. 1 i .
financial nnrnwrcia WJ rnmcle INCLUDING
Bank and Quotation Section (Monthly) State and City Section (semi-Annually)
Th l!S Railway and Industrial Section (quarterly) Street Railway Section ( vCJ-iy" ) Entered according to Act of Conness, tn the year l!io5, by Wn.i.iwi H. Dava Company, in the ottloeof Librarian of Confess. Washington. l>. c«
VOL. 81. SATURDAY, JULY 29 1905. NO. 2092.
Week ending July 22
Clearings at— Inc. or 1905. 1904 1902 ghc (IDhrouicle. Dec.
PUBLISHED WEEKLY. * Boston 142.531,487 127.549.530 --It 7 125.820 078 126,379,801 Terms oi Subscription—Payable in Advance Providence 7,250,800 6.110,800 --181 6,289,800 0,027.100 2,908.496 2,500,303 --15-9 For One Year $10 00 Hartford 2.884.353 2.481.784 New Haven- 2.339,-28 2,288.301 --22-3 2 03i 1.510,800 For Six Months 6 00 Springfield 1,038.497 1.480,1 CO --107 1 312.791 I .170 European Subscription (including postage) 18 00 98.-, Worcester 1,561, 426 1.814,932 --188 1 580 180 1 57 1 (including postage) European Subscription Six Months 7 50 Portland 1.506,269 1 531 07.- -1 7 1,449.292 1.168 727 Annnal Subscription in London (including postage) £2 14s. Fall River 676,059 021.352 +8 3 7,vl,v.-,l ' 479,987 453.727 D 7 55 619,712 Six Months subscription in London (including postage) £1 lis. Lowell -fc New Bedford 524.008 400,491 +29 403.535 471 822 Subscription includts rollowing Sections— Holyoke 376,362 495 479 -24 403.883 : 778
Bank and Quotation (monthly) I State and City (semiannually) Total New England. 101,853,228 144.845.S19 +11-7 14,',923.160 142,870 925
Railway and Indcstklal (quarterly) | street Railway (3 times yearly) Chicago 189.042,450 157,934 269 +197 159,878.704 166,787.073 —15-7 Terms of Advertising—Per Inch Space Cincinnati 23,961,550 28.434.250 21,800,500 19,237.800 Cleveland 15,497,384 13,357,289 10'U 10,450.171 16.476,524 Transient matter per inch space (14 agate lines) §4 20 Detroit 10,989,398 9,587.200 i4-e 9.037,006 9,439 001 Milwaukee 8,481,055 7.039.! 149 20-5 7.382,175 0,: 69.133 ( Two Months (8 times) 22 00 i Three Months (13 times) 29 00 Indianapolis. 6.444.503 6,749,418 45 0.522.044 4,855.471 6 ,.„j,„„ Business«„„.„„„. Cardsr-„,.i= JJ +2-1 Standing Slx Montll3 fe6 tlmes 50 00 Columbus 4.398,100 4.307,700 4,853.500 4,709,000 Toledo 3,279.447 8.208,453 —00 3,098.904 3,5.18,783 ( Twelve Months (52 times) 87 00 IV. .nil 2.650.130 1,810 201 +40 2,803.501 1,929 513 CHICAGO OFFICE— Pliny Bartlett, 513 Monadnock Blook. Grand Rapids 1,951,149 1,844.077 +5-8 1,778,708 1,470,256 Dayton 1,603,372 1,573,390 +19 1,630.507 1,497.702 Edwards Smith, 1 Drapers' Gardens, E. C. LONDON OFFICE— A Evansville 1,470,087 1,094,092 +84-4 1,078,381 . 1,127.132 -18-1 Publishers, Akron 521,700 636,700 704,700 717,800 MILLI.li. B. PANA COMPASV, Springfield. Ill 710,803 712,223 —0-2 666,121 723,935 Youngstown 414,488 430.058 —51 775,886 585.853 Pino Ktreet, Corner oi l'eai-1 Street, Kalamazoo 729,948 666,604 +9-5 699 410 610 338 562,092 604.143 —7-0 470,140 Post Office Box ».VS. NEW YORK. Lexington 170,624 Canton 392.151 515,790 —240 538,268 860,775 Rockford 493.430 495,520 -0-4 515.153 392,031 Springfield. O 383,787 312.619 +22-7 343,863 350.240 CLEARING MOUSE RETURNS. Bloomington 812.154 808744 +2*8 275,168 264.0541 383,074 310,000 +23-8 825,748 Quincy 297,308 , Decatur. 295.002 250.343 +18-0 256,398 249,103 following table, made up by telegraph, etc., indicates The Mansfield 871 ,928 181,270 +1052 211.601 209,180 I Jacksonville 280,223 178,600 +56 9 179,760 157.685 ' that the total bank clearings of all the clearing houses of the 1-8 Jackson 225,000 235,227 — 191,648 139,506 , ' United States for the week ending to-day, July 29, have Ann Arbor 100,232 80,594 +24-4 65,266 62.480 Fort Wayne 899,851 Not include d into tal. been $2,279,033,613, against $2,369,373,079 last week and South Bend 348,009 Not include d in to tal. $1,775,128,254 the corresponding week last year. Total Mid. Western 275,953,049 242.948,295 +13-6 242,670,321 232.253,620
San Francisco 34,514.440 25,929,380 26,753 909 21.388 l:*4 Clearings— Returns ./>/ Telegraph. Los Angeles 9,759.797 6,081,450 5,469.751 4512 505 1905. 1904. P. Cent. Week Ending Juh 89. Seattle 7.074,852 8.977,813 4,103.874 3,454 530 Salt Lake City 4,509,380 3,457,411 2,298,748 3,595 678 New York. {1,128.101,959 *806.527,740 +30-2 Portland. ±,206,441 3,133,340 2,775.941 2.203 607 Boston 109.332,619 93,859.021 +K1-5 Spokane 3.274.891 2,256,868 2,068.920 1.308 960 3,412,227 1.894.243 1,848,180 147 Philadelphia. 101.593,003 70,287 068 4-38-2 Tacoma 1.240 Helena 819,200 794.8J3 418,411 633.517 Baltimore 17.214.298 18,376,200 —6-3 Fargo 463,356 . 897,950 4*5,085 39' 658 Chicago 149.1S3.263 121,926.001 +224 Sioux Falls 203.906 181,895 288 562 234,113 St. Louis 45,351,776 35.810.318 +20-6 Total Paclflc 68,448,510 48,105,195 40.451 981 38.831.257 New Orleans 13,180,588 8.288.188 +47-0 Kansas City 28,729 341 17,480.640 10,068,950 18,868.404 15,003.138 13,200.277 11,290 201 1 ,507 665 Seven cities, 5 days. $1,562,958,104 $1,221 074 137 +279 Minneapolis 1 9,034.242 0,077,369 7,100.415 6,433 200 Other cities. 6 days 315,000.811 249,088,926 +265 Omaha St. PauL 6,429,28 5,633.1g7 5,754.508 5,815,114 4,236.79' 8.088.734 4.394.098 3.988,038 Total all cities, 5 days. . il,577.95b,915 $1,470,163,063 4-27-7 St. Joseph 6,401,199 4,137,439 4,950.314 3,963,557 All cities, 1 day 40l.074.69S 304.965.101 +31-5 Denver Des Moines 2,499,723 1,830.407 1,882,419 1 741.129 Total all cities for week. J-2.279,033.013 (1.776.128.254 +2S-4 Sioux City 1,037.124 857,820 1,150,79! l,2»s,7",l Topeka 454,470 809.059 L135.74'" l,ol5,502 Davenport Oln.341 077,229 677.642 716,182 The full details for the week covered by the above will be Wichita l,168,snl 910,595 664,700 667.660 given next Saturday. AVe Colorado Springs.. 784,711 450,902 419.00 500,000 cannot furnish them to-day, clear- Cedar Rapids 385.195 403 803 ings being made up by the clearing houses at noon on Satur- Kremont •420,070 124,381 123.732 123 907 Pueblo 473,555 Not Include Rl. day, in and hence the above the last day of the week has to Total other West'rn 72.601.045 55.350.07o +81.-2 5-519,223 50,528.709 be in all cases estimated, as we go to press Friday night. St. Louis 53,218,89 46.018.107 +1 46.153,813 41.980.244 New Orleans 17,142.727 12,795,254 +31-0 12,717,669 12,002,072 We present below -3-3 our usual detailed figures for the previous Louisville .-.. 10,082.306 10,423.313 8,(103.060 8.802.837 week, covering the returns for the period ending Houston-. 6,000 ooo 4 609.S7.- +27 0,840.080 8.92 with Satur- Galveston 5,700,000 8,159 000 +80-4 2,892,500 2,003,600 day noon, July 22, and the results for the corresponding Richmond. 5,272,048 3,858.677 +86-6 1,852.018 8,743 201 4-5; 003 1 , 2,29:!. Savannah 500,230 2,894.843 2.38 1 51 18 week in 1904, 1903 and 1902 are also given. Contrasted with Memphis 3,911, 137 2,864.101 +116-6 2.782.748 2.044,29a the week of 1904 Atlanta 2.640 1 1 i 2.37:1.012 7-1,1-8 2,125,101 1,672.120 the total for the whole country shows a gain Nashville g SOU 816 2,408,417 + 10- 2.121,019 1.469.207
1 - -) of 12-2 per cent. Outside of New York the increase over 1904 Norfolk 9 fl,« 1,590,742 199 1,489.260 1.471 Fort Worth 2,109,096 1,027.859 10 1,682,800 1,266 B35 is 10*2 per cent. Birmingham 1,480, • 1,040.000 423 1,022.486 877.621 Knoxvltle 1,271 789 1,274.293 08 1,619,870 7.-7. 868 Augusta 1,752.221 1.018,863 0:i-,075 730.111 --30 Week ending July 22. Little Rock. 886,095 o.-,l.lo:; 1 834.00 - -33-5 Clearings at— Charleston 1,269.486 948.515 KS! I.O-l! Inc. or --694 1905. 1904. 1903. 190« M» con 468 158 278,638 633,000 Dec. Chattanooga 885.696 698,401 26-8 B Jacksonville 1,001.720 803 099 +24-7 297,310 c.iumbus, 269.954 190,041 + 416 New York 1,208.004,868 1. 253," Ga 1.072.326 Not Include il in In tal. Philadelphia 125.1 164,171.474 124.881.686 Mobile
urgh 19.O07.S00 331,174 l "tnl Southern 124,632.628 101.006,87 . +234 100,243,993 87.21 23.7i ." 81.917.116 1 2'i 22.275 12 Total all 175.01 o 2.112.2:0 <01 +122 .Buffalo 0.25.;. 15 6,0' 4.9 -10 .i- l.bOl 750.b30.573 TWashlngton. 5.02 B.079.788 3,428 3'.il 3.1- Outside New York.. 930,091,841 844,16 + 102 Albany. 4.167,582 3.147.026 H.66« 8,051 Rochester 2.702.13- 2.131.888 V. 017. 711 Canada— Bcranton ':• 1,864.821 1,996,640 1 911.18S 1 207 Montreal 25 870, 201 21,481,878 20-7 VI 5! 10.159,292 Syracuse L626,l4fi 1.2! 1.1 Toronto 20 189, 10,287,80] 82-2 Wilmington r,i i.iee 1.01 1 ,21 1,10 Winnipeg 684 W3 I 6 19 .1 ! -->•, Reading I 1.013.024 1.041. 900 Halifax 1 816 1.871,266 B8.601 Wilkes Barre 1 '." 1.99 I t.iwa. 354.129 832.486 620.884 II 2 800 083 2 IP m lWbee.ing 1.1 I 600,200 Qnabae 1 870, 043 1,627.328 1.71 [Blnghamton 1- 1,01 474,100 \ iiiifouver 1 079 1.7P Gre<;nst>urv 157 ,.;u 422.83< I linnllton 1 2-0 648 1.046,403 912, Chester 486,25; 4-18-7 1,21 UMl 458.778 St. John 1 I 18, 321 1,001 Erie 513.188 477.969 London 779.i:i7 4-19-s Franklin 6UI.M0 Pa..".".! 844.839 Vlctoru 799 878 -to- 1 Total Middle.... 1.479.161.660 Total Canada 05.537,90s 53.2 10.989 + ^3-1 13.152,b0» —
474 THE CHRONICLE. [Vol. lxsxi. Y. TEE RAIL WAYAND 1ND USTRIAL SECTION. should ever go to work so long as they think they see a fair prospect of attaining their purpose. They have a The quarterly number of our RAILWAY AND INDUS- big plum in stew which, if they can secure, would make TRIAL Section is issued to-day, and is sent to all our sub- them the most arbitrary and powerful body in the world, scribers. It contains editorial articles on the following having at their feet all the railroad systems of the topics United States. "Give me your money or I will pur you CANADA. GOVERNMENT RAILWAY POLICY IN into a hole and perhaps into a position that will fores CLEARING-HOUSE PLAN. THE RAILWAY you into a receivership," is the language the law would utter, whether spoken in words or only in winks—and TEE FINANCIAL SITUATION. i the railroad managers would per necessitate have to An announcement, reported to be official, of an extra resign or crawl. session of Congress beginning November 11 has been
an incident of the week. We should question the truth How strange it is that worthy men will vote for, and
of the statement had it not been put afloat with such an excellent officials help push through, a law which creates
air of confidence in its accuracy. The day fixed is so a situation inviting peculation. It of course is not done
late as to give very little additional time for legislation for any such purpose, but for some other object which for and' to be hardly worth the muss and fuss which the moment seems desirable. The case which we have
necessarily attends the getting together of our just referred to is one well in point. To grant to any in- national law-makers. They can do but little more dividual or body of men the right to make and put into
than assemble before the New England and operation any rates it elects would, if Constitutional, Middle State members will become unrestful, anxious compel a road often to run at a loss. That means about getting home to eat their Thanksgiving turkeys. ruin to the property and hence enforces dishonesty. The
That feast will be no more than well digested before the managers of the road are thereby reduced to the alter- Christmas recess will loom up and hosts of excuses for native of submitting to being blackmailed or having their
leave of absence begin to be presented and granted. property greatly impaired in value, its position among
Then comes the recess, with almost nothing done. Be- its rivals endangered if not lost, and the property pos-
sides, it would require a long search to fiud a man con- sibly thrown into bankruptcy. The officers of a railroad nected with industrial affairs who ever hails an extra are simply trustees, and in the case cited they would be in session or even the regular annual gathering as a har- the condition of being robbed of their trust estate under binger of business activity. As the force of a light- cover of an unjust law. It may be said that our
ning flash is often displayed in the heart taken out of the assumption impeaches the honesty of the Commission.
robust tree, so a gathering of Congressmen abreast of a No commission is beyond the danger of degeneration. business revival might be well represented by a heart Such a body may be proof against temptation at the
pierced with arrows. start; but experience has over and over again made it
Of course it is quite possible that the President may clear that it is not safe to bank on a continuance of that
need most urgently some legislation with reference to the state. Por a like reason we are very sorry that our
Panama Canal. Something of that kind has been stated excellent Governor has seen fit to have a committee
as a leading purpose for the call ; and as both parties are appointed by the Legislature to examine all our life
interested in the progress of the work, it is reasonable to insurance companies. That Act has already led to the
assume that amendments to the law can be quickly rumor and claim that this is to be done to gather a fund agreed upon and passed. There are large questions, for the next election. We make no such charge; but however, connected with that enterprise to be settled; the State has had experiences which, if they do not jus-
and if tlie subject is once before Congress, it may force tify the suspicion, give color to it. Our Insurance lengthened discussion, exposing wide differences in Commissioner already has as much power over large ac- views—as wide as the difference in cost and time needed cumulations of insurance capital as it is wise to entrust to build a sea-level canal and the lock proposal. Hence to any official. Make him do his duty, if he fails of it
it is by no means clear that the President can get any- at present. thing out of a hurry call, even on that question. We can find less to recommend the extra session in Our Agricultural Department has gotten into trouble
the other excuse urged in the paragraph announcing its because it has been given work to do which no body of coming—that it would hasten the rebate legislation. men, however astute, can do with accuracy. If it were There is no doubt need for action in that particular, not for the fact that the Government endorsement covers but all the power required to secure a complete the results the Department gives out, and on that ac- remedy is granted in the Statutes as they already count leads the public to assume exactness for them, stand. Instead of using that power our Railroad they would do no harm. But that situation of quasi Commissioners, we say it with all due respect, have Government endorsement imparts to each report great folded their arms and are waiting for a blessing to money value—worth on occasions to speculators fall from heaven, when nothing of the kiud is promised who can gain knowledge of its character, before its
in the inspired book except to the man who is wide awake public issue, immense sums. It has very naturally doing his utmost with the advantages he already pos- so happened that there have been found in- sesses. Therein is a common error. We know no siders with this valuable commodity within their
official board so apparently and irrevocably af- knowledge who have made merchandise of it, and those
flicted with this disease as our Inter-State Eail- to whom they sold it, have made fortunes through the road Commissioners. They conceived years ago shrewd use of the figures. All this is possible simply the idea of making rates and enforcing them because the body of men, we repeat, accept what is called on railroads, whether just or unjust, according to their the Government report as if it were the truth, .the
sweet will, and it is a moral impossibility that they whole truth and nothing but the truth. That this JULY 29 1905.] THE CHRONICLE. 175
claim is contrary to fact, the Department itself has who are willing to express an opinion are satisfied that
this week proved. It has takeu the same re- when the amount of the indemnity shall bo settled upon ports obtained from its Southern correspondents and the details of the loan negotiations are announced, neap the first of June, and which were used as the basis it will be found that the syndicates are of a character
' of its acreage report made public June 2, of 11-4 per cent and have such ample resources as will enablo them to decrease on the previous year's planting—it lias taken place the bonds with a minimum of disturbance to the those reports, revised the former estimates, correcting markets. Indeed, it will be to their interest so to the error in each State so as now to make them figure arrange the terms of payment for the securities, and of out a total reductiou in the planting the current season the indemnity, as promptly to restore to the markets the of 11-9 per cent instead of 11*1. per cent. We have amount withdrawn therefrom on the maturity of the given this revision in full in our cotton report to-day. several instalments. It merely stultifies the Department without convincing Or satisfying any one. Agricultural developments in the West have latterly
* Had it simply acknowledged its error, and then made been quite favorable and the outlook for the leading
ft clean breast of it by stating unequivocally that it was grain crops is very promising. Last Friday and Satur- not within the reach of the powers of any man or body of day there were sensational reports of damage from black men to figure out in June a percentage as to acreage rust to spring wheat, and as a consequence wheat which could be accepted as correct, it would have told the prices sharply advanced and stock prices declined. But whole truth and exonerated itself. We began the com. by Monday it became apparent that there was little real pilation of cotton acreage reports in June years before ground for alarm, and grain prices receded again, while the Government did. It has from the first been the stock market recovered and has been steadily gaining our custom to state in the issue of nearly every year strength and developing buoyancy ever since then. On that the figures given could be no more than approxima- Tuesday there came the usual weekly report of the tions. We have likewise said over and over again that we Climate & Crop Division of the United States Weather could find out and disclose the character of the trend or Bureau having this to say concerning the damage to tendency of the planters to increase or decrease the area spring wheat: "Spring wheat has continued to advance put down to cotton, and we could also in some degree favorably. Although black rust is reported in scattered measure the force of that tendency; but the exact localities in Minnesota and the Dakotas, no material result, we admitted, never could be estimated by us damage is shown, and with favorable weather conditions
or by any one short of a census. It seems almost disin- seiious injury is not anticipated." The Bureau also re- genuous to say "that Mr. Hyde, with Mr. Holmes at his ported rapid growth of corn as the result of last week's elbow prompting him, made the estimates lower than the extremely hot weather and stated that the corn crop, as facts taken from the reports in his hands warranted a whole, was in " excellent condition." Harvesting of him." If such a loose, guessing system as that exists, oats was stated to be well advanced with that crop also
the case with its results is worse than we supposed it generally in " promising condition." The tenor of the was. advices since then concerning these crops has been equally assuring. A BerHn cable on Thursday stated that in view of the probability of an early peace between Eussia and Japan, After the recent lull in the iron and steel trades, signs
the terms of which are presumed to involve the pay- of decided activity are again apparent and all the accounts ment of a heavy indemnity by Russia, the financiers of speak of a large influx of orders. The best evidence of
Europe have been conferring as to how this indemnity the change which has oecurred is furnished in the ad- can be raised and paid with least friction in the monetary vances that have been established in prices. In a subse- markets of the world. The Mendelssohns of Berlin quent article we review the statistics of iron production
have, it is asserted, communicated with the leading fin- for the first half of the current calendar year, and point
ancial institutions, both on the Continent and in' England. out that the figures show a total of unprecedented pro-
They are about, it is said, to send their representatives portions. The favorable report submitted this week by to Xew York with the object of enlisting the cooperation the United States Steel Corporation for the June quar- of the larger financiers of the United States. The same ter is further evidence of the great activity of the iron dispatch added that Mr. J. P. Morgan, prior to sailing for and steel industry in 1905. The Steel Corporation 2sew York, conferred with a number of financiers in reports net earnings (after deducting expenditures for London with reference to the same matter. ordinary repairs and renewals and also the fixed charges There is as yet no movement in the discount markets of the subsidiary companies) for the June quarter this year at any of the great European centres that would indicate of 830,305,116, as against $23,025,890 in the March quar- active preparations such as would be necessary for the ter and $21,460,032 in the December quarter, and com- accumulation of funds for such a negotiation. Of course paring with only 819,190,725 in the June quarter of last
the amount that will be required is as yet unknown and year. In fact, the amount does not fall so very much could not be disclosed until Japan's demands are an- short of the extraordinary total of net made in the June
nounced and Russia's acceptance is proclaimed. Yet, the quarter of 1903, namely 830,642,308. Copsidering the
probable magnitude of the payment would seein to make results by months it is seen that there has been steady it especially needful that Russia should have some assur- progress towards higher totals all through 1905. In ance beforehand, through the preliminary formation of January and February the amount of the net was re- syndicates, that when her assent shall be asked for to the spectively 86,8 10,847 and $6,629,463; in March and payment of the indemnity the terms to be exacted by such April, $9,585,586 and $9,037,925; while for May and syndicates will be known and will be reasonable; otherwise June the amounts are respectively $10,602,187 and Russia might, because of that uncertainty alone, hesi- $10,665,001. When the figures for the March quarter
tate to comply with Japan's demand. Bankers here were issued it will be remembered that Judge Gary, the 476 THE CHRONICLE. [Vol. lxxxi,
hairman of the company's board of directors, was quoted 030 over and above the requirements for the 4-per-cent as saying that the March net ($9,585,586) might fairly dividend on the first preferred stock, and after an appro- be taken as indicative of what the monthly results were priation, moreover, for additions and improvements in likely to be in the June quarter. Actually it will be seen amount of $1,540,320. For the eleven months to May the March figures have been considerably exceeded. 31 1905 net earnings have been better by $204,731 than We notice a disposition in certain quarters to lay for the corresponding months of 1904. stress on the fact that the aggiegate of unfilled orders on hand June 30 was smaller than on March 31, the com- There was no change in official rates of discount by parison being 4,829,055 tons, against 5,597,500 tons. any of the European banks this week, and, compared In view of the quieting down of the iron trade in May with last week, unofficial or open market rates were and June the fact would have little significance in any firmer at London and in Germany and easier at Paris. «vent, now that the iron and steel trade is again reviv- The most notable feature of the statement of the Xew ing. But on looking into the matter we find that a York Associated Banks last week was the quite small diminution in the aggregate of unfilled orders is a quite net gain of $21,700 in cash. The loans were expanded usual occurrence in the June quarter and in much $19,058,000 and the deposits were augmented $18,380,- larger degree than the decrease now reported. Last 000. The surplus reserve decreased $4,573,300, to $14,- jear, for instance, there was a decline between March 949,950. This week's bank statement should reflect, and June in the unfilled orders from 4,130,901 tons to among other items, the transfer hither of $200,000 3,192,277 tons. But perhaps this will not be accepted from San Francisco through the Treasury, and hence to as conclusive, since 1904 was a year of depression in New Orleans of $300,000. the iron trade. Going back, however, to 1903 the same The surrenders of public funds to the Treasury in
falling oft is observable, the decline in that year be- response to the call of April 5th appear now to have tween March and June having been from 5,410,719 tons been entirely completed, there remaining unpaid at the to 4,000,578 tons. The really noteworthy fact with last report only $71,000 of the last instalment, which reference to the unfilled orders for June 30 1905 is was due on July 15th.
that at 4,829,G55 tons the amount is the largest for that date of any year in the company's history. The money market was easy this week, not only for With the net earnings on such a large scale, the Steel loans on call but for those for fixed periods. Transac-
Corporation has followed its usual policy of making tions at the Stock Exchange on call, representing bank- large special appropriations out of the same for improve- ers' balances, were at 2 per cent and at 1^ per cent, and
ments, additional property, etc., etc. Besides the regu- principally at the former rate. Banks loaned at 2 per lar provision of $5,009,503 for depreciation and reserve cent as the minimum, but no loans were reported by funds and contributions of $1,049,523 to the sinking trust companies, these institutions being out of the mar- funds, the company has this time placed $1,000,000 to ket because of inability to place their balances at better the credit of the special improvement and replacement rates than they were receiving therefor from the bank fund and set aside $5,000,000 on account of "appropria- depositories. Loans were made each day at the above- tions for additional property, construction and discharge quoted rates, with the bulk of the business at 2 per cent. of capital obligations" and $2,500,000 more for contem- There was no inquiry for loans for sixty or for ninety plated appropriations and expenditures. In other words, days, it being expected that the market would be the special appropriations for the quarter amount to no amply supplied with money on call for these peri- less than $8,500,000. This is more than the amount ods; therefore quotations were nominally 2f per cent represented by the quarter's dividend on the preferred for the former and 3 per cent for the latter dates.
stock, which is only $0,304,919. After deducting both Quotations on good mixed Stock Exchange collateral for the special appropriations and the preferred dividend, a four months were 34/2>3£ per cent; for five months,
surplus still remains for the quarter in the sum of 3£®3§, and for six months 3|®4 per cent, with some $3,070,081. loans for the last-named period on choice dividend security at 3f per cent. Commercial paper was in good The prosperity which our railroads are enjoying is demand, while the offerings were moderate, and rates strikingly indicated in the action taken this week by were 4®44; per cent for sixty to ninety-day endorsed the management of the Erie Railroad in declaring a bills receivable, 4®4^ per cent for prime and 4J®5 per dividend on the company's second preferred stock. The cent for good four to six months' single names. new or increased dividend declarations by other com- panies in previous weeks were all significant of the The Bank of England rate of discount remains un- general trend, but we think the Erie case will attract changed at 2£ per cent. The cable reports discounts of more attention than any of the others, since it is not so sixty to ninety-day bank bills in London If®1£ per cent. long ago that the Erie was a thoroughly discredited The open market rate at Paris is 1£®1^ per cent and at property, giving, therefore, to its present dividend record Berlin and Frankfort it is 2J©2| per cent. According greater importance. The first preferred stock of the to our special cable from London the Bank of England
company has had larger or smaller dividends for lost £254,232 bullion during the week and held £38,- several years, though not until 1904 was the full 4 021,410 at the close of the week. Our correspondent per cent paid even on this stock. The declaration further advises us that the loss was due to exports of
just announced on the $10,000,000 of second preferred £270,000 (wholly to ' South America) and to receipts of
stock is for 4 per cent and is the first ever made on these £10,000 net from the interior of Great Britain. shares. As a matter of fact, however, this dividend
could have been paid the previous year, too, if it had The foreign exchange market was strong early in the been deemed prudent to do so. The report for the fiscal week, influenced by cheaper money, a demand for remit- year ending June 30 1904 showed a surplus of $1,090,- tance and also to cover short sales of exchange and by a .
July 29 1905.] THE CHRONICLE. 177
limited supply of bankers9 and commercial drafts. After cables. Commercial on banks, 4 8450^4 8460, and
Wednesday, when the highest figures of the week were doonments for payment, I 84*2 l 84§. Cotton for pay-
recorded, there was a sharp decline, due. it was reported, ment, 4 84
to manipulation oi the market, followed by a partial I 8460, and grain tor payment, 1 &4£ nied by a demand for remittance, and this condition of Total tiold and ictr::.! tenders . . $82,429,000 29.100.000 Gain. 43,828 KH the market appeared to cause those bankers and others The following table indicates the amount of bullion in who had made speculative sales ct exchange for a the principal European banks. temporary torn to be apprehensive ot loss aud they July 27 1005. Juli 28 1 promptly covered their short contracts, contribut- Bank of r. Gold. Silver. Total Gold. M/f( 'III,! . ing to a sharp rise on the following day and to a M X X £ £ i. very strong tone "Wednesday. After the sub- on England ... 36.021, .lln 38.021,410 34,668.60 sidence of the urgent demand, the market was sub- 117.335.021 44.252,4 Ii', 161,587,470 108,767,468 t5,0S 158.8: 14 Germany.. 37,701,000 12.507,000 50,21'.-; mi 35,471.00 \', 9 jected to manipulation, which resulted in a somewhat Unssia 109,532,000 5,909,000 115.411,0111. 92.880,001 8,81 LO Atlvt.-ilUD. 17,287,000 12,971.000 60,208,001 48.286,000 12.751 " .1 feverish decline on Thursday, though the tone later grew SpMn 14,873.000 22 .:»5.000 37,868.600 14,326,001 20,416,000 34 742.1 00 steadier. Cables were affected, partly in sympathy with Italy 24,108,000 8,327,400 87,435.400 22,852.000 3,981 6 " 2C,3;l 600 Netberl'ds. 6.882,800 0.249,200 12,032.000 5.475.20C 6,506 800 11 .9-1 sob the movement in sight but chiefiy because of a demand Nat. Bele.. 8,192,000 1 ,590.000 4.788,000 3,050.607 1,526 4.578,000 incident to the semi-monthl v settlement on the London Tot. week... 39S.382.234 109,207.040|S07,B49,280 164,616.940 lll.l 175 ,:.. 39 Tot. prev. : 395,368.963 109,087,8181504,456.776 308,375. 851 110,417,017 Stock Exchange. It was reported that a tew finance bills which had been emitted in May and would mature early in August were extended for another period of THE CONFERENCE OF IRE EMFEROh'K three months, such extension involving the purchase of The conference between the Czar ot Russia and sight bills for cover. Gold received at the .Custom Emperor William of Germany, on the meeting of their House during the week. *40,970. respective yachts in the Baltic Sea, has naturally pro- Xominal quotations for sterling exchange were 4 85£ vided a topic of nine days wonder to diplomatic Europe. for sixty day and 4 87i for sight. The market opened The suddenness with which the meeting was arranged, firm on Monday and, compared with rates at the close the selection of a spot remote from outside interference, on Friday of last week, there was an advance of 5- points the manifest effort to produce the impression of a frank all around—long to 4 8475®! 8485, short to 4 8045® exchange of views unrestrained by diplomatic formalities 4 8650 and cables to 4 8665^4 8675. On Tuesday the —all of these circumstances give wide range to political market rose sharply, long 5 points to 4 8480'2>4 8490, conjecture. Nor is such interest diminished by the pecu- short 10 points to 4 8655®4 8660 and cables 15 points liar situation in which each Imperial conferee at present to 4 8680 ,S4 8690. On Wednesday the tone was quite stands. What must impress the imagination, as regards strong, with long 15 points higher at 4 8495'S 1 8505, the Czar's participation in this conference, is the picture short 26 points to 4 8080-2; 4 8685, and cables 20 points of an Imperial autocrat, hopelessly isolated from the to 4 87^4 8705. On Thursday rates fell off, long 5 world's real knowledge and judgment of events, breaking points to 4 8490^4 85, short 15 points to 4 8665® impulsively away from his surroundings and seeking the 4 8675, and cables 10 points to 4 8690®4 87. The mar- only individual of his own rank and traditions on whose ket was barely steady on Friday, closing 10 points lower advice he can rely. As regards the Kaiser's participa- for short lor and cables. tion, that is peculiarly interesting for this reason, if for The following shows daily posted rates for sterling no other, that the German sovereign has already shown exchange by some of the leading drawers. his determination that Germany shall have a larger DAILY POSTED RATES 1-OE FOREIGN EXCHANGE. hand than has lately been apparent in diplomatic re- Km.. MON. T"KS.. Wr.ii.. Turn. Kill.. arrangements. When Emperor William went to such ZuJv 21 IXUv 24. iwy <:5. lulu 88. Vi.ll/ •!' >u J he market pr< closed on Friday at 1 84902 | 85 tor ance! hare, lor one cause oz another, been in long, 4 86654M 8000 for short and 1 8080^ 1 8696 for disintegration. Where, not many years ago, Germany, 478 THE CHRONICLE. [Vol. Lixxi Austria and Italy on the one hand, Russia and France would probably solve more effectively than any living J ion the other, represented Continental affiliations—Eng- monarch, should be given in confidential intercourse by land being more or less in a state of isolation—to-day a that sovereign to the occupant of the Russian throne. wholly different grouping of the nations is in progress, if For ourselves, we strongly incline to the belief that the |not already definitely effected. England itself was profi- unhappy Czar sought the interview in a kind of despera- tably convinced, by incidents at the close of 1895 and the tion; that he had utterly lost faith, as well he might, in [beginning of 189G, that it behooved her to lose no time himself, in his advisers, and in the entire circle imme- |in providing against Lhe isolation which at that time diately about the throne, and that this recourse to his confronted her. Threatened at that period with the ill- Imperial neighbor was an impulsive and not unwise pro- will alternately of the United States, of Germany, of cedure to obtain the truth from some one who was sure to France and of Russia, with "war-talk" actually in- know it, and whose opinion, under the circumstances, dulged in by all four, it is not to be wondered at that could be trusted. i British statesmen set themselves carefully at work re- Suppose, as we believe to be entirely probable, that ' gaining the good offices of the neighboring States. the German Emperor did advise the Czir to yield to [How slowly, patiently and deliberately this policy Japan's requirements and to the reasonable demands of ,was pursued, is known to every reader of recent diplo- his disaffected subjects—what outcome should one look matic history. The upshot is that England has shaken for ? It is always possible that the irresolute Russian jthe Triple Alliance through its own new understanding Emperor, once back again at his Imperial headquarters with Italy; that it has replaced the already weakened may again fall under the influence of the Court cabal, | [Franco-Kussian alliance by its entente with France, and which has already used him to such evil purposes. This 'in addition has entered on more or less formal relations is a possibility, but its probability we greatly doubt. of amity with Japan and the United States. Events have for the time quite superseded individuals, ; These are the fruits of a definite and unswerving and it is hardly conceivable that the perplexed and be- policy. Much of them would no doubt have been im- wildered monarch, when once the veil is fairly torn aside practicable but for the Russo-Japanese war. But how- which hid from him the real panorama of the outside ever this may be, it could hardly escape the notice of so world, and when he could not fail to see that the view experienced a diplomat as the German Emperor that, in thus gained explains the very facts which had previously the disintegration of these old alliances, Germany's perplexed him, would of his own choice fall back into position of influence in the balance of power in Europe the mental fog which seems so long to have beset him. =was visibly slipping from her. The demonstration It may reasonably be supposed that conclusion of peace against France a month ago, though successful in its im- pretty much on the terms exacted by Japan and a gen- mediate purposes, was abortive in regard to these inter- uine grant of political reform to internal Russia would national relations. The Anglo-French entente, for have come without the interview with the German Em- instance, was only strengthened by it. Whether more peror. Both might have been delayed, however; will be accomplished through a closer affiliation with whereas, taken in connection with the movement of the Russian Government is another question; but the events, the interview has probably made the matter .question is not so simple as has been taken for granted certain. in discussions of the Baltic conference. As to what will be the future bearing on the question For one thing, it depends very largely on the nature of international alliances, of the cordiality between the of that conference. As to what was actually the gist of German and Russian sovereigns, that is something which that exchange of confidences the world is still in ignor- cannot so easily be determined. Russia, let it be no- ance. Versions have, it is true, been given out, even ticed, still remains bound by her treaty with the French semi-officially, by the Foreign Offices. They are some- Republic, and, indeed, by the immense financial favors what conflicting and obviously diplomatic. St. Peters- which the bankers of France have extended to Russia's burg declares that the German Emperor asked the Czar Government. Actual transfer of these formal diplomatic to meet him ; Berlin reports that the Czar had applied pledges by the Russian Government from France to for the interview with the Kaiser. The German capital Germany would be an act of questionable faith which gives out the report that the German Emperor strongly at the present juncture is quite inconceivable. Never- advised the Czar to yield to Japan's demands—advice theless, the European situation is of a nature so peculiar which we should call, under existing circumstances that the diplomatic mind will watch with keenest inter- 6omewhat superfluous, more particularly t hat he strongly est for the new developments. jrecommended large concessions to disaffected statesmen at home and an urgent effort to restore by broad conces- sions Russia's internal equilibrium. METHODS FOR ASCERTAINING THE If this was the burden of the German Emperor's PROFITS OF CORPORATIONS. advice, its results may be entirely useful. With all his There is again considerable discussion of the question faults, chiefly arising from an impulsive nature, the Ger- of the proper way to prepare a statement to show the ;man Emperor has throughout his reign displayed two profits of industrial and manufacturing corporations. admirable qualities—one, the same willingness which the With the growth in number and in magnitude of this great Frederick always showed to learn from any source class of concerns and the prominence assumed by their j what the real opinion was among his own people and in securities on the Stock Exohanges and other public mar- the world at large; j the other, to direct his own policy kets, the subject is an ever live one and the accounting always, in such matters, along the line of least resistance. methods to be pursued in the computations of their These are the qualities which are of great | conspicuously lacking profits become a matter moment. in the unlucky Czar. It would be clearly, then, a matter It has been obvious from the very first that in this of no small importance if advice on problems which the regard industrial corporations must be considered as be- German Emperor, in different category from railroad were he power at St. Petersburg.O) longing in a wholly — July 29 1905.] THE CHRONICLE. 4?