Kansas City Minneapolis 11691.1621 18851,689 —9'0 12.773682 8 877.829 -8'1 Total alloltles.6days.... 81,708.998 918 ti.i97.38i.828 4-42 6 Omaha 5,764 908 5,879 954 6.887.681 8.704.785 4.456 860 4 643 006 —4 4.865.488 6.183 148 All oltles, 1 day 866.097.683 268,879.637 +40-4 St. Paul Denver 4,148.749 4.138 691 +0 1 4,015.37.- 9 783,889 4 886 Total all oltles for week. 12.O6tt.096.54 ll.450.S0l. 483 +48 2 St. Joseph 3,790.716 3,9e6 171 —4 3.689 8.341.183 Des Molnet 1,601,264 1.445,788 +10 8 1,888,284 098 897 977.470 715.182 +88 7 710.315 687,811 The full details for the week covered by the above will be Davenport- Sioux City. 1,188,49.-1 1,202,883 -6 7 1,198 959 847.615 given next Saturday. We cannot furnish them to-day, Topeka V50.5k 9 1,0.42.485 —18 678 355 691 493 Wichita 489.982 472 980 +3 6 464.8-0 290 804 olearingg being made up by the clearing houses at noon on Fremont. 110.166 134.842 -18 8 128.091 87.081 740.154 Not lnclm Saturday, and hence in the above the last day of the week Colorado Springs.. Tot. other West. 61724.704 C2 520.076 -1 5 51637.048 40,650 1 16 has to be in all cases estimated, as we go to press Friday 81607.84 26,670 831 night. St. Louis 87 331621 34.882 877 New Orleans 8,577.776 11818 14:, 8 918 27s 5.681 802 We present below our usual detailed figures for the pre- Louisville 7,879 703 6,602 99c 7.5' 3 338 5 891.918 Galveston 3 067,001 4.087 250 4 724 050 vious week, covering the returns for the period ending with Houston 6 563.661 5 7C0.000, 4,810 «14 4 981 805 724 8,976.106 3 008 8-8 9 802.000 Saturday noon, Sept. 21, and the results for the correspond- Savannah 3.148 Richmond 8.796 286 3,163.634 3 141 087— 2.838 878 ing week in 1900, 1899 and 1898 are also given. Contrasted Memphis 8.181.920 8 049.999 1,887 8 1,317-84 Atlanta 1,688.882 1,778.492 1,619 33 1.137.571 SO'- 058 914 with the week of 1900 the total for the whole country shows Nashville 1,240 356 1,189 010 1,261 847 928815 Norfolk.. 1.087.7:9 1.3^6.8781 1,197 a gain of 31*6 per cent. Outside of New York the increase 840.662 2,309 6 )7 1 S 15 034 711.966 Augusta 460.875 Knoxvltle 645.105 810.KS" 643 592 over 1900 is C'4 per cent. 6 '0 633 672 045 Fort Worth 1.408.066 826 O0< 7C0.000 871,075 689 456 371087 Birmingham 6.7.000 Week ending September 21. Macon 493.000 884.000 662 001 Olearlngt at— 684 542 628 287 884 7 8 847 877 Little Rook 304 63* «85 891 1901. 1900. 1901. 1899. 1898. Chattanooga 620 000 480.000 * 34 806 041 101 737 Jacksonville 248 28 179.8 .„„ » • P. Cent. t • 79.897.904 83 661,943 78 829 463 50.030 068 New York 1.228.-.P0.571 812.8i3.4-5 +50*9 1.330 038 88E 814 737.6S0 Total Southern.. 811.648 1 1,995.891 876 3f8?S1.368 Philadelphia 88 953.5H 91.852.981 -8 8 02 6-0.084 65 738 740 Total all 1893.848,575 1.489 Pittsburg 80 771.730 28 007 605 4-py 81.053 811 18,915 248 Baltimore 19 706 847 16.487,8-6 +6-4 733 5 1 493 848.798 19 837,144 +2 4 10.7 6 l«* Outside N. Vork. 668.765 004 626.5S9.187 665 Buffalo 6 447 358 5 2*0,1'; 9 +30 5 2^2 172 4,899 761 Washington 8,088,734 1,983 017 +8 3 2.06 J 134 1 5*4 371 Albany 2 589 HI 2 670,746 +07 2 53S.1' t Canada— +6-7 Ofll 806 14.211 438 Rochester i &n on 1,768,85< -77 1774 171 1 7-'9 953 Montreal 16,168 372 15 674 24?* 17 such as was, no doubt, anticipated when that word THE FINANCIAL SITUATION. "extra" was appended to the item; that Is, that the No little surprise has been felt because a decided conditions did not at the time call for docking the and general demoralization in the Stock Exchange whole dividend, neither did they encourage the pay- market has followed the omission of Amalgamated ment of the "extra." Copper to add the usual extra one-half of one per There is only one wise method to correct this situa- cent to their dividend declared last Friday. That tion. The price of copper ought to be at once lowered event alone was of no great significance and might and the cornered and congested state of the market have occurred amid conditions other than those now corrected in that way. Decreasing production and existing without influencing unfavorably other values sustaining the current price would tend to dry up the or influencing materially even its own. Indeed, the sources of prosperity. Acts like that are to be depre- cut-off was only applied to what has always been called cated. They are what has brought all trusts into dis- an "extra" distribution, although it has been a feature repute and have created and justify public hostility. of dividend payments since the first—that is, since It is, too, the kind of danger which more than all others October 1899; with that reduction the return the threatens the existing cycle of prosperity. For copper stockholders receive still remains at the rate of is not alone in this matter. Values of all manufac- 6 per cent per annum—a very good interest on a tured products have advanced to a very important ex- security selling in previous weeks a little above par. tent. So far as this is due to higher wages, it is Why was it possible then for so much to be made reasonable and necessary ; but so far as it is due to of this lower dividend as an unfavorable indication ? pegging prices, it is sure to restrict consumption and It was because the act was widely interpreted as con- so kill the goose that lays the golden egg. Several firming the belief that the high price of copper was trades are to-day giving signs of restricted movement; leading to a falling off of the world's consumption of among these we may mention the building trade, that metal, to a suppression of the class of industries which is struggling under a numerous body of small at home and abroad largely using the metal, and to a trusts. For it is the small trusts, so far as experience consequent over-production of copper ; that a similar in the United States has hitherto gone, that peg condition of prices and stocks of products likewise prices and so suppress industrial expansion, and not existed in some other classes of industrials ; and also the large ones. Standard Oil, Sugar R fining, United that money lenders had become discriminating, while States Steel, all appear to put their product on the there was reason to fear that, under this latest devel- market lower than it has ruled before ; but glass and opment, they might grow more so. fifty others we might mention seem to be organized The belief that trouble was brewing in the copper to put values on so high a level as to burden every de- market was evident in the fact that ever since last June, pendent trade. when Amalgamated Copper sold largely at 130, the stock had been on the decline. Other adverse [factors in A wholly unexpected event has been the marking- the problem were already obvious and became more so up by Mr. M. C. D. Borden of wages 5 per cent in his month by month ; the official trade figures showed Fall River mill. It was a surprise because the condi- that the export movement was rapidly and decidedly tions of the market as they stood the day the advance diminishing, and the copper business in Europe and was announced did not apparently warrant higher especially in Germany, where the demand for the wages. The general opinion seems to be that the act metal had been so large, was being seriously cur- was a shrewd one, situated as Mr. Borden is with a tailed. But the counter condition was set up that large stock of print cloths recently purchased. It, home consumption was expanding and so rapidly as however, puts other mills at Fall River in somewhat to absorb whatever Europe refused to take. Evidence of a dilemma, for the most of them claim that if they has, however, been accumulating in recent weeks mark-up wages, as prices of goods and the raw ma- that has made this claim very doubtful ; and the cut- terial now stand they will be making goods at a loss ; " ting off of the extra dividend by the "Amalgamated they are consequently reduced to the alternative of and later by the "Anaconda" has, as already indi- accepting this new condition and advancing wages simi- cated, been assumed by many, in the absence of all larly, depending upon an improved demand and an ad- other information, to be an official admission respect- vance in raw cotton later to help them out, or to wholly ing the unreliability of this assurance and strong con suspend operations unless their employes prefer to work firmation of the suspicion that the accumulation of under the old scale. If any large number of the mills the stocks of copper was becoming burdensome. shut down the production of cloths will be curtailed These facts, rumors and suspicions have exerted a and prices of the product would most likely be larger influence upon the market than they would strengthened, which would tend to make Mr. Bor- have been able to were it not that the public was also den's purchases a good venture. On the other hand, cognizant of, and had in mind, the disastrous ex- if the mills, other than Mr. Borden's, raise wages and perience of a copper corner engineered in France only go on manufacturing, the first cost of their produc- a few years ago. We are, however, strongly of the tions would be increased and the tendency of the opinion that the people who are at the head of the mills would consequently be to hold the product at Amalgamated Company are not of the kind to run higher prices, as they lose money if they sell at the serious risks. They are strong parties, and likewise, old quotations; this situation would, it seems, again presumably, conservative. Moreover, were their pur- inure to the advantage of Mr. Borden and his stock of pose to corner copper, or were they in danger of being clo'hs. But suppose the higher price for cloths burdened because of the stocks they hold, they would makes it profitable for print cloth mills in the South have passed the entire dividend of both companies to work day and night—what then? named above. The fact that they have only omited the distribution of what they have always called The Atchison Topeka & Santa Fe annual report "extra" is, to our mind, evidence of a situation just reached us yesterday afternoon, too late in the week September 28, 1901.] THE CHRONICLE. 635 for detailed analysis Co day. As the company's monthly stock is entitled to 4 per cent pr. f reuce dividends, returns of earnings had foreshadowed would be the the annual requirements for the dividends hence being case, the income account for the year makes an ex $560,000. Dividends were also begun on the common tremely gratifying exhibit. The net receipts for the stock in July, a first payment of 1^ per cent being twelve months (afcer charging $900,000 to expenses for then made. The manag» merit are evidently pursuing Special Betterment account) amounted to $20,305,- a conservative policy. Dividends of 3 per cent per 340, and the fixed charges (including interest on the annum on the common shares would require only adjustment incomes) were only $7,830,811, leaving a $312 648 per annum, which, added to the $560,000 call balance of $12,474,529. The five per cent dividends for the 4 percent on the preferred shares, would make paid on the preferred stock took $5,708,690, still leav- a total requirement for dividends of only $872 648, as ing $6,765,839. This, it will be observed, is equal to against the late year's net earnings of $1,354,177. over 6 per cent on the company's $102,000,000 of common stock. Only one dividend has been paid on The only change in the official rates of discount by the common shares thus far, namely the payment of 1 i the European banks this week was by the Imperial per cent in June last, and which called for $1,530,000. Btnk of Germany, which on Tuesday advanced its In addition to the $900,000 credited to the Special official rate from 3| per cent to 4 per cent. The Bank Betterment Fund and charged to expenses, another of Bengal, at Calcutta, raised its rate of discount $1,000,000 has been credited to the same fund and from 4 per cent to 5 per cent. It was announced on charged to profit and loss. President Ripley makes Thursday that the Bank of England had sold £501,- reference to the failure of the corn crop in the South- 000 in German gold coin for shipment to Berlin. west the present season, and we notice he takes the An interesting feature of the statement of the New view that the effect of the shortage on the Atchison's York'Associated Banks last week was the close corres- revenues for the current fiscal year will be slight. He pondence in the changes in loans, cash and sur- says: "Notwithstanding an almost total failure of plus reserve. Th8 loans were decreased $6,316,- the corn crop in Kansas and Oklahoma, it is not be- 900, . largely due to the liquidation of specula- lieved that the earnings for the coming year will be tive accounts in the stock market; the cash in- lees satisfactory than those of the last. The direct creased $6,295,900, reflecting payments for bonds grosB earnings of your property from freight on corn during the week, and the surplus reserve in- during the year covered by this report were approxi- creased $6,543,675, carrying this item to $13,654,225. mately $600,000, of whioh about one-third came from The deposits decreased only $1,071,100. It is note- the sections in which there is little or no damage. worthy that since September 7 the loans have fallen The indirect loss of earnings (on cattle, hogs, off $19,196,600 and deposits $17,330,200, while specie etc ) cannot be accurately computed, but it is believed that has increased $5,266,7o0 and legal tenders have de- increased tonnage in other lines of business and other creased $2,860,900, making the gain in cash only $2,- territory will quite compensate therefor." 405,800. This indicates that the improvement in bank conditions, reflected in the gain of $6,738,350 in sur- The Hocking Valley Railway is one of the smaller plus reserve in this interval, was chiefly due to liqui- reorganized railroads which makes a strong income dation in loans. Payments at the New York Sub- showing and reveals very creditable operating results. Treasury for unmatured bonds during the week were The present is the second annual report of the new $4,690,694 85, making $34,705,930 97 since April 2. company, which is of the same general character as The Oregon arrived at Port Tjwnsend, Wash., on the first report. The traffic of the road consists largely Tuesday with $750,000, the Roanoke on Wednesday of bituminous coal, and hence low rates are realized. with $350,000 and the Senator on Thursday with For the twelve months under review the average on the $500,000 gold from Cape Nome. entire freight tonnage was only 4 42 mills per ton per mile, which was a trifle lower even than the average Money on call, representing bankers' balances, has of the year precediog, when 4*48 mills was obtained. been easy this week, mainly, however, because of the The train-load, however, has been brought to a almost continuous liquidation in the stock market. high figure, and hence the service is made profitable. Loans at the Stock Exchange were made at 4£ per cent The average load has not varied much the last and at 2£ per cent, averaging 3| per cent. On Monday two years, having been 645 tons for 1901 and 646 tons loans were at 4£ per cent and at 3£ per cent, with for 1900. On the main line the average for the late the bulk of the business at 4 percent. On,Tuesday year was as much as 686 tons. How greatly above transactions were at 4£ Jper cent [and at 3 per cent, the ordinary these figures are will appear when we with the majority at 3£ per cent. On Wednesday say that the average on the Chesapeake & Ohio for loans were at 4 per cent and at 2£ per cent, with the the same twelve months, while high, was, including bulk of the business at 3 per cent. On Thursday company freight, no more than 533 tons and without transactions were at 4 per cent and at 3.V per cent, company freight 511 tons, and the average of the with the majority at 3$ per cent. On Friday loans revenue tonnage for the Norfolk & Western was but were at 4 per cent and at 3 per cent, with the bulk 461 tons. The company was reorganiz d on a low of the business at 3\ per cent. Banks and basis of interest charges, and this, together with the trust companies have loaned at 4 per cent as the efficiency of operations, serves to make the income minimum. Time loans were freely offered during the showing very gratifying. The interest and rental week at 4£ to 5 per cent for all periods from sixty charges for the late year were $987,879, while available days to six months, rates being graded according to net earnings (including income from securities owned) the collateral. Loans on good mixed security were 4£ were $2,342,056, thus showing a surplus above fixed per cent, while those on a large proportion of indus- charges in amount of $1,354,177. Dividends on the trial stocks were 5 per cent. The demand was only $14,000,000 preferred stock have been paid almost fair; borrowers are apparently expecting lower rates from the organization of the new company. This and therefore they generally decline present offer- ,. t• ... 63(> THE CHRONICLE. |V0L. LXX1II. ings. The supply of commercial paper is slowly in- cables to 4 8G.j@4 86$, and the market was quite creasing, but a larger volume is looked for soon after strong all day, influenced by an urgent demand for the beginning of next month. The demand is good, covering and for remittance, as above noted. This with some local inquiry, though the sales are chiefly inquiry was less urgent on Thursday, the market was in Eastern and neighboring cities. Rates are 4f per easier, and rates fell off to 4 85i*@4 85$ for short and cent for sixty to ninety day endorsed bills receivable, to 4 86@4 86| for cables, while long remained un- 5@5£ per cent for prime and f>$@6 per cent for good changed at 4 83£@4 88f. The market was barely four to six months' single names. steady on Friday, when there was a decline of one- eighth of a cent in long and in cables. The following The Bank of England minimum rate of discount shows daily posted rates for exchange by some of the remains unchanged at 3 per cent. The cable reports leading drawers. ninety day bank bills in London discounts of sixty to F*R1 Vi.s. Tins.. Wmd. THTTR.. 20 Sept 88. Sept. 24 Sept. 25. Sept. 26. Sept 17. 2|@2§ per cent. The open market rate at Paris is 1^ Sept. - -» 84 84 84 Brown Broi. (60 day*. 4 88* 88* per cent and at Berlin and Frankfort it is 3£ per •1 Sight.... 486 86 86 86* 8e* 86* Baring, J 60 day 4 83* 88* 83* 84 84 84 cent. According to our special cable from London Magonn A Co.. 1 Bight.... 480 86 86 86* ea* 86* bullion during Sank BrltUh (60 days. 4 88* 83* 88* 84 84 84 the Bank of England gained £131,049 No. Amerlct,., J Sight.... 486 86 86 86* 86* S6* the week and held £39,637,691 at the close of the Sunk of (60 day*. 4 88* 88* £3* 88* 88* 84 Montreal. J Sight.... 4 86 86 86 86 80 36* Canadian Bank BO day «83* 84 84 week. Our correspondent further advises us that the J 88* 88* 88* of Commeroe. \ Sight... 4 86 86 86 86 86* 86* gain was due to the import of £96,000 from the Cape, Heideibaoh, I ok (80 day 4 83K 8»* 88* 84 84 84 elbelmer & Co. J Sight.... 486 86 86* 86* to receipts of £185,000 net from the interior of Great Frere*.. (80 day*. 4 48* 83* 88* 84 84 84 basard • J Bight... 486 86 86 86* 86* E6* Britain and £150,000 exported to Egypt. < erohanta' Bk. (90 day*. 4 83* 83* 88* 68* 88 H 83* of Canada... . (Sight.... 4 86 86 86 86 86 86 The market closed at 4 83i@4 83£ for long, 4 r5f The foreign exchange market was quite strong until @4 85$ for short and 4 85i@4 86 for cables. Com- Thursday, when the tone grew easisr in consequence mercial on banks 4 82$ @4 82$ and documents for pay- of a lighter demand. The early inquiry appeared to ment 4 82$@4 83. Cotton for payment 4 82$@4 82J, be somewhat urgent for sight exchange to cover cotton for acceptance 4 82$ @4 82£ and grain for maturing loan contracts and also to remit for securi- payment 4 82f @4 83. ties sold for European account, and it was reported that some considerable amounts of exchange were re- The following gives the week's movements of quired to remit for the instalment of 15 per cent on money to and from the interior by New York banks. the British £60,000,000 loan of April last, which pay- Wuk JBndtns September 97, 1901. Receiced ot Shivvtd by Wit Interior ment will be'due October 10. There was a demand W. T. Bank*. W. T. Bankt, Movetiwit. for cables early in the week in connection with the Onrrenoy. 14,774,000 18,722.000 Loss 13948.000 Sold 829,000 1,664.000 Loss 785,000 semi- monthly settlement in London. Commercial Total gold and legal tender*. 16.608.000 110, 286,000 Loss. 14.683.000 bills were in limited supply, and the absence of those With the Sub-Treasury operations the result is as against cotton was accounted for by the fact that follows. cotton is moving very slowly. The advance in ex- 07° change of course effectually prevented further engage- Wuk BnMnt September 27. 10tl. Into Out Wir Chang* in Bank*. Bank*. Bank HoUHnt*. ments of gold in Europe for shipment hither. There Bank* Interior movement, a* above 15.603.000 1 10,286.000 Loss 14.653.000 was an arrival of $250,000 gold on Wednesday from 24 390,000 21.100.000 Gain 3 200,000 London, consigned to Miiller, Schall & Co., and it 829.908 000 181.386 000 Loss 8M8S 000 was announced on Thursday that the Sierra had ar- The following table indicates the amount of ouilion rived atj San Francisco with $2,500,000 gold from in the principal European banks. Australia, ^consigned in part to the Angle-California, September 28 1901 September 27, l WOO. and the^London, Paris and American banks at San Sank of Bold. Siloir. Total. Bold. Silver. Francisco. This gold will be immediately transferred Tola.. 1 X through Assay Office checks to Seligman & Co. and 1 X S M England 89,637.691 39.687 691 86,107.411 86,107.411 Lazard Freres, the representatives in this city of the rranoe 95.366,646 44.613.244 139,999.890 90 680 870 46.150,214 185,771 034 Germany*.... 31,078,000 16,008.000 47,031.000 23,989,000 12,332.000 3f,«.71.O00 banks above named. Seligman & Co. announced that linula 68.895.000 6.792.000 76.187.000 76,911.000 7,082 000 62,903.000 they had advices of a further consignment to their A.n».-Hnng'y. 44,147.000 10.922 000 65,069.000 37.8.14 000 9,888,000 47,762 000 Spain 14.004.000 17.185.000 31,129,000 13.683.000 16,832.000 30.681.000 San Francisco Bank of $1,500,000 on the Sonoma, 15,868.000 1,970 400 17,883 400 16.391,000 1,669.000 17.060.000 Netherlands.. 6.124 200 5,843,9:0 11,768,100 4,670 000 5.644 000 10,614, TOO which left Australia on September ; this 24 steamer vat. Be'g'm* 8,091 700 1,647.800 4,048.000 8,848 000 1,484000 4,872 0O0 also brings $500,000, consigned to the London, Paris .thl* week 317,700 837 104021844 4 22.828.081801,240,281 100021814 401,261 495 Tot. w'k 10461:076 421.267 974 101932307 and American Bank. The A3say Office paid $1,078,- orev. 316.050.899 806,958.893 407.834,700 147 98 for domestic bullion. Gold received at the Custom House during the week, $652,408. NomiDal rates for exchange were advanced on A WORD MORE ABOUT PENSIONS. Wednesday by the majority of the drawers to 4 84 for Our remarks in regard to the pension system pub- sixty-day and 4 8G-$ for sight. Rates for actual busi- lished in these columns some v^eks ago have at- ness opened on Monday at an advance of one-quarter tracted the criticism of a valued correspondent, who of a cent all around, compared with those at the close writes to call into question some of our statements of of last week, to 4 82|@4 82£ for long, 4 85^@4 85£ fact. The statements to which objection is made are for short and 4 85$@4 85f for cables. The market embraced in our intimations that hundreds of thous- was strong, and it so continued on the following day, ands of pensions are now being in substance paid for when there was a further advance in rates, long mov- fraud, misrepresentation and perjury ; that rich men ing up one-quarter of a cent, to 4 83@4 83£, short in active business are drawing pensions ; that soldiers one-eighth of a cent, to 4 85£@4 85$, and cables three- dishonorably discharged are receiving the reward of eighths of a cent, to 4 85£@4 86. On Wednesday long honorable service, and that living men are receiving advanced to 4 83£@4 83f, short to 4 85f@4 85f and the Government's allowance in the name of dead nun J — Skitember 28, 1901. THE CHRONICLE. 637 with whom they had no legal association. Oar corre enemy, and provided he afttiwards served again in spondent calls our attention to the fact that proof of the army. The formal charge, the Act prescribe*, the existence of such abuses in the pension service, if "shall be removed in all cases" where it is shown that submitted to Commissioner Evans, [would promptly re-enlistment was not made to secure a bounty. We ensure the correction of the roll. do not doubt that there are instances where the in- This view of the case is partly correct and partly incor- sisting on a technical charge of this nature might rect, and as the matter involved is one of considerable have done wrong to a deserving claimant. Hut it public importance, we take this opportunity to return to ought to be manifest to any reader how widely the the subject. We wish, in the first place, to concur with door is opened by so sweeping a Btatute to the claim- our correspondent's view, that conclusive legal proof ing of actual reward by a skulker and a coward. of the granting of a pension contrary to the letter of Nothing like this provision, so far as we are aware, the pension law would be promptly used by Commis- was ever before dreamed of by any government or sioner Evans for the correction of the list. Mr. Evans legislature in its senses. has, from the first, as we pointed out in our previous Passing to the last of the specifications to which our article, been a zealous promoter of the Government's correspondent makes objection—the receiving of pen- interest in these matters. It is owing to his deter- sion allowances in the name of dead men by living mined stand that a host of baseless or questionable men who had no claim whatever to them— we may claims for Government funds bave been turned from refer all doubtful readers to the records of the Pen- the door of the Pension Office. We should be sorry to sion Bureau. The case, well known in pension circles, think that a national organization of veterans had of the Providence attorney who collected pensions in taken formal stand against such a public officer be- the name of deceased clients long after their death, is cause of his devotion to the Government's rights and one instance in point; but it is only one. The per- interests. We should certainly prefer to believe that sonation of dead men by swindlers anxious to get the the veterans had been misled into supposing that really pensions is a matter of record for which the rolls of unjust discrimination had been practiced. But with the Bureau will give ample testimony. Our readers Commissioner Evans's record what it is and has been, may rest assured that we did not speak on this matter we cannot hesitate to say that the attitude of the in ignorance of the facts. We may, perhaps, not have Grand Army organization towards him, as shown by been warranted in saying that such offences are being its convention proceedings and by the action of some practiced now. This, as our correspondent properly of its leading members, is most lamentable. points out, is indirectly a reflection on the adminis- What are the facts of the Pension Roll ? Misrep- tration of the Bureau, whose duty would of course resentation, fraud and perjury are words which dif- be to ferret out such frauds as was eventually ferent people may possibly take in different senses. For done in the cases to which we have referred above. ourselves, we should apply these terms to the action Unfortunately, however, there is too much reason for of any man who swears that a given infirmity or dis- believing that the swindles perpetrated on the Bureau ability was contracted in the service when both he in former years are, in one way or another, still being and his friends are aware that it dated from his birth, plotted. An honest and capable administration no- or was caused by incidents occurring long after the toriously has its hands tied, first by the extreme laxity Civil War, or was to all intents and purposes imag- of the Persion Law's own provisions, and next by the inary. AVe hardly need ask our readers whether cases loose good nature with which the thousands of "special exist of pensions drawn on such a basis. We doubt bills" are log-rolled through Congress. In these mat- if a dozen men could meet in casual conversation ters the Government, as a very competent critic of the without eliciting almost as many examples, lying pension system has remarked, "has to trust more to within the personal knowledge of the speaker, of an good luck than to anything else to save itself from imposture practiced on the Government. Bat our being continually cheated." correspondent must be quite aware that the striking of such beneficiaries from the roll is something which the most stout-hearted Commissioner could hardly 1HE ILLINOIS CENTRAL— ITS POLICY accomplish. It is a matter of painfully common AND METHODS. knowledge with what facility even physicians' certifi- In considering the recent policy and management cates have been obtainable for such purposes as of the Illinois Central Railroad—a subjeot suggested these. by the appearance of the company's annual report Rich men, or men in receipt of a handsome living the fact which stands out very conspicuously is that income, are drawing pensions with the approval of those who are guiding its affairs have pursued both a the law. We believe that there would be quite as lit- progressive and a far sighted policy in the administra- tle difficulty in any large community in pointing out tion of the property. As bearing particularly upon such men drawing pensions for misrepresented injury that point, it is worth while to recall that the Illinois in the service as of pointing out offenders of the same Central management as early as 1890 showed that they sort in humbler station. Tfiis fact, too, we are quite realized the new requirements for successful railroad willing to leave to the personal observation of our operations in modern transportation service in the readers. United StateB. It will probably surprise some to learn that receipt The reader will perhaps remember that in review- of pensions by soldiers convicted of desertion is not ing the report for 1890 we directed attention to one only possible, but may happen in direct conformity rather striking statement contained in the same. The with the law. The Pension Act distinctly provides statement was to the effect that the directors felt sat- that the charge of desertion agairjst a soldier of the isfied that competition among Western railways, which Civil War for having quitted his service without having had theretofore been almost entirely on the line of a first received an honorable discharge, shall be removed reduction of rates, was coming to be, as in Great provided the soldier did not desert in the face of the Britain and the Eastern States, one of adequacy and (>38 THE CHKONICLE. [Vol. LXXI1I. frequency ol service, and that in such a struggle buc- tor the roads as a whole. It we should compare with cesa lay in furnishing the beat Bervice. The state- the other large systems runnlDg out of Chicago, the ment formed part of a general discussion of the future difference in favor of the Illinois Central would be needs of the property, and was made with particular still greater, though it is fair to say that none of these reference to an increase of $5,000,000, which had then roads had, in the latest year for which their reports been determined upon, in the stock of the company. are available, so large gross receipts per mile of road The remarks quoted sounded the key-note to a pol- operated, or so many cars and engines per mile icy which has been continued ever since, and to which operated as had the Illinois Central in tbe year ending in a general way every other leading railroad in the June 30 1901, a fact which of course has consider- country has since found it necessary to conform. In able bearing upon the maintenance out'ays. the report for this earlier year it was noted that the The comparisons here given are not merely inter- traffic offering was in excess of the capacity of the esting, they are highly important; for the Illinois agencies then at the company's disposal to take care Central is not only one of the older railroad properties of it, and this is a condition which has remained tru- • if the country, but it has a record of prosperity that ever since that time up to the present date, notwith- has few parallels. Hence its action and methods may standing the tremendous outlays that have been well serve as a model and pattern for other roads. made in the interval to enlarge plant and facili That this prosperity should have continued uninter- ties. The reader should be tolerably familiar with rupted through all the changes in mileage which have what has been done to provide new and more powerful occurred (a great deal of new road having been added locomotives, larger cars and increased numbers of from time to time), and that the company's dividend them, heavier rails, and extra tracks, sidings, &c, for record should have been maintained unimpaired under every recent report has referred to the matter at successive large increases in capitalization, is as signifi- length. As for the outlays on that account, the fur cant a fact as it is noteworthy. None of the new roads ther increase of $13,200,000 which is now to be acquired earn anywhere near as much per mile as the made in the share capital of the company, raising it to Illinois Central did at the time of their acquisition, and $79,200,000 [the am >unt stood at $40,000,000 on June yet the Central's grosg receipts per mile have steadily 30, 1890], tells the story in a graphic and an eloquent increased, being $8,755 for 1901, against $6,598 for way. 1895 and $5,567 f .r the calendar year 18>48. There At the same time the company has each year could be no more conclusive testimony to the wisdom been spending increased amounts for maintenance. and success of the policy pursued in its management. We observe from the report before us that in the Including the dividend paid Aug. 31 1901, ninety-three year ending June 30 1901 the expenditures for main- semiaunual cash dividends have been paid by the tenance of way and structures averaged $1,390 per company, amounting in the aggregate to $32,757,095. mile of road operated and that the expenditures for The average of these dividends has been 6 7 per cent maintenance of equipment averaged $1,033 per mile, per annum. Excepting the single year 1877, when 4 makir g together $2,423 per mile. How this compares per cent was paid, shareholders have in each year with previous years and how it compares with the since 1863 received at least 5 percent, and often much average of the maintenance expenditures per mile for more. The last three dividends have been at the rate all the railroads in the United States, as given in the of six per cent per annum. report of the Inter-State Commerce Commission, is Not alone, however, has the company been able to shown in the following. make continued large returns to its shareholders, bat its income in recent years has greatly exceeded the Tears ended ^—Maintenance Expenditures per Mile.~. June 30. Illinois Oentral. All roads in U. S requirements for the dividends paid. This is strik- 1890 $1,382 $1,705 ingly true of the results for the twelve months cov- 1891 1,577 l,t>79 ered by the present report, in the Illinois 1892- 1.775 1,804 which Cen- 1893 1.666 1,803 tral, in common with other rail earners, enjoyed 1894 1,698 1,461 exceptional prosperity. We need not go into a de- 1895 1,630 1,450 1896 1,868 1,614 tailed analysis of the receipts for the twelve months 1897 2,014 1,540 for the purpose of pointing out how large the addition 1898 1,950 1,711 1°9!» 2,033 1.767 to revenues has been, the increase amounting to 1900 2,402 2,038 $4,28*,493 in gross and to $1,316,096 in net, how pas- 1901 2,423 Not yet reported* senger and freight receipts alike have shared in the The foregoing affords a noteworthy demonstration improvement, and how, though there was a further of the consistent and faithful way in which the com increase in length of road operated, the gain in earn- pany has adhered, in good years and bad years alike, ings was proportionately very much heavier than the to the policy of increasingly high standards of main- ratio of increase in mileage. These are facts which tenance which it was announced in 1890 could alone will become evident on a cursory inspection of the fulfill the requirements of modern transportation ser report, and moreover they are a repetition of the story vice. In the first six of the twelve years covered by and experience recorded in all recent reports. the table the expenditures of the company did not aver Prominence deserves to be given, however, to age much above $1,600 per mile; for 1900 and 1901 they the fact that the successive increases in net were $2,402 and $2,423 respectively, an increase of. income year after year have placed the com- roughly, 50 per cent. Moreover, whereas in the first pany in a really striking position of strength with four years the maintenance expenditures of the Centra reference to fixed charges and dividends. On the averaged less than thoae for the railroads of the operations of the twelve months ending June 30 United States as a whole, in every year since then the 19ul the company shows net income of $13,563,- Central has spent a great deal more per mile than the 850 with which to meet fixed annual charges average for all roads. In 1900 the amount for the of $6,596,190. la other words, the surplus above Illinois Central at $2,402 contrasts with only $2,038 charges was $6,967,660. The call for the six per September 28, 1901.] THK CHRONICLE. (>39 oent dividends paid was only $3,780,000 (3 per Ltter the property will be mortgaged and the ad- cent March 1 on $60,000,000 stock and 3 per vances thus repaid. The Illinois Central balance cent August 31 on $66,000,000 stock), leaviog sheet shows $1,850,000 of bills payable outstanding a balance of $3,187,660 in excess of the June 30 1901 and total current liabilities, including requirements for dividends. Out of this balance the these bills payable, of t8,950,835. The amount of company applied no less than $2,895,400 in better- cash and cash assets at the same date was $5,130,363. ments, and contributed $280,000 to the Pension Fund These assets of course do not include any of the com- which has recently been established for the benefit of pany's extensive holdings of stocks and bonds of the employes, and carried forward the small remainder various properties in which it is interested. For in- ($42,260) to the credit of the Surplus Dividend Fund. stance, the $4,105,163 of advances to the Fort Dodge It should be added, furthermore, that these figureB & Omaha reported at the close of the previous do not include the surplus above obligatory fixed fiscal yearjwere prepaid during the late year, and of the Mississippi Valley the Illinois Central, Omaha Division, 3 per charges earned by Yazoo & RR , cent which, though owned by the Illinois Central, is oper- bonds issued for that purpose, $2,750,000 were still ated separately. This surplus amounted to over a held in the Illinois Central Treasury on June ^30 million dollars ($1,066,079) and $1,016,079 of the 1901. It is significant that the company's invest- same was paid over to the Illinois Central the first of ments in the various properties continue to yield very the present month as the holder of the second mort- satisfactory returns. The dividends received on the gage income bonds of the Louisville New Orleans & stocks owned averaged for the late year 3*05 per cent Texas Railway Co. on the par value of the same and 5*17 per cent on the The appropriation of $2,895,400 for betterments book value, and the interest received on the bonds calls attention to another way in which the Illinois owned averaged 3*36 per cent on the par value and Central property is being improved out of earnings 4 36 per cent on the book value. entirely independent of the heavy maintenance outlays to which we have referred above. These special appro priations have been a feature for some years, but tbis CHESAPEAKE & OHIO REPORT. is the largest annual contribution of that kind yet The annual report of the Coeaapeake & Onio Rail- made. In 1899 00 the sum applied in that manner way Company for the fiscal year endi'g June 30 1901 was $2,416,674, in 1898 99 it was $1,475,094, and in shows that the property is being developed along the 1897 98 $1,225,000. Altogether, it will be seen, over same lines as in the immediate past. T affic and rev- 8 million dollars ($8,012,168) has been appropriated enues are being steadily enlarged, the physical condi- out of earnings for betterments during the four years. tion of the property is being brought to a high Entirely apart from the large expenditures from ia standard, and increased operating efficiency is being come, the company's capital requirements to provide obtained. As is well known, the company is no longer the facilities for the expanding business of the system a Vanderbilt concern, but is controlled in the joint continue on a very large scale. Six millions new stock interest of the Vanderbilt and the Pennsylvania lines was issued during the year, but the report tells us (both interests being represented in the board of di- that more than that amount was expended on addi- rectors), and President George W. Stevens is continu- tional equipment and additional second track without ing, and where possible improving upon, the notable as yet meeting all present requirements. The total work done by his predecessor, Mr. Melville E. Ingalls, outlay during the twelve months for permanent im- under whose administration the property was com- provements are stated at $11,307,589, of whicb pletely transformed. $3,000,000 was provided by the issue of Litchfield Aided by the marvelous industrial activity with Division bonds. Of the $11,307,589, $2,895,400 was which all parts of the country are being favored and defrayed from income, $418,376 was charged to the by the improved rate situation, the gain in gross rev- Betterment Funds and $7,993,814 was charged to capi- enues the last three years has been nearly as large as tal account. As showing the company's further during the preceding seven years. If we take a retro- capital needs, it is estimated that upward of $5,000 000 spect over the decade, we find that in the fiscal year 1891 will be required alone for outlays for new second aggregate gross receipts were only $^,127,111, that by track. In the report for 1899 1900 it was 1898 the total had got up to $11,7*8,557, and that now pointed out that the volume of traffic had in many for 1901 the amount is $15,371,542. The increase be- places reached the limit of economic operation by tween 1891 and 1898, it will be seen, was $3,661,446, means of a single track, and during the late year 89*33 and between 1898 and 1901 $3,582,985. The slower miles of additional second track was put in operation. measure of growth in the earlier portion of this period The report states that the directors have ordered the followed not alone from the lack of industrial activity, completion of the double track from Chicago to Ful- out also, and most of all, from the great decline in ton, Kentucky, and the building of a second track rates. It will be remembered that the problem which from Jackson, Miss., southward toward New Orleans. had to be met in the case of the Chesapeake & Ohio These various requirements explain the further in- waB how to move traffic at previously unheard of rates. crease of $13,200,000 now proposed. Reference is The late C. P. Huntington was once quoted as saying made to the fact that the late year's surplus abov*- —w t think it was with reference to this very Chesa- charges at $6,967,660 equals 1056 per cent on the peake & Ohio property—that there was profit even in present capital of $66,000,000 and 8'80 per cent on moving tonnage at half a cent per ton per mile, pro- the $79,200,000 new total of capital. vided a road could get tonnage enough. This was a very Duriug the year the company acquired the lines long time ago, before a half-a cent race had become so formerly embraced in the old Peoria Decatur & common as no longer to excite surprise. Evan8ville Road and it has made $5,207,949 of ad- But the Chesapeake & Ohio management found that vances on account of that purchase. The road has in the solution of the special problem which fell to been included in operations sinoe Sept. 1 1900. their lot it would be necessary to move traffic for a 640 THK CHRONICLE. [Vol. LXXIII. great deal less than half a cent a ton a mile. In 1891 doubled, it having been in 1890 but 225 tons. And the company was still able to obtain an average of this shows how it has been found possible to enlarge 525 mills per ton mile on its total traffic. This, net earnings and reduce the ratio of expenses to gross however, quickly became a thing of the past. The revenues, notwithstanding the steady shrinkage in average dropped lower and lower, and the decliae was rates. Including freight carried for the company's not arrested until this very last year, when for the own use, the train-load in 1901 averaged 533 tonB. first time a noteworthy improvement occurred. In The average keeps well ahead of that on the Norfolk 1900 the average was but little better than a third of & Western, whose revenue load for the same year a cent per ton per mile, being 3 43 mills. On the coal was 461 tons, against the Chesapeake & Ohio's reve- traffic the average in that year was but little more nue load of 511 tons. than a fifth of a cent, beiDg but 2*02 mills, so that it The improvement in the average rate realized in was necessary to haul five tons a mile to earn a single the late year is deserving of a word of comment. The cent. average for the preceding year had been 3 43 mills This was the situation that had to be met, and the per ton per mile; for 1900-1901 it is 3 -88 mills. This is way it was met is shown by the fact that while in 1891 obviously a very substantial improvement, though on an average rate of 5 '25 mills per ton mile, aggre- still leaving the rate extremely low. The improve- gate net earnings were $2,206,694, in 1900, with an av- ment extends to both the coal tonnage and the gen- erage rate of but 3*43 mills, the net had been increased eral freight, the average for the former rising from to $4,695,285, while now for 1901, with an improve 2-02 mills to 2*72 mills and for the latter from 456 mills ment in the rate, there has been a further increase in to 5*25 mills. Manifestly the higher average rates real- the total, bringing it up to $5,805,661. It is note- ized were the most important factor in the late year's worthy, too, that the ratio of expenses to earnings has further increase of $1,969,471 in gross earnings and been greatly reduced in the interval. In 1891 it took of $1,110,376 in net. The rise in the average will be ac- 72*8 per cent of the earnings to operate the road and cepted as evidencing the greater harmony prevailing in 1892 73-3 per cent. For 1900 the ratio was only among the different roads and a better rate situation 64-9 per cent and for 1901 but 622 per cent. generally. lb certainly evidences that, but it would Nor does this reflect in full the increased econ be a mistake to suppose that the rise can be entirely omy with which the road is being operated. explained by said circumstance or that shippers have The ratio has decreased in face of greatly in- had to pay any such increase as the figures would ap- creased expenditures upon maintenance account, pear to indicate. As a matter of fact the improved which for the late year were decidedly the largest in average would seem to follow quite as much from the whole history of the company. For maintenance changes in the character and composition of the ton- of way and maintenance of equipment combined the nage, increasing the proportion of high- class freights, expenses of 1901 were roughly If million dollars as from actual additions to rates. larger than those for 1891, ten years before. Of The statistics