financial romcle INCLUDING
Bank and Quotation Section (Monthly) State and City Section (seini-Amraaiiy)
Railway and Industrial Section (Quarterly) Street Railway Section 05 ('""yCJi™ ) Entered aooordlng to Act of Congress, In the year 1905, by William k. Daha Company, in the ollioe of Librarian of Confess, Washington, I). U. A weekly newspaper entered at Post Office. New York, as second-cliss uiniter— William B. Dana Companv, Publishers, 76^ Pine St., N. T.
VOL. 81. SATURDAY, JULY 15, 1905. NO. 2090.
II eek ending July 8
Clearings at— Inc. ur 1905. 1004. 1903. 1902. £hc Chronicle. Dec. PUBLISHED WEEKLY. Boston 156.738.700 116,353.929 +347 140.010,645 143,821.523 Tjrms ol Subscription—Payable in Advance Providence 0,950,700 6.159,800 --34 7 0.052,000 0,0-40,600 8.&S2 339 • -20 For One Year $10 00 Hartford 3.218,872 6 8.432.312 3.103,221 New Haven- 2.573.94b 2,800,751 --11-0 2.233.463 2,178,040 For Six Months 6 00 2,313,085 1.544,325 --19 8 2.028.316 1.820,256 (Including Springfield fnropean Subscription postage) 13 00 Worcester 1,798,005 1,230,491 --16-2 1,811.190 1.040.120 uropean Subscription Six Months (including postage) 7 60 Portland 1.676.825 1.568.312 +0-9 1,857.699 1,800.320 Annual Subscription in London (including postage) £2 14s. Fall River 731,604 759,013 -3-6 788.304 805,730 6ix Months Subscription in London (inoluding postage) £1 lis. Lowell 429.816 414.517 +37 550.699 644,770 New Bedford 493,874 883,087 +28 9 564.044 698.976 Subscription includes following Sections— Holyoke 521,467 501.051 —11-8 685.510 614.021
Baxk and Quotation (monthly) I State and Citv (semi-annually) Total New Kim land. 178,110,649 133,530,088 +33-4 161.213.012 163.044.502
Bailway and Industrial (quarterly) | street Railway (3 times yearly) Chicago 173,402,790 158,160 218 172.792.119 189,807.197 Terms oi Advertising1 —Per Inch Space Cincinnati 24,248,600 23.508,900 22.475,750 23.385,600 Cleveland 16.050,950 14,943,978 m 14,738,607 18.318.202 Transient matter per inch space (14 agate lines) $4 20 Detroit 11,213,163 9,688.140 +15-7 11,633,681 10.134.606 Two Months (8 times) 22 UO Milwaukee 7,644,323 6.730.509 +186 7,808,426 6,666.079 Three Months (13 times) 29 00 Indianapolis. 7,713.683 6.010,353 4-28-3 8,595.786 6.265,319 +7"8 4,148,400 Six Months (20 times) 50 00 Columbus. 4,458,300 4.135,300 4,875.500 3,809.139 2.861,617 +33-1 2,690.038 2.641,159 Twelve Months (52 times) 87 00 Toledo I Peoria 2,582,025 2,108,810 + 10-3 2,688.531 2.60.S.657 CHICAGO OFFICE— Pliny Bartlett, 513 Monadnock Blook. Grand Rapids 2,013,008 1,957,209 +29 2,072,242 1.900,844 Dayton 1,670,831 1,588,914 +6-4 1,878.904 1,466,026 LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C. Evansvllle 1,531.017 1,015.809 +50-8 1,048,213 1,166.437 Akron. 620,500 473,400 +9 9 076.200 708,000 It. WILLI! U DANA COMPANY, Publishers, Sprlugfleld. Ill 634.627 751,519 + 110 605,432 660.891 Youngstown 1,092,768 523.105 + 108-6 645,834 793.709 Pine Street, Corner ol Pearl Street, Kalamazoo 696,332 051,340 +6-9 648.570 620.060 670,298 690,181 -17-4 654,477 667,138 fost Office Box 948. NEW YORK. Lexington Canton. 411.098 474.209 —13-3 600.310 445,717 Rockford 455.147 414,488 +0-8 881.201 887.063 Springfield, O 410,628 864,494 - -16-5 447.526 889,501 CLEARING ROUSE RETURNS. Bloomington 410.886 282.604 --47 - 4 341,938 337,625 424,393 337,441 - -25-8 412,448 283,768 Quinoy , Decatur. 331.766 247.454 -84 382.290 830,905 --07*9 The following table, made up by telegraph, etc. , indicates Mansfield 316.248 188,501 192.673 231,330 279,230 219,571 --27 3 251.367 204,697 that total bank clearings of all the clearing houses of the Jacksonville the Jackson. 205,000 190,672 +42 192,933 182.988 141,058 100.30' +405 101.754 67,683 United States for the week ending to-day, July 15, hare Ann Arbor , Port Wayne 975,202 Not include d in to tal. been $2,656,258,766, against $2,628,531,166 last week and South Bend 413,421 Not include d Into tal. $2,114,014,233 the corresponding week last year. Total Mid. Western 263,385,307 288,679,716 +108 261,737,819 274,488.732 San Francisco 30,397,604 26,614,654 +14-2 27.005.778 28.624,669 Clearings—lieturns uy 'lelegraplu Los Angeles 10,145,464 6,028,239 --088 0.268.844 6,610.976 1905. 1904. P. --28-5 4.303,395 4.221.207 Week Ending July 15. Cent Seattle 5,392,647 4.196.726 Salt Lake City 4,241.197 2,499,730 --69-7 2,840,634 8,383,253 New York. $1,425,444,403 $1,044,607,896 +36-5 Portland. 4,454,643 2,950.607 --5C0 3,330.902 8.165.270 --21 -6 2.016.016 Boston 125.675,114 106,721.302 +17-8 Spokane 2,798.108 2,300,580 2,854.832 1.600.705 --74-6 1,730.168 1.100.054 +21-4 Tacoma. 2,793,196 Philadelphia, 108,309,526 89,241,547 Helena 805,000 559.209 --41-0 604,270 661.605 Baltimore 21,768,398 17,757,523 +22-6 Pargo 520,325 430,84* - -19V 434.463 640.706 --18'3 Chicago 163,910.996 149,217,352 +9-8 Sioux Falls 328.964 277.985 407.037 231,253 +3-3 St. Louis.... 46,866,137 45.387,282 Total Pacific 61,877,043 47.405.343 +30-2 50,136.623 49,303.678 New Orleans 17,111,800 10.711.928 +59-7 Kansas City 20,660.025 13,602.490 +51-0 20,809,678 20.608.550 11,638,099 4-io-o 14.517.794 12,180.857 Seven cities, 5 days. $1,909,146,373 $1,463,544,830 +3U-5 Minneapolis 12,806.930 Omaha 8,249,236 6,860,822 +20 2 8,447,015 6.164 428 Other cities, 5 days 301,488,974 275,016,491 +U-5 - St. Paul 8,169,588 6.63:},307 +4' 6,782.507 6,220.970 3.786.800 9 6,231.652 6,483.984 Total all cities, 5 days.... $2,210,635,347 $1,738,561,821 +27-2 St. Joseph 4,204.519 -t-10 5.369,791 8,573,111 -I-50-3 4,794.666 6.327,378 All cities, 1 day 455,623,419 +21-3 Denver 375.452.012 Des Moines 2,660.000 2,200.000 4-20-5 2.618.724 2,204.958 1,085,007 4-33-8 1,853,671 1,662,014 Total all cities for week.. $2,656,258,706 $2,114,014,233 +25-6 Sioux City 1,447.906 Topeka 369,549 815.015 —34-~ 1,223.540 1,307.320 Davenport 1,223,265 L024.534 +I9'4 1,047.527 080,080 The full details for the week covered by the above will be Wichita. 1,023,327 818,600 - -250 612.218 407.806 Colorado Springs... 750,000 545.445 --376 602,105 626.000 given next Saturday. We cannot furnish them to-day, clear- Cedar Rapids 500.741 393,563 --28-7 - -94-6 ings being made up by the clearing houses on Satur- Premont 270,635 139,044 146,482 181,666 at noon Pueblo 415.000 Not Include d In 10 tal. day, and hence in the above the last day of the week has to Total other West'rn 67.701.408 62.017.210 +30-1 68,077,479 62.02L677 be in all cases estimated, as we go to press Friday night. St. .Louis 49,895,850 46.641.060 +7-2 49.801,434 61.729.001 New Orleans 19,610,818 11,361.250 +727 22,826,438 11,100,521 We present below our usual detailed figures for the previous Louisville.....' 12,388,096 10,381 .718 - -1B0 10,638,413 10.231.964 Houston 5,141,614 4,200.000 - -22 4 6.308.699 6.240.563 week, covering the returns for the period ending with Satur- Galveston 4.340,500 8.099.61X1 --40-0 2.682.600 2.195.500 4.960.770 --20-8 4,804,010 4,441.677 day noon, July 8, and the results for the corresponding Richmond.. 5.994.004 Savan nah 4.083,848 2.288.178 --82-8 8.610,126 8.462.461 week in 1904, 1903 and 1902 axe also given. Contrasted with Memphis 4.409.308 3,466.185 --272 8,351,937 2.652,478 Atlanta 3.041.196 2.375.258 --23-6 2.784 .872 8,328.968 the week of 1904 the total for the whole country shows a gain Nashville 8.260.102 2.784,932 --17-1 2,750.860 1,870.916 1.705.0O0 +6-7 1.471.872 L420.7U1 of 44'1 per cent. Outside of increase over 1904 Norfolk 1.818,900 New York the Port Worth 1,990,902 1,284.333 +650 1,691.415 1,61060* is 24 - l per cent. Birmingham 1,517,014 950.147 4-50 1,328.801 1,010.611 Knoxvfile 1,191,753 1.162.437 +34 1,096,310 738.996 Augusta 2.094.808 973,280 4-1152 684,548 668.863 791.690 Week ending July 8. Little Rock. 1,147,867 585.480 +960 923.882 Charleston 1,205.299 1,209.792 —0-4 1,098,814 Clearings Inc. or 368.927 +800 793,000 73-1.000 1906 1904. 1003. 1902 Macon 615.804 Dec. Chattanooga 060,000 800,000 -18-8 760,967 660.000 Jacksonville 1,148,444 798.595 +438 680.000 $ Columbus, Ga 211.629 224.009 —6 400,167 390,077 New York .699.680,140 1.3U.O58.085 1 B6e.068.40t 1,075.437.256 +*60 Mobile 1,372.948 Not Include d In to tal. Philadelphia 120,803.473 90.592,617 --10-0 103.611,077 lsuwo.ou 10-4.050,605 Pittsburgh. 4i.-v51.509 88.334,120 --27-4 47.42:1.4:1; 168.808 Total Southern 125.792.256 101.028,801 +24 6 117,482,400 2.883.093. K.'I6 Baltimore ...... 21,7- 19,922 .266 --244 26.(> 81,(1 Total all 2.028,531.160 1.82.'i.801.813 +44-1 9.193JM6.740 Buffalo 6.914,931 6,281,835 --10 1 6.91 4.7. Outside 928,84^,026 748,807.557 +24-1 682.798.755 607.025.534 Washington. 5.235.14 4 4.223.773 --280 4,621.11') 4.21 New York.. Albany 4,677,092 4.048. Ov4 --181 8.1-7 Canada— Rochester 4.495610 8.003.545 -W7 2.711. 244 8,1 21.87 Bcranton 1,816,456 1.6-1 --10-9 1 7 1.4 Montreal 27,831,677 20,380,267 +36 6 25.550.680 Syracuse 1,921,31'; 1.865.204 --407 1.5. 1.41 Toronto 24.7Hl,V<53 16,018 + 188 18,284,042 Wllminjrton 1,191,004 964,140 •-23- 1,3. 1,1 Winnipeg 7,802,783 6.0-15,44(1 4-37 2 8.9- -4 Reading 1.245,460 1,1/21.865 --21 9 Ilulllux 2.510,759 2.441 .211 :;t, 1 9 1,'-' 4-e-e Wukes Barre_... 1,067.657 1.002.615 +55 I a, 8,261.088 8,116.178 1 Whee.lng_ 652.470 719,788 185 2.1: ' -61 5.960 1.07 + - Bingham ton 436.200 4-161 411 ' \ uin'ouver 1,82 1.874,0611 -|:;l l.M Greeneburg 47.-j.17U 668,048 -14t) Hamilton 1,809,998 1,866,906 > Chester 477,412 525.012 -9 1 721.120 -c John 084,181 40 Erie +300 London 1,807 4-on 1 1 Franklin Pa 224 610 827 518 —1-3 Victoria loiul 1»» Total Middle.. l 260 7 13.556 +54 5 Canada 178 THE CHRONICLE. [Vol. Lxnz^b
destruction is their purpose. But if the Government OHIO STOOK MARKET. AGO action at Libau is to be the method of treating the Stock Our record of the transactions on the Chicago revolt, it would seem as if it would not be long before Exchange for the week and year, which is now a all classes would be cemented, by such cruelty and regular feature of the Chronicle, will be found to- day inhumanity, into a solid army, intent on ridding them* on page 202. selves at whatever cost of such merciless rulers.
THE FINAN 01AL SITUATION. The Government first of July condition report for wheat, corn, oats, etc., issued July 11, indicates a good The most inspiring event of the week, and indeed of promise for large yields of all these grains. According many weeks, has been the announcement that to our usual analysis of the Government figures, the indi- M. Muravieff has resigned as chiefEussian Plenipotentiary cated yield this year of winter wheat is 393,000,000 bush- and that M. Witte has been appointed to fill the posi- els and of spring wheat 305,000,000 bushels, or a total of tion. It was feared by those who were looking forward 698,000,000 bushels, against a total of 660,000,000 bushels to a full and satisfactory settlement of the war spring and winter according to the corresponding figures in issues between Russia and Japan, as the outcome 1904. Of course the outlook at this date is often materially of the congress to be held in August, that better than the final outcome. A striking illustration M. Muravieff was unfitted for the place, and held of that fact was had in 1901, when the crop of wheat, such pronounced opinions that his appointment would spring and winter, proved to be only 552,399,000 bush- endanger the success of the negotiation. On the other els, or 108 million bushels less than the first of July hand, M. Witte is known the world over as a broad and promise; that was an unusual variance, due to abnor- liberal-minded statesman, and will come to Washington, mally low temperatures and cold rains in 1901 subse- not as the tool of any one, but as Plenipotentiary with quent to July 1. One other fact relating to the wheat full powers. At the same time he will look out for what supply this year contained in this week's report is that he believes to be Russia's real interests, present and the holdings July 1 1905 in farmers' hands of last year's future. crop was only 24,257,000 bushels, against 36,630,000 bushels at same date in 1904; including visible supply, Another event of more or less significance was the left-over amount of wheat was 38,545,000 bushels the surrender on Saturday afternoon, July 8, by the July 1 1905, against 50,685,000 July 1 1904. mutineers of the rebel ship Kniaz Potemkin to the Rou- The corn-crop figures made public in the current manian authorities at Kustenzi. The condition the rebel week's report, compared with the same date a year ago, crew exacted was that they should be treated as desert- disclose even a more favorable exhibit than the wheat ers, the Roumanian authorities agreeing to con- estimates. It should be remembered, however, that corn vey them to any frontier they elected and lib- has still to go through the possibility of much more erate them there. The next day the Potemkin severe trials before maturity than wheat. Drought or was delivered to Admiral Kruger's squadron, which an early frost may cut the yield of corn far short of the brought a crew for the Potemkin, intending to sail with first of July promise. Notwithstanding that, it is a it that evening. It seems, however, that the Potemkin highly satisfactory fact, because truly encouraging, that did not sail as expected, the mutineers before leaving according to the Agricultural Department's figures the ship having opened the seacocks, flooded the hold the outlook on July 1 1905 promised, on a plant- and sunk the ship. The hope expressed wa3 that the ing of 94,011,000 acres, a corn yield of about ship would be floated in time to leave for Savastopol 2,625,000,000 bushels — a record-breaking outlook so July 12. The cable has since reported that this hope far as the July estimates are used for comparison. was realized. One circumstance must be recalled because it is unique The Associated Press account of the surrender ex- — and in a sense it is an exception to the previous general plained it by stating that the mutineers lost faith be- conclusion which is that the 1900 Census report gave cause it became evident that no other vessel would join — the corn crop in 1899, the Census year, at 2,666,440,273 in the mutiny. That statement would seem to establish bushels on a planting of 94,916,911 acres. It is also that the revolt in Russia was in an utterly headless con- quite a remarkable and indeed noteworthy fact that so dition, those foremost in it having very little confidence far as acreage is concerned the figures as now given by of success. No people in revolt could hope for a more the Agricultural Department for July 1 1905 opportune or encouraging offer of help than the Potem- (94,011,- 000 acres) are almost exactly like the acreage of the kin mutiny presented. Here was thrust into the very heart
Census year acres) previously given ; fur- of the insurrection a most forceful and fitting agency (94,916,911 thermore, the promised corn crop as estimated July 1 about which to crystallize effort enabling the people to 1905 in the Agricultural Department report just issueu get into shape for effective and energetic action; yet it is almost identical, as will be noticed, with the Census aroused no enthusiasm, although the state of affairs at crop in 1899, the Census year. Odessa was one of extreme peril, and Russia was utterly demoralized by the occurrence, ready to dismantle every ship in the Black Sea navy. The truth probably is that the The general disposition in the iron and steel trades body of insurgents is not a homogeneous body, either in is to think that a turn is about to occur in the condition purpose or character; that the majority or more influential of the market—that is, that after the lull recently ex- party are not nihilists or actual revolutionists; they can perienced the iron and steel trade is again to enter die, be shot down by Cossacks, but cannot at present co- on a period of considerable activity. On the surface of operate freely or fully with the extremists. This is a things there is little to support this view, and it is quite hopeful suggestion for Russia. Autocracy is what the possible that expectations in that regard may be disap- educated class is fighting against ; reform and not pointed. Reports agree in saying that the inquiries for. Jui/r 15, 1905.] THE CHRONICLE. 179
iron latterly have been more numerous, but the salient wo also show that, including this increase, the features in the trade are that prices are still de- addition to the gross earnings of United States clining and that stocks still keep accumulating, railroads in this period of six months for the eiglil yean notwithstanding that output has been considerably from 1897 to 1905 has been no less than $470,000,000—
curtailed. It may be, however, that on this that is, in the six months of 1905 out railroads earned occasion these surface indications will prove mis- 1 I7t»,000,000 more than they had earned in the corre- leading. The " Iron Age " of this city has the sponding six months of 1897. The Baltimore & Ohio present week published its usual monthly statistics and Railroad has contributed its share of this great expan-
they show that during June the make of iron in the sion in revenues. That system, as the reader is aware, United States was only 1,703,289 tons, as against has been completely transformed physically and financi- 1,963,717 tons in May, 1,922,011 tons in April and ally in the last decade. The work began under the late 1,936,264 tons in March. In face of the reduced out- Mr. Cowen at the time of the receivership in 1896 and put, the stocks of the merchant lurnaces increased has been continued without interruption since the Penn- during the month from 100,119 tons to 170,233 tons. sylvania Railroad people took the property under their
However, there is another side to the question. The wing.
accumulation of stocks in producers' hands may tell As has been previously pointed out in these columns,
only part of the story. The element of doubt is as to next to the Pennsylvania Kailroad itself there is no the situation of stocks in consumers' yards. On that other railroad system in the country on which so much point the '-Iron Age" says that it is pretty thoroughly money has been spent for improvements, renewals and understood that consumers' stocks at the moment are at additions as on the Baltimore & Ohio. For several re- a very low ebb, so that the furnaces (the producers) are cent years the outlays in this way have averaged carrying as a visible supply metal which ordinarily $1,000,000 a month. The large earnings and increase would not be counted. Moreover, in a special editorial in dividend distribution are the fruits of this wise and
article entitled "Waiting for the Low Point," our con- far-sighted policy. That the higher dividend is fully
temporary points out that it has been evident for warranted follows as a matter of course. The amount several weeks that purchasers of pig iron have of the common stock outstanding is $124,272,060, and set themselves in a determined way to catch the mar- the additional 1 per cent will therefore call for, roughly, ket at low point before buying again for extended 1£ million dollars. In the fiscal year ending Juno
deliveries. The waiting policy, it says, is pursued, too, 30 1904, when the road had unfavorable trade with a good appreciation of the probability that when conditions to contend with, the income account
buying is renewed there will be so many foundrymen in showed a surplus above charges and the 4 per the market within a short period of time that some of cent dividend in the sum of $2,986,S78, and this, too, them will pay a higher price than others. Foundry after an appropriation out of income of £2,000,000 for yards, on the testimony of observant salesmen, are quite additions and improvements. On these results there has bare of iron. The matter therefore resolves itself into been further improvement during the fiscal year 1904- a question as to how much longer consumers are 05. The figures for the full twelve months are not yet likely to be able to hold off before being obliged to put available, but for the eleven months to May 31 an in- in new orders to supply their needs. It would be crease of $2,232,712 in gross earnings and an increase
not at all strange if a change from the waiting attitude of $1,544,064 in net earnings over 1903-1 is reported. should develop at any moment. The full extent of the
curtailment of production which is under way is not in- In an article in our issue two weeks ago we com- dicated in the decrease in output for June. Considering mented on the new system of municipal accounting in-
the rate of reduction, it is seen that the capacity of the augurated by the City of Minneapolis. We pointed out furnaces in blast has decreased from 452,000 tons per some of the unique features in this new system, and in particular week en May 1 to 40S,000 tons on July 1. From this referred to the balance sheet incorporated in it would appear evident that the make of iron in July the report and the statement of revenue and expenses will prove smaller even than for June. As prices have classified according to the various functions of the city government. reproduced a portion the balance already declined considerably—starting, too, from a basis We of by no means high—what inducement can there be for sheet, showing what are termed the capital liabilities the consumer to hold off much longer in making his and capital assets, and quoted the remark of the account- necessary purchases? Will he not run the risk of en- ants who have devised this new system of accounting to countering that rush of orders of which the "Iron Age" the effect that this was the first example of a balance sheet speaks if he does not make his purchases soon? in this form that had been presented by any city of the United States. An esteemed correspondent writes to The action of the Baltimore & Ohio Eailroad Com- ask if we have not overlooked the annual report of the pany this week in increasing the semi-annual dividend South Park Commissioners of Chicago. Ho, wo have on its common stock from 2 per cent to 2£ per cent, not. The report of these Commissioners is certainly a thereby placing this stock on a 5-per-cent-dividend very commendable document and comes to our ollico basis, illustrates the noteworthy prosperity which this regularly each year as issued. While, however, the
• ; important trunk-line property is enjoying and is typical South Park Commissioners" are a distinct municipal also of the development of the railroads generally in this corporation, they are not a municipality. The Oom- country. In an article on a subsequent page we review inissioners have only one department to deal the gross earnings of United States railroads for the with, where a city has many departmenl
(half of the current calendar year, and show that in ti many different functions. However, Jouth i six • form months of 1905 there must have been an increase in Commissioners deserve great credii I the gross revenues of about 955,000,000 as compared and character ol their report, and we are of this with the first six months of L904. Moreover, pportunity to hear testimony to the appreciation in 180 THE CHRONICLE. [Vol. lxxxi, / which their report is held. Their method of accounting endorsed bills receivable, 4®4J per cent for prime and 'is prohably as perfect as any that can be devised. 4£'2)5 per cent for good four to six months single names.
Moreover, what is particularly noteworthy is that this system has been in vogue, we believe, with that body The Bank of England rate of discount remains un- ever since 1882—that is was used long before the changed at 2£ per cent. The cable reports discounts of recent movement tor reforming municipal methods of sixty to ninety-day bank bills in London If per cent. accounting, which is forcing one municipality after The open market rate at Paris is If®2 per cent and at another to improve its accounting methods, was in- Berlin and Frankfort it is 2£®2f per cent. According augurated. to our special cable from London the Bank of England lost £258,198 bullion during the week and held £38,- There was no change in official rates of discount by 203,585 at the close of the week. Our correspondent any of the European banks this week and unofficial, or further advises us that the loss was due to exports of open market, rates were, compared with last week, easier £5,000 to Bolivia and to shipments of £253,000 net to at London and at Paris, and firmer at Berlin and at the interior of Great Britain. Frankfort. The most notable incident of the week was the suc- The foreign exchange market was easy this week, in- cessful negotiation of the Japanese 4^ per cent loan for fluenced by a light demand for remittance and by a good $150,000,000, this amount being offered in three equal supply of bills. Though the volume of outstanding
parts at London, Berlin and New York. The issue was finance bills is large, the low rates for open market dis- enormously over-subscribed—at London and at Berlin counts in London and at Paris and the firm tone in New ten times over and in New York probably to as great an York for money for long, fixed periods, together with the extent; the syndicate of bankers who placed the loan in prospect for an abundant supply of exchange later in the this country are, however, unprepared to state the vol- season, as the result of a free export movement of ume of the subscriptions. It is reported that $20,000,- commodities, seems to have encouraged bankers this
000 of the bonds were applied for at Boston, an equal week more liberally to negotiate these finance bills, amount at Chicago and $10,000,000 at Philadelphia. for those which are now drawn will mature in the last The statement of the NewYork Associated Banks active export season for cotton ; then, presumedly, week showed a decrease of $5,634,500 in cash, a reduc- cheap, and therefore profitable, cover for the bills can tion of $4,410,500 in loans and of $7, 733,800 in deposits, be procured. Should conditions develop which would and a decrease in surplus reserve of $3,701,050 to $7,- prevent the procurement of such cover in October there 957,825. The bank statement of this week should reflect, would seem to be a probability that the maturing drafts among other items, the transfer hence through the Sub- could be extended for another period of three months, Treasury to New Orleans of $90,000 and the transfer thus taking advantage of still higher rates for money hither from San Francisco of $1,685,000. The require- and possibly low exchange in January. Sterling and ment for the surrender of the second instalment of public franc loans, which are other forms of finance bills, have deposits, under the call of April 5th, will probably be been largely negotiated this week, contributing to the
complied with to-day (Saturday). The amount of this lower exchange rates. These bills, it may be noted, are instalment was $14,673,500, and it was stated on Thurs- borrowed on pledge of stock collateral, the borrower pro- day that $3,893,500 had then been paid, leaving $10,- curing, through the sale of the exchange, money for the 780,000 to be surrendered. period of six months, with one extension of the bill, on more advantageous terms than could be obtained on The market for money on call was easy this week, a domestic collateral loan. While such nego- Influenced by liberal offerings due, in part, to accumula- tiations augment the volume of outstanding tions of funds representing applications for the Japanese finance bills, and hence involve some risk in loan, which funds were returned to the market through the procurement of cover, the object of the borrower in-
their prompt deposit in the banks by the syndicate. resorting to such loans might be attained even if the sit- Money on call loaned at the Stock Exchange during the uation in January should be such as to compel him to week at 3 per cent and at 2 per cent, averaging 2£ per pay a higher rate for exchange for his cover than he had
cent ; banks and trust companies loaned at 2^ per cent contemplated when he effected the loan. One feature of as the minimum. On Monday loans were at 3 per cent the week was a more liberal supply of cotton bills, which and at 2J per cent, with the bulk of the business at 2f was reported to be due to the sale of considerable per cent. On Tuesday transactions were at 2% per cent amounts of the staple that had been held oft the market and at 2 per cent, with the majority at 2§ per cent. On awaiting an advance in the price. Still another feature Wednesday loans were at 2£ per cent and at 2 per was the offering of moderately large sums of cent, with the bulk of the business at 2J per cent. On sight exchange which had been bought with the Thursday transactions were at 2£ per cent and at 2 per proceeds of cables that were sold, as was cent, with the majority at 2£ per cent. On Friday loans noted last week, for the purpose of trans- were at 2£ per cent and at 2J per cent, with the bulk of ferring hither foreign capital which could not be profit- the business at 2J per cent. Time contracts for five and ably employed in the London market. The sight bills six months were less freely offered this week, but for the were reported to have been bought in the expectation of
shorter periods the supply was abundant, though little a demand for the remittance of July interest, which business was done. Bates on good mixed Stock Ex- inquiry was insufficient to absorb the excess supply of change collateral were 3 per cent for sixty days, 3^ for bills, and when the market began to decline early in the ninety days, 3J®3J for four, 3£®3f for five and 4®4£ week the surplus drafts were sold. On Monday the per cent for six months. The supply of commercial price of bar gold was advauced in the London bullion paper was small, while there was a good demand, and market half a penny per ounce, to 77 shillings 9f pence; quotations were 4®4£ per cent for sixty to ninety-day on Thursday there was a decline oi £ of a penny. Tue .. . —
JTTLY 15, 1905. | TIIE CHRONICLE. 181
early advance was probably for the purpose of outbidding With the Sub-Treasury operations the result is as French bankers who were seeking to procure the metal follows. which was due to arrivo in London. Gold received at info the New York Custom House this week $7,409. Week ending July 14 1005. Out of tftl 1 Ikottyi In Ranks. Hunk). Hunk lloliltnox. Nominal quotations for sterling exchange are 4 85}<9 Ilnnks Interior movement us ubovi' 18,000 \ 201,000 Oaln. 11,411,000 4 80 for sixty-day and 4 87^*5)4 88 for sight. On .Mon- 88,400,000 Low, 8,600.000 day rates for actual business opened at a decline of 5 TotAl gold and legul tenders ... *-.!0,O12,U00 80,801,000 Lou. 11,180,000 points all around, compared with those at the close on Friday of last week, at 4 8520®4 8530 for long, 4 8690 THE QUESTION OF "MILITARY Gi 87 for short and 4 S715'S:4 8720 for cables. On PEEPA REDNESS." Tuesday long fell 5 points, to 4 8515^4 851*5, short 10
points, to 4 8080^4 8000, and cables 10 points, to Human nature being what it is, it is not perhaps sur- 4 8705^4 8715. On Wednesday the tone Mas weak, prising that the remarkable incidents of the Eastern with long 10 poiuts lower, at 4 8505®4 8515; short 10 War should be followed by a revival, in the councils of points, at 4 8075^4 8080, and cables 10 points, at 4 87 neutral nations, of what maybe described as "milita- ^4 S705. On Thursday the tone was steady at a re- rism." The conflict on the coast of Asia has unques- covery of 5 points for short, to 4 8680^4 8685, and of tionably shown the immense efficiency of a belligerent 5 points for cables, to 4 87®4 8710; long was un- which had for years been making scientific preparation changed. The market was weak on Friday, owing to a for the struggle, as compared with one which had been pressure of bills, and long fell 10 points and short and trusting everything to luck. We have had some illus- cables 15 poiuts. tration, in our own recent public speeches, of the sort of The following shows daily posted rates for sterling inference which is occasionally drawn as to our proper
exchange by some of the leading drawers. application of this lesson, and it is even more natural DAILV POSTED BATES FOR FOREIGN EXCHANGE. that the same sort of argument should be heard in
Fin.. MOV. TUES.. Wed.. Thdr. Fri., Europe. Perhaps its oddest manifestation has been in Juli 7. Jul]/ 10. July H- Ju y 12. July 18. lulu 14. the discussions of the English Parliament, where Brown < 00 days 4 SO 86 86 65* 65* 488 Brothers A Oo. ( SiRht . 68 88 87* 67* 87* the problems of protection against invasion, de- Banns, (60 days 466 89 86 86 66 66 JlHtfoun 4 Co \ Sight .. 483 88 68 67* 87* 87* fense of the Indian frontier, and preservation of 86 Bank British I 00 days 4 86 86 §2^ 65* 86* No. America. J Sight .. 488 88 68 87^ 87^ 87* the land and sea power of the Empire, have
Bank of ( 00 days 486 88 88 66* 85* 85* 483 88 88 87* 87* 67* been taken up lately with the greatest imaginable Cana Man Bank < 00 days 486 86 86 86 86 85* Of Commerce. { Slubt .. 4fc8 88 88 88 88 87* zeal. Lord Kitchener had his say, not long ago,
Heldelbacb, Ick- ( 60 days 4 86 86 86 85* 85* 85* ; elneimer&Co. ( Sight .. 488 88 88 87* 87* 87* on the question of Indian defenses Mr. Balfour Laiard ( 60 daye 4 86 86 88 86* 85* 65* 488 88 68 87* 67* 87* had to express, in a half-hearted way, his belief in the pre- llercnants' Bk. 4 00 days 4 86 86 66 86 86 86 paredness of England's coasts in the matter of fortifica- of Canada. < Sitht . 4 fB 88 88 88 88 68
The market closed on Friday at 4 8495'S4 8505 for tions. This week comes Lord Eoberts, with a vehement long, 4 8005^4 8075 for short and 4 S68o©4 8095 for plea for something like conscription. In the House of cables. Commercial on banks, 4 S470®4 8480, and Lords last Monday, the veteran field marshal emphati- documents for payment, 4 S4'S4 8495. Cotton for pay- cally declared that the choice lies now between conscrip- ment, 4 84S4 S4J, cotton for acceptance, 4 8470® tion and some practical system of universal training for 4 8480, and grain for payment, 4 8490^4 8495. the battle-field. He asserted that only by such means would it be possible for Great Britain to meet the de- following The table indicates the amount of bullion in mands upon the empire in the event of war. The ques- the principal European banks. tion, he said, was one of life or death to the British
Empire; its proper recognition requires the placing in the field of an army as large and efficient as that of any European country. This Lord Roberts affirmed, even while admitting that the European Powers may be regarded as "nations in arms." He closed his appeal by repeating that, in his judgment, the existence of Great Britain depends on the maintenance of such an army. Lord Roberts' speech, like many other arguments on this question, was based on tacit assumption that Great
Britain is isolated among European powers. la this re- • The division (between gold and sUver) given in our table of coin and gard the argument seems a far-away echo of 1895. bullion In the Bank of Germany and the Bank of Belgium la made from the Then, indeed, it true that all of England's fellow best estimate we are able to obtain; in neither case in it claimed to be was accurate, aa those banks make no distinction in their weekly returns, merely nations—even the United States—seemed to be turuod reporting the total gold and silver; but we beUeve the division we make la a •lose approximation. against her. What are the facts to-day t The answer t The Austro-Hungarian Bank Statement la now lBsue Interior other's relief W$4k tndlnj July 14 1006. Htctirtd by Shipped by M agreement, by each party, to come to the 11. Y. Hank*. V 1". Hank, menL when that other shall be outnumbered by opponents H.603,000 ta.eoo.ouu Uaiu. tl.. is to- Gold 749.000 &U2.000 Oaln. 167,000 with the victorious Asiatic Pow*r whose prestige Total sold Franoo, for and legal tenders . . 18,61 8,000 MJOL0O0 <;«m. 1X411.000 day the greatest puzzle of the wflrld. With T. XYYT 182 THE CHRONICLE. [YOL. , years at intervals a sullen antagonist or a jealous rival. TEE Great Britain has arrived at a cordial mutual under- DECISION AGAINST TEE KANSAS OIL standing. Not only did the Anglo-French Con- GOVERNMENT REFINERY. vention remove half a dozen annoying possi- The failure of the State of Kansas to secure legal bilities of friction, but the French have had sanction lor its scheme to establish State oil refineries opportunity to see in very recent events the supreme in opposition to the Standard Oil Company obviously value of such an understanding. With Bussia helpless deals a blow at State socialism and paternalism in gov- as an ally, with Germany openly hostile in the exchange ernment affairs. But it does more than that. It shows of diplomatic communications, it is not strange that the that the courts, even in the remoter parts of the country, French people should have realized, as they certainly will not countenance acts, however disguised, whicu never have done before, how much a good understand- attempt to do indirectly what the fundamental law for- ing with the British Government may mean to them. bids doing directly. In this sense the decision is clearly a Carried out to its full results, so declared M. Delcasse at wholesome one, in which every thoughtful citizen must Paris last Wednesday, the friendship "would assure for rejoice, no matter how much he may detest monopoly in a long time the peace of the world." the shape of a Standard Oil combination or in any other Along with these two important political arrangements form. must be considered the diplomatically very vague, but mor- There is an express provision in the Kansas Constitu- ally very positive, understanding between Great Britain tion which forbids the State Government from under- and the United -States. It is, we think, no exaggeration taking work of the character involved in the setting up to assert that this cordial understanding has been of an oil refinery or going into the oil business at all. cemented lately by the willing concurrence of the Ameri- It was in the highest degree important that the courts can people, as it has been at no time since the unfortu- should not allow this provision of the Constitution to be nate period of friction during the Civil War. The old overridden. When the oil-refinery law was passed, complaints, ot which so much used to be heard ten or fif- popular sentiment in Kansas was running high. At teen years ago, -as to British power tyrannizing over Ire- such a time the legislator is not apt to pay much heed land or exploiting the United States for its own exclu- to Constitutional restrictions. But it is tue province of sive and selfish benefit, are rarely heard in American the courts to see that the Constitutional mandate is in- politics to-day. Our people, like the French, have terposed against unlawful proceedings, even though the learned these past few years something about the value object sought may appear to be meritorious. We have of good understanding with a powerful State whose pur- no knowledge as to whether the Standard Oil people are poses make for peace. When to these three inter- guilty of the offenses charged against them or not. But national friendships is added the fact that Bussia, against whether guilty or not, does not matter. The merits of .whom, more than against any other foreign State, Eng- the contest really have no place in the discussion. Con- land's misgivings and suspicions have for a generation stitutions are framed for the purpose of embodying cer- been directed, is now harmless to do injury, it would tain principles of government, and these principles must certainly appear that the British Government's present be upheld and defended so long as they remain the situation is secure in an unusual degree. European established law. Otherwise there could be no security critics have in fact accepted, as the true explanation of in society. the German Emperor's "Morocco demonstration," the In a period of intense public feeling there is especial theory that he realized Germany's relative isolation, and need for care that these fundamental provisions be not was determined, by a strong diplomatic show of force, to violated or disregarded. At such moments the legislator at least assert his nation's power in the councils of is prone to be hasty and impulsive. The Constitution nations. sets the bounds beyond which he may not go. It is We do not mean to argue that such international often a protection to the people themselves against their good relations as Great Britain has established own folly. It also often removes the temptation to dis- with its fellow States can serve entirely to absolve a honesty. Experience teaches that those who advocate nation from the responsibility of providing against the most strongly overstepping Constitutional barriers under possibility of war. It does seem to us, however, that the stress of popular demands are the first to avail of the facts which we have recited render somewhat ridic- any legal objections that it may be possible to raise when ulous the constant visions of impending conflicts which the operation of the statute is found to prove burden, disturb such well-meaning but extremely prejudiced mil- some. In the present instance it is hard to imagine itary prophets as Lord Boberts. It may, in fact, be that the State of Kansas would have undertaken to re- argued, even jrom the showing of Japan in the present pudiate the bonds which it was proposed to issue to pro- war, not that the lesson is for universal conscription, but vide the means for erecting the contemplated State re- that attention must be given to the thorough and proper finery, nad the decision of the court come after the bonds training, under intelligent administration, of such forces had been put out; and yet other communities have been as exist already. The Japanese were by no means a known to do precisely this thing—that is, sell bonds, "nation in arms" at the outset of the Eastern war. pocket the proceeds, and then, when the enterprise for Bussia came infinitely closer to that unpleasant classifi- which the money was wanted proved unsuccessful, raise cation; yet the result in Bussia's case is hardly such as the claim that the bonds were illegal anyway and thereby Lord Boberts would appeal to. It is indeed a mat- seek to throw off the burden voluntarily assumed at the ter of history that the early inefficiency of English outset. troops on the invasion of the Transvaal resulted in no The Kansas statute was an ill-concealed attempt to respect from the fact that conscription had not been the get round a Constitutional prohibition. But the Kansas rule, but from the other very patent fact that the regular judiciary has seen through the thinly veiled disguise, army had received no proper training for the kind of and has refused to shut its eyes or to yield to popular 1 service into which it was then obliged to enter. clamor, no matter how insistent. It will be held in i July 15, 1905.] THE CHRONICLE. 183 higher honor on that account, and its adherence to Con- tion. On this point he says: "In common with all Btitutional standards will increase respect lor the law. other well-informed persons, this Court knows ot the Section 8 of Article XI of the Kansas State Constitution great quantities of crude oil that were discovered in a lays down this declaration: "Tho State shall never be a part of the State; the rapid development oi this field of party in carrying on any works of internal improve industry; the general public complaint that a particular ment." The language is certainly plain enough, and corporation was unjustly manipulating the market ol this the Kansas legislator seems to have been perfectly aware product SO that the producer was being deprived ot what baldly in his to launch to that it he proceeded attempt the rightfully belonged him ; and that a public demand State in the oil business the courts were likely to km ck was made upon the Legislature ol L905 to enact Some the scheme in the head. So he sought by circuitous law which would protect the producer from the further methods to attain the same end, hoping to fool the encroachments oi this corporation upon his righ! judges, or at least to provide them with a decent excuse Dealing with Coventor lloch's part In the affair, tho ibr ignoring the Constitutional inhibition against Gov- opinion says: "The Executive sustains a more direct ernment woik oi this kind if they should be inclined to and intimate relation to the people than any other seek popular favor by yielding tacit obedience to official, lie knows and understands the conditions, de- public clamor. The statute pret >d that the State sires, aspirations and aims of each community. The wanted to establish a brauc penitentiary, and bill in question having originated, as expressed in his to construct and operate an oil refinery in con- message, in a popular demand lor reliel against a 'power- nection therewith. Section 1 of the Act began as fol- ful commercial combatant,' against which the individual lows: "-For the purpose ot providing proper employment was unable to cope, it met the hearty and enthusiastic for convicts confined in the State penitentiary, the approval of the Governor, not as an appropriation to Warden ot the Kansas State Penitentiary is hereby em- build a branch penitentiary but as an appropriation powered, by and with the advice ot the board of diiectors for the construction and operation of an oil refinery." of said penitentiary, to secure, without expense to the Then, with fine sarcasm, it is added that "inasmuch as State, a suitable site for the erection of a branch ot the no reference is made to the branch penitentiary, it may State Penitentiary and oil refinery at Peru, in the be said that the Governor did not understand that there County of Chautauqua, Kansas, and to construct and were any provisions in the bill which seriously con- maintain and operate thereon an oil refinery as a depart- templated the building of a branch of the State ment of the State Penitentiary, for the refining of crude penitentiary." oil, and to market the same and its by-products," etc. By Proceeding along these lines, Justice Greene goes on Section 9 oi the same Act, the State Treasurer and the to argue that if, as contended by the State, the object Warden were empowered to sell $210,000 ot State bonds of tLe bill was the construction of a branch penitentiary, for the construction and equipment ol the proposed peni- it seems strange that the Governor in approving it tentiary branch and oil refinery. Bids were actually should feel called upon to say that it is "such a radical invited for these £210,000 of oil-refinery bonds; the departure from governmental precedent tnat it seems tenders fur the same were received March 31, but were all wise to put upon the record a clear statement of the rejected on the ground, as alleged, that the State officials provocation and the purpose of this undertaking, that our hail determined to have the Supreme Court pass upon action should be clearly defined and thoroughly under- the validity oi the issue. The Supreme Court now, by a stood at home and abroad." Justice Greene urges unanimous vote, declares the whole Act illegal. that the construction of penal institutions is not a " rad- Associate Justice Greene, who wrote the opinion, ical departure from governmental precedent." The la_\s down the rule thai: (1) In the interpretation of an "provocation" for maintaining such institutions is known ambiguous statute, courts should examine it in the light to all persons. "Besides, what interests have the of the history of its enactment as disclosed by the people abroad on the subject of our penal institu- journals of the Legislature, the contemporary history of tions that for their benefit 'our action should be the conditions and situation of the people, the economic clearly defined?' The indictment of the Standard and .