<) companies. The fact that publicity is the ruling policy vation. On this veiy question as to what extent it is with the latter, where more or less secrecy is the custom permissible, if at all. to anticipate profits, the reasoning ()1 cases with the former, is not the whole or the only reason for is sound and conclusive. C0UT86, where tho the distinction. In the case ot a railroad company, goods have already been contracted lor at an agreed statements oi receipts and expenses would alone and in price are not analagons to those where tin' profits are themselves furnish a pretty fair guide to the condition oi entirely contingent upon a possible sale iu the future, tilings— the location of the road and the character of its lint even where there are definite contracts, the writer of traffic and the rates received being already known in a the paper suggests caution, deeming it best not to count general way. In the case of manufacturing corporations, profits until they have been actually realized, lie notes however, while on the one hand returns of gross receipts that it is quite a frequent practice where contract work are not infrequently withheld—sometimes because the extends over long periods of time, to estimate and bring manage nient does not believe iu dealing frankly with into account some portion of the profit proportionate to the public and the security holders, but more often be- the cost for any period, and in principle he thinks there cause ot a desire to guard business secrets—on the other cannot be any objection to the adoption oi this practice. hand, even where the gross receipts are furnished, it On the other hand, it is undoubtedly more conservative, would be venturesome to predicate much on them alone he ventures to assert, not to take credit for any .such or on the relation disclosed between them and the net profit until the whole contract is completed. An added receipts. reason for this course is that unforeseen contingencies Particularly are comparisons with other years unsafe are continually arising during tho progress of the work, because vaiiations are certain to be found in so many with the result that what was originally expected to other elements that enter into the accounts—for instance realize a profit may, in the end, result in a loss. It i3 iu the juices of the raw material, the prices of the admitted that the more conservative course may cause large inequalities in the amouut of profits shown for ] ro /.nets, the depreciation or appreciation in the market value of the goods on hand, &c, &c. sitccessive periods; but if the accounts are stated on a In brief, with a railroad concern any person of sound basis of total work completed less cost thereof, the rea- sense and average intelligence can judge pretty well for sons for the fluctuations will be apparent. Still if esti- himself from the printed reports as to what any given mates of profits on pending contracts are to be taken into company may be doing and what its general situation is. the account, then they should be made on an ultra-con- Quite the contrary with an industrial corporation; there servative basis and, further, estimated losses should be he will probably always have to rely very largely upon fully provided for. Neglect of this precaution, it is well the accountants for enlightenment—barring of course said, may easily lead to disaster. companies like the United States Steel Corporation, Another question that comes up is as to the treatment where information is voluminous and where the course of accounts and bills receivable. Profits cannot be defin- of the trade itself is a matter of daily and widespread itely ascertained until they have been converted into discussion. This makes it of great consequence that the cash or into some recognized form of negotiable instru- underlying principles to govern the work of the account- ment of definite and fixed value ; but as the usual prac- ants should be thoroughly understood and clearly tice is to consider the profit realized when a sale takes deli tied. place, and the amount of the sale price is charged to the Perhaps the most comprehensive recent discussion of purchaser, it is essential to an exact determination of the subject is that contained in the paper read before the profits to ascertain, as far as possible, if the purchaser's Congress of Accountants at St. Louis last September by obligation is good for the face value of the charge made. Arthur Lowes Dickinson. This treats the subject in an Mr. Dickinson urges that the conservative and safe instructive way, while not being at all dogmatic in its course is to make a reserve sufficient to provide for all conclusions or in enunciating rules. The paper has been debts known to be of a doubtful character, or to build up reprinted in pamphlet form and contains many interest- a general reserve fund against such losses on the basis ing suggestions and reflections. In a broad way it may of a percentage on the sales of each year. be said that if the balance sheet at the beginning and Still another question concerns the valuation to be end of a period are entirely accurate, the increase or de- put on stocks on hand, including raw materials, work in crease of the surplus, after allowing for distributions of progress and partly finished and finished products. Mr. profit during the interval, represent the true profit or loss Dickinson does not exaggerate when he says that one of for the period. But the question whether the balance the most difficult questions which accountants have to sheet has been accurately piepared is precisely the mat- decide is the correct enumeration and valuation of stocks ter upon which the whole case hinges. Has there been on hand. He lays down the rule, which is generally adequate allowance for depreciation? Has there been accepted as sound and which also prevails quite generally proper valuation of the assets? Has there been allow- in practice, that the cost value or the market value is to ance for possible bad debts? Have the products upon be taken, whichever is the lower. He also goes into a which profits are computed actually passed out of the consideration of what expenditures may with propriety hands of the producing company and been taken over by be charged to capital account rather than against profits, a purchaser or has there been simply a calculation of the and he deals quite at length with the matter of the re- profit! which it is expected to realize later on when pur- valuation of capital or fixed assets. He takes the posi- chasers may be found? It will be remembered that the tion that it is not proper for a corporation to take credit American Malting Company pursued this latter course for a profit on real estate, buildings, plant, machinery to pass in review all the contentions in the paper refeired such items as long as they are in actual use '.< 480 THE CHRONICLE. [Vol. lxxxl assets of this class, they should then be considered not very best previous half-year, namely the first half of as Fixed, but as Current or Circulating Assets, being, in 1903, the output was only 9,707,307 tons. With that fact, stock in trade, the turning over of which is ex- exception there has been only one other half-year when pocted to result in profits or losses to the company. the make of iron reached as much as 9,000,000 tons, as Speaking generally, the following accounting princi- against the 11,103,175 tons produced in the first half of ples are laid down as sound for the determination of the current calendar year. In brief, the make of iron in profits. the first six months of 1905 was much the largest of any half-year in the country's history and larger than that of (1) All waste, both of Fixed and Circulating Assets, incident to the process of earning profits by the conver- any whole year prior to 1898. In the following we show sion of Circulating Assets must be made good out of the the output by half yearly periods back to 1890. profits earned. PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS. (2) Profits realized on sales of Fixed Assets should be first applied to make good, estimated depreciation (if any) Gross Tons. Gross Tons. 1896— 1st half 4,976,236 1901— 1M; half 7,674,613 in other Fixed Assets not resulting from the ordinary con- 2d half :j.t;}'.,S!ji 2d half.. 8,20.'J,741 1897— 1st half 1902— 1st sucli depreciation, 4,403,476 half. 8,80S,/>74 duct of the business. If there is no 2d half 5,249,204 2d half 9,01-' 733 such profits may be distributed as dividends, but should 1898— 1st half 5,869,703 1903— 1st half 9,707.367 2d half 5,904,2311 2d half 8,301,885 be distinguished from operating profits. 1899— 1st half. 6,289,16711904—1st half 8,173,438 2d half 7,331,536 2d half. 8,323,595 sulficient accumulated (in ad- (3) A surplus should be 1900— 1st half 7,642,569 1905—-1st half 11,163,175 dition to the provisions required to maintain Wasting 2d half 6,146,673] ) for the purpose of making Capital Assets under Clause 1 With it all, and particularly considering the reaction- good losses due to shrinkage in values of Fixed Assets ary tone observable in the closing months of the half- arising from causes other than the ordinary operations year, there has been no large accumulation of stocks. of the company. Mr. Swank's statistics of unsold stocks do not include We do not believe that objections will be seriously Pig iron manufactured by rolling-mill owners for their raised againtst any of the foregoing principles, and if own use nor do they include pig iron in the hands of con- they shall be consistently and faithfully adhered to, definite sumers. The stocks which were unsold in the hands of standards will be provided for gauging the value of in. manufacturers or their agents, together with the iron dustrial securities, thereby promoting confidence in such stored in the yards of the American Pig Iron Storage securities and placing them in public estimation on a Warrant Company, amounted altogether on June 30 more enduring basis than any yet reached. At the 1905 to 539, 2G9 tons, which compares with 446,442 tons same time some of the scandals and disappointments on December 31 1901, 623,254 tons June 30 1904 and experienced in the past will be avoided in the future. 598,489 tons December 31 1903. While the amount is 92,827 tons more than at the close of 1901, it is smaller, COUNTRY'S ENORMOUS IRON PRODUCTION it will be observed, than at any of the other dates named. AND CONSUMPTION. There was a time, it is true, during the active period from 1901 to 1903 when stocks were almost nil. But it The official statistics of iron production for the first is to be remembered that these figures relate simply to half of the current calendar year in their usual elaborate visible stocks. It is generally admitted that dur- form have this week been made public by Mr. James M. ing May and June consumers refrained from buy- Swank. And a remarkable story they tell. Every one ing to a considerable extent and from replen- knows that the iron industry in this country has been ishing depleted supplies, so that now stocks in advancing with rapid strides, and that during the last consumers' hands are at a low point. And this, after all, six months new records have been made time and again, is the chief consideration bearing upon the immediate only to be broken with still higher records at the next future of the market. Or, to put the situation in the succeeding period. But one hardly appreciates the ex- way stated by the "Iron Age"' a few weeks ago, the tent and magnitude of the progress made until one furnaces are now carrying as a visible supply a con- obtains and examines the combined figures for the whole siderable amount of metal which, under ordinary cir- six months. So much stress has been laid upon the dis- cumstances, would be in consumers' hands. We furnish appearance during May and June of that extremely buoy- below a statement to show the production of pig iron ant spirit which prevailed in the earlier months, that one according to the fuel used in making it and furnishing is very apt to overlook the fact that notwithstanding this also comparisons of the visible stocks for a long series temporary lull the make of iron has been proceeding on of years past. a tremendous scale—far in excess of all previous periods. PRODUCTION OF IRON ACCORDING TO FUEL USED. The matter is of increased importance, now that accounts regarding the iron and steel trades are again getting First Six Months. 1905. 1904. 1903. 1902. 1901. favorable, a pretty good buying demand and considerable Bitum. coal & coke. 10,162,488 7.337,279 8,401,001 7,882,732 6,597,379 Mixed anthracite and orders being once more noted. coke 815,028 607,624 1,046,461 733,740 865,024 Anthracite alone 15,147 15.17S. 26,261 | Mr. Swank states that complete reports of the produc- Charcoal 170,512 213,356 232,717 186,098 194,231 Mixed charcoal &e'ke 927 6,004 17,979 tion of pig iron have been received by him from every Total 11,163,17; S, 173, 435 3,707,367 8,808,574 7,674,613 blast furnace except one small charcoal furnace the out- Unsold stocks put of which had to be estimated. He gives the produc- June 30 539, 26? 623,25-3 126,301 30,861 374,129 December 31 446,441 598,489 49,951 73,647 tion for the first half of 1905 at no less than 11,103,175 gross tons of 2,240 pounds. The magnitude Note.—In above stocks are included amounts reported held by the American Pig-iron Storage Warrant Company. of this total can be judged when we say that in the last half of 1901 the output had been only 8,323,595 tons The foregoing illustrates in a graphic way how strik- and in the first half of 1901 but 8,173,138 tons. In ing and large the increase in the output has been the other words, as compared with the second half of 1901 the last six months. The expansiou has followed in very ( increase has been 2,839,580 tons and as compared with large degree from the great increase in the output of iron the first half of 1904 2,989,737 tons. Indeed, in the by the steel companies. The " Iron Age " gave some July 29 1905.] THE CHRONICLE. 481 figures on this point two weeks ago which are worth i:.\Th'.\VAGA.X< I' IX GREAT BRITAIN, reproducing. The aggregate of the a Age's " monthly Institute of London, totals of production agrees very closely with the results Before the Bankers in Mr. Edgar address furnished for the half-year by Mr. Swank, allowing for Speyei delivered an some weeks ago on aspects national as they 1 the fact that our contemporary's compilations never in- of finance presented themselves to him. clude the make of iron by the charcoal furnaces, lience, He confirms the opinion he expressed when inquired of these figures of the "Age" bearing upon the make of in Xew York, some eighteen months ago, that the root iron by the steel companies will answer very well for of present English financial troubles and one of the main lor the excess of purposes ot illustration. Here is the table referred to, reasons growing imports over exports, is as given by our contemporary. Besides the production extravagance—national, municipal and individual. J I c finds that the national expenditure in last of the steel companies it indicates the. consumption of the decade was the merchant furnaces (arrived at by taking the produc- 1,440 millions sterling, in contrast with 902 millions in tion of such furnaces and allowing for the changes in the last decade previous; further, that the net expendi- their stocks) for the same half-yearly periods. ture for purposes not reproductive was 728 millions in,' the decade ending March of millions in Iron Output of Consumption 0/ 1886, 754 Tons ol 2.2*0 lbs. Steel Companies. Merchant Product. the decade ending March of 1896, but in the decade First half of 1904 4.863,028 3.090.121 of it will Second half of 1<>04_ 5,332.628 3.1S3.214 ending March 1906 he not less than 1,291 First half of 1905 7,048.786 3.87S.517 millions. Municipalities and individuals have in their, It will be seen from this that as against 4,863,028 turn been extravagant, the aggregate expenditures of tons in the first half of 190 L and 5,332,628 tons in the the former having been approximately 1,270 millions in second half of 1904, the output of the steel companies in the last ten years, against 737 millions in the previous the first half of 1905 was 7,018, 7SG tons. The con- ten. The money has been spent on the army and navy,' 1 sumption of the merchant furnaces (all the iron made by in beautifying towns and houses, on eating aud drinking, the steel companies is for their own use) has progressed and on luxuries generally. This statement might be' at a much slower rate. Moreover, as was pointed out made more strikingly dismal by adding to it (what Mr. by the "Age " at the time, the production figures alone Speyer does not mention) the very recent declaration oi do not reflect in full the increased activity of the busi- Lord Eoberts that tl the lessons of South Africa have ness of the steel companies, i^ot only did their own iron been forgotten and I have no hesitation in saying that] product increase from 4,863,028 tons in the first six our armed forces as a body are as absolutely unfitted and' months of 1901 to 7,018,786 tons in the first half of unprepared for war as they were in 1899-1900." The' 1905, but in addition, during the greater part of this result of extravagance, Mr. Speyer goes on to say, is latter period the steel companies purchased very consid- that there is little margin left for investment in the; erable quantities of merchant iron to supplement their colonies and elsewhere. The capital investments abroad; own output. In the light of such figures the very favor- which have been returning so large an income have able report submitted the present week by the United stopped of late, because the money has been spent at States Steel Corporation is not difficult to understand. home. The excess of imports over exports in 1903 To what may the wonderful increase in activity of the reached the huge total of 183 millions, compared with steel companies be attributed ? The answer would ap- 81 millions in the later eighties. pear to be simple. The transformation is due to the re- Mr. Speyer believes Great Britain is spending more vival in the demand on the part of the railroads. These per capita than any other great nation except France. latter are the largest consumers of iron and steel in the He finds an instructive example of the bad effect upon country. When the railroad industry is depressed, so is trade in the fact that while in 1870 the railways paid in the iron and steel industry. During 1903 the railroads rates and taxes about 2 per cent of gross earnings and were forced to practice extreme economy, and by reason of 2-81 per cent in 1890, the ratio was 4-23 in 1901, and the great shrinkage in the value of their securities which will be still higher in 1905; compare rates and taxes occurred during that time, and wr hich so seriously under- with net instead of gross receipts, and the ratio was mined confidence, they were unable to float new loans to 3-82 in 1370, 4-70 in 1880, 8-58 in 1890 and 10 in 1904, any extent or to borrow freely—even the strong- and if income tax is included the last ratio will rise to est and best of thpm. During 1901 the situation 15 per cent. again changed. The railroads no longer have any This is a pessimistic view. So far as it is sound it trouble in securing the funds necessary for new capital may serve, possibly, to console us in a negative fashion needs and are once more enjoying great prosperity, with by indicating that the disposition of governments to in- traffic and revenues steadily expanding. Hence, orders creasing extravagance is not confined to this side of the by the railroads have for many months been large —not world, and is not a defect of democratic forms particularly. so much so for rails, perhaps, but certainly for cars, for And yet is this not perhaps an incomplete view of the locomotives, for materials and supplies, and for the easel Without doubt, public expenditures, like private hundreds of things in which iron and steel are used in ones, ought to be well directed, so that value is had for the the operation and construction of the railroads. The re- money; whether this is the obtained result £ fai dit newed expansion in the iron industry has followed be is always a fair and timely question. directly as the consequence of this return of confidence But is it clearly a matter to be deplored thai imports in the railroad world. May we not expect, therefore, exceed exports? Certainly millions of people cannot that the iron trade will remain active with both pro- eat their cake and sell it any more than one person can; duction and consumption on a very large scale (though, and so far as a decline ol exports results from increased possibly, not with a repetition of the exceptional consumption at home, nothing more or worse is aea ancy which distinguished the early months ol L905J so sarily proved from such increase than that the people long as the railroad carrying industrj does not expei ience are able to live and are living on a better scale. Che iu, any serious set-back ? doctrine that a nation Might to .skimp to the utmost, — . 482 THE CHRONICLE. [Vol. Lxxii. order to have the utmost surplus product to sell abroad, —The absorption of the Coney Island & Bath Beach Bank cannot be sounder than that an individual should do the of Brooklyn by the Jenkins Trust Company of Brooklyn has same. been completed, and the bank, which is located at Coney Island, is now, with its Bath Beach branch, conducted as Money and capital are not justly to be regarded as the trust company's branch. the end, but only as nutans to an end, and that end is —The Utica Trust & Deposil Co. of I'tica, N. Y., is pub- national well-being. lishing a statement showing assets in 1905 of $4,484,492, which compares with 83,715,583 in 1904, $3,046,045 in 1902, ITEMS ABOUT BANKS, BANKERS AND TRUST COS. 81,321,859 in 1900 and $564,180 in 1899—a gain of nearly four million dollars in six years. —The public sales of bank stocks this week aggregate 115 —The $100,000 capital of the new Hyde Park Xationa shares, of which 110 shares wen- sold at auction and 5 shares Bank of Boston —to which we alluded in these columns on at the Stock Exchange. The transactions in trust company June 17—has now been subscribed, and the following direct- stocks reach a total of 43 shares. ors elected: Eugene N. Foss, Fred. L. Childs, Artemus S. Shares. BANKS New York. Price. Last previous sale. Raymond, John E. Eaton, Harry R. Stone, Frank B. Rich, atlOo Commerce, Nat. Bank of 2003^-205 July 1905— 205 Harry A. Colins, Samuel E. Blanchard, Franklin C. Graham, 10 Merchants' National Bank.. 177M May 1905— 179M Fred. J. C. L. Alden, John G. MeCarter, Thos. F. TRUST COMPANIES- New York. Kennedy, Fallon, C. 15 Morton Trust Co. 925Y8 June 1905- 920VB M. H. Barker, A. S. Lovejoy and H. Dwinell. 20 Title Guarantee & Trust Co. June 1905- 671 673H-G75 —The Mechanics' Trust Co. of Boston,which, as noted in 5 Washington Trust Co 450 Mar. 1905- 4413^ these columns from time to time,was lately incorporated as TRUST COMPANY- -Brooklyn. successor to the Mechanics' National Bank, will open for • 3 Franklin Trust Co 300 April 1905— 345 business on Monday next, the 31st instant, in the quarters x Of this amount 5 shares were sold at the Stock Exchange. so long occupied by the bank. The new institution will We are able to give some details concerning the prelim- — have a capital of $500,000 and a surplus of $100,000. inary program arranged for the entertainment of dele- Mr. Arthur M. Heard, formerly Cashier of the Amoskeag gates to the approaching convention of the American Bank- — National Bank of Manchester, N. H., has been elected to the ers' Association in October. Some of the features are to be: presidency of the institution, to succeed the late Hon. A reception at the White House by President Roosevelt; re- r George Byron Chandler. ception at the Corcoran Art Gallery , with music by the affairs Marine Band; exhibition drill by U. S. cavalry at Fort —Action on the plan for the readjustment of the Myer; arrangements for all-day visits to George Washing- of the Maryland Trust Company of Baltimore, which was ton's old home at Mount Vernon; theatrical performances in to have been taken by the stockholders on Wednesday, has the evening; and probably an excursion down the Potomac been laid over until September 6 , not enough stock having River as far as the United States Proving Grounds at Indian been represented at this week's meeting. Head, if time permits. The Council will be entertained at —The increase in capital of the Cosmopolitan National the country residence of Mr. Charles C. Glover. Besides Bank of Pittsburgh has become effective, and the bank now the many noted drives and the entertainments of a private has a paid-up capital of $500,000. The stockholders author nature, trips are contemplated to the famous show-places in ized the additional stock ($300,000) in January. and about Washington, many of which possess national —It is reported that the directors of the Fourth National interest. The expected address of President Roosevelt Bank of Cincinnati have under consideration a plan for in- gives added significance to the occasion. All the banks, creasing the capital of the institution from $500,000 to trust companies and bankers in Washington are making $1,000,000 and the surplus from its present amount—$700,- elaborate plans for the pleasure and comfort of the delegates 000—to $1,000,000. and their families. —The National Bank of Commerce of Columbus, Ohio, —If the arrangements under consideration by the Phenix removed from its old location at the corner of High and Chest- National Bank of this city (Mr. Finis E. Marshall, President) nut streets on Monday to its handsome new quarters in the are consummated, the institution will quite likely locate in Chittenden Hotel block. the new building which will be erected by the present own- —Three new Assistant Cashierships have been created in ers at No. 1 Wall St,, corner Broadway. This valuable prop- the new First National Bank of Columbus, Ohio, and Messrs. erty, only 29.10x39.10 feet, our readers will recall, re- was Chas. R. Shields, Henry Pausch Jr. and Edgar L. Abbott cently sold by the executors of the Benjamin D. Silliman have been appointed to the positions. estate for $700,000 cash (nearly $600 a square foot) to the —McKeen's Bank of Terre Haute, Indiana, which is one Mercantile Trust Company of St. Louis, representing a syndi- of the oldest banking institutions of that city (having been cate of St. Louis capitalists. Lately the property was trans- organized in 1854), has been converted to the national sys- ferred to a company known as the Number One Wall Street tem. Its successor, to be known as the McKeen National Corporation, of which Mr. Festus J. Wade, President of the Bank, has organized with $400,000 capital. The incor- Mercantile Trust Co. of St. Louis, is the executive. The porators are: Wm. R. McKeen (who is also President of matter, though still in a tentative state, is being carefully the Terre Haute Traction & Light Company), Herman eonsidered by the Phenix National, and the outcome de- Hulman, Chas. Minshall, Frank McKeen and Samuel C. pends largely on the sort of building the owners may decide McKeen. to erect on the site. —The Peninsular Savings Bank of Detroit, Mich., is send- |;T—Mr. Clark Williams, the well-known Vice-President of ing out a card calling attention to the fact that days of grace the United States Mortgage & Trust Company of this city, have been abolished in that State. It quotes Section 145 of resigned his office this week. Mr. Williams joined the com- the Uniform Negotiable Instruments Bill, recently enacted pany in 1894, one^year after its organization, and has been in Michigan, as follows: successively Assistant Secretary, Assistant Treasurer, Treas- "Every negotiable instrument is payable at the time fixed urer, and then Vice-President. He is the Chairman of the Trust therein without grace. When the day of maturity falls Company Section of the American Bankers' Association, and upon Sunday or a holiday, the instrument is payable on the has always taken a prominent and active interest in trust next succeeding business day. Instruments falling due or becoming payable on Saturday are to be presented for pay- company affairs. While Mr. Williams will not disclose his ment on the next succeeding business day, except that in- plans at the present time, rumor says he is to accept the struments payable on demand may, at the option of the vice-presidency of the Equitable Life Assurance Society. holder, be presented for payment before twelve o'clock noon on Saturday, when that entire day is not a holiday." —Mr. William A. Hawes, formerly Cashier of the Green- The law becomes operative on September 16. wich Bank of this city, has been appointed Auditor of the in- stitution, and Mr. Clarence Foote, manager of the William —The board of directors of the First National Bank of Street branch, will succeed Mr. Hawes as Cashier. Mr. Milwaukee on Thursday, the 20th, adopted a resolution Frank Hammond, paying teller of the main office, and Mr. recommending an increase in the capital of the institution Harry A. Golding, manager of the Broadway branch, were from $1,500,000 to $2,000,000. Present shareholders will appointed Assistant Cashiers. be allowed to take the new stock in the ratio of one share — . — >( July l .» 11)05.] THE CHRONICLE. |s:j of now for each throe shares now held. A special meeting —The Broadway Savings Trust Company of St. Louis took of stockholders to ratify the proposition will be called for possession of its own new building, at Broadway and Cham- n the near future. bers Street, on July 17. The company was organized last and has a capital of J. 11. Price —The Omaha National Bank of Omaha, Neb., has just November $100,000. is the Its board directors led an attractive little folder entitled "Thirty-Nine President. of is composed Of the follow- Years of Successful Banking." In the following we show ing: E. L. Adreon, First Vice-President of the American the growth the institution has enjoyed during this period. Brake Co. ; Joseph I). Bascom, Secretary and Treasurer Brod- ('.; plus erick-Bascom Hope Co.; Charles s. Brown, Presidenl of the tank. db UndivJPivl. Deposit*. Resources. Hall & Brown Wood-working Machine Co.; George 1' Cot- October 1 1866. 164,22] sil'o.cto .s'.ii trill, Secretary Green's Car Wheel Manufacturing Co.; Octol 576 224,940 934,453 1,993 October 1886 775,354 3,496,199 1.316,553 George D. Dana, Vice-President Charter Oak Stove & Hange Octo 396 1,060,654 3,362,846 4,458,501 Co.; Benjamin F. Edwards, Vice-President National Bank of July 1,230,371 9,310,514 11,140,885 Commerce of St. Louis; S. W. Fordyce .i;-.; Eenry C. Haar- oaha National was chartered in February 1866 stick, President Mississippi Valley Transit. Co.; Thomas 11. ami business the following July. The first Presidenl Mekittrick, President Hargadine-McKittrick Dry Goods was Mr. Ezra Millard and the first Cashier Mr. J. N. Field. Co.; W. J. McBride, Vice-President American Car A- foundry Mr. Josi ph II. Millard, who is now President, became Cashier Co.; J. H. Price, President; Charles M. Polk, Thomas H of th institution on Jan. 1 1S(>7 and was elected President West , President St. Louis Union Trust Co.; George Wiegand in l^si to succeed Mr. Ezra Millard, who resigned at that Jr., Vice-President Standard Stamping Co., and Thomas H. time to organize a new bank. Mr. William Wallace, who West, Jr., Secretary and Treasurer. now oi cupies the post of Vice-President of the Omaha —The Chickasaw Savings Bank & Trust Compan}' of Nal was its first bookkeeper— in 1SGG. The pre! Memphis, Tenn., last week filed an amendment to its charter officials, in addition to President Millard and Vice-President by which the word "Savings" is dropped from its title, Wallac . are Mr. C. F. McGrew, Vice-President; Mr. Chas. leaving the new name of the institution the Chickasaw Bank E. Wi it . Cashier, and Mr. Frank Boyd, Assistant Cashier. & Trust Company. —In speaking in these columns last week of the proposed — Mr. Clinton C. McClarty, who was recently elected consolidation of the United States National, the Union Vice-President of the First National Bank of Louisville Nat: nal and the Commercial National banks of Omaha, as mentioned in our issue of May 27—has again been pro- Neb., we inadvertently cave the location of the banks as moted, and is now President of the institution, succeeding Denver, Colo., instead of Omaha. The stockholders of Dr. George B. Lewman, who resigns, owing to ill-health. the three institutions having ratified the proposition, the Mr. C. C. Bickel, who gave up his position as Vice-President new bank, which is known as the United States National, upon Mr. McClarty 's election to that office, has again been opened for business on Monday of this week in the quarters elected to fill that post, and Mr. J. B. Lewman, formerly formerly occupied by the Commercial National, at the Assistant Cashier, has been chosen Cashier. Mr. C. N. corner of Sixteenth and Farnam streets. The consolidated Matthews will occupy Mr. Lewman's place as Assistant institution has a capital of $600,000 and a surplus of $200,000. Cashier. Its officers are: Messrs. M. T. Barlow, President; G. W. The Capitol Savings Bank of Richmond, Va., has re- Wattles and V. B. Caldwell, Vice-Presidents; A. Millard, — moved its offices from No. 1111 East Main Street to newly Cashier, and W. E. Rhoades, L. M. Talmage and G. E. equipped and more commodious quarters on the ground Haverstick, Assistant Cashiers. floor of the Mutual Assurance Building, at No. 907 East —The following letter, received from Colin S. Campbell, Main Street. The officials are: Messrs. S. G. Fairbank, i st ant Cashier of the United States National Bank of President; CD. Larus, Vice-President, and R. M. Kent Jr., Denver, is self-explanatory. Cashier. July 21 1905. Editor Commercial and Financial Chronicle. —The State Savings Bank of Charleston, S. C, has called I understand that a number of banking magazines have a special meeting of its stockholders for August 14 to vote mentioned the organization of The Colin Campbell Invest- upon a proposition to increase the par value of the shares ment t for he is unable to state what may eventually be realized from surplus at $500,000, but, owing to a1 demand the same. -hares in the new institution, it was decided to increase the capital to 11,200,000 and surplus to 1600,000, the shares —The Union Tru~t Company of Little Rock, Art . being sold at Slot) each. A call for •_'."> per Cen1 of the allot- ere paid-up capital Mock from $100,000 to >_'.">t).- l.e it is exped ments is to made on or before July 31 , and 000. Of the increase S50,000 was by the way of a Btock that the hank will be opened for business between August dividend to the old shareholders and the balance of the in- lo and l • September cra 00,000, was new rtock, sold at fl 25, the par value being paid into the company and a premium dis- — Mr. J. I). Jackson has resigned as Assi i'l tributed the Gaston National Bank of I'm I among the old stockholder-. The dir< i E. Howard Ardrey. Mr. Q. Thompson, A. N. Johnson, C. E Neeley, C. T. Ubi health. lb- i- succeeded by Mr. J. J. istai r. T. W. Tiliar, John F. Boyle, George 1'.. Rose, M head W. T. Henderson wat elected an A- of Dallas, I Wright and 8. W. Reyburn. The last named is 1'." ident —The Western Bank & Trust Company of the company. has secured a ten-year lease on a piece of n Elm . — — 484 THE CHRONICLE. [Vol. lxjxi Street immediately in the rear of its present quarters on Dean of the Evening School of Accounts and Finance of the Main Street. Possession of this property will be taken on University of Pennsylvania. The directors chosen for the September 1, when the bank will immediately begin the first year simply represent the members of the two commit- construction of a modern two-story bank building, and, in tees, and they will all resign in October next, when the amal- addition, it is proposed to build a basement under the Main gamation between the Federation and the American Associa- Street building, to be used for the installation of safe-deposit tion goes into effect, and new directors will be chosen at that vaults. It is expected the improvements will be completed time, and a committee will be appointed to look after the by the first of next January. work of the Journal. —The new trust company for Houston, Texas— to which IMPORTS AMD EXPORTS FOR JUKI!. reference was made in these columns on June 3 last—is to _ The Bureau of Statistics at Washington has issued the be known as the Union Bank & Trust Company and will statement of the country's foreign trade for June, and from have a capital of $500,000 and surplus of $125,000. It is it and from previous statements we have prepared the fol- expected to open for business about August 21. Captain J. lowing interesting summaries: S. Rice, it is stated, will be President, and Mr. Homer N. FOREIGN TRADE MOVEMENT THE Tinker, who is prominently identified with the banking OF UNITED STATES. (In the following tables three ciphers (000s) are in all cases omitted.) business in the South, will be Secretary and Cashier. -1904-05— 1903-04- Exports. Imports. Excess. Exports. —In our issue of May 13 last, in referring to the opening Imports. Excess. Merch'dise $ S 8 $ $ $ for business of the Seaboard Bank of San Francisco, we July-Sept. 311,743 243,057 + 68,686 291,624 246,054 + 45,570 Oct .-Dec . 465,850 284,515 + 181,335 495,477 236,696 + 258,781 stated that the stockholders would vote July 1 1 upon in- Jan.-Mch 367,447 311,858 + 55,589 380,734 262.960 + 117,774 creasing the capital to $250,000. The bank has now filed April 128,575 95.110 + 33,465 109,880 83,522 + 26,358 May 123,753 92,532 + 31.221 89,887 80,698 + 9,189 a certificate announcing the increase. June 121,095 90,436 + 30,659 93,225 81,157 + 12,068 —The tenth annual convention of the Washington State Total... 1,518,463 1,117,508 + 400,955 1,460,827 991,087 + 469,740 Bankers' Association was held at the Lewis & Clarke Expo- Gold an J Gold in Ore. July-Sept . 41,591 20,931 —6,340 10,201 17,665 —7,464 sition Grounds at Portland, Ore., on July 20, 21 and 22. Oct .-Dec . 38,172 16,109 + 22,063 2,810 33,627 —30,817 A variety of interesting subjects were discussed and papers Jan.-Mch . 34.015 9,222 + 24.793 4,387 22 115 —17,728 April 1,304 2,581 —1,277 19,470 10,290 + 9.180 read on some timely topics. Among the latter may be May 481 2,657 —2,176 43,069 10,472 + 32,597 June 4,031 2,138 1,893 1,523 4,886 —3,363 mentioned one on "Railroads from the Banker's Stand- + point," by Mr. Walker Hill, President of the Mechanics' Total... 92,594 53,638 + 38,956 81,460 99 055 —17,595 Silver ar d Silver in Ore. American National Bank of St. Louis, and one by Mr. J. July-Sept . 12,762 5,901 + 6,861 7,378 6,620 + 758 H. Cameron, Vice-President of the Hamilton National Oct .-Dec . 11,005 6.410. + 4,595 15,727 7,373 + 8,354 Jan.-Mch . 12,592 6,515 + 6,077 13,026 6,824 + 6,202 Bank of Chicago, on "The Growth of Commercial Centers in April 2,318 2,560 —242 3,833 2,216 + 1,617 this Country and the Relation of Country Banks thereto." May 5,427 3,742 + 1,685 5,098 1,983 + 3,115 June 1 4,745 2,302 + 2,443 4,411 2,753 + 1,658 Under the head of "Practical Questions for Discussion," Total... 48,849 27,430 +21,419 49,473 27,769 +21,704 the subjects were: "Shall National Banks Loan on Real + Excess of exports. — Excess of imports. Estate," "Taxation Affecting Banks," "Shall Have a We We subjoin the totals for merchandise, gold and silver State Law Regulating Banks." Saturday, July 22, was for the twelve months since July 1 for six years. designated as "Bankers' Day" by the management of the Merchandise. Gold. Silver. Lewis & Clarke Exposition, and in the evening of the same Twelve Months. Excess Excess \ Excess day the delegates were tendered a complimentary banquet Exports. Imports. of Ex- Im- of Ex- Im- o/ Ex- Exports ports. ports. Exports] ports ports ports. at the American Inn by the Portland Clearing House Asso- S *S $ S $ $ $ $ $ ciation. The following were elected officers to serve for 1904-05 . 1,518,463 1 .1 17,508 400,955 92,594 53,638 38,956 48,849 27,430 21,419 1903-04 1,460,827 991,087 469,740 81,400 99,055 a 17, 595 49,473127,70921,704 the ensuing year: President, E. T. Coman (Cashier of the 1902-03 l,42O,141|l,025,719 394,422 47,091 44,982: 2,109 44,250,24,163 20,087 1901-02 1,381,719! 903,321 478,398 48,56952,021 a3, 452 49, 732*28, 232 21 ,500 First National Bank of Colfax); Vice-President, M. F. 1900-01 l,487,765i 823,172 664,593:53,185 66,051 al2,866 64,285,36,386 27,899 1899-00 1,394,483 849,941544,542 48,267144,573 3,694,56,712 35,256 21,456 Backus (President of the Washington National Bank of I I Seattle); Secretary, P. C. Kauffman (Second Vice-President a Excess of imports. of the Fidelity Trust Company of Tacoma); Treasurer, Rob- Similar totals for the six months since January 1 for six years make the following exhibit. ert Moody (Cashier of American Nat. Bank of Everett). Mr. A. L. Mills, President of the First National Bank of Merchandise. Gold. Silver. Six Portland, Ore., announced that the Oregon banks would Months. Excess Excess Excess Exports. Imports. of Ex- Im- o] Ex- Im- ot Ex- I Ex ports i ports. ports. Ex ports] ports. ports. ports. also form an association. Subsequently an organization of | ! S . s s s s ~^~\~~S~ S S banks of that State was effected, and the new body adopted | 1905 . 740,870 589,930 150,934 39,831 16,599 23,232 25,082 15,118 9,964 508,337' I65.3S9 68,449 47,703 20,686 26,368 13.771, 12,592 the constitution of the Washington Bankers' 1904 . 673,726 Association. 17.505 1903 . 697,6521 512,745 184,907 31,336 13,976 17,360 9,981 7,524 1902 . 638,196 456,342 181,854 20,277il3, 187 7,090 22,528 12,221 10,807 —The semi-annual statement of the Union Discount Co. 721,853 433,441 288,412 29,491 15,927 13,564 28,434 15,135 13,299 1901 . 1900 . 712,034! 439,419 272,615 30,441 i 16,625 13,816 30,370 18,849 11,521 of London is at hand. The gross profits for the six months ending June 30 were $919,490, which with the balance of a Excess of imports tables of totals, gold and silver in ore for all the $251,225 brought forward from Dec. 31 1904 shows a total In these years are given under the heads respectively of gold and to credit of profit and loss account of $1,170,715. divi- A silver. dend was declared for the half-year at the rate of 11 per cent The following shows the merchandise balance for each per annum, calling for $206,250, and after this and other year back to 1875. deductions, a balance of $265,144 was carried forward. The EXCESS OF MERCHANDISE IMPORTS OR EXPORTS. 12 months ending June 30 6 months ending June 30 loans and deposits, including provision for contingencies 1875 Imports §19,562.725 1875 Imports §21,795,212 and bills re-discounted, aggregated $91,444,008. 1876 Exports 79,643,481 1876 Exports 50,063,783 1877 Exports 151 ,1 52,094 1877 ... Exports 37,896,413 1878 . '. Exports 257,814,234 1878 Exports 155 ,854,535 1879 - Exports 264,661 ,666 1879 Exports 115,036,611 1880 Exports 167,683,912 1880 Exports 31,163,494 ACCOUNTANTS TO HAVE AN OFFICIAL JOURNAL. 1881 Exports 259,712,718 1881 ...Exports 97,999,966 1882 ...Exports 25,902,683 1882 Imports 39,437,030 At a recent conference between committees representing 1883 ...Exports 100,658,488 1883 Exports 46,083,019 1884 Exports 72,815,916 1884 Exports 10,755,835 the Federation of Societies of Public Accountants and the 1885 Exports 164,662,426 1885 .Exports 55,313,693 1886 Exports 44,088,694 1886 Imports 978,738 American Association of Public Accountants, it was decided 1887 Exports 23,863,443 1887 Imports 27,090,127 to arrange for the publication of an official journal for the 1888 Imports 2S.002.607 18S8 Imports 61,575,300 1889 Imports 2,730,277 1889 Imports 30,655,256 profession, to be known as "The Journal of Accountancy.'' 