show that the company carried 203,- course with the expansion in traffic and the increase 157 tons less of flour and grain than in the previous in track and equipment, maintenance expenses would year. This is traffic bearing very low rates, and it naturally go up, but the additions have been far in would not be at all strange if the falling off indicated excess of the requirements for that purpose. Perhaps that the road had, to an extent, withdrawn from this the best way to indicate how liberal the maintenance class of business in view of the fact that its facilities outlays have become is to show the way these outlays were so fully, and much more profitably, employed in have been increased year by year. In 1895 the ex- other directions. Again, we notice that there was a penditures in that way were $2,602,677; in 1896 there decrease of 218,857 tons in the tonnage in stone, sand was an increase to $2,907,351; in 1897 to $2,947,665; and other like articles, and a decrease of 109,579 tons in 1898 to $3,131,898; in 1899 to $3,322,113; in 1900 in the iron tonnage, both bulky and low-clas3 freights, to $3,774,655, and now for 1901 to $4,471,067. while on the other hand the tonnage in miscellaneous The further addition of nearly seven hundred thous- articles, many of which no doubt bear high rates, in- and dollars ($696,412) to the maintenance expenses creased 73,429 tons. Even in the case of coal, where daring the late year attracts particular attention as the addition to tonnage was no less than 910,979 tons, showing what is being done in that respect. The in- or almost 25 per cent (and which increase alone pre- crease in total expenses in that year was $859,095, so vented a falling off in the grand aggregate of the that over 80 per cent of the same is accounted for by freight traffic), a good part of the added tonnage no the increased maintenance outlays. In cost of con- doubt went to local points on the line, where much ducting transportation the addition during the year better rates are realized than on the through coal was only $158,066, and the smallness of the increase shipments. in this item is the more noteworthy as the company in The loss in the iron tonnage, in the stone tonnage 1901 moved 104,281,538 more tons of freight one mile and in a number of other items of freight doubtless than in 1900 and 6,642,474 more passengers one mile, reflects the reaction in the iron trade and the check and the cost of fuel, labor and supplies was higher. to industrial activity generally which was experienced The fact merely furnishes another illustration of for a time in 1900, while the Presidential canvass was the improved operating results that are being ob- in progress, and it serves to show that conditions tained. We find that with 104 million more tons of during the twelve months ending June 30 1901 were freight moved one mile than in the yearjpreceding, an not altogether favorable. Nevertheless the general actual decrease was effected in the freight-train mile- income statement for these twelve months is the best age, the trains having run only 5,969,060 miles in in the company's history. After providing for in- 1901, against 6,066,561 miles in 1900. This means terest and all other fixed charges, a surplus remains that there has been another increase in the train-load, on the operations of the twelve months in the sum of bringing it up to the high figure of 511 tons. During $2,001,897, which compares with only $1,156,582 in the last decade the average load has been more than the previous year. We have already seen that , September 28, 1901.] LHK CHRONICLE. (ill unusual amounts were iacluded in expenses on legal requirements can ba complied with. The bank will maintenance account. But in addition the com- returns butiness at its present loottlun, but a least) has btn-n fur new offioes in a building beii pany makeB a special appropriation of $1,:4U4,171 made now vrueted at ih comer of Broadway and Maiden Lane. out of this eurpluB of $2,001,897 to provide for —At a meeting of the stockholders of the New York Na- extraordinary expenditures for new equipment and tional Exchange Bank of thin city on Wednesday, a resolu- construction, leaving a balance of $697,725, equal to tion was unanimously adopted increasing the capital stock a little over one per cent, on the $60,54^,100 of stock of the institution from $300,000 to $500,000 and the surplus outstanding. The special appropriation does not from $50,000 to $250,000, by the issue of 2,000 additional mark a new departure any more than the large main- shares of the par value of $100 each at the prueof <^(J'J per share. Subscriptions are to be received on or tenance outlays do; both, however, were on an unusually before October 10, 1901, and payments are to be made fifty per cent on or liberal scale in 1901, since the year was a prosperous one before October 21, 1901, and the balance on or before Nov. and the earnings were large enough to admit of the ap- 1, 1901. plication of increased amounts in that way. The This increase is thought wise by reason of the expansion special appropriation in 1900 for instance was only in business which has come since the change in manage- three years ago, during which time the deposits have $348,695 Altogether the exhibit for the year is a ment increased from $1,600,000 to $4,200,000. The officers are: very encouraging one. The various new branch lines James Rowland, President ; Frank S. Hyatt, Vice-Presi- that are being built should, with the continued activity dent; Lewis E. Pierson, Vice-President; Rollin P. Grant, of trade, tend to increase traffic and income still fur- Cashier. ther in the future. The bank has a very influential directorate, as follows: James Rowland, of James Rowland & Co.; Hudson Hoag- land, Vice-President National Broadway Bank ; James M. ITEMS ABOUT BANKS, BANKERS AND TRU^T CO'S. Donald, Vice-President Hanover National Bank ; Wm. J. —No sales of bank or trust company stocks have been made Merrall, of Acker, Merrall & Condit ; Frank S. Hyatt ; John this week at auction, in the "outeide" market or at the H. Seed, Wool Commission; Robert H. McCutcheon, Secre- Stock Exchange. In consequence our usual weekly table tary United States Playing Card Co.; William Wills, Presi- reporting sales, etc., is omitted. dent Merchants' Refrigerating Co.; William Halls Jr., Pres- —The projeot for the organization of the Empire National ident New York Land & Warehouse Co. ; Warren Cruik- Bank of Brooklyn, which it was intended to locate on Broad ehank, of E. C. Cruikshank & Co.; Lewis E. Pierson; Daniel way near Hileey Street, has been abandoned, and payments W. Whitmore, of D. W. Whitmore & Co. which have been made by subscribers to the $200,000 stock —The Fifth Avenue Trust Company of New York has de- will be refunded. Many of those who had subscribed were clared a dividend of 5 per cent, payable September 30. This deterred from taking the stock became of the requirement of institution began business in 1899, and made its first distri- the National Banking Law that stockholders should be liable bution, 4 per cent, Jan. 2, 1901. On June 30 6 per cent was for doable the amount of their stock. The failure or the paid, making with the dividend just declared a total of 15 per Seventh National Bank had some influence in that particular. cent for 1901 to date. —William B. Ridgely, of Springfield, 111., was on Satur- —As announced in these columns last week, the adjourned'" day of last week appointed by President Roosevelt Comp- convention of the Trust Company Section of the American troller of the Currency in place of Charles G. Dawes, who re- Bankers' Association will be held in " The Arcade" of the cently tendered his resignation to take effect Oct. 1. This Plankinton House in Milwaukee on October 16. appointment of Mr. Ridgely gave effect to a promise made by the late President McKinley that Mr. Ridgely should —Ill-health, it is stated, has compelled Mr. Rollin C. have the position. Mr. Ridgely is a young man, about 43 White to resign as President of the Caxton Savings & Bank- years of age, and a graduate of the Rensselaer Polytechnic ing Co. of Cleveland, which, as previously stated in these Institute. He comes of a family of bankers, was at one columns, opened its doors on the 3d inst. Mr. White will of time Postmaster at Springfield, 111., and a Vice-President of continue, however, as one the directors of the institution. the Ridgeley Bank of that city. Latterly he has been Secre- The new head of the organization is Mr. W. D. B. Alexan. tary of the Republic Iron & Steel Company. der, President of the National Screw & Tack Company. —Measures are being taken by some of the savings banks —Mr. A. R. Horr has been chosen as Assistant Secretary of this State to bring suit to test the validity of the law of of the Western Reserve Trust Company of Cleveland, a posi- the last L°gislature whioh imposes a tax of 1 per cent upon tion which has been vacant since last spring, when Mr. T. E. the surplus and undivided profits of the banks. The latter Borton resigned to accept the post of Secretary and Treas- contend that undivided profits, consisting of interest earned urer of the Prudential Trust Company of Cleveland. An but not due, are not a resource of the bank and therefore addition has also been made to the directors of the Western are not subject to this tax. It is thought that the State Reserve Trust by the election to the board of Mr. William Comptroller will consent to a suit in order to obtain a judic- P. Palmer, President of the American Steel & Wire Com- ial interpretation of the law. pany. —It is announced that Comptroller Dawes has approved of — On Tuesday next, October 1, the Kanawha Banking & the plans submitted to him for the reorganization of the Trust Company will begin business i» Charleston, W. Va. Seventh National Bank of this city. The proposed arrange The company has a capital of $200,000 and surnlusof $50,000. ment provides, first, for a reduction of the capital by $300,000 The officers selected for its management are: President, to $200,000, the stockholders retaining the latter in recogni- Charles C. Lewis; Vice-President, F. M. Staunton, and Cash- ier, C. C. L. tion of equities. This reduced capital is then to be increased H. B. Lewis. The directors include Lewis, Prichard, B. Robson, F. M. Staunton, M. T. to $1,700,000 by the addition of $1,500,000 new stock, which is H. Smith, H. A. said to have already been sold for $115 per share. The name Davis, John Davidson, D. G. Courtney, J. L. Beury and of the bank selected was that of the Century National Eaoch Carver. Bank of the City of New York, but there being already a —Mr. H. O. Miller is the new Cashier of the Merchants' New York State bank of that name the Comptroller National Bank of Harrisburg, Pa., succeeding Mr. D. W. notified the Reorganization Committee that the name Sohn. could not be used. Among the directors will be Edwin —The convention of the Nebraska Bankers' Association on Gould, Edward R. Thomas, Alexander McDonald, Will- Friday and Saturday last at Omaha brought forth a gather- iam N. Cromwell, R. W. Jone3 Jr. President of the ing which exceeded in numbers that of any other meeting of American National Bank of Kansas City ; William H. Taylor, the association. The address of welcome was to have been Charles E. Levy, Hugh Kelly, and others whose names have delivered by United States Senator Joseph H. Millard, but not yet been announced. R. W. Jones Jr. will be the active instead a letter from him (in which he expressed his regret at Vice-President and Cashier, and Edwin Gould and Edward his inability to be present) was read, welcoming the delegates R. Thomas honorary Vice Presidents. The depositors of the and visitors to the city. This was gracefully responded to Seventh National will be paid in full with interest as soon as by Mr. C. F. Bentley, Cashier of the First National Bank 642 THE CHRONICLE. [Vol. LXXIII. Grand Island, Neb. The next number on the program has been favored during the past few years. The officials was the annual report of President Henry W. Yates, Presi- consist of G. F. Vail, President; Charles P. Rogers, Vice- dent also of the Nebraska National Bank of Omaha. Before President; Irving C. Gaylord, Cashier, and Louis V. Ennis, taking up the report, however, Mr. Yates touched feelingly Assistant Cashier. on the subject of the assassination of President MiKinley. —October 1 is the date set for the entire payment on the That tbe banking business of Nebraska is steadily increasing capital stock of the Safe Deposit & Trust Company of Pitts- was shown by President Yates in a comparison of lasc year's burg, which, as before noted in these columns, is to be in- deposits with those for this year. At the earlier date the de- creased from $500,000 to $1,000,000. The remaining $500,000, posits of State banks were $25,256,035; national banks, $49,- realized by the sale of the new stock it will be remembered, 070,529, making a total of $74,826,564. At the present time is to be added to surplus. national the figures are as follows: State banks, $30,564,634; —Mr. A. L. Williams, who with others was instrumental r gain of banks, $56.726, >00, or together, $87,291, 134-a $12, in organizing the Shreveport National Bank of Shreveport, by the President in his 964,570. Otner points touched upon La., several months ago, has resigned as Cashier of that in- the subject of trusts. address were natiraal legislation and stitution to accept a similar position with the Commercial of the Secretary, Mr. H. R. Gould, Then followed the report National Bank of Houston, Texas. Mr. J. J. Jordan, Insurance Company of General Agent of the Prudential formerly Assistant Cashier of the Shreveport National, takes speakers Omaha. The addresses selected by the various the place vacated by Mr. Williams. for the occasion (some classed as ten minute talks) were. —John P. Mackenzie has severed his connection with the "The Expense Aooount of the Bank," by George W. Poet, President Chicago stock-brokerage firm of of the First National Bank of York, Neb. W. L. Beck with & Co. to "The Banker—a Servant or an Aristocrat ?" by Mr. John W. Stein- accept an important position with the Great Western Cereal hart. Cashier of the Otoe County National Bank of Nebraska City. Company. Warren L. Beckwith and Lowry B. Raymond Cashier of the banking house of Frank "NothlDg." by E. F Foulda, will continue as brokers in stocks, bonds and grain at the old Foulda, of Sohuyler. Neb. location in the Home Insurance Building, 199 La Salle Street. "Dangers to Country Bankers in Paying lntersst on Deposits," by The firm J. B. Dlnsmore. President of the Sutton National Bank, Sutton, Neb. name remains unchanged. Bank Customers," by 8.K. "Impr rtanoe of Character in Bankers and —A meeting of the bankers of Indian Territory was held in Warrick, Cashier of the Broken Bow State Bank, Broken Bow, Neb. Purcell on the 18th inst. for the purpose of organizing a Ter- "Dlffioul'les of Banking in Prosperous Seasons," by George N. Sey- ritorial mour, President and Cashier of the Elgin State Bank. Elgin, Neb. association. The charter membership numbers about "The Western Nebraska Banker,' by J. W. Welpton, Cashier of the forty, and these will be represented at the American Exchange Bank of Ogalalta. Neb. Bankers' Association next month by Mr. A. B. Dunlap, "The Resources of Nebraska for 1901." by W. II. Bucholz, President President of the First National Bank of Holdenville, I. T. of tbe Norfolk National Bank, Norfolk. Neb Toe organization will bear the title of the Bankers' Associa- "The Nego< table Instruments Law," by Charles K.. Hart, Cashier of the Franklin County Bank of Bloomington, Neb. tion of Indian Territory, and the following have been chosen Mr. Charles O. Austin, Vice-President of the Missouri State Bankers' as its initial officers: President, Ei ward M.Kenna, Presi- of the Mechanics' Bank of St. Louis, spoke on Association and Cashier dent of the Bank of Poteau, Pott an, I. T.; First Vice-Presi- fidelity and burglary Insurance. the subject of dent, W. M. Tomlin, Cashier of the Cnickasaw National Davis, Cashier of the First National Bank of Mr. F. H. Bank, Purcell, I. T.; Second Vice-President, E. F. Dunlap, of the Executive Counoil of Omaha, and last year Chairman of Holdenville, I.T.; Treasuier, F. R. Hedrick, Cashier of Association, has been made Vice President for the ensu- the the First National Bank of Madill, I. T.; and Secretary, Post, had formerly been Vice-President, ing year. Mr. who Eugene D. Nims, President of the First National Bank of this meeting elected President of the Association. was at Roff, 1. T. Resolutions are said to have been adopted for —The first trust company to organize in New Rochelle, presentation to Congress at the next session looking to the N. Y., has been incorporated at Albany. It is known a9 the betterment of business conditions in the Territory. The New Rochelle Trust Company and has been organized with next meeting of the association will be held in South Mc- $100,000 capital. Chiefly interested in the new iLstitution Alester in May 1902. are Mr. William W. Biesell, President of the Bink of New —The State Bank of Chicago has been designated as regis- Rochelle; James Gibson Jr., Albert Mahlstedt, Alonzo trar of the $5,000,000 issue of stock of the new consolidated Guest, Samuel C. Knapp, John J. Underhill J. Addison " Chicago Title & Trust Company." The same bank, by Young, Winfield S. Spencer, H. D. Phelps, Thomas G. Drake, virtue of its trust department, has been made executor and and Henri J. Van Zelm, Cashier of the Bank of New trustee of the estate of the late Henry C. Darand, millionaire Rochelle. merchant and manufacturer of Lake Forest, 111., and Los —Under the management of President Stephen M. Clement, Angeles, Cal. the business of the Marine Bank of Buffalo continues to ex —The reorganized George H. Phillips Company of Chicago, pand in a very striking manner. Comparing the figures of with $500,000 paid-up capital, will hereafter deal in stocks as September 12 of this year with those of the same date one well as in grain and provisions. They have just opened a year ago, we fir d an increase in deposits September 28, 1901. THfc OHRONKLK. (543 the results for the eight months of the calendar year 11*01. York, has increased the expectation 1 hit a oonsi lerable amount heavier tbaD in anv mon The imports of gold were h mine of gold will be sent from Europe to relieve the money mar- Jannarv, reaching $1.560 799, of which $1,465,926 was in ket. It is not anticipated however, that any untoward coin. Of silvtr there came in $838,918, of wmch $92".6*8 re- was bullion. During the ei^hf months there was received su'ts either in the stock market or in the ui mey market will 7 a total of $6.8 7,537 *old and $2,13 J. W) silver, which oom- result from the deplorable event wnicli has jost occurred, as with $1",6 9,»42 gold and $1,828,799 silver in 1900 pares it is recognized that the United States are in a very prosper- The shipments of gold during August were $*» 0*5, all ooin, ( us condition, that the balance of trade is largely and the exports of silver have been $942,926, of which in their $508,226 wa*< coin. For the eight months the exports of gold favor and that the States are in a very souud economic reached $'..'35,890, against $375,074 in 1900. and $8,429 condition. against iD 1900. The exhibit silver was sent out, $5,949,412 The Stock Exchange was closed last Saturday when the news for August and the eigr>t months is as follows: of the assault upon the President was received, and by IMPORT* OP GOLD AND SILVKK AT SAN PBANCISOO. Monday morning the shock bad passed away, especially as the bulle- SILVER. OOLD. tins issued by the doctors in attendance had given MONTH* hope that Coin. Bullion. Total. Uo\n. Bullion. l'otu. the miscreant's intention would not be realized. There was in consequence very large buying of American securities, both 1901. $ 9 9 9 9 $ on January.. 2,66^.0' 47.027 2.713,087 5^,546 290,484 344030 British and German account. Other departments likewise February. 8.20* 603,23r 611,438 114.03" 114 ,0 especially British mining Maroh 679.3"9 1 9< .298 86U.550 2.967 167,7?3 170,750 improved, Government stocks and 42e.86& April 326.055 1(0.613 10.H4 268. <2o 278 3H7 shares. May iO.. 95 70,<'OH rO.M 4 10,487 2*6,533 2-7,020 June 490,750 14,0V 504,rtoe .^2,7f>0 154.59c 207 340 Generally it may be said there has been an improved feel- July 17,*<3 4 ,»6i f0.68 ! 109,347 272.978 Ht- 2.325 August 1,465 9 6 84,- 7b l,^50,79t. 118,232 220,68b 338,9i8 ing throughout the week; and there have been indications in many directions that the public is at leDg h beginning to in- Tot. 8 mos 5.664,563 1.15?.974 .817.537 357,473 1,775.307 2.132,-80 terest itself on a larger scale thin during the p*at two years. vlPogTS O* OOLD 4ND SILVKK KKOM SAN FRAN(J18CC> Last Saturday, for instance, a New South Wales loan for BOLD SILVER. four millions sterling was brought out, and It was intended Ooin. Butl'n Total. Coin. Bullion. Total. to keep open the list of applications until Thursday of this week; but the applications were so large that the list was 1901. 9 9 $ 9 9 January . 6.004 6.004 102,822 «9.760 172 582 clc sed on Taesday. For a long time past nearly all Issues February.. 1.250 1,2-0 1,59 .1 56,000 57.593 March.... 8.882 K8«2 45,066 37:4.0* 41- 0*6 brought out here have more or less failed. Even the Indian 4.09' 4,1 9« 61.2' 415.630 476.837 Government did not succeed in getting the small amount i* May 2,922 2.W2 8,455 443,934 452.309 June 5.597 200000 205.597 113.6<5 391,( 00 504.635 wished to borrow a few months ago; and therefore the suc- July 2,0 2,OHO 247,755 157.000 404.755 August 5,085 5,085 508,226 434,700 942,926 cess of the New South Wales loan seems to show that the public is once more prepared to invest on a considerable lot. 8 mos 35,890 200' 00 2^5. "9< 1.OP 8.75 2.341,024 3.429,788 re »le. It is true of course that the Australian governments FAILURE* BY **AMCtIEli OF TRADE. have been keeping away from the London market for a con- siderable time, and that therefore the old 11 jating stock has We take from Dun's Review the following statement showing the failures in the United States by branches of been absorbed. Still, the incident seems to point to a better trade for the monto of Angus in each of the last three years: feeling on the part of investors; and the Treasury bills FAILURES BT BRANCHES OF BUSINESS. for a million sterling of the Home Government were also taken on more favorable terms than was expected in the Month of August. From Dun's Rrvuvr. market. 1901. 19' 0. 1899. The chief causes of the improvement are the ease in the No. Liabilities. No. Liabilities. No. Liabi ttie*. money market, for the time being at all events, the lessened Manufacturm t $ Iron, foundries ana nails.. 4 M^.TOl 6 84«,*3« 1 20 0T0 demand for banking accommodation for purely commercial Machinery and tools. . IS f 1 ,7*i 18 4? .1 3 10 IOW.mO Wool'ns.c'rp'tsft knit goods I 1.BO0 1 l),68n 2 purposes, the small returns now receivable oa deposits with Cottons, lace and hosier?.. 2 2,40 .. Lumb'r.carp'ut'rsA. coop'rs 2» 2.132 446 28 678, »i 20 328.418 the banks, the impression that the worst of the crisis in Clothing and millinery. » 11-14 :-V!l 24 V 1 ,089 e 66,71 8 Hats, gloves and furs. i l^NO^S 1 35,ib0 Germany is over, the growing belief that the resistance of Chemicals drugs & paints. £ 10.00" 2 6.0i 2 ?2,523 is Printing and engraving.. It 66,s, 8 18 8*,-75 16 0)>.«v4 the Boers rapidly being worn oat and that pacificttoa will Milling and bakers. 1« 117.1. 11 17.750 7 201.-7 V soon effected, lastly Leather, shoes & harness il 3tJ7,22 6 108,3 7 11 '-,871 be and the hopes of continued peace Liquors and tobacco... 7 144.T8" 8 36.701 6 86 400 U throughout lhe world raised by the visit of the Czar to Glass, earthenware A brick y 2. 6,0(K' 2 1> ,-05 1 l*0,Oi Total manufacturing. .. 188 4,611,8( 17* 2,915,007 123 l,b6O,670 Emperor. For some time past the best observers have been Iradtrt. growing more and more confident that tne situation in Ger- General stores P0 405.1 7h 66 890.618 67 2R7.H0 14* 4 1 6,' 120 Groceries, meats and fish . 165 6 Mf>0 80 416.008 many was improving. Apparently German capitalists them- 6>". Hotels and restaurants n S7s tt -w .8 244.1 1W 27 46* Llqa< 644 THE CHRONICLE. [Vol. LXXIII. the large borrowing by tbe Government. Tbo Bjard of The following shows the Imports of oereal produoe Into the Q Trade returns for August issued at the b ginning of the Tnlted Kingdom during the first week of the new season directions week show this very clearly. Of course in many compared with previous seasons : the decreases may be due to purely temporary causet; bat it IMPORTS. is hardly possible that the^ can be entirely so. At all events, 1901-08. 1900-01. 1899-00. 1898-99. there is a distinct falling off for August, both in the imports luip'teof wheat, owt. 1,374.800 1,673.700 1,212.500 1,138,700 and in the export. Tbe value of the exports for tbe month Parley 464,200 247,700 161,100 297,000 >»&» 480/200 387,800 304,800 decrease of equal to 27 per 364.970 was €40,9:57,140, a €1,159,919, f'eas 45,400 20,430 40,500 38.800 cent; and the value of the British and Irish exports was Beans 34.000 20,600 40,200 51,920 1:24,205, 569, a falling off of £'779,054, equal to 31 per cent. 'ndlanoorn 879,100 1,015,500 1,140,900 1,238,600 Piour 338,700 208,000 349,500 In both cases the falling off is largely due to the decline in 314,350 prices, which is very general, but it is most marked in coal Supplies available for consumption (exclusive of stocks on and iron. Nevertheless, there is also a large decrease in tbe September 1): quantity of several classes of imports. The most remarkable, 1901-02. 1900-01. 1899-00. 1898-99. September 28, 1901. THE CHRONICLE. G±5 an& l^tgccltanegtis ffigwa The following table shows the exports and imports of ommtvcinl ipeole at the port of New York for the week ending 3<-pt. 21 and einoe Jan. 1, 1901, and for the corresponding period* In following Information regarding National Banks.—The 1900 and 1899. national banks is from the Treasury Department. XPOBTS AKD IMPOSTS OP IPB0IB AT 1KW TOBK. NATIONAL BANKS ORGANIZED. Certificate Issued September G to September JO. JCxport*. Import i. Gold. Bank of Carroll, Nebraska. Capital, $25,- 5,957- The First National Week. Since Jan. 1 Week. Since Jan. 1. OOO. M. 8 Merrill, President; Geo. 0. Merrill, Catdiler. Con- version of The Carroll State Bank. 9 $1.764,85l| $ $871 Indian Territory. 5,958- The Marietta National Bank, Marietta, Capi- 18.209,788 204,208 tol, $'25,0C0. Jerry C. Washington, President; Frank n. 7,384,567 Sherwood. Cashier. •Vest Indies 4.760 6b7,582 90.867 1.014,885 5,959- The First National Hank of Carlii-lo, Kentucky. Capital, 2,100 44,768 12.796 c 350,071 *2. ),ooo. h. K. Reynolds, President; T. 11. PloKrelLOashler. South Amerloa 30,515 19.208 644,118 "t Oklahoma 5,960- The First Naiioual Bank Bllllnjts, Teriltory. 411 other countries 1,114,000 8,988 7J.689 t'apitai, $25,000. B\ N. Winslow, President; D. C. Frazler, Vice-President; C. ii. Wiushorouyh. Cashier. Total 1901 $6,860 029,216,071 $125,856 $2,291,842 5,961- The First National Bank of Puwhu-Ua, Oklahoma Tenitory. 22,295 47.210.013 17,976 1,685,978 Oapital. $25,000 Kdwin F. Sparrow, President; George w. 5.000 25,876,409 193,898 9,873,369 Blmoook, Ca 5,962- The, First National Bank of Knsley, Alabama. Capital Export*. Imports. OOt'. J W. Miner, President; Pej ton A. Eubank, Cashier. Silver. Convention of the Steel City Bauk, of Knsley. Week. Since Jan. \ Week. Since Jan.l. 5,963- -The First Naiioual Bank of Waverly, Tennessee. Ca] Ital, $25,000. J. F. shannon, President ; John K. I'ullen, Oashler. $758,745 $34,544,336 9 $25,283 5,964- -The First National BMnk of Peppereli, Massachusetts (pi ^t- 697,49ft 4,720 otlice Fast Peppereli). Capital, $50,000. Henry F. Tarbeil, 2,220 223 President ; Frank W. Fuller. Cashier. ^est Indies 244,676 448 223,031 5,965- -The Fanners' National Baik of I'uuxsutawnev, Pennsylvania. 21,250 42,099 1,979,226 Capital, $50,000. Samuel States, President; James H. Maize, 1,016 394,846 Cashier. ill other countries. 2,491 35,706 5,966- The First National Bank of Jennings, L-uisiana. Capital, $50,000. E. F. Kowson, President; George A. Courtney, Total 1901 $758,745 $35,513,484 $42,547 $2,663,635 Oashler. Total 1900 1,116.331 37,165,079 94,685 3,539,040 5,967- The> Eufaula National Bank, Eufaula. Indian Territory. Capi- 1-65,210 34,064.6591 79,190 2,832,983 tal. $i5,0U0. J. Buidett, President; C W. MeCall, Cashier. 5.968- -The First National Bank of Monongahela City, Pennsylvania. Capital, $50,000. Joseph Lytle, President; F. F. Pierce, New York City Clearing House Banks.—Statement of Cashier. 5,969- The First National Bank ef Chokio, Minnesota. Capital, $25,- sondition for the week ending Sept. 21, based on average of 000. 11. well. President; Cashier. C. Cad , iaily results. We omit two ciphers (00) in all cases. 5,970- The Fiist National Bank of Andalusia. Alabama. Capital, $50.<>ii0. C. A. O'Neal, President ; C. B. O'Neal. Cashier. Re- Legale. 5,971- The Fii st National Bank of Center, Texas. Caj ital, $30,000. BANKS Capital. Surplus. Loam. Specie Deposit* eeree H N. Runnels, President; J W. Saunders, Cashier 5,972- •The State National Bank of Quauah, Texas. Capital, $50,000. 9 9 1 9 $ $ P.O. Bank of N. Y...- 2,000,0 2,084,0 18,879,0 2,840,0 1,712,0 18.622.0 246 A. H. Wood, President; , Cashier. Manhattan Co... 2,050,0 2,093,0 22,846,1 6,334,9 2,083,8 28,071,4 299 5,973- The First National Bai k of Mo ett, Missouri. Capital, $50,- Merchants' 2,000,0 1,106,8 12,950,7 2,901,7 1,737,0 16,069,8 288 nt; 1 000. P J. Lehnhard, Presid< Cail W. Lehnhard, Cashier. tfeohanlos'.. 2,000,0 2,274, 18,639,0 3,127,0 1,055,0 14,846,0 281 Conversion of tbe Commercial Bank, of Monett. imerioa...... 1,600,0 3,097,01 19,021,4 2,953,3 2,521,0 21,819,5 250 5,974—The Broadway National Bank of Scottdale, Pennsylvania. ?henlx 1,000,0 243,8! 4,376,0 1,215,0 285.0 4,519.0 32-0 ; Capital, $50,000. E. H. Reid, President , Cashier. 10,000,0 6,170,7 114,076,2 30,437.5 5,fcl9,7 129,988 .5 27-8 300,0 6,942,6 24.072,8 4,308,6 2,497,8 23,912,8 28-4 OOBFOBATB EXISTENCE OF NATIONAL BANK EXTENDED. Merchants' Ex.. 600,0 244,0 4.761,4 788,2 632,6 6.160,7 255 2,565—The Ctmmerolal National Bank of Appleton, Wisconsin, until iallatln 1,000,0 1,998,8 8.910,0 810,8 933,8 6,892,8 25-3 Butch. Drov's' 300,0 72,4 1,130,5 343,7 62,7 1,303,5 30-3 olose of business September 7, 19-1. A Wech.A Traders' 400,0 133,0 2,460,0 216.0 228.0 2,558.0 178 2,562 -The Merchants' & Farmers' National Bank of Greensburg, 200,0 184,1 947,0 117,1 170.9 873,0 329 Pennsylvania, until close of business September 10. 192 1 Leather M'Prs.. 600,0 600,6 4,192,6 915,4 151,6 4,031,6 28 1 2,566—The First National Bank ol Butte, Montana, until close of 9tateof N. Y.... 1,200,0 554,1 3,948.8 711,7 357,8 4,096,7 26-0 hui-iuess September 12, 1921. Amerioan Exoh. 6,000,0 3,233,0 28,545.0 4,472,0 1,775.0 22.639.0 275 2,570—Tbe First National Bank of Grand Forks, North Dakota, until Oommeroe 10,000,0 6,768,7 71,390.7 8,976,6 6,638,4 82,157,8 24-9 close ol business September 12. 1921. 1,000,0 1,589,1 6,177.9 935,5 822,0 5,356,8 234 2,577—The Citizens' National Bank of Mansfield, Ohio, until close of Mercantile 1,000,0 1,297,7 14,031,9 2,315 5 1,534,5 16,074,5 257 3726 364,5 business September 13. 1921 Pacific 422,7 612,4 2,707.2 3,364,2 21 9 947,7 835,4 6,335.2 28-6 Jhatham , 460,0 990,6 6,133,3 2,567—The First National of Crookston, Minnesota, until Bauk close People's 200,0 360,8 2,188,2 154.6 472,3 2,698.8 232 of business September 16, 1921. North Amerloa.. 1,000,0 1,023,1 11,689,3 1,875.3 1,268,4 12,069,6 26-0 2,576—First National Bank of Owensboro, Kentucky, until c'.ose of Hanover .... 3,000,0 5,434,9 47,780,9 7,791,'.! 5,985,0 62,649.2 282 business September 17, 1921. Irving ..... 600,0 449,2 4,374,0 684,2 481,7 4,668,0 24-6 2,575— The Citizens' National Bank of Xenla, Ohio, until close of Olttsens' 600,0 871,0 3.277,7 768,9 205,6 3,688.6 28-4 business September iO, 1921. Nassau 600,0 289,8 2,862,2 710,7 385.U 3,552,8 29-4 Market* Fulton 900,0 986,7 6,002,3 886,8 679,7 6,0142,6 26-0 LIQUIDATION. Shoe & Leather. 1,000,0 219,2 3,687,3 747,7 230.0 4,071.3 240 4,301.0 2,100.0 25.641,0 24-9 1,000—The National Bank of the Republic of New York, York, Corn Exchange.. 1,400,0 1,849,7 21,683,0 New 300,0 408,9 2,0il,4 163,0 288,1 1.841,5 21'2 has Into voluntary liquidation resolution of its gone by stock- Lmp't'rs'A Trad. 1,600,0 8,046,8 23,712,0 3,819,0 1,171,0 21.365.0 23-2 holders dated September 3, 1901, to take effect Immediately. Park 2,000,0 3,853,6 50,511,7 11,621,6 2.795,7 60 118,1 23-8 1,002-The Fifth National Bank of Providence, Bhode Island, has 260,0 153,1 1,220,3 191,9 175,4 1,365,8 26-8 gone Into voluntary liquidation by resolution of Its stock- Fourth 8,000,0 2,477,6 22,835.4 3.301,4 3,072,1 24,161,2 26-8 holders dated September 5, 1901, to take effect immediately. Central 1.000,0 628,6 10,600,0 1,964,0 1,485.0 13.325,0 25-5 2,144—The People's National Bank of Martlnsriur?, West Virginia, 300,0 978,8 9,329,0 1,634,0 968,0 10,124.0 24-7 has gone into voluntary liquidation by resolution of its stock- Ninth. 760,0 77.3 2.278,7 341.2 208,0 2,411,9 227 110968 72,696,2 19,660,4 2.256.4 73.139,7 29-8 holders dated July 15, to take effect September 2, 1901. UOOOOOi N.Y.Nat'lExch. 300,0 124,6 3,626,3 613,8 384,1 3,898,9 25-8 APPLICATIONS TO CONVEBT STATE BANK. 260,0 743,7 3,171,0 340,0 293,0 3,265,0 19-3 N. Y. County.... 200,0 597,4 4,079,7 702,1 351.1 4.528,0 232 Approved September 3. ierman Amer!.. 760,0 404,8 8,409.9 561.4 280.8 3.353.2 245 Ubase 1,000,0 2,513,4 41,458,1 11,649,9 1,975.7 60,743.9 26-8 The State Bank of Gothenburg, Nebraska, into The Gothenburg 25-4 Pifth Avenge. .. 100,0 1,407,9 9,14 8,3 2,287,9 372,6 10,387,9 National Bank. Capital, $25,000. Blanks sent to State Bank, Goth- German Exoh... 200,0 584,8 2,358.3 217,4 743,7 3,149,0 30-5 enburg, Nebraska. 200,0 888,7 3.068.3 410,0 630,9 4,636.8 202 300,0 994,4 13,126,2 2,029,4 1.8899 16,387,2 24-1 Jarneld 1,000,0 1,158,2 6,852,1 1,628,2 305,2 8,898,1 26-5 Imports and Exports for the Week.—The following are Fifth 200,0 367,8 2,142.6 473,3 174,0 2,307,6 28-0 the imports at New York for the week ending for dry goods Bank of Metrop. 300,0 1,110,7 6.939.3 1,254,2 471,2 7,581,5 227 379,0 415,0 3.051.0 260 Sept. 19 for the for West Side 200,0 436,6 2,817,0 and week ending general merchandise 600,0 944,8 12,479.0 1,400,0 2,340.0 14,840,4 251 Sept. 20; also totals since, beginning first week January. 2,100,0 2,287,6 36,8752 9,526,6 2.587,5 44,549,5 271 1st Nat., B'klyn. 300,0 616,7 4,652,0 499,0 681.0 4,648,0 232 FOBEION IMPORTS 600,0 729,9 6,699,2 1,284,4 625.0 6,«4l,& 289 N. Y. Prod. Ex.. 1,000,0 443,4 4,502.0 946,6 357.4 4.636.6 28 1 668,3 7,632,6 1,828,0 566,1 8,849,9 247 New Amsterdam 260,0 '6 For week. 1901. 1900. 1899. 1898. 360,0 417,9 4.277,6 788.3 268.7 4,271,3 24 Hide A Leather. 600,0 356,3 2,811,6 498,9 89,6 2.140.9 274 Dry Goods $2,193,323 $2,266,757 $2,079,522 $1,698,401 36-4 Gen'l mer'dlse 9,048,481 6,961,316 7,953,995 5,005,643 Total 81,722,7 96,211,6 866,949,2 1754018 70,842,9 930,361,9 Total $11,247,804 $9,228,073 $10,033,617 {6,704.044 t As on July 19, 1901. Since Jan. 1 Dry Goods $77,589,820 $88,328,922 $76,147,702 $69,605,242 New York City, Boston & Philadelphia Banks.—Below Gen'l mer'dlse 327,992,875 304,096,156 297,068 596 243,209,743 eve furnish a summary of the weekly returns of the Clearing Total 38 weeks $405,582,695 $392,425,078 $373,216,298 312,814,985 House Banks of New York City, Boston and Philadelphia. The New York figures do not inolude results for the non- The following is a statement of the exports (exclusive ol member banks. peoie) from the port of New York to foreign ports for the week ending Sept. 23, and from January 1 to date. Capital A Banks. Surplue. Loam. Specie. Legal*. Deposit*.* CireTn. Clearing. BXPOBT8 FROM NEW TOBK FOB THE WEEK. N. Y.» $ 9 9 9 9 $ Aug. 81.. 177.784.4 896,186,6 1787914 77,159,0 968.121.9 30.097.4 1125833$ 30.668 4 997.339.7 1901. Sept. 7.. 177,784 885,145.8 1701361 73.703,81947,692,1 1900. 1899. 1898. ! " 14.. 177.784,4 872,268,1 1879567 72,013.1 931.433.0 30.796 1 18768467 " 21.. 177.934.2 865,949,21754018 70,842,9930,361,9 31,098,3 12265806 For the week. $7,798,314 $9,619,730 $8,113,871 $6,955,258 Bos.* 102.728.3 Prev. reported 363,834,951 386,018,361 327,179,586 332,715.034 Sept. 7.. 67,632,9 193,002.013.732,01 7,108.0 207.988.0 8.067,0 '• 124.017.8 14.. 67,832,9 193.289.014,787,0 7,326.0 208.271,0 6.071 Total 38 weeks $371,633,265 $395,638,091 $335,293,457 $339,670,292 " 21. 57,632,9 192,009,0 16,281,0 7,346,0 215.297,0 6,059.0 184,179,0 fhlla.' 9,830.0 85.488,9 Note.— As the figures of exports as reported by the New York Sept. 7.. 88,715,3 172.588,0 68,908.0 208,073.0 Custom House from week to week frequently show divergence from " 14.. 88,716,3 174,451,0 66,364,0 205.159.0 9.846.0 92,127,9 9.875.0 88953.6 the monthly totals, also compiled by the Custom House, we shall from " 21.. 38,715,3 174.721,0 64 534 205.501 time to time adjust the totals by adding to or deducting from the • TTe omit two ciphers in all theee figure*. ...._ .. __ . amount "previously reported." t Including for Boston and Philadelphia the Item dne to other banks. .. , 616 THE CHRONICLE. [Vol. LXXIII. Ueports of Non Member Banks.—The following is the Deposits of Bonds Ebld by National Banks.—The following interesting statement furnished the Comptrol- statement of condition of the non-member banks for the by ler of the Currency ahows the amount of each class of bonds the daily result. week ending Sept. 21, based on averages of held against national bank circulation and to secure public We omit two ciphers f00} in all caxen moneys in national bank depositories on Auyn-t '.'A. For statement of July 81, li'O!, ste Chronicle Augunt 8, 1901, Dtvntit .with BANKS. * Sur- Loanti Iaq. T. Net page %l%; for that of August 31, 1900, see number of Septem- Invat- k Ilk. Other DevoHU (OOi omitted.) plus •iv'^' ber 29, 1900, tiuntf. Nnt'a. Agent, like Ac page 680. NlW~VOUK CITY Borough of V. 8. Bonds UtltX Aug. 31, 1901, to Secure • Manhattan, t % t * Description of Bonds. Oolonlal 100,0 138.8 1077.6 84,9 168.3 238.8 1880 I'ublic Deptis, Bank 300.0 20U.3 2571,0 117,0 100,0 179,0 3,0 2653 Total aela Oolumbia Circulation. Eleventh Ward... 100,0 138,0 115(,9 64,8 43.7 206.2 25,0 1350.1 m Banks. Fourteenth Street. 100,0 72,9 1243,6 63,1 77.6 23V5 1432 5 Ctensevoort 200,0 21,7 1266.0 16 68,5 131.1 3 6 185 J 1 6 p. ota., 1894, dne 1904 $410,00'- $268,900 $708,900 200,0 loo,:', 1489,4 114,9 113.2 iue,7 6,0 17ol Hamilton 4 per ots., landed 1907.. 7,132,100 6,057,000 13,189,100 Mount Morris.... 250,0 67,1 2122 H 128,6 104.5 260,5 62,2 2898,8 Mutual 200,0 161.1 1403.8 28,9 106,7 195,2 183.8 l.i63 8 1 p. ots., 1895, due 1925 12,202,950 2,991,600 15,194.550 29H.8 150,6 1848.9 .nineteenth Ward 200. i I 136.8 1463,8 23,7 168.3 .. 3 p. ots.,'98, due 1908-18i 6,030,300 3,924.780 9,955,080 Plana 100,0 213,8 2575,0 119,6 99.0 135 ^701 1025 5 * 100,0 126,1 1011,9 9,2 62,3 64.8 B per ots., funded 1891 . 62,500 62,500 BAreralde [ 8725.0 252.0 128.0 164,0 66,0 8907,0 BUte 100,0 273,6 2 p. ots., 1900 due 1930. 79,810,200 316,975,150 396,785,350 Twelfth Ward 200,0 32,2 1423,6 42,0 154.2 127.0 18,13 8 Twenty-third W'd. 100,0 74,9 1045.7 41,6 100.6 52,7 104,0 1220 2 365s Dist. Col., 1924... 865,000 865,000 Union square 200,0 363,6 2462,6 38,4 181,1 182,6 2700 4 Torkvllle 100,0 209.1 15J8.6 66.1 127.3 116,6 10,0 1458,5 Total. $106,480,550 $330,279,930 $436,760,480 Washington 100,0 26,4 695,6 9.1 42,9 63,9 6,6 681 1 Fidelity.... 200,0 84,5 436,7 10,9 23.0 35.9 342,2 * Redeemable at option of the United States. Varlok 100,0 53,6 867,8 1 1,9 42.3 94.2 0,4 861.8 JeCerson 200,0 61,9 610,8 4,7 65,0 104,1 0,2 627.6 The foregoing does not include the bonds held in the New Century 100,0 63,9 190,3 6.7 22,8 36.6 88,5 ¥ork Sub-Treasury against deposits in banks. There were so 700.7 84,0 9,1 62,5 39,3 371.8 27 at. Commercial . 300,0 18,0 held on Aug. 31 §10,081,000 bonds, making the whole Soro'h of Brooklyn. Bedford 100,0 117,8 1216,6 13,1 80.4 110,1 100,5 1306,3 amount at that date in possession of the Government as se- Broadway 100,0 179,9 1587,6 lV 133.6 257,9 178P.4 ' curity for deposits $116,501,550. Brooklyn 300,0 163,8 1084,4 49,6 27,5 144,9 10,1 1046.4 Xiihth Ward 100,0 37,4 353,8 13.3 26,8 48.0 23,8 370.4 Tilth Avenue 100,0 70,6 693,0 32/ 29,8 67,0 8,1 645,6 Changesin Legal Tenders and National Bank Notes to Xlngs County 150,0 64,4 740,8 32,5 26.3 63,9 65.V 744,2 Sept. 1. —The Comptroller of the Currency has furnished Manutact'rs' Nat'l 262,0 428,2 2683.2 325,0 152.1 887,5 3166 6 Mechanics 600,0 356,1 3718.7 165.6 180,8 318.4 10,6 4112,3 us the following, showing the amounts of national bank notes 932.8 Mech's' A Traders 100,0 186,9 962.0 17,8 70,2 73,2 55,9 August 1, together with the amounts outstanding September Merchants' 100,0 20.7 678,6 6,9 52.2 102,0 742 1 1, and the increase or decrease during the month; also the Nassau National.. 300,0 615,0 3568,0 173.0 284,0 609.0 45.0 3876,0 National City 300,0 564,3 28f>0,0 117,0 190,0 304 46,0 2992,0 changes in legal tenders held for the redemption of bank notes 100,0 142,0 896.5 10,4 58,7 2-1,2 61.9 813,4 North Side , ap to Sept. 1. For statement Aug. 1, 1901, see Chronicle Peoples 100,0 132,7 938,4 34 3 48,1 38,1 74,3 980,6 of Seventeenth Ward 100,0 72,8 546.2 8,0 40,2 60,8 38,3 610,1 Aug. 3, 1901, .page 222; for that of Sept. 1, 1900, see Sept. 1091.7 Sprague National. 200,0 ,!37,b 1201,6 91,2 9,5 196,0 50,0 29. 1900, page 630. Twenty-sixth W'd. 100,0 66,8 622.6 10,4 25,1 84,1 8.6 549,9 Union 100,0 64,4 650,7 26.3 63,7 60,1 66,0 726,9 National Bank Soles— 34.2 801,3 Wallabout 100,0 55,5 781,6 37,5 30,8 69,0 A noant outstanding Aug. 1, 1901. $356,152,903 Borough of nountissued Richmond. A during August $3,282,650 Bank of Staten Isl 26,0 60.9 632.4 17,0 24,5 82,0 19,0 639,9 A nount retired daring August 2,016,398 1,266.252 l8tNat.,Staten Isi 100,0 89,2 742,2 37,1 22,0 144,9 762.6 Other Cities. Amount outstanding Sept. 1, 1901* $357,419,155 let Nat., Jer. City. 400,0 911,2 5083,6 242,6 219.2 962,4 •1A7.2 5783,1 Hud. Co. Nat.. J.C. 260,0 595.6 2211,9 67,6 58,2 130,9 88,2 1783,6 Legal Tender Notes— 986,7 3d Nat., Jer. City.. 260,0 317,2 1232,2 61,4 11.1 353,5 Amount ondeposit to redeem national bans SdNat., Jer. City.. 200,0 241,6 916,3 46,9 66,7 488,9 60,2 1259.0 notes Aug. 1, 1901 $29,113,530 let Nat., Hoboken. 110,0 473,5 2112.3 93,2 20 6 111,6 8,6 1742 1 2d Nat., Hoboken. 126,0 110,8 925,7 23,9 28,9 67,6 4,9 760,2 Amount deposited during August $1,129,790 A au. reissued and bank notesretired in Aug. 1,230,516 100,726 Totals Sept. 21.. 8262,0 XP59.7 71136,4 2956,8 3959,9 8172.5 1802,8 75195,7 Totals Sept. 14.. 8262,0 8959.7 70H8B.5 3037,1 4024.2 8337,6 1899.2 76440.1 Amount on deposit to redeem national Totals Sept. 7..|->262.0 8959,7 70244,6|2997,7 3979,3 8054,9 2395,9 74869,0 banknotes Sept. 1,1901 $29,012,804 •Circulation of National Gold Banks, not included in above, *79,155 # Stock of Money in Country.—The following table According to the above the amount of legal tenders on shows the general stock of in the as well as money country deposit Sept. 1 with the Treasurer of the United States to the holdings by in circulation the Treasury, and the amount redeem national bank notes was $29,012,804. The portion of on the dates given. The statement Aug. 1 will be for found chis deposit made (1) by banks becoming insolvent, (2) by in the Chronicle Aug. page 31. of 17, banks going into voluntary liquidation, and (3) by banks re- r-Stock of Money Sept. l.-> redacing or retiring their circulation, as follows on the 1901. -Money in Circulation.-^ was In the United + lie Id in Sept. 1, Sept. 1, first of each of the last five months. St ties. Trrasury. 1901. moo. I m ? 1 Deposits by— May 1. June 1. July 1. Aug. 1. Sept. 1. Golil coin (lnc.hurnlnTreas.)l,U7,836,115 258,465,7-6 630,01) ,710 620,flH5,«56 •Gold certincntea 259.S4i.64ll 21l',888,36» Standard silver dollars 524.181,632 22,009,951 63,021,039 «'\-^5,<»8 $ $ 9. $ $ •Silver certificates .... 438, 50,st • For redemption of outstanding certificates an exact equivalent In amount Auction Sales.—Among other securities the following, not of the appropriate kinds of money is held in tlie Treasury, and is not included regularly dealt in at the Board, recently sold at in the account of money held as assets of the Government. were t This statement of money held in the Treasury as assets of the Govern- auction ment does not include deposits of public money in national bank deposi- By Messrs. Adrian H. Muller Son. taries to the credit, of tne Treasurer of the United States, and amounting to & 196,373.033 57. Shares. Coinage by United States Mints,—The following state- 1,609 Manaos Ry. Co.... $1,601 lot 5 Lawyers' Surety Co 94 118 Phenix Ins. Co., Bklyn.205i8 9 Home Insurance Co 300 ment, kindly furnished us by the Director of the Mint, shows 20 E. W. Bliss Co , com .... 140 the coinage at the mints of the United States duiing Bonds. August and the eight months of 1901, For statement of $10,000 Boston United Gas I $1,200 Securities Co. 4 p. o. July, 1901, see Chronicle of August 13, 1901, page 222; Co. 2d 5s 50^1 registered consols 90 that of August, 1900, see September 29, 1900, page 630. aujft August, 1901. Eiej/it Months 1901 SawMtifl Iftttaujctal. Pieces. Value. Pieces. Taiut Spencer Trask & Co., 9 9 154,000 3,080,000 1,132,491 22,649,820 BANKERS, Eagles 187.000 1.870,000 3,529.039 3^,290,390 27 & 29 PINE STREET, .... NEW" VOBK Half eagles 366,000 1,830,000 3.072.9S1 15,364,805 267 668 Transact a general banking business; act as Fiscal Agents for corporations, ' and negotiate security Total gold 707,000 6,780,000, 7,734,758 73,305,683 issues of railroads and other companies. Execute 1,932,000 1,932,000 15,538,450 15,538,450 commission orders and deal in Half dollars 960,000 480,000 3,726,450 1,863,225 INVESTMENT SECURITIES- Quarter dollars 1,108 000 277,000 8,389,114 2,097,278 Members N. Y Stock Exchange. Branch Office, 67 State St.. Albany 4,520,0-0 452,000! 17,649,780 1,764,978 Geobgb Barclat Moffat. Alexander M. White Jb. Total sliver 8,520,000 3,141,000 45,303,794 21,263,931 Five-cent nickel 3,174,000 158,700 13,829,013 691,451 Moffat & White, One-cent bronze 6,061,000 60,610 40,002,143 400,021 BANKERS, Total minor 9,235,000 219,310 53,831,156 1,091,472 Members New York Stock Exchange, No. 1 NASSAU STREET, ... NEW YORK. Total ooin»ge> .. 18,462,000 10,140,310106,8 69,708 95,661,086 INVESTMENT SECURITIES. September 28, 1901.1 THF CHRONICLE. 647 >• To daj 'a ao( uaJ ratea nk- erling, s:,- i.i i DIVIDENDS. tables, 4 86; prime com mi i is2 ! '; documentary oom rcial 1 /'. r When Books ringfd Gkorgla mi. a Banking (qaar.) 2\ Oct IB Ocl 2 to 1 1 September 27 Hixty Days Northern uu.. New Hampshire (qn.).. 1 'j Oct 1 Nol prt-f. (quar.).. . 1 to Norwicli *ter. 2 Oct Sep 16 B( p Prime bankers' alerUug lillla on London Pitts. Ft. 20",* .', Utleacfc Black Hiver. Kiiar 8*s Sep 80 Paxil tiHiikeiM' (Francs) 5 »5 20^ l Falrliaven .V Westvllle, llaveu(qu.) Oct 1 Sep 26 to o. t N. 1 Mew York at the under-mentioned oitiea to-day: Savannah, Hartford St. By. (quar.) 1H; Oct 1 Not oloaed 1-16 discount, selling 75c. premium; 1 t buying I rao., Allcntown, Pa. (qu.) Oo< 10 0( B to Ocl 10 Charleston, Sep Louisville (Ky.) Hy., com. (quar.) 1 Oct 1 to 1 22 Oct buying par, selling 1 10 premium; New Orleans, bank, $1 00 do do pref 2^ Oct ] s.p 22 to Oct l commercial, $1 50 discount; Chicago. 80o. Toronto (Canada) Hy. dinar.) Hi Oct 1 Holders of ic, s. p 21 premium; difioount; ItuiikM. St. Louis, par; San Francisco, 10c. per $100 premium. Chatham National (quar.) 4 Oct 1 Sep 2S to Sep :{(! Fifth Avenue (quar.) 20 Oct 1 Sep 28 to United States KondB.—Sales of Government bonds at the do do (extra) 5 Oct 1 Sep 25 to Sep :iu Hoard include 8s, coup., at J08%; $5(hi 3s, First National, Baooklyn (quar.) 4 Oct 1 Holders of rec. Sep 80 $5,500 reg., at Gallatin National 6 Oct B Sep 26 to 2s, Oct 4 l08Vg, ami $8,000 coup , at lOO'.f. The following are the do do (extra) 1 Oct B Sep 26 to Oct .1 daily closing quotations; for yiarh/ range see third Gartield National (qaar.) 3 Ben 80 Sep 26 to Sep 80 page Riverside (quar. ) 2 Oct 1 Sep 27 to Sep B0 following. Trust Companies. Atlantic (quar.) l>a Sep 80 Sep 26 to Sep 80 Interest Sept. Sept. Sept. S'jit. Contrail. | uar.) 15 Oct 1 Sep 1 to Sep SO Periods 21 23 25 20 3? Guaranty ((|uar.) 4 Oct l Not closed. People's. Brooklyn (monthly) 1 Oct l * 2a, 1930 registered Q—Jan 108 H* •108»a •V0BH *10SWi Union (quar.) 8 Oct 10 Oct 6 to Oct 9 2s, 1930 coupon Q—Jan *109 109 109 •109 •109 MUrilhiinoilH. 