-^ociologio policy of the State, its Constitution and Oil Co. was no doubt true and tho provocation laws, and all other matters of common knowledge within was very great; but we must not make a scarecrow of the limits of their jurisdiction. (2) That the construc- the law. The consideration of the bill in the - the tion , operation and maintenance of an oil refinery for public conditions under which it was conceived, the title the purpose of receiving, manufacturing, storing and under which it was introduced in the Sena bill handling crude and reiiued oil and its by-products, and itself, and its reference by the Senate to its committee on the marketing of the same, constitute a " work of oil and gas instead of to its committee on penal institu- internal improvement." (3) That as the oil-refinery tions, the passage of the bill by the Senate under its law is an Act appropriating money for "works of internal riginal title, the purpose of the bill, and the reasons 1 ir improvement," it contravenes Section 8 of Article XI its passage as expressed by the Governor in bis special ol the Constitution, and hence is void. age of approval, leave no doubt in our minds that Justice Greene goes into a discussion of the right of the object ot the bill is to secure a site whereon the the Court in construing a statute to make use of its should construct, operate and maintain an oil ." the i familiarity with the history and condition of the p< Thus in this neat, I B way •* the time oi the passage of the law. In view of the Oi the scheme is laid bare and the I fact that the only hope the supporters of the refinery lition against the State's en scheme had that the bill would be held valid w eter upheld. upon the idea that the Court could be induced to ignore To US It seems clear that the prOpO 6(3 its true object, Justice Greene points out that it is the finery, even if it had received judicial 38 duty of the Court to inquire into the real reason for the in the end have proved onsm ces ral and anpr< and its measure and the circumstances surrounding its incep- State is not fitted lor work oi this kind, — 184 THE CHRONICLE. [Vol. lxtxl try into the field could only have served to produce con- ing the cash balance and after taking account also of the fusion. We notice, too, that this is the view of the in- non-interest-bearing debt) was increased, being $989,866,* dependent refiners. For in a dispatch from Chanute, 772 June 30 1905, against $967,231,773 June 30 1904. Kansas, W. S. Hyde, President of the Chanute & Austin With the drawing down of public deposits in the Oil Kefining Co., is quoted as saying: "This action of banks, the holdings of bonds by the Treasury to secure the Court will not injure the independent refiner in the the same were of course also reduced. At Washington least. In fact, it is a benefit, owing to the removal of only $80,404,950 of bonds are now held and at Xew State competition. Our success depends upon the anti- York 85,850,000, making $86,254,950 together, discrimination law and upon securing fair rates for against $119,983,550 at Washington and $7,081,000 at transportation. We can. fight the Standard Oil Co. just New York, or $127,064,550 combined, a year ago. But as well without the refinery." It is perhaps worth in the same twelve months the holdings of Government pointing out, in closing, that this is the second recent bonds to secure national bank circulation increased from defeat of an attempt at State socialism. The other oc- $416,016,690 to $468,006,940. It is well known that casion was when Governor Mickey of Nebraska vetoed Secretary Shaw has made special efforts to get the banks a bill for an issue of $200,000 State bonds to be used in to take out additional notes, and in this he has been very 1 the erection of a binder-twine plant at the Nebraska successful, the ad ' ; on to the volume of outstanding State penitentiary, as noted in the article on "The bank notes during , ; year having been almost 50 mil Financial Situation" in our issue of April 15 last. lion dollars—the total of circulation afloat on bonds standing at $462,669,414 June 30 1905, against $412,- GOVERNMENT FINANCES FOB THE 759,449 June 30 1904. Under these circumstances and FISCAL YEAR. with the addition to the gold supply through new produc- In an article in our issue of last Saturday we made tion, it is not surprising that a further marked increase an analysis of Government revenues and expenditures should have occurred in the amount of money in circula- for the fiscal year ending June 30 1905, and showed tion, the aggregate of this now being reported at $2,596,- that the deficit for the twelve months was due entirely 716,471, against $2,521,151,527 July 1 last year and to the persistent and large increase in the appropriations $2,376,323,210 the year before. that is taking place year by year. We did not deal As a matter of record we append the following table in with any of the other Treasury and financial statements, our usual form, showing Government revenues and ex- some of which also disclose interesting features. We penditures each year since 1878. purpose referring to these latter in the present article. GOVERNMENT RECEIPTS AND DISBURSEMENTS. It is obvious that with outflow exceeding inflow Receipts pom— Fiscal Years ending June 30 Internal the Government is no longer obliged to wrestle with the Customs, Revtnue. Miscel'ous. Total. problem of what to do with accumulating cash in the S 1879 „___ 137.250.048 113.561,610 23,015.526 273 827,184 Treasury. On the contrary, during the past twelve 1880. 186.522,065 124,009,374 22,995,172 333 626.611 1881. 198 159,676 135,204,386 27,358,231 360 782,293 1882. 220.410.730 146,497.595 36,616,926 403 525,250 months the question chiefly has been as to whether 1883 214,706,497 144.720.369 38,860,716 398.287,582 1884. 195.067.490 121.586,072 31.866.308 348 .519.870 money holdings in Government vaults were sufficient 1885 181,471,939 112 498,726 29.720.041 323 .690,706 1886. 192,905.023 116,805,937 26.728,767 336 ,439,727 for current needs. view to guarding against 1S87 217.286.893 118.823,391 35,292,993 371 403,277 With a 1888. 219.091.174 121,296,872 35.878.029 379 266,075 1889. 223,832,742 130,881,514 32.335,803 387 050.059 such cash holdings falling below a safe limit, repeated 1890. 229,668,584 142,600,706 30.805,692 403 080,983 1891. 219,522,205 145,686.249 27,403,993 392 612.447 calls have been made upon the national bank depos- 1892. 177,452,964 153,971,073 23.513,747 354 ,937.784 1893. 203,355,017 161.027.624 21.436.988 385 819.629 131,818.530 147,111,233 18.792,256 297 722,019 itories for portion the public funds held 1894. a of by them. 1895. 152.158.617 143,421,672 17.809.786 I™ 390,075 1896. 160.021,752 146,762,865 20.191.583 326 976.200 The effect is seen in public deposits in the banks of only 1897 176.554.127 146,688,574 24,479,004 347 ;721,705 1898 149,575.062 170,900.641 a20,094,408 340 ,570.111 against 1899. 206,128.482 273,437.162 b24, 596,662 504 162,306 $76,560,862 June 30 1905, $113,688,618 June 1900 233.164,871 295.327.927 d34,588,140 563 0S0.938 1901. 238,585.456 307.180,664 g.35.086,186 680 852,306 30 1904 and $151,618,313 June 30 1903. Of course 1902. - 254,444,708 271,S80,122 36,153,403 562 478,233 1903 284.479,582 230,810,124 45,106.969 560 396,675 this reduction of Government moneys in the banks did 1904. 261,274,565 232.904,119 45.621.493 639 S00.177 1905 262,060.528 233,464.201 47,899,130 b543 423,859 not increase what is called the available cash balance of a Does not Include $6,303,000 from sale Kansas Pacific RR. and $58,448,224 from the Treasury, since the operation amounted merely to a sale Union Pacific RR. b Does not Include $11,798,314 from sale Central Pacific RR. transfer of funds from the possession of the banks to Gov- d Does not include $821 ,898 from payment of dividend by receivers of Union Pacific and $3,338,016 from sale Central Pacific RR. ernment vaults the ownership of which had rested with g Does not Include $2,122 841 received In June 1901 from sale of claim aealnst Stoux City & Pacific, $133,943 from payment of dividend by receivers of Union the Government in the first place. With a deficit Pacific and $4,576,247 received on account of Central Pacific Indebtedness. x Includes repayment of $5,600,000 loaned to Louisiana Purchase Exposition ths of $29,587,752 for the twelve months (or $23,- previous fiscal year. 987,752 after entering the $5,600,000 advances re- Expenditures. Fiscal turned by the Louisiana Purchase Exposition Com- Years Ordinary, Premium Excess 0/ endinij inrtud. war on Bonds Pensions. Interest. Total. Receipts. and navy. Purchased pany), this available cash balance was reduced from J'neZO $ S $ $ $169,027,242 in 1904 to $142,490,323 in 1905. The 1879. 126 ,498.453 35,121,482 105,327, 949 266 947,884 6 ,879.300 1880. 112 ,312,889 2,795,320 56,777,174 95,757, 575 267 642.958 65,,883,653 money holdings in treasury vaults, however, are larger 1881. 127 ,083,618 1,061,249 50,059,280 82.508, 741 260 712,888 100,,069.405 1882. 125 ,559.039 61,345.194 71,077, 207 257 981,440 145 543,810 1883. 140 ,235,433 66.012,574 59,160, 131,265 408,138 132 ,879,444 than they were a year ago and will be further increased 1884. 134 ,118,638 55,429,228 54,578, 378 244 126,244 104 393.626 1885. 152 ,738,412 56,102,267 51,386, 256 260, 226,935 63 ,463,771 by the payment of about $11,000,000 in July on account 1886. 128 ,498,128 63,404,864 50,580, 146 242 483,138 93 ,956,589 1887. 145 ,161,501 75.029.102 47.741, 577 267 932.180 103 ,471.097 267 924 801 bill the final call 1888. 134 ,650,443 8.270 842 80,288,509 44.715, 007 ,341,274 of instalment of the on the banks made 1889. 153 ,370,352 17.292.363 87,624,779 41.001, 484 299 288.978 b87 ,761,081 1890. 154 ,700,347 20,304.224 106,936,855 36,099, 284 318 040.710 b85 ,040,272 April 5. In brief, the total of these money holdings 1891. 193 ,409.59S 10,401,221 124,415,951 37.547, 135 365 773,905 b26 ,838.542 1892. 187,,062.161 134,583,053 23.378, 116 345! 023.330 9 ,914,454 June 30 1905 was $292,620,144, against 1893. 196,,856,004 159,357,558 27,264, 392 383 477,954 2 ,341.675 $283,889,482 1894. 198,,506.589 141.177.285 27,841, 406 367. 525,280 df. 69 ,803,261 1895. 183 ,822 039 141.395.229 30.978, 030 356 195,29s df. 42 .805,223 June 30 1904. 1896. 177 ,360,416 139.434,001 35.3S5, 029 352 179,440 df. 25 ,203.246 1897. 186 ,929,884 141.053.165 37,791, 110 365i 774.159 df. 18 ,052,454 There were no changes of consequence in the funded 1898. 258 .331, 15S 147.452.369 37,585, 056 443, 368,583 df.102 ,798.472 1899. 425 .780,326 139.394,929 39.S96, 925 605,072.180 df.100 ,909.874 1900. 30t', .676,143 140,877,316 40,160, 333 4S7 713,792 75 .367.146 debt during the year, the aggregate of the interest-bear- 1901. 338 ,300,752 139,323,622 32,342 979 509 967,353 71 .142,734 1902. 303 ,594,253 138,488,500 29,108, 045 471, 190,858 91 ,287,373 ing debt June 30 1905 being $895,158,340, against 1903. 339 ,117,012 138,425,646 28,556, 349 506 099,007 54 ,297,668 1904. 415 .196,565 142,559,266 24.646, 490 a58 2402321 df.a42 ,602,114 $895,157,440 June 30 1904; but on account of the ex- 1905. 401 ,049.632 141.770.955 24.591 024 567, 411,611 df. 23 ,987.752 loaned cess of a Includes 549,000,000 paid on account of Panama Canal and $5,600,000 disbursements over receipts and the resulting- to Louisiana Purchase Exposition Company. b Allowina for the premiums paid, the actual excess in 1SS8 is $119,612,116; In diminution in available cash, the net debt (after deduct- 1889. $105,053,444; in 1890, 5105,344.496. and in 1891. 537.239.703. ) July 15, 1905.] THE CHRONICLE 185 total for 1904. The following is RAILROAD GROSS EARNINGS FOR JUNE so did the an interest- summary, furnishing ii comparison on this basis for AND THE HALF-YEAR. ing all the years back to 1896. We present to-day, in tables at the end of this article, Mileage. Gross Earnings. preliminary compilations showing the gross earnings of June 30. Year Yt. pre- In- Year. Year or United States railroads for the first half of the current Given. ceding. crease Given. Preceding. Decrease. ( — Miles. calendar year. The feature of these compilations is the Yr. It (Is. Milt*. % % % S 1 89fl 198 148,013 148,803 0.41 896,841.584 370,051,597 + 19.6 195 153.715 163.100 0.42 401,26 —2,606,1 15 0.02 ubstantial gain recorded as compared with the earnings 192 152,970 0.05 405,558.731 109,866, 103 892.328 13.68 181 160.988 155.609 0.91 483,944,520 457.9H-.. Ml 16,426 5.66 2.31 15'J . of the first six months of last year. This improvement 1900 183 160.054 150,434 550.721, i 69, 1 4 .26 1901 107 169.026 104.040 3.04 010,707,274 560,567.846 f- 56,199.428 10.02 i 171.302 0.97 657.295.2N9 61 1,932,313 42.:; 0.88 traffic conditions ioa 152 173,074 + reflects the better trade and which have 1903 137 105,805 101,308 2.78 707.878.028 623,606,676 4-84.271.452 13.61 129 173.970 170,004 2.33 710,090.159 72S.134 802 —12,038.643 1.06 prevailed the present year, and is an indication of the 1905 125 177,213 174.146 1.76 755,070,249 710,451.108 + 45.219.081 <;.:)0 Note.—Neither the eamlnKS of the Mexican roads nor the mining operation* ol greater activity which lias characterized pretty nearly the anthracite coal roads are Included In this table. the whole range of the country's industries. The noteworthy fact brought out by the foregoing is Necessarily, our returns are as yet only partial. As that, with the single exception of 1904, there have been less than two weeks have elapsed since the close of the very large gains in each and every year since 1897, fur- half-year, it is obviously impossible to have complete or nishing a really marvelous record of expansion and im- exact results. We liave figures for the full six months provement in the receipts. The figures as here presented (in part estimated, of course,) in the case of the roads are given just as they appeared in our early compila- furnishing early estimates, comprising somewhat less than tions each year. For the purpose, however, of indi- half the mileage of the country. For the remainder cating the extent of the expansion in gross revenues of the mileage the only figures available are those for the which has occurred, it will be better to take the compu- five months to May 31; but these ought to furnish a tations dealing with the whole railroad system of the pretty good guide to the probable showing for the half- country. On that basis, as already indicated, the im- year. In the summary which we now subjoin, we follow provement for 1905 over 1904 is likely to reach $55r the practice pursued in other years of combining the two 000,000, following a decrease in the six months of 1904 sets of roads, thus getting a grand aggregate which, if it of $18,000,000 to $20,000,000. On a previous occasion does not yield exact results, at least possesses consider- we estimated that in the six months of 1903 there able elements of usefulness. The figures are in any had been an increase of $115,000,000 over the six event the best that will be attainable for some time, since months of 1902; that similarly in 1902 there had been as June is not only the close of the half-year but also an increase of $50,000,000 over the year preceding; in the close in the great majority of cases of the fiscal year 1901, an increase of $70,000,000; in 1900, an increase of the different companies, the June returns will be de- of $90,000,000; in 1899, an increase of $42,000,000; layed much beyond the ordinary, and in not a few in- and in 1898, $68,000,000. Hence, for the eight years stances will not be issued until the appearance of the from 1897 to 1905, we have an addition to the gross annual reports, say in September and October, and pos- earnings of United States railroads in this period of six sibly even later. months in the sum of $470,000,000. From the magni- Miles olRoad. tude of the gain the reader will get an idea of the won- Gross Earnings. End o1 Period. January 1 to June 30. derful transformation that has been effected in the eight 1905. 1U04. Increase. 1905. 1904. | S $ S years in the condition of this great industry—marking the 63 roada six months 351.220,878 329,560.972 21.059,906 87,477 85.607 62 roatU five months 404.449.371 380.890.190 23,559.175 89.736 88,539 transition from a state of depression and adversity to a Grand tot. (125 roada) 755.070.249 710.451.108 15.219.0S1 177.213 174,140 condition of great and steadily progressing prosperity. Based on the foregoing partial and yet comprehensive The only interruption to the upward movement was returns, the increase as compared with the previous year that which occurred last year, and which was occasioned leaches $15,219,081, the total of the earnings for 1905 by a temporary relapse in trade and the presence of a being $755,670,249, against $710,451,168 for 1904. number of other adverse influences. As compared with Allowing for the month of June in the case of the roads this situation in 1904, conditions the present year were which have reported as yet for only the five months, and again quite favorable. In place of the reaction in trade allowing also for the mileage unrepresented in our tables which marked the months of 1904, our industries in 1905 (the figures given, it will be observed, cover an aggregate were in a state of considerable activity. In the iron and ol 177,213 miles out of about 205,000 miles for the steel industry there was almost unexampled buoyancy whole country), it seems safe to say that the improve- until May and June, when a decided lull occurred, leav- ment for the six months will approximate $55,000,000 ing the trade, however, in a vastly more active state when final and complete returns for the half-year become than during the early months of 1904, when ex- available. This, obviously, is a very substantial amount treme depression existed in iron and steel. Further- ol improvement. Of course comparison is with an un- more, there was an absence of many special disturbing favorable period in 1904, when the gross earnings of influences which had tended to reduce traffic and earn- the United States railroads recorded a decrease. But it ings last year. Among these may be mentioned 6hould be borne in mind that this decrease for the six Colorado miners' strike, which had been an adverse fea- normal months of 1904 was computed by us at no more than ture all through the first half of 1904. In 1905 Colorado $18,000,000 to $20,000,000, as against the present esti- conditions in that regard prevailed, and all the mated increase of $55,000,000. On the roads which roads, as a consequence, are able to show considerably and Pilots' had actually reported to us at this date in 190 i the improved earnings. Again, the Masters' was a decrease then was only (12,038,643. This latter may strike on vessels engaged in Lake transportation roads for be compared with the 945,219,081 increase now dis- serious adverse influence with a large class ol ol lasl year. On closed, since it affords absolute analogy of comparison — ahout six weeks up to the middle June freedom from trouble that is, while in 1905 the figures include a number of the other hand, there was complete roads for only five months instead of the lull six months, of this kind the present year. — . 136 THE CHRONICLE [Vol. lxxxi, Then, also, the weather was far less severe, at least Western grain movement in detail in our usual form is over the eastern half of the country, than it had been in portrayed in the following. r 1904. The winter of l!H). i was by no means a mild one; WESTERN FLOUR AND GRAIN RECEIPTS. but that of the previous year had been the worst ex- Jan. 1 Uj flour. Wheat, Corn, Oats, barley, Rye. July 1. ('Ms.) (bush.) (bush.) (bush.) (bush.) (bush.) perienced in over a generation (many of the lines in Chicago — 1905 3,533,902 7.188,478 57,424,233 31,065,281 11,351,. ,53 G10 510 Northern New York, for example, and in Canada, having 1904 4,893,229 5,392,732 42,650.140 33,389,389 10,308,425 1,141,868 Milwaukee— been tied up by snow blockades in the early months for 1905 827.205 2.320.300 1,820,200 3,147,300 5.004,450 334,900 1904 672.35.J 3,070,050 1,573,250 3,054,300 6,949,900 593,600 days at a time), and, as compared with these extremely Bt. Louis— 1905 1,126,385 6,299,082 7,579.985 7.897,840 1,062.500 240,386 unfavorable conditions, the weather the present year was 1904 1,075,340 7,310,770 11,652.425 8.265.895 1,092,000 352,116 Toledo— decided improvement. The remark, however, does not [905. 494,000 4,325,500 3,860.150 6.950 57.700 a 1904 1,453.940 4,171,247 1,840,000 6.080 42,900 to apply to the systems west of the Mississippi D< i roll— appear 1905 108,050 309,365 3.007,239 1,329,513 1904 138,850 684,540 1,999,202 1,944,041 to have suffered more than usual, there the roads seem f'i'vcland — 1905 17,191 380,656 4,933.068 3,028,122 55 290 while in 11)01- they had enjoyed exemption to a great ex- liK)4 299,505 340,640 4.641.3S0 2.509,052 98.506 9,217 Peoria— tent from exceptionally severe weather. 1905 347,050 353.600 6,056,800 4,192,800 1.055.900 128.700 1904 415,855 326.400 9,978,700 4,709,200 1,299.400 136.000 An indication of the activity of general trade and of huluth— 1905 992,900 2.5*0,280 ' 80,096 2,199,945 407.510 42.507 the special activity of the iron industry is furnished in 1904 602.700 5,142,107 29,281 3,060,644 793,542 109.487 Minneapolis— the coal shipments to market. Thus the tonnage of coal 1905 33,104.171 2,601.225 7,267.550 3.870,928 478.653 1901 31,174,373 2,214,320 9,439,390 3,027,300 081,441 and coke originating on the Pennsylvania Eailroad lines K ansas City— 1905 7,497.800 6,682,700 186.400 11)04 12.101.470 7.500.400 113,100 east of Pittsburgh and Erie for the half-year to July 1 in 1905 were 21,775,772 tons, against only 19,911,181 tons Total oi alt — 1905 6,953,343 59,594,092 94,511.056 66,174.902 22,940,881 1.809.359 1904 68,069,682 86,076,351 71,531,011 23.235.103 3,1 in the corresponding period of 1901 and 21,211,130 tons 7,997.894 in the same period of 1903. This includes shipments of The Western live-stock movement also tailed to come anthracite, on which, however, the increase over 1901 up to that of the previous year. Taking the five chief on the Pennsylvania was only 126,806 tons. On the markets together, namely Kansas City, Ciiic.igo, O.naha, other hand, the shipments of anthracite to market over St. Louis and St. Joseph, the receipts of sheep for the all the different roads (the Pennsylvania Kailroad carry- six months were 4,263,593 head, against 4,036,209 head ing only a small percentage of the total anthracite ship- in 1904; but the receipts of cattle were only 3,653,380 ments) increased heavily. The figures have been pub- head, against 3,723,730 head, and the receipts of hogs lished this week, making the total anthracite shipments 8,825,959 head, against 9,370,396. for the six months to June 30 in 1905 30,716,997 tons, Southern roads of course had a great advantage in a against 29,257,207 tons in the six months of 1901 and larger cotton movement. In the early months planters of the price, 31,881,952 tons in the six months of 1903. It is proper held back their cotton on account low but to state that one special advantage existed in 1904 beginning with March the staple came forward with the receipts which was not repeated in 1905. We refer to the great freedom. At the Southern outports Louisiana Purchase Exposition, which opened May 1 for the six months reached no less than 3,429,448 bales, 1901 and added greatly to the passenger earnings of against only 1,782,828 bales in 1904 and 2,352,097 bales many roads for the time being. in 1903. The shipments overland were 814,289 bales, As far as concerns the influence of the grain ship- against 597,360 bales in 1904 and 715,149 bales in ments, there seems to have been considerable irregularity 1903. in the movement over the different roads and in the RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE, AND FROM JANUARY 1 TO JUNE 30, 1905. 1904 AND 1903. I Bhipments to the different markets. The wheat move- -June— Since January 1 ment, of course, as a result of the poor wheat crop the Ports. 1905. 1904. 1903. 1905. 1904. 1903. bales 91,971 903.476 541.079 580,769 previous season, was considerably reduced, but the Galveston 9,114 9,899 Sabine Pass. &c 17.681 623 874 177.161 47,143 100,763 receipts of corn and of some of the other cereals 81.527 30,008 46,518 1.091,684 669,638 858,926 Mobile 10,772 2,536 1,337 104,913 37.285 68,743 recorded something of an increase. In the following 11.225 52 772 89,056 35,52i 63.J68 80.877 12,804 4,730 655,788 229.722 361,873 we show the flour and grain deliveries at the seaboard. 11 283 v. — . 72 61,981 26,838 46,527 3.428 1.30 52 43,874 16.995 33,303 It will be seen that aggregate grain receipts tire present J Port Royal, &c 6 .- -- *- -- 276 346 141 year were 98,070,328 bushels, notwithstanding a large Wilmington 8,485 96 116 95,162 27,796 57.818 Washington, &c „ . .- - - .... 83 lurther loss in wheat, as against an aggregate of Norfolk 39,319 5.614 6,368 285,590 135,448 165.663 Newport News. &c 6,023 1.312 1,045 20,487 15,010 13.525 75,742,099 bushels for 1904, but comparing with 143,- 715,645 bushels in 1903. The flour deliveries were the Total 362,596 63.462 70.783 3.429.448 1.7S2.828 2.352.097 smallest in all recent years. With the increase in earnings for the half-year reach- GRAIN RECEIPTS AT SEABOARD. ing the large figures mentioned above, it will not be sur- Jan. 1 to July 1— 1905. 1904. 1903. 1902. prising to hear that in the case of our general totals Flour bbls. 5,087,027 9,555,557 10,502,732 10,166,348 February was the only month showing smaller earnings Wheat bush.ll. 179,795 21.565,051 48,778,447 63.192.354 Corn bush.59.811,462 30,665,579 62,904,696 10,434.916 than the corresponding month of last year. In that ; 6ats bush.23, 463,474 21.192.207 27.048,297 21,758.604 ! Barley bush. 4,019.355 1,806,610 2,144,985 1.489,184 month Southern planters were holding back their cotton Rye bush. 196,242 612.652 2.839.220 1.605,502 in a marked way, besides which meteorological condi- Total grain bush.98,670.328 75,742.099 143,715,645 88,480,560 tions west of the Mississippi Eiver were very unfavor- At the Western primary markets, likewise, there was able—the weather in some instances being reported as a falling oft in the wheat receipts, and, furthermore, the worst ever experienced in February—and moreover there was a contraction in the deliveries of oats, barley the month contained only 28 days against 29 days in and rye, the only item showing an increase being corn, February 1904, and there was also a shrinkage in the and that not in sufficient amount to offset the losses in live-stock and grain movement. All the other months the other items. In a word, the receipts of wheat, corn, show considerable gains in earnings. We give here- pats, barley and rye combined were 245,120,287 bushels with a summary of the monthly totals, the figures for in 1905, against 252,638,426 bushels in 1904. The I May and June being as yet incomplete. 1 . ) — i 1 July 15, 1905.] THE CHRONICLE. 187 MONTHLY GROSS EARNINGS. WfSllKS FI.OUK AND GHAIN RECEIPTS. Increase ( + ) or 6 it**, ending Hour. Wheat. Corn, Oats, Parity. Kgn. 1905. 1904. Decrease. July 1. (bbls.) (bush.) (bush.) (push.) (bush.) (bush} llonffts. Roads S S $ J'.r. Chicago— 110 127.073.058 119.220.07S 7.S62.WM) 1906. 551,594 299. uOO 14.349.697 6.970. S74 January , + BUM 1. 528. 502 79.000 732.438 831.618 14.064.549 ttru&ry 117 113.714.506 117.252,135 —3,537.029 3.01 1904 4,800.407 022.139 101.601 rcto US 143.623,857 130.879.5-1'") + 12.743.311 9.73 M iticuukct— 207.200 468.160 236.650 .sou kprll 11J. 136.598.898 U7.S87.817 + 9.35S.551 7.35 1906 705. 860 70.400 1004 157.900 438,480 171.000 HO 81s. Way 7,104 44.543.71S +3,823,386 — 730., 250 66.600 June 54.139.00j 60.9iil. 184 + 3.177.641 St. Louis 186.080 739.102 .153 1,611 ,880 7.738 AYe need scarcely say that lor the separate roads or 114.875 680.291 1,762,700 1.351.050 47,000 18,999 da systems the gainfl lor the six mouths reach very large 1005 67.900 925.000 1,141. Mil) 3.800 1001 76,950 978,604 634.100 860 10,400 proportions in numerous instances, the Pennsylvania iHtroit— 23.900 68.545 488. S91 245, 'ss 1904 26,500 177,768 311.759 with an increase of $0,501, ol)0 and the figures 345.52? leading Cleveland— 6.443 32.471 S70.110 933,511 .026 to 1 covering only the live months May 31. All parts ol 1004 65.S99 46.837 1,218,860 616.051 1,088 Peoria— the country share in the improvement, as may be seen 1005 53.850 34.400 1,232,000 1.063.600 66,800 10.400 19J4 3S,4o0 37.000 1.028.200 970.000 70,200 20.V.O0 from the following, showing all changes for the six months Diditth— 428.000 249,907 11S.716 80.359 1.869 and the five mouths separately for amounts in excess ol 1904 129.800 949.369 157.560 76,416 14.414 »' inruapolis— '§100,000. It will be observed that while the increases 6,296.970 254.820 2.100.570 634.850 88,880 1004 4,574,380 243,380 1.762.720 376,730 60.290 are large aud numerous the decreases are very few, Kansas Cily- 1905 .. 1.289,000 1.390,000 415.200 [comprising barely halt a dozen roads, most of which have 1904 061,370 1.048.700 387.300 Total of all— suffered from special causes. 1905 1,466.067 8,535.545 21.598,260 15.213.6S9 2.907,287 210,087 1904 ..1,284,812 8.771.903 20,820.252 11,850.415 2,312,673 300,204 PRINCIPAL CHANGES IN GROSS EARNINGS FOR 6 .MONTHS. Inc: Incr Western roads also had the benefit in June of a much Northern Pacific S2.771.417 Michigan Central $211,414 of live N.V.C. &Hud. Riv_. 2,716,760 Yazoo & Miss. Valley.. li»4,'i-19 larger movement hogs, the deliveries of which at Gt. Nor. Sys. 2 rb%.)„ 2,65! Mobile & Ohio gaiuuliaii Pacific 1,71 Central of Georgia 174,866 the five principal Western markets aggregated 1,552,- [.St. P. &S.S.M 1,142,759 Texas it Pacific. 169,805 Lake Sh. & Mich. So.. 1,027,851 Cleve. Cin. Chi. ASt.L. 033 head, against only 1,343,212 head in June 1904. Southern Railway 998,744 Wabash 132,770 Mo. Kan. & Tex 997,517 Virginia & So. West 114,904 However, the receipts of cattle at the same markets A.N.O.&T.P. rds.)_ Gr.Tr.ofCan.(3rds.). 869,236 (3 138,166 against Illinois Central 735,110 Iowa Central 103,529 were only 021,388 head, 058,700 head, and the Louisville & Nashville. 704,390 Denver & Rio Grande. 003,231 Total (representing receipts of sheep 557,311 head, against 595,797 head. ^Colorado & Southern.. 567,294 37 roads) ...$22,180,04S traffic Bt. Louis A So. West.. 538,134 On the whole, and trade conditions were quite . BuS. Roch. & Tilts.. 460,799 Decreases. favorable the present year in June, a circumstance Internal. . PRINCIPAL CHANGES IN GROSS EARNINGS FOR 5 MONTHS. both of which presumably suffered a large diminution of 1 ncrcciscs Increase s their passenger revenues account of the absence of Perm. RR. (2 roads). .aS0,504, 500 Chic. St. P. M. & O.. $307,577 on Bait. & Ohio 2,103,530 Seaboard Air Line 292,033 traffic 'Southern Pacific 2,014,022 Rock Island Sys 241,071 the special which the Louisiana Purchase Expo- •Union Pacific 1,901,345 N. Y. Ont. & West 213,781 furnished It is true that in fhila. & Readinjr 1,590,800 Hocking Valley 164,039 sition in 1904. a number jChlcago Yr. Hit. MU. . Mites. % t S $ % AND NORTH PACIFIC 1 lis 89.249 88,761 0.55 36,526,906 34,140,240 4-2.386.72fl 6.99 EARNINGS OF NORTHWESTERN GROUP. Jb97 115 90,703 'JO. 139 0.62 36,55S,554 151,840 4-306,71 i 0.84 1905. 1904. 1903. 1902. 1901. 1900. 189- 125 97.221 1.05 17,55s 6.61 42. 2 39,63 + 2.5S1.741 June. S S S $ • $ 1 1 - 117 98.375 6.60 46,170,085 40.4Mj.01 5 4-5.690,070 14.06 • 2.i. 1 107 95.337 93.004 2.51 50.104.955 46 .051, 607 4-4.053.348l 8.80 Can. 1'acUlc. 4,o7ti,000 4.305,000 4,152,010 3.179.971 2,702,177 17.760 1901 97 97.010 94.04S 3.15 51.573,897 47.975.122 +8,698.775 7.60 GUI. tit. \\c-._ 015.979 592.942 01 !. 682, 007.120 553.501 1. 61 85.55) 83.996 1.85 50,238,273 46,882.292 4-3.355.981 7.16 Dul.S.S.AA 245.25s 212,745 273.093 253.4.'.", 210.940 190/1 71 95.013 93.013 2.15 61.930.417 51.315.982 4-7.61 1.1 l'j C9 3.01 54.682.684 55.193,667 —510.9s3i 0.92 Gt. Nor. Sys. 3,75. 3.120.343 8,647,647 8,196,400 ...O-'O 2.11 iyoi 5S 81.192 79.345 2.32 54,139,005 50,961.464 4-3. 177.5411 6.23 Iowa Central. 227,0t* 199,028 175.071 207, 1/, —.Neither the earnings of the Mexican roads nor the mining operations ot Minn. A .si. L 299.245 240,69b 25<. 840,296 30' We liir.hracite coal roads are Included In this table. .AaBif. 736.138 501. ,818 53- .732 898,489 o37 The cotton movement over Southern roads was much Nor. Pacific.. 4.151.073 4.074.1,51 4,241! 8,605,925 15.277 Total 13.b94.93S 11,868,749 RUk.5.019 ! 437 heavier than in 1904, as we have already seen —the re- 14.091.877 13.300.904 • Not liicluJlut .St. Paul A Du.utti In tlil: your. ceipts at the Southern ports having been 302,590 hales EARNINGS of .-ol rH WESTERN 1905. 1804. 1902. 1901. 1900. in June 1905, against only hales in June 1904, 63,462 June. t * * $ 1 t 375.111 and the shipments having bales, Ool. 1 57..' 1.897 684,404 493,041 overland been 82,809 1.372.413 !!.(._ 1.5I7.U0O .500 1 against 14, 058 bales. The grain movement at the West Int. A Ot, .\. 45i •114.990 421 0,01 it. K. A r... l.41( .797 1,01 1,172 754 1.201 jras also considerably larger in June despite a small -i. 461. \. .falling off arc L. B. \\__ 65. in the deliveries of wheat The details r 003.138 Tax, 4 Pac.. 77N.;..i .'ill jhoun in the annexed table. T~£)J 0. 401. 240 • b. 774.687 .OoS 7.7&1.-HJ ——( . — . 18S THE CHRONICLE. [Vol. lxxxi. EARNINGS OK MIDDLE AND MIDDLE WESTERN GROUP.- • • Name of Road. 1905. 1904. Increase. , Decrease. 1905. 1904. 1903. 1902. 1901. 1900. June. $ $ $ 1 1 t * I * Beliefonte Central Ann Arbor 154,611 169,606 174.967 146.124 137.482 148.683 29,480 29.455 25 Buff. Roch. & Pitts 3,947,999 3,487,200 460,799 688.830 707.720 612.482 632.721 491.145 Butt.R.&P. 731.809 California Northwestern.. 663.844 645,127 18,717 Chl.Ind.&L. 483,882 434,910 436.408 391,151 360,692 353.357 Canadian Northern 1,773,100 1,396,800 376,300 I 2.486.198 2,095,034 1,947.649 1,853,046 Or.Tr.of C. ) Canadian Pacific 23,275,832 21,510,779 1,765,053 Gr. Tr. W.> 2,993.334 3,141.906 < 458,522 333.617 352,802 357.019 Central of Georgia 4,648,800 4,473,934 174,866 ( 98.974 82,267 91.816 75,605 D.G.H.&M) Chattan. Southern 63,183 55,445 2,262 111. Central.. 4,006.617 4.024.226 4.087.661 3.300.318 2.910.434 2.771.759 Chicago Gt. Western 3,621,577 3,724,777 103,200 N.Y.C.&H.Rt7.053.861 6,651,374 C.724.770 6.907.731 6,893.370 4.614.752 Chicago Ind. & Louisville. 2,687,529 2,460,867 226,662 Tol. P. & W. 107.922 110,043 111.178 104.818 89,648 92,087 Chicago Terminal Trans.. 750,246 727,829 22,417 T. St.L.&W. 305,321 278,083 195,952 202,192 200.362 148.236 Cin. N. Orl. & Tex. Pac. 3,638,909 3,338,815 300,094 Clev. Wabash 1,924.024 2,018,183 1.709.906 1,515,621 1,427.938 1.310.139 Cin. Chic. & St. L.- 10,154,800 9,999,822 154,978 Colorado & Southern 2,996,489 2,429,195 667,294 446.636 366.634 423.443 330.632 251,480 242.555 Wh.&L.E.. Denver & Rio Grande 8,024,919 7,421,688 603,231 Total 18.207.817 17,783,795 17,615,599 15,021,987 14.202,194 12,458.883 Dul.So.Sh. & Atl 1,335,655 1,121,545 214,110 Georgia Southern & Fla 823,166 835,474 12,308 t The Kail Brook System, the Beech Creek RR. and the Wallklll Valley RR. Grand Trunk of Can.. lor all the years, and Boston & Albany for all the years except 1900. ncluded Grand Trunk Western 16,379,323 15,510,087 869,236 EARNINGS OK SOUTHERN GROUP. Det. Gr. Hav. & Mil. } 1905. 1904. 1903. 1902. 1901. 1900. Gt.Nor.—St.P.M.&M 18,388,824 15,692,142 2,696,682 37",366 June. $ $ $ $ $ $ Montana Central 1,199,371 1,230,071 Gulf & Ship Island 928.969 883,558 "45,411 Ala. Gt. &>.. 271.938 260,886 249,459 195.365 170,145 154,070 Illinois Central 23,533,870 22,798,754 735,110 668,383 669.156 Cent, of Ga.. 748,764 558,864 477,100 407.600 Illinois Southern 128,646 147,828, T9",182 ~~87~,227 C.N.O.&T.P. 621,706 673.8S6 593,150 610.601 440,579 411,576 Ind. 111. & Iowa.. 925,282 838,055 Lou. & Nash. 3.159,985 2,981.871 3,058.988 2,662.200 2,271,180 2,177,311 International & Gt. Nor.. 2,813,879 2,405,442 408,437 Mobile & Ohio 688,961 627,206 531,974 538,395 481,026 463.238 Iowa Central 1,264,221 1,160,693 103,528 47~,374 N.'Ch.&St.L. 837.372 862,895 877,676 726,510 532.264 535.666 Lake Erie & Western 2,277,854 2,325,228 Lake Shore & Mich. South. 18,166,097' 17,138,246 l,"027",85i Southern Ry. 3.710,935 3,487,551 3,359,402 3,034,832 2,698,626 2,578.014 18,972,291i Louisville & Nashville 18,267,901 704,390 """668 Yazoo&M.V. 557,998 564,771 566,780 446,460 362.842 317,161 Macon Birmingham 58,458 59.126 & "~~5~, Total 10.597.659 10,027,449 9,906,585 8.673,227 7.433,762 7.044.636 Manistique 41,595 35.962 633 Michigan Central 10,676,886, 10,465,472 211,414 GROSS EARNINGS AND MILEAGE IN JUNE. Mineral Range 337,217 299,707 37,510 Minn. & St. Louis 1,486,8461 1,255,049 231,797 Minn. St. P. &S.S.M... 4,011,215 2,868,450, 1.142,759 Gross Earnings. Mileage. Mo. Kan. & Tex... 9,123,586 8,126,069 997,517 Name o] Road. Mo. Pac. & Iron Mountain 19,072,420 19,555,361 482,941 Central Branch 765,973 803.250 37,277 Increase or Mobile & Ohio 4,008,495 3,813,822 194,673 1905. 1904. Decrease. 1905. 1904. Nash. Chatt. & St. L 4,936,211 5,192,379 2 56", 168 Nev. Cal. & Ore. 96,679 81,534 ""is", 146 N. Y. Central & Hud. R... 39,189,563 36,472,803 2,716,760 Alabama Gt. South'n.. 271,938 260,886 + 11,052 309 309 Northern Pacific 23,729,503 20,955,086 2.774,417 Ala.N.O.&Tex. Pac— Rio Grande Southern 221,8671 219,424 2,443. N.Orl. & No. East.. 237,665 180,277 + 57,388 196 195 Rutland RR 1,139,614 1,084,963 54,651 Ala. & Vicksburg 99,631 90,687 + 8,944 143 143 St. Louis Southwestern 4,122,766 3,584,632 538,134 Vicks.Sh. &Pac 102,280 98,124 + 4,156 189 189 Southern Indiana 644,507 617,482 27,025 Ann Arbor 154,611 169,606 —14,995 292 292 Southern Railway. 23,097,134 22,098,390: 998,744 Beliefonte Central 5,634 4,653 + 981 27 27 Texas Central 351,353| 304,216, 47,137 Buff. Roch. & Pitts... 731,809 688,830 + 42,979 553 500 Texas & Pacific 5,606,596 5,436,791 169,805: California & N. W 149,516 138,129 + 11,387 205 205 Tex.Sab. Val. &N. W... 65,789 73,270 7,481 Canadian Northern 388,900 297,600 + 91,300 1,876 1,350 Toledo Peoria & Western. 591,677| 652,329 60,652 Canadian Pacific 4,376,000 4,365,000 + 11,000 8,568 8,183 Toledo St. Louis & West.. 1,728,600 1,664,4761 64,124 Central of Georgia 748,764 668,383 + 80,381 1,878 1,878 Virginia & Southwestern. 377,950 263,046, 114,904 Chattan. Southern 10,161 9,239 + 922 105 105 Wabash 10,879,786 10,747,016 132,770 Chic. Great Western... 615,979 592,942 + 23,037 818 929 Wheeling & Lake Erie 2,245,086 1,973,175 271,911 Chic. Ind. & Louisv... 483,882 434,910 + 48,972 591 591 Yazoo & Miss. Valley 4,034,573 3,839,624 194,949 Chic. Terminal Trans.. 138,864 130,656 + 8,208 102 102 Cin. N.Orl. & Tex. Pac 621,706 573,886 + 47,820 336 336 T^ Total (63 roads) 351,220,878 329,560,972 22,766,933 1,107,027 Colorado & Southern.. 572,583 450,697 + 121,886 1,120 1,121 Net increase (6" 57 p. c.)._ 21,659,906 Denver & Rio Grande.. 1,517,900 1,363,500 + 154,400 2,398 2,398 Dul. So. Sh. & Atl 245,258 212,745 + 32,513 578 578 Mexican Roads—(Not incl uded in tota is.) - Georgia So. & Florida.. 130,697 134,148 —3,451 395 395 Interoceanic of Mexico...! 3,205,394 3,270,127 64,733 Grand Trunk of Can. ) Mexican Railway ' (23,021,600 d3,073,200 51,600 Grand Trunk West > 2,993,334 3,141,906 —148,572 4,085 4,085 Mexican Southern. i 2/588,182 2/585,290 2,892 Det.Gr.Hav. & M) Nat. RR. of Mexico 6,094,966 5,199,467i 195,499 Gt.No —St. P. &M.M. 3.560,945 2,933,517 + 627,428 5,701 5,701 figures are down to the end of the third week of June only. Montana Central 191,221 186,826 + 4,395 250 250 2/ These are for Jan. 1 to June 24. Gulf & Ship Island 164,289 146,378 + 17,911 280 261 d Figures Illinois Central 4,006,517 4,024,226 —17,709 4,374 4,357 REPORTING FOR FIVE MONTHS. Illinois Southern 26,432 25,161 + 1,271 137 137 ROADS Internat. & Gt. Nor... 451,900 414,996 + 36,904 1,159 1,159 Central 227,018 Iowa 199,026 + 27,992 558 558 Jan. 1 to May 31. 1905. 1904. Increase. Decr'se Louisville & Nashville. 3,159,985 2,981,871 + 178,114 4,039 3,865 Macon & Birmingham. 8,753 8,929 —176 97 97 Manistique 14,112 8,115 + 5,997 64 64 Atch.Top. & Santa Fa 27,880,146' 27,241,462! 638,684 Mineral Range 60,419 55,321 + 5,098 140 140 Atlantic & Birmingham 412,036 282,869! 129.167 Minn. & St. Louis 299,245 240,593 + 58,652 785 642 Atlantic Coast Line 9,665,364 9,103,676 561,688. M. St. P. & S. S. M__ 725,138 561,604 + 163,534 1,876 1,629 Bait. & Ann. Short Line 65,623 73,152 7,529 Mo. Kan. & Texas 1,398,180 1,410,797 —12,617 3,042 2,991 Baltimore & Ohio 27,377,161 25,273,631j 2","l"03",536 Mo. Pac. & Iron M't'n. 3,170,919 3,119,183 + 51,736 5,849 5,718 Bangor & Aroostook 913,962 872,371 41,591 Central Branch 142,859 113.462 + 29,397 388 388 Bridgeton & Saco River 012,391; al3,442 ; 1,051 Mobile Jack. & K. C, Buffalo & Susquehanna 452,633 362,044i "9b",589 incl.Gulf &Chic.Div. d37,198 d29,811 + 7,387 257 257 Central of New Jersey 9,301,337! 8,656,065! 645,272 Mobile &Ohio 688,961 627,206 + 61,755 926 912 Chesapeake & Ohio 8,419,410 7,910,244 509,166 Nash. Chat. &St.L... 837,372 862,895 —25,523 1,226 1,201 Chicago & Alton 3,999,518 4,391,968) !392',450 Nev. Cal. & Ore. 21,041 19,964 + 1,077 144 144 Chic. Mil. & St. Paul 19,022,107 18,260,478 "7~6~l",629 N. Y.Cent. & Hud. R.. 7,053,861 6,551,374 + 502,487 3,515 3,490 Chic. & Nor. Western 21,111,351 19,726,787, 1,384,564 Northern Pacific 4,451,073 4,074,651 + 376,422 5,617 5,610 Chic. St. P. Minn. & Omaha 4,435,917 4,128,340, 307,577 Rio Grande Southern.. 30,780 38,646 —7,866 180 180 Columbia Newb. & Laurens. 101,519 96,011 5.508 St. Louis Southwestern 715,026 657,899 + 157,127 1,308 1,308 Copper Range 0192,714 al41,664 51.050 Southern Indiana 106,748 103,305 + 3,443 172 172 Cornwall 62,253 26,322! 35,931 Southern Railway 3,710,935 3,487,551 + 223,384 7,203 7,188 Cornwall & Lebanon 132,088 90,537, 41,551 Texas Central 58,485 37,034 + 21,451 227 227 Detroit & Mack 415,989 403,9501 12,039 Texas & Pacific 805,220 739,424 + 65,796 1,827 1,767 Det. Tol. & Ironton 547,888 547,639 249 Tex. Sab. Val.& N. W. 9,000 10,000 —1,000 58 58 Erie 17,644,327 17,261,7551 382,572 Toledo Peoria & West. 107,922 110,043 —2,121 248 248 Fairchild & Northeastern 15,979 17,033 1,054 Toledo St . Louis . &West, 305,321 278,083 + 27,238 451 451 Farm. & Powhat 32,315 36,288 3,973 Virginia & So. Western 66,460 47,181 19,279 + 134 134 Ft . Worth & Den . City 962,921 833,421 129.500 Wabash 1,924,024 2,018,183 —94,159 2,516 2,486 Fonda Johns. & Gl 259,530 245,253 14,2771 Wheeling & Lake Erie. 446,536 366,634 + 79,902 469 469 Georgia 994,916 1,,009,265 14,349 Yazoo & Miss. Valley.. 557,998 564,771 —6,773 1,211 1,175 Hocking Valley 2,188,599 2,024,560, " 164,639' Kanawha & Michigan 707,557 634,411! 73,146 Total (58 roads).. 54,139,005 50,961,464 +3,177,541 81,192 79,345 Kansas City Southern 2,715,916 2,699,135 16,78ll Lehigh Valleys 12,484,259 11,829,947 654,312 Mexican Roads— Not includ ed in total S.) Lexington & Eastern 190,686 176,655 14,031 Interoceanic of Mex. 484,752 541,464 —56,712 736 736 Long Island 2,744,212 2,337,869 406,343 Mexican Railway a354,800 a344,100 + 10,700 321 321 Louisiana & Ark 356,731 330,989 25,742, Mexican Southern 2/69,171 j/64,262 + 4,909 263 263 Manistee & Nor. East •[al57,578 0150,577 7,001 Nat.RR. of Mex 995,336 936,472 + 58.864 1,813 1,577 Maryland & Penna 124,346 113,791 10,555 Nevada Central... 114,896 7,915 6,98l! N. Y. Ontario & Western. . 2,757,257 2,543,476 213,781 2/ Figures here given are for three weeks only of the month in both Susq. & Western 1,179,580 1,129,618 49;962 years; fourth week not yet reported. N. Y. Norfolk & Western 10,140,103 9,441,748 698.355: d Figures are for three weeks ending June 17. Northern Central 4,062,392 3,985,592 76,800 a Figures are for four weeks ending June 24. Ohio River & Western a56,429 a61,788 5,359 al, """76",826 GROSS EARNINGS FROM JANUARY 1 TO JUNE 30. Pacific Coast 01,767,862 691, 042 Penn. RR.—Lines directly 9 operated m •"• Name o] Road. 1905. 1904. Increase Decrease. East of Pittsburgh & Erie. 50,916,917 46,918,117 3,998,800 FWest of Pittsburgh & Erie. 29,505,700: £27,000,000 2,505,700 $ S S S Peoria & Eastern • 1,090,106, 1,239,103 148,997 Ala. Gt. Southern 1,627.739 1.535,244 92,495 Phila. Bait. & Wash 5,803,994' 5,366,294 437,700 Ala. N.O.& Tex.Pac. Philadelphia & Readings. _. 15,832,906 14,236,106 1,596,800 N.Orl. & Nor. East 1,331,224 1,163,432 167.792 Raleigh & Cape Fear al6,257 • • al5,010 1,247 Ala. & Vicksburg. 642,644 643,042 398 Rich. Fred'ks & Pot 728,626 •'688,673 • 39.953 Vicksburg Sh. & Pac... 670,512 699,740 29,228 Rio Grande Junction al58,959 'al63,869 4,910 Ann Arbor 903,659 914,247 10,588 Rock Island System 16.849,020 •16,607,949 241,071 —— 1 — • July 15, 1905.] THE CHRONICLE. 189 Jan. 1 to May 31. 1905. 1904. Increase. Decr'se & Co.; Gordon Macdonald, of Speyer & Co.; Qustave Mini- baud, of Mirabaud Co.; Louis Monnicr, of S $ $ $ & Neuflize & St. Jos.\fc Grand Island 513,357 527,723 14.360 Kmile Odier, of Lombard, Odicr & Co.; Geneva; Norman B. St. Louis >t S;m Francisco. including Chic. & E. 111... 14.693,113 14,032,411 660,702 Ream, of New York, and Felix Vernes, of Vernes & Co. Seaboard Air Line 5365,487 6,663,454 292,033 is believed that the time is ripe when Southern Pacific Co 38.189,748 36.175,726 2,014,022 It French Investors, Toledo & Ohio Central 1,265.362 1,263,980 1 ,382 through the medium of such a concern as the Societe Finan- Toronto Ham. A BuiTalo 270, SO'.) 