1890 ...Exports 68,518,275 1890 Imports 18,721,363 ...Exports 39,564,614 1891 Imports 13,261,571 A corporation has been formed for the purpose 1891 under the 1892 ...Exports 202,675,686 1892 Exports 47,425,412 name of "The Accountancy Publishing Company," and suf- 1S93 Imports 12,605,798 1893 Imports 6S.800.021 1894 ...Exports 244,132,692 1894 Exports 68,486,072 ficient funds, it is stated, have been subscribed to carry on 1895 Exports 75,568,200 1895 Imports 4,735,035 1896""" Exports 102, 8S2, 264 1896 Exports 74,956,140 the work contemplated. The Journal will be under the 1897 ...Exports 286,263,144 1897 Exports 36,961,882 direct control of the American Association of Public Account- 1898 Exports 615,432,676 1898 Exports 295,280,759 1899 Exports 529.874,813 1899 Exports 204,573,754 ants, as the majority of the capital stock will be held by it. 1900""" Exports 544,541,898 1900 Exports 272,615,091 1901 "" Exports 664,592,826 1901 Exports 288,411,518 It is proposed to engage as editors Professor Joseph French 1902 Exports 478,398,453 1902 Exports 181,854,021 Johnson, Dean of the School of Commerce, Accounts and 1903 Exports 394,422,442 1903 Exports 184,907,400 1904 Exports 469,739,900 1904 Exports 165,388,544 Finance of the New York University, and Dr. E. S. Meade, 1905 Exports 400,955,333 1905 Exports 150,934,327 1 ; July 20 1905.1 TIIK CHRONICLE. 485 FAILURES FOR SECOND QUARTEB *ND SINCE EXPORTS 01 QOLD AND SILVER FROM SA X l it.\.\ Cisco. JAN. l. —The following figures, prepared from Messrs. K. G. Dun A Co.'a statement, show the number of failures in the United States and Canada (luring the quarter ending June 30, 100"), and for the six months ending with the same date. For purposes of comparison like figures for the cor- responding periods of the preceding year are given: 1005; L904. No. "/ Amount of No. »f Amount of Failures. Liabilities. 'ailures. Liabilities. S <»i Southwestern States -7 2,333,625 266 1 ,321,007 Central Western States... 494 5,747,683 499 6,41 iUonctavyid'ommcvciariinoUshiteius Far Western States 312 L ,547,742 355 1 ,978,969 Pacific States -Oil 1,945,628 282 1,433,342 Aggregate United States2,767 125,742,080 2,870 $31,424,188 London, Saturday, July 15 1905. There has been a decided improvement in the Stock Ex" Dominion of Canada 272 $1,648,066 274 S3.370.115 Sis Months. change during the last couple of days, although business New England States 786 16,249,732 796 $12,520,671 inactive fall Middle States 1.260 17,779,564 1 ,363 24,737,402 continues almost as as ever. The great in s.sis.610 Southern Slates 1,195 1,060 14,134,113 South African mining shares that has been going on for a Southwestern States 631 4.5S9.023 60S 3,807,092 Central Western States... 1 .101 10,871,585 1 ,()7>4 16,766,192 considerable time now induced the fear that there would be Far Western States 679 4,268,460 789 1,177,587 Pacific States 55S 3,297,611 544 3.347,852 some serious failures at the fortnightly settlement on the Stock Exchange this week. It was well known that one or Aggregate United States 6,210 $55,904,585 6,214 $79,490,909 two large houses in the Stock Exchange had lost heavily, Dominion of Canada .. 029 $4,543,945 585 $6,074,733 and it was doubted whether they would be able to tide over The record of failures in the United States by quarters for their difficulties. They, however, have received help, and the first six months of the last twenty years is as follows: — there has, in consequence, been no failure. The belief is that First quarter- -Second quarter. the stocks held by the weak operators have now been taken Failures. Xo. of Amount of No. of Amount of over by large houses here and in Paris, and that the market, Wars— Failures. Liabilities. Failures. Liabilities. 3,203 $29,6S1,726 1,953 S20. 7J2.734 therefore, is really sounder than it has been since the South 887 3,007 32,161,762 1,905 22,976,330 African War. 1888 ..2.94S 38,884,789 2,241 29,229,370 The improved feeling has been strengthened by the con- 1889 3,311 42,972,516 2,292 22,856,337 clusion of the arrangement between France and Germany. 1S90 3,223 37,852,968 2,162 27,466,416 1S91 3.543 42,167.631 2.529 50,248,636 The general impression is that M. Rouvier has conducted 1S92 3.3S4 39,284.349 2,119 22,989,331 the negotiations with Germany with great skill and success, 3,202 47,338.300 3,199 121,541,239 that he has yielded on no fundamental point, and that he 1894 4,304 64,137,333 2,735 37,601,973 has safeguarded French independence. At the same time, 1S95 3.S02 47,813,683 2,855 41,026,261 1S96 4,031 57,425,135 2,995 40,444,547 there is an exceedingly sore feeling throughout France. 1S97 3,932 48,007,911 2,889 43,684,876 And there is a latent fear that in the conference Germany 1S9S 3,687 32,946,565 3,031 34,498,074 may attempt some other coup which will disconcert the 1S99 2.772 27,152,031 2,081 14.910,902 French Government. Over and above all this, there is an 1900 2,894 33,022,573 2,438 41,724,879 1901 ..3,335 31,703,486 2,424 24,101,204 unacknowledged feeling amongst the majority of French- 1902 3,41s 33,731,758 2,747 26,643,098 men that the politicians were too easily frightened. M. 1903 3,200 34,344,433 2,428 32,452,827 Delcasse, in an interview with one of the Paris papers, has 1904 ...3,344 48,066,721 2,870 31,424,188 openly declared that he never believed that Germany meant 1905 3,443 30,162,505 2,767 • 25,742,080 war; that if he had remained in office, with the support of the Republican Party he would have refused to enter into IMPORTS AND EXPORTS OF GOLD AXD SILVER AT a conference; and that he was convinced that Germany SAX FRANCISCO. would not fight. For he declares that France would have been supported by England, and that Germany would not The Collector of Customs at San Francisco has kindly have ventured to face the combined British and French furnished us this week the details of imports and exports fleets. It was generally understood that this was M. Del- of gold and silver through that port for the month of June, casse's view, but his open admission of it has made a very and they are given below in conjunction with the figures for considerable impression, and there is going on a revulsion preceding months, thus completing the results for the fiscal from the alarm that recently existed. In consequence, the y. ar. 1904-05. The imports of gold were of unimportant entente cordiale with this country has gained greatly in favor 'ime, reaching but $120,911, of which 84,949 was in coin. in France. This week the British fleet has visited Brest, Of silver there came in $194,437, almost wholly bullion and and is being received quite as cordially as the Russian fleet silver in ore. During the twelve months there was received was when it visited France. Thus the recent tussle between a total of 815,590,873 gold and $3,003,796 silver, which France and Germany has very materially strengthened the compares with 835,370,472 gold and $3,492,900 silver in entente cordiale. 1903-04. The shipments of gold during June were very Over and above all this, the appointment of M. Witte as light, reaching only 81,950, all coin, and the exports'of silvi r Russian plenipotentiary to negotiate for peace has made were $318,321, of which 8314,500 was bullion. For the the very best impression all over Europe. It is notorious twelve months the exports of gold reached $5,832,748, that from the very first M. Witte was opposed to war; that again.-! $715,777 in 190:5-04, and 86,799,502 silver was sent he did his utmost to prevent it; and that it was his bitter out, against 84,513,792 in 1903-01. The exhibit for June opposition to the War Party which caused his downfall. and for the twelve months i< as follow-: Now that he has been appointed plenipotentiary, lie will, ,'-< IMPORTS OF GOLD AM) SIU J.I: AT SAX I RAW of course, use all his efforts to conclude peace, and it N hoped that his appointment affords proof that the C/ar » a (Mil. Silver. ! Mr that M. Witte was his really good adviser, and that prob- Hull ion Total. Cain. UiUl ___Total. ably, therefore, M . Witte will be given a far more influential 19" $ $ % July I . 430 140.339 1.64 73,323 place than he has yet held. Thai he may be appointed 1,600 52,660 .•(.'7 747 i 91,108 27 chief Minister is the wish of all who d< ''* .172 1,004 121.051 1,604 good government established iii R 144,127 274, 107 M. Febr The probability that peace will be concluded and thai l in March 141.587 1 12 182 l VI 216, Witte may return to power bas impro April <>'».•> May 1.1 199, b roo 1 1 I 1 :, 122.1 90.019 212, 1,91 1 here at home bui all over the Continent. Cor all that, June 120.911 L92 there is no increase of acth ity In bush ^95.230' 1 158,0041 2.845.792 3.003.796 -<< place, the weather gly hot; In the I pla — A . — — . 4m; THE CHRONICLE. [Vol. lxxxi. we are nowlast approaching the holiday season; and, in the SILVER.—On buying orders from the Continent, and in spite of some selling on China account, the quotation for spot silver has risen to 27 5-16d. At this figure the market Is a steady one, as offerings are small. India has given third place until peace is actually concluded, and until the no support to the market during the week. Forward silver is now quoted %d. under cash. The Indian price Is 69 per 100 For the week. coming conference is held, it is hardly probable that French- Rf. TolahB. Arrivals —New York, £174,000; West Indies, £4,000. Shipments—Bombay, £81,700; Hong Kong, men will engage in new risks. In the meantime, however, £44,400; Shanghai. £5,000; Madras, £2,600; Egypt. £1.200. For the month oi June. Arrivals— Russia, £194.500; France, £38,500: 17. S. A., £908,750. Ship- ments—Russia, £210 000; trance. China, £ trade here at home is steadily improving, and a very confi- £53,000; 126,400; India. £070,500. MEXICAN DOLLAB 8.—There Is no business dolne In these coins. dent feeling is growing up. The quotations for bullion are reported as follow-; Money is abundant and cheap, and the general belief is GOLD. July. July SILVER. July July that it will continue so for some months. While the scare London Standard. 13. 8. London Standard. 13. 6. s. s. it - d. d. | d. caused by the Moroccan incident continued, France with- liar gold, fine, oz 11 {JA 77 94 Bar silver, fine, oz_. 27 5-16 27 U.S. gold coin, oz 76 4A 76 4% i " 2 mo. delivery.. 27 1-16 26 13-16 drew gold from London as well as from New York and Ber- German gold coin, oz. a76 4% a76 4K Barsilver, containing French gold coin, oz.. a76 4% aid 4% 5 grs. gold, oz... 27 13-16 27% lin. And it was feared that she might go on doing so and Japanese yen; oz «70 4% a76 4At 4 grs. gold, oz... 21% 27 5-16 3 grs. gold, oz... 27 7-16 21A thus prevent the Bank of England from accumulating such Cake silver, oz 29 7-16 29% aNominal Mexican Dollars nom. nom. a gold reserve as would ensure easy money for the rest of the The following shows the imports of cereal produce into year. in Paris is that Now, however, the best opinion the United Kingdom during the season to date compared France will not take more gold. She has an immense stock with previous seasons: of the metal. The danger of war with Germany is over. IMPORTS. Forty-jive weeks— 1904-05. 1903-04. 1902-03. 1901-02. The hope that peace will be concluded grows stronger. And Imports of wheat, cwt. 88,400,100 79.582,336 70.968.747 ol, 768, 396 ; Barley 19,510,300 28,444,026 23,222,134 20.216,258 for the time being at all events, the danger of revolution in Oats 14,152,400 13,200>94 13,123,208 14,956.912 Peas 1,894,648 2,065,770 1,692.511 1,796,801 Russia is less than it was. Consequently, the great French Beans 1.362,490 1,936,078 1,349.545 1.663,141 Indian corn 35,205,000 41,092,867 34.913. 07S 39,552,452 banks do not feel it necessary to increase their reserves. In- Flour 9.731,620 17,410.143 19,845,298 17.510,392 deed, it is possible that they may reduce their reserves by Supplies available for consumption (exclusive of stock on else- employing some of the surplus balances in London and September 1): where. For some time past Italy has been taking a consid- 1904-05. 1903-04. 1902-03. 1901-02. Wheat imported, cwt.. ...88,400,100 79.582,336 70,998,717 bl, 768.396 erable amount of gold from France, Italy being very pros- Imports of flour. 9,731,620 17.410,143 16,845,298 17.516,392 Sales of home-grown 13,450.518 16,422,409 22,200,103 22,124,589 perous just now, and there being a very active speculation Total 111.582,238 113,414,888 110,050, 148 101,409,377 going on. It is believed, though, that Italy has now re- Average price wheat, week 32s. Id. 26s. 6d. 28s. Id. 30s. lOd. Average price, seasonu.. 30s. 7d. 2d. 26s. Od. 27s. lOd. ceived as much gold as she requires, and hence that she 27s. Italian demand for the metal will not continue. The following shows the quantities of wheat, flour and maize afloat to the United Kingdom: The Japanese loan has been a very marked success. Every- Thisweek. Last week. 1903-04. 1902-03. body knew it would be successful; but few were prepared for Wheat ors. 2.835.000 3,020.000 3,220,000 1.965.000 Flour, equal to q'rs. 110,000 110,000 165,000 240.000 so remarkable a success. The subscription list was closed Maize qrs. 925.000 990.000 980.000 1.040.000 at half-past two on the day on which it was opened, and the The British imports since Jan 1 have been as follows: total subscriptions millions sterling 1905. 1904. Difference. amount to about 100 IMPORTS. £ £ £ Per Ct. January 47.766.460 46.132,520 +3.5 that is, in half the' +1.633,940 about a day portion of the loan allotted February 42,844,937 44,110,519 —1,265,582 —2.9 March 48.983,312 48,692,275 +291,037 +0.6 to over. is London was subscribed ten times It understood, April 43,282,826 45,181,763 —1,898,937 —4.2 for May 46,832,967 44,780,098 +2,052.869 +4.6 moreover, that the applications small allotments, that is June 43,557,407 43,196,784 +360,623 +0.8 for allotments of of £100 stock, amounted to between two Sixmonths 273,131.516 271,953,771 +1,177.745 +0.4 and three millions sterling. Of course a great deal of the The exports since Jan. 1 have been as follows: over-applications were factitious. Nobody expected to get 1905. 1904. DiJIerence. EXPORTS. £ £ £ Per Ct. the whole. But the figures, for all that, show how popular January 24.989,777 24,083,365 +906,412 +3.8 February.. 25,269.063 23,894,813 , + 1.374.250 +5.7 the loan was and how eager the public was to get the allot- March 28.070,823 24,251,796 +3.819.027 +15.7 ments. In Germany, the applications somewhat exceeded April 24.138,468 23,484.834 +653,634 +2.8 May 27.252,693 24.332,089 +2,920,604 +12.0 those in London. June.. 25,985.397 24,069,770 +1,915.627 +7.9 The India Council offered for tender on Wednesday 40 Sixmonths -. 155,706,221 144.116,667 +11,589,554 +8.0 lacs of drafts and the applications exceeded 370 lacs at prices ranging from Is. 4d. to Is. 4 l-16d. per rupee. Applicants The re-exports of foreign and colonial produce since Jan. 1 for bills at Is. 4 l-32d. per rupee were allotted about 47 per show the following contrast: cent of the amounts applied for. • 1905. 1904. Diljcrence. RE-EXPORTS. £ £ £ Per Ct. The following return shows the position of the Bank of January 6,113,887 5.712,000 +401,887 +7.1 February. 7,619,723 7,405.341 +214.3S2 +2.9 England, the Bank rate of discount, the price of consols, &c, March 6.812,209 5.946,649 +865,560 -J-14.7 compared with the last three years: April 6,303,877 6,754.370 +1,450,493 —6.7 May 6,805,433 5,5*5,686 +1,219,747 +22.2 1905. 19^4. 1903. 1902. June 6,399.164 5,685,959 +740,205 +13.2 July 12. July 13. July 15. July 16. £ £ £ Sixmonths 40,054,293 37,063.005 +2.991.288 +8.1 Circulation 30,269,650 28,741,605 29,625,505 29,761,905 aggregate figures are official. They indicate slight Public deposits 9,671,414 6,724,146 6,914,657 11,400,617 NOTE—The that adjustments in the monthly returns as issued. Other deposits 44,449,130 41.143,779 41,449,922 39,660,772 have been made Government securities 16,752,444 16,903,766 15.342,840 16,986,460 Other securities 28,992.334 25,150.891 25,988.711 26,180,057 Reserve of notes and coin 26.383,935 23,857,264 25,148,480 26,102,050 English Financial Markets Per Cable. Coin & bullion, both dep'te. 38,203,585 34,148,869 36,596.985 38.088,955 Prop, reserve to liabli's, p. c. 48^ 49 13-16 51% 50% The daily closing quotations for securities, etc., at London Bank rate per cent. 3 3 3 Consols, 2 % per cent 90 3^16 89 * 92 15-16 95 15-16 as reported by cable have been as follows the past week: Silver>^*.»v.. 27i, i U—3-16l\j £,\r26 ii-iuu.16d. iiydU. / m 24%d. 24£i 7-16d.— loci. London. Clearing-House returns 225,059,000 178,221,000 211,456,000 221,751,000 Week ending July 28. Sal. Mon. Tues. Wed. Thurs. Fri The rates for money have been as follows: Sliver, per oz... d.27 3-16 27"* 27 3-16 27 3-16 27 3-16 27 A Consols, new, 2 A per cts 90 90 90 3-16 90 % 90 7-16 June 23. June 30. July 7. July 14. Consols, for account 90 1-16 90 1-16 90 3-16 90 % 90 7-16 Bank of England rate 2% 2% 2% 2 2% French Rentes (in Paris). fr. 99.40 99.Z1A 99-35 99.45 99.40 99.30 Open market rates— Mining Co 5 Anaconda ; A 5% 5% 5% 5% Bank bills—3 months 1 15-16@2 2 1%@1 13-16 1% Atch. Top. & Santa Fe ! 87 S1A 87% 87% 89 ! 105 105 4 months 2 2@2 1-16 „ 1% 1 13-16@1% Atch. Top. & Santa Fe.pref. 105 105 105% 6 months 2 1-16 2 1-I6 • By discount houses Chicago Milwaukee & St. P. \ 182 18ZA 183% 183% 185% Atcall 1% 1% 1% IK Denver & Rio Grande • 32% 32 31% 31% ,32% 7tol4days 1% 1% 1% 8 Denver & Rio Grande, pref. 88% 88 88 88 88 Erie, common Q 46% 47% 47% 48% 48% W The Bank rates of discount and open market rates at the Erie, 1st pref 85 S5% 86 86% 86% Erie, 2d pref § 73 73 74 77% 77% chief Continental cities have been as follows: Illinois Central S 172 173% 173% 173% xl76%J Louisville & Nashville 150% 152 151% 151 148% July 15. July 8. July 1 g June 24. Central .. 22 Rates 0} Bank Open Bank Open Bank Open Bank Mexican 21% 21% 21% 21% Open Kan. & Tex., com Kj 29 29 28 28% 29 Interest at Rate. Market. Rale. Market. Rale. Market. Rate. Market. Mo. Paris 3 2 3 2 Mo. Kan. & Tex., pref 2 65 64% 64% 64% 65 3 3 38 38 Berlin 3 2% 3 2 3 Nat. RR. of Mex._. 2 38 38 38 2% 3 *3 N. Y. Cent. & Hud. River.. 2 148% 148% 148% 148 150 Hamburg 3 2% 3 2 3 2% 3 2% N. Y. Ont. & Western 52% 52% 52% 52% 53% • Frankfort 3 2j| 3 2 3 2% 3 2 7-16 g Western, ... S • Amsterdam... 2% 2 3-16 2% 2% 2% 2% 2A 2A Norfolk & com 87% 87% 88% 88% 89% Brussels 3 2% 3 2% Norfolk & Western, pref ... S 96 96 96 96 96 2% 3 2% Northern Securities 177 179 177% 177% 178 Vienna 3% 3% ZA 2% 3% 3% 3 ZA Pennsylvania W 72 • St. Petersburg 5% nom. 5 mm. 5% nom. 72% 72% 72% 73% 5% nom. O • Madrid 4% ZA 4% 3% 4% a Phila. & Reading 52 52% 53 53% 53% 3% ZA a Phila. & Reading, 1st pref 48% 48% 48% 48% 49 Copenhagen ..4 4 4 4 4 4 4 4 g a Phila. & Reading, 2d pref. tt 47% 48 48 47% 47% Rock Island Company 30% 31 31% 31% 32 Messrs. Pixley & Abell write as follows , under date of Southern Pacific. ! 65% 66 65% 66 66% • July 13: Southern Ry., com ! 33% 33% 33% 33% 34 Southern Ry., pref 101 101 100% 100% 101 GOLD.—Paris has again been the buyer of all arrivals at 77s. 9%d. but to-day UnionPacific.com 131% 132 131% 132% 133% • ; a firmer 77s. is with exchange, 9%d. quoted. At the Bank £5,000 has been taken Union Pacific, pref 100 100 100 100% 100% • for Bolivia. For the week. Arrivals—South America. £1,300: 35 • Cane £300 000 U. S. Steel Corp., com .. .. \ 34% 34% 35 35% S Australia. £86,900; C. Africa, W. £7,400; West Indies, £38,100; Singapore £2 900' U. S. Steel Corp., pref 104 105 104% 105% 105% • Shipments Bombay, £67.700; Calcutta, £1,500. For the ' • — ! ! month of June Ar- Wabash r 20 19% 19% 19% . 19% rivals • —Germany, £29,400: Belgium, £36,700: France, £35,400; W. Africa £96 200- Wabash, pref • 40 39% 39 39% 40< ' Mexico, £70,200: Brazil, £53.000; S. Africa. • £2,648, l60; • • India, £^20.000; Australia' Wabash. Debentures "B" .. ! 73% 71% 71 71 • . 171% »! £203,600. Shipments—Germany, £75,500; France, £619,300; Brazil £15 000' South Africa. £15,0v.0; India £415.000. • • • • ...... • • • ' '.• [• ^ ^J ^ • a Price per share.^B I ...... , July 29 l9or>. THE CI1RONICLK. 1ST Arthur Strove. President; Fred Wil President; Carl (Toinmcvcialan(iiUi6ccU;\ncou5i\cui5 Ehrhardt, Cashier. Succeeds Bank ol Beecher. r 7.7 -The first National Bank ol Hannaford, North Dakota. Capital, .1- \\ . \ I 125,000 v. H. Hem, President; S. 11, . l( sue, dent; A. O. Anderson, Cashier. eed i G lountjr FOREIGN TRADE OF NEW YORK. -MONTHLY Stale Bank. STATEMENT.—In addition to the other tables given in 7,728 The National Bank of Benld, Illinois. Capital, 125, ooo. it. k. I, Dorsej . President ; c. Hamilton, Cash this department, made up from weekly returns, we give the 7,71".) -The First National Bank of Canton, Missouri. Capital. §25,000. following fiuuivs for the full months, also Issued by our New Junius Tompkins, President; C. W. Barren, vice President; '. York Custom Bouse. The firel statement covers tin- total i C. Millspaugh, Cashier; Frank F. Page, Assistant Cashier. Of The Citizens' Bank of Canton. imports and exports of merchandise ami the Customs receipts Conversion 7,730—The First National Bank of St. Petersburg:, Florida. Capital, for the twelve months of the last two seasons. $25,000. John Trice, President; T. A. Chancellor, Cashier. Succeeds West coast Bank of St. Petersburg. 7 7:31- The First National Bank of Valley View, Texas. Capital, $25,- Merchandise Movement at Xew York. Custen n. i'. Head, President; J. B. Weils; hi New York. 000. Vice-President; Richard I'. Head, Cashier. Succeeds Citizens' Bank. Month. Imports. Ex ports. 7,732—The First National Hank of Lonaconing, Maryland. Capital, 1904-05. 1004-05. 1903-04. 1904-05. 1903-04. §25,000. M. A. Patrick, President; James B. Dixon, Vice- President; W. W. Shultice, Cashier. $ S $ S The St. Regis Falls National Bank of St. itegis Falls, New York. --."> sir. 937 lis 7 733— 42.076.639 50.25'i. 1 35,656,730 37. 12.991 July ... Capital, $25,000. 11. E. O'Neil, President; Franks. Young, 52.79S 47,572,945 39,594,900 37,070 104 15.015 971 16,199,61 t August . May, Cashier. Sept'ber 19 'v.i 970 47.295.127 44.585 42,165 U'50 15,042 410 15, 193,122 Vice-President; John A. (si 940 1 I, of October. 1.3 10 49,994,976 48.803,417 52,927 15,904 122,025 7,734—The American National Bank Graham, Virginia. Capital, Novem'r 57.902.844 46.013.563 15.35 1,507 1 1,684 23 1 14.701 716 17.201 125,000. William E. Fowler, President; D. G. Lilly, Vice- 240 13,938 1399 Dcce ber 57 993 SS0 17,77 1.941' 45,280, 157 47,440 »,092 President; E. A. Williams, Cashier. January 60,787.016 51, 197,103 42,508,066 45,350 530 15.848 906 1 1,708.884 m>. 7 735 The Citizens' National Bank of Lansdalo, Pennsylvania. Capi- Febru ry 66, 183,435 57.437,869 38 1 o 15 39,210 736 1 1.597 142 14.5" — S. Ruth, President; March.. 70, ."> 16,661 52,380 47.289.626 l 1,569 116 15,781 ;796 14.91 tal, $50,000. Henry L. George S. Sny- ITS. 410 4 12,530 157 13.Hi- It. April... 53.243.120 L.125 49. 1 ,092 679 der, Vice-President; E. Musselman, Cashier. May ... 55,266,731 47.324.244 42,365,553 36,404 98S 12,696 ;3oo 12,109,942 7,736—The Citizens' National Bank of Guthrie Center, Iowa. Capital, 45.901,292 39.322 405 13.142 ,232 13,324,948 June ... 50.002,465 48,254,991 $25,000. Jno. W. Foster, President; T. J. Foster, Vice- President; O. D. Williams, Cashier; V. R. Jones, Assistant Total. 609.715.551 GOO.095.4S9 523.75S.006 500.058,220 172.191.417 170,968,561 Cashier. Succeeds Citizens' Bank of Guthrie Center. 7,737—First National Bank of University Place, Nebraska. Capital, $25,000. Charles G. Anderson, President; D. W. C. Hunt- The imports and exports of gold^and silver for the twelve ington, Vice-President; E. S. Kirtland, Cashier; Milton E. months have been as follows: Burke. Assistant Cashier. Succeeds Windoni Bank. 7,738—The First National Bank of Turlock, California. Capital, $25,- 000. O. McHenry, President; Garrison Turner, Nice-Presi- Qjhi Movement at Sew York. Silver—XewlYork. dent; C. O. Anderson, Cashier. 7,739—The First National Bank of Moweaqua, Illinois. Capital, $25,- Month. Imports. Exports. Imports Exports. 000. J. E. Gregory, President; Will G. Thompson, Vice- President; J. W. Gregory, Cashier; H. R. Gregory, Assistant I 1904-05. 1903-04. 1904-05. 1904-05. 1903-04. 1904-05. Cashier. Succeeds Commercial Bank of Moweaqua. S S S $ $ 7,740—The Claiborne National Bank of Tazewell, Tennessee. Capital, July 155.309 154.24S 535 489, 70S 257,896 3,548,135 $25,000. G. W. Montgomery, President; H. Y. Hughes, AU2TUM 243.588 225,399 8.283 022 422,347 263.164 3,475,324 Vice-President; W. H. Eppes, Cashier. Succeeds Claiborne September 455. 42S 333.426 1,256 345 534.003 318.214 2.50S.431 County Bank. 206.370 3.323 990 110.260 294.0S9 October — 1,384,045 1,887,388 7,741 —The First National Bank of Excelsior Springs, Missouri. Capi- November . >.3G9 7.088,627 19,516 284 178.100 19,034 2. 183,977 December. 1,312,437 11.511.015 8,901 !564 886.163 279,347 2,499,004 tal, $25,000. Adrian Gordan, President; F. M. Kern, Cash- January . . .114,190 4.019,112 15.06S 907 812.454 325.706 3,13S,Srl5 iei February . 610.959 174.926 14 647 636 636.2S5 220,314 3,567.990 7,742—The First National Bank of Glenwood, Minnesota. Capital, March 3.333.176 257,674 2.232 099 ,863.058 655,043 3.059,023 $35,000. Alba Webster, President; P. Peterson, Vice-Presi- 21S.934 1.136 912 19 .27S.579 5SS.386 1.480,767 April 1,151,484 dent; VV. F. Dougherty, Cashier. Succeeds May 207.609 1.152.086 115 739 41 678.667 508.220 2,410,719 Bank of Glen- June 703.140 712.309 3.90S 573 S90.662 238.130 3,770,032 wood. 7,743—The First National Bank of Elko, Nevada. Capital, $100,000. Total 10,926.800 26.114.132 79.046,632 75.780,976 3,973.543133.536.315 Oscar J. Smith, President; Bert L. Smith, and E. S. Farring- ton, Vice-Presidents; R. H. Mallett, Cashier:; J. C. Doughty, Assistant Cashier. Succeeds The Eureka County Bank of NATIONAL BANKS.—The following information re- Elko. 7,744—The Athens National Bank, Athens, Ohio. Capital, garding national banks is from vhe Treasury Department. $100,000. W. N. Alderman, President; H. D. Henry, Vice-President; NATIONAL BANKS ORGANIZED. J. D. Foster Jr., Cashier. 7,745 —The Huntington National Bank of Columbus, Ohio. Capital, Certificates Issued April 2-4 1905, to July 21 1905. $400,000. P. W. Huntington, President; F. R. Huntington, Vice-President; Theo. S. Huntington, Cashier; B.G.Hunt- 7,706—The First National Bank of Centralia, Indian Territory. Capital, ington, Assistant Cashier. Succeeds P. W. Huntington & $25,000. T. R. Montgomery, President; E. C. Periman, Vice- Co., Bankers. President; T. C. Montgomery, Cashier. Succeeds Bank of 7,746—The First National Bank of Jasper, Alabama. Capital, $50,000. Centralia. J. H. Cranford, President; P. P. Hunter and J. M. Cranford, 7,707—The First National Bank of WoodviUe, Indian Territory. Capi- Vice-Presidents; Asa Cranford, Cashier; H. W. Cranford, tal, $25,000. H. G. Beard, President; A. G. Noble, Vice- Assistant Cashier. President; Ollie G Beard, Cashier; Ion J. Weatherford, As- 7,747—The Hugo National Bank, Hugo, Indian Territory. Capital, sistant Cashier. Succeeds Bank of WoodviUe. $50,000. J. F. McReynolds, President; B. A. Nelson, Vice- 7, 70S —The First National Bank of Princeton, Minnesota. Capital, President; Arthur Adams, Cashier; J. H. Jackson, Assistant $30,000. S. S. Petterson, President; T. H. Caley, Vice- Cashier, President; John F. Petterson, Cashier. Conversion of the 7,748—The Ozona National Bank, Ozona, Texas. Capital, $50,000. J. Citizens' of State Bank Princeton. W. Henderson, President; L. B. Cox, Vice-President; J. B. 7,709 —Tiie Virginia National Bank of Petersburg, Virginia. Capital, Reilly, Cashier. 3300,000. Aug. Wright, President; Joseph W. Seward, 7,749—The People's National Bank of Rochester, Pennsylvania. Capi- Vice-President; Walter Sparklin, Cashier. Succeeds Peters- tal, $50,000. John Conway, President; James G. Mitchell, burg Banking and Trust Company. Vice-President: Joseph C. Campbell, Cashier. Succeeds 7,710—The Pen Argyl National Bank, Pen Argyl, Pennsylvania. Capi- John Conway & Co., private bankers. tal, $50,000. J. H. Werner, President; A. J. Meyers, Vice- 7,750—The First National Bank of Dahlgren, Illinois.. Capital, $25,000. President; William H. Over, Cashier. J. H. Miller, President; Albert Sturman, Vice-President; W. 7,711 —The First National Bank of Sardis, Ohio. Capital, $25,000. B. Maulding, Cashier. Succeeds Citizens' Bank of Dahlgren. John Hess, President; Hugh E. Davenport, Vice-President; 7,751 —The National Bank of Beattyville, Kentucky. Capital, $25,000. John P. Goodwin, Cashier. John J. McHenry, President; Theo. B. Blakey, Vice-Presi- 7.712—The First National Bank of Grand Tower, Illinois. Capital, dent; Pope McAdams, Cashier; Monroe McGuire Assistant $25,000. Charles C. Huthmacher, President; Lewis M. Cashier. Conversion of The Beattyville Bank. Crow, Cashier. 7,752—The National Bank of Shawneetown, Illinois. Capital, $25,000. 7,713 —The Citizens' National Bank of San Francisco, California. Capi- Louis W. Goetzman, President; E. Eberwine, Vice-President; tal, $200,000. Douglas S. Watson, President; D. E. Froehlich, Cashier. Cashif-r. 7,753—The Bay City National Bank, Bay City, Texas. Capital, $5C,- 7,714—The First National Bank of Tioga, Texas. Capital, $25,000. 000. Hy. Rugeley, President; T. J. Poole, Vice-President; A. J. Mention., President; M. W. Gililland, Vice-President; J. P. Keller, Cashier. Succeeds Bay City Bank. It. E. Chambers, Cashier; John W. Gililland, Assistant 7,754—The Metuchen National Bank, Metuchen, New Jersey. Capital, Cashier. $30,000, Charles L. Corbin, President; Robert D. Kent, and 7,715 Tiie Mechanics' -American National Bank of St. Louis, Missouri. — F. E. Barnard. Vice-Presidents; Alex. . C. Littersl , Cashiei Capital, $2,000,000. Walker Hill, President; L. A. Bat- 7,755—The First National Bank of Garretson, South Dakota. Capital, taile. Cashier. Succeed-) The Mechanics' National and $25,000. Thomas Wangsness, President; E. J. Berdahl, American Exchange national banks of St. Louis, Missouri, Vice-President; E. L. Swift, Cashier. Succeeds Garretson to be place. i in voluntary Liquidation. State Bank. 7,710 —The Citizen-' National Bank of Newport. Pennsylvania. Capi- 7,756—Farmers' National Bank of Tecumseh, Oklahoma. Capital, tal, $50,000. John Fleisher, President; J. E. Wilson, $25,000.)0. M. L. Caldwell, President; II. V. Foster, \ ler. President; A. G. Caldwell, Cashier; T. E. Durham, Assistant 7,717—The First National Bank of Columbia, Illinois. Capital, $25,- Cashier. Succeeds Farmers' Bank. 000. l.l.v i ring. President; H. N. Kunz, Ca 7,757—The First National Bank of Jasper, Florida. Capital, $30,000. Firel National of 7,718— Bank Fairbanks, Alaska. Capital, 150,000. w. Y. Sandlin, President: W. H. Greene, First \ mel A. Bonnineld, President: Luther C. Hi iier. dent; C. I». BlackweU, Second Vice-President; II . d National 7,719—The Firel Bank of Lodi, California. I art, Cashier. Succeeds BlackweU Banking Co tj Jno. B. Cory, President: M. W. Shidy, 7,758—The Marion National Bank, Marion, Indiana. Capital, $200,000. , Cashier. Fred W. Willson. President; J. Wood Wii on, \ 7,720-T:.- First National Bank ol Las Crui Mexico. Capital, dent; E. E. Blackburn. Ubei I J H L&2 $50,000. lent; Nathan Boyd, \ Cashier. To succeed me Jason Willson Cpmp uange - Bank of Marion. - 7,721 — ; ionaJ oi Windsor, Vermont. Bank Capital, 7.759 The First National Bank of Powhatan Pi i( ooo. M ana. President: Hale, Vice- I 3. \ . $25,000. Henry J. /.ink, President; . R President; Walter J. Baxie, Cashier. i . President; B. R. Barn- . Benjamin 7,722 —The Bank of Trevorton, Pennsylvania. Capital, ant Cashii r. i.OOO. J. 8. Mengel, President; ( I 7,760—The Corydon Nal al Bank, Corydon, India :dent, Cashier. .- , ' ooo. i oi W. Applegati . P 7,723—The city National Bank of ttadill, Indian Ti iltal, di nt, W. B. Slemoi $50,000. W. li. Lawrence, Pr< sident; «' i.. Jo don. _ , . a. Bensha v, VI ?. ' 8 Vaden, C 7,761—The I irst National Bank of Winamac, India 7,724 —The American National Bank of ritory. Wetnmk 000 \\ . S. Huddleston, Presidi nl M Reed, President; James P . U P Idei " li . Keller, Cashier; F. E. K Vice-President; John i>. Reed, Cashier. ler. Succeeds Bank ol Winan 7,725 —The German-American National Bank ol Fort w liana. 7,762—The La fatlonal B ink, La Gra pftal. Capital, $20X1,000. Samuel m. Foster, Pn $150,000. Fuller I I C. 1 Vol. 488 tup: chronicle. [ lxxxi, Hal, $25,000. Hiram Sherrill, President- Charles \V. Rack- $25,000. Louis J. Wilde, President; W. H. Hubbard and ett Jr., Vice-President; B. H. Van Scoy, Cashier, Arthur B. Jones, Vice-Presidents; S. A. Reed, Cashier, v, 7,764 —The First National Bank ot Motley, Minnesota. Capital, $25,- 7,802—The First National Bank of Flora, Indiana. Capital, $25,000. 000. Isaac llaziett, President; William A. Lancaster, Vice- Edward C. Kitziniller, President; , Cashier. President; I). L. Case, Cashier; S. W. Jacobs, Assistant 7,803 —The Hollvwood National Bank, Hollywood, California. Capital, Cashier. Succeeds Hank of Motley. $25,000. Edwin O. Palmer, President; E. J. Marshall, Vice- 7,765—The State National Bank of Jennings, Louisiana. Capital, President: <;. G. Greenwood, Cashier. $60,000. T. L. Waddell, President; P. L. Lawrence, Vice- 7,804 —The Bowline Green National Bank, Bowling Green, Kentucky. President; ('. 1>. Andrus, Cashier; E. 1). Conner, Assistant Capital, $100,000. J. P. Cox, President; , Cashier.I fisii i(*r Cashier. 7,766—The Mesa County National Bank of Grand Junction, ColoraColorado. 7,805 —The National Brookville Bank, Brookville, Indiana. Capital, Capital, 8100,000. Wendell I'. Kla, President; (ieorgerge P $50,000. John C. Shirk, President; George E. Dennett, Smith, Vice-President; Orson Adams Jr., Cashier. SucceedsSucce Cashier. Succeeds Brookville Bank. Mesa County State Bank 7,806—The Clinton National Bank, Clinton, Missouri. Capital, $50,000. 7,767—The First National Bank of Toppenish, Washington. Capital, William Docking, President; W. H. Gibbins, Vice-Presi- $25,000. F. A. Williams, President; Edward J. Jaeger, dent; C. W. Snider, Cashier. Vice-President; H. M. Gilbert, Cashier. 7,807—The Sabinal National Bank, Sabinal, Texas. Capital, $30,000. 7,768—The First National Bank of Jeanerette, Louisiana. Capital, Louis M. Peters, President; Leon F. Heard, Vice-President; $50,000. Hippolyte Patout, President; George John Labau Merton Swift, Cashier. and St. Paul Bourgeois, Vice-Presidents; Marcus Breckin- 7,808—The City National Bank of St. Louis, Missouri. Capital, $200,- ridge Tarleton. Cashier. 000. M. Landau, President; John E. Allan, First Vice-Presi- 7,769—The First National Bank of McClure, Pennsylvania. Capital, dent; P. J. Farrington, Second Vice-President; H. R. Rehme, $25,000. Ner B. Middlesworth, President; H. Calvin Ulsh, Cashier. Vice-President; E. W. P. Benfer, Cashier. 7,809—The First National Bank of Granada. Colorado. Capital, $25,- 7,770—The Farmers' National Bank of Luverne, Minnesota. Capital, 000. Starr C. Gregory, President; Lilburn D. Boggs, Vice- $25,000; . President; B. E. Shuck, Cashier. President; James L. Mayheld, Cashier; John N. Akey, Assist- Conversion of the Security Bank of Luverne. ant Cashier. Succeeds Farmers' and Merchants' Bank of 7,771 —The Thomas National Bank, Thomas, Oklahoma. Capital, Granada. $25,000. G. J. E. Moser, President; F. A. Moser, Vice- 7,810—The First National Bank of Tolley, North Dakota. Capital, President; A. L. Moser, Cashier. Succeeds Thomas State $25,000. J. L. Mathews, President; J. N. Fox, Vice-Presi- Bank. dent; J. M. Hynes, Cashier. 7,772—The First National Bank of Hawley, Minnesota. Capital, $25,- 7,811 —The Walters National Bank, Walters, Oklahoma. Capital, 000. F. H. Wellcome, President; Guy A. Lee, Cashier; H. $25,000. D. T. Carter, President; W. D. McNees, Vice- Glaisyer, Vice-President. President; R. H. Sultan, Cashier; J. T. Sawyer, Assistant 7,773—The Ellston National Bank of Crawfordsville, Indiana. Capital, Cashier. $100,000. I. C. Elston, President; R. C. Scott, Cashier; C. 7,812—The National Bank of New England of East Haddam, Connecti- M. Crawford, Vice-President. Succeeds Elston & Co., cut. Capital, $50,000. A. E. Purple, President; A. H. hnn leers Dayton, Vice-President; E. N. Peck, Cashier. Succeeds The 7,774—The Otselic Valley National Bank of South Otselic, New York. National Bank of New England of East Haddam, No. 1480. Capital, $27,500. Benjamin F. Gladding, President; Frank 7,813 —The First National Bank of Lestershire, New York. Capital E. Cox, Cashier; Ralph R. Brown, Vice-President. $50,000. W.J. Jones, President; C. Fred. Johnson, Vice- 7,775—The First National Bank of Midlothian. Texas. Capital, $50,- President; W. H. Windus, Cashier. 000. J. P. Anderson, President; M. W. Hawkins, Vice- 7 814—The Jacksboro National Bank, Jacksboro, Texas. Capital, President; G. W. Newton, Cashier. Succeeds Citizens' Bank $25,000. W. A. Shown, President; C. O. Hess and J. G. of Midlothian. Mullens, Vice-Presidents; E. Mitchell, Cashier. 7,776—The Fort Sutter National Bank of Sacramento, California. 7815—The Stockton National Bank, Stockton, Kansas. Capital, Capital, $200,000. F. Ruhstaller, President; G. J. Bryte, $40,000. J. W. Anderson, President: George Yoxall, Vice- Vice-President; E. A. Nicolaus, Vice-President; A. L. Dar- President; E. J. Williams, Cashier; E. L. Williams, Assistant row, Cashier. Cashier. Conversion of The Exchange State Bank of Stock- 7,777—The Citizens' National Bank of Albany, Georgia. Capital, ton. $50,000. Jno. K. Pray, President; A. P. Vason, Vice- 7 816—The Citizens' National Bank of Vandergrift, Pennsylvania. President; Edwin Sterne, Cashier. Capital, $50,000. S. H. Grimm, President; William Welsh, 7,778—The First National Bank of Chipley, Florida. CaDital, $50,000. Vice-President; Dean Clark, Cashier. E. N. Dekle, President; S. A. Alford, Vice-President; W. O. 7 817—The American National Bank of Chattanooga, Tennessee. Capi- Butler Jr., Cashier. Succeeds Dekle & Co., private bankers. tal, $250,000. H. S. Probasco, President; J. C. Guild, Vice- 7,779—The First National Bank of Lemoore, California. Capital $25,- President; Frank A. Nelson, Cashier; George Gardenhire, 000. B. K. Sweetland, President; Stiles McLaughlin, Vice- \ssistant Cashier. Succeeds The Bank of Chattanooga. President; F. J. Peacock, Cashier; F. E. Dingley, Assistant 7818—The City National Bank of Columbus, Ohio. Capital, $300,000. Cashier. Foster Copeland, President; C. H. Hanna, Vice-President; J. 7.780—The First National Bank of Talihina, Indian Territory. Capital, J. Jennings, Cashier. Conversion of the City Deposit Bank $25,000. John T. Bailey, President; A. G. Gladney, Vice- Company President; Arthur Bailey, Cashier. Succeeds Bank of Tali- 7,819—The Marion Center National Bank, Marion Center, Pennsylvania. hina. Capital, $35,000. Horace J. Thompson, President; Charles 7,781- -The Central National Bank of Portsmouth, Ohio. Capital, R. Griffith, Vice-President; William L. Buchanan, Cashier. $100,000. Levi D. York, President; S. S. Halderman, Vice- 7,820—Citizens' National Bank of Jamestown, North Dakota. Capital, President; George E Kricker, Cashier. Succeeds Central $50,000. J. J. Nierling, President; Morris Beck, Vice-Presi- Savings Bank Company. dent; C. R. Hodge, Cashier. of Graham, Virginia. 7,782—The First National Bank Capital, $25,000. 7,821 —Farmers' National Bank of York, Nebraska. Capital, $50,000. W. B. Morton, President; James F. Dudley, Vice-President; Charles A. McCloud, President; Charles A. Schrandt, Vice- J. E. Morton, Cashier. President; A. B. Christian, Cashier. of Lamont, 7,783—The First National Bank Oklahoma. Capital, 7,822—The First National Bank of Haskell, Indian Territory. Capital, $25,000. A. C. Thompson, President; W. C. Muegge, Vice- $25,000. D. W. Hogan, President; Carr Peterson, Vice- President; L. H. Thompson, Cashier; W. J. Robinson, Assist- President; Cleat Peterson, Cashier. Succeeds The Bank of Lamont. ant Cashier. 7 823—The Central National Bank of Buffalo, New York. Capital 7,784—The Silverton National Bank, Silverton, Colorado. Capital, $200,000. Geo. F. Rand, President: J. F. Schoellkopf and $25,000. George H. Williams, President; Nelson A. Ballou, John D. Larkin, Vice-Presidents; S. F. Nivling, Cashier. Vice-President; Guy L. V. Emerson, Cashier; W. M. Mont- 7,824—The First National Bank of Batesville, Indiana. Capital, gomery, Assistant Cashier. $30,000. John A. Hillenbrand, President; John Meyer, Vice- 7,785—The Peckville National Bank, Peckville, Pennsylvania. Capital, President: T. Sanders Orr, Cashier. $50,000. J. D. Peck, President; F. H. Himelright, Vice- 7,825—The Farmers' National Bank of Haskell, Texas. Capital, $25,- President; T. G. Winter, Cashier. 000. T. L. Montgomery, President; H. M. Rike, Vice-Presi- 7 786—The Mount Vernon National Bank, Mount Vernon, Indiana. dent; R. C. Montgomery, Cashier; H. E. Fields, Assistant Capital, $50,000. William M. Ford, President; William E. Cashier. Succeeds Farmers' Exchange Bank. Cashier; Herbert B. Fitton, Assistant Cashier. Holton, 7 826—The Citizens' National Bank of Middletown, Pennsylvania. Capi- 7,787—The Franklin National Bank of Newark, Ohio. Capital, $250,- tal, $50,000. J. W. Rewalt, President; Harry A. Bell, 000. W. A. Robbins, President; William L. Prout, Vice- Cashier. President; W. B. Hopkins, Cashier. Succfeds The People's 7 827—The Bradv National Bank, Brady, Texas. Capital, $50,000. National Bank of Newark and The Franklin Bank Company. F. M. Richards, President; John P. Sheridan, Vice-President: 7,788—The American National Bank of Sapulpa, Indian Territory. F. W. Henderson, Cashier; W. H. Ballou, Assistant Cashier. Capital, $25,000. Charles Whitaker, President; R. A. Bow- 7 828—The First National Bank of Everly, Iowa. Capital, $25,000. den, Vice-President; W. M. Crawford, Cashier. Succeeds A. W. Sleeper, President; Peter Ketelsen, Vice-President: International Bank of Sapulpa. Lewis Scharnberg, Cashier; W. H. Sleeper Jr., Assistant 7,789—The First National Bank of Rogers, Arkansas. Capital, $25,000. Cashier. Succeeds Farmers' and Mechanics' Bank. George D. Parks, President; F. Z. Meeks, Vice-President; W. 7829—The National Bank of Mena, Arkansas. Capital, $50,000. R. H. Cowan, Cashier. M. Quigley, President; James D. Shaver, Vice-President: F. 7,790—The First National Bank of Rock Creek, Ohio. Capital, $50,000. N. Hancock, Cashier; H. A. Babcock, Assistant Cashier. Fred Harrington, President; G. S. Harvey, Vice-President; Succeeds The Bank of Mena. McConnell, Cashier. CO 7 830—The Ferdinand National Bank, Ferdinand, Indiana. Capital,. 