2s, 1930 .sma-l.reglstered American Caramel, pre!, (quar.) 2 Oct 1 Sep 11 to Oct 1 2s, 1930 small coupon American Chicle, 1 Sep * com. (quar.) 2 Oct 27 to Oct 1 3s, 1918.. registered Q—Feb 108 •108 •108', •108>» *108^ *108>* do do pref. 1 Sep *108i (quar.) lHi Oct 27 to Oct 1 3s, 1918 coupon Q—Feb i*108 *108 4 *io8y!*io8'.» ios^ American Ice, pref. (qaar.) l>a Oct 15 Oct 2 to o.t 18 3s, 1918, 6mall.registered Q—Feb 3 American Locomotive, pref. (qaar.) 1 4 Oct 21 Oct 8 to Oct 20 3s, 1918, small coupon Q—Feb -108 *ib*8* •ids" •108 *108 •108 Amer. Pneumatic Service, pref. (qu.).. lHi Oct 19 scp 29 to Oct 20 4s, 1907 registered Q—Jan *112 •112 •112 •112 *112 •112 American Tobacco, com. (quar.) Nov 1 Oct 16 to Nov 1 4s, 1907 coupon Q—Jan -113 •113 •113 •113 -113 •113 pref. (quar.) • do do 2 Nov 1 Oct 16 to Nov 1 4s, 1925 registered Q—Feb *139 •139 •139 V) »139«9 3 •139>n American Woolen, pref. (quar.) 1 4 Oct 16 Oct ;i to Oct 15 4s, 1925 coupon Q—Feb '139 •139 •139^ "139"a'*139»9: *139», Anaconda Copper 1*4 Oct 26 Oct !) to Oct 25 5s, 1904 registered Q—Feb «108 •108 •108 •los *108 •108 Bliss (E. W.), com. (quar.) 2>2 Oct 1 Sep 25 to Sep HO 5s, 1904.. „ com on Q—Feb * 108 •108 •108 •108 1*108 •108 do do pref. (quar.) 2 Oct 1 Sep 25 to Sep 80 •This Is the price bid at the morning board; no sate was maae. Central General Aristo, com. (quar ) 2>a Oct 1 Sep 15 to Sep .so been reported at the Board this week. do do do (extra) 2Va Oct 1 Sep 15 to Sep SO The market for railway bonds has been relatively firm on do do pref. (quar.) 1 3 Oct 1 Sep 15 to Sep 30 4 of business averaging about $'.2,250,000 Hall Signal, com. (quar ) 1 Oct 1 Holders of rec Sep 28 a volume par value Kodak Co., com. (quar ) 2*2 Oct 1 Sep 15 to Sep 30 per day. A few bonds declined in sympathy with the stock do do do (extra) 21-2 Oct l Sep 15 s.p to 30 market, but such losses were offset, whoby or in part, by do do pref. (quar.) lv, Oct 1 Sep 15 to Sep 30 Mexican Telegraph (quar.) 2^ Oct 16 Oct 9 to Oct 15 advances in other issues. Peoria & Eastern income 4s were Pennsylvania Salt Oct IB of the latter class, selling to-day up to 793^, an advance of Rhode Isld. Perk. Horseshoe, pf. (qu.). Oct 16 Holders of rec Oct 1 Safety Car Heat. & Light (quar.) Oct 1 Sep 22 to Sep 30 4 points within the week. Consolidated Tobacco 4s made do do 1 do do (extra) Oct Sep 22 to their first appearance on Thursday and sold off nearly a Streets West. stable Tar r.ine,coin.(qu.) Oct 16 Oct 2 to Trenton Potteries, pref. (quar.) Oct 10 Holders of rec Sep 30 point from the opening price. Trow Directory Print. & Bookbinding Oct 15 Oct 6 to Stock and Bond Sales.—The daily and weekly record o f WALL STREET. FRIDAY. SBPT. «T, 1901.-5 P. IU. stock and bond sales at the various stock Exchanges, for- The Money Market and Finaneial Situation.—The sym- merly given on this page, has been transferred to a place by pathetic effect upon the security marke f s of an event itself. It will be found to-day on page 654. affecting adversely one important issue has been again Railroad and Miscellaneous Stocks.—The siock market demonstrated this week. The event in this case was the has been moderately active and generally weak under the action of the board of directors of Amalgamated Copper in influence of heavy liquidation of the copper stocks. This not declaring an extra dividend on the shares of that com- movement began on Monday and continued until Thursday, pany, as has usually been done. Asa result these shares when in most cases the lowest quotations of the week were declined nearly twenty points and almost the entire list of recorded. These showed Amalgamated Copper 19 points railway and other stocks dealt in on the Exchange declined below last week's closing price, Anaconda Mining l( from two to eight or nine points. is As usual in such cases, points and other industrial stocks down from 4 to 6 points. reports and rumors were vigorously circulated by room- Chiefly in sympathy with the above, a long list of railway traders in an effort to accelerate the movement. shares declined from 2 to 5 points. Missouri Pacific was The limit of these influences seems to have been reached exceptional in a decline of over 9 points. St. Paul showed on Thursday, however, and a decided in tone has change a loss of 6 points. Rock Island and Union Pacific 5 points, taken place. The reports of rate-cutting have not been Pennsylvania and Lackawanna 4 point?. verified, the foreign exchange is market easier, the demand On Thursday there were evidences that the movement had for bills on account of subscription to the British loan hav- run its course, and a reaction set in which continued up to ing been satisfied, and no stringency in the money market the close to-day. has developed. Iowa Central and the junior Vanderbilt shares resisted The open market rates for call loans on the Stock Exchange the general downward tendency, the former preferred hay- during the week on stock and bond ranged collaterals have ing steadily advanced day by day and the latter leading in from to A% per cent. To-day's call were ) 2% rates on to 4 the upward movement which began on Thursday. percent. Prime commercial paper quoted at i 3£(a~)% percent. The Bank of England weekly statement on Thursday Outside Market.— Business in the outside market has showed an increase in bullion of £131,049 and the percent- been dull this week and prices generally have shown a de- age of reserve to liabilities was 54-06, against bli"20 last clining tendency, influenced by the course of values on the Copper. To- week; the discount rate remains unchanged at -i per cent. Stock Exchange and the fall in Amalgamated The Bank of France shows a decrease of 14,650,000 francs day trading improved somewhat, though prices were irregu- in gold and 625.000 francs in silver. lar; while the copper shares were slightly firmer, tbe market NEW YORK CITT CLEARING-HOUSE BANKS. closed on a lower level than last week. The transfer of Consolidated Tobacco -Is to the Stock Exchange had con- Differences 1901 1900 1899 siderable to do with the lack of business. The greatest de- Sept. 21 from 22 Sept. 23 previous week Sept. cline in price took place in Standard Oil stock. It sold to-day at 720 compared with 765 on Monday. American Can stocks $ $ $ $ Capital 81.722,700 74,222,700 58,922,700 each fell off about 2 points, going to 23% for common 1 96,211.500 78 905 700 >' 90,109,900 and 73'4 for preferred, against 25> and 75 ; a w eek ago. A Loans l ek; Thursday, but recovered to-day to I ,. a- Reserve held 246,244,700 Ino 6,276,900 240,920.200 202,611,300 Aberdeen closes at 29, against 31; Apache at 51 \, against Legal reserve 232,590,476 Deo 267,775 224,367,875 199.617 600 56i '; and British Co- 4 Greene Consolidated at 85, against 89, Surplus reserve 13,654,225 Ino 6,543,676 16,552.325 2.963,700 lumbia, which it was reported on Wednesday would issue Notk.—Returns of separate banks appear on pane 645. 50,000 new shares, par $5, one-half underwritten at $15 per Foreign Exchange.—The market for foreign exchange share, fell to 10, against 13 ip Hook & Eye at 38ft@ was firm and rates advanced during the early part of the 40 and Diamond State Steel at 3@3^ for common and 7 for week on a good demand and limited supply of both com- preferred were the new stocks on the curb this week. Out- mercial and bankers' bills. Market easier since Thursday. side securities will be found on page 654. . '' 3 ' .. H 1 ...... New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAUE.H \CKB HIOJTE8T 8A Li. PRJi Sang* lor i Kir DDL Bomgi tor Pret mut AND L0WS81 STOCKS iS'a'cjt ol 1 hn.tii J 1 (i 1 I l 1 in 1 in .s7 I el, 4 1 LOHi 1 10 109 109% 108%] 104 / iana »162 10 1 ' ' ntral tea 168 162 102 102 162 162 162 of .New Jersey... 600 146% -Jan 4 107 J'ne28 I 1 5 Jan In C 46% 46% 46 Hi 46 46 46 4 I 45 Hi 45 4 46 apeake & Ohio 10,550 29 May '.1 52 % May 3 24 J'ne 42% Dec 89 IIS 89 38 % 87% 88% 37 37 4 87% 37% Chicago* Alton 4,450 27 May 9 50 4 Apr 30 31 Oct 42 Dec 78 78 77 % 77 Hi 78 78 774 78 *774 78 Do jiref 1,100 72 4- la 11 4 82% AprSO 784 Dee fChloago Burl. & Quincy. 138% Jan 4 199% Apr II 9 '-.Jan 144 Dec •126 ISO 126 130 180 125 130 Chicago & East'n Illinoia 91 Jan 2 lpr29 88 Jan 109 Mar »180 180 130 135 130 Do pref 120 4.1 an 3 186 Apr 18 125 Aug 1 \ 24 "s 28 a 24 t 22% 23', 22 28 H< 22 23 22% 234 Chicago Great We«tern . 10,075 jo Jan 3 26 4 Apr 29 »v 18 Dee *»0 •90 98 •90 98 •90 93 •90 •90 Do 4 p. c. delicti tnrt-K 90 J'ly27 94% Marl 81 J'ne 944 86% MO 86 86% 864 86 86 85 Hi 85 4 •84% 80 Do 5 p. c. pref. "A 900 75 MaylO 90 4 J'ne24 Ailt' 82 48% * IS 49 is 48 •47 49 464 47% •46 48 Do 4 p. c. pref. "Ji 500 42 -Jan 3 56 Marl4 30 45 Dec "4 424 43% 41 Ha 42 Hi 41 Hi 42 Hi 41 Hi 4 2 '4 404 41% 41% 42 Chic. 1 ndianap. & Douisv. ]6,520 23 .Jan 21 44 4 Sep 12 14 Jan Apr *76 70 74% 75 4 •74 70 74Hi 754 74 75 75 75 4 Do pref 2,787 58% .Jan 21 77% Sep 16 45% Jan 04 Dee 3 1681* 104 4 101 103 4 J 5:1 % 162 158% 102 167% 100 159 161 Chicago Milw. & St. Paul. 147,920 134 May 9 188 May 6 in. 148% D< e *1«8 ls7 189 188% 1 88 Hi 188 188 187 H-. 187 Hi 187 1884189 Do pref 1,120 175 Mav 9 200 May 3 169 4 Jan 1874 Dec * 1 94 198 L96 196% •194 397 192 198 190 4194 -192 196 Chicago* North Western 2, 1 00 168% Jan 21 216 May 1 ISOHjJ'ii' 172% !" c 2 1 218 Do pref 338 207 Mar 1 248 April - May 220 Dec 143 Hi 143 Hi 143Hi 144% 142 1 42% 139% 143 Mit 140 141 142-a Chic. Rock lel'd & Pacific 3,951 116% Jan 4 175% J'ne 5 102 J'ne 122 4 Dec •1.15 146 135 146 •135 145 136 145 •135 145 135 145 Chic. St. P. Minn. September 28, 1901.] Stock ReOOrd—Concluded—Page 2 (>1<) BTOCK8—HKIHXST A KB LX)WEST 5 ILK PBh -nil KS Sale 1 01 l IVU4 Ihr •in In i i.w Viikk BTOOX Monday Tvtsday II . ./< Thursday • B*pL 83 Sept ,s./)f. LJ o tjepL 86 I \ 1 1 1 A \ ' . 1 3 3 "11 •I 'J 13 12 19 19% 12 V 12 4 F2 4 12 4 UV Ct J. AG. Jan 21 15V •Hi, 62 66 }66% 654 •64 68 a 1 e 1 Do 1 -i prel v tr.otfa 7211 Jan 29 •93 .1 1. \ ' inn 1 a 7 •23 27 •94 27 . J.ui 264 264 ! pri 90 214 120 '. 5,70(1 120 i 1 20% 120% 119% 120 120 120 1194 1 L9V St. Law A \i1ironila<-k... 57 Jan 29 .". -1 1 II) '4 4 -i 1 1 .in 1 .Inn 1 404 46% 46 44% 46 4 4i% ouis a Bail ' 2 4 24 *;> V B9 81 •79 82 -78 82 80 III) 1 hi I'll! 76 Marl 2 >i •07 684 69 67% 07 68 OS I10 2d put .1.111 I 304 ill 80 80V 27 30V 27% 28 30% l.iuiis sum: 16 May 9 00 •1 j.ui :: 62% 68 V 624 862% 624 69 D11 prof 1 4 71 • 69V 67H 67 h 66% I II 1'acil 1 158,065 99 I77.:;7n 36 V 844 32V 82% i. Ill VlltlllU' tl\ 884 89 '• B884 80 V 86V im pill. \ut. li. ctls. Jan 21 4_-'» 1 ' |'< .1.111 :: 43 k 12 414 40V 49 V 40% 1 v 414 \a.s ,t- Pacific "1 '.' »120 122 ISO 120 120 193 '120 193 119 120 18 12 1 I lnr.1 Avenue (N. S".)... 80O 1 17 .Mav '-j 3 i] 2 1 '• etl.x 4,osii Hi', 99V 21% 91% 91% 20 4 20% 2 2 ' I'ol. St. 1,. ,fc \\\ v. tr. 3 13 30 30 86 35 •34 36 34 34 V 16 Do prat vut. tr. otfa. 780 98 Jlnv 9 3 3 102 io2 4 101 101 4 101 101 9941004 99V 101 100 4101 1 win city Kauai Transit. 2,97 65% Jan 2 1 8( p E Do pref 1 17 Apr 19 157 3 '.iT^i ion 97 9 1 994100V , 96% 98 V 96V 96% Union I'acilic 276,245 70 May 88 Mav 2 *8rt"n 89'i 88 4 874 87 '-j 88 88 V 88V 884 884 Do pre! 2,309 Jan 21 •--'4 2 1 :; 22% 21V 22V V 22V 9 1 % 22 V 22 \ \ 'abash 13,900 11 V Jan 28 4M.ii 40 -1 'i 40% 39V 38V 39 38% 89 40 '» Do |iref 17,850 23V Jan .I'm 21 - '•. 1 1 •is 18V is 19 174 8 *a 8 "is 19 19 Wheeling A l.akeKrie... 450 11% Jan 81 22 J 'in- 1 51 '4 50 51 60 •49 51 .MP 60 Do 1st pref 1,200 40 May 9 60V Mar28 Mar 81 31 •80 89 »80 89 •29 89 429% 1)5 24 Mav 9 38 M.u'J- Mar nn V Do 2d pre! 22 'a 22*, 2 3 2 1 \\ 7,580 V 22 99% 4 99% 214 99 21% 22 V laoonaln Cent. v. tr. ofa 14 4 Jan 21 20 J'm 1 7 . Apr :, 44 44 44 «42V 45 42 43 414 414 42 4 2 Do pref. vot. tr. ctis. 1,72 1 884 Jan 17 49 4 Apr 17 30 S' p 57 Apr Mi-rillniiioii-. »180 200 »180 200 '180 195 180 195 180 195 aso 200 Adams Exp i 14 5 Jan 8 UaylS 111 Jan N'OT 100 3 103 921-. 101 93 290 1 709,19:: r 90 93% 88% 4 884 93V 98 '.i inalpainaied Copper... 83V Jan 21 130 J'n,17 89 v Deo 3 '-"4 2V 3 2V 14 24 1% 1% 2 2 4 American Hicycle 2,700 1 4860 25 8V Apr23 • 10 14 14 *10 10 13 18 ' 13 -5 12 I'd pref 292 13 Sep 25 35 Apr 22 80 304 0,7.-:. 99 29% 28V 28V 29% 28 V 28V 29 294 Lmeriean Car A Foundry 19 Jan 21 35 .l'ii« 1 1 Not Ss0 4 - S3 80 4 84% 85 84 84% 84 84 4 834 84 4 B6 Do pref 3,19 07 Jan 19 89 J'ly 2 57% J'n< 72 . 31 4 324 31 32 314 «31 31 304 304 30 4 30V American Cotton Oil 750 244 Mar 35 4J'ncl7 80 J'n. Apr »80 90 •90 •80 s 4 91 90 HO 894 90 4 {90 90 90 Do pref 125 86 Apr 10 91 4 Jan 8 88V < 1» Apr •mo lis • •190 190 198 {190 192 190 196 190 198 196 Unerioao Express 113 §169 Jan 12 J205 M:tr.:r. i 14 2 Mai 27< 29 '-. 211 8 2S78 28 28V 27% 27 284 28 V 1 Loan Ice 8,001 20 8ep 41%Marl5 Apr *0.'l '•> a " 07 *05 4 67 V 00 68 67 67 67 67 Do pref 77:: 66 Sep 20 77%Mar22 60 4 J'n. •17 20 4 18 20 •15 20 *15 20 •15 20 American Linseed 200 5 4 Jan 24 30 4 J'ly 9 N'i\ 61 a>o 50 $50 50 *46 60% •49 50 Do pref 110 31 Jan 24 66 J'ly 9 344 Dec 00 Feb •2 I 24i8 20 V 26 25 25 25 24 24 24 American Locomotive... 92i 224Augl3 3-2 4 J'ly 80 3 *854 87 86 87 85 85 % 85 4 804 86 4 86V Do prel 2,029 834Aniil 1 69 J'ly 7 3 •04 7 64 7 6% OV 04 64 •64 7 American Malting 100 44 I'd' -I 8 J'ne20 3 J'n. 7 4 Jan 3 27 26 4 27 *20 28 25 25 •24 27 *25 27 DO pref 375 22% May 3 30 J'ne2. 31 4 Jan 4 E !| 44% 46V 44% 45 44 45 43V 43 45 45% Amrr. sniclt'i; & Ilefin'g. 17, so;, 39V May 9 09 Apr 21 J'ne 50 US 3 97^ 98 4 97 97 964 97 96 97 97 97 Do pref 3,325 88 Feb 20 104%J'ne2O 85 J 'li. 99 Nov • 40 44 46 40 40 •41 46 40 American snuff 26 Mario 49%j'ne s *8S4 89 90 86 80 •834 86 •834 88 ; 83" Do prel "lilVl 73 Apr 17 90 J 'ml 4 i 1B3V H23 126V 122% 124V 122 124V 121% 123 122V 124 Vim ncan sugar Kenning 52,310 L21V8e»26 158 J'ne 3 9*54 Mai i'lVi" Deo •121 127 •115 119 •112 118 Do pref 1174-L* 3 130 J'ly 19 107 Mai J'ly 98" '"97"" 99' Km 100 •98 100 -97 99 96 H'.> American TePgh.& Cable §94 Jan 7 100 Aprl3 {87 Sep Jun •10* 1004 100 1024.1024 1 1604 H. 133"" loan Teleph&Teleg 200 1604 Sep 25 67V Sep 4 • 135 135 v American Tobacco... 99 Mav 9 144 J'ne 8 84 ' 1 1 1 % "140 Do pref 137 Jan 2 150 J'ly 12 L28 140 10 'a "154 164 17 4 17 H 17 V •154 174 144 144 1 S 4 American Woolen 430 13 V Mar] 5 21% Jan 2 21% Dec 22 4 1" '- • H7V 78 *75 79 -75 79 79i Mar22 -•-"; J'ly 1 70 Dec I J, c 41 Do pref 70 76V '4 43 '4 "844*874 35' '4 36% 42 34V 37 34 374 6 381; \ aaoonda Copper 20]3'l7) 34 Sep 20 ' 1 AprlO ::, 4 J' in 54 4 Apr 216V 216V >214 217 *212 217 212 212 »210 217 208 216 Brooklyn Union Gas 200 75 Jan 1 8 22S Apr]5 140 Jan L83 Dec 1UV n» •10 •10 11 4 -104 107e •10 11 11 1 11 runsw. Dock Banks Bonks Bid Ask Bonks Bid Ask Bid Ask Trust Co's Bi,l Ask Trust t'o's NEW YOEK BROOKLYN BROOKLYN' O'lR'tyBATr 525 MortonTnist 1160 Bid Ask BROOKLYN Hid Ask CITY 8th WardU .. 85 17th Ward,]. 125 Central Tr'st 1900 N Y 1.U..V 1 1 1250 Vai-ickV 250 5th Avenuel! 100 110 Sprague 200 213 City Trust. 300 N Y8eo New lork Stock Exchange—Bond Record, Friday, Weekly and Yearly o( ( i i'\ is<; folk i\v<,r.> /: : ly'9.' Begistered /il920 Q-J iiO'.^Mar'Ol (15 >-2 !':.'- Far & Sou assu g6a 1924 J-J 182 3 Gold 4s ftl948|A-0 103^4 Sale 10334 104 83 99 105 Hast it DDiv 1st 7s 1910 J-J 120 4 A i.20»4 126*2 Kegistered ft.1948 Q-J 101 »4 Sep '01 101 14 104 1st os 1910 J-J 110*2 May'01 110*4 110 Si Conv ileb 4s 1911 M-S 105 S. Sale 105 107 197 100 'ollO I& D Extcn lsl 7s 1908 J-J 188 Apr'01 185*4188 '01 *-2 -J 110 118 J'ne'Ol 117- H9 BJuncfc M Div lstg 3*281925 M-N 89*4 Sep a 1 91^ LaCrosse it D 1st 5s.. ..1919 J 6 Kegistered pl925 Q-F Mineral Point Div 5a 1910 J-J 110 108 J'ly'01 108 110"a 92" South w Div 1st g3Si3...1920 J -J 89 'a Sale '89ia""89»4 iod So Minn Div lsl 6a 1910 J-J 110*4 Sab 110*4 110*4 11478 119Si | 117*3 Kegistered A1920 y-J 90SiJ'ne'01 90 Sa 91 Southwest Div 1st Rs.... 1909 J-J 114 110*2 113 Aug'Ol 113 3 Monon Kiv 1st gu g 5a.. 1919 F-A 111 May'00 \Vis& Minn Div gOs 1921 J-J 11 1 '.1 110 Si Aug'Ol 116 8 Cen ulno K 1st og4Sis..l930 M-S 111 J'ne'99 Mil & No 1st M L Os.. ..1910 J-D 115*3 116 J'ly'01 116 1193a 3 Beech Creek See N E C & 11 1st consol Os 1913 J-D 118 34 118 34Sep'01 118 4 3 142*3 Belle v September 2«, 1001. J Bond KeCOrd—Continued—Page 2 651 BONDS Jricf WrrK's BON'DN w l~ 1 N. ^ HA1 1 Ida u last Bale WKI i • 27 A Ik Low Hi . J.J 04 VI M-N too ,11 lit- in gl932 lluV 01 117 Inn . 1021 JO i .1 .1 108 Jan 1 loii . 19(15 \ o 1 L2\ . lie '.in i 113 mt i n. n 1 • l> A I 1- M-N 112"'i 114 J'li'Ol 113 115 ci- St i. / >ul Ii.u A 8 A .vf So 1 ' C:n - i st 1, ^ 'al II AH oil ioa . IOI il 103 . II I' Cltai n.M , R A 10 IV 100 inn mi>... < J I LO] lsi oonaol 6a I '.'it .1 .v.. 1 : > J.J 99 Jan '01 a -t rn Cut W .v 102 10-1 Bl l. i'i\ i-i »-.'l n v la.. 1990 m n 108 .I'll nl . 1 , A .\ . 1 ? 100 inn .lii.nl 1 ;" \i s 10U 1(10 il Rap a in . si 1. > \\ \\ \V Val D; 1940 .i -j 102 1(13 S3 N Set 01 Stl 4 C consul Ga. 1920 M-N j.j 90 '- 9C»< 95 101 105'., 100 lep'O] 104 A .) •i /. 19: I I au a SI Jo See 1 B ] 1 106 IOC, d9 CO C A I oonsol7a 1914 j n 29 Clj 01 Hi I HiliU IiiihITh 19 lat< red 19119 135 141 riy'O] Col A II V lsl «-\i -1-.. 104 Hi. 1934 J-. Iluiisl I. A W1 I So I'a.' '.'.'.'.'. '" .s..-S.» I lint i:i ., i>f 4a 1940 ao i06^ I l,,ii- n PaC I'.';:- 1st 113 . Apr' 1 15 V 115 V () Jnd A W I i Q.J Iiinii.is Central g4e. l(l()l 1 1 lit »1 con 10 li") nil 8 I liegiaten .1 4a... L9 in 102*'! tnoorae is 1990 ipr 78 bale 76 79>c 904 lsi gold 3Vs ib*7"i si 102',. A]. Cl Lor A Hii oon i v 6a 193 111 Hep 'oo Registered 195] Clev A I'i mi Kit 1st gold 3a sterling 195] anon Val g 5s.. .1938 J.J 125^130 LSe^May'Ol 129k- i::m Registered 195] :'j stered II Coll 'I 1 nst ^nld 4s 1 962 105 loiiv 106 J'iy'01 ini 106 cicv a pitta Sm Peon io Registered 1952 104% J Col Midland 1- ..1947 J.J 79^ Sale 70Vi Rl 78 LN 1 '-2 . I hi See N A W Midland 1m reg 58 192] 1 8 123 May'99 Coin g 4s. 1943 A-0 St l.oins l)iv gold 3s 195] 90 U 91 "I \ak .. \l A Si P Registered 1951 ' J' all see M K A T lil 3>-js 1 101 '., ioi>' io-J'4 120s Del U-uk A W i ..1907 MS 118 4 A).ri)l 01,123 V isten .I UilV Morris 4 at 7a. ..1914 M-N 13b' 138 LS8 138 3 136Vj Mil Siiriiifr Div 1st p3Vs.. 100 Nov'00 7s 1871-1901 a O lOlia L01«bMay*01 ... 10 ln|>_ Western Lines 1st g is. 112%. 113% 118% 115 Hi 1st oonaol -ii.u ?a 19] i j lio'j Istered 195 1 D 136"a I l -j 1 : 1915 j-D Mo (1,1 '98 ] st 6a l!'.:; Y'ii" NY Lack a W lat 6a.. .1921 J. i33v!"": i:;:;'....rh '01 CarbA Shaw 1st g4a...l932 90 I ruction 5a L923 k.a 116 120H) i i:n-j Jiv -u] st LA N u g 5a.. 127^ Sale l'JT's 127 >a 1 • Is 1923 M-N lniM nii ., 10 10P, 10 1'., stered 1951 124 123% 124 i 3'-s Ion'., 1 ByrBlngA N 1st 7s. .1906 A-O ii8"iie" 117'HM.-iy'01 1 17 „ 1 17> »ld 1951 'WIY.'.'.. "W arr. n "i i-'-A Registered -. 107> 107'4 Del Inn . 5s. .. lii'js J D 113 115 112 - L07 112 : -on BR See Erie Kin ;il A A Q R .sec L S A M S Den Afc - 1929 .r-D 94 94 94 92 96 h'k- mi Ai Midi SeeTol .V OC De« Moi .i K CA M It A B 1st gu g 58.1929 A-O N VV Kan C A Pacific See M K A 1 M-N 10c 111 1 111 1 litySou 1st gold 3s.. 00 Sal6 69 70 H7 72 9 Dei J So Registered 1 H5U OS'^Oct '00 ,'. " Dei . j. 1995 102 J'lv-01 102 Kansas Mid See St L A S V 91 Kentucky Cent See L Dnl& Im 115 110 110 no 110 1 & P A O KnoxrUleA Ohio See So By 2.1 Cs 1916 J-J Iake Erie A \V 1st gos. 120 123 1 120 120 V Dul l. J-J - 2d gold 5s 1941 lis Sale LIS 118 Dul so Sh J -J 113 113 % May"01 112 110 North 1 110>j. 1 il 5s ] II M-N 112>2Ai.i''01 112'jll2'-. 99 j 1' 1. .h Val N 1st gu g iv.l'.m 101) 41 10 v 110 - ill^ i.eh. 111 Elm Curt A No See [istered ill i i Erielst ext gold La I .121 lilt', i.eh v Ter By 1st gu g 58.194] 117 112 > 2i\ en gold 5s 1919 \l 116 Registered 194] 3d ext gold l-.-s ill .1 111 i.eh v Coal Co 1st gue 5- 107" 109 4th ext gold 5s ii/o" i'Sr,' lar'OI isiereil 6lh • 1928 j 107 Jlv'ni in? 107 i.eh A N V lat guar g 4s. 90V.1 95 100 1st c 7s 1920 J 13&>4 1 13^ Registered 1945 ::.-,'._ lsl c ml 7s 1920 M Mi.v'01 1 El C ( I era I Clm d5a..l982 122V L22Hi 122 'v 1 23 en gold 4s 1938 100 102 Jell 1st iy gold RE gu g 5s a 105 2 . L08 J'n.-'ol 4'«s Long Dock conaol u 6s.. 1935 137!2Ang'01 140 CoaldsRU 1st gold curgu 68.1922 Ill . Unified 4s 1949 07 99 1 A- N J 1946 15 109 Rkivn Mom 1st g6a..l9] I 117 . 110 Mnl BRofN .1 Lai g68.1910 116"a 1 in lloHiMaVOl 115 v 1 18% 1st 5s I'll 1 10SV NY Sua A W lsl i.l 58.1937 119H. 116 Aug'O! 111 lis N V BA M R I st oon g 5s 110 107 J 'J.I gold 4 I98 94 F.i. 'nl 94 N \ A B B 1st g 5s 192" 110 112 !• 1" in:', :; i ... 1 loev.110 L06 Sep'O] Nor Sli B I si oon g guSsi il Terminal i si gold 5s. .. 19 i., m llo^J'n. nl v a Naehv gen g 6s. 1930 119'., - Regis 85.000 143 M I lold 5s ]... AVilk A Ea lal gu - 58.1942 J ii"6" talc 110 ill'-. I n.lleil gold Is Ill III 102 loiv fi»2 Erie A l'itis See Pen itered 19 l < Eureka Springs Lal g 6s. .1933 66 Nov'97 Col] tin- 1931 Ev.t T 11 1st consol 6s.. .192] 123 123 J'lv'nl •- is.liio;; i:n s 101 ',. nil ', ioi Hi l8t general gold 5a 10S lU'J Aug'Ol 107 111 - 1907 Vu" Mt Vernon 1st gold 6a.. 1923 1. II A Xash lsl l' 6a ...1919 SuilCo Branch 1st g 5a. 1930 L Oin A Lex gold ; iaa. Is; 1st Ev EdEllUP.kn See K Co E LA P NYAQEI i.a P 1st oon • 581930 ' 103 H EdE 1U SeeH YGA K I. 11 A P Pateraon a PG 1949 M-S EqG LN Vlst con g 6s. .1935 MS *117 MSVMar'Ol 118V : M N - '04 H» Eq G 652 Bond Hecord—Continued—Page 8 [Vol. LXXIII. BONDS I'rirr Wrrk't age BONDS 7Ttr' Wrek'e N. Y. BTOOB EXCH \N*()K Vriday / or since N. Y. stock EXCHANGE I , ../.;,/ /"„,, SU ,Sr,,t. Last Salt liuniary 1 1. x7 I. ant Sal' .in i,n Wi.i i. I. mum. BKFT, 27 27 Wkkk Kn 27 Sept. Louisv a Naahv fConttnited Auk Low II hi h No Hi nh N Y cent a 11 B—(Continued Hid A ilk LOW Jlit/l 1 : 1 9 "a a 1 al J-I) NOAM 2(1 gold 8i 1930 J..1 tie . Gout Oawe gn g 6a L942 ' '00 -. isacola Dlv gold 6a... L920 Ms LIB l" Moll A .M:il lrtt gu g 4a • I S 107bJ'lv'<" - I'jr.'t.hin 01 120>4 I noome 5a -' 1 Bali 1st gold M 126b 1992 1 gt I, Div 6l 1921 I 3d gold 8a 198(1 Ms 73 b Aug'01 78b N .1 June it gu 1st FA 108 102 Felj'in Kentucky Cent cold 4a.. 1987 J-J 99b inn Bep'01 !"•.', 103 tered 1980 F-A i. a ,\ a- ma M let g lbs 1945 M S ins Lar'01 1 L0bll9 N YAJ'u lste.oiigugl A-O 111 a N Kia A. s Lai gn g 5a.. .1937 I' A 1 I I 111 Aug'01 115 Nor Mom 1.1916 A Pens A ah l«i gu g 6a. .1921 K A 11(1 Sale 117 117 Lllbll7 \v eel Shore Lat 4a gn...2361 J. 113 b L13b n 8 b 61 111 1 10' 110 113'. ... 1 • 1 S A N Ala r..ii gn g Ba.. 1936 I' A 1 10', 1 15 b.' 115b Registered 2861 J -.J 112 Sep '01 15b Lake .Shore 7h. KCi'l sink hud gold 6a 1910 A o oonaol 2d 1908 108b . '01 I, A Jen BdgeCogug4a..l946 MS 97 100 Mar'01 100 100 Registered L908 1 09b 109b Sep 110 111 Gold 1997 109 LNA,t Cli ,sv,c i a I, 8ba 109'i losbilib MaMon OoaJ 5m L B a. M s liegiaterexl L997 1 lObMax'OO ' 17", anhattau Ryoonaol I* A-O 104 '.j Sale 104 TOP, 106b Del Bon A Toi 1st 7s. looi 117 4 1 May'01 117 117»b Regiatered 1990 Ad 105'4 Miiv'Ol in:,'., L06b KaAAGRlstgnc: Metropnl Kl 1st g(is....l90S .r-j 115 Bale 115 115 111 117b Mahon C"l BB 1-t Ba..l934 126b L28 128 Pitts 3 Man s w C..1.. in/, g 6a 1934 j-i) McK A Y lat gu 6s. 1 J-J 140 Apr'01 140 6 146b McK'pt A B V St* N V (riil 2d guar6s 1934 J-J 132 Ry MoKeeaA B vist g(is 1918 J-J 126 Metropolitan El ShMu 20 Mex Cent oonaol cold 4a.. 1911 J-J sr>b H 1919 A-O Registered 1981 QM 127bNoV0ii Mox Intrrnat 1st con g4s. 1977 MS 90-^J'ly'Ol 82 b 91b 4s 1940 J-J no Mar'01 110 110 '00 Mex Nat 1st gold (la 1927 J-ll 103b Apr Registered 1940 J-J lOObNov'OO 2d inc. (is A Cli slinpd../i 1917 M-S 86 85 J'lv'oi 85 86 Bat C A Stur 1 at gu g8a J-D 7 2d income gold (is B...M.017 Aug 28 25 J'ly'01 23 25 N Y A Harlem g 8bs...20O0 M-N 115 8 May'OO Mex North 1st gold (is. ...1910 J-D 105 May'OO Registered 2000 M-N Mich Cent See N Y Cent NY' A North lat g 6s.. .1927 A-O 120 125 122 b May'01 121 122b '01 Mid of N J See Krlo R W A O con 1st ertSa.A 1 022 A-O 127 128 Sep 125 b 129 Mil L S A W See Chlo A N W Oswe A R 2d gu g Ba...«1915 F-A 109 b 113 Apr '99 Mil A Mad See Chlo A N W RWAOTRlst gu g 58.1918 M-N 110 Mil A North See Cli M A St P Utica A Blk Riv gu g4s. 1 922 J-J 110 Oct '00 AtllAStP SeeChMAStP N Y Chic A St L let g 4s. 1937 A-O 108 107b 108 106 109b Minn A St L lat gold 78..192 J-I) 145 150 147b Feb'01 147bl47b Registered 1987 A-O 100 L08 105 105 107 Iowa Ex lat gold 7s 1909 J-l> 119 119 J'ne'01 119 122b N Y A Greenw Lake See Erie Paoifio Ex lat gold 08...1921 A-O 123b Apr '01 123b 128 b NYAHar SeeNYCAHud South West Ex lat g 7s. 1910 J-D 119 ... 122 b 1 122 b 122b N Y Lack AW See D L A W latoonaol gold 5s 1934 M-N 120 121b 120 Sep '01 ll(ibl20b N Y L E A W See Erie 1st and refund gold 4s.. 1949 M 103 Sale 102 103b 97 105 NYALongBr See Cent of N J MinnAStLgu SeeBCKAN NYANE SeeNYNHAH MAPl8t5satpd4sintgu 1986 J N YNH AHar lstreg 48.1908 J-D 102 Feb'01 102 102 M S S M A A 1st g 4 int gu 1926 J 103bApr'01 102 103b Convert deb certa 81,000 A-O 203 Sale 203 203 16 203b '38 certs L96 195 197 M St P A S S M con g 4 int gu J 95 100 98 Apr'01 98 98 Small $100 t Feb'01 134=8 134 136 Minn Un See St P M AM Housatonic R con g 5s.. 1937 M-N 13334 . J'ly'01 1 7 Mo Kan A Tex 1st g 4s... 1990 •D 98 b Sale 98b 99 96'4 99 8 N H A Derby con g5s..l9ls M-N 117 . 2d gold 4s ffl990 A 81 82 83 75 87 N Y A N E 1st 7s 1901 J-J 114 Jan '00 Istextgold 5s 1944 M-N 105 102 b 103 97 106 1st 6s 1901 J-J 108 Sale 108 108 2 108 110 Boonev Bdg Co gn g 7s. 1900 M-N 100b Nov'99 N Y A North See N Y C A H Dal A Wa 1st gu g 5a... 1940 M-N 99 98 98 98 100 N YO A W ref 1st g 4s.. ^1992 M-S 102 103 102b 103 5 102 108 M K A T of T 1st gu g 53.1942 MS 106 Sale 106 106 96 108 Regis $5,000 only 01992 M-S 101bNov*9S 7 Sher Sh A So 1st gu g 5s. 194:: J-D 99 103bJ'ly'01 99»4 105 8 N Y A Put See N Y C A H Kan C A Pac 1st g 4s. ..1990 F-A 93 90bJ'ly'01 87 b 91 N Y A R B See Long Island Tebo A Neosho 1st 7s... 1903 J-I) N Y S A W See Erie MoK A Elatgug5s 1942 A-O 111 Sale 111 111 107 111 N Y Tex A M See So Pac Co Missouri Pacific 3d 7a 190G M-N 113bll5 114 J'ue'nl 114 117 Nor A South 1st. g 5s 1941 M-N 113 ... 112bJ*ly'01 110i4ll2b latoonsol gold 6s 1920 M-N 123b Sale 123b 123b 11 9 b 125 b Norf A West gen g 63 1931 M-N 133 ... 132 Mav'01 132 136 Trust gold 5s stamped. a\ 91 M-S 105 Sale 105 105 100b 109b Improvem't A ext g 6s. .1934 F-A 129 b 132 b 129b 129b 2 129b 133 b Kegistered ol917 M-S New River 1st g 6s 1932 A-O 133 134 Aug'01 131 134 1st coU gold 5s 1920 F-A 105 105b 106 106 47 103 110 N A W Ry 1st con g 4s. 1996 A-O 103 Sale 102b 103 133 99 b 104 Kegistered 1920 F-A Registered 1996 A-O 97 3sJ'ly'00 Cent Br Ry 1st gu g 4s. 1919 F-A 90 Sale 90 90 id 90 90 b CCATlstgug5s 1922 J-J 109 107bJ'ly'01 107 b 107 b LeroyACVALlatgSs 1926 J-J 100 May'01 100 100 Scio V A N E 1st gn g 4s 1989 M-N 102 Sale 101 102 10 99 103 b Pao R of Mo lat ex g 4s. 1938 F-A 104b 105 Aug'01 105 107 North Illinois See Chi A N V.' 2d extended gold 5s... 1938 J-J Ill 115 J'ne'01 113 115 North Ohio See L Erie A W St L IrM A Sgen con g 5sl931 A-O 117 b Sale 116b 117b 22 114 119 Northern Pacific Gen con stamp gtd g 5s 193 A-O 116b llObJ'ne'Ol 114bll6b Prior lien ry A 1 gr g 43.1997 Q-J 104*8 Sale 104»4 105 104 103T106 3 7 Unified A ref gold 4s.. 1929 J-J 91b Sale 90 b 92 171 84b 96b Registered 1997 Q-J 104 4 Sep '01 1 03 b 105 a Registered 1929 J-J General lien gold 3a a2047 Q-F 72b 72b 72b 73 172 69 b 73b Verdi V I A W 1st g 5s. 1926 M-S Registered a204 Q-F 70 72b 70 Sep '01 70 72 b Miss Riv Bridge See Chic A Alt CBAQcolltr4s Se«GtNor Mob A Birm prior lien g 5s 1945 J-J 108 llObJ'ly'OO StPaul-Dul Div g 4s 1996 J-D 100 99 34 J'ly'01 9934 102 Mortgage gold 4a 1945 J-J Registered 1996 J-D Mob Jack A K C 1st g 5s. 1946 J-D 85 90 StP ANP gen g 63. ...1923 F-A 128 128 Sep '01 128 131b Mob A Ohio new gold 6s. .1927 J-D 129 130 b 129 b Sep '01 127b 132 Registered certific's.-1923 Q-F 132 J'ly'99 1st extension gold6s..A1927 Q-J 124b... 125 Aug'01 121 130 StPaulADul 1st 5s.. ..1931 F-A 122b Feb'01 122b 122b 7 7 7 General gold 4s 1938 M-S 93b Sep '01 87b 96 8 2d 5a 1917 A-O 112 8 Sale 112 s 112 lllbll7 J P Morgan & Co ctfs 94 Sep '01 94 96 1st consol gold 4s 1968 J-D 100 106 J'ly'01 102 106 3 3 Montgum Div 1st g 5s. .1947 F-A 114 . 113 Sep '01 110 116 4 Wash Cent 1st g 43 1948 Q-M 86 88 4 May'OO St LA Cairo gu g 4s. ...1931 J-J 97b. lOlbApr'Ol 100 101b NorPaoTerCo 1st g 6s.. 1933 J-J 116 116 116 115bH9 Mohawk A Mai See N Y C A H Nor Ry Cal See So Pac Monongahela Riv See B A O Nor Wis See St P M & O Mont Cent -See St P M A M Nor A Mont See N Y Cent Morgan's La A T See S P Co OInd AW See C C C A St L Morris A Essex See Del LAW hio River RR lat g 53.1936 J-D 110 112bJ'ne'01 112 112b Nash Chat A St List 7a. 1913 J-J 125*3128 126b 126b 10 126bl30 General gold 5s 1937 A-O 95 Dec '00 lstconsol gold 5s 1928 A-O : 116 115 Sep '01 111 116 Ore A Cal See So Pac Co Jasper Branch 1st g 6s.. 1923 J-J 120 113 Dec'99 Ore Ry A Nav See Un Pac McM M W A Al 1st 6s.. 1917 J-J 114 Ore RR A Nav See TJn Pac TAP Branch 1st 6s. ...1917 J-J Ill Dec'99 Ore Short Line See Un Pac Nash Flor A Shef See L A N Oswego A Rome See N Y C New HAD See N Y N H A H OCFAStP SeeCANW N J June RR See N Y Cent Pac Coast Co 1st g 5s.. ..1946 J-D ,109b 109 109 108 111 New A Cin Bdge See Penn Co ac of Missouri See Mo Pac NO AN E prior lien g Ga pl915 A-O Panama 1st s fund g4bs.. 1917 A-O 104 107 105 Aug'01 102 105 N Y Bkln A Man Bch See L I Sink fund subsidy g 6s.. 1910 M-N 101 Deo'OQ N Y Cent A H R 1st 7s. ..1903 106 Sale 1053s 106 104b 108 Penn Co gu 1st g4bs 1921 J-J lllbll3 112b Sep '01 112 115b Registered 1903 106 Sale 106 106 L06 10778 Registered 1921 J-J 111 HObJ'lv'oi 110bH4b 3 Gold mortgage ba 1997 108b , 108 108b 107b IIIP4 Guar 3bs coll trust reg.1937 .M-S 102 Nov'98 Registered 1997 J-J 109bMay'01 109b loo C St L A P 1st con g 58.1932 A-O 122 123b Sep '01 122 b 126 b Debenture 5s of... 1884-1904 MS 101 Sep '01 101 106b Registered 1932 A-O 3 '00 Registered 1884-1904 M-S 105b May'01 105 106 4 CIA Pgengug4b8serA.'42 J-J 120 . 121 Oct Regiat deb 5s of.. .1889-1904 M-S 109b Sep '97 Series B 1942 A-O 121b. 102i Debenture g 4s.. ..1890-1905 J-D 102 103bApr'01 4 10478 Series C 3bs 1948 M-N Registered 1890-1905 J-D 102 b Jan '01 102 '4 102 b Series D 3 bs 1 95 1 F-A Debt certs ext g 4s 1905 M-N !""!ib"2 101 Aug'01 101 103«s Erie A Pitts gu g 3bs B. 1940 J-J 102 Nov'00 Registered 1905 M-N 102 3 Aug'99 Series C 1940 J-J 96"" 4 Lake Shore coll g 3bs.--1998 F-A Sale" 95 b 96 95 99 NACBdgegengu g4bsl945 J-J 112 Registered 1998 F-A 94 Sep '01 94 97 b P C C A St L con gu g 4 Mich Cent coll g 3 bs. . . . 1998 F-A 95 96 94 95 9378 97b Series A 1940 A-O 114 114 Sep '01 114 118 Registered 1998 F-A 96 Ma'r'Ol 96 97 Series B guar 1942 A-O 114 114 J'lv'01 113 11734 Beech Creek 1st gug4s. 1936 J-J i'lOb""" 111 Mar'01 111 112b Series C guar 1942 M-N HObFeli'O'i September 28, 1901. Bond Record—Concluded—Page 4 653 e BONOS 5.2 1'rice ll>. BONOei II.. or 1 N V. STOCK 1 M'll ANGE luu Range Sh HANGS K E.NDIMI Sl.l'T. 27 Sept 27 Jailii \\ UK KSUUW llitl J/m/Ii 1 Auk Low .\u l.UW lilljh -..ui in 1 11 Pac a HIS M.o b'i .1 1-1 .1910 ! . real est g4s. Gal iiai 8 a 6s. FA .... . J 1 sterling g 6a Id D 1" Con currency bs reg...g ... clsl ..1931 M I .. . \' ,N Consol gold 6a 19X9 Bja Gila 1 M M N Bi gistered nl! M C011S.ll glllll 4s 1 ~l ell : 1.1 Alleg Val - ii gu g4a... 102 Nov'97 gu..l937 J-J Ill .193.-, 1 8 'Oil \ 111 Mar 1st go g 44s. m L2 « Mai 1 onaol 1 (is Inl O iai A 11 92 95 3 > ! : i Gen gola 4s Int t "01 OrB mi g 4 4s 19 11 J. 112 Jan 112 1124 Waco* N Wdiv istj M-N r ". > 137 Sun £ Lewis 1st g is.. .1986 .1 10. . Morgan'! l.a a t Isl A-O J Aug'ol i .\ .) BB A Can gen 48.1944 M no's. il7"'MaV'o6 1st gold 6a 1920 J 11 *,-< 1 Penaacola A Atl L A Nash \ . a Mei gul A Peu .v. East See C C C & SI L Nu ut ('nl lsi go g 6s. ...1907 J .1 - 113 .1 '01 133 1 ; id ...1938 , Pek en 1st g 6a.. ..1921 188*0 Jan '4 1334 iiiiiiinti gold 5 A O 1(11 (III OH 2d goliU'-s M'.i.l I 1 'ill lsi froju J-J 104 1074 M I .1 . : J i;u,| I a P M g6s.l920 123 4 127 L26 127 S A «fc A I'iisslsl lu lll-^H 1114 '•. • Usui gold Bs L939 .116 112 J'ne'Ol L08 114', si, l'uf Argu l8tg 6s 01900 J-J 111 "41144 , o l't Uuron Dif lei g 114 4Aug 01 109 if Callst g6a 1906 A 1084 114 1 'ol A ii istgug 48.1931 1st g(is series li 1905 \ O 1084111 \i, (' '.094 .1 ly'Ol .. 108 . Tim Creek reg guar os. - 137 Nov'97 lsi ^(is series A D.1906 A O I19'4 Pitts ciu a si i. See lvmi Co 1st g Oh series K A 1 Ad Pittsciev a Tui 1st g 6a. .1922 A O 107 4 Oct '98 1st gold 68 1912 A-O 10 L20 1 119 1'JO 1937 1104 15 107 Pitts Ft w A ch 8m Penn Co 1st COD guar g 6s M-N HO , N Puts Juno 1st gold Us L922 119 121 Nov'98 Stamped 1905-1937 M-N 1104 110- 95 111" Pitts A L Brteadg 5s...al928 113 S I'iieetN M ex 1st g 68.. 191 1 J-J 110 1124J'm m 112 4 Puts MoKi JfCen S P Coast 1st gug4s.... 1937 J-J Pills p A F 1st gold 6a. ..1916 90 J'nc'99 Tex A N O 1st 78 1906 FA 110 Apr'ol 110 110-4 Puis sii Jb L K 1st g 6s... 1940 1184. 1184 Sep 'ill I IS 4 Sabine Div 1st g 68.. ..1912 MS 1064 Nov'97 1st consul gold 5s 19 13 98 J'ly'97 Con gold 5s 1948 7 -J 1084J'lv'ol 1114 1» 1 v West 1st g4s 1917 100 99 J'lv'di LOU "a Southern— 1st con g 5s 1994 117 1174 117 117 4 LOt 1 1 4 121 Jl'314 Co certfs 100 Aug'OI 98 lOO'e Registered 1991 117 3iJ'lv'()l 116 119 PlttS V & Asli 1st cull 58.1927 119 121 4 Mai 01 121 Mem Div 1st g 44-58...1990 111 112 112 109 112 ' 3 '.If.'.! 96 98»« Kding Co gon g 4s 1997 054 95 4 96 130 st Louis div 1st g 4s ...1961 984 064 Begiatered 1997 92 Apr '01 92 82 Ala Cell R 1st g 6s 1918 116 1 20 . 120 120 Rensselaer it Sar See D A II Atl A Danv 1st g 4s 1948 95 Sep '01 98 954 Hull 654 THE CHRONICLE. [Vol. LXXIII. I. lis ^r. - , in mi 1U,L A ik Industrial and i Iscel Jim Auk Cndlanapo) 1 la Volume of Business at Stock Exchanges u 60 08 1. loo 20 25 Oh 1920 M-N 101 Prefi rred • "II I ..IS CO Chateaugay 1 11 TRANSACT HiNS AT THB NEW VOI'.K STOCK KXCIIANGK 5s g L937 noo 102 1 loi. 20 80 Ml H \l ;.V. WEEKLY AND \ I \ BLT H02 103 425 Lacli del re stk 1-1 N Y Exch Clatlin 1 11 B) prel 100 100 !,.•_ l.alayVc,;, . ) .1 I..M-.N 48 52 2d 1 100 103 ii i,i. Stocks tnding Railroad .cr Slat* V 8 WaliV 1st 0s'20.J-D moil IOO 27 47% 48 Jiunds ]; Newark Gas 6s 1944. Q-J 8140 Ml Compressed a ir Co... 1 00 Saturday 34 : •1,21 Newark ( lonsol Gas. 100 56 58 in! 1 ;u Heating loo 2,610,600 $8,000 Monday 819,263 81,51 5s 18 took Exch list Consol i- in. 100 10 17 Tuesday 789,3 1 1 73,2 2,264,000 New Ens ..i - ft C flee B Prefei red loo 67 7X1. '.'in / HUM) 2,04 L.S00 0 2,267,000 6,500 I'rir, 1 .",11 527,006 108,000 1 Eddy Electric Mfg I t 10 Lanston Monotype 20 12'i Edison E1IU Co Brk X \ Stock Exch Lawyers U r.100 Edison Ore Milling Co 10 8 11 Lawyers' Surety 100 Outside Securities Electro-Pueum'icTranlo t 1 1% Lawyers' Title General Electric I Co X Y Stock Exch Lorillard | L)o For Weekly Review of Outside Market See 7th Page Preceding. pre! flee Boston list Madison Si| Garden.. 1 00 Hartford (Ct) Elec Lt 100 175 2d 68 1919 Narragan (Prov) El Co 50 lz92 Mix Xat Construe. 8% ltn.il Street ways Bid Ask Street Railways Jli'l Ask New York & Queens Elec Mnniiiigahela It Coal. .50 Mi\V YOKK CITY Grand Rapids Ry 100 25 28 Light Atlan Ave os 1909. .A-O 8107 109 1st 5s 1944 J-J 8113 114 Aberdeen Copper 25 ) 27 31 Preferred 100 117 125 ' Con 5s g 1931 A-o 11 3 2 115 Consol 5s 1 9 15 J-J 109 110 Acker Mei'ite Condit...6s 100 Stillw-BieriV. Sin V pf 100 70 Inipt 5s See Stock Exe h list Xor Ln 1st 5s 1927.M-N 110 Amalg Copper flee Stock Exsll list Storage Power 50 t 4 6 BB& WE 5s 1933. .A-O 10034 103 Standard Gas com 100 L36 Am Agnc Chem flee b oston list Swift 11 1 .n 11 10,-is 1 at 1 5s 1944 A-O 113 A- Eli 102^ Preferred 2d . Eerred loo 115 118 1st 4s 1951 J-J Col Gas Let Heat 001 87% Am Soda Foun com.. 100 3 6 l s Casl lion Pipe. ..100 6 7 NewWb'g & El 1st ex 4 "as Prefi rred 100 103% 1st preferred 100 52% 60 Prefi rred 100 33 36 J -J 5s Steinway 1st 6s 1922. 8119% 121 1st 1932 J-J 8100% 107% 2d preferred IK l) 9 12 L's Cut 1011 imck 100 Consol Gas i.\ J; stk.100 American Surety 175 100 SS 90% OTHER CITIES 12 190 1st 5s 1936 J.J 79 82 Amer Straw board 100 2 5 26 L b Envelope com... 100 40 50 Buffalo Street Ry— Consum 1 las J City)— Bonds 6s F-A Pr< ferred loo 1st consol 5s 1931. .F-A 21163.1 118 1st 6s 1904 ..M-N a 03 104 Am Typefo'rs stock. .100 55 59 si. lass common.. .100 36% Deb 6s 1917 A.O ?106 107 Detroit Citj 1 . Amer Woolen flee E list Preferred , 100 140 1 15 Chicago City KP. stk. 100 202 206 Deti 1 Exch List" Amer Writing Paper. 100 3 iduct&RehninglOO 37% Chio Union Trae com. 100 18 19 slOO 31 35 Preferred 100 11 h 13 100 63 Preferred loo 58 Fori v id)— 5s 1919 J-J 70 71 ; si mort 6s 85 90% Cleveland City Ky loo 120 123 jst is 1925 j-J 4S 52 \11thrae1teC0al 100 60 70 - teel Corporatii Stock Kxch ; Cleve City Isi 5s 1909. J-J 103 "a lot, ._ Grand is— Barney & Sm Car 100 16 19% U n Iversal Tobacco. .. 1 01 > 15 20 Cleveland Electa 1st 1 35 45 Ky.100 87 90 5s 1915 F-A 8104 .! 105% Preferred 100 123 Prelerred 100 105'.. Con 5s 1913 M-S 107 Hartford (Ct) Gas J . t 48 Bliss Company com 5o 140 150 VaCoal lron m i it 88, 1901.] THE (HRONKLE. 655 Boston, Philadelphia and Baltimore StocK Exchange*— A Dailv and Yearly Record. V" "bar* **rloea Moi Per (euiun Price*. Mutts ACTIVE STOCKS. of the Hange of Sales in 1901. M&turday, Afonetay, Tuesday, Wednesday Thursday, Friday, Week. t! Indicates unlisted. Sept. 21. Se^t. 23. Sept. 24. Sept. 25 JSe/jt. 26. . 27. Shares I.uwt s:. H *rKesi Kullroiif) Htocks. •2" 807 Wtit 357 857 206 336 •JO 5 207 856 356 7 umion * Albany (Huston)... . 100 no 251 Jan. 246 19 175 175 •173 173 171 17 171 173 171* 171* 171 171 ion on Blerated, fall paid.. " ....100 an 190 July 17 •an •811 •340 •840 843 243 ..hi ou A Lowell " ....100 80 388 Joly Apr. a »ita 183 •i93 l'eY i81 191 191 193 193 192 •193 196 ..in, Hi 4 Maine " ....100 May XI 157 107 153 •156 160 153 io; 181 168 hlo. Juno. A Un. Stook Yds. " ....100 40 14 * Jan 102 June 19 •180 13"* 180* 180 131* • 131 180 •180 131 Preferred " ....100 1' M 78* Apr. s •78 74 73 78 73* TH 7a' 72 li 7iHi inio. nkla. * H. trust oerts. (Phlla.!.... 60 1,4-0 87* 73 May IS 54* 50 Pi* 66 •51 5H •04 2S* •54 53 65 Preferred Tr. oertf, " .... 50 43 BBKI 14 •148 i 148* 148* 14SHi 14 * 143* 148* 143* 149* 143* 144 1 1 oh burn, pref (Boston)... .100 "lOt 148 Apr. 41 35 H5 (Phlla.) Su 3S»s US'* 33* 85H 35 81* 8494 34* 34V 85 i.ehigb Valley .... S7H8 36* Jan 39* May 1 1. 100 IB* 3f* 36 86 83 35 36 35 31 31 34* 84* Massachusetts Kleot. Cob. (Bolton).. .. 2,413 34 Jail 46 July 1 ea 68 91 03 91* 98 93 92 B8 88 9- 93 Preferred 1 " ...100 '/HI 77* Jan. 90 June 11 •a i 3494 •J9* 24* 33* 28* 3994- 8*14 83 23 •28* 24 Mexican Central " ....100 •a; 13* Jan. 39* May 8 •97* ioo •98 98 US •9T M •>)1 68* Northern Central (Bait.) .... 60 HI 88* Jan. June 18 •806* «06 306 •800 Hi • . < 306* 206* 300* •308 ild Colony (Bo»iou;..,,100 104 305 Jan 413* Apr 29 1-16 71 5-16 8 31 i 7 8* 7H* 78 <, 78 73 73* 7194 78* 7194 72 78* Pennsylvania (Phlla.) 50 69 May 81 Apr i' 9-'6 4'- ai o-is 21* 80* 15-16 809, 81 30 3-16 o Heading Company ,. " .... 60 44.' 12* Jan. 24 1- 18 June 4 88* HU 38* 88 6-18 38 88 37 9-16 8794 87* 87* 37 13-18 7% lit preferred " 5o 868 12 8-16J 40Hi Jane 17 ' 23i* 887* artv* 1 7- 87 1-lt a--.« 20* 87* 21* 26* b 85H 2d preferred " .... 50 10,14 9 Jan. 4 49 16Maj 1 88 88 i7?t 87«| »7« 37* 37* 87* 27* 27*4 8i94 87* Seaboard Air Lin* (Bait.) ,...100 1,800 9*4 Jan 1 10* June 21 51* 61* 60* OlVtf 00* 5'* 50* BOW 49* 6094 0091 60* Preferred " ....100 6,' 90 3494 Jan 31 5494 8»pt.30 e»* 99* 98 100 97 96 95* 98* 9594 9694 989t 97 Hi Union Paoino (Boston) 100 6.b0 76* Jan. 4 138* May 2 8 •88 •se* HO 88* 8S* 88* 88* '9* nvK 87 87* 89* Preferred " ....100 80 83 .Ian. I 99 May 1 8894 nay, 88* 8894 BBN 8»H) 889$ 28% 88* 88* 88* 28* Union Traction, »17*pald. (Phlla.)..,. 50 3,876 24* Jane m 37 Jan. 2 1«* '«** 16 16 15* 16 16* 18% MM 13* 15* is$i United By A Bloc Oo (Bait.) .... 50 3,203 1394 Sept. 13 18* Mar. 39 94* 94* 94)4 94* 93 93 91* 94* 94* 91* •93 93* vVeit Bind Street. (Boaton) SO 846 h-94 Jail. 8 80 Apr. 22 Miscellaneous Mtocka. 08 loan 9391' 100* 60 94 88* 98<* 87* 93* 90 8394 Ai-ialgamated Copper! ( Boston) .... 100 135,200 84* Jan. 41 139* June 16 8!'.; I •33 84 23* ' 88 83 3<>* 23* •33 21 'i 33 Auier. Agrtcul. Chemloal t.. " ....100 435 21 Sept LI i 4* Jane 13 87 87 87 88 86* 8«* 87 87* 83 85Hi •83 84* Preferred H " ....100 80 Jan. 91 June 18 M 94 H H H H American Alkali (Phlla.).... 50 1,100 * July 26 394 Jan. m Preferred, $10 paid " .... 60 * Apr. 80 94 Mar 4 188^ 133 tl23 128H 138H 134 18896 1239s 182* 122* 183 188* iiiioricun Sugar Refining 1. (Boston).. ..lou 6,058 12394 3ept.85 182* in' S 1 17 l t is 121 117 117 11694 117 117 8H '1594 Preferred! " ....100 414 1 ,594 Sept 87 180 July It 104 165 168* 166 168 164* 161 163 101 161 163 164 Amer. Telephone A Tel.Oo.. " ....100 8,518 151 J an. 4 183 May it 780 780 710 7*6 700 705 700 700 651 685 eeo 670 Calumet A Heola " .... 35 344 851 Sept. 86 860 Mar. 3 8594 85*4 26* 8554 35* 259$ 25* 359* 85 8694 85* 2594 Camb.ateel, $18* oaldreots.fPhlla.) .... 60 10.6 '1 1594 viar. 7 31*4 June 11 83* as 31 34 81 33 20* 33 16* a< 30* 3 * Centennial Mining (Boston).... 25 8,230 19* Sett. 36 34* May 2 64* 64* 64* 64* •68 64* 88* 63* 63* 61 CoiiHoildated Uh« (Bait.) ....100 49 58 Jan. 80 05* July 10 8894 98* 279b 33 26 87* •88% 87* •36 £6* 80* 27 Consoi. Lake Superior (Phlla.) .,..100 8,349 23 Sept. 13 31* Apr. 1* 70 70* 70 70* 69* 89* e9 69 6H* 69 68* 69 Preferred " ....100 D.i28 40 Feb 1 70 Aug. 1 •«5« 45 45 45* *w 44 44* 4494 IS* 44 •41 44*< Dominion Coal (Boston) .... 1 00 8,542 33 May 16 45* Sept. 88 4a 48 43 48 4'>* 40* 48 44* 43* 44 43 4394 Brie Telephone " ....100 1,093 31* Sept. 10 99 Jan. 2 •78 •78 73 73 •78 Lehigh Coal A Narlgatlon. . . (Phlla.) .... 50 Sfl 02* Jan. H 7994 Apr. 12 5* 5* 0* 5* 6 5* 5* 6* Marsden Col " ....100 855 494 July 794 Jan 3 5* 9 8* e National Asphalt T ., " ....60 800 4* Jan. 8* Feb. 18 Preferred! " .... SO 8* Jan. 18 Feb. 13 * 64 ' ... 94 .... 84 • 94 94 *9'i 94 New Bng. Cotton Yarn, pref. (Boston).. ,,100 90 Feb. 99 Jan. 3 " •186 187 135 135 •135 187 •135 137 '136 187 •185 1B7 New Bngland Telephone...... 100 18 i 27* Jan 146 Apr. 12 80* 31 »m 39* 37* 39 8794 29* 37 28 28 89 Old Dominion Copper!..,.., " .... 25 18,53 37 Sept, 3894 Mar. 5 634 61i 65i 6J4 5« 5* 694 6* f>* 594 Philadelphia Blec! 5 paid.. (.Phlla.) 6,421 494 July 894 Feb 13 81 3894 26* 81 35* 8894 37* 89 26 37 86 87 '.'ratty Mining (Boston).... 35 10,530 35 May 41 June 30 118 lie ue lie l'.e ue 118* 115* lie 116 116 118 Onir.mJ Ons Improrement !.. (Phlla.).... 50 39 H8 Se t 128* Jan. 2 48 48* 43 431, 4194 439| 4194 44* 41* 43 48 43 United Shoe Machinery (Boston) .... 85 1,«75 3 J* Feb. 44 Pept 5 88 28* 28 28* 37* 28 •37* 28 37 « 24 37* 87* Preferred .... 25 392 33* Jan. 30 Sept B • 16 •12}$ 14 12* 12* 13 13 12* 18* 12 14 United States Oil " ....25 190 10* July 17 Mar 30 46 44 WelsbaohCo (Phlla.) ....100 100 40 Jan. 56 Apr. 12 •71* 72* •71 73 70* •70 71 70« 7094 Westlngh. Blectrlo A Mfg . . . (Boston) .... 60 100 54 Jan. 75 Aug 21 •79 78?s • 80 •»•»• •*.... 80* ' 8"* 80 81 Preferred " 50 80 Jan 80* Sept. 17 •Bid ana asked prioec no iale wa made. t Ex rights. aaniS-H 915.1a b 85 15-1B 26 5-16 c 30 7-1 81 5 '6 INACTIVE STOCKS Bid \nu. STOCKS-bONDS Bid. Ask BONDS Bid. ABR BONDS iild. ASb. AAILKOADS.— Price* Sept. 27 MI8CBLL.—Concluded. Boaton—Concluded. Baltimore—Conolu a. , i Amer.Rallwa\a(PhU) 60 41 dBrew asstpd, Bait iOO 6* 8* NewBngcongen5a'45JAJ Va 1 Statu) 3a new.'335AJ 98 AH A Charlotte (Bait) 100 165 Pref., asst.pd " 100 13 13* N B CotTarn 5a 1629FAA I 103* Fund debt3-3a.lt/91JAJ 90 96* BoBAMalnepf.(Boat)10C 169 170 i*r«enthaier..( Boat) 100 185 167 NBGaa AC lat 5s.. 1937 I 52* S3* Weat N C oon 6B.1914 JAJ 118 SoatonAPror. " 100 300 308 «t Telephone " 1C 2H 294 New Bng Tele 5s.'10 AAO {103 WeatVaCAPlat6g.'llJAJ 114 OOBnAPaasum " 100 160 NewBngGaAC 1 " .... e 6s 1907 AAO §108 Wll A Weld 5b. 1935 JAJ 180 880 Oonn BJTer.... " 100 27C NewHavlA 8.(Phll) 5 4" N YANBnglat7a.'05JAJ {110* ill Bonds- Philadelphia TOMOiTrPltts!(Phll) 50 84* Old Col Mining. (Bost) 35 t* Ut mortfia.. ..1905 JAJ «107* AlleVyBext7sl910AAO 135 127 Pref! " B0 62 Osceola Mining. - 25 9=* 99* Rutland 1st 6a.. '02 MAN ao8* Asphalt Co 5s tr otfsl946 54* .5194 4a South A Fla.(Balt)100 45 Palmetto Co. . . . (PhU) 85 * Rut-Can 1st is 1949 J&J Atl City lat 5ag..'18 MAN 113 1st pref " 100 95 ParrottSUACop(Bost) 10 87 38 Seat Elec 1st 5sl 93 OF* 5104* .05 Balls Ter lat 5a.l926 J AO 93 3d pref " 100 76 Penn EleoVeh. (Phil) 50 1'orriugion 1st 5a 1918.. t BergABBrewlat6a'21JAJ n'nnant'n Pasa(Phll) 50 Pref " 60 Weat End St 5a. .'03 MAN * ... in a" Cambrlalron 6B.1917 JAJ Bestonr MAT " 50 Pennsyl Salt... " B0 4*a 1914MA8 5104 105 CheiADCarili*Sa.'16.TA : 58 Pref " BO Pennayl Steel!. " .... Deb 4 1916 MAN i Choc&Mem st5il949JAJ 1 • t •• Inds Street " 100 Pref! " 100 Bonds— Baltimore. ChooUkAGgeu 5a'19JAJ 10994 no* " iiittla Sobuylk. 50 Phlla Co " 50 50* 51 Anaoostta A Pot 5a 68 99 Clt'B'StRy(Ind)oon5B.33 • * 1 * 00 Atl Maine Central. (Boat)l 169* 171 Plan terBComp!(Bost) 100 16 18 A Ch lat 7B.1907 JAJ 114* ColumStRy latoon5s.'32 • ••• MlnehulASn.(Phll) 50 61* Qulncy Mining 25 158 160 AtlG-Llghtlat5al917JAD Con Trac of NJ lat 5a.. 3 > « t « •• " Kesuuehon'g Y. 50 Rhode Ial Mln.. " 85 4* 491 Atl Coast L otfs 5s . .J AD Del A B Bk 1st 7a. '05 FAA >*••• Worth Penn.... " 50 Santa Taabel G " 5 * 94 Bait Beit 1st 5S.1990MAN BaatAA lat M 5a.'20 M A . 116 118 Pere Marqc'te.(Bost)ioo 71 75 Seattle E.ectrlo " 100 48 8altCPaalat5B.1611MAN 106*4 110M Bdlaon Bleo 5a atk tr otf a. Pref " 100 79 81 Pref " 100 100 Bait Fundg 5a.l918 MAN 122 Bl eoA Peop'a Tr atk tr otf h 9794 971, Phil Germ a N.(PhU) 50 Susquel AS!..(Phll) 5 1*4 a Bxohange 3*s.l630JAJ 110 no* HImAWllm lat 6a. 10 JAJ 117 " Phlla. Traction 60 "95* Tamarack Mln. (Boat) 35 890 29S BaltAPlsteeml 1911AAO • • • e • « Income 5a... .2862 AAO RysCoOenerall " .... ** Tidewater St,.. (PhU) 10 6 lat 6a tunnel 1911. .JAJ Hq 111 Gaa-L lat g 5a. 192- 107* Rutland pref ..< Boat.' 100 103 104* Torrlngton "A"(Boat) 2^ 37 28 Bal Trac lat 5a.l«26M AN ue* 118 Heatonv M A F oon 5a. '24 United N J (Phll)100 39^ Pref " 25 38 89 Bxt A Imp 0a.1 901MA8 HA B Top oon 5a.'2S A tO 110 DnPowA Trans 25 41 On Cop LAM'g 35 3 6 NoBaltDlT5a.l942JAD iad' 183* Indlanapoha Ry 4s.. 1933 S3 83* West Kud pref.(Bost) 50 118 114 OnHlLAPowpf ((Bait) 50 85 37 Cony'rtlble5Bl806MAN 101 Lenigh Nav 4*a..'14 g-J West Jer AS 8. (Phil) 50 64 United Fruit (Bost) .100 89 69* Central Ry 6a.. .1813 JAJ RRlsg 1914 y-F 100 WestNTAPa. " 50 U B Mining .... " '5 7 '-''* Consoi 5a.... 1933 MAN lis* Gen M 4*s g.. 1924 o-t 106* Wis Cent, new.(Bost)100 ' 8CH 33 Utah Mining.. " 4-85 34* 85 Bxt A Imp 5B.1932MAS 116 Leh T C'l lBt5ag.'33JAJ H8* Pref " 100 43 44 Warwick I A 8. (PhU) 10 7 Chaa City Ry 1st 5s '83 JAJ 105 110 Leh Valert 4a..l948 JAD for Nash AH. " 100 130 110 Weatm rel Coal " 50 Chaa Ry G A El 5b ' 99 MAS 90 94 2d 7a .1910 MAS MIBCaLLAJSBODS. Winona Mlnlng(Boat) 86 ' 2* 2»4 CharlCAA ext5s.l909JAJ 113 Conaol 6a 1928 JAD 123* Allones Mlnlng(Bost) 35 8 8* Wolverine Mln. " 25 69* 60 3d 7s 1610 AAO 106* Annuity 6a J*D 132 Amer. Cement. (Phil) 10 Bond a— Homo ,,. CltyASub lst5a.l823JAD 115* 117 Nat Aapi.alt 5a.l951 JAJ 1- Am Gold Dredg(Boat) 10 6 Am Bell Tel 4a. .1908 JAJ i 99 100 CltyA8ub(Waah)lBt5a'48 87* 98* tfew'kConGaa 5i • ail* . Amer. 1. A 8 (Phil) 50 A T4S F gen g 4a '95 AAO lU2 102* ColAGrnvlat5-6.1917JAJ 118* Newark Pass oon 5s • ••I" 50 9 4s.. 1995 Consoi 106 AmPneumSerr.Bost) Adjustment g J 90* 97* Gaa 0a. .1910 JAD 118 ll'i' NYPhilANorlst4s'39JAJ Pref " 50 28* 80 Boston Term'l 3*a. .1947 1 8 . 17 5a 1936 JAD 118 Income 4b... 1939 MAN 86 Aroadlan...... " 26 6 Boa Un Gas 1st 5a. '39 JAJ j 84 Ga AAlalatpf5al845AAO 108 ids* Penn lat 4a..'36 MAN " 6* No Arnold Mining. 36 8H1 2d M5a 1939 JAJ \ 80 GaCarANlatSa g. 1929J AJ 1^794 1O8 GenM7a 1903 JAj 108* " * Atlantic Mln'g. 85 88* 34* BurA Mo RlTez'pt 6s.J AJ }180 GeorglaPlBt5-6a 1922JAJ 135 Penn gen 6a r.. .1610 Var aaitlo Mining.. " 35 42 13 Non-exempt 6s. '18 JAJ {107 GaSoAFla lat5a.l945JAJ H2* Conaol 6a 0.... 1905 Var BethBteel (PhU) 60 Sink fund 4«.. 1910 JAJ J100 KuoXTTrao latSa '38 AAO 87 91 Conaol 5a r....l919 Var Boston MleoLt. (Boat) 100 Cent Vt 1st 4s 1920. .Q-F I 85 87 Lake R El lstgu5s'42MA3 130 Penn A Md Steel oon 0a Cambria Iron.. (Ph 111 50 • 694 Ch Bur 4s. 1932 H&A {1.1 Maoon«NlBt4*s'90MA8 • Pa N YCan 7s..'O0 JAD 116* " Ag "15' Mil A Camb 8 Drere'. reot IowaDlT 4b. 1919 AAO {i 4* Maryland Brewing 6s 50 Com 5s 1939 AAO 110 98" (Janton oo (Bait) 1 00 108 Chicago Juno 58.1915 JAJ {111 iis' Met8t,(Wash)lst5s'25FA 116 Cona 4a 1939 AAO 95 v Central Oil ....