290,185 Union Pacific System 22,671,820 20,670,475 1,901,345 ciere Franco-Americaine, will consider American securities West Jersev & Seashore 1,414,728 1 ,368,828 45.900 profitable of funds. W'msport A North Bch 63.399 63.089 310 for the employment their Wisconsin Central 2,564,388 2,472,533 81,856 Farmers' Loan Trust 16-22 Wrightsville A Tennille 74.7S6 71,891 2,895 —The & Company, William Street, this city, has leased tlte building No 475 Fifth Ave- Total (62 roads) 404,449,371 380.S90.196 24,172,499 613,324 Net increase (O'lS p. c.) 23,559,17;. nue, opposite the new Public Library, which it will occupy as an uptown branch. Mexican Ponds— (Not incl tided in tota Is.) Mexican Central 11,381,061 11.3S0.4SS 1,473 The growth in deposits of the Real Estate Trust Mexican International 2.717.159 2. 989. 146 271,987 — Company (30 Nassau Street), of which a Fisrures are for four months to April 30 in both years. of New York Henry C. Swords it Rough approximation only. is President, since its incorporation in 1890 has been quite x Does not include operations of Coal Company. noteworthy. The amount on June 30 1905, at $10,420,000, compares with $5,427,000 on June 30 1900 and but $3,078,- ITEMS ABOUT BANKS, BANKERS AND TRUST COS. 000 June 30 1895. The institution has a capital of $500,000 and surplus and undivided profits of $659,261. The aggre- —The public sales of bank stocks this week aggregate 93 gate resources are $11,622,810. shares, "of which 69 shares were sold at the Stock Exchange and 24 shares at auction. No trust company stocks were —The members of the New York State Bankers' Associa- sold. The auction sales include the stocks of several Brook- tion, at their annual convention this week, held at the Hotel lyn banks, two of which are rarely dealt in, the last previous Frontenac, Thousand Islands, were provided with an especi- sale of the]Brooklyn Bank having been made in March 1900 ally2 attractive program, as noted last week, when the list and of the Nassau National Bank in March 1901. of speakers was given. Among the latter was ex-Assistant of Shares. BANKS Xcw York. Price. Last previous sale. Attorney-General the United States James M. Beck,who z 69 Commerce, Xat. Bank of 205-206 June 1905— 205 spoke on the subject of "Moneyphobia." Mr. Beck dealt at 4 Corn Exchange Bank 381H April 1905— 391 length with his theme and pointed out that no charge is more BAXKS Brooklyn. 2 Brooklyn Bank 131- Mar. 1900 110 false than that we are a money-loving people. "No people 13 Mechanics" Bank 245 June 1904 280 of any time or any clime ever cared less for money when 5 Xassau Xational Bank 416 Mar. 1901— 350K earned than we. To achieve, rather than to acquire, is our z Sold at the Stock Exchange. ambition. We undoubtedly seek larger fortunes than our The Mercantile National Bank, 191 Broadway, of which — fathers, but this is not only due to our larger needs, caused Mr, Frederick B. Schenck is President, will move from its by a more complicated and refined civilization, but also and old landmark on the southeast corner of Broadway and Dey principally to a finer recognition of our moral responsibility street across the way to the Western Union Building, 195 toward those dependent upon us." Mr. Beck also well said Broadway. Here the institution will occupy the entire that no man can acquire wealth by honest methods without main floor and the adjoining annex at 12 Dey street after becoming serviceable to his fellow man, for in the very acqui- the offices are remodeled. In recent years the Mercantile sition of money the adaptation of our energies to the social National has been at a disadvantage for sufficient accom- machinery of modern life is a necessary incident. Legiti- modations to keep pace with its needs. It has now been mate money making necessarily involves human service, decided to sell the bank's old site at 189 and 191 Broadway and every man who has amassed his fortune by constructive 'nstead of rebuilding. In the Western Union Building achievement, such as the building of railroads or develop- every department of the bank will be situated on the same ment of mines, has in a far greater degree enriched the pub- floor. lie. —In our editorial columns last week we called attention Charles H. Sab in, the Vice-President of the National Com- to the large increase in business of the New York trust com- mercial Bank of Albany, in his address as President, alluded panies for the past two years. One illustration of this is to the growth in numbers of trust companies, and suggested furnished in the subjoined table, indicating the growth of they be invited to become members of the association. the Guaranty Trust Company of New York. "Membership with us," he stated, "in these agreeable gath- Surplus Oross Aggregate erings would surely result in better understandings which Date. Capital. & Profits. Deposits. Resources.- would protection and our common advan- Jane 30 1905 S2.000.000 $5,709,818 $67,966,612 $75,879,278 be for our mutual Dec. 31 1904 2,000,000 5,507,196 59.416.126 66.982,866 tage." The election of officers for the ensuing year resulted June 1904 30 2,000,000 5,125.855 41,257,091 48,473.899 as follows: President, Alfred H. Curtis, President of the Dec. 31 1903 2.000.000 5.102.577 33,222.814 41,018.720 National Bank of North America, New York; Vice-Presi- The foregoing shows that deposits have more than doubled dent, Eliott C. McDougal, President of the Bank of Buf- in the past eighteen months, having risen from $33,222,814 falo, at Buffalo; Treasurer (re-elected), David Cromwell, to $67,966,612; aggregate resources have advanced from President of the First National Bank of White Plains, and $41,018,720 to $75,879,278. The management consists of Secretary (re-elected), E. O. Eldredge, Cashier of the Owego John W. Castles, President; Oscar L. Gubelman and A. J. National Bank of Owego, N. Y . Hemphill, Vice-Presidents; William C. Edwards, Treasurer; Mechanics' Bank of Brooklyn reports deposits on E. C. Hebbard, Secretary; F. C. Harriman, Assistant Treas- —The July representing a gain for the urer; Max May, Manager Foreign Department, and R. C. 1 1905 of $15,327,484, year of four-and-a-half million dollars, the amount Newton, Trust Officer. about June 1904 having been $10,870,102. In June 1903 —The Guardian Trust Company will occupy the large deposits of $7,186,304 were recorded, and in June 1902 corner offices of the Broadway-Maiden Lane Building at $5,375,483. Within the last few months the bank took 170 Broadway as soon as alterations are completed. The over the Sprague National Bank, which is now operated change is necessary owing to the institution's present cramped as the Central Branch of the Mechanics'. Other branches quarters and growing business. Its deposits increased 33 1-3 conducted by the latter are the Fifth Avenue Branch, at per cent in the last four months. Fifth Avenue and Ninth Street; the Schermcrhorn Branch, 'n Schermcrhorn near Flatbush Avenue, and the —The Societe Financiere Franco-Americaine, projected Street Twenty-sixth Ward Branch, at Atlantic and Georgia avenu by Speyer & Co. of this city, and by the Banque de 1' Union George is President; J. T. E. Litchfield, Parisienne of Paris, for the purpose of introducing American W Chauncey Horace C. Val Charles G. Balmanno, Vice- Pi securities in France, has been organized with a capital of Du and dents; Wheeler, Cashier. The bank's com- 50,000,000 francs. Frederic Mallet, of Mallet Freres & Co., and Charles E. bined is $1,788,372. The main office is has been selected as President, and James Speyer will be capital and surplus at streets. Vice-President and head of the New York committee. The Montague and Court City Trust other directors are: Georges Heine, of Heine & Co.; Adrian — In the six months since December 31 last the deposits, Iselin Jr., of A. Iselin & Co.; Robert Jameson, of Bottinguer Company of Newark has further in- I Ita 190 THE CHRONICLE. [Vol. lxxit. which now amount to $882,448, against $424,831 January 1 dent of the German-American Bank of Baltimore. Alex- 1904. The surplus and profits now (Juno 30) stand at $31,- ander Y. Dolfield, the retiring President, was one of the char- 044-, against $26,369 December 31 1904 and $15,157 January ter members of the institution, and advanced from the cash- 1 1904. The capital stock paid in is $100,000. Cyrus Peck iership to the presidency about four years ago. J. Edward is the President and Charles G. Colyer is Secretary and Treas- Dukcr, Edward D. Booz and J. George Lamp have been urer. elected to the Board of the bank to succeed Dr. Albert H. King, deceased, and Dolfield — Receiver Schofield, it is said, announces the payment of Alexander Y. and George Gun- ther a final dividend of llj^ per cent to the depositors of the First Jr., the two last named declining re-election! National Bank of Asbury Park, N. J. With the 85 per cent —John Richardson Jr. has been elected President of the previously paid, the total payment reaches 963^ per cent. National Bank of Delaware at Wilmington, Del., to succeed —The board of directors of the First National Bank of Henry G. Banning, resigned. Mr. Banning, who had been Albany, N. Y., was enlarged last Saturday by the election the bank's head for thirty-three years, continues as one of of the following seven as members: Ex-Congressman its directors. Martin II. Glynn, George P. Hilton, H. W. Somers, George —C. W. Woods, formerly manager of the bond and stock P. Russell, George C. Van Tuyl Jr., Secretary and Treasurer department of Messrs. N. Holmes & Sons of Pittsburgh, has of the Albany Trust Co.; Edgar Van Etten, Vice-President become head of the bond department of the Union Trust of the Boston & Albany RR., and W. A. Huppuch, Vice- Company of Pittsburgh. President of the People's National Bank of Sandy Hill, —The Fort Pitt National Bank of Pittsburgh is new lo- N. Y. Places for nine new directors were made in an cated in its permanent quarters at 220 Fourth Avenue. The amendment to the by-laws voted by the stockholders last premises, which extend from Fourth to Third avenues, have month, increasing the membership of the board from 11 been undergoing alterations for some months past. The to 20. Two vacancies therefore still remain to be filled. bank is the sole occupant of the building. —The ordinary depositor should find of interest a booklet —The new City Bank, of McKeesport, Pa., opened for entitled "How to Keep a Trust Account," issued by the Bay business last week. The capital is $150,000. John Hart- State Trust Company of Boston. Quoting from the pamph- man is President and W. H. Coleman Cashier. let, its purpose is to familiarize those "unaccustomed to keeping accounts, with a simple method of making proper —The Union Trust Company is being organized in Harris" entries in a check book; with the manner of reconciling the burg, Pa., with a capital of $250,000. It is stated that the account thus kept with the trust company's account as shown shares, $100 each, will be sold at $120. Those interested are by the pass-book when it has been balanced; to explain the George W. Creighton, Thomas H. Heist, E. Z. Gross, J. P. more important banking terms which concern depositors es- Melick, Charles H. Boll, J. W. Swartz, Edward R. Pierce, pecially, and to prescribe, with the reasons therefor, certain J. Howard Neely, B. C. Keefer, W. J. Thomason, J. B. rules which should be followed in making out checks and in Driscoll, Joseph Savidge and Horace J. Culberson. for deposit." of the particular preparing checks Some terms —The Ohio Bankers' Association will hold its annual described are the "Pass-Book," the "Check Book," the "Sig- convention on September 27 and 28 at Cleveland. nature," "Overdrafts," "Indorsements," "Protest,"" Drafts —The Queen City Savings Bank & Trust Company of Against Uncollected Funds," "Trustee, Attorney or Agent," Cincinnati, incorporated early the present year, announces and "Deposits." On the last page of the pamphlet is shown that it will open for business on Monday next. The com- a "Travelers' Guide Map of Boston." The Bay State Trust pany has a capital of $500,000 and surplus of $100,000. Its has a capital of $500,000, surplus of $300,000 and undi- officers are W. A. Julian, President; M. M. Robertson, Vice- vided earnings of $200,000. T. Jefferson Coolidge Jr. is President, and Ernst von Bargen, Secretary. President; Alfred Rodman and C. E. Cotting, Vice-Presi- dents; T. K. Cummins, Treasurer and Secretary, and Wil- —Judge Fremont Alford, of the Criminal Court at Indian- liam Atherton, Assistant Secretary, and Superintendent of apolis, has recently declared unconstitutional the law the Safe Deposit Vaults. passed at the recent session of the Indiana Legislature for the regulation of private banks in that State. An appeal —The Mechanics' Trust Company of Boston has been in- has been taken by the State to the Supreme Court. corporated. The Massachusetts Savings Bank Commission" ers in May granted the petition to organize the company, —The capital of the Defiance City Bank of Defiance, which, as heretofore stated, will take over the business of the Ohio, has been increased from $100,000 to $250,000. F. E. Mechanics' National Bank of Boston. The company has a Defanbaugh has been elected Vice-President of the bank r capital of $500,000. and the following have been chosen new directors: W. H. Eagan, President of the Jackson Trust & Savings Bank —The Merrill Trust Company of Bangor, Me., in the state- of Chicago; and J. S. Aisthorpe, Cashier of the City Nation;! ment covering its second fiscal year (ended May 31 1905) Bank of Cairo, 111. reports net earnings for the twelve months amounting to $14,323, nearly 11 J^ per cent on the entire amount of $125,- —Articles for the incorporation of the Farmers' Trust 000 invested in the company and more than 14^ per cent on Company of Indianapolis, Ind., with $100,000 capital, the capital of $100,000. have been filed. The new concern is a reorganization of —The directors of the Farmers' & Mechanics' National the private banking firm of C. N. Williams & Co. and will besides in Bank of Philadelphia on the 3rd inst., embodied, in resolu- succeed to the business of the latter, engaging a tions, expressions of regret at the loss by death of Assistant regular trust company business. C. N. Williams will be Vice-Presi- Cashier Eugene H. Austin. Mr. Austin had been in the President, D. M. Parry and Thomas A. Wynne, bank's service for forty-one years. dents, and George E. Brewer, Secretary. directors of the Central Trust of Illinois, —The directors of the Commercial Trust Company of —The Company Philadelphia at a meeting on Thursday accepted the resigna- at Chicago, have promoted to Assistant Cashiership two cf E. tion of Vice-President James H. Hyde, of the Equitable the employees, namely Dudley H. Rood and Harry Hallenbeck. With L. Skinner, continues as an Life Assurance Society. Mr. Hyde still continues a member D. who of the trust company's board. Assistant Cashier, the bank now has three such officers. —The Tradesmen's Trust Company of Philadelphia has —A suit against the stockholders of the failed Pan-Ameri- made plans for the erection of a new banking building, two can Banking Company for the payment of their stock sub- stories in height, at the corner of Juniper and Chestnut scriptions has been instituted in Chicago. streets. The structure will occupy a plot 20x104 feet, and —The Fort Dearborn National Bank of Chicago has will be modern in every particular. The main banking-room taken possession of the new extension to its banking room will be located on the ground floor, with the real estate depart- on the south, which has been finished and furnished in con- ment on the second; while the basement will contain the sonance with its regular quarters, and which enlargement safe-deposit vaults. Granite will be used in the exterio, will more fully and conveniently accommodate the rapidly construction of the building. growing business of the institution. In the two years —William Schwarz, of the Baltimore banking and broker, under the existing management of President Goddard, age firm of William Schwarz & Sons, has been elected Presi- Vice-Presidents Farrell and Lampert, and Cashier Kent. . — . . — ) the Fort Dearborn bank has nearly doubled its deposil 8th inst. The institution has a capital of $125,000 and account, which now approximates ten million dollars. v. ill succeed the Phoenix Hank. In conformity with its regular custom, the Merchant.-,' — —It is reported that the Teutonia Hank A Trust Com- Trust Company of Chicago (the oldest bank in Loan & thai pany, of New Orleans, which now has a paid-in capital of city: publishes for the information of its a •> depositors com- 150,000, will increase the amount to the authorized ligure plete list of its savings fund investments. It has $2,500,(100 $200,000. The increase in the capital from $100,000 to in high-grade railroad bonds, $405,000 in municipal bonds, $200,000 was authorized by the stockholders in August 1903. $215,000 in corporation bonds and $1,S00,000 in real estate — Mr. A. Breton, former Manager of the (ieiniania Na- mortgages. tional Hank of New Orleans (now a part of the Whitney- John A. Dunlap has been appointed Cashier of the — Central National), is interested in a movement to establish Keokuk National Bank of Keokuk, Iowa, to succeed the a million-dollar bank in that city. The application to or- late E. F. Browncll. Mr. Dunlap was formerly Assistant ganize the proposed bank, under the name of the German- of the Keokuk Savings Bank, and in the Cashier latter po- American National, was approved by the Comptroller on sition is succeeded by Howard W. Wood. the 7th inst. The bank's shares will be sold at $150 each, —In less than a month after the meeting the proceedings giving a surplus of $500,000. of the annual convention of the Minnesota Bankers' Asso- ciation are available in book form. The bankers convened on the 20th and 21st of June at Lake Minnetonka. The DEBT STATEMENT JUNE 30 1905. 1905-00 officers of the association are President, Cliff W. Gress, of the Citizens' State Bank, of Cannon Falls; Vice- The following statements of the public debt and Treasury President, William E. Lee, of the Bank of Long Prairie; cash holdings of the United States are made up from official Secretary, Joseph Chapman Jr., Cashier of the North- figures issued June 30, 1905. For statement of May 31 1905, wester:! National Bank of Minneapolis; Treasurer, George see Chronicle June 24 1905, page 2601; that of June 30 H. Prime, Vice-President of the Merchants' National Bank, 1904, see July 23 1904, page 246. Paul; and Secretary of the Protective Committee of St. INTEREST-BEARINd DEBT JUNE 30 1905. F. E. Holton, Assistant Cashier of the Northwestern National Interest Amount Amount Outetanding- payable. Issued Registered. Coupon. Total. Bank of Minneapolis. Title of Loan — S $ $ 2s. Consols of 1930 Q.—J. 542,909,950 535.07j.200 7,830,750 542.909.950 —Charles T. Cherry has succeeded James A. Willoughby, 3s, Loan of 1908-18 ...Q —F. 198,792,(100 43,075,100 34,000.200 77,135,300 4s. Funded loan, 1907 -Q.—J. 740,930,950 110.593,050 40.001.950 150.595.000 resigned, as receiver of the Capitol National Bank of Guthrie, 4s. Refund'g cert'fs Q.—J. 40.012.750 27.530 4s, Loan of 1925 Q.—F. 102.315,400 92.803.300 25,080.000 118.489.900 Okla. Mr. Willoughby resigned to become State Superin- Aggregate Int.-Bear. Debt. 1.0S4.9G1.710 787,545,250 107.585.500 895.153,340 tendent of Warehou- Note—Denominations of Bonds are: Of S10, only refunding certificates: of 520^ loan of 1908 coupon and registered. —The First National Bank of Kansas City, Mo., is erecting Of $50, all issues except 3s of 1908; of $100, all Issues. Of $500. all except 5s of 1904 coup.; of SI. 000. all Issues. for its own use exclusively an attractive new building on the Of $5,000 all registered 2s, 3s and 4s; of $10,000, all registered bonds. Of $20,000, regist. 4s loan of 1907; of $50,000, registered 2s of 1930. corner of 10th and Baltimore streets, a location in the heart of the new business centre of Kansas City. It will be of DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. 31. white Georgia marble, three stories in height, and covering an , JT .„„ May June 30. Funded Loan of 1S91, continued at 2 per cent, called area 90 feet square. Both the exterior and interior will be May 18 1900; interest ceased August 18 1900 $S2,200 00 $82 200 00 Funded Loan of 1891. matured September 2 1891 45,700 00 45 700 00 Loan of artistic and substantial. The banking room, besides the 1904. matured February 2 1904 301.550 00 294,850 00 Old debt matured prior to Jan. 1 1801, and later 947,715 20 947.495 20 window lights on two sides, will be prismatically lighted from Debt on which interest has ceased $1,377,165 26 $1,370,245 26 above. The fixtures and furnishings are to be of art metal DEBT BEARING NO INTEREST. construction and will include every modern convenience for United States notes $346,681,016 00 facilitating the large and increasing business of this financial old demand notes 53,282 50 National bank notes—Redemption account 32,227.102 00 institution, of which President Swinney of the American Fractional currency, less $8,375,934 estimated as lost or destroyed.. 6,867.109 08 Bank' i - Association is President. Of especial richness and Aggregate of debt bearing no interest .$385,828,509 58 beauty are the large sculptured bronze doors which will mark RECAPITULATION the entrance on Baltimore Street. These two doors are each June 30 May 31 Inc. (+) or 1905. 1905. Dec (— 8 feet wide and 13J^ feet high. It is expected the First Na- Classification of Debt— $ $ Interest-bearing debt .. 895.158.340 00 895.15S.240 00 + 100 00 tional will occupy- its new quarters some time in November Debt, interest ceased 1,370.245 20 1,377,185 26 —0.920 00 Debt bearing no Interest. .. 385.828,509 58 384.952.100 OS + 870.409 50 next. Total gross debt .1,282,357,094 84 1.281, 4S7.505 34 + 869,589 50 —Postmaster General George B. Cortelyou on the 6th inst Cash balance in Treasury.. a. . 292,490,322 87 281.141.377 99H 11.348.944 88 issued a fraud order against the People's United States Bank Total net debt 989.800,771 97 1.000.340.127 35—10.479.355 38 and it- agents at St. Louis. The concern was organized last amending $150,000,000 reserve fund. year. It- business, it is understood, was conducted princi- The foregoing figures show a gross debt on June 30 1905 pally through the mails. of $1,282,357,094 84 and a net debt (gross debt less net cash —The charter for a new financial institution in Jackson, in the Treasury) of $989,806,771 97. liiss. —the Capitol City Bank & Trust Company—has been Liabilities cash approved by the Governor. The capital is $200,000. Ex- Treasury Cash and Demand —The holdings of the Government as the items stood June 30 we Govern or A . II. Longino of Mississippi is one of the incor- have prepared from the Treasury statement of that date. porator- . The directors of the National Bank of West Virginia at ASSETS. LIABILITIES. — Trust Fund Holdings— Trust Fund Liabilities — Wheelii!'_- have elected Guy A. Wagner Cashier, to succeed Gold coin $517,579,909 00 Oold certificates $517,579,909 00 Sllvcrdollars 405.205.000 00 Sliver certificates 405.205,000 00 his father, the late John Wagner. Sliver dollars of 1890.. 9.413.000 00 Treasury notes of 1890. 9.4 13.000 00 Total trust funds... Tot. trust liabilities. $992,257,909 00 it President $992,257.909 00 —William B. Smith, is stated, has resigned as General Fund Holdings— Qen. Fund Liabilities— of National of having dis- Oold coin and bullion. $36,717,030 00 National bank 5 per the Western Bank Louisville, Ky., Gold certificates 29,918,620 00 oiil fund 17.133.471 22 latter baa silver certificates 9.122.285 00 Outstanding checks posed of a large block of stock to S. B. Hart. The Sllvcrdollars 19.845.558 00 and drafts 6,127.918 20 Jefferson, Silver bullion... 3.290,504 84 Disbursing ofuccrs'bal- become Cashier of the bank, replacing Thomas L. United States notes... 13,989.705 00 unccs.: 48.223.572 30 has a Treasury notes of 1 890 70 , 059 00 Post Oftlce Depart- who has been elected to the presidency. The bank National bank notes.. 15.247,470 00 men! oocotml B.046.971 Mr Fractional silver coin.. 13,451.5:tO 2(1 Miscellaneous Items... 1.187 .213 68 capital of $300,000. The amount of stock acquired by Fractional currency 99 11 Vlnorroln 921.524 52 Total gen. liabilities. $80,719.147 19 Hart from Mr. Smith is understood to be $40,000. Honda and interest paid 30,257 45 —The organization of the American National Bank of Tot.InSub-Trcas'lea 142,620,143 78 In Nat. Hank Depositories of Chat- Chattanooga, Term., which is to succeed the Bank ( Yedlt Treasurer of u.s 08.348.9.H3 91 i'.S.dls. officers §,211,878 47 tanooga, is announced. The officers of the old bank will Total In banks. $76,500,802 38 continue in charge of its successor, with II . S. Probasco, In Treos. of Philippine Islands <«• •' President; J. C. Guild, Vice-President; Frank A. Nelson, i 'ri'illt'In-osurrrof U.S 1.960.655 2:t Cash Ilalancr El ten „_. ,„„ 87„, i rollt U.S. (lis. officer! 2,007,901 07 Total roan and reserve $292,490,322 Cashier, and George Gardenshire, Assist bier. Tie Mode up of . Total In Philippines. $4,028,463 90 Available ....142.490.322 87 new bank has a capital of a quarter of a million doll and Itrserre Fund II Hidings — Reserve Fund *1.'.0.000,000 00 —The application to organize tie ! ix National Bank /In and bullion. $150,000,000 00 00 ofAColumbia, Tenn., was approved at Washington on th I Grand total $1,365,467,439 06 Grand total $1,305,407,439 . 192 THE CHRONICLE. (Vol. lxxxi SttQiieiavijiCmnmcvcial^nQUsItJtcius been a great revival of business. The tourist traffic, more- over, pours gold into Italy in large amounts every year, and Italian emigrants send immense sums likewise (From our own correspondent.) home every year. Italy, in a word, has made great strides, and at pres- London, Saturday, July 1 1905. ent she is doing so well that there is much speculation, espec- There is a decidedly better feeling upon the Stock Ex- ially in industrial securities. The French banks, therefore, change this week, although business is not very much more are sending money to Italy where it can be employed more active. The improvement is due almost entirely to the re- profitably than in England or Germany, and the Italian banks covery in Paris, where the belief is strong that the negotia- are likewise taking gold, so as to meet the demands of their tions with Germany are going on smoothly, and after more or customers. It is believed, however, that the French demand less of delay will be brought to a fairly satisfactory conclu- for gold, from England at all events, is now nearly satisfied, sion. That France will have to consent to a Conference is and that in consequence the gold now on the way here will generally taken for granted. But it is expected that when go into the Bank of England. Accordingly, money is ex- she agrees to do so, the German Government will become pected to be plentiful and cheap during the next two months. more complaisant, and will not exact too hard terms. In con- The India Council offered for tender on Wednesday 30 lacs sequence there is a much better feeling in Paris. Still, no- of drafts, and the applications, amounting to nearly 314 lacs, body is sure that the improvement will be maintained, and were at prices ranging from Is. 4d. to Is. 4 l-16d. per rupee. that accounts in large measure for the want of business all Applicants for bills at Is. 4 l-32d. and for telegraphic trans- over Europe. fers at Is. 4 l-16d per rupee were allotted about 45 per cent of In Germany, the bourses are more active than in France, the amounts applied for. and trade is very good. Especially the electrial and the en- The following return shows the position of the Bank of gineering trades are doing exceedingly well. Moreover, England, the Bank rate of discount, the price of consols, &c. good orders are still being placed by Russia, and Germany is compared with the last three years: expecting larger orders when peace is concluded. Money 1905. 1904. 1903. 1902. June 28. June 29. July 1. July 2. in Germany is plentiful and cheap, and people are looking £ £ £ £ Circulation 30.131,730 28,868.790 30,207,850 30.398,016 forward hopefully to the future However, upon the Bourse Public deposits 14,455.952 9,016,542 11.089,416 11.492,5^9 Other deposits 44.b97,510 50,258.217 48.884.272 46,684,002 speculation is in check. kept Government securities 16,171,319 15,987,806 15,073,144 14.790,245 36,245,416 37.514,425 36,221,298 Here in the state of the discourages all Other securities 33,395,641 London Continent Reserve of notes and coin 27,367,052 24,920.492 25,278,338 25.046,993 both deparfts 39.048.782 35,339,282 37,311.186 37.670,008 prudent people from engaging in risks. It is gener- Coin & bullion, new Prop, reserve to liabilities. p. c 46 3-16 4115-16 42 1-16 43 ally believed that there will be no war between Sweden and Bank rate per cent. 2X 3 3 3 Consols, 2M percent 90% 90 5-16 925^ 96K 24^d. 24 3-16d. that after negotiations will Silver 26K 26d. Norway, but an arrangement be Clearing-House returns 190,28o,000 213,098,000 263,297.000 182.497.000 arrived at for legally putting an end to the union between The rates for money have been as follows: both countries. Still, feeling is growing stronger in Sweden -Open Market Rates. than at first, and there are doubts whether Norway will con- London. -Bank Bills- Trade Bills Rate. 3 Mos. 4 Mos 6 Mos. 3 Mos. 4 Mos. sent to go into negotiations for constitutionally carrying out June 2... 2X 2 1-16 2 1-16 2X 2H( wx June 9... 2X 2 2 2X 2H( the separation. June 16 2X 2 2@2 1-16 2 1-16®2K 2K&2H June 23... 2X 15-16@2 2 2 1-16 2X(SI 2H 2KJ2> In Austria-Hungary the Hungarians are carrying to the June 30... 2X 2 2@2 1-16 2 1-16@2H 2'A@2% deposils ny- utmost the victory they have gained over Austria, in -Interest allowed lor and London. Bank Joint Stoc k Discount Houses- Banks. AlCall. 7-14 Days. political circles everywhere there is anxiety lest serious Rate. June 2.. 1 1 ft i» trouble should occur. The greatest anxiety of all is respecting 9.. 2)4 16.. 2X 1 \x Wi the internal condition of Russia, the anxiety being greatly 23.. 1 ix ix 30.. §1 1 intensified by the horrible butcheries at Lodz and by the The Bank rate of discount and open market rates at the mutiny on a great battle-ship at Sevastopol chief Continental cities have been as follows: As a result of the condition of the Continent and more par- July 1. June 24. June 17. June 10. Open Bank pen Bank Open ticular! y of Russia, business on the Stock Exchange is ex- Rates o/ Bank Open Bank Interest at Rate. Market. Rale. Market. Rate. arket. Rate. Market. 11-16 ceedingly quiet, and prudent people are exercising all their Paris 3 2 3 l'A 3 3 IX Berlin 3 2X 3 2H 3 2X 3 2X influence to prevent speculation. In the meantime there are Hamburg 3 2X 3 2H 3 2X 3 Frankfort 3 2X 3 2 7-16 3 2X 3 H -ZX 1-16 2X signs that trade is steadily , though somewhat quietly , improv- Amsterdam 2X 2H 2X 2X 2X Brussels - 3 2% 3 2% 3 2% 3 2X ing. Although profits are not very large, yet most trades are Vienna ZX zx ZX 3 ZX 2% zx 2% St. Petersburg. 5X nom. nom.~ hX. 10m. hX nom. doing fairly well. The month of June, moreover, has very Madrid 4X ZX 1% ZX ZX 4X ZX Copenhagen -- 4 4 4 4 f 4 4 4 materially improved agricultural prospects. There had been Messrs. Pixley & Abell write as follows under date of drought during April and May, in consequence of which the June 29: hay crop was exceedingly short and the outlook for the root Gold—The demand for gold for Paris was unusually keen this week on the sudden crops was exceedingly bad. Over the greater part of Eng- There has since been fall In the cheque, 25-12V* having been touched at one time. land there was a good deal of rain during June, which has very a recovery to 25" 15, and with an Improvement In the political situation the de- if Paris would continue mand is not so good to-day, but for the present it looks as much improved prospects. In the south of England, indeed, to take all arrivals. £15.000 has been bought by the Bank, of which £7,000 was Arrivals: Cape and the east, the prospect now is exceedingly favorable. In lu bars, and £16,000 has been withdrawn for Gibraltar. Town. £44,000; River Plate. £10,000; West Indies, £31,000; the west of England there has not even yet been enough of £643,000; West Africa. total.' £728.000. Shipments, Bombay, £55,500. rain. silver, all the week, partly to Siiver—There has been a good demand for spot forward silver has been sold against During the week all the gold offering in the open market satisfy June sales and partly for India, but as seller too, Is no improve- most "of the purchases and as America has been a there has been bought for French account. As the week draws to ment in price. We quote to-day 26 15-16d. for cash, 3-16d. lower on the week, price is Rs. Ar- an end, however, there has been a recovery in the French ex- closing dull. Forward is 3- 16d. under cash. The Indian 68^. Shipments: rivals: New York, £127,000; West Indies, £19.000; total. £146,000. change, and the hope now is that France will not buy very Bombay. £83,070; Hong Kong. £35.214; Shanghai. £60,000; total, £178,284. much more gold. While taking gold from London, the Mexican Dollars—There is no business to report in these coin. French banks are likewise taking gold from Berlin. And, as The quotations for bullion are reported as follows: the reader is aware, they are taking gold, likewise, from New GOLD. Ju ie June SILVER. June June Standard.- 29. 22. London Standard 2i . 22. London York. As business of every kind is exceedingly slack in s. d. s. d. d. d. 15-16 Bar gold, fine -OZ. • 77 9K 77 9 Bar silver, fine oz. 26 27X France, and consequently the banks " 26 cannot employ profit- U. S. gold coin... _oz. 76 4H 76 4 2 mo. delivery % 26X German gold coin. .OZ. *76 4H *7G 4 Bar silver, contalnins ably the money they are taking is oz. 27 7-16 home , there much specu- gold coin.. .oz. *78 *76 4 5 grs. gold 27^ French 4g 7-16 Japanese Yen OZ. *76 4M *76 4 4 grs. gold oz. 27X 26 lation as to the reasons why they are drawing gold at one and 3 grs. gold oz. 27 1-16 26K Cake silver. .oz. 29 1-10 29M the same time from London, New York and Berlin. One ex- Nominal. Mexican Dollars nom. nom. planation offered is that, owing to the scare caused by the Mo- The following shows the imports of cereal produce into roccan incident, the banks considered it prudent to increase the United Kingdom during the forty-three weeks of the their reserves. Probably that has had its influence with the season compared with previous seasons: banks. But there are other reasons. Just now business is IMPORTS. exceedingly active in Italy. The country has been during 1904-5. 1903-4. 1902-3. 1901-2. 59,090.560 the past ten or fifteen years steadily recovering from Imports of wheat, cwt ..84,203,800 75,962.136 67,005,871 the great 19.216,200 27,6^6,726 22,056.661 19.928.091 R„flpv 14,503,624 it 12,817,900 12,624.494 12.208,916 crisis in which was plunged by over-speculation, over-build- Oats 1,739,540 gpli 1 1 825,874 2.024,010 1,638.937 '. 1,339,120 1,791.718 1,295,109 1,573,853 ing and over-extravagance on the part of the national and Plan's' 37,717,637 3 I 38,975.467 32.214,850 Indian cbm".:: g , 5Ss ISS 16,671.258 local governments. Especially in the north of Italy Flour 9,498.420 16.983.043 15,864,791 there has | i — . 1 I : 1905. July 15, THE CUROXIOLK. VXi t Supplies available for consumption (exclusive of stock 00 Govki;n'mi:n t Revenue and Ex pen ditukes.—Through the September 1): courtesy of the Secretary of the Treasury, we an- enabled to 1901-5. 1903-4. 1902-3 I'.nu 2. place before our readers to-day the details of (lovcnuncnt Wheat Imported, cwt 48.803.800 76.089,186 67,005.871 Imports of flour 9.498, 120 1 fOi- 15. SG 1,791 receipts and disbursements for the month of June. From sales of homo-grown 13.280.552 lO. 101.703 r.981 21.1 previous returns we obtain the figures for previous months, Total 70.9S2.772 109.100.942 104,81 07.681,056 in manner statement -ice price wheat, week els. 7d. 26b. od. 27s. 6d. 30s. .Li. and that complete the for the fiscal Average price, season 6d. 27B.27s. l\l 26a. 10,1 27s, M. years 1904-05 and 1903-04. Fur statement of June 1904, The following shows the quantites of wheat. Hour and see CHRONICLE July 16 1904, page 19.'5. maize afloat to the United Kingdom: RECEIPTS AND DISBURSEMENTS (000 omitted.) This MMtk. Last 1903-1. 1902-3. Wlie:\t qrs. 2.076,000 2,080,000 2,000 h* — ** y -h -; S s Flour, equal to qrs. 115.000 115.000 25 a SB <"i-'» •>~ra Malre qrs. 815,000 yjo.ooo 1 it: 3.000 1,070 CT!? •f. » O azl o ST ce "7 i oo- O = I 3 Si g !8p: : English Financial Markets—Per Cable. SB Xlli |] & ' •t n 2 1 v oepV li : ! ! ! ad o o. mi The daily closing quotations for securities, etc., at London 003 u -f 9 £ f. n 1 ^ z Si OO o Y" are reported by cable as follows for the week ending July 14: 3 rsif ! ** HI s : 3. 1 I I I I o Bl I I I I I London. Sat. Fri. III 11)11 Silver, per oi d. 27 1-16 27 5- Hi MM Consols, new 90 9-10 ccto tooocn 00 -JOCD For account 90 1 CO -J co o co""--"^ cn "a CucDh- ©VobkO* 4 1 treasury net holding United Copper (No. I) f 31 July -'l to - do do (extra) Y, July 31 July 21 to July 31 May 1 1905. June 1 1905. July 11905. Holdinqi in Sub-Trca-?uries— 8 S * ,.,, ... Is. 1 216.'- Net gold coin and bu.l. 212,331,720 J 72,921 x At the rate of 7 per cent per annum for period from Miv 12 to July 31, Inclusive. Net silver coin and bullion 25.476.644 11,182 32,2] ::.i,709 . S Net U . Treasury notes 42,860 -ZS'SsS Net lettal tender notes 15,008.354 14,806,323 1 ?>2?S-T92 Net national bank notes 12.864 13.9tiH.127 16,21.. I. Auction Sales. —Among other securities tin- following not 13.1 Net fractional silver 13.995.343 1:1.303,978 .- » I regularly dealt in at the Board , were recently > < 1 at auction Minor coin, etc 963.021 .831 060.881 By Missis. Adrian EL Mullir & Son: Total cash In Sub-Treasuries 280 289,248.071 2(i2«20,144 Less gold reserve iund 150.000.000 150,000,000 i.,ii.im)0.ooo stocks. teJt*. "» 75 West N. V A- 1'enn. Ry... 3 25 10th A 23d 9t. Fem ' ' -'". 1 Cash balance In Sub-Treasuries.. 130.67 1,355 139.248.071 ' ' 13 Mechanics' Hk. of Brooklyn. 245 inkers A Rlty.8ec.Oo., i>f mi . '•'' | Cash In national banks 88,257,004 2 Brooklyn Hank Ill < mdt. 4,028,404 N'at. Hk., Ilklyn 1 16 1131.000 Day. i eb. A fin. . Cash In Philippine Islands I 3,739,479 ' I "rii Exchange Hank :im' ; RR 1st 8 ,1921 Net cash In banks, .fub-lreas., etc .223.297,288 221,445.343 223., 5 Nassau I 1 r. 208 $82,000 Chip Ry- > *I.400 Deduct current liabilities., 90.303.905 80.719,147 21 Am. DiHt Tel. Co., Ilklyn. 50 Con a 88,078 ' 5 Hun Print. ,fc Pub. kmo., 19.000 Kent Ky.lst 5s Available cash balance 134.318.68l 131.141.378 142, $1,000 each. .12.200 per share 175 Nl »boi . 32 1. 81 a"Chlefly disbursing offlcere" balances." • • 25 N. Y. Mui 281M .. 68 q 194 THE CHRONICLE. Vol. lxxji. «= New York City Clearing House Banks.—Statement of New York City, Boston and Philadelphia Banks.—Below is a of of Clearing condition for the week ending July 8, 1905, based on aver- summary the weekly returns the House Banks of New York City, Boston and Philadelphia. The New of daily results. age York figures do not include results for non-member banks. We omit iwo ciphers COO) in all cases. We omit two ciphers COO) in all these figures. h. Capital & De- Circu- BANKS Surplus. Loans. Specie. Legals. posits^ lation. Clearings. F BANKS. Capital. Surplus. Loans. Specie. Legale. t Deposit* Re- 00s omitted. s' ve. N. Y. $ $ $ .T'nel7 255,465,5 11048609 205,857,4 86,423,3 11402848 47,359,0 1,444,441,1 $ P.C. H4i;7:)'.'!' i 9 $ 9 9 9 J'ne24 255,4 65,5 11028127 214.869,6 87.423,:-. 18,060,7 1,375.689,4 ot Y. 2,000,0 2,604,3 18.654.0 3,224,0 1,068,0 18,127, Full. 1,000,0 1,385,8 6,998,0 1,025,4 563,3 6,813,7 23-3 For week. 1905. 1904. 1903. 1902. 22-1 Shoe Corn Excli . 2,000,0 3,361,6 30,998,0 0,230,0 4,046,0 39,266,0 261 Dry Goods $2,109,281 $2,132,117 $1,959,320 $2,033,645 Oriental ... 750,0 1.114,7 8,296,1 2,249,0 391,4 9,488,2 27-8 General Merchandise 9,262,269 7,718,971 7,944,364 6,511,325 Imp. & Trart 1,500,0 6,718,9 24,381,0 4,204,0 1,408,0 21,989,0 25-5 Park 3,000,0 7,324,7 73,909,0 15,545.0 6,223,7 85,419,0 25-4 Total. $11,371,550 $9,351,088 $9,903,684 $8,544,970 East River 250,0 109,0 1,297,3 139,7 200,5 1,458,4 23-3 Since Jan. 1. Fourth 3,000,0 3,016,9 21,108,8 3,912,6 2,471,2 24,396,0 26-1 Dry Goods $73,192,499 i 63,148,748 $70,700,250 $64,488,579 Second .... 300,0 1,619,4 10,026,0 619,0 1,762,0 10,624,0 22-4 General Merchandise 296,833, 404 249.589,500 242,912,566 222,946,472 First 10,000,0 15,914,3 104,860,0 21,318,7 2,491,4 97,599,0 24-2 N.Y.Nt.Ex. 1,000,0 883,1 8,846,0 1,712,0 608,3 8,574.3 26-8 Total 27 weeks $370,025,963 $312,738,248 $313,612,822 $287,435,051 Bowery ... 250,0 771,0 3,224,0 491,0 293,0 3,721,0 21-0 N. Y. Co... 200,0 729,5 4,815,9 1,064,1 532,0 6,407,1 24-9 The imports of dry goods for one week later will be found German Am 750,0 546,4 4,078,9 589,4 195,6 3,907,7 20-0 in our report of the dry goods trade. 1,000,0 4,399,6 43,404,3 10,922,3 1,857,0 50,593,8 25-2 Fifth Ave.. 100,0 1,769.5 10,156,0 2,628,2 400,6 11,382,2 26-6 The following is a statement of the exports (exclusive of German Ex. 200,0 728,5 2.781,3 215,0 810,0 4,014,3 25-5 specie) from the port of New York to foreign ports for the 20-5 G ormania .. 200,0 876,8 2,682,4 459,8 695,8 5,605,11 300,0 1,428,6 14,078,2 899,5 2,942,0 15,572,7 24-6 week ending July 10, and from January 1 to date. Garfield.... 1,000,0 1,287,7 7,494,9 1,696,3 279,4 7,691,1 25-7 EXPORTS FROM NEW YORK FOR THE WEEK. Filth 250,0 418,6 2,692,0 542,9 123,4 2,823,5 23-5 Bk. of Met.. 1,000,0 1,481,1 9,342,3 1,803,6 754.5 10,940,3 23-3 1905. 1904. 1903. 1902. West Side.. 200,0 659,6 3,952,0 768,0 367,0 4,572,0 24-8 Seaboard .. 500,0 1.471,9 14,966,0 3,033,0 1.569,0 17,629,0 26-1 IstN.Bklyn 300,0 625,3 4,791,0 717,0 eo7,o 4,072,0 26-6 For the week $8,488,381 $7,907,932 $7,377,646 $8,890,725 Liberty 1,000,0 2,038,0 11,831,6 2,437,8 250,0 10,729,1 25 Previously reported.. 268.234.890 24 1.763,340 259.723,278 244,^12,508 25-6 N. Y. Pr. Ex 1,000,0 484,6 5,328,6 1,145,0 419,9 6,116.3 Total 27 weeks $276,723,271 $252,671,272 $267,100,924 $253,803,233 New Amst. 500,0 580,9 5,941, 931,3 525,4 7,056,6 20-6 Astor 350,0 594,6 4,495,0 860,0 210,0 4,345,0 24-6 Note.—As the figures o£ exports as reported by the New York Custom House from week to week frequently show divergence from the monthly l Total... 115,972,7 139,492,8 11164585 210,971,3 86,562,8 11583051 25-6 totals, also compiled by the Custom House, we shall from time to time adjust t the totals by adding to or deducting from the amount "previously reported." included, i t Total United States deposits $11,977,600. The following table shows the exports and imports of specie at the port of New York for the week ending July 3 \i Reports of Non-Member Banks.—The following is the and since Jan. 1, 1905, and for the corresponding periods in statement of condition of the non-member banks for the 1904 and 1903. week ending July 8, 1905, based on average of daily results. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK i We omit two ciphers (OO) in all cases. Exports. IMPORTS. Loans <$ Leg. 1. Deposit with Gold. \ Week. Since Jan. 1 Week. Since Jan. 1. 1 BANKS. Capi- Sur- Specie. Net 00s omitted. tal. plus. merits. Notes. Clear' Other Deposits Great Britain $1,500 $330,922 i A gent. Bks.&c France $1,004,099 25.236,520 4,266,138 Germany N. Y. Crrr. West Indies 17,000 5,116,776 $76,715 449,865 Boroughs oi 8,000 71,300 9,331 101,838 South America Man&Br'nx $ $ $ $ $ $ 7,250,000 38,002 829,921 Wash. Hgts 100,0 146,5 810,2 14,3 28,6 66,0 664,1 All other countries 3,000 20.971 36,287 885,1 Century ... 100,0 63,6 26,5 29.6 30,5 62,2 817,6 Total 1905 $1,029,099 $37,679,102 $145,019 *B.064,969 603,9 Chelsea Ex. 100,0 67,6 38,1 29,2 43,8 59,3 673,4 Total 1904 500 64,448,066 45,05;i 6,334,197 3,449,9 73,9 304,8 364,3 Colonial 100,0 291,9 152,4 3,964,4 Total 1903 7,142,318 32,462,551 21,351 3,605,251 Columbia .. 300,0 367,4 5,884,0 310,0 219,0 413,0 3,6 6,253,0 ConsoL Nat. 1,000,0 1,055,1 3,968,2 289,9 38,1 143.5 135,0 2,218,0 Silver. Fidelity 200,0 126,0 805,0 21,6 38,3 68,8 787,6 Great Britain $652,499 $15,403,910 14th Street. 500,0 60,8 4,431,3 192,6 246,5 368,7 86,0 5,160,2 France 538,335 $29 Hamilton .. 200,0 139,7 4,212,1 189,6 158,0 186,8 310,0 4,788,3 12,892 20 Jefferson .. 400,0 366,8 2,918,6 11,8 148,6 597,1 155,8 3,387,1 West Indies 11,555 102,577 $1,717 48,640 Mt. Morris 250,0 125,7 2,765,3 139,9 115,0 303,7 56,2 3,495,0 Mexico 4,000 4,000 24,534 589,005 Mutual 200,0 244,1 3,222,1 25,6 245,5 319,0 66,6 3,433,0 South America 687,499 20,985 1,129,470 19th Ward 200,0 203,8 2,483.7 22,0 261,5 675,1 19,5 3,186,3 7.257 13,329 100,0 265,5 3,690,0 103,0 190,0 470,0 3,909,0 Riverside .. 100,0 107,2 1,494,5 17,0 94,8 68,9 180,1 1,673,9 Total 1905 $663,054 $16,756,470 S47.236 $1,780,493 State 100,0 880,9 8.772,0 526,0 263,0 279,0 1,515,0 10,656,0 Total 1904 730,915 22,177,177 20,678 482,074 12th Ward . 200,0 133,6 2,073,0 36,0 215,0 197,0 85,0 2,629,0 Total 1903 779,315 17.708.442 42,046 935,405 23il Ward .. 100,0 116,8 1,662,2 57,6 176,8 164,9 190,2 2,168,2 Union Exch 750,0 577,1 6,122,4 112,4 332,7 612,0 210,0 6,541,7 Of the above imports for the week in 1905, §71,415 were United Nat. 1,000,0 163,0 2,187,5 229,2 58,7 95,3 1,236,3 American gold coin and §1,693 American silver coin. Of the Yorkville .. 100,0 302,3 2,895,9 46,4 260,6 163,6 185,5 3,296,5 Coal & I.Nat 300,0 212,7 2,837,1 548,6 275,8 735,9 80,4 3,923,8 exports during the same time, $26,000 were American Metrop'llt'n 1,000,0 266,0 2,611,0 116,2 42,7 129,8 650,9 2,376,0 gold coin and $10,000 were American silver coin. 84th Street. 200,0 205,0 1,179,8 289,3 23,4 174,8 46,6 1,321,8 Borouqh 0/ Auction Sales. See page preceding. Brooklyn. — Borough ... 200,0 106.2 1,968,9 33,4 144,0 207,2 114,8 2,272,3 Broadway . 150,0 362,2 2,545,3 15,6 183,1 443,9 2,899,8 Brooklyn .. 300,0 169,5 1,854,0 114,9 64,7 284,5 48.9 2,089,1 Ranking aufl ^Umntinl. Mfrs.'Nat.. 252,0 607,8 3,610,7 201,0 132,3 628,7 419,0 4,808,0 Mechanics' 600,0 636,9 10,150,6 316,6 717,9 1,300.6 275,0 13,008,0 Merchants*. 100,0 77,5 1,709.8 13,3 155,0 332,9 160,8 2,265,1 Nassau Nat 300,0 806,2 5,548,0 229,0 496,0 1,457,0 6,416,0 Spenper Trask & Co., Nat. City .. 