7,791 —The First National Bank of Middletown, Illinois. Capital, $25,000. John G. Beckmann, President; F. X. Rickehnann $25,000. James A. Glenn, President; John W. Shaver, Vice- Keest, Cashier. President; John H. 831 First National Bank of Hayward, Wisconsin. Capital, Jeannette, 7 —The 7,792—The People's National Bank of Pennsylvania. Capi- $25,000. Edward Hines, President; Thos. S. Whitten, Vice- President; tal, $50,000. J. Collins Greer, Edmund Fisher, President: Henry E. Rohlf, Cashier. Conversion of the Vice-President; Alf. T. Smith, Cashier; James G. Black, Sawyer County State Bank. Assistant Cashier. 832 The Morgan County National Bank of Fort Morgan, Colorado. of Wellington, Colorado. 7 — 7,793—The First National Bank Capital, Capital, $50,000. M. L. More, President; R. M. Handy. President; F. $25,000. P. Anderson, M. Wright, Vice- Vice-President; J. H. Roediger, Cashier. Succeeds Morgan President; John S. Cusack, Cashier. Countv Bank. ' 7,794 The First National Bank of Highmore, South Dakota. Capital, — 7 833—The First National Bank of Randolph, Iowa. Capital, $25,000. $25,000. F. D. Greene, President; W. D. McDonald, Vice- H. J. Failing, President: W. A. Townsend, Vice-President; President; C. P. Swanson, Cashier. Succeeds First State h! M. Townsend, Cashier. Succeeds The Bank of Randolph. Bank of Highmore. 834 The American National Bank of McMinnville, Tennessee. Capi- Commercial National Bank of Tiffin, Ohio. Capital, $150,- 7 — 7*795—The tal, $50,000. J. B. Biles, President; J. J. Meadows, Vice- 000. R. D. Sneath, President; J. B. Runyan, Cashier; W. President; C. J. Potter, Cashier. W. Keller, Assistant Cashier. Succeeds Commercial Bank 7 835—The Springvale National Bank, Springvale, Maine. Capital, of Tiffin. $25,000. George W. Hanson, President: George H. Roberts, Petersburg, Florida. 7,796—The National Bank of St. Capital, $25,000. Vice-President; Hiram B. Rowe, Cashier. F. A. Wood, President; A. F. Bartlett, Vice-President; T. 7 836—The Stanton National Bank, Stanton, Nebraska. Capital, K. Wilson, Cashier. $50,000. F. P. Hanlon, President; Agge Axen, Vice-Presi- National Bank of Jackson, Minnesota. Capital, 7,797—The Brown dent: J. Eberly, Cashier: H. P. Zibler, Assistant Cashier. Brown, President: J. $40,000. John K. W. Cowing, Vice- Conversion of The Citizens' Bank of Stanton. Strom, Cashier; Joseph J. Pribyl, President; H. L. Assistant 837 The Poudre Valley National Bank of Fort Collins, Colorado. Succeeds Bank of Jackson. 7 — Cashier. Capital, $150,000. Nathaniel C. Alford, President; James Merchants' National Bank of Venus, 7,798—The Farmers' & Texas. B. Arthur, Vice-President; Charles H. Sheldon, Cashier; Capital, $25,000. B. C. Kelly, President; Walter Barnes, Verner U. Wolf, Assistant Cashier. Conversion of the Pou- L. Barker. Cashier. Vice-President; C. dre Vallev Bank. National Bank of Hackensack, New Jersev. 7,799—The People's Capi- 838 First National Bank of Franklin, Texas. Capital, $25,000. A. Linn, President; 7 The tal, $100,000. W. Courtlaridt Link- Robt. S. Glass, President; T. T. Easter, Vice-President; Gt. Irving H. Labagh, Cashier. roum, Vice-President; Conver- H. Albert, Cashier; R. M. Duffey, Assistant Cashier. sion of the People's Bank of Hackensack. 7 839 The Longmont National Bank, Longmont, Colorado. Capital, The First National Bank of Sardinia, Ohio. Capital, $25,000. 7,800— • - • $50,000. J. W. Paxton, President; Willis A. Warner, Vice- Jacob Bauer, President; J. N. Plummer, Vice-President; F. • • • President; F. W. Flanders, Cashier; J. E. White, Assistant H. Slaughter, Cashier. Cashier. Succeeds Bank of Longmont. „. 7,801 —The First National Bank of Escondido, California. Capital, ) .1 ...... July 29 1905.] THE CHRONICLE. 489 OF TITLE. CHANGE The movement of breadst nfTs to market CU9 indicated in the 3,069 — "The Whitney National Hank of New Orleans." Louisiana, to is from ••The Whitney-Central National Hank ol New oilcans." statements below prepared by us figures collected by LIQUIDATION. the Xew York Produce Exchange. The receipts at Western 1,005—The Monument National Hank of Boston, Massachusetts, lias Lake and river ports for the week ending last Saturday and gone Into voluntary liquidation bj resolution ol u^ stock since Aug, I , for each Of the last three years, have holders dated June 29 1905, to take effect on thai date; to been: consolidate with the Bunker Hill National Hank of Charles- town, No. 635. — II al Il7i.«f. Corn. Oats. Hiirlrt/. /, ». i 1,591 — The Germania National Hank ol New Orleans, > has gone into voluntary liquidation by resolution ol its stock- bblS.W bush. . bush, Z2 lbs, bushASlbs. i;i. holders dated July l, to take effect Julj 3 1905; to be ab- Chicago 102,176 1,876,800 I.I 12,100 sorbed by The Whitney-Central National Ban New Or- Milwaukee - 92.400 96,200 76,950 4,000 Duluth 107,200 45.424 86, 167 69,022 ins. 866 Minneapolis.. ,e i o 293,510 183,620 I. oi in 3,076 rhe First National Hank of Colfax, Washington, has gone into Toledo [60,000 19,000 84,700 its .nun voluntary liquidation by resolution of stockhold Detroit 1,300 , 56,295 28,000 24, to take effect June 30 1906; to be absorbed by rhe ind 780 12.849 66,745 171,910 \ National Hank. No. 7,095. St . Louis... 44,615 1,204, 138 253.980 350, 170 .'.7.0(1 2,000 Peoria 13,350 50,200 188,000 228,200 3,691 Chattanooga National Hank. Chattanooga, rennessee, lias 6.300 1.000 —The Kansas fjltj 2,491,000 364.000 124,800 gone into voluntary liquidation by resolutio stock ited June 29, to take effect June 30 1905; to con- Total wk. '05 320,621 5,280 2,930,900 2,606,367 418,904 17,956 late with The First National Hank of Chattanooga, No. Same wk. '0 315,658 2,769,247 2,128,846 2,103,111 270,656 61.119 "03 .-.7.'). or,. n k. 382.694 3,658,653 2, '.HI 3,271,703 267,806 97,891 American National Hank of Deadwood, South Dakota, was \Ug. 1 1,983—The 1904-05 _. 16.712,603 206,361,728 188,501,180 161,615,017 85,347 i Total week. 309, 849 1,000,523 104,359 82 see, 30,917 9,742 DIVIDENDS. Same time '04.532.144 507,404 117,822 142,581 21,528 1,964 Per When Books Closed. The destination of these exports for the week and since Xante of Company. Cent. Payable Days Inclusive. July 1 is as below: Railroads (Steam). Buffalo Roth. & Pittsb., com. & pref 3 Aug. 15 Holders of rec. Aug. 4 Flour Wheat- Corn Chic. Hllw. & St. Paul. com. and pref.. Oct, 10 Holders of rec. Aug. 23 Week Since July Week Since July Week Since July Exports lor week 22. 1 1905. 1 Erie. 1st preferred |« Sept. 7 Aug. 18 to Sept. 7 and July July 22. 1905. July 22. 1 1905. since — hh's. 2d preferred 2* Oct. 9 Sept. 12 to Oct. 9 July I to bbls. bush bush bush. bush. United Kingdom 47,593 85,454 341,849 667,581 395,228 939,737 Louisville Quinry Mining . 2 to Aug. a Buffalo 379,000 432.666 1,160,000 386.000 ffo'ooo " Syracu«' Lighting, pref. (quar.) 1 July 22 to Aug. 1 afloat "5", U. 3. Steel Corp.. prof, (quar ) (No. 7). Aug. y,o Toledo 244JJO0 158",666 114,666 666 " afloat a Transfer books not closed. * Also declared 2 per cent payable April 9 1906. Detroit 144",660 111,666 " afloat Chicago 51Y.666 2,489~666 580,000 ei'ooo 1.000 " following afloat Auction Sales. —Among other securities the not Milwaukee isaf.ood "¥.666 'le'.ootj 23-.660 75.666 " regularly dealt in al the Hoard, were recently sold at auction: afloat It. William & Pt. Arthur... 2 9t>5"o6o By Messrs. Adrian H. Mullcr & Son: Duluth 206.000 erV.ooo 10V.000 222,000 " afloat 8l» 8tot Minneapolis 4 ,288.000 7,0.0011 924,000 i 1 Ifemb. NY. Pro K\ch'ge.S125 20 I ghth Ave ItR. Co 100 St. I.OUlH. 1 0,000 245.000 3,000 " i -'00 afloat 300 Am. Tube St St. Co., \>f...29Ji 28 Ninth Ave. Hi: l ' 100 Nat. Bank of Commerce. 15,000 Mines Securities Corpor- Kansas City.. 46V.666 107 I I 200K IVorIa KM) 000 000 115 Securities ation 50c. pa Dominion Co 5 Indlananolte 24.666 22,1 10 Merch. National Bank.. 177 Ji On MIsMlmlppI Hlver 3 20 Title (J. & T. Co 07:1 J4-G75 Son On Lakes : 1 .07. ib'j 3 Franklin Tr. Co. of Bklyn. .'500 $5,000 City of Frankfort IJ^s, On Canal and Ulvor 18.000 17 30' 1 5 Washington Trust Co 450 loio. If. .v S bond . Total ....11.875.000 5.191.000 ,' I 10 E. W. Bliss, common l.'.O $2,000 Central Union ! la Co. Total Inly 16 I90S 20 Safety C. H. & L. Co.. 28414 1927, J. A J 109H Total lu'y 23 I'nil 12,176.000 1 10 Old Dominion S.S. Co lis $3,000 Northern Union das Co. Total July 27> 1903 12." 7.31 : 894.000 260.000 1 16 Morton Trust Co. 025^ ji, 1927. M. ,t N 106J< Total July 26 1902 7.1^0.000 .. . . . ' 490 THE CHRONICLE- [VOL. LXXXI. New York City Clearing House Hanks. —Statement oi .New York City, Boston and Philadelphia Hanks.—Below condition for the week ending July 22, 1905, based on aver- is a summary of the weekly returns of the Clearing House Banks of New York City, Boston and Philadelphia. The New daily results. age of York figures do not include results for non-member banKs. We omit two ciphers (00) in ail • We omit two ciphers (00) in all these figures. ' a/pilali De. ftA.VKS Loans. Specie. Legals Clearings. i BANKS. Capital. Surplus. Loans. •Specie. Legals. Depc it He. Surplus. 1 it. lOftion 00s omitted s' tie. .V V. I J'ly l 255,465,5 11208690 214,744,1 *8,424,.' 11660389 1,775,063,3 P.O. .-,.- * 9 $ 9 9 9 J'ly 8 255,466,5 11164585 210,971,3 iti 1 1 889,1 Bk. of N. V 2,000,0 2,604,8 18.632,0 8,108,0 1,741," 18,113,0 26-7 J'ly 15 255,465,5 : 107. 220,162,1 89,1 15,7 1 1590] -2 19,157,1 1.72 2,. 28 J'ly 22 Manhat. Co. 2,050,0 2,659,8 26,661.0 6,525,0 2,447,0 31.147,0 -H 255,465,.". 11263667 220,190,5 89,109,1 1177. 48,913,2 1,139,283,3 Merchants' 2,000,0 1.435,6 14,279,0 8,813,7 1,616,2 18,264,8 0-'.i ISos. Mechanics'. 3.000.0 3,468,4 21,631,0 2,994,0 2,507,0 22,1 S2.0 24-8 J'ly 8 42,139,5 194,527,0 1 3,662,0 6,084,0 23 1,578,0 7,664.0 156,' • J'ly 1 27,472,3 2 < 15 42, 194,074,(1 19,194,0 0.077,' (33,0 7,717;o 155,077,1 A inc-i i t ' : t 1,50(1,(1 3,847,5 24,246,6 5,203,8 2,418,9 Pheuix 1,000,0 218,8 5,130,0 689,0 286,0 3,928,0 J4-8 J'ly 22 42,189,5 193,527,0 19,147,0 6,968,0 227,194,0 7,645,0 142,531,5 City 25,000,0 1 17,480,7 L98, 642,0 44,515,9 10,165,0 L96,685,2 2/-V Phila. 28-7 J'ly. 8 221,75 4,0 12,730,o Chemical .. 300,0 7,688,7 24,486,6 5,048,8 1,888,') 24,097,0 47,960,0 64,349,0 260,827.0 126,803,5 1,0 o,0o6,5 2 1-7 J'ly 16 47,96o,o 221,931,0 64,811,0 202,'. 36,0 129,520,7 Mireh. Ex . 600.0 365,8 0,(127.7 1,004,1 02 Gallatin 1,000,0 2,234,4 8,759,9 1,121,7 577,0 6,823,6 24-8 J'ly 22 47,960,0 220,738.0 66,498,0 262.787.0 12.728.0 125.1 2,125,2 547,2 67,3 2,758,9 22-2 But. & Drov 300,0 110,9 t Including for Boston and Philadelphia the item "due toother 564,0 5,722,0 24-3 banks," Mech.&Tra. 700,0 372,9 5,013,0 830,0 and also Government deposits. For Huston these Government depoails Greenwich 500,0 554,8 4,068.3 644,2 395,1 4,313.2 24-0 amounted on July 22 to $1,388,000 ; on July 15 to $1,560,000. Anier.Exch. 5,00(1,(1 4,20(1,!' 28,811,4 3,797,(1 1,942,3 22.214,3 ib'H Commerce.. 25,000,0 12,113,0 159.826,8 24,240,3 13,502,6 148,074,3 25-5 20,7s 20-7 Mercantile 3,000,0 4,371,9 23,309,] 4,153,4 1,423,6 1,5 Imports and Exports for the Week.—The following are Pacific 422,7 630,4 3,461,2 398,3 441,2 3,922.3 2T3 Chatham ... 450,0 1,045,5 6,223,8 625,2 998,2 6,349,9 25-o the imports at New York for the week ending for dry goods 634.0 29-3 People's ... 200,0 429,7 2,247,2 191,2 2,813,0 July kO and for the week ending for general merchandise N. America 2,000,0 2,021,8 14,9«0,0 1,936,0 1,922,0 14,034,0 2 7-4 ; first Hanover ... 3,000,0 6,961,5 49,947,2 11,673,1 5,291,2 60,971,8 2r8 July 21 also totals since beginning week January. Irvina 1,000,0 1,088,5 7,438,0 1,189,6 614,0 7.182,0 2o-l 25-7 FOREIGN IMPORTS. Citizens' .. 2,550,0 634,4 16,326,3 3,197,7 2,102,4 20,603,6 500,0 315,2 3,341,2 320,5 446,7 3,880,8 19 "7 Nassau .... For week. 1905. 1904. 1903. 1902. Mar.& Fait. 1,000,0 1,385,8 6,784,1 1,672,6 628,7 7,333,2 31-3 Shoe&Lthr. 1,000,0 429,1 6,144,4 1,541,1 379,5 8,277,5 23'2 39,449,0 23-6 $2,468,358 $2,326,186 $2,455,689 92 303 097 Corn Exch . 2,000,0 3,361,6 31,873,0 5,700,0 4,409,0 24-0 General Merchandise 7,924.851 8,294.769 8,220.4 22 8.117,391 Oriental ... 750,0 1.114,7 8,847,8 1,914,3 394,1 9,600,4 1,379,0 21,474,0 20-0 Imp. & Trad 1,500,0 6,718,9 24,111,0 4,006,0 Total. $10,393,209 $10,620,955 $10,676,111 $10,420,488 Park 3,000,0 7,324,7 72,449.0 14,408,0 6,809,0 83,250,0 25-4 East River 250,0 109,0 1,257.1 180,5 201,3 1,485,2 25-7 Since Jan. 1. 25-9 Dry Goods $77,863,424 $67,367,859 $75,888,254 $69,099,418 Fourth .... 3,000,0 3,015,9 21,428,1 4,064,0 2,419,7 24,996,0 24-5 General Merchandise 315,321,311 265,089,261 261,993,528 239.779,761 Second .... 300,0 1,519,4 9,568,0 614.0 1,996,0 10,612,0 2,503,6 101,446,0 25-8 10,000,0 15,914,3 106,323,9 23.688,6 Total 29 weeks. $393,184,735 $332,457,120 $337,881,782 $308,879,179 N.Y.Nt.Ex. 1,000,0 883,1 8,916,8 1,855,4 508,0 8,822,6 26-7 20-1 Bowery ... 250,0 771,0 3,293,0 491,0 254,0 3,703,0 24-0 The imports of dry goods for one week later will be found N. Y. Co ... 200,0 729,5 4,934,0 964,4 433,2 6,011,3 German Am 750,0 546,4 4,150,2 887,9 190,6 4,196.7 25-8 in our report of the dry goods trade. 1,000,0 4,399,6 47,666,1 12,480,4 1.937,4 56,425,0 25-5 369,0 25-5 The following is a statement of the exports (exclusive of. Filth Ave .. 100,0 1,769,5 10,049,0 2.518,1 11,297,4 - German Ex. 200,0 728,5 2,811,8 195,0 895,0 3,765,3 28 9 specie) from the port of New York to foreign ports for the 2,661,4 626,5 5,394,1 20-3 Germ an la .. 200,0 876,8 468,3 week ending July 24, and from January 1 to date. 300,0 1,428,6 13,454,9 1,538,5 2,336,5 14,975,6 25-8 25-2 Garfield.... 1,000,0 1,287,7 7,404,3 1,631,4 259,0 7,486,9 EXPORTS FROM NEW YORK FOR THE "WEEK. Firth 260,0 418,5 2,607,0 636,1 163,1 2,684,6 26-0 Bk. of Met.. 1,000,0 1,481,1 9,677,6 1,863,7 750,3 11,301,0 232 25-8 1905. 1904. 1903. 1902. West Side.. 200,0 659,6 3,955,0 843,0 360,0 4,661,0 26-6 Seaboard .. 500,0 1,471,9 14,747,0 3,055,0 1,678,0 17,450,0 31-8 For the week $8,829,914 $8,902,725 $9,462,134 $8,990,037 IstN.Eklyn 300,0 625,3 4,494,0 686,0 947,0 5,123,0 Previously reported. 286,942,759 260,785,640 274,712,404 261,916,735 1,000,0 2,038,0 11,332,1 2,452,3 250,0 9,955,7 2/-1 N. T.Pr.Ex 1,000,0 484,6 5,523,4 1,024,0 443,3 6,180,6 23-7 Total 29 weeks $295,772,673 $269,718,365 $284,174,538 $270,906,772 New A mat. 600,0 580,9 6.825,3 804,4 795,9 6,884,2 23"2 594,6 4,442,0 839,0 166,0 4,216,0 23-8 Note.—As the figures of exports as reported by the New York Custom Astor 3W.0 House from week to week frequently show divergence from the monthly totals, also compiled by the Custom House, shall from time to tune adjust 139,492,8 11263667 220.190,5 89,109,0 11773982 26-2 we Total ... 115,972,7 adding to or deducting the amount "previously reported." t the totals by from The following table shows the exports and imports of t Total United States deposits included, $8,526,500. specie at the port of New York for the week ending July 22 is Reports of Non-Member Banks.—The following 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 22, 1905, based on average of daily results. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK We omit two ciphers COO) in all cases. EXPORTS. IMPORTS. Gold. Loans <£ Leg. T. Deposit with Week. Since Jan. 1. Week. Since Jan. 1. BANKS. Capi- Bur- Invest- Specie. Net Great Britain ..... $1,500 $330,922 00s omitted. tal. plus. ments. Notes. Clear'g Other Deposits Agent. Bks.&c 25,236,526 4,266,136 West Indies $2,845 5,119,621 *6,035 462,950 N..Y.CITY. 71,300 73,420 177,552 Boroughs of South America 7,250,000 45,104 680,503 Man&Br'nx $ $ « $ $ $ $ 9 3,000 19,073 105,450 Wash. Hgts 100,0 146,5 731,1 15,0 36,6 66,0 597,3 Century ... 100,0 68,6 903,5 25,9 28,0 82,5 79,5 869,7 Total 1905 *2,845 $37,681,947 $143,632 $6,223,513 Chelsea Ex. 100,0 67.6 574,2 23,1 36,3 39,1 91,2 665,4 Total 1904 14,840 64,469,906 16,575 6,360,987 Colonial 100,0 291,9 3.373,7 68,4 289,6 369,8 165,4 3,924,4 Total 1903 10,617 32,804,001 7,556 3,639,498 Columbia .. 300,0 367,4 6,021,0 309,0 234,0 389,0 3,7 6,207,0 Silver. 1,055,1 3,921,0 417,0 52,2 313,7 25,0 2,319,5 Consol. Nat. 1,000,0 Britain 126,0 800,0 20,5 37,3 60,5 768.1 Great $5811,273 $16,766,572 Fidelity 200,0 France 538,335 $5,819 14th Street. 500,0 60,8 4,479,6 147,7 218,9 277,9 5,0 4,956,5 182,2 222,7 123,8 Germany 12,892 20 Hamilton .. 200,0 139,7 4,125,6 310,0 4,684,5 "6,679 366,* 2,974,5 7,9 147,2 284,7 242,7 West Indies 109.981 $887 53,298 Jefferson .. 400,0 3,154,2 Mexico 4,000 218,964 833,915 Mt. Morris 250,0 125,7 2,623,6 148,6 100,2 226,9 56,2 3,272,0 244,1 3,388,1 25,9 241,9 178,2 56,6 3.460,1 South America 687,499 4,380 1,136,312 Mutual 200,0 2.400 9.657 15,597 19th Ward . 200,0 203,8 2,285,'i 31,5 267,9 1,288,4 23,4 3,561,0 265,5 3,680,0 145,0 180,0 347,5 100,0 4,003,0 Total 1905 $598,352 $18,128,936 % 224,231 $2,044,961 14,8 102,3 62,9 Biverside . 100,0 107,2 1,478,8 111,7 1,625,8 Total 1904 917,765 23,966,962 5,464 489,945 8.925,0 587,0 289,0 98,0 1,471,0 State 100,0 880,9 10,663,0 722,190 18,907,178 1 ,299 938,634 12th Ward . 200,0 133,6 2,003,0 39,0 209,0 197,0 85,0 2,549,0 23d "Ward.. 100,0 116,8 1,695,3 59,9 146,1 191,8 158,1 2,168,0 Of the above imports for the week in 1905, $3,035 were Union Exch 750,0 577,1 6,157,5 107,3 362,6 536,1 300,0 6,420,7 United Nat. 1,000,0 163,0 2,185,2 243,1 47,6 100,6 1,247,9 American gold coin and §566 American silver coin. Of the Yorkvule .. 100,0 302,3 2,721,2 41,8 226,0 202,7 17,6,2 3,110,5 exports during the same time, $2,845 were American Coal & I.Nat 300,0 212,7 2,587,5 556,7 162,9 793,4 81,3 3,637,9 Metrop'kt'n 1,000,0 266,0 2,843,7 155,9 49,6 215,2 763,0 2,791,1 gold coin and $1,200 were American silver coin. 34th Street. 200,0 205,0 1,184,8 273,8 42,8 150,0 37,5 1,307,5 Borough o) Auction Sales.—See page preceding. Brooklyn. Borough ... 200,0 106.2 1,962,6 29,1 135,2 188,0 120,9 2,219.2 Broadway . 150,0 362,2 2,634.7 14,8 184,0 389,7 2,888,9 Brooklyn .. 300,0 169,5 1,776.2 125,2 68,9 307,1 49,0 2,047,2 3BanMng mxtl ^financial. Mirs.'Nat.. 252,0 607,8 3.583,8 341,0 133,6 739,7 477,6 4,757,8 Mechanics' 500,0 536,9 10,103,2 364,5 •J 2 2,0 1,601,3 228,1 12,739,1 Merchants'. 100,0 77,5 1,697,8 14.0 121,7 140,1 159,2 2,022,6 Nassau Nat 300,0 806,2 5,142,0 229,0 521,0 1,176,0 5,815,0 Spencer Trask & Co., Nat. City .. 300,0 o98,4 3,472,0 150.0 362,0 537,0 279,0 4,239,0 Investment Bankers. North Side. 100,0 183,8 1,324,1 21,5 97,8 42,7 355,4 1,641,9 1,769,4 76,9 145,1 275,3 110,6 Peoples 100,0 199,8 2,158,7 We transact a general banting business ; sell and purchase invest- 1 720,1 11.6 44,9 . 98, 34,3 190.7 -, 17th Ward 100,0 874,4 ment securities i sue circulars describing short-term and long-term 200,0 184,2 3,144,2 101,6 202,0 239,6 1,08 1,5 4,366,6 high-grade bonds; execute commission orders upon the New York . 102,6 930,6 69,8 36,4 51,1 140,!. Wallabout 100,0 1,047,9 Stock Exchange and in the financial markets of the leading cities. JERSEYUITY We also have special representatives in all of the principal cities. First Nat... 400,0 1,118,7 4,558,1 159,2 308,1 1,822,5 1,333,0 6,092,9 Hudson Co. Branch Office, Albany, N.Y. William and Pine Sts.. New York. National . 250,0 663,4 2,241,9 82,0 73,8 381,8 291,1 2,274,3 Second Nat. 250,0 122,4 909,8 60,8 24,2 162,0 22,3 923,6 Third Nat.. 200,0 301,4 1,518,6 36,7 89,0 420,4 23,3 1,807,1 Hoboken. Moffat & White, First Nat... 110,0 546,3 2,691,8 178,0 25,1 182,4 "418,7 2,828,2 Second Nat. 125,0 169,2 1,383,7 39,3 63,8 70,7 117,4 1,499.5 Members New York Stock Exchange, Tot. J'ly 22 116370 134490 1232277 5,752,0 7,289,9 153574 9 646,2 1402680 5 NASSAU STREET, - HANOVER BANK BUILDING, Tot. J'ly 15 116370 134490 12 42:. 10 5,530.4 7,419,3 156812 9,771,8 1429031 Tot. J'ly 8 116370 134490 1239308 5,340,9 7,131,4 163482 9,411,2 1433876 JDealers in Investment Securities. COMMISSION OKDERS EXECUTED FOR CASH ONLY. ' July 29 1905.] THE CHRONICLE. 491 I 7 discount; Chicago, par; St. Louis, 25o. per $1,000 discount; jankers (Samite, San Francisco, fiOo. per $1,000 premium. State Railroad Bond*.— Sales of domestic 1'ff For Di rutetuis see page *Sc. and state bonds at the Board are limited to $25,000 Virginia 6s deferred trust receipts at to WALL BTRBBT, FRIDAY. JULY i!8 1903.—fi P. H. 1%% 18Jtf. has steadily The Money Market and Financial Mtuation.—It become There been increasing activity in the market generally known in Wall Street early on Monday that last for railway and industrial bonds, the business lias been b9t-' week's reports of extensive damage to spring wheat by rust ter distributed than of late, and nearly all changes in quota- had been greatly exaggerated. In response to this informa- tions are to a higher level. These changes are, however, in tion and also en a fuller appreciation of the importance of most cases fractional. recent and prospective dividend announcements the tone of There are a few exceptional features. Union Pacific con- the security markets has steadily improved and the volume vertible 4s and some of the Eries advanced In sympathy with of business has increased. The latter, however, is still the shares of those companies. Northern Paoiflo, Norfolk limited and will doubtless continue to be relatively small & Western and Colorado Industrial issues have been rela- until the crop situation is more definitely fixed and the mid- tively strong. Wabash debentures are fractionally lower. summer vacation period has ended. Other changes in the active list are unimportant. Of course the dividend announcements referred to have United States Honda.— Sales of Government Bonds at tho been foreshadowed by tratlio reports given out from time Board include $22,000 3s, coup., 1908-18, at 108^ to 101',; to time during recent months, but they are undoubtedly $5,000 4s, coup., 1907, at lP4i£, and §14,0 2s, reg., 19:50, at one of the most potent factors in the present situation. lOS/jj- The following are the daily closing quotations; fir If the harvests should prove as abundant as they now yearty range see third page fo'loui 1 7 should be borne in mind, however, that security prices are 2a, 1930 registered Q —Ian lOS's *103?H •10.H78 in:; v 103 „ 2s, 1930 coupon Q—Jan 103?,, *103? *103i« »103> *103?» now in many cases very high and it is quite possible that a '103v 8 28, 1930, small. registered realization of the best results now in prospect will be 2m, 1930, small coupon required to maintain these prices at their present level. 3s, 1918 registered Q—B"eTj »103^ 103 4 •103'., in;;'., '103^ '103 l4 38, 1918 coupon Q—Feb 104 104 *104 104 •104 '104 The peace envoys from Japan have arrived in this city and 38, 1818, small.registeredQ—Feb arrangements for the conference are progressing. A firmer Us, 1918, small coupon Q — Feb ibs" 'ibs" *i(>3" -ibs" "ii)3" >io3"" is, 1907 registered Q—Jan •104 '104 '104 104 '104 '104 market for Russian securities in Europe is supposed to 48, 1907 coupon! Q—Jan MU4 '104 104*8 '104 •104 •104 reflect a strong hope abroad that the negotiations will end 4s, 1925 registered Q—Feb 131^ *131'v 131*2 •131»4 'l»l»4 ' u *1323 w 13 a. '133 successfully. 4m.!. 1925i»_o coupon^couponly—— Febreu *132»4i^^ 4 -i.}Z"44 -xo£132^4 a^_"42 >133 * Money market conditions are practically unchanged and This is the price bid at the morning board ; no sale was made. the low rates noted last week have generally prevailed. Railroad and Miscellaneous Stocks —Under the influence The open market rates for call loans on the Stock Exchange of less unfavorable crop reports and additional dividend during the week on stock and bond collaterals have ranged announcements, as noted above, the stock market has been from \% to 2 p. c. To-day's rates on call were 1%@2 p. c. somewhat more active than last week, and a stronger tone Prime commercial paper quoted at 4@4j^ P- o. for endorse- has developed, The largest volume of business was recorded ments and 4@4}^ p. c. for best single names. to-day, when the list of stocks that advanced from 1 to The Bank of England weekly statement on Thursday nearly 3 points was a long one. showed a decrease in bullion of £254,233 and the percent- Erie has been conspicuous, the 2d preferred moving up age of reserve to liabilities 48'67, against 48*43 last was week, 4J^ points on being added to the dividend-paying list, illi-j the discount rate remaining unchanged at 2% per cent. The nois Central has been a notably strong feature, closing overj Bank of France shows an increase of 10,150,000 francs in gold. 7 points higher than last week. Union Pacific, Northern; NEW YORK CITY CLEARING-HOUSE BANKS. Pacific and St. Paul are also higher, but Great Northern has lost part of its recent advance. Lackawanna, by far the Differences a 1905 1904 1903 highest-priced stock dealt in on the Exchange, advanced'' July 22 from July 23 July 25 previous week nearly 10 points to 404^ on bids which brought out a limited number of shares. § Capital 115,972,700 115,972,700 109,922,700 Miscellaneous and industrial issues have not been promi-'j Surplus 139.492.SO0 134,323,400 129,168,900 nent in the week's operations. The United States Steel i Loans & discounts 1,126,366,700 Inc 19,05X,600 1,099.849,200 907.899,700 Circulation 48,913,200 Dec 243,900 39,132,600 43,819,200 issues responded feebly to the favorable quarterly report, - Net deposits •1,177,398.20(1 Inc 18,380,000 1,201,443,200 902,376,800 the latter having evidently been anticipated and its effect 1 Specie , 220.190,500 Inc 28,400 265.955,400 169,367,100 1 Legal tenders... 89,109,000 Dec 6,700 85,015,000 78,142,500 discounted. They advanced a point or more to-day, how- ever. Pittsburgh Coal preferred added nearly 5- points to1 Beserveheld 309,299,500 Inc 21,700 350,970,400 244.509.600 the decline last recovered the loss to-day. 25 p. c. ot deposits 294,349,550 Inc 4,595,000 300,360,800 225,594,200 noted week but General Electric has fluctuated widely. Consolidated Gas Surplus reserve 14,949,950 Deo 4.573,300 50,609,600 18,915,400 and New York Air Brake have declined. * 48,526,500 United States deposits included, against $11,398,800 last For daily volume of business seepage 499. the corresponding week of 1904. these United week and $23,343,200 With The following sales occurred this week of shares not States deposits eliminated, the surplus reserve would be $17,081,575 on have July 22 and $22,372,950 on July 15. represented in our detailed list on the pages which follow... Note.—Returns o£ separate hanks appear on the preceding page. Sales Foreign Exchange.—The foreign exchange market was STOCKS tor Range /or week Range sines Jan. 1. Week Ending July 28 generfclly strong this week until Thursday, influenced by a Week good demand for remittance and to cover shorts, and by Amer Teleg Low | 518*4 4» 5 5 -a 5 Rapid Tran-l hV I 16V l'j'a After a drop of 1 % points to 203^, Interborough Harks— sit rose to 211%. HackeDsack Meadows gained ft points to 27.) 3 l;! ' ; 4 io i uinenti ••-I (ireene Consolidated Copper was one of 1 B5l 5 W» | M 'sf features of the copper group: these shares mov d up from] a m tti r lam '•' — Banket r Qui r point to < a Consolidate 1 Ivanced I Gold ...| 3 40»i8 I .... 22J£to26J£. Creene "«, 40e l f '-. 11 ...I | 40', .... © lq I 5. but to-.lav f< II back to 4%. United Cop] ' l .of but later it uol 1%. 1% from 31 1£ to 89^ in the early part of tho week, a The following were the rates for domestic exchange on rose to '6i 4;l the close to-dav is at 81 P* " < r mada New York at the under-mentioned cities to-day inah, point to 7f;. but to-day reacted to '.;. CTnlo 1 ;PP| however, It tell back buying 50c. per $1,000 discount; selling Tor. per |1,000 pre- a further gain of % to 3; subsequently, mium; Charleston, 12^o. per $1,000 premium; N< v Orleani, again to \% and ended the week at I bank, COc. per $1,000 discount; commercial, 75c. per $1,000 Outside quotations will bo found on page l'J'J. 4 . . . . 31 , 31 1 New lork Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES . STOCKS—H1GHK8T AND LOWJC8T BALK F&1CE8 STOCKS kanye lor Year 1905 Range lor J*revioui K SBW YOBK STOCK On Oasis of lUU-sfiare lotf Year fiyu4j Saturday Monday Tuesday W ednesday Thursday Friday July 22 July 24 July 25 July 26 July 27 July 28 EXCHANGE Lowest Uigtiesl Lowest HigKetl «e K:iilrou ' 71)', 71) 71". I 'lie 21 s54 , I 794 001 774 7 75 1 Apr Jan ;• 70 79 70 79 70 4 794 " Do prel Jan ! * '.) '4 I'.' 19 ! 104 20 Chicago 7,600 174 May22 25 - Xov < 194 19% 19 4 19 % 19V, •194 \ 104 Great Western.. Mario 12%Jne 1 ',-1 1 3 »84 87 *84 SO •84 '86 V, •84 i •84 804 ", 4 p. c. debenture* 83 4 Mai 15 304J'lj 00 Nov : 4 4 4 4 ' "2011 *62 63 63 6 : 03 -02 05 •62 •62 65 Do 5 p. c. prel. "A".. 60 U Api 1, 4 7 4 J'ni 74% Nov \ 05% -30 *30% 31 "a *31 82 31% 31% •30 32 "30 32 82 Do 4 )). c. prof. "B".. 100 29 May 2; 374 Apr 17 20 J ni 39 4 Nov | ! 1-7 •, . I ,li', 178 170 , 17.V4 1804 180 1814 Chicago A pi - 137 Feb 177% Dec ! 176% 178 4 170% 17b% 178 4 4 Milw. & St. Paul 4 • .. •186 IS!) *1S5 189 185 180 185 188 1 186 188 »186 188 Do pref 182 Jan l. Apr! ' 73 Mai I8540ct "Jii/ 11 4,02*5 200 2074 208 V 207 200 209 2i 209 209 2104 Clue North, 240 Jan 31 B Ma, .14 4 Dec ! 200 4 mo & Westen • -.:;.-> , 1. 1 , ,»235 241 235 241 239 241 241 • 235 244 235 241 Do pref 234 Jan 265 4 ; l-'eO 237 Nov • •185 1 ,•186 102 *182 192 •184 192 18 I 102 '180 102 195 Clue. St. P. Minn. A; ' »m L50 Jan 225 Jan 1 Nov •190 200 * 190 200 *100 200 •190 200 •100 200 100 200 Do pref ID 5 Jan 17 230 Jan 31 il63 Api 192 Dec * * 3 .' • J H 19 19 18' IS'. 184 Chicago Terni'l Transfer 7 4 Jan Jni'2 5 4 Aug 164 Nov V. "374 "37 37 "37% 37 3s 38 1,400 1 1 1 Jan J'ly 5 J Ani '27% Nov i »874 40 4 384 4 30 4 394 Do pref W 84 8 8% 7 3 7' 8 8 4 9 4 9% 10 Chicago Union Traction. 12,600 In,- 2 13% leo 2 4 J'ly 15-4 Nov J. 8 8 t 4 84 30^ 31 33 33 34 34 •33 35 354 35 4 38 37 4 Do prel 1,500 :;',', J ly 22 .1 Feb 3 29 Ma. 48 4 Nov •'.16 1 95% 95 % "OS's 074 *964 90 00% 97 07 904 07 Cleve. Cin. Chic. & St. L 50 00 J.'HI 1 II Mai 2 63 4 Ma] 93% Dec ,115 115 *115 120 •115 120 115 V, 1154 -11.', 120 •115 120 Do pref 160 1154 J'ly26 121% .Mar ll 100 Pel 115 Nov :i 27-\ V, . 2t a pi t »26% 274 •264 27 27 4 274 '20% 27 4 2 h 27% 28 Colorado & Southern 3,500 224 Jan 304 2 13 Si J'ne 24 -bNov "58 50 "58 •58 50 •58 50% 1st 4 5 52 MavJ. 044 Feb 10 48 J'nt 03 D.-C i «68 68 59 4 594 00 4 Do pre erred *37% 384 37 4 37H 37% 37% •37 38 SH 38 38 38% Do 2d preferred. ... 1, 100 324 May 2. 394 Feb 3 17 4 I in 37 4 Nov I •190 103 1024 13. 200 1784 .Mnyj. 106% 1 1 149 Ma, 10O4 I;ec 1004 101 190 100 4 1004 102 192 101 4 103 4 !Velaware ' - Banks Bid Ask Bnnks Bid Ask Banks Ml& ASK Banits Bid ASK linnks Bid Ask itanlo Bid Ask Chemical 4300 4350 Fifth 340 InterboroH.. 145 155 Metropoh'nl; 170 175 Park 510 525 I NEW YORK Citizens' Ctrl 165 First 730 750 Irving 23 4 238 MtMorrisI ,.. 210 People's' ... 200 105 Aetna 175 180 City 280 285 14thstreet1l. 145 155 Jetterson1|... 17 7 4 185 .Uuiuail) 300 Pheuix 100 Amerioall ... 520 530 Coal cfe Iron. 230 240 fourth .. 200 215 Liberty 510 .Nassaull 105 205 Plaza". 575 175 185 ^mer Exch.. 274 278 Colonial 1| ... 575 Gallatin too 425 Lincoln 1500 170U New Amstei 475 i 10 Prou Fxchl 1300 liiversidel, . 250 280 Astor 775 825 Columbia 1j .. 400 Garfield 500 Manhattan' . 320 New York Co Battery Park 150 160 Commerce... t2004 1205 German Anr, 155 105 Market <&Fui 260 270 NY Nat Ex. 195 .'05 Seaboard ... 050 700 ( . 3i'0 .Second 700 Boweryll 325 'onsolidated 153 155 1. i-rnian Exl 400 ... Mechanics' . 285 205 New York. 320 cfe 150 '[Butch.Js & Di 155 165 C'rhExchge' 305 German ia',, .. 450 Mecu cfc rra' 1^0 187 10th Ward- . 350 Shoe Letli 1200 Century 1;.... 105 210 Drscoum; . 150 i''0 iii cenwich'ij ::;;, Mercantile .. 260 263 North Amer. J33 238 Mate" J4tl> SI i-t el . 200 Uhase 650 East .River.. 150 160 Haimltonll .. 190 Mercli h.veii 170 175 Northern 135 phatham 320 330 Fidelitylj 190 Hanover 1.1:, 505 Merchants'.. H774 oriental" ..,j 2 70 12lh Ward' 225 '» 20 \N aid' . 150 Chelsea veil.. lot) 1 Pacific' 250 3d Exc" 170 Fifth A 5500 3750 Imp 1V5 Trad. 500 Metropolis' . * > ill Vidoii. I a.11 1 I'liiibs. u .sew stock. ; Bid , in us. lix and asked prices; no sales were made ou mis day. i LiOdS n.i l ) ) -ulu-os. I .. c rii.us. , State a J Sale at stock Exchange or at auction this week. s Trust Go. certificates. h Assessment paid. n Sold at private sale at this price. •4 '» J . 4 4 6 1 July 29 1905. Stock Record—Concluded—Page 2 493 KaiK/e lor YtUT IU Rang* lor Previous STOCKS—H1QHSST AND LOWEST SALS. PMVKb STOCKS Hater 0/ 1 in Oasis ol lOU-share 1 ..11 1 Vi(>4 NEW YORK STOCK the lot* ) Satvrua<, Wednesday Thursday hriday EXCHANGE Week July 22 July ..'6 July July L'.S Stiare* Lowest JHghest /I it/ first v. tr. otfR 10ti 84 Mnyj- 43 6 21 38 •S6 ;-', »36 38', 884 38*41 •36 88*4 . 8* 98«fe Tol. St. I j. 3 1 900 6 1 lei. 67 6 . Ho iiret. vot. tr. ens Jan 66 Apr 12 S3 '< N..v 55 4 56 H 66*4 55 4 56 66 56 4 56 4 664 66 "i \ \ I l.-M 1 1 .; Transit I.S.. 105 .la 11 Apr I 87 Feb 1104 111 1 1J 112 111 113H 113 113 11841134 4 1 1 1'win City Rapid 1334 4 ' .'.; 1 . 1 May! 7 160 j-n. 158 \.i* Do pM't 1 Auk (165 : 13*6" v:i'<[ ijs 128-« 129*8 PMlfle 173*950 : 13 .Ian 6 137 Feb 26 7 1 Mai 17 No* 1264 127*, is*"*" i'.s-v 127 412b', 'i 13l' LI Dion 4 9-- "s'4 P11 [irct 7oo 00 -May I 1 101*8 H4U21 l'eh Deo •974 09 "s i'04 >VU\ 884 98*ji 984 98 v 93<4 98V X804 B' 3 ' 2 1 Jau 4 rtH J'ly 17 25 lire. 86 65 '. 96 654 66 65 IU 4 6 4 U 64 U ea 66 Unltltyslnr't ol Bantfrati 1.800 4 9 Feb 3 ." '•• 86 ', 86*4 Po pre! 4.316 .Inn 1 '• »9 Jl;u:;i 424Api 69 I'ec SO , 80^ 80 66 >6\ 36 '4 BO B74 si •804 »804 »804 Kysof st l.im prel 80 J'ly 7 82 J'ne23 1 »794 81 United •60 81 •SO 8 4 H 814 814 15" •18*4 194 •ISHi 19'. KS--4 1-', 19 19 18 4 10 19 -2<> UaOiUth 2. so. 17 4 May J.: 23 \ Feb 3 Ma\ 26 Now 8,301 '4 I'el' x - 39 38 38 3S'4 •384 39 •38 40 40 414 Do pre I 37 May28 L8 Feb23 32 484 "v . Hi V 384 4 4 -hi .*. Erie... ti.'.i 15 May 1 19*4 M.H 13 1 4 4 J'li 2*!"4 .\,.v ia<» 16 16 1 6 4 10 17 '154 164 16 V 16 . Whceinii; Lake l, *89 42 :•:> •89 4 2 •89 4L -3.' 41 39 10 Do 1st pref 0011 Mi Mny 4 48 Kcb 1 37 J'ly 63 4 Jan 1,800 1 2 * 32 N»v 25 23 4 24 21 '. 24'j •23 - i H: 99 as 4 234 -'4\ Do 3d prel 20 May 4 Marl 3 21 4J'ne • I 4'H 20 -^9 Nov 834 as 4 as h 23 24 •234 24 2 24 Wisoonsin Ceutral Apr 25 4 Feb 16 16 Jin 36 • •50 '50 401 45 Jan 13 Feb 17 37 J'ne 49*8 60 4 50'. 68 60 514 01 '4 6l>, 514 514 61H Do prel 644 Xov Industrial & .tUncdl '235 -47 4 883 247*1 •996 247 4 235 247 4 •235 247'v 237 248 Adams Express J236 Jan 9 1250 Feb 7 >220 Feb 250 Oct •15 •„ 15 4.100 13 Mny 4 10 Feb 17 6 .Mai Nov it? its 15 '8 164 15 4 164 4 164 l5-« 15 ', 164 llU-Clialmers ; 21*e 67 •*>:>• 65 4 664 •55 4 67 4 66 J4 69 584 60 Do pref 309 46 4 May 4 68 Feb 17 39 H Mar 71 Xov ' 14 82*4 Dec 82 ^ S3 4 82 Hi 83 4 83 4 83 83 4 84 x82'a 83 .-3 4 81 AmalsramatertCopper 118,105 70 Jan 25 894 *.p» 43 4 Feb •22 100 20 Jan 24 13 24-4 J ice i&4 28 4 •22 234 24 H. Anier Asr.eult Chemical. 29 H» Apr 16 Mai Do pref 804 I'Vii 3 idl Feb 10 72*4 Jim 87 lice 3 4.4O0 31 48*8 J J'ly 35 Deo 38 4 ;5'. SO 4 35 H 35 4 353, 35 35 4 35 4 35 35 4 364 American Car & Foundry May32 Apr 14 14 4 4 -» 'IS T 500 r'.'14 25 1 Jan 9434 Dec '.•8 4 99 •98 in !'8»8 98 »9B 98 4 98 8 •984 99 Do prer Jan 04 Hi Apr 6 6/ '29 1,100 27-', 4 Dec -9 -94 2 8 Hi 88 29 "29 31 3U 80 '4 3«4 American Cotton OH J'ly 19 38 Apr 3 2 '4 Jut 374 4 3 •91 97 •92 95 •99 95 "92 9j •92 95 95 Do pref 89 4 J'ly 11 97 Feb Hi 88 4 J'ne 97 Nov '335 235 225 825 a20 (326 •220 230 •220 230 236 American Exyress 31 1 2209 4 Jau 4 240 Feb 27 180 J'ne 219 Nov :, •5 ;l •i; 6H. 5 4 04 •6% 6>, 4 64 •54 8 64 American Crass Twine . son 54J'ne23 14 Jau 4 5 Aut 14 Deo 3 •1*8 7 6 4 6 4 6> 6»b 6«8 J'.-'s 6«8 7 Amer Hidt> & Leather... 450 6 J 'no 7 11 4 Jau 14 'i\ Jan 114 Dec 8' 39 39 S9 394 40 S9 4 40 4 39 34 40 394 40 Do pref 4,910 344J'nc21 66 4 Marl7 11 4 Jan 4«34 Dec 1 "26-4 24*4 •-6 * 27 '26 4 20 4 26 4 26 > {26 26 {^6 26 264 American Ice Securities 619 J'lyl2 27 'i J'ue 16 ..„.. •17 20 18 18 194 194 •184 194 lS^ 204 17 20 \meriean Linseed 1,000 15 4 Jau 17 22 34 Apr 17 J'ne 20-8 Nov 3 •;s'i 4> 40 4 2 41 42 4 42 4 42 >4 414 42 4 41 41 Do pref 2,4oo 36 Jan 19 48 4 Apr 17 22 4 J'ne 42 4 Nov 3 3 33 25 61 30*8 4 4 474 40 4 47 ^ 473g 48 47 4 47 4 48 49 4S 4 49 American Locomotive.. 11,625 Jan '4 Apr 13 164 Jan Nov •l.o 115 111 111 •lie Ho", •111 112 •111 112 112 112 Do pref 300 103 34 Jan 5 122«, Apr 16 75>- Jan 105 Nov •4*8 •5 "4*4 fiOu 3 2>. j ft 5S 64 6 5 h 4 5 6 5 American Maltmir 5 J'ly 17 8 4 Jau 14 'in 9 Dm, 3 25 •24 '4 34 < as 96 25 25 25 25 •25 26 Do pref 400 20 J'ue 9 284 Mar 7 10 J'ne 29 Dee 7 , 9.-3 <. 98*4 •98 3 8 97° 4 •98*8 98 •98\ 984 98-s 98-8 •984 4 9 '4 Amer Smelters Sec pref B 300 8 J nel. 984 J'ne28 "4""" 1164 lit? 115°8 ne'e 116 116\, 1164 117 4 119 119 4 1194 121 um-r. Snitlt'K & Keflu'fr 9G.300 79*4 Jan 9 128's Apr 13 Feb" 82 4 Dec* 1 119-j 120 3 121 3 2,600 111 Jan 13 127 Apr 6 3 Jau 115 Oct •119 04 12U •1194 120 119 4 U9 4 120 121 , 4 Do pref , 4 88 4 •167 •167 •167 183 100 163 May31 183 Jau 21 110 Jan 170 Nov i75 107 175 175 170 170 183 American SnutI , ' 103 '101 •102 •102 .... •1014 99 Jau 105 May2 85 Jan 99=8 Nov •101 4 Vi 103 •1014 Do prer , 4 3 1 9 9H 8 4 9 8 "84 7 s 64 7 7 8 Hi American Steel Foundr's 9.750 64 J'ly 27 18*8 Mar20 34 J'ue 15 4 Dec 38'. 3 36*4 39 ,970 85 J'ue 1 07 Apr 4 26 J'ly 574 Dee •89 40 39 37»4 3S 4 364 37 4 37 374 Do pref , 4 4 3 3 1493, k;t 138H, 137 Hi 138 l:'8 4 139 138 4 138 4 138 4 139 139 '« 1404 Amerioan Sujrar Rcfininj 9,400 130 May22 Mar 2 122 '4 Mai 153 Nov •1374 i394 '138 140 •i3S 140 •138 140 •188 139 4 •138 139 4 Do pref 133 MaylO 140 Mar 7 123 Jan 141 Nov !36" '138 14'i '137 13ti "139 140 -13H 140 •139 140 139 139 Amer. Teleph. & Tele**... 200 6 May2i 118 4 Jau 6 121 Feb 149 4 Nov •!'0 97 •90 97 90 4 9(i4 •964 97 964 97 4 97 97 Amer. Tobac. (new), pref. 1.810 914 Jau 25 ' 99 6h Feb 8 85*8 Nov 96 Dec 37*8 7 3 >4 »,50(> 87 4 37 3 '4 37-4 363s 36 4 37 374 374 38 American Woolen 20»8 Jan26 404Aprl8 10 Jan 25 Nov 3 3 tl04 lot 102 Hi 104 104 101 102»« 1034 102*4 102 4 104 104 Do pref 500 93 Jau 6 t084Marl5 69 Jau 94 4 Deo 10X 108', '103 109 1084 108 -9 108 4H0 110 111 111 112 Anaconda Copper 6,700 l00 4May22 130 Apr 13 61 Feb 120*8 Not • 187 194 '187 194 -1.S7 194 •187 194 •187 194 186 194 I Jrooklyn Union Gas i»4 4May22 X215 Feb 14 185 Mar 229 4 Oct 5 154 •154 164 •154 164 •154 164 -154 16 •154 16 I 'ruusw. Dock& C.Imp'i "io" 104 Jan 13 16>4 Apr 18 12 8 Dec- 10*i 3 *;.o 57 •50 57 •56 4 57 •50i, 57 •564 67 *5o4 57 Butterick Co 56 J'lyl 604 Jan 18 47 4 Fel 62 4 Deo 43"* 44 44 43<4 42»8 43'f 42 42 4 414 42 42*4 44 / 'entral Leather 7*i&o 41 4 J'ly 27 47 J'lyll 3 3 3 1 3 lt;3 103' V ' 104 104 103 Hi 103 4 103 4 104 4 fc U>3 4 104 4 104 104 4 Do pre: 8.493 lo34J'iy2* lu54J'lyll *« " 3 44 45 43 4 45 44 454 44 4 44 t 44 4 45 4 45 4 46\ Colorado Fuel & Iron 17,700 38 Muy22 59 Mar24 25 4 Mar 584 Nov * * 95 95 95 • 95 • 95 95 Do pref 85 Feb lo 105 Mar24 63 Apr 95 Dec •18*" 3 3 13 13 13 12 4 134 Col. llanki Bid Ask I'.uiiL, Sid Atk Trim Can. Mid Ask TruHt Co'» Bid Ask T m*i Co'a Bid Ask lVuii Co'« Mid , A$k X'nu.n Eicli^ "6 215 225 BBOOELT"" Fifth Ave Tr .. N V DifeATT 1025 1075 .1 r 85 90 Home Bank 125 • in.iranly Tr 600 Xc w Vorl; 'l'i 780 ?35 BBOOKLVN T. CITT H'iiU"' 210 225 Manulactrs'. 345 K. Qaardiaii Tr 220 230 Heal BstTrM 325 "A'e»l M,ie« 575 Ti Mechanics' . 246 BankerH' Tt. 5o0 525 Euick 'rb'k'r 1050 8uni.lai.ri r'l :c.'0 110" Kronkiyn iork.Uie' .. 400 •llll KlailniNli 210 I Xasftaa 416 Bowl'BHrern IjiwT I&Ti 310 Tlllei,.. ,V I 1075 Nat City <05 Broadway Ti 165 Lincoln 'It... 5 7«. Tr t'o ol Am. ,-,ii 7-0 t*ranlf)in — .'250 KlU North Side", 300 Oeutral 'i r'»i MauliHtlan . 1500 hkooki.tn 175 500 union TtuiiI 1450 ! .11.. People'H* .Mercanlilr . II. 290 Colon L-vl IliO 1 borouitli* BMtgATl .... 120 I 135 Prospect Pit' 130 frominoiiw'tli Metropolitan 615 rnit Btatea 1 10 1 . Br.. 1 way 315 , 1, i»l 1 .,., Kirifrcwuo'l' . 140 150 Empire 246 Morton i'ru.Mi 19254 \ an \'.:in'l'i :9o L4 iBto<,kiyL' 1 .31 ; ji. 17th WaxiH,. 155 Equitable Ti 560 A.1..H1. 210 226 IIL'lOll t 160 m Cou'yl&ttB- •'« 145 Union' 200 KanuLo 94 New York Stock Exchange—Bond Record, Friday Weekly and Yearly OCCUPYING FOUR PAGES BONDS BONDS Price Week's 53 Range J'TIC Week's Range Y. STOCK Fridaxi Hanye or Since N. Y. STOCK trida.il Range or .since , N- EXCHANGE EXCHANGE 5° W Week Ending July 28 July 28 Last Sale January 1 Week KXDora Jlly 28 44 July 28 Last Sale s; '. January 1 '-'•• !jv - Hid Ask Low Hi'.) 1 A'o Low High Central ot Ga—< Continued) Bid Ask Low High Ao Jsow Jii'in. r' 0. 8. Government Chatt Div pur mon g 4s. 1951 J-D 94>4 9334 J'ly '05 93 95 (/1930 Q-J 103 7 Sale 103*g 10378 M Mac J-J 109^ 104 Feb '04 ; U S 2a consol registered. s 104Hj1047b & Nor Div 1st g 58.1940 r : 1 S 2s oonsol coupon ' 3 Stamped A-1995 M-N 95 Sale 94 H. 95 94 98 Louisv N A & Ch 1st 6s. 1910 IO8H2.... 1 11\ J'ne'05 109VH1 4 s Debentures 4s Series E. 1907 F-A 9978 99 8 May'05 99<58 99»8 Chic Mil & St Paul con 7s 1905 187 Mai '05 178 187 3 Series F 1908 FA 99 4 99 HiNov'04 Terminal gold 5s 1914 109V. ... HI V J'ne'05 109 34 111 34 » 7 SerieaG 1909 F-A 993s 99 8 J'ne'05 99%"99«b General g 4s series A..el989 J-J llOHilll 110 V 110 V UOV 113 8 Series H 1910 F-A 9878 99 Hi Jan '05 99Hi 99Hi Registered el9W9 Q-J 111 . .. 109 H; J'ue'04 Series 1 1911 F-A 983s 98 HsNov'04 General g 3 His series B.«1989 -J 96V 97 99 J'ly '05 98 V 99 3 Series K 1913 F-A 973j| 97 Oct '04 Chic J-J . .Pitts & West 1st g 4s. ..1917 99 100 J'nt'05 97 '4 100 Registered 1879-1929 A-O 110V 111 111 111 111 /<«JPMiCo certfs 99 May'05 99 99 Debenture 5s 1909 M-N 105 106 V 104 V J'ly '05 104 106 V at Creek Jvlv 29 1903.' Bond Record—Continued—Page 2 !!>."> liOMIs BOND.o J*rice Weeie't h'a ngt iTICf Week's Range v. I. friilau or since N. v. s'l'iHK AVu/ai; Rant Since V. V. STOCK EXCHANGE Range EXCHANGE Last Salt July as Last Sale la nun r 1 Week e.mhnu Joi v 28 July 98 January 1 Wkek I'.noimi Jli.v 28 m Hut AS* Low Jiij/ti /.CMC Jlllj/l Hid AtH Low II in h So linte lln/h Clue A St 1. See Atoll T A Sa F< . 12 1 1 '4 Kv.ins II 1st cons Oh. 192 1 I20»s J'ne'06 24 Chic St LA N u if.- Ill Cenl A T gold 5s 191! llo:'4 I l--', J'lv'O 111 Cliic St L it Pitta Set ivniu\ lat general 'or. 116 1 1 1 Apr '08 111 ; i.:7VJ'iy . 1 s: Cine st r U A oon Qs. ..1030 J-D 138 Mt Vernon gold 68. .1923 105 Si lol Ocl '04 U I » 93 Deo'o: Soil Co Branch 1st 68.1930 Cons 6a reduced to 3 H*s J.l) g 111' \],i >oe 112 Si 1 1 I Api '06 ii';i'4 st Minn 1st g6a 191$ M-K 136*8 CyA ind lstcon grog 6a. .1926 Ch P A Miii'il 1st 8s.. .183d J-J 134 \::>\ h^nrgo.fc so Be* Ch M A st P Kor Wlaoonsln 7 I'- l 126 J'no'o.". lMia St P A s city 1st g OS...11M; A-O s viiK lint A Pere M See Pere Mai iOi'4 '.'7 l.mi . FluCA l'enin Set- Sea Air Chicago Ter Trans i; 4s. ..194. J-J 99 I) Sis. 1941 106 Mar".w Coupon oil 'ai^Sale 91 98 98 Fort St D Co 1st g 4 3 '06 11 3 Sale 1128« IIP-. IJ I OH I 115 115 < ll.v'i J'ly UP-. 11.".'! Ft Den C 1st 6s. ...1921 Si Sill Si Chic A- \\ eat lint (ran •- 8eol93i WA g 89 S9\i 90 90 86 92 Chic A W Mull See Pexe Mar. Ft W<8> RioGr 1st g la.. .1928 1' 1 1 al Har ASA See So Pao Co Choc OA6o S CHI A "0 100 lOOSi. 