(Boat) 85 7 8 Ch A No M gu5a.'31 MAN 07 New OrlGas 1st 5a...Var Penn Steel lat5s.'l7M* • •• •• " 5 4i • • • • • . a • « ConMercur gold 8 Chi A W M gen Ga.'31 J AD (18 NewpNAOPlat5a'38MAN • • • • t Peopie • Tr tr oerta " Onmb Tel A 'lei 100 185s 138 Curr't Rlv lat 5a.'87 AAO .100 104 Norfolk St lat 5a '44. JAJ 110 113 Phi. a Bleo gold truat otfa 109 t II I. " 30 « w oertfs 4s...... Daly-West Mlu 38 40 DGRAWlat4a.'46 AAO 4 « 100 NorthCent 4*a. 1925 AAO 115 Truat 67* Danv Bessemer (Phli) 1* Domln Coal lst6s.' 1 3M AS {111 6a 1604 JAJ 108 PhAEr iieu M 5g.'20 AA> 119 DeLong H & B " 10 'laat'n ist M 6s g.'06 MAS «' 1* 113 Serlea A 5a 1826.... JAJ 18P* Gen M 4s g. 1920 AA< > (SSI* '38 181 Dlam State St.. " 10 894 Fr KlkAM V 1st 6s '33 end J 137 Series B Sa 1626.. ..JAJ 181* Ph A Read 2d 5s. AA rtn . " . ' J 1 38 Consoi M 71..191 I i% 18S v •••••I Unst'p'd lat 6a.'33 AAO Pitt Un Trac 5a. 1997 JAJ 113 i .191i ..it Domln Coal pf. (Bost)lOO 5 ue Ulln Steel oonr 5b.' 10 JAJ . l< 108 PotomVal lat 5*. 1941 JAJ 105 110 I M 01 g.. Dom Iron 656 THE CHRONICLE LVol. LXXI*. %xMzs\mzn\ ami Railroad QntzllxQzntz. RAILROAD EARNINGS. The following table shows the gross earnings of every Steam railroad from which regular work!}' or monthly returns can be obtained. The first two columns of Ogurea give the gross earnings for the latest week cr month, and the last two columns the earnings f r the period from July I to and including such latest week or month. The returns of the street railways are brought together separately on a subsequent page. Xollcc Change—Our yearly totals now all date from July 1. Latest Gross Earning* July 1 to Latest Hate Latest Gross Earnings July 1 to Latest Date BOADS BOADS Week Current 1'revious Current J'n 1 10US Week Current J'ri-nioin Current ious or Month Year Year Year or Month Year rear Year Year S * 8 $ t Adirondack.. . . July 18,351 16,210 L8.351 16,210 Manistiqu« August... 8.135 10,178 20,142 20 Ala dt Southern 3d wkBept • I 1,323 41,902 501 442,749 {Mexican Centra 3d wkeept 324,105 3, OO J. I 75 Ala Midland.... June 71,00'. 76,891 1,021,928 919,651 Mexican intern'] July 451,225 409,045 451.225 409,042 Ala N O Bait & Ann SL.. July , 10,439 9,382 10.439 9,382 NaskOh&8tL.. August 651,020 642,204 1,273,994 1,25l > Nevada Central.. July 2,506 BaltA Ohio August.. 4,454,003 4,035,831 8,504,700 7,579,336 3.090 2,500 3,096 B & O Southw. < N Y C & Hud Rlv August 6,795,467 5,980,877 12,735,503 11,372,272 Bangor & Aroost July 108,965 107,901 108,965 107,901 N Y Ont & West August 571,513 526,589 1.115,041 979,244 Bath & Hamilton July 2,394 2,353 2,391 2,353 N Y Susq & West August..... 272,564 234,439 507,465 420,205 Bellefonte Cent' August. 4,808 2,784 9,140 5,101 Norfolk & West'n 3d wkSept 318,043 310,082 8,628,416 3,559,191 Brldgt & Saeo K. iuly 3,028 3,125 8,628 3,125 Northern Central July 656,615 598,515 050,615 598,515 Brunsw Buff R00I1& 1 iiti- 3d wkSept 120,000 115,418 1,547,593 1,322,877 Ohio River 3d wk July 32,315 32,132 95,250 92,378 Buftalo &8usq. July 62,642 43,219 62,642 43,219 Pacific Coast Co. July 456,380 525,872 456.386 525,872 Burl C Bap & No 3d wkSept 104,899 110,0 12 1,250,391 1,119,677 Pacitto Mail April 185,475 355,867 2,513,761 3,308.378 Canadian Pacific 3d wkSept 762,000 606,000 8.131,455 6,929,153 Pennsylvania^... July 7,621,895 6,790,095 7,021,895 6,790,095 Cent'l of Georgia 3d wkSept 136,395 154,155 1,566,540 1,457,525 Penn & North w'n April 47.384 50,298 569,671 505,774 CentT New ling.. August 58,418 62,921 112,750 123,072 Pere Marquette. 2d wkSept 201.198 177,548 2,018,275 1,780,874 CentT of N Jersey August 1,574,597 1,572,490 2,979,334 2,881,725 Phlla& Erie.... July 605,059 519,082 605,059 51ft Central Pacitlo. May 1,816,161 1,420,707 18,005,906 16,936,666 Phila Wilra&B. July 971,278 941,778 971.278 941,778 Cent'l Pa & West June 2,386 2,403 24,002 24,430 Pittsb C C & St L August 1,832,046 1,610,571 3,476,934 3.070,950 Charleston & Sav June 53,801 49,452 750,018 676,550 Pittsb & West'n June 209,830 216,904 2,287,107 2,153.646 Chattan Soul h'n. 2d wkSept 1,7m 1,791 20,171 21,690 • Pittsb CI & Tol June 137,923 119,794 1,318,301 1,220.075 Chesap&Ohio... 3d wkSept 33/' .» 324,864 3,857,950 3,537,405 Pittsb Pa & F June 60,453 66,928 475,279 460,714 Chic& Alton Ry. August... 35t>. Cln N O & T Pac. 3d wkSept 95,498 86,065 1,215,748 1,093,133 Rio Grande So. . 3d wkSept 10,896 10,766 126,227 126,863 Cin Port8m & Va May 33.735 31,222 360,260 329,024 Rio Gr'de West.. 3d wk Sept - 114,000 99,700 1,248,200 1,090,900 CI Cin Ch & 8t L. 2d wkSept 404,162 365,721 4,108,269 3,544,027 St Jos&GrI August.. 125,916 116,821 201,251 226,287 Peoria & East'n 2d wkSept 53,208 47,183 538,793 436,964 StLKen'et&So. August. 11,445 10,161 22,567 19,065 Clev Lor & Wheel August 212,105 189,497 428,873 359,299 StL&NArk July 21,798 8,122 21,798 8,122 Colorado & South July 464,572 391,034 464,572 391,034 St L & San Fran 3d wk8ept 390,624 366,321 4,481,722 3.789,029 July Col Newb & Lau. 10,843 11,762 10,843 11,762 St L Southwest . 3d wkSept 134,275 132,509 1,462,025 1,303,646 Col Sand & Hock 2d wkSept 26.610 18,627 281,591 222,360 StLVan&TH.. August... 184,812 173,838 355,774 333,192 July Cornwall &Leb.. 35,746 22.058 '35,746 22,058 San Ant Macon & Blrm. . August . . 7,635 8,173 16,222 15,124 § Covers results on lines directly operated east of Pittsburg. * Figures from August 1 are for the railroad only. f Includes Chesapeake & Ohio Southwestern, Ohio Valley and Chicago and Texas for both years. X Mexican currency. alncludes Paducah & Memphis Division from July 1 in both years. t> Includes the Houston & Texas Central and its subsidiary lines. Earnings oi the Cromwell Steamship Line, not previously reported, are now also included. c Results on Montgomery Division are included" in both years. d Includes St. Paul & Duluth for both years, e Includes results on Sher. Shrev. & Southern, Mo. Midland and San Antonio extension for this year, but not for last year. f These figures we tM results the on Ala. Midland, Brunswick & Western, Charleston September 28, 1901.]] THE (HKONICLE. 657 Totals lor FlBcal Year. 2(f week dj September. 1901. 190O. Increase Decrease. In the full page statement on the preceding page we show ~9~~ 8 the gross earnings of all roads for the period from July I 1, Clev. Cln. Chlo. A St. L 404, 1H2 865,721 38,11! that being now the beginning of the fiscal year of the great Peoria A Eastern 53.208 47,1 HI majority of the roads. Duluth no. Shore A Atl 53,460 50,675 2,785 Grand Trunk... i Grand Trunk Western > 591.553 Latest Gross Earning*. 557.228 31 Det. Gr.Hav. A Mllw. ) KOADH. Period. Cauawhadii Michigan.. 19.844 15,627 4.217 Ourrent Previous N .rfolk A Westorn. 341,43:1 831,432 20,001 Tear. Foot. Northern Paolflo 917.759 769,122 '•ere Maruuette 201,198 177,518 Pittsburg A Western 83.988 72,001 11.987 Atlanta * Charlotte Air Line Apr. 1 to May B1 430,375 349,149 S 1/OiilB <*> Ban Fran 898,760 345 771 Bellefoute Central .i.in 1 to Auk. 81 31.637 29,070 Santa Fe Pres. A Phoenix. 19.861 17.932 1,932 Burlington Cedar Rap. A No Jan. 1 to 8ept2] 3,612.327 3:15.7,371 Seaboard Air Llue 227,30.; 198,249 29, Central of New Jersey Jan. 1 to Aug. 81 11 072,9 M 10.271.315 Texas Central. 11,026 10,861 16^ Chloago A North-Western.... J line 1 to Aug. 31 12.0^6,178 11,198.096 Tol. St. L. A West 48,486 37,637 10,849 Chicago Rock Island A Pao.. Apr. 1 to .luls- 31 9.115,11* 7, H' 0,205 I Ohio. St. P. Minn. & Omaha. i Jan. 1 to July 81 5.671,735 5.235,1 47 r< ta (56 -o»ds> .... U.020.11C 9.863.909 1.203 51-; 17.305 Choctaw Oklahoma * Gulf.. INov. 1 to Sept. 14 4,273.387 2.791.734 Net Increase (11 72 o o.» 1.156.147 Cumberland Valley.... Jan. 1 to July 81 579.295 549,917 Duluth 8outh Sho. A Atlantic .Ian. 1 to Sept. 14 1,778.455 1.841.574 East St Louis A Carondelet. I Jan. 1 to Auk. 31 105.495 106,576 Net Earnings Monthly to Latest Dates.— The table follow- Ft. Worth 31 & Denver City Jan. lto July 1,186,977 871,427 ing shows the gross and net earnings of Steam railroads Gila Valley Globe A North'n. Jan. to July 31 201.587 228.856 reported this week. full detailed International A Gt North'n. Jan. to Sept. 21 3.116 241 2,669 259 A statement, including all Lehigh Valley RR Deo. to Aug. 31 20,032 181 18.553,683 roads from which monthly returns can be obtained, is given Lehigh Valley Coal Deo. to Aug. 81 15,925.329 13,860,053 once a month in these columns, and the latest statement of Manlstlque Jan. to Aug. 81 78.875 85,098 this kind will be found in the Chronicle of Sept. Mexican Central Jan. to Sept 21 12469,277 12,542.149 21, Mexican International Jan. to July 31 3.381,363 3.081,069 1901. The next will appear in the issue of Oct. 19, 1901. Mexloan National Jan. to Sept. 21 6.400,407 5,598,596 . Gross Earnings. —* , Net Earnings. Mexican Railway Jan. to Sept. 7 2 963 300 3,173.000 — Previous Mexloan Southern Apr. to Sept. 7 389.628 386.879 Ourrent Ourrent Previous Year. Missouri Pacltlo Jan. to Sept. 21 24,305 95>- Year. Year. Year. 121,020 196 Roads. Central Branch Jan. to Sept 21 983.437 977,311 • S • 9 Total Jan. to Sept 21 25,618 696 22,295.998 Annap.Wash. ABal.July 7,769 5,527 3,597 1,966 Monterey A Mexican Gulf.... Jan. lto Aug. 31 909.434 925,350 itch. TAB. Fe..b Aug. 4,941,070 4,253,840 12,069,277 tl.526,335 Northern Central Jan. 1 to July 31 4,607.409 4,398,509 July 1 to Aug. 81.... 9,704,573 7,950,891 t4,062,527 t2,S48,80(} Ohio River Jan. 1 to July 23 753,104 729,624 Pacltlo Mall May lto Apr. 30 3,071,166 3,817,620 Baltimore A Annapolis Short Line July Pennsylvania Jan. 1 to July 81 52,452.506 47,611.406 10,439 9.382 4,347 4,009 Pennsylvania A Northwes'n. Jan. lto Apr. 30 225,526 227,045 Bun. R. A Plttbs.b. Aug. 596,750 500.937 277,433 Pere Marquette 198,844 Jan. lto Sept 14 6281,941 5,624,718 July 1 to Aug. 81..., 1,154,189 976.624 539,323 396,411 Philadelphia & Erie Jan. lto July 31 3,589,775 3,153,591 Phlla. Wllm'g'n A Baltimore. Nov. lto July 31 8,''49,551 8.292.151 Central New Eng. b. Aug. 58.418 62,921 18,429 13,864 Pitts. Clnoln. Chlo. A St. L... Jan. lto Aug. 31 13 227,991 12.460,471 July 1 to Aug. 31.... 112,750 123.072 32,995 26,387 Rio Grande J unction Deo. lto July 31 351,975 334,985 8t L. Vandalla A Terre H.... Nov. lto Aug. 31 1.667,509 1,587,915 Cent, of N.Jersey. a. Aug. 1,574,597 1,572,490 714,431 675,527 South Haven A Eastern Jan. lto July 31 30,515 26.981 Jan. 1 to Aug. 81.... 11,072,951 10,271,315 4,762,180 4.116,777 South. Missouri A Arkansas.. Jan. 1 to Aug. 31 141,569 1 16.34.1 Chattan'ga South.a Aug. 9,156 10,269 def.5,409 def.2.233 Terre Haute A Indianapolis.. Nov. lto Aug. 31 1.287.832 1,323,793 July 1 to Aug. 31 18,380 19,896 def.7,340 def.3.741 Terre Haute A Peoria Nov. 1 to Aug. 31 456.738 393,237 Texas A Pacltlo Jan. 1 to Sept. 21 7.665,050 6,834,162 Chesap. A Ohio. a.. Aug. 1.499,278 1,364,179 629,228 577,240 West Jersey & Seashore Jan. lto July 31 1.970,738 1,866,733 July 1 to Aug. 31.... 2,845,983 2,562,813 1,146,586 1,092,846 Ohio. Ter. Transf . . b. June 129 293 145,577 65,954 96,984 July lto Juno 30 ... 1,430,989 l,2b6,961 692,211 756,812 Latest Gross Earnings by Weeks.—In the table which July 132,947 118.505 65.865 62,539 follows we sum up separately the earnings for the latest Oin. N. O. A T. P.a. Aug. 466.287 415,767 121.278 110,475 919,233 week. The table covers the third week of September. July 1 to Aug. 31.... 837,553 240,759 217,975 Erie. a Aug. 3,830,653 3,484,272 1,405,808 1,183,934 July lto Aug. 31 7,353,346 6,699,280 2,557,976 2,124,848 3d week of September. 1901. 1900. Increase. Decrease. FlndlayFt.W.AW.b.July 10,982 8,492 1,569 723 9 9 Gas A Electric Co. of Alabama Gt. Southern. 44.323 41,902 2,421 Bergen County.. Aug. 24,177 19,260 11,509 8.046 Aun Arbor .. 29.702 32,321 "2,619 June 1 to Aug. 31.... 66,381 52,230 29,006 19,739 Buffalo Rooh. A PltrsbV 126,666 115.418 ii'.248 Qeorgla.a Aug. 139,428 127,520 22,912 20,522 8url. "5,743 Ced. Rap. A North. 104,899 110,642 July lto Aug. 31 267,516 249,954 {46,256 ; 43.395 Canadian Pacific 762.000 606,000 156.000 Hooking Valley. a.. Aug. 45S.C08 393,400 182,338 157,182 Central of Georgia 136.395 154.155 17,760 July 1 to Aug. 31.... 887,943 774,822 352,124 306,075 Chesapeake & Ohio.... 338,619 324,864 13,755 Chioago & East Illinois 127.049 125,701 1,348 Iron Railway. b Aug. 6,717 4,648 2,467 2,628 Chlo. Great Western 142.334 147.498 "*5,164 July 1 to Aug. 31 — 12,731 9,493 4,852 4,200 Chlo.Indlan'lls & Loulsv 92.358 84,259 8,099 Lehigh Val. RR.a.Aug. 2,445.738 2,313,919 526.266 £01,857 Chloaeo Mllw. A St. Paul 938,679 903,466 30,213 Dec lto Aug. 31. ...20,032,181 18.553,683 3,983,053 2,788,755 Oblo. Term. Transfer .. 31,799 29,368 2.431 Lehigh V.Coal Co.a.Aug. 1,779,025 1,813,505 def.95,832 df 108,786 Cln. N. O. & Texas Pao . 93.498 86 065 9.433 Deo. 1 to Aug. 31... 15;925,329 13,860.053 df.397 : 501 df.666,180 D»nver <* Rio Grande.. 256,200 235 600 20,600 Detroit Southern 24,750 24,567 183 Lom.Hen.ASt.L b..Aug. 66,775 54.028 22,087 17,456 Evansv. A Indianapolis. 6,765 7,2 21 456 July 1 to Aug. 31 122,287 109,422 39.407 35,146 Evansv. A Terre Haute. 26,120 29.536 3,416 Mont. A Mex. Gulf. July 101,773 105,992 9,836 22.444 Grand Trunk ) Jan. 1 to July 31..., 776,672 803,694 207,965 202,866 Grand TrunkWestern \ 604,280 563,383 40,897 !X Y. West.aAug. 571,513 526,589 217,467 204,832 Det Gd. H. Mllw..) Ont. A A July 1 to Aug. 31 1,115,041 979,244 400,154 360.206 Hooking Valley 127,430 109,496 17,934 Iatern'l A Gt Northern. 101,019 98,979 2,040 N Y. Bus. A West.a. Aug. 272,564 234.439 116,210 108,569 Iowa Central 46,914 46.488 426 July lto Aug. 31.... 507,465 420,205 242,391 185,839 Kanawha 15.627 A Michigan . . 19,844 4,217 Pitts. C. C. A St.L.a. Aug. 1,832,046 1,610,571 644,946 561,601 Louisville A Nashville... 541.860 527,700 14,160 Jan. 1 to Aug. 31... .13,227,991 12,460,471 3,704,197 3,045,445 Menoan Central...... 288,574 324,105 35,531 Mexican National... 132,574 133,352 778 Reading Company— Phlla. A Read'g. b. Aug. 2.594,250 2,567,547 1,019,276 999,416 Minneapolis A St. Louis 66.076 66,801 725 July 1 to Aug. 31... 4,833,931 4,707,295 1,777,282 1,728,832 Minn. St. P. A 8. 8te. M.. 130,133 86,9 6 43,217 Mo. Kansas A Texas 334,172 328,470 10,702 Coal A Iron Co. b. Aug. 2,424,983 2,465,231 237,544 226,361 Mo. Pacific A Iron Mt 650,000 618,000 32,000 July 1 to Aug. 31... 4,317,489 4,562,233 213,502 200,223 Central Branch 20,000 27,000 ""835 7,000 Total both Co.'s.bAug. 5.019,233 5,032.778 1,256.820 1.22S.777 Mob. Jackson A K. City 3,335 2,500 July 1 to Aug. 3l 9.151,420 9,269,528 1,990,784 1.929,055 Norfolk A Western 318,043 316,682 1,361 Reading Co. b Aug. 78,877 21,952 Rio Grande Southern.... 10,896 10.766 130 161,211 46,706 Rio Grande Western 114.000 99,700 14,300 July i to Aug. 31... St. Louis A 8an Fran 390,624 366,321 24,303 Total allComp's.bAug. 1,335,697 1.247,729 St Louis Southwestern.. 134.275 182.509 1,766 July 1 to Aug. 81... 2,151.995 1,975,761 Southern Railway...... 705.446 714,297 8,851 Rio Grande Junot. July 51,784 50,726 15.535 15,213 Texas A Pacltlo 207.151 195,291 "11,860 334,985 105.592 100,495 "2,423 Deo. lto July 31..., 351.975 Toledo A Ohio Central . . 50,202 52,625 San Fr. N. Pao.a.Aug. 106,713 100,947 42.190- 45,301 Toledo Peoria & West'n. 21.034 25.456 4,422 A July 1 to Aug. 31 215.995 204,573 90,686 95,352 Tol. St. L. A West 46,615 40,728 5,887 — •184,478 •174,386 Wabash. ... 378.604 390,923 12,819 Sav. Fla. A West. b. July •629,580 •600,277 "3,16*7 Wisconsin Central 119,000 115,833 Texas Central. a July 40,311 28,568 14,291 7,186 W. Va. C. Pitts.b.Aug. 105,784 95,563 45,465 41,055 Total (45 roads) 8.846,257 8,468,531 484,933 107,207 A July 1 to Aug. 31 — 208,876 191,209 83,949 82,322 Net Increase (4'46 p. o.) .. 377.726 Coal Departm't.b. Aug. 41,900 51,467 July 1 to Aug. 31... 79,180 103,796 7,050 4,890 For the second week of September our final jstatement oovers Real Est. Depth. Aug. July 1 to Aug. 31... 18,895 10,423 56 roads, and shows 11 72 per cent increase in the aggregate Total, b Aug. 94,415 97.412 last year. 197,041 over the same week July 1 to Aug. 31... 182,024 105.727 Wheel. A L. Erie.... Aug. 314,496 267.468 97,108 171,672 2d week of September. 1901. 1900. Increase. Decrease. July 1 to Aug. 31..., 598,710 487,857 177,504 $ 9 9 $ a Net earnings here given are after deduotlng taxes. Previously rep'd»37 Fds) 7.523.602 6,794.576 776,388 47.362 here given are before deduotlng taxes. Chattanooga Southern .. 1.791 1.794 3 b Net earnings Florida Western, Chic. Term. Transfer ... 30.452 27.878 2,574 * These figures inolude. besides the old Savannah A Choc Okla. A Gulf 92.228 62.731 29.497 the Alabama Midland, Brunswick A Western, Charleston & Savannah —...... 8 1 » 658 THE CHRONICLE. [Vol. LXXIII. anil ii nil of uhiili i Street Railway Net Earnings.—The following table gives lined Hi' ean »rate the Strk.kt ni comparison. returns of railway gross and net earnings received to t For August, 1901, ihxhh mill roninifi amounted $169,147, this week. In reporting these net earnings for the street f.>r August. I'iOI. wan i deducting wht.ii net » Kaln«t railways, we adopt the same plan as that for the steam lon.ii'o, itK.'ilDBi *i.361.398. Prom July i to Angusl 31. 1901, '> 12, after do- t*Xf»H and n 4-340.317, again roads—that is, we print each week all the returns received rtuctlnu which net whm Jr^.722,209, agsinit %i. 520.593. r allowing' for other Inoome hat veck, but once a month (on the third or the fourth j From July l to August 31, 1901, not after win $46,256 aKaluHt $ 13^95. Saturday), we bring together all the roads furnishing re- turns, and the latest statement of this kind will be found Interest Charges and Snrplas.—The following roads, Id n the Chronicle of September 21, 1901. The next will ap- addition to their gross and net earnings given in the fore pear in the issue of October 19, 1901. going, also report oharges for interest, 6tc, with the surplu' — dross Earnings.—* . Net Earnings.—— above or deficit below those oharges. , Ourrent Previous Ourrent Previous Tear. Tear. Tear. Tear. , Int., rental; etc. —> r-Bal. of Net Earn':- Roads. 9 9 9 9 Ourreni Previous Ourrent Previout west 17.751 14,935 Tear. Tear. Tear. Tear Olev. ElyrlaA Aug. 27,307 11,013 Jan. 1 to Aug. 31 158,562 112,186 70,122 40,489 Boats. 9 I » Olev. Palnesv. * E.Aug. 20,770 16,838 11,154 11,167 Out. New Kiiplaml Aug. 12.928 12.42.1 5,501 1,439 7,138 1,531 Jam 1 to Aug. 31 105,361 91,689 51,768 46,881 July 1 to Aug. 31... 25,857 24,856 Galveston City Ry.Aug. 13,776 4,189 Hooking Valley Aug 71,433 73.754 •121.010 *84,213 •166,791 Lehigh July 1 to Aug. 3 148.839 146.036 •225,661 TractioD .a Aug. 12,287 11,743 7,455 7,620 347,861 274,283 Jam 1 to Aug. 81... 85.363 76,409 44,664 38.195 Pitts. C. U. & 81 1 Aug. 297.085 287,318 694,210 . 16.397 6,230 Jan. 1 to Aug. 81 2,463,030 2,351,235 1,241,167 New Castle Tract Aug. 14,489 8,542 July 1 to Aug. 31 31.972 33,643 15,228 17.715 Beading— 473,697 462,868 Richmond Tract ion. Aug. 21.984 18,132 6.'57 7.837 All companies.. . Aug. 8C2.000 784,861 406.039 i July 1 to Aug 31.... 1,724.000 1.569,722 427,995 Oct to Aug. 31 197,579 182,329 73,705 84,901 Bio Grande Junct'n. July 7,708 7,708 7,827 7,510 Haoramento Eleotrio Oas 61,6ti6 43,928 38,829 A Railway Co Aug. 34,865 29,601 19,157 15,110 Deo. 1 to July 31 — 61,666 438 Feb. 1 to Aug. 3i 267,964 240,150 125.639 117,606 San Fran. & No.Pac. Aug. 22. 7n 22,863 19,419 22 49.626 283,= 254.736 161, 55 148,498 July 1 to Aug. 31.. 45,542 45,726 45.044 Twin City Rap. Tr...Aug. 89 Jam 1 to Aug. 31.... 2,031.771 1,830,377 1,036,056 955,931 Va. Ceu.A Pitte.1 Aug. 26,691 25,523 68.724 71.889 W. 145,540 July 1 to Aug. 31... 50,960 51,501 131,064 Interest Charges and Snrplns.—The following Street * After allowing for other Inoome received. railways, in addition to their gross and net earnings given in and coal and real estate depart- 1 Includes operations of railroads the foregoing, also report charges for interest, &o., with the ments. surplus or deficit above or below those charges. RAILWAYS AND TRACTION COMPANIES. . Int., rentals, etc. . ,—Bai.ofNet Sam's.— STREET Current Previous Ourrent Previous The following table shows the gross earnings for the latest Tear. Tear. Tear. Tear. Bonds. » S 9 9 period of all street railways from whioh we are able to ob- monthly returns. The arrangement of the Sacramento Electric Gas tain weekly or & Railway Co Aug. 9,345 8,926 9.812 6,184 that for the steam roads—that is, the — table is the same as Feb. 1 to Aug. 31.. . 65,414 62,583 60,225 55,023 of figures give the gross earnings for ti< first two columns TW < Mty Rap.Tr.. .Aug. 75,350 68.284 86,205 80.214 latest week or month, and the last two columns the earning* Jam 1 to Aug. 3i 585,398 558,750 500658 397,181 for the calendar year from January 1 to and including such latest week or month. STREET RAILWAYS AND TRACTION COMPANIES. ANNUAL REPORTS. Lateti Qrott Earnings. Jan. 1 to Latest Date is index all OBOSS Annual Reports.—The following an to annual Earnings. Our'm Prev'u* Ourrent Previoui reports of steam railroads, street railways and miscellaneous WeekorMo] Tear Year. Tear. Tear. companies which have been published since the last editions of the Investors' and Street Railway Supplements. American R'ys. Co.$. August 91,176 81,813 557,949 521295 Binghamto n KR August 21,490 19,^40 134,660 121 935 This iDdex does not include reports in to-day's Chronicle. Brtlyn Rap.Tr. Co. July 1,203,701 1.145.189 7,-67,001 6,993,344 23,45* 1«.378 88,921 71,565 railroads. Etc.— Page. Railroads, Etc—(Con.)— Page. Chicago Toledo Rye. & Light. June ... 111.333 | 594.167 190001. 1899-00 1898-93. 1897-98. l 153.4s! t38,92: l,0i7,-i92 fl Toronto Ry. August. 949,67 Miles oper. June 30. 3,996 3,996 3,679 3,808 Twin City Rap. Trail August 283,5-9 254 7o6 2,031771 1,830,377 Equipment— 33,10b 28,710 184,037 168,832 Union (N. Bedford) . August. Locomotives 891 813 763 763 Union Traotion Co. Passenger oars 725 696 653 6il 60,391 o7,99: 264,047 169,414 (Anderson, Ind) . . May Fi t-ijjht cars 38,4A8 32,969 29,903 28,883 United Traotion— ) August. 126,875 121,297 882,705 886.653 Work oars 462 441 335 331 Albany City J Operations — 182,77b 162,155 1.347,039 United Tract. (Pitts.) August 1,246,996 No. of pass, carried. 17.865,439 16.245,007 14, 401, '234 13,772,221 August. 284,600 243.432 1,783,179 1,565,160 United Tract. (Prov.) M .of pass.Cdr. 1 ui. 373,91 9,236 305.^43,549 26S.589.994 26 i. 336,693 8.60 6,200 46,167i 30,559 Wil.&NcwCastleEleo August Rate per pas. p. mile l^bOcts. 2 021 ots. 2014 ots. 1938 cts. Frel'ht (tons) moved 17,735,749 16,020.836 13,517,161 12.694 058 t The*e are results lor properties owned. " •' onemile.4016083602 34257946J8 ^7a99 41184 2722540585 1 Strike In August, 1900. Bate per ton p. mile 619 ots. 0-650 cts. 0-688 ots. 0-695 cts. J 3 September 28, 1901. THE CHRONICLE. FISCAL KKSULTH. INCOME ACCOIM. 1900-01. • 1900-01. 189900. 1898-99. 1897-98. i-oo 1801 M, 9*. Receipts— $ $ $ $ I $ 5,404,363 -'.455 Passenger 7,327.742 0,177,654 0,409,588 8,103,812 Net earnings 4,314.432 Other lEoome 149,925 148,371 "0,157 83/ Freight.. 24,870.331) 22,280,420 10,951,844 18,918,729 Mall, exp. and uilsoel 4,696,879 4,153,893 3,453.8 S 3,295,279 al 5,551 4,462,(03 4,032,612 i.878 Ptilnct Grot*s receipts from Interest on bonds... 3,312,439 3,230,144 i.O:.7 3,148,772 trafflo 36,900,460 32,611,967 28,114,690 27,317,820 Opt ruling expenses — Rentals 122,9 i .•'cwoiielev.&sr.shlpB 95.696 io. 877 352 Maint. of wh\, &C... 5,860,818 5.568,697 4,283,497 4,255,22 5 Dihoount. exeh , P. o. of exr- to earns. (7003) (70-12) (09-58) (68-2.M * From the accumulated surplus a dividend of one pe.r cent was paid Inoome from traffic. 11,058.663 9,742,571 8,552,428 8,062, 3a0 in Oot., 1899, and one per oeut in Nov.. 1900, and the, balance at credit INCOME ACCOUNT. of luooine aocount J a tie 30, 1901, was $1,062,325.— V. 73, p. 609. 1900-01. 1399-00. 1898-99. 1897-98. Mocking Valley Railway. Xet receipts- $ $ $ $ (Report for the year ended June 30, 1901. J 9,742,571 8.552.428 8,662,350 Operation of railway.ll,058,6«3 The remarks of President N. Monsarrat, as also the bal- Interest, 40 2,476,a75 2,411,721 2,547,658 2,i T ,064 ance sheft, income account, etc., will be found in full on Land Offloe 28.608 : 0,090 33,420 59, 05 pages 675 and 676. Total 13,563.851 12,181.382 11,133,506 10.8S8.71!) Various operating statistics of interest follow: Disbursements— Int. on 111 .C. bonds.. 2.930.9C5 2,775,925 2,902.465 2.993.54'. OPERATIONS AND FISCAL RESULTS. Rent of OS. L.& NO. 2,421,090 2,421,090 2.361,874 2, 139.6'. Opermtiona— 1900 01. 1899-00. Rental D. 4 8 O. RR 533,913 627,51:8 931.646 793,453 Passengers oarried 2,044,306 1,538.967 Rental 8t. L. A. &T.H. 507.525 507,525 506,020 533, 40o Passengers carried one mile 32.307,033 32.993.322 Rent of UUhti'dDiv. 7,500 45,000 Aver, receipts per passenger per mile 2 08 ots. 1-86 ots. Rent of Peoria Dlv.. 145,238 Tons of freight carried 6,756,611 6.691,394 carried Dlvld. on I. C. stock, 3.780,000 3,300,000 2,912,500 2,625,000 Tons of freight one mile 833,528,763 805,317,681 Added to lnsur. fund 501,452 Average reoeipts per ton per mile 0442 ots. 0-448 cts. For lietteinit-nts..... 2,895,4t0 2,416,674 1,475.040 829.000 Earnings— Air brakes. Ac 396.C00 Ooal $2,161,975 $2,042,722 Pension fund 250,000 Freight 1,525,056 1,564,654 Bonds drawn 50,000 50,0f0 50,000 50,01)0 Passenger 682,283 623,361 Mall 40,639 40,691 Total 13,521,591 12,143,782 11,089,545 10,861,516 Express 34,529 30.121 Miscellaneous Balanoe, surplus "42,260 40,600 43,961 37,203 208,716 115,718 Total $4,653,258 $4,417,267 * The surplus dividend fund June 30, 1901, applicable to future divi- Expenses— dends was $1,088,487. Maintenance of way, etc 516,802 454,245 GENERAL BALANCE SHEET JUNK 30. Maintenance of equipment. 747,463 624,547 Conducting transportation 1901. 1900. 1899. 1,284,291 1,344,431 General 106,946 102,5 '.8 Assets — $ $ $ Taxes 129,783 115,467 Road arid equipment 160,065,494 147,295,186 146,264,236 321,»-64 341,616 324,444 Real estate Total Material and supplies 2.498,695 2,727.157 1,714,074 $2,785,: 85 $2,641,208 Stocks owned 6,10 ',833 e.,li 2,908 6,!0'J.337 Per cent of expenses to earnings (59-86) (59-79) Bonds owned 38,595,519 36,209,889 34,615.239 Net earnings 1,867,973 1.776,059 Net assets 1,006,756 Advances f.020.889 5,149,857 2,052,090 INCOME ACCOUNT. Assets in Insurance fund 1.325,099 1,214.621 1,042,294 1900-01. 1899-00. Assetsln surplus* divid'ndfund 1,088,487 1,046,227 1,005,627 Net earnings $1,867,973 $1,776,059 Assets in pension fund 250,000 Inoome from securities 252,177 108.199 Net inoome subsidiary companies 211,197 187,190 Total 216,875.881 200,097,461 194,184,086 Miscellaneous income 10,710 Liabilities— Capital stock outstanding 66,C0\000 60,C 00,000 52,500,000 Total Inoome $2,342,056 $2,071,448 Leased line stock I. CeD.RR. Co. 10,000,000 10,000,000 10.000,000 Deduct— Funded debt 111. Cen. RR Co.. 112,663,925 104,639,925 107,262,925 Interest on funded debt $819,764 $807,369 Fund.debtC St.L.&N.O.RR.Co 16,234,000 16,234,000 16,234,000 Interest on unfunded debt 62,042 611 Betterment fund 652,937 Lease rentals 24,428 12,208 Louisville division fund 70»,il3 1,728,280 Dividends on oomtnon stock (Ha) 156,324 Net liabilities 3,820,473 1,551,415 Dividends on preferred stock (4)560 000 (3»a)4 36',6o6 Set apart for dividend 1,980,000 1,800,000 1,500,000 Net defioit—subsidiary companies 1 1,645 82,711 Profit and loss 2,960,960 2,910,960 2,860,960 Insurance fund .. 1,325,0; 9 1,214,621 1,092,294 Total $1,704,203 $1,332,899 Surplus dividend fund 1,088,487 l,0i6,227 1,005,627 Balance, surplus $637,853 $738,549 Pensionfund 250,000 BALANCE SHEET JUNE 30. Total .216,875,881 200,097,461 194,184,086 Assets— 1901. 1900. —V. 73, p. 391, 287. Road and equipment $30,417, 80 $30,162,776 Securities owned 11,801,253 12,210,436 Ohio Cash for construction and equipment 413,082 Chesapeake & Railway. Material and supplies 212,302 270,546 Cash (Inol. in transit and wijh agents) 703,650 563,844 (Report j'or the year ending June 30, 1901.) Bills receivable 959,912 132,498 Individuals and companies The remarks of President Stevens at length, together with 828.409 612,756 Miscellaneous 243,625 1,732,750 the balance sheet and income account in detail, are published on pages 677 to 680. Total $45,579,613 $45,685,606 Liabilities— The statistical tables for four years, compiled in the usual Stock, common $10,421,625 $10,421,625 complete form for the Chronicle, are given below : Stock, preferred 14,000,000 14,000,000 Mortgage OPERATIONS AND FISCAL RESULTS. bonds 15,722.000 15,19*, 000 Cartrust obligations 1,634,290 2,336,831 190001. 1899- 00. 1898-99. 1897-98. Securities owned—per contra. 46.325 l,o47,625 Individuals and companies. June 30. 1,561 1,476 1,445 1,360 311,527 535,270 Miles oper. Interest due and unpaid.... 250,290 212,624 Equip' t. owned'— Dividends... Locomotives 403 375 355 355 436,324 280,000 Bills receivable, discounted. 800,000 Passenger oars 230 221 212 212 Accrued 13,314 13,349) interest 105,407 119,407 Freight cars 16.122 14,745 Miscellaneous. oars 1,152$ 272,178 300,241 Main. of way tl.187 Profit and loss Operations— 1,579,647 938,983 Passengers carried. 2,630,574 2,536.519 2,211.531 1,925.502 Total $45,579,613 $45,635,608 Pass, carried l mile.l 42,494,4 88 135,852,014 130,190,058 100,592,358 -V. 73, p. 234. 236. Rate per pass, per m. 1-984 ots. 1-973 ots. l-8£0 ots. 1 943 cts Freight (tone) oarr'd 10,125,497 9,746,840 8,130,661 7,806,914 Atchison Topeka & Santa Fe Railway. Freight (tons) 1 m.. f 3.051, 175 t2,946,894 t2.o( 6,145 12,513,221 Rate per ton per m. 388 Ots. 0o43 ots. 362 ots. 0-370 Ots. (Statement for the year ending June 30, 1901. J Earnings— $ $ $ $ The following is a statement for three years past: Freight 11.H42.213 10,095,144 9,062,879 9,262,998 Passenger 2,826,813 2,681,076 2,422,053 1,954,861 1900-91. 1899 00. 1S98 99. Mail 34V-.884 324,678 3*2,957 321,958 Average miles operated... 7,307 7. .13 Express D-9,427 171.908 153, ilO 133,881 Gross earnings $54,474,823 $46,232,079 $40. Operating 27,60t Miscellaneous...... 16d,205 129,264 48,541 114,853 expenses 32,262,915 27,521,500 Total 15,371,542 13,402,070 12.009,839 11,783,557 Net earnings $22,211,878 $18,710, $12,900 Expenses - Taxes and rentals 2,040,429 1,669,210 Maint. of way, &c. 2,217,761 1,865,414 1,613,867 1,500,418 Maint. of equipm'f t 2,253,307 1.909.241 1.70-(,2-i7 1,631,488 Income from opera'nB.$20,)7l,449 $16,?84,2S6 611,237,607 Conduoiing transp'n 4,844,375 4,686,310 4,100,927 4,277,4 81 Other income 332, ."> c .320 249,435 General expenses.. 250.437 245,820 385,022 I 572,927 Taxes 401,299 3K0.853 419,321 Total net Inoome $20,504,005 $17,151,106 $11.1- Fixed charges 8.029,476 7,411 801 Total expenses. 9,967,179 9,037,639 8.077,384 7.982,307 Balance. $12,474,529 $9,739,305 $4,187,993 P. o. exp. to earn'gs (64-84) (67-7) (67-3) (67-7) Dividend (2^)*j,13'J,566 on preferred. (5%)$ . 08,690 (1)$1,141,657 earnings 5,404,363 4,314,432 3,932,455 3,806,2 Dividend on common . (1 1.529,33 Net . V6> *Not tnoluding 5,400 cars leased. tThree ciphers (000) omitted, Surplus $5,236,506 $6,599,739 $3,046,341 Also 1 passenger steamer, 4 car floats, 3 ferry boats, 5 tugs, 6 barges. -V. 73, p. 183. . . , .. . J J 660 THE CHRONICLE. [Vol. LXXH1. and betterment loan was contracted, Indiana Illinois & Iowa KK. amounting to $71 1 ,880. Of this there remained on hand unexpended at the close of the fiscal year (Statement Jor the year ending June 30, 190 1. J $303,069. St. Mary's Branch.—The property formerly known as the Colum- The report for the year ending June 80 shows : bus Northwestern Ky. (8t. Marj's branoh) was purchased and taken 1897-98- 1900-01. 1899 00. 1898-99. over March 1, 1901. Under the terms of purchase the, former owners Gross earnings $1,419,116 $1,226,150 $902,304 $820,384 were to receive $125,000 out of $500,000 llrst mortgage r-O-year gold Operating expenses 859,835 758,065 562,095 556,492 bonds to be issued on the branch and $500,000 50-year 4 per cent non cumulative income bonds, $75,000 of the first mortgage bonds Net earnings $559,281 $168,085 $340,209 $263,892 being retained In the treasury of this company for the benefit of the Other Income 2,862 1,565 newly-acquired property. The total tonnage in 1900-01 was 8,392,021, against Total net Income «S4r8,085 $341,774 $263,802 3,097,- $562,143 in Fixed charges $264,716 $200,290 $201,970 $162,936 216 1899-00; of these amounts bituminous coal supplied Dividends (4)200,000 (4) 200.000 1,293,773 an^l 2,115,883 tons, respectively. Average train load, 367 tons, against 359 in 1899-09; earnings per freight- Balance, surplus $97,427 $61,795 $136,804 $100,956 train load, $1 66, against $1 58. —V. 72, p. 722. Statistics.—Following are comparative tables for four years: Kanawha & Michigan Railway. OPERATIONS, EARNINGS, EXPENSES AND CHARGES. (Report jor year ended June uO, 1001.) 1900-01. 1899-00. 1898-99. 189798. Miles oper. Jane 30. 429 371 371 371 President N. Monsarrat says in substance: Operations— The company's operations show a substantial increase as compared No. of pass, carried. 751,151 722,135 615,945 622,781 with the previous fiscal year. The trailio, especially In the movement No. of pass. car. 1 m 22,463,143 22,815.590 19,959.330 19,161,467 of ooal and ooke (many new developments in these Industries having Rate per pas s.per m 1 941 cts. 1-798 cts. 1-840 cts. 1-852 cts. been made within a recent period), has increased to such an extent Tons moved 3,392.021 3,097,116 2,432,906 2,127,484 that It has become absolutely necessary to Improve the condition of Tons moved 1 mile.. 436,923,212 410,801,295 310,7.*9,849 273[244|489 the line. With this end in view, the directors, in January, 1901, au- Rate per ton per m. 0453 ots. 0441 cts. 0-43 4 cts. 0467 Ots. thorized the expenditure of not exceeding $100,000 for the permanent Earnings— $ Improvement of bridges and trestles, for ballasting, heavier steel rails, Passenger 436,050 410.253 367,191 354,828 additional passing sidings, gathering yard at Quinc.v . West Va., and Freight 1,980,180 1,811,042 1,362,416 1,275,499 for machine shops, the amount to be borrowed ou the company's notes Mail, exp's & miscel. 155,492 147.676 168,260 149,287 bearing interest at the rate of 5 per cent per annum, payable semi- annually. Up to the close of the fiscal year, June 30, 1901, a loan Gross earns. from op. 2,571,722 2,368,971 1,897,867 1,779,614 had been contracted for $160,000, as a part of this fund. It is be- Expenses— liever! that when these improvements are oompleted their benefit will Wa\ and structures. 363,032 277,618 247,303 236,638 be reflected In the company's earnings, both gross and net. Main, of equipment. 465,963 361,912 228,719 200,340 The new track connection with the (Hooking Valley Railway at Transportation 957,835 836,204 769,895 757,999 Athens has enabled your company to Increase its ooal traffio very con- General 64,310 60,335 50,536 50,719 siderably. The entire cost of the additional equipment acquired dur- Taxes 85,498 86,651 88,823 78,766 ing the fiscal year was charged to operating expenses, through the re- newal reserve fund. Oper.exp. Maintenance of equipment 146,680 107.4H2 63,325 51,268 K . & M. Ry. see contra 2,469,000 Conducting transportation 357,407 300,768 264,775 238,240 Profit and loss, def . 100,529 General expenses 24,392 17,881 15,304 13,824 Total assets 24,355,961 18,708,207 18,832,766 19,136,165 Total 697,324 582,023 466,188 406,089 Liabilities— Net 227,300 177,046 167,876 152,254 Stock, common 6,500,000 6,500,000 6,500,000 6,500,000 Miscellaneous Income 6,800 6,800 189 Stock, preferred 3,708,000 3,708,000 3,708,000 3,708,000 Bonos (see Inv. Sup.) 8,500,000 7,500,000 7,000,000 7,000,000 Total lnoome 234,100 183,846 167,876 152,443 Car trusts 1,091,249 259,772 383,152 186,775 Bills and accts. pay- Interest on funded debt 98,760 98,760 98,760 98,760 able, wages, etc... 535,020 614.317 1,024,268 Other interest 29,949 10,831 8,768 17,789 1,046,670 Int. coup , div., etc. 149,037 126,118 138,073 131,921 Taxes 30,344 21,377 25,182 2i,eoo Spec-q. Abetter.l'n. Miscellaneous 711,880 505 Endorser's liability, K. & M. Ry. i st M. 2,469,000 Total 159,053 130,968 133,215 188,149 St. Mary's Br. bonds 590,000 Balance, surplus 75,047 52,878 84,661 14,294 Income account 101,844 79,273 562,799 CONDENSED BALANCE SHEET JUNE 30. Total liabilities.... 24,355,961 18,703,207 18,832,766 1901. 1900. 1901. 1900. 19,136,165 V. p. 617. Assets— $ .Liabilities— $ C — 73, Road, &c 9,389,803 9,2il6,300 Capital stock.. .10,000,000 10,000,000 Detroit & Mackinac Railway. I Equipment 779,338 78*.99 Mortgage debt . 2,469,000 2,469,000 Securities owned.. 8,000,000 Car . 8,000,000 trust notes 3 September 28, 1901.] THE CHRONlCLfe. (J(J1 Department.—On the ;i nnal report, waa completed and pat iu operation in Decem- Heal Estatb >th of Jane, 1900, the » pauy owned 6 res of coal, tlui'irr and other land! ami leased February, 1897, authorized ber, 1900. The directors the 1.764 acres. During the year there have been p ,00 line near Ci-miia construction of a branch line from the main acres additional or ooal and Umber lends. The eom Deny , theref. ioo.ooo seres of these it Junction, 111., eastward to a connection with the Brazil Di now owns over lends, hss also 750 dwell for miners and oilier emp lie houses Us from the 1 vision, a distance of about 22 miles, the first 11 miles of derived estate department , principally from royalties from oosl and is being constructed under the name of the "Mil after the and which leases, paying taxes ex I now llmlier 1 administration, ford Branch." wan $loi',743. Real estate, largely coal lauds, purchased UurluK the Capital Stock.— "So additional stock has been issued during year cost 9100.001. .if Increase op Capital Stock.—Toe charter 1 of the was year, but §1,000.000 of preferred and $1,000,000 com- ;i the granted by special Act of the Legislature of 1 before mon stock were sold from the amount held in the treasury. the passage of the (leueril Iuc >rporat!->u Aot, end oon $957. privileges The outstanding oepltel itook 1* now $io,- > powers end Funded Debt.—The funded debt has been increased i 000,000. At the la^t session of the legislature i il Act was of general consolidated aii'l first by the issue of that amount passed authorizing the Inorease of the oapltal an the aireotors end mortgage 5 per cent bonds on account of new road con- stockholders may determine from time to time to $25,000, as follows: June, structed and equipment purchased J oppa Statistics—Operations, earnings, charges, etc., have been mile, tion, 111., to Joppa, 111., 10*07 miles at, $18,000 per $289, as follows: 000; equipment, $$668,000. initiations- 1900-01. 1899-00. 1898-99. of road and equipment" Capital Expenditures.—The "cost Tons carried (revenue). , 2.289,140 2,464,471 2,112,218 has increased during the year $1,903,887, of which the prin- «lo do onemile 132,170.175 145.302,422 124,367,110 ton per mile 0*679 ots. 579 ots. follows: Revenue per 0558 cU. cipal items are as Passengers carried, No 343,092 278, 847 New equipment - $1,548,100 Passengers carried one mile... 6.342,562 4,865,003 3,710,152 Leas: — Premium on securities sold $113,713 rate per mile 2*775 ots. 2*81 ots. r do 240 ots. Amount oharged off for depreciation 66,793 180, >00 Earnings — Passengers $178,171 $138,473 $105,514 $1,367,594 Miscellaneous freight. 378,376 380.:. 37 331,328 Completion of Thebes Extension 79,948 Coal and ooke freight. 608,376 460,144 363.045 Joppa Branch 302,743 Mall service 14,284 14.291 13,798 New terminals at Dolton Junction, making $291,671 to date 149,840 Express 11,555 8,715 7,538 In addition to the above, the following expenditures, ag- Car mileage, eto 91,419 105,933 98,050 gregating $2=10,452, have been inide for new construction and Total $1,182,181 L,108,392 $919,273 permanent betterments, which have been charged to "In- Expenses— come Account" for the current year: Maint. of way and structures. $224,109 $178,737 $138,156 Maintenance of equipment 161,102 179,081 158.992 Additional slde-traoks (12-3 4mlles). $110,389; Interlocking and signal Conducting transportation.... 246,818 246,^92 205,694 $3'*,n88* Slants. $11,659; substitution of heavy for light steel in track, Oar mileage, general, eto 81,037 67,195 61,818 ridges, $10,642; stations, warehouses, ooal chutes, water stations Taxes 35,191 39,605 29,188 ani other construction, $78,074. Equipment.— During the fiscal year five heavy passenger Total operating expenses . . $748,257 $701,310 $593,848 exp. to earnings... (63*294) (63*028) and eleven heavy freight engines have been rectived; P. o. of op. (63*237) engines Net earnings from traffio $433,924 $407,082 $325,425 scrapped. seven old engines of light weight have been sold or IHCOME ACCOUNT. cars have been received and paid for, as follows : 8 New 1900-01. 1899 00. chair cars; 10 caboose cars; 500 box cars; 1,500 coal cars. Net earnings from traffio. $433,924 $407,083 One steel coil car was built at the company's shops. In ad Deduot—Interest X126.745 201,701 dition the river steamer "Condor," six barges and a floating Rental leased road 44,005 54,501 pile driver were bought and paid for, and the cost included Income from railway operations. $263,174 $150,881 in new equipment. Other income— Miscellaneous sources $6,110 West Virginia Central & Pittsburg Railway. Elk Garden mines 69,815 Coal department (Davis C. & O. Co.) $503,656 *236,017 (Report for fiscal year ending June 30, 1901. J Real estate dept. (Davis C. & C. Co.) 100,742 *38,307 President H. G. Davis says: Total net Income for the year $867,572 $501,129 General Remarks.—The twelve months ending June 30, 1901, was Deduct dividends, etc. — the first full year of the company in all its present departments, and Betterments $232,393 $57,241 no complete comparison can be made with previous years. The net Equipment 163.197 145,292 profits were $867,572, being $366,443 inexoess of the preceding year. Dividends (3*2)300,000 (2*8)205,000 This increase was largely in the ooal and real estate departments, as Other charges 109,601 10,000 their operations covered only six months of the fiscal year of 1900. The railway department, however, shows a gain In net profits of Total $855,191 $417,532 portion of this Is due to the policy put in praotice during $112,21*4. A Balance surplus for year. $12,381 $83,597 the year of making the ooal department bear a fair proportion of the interest oharge on the bonded debt. • 6 months. increase In passenger traffio yielded a gain of $39,697 A gratifying x The balance of Interest payment on bonded indebtedness was (gross), or nearly 3U per cent. While thetonniige in ooal and ooke charged to the ooal department as its fair proportion of the expense. in before, the revenue, owing to the more stable was less than the year See "general remarks" above. conditions and better rates, increased $47,932 (gross), or 10 per cent. The coal and coke traffic constituted 79 per oent of the tonnage and condensed balance sheet JULY 1. produced 55 per cent of the freight revenue. [The amonntof ooal trans- Assets— 1901. 1900. 1899. ported in 1900 01 was 1,436,872 tons, against 1,480,688 tons in 1899- Real estate, embracing in 1901, $ 00; ooke, 218, 1 36 tons, against 315,206 tons]. In new railway 103,*52 aores of ooal, iron ore, equipment $120,324 was spent [also for other additions and im- timber, land and mineral rights. 8,570,396 8,460,795 5,968,965 provements in railway department $84,436] and for floating equip- RR. oon., 2d track, tmlidg's, etc... 3,094,712 2,979,992 2,807,830 ment $42,872. The company now owns 41 locomotives, 2,325 oars, 3 Piedmont & Cumber., etc, stock.. 650,525 629,600 barges and 2 schooners. Equipment, eto 1,750,192 1,586,995 1,430,803 For repairs to the track there were used 79,711 cross ties. 19,597 Coke ovens 181,823 171,794 oubio yards of stone ballast and 750 car-loads of cinders. During the Mining plants 489.970 382,325 40,154 year 12'9 mileB of 85 pound steel rails were laid in main track, re- Materials, supplies, eto 317,444 209,717 116,744 placing 70-pound rail, making a continuous track for 42 miles from Accounts receivable, eto 713,918 1,001,765 121.072 Cumberland of 85-pound rail. Cash 244,611 165,468 115,630 Coal & Iron Railway.—The work of construction on this line Is going steadily forward, and It is expected that early in i he coming Total 16,013,592 15,*;88,452 10,601,193 year the long-desired connection will be made with the Chesapeake <£ Liabilities — Ohio Ry. stock . 10,000,000 10,000,OCO 6,000.000 Coal Department.—The total production of the mines of the oom- First mortgage bonds 3,250,000 3,250,000 3,250,000 pany (which includes one mine off the line of he load) was 1,544,286 Coupons payable July 1 97,750 97,-130 97,300 gross tons; total sales, 1,608,397 tons. The company's ovens pro- Bills payable 190.000 295,000 135.000 duced 149,258 tons of ooke; total sales, 183,927 tons. The net profits Accounts payable 542,963 680,815 17*1,220 of the ooal department from all sources were $503,655. During a Profit and loss 1,932,879 1,365,307 946,678 portion of the flsoal year the coal and coke trad-> was satisfactory, but for a large part of the time it was dull and dispirited. The company Total .16.013,592 15,588,452 10,601,193 could have added considerably to the volume of its business during —V. 73, p. 392. the year, and especially in ooke, if it had been inclined to renew con- tracts at prices it considered unsatisfactory. Dominion Iron & Steel Co. From the profits of the ooal department there were expended during the year for opening new mines, constructing ovens, installing {Report of June 1, 1901. machinery, etc., $147,957, and for additional barges for New England Under date of June 1 President Whitney says: trade $42,872. There was also expended in the nature of new work and charged to operating expenses of the mines the sum of $i7,552. The work of construction has been rapidly pushed the past year. The oompany is now prepared to produce 7,000 tons of ooal and Two of the furnaces are finished and are now producing iron of satis- 1,000 tons of coke daily. When tbe new work under way is finished factory quality. Investigations by drilling at Bell Island have re- It will inorease the coal capacity to 10, 00 tons per day. In view of vealed the fact that the quality of ore actually there is more, rather the very large amount of coal accessible to the plants now completed, than less, than the original estimate. There has been expended, up and the Henry Shaft under construction, it will probably not be to the present time, including the sum paid for the purchase and necessary to make any further expenditures of an extraordinary equipment of the Bell Island ore uroperty, the sum of $9,5 71,054, viz.: character for a great many years. The General Manager estimates Bell Island and equip.. $1,185,000 Maohineshop.tools.etc $355,u00 that the entire mining operations of the oompany now complete and Limestone quarries and Eleotrlo plant 223,000 under construction will command a territory of 32,i 00 ucri-M of sur- equipment 205,000 Real estate and build- face measurement. The veins lying one above the other aggregate Furnaces 2,300,000 ings 287.000 48,6uO acres of coal, and ooutaln 305,150,000 tons, of which 219,- Coke ovens 1,580,000 Sundries 2*7,000 600,000 tons are coking coal. steel plant 1,050,000 Engineering -.06,000 The organization of the Davis Coal & Coke Co. has been maintained Waterworks 412,000 Administrative ex- as a medium through which to market the company's produots. Sewers 51,000 penses 224,000 Developments at Henry.—Looking to an inorease of the com- Wharves and ore han- pany's business Uejond the ordinary production of Its present mines, dllnK plant 730,000 Total $9,575,000 it was decided to create another minli g seotlon along the line ot the Railway and equip 520,000 road. point ten miles north of Thomat was selected. This field of A in at least 10.000 aores contains 100,0u0,0o0 tons of accessible mer- General Manager A. J. Moxham says substance: chantable coal. An air shaft is being sunk and Is now to the depth of Two of our blast furnaces are now in operation aud the other two dis- 350 feet. The Thomas or Freepnrt vein of coal was reached at a so near completion that 1 heir operation will not be long delayed. The tance of 221 feet and about 200 feet below that Is the Davis or Kit- 400 ooke ovens are completed. The blooming mill has most of the tanning vein. It is expected that this shaft will be finished to the machinery in place and everything needed to complete It Is on the Davis vein by the middle of September, and the main holttlng* shaft ground. The open-hearth plant Is being energetically pushed by the will then be commenced. contractors, and at the present rate of progress will be oouipieted dur- — J A — 602 THE CHRONICLE, [Vol. LXXIII. lnK the early fall. On the whole while the delay ha» been vexatious It the total UBue ($15,0(0,(HK), $2,857,000 have been converted has not equaled the delays that have been koIhk <>n all through the into common stock, leaving $12, 143, < 00 outstanding.