300,0 598,4 3,512,0 153,0 333.0 662,0 240,0 4,279,0 North Side. 100,0 183,8 1,355,4 20,5 94,7 51,0 320,0 1,628,9 INVESTMENT BANKERS. 100,0 199,8 1,867,9 52,1 124,8 174,2 125,1 2,088,4 17th Ward . 100,0 98,4 719,3 12,5 65,9 87,3 208,7 917.1 We transact a general banking business; issue circulars describing 200,0 184,2 3,070,0 98,0 197,0 590,0 1,063,0 4,637,0 short-term and long-term hi.sh-gracle bonds ; execute commission orders 928,5 70.5 Wallabout . 100,0 102,6 43,1 56,8 148,7 1,067,5 on the New York Stock Exchange and also in the financial markets of Jersey City leading cities. We have correspondents or special representatives in First Nat... 400,0 1,118,7 4,078,5 163,0 304,4 1.675,3 1,268,0 6,107,5 many of the principal cities east of the Mississippi Kiver. Hudson Co. 2,401,6 National . 250,0 663,4 96,2 67,5 503,3 237,9 2,581,4 Branch Office, Albany, N.Y. William and Pine Sts., New York. Second Nat. 250,0 122,4 922,5 61,4 25,1 180,6 22,3 954,9 Third Nat.. 200,0 301,4 1,671,2 56,2 101,6 770,5 15,0 2,303,1 Hoboken. Moffat & White, First Nat... 110,0 546,3 2,657,6 163,5 34,1 310,0 418,6 3,019,4 Second Nat. 125,0 169,2 1,394,3 32,7 41,0 60,9 85,1 1,484.4 Members New York Stock Exchange. Tot.J'ly 8 116370 134490 1239308 5,340,9 7.131,4 163482 9.411,2 1433876 6 NASSAU STREET, • HANOVER BANK BUILDING, Tot.J'ly 1 116370 134490 1231076 5,378,0 6,764.4 158087 8.984,3 1408566 TotJ'ne24 116370 134490 1230701 5,432,0 6,880,7 140383 9,376,9 1391225 i>ealer§ in Investment Securities. COMMISSION ORDERS EXECUTED FOR CASH ONLY. 2 K ' July 15, 1905.1 THE CHRONICLK. 195 (&ixzztU. The market for railway and industrial bonds does not; fBanttm' show any marked increased activity or notable, change in general characteristics. The transactions in Japanese For Dividends see page igj. is-' ty Miea have been on a large scale and perhaps these securities WALL HTKEKT. FRIDAY, JULY 14 1903.-5 P.M. have absorbed the interest of investors to the exclusion o( issues. sales 1 The Money Market and Financial Situation.— As has fre- railway Recorded of the latter have been well 3uently been the case of late, it is not easy to traoe any distributed and show but few exceptional features. Union; irect connection between the general news of the week and Pacific convertible 4s have declined in sympathy with the the movement of prices at the Stock Exchange. The news shares. Central Leather 5s have this week been added to from all sources has been almost wholly of a favorable the list and have been strong, Central of Georgia isfeues are oharaoter. Stock quotations on the other hand have fluctu- also higher. ated widely and in a large majority of cases are lower, United Slates Bonds.— Sales of Government Bonds at the wbile a few have made a somewhat conspicuous advance Hoard are limited to $3,000 3s, reg., 1908-18, at 103^. The towards higher prices. following are the daily closing quotations; for yearly range The foreign markets responded quickly to the general ap- ate third page foilouii g. proval of the appointment of M. Witte as chief Russian Interest July J llll/ July Ju'y Ju'y July Envoy to this country in the nterest of peace. Both Rus- Periods 8 10 11 13 14 sian and Japanese securities advanced, as the prospects of Q- -Tnn • 7 » 108T settlement of the Far 2a, 1930 registered 103' 1(13 h a '108*1 108»e •103', an early and satisfactory Eastern dis- •103 7 •103', 2e, 1930 ooupon 'i -Jan 103'6 •103'e 103'( •103', pute is regarded as materially brighter. 2s, 1930, amaU-registered ... agricultural 28, 1980, small coupon ... Practically all reports from the districts indi- •103' 1 103 8 •103 3s, 1918 registered Q -Fob 08 '.i 'J 103 4 108 4 '4 cate a favorable condition of the most important crops, and 3s, 1918 coupon Q- -Feb * Mil 104 104 104 '104 •104 as a consequence prices at the Cotton and Produce Ex- 3a, 1818, BmalLregisteredQ- -Feb •>3, 1918, small coupon -Feb •i():i' 103" '108" •iba" have declined. At the same time reports of railway Q >ioi" -ibs" changes la, 1907 registered Q -Jan •104 '104 -104 101 104 •101 earnings show a large traffic, and, as will be readily seen 4s, 1907 coupon Q -Jan M04 '101 '104 104 mi •104 -Feb *132 '132 132>4 132', '4 the foregoing, the indications are that this traffic may is. 1926 registered Q 132>4 •0)81 by L ' 3 * >-2 ' C}- ! 1 '13234 is. 1925 coupon -Feb 39 32 132 i 13234 «13234 increase during the coming months. No gold has been ex- * This is the price bid at tho morning board ; no sale was made. ported this week. Although time- loan rates are quoted and Miscellaneous Stocks fractionally higher, the money markets at home and abroad Railroad —On a volume of business considerably smaller than that of last are relatively easy, and, as we remarked above, there seems week the stock market has been decidedly irregular, Monday's mar- to be nothing in current events or immediate prospects to ket weak under tho influence of liberal 1 fferings of account for the decline noted in security prices. was Union Pacific and Reading. Heavy sales of these issues The open market rates for call loans on the Stock Exchange continued on Tuesday, resulting in a decline of points during the week on stock and bond collaterals have ranged 3% in the case of Union Pacific, 4% for Reading, and lower from 2 to 3 p. o. To-day's rates on call were 23^(g2^ p. c. prices generally throughout the list. Soon after mid-day Prime commercial paper quoted at 4@4J4 p. o. for endorse- on Wednesday there was a sudden change in the tone of the ments and 4@4^ r. o. for best single names. market caused by a rapid rise of 11 points in Northern Pacifio The Bank of England weekly statement on Thursday the highest recorded price since its restoration to the_ showed a decrease in bullion of £258,198 and the percent- to active list. In sympathy with this advance Great Northern' age of reserve to liabilities was 48'66, against 42"65 last week, moved up 8 points, and several important issues advanced the discount rate remaining unchanged at 3J| per cent. The from 2 to points, including Union Pacifio and Reading, Bank of France shows an increase of 13,150,000 francs in gold. 3^ Central and others. NEW YORK CITT CLEARING-HOUSE BANKS. St. Paul, North West., New York Sev- eral of thes9 made further progress during the early part of 1905 inferences 1904 1903 Thursday, but what had the appearance of profit-taking! irom July July 8 previous week 9 July 11 sales arrested the upward course of prices and caused a reaction in many cases, Asa result of the week's operations 9 about one-fifth of the active list is from 1 to 10 points higher; Capital 115,972,700 115,972,700 109,822,700 Surplus 139,492,800 134,323,400 129,059,3(10 than at the close last week and the remaining four-fifths ia Loans & discounts 1,116,458,500 Deo 4,410,500 1,078,294,800 909,629,000 lower. Circulation , 4S,S5!',90(i Inc 323,100 39,168,400 43,910,200 Net deposits •1,158.305,100 Dec 7,733,800 1,158,150,300 892,143,3U0 The United States Steel issues have been exceptionally Speoie , 210,971,3(11; Dec 3,772,8(10 243,093,900 156,673,100 active throughout the weelr. They were in demand and ad- Legal tenders.. Dec 1,861,700 82,461,400 86,562,801 74,371,200 vanced on Monday but have failed to maintain the prioes Reserve held 297,534,10(1 Deo 5,634,500 325,555,300 231,044,300 then recorded. Sugar Refining and Smelting & Refining 26 p. c ot deposits 289.570,275 Deo 1,933,450 289,537,576 223,035,825 have been weak. Surplus reserve! 7,957,825 Deo 3,701,050 36,017,725 8,008,475 For daily volume of business seepage 203. * $11,977,600 United States deposits included, against $12,387,400 last The following sales have occurred this week of shares not week and £23,282,400 the corresponding week of 1904. With these United represented in our detailed list on the pages which follow. States deposits eliminated, the surplus reserve would be $10,962,225 on July 8 and .$14,755,725 on July 1. stocks Sales .Note.—Returns of separate banks appear on the preceding page. /or Range for week Range sines Jan. 1. Week Ending July 14 Week Foreign Exchange.—The foreign exchange market was Amer Beet Sugar 10, 25 J'ly 12 25 J'ly 12 24 Jan 34 '•j Mar heavy this week, influenced by liberal offerings of finance Anier Ice, pref trctfs.... 100 37 J'ly \V 37 J'ly 12 34 Ma; 41»4Apr bills and by a lighter demand. Buff Roch & Pittsburgh. 10c 150 J'ly 11 100 J'ly H 118 Apr 159 Jau 5 J'lyl3 J'ly 250 Jan To-day's (Friday's) nominal rates for sterling exchange Chlo Burl High.... I 5 5 18>t)t ® 18>« I 5 16>4» @ 5 16V 172, The "Stubs" fluctuated between 230 and 312>£ and Low | 5 18V @ 5 lb^ | 5 ® 5 16>4 16V ended the Electric Vehicle common declined Germany Banters' Marks— week at 287^. 2 points '.0; preferred, after an advance of High....! 94i3 -w 04?. to the l9 I 95 4 ® 95»M Low 94l-i a, 953 to fell 26. Less inter* at has been displayed I c t ® J413 19 954 18 t \i 29^, to Amsterdam Bankers' Guilders— in the International Mercantile Marine issues this High.... I *» a | 40>«fl ® 40' 16 week; to l'J'i and the Low the common moved down from 13^ | a. 40 '4 © 406 ( 19 preferred lost \)4 points to 2 J!4". UuittJ Cupp< r was the Less: i a t ' 1 'ijgoflOt). t 32 of 1%. i 39 of l^ Plus: lihaof 1%. 920t 1%. prominent feature of the copper group; the announcement The following were the rates for domestic exchange on of the initial dividend on the common stock was reflected by New York at the under-mentioned cities to-day : Savannah, an advance of 4% points to 23 in the price of these share*; buying pre- 50c. per $1,0(0 discount; selling 75c. per $1,000 the preferred rose from 71J^ to 73!^. Renewed activity and mium; Charleston, 12^c. per $1,000 premium; New Orleani, strength developed in Tenne-jsee Copper, the price of which bank, 60c. per $1,000 discount; commercial, 75c. per $1,000 ran np from 20W to 29; the last sale was at 88] 35,000 shares discount; Chicago, 20c. per $1,000 premium; St. Louis, LOo of the stock of this company was recently offered for publlo per r $1,000 premium; San Francisco, 50c. per $1,000 premium. Mibsoription at 2. >. Greene Consolidated New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPYING TWO l'AfJK- Jiani/e /or Year 1905 Hange tor Previovt STOCKS—HIGH EST AND LOWEST SALE PRICKS STOCKS Sales oi NEW YORK STOCK the On basis ot lOU-share lots Year (1904) Saturday Monday Tuesday Wednesday Thursday Friday Week July 8 July 10 July 11 July 12 July IB July 14- EXCHANGE Sharet Lowest Highest Lowest Highest Itllill n:i (la. 85 85 k 85% 83 83% 85% 84% 85% 85% 86% 85% 86k A t«h. Topeka&Santa Ft 77,200 77% May22 93% Mar 9 64 Feb 89% Nov 2.' 102 k 102 k 102% 102 k 101k 101k 101 '•., 102 102 k 102 k 102% 102 k '*- Do pref 2.70«' 99 Jan l'U% J'ne27 87% Jan 104% Nov 162 162 161 161 1 57 k 159 k 158 L68 160 160 160 160k Atlantic Coast Line RR 3,70,1 120 Jan 25 170 Apr 21 104 k Feb 155 k Nov 1 115 113% 114% 112% 114k 112k 114\ 113"* 115 114%ll5k 114 114% |>altlmoro& Ohio 1 >o k Jan 2£ '4 J'ly 13 72% Mar 105 4 Dec •97 99 97 k 97% •!I7 98 898% 98 >. •97 98 k •97 99 •'Do pref 151 91 .Mar 98 leb 8 87% Feb 96 k Oct 71 71% 70% 72% 69% 71 69% 69% 70% 68% 69% Brooklyn Rapid Transit.. 93,715 56% May2H 7:'.kJ'ly 3 38 Feb 70% Not •87 90 *87 00 k 87 90 k 87 90 k •87 90k Buffalo Bunks Bid Ask Banks Bid Ask Banks Bid Ask IlanKi Bid Ask Banks Bid Ask Banks Bid NKW YORK Chemical 4300 4350 Fifth 340 InterboroTJ.. 155 160 Metropoli'nH 165 Park 515 i Citizens' Ctrl 170 First 730 750 Irving 234 238 Mt Mornslu. 210 People'sli 290 Letua 172k City 280 285 14thStreet1|. 145 155 Jettersonl]... 177k 185 Mutuailj 300 190 195 !uuenca| ... 520 530 Coal & Iron. 230 240 Fourth 200 215 Liberty 510 Nassauli 195 205 Plazali 575 i.mer Exch.. 275 280 Colonial 11 ... 575 Gallatin 410 420 Lincoln 1500 1700 New Ainster 475 510 Prod Exchli 175 185 Vstor 775 825 Columbia!) .. 400 Garfield 500 Manliattanll. 320 New York Co 1300 Riversidel] .. 250 280 Battery Park 155 165 Commerce... t205 t206 German Ami 155 165 Market&Ful 260 270 NY Nat Ex. 195 205 Seaboard 650 700 ioweryll 325 Consolidated 150 152 k German Ki' 400 Mechanics' . 285 295 New York... 320 700 Butch's* L>< 155 165 C'rnExchge'; tasik Germaniall .. 450 Mech & Tral 180 190 19th Wardll. 350 Shoe ;entury1] 195 210 . . 1200 DiscountH 150 160 Greenwich II 235 250 Mercantile .. 260 270 North Amer. 233 238 Stateli 3hase 650 East River.. 150 160 Hamiltoull .. 190 Merch Exch. 170 175 Northern 135 34th Street.. 200 Chatham 320 330 Fideiityll 190 Hanover 495 505 Merchants'.. 175 185 Orieutalli... 255 265 12th WardTi. 225 Chelsea Exc« 170 Fifth 150 A veil.. 3500 3750 Imp & Trad. 590 Metropolis ',] 100 PaciticH .... 250 265 23d WardH.. " Bid and asked sales stock. pnoes; no were made on this day. i Less tnan 100 snares, i Ex ris?uts. 1| State lianKS. u elx divide ud and rights. New 1 Sale at Stock Exchange or at this price. L auction this weeK. s Trust Co. certificates. h Assessment paid. n Sold at private sale at 3 ' 4 3 % . 6 5 . 1 82 667 Jul* 15 19"5. Stock Concluded— Page 2 197 | Record— Kant/e for Vear SlUCJxS—JlieJlhSl ASH LOWS8T BA L i. PJUOM STOCKS Salts ol 1006 Btmgt 'or I'rtetout On basis 01 lUU-share lots NEW YOUK STOCK the 1 tat( i 84% S8% 38% 88% 38 4 38% 38% 88% 38% 884 lol. St. I- A W. v. tr. Otf» 844May29 43% Apr I 214Muy 38 Nov 67% 57% 67 57 4 6734 67 57 4 67 V, Do loci. vol. tr. otf». 1,000 513, Jan 26 \pr 12 hell 67 4 Nov 114V. 114 m 113 Hi 118*4 U34U834 11841184 114 114 113 118 1 « 111 i'iiv Hn|Oil Trimsil. 1,746 L06 Jan 6 122 4 Apr 4 87 4 Fob .107% Oil r }l. >3% May 17 1'io J'ne20 158 Ana }1U5 Nor ' 129% 1304 1284 ISO 198% 129 127 130 128 4 13H 4 1984 129 - I iiuiu l'acillu 512.660 1 1 3 Jan 6 137% Fel.2.'. 71 Mai 117 Nov 9-% 1 •96 08 •98 l'S 97% 884 •96% •06% 98% •88 . Do pro! 400 98 Mayll 101% Kel.2l . Feb 99 Deo 624 63 674 Civ, 57 4 68 5734 004 61 01 65 I nit Uyslnv'tof Sail Fran 4,426 21 4 Jan 1 J'ly ll 8 Feb 25 Dec .7 1- 87 3,000 14. fan 1 •86 4 S8 86 4 80% 80 86% B6% 87% Be*, 6 16 86 Mai 31 42 4 A pi 69 ll 81 •804 80 J 7 •80 V, 80% •80% 80% •804 Hi 81% •8OH1 SI lilted Hvsof St Lou. prol My 89 J'nc2;i •19 SO "19 20 •19 20 •19 20 19 19V •18 10-', 174 M»v2.; 23% B-eb B 16 May 4 J 40 89% 884 39% 894 39*4 3;'% 39% 39% •SB 404 '» DO l'i'el 90o 37 Muy23 48 Fob 23 32% Feb IH4 Nov •16 164 •16 I6H1 15% 15% 164 164 164 164 •16 17 wiuvuiis.' 1 milieu in 1 & Mi-. ! 11 •243 260 •213 250 •243 250 243 250 243 250 •243 250 4 dmus Express .. }286 Jan 9 {250 Feb 7 {220 Feb 250 Oct l 3 •1834 14 14 14*4 144 14 4 •14 16 •14 16 1 I % 14 4 900 13 May 4 19 Kebl7 6 Mar 21% Nov '51% 63 •52 63 63 53 •624 £5 •68 66 65 65 Ijo pref COO 46 4 May 4 68 Feb 17 39 4 Mar 71 Nov 3 82% S3 4 834 844 824 84 82% 834 S3'i 84% 83 83 4 VmalsaniutedGoppor 218,910 70 Jan 25 89% Apr 14 43 4 Feb 8234 Deo 24% 24 4 Ainer Agricult Chemtcul. 200 20 Jan 24 29 4 Apr 16 13 Mar 24% Deo Do pref 89 4 Feb 8 {92 Feb 16 72% Jan 87 Deo "35 "364 ";;".•>'', "884 18*,200 a *36%*36>i "35% "£&% 4 "364 364 86% 864 Viiiciicaii Carifc Foundry 31 Mny22 43% Aprl4 14 4 J'ly 35 4 Deo {38 98 1 98 Hi 99 98 98 98 4 98 4 •m 99 •97 99 4 1,250 i914Jan26 1044 Apr 6 67 Jan 9434 Deo •Si's 3.' 4. 31*g BIS •314 89% 314 31% 314 314 314 31V American Cotton OU 700 304 Ma>23 38 Apr 8 244 J'ne 37 4 Deo • 90 93 •90 95 894 89V, {91 91 •90 94 •"0 94 Do pref 150 89 4 J 'ly 11 97 Feb 1 88»4 J'ne 97 Nov •225 240 220 240 •225 240 •22."> 240 •225 240 •225 240 American Express }2094Jau 4 246 Feb 2 180 J'ue 219 Nov 3 6 •534 04 6 6 5 4 534 •6 4 •6% 6 American Grass Twine .. 650 5 4 J'ne23 14 Jan 4 5 Aug 14 Deo •6 '6 a 64 6% 6 64 64 6 4 •64 7 4 64 6 4 Ainer Hide <& Leather 700 6 J'ue 7 11 4 Jan 14 2% Jan 114 Deo S5% 36*4 34% 36 3434 354 36 4 36 364 8SH 384 39 4 De pret 6.900 344J'ne24 664Marl7 11 4 Jan 48% Deo »84% 27 254 26 2184 24% 24% 244 25 25 4 American Ice Securities. 1,210 24 34 J'lyl2 27% J'nelO 3 •i'7 26 "17 Hi 20 •17 19 •17 4 19 4 •17 194 17 19 4 American Linseed 154 Jan 17 22% Apr 17 7 J'ne 20% Nov •3!" 45 •39 44 •39 43 •39 34 46 •394 44 •394 45 Do pref ...... 36 Jan 19 48 4 Apr 17 22% J'ne 42 4 Nov 7 a 48*6 48 8 48*8 60 4734 60 4 484 49% 48 4 49 4 484 4 9 American Locomotive... 31,065 33 Jan 2.1 614 Apr 13 16 4 Jan 36% Nov •112 US 112 112Hi 110% 1124 111% Ul% 111% 112 "HI 113 1,100 103 34Jan 122=4 Apr 16 76 4 Jan 105 Nov J •6% 5% 6H1 6H1 54 5% •54 6% 54 54 54 54 800 54 Apr 29 8 4 Jan 14 2 4 J'ne 9 Deo 25 25 24 Hi 24 Hi 24 4 24 4 24 24 24 4 24 1-. •24 24 4 Do pref 600 20 J'ne 9 28 4 Mar 7 16 J'ne 29 Deo 98*8 98% "98Hi 99 98 98% 98 98% •98 984 93 98 Amor Smelters Seo pref B 1,600 97%J'uel2 98%J'ne28 117 1184 115%117% 116 116 l4 115 1164 1154U7 115%1174 Ainer. Smelt'g <& Kelin'i:. 66,600 7934 Jan 9 123% Apr 13 46 Feb 82 4 Dec •119 ll'J>» }U9 119 119 120 •119 4120 1194 11934 II934 1204 2,020 11 14 Jan 13 127 Apr 6 88% Jan 115 Oct •167 175 •167 175 •167 175 •167 175 •167 175 •167 175 American Snuff 163 May31 183 Jan 21 110 Jan 170 Nov •1034106 •102 106 •103 106 •1034 1034 1034 102 102 120 99 Jan 7 105 4May20 85 Jan 99% Nov *9% 104 "9% 10% "9% 10 Hi 94 10 •9 4 10 9% 94 American Steel Foundr's. 200 84J'ue 8 18%Mar20 34J'ue 154 Deo 384 384 •38 39 •37 4 39 37 4 38 {37 374 •37 38 Do pref 460 36 4 J'ne 14 67 4 Apr 4 26 J'ly 67 4 Deo 140 14U4 139 4140% 138 139 ', 137 139 13841394 1384139 American Supar Refining 10,200 130 May 2 2 149% Mar 2 1224 Mar 163 Nov •137 138 "130% 137 137 137 •137 138 -137 138 13734 1373; Do pref 300 133 MaylO 140 Mar 7 123 Jan 141 Nov •139 14U }139% 13.' •137 139 -137 139 139 140 '138 140 Amer. Teloph. & Telefc... 50 130%Mny24 1484 Jan 6 121 Feb 1494Nov •y7 98 97Hi »7% 974 97 V, 97 97 4 97 97 {97 97 Amer. Tobac. (new), pref. 1.374 91 % J an 25 99% Feb 8 85% Nov 96 Deo 374 874 364 37 '4 35 36 4 35 4 3534 364 37 354 364 American Woolen 6,050 20% Jan 26 404Aprl8 10 Jan 25 Nov a •104 Hi 5 •104% 109 •103 105 , 1044104 4 104 104 •104 105 Do pref 200 93 Jan 6 108 4Marl6 69 Jan 94% Dec 10741074 I07"a 1084 10641084 10641074 1074 1084 107% lu*% Anaconda Copper 2,550 100 4May22 130 Apr 13 61 Feb 1204 Nov •188 194 •187 194 "187 194 *187 194 187 194 187 104 |>rooklyn Union Gas 184 4May22 £215 Feb 14 185 Mai 229 4 Oct •154 16V, •15Hi 164 •154 104 15% 16% 15% 154 -154 16 • 'liinsw. Docktfe C.lmp'i 800 104 Jan 13 16% Apr 18 5 J'ly 12% Deo {56 "2 564 -504 59 "o7 59 •57 59 57 57 564 564 Buttenck Co 250 504JTyl4 60 laJaul8 47 4 Feb 62% Deo 4534 4534 3 47 454 46 46 45 4 45 4 / 'cnlral Leather 2,292 45 4 J'lyl2 47 J'lyli 104 "4 105% 1044105 105 105 104 41043, * 1 Do pref 3 038 llUi. .I'lv 1 1 1054J'lyll 464 474 474 48% 46 474 46% 47 464 47 4 45% 464 Colorado Fuel Ji Iron 35,850 38 May2 59 Mar24 " 25 4 Mai 58% Nov • 95 • 95 • 95 .95 95 * 95 Do pref 85 Feb lo 106 Mar24 63 Apr 95 Deo 13% 13% •134 144 •13 4 14 •13 4 14 "134 14 •134 14 Col. & Hock. Coal & Iron. 200 11% May24 18 4 Jan 30 8 J'ne 19 4 Deo •189 191 188H.189 188 18S 1884189 1S9 4190 189 1914 Consolidated Gas (N. Y.). 2,600 1844M-ayl5 214 Mar 3 185 Feb 220 Oct •10 11 104 104 104 104 104 104 10 4 104 10 10 1,600 834 J'ne 8 22% Feb 7 934 May 264 Nov •48 50 484 484 •48 494 •4-4 494 -48 49 4 •48 4 49 Do pref 100 43 J'ne 8 79 Jan 10 65 Mai 82 4 Nov 3 42 424 {12% 42% 41 41 41 414 414 414 41-% 41 , Distillers Security's Corp. 1.920 j;34% Jan 26 47 4 Apr 6 194J'ne 404 Dec S3 83 62 4 824 .. ... •SO 84 •80 81 •81 84 • lectnc Storage Battery. 200 76 May23 89 4 Feb 27 82 Nov 83% Nov •95 •95 ...... 110 •95 110 110 •90 110 •90 110 Federal ilinmg ' - Kxeh' 22.7 215 BKOOKLYN Ave Ti 675 fe&'J 1 1090 I B6 90 Manufactrs'. 866 anty Tr 800 UUOOKLYN .H'iiuY N. y. CITY '.ii.ir.liau 210 220 Mechanical . t 245 Ti ; 1 Heal 1 -lile' . .} . ., Merchants'.. 23 ' Bankers' Ti rb'k'r 1060 Standi llo .11 Ti ii.-. Yoi ...... l A" I I .•. , 400 1 212 I u (410 liowl'. 310 11 A I 1 670 Kl.1ll.n-.I1 .... '• 11 1 1 17:. Nat City 2.01 300 Broadway Tr... Tr Coo 780 n . . . BKOOKLYN SI iiiliallan .. 1 .. North SldeV Centra 176 in. >ii 1 150 1500 ton. Borough" 120 1 106 People's" 'i 1 135 290 Colonial BOO rjs 1 ome Broadway' . 315 I en op. .hum 1 Proaped Pkl 180 Coininonw'tii all Btutea . 1 KM Brooklyn' .. .1 (131 UiilKewuud! - 141) •50 Empire ortonTnui 920 Van N .on 1 1. Inl 1 Con'yIAUU' 145 17th Ward" K(|Ui table Tr Mul. Alliance 210 225 160 385 Union' 201) Farm Ixxfc Ti 1480 1 i-o tor People'! Home Bank' Will... 125 1 Wallaboul' . 180 i4t" 1 awlc ea prices; Hales on .lay. '< ) I-. . .ii-, 1 1 1 4 o'f no this Lew man lo itiarex 1 idea in i«ihh. sale '-'j. J at block Exchange or at auction tun week. Ki stock dividend. 1 Croat ccriitloauss. 'j Uauas .. in.'raph <*>) are 3Ut« banka — N 4 1 New York Stock Exchange—Bond Record, Friday Weekly and Yearly occupying FOUR PAGES BONOS Price WeeVs Range BONDS I'rxce Week's Range Y. STOCK EXCHANGE Friday Range or Since N. Y. STOCK EXCHANGE Friday Range or Since t Week Enuino JDI.T 14 July 1* Last Sale January 1 Week Knimno Jctly 14 Jul/) 14 Last Sale January 1 Hid Ask Low High No Low High Central of Ga—f Continued) Bid Ask Low J/a/h .No Low High 9."<] :>.j>4 98»4 10 U. 8. Govemmcnt Chatt Div pur mon g 4s. 1 93 93 95 S 2s consol roistered. dl930 Q-J 103*8 104 % 104 Hi May'05 104 Hi 101% Mac<& Nor Div 1st g 6s. 1940 L09 104 Feb '04 S 2s consol coupon , Ji i 15 1905.1 Bond Record—Continued- Page 2 i')i> BONO!? J ric Wee/c's BUND&i A'.i ji 1) fries H . Jiange ! rtday or .Si 11 T. 8TO0 K EXCHANGE Bang* . N. Y. l.\. •>< i N. STOCK LNG Hanat s 1 ncr Jt'i.v Jul;/ 14 Last J III,1 1-1 14 January 1 \\ il K ENDING .1 : iv 1 I La U "1/ 1 :,.,l Ask JI11, /• I sa Ki Low Vi i Cliu- A St L & lliyh I ,'tr ll,,ih Vi High - Clin Bt LA N Bee ill Coin s * T 11 1st cona 6s. 1921 J-J I |04 .... I . (i 1 1 1 Pitta oVaPennCc general ,'>.s A I I Chic 6t L A 1st gold 1942 I llll I I64 -- 110'n: A 1 ;.. con ..1930 1-1 , 1 i).. 3t P 6s. J.D ; Chto O 1 M A Mt Vernon pold 6a.. 1923 A pi i ' "'•'<• 11 ... ' Cons 6a reduced to 3 s. i J. 034 Sail Co Bran 1 It 1st An LO 101 - is: VI- 1864 ... vpi '05 !..|i :• Ch St r a Mil n pc6s 101 N I lid 1st inn 6a. . 1926 J-J A|ii '06 M.ll V ; Nor WlBOODSln Is: 6s. ..1080 J-J LWko a. So See Ch M A .-1 r 1244 ... 125 I rne'OC i St P* SClty 1st g 6a.. .1919 A-11 1 it A Pei e I '-'7 Chicago Ter l'r.ins g is. ..194 J.J 97 i.'i.i c.v 1'rnin S*e Sea An Line 9 ." Sale Coupon oil 974 -1 - Fort St U 1) Co 1st g 44s. L941 J .1 115 LH 1 it \s est 1 ml s 6a 1 932 no 115^ 116 ; i:>\ Ft 1st J-D 13 112 Chic eon w A Den C g 6s 1921 L 14 4 Clue A W M fii St : Pare Marq it W a RloGr 1st g 4s. ..1938 .1 J 90 (.in. I Choc o a i SM C B a- P / 'al liar it S a SmSo Pae I !o 100',, 10-14 Deo'OS ' '.05 ..,',.. Cm 11 A 1> consol s f 7B...1905 a o Jal ha Hoi 1882 1st 58.1913 A-0 . 4 d. 105 V '00 gold 4 4* 1937 j-j 113 Oo« ia & Ala Set Sra A lain May'05 Cin D A I 1st gu g 6a. ..1941 VI- 116 L16 119 1 ..1 Cai iv N01 St Sea a Llni a Cin I A w 1st gn R ia.1953 J-J 96 00^ 96 4 LO 96 '. Georgia Paoltlc SmSo Ry ClStL.tr see C C C A St L 1 iiia v i; A Nor See So Pao Oo s Cm A O fiWC CCSt L Goqt it Oswegal See N \ 1 (em Chartlolil A .Mali See H R A P lirand Rnjitt I ml SaaPenn RR 102 1 ; ClevCinCA St L gen g4fl 1993 J-P Sale 102 1034 Ml "1 Gray's Pt Term See st L S W 100'.i 100 J'ly'O.-. ', lit li 101"„Salo 101>, 1017,, cauo hit 1st gold Is 1939 J-J 100 01 N or—C A Q coll tr 4s 1 92 1 J-J 1034 Cin W * U l>iv 1st g 4a. 1991 J-J 99 M ;.:'(!. Registered, h 192] Q.J mi 4 101 1014 6t LDiv 1st col tr g 4a.. 1990 M-N 103 L024 J'l.v 'OS Greenbrier Ry SaaCheaA '04 M-N Oci I 1st t 103 Registered refit 1 1990 "99"" Golf AS g 6a 61952 J-J Pne'05 103 100 V| Spr 1024 : 1014 Registered Icl936 Q-F 118*" "'".'.' 124 Col A 11 V 1st «'xt g 4s.. 1948 A-O 103 J'ne'O.. Loo" ioj" Ply 1)6 Cin 8 i CI con 1st g5s .1928 J-J 112% 1 1 a 1 14 '4 Houst K A W Tex See So Pac -11 121 "a J'ne'95 1-1 . 1 COCA 1 cousol 7s 1914 J 31^ Housl it Tex Cen See So Pao 1 !o sink f 7s -Il 109 1 10 J'ne'05 sol lun. 1914 J Illinois Central 1st g 4B..1951 J-J 4 4 1 1041104 ! isa"""*'" L31 . J'ly'05 '. '.. Genera icon sol gold 0s.l:«3 l J-J i;u i.;;> Registered 1:151 J-J 1 13 Mar'00 Registered 1934 J-J 1st gold 34s 1953 J-J 1'12'v L08 Apr '05 \'6:\" iii.i" Ind Bl A W 1st prel 48.1940 A-0 100'j L044Nov'Ol Registered 1951 J-J 94 Mar'08 O In. lit W 1st pi 68.. .(11938 Q-J 96V " Extended 1st g34s 195] A-0 1014 101 4 May'05 10141014 100 >a Sale 101 100 '0 Peo 1 1 1 16 1 '., '-. Clev A .Marietta StvPeun BR L N IVx gold 4s M-N v 106 1 16 10 101 106 117S. A ...1958 '-J •'4 1 'O: 103 Clev& Mahou Vnl g 5s... 193;- J-J 16 4 Jan 1164 L164 Registered 1953 M-N L06 ..j 1064 103 106 4 Clev it Pitta See Penn Co Cairo Bridge gold 4a 1950 J-D D'3V 106 -. Mar'03 a : 75 74 70 :•', 94 . ., Col Midland 1st g 4s 1047 J-J 4 4 77 Louisville Div gold 3 4s. 1953 J-J 4 96 May'05 .'"i 4 90 4 'Jo '4 Sale 954 b'-A . Colorado A Son 1st g 4s.. .1929 FA 91'i . 96 4 Middle DivregSa L921 1094 123 May'99 >^2 Colum A Green'* Bee So iiv Omaha Div 1st g 3s 1951 F-A '.) SO Jan '05 '854 86" . Hock Val See Hook Va, St Louis Div gold 3s 1951 J-J 804 . 85 Nov'04 Col Conn A Term See N A W Registered 195] J-J "98"! Conn A Pas Kivs 1st R 48.1943 A-0 Gold 34s 1951 J-J 96 Mar*06 95 4 96 I\ak A Gt So see C -M it St P Registered 195] J-J 101 4' 'alias A- Waco nee M K A 1 Spring Div 1st g 84s.. .1951 J-J BS4 .... 100 Nov'OU Del Lack & Western 78...1907 M-S 109\ 108 Main:. 108 1104 Western Lines 1st g 4s. .1951 F-A I'lO-''. .... L09 4 May'05 10:141094 l-l"-i lion:- it Baaex 1st 7S...1914 M-N l-'OVieG^ 1264 J'ne'05 1 26 BellevACar 1st 6s 1923 J-D .... L22 J'ly'05 122 12-' 1284132 L28 ..riv'ii." 3 1. '1 ; id- 1st 1 1034 Nov'98 consol guar 7s 1915 J-D 128 * i Carb & Sliaw 1st g 4s... 93 s 90 J'ne'05 Registered 1915 J-D 127 127 130 Chic St L& .N O g 5s... 1: ..: J-D .... L24 J'ne'05 125'i Ylb" 1st ret gu x 3 .-.s 2000 J-D Registered 1951 J-D 120 ••„.... 119»4 .Mai'Ol J'ne'u5 B K Y Lack it W 1st 6s.. .192] J-J 1274 1304 i fo 4 Gold 3 4s 1963 J-D 94«B.... 93 8 May'04 Construction 5s 1923 F-A 113'4 112 4 May'05 ir. 4 us Registered 1951 J-D 102 104 May'05 100-, Term 6th ext gold 4s 192b J-D 105 , 103 Feb '05 1014 103 Leh & Hud R Sec Cent ol N J 1st consol gold 7s 1920 M-S 134 4 May'05 133 137 Leh & Wilkesb See Cento! N J 1st consol g fund 7s 1920 M-S 132 130 Aug'03 Leroy & Caney Val See .Mo P Erie 1st con g 4s prior. .1996 J-J li-»14Salt 101 10 14 3> 100 1034 Long Dock See Erie Registered 1996 J-J 984 Jan '04 Long Isl'd—1st con g 58.A1931 0,-J 1144.... 1174 Apr'05 11741174 1st cousol gen lien g 4s. .1996 J-J 92=>4 Sale oa»4 93 % 91 95 1st cousol gold 4s A1931 100 .... Registered 1996 J-J 88 Nov'04 General gold 4s 1938 n lOO^lOl^ 100 8 100'fc 1004 1024 1." '•4 Penn coll tr g 4s 1951 FA 974 Sale 97 97 »4 '4 '.'7 4 Ferry gold 44s 1922 M-S 1014.... 105 Jan '05 105 105 1 60-year conv 4s A 1953 A-0 107 4 Sale 107 108 « 122 :C. ', 111 Gold 4s 1932 J-D 98 .... 994 Oct '04 ButtN Y ; 101*41*0*8*" Chic Ac Erie 1st gold 5s. .1982 Nl-N 122 12a 1224 1224 25 1204 1284 Guarref gold 4s 1949 M-S 10234 Sale 102-4 102 4 12 Jen RR 1st gu g 5s....al909 A-0 1034 103 J'ly'05 . l')5 Bklyn & Mont 1st g 6s.. 191 1 M-S 1074 134-i Long Dock consol g 6s. .1935 A-O B :::-l 4 J'ne'05 134 4 .36 4 1st 5s 191) M-S 1044 105'4 Mar'oS Coal & RR 1st cur gu 6a. 1922 .M-N 1154 113 J'ly'ol N V B li Ill 1 1 Dock& Imp 1st cur 6s. .1913 J-J 113 116 J'nt.'u." 116 116 N Y& R 1st g5s 1927 M-S 4 . h May'05 linv 1114 N 7 ( -a* and Electric I .il-Iu Gata nnd Electric 1 i_in Bklyn " ! U Gas 1st con g 5s. 1945 M-N 113 1134 113 113 1 113 118 Lac Gas L of St L 1st g 5a.*l 9 1 L 094 110 1094 .Tly'05 108 1004 Buiialo Gas let g 5s 1 200 Bond Record—Continued—Page 3 Vol. lxxii BONUS Price Week's Range BONOS J'rice Week's Range n. y. stock exchange Jriilo' u Range or Since N. Y. STOCK EXCHANGE Friday Range or Since Week ending July 14 July 14 Last Sale January 1 Week Ending July 14 July 14 Last Sale January 1 Ilia lliyh. No lluih Jliijit Louisv . Mar'05 115>4 S .b is' Ala con gu g 5s. .1930 FA 115 115% 116% 5s 1931 121 124 Feb'05 124 121 105 . 110 Mar'03 Registered 119 J'ne'05 119 120 Sink fund gold 6s 1910 A-0 '99%* 1931 6 L T Begistered 1997 J-J 99 J'ne'05 99 100% Series B guar 1942 112% . 112% J'ne'05 112% 113% 101*38 Deben g 4s 1934 M-N Sale 101 101% 100% 102% Series C guar 1942 111% . 112% J'ne'05 H2%113 Lake Shore coUg 3%a...l998 F-A 91% 92 92 92 90% 93 Series D 4s guar 1945 103% . 103 J'ne'05 103 103 Registered 1998 F-A 90 91 90% J'ly '05 89 9034 Series E 3% guar g 1949 92 . 93 May'05 93 93% Mich Cent coll g3%8 1998 F-A 90% 91% 90%J'ne'05 89% 91% Pitts Ft W & C 1st 7s.. .1912 127% Oct '02 Registered 1998 F-A 90 .... 90 J'ly'05 89 90 2d7s 1912 121 Mar'04 Beech Creek 1st gu g 4s. 1936 J-J 105%.... 105% 105% 105% 107% 3d 7s .. .../tl912 119 119 Apr'04 Registered 1936 J- J 102 Mar'04 Penn RR Yst "real" est" g'is.1923 110 107 Feb'05 106 1*7 2d gu gold 5s 1936 J- J 107%. Con currency 6s reg...yl905 Beech Cr Ext lstg 3%stil951 A-0 89*4 . Consol gold 5s 1919 111% Sep '04 1 Cartcfe Ad lstgu g 4s. ..1981 J-D 00% . Consol gold 4s 1943 106 Aug'OM Clear! Bit Coallstsf 4s. 1940 J-J 90 . 95 Apr '02 Convertible g 3%s 1915 101% Sale !()1% 101% 101% 101% 3 Gouv *No price Friday; latest bid and asked ttus week, a Due Jan 6 Due Fet e Due M»y g One Jne A Dae J'ly p Due Not i Option sale. 1 . ;. 1 1 4 .li i.y 15. 1905.1 Concluded Page 4 Bond Record— — 20 1 BONDS Price l-'j BONDS i triilav liange or . v. KXi'llAN'r. B 2*. T. STOCK EXCIIANi.K 5 j Since STOCK •Mil.'* Stl.'C July 14 Jair.;,ir\/ .1 July 1 it 1 WKSK 1 1NDIMO II V 1 I Week Eironra July tanuat , 1 Bid Ask lliuh Itlijti -,i lit he 1 11 I'.U' 1 <'<)iifl'iiiif(() Hid Ask Penn UK— i Conunutii) A CO— Low High Wo l.OXI) rhilaR.il A W 1st g 48..1P4S 109 . lOO^ May'OB 10C\ 1084 Mot tan's l.n it T lsl7«.l'.Ms AC) Nov'Oi Sun .* Low is lsc g 4s... 1 930 1st gold tta 192o .1 J Lie 4 lor, U W J BB A Can gon4.« 113V il0 4SeY)'v'i (To 01 t'ai 1st gu g 8a. ...1907 J .1 1004 Bep in >• ni'i 1 1:1 P«naacoIa A A *ah Guarantee d gold Ba. .. . 1938 A O Jan 'in si See c i' c a. 81 1. Loa i L044 101 L044 Peoifc l'ekUnlstgOs 1091 122 123 4Jnn'0 12341234 S A A A l'ass 1st kii g Is. I.' l.; SS'i S.I 85 914 1' ii »'•'» 61921 100 103 "s 101 J'lvVl So ol A 1 go Lai ^ 68. .. L084 A|u o 2d gold 14s 106 108 ) PereMarq—CliA W M5s 19*21 105 4 LOO Apr 'OS 1st guar i' 6a ol9lo 1"9 „ Jan '08 121^5 121 1020 4J'ue'06 1 r ol Callal Ba bot A O L03 FIiiua. P M g6a L9 4 138 B g B.1906 . L03 •11 .. isi consol gold 5a li'iii' :4 112\ J'ne'05 11 2 lit 4 1st g 6a aeries A i>... L90| A O 1034 I1114 Deo'O 1 3 1 113 I in Horoii inv 1st g B j H4 J"ne'0B 111 1184 Lai B 6a Bei lea b! .t B . ..191! A-n 15 Mar'06 1144 il'o" 13 Sac Tub A ll 1st un g 48.1981 1st gold 6a L91S A 1 4.. I I 1 "a Deo '04 117 PhilBAVi' iVd'fuiiltH lsi con guar g 5s L987 M-N 4.. I in Web '04 3 l Phiia A Beading cuu» 7a. 1911 115 4 119 4 Apr '04 Stamped 1905-.. in;;: M N 1083g.. II s'a 1"V. 137 1st gi'.s.. 1'Jl F.i) 10 Pine. Creek ret guar Lis... 1932 Nov'97 u-ol N Mrs 1 J.J 06 s 109 j Pitts Cm A Bt L see Poun Co Tex it N o 1st 7s l'.io;, F-A 1024.; 1024 L024 i> 1st Pitts Clove A Tol 8** H A Sabine Dlv g 6a 1912 .MS L124 112 1 ; 2 -j III lis i.j Pitts 1 1 W A CU See Perm Co Con gold 6s 19 I:; J-J Mar'06 llv\, 113 . 120 Oct '01 sale L 1 Is Pitts June 1st gold Os 1922 Southern — 1st con g 5s L99 1 J-J 1 8 4 2 1'. '0. 1094. 112 Dec 1 ID Pitts A L line Jit g 5s...al92s 4 Registered 1994 J-J Feb'o i ' • Pitts MoKees A S seeN V cen Moli A Ohio coll tr g Is.. L938 MS 99 4 Sale U94 '.l'.i 904 1 '•, 120 ni-'i 1 Pltte Sh A L K 1st g 58. ..194H 121 119 J'ly'05 1174120 Mem l)i v Lsi g 4 4-58... 1996 J-J 1 a J'ne'Oi 118 MS, 1st consol gold 6a 1943 110 4 122 'J8 J'iy'9' st 1.0111s div 1st ir -Is l'.'.'.i 084 ''. 'H '.1, n7'.. loo '4 LIS Pitts it West SM H A Ala f.n R Lai g 6a 191s 1 IS .Cn. Oi 117 4HS Pitts V A Ash 1st OOD 58.1927 1144 116 BIay'05 lie n e Atl A Danv 1st g Is l'.i Is >\ us 4 3 8 101 « Sale 101 lu2's 1.1 T HO '.j I., ,'ui Reading Co «'Uj; 4s 1997 4 ioo e n»i 2d Is 191s Registered 199' 100 Jan'O lot) 100 All it Vad 1st g guar 4s. r. 1 19 All 11;- Jersey Cent coll g 4s...1961 IoO^IOIHi 1004 101 "si 101 Col A Greenv Lsi 6a L91i J-J 1134 1 May'05 1104 L164 114 Rensselaer A; Sar Set D A H BTVaAGa Div g 6a.. 1980 J-J 4 110 May'OC 1 ; 1 1 1 11 120 i, Rich it Dan SMSoatli Ry Con lsi gold Ba L956 M-N 1-0 J'ne'05 M3 -i 22 4 Rich it Meok See southern E Ten reor Lien g 5s L93H M-S 1134 1 11 Mar'05 111 110 1-2 Rio e;r \\ est Sea Den A Kto Gr Ga Pac Ky 1st a Os 1922 J.J 4 1-1 \ J'ly'O 1 2 1 *„ 1 25 12334 : Rio Gr J uuo 1st gu * os... 1830 1064 ... 109 Mar'05 109 109 Knox it Ohio 1st g 6s. ..1925 J-J 120 'i .i n, '06 1284 127 7 RlogrSo 1st goid 4s 1940 SO 76 J'ne'tio 77 Kich ifc Dan con g 6s 1916 J-J 1154 118 110 8 J'ue'06 11534 118 Uuaniuteed 1040 89 bo Jau'o 89 Deb 5s st ainn ed 1927 A-O 112 112'e Jan '0." L12 112*4 Rocli it Puts See B K it P Rich it Meek 1st g 4s. ..194s M-N 'Xi\ 98 Peb'OI •33 4 98 Rome Wat & Og See N V CBut So Car i& Ga 1st g 5s 1919 M-N 108 4109 4 108 4 May'01 1D8 111 Rutland 1st con g 44s 1941 103^4 May'04 Virginia Mid ser C 0s...l91t> M-t- lU'-j 123 Feb '02 Rut-Canad 1st gu g 4s. ..1941' 1014>fov'01 Series D 4-5s 1921 MS 110 110 Deo '04 ill Sag Tus ito 11 see Fere Mara Series E5s 1926 M-S 114 Jan 'o.', 114 114 t Jo Gila - 1134 III ,1 V84M 1st gu g 58.1924 107 4. 107 4 J'ne'05 110 Exten it Imp gold 5s... L93U F-A . L14«a '•' ' i Hous L Ac l»t 1st consol 19 . 04 1 15 W I g 6s. 1933 10384 , Ki7 4 Feb'Oi 1074 RH 4s 19 MS 1st guar 5s re.i \\)6.. l034J'ly'01 20-year equip s f 58 ... 1922 J J 102 Jan'o.. 1 02 H A TC 1st 5s int iru..l937 i i"23 Wilkes Erie g *ilo" ! H2'i J'ne'O: ii'o"«i 4 & East See J Consol g Ob int guar... 191'.: 113 Dec '04 WU Ac Sioux F See St l M A \l Gen golu 4s int guar.. 1921 100 100 "9541064 Wis Cent 60-yr 1st gen 48.1949 JJ 94 Sale 91 'JO 90 4 96 Wacoifc N Wiliv 1st g6s'3U 123 1274Feb'0J .ULSCEI.LAM ol a ItO.NOS—Concluded. HnniilucturinK it Indiimrinl .Uinct-lliineoiiM 103 105 Cent Leather 20-year g 58.1925 1004 Sale 994 1004 28) 99 4100 4 Adams Ex col tr g4s 1948 M fa 104 .... 104 101 4 Con sol Tobacco 50-yrg Is. 1951 814 824 81 34 82 4 124 74 814 Am Dkit Imp 5s .See Cent X J rno'02 Begurtered 4 s 11151 85 4 1 Am SB Cool W Vag 5» 1020 M-N Distil Sec Cor con v 1st g 5a. '27 79 4 Sak- 70 7'- 824 H'kl'n FerryCo lsicons g F A 48 52 48 J'ne'06 ly'Ofl Int Paper Co 1st con g 6s. 191- 109 4 110 110 110 4 110 Clue. J c it st Vai.l eol goa. 1916 J J 1 "75" II 714 80 Consol conv s t g Ba 193."> 914 914 01V 4 Del m A m iii gr inoomea..l9J 1 A O 75 Int 1 1 St Pump 10-yr conv. Os '18 •ib'i" lo l 104 Hoboken LA 1 gold 6a.. .1910 M s.| 1 Kuicker IcetChic) 1st g 79 984 Feb'05 Mao lard 1 d lal g 6a. . 1919 M N 1 . '4 Lackaw steel 1st 1 'it; 1 1 108 Man .t La. N g 5s L023 1064 Sale 105 'i , Bob a Lgen g .1940 M ^al starch Mfg Co 1st g >;» 1920 85 87 -5 J'ne'05 ,1 N,. Ship it I) I .1 .1 • 97 .1 Nat Starch Co a I deb 5s. .1926 05 68 N ^Dock 195] F A 9'14. hid 98 100 btan Rope & T 1st g Os.. .194', 54 51 64 3 oi I...... 1921 M S u - Income golu 5s lui.; 4 4 4 14 SI Joaepli Btkl L08O J J 'i'9 4 ! U S l.eathCo8f.lebg0s..r.il:', St L 1 i-r Cupplea -i.it'n 3/ '99" S3'.'.. 110 110 Prop C s i;ealty .Not Du« Dro • •No price Friday; Ulesl bid and aaked. o Due Jan Due FeO e Due Mar CHICAGO STOCK EXCHANCE-Stock Record-Daily. Weekly and Yearly Jti II I' /.s liantje tor Year Range tor Frenious S'lOC KS—ll hST AMI) LOWEST HALE UK STOCKS S/ll/:'- CHICAGO STOCK 01 the 1905 Year (I'M I) Tuesday Wen in sday / // 11 1 sua 1} Friday Week Saturda y Monday KXCHA.XiiK ii Ju',, . ') 11 July 1 2 J til 1.1 July 14 Short- Lowest Jln/kest Lowest Higltest & JuUtl July | Kailroa 1' 187 * 187 • 1*7 Last 8 a 1 UtO Mai'OC City By 100 180 Jan 5 199 Feb 1 155 Mar 190 Aug 1 'mo Pass liv "."> 3 4 >, -1- "i . ., 5 5 5 chic& Oak Pari loo 368 4 J'ly 5 7 4 Jan 6 6 Sep 8 Nov 1 18 18 lx Do i>ret Jan 31 17 17 H 17 7 -'.I 17% 18 18 18 H 100 B13 16 J'ly 5 24 23 Sep 27 Nov 3 7:1'- 71 71->, 70% 72% 72 73 71 4 723< 72% 72 71% < lucapo Babway 100 6,00< 53 Mar31 73% J ue 5 '! Last S a 1 6'% J'ne'05 ' 110 Union Tract loo 6%J'ne2>- 13% Feb 3 4 Feb 15 Nov 28 28 2ii 26 "20 Do )>ref 100 30 30 i|irl- 51 Feb 2 27 % May 45 Nov 42% 43 4H% W-msCHy l!y ,fc Lt.,100 27o :jo Jan 9 44% J'ne 2 28% I,.-, 31 Dec >-6% 86 H *8H% 87'-. • 87 K- Do liret 100 51 82% Jan 1 89%Mayl2 80 '4 Nov 85 Nov : • >. : '- 3 •28% '.'.' 2:;% 2 ; "2378 25 •23% 25 23% '-' i Me'.ropo! W 8 Kiev. .100 20 20 Janl>- 25 4J'ne28 15 Mar 26 Sep *6o 07 *65 L a s t s a L < i'j.j % J'ne'05 Do ]iref 100 59% Jan 10 OX J'ne-.'2 41 .Mar 68 Oct "till ba 1-4 *60 38 58 ."1 ."> 5 8 North Chic str'-.-r loo 200 58 J'ly 11 99 Feb 2 05 -Mar Sep -'.".. 2;'. 3 •21% "21% 2 1 % 2 1 '•. 21% -21% Northwestern Kiev.. 100 50 21 Mav2:j 24%Janl" 15 Jan 26 4 Nov I'. HI !j « .s 1 S a 1 1 Hi J'lH Do pret loo 60 Mar2', 66 Jan 5 44 Apr 67 % Nov "94% '.Hi •'.iJi., 96 9H% 96% 95 05 •94% 90 95 95 South SirteElev ion 101 90% May 17 07 '4 -MarJI 90 -Mar Ox % Nov 20 28% Z 'ZS\ streets 850 24 4 28% aa if . 283« 28% 28% 28% 28'e 28% WStable C L 100 28 Feb 29% Jan 28 Jan 34 Oct : 3 98'- '.'s On",. ., 08% 98% Do liret 296 J 7 Feb 3 .Mar21 103 98% . 1'8'i 98% 98 98% B83, 98% 100 103% >2% Apr J'ne "40 45 "40 45 •40 45 •40 45 40 40 West Chic Street 100 <> 40 J'nel2 72 Feb 3 38 Apr 56%Sep miscellaneous Alhs-Chalmers 100 Do pref 100 . a '•. 1,500 :< ii% n" 4 1 1 % 1 1 11% 11% 11% 11% 11% u-\ 11% 11% 9% Feb 14%Apr25 3% Jan 12% Deo 1 - 50:i 3 69% L'J'f 09% 69% 68 OS *67^ ox 07% 67% Do pref 100 00 J a- 25 73 % Apr 2: 31 4 Jan 64-4 Deo :, 3 S3 •83 •83% Last Sale i-- 4 J'ne'05 Amer Radiator 100 50 76 Jan 24 82 4 J'nel-.- 40 Mar 79 % Deo •121) 12:i 13o •129 129% 129 »i *129 130 *129 Do pref 100 125 Feb 21 Mar20 115% Jan 123%Sep 7 55 55 55 55 5 1 54 s 5.1 Amer Shiphlilir 100 24o 38 Jan 19 57 .Mar. 19 J'ne 40% Deo 1 04 % 104 \: Ul-l 105 Do pref 100 10 98% Jan 17 105%Mar27 82 Aug !*4%Oct La si Half 1 central Trust Bank. .100 148% Feb 23 150 Marl- 120 J'ly . 23% Jan no *10 no "10 Last S a 1 10 Feb '05 Clucaso Auditorium 10 Jan 5 10 Jan 5 10 Oct 10% Nov * 3 3 »% *% *% 4 . Last Sa 1.1 1 J'ne'05 Chic Brew'jf & ilalt'g ... 4 J'ne 2 1 Jan 18 1 .Ian 1 % Nov '05 *6 *6 •0 *6 Last Salt 6 J'ly 6 J'ne?- 7 Jan 20 7 1 8 Feb * 160 159 159 159 159 159 159 159 159% *15S 160 109 153 Jau 25 172 Feb 20 140 May 1' 45 45 44 345 44 44 *44 Chic Pneumatic Tool. 100 90 32 Jau 7 52%.Mar If. IS J'ly 36 Nov 134 l::4 133 '133 134 134 "133 •133 185 Clue Telephone loo 20 125 May 4 143% Feb 17 115 Mar 147% Nov 1- 3 •102% 104 •102% "102% 104 103 103 Chic Title & Trust. ..100 95 Apr 6 105 4 Mar 6 86 Feb 10 i Oct 3 140 140 139% 139 % 139% 140 139% 139% 139 4 140 140 140 Diamond Match 100 265 134% Feb 1 142% Apr 1 126% Feb 142% Nov 59% 60 59% 60% 59 59 58 58 Illinois Brick t 100 527 55 J'ne27 66%May25 ...... Kans City Stock Yds. 100 33 33 Knickerbocker Ice. ..100 200 11 Feb 6 33 J'ly 14 10% Dec 12 Oct 3 Last Salt 7?% Apr '05 Do pref 100 63 Feb 15 73 4 Mar22 50 Jan 52 Feb Last Salt 17 J'ne'04 17 J'ne 20 Jan Last Salt 9 Deo 04 7% Nov 9 Deo Last Salt 46 May'05 .Masonic Temple ...... 44%Mar27 46 May 'i 42 Aug 51 Jan Last Nate 3 May'05 Mil& CliicBrew'g 2 Jan 30 2 Jan 30 1% Apr 2% Jan Last Sale 40 Nov'04 20 Nov 25 Sep 60-' 3 61% 62 62 62 4 61", 60% 61 60% 61% 60% 61 National Biscuit 100 1,905 54 Jan 25 65 4 Apr 3 36 Jan 58% Deo 117 117 117 117 117 117 117 117% 117 117 116 1163,, Do pref 100 830 114% Jan 5 120% Mario 90% Jan 116% Nov •62 64 *62 64 *62 64 •62% 64 •62 65 *'o3 65 National Carbon 100 41 Jan 25 67%J'ne24 2.5% Mar 46% Deo •117 120 '117 120 118 118 *117 120 "117 llf "118 120 Do pref 100 26 110 Jan 5 120 J'nel!» 95 Jan 120 Sep , Last Sale 5% May'05 Page woven Wire H'ence 5 Apr 20 5 34 MayiO 3 Last Sale 101\ J'ne'05 People' s Gas L Chicago Bond Eecord Chicago Banks and Trust Comioanies Dividend Record BONDS Price Week's Outstand- Range Sxtrplus Friday or Since NAME ing Bid Ask Low High No. Low High Bankers National 2,000,000 $1,065,962 Q-J J'ly '05, 2 Amer Biscuit 6s 1910 F-A 106 Calumet National 100,000 31,007 Jan Jan •05, 8 Amer Strawboard Ist6s..l911 J.J 100% Sale 100% 100H 99% 101% Chicago City 200,000 168,801 13 8+5 J-J J'ly '05, 4 Cass Ave & FG(StL) 5S.1912 J-J tl03% 103% 103% 103% 103% Chicago National 1,000,000 1,423,345 15 12+3 Q-J J'ly •05, 3 Chio Board of Trade 4s ...1927 J-D 104 May'05 103 104 Chicago Savings k 500,000 A- 65,3 1 Chic Consol Br & Mlt6s J-J 103 Apr '04 Commercial National. 2,000,000 1.702,123 12* 12 Q-J J'ly '05, 3 CluoConsolTrac4%s 1939 J-D 64% Apr '05 62 66 ^ Continental National. 3,000,000 1,232,536 8 8 Q-J J'ly •05, 2 Chic Edison debent 6s 1913 J-J 104 1-2 J'ne'05 103%104% 1 '00k Co State Savings 50,000 3,072 6 6 Q-J J'ly '05, 1% 1st gold 5s M920 A-O 104% J'ue'05 104 104% Corn Exchauge Nat... 3,000,000 3,561,208 12 12 Q-J J'ly '05, 3 Chio Auditorium 1st 5s...l9i F-A 97% 102 98 Feb '04 Drexel Slate 200,000 16,274 6 6 Q-J J'ly '05, 1% Chio Dock Co lst-ls 1929 A-O 100% Drovers Dep National 600,000 274,692 8 8 Q-J J'ly '05, 2 Chic Equit Gas 6s 190C J-J 100% Nov'04 First National 8,000,000 6,113,755 1112 12 Q-J J'ly '05, 3 Chic & Mil Elec By 5s ....1910 J-J First Nat Enirlewood. 100,000 106,770 10 6+4 Q-J J'ly '05, 2% Chic Pneum Tool 1st 5s .ol921 J-J 71 Sale 71 72 68 SO Foreman Bros B'k'g Co 500,000 627,237 Priv ate Ba uk Chic Bock I Income 5s 19i Feb 16 May'05 16 16 National Live Stock. . 1,000,000 1,302,966 15 12+3 Q-J J'ly •05, 3 Metr W Side El 1st 4s 1938 F-A 94% Sale 94% 95 94% 96% North Side State sav.. 50,000 6,034 6 J'ly '05, 1% Extension g 4s 1938 J-J 87% 87% 87% 87% 86 90% Oakland National 50,000 49,536 "ef 6 J'ly '05, 3 North Chio St 1st 5s 1906 J-J *94 100 97 J'ne'05 95 100 Peoples Trust & Sav .. 200,000 13,510 New Bank 1st 1909 t 5s J-J 06% 96 May'05 94 99% Prairie National 250,000 59,596 "*8 Befundins g 4%s 1931 A-O t 80 Prairie State 250,000 73,721 "#8 Q-J J'ly '05, 2 No Chic City StBy 4%s.l927 M-N 00 J'ne'05 90 95 Pullman Loan & Sav.. 300,000 170,613 8 8 Q-J J'ly '05, 2 3 North West'n El 1st 4s.. .1911 -M-S 94% 94% 94% 94 "a 93% 95 4 South Chicago Savings 200,000 31,875 5 Q-J J'ly '05, 1 OgdenGas5s 1945 M-N 89% 90 90% 90% 88 96% state Bank of Chicago. 1,000,000 607,524 6 Q-J J'ly '05, 2 Pearsons-Taft 5s 1916 J-D 100%.... Stock Yards Savings . 250,000 104,615 4-40S B B B 1920 M-S 99%.... 90% J'ne'05 99 99% Union Bank 200,000 23,501 Began May 1, 190 5. 4*40s Series C F-A 99%.... 99% J'ne'05 99% 99% Union Stock Yds State 200,000 19,029 New Bank 4'60s Series E M-N 100 Apr '05 99% 100 4-80s Series F M-N 100%. 100% J'ue'05 100 100% Amer Trust & Savgs.. 3,000,000 1,969,687 6 7 Q-J J'ly •05. 2 People's Gas L paid ' 1904. || Also 12 %% in Deo., 1903, in stock of First i'rust & Savings Bauk, 1] I nciudes special dividend of 30 Jeclared Aug. 10, * Bid and asked prices; no sales were made on this day. t No price Friday; latest price this week. a Due Deo. 31. b Due Jane, e Due April. h Due July. k Capital and surplus to be increased. — — — . . 1 . .',n 15, 1905.] TIIK CHRONICLE. 20$ Una SeonrltleH Bid nilosiinil ami Hlacel IS* 111 Gas— I Indiana Nat A Cold HOOK Ooald I pi Inn Volume of Business at Stock Exchanges 190s lsi os M.N 25 86 1st B 5s 1917 1 ..I Gas 60 i Ddlanapolls 60 Compressed Air Co... 100 4 .'-. 1st g 5s 1952 A.O 104 h 106 Consolld 1 'ar Heatini TRANSACTION-* \ I THE NEW TORE BTOCK EXCHANGE si ' 1 1 aokson g.is Co 50 'mis Fin w'ks com .10(1 16 DAILY. WEEKLY AM) YEARLY V-u 97 101 ' i . L937 Preferred. ion . 1 Kansas Cuv Gas 100 10 50 Cons |; y 1. 7 • lo:i g.is 101 i Laolede 1 Rubber Ttre.. inn 1 '. ^tiling slocks 97'. , Week Kail road <€r Btatt 8 • Preferred 106 loo Debeni are is 2.. Jul 11 11 ..11 Bonus Bonds Bond* l.afav'rGaslst 6s'24.M-N 80 86 ( , storage B II valu* ::> Shares Par LogAWabV lstOs'25 J-U 21 Cramps' Hli a in Bldgioo 2 7 Madison Gas i'.s 1926. A-( 1 §106 110 * i'i ucible Steel L01 , .*i. ' 2 '0.971 $85,637,100 293.000 4721.650 N.uark Gas 68 191 t.QJ . 1 37 is Prefi ii.'ii ion Saturday 1 3,808,51 u 600, 00 91 I Monday 695.404 82,020,400 Newark Conaol Gas.. 100 92 'uli.m is oi 1 BOO - 1 ,910,500 1,447 80,6 1,973,000 a 1948 9-D 1111 112 Did d! 1 1 inlson '.Tuesday on 5a rights . 14 2,388.300 1,196.500 ' 611,340 55,404,750 \o Hudson L 11 .t 1'ow- Diamond Mntoli 1 10. 100 Thursday 733,453 67,195,200 1,986,000 936,000 $3*,6bd Ss 1938 V-g §110 Dominion Secunl U on i. 5i6..;::> 47,291.300 2.131.000 ooo Nat 111 .100 8 5 ( .". Friday JO«J Imio & las lopper 1 1st 6a 1926 J-D 28 ECleci in- Boat 100 11 - Total 3.6S3.939 $338,144,000 $6,310,650 Pat A Paa uas* BleolOi 77 79 i'i efei red LOi 60 < 1 ..M-S J 105 i 'on B 5s 1919.. C1C Ei-ad H 1 h 4 Week July 14 January I tO J l(ll/ 1 t st 5s 1937.J.J 9 98 100 StUt ending Joseph Gas Preferred 51 1 14 - Hew 1 or t Kleotnc Vehicle 100 19 1005 1004 1905 1904 Tclcarr A: Telephone Preferred 101 27 Electro-PneumUoTranlO t 'h '4 Cable 100 90 93 '•. stocks x». share* 3.62 3,668,658 145.074.900 66,909,153 VAmerTelegA Empire steel 100 B 7 — 1 100 120 127 Par Value $338,144,000 $330,449,300 $13,478,727,475 $5,287,604,175 Central ^ So Amer. Preferred 100 38 L2 Conuner UnTei(N yi.j." 1 15 IIGeinral Chemical ..Ion 61 Bank snares, par.. $5,900 $23,000 $533,700 i ,8 o Bmp Deb 5s 1906 J-J 100 101 ycoug 53 1936.. . . M-S Amer Press Assoc' 11. 100 97 105 Realty Assoc ( Bklyn 1 Ion 155 Union Ry 1st 5s 1942 F-A U10 1124 Am Soda Foun com. .100 a 4 Royal Bak I'owd pref.100 1074 ,..., '43 Westchest 1st 5s J-J {110 113 1st preferred 100 58 63 RUSSell it i'.rwin 25 t 61 63 Gas Securities 2d preferred 100 7 11 Safety Car Heatife Lt 100 266 American Surety 50 190 200 Singer Mfg Co ion 640 BROOKLYN NEW YORK Am Tobacco (new) com.. 265 280 Standard Coupler comlOO 25 Cent Union Gas 1st 5s. §107 109 Preld 6'ee Stock Exch list Preferred 100 iao Atlan Ave 5s 1909. .A-O 5102 103 V Con Gas (N Yjstk. 6 k Exc h list 4s and 6s ,S'ee stk Exch list Standard Milling Co.100 7 8 Con 5s g 1931 A-O 113 114 Conv deb 6s ctfs 6 1 1 Gr*pt <&Lorimer st 1st 6* 102 Preferred 50 180 i Trow Directory new. .100 OTHKK CITIES Kings Co. Elevated— Bond 6 .Mtsr Guar 100 400 111! d 1 lopper 1 4 1st 4s 1949 See Stock Exch list Amer Light A; Tract. 100 98 Borden's Cond .Milk.. 100 162 i Hum Typewr com. .10O 80 12" Nassau Elec pre! Ion 75 Prelerrcd loo 107 Preferred 100 112 L134 ) si prefen 1 .1 IOO 1 113 118 6a 1914 A-O 110 113 Bay State Gas 50 British olCopper 1 6*1 7 2d preferred 100 lit J a s. 200 4s 1951 See St k Ext h list Blnghamto 1938 J97 100 Camden Land 1 i.j lfl u. Casualty N Wb'i.'(feFlatlstex4'2* 101 101 Brooklyn Union Gas deb ( iaanalty Co of America. 140 1 15 u s cotton Duck 100 ..inn 2 7 Stein way 1st 6s 1022.J-J §110 121 6s 1909 conv '07. ...Ms 170 Celluloid Co 1 01 128 132 U S Envelope Com. ''tut 90 92 Buffalo City Gas stocklOO 7 Fireworks com. loo 15 20 \ Prefei red loo .11— 1st 5s 1947 Set Stook Exch list Preferred ion 6« 72 V s Bteel 1 OTHEB CITIES '11.. }112 Consol 1. as of N' J. Central foundry LOO 3'< 3 4 Col tr h 1 5s -..l opl ' 112 Buffalo Street Ry— 1st 5s 1936 J J §92 .•6 Preferred 100 19 21 nol opl J 11 i.ii.v lii.li-m.loi' 1st cousol 5s 1931.. F-A §1124 114 Consumers' L 11 & Pow — Deb Oh 1919 op '01.MX 78 I' s I ".ion U 7 . Deb 6s 1917 A.O §106 107 5s 1938 J-TJ §110 1 ' ntral Leather See Stk E x list UniVi-rs;il nry ...... 