104 Si Deo ' ^al 11 H ot 1882 1st 5s. 1 1 :: A-0 104Si lOaSsMay'Ofi 102 Si 106 "a a A- D oonaol a t 7s...l90i Y-O A Cm '0( 2d gold 419a 1937 J-J 113 Oot ( leorgla DetruitCity | 07*4 Gaa g6a 1923 J.J 100 Vale 100'a 101 99Hil »3Si Purchase money gls.. FA :i:c.i Sale 93 Dei Gag Co con 1st g 5H...191* FA 105 J'ne'u3 Ed El 111 1st conv g 6s. .1910 M-S 101 ', 100 Si 105 JTy'06 LUBkn ie^KCoE LAI' 1st consol gold 6a 1996 J-J II6S1 119*a Apr '06 LltfSi t- - Ul SeeX 3 LOS VGA ELBA 1 XYAQE1 LAP 1 -1 oon g6al930 FA 104 108 4 106 May'06 Eq G I M.I LX V 1st con M-S 112 Xot'03 X V a Blob Ga* 1st g 68.1921 M-N LOB 113U 1)6 A Fuel See f O A i-at A Paati E oon .' 19 19 M 8 >s A f Gaa A J-ly'i'.'. ElecBerirCoc g 58.1919 61 Si Oct '()] las a <; 1st eoi A-O 124 ..... 124 Gen Electric 12 deb g 3Sis..l942 '.-1 .... 91 J . 92 Si Befunding gold Be M-S Sale Gr Rape, I D) L Co 1st g 5s.. .191 i07'< I< J-J IOK 108 Hi 108 J'iy'06 mison 4 H 1 ( i ., Co Gas IM 68.. 1949 M-N iio":::: •j 109 Si en . 5s. J-D loc,'.. DM 109 M g pug '36 107 1 104 Si Si EanClty Mo) I _ g.",<. dm sJ'ne'08 Gaa a-u .... 100 May'05 . 100 Mu Fuel G«S I hi gu D.i 17 M-N ..... Elnga Co El L A P g Be... 1937 A-O lo9 .... D -' Lighting l«t g 5*. '51 'J-D 100 PnrcLase - lii'ii" ii'j'i money 6s 19'.' .1-4 123 J'l,'. "iii" Trenton G a Bl l»t g 6s. .1919 M-> 11 "J iio" EdElllBkn " 113 Jan '05 11P« 113 lstcone4sl93" J 94 <4 .'... •J4SiA|.r'o.-, Q 04 Si Westchester Llght'g g 6a J D 109 Si • «al* ito price Friday; lateat bid and aaktxl this weea. aDueJan b Duo Feb d Dae Apr cDueMuy ADueJlr fcDue Aag cDae Oct jDaoDco jOpUon — J 1 . . 496 Bond Record—Continued—Page 3 Vol. Lxxii BONDH BONDS Price Week's tiange Price Week's S ; Range Since N. Y. Friday JK. T. STOCK EXCHANGE si Friday Range or 5« STOCK EXCHANGE Ranye or 5(1 Stece Sale S5« January 1 July 28 Last '< Week Ending July 28 July V8 Last WEKK E.VlJl.Nti JOLT 2fl Sale < January 1 I! >it No Low Hlf/h. Hid ASk Jiiyit Loulsv 2d gu cold 6s 1936 107 Hi , Consol gold 5s 1919 lll%Sop'04 4s Beech C* Ext 1st g 3 %8 61951 89»« . Cousol irold 1943 110 106 Aug'03 let 1981 3 '05 Can* Ad gug 4s... 100 4 . Convertible g 3Hi8 1916 101 lOlHl 101 Hi J'ly 10l%10l% '4 CliMif Hit Coal Ists I4s.l940 90 . 95 Apr '02 Convertible g 3%s 1912 104 Hi Sale 104 104 101 Hi 107 Gotiv* OswelstgugSs 1942 Alleg Val gen gu g 4s. ..1942 102 Nov'97 1st M«h * Mai gu g 4s. .1991 100 107 H2 J'ly '00 CI & Mar let gu g4Hi8..1935 110 . 110 Jan '05 110 110 '02 N J .lunc B gu 1st 4s... 1986 103 Hs 105 Oct DRB R MISCELLANEOUS BOND.- «—Continued on Next 1'iurt* Coal iiml Iron Telt'frraph and Telephone I'uel gold Pol Co gen 6s... 1919 M-N 105 107% Oct '04 Am Telep & Tel coll tr 4s 1929 J-J 4 * » • * • **»<**» 96% J'ly '05 ---• 96% 98% Lol 1< l*»i'* - ti Him \'ot (iliiiimiyjiH *.N u price Friday,- latest bid and asked ttiia week, a Due Juu b Due .• el> « Duo vL»y a dub n IV . . . 8 ULY 29 1905.] Bond Record—Concluded—Page 4 l<)7 DM BON . BONUS Price Weeks Kange » ; Priet II e, Kange N. Y. STOCK EXCHANGE Fritiau Sang* or S? since N. V. STOCK KXCH \ M. 1 Friday Range or Sine* July JS l.asi Last sale : i \Vii;k K.nhinu j ii I 39 July 38 January \s ik Kndi.no Jfi.Y 28 January 1 II Ask Low Htuti • id A.-', Low Penn RR—< Con fnititfiO Bid No ii'w Hum Soothes n Pao ( lo— r Continued High No Low JJk/Ii i, J?hiUBal A W 1st g 48.. 1843 M-N LOB lOySaJMy'i'o .... lo I09"j Morgan'i La a t i«t 78.1918 A-O 1294 X.n'll i 1 Sun A Lewis 1st g 4s... 1930 J-J 100 V 1st gold 6s 1920 J J 1IS4 1334 1 23 liec'ol '0-1 lt)6 Sep 111 J RU A Can gen is. 1944 M-S 113V 110 4 Sep No ot Oil 1st mi a. 88. ...1907 JJ 1014 ; U N All See Nash Guaranteed gold 5s A-O I 13 Jan 'o i Pensacola a LA " st IU3 .] lie' .. Poo ^ Bast See C C a st L Ore a- Ga) 1 guar g 5s. 192 .1 -J 1044 KH 1014 SO .... '08 . 1st is. 884 i ti iPeo A Pek t'u 1st g 6s — 1931 133 1234 Jan 1 33 4 s a a A Paaa gn g 194 J J 4 33 88 914 61921 103 >-, 101 J 'lv VI ol go 1st g 6s.. .(-1909 J-J lo..-'. Ills', Apt o Mi9 1084 , 2d sold 44a K SO P AT '; 6s i-l'.Ui .... Jan I"'- 1 Pert Marq—ChA \V M is 1921 JD 106 ««..„ 109 Apr'02 1st glial g J-J 109 t 'OS 1094 's <-..... '08 101 10.1 ElintA I' M R6a 1920 8.-0 TJl L314J'm 1194 133 S Pol i 'all si g 6a set B.1905 A-O 4.... j'ue'oP 102 'j 103 In consol gold 5s 1939 MN Uli'i ... 113 J'ly'OC 112 111'-. lsi g 6s aeries C A D...1906 A-O 108% ... mi 4 Deo '04 ." l 5s. 111". ... 114 J'lH'l ...r.'l-' O 113 -, .... 1 15 .Mail.. iviviv.-r" : Pt Huron Div 1 81 1039 At> 114 lies lStgOssei A ; - _ TusA u 1st mi % 4.-. 1931 FA 1st gold 6s L912 A-O 1 s . l i i 4 1 17 1 I'VIi'ii Phil lid- \V Set I'riiu Kli 1st oon unar g as 1987 M-N -i .... 19 i 1 1 193' loc Phtlna Reading cuna 78.1911 J.D 5 "i 1194 Apr'i'l Stamped 1905-.. M-N 108%.... \ 1084 109 1119'. Pine Creek reg guar Us.. .1982 JD 137 Nov'97 s Paool N -Mex 1st gOs.. I'.'l 1 J-J 108 1094 Pitts cm a St l. See Peon Co Tea A S o 1st 7s 1905 K-A 1024 1024 J'ly'O, I024 D12 '.j '-, (PlttaClevi AO Sabine Div 1st g 6s 1912 M-S 1 1 2 Feo'uo 112 112 4 Pitts Ft \V Ch >< IV mi Co Con gold 6a 1943 J-J iii" LU84 Mar'Of 1084 108 4 A - 118 i 119 Sale 1 . 8 119 Pitts Juno lit gold tia 1922 J-J 120 Oot'Ol Southern—1st con g 5s 199 J-J 45 1 1741314 *02 i I lo Keb'O Pitts A 1. . 1928 A-O 109 4 1134 Deo Registered L99 J-J loo u, '91,4101"" Pitts MoKi ea -^ V Hi -N V Ceu Moli a olno coll tr g Is.. L93 M-S 1004 J'ly'05 l .7 3 1st l J ne'O. 1 1 Pitts Sh a- L K 1st g 6a. ..1940 AO U9'i LSI 121 L174121 Mem Div u' 44-6s... 1996 J-J 18% 118 4 19."> 1st eonaol gold Ba 1943 J-J 118 L19«s 98 J'ly'97 St Louis dlV 1st ii -Is I J J 984 984 J'ly'O 97 4 100 4 .. 1st lis 115 118 . .via Cen k g L9ia J-J J'ne'0 117 4 118 95 - Pitts V A A.SO 1st c in 58.1927 M-N 1D5 May'06 116 116 Atl A Danv 1st g Is 19 l i J-J 6 98 U84 Mar'o 954 U84 1) eadlng Co ran g 4a 1997 J-J 102*8 Sale liu-s 1024 4-1 I00»g 104 2d -Is 1948 J-J 90 4 Dee, 'O A- Registered 1997 JJ 100 Jan 'ii LOO ion Atl A Va.i 1st g guar 48.194! A-O 984 :, 3 113'., -iv Ci ut coll g L8...1961 A lou 4 Sale 1U0 4 101 "c 98 4101 Col a Greenv 1st 6s 1916 J-J 1164 May'05 110 Va 116 4 Ill- 1 selaer a Sar S . D Jt u E I Va a Ga Div g 6s.. 1930 J-J , 116 May'05 111 116 Kiiii a Dan See South Ry Con 1st gold 5s 1951 M-N 1204 I'.O'v J'ly'O.. 119 4 122 4 1 1 a Mock .stv Southern E Ton reor lien s 5s 1938 M-S 8 4 I 1 1 Mai 05 114 116 1-1 '- Rio c r \v i at See Den a- Rio Gr GaPac Ry 1st g 6s 1922 J-J '. 1 1 V J'ly 'OJ I 2 1% 125 3 Rio l; r Jn: 5s. ..1939 J-D 100 4... 109 Mar'OS 109 109 Knox A Ohio 1st g 68.. .1935 J-J 1244 126 4 J ne'O.. 3'.,127 3 Rio gr So 1st gold 43...J..194U J-J 74 4... 76 J'ne't»j 75 77 Rich A Dan con g 63 1915 J-J 114% 11-4 4 II !'. 114 4 118 112 Guaranteed 1 04f J-J S9 ... 89 Jan 'Oi 89 89 Deb 5s stamped 1927 A-O 112% Jan 'OP 112 112% Roch A Puts See B H a- P Rich a Meek lstg4s.„1948 M-N ...... 93 '• 98 Feb'Oi 96 4 98 Rome Wat A Og See N V Ce-ni So Car A Ga 1st g 5s 1919 M-N .10 110 no 108 111 Rutland 1st oon g4 4s l'.'U J-J 103'«., Mav'Ol Virginia -Mid ser C 8s. ..1916 M-C 1144 123 Feb '02 Kut-Cauail 1st gug 4s... 1949 J-J 1014Nov'01 Series D4-6a 1921 M-S 110 110 Dec '04 7 On!.' Tus A H See Pore Marn Series E 5s 1926 M-S 114 1144 III V 114 114 a 7 114 Ci Jo A Gr Isl 1st g 4s... 194V J-J 934 94 95 6 J'ne'05 93 96 General 53 1936 M-N 4 114 4 I'ne'o;, I 1 14 117 St Ijiw A Adirou 1st g 58.1090 J-J 125 Guar stamped 1936 M-N .... 1144 j'nje'OC 114 41114 'bo : »4 J :, •Jo: gold 6s 1986 AO 135 W o A W 1st cy gu 4s.. 1924 FA 97 4 May'05 97 »7 4 : St LA Cairo See .Mob A olm West N C 1st con g 63. .1914 J-J 113 'i 115 115 J'ly '05 115 116 4 St L A Irou Mount See M P s A N Ala See LAN St L K C A N See Wabash Spok EaUs A Nor 1st g 6s. 1939 J-J 127 117 J'ly'00 St L M Er See T RB A of St 1. stat Isl Ky 1st gu g 44».. 1943 J-D 100 Xov'04 St 2d 1900 102!% 103 3 \\ l a s Fran « 6s CI B M-N J'ne'05 1 03 104 4 Sy ra Biug ANY See D L A 1 2d gold 6s Class C 190i MN 102%.— 1044Feb'll5 104 104\ 'I'er Aol St List g 4 4s.. 1939 A-O 1 1 4 . 111 4 Apr '05 1114U24 General gold 63 1931 J-J l'J7'4 131 May'05 1294 132 1 1st con gold os 1894-1944 E-A 122"8 .. 122'4 1.2 V 121 122% 3 General gold 5s 193i J-J 113 114 114 J'lv'o:, 112 4 116 Gen refund s I g is Dioli J-J 9. >t .. 99 4 J'ly 'o;, 9S 4l014 ;1 Ill St L A s E UK oonsg4s..'90 J-J l004M»v'O5 ;i9 4 1004 St L M Bge Ter gu g 5s. 1930 A-O .. 112 4 J'ly '04 Sou th vr Div 1st g 09. .1947 AO 102 Sale 102 102 101 102 Tex A N O See So Pac Co Refunding g 4s 1951 J-J C8 34 Sale 884 80 884 924 Tex A Pao 1st gold 5s 2000 J-D 122 122 J'ly'05 1204123% ir koUI notes 4 4..190S J-D 96 Dec'04 2d gold ino5s §2000 Mai 954 90 4 J'ne'05 93% 102 133*" 100-'4 KCFtSdsM cong Os.,1928 M-N "'.'.I. 125 125 1214 1264 La Div B List g 5s 1931 .1 J 1064 1U-J4 111% 111% 7 K O Its A- M Ky ref g 4s 1936 AO 84 h Sale 89% 89 c 884 92 W Min W A N W 1st gu 5s '30 EA 106 4 Nov'04 3 , KCAM KA Blstgu53.1929 AO 100 Tol AOC 1st g 5s 1935 J-J ii3*4"'"-! 116 4 J'ne'O. 114 4 1 16% St Louis So See Illinois Cent Western Div 1st g 5s. ..1935 A-O 114 4 HI May'04 St L S W 1st g 4s bd ctls.1989 M-N 9876 sale 98% 9S?8 0041014 General gold 5s 1935 J-D 107 110 110 110 110 112 ; 2d g 4s ino bond ctfs...2Jl98'.i J-J 844 844J'ly'05 84 87 4 Kan A M 1st gu g 4s 1990 A-O 97 964J'ue'0: 95 4 984 7 a • Consol gold 43 1931' J-D 81 a 82 81 4 82 3- 80 4 844 Tol P A W 1st gold 4s.. ..1917 J-J *924 93 93 93 91 95 Gray's Pt Ter 1st gu g os 1947 J-D Tol St L A W pr lien g 3 48.1925 J-J 91 914 91 J'ly'05 89 4 9 14 St Paul A Dul See Nor Pacific 50-year gold 4a 1950 A-O 86 Sale 85 86 83 86% 97 Bt Paul M A Man 2d 6s.. .1909 AO 109U , 113 J'ly'05 108!>8ll3 Tor Hani A Bufflstg 4s.A1940 J-D 4 99 98 J'ly 05 97 98 4 3 1st con sol gold 6s 1933 J-J 138»4Sale 1384 1384 136 139 Ulster A Del 1st con g 5s 192S J-D 112 4 110 8 J'ue'05 110% 113 Registered 193a J-J 140 Ma>'()2 1st refund g 4s 1952 A-O 95 4 Jan '05 95 4 95 4 3 Reduced to gold 4*33. .1933 1123 3 105 4 Sale 5 105-'<4 75 108 J-J 4 . 1114 J'ly'05 111 U3 4 UnPac BB A Igrg4s...l947 J-J 105 S 104% 4 3 Registered. 1933 J.J 1164Apr'01 Registered 1947 J-J 105 4 J'ly'O., 1034 106 4 gold Sale 3 3 7 138 Dakota ext 6s 1910 M-N 1104. 110 4 May'05 1104U2»s 1st lien convert 4s 1911 M-N 1304 127 a 130 ) 1157 112 8 4 3 Mont ext 1st gold 4s 1937 J-D 1U44. 104 J'ly'05 103 105 Registered 1911 M-N 137»4 Apr'05 HO * 137% Registered 1937 J-D 106 May'01 Ore By A Nav con g 4s. 1946 J-D 103% Sale 103% 103% "i 102 104 1st div 1st 1033* 3 3 126^ E Minn g 5s. .190s AO . 104»« Mar 05 104 4 104 4 Ore short Line lstg6a.. 1922 F-A 126 4 126 v 51 124 127 4 Nor Div 1st gold 4s 194s A-0 1st consol g 5s 1946 J-J 1174118 1174 117 4 i 117 4 120 3 Minn Union 1st g 6s 1922 J-J 120 124 May'05 123 124 Guar refund 4s 1929 J-D 96% Sale 964 96 4 MO 95 4 98 4 MontO 1st gug 6s 1937 J-J 135 135 Jan '05 135 135 Kegistered 1929 J-D 3 Registered. 1937 J-J 134 4 Dec '04 Utah A Nor lat 7s 19Uc J-J lu7%. 112 Dec'OI 1st guar gold 5s 1937 J-J 117 4. 118 4Feb'05 1184H84 Gold 5a 1926 J-J 1144Apr'01 Will A b E 1st gold os.. 193s J-D 1214. 117 Jan '04 Uni ^J J RR A C Co See Pa Kit 8t i- A .Nor Pac See Nor Pac Utah Central See Rio Gr Wes St I'AS'xCity See C St P MAC Utah A North See Un Pacific Salt Lake C 1st g s f 6a. ..1913 J-J 110 Utica A Blaok R See N Y Cent 3 S Ee Pres A Ph 1st gos...l942 M-S 110 Jan '04 Vauiialia eonaol g 4s 1955 f-A *103 4 , l04 4J*ne'O5 1044104% S A A A P See So Pac Co Registered 1955 F-A §1 N P lstsmkr g 5s. 1919 J.J 109*8 108 May'05 108 108 \! er Val lnd A W See Mo P av t A West See Atl Coast L » irginia Mid See South Kv Scioto Val A N E See Nor A W Va A South w't 1st gu Ss.2003 J-J 11041124 112 4 112 4 10741124 Seaboard Air Line g 43 ...195U AO 90 Sale 90 90 84*4 92 Wabash 1st gold 5s 1939 M-N 118 1184 118 118 3 116 119 4 Coll tr refund 3 g 5s 1911 M-N 104 1044 1044 102 104 4 2d gold 5s 1939 F-A 1094 Sale 109 4 109 4 41 107 1124 Car Cent 1st con g 4s. ..194; J-J 95 Mar'05 95 980s Debenture series A 1939 J-J 99 90 Feb '05 90 90 Fla Cen Pen 1st A gos. 191s J-J 108 . 109 Feb '05 109 109 Series B 1939 J-J 71 4 Sale 684 72 297 66 4 84% lat land gr ext g 5s ...193b J-J 1034. lat lien equip a fd g 5s. .1921 M-C 102 ...... 103 J'ne'Oe 102 103 Consol gold 5s 1943 J-J 107 4. 109 4 Mar'OS ... 109 4109 4 1st lien 50 yr g term 4s. 1954 J .1 924 92 Apr'05 92 92 Gu A Ala By 1st con 5sol945 J-J 1104. 112 4J'ne'05... 109 4 114 Det A Ch Ext 1st g 5a. .1941 J-J 109 111 112 109% 112 . Ga Car A No 1st gug 5s 1929 J-J 1104. 110 Jan'05... 110 110 Des Moin Div 1st g 4s. .1939 J-J 904 97 Nov'0-i Seab A Roa 1st 53 192i J.j 109 . !114May'03 ... Om Div 1st g 34s 1941 A-O 864 87 88 Apr'05 86 884 Slir A So Ute M K. A T Tol A ChDiv 1st g 4s. ..1941 M-S 93 99 97 May'05 95 984 > Oca A G See Atl Coast L St Chas Bridge 1st g 6s. 190s A O 109 4Mar'0i. " god Bay 1st 1 A So g5s 1924 J-J 105 102 Jan '03 Wab Pitts Term 1st g 4s. 1954 J-D 87% Sale 864 C8 -. 12i 864 95% Bo Car A Ga See Southern 2d gold 4a 1954 J D 38 33 374 38 99 35 45 4 *k> Pac Co—RR 1st ret 4s. 1955 96 J4 Sale 95 4 964 357 95 4 984 Warren See Del Lac A Weat Coll tr g 4H»s iwb 102 Mny'Oo 101 102 Wash Cent See Nor Pac Goid "54 48 (Cent Pac coll).A:194'. "944 Sale 94 9l»e 92 4 974 Wash O A W See Southern Registered fcl941 94 May'06 91 94 Weat Maryland lat g 4s. ..1952 A-O 88 Sale 88 83 s. 4 s 87% 94 A A N W 1st gug 5s.. ..1941 100 109 4 Feb '05 lOS^lll"* West N V A Pa 1st g 5s.. 193 J-J U9 4J'ne'o: 118 1194 Cent Pao 1st ref ~97 4"98*"-. gu g 4s 1949 1024 Sale 102 4 102 4 15. 1U0-4 104 Gen gold 3-4s 1943 A-O 984 J'ne'O; •J 6% 98% Registered 194'.' 99 4 Mar*08 Income 5s ^1943 No\ 27 40 Mar'OJ Mort guar gold 3 4s. Jtl929 88 "884 88 4 J'ly'U5 87la 90 West No Car See South By Gal Bar 3 1st 7 A A g 6a..l91o 109 4 1U8 4 Mar'05 1084 no * W VaCentAP 1st g 6s.. 1911 J-J 110 112 Moy'O. 111 112 2d gold 7s 1905 103 Sep '04 Wheel'gA LE 1st g 5a. ..1926 A-O 1114 114% Mar'05 1144114% Mex A Pac 1st g5s.... 1931 109 4 115 Feb '05 1134H5 Wheel Div lat gold 5s. .192c J-J 1114 114 4 May'05 11 14H44 Gila VG AN lat gug os. 1924 1074 4J'ne'o5 110 Kxien A imp gold 5a. ..1930 F-A 1134 114 J'ne'05 113 114% Hous E 110 107 107 4 A W T 1st g 58.1931; 105 107 4 Feb '05 195 4 1071, RR l8tconaol 4s 1949 M-S 92 4 Sale 92 4 94 S 46 92 95 4 lit guar 5a red iw 103 103 4J'ly'04 20-year equip s f 58 ...1922 J-J Ill 102 Jan'05 102 102 H A TClst g Saint gu.. 193' 110 112 4 J'ne'05 110 fl»112 34 Wilkes A Eaat See Erio Consol g 6s int guar.. .191-. 113 Dec '04 Wil A Sioux F See St P M A M Gen gold 4s int guar. 1921 ,1004 100 J'ly'OC "95 4ibo4 Wis Cent 50-yr 1st gen 4s. 1949 J-J 93% 91 91 94 90 4 ^H Waco A N W StanolucturiiiK oV I mlnxtrinl .^liscelluneous Cent Leather 20-year g 5s 1925 A-O 100 Sale 994 100 245 9941004 Adams Ex col tr g4a 194b M-S 104%.... 1044 1044 103 1054 Col loll '.uacco 50-yr g Is. 1951 K 814 Sale 80 4 814 15 71 84 4 Am Dk A lmp5s ^eeCeutNJ U-re.l I 48.... 1951 E 85% Dec '04 ' tin ssCoof W Va g 5s 192' MN I'll!', Distil. "57" sec Cor con v la i'l'i 77" U'ki'n J'ne'O! IS . 4 FerryCo latoonag E-A "S3" 48 int Paper '..„ 191- Isl con g 6s. F 1"". 1 Chic Jo A St Yard col 08.1915 J-J ins J'ly'o. 10S -'" 110 g ( ; I *76%"" 714 1 g 5s 93 5 914 net .M A M Idgr incomes., A C J'ly'O! Int bt i-ump lo.yr conv. 194 J'ly '05 lloboken L a l gold M-.N luc) 1st gSa '.' .1-4 Mail s,| 1-1 : Lackaw FeVo.', 98 Garden 5s.. 1919 MN Steel . -._. A 106% . 106% los Man Bob 11 A L gen g 48.. 1941 M-N 50 Eeb'O. gatStaichMfgCol8tg6al92i •• . >7 .; iy ;. 93 1 Ne Ship ,\; D l).",i J-J Nat Starch Cos t dc 614 08 J'ly'o.', N Y Dock 50 yr 1st K-A 9748ale 97 4 974 8Un Rope - '.W A TlatgOs... 53 59 '4 l l,lVll|. [It I.,, :, 1. 1921 M-S 100 H Incoiue gold 1 1 5s '. « - al- I 8 St Joseph Stic Yds 1st 1 V S LeaUiCodMer, 54 4a J-J 110 110 I St LTerCnpplesStat'nA Pron A ' tconvtlebg5s'24 21 Co lets 1 4a 8 20 year.. 191 ) J-D L S . ' CorplO-buyr., 91% 3 Yniiu wat Co oon 6s. .1923 J-J 119 J'ly' Rrgistere.l g . 87»4 -M, 1 in. 1 1 J iSale 94% I Val Wat Woi .1-S 3 % v»-C.ir Chi m col tr 100 "' 1 5s g.AVl 1UO 101 - l:e CHICAGO STOCK EXCHANGE—Stock Record-Daily, Weekly and Yearly b'lOCKH—HIGHEST AND howhsT SA LE PRU EH STOCKS Jnuitje n,r year Jiangs lor J^revious CHICAGO STOCK 0/ the 1905 Year (1904) 11 'I n a halui'mi Uonda 1/ Tuesday ed nesda% Friday EXCHANGE 1 a ' ju'ai 22 1/ 26 July 26 Jul// 27 July 26 Shares Highest J/tghest Kailroada 187 187 .187 Last 8a li 196 Mar'06 OhlC City By 100 180 Jan 5 199 Feb 1 155 Hat 190 Aug I '.' • Ml.- !!-(,! | III-.. Chic Pass By I. 'I s I S a I J'ly'05 & Paris J'ly ! c Oak 4 7 i Jan Not hast J'ly'o.' prel 10U 24 Jan 31 23 Si p 27 Nov 794 79 80V Ml-, 8O4 32 83 H, 83 4 85 1 ihic : . a 0:: Mar3] -0 .I'iv.- 1, a 1 1 in.- Salt Union Tract. . 13 v Feb 3 Xov haul , : .J My' IS Do prel loo 30 Apr 18 51 Ki-ij - i 5 Nov •l.i 43'.. •43 h'ans 43 'a 434 43 43 City By* Li . 1 1 "9 J'ne 2 31 Dec Do prel 100 ..11 1 HayJ 2 804 Nov -v '.-. - 3 25 "234 28 25 *234 Metropol \v 8 Elev. 20 Jan : 25 4 J 26 >-ep -1: 64 'h 65 66 64^ 044 04 65 ; 6 . Do prel 100 Jan 10 68 -1 41 Mai 'let 1 >..; 57 63 .VotHi Cine 1 .'v.- 57 60 6 60 Btrei ion fly 21 99 I 65 Mai 38 Sep - * 2 I '21 2 1 A « t S' .'-"I j'lyo Xorl 1" 3 4 4 \ a ale Invest i-rn I 21 Jan 15 Jan 26 4 N'or «B3 '63 .. .. *63 I. a S a *'iH 28 S e 3S4 treets WStaole c L 28 1 4 Jan 4 28 Jan 34 <'ct '>. '98 98"8 984 "a be' 984 984 98 99 99 Do prel 100 1 1 37 Lo34 Marti >-2 4Apr 103 Jne "10 45 JO 45 •40 45 •40 45 »40 45 45 45 iVeetC3Mc Street loo 5o 40 J'nels 72 Feb 3 38 Api 564 Sep IHiHcellnneous Allis-Cli.'ilmers 100 Do prel 10 • '8 i 11 '.i41-'i-li 1 11 4 \V Central Trust Bank. .100 148 4 Feb 23 150 Marl* 120 J'ly 123 '4 J an '10 •10 •10 MO Last sal < 10 Feb'05 Chicago Auditorium.. 10 Jan 5 10 Jan 5 10 (Jet 104 Nov I ' Last Salt J'ne'05 ChicBrew'g&Malt'g t J'ne 2 1 Jan 18 1 Jan 1'4 Not "6 *o .... hast sale i5 J'ly '00 Do pref 6 J'nel* 7 Jan 20 7 Feb 8 Feb * 100 155 158 Z158 158 155 157H *155 1574 Chic Edison 100 15 153 Jan 25 172 Feb 20 140 May 1734NOT 43 44 44 431.2 v, 44 45 45 45 45 45 clue Pneumatic Toul . 1 00 330 32 Jan 52 4 Marie 13 J'ly 36 Nov * 135 135 135 ...... J<"' 135 135 *. 135 Chic Telephone 100 39 125 May 143 4 Feb 1 115 Mar 147 4 Nov *1034 104 1034 104 Last sale ;dV" j'ly'Oo Chic Title & Trust... 100 95 Apr 105 34 Mar 6 80 Feb 10 s Oct 140 140 140 140 140 140 140 140 140 140 J.394 1394 Diamond Match 100 077 134 2 Feb 142»8Aprl5 1204 Feb 142 4 Nov s 58 8 594 59 59% Illinois Brick t 100 150 05 J'ue27 66 4 May25 Kans City Stock Yds. 100 '05 Aasf ,S'rtJ« 13 J'ly Knickerbocker Ice. . . 100 11 Feb 33 J'ly 14 104 Dec 12 Oct Last Sale 72 4 Apr '05 Do prel 100 63 Feb 10 73«4 Mar 60 Jan 02 Feb hast Sale I? J'ne'04 London & Chic Contr.. 17 J'ne 20 Jan hast s a I e Dec '04 Manufacturers' Fuel. . 7 4 Nov 9 Deo hast Sale 46 May'05 Masonic Temple 44 4Mar27 46 Mai- 42 Aug 51 Jan Last Sale May'05 Mil& Chic Bre\y'g 2 Jan 30 2 Jan 30 1% Apr 2 4 Jan Last Sale 20 Nov'04 Do pref 20 Nov 25 Sep 3 55 55 '4 55 55 4 55 '2 56 56 50 4 57 58 574 58 , National Biscuit 100 5,090 54 Jan 20 65^4 Apr 36 Jan 584 Deo 1124113 4 112 4 112ia 112 112 112 112H 112 41124 113 4 114 Do pref 100 '1 ,'-'3 4 11134 Ply 19 1204 Mario H94Jan 1164 Not •63 64 *63 04 '63 65 *63 64 63 63 4 04 4 644 National Carbon 100 60 41 Jan 25 67H>J'ne24 20 4 Mai 464 Deo »117 118 117 118 117 118 U174U8 118 118 117 1184 Do pref 100 2 110 Jan 5 120 J'ne IV 95 Jan 120 Sep J Last sale 5 4 May'05 Page Woven Wire Fence 5 Apr 20 5 34 Mayil' Do pref 5 s Last Sale IOH4 J'ne'05 People's Gas L& C'kelOO 99 8 Mayl8 llO^ Apr i> 98 s Feb 1104 Nov Pullman Co 100 St Louis Nat St'k YdslOO 108 108 10741074 10741074 U074108 1074108 108 103 Swift <& Co 100 141 106 Feb 25 114 Jan 99 4 Apr 116 4 Not Last Sale 88 J'ly '05 The Quaker Oats Co. 100 46 Jan 25 92 J'ly lo 35 a4 J'ne 474Jan 97 97 97 4 984 974 974 95 99 Do pref 100 '267 S64Jan 4 984 J'ly 20 75 J'ne 87 Not Un Stock Yds(SoOm)100 Last Sale I0°s Dec '04 Union Bag & P Co ...100 7 4 Oct 10% Deo Do pref 100 s l s 14 14 14 1-4 14 14 14 1% 14 14 1% Unit'd Box Bd & P ColOO 2,09-5 1% J'ly 25 2 4 Apr 3 3 J'ly 34 Not 5 10 14 104 10 10 10 10 h 94 94 94 10 Do pref 100 575 9 8 J'ne28 14 4 Apr 3 7 J'ly 203* Jan 35 34 33 34 *sa"*86 834 344 334 334 Western Stone 100 325 23 Feb 15 384Aprl4 14 Sep 25 4 Deo t This is new stock. Chicago Bond Kecord Chicago Banks and Trust Companies BONDS Dividend Record Price Week's Mange Outstand- Surplus & STOCK EXCH'GE Friday Range or NAME ing In In Per- Last CHICAGO Since Profits Paid Week Ending .toly 28 July Bid Ask JjOvj High .Xo Low High Bankers National 2,000,000 $1,065,962 Q-J J'ly '05, 2 Amer Biscuit 6s 1910 F-A Calumet National 100,000 31,067 Jan fan •05, 8 Amer Strawboard 1st 6s. .1911 J-J t99 4. 100 4 J'ly'o; 9941014 Chicago City 200,000 168,801 13 8+5 J-J J'ly '05, 4 Cass Ave & FG(SiL) 5s. 19 1 J-J 1034 J'ly '05 103 41034 Chicago National 1,000,000 1,423,345 15 12+3 Q-J J'ly •05, 3 Chic Board of Trade 4s ...1927 J-D 104 M uy'05 103 104 Chicago Savings k 500,000 fc65,314 3*" Chic Consol Br & Mit 6s J-J 103 Apr '04 Commercial National.. 2,000,000 1.792,123 12 12 Q-J J'iy' •05," Chic Consol Trac44s 1939 J-D 55 644 Apr '05 62 604 Continental N at ional. 3,000,000 1,232,030 8 8 Q-J Fly •05, 2 Chic Edison debent 6s 1913 J-J 104 4 J'ne'05 103 41044 Cook Co State Savings 50,000 3,07'- 6 6 Q-J Fly •05, 1<» 1st gold 5s A1926 A-O 1044 104 '4 J'ne'05 104 10434 Corn Exchange Nat... 3,000,000 3,561,208 12 12 Q-J J'ly '05, 3 . Chic Auditorium 1st 5s. ..1929 F-A 97 ^ 102 98 Feb '04 Drexel State 200,000 16,274 6 6 Q-J J'ly •05, 14; Chic Dock Co 1st 4s 1920 A-O 1004 Drovers Dep National 600,000 274,692 8 8 Q-J Fly '05, 2 Chic Equit Gas 6s 1905 J-J lOO^.i Nov'04 First National 8,000,000 6,113,755 1112 12 Q-J Fly •05, 3 Chic & Mil ElecRy 5s. ...1919 J-J First Nat Englewood.. 100,000 106,771 10 6+4 Q-J J'ly '05, 24 Chic Pneum Tool 1st 5s .al921 J-J 70 Sale 68 71 02 68 80 Foreman Bros B'k'g Co 500,000 627,237 Priv ate Ba n k Chic Rock I & Pac Rli 4s. 2002 M-N 79 Nov'04 Fort Dearborn Nat. ... 1 ,000,000 251,'! 14 6 6 Q-J J'ly '05, 14 Collat Trust g 5s 1913 M-S 80 Apr '04 Hamilton National.... 500,000 141,890 "§" "§" Commonwealth Elect 5S.&194 M-S 100 106 4 1064 1064 106 41084 Hibernian B'k'g Ass'n 1,000,000 1,049,404 J-J Fly •oo, 4 Illinois Tunnel 5s 1928 J-D *96 96 97 95 4 98 Home Savings 100,000 155,785 10 10 J-J J'ly '05, 5 Kans City Ry & Lt Co 5s. 191 M-N 1004 Feb'05 10041004 Manufacturers Bank.. 200,000 11,589 Q-F May '05, 1 Kmckerb'cker Ice 1st 58.1928 A-O "97 4 93 J'ly '05 97 98 4 Milwaukee Ave State. 250,000 203,154 "ii "S" J-J J'ly '05, 3 Lake Street El 1st 5s 1928 J-J 99 99 4 J'ly 'OS 97 4100 Nat Bank of Republic. 2,000,000 952,610 6 6 Q-J •Fly '05, 14 Income 5s 1925 Feb 16 Mav'OO 16 16 National Live Stock... 1,000,000 1,302,966, 15 12+3 Q-J Fly •05, 3 "94 54" 5 Metr W Side El 1st 48....19S8 F-A 95 94 s 95 53 944 964 North Side State Sav.. 50,000 0,034 Fly •00, 14 87a '00, Extension g 4s 1938 ,T-J e J'ly'05 86 904 Oakland National 50,000 49,530 "ii 6 J'ly 3 Norch Okie St 1st 5s 1906 J-J ibo' 97 J'ne'05 95 100 Peoples Trust & Sav .. 200,000 13,510 New Bank 1st 5s 1909 J-J 96 May'00 94 99 4 Prairie National 250,000 59,596 Refunding g 44s 1931 A-O "so" Prairie State... 250,000 73,721 *'s" 1J38 q-J Fly '05, 2 No Chic City StRy 44S.1927 M-N 90 J'ne'05 90 95 Pullman Loan & Sav.. 300,000 170,013 8 8 Q-J J'ly '05, 2 North Wcst'n El 1st 4s. ..191 M-S 94 4 944 944, 934 954 South Chicago savings 200,000 hi, -70 5 Q-J J'ly 'Oo, 1 Ogdeu Gas 5s 1945 M-N 89=a 89-4 895, 88 964 State Bank of Chicago. 1,000,000 607,524 6 Q-J Fly 'Oj, 2 Pearsons-Taft 5s 1910 J-D 100 Stock Yards Savings .. 250,000 104,015 4-40S B B B 1920 M-B 99 4 99 4J'ne'O0 99 994 Union Bank 200.000 23,501 Begar May'l. l'.M 5. - 4 40s Series C F-A 99 4 99 34 J'ne'05 99 4 994 Union Stock Yds State 200,000 19,029 New Bank 4-OOs Series E M-N LOO Apr'05 99 4 100 4-80s Series F M-N 1004 100-4 J'ne'05 100 1004 Amer Trust & Savgs.. 3,000,000 1,969,687 6 7 Q-J Fly '05, 2 '05, People's Gas L & C 1st 6s. 1943 A-O tl23 , 123 4 1234 J'ne'05 123 41234 entral Trust Co of 111 2,000,000 910,301 _ 1 4 Q-J J'ly 14 Refunding g 5s 1947 M-S tl06 10G J'ne'05 105 41074 Citizens' Tr & Sav Bk. 200,001 New b ank. .. Chio Gas £t& C 1st 5s. .1937 J-J 107 4 108 1084 1074 1084 ( 'olonial Trust & Sav. 7.-2OO.OO0 fcl01,477 5 5 Q-J Fly '05, 14 Consumers' Gas 1st 5s. J-D 107 H 107 May'05 100 41074 Drovers Trust & Sav. 200,000 48,094 6 J'ly '05, 14 South Side Elev 4 4s 192! J-J i"034 104 1034 103>«, 1024 1044 Equitable Trust Co 500,000 450,000 8 8 u Mar •05, 4 Swift & Co 1st g 5s 1914 J-J 103 103 J'ne'05 ln'241034 Federal Trust & Sav.. 2,0 d Wi hAm T':u-'. & Sav. Bank Union El (Loop) 5s A-O U064 106 '4 100 14 105 4107 Kn st Trust ||Alsopaid L2 Deo.,19U3, instoclcof B\irs1 speoial Lrvulend leoiaxed 10, 1904. 4%in Prust & Savings Bank, fl I deludes oE 30ft Aug. * Bid and asked prices; no sales were" made on this day. t No price Friday; latest price this week. a Due Dec. 31. b Due June, c Due April. h Due July. k Capital and surplus to be inoreased. . — — . . ' ; July 29 L905.J THE UHKONICLK. VM) . i«ns BtoouridcM Bid Industrial and >l lacel Hta < <'u. l i Ddiana Nat .t [11 las— Compressed Air . . 1 00 Volume ol Business at Stock Exchanges 1i "• I II l hi 6a L908 M-N 96 Cons, .It, Car eal 111 OU i-.in I odlnnnpohs Baa 60 60 Ell I'M 'ks TRANSACTIONS AT THE NEW 70BK BTOOK EXCHANGE. 1st 6a 1962 A-o lop... ibis" • I'l 67 71 Jackson Gas Co 50 Bl 1 ',01s Ry l.i'.-.v Refl'lg. 100 7 74 < i 7 101 1 DAILY. WEEKLY AND YEARLY 5a g 1037 \ lonsol Rnl . LOO -"< Kansas City Gas 100 40 II 111 III r Is • 1 . i Laclede i. as .10( 1".: ions sun 1 -M' 10 stocks '1 Week ending Railroad Ac < Preferred 100 110 , .linns' Sll A I 1 27 July S3 Bonds Bonds Montis Laray'eGaslsi 6s'2 i.M-N BO ;;.-. tICruolble s eel lm IO'. I'JVJ Shares far value WabV Lai 6a'25.J I •pi . n . las 6s L926 k i J106 M is,,. 1 896 103 Saturday ... 410.243 135.604.300 1,000 Newark Gas 6a L944.Q-J nollil Mm. 12" 1 '.M . • 11 Monday 1)5,589.700 1,501.000 Newark Consol <;as.. io> lomlnioD 1 in ,1 ' • - 1.-. l.SlHl ! : . . lay 1.573.00U 84.00 6,000 .\in a 5s 1948. ...S D 12 ion 1 topper t 1 17,200 1,40 No Hudson 1, H & Poti Elect ric Boai 101 20 Thursday.. S7.300 2,612.000 5s 1 18 Sl-0 }110 ferred LOi 60 C8 -:.-"' Friday 2,64 1,000 'li'.OOO ind C Nat & til 3 5 1 M l'i 1 1st 6a L926 r.D 23 ii 1 rid 1 I Hi 7 1 78 Total 2.681.636 $241,700,500 $10,435,000 11.000 Pal >*.- Paa Qasd Eleotric Vehicle LOO 17 10 • Con a 5s I 'Mo. ...Ms Pn I irred 101 26 . I l •. -.; 98 99' 1 sai.es at Week ending /i January to July 28 st Joseph Gas 5a ; 7. J i Electro- Pneam'ic ran h 1 K 'i Sim York stock Ompire Steel 1 01 7 angt 1905 1904 1905 Telesrr & Telephone [erred 10, 12 ' ... Till I 'h.'llllC.ll . .Ill' ' ; • • AmerTelegA Cable 10U 91 Preferred LOi 104 LO • Stocks— No. Bl 2.681.636 2,6 149,864.531 13,020 i. ."• ^ itraJ Amer. 100 123 .1 v.iiue $241,700,600 $242,1 1,747,375 A So ; !.. : (J d Tel ( Y). - hi ' topper 1 1 «... i • !omraer N 91i $52 ! Bank shares, par.. W,8< .-o 84" -'..' Emp A Bay state Tel LOO :ic Con 1 topper... 10 BONDS Franklin LOO 53 ne ( ion sol aold... 10 1 !- .. t • $41,000 157,901 I Boveru-neut bonds Gold A; Slock lOd 120 L25 hreene Gold-Sllver....lO \ 5 189,51 II 110,991,350 State bonds 2.457.800 • I'-js, L905 HackensackMeadowslOO 19 20 10 525,727,900 95" Bit, and mis. bonds 10.4S5.00u 10.849,5 134,200 Hudson River Telepn 100 "oo" di aok Water Co— • \ S*«ft N J Teleph... 100 165 170 Bel g is 52 op 12. ...i-.i 595 s - Total bonds.. 12,983.801 $11,040,680 $637,077,150 $372,328,480 ' Northwestern Teleg. 60 L25 128 11. .ii Signal Co 10(1 86 91 i-aciilo <& Atlantic 26 80 85 am ana 1 tommerclal. LOO 12 DAILY TRANS ACTIONS AT THE BOSTON AND PHILADELPHIA, HSouthern & Atlantic 25 101 105 Preferred LOO 36 Havana Tobacco Co.. 1 0( 26 28 EXCHANGES Preferred loo 34 37 Electric Companies 1st g 5s June 1 '22.J-D 80 Hz 81 Boston Philadelphia Hecker.Joues-Je«v'l Mill Weekending Chicago Edison Co See C hicago list lslOs 1922 Ms 105 109 July S3 ". 1 CingsCo El LtfcPCo 100 195 210 II erring. Hall-.Marvin LOO 1 iyu5 Listed Un I isted Bond Listed Unlisted Bond shares shares sales shares shares sales Xarragan(Prov) El Co 50 (100 104 1st preferred loi 25 35 NY&Q ElL&PowColOo 58 62 2d preferred LOO 2 4 Piolerred loo 35 90 llobokcn Landifc Imp lot 20o Saturday .. 16.3712 3.517 #3,000 11,219 19,166 S9,000 Uuited Electricof N J100 25 1 5a L910 .M-.N 5102H 103 'a Monday ... 26.092 5.021 120,500 n.o id 17,926 7.931 47,0 19,507 14,947 20,100 4sl949 J-D 573H i'l Houston Oil loo 2 3 Tuesday... 47,940 21 Wednesday 10,001 44.000 6,057 19,720 57,000 Preferred 100 27 Hudson Realty lit) Thursday.. 89,062 11.024 03.000 15,023 8,309 28,000 Ferry Companies Internat'lBankingCoioO 100 103 Friday ..... 53.680 10,374 23,000 27,100 29,320 41,300 Int'n'l .Merc .Marine. 100 12 v 13i< Brooklyn Ferry stocklOO 3 Preferred 1 00 30 '„ 31 Total 210,7111 47,928 $300,500! 91,155| 109,474] $224,700 B&NYlstOs 19U.J-J 100 Col tr deb 4 Hsl922op'07 79 80 NY&EE Ferry stk. 100 70 74 International Salt loo 23 25 1st 5s 1922 M-N 92 93 1st g5sl951 64 09 N Y & Hob con 5s '40.J- 1) J109 110 International Silver. loo 7 10 Outside Securities Hob Fy 1st 5s 1940 M-N 5110H2 112 Preferred 100 40 47 X YANJl8t5sl946.J-J 5100 1st 6s 1948 J-D 5107 108 A Weekly Review of Outside Market will be found on a preceding page. NY & So Blykn Ferry&St Lanston Monotype 20 f 16 10^ Transp 1st 5s 1900M-N 90 100 Lawyers Mort lusur.loo 17o 180 10th & 23d Sts Ferry 100 40 00 TiLeh& Wiikesb Coal.50 45 street Kailways Bid Ask Street Railways Bid Ask 1st mort 5s 1919. ..J-D 95 96 Lord & Taylor 100 111 110 ULouisv St5sl930..J W E 5s 1J33..A-0 100 101 Stw Amsterdam Gas Preferred j o< jo 30 1st 5s 1910-1914.. ..JJ !102»4 - .in lyu ..lo t City stock. •241 1st consol 5s 1948. -J-J 5111 Hi 113 5s 1919 J..J 87 Tennessei 1 toppi t 21 27 ', i ,5 8ee Stock Exch list N Y • e Slk Exch list Nor Pn 1st 5a 1027. .M-N 8105 32 1 . ' com ..loo d -..J -J LOO ' Preferred 100 155 17'.' Coa tr. g. B.t 68 191 1.... 50 113 115 1st 5s 1930 M-N 109 112 apany com. 15 1 ed :.i 130 145 Union 405 LOO OTHER OH a's Cond Milk. 2d 117 -rock Exch Hat Amer Light & Trad Id 11 1 Unit. 100 Was.-, ref loo Preferred loo 100 ..1 < topper. 'i 1 A-O ll ll I. l 110 113 an I he U 8. .. . 597 100 c 132" I loo 4 His 101 , deb U S ... .J. J-J 5 110 170 •Voiles COM • Pi — Buffs cklOO i LOU 72 11 J 112 other emu ls1 - ~ee Stock Exch onndry un 11.. Cons ed 10' 17 ' : eet Ky— let I J-J 5112H, 111 ...A.O 107 5110 I ..J-D 5 - ' !o "1 110 ila lis! Fort ..J-J CriMt'wu 111 Gas.v D 'Jo. .100 ' 2 Lak ' ii ndaon i !o Gas latgSs 1917 i J Bayci pay,, a accrued Interest. 1 Price por share. (Sale price. ,±Ex rlxhts. *Ex div (New stock. •, *vU-t ou Stock Exchauiro. hut uul ' 4 41 a f 6 2 500 BOSTON STOCK EXCBMGE-Stock Record, Daily, Weekly and = Yearly Mange lor year Uange 101 rthnre l'ricen—Not l*er Centum I'rices STOCKS Sales Previoul BOSTON STOCK 01 the 1905 Year (1904) Saturday Monday Tuesday Wednesday Thursday Friday Week July 22 July 21 July 25 July 26 July 27 July 28 EXCHANGE Shares Lowest Highest Lo west Highest K.-iili-oadn 7 *S5 i.j 5 .i) -i;-., R{;3, 84*8 . 85 8 84 4 84' M 85 >s 85 V 85 AtcliTop & Santa FelOO 680 774May20"' 93% Mar 9 64 Ma: 89 4 Not ig 102', KV2 41024 102 1024 102 1024 '1024 Ki2'i 102 102k 102»4 Di> prcf 100 74 994 Jan 104 4 J'ue'28 88 Jan 1 1) 1 U Nor •j :.-,', :..-.', '255', •255 2564 v 255 255 k 2.',.",k •255 256 255 256 Bout on Last .sale 1 8 181) Jilt. 7S7k- J'ly'05 ConA Mont class 4. .100 86 Jan 4 189 4 Mar2." 1 1 6 Nov Last 8 (i 1 165 J'ne'05 Conn &, Pass Itiv prufioo L 60 4 Jan 19 165 k Aprl7 160 Api L 624 Jan Last Sa If Mar'05 Connecticut Kiver...l00 285 Jan 12 _05 Feb ' 276 Jan 2-5 J'ne 1 •146 147 1 16*3 ] 1 140 14(5 1454146 1454 146 15 4 146 161 Pltchourg on I urn 05 42 Jan 3 118 Marl 5 133 J'm 112 Nov •84 87 •81 87 •81 87 -84 4 87 Last .Sale Si J'ly'05 9a By & Electric... 100 59 4 Jan 16 85 J'ly 24 4 Jan 57 Dec * 92 *91 92 -91 92 91 91 :,i !i'. :a 92 Do pre! 100 20 36 Jan 1 93 J*ne2l 73 Jan 38 Dec Last .Sale /',5 k J'ne'05 Maine. Central 100 175 Jan 24 L854J'nel 1 70 J'n, 175 Apr * 3 '17 W 19Vio^ 19 19 lit '< 19 4 17 4 18'4 17ki 17 4 19 Mass Electric Cos 100 6!0 134 Feb 11 23 a pi 11 4 '-V 24 Jan 2 i-ui.j '4 1 * 64 63 03 63 63 6234 ', 59 61 giw, Do prei 100 2,066 55 Pell ! 7()4Mar30 52 \ Oct 8 '4 Jan 3 l 21 21 20>4 20 "20 "21 l'.l'»4 1 '4 i *20 2 Ik! 4 21k 4 22 Mexican Central loo 55 May 25 4 Mar 14 5 Api 2 3 Nov 4 4 202*" U 2014 201k 202 2(12 k 203 202 202k 202 202k 203 N V N H & Halt.. ..100 301 195 \ May23 211 April 1 85 4 May 199 Oct Last Sale :6'?34 May'05 Northern N H loo 165 Jan 19 167*4 Mav2" I.V.I Au. 163 4 Apr Last J a I e May'05 Xorwich & Wor preflOO 232 .Ian 24 233 May2 22 Jan 232 Apr 2015 207 206 *205 207 207 207 207 207 "206 207 Oht Colony 100 52 205 4 Jan 5 212 Apr 26 198 J'ne 2t)7 Apr * * .sale !'> !< . . 98 9H 98 98 Last ys J'ne'05 Peio Marquette 100 Jan 102 J'.-ij J i 74 Jiy 804 Feb • 7 ' 79 80 79 79 Last .Sate 78 s J'ly'OS Do pref.... 100 77 J'ne27 87 Feb 68 Mai 79 4 Nov Last .i n: J'ly'05 Rutland pref 100 50 Apr 18 72 Jan 19 29 Aug 734 Dec *14 16 •14 16 *14 16 '14 16 Last Hale 15 J'ly'05 Savannah Elec com.. IOC 15 Jan 18 17 .Ma CM •50 7 *50 52 •49 51 •50 .... 50 50 .... •50 Seattle Electric 100 10 50 Jan 5 55 8 Aprl>- 40 Jan 42 Feb *97 98 98 98 "97 98 *97 98 •97 98 Do pref 100 20 03 4 J an 9 1004 Feb 2a 87-4 M ay 954J'ly 1 7 3 127 127 k 128 128 4 1284128% 128 128 k 128 8 129 4 130 'g 131 Union Pacific 100 4,990 118 Jan 6 1374 Feb2! 71% Mai 3 3 3 *97 97 4 98 98 *97 97 , 98 98 *98 98 4 99 99 Do pref loo 49 06 May 1 101=8 Feb 20 86 '4 Mar 974 Deo '05 Last Sale 174 J'ly Vermont & Mass 100 . 172 Jan 18 175 Mai 160 Ma> 173 Nov 98 98 98 •98 98 k 98 k 99 100 99 99 West End St 50 367 93 Jan 100 J'ly 2 89 Jan 93 4 Deo 114 114 114 114 114 114 •114 Do prel' 50 112 Jan 3 1174Apr2 108 Jan 114 Dec l Last Hale 2^>8 Mar'05 Wisconsin Central... 100 . 21 4 Jan 2 25 Feb 23 16 4 Jiy 174 Feb Last sat 43 k Dec'04 Do prel 100 374 J'ly 434 Deo Last Hale 147 Apr '05 Woic Nash& Roch..lOO , 146 Mar'20 147 Mar28 143 Dee 146 4 Deo Miscellaneous 3 3 23 2 3 J, 22% 23 *224 23 Hi 22k» 22 4 22 4 23 •234 23k Amer Af,Ticul Chem.100 1,105 19 4 Jan 25 29 4 Apr 1 12 4 Apr 24 4 Deo *90 91 91 91 91 92 *90 92 90 91 90 4 90 k Do pref 100 141 86 Jan 3 93 Mar 18 71 Jan 87 Dec 3 7 3 3 3 3 •6 3 63.4 6 4 6% 6 8 6 4 6 4 6 4 6 4 4 7 •64 7 Amer Pneu Serv 50 460 44 Apr 13 74 J'ly 3 k Feb 6% Nov •28 28 k 28 28 27 k 27>o 27 k 27 k 27k 27 4 27k Do pref 50 310 20 Jan 17 30 J'ne22 17 Feb 27 4 Sep 3 13*8 7 7 188 138 137 4 138 k 8 139 138 B 1.88 % 139 139 140 140 k Amer Sugar Uelin 100 1,857 1304 May23 149 Mar 122 4 Feb 152 4 Nov 139 139 139 139 •1374 138 4 138 kj 138 k 139 139 139 139 Do pre! 100 71 1 32 May22 140 4 Mar 7 122 8. Jan 141 Nov 3 3 3 '4 3 3 3 138 4 139M 138 4 139% 138 4 139 4 139 139 13S 4 139 138 4 138 < Amer Telep & Teleg. 100 1,03! 137 May23 148 Jan 4 1194 Feb 149 4 Nov 3 3 374 38 37 '4 37 4 37 37 k 36k 36 4 36=8 37 k 37 4 38 H Amer Woolen 100 2,006 21 Jan 23 40%Aprl8 9 Feb 24 4 Nov ;, 3 103 113 k 102 1034 103 1034 103 103 14 102 4 103 ki 1034 103 k Do prel 100 457 924 Jan 8 109 Mar31 684 Jan 94 4 Deo 3 *3 7 Last Sale 3 *3 4 *3% •3% 8 4\ J'ne'05 Boston Land 10 3 4 Marl:- 4 4 J'ne 3 No\ 4 Sep 3 117 1174 '117 117 4 11688 116k 116 117 116 117 US 11 Cuuiberl Telep & Tel 100 2( 116% J'ly 25 124 Jan 6 112 4 Jan 122% Dec 3 3 3 24 21 *224 23 k 22 4 22 4 *22ki 23k. "22 4 234 Dominion iron & St 1'25 17 Jan 24 24% Mar 16 7 4 J'n» 19*4 Not 3 "*5 3 l 3 "*54 5 4 4 5 4 *5k2 5% 5^ 6 , 6 4 6k East Boston Land 450 5 4 J'ly 7 4 Jan lo 5 4 Jan 7 4 Deo 3 3 J 3 3 244 243 243 k 243 4 244 243 244 243 4 2 43 4 243 4 243 4 Edison Elec Ilium. ..100 101 x242 J'ly 15 257 Apr 6 230 Feb 265 Aug *174 176 174 174 174 174 k •173 175 173 174k 173 175 General Electric 100 35 1694Mav2-2 191 Janl al51 J'ne 194 Nov 5 7 45 45 45 45 454 45*4 44 g 44=8 •44k 45 45 45 \ Mass'chusetts(iasCoslOO 2,137 384 Jan 6 45 g J'ly 28 36 Dec 44 4 Aug 3 3 85 4 854 85 k! 85 < 85% 85 k? 85 ka 85 k 35 k 85 k 85 4 85=g Do pref 100 702 30 4 Jan lo 884 May12 77 4 Mai 84% Oct 200 201 t 200 200 200 194 198 •195 196 195 195 Mergenthaler Lino.. 100 12i US5kJ'ne2l 206 Apr 20 173 J'm 200 Nov 3 "14 lk **H4 Ik *14 14 1'4 lk Last sale I3g J'ly'05 Mexican Telephone.. 1(, . 1 Feb 6 2 Jan 4 1 4 Apr 2 4 Nov 139 139 139 139 138 138 138 138 • 135 134 134 N E Telephone 1 00 372 134 Feb 17 1404 Apr 2 7 118 Feb 141 Nov *1>8 3 •14 24 •14 2k •Iks 2k 2 k Last Sale 24a May'05 PlantComt'ststkcomlOO . 1 Feb2l 2 4 Jan 9 4 Oct 4 Jan •12 14 *12 14 *12 14 •12 14 Last Sale 13 J'ly'OS Do pref 100 . 10 Jan 6 17 Jan lo 8 Oct 17 J'ly 240 240 240 240 239k! 240 240 240 240 241 240 241 PullmanCo 100 33 230 May 2 3 252 4 Feb 28 208 Mai 243 Nov Wj 10 10 12 6 Jan 9 , *y 9% 9k? 9k! 9k 9k *9k •9k, 94 Reece Button-Hole.. 10 55 8 4 Jan 104 Feb 4 Nov 108 108 107 107 k *107k> 108 k 108 108 *107 34l08k 107 108 4 Swift & Co 100 222 105 Feb 24 114 Jan 5 -c99 34 Mai 116 Oct 18 20 •20 . * 20 Torrington Class A.. 25 18 J'ly 2t 23 Jan 18 22 Dec 22 4 J'ly ,-25 26 *25 26 •25 26 •25 26 Last Sale 26 J'ne'05 Do pref 25 . 25 May23 264 Jan 16 24 4 Oct 26 Not *2 34 3 k *2kj 3k *24 3 k •2ki 3k •2k2 3 k 34 3^ Union Cop L'd & Mg. 25 100 2 k May25 4 Jan 6 2 Jan 5 Oct 3 106 106 105' 4 10.6 105 k 106 106 106 k 105 k 106 1064 1064 United Fruit 100 770 103 Apr'20 115 Feb 2o 95 Feb 113 J'ne 3 3 t 70 70^ 69 69 k 68 69 68 69 63 68 68 4 68 4 Un Shoe Mach Corp. 25 3,819 57 J'nelo 71 J'ly 21 3 3 3 tJt>5 [ 31 4 31 4 31 4 32 32 32 32 32 32 32 Do pref 25 31 J'ue3( 33 J'ly 8 Last Sale i3k J'ly'05 U S Leather 100 H 34J'ne 8 144 Jan 16 0kMa\ 20 4 Deo Last Sale 7ii4 J'ne'05 Do pref 100 100 4 Jan li 1114J'ne2t 77 Jan 103 Deo 7 3 Last Sale 4S>4. J'ly'05 U S Rubber 100 34 8 Jau 4 484 J'ly 2i 10 4 Feb 34 Nov 109 34 100% Do pref 100 50 98% Jan 5 1174Apr 7 40 4 Jan 99 4 Deo 3 3 3 3 1 7 32% 33 4 33 33 4 33 4 34% 33=8 33 4 34 34 4 344 354 U S Steel Corp 100 12,549 24 gMay22 38 k Apr 7 8% May 33 Deo 3 3 7 7 101 101', 100%101 4 101% 102 101 ki 102 k) 10214 102 4 102 8 103k Do pref 100 5,793 91 May22 104 8 Aprl8 5l4Maj 95 4 Deo *-50 60 •50 •60 *-50 60 ••50 •60 Last Sale 40 J'ne'05 West End Land 25 •40 Mar30 •67 4 Jan 21 •50 Api •75 Jan *184 20 18 18 •IS 20 18 19 • 19'4 19 19 West Telep & Teleg. 100 132 16 4 J ne2o 22 4 Feb 6 6 4 J'ne 23 4 Nov ; '.Hi ' *98 99 k . 99 , 99 99 194 99k Do pref 100 2 97 4 Jan 24 104 Feb b 76 Mai 01 Deo ! •82 85 85 •83 85 "83 85 Last Sale S4% J'ne'05 Westing El July 29 19<>5. Boston Bond Record. 501 BONDS BUMW Price Rang* iTice 11 itk's Lonpt BOSTON STOCK t.XOH'GK Rant/4 or S"g since BOSTON stuck EXCH'QE trulav Range or lsoiN.i ^J s\ itK EROOie July 28 II Juli/ 99 J.ast Sale «!< lanuuru 1 WEEK Jlly 28 July »8 last Salt -; i /fl 'i ",/ n/ 2 Bid Ask Loir High Low High Hi,i Ask Low High Hiuh. T 99' '*»le 99 II Illinois Steel dclion 6s. ...1910 J-J lol '06 ion 1 Am Hell Telephone 4s 1908 8 g LOOSs J'ly , loisi s» Am Teiep a- Tel ooll B 48.1939 96 Salts 90H S»6V VI 07-\ Noli -eonvei t ileben 58. . . 1913 A-0 101 •«h Sale 101 101 "a LOO L02»a v' AU'inv Nebraska let 7«.. 1908 107 J'ly'05 lo; ids 1.1 1 .iiis.v 9ions Lai 7a.. 1017 A O 128 "a J'nc 01 iu';;"v '03 ' 1 1 1 1st 'of, 1.1V1" Ateii Top it S t e gen g 4s.. 1995 io2'b 103*4 J'ly 10a uoi v Kan c I 1 A spr 58.. . 192.1 A-O 101 H'l Si J'ly iii'i'si Adjustment s 4» My 1995 96 97 96 J'ly '05 94 "4 Hani' Kt S A Gull lsl 78..1908 J-l) I07>s los'.. 108 J'ly '06 in,- .., nihi.j Boston Elect Light lstOs.1908 Kan C Fl Scott A M 88 1928 Nl-N 1 23 1 2 I L24 1 24 Feb 'hi 98 99 '08 i 'on so i Da 1924 L10 Kan CM A B gen 4a 1984 MS 08 Si J'jj 97 Si 98>a Boston a- Lowell 4s 1907 104 Si Apr'oo Assented inc.oino 6s 1984 MS 94 94 Hi 94 Sj 9 98 94»< Boston A- Maine 4Si8 1944 117 Feb '04 kan C A M By Notk— Buyer pays acorue Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly Shnre Prices—Not I'er Contain I'rices ACTIVE STOCKS Sales Jtangc tor Year Range tor J^revioui- of the 19U5 Year(l!HJ4) Saturday Monaau lucsaau Wednesaay TlluT8aay J-tiday (For Bonds and Inactive Week Jul* 22 July 24 July 2o July 26 July 27 July 28 Stocks see below) Shares Lowest Highest Lowest Highest Itiiitiiuore *SoSi 85 "83 *83Si »5 Consolidated Gas 100 83 Mayl6 90 Apr 13 57 Si Jan 86 Dec 100 Si 100 Si 101 101 *10uSil01'-. Northern Central 50 52 99 May25 L10 Feb 24 71 J'ne lU9SiDeo 24T 3 7 25 25 25 26 24»4 8 24 Si 24»4 24 4 25 •25 25 h seaboard (new) 100 1,124 21 Si Jan 16 26 8 J'ne30 ...... •85»4 •87Sj 88 Si Do 1st pre! 100 S3 Mar2B 90 si J'ly l 1 •53S4 64 54 *5;|34 64 •53 4 53 s» 63 4 *54 54Si Do 2d prer 100 257 47*6 Jan 24 57 J'ly 10 1 J *13 13 Si 13 Si 13 13 "It * 13»4 United Ry & Electric. 60 35 12 Si Apr 24 18 Mar 3 5 4 J'ne 15 i« Dec' Philadelphia •61 62 *51 52 *51 52 51si 51^4 6H4 51)4 61 61 !4 American Bailways.... 50 150 48 Jan 3 54Si Apr 4 43 J'nt 51 Oot 27a»- 1 3 a 27 Si 27 4 27 s, 27 s» 27 Si 273s 27^ 27 Si 27 8 27*e 28 Si Cambria Steel 50 15,882 24 4 May2 2 28 Si J'ly 28 18 S3 May •26 s Deo 3 5 J •WS H«t llSi llSi llSi n<% 11»S ll«6 *llSl H 4 11=8 ll s Kiectric Co of America 10 673 lOSi Jan 25 12»s Feb 20 7 4 Feb 11^4 Nov 12Si 12S; 12Si 12Si 12 Si 12 Si Gen Asphalt tr ctfs ....100 117 10 Jan 9 17 U Jan 27 5 Si J 'ly 14SiNov 3 43 4 44 Do pret tr ctfs 100 200 38 S, J'ne2o 49 Jan 26 20 Aug 44 Si Nov 16", 16>4 16 16 15 18 16 16 16 16 *15Si 16Si Lake Superior Corp 100 267 14 Si Ma>24 25 \t Mar 4 3 103 103 103 103 102 4 103 102 Si 103 S, •102 Si 103 Si •TOS^IOS L,eiugh C & Nav tr ctfs. 50 363 100 Si J'ly 3 LlOSi Feb 1 3 s 61 »* 61*4 62 62 62 62 s, 61 4 62 62U 62 Si 62 62 8 Lehigh Valley 50 1,2^6 52 Sa Jan 9 70 Feb 25 33'4 Feb 69 'g Deo *3» 7 4 4 .MarsdenCo 100 3 J'ue 1 5*4 Jan 17 2 8 Mar 4 Si Nov :oii 70I!,„ l 7 : 70), « 70»e 70 70^ 7o» lo 1 6 7O3b 70»B 7l' 4 71 i8 7 IS/ Pennsylvania RR 50 6.IJ25 65>3 19 May 2 2 73 >4 Maris 5578 Mai 70 Dec J : 1 •42 4 43^ *43 43 Si 43 '4 43 Si 43 43^ 43^ 43 4 44 4 Philadelp'a Co (Pittsb) 50 3.992 40^4 Jan 25 48 S2 Miir27 37=8 May 43"8 Oct 7 7 l3 I3 8lt 7 7 S « 8 e 8 16 8 18 8*4 8\ 8*4 S's *8»4 H''e 16 S e Philadelphia Electrict. 25 2,947 8 J'ne 5 2 7 5 May 10 Deo 12 Hi Apr || b ; 27\ 27^ 27«8 27«s 27 2/Si 27 Si 27 Si 27 Si 27 Si *27 li 27 "4 Phila Rapid Transit}.. 50 1.0,5 U7<*4 Jan 4 }36 Apr 1 8 Jan 19 Nov 52I4 a l 60»ie 61 S3 50 s, 5I3 le 61 61'4 Sl^ie 51". 51 Si 521 u 52 io Reading 50 18,844 39=8 Jan \'i> 54-ha J'ly 7 19 Hi Mai 4l 4Deo - •46Si 47 *47 47 si *47 47 Si •47^4 4734 *47 48 47 47 Do 1st pref 50 15 45 May 20 47 Feb 38 Mar 46 Dec * :l L 3 •'2 46 46 46Ss 46>s 46 *45 4 46 4 *46 46Si *46Si 47 Do 2dpief 50 ISO 42 Jan 9 47 4 J'ly 10 28 Mar Si Dec 1 CO 60 60 60 60 '4 60 14 Ooig 60Ss C0I4 60^ Oj^ OO^g Union Tracton 50 959 58sj Mar 9 63 MuylO 45»4 Jau 9 4 Deo x 1 96>4 95^ 95 H 95 »4 94 h 95 < 95 S3 95 if 95 4 953e 95 Si 95»g United Gas Impt 60 2,600 90 J'ne 6 125^ Apr 18 HI May 10818 Deo 3 -18 20 Welsbach Co 100 20 Feb2b 28 Jan 17 19 4 Oct 12 J'ne PU1I.AIJEI.PH1A Mid Ask FH1I.AUE1.PHIA Bid Ask PHILADELPHIA Bid Ask llALTLHOltfi Bid Ask luu, live Stoclu Honda P i'-ui * an t asKed prices; no *. , sales ou Una ilay. fci -right.. »7'flU pfttlt '»15pauL 1 .louaid. | $W ylrt...... 502 THE CHRONICLE. Vol. lxxxi [nvtstmmt and Railroad Intjelligjewte* 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 .Suly 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. Latest Qtom Larninys Inly 1 to Latest Date Latest (Jross Laming* Jiilv 1 to Latest Date 1 KOADS ROADS Week Current Previous Current Previous Week Current Previous t u rrenl Previous or Month Year Year Year Year or Month Year Year i ear Year S * * Ala Gt Southern. 