— V. 73, States during the same time. The piers and BaloadlBg plants are practically OOmpleMd. p. 558,890. Although our two furnaces have no- yet gotten down to a full Carolina Northern KB.— Construction.— President and working basis, we have gone far enough to demonstrate that In the General .Mellier of Philadelphia, matter of coal, ore and Unit's' one the future is certain. Wo have Manager Augustus replying shipped the product of thehe furnaces to over 128 oonaumers, soat to our inquiry, says: "The entire construction work to States, and. Hpoalllng tered throinfh Ciii.ida, Scotland and 'lm United Marion, S. (J., is completed with the exception of track-lay- I would suto that the i|ii.illtv of the Iron has «lv«n satls- ?'enerally, ing, and we expect to have the entire road from Lumberton, aotlon. There only remains the cost < t labor, and with a thoroughly modern design of plant, and the very satisfaotoiy way In which the N. C, to Marion, S. O, 50 miles, in operation not later than assured that new machinery has so lar worked, 1 think we oan rest Nov. 15. The interest on all our bonds will te promptly met there Is no doubt as to our labor cowl B. Oct. 1, and payable at the Guarantee Trust & Safe Deposit The balance sheet ot April 30, 1901, was in V. 72, p. 1236. Co. of Philadelphia, our fiscal agentp." American Linseed Co. Central of Georgia Ry.— Exrninys.—The results for the two years ending June 1901 and 1900, compare as follows: {Statement of Jul)/ 31, 1901.) 30, given next Gross X.i s. a Fixi'l Balance. InUrut on will • be i report . The gist of the remarks in the Tear. I nQS. Income. me. rorptti*. intotnt 190H-01 week. See also Chronicle of last week, page 555. The $0,«H',7I6 $1,W2'),15H |1*7,3«0 $l.di:..lrtlI.".,11 »201,3.Vi (M) $200,000 lb99-00 .. t-.Ot 6,203 1,879,868 231,463 1,980,366 130,068 CAH%) 130,000 balance sheet of Jnly 81, 1901, follows: On June 30, 1901, the total credit to surplus account was BALANCE BIIhKT JULY 31, 1901. $200,472. Since then (on Oct. 1) the interest on the first Liabilities— Aisels— preference incomes, 5 per cent, for the year 1900 01 has been Mill and station equlp.$28.500,000 Common stock $16,750,000 Cash and cash Items.. 2,009,510 Preferred stock 16,750,000 paid, calling for $200,000.— V. 73, p. 444, 82. Ijed^er accounts 1,238,886 Accounts payable 81,196 Chicago Indianapolis & Lonisyille Ry.—Listed.—The Inventory 2,881, 19» Notespayable *3,836,166 Bond account, N. L. O. 177,7^4 New York Stock Exchange has listed $300,000 additional 5 Prod. Exch. mem'ship. 486 per cent refunding: bonds of 1947, making the total amount to Board of Trade mem.. 3,149 date $3,842,000. The additional bonds have been issued for Treasury 8took.» 18,000 Notes receivable 13.7*-9 permanent improvements, new equipment, etc. —V. 73, p. Col'bian Mfg. Co. sfk. 20,000 ell, 183. 500,000 Am.Fa8tF'g'tl*e(par) Chicago Terminal Transfer RR.—i2 e pori.—The report for Deficit 2,054,659 J the year ending June 30 shows: Total assets $37,417,362 Total liabilities $37,417,362 Year. Gross. Net (over taxes). Int. on bonds. Bal.,$ur. 1900 01 $1,430,990 $b'03,322 $591900 $11,422 * $6,000,000, less $2,163,833 oash with trustee. 1899-<>0 I,265,y61 676,227 584,200 92,027 -V. 72, p. 1279. —V. 73, p. 555, 238. Cincinnati Lebanon & Northern RR.—See Pittsburg Cin- Consolidated Gns Co. of Baltimore. cinnati Chicago & St. Louis Ry.— V. 62, p. 988. (Statement for year ended June JO, 1001.) Colorado & Northwestern Ry.—Option— It was recently The results for the last fiscal year were: reported that Col. 8. B. Dick had purchased this property 1900-1 1899-0. 1898 9. 1897-8. and was proposing to extend the road to Salt Lake City. (iross earnings $1,639,433 $1,705,916 $1,689,H28 $1,709,226 The fact, as we are authoritatively informed, is that Col. Dick Operating expenses.. 918,612 901,513 820,521 857,944 has a ninety-day option on the property and talks of building Neteamings $720,821 $804,403 $868,807 $851,282 the extension in case he exercises the option. The stock and Fixed charges 377,720 386,887 387,720 386,241 bonds are all held by the originators and builders of the road. Balance for div's. $343,101 $417,516 $481,087 $465,041 Detroit & Toledo Shore Line RR.—Mortgage.—The com- —V. 73. p. 618. pany has made a mortgage to the Detroit Trust Co,, as Consolidated Tobacco Co. trustee, to secure $2,500,000 of 5 per cent gold bonds cover- (Balance Sheet of August 31, 1901. J ing the line from Toledo to Trenton. By the middle of Nov- In connection with the listing ot bODds mentioned on an- ember, it is said, cars will be running from Detroit to To- other page, the following balance sheet is issued. The $30,- ledo—V. 72, p. 1135. 000,000 capital stock "has been paid in cash into the treas- Fitchburg RR.—Bonds Authorized. —The shareholders on ury/' Wednesday authorized the issue of not exceeding $2,000,000 BALANCE SHEET OF AUG. 31, 1901. bonds for the purposes stated in V. 73, p. 615. A ss&ts Liabilities. Property Cash on deposit '..$20,912,129 Capital stock. $30,000,000 Great Falls & Canada Ry.— Transferred. —See Furniture & fixtures.. 746 Accounts payable 20,350 Great Northern Ry. below.—V. 73, p. 287. Secured loans 6.044,400 Surplus X96.494 Northern Ry.— In Possession.— press despatch Securities purohased.. 2,982,584 Great A Int.,&o.,aco'd&unp'd. 176,984 from Helena, Mont., says: "A deed transferring the Great Falls & Canada Ry. to the Great Northern has been filed in Total $30,116,844 Total $30,116,844 Cascade County. The consideration natmed is $750,000. By x After writing off incorporating expenses, revenue stamps on stock, the terms of the sale the Great Northern agrees to widen the revenue stamps on mortgage, cost of bonds, deposit with application road to a standard gauge by Oct. 30, 1902. At a point near for listing bonds, advertising, &c—V. 73, p. 618, 447. Sweet Grass the line will join the Alberta road, which is now San Luis Potosi Electrical Co. being changed to broad gauge as far ncrth as Lethbridge, the junction with the Canadian Pacific.'' See V. 72, p. 1187. {Statement for four years ending Aug. 31, 1901. — V. 72, p 287, 294. The earnings as furnished to Messrs. C. H. White & Co., Green Bay & Western RR.—Ny Negotiations.—See Chicago bankers, New Ycrk City, are as below: Great Western Ry. above.—V. 72, p. 44. 1900-01. 1899-00. 1898-f9. 1897-98. Gross from lights $98,743 $84,707 $69,790 $44,002 Indiana Illinois & Iowa RR.—Stock Listed.—The New Gross from water 5,424 4,432 1,606 278 York Stook Exchange has listed the $5, 000,000 outstanding capital stock. See annual statement on page 660.— V. Total gross earnings... $104. 167 $89,139 $71,396 $44,280 72, p. Expenses, &o 64.415 51,955 42,949 28,932 722. Johnstown (Pa.) Passenger Ry.—Sold.—A press dispatch Net earnings $39,752 $37,184 $28,447 $15,348 T. -V. 69, p. 7S7. reports that C. DuPont of Wilmington, representing a syndicate, has pcrchased 8400,100 of the $600,000 capital stock GENERAL INVESTMENT NEWS. at $75 per $50 share.—V. 72, p. 936. Kansas City Mexico & Orient RR. Concession Purchased. RAILROADS. INCLUDING STREET ROADS. —A press despatch states that the purchase from the Chihua- American Railways. Earnings.—The report for the year hua & Pacific RR. Co. of certain concessions granting the ended June 30, 1901, shows gross income of $274,624, consist- right to build extensions and to receive the Government ing of interest on bonds owned, $35,042; dividends on stocks subsidy thereon has been consummated by the payment of owned, $160,124, and miscellaneous, $79,458; general ex- $200,000. See V. 71, p. 181 ,—V. 73, p. 82. penses, etc., $48,517; balance net income, $226,106; deduct Kansas City & Northern Connecting RR. —Offer for three dividends of 1 per cent each, $112,530; balance surplus Bonds.—A letter has been sent to the depositing first mort- for year, $113,576. In addition, the subsidiary companies, it gage bondholders by Thomas L. Chadbourne Jr., Chairman, is stated, earned fully $37,000 over the dividends paid by and Herbert C. Wright, Secretary of the bondholders' com- them. Further facts from the report will be given in a sub- mittee, which says in substance: sequent issue.—V. 73, p. 615, 183. Your oommlttee has finally received a firm bid for all bonds nnder the control of the committee at 37 per cent of the principal amount Atlanta Railway & Power Co.— Common Control.— net to bondholders, oonflrmed bv the Guaranty Trust Co. of New York. syndicate represented by the Mercantile Trust & Deposit Co. Considerably more than a majority of the bonds under our control of Baltimore, the Old Colony Trust Co. of Boston and the have assented to a sale at this price, and we have entered into an agreement with the purchasers, subject to ratification of the remain- York Security Trust Co. of York, has New & New purchased ing bondholders. As this urioe is more thau bondholders would re- the holdings in this property of Joel Hurt of Atlanta arid his ceive if the property were sold under foreclosure, we strongly recom- associates, the deal, it is said, involving about 81,100,000. mend its prompt acceptance. It will be necessary for you to execute The purchase wiil bring the Atlanta Railway Power promptly, as the judicial sale Is set for Oct. 11, It 01, and this transac- & Co. tion should be closed considerably before that da'e. and the Atlanta Rapid Transit Co. into friendly relations, It is believed in Chicago that John W. Gates is the pro- but there will not, it is stated, be any consolidation of the posed purchaser and that he col templates obtaining control companies, at least for the present.—V. 72, p. 935. of a through line from Quincy, III., to Kansas City, 250 Baltimore & Ohio RR.—Listed.—The 4 per cent ten-year miles, by combining this road after foreclosure with the gold convertible debenture bonds of 1911 have been placed Quincy Omaha & Kansas City and Omaha Kansas City & on the regular list of the New York Stock Exchange. Of Eastern, bankrupt propeities, cf which it is said he is already 7 — — September 36, 1901.] IHF (IHRONK'I I in a position to secure control. The three line $333,0' have t'teu sold I nd follows: n. w equipment made or Qulnoy Omaha 61 Kansas City RR., West Quliicy toTr. Dl '«ru Kit., Trenton to I miles; Omaha Kaunas CM -i mi tli" ontatand BB., Pt 36 1 st'ity & Northern Oonneotlng moneys supplied for tba KaiiK, SI miles. other each of cues bonds ar>- subject to call iu wli >le or in part at par and For particulars as t« r Supplement. A sister Hue, the Omni. Interest.—V. 73, p. 44 >, 236. expected to b" sold to the WaOash KR., as 1. n Northern Pacific B/.—LUted.—The N • S »rt Stook Ex- nounced.—V. 78, p. 494. chai ge has listed $2,837,000 additl »nal prior lien railway and Lake Shore A Klchlgaa Southern Ky. Co.— To Oj land grant 4 pel Id bonds of 1997, making the total The company, it is stated, will on October 1 begin amount listed to dab 14,600. The pr ftheaddi- the Dunkirk Allegheny Valley & Pittsburg RR for tMnal bonds have been i to payments! at, of the New York Central.—V. 73. p. 891. new mileage, etc. —V. 73, p. 610, 616. Year \ding ./ Lehigh Valley RK.—Earntng$for E Pennsylvania RR.— Wtstern Union Contract.—See Pitts- the iard of Railroad Commission The com pan v rep >rts to B burg Carnegie & Western belo.\ .-V. 73, p. 185 ers of New York State as follows : Railway of Wilmington, Del.—See Wilmington Tear ending Qrosa Net Other Firm Ba People's June 30. earnings, earnings, income. Olmrgi.i Def. or aur. Coal Gas Co. under "Industrials," b^low.—V. 72, p. 1081. 4; $K +i H% & 4,!i88,4«7 l.O.-i deM,l.s9.815 Bristol Bale. 190001. . 24.353.732 1,737 7,210.019 Philadelphia & Passenger By.— —See Phila- 189!»-00 24,454,531 5,8J5,u3> 1,011,534 6,792,849 sur.83,770 delphia & L-bigh Valley Traction Co. bel)w.— V. 72, p. 184, —V. 73, p. 391. 138. Lexington & Eastern Ry.— Reorganization Plan.—The Philadelphia Company of Pittsburg.—Lease Contem- plated an authoritative source we learn that negotia- $l,000,()(Jii first mortgage bouds of 1895 were not paid at ma- —From tions with the Monongahela Street Railway Co. are now turity Jan. 1, li'OO, and reorganization without foreclosure, prospect of conclusion we are informed, will almost certainly be effected in accord- going on, with the and action early ance with the following plan, under which deposits of secur- next week. The transaction under consideration is in the of a lease of the property of the Monongahela Street ities have been made with J K-mne ly Tod & Co., 45 Wall St., form Ry. Wilkinsburg Eist Pitsourg Street Ry. Pittsburg New York: Co.. & Co , If in the opinion of tbe managers a sulli 'ient number of those Inter- & Birmingham Traction Co., Monongahela L'ght & Power ested In the company become parties to this plan, tbe managers will Co., and other associated Mellon companies, to the street rail- proceed without foreclosure. way and Hgbt corporations controlled by the Philadelphia 1. In that event so many of tbe now outstanding.first morlg ige bonds as the managers may consider proper shall be extended with Comp my. If the leases are consummated, as they are ex- ont change in the rate of interest and without affecting the mortgage pected to be, they will place the last-named corporation in to July l, 1911; but the oomoany shall have the right at its option to control of all the street railway, gas and public electric light redeem, at any time alter Dec 31, 1901, all or so many of said bonds and power plants of Pittsburg, Allegheny and vicinity not as it desires to redeem at a ra'e not exoeeding 102 and interest, the bonds when not procurable for less than this price to be drawn by lot. already in its possession. —V. 73, p. 554. If necessary All such bouds when purohased shall be retired and canceled and eeneral mortgage bonds for equal amounts may be Philadelphia & Lehigh Traction Co.—Purchase.— Wilbur Issued in lieu thereof at the request of the company. The managers F. Sadler Jr., is reported to have acquired from 0;ven Moon the right, however, to cause to be paid off at par and interest reserve Jr,, A. Crozier Reeves and J. Ridgway Fell, in the interest of so many of the now outstanding first mortgage bonds as in their judg- ment can safely be paid by the appropriation of any money iu the com- this company, all th9ir stocks and bonds of the trolley com- pany's treasury. panies between Philadelphia and Bristol. Tne Neshaminy 2. The holders of [the $',500,003] general mortgage, bonds shall Elevated RR., recently organized under the new Pennsyl- waive all interest on their bonds up to Aug. 1. 1901. They shall be entitled to Interest thereafter, payable on the first days of February vania law to build a portion of the line of Phila. & Lehigh and August, at the following rates, viz: 2 per oent from Aug. 1, 1901, Traction Co., is also said to have purohased for $1,000 the to Auk. i, 1906; 3 per cent fn m Aug. 1, 1906, to Aug. 1, 1911; 5 per Philadelphia Passenger Ry.. which was sold at sheriff's sale cent from Aug. 1, 1911, to Feb. 1, 1935, the date of maturity of the for of said bonds non-payment $396 State taxes.—V. 72, p. 1136. In consideration of such waiver the holders of general mortgage bonds shall receive the company's deferred debentures for the differ- Pittsburg Carnegie & Western RR.—Contracts.—Addi- ence between f> per oent (p*> able by the terms of the bonds) and the tional bids coveriag 28 miles of track, road-bed, etc., were amount of interest aooruing after Aug. 1, 1901, as above provided. opened Sept. 13. The road as projected is intended to bring shall be payable without interest at such times as The said deb«ntures the Gould system into Pittsburg, but the rumors of a further the company may Itself decide, but they sliall become immediately due and payable in case any dividend is d«c ared upou the oompany's extension by the G )uld interests to Philadelphia are author- stock. At the option of tne company the said debentures, when paid, itatively denied. Tueir plan, on the contrary, is said to be "to may be paid either in cash or in general mortgage bonds carrying the reach New York over a railroad which they now have in view." then next maturing Instalment of interest. Under the foregoing provisions the holder of each $1,000 general The 20 year contract of the Western Union Telegraph Co. mortgage bond will be entitled to debenture scrip ai follows, viz : On (in which the Goulds are largely interested) with the Penn- every interest day from Feb. 1, 1902, to Aug. 1, I90rf, both inclusive, sylvania RR. Co. expired Sapt 20, and in the negotiations for to sorlp for $15; from Feb. 1, 1907, to Aug. 1, 1911, both inclusive, to its renewal it has scrip for$iO. been rumored the Pennsylvania would seek to 3. The slock will not be affected by the proposed readjustment if protect itself against any serious results from an invasion of carried out without foreclosure, but in order to secure authority to its railroad territory by the Gould syndicate. The "Phila- enter Into the prop >sed agreements, deposits of such amount* of delpbia Ledger," however, says it is informed that there is stook as the managers may deem adequate fur the purpose will be no required as an essentiil prerequisite to carrying out this plan. significance in the fact that the contract remains unrenewed. If in the opinion of the managers a >-uffi^ient number of —V 73, p. 616, 445. those interested in the stock and bonds do not become parties Pittsburg Cincinnati Chicago & St. Loiis Ry.—Opera- to this plan of readjustment, thea the managers in their dis- tion.—This compauy, it is announced, will on October 1 cretion may either abandon the plan altogether ornuypro begin operating the Cincinnati Lebanon & Northern RR , for ceed to carry it out by means of a foreclosure of either or some time past controlled by the Pennsylvania interests. both the mortgages. In case of reorganization after fore- V. 72, p. 1280. the depositing security holders will be closure, result to the Pittsburg Fort Wayne & Chicago Ry.—Listed.—The New much the same, the plan providing for the organiz ition of a York Stock Exchange has listed $1,291,300 additional guaran- new company .with securities having their interest rates, teed special stock, making the total listed to date $22,615,100. maturity, etc., similar to those provided for above, namely : The additional stock was issued for second, third and fourth First mortgage 5s, $900,0(0; general mortga e bonds, $l,=>00.000 (and $900,000 issuable only to retire said first mortgage bonds); de- track, new locomotives, e'e—V. 72, p. 1188, ferred debenture bonds, $500.' 00 (including $125,0D0 for reorganiza- Pittsburg Shawmut & Northern RR.—Marquind Interest. tion expenses), and stock, $500,000 —The schedule of assets and liabilities of the bankrupt firm Earnings. results on 92 miles of road for the fiscal —The of Marquand & Co. dissloses the fact that among their securi year ended June 30, 1901, compare with 1899-00 as follows: ties pledged were $2 137,000 first mortgage 5s aad $423,000 Fitcal Gross Net Other Rentals, Balance stock of this of year. timings, earnings. income, tuxes, etc. for interest. company. (Sae "N?w York Evening Post" 1900-01 $357,881 $136,844 $1,397 $30,4 > $107,804 Sept. 20.) - V. 73, p. 237. 1899-0J 312,178 120,946 18,054 102,892 Quebec Central Exchange Incomes.—Oa and after —V. 71, p. 913. Rj.— of O^tooer 1, 1901, and within a perioi of three months there- Madison (Wis.) Traction Co.— Bonds Offered.—Oliver C. after, the holders of the £676,000 income bonds are required Fuller & Co., of Milwaukee, Wis., are offering at 103 and to surrender their bonds lor cancellation at the company's interest the company'* $200,030 fir*t mortgage 5 per cent gold office, No. 5 Great Winchester St,, London, E. C, receiving bonds due 1926, denomination $1,000, Milwaukee Trust Co., in exchange per £101 income bond, £">0 three per cent sec- trustee.— V. 73, p. 494. ond debenture (income) stock and £50 new income 7 per cent Incorporation — Michigan & West Shore Traction Co.— bond. See also V. 72, p. 1035. Mortgage. —This company, authorized capital stock $1,- Rapid Transit Subway Construction Co. of New Tork 350,000, has filed articles of incorporation in Micbigan and tit j. Contracts. —The company recently let contracts aggre- has made a mortgage for $1,350,000 to the North American gating $1,500,000, covering eight 5,500 h. p. stationary en- Trust Co. of this city as trustee. The company's electric gines and for 48 boilers of 6C0 h. p each, all to be ready for railway is projected to extend from South Haveu, southerly use Jan. 1, 1904. Other contracrs aggregating $1,500,000 will via Covert, Coloma and Riverside, to Benton Harbor, Mich* be let in a few days for electrical apparatus. There will be Mobile & Ohio RR.- Listed.—The New York Stock Ex- one main power h use and eight sub-power stations. The change has listed $2,494,000 4 par cent St. Louis & Cairo col- sues for the stations, it is stated, bave already been bought. lateral gold bonds of 1930, and will list the balance of the President Alt xander E. Orr of the Rapid Trausit Commission " issue ($6,000) whenever exchanged for shares of the S . says : The work is more than one-quarter completed, and Louis & Cairo RR. Of the bonds now listed $2,161,000 have this quarter includes many of tne mos: difficult portions to been issued in exchange for $6,483,000 of the $6,600,000 stock be constructed. The work on the remaining three-quarters oftfhat company ($1,000 in bonds for $3,000 in stock), and will advance much more rapidly." The block bounded by — — 664 THE CHKOMCLK. [Vol. LXXUI. Copper 58th and 59th streets and 11th and 12th avenues has been Co , whloh controls about half the production of copper In the United States, made It a policy at the end of la*t year to m .Intaln purchased from the Eastman's Company for the central a price of 17 cents for lake copper and 16*8 for ele otrolytlo copper. At power station.—V. 72, p. 1136. that time thi Amalgamated people tried to Induce outside producers to hold the, name scale. Eookford Beloit Janesville New Enterprise.— to For a time everything went well. But & By.— when the outsider* found that they could not sell their product, they it is stated, is the The Savings & Trust Co. of Cleveland, made reductions varying from 1 to 3 per cent, below the aimed prices. manager of a syndioate which has taken the entire stock and Meanwhile the Amalgamated Interests began to aocnmulate their copper, bonds of this electric railway now under construction from asserting that. If they found their ticoumulatlons were too large, they would simply cm tall production. The recent statement that .'52 miles. Rockford, 111 , Janesville, Wis., a distance of to the Amalgamated [United Selling Co., etc.,] have on hand absut 13 V "Cleveland Finance" says: C00.000 pounds of copper is thought to lie about correct. I'hin stock, This road 1b to become part of a syprem connecting Ohloago and while it looks large. Is perhaps do! ho important as some seem to think, Madison, Wisconsin, other parts of the system being already In oper- for since prices have been upheld by the Amalgamated Interests, con- ation, and this road being In a dlreot line with (he others. The oapltai sumers have let their stocks dwindle to almost nothing, thinking that stock of $1,000,000 and the [present] bond Issue of $600,000 have all a decline in price was imminent. Of late there ha* been a better been taken by the syndicate— V. 73, p. 445. demand from Euiope.and It in evident that trade is picking up abroad. But within the last few days, when affairs became disturbed In this foreclosure sale on Sept. 21 Seattle City Ry.— Sold.—At the country, the iirlce of standard copper shares In London declined to the railway and Leschi Park were purchased for $500,000 by £63- a p/lce lower than has been reaohed before In three years. Electric James S. Goldsmith, representing the Seattle Co.— During the fiscal year 190001 the United States exported V. 78, p. 495, 287. only 252,769,328 pounds of copper, as against 333,310,725 Seattle Electric Co.—Purchase.—See Seattle City Ry. pounds the previous year, the decrease representing a money above.—V. 72, p. 1136. value of about $14, 511,000. See aleo page 634. Shore Line RR. of New Brunswick.—Sold.—At the fore- Directors. —The directors, who resigned at the time of the recent absorption o closure sale, in St. Stephen, N.J3., on Sept. 21, the road was of the Butte Boston because they were directors of bonght in by Russell Sage for $25,000. See V. 72, p. 723. both companies, have been re-elected, the board now including : Stock Exchange Southern Ry.—Listed. -The New York H. H. Rogers, F. P. Olcott, Robert Bacon, James Stlllman, William has listed $7,855,000 of the $9,500,000 Mobile & Ohio collateral Rockefeller, William G. Rockefeller, Anson R. Flower and A. C. trust 4 per cent gold bonds of 1938. The remainder of the Burrage. bonds are issuable in exchange, $ for $, for the rest of the out- Dividend of Anaconda Copper Co. —See that company standing general mortgage 4s of the Mobile & Ohio.—V. 73, p. below.—V. 73, p. 238. 392, 340, 334. American Agricultural Chemical Co.—listed.—The New Texas Central RR.—Earnings.—The report for the year York Stock Exchange has listed $108,100 additional preferred ending June 30 shows: stock and $182,600 additional common stock, making the Fiscal Gross Net Int. and Divi- Balance, total amount of preferred stock listed to date $17,153,000 and year. earnings, (overtaxes). miscel. dends. surplus. of common stock $16,715,600. Of the additional stock $60,- 1900-01 $25,000 $66,225 $174,562 $707,690 $265,787 000 each of preferred issued 1899-00 375,574 129,656 46,643 52,980 30,033 common and was to purchase the entire $100,000 capital stock of the Long Island Agricul- The mileage operated in the late year was 225, against 194 tural Chemical Co., owning a plant in the Borough of in the earlier year.—V. 73, p. 33. Qoeens. The remainder, except $4,100 preferred sold for Toronto Ry. Dividend Increased.—In view of the largely cash, was issued on account of the original acquisitions, hav- increased earnings during the past half-year, a quarterly ing been withheld as a guaranty against losses on current dividend of \\i per cent has been declared, payable Oct. 1. accounts, etc., of the concerns purchased.—V. 73, p. 614. This raises the annual rate from 4 to 5 per cent.— V. 72, p. American Alkali Co.—Preferred Stock to be Made Full 184. Paid.—The shareholders will vote Oct. 30 on a proposition Washington & Potomac Ry.— Transferred.—A deed has approved by the directors to make the outstanding preferred been filed at Washington, D. C, transferring this property stock full paid by issuing two shares of full-paid, par $50, to the Washington Potomac & Chesapeake Ry. Co. for $100,- preferred stock for five shares preferred on which $20 per 000.—V. 71, p. 699. share shall have been paid. Of the $6,000,000 preferred Washington Potomac & Chesapeake Ry.—See Washington stock $2,400,000 will then be outstanding and $3,600,000 will & Potomac Ry. above. have been retired. — V. 73, p. 555. American Cereal Co.—New Company.—See Quaker Oats INDUSTRIAL. WAS AND MISCELLANEOUS. Co. below.—V. 73, p. 34. Amalgamated Copper Co.—No Extra Dividend.—The American Locomotive Co.—First Dividend.—This com- directors on September 20 declared a quarterly dividend of pany, organized last June, has declared a quarterly dividend 1% per cent, payable October 28, but omitted the extra quar- of \% per cent on the preferred capital stock, payable Oct. 21, terly distribution of J^ per cent which has heretofore been 1901, to holders of reoord Oct. 5, 1901.—V. 73, p. 186, 80. regularly paid. In other words, they reduced the annual American Loom Co. New Control, — The Searles interest dividend rate from 8 per cent to 6 per cent. No official in this $1,000,000 company has passed to a New York and statement is obtainable fully explaining this unexpected Boston syndicate; W. C. Lovering has been elected Presi- action, but Director A. C. Burrage is quoted as saying : dent. A. C. Case, President of the American Cotton Co., After a careful consideration, the directors deoided that it would be is connected with the syndicate.—V. 70, p. 431. wise at this time to adopt a conservative policy and to omit the usual extra dividend of H per cent. It was considered wiser to reduce the Anaconda Copper Mining Co.—Extra Dividend Omitted.— dividend than to reduce the selling price of oopper. The fact that the The directors on Thursday declared a semi-annual dividend of divider ds on Boston & Montana stock have been enjoined also exerted a good deal of Influence on our ralnde. The stockholders may rest 5 per cent, but omitted the extra dividend of 3 per cent paid assured that in the end this aotion of the directors will prove the in connection therewith since and including Nov., 1899. The wisest that could have been taken. Moreover it is not unlikely that annual rate was therefore reduced from 16 to 10 per cent ; in the dividend rate will be restored at a not far distant date. 1899, 13 per cent in all was paid ; in 1898 and 1897, 10 per oent or its interests, are The company, engaged in extensive yearly. A majority of the $30,000,000 capital stock is owned litigation with F. A. Heinze and the Montana Ore Purchas- by the Amalgamated Copper Co. The last pamphlet report in the course of the ing Co., which Heinze interests have was published in V. 65, p. 569. The statements made to the closing, is obtained injunctions it claimed, the richest mines Montana State authorities, and covering, it is understood, the of the Boston Montana Consolidated & Copper & Silver years ended June 1, 1901, and June 1, 1900, compare as follows: Mining Co., thus reducing that company's copper output, it 1900-01. 1899-00. is said, from about 6,000,000 ounces to 4,000,000 ounces Gross prooeeds $18,128,558 $18,730,131 monthly, and enjoining the payment of its usual dividends. Deduct— During the year 1900 the Boston & Montana dividends aggre- Cost of mining $3,069,072 $6,228,656 gated 172 per cent on its $3,750,000 of capital stock, the Freighton ore 191,^35 300,031 Cost of reduotion 5,288,720 5,354,145 greater part of which is now owned by the Amalgamated Selling and marketing 2,007,415 1,481,780 Company ; in 1899 they amounted to 144 per cent. This source of income for the Amalgamated Company is tempor- Netproceeds $5,671,816 $5,365,519 arily cut off by the injunction ; the August, 1901, dividend, The dividends of 16 per cent paid during these years called however, was duly received, its payment having been antici- for $4,800,000 annually. In Helena the reduction of the divi- pated. The dividend which was expected to be paid by the dend is attributed, in part at least, to,the[necesBity for provid- Butte & Boston in December was also recently ^enjoined. ing funds to pay for the large new smelter which is to be [An official list of the capital stocks of which the* Amalga- completed next summer, at a cost, it is said, of some millions mated Company owns all or part was given in V. 72, p. 1281. of dollars—V. 69, p. 696. The dividends paid on certain of these stocks during 1900 Boston & Montana Consolidated Copper & Silver Min- aggregated: 1 ing Co.- See Amalgamated Copper Co. above. —V. 72, p. 1082 Boston & Montana $6,450,000; Anaconda, $4,800,000; Parrott, $1,380,000; Butte & Boston, $1,000,000.] British Columbia Copper.—New Stock.—The directors The chief reason, however, for the reduction of the Amal- have voted to issue an additional 50,000 shares of capital gamated dividend is believed to be the unsatisfactory char- stock in order to increase the capacity of the smelting plant acter of the export business and the accumulation of copper from 400 tons to 1,200 tons a day. Half of the new stock, it in the hands of the subsidiary companies and their selling is stated, has already been underwritten at $15 per $5 share. agent, the United Metals Selling Co. (see V. 70, p. 284), the California Power Co.—Stock Held Alive.— See Edison Amalgamated Company itself carrying no stock of copper. A Electric Co. of Los Angeles below.—V. 73, p. 618. • " ' well-informed expert in the copper trade on Tuesday gave Cleveland Stone Co.— Called Bonds.—The company gives the ''Evening Post" his view of the situation to as follows : notice that it will redeem at par and interest, at the office of The copper trade is in a sound condition, bo far as the United States the Guardian Trust Co. in Cleveland, Ohio, on Nov. 1, 1901, la concerned. Here consumption this year has been larger than any time before. In Europe the' situation Is quite different. There con- all of its $608,000 outstanding bonds, of an issue of $750,000, sumption has fallen off from 35 to 45 per oent as compared with a year dated Nov. 1, 1896. ago. This naturally has been reflected in the country's exports, whloh are about 45 per oent smaller than last year. .The Amalgamated I3P For other Investment News see Pases 680 and 681. smuuEB as, i9oi.] THE CHRONICLE. ft jgporis and JPcrmmjents. ILLINOIS CENTRAL RAILROAD COMPANY. FIFTY-FIRST REPORT OF THE DIRECTORS TO THE STOCKHOLDERS—FOR THE VI. Al; ENDED JTJ 1901. On June 30, 1900, the number of miles of railroad operated bj the Illinois Central Railroad Company \va There have since been added : On July I, 1900, Loop at Charles City, Iowa -39 miles September 1, 19oO, the Peoria Division 244 ^3 ml Noveui 1 er 1, 1900, the New Harmony Branoh 6 33 miles December 1, 1900, the Albert Lea & Southern RR 1869 mles 26964 Making the number of miles of railroad In operation Juno 30. 1901 4,265*50 The average number of miles of railroad operated by this Company during the year ended June 80, 1901, has been 4,314*98, against an average of 8,845'4S operated in the preceding year; this is, for each year, exclusive of the railt owned and operated by the Yazoo & Mississippi Valley Railroad Company. The following is a summary of the Illinois Central Railroad Company's business for the year ended June 30, 1901 : Gross Reoelpts from Trafflo $36,900,460 47 Expenses of Operation $24,251.677 56 Taxes 1,590.114 87 25,841,792 43 Inoome from trafno. belnu the excess of Reoelpts over Expenses of Operation and Taxes $11,058,668 04 Net Receipts from Sale of Lands 28,607 59 Inoome from Investments, Including those held in the Surplus Dividend Fund, and Miscellaneous Profits 2,476,574 70 Excess of Income over Expenses of Operation and Taxes $13,563,850 33 From this there have been paid : Interest on Funded Debt, and Bonds drawn under Sinking Fund $2,980,925 00 Rent of Subsidiary Railroads as shown in detail in Abstract H 3,615,265 58 Total Fixed Charges 6,596,190,38 Net Inoome for the year ended June 30. 1901 $6,967,659 75 Surplus Dividend Fdnd brought forward Jane 30, 1900, as shown in last Report 1,046,226 92 Amount Available $8,013,886 67 This has been disposed of as follows : 92d Semi-Annual Cash Dividend, paid Maroh 1, 1901—3 per oent on $60,000,000.. $1,800,000 00 93d Semi-Annual Cash Dividend, payable August 31, 1901—3 per oent on $66,000,000 1,980,000 00 $3,780,0C0 0O oestab sh a Pension Fund $250,000 00 or Betterments 2,895,399 75 3,145,399 75 Carried forward to Surplus Dividend Fund, as of June 30, 1901, and set apart as applicable to future Dividends 1,088,486 92 $8,013.886 67 As compared with the preceding year : The average number of miles of railroad operated increased 369-49 or 9-61 per oent Gross Receipts from Traffic Increased $4,288,493 12 " 13-15 " Expenses of Operation Increased 2,874,062 07 " 13-44 " Taxes Increased 98,334 71 " 6-59 " Income from Traffic (Excess of Gross Reoelpts over Operation Expenses and Taxes) Inoreased 1,316,096 34 " 13-51 " Net Receipts from Sale of Lands decreased 1,482 28 " 4-93 " Inoome from Investments, and Miscellaneous Profits tnoreased 64,854 07 " 2-69 " Excess of Income over Expenses of Operation and Taxes Increased 1,379,468 13 *• 11-32 " Total Fixed Charges Inoreased 169,082 80 " 263 " Net Income for the fiscal year Increased 1,210,385 3 " 2102 " The amount available after deduotlng Fixed Charges Increased 1,850,985 33 " 18-50 " The sum appropriated from Inoome for Betterments increased. 728,725 33 "3015 " Surplus Dividend Fund has been augmented by 42,260 00 * 4 04 " DIVIDEND AND INSURANCE FUNDS. The sum of $42,260, derived from interest on securities in the Surplus Dividend Fund, has been added to that fund, which now amounts to §1,088,486 92, and is well and safely invested. The Insurance Fund, after the payment therefrom of all losses by fire, was augmented during the year by $110,478 35, to $1,325,098 93, which is well and safely invested. PENSION FUND. To provide for the retirement from the service of those who have reached the age of seventy years, a scheme of pensions has been adopted, effective July 1, 1901, whereby a monthly allowance is to be made to each person retired, equal to one per cent of his average monthly salary during the ten years preceding retirement, multiplied by the number of years in which he has continuously served the Company. Provision has also been made for pensioning such officers and employes, sixty-one years of age and over, as have become incapacitated. From the income of the year under report the sum of $250,000 has been set apart as a Pension Fund, and the Company has obligated itself to make in each year an appropriation of an amount not exceeding $100,000 in payment of pension allowances for such year. SINKING FUNDS. The Trustees of the various Sinking Funds report that they hold in the Cairo Bridge Fund $489,768 51, being $48,- 213 39 more than they held a year ago; in the Sinking Fund for Western Lines Bonds $317,437 55, being |58,274 83 more than last year; and in a new Sinking Fund for the Omaha Division Bonds $5,072 48. These funds are invested in securi- ties authorized by the several Deeds of Trust under which they were established, and none of these assets appear in the Balance Sheet herewith submitted. The additions thus made to the old funds, taken with the sums devoted to the establishment of the Fund for the Omaha Division Bonds and the Pension Fund, amount in the aggregate to $514,299. TAXES. The charter of the Company reserved to the State of Illinois, in lieu of taxes, 7 per cent of the gross receipts of the 706 miles of railroad originally built thereunder. The sum so paid has this year been $815,093, which, if capitalized at Z% per cent, would give $23,288,371 as representing the proprietary interest of the State of Illinois in the Illinois Central Railroad. This is the largest payment ever made to the State in any one year. Other Taxes bring the sum so paid up to $1,590,114 87. This exceeds the sum paid last year by $98,334 71, and is more than two-fifths (42-07 per cent) of the amount distributed to the stockholders. PEORIA DIVISION. During the year $5,207,948 90 have been advanced upon securities and contracts for the assignments of purchases made at foreclosure sales, which together represent the control and, with slight exceptions, the ownership of the railway formerly operated by the Peoria Decatur & Evansville Railway Co., extending from Pekin, 111., to Evansville, Ind., and the interest formerly held by that Company in the Peoria & Pekin Union Railway. The former owners and creditors of the Peoria Decatur & Evansville Ry. Co. had previously adopted a plan for reorganization, which has resulted in the formation of two separate corporations, the Peoria Decatur & Mattoon RR. Co., which now owns the line from Pekin to Mattoon, 111., and the Mattoon & Evansville RR, Co,, owning that from Mattoon : : 666 THE CHRONICLE. [Vol. lxxih. I I'm: to the boundary between the States of Illi i IncUana Illinois Central BR. Co. haa since September 1, 1900, • 'i hi these rail remainder of the road lying in Indian that the organ iz i Decatur & BCattoon EvR. Co., In whiob alone there are minority in- i i tin ii those represented by th pledged as above, will be completed this autumn, and, in accordance with notices already published, pr 'resented to the Stockholders of to* Illinois entral lilt. Co. al their Annual Meeting Looking to the purchase <>r the railway formerly belonging to the Peoria Decatur & Evansrille Rj Since November 1, 1900, the Illinois Central RR. Co. lias also been operating the so-oalli Barmony Branch, 6*88 miles in length, the purohs blchwillal redattbe wnmal Meeting. With the exception <>f Chicago, Peoria is the most populous city In Illinois, having 66,100 inhabitants. The railroad formerly owned by the Peoria Deoatur <*fc Bvansville Ry. ALBERT LEA. Further advances have been made on account of the Albert Lea & Southern Railroad to the amount of $261,447 84. That railroad is about 19 miles in length and affords a useful connection between the Mona Branch of the Dubuque & Sioux City RR. and various railroads running toward St. Paul, Minneapolis and the Northwest, with which traffic rela- tions have been established. BETTERMENT FUNDS. In the Balance Sheet accompanying the Annual Report for the year ended June 30, 1900, there was shown a liability of $700,818 l*i to the Louisville Division Fund, which represented the excess of the sum realized from the sale of Louisville Division S}.^ per cent Bonds over the expenditures which had been made on the Louisville Division up to that time. During the year under report, further expenditures have been made, in the betterment of that division, to the amount of $885,812 *8, leaving at credit of the Louisville Division Fund, §314,501 28. This, with similar balances of §i 54,579 38 remaining at credit of the St. Louis Division Fund and of $1 at that of the Omaha Division Fund, makes up the § >52,936 96 shown in the attached Balance Sheet as due to Betterment Funds. As further expenditures are made in the improvement of these three Divisions, the cost thereof will, from time to time, be charged to these Funds respectively. STANDARDS OF MAIN fENANCE. The high standards of maintenance heretofore adopted have been strictly adhered to, as will be seen by referring to Tables No. 8 and No. 15, which give in detail the expenditures made in each of the past ten years for Maintenance of Way and Structures and for Maintenance of Equipment. MAINTENANCE OF EQUIPMENT. There have been condemned and disposed of during the year 5 locomotives and 1,116 cars. The former have been replaced by an equal Lumber of new engines, having rather more than double the capacity of the old ones. Of the cars, 852 have been replaced by new ones of much greater capacity, and the remaining 264 cars are being replaced by new ones, built at the Company's shops. Their cost has been provided for by charges already made to Maintenance of Equipment. The balance carried forward at credit of the Fund for Renewal of Eagines and Cars is §235,607 05. ADDITIONAL EQUIPMENT. With the Peoria Division there were received 20 light locomotives, 866 freight cars of small capacity, and 21 pissenger cars. In addition to the new engines and freight cars bought or built to replace old ones, 58 heavy new locomotives, 4,632 new freight cars, having an average capacity of fully 40 tons each, were bought, and 35 caboose cars and 5 baggage cars were built at the Company's shops at a cost of $4,182,413 37. The Company now has 891 engines and 39,685 cars of all kinds. In the past year there were added to the equipment 73 engines and 5,579 cars. Notwithstanding these somewhat extreme additions to an already large equipment, there is, and has been for some time, a shortage of cars, and further large expenditures must during the coming year be made in buying the cars and engines needed to move the traffic now in sigat. Contracts to this end have been made. The average capacity of each of the engines to haul on level track is 3,294 tons; and the average carrying capacity of each freight car is 29 43-100 tons. ADDITIONAL SECOND TRACK. It was stated in the last Annual Report that the traffic had in several places reached the limit of economic operation by means of a single track. During the year under report 89 - 33 miles of additional second track have been put in operation and a large amount of work lias been done in grading and bridging for further additions of this sort. The public service rendered by the Company and the receipts therefrom have again grown in a ratio out of all pro- portion to the number of miles of railroad added to the system, and this growth has been especially marked on the line connecting Chicago with New Orleans, where the traffic already was the heaviest. Your Directors have, therefore, or- dered the completion of the double track from Chicago to Fulton, Kentucky, and the building of a second track from Jackson, Mississippi, southward toward New Orleaus. The outlays during the year under report on new Fecond track amounted to $2,015,067 92, and it is estimated that during the coming year upward of |5 000,000 will be needed for that purpose. There were in operation on June 30, 1901, of second and additional main track 337*50 miles, which is rather less than one-twelfth of the number of miles of railroad in operation. INCREASE OF CAPITAL STOCK. As shown above, a sum exceeding the $6,000,000 by which the share capital was increased during the year was therein expended on additional equipment and additional second track, without as yet meeting all the present requirements: the total outlay during the year on Permanent Improvements being §11,307,589 59, of which $3,000,000 were provided by the issue and sale of Litchfield Division Bonis, secured by a mortgage on that Division In accordance with circular letters already mailed to the proprietors, it is proposed to further increase the capital by the issue of $ 3.200,000 of new stock, for their ratable share of which all stockholders of record on Wednesday, October 30, 1901, are to have the privilege of subscribing at par. The net income of the year ended June 30, 1901, was, as shown above, §6,967,659 75. This exceeds ten and a half per cent (10*56^) upon the present share capital of §66,000,000, and eight and three-quarters per cent (8'80#) upon the $79,200,000 to which your Directors recommend that it be increased. THE YAZOO & MISSISSIPPI VALLEY RAILROAD COMPANY. The following extracts from the Report of the President to the Board cf Directors of that Company for the year ended June 30, 190!, show the condition and growth of that property : The following is a summary of The Yazoo & Mississippi Valley Railroad Company's business for the year ended June 30, 1901 Gross Receipts fromTrafflo $6,127,941 75 Expenses of Operation $3,757,895 82 Taxes i 300,355 96 4,058,25178 Income from Traffic being the exoess of Gross Receipts over Expenses of Operation and Taxes $2,069,689 97 Interest collected on Investments 695 30 Exoess of Income over Expenses of Operation and Taxes $2,070,385 27 From this there has been paid, for Interest on $2,800,000 00 Y. & M. V. First Mortgage Bonds $140,000 00 4,775,658 81 Y. & M. V. 4% Improvement Bonds 191.026 36 16,832,000 00 L. N. O. & T. First Mortgage Bonds 673,280 00 Total of Absolutely Fixed Charges 1,004,306 36 Surplus Jane 30, 1901 $1,066,078 91 . 1 r September 28, 1901.] THK CHKON1CLE. mi The followinK table shows the results of the Compan> 's buslm ss i d eiab of the paat nine y eart A verage Total I n rout Expenses lit, ifjt fit r on ,\ umber netuding In ».r Gross Receipts. l.Xfli liicouu Bond Yeurs Ended ti rrrt Ott Miles Operation. ol (Ifn r.ittim / ,1 l,lt June 30 1893.... 807-27 £3, 319,131 04 $2,463,653 47 $96,337 89 $759,139 68 $781 693 02 $774,412 50 , 973,t,2 8 85 754,495 . 1894.... S0727 :•< ,338,859 50 2,28i ,370 20 89,091 40 9t 0,397 90 10 219 133 7 .^5 9« 1895.... 807-vi7 3,331,334 58 2,290.207 I 90,0 951,168 955,623 698,722 72 ,901 26 1896... £07-S7 8,529,625 10 2,234,625 51 103... 1,191,290 75 1,191 351)72 600,522 72 500.M37 0O 1S97.... 