100 S 1 Chicago City Ky See C lucago list Detroit City Gas.. t 95 Realty 100 a Columbus (O) St Ry..l00 101 V BUzabetn Gas i.tco..ioo 27o brougli M \'i Co 100 1 10 ISO Prefei red < Preferred v. Essex BOSTON STOCK EXOKA^OE-Stock Record, Daily, Weekly and Yearly as Range Shnre Prices—Not Per Centum Prices STOCKS Sales Range lor Year for Previoui BOSTON STOCK 0/ the 190S Year (1904) Saturday Monday Tuesday Wediu sday 7 /cursday Friday Week July 8 July 10 July 11 July is July is July 14 EXCHANGE Shares Lowest Highest Lowest Highest U;iilroadM 3 3 •854 854 86'4 86 84 84 < 8.14 P5»< 854 884 864 86^ Atch Top ' 98 . 98 98 98 Last Sale ys J'no'05 Pere Marquette 100 79 Jan 102 Febl 74 J'ly 804 Feb 70 , 79 •77 4 79 78 79 79 79 •78 80 Do pre! 100 528 77 J'ne2 87 Keb 68 Mai 79 4 Nov * 57 57 57 62 •62 65 03 63 03 63 03 Rutland pref 100 328 50 Apr 1 72 Jan 1- 29 Aug 734 Dec 14 16 14 16 •14 16 •14 16 Last S ale 15 J'ly '05 Savannah Elec com. .100 15 Jan 1 17 Mar 20 62 . 52 52 Last Salt 50 J'ne'05 Seattle Electric loo 50 Jan 554 Aprl 40 Jan 42 Feb ' 98 Last Sale 98 J'ly '05 Do pref 100 93 4 Jan 1004 Feb 2 87 4 May 954 J'ly 1294*304 120 12934 12641284 12741294 1284 130 4 1284 1294 Union Pacific 100 7,468 113 Jan !37 4Feb'2 714 Mai 1164 Nov 3 084 98 4 •984 994 •98 98 4 984 984 98 984 Do prel 100 11 90 May 1014Feb20 86 4 Mar 974 Dec Last Sale 171 4 J'ly'05 Vermont & Mass 100 172 Jan 18 175 Mar 160 May 173 Nov •07 98 97 97 97 97 •97 97 4 97 974 98 98 West End St 50 Z'i 93 Jan 99 Mar2 89 Jan 934Dec • 1144 114 1144 114 114 1134114 113 114 113 114 Do pref 50 112 Jan 117 4 Apr 2 108 Jan 114 Dec Last Sale 24\ Mar'05 Wisconsin Central. ..100 214 Jan 2 25 Feb 23 164 J'ly 17 4 Feb Last Sale «4 Dec '04 Do prel 100 37 4 J'ly 43 4 Dec Last Sale 147 Apr'05 WoicNash<& Roch.,100 146 Mar20 147 Mar-28 143 Dec 146 4 Dec .HisceJIaneous 24 244 *2334 24 •24 244 24 24 •24 244 24 24 Amer Agricul Chem.lOO 800 194 Jan 25 29 4 Aprlf 12 4 Apr 24 4 Dec 91 91 •91 92 90 91 •90 91 •90 91 *00 91 Do pref 100 115 86 Jan 3 03 Marl3 71 Jan 87 Dec 7 7 64 T 64 64 64 64 6 6 64 4 Amer Pui'U Serv 50 754 4 4 Apr 13 74 J'ly 34 Feb 64 Nov •29 30 * 294 28 4 28 4 * 29 27 27 Do pref 50 120 20 Jan 17 30 J'ne22 17 Feb 27 4 Sep •140 1404 13934 140 138 41384 13741384 137 137 Amer Sugar Ken n loo 604 1304 May28 149 Mar 2 122 4 Feb 152 4 Nov J.38 138 13741374 13741374 1374 1374 137 137 4 138 4 i*334 Do pref 100 88 132 May22 140 4 Mar 122 4 Jan 141 Nov 1374 139 1384 139 1384 139 139 1394 139 140 139 139 Amer Telep & Teleg.100 2,027 137 May23 148 Jan 4 1194 Feb 1494 Nov 37 14 37 b 364 37 35 4 364 354 354 36 364 36 36 Amer Woolen 100 3,070 21 Jan 23 404 Apr 18 9 Feb 21 4 Nov 1044104 4 104 1044 103 104 10341034 10441044 104 104 Do pref 100 711 924 Jan 3 109 Mar31 68 4 Jan 94 34 Dec * •34 .... *33 3 3 Nov 4 Sep 84 34 4 Last Sale 44 J'ne'05 Boston Land 10 ""14 34 Maris 4 4 J'ne ...... 117<% 117 118 117 118 117 118 117 118 1174 1174 Cumberl Telep & Tel loo 1174J'ne28 124 Jan ll'24Jan 12234 Dec 23 23 234 234 •23 4 234 23 234 •23 23 •> 224 234 Dominion Iron <& St 716 17 Jan 24 244 Mario 74 J'ne 194 Nov -54 6 *54 6 •54 6 •54 6 LaslSale 54 J'ly'05 East Boston Land 54J'ly 5 74 Jan lo 5 4 Jan 7 4 Dec 245 245 245 245 245 245 245 241 244 4 * 242 4 Edison Elec Ilium... 100 "269 244 J'ne2a 257 Apr 8 230 Feb 265 Aug •ITS 180 178 41T94 177 177 17? 177 1774 177 4 General Electric 100 107 169 4Mav22 191 Janl al51 J'ne 194 Nov 45 45 4 454 454 444 45 444 45 444 45 •444 45 Mass'chusettsGasCoslOO 795 384 Jan 6 45 4 May 12 36 Dec 444 Aug 85 85 4 854 85 4 85 854 854 854 86 4 85 4 854 854 Do pref 100 979 804 Jan lo 884 Mayl: 774 Mai 8434 Oct 188 188 188 188 188 188 186 41864 187 4 1874 190 190 Mergenthaler Lino. .100 64 US5 4J'ne20 206 Apr 29 173 J 'lit 200 Nov IV 14 *L4 1% •14 14 •14 14 •14 '14 Mexican Telephone., lo 6 1 Feb 6 2 Jan 4 14 Apr 234 Nov 139 1374139 138 4138 4 1374138 138 138 138 138 N E Telephone 100 58 134 Feb IT 1404 Apr 27 118 Feb 141 Nov "•"I4 2 4 14 24 *14 2 4 *14 24 Last Sale *he May'05 Plan tComt'ststk com 100 1 Feb 21 24 Jan 9 4 Oct 4 Jau •12 15 •12 15 •10 15 •10 15 Last Sale 15 Mar'05 Do pref 100 10 Jan 6 17 Jau 10 8 Oct 17 J'ly 240 240 240 240 240 240 240 241 240 4 240 4 240 240 Pullman Co 100 119 230 May23 524 Feb 28 208 Mai 243 Nov 3 *94 10 •9 4 9 4 94 94 94 94 9 4 94 •94 04 Heece Button-Hole.. 10 20 8 4 Jan 12 104 Feb 23 64 Jan 9 Nov »107 108 10T4 108 •107 108 107 107 •107 108 107 107 Swift & Co 100 6 105 Feb 24 114 Jan 5 x994 Mar 116 Oct « . 20 20 Last Sale •4H Jan '05 Torrington Class A.. 25 23 Jan 18 23 Jan 18 22 Dec 224 J'ly *254 26 "25 4 26 Last Sale 26 J'ne'05 Do pref 25 25 May23 264 Jan 16 24 4 Oct 26 Nov 2 4 a ' 3 Last Sale ^4 J'ly'05 Union Cop L'd & Ma. 25 2 4 May25 4 Jan 6 2 Jan 5 Oct 3 1064 106 4 1*06 4 106 4 1064107 10G 107 100 106 4 1054 100 <• United Fruit loo 559 103 Apr29 115 Feb 20 95 Feb 113 J'ne 68 TO 674 69 67 68 68 69 674 69 084 68 34 Un Shoe Mach Corp. 2.770 57 J'nelS 70 J'ly 8 324 33 82 4 3234 32 32 4 32 32 4 32 32 324 32 4 Do pref 1,091 31 J'ue3i. 33 J'ly 8 Last Sale i.34 J'ly '05 U S Leather 100 114 J'ne 8 144 Jan 16 6 4 Ma) 204 Dec Last Sale iii4 J'ne'05 Do pref 10( 10O 4 Jan lo 1114J'ne2e 77 Jan 103 Dec 3 42 42 4 U S Rubber 100 200 344 Jan 4 4434 Apr 7 10 4 Feb 34 Nov 3 109 sl094 Do pref 100 1 984 Jan 5 117 4 Apr 7 40 4 Jan 994 Dec 334 34 if 34 4 35 334 344 334 344 344 34 4 "334 "34% U S Steel Corp 100 21,163 244May22 38 4 Apr 7 84 May 33 Dec 1014 102 102 1024 10034 1014 1014102 4 1014102 4 1014 102 Do pref 100 11,565 91 May2S 1044 Apr 18 Sl^Ma) 95 4 Dec ••50 '60 •50 '60 *-50 -60 •50 -60 Last Salt 40 J'ne'05 West End Land 25 '40 Mar30 •674 Jan 20 50 Apr •75 Jan •184 19 Hi 184 19 184 19 184 19 18 4 19 West Telep & Teleg.loo "165 16 4J'ne20 22 4 Feb 6 64 J'ne 234 Nov 100 100 101 101 100 101 100 101 *100 101 *100 101 Do pref 100 129 97 4 Jan 24 104 Feb 8 76 Mai 101 Dec *S2 84 •82 84 82 84 Last Sale S4-4 J'ne'05 Westing El & Mfg... 50 84 Mayl 1 92 Mar 9 754 J'ne 93 Dec •96 98 •95 98 •95 98 •95 98 Last Sale »24 J'ne'05 Do pref 50 91 May 2 99 Mar20 t90 4 Aug 100 Jan lUining 16 75 4 4 44 44 44 434 44 4 l6 5 5 5 44 5 Adventure Con 25 2,197 1 24 May25 1 8 Jan 11 Aug 74 Nov 274 ti34 Mai 121 Nov 27»a 28 274 26 4 27 4 264 27 27 27 4 27 27 Allouess 25 3,419 18 Apr 24 28 4 J'ly 5 ( 3 3 824 83 83 4 844 824 83 4 824 834 834 8438 834 834 Amalgamated CopperlOO 16,034 70 Jan 25 894 Apr 14 43 Fel) 82 4 Dec Last Sale 11 Feb'o5 Amer Gold Dredging 5 75 Mar 1 Mar •84 11 •84 10 •84 10 94 94 •9 10 94 9 4 Am Zinc Lead & Sm. 25 300 8 J'ne21 124 Jan 5 8 Feb 14 Oct Last Sale 254 May'05 ADaconda 25 25 4May31 314Aprl2 154 Feb 294 Nov 14 14 14 14 14 14 14 24e 2 2 4 24 24 Arcadian 25 2,800 1 May 2 24JTyl3 •25 Feb 3 Nov •60 •20 • 40 '60 ••40 •40 -60 ••40 -60 Last Sale 50 J'ne'05 Arnold -j:> 45 J'nelS 14 Feb 23 J'ly 14 Nov 134 134 14 14 144 144 14 144 144 144 144 154 Atlantic 26 2',947 12 4.May22 184 Mario 7 Feb 22 4 N'ov 28 28 28 4 28 4 284 284 284 294 29 294 294 29 4 Bingham Con Min&S 50 3,210 28 May22 354 Apr 17 19 Mai 384 Nov • 50 *60 ••50 *-55 "60 •55 -55 •55 "55 ••50 •85 Bonanza (Dev Co)... 10 200 '50 May 6 •85 Marl5 •39 Ma) l 3 ieNov 84 84 84 84, 84 84 84 84 8 4 84 84 34 BostonConO&G (rcts)£l 3,895 54 Jan 26 84 May 19 6 Oct 7 4 Nov »635 610 640 640 644 645 644 645 646 646 645 615 Calumet & Hecla 25 15 601 J'ne 7 695 Feb '20 435 Jan 700 Nov "25 Last Sale 15 Apr'05 Catalpa (Silver) 10 •10 MaiTS •15 Mar 1 05 Apr Nov 19 42 20 4 204 21 20 204 20 204 20 204 20 20 Centennial 25 3',"l05 164Mar22 26 Jan 4 d 14 4 Feb t324 Nov •64 64 04 64 •64 6 4 •64 6 4 Last Sale 64 J'ne'05 Central Oil 25 6 Mar 14 8 4 Janlu 64 J'ly 10 May •54 -54 •54 -54 •55 55 •55 •57 "54 '55 •55 •55 Cons Mercur Gold... 5 3T50 30 Mar24 75 Mayll •20 J'ly 75 Jan Last Sale 25 4 Jan '05 Continental Zinc 25 12 Jan 3 154 Jan 20 74 Apr 14 Oct 694 70 694 70 69 604 694 70 70 70 4 704 704 Copper Range Con Coloo 3,282 64 Jan 25 83 Marl4 38 Feb 74 4 Nov 134 134 134 134 134 134 14 14 14 14 134 134 Daly- West 20 480 114Mar3o 18 4 Feb 15 10 34 Aue 36 Jan •814 83 •81 83 81 83 814 814 82 32 4 •81 83 Dominion Coal 100 220 60 Jan 10 864 Mar31 40 J'ne 72 Jan '115 116 •115 116 115 116 115 116 1154 1154 •115 118 Do pref 100 10 113 Jan 10 117 Mar25 103 J'ly 118 Nov 4 •24 2 4 •24 2 4 2 4 2 4 •2 4 2 4 •24 24 >..... •••••. Elm River 12 20 2 Mny26 34 Jan 13 14 J'ne Nov 94 94 94 10 9 4 10 94 94 •94 10 94 94 l«'ranklin 25 285 8 Apr 29 12 4 J an 10 7 J'ne 15 4 Nov 6 6 6 64 6 64 64 6 4 6 6 64 64 Granby Consolidated. 10 1,374 5 Jan 4 6 4.Marl 5 24 Mai 5 11 ieNov 22 224 2134 22 214 214 214 214 214 214 214 214 Greene Consolidated, lo 5,7 78 204 J'nel3 304 Apr 10 20 Oct 34 4 Dec •44 5 *44 5 44 4 4 5 5 44 44 44 44 Guanajuato Consoi.. 1,445 3 Jan 4 74 Apr 18 024 Feb 5 Dec •20 21 20 203B 20 20 *20 204 20 4 20W 204 Isle Royale (Copper). 25 550 174May23 284 Jan 17 8 4 May 35 4 Nov 3 204 »734 8 734 T 4 74 8 74 84 8 8 4 8 8h Mass Consoi 25 1,402 6 May2 b 134Marl3 d i Feb t94Dec t •75 •75 * •75 •75 Last Sale TO J'ne'05 Mayflower 25 70 J'ne'27 14 Janl'z •45 J'ly 2 Nov e "l3 4 134 "l34 134 "134 13 4 134 134 134, 134 134 13 4 .Michigan 25 "84b 10 4 Jan 5- 154 Marl 3 34 J'n 11 4 Dec 3 •50 601, 50 50 4 49 4 494 49 4 49 4 49 4 50 50 50 Mohawk 25 710 48 May 1 56 4 Mar 9 34 4 Feb 5 7 4 Nov •2 2 4 *2 2 4 •2 2 4 •2 2 4 Last sale i J'ly'05 M ontana Coal & Coke 25 2 J'ly 8 5 4 Jan 10 2 4 Jan 64 Aug ••75 •50 ••75 1 1 *-75 1 ••75 1 •90 -90 ••75 1 Old Colony 25 "Too 75 May29 14 Jan 18 J'ne 24 Nov •244 244 24 4 244 244 244 24 24 4 214 244 244 24 4 Old Dommio-n 25 665 23 4 May 1 28 4 Jan 3 94 Feb 29 '4 Deo 3 98 •00 90 4 90 4 91 91 91 904 90 4 90 4 91 4 914 Osceola 25 670 88 Feb 9 103 MarU 53 Feb Nov 914 3 '224 23 4 •22 4 23 *'224 23 4 -22 4 23 4 23 24 23 4 23 4 Parrott(Silv J ILY 1 5, 1905. Boston Bond Kecord. 205 Ofei BOND!) BUM iVn-c Week's Range Week's «-. Range STOCK EXCH'QK Range or VON STOCK BXOH'O B - ~ BOSTON frtdat MHO* « J-ridnn Bangs or Since July 14 Last sale KNIUMI 14 I WkKK KXDUiU JULY 14 January 1 Wl.tk JULY Juhi ! Lati Sale s '. January 1 Bid Ask Low High High Bid Ask Cow High .Vo tttl/h km Bell Telephone 4s 1P08 J.J 100 K«u> 99 V 100 11 Illinois Bteel deben 5s 1910 100V •.nil's J'ly '06 loov 101 v 8 103 Uu Telep A Tol coll tr 48.1928 J.J BO'S Bale 90V H8 . Nuii-i'uiivi'i i rteben 5s... 1913 mo v. 101 V J'ly '03 100 102 V Ills 1st ttch a Nebraska 1st 7a. .1908 M-S 107 JTt'OC la 1 alls, V. SIOUX C 7s.. HUT 128 V J'ue 01 itch Top a- S Fe gen g 4s.. 1996 4.-0 108V ib*8*" 102V I03V L09 1104 V Kan C Clin <£ Spr 1m 6s... 1925 loi L 01 101 V 11114 Adjustment g 4s J'ly 1996 Nov 96 9 7 94 V 94V 94V 07V K.iin' l'l s .1. i, nil 1st 7s. L908 107V ins 108 107V L08V Boston Sleet Light 1st Os.ioos MS k.iii C Ft Scott >t M 6s 102s 123V 123 V 1984 M-S Ho . n'04 4s 1034 Consul 58 K.iuC M A BK«H 98 V 98 V B8 v B"i -j 98 V 104 lur'00 i '-j '., '.'.; lost on A Lowell is li>07 J-D Assented Income 5s 193 98 9 i 93 V 93 V D4V li'b'04 loston A Maine -1 V-s 1944 J-J 117 Kan C* M By a Br 1st 6sl929 104 V 104 V loi Mm '06 103 106 '02 '• ' Improvement 48...... 1906 FA W6 Jan Kan CSt Jo Note—Buyer pays accrued interest in addition to the purchase prioe for all Boston Bonds. - No price Friday ; latest bid and asked. 1[ Flat price. Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly Range lor Year Range tor J^revious Share Prices—-Not 1 'er (.'oik inn Prices ACTIVE STOCKS Sales ol the 1905 Year (1904) aatur day Monday Tuesday Wednesday Thursday trtday (For Bonds and Inactive Week July 8 July id July 11 July 12 July 13 July 14 Stocks see below) Shares Lowest Highest Lowest Highest Baltimore 83V S3V 83 V 83 V 83 V 83 V *83 »4 60 83 May16 90 Apr 13 67V Jan 86 Deo * 100 100 101 •10OV101V Northern Central 50 160 99 May 2 5 110 Feb24 71 J'ne 109 V Deo 26V 26V *26V 26V 26 26 25V 25V 25V 25 V •25 V 26 1,437 21V Jan 16 26VJ'ue30 90V 90V 90 90 * 89V 89V 89V •89 V 9o Do lstpref 100 200 83 Mar23 90 V J'ly 6 66 66 65V 67 55 65 V 54 V 56 *55V 56 55 V 65 V Do 2d pref 100 2,199 47 V Jan 24 67 J'lylO •13 13 13 •13 13 13 *13 "13 13 V United Ry AH. in 111:1 1 On a Tract on 50 100 .\<< Pi . M N C L Mil ..; ' .Ms allways Genera 10 i-i no a;en oa-i I. 1 '.'5 1 • no io»i|Ufli Iron I inil^' 5s. 1 is 3d rnopah Mining of Kerl 18 13 '4 i 113 V 1916 M- • iiteil N J p.lt it <;..liiu 269 270 C«u 4 s 1939 A" . 108 108 V lili aei 116 108 .'11 112 Ms %>UtPow d; Trans 2o Prill. . M N A -'. ' "2'.iM. Va (Stall .nited'i'rac 1 r 1 1 i.. in , Puts 50 People's cert »4s •' -' 1991 I H. ..- I- unddebl 3« ""referred On PCo lsut eoltrSs'49 M-S ii*f No Bait i 1942 J- 114 p 1 104 1 onrertlbl M Hil mi v VarwiCK Irou& Steel. lo 6 6-4 i Couit col tr m 1 5 M -N V oo V -I a • 1 hit 1 1 \\ls\ a< >>»t Jersey • paid. Bid anil aakeil prices; no sales on mis day. % Ex-nghW. | 97'80 paid. I»15pai0. t 4l0 paid, i *20 ...... i . [Vol. 2(>(i TJIK CHRONICLE. lmxxi Imrcstmmi ami Railroad Intelligence, RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from .Inly 1 to and including such latest week or month. "We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the, street railways are brought together separately on a subsequent page. ,'.,/./ l.u.if.s.1. Grafts harninus Itllv I Data (Iri)y> Lut ittilijs Jul 1 lo Latest JJate KOADS ItOADS I ni / ";'i ' . Weak C it rrini /Tevious yi if \\ . fur i "it: I'rrrinii vui i lu ei ions ,i. 1 !ii i or Month Year J a • r Mi, ii Viiir Y,-u year * 344 3,303,300 3,099,440 132,378 AlaGt Southern. ithwk J'ne 87,0 18 87, M St P & S St M . .twkJuly 101,195 132.37& 161,195 : Atl Coast Line... May '2,002,103 l ,822,735 20,170,184 18,780,784 X Y Susq & Wen lay 245,003 249,074 2,435.707 2.39 -,279 Bait .t Ann 3 L.. May 10,441 15.201 150,43b 152,494 Norfolk & West'n v! ay 2,223,003 2,013,003 21.920,410 20.-25,079 Balt& Ohio May 5,840.176 5,242.:;.. 61,921,894 59,689,182 Northern Central ay 950,505 901,805 9,472,240 9,255,746 Bangor & Aroosl May 139,373 ln(),:;;;2 1,90 ,05. 1,853,990 -Vorth'n Pacific., lu: e 4,451,073 4,074,051 51,704,050 47,4->S,933 Bellefonto Cent'! liuie 5,634 4,653 D6.941 00,401 Ohio Riv& West.. \,pril 15.870 10.092 105,7 84 172.900 Bridgl. & Saco K. April 2,933 2,841 ;;, ,958 37,291 Pacific Coast Co vpril 479,504 442.909 5,050,004 4,788,765 BulIRoch& Pitts lstwk Julj 140.65 146,592 140,055 140,592 ePenn—EastP&F May 11519338 10100138 112360435 109389235 Btiilalo OfcSusq... May. 104,348 84.332 1.028,886 881,737 eWest P &E... May Inc. 8 92,500 i«t-.3,13 0,000 Cal NorLUw'n. ... Juno 149.510 138,129 1,541,199 1,470.908 Pere Marquette.. 2d wk Mar 237,091 210,491 8,959,681 7,"2O,042 Canadian North.. lstwk luly 83,700 00.30J 83,700 00,300 Phila Bait &W'sh *tay 1,346.358 1,235,558 12,831.832 12,392,132 Canadian Paellk lotwli.n y 1,003.000 l,012,oOii 1,003,000 1,012,000 Phila & Erie... April. 032,566 620,020 0,308,130 0,277,020 Cent'l ot Georgia lbtwkJuiy •200.200 171,500 200,200 171,500 °ittsbCC& St 1. '-lay 2,117,589 1,962,201 22,7-8,028 22,310,187 Cent'l of N Jersej vi ay 2,1 13, 292 1,924,915 20.673,520 19,795,080 rtaleigh & U Fear Apri 4,809 4,330 41,073 42,328 Chaltan Soutli'n. 1st irk July 2,142 •2,123 2,142 2,123 Heading Railway May 3,550,477 2,950,970 34,004,15 31,900,074 Cheeaii & Ohio... May 1,802,480 1,617,942 18,877.815 17,559,808 Coal& IrCo...'. -'ay 3,042.048 3,347.091 33,303,715 32,225.017 Chic& Alton Ry. May 852,282 842,928 10,880,984 10.409,084 Total Both Cos Hay 7,1*2,525 6,304 661 07,307,872 01.125.091 I.July 131,949 Chi:: Gt West em. 1st w 131,949 110,899 116.899 Uioh Fr'ksb Cornwall May 21,083 6,012 89,803 63.422 Texas Centra! . .. .thwkJ'ne 18,878 11,802 827,330 735.416 Cornwall &Leb.. vi ay 33,359 21,121 256,099 222,827 Texas & Pacific. IstwkJuly 165,413 150.537 105,413 150,537 Den v. Rio Gr. . lstwk July 314,500 281,800 314,500 281,800 9,000 10,010 149 150,270 i & TexS V&N W .. June [Det & Mackinac. May 83,535 85,303 904,187 894.353 Tol & Ohio Cent May 26S.832 264.730 3,448,960 3,252.652 [DetioitToi. &Ir. 4thwk May 38,520 29,330 1,335,309 1,392,947 TolP 2d week Apr. (42 roads) . . 7,870,106 7,203.788 + 666.318 9-25 Month July 1904 (125 rds.) 132,242,621 139,712,599 —7,469,978'5-35 8d week Apr. (43 roads)... 7,900.475 7,208,724 4 691,751 9-59 Month Aug. 1904 (122 rds.) 145,292,493 144,558,473 + 734,020 0-51 1 4th week Apr. (40 roads) . . 10,152,570 9,659,903 +542,667 5-62 Month Sept. 1904 (124 rds.) 151,475,024 147,338,536 +4,136,488 2-81 ; 1st week May (42 roads). .. 7.396,318 6,903,872 +432,446 0-21 Month Oct. 1904 (124 rds.) 159,732,959!! 54,758,622 +4,974,337 321 , 9-51 2d week May (42 roads) . . 7,607,810 7,164.329 +503,481 7-02 Month Nov. 1904 (124 rds.) 154,304.117 140,909,476 t-13,394,641 3d week May (41 roads)... 7,591,421 7.177,961 4 413,160 5-76 Month Dec. 1904 (123 rds.) 146,743,102 136,889.640 +9,853,462 7-20 6-58 4th week May (46 roads) . . 12.098.498 10,851,080 + 1.247.418 11-49 Month Jan. 1905 (110 rds.) 127.073,053 119.220.07e +7,852.980 1st week June .42 roads)... 7,601,132 7.201.591 + 399,541 .55 Mouth Feb. 1905 (117 rds.) 113.714,506 117,252,135 —3.537,629 3-01 9-73 2d week June (42 roads)... 7,930,328 7,500,339 -t435,989 5-81 Month Mar. 1905 (118 rds.) ; 43,622,857 130.879,540 -12,743,311 7*35 3d week June (41 roads) . 7,911,463 7.471,193 +440.270 5-87 Month Apr. 1905 (115 rds.) 136,595,868 127.237,317 + 9,353,551 8-58 4th week June t43 roads) . 11,003,290 10,612,240 +391,044 f-68 Mouth May 1905 ( 53 rds.) 43,367,104 44.543.718 + 3.323.336 6-23 1st week July (35 roads)... 7.141,961 6,850,335 + 291,620 1-21 Month June 1905 ( 53 rds.) 54,139,005 50,961,464 + 3,177,541 1 Mexican currency, b Includes the Hous, & Tex. Cent, and its subsld. lines in bota years. e Covers lines directly operated, g Includes the Chicago & Eastern Illinois in both years, k Atlanta Knoxville & Northern include! in both years since April 1; It had previously been included in 1905 since Jan. 1...... ' 1 1 , 1.-), -H : \ 1905. j TI1K CIIRONICLK. 207 — ' Oross it i Latest Wross Earnings by Weeks.—In the table which Earnings. / i- n mis. . Curri ut I'i' pious i pious separately the earnings for the .-./;. follows we sum up first F< nr. 1 Tear. Tear, Roads. week of Jn'y. The table covers 35 roads and show 8 8 a Wmsp'rtA No.Rr. May 14,908 14.972 3,816 1.260 4 24 per cent increase in the aggregate over the same wool r Jnly 1 to May :.!.... 154,r-07 l, 3,C:i3 46,053 23,382 last year. a Net earnings here given are alter deducting taxes. 1st vieek of July. 1905. 1904 inr»-tu«f Decrease b Net earnings here given are before deducting taxes. •* For April other Income and net pr< Uts from ooil, etc., were 1 8 1 861 B76 this yrar. against «*• Roads. $ 8 * 27,19'. Ohio. Tern). Transfer... 30,16 2.977 Cornwall & Le^an May 4,126 4,175 13.677 5,356 Southern... 137,81 127,795 10.01' Colorado & July 1 to May 31. 44,474 46,291 67,579 6%360 Denver A Bio Grande 314.50c 281.800 32.70 Air Line. 246.130 '12-.977 Duluth ^o. shore * Atl. 56,43( 49,21 7,.6f *•_..__. Seaboard May 238.194 *df 37,578 1 to May 31.... 2,746,2i7 2,603,957 *966,778 Grand Trunk of Can... ) July •300,436 Grand Trunk West .. > 695,92t 712,682 16.656 rol. Peo. A W«st. June 22.676 23,003 5,405 2,160 DetGd Hav. Jnly 1 to June 30 286,158 277,186 df.33,085 1,549 International A Ot.Ho.. 81.000 80.701 300 ...... Wmsport A No. Br. May 2.760 2,833 1.066 def.1,573 113,542 1C8.262 5,28f Interooeanlo of Mexloo. July 1 to May 31.... 31,054 def.7,196 : 30,578 15,004 49,71:- 43,64 6,068 70l,80( 605,45' Louisville A Naahvllle. 96,34 After allowing for other Income received. 11,15" 9.8U 1,34 Minneapolis A St. Louie. 62.57. 63,71V 8,85 Minn. St. P. A S. Ste. M. 161.19? 13?,S7(- 28,81': ...... STREET RAILWAYS AND TRACTION COMPANIES. Mo. Kansas * Texas 301,74! 285,47-. 16,37T Iron Mt... 602.(0i 601,00* 1,00( Mo. Pacific A Latest Orost earnings Jan. 1 to Latest Daft 2l.00( 1 9,0C( 2,C0< Gross U9,01fr 115,16' 13.851 Earnings. WeekorM Off'K PrSM'i s Current Frewioxt National BB. of Mexloo 209.05.* 204,03. 6,02:- Year Tear Tear. rear. Rio Grande Southern.. 8.107 8.47"; 370 .' St. Lou ) s Southwestern 150,76 143.7K 7,05< 9 % * Southern Railway ...... 836, 27^ 803,18 33,09- Albany A Hudson April 21.12: 19,78< 8MS7 75.0B7 Texas A Paclflo 165.41S 156,587 8.826 Amerloan R'ya. Co.B June 139 56. 126.9?^ dl, 471,991 dl.406,968 Toledo Peoria A Weet'n 20,41b 23,690 3,271 Aor. Elgin A Ohio. K- May 52,07 41,771- 180,. 99 137, .02 Toledo St. L. A West 70,2' 60,102 10,14r Blnghamton Ry 26 221 24,€6 123,603 118,603 Wabash ...... 415,8*8 459,369 • •-- 53,481 Boston A Woroester April 32,78' 26,52 Wheellr g A Lake Erie. 81,871 71,976 9,89r — -• Burllngt'n (Vt.) Trae June 8,25< 7,9f>C 37.229 35.320 Jal. Gas A Electric May 447,63 329,07' 2,160,53* 1,531,272 Total (35 roads) 7,141,961 6,850,335 375.2K 83,588 Cent. Penn. Traot. . 50,63' 45,124 210.8C6 197,549 Chicago A Mil. Elec viay 44,211 31,471 158.754 127,413 Net Increase 4-24 p. o. . 291,62c Chic A Oak Park., c June 66,19'. 61,83( 406,812 384,651 Cln. Dayton ATol.Ti 43,26! For the fourth week of June our final statement covers Citizens' Ry. A Llgli (Mnsoatlne, Iowa). 9,52'. 7.72: 47,597 39,567 per cent iccresse in the aggregate 43 roads, and shows 36S Cleve.ASo.W.Tr.Co. 48,55^- 44,13 237,375 204,753 over the same week last year, Uleve. Palnsv. A E. May 20.68) 19,051 75,475 72,396 Detroit Dnlted Ry,.« istwkJuH 114,844 103,937 2,417,446 2,148,332 r 4.th week of June. 1905. 1904. Increase. Decrease. Duluth Street Ry... lstwk Juiy 16,24, 15,70 320, 308,078 East. Ohio Traction. May 20,697 19.751-. 77,852 70,4:6 $ 9 9 9 Bast St. Louis A Sub June 108.'/ 41 116,09' 638,567 594,206 Frevfonsly rep'd 34 rd's 10,384,48: 10,059,952 592,649 268,116 Elgin Aurora A Son. May 39,66t 33,10 173,884 173894 Alabama Gt. Southern. 87,04 87,344 296 Ft. Wayne A Wabasl Ala. N. O. • 17.5' t Mob. Jackson A K.Citv. 1113 6 U8.357 5,245 !ndlanap. A East. Ry May 19,031 83, 1M 75,675 18.87 11,862 7,01fc tndlanap.<£i Martin* ville Rapid Tran. April 9,98' 6,67f 32,75! 23,184 (ndlanapolls&Nortb Total 43 roads)...... 11,003, 29( I0,612,24t 661,300 270,256 western Traotlon. 23.21.' *••• -••• Net Increase (3-68 p. a.). 391,044 mternat'l Traot. Co (Buffalo).. April 312.70 1 1,276,51 1,209,047 1 Figures are for week ending July 1. System 330,279 faoksonvllle Elec. Co April 27.76<. 23.519 104, P2< 89,991 Kansas City Ry.AU May 418.551 348.15: 1,839.52': 1,610,925 Net Earn Jags Monthly to Latest Dates.—The table fcl L»ke Shore Eleo. Ry 65.62C 59,r9i 324,28« 271,002 (ehlgh Val. Trao.Co lowing shows thegrosiandnet earnings of ST" AH railroads Street Ry. Dep 50,871 45,90> 204,09: 178,229 Electric Light Dep May 13,09" 11.88' 7^,8C( 67,881 reported this week, A fall detailed statement noliding.i" i.exlngton Ry May 3 J, 8 1< 26,14 127,62 roads from whioh monthly returns can be obtained, is givor Lima El. Ry. A It. Co May 18,86' 15,18: LoadonSt. Ry.(Can. May 15,73i 14.45 68.24: 59.256 once a month in these columns, and the latest statement c Had. (Wis.) Tractior. March.... 'IJii. 7,01' 22.75C 20 878 •ilet. West June 186,86*- 166.3S 1,111,35." 1,056,833 this kind will be found in the Cebonicle of June 17, 81deEle^ dil. Eleo. Ry.ALt.Ct May ^66,591 60,8 1,263,40' 1,267,258 1905, The next will appear in the Issue of Jn'y 22, IPCS. •411.Lt.HeatATr.Co 47,39^ 36.48 201,651^ 154.482 dontrsal Street Hy May 236,39s 220,15' 1,037,67: 943,877 Gross Earnings —, .Ye' Wunoie Hartford A Current Previous Current Previous Ft. Wayne April 13.94' 13.60 51.46*- 49,108 Tear. Tear. Tear Tear. 3Tor.OhloTr.ALt.ee June 83,62' 80,50^ 423,942 3a7,085 Roads. $ @ $ Northern Texas Trac 67,84t5 47.21. 302,581 2^8,H33 Baltimore A Annapolis Sorthwestern Elev. June i 13,75: t02,33 703,44 647,437 Short Line.a... May 16.441 15,204 4,882 4,416 Daltland Traot. Com 124,42' 113,89 567.42: 497,782 July 1 t< M;iy 31 .. 110,438 152,494 48,472 50,lb8 Mean St. Railway.. April 10.934 7.87' S5 8^ 28.866 Grange Traction 11,44.' 10,91« 39.0K 37,183 8ellefonteCe<-t. b June 5,634 4,653 2,202 1,237 Co. May Peeks. L't'g&iRR. Co. April 8,38' 6,91 33,99> 31,103 Jan. l to June a o 9,326 7,236 29,480 29,455 Pittsburgh McKees- Chlo.Ind.dzLonis.a May 496,507 4 54,773 170,3' 180,562 port A Greenub'g.. June 17,70 15.87f 77,90 68,645 1 r July t May 3 1 5,115.611 4,855 973 1,813,486 1,742,797 Poctsv. Union Traot May 19,90! 17.79r 79.72! 70,103 Cornw'lIA Lebsu .bMay 33,359 21,121 17.803 9.531 Kys Co. Gen.— Koadn 33,48 27,86 129,90 105.059 1,88'. 10,231 9,677 July 1 « May 3i. ... 256,099 222,827 112,053 100,661 Light Cn'ii , May 1,76 Hoohester Railway May 146,0 P: 122,79' 670,29< 578,683 Fon.Joh- St. A Ol j. May 55,325 56,691 24.195 25 320 Hookford Belolt x July 1 to May ii 647,850 614,433 303,621 285 038 Janesvllle...... 11,691 11,331 46,98. 43,818 Gr. Trunk oM an. May 2,463422 2,429, =43 900,303 97ri n. Joseph (Mo.) Ry. July 1 to May 3: ....25,933,157 25,110,007 7,6 0,123 6,845 626 Lt. Heat A Pow. Co June 65 69- 61 12 343,17 314,766 Gr. Trunk w e9t May 357,687 ^48,205 36,498 107 063 San Fran. Oakland A 34,36V 170,661 122,555 July 1 t May 81.... 4,686,339 4,913,139 611,074 699,878 April 47,411 Sao Paulo Det.Gr. H. * Ml May 83.217 67,816 973 12.1*6 (Bras; l ram. L't A Po. C WhJunelS- 11.17 13,20i 1,281,401 1,020.860 July 1 t< May 31.... 1,319,378 1.134,^84 341,876 2SS0,356 lavannah Eleot. C( April 46.33 40,94 171,71 l.» 8,6*3 LoBdUl&DOh ... May Inc. leo.cfo Tno, 136,850 ioranton ll&llwav. June *2,\* 76.59 441, 404.696 67 July 1 t< May 31.... Inc. 636, i 01 Ino. 5t0,563 aattlo EleotrlcCo. April 20 6 42< IM7.87* 779.311 733.. 811 794.224 Haolstlqae.B June 14,112 8, us 5,871 def 682 -oath Side Eievaio. 140,91 122,10 373.2'; 342.207 Syraoase i iv 77,.->fe^ 71,1 7 Jan. I t( June 30.M 41,595 35,962 6,518 3.392 Rap. J M 1 8.' 6 11 1.984 : &mna Elootrlo Co. April 33,71' 30,48' Mllwauk.Gao L. Ci June 68.^41 81,680 165,561 I'erreHte.Tr.A ' April 46.76 42,1 i 179,681 Jan. 1 'o .June 3o 388.2-0 804,278 1 Bowi.Gr.ABo.T \Uv 25 57 23,09 Blch. Fred.-t Po- May 200,710 187,552 90.713 74,4*2 Toledo Rys. A Ll/h 161,80 148.6:.' 894 825.8*,6 455,36* 83,73' 78, 32"> July 1 n May J. .. 1,426,419 1,364,309 478,837 I oledo A We«tern.. May 20, .0 18, H5-. 4«, '254 ."• ',627 I. tr = tto Railway .. Wh. July 5H,2i Seaboard Air f , May 1,221,5P4 1.056,860 3T4. 81 .01.1 '..ol8 'ylty i 10,'" 112,300 July 1 t< May bi... 12,439.408 11,720,213 3,696,663 2,879.915 Rai. 4tl.wkJ'n> J27.7 32 1,08 i. 10 39,>-02 Un'dRys.of St. Loulf «i7 l'J.10' Southern Indiana. I. 10"?, 683 99.843 38,431 May JniLed of Han Fran May i99,io: July 1 tr May bi.... 1,273,579 1,186,740 537,168 512,746 101.329 tf »«h. Alex. A Mt. \ May 23.5 \> 22.70. 101 1 -li..'.'2', 25. '63 1 ToLPeorla* w>« t l June 107,922 110.043 27,981 Yonnffstown-Hharo. M*y 44,401 38.69 21 July 1 rr JiLneJo.... 1,281,192 1,308,716 253,073 278. 73* l Hpanish sliver. West. Marylard a .Apr. 341,140 313.411 gl 17,635 el2'-' owned. July 1 to Apr. 3u.... 3,195, 387 2, 999, 31f si, 172,032 gl,08O,58J I Theae are results for properties — - ) : , > : 208 THE CHRONICLE. [Vol. lxxxi. a Decrease rtne to a strike and boycott. terfered wlih for several months, involving alverMon of freight and delays in delivery, from which the business of our lines was Injured. b These are the combined earnings of all the constituent companies. Change in Control.—The ownership of New Mexico Rulway S» c These are results for main line. Coal Co. now vests In Phelps, Dodge A Co., who have acquired d Figures here are from July 1. all of its capital stock. They will Immediately erect at Dawson coke ovens of capacity sufficient to meet their large requirements, adding e Decrease due to the faot that the Louisiana Purohase Exposition to the present business of the ral' roads a tonnage of 50,000 tons or was open last year. more monthly of oat and ooke. This tonnage, with the large in- n These earnings Inolnde the Detroit United Ry., Detroit * Port crease both eastboond and westbound to aoorue from the connection Amhorstbnrg By. Huron Shore .Line and the Sandwich Windsor & with the El Paso , Int., Rentals, etc. —. ,—Bal. o/WelEarn'gs.—. (Statement of Controlled Company for year ending Dec. 31, Current Previous Current Previous J Tear. Tear. Tear. Tear. The United States Leather Co., which is now controlled by Roads. $ $ $ $ the Central Leather Co. through ownership of $56,160,000 of Kingston Consolidated- the $62,283,300 preferred stock and $60,000,000 of the $63,- Apr. 1 to June 30 9,857 10,115 *3,442 3,577 July 1 to June 30.... 47,998 47,991 '2,600 *2,959 882,300 common stock, reports as follows : North. Texas Traot. June 11,576 10.028 16,231 11,156 INCOME ACCOUNT FOB CALENDAR TEARS 1904 AND 1903, Jan. 1 to June 30 65,347 60,546 67,519 50,414 Receipts — 1904. 1903. Boranton Ry. Co June 18.663 18,261 20,846 19,398 Profits on sales $930,702 $303,178 Jan. 1 to June 30.... 111,936 110,122 74,049 50,499 Profits on manufacturing, including tanning * and extract 458,935 526,108 After allowing for other income reoelved. Commissions and cartage on purchases ana sales for others, Including sub. companies' products 1,807,816 1,748,786 ANNUAL REPOR TS. Interest on advances to other co's and other loans and investments 385,343 693,892 Annual Reports.—All annual reports of steam railroads, Dividends and other receipts and income from sub. companies 1,133,945 1,508.818 street railways and misctllaneous companies which have been Earnings and inoome, insurance account 208,098 published during the first half of 1905 may be found by refer- Miscellaneous earnings and inoome 4,023 "5(\05* ence to the general index in the Chronicle of July 1, the an- Total income $4,928,862 $4,830,834 nual reports being indicated in this index by heavy- faced type. Interest en debentures $316,800 $316,800 Louisville & Nashville Railroad. Interest on bills and aooounts payable 180,245 180,994 expenses 416,553 liminary Statement the Year Administrative 394,095 (In for Ending June SO 1905, J Taxes, insurance, legal and other expenses.. 174,021 146,870 The operations for the year 1904-5, compared with previous Dividends paid 3,733,938 3,733,938 years, are shown below, June 1905 being estimated: Total disbursements $4,821,557 $4,772,697 1904-5. 190304. 1902-3. 1901-2. Surplus for year $107,306 $58,137 DisbuT8€tyic?it8-~ SB ft S S! Gross earnings 38,541,672 36,943,793 35,449,378 30,712,252 See balance sheets in V. 80, p. 870.—V. 81, p. 157. Operating expenses. 26.285,864 25,141,548 23,970,813 20,902,438 International Steam Fnmp Company. Net earnings 12,255,808 11,802.245 11,478,565 9,809,819 P. 0. of exp. to earns. (88-02) (BS-OS) (67 62) (68 06) (Report for Fiscal Year Ending March SI 1905J Ine.from Invests., &o. 1,691,542 1,635,154 1,122,493 1,001,022 President John W. Dam?, under date of June 23, says in Total net inoome. 13,947,350 13.437,399 12,601,058 10.810,841 substancf Disbursements— Operations.—The constantly increasing demand has taxed the Interest 5,358,042 5,347,297 4,918,145 4.70R.345 various manufacturing plants to their utmost capaoity, so that they Rents 118,061 265,931 265,931 278,672 were unable to reduce the orders on hand. On March 31 1905 the Taxes 990.000 921,700 844,474 832,074 orders amounted to $4,510,000. Considerable time and money Sinking fund 151,000 unfilled 146,600 144,400 141,100 have been spent In the development of the oentrifugai and turbine Accrued Interest.... 26,240 pnmrs, gas engines and water meters. The engineering and manu- Ui'fnuded discount 127,155 53,464 facturing departments have made many Improvements on the stand- 8. A. 123,343 &N. RR 67.700 89.905 71,877 pumps, and have applied for letters patent covering many new Dividends ard (6)3,6O0,CO0(5)3,00O,OC0 (3)3.000,000 (5)2,875,000 designs and devioes. Improvements.—The year just closed has marked the transfer of Tot. disbursem'ts.10,366,686 9,749,228 9,390,010 8,960,532 the Henry R. Worthington plant from Brooklyn and Ellzabethport to Burp, over dividends. 3,580,664 3,688,171 3,211,048 1,850,307 Harrison, N. J. This occupied several months and occasioned a con- -V. 80, p. 2344. 1913. siderable Interruption In the business, so that there was a large falling off In the production and shipments. The loss In production, together New Mexico Railway & Coal Company. with the moving and other expenses incidental to the starting of the new plant, has resulted in a deorease In the profits. The new works (Report for Fiscal Year Ending Dec. SI 1904. are now praotioally completed and In full operation, standing unsur- passed In the manufacture of pumping and hydraulic machinery. President C. D. Simpson under date of May 1 says : The removal of the operations of the Holly Manufacturing Co. from Water piopplt .—The difficulties of operation entailed by poor water Lockport to the enlarged Snow plant at Buffalo was also finally com- have been In great measure overcome by the drilling of deep wells and pleted early in the fiscal year, and the Lockport plant Is now unoccu- the installation of water treating plants which provide an ample sup- pied and to a large extent dismantled. The machine tools, etc., ply of fairly good water. be onglng to the Holly oompany are, however, Independently main- Labor Difficulties Overcome.—The oontinued and very unjust tained and segregated within the Snow plant at Buffalo. demands from certain lab >r organizations employed in our shops and Since organization in 1899 there has been paid a total of $6,082,- mechanical department, which have cau .Iri.Y i:», 1905.] THE CHRONICLE. 209 Krowlee Steam Pnmr Work?; Holly Manufacturing Co. Tho changes Texas Pacific L<4ud Trust. in the capital assets aeconnt arl->e mainly from expenditures made tor the new plait at Harrison, and lor lujprove.ueut* aua additions at (Trusteed Import for Fiscal V- ar Knlii.g Dec SI 190',.) other plants, showlug a tot*l expenditure during the year for tb>ea Tbe trmteea are Charles J C-mii and Slrmon J. Drake, purposes of Sl^eHJ^B. The unused plants, with the exception of that at Ellsabethport, a-e now available for eale. There are no Edwin Eiustein having died, Chairman CancU says: eh iDges of Importance m dt-r capital liabilities. The trustees were able to purohase 3,000 shares ($<00.noo par The current assets aud liabilities. Including materials, supplies, bills value) of the proprietary oortlrljates from the aurpiua (uwdn received receivable (le-s reserve forbad debts), oash. etc. aggregate $- by the trust in exoens of the amount necessa-y to pay taxes and tho 8'.^; lessourrent liabilities, $3,748,136; net balance, $l,5ti\6t-0. This expenses of the trust, the said 3,000 uliare* having been purchased in amcunt Is $1,384,573 less than last year, which, however, 1» fully the open market at an average price of $i2 40 per share, and canceled accounted for by the expendltnree for additions to plants already re- ferred to. The inventories have been valued as nearly as poislbie at General Manager W. H, Aoraim saya in part: co-t There were sold during the year 19.922 acres of Und for $62,090, or The balance of previous surplus was SI. 403.903, and the net addl an average of $3 11 -f per aoro, of which amount, 51 p. o. was paid In tlon thereto lu I9u4-05was 1888,636; total undivided profits March oash and 49 p. o. in notes bearing 6 p. o. Interest aud seoured by a first 31 1905 $1,692,538. The dillereuee between thla amount and the lien retained on the properties so'.d; also 47i« town lots were sold for account In the sub| lined acoonuts. 2,25v,03l sum at oredlt of surplus $ , $\18ft. The average per aore, etc, obtained for lands aoiil h M been -ts of the accumulation of undivided profits of Henry R. Worth- approximately In 1H"9, $2 02; 1900, $2 37; 1901, $2 50; 1902, $2 58; liu-ton and the Holly Manufacturing Co., which had aoorued prior to 19)3. $2 84; 1^04, $3 11. their association with the International Steam Pomp Co.. and whloh At the olose of 1904 the number of aores of land under lease were are treated as part of the capital acoount, and are therefore not con- 2.602.675, the agreed aunial rental on which was $93,725; of this sidered to be available as undivided profits of this company. amount, however, only $8.1.022 was oolleoted during the ye »r. In Bali of IHdentdris.— Sinoe the olose of the year $l,tk'U,O0O of the 1904 85-: 9 p. o. of all your remaining lands were under lease, as debentures have been sold at par and aoorued interest, and the pro- against 84-23 p. o in 190?, 8453 p. 0. in 190 J, 8a-80 p. o. in 1901, 74 ceeds devoted to the reduotljn of the floating debt. p. o. m 1900 aud 73 p c in 1899. The average rAte of rental per aore 2-86 2-.-I5 Results for four years have been as follows: obtained in 1899 was cents; in 1S00, oents; in 1901,2-99 cents in 1902, 314 + cents; in 1903, 3-27 + ceat<, while in 1904 the 1904-5. 1903 4. 1902-3. 1901-2. average of all outstanding leases was 360 oents per aore. $ $ $ Of the 2,602,675 acres of land under lea*e Deo. 1 19041,034.194 are Profits from manuf'g and situate east of the 103d meridian of west loDgltu(l>>, that la to say, trading, all oo's 1,617,436 1,927,430 2,086,101 1,740.202 east of the ea»t lino of New Mexico, extended southwardly. Praotl- Misc., dlv., int., eto 124,147 109,308 27,264 54,951 oally every aore of your land east of the said line is under lease. The Htlpulated rental covering the 1,034,194 aores ea 210 THE CHRONICLE. [VCL. LXXi.1. KCMIlElt OF TELEPHONE INSTRUMENTS IN USE. Baltimore & Ohio RR.—Common. Dividend Increased.— Feb. 1 04. Feb. 1905. March 1905. April 1905. The directors on Wednesday declared a semi-annual divi- 06,637 69,045 70,' 23 70,882 dend of 2J4 p. c. on the $124,272,060 common stock, payable for of $175,043; for Feb., The gross earnings month Jan. 1905 were Sept. 1 to holders of record Aug. 15. This places the stock Stl74,:sh'4; March, iT-82, 124; April. $188,135. The policy of the oom- on a 5 c. basis, 4 o. in the past, the first dis- pai y is to nte Its net ru> plu» lor additions and betterments and under p. as against p. the- bend of expense* for maintenance alone we expended for the year tribution on the common having been made in 1900. than maintained the ending April HO 1905, $579,955, whloh more The Pennsylvania BR. Co. purchased a large interest in 1900 01 and of April j, Inii'.'Hl eondl'lon of the property. stated In our report At on Jan. 1 1905 owned dlreoly $21,490,000 preferred and *30,293,300 1 II Dec. 31 1904, together with 11105. ibe atlne debt outstanding common stock; also—through the Njrth-irn Central and Phlla. B. W. piovldfd for & lar^e expenditures lor new construction, has all been (eaoh owning one-half) -$2,000,000 p-eierred and $1,56 £,000 com- bonds, the total bond, debt at cut of 'huBurplDsearnines and the pale of mon stock, and th'ou/h the Pennsylvania Co. $5,000,000 preferred being >, including bonds recently Issued fjr the present time $ 191,000, and $11,044,000 common stock. ex'en^lone and additions. The oontlnued large growth In tha number of the patrons Is a strong endorsement of the looal management An additional 1 p. c. per annum on th3 Pennsylvania sys- RESULTS OF OPERATIONS. tem holdings of common stock amounts as above to $428,999. 11 months 4 months Year -V. 81, p. 30. ending ending ending Dec. 31 1»04. Apr. 30 1905. Apr. 30 190J. Branford (Com.) Lighting & Water Co.—SJd —See Con- $1,839,704 $719,637 $2,089,701 solidated Ry. Co, below.—V. 81, p. 154. Oper. exp , inol. taxes, inalnten. and rentals... 1,311.301 500,098 1,493,656 Central of Georgia Ry.—Bonds.—A press dispatch from Macon, Ga,, states that the directors on Jaly 10 "decided to Net earnings $498,403 $219,539 $396,045 Interest on bond, and issue lulO.OOO in bonds for the purooseof opening up valuable $207,904 $82,804 $234,883 coal fields in Northern Alabama." Organization expense 32,168 First Vtce-Piealdent Liwtoi is quoted : Dividends on $2,235,000 125,675 45,700 137,100 The traot covers about 9,000 acres of a Hie quality of steam coal. The Central has acq lired oontrol of this traot and the Tannel Coal Co. Balance to surplus.... $132,657 $91,034 $224,061 has beea orgaalzod. The traot lies In the Upper Cab. aba coal field in connecting road, under —V. 80, p. 1482. 8t Clair ounty. Ths now construction, will be about 10 miles long and will oonneot with our Henry E. leu spur. Tamarack Mining Atier the fields are developed there will be an output of not less than Co. 2,000 tons a day, giving the Central an lnoreased coal tonnage and (Report for Fiscal Year Ending Dec. 31 1904. providing a supply of fuel for our own use. The bond issue of $600,- 000 is secured by mortgage on the road and will bear interest at 4 per Last week a dividend of $2 per share was declared, paya- cent—V. 80, p. 2457. ble July 29, The last previous payment was $1 53, on Jan. Leases 21 1904. The annual report issued a few weeks ago shows fMcago Union Traction Co.—Amenitd Hell Valid. that the company during the year 1994 prodaoed 14,931,883 —Judge Julian W. Mack, in the Circuit Court on July 5 in the brought by J. J. pounds of fine copper; in 1903 15,283,093, and in 1902 action Townsend, Dtvid Kohn and to 15,961,528. other minority stockholders, prevent the reduction of rentals leased lines under The profits and assets and liabilities were as follows: to the company's the terms of the amended leases (V. 77, p, 249, 1746), held that the Receipts from Total Net Dividends Balance, Tear. copper, etc. cost. incone. paid. surplus. iatt r are valid. The decision is based largely on the ruling 1904 .$1,981,362 $1,780,552 $2l)0,s09 $:,'0,000def.$llo.p09x of the Court that the Illinois Trust & Savings Bank which 1903 2,042,223 1.734,510 307,713 307.713X held $3,200,000 West Chicago Street Ry. and $2,000,0 JO North 1902 1.941,907 1,744.(^99 197,^08 ...... 1S7.308X c Street in for the 1901 2,627,954 1,8 0,^48 807,406 1,200.000 def.392, .94x Chicago Ry. stock trust two companies, re- 1900 3,299,077 2,099.936 1,199,141 1,020,000 179,141 spectively, had the right to vote thereon in favor of the 18*9 2,952,099 2,211, «>88 740.511 600,000 140.SH amended leases. 1898 2,381,389 1,862,507 518.S82 480,000 38.882 Mayor of Chicago on July 5 outlined 1897 2,267,341 1,836,*10 431,531 360,000 71.531 Plam, — Danne 1896 1,746,188 1,377,492 3 J0.697 360,000 8,697 to the City Council a'ternatlve plans for his proposed 1895 1,515,173 1,113,008 402,165 400,000 2,165 street railway system, one by municipal ownership, pare and simple, the other (which he favors, since, in hts x In addition $161,959 was spent for construction In 1904; $22,647 In 1903; $154,878 in 1902, and $281,240 in 1901. opinion, the conditions are not favorable for construction and ASSETS AND LIABILITIES DEO. 31. operation by the oity) through granting a 20-year franchise 1804. 1903. 1904. 1903. to a company which shall be managed by five persons pos- Assets — t Liabilities- $ sessing the confidence of the people. This company might Cash & acots. receiv. Accounts payable at at Bjston and cop- mine 218,212 184,016 at once build 100 miles of track, later increasing it to 240 per not paid for ... 649,130 706,fl60 Accounts and bills miles, and pay for it by sale of capital stock, or rather cer- H. &C. RK. bonds... 99,000 99,000 payable at Host >n, li.Sup. smelt'g stock loo.wo 100,000 including advance* tificates of beneficial interest, the stock itself to be deposited Min. Range RR. stli 861,700 361,7<-0 on copper sold and ia trust to prevent outside control. Mayor Danne's plan Cash and accounts not, paid afor 858,416 827,801 at mine 139,491 63,«40 Dividend payable is baaed on the city's claims in the franchise litigation, and Supplies at mine .... 2&S.462 3u0,t5'J Jan 1904 90 000 disregards the recent decision of t be United States Cirouit Woods and timber Balance or aBsets 815,983 777,031 lands 241,787 243,729 Court upholding the 99-year franchises of the Caicago Union Traction Co. (V. 78, p. 2333; V. 83, p. 1038). Tne local trans- Total assets 1,892,511 1,878.879 Total liabilities. .1,892,511 1.678.879 —V. 81. p. StJ. portation committee, proceeding on the belief that the city desires a united traction system and not part of a system, is understood to be considering other proposition.—V. 80, p. GENERAL INVESTMENT NEWS 2343. City Railway Co., Whesliug, W Va .—See Wheeling & RAILROADS, INCLUDING STREET ROADS. Elm Grove Ry. below.—V. 79, p. 2795. Atchison Topaka & Santa Fe Ry.—Bond * Offered. —Pfaelzer Consolidated Ry., Con ..leeticit.— Terns of Purchase.—Th & Co.. 25 Broad St., are off ring at 10 ) and interest Extern entire $30i),00l) capital stock of the Branford Lighting & Oklahoma Division first mortgage gold 4 p. c. bondtt, due Water Co., we learn, was pui-chasedon the basis of $S33^ per Mur. 1, 1923. Authorized issue, $10,000,000 ; outstanding, snare (par §100), payable in 4 p. c. bonds of the Consolidated $6,128,000, a first lien at $20,000 per mile.—V. 81, p, 30. Ry., dated Jan. 2 1905 and due Jan, 2 1955.—V. 81, p. 155. Atlantic Coast Liue UR. — Bands fo* Co mectidut Savings Cripple Creek Central Ry. Fist Divideni.—This com- Banks. — The Governor of Connecticut has signed the bill oany, successor of the Denver & Southwestern Ry., fore- this : making company's first consolidated 4s o' 1952 a legal closed, has declared a dividend of 3 p. c. on its $3,000 000 of investment for savings Connecticut banks.—V. 83, p. 1174, 4 p. c. non cumulative preferred stock. The general 5s and Atlantic Qaebec & Western Ry.—Bonds. —Tae shareholders fl mating debt of the old company were exchanged for 60 p. c. were to meet at the office, No. 120 Bishopsgate 8w, Within, in the new preferred stock and 50 p. c. in the new common London, Eng., on June 12, to vote on authorizing an issue of stock.—V. 79, p. 1461. $9,050,000 bonds and the execution of security therefor on the Delaware & Bound Bio k RR.—Refund ng—The holders company's property. of the |l,500,000 first and $300,000 second mortgage bonds A. F. Dixon, United States Consul at Gaspe, Canada, says: which mature Aug. 1 1905 are notified by advertisement in The company has a Dominion oharter and a subsidy of $6,400 a the daily papers that the Pniladelphia & Reading Ry. Co. mile from the Federal Government; also a grant from the Legislature has signified its intention to pucchase the above mentioned of the Provinoe of Quebec of 4,000 acres of land a mile, which must be sold to bona fide settlers at a maximum price of $2 an acre. The road, bonds at maturity, and the amount du9 thereon will be paid ia to run from Gaspe Village to Causapoal, on the Intercolonial Rail- therefor on presentation by Drexel & Co., Fifth and Cnest- way, abont 170 miles in length. The main ob ->ot, it is j understood, is to nut sts., Philadelphia. Holders who present their bonds to connect with a line of fast steamers to Greao Britain, thus avoiding the firm not later than Ju'.y 15 1905 have the option, upoa the dangers of the Sf. Lawrence Kiver, and also gaining some 2 i hours In time over the present route from Montreal. The same company has the payment of 1 p. c. premium, of having their bonds ex- undertaken to build the'remalning portion of the line along the Ga3pe changed for first mortgage consolidated gold bonds of the coast, a distance of about 100 miles, to connect with the existing Delaware & Bound B.ook RS. (total issue $1,800,0 JO), to be Atlantic Successor.