2dwk July 53,393 50,528 118,754 102,126 Mob Jack K & C. WkJuly 8 13,492 10.864 13,492 10,864 Ala NO* I exas Pacific. Gulf&Chlc.Div 2,416,9«(> N O AISo East. 4th\vk J'ne 94,665 66,27 2,503,773 Mobile Copper Range.... May 56,070 44,979 562,729 466,453 Texas Central . . 2dwk July 13,459 8,530 24.9S4 15.466 Cornwall May...... 21,083 6,612 89,803 68.422 Texas Farmv & Powhat May 8,206 9,298 81,257 76,736 St. Louis Div.. January. . 343.679 330,098 Fon Johnst & Gl. May...... 55,325 56,691 647,850 614,438 Terre H. Macon & Birm. . June 8,753 8,929 132,075 132,428 Maryland & Pennsylvania.. Mar. to June 111,090 100,062 vlay Manls & No East 39,959 35,59" 396,188 376,289 J Mexican International .. .. Jan. to May 2,717,159 2,989,146 Manistique June 14,112 8,115 89.045 76,289 ;Mexican Railway Jan. to July 3,253,500 3,246.200 MaryPd & Penn.. June 26,088 23,376 323,569 306,795 {Mexican Southern Jan. to July 642,945 633,753 (Mexican Cent'l. May 2,433,651 2,336,071 23,851,888 23,898,537 Missouri Pacific Jan. to July 21,267,616 21,543,911 { Mexican litem. May 552,386 557,364 6,046,749 6,360,419 Central Branch Jan. to July 868,973 872,250 {Mexican Ry Wk J'ly 8 119,700 95,900 119,700 95,900 Total Jan. to July 22,136,589 22,416,161 tMexicanSouth'u 1 stwkj uly 24,818 23,73 24,818 23,737 [National RR of Mexico Jan. to July 6,734.413 6,520,351 Millen WEEKLY SUMMARIES Current Year PreviousY'ar Jnc or Dec. P.C- MONTHLY SUMMARIES Current Year Previous Yar Inc. or Dec. \P.O 9 $ $ $ 5-35 4th week Apr. (40 roads) . . 10,152,570 9,659,903 +542,667 5-62 Month July 1904 (125 rds.) 132,242,621 139,712,599 —7,469,973 1st week May (42 roads; . . 7,396,318 6.963,872 +432,446 6-21 Month Aug. 1904 (122 rds.) 145,292,493 144,558,473 +734,0200-51 2d week May (42 roads)... 7,667,810 7,164,329 +503,481 7-02 Month Sept. 1904 (124 rds.) 151,475,024 147,338,536 +4,136,488 2-81 3d week May (41 roads)... 7,591,421 7,177,961 + 413,160 5*76 Month Oct. 1904 (124 rds.) 159,732,959 151,758,622 +4.974.33713-21 9-51 4th week May (46 roads) . . 12,098,498 10,851,080 + 1,247,418 11-49 Month Nov. 1904 (124 rds.) 154,304.117 140,909,470 + 13.394,641 1st week June >42 roads)... 7,601,132 7,201.591 + 399,541. 5-55 Month Dec. 1904 (123 rds.) 146,748,102 136,889,640 +9,858,462 V2U 6-58 2d week June (42 roads) . . 7,936,328 7,500,339 -1-435,989 5-81 Month Jan. 1905 (116 rds.) 127,073,053 119,220,07s +7,852,980 3-01 3d week June (41 roads) . 7,911,463 7,471.193 +440,270 5-87 Month Feb. 1905 (117 rds.) 113.714,506 117,252,135 —3.537.629 9-73 4th week June (43 roads) . 11,003,290 10,612,246 +391,044 3-68 Month Mar. 1905 (118 rds.) 143,622,857 130,879,54* -12,743.311 7-35 1st week July (39 roads) . . 7,375,914 7.065,765 +310.149 4-38 Month Apr. 1905 (115 rds.) 136,59o.868 127,237,317 + 9,358.551 129,712,73!i 11-09 2d week July (40 roads) . . 7,864,915 7,168,544 + 696,371 9-71 Month May 1905 (118 rds.) 144,103,256 fl4,390,517 6-2A 3d week July (36 roads)... 7,966,693 7,216,122 +770,571 10-68 Month June 1905 ( 53 rds.) 54,1-39,005 50,961,464 + 3,177,541 J Mexican currency, b Inoludes the Hous. A Tex. Cent, and its subsid. lines in both years. e Covers lines direotly ODerated. a Includes the Cldoago & Eastern Illinois In both years. * Atlanta Knoxvllle & Northern Included In both years siuoe April 1; Jt had previously beeu^ included In 1905 since Jan. 1. . .. . July 29 1905.] TJ1K CHROXICLK. ">i):{ Latest Gross Earnings by Weeks. In the table which Interest Charges and Surplus.- The following roads, in their gross follows we sum up separately the earnings for the third week addition to and net earnings given in the fore- going, also report charges for interest, dec, with the surplus of July. The table oovers 36 roads and shows L0.68 per above or deficit below these charges. aggregate over the week last year. cent increase in the same Int., Rentals, etc. Pal. o rent Pn vious ( 'urn nt 1 i nr. Year. Year. 1 ftr. tek o! July. 1905. L904. Increase. i>< create. Roads. $ % % * $ California A N W June 27,032 26,402 28,143 283 July 1 to June 30... 325,920 316,028 87,1 16 del 32,8 12 Ann Arbor 32 ,008 l ,52 I Hull Roch >v Pitts 187 ,2S9 I 16.892 40,697 Georgia KH June 51,094 52,064 X12.038 125.364 Canadian Northern 92 .000 67,700 25,200 Julv 1 to June 30... 010.000 632,254 J177.074 1165,759 tdian Pacific ,015 000 959,000 .-,('..000 Hocking Valley. June 120.51 I 12 1,155 .r 11 1,3 15 x224,359 of Georgia 210 800 174,800 Central 1 .: •> July to June 30 012,232 1,018,970 ll,427 ,850 1,10 1,794 Chattanooga Southern 67 i 2.905 291 .so;; Kanawha A Mich June 19,838 21,000 a-2,470 .15.0 13 Chicago (iiv.u \\ estern 130 1 12,622 18,181 1 to 230,173 Chicago Indianap. A Louis. 109 434 100,087 9,347 July June 30 248,040 113,173 a-8 ,359 Chicago Terminal Transll 30 ,652 30,309 Maryland A Penna -June 3,833 2,875 3,211 2,577 On N o & Texas Pacific... 101 600 86,500 15,100 "Mar 1 to June 30... 15,333 11,600 10.0OI 13,997 Colorado .v Southern L30 812 127,909 2.903 rexas Central— June 2,583 2,583 5,105 246 Denver Rio Grande 336 208 294,800 41,400 A July 1 to June 30 30,909 30,999 2 1 1,480 154,776 Duluth SoSh A- All 60 062 50,381 3,681 Toledo A Ohio Cent.. June 40,25.8 42,404 146,009 193,711 Grand Trunk of Canada. ) July 1 to June 30 451,745 474,500 Z430.374 x43 and Trunk Western. > (66 671,816 12,050 1,300 •on Gr Ua\ .v Mil. ) X After allowing for other income received. Internal .v. Great Northern 101.000 86,500 15,100 is:; Interoceanic ol Mexico 1 13,020 105,837 7, STREET RAILWAYS AND TRACTION COMPANIES. low B O utr.il 49,693 13,464 6,229 rville Total 40 (roads) i 7,864,915 7,168,544 752,556 56,185 tinsv Rapid Tran April 9,984 6.676 32,759 23.1S4 Net increase (9.71 p. e.) 696,371 Indianap & North- western Traction May 29,218 126,090 Internat Trac Co x Week ending July 15. System (Buffalo) April 330,279 312,708 1,276,511 1,209.047 Jacksonv Elec Co. May 29,43.3 25,009 134,259 115,000 Net Earnings Monthly to Latest Dates. —The table fol- Kan Citv Rv& Lt. May 418,552 348,155 1,839,524 1,610,925 LakeSh Elec Ry_. June 67,969 59,596 326,629 271,002 lowing shows the gross and net earnings of STEAM railroads Lehigh V Trac Co Street Ry Dep_. May . 50.S76 45,908 204,093 178,229 reported this week. A full detailed statement, including all Elec Light Dep. May . 13,097 11,886 72,800 67,881 roads from which monthly returns can be obtained, is given Lexington Rv June . 32,222 29,579 159.843 LimaElRy& Lt Co May . 1S.S07 15,185 once a month in these columns, and the latest statement of LondonStRv(Can) May . 15.730 14,454 OS, 240 59,256 Mad(Wis) Traction March 7,734 7,014 22,750 20,878 this kind will be found in the issue of July 22 1905. The Met West Side Elev June . ISO, SOS 166,384 1,111,355 1,056,838 next will appear in the issue of Aug. 19 1905. MilElecRyA Lt Co June . 270.0 IS 20 1,05s 1,542,457 1,531,316 Mil Lt H & Tr Co. June . 55,163 41,029 256,822 195,511 —Gross Earnings. — Net Earnings.— Montreal Street Ry June . 248.200 232,610 1,285,875 1,176,487 rent Previous Current Previous Muncie Hartford A Year. Year. Year. Year. Ft Wayne. April 13,945 13,607 51,468 49,108 Roads $ $ $ $ NorOhio'Tr&LtCo June 85,163 SO, 504 425,17s 397,085 lACharlottea May 290,186 274,170 38,016 69,681 Northern Tex Trac June 57,849 47,213 302,580 258,933 Mar 1 to May 81-.- 944,110 870,622 211,279 23! Northwestern Elev June 113,755 102,333 703,447 647,487 121,425 567,423 497.782 California N W.a June 149,516 138,130 .".5.77.-. 42,685 Oakland Tr Cons.. May 113,897 Olean April 10,934 7,876 35,856 28,866 July 1 to June 30 1,541,199 1,470,969 413 2s3,186 St Railway. Orange Co Trac May 1 1 ,445 10,916 39.016 37,183 Fairchild N June A B.6 2,035 3,027 228 def. 498 Peeks Ltg&RR Co. May 9,580 7,911 43,574 39,014 July 1 to June 30.. 36,381 36,019 11,087 8,616 Pittsburgh M'Kees- Georgia RR.n 191,681 158,627 60,957 17.743 port & Greensb'g June 17,701 15,875 77,904 68,645 . 1 to June 30... 2,481,205 2,418,282 739,963 ,672,030 Pottsv Union Trac June 19,956 18,260 99,685 88,368 142.494 Hocking Valley.a June :.-'7,072 481,852 178,114 165 Rys Co Gen-Roads June 37.718 37,435 107,010 Light Co's June 2,067 2,009 12,306 1 1 ,686 July 1 to" is 1 June 30.. 6,013,213 5,725, 1,945,312 1 ,875 Rochester Railway June 147,625 129,475 817,921 708,158 Central^] June Mil, ft35,456 226,927 199,026 207 Rock ford Beloit A' July 1 to June ! 30. 2,588,298 2,377,104 6460,217 Janesville June 14,150 12,747 61,137 56,565 Kanawha A Mich. .a. June 150375 13" 21,21s 26,850 81 Joseph iMo) Rv Jul;, l to June 30 1,70.4. 172 1.65; 24:: 24s. 117 • Lt Heat A Pow. June 65,683 01,1 20 343,177 314,766 ind A Penna June 26.088 23,376 7,044 5, 152 i Oakl'd A 32,533 257,003 188,506 1 to June 30 111,000 100,062 34,934 25.497 Ban Jose Ry ..June 40,781 Sao Paulo I Br: .a.. June c31 1,244 240 6134,345 /.-77.916 Tram L A l' Co WkJulv 9 29.440 22,642 July 1 to -3 7.-,! June 30... ( ,070,. 2350,564 /•l ,130 fcl,049 1 204,134 inah I lee Co. May 50,500 45,481 222,286 CentraLi June 58,485 37,034 7,748 2,829 Schuylkill Ry Co.. 16,239 Is July 1 to J tO 827. 3 sO 73S 275.170 Scranton Rai June 82,131 76,698 I 15.051 402,596 Tol. Seattle El May 208,oos 107, sis 987,920 931 .115 l last year ti. s.l I.". 121 19 Ition [| V June 20,132 I h Youn 37,34 • 7.424 For June additional Locomi - WO last aron June yar. From July 1 to June 30 additional ores here are from July i. d Thi constitu. ; e are the combined earninj of all the I it. * For June additional 181 ,421 li.. D< this year, k rease due to a striki and bo cott. z against jH.ioo last year. From July I to Juni 30 addi- or* i panian that He Louisiana 1 >n was tional Income la $1 17.988 this year, agai: ar. — — J J 504 THE CHRONICLE. fVoi LXXXI Street Railway Net Earnings. —The following table gives NET EARNINGS FROM OPERATIONS FOR HALE-YEAR ENDING JDNB 30. 1905. 904. 1903. net earnings re- the returns of STREET railway gross and January $3,810,847 $2.8e8.213 $7,425,775 ceived this week. February 6.629, 483 4,540,673 7,730,361 March 9,585,f>86 6,036,346 9,912,571 —Gross Earnings. — Net Earn Previous Current Previous Current Total quarter $43,025,896 $13,445,232 $25/63.707 Year. Year. Year. Year. Roads. $ 8 8 8 Apill $9,037,925 $6 863,833 $10,905,204 May 10.602.187 6.2S6.518 12.744,324 9,265 Albany & Hudson. 6 .June 29,218 26,618 4,668 June 10.6t5.004 6,370,374 12,992,780 July 1 to June 30... 304,650 283,993 90,104 107,847 Aurora Eli? & Chic June 57,116 44,118 27,873 17,780 Total quarter $30,305,116 $l9,i90,7*5 $36,642,308 1 to June 237,915 181,320 90,943 56,008 Jan 30. Total half-year $3. 331,012 $32,935,957 $61,711,015 July 1 to June 30- 505,455 221,988 INCOME ACCOUNT FOR HALF-TEAR ENDING JCNB 30. Cent Penn Trac Co June 54,131 48 823 13,026 8,529 Jan 1 to June 30 264,937 216,372 30,714 19,207 1905. 1904. 1903. Total is, net earnings half year (see $ $ $ Elgin Aurora it So. b. June! 40,333 39,944 460 17,907 introductory remark*) .53,331,012 32,935,957 61,711,015 July l to June 30... 454,307 456,099 195,734 181,303 Deduct Indianap & N W Tr._May 29,218 10,041 For sinking funds 3,026 520 2,721,266 2,249,795 Jan 1 to May 31. 126,090 34,306 Depr- elation and reserve funds... 8,68:1353 4,855,416 6 655,504 July 1 to May 31 325,469 123,812 ^picial lmp't and rtplacem'C fund 1.000,000 Lake Shore Elec.a June 67,969 59,596 30,526 23,372 Iutvrtsr. 11.567.213 11,669,180' 7,600,0C0 Jan 1 to June 30 326,629 271,002 128,497 52,312 Add'i property oonstr notion, etc.. 10, 800,ooo Mass Electric Comps. -ft ToM deductions 85,077,086 19,245.862 16 505,299 April 1 to June 30 1 ,690,522 1,612,891 604,940 528,645 »"•' -July 1 to June 30. .. 4,420,733 4,219,200 1,194,955 887,775 Balance 18,253,926 13.690,085 45,205,716 Rochester Ry Co_ft__June 147,625 129,475 70,925 63,137 Dividtnds on stotks 3 Jan 1 to June 30 817,921 708,158 369,671 303,509 Prefemd. >« percent. 12,609,838 13,609,838 17,859,839 Common, 2 per July 1 to June 30 1,602,861 1,383,030 734,771 631,425 cent 10,166,050 San Fran Oakland & San Total dividends 12,609,838 12,603,838 28,025,889 Jose Ry June 40,781 32,533 21,962 18,439 Undivided Jan 1 to June 30 257,003 188,506 150,480 103,544 eartdngs for half year. 5,614,088 1,080,257 17,179,827 -V. 81, p-S6. Tol Bowl Gr&So.o. . . June 24,885 23,545 11,154 11,033 Twin City Rap Tr.6.June 392,528 370,140 214,675 196,502 Calnmet & Hecla Mining Company. Jan 1 to June 30 2,171,468 2,059,259 1,131,943 1 ,073,385 (Report for Fiscal Year Ending April SO 1905 a Net earnings here given are after deducting taxes. President Alexander Agassiz, und?r da'-e Juue 15. says: b Net earnings here given are before deducting taxes. The new openings of the past year oa the conglomerate belt in the vioinlty of have improved Interest Charges and Surplus. the Bed Jaoket shaft »omewh»t, especially north of the Bed Jacket shaft in the lire forties, vork on the slope —Int., Rentals, etc. — —Bal. of Net E'ngs.— reaching Into the live forties has continued uninterruptedly during Current Previous Current Previous the year. The southern openings In the Heola and 3 men Heola Year. Year. Year. Year. branches remain of about the same oharaoter. The work of opening Roads. 8 8 three shafts on the Kearsarge lode has progressed satisfactorily and the quality of the ground passed Through in one of the shafts is Elgin Aurora Sou..,June 9,451 9,234 8,456 & 9,226 promising. Owing to the nature of the ground above the solid rook July 1 to June 111,223 110,676 84,511 70,627 30 the collars of these shafts were built of concrete with iron supports Lake Shore Electric. June 20,404 20,404 9,722 2,968 in place of -he ordinary timber sets. Since July about 75,000 tons of • Jan^l^to June 30 122,425 122,391 6,072 df. 70,079 amygdaloid rook have been stamped from the O'oeolo lode. An Mass Electric Comps extraction of twenty- two pounds of c>pper per ton of ronk has been April 1 to June 30 397.657 366,034 207,283 162,611 obtained It is proposed to increase the produot from this amygdaloid July 1 to June 30. . . 1,165,270 1,065,398 29,685 df. 177,623 by openings from one or more of the shafts already opened on the lode. The building operations at the mine location have been limited Rochester Ry Co June 27,757 26,541 rf45,763 d37,021 to the repair of a few houses for the officers and men At Lake Jan 1 to June 30 164,103 158.118 f/21 0,526 dl47,733 Linden the remodeling or the Calumet mill has been completed. The July 1 to June 30... 325,954 312,663 , leaving only five heads to be remodeled In the yesr I9oo-i907. d After allowing for other income received, h Fixed charges include Since July we have pmelted about 1,500 tons of mineral oer mouth dividend on preferred stock. from the MohawK, Wolverine, Atlantto and Michigan mines, wl;h excellent results as to the quality of copper produced At the Barf *io ^ smelting works we have put Into active servloe two waste heat boilers and bu:lc a new and larger refining furnaoe in plaoe o" anoidone. We h»ve completed our concrete docks and replaced one of the wooden ANNUAL REPORTS. trestles with a steal one. Excellent progress has been made in the ereotlon of two targe engines for driving the additions to our eleotrlo power plant at L»ke Lind«n. We expect to havo this plant in com- mission abont Nov. 1. We h&ve purohased the timber on about Annual Reports.—The index to annual reports is omitted 42,000 acres of land situated in Keweenaw County. this week because of the publication of the Railway .and result?, assets, etc, for four years follow: Isdustbial Section, which contains references to the reports The of the principal st«am railroads and industrial companies OPERATIONS, DIVIDENDS. ETC. printed in the CHRn NiCLE, not including today's issue. 1904-05. 1903-04 1902-03. 1901-02. Rettnr d copper pro- duced pounds 8%644,401 76,620.145 76,632,912 79,964,000 United States Steel Corporation. Price of copper, ots., per pound 12is®15i3 1134*li% llHf-3il5^ liar's (Earnings for the (Quarter and Half-Year ending Total dividends (per $25 June 80 1905 share) $45 $10 $20 $40 Amounting to.... .$1,500,000 $4 000,000 $2, 00.0D0 $4,01)0,000 The following financial of the statement Corporation and ASSETS AND LIABILITIES OF APRIL 30. Its subsidiaries for the ending 30 quarter Jane was given 1905. 1904 19f>3. 1902. out on Tuesday after the regular monthly meeting of A. fsct t — $ S SB 8 the directors. The "net earnings" as here shown "were Cash at mine rffloe 133,047 116,917 116,381 154,025 arrived at after deducting each month the cost of ordinary Cash at New York (fnce. 15,000 15,000 15,000 15,000 Cash an 1 copper at Bos- repairs, renewals and maintenance of plants and interest on ton office 6,496.133 5,989,001 5,987,055 3,781,551 bonds and fixed charges of subsidiary companies." We ap- Bills rroeivab'e at Bos- pend the results for the half-years ending June 30 in 1905, ton and mine 590,212 451.521 509,534 366,658 Insurance fund 757,691 149,937 1904 and 1903: 927,034 600,276 Employees' aid fund 10,991 6,208 6,583 Net earnings $30,305,118 Deduct Total assets 8,172,417 7,266,338 7,234,879 4,467,171 Sink'* fund* on bords of subsidiary companies. $482,991 Liabilities - Depredation and reserve fauds 5,009.563 Employees' aid fond 17,529 Bpeotai Improvement and replacement fund l,OCO,00G Drafts and bills payable. 425.228 373,299 373.681 485,287 Inte est on U. S. Steel Corporation bonds for Machin'y, contracts, etc. 608,000 33u,000 304,174 371,575 the quarter 5,770,430 Silking funds on U. S. Steel Corporation bonds Total liabilities 1,028,228 703,299 677,855 874,391 for the quarter 1,166,532 Balance of astets 7,144,189 6,583.039 6,557,024 3,592,779 13,429,518 The capital stock is $2,500,000—V. 81, p. 267. Balance $16,875,600 Dividend for the quarter on preferred stock (W p. o.) 6,304,919 Central Ltather Company. (Official Statement rf July 5, 1905, J Surplus for the quarter $10,570,681 Appropriated on aocount of authorized ex- The statement made to the New York Stock Exchange on penditures fur adiil'lonal property, construc- July 5 19^5 upon the listing of the company's securities tion and discharge of capital obligations $5,000,000 Set aside for contemplated appropriations and affords the following information : expenditures 2,500,000 Organization—The company was incorporated on April 12 ir05, 7.500.COO with *8o,c0 ,000 authorized capital stock, of which $40,000,000 is 7 p. o. cumulative preferred, and, having authorized an issue of $45,- 1 Balance of surplus for quarter , $3,070,681 oOO.O first lien 20-year 5 p. o. bonds, has ai qiired, per plan of Deo. UNFILLED OKDEES ON HAND. 17 1V-04 (V 79, p. ; 751). the amounts of capital stock of the United States Leather Co. shown below. Tons. Tons. Stock - The preferred stock is preferred as to dividends at the rate June 30, 1305 4,8*9,655 March 31, 1904 4,136,961 of pc per annum, cumulative, from July 1 1 -05, and, In case of March 31, 1005 5.597.560 Deo. 31. 1903 3,215.123 liquidation, as to principal and unpaid accumulated dividends, at par. Doo. 31. 1904 4,648.203 March 31, 903 5,410,719 It has rqual voting power with the common stook. The oertldcate of Sept. 30. 1904 3.027.436 Deo. 31, 1902 5.347.253 incorpoiaHon provides that "From time to time the preferred stook June 30, 1904 3,192,277 Nov. 1, 1901 2,831,692 and the common stock of the corporation may eaoh or both be in- . , : . ) . July 29 19<)5.| THE CHRONICLE. 505 created according to law, as now or hereafter enacted, provided. upon the consent In writing of stockholders of the oompany owning at always, that at no time shall the preferred Ktook be inoreasea wlhout least a majority in amount of the oapltal stook of the oompany, or stockholders of record not less i f the boldeis or at least two-thlrda In Interest of the then upon ihe vote of owning than a maj irlty the hwb! " outstanding preferred stook <>r -he corporation ii amount of the stock of the oompany present or represented at an 8ecukitiks isectDAND Reserved.- 1 he capital stook and bonds of annnal meeting of the stockholders or at a speolal meeting of the the Centra' L-atber On. (D have been leaned In exohauge for th" sto. kholders called In accordance with tbo bylaws, the notloe of share* of the United 8tates Leather Co on the basis below stated, and which shall state the purpose for whloh said meeting Is oalled. $6.2C0 Ooo coiniuon stook has been Issued to "new Interests for their The balance sheet and income accoutit-i of t h*- Uuit^d States co operation and for all services and expenses, whether legal, of com ( Co,, as reported to the Stock Exchange, will mltti'es. biiLk-rs or otherwise, In ooueniuniittlDK thi* plan;" ') the Leather be remainder of the new securities Is reserved to acquire the remaining tonnd In the Chbonicle of Feb. 25 and July 15, pages 670 other purpjses, chares of the United States Leather Co. and for as and 2: 8, respectively. The balance sheet of the Central stated below: Leather Co. follows (1) SECURITIES ISSUED AND ACQUIRED. BALANCE SHEET Ol THE CENTRAL LEATHER CO. AS OF JULT 3 1905. Issued in Exchange therefor. , i rr /— . S. Leat her Co. Stock — Bonds. Pre.t.ttock. Common stock. Assets— Liabilities— CI ttt. Acqm-ed. P.C. Total. P.C. Tefal. PC. real. 561,600 shares of pief. First Hen /5-year 5% Common fv.m.OO 30 *IS,' 00,0 10 of com. bonds outstanding.. J and 600,000 $28, 080,000 o,).. 66, 160,000 60 *2 /8 ',"00 60 *28,0-0,0'iO 83« 18.1V7.8O0 Preferred (* p. stk U. 8. Leather Co.$93,657,600 Pref. stk outstanding. 28,080,700 stooks 76,000 Com. stk. outstanding. Total so turned .tJJi.l'iSO.OOO $2*,0£0,0t 131,197,600 Other 37,397,600 Bills Issued t^i ne» interests for reor- 'ash In bank 700 payable 75,000 "00 Kanli.itlou expenses, eto . . (Directors) fl.200,0'0 Expenses 50,000 Current liabilities 50,000 Total Issued I28.0S0.000 T-^.080,700 »3? 397,600 Total $33,683,300 Total $93,683,300 (2) TOTAL NEW STOCK -AND BONDS UNISSUED. —V. 81, p. 213, 208. -— 17. 8. Leather stork. —, —Issuable therefor if Desired. . Class. A'oi acquired. Bonds. Pref.stock. Common sk Page Woven Wire Fence Company, Monessen, Pa. Common $2.*8.,oOO $8«4,6a0 Preferred 6,122,300 $3,061,150 $3,060,450 1,438 741 ("Balance Sheet of June SO 1905 ) balance sheets of June SO 1905 and 1904 compare: Total $1,004,600 $3,061,150 $3,060,450 $2,303,431 The Reserved for new acqui- 1906. 1904. 1905. 1904. \Aab\Ut\ts— sitions, eto 13.8*8,850 8,858,850 298.969 Assets— t t % % Cash, office A banks. 98,691 9B.991 Pref. oapltal stock.. 1.0"0,000 1,0"0,000 Accounts receivable 3t9.843 479.M18 Com. capital stock.. .6,000,000 5,000,000 f\ Total unissued $.6,920,000 $11,919,300 $2,602,400 Bills receivable 53.4'is 44,27o 5 p. 0. bonds, 1923.... 1.9(10,000 U,"00,000 Grand total authorized. ...$45,000,000 $40,000,000 $40,000,000 Bonds 200,000 260,000 Surplus 488,120 487,800 Mdse., Adrian; rudse., Notes payable 574,1*8 802,000 The last Item of stocks and bonds "reserved for new acquisitions, Monessen. 740.691 531,544 Accounts payable... 99.398 199 075 etc," Is applicable • (a) to provide for the retirement, and rrdemption Plants 2,628.187 2,645,190 Customers' advanc's 9,119 7.188 of the outstanding debentures of the United States Leaih-r C>> Fran. ,pats.4busin'B8.5,000,000 6,000,0.10 namely, sinking fund 6 p. o. gold debentures, dne 1913, but tequired Total 9,070,766 8.946,613 Total 9,070,766 8,948,613 to be redeemed at 110 and lnieres', at the rate of $400,000 annually, amount now outstanding $5,280,000; (b) to acquire additional prop The "Chicago Economist" says: erties; (c) to provide additional working capital, and (d) for the directors declared a semi-annual dividend of 2 1 p. o. on the general purposes < f the new company. The * "Under the provlsloLS of the plan of Dec. 17 1904, the stockholders' preferred stock, payable August 15. This is the third payment of a committee has power, at Its discretion from time to time hereafter, to similar amount distributed by the company slnoa it resumed divi- permit th~ deposit thereunder of additional shares of preferred stock dends. When the disbursements were discontinued two or three the stook paid at the rate of o. It Is said to be the policy and common stook, or either, of the United States Leather Co , and years ago, 7 p. m U-r its certificate of incorporation the Central Leather Co. has of the company to keep a fair surplus in reserve. The preferred stock power to purchase, among other things, additional shares of said Is non-cumulative. stock, both preferred and oommon, and other shares and property The company's new wire mills will soon be completed. deemed necessary for its corporate purposes." Special maohinery for the mannfactare of eteel wire springs Bonds—The first, ll»-n 20-year 5 p o. bonds due *,pril 1 1925 (author- ized issue llmired to $45,000,000) are scoured by an indenture made will also be installed.—V. 80, p. 1731. Apill 1 1905, to the Central Trust Co. of New York, as trustee, under which oerttfloates have been pledged and delivered to the trustee for The West India Electric Co., Ltd., Kingston, Jamaica. $56.16 ,000 of the preferred stock and $60,000,' 00 of the oommon stock of the Unl ed States Leather Co., whose total outstanding capital (Report for Fiscal Year Ending Dec. Si 1904. stock consists of of preferred $62,-82,300 $62,282,300 stock and of F. ol oommon stork. President L. Waaklyn, under date March 8, 1905, Under the said Indenture the Central Leather Co. agree* to pledge says in substance: and deposit any and all additional shares of said The United States The operations of the railway for the year and of the lighting plant Leather Co., as and when acquired, and also agrees to mortgage or to in St. Andrew since its installation show a net surplus, after provid- pledge the other property, if, as and when acquired. In said Indenture ing for interest on bonds and all other oharges, of £5,780, or $23,131, mentioned, and additional bonds can be issued only to a faoe amount a decrease, as compared with the previous year, of £2,343, or $11,401 equal to the value of property additionally mortgaged or pledged This result Is due to a decrease In the receipts owing to the had eco- under said lndei tnre. The Indenture provides that if the capital stook nomic condition on the island arising from the destruction of the of the United States Leather Co. shall be lnoreased, there shall be plantations by the hurricane In 1903. The directors, however, are forthwith pledged and delvered to the trustee under said indenture glad to be able to report that the plantations have been restored, the certificates for at least such part of said increased capital stook as fruit exports are increasing, and during the ooming year should be as shall be proportionate to the part of the entire capital stock of said large as formerly. A. heavy expense was also Incurred by a lamenta- compary prfvlon-ly held thereunder. ble aooldent In the oonduit pipe at the Rio Cobre, whereby, as the Profehtiks, Etc , Owned—The Unite! Spates Laather Co. and Its result of a panlo, thirty three lives were lost. The Coroner's jury ac- constituent c< mpames, among other property own the following quitted the oompany and its officials of all blame; notwithstanding s'.ooks, bonds and other property, viz.: tuts the company was compelled to faoe a heavy and unforeseen ex- pense, all of whloh has been charged to operating expenses. The (1) STOCKS AND BOND8 OWNED (BEING ENTIRE ISSUES EXCEPT Ii »ve DIRECTORS' SHAKES). results from the lighting system in the parish of 8t Andrew bean encouraging, believe that their expeotatlonB Total Directors' most and the directors in this respeoi will be sustained. The power plant at the Rio Cobre issued. sh ires. and the transmission line, whloh reoently reconstructed to give Elk Tanning Co. (Pa.), capital stook $34,4r>0,600 $^,700 was increased results lu operation. Central Pennsylvania Lumber Co 10,000,000 2,400 oapaolty, continue to give satisfactory The road-bed, rolling stock and all the plant have been efficiently Four p. c. gold debentures due Jan 1 1930 9,000,000 maintained. Susquehanna Letonla Valej Bv. of Pa , capital stock 150.000 3,900 Passengers carried 3,48J,«25 3,692,109 3,50 ,306 Tlon-sta Valley Rv., oapi al s'.ock „ 500,000 6,500 Gross reoelpts $131,166 $138,724 $129,-a0 1) v:d MofI»t Co. (N. J.), capital stock 300,000 2,500 Operating expenses 67 918 63,701 65,374 P. o. of operat. exp. to car earnings.. (53 Oi) ( 16*42) (5076) (2) TANNERIES LOCATED AS FOLLOWS PennHjTnia. Hill'gn.ve. Kernoldsvllle. »w York, Virgli la. Netearnlngs $63,248 *75,022 $61,136 i vilte, TO, 11 ' H'dtmy, Allegany, Damascus, Interest, on bonds $30,000 $30,000 $30,000 >r«, Hyndmao. Roaring Br'ch, i urtis, Iron Gate, Taxes on earnings 5,117 5,490 5,171 Brj«k- liutanter, Sheft:>-1 1. Limestone, Cadet. 1'voi.a. PI ake-dale, olean, W. Viigiuia , $i9,265 < learHeld, J m -on City, S'oneham, Salamanca, Marllnton. Surplus. $28,131 $39,532 I l.apor e Tioga. Wei --viiie. Davis, FINANCIAL STATEMENT DEC. 31. rt. nla 'I'm k-aunock, Wisco- sin. New Creek, 1904. 1903. 1904. 1003. Me. tu Choice, Tvr ,r.e. .Vedl-rd. Paw Paw, A sstts— * Liabilities— C jurrf. M in-aitan Warret Mi Ten. Peters b lrg. t I Prop, and plant... .1,637,958 1,51 r>o« THE CHRONICLE. Vol. lxxii OENKRAL I!\LANCE SHEET MAY 31. Oceanic Steamship Co. 1915. 19C4. lflfi5. Ib04. (Report for Fiscal Year Ending Dec. 31 1904. Asttls— t I Liabilities- % » Onsh & debts rec 644.4^4 E00,«70 Preferred stock 1,301.300 l.StM.SOO Receipts- 1904. 1903. 1902. stock 800,000 800,001 Mds^ . tuifd, and In Common From operating vessels $2,004,426 $2,020,943 $1,898,921 l,84O,H10 1.326,784 DebtM 1,014,477 1,037.668 DriireHi Miscellaneous receipts 28,535 12,299 U'l est.. iuacb.& fix's. 7'9.51i 746,4fll 1'roUrs reserved as 5,900 Stocks own ed 371.160 871,100 workliic capital.... 460.000 460,000 lucent riguts and Profit and loss 196,6U8 14*S,419 Total $2,032,961 $2,033,243 $1,904,821 good will 800,000 800.C00 Expenses - For operating vessels $1,753 768 $1,835,494 $1,848,001 3,74 Total 3/576,880 3,744,375 T.,tal 3,775,386 1,375 Port, office, agency, Ac 135,819 133,412 124,886 -V.79, p. 626. Insurance. 84,^92 91,010 93,496 J. M. Guffey Petroleum Company. Bond interest 120.250 120,250 120,250 Interest (ordinary) 83,207 62,621 47,058 (balance Sheet of J m. 1 1905. J Taxes 16,342 19,386 18,819 The following balance eneet was reoently filed with Massa Depredation and miscellaneous. 20.801 5,742 1,615 chueetts authorities Total $2,215,179 $2,267,915 $2,254,125 Assets— I Liabilities— Loss $182,218 $231,673 $349,304 Real est., leaseholds, macn'r, Capital stock . 15,000/00 .steamship* und plant .20,013,880 Accounts payable . 662,383 B4LA.NCE SHEET DEO. 31. Merchandise and stock In Funded d«-bt . 5,000,000 1904. 19' :j. 1904. 1P03. prucess 14 7 ,889 Floating deDt . 333,-83 AS its— I $ Liabilities- t t Cash and debts receivable... l,422,U84 Profit and loss . l,287,Bt<7 Fleet 4,378.142 4,3tf3.8M Capital stock 2.500.000 2.5-0,000 Other property .... 98,490 112.2i6 outstanding.. 2.405,0u0 Total 22.184,083 Total 22,181,063 Bond* 2,40»,003 Coil and BUDpliei... 114,247 135,792 Notes in favor of J.I) (\uipare fitatement for tne allied Galf Refiaing Co. below. Advance premium-. 86,961 45,916 SDreckle'i Bro.Co.1,400,000 1,400,000 Accounts receivable 64. "40 73 994 Due J. I). Bprecules —V. p. 2440. & 78, C«sh 3,0*1 3,420 Bro. Co - Golf Refining Company. Bonds purchased 5, '15 Current accounts.. 310,833 157,483 Miscellaneous 3 CIO 4,346 Hisdon I. & Loco. (Balana Sheet of Jan. 1 1905J Deficit 1,916, 174 1,734,259 Works 16,704 10,622 Union Iron Works 8,453 The following balance sheet was recently filed with the Miscellaneous 2 4 Massachusetts authorities Total 6,641,045 0,473.319 Total 6,641,045 6,473,319 1905. 1904. 19C5. 1904 -V. 76, p. 976, 43:*. Assets— $ * Liabilities— t I Real est., refineries, Capital stock 685,400 <184,705 Creamery Package MannfiCtaring Co. bldgs., mach., etcLffci/W 1 084,fl35 Assets payable 136,535 967,215 Merchandise 1.417,487 1,020,788 Funded debt 75 .000 750,000 Nov. 30 Cash and debts rec'l. 619,771 504,962 Floating debt 2, Of 0,621 8J8.654 (Balance Sheet 1904 J Profit and loss 260,409 4,911 Resources— Liabilities— Met ch'diae inventories. $303,573 Bills payable $241,055 Total 3,881,866 3,210,385 Total 3,881.895 3,210,3?5 Good aec'tsA bills reo'e 522,912 Aooounts payable 89,298 Compare statement for the allied J. M. GafTey Petroleum Cash on hand 83,487 Capital stooa paid In Co. above.—V. 78, p. 2445. Real est. and bulld'ngs. 439,883 (see below) 2,280,800 Ma Beet seed on hand 7,026 coup. Emp. State Sug. 111.; Butternut, Wis. Office: No. 182-188 East Kinzte St , Chicago. Stock and supplies on Co. outstanding 6s... 110,510 Branches: Kansas City, Mo.; Minneapolis, Minn.; Waterloo, Iowa; 1,065 Bills payable 3,000 Omaha, Neb.; Oowansville, Quebec Dividends have been paid at 2,914 Accounts payable 4,809 rate of 8 p. o. per annum quarterly in January, etc , the last distribu- Outside RR. switches Sarplus 66,119 tion having been made at that rate on July 10. The entire capital and scales 1,311 ft took (all common), amounting to $2,500,000, Is now stated to be Accounts receivable. .. 389 outstanding. Insur. (uneain'd prem.) 1,863 -^*- Total $1,478,068 Total $1,478,069 Authorized capitalization: Preferred stock, $2150,000; common GENERAL INVESTMENT NEWS. stock, $1,000,000; 6 p. o 25 year 1st mortgage bonds. $250,000. President. Frederick Steigerwald, Lyons, N. Y., Vice-President, M. L. Bouden. No. 71 Broadway, N. Y. City; Secretary and Treasurer, L. RAILROADS, INCLUDING STREET ROADS. Multer, Lyons, N. Y.—V. p. 716. H. 80, Alberta Railway & Irrigation Co.—Interest Payment,— United States Telephone Co., Ohio, Etc. A London periodical says: Warrants have been Issued for an interim payment of 1 p. o. on the (Report for Fiscal Year Ending Dec. SI 1904 J 5 p. o. debenture stock, and It is announoed that the balance of the in- EARNINGS, EXPENSES AND CHARGES terest for the period from Oot. 1 1901, when the oompany commenced "O*. 1903. 1902. business, to June 30 1905, will be payable after the net revenue for Earnings- the nine months has been ascertained. It is the intention of the board Tolls $100,837 $361,457 $293,794 to make on July 1 In each year an interim payment of 2 p. con the Line rentals 20,381 19,261 9,741 5 p. o. debenture stock, if in their opinion that can safely be done; the Miscellaneous (net) deb.2,919 deb.1,483 deb. 1,139 balance of 3 p. c, if earned, will be payable after the accounts to Jane 30 are made up, about Oct. 20 in each year.—V. 77, p. 2946. Gross earnings $418,308 $379,235 $302,396 Expenses— Beaver Yalley Traction Co.— Change of Control—The Operating- 163,877 142,754 109,931 Philadelphia Company of Pittsburgh or its subsidiary, the Maintenance 55,948 62,635 41,627 Pittsburgh Railways Co., has purchased from Sydney L. General 36,698 25,165 20,538 Taxes 9,617 8,725 7,219 Wright, W. Redwood Wright and W. Frederick Snyder, all of Philadelphia, the bulk of the §1,075,000 stock of the Bea- Expenses and taxes $266,140 $239,278 $179,315 ver Valley Traction Co. The following hav 9 been eleoted: P. c. exp. to earnings...... (61*32) (60-79) (5691) Net earnings $152,168 $139,957 $123,081 President. J. D. Callery; Vice-Presidents, Sydney L. Wright and Deduct— 8. L. Tone; Seoretary. W. B. Carson; Assistant Secretary and Treas- Interest on bonds 93,233 93,250 93,250 urer, J. C. Llghtfoot Jr.-V. 77, p. 2158. Dividend on preferred stock. 11,178 3,292 Buffalo LoeSpirt & Rochester Rj.—Consolidation—Ac- Fee to State 500 quisition,—Ihia company incorporated in June 1905 and Miscellaneous (net) 4,254 4,754 5,409 was Reserve 889 454 1,187 is a consolidation of the Albion Electric Ry., toe Albion & Rentals. 1,659 Lockport Ry. and the Albion & Richester Ry. Capital, all common. The Railroad Commissioners have Total $111,263 $102,250 $99,846 fi,000,000, granted permission to make a mortgage for $4,030,060. The Surplus $10,905 $37,706 $23,236 mortgage is made to the Lincoln Trust Co. of this city as BALANCE SHEET DEC. 31. trustee and secures an issue of $4,000,000 of 50-year 5 p. c. 19C4. 1903. 1904. 1903. gold bonds, interest payable February and Aagust, of which Assets-— $ % Liabilities- * $ Prop. & plant 4,305,9(9 4,051,867 Common stock. ..2,000,000 2,000,000 $1,000,000 are reserved for f ature extensions and acquisi- Leased circuits 10,205 Preferred stock .. 500,0' 500,000 tions. There are no underlying ltens, Material & supplies. 19.977 30,652 Mortgage bonds .. ..2,0>-5,O0O 1,970,' 00 Treasury stock .... 288.600 890,000 Current liabilities 298,925 187,817 Tne company intends to build 54 miles of track from Roch- Treasury bonds 21»,000 105,000 Deterred liabilities. 12. '783 11.256 to Lockport, at whioh latter point connection will be Currentassets 106,135 99,927 Surplus 58,126 15,972 ester Deferred assets 3,008 4,582 made over the tracks of the International Traction Co. into Also has trackage rights into Richester over the Total 4,952,834 4,685,043 Total 4,t'52,834 4,685,048 Buffalo. -V. 80, p. 1001. tracks of the Rochester Ry. Co. Road is entirely on private right of way except in cities and towns, where franchises for Niles-Bttment-Poiid Company. 99 years or perpetual have been granted. Tne road is now (Balance Sheet of Dec, Si 1904 under construction and is expected to be completed and in The following balance sheets are furnished to the Chron- operation to Branchport this year. Entire road will be in icle through the courtesy of the Bureau of Corporation Stat- operation in atoat a year. istics, 85 Nassau Street, New York City: Central New England Ry.—See New York New Haven & BALANCE SHEET DEO. 31. Hartford RR. below.— V. 79, p. 2841. 1904. 1903. 1904. 1903. J Central Railroad of New Jersey.— See New Jersey Termi- sS€iS~~ % $ LlabllitUs- I I Real eat. &maoh'y 3.586,065 3.617,025 Capital stock 7,000,000 7,000,000 nal RR. below.—V. 79, p. 2642. Merchandise 1,810,222 1,3^2,711 Accounts payable. 426,003 470,016 Cash* debts rec'ie 2.158,968 2.162,581 Profit- shar'g fund 8.-95 Chicago Burlington & Quluey RR.— Call d Bonds—The Office fixtures 4,347 Ground rent 29.56?. New England Trust Co. of Boston will pay at par on Aug. 1 Investments 4,746,942 4,702,661 Surplus 4.112,145 3,845,800 Other assets 2 .,982 Profit and loss..... 261,273 063.999 Denver extension 4 per cent bonds due Feb 1 1923 to the fol- lowing amounts, viz, : $102,000 in $1,000 bonds and $2,203 in Total 11,8<8.179 1^969^15 Total 11,828.179 11,869,316 -V. 80. p. p. 1734. $100 bonds.—V. 80, p. 2620. ; ,li!.\ 29 19U5. THE CHRONICLE. r>i) 7 Chicago City By.—New Preaid-.nt.— First Vice-President $l,0C0 each. These bonds are dated July 1 1905. due July 1 Mitten has been elected President. 1935, without Option of earlier redemption; interest payable Syndicate Profits.—The "Chicago later-Ocean" says: July 1 and Jan. 1, free of tax in Pennsylvania. They are The $36,0i>0.000. eyndloate which took over the oomnsny's stock to be a first mortgage on the entire property, equipment, at 1200 a share the first of the year paid a dividend on July I at the franchises and private* rights of way n^w owaed or to tie ac- rate of 4 1* per cent on the stook of the syndicate at par. So tar the quired. Trustee, N. Y. Tr. Co., N.Y. City. A circular says: assessments on the underwriting syndicate have aggregated only 95 per cent. The company Is a Pennsylvania corporation, ohartered Deo. 6 1901 capital stock, $1,000,000; par of shares, $50. K aucM-.H are per- Compensation to City.—The city transportation committee petual and lnolude the right to transport persons, light freight, on Jnly 20 approved the company's ctTer to pay the city of express and mall. The oompany proposes to build a modern eleotrlo of Erie lhe of Chioaeo $85,400 in full settlenitnt of all claims f:>r overdue lnterurban raUway between the olty and towns Water- ford, Union City and Corry, with a hranoh to Cambridge Springs; flat rate of $5.C03 per in compensation and a month the total system 42 miles in length, all hi Pennsylvania, aud entirely on a future, beginning July 1.—V. 80, p. 2398. private right of way exoeps In crossing public htgii w .y < and In oltles Indiana Bonds OJered.—Harvey or towns. Tee rills exoept on paved, etc. streets; substantial steel Chicago & Western KB.— bridges. The motive power will be four 50-horse p >wer motors, Fiek & Sons are offering at par and interest, by advertisement capable ot » speed of 40 miles per hour. Population tributary, 1,500 oi another page, $^CO,000 consolidated mortgage 4 p. c. gold per mile, will supply a profitable passenger and freight business. Estimated cost of construction $800,500, including rights of way, bonds, due July 1 1952.—V. 80, p. '2619. franchises, organization, etc, $100,000. Southeastern Pur- Cincinnati Fleniingsbarg & BR.— The majority of the capital stock has been pooled for a chase —This incorporated in Kentucky June 1 1905 company, period of three years to ensure careful mnnagement. with §125,000 capital stock, In $10 shares, of which $25.0 ^0 Erie BB.—First Bivid-ni on Seconi Preferred Stock. — is 8 p. c. cumu'ative preferred, has purchased the narnw- declared first c. gange road of the dvington Flamingsburg & Ashland RR., The directors on Wednesday a 4 p. annual the stock, extending from Johnson via Fiemingsburg to Hillsboro, 17 dividend on $16,000,000 second preferred payable 2 c. on O^t. 9 to stockholders of record Sept. 11 and 2 c. milee. A first mortgago has been made to the Columbia p. p. on April 9 1906 to stockholders of record March 12. The Finance & Trust Co, of L misville, Ky. , as trustee, to secure company's dividend record, which has heretofore been con- $-0,000 of 5 p. c. 20-year gold bonds, dated June 1 1905, in- fined to the first pref. stook [aow $47,892,400], being, like t. reef D*c. 1 and Jane 1 at efflea of trustee. Denomination second preferred, o. non-cumulative, is follows: and $1 0'j0. Sinking fnnd, $1,500 yearly. Officers: the 4 p. as $500 ( Dividends, ) 1901. 1902. 1903. Attllla Cox. President, Loutsville, Ky.; O. D. Lanier, Vloe President, p. c 1904. 1905 let preferred.. 3 3^2 4 4 New York; W. N. Cox, Secretary and Treasurer; Attllla Cox Jr., Gen- On 5 1^ era Counsel; 8. S. Bush, General Manager; all with otflues at Louis- Improvements.— President Underwood makes this statement: ville. "The necessary legislation on munlolpal ordinances having been Cincinnati Hamilton & Dayton Ry.— Joiit Bjr.di.