807-27 3,936,513 20 2,550/33 98 124,982 oi) 1.260.P97 18 1,200,061 00 600,522 72 141 28 1S98.... 807-27 4,775,647 53 3,063,975 12 142,044 26 1 509 028 1 5 1.569, 34 19 785,20/ 72 784,031 47 JS99.... 95i->-o 4,5:6,349 72 3,162.542 37 1SH.473 10 1 ,257,334 '/ 5 1,2 7.601 53 916.680 00 340,921 53 1900.... 1,000-68 5,300,889 55 3,217,796 24 177.M7 2H 1.905, 1T6 1.905,539 49 946,240 00 »,-^»9 49 1901.... 1,05651 6,127,911 7 5 3,757,895 88 300,355 96 V.069,869 97 2,070.385 27 1.104,306 86 1,060,078 91 The surplus here shown Is stated without the payment of l ho Inn-rest on either the Beoond Moits?ago Bonds or the Land Abstract Abstract. x Railroads tt Equipment. $160,065,494 10 $66,000,000 00 10,000,000 00 321,863 95 K Funded Debt of Illinois Central RK Co.... $112,563,925 00 H Material and Supplies. 2,498,695 21 K Funded Debt of Chicago St. Louis & Ntw Orleans c Stocks Owned 6,109,833 45 RR. Co 16,234,000 00 128,797,925 00 D Bonds owned 38,595,519 08 Betterment Funds 652,936 96 E 3,820,472 98 F Advances on Account of Set apart t< > provide for otbbb railroals 6,620,889 27 dividend payable aug. 31, 1901 ... 1,980.000 00 G Assets in insurance Fund $1,325,098 93 2,960,960 12 H assets in surplus divi- G Insurance Fund $l,3i5,09S 93 DEND Fund 1,088,486 92 H Surplus Dividend Fund 1,088,^86 9* Assets in i ension Find. 250.COO 00 2,663,585 85 Pension Fund 250,000 0( 2,663,585 85 $216,875,880 91 $216,875,880 91 ABSTRACT "A." RAILROADS AND EQUIPMENT. As shown in the Report for the year ended June '60th. Increase. Decrease. 1901. 19C0. Illinois Central RK... $54,994,645 57 $51,816,883 11 $3,177,7 62 46 Illinois Central RR.-Llichfleld Division 3,162,856 4? 3,162,s5B47 Chicago & Springfield RR 1,866 612 7( 1,802,070 80 64,541 90 Kankakee & Southwestern RR 1,448,517 31 1,442,018 79 6,498 52 South Chicago RR 253,999 CO 253.999 00 Blue Island RR. 66,639 94 66,399 94 300 00 Chicago Havana & Western RR 1,844,372 02 1,839,277 13 5,094 89 Rantoul RR , 681,410 16 581,41016 Chicago Madison & Northern RR 10,300,005 51 10,245,37153 55,233 98 St. Louis Llvlslon (St. Louis Alton & Terre Haute RR.) 12,208,054 5i 12,466,261 16 $258,206 65 Chioago & Texas RR 1,673,703 69 1,651,095 03 22,608 66 Mound City Ry 12,968 68 12,968 68 StacyvllleRR 61,576 13 61,576 13 Canton Aberdeen & Nashville RR 1,999,949 53 1,995,203 76 4,745 77 Hodgenville ABSTRACT "C." STOCKS OWNED. l'ar Value. Book F< Illinois Central RR Co. Stock and Scrip.... $53,822 Leased Line Stock, Illinois Central RR. Co 11,000 00 10,870 00 Chicago St. Louis & New Orleans RR. Co.. 10,200 < 10,21 OO Dubnque & Sioux City RR. Co 9,9^9,100 00 5,9.. Mississippi Valley Co 300,000 00 43. 1 2 "> 00 Chioapo & 8pringfleld RR. Co 25,000 £5,000 00 Other Stocks 14,025 00 5600 $10,353,14: #6,109,833 45 Note.—As shown in Abstraot "I," the dividends received during the year on shares owned amounted to $316,016; whioh ia 3-05 per oent on the par value and 5-17 per oent on the book value above set forth. . « 668 THE CHRONICLE (Vol. LXXIII. ABSTRACT ''D.» BONDS OWNED. Par Value. Hook Value. Illinois Central Gold, Western Lines, Fours $14,000 00 $14,000 00 Illinoirt Central Gold, St. Louis Division, Three and a-halfs 27,00 i 00 29,228 58 Illinois Central Gold Fours of 1!>53 7 1 ,000 00 71,000 00 Illinois Central Gold. Omaha Division, Threes 2,750,000 00 2,613,913 21 Mlsmsslppl Valley Co., Registered, 4% Cold IJonds of 1950 — 22,000 00 22,000 00 Yazoo & Mississippi Valley RK. Co. Gold Imorovement Bonds of 1934, Registered 4,109,432 35 4,109,432 35 Mississippi Central Second Mortgage (past due). 6' 00 600 00 Muhlenberg County, Kentuoky, 5% Refunding Bonds. 40,000 00 40,777 77 Iowa Falls & Sioux City RK. Co. 7% bonds of 1917 4t0,50<) 00 531.131 88 Other Bonds - 2,000 00 2,019 56 $7,496,532 35 $7,434,103 85 Bonds Pledged— See Abstract "L " Yazoo & Mississippi Valley RR. Co. First Mortgage Fives 2,800,000 00 2,324,538 18 Cherokee & Dakota RR Co. First Mortgage Fives $3,100,000 00 Cedar Rapids & Chicago RR. Co. First Mortgage Fives 830,000 00 3,930,000 00 3,030,000 00 Louisville New Orleans & Texas Ry. First Mortgage Fours $16,832,000 00 Louisville New Orleans & Texas Ry. Seoond Mortgage Fives 9,104,000 00 Louisville New Orleans & Texas Ry. Land Grant Income Bonds 9,904,000 00 35,840,000 00 24,906,877 55 $50,066,532 35 $38,595,519 08 Note.—As shown In Abstract "I," the Interest received during the year on bonds owned amounted to $1,634,207 61; whloh Is 3 36 per oent on the par value and 4-36 per cent on the book value above set forth. ABSTRACT "E." ASSETS AND LIABILITIES. A88ET8. Liabilities. Cash ... $761,024 20 Payable on Demand — Bills Receivable and Loans on Collateral 84,118 85 Bills Payable $1,250,000 00 Due from Solvent Companies and Individuals 2,949,658 53 Audited Vouchers and Accounts — Due from Agents 1,275,790 46 Vouchers Audited prior to Due from Subsidiary Companies 4,374 19 June 1, 1901 $146,301 68 Other Assets 52,396 13 Vouchers audited for June, 1901 1,783,558 93 1,929,860 61 Wages and Salaries- Due prior to Judo 1, 1901. $281,033 72 Due for the month of June, 1901 1,457,175 10 1,738,208 82 Net Traffic Balances due to other Com panles 119,653 01 Dividends not called for 34,820 «0 Matured Interest Coupons unpaid (In eluding coupons due July 1, 1901) 929,778 44 Rents due July 1, 1901 200,000 00 Other Accounts Payable 178,171 34 56,380,493 05 Payable at Future Dates— Bills Payable $600,000 00 Fund for Renewal of Engines and Freight Cars 265,607 05 Fundfor Automatic Couplers and Air Brakes 78,105 79 Dux Y. &M. V. RR. Co 664,101 66 Other Accounts Payable 859,258 35 Balance— Net Liabilities. 3,820,472 98 Miscellaneous 103,21,9 44 2,570,342 29 $8,950,835 34 Total $8.<>f>0.835 34 ABSTRACT "F." ADVANCES ON ACCOUNT OF OTHER RAILROADS. As Shown in the Report for the Tear ended June 30th. Increase. Decrease. 1901. 1900. Effingmam District -formerlt St. Louis Indianapolis & Eastern RR.— $732,318 79 $744,184 34 $11,865 55 Omaha Division—formerly Fort Dodge & Omaha RR.— 4,105,163 21 4,105,163 21 Canton Aberdeen & Nashville RR in Alabama— 159,532 37 159,318 62 $213 75 Litchfield Division—formerly St. Louis Peoria & Northern Ry.— Amount advanoed on account of betterments sinoe December 1, 1899 31,470 92 31,470 92 Albert Lea & Soothern RR.— 371,168 16 109,720 32 261,447 84 Riverside & Harlem RR.— 149,921 05 149,921 05 Peoria Division— 5,207,948 90 5,207,948 90 $6,620,889 27 $5,149,857 41 $1,471,031 86 ABSTRACT "H»—SEE NEXT PAGE. AB8TRA.OT "I.» INCOME FROM INVESTMENTS, AND MISCELLANEOUS PROFITS. Dr. Fixed Charges of Subsidiary Lines written off $503,500 00 Balance, representing Net Income front Investments and miscellaneous Fronts. 2,476,574 70 $2,980,074 70 Or. Interest received on Money Loaned, less Interest Paid on Money Borrowed $96,717 54 Int-rest on Bonds Owned ., 1,684 207 61 Dividends on Shares owned 316,016 00 Int. on Sec. in Sur. Div. Fund, Sterl. Exoh.. Prem. on 111. C. stock sold. Sundry Profits 379,633 55 Interest on Bonds of Subsidiary Lines pledged to secure $15,000,OCO Illinois Central Fours of 1952 $16,350,000 Fives $817,500 00 Less Interest Collected as above— From Y. & M. V. RR. on its Gold Fives $140,000 From Dubuque & Sioux City RR. Co.— On Cherokee September 28, 1901.1 THE CHRONICLE. AB8TKACT "II." APPLICATION OF INCOME. Dr. Items— Surplus Dividend Fund June 30, 1900, H s shown in last report $1,046,226 92 NET RkcKIITS DDKIN'Q THE VEAB ENDED JUNK iO, 1901 — From the Operation of the Railway, as shown In Abstraot "M" $11,05 8, 60S 04 From the Land Otltoe ^-.007 5'.< From Investments and Miscellaneous Protlts, as shown In Abstraot "I". 2,476.574 70 13,563,850 33 Available for Fixed Charges and Dividends. * 14,0 10.077 25 Or. 7/ ems— Interest on Bonds $2,930,925 00 Sterling Sinking Funds of 1903 drawn for payment .*>O,0OO 00 Rent oi C.St. L. & N. O. RR 2,421,089 70 Rent of Dubuque A Sioux City RR. (Including $46,733 60 Sinking Fund on I. C. Gold, Western Lines Fours, and $5,0 u 81nklng Fund on Omaha Division Threes) $818,413 00 Less Interest on Gold Western Lines Fours, as above $217,000 00 Less Interest on Gold Omaha DlvlBlon Threes, as above 67,500 00 284,500 00 533,913 00 Rent of St. Louis Division (8t. L. A. & T. H. RR.) 507,525 00 Rent of Lltchrleld Division (one month, June 1 to 30, 1900) 7.500 00 Rent of Peoria Division (ten months, September 1, 1900, to June 30, 1901) 145,237 88 Total Fixed Charges $6,596,190 58 Dividend, March I, 1901, on Illinois Central Shares $60,000,000 6 mos. a> 6% $1,800,000 00 Dividend. August 31, 1901, on Illinois Central Shares 66,000.000 6 " 1.980,100 00 3,780,000 00 Set apart from Income— For Betterments $2,895,399 75 To establish a Pension Fund 250,000 00 3,145,399 75 $13,521.590 33 Surplus Dividend Fund, applicable to Future Dividends. 1,088,486 92 $14,610,077 25 PERMANENT IMPROVEMENTS. Amounts Exptnded dur- BT BOADS : ing the Year Ended June 30, 1901. Illinois Central Railroad $H ,073,162 21 Illinois Central Railroad— Litchfield Division 3,153,622 97 Chicago & Springfield Railroad 64,541 90 Kankakee & Southwestern Railroad 6,498 52 Blue Island Railroad , 300 00 Chicago Havana & Western Railroad 5,094 89 Chicago Madison & Northern Railroad 55,233 98 St. Louis Division (St. Louis Alton <& Terre Haute Railroad) 32,563 38 Chicago & Texas Railroad 1,806 11 Canton Aberdeen & Nashville Railroad 4,715 77 Chicago St Louis Total $11,307,589 59 DI8TEIBDTED AS FOLLOWS : CONSTBUCTION— Way Lands acquired $22,102 11 Station Grounds acquired 304,116 26 Station Grounds— Improvements 7,213 81 Hull 1 1 intra 437,166 13 Water Works _. 20,442 61 Section Houses 1,741 06 Cattle Guards and Crossings 1,878 00 Fencing 114,773 80 Sidings 373,501 69 Ballasting 94,487 67 Reduction of Grades 195,315 41 Raising Grade of Traoks 1,339 70 New Second Main Track 2,015,067 92 Block Signals 15,251 11 Interlocking _ 35,968 04 New Telegraph 5,850 82 Lake Front Improvements— Chicago 500 00 Filling Lake Front between 20th and 39th Streets, Chicago 4,197 11 Elevation C. M. & N. Tracks, Ashland Avenue. Chicago 46,445 76 Elevation O. M. & N. Tracks, 16th Street, Chicago Cr 316 49 Elevation 8t. Charles Air Line, West Approach (this Company's proportion) 253 31 Canton Aberdeen & Nashville Extension 3,321 39 Branch of C 8t. L. & N. O. RR.-Dyersburg, Tenn., to Obion River .' 52,781 65 Levee Connection Tracks, New Orleans 156,883 65 East St. Louis Passenger Station 3,125 00 Cost of Litchfield Division : Springfield to East St. Louis $3,000,000 00 Betterments December 1, 1899. to June 30, 1900 31,470 92 Betterments July l, 1900, to June 30, 1901 122,152 05 3,153,622 97 $7,067,030 49 Nbw Equipment Pdbchased in Addition to New Engines and Fbeioht Cabs Bought ob Built to Replace Old Ones : Locomotives: 10 10 Wheel Passenger Looomotlves $155,006 74 23 10 Wheel Freight Looomotives 347,148 11 14 Mogul Looomotlves 223,302 20 11 6 Wheel Switching Locomotives ... 124.412 29 Passenger Cars : 5 Baggage Cars 22,319 04 Freight Cars: 2,132 40-Ton Box Cars 1,602,020 20 1,700 40-Ton Coal Cars 1,134,960 00 500 50-Ton Combination Ballast and Coal Cars 286,650 00 300 30-Ton Refrigerator Cars 255,348 42 35 Caboose Cars 31,246 37 $4 182 413 37 * Old Equipment purchased from St. Louis Indianapolis •This equipment included in last year's report under the head of that reoelved with aoqulred lines, but cost not taken into aooount until current year. . . rHRONHIF. Vol. LXXIII. 670 THF I COMPARATIVE HTATKMENT OF" BBCEIPM FOB THi: YEARS ENDED JUNE 30, l'.'Ol AND 1!)00. Tear Ended June 30th. Per Cent of Increase. Increaxeor Decrease. Decrease. L901 1900. 11-65 Freight $24,876,338 77 $22,280,420 38 $2,595,918 39 r'4 1-V62 Ilgef 7,327,742 86 6,177, v 3 82 1,180.088 Mall 770,041 02 711. 7S7 83 68,253 19 8 18 654,303 18 543,250 90 111,052 2-< 2041 Express 17-57 HSBaggi'ge 152,275 01 129,515 a8 22.760 13 atlon of Milk 112,504 55 109,227 13 3,337 42 3 06 Transport 1-92 Train Privilege! 23,551 (!) 24,0 13 28 $462 14 4,130 55 323 57 7-88 I'iirlor Cars 4.106 98 213,099 156 76 :;*}• 3 i'afe Cars and Hotels 76 752 00 56,947 401,014 'A5 55,163 V3 15-92 Kent of Property 48 846,45 30-!. 257 02 266,5" 2 02 35,685 0U 1339 Rent of Tracks 2-40 175 24 Telegraph 7,122 17 7 207 41 Switching (Balance) 109,824 98 192,875 07 4306 83,050 09 87,106 1 1 3 13 32,292 93 58-91 Demurrage. Storage, etc -• 54,81 250,358 10 15-58 Inter State Transfer and Receipts over other Lines 1,857,588 92 1.607.230 82 12 1315 Total $36,900,4 60 47 $32,611,967 35 $1,288,493 TABLE NO. 4.—COMPARATIVE STATEMENT OF OPERATION EXPENSES FOR THE YEARS ENDED JUNE 30, 1901 AND 1900. Tear Ended June E0/A. Per Cento/ Increase. Increaseor Decrease. 1901. 1900. Maintenance of Wat and structures $5,860,817 52 5,568,696 79 $292,120 73 5-25 ok Equipment... 4,371,241 PI 3,675,182 20 69t5,059 61 18 94 Maintknanck 15-85 Condi ;ctino Transportation 13,222,859 21 11,413,837 25 1,809,02196 General Expenses 796,759 02 719,899 25 76,859 77 1068 Total $21,251,677 56 $21,377,615 49 $2,874,062 07 13-44 COMPARATIVE STATEMENT OF TRAFFIC FOR THE YEARS ESDED JUNE 30, 1901 AND 1900. Tear endid June 30tk. P.O. Increase. Inc.or Decrease. 1901. 1900 Dec. 17.735,749 16,020,836 1,714,918 10 70 Tons of Freight Carried One Mile. .. 4,016,085,602 3,425,794,698 590,2b0,904 172J Average Distance Haul ot One Ton.. 226-44 miles 213 83 miles 12-61 miles 5 90 $24,876,338 77 $22,280,420 38 $2,595,918 39 11-65 Average Receipts per Ton $1 40 $1 39 $0 01 •72 Average Receipts per Tod Per Mile. 619-lOOOc 650 10000 4-77 31-10000 Freight Receipts per Mile rt Road.. $5,901 97 $5,794 00 $107 97 186 Miles Run by Fi eight Trains 17,076,817 15,448,359 1,628,458 10-54 Fi eight Receipts per Train Mile $145 67-100c $1 44 23-lOOc $0 01 44-1000 100 ( — 17.805.43 9 1 6,245,007 1,620,432 997 Number Carried one Mile 373,919,236 305,643,549 68,276,687 2234 Av No of MilenTrav. by each Pass.. 2093 miles 18-81 miles 2-12 miles 11 27 $7,327,742 36 $6,177,653 82 $1,150,038 54 18-62 Average Fare ot each Passenger 41 2-1000 38 3100c 2 99-lOCc 7-86 Average Rect-ii ts per Pass, per Mile. 1 960-lUOOc 2 21-lOOOc 30« 6l-1000c Passenger Receipts- per mile of Road. $1,738 52 $1,606 49 $132 03 8 22 Grofe Receipt lenger Trains. $9,104,037 50 $7,779,892 85 $1,384.144 65 17-79 Gross Rec'sof Pas Tr'ns rer M.of R'd $2,174 19 $2,0(3 15 $151 04 7-47 Wilrv Knn by •! Trains.. ... 10,824,720 9,7.0,854 1,113,866 11-47 Rect's of Pasr. Trains per Train Mile 84 66-lOCc 80 12 1000 4 51-lOOc 5-67 COMPARATIVE STATEMENT OF GENERAL OPERATION FOR THE YEARS ENDED JUNE 30, 1901 AND 1900. Tear Ended June 30th. Per Cent of Increase. Increase or Decrease. li 01. 1900. I Decrease. Miles of Road Operated... 4,214-92 3,845-43 36949 9-fcl Miles run by Passnger Trains - 10,824,720 9,710,854 1,113,866 11-47 Miles run by Freight Trains 17,076.817 15,448,3f9 1,628,458 10v4 Miles run by Construction Trains 1,6«9,891 1.716,872 1-57 26-981 7,578.856 6,835,113 743,743 10 88 Total Miles 37,l7o,*84 3i,71i,198 3,4o9,086 10-Zd 278,105,314 249,781.107 28,322,207 11 31 Mtieage of Empty Freight Cars 107,1-73,135 100,528,247 7,344,883 7-31 385.97^,449 350,309,354 J5.667.095 10-18 Mileage of Passenger Cars 50,751,379 44,787,439 5,9b.i,9i0 13o2 Number of Tors of Freight carried One Mile. 4,016,085,602 3,42\7P4.698 590:90904 1723 Number of Passengers carried One Mile 373,919.236 305,643,549 '8,275,637 2234 Gross Reoeipts - $36,900,460 47 $32,611,967 35 *4,2S8,493 12 13-15 Operation Expenses 24,251, 77 56 21,3:7,615 49 2,874,062 07 13-44 Excess of Receipts over Operation Expenses, 12,648,782 91 11,234,351 86 1,414,43105 12-59 Gross Receipts per Mile of Ro.id $8,754 72 $8,480 71 $274 01 3 23 5,753 77 5,559 23 194 54 3-50 Excess of Receipts over Operation Expenses, 3,000 95 2,921 4 8 79 47 2-72 Gross Receipts per Train Mile $1 32 25 U0 $1 29 62-100 $0 02 6-100 9(13 86 92-100 84 97-100 01 95-100 Excess of Receipts over Operation Expenses, per train Mile, exclusive ef Taxes 45 33-100 44 65-100 CO 68-100 1-52 Average No. of Loaded Freight Cars in Train. 16-28 16-17 011 •68 Average No. of Emptv Freight Cars in Train.. 6-32 6-51 2-92 19 Average No. Total Freight Cars in Train 2260 22 68 •35 •08 Average Number of Tons of Freight in Train.. 23518 221-76 13-42 605 Av. No. of Tons of Freight In Each Loaded Car 14-44 13-72 •72 5-25 34-54 3147 3 07 9-76 . Sbftbmbbb -'8, 1901.] THK CHKONICLK. 071 RECEIPTS AND EXPEN8E8-PEK MILK OW BOAD, SHOWING AMOUNT, PEB CENT Of AND h KM|{. OPERATION EXI'KN-KS I M ENDED JUNE 80 IP01 AND AMOl ST I'l It CENT ol (ilt"-s Ki i HITS. SSES. ><• .,./• Tear > 1 / n.trd -i '/<• June UVth June 30th. I), Juvt In- De- /,.. De- crea.ve. crease. ert > creau, 1901. 1900. 1 Ol. 1900. 1S01. 19 QBOU Keckipt8: $5,794 00 $107 97 674 68'3 •9 1,738 52 1,600 49 132 03 190 18'9 10 1,11423 1,080 22 84 01 127 12-8 •l Total $8 .7.' 4 72 $8,480 71 $274 01 100 100 Operation Expenses: Maintenance of Way and Structures $1,390 49 $1,448 13 $57 64 159 171 1-2 242 260 18 Mulnt. of Equipment.. 1,037 09 955 73 $81 36 11 8 113 •5 18-0 172 •8 Conductlni; Trans'n... 3,137 26 2,968 16 169 10 358 34'9 •9 54-5 584 11 General Expenses 188 93 187 21 1 72 2 2 2'2 3-3 3-4 1 $5,753 77 $5,559 23 $19154 657 655 •2 100 100 Taxes $377 25 $387 94 $10 69 43 4-6 3 $2,623 70 $2,533 54 $90 16 300 299 1 TABLE No. S.-COMl'AUATIVE STATEMENT OP MAINTENANCE OF WAY AND STRUCTURES, JULY 1. 1h<>1, TO JUNE 80, L90L MAINTENANI i. or Way. s n tat Hi pail 1 Way Road Amount Ami 11 11 ,rks ut i nil TonsoJ No. of c 3 q/ Labor on Chitiaut (,) Ohargea Ii l(i pain "f Other 1 Mil. Total. Track. Hi in tails Jli n Bridges* Items. PIMl 1,11 Ties. Engines. "/ Bails. -08 75 $26fl,020 91 1 1898.... 8,888*80 fU ,227,778 16 15,881 I197.0*"g 16 l 185.934 1377,223 23 8527,03801 $44",(I51 IV 12,771, 11 8 98 20,775.908 18 84c. $44,642 tl l.iliir. 1 11*440, 11309, 9,86492 137,448 91 812,108 I'. 1 8 94 86**J846 76 2,436,; 21,289,842 Ts'.i 1.008 184,58644 1 201,71' 330,6; 282.685 74 359,92895 2,167, 80 20,195,318 10*780. 42,1 W6U ii 2,88s 1,<>18,16] H2 16,521*85 224,12i 104,178 3i>::.^; 1 23 347,26980 873,760 78 2,266 179 32 19,401,065 ll*68c 39,26971 .'.' 3.1V l L83.U81 "4 I8,i 98*46 265,002 16 ,952.771 385,033(18 ^134 546,28774 2,82 23,073,91 1 .17.104 59 I ! S* I T.Hfi 1897... 8,180*81 1,805 3 ',155(18 492,18491 2< 4.074 485,7089 J8 75 l 0-4,41240 3,344, 08076 23,334,785 L438C. 82,156 22 (is? 3.807 71 1,687.86466 81,325*40 290,8681 l 535.778 16 58 !,777 52 787,«96 80 8.834, 15 28,565,183 41,186 56 53,5715 420,4", 8,678-74 1,778 21.1-2-0' 185,0261 ;-44,2fxN 438,883 I 1 637, 769,19296 8,809, 44801 89,514,549 12*91o. 65 8 91>5\sti 2,213.482 l.s 84,613*76 373,1*74 76 ,617,759 539620 5 858.391 51 ,115 71 5.016. ,•57101; 33,711,198 14*88c. 6,582 60 1901.... •4.856*88 2,259,774 74 30,009*88 476,298 89 987,356 652,78; 1" 795,006 88 983,4118'.' 5,107 278 98 3?,170,'^4 83,706 57 S36 97 • Exclusive of Mileage between 1'okinanJ PeOfla—0'3l miles. COMPARATIVE STATEMENT OF NUMBER, CLASSIFICATION OF ENGINES, AND TONNAGE CAPACITY ON LEVEL TRACK, JUNE 30, 1901 AND 1900. June 3Cth. Increase. Class of Engines. 1901. 1900. Tonnage Tonnage Tonnage No. Capacity on No. Capacity on No. Capaci'y on Level Track. Level Track. Level Track. 4- Wheel Switch 32 73,152 32 73,152 6-Wheel Switch 104 360,285 87 287,984 17 72,301 Suburban 33 73,535 33 73,535 10- Wheel 212 791,042 180 651,423 32 139,619 Moguls 285 9y8,619 271 919,018 14 79,001 8- Wheel 185 451,614 170 423,027 15 28,587 Consolidation 39 178,161 39 178,161 12-Wheel 1 8,472 1 8,472 Total 891 ? ,934, 880 813 2.614,772 78 320,108 3,294 3,216 78 COMPARATIVE STATEMENT OF REVENUE FREIGHT CARS, AND THEIR CAPACITY IN TONS, JUNE 30, 1901 AND 1900. JCNE 30TH. Increase. Decrease. 1901. 1300. Class of Cabs. Average Average Average Average , I Tonnage Number Capacity Tonnage Number. Capacity Tonnage MnnUa Capacity Tonnai/e Number Capacity in Tons. Capacity in Ions. Capacity inxons. Capacity in J Capacity per Oar. per Cur. per Car. per (.'"/•. Box 19,723 564.529 28 62 16,873 460,611 27-30 2,850 103,918 1-32 Stock 1,097 26,580 24-23 1,179 28,038 23*78 •45 82 1,458 Fruit 633 14.273 22 55 822 17,019 20 70 1-85 189 2,746 Refrigerator 1,359 36,887 2714 1,078 28,390 26*33 281 8,4!<7 •81 Coal 13,242 416,739 31*47 10,671 309,'.- 82 2899 2,571 107,357 2 48 Flat 1,854 56,746 30-61 1.816 55,305 30*45 38 1,441 16 Total.... 37,908 1,115,754 2943 32,139 693,745 27-71 5,469 217,009 1-72 TABLE No. 15.—COMPARATIVE STATEMENT OF MAINTENANCE OF EQUIPMENT JULY 1, 1891 TO IUNE 3), 1901. Maintenance of I II'MENT. Repaibs and Renewals. Other Maintena'ee Equipment Main- Shop. Expenses. tenance Per Mile of Machinery Including Mar tut Road Tears Engines. Pas'ger Cars Freight Oars. Per Per Equip- Operated ended and \8uperintend Total. Per Puss'nger Frtight Tools. tnce. ment. idtnj June Engine Oar Oar 80th. No. Amount. No. Amount No. Amount. Mile. Mite. Mile. nent). 1892.. 572 $866,06=1 4 87 $230,780 16011 $878,344 4 17100c 97 lOOo 43- 100c $60,218 $-'.035.41 >t $70"> 90 1893. 596 861,* 22 640 279.059 17191 895,912 4 4-lOOc 1 9- • Uc 44-lOOc 76,78.1 2,112,977 73 1 1894.. 59 " 1.066,026 588 242,700 16197 1,049,002 5 28-101 79-10< c 54-1 00c 85,927 2,413,65' 846 05 .111 2,17.\78i. 1895.. 597 886,498 540 235,946 16827 883,553 1 57-KOo 95 100c 14 1 51,437 $112,948 75144 1896.. 626 983.704 575 288,049 21098 1,0*8,563 4 61-1000 1 6-IOO0 44-K Oo 65,947 125 4,31ft 2,556.169 83183 1897.. 754 1,120,670 575 3 1 5,593 23235 1,048,767 4 75-100i- 1 8-1000 3 9- 100c 96,765 127,479 3.714 2.718,979 865 62 1898.. 754 1,242,055 651 299,187 28719 1.302,486 4 35-1000 86 lOOo 41-1 00c 104,430 158,288 27.305 3.132.72 822 66 1899.. 763 1,31-. 890 653 262,328 30238 1,338,471 4 471<0c 73-1' Oo 42-lOOc 102.952 167,562 16.73' 8,195.9 i>7 866 :i*> 1900.. 813 1,405,915 696 279.859 33410 1,690,937 4 17-l"Oo 72-1000 46-1 00c 121.257 160.323 7.891 3.675, 1 8S 953 0*1 1901.. 891 1.567.52S 725 357,521 389t0 2,083.514 3 92-lOOc 69100c 50 100c 113,756 201,961 16,932 4,371/:4V 1,033 07 . : 672 THE CHRONICLE. [Vol. Lxxnr. COMPARATIVE STATKMKNr OF MILEAGE OF ALL TRACKS JUNE 30TII, 1901 AND 1900. Tear ended June 30th, Increase. 1901. 1600. 4,266 50 3.995 86 269 64 887 50 248 17 89 33 1,333 34 1,209 50 123 84 5,936 34 5,453 53 482 81 THE YAZOO & MISSISSIPPI VALLEY RAILROAD COMPANY. TWENTIETH ANNUAL REPORT OF THE PRESIDENT TO THE BOARD OF DIRECTORS-FOR THE FISCAL YEAR ENDED JUNE 30, 1901. On June 88, 1900, the number of miles of Railroad operated by the Yazoo & Mississippi Valley RR. Co. was 1,000-68 There have since been added : On July 1, 1900, Yazoo Delta Hallway 2010 miles August 1, 1900 Belzona Extension 9*15 miles October 1, 1900, Leland to Bogue Phalia. 1667 miles January 1, 1901, Rosedale to Boyle 23*74 miles May 1, 1901, Parsons to Grenada 15- 16 miles I uno l, 1901, Black Bayon J emotion to Philipp : 5*22 miles 90-04 Making the namber of miles of railroad in operation June 30, 1901 1,090' 72 The average number of miles of railroad operated by this Company during the year ended June 30, 1901, has been 1, 056*51, against an average of 1, 000-68 operated in the preceding year The following is a summary of business for the year ended June 30, 1901: Gross Receipts from Traffic $6,127,941 75 Expenses of Operation ;... $3,757,895 82 Taxes 300,355 96 4,058,25178 Tncome from Traffic being the excess of Gross Receipts over Expenses of Operation and Taxes $2,069,689 97 Interest oollected on Investments 695 30 Exoess of Income over Expenses of Operation and Taxes $2,070,385 27 From this there has been paid, for Interest on: $2,800,000 00 Y. & M. V. First Mortgage Bonds $140,000 00 4.775,658 81 Y & M. V. 4% Improvement Bonds 191.026 36 16,832,000 00 L.N. O. & T. First Mortgage Bonds 673,280 00 Total of Absolutely Fixed Charges 1,004,306 36 Surplus June 30, 1901 $1,066,078 91 As compared with the preceding year : The average number of miles of railroad operated increased 55-83 or 5-58 per cent Gross Receipts from Traffio increased $827,052 20 " 15-60 " Expenses of Operation inoreased 540,099 58 " 1678 " Taxes increased 122,438 70 " 68 82 " Excess of Gross Receipts over Operation Expenses and Taxes increased 164,513 92 " 8 64 " Exoess of Income over Expenses of Operation and Taxes Increased 164,845 78" 8 - 65 " Total of Absolutely Fixed Charges Increased 58,066 36" 6*14 " The Surplus from the year's earnings inoreased 106,779 42 " 11*13 «' The following table shows the results of the Company's business in each of the past nine years: Fixed Charges, Average Excess Gross Exclusive Interest of Total Income, of Number Expenses Receipts over on Second Morigage Tears Ended including In- of Gross Receipts. „ °f Taxes. Expenses Income Bonds and on Surplus. June 30th. Miles Operation. Operation terest on Grant Income of Investments. Land Operated. and Taxes. Bonds of the L. N. O. <£ T. By. Oo. 1893 807-27 $3,319,131 04 $2,463,653 47 $96,337 89 $759,139 68 $781,693 02 $774,412 50 $7,280 52 1894 807-27 3,338,859 50 2.28<',370 20 89,091 40 969,397 90 973,628 85 754,495 10 219,133 75 1895 , 807*27 3,331,334 58 2,290,207 50 90,058 53 951,068 65 955,623 98 693,722 72 261,901 26 1896... 807-27 3,529,625 10 2./34.625 51 103,708 84 1,191,290 75 1,191,359 72 690,522 72 500,837 00 1897 807*27 3,936,613 20 2,550,633 98 124,982 09 1,260,897 13 1,260,964 00 690,522 72 570,441 28 1898 807*27 4,775,647 53 3,063,975 12 142,644 26 1,569,028 15 1,569,^34 19 785,202 72 784,031 47 1899 954*80 4,576,349 72 3,162,542 37 156,473 10 1,257,334 25 1,257.601 53 916,680 00 340,921 53 1900 1,000*68 5,300,889 55 3,217,796 24 177,917 26 1,905,176 OS 1.905,539 49 946,240 00 959,299 49 1901 1,05651 6,127,941 75 3,757,895 82 300,355 96 2,069,869 97 2,070,385 27 1.004,306 36 1,066,078 91 The surplus here shown is stated without the payment of the interest on either the Second Mortgage Bonds or the Land Grant Income Bonds of the Louisville New Orleans & Texas Railway Company, of whioh $9,104,000 and $10,000,000 are respectively outstanding. The mortgage given in 1886 to secure the Second Mortgage Bonds provides that interest is only to be paid on th m when it shall be earned and so determined and declared by the Board of Directors, but that such interest shall be cu mulative, and in case less than two and one-half per centum be paid in any half-year, the upaid interest, with interest on such unpaid interest at the rate of five per centum per annum, shall be carried forward to the credit of the bonds for subsequent payment as such net earnings shall suffice for, or at the maturity of the bonds. The Louisville New Orleans & Texas Railway Company permitted the interest on these bonds to accumulate and be compounded until the autumn of 1892, when that Company was merged into the Yazoo & Mississippi Valley Railroad Company. Since then in each of the fiscal years ended June 30, 1893, 1894, 1895, 1896. 1897, 1898, payments, ranging from $198,451 to $50<»,837 per annum, were made on account of interest due thereon. By order of the Board of Directors of the Yazoo & Mississippi Valley Railroad Company all of the surplus realized in the next two years, amounting in 1899 to $310,9*21 53, and in 1900 to the further sum of $959,299 49, was credited to Profit and Loss, nothing being paid on account of interest. arrears The of interest due and unpaid upon these bonds amounted on June 30, 1901, to $5,213,522 28. i The Board of Directors of the Yazoo & Mississippi Valley Railroad Company, having deducted from the earnings of the year under report the sum of $50,000 to establish a Pension Fund, have determined and declared that the remaining $1,016,078 91 shall be paid on September 1, 1901, to the owners of the Second Mortgage Bonds of the Louisville New Orleans & Texas Railway Company on account of the interest then due thereon. No in terest has ever been paid on any part of the $10,000,000 ot Land Grant Income Bonds of the Louisville New Orleans & Texas Railway Company, nor is such payment secured by any lien upon the railway, or the income therefrom. CURRENT TAXES. The Taxes accrued during the year amounted to $300,355 96, and were as usual paid for from current income. This consumed nearly five per cent (4*901£) of the Gross Receipts. The reports of the Inter-State Commerce Commission show that in the preceding year, ended June 30. 1900, the Taxes paid by all the railroads in the United States consumed three and a quarter per cent (3'25#) of their Gross Receipts. BACK TAXES IN MISSISSIPPI. On January 7, 1901, the Supreme Court of the United States affirmed the judgment of the Supreme Court of Missis- 1 m sults brou ht at tne instance of Wirt Adams, of that State, involving taxes for the years i ooS g Revenue Agent back 1892 to 1899, inclusive. These cases are reported in Volume 180 of the Reports of the Supreme Court of the United States, at pages 1 to 49. The amount paid in these cases, including penalties and costs, aggregated $1,013,541 90, and was cnargea to Profit and Loss. tB inv °lvine back taxes prior to the year 1892 are now pending in the Supreme Court of Mississippi. The amount oinf taxes,tf" costs and penalties involved in these suits is about $500,000 Septsmbkr 2?, 1901. j THE (CHRONICLE. ADVANCES ON LINKS IN CONSTRUCTION. or as follows The advances made during the year on new lines branches iu Mississippi ha\ been ; $ Belzona Ex tension '•• v- Leland to I$oeue Phalli* 66, Roaedalo to Hoviw '-• Parsons to Greuada l«,2.l»4 99 Tut w tier to Lake Cormorant 15V.47H 80 Pktliop to Greenwood 3.507 U Total... $548,525 I'd The sums here given do not include advanoes made ill prei ious years, or any charges for interest, for the tr it ion of materials over the Yazoo& Mississippi Valley Railroad, or the use of its equipment, hut merely the cash outlay during the year ended June 30, 1901. TERMINALS IN NEW ORLEANS. To meet the demands of the growing foreign commerce of New Orleans, seven blocks of land adjoining the so-called Stuyvesant Docks have been bought, and an ordinance has bi en obtained from the city whereby a continuous wharf may be built in front thereof. This addition to the present facilities will give to the Company the ownership and control of the wharves in front of its property for a distance of nearly a mile (4,900 feet), measured along the river bank. The building on these lands of an additional elevator, capable oi holding 1,500,000 bushels of grain, 'has been begun. The existing brick warehouses, 1.250 feet in length, will before long be extended further on the land recently acquired. Much progress has been made in creating at Earahan, eight miles from the passenger station at New Orleans, a freight terminal yard, which, in its convenience and adaptability to handle an ever-growing traffic, is designed on a scale second to none in this country of which I have knowledge. The Company owns at Harahan 3,929 acres of land, haying a frontage on the Mississippi River of 6,300 feet, and has laid out thereon some 32 miles of tracks on a plan which provides for practically unlimited growth. PERMANENT IMPROVEMENTS CHARGED TO CAPITAL. As shown in detail in Abstract " A,'" the total outlay during the year for the foregoing and for other permanent improvements has been $1,502,773 54. Four per cent Gold Improvement Bonds of the Yazoo & Mississippi Valley Railroad Company have been issued to this amount and sold at par. EQUIPMENT. The Company owns 105 engines, 76 passenger cars and 3,299 freight and work cars. At the close of the year 4 passen- ger cars and 95 freight cars were out of service. Funds have been provided for replacing them by charges already made against the cost of Maintenance of Equipment. The average capacity of revenue freight cars is 23*48 tons per car. INSURANCE FUND. All losses by fire have, as heretofore, been defrayed from the Insurance Fund, which now amounts to $176,883 33, and has increased during the year bv $24,472 08. WEIGHT OF RAILS. All rails in the main track and nearly all of those in side tracts are of steel. The average weight of rails in main track is 58 - 46 pounds per yard, the lightest 40 pounds, and the heaviest 75 pounds. AUTOMATIC COUPLERS AND AIR BRAKES. The requirements of the law in respect to automatic couplers and air brakes have been complied with. All cars are equipped with automatic couplers and 54*55 per cent of them with air brakes; this, on a railroad so level and straight as yours, is sufficient to safely handle all trains. GENERAL REMARKS. The gross receipts have again been larger than in any preceding year, this for the sixth time in succession. The gross receipts per mile operated were $5,800 18, which is $502 89 per mile more than they were last year and $1,007 19 per mile more than in 1899. In last year's report reference was made to an increase of $270,120 21 in the receipts from Passengers, as affording evidence of the prosperity of the people served by your railroad. It gives me great pleasure to say that during the year under report the receipts from PasseDgers have been further augmented by $277,023 29, an increase of 25"C4 per cent over last year, while the receipts from carrying the Mail have this year grown by 17 09 per cent, and those from Express by 29*12 per cent. From this it may safely be inferred that the people living along the line are steadily growing richer, and that they are diversifying their industries by giving attention to many other things besides the mere cultivation of cotton. While the latter commodity continues to afford a large share of the receipts from freight, the carriage of lumber has, in this and in the preceding year, yielded a somewhat greater revenue. The wealth which still lies dormant in the forests of the State of Mississippi, and the importance of the cities of New Orleans and Memphis as markets for the lumber yet to be produced therefrom, cannot well be over-estimated. Moreover, as these forests are cut down the unsurpassed fertility of the land under them brings it speedily into profitable culture, a condition which does not prevail in many other heavily timbered districts, especially those in the Northern States. PENSION FUND. To provide for the retirement from the service of those who have reached the age of seventy years a scheme of pensions has been adopted, effective July 1, 1901, whereby a monthly allowance is to be made to each person retired, equal to one per cent of his average monthly salary during the ten years preceding retirement, multiplied by the number of years in which he has continuously served the Company. Provision has also been made for pensioning euch officers and employes, sixty one years of age and over, as have become incapacitated. From the income of the year under report the sum of $50,000 has been set apart as a Pension Fund, and the Company has obligated itself to make in each year an appropriation of an amount not exceeding $20, odd in payment of the pension allowances for such year. The thanks of the undersigned are, as ever, due and gladly tendered to the officers and men in every branch of the service, to whose skill and fidelity the results above set forth are so largely due. The attention of the Board is invited to the Report of the Vice President and the accompanying Balance Sheet and Exhibits, and to that of the Second Vice President, which give in greater detail the results of the year's business. Respectfully submitted. STUYVESANT FISH, New York, August 26, 1901. President. GENERAL BALANCE SHEET. Abstract. Abstract A Road and Equipment... $52,307,739 45 Capital Stock $6,168,400 00 Funded Debt: I 1st M. Gold 5b of 1952— B Material and Supplies. 297,238 37 (Y. & M. V. RR. Co)... $2,800,000 00 I. Gold Imp. 4b & Scrip of 1934(Y.&M.V.RR.Co.) 6,278,432 25 Fodk Per Cent Gold Im E 1st M. Gold 4b of 1934 provemknt bonds of (L N. O. &T. Ry. Co).. 16,832,000 00 1934.-OWNED 1,117.000 00 i: 2d M. Income 5b of 1934 (L N. O. &T. By. Co).. 9,104,000 00 i: Land Gr Inc. 6a of 1934 Assets in Pension Fond. 50,000 00 (L. N. O. &T. Ry.Co). 10,000.000 00 45,014,432 35 Net Liabilities 664,689 58 Assets in Insurance Fund 176,883 33 Pension Fund 50.000 00 Insurance Fund 176,883 33 Income (appl. to Overdue lot on 2d M. Incomes) 1,016,078 91 Profit and Loss 858,376 98 $53,948,861 15 $53,948,861 15 .. (>74 THE CHRONICLE. [Vol. LXXIII. 1B8TBA0T "A.» KANKNT I.MI'KOVEMKNTS chakued to CAPITAL. Way Lands Acquired $2,597 20 Station Grounds Acquired 311,286 68 Inge 65,912 83 Beet lot Houses 4,298 73 Water Works 20,320 24 Bridging 217*0 Ballrtstlng - 140,045 96 Hidings 180,140 23 Reduction of Grades 221,576 29 New Telegraph 4,435 09 New Line?: Belznna Extension $39,-2 45 64 I.eland to Bouiie Pballa 6-1,288 79 Rosedale to Boyle. 124,809 >-i Parsons to Grenada 162,194 95 Tutwller to Lake Cormorant. 152,47* tfO Phlllpp to Greenwood 3,507 13 548.525 19 New Shop Machinery and Tools. 3,417, 50 $1,502,773 54 ABSTRACT "C.'» ASSETS AND LIABILITIES. ASSETS. LIABILITIES. | Bills Reclvable $5,834 23 Audited Vouchers and Accounts— 153,686 52 Vouchers Audited prior to June 1, 1901... $8,749 96 Due from Illinois Central RR. Co 664,101 66 78,749 61 $87,499 66 13,852 08 Wages and Salaries— $10,169 0( 151,200 2f 161,369 2< Net Traffic Balances due to other Companiee 39,710 00 Accrued Interest—Coupons of Sept. 1 and Deo. 1,1901 236.093 34 Payable at Future Dates - Fund for Renewal of Engines and Freight $78,184 7i Fund for Automatic Couplers and Air 23,664 8t 664.689 58 Other Accounts Payable 87 5,642 34 977,491 87 $1,502.164 07 $1,502.164 07 \ ABSTRACT "D.» APPLICATION OF INCOME. Net Receipts— Interest paid on December 1.1900. and From the operation of the Railway as June 1,1901. on $2,800,0 Y. & M shown In Abstract "F" $2,069,689 97 V. First Mortgage 5% Bonds $140,000 00 From other sources 695 30 Interest paid January 1 aud payable Jul* 1$2,070,385 27 1,1901. ou $4,775,658 81 Y. & M. V. 4% Improvement Bonds aud 8crip 191,026 3 Interest paid September 1, 1900, and March 1. 1901, on $16,832,000 L. N. O. &T. First Mortgage 4% Bonds 673,280 00 $1,004,306 36 Set apart to establish Pension Fund 50,000 00 Balanoe (applicable to Overdue Interest on Second Mortgage Income Bonds).... 1,016,078 91 $2,070,385 27 $2,070,385 27 TABLE No. 2. COMPARATIVE STATEMENT OF GENERAL OPERATION FOR THE YEARS ENDED JUNE 30, 1901 AND ISOO. Year Ended June 30th. Per Cent of Increase. Increase or Decrease. HOI. 1900. Decrease. 1,056-61 1,000-68 55-83 5-58 1,368,491 1,305,897 62.594 4-79 Miles run by Freight Trains . 2.270,668 1,918.979 351,689 18- 3 Miles run by Construction Trains 546,636 440. =>90 106,046 24-07 658,766 570,098 88,668 15-55 Total Miles 4,844,561 4,235,564 608,yw7 1V38 33,685,630 29,978,250 3,7O7,i,80 1237 Mileage of Empty Freight Cars 12,283,663 11,932,774 350,889 2-94 46,969, 3 41,911,024 4,05x. 169 9-68 Mileage of Passenger"Cars 6,490,170 5,904,462 585,70iJ 992 Number of Tons of Freight carried One Mile. 489,184,635 384,492,780 104691S55 27-23 Number of Passengers carried One Mile {5,347,045 42,534,812 12.812,233 ^ 3012 $6,127,941 75 $5,300,889 55 $827,052 20 15-60 3,757,895 82 3,217,796 24 540,099 58 16-78 Excess of Receipts over Operation Expenses, 2.370,045 93 2,083,093 31 286,952 62 13-78 Gross Receipts per Mile of Road $5,800 18 $5,297 29 $502 89 9-49 Operatton Expenses per Mile of Road 3,55b 90 3,215 61 34129 10-61 Excess of lieopipts over Operation Expenses. 2,243 28 2,081 68 16160 7-76 $1 68 39-K $1 64 37-100 $0 04 2-100 2-45 Operation Expenses per Train Mile 103 261 00 99 78-100 03 48-100 3-49 Excess of Receipts over Operation Expenses, per train Mile, exolufive cf Taxes 65 13-10( 64 59-100 CO 54-100 •84 Average No. of Loaded Freight Cars in Train.. 14-83 15-62 5-06 79 Average No. of Empty Freight Cars in Train.. 5-41 622 1302 •81 Average No. Total Freight Cars in Train 20-24 21-84 7-33 1-60 Average Number of Tons of Freight In Train. 315-44 200-S6 15-08 7-53 Av. No. of Tons of Freleht in Each Loaded Cat 14-52 12-83 1-69 13-17 Average Number of Passengers per Train 40-44 3257 7-87 2416 = . September 28, 1901.] THE CHRONICLK. 675 COMPARATIVE STATEMENT OF MAIM 0* WAY AMD 8TRUI IR8 Mai a i ./at. MUt* of TofU fir r nil Other . ir. ! 1 I Frock. H ..ills. I . j/.T' »4,1 I4H coo -is) 12.1 i- 1... 3K - l'.HXI. .. 120,1-38 .i 11KJ1 .. l.otfo- 104*85 iCr.jtvll 04 COMPARATIVE STATEMENT OF MAINTENANCE OF EQUIPMENT JULY 1, 1893 TO JUNE 30, 1901. Mai-- Repairs and Renewals. Other Maintena'ce Equipment Muin- Shop, Expenses, tenanee Per Mile of Mac/ii'tery Including Ma Koad Oars. Freight Oars. Tears Engines. Pas'ger Per Per and Superintend > q u ijt- Total. Operated ended Per Pass'nger Freight Tools. nice. rneiit. (Excluding June Engine Oar Oar Murine 30th. No. Amount. Xo. Amount. So. iircunf, Mite. Mile. Mite. Bgutpmt nt). 1894 105 $90,4S3 76 $30,905 3286 $160,822 3 6-1000 61-lOOc 44100c $6,785 $13,176 $3f 2,171 $374 31 1895 105 107,03* 76 31,* - 172,489 3 82-1-- Oo 89-1000 52-1000 6,546 lH.0->8 885,961 416 17 1896.. 105 116.952 76 35,235 3286 14,'. 3 »i-;ooo 96-1000 4 2-K 00 6,347 18,033 $1,408 32( 399 12 1897.. 105 89.933 76 42,314 3286 160.014 2 90 100c 1 17 1000 40-1000 5,927 18,' 54 1,669 317,91 1 891 74 1898.. 105 167,985 76 44,347 3^86 162.460 4 42-1000 1 13-1000 32-1000 9,253 20,478 920 4"5,44L 501 10 40- 1899.. 105 149,915 76 36,631 328d 164,770 3 81-luOo 80- 1 ( Oo 36100c 15,732 27,952 13,898 413 70 1900.. 105 130.051 76 40,271 3286 143,354 3 7-KiOo 7 5100c 32-1000 15.331 27.782 7i6 3.,. 356 55 1901.. 105 192,296 76 43,954 3299 219,388 3 49-100t 67-1000 44100c 15,749 29,418 936 501,741 474 02 COMPARATIVE STATEMENT OF RECEIPTS FOR THE YEAR9 ENDED JUNE 30, 1901 AND 1900. Tear Ended June 30th. Per Cent of Increase. Increase or Decrease. Decrease. 1901. 1900. Freight $4,061,697 69 $3,59=5,633 25 $469,034 44 13-04 l,357.3f8 83 1,'. 80,345 54 27-.023 29 2.5-64 Matl 117,366 83 100,236 41 17,1 <0 42 1709 83,698 94 64,824 04 18.874 90 29 • 17,231 72 14,510 85 2,720 87 18-75 1 Train Privileged i ,493 92 6,160 b4 33 28 •5 2 27,744 2(» 3.', 979 27 30-60 $12,235* 07 .' Telegraph 0,420 7 2 f-,278 23 142 49 2-27 17,669 19 1 6,992 50 676 by 3 98 Demurrage 5,922 00 2,6-6 00 3,596 00 128 21,862 24 17,494 24 4,36-!) uO 24-97 Rtulroari Hotel 22,643 50 21,406 78 1,236 72 5-78 37e,82l 97 334.071 80 44,750 17 13-39 Total $6,127,941 75 $5,300,889 55 $827,052 20 15-60 E: =— ~, -; .:-., COMPARATIVE STATEMENT OF TRAFFIC FOR THE YEARS ENDED JUNE 30, 1901 AND 1903. Year ended June 30th. P.O. Increase. Inc.or 1901. 1900. Dec. Tone of Freight Carried 2,453,135 2,089,486 363,649 17-40 Tone of Freight Carried One Mile... 489,184,635 384,492,780 104,691,855 27'2 f Average Distance Haul oi One Ton.. 199-41 miles 184 01 miles 15-40 miles 8-37 $4,064,697 69 $3,595,663 25 $469,034 44 1304 $1 66 $172 3-49 $0 06 Average Receipts per Tod Per Mile. 831-lOOOc 935'lOOOc 11-12 104-lCOOo Fi eight Receipts per Mile of Road... $?,847 29 $^,593 22 $254 07 7-07 Miles Run by Fi eight Trains 2,270,663 1,918,97s* 361,689 18-33 $1 79 Ol-lOOo $1 57 37-1000 4-46 •Oi o 6-1000 1,852,296 1,737.589 114,757 6-60 Number Carried One Mile 55,347,045 42,534,812 12,812,233 3012 Av. No. of Miles Trav. by each Pass. 29-88 miles 24 48 miles 5-40 miles 22-C6 Passe'-ger Receipts $1,357,368 83 $1,080,345 54 $277,02 i 29 25-64 Average Fare of each Passenger... 73 28-1000 62 18-1000 11 10-lOCc 17-85 Average Receipts per Pass, per Mile. 2 45-100o 2 54-1000 3-54 9-100C Passenger Receipt* per mile of Road. $1,284 77 $1,079 61 $205 16 1900 Gross Receipt' <>) Passenger Trains. 91,686,714 87 $1,2(9,966 10 $316,748 27 24-94 Gross Reo's of Pas Tr*ns per M.of R'd $1,501 85 $l,2b9 10 $232 75 18-34 Miles Run by Passenger Trains 1,368,491 1,305,897 62,594 4-79 Root's of Pas . Trains per Train Mile $1 15 95-lOCOo 97 25-1000 18 70-1000 19-23 THE HOCKING VALLEY RAILWAY COMPANY SECOND ANNUAL REPORT -FOR THE YEAR ENDING JUNE 30, 1901. To the Stockholdtrs: As compared with the previous year: The results of the operation of your property for the year Cross Earnings inoreased $235,991 18 ending June 30th, 1901, were as follows: Operating Expenses Increased 144,u Gross Earnings $4,653,258 15 Net Earnings Increased $91.912 44 Operating Expenses and Taxes 2,785,285 85 Net Earnings $1,867,972 30 Dividends were declared on the Capital Stock as follows: Interest charges. le=s lnoome from Subsidiary Companies on 1901 ¥280.000 and from Securities 2% $14,000,000 preferred stick, payable Jan. 10, . 00 513,794 69 " •' •• 2>'o " Inly 20, 8 1. 2i>o.joooo l 1 -j"i on $10,421,625 oomtuon stoofe, payable July SO, 1901. 166,334 Si Net Income $1,354,177 71 Ratio of Operating Expenses and Taxes to Gross Earn'gs 59-86% Total Dividends $716,324 38 : : : : 676 THE CHRONICLE. [Vol. LXXIII. Deducting these dividends, the Profit and Loss Account Jlrouffht forward %i, 162,000 shows a oreait balance of $1,579,648 SS. Less Mortgage Bonds retired : the Renewal Operating Expenses were charged through Columbus & Toledo Seoond Mortgage7% bonds. $800,000 Reserve Fund with the following extraordinary expendi- 1st Mortgage Consolidated 4»« % bonds retired through sinking fund contributed by Buckeye tures, viz : Coal A Railway Co 33,000 For the purchase of new Equipment : 683,000 10 freight engines $125,739 00 7 passenger couches 65,930 00 Net Increase $529,000 baggage and mall oars 14, 2v!!l 00 3 With this report submitted the Balance Sheet and In- lboxoar 756 65 „„„_,„. are $196,654 65 come Account verified by Messrs. Patterson, Teele & Den- And for rebuilding 905 freight oars 120,007 08 nis, also the u*>ual statistics and information. By order of the Board of Directors, Total $316,661 73 N. MONSARRAT, President. 2,512 tons of new steel rails weighing 80 lbs. per yard were laid on the Toledo Division, and 3,810 tons of new steel rails weighing 07 lbs. per yard were laid on the Hocking and Ohio River divisions, making the total rail renewals for INCOME ACCOUNT YEAR ENDING JUNE 30, 1901. the year 4,822 tons. Coal Earnings $2,161.974 65 For the items of other considerable renewals and im- Freight Earnings 1,525,056 06 the equipment, tracks and structures, which Pafsenger Earnings 682,283 53 provements of Mall Earnings 40,688 63 were charged to Operating Expenses, reference is made to Express Earni ngs 34,538 99 the tables accompanying this report. Miscellaneous Earnings 208,716 29 The following expenditures were incurred for Capital Ac- Gross Earnings $4,653,258 15 count, viz Maintenance of Way and Structures $516,802 33 Purchase of Additional Equipment Maintenance of Equipment 747,463 24 00 ConductingTransportation 1,284,291 06 8 Consolidation freight locomotives $104,000 General Expenses 10ti,946 26 Automatlo couplers (exoludlng cost of application) 2,069 60 Total Operating Expenses $2,655,502 89 Total oharged to "Rolling Equipment" Account $106,069 60 Taxes 119,782 96 Additions and Improvements Total Operating Expenses and Taxes. 2,785,285 85 Yards at Walbridge,8outh Columbus, and Nel- sonviile $40,460 50 Net Earnings from Operation $1,867,972 30 12,357 16 Repair Shops and Machinery Inoome from Securities owned $252,177 28 Station Buildings. 1,299 90 Net Income- Subsidiary Companies 211,196 77 Additional sidings, lnoluding tracks to coal Net Income—Toledo Dock 10,710 12 mines and Industrial works, also Inter- change and connection tracks 94,836 30 Total Other Income 474,084 17 Double-tracking Scioto River Bridge 20.539 75 Additional Water Supply 1,622 74 Additional Toledo Dock Machinery 17,240 00 Total Available Income $2,342,056 47 Interest on Funded Debt $819,763 74 Interest on Unfunded Debt 62,042 02 Charged to "Cost of Railroad and Property" Account. 188,356 35 Lease Rentals 24,428 28 Net Deficits- Subsidiary Companies 81,644 72 Total $294,425 95 Car Trust obligations (principal) werereduoed 576,362 47 Total Deductions from Inoome 937,878 76 Aggregate $8:0,788 42 Net Income $1,354,177 71 In accordance with the provisions of the Mortgage, $1,- Percentage of Operating Expenses and Taxes to Gross 000,000 First Consolidated 4}£ per cent Mortgage bonds were Earnings 59-86£. sold, the proceed? to be used and applied for the acquisition Louis P. Ecker and construction of new property, and for betterments and Auditor. improvements, including rolling stock, and also to reim- burse the Company for expenditures made for such purposes out of funds other than proceeds of bonds previously issued PROFIT AND LOSS ACCOUNT, YEAR ENDING JUNE 30, 1901. under the mortgage. At the close of the fiscal year there Credits. remained in your Company's treasury $413,081 62 unexpended 1900. balance of the proceeds of these bonds. June 30, By Balance $938,982 76 Of the 6 per cent Car Trust Bonds $184,000 were retired in 1901 accordance with the sinking fund provision. This expendi- June 30, By Net Inoome for twelve ended this date 1,354,177 71 ture was partially covered by the issue and sale of $101,000 months June 30, By Sundry Profit and Loss of your Company's First Consolidated Mortgage 4^ per cent items (net) 2,81053 bonds. $2,295,971 00 There were also issued and sold $61,000 First Consolidated Debits June 30, To Dividends on Preferred Mortgage i% per cent bonds, the proceeds of which were Stook, No 3—2% $280,OPO 00 a*pplied to the acquisition of property and underlying se- No. 4—2% 280,00000 curities. June 30, To Dividend on Common Stock, 1— 156,324 38 A net increase of $529,000 was made in the mortgage debt No. 1^% June 30, To Balance 1,579,646 62 as follows $2,295,971 00 Additional issues of First Mortgage Oonsoll-5*1 'ioiooo Louis P. Ecker, dated 4^ % bonds as above stated. ' ( 6i!ooo $1,162,000 Auditor. CONDENSED BALANCE SHEET, JUNE 30, 1901. ASSETS. LIABILITIES. Cost of Road and Property $24,551,267 92 Mortgage Debt $15,722,000 00 Rolling Equipment 5,866,112 20 Oar Trust Bonds 647,000 00 Securities Owned 11,801,263 22 Capital Stook—Common 10,421,625 00 Capital Stock — Special Account per Capital Stook Preferred 14,000,000 00 Contra 46,325 00 Car Trust Obligations. ...