— for H statement Farnnille & Powhatan KK.— See Tidewater Security New mdi,—The mud i to the New A Western RR. below.—V. 80, p. 24V7. York Stock Eichauge under date of Jane 1 contains the fol- information as to the security for rhu Florida Ei8t Coast Ry.— Extension to K-y West .—Tae lowing general cons ill- mortgage bonds, the underlying company has began the construction of its proposed exten- dated bonds In hands of the L public and tne miles of road owned by sion from Cu ler. or Houestead, Fia., to Ky West, a dis- each company: tance of about 136 miles. Slock I' n.it rlying x \tiht Security for General Oontols— Pledyd. lSjudu, i tc. (ait track). or the new line, abont 3ft miles, it is said, will be trestle work over Kntlre railroad and equipment of water and the balance will be built over k->ys. partly rook an 1 partly LehUh Valley KR or fa.. Puil- submerged. This extension is expected to replace the survive of the llnsbnrg, N. J., to WUkes-Barre, Pcn'nsnlir A Occidental Steamship Co., and. It was estimated, will Pa , with lira. dies None. d$34,OOO,O0O 799-70 take eevf ral year* to construct, owing to the dlfil'Ult engineering f«>at Real estate lu Philadelphia, Jor- urea connected with 1:. From Key WtMt It Is proposed to operate a a^y City, Bayonne and Newark, Hue of large ferryboats to Havana, Cab*. 85 miles distant. In place of whioh oost $i.ll2,7-<0 115.000 the present servloe of the Peninsular & Oooldental Sto.miship Co. — V. Lehigh Valley Ry (N. Y.) . 1i M*.i)80,U >0 «M7,M 1,000 914-78 75. p. 906. Lehigh V*llt-y Rrt. of N. J 1T2O.S08,u09 d ..a.OOU.OUO 44» 08 GilTfBton Harriebirg & San Antonio Ry.— See Gulf Loyalsook RR 1U?iO,000 r-9-87 Kaston & Northern RR 11 1 00 ,000 Pacific Ry. York Tex?s dM.OHO 15 72 W-stf rn Texas & and Now & Mexi- Pa. & N. Y. Canal & RR. Co al, 0*1,200 dlO.oOO.OuO 414'82 can Ry. below.—V. 80, p. 1912. Lehigh & N. Y. RR Co. (p-of.).... b.',168,506 ¥,' 0i\000 14 >h6 Bohuyikili 212 THE CHRONICLE- I Vol lxxxi Metropolitan West Side Elevated RK., Chicago—May transferring the power of granting franchises from th3 Carry Freijht and Express —The Chicago City Council on Board of Aldermen to the Board of Edim*te and Apportion- July 10, by a vote of 53 to 13, granted the company the right ment. Justice Truax also granted an injunction in a suit in to conduct a freight and express transportation business for which Franklin Pettit is plaintiff , restraining th=> Board of ten years.—V. 80, p. 2458, 1424. Estimate and Apportionment from dealing with the qies'ion of private Atlantic Missouri Pacific Rj. Co.—Application to List.—Tae New franchises on the petition of the Tele- phone Co., the Port Chester RR. Co., the York Stock Exchange has been requested to liafc $35,000,001 New York & Nassau Electric Co., the Southern Boulevard Co. 40 year 4 p. o. gold bonds of 1950, part of the authorized RR. Ry and the issue of 150,000,000 dated 1905 secured by Iron Mountain Union Ry. Co. Oa July 7 Supreme Court Justice Gllderslee ve modified stock as collateral.— V. 83, p. 2458. the aforesaid stay so as to permit the Board of Estimate and Receivership.— Missouri River & Northwestern RR.— Apportionment to consider plans and specifications submitted Sioux Falls, South Dakota, on July 6, on peti- At by the Rapid Transit Commissioners, and on July 14 he tion from William T. Coad, Ripid City, as attorney for For- further modified it, giving the board the right to adopt the est O. Murdock, Judge, Carland of the United States Court tunnel recommendations of the Commission, but without the appointed George B. Horr of Chicago receiver for this com- right to complete any contract until the constitutionality of pany and the Dakota Wyoming & Missouri River RR., rep- the law is determined. Tne board thereupon adoDted all the resenting about 81 miles of road between Rapid City and routes which the Commissioners recommeaded—V. 81, p. 32. Mystic in the Black Hills.—V. 80, p. 222. Reading Company.—Refunding.—See Delaware & Bound New Orleans Railways.—Sold.—At New Orleans on July Brook RR. above.—V. 80, p. 2622. 8 the company's real estate, etc., was bought in at receiver's sale for $3,500,000 for the reorganization committee. Judge Bio Grande RR,, T^xas.-- Control —Last June $130/.03 Lanning, at Trenton on Juae 24, confirmed the sale of the of this company's $255,2f capital stock, being a controlling in- security holdings to the committee.—V. 80, p. 2622, terest, was purchased by A, G. Edwards & Sons of S:. Louis at a price reported as $30 per share, par $100. The road is a Orleans Terminal.Co.—Franchise Valid. —The officials New narrow-gauge line, extending from Brownsville to Port of the St. Louis & San Francisco RR. Co. state that the Isabel, 14 miles; it has outstanding some $19,000 first mort- Supreme Court of Louisiana has decided that the franchise gage 6s, due April 1, 1915. granting the right to lay tracks along the banks of the Mis- sissippi River is perfectly valid in every way. See V. 81, p. Roek Island Southern Ry.—Mortgage.—This company, 155. which is building an electric road between Galesburg and Newport News & Mississippi Valley Co -Final Distribu- Monmouth, II., has made a mortgage to A. N. Eiwards aid tion —Judge Case in the Superior Court at New Haven, W. V. Dalahunt, respectively Vice-President and Trust Conn., on JuneS6, ordered the payment of a final dividend of Officsr of the Commonwealth Tru^t Co, of St. Louis, as trustees, to issue of first 86 p. c. on the allowed claims, which aggregate $61,447. Re- secure an $1,500,000 mortgage 5 c. are outstanding. ceiver Edmund Zicher of New Haven. Conn., Is allowed p. gold bonds, of which $325,000 The $2,445 for his services as receiver. This winds up the aforesaid line is expected to be completed in about 90 days. aff iirs of the company.—V. 60, p. 1146. The bonds are dated May 1, 1905, and due May 1, 1945, but subjaot to oaU at any time after May 1, 1910, at 105 and Interest; denomina- York Texas & Mexican Ry.—Sale.—The sharehold- New tion, $1,000 and $500; Interest payable Noy. I and May 1 at the Com- ers will vote Aug. 8 on selling all the property and franchises monwealth Trust Co., 85. Louis. The mortgige co ve-s the entire prop- to the Galveston Harrisburg & San Antonio R7. Co. —V. 78, erty, including the road owned in fee from Qale6barg to Monmouth, 111. Of the new bonl issue $1,175,000 is reserved for bettermeats, p. 702. extensions, etc. There are no prior liens. Capital stock authorized Norfolk & Western Ry.—Listed.—The New York Stock and lsfued, $1,500,000, all common; par of shares $100. President, Exchange has listed $690,000 additional first consol. 5s of 1966 M. A. Walsh; Secretary, J. W. Walsh. Offioe, Rook Island, 111. issued lor constructions, additions and improvements, making St. Lonis & Northeastern (Eiectrlc) Ry.—Increase of the total amount listed $40,400,500 (V. 79, p. 213).—V. 81, Stock. —This new company has filed a certificate of increase p. 81. of capital stock from $400,030 to $1,030,000. Compare V. 81, Northern Securities Co.—Distribution of Assets to be p. 156. Temporarily Su$per preeent terminus at Farmvllle, Vs., to the city of Dinvllle. and its transmission to raining dlstriots and towns in North- Vs., and the city of Lynchturg, Va. Officers and directors ern California. E. W. Sutoltffels interested. (all of Richmond, Va.,) are : Black Diamond Anthracite Coal Co., Pottsvllle. Pa.— Thomas F. JefTress; VIoePresldent. William M. Habllston; President. Old Management Re-Elected. — At the annual meeting Gen. Manager. T. M R Talooit; Sec. and Treas.. O. M. Wilson. on 30 President T. V. Powderly was re-r Dlreotors : Win. M. Habllston. Pres. National Bank ot Virginia; June looted, W. S. James N. Boyd, Pros. Planters' National Brink; John 8. Bill tt, Pres. Cnamberlin was made Secretary aDd Treusurer to fucceed B. Preo. Ui Ion of *tate Bank of Virginia; J. Beasley, Bauk Richmond; David Bonner, Treasurer, and W. S. Osgood, S-creUry; and L. L. Lewis. ExJud^e of Virginia Court c f Appeals; H. W. Anderson. the board was increased from seven to twelve memb-rs, viz : No stock has yet been issued and no mortgage bonds de- T. V. Powderly. Washington; Wllllim N.Johnson. Manoliontur, N. H .-. npon. cided FrederloK P. Mable. Lowell, Maes ; Kdgttr H. AUlrich. Rutland, Vi.; L. Ensworth. Hartford. Conn.; Augustine L. Bills, Hartford, Bowllngflreen & Southern Traction Co.—Change [jester Toledo iv mi.; Ubarlea B, Falrohlld, Seymour, Conn ; Prark P. Christian, Baynn-io, N. .1 in Control.— It is generally believed that control of this scranton; Pa.; W. 8. Ohtiniberllu, ; David B Miner, New Co well, Wrentham, Mass ; ELderkln, company has passed, or is about to pass, into the hands of York; Hiram John New York. the Elkins and Widener interests as part of their proposed Herbert Limberger, 19 William St., New York, is counsel Toledo Cincinnati Hce. See Lima FindJay & Toledo Ry. in and Edward L Lazarus, 81 Gold St., Secretary of a stock- V. 80, p 2344, and Lima Electric Railway & Light Co. in V. holders' protective committee. 81, p. 155 —V. 79, p. 2797. Annual statement of May 31 1905 Is reported as showing: assets, $1,066,185, namely: Mines at Branchvlllo, Suit Total Pa., $500.- United Railw.sja of St. Lonis.— Against Syndicate 000; bonus sales of treasury stock, $145,457; plant, $140,534; nota- Dismissed.— Judge Pollook, in the United States Circuit tion acoonnt, $133,870; miscellaneous, $146,324. Capital stock, dollar shares); Court in St. Louis on July 1, dismissed the bill of complaint $1,000,000 (In one aooounts payable to Peter Whitney, aooounts payable to other creditors, $3,839.— in the action brought by Cella, Adler & Tillee, as owners of $62,346; V. 75, p. 137. 11,000 shares of St. Louis Transit stock, to enforce rights Carolina Co.—Extension of South tion scheme. The Court held that the proposition made by South & Western Ry. , probably to the Toms Creek coal fields, the complainants, after the syndicate agreement had been as well as to a connection with the Seaboard Air Line in entered into, that they receive their proportionate share of North Carolina. The South & Western is now controlled by the securities released, in kind, which was rejected by the the Seaboard interests. managers, discharged the latter from all obligations to per- Car Trnst Investment Co., Limited.—Reorganizat'on. —The mit the complainants to participate in the syndicate agree- reorganization plan, which contemplates the nursing of the ment. Compare V. 79, p. 2087.—V. 80, p. 2622, main assets, was outlined last week (page 157). The oresent Vandalia KB..—Allied Coal Property.—See Vandalia Coal capitalization is: £470,000 4 p. c. debenture stock; £500,000, Co under Industrials below. 5 p. c. pref. stock; £5C0,C00 ordinary shares, on which Hdd Liable.- See Terre Haute & Peoria RR. above.—V. £125,000 has been paid up. Managers, Dent, Palmer & Co., 81, p. 32. London and New York.—V. 81, p. 157. West Chicago Street RR.—Amended Leases He'd Valid.— Central Leather Co,—Luted.—The New York Stock Ex- 165. See Chicago Union Traction Co. above.—V. 80, p. change has listed $28,080,000 first lien 5 p. c. bonds of 1925, Wheeling & Elm Grove Ry.—New President. — Henry $28,080,700 preferred stock and $37,397,600 common stock. Schmulbach has been elected President, bringing the com- Earnings.—See page 208 of this issue. pany into close alliance with the City Ry., of which Mr. Acquisitions.—The Boston News Bureau says : is director. City Ry. Co. is competitor Schmulbach a The a Under Armour management the United States Leather Go. (whose of the Wheeling Traction Co. and owns 12 miles of traok. catital stock is nearly all owned by the Central Leather Co.) Is Compare V. 79, p. 2795.—V. 79, p. 1024. expanding In the sole-leather field. It has acquired the three tan- neries controlled by Lucius Beebe A Sons of Boston and the tanneries Wisconsin Minnesota & Pacific RR.—Listed in London.— of the Independent Leather Mfg. Co. at Elmlra, East Randolph, The London Stock Exchange has listed $2,170,000 first mort- Laresboro and Hornellsvllle, N. Y.. and it is understood that there will acquisition*. Beebe tanneries are the City gage 4 p. c. 50-year gold bonds cf $1,000 each, No?. 1 to 50, be farther The Queen ot Pennsylvania and the Elk Valley and Blue Ridge tanneries in the 101 to 150, 201 to 407, 424 to 2,022, 2,701 to 2,735, 3,151 to South. This purchase lnoludes tanneries, bark, bark lauds and 8,185, 3.551 to 3,278, 3,135 to 3,500, 3,801 to 3,850, and 3,951 to leather in prooess, and purchase price was rising $1,000,000. These Lucius 4,000.—V. 80, p. 1858. tanneries have a capacity of 1,800 sides of leather per day. Beebe & 8ons retire from the sole-leather business in order to devote Tosemite Short Line Ry.—Bonds.—The shareholders their entire attention to their extensive upper-leather interests. The will vote Aug. 29 at the Croesley Building. San Francisco, Independent Leather Mfg. Co. tanneries were purohased at auction for $130,600.—V. 81, p. 157. upon making an issue of f 875,000 bonds. The company was incorporated last June with $1,250,000 authorized capital Central Union (Bell) Telephone Co.—Acquisitions.—This stock in shares of $100 each to build a 60 mile extension for company, controlled by the American (Bell) Telephone & the Sierra Ry, from a point in Tuoltmne County, Cal,, two Telegraph Co., has recently made several important deals miles south of Jamestown, into tbe Yosemite Valley, with with independent telephone companies, the faots regarding branch from Crockers Station to the Hetch Hetchy Valley, 10 the same being reported as follows: mi.'es. Surveys for the new line are about completed, and The entire 1,000 shares (par $50) of the Central Energy Telephone Co. of Franklin, Ind. (1,300 telephones), has been purchased for $115,- construction, it is thought, will begin shortly. 000. Arrangements have been made to sub-lloense all the indepen- dent exchanges in Jaokson County, Ohio, the Jaokson County Com- pany adopting the Bell instruments in its exohanees at Jaokson, Wellston, Coalton, Oak Hill and Hamden, a total of about 1,300 sub- scribers. The United Telephone Co. of Bluttton. Ind., which owns the INDUSTRIAL, GAS AND MISCELLANEOUS. exchanges and toll lines in Wells, Grant, Blaokford and Huntington counties, Ind., and has 5,000 subscribers, has rooome a sub licensee American District Telegraph Co., New Jersey.—Leas*.— of the Bell, using its Instruments. The United has $480,000 The sto( kholders of the National Automatic Fire Alarm Co. bonds and $300,000 stook outstanding. The Clt'zenb' Telephone authorities for of Cincinnati have voted to lease their property for 25 years Co. of Kokomo has applied, or will apply, to the city an amendment of its franohlee permitting it to enter into a oontraot to the Ohio Messenger & Telegraph Co., a holding company with the Central Union,—V. 80, p. 2396. organized in the interests of the American District Telegraph Challenge Cutlery Co. of Bridgeport, Conn.—Bonds.— Co, of New Jersey.— V. 80, p. 648. This company is reported to have made an issue of $50,000 American Tobacco Co.— Purchase.—This company or its 6 p. c. mortgage bonds of $1,000 each. subsidiary, the American Scoff Co., purchased for a sum has Chicago Junction Ry. & Union Stock Yards Co.—New Di- rumortd to be |1,I 00,000 or $2,000,000 the Weyman Brothers rectors. —George H. Norman and Mark T. Cox of Boston Tobacco Co. of Pittsburgh, said to be the largest independent were recently elected directors, succeeding John A, Spoor manufacturers of tobacco in the United States. The Ameri- and William C. Lane, Of the ten directors, seven now rep- can Snuff Co., in a circular to its customers, says : resent Boston Interests as follows: We take pleasure In announcing that we have succeeded to the Nathaniel Thayer (President), F. H. Prinoe (Vice-President), George exclusive right to sell snuff of Messrs. Weyman <& Bros , Pittsburgh, P. Gardner (Vloe President), Gordon Abbott, Eugene N. Foss, George Pa., and we enclose price list In which we qaote Copechagen snuff.— H. Norman and Mark T. Cox.- V. 80, v. 869. V. 80, p. 1055. (lafliu(H. B.) Co.- Statement for Half-Year. —The earn- ijax Portland Cement Co.—New Enterprise.— ft C. Ben- ings for the months ending June 30 19i:5 compare: nett & Co., No. 18 Wall 8treet, recently offered a block of 6 this strck timos.lo Ntt Dividends Dividends Balance, Total company's $1,000 000 8 p. c. cumulative preferred *ur/ June ZO earns, on pref. on com. surplus. at per share, with $85 par $100, giving one share of common 1905. .$317,934 $142,125 (4) $153,164 $22,645 11.885,087 each two shares of pref. as bonus. An advertisement says: 1904.. 310.760 142,125 («) 163,164 15,470 1.276,7:14 1903.. 303.994 142,126 (4) 153,164 M.705 1,240,, 61 The company is preparing to build at Patternburi?, N. J., at a cost 22.088 1. £15.160 of $360,COO, a plant with a dally barrels, whloh by 1902.. 317.377 142,125 (4) 153,164 oapac:ty of 1.5O0 7.808 1.140,905 the expei ditnre of $100,000 additional oan he Increased to 2.500 1901.. 303,097 142,125 (4) 153,164 barrels. Incorporated under the laws of New Jersey. Authorized Pre3. Claflin says the outlook Is satisfactory.— V. SO, p. 161 capital property stock $1,000,000 common and $1,000,000 preferred; Divide* lnoludes 230 aores on Lehigh Valey RR. Preferred stoak to tlii < ollins Company, Hartrbrd, conn.—Seetra amount of $250,000 waB underwrlttfn and $100,000 subscribed by At the meeting on July 5 the regular petal annual dividend the directors aDd their friends. bonds. Pre»ldent, O. Beni.ett. No H of 8 p. c. was declared on the $1,000,000 capital stock, an — c Doth Battle I reek (Cal.) Power Co.—Bond I»tue Authorized the B*me time an extra dividend tor the year of 2 p. , The shareholders, at a meeting held at San Francisco (628 payable July 15. This makes the total amount distributed ot Mottgomery St., room 33), on June 5, authorized an issue in dividends for the late fUo il year 8 p. c. of $1,000,100 20-year bonds to provide for the construction a The company. Incorporated In the '60s, manufacture axes, *to. hydro-ekctric pl&nt on Battle Cieek in Shasta Ccunty, Cal., The annual dividend rate has been 6 p. o. for the past twenty yean. , 214 THE CHRONICLE. jYOL. LXXXI. No bonds. OtHoerp: President, Edward H. 8ears; Vlce-Pres. 1907—Nevada N. Stranahan, Colleotor of Port of New York, and Charles Hopkins Clark; Seoretury and Treasurer, Meigs H. Whaples. D Cady Herrlck, Demooratlo nominee for Governor of New York In last election. Colombia Straw Prper Co.— Settlement.—Vioe-Chancellor 1908—Nicholas Murray Butler, New York, and Charles Zehnder, Pitney, at Newark, N. J., or June 29, signed a deoree direct- coal, Philadelphia. -V. 81, p. 33. ing Receiver Frank P. MoDermott to accept the offer of (General Apphult Co.— Speti .1 Commissioner to L.ventigate promoters and Samuel Uhtermyer and other defendant Venezudecn Situation.— President Roosevelt has appo'nttd stockholders to nettle the pending litigation by paying to the Judge William J. Calhoun of Chicago a special commission receiver this will be applied to $170,000. Of Bum, $30,000 to go to Venezuela and investigate conditions therein so far receivership and legal expenses, and the remaining $140, COO as they relate to the United States and its interests.— V. 80, will per the euitcf Solomon be held ding the ontcome of p, 2223. Marx, who seeks to be deolared a preferred creditor. (The) Gorhsim Manufacturing Co.- New Stock— Suit.— The company was Incorporated In 1^92 to consolidate a large number of straw board mills, and tfteurd $3,000,000 oommon stock Vice-Pree. George Robinson, at Providence on June 30, filed and $1,000,000 preferred stock and $1,000,000 bonds. On February an attachment of $3,00^,000 against the capital stock cf the 23 1901 ihe property was sold under foreclosure for $10,000. Subse company owned by President Edward Holbrook, allegirg quently suit was brought against certain of the stockholders ard that an sgrf into by the latter promoters on the ground that they had Issued to themselves without ement was entered to transfer consideration $2ob,ooo of the preferred and $100,000 of the oommon to him 15,500 shares of the common stock, but that although stock.- V. 72, p. 393. the stipulated sum was tendered, the stock was tot delivered as Consolidated C July 15, 1905. | THE CHRONICLE. 215 olslCableCo. and President of the Amerloan Exohange Nat. Bank, New proposed plant. A Boston paper says: "An issue of $1,600,- Piatt, Treasurer and Dlreotor of Commercial Yoik) and E.iward O. 000 6 p. o. bonds at 97>.^ is provided for not later than Janu- Cable Co —V. 80. p. 2462. ary 1906, and a similar amount will be offered a year after- Massachusetts ttas Companies.—Reduciim in Price of wards." President is Andrew W. Preston, President of the Gas to City of Boston.—Tuts subsidiary Boston Consolidated United Fruit Co.—V. 71, p. 88. Gas Co. recently sent a letter to Mayor Collins stating: Oklahoma [City] Gas & Electric Co.— Offering of Guaran- The oompinv will famish gas to the publto buildings of the city of tted Bonds -Far n lugs.— See People's Gas Light Boston, commencing July 1 1905, at the rate of 79-30 oents per 1,000 & Fuel Co., cublo feet, and on Jan. 1 1906 the price will be still further reduoed to Oklahoma City, below.—V. 79, p. 2151. 71-30 oents. These prices Me a reduotion from the average prloe, Oim.hii (Neb 1 Electric Light & Power Co.— 8430 cents, now charged by all the gas oompanles for gas supplied to Bonds olty public buildings. -V. 80, p. 2625. Offered —N. W. Harris & Co., Chicago. New York, Boston, and Perry, Coffin & Burr, Boston, are offering at 102 and in- National Enameling & StampingCo.—Favorable Decinon. terest, by advertisement on another page. $l,2CO.O0O firBt —The United States Circuit Court of Appeals on Jnne 28tn, mortgage 5 p. o. gold bonds, dated July 1 1903 and due July Judge Lacombe writing the opinion, ia the action of tae 1 1933, but redeemable at company's option at 105 and inter- National Enameling & Stamping Co. against the New Eng- est on or after July 1 1908 Interest payable Jan. 1 and land Enameling Co. of Mtddletown, Conn., upheld the patent Jaly 1 at Old Colony Trust Co,, Boston, trustee. "The com- of the National Enameling & Stamping Co., and granted an pany controls the entire electric light and power business in injunction and an order for an accounting against the New Omaha and South Omaha, Neb., with the exception of a England Enameling Co. The decision, we are Informed, is a small amount of power in Oaiaha, and, by ownership of very broad one, and finally settles the question as to the stock, controls the entire gas, electric light and power busi- the patent held by the plaintiffs on the manufac- validity of ness in Council Bluffs, Iowa, serving a population of about ture of single coated gray enameled ware, generally known 170,000. These bonds are, in the opinion of counsel, a first trade as "Royal granite steel ware," and this to the to the mortgage on all the property, rights and franchises of the exclusion of all other makes of gray enameled ware covered company, and are also a first lien upon over 99 p. c. of the single coat. The result not only shuts out the New with a stock of the Citizens' Gas & Electric Co. of Council Bluff but several other concerns which i." England Enameling Co., President Frederick A. Nash on July 10 1905 wrote: have started within the last two years to manufacture single- Capitalization: Capital stock, preferred. Issued, $491,800; oommon, coated gray ware. Issued, $2,007,500; tiret mortgage bonds, issued and outstanding The claims of the National Enameling & Stamping Co. against the $1,580,000. Earnings for year ending May 31 1905: Gross reoelpta, New England Enameling Co. and other oonoerns for Infringement of $379,187; operating expenses and taxes, $254,519; net earnings the patent so upheld amounts to a considerable sum, and In view of $124,668; bond Interest, $73,979; surplus, $50,689. An arbitrary the fact that the New England Enameling Co. has during the oourse of charge of $40,000 per annum against depredation is carried In opera- this Htlgatljn been obliged, under the orders of the Court, to tile with ting expenses and taxes; otherwise the net earnings would be more the Clerk of the Court a weekly memorandum of all goods manufac- than doable the interest charge. The company sh.>ws an increase in tured and distributed by them, together with a large bond for the pro- exoess of 13 p. o. in Its gross receipts over the twelve months preced- tection of the National Enameling & Stamping Co. In the event of a ing and for the first five months of the calendar yeir an lnorease of decision in their favor, will go far toward establishing the indemnity, 17 p. c. Central station of brlok and steel oonstruotlon, having an both dlreot and exemplary, to whioh the plalntlfts are entitled. electrical output in excess of 5.000 horse power. The distributing system includes a reoent investment of approximately $250,000 f >r likewise liable all dealers handling The decision makes underground oonstruotlon in the business aistrlot. Upon the absorp- such contraband goods. It stands to reason that the com- tion or the South Omaha Co., it extended Its high-tension olroults to pany will now proceed to maintain its rights a3 adjudicated. that olty and constructed there a modern sub-station which derives its power from the central station in Omaha. Has oontraoted 2646. to pro- —V. 79, p, vide street lights for Omaha until Dec. 1 1908 and for South Omaha National Fire Proofing Co.—Sale of Guaranteed Bonds.— ULtil Oct. 26 1909. issue of of . Total authoriz sd bonds $3,000,000, whioh This company has sold in Pittsburgh $1,000,030 of the new 5 $1,580,000 are now outstanding. The balanoe of $1,420,000 may be issued for 80 Manufacturing Co., author- p. c. bonds of the Federal Clay p. o. of the oost of permanent improvements, and then only provided ized issue $2,500,000; guaranteed, principal and interest, by the net earnings are one and one half times the interest charges on all the National Fire Proofing Co. The proceeds will, it is the bonds outstanding, inoludlng those proposed to be Issued, with the exoeption that esorow bonds may be issued in exchange, dollar for said, be applied chiefly to the payment of floating debt, dollar, for the underlying bonds of the Counoll Blair i Co. Annual aggregating about $900,000. The company, however, is not sinking fund from Dec. 31 1908 to Deo. 31 1931 5 p. o. of gross earn- prepared to make an official statement regarding the matter. ings, the bonds retired therewith to be kept alive and their interest added to the sinking fund. [See Citizsns' Company in V. 80, p. 2460.] See further particulars in V. 80, p. 2224. Directors: Frederick A. Nash, Western Traffic Manager Chi. Mil. & New York Edison Co.— Earnings,—The company reports St. P. By. Co.; George W. Holdrege. Gen. Man. Burl. & Mo. River RR. Co.; Nebraska National to the New York Stock Exchange: Henry W. Yates, Pres. Bank of Omaha; O. E. Yost, Pres. Nebraska Telephone Co.: Guy C. Barron, Pres. Omaha & INCOME 0» NEW TORE EDI80N CO. (INCLUDING INCOME FROM ASSOCIATED Counoll Bluffs St. Ry. Co.; Edward W. Bart. Gen Man. Council Bluffs COMPANIES; FOB FIVE MONTHS ENDING MAY 31 1905. City Water Works Co.; George E. Claflin, Vice Pres. Omaha El. L Net earnings 2,469,294 | Surplus for the period.. .1,642,463 tion tor more than 15 years. The stock is largely owned by Interests closely identified with the General Electric Co., and by prominent Compare V. 81, p. 35, 29. men in Omaha. Ferry Transporta- New York & South Brooklyn & Steam "The franchises of the company in Omaha are, in the Sinking Commissioners Authorize Purchase tion Co. Fund opinion of our counsel, unlimited in time and satisfactory of Ferry.—The Commissioners of the Sinking Fund of the from a business standpoint."—V. 80, p. 1975. City of New York adopted unanimously on June 23 the follow- ing resolution relative to the acquisition by the city of the Pennsylvania Central Brewing Co. —Second Dividend.— This company, with headquarters at Soranton, has paid a Tnirty- ninth Street Ferry : second c. the outstanding preferred Resolved, by the unanimous vote of the Commissioners of the Sink- dividend of 2 p. on stock. ing Fund, upon the recommendation of the Commissioner of Dooks. Capital stock authorized and Issued, $2,800,000 eaeh of oommon that the interests of the city of New York will not be best promoted and 8 p. o. cum. pref. (par $100). Dividend No. 1, also 2 p. c, was by leasing the franchise of the ferry from the foot of Whitehall Street, paid Jan. 2 1905. There are outstanding about $2,450,000 first Ma:.hattan, to Thirty-ninth Street, South Brooklyn, in the manner mortgage 6s due 1927 of au issue of $2,800,000 reduoed by sinking provided in the Greater New York charter; and It is resolved, by the fund to amount named; Interest payable April and October at Fidelity unanimous vote of the Commissioners of the Sinking Fand, to acquire Trust Co., Philadelphia. The oompany was organized In August 1897, the necessary real estate, property, plant or equipment for suoh ferry, under the laws of Pennsylvania, as a consolidation of itwelve brewing including the necessary terminal facilities ana approaches upon the companies located at Soranton, Wllkes-Barre, Carbondaie, Plttston, waier-fiont in the Borough of Manhattan, and to provide for the Hazieton, Diokson City and Honesdale. Pres., Charles Robertson; maintenance and operation thereof, under the supervision of the Treas., A. J. Casey; Sec, W. G. Harding. Offlae, Soranton, Pa. Commissioner of Dooks, in the name of and for the benefit of the Olty Pennsylvania Bonds Authorized.—Tne stock- of New York, upon a plan to be devised by him and approved by the Steel Co. said Commissioners of the Sinking Fund.—V. 78, p. 50. holders on July 10 approved the proposition to issue $1,500,- OjO the cost of new by-product coke Nlpe Bay Co., Cuba.—Financed.—This company, organ- new bonds to cover ized in 1900 by persons interested in the United Fruit Co., ovens, on which they are to be secured. The bonds will bear c. interest and mature $150,000 yearly for tea has, it is announced, placed its issue of $2,000,000 7 p. c. non- $% p, has been to trie cumulative preferred stock, which was offered for public years. A mortgage securing them made Gi- rard trustee.— 1975. subscription last January. Tne authorized common stock is Trust Co. of Philadelphia as V. 80, p. $5,000,000; par of shares $100. Contracts were recently People's Gas Light & Fuel Co., Oklahoma City.—Bond* let for a large amount of machinery for the sugar refinery Offered.—Rudolph Kleybolte & Co., Cincinnati, Chicago and which is to be bnilt by the company at Nipe Bay. The New York, are offering at par and interest $150,000 first plant, it is said, will be one of the largest on tne island. mortgage gold 5s, of $1,000 each, guaranteed principal and The advertisement, which appeared in the "New Orleans interest by the Oklahoma Gras & Electrio Co. (V. 79. p. 2151). Daily Picayune" of Jan. 13 1905, contained the following: Bonds dated April 1 1905, due April 1 1920, callable at 102 The company has been organized by Boston capitalists identified and interest after April 1 1907. Interest payable Apr. 1 and Wltk the United Fruit Co. to exploit and cultivate 130.0JO acre* of Oct. 1 at American Trust & Savings Bank, Chicago, Trus- count the finest Cuban eagar lands, situated on Nlpe Bay, on the north tee. A circular si\e: of Cuba. This land Is adjacent to the sugar properties of the Uuitel Fruit Co. and will be under substantially the same management. I Cai-italization.— Capital stook, authorized and issue d, < r. *i.">0.- is proposed at this time to place In cultivation 27,000 acres of this first mortgage bonds, authorized and Issued (oloseii mortgage), tract and anil converting 000. Company li owned and operated by the Oklah im i Gas A El erect a sugar-house oapable of handling ny. 5,000 tons of oace dally, with an output of 450 tons of sugar eacli daj trio C.)., which oontrols all the lighting business In Oklahoma maderu. and has a Based upon the experience of the United Fruit Company Baiihs plan- The plant of the People's Company Is new and hours, i'hi following are the tation adjacent to this tract, it is almost certain that the lnveMiin. nt capacity of 200,000 oublo feet every 24 year ending M*y 31, will prove prcfltabie. Subscribers to preferred stook will pay for sauin earnings of the guaranteeing oompany for the $74,550; int.f In seven monthly, instalments at $95 per share, and will receive 10 1905: Gross earnings, $151,542; net earnings. People's Light A Fael Cj. p. o. bonus In common stock on payment in full of subscriptions. charges. $39,150; interest on $150,000 On 5s, surplus, Subscribers wUl reoelve convertible gold notes, bearing ft p. o. interest $7,500; balunoe, (27,900. liberal; thoce of the guaranteeing the first year and c. the second year, Interest payable semi- The franchises are broad and 7 p. People's Oompany until annually for the face value eaoh of their subscriptions. oompany running nntll Feb. 17 1923; of the of payment running nr.Mi U»2J. no* These notes at par will be exchanged for certificate* of preferred Aug. 24 19'J4. The city lighting oontraot. will be increased by about .">0 stock at par on Jan. 1 1907. engages 180 lights at $72 eaoh, which shortly. The guaranteeing oompany also furnishes all the power The proceeds of this Issue of preferred stock, It is said, will the street railway oompany at a monthly on irge totallog about provide for the building of the first third of the oompany's $18,000 rer annum. . 216 THE CHRONICLE. [Vol. lxxxl Pope Tin Plate Co.— Second Dividend.— Dividend No. 2, Profits on 3.000,000 tons at 34 cents $1,C20,C00 Interest on *2,S00 OoO bonds at 6 per oent $150,000 paid July 1.— V. p. 1910. 1*4 p. a, was 78, Singing fund to retire bonds 150.000 ran ton Water Co,—Acquisition.—This company Dividend on $1,562,375 preferred stock at 6 p. c. 93,742 S< €Us & 393,742 en July 1 acquired all of the $600,000 cap! >al stock of the Ccnsolldated Water Supply Co. operating in Carbondale For payment of dividend on common stock and surplus ao't. $626,258 and vicinity. See the Consolidated Company below. No account has been taken in these estimates of the Increased sell- ing prloe of the ooal dne to theeilmlnatioa nf Internal competition. The Scranton Gas & Water Oo. was Incorporated in 1854 under the laws of Pennsylvania, and it owne extensive plantp nnrp'y'riK easand OFFICERS AND DIRECTORS. wa'er In Bcranton, Hyde Pork, Providence* aid Dnr more, Pa., ami Alfred N. Ogle. President, J>bn MoFadyen. Vloe-Pre»ident; Frank Water to Oyihant. Arohbald, Peohvllle. Dlobeon City »nd Biatae- L. Powell. Chairman Finanoe Committee and Treasu'er, and Wlllard '1 tie Is <0< outstanolrK, vlle. Pa capital stock $4,010, authorize; W. Ilo.r.b»rd, ail of Ioniaoap-lls; W. J. Snvder. B'Uli, Cnd ; W. W. $2,500,000; j ar of shares, $26. The bonded debt aggregates $2,619,- Ray and John L Crawford of Terre Haute. Ind ; W P. R>-nd, Chioago; fico. and inoiudes: W. H. Lonner, Pittsburgh, Pa. General office, Indlanapoile, Ind. morrgage, 5 o.. dne 1923, bat suljeot to call at First p Daring tne past four there has been increase par and Interest after Jan. 1 1908 x$l,000,000 years an of r> "3 in in Purchase money mortgage, p. o , dne 1920, bnt snbjeot p. c. the prodooiion of coal Indiana, promising, it to oxl I at par and Interest after April 1 1910; Interest is thought, a constantly growing demand for the company's April and October; first mortg. on pre perty of former nu'put Provldenoe Q-s & Water 0<> X600.000 Driieniures of 1*k7, dne 190*7 (l«sue $4o0,000. reduced from earnings to $130,000). Interest Jao. and July 130,000 —The July e iition of the Hand-Bonk of Railroad Securities, Debentures of 1900, t> p. c, dne 1930, bat sntjeot to call after Aorll l 1010; Interest April and October aclOO.OOO compiled by the publishers of the Financial. Chronic e, is first •"> < Meadow Brook Water Co morf., p.o , due 947, sub- now ready, The book contains in a small compass very full Hie to call at par after Apll I 1P27; Int. April and Oct.. x400,000 information concerning the various railroads and the Arobbald Water Co., 5 p. c, dne Deo. ly27, bat sabjeot to leading call atp»r 40.000 industrials whose seonrities are dealt in on N*w York, Boston Olyphant Water Co, 5 p. o., dae Deo., 1927, bat sabjeot and PDiladelphia Stock Exchanges. Ic shows their earnings, to call at 105 49.S00 dividends, etc, for a series of years, present fixed charges, x Trustee is Lackawanna Trust & Deposit Co.. Scranton, Pa. Inter- and also the amounts of the different issues of bonds out- est payable at First National Bank, Scranton.— V. 70, p. 898. standing, their rates of interest, etc. There is also given the monthly of to Southern Textile Co.—Sale July 25.—This company's prop- range stocks and bonds for 1904 and July 1 1905, with a for six erty will be s>ld at auction on July 25 at Nos 113 to 115 together vearly range years. Price one dollar, or to e subscribers, seventy-five cents. Leonard St., New York, free from all Hens, under an order Chronic Copies be obtained in ist-ued in the bankruptcy proceedings pending in the Dis'riot may London from Edwards & Smith, 1 Drapers' Court of the United States for the Southern District of New Gardens and in Chicago from P. Bartlett, 513 Monadnock Blook. York.—V. 79, p. 2751. —Mr, Thomas J. Nugent, Certified Public Acoountant of ( William R.) Trigg Shipbuilding Co., Richmond, Ya.— Sold.— At the receiver's sale at Richmond on Julv 10 this city, invites the attention of investors to the offering |350,000 was bid for the property as a whole and $H68,<00 for for sale of $400,(0) 7 p. c. pref. capital stock of the Con- sumers Park Brewing four It in parcels, as follows: For the machinery, $108,< 00, by Co. This company now owns the Frank Samuels Co. of Philadelphia; for the land and breweries and proposes to acquire others. The present sales of $100,i buildings, $175,010, by H. G. Lloyd of Pniladelphia; for the promise a profit over 00 per annum. The concern is capitalized for ($5u0,0C0 preferred and dook, $85,000, by J. C. Brown of Brown Brothers & Co., $1,000,000 $500,000 common stocb). Its assets, with all depreciations charged Philadelphia.—V. 81, p. 86. ff and not including good-will, are $',850,000, while all the United Copper Vo.— Common Dividend Nt. 1.—The direc liabilities (including bond indebtedness of four breweries) tors on Monday declared a first regular dividend of % of one are $900,000, leaving a net worth of $950,000. Particulars of per cent and an extra dividend of % of one per cent, making this offering can be bad from Mr. Nugent, Times Building, 1 per cent, or $1 <0 per share, on tbe $45,000,000 common Times Square, New York City. stock, payable Jnly 31 1905 to holders of record Jaly 20 — F. J. Linman Compsny, 30 Broad Street, as Dividends at the rate of 6 p. c. per annum have been paid & comment follows: "Tne bond market during the roast week was some- regularly on the $5,000,000 preferred stock since Nov. 1 1902. what more active on account of som- July investments, but —V. 81, p. 36. promises to lapse in' o the regular summer dulness. There United Fruit Co.-See Nipe Bay Co. above—V. 80, p. 1427. oas been a very fair demand for our various bon is paving 5 Yandulia (oal Co.— Consolidation.—This company was p. c. and better, especially for the Colorado Springs & Crip- ple District 5s, are uoderlyiog Colorado incorporated under toe laws of New Jersey on Jiiy 5 for the Creek which an Southern Issue, are offering to pay 5 purpose of owning, the prospectus says, "19,426 acres of bond and which we p. c, This is unusually attractive, of course, in view of the best Indiana coal lands, tog-ther with 3,061 acres of surface 'act that the road itself is earning double its interest and 27 operating plants, Laving a capacity of 18,101 tons a about day, and to operate under lease from the Gfrantte Improve- charges." met t Companv (the holding company of the Vandalia RR ) —Shoemaker & Bates, bankers, 24Bro Greenfield Coal Co.; M install Coal Co ; Raccoon Valley Coal O .; Ashervilie Messrs. R. H. Goodell & Co. make a specially of dealing in Coal Co ; Hutu Coal Co ; L st Creek Coal Co.; Zellar & McClellan Coal Co.; Granite improvement oo (lease). nigh grade investment securities, including oorporation Tbe toiai acreage owned and controlled by contract is 28,472, the and railroad bonds, commeroial paper and corporation greater part cntainlng from two to Ave workable veins of coal and. loans. as shown l>v ocmpietei drilling*, approximately 484.683,500 tons of ooal, or eufflotent, if mined at tne rate of 4.000,000 tons per year, to — T. W. Stephens & Co. are offering Northern Westches- last for 12. yeurtt. By reason of Its nearness to the various maikets ter Lighting Company first consol, mortgage 5 per cent 50- large variety and exoellence of Us oo*u, the ant the saperioritv of its year bonds. The compacy operates in Westchester County, service, and with the largely Increased facilities in the way of addi- tional care aLd tracks wnloh it i< providing. th« Vandalia RR snoulo N Y., supplying Oasinlng, Croton, Courtlandc, Mount haul from the mines on its own Hi e not less than 60 p. o. or tbe o >al Pleasant, Briaroliff Manor and Pleasantville, used in Indiana, or a total of i,t>31,047 tons. Through its Chicago The Jaly issue of the well-known Pocket Marual of the and Peoria connections by a little effort it ought to secure 25 p o. of — the tonnage used ontslde of the State, or 76 ,814 tuns, making a Bostoo stock market has been issued by F. A. Raggles, 53 grand total of tonnage tributary to the lines of the Vanaalia RR. of State Street, Boston. The figures are confined to actual a,»»2,8&8 tons. public quoted sales. The mines which we are considering produce about 8*> p. o. of all the ooal mined on the Vandalia RR., and in 1904 produoed aLd niarketeo —Morris, Brown & Co., bankers and brokers, Pittsburgh, approximately 2,000,000 tons of ooal, the average cost of production Pa., are distributing among their friends and customers and selling being 78 cents; average selling prion. $ i oo; net profit per ton, 22 ounis: total profit for year i904, *-»40 OOO. oopies of the 'Quarterly R-cord" of Pitsburgh securities, a With an output of 3,000,000 tons per year nnner a concentrated man very convenient and comprehensive publication, agement and with machinery replaoing pu-k- [in i9i 4 til o. of th- p. — Company, 7 Wall Street, are offering a line.of coal mined in Indiana was mined with picas], the estimated profits Rhoades & for lyott are: investments netting 3 65 to 4'85 per oent. J . 3\ i.v 15, 1905. THE CHRONICLE. xiJ 7 3?hc (Dommevcuxl Times. COTTON Fbidav Night, July 14 1B05. The Movement op the Chop as lndloated by oar telegrams loMMERC IAL EPITOME from the South to-night is given below. For the w^ek ending evening the total receipts have reaohed Friday Night, July 14 1905. this 81,598 bales, igainst 62.152 bales last week and 72,894 bales the previous considerable area of the Eastern section of the Over a we«»k, making the total receipt* slnoe the 1st of Sept. 1904 country a period of unusually warm weather is being ex- 9.578,639 bales, against 7,074,373 bales for the same* period of perienced and has had a tendency to intoneify the usual '9<>8-4, showing an increase since 8eD.l, 1904, of 2,496,28ft bHles. qaiet conditions existing in mid-summer. Manufacturers HeeeipU at— Sat. Hon. rue*. Wed. TKur$. trx. Total. and dealers as a general rule have reported few new transactions, but there has been a fair amount of activity Galveston 2,887 1,628 7,095 982 8,458 8,799 19,799 PtAxthur, Following were the closing asked prices : Ohas'ton, &e. 2,516 17 80 102 224 2,500 July 6*85o. , Oot 7*10o. Jan ^.. 7-35e. WUm'ton, *c 6,441 75 95 18 47 921 Aug 6-900. Nov 7-20c. I Maroh 745c. Norfolk 13,748 748 214 1,245 8,843 8,228 Bept 7-OOo. IDeo 7-30C. I May 7'60c. N. News, &c. 155 216 398 763 384 462 Raw sugars have been depressed by weaker advices from All others... 1,403 747 666 3.713 13,535 6,127 European Deet-eugar markets, but the close was steadier at 4c, for centrlfngals, 96-deg. teat, and 8%c. for muscovado, 89- Tot. this wk. 81,598 9,903 6,004 14,416 49,576 40.879 deg. test. Refined sugar has been quiet and easier, closing Slnoe Bept 1 9573,639 7074,373 7621,639 7407,316 7466.162 at 5 20c. for granulated. Other staple groceries have been qniet. The exports for the week ending this evening reach a total Kentucky tobacco has continued to be firmly held and the of 63,447 bales, of which 48,658 were to Great Britain, 4,806 limited sales made have been at full values. Seed-leaf to France and 15,488 to the reit of the Continent, Below tobacco has had a slightly better sale; offerings have been are the exports for the week and since Sent. 1. 1904. light and prices have held firm; sales inclnde cases 1902 400 W$th Endint July 11 .1900. from 8491. 1. 1001. U July 11. 1006 03-crop Wisconsin Spanish. ExporUd and 800 cases 1908 crop Zimmers Mvportt BxporttA to— to— Sumatra tobacco has been firm and several large trades from— Ortal Conti- lotal Great Conti- Franc* France Total. are reported pending. Havana tobacco has been in steady flrit'n. n$nt. Wt*k. Britain. nent. demand at firm prices. 18,111 ...... 10,111 1,220,867 806,786 070.177 9.100.700 Foreign advices have reported stronger markets for Straits Pt- Arthur. 4c. ••••• ...... ,.••• 01,3:15 109 010 168.101 tin and the local market in clos- has been firmer sympathy, New Orlaani.. 18,010 1,878 0,818 97,601 1,084.010 860.15b 015,861 2.860.149 ing at 81-55@31-75c. Ingot copper has been in fairly active Mobile 70.100 13,327 61.423 171,010 export demand and prices have been firmer, closing at 15'00@ Panaaoola, *o. H0.8OB 82,179 09.12P 106.108 15 10c. for Lake and 1500@15'05c. for electrolytic. Lead 4aTannah ...... ••••• •••••• •••••• 815.3UI 61,180 307.300 1.244.183 150.(63 0,046 168, lm has been in fair demand and firm at 4'55@4 60c. Spelter has irnmwlok Mil • • • t 6,017 been firm at 5-85@5 40c. Pig iron has had a better sale, Charleston.... •••••< 8,879 71.017 77.006 closing steady at $1550@16-00 for No. 2 Northern and Port Royal ...... $14 75@15 00 for No. 2 Southern. Wilmington... •••* ••••• •••••a 176.510 0,661 160.016 .'U3.24H ".HO 8.407 92.760 . . . • 137 Rented petroleum has continued fairly active and steady, Norfolk. • •• •* 8.27W i'J.