—The obtained to enable the oompany to prooeed with the extensive im- $3,5lO,0uO Cincinnati Hamilton & Dayton-Pere Marquette provements whloh have been in conteinpla'ion forayearormore.it is now proposed to pinh the work vigorously. The Improvements of joint notes recently in this are not mentioned column a new tbe terminal at New York and Jersey City will be taken up immedl- obligation of the system, but merely take the place of an dlately and work will be pushed rapidly on the new line to avoid the equal amcucit of Pere Marquette notes issued last year to heavy gr&da enoountered on the New York Division. Important secure control of the Chicago Cincinnati & Louisville RR. additions to the oompany's equipment will also be made. These Im- provements snould enable the oompany to better care for the increas- Co. It is not expected that any of these notes will come on ing business which has now outgrown its present facilities and to ma- the market, as they are closely held by the small group of terially add to comfort and convenience of its patrons." -V. 81, p. 31. men who were the builders of the Chicago Cincinnati & Fort Wayne Bluff ton & Marion Traction Co.—Mortgage. Louisville Railroad. —V. 81, p. 264. A mortgage has been filed with the Guarantee Trust & Safe Cleveland & South-Westera Traction <)o.—Bonds Offered Deposit Co. of Philadelphia, as trustee, to secure an issue of —F. L. Fuller & Co., Cleveland, are offering at 97>£ and $4C0,0G0 of 5 p. c. gold bonds, denomination $1,000 each, dated interest $300,000 first and consolidated mortgage 5 p. c. gold June 28 1905, interest Jan. 1 and Jnly 1 at office of trustee. bonds due Feb. 1 1923, but subject to call at company 'a The oompany was incorporated in April last with $550,000 capital option Feb. 1 1913 at 105 and interest. Total authorized issue stock in $100 shares, of which $250,000 preferred, to build an inter- $3,000,000, of which outstanding (including bonds now offered) urban eleotrlo railway from Fort Wayne to Bluffton and Marlon. Director*: President, Frank H. Cutshall, Samuel L. Morris, Harry E. $1,400,000; neld to retire underlying bonds, $1,600,000. The Verdermark, Fred. O. Baade and F. II. Schmidt. bonded debt of the system is $22,000 per mile. EAKSISGS FOB FIRST BIX MONTHS OF 1904 AND 1905. Grand Trunk Pacific By.—Dates of Maturity and Interest of 1904. 1905. Increase Payments.— Tinder the provisions an amendment to the Gross earnings $204,753 $237,375 $32,622 Aotlto incorporate this company it is required that the rail- Net earnings 60,278 88,483 28,205 way shall be completed on or before D30. 1 1911. In prepar- "The Income shows a steady growth from year to year, and the com- ing the mortgage securing the 3 p. 0. mortgage sterling bonds parative statement shown above assures a net surplus earning for the guaranteed by the Government of the Dominion of Canada, year 1905 of approximately $ 100,000 after paying all bond interest."— V. 76, p. 1299. it was agreed that definitive bonds should be issued from the beginning and oover of Colorado & Northwestern R&.—Status.—President Sam'l that they should the period con- struction and fifty years thereafter. The maturity of these B. Dick, Meadville, Pa , under date of July 21, writes : bonds was therefore fixed at Jan. 1 1962. It was also The oonpons hereafter will be paid at the United States Trust Co.. the trustee under the mortgage. The entire issue of $1,000,000 agreed with Messrs. Rothschilds subsequent to the issue of bt nds, with the exoeption of $37,000, are held by Mr. Culbertson and 1 heir prospectus that the interest payments should be as of myself, and. as were we wanting to use additional money in putting July 1 and Jan. 1, which would make a better distribution in sidings to meet the growing demands of the business, we carried 0? the payments of the company's interest obligations, the our own coupons over, which is the reason why they were not paid at the trust company. The balanoe of the oonpons were taken care of. Interest payments under the mortgages securing the 4 p. c. We have been very much delayed by the unusual season prevailing mortgage sterling bonds to be issned on the Western Division In the mountains, as there was snow up to the first of June. The and on the Lake Superior branoh having previously been property looks better than it ever looked, and since we got our third rail Into Denver, allowing us to run our solid trains, both passenger fixed as of April 1 and Oct. 1.—V. 80, p. 2457. and freight, our passenger earnings for the first ten days of July averaged $300 a day. Mines are staitlng up in every direction, Guayi (Jill & Quito (Eqn idor) By.— Bxtention—A press dis- machinery Is going in, and we antlolpa"e in the next six months to patch from Guayaquil announces that the company on July t-i-rn a handsome surplus over and above our interest requirements.— 24 began train service to Riobamba, capital of the Province V. 80, p. 650. of Chimborezi, 9,064 feet above the level of the sea and 150 Columbia (S. C.) Electric Street Bailway, Light & Power miles from Guayaquil.—V. 81, p. 155. Co.—Increate of Capital Stock.—This company on Jnly 5 Hampton Rtads By. & Electric Co., Newport News, Va.— filed a certificate of increase from |f 03.000 to $1,600,000, $600,- Foreclosure SaU. — Ju ige Edmund Waddill Jr., in the United OcO to ba 6 p. c. preferred and $1,000,000 to be common stock. States Court at Norfolk, Va., on July 24 ordered the sale of The additional stock is issuable in connection with the pur- thi« company's property auction.—V. 1058. chas" of the Columbia Water Power Company's property. at 80, p. S e V. 80, p. 1971, 2620. "Hartford & Springfield St. By.—Authorized.— The share- holders at a meeting last week authorized the increase cf the lonway Coast & Webtern BE.—New Officers.—James H. capital stock from $500,000 to $700,000 through an issue of Chadbourn has teen elected President and E. P. Schulken $200,000 6 p. c. preferred. Of the new stock $100,000 will be S.cretary and Treasurer.—V. 79, p. 1266. used to retire $103,000 of outstanding notes, and the remain- Cortland < oanty (N. ¥.) Traeti >n Co.—Bond i.—The New der will be used to purchase the stook of the Rockville lork State Railroad Commission recently authorized tbe Broad Brook & East Windsor Street Ry. Co.. which is build- company to issue bonds to the amount of $320,000 for new ing 14 miles of new road from Roskville to Warehouse Point, construction at Homer and other mort- purposes. The new Conn.-V. 81, p. 31. gage will seenre $500,000 of 5 p. c, 33-year bonds, dated Hocking Valley By.—Allied Coal Company.—See Sunday Aag. 1. 1905, of which $130,030 will be reserved for retire- Creek Co. under "Industrials" below.—V. 81. p. 211. inent of exbticg first mortgage bonds and the remaning See $220,000 will cover cost of new power house, Little York ex- Lansdale & Norrlstown Electric By.- S iccessor.— tension and various additions and betterments. Tbe com- Montgomery Traction Co. btl^w.—V. 81, p. 211. pany was organized in 1901 as successor of the Cortland & Lehigh Valley Traction Co.—Riorganiz tticn —As a pre- H^mer Traotlon.—V. 72, p. 118?. liminary to the consummation of the reorganlz ition plan, all Valley Trac- Electric City Ky., Niagara Falla, N. Y —Bonds.-TbeNew of the properties and franchises of the Lehigh i jra State Railroad Commission recently authorized the tion Co. and its subsidiary companies, recently foreclosed, Valley Passeng -r company to istue bonds to the amount of $500,000 for new were on July 25 turned over to the Lshlgh construction. R-illway Co., the Philadelphia & L^higb Valley Passenger Rtilway Co. and the Allentown & Slatlngton Passenger Rail- ri « Cambridge Uiiion £ & Corry By. Co.—New Enterprise. oase are: T(iylor way Co. The directors and officers in each * & Co - ot Pittsburgh, together with their 7i STe Dlreotorsi Tom L. Johnson, Arthur K. Newbold, Harry O. Trexler, nnderwrit,n g this company's authorized is me of Oeorge H. i E B. William F. Harrlty and $l,0.0,0t0• rvrT' Smith, George O. Albright, first mortgage 5 p, c. 30-year gold coupon bonds of Fraz'.er. ) 508 THE CHRONICLE. [Vol. lxxxi. President, Harrv O. Trexler; Vioe-Presldent, El ward M. Yoong; man of Philadelphia. Wilbur F. Sadler Jr. of Seo. and Traas., George H. Frazler; Hen. Man., Warren S. Hall. Trenton, r N, J , is a director. These new companies. i is stated, will presently hf> con- solidated as che L-high Valley Transit Co.— V. 80, p. 2621 Oklahoma City Henrietta & St. Louis RR.— Mortgage.— This company, which was incorporated in Oklahoma in De- Long Island RR.— E eotric Train Service.—The line from cember last with $3,000,000 capital stock, since increased to Flatbnsh Avenue 8tatiorj to Rocfcaway Park was placed under $6,000,000, has made a mortgage to the Trust C mapany of electric service on Jnly 28, aad it Is expected that by Sept. 1 America, New York Ciry, trustee, to secure an issue of there will he in all about 25 miles of the road, including the $6,000,000 40-vear 5 p. c. bonds. The company proposes to line from Flatbnsh Ave. to Jamaica, prepared f->r electric build from Woodward, O. T., via Oklahoma City, to Checo- trains.—V. 81, p. 211, 81. tab, I, T., 280 miles, and thence potslbly to St. Louis. In- Macm (Qa ) Ry. & LUht Co.—Ear nings.—Th.<) results for corporators: the month of Jane and the half-year endiag Jane 30 follow: H. W. Cle«r*n, John H. Dibble. J. H. Wheeler, J. W. Pryor and John June (irons Net Fived eh'ges. Balance, W. Shartell of Oklahoma City. O. T. (1 month) earnings. earnings, int. <£ taxes, su-plus. 1905 $23,288 fll.145 $1,'<04 $6,241 Petaluma & S mta Ruwa f Electric) Ry.—In. Operation.— 1901 20,119 9,330 1,U1 5.219 The firBt car ran into Santa Rosa on June 30.—V. 80, p, 1913. 6 months. Philadelphia furchase.— 1905 $118,568 $^2,608 $29,423 $23,180 Company, Pittsbargh.— See 1904 108,124 39,021 24,196 14,825 Beaver Valley Traction Co. above.—V. 80, p. 1913, —V. 78, p. 343. Philadelphia & Western (Electric) RR.-Ssle of Bonis.— Massachusetts Electric Companies.— Refunding Notes This compauy has let contracts, or partial contracts, for its Approved. The shareholders yesterday duly approved the propoped high-speed, double track electric railway between proposl'ion to issue $1,500,000 4^ p. c. 5-year gold notes, of 63rd and Market streets, Philadelphia, and Bryn Mawr, and which 12,700,030 to refund the issue due Jan. 1, 19 16. See V. expects in the near future to build to Parkesburg, Pa., 44 81, p. 265. miles, and later, if results justify, to York. A block $1,610,- Metropolitan West S'de Elevated Ry., Chicago.— Ordi- 00 ) bonds, it is announced, has been sold to a St. Liu's party nance Not Accepted —The board of directors on Jnly 17 de- at or about 90. W. P. Van Brnnt is President and L. N. cided not to accept the ordinance passed by the City Council Downs (President of the projected Philadelphia & Schuylkill giving the company the right to carry express and milk on Valley Ry\. chartered to build to Norristown) is Treasurer. account of its burdensome features.—V. 81. p. 212. George J Kobusch of St. Louis and associates are reported Mexicio Gulf Coal & Transportation Co.—Sale —At the as backlog the enterprise. foreclosure sale the property, including, it is said, several Pneumatic Transit Co.—New Stock.—-The shareholders of large mines and 50 coke ovens at or near Howe, I. T., and this New J-rsey corporation will meet Aug. 4 at No. 106 200 coke ovens at Alderson, I. T., was acquired, it Is stated, Market St., Camden, N. J., for ths purpose of increasing the f oi |80,000 by the Dr-goan & McConnell Coal Co., reoently capital stock from $M)0,000 to $1,000,000, "of which total incorporated with a capital stock of $2> 0,000. The sale is amount $500,000 will be issued as preferred stock." George understood to have been made in foreclosure of a $200,00 J. Murray is Secretary.—V. 75, p. 736. mortgage, under which the Provident 8avings Bank & Trust Rochester & Eastern Rapid Ry. — Change in Control — Co. of Cincinnati was trustee.—V. 81, p. 35. A press dispatch from Syracuse on July 22 says: "Horace E. Montgomery T radio i Co., Pennsylvania.—Successor Andrews of the New York Central- Andrews trolley syndicate Company.— This company was incorporated in Pennsylvania announced here to-dav that the syndicate had acqoired the on July 6 1P0> with $250,000 capital stock, as successor of the Rochester & Eastern Rapid Ry." Oo Jaly 27 the following Lansdale & Norristown Electric Ry., foreclosed. (V. 81. p. directors and officers were announced: 211). The new oompany has made a mortgage to E. P, Wil- Directors: E V, W. Rosslter, W. C. Brown, John Carstecsen. W. Day Wllgns. W. K. Vanderbllt Jr.. Albert H. Hirris. all of New York: H. E. Andrews and bur Trust Co. of South Pa., as truatee, se- Bethlehem, to J. S-anley of Cleveland O.. and Walter N. Kernan of Utica. N, Y. Officers: cure an issue of $250,000 of 5 p. c. 30 year gold bonds of President. H. E. Andrews; Vice-Preslden', W. K. Vanderblt Jr. ; Secretary, Walter N. Kernan, and Treasurer, Charles B Rogers ot Utica.— V. 80, p. 2345. $1,000, dated July 15 1915, subject to call at the com- RaMand Street Ry.—Receivership. -At Bu>-liug f oti.Vt., on pany's option at 102J£ on or before July 15 1908, aad there- States f!oart after at If 5. W. A Hay of Easton, Pa., is President, and July 20 United Circuit Judge Hoyt H Wheeler Gaorge A Reed of Bethlehem, Secretary and Treasurer. appointed General Manager D ivid F >x as receiver of the property on petition of Douglas Robinson of New York, Morris County (N. J.) Traction Co.—Mortgage.—Thi3 receiver of the Merchants' Tru*t Co. The railway, it is company, incorporated in New Jersey in 1898 with present stated, is proving profitable, but the receivership is thought authorized capital stock of $3,000,000, of which $400,000 is desirable in order to protect the largo interests of the trust outstanding, par of shares $'00, has made a mortgage to the company in the property. —V. 80, p. 2220. Trust Company of America, New York, trustee, to secure an Soli.— iasue of $3 0(0,000 5 p. c. gold bonds of $1,000 each, dat*d St Lonis St. Charles & Western (Electric) RR.— sale 24 this electric railway bid June 15 19 /5 and duo in 1935, but subject to nrior r^demp At the trustee's on July w»s tion at 110; interest payable D'.o. 15 and Jane 15 at office of in for a syndicate of S*. Louis capitalists, beaded by Fes'us and Thomas Crouch, for $495,000.— V. trustee. The road is in operation for a distance of about 1% J Wade W. 80, p. 2200. miles from Wharton via Dover to Rockaway, N. J , and re mainder is under construction; total extensions proposed, St. Louia & San Francisco RR.—Ex hange of Trust Cer- 60 niil^s. The mortgage covers the road constructed as ab July 29 1905. THR CHRONICLE. 509 Virginia & Trnckee KK.—Successor Company —A press tlon to the amount of their respective deposits, and, next, to the depositors of preferred stook of the American Nev., announces tbe incorporation of Cotton Co., and any dispatch from Reno, surplus to the depositors of the oommon stock." this company with $5, 000,0 10 authorized capital stock as suc- The Metropolitan Trust Co. is made depositary in place of cessor of the Virginia & Truckee Ry. The nt-w ompany, the Banker i*' Trust Co. D posltors who do not withdraw which ha? taken a deed to the property, is authorized to their st onri ties on or before Aug. 12 1905 will be bound by build the Gardnerville branch in Douglass County, 23 ml'e3. the modified plan. Operations, it is understood, have been Directors: curtal'ed within narrow limits.— V, 80, p. 1973. D O. Mills. President; H. M. Yerlneton. Vioe-PreBldent and General Kckley. Newlai Hlae Co.— Nao Managemint. — At the Mat auer; W F. Deal. W E Sharon. K. W James da Jr , American annual r. Mills, directors. The Bai k or California J. M. Ardery and George meetirg iu Trenton, N. J , on Joly 25, the following directors depository.— p. 266. Is named as the corporation's V. 81, were elected, the opposition to the old manasement casting rTeetim Mai} and KK.— Co nsi I id liion of Sublunary L\7i 9 shares out of a total outstanding Ueue of 21,000 sharet Rca 10 THE CHRONICLE. [Vol. L.xjtii. H jnry & West of Philadelphia. The bonds are to be sinking Fisk & Socs (V. 80, p 715,) is secured by deposit with the fund 5 p. c. gold bonds, dated Aug. 1 1905, due Aug. 1 1925. Standard Trust Co. of New York, as trustee, of the follow- Harrisburg Trust Co., Harrisburg, Pa., trustee. A circular ing ootids, all except as indicated bearing 5 p. c. interest: says in substance: Pledged. Auth Itsue. xAnntston The Central Iron llarti >rd (Conn.) City Has Light Co.—Bon Is Off»rei — St. Louis, subject only to the lien of its $3,000,000 of bonds.' Franois R Cooley, Hartford, Conn., is offering at 1U4>^ and Secretary W. Roy McCanne, under date of July 21, wrlteB : interest f600,000 first mortgage 4 p. o. gold bonds of $1,0 JO Incorporated in Missouri June nth 1900, and has qiallfled to oper- Illinois, Indiana and Kansas. Slnoe each (free from tax in Connecticut), dated July 1 1905 and ate also In November 10 JO has i' iid not less than 4 p. o. dividends, and In 1904 f> p. o. dividends 1 1935; interest Jan. 1 and Jaly 1; Conneoticnt Tr. dae Jnly Through Its own lines and oonueotlng omoaales, it reaches almost & Safe D posit Co., trustee, H irtford. A circular eays: all the prlnolpal cities and towns In Kansas, Missouri, Central Il- linois, Indiana, Kentnoky and Western Ohio. On the east its own Capital./. Ulon: Capital stook (par $25), $750,000; first mortgage Hues extend to Terre Haute, Ind.; on the north to Sprlnetleld, III. outstanding, $tJOO,000. The amount of the mortgage la limited bonds (and through Its connecting oompanles to Moberly and Hannibal, absolutely to $1,000,000; bonda in exoess of $600,000 cannot be Mo); on the west to Sedalla, M >. (connecting with the Kansas City Issued for more than 30 p. e. of the oost of aotual extensions, and oan Long Distanoe Co. for Kansas City. St. Joseph. A'ohleon, Leaven- never exoeed the amount of paid-in capital stock. The present Issue wo th and Topeka); on the southwest, to Joplln, Mo., aud Pittsburg, 1? the sole purpose of refunding entire existing debt. The of bonds for utrard, Columbus and Cherokee. Kan. Has reoentlv Installed an up- security Is the entire property, rights and franchises [now owned or to-date toll- board In the Century Building, St. Louis, Mo.; owns and hereafter acquired], which is valued at about $2,150,000, or nearly operates 2,100 telephones In Its exchanges and toll stations, and has four times the bond Issue, and eubj^os to no other lieu whatever. approximately 1,07s miles of pole line carrying 10,825 miles of oopper Dividends of 8 p. o. per annum have oeen paid on the entire oapltal wire, otitetly in Missouri, but new lines are planned throughout Illinois. stock for many years. Company serves a population of over 100,000 In addition, has reoently acquired all the properties of the Kmloch In Hartford and adj aoent towns.— V. 81, p. 157. Telephone Co., owning a main and three branoh exohanges in St. Illinois Brick Co.—S isjenaion of R porta,—The directors Louis, Mo., and East 8;. Louis, 111., and having under construction a modern fireproof building of six stories (the three upper fl >ora of public finanoial state- on Jaly 24 decided to suspend making which will be occupied by the two oompaules) at 10th and Looust ments, such statements being '-for the shareholders alone."— streets, St. Louis. Present numb jr of working lines to be Installed, ultimate capacity, 17,000 lines, providing facilities for more V. 81, p. 34. 12,500; than 30,000 telephones. The looal oompany operates 15,000 tele- Independent Cotton Oil Co., D^rliigton, S. C—Rec ivir phones lu 8;. Louis and East St. Louis, has 200 duct miles of under- oonduit, 380 miles of underground and aerial oable, 350 miles company, incorporated in December 1902 with ground ship —This of pole lines and 4,500 miles of aerial oopper wire For the past four in $1,0 0,010 capital sto^k, was on July 8 pla.ed the hands of years It has paid 4 p. o. dividends annually t > Its stockholders. President Bright Williamson, R. B. L«bby and R. H. Sass as The result of operations of oomblued properties for oalen- receivers by Judge Brawly in the United States District ender yaar 1904 was: Gross revenue, $778,548: operating expanses, maintenance, taxes, etc., including 5 p o. of the gross revenue paid to indebtedness, it is said, Court at Charleston. The oompany's City of St. Louis, and all other expenses, except interest, $467,168; is $520,000. At organisation |500,000 stock was subscribed net earnings applicable to interest and dividends, $311,379. The for; subseqnently, it is stated, 100 p. c. in stock dividends revenue of both the looal and long distanoe companies is constantly Increasing, and It Is conservatively estimated taat the oomblned also some cash dividends, the last of these being was paid; properties will earn during the oaleudar year 1905 at least the sum 6 p. c. The Darlington Trust Co. also clo3ed its doors of $350,000. See V. 79, p. 630.—V. 81, p. 158. a result of the failure. as Einloch Telephone Co.—Consolidaiim.—See Klnloch Long Independent Telephone Co. of Syracuse, N. T.—Successor Distance Telephone Co. above.—V. 79, p. 1383. Company,—This corporation was organized under the laws Lake City Water Co., H imm mi, Ind. —Bondholdira Win, of New York on June 29 1905, with $1,000,000 outstanding have bsen favored with the following official state- iommon] stock, with authority to operate telephone lines in —We [ ment, touching the new contract which, with the approval of Syracuse and 17 counties in Central New York, and acquired the court, has been entered into with the city, thus settling the entire stook of Syracuse Telephone Co., which had been favorably to the bondholders the pending litigation: purchased by a syndicate, viz. : John J. Cummings, President 1 held In for the purpose of deter of the Syracuse Lighting Co, former Miyor Jacob Aims, On July an eleotlon was Hammond mining whether or not the oity should lease the Lake City Water Co. Gates Thalhelmer, Albert K. Hiscook, former Corporation plant, and the same was earrled by about 233 majority. Subsequently Counsel Alexander H. Cowie. Hendriok S. Holden and the City Oonnoil passed an ordinanoe authorizing the lease, aud the Charles Warner of Syracuse, Eugene Satterlee of Pittsford matter was then presented to Judge Anderson of the U. 8. District Court at Indianapolis, before whom foreclosure proceedings have been and Thomas W. Finucane, George R. Fuller, Frederick W pending. Judge Anderson confirmed the lease and dlreoted the city Zoller and Carl Lomb of Rochester. The new company also to pay the oompany the amount of rentals past due; the lease was owns all the stock of the Columbia Long-D. stance Telephone exeouted and the oity paid $29,500 on that aooount, aid azrees to pay balance $8,360—on or before Nov. 15 next. The city further Co. and the People's Subway Co. of Syracuse. due— agrees to pay a rental sufficient In amount to liquidate the prlnolpal Mortgage. —A mortgage to the Trust & Deposit Co. of Oa- and Interest of the bonds promptly as It falls due. On this basis of ondaga, N. Y., as trustee, secures $3,000,000 first mortgage settlement the bondholders suffer no loss of prlnolpal and only a por- tion of the past-due Interest through expenses incurred in litigation. 5 p. o, gold bonds, of which the present issue is to be The questions Involved from the Inception of the litigation were 51,000,000; bonds dated July 1 1905 and due in 1925; interest purely legal, the Supreme Court of Indiana having revere 3d a long payable Jan. 1 and July 1 at office of trustee. "No prior line of decisions upholding the form of oontraot originally made by the oompany with the oity. Th i new lease oontraot j xbz made was liens." President, Hendrick 8. Holden; Vice-Pres. , Geo. R. authorized by an Act passed by the last session of the Indiana Faller; Sec, Alexander H. Cowie; Treas., Albert K Hiscock. Legislature. Kansas Natural Gas Co.—Kansas Charter Obtained,—This The company was incorporated in 1901 for the purpose of company, which as a foreign corporation was recently for- building an intake and water supply for the city of Ham- bidden by the State Supreme Court to do business in Kansas, mond, Ind., under a contract the legality of which was was granted on Jaly 19 a charter by the Kansas State Char- Approved by Wood & Oakley, Chicago. The plant was com- ter Board and paid a charter fee of $2,530 on its $12,000,OJO pleted and turned over to the oity for operation. Litigation capital stock. The "Kansas City Star," apparently from ensued and Judge Anderson in the Federal Court at Indian- official statements made to the Charter Board, says : apolis appointed a receiver on application of the bondholders The Kansas Natural Gas Co. has the oontraot for supplying g is to through the American Trust & Savings Bank of Chicago, Kansas city. Kan., Leavensworth, Topeka, Garnett, O.athe, Parsons, trustee. As stated above, the present settlement not only Plttsburg,;oaiena, Columbus. Independence, Atohison and other place* calls for the payment by the city of the overdue rental, but In Kansas; Jopllu, Mo., St. Joseph, Mo., and has a prospeot o! secur- of sufficient discharge the principal and ing the oontraot for supplying Omaha, Neb. Up to this time, outside sums annually to of the locality of Independence, Kan., the company has not sold any intereet of the bonded debt as they mature, The bonds were gas at ill. Its pipe lines from the Neosho and Montgomery oounty handled by the Trowbridge & Niver Co. and MacDjnald, fields to the great consuming sections of Kansas a,-* Just finishing. McCoy Co., Cntcago, the total is^ue being $194 800, inter- Its pumping stations are building at various Dlaces along the line. It & is now employing more than 2,000 men and 1,000 teams on construc- ests p c, principal payable serially; denomination, $500, tion work alone. It Is spending $350,000 for one pumping station four gold, dated Nov. 1 1901. mU>s north of Chanute and $350,000 morj for flva pumping stations between Independence and Kansas City, Kan. It Is spending more Lake Torpedo Boat Co., Bridgeport, Conn.—First Divi than $200,000 In pumping stations on the line between B lton and dend.—This company, which has been iu existence for about Jopllc I .s lines gridiron There the southeastern corner of the state. three years, has declared a dividend of 10 p. c, covering no Is coaroe y a polling prtoiuot In whloh it does not own a gas lease or In fixed period. large piant con- which It has not a produolng well. Of its 3,000 miles of pipe line, more The corpora ion has a and than 2,990 miles are In Kansas. Its extensive leasa aoreage in Indian tracts ou; with other plants. territory and Oklahoma has never been touohed. The oompany was ino jrporated in New Jersey in 190 1 with $ 1 ,000,000 oapltal stock, in shares of $10 eaoh. to manufacture submarine boats The Kansas Natural Gis & Oil Pipe Line Improvement Co. under the patents of Simon L-ike, the President of the o mpauy. Nj i- the subsidiary concern which is piping natural gas from bonds outstanding. Last spring the oompany reoelved an order from the southern Kansas fields to Topeka by way of Liwrenoe. a foreign government for boats aggregating $2,000,000. The Frenoh 3overnment also, aftor exhaustive tests, it was state 1, approved A press despatch from Pltttburgh, Pa., states that financial the oompany's type of boats. The Treasurer Is L B. Miller, Gen. Mjtr. interests in that city are back of a plan for combining the of the Singer Manufacturing Co. independent oil companies and bnilJing a pipe line fr m the Lehigh Iron & Steel Co., Allen town, Pa.—Bonds Offered. K -.Leas oil fields, tapping the oil field* of Texas, to the Galf of —Tne J. Alden G^ylord Co., No. 35 Will S ., are ottering Mexico, and proposes in connection therewith to fl jat an issue f it 92% the company's 15-year 6 p. c first mortgage gold c $7,0,0,000 bonds.—V. 81, p. 214; V. 79, p. 906. 'joude of 1905, pare of a proposed issue to be Urn txl cj $ < JO,- K'nloeh Loug D. stance Telephone Co., Missouri.—Con- 000, Interest payable semi-annually. toii lotion.—This company has increased its outstanding Plant es- Capital stook. $250,000. 'full paid" ; par of shares, $100. casual tablished, 18/0; remodeled 1902; present oompany tnoorp >rated stock to $2,800, ,00 (? ; giving $2,000,003 th-reof in ex- , 190a. win used to take up the remain- change, share for share, for the stock of the Kmloch Tele Of the new bonds, $100,000 be ing $t 00,000 of th-> old Ibsuj (of ri» 50,0 O) due in lHoi and i-OO.oOJ phone Co., the local independent company operating in Sc. has In operation a to build a new 200-ton furnaoe, etc. Th i oompany Louis, whose property has been acqnired. 75-ton furnace, whloh In the four months ending A;>rll 1, 1JO.V pro- 7 *U5, 0H ; net earn- Bo As Offered -The Mississippi Valley Trust Co. o! St. duced 8,397 tons of pig, making gr.es earnluge, ings. $..2,116. Ollljer-: Win H. Alney, Preil lent and Tre.ijur.r; F. L old is offering a block of the firs: 5 c. gold rk mortgage p. 1. Hemmel. of AUentown. P.»., Seoretary; F. W. El wards, of N w \ bonds at 97 and interest. Authorized issue, $5,000,000. of Oity, Vice-President. The company was form' rly kuoTW as the Le- which outstanding, $1,5)0,000; subject to Issue when needed, high Bteel Middlesex Banking Co,, Mlddietown, Conn.—Prepayment on July 6, 1901. The Power & Ice Co. was incorporated in of Debentures.—Thin company will pay upon presentation, New Jersey in Jane, 1901, with $200,0:0 authorized capital With interest to date of payment, debentures of Series "D 3*i" stock to dam the Paulinskill River at Columbia and to build and "D 42," which mature Ojt. 1 19J5, and Series "D 37" and power bouse, etc. No interest, it is said, has been paid on "D 43," maturing Nov. 1 1905.—V. 79, p. 2460. the bonds. The Trust Co denies the priority of a mechanics' lien for $32,870 filed by David L. Emanuel. Midland Cold Storage Co. or St. Paul, Minn.—Bonds Of- fered.— *5. C. Barroll any interest day ; interest Jan. 1 1 O'ttara Coal Co.— Consolidation —This company was in- terest on payable and July Central of Illinois, corporated at Albany on July 22 with $6,003,000 capital at the Trust Co. trustee, Chicago. Financial statement shows: Plant and equipment, $229,668; stock, of which $1,000,000 is 5 p. c. cumulative preferred, to take over extensive coal properties in Illinois, including ten capital stock, $100,OJ0; bonds outstanding, $132,000. A circular says: going concerns. The authorized bond issue is $3,000,000 of sinking fund 50-year 5 p. c. bonds of $1,000 each, subject to Incorporated under laws of Arkansas on Feb. 8 1839 and author- ized as a foreign corporation to carry on business In Texas. Direc- call at 105. The present issue of these bonds is $1,500,000 tors: Ruf as O. Dawes, President; B. G. Dawes, Vloe-President: E Iwln and the remaining $1,530,060 is held awaiting expert opinion F. Brown,8eoretarj; Charles G. Dawes, Edward F. Laoey, William B. as to whether the value of the properties justifies their issue. Rldgely, W. Irving Osborne, Samuel Insull, E. J. Baffington, Edward Clifford, H. Pyle and W. W. Mills. The properties are located on the line of the Iudian Harbor W. EARNINGS FOR TEAR8 ENDING DEC 31. RR., under which title, ifc is understood, the L»ke Shore & Michigan Southern and the Mtchlgan Central are building 1904. 1903. 1902. 19G1. 1900. Gross earnings $36,884 $56,566 $47,211 $34,124 $30,195 from Indian Harbor on Lake Michigan to Danville on the Operat. exp. and taxes. 34,250 36,245 28.893 23,436 22,609 Cleveland Cincinnati Chicago & St. Louis Ry. (See V. 80, p. 1911.) Pereons Identified with the Vandwrbilc roads are Net earnings $22,634 $20,321 $18,318 $10,683 $7,583 supposed to be interested in the coal company. Books for At rate of Increase shown for the first six months of this year the net earnings for 1905 will be not less than $25,000 or four times the the underwriting were opened on July 20 at the banking interest charge. Population of city, over 18,000, having shown a house of J. B. Rnssell & Co,, 46 Wall St., and were closed the rapid growth In past five years. Company's property consists of mod- next morning, the amount desired, it is stated, having been ern brick eleotrlo station [the street railroad taking its current from the company], and gas plant, also thoroughly modern. The preaent over-subscribed. The property acquired, it is said, will ag- management is rap Idly Installing meters and gas stoves. Operates gregate some 40,C03 acres of coal land and will have an under long-term franchises for both gas and eleotriolty which are annual output of about 3,000,000 tone. T. J. O'G-ara of the without objeotlonable features. The bonds offered are an absolute here- coal firm of O'Gara, King & Co. of Chicago will be Presi- flret mortgage on all the property and franchises now owned or after acquired; $132,000 are outstanding, and the balanoe [«868,000, dent and Walter B. Kerr, New York, Treasurer. the authorized Issue being limited to $1,000,000—Ed.] may be Issued Paulinskill (N. J.) Consolidated Power & Ice Co.—Fore- for additions, betterments or extensions only, under carefully guarded of the trust deed. closure.—The Knickerbocker Trust Co., as mortgage restrictions trustee, The oompany is owned and operated by the Union Ga3 & Electric has brought suit to foreclose a mortgage for $300,000 made Co. [of Delaware], a corporation controlling about a dozen similar j July 29 1905. THE CHRONICLE. 513 properties throughout the Middle West, all of which are In a mom prosperous condition. The Union Gas A Eleot'lo Co. has Invested In vc (jtomtxjemal £imcs. addition, and nubleot to these bonds, a large sum of Its own money In this property, lEsnrlng to the Investor the le3t of expert management. Among tbe direotors of the Union Gas & Electric Co. are COMMERCIAL EPITOME. Charles Q. Dawes and W. Irving Ojborne, respectively Pres- Friday Night, July 28 1905. ident and Vice President Central Trnst Co. of Illinois, Chi- the season of the year cago, and Samuel IdsuU, President Chicago Ediaon Co., Chi- Considering there has been a fair cago. Compare V. 79, p. 2751. amount of business activity during the past week. A relief from the recent unusually hot weather has been Texas Coiupauy.— Great Oil Fire.—The tanfcs of this com- experienced pany in the Humble oil fields wera set on fire by lightning on and in some lines buyers have been operating more freely. July 23 and the pnmping station and over 2,OCO,O0O barrels of There also has been some improvement in the call for ship- oil in 11 tanks were bnrned, cansirjg aloes estimated at from ments on outstanding contracts. The reports from the pig- $500,000 to $950,000. A fire at Sour Lake on Jalv 25, also re- iron have reported subsidence tire snltirjgfrom lightning, is thonght to have done $50,000 dam- markets a of active buying earlier in month, but there age to the company's property. — V. 80, p. 1427. experienced the has continued a fairly active condition of business in the steel markets. The Co., Mich.— Bonds, Toledo Portland Cement Manchester, grain crop prospects have been reported generally favorable International Savings Trnst Co. (the mortgage —The & and have had a depressing effect upon values. A revised re- Corporation Underwriting Trnst trustee) and 'he & Co., port of the Government's Agricultural Bureau on the cotton both of Pittsburgh, Pa., offered for sale on Apr. 2 $800,000 acreage makes the decrease from last year 14.9 instead of first mortgage 6 p. c. 4f>year gold bonds dated Apr. 1 1905 ; 11.4, as originally reported. It has been announced that a denomination, $1,000; issue limited to $5C0,C00. special session of Congress will be called to meet on Nov. 11. Toe company, it was stated, had then enolosed the five principal Lard on the spot has been steadier. There have been (steel cone true tl on) ami had expended over 9100,000. Its build in ks moderate offerings, but trade demand has maximum oapaolty was 1,200 bbls. per day, average eaoaolty 1,000 been better and - bbls. The company, It was said, owned in fee and without other prices have advanced. The close was quiet at 7 35c. for encumbrance i34k aores of marl and olay lands, 5 miles of railway prime Western and 6 '75c. for prime City. Refined lard has and 23 aores of land for faotory site Total value of right-of-way had only a limited sale, but prices have held steady, property was expeoted to exoeed $1,000,000. Company lnoorpora'ed closing 7 in Michigan in January 1903. Capital stock then authorized at "45c. for refined for the Continent. Speculation in lard $500,000. for future delivery has been quiet, but prices have advanced on limited offerings and light receipts of Union Gas& Electric Co., Delaware.—See Texarkana Gas hogs. The close was quiet. & Electrio Light Co. above.— V. 79, p. 2751. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Decision.— See Amalgamated Copper United Copper Co.— Sat. Mon. Tues. Wed. Thurs. Fri Co. above.—V. 61, p. 216, 36, July delivery 7.00 7.07H 7.10 7.10 7.15 7 15 Sept. delivery... 7.12^ 7.17H 7.22^ 7.20 7.30 7.27J4 United Electric Securities Co , Boston.— Called Bot-ds.— Oct. delivery 7.20 7.27H 7.32"^ 7.30 7.37H 7.35 The American Loan & Trust Co., trustee, has called for re- Pork has been in moderate demand and steadier, closing at 103 interest to August 1 1905 tbe demption and accrued at $13 50@14 50 for mess, $13@15 50 for short clear and collateral bonde, viz: followirg amounts of trust 5 p. c. 8 15® 15 50 for family. Cut meats have held steady at un- Third series, the entire outstanding issue; tenth series, entire changed prices, closing at 6c. for pickled shoulders, 10J4® outstanding issue; fifteenth series, 197 bonds; sixteenth seriep, 1 lO ^ for pickled hams and 7%@9}4 for pickled bellies, 139 bonds; seventeenth series, 230 bonde; eighteenth series-, 16@10 lbs. average. Beef has been quiet but steady at 148 bonde; nineteenth serves, 140 bonds. These bonde, aggre- $10@10 50 for mess, $11@11 50 for packet, $12@12 50 for gating, it is understood, $1,131,000, will be paid, the Boston family, $19@25 for extra India mess in tcs. Tallow has papers fay, from the proceeds of a recent sale of $1,067,010 of been firm but quiet at 4%c. Stearin es have been quiet and the bonds deposited as collateral, and the redemption of unchanged at 8c. for lard stearine and 7%c. for oleo §289,000 Portland General Electric bonds called for pay stearine. Cotton-seed oil has been fairly active and ment.—V. 80, p. 655. firmer, closing at 29c. for prime yellow. Butter has United Gas Improvement Co.—Results in Fhiladdphia.— been in fairly active demand and firm, closing at 17@21c. See Equitable Illuminating Gas Light Co. of Philadelphia for creamery. Cheese hac been in brisk demand and prices telow.— V. 80, p. 2848. have advanced, closing at 924@10^c. for State factory, full cream. Fresh eggs have been firm for choice grades, clos- United States Leather Co.—Froper lies Owned, .fiYc—See ing at 19@20c. for best Western. Central Leather Co. above.—V. 81, p. 159. Brazil grades of coffee have been in fairly actianve demd, Washington (D. C.) Gas Light Co.— Extension of Regit- trade interests being better buyers, and with offerings limited tend 6s.- Holders of the $600,000 of Series A and B registered prices have advanced. Brazil markets have been firmer. 6s, now subject to call, will, we are informed, be permitted The close was steady at 8^c. for Rio No. 7 and 9c. for after Jan. 1 19C6 to present the same for extension for twenty Santos No. 4. West India growths have been in fair de- years at 4 per cent interest.—V. 76, p. 1200. mand and firmer, closing at 9%@9J^c. for good Cucuta and ll@113^c. for good average Bogota. Wheeling Potteries Co.— Cli Bonds.— In addition to the East Indian growths have had a limited sale at steady prices. Specu- $80,(00 new bonds referred to on July 8, the oomparjy has lation in the market for contracts has been carried a bond issue of $125,000 for a number of years se- moderately active and prices have advanced on a continued cured by a mortgage en two of its factories. These bonde compara- 1 tively light Brazil crop movement and reports of disappoint- are 5-2j 5 per cent gold bonds, and were in force a ; the ing crop returns from Brazil. The close was unsettled. time of the consolidation Jan 1, 1903. The new issue of Following were the closing asked prices : bonds of $80,000 is to be secured by a mortgage on one of the ether plants now entirely free from indebtedness. These July 6.95c. Oct 7.15c. Jan 7.45c. Aug 6.95c. Nov 7.25c. March bondB have already been underwritten, but no arrangements 7.55c. Sept 7.05c. Dec 7.35c. May 7.70c. nave yet been made for their issue, and in all probability, Raw sugars have been in active demand and firmer, clos- we are informed, it will not be neceeeary to do so. The ing at 4J^c. for centrifugal, 96-deg. test, and for mus- company operates four plants, known as the Avon Depart- 3J/£c. covado, 89-deg. test. Refined sugar has been ment, the Wheeling Department, the Riverside Department unsettled, clos- ing steady at 5'05@5"10c. for granulated. Pepper has been and the La Belle Department. See V. 81, p. 159. fairly active and firmer. Teas have been quiet. Woronoco Paper Co., Russell, Mass.—Celled Bends — Kentucky tobacco has been firmly held and a limited vol- Five bonds, viz: No3, 1, 16, 71, 77 and 145, drawn for the ume of business has been transacted. A few small lots of sinking fund will be paid Oat. 1 1905 at the SpringfieM new-crop seed-leaf tobacco have come on the market and (Mase.) Safe Deposit & Trust Co.— V. 79, p. 108. have been quickly absorbed at firm prices. The few offer- ings of old-crop tobacco also have found buyers at firm prices. There has been a fair inquiry for Sumatra tobacco —Harvey Fiek & Sots of New York and Boston offer at at firm prices. Havana tobacco has been firm. par and accrued interest Indiara $500,000 Chicago* Western Prices for Straits tin advanced on the strong statistical Co. consolidated RR. mortgage 4 p. c. gold bonds, due 1952, position, but the close was at a moderate reaction from top interest payable January and and July. Both prlncip»l prices, with 32'55@3285c. quoted. Ingot copper has b interest of these bonds is guaranteed under tbe terms of a fairly active and firm , closing at 15"20@15 3<)c. for Lake 999-year lease by the following railroad oompanies: Chicago and 15'25@15'35c. for electrolytic. Lead ha,s advanced, Eastern Illinois RR. Co., Grand Trutk - & Wabash RR. Cj., closing at 460@4 70c. Spelter has been firmer at 5*55® Wetstem Ry. Co., Ctiicago 6t Erie RR. Co. and Chic Indianap- 560c. Pit; iron has been Less active but steady, closing at olis & Louisville Ry. Co. These bonds are offered, nubject to >15 25@15"75 for No. 2 Northern and $15.75 for No. 2 sale, at 100 and accrued icter-st, and^the bankers reoemmend Southern. them as an investment of undoubted charactef. ned petroleum has been in fair demand and firm, —An analysis of the New York State law relative to sav- closing at 6'90c. in bbls, 9'60c. in d io. m bulk. ll< ings bank investments has been prepared by White & Kim- Naphtha has been steady at 1 Ic. for 71 di for ble, 56 Pine Street. It gives a list of railroad bonds that are 76 degreeb. Credit balance.