$1,091,988 78 Unexpended Balance in Sinking Funds. 99,450 68 Less Interest unaccrued, Cash Reserved for Construction and inoluded In face of notes 104,698 91 987,289 87 Equipment 413,081 62 Material and Supplies 212,302 41 Securities Owned- -Special account per contra 46,325 00 Total Capital and Mobt. Liabilities $41,824,239 87 Total Invested Assets $42,989,793 05 Unp.id Labor $130,511 79 Cash 335,067 97 Drafts in Transit 14,945 34 Cash in Transit — 38,292 79 Due Roads, Individuals and Companies. 311,527 34 Cash with Financial Agents to Pay Cou- Coupon Interest due and unpaid 250,289 50 pons and Dividends 330,289 50 Dividend No. 4 on Preferred 8tock 2%.. 280,000 00 Due from Agents and Conductors 81,364 03 Dividend No. 1 on Common 8took Ha%. 156,824 38 Due from U. S. Government— P. O. Dept. 10,171 97 Bills Receivable Discounted 800,000 00 Due from Roads, Individuals and Cos... 828,409 09 Accrued Interest on Funded Debt 105,406 66 Bills Receivable 959,912 50 Acorued Taxes 47,173 04 Accrued Interest Receivable 5,167 53 Reserve Funds 79,548 28 Unexpired Insurance 1,144 39 Total Working Liabilities 2,175,726 33 Total Working Assets 2,589,819 77 Profit and Loss-Surplus 1,579.646 62 $45,579,612 82 $45,579,612 82 Louis P. Ecker, Auditor. : j — September 38, 1901. THE CHRONLCLF. 077 THE CHESAPEAKE & OHIO RAILWAY COMPANY. TWENTY.THIRD ANNTAL REPORT -FOR THE FISCAL YKAi; ENDING J! SE 80, I9 Richmond, Va., Septeniber 16th, 1901. From this Net Iuoome for the year $2,001,8*J7 the following has heen deducted: To the Stockholders Extraordinary Expenditures for new (quip, aud construo'n 1,304,172 The twenty-third Anuual Report of t lie Hoard of Direotoi - Balance transferred to credit of Prollt and Loss 697,725 for the Bbobi year ending June 80th, 1904, is herewith sub- Amount to credit of Profit and Losh J one 30ih, mitted : 1900 $1,000,312 MILEAGE OPERATED. Deduct: Dividend No. 2, paid November 26th, 1900 60 V June 3' t/i,.lune30llt, Tn- Discount on bonds sold 68,003 off 1901. 1900. ( reuse Sundry old accounts written 22,391 Main Line— Fort Monroe to Cincinnati 6641 t64-l Richmond & Allegheny Line Fulton to $695,742 364.C00 Clifton Forge 231-8 231-8 Washington Line— Washington to Cordons- Balance U credit of Profit and Loss June 30th, 1901 . . .$1,062,325 ville 93-5 93-5 Louisville Line—AMiland to Louisville 208-4 20(4-4 Deduoted from Gross Earnings In 1900. Qti t-nbrler Lino -Wtiitoonib to Cass 808 80-8 in Capital in Branches 2t-3 278-4 46 The decrease of $1,000 Stock shown Balance Sheet is due to the coa version of preferred stock into bonds Flm track 1,561-6 1,476-2 85-4 and common stock. Second track 129-2 128-6 •<; in Debt of . "310,000 Sidings 551-3 533-5 17.8 The increase Funded $1 shown by Bal- ance Sheet is explained as follows: Total of all tracks 2,242 1 2,138-3 103-8 Issue of 4>s% bonds for construction purposes ¥1,500.000 00 Average mileage operated 1,506-6 1,4762 30-4 Nsue of iVo bouds for] equal amount of Manchester bonds (In Treasury) 15.C00 00 Road Owned. Issue of ih% bonds aooount exchange of pref. stock 1,000 00 . 1901. Miles. Mites $1,516,000 00 Main Line-Fort Monroe. Va., to Big Sandy River, Ky... .5120 Richmond & Allegheny, Fultju (Richmond) to Clifton The amount realized from the sales of i}i per cent bonds, Forge, Va 231-4 the Manchester water power, which was sold in previous Branches in Virginia and West Virginia 1341 Richmond property, sold this 877-5 year, and the Dock year, was Leased. appropriated as follows: Orange Branch. Southern Ry., Gordousvllle toOrango.Va. 9-0 For second track $1,191,559 21 Passenger and Belt Railway, Lexington, Ky 4-2 For other improvements 3,610,8^1 41 13-2 $4,802,450 62 Operated Through Stock Ownership. Th^ amount drawn from fund to June 30, Mays. Ai Big Sandy RR., Ashland Jot. to Licking River, Ky.142-7 1901. has been— Oovir^ton Short Route Transfer Ry., Licking River to For second track (uncompleted) 1,079,923 03 K. C. lunotlon, Ky. 0-8 \ For other improvements 3,610,891 41 Cov. & Cin. Elev. RR. & Transfer & Bridge Co., K. C. 4,690.814 44 Junction, Ky., to Cincinnati. 2-1 Ktnnloonnlck & Freestone RR., Gartison to Carter, Ky... 19-8 Balance to credit of Second Traok Fund $111,636 18 165 4 Elizabe htown Lexington & Big Sandy RR, Big Sandy NEW CONSTRUCTION. River to Ashland Jct.andStralt Creek to Lexing'n^ Ky. 109-2 Expended Total Amt. Eslima'ed Ohio Big & Sandy RR , Hampton to Peach Orchard, Ky. 4v2 Dur. Year Expended Amt. Neces- Ohio River & Charleston Ry. of Ky., Richardson to White Provided for by the Sale of End. June to Jui't sary for House. Ky 81 4»a% Bonda. 30, 1901 30, 1901. Completion. Kentucky i South Atlan.RR ,Mt. SterlingtoRothwell.Ky. 195 1850 Second Track (50 miles) $365,910 $1,111,146 $150,000 Richmond track elevation, in- Greenbrier Railway, Whltcomb to Cass, W. Va 80-8 cluding real estate 1,241,432 *1,488,648 Greenbrier & New Rlv. RR., Thurmond to Kaymoor.W.Va. 358,767 126 Riclimo d passenger station Glen Jean Lower L?up & Deep Water RR., Glen Jean to (one-half cost) Carlisle, W. Va 3-6 93,099 97,044 153,000 Plney Crtek Branch (13 6 mllesi 143,634 524,578 Alberene Railroad, Warren to Alberene, Va 11-1 Completed 1081 Guyandot Valley Line (265 Operated Undir Contract. miles) 431,137 567,637 Completed Sulphur 4-0 Mines RR , Mineral to Sulphur Mines, Va Total $2,275,212 $3,779,053 $661,767 QalnDlmont Short Line Railroad., Quinnlmont to Green- wood, W. Va 5-2 Provided tor by Separate Issue of Bonds— Keeney's Creek RR , Nuttall to Lookout, W. Va 7-8 Greenbrier Deep Water RR., Deep Water to Robson, W. Va 3-8 Railway t$1.279,348 $2,050,902 $70,400 Greenbrier & New River 113,941 166,685 38,000 20 8 RR Tracks of Othkr Companies Used Under Agreements Total $1,393,288 $2,217,587 $108,400 Baltimore & Potomac and Washington Southern, Wash- ington, D. C. to Alexandria, Va 6-7 Grand Total $3,668,500 $5,996,040 $770,167 Southern Railway, Alexandria to Orange, Va 77 8 1 ' Ashland Coa Louisville Net earnings , 5,805, btl 4,695,v:85 /. 1,110,377 Ballast , 78,057 74 Ties 2-3,519 60 To whieh add : Rails. 235,6.-0 45 Income from oilier sources 149,925 7. 148,371 1,554 Interlocking 1.5S3 21 <-m —rs -xnttt Change of Line at Snowden, R. & A. Line l-\403 87 Gross Inoome 5,955,586 4,843,656 7. 1,111 931 Improvements at Mann's Tunnel near Fort Sprint,'. 17,057 05 From which deduct: Miscellaneous 15,552 06 Interest on Funded Debt 3,100,094 3,061,294 7. 98.800 Int. onbondsof Controlled Roads 182,346 168,850 7. 13,496 Total $341,578 54 Int., Dltr-ountand Exchange 65,412 60,081 7. 5,331 Taxes 401,299 360,853 7. 20,446 Maintenance of E..'in Mtsr. Loss on C. & O. Grain Elevator 1 locomotive $15,837 24 and Cin Coal Terminals 60,992 14.740 7. 46,253 1 baggage oar 4,6 14 Loss on C. & O. Steamship Line. 34,703 7. 34,703 1 Car barge 7,375 00 O. & O. S. 8. Debentures pur- 533 freight oars 230,511 99 chased and canceled 48,551 7. 4R.S51 New tools and machinery 54.056 01 Uncollectible Aocounts 292 1,256 D. 965 Betterments to looomotive equipment 14,711 32 Total Deductions 3,953,689 8,687,074 7. 266,615 Total $327,101 70 Net Inoome 2,001,897 1,156,532 7. 845,315 Grand Total $1,168,680 24 a 678 THK CHRONICLE. [Vol. LXXI1I. New Equipment hs above represents replacements dur- track, branch lines ami improvements at Richmond, includ- ing the year account equipment destroi ed. ing real estate, $1,896,694 69, out of funds provided by 4J^ In addition i<> 8,809 freight cars owned by th<* Company, per cent bonds referred to in last annual report. *4MH| there are 5.400 freight cars in its possession, the ownership On January 1, 1901. changes in operating divisions were of which is in the I uilding companies pending the final set- made as follows: tlement therefor, on which monthly payments are to be The Peninsula, Washington and James River Divisions made, as follows: were abolished, the two rJrst-named attached to the Rich- Contraot 8, l.eoo box oars, expiring Sept. lfttn. 1901 $12.175 00 mond Division, also the Rivanna District of the James v Oontraot 4, 500 gondola earn, expiring Sept. 20th,1»"3. B, 9* 33 River Division; the Mountain District of the Richmond 3«P ContrHOt r\ 8 O uonrtola ours, expiring June lf>t, 1901. 6 33 Division was detached, and with the Alleghany (now James Contract 6, ' ,eOO box e«rs. expiring Oct 1st, 1P04 9,116 67 River) District River Division Contraot 7. 1,.*00 gondola cars, ex plrlngjuly 1Mb, 1005.. 19,372 60 of the James formed into Contract 8, • 0(> steel gondola earn, expiring Deo. 1Mb, the Clifton Forge Division; the Cincinnati, Lexington, 1905 8,100 00 Louisville and Big Sandy Divisions were consolidated and named the Division. Total monthly payments $58,466 93 Kentucky Oo that date the Greenbrier Railway was completed to Amount raid on thin equipment to Tune 30th, 1901 $1,902,696 02 - Amount charged to Operatlnir Expenses and Marlinton, 56 2 miles from Whit comb, and rn June 1st to bu dry < reditu. year ending June30th,1901.$2B6,30« 80 Cass, 80-8 miles; the grading and bridging on the remain- Previously charged 764,1*179 ing 14 miles is track-laymg should be ° 1,030,430 59 completed and com- will 1 Amount held In snspense to be charged to Operating pleted by November 1st. This line be ased to your Expenses In future 872,265 43 Company an i operated as the Greenbrier Division. 13'6 Contract No. 1, covering 1,000 box cars, and Contract No. The Piney Creek Branch (Prince to Raleigh, miles) was 1st, 2, covering 500 gondola c-rs, having- expired January 3d, completed and placed in op ration July 1901; also 1901. and June 15th, 1901, respectively, and the full pay- the Guyandot Valley Kailway from Barbjursville to Mid- ments having been made thereunder, the said cars became kiff, 26-5 miles. the property of t e Company on the dates named. The Greenbrier & New River Railroad extension, on The 25 locomotives and 100 coke cars mentioned in the the south side to New River, is completed except the laying last annual report as having be-n ordered last year were of the rails, and should be in operation October st. received, also 4 additional locomotives 200 flat cars, 21 cabin Ihe completion of these various lines, also the second cars, 1 pressed steel car. 1 steam derrick and 10 passenger main track under construction at the beginning of the year, cars: of this number 1 locomotive and 1 passenger car were has been seriously delayed by t e unprecedei ted rainfall charged to Operating Expenses to replace equipment dis- during the spring months, causing numerous slides and mantled; the remainder were charged to Extraordinary washouts both on the main and branch lines, adding Expenditures, and deducted from Income. In addition greatly to the cost of constructing the new lines and the $230,51199, the co-t of 533 freight cars, was charged to expense of maintaining existing lines. Expenses to replace equipment destroyed. The track elevation through Richmond is practically com- pleted; the Union Passenger -tation is under construction, FREIGHT TRAFFIC STATISTICS. and it is expected that it will he ready for occupancy by the All Lines Operated Directly. joint owners the Seaboard Air Line Railway and the Increase or hesapeake& Ohio Railway—on November 1st. 1901. Decrease. Greenbrier 4 per cent forty-year sinking fund Miles 1,506-6 I 0-4 Radway gol«l bond*, < Freight earnings $11,842,213-04 . $1,747,0 8 84 guaranteed by the hesapfake « Ohio Railway Per cent, of gross earnings 77 /. 1-7 Company to the amount of $J, 000,000, were sold during the Coal and ooke carried, 'ens 5,422.332 7.779.341 year at a satis'aotory price, and the proceeds in part applied Ottier freight carried, tons 4,703,165 D 400 68 to for Number i>f tons oarrled. total 10,125.4-7 /. S78,«57 the reimbursement of your Treasu y advances, and Number of t< ns oarried on- mile. .. 3,051,175,642 I. 104,281,f-3- the remaining funds to the cost of completi g the line. Average miles eaeb ton was ear' led.. 301 D. 1 Greenbrier & New River Railroad 5 per cent hoods, also Number of tons oarried per mile of guaranteed by your to the amount of $111,000 00, roai 6,720 J. 67 Company Number of tons oarried one mile per were issued to cover advan es made lor construction pur- mile of road .... 2,025,206 2.13,812 poses, leaving $2,940 72 still due on this account. These earrings per mile of $7,86o 22 I. $9«9 81 Freight road.... $111,000 00 bonds, with the $52,000 00 issued the previous Average earnings per ton $1-17 I. $ 14 Average earnings per too of coal per year, and $31,000 00 already in the Treasury, are deposited mil*- ing Com | any freight (tonsi 533 The Glen. I an, Lower Loup & Deep WateT Railroad— number loaded oars per Average coal branch, 3*6 miles in length, intersecting with your east bound freight train 296 2>. -4 Average number en September 28, 1901.] THE CHRONICLE. (>7<) 15 miles- total, 1,153 miles. In maintaining existing All of the freight car equipment is provided with auto ;racks 744,>-55 ties were used, and in the construction of malic: couplers and 71 peroent with air brakes. Theavei . lecond track and sidings 40,019, a total of 785,504 ties and capacity of revenue freight car equipment is HO'fl tons, an J28.549 yards of ballast. increase of 2 ton The overhead bridge at 28th Street, Newport News (the Deoembei 7th. 1900, your Company was deprived \>v death sxpense for which is borne equally by the city and the rail- of the valuable services of one of the Director^, Mr. Hoi way company), is now in course of erection, $39,015 66 hav- J. II ml. n. Appropriate resolutions were pee*ed by the ng been advan ed by jour company towaid this improve- Board at its next meeting, December 11th, li*00. and appear nent during the year, and charged against Income. in this report. Mr. Samuel R. Callaway was elected a With the exception of two short trestles across the Chick- Director and member of the Executive < ommittce to succeed khominy swamp, near Roxbury, Va., the main line from Mr. Ilay Dr. GENERAL BALANCE SHEET JUNE 30, 1901. Or. Comparison wih Comparison with ASSETS June 30. IV 00. LIABILITIE8- June 30, 1900. Inc or Dtc. Ino. or Dec. ost of Road and Equip- $ * 9 meat 112,047.401 45 D. 13,714,768 Capltal Stock—Common 60,529,500 00 I. 1.700 " reenbrier andry Construction 4 . p. o. General Mtge. Accounts 120,851 31 I. 92,035 Gold Bonds, due 1»92. 28,824,000 00 /. 1,516,000 or folk Terminal Prop- Six p c Series A Gold erty X>. 43,781 Bonds, due 1908 2,000,000 00 «al Estate i>. 35,3 a 8 Six p. o. Series B (and pedal Cach Deposit Scrip) Bonds.due 1»08 13,354 17 (unexpended ba lance fix p o. Gold Bonds, of const; action Fund) 111,636 26 D. 219,600 duel 11... 2,000,000 00 Six p. o. Gold Bonds, Total Invested Assets. 130,926,161 66 /. 1,541,808 due 1922 142,00000 Dst of 5,^00 Freight Four p. o. 1st Mtge. Gold Oars, less amounts Bonds K. & A. Dlv., oharged to Operating due 198« 6,000,000 00 Expenses 3,033,410 51 /. 1,436,047 Four p o. 2d Mtge. Gold Bonds, R & A. Dlv., Current assets— due 1»89 1,000,000 00 Five Mil In hands of Treas. 602,726 71 I. 144,906 p o. 1st Mtge. Gold Bonds, E. L. peolal Cash ' 'epostt to A B. 8. pay Matured Coupons 326,443 71 7. 15,165 RR., due 1902 3,007,000 00 fecial Cash Deposit- Five p c. I st Mtge Gold B-nds. Dividend Aeoount.... 3,184 00 J. 1,219 Oral* Valley ue from - Branch, dun 19«0 650,000 00 Five st Agents & Conductors. 226,433 64 /. 84.8*2 p o. Mtge. Gold Coal Avenuies D. 320 889 Bonds, Waim Spring Railways 362,1295 60 1.27,55" Branch, due '9li 400,000 00 Individuals and Co's.. 463.908 74 D 83,0. 2 G & N. R RR. Gold aterlal and Supplies.. 689,6 13 73 7. 266, 14* Bonds D. 422,000 Ills Receivable 22,767 13 D. 113,934 dvanoes to Greenbrier 69,894,354 17 1. 1.094,000 Railway D. 771,554 Total Capital and Funded Debt 130.436,454 17 7. 1,093,000 i ti ; due on purchase of 5.4C0 Freight Cars.... 2,161,145 08 I. 916.801 Corrent Liabilities— Interest aoorued on Funded Debt 808,674 38 7. 39,469 Unpaid Coupons, In- cluding Coupons due July 1. l»m 226,443 71 7. 13,633 Divl.ifnds uncollected by -hareholders 3.184 00 7. 1.219 Pay Ro is and Vouohers 1,150,361 60 7. 97,798 Muunry Aooouuts 67.640 16 D. 272.225 Due tu Rai.ways 142,585 47 J. 16,211 Due to lndivl.'ls&Co's. 46.124 *4 7. 5,060 lem porary Loan 300,0< O 00 7. 300,000 Taxes accrued, not due. 152,037 z4 I. 18,216 2,=9^,051 10 7. 219,380 2,597,403 26 D. 749,6( 1 Profit and Loss 1, 06 >. 32 l 08 7. 1.983 Total. 136,556,975 43 1.2,231.254 Total 136,556,975 43 7.3,231,254 lis Company is alno liable as guarantor of the — Norfolk Terminal & Transportation Co.. 1st Mortgage.... $500.' 00 Passenirer & Belt Railway Co., 1st Mortgage $150,000 O. & O. Grain Elevator Co., 1st Mortgage. .... 8^0.000 Louisville & Jefl.ir-ouvl le Bridge Co., 1st Mortgage Greenbrier STATEMENT OF COST OK ROAD AND EQUIPMENT JUNE 30, 1901. Tbe Coxt of Koart and Equipment on Brought forward $127. 213,713 5* June 80, 1900, was $126,762,169 81 Add for amount expended during the Dednot for the following: year as follows: * Securities ol Controlled loads ^13,703,585 50 Plney Creek Branoh (completed) $143,634 03 ' Advances to Controlled loads 1.2H2.751 57 Richmond Improvements 889,050 60 Sale of Richmond Dock Property 123,975 00 Second Track 3t>5,9 10 06 15,186,312 07 1,393.594 69 Keal Estate 72,949 02 Total an per Balance Sheet $112,047,401 45 $127,233,713 52 * Heretofore reported In Cost of Koad and Equipment. COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES. Tbars Ending 30th Jone. 1692. 1893. 1801. 1895. 1896. 1897. 1893. 1899. 1900. 1901. Earnings— $ $ $ $ $ $ $ $ $ $ 7.284.3P6 7.573.655 6,630.201 7,301,816 7.810,598 8,389,374 9,262,993 9.062,879 10,095,144 11,842,213 Paenenger 2,144.970 2,3f0,889 2,011,977 1. "47.148 1,949,790 1,857,898 1,954,86^ 2,4 22,0=>3 2,681,076 2 826.813 109,419 118,737 100.754 113,853 11-.710 113,3^5 133.8H4 153,410 171.908 189,426 148,319 207,147 236,179 236,616 250.096 26H.634 921,959 322,957 324 678 349,8 34 197,293 89,337 64,997 93,598 94,938 80,932 114,858 48,541 129,264 183,204 9,884,416 10,349.765 9,014,108 9.596,031 10,221,131 10,708,183 11,788,557 12,009,839 13,<0;,070 15,371,542 Expenses— 1,773,636 1,508,485 1,183,564 1,252.631 1,455,716 1,440.451 1,500,411 1,613,867 1,865,414 2,217,761 " " Equipment 1,546,109 1.446,913 1,203,853 1.350,047 1,451,6 - 7,251,453 6,983.052 5,721,975 6,168,871 6,670.939 6,944,452 7,653.530 7,658,063 8,706,785 9,565,880 Net Earnings 2,632,983 3,466,713 3,319,133 3,427,159 3,550.192 3,763.731 4,135,027 4,351,777 4,695,285 5,805,661 Percentage of Expenses) 73-3% 66-5% 63-3% 64-2% 65-2% 64'8% 64 9% 63-7% 64-9% 62 2% * Taxes not Included. Consolidated Tobacco Co.- Listed. —The New Stock Ex- and personal, and all franchises, contracts, revenues, etc., of change has listed $56,341,700 of the $158;000,000 fifty year 4 the Lighting Company. The mortgage provides that on per cent gold bonds of 1951 and will list the remainder of March 1, 1906, and annually on March 1 thereafter, $40,000 the bonds as from time to time delivered in exchange for shall be paid to the trustee as a sinking fund for the purchase shares of the American and Continental Tobacco companies. of the bonds in the open market at or below 110 and interest, There have thns far been deposited with the Morton Trust or for their redemption when drawn at said maximum Co. as collateral security for the bonds $48,088,600 of the price. The bonds were authorized to provide for the pur- $48,846,100 common stock of the Continental Tobacco Co. chase of " Buch lands, mills, machinery and other property as and $49,591,300 of the $54,500,000 common stock of the the purposes of the company may require, including the pro- American Tobacco Co. The basis of exchange of said stook vision of funds requisite to prosecute the business for whioh for bonds is $ for $ in the case of the Continental and $1 in the company was organized."—V. 72, p. 678. stock for $2 in bonds in case of the American. The balance New York Dock Co.—New Securities Ready.—The new se- ia given under the heading " Annual Reports " on page sheet curities are now ready, and will be delivered in exchange for V. p. 618, 447. 662— 73, the certificates of deposit representing securities of the Dominion Iron & Steel.—First Dividend.—The company Brooklyn Wharf & Warehouse Co., at the office of the United has declared its first dividend on preferred stock, 3^ per States Mortgage & Trust Co., 59 Cedar St., New York.—V. cent, payable Oct. 1. The annual report is given on page 661. 73, p. 290, 239. —V. 72, p. 1236. New York & Queen's Electric Light & Power Co.— Officers. Edison Electric Co. of Los Angeles.—President John B. —At a special meeting of the directors held Sipt. 25, the fol- Miller of Los Angeles, in reply to our letter of inquiry, states lowing additional directors were elected to fill vacancies: that his company has absorbed the entire capital stock of the Julian D. Fairchild, of Brooklyn, James Pyle and Abram M. California Power Co. and established a community of inter- Hyatt of New York. The board now includes: ests with the Power Development Co., but that there has H. E. Gawtry. Frank Tiiford, L. B. Gawtry. Julian D. Fairchild, been no absolute consolidation. " While a great deal of James Pyle, Abram M. Hyatt, Thomas W.Stephens and Henry, B. Wilson.—V, 73. p. 187.) work," he says, "has been doae, and is still going forward, the nature of the securities to be issued has not yet been People's Gas Light & Coke Co. of Chicago.—Correction. — determined upon." See V. 73, p. 618, 447. The date for the expiration of the right to subscribe to the Edison Electric Illuminating Co. of Boston. — New new stock was, it seems, erroneously stated in the official Stock. —To provide for the cost of recent extensions, the circular; the correct date is Sept. 30.—V. 73, p. 496, 447. shareholders will vote Oct. 8 on a proposition to issue Philadelphia Electric Co.—President McCall says: additional stock, stockholders to be given the privi- $750,000 The question of financing the purchase of the Kensington Eleotrio lege of subscribing therefor to the amount of 1 share for 10, at Co. majority stock, whioh we have bought, has not yet been decided, a price to be fixed by the Gas Commissioners. —V. 73, p. 186. and will not be until the board of directors meets to aot upon it. It is for them to say whether or not additional 4 per cent bonds will be Gas & Electric Co. of Bergen County, N. J.—Holdings oj issued to oover the purchase price. The five new directors of the Ken- Marquand & Co.—The schedule of the bankrupt firm of sington Electric Co. whioh we have elected constitute a majority of Henry Marquand & Co. discloses among their assets the fol- the board of nine. We have the resignations of the other four direc- tors also, but considered it unnecessary to fill their places at this time. securities of this company: Stock, first lowing $1,163,20J; —V. 73, p. 496. mortgage bonds, $478,000; debentures, $132,000.—V. 70. p. Pittsburg Plate Glass Co.—Increase Stock.—With ref- 742, 746. of erence to current reports, we are authoritatively informed Co. of Augusta, Ga.—Mortgage.—The Gas Light company that the matter of issuing additional capital stock is under to the North recently filed a mortgage American Trust Co., consideration, but no action has as yet been taken. The to secure $300,000 of 5 per cent gold of as trustee, bonds proposition is to increase the amount outstanding from each, dated July 1, 1899, and dne July 1, 1919. Col. $1,000 $10,000,000 to $12,500,0u0, the $2,500,000 to be allotted to B. Dyer is President and C. O. Simpson, Secretary. The D. stockholders at par. If the plan is carried out as now pro- last accounts was $160,250. capital stock at posed, it will likely be ready for stockholders' subscriptions Kensington Electric Light Co.—See Philadelphia Electric about Jan. 1 next.—V. 72, p. 436. Co. below.-V. 73, p. 496, Port Huron (Mich.) Light & Power Co.—Bonds —N. W- National Fish Company of Boston.—Dissolution—In re- Harris & Co. recently purchased the $150,000 new first mort- sponse to our letter of inquiry, Treasurer R. L. Mayo writes: gage 5 per cent gold bonds due July 1, 1931, but subject to "The company dissolved on the 29 :h day of last June. The call on or after July 1, 1911, at 105 and interest. Total au- stockholders receive what they put in, and should the collec- thorized issue is $200,000, of which $50,000 reserved for future tions meet our.expectations, there will be a dividend on the additions under stringent provisions. A sinking fund is to stock."—V. 70, p. 283. receive yearly, in 1902-06 cash'equal to 2 p. c. of out- New Orleans Lighting Co.—Bonds.—This company's mort- standing bonds: in 190711, 3 p. c; 1912 16, 3>£ p. c; in 1917- gage, made to the New York Security & Trust Co as trustee, 21, 4 p. c. Capital stock authorized and issued, $150,000. secures $2,000,000 of 5 per cent $1,000 gold bonds dated March Gross earnings in 1900, $49,261; net, $20,593; present in- 1, 1901, and due March 1, 1925, but subject to call at 110 and terest charge, $7,500. The bonds were offered to the public interest in whole or in part, if drawn by lot, at any time. The at 103 and interest. mortgage covers all interest and title of the company in the Quaker Oats Co.—Incorporated.—This company was in- property of the New Orleans Gas Works, taken over under corporated in New Jersey on Sept, 21 with $12,000,000 of au- lease early in the year (See V. 72, p. 91) , and all property, real thorized capital stosk, of which $3,000,000 is to be preferred : — September 28, 1901.] THE OHRONICLK. 081 6 per cent cumulative. This incorporation appears to be f connected with a revival in part, at least, of the plan of xjc (&ommcvtii\l e£xmc$.; 1899 (see V. 68, p. 821), "to expand the cauitul of the American Cereal Co. (plants at Akron, O., Cedar Rapids, Ii., etc.). pay off its floating and bonded indebtedness, build COMMERCIAL EPITOME. a new mill, and enlarge generally the businees of the corpo- ration." The principal asset of the cereal oompany is tbe Friday Niout. Sept. 27. 1901. Quaker Oats brand. Reports conflict regarding the terms The condition of business in nearly all lines of merchan- to bd offered the stockholders of the old company.—See bal- dise has been reported as good, with the outlook considered ance sheet, V. 72, p. 673. promising for continued activity; in fact, it is claimed that St. Joseph (Mo.) Stock Yards Co.—Increase of Stock.—The interior jobbers in several lines of trade are only poorly sup- shareholders on Sept. 81 authorized an increase of the capital stock from |5'JO,000 to $1,650,000. See V. 70, p. 949.—V. 72, plied and must of necessity come into the market as fair p. 1088. buyers from first hands. Pleasant, seasonable weather has been United States Mortgage & Trast Co.— Listed.—The New quite generally experienced and has been a favorable factor fia^ listed the $1, 000,000 first mortgage York Stock Exchange for a fall distribation of seasonable goods. The ill effects trust gold bonds, series K, being a conversion of $1,000,000 from the steel strike are being rapidly overcome ; the short- first mort^a^e trust gold bonds, series C, previously listed. V. 68, p. 829. age of material is being gradually relieved and normal con- United States Steel Corporation.—Terms of Settlement.— ditions restored. There have been no new developments A copy of the circular issued by President Shaffer of the relative to the prospects for the various crops. Cotton is re- to the various labor lodges regard- Amalgamated Association ported late in the eastern section of the belt and a late frost ing the settlement of the strike was published in the "Iron is necessary for a good crop. Age" of Sept. 26. The circular gives a History of the strike and recites the terms of settlement which it was agreed at Lard on the spot has had a more active sale but at lower the conference in New York on Sept. 14 should be voted on prices. Both refiners and exporters have been better buyers. the union men of each of the companies concerned as a by The close was firmer at 10-40c for prime Western and 9 85o.@ separate contract between the Amalgamated Association and Refined lard that company. The circular states briefly that the " scale as 10*15c. for prime City. has had a slightly better sale; prices have declined, but the close was steadier at 10 70c. printed is signed for the Sheet Steel mills of [signed for the Continent. Speculation [in the for] last year with the exception of [the] Hyde Park and for refined market for has been moderately active, but Canal Dover [mills]. The scale as printed for [shall apply to contracts prices have de- realizing sales and larger receipts of all of the] mills of the Steel Hoop Co. signed for last year."' clined under swine. The "actual substance" of tne agreement as voted on by The close was firmer. the tin lodges is given in the circular as follows to show the DAILY 0LO8IWO PBIOES OF LARD FUTDBB8. nature of the contract entered into in the case of each fiat. ifon. Tuts. Wed. Thun. Fri. company September. 1062 1047 1040 1025 10-25 10-40 Terms of Settlement as Voted on by Tin Lodges. Pork has had a moderate sale, but prices have weakened slightly, closing at $16@16 50 for mess, $17 50@18 for First.— [The] soate shall be [Include] the prices agreed upon at Cleve family land and found In [the] soale book. and $17 50@19 25 for short clear. Cut meats have had a fairly Second —This oontraot Is between the Amalgamated Association and large sale, but at a slight weakening in prices, closing at the American Tin Plate Co., the latter being a distinct and separate 7J^c. for pickled shoulders, 10^@10%c for pickled oompany in Itself. Third.—The oompany reserves the right to discharge any employe hams and 9%@10>£c for pickled bellies, 14@10 lbs. aver- who shall, by Interference, abuse or constraint, prevent another from age. Beef has been quiet but steady at $9@9 50 for peaceably following his vooatlon, without reference to his connection mess, $10 50@11 for packet, $U@12 for family and with labor organizations. $17 50@18 for extra India mess, in tcs. Tallow has continued Fourth —Non-union mills shall be represented as such ; no attempts [shall be] m • de to organize, no charters granted ; old oharters [may be] to advance, selling up to 6c, but the close was quiet. Stear- retained by men If they desire. ines have been quiet, closing at 113^@ll%c. for lard stearine Fifth.—Individual agreements shall be made for mills of improved \\%(d)\\%G. for oleo do. Cotton seed oil has character, until they are developed, when scales shall be made to and advanced govern. to 41c.@42c. for prime yellow. Butter has been in fair de- Sixth.— Soale Is signed for the following mills : Elwood, Mlddleton, mand and firmer at 15@22c for creamery. Cheese has been and Atlanta, Ind.; Kensington, L'.sbon, Cannonsburg, Anderson New firmer for best grades, closing at 7@10c for State factory, fall Elwood City, Falcon, Jollet. Connellsvllle. Johnstown, La Belle, New- castle, Laughlln. Gas City. Muskegon aud Canal Dover. cream. Fresh eggs have advanced, closing firm at 22c. for Seventh. -Agreed that the company shall not hold prejudice against choice Western. employes by reason of their membership with the Amalgamated Brazil grades of coffee have' been fairly active, but the Association Eighth. This agreement Is to remain In foroe three years from July tone of the market has been unsettled. Early in the week 1, 1901, but termlDable at 90 days' notice from either party on or after there was a fair demand at higher prices, stimulated by un- October 1, 1902. favorable crop news from Brazil. Brazil has been a mod- Brethren—This last clause is to be voted upon by the tin lodges, and erate seller during the week. The close quiet answer given immediately. It yon agree to a three-\ ears' soale, with was at 5%c. ninety days' notitloatlon, vote yes. If you prefer the yearly scale, for Rio No. 7. West India growths have been in fair de- vote no. Do this at once or the above will beooine law by default n and for the better grades and at firm prices, closing at This is only for the scale year ending June Note.— agreement 30, for Cucuta. Speculation in the 1902- 7J^c. good market for con- tracts has been fairly active. Early in the week prices ad- " circular says, " from mills, We lose the scale," the seven vanced on unfavorable crop news. Subsequently, however, but do not lose the men unless they so elect." The seven these reports were denied and the improvement was lost. mills, according to a Pittsburg despatch, employ about 8,000 The close was quiet and easier. Following are the closing men, their loss reducing the membership of the Amalgamated asked prices : Association in the union mills of the United States Steel Cor- 8ept 5-050.1060 5-10e. I May 555o. 555. poration, it is said, to about 4,000 men.—V. 73, p. 622, Oot 4-95o. Jan 6-20o. July 6-70o. 5-OOc. I Vanghu Machine Co. of Peabody, Mass.—Bonds Offered. Nov March 5-40o. I Aug 5*75o. — Fisk & Robinson are offering at par and interest the un- Raw sugars have been in slow demand, but offerings have sold balance of an issue of $500,000 of 5 per cent 10-year first been small and prices have held steady at 3%c. for centrif- mortgage bonds, covering this well known plant for making ugals, 96-deg. test, and 3^4 c. for Muscovado, 8y-deg. test. Re- hide and leather-working machinery. fined sugar has been in moderate demand at 5-25c. for gran- Wilmington (Del.) Coal Gas Co.—In Control.—John and ulated. Other staple groceries have been steady to firm. James Dobaon of Philadelphia, who control the People's Rail- Kentucky tobacco his had only a limited sale, but with way, extending from Wilmington to Brandywine Springs small offerings prices have been well maintained. Seed leaf prices held (see V. 72, p. 1081), were, it seems, the purchasers of the 11,600 tobacco has had only a moderate sale, but have shares of the Wilmington Coal Gas Co. stock which were firm. Sales for the week were 1,400 cases, as follows : 300 recently sold at $116 per $50 share. The total issue is $600,- cases 1900 crop, Connecticut Havana seed, 2O@60c; 200 cases 000, or 12,000 shares—V. 73, p. 622, 496. 1900 crop, Connecticut seed leaf, 20@25c. ; 200 cases 1899 crop, Wisconsin Havana, 14c; 300 cases 1900 crop, State seed, 14}.> @15c; 100 cases 1900 crop, State Havana, 15c, and 800 oases —The "New York Times" on Wednesday commemorated 1898 crop, Pennsylvania seed leaf, 12J^c ; also 300 bales Ha- the fiftieth anniversary of its founding by a jubilee number vana and 200 bales Sumatra. of unusual interest. A feature of the number was a fac- There has been a downward drift to prices in the market simile of the first issue of the paper. The enterprise of the for Straits tin and business has been quiet. The close, how- managers, especially since the change in ownership a few ever, was steadier on foreign advices at 24'90^25c Ingot years since, and the excellence of the journal in all depart- copper has been dull; foreign markets have weakened, but unchanged at ments, has attracted general attention to the "Times" as one j spot quotations have been quoted nominally of the great newspapers of the world. ' 16^@17c. for Lake. Lead has been quiet and unchanged at 4-873^0. Spelter has held steady at 4*05@4-10c. Pig-iron has —The directors of the American Woolen Company, at a been without changes at $13@15 50. meeting this week, declared the regular quarterly dividend Refined petroleum has been unchanged, closing steady at of one and three-quarters (\%) per cent on the preferred 7-50c. in bbls., 8-50c in cases and 4 95c in bnlk. Naphtha stock. This will be the tenth consecutive quarterly divi- has been unchanged at 9-05c. Credit balances have been dend, amounting to $17 50 per share, disbursed to preferred steady at $1 25. Spirits turpentine has had a slightly better stockholders by the company since its organization in 1899, d) j sale, and the close was steady at 36^ 37c. Rosins have been amounting to $3,500,000 in the aggregate. dull at $1 40 for common and good stained Wool has had a slightly fall values. Hops have had a small —Winslow, Lanier & Co. will pay dividends on a number } better sale and at of securities, a list of which will be found in another column, sale at steady prices...... ' 682 THE CHRONICLE. [Vol. LXXIII. COTTON. In addition to above exports, our telegrams to-night also Friday Night, September 27. 1901. fVuk Mn • 1,141 Brunswick . 1,141 *so. lower than Middling of the old classification. Charleston.. MABKRT AND 8Ai.FR Port Royal. . Wilmington... 6,872 5,872 6,872 ->A.LB8 op spot A Contract. 6,872 SPOT Futures 596 596 696 696 MABKRT GLOBED. Market Ex- Oon- Con- N'port N., Ao.. Closed. port. tump. tract. TotaL. New York... 4,177 637 17.663 22.277 36,059 1,323 80,00 3 67.890 785 17-5 i 609 176 4,769 4,915 ^atnrday .. Steady at 16 do. steady 1,150 1,150 Baltimore...... •>••• 1,699 1.0 J9 237 4.273 4,610 Monday (inlet at lie dec B'rly steady. 685 200 885 Philadelphia...... •••(•> >•• •••*. ..•••• ...... Tuesday... Quiet steady 413 413 Wednesday net... Quiet 500 856 1,356 Ban Fran.. Ac. 1,837 Q 1,937 Thursday.. Iwnlet — Steady 600 312 812 14.887 28,816 51.650 88.653 89,787 83.934 lOd.600 231.271 Friday Quiet and firm.. Steady fotal.lSOO.... 53.274 10,909 26,013 90,217 117.817 24,082 03.697 2H3,9>>6 Total I l.OOO 3 416 200 4.616 6 ' . — 7 September 28, 1901. J THE CHKONIMLK. 683 FUTDKEB.- HiKtinHt lowest and oloslng price* at New Yorl AT THE INTBUIOR TOWNS the movemwut— ttiat is the reoelpte or the week and since September 1, the shipments for the veek and the stocks to-night, and the eaiue Items for the sorrespoDding period of 190u-1b set ont In detail b«low. co a c »o»3r»2t to c s •J-0, O-J -J-q -J<| -»-J II II I I 00 -J ab-j -5. ' -j-i -i-j -j-i -j-i -i-J -00 C-J OB 0C<- -)C0 WW CC© OOl I* 10 10 10 la 10 i 10 19 10 O O o > H rr -a-i -o-o g: nE I I s9: : : II II 03 ~J A3! en <» ?: oo COO 0CO> ooao -J -4 •-03 toco cum I I I I 10 10 la 9 I O0 I O h OD io» «o f , ^'." t^H'^, 9 •S M(P_"- l- Cf _M & 33 -J -3 -J -J -J -J -i-j «a-j C0«-"«J ^ »--co"j.oi II I I II i - - l -J CD •jab c. •< 1 CO p-*.M.01J^Hr«*0)OH-)tO CM • CC Y OD-CJ )-• • - OIOi »S-Jfc3-J e© CC CO 0'#> -J -a -3-0 I I I I I I -4 -10S 03CB Co as OB* to O OCX CD coco 00 CO Oi — wo Cne* I? ItOJ 3 *WC0l^_W*5M «J«3) ^-^ •4*1 0 ' cc ao ^io"oi>V ju.»'-cco*-iao'~ od"^ 10 10 o 19 I < 19,019 9 e co ts—V ece'eots* V«'j ccosr-cjw- ^eo- 4- >f- » ii*-ce* ^ccct^^oocc — cco'coc -j0-jy>w^--,jac-lii-,ticccoctO'*.y<»*'C-J)-'C*>.cccc i 10 10 I O I o 10 I O 10 I I 10 10 CO — to i I I I • I II I I I to ts ao -1 oo 00 -a ; j. w to t- a cetocoM — w — co«oico_eooi Of the above, totals of American and other descriptions are as follows : American— Leavtnctotal net overland* 9.273 17,164 9.092 19,535 Liverpool stook bales. 190.000 123,000 675.0O0 562 000 * Including movement by rail to Canada. Continental stooks 141.000 111,000 302.000 194000 The foregoing shows the week b net overland movement American afloat for Europe. . 141.000 161.0O0 831. OOO 210 000 this year has been 9,273 bales, against 9,092 bales for the United States stock 340,685 404.739 672 494 52K.1 1 United 8tates Interior stooks 21 1.356 I70.2o2 387,67 j 240 981 week in 1900, and that tor the Reason to date the aggregate net United States exports to-day 8,5r-4 20 960 1.302 «8 1 7 overland exhibit)- a decrease fr ma year ago of 2,371 bales. Total American 1,014,6/5 i)90.961 2.369.471 1,783,5*9 Matt Indian. Bratil, Ac — 1901. 1900. Liverpool stook 69,000 57,000 61 OOO 73,000 In Bight and Spinner #' London stock 8.000 14.000 Since Since 3.000 4.000 Takings. Week Continental stooks 51.200 27.200 60.2 >0 60.300 Week Sept. 1 Sept. 1. India afloat for Europe ...... 13,000 43.000 10.000 34.000 Egypt, Brazil, die. afloat 19.000 11,000 14000 9,000 ieoelpts at ports to Sept. 27 146 070 367.f08 279.74P 570 405 Stook In Alexandria, Egypt... 43 000 87.000 42.O00 36,000 Vet overland to Sept. 27. W.273 I7.it>4 9,OV<2 19 535 Stock in Bombay, India 257,000 225,OOO 340 000 265.000 toothern oonsamptlon to Sept. 27 33.000 128.000 29 OOO 116.000 Total East India, Ao 46". -no 414. V00 5J0 200 4*1,300 51\972i3'7 84< 705.940 Total marketed , 188.293 Total Amerloan 1,014 625 990,961 2.H69 47 i 17-3«-49 iterlor stooks In exoess. 42,02t 82 051 36.4 125,635 Total visible supply 1,474,82 -> l,40.i,ibi 2.899 •*"! 2,z64,84< Middling Upland. Liverpool. 4°KL fc5 16d. 327S2d. 3-d (Jame Into sight dnring week. 230.319 354.250 Middling Upland. New York.. 8>40. 1' 7 \0. 6 8 o. 57, Bo Total In sight 8ept. 27 595.023 831.575 Egypt Good Brown, Liverpool filed. 7ie, 6d. Nom'L 47 lud Perav Rough Good, Liverpool 71, 6d. 77,«d. 67 ()84 THE CHRONICLE. [VOL. LXXIII. Quotations for Middling Cotton at Otiikr Markets.— Montgomery, Alabama.—The weather has favored crop- Below arc .losing quotations of middling cotton at Southern gathering and farmers have taken advantage of it. It has and other principal cotton market s for each day of the week. been dry all the weak. Average thermometer 68, highest 84, lowest 53. CLOSING QUOTATIONS FOB MIDDLING COTTON ON— Wetk r n ding Selma, Alabama.— Picking is making rapid progress, but It St) I. 27 Satur Mon. Tuts. Wednes. Thurs. Fri. the yield is turninK out less than expected. has be'-n dry all the week. The thermometer ha* averaged 70, the highest 7i-. 8 Galveston... 8k 8k 8>16 Pie 16 beiDg 88 and the lowest 60, 8 8 New Orleans 8k 8k 6»ie 7"w Madison, Florida. days of Mobile ">\ 1\ 7\ 7k 7«ie 7Hi6 — It has rained on two the week, 7 Savannah.. 7'8 7 8 7i:*ie 73* 7k to the extent of ninety hundredths of an inch. The ther- 713 7i:' 734 Charleston .. 7\ 16 16 7k 7* mometer hes averaged 74, ranging from 61 to 88. 8 8 Wl i minion. 8 8 8 8 ] Augusta, Georgia. We have had no rain durinsc the week. Norfolk *k 8k 8 8 8 S 8 — Boston 838 8k 8k 8V» 8k The thermometer has ranged from 56 to 81, averaging 68. gie 8k Baltimore . . 8k 8»io 8k 8k 8k Savannah, Georgia.—There has been no rain the past 8'u 8>« Philadelphia 8k 8k week. Average thermometer 71, highest 83, lowest 59. 7 7%®i :, 713,6 Augusta 7«ie 7i."., e 7 8 ie 7iB 7'8 713, 713, 7V>7» Charleston, South Carolina. —We have had only a trace of Memphis 18 lfl 6 6 715,6 St. Louis H1si 16 She 8 715,6 7"io rain the past week. The thermometer has averaged 71, the 71--16 7i-.,6 715 Houston She 8' io 8>ie 16 highest being 82 and the lowest 62. Cincinnati .. 8k 8k 8k 8k 8k 8k 8 : Stateburg, South Carolina.—The weather has been dry all Louisville . . 8k 8k 8k 8k 8k ha the week and favorable for the opening and picking of cot- The closing quotations to-day (Friday) at other important ton. Moderate rain would help late cotton as well as other Southern markets were as follows. crops The thermometer has ranged from 52 to 80, aver- Nashville 7*8 Athens I Columbus,Miss 7k aging 67. Atlanta Eufaula... 7k Natchez 7k 7»b 7' Greenwood, South Carolina.—Picking is general and cotton Charlotte '9, 6 Little Rook ... 73s Raleigh 8 s u is being freely. Late cotton is said to doing . 7 Shreveport 7 i6 marketed be Columbus. Ga. 7k I Montgomery. a Weather Reports by Telegraph.— Telegraphic advices well. There has been no rain during the week. Charlotte, North Carolina.—We have had no rain all the a few points in the to us this evening denote that, except at week. Conditions have been favorable for the crop. The Southwest, there has been little or no rain during the week, thermometer has raDged from 50 to 78, averaging 60. ard that in consequence the gathering of cotton has made The following statement we have also received by telegraph, showing the height of the rivers at the points named, at very good progress, With regard to the oondition of the 3 o'clock Sept. 26, 1901, and Sept. 27, 1900. crop our correspondent at Galveston states that it is un- *00. changed in Texas, and that complaints of damage by Mexi- 8ept. 26, '01. Sept 27, can weevil are numerous. Reports from Alabama are to the Feet. Feet. 3ew Orleans... Above zero 01 gauge. 44 3 '8 effect that deterioration continues and the yield is very dis- lerephls Above zero ot gauge. 79 24 Saauviue...... Above zero of gauge. 82 localities in the Carolinas it is claimed 26 appointing. In some Shreveport Above «ero of gauge. 2-8 49 7'0 that late cotton would be helped by rain. /lokshnrg , Above zero of gauge. 25 has been no change for the better Galveston, Texas.—There India Cotton Movement from all Ports.—The receipts in the crop outlook. Complaints of damage by the Mexican jf cotton at Bombay and the shipments from all India ports weevil are numercus. We have had no rain the past week. for the woek ending Sept. 26, and for the season from Sept. 1 to Sept. 26 for three years have been as follows: The thermometer has averaged 71, the highest being 82 and the lowest 60. 1901. 1900. 1899. of Abilene, Texas.—R&in has fallen on one day the past Receipts at— Since Since Sinee week to an inappreciable extent. The thermomtt6r has av- Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. eraged 73, ranging from 52 to 94. Bombay Brenham, Texas.—There has been no rain hera during the 10,000 27,000 6,000 11,000 4,000 21,000 ^frorn averag- week. The thermometer has ranged 54 to 91, For the Week. Since September 1. ing 73. Exports Corpus Christi, Texas,—Rain has fallen on three days, to from— Great Conti- Great Conti- Britain. nent. Total. Britain. nent. Total. the extent of thirty-six hundredths of an inch. Average thermometer 74, highest 84, lowest 64. Bombay— Henrietta, Texas.— We have had no rain the past week. 1901 ..•• 2,000 2,000 .••.«» 5,000 5,000 1900 1,000 2,000 3,000 4,000 The thermometer has averaged 78, the highest being 94 and 17,000 21,000 1899... = . 1,000 l.OCO the lowest 53. Calcutta— Huntsville, Texas.—Rain has fallenon two days during the 1901 1,000 1,000 2,000 2.000 week, but to an inappreciable extent. The thermometer has 1900 1,000 1,000 1,000 1,000 1»9^ 1,000 1,000 averaged 71 , ranging from 50 to 91. Madras— Lampasas, Texas. —We have had rain on one day of the 1901 1,000 1,000 week, to the extent of seven hundredths of an inch. The 1900 1899 thermometer has ranged from 48 to 90, averaging 74. 1,000 i",6b"6 All others— Longview, Texas.— There has been no rain during the week. 1901 1,000 1,000 10,000 10,000 Average thermometer 72, highest 92, lowest 54. 1900 1,000 1,0c 9.000 9,000 Palestine, Texas.—It has been dry all the week. The ther- 1899 7,000 7,000 the highest being 88 mometer has averaged 68, and the low- Total all— est 48. 1901 4,000 4,000 -.••- 18.000 18,000 Paris, Texas.— Dry weather has prevailed all the week. 1900 1,000 4,000 5,000 4,000 27,000 31.0C0 1899 10,000 10,000 The thermometer has averaged 71, ranging from 49 to 92. San Antonio, Texas.—We have had heavy rain on two days According to the foregoing, Bombay appears to show an of the week, the rainfall reaching two inches and seventy- increase oompared with last year in the week's receipts of four hundredths. The thermometer has ranged from 54 to 4,000 bales. Exports from all India ports record a loss 90, averaging 72 of 1,000 bales during the week and since September 1 show Dallas, Ttxas.—lt has been dry all the week. Average a decrease of 13,000 bales. thermometer 69, highest 90 and lowest 47. New Orleans, Louisiana.— There has been no rain during Alexandria Receipts and Shipments of Cotton.— the week, The thermometer has averaged 74. Through arrangements we made with Messrs. Davis, Shreveport, Louisiana. —There has been rain the past week Benachi & Co., of Liverpool and Alexandria, we now to the extent of two hundredths of an inch, on one day. The receive a weekly cable of the movements of ootton at thermometer has ranged from 52 to 88, averaging 69. Alexandria, Egypt. The following are the receipts and Columbus, Mississippi.