-'.'.l B'port N., Ac...... • • • 80976 100 olcstug at 6'90c. in bbls., 9'60c. in cases and 4c. in balk. Sew York 661 1,473 1,686 0,727 31*,5'I2 80,180 i i- N i 603.su Naphtha has been steady at lie. for 71 degrees and lie. for 1333 100 1.1^3 1B9.3MI IA468 9O3.M0 78 degrees. closing at Credit balances have been steady, 060 0(0 UtSM 5 2J8 THE CHRONICLE. [ Vol. lxxxi. In addition to above exports, our telegrams to-night also FOTUBES.—-Highest, lowest and closing prices at New York, shipboard, not give us the following amounts of cotton on *> /. >. c_ S? S 2 B f* 1 cleared, at the ports named. We add similar figures for New York, which are prepared for our special use by 3 • g 1 So SB P£bo2b g§ in irSieT Building. 1 e Tj —'AS a rr* Ill Messrs. Lambert & Barrows, Produce Exchange B-S sH ?fcT2*lBS ' . 0* Ki 1 at- W). (dljj; 1 1 1 ' 49-270 1 9 @ 1 Si 1 s> 1 Si ft &i Galveston.. .. 10,021 6,900 2,451 1,256 4,530 25,158 $ i 9 9 $ 9 1 **M >•>-• t-t- >->>-• >-•>-• i^t-' Savannah.. .. 7.740 38,293 M M t-^ M f¥^ 2,340 4,600 900 Mi- CO ° ©0 o© 00 OO 00 00 00 s 1 1 1 5i' °l Charleston... 607 607 4.983 1 ' 61 ' ' > =, I 1 9 1 0) ft 9 1 & SI 1 S> Si S> 1 Si Total 1905.. 28,992 10,600 13,785 8,760 21,972 84,099 299,639 MM M *^¥^ M MM t-'f >->*•• M — ^f t->f i-'i-' t^>- Hi t->f *" t-1 )^ *••*' ft* HI-' MM i-t-' **>-• If 1 1 C«t \ Total 1904.. 6,403 8,497 4,230 4,281 18.411 125,673 cxen P- ' ACx * > coat Ma> koco toco MtO Oto ©M 0© O CO O oco ©0 toot ex ex -J to OCX Total 1903. 944 338 3,118 13.388 180 17,958 209,661 »e t^f >•*-• y-'f ** y*^ M© MM 1 o© OO 0© 1 1 O© Speculation in cotton for future delivery has continued to to to to M© M 1 ©o ©CO O© CO 00 00 00 000 aoo active there have been fairly wide fluctuations in prices ©ex *"*• 00 OS CO COO ©en OCO aot oco ti *- OO and 1 l 1 1 ' « 9 tf 9 S) 1 n ft 1 Si 9 1 ft s> Early in the week there was a sharp advance. Large shorts t-'y Ht-' t->¥^ M >^f *-•>-' t-'f i-'t-' h*' *-•>-• *- .— *>>-' t-i- y^t^ H ^•t-' *->>-• t^f ©M ©M OM oc were reported buying freely to cover their sales and the crop 1 1 | tc*. ts to MCO M MtO OtO OM COM OOO OOO 00 CO 4 news, particularly from the Southwestern section of the cot- X*k Ol CO cocx o> MCO -•** M ' oe © ' OCO ©CO COCO CO 00 ao-4 OO 00 CXM *- CCCJt «i W><1 ©* ex to tout exo OOO a© - report also 1 > 1 ' cotton of the Government's Agricultural 1 1 Si Bureau 1 ft Si Si 9 & 1 & & S< • 5* S> inclined y^ y^ MM M >-•>-' MH" MM t-'f >->!-• t^f t->f mS had some influence as a market factor, many being >**• **>-• t-'^ •- t*f >-•>-> OM ©M OO toa I OO CO 1 1 ' a to the belief that the reduction in the acreage of 11 4, accord- MM t-'f M|0 © ©to OM CO© (CO 00 CO 00 CO OCO Cxcn__O00_ CO OM M-J -10Q C0-.P OCO OkO aoto 5 ing to the June report, was too small. Daring the second OO 00 00 ©o 00 ©0 O© c© 00 00 OO half of the there was an easier to the market. 1 . M week tone 1 00 Cc 00 O 00 1 1 1 ' 1 s> @> 1 Si Si Si 1 advantage of the higher prices and were free sellers to realize & S) I s> ft 1 Si • a Mft. profits. ©M 0© ©0 ©O o© The advice of the President of the Southern Cotton 1 1 ©O ©O OO oc 00 CO coa 00© en - «e sell 0000 vIO ^JCO •J CO ©CO ©00 ex 00 *-o t- © Growers' Association to cotton planters to their if^O a ao co *- ©to a© ccco CCCO ceo 00 Oco holdings of cotton at above 10c. per pound was being re fleeted OO eo ©© ©0 00 ; 1 OO 00 00 0© in freer offerings of °l CO the actual supplies, and this was a o» •JO a. i- ©' aco OtCO Ox*. crto ft-H COM ikl- >•* development that served to put a check on the wild bull ex 00 03 Ol CO Ol o> M« ©M «*- 0© MCX 0© MOO 2 ' ' ' 1 ' ' 1 1 1 ft S) Si Si 1 Si I 9 & & 9 1 & S> Si * S speculation. Weather conditions in the South during the MM M >->>-• Mm t->t— Mh- M»- HI-' *-M OO e© M OO 0©MM O© OO OO m» 1 00 00 1 «| ©I S* latter part of the week also were reported more generally * ' OO OOD »' ©*J C*"vl o>e»i Clt© cen CO en ip> ex favorable for the growing crop, and tnis operated in favor of ©00 ex »OM © to*» toe- coco toco M ta» M M p— 1— a reaction from the recent sharp upturn to prices. To-day M M M M ° , , 1 1 © ° 1 O © © , © ° ° j ! | , 9 1 1 \ 1 1 1 ' 1 1 1 1 1 ' 1 there was an active and lower market. Weather reports © -J *> CO CO CO Kf k9 to M 1 M 00 W CD © © M *v © en a 00 from the[Soutb|were generally satisfactory and the freer offer- ' • Si 1 Si ft ! 0) 1 1 9 1 1 & 1 S> S> 1 Si i Si ft 9 1 I ings of actual cotton continued. Rtoent speculative buyers H & 1 . M 1 H H M ° H 1 M I H H I 1 1 1 M 1 1 1 1 1 1 1 1 as prices yielded became free sellers to liquidate their ex ^ W 1 «, o> 1 *> 1 CO 1 CO 1 to 1 to 1 M © CO © *» © CO CX en to ex accounts, and under the large offerings that came on the market prices declined rather sharply. Daring the late The Visible Supply of Cotton to-night, as made up by trading support was given the market and prices were bid cable and telegraph, is as follows. Foreign stocks, as well up, the close being firm at a net loss for the day of only 4 to as the afloat, are this week's returns, and consequently all 11 points. Cotton on the spot closed lower, with middling foreign figures are brought down to Thursday evening. uplands at 10'40c. But to make the total the complete figures for to-night On the basis of the rates on and off middling as established (July 14), we add the item of exports from the United States, by the Revision Committee, the prices for a few of the including in it the exports of Friday only. srrades would be as follows: 1905. 1904. 1903. 1902. Stock at Liverpool™.^ balets. 832,000 413,000 453,000 693,000 UPLANDS. Sat. Mon Taei Wed Th. Frl. Stock at London..^...... 14.000 16.000 14.000 19,000 Stock at Manohester. ^— .—„,, 54,000 33,000 45,000 Good Ordinary ...... 9 90 10-30 1000 1000 9 80 940 Total Great Britain stock.' 900,000 462,000 512,000" 712,000 Low Middling .. 1052 1092 1062 1062 1042 10t Stock at Hamburg .___ 9.000 41,000 28,000 22,000 Middling 10-90 1130 1100 11-00 1080 1040 atook at Bremen .«^„ 281,000 144,000 156,000 105,000 11-74 11-44 11-24 Good Middling Iij.34 li-44 10 84 Stock at Antwerp ..,*—. „,..,. 1,000 4,000 4,000 11-76 4,000 Middling Fair.. „„ 111-86 12-26 11-96 11-96 11-36 otock at Havre..- — „- — 96,000 118,000 113,000 122,000 stock at Marseilles.^. .^. 3,000 4,000 3,000 3,000 GULF. Sat. Iff on Tuei Wed TS&. Frl. atook at Barcelona..... 24.000 35,000 20,000 42,000 Ordinary. 10-55 10-25 10-25 1105 9-65 stock at Genoa.— ..„....._ 26,000 29,000 22,000 18,000 Good 1C15 Stock Low Middling.. 10-77 11-17 1087 10-87 1067 1027 atTrloBt*._„ .^ 5,000 18.000 11,000 6,000 Total Continental MlddUng || 15 11-55 1125 U-25 1105 1065 stocks. 445.000 393.000 357,000 322,000 Good Middling. li-59 11-99 li-69 11-69 11-49 1109 Total European stocks 1,346.000 855,000 869,000 1,034,000 Middling Fair. 1211 12-51 1221 12-21 1201 1161 India cotton afloat) for Burope 103,000 97,000 140,000 65,000 Ajner. cotton «floatior£'rope. 96,000 71,000 STAINED. Taei Wed Th. Wri, 175,000 93,000 Sat. Mon Egypt, Brazll.ie., aflo.for E'pe 24,000 18.000 17,000 15,000 Stock in Alexandria, Egypt... 9-40 9-80 950 9-30 8-90 103,000 96.000 23.000 60.000 Low Middling...... 950 Stock In Bombay, India..— 879,000 454,000 579,000 433,000 Middling 10-40 10-ftO 1050 10 SO 9-90 1080 Stock in United States port!.. £83,788 144,084 227,619 260,008 Strict Low Middling Tinged.. 10-56 10-96 10-66 10-66 10-46 10 06 Stock in U. 8. interior towns.. 189,617 89,129 25,961 91,146 Good Middling Tinged...... 1090 11-30 11 -OO 11 00 110-80 10 40 United States «xporteto-day.. 7.388 3,996 6,362 9.308 The quotations for middling upland at New York on Total visible supply. ....3,209,793 1,853,209 1,958,942 2,060,462 July 14 for each of the past 32 years have been as follows. Of the above, totals of American and other descriptions are as ioilo w«: Amtrtaan— 1905....0.10-40 1897....0. 71B18 1889. ... 0.11 »4 1881....o.ll», 8 >,7orpool 1 look .balaa. 761,000 292,000 361,000 581,000 1904...... 11-25 1896...... 73, 6 1888...... lOJa 1880 11»8 12i« Manchester stock. 48,000 24,000 39,000 „ 1903 12-20 1895 7li6 1887 107 16 1879...... Continental stocks. ., 414,000 261,000 276,000 269.000 1902 fc5. 1894 1886 £» 1878 117 6 71s 16 16 Utterlcan afloat for Europe... 175.000 96,000 71,000 93,000 1901 8*2 1893 8lie 1885 10>4 1877 1214 ? tilted States stock ; 383,788 144,084 227.619 260,008 1900 .10 1892 75, 1884 11 1876 11*4 ,^,, 8 Salted Stateslnterlorstooka. 189.617 89,129 25,961 91,146 1899 63, 1891 83s 1883 IOHb 1875 153s 6 -.-.Jtedscatessxports lo-day. 7.388 3.996 6,362 9,303 1898...... 6316 1890 12 1882 12?8 1874 1714 Note.—On oot. 1,1874, grades of cotton as quoted were changed. total American...... 1,978 793 910,203 1,006,942 1,303,462 According to the new classification Middling was on that day quoted Sa$t Indian, Mrasii, 4s. lac. lower ehan Middling of the old classification. tverpool stock...... ^» 71,000 121.000 92.000 112,000 London stook...... 14.000 16,000 14.000 19,000 SALES, MAHKET AND Manohester stock...... 6,000 9,000 6,000 " The total sales of cotton on the spot each day during the Xintinemal sioc*6— —. —, 31.000 132,000 81,000 53,000 week are indicated in the following statement. For the adJa afloat for Europe . ^—... 103,000 97,000 140,000 65,000 afloat.. ?4.ooo 18,000 15,000 convenience of the reader we also add columns which show igypt. Brasll,*e., — 17,000 took is Alexandria, Egypt... lc 3.000 96.000 23.000 60,000 at a glance how the market for spots and futures closed on it.->ok is Bombay, Indla..^., 879,000 454,000 579,000 433,000 same days. Total Bast India, *e.™«» 1.231.000 943,000 952,000 ~757,000 1,978.793 910,209 Sales of Spot & Contract. SotalAmeriean..^™^ 1,006.942 1,303,462 Spot Market Futures Total Visible supply .3,209,793 1,858,209 1,958,942 2,060.462 3 Closed. Market Ex- Oont. Oon- .11 Idling Upland, LlverpooJ.. 6-82d. 6-72d. 6-44d. 5 32l. Closed. port. <& spec traet. Total. lUdling Upland, New York.. 10400. 1105c. 12500. K-V3. 'Jp f pt Oood Brown.Llverpooi fe716 d. 713 184. 97 18d. 7'sd. •(ji-uw. 9-8ud. 10-50d. 9-ood. 7d, Saturday . Quiet .. Firm 132 132 Hough Good.Llverpool 513 Monday.... Quiet. 40 pts. ad. steady .... 13,800 13. Ron 'Ti»«ih Fine, Liverpool. ....„ 5» 16 d. 16d. 5»Ad. 4Hi«d. "¥5 Tlnneve'.iy Good, Liverpool 5S.d. 5H d. t6 d. 4^1. Tuesday . . Quiet, 30 pts.de steady ..... 1,700 1,725 16 la Wednesdaj Quiet, l Opts. ad. steady 1,500 1.300 U2p Continental imports past week have oeen 75,000 balee. Thursday. Qalet.30pts.de. B'rly steady 10,400 10,400 "6*6 Tne above figures for 1905 show a decrease from last week Friday Quiet, 40 pts. Co 5,700 5,760 of 108,583 bales, a gain of 1,356,594 bales over 1904, an excess of .... 208 32,900 33.117 1 ,250,851 bales over 1903 and a gain of 1,149,331 bales over 1902. a . . ' " July 15, 1905.) THE CHRONICLE. 219 At the Intebiob Towns the movement—that la the Quotations pob Middling Cotton at Otiieb Markets.— Below are closing quotations of middling cotton at receipta for the week and since Sept. 1, the shlpmenta for the Southern and other principal cotton markets for eaoh day of the week. week and the stocks to-night, and the same items for the 1903-04 set in CLOSING QUOTATIONS FOB MIDDLING COTTON corresponding period of — is out detail below. Week ending ON— July 14. Sat'day. Monday. Tuesday. Wed'day. Tkursd'y Friday 3 Galveston... 10'8 113 10 " l« 11 107„ 10% New Orleans 10* 11% lO^ 10% lOSi I0*, a Mobile 103s 103s 10% 1(1 Si 10»8 1C* Savannah... 10 '-J 10 8 10?8 10»8 10<>8 Charleston . Wilmington. 7 Norfolk 10% 11 11 10 « 107„ 10% Boston...... 1090 1090 1130 11 00 11 10 10-80 Baltimore... 1100 11-25 11-25 11-25 1100 10 62 Pblladelph'a 11 15 11-55 11-25 11-35 11 05 10-65 Augusta..... 10 ; to! cb; go ** m © ; ** un^c*Mto »: ; » Range.. 1052--81 11-11--22 10-80-09 10-76- 93 10 44-57 1041- 49 CO- ~ - - X X *»•' -JCO^CCJr- — <10«. M. CO- ©CfltO £ Closing.. 10 75-77 1117-19 10-79-81 1082-83 10 44-46 10 44- 45 OCTOB'B- to I- to -J » t* f M « Range . 1052--79 1109-36 10-79- 14 10-76-03 10-48--70 1013-56 »j©«-»jtO"->-ifk"-»3»-"-osvim© I eing 92 and the Came Into sight during week. 123,411 43.5E.0 lowest 62. Total In sight July 14 .12637952 9,927,265 Kerrville, Ti.cas —There h*s been rain on onednyof the week, the precipitation reaching ninety fiv« hundredths of N^rthjrpinners' tak'gs to July 14 381 2,075,793 18,657 2,214,930 *n inch. The thermometer has averaged 72, ranging from * Decrease durlngweek. 59 to 91. Movement into sight in previous years. Lampasas, Texas.—We have had rain on one day of the *«**- v hundredths. , Bales. Since Sept. 1— Bales eek, the precipitation being one inch and nine 1903 July 17 43 0-.7 1902 03- July 17 10,51 Tfie thermometer has from to 99, averaging 1902- July 18 ranged BO 40.763 1901-02- July 18 KM Luling, rain on oue day dnr- }9°1-July 19 09.360 1900 01—July 19 10,17 Texas.— There has been heavy 1900- July 20 81,243 1899-00- July 20 8,931,7^ inK the week, the precipitation reaching two inches. The 220 THE CHRONICLE. [Vol. lxxxi. thermometer Las averaged 78, toe highest being 93 and trie India Cotton Movement from all Poets.—The receipts lowest 62. of cotton at Bombay and the shipments from all India ports Nagodoches, Texas.— It has rained heavily on one day of for the week ending July 13 and for the season from Sept, 1 the week, ihe r Entail reaching two inches and twenty-two to Joly 13 for three years have been as follows. hundredths. The thermometer has averaged 74, ranging 1904-05. 1908-04. 1902-O3. from 59 to 88. Palestine, Texas.—-There has been rain on three days the BcceipU at— _ . Since Since Since Week Week. Week. past weeb, the rainfall being one inch aod twelve hundredths. - Sept. 1. Sept. 1. Sept. 1. The thermometer haB ranged from 60 to 88, averaging 74. 28 OOO 2,583,000 7.000 2,0-JS.OOO 16,000 2,440,000 Paris, Texas.— Rain has fallen dnring the week to the extent of two incnes and forty hundredths, on three days. For the Week. Since September 1. Much more rain in the country. Average thermometer, 74, Export* from— Great Conti- Great Conti- 58. highest 90, lowest Britain. nent. Total. Britain. nent. Total. San Antonio, Texas.—There has been rain on one day of the week, the rainfall being ten hundredths of an inch. The Bombay— 1904-05.. 32.000 32,000 20,000 386,000 thermometer has averaged 77, the highest being 94 and the 406,000 1903-04.. 4,000 4,000 94,030 855,000 949,000 lowest 60. 1902-03.. 6,000 6,000 76,000 861,0,10 937,000 Weatherford, Texas.—We have had rain on one day of Oaloutta - the week, the rainfall being one inch and eix hundredths. 1904-05.. 2,000 2,000 3,000 39.000 42,000 1903-04.. •-»• 1,000 1,000 4,000 43.000 47,000 averaged ranging from 56 to 95. The thermometer has 76, 1902-03.. 1,000 3,000 4,000 5,000 40,000 45,000 New Orleans, Louisiana. —It has rained on three days of Madras— the week, the rainfall being one inch and thirty nine hun- 1904-05.. 1,000 1000 3,000 14,000 17,000 1903-04.. 10,000 34,000 dredths. The thermometer has averaged 80. 44,000 1902-03.. 1,000 2,000 3,000 8,000 17,000 25,000 Shreveport, Louisiana. —There has been rain on two days HI others— during the weeb, the precipitation being two inches and 1904-05.. 5,000 5,000 10,000 211,000 221,000 eighteen hundredths. Average thermometer 78, highest 90, 1903-04.. • >•*-• 2,000 2,000 19,000 247,000 266,000 1902-03.. 1,000 4,000 5,000 23,000 145,000 168,000 lowest 64. Leland, Mississippi.— Crops are still foul. There has been Total all— rain on three days of the past week, the precipitation reach- 1904-05.. 40.000 40,000 36,000 650.000 686,000 1,30H,000 eighty-nine hundredths of an inch. The thermometer 1903-04.. 7,000 7,000 127,000 1.179,000 ing 1902-03.. 3.000 15,000 18,000 112,000 1,063,000 1,175,000 has averaged 71*3, ranging from 60 to 84. Vtcksburg, Mississippi.—Favorable weather and crops are Alexandria Receipts and Shipments op Cotton.— improving. We have had rain on two days during the week, Through arrangements we made with Messrs. Choremi, the precipitation reaching seventy-two hundredths of an Benachi & Co., of Alexandria, we now receive a weekly inch. The thermometer has ranged from 65 to 88, averag- cable of the movements of cotton at Alexandria. Egypt. ing 75. The following are the reoeipts and shipments for the past Helena, Arkansas.— Cotton is somewhat rank and not week and for the corresponding week of the previous fruiting well. We had rain on four days early in the past two vears. week, the rainfall being one inch and fifty-two hundredths; Alexandria, Egypt, but the last tbree days have been dear. The thermometer July 12. 1904-05. 1903-04. 1903-03. has averaged 74*8, the highest being 88 and the lowest 65. Receipts July 13, 1905.] THE CHRONICLE. 22 Oct. 1 i< July 1 1904-05. 1903-04 fbe prices of futures at Liverpool for eaob day are given 500 lot. eacA jelow, Prices are on the basis of Uplands, Wood Ordinary BaU* of Sreai Oont% Qreai Oonti 0001 omitted. Total I Totu lanso, unless otherwise stated, Brita'.i- ntnt. Britain nent. rr The prieei are given in pence and lOOiA. Thu$: 6 78 means 5 78 lOOd. Spinners' stock Oct. 1 57, 315 446 486 Takings to July 1... 3,097, 4,370. 4,256, i,619 Sat. "Ion. Tin's. Wed. Than, Frl. 3.154, 7,839. 2,403 4,702 Snpply 4,685, 7,105 July 8. July 10. July 11 July 12 July 13. July 14. Oonsnmpt'n.39 week* 2.756. 3,861, 6,617, 2,237, 3,861, 6 098, 12% 1 121* 4 12%l 4 12% 4 12>* 4 12-4 4 Spinners' etook July 1 398. 824, 1,222, 166. 841 1.C07 P.M. P.M. P.M. P.M. P. M.|P. M. P. M. P.M. P.M. P.M. P.M. P.M. Weekly Oonmmptior. d. d. I d. d. d. 1 d. d d d d. d. d. 78 5 71 6 *5 6 91 000s omitted. lu'v ...... 5 6 05 5 98 5 85 5 94 5 83 6 76 5 68 5 72 July-Aug. \ 7« 5 71 5 85 6 0". 5 98 5 9< 5 f-6 5 9* 6 83 5 76 5 6H 5 72 68, 99, 167, 60, 99, In October 149, \ng -Sept 5 76 6 715 85 6 05 5 99 5 60 v 86 5 94 5 88 5 7e 5 68 6 72 In November 68, 99, 167. 63. 99 162 Sept -Oot.. 5 79 571588 6 05 6 99 5 90 5H5 6 95 5 85 6 77 6 69 5 73 5 77 5 715 86 6 05 6 99 5 91 5 8« 5 95 In December 68, 99, 167, 63, 99 162 Oot.-Nov... 6 86 5 78 5 7015 73 Vov.-Deo. .. 5 77 5 715 8« 6 05 5 99 6 91 5 86 5 95 5 85 6 78 5 70 5 73 72. 99, 171, 60, 99. 159, In January ..: Deo. -Jan 5 77 5 715 86 6 06 5 9«|6 01 5 86 6 95 5 85 5 78 5 7015 73 In February 72, 99, 171, 55, 99 154, Jan. Feb 5 77 5 715 86 6 05 6 CO 5 97 6 86 5 96 5 86 6 79 6 71 6 74 5 77 5 71 5 86 6 05 00 6 9:- 5 5 In March 72. 99, 171, 55, 99 154. Reb.-Moh. 6 87 96 6 86 5 79 5 7li&74 Mch. April S 77 5 715 86 6 06 6 01 6 t»- 5 87 6 97 5 87 n >-o 5 72 6 75 171. 99. 1.54, In April 72, 99, 55, AprU May 5 77 6715 H6 6 06 6 01 5 94 5 87 6 97 5 87 5 80 5 73 6 7« In May 72, 99. 177, 55, 99, 154, May- June. 5 77 5 716 86 6 06 6 0115 95 5 88 6 98 6 88 5 81 5 73 5 76 In June 72, 99, 171, 60, 99. _159, Oar oable state* that Mr. Ellison has increased the rate of consumption in Great Britain by 2.0U0 bales per week since BREADSTUFFS. the beginning of tbe season. Friday, July 14 1905. Government Weekly Cotton Report.—Mr. James Berry, A dragging market has been reported for wheat fl mr. The Chief ot me Climate and Crop Division of tbe United States favorable wheat crop outlook and the sagging prices for Weather Burean, made public on Tuesday the telegraphic wheat have served to hold buyers of wheat in check, the run reports on the crop in the Southern States for the week ending of orders being almost exclusively for very ordinary-s'zed July 10 summarizing them as follows: lines to cover current requirements. Pew price changes have In tbe Carolina*, Georgia and Florida, over the greater part ot been made but the tendency has been in buyer*' favor. City Alabama, and In Southern Mississippi, cotton has generally done well. mills have been quiet and unchanged. Rye flour has been western districts, Good growth Is repor el from the central and but in fair demand and tirin. Corn meal has been held at higher ibe orop bas Bettered deterioration, largely from lack of oul mnob ot prices but business has been quiet; tlvatlon due to continuous heavy rains. In Tennessee, Northern Mississippi and Louisiana fields have been abandoned to grass, loo Speculation in wheat for futara delivery has been moder- rank growth Is more or less reported In all districts, except 'he Caro- ately aotive, but at declining prices. The monthly report of weather In TVxas bas lavored tbe Increase of lina* and Fiorina Wet the Government Agricultural Burean, issued boli-weevliB, which are also causing damage in Louisiana. on Tuesday afternoon, made tbe condition of both i he winter and spring- Shipping Mews,—Ab snown on a previous page, the wheat crops better than expected, and was interpreted as exports of cotton from the United States the past week have foreshadowing a large yield, Weather conditions reported reached 63,447 bales. The shipments in detail, as made uj during the week have been generally favorable. The har- from mail and telegraphio returns, are as follows: vesting of the winter-wheat crop is fast Total balt>. drawing to a close, New Tom-To Liverpool, per steamer Georglo, 114 114 so that a good yield is assured, and the reports from the spring- To Hull, per ste»mer Co'orado, 450 450 wheat States and the Canadian Northwest give promise of a To Havre, per steamer Bordeaux, 1,314 upland and 164 good crop, Supplies of new-crop winter wheat are now com- Be»I«iand 1,478 ing to market freely; the To BrenieD, p*-r steamer Barbarotsa, 1,542 1,542 more increasing receipts and the To Aniwnip, per steamer Fl> land. 4 222 THE CHRONICLE. 1 Vol. lxxxi. July 1 June 1 July 1 July 1 Ten year DAILY CLOSING PRI0JES8 OF NO. 2 MIXED OATS IN CHICAGO. States— 1905. 1905. 1904. 1903. average. Thurs. Frt Sat. Aton. Tuts. Wed. Minnesota 92 94 84 89 7 7 32% 87 July delivery In elev 3 2 g 32\ 33% 32 s 32% North Dakota. 92 95 95 73 87 Sept. delivery In elev.... 31 »s 31*4 3m 31% 30°8 30 3s 97 7 30 South Dakota. 91 92 86 91 Deo. delivery In elev .... 3l e 32 3*214 31«8 31% '8 Iowa. 92 33? 33 91 93 87 93 May delivery In elev 33*2 33"8 8 33% 323s Washington 102 97 88 80 93 Following are the closing quotations 93-7 89-3 FLOUR. United Btates 910 937 82 6 The average condition on July 1 of sprin? and winter wheat com- 90 20 Patent, winter i S5 00 ©5 35 Flne....~-, $2 ©3 bined was 85-8, as compared with 84-5 on July 1 1904 and 80 at the 30 60 Olty mills, patent. 6 00 ©6 50 Superfine 3 ©3 corresponding date In 1903. Extra, No. 2 3 65 ©3 85 Rye flonr, esupertlne 4 25 ©4 90 The amount of wheat remaining in the hanls of farmers on July 1 Is 90 Buckwheat floor.. Nominal. Extra, No. 1 8 ©4 00 estimated about bushels, equivalent to about 25 Corn meal- at 24,257,000 44 per cent Clears „ 3 80 ©4 of the crop of l*st year. 4 10 Western, etc..... 3 00 ©3 05 Straights 60 ©5 The average oondltlou of the oa:s crop on July 1 was 921, a9 com- Patent, spring 5 66 ©6 76 Brandy wine..... 3 05 ©3 10 pared with 92-9 las'; month, 89-8 on July 1 1901, 84-3 at the corre- GRAIN. sponding date In 1903, and a ten-year average of 835. of principal Wheat, per bush— 0. 0. Corn, per bush- e. 0. The following table shows for eaoh the oats States the N.DuL.No.l f.o.b.116% Western mixed.. 57 ©62% condition on Jul,- 1 In each of the last three years, and that on N. Dul., No. 2 i.o.b.110% No. 2 mixed...... f. o. b.62% June 1 1905, with the ten-year July averages Red winter, No. 2.. f.o.b. 948s No. 2 yellow f. 0. b.62-% July 1 June 1 July 1 July I Ten-^year Hard winter, No. 2. f.o.b.Nom. No. 2 white f. o. b.63 Stales — 1805. 1905. 1904. 1903. average. Oats—Mixed, p. bush. 35% ©36% Rye, per bush- Iowa 94 96 89 88 94 79 ©84 White S7%©41 Western Illinois 89 93 86 76 86 No. 2 mixed... Nominal. State and Jersey. Nominal Wisconsin 96 95 93 90 91 No. 2 white Nominal. Barley—West ...... 46 ©55 Minnesota.... 94 93 95 87 92 Feeding . 42 ©48% Nebraska 87 90 95 90 92 Indiana 97 97 89 73 89 Agricultural Department's Report on Cereal Crops, New York 96 94 93 87 91 Pennsylvania 96 90 96 91 90 1. Department issued on the &c, to July —The Agricultural Ohio 94 92 95 84 90 11th inst. its report on the cereal crops for the month of United States 92-1 929 89-8 84-3 88-5 Jane, as follows: The average condition of barley on Jaly 1 was 915, against 93-7 Preliminary returns to the Chief of the Bureau of Statistics of the one month ago. 88*5 on July 1 1904, 86'8 at the corresponding date In Department of Agriculture show the acreage of corn planted to be 1903, and a ten-year average of 38-3. about 94,011.000 aores, an increase of about 2,080,000 acres, or 2-3 The average condition of winter rye on July I was 92-7, as com- per cent, on the area planted last year. pared with 88 on July 1 1904, 90-2 at the corresponding date In 1903, The average condition of the growing crop on July 1 was 87 3, as and a ten-year average of 89-1, compared with 864 on July 1 1904, 79-4 at the oorresponping date in Theaveiage oondltlon of spring rye on July 1 was 930, as com- 1903 and a ten-year average of 87 - 6. pared with 90-8 on July 1 1904, 88 3 at the corresponding date in 1903, and a ten-year average of 88-4. The acreage and condition of corn for a series of years The indicated yield of the principal crops for 1905, as is as follows: figured out by us on the baeis of the acreage and condition ACREAGE AND CONDITION OF CORN ON JULY 1. percentages, is as follows, the total crops as reported by the Agricultural Department for 1904, 19j3 and 1902 being 1905. 1904. 1903. 19u2. appended for comparison. Ten-year 1905. 1904. 1903. 1902. States. Average Bushels. Bushels. Bushels. Buthels. Condition. f!orn 2,6i;5,00O,O00 2,167,480,934 2,244,176,925 2,523, U48.312 Wiu. wheat.. 3»3,00ii,0n0 332,935,346 39:-»,8e7,250 411,788,666 «l il Spr'g wheat. 305,000,000 219,464,171 237,954,585 258,274,342 Oats 956.0DO.OOO 894,595,552 784,094,199 987,842,712 Iowa S8 9.432 m tt.29rt 7« 8,188 90 9,303 8; 8~ Illinois 83 jyy.7 9,4. >8 78 9,335 91 9,624 88 Government Weekly Grain Report,—Mr. James Berry, Missouri BS 6,015 78 5. 7 83 74 5,962 102 6.775 87 Chief of the Climate and Crop Division of the United States Indiana s? 4.5J8 .S3 4,55 t 76 4.295 90 4,521 90 Weather Bureau, made public on Tuesday the telegraphic 3.0d5 75 2.976 87 3,800 86 Ohio 82 2,974 85 reports on the grain crops in the various States for the week Kansas 06 «,5se 75 6,441 7:t 6,707 99 7,451 Si ending July 10 as. follows: Nebraska 85 8,035 Sri 7,95« 7^ 7,505 90 7,818 9) Corn.—The corn crop has experienced a week of very favorable con- Wisconsin b2 1,474 88 1..&19 76 1.489 81 1,60 J 88 ditions for growth, except in the upper Missouri Valley, where its Michigan HI 1,229 1,293 7H 1,320 67 1.833 84 72 progress has been rather slow on account of lnsuffioient heat and laok Minnesota 82 1.5C8 79 1,554 81 1,439 83 1,483 85 of sunshine. While rains have interfered with cultivation to some Texas 77 0,533 Oi 6,049 88 5,816 41 5,539 81 extent, the crop as a whole is in a fairly good state of cultivation, and Tennessee Ml 3,139 94 3,236 86 .3,204 95 3.337 89 is largely laid by. except in the more northerly districts. Kentucky 95 3,195 89 3,227 8:2 3,103 91 3,337 90 Winter Wheat.—Winter wheat harvest continues in the more north- erly districts and is largely finished elsewhere. Pennsylvania 92 1,442 85 1,428 84 1,457 82 1,486 86 Rainy weather has extensively interfered with threshing and has caused damage to grain 38,201 47,405 27,333 Oth. States & Ter's 25,898 in shook in portions of the Middle Atlantic States and central valleys. The abnormal heat on the north Pacific coast during the latter part of Total 87-3 91,011 86-4 92,232 79-4 8S.032 87-5 94.014 87 ' July 15, 1905.| THE OUKONICLE 223 IhitS. Hr etty;$ . Flour. Whtat. Corn. Barley. Hit. tne future course that in many instances they have held at value, RMs. 196 H>« Bush.60 lbs BusKtOlba Bush 39 lbs Bush.iSlbs III*. 68 ll». their goods or have withdrawn them altogether Chicago 104.349 155.000 3,303.800, 1,269.451 35P,01l| 4.C0O from sale. There has been nothing In the situation to tempt ( Milwaukee. 73.040 IT, 100 180,90> 90,250 6.400 buyers to operate freely, and they have confined their pur- 1 53.9861 Dalnth C 0,000 ] 64.3C3 59,111 chases to goods that were urgently needed, and for which 1 Mlnnoapolti 624.800 25,5l-'0 »75 KM 8H.690 7,940 they have had to pay full asking prices. While the raw- Toledo 30,000| 178,1 S0| lr'O.OSi 200 material position has been an important factor in the situa- Detroit 3,800 SB.Oll] 63.188 31,011 tion, the principal irfluenoe continues to be the sold-up con- .. 805 0,(397 31S.HU 8C5.809 Clereland dition of the mills. Manufacturers are assured of an active St. Louie ... 87,126 688.3C9 338 515 U 0,980 5,000 period for some time to come without accepting new busi- Peoria 8,600 7,300 153,801 4.5C0 S81.000J ness, and for this reason are not inclined to force sales even Kamai CltT 250,000 204,000| 108.0CK at present prices. Any decline in cotton, while it might be Tot.wk.llWf 2S7,7tU 1,878.048 4,811,535 8,687,28s 493,583 as.eio followed by the placing again of several lines on the 1 market Same wk. 'Cl 816.773 1,750.857' 2.067.089 3.2.-i7 408 898.998 40,417 which are now withdrawn, would have no appreciable effect Same wk. '03 449,9f5 2,(143,^95 4,014,431' 4,235.3di 498.173 142,123 upon prices- There have been a few Insignificant sales for 8inc4 Aui. 1 export during the weeftr, but the higher prices now asked 1004-6 16,101,368 197,896.324 138,148.490 166,370,191 64,553.916 8,534.453 have prevented the consummation of promised business. ieos-4 18,317.687 811.187 268 164.734.210 163.030,88!j 64.533,356' 7,561.898 of men's wear light-weight woolen 1903-3 19.478.W8 S88.519 l."0 168.71 8.404 183.184.510 65.047,?8l' 9.1S8.718 Sales and worsted goods have again been heavy during the week, and practically all the Total receipts of flour and grain at seaboard ports for lines may now be said to be open. the week ended Jaly 8 1905 follow: Domestic Cotton Goods.—The exports of cotton goods flour. Wheat, Corn, Oats, Barley, Rye Receipts at— bbls. bush. bush. bush. bush. bush. from this port for the week ending July 10 were 1,720 New York...... -.. 90.018 61. WO 890.550 867.700 81,700 packages, valued at 1(3,572, their destination being to the Boston 21,80 69.077 81.883 f Philadelphia 83.058 19,830 94.691 70.726 8C0 £00 points specified in the tables below 41.2'>6 Baltimore , 12,480 908.618 103,700 073 Richmond ... 8,150 19,440 8,390 30,880 1905. 1904. Newport New*...... 6,865 ' Nbw yokk. to July 10. New Orleans' 8.608 81,000 '80.600 Week. Since Jan. 1 Week. Since Jan. I. GalTeston 15.3 1,400 " Montreal 14.363 291,8 Su 839,tf80 iotfsT 1.878 •••• »'•• Mobile 857 10,414 750 Great Britain 7 657 366 Other European . 35 411 5 477 Total week... 179 eu 600,866 1,444,863 733.766 84,373 1,773 Ulna 73,571 9,075 46,612 673,130 768,470 1,(21.968 Week 1904.. 273.487 40,799 957 India 8,863 56 4,420 Total receipts at ports from Jan. 1 to July 8 compare as Arabia. 13,247 ...... 12,302 follows for four years: Vfrloa 11 5,763 5,912 West Indies 466 15,705 251 10,294 Receipts of- 1905. 1904 1903. 1902. Mexico S3 18 Floor bbls. 5,266,941 9,828,994 10,948.915 10,664,398 1,392 1,185 Central America. 9,782 879 7,800 Wheat bush. 11,780.460 22.23S.18l 60,364.513 56,778,718 South America... 1,062 31,888 890 28,675 Corn bnsh. 61,356,384 31.434,049 64.733,016 10,709,307 Other Countries. 106 10,231 21 8,318 Osta bush. 24.1K6.240 83,217,163 28.255.R90 22,843,f3t Barley bnsh. 4.103.787 1,847,409 2,170,735 1,490,909 Total 1,720 171,460 10,706 126,391 Kye bush. 198,016 613,609 8,872,917 1,732,820 Total (train bnsh.101,534,766 78,350.111 148,296,570 92,560,693 The value of these New York exports since Jan. 1 has been exports from the several seaboard ports for the The week (9.201.597 In 1905, against $7,703,179 in 1904. ending July 8 1905 are shown In the annexed statement: There has been a moderate demand for heavy brown drills Wheat, Corn, Flour, Oats, Rye, Barley, Peas and sheetings from home buyers, and in the case of the for- Exports from— bush. bush. bbls. bush. bush, bush. bush. New York 854.819 27,*60 80,539 37,994 1,174 mer late deliveries have been taken and full prices have been Boston 48,000 93.088 6.786 100 Philadelphia 42.857 6.758 paid. Light-weight sheetings continue among the strongest Baltimore 35,664 23.203 470 of lines, and it is impossible to secure delivery of goods as Newp'rt News 8,655 NewOrleans 2,528 853 "786 early as the majority of buyers would wish. There have Galveston 9,600 been a few sales of 3-yard sheetings to China, but apart from Montreal 184.133 153,487 6.570 48,771 19,973 Mobile. 10,494 867 750 this there has been little in the way of export business. Manufacturers are not particularly concerned about this, Total week.. 238,133 689.2S8 '8 442 81.418 57,967 1,174 Same time '04. 3v2,(.ll 406,308 84 623 89.305 21,498 2,216 however, as they are well sold ahead in nearly every in- stance. Bleached The destination of these exports for the week and since goods are in a very strong position from the seller's point of view and further advances have been Jnly 1 1905. is as below: 4-4 Wheat. . Corn. 1 announced during the week. There are practically no Exports for Week Since July Week Since July Week Since July goods on hand and the majority of inquiries are for spot weik ana sines July 8. 1 1905. July 8, 1 1905. July 8. 1905. July 1 to— bbls. bbls. bush. bush. bush. bush. goods. Wide sheetings, sheets and pillow cases are all firm United Kingdom. 30,678 30.578 153,116 152,118 233,931 i80.93l at recent figures. Both denima and ticks have been further Continent 20,544 20,544 80,016 80,010 416.748 410.748 8. & C. America.. 10.S89 10.2S6 1,083 1,<83 advanoed during the week and many lines of coarse, colored West Indies 15,696 15,895 81,770 31,778 cotton goods are so well conditioned that they are being held Br. N. Am, Colo's 646 646 60 50 Other coontriei. 693 893 2,700 2,700 at value. Cotton linings have again been advanced but the volume of business has not been large. Prints have been Totai 78.448 78,412 232.133 233.153 0'9.283 689,2C 8 Total lbOS^H..... 84.525 81,526 392.011 392.011 400,308 100 308 advanced but there has been little doing in either staples or The visible supply of grain, comprising the stocks in fancies, and the future of these lines continues uncertain. granary at the principal points of accumulation at lake and Ginghams show no actual change, butjprices are very firmly held and business has not been heavy. Print-cloth regulars seaboard ports, July 8 1905, was as follows : Wheat, Corn Oats, Rys, Barley are nominally quoted at 8)£c., but practically no business In store at— bush. bush. bush. bush. bush. has been transacted, as buyers are not inclined to acoept the New York 238,000 198,000 834,000 147,000 66,000 Do afloat 32,000 prices asked. Boston 48,000 '49,000 78,000 Philadelphia 4,000 41,000 95,000 Woolen Goods.—Praotioally all lines of men's wear Baltimore 197,000 71,000 98,000 11,000 light-weight woolen and worsted fabrics are now open, New Orleans 46.000 86.000 Galveston 13,000 either publicly or privately, and buying during the week has Montreal 119,000 iz'e'.ooo 228.0C0 12,000 bean on an extensive scale. Most of the orders placed up to Toronto 19,000 43,000 Buffalo ... 698,000 653,000 1,628,000 404,000 289,000 the present time have been for low-grade lines of woolens and Do afloat cotton worsteds, but a good business has also been done in Toledo 43,000 280,000 863,000 1,000 Do afloat higher priced goods. Most of the latter has been done at Detroit 104,000 i 21.066 "l,bo6 4,000 definite prices, in some cases orders have been taken at Do afloat but Chicago 606,000 829,000 760,000 69,000 1,000 prices to be quoted when the lines have been formally Do afloat placed upon the whole, buyers are agreea- ' the market. On Milwaukee 196,000 40,000 iM.bbo 23,000 107,00v Do afloat bly surprised at the moderation of sellers, and the expected Fort William. 8,349.000 heavy advances have not been demanded. In most instances Port Arthur 810,000 Dnlnth 659,000 214.000 there has been no commensurate advance in the price per Do 665,006 106,000 afloat yard on the finished fabric with the advance that has oc- Minneapolis 6,769,000 81,000 1,7*3,000 21,000 168,000 St. Ix>uis 1,106,000 17.OC0 280,000 1,000 8,000 curred in the raw material, and i his can only be due to the Do afloat different construction of the goods compared with last year. Kansas City 321.000 iii.obo '87,000 Peoria 78,000 140,000 2,000 Apart from price considerations, there is a genuine demand Indianapolis 16,000 148,000 20,000 for for the changes On Mississippi Rlv new fabrics, which is partly responsible On Lakes £61,000 1,606.000 108,000 24,000 in construction that have occurred. Goods have been re- On canal and river . 72,000 26,000 268,000 9,000 35,000 duced in weight, enabling sellers to offer them at prices that Total July 8.1905.13.488.000 4,453,000 7,460,000 795.000 B65.000 seem comparatively cheap. In spite of thlp, it is expected Total July 1, 19O6.14.28S.0t0 3,570,000 7,257,000 80-.000 870.000 that the raw material situation will cause buyers to place Total July 0, 1*04. 13,545,000 8,174.000 4,437,000 815,000 1,38';,'JOO their orders more quickly than usual, fearing that if they de- THE DRY GOODS TRADE. lay they may not be able to purchase so cheaply later on. On speculation In the sit- New York, Friday, P. M„ Jnly 14 1905. the other hand, there is no element of uation, buyers to purchase more As might have been expected as a result of the happen- prices belDg too high for than need. Spring dress goods ings in the raw-material market, there has been little actual they are likely to actually are not business Daseing in the cotton goods market during the week. yet ready to be shown. On the whole a higher level of prices exists to-day than that Foreign Dry Goods.— Foreign worsted and woolen dress of a week ago, but sellers have aoted with a fair degree of goods agents are doing practically nothlrig at present, and conservatism, and have refrained from advancing them to moat of them are taking their vacations. Silks are quiet and la poor. that point where the demand would be entirely shot off. On ribbons steady. Linens are firm, but the demand the other hand, manufacturers have been so uncertain as to Burlaps continue firm, with little doing. : — — 224 THE CHRONICLE. [Vol. lxxxi Barnesville, Minn.—Bonds Voted. This city on June 29 'r. — B by a vote of 203 to 40 authorized the issuance of $40,000 AYz% 30-year water-works bonds. Proposals for these bonds will be received until Aug. 5 by M. P. Philippi, News Items. City Clerk. Bay St. Louis, Miss.—Bonds Authorized. —The City Coun- Connecticut.—Savings Bank Investment Bill. The Legis- — cil on July 3 authorized the issuance of $5,000 additional lature passed and the Governor signed the bill making has city-hall and jail bonds. legal as investments for savings banks the Atlantic Const Bemidji, Minn. Bond Election.—Local papers state that Line Railroad first consolidated four per cent bonds mortgage an election will be called shortly to vote on the question of of 1902, due July 11952. issuing $10,000 funding bonds. Japan. —New Loan. Messrs. Kuhn, Loeb Co., the Na- — & Bird Island, Minn. —Bonds Voted.—This village on June 27 tional City Rank and the National of Commerce opened Rank by a vote of 121 to 47 authorized the issuance of $6,000 gas- books on July 12 (and closed same day) for subscriptions to plant bonds. the new 5-20-year (op- £30,000,000 ($150,000,000) 4}/2 % Bowman (S. C.) School District No. 65.—Bond Offering.— tional) loan of the Imperial Japanese Government, one-third We are advised that the 85,000 5% coupon-school bonds of which loan has been allotted to this country, one-third to mentioned in V. 80, p. 1985, will answer to the following de- England and one-third to Germany. The loan was offered scription: Denomination, to suit purchaser. Date July 1 at as fol- 87 On application.. 00 I 97 per £100 bond $25 per £100 bond On Oct. 16, 1905.$393 sessed valuation, real value, On Aug. 3, 1905.. 25 00 per £100 bond $72,455; about $150,000. Pro- Total $443 97 per £100 bond posals for these bonds will be received at any time by S. A. The loan is secured both as to principal and interest by a Fair, Clerk Roard of Trustees. charge upon the annual net revenues of the Imperial Japan- Braintree, Mass.—Temporary Loan.—A loan of $25,000 ese Government tobacco monopoly, subject to only a prior was recently negotiated with Loring, Tolman & Tupper of loan of £30,000,000 put out last March. The estimated net Roston at 3' 58% discount. Loan was made in anticipation revenue from this source is 32,011,072 yen, which, at the ex- of the collection of taxes and will mature Dec. 27 1905. change of two shillings and halfpenny per yen, is equal to Bratenahl, Ohio.—Bond Sale.—The following bids were £3,267,796 18s. 8d. Other interesting features of this loan received on July 10 for the $3,650 82 5% Rrighton Road will be found in the advertisement on page xiv published in assessment bonds described in V. 80, p. 2474. this issue by the syndicate as a matter of record. W. J. Hayes & Sons, Cleveland.. $3, 697 S. A. Kean, Chicago $3,669 Kansas.—Oil-Refinery Act Unconstitutional The State Lamprecht Bros. & Co., Clevel'd. 3,697 Hayden, Miller & Co.. Cleveland. 3,665 P. S. Briggs & Co., Cincinnati... 3.087 Supreme Court on July 7 declared unconstitutional the Act passed by the 1905 Legislature which provided for the issu- Bristol, Vt.—Bond Offering.—Proposals will be received ance of $210,000 bonds for an oil refinery in connection with at any time by the village of Rristol for $55,000 4% water- a branch penitentiary. An editorial setting out the points works bonds. Denomination $1,000. Date July 1 1905. of the decision will be found on page 182 of this issue. Interest semi-annually at the First National Rank, Rristol. Maturity $1,000 yearly on July,l from 1910 to 1964 inclusive. Ronded debt, this issue. Assessed valuation, 1905, $800,- Bond Proposals and Negotiations this week 000. F. R. Dickerman is Village Treasurer.— — have been as follows Bristolville (Ohio) School District. Bonds Voted Bond Offering. —This district on July 10 by a vote of 44 to 35 auth- Abbeville, La.—Bond Sale.—On July 3 the $40,000 5% orized the issuance of $6,000 5% school-house bonds. Pro- water, sewer and light bonds described in V. 80, p. 2474, posals for these bonds will be received until 6 p. m., Aug. 11. were awarded to L. O. Rroussard, Cashier of the Rank of Interest semi-annual. Abbeville, at par and interest. Bronxville, Westchester County, N. Y.—Bond Sale.—On Abilene, Caddo County, Okla.—Bonds Registered.—The July 11 $8,000 5-12-year (serial) registered low-level sewer Territorial Auditor recently registered $5,000 refunding bonds and $21,000 5-25-year (serial) registered White Plains road- of this town. extesion-sewer bonds were awarded to Edmund Seymour & Aliquippa, Pa.—Bond Sale.—We are just informed that Co., New York City, at 101 "67 and accrued interest for 4 per this borough on March 1 awarded an issue of $15,000 4^% cents. Following are the bids: water-works bonds to Rrowne-Ellinwood Co. of Chicago Edmund Seymour & Co. (for 4s). 101-67 I W. J. Hayes & Sons(for 4s) 100-55 for $15,533. Securities are dated March 1 1905. Interest (Ior3-90s)10013 I semi-annually at the Monaca National Rank. Date July 15 1905. Denomination $1,000. Interest Alpha School District, Fresno County, Cal.—Bond Sale.— semi-annually at the Farmers' Loan & Trust Co., New York On July 3 $2,000 6% school-building bonds were awarded to City. Present bonded debt, $21,000. Assessed valuation, The Oakland Rank of Savings, Oakland, at 103-233. De- $1,400,000. nomination $400. Date June 22 1905. Interest annual. Brookhaven, Miss.—Bonds Authorized.—The Mayor and Maturity $400 yearly on June 22 from 1906 to 1910 inclusive. the Roard of Aldermen have passed a resolution to issue Anaconda, Mont.—Bond Election Proposed.—There is talk $10,500 refunding bonds. of calling a special election to vote on the question of issuing Bryan (Tex.) School District.—Bonds Registered. —On bonds to fund the floating and to refund the outstanding July 5 $6,000 4% school-house bonds were registered by the bonded indebtedness of the city. State Comptroller. Date Feb. 1 1905. Maturity 25 years. Ann Arbor (Mich.) School District.—Bond Offering.— Buckland School District (Village), Ohio.—Bond Offering. Proposals will be received until 7:30 p. m., Aug. 8, by G. J. —Proposals will be received until 12 m., July 27, by Jacob Ray, Secretary Roard of Education, for $200,000 4% coupon Rrorein, Clerk of Roard of Education, for $4,800 5% school- high-school building bonds. Denomination $1,000. Date building bonds. Denomination $150. Interest semi-an- Sept. 1 1905. Interest semi-annually at the State Savings nual. Maturity $150 on April 1 and Oct. 1 in each year Rank, Ann Arbor. Maturity $5,000 in 1914, 1915 and 1916, from 1910 to 1925 inclusive. $6,000 in 1917, 1918 and 1919, $7,000 in 1920, 1921 and Buffalo, N. Y.—Bond Issue.—The issuance of $8,308 10 1922, $8,000 in 1923, 1924 and 1925, $10,000 in 1926, 1927 4% Department of Public Works bonds has been authorized. and 1928, $12,000 in 1929, 1930, 1931 and 1932, $14,000 in Under the ordinance these bonds are to be taken at par by 1933, $15,000 in 1934 and 1935. Certified check for 1% of the N. Y. C. & St. Louis Grade Crossing Sinking Fund as an bid, payable to John R. Miner, Treasurer, required. Pur- investment. Ronds are dated July 1 1905 and will mature chaser to furnish blank bonds. July 1 1906. Arkansas City, Kan.—Bonas Voted.—This city on July 7 Bynum, (Tex.) Independent School District. —Bond Elec- voted to issue $45,000 bonds in aid of the Midland Valley tion. —An election will be held Aug. 5 to vote on the question Railroad. of issuing $5,000 5% school-building bonds. : Aspinwall (Pa.) School District. —Bond Sale.—The two Calgary, Alberta.—Debenture Sale.—On June 30 the $60,- issues of 4>£% bonds, aggregating $22,000, offered on June 000 5% 30-year and the $8,000 5% 20-year debentures de- 29, have been sold to parties not named. See V. 80, p. 2634, scribed in V. 80, p. 1985, were awarded to Wood, Gundy & for description of bonds. Co., Toronto, at 106 - 994. Following are the bids: Atchison, Kan.—Bond Sale.—On July 1 $10,000 5% , , Toronto. ..$72,756 Aemilius, Jarvis & Co., Toronto. $70. 040 Wood Gundy & Co . 1-10-year North Sixth Street improvement bonds were Dominion Securities Corporation 72,415 J. M. Robinson & Co... 69.020 to R. H. Gay & Co., Montreal 72,146 Geo. A. Stimson & Co.. Toronto. 68,681 awarded the Exchange National Rank, Atchison, at par. Geo. B. Woods 71,570 C. H. Collin (for SOO.OOO) 59,750 Denomination $500. Date July 1 1905. Interest semi- W. C. Brent. Toronto... 71,359 annual. Chandlerville School District, Cass County, 111. —Bond Auburn, Me.