—There has been no rain duringthe shipments for the past week and for the corresponding week. Average thermometer 69, highest 90, lowest 40. week of the previous two years. Vicksburg, Mississippi. Dry weather has prevailed all the — Alexandria, Eovpt, week. The thermometer has averaged 72, ranging from 50 September 25. 1901. 1900 1899. to 88. Little Rock, Arkansas.—We have had rain during the week Secelpts (cantars*)... This week...... 75.000 50,000 1 20,000 to the extent of one inch and forty five hundredths. The 127,000 86,000 185,000 thermometer has ranged from 49 to 86, averaging 69. Helena, Arkansas. While the weather has been dry and This Since This Since Ttes Since — week. Sept. 1. week. Sept. 1. week. Sept. 1. favorable for picking duriDg the week, cotton has made practically no improvement. The plant is growing, tut bolls ttxports (bales)— are not maturing. Very much depends on frost. Average To Liverpool...... 5.000 2,000 8,000 5.000 10,000 5",6bo 22,000 2,000 12,000 4,000 19,000 thermometer 64, highest 85 and lowest 47. Memphis, Tennessee.—We have had no rain the past week 5,000 27,000 4,000 20,000 9,000 29,000 and picking is progressing well. The thermometer has A oantar is 98 pounds, averaged 69-6, the highest being 84-7 and the lowest 52 '4. t Of which to America In 1901, 1,700 bales; in 1900, 1,648 bales; Mobile, Alabama.— Crop reports are gloomy. Continued in 1899. 947 bales. deterioration is reported and the yield is turning out very This statement shows that the receipts for the week disappointing. We have had no rain during the week. The ending Sept. 25 were 75,000 cantars and the shipments to thermometer has ranged from 58 to 87, averaging 73. all Europe 5,000 bales. 1 J y September 28, 1901. THE CHKONIfXK • — M\Ni HtttiTHii Makket.— Our report received by catile Tk.nnkhskk. Heavy rains nrst of week hindered farm work; cooler weather following with frosts tKtUaud 19th, 1 at no damag*, ootton to-night from Manchester states that the market is Hat fur opening slowly and picking well alvauced. Missouri.— Unseasonably c.ooi; ootton picking yarns and quiet for shirtings. The demand for cloth is good progressing rapidly. OKLAHOMA AND INDIAN TBBRITOBIE0. I'lHisUally OOOl With ll| but for yarn ij poor. We give the prices for to-day below frost lHth uud 2otli, -1'KLit damage; cotton picking w.Jl advanoed, j Iclds below expectation. and leave those tor previous weeks of this and last year for These reports on cotton are summarized by the Depart- comparison. ment as follows: 1901. 1900. The heavy rains in the South Atlantic and East Gulf Btetaa aused much injury to ootton, and the reports from the 0*ntral and western districts ootton belt continue to ahow the 84 lbs. Bhirt Oott'n 84 tbs. Bhtrt OoW* of the unfavorable effects of 32* Oop. ings, common Mid. 82s Oop. ings, common Mid the raina of the prevloua week, although a large jMrt of i be last na Txoist. distriota light ahowera. or no appreciable Twist. to finest. Upldt to /Inert. Upldt haa reorived only rainfall. In the central and eastern districts much open cotton has been dls- 7 8 511, „ ploklng retarded In the " :, M Ins the early part of the week was eastern die- 307 16 98 5 4 OS 2 5 :<'j 8% fl8'8 5 8 97 10 5- 3a 67i t»8 2 4a7 OW'4 5 trlots, but was aotlvely resumed at the close of the week. In Texas Sep ia «8 5 4 : , 3 84 4>«97U «4 '• 4io ploklng progressed uninterruptedly, and in localities some Improve- 1374 084 5 4 «8 8 :t3 94 a 10 5 104*8 C 75., 2 la ment In late cotton Is indicated; but the general condition of the crop " 2074 984 5 3 «8 2 *"1« 9Si • 10 5 9 98 4% « i« " in that State la poor. 27|7 «8 5 3 ©8 14 IV 9*1 O 10 J 9 «8 4% 65 16 Production of Cotton in 1900-01 Apportioned to States. Shipping news. —As shown on a previous page, the sxporte of ootton from the United States the past week have In view of the near approach of the time of issue of the Cen- — reaohed 83,633 Dales, The shipments In detail, as made np sus figures of production and acreage of cotton in 1899-1900, from mail and telegraphic returns, are as follows: our statement of production by States was intentionally Total bulsi New York—To Liverpool, per steamer Cevlo, 3,1 SO upland omitted from the Annual Cotton Crop Report, There have, and 747 Peruvian 3,927 however, been so many inquiries for the statement that we To Hull, per ateamer Hindoo, 250 250 To Havre, per ateamera Bordeaux, 4 John Sanderson, have prepared and give it below. It is compiled from the 100 ...La Bretagne, 400 upland and 33 Sea Island 537 To Bremen, per steamers Friedrloh der Grosae, 6,166 best data could obtain is subject to revision we but on the Roentgen Luise, 7,037 13,22i basis of the Census returns when issued. It will be observed To Hamburg, per ateamer Prtnneylvanla, 100 loo To Antwerp per ateamera Haverford. 445 Zealand, 323 773 that while the crop of 1900 01 in the Atlantic and Eastern To Genoa, per steamers Aller, otfri Ltguria. 100 ... .Scotia. 255 Gulf States was smaller than in 1899-1900, there was a marked Perugia, 1,750...... 8partan Prince, 100 2,901 To Naples, per steamer Perugia. 44 ...Scotia, 2 46 increase in the out-turn from Texas, Arkansas and the Terri- To Shanghai, nor steamer Hlilglen, 520 520 New Orleans -To Liverpool—Sept. 21—Steamer Costa Riean, tories. The aggregate yield for the whole country exceeds 1,0*0 8ept. 26—Steamer Wanderer. 4.000 5,030 that of the previous season by almost a million bales, although To Havre -Sept. 21—Steamer Glenarm Head, 2,5' 2.500 To Hamburg -Sept. 25-Steamer Goodwin. 1910 1,910 below the record years of 1898-99 and 1897-98. The average To Antwerp- Sept. 26— 8teamer Rosalie, 75i> 750 To Rotterdam —Sept. 24 -Steamer Trevessa, 100 1 00 yield of lint per acre at 208 pounds compares with 204 pounds To Malag*— Sept. ^6—Steamer Ganoogorta, 3.655. 3,655 in 1899-1900, 240 pounds in 1898 99 and 237 pounds in 1897 9i. GALV8STON— To Liverpool—Sept. 21—Steamer Scholar, 4,425. 4,425 To Havre-Sept, ZO—Steamer R >dney, 5,710 ...Sept. 23 — PRODUCTION UY STATES. Steamer M*ssappqia. 7.097 ..Sept. 24—SSeauier Gail- 1900-01. 189900. 1898-99. 1897-98. tano.6,372 19,179 Balrs. Bales. Bales. Bales. To Bremen -Sept. 24—Steamer Weatonoy, 4,741 4,741 North Carolina 425,000 400,000 480,000 476.C00 To Hamourg—Sept. 20 -Steamer City of Yorti, 72 >. 726 South Carolina 802,000 874,000 960,000 956,000 To Antwerp -Sept. 23 -Steamer Hornby Castle 3,99>. ... 3,995 Georgia 1,196.000 1,226 000 1,448,000 1,445,000 Savannah—To Bremen -Sept 23—8teamer Dora Baltea, 9,706 9,70 3 Florida 55,000 57,000 54,000 65,000 To Hamburg Sept. 2 i—Steamer Djra B iltea, 657 657 Alabama 1,078.000 1.136,000 1,161.000 1,147,000 Wilmington—To Ghent-Sept. 21- Steamer Torgorm. 5.S72... 3,872 Mississippi 1,115,000 1,349,000 1,776,000 1,808,000 Norfolk—To Liverpool—8ept. 25—Steamer Lugano, 536 596 Louisiana 698,000 651,000 577,000 660,000 BosTOH—To Liverpool— Sent. 14—Steamer Devonian 103 Texas 3,550,000 2,575,000 3,143,000 3,008,000 Sept. 24 -Steamer Commonwealth, 600 609 Arkansas 81P.O0O 665,000 921,000 905,000 To Yarmjuth—Sept. 23-rtte*iuer Yarmjuth 176 176 Tennessee 275,000 240,000 381,000 360,000 Baltimore—To Hamburg- Sept. 24 Steamer Boanla, 300 300 Indian Territory 246,000 14>>,000 192,000 183,000 To Bremen—Sept. 25 -Steamer Koln, 1,339 1.399 Oklahoma 118,000 81,000 87.0C0 116,000 Missouri 35,000 30,000 39,000 33.000 Total „ 88,653 Virginia 13 000 10,000 16,000 13.000 The particulars of the foregoing shipments, arranged in Total 10,425,000 9,410,000 11,235,000 11,181,000 our usual form, are as follows. Aver'ge yield per acre 208 lbs. 204 lbs. 240 lbs. 237 lbs. Oreat French Qer- r-oth.B'rope—. Mexico, Brit'n. ports, many North. *outh. <•> Japan Total. Jcte Butts Bagging, &c—There has been a very light New York. 4.177 537 13,323 773 2,947 520 22,277 1. i5 17 N. Orleans 5,080 2,500 1,910 850 3,655 • • ••« , y D demand for jute bagging during the week under review, but ialveston. 4,4 25 19,179 5,467 3,995 33,066 'avannah ...... 10,363 ...... 10,363 prices are as last quoted, viz: 63. for lbs. and 6%o. fcr \% Wilmlngt'n 5,872 .• ...... DfS/£ 2 lbs., standard grades. Carload lots of standard brands Norfolk... 596 Boston .... 609 176 735 are quoted at 6i^@6}^c., f. o. b., according to quality. Jute Baltimore. 1,699 1,699 butts dull at li^@l^c. for paper quality and 2? 8'@23^c. for Total.... 14,837 22,216 32.762 11,490 «,602 796 88,653 bagging quality. Exports to Japan sinse Sipt. 1 have been 1,337 bales from the Pacific Coast. Government Weekly Cotton Report.—Mr. Jas. Berry, Ootton freights at New York the past week have been Chief of the Climate and Crop Division of the U. S. Weather a? follows. Bureau, made public on Tuesday the following telegraphic reports the on crops in the Southern States for the week end- Bat-ur. Hon. 7W6*. Wednte. Thurt. m. ing Sept. 23: 124 124 124 124 124 124 North Carolina.— Heavy raina Tuesday and Wednesday very in Havre...... c. 20021 20^21 20® 21 20921 20921 20921 jurioua to open ootton; much was beaten to the ground atd soiled- picking cotton progressing very slowly. Bremen, 8ept c. 27 4 27*9 274 274 274 274 Booth CAROLiNA.-Exces8ivert.iua submerged lowUnda, damaged Hamburg, 8ept..c. 20 19920 19®20 19920 19020 19920 open ootton; cotton picking delayed, cool weather checked rapid open- 28 28 23 ing, decreased rust and shedding, sea-island improved. 28 28 28 Georgia— Heavy rains and winds first of week greatly damaged Rotterdam c. 224 £24i 224 224 224 224 cotton; ootton discolored, blown out and somejrottiug in boll; picking 15 15 15 15 15 15 resumed, labor scarce. Ghent, v.Antw'p.e. 21>« 214 214 214 214 214 Florida.—Showers early part of week delayed cotton picking; sub- sequent conditions more favorable; in some aeotions half of ootton Keval, v.Br-Hame. 32 32 32 32 32 32 crop harvested at first picking. Do v. Hull...c. 27 27 27 27 27 27 Alabama.- Heavy to excessive raina on 17th and ISth, particular! Do v. Canal.. c. 32 32 32 82 32 32 damagtng in southeast portion, followed by cool weather with light frost in northern counties; cotton opening slowly, shedding freely, rust (3enoa,8ept c. 18-22 1* 18-224 18-224 18-224 18-224 18-224 damaging, seme bolls rotting and sprouting, picking being pushed 28 28 28 28 28 28 yield light, no top crop forming. Mississippi.- Unfavorable week; cloudy, with rain flret two days Quotations are oenta per 100 lbs. or fractions of a penny per lb. clear and much cooler last five; light froat north on 18th and I9th : cotton continues to rot and aprout In bolls, second growth, rust and Liverpool.—By cable from Liverpool we have the follow- shedding still damaging, opening freely, especially In south, pickingv ing statement of the week's sales, stocks, dfco., at that port, resumed last of week. 8 Louisiana— Weather dry and oool since 18th; heavy raina at close of last week and opening of this week proved very unfavorable for Sept. 6 Sept. 13 Sept. 20 Sept. 27. cotton, much open cotton beaten out on ground and stained, rotting and sprouting In bolls reported in many sections, picking progressing tales of the week bales 33.OO0 40,000 3i.OO0 47,000 rapidly at close of week Of which exporters took.. 1,700 2,800 1.400 3 300 K X 8 - Tem er»ture much below normal Of which speonlatora took 3,800 1.430 1,200 1.200 T . ^ P with marked deticienoy in rainfall; rain needed in oentral and northern sections, elsewhere ample Sales American 32,000 31,000 29,000 40,000 moisture from last week's rainfall; ootton ploklng progressed uninter- actual export 6,000 4.000 6,000 6,000 ruptedly and yields continue much below average; late cotton Im- forwarded 46,000 4b.OO0 36.OO0 57,000 proved in some localities, but general condition poor; crop eet back by Total stock -Estimated 334,000 292.0O0, 267,000 2.^9,000 cool weather and is being greatly damaged by army worms and boil Of whloh Amerloan— Eat'd 244,000 209,000! 183,000 190,000 weevil. Total Import of the week 20,000 9.000 16,000 65,000 Arkansas.—Cool with light rains, unevenly distributed; light frost Of which American 14,000 8.000 15.000 52.000 in many localities, no damage; in \mount sJoat 36.000 69,000 69.000 35,000 some localities most all cotton open, ! in others oool weather checked opening, picking progressed rapidly. Of whloh Amerloan 23.000 62.0001 61.0O0 25.000 . 086 THE CHRONICLE. [Vol. LXXIII. The tone of the Liverpool market for spots and future* for export, and this had a strengthening irjflaence upon eaoh day of the week ending Sept. 27 and the dally olosing values. Subsequent developments however, indebted that prices of spot ootton, have been as follows. the corn purchased whs merely to come forward Ei 19 41B (, 4°8 OAILY GLOBING PRIORS OF NO. 2 MIXKD CORN I- IN \\ Mid. Upl'dB *»16 4<>b 4 32 M 4 16 K YORK. Sat. Mon. Turt, Wed. TKurt. Fri. Sales. 6,000 10,000 8,000 7.000 8.000 6.000 Oash oorn f. o. b 643g 64% 64 Cg cs44( 64% 63% Spec. A ex i> 500 600 500 600 1,000 500 «ept. delivery In elev.... 63\ 61 643r 64 63 '« 6<% Deo. delivery In elev 63% 64 64 »e 61% 6 4% 63>« Futuret. May delivery in eiev 64 "s t)4% 64 "a 64 '« 64 b3^e Market Qnlet at Qnlet at Barely Qnlet at Qalet at Firm at l-rt4(((:U-rt4 partially partially 2-64 de- 2-04 @ 3-64 DAILY 0LO81NO P RIO IB OF NO. 2 MIXKD OORN IN CHICAGO. opened. Rteadyat adranoe. l-*M deo. 8-«4 dec l-81ad». dine. ndvanoe Sat. Mon. Tuet. WtA. TKurt. Fri. Sept. delivery In elev.... 57ie -.to, Barey Q'tAst'dy Q't A st'dy Qnlet but Easy at Firm at 58*4 57% 57% e6«e Market, Deo. delivery 7 7 •tend y at 1«!»IU pu. 2®:i pts steady. pt8 6@9 ptH. In elev 68 s .•>w*4 5« 8 58»t 58% 58 «p. M. 3®3H 2 pit. dec decline I duoltne. !unchang'd decline. advance May deUvery In elev 6u% 6u?e 60 4) tO 59% 59% The prices of futures at Liverpool for eaob day are given Oats for future delivery at the Western market have been below, Prioea are on the basis of Uplands, Low Middling quiet, but prices have held fairly steady. The movement of clause, unless otherwise stated. the crop has been on a fairly liberal scale. The distribution, however, has been sufficiently free to prevent an important Egp The prictt are given in penet and 64 September 38, 1901. J THE CHRONICLE. 667 »V*»at, (torn. Oa«. ii«T..» their first round of purchases and are so far send- kmiiki at— t>Mi both. bus*. buttt 6uik 1011 671.500 8U0 40O 88.800 8,7 ft ing in bot few re-orders. The preference for plain ««w Tort , 871 Montreal 162. uOC 80,000 802.0CO 13.000 14. ,, Toronto- 1800C 9,0 86 r Importations an d Wurtli ouse Wit hdnt waNot Dry Goods. Buffalo... 1.610.000 994,000 807,000 '61.000 165,000 Do afloat., « 3 i* s A A A 4 726.0.) "8.000 Toledo 668.000 1,171,000 386.000 *-4 Do afloat., O •to gSSgfS o to B s|=°|S ' » * sr'-'S a Detroit. 881.000 61 000 127,000 196.000 24.000 i 9 p.»7 Do afloat.. MS • O — ep iPrfti o Ohloago. 4.992.00C 7. 238,00V s 103,000 1,828.000 21.004 B si 3 afloat S: : ; : 0> . i 1 • B 2: : : s Do !l a 1 i'lr 1 3 at * • • • ** d O ; n o : : ! : O' > • Milwaukee 128.00C STOiolb' 684,000 28,000 68.004 a o i 5 : p I 2 Do afloat 2 ! 2 i 3 S: iS s | si -Sis 1 ft.Wiirm*Pt.Arthur 1.088.OO0 S S • • 1 © i a * • • • i o .... A 1 1 • • < k • ! • h i i • i ZL Duluth 3,612, o( 617.000 682,000 469.000 899.001 1 l 1 i • 1 ; B M • • • • g Do afloat i II 1 i 1 • • 1 1 E i t • » • i tit' Minneapolis 6.860.00'' 13.000 781,000 82,00*6 91.00C 1 s Bt Louis - 8,600. on 666,000 278,000 75.000 2.00C — — B 70,(00 © -JJO R to CO -i SO_M >-•** Do afloat *: 4J KansasClty 1,8*8,000 840 om, 148.000 — . « tOM*-tO C CO 05 05 w to m o to 05 , "oVioiaeB Si 00 •J© ' O-COOCO T> oco o« wow -4 tn©C50CO « »•» T Peoria 775.000 26,000 222,000 8.000 N • ^4 — — 00 1 — 1 toco S> CO 00 to HO MCOM to OOWWCO^J to* Indianapolis 466.000 31,000 41,000 2,000 H B C On Mississippi Hirer. to r to 1— X — 5 ° C V * On Lakes 1,686.000 i,i64.obd 95.000 404.000 M CD CO t-'t^ B N-l 00 CO M TO MtOODOM F z en ~4 COW -O -•*. •z CO w«ato«jj c Ol aowio wo a aanal and rtrer. .. 848.000 224.000 165,000 W w-a o r». On 716.000 -4 CO 00 ao -" co co *. WOO — CO — cc co w WmAO a COiT C3 H tew W s -1 B Jl WtO-3 ©2 K Total Sept. 21, 1901.. 82 025,000 mto bVi'xcow as wo (OOtOCK^J 05W 12,930.000 8.768.000 1,645.000 1,116.000 05 — • » 1 -4 Be 05 CD JO tOW tO a> toocooco *v Sept. OS J W Total 14, 1901.. 80.87 2,000 1*,602.000 8,476.000 1,619.000 1,125 uot H J. X i- COCOX (588 THE CHRONICLE. [Vol. LXX1II. Coleridge, Neb. -Bond Offering.— Proposes will be re- State /w& City Demi-twent. ceived uniil October 15 for $3,500 6% refunding bonds. Se- cuiities are in denomination of $500. dated Aug. 2, 1901. In- terest will be payable in New York City. Principal will Bond Proposals and Negotiations this mature August 2, 1921, subject to call after Aug. 2, 190<5. Conneaut, Ohio. Bond Offering. — Proposals will be re- week have been as follows : ceived until 12 m October 5, by the Village Clerk, for $20,000 Adams (Mass.) Fire! District.— Temporary Loan.—Thisdis- 4% electric-light-plant improvement bonds Securities are trict has borrowed $5,000 until Jan. 2, 19U2, from the Grey- in denomination of $1,000, dated Sept. 1, 1901. Interest will b9 lock National Bank of Adams, at 4 Y-,1 interest. payable semi-annually at the office of the Village Treas- Akron, Ohio.—Bond bale.—On September 21 Denison, Prior urer. Either money or a certified check for $2,100 will be & Co., Cleveland, were awarded the $26,600 4* 10 year re- required with bids. funding bonds at 100-69, the $9,000 H 1 3 year (serial) sewer Danbury, Conn,—Bond Sale.— On September 25 the $215,- bonds at 1C0 866 and the $700 5* sewer bonds at 100-71. For 000 '6%% 40-year city bonds were awarded to J. & W. Selig- full description of bonds see Chronicle Sept. 7, p. 518. man & Co., New York City, at 10223—an interest basis of Albemarle (N. C.) School District.— Bond Sale—On Sep about 3-40£. Following are the bids : tember 1 an issue of $3, COO 6% 30-year graded school bonds J. 4 W. Seligman 4 Co., N. Y...10'-2:( O'Connor 4 Kabler. New York.l<"0B97 N.W.Harris *.Ca>.. N. Y 10129 K. I.. l>ay 4 Co., New York If 043 Tbos. J. Hurly, York, at 102-50. In- was awarded to New Farson, Leach 4 Co., New York.101'27 Estabrook 4 Co.. New York 100-06 terest on bonds will be payable semi-annually. For description of bonds see Chronicle Sept. 7, p. 519. Proposals for the $15,000 Allegan, Mich.—Bond Offering.— Dodd City (Tex.) Independent School District No. 18.— water bonds, mentioned in the Chronicle September 21, Bond Sale. —This district has awarded an issue of $5 000 Q% "will be received in three weeks.' luten-st will be at the bonds dated July 2, 1901, to the First National Bank of Dodd rate of payable semi annually at the office of the Village 4%, City at 102. For description of bonds see Chronicle, Aug. Treasurer. Principal will mature $1,000 yearly, beginning 81, p. 460. Jan. 15, 1903. Cbas. F. Davison is Village Clerk. Dublin, Ga.—Bonds Voted. —This city on September 9 Allegheny, Bond Offtring —Proposals will be re- Pa.— voted to issue $25,000 5% 29-year gold sabool, water and light- ceived until 3 p. M., October 7, by James Brown, City Comp- improvement bonds. Securities will be offered for sale about troller, for $1,098,000 '6%% bonds as follows : Oct. 1, 1901. The interest will be payable semi annually at $430,000 water bonds, maturing *14,000 yearly for 20 years and $15,000 annu- ally for 10 years thereafter. the Hanover National Bank, New York City. 336,000 street-Improvement bonds. Pro- 100,000 electric-light bonds, maturing 13,000 yearly for 20 years and.$4,000 an- Edgewood, Allegheny County,' Pa.—Bond Offering,— nually for 10 years thereafter. posals will be received until November 2 by R. E. Emery, 50,000 sewer bonds. 100,000 city- home bonds, maturing $3,000 yearly for 20;years .'and 114,000 an- Borough Clerk (P. O. Eigewood Park), for $10,C00 4% sewer nually for 10 years thereafter. £3,000 public-safety bonds, maturing $2,000 yearly for 7 years and $3,000 and street-improvement bonds. Securities are part of an yearly for 23 years thereafter. issue of $25,000 bonds, of which $15,000 were sold Sept. 20, Securities are in denomination of $1,000, dated Ost. 1, 1901. Interest will be payable semi-annually at the office of the 1900, to The Lamprecht Bros. Co., Cleveland, at 102*25, the City Comptroller or by check. A certified check for §10.000, bonds being 9-23- year serials. Bonds are in denomination of payable to the city of Allegheny, must accompany proposals. $1, COO, dated Sept. 1,1900. Interest will be pa} able semi- Accrued interest is to be paid by purchaser. Allentown, Pa. Bond Offering.— Proposals will be re- annually. Principal will mature $1,(00 Sept. 1, 1924, $1,000 ceived until 7 p. m , October 1, by Jae. L. Schaadt, Mayor, Sept. 1, 1925, and $2,000 yearly thereafter. bonds. Securities are in de for $100,000 d}4% improvement The official notice of this bond offering will be found among nominations of $100 and $500, dated July 1, 1901. Interest the advertisements elsewhere in this Department. will be payable semi- annually. Principal will mature in 80 year?, subject to call after 5 years. A certified check for Erie, Pa.—Bonds Authorized.—The City Councils have au- 2% of tbe amount bid, payable to the City of Allentown, thorized the issuance of $26,909 H 10-20 year (optional) bonds must accompany proposals. to pay cost of constructing electrical conduits. Interest on Anacortes School District No. 18, Skagit County, Wash. the above bonds will be payable January 1 and July 1 at the —Bond Offerina. —Proposals will be received until 3 p. m., office of the City Treasurer. October 8, by R. O. Welts, County Treasurer, for $20,000 Everett. Mass.—B^nds Authorized — The Common Council 20-year bonds. Securities are in denomination of $1,000. has authorized the issuance of $13,000 surface-drainage bonds. Interest will be at a rate not exceeding 5%, payable at the Foxborough, Mass.—Note Sale.— Oa Sept. 23 an issne of office of the County Treasurer or in New York City. A $5, (.00 3%% refunding notes, maturing from 1903 to I9u7, in- certified check for $200 must accompany propisals. clusive, was awarded to the Foxborough Savings Bank at Atlanta, Ga. Bonds Authorized.—The City Council has 100-75. authorized the issuance of $118,000 3^ tonds to refund out Gardner, Mass.—Note Offering.—Proposals will be re- standing securities which mature early next year. ceived until 6 p. m„ September 30, by John D. Edgell, Town Atlantic City, N. 3.—Bond Sale.— All bids received Treasurer, for $20,000 3^3 1-10-year (serial) school-house September 23 for the $70,000 4% gold water bonds, describ d notes. Securities are in denomination of $2,000, dated Oct. in the Chronicle September 7, were rejected. The bids 1, 1001. Interest will be payable semi-annually. Authorized.—The Council has then received are as follows : Gloucester, Mass.—Lean six-year loan of for Jno. D. Everitt & Co.. N. T 107-37 Mason, Lewis 4 Co., Boston 102'25 passed a resolution providing for a $3,600 N. W. Harris 4 Co., New York.. 106-54 Farson, Leach 4 Co., New York.101'05 tbe improvement of the fire-alaim system. The bonds were awarded, however, the next day at pri- Greensboro, N. C—Bonds Authorized.—The Aldermen vate sale to Spitzer & Co., Toledo, at 108-50 and accrued in- have authorized the Mayor to sell $65,000 street and $65,000 terest. sewer bonds. Baxley, Ga. Bonds to be Issued. —This city will shortly ttreenville, Miss.—Bonds Voted.—At an election held issue $2,500 5% 30 year water-works improvement bonds in September 16 the question of issuing $50,000 sewer bonds was denomination of $500. Interest will be payable semi-annually submitted and carried by a vote of 401 to 10. at the office of the City Treasurer. flackensack, N. J.—Temporary Loan.— This town has bor- Bloonisburg (Pa.) Literary Institute and State Normal rowed $5,000 from a local institution in anticipation of the School.—Bond Sale.— On September 20 the $48,000 4% first collection of taxep. mortgage bonds were awarded to the Farmers' National Bank Halifax, N. S.—Bond Offering.—Proposals will be received of Bloomsburg, at 101*111 and accrued interest. Following until 12 M., October, 8 by W. L. Brown, City Treasurer, for are the bids for the entire amount: $8,500 4i bonds, $3,000 of which is for the entertainment of 101*111 0*. is authorized by Farmers' Nat. B'k, Bloomsb'g... I R. Williams 4 Co. ,'Plttsb'g... 100-50 the Duke and Dacbess of Cornwall, and W. a, Todd Co.. Cincinnati... 100-729 I & Chapter 61, Laws of 1901; $2,200 for fire house, and is author- For description of bonds see Chronicle Sept. 518. 7, p. ized by Chapter 60, Laws of 1901; and $3,300 is for deficiency Buffalo, Minn.—Bonds Defeated.—The question of ifsubog Provincial Exhibition 1900, and is authorized by Chapter 15, bonds was voted upon and defeated at the election held Sept- Laws of 1898. The bonds mature $1, COO yearly on Oct. 1 from ember 17. 1902 to 1905, inclusive, and $1,050 on Oct. 1, 1906, and on Calhoun, Ga.— Bonds Voted.— At an eleclion held Septem- Oct. 1, 1907. At the same time and place proposals will be ber 14 the issuance of $5,000 20-year school- house bonds was rpceived for tbe following 4% bonds: authorized. $30,000 Refunding wat»r bonds, ) «..«•»,_. Casseltoo, N. Dak.—Bond Offering.—This city will shortly 15,100 Refunding punlic garden boDds, > Authority, Chap. 24, 43 Victorii. 40,or'0 Refunding sewer bonds, ) offer for sale an issue of $5,000 4)0 15-year funding bondp. Authority. Chap. 60, 1 Edward VII. Securities are in denomination of $1,000, dated Oct. 1, 1901. 25;n W^er'extlnsion bonds. \ E.G.Guthrie is city auditor, and will receive b da at any Securities are in denomination of $1,000, dated July 1, 1901. time for these bonds. Interest will be payable semiannually. Principal will ma- Charlotte, Mich.—Bond Election.—An election will be ture July 1, 1926. held September 30 to vote on the question of issuing $30,000 Hartington, Neb.— Bids Rejected.—All bids received Sep- sewer and $20 000 water- works bonds. tember 20 ft r tbe $5,800 5£ 10-20 year (optional) light bonds Cheatham Connty, Tenn.—Bonds Voted.—This county has were rejected. The bonds, we are advised, will be offered at voted to issue $50,000 4% 20 year bonds as a subscription to private sal9. For desciiption of securities see Chronicle the Nashville & Clarksville Railroad. These bords will not Sept. 14, p. 577. be issued until tbe railroad is built and in operation. Irvington, N. Y.— Bids Rejected.—All bids received on Sep- Chester, Howard County, Iowa.—Bond Offering.— Pro- tember 17 for th» $12,000 town hall bonds were rejected. posals will be received until about Dec. 1, 1901, by C. H. Mere- Hempstead, Nassau County, N. Y.—Bond Sale.— On Sept. dith, City Clerk, for $3,000 4*5 20 year (optional) water works 17 tbe $50,000 gold coupon water bonds were awarded to Geo. bonds. Securities were voted at the election held Sept. 16, ML. Hahn, New York, at par for 3K Per rents. For descrip- 1901. tion of bonds see Chronicle Sept. 7, p. 519. — — Skptembkr 28, 1901.] THE CHRONICLE. (>69 Hoboken. N. J.— Bids. — Following are thejjbids received Moose Lake, Cailtou Couuty. M Inn. —Bond Offering.— September 25 for the $196,000 %}',% 30-year refunding bond* : Proposals will be received uiUil 8 P M , October 5, by the Vil- (»60,f00 lage Council, Nils Bergvest, President, for |S,000 50 10 year 6l'.nuO u John I>. Kyerltti Co.. New York < (SlOi water works-improvement bonds. Securities were voted at ( 96.000 5100-77 Estabrooki Co.. New York UhO.i the election held Sept. 14, 1901. They are in denomination The bids were not aoted upon by the Council. For descrip of $2(0. tion of bonds see Chronicle Sept. H, p. 577. New Haven, Conn.— Bonds Authorized. — It is stated that Kearny, Hudson County, N. J.—Bond Offering.— Proposals an ist-ne of $50,000 hospital bonds 1 ait been authorized. will be received until 8 p. m. October 8, by W. J. Gorsuch, Newmarket, N. H.— Bonds to be Issued. — It is stated that Town Treasurer, for $150,000 4% street and sewer-improve- this town will issue $88,000 bonds for the purchase of the ment bonds. Securities are in denomination of $1,000, dated water-works plant. Nov. 1. 1901. Interest will be payable eemi-annually at the Newport News, Va.—Bond Offering.— Proposals will be re- Essex County National Bank of Newark. Principal will ma- ceived until 12 M , October 14, by W. L. Cooke, City Clerk, ture $15,000 yearly on November 1 from 1902 to 1911, inclu- for $100,000 4% 40-year coupon paving bonds authorized by sive. A certified cheok for $5 000, payable to W. J. Groreuch, Chapter 116, Laws of 1899-1900, and $25,000 4% 40-year cou- Town Treasurer, must accompany proposals. pon refunding bonds, issued under Chapter 153. Laws of Lansing, Allamakee Couuty, Iowa.—Bond Sale.— On 1899-1900. Securities are in denomination of $500, and the September 5 an issue of $5,000 4%% water-works bonds was interest will be payable semi-annually at the office of the awarded to Chas. S. Kidder & Co., Chicago. Securities are City Treasurer. Both iesues were authorized at the election in denomination of $500, dated Sept. 5, 1901. Interest will held Aug 15, 1901. A certified check on some national bank be payable annually on Sept. 5 at the State Bank of Lansing. or on a bank having its place of business in Newport News, Principal will mature $500 yearly on Sept. 5. from 1902 to for 5% of the amount of bonds bid for, must accompany pro- 1907, inclusive, and $2,000 on Sept. 5, 1911, subject to call posals. after Sept. 5, 190S. North Bergen Township (N. J.) School District.—Bond Limn, Ohio.—Bond Sale.-Ot the $23,496 67 V/A East Mo- Sale.— On September 16 an issue of $14 000 5 Supervisors, for $136 COO 4% court house rebuilding coupon graphed bonds free of charge. Following are the bids : bonds. Securities are in denomination of dated $1,000, Nov. James G. Cahill. St. Louis. .*$15,763 00 Chas. H. Coffin. Chicago $15.376 00 1, 1901. iLterest will be payable semi-annually. Principal Mac Donald. McCovACo„Chlc 16,762 00 Thompson. Tenney & Craw- It. V. Montague* Co. ,K. City 16,675 00 ford Co.. Chicago 16.155 00 will mature yearly on Nov. I as follows: $26 000 in 1902, $26,- James K. Thorpe, Denver .. 15,433 00 i S. A. Kean, Chicaao 15.130 50 .1. . 000 in 1903, $26,0t0 in 1904, $28,000 in 1905 and $30,000 in 1906. Hellan- Price Inv. Co.Denver 16,376 75 I W. Haves & Sons, Cleve. . 15.000 0u l E. H. Rollins & Sons, Denver 14,710 00 Marlborongb, Mas?.—Loan Authorized.—The C.ty Treas- * And lithographed bonds free of charge. urer has been authorized to borrow $15,000 in anticipation ot the collection of taxes. For description of bonds see Chronicle Sept. 7, p. 520. Man-hall, Midi.—Bonds Voted.—At the election held Aug- Paulding County, Ohio.— Bond Sale.— On September 6 five issues of ust 29 to vote on the issuance of $63,000 water and electric- the 5% pike bonds, aggegating $164,000, were light plant bonds the result was in favor of the bonds by 192 awarded to the State Savings BaDk at 101*26. For full de- majority. scription of bonds see Chronicle Aug. 31, p. 461. Pipestone Massillou (Ohio) Union School District.—Bond Offering. Couuty (P. 0. Pipestone), Minn.—Bond Offer- Proposals will until 2 p. m., —Proposals will be received until 12 M., October 11, by the ing.— be received October 11, by 5-20 Board of Education, David Johns, President, for $80,000 4% J. C. Marshall, County Auditor, for $20,000 5* year (op- school-house bonds. Securities are issued under the author- tional) bonds. Securities are in denomination of $500, and ity of Section 3991, Revised Statutes tf Ohio, as amended the interest will be payable semi-annually at the office of the March 16, 1900, and were authorized at the election held County Treasurer. A certified cheok for $400, payable to the proposals. Sept. 7, 1901. They are in denomination of $1,000, dated County Commissioners, must accompany election Sept. 1, 1901. Interest will be payable semi-annually and Platte, S. Dak.— Bonos Defeated. —At the held the principal will mature $2,010 each six months from March August 26 the question of issuing $6,000 water-works bonds voted 1, 1903, to Sept. 1, 1922. inclusive. Accrued interest is to be was upon and defeated. paid by purchaser. Bidders are required to satisfy them- Poughkeepsie, N. Y.—Bond Sale.—The City Council has sold to Isaac Sherrill of Potjghkeepsie of selves as to the legality of the bonds before bidding. A cer- W. an issue $250,000 tified check for b% of the amount of the bonds bid for must 3%£ refunding bonds at 100"75 and accrued interest. Securi- ties are in 1901. accompany proposals. Wm. B. Humberger is Clerk of the denomination of $5,000, dated Sept. 15, Board of Education. Principal will mature $5,000 yearly for 29 years and $105,000 Miami County (P. O. Troy) Ohio—Bond Offering—Pro- in 30 j ears. Provo, Bond Offering.— Proposals will be received posals will be received until 12 m., October 5, by the County Utah. until 5 p. m,, October 11, by tre City Treasurer, for $100,000 Commissioners, for $25,000 5% ditch bonds, dated July 1, 1901, as follows : 4% 20-year refunding bonds. Securities are in denomination |300 Ny.sewander ditch bonds, maturiDgllOO each six months from'date. of $1,000, dated Nov. 4, 1901. Interest will be payable semi- 400 I.eia ditch bonds, maturing $100 each six mouths fr< m date. annually. A certified check on some local bank for 52, Julv 1, 1902, and Jan. ), 1903, and tl< on July 1, iwt3, and on Jan. 1, 1901. amount of bid must accompany proposals. Jclin V. Buchi 1,300 1). M. Iloneyman ditch bonds, maturing $6(j0 Jan. 1, 1902. $400 Julyl, is City 1902, aaa »K>e July 1, 1903. Recorder. ,8 oa, e ditcl bonds, maturing $200 each six from County, Cal.— i J2 £ , } months date. Purissiina School District, Santa Clara S.OCOStatler ditch bonds, mai urlng $400 on Jan. 1, 19u2, July 1, 1902, and on Bond until 10 a. m., Jan. 1, 19o3, and $300 each six months thereafter. Offering.—Proposals will be received 4, C00 Leady ditch bonds, due $5i0 each six months from Jan. 1, 1902, to July 1, October 8, by Geo. E. Rea, Chairman of the Board of Snper- lt'03, and $400 each six months thereafter visors, for 3 7-year (serial) gold echcol bond?. Securi- 8,200 Dillaway ditch bonds, maturing $400on Jan. 1 and July 1, 1902, and $300 $2,500 each Btz months thereafter. ties are in denomination of $500. Interest will be payable 5,400 J.'hnsuii ditch bond?, maturing $6(0 each six;months from Jan. 1, 1902, to Treasurer, '• ,9(:1 and $5u0 eacn annually on January 1 at the office of the County ' s,x months *™ T , " thereafter. ' I ow rtJ, c h b "" d *- maturing MOueidi six months after date. payable to SE£\ . S . A certified check for 10* of the bonds bid for, 900 Hill ditch b. nds. maturing $10u each six mi nths alter date. Mielinbarger of Supervisors, mutt 500 ditch bonds, maturing $2c0 Jan. J,- lb02, and $100 each six Henry A. Pfister, Clerk of the Board months thereafter. accompany proposals. 2,900 Prince citch bonds, maturing $200 Jan. 1, 1902,'and $300 each six months therealter. Rockingham County, N. H.—Bond Sale.-Ot the $35,000 3* Either cash certified 24, $5,000 or a check"for" $200 will be required 20-year coupon bonds offered for sale on September with bids. were awarded to C. A. Pollard of Newfield at 101 and $1,000 Midland, (Int.—Debenture Offering.—Proposals will be to John Smith of Portsmouth at 10010. The remaining received until 6 p. M., September 30, by D. L White Jr., bonds were unsold. For description of bonds see Chronicle Chiirman Finance Committee, for $60,000 4% water-works Sept 14, r. 579. debentures. Securities are dated Dec. 21, 1901, and will Roswell, N. Mex.—Bonds Voted— On September 17 this mature part yearly lor forty years. Debentures are guaran- city voted to is&ue $35,000 sewer bonds. tee d by and endorsed by the County of Sincoe. Rutland, Vt.—Bond Sale.-On September 21 the $20,000 Mill to the Rutland School District, Los Angeles County, Cal.—Bond V/% % 30-year city hall bonds were awarded Satt.—Oa Sept. 3 an issue of $2,500 H 1-5- year (serial) bonds Savings "Bank at 104-77—an interest basis of about 3'25*. was awarded to Isaac Springer of Pasadena at 103. One Following are the bids : other bid was received for the bonds, that of the Oakland Rutland Savings Bank 10477 Rlodg^t. M.-rritt & Co.. Huston. 10SS3 Bank of Savings at 102-80. Secuiities aie in denomination N. W. Harris A Co.. New York. 10413 K. 11. llolllns & Sons, Bosu n... 103137 of $500. For description of bonds see Chronicle Sept. 14, p. 579. : — 690 THE CHRONICLE. [Vol. LXXIII. Sacramento, Cal.—Bond Election.— The question of leaning awarded to tbe Spokane & Eaatern Tru*t Co., Spokane, at bonds for water purposes will be determined at the next 101 11. For description of bonds see Chronicle, Aug. 10, p. municipal eleotion. 807. St. ( JalrsYlllf, Ohio.— Bonds Voted.—This village on Sep- Stamford, Conn.—Bond Offerin g.— Proposals will be re- tember 7 voted to it-sue bonds for the improvement of $5,500 ceived until 12 M., October|15,[by L. C Bitbop, City Treas- the electric-light plant. bids received urer, for $25,000 3%% 20-year redemption bonds. Securities St. Joseph, ,Wo.—Bid*.— Following are the September 12 for the $73,000 8%* 20 year judgment bonds : are in denomination of $1,000, dated Nov. 1, 1901. Interest Bank, Ht. Tootle, Lemos A •».. St. | German American will be payable semi-annually at the office of the City Treas- $73,100CO Joseph $73,18260 I Joseph urer. A certified check for b% of the face value.of the bonds As stated last week, the bonds were awarded at 100 25, the succespfnl bidders being the first named above. bid for most accompany proposals. Salisbury, N. C—Bond Glaring —Proposals will be re The official notice of this bond offering will be found among Boyden, ceived for twenty days from September 10 by A. H. the advertisements elsewhere in this Department. Mayor, for $76,000 5 SEPTEMBER 28, 1901.] THE CHHONIOLF. 091 Bank of Ulen. BlaDk bonds are to be furnieh-d by the auc- Miutliiop School District, Slmnta County, t'al. — Bond oeeafnl bidder. A certified cbrck or a certificate of depoBit Offering. — Proposals will be n-c* iv«-d until VI u . St-[, timber without conditions must accompany proposals. 80, by L. M. Dennis, County Treasurer, for $2,400 »»* 1-10- Walla Wwlla County (Wa»n.) S< bo..l District No. 1.— year (serial) school bonds. Securities were v< tf-d at the Bond Sale.- On Septt- in ber 21 the $2!),000 10-year reloading election held Aug. 27. 1901. Tbey are in denomination of bonds were awarded to N. W. EUrris & Co , Chicago, at $840, dated Sept. 7. 1901. Interest will be pat able annually 100-128 for 4 per cents, Following are the bids : on September 7 at the office of the County Treasur er. Either cash or a certified check for 10^ of the of bid For i% Bon**. For Hit Bond* (Oont.) amount must N. W. Han-la A Co.. Cbicairo..»26.038 00 Thompson, Tenner ft Cr*w- accompany proposals. li ml* foro roTObioaico »8B.8"8 60 fnr 4Ht Xenlu, Ohio. — Bond* Authorized.—The issuance of Spokane & Eastern Tr. Co., T.C. Blliott. Will I a Walla.... 85,166 00 $89,000 Spukuue 1!5.606C0 I a, 6i Bona*. sewer bonds has been authorized. Walker. Tacoma. K5.360 00 Farson. Leach ft Co., Chic... 25,000 00 MiiimiiiK & Yoongstown, Ohio.—Bond Offering.—Proposals will be re- Warren, Ohio.—Bond Offering —Proposals will be received ceived until 2 p. m., Oct. 14, by Wm. I. Davies. City Clerk, until 12 M.. October 10, by C. M. Wilkins, City Clerk pro for the following 5t bonds, bearing date Oct. 14, 1901 : tern., for $3,500 4% street-improvement bonds. Securities are 9700 6* Quarry Street (Trading bonds, maturing one bond of $140 on Oct. 1 issued under the authority ot Section 2705, Revised Sta'ntes from 19"S to 1U07, Inclusive. of Ohio. They are in denomination of $500. Interest will be 650 Off I'carl Street guttering bonds, maturing one bond of $130 on Oct. 1 1 .mii 1»03 to 1007. Inclusive. payable annually on March 1 and September 1 at the < fficeof all the will the City Treasurer. Principal will mature yearly on Sept. 1, Interest on above bonds be payable semi- $600 in 1903, in 1904 and in 1906. $10 in 1905 and in 1»07. annually at the office of the City Treasurer. Purchasers Washington.—Bond Sale.-Thw State has issued $45 000 mnst be prepared to take the bonds not later tban Octo- bonds which have been taken by the State Permanei t School r>r 21, the money to be delivered at one of the city banks Fund. These bonds bear 3*4% interest, and a total of $1,050,- or at ihe office of the City Treasurer. A certified check 000 has been so isBUt-d up to date, for 2% of the amount of bonds bid for must accompany propo- Waterville( Kan.) School District.—Bonds Voted.—At an sals. Bids must be made separately for each issue. election held recently tbis district voted in favor of issuing Bond Sale. - Following are the bids received September 23 bonds for sc ool purposes. for the various issues of bonds : Webster roves ( Mo.) School District.—Bond Election.— $12,000 $l,R0O $1,600 An election will be held October 1 to vote on the question of Boa dmnn St. H. Wood and Marion Ave. Bonds. Ave. Bond*. Bond*. bonds. issuing $15,000 pchool-house DenUon, Prior ft Co.. Cleveland $l2,8i3 00 $l,0«»- 00 $1,64860 West Bay City, Mich.— Bonds Proposed.—Mayor Peter K McCurdy, Youngstown 12.44 1 26 1,0 1 8 86 1,666 86 Lam pretht Bros. Co., Cleveland 18,319 20 1,850 00 1,600 00 Lind, in a recent message to the Aldermen, recommends the issuance of $25,000 bonds for water purposes. Tbe $12 '0 bonds were awarded to Denison, Prior & Co. Wichita, Kan.— B >nds Voted.—Tnis city on September 17 and the other two issues to R. McCurdv. voted to issue $50,0' i0 park bonds. Bonds Awarded.—The $2,800 Chap-1 Place, the $2,410 Basin Wilson, N. C—Bond Sale.— On September 28 the $25,000 5* Street and the $2,900 Champion Street paving bonds, bids for 30-year street- paving bonds were awarded to F. M. Stafford which were received on September 16, were awarded on & Co., Chattanooga, at 106*30—an interest basis of about September 23 to Denison, Prior & Co.. Cleveland. For full 4*6l£. Following are the bids : list of bids see Chronicle last week. F. If. Stafford 4 Co.. Chatta'ga.l06'W New 1st Nat. B'k. Columbus- .104*6 Ypsllaoti, Mich.—Bonds Voted.—This city on Septembers Feeler, Holzman ft Co.. Clnuln 10619 Seasongood ft Mayer, Cincin. 104-82 voted to issu9 $12 000 1-12-year (serial) bonds to secure the For description of bonds see Chronicle Aug. 31, p. 463. location in this place of several industrial companies. INVESTMENTS. INVESTMENTS. INVESTMENTS. Geo. D. Cook Company, MUNICIPAL INVESTMENT SECURITIES. AMD SEND FOR LI8T 238-240 Public Service Coruoration La Salle Street, September Investments. CHICAGO. BONDS. MUNICIPAL, RAILROAD AND CORPORATION BONDS. N. T. Office. 1442 Broad-Exchange Bid*. E. H. ROLLINS & SONS BOSTON. FARSON LEACH & CO., CHICAGO. NEW YORK. DENISON, PRIOR & CO. Denver. San Francisco. DEALERS IN T. B. POTTER, High Grade Bonds, MUNICIPAL and u WE OFFER, CORPORATION BUNUb,DA nc 8END FOR LISTS. SUBJECT TO PRIOR SALE 172 Washington Street, 8 Exchange Place, Boston. CHICAGO, • • . ILLS. CHOICE OKLAHOMA LIST ON APPLICATION. 191 Euclid Avenue, Cleveland. FIRST MORTGAGES MUNICIPAL on Improved farms, worth from 2>a to 5 times RAILROAD and the amount loaned thereon, MacDonald, McCov & Co., CORPORATION Netting the investor MUNICIPAL AND CORPORATION BONDS 6 per cent interest. BONDS. TO NET FROM *%%% TO 6*. Each of the securities has been personally ex amlned by one of our salaried examiners. CORRESPONDENCE SOLICITED. 171 La Salle S treet. Chicago Write for our latest offering. Investment Securities C. H. WHITE & CO., Koa BANKERS. WINNE & WINNE, 71 - SAVINGS RANKS and TRUST FUNDS Broadway, New York. Winne Building, Wichita, Kansas. AOENT8 FOR THE Mention thi* paver. 5* BONDS A SPECIALTY. ANGLO-AMERICAN BANK, Ltd., EDW. C. JONES & CO., Chariny Croat, London. Hand-Book of RR. Securities NBW rORK. 1 NA88AD STREET. PHILA.. - . 112 SO. FOURTH ST. CLINTON GILBERT, Price In Leather Covert, - - - Si 00 ATTRACTIVE BONOS To Subscribers ot the 1 liroulcle, - 7 3 2 Wail Street, New York. Yielding from 3 to 6% net. VERMONT BONDS A SPECIALTY. B. DANA COMPANY BANK AND TRUST CO. STOCKS WILLIAM HARRY B. POWELL G92 THE CHRONICLE. [Vol. LXXIII. Bankers aufl JBrokers ®ttt ot %txa ^ork. CHICAGO. CHICAGO. MILWAUKEE. Bartlett, Frazier & Co., Schwartz, Dupee & Co., STOCKS AND BONDS, Oliver C. Fuller & Co. GBAIN AND PROVISIONS. Stocks, Bonds, Grain, INVESTMENT BANKERS. NO. 7 NEW STREET, NEW YORK. 2 Board of Trade A DEALERS IN CHICAGO. Chicago and Milwaukee. 12 The Rookery:*} Municipal, Railroad and Corporation members: 10 Wall Street, 4cA new BONDS. | NEW YORK. york stock exchange, Astor Court, chicago stock exchange, ) 106108 Grand Avenue, Milwaukee. chicago board of 210 Merchants' Exchange, HT. LOUIS. trade. PRIVATE WIRES. CINCINNATI. EDWIN L. LOBDELL, A. O. Slaughter & Co., Stocks and Bonds, BANKERS AMD BROKERS. W. E. Hutton & Co., 115-117 LA SALLE STREET. "The Rookery," CHICAGO, ILL.. CINCINNATI, OHIO. CHICAGO, ILL.. Members Cincinnati and New York Stock Exchanges. MEMBER NEW YOKE STOCK EXCHANGE. (New York Stock Exchange, BROKERS AND DEALERS IN ALL " CHICAGO STOCK EXCHANGE. member.ii ._,,__« J Chicago Stock Exchange, BOARD OF TRADE. < New -fork Cotton Exchange and (.Chicago Board of Trade. CINCINNATI AND OHIO SECURITIES. PHILADELPHIA. PITT8BURG. [rwin, Ballmann & Co., Edward B. Smith & Co., Henry Sproul & Co., Brokers and Dealers In BANKERS, PITTSBURG, PA. MEMBERS Cincinnati Bonds and Stocks. The Bourse, 9th Street Philadelphia. YORK NEW ) 3* Ratt Third St.. Cincinnati. Okie. 83 Cedar Street, eor. Broadway, New York. PHILADELPHIA I Stock Members New York and Phlla- Stock Exchanges. CHICAGO f* Exchanges. BALTIMORE. PITTSBURG E. W. Clark & Co., AND ) BANKERS AND BROKERS, CHICAGO BOARD OF TRADE. BAKER,WATTS&CO No. 139 South Fourth St., PHILADELPHIA. N. Holmes & Sons, RANKERS, Transact a genera) banking business. Allow In terest on deposits. 205 E.. GERMAN STREET, Members of the Philadelphia and New York Stock BANKERS, Exchanges, and connected by private wire with New BALTIMORE, MD. York. PITTSBURG, PA. W. G. Hopper H. 8. Hopper, Dealers in Investment Securities Members of Philadelphia Stock Exchange. CORRESPONDENTS Bank of New York, N. B. A. Members Baltimore Stock kichasoi Wm. G. Hopper & Co., First National Bank of Philadelphia. Wilson & Sons, Established 1802. 8TOCK AND BOND BROKER8, PITTSBURG, PA William " Wilson, Colston & Co., 1867. 88 South Third Street, Philadelphia. ESTABLISHED 1871. Investments receive our special attention. Infor- Wilson, Colston & Co., mation cheerfully furnished regarding present Whitney holding's or proposed Investments. & Stephenson, Members of Baltimore Stock Exchange. BANKER8 AND BROKERS. BANKERS, 310 East Baltimore Street, Baltimore. No. 200 John H. McQuillen &Co FOURTH AVENUE. Investment and Miscellaneous Securities a spec- Oldest Pittsburg Members N. Y. Stock Bxohange. ialty, and whole issues handled. Exceptional facilities for dealings In all classes ot BANKERS AND BROKERS, Southern Bonds. Loans on Collateral Securities negotiated. 104 SOUTH FOURTH STREET, T. Mellon & Sons' Bank, Charles B. Hoblitzell & Co., PHILADELPHIA. PITTSBURG, PA. BANKERS AND BROKERS. Members Philadelphia Stock Exchange, 8BNKRAL BANKING, COLLECTIONS, Seaboard Air Line Securities, INVESTMENTS. RICHMOND. Southern Securities a Specialty. ST. LOUIS. 201 East German Street, Lancaster & Lucke, BALTIMORE, MARYLAND. Bankers and Brokers, Buy and 1107 EAST MAIN STREET, Francis,Bro. SOUTHERN. sell on com- RICHMOND, VA. mission looal & Co., securities, Mottu, de Witt & Co., Dealers in Investment Securities. also listed and unlisted Broxers, BOLLING, Bankers and WYNDHAM 214 H. Fourth St. BANKER AND BROKER, >%%££ NORFOLK, VA. RICHMOND, VIRGINIA. ST. LOUIS. INVESTMENTS. Southern Securities, PRIVATE SOUTHERN Virginia Bonds, Members New York, St. Virginia-Carolina Chemical Co. stock. Louis and Chicago WIRES. Stock John W. Dickey, Reference—Mechanics' National Bank, New Tor . Exchanges. BROKER. Davenport Co., & Whitaker & Company, AUGUSTA, GA. BANKERS AND BROKERS, Successors to RICHMOND, VIRGINIA. WHITAKER cV HODGMAN, SOUTHERN SECURITIES. ESTABLISHED 1860. BOND AND STOCK RROKERS, Correspondence solicited and Information fur nlshed about Southern State, Municipal and Ral! 800 North Fourth Street, road Investment Securities. AMERICAN CHICLE. Reference—Bank of New York, B. N. A. ST. LOUIS. J. S. STANTON, b* Broad St. co "to coco CD a wo w a*. CO- i-oociJ-J *ifk»ce waa^oiio-j ^ cao o~i - -iac -oeo COO M — K >*-4 & ~ i* ~ — *»X»l^0S»(C-.C0l-'C0tO-— # *. 0-4 ^1