— Temporary Loan.—This city has borrowed Sale.—On June 20 $8,000 5% school-building bonds were $35,000 from Loring, Tolman & Tupper of Roston at 3" 59% awarded to the People's State Rank of Chandlerville at discount. Loan is in anticipation of the collection of taxes 106-50. Denomination, $500. Date, July 1 1905. Inter- will and mature Nov. 3 1905. est, annual. District, Augusta Water Me. Bond Sale.—On June 29 Chanute, Kan.—Description of Bonds.—In our issue of $228,000 4% water-supply bonds were awarded to Estabrook July 1 we recorded the sale of $39,500 municipal and $7,000 & Co., Roston, at 107'25 and accrued interest. Denomina- refunding bonds. These bonds answer to the following de- tion $1,000. Date Aug. 1 1904. Interest semi-annual. Ma- scription: turity Aug. 1 1934. S39 500 b\i% refunding water works bonds. Denomination. SI, 000, except one Avalon, Pa.—Bonds Authorized.—The borough Council on bond for $500. Date, June 1 1905. Interest, February and August. Maturity. SO. 500 June 1 1910 and $10,000 on June 1 of the years 1911, July 6 authorized the issuance of $3,500 health-department, 1912 and 1913. Bonds were sold at par to H. C. Speer & Co. of Chicago $5,000 bridge and $2,000 borough-hall-improvement bonds. 7 000 5H% refunding sewer bonds sold to John Nuveen & Co. of Chicago. • •' • Denomination, $1,000. Date. April 1 1905. Interest, January and These bonds were voted at the election held June 3. • • July. Maturity, April 1 1910. ———— — — — —— — — — —————— —— — —— —— -Iily 15, 190o.| THE CHRONICLE. 225 Charleston, W. Va.—Bond Sale.—On July 6 the S60,000 iritics mature $1,000 Miirch I 1906 and SI ,500 yearly 4% 20-30-year (optional) coupon-bridge bonds described in March 1 from 1907 to 1915 inclusive. V. 80, p. 2357, wore awarded to Seasongood & Mayer, Cin- Essex County (P. O. Salem), Mass. Temporary Loan. — cinnati, for $60,453 75 and interest. This county on July 10 negotiated a loan of $12,000 court- Cleveland, Ohio. Bonds Authorized.—The City Council house land notes with the Salem Safe Deposit & Trust Co on July 3 passed ordinances authorizing the issuance of the Salem, at 360%. Date July 20 1905. Maturity Jan. 20 following bonds: 1906. i 1 $250. OiO 4 : psvln-..' and sewer bonds dated Aug. 1905. Maturity. Aug. I 1916 Fairview, Mich. Bonds Authorized.—The Village Coun- 170.000 4<> fire-department bonds dated Auk. 1 1905. Maturity. Ann. 1 19] i cil authorized the issuance of 30,000 5'\ street-improvement bonds dated Aug. 1 1005. Maturity $4,000 has $26,000 street-intersection bonds. 1909 and 1910. 200.000 »'"> refunding water bonds dated Oet. 1 1905. Miturlty, Oet. 1 1920 Fernie, B. 0. Debenture Offering.— Proposals will be re- 23,000 i% refunding sewer bonds dated Oet. 1 1905. Maturity, Oct. 1 1920 ceived until 10 a. m. July 20, by Calvert Varty, City Clerk, Denomination SI ,000. Interest semi-annual. for $60,000 5% water-works and $40,000 5% sewerage deben- Clinton, N. Y.—Bond Sale.—On July 5 the $7,000 gold tures. Denomination, $100. Interest, annual. Maturity, electric-light bonds described in V. 81, p. 44, were awarded thirty years. to W. J. Hayes & Sons, Cleveland, at par for four per cents. Fork School District No. 26, Marion County, S. 0. S. A. Kean, of Chicago, also offered to take 4% and George Bond Offering. —Walter F. Stackhouse, Attorney for the M. Hahn, of City, bonds. New York 4V2 % Trustees of this district, is offering for sale $2,800 6% Coahoma County (P. O. Clarksdale), Miss. Bond Offer- 20-year bonds authorized by the General Assembly of 1905. ing.— Proposals will be received until Aug. 7 by W. H. Fitz- Fort Washington School District, Fresno County, Cal. Gerald Jr., Clerk of the Chancery Court, for $50,000 5% Bond Sale.—An issue of $2,000 6% 1-5-year (serial) school- bonds. Interest semi-annual. Maturity July 1 1930. Cer- house bonds has been sold to the People's Savings Bank tified check for 5% of the amount bid required. of Fresno at 103 '60. Denomination $400. Date June 7 Colorado Springs, Colo. Bond Election.—On July 18 a 1905. Interest annual. special election will be held to vote on a proposition to issue Gainesville, Tenn. Bonds Voted.—By a vote of 57 to 23 $340,000 4% refunding bonds. this town on July 8 authorized the issuance of $6,000 school- Columbia School District, Lancaster County, Pa. Bond building bonds. Offering. — Proposals will be received until 7 p. m., July 25, Garfield County, Okla. Tax Levy Voted.—This county on by Charles E. Taylor, Chairman Finance Committee, for June 27 authorized a tax levy of 5 mills to build a $100,000 $30,000 4% 10-30-year (optional) school bonds. Denomi- court house. We are informed that no bonds will be issued nations $500 and $1,000. Interest semi-annually in Febru- but that the building will be paid for in county warrants. ary and August. Bonds are free from taxes. Bonded debt Graceville, Fla. Bond Sale.— Following are the bids re- of district, including this issue, $53,000. Assessed valua- ceived June 22 for the $5,000 6% 20-year school-building tion, $3,548,555. bonds described in V. 80, p. 2416. Covington, Ohio. Bids. Following are the bids received — S.A. Keen, Chicago $5,150 l Robinson-Humphrey Co.. Atlan.$5.041 C. Chicago 5,051 June 26 for the $4,000 5% coupon water-works bonds award- H. Come, I ed, as stated last week, to A. C. Cable of Covington: Bonds were awarded to S. A. Kean of Chicago. A. C. Cable. Covington $4,180 I W. R. Todd & Co., Cincinnati... $4, 166 Gratis Township, Ohio. Bond Sale.—On July 8 $1,500 Seasongood * Mayer. Cincinnati. 4 186 1 5% 1-5 (serial) Fairview Cemetery bonds were awarded to Cumberland County, Tenn. Bond Sale. On July 1 the — W. F. Gazell at 101*40. $25,000 5% 10-20-year (optional) court-house bonds described Greenville, S. 0. Bond Offering.—Proposals will be re- in V. 80, p. 2475, were awarded to Seasongood & Mayer, ceived until 6:30 p. m., Aug. 15, by W. B. McDaniel, City Cincinnati, at 103" 569. Clerk, for $125,000 coupon bonds issued to pay off Danville, Va. Bond Sale. This city has sold at par to 4^% — floating debt and for street and sewer improvements. De- Wm. A. Read & Co., New York City, $74,000 refunding 4% nomination $1,000. Date July 1 1905. Interest semi- bonds. Denomination, $1,000. Date, July 1 1905. Inter- annually at some bank or trust company in the cities of New est, semi-annual. Maturity, July 1 1935. York, Boston, Chicago or Cincinnati, at the option of the Delhi, Ohio. Bond Offering. Proposals will be received — purchaser. Maturity July 1 1935. Bonds are exempt from until 12 m., July 31, by Thomas J. Logan, Village Clerk, for city tax. Certified check for 3% of the amount bid for, pay- coupon street-improvement $3,000 5% bonds. Authority, able to the Treasurer of the city of Greenville, required. Se- Section 2835, Revised Statutes of Ohio. Denomination, curities will be certified as to their genuineness by the Inter- $500. Date, July 5 1905. Interest, semi-annual. Matu- State Trust Co., Greenville. Bonded debt, incluuding this rity, twenty years. Accrued interest to be paid by pur- issue, $318,500. Assessed valuation, $3,465,662; actual val- chaser. Certified check for 5% of the gross amount of bid, uuation, $10,500,000. These bonds were originally offered payable to the Village Treasurer, required. for sale on July 1. Des Moines (Iowa), West Des Moines District. School Grenada, Miss. Bonds Voted.—This city on July 5 Bond Sale.—On July 6 $40,000 4% bonds of this district voted to issue $30,000 5% 5-20-year (optional) sewer, were awarded to George M. Bechtel & Co., Davenport, for water, light and paving bonds. The vote was 90 for and accrued interest $40,102 and and blank bonds. The fol- 23 against the issue. lowing bids were received: Hamburg, N. Y. Bond Sale.—On June 20 $22,050 street- Geo. M. Bechtel 4 Co., Day'p't*$40. 102 I American Tr. A Sav. Bk., Chi. *$40, 000 German Sav. Bk., Des Moines. *40.000 N. W. Harris & Co., Chicago.. 40,000 paving bonds were awarded to the Buffalo Cemetery Asso- Bankers' Life Ins. Co.. D. *40,000 | M.. are dated March 1 •And accrued Interest. ciation at par for 4J4 Per cents. Securities Detroit, Mich. Bonds Authorized. —The issuance of 1905 and they will mature one bond yearly for fifteen years. $250,000 Boulevard bonds has been authorized. Interest March and September at the People's Bank of Ham- Downey (Iowa) School District. Bonds Voted.—This dis- burg or at the Hanover National Bank of New York City. drict has voted to issue $5,000 school-house bonds. Hamilton (Town), Ravilli County, Mont. Bond Sale.— Dunbar Township School District, Pa. Bond Sale.—On On July 3 the $10,000 5% 10-20-year (optional) city-hall July 8 $32,000 4^% school bonds were awarded to the First bonds described in V. 80, p. 2476, were awarded to Kane & National Bank of Connellsville at 101 and accrued interest. Co., Minneapolis, at 101*57, accrued interest and blank bids: Denomination, $500. Date, June 1 1905. Interest, semi- bonds free of charge. Following are the Kane 4 Co., Minneapolis 101-57 I N. W. Halsey 4 Co., Chicago... 10000 annual. Maturity, $2,500 every two years, beginning in 100-00 Brown-Ellinwood Co., Chicago. 102-63 I Union Bank 4 Trust Co 1907. 3. A. Kean. Chicago 10030 | * Accrued Interest and blank bonds. Dyer, Tenn. Bond Sale.—On July 1 $2,500 6% school — bonds were sold to C. O. Ewel at 104-20. Hamilton County (P. O. Cincinnati), Ohio. Bond Sale. (optional) County East Palestine (Ohio) School District. Bond Sale.—On On July 7 the $50,000 3^% 25-50-year July 7 the $19,000 5% coupon school-building bonds de- Insane Hospital-improvement bonds described in V. 80, p. Mayer, Cincinnati, at scribed in V. 80, p. 2476, were awarded to Seasongood & 2476, were awarded to Seasongood & received. Mayer, Cincinnati, at 106" 569 and interest. Following 100*056 and interest. This was the only bid are the bids: Hancock, Mich. Bonds Voted.—This city on July 10 by Seasongood 4 Mayer. Cincinnati $20,248 New First Nat. Bank. Columbus .$20,016 a vote of 506 to 65 authorized the issuance of $18,000 park W. J. Hayes 4 Sons. Cleveland. 20 239 W. R. Todd 4 Co.. Cincinnati.. 19,950 interest. Full details of Denlson. Prior 220 THE CHRONICLE. : Voi lxxxi Bids were also received from S. A. Kean, Chicago, and W. McFall (Mo.) School District.—Bond Sale.—On July 1 R. Todd & Co., Cincinnati. The former, however, was not $5,000 6% school-building bonds were awarded to the Farm- considered and the latter arrived too late. ers' Bank, McFall, at 105'02. Denomination $500. Date June Hollywood, Cal.—Bonds Voted.—It is stated that this 1 1905. Interest annual. Maturity $1,000 yearly on place on June 27 by a vote of 78 to 20 authorized the issuance June 1 from 1908 to 1912 inclusive. of $15,000 bridge, culvert and street-improvement bonds. McKinley (Minn.) School District No. 18.—Bond Sale.— Hood River, Ore.—Bonds Defeated.—This place on June On June 26 the S5.000 5% school bonds described in V. 80, 20 voted against a proposition to issue $00,000 water bonds. p. 2636, were awarded to the First National Bank of Eveleth Huron School District, Erie County, Ohio.—Bond Offer- at 10050. A bid of par was also received from the Commer- ing.—Proposals will be received until 12 m., July 22, by cial Investment Co. of Duluth. George P. Shinn, Clerk Board of Education, for $18,000 4}4% Macon, Miss. Bond Offering—Proposals will be received (serial) Denomination Date, day 1-18-year bonds. $1,000. until 8 p.m., July 17, by J. O. Faser, Mayor, for $15,000 5% of sale. Interest semi-annual. Accrued interest to be paid gold coupon water-works and electric-plant bonds. Author- by purchaser. Certified check for 10% of the amount of ity, Sections 3,014 to 3,017, Chapter 93, Code of 1892. De- bonds bid for, payable to the Clerk Board of Education, nomination $100. Date June 15 1905. Interest semi-an- required. nual. Maturity $100 yearly on June 15 from 1906 to 1925 Indianapolis, Ind.—Bids.—Following are the bids re- inclusive and $13,000 on June 15 1925. Certified check for ceived July 7 for the $45,000 3}4% refunding bonds awarded, $1,000, payable to the Treasurer of the City of Macon re- as stated last week, to the Fletcher National Bank of Indian- quired. Bonded debt, including this issue, $70,100. As- apolis: sessed valuation, $893,462. Fletcher Nat. Bank, Indianap'Iis$46,444 R. Kleybolte & Co., Clnclnnatl.$46,234 J. F. Wild & Co., Indianapolis.. 46.422 J. T. Elliott & Sons 46,031 Madison County (P. O. Jackson), Term.—Bond Offering. — Newton Todd Indianapolis. 46 409 Proposals will be received until 12 m., July 26, by H. C. An- Indianola, Miss.—Bond Sale.—This town recently sold derson, President Trustees Good Road Bonds, at the People's $25,000 5]/2 % refunding and $15,000 5}4% improvement Savings Bank in Jackson, for the $150,000 4% Series "B'l bonds to MacDonald, McCoy & Co. of Chicago, at par and road bonds mentioned in last week's issue Denomi- blank bonds free of charge. Denominations $1,000 and nation, $500. Date, April 15 1905. Interest, semi-annual. $200. Date, July 1 1905. Maturity $200 of each issue Maturity, forty years, subject to call after thirty years. yearly on July 1 from 1906 to 1925 inclusive and the re- Bonds are exempt from county and municipal taxes. mainder of bonds (all of $1,000 each) on July 1 1925. Mahanoy City (Pa.) School District.—Bond Sale.—The Ironton, — Ohio. Bond Sale.—Following are the bids re- $15,000 3% school bonds mentioned in V. 81, p. 46, have ceived on July 11 for the $6,100 5% 1-10-year (serial) Park been subscribed for at home. Avenue and the $4,200 5% 1-10-year (serial) Centre and Maiden, Mass.—Temporary Loan.—A five-months' loan Sixth Street bonds described in V. 81, p. 171: of $100,000, dated July 8 1905, has been negotiated with For the For the For both $6,100 issue. $4,200 issue. issues. George Mixter of Boston at 3*45% discount. First National Bank, Ironton $6,363 00 $4,38100 Seasongood & Mayer, Cincinnati 6,333 25 4,300 50 Maricopa County (P. O. Phoenix), Ariz.—Bond Sale.— W.J. Hayes & Sons, Cleveland 6,333 00 4,360 00 On July 1 $1,600 school building and furnishing Hoehler & Cummings, Toledo 6.320 50 4.350 50 7% bonds Weil, Roth & Co., Cincinnati 6,319 00 4.347 00 were awarded to John Luke, Phoenix, at 117"50. Denomi- Denison, Prior & Co., Cleveland and Boston. $10,662 75 P. S.Briggs& Co., Cincinnati 6,305 00 4,355 00 nation $800. Date June 19 1905. Interest annual. W. R. Todd & Co., Cincinnati 6,283 00 4,326 00 Maturity June 19 1925. Jackson, Mo.—Bonds Voted.—This city on June 27 by a Marion County, Fla.—Bonds Defeated.—The proposition vote of 352 to 5 authorized the issuance of $27,000 water and to issue $50,000 court-house bonds failed to carry at the elec- light-plant bonds. tion held July 6. Jasper County (P. O. Rensselaer), 5 Ind.—Bond Sale.— Maryland —Bond Sale.—The $666,000 33^% coupon On July 6 the $15,000 4^% Hanging Grove Township road "Public-Building-Loan" bonds, offered but not sold on and the $19,500 4^% Gillam Township road bonds described June 29, have been taken by the Board of Public Works as in V. 80, p. 2636, were awarded to E. L. Hollingsworth of an investment for the sinking funds of the State. Rensselaer at 100*60 and 100" 666 respectively. This is on Medicine Hat, Assa. Debenture Sale.—On July 3 $25,000 a basis of about Following are the 4^%. bids: 5% 20-year school debentures were awarded to Wood, $15,000 Bonds. $19,500 Bonds. E. L. Hollingsworth, Rensselaer $15,090 $19,630 Gundy & Co., Toronto, at 101-08. J. H. Chapman. Rensselaer 15,085 19.625 Meeker County, Minn.—Bond Sale. On July 1 an issue Weil Roth & Co.. Cincinnati.. 15.078 19.611 — of $52,000 4J-^% drainage bonds was sold to March Bros, at Jones (P. Ellisville), — County O. Miss. Bonds Not Sold.— par. Denomination, $1,000. Date, July 1 1905. Interest, All bids received July 3 for the $20,000 5% 5-24-year (serial) annual. Maturity, on or before ten years. road and bridge bonds described in V. 80, p. 2636, were re- Mendon (Mo.) School District.—Bonds Registered.—The jected. State Auditor on July 5 registered $5,000 5% bonds of this Kearney, N. 3. —Description of Bonds. —The two issues of district. bonds recently awarded to R. M. Grant Co., & New York Miami, Fla.—Bonds Refused.—The $33,000 5% bonds (3 (see V. 81, p. 46,) answer to the following description: $125,- issues) awarded on March 16 to the Fort Dallas National 000 43^% funding bonds maturing June 1 1920 and $80,000 Bank of Miami have been refused by that institution be funding school bonds maturing June 1 1930. Denomination cause of certain irregularities in the method of authorizing of both issues $1,000. Date June 1 1905. Interest semi- the bonds. We are informed that a new city charter will go annual. into effect next November, under which an election will prob- Kernersville (N. C.) Graded School District. —Bond ably be called to vote from $50,000 to $60,000 bonds for Offering.—Proposals will be received until 12 M., July 20, various improvements. by the Board of School Trustees, D. W. Harmon, Secre- Milton (Boro.), Pa.—Bond Offering.—Proposals will be tary, for $4,000 5% 20-year school bonds. Denomination, received until 8 p. m., July 25, by Wm. C. Miller, Town $500. Interest, annually on Jan. 1 at the Bank of Kerners- Clerk, for $30,000 4% funding bonds ("Series B"). De- ville. nomination $500. Interest semi-annual. Maturity $1,000 Kingsbury (N. Y.) District — Union Free School No. 1. r 3 early on Oct. 1 from 1906 to 1935, inclusive. Certified Bond Sale.—On July 10 the $8,000 4% registered school check for 2% of the amount bid, payable to Edward Weiden- bonds described in V. 81, p. 46, were awarded to Isaac hamer, President Borough Council, required. These bonds - W. Sherrill, Poughkeepsie, at 100 0625 and blank bonds. are subject to the four mill State tax. Lake Charles, La.—Bonds Defeated. The election — June Milwaukee, Wis.—Bond Sale—On July 12 the five issues 27 resulted in the defeat of the proposition to issue $75,000 of 4% 1-20-year (serial) bonds, aggregating $465,000, de- electric-light-plant 5% bonds, the vote being 51 (property scriptions of which were given in V. 81, p. 172, were awarded value for $103,189) the issue and 322 (property value $483,- to the Second Ward Savings Bank of Milwaukee at 104*40 347) against. a basis of about 3*496%. Following are the bids: Lexington, Mo.—Bonds Registered.—The State Comptrol- Second Ward Sav. Bk.. Milw..$485,460 I Blodget, Merrltt &Co., Boston.$479,726 R.L.Day & Co., Boston. 481.772 | Blake Bros. & Co., Boston 479,089 ler recently registered $20,000 4% city-hall bonds of this Estabrook & Co., Boston 481,135 I W. R. Todd & Co., Cincinnati. 477,090 N. Harris Co., Chicago.. 477,462 place. Denomination, $1,000. F.S.Moseley&Co.,NewYork, I W. & and E.H. Rollins & Sons, Chi 480,763 I Citizens' Trust Co., Milwaukee Lockland, Ohio.—Bonds Proposed. The issuance — of E. C. Benedict. New York 480,484 | (for S50.000) 50,075 $13,000 building bonds is being considered. Montana.—Bond Offering.—Proposals will be received Lowell, Mich.—Bonds Voted.—This village recently until 6 p. m., July 26, by J. H. Rice, State Treasurer, at voted to issue $12,000 street and bridge bonds. his office in Helena, for $30,000 State University bonds at Lowville, N. Y.—Bonds Defeated.—A proposition to issue not exceeding 5% interest. Date May 1 1905. Interest $6,500 bonds for a public park failed to carry by a vote of 33 semi-annually on January 1 and July 1 at the office of the for to 234 against at an election held June 27. State Treasurer. Maturity thirty years, subject to call Lucas County (P. O. Toledo), Ohio.—Bond Offering.— after twenty years. Proposals will be received until 10 a. m., August 8, by Montgomery, Ala.—Bond Election.—An election will^be David T. Davies Jr., County Auditor, for $80,000 4J^% held Aug. 21 to vote on the question of issuing $75,000 school county bridge bonds. Denomination $500. Interest semi- bonds annually at the office of the County Treasurer. Maturity Moose Jaw (N. W. T.) School District No. 1. —Debenture $4,000 yearly for twenty years. Certified check for $1,000 Offering.—Proposals will be received until 6 p.m., Aug. 1, on a Toledo bank or cash to that amount required with bids. by Harold Jagger, Secretary-Treasurer, for $55,000 5% de- Purchaser to pay accrued interest. bentures. Denomination, $1,000. McComb, Ohio.—Bonds Voted.—It is stated that this Mound Valley (Kan.) School District.—Bonds Voted.— place has voted to issue $5,000 bonds for an electric-light This district recently bj' a vote of 276 to 9 authorized the plant. issuance of $7,600 school-building bonds. ——— —— .—— — — — — — A5 ————— —— — — —— July 15, 1905.J TIIK CI1RONICLF, 227 District, Clara in various amounts each six Mountain View School Santa County, Cal. mature months fmm'April 1 L906 5' —Bond Sale—An issue of 17,000 "; 2-S-year (serial) gold to Oct. i 1910 inclusive. bonds was awarded on June 19 to the Oakland Bank of Sav- Park (Tex.) Independent School District. -Bond Sale. — 103*35. Denomination $1,000. Date June is the 5' L5-40 year ingBal 1905. On July 8 13,500 ] (optional) school-hot Interest annually in January. bonds mentioned in V. 80, p. 2470, were awarded to the Mullins (S. 0.) School District No. 34. Bond Offerii state board of Education at par and accrued interest. Proposals will be received until Aug. l by P, 8. Cooper, Securities are dated Jan. 1 1906. Clerk Board of School Trustees, for $10,000 6% coupon Pawnee County, Kan. Bonds Voted.—This county re- school-building and furnishing bonds. Authority, Acts of cently authorized the issuance of bonds for bridge purpo Legislature 1905, Chapter 554. Denomination $500. Date Pembina County (P. O. Pembina), N. Dak. Bond Sale Aug. 15 1905. Interest annual. Maturity Aug. lf> 1926. —The $35,000 7-year drain bonds offered on June 5 have Certified check for $250 required. Bonded debt, this issue. been awarded to Trowbridge & Niver Co., Chicago, as 6J£ per Assessed valuation, $300,000. Actual valuation, $900,000. cents. See V. 80, p. 2;5(>0, for description of bonds. Muskogee, Ind. Ter. Bond Election.—An election will Penryn School District, Placer County, Cal. Bond Sale. be held Aug. 10 to vote on the question of issuing $100,000 —On July 1 the $6,000 5% 1-12-year (serial) bonds described water ami sewn- and $75,000 school bonds. in V. 80, p. 2479, were awarded to the Oakland Hank of Sav- Napanee, Ont. Debentures Voted.—This town on July 7 ings, Oakland. adopted a by-law providing for the issuance of $35,000 elee- Perrysburg, Ohio. Bond Offering. —Proposals will be re- tric-light-plant debentures ceived until 12 m., Aug. 1, by T. M. Franey, Village Clerk, Napoleon (Ohio) School District. Bonds Dejected.— for $30,000 4% water-works bonds. Interest semi-annual. proposition to issue $10,000 school-house-addition bonds .Maturity $2,000 yearly on Sept. 1 from 1915 to 1917 inclu- failed to earn- at an election held June 27, the vote being a sive and $3,000 yearly on Sept. 1 from 1918 to 1925 inclu- tie. sive. Certified check (or cash) for 3% of the par value of Nevada, Mo.—Bond Sale.—On July 5 the $10,000 4J^% the bonds bid for, payable to the Village Treasurer, re- 10-year registered sewer bonds described in V. 81, p. 47, quired. were awarded to William Compton, Macon, at 102*75 and Piqua, Ohio. Bond Sale.—On July 7 the $05,000 4% 20- interest—a basis of about 4*161%. Following are the bids: year refunding bonds described in V. 80, p. 2479, were award- ed to Seasongood & Mayer, Cincinnati, at 101 '816—a basis Wm. Compton. Macon 10275 Geo. M. Brlnkerhoff, Sp'gfleld..l01 '21 !5 Webb M. Ruby. Macon 102- 825 oAlbcrt C. Case, New York 101-25 of about 3*869%. Following are the bids: Denison. Prior & Co., Cleveland. 102- 015 5S.A. Kean, Chicago 101- 01 Little A- Hays. St. Louis 10225 Trowbridge &Nlver Co., Chicago 100- 00 Seasoneood & Mayer, CinrinnatilOl-816 W. J. Hayes & Sons, Cleveland. 100- 21 John P. O'Brien & Co.. Boston. 102- 00 N.W. llalsey & Co., New York. 101- 13 Pi I.. Fuller & Co., Cleveland.. 100* 10 Cent.Tr. & Safe Dcp. Co., Cin..l01-127 W. U. Todd &jCo., Cincinnati.. 10000 Well, Roth () Co., Cincinnati.. 100-928 Bond Election Xot Yet Ordered.—We are advised that no definite time has yet been set to vote on the question of issu- Pittsburgh (Pa.), Knox Sub-School District. Bond Offer- ing $90,000 water-works bonds, the election, however, will ing.—Proposals will be received until July 17 by W. J. Bren- probably be called for some time in September. nen, Solicitor, corner Fifth and Wylie avenues, for $12,000 Newburgh Heights, Ohio. Bond Offering.—Proposals bonds of this district. Maturity twelve years. Securities will be received until 12 m. July 31 by P. S. Ruggles, Vil- are free from tax. lage Clerk, for $4,000 5% bridge bonds. Denomination, Polk County (P. O. Des Moines), Iowa. Bond Election.— $1,000. Maturity, June 30 1925. Certified check for 5% of An election will be held Aug. 1 to vote on the question of issu- the amount bid required. ing $80,000 jail and $25,000 jail-site bonds. Nobles County (P. O. Worthington) , Minn. Bonds Not Pontiac, 111. Bond Offering.—Proposals will be received Sold.—Bond Offering. —All bids received July 10 for the until 12 m. to-day (July 15) by J. M. Lyon, Mayor, for $34,- $8,000 ditch bonds described in V. 80, p. 1988, were rejected. 000 5% street-improvement bonds. Denomination, $1,000. We are advised that the bonds will be re-advertised, sale Interest, Jan. 1 and July 1 . Maturity, July 1 1925. to take place at 1 p. m., July 25, under new condi- Princeton, Ky. Bond Sale.—On July 3 the $35,000 6% tions. 20-year water bonds described in V. 80, p. 2637, were award- North Andover, Mass. Bonds Voted.—This towm on ed to N. W. Harris & Co., Chicago, at 106*42—a basis of June 28 voted to issue $16,000 4% 1-8-year (serial) water about 5*469%. main bonds. Quincy (111.) School District. Bonds Re-awarded.—We North Fort Worth, Tex. Bonds Registered.—On July 8 are advised that the Browne-Ellinwood & Co., Chicago, to $23,000 5% school-house bonds dated July 1 1905 were whom the $120,000 5% 2-9-year (serial) building bonds registered by the State Comptroller. Maturity 40 years, were awarded on June 23, subsequently withdrew their bid, optional after 25 years. See V. 80, p. 2637. and that the securities were thereupon re-awarded to the North Platte, Neb. Bond Offering. —Proposals will be State Savings Loan & Trust Co of Quincy for $126,500. received until 5 p. m., Aug. 1, by Charles Samelson, City Randleman, N. C. Bond Offering. —Proposals will be re- Clerk, for the $30,000 4% coupon main-sewer bonds, which ceived until 12 m., Aug. 7, by H. O. Barker, Secretary were offered but not sold on May 25. Authority, Article 1, Board of Trustees, for $7,500 5% school bonds. Interest Chapter 14, Compiled Statutes of Nebraska for 1903. semi-annual. Maturity thirty years. Certified check for Denomination $1,000. Date April 1 1905. Interest semi- S 100, payable to the Secretary of the Board of Trustees, re- annually at the Nebraska fiscal agency in New York City. quired. Maturity April 1 1925, subject to call April 1 1910. The Red Bluff Union High School District, Tehama County, city has no bonded or floating at Assessed debt present. Cal.—Bond Sale.—On July 5 the $32,000 AY2 % 2-17-year valuation 1904 $466,433 48; real value about $2,332,167 40. (serial) gold coupon school bonds described in V. 80, p. 2638, Bonds were authorized by vote, 418 to 161, at election held were awarded to W. F. Johnson at 103*55 and interest. Fol- Jan. 3 1905. lowing are the bids: Nutana Public School District No. 869, N. W. T. Deben- W. F. Johnson ...$33,136 N. W. Halsey & Co.. San Fran. .$32,771 ture Sale. —On July 7 the $9,000 6% school debentures men- Bk. of Tehama Co. Red Bluff.. 33,005 W. R.StaalsCo.. Pasadena 32.376 tioned in V. 80, p. 2418, were awarded to George A. Stimson S. F. Sov. Union. San Francisco 33,000 Adams-1-hllllps Co., Los Angeles 32,261 E.H Rollins & Sons. San Fran. 32.800 Union Trust Sav. Bank 32,151 & Co., Toronto, at 107833. Following are the bids: Redlands, Cal. Bond Offering.— Proposals will be re- Geo. A. Stimson & Co.. Toronto. S9. 705 Jas. Mackay, Toronto $9,250 . . , , for the ceived until 2 p .m . July 25 by L W Clark City Clerk Wood. Gundy & Co., Toronto 9,5-11 H. L. Watt, for Can. Life Ins *9,136 J. W.Ray Reeina 9,533 Ontario Sec. Corp., Toronto 9.011 8100,000 gold coupon street bonds voted at the elec- Can.L. 4J^% & N. Invt.Co., Winnipeg 9,351 *For 5 per cents. tion held June 20. Denomination, $500. Date, July 15 Securities are dated Sept. 1 1905. 1905. Interest semi-annually in Redlands. Maturity, $2,500 Oberlin, Ohio. Bond Offering.— Proposals will be re- ily. Bonds arc exempt from taxation. Certified check ceived^ until 12 m. July 22 by O. F. Carter, Mayor, for $17,- for $1,000, payable to the President Board of Trustees, re- 000 5% debt-extension bonds. Denominations, sixteen quired. bonds for $1,000 each, eight for $100 each and one for $200. Richfield Springs, N. Y. Bond Offering.—'Proposals will Tunnicliff, Vil- Date, Sept. 1 1905. Interest, semi-annual. Maturity, S be received until 10 a. m , July 18, by C. W. 1 1915. Accrued Certified lage Clerk, for refunding water bonds. De- | interest to be paid by purchaser. $20,000 3M% check for 5% of the bonds bid for, payable to the Treasurer nomination, $500. Interest, Feb. 1 and Aug. 1. Maturity, of the village, required. (2,000 yearly on Aug. 1 from 1915 to 1924 inclusive. Bonds Oklahoma City, Okla. Bonds Proposed.—A special elec- exempt from taxes. tion to vote on the issuance of $275,000 water and sewer Roanoke, Va. Bond Sale.—The Sinking Fund Com bonds is being considered lers recently purchased 824,000 4% refunding bonds at Warrants. —George Hess, City Clerk, advises us that he 103*50. These bond- refund an issue of $30,000 6% bridge has for sale a large number of lateral-sewer warrants dra'. bonds which were subject to call on July 1 1905, $6,000 8% interest and maturing in one, two and three years. Mr. the old issue being paid off in cash. Denomination of n< Hess offers these warrants at par. bonds, $1,000. Date, July I 1905. Interest, semi-annual. Oneonta, N. Y. Bonds Voted. —This village has voted .Maturity, July 1 1935. to issue $3,800 pavement bonds. Rockingham and Wolf Pit Townships, Richmond County, ;V «' ,i mitl1 Osborne, Kdm.—Bonds Not Yet Sold. — Xo sale has N. Q.—Bond Offering. Proposals will ' been made of the $7,500 water-supply bonds described in V. Aug. 7 by H. s. Ledbetter. chairman (P. I '. Ri ckinghan 80, p. 1016. for $10,000 Rockingham Township and 110,000 Wolf J Oxnard, Cal. Bond Election. —An election will be held nship bonds. Neith( r town hup July 31 to vote on the question of issuing $45,000 SC bond - \ • ed valuation of R P bonds. $1,239,000, and Wolf 1'it Town 000. ' dis- Painesville, Ohio.—Bond Sale.—On July 3 the $11,500 5% Sabetha (Kan. > School District. thorizi dtl street-improvement bonds described in V. 80, p. 2479 Junc 27 by a vote of 101 to B a ",00 awarded to the Painesville National Hank at 102*50. 15 of $0 chool-building bond , —— —— —1 ) — — — — —— — 228 THE CHRONICLE. [Vol. lxxxl St. Croix Falls, Wis. Bond Offering.—Proposals will be Date Aug. 10 1905. Interest semi-annually at Chicago, St. received until 8 p. m. to-day (July 15) by Elmer Conner, Vil- Paul or New York City, as the successful bidder may request. Certified check for . Denomina- Purchaser to furnish bonds. lage Clerk , for $5 ,000 5% training .school bonds blank $100, tion, $250. Interest annually at St. Croix Falls. Maturity, payable to the Village Council, required. No bonded debt $250 yearly from 1906 to 1925 inclusive. at present. Assessed valuation for 1904, $111,705. St. John, N. B. Bids Rejected.—This city on June 30 re- Sanford, N. C. Bonds Proposed.—We are advised that jected all bids received for the $500,000 3^% 40-year bonds this town will ask the next Legislature for authority to issue described in V. 80, p. 2638. The highest bid was 88-75, $6,000 water-main-extension bonds. made by J. M. Robinson & Sons of St. John. The city in- Scotia, N. Y.—Bond Sale.—On July 11 the $90,000 water tends to ask for legislation to issue 4% bonds. and sewer bonds mentioned in V. 81, p. 48, were awar ded to St. Johns, Ore.—Bond Sale.—On July 3 the $10,000 6% Isaac W. Sherrill of Poughkeepsie, at par and interest for 1-10-year (serial) gold public-utility bonds were awarded to 4J^ per cents. Morris Bros. & Christensen of Portland at 104 "61. Shawnee, Okla. Bond Election Proposed.—The City Coun- St. Marys, Ohio. Bond Sale.—The following bids were cil is considering an ordinance calling an election to vote on received July 5 for the $21,000 5% highway-improvement the issuance of about $50,000 sewer bonds. bonds described in V. 81, p. 48. Shelby ville, Tenn. Bond Election.—An election has been issuing $22. 500 called for Aug. 3 to vote on the question of $40,000 W. J. Hayes Pasz, Village Recorder, for $6,000 5% 10-year lighting-plant Spartanburg (S. C. ) School District. Bonds Not to be Of- bonds. Authority, Chapter 200, General Laws of Minnesota fered at Present.—We are advised that the $30,000 4% build- for 1893 and amendments thereto. Denomination $1,000. ing bonds mentioned in V. 80, p. 1752, will probably not be NEW LOANS. INVESTMENTS. »Vlrt««iA*1%A^VM^Al ^280,000 OO H. W. NOBLE & COMPANY, CITY OF SOUTH NORWALK, CONN,, Penobscot Bldq., Land-Title Bldq. Detroit. Philadelphia. 49b COUPON BONDS. MUNICIPAL Sealed proposals will be received by the undersigned until one o'clock P. M., JULY 26, 1905, at the AND office of Water Commissioners, for the purchase of all or any part of (280.000 00 coupon bonds of $1,000 00, at 4% per annum. Interest payable semi annually at the City National Bank and tbe South Norwalk Trust PUBLIC SERVICE CORPORATION Company. Princioal payable at the offices of tbe Water Commissioners and the City Treasurer. Purchasers will be required to pay accrued Interest. BONDS. $40,000 00 Water Bonds, due July 1, 1825 ) $20,000 00 to fund floating debt. $40.00- 00 Water Bonds, due July 1, 1930 V $i0 000 00 to refund matured bonds. $10,000 00 Water Bonds, due July 1, l»"-5) $60,000 00 to refund option bonds. $25.0< 0<0 City Bonds, due July!, 1«?6) $2B,0<'0'0 City Bonds, due July 1. 1930^ $70,000 00 to refund floating debt of city. ERVIN & COMPANY, $20.00009 City Bonds, due July 1, i985) 180.000 "0 City Bonds, due Sept. 1,1925 2 IHO.0O0 00 City Bonds, due Sept. 1, 1930 > $90,000 00 to refund option bonds. $30,0uu oo City Bonds, due Sept. 1, 1935 BANKERS, The legality and genuineness of these bonds will be certified to by the South Norwalk Trust Company. by certified of Each bid must be accomp»nled a check %% of the amount bid, payable to order of City , ( New York Stock Exchange, Treasurer, or Water Commissioners. The check of tbe successful bidder to be held to secure the payment •wtteml)ers of the bonds. Tbe right is reserved to reject any or all bids Intending purchasers can obtain copy of j Philadelphia Stock Exchange. year book 1904 by application to the Water Commissioners. TOTAL CITT AND WATER DEPARTMENT RESOURCES AND LIABILITIES JAN. 1, 1905. BONDS FOR IKVESTMENT. Total City resources, not including i City liabilities $209,450 00 Streets and Sewers $184,801 04 Water Department 288.597 60 Total Water Department resources... 421,988 18 Net surplus 1 July ir>, 1905.] THE CHRONICLE. 229 issued before December, as the securities will begin to Theresa, N. Y. Bond Sale. —On July S S3, 000 I'; elec- draw interest on Jan. 1 1906. tric-light bonds were awarded at par Pi 'the Watertown Sav- Spencer, N. 0. Bonds Voted. —The election July 5 re- ings Hank. Denomination $(>()(). Interest annual. Matu- sulted in a vote of 126 to 46 in favor of the proposition to issue rity ten years. $70,000 5% 30-year bonds for various improvements. These Trimble (Town), Tenn.—Bonds Not Sold.—Tho $6,000 to bonds, we are advised, will be sold at private sale. coupon school-building bonds offered on June Springfield, 111. Bond Offering. — Proposals will be re- described in V. SO, p. 2638, were not sold. Tin; best offei ceived until 4 p. m., July 27, at the City Hall, for the 1128,- ceived was 95. a vote 5,7'_' 1 to ,7.'i:> at h'crcnve 000 refunding bonds authorized by of 1 Troy, N. Y. Bond Offering.— Proposals will be election held April 4 1905. Denomination, §1,000. Date, received until 11 a. m., July 19, by William 11. (iearin, City Sept. 1 1905. Interest, not exceeding 4%, payable annu- Comptroller, for $100,000 4% revenue bonds dated July 20 ally at the office of the State Treasurer. Maturity Sept. 1 1906 and maturing Oct. 20 1905. Certified cluck for 1% 1925. Harry II. Devereux is Mayor and James A. Hall of the par value of the bonds, payable to the City of Troy, Comptroller of the city. required. Sterling, HI.—Bond Sale.—On July 3 the $6,000 4}4% 13- —Bids.—Following are the bids received July 7 for the lS-year (serial) library bonds, described in V. SO, p. 2638, S310.521 82 4% 10 and 20-ycar water bonds awarded, as were awarded to N. W. Harris & Co., Chicago, at Mated last week, to Harrison & Co., New York City, at 105783. 104*73 and interest. Stoughton (Wis.) School District. Bonds Voted.—It is Harrlman iCo. New York .104-73 Kountze Bros., New York .101-08 10-ycarlO:*-29 stated that this district has voted to issue $40,000 high- lilodcet, Mcrritt & Co..— W. J. Hayes MacDonald, McCoy & Co,, MUNICIPAL AND CORPORATION The American Mfg. Co. i BONDS. MANILA SISAL AND JUTE Salle Street, 171 La Chicago. For Business Correspondence. CORDAGE. Whether for letter written with your own hand, or by the typewriter, are DNEQDAL.KD. Their quality at all Established 1883. Is assured and they have won highest honors 65 Wall Street, New York. the great World's Fairs. For high grade writing H. C. Speer & Company papers of all kinds, for bond papers, and for ledger papers, Insist on having them made by the First Nat Bank Building, Chicago. WHITING PAPER COMPANY, BOLYUKE, MASS. CITY COUNTY BONDS. New York. Philadelphia. Chicago. AND TOWNSHIP 1850. 1905. The United States Life NOW READY. MUNICIPAL AND RAILROAD BO^DS. Insurance Co. HAND-BOOK LIST ON APPLICATION. IN THE CITY OF NEW YORK. OF SEAS0NG00D & MAYER John P. Munn, M.D., President. mercantile Library Building, Railroad Securities, CINCINNATI. Finance Committee: (Issued Seini-Annually by the Publishers of tlio B. PLUM Leather JAMES Commercial & Financial Ohronicl*.) HIGH CLARENCE H. KEI.sKV. Pr.Tlt.Guar.&Tr.Oo. GRADE WILLIAM H. POKTKK.Pres. Chem. Nat. Bank INVESTMENT BONDS READY JULY 15. Aotlve and sucix-HHfiii Agents who desire to NO STOCKS uiake DIKK 230 THE CHRONICLE. [Vol. lslol Wallingford (Conn.) Central School District.—Bonds and interest. One other bid was received, that of W. J. Authorized. —The State Legislature has authorized this dis- Hayes & Sons, Cleveland, at par. trict to issue $55,000 bonds. West New York, N. J.—Bond Sale.—On July 10 the $150,- Waterloo, Iowa. Bids.— Following are the bids received 000 4^% 25-year street bonds, described in V. 81, p. 176, June 21 for the $55,000 4% funding bonds awarded, as stated wore awarded to N. W. Halsey & Co., New York, at 108 278 two weeks ago, to Denison, Prior & Co., of Cleveland and —a basis of about 3'97J^%. Boston. Wingham, Ont. Debentures Voted.—This town on July 5 Denison, Prior & Co., CI. & no8t$50,391 C. II. Coffin, Chicago $55,751 by a vote of 280 to 59 adopted- a by-law to issue $12,000 W. J. Hayes & Sons. Cleveland. 66,391 N. W. Harris Capital and (£q OFFICE OF THE Surplus >D0 iQQ GOO FiTIE GUARANTEE ATLANTIC MUTUAL INSURANCE COMPANY, andTRUST COMPANY New York, January 20th, 1905. 146 Broadway, New York. 175 Eemsen Street, Brooklyn. The Trustees, in Conformity with the Charier of the Company, submit the following statement oj M'f'rs Branch, St., its affairs on the 31st of December, 1004; 198 Montague Br'klyn. Premiums on Marine Risks from 1st January, 1904, to 31st December, 1904... $2,909,343 08 Examines & guarantees Meal Estate Titles, Premiums on Policies not marked ofl 1st January, 1904 724,151 84 Loans Mone>/ on Bond and Mortgage. Furnishes Mortgages to Investors. Total Marine Premiums $3,633.494 92 Receives Deposits subject to check, allowing Premiums marked ofl from 1st January, 1904, to 31st December, 1904 $3,016,978 35 Interest. Interest received during the year $275,926 58 Does all Trust Company business-. " " Rent " less Taxes 107,148 14 $383074 72 TRUSTEES Losses paid during the year which were estimated John Jacob Astor, Edsrar L_. Marston, J. Matheson, in 1903 and previous years $318,124 29 Edward T. Bedford, William Charles S. Brown, Charles Matlack, paid in 1904 Losses occurred, estimated and 771,957 98 Jalien T. Davles, William H. Niohols, $1,090,082 27 William J. Eaaton, James H. Oliphant, Less Salvages $142,418 20 Charles R. Henderson, Robert Olyphant, Re-insurances 84,094 99 226,513 19 Benjamin D. Hicks, Alexander E. Orr, John D. Hicks, Charles A. Peabody, Returns of Premiums and Expenses, $405,721 91 863,569 08 William M. In A dividend of Six per cent interest on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday, the ecentU Atlantic Mutual Insurance Company Scrip Of February next. of All Yours Bought and Sold. The outstanding certificates of the issue of 1 899 win be redeemed and paid to the holders thereof , or their legal representatives, on and after Tuesday, the seventh of February next, from whioh date all interest thereon will cease. The certificates to be produced at the time of payment, and canceled. JOHN M. GILLESPIE, A dividend of Forty per oent is declared on the net earned premiums of the Company for the year ending 31st December, 1904, for which, upon application, certificates will be issued No. 518 Atlantic Building, on and after Tuesday, the second of May, next. By order of the Board, Room G. STANTON FLOYD-JONES, Secretary. 49-61 Wall Street, NEW YORK. TRUSTEES. CLINTON GILBERT, GD8TAV AMSTNCK. CLEMENT A. GRISCOM, NICHOLAS F. PALMER, FRANCIS M. BACON, ANSON W. HARD, HENRY PARISH. York. JOUN N. BEACH. MORRIS K. JESUP. FREDERIC A. PARSONS, 2 Wall Street, New WILLIAM B. BOUXTON THEODORE P. JOHNSON, DALLAS B. PRATT, VKRNON H. BROWN, LEWIS CA9S LEDTARD, GEORGE W. QU1NTARD, BANK & TRUST COMPANY WALDRON P. BROWN, FRANCIS H. LEGGKTT, A. A. RAVEN. JOSEPH II. CHAPMAN, CHARLES D. LEVEKICH, JOHN L. RIKER, STOCKS. GEORGE C. CLARK, LEANDER N. LOVELL, DOUGLAS ROBINSON, CORNELIUS ELDERT, GEORGE U. MACY, GUSTAV H. SCHWAB, BWALD KLK1TMANN, CHARLES H. MARSHALL, WILLIAM C. STURGKS. HERBERT L. GRIGGS. W. H. H. MOORE, Fred. M. Smith, A. A. RAVEN, President. CORNELIUS ELDERT, Tiee-Pres't. Broker in Securities, THEO. P. JOHNSON, id Yiee-Pres't. JAS. L. LIVINGSTON, 3d Vice-Pres> AUBURN, NEW YORK, 14,30 ••• .••• Houston Eleo. St. Ry 40,37 Illinois fraction Co May 84.6)4 72,6U 439,07. 382,000 44.001 40,884 3,117 w ...... 0 950 May delivery In elev 89% 90% 90% 88% 87% 86 8af PBA»ciisr!r>— lo Japan—July 8 Steamer Mauohuria, 2,576 2,.57b To Guatamala July 6— Steamer San Jose. 100 100 Indian corn futures have been moderately active. The Seattle To J apan- July 6— Steamer NlngOhow, 1,179 1.1 7 9 tendency of prices has been towards a lower basis. Accord- Total..... 65,447 ing to tbe monthly report by the Government's Agricultural indications are for yield The exports to Japan since Sept. 1 , 1904, have been 308,956 Bureau, present a from the growing bales from Pacific ports and 9,720 bales from New York. crop of 2,650 000,000 bushels. A larger acreage is reported under cultivation, and the average condition of the orop is Ljvebpool.—By cable from Liverpool we have the following reported highly prom'slDg. Weather advices from the corn statement of the week's sales, stocks, &c, at that port. belt during the past week have continued to report favorable June 23 June 30 July 7 July 14 climatic conditions for the crop. Tbe movement of old-crop cum during tbe week has chown some increase, but with KaiM of tbe week bales. 48.UO0 54 000 31 Out 21 ooo limited stocks of contract grades, Joly and September deliv- Of which exporters took. .. 1.00C 3,000 2.000 1,000 eries seem to be well under the control of bull fntf rests. The Of which speculators took. 1,000 2,000 Sales American..... 42.000 46,000 24 00C 16 000 spot market has held fairly steady; only a limited volume of Actual export ...... 8 000 9,000 6.00C 6 000 oasiDesa has been transacted, To-day the market weakened Forwarded 97 000 68,000 70 0OC 63.000 -lightly under favorable crcp prospects. The spot market stock—Estimated 8S2 oo< Total 845,000 841,000 841.001 held Of which American— Est'd. 774 OtO 772 000 771 OOt 761 000 steady. Total Import of the week..... 140,000 71.000 77 OOt 60 000 DAILY OLOBIH0 PBIOBS OF HO. 2 MIXED 00 KM III NEW YORK. 69,00t 45 000 Of whioh Amerloan...... 127,000 65.000 Sat. Mon. 'Tut*. Wed. Thun. Fn. 00( 113 000 Amount afloat 188 000 153.000 116 No. 2 mixed In elev 63% 63% 63 6:\ 62% 62% 87.00C 89 000 Of which Amerloan 164 000 129,000 July Qru very In elev 62% 62% 62% 62% 62 61\ 8ept. delivery In elev.... 62 61* 6i% 60' 60* The tone of the "Liverpool market for spots and futureB 61%_ 8 DAILY CLOSING PBIOBS OF NO. 2 MIXKD OOBN IN CHICAGO. each day of the week ending July 14 and the daily closing Sat. Mon. Tuet. Wed. Thun. Fr\. prices of spot cotton, have been ae follows. 7 Inly dellv. In elev 56% 56% 6« 8 5h% 56 fOM 7 Sept. delivery tn elev 56% 55% 55% 65% 55% 6* ^ tfpoi. Friday Hat'day. \ Monday.' Tuetday. Wed'day TKund'y Deo. delivery In elev.... 49'a 4»% 4^»a i4\ 4*% 47* May aeuv. in eiev 4»% 48% 49 48* 47% 47* Very Very Wry Market, Not much Not much markets have been little Qaleu little little Oats for future delivery at the Western 13:30 P doing. JulUK. doing. doing. h i h they \\ doing. moderately active. Changes in prices have breti k t , monthly Govern int-nt Mid. Upl'ds 5 87 5 99 6 12 5-99 597 6 82 -bowing a fractional decline. The crop report was interpreted as foreei adowlng a yield from 3.000 3,000 Sales 3,000 6.000 4.000 5.000 'he present crop of 950,000,000 bushels, or atiuiit the hum m Hpec Aexp 300 500 200 1,500 600 300 Ust year. Crop news for the week bas been favorable. future* Locally the spot market has been quiet but steady, To-day Hr-lyit'dy Firm at Kmiy »t jnlot at Unlet at IrreK.at nelliu^. Market I mere was a weaker market under moderate *«» 3 Pt». 18414 pll. 5&10pu. 10„11 pti eeio pu. i'u- i-> vu upeneo..Tr^nVrt I deni.i.a ) decline. 4 a»ano» .«oau«. decline. jeoitue I DAILY OLOMIHO PK10KS OF OAT* IW NEW VOItK. Fr\. it dj Bat Kom, T'**». Wed. Thun. yaiet at Excited at Fev'leh at •eady at Unsettled Ver» Market / Pt». No. 2 36 36 36 M > H pt». S3«»35 pll. 11&10 pin. 3-6 pl«. 17(ftl8 PU. *.-> mixed. f.O. b 35% 35% 4 p M '"*• 1 i decline «i»an.fc i«- nr ... «.i»»-<-. ie in So. 2 wblte.Ollpped.f.o.b 37% 37% j7»« 37 * 37% 37% : . : :