- have been 3teady, closing at legal investments under the law, a second list of bonds that l'27e. Spirits turpentine has declined, but the cl< may become legal and a third list of municipal issues that steadier at fSO^c. for machine bbls. R have b meet the requirements. In addition to these lists there is an slightly easier for common and good strained, closing explanation been higher. Hops ha of the application of the law to 492 issues of rail- $3 55; pale grades have firm and _ road bonds of 54 systems. Tbe work was done by direction been in moderate demand at steady prices. Wool halas con- of the New York State Savings Bank Association. Price, $15. tinued firm. — . . — — . _ - 514 THE CHRONICLE. [Vol. lxxii. COTTON. On Shipboard, Not Cleared for— Friday Night, July 28 1905. Great ' Ger- Other Coast- Leaving July 28 at— Bril'n. Fr'nce. many. Foreign wise. Total, stock. THE MOVEMENT OF THE CROP as indicated by our telegrams from the South to-night is given below. For the New Orleans. 9,386 2,248 4,431 1,094 17,159 52,095 Galveston 17,449 950 10,684 87 5,447 34,617 45,008 week ending this evening the total receipts have reached Savannah 600 1,100 1,700 48,137 Charleston 97,193 bales, against 104,182 bales last week and 81,598 ""325 4,694 Mobile 1,329 V.654 2,460 bales the previous week, making the total receipts since the Norfolk 13,200 13,200 8,473 New York 4,666 500 800 3,600 8,900 126,150 1st of September 1904 9,775,014 bales, against 7,105,480 Other ports. 5,000 1,000 800 6.800 21,518 bales for the same period of 1903-4, showing an increase Total 1905. 37,164 3,698 12,484 9,518 2 1,1 fit', 84,030 308,535 since Sept. 1 1904 of 2,669,534 bales. Total 1904. 4,352 878 1,010 1,123 2,533 9,896 95,751 Total 1903 6,031 3,698 3,111 9,236 460 22,536 192.073 Receipts at— Sat. Mon. Tues. Wed. Thurs. Fri. Total. Speculation in cotton for future delivery has continued Galveston' 5,535 3.184 9,371 7,206 4,766 4,464 34,526 fairly Pt. Arthur, &c. active, but the tone has been unsettled, and for the New Orleans. 2, 908 2, 789 3",888 3",619 3~290 2~,645 19",139 week prices show only a slight net change. Crop-damage Mobile 171 295 147 127 79 376 1,195 reports of a sensational character from the western section Pensacola, &c. 4.916 4,916 of the Savannah 3,046 3", 754 5",451 3",6l2 2",712 2",134 20,109 cotton-belt have been issued by interested parties, Brunswick, Ac 1,288 1,288 and forecasts of a low average condition to be issued by the ""49 "213 "303 "197 "~7 Charleston 48 817 Government's Agricultural Bureau next week have been Port Royal, Ac given Wilmington .. "318 l",121 "l85 "641 "227 "418 2",910 out by bull interests. The revision of the report on Wash'gton.Ac. acreage by the Agricultural Bureau, making the decrease Norfolk l",i08 2",203 l",891 2,714 l",426 l",265 10",607 14.9% instead of 11.4% as originally reported, also attracted N., 463 463 N'port Ac- ""54 New York "152 75 281 considerable attention, but it had little influence as a mar- Boston ""45 54 "l74 50 482 805 ket factor. Early in the week, on bull support and reports Baltimore 38 ""24 ""50 ""25 38 of unfavorable weather conditions in the Southwest, prices Philadel'a, Ac 99 were advanced. The improvement, however, was not maintained. A prominent bull interest in the market was Total, week. 18,075 13,604 21.394 17,690 12,734 13,696] 97,193 understood to have sold out at least a considerable part of his holdings, and this, coupled with selling by other interests, The following shows the week's total receipts, the total including a prominent spot house, resulted in lower prices. since Sept. 1 1904, and the stocks to-night, compared with To-day there was only a limited amount of activity to the last year. trading. The opening was steadier, but during the day prices yielded. It was stated that a large bull operator 1904-05. 1903-04. Stock issued notices for the delivery of about 50,000 bales of cotton on August contracts, which were taken by a large spot house. Receipts to This Since Sep This Since Sep Private crop reports received from the South were generally July 28. week. 1 1904. week. 1 1903. 1905. 1904. of a more favorable tenor. The close was steady at a net Galveston 34,526 2,747,496 1,153 2,339,276 79,625 4,184 loss in prices for the day of 5@7 points. Cotton on the spot Port Arthur, Ac 289.187 104,029 has been quiet, closing at 11.05c. for middling uplands. New Orleans 19", 1 39 2,625,986 5,795 1,994,146 69, 254 39", 3 24 rates off established Mobile 1,195 323,008 177 199,398 4,114 384 The on and middling, as Nov. 18 1903 Pensacola, Ac. 4,916 204,892 314 132,853 by the Revision Committee, at which grades other than Savannah 20,109 1,813,567 3,578 1,144,028 49",837 14",979 middling may be delivered on contract, are as follows: Brunswick, Ac. 1,288 200,101 120,760 2,929 Fair 1.30 Middling Tinged Charleston 817 218,896 148 155,447 4,694 ""786 c. on Good c. Even Middling Fair 0.96 on Strict Middling Tinged 0.06 off Port Royal, Ac 902 8 1,290 Strict Good Middling 0.62 on Middling Tinged 0.12 off Wilmington 2",9i6 371,336 92 321,405 l"l",2i6 "404 Good Middling 0.44 on Strict Low Mid. Tinged 0.34 off Washington, Ac- 122 336 Strict Low Middling 0.14 off Low Middling Tinged 0.50 off Norfolk 10.607 766,155 1,055 475,463 2l",673 2",848 Low Middling 0.38 off Strict Good Ord. Tinged 0.84 off Newp't News, Ac 463 26,856 21,816 Strict Good Ordinary 0.72 off Middling Stained 0.50 off Good Ordinaryary.. 1.00 off Strict Low Mid . Snined 1 .06 off 38",805 New York 281 33,350 581 18,633 135,050 Strict Good Mid. Tinged 0.30 on! Low Middling Stained 1.50 off Boston 805 78,267 1,348 32,054 3,431 2,313 Baltimore 38 61,714 93 30,218 9,404 938 On this basis the official prices for a few of the grades for Philadelphia, Ac 99 13,179 1 14,328 1.344 682 the past week would be as follows: Totals 97,193 9,775,014 14,343 7,105,480 392,565 105,647 UPLANDS. Sat. Mon. Tues. Wed. Thurs. Fri. In order that a comparison may be made with other years, Good Ordinary 10.00 10.40 10.40 10.15 10.05 10.05 we give below the totals at leading ports for six seasons. Low Middling 10.62 11.02 11.02 10.77 10.67 10.67 Middling ._ 11 00 11.40 11.40 11.15 11.05 11.05 Good Middling 11.44 11.84 11.84 11.59 11.49 11.49 Receipts at 1905. 1904. 1903. 1902. 1901. 1900. Middling Fair 11.96 12.36 12.36 12.11 12.01 12.01 Galv'n, Ac 34,526 1.153 69 463 4,786 1,318 GULF. Sat. Mon. Tues. Wed. Thurs. Fri. NewOrleans 19,109 5,795 835 8,815 8,298 4,146 Mobile 1,195 177 1 927 369 832 Good Ordinary 10.25 10.65 10.65 10.40 10.30 10.30 Savannah - 20,109 3,578 14 2,158 3,357 4,112 Low Middling 10.87 11.27 11.27 11.02 10.92 10.92 Ch'ston.Ac. 817 156 39 1,776 1,296 338 Middling 11.25 11.65 11.65 11.40 11.30 11.30 Wilm'n, Ac 2,910 92 1 45 Good Middling 11.69 12.09 12.09 11.84 11.74 11.74 Norfolk ... 10,607 1,055 10 1,659 2,037 ¥,766 12.21 12.61 12.61 12.36 12.26 12.26 N. News, Ac 463 178 958 271 387 All others. . 7,427 2,337 402 432 2,562 2,793 STAINED. Sat. Mon. Tues. Wed. Thurs Fri. Tot. this wk 97,193 14,343 1,548 17,189 23,021 16,692 Low Middling 9.50 9.90 9.90 9.65 9.55 9.55 Middling 10.50 10.90 10.90 10.65 10.55 10.55 Simee Sept 1 9,775,014 7,105,480 7,627,047 7,437,079 7,513,736 6,532,501 Strict Low Middling Tinged 10.66 11.06 11.06 10.81 10.71 10.71 Good M ddling Tinged 11.00 11.40 11.40 11.15 11.05 11.05 The exports for the week ending this evening reach a total of 100,010 bales, of which 34,494 were to Great Britain, 23,- The quotations for middling upland at New York on 239 to France and 42,277 to the rest of the Continent. July 28 for each of the past 32 years have been as follow*: since Below are the exports for the week and Sept. 1 1904: 1905.C-11.05 1897. C 7 15-16 1889-C.ll 5-16 1881.cll% 1904. ..10.70 1896... 7 5-16 1888.. .11 1880... 11 9-16 Julv 28 1905. From Sept. 1 1904 1903. .13.23 1895... 7 1887.. .10% ' 1879. ..11% Week ending I to July 28 1905. Exported to Exported to 1902.. . 9 1-16 1894... 7 1886... 9% 1878.. .11 11-16 Exports 1901.. . 8% 1893... 8 1-16 1885... 10% 1877. ..12 3-16 from Great Conti- Total Great Conti- 1900.. .10 1-16 1892... iy 1884... 11 1876.. .11% Britain Fr'nce nent. Week. Britain. France nent. 2 Total. 1899. 6H 1891... 8 1883. ..10 1875. ..14>| Galveston 12,279 11.440 869 24,5881,253.633 284,532 671.046 2,209.211 1898... 6 1-16 1890.. .12% 1882. ..12% 1874... 17 Pt.Arthur, Ac- I 61,385 102.298 163,683 2"077 New Orleans .. 7".06d 13".502 22.639 1.087,540363,219 928,297 2,379,056 SALES. Mobile 3.517 3,476 6 993; 73,683 46,803 61.623 182.109 MARKET AND Pensacola, &c. 4,916 4,916! 115,724 22,172 62,828 200,724 total sales of cotton on the spot each during the Savannah 7,901 7,901 275.817 51,489 917.081 1,244,387 The day Brunswick ... 3"2i9 3,219, 159,472 6,946 166.418 week are indicated in the following statement. For the Charleston ... 3,379 74.617 77,996 Port Royal. .. convenience of the reader we also add columns which show 1~76~549 Wilmington- .. 7,800 7.800! 9.654 166",845 353"048 at a glance how the market for spots and futures closed on Norfolk 802 14.116 8,407 23,325 N'port N., July 20 1905.] THE CHRONICLE r>i5 FUTURES.— Highest, lowest and closing prices at New- AT THE INTERIOR TOWNS the movement—that is the York. receipts for the week and since Sept. 1, the shipments for the , t«,>i.> *jv,o5;oco*.vi week and the stocks to-night, and the same items for the ojc§ n»= o?3^ Q»fi Qto|gsi| QW§ QW§ Q»|Gfcf Qfe| 2»|- corresponding period of the previous year— is set out in 3? H- fP'WiWW ffffW fff IS? is? detail below. h I I II I. 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CO-JtOO*' -J Ol*.©h-»jH- oo^ioooto THE VISIBLE SUPPLY OF COTTON to-night, as made •jtoco*.©^ioo®i-'to^*.co*. up by cable and telegraph, is as follows. Foreign stocks, .-. *. ©*.© >-toto M rfk W as well as the afloat, are this week's returns, and conse- cm tocoo5Cnto co©©O5©^0ocnto. ©Oicn^-'toococn^oscoto -JtOi ©O5tnCO»400*.©-4t0tO>^O5tO-Ji X'** to (-: H-MC. *- to CO COM ©CO quently all foreign figures are brought down to Thursday Cn*-. 00000^-0o©it>.^-cocn0tococn0i. MOQCt^tOCnCnOi^OOCnCO evening. to the total the complete figures for But make The above totals show that the interior stocks have de- (Friday), the of exports from the to-night we add item creased during the week 16,466 bales, and are to-night 87,045 United States, including in it the exports of Friday only. bales more than same period last year. The receipts at all the July 28— 1905. 1904. 1903. 1902. towns have been 36,002 bales more than same week last year. Stock at Liverpool bales. 793,000 356,000 390,000 571,000 Stock at London 15,000 20,000 18,000 17,000 Stock at Manchester 50,000 29,000 39,000 OVERLAND MOVEMENT FOR THE WEEK AND SINCE SEPT. 1.—We give below a statement showing the Total Great Britain stock... 858,000 405,000 447,000 588,000 overland movement for the week and since Sept. 1, as made Stock at Hamburg 9,000 41 ,000 28,000 22,000 Stock at Bremen 251,000 130,000 141,000 97,000 up from telegraphic reports Friday night. The results for Stock at Antwerp 1,000 4,000 4,000 4,000 the week and since Sept. 1 in the last two years are as follows: Stock at 116,000 Havre 95,000 115,000 108,000 -1904-05.- -1903-04.- Stock at Marseilles 3,000 4,000 3,000 3,000 July 28. Since Since Stock at Barcelona 23,000 35,000 22,000 42,000 Stock 11,000 Week. Sept. 1. Week. Sept. 1. at Genoa 18,000 15,000 21,000 Shipped— Stock at Trieste .. 5,000 17,000 15,000 6,000 Via St. Louis 5,389 606,014 1,456 512,298 Via Cairo 917 331,196 658 254,024 Total Continental stocks. 405,000 361,000 342,000 301,000 Via Rock Island 50 52,869 13,731 Via Louisville 515 102,872 "353 120,993 Total European stocks 1,263,000 766,000 789,000 889,000 Via Cincinnati.. 746 59,943 93 31,969 India cotton afloat for Europe. 124,000 70,000 118,000 39,000 Via other routes, 2,867 351,639 96 195,715 Ainer. cotton afloat for Europe 168,000 38,000 34,000 76,000 &c Egypt, Brazil. Ac, aflt . forE'pe 23,000 18,000 15,000 16,000 Total gross overland 10,484 1,504,533 2,656 1,128.730 Stock in Alexandria, Egypt... 86,000 19,000 57,000 81 ,000 Deduct shipments— Stock in Bombav, India. 750,000 419,000 519,000 396,000 Overland to N.Y., Boston, 1,223 186,510 2,023 95,233 Stock in D. S. ports 392,565 105,647 214,609 213,264 &c Between interior towns 184 36.492 8 31,039 Stock in U. S. interior towns. . 160,200 73,155 19,447 69,696 Inland, 58,299 381 U. 8. exports to-day 24,586 23,865 63 5,232 &c, from South 724 98,027 Total to 2,131 2,412 224,299 Total visible supply. .2,991.351 1,594,667 1,728,119 1,761,192 be deducted 281,301 Of the above, totals of American and other descriptions are as follows: A merican— Leav'g total net overland.o 8,353 1,223,232 244 904,431 a Including Liverpool stock bales. 720,000 248,000 302,000 476,000 movement by rail to Canada. Manchester stock... 44,000 22,000 35,000 The foregoing shows that the week's net overland move- Continental stocks 372,000 237,000 259,000 252,666 American afloat for Europe 168,000 38,000 34,000 76,000 ment this year has been 8,353 bales, against 244 bales U. S. stock 392,565 105,647 214,609 213,264 for the week last year, and that for the season to date the I . 6. interior stocks 160,200 73,155 19,447 69,696 aggregate net overland exhibits an increase over a year ago U. S. exports to-day 24,586 23,865 63 5,232 of 318,801 bales. Total American .1,881,351 747,667 864,119 1,092,192 1904-05. 1903-04. I Indian, Hrmd, &c.— In Sight and Spinners' Since Since Liverpool stock 73,000 108,000 88,000 95,000 Takings. Week. Sept. 1. Week. Srpt. 1. Ion stock 15,000 20,000 18,000 17,000 Receipts at ports to July 28. 97,193 9,775,014 14,343 7.105.4SO Ma.. -ock 6,000 7,000 4,000 Net overland to July 28 8,353 1,223,2:'. 2 244 904,4:1 Continental stocks 33,000 124,000 83,000 49,666 Southern consum'n July 28. 44,000 33,000 1. 94 1,000 India 2,020,000 afloat for Europe 124,000 70,000 1 Is, 0(|() 30,000 Egypt, Brazil, Ac., afloat 23,000 18,000 15,000 16,000 Total marketed 149,546 13,018,246 47,587 i.'.lll Stock in Alexandria, Egypt... 86,000 SI, 000 19,000 57,000 Interior stocks in excess al6 ,466 us ,540 a6,710 61,553 Stock in Bombay, India 750,000 419,000 519,000 396,000 Came into sight during wk. 133 ,080 40,877 Total Ea.<.t s India, Ac 1,110,000 17,000 864,000 669,000 Total in sight July 28 13,116,786 10,015, It. I Total American 1,881 ,861 747.667 864,119 1,002,102 N'or. spin's' tak'gs to July 28. 31,257 2,270.936 9,171 2.094.670 al wT°.! "klMe supply 2.991,351 1,604,667 1,728.110 1 ,761.192 a decrease during week. Middling Upland, Liverpool .. 6.01d. 6.60d. 4Jid. Middling Upland. New York.. 11.05c. 10.70c. 12 : 8 I.'- Movement into sight in previous years. n, Liverpool. SJ^d. 7J 516 THE CHRONICLE. I Vol. lxxxi QUOTATIONS FOR MIDDLING COTTON AT OTHER Luling, Texas. —We have had light rain on two days during he week, the rainfall being nine hundredths of an inch. MARKETS.—Below are the closing quotations of middling The thermometer has ranged from 70 to 94, averaging 82. cotton at Southern and other principal cotton markets for N acogdoches , Texas.-— Rainfall for the week two inches each day of the week: and thirty-four hundredths, on four days". Average ther- — mometer 85, highest 89 and lowest 70. Closing Quotations for Middling Cotton on Palestine, Texas. —The week's rainfall has been one inch Week ending Friday. and seventy-four hundredths, on four days. The ther- July 28. Sat' day Monday. Tuesday. 1 Wed' day Thursd'y mometer has averaged 79, the highest being 90 and the low- Galveston 10% 10 15-16 11 ii 11 10 15-16 est 68. 1.5-16 10 11-16 10% New Orleans. 10% 10 13-16 10 10% Paris, Texas. —It has rained on four days during the week, Mobile 103^ 10% 10« 10% 10% 10% 10% with rainfall of sixty-four hundredths of an inch. The ther- Savannah 10% 10f| 10% 10% 10% Charleston 10% 10% 10?| 10% 10% mometer has averaged 75, ranging from 68 to 91. Wilmington San Antonio, Texas.—We have had rain on one day during Norfolk lOH 16% il" 16% 10% Boston 11.00 11.00 11.40 11.40 11.15 11.05 the week, the rainfall being sixty-two hundredths of an inch. Baltimore 11.00 11.00 11.25 11.25 11.00 11.00 The thermometer has ranged from 70 to 94, averaging 82. Philadelphia . 11.25 11.05 11.65 11.40 11.30 11.30 Weatherford, Texas. —Rain has ' fallen on three days of Augusta 1051 10% 11 10% 10 11-16 10 13-16 the the rainfall being seventy-five hundredths of Memphis 10J4 10M 10% 10% 10% 10% week, an St. Louis 10% 10% 10% 10% 10% 10% nch. Average thermometer 83, highest 97 and lowest 69. Houston 10 11-16 10 15-16 11 11 10% 10% New Orleans, Louisiana. —We have had rain on two days Little Rock.. 10% 10% 10% 10% 10% 10% of the week, the rainfall being fifty-nine hundredths of an inch. The thermometer has averaged 82. quotations to-day (Friday) at other important The closing Shreveport, Louisiana.—It has rained on six days of the Southern markets were as follows: week, the precipitation reaching nine inches and ninety- Atlanta 10% ILouisville 10% INatchez 10 9-16 three hundredths. The thermometer has averaged 82, Raleigh Montgomery _ I 10% Columbus, Ga. 10% | 10% ranging from 70 to 92. Nashville |Shreveport...lO% Colu' bus, Miss. 10% | 10% Leland, Mississippi. —Rain has fallen on one day of the NEW ORLEANS OPTION MARKET.—The highest, low- week, to the extent of one inch and twenty hundredths. est and closing quotations for leading options in the New Average thermometer 75.7, highest 86 and lowest 64. Vicksburg, Mississippi. Rains have interfered with cul- Orleans cotton market the past week have been as follows: — tivation. Little, if any, improvement. Crop very spotted. have had rain on four days during the week, the rainfall Friday, We Sat' day, Monday, Tuesday , Wed' day, Thursd'y, July 22. July 24. July 25. July 26. July 27. July 28. being seventy hundredths of an inch. The thermometer — has averaged 78, the highest being 89 and the lowest 70. July Helena, Arkansas.—Cotton is now nearly clear of grass, Range 10. 66-. 70 10.90-.09 11. 07-. 24 10.90-. 11 10.81-.90 well. Closing 10.67-.68 11.03-.05 11.02-.— 10.89- .90 10.90-.— 10.84 is growing rapidly and fruiting tolerably There has August— been rain on one day of the week, the rainfall being eleven Range 10.65-.— 10.93-.05 11.05-.20 10.93-.07 10.69-.94 10.83-.92 hundredths of an inch. The thermometer has ranged from Closing 10.64-. 66 11.02-.03 10.97-.99 10.81-.83 10.91-.92 10.84-.85 September— 66 to 88, averaging 71. Range 10.92-.00 .15 10.97-.99 10.73-.74 Little Rock, Arkansas. —Very little if any improvement in Closing— 10. 66-. 68 11.02-.04 10.97-.99 10.82-.84 10.92-.94 10.88- .89 condition. Crops are very grassy and late. Rainfall for October of Range 10.67-.81 10.88-. 13 10.96-.25 10.85-. 15 10.67-.00 10.88-.00 the week seventy-three hundredths an inch, on two days. Closing— 10.69-.70 11. 06- .07 11.01-.02 10.85- .86 10.96- .97 10.93-.94 Average thermometer 75, highest 90, lowest 68. December Memphis, Tennessee. —Cotton condition is improving. Range 10.71-.85 10.92-. 17 11.00- .30 10.89-. 19 10.71-.04 10.92-.04 rain three of the the rainfall Closing 10. 73-. 74 11. 10-. 11 11.05-.06 10.90-.91 11.01-.02 10.97-.98 There has been on days week, Tone— being thirty-eight hundredths of an inch. The thermometer •Spot Quiet. Firm. Quiet Quiet. Quiet. .Easy has averaged 76.9, the highest being 85.3 and the lowest Options -. Steady. Steady. Very st'j Steady. Steady. Steady. 65.7. Nashville Tennessee.—There has been rain during the WEATHER REPORTS BY TELEGRAPH.—Reports to week to the extent of fifty-three hundredths of an inch. us by telegraph from the South this evening are of a fairly The thermometer has averaged 75, ranging from 60 to 89. Mobile, Alabama. The crop has made fair progress in the satisfactory tenor. Rain has been quite general, and at — interior, but there is some complaint of want of moisture, some points in Texas, Louisiana and Alabama excessive; but the rains of the past week having been confined to the coast. on the whole the precipitation has been moderate. From Rain has fallen on five days of the week, the rainfall being Texas and Alabama and districts along the Atlantic we four inches and twenty-nine hundredths. The thermometer has ranged from 72 to 91, averaging 81. have advices of improvement in the crop, but from sections t Montgomery, Alabama.—The weather is getting too dry there are complaints of grass. of Mississippi and Arkansas and hot. Moisture is needed; otherwise progress and con- Galveston, Texas.—As a whole the crop in Texas is im- dition are good. Rain has fallen on two days of the week, proving and with continued dry weather would do so ma- the precipitation being thirteen hundredths of an inch. terially. More frequent complaints of boll-weevils come Average thermometer 81, highest 94 and lowest 68. from Southern parts of the State. There has been a trace Selma, Alabama.—The crop shows decided improvement. of rain on four days during the week. The thermometer has We have had rain on one day of the week, the rainfall being ranged from 81 to 88, averaging 85. seventy-five hundredths of an inch. The thermometer has Abilene, Texas.—Rain has fallen on four days of the week, averaged 82, the highest being 95 and the lowest 70. the rainfall being one inch and four hundredths. Average Madison, Florida. —There is considerable complaint of thermometer 81, highest 96 and lowest 66. shedding. It has rained on one day during the week to the Brenham, Texas.—We have had very light rain on one extent of one inch and twenty-five hundredths. The ther- day during the week, the rainfall being one hundredth of an mometer has averaged 79, ranging from 68 to 90. inch. The thermometer has averaged 83, the highest being Augusta, Georgia. —We have had rain on two days during 93 and the lowest 72. the week, the rainfall being twenty-four hundredths of an Corpus Christi, Texas.—There has been no rain during the inch. The thermometer has ranged from 72 to 95, averag- week. The thermometer has averaged 81, ranging from ing 82. 74 to 88. Savannah, Georgia. —Rainfall for the week one inch and Cuero, Texas.—There has been no rain the past week. thirty-nine hundredths, on three days. Average thermom- The thermometer has ranged from 70 to 90, averaging 80. eter 82, highest 95 and lowest 71. Dallas, Texas.—Rainfall for the week five inches and Charleston, South Carolina.—It has rained on four days ninety-two hundredths, on four days. Average thermometer during the week, with rainfall of two inches and eleven 82, highest 96 and lowest 68. hundredths. The thermometer has averaged 82, ranging Fort Worth, Texas. —There has been rain on four days of from 72 to 95. the week, the rainfall being one inch and thirty-three Stateburg, South Carolina.—Cotton is beginning to open. hundredths. The thermometer has averaged 81, the highest Rain has fallen on three days of the week, the rainfall reach- being 94 and the lowest 64. ing fifty-three hundredths of an inch, which was very good Henrietta, Texas.—There has been rain on four days for the crop; but more is needed. Average thermometer 81, during the week, the precipitation being two inches and highest 95 and lowest 70. three hundredths. The thermometer has averaged 82, Charlotte, North Carolina. —Conditions have been favor- ranging from 69 to 95. able and the plant is healthy and fruiting nicely. We have Huntsville, Texas. —Rain has fallen on one day of the had rain the past week, the rainfall being one inch. The week, the rainfall being fifty hundredths of an inch. The thermometer has averaged 78, the highest being 92 and the thermometer has ranged from 70 to 96, averaging 83. lowest 65. Kerrville, Texas. —Dry all the week. Average ther- The following statement we have also received by tele- mometer 80, highest 93 and lowest 67. graph, showing the height of the rivers at the points named, Texas. rain five Longview, —We have had on days of the at 8 a. m. of the dates given in the last two years: week, the rainfall being three inches and eighty-eight July 28 1905, July 29 1904. hundredths. The thermometer has averaged 83, the highest Feet. Feet. being 95 and the lowest 71. New Orleans .Above zero of gauge. 13.0 12.6 Lampasas, Texas.—-It has rained on one day during the Memphis Above zero of gauge- 18.6 14.6 Nashville Above zero of gauge. 9.3 2.8 of sixteen hundredths of week, to the extent an inch. The Shreveport Above zero of gauge. 22.4 7.2 thermometer has averaged 83, ranging from 68 to 98. Vicksburg Above zero of gauge. 31.2 32.9 —— . J . ! . . July 20 1905. TILE CHRONICLE. 517 INDIA COTTON MOVEMENT FROM ALL PORTS. the telegraphic reports on the crop in the Southern states for the week ending July 24 as follows: The receipts of ootton at Bombay and the shipments from all North Carolina. Cotton making strong growth, fruiting slowly, some for the week and for the season from Sept. l for India ports damage locally by shedding, rust, lice and boll-worms. *,•, Carolina. Cotton grew rapidly, though not fruiting three years have been as follows: Sown satisfac- torily; less damage from Insects, but more rust and shedding, and much turning yellow, some beginning to open. 1904-05. 1903-01. 1 '.102-03. Georgia. — Cotton growing fast, fruiting well in some localities, making Jul Savannah •1.1 'X 30,768 14,742 173 1001. Charleston. Ac. 296 20 310 1905. Florida. Ac. lbs. Shirt- ' 'ofn York... 25 25 M',556 2*998 17".555 8H \lul 32s ings, ina Boston 175 17.", 4.163 rop. common Philadelphia... TvUf. to lincsl JllW' <1. » Total 200 200 29. 958 7.4S5 37. 443 252 59,224 (I. 8. el. fl. d. (I. 4 •1H«7 2 6 OS '.H< ' 1>4 ©0ft ... - 10 5.96 Total 4 zy> 1903-04.. 100 100 1 34.555 5H<%7 23.617 7.132 July 4 7 0,7 7 GOVERNMENT WEEKLY COTTON REPORT. -Mr. (5.7 HU fn.S • 2 1 9 8« James Berry, Chief of I J <; S of the Climate arid Crop Division the I 1-16« 7'v Lnited States Weather Bureau, made public on Tu< day . . . — ——— . , 518 THE CHRONICLE. [Vol. lxxii SHIPPING NEWS. —As shown on a previous page, the BREADSTUFFS. exports of cotton from the United States the past week have Friday July 28, 1905. reached 100,010 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: The market for wheat flour has continued to drag. Total bales. Buyers generally have shown indifference, they being NEW YORK—To Liverpool, per steamers Baltic, 1313 Car- adversely influenced favorable pat I lia, 25 Sea Island Victorian, 2,370 3,714 by the outlook for the grow- To Havre, per steamers La Lorraine, 100. . Louisiana, 1,103 1 ,203 ing wheat crops and appeared to be holding off for To Bremen, per steamer Kurfuerst, 268 208 more To Antwerp, per steamer Kroonland, 1 ,455 1,455 attractive prices before placing orders for quantities of im- To Genoa, per steamers Cretic, 2,002.. .Konig Albert, 2877 5,479 To Naples, per steamer Konig Albert, 454 454 portance. The tendency of prices has been towards a lower To Trieste, per steamer Giulia, 100 ioo basis. Rye flour has had a fair jobbing sale at steady, Red 850 To Japan, per steamer Bill, 850 prices. Corn-meal has been firm but quiet. NEW ORLEANS—To Liverpool—July 20—Steamer Barbadian, 1,377 1,377 Speculation in wheat for future delivery has been fairly To London—July 20 —Steamer Californian, 700 700 active but at a decline in prices. The reports of extensive Havre—July Steamer Californian, 7,000 7.000 To 20— damage to the spring-wheat crop black rust, To Bremen—July 25—Steamer Indian, 7,942 7,942 by which were To Hamburg—July 27—Steamer Lugano, 4,500 4,500 freely circulated last week, lacked confirmation; in fact, the To Antwerp—July 25—Steamer Indian, 1,000 1,000 crop reports for the week have been generally favorable, Liverpool—July 20—Steamer Asian, 11,279. 11,279 GALVESTON—To the present outlook being for good yields from both spring To Manchester—July 25—Steamer Bray Head, 1,000 1,000 To Havre—Jujv 27 —Steamer Magician, 11,440 11,440 and winter-wheat crops. The movement of the new winter- To Antwerp—July 22—Steamer Corby Castle, 813 813 wheat crop has been steadily increasing, the receipts at the To Barcelona—July 20 Steamer Martin Saenz, 50 50 — primary markets during the week being fairly heavy and MOBILE—To Liverpool —July 22—Steamer Dromore, 3,517... 3,517 To Bordeaux—July 20—Steamer Othello, 3,470 3,470 the increasing supplies of actual wheat have been PENSACOLA—To Liverpool—July 22—Steamer Vivina, 4,910. 4,910 a factor which has operated against values. On the recent To Bremen July 26 Steamer Princepessa Lae- SAVANNAH— — — sharp up-turn to prices the speculative short interest titia, 7,901 7,901 was BRUNSWICK—To Liverpool—July 27—Str. Benedict, 3,219.. 3,219 fairly well eliminated and during the past week speculative WILMINGTON—To Bremen—July 27—Steamer Mokta, 7,800. 7,800 interests who had gone long of the market on the black-ru»t To Liverpool—July 20 Steamer Devonian, 436 436 BOSTON — — crop-damage reports have been sellers to liquidate their To Manchester—July 21 —Steamer Caledonian, 1,697 1,697 To Yarmouth—July 24—Steamer Prince George, 100 100 accounts, and bear interests have again become more aggres- To Halifax—July 26—Steamers Olivette, 100: Halifax, 100 200 .-.ive. The spot market has been quiet and easier. To-day To Antwerp—July Steamer Oakmore, 350. 350 BALTIMORE— 21— the reflecting crop PHILADELPHIA—To Liverpool—July 21—Steamer Haver- market was lower, favorable prospects ford, 2,039 ... 2,639 and easier foreign advices. The spot market was lower. SAN FRANCISCO—To Japan—July 22—Steamer Korea, 1,192 1,192 SEATTLE—So Japan—July 21—Steamer Dakota, 1,757 1,757 DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK Sat. Mon. Tues. Wed. Thurs. Fri. Total 100,010 No. 2 red winter, cash.-.f.o.b. 98% 95% 95 94% 93% 92% July delivery in elevator 97% 95 94 93 93% 89 The exports to Japan since Sept. 1 have been 311,904 % % % September delivery in elevator. 93% 91% 91% 90% 91% 89^8 bales from Pacific ports and 10,570 bales from New York. December delivery in elevator. 94 92% 92 91% 92% 91% May delivery in elevator 92 Cotton freights at . New York the past week have been .. 92% % 92% 93 % 92% as follows: DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Tues. Wed. Thurs. Mon. Fri. Sal. Mon. Tues. Wed. Thurs. Fri. c. 13 13 13 13 13 13 Liverpool July delivery in elevator 92% 88% 87% 86% 86% 86 c. 13 15 15 15 15 15 Manchester @14_ September delivery in elevator. 90% 87% 86% 86% 86% 85% Havre c. 16@17©17 16@17 16@17 16@17 16@17 16@17 December delivery in elevator. 90% 87% 87% 87% 87% 86% c. 19 19 19 19 19 19 Bremen May delivery in elevator 92% 90 90 89% 90% 89 Hamburg c. 22% 22% 22 % 22 H 22 % 22% Antwerp c. 12 12 12 12 12 12 Indian corn futures have received only a limited amount Ghent, v. Ant._c. 18 18 18 18 18 18 Reval, indirect.c. 28 28 28 28 28 28 of speculative attention and the tendency of prices has been Reval, v. Canal .c. 32 32 32 32 32 32 towards a lower basis. The feature has been the continued Barcelona c. 26 25@26 25@26 25@26 25@26 25@26 promising outlook for the growing crop. Weather condi- Genoa, July c. 15 15 15 15 15 15 tions in the corn-belt reported highly favorable, Trieste c. 23 23 23 23 23 23 have been apan, v. Suez.c. 40 40 40 40 40 40 and the present indications are for a large yield. Receipts Quotations are cents per 100 lbs. of old-crop corn at the primary markets have been moder- LIVERPOOL.—By cable from Liverpool we have the fol- ately full, and this, too, has had some influence against the lowing statement of the week's sales, stocks, &c, at thatport: market. Prices for cash com have declined. At the lower July 7. July 14. July 21. July 28. prices the demand, particularly from exporters, has im- Sales of the week bales. 31 ,000 21,000 27,000 31,000 proved, and this had a steadying effect upon values. To- Of which exporters took. . 1 ,000 3,000 1,000 1,000 Of which speculators took 1,000 2,000 day the market was easier under favorable crop prospects. Sales American 25,000 16,000 24,000 25,000 The spot market was quiet and easier. ; Actualexport 6,000 6,000 6,000 4,000 Forwarded 70,000 63,000 57,000 57,000 DAILY CLOSING PRICE OF NO. 2 MIXED CORN IN NEW YORK. Total stock—Estimated 841,000 832,000 793,000 793,000 Sat. Mon. Tins. Wed. Thurs. Fri. Of which American—Est. 771, 000 761,000 720,000 720,000 Cash corn f.o.b. 63 62% 62% 62% 61% 61% Total import of the week 77,000 60,000 24,000 60,000 July delivery in elevator 63% 63% 63% 63% 62 61% Of which American 09,000 45,000 13,000 54,000 September delivery in elevator. 62% 61% 61% 61% 60% 59% Amount afloat 110,000 113,000 119,000 105,000 Of which American 87,000 89,000 92,000 76,000 DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN CHICAGO. Sat. Wed. Thurs. Fri. The tone of the Liverpool market for spots and futures Mon. Tues. July delivery in elevator 57% 57% 57 56% 54% 54% each day of the past week and the daily closing prices of September delivery in elevator. 55:Hs 56% 54% 53% 53% 52% spot cotton have been as follows: December delivery in elevator. 48% 47% 47% 46% 45% 45% May delivery in elevator 47% 47% 47% 46% 45% 45% Oats for future delivery at the Western market have been Spot. Saturday. Monday. Tuesday. Wed'day. Thursday Friday. quiet and prices have declined. Crop reports as a geneial Market, , continued favorable, and they, together with sym- 12:30 Dull. Dull. Dull. Quiet. Quiet. Quiet. rule have P.M. » pathy with the decline in values for other grains, had a Mid. Upl'ds 5.89 5.9S 6.07 6.09 5.93 6.01 depressing effect. Small quantities of new-crop oats are beginning to be received at the interior markets and they Sales 3,000 S4.000 E 5,000 6.000 7,000 6,000 Spec.&exp. • 300 200 200 200 200 1,000 grade high, showing a good quality of new crop. To-day the market was quiet and easier. Futures. Quiet Market ) Quiet at Steady unc Steady at at Quiet at Steady at DAILY CLOSING PRICES OF OATS IN NEW YORK. opened. > 4@5 pts. to 2 pts. 4@5 pts. 2@3 pts. 8@9-pts. 10@11 pts. decline. advance. advance. decline eecline. advance. Sat. Mon. Tues. Wed. Thurs. Fri. No 2 mixed f.o.b. 35 35 35 35 35 32% Market, i Steady Steady at Steady at Steady at Quiet at Quiet at No. 2 white, clipped f.o.b. 37 37 37 37 37 Norn. 4 unch. to 1 pts. 9 pts. 2@3 pts. 15 pts. r 8@9 14® 9@11 pts. P. M. July 29 1905.] THE CHRONICLE. 519 GOYLUNMLST WEEKLY GRAIN REPORT.- Mr. is continuous for goods at prices and for shipment that James Berry, Chief of the Climate and Crop Division of the cannot possibly be complied with. Sheetings Lighter than still buyers t United States Weather Bureau, made public on Tuesday 4-yards arc advancing, and many have missed he reasonable the telegraphic reports on fhe grain crops in the various opportunity of securing these at prices. Export States for the week ending July 24 as follows: business has been insignificant during the week, except with South America. Local merchants haver eeeived advices of CORN - i'a\unii'ie weather has caused rapid growth of Corn and, with very few exceptions, the crop is In excellent condition, com is the Chinese boycott against American goods and are anxious- Kansas am! Alabama, late needs cultivit- beginning to need rain In the ly waiting to see what 'effect this is really going to have. Arkansas and Kentucky, and some was damaged by huh winds I in goods again been advanced in some instances, Louisiana. Bleached have in . , , . WINTER WHEAT. Winter-wheat harvest is nearly completed m but purchases have no( been heavy. Prominent lines are the principal winter-wheat states, and threshing, which is well adA anced, well sold ahead and are difficult to secure except for lain and quality In Indiana Illinois. Missouri and shows grain ol good yield Wide sheetings, sheets and pillow eases are firm \ braska, with fair yield and good quality in Kansas. Rains have de- shipment. ayed threshing in Virginia and Maryland and caused Further damage to and in fair demand. Coarse, colored cottons are well con- and prain in shock or stack in Virginia, Kentucky, Missouri, Oklahoma ditioned and many lines are unobtainable at the present time. Texas. On the North Pacific Coast winter wheat is ripening rapidly in Denims have been advanced to 13%c. for 9-ounce. Kid- Washington, where harvesting Is in full progress, and harvest is general in Oregon, with good yields indicated. (inished cambrics have been advanced to 3%c. for 64 squares. BPRINGWHEaT. Spring wheat has continued to advance favor- The demand for prints continues, especially from the West, the spring-wheat region; the early-sown is headed and tilling well ably in the advance business larger than antici- iiml the late-sown heading In North Dakota; the early Is maturing In where has been South Dakota and Wisconsin, and the crop is nearly ready to cut in pated. Ginghams have been in fair demand and prices are Iowa. Although black rust Is reported from scattered localities in (irmly held. Print cloths, regulars, are now quoted at 3%c., nesota and the Dakotas, no material damage is shown, and, with and has been bid for 28-inch (>4xG0s. There has been favorable weather conditions . serious injury is notf anticipated. Com- 3ktC. plaints of smut are received from South Dakota, red rust in Colorado a moderate business in other narrow goods but there has been and most fields of North Dakota, and some lodging in Wisconsin, while comparatively nothing doing in wide goods, which are in Washington desiccating winds have been injurious to the crop in the filling stage and caused shriveling. firmly held at recent prices. OATS — In the principal oat-producing States harvesting of this crop WOOLEN GOODS.— Business has been unusually active is well advanced, while in the more northerly districts oats are heading, r the earlv-sown are maturing rapidly, and harvest will be general during in the men's w ear light-weight woolen and worsted division the coming week. The crop generally is in promising condition, though during the week, and buyers have freely placed orders, es- are received from bad'y lodged in Ohio, and some complaints of lodging pecially for some of the lines which were not opened until Wisconsin. this week. These included representative staples and fancy Exports of Grain and Flour from Pacific Ports. The ex- — worsteds, and the advances in price were not as large as flour from Pacific ports for the week ending Jorts of grain and many had expected. Advances have already taken place uly as received by telegraph, have been as follows: 27, in certain lines over the prices at which they were opened, to China, bbls. flour, to various From San Francisco 7,540 and while some buyers who have not had an opportunity of South Pacific ports, 12,079 bbls. flour, 500 bushels wheat, placing their orders for these have felt dissatisfied, yet sellers bushels corn, 6,000 bushels barley and 50 bushels 10,000 are so confident of their ability to oversell their production oats. that they are not worrying. The market is generally re- Combining thesefgures with those for previous weeks, we garded as a rising one and for that reason the majority of the following, which covers the exports to foreign have buyers have placed their orders as quickly as possible to countries for the period since July 1, comparison being made make sure of getting in cheaply. For this reason many with the corresponding period of the previous year agents are expecting the cancellations to be heavier than Corn, Barley, Exports Flour, Wheat, Oats, Rye, usual, as a good deal of the purchasing has been of a more or from— bbls. bush. bush. bush. bush. bush. San Fran 32,351 2,300 11,900 450 11,600 less speculative nature. Production, however, is very little Puget Sound. ahead of consumption, and it is expected that all the goods Portland that can be manufactured will be well taken care of. There Total 32,351 2,300 11,900 450 11,600 is still very little doing in woolen and worsted dress goods, Total 1904.. 49.912 80.000 but preparations are being pushed forward for the opening For other tables usually given here see page 489. of the new light-weight season. FOREIGN DRY GOODS.—Imported woolen and worsted dress goods are quiet and without particular feature. Silks THE DRY GOODS TRADE. are quieter and ribbons have not been active. Linen manu- New York, Friday, P. M., July 28 1905. facturers are holding for higher prices for goods ordered from the mills, but agents are selling stocks on hand at the old The number of buyers that have been in town during the figures. Burlaps are steady but quiet. East week has been large and the volume of business done y cotton goods jobbers has considerably increased. In Importations and Warehouse Withdrawals of Dry Goods. spite of this, however, the market at first hands keeps quiet, with buyers still confining' their purchases to goods for early H H Sh H s'agg^s o (B O o to o o delivery. When they are able to secure these at all, they are toy PSo to as to m obliged to pay sellers' full asking prices, which in nearly p p o 3 a ^ «- p i to ' a> been still 1 ' every case have advanced further during the past ' s c 3 ?! C : 3 CO : week; but it very often happens that the goods they want CO ' o O i are unobtainable. Jobbers' stocks are so that they are 3 i low ifCO g 2! forced to continue purchasing small quantities along right 3S. H > 1 supply the requirements of their customers •c: m H to and, although a<— ?0 ; Pi they have to pay prices for these that leaves with : them O i •g o'! s ' practically no margin of profit, and, further, are sometimes 3 i H '- ? i X O GO o O _^ Mi- unable to get them at all, yet they still prefer to run the risk W c_ *1 -u - — MMCO* H'cn *© 0CMM*.CO Q ? O Cn^l — Cn© ©enoco-a W en rather than purchase ahead, in the belief that they will be ©MCnOo to V — * ~J ©co *. Z -J 00 CO ©00*-~4O H oo 520 THE CHRONICLE ' Vol. lxx2 i Lexington Township, Lafayette County, Mo. Bond 8TATC Afl& ClTY J)£P£WM£NT, Cult. —Call is made for payment Aug. 20 at the Mississippi Valley Trust Co. of St. Louis of '6Y2 % bonds Nos. 1 to 13 inclusive. Pierce County (P. O. Seattle), Wash.—Bond Call.—E. M. 3^Ixje ©hrotxicle, Lakhi, County Treasurer, calls for payment Aug. 12, at the PUBLISHED WEEKLY. Trust Company of America or the Knickerbocker Trust Co. in City, funding bonds (Series Terms ol Subscription—Payable in Advance New York 6% 3), Nos. 26 to April 2 1894. For One Year flO 00 293 inclusive, issued I'm -iv Months 6 00 Washington Township, Lafayette County, Mo. Bond European . a bscrlptlon (Including postage) 18 00 Kuropean bubsorlptlon .m Months (including postage) 7 50 Call. — Bonds Nos. 2, 3 and 13 carrying 3}$% interest have Annual .subscription in London (including postage) £2 14s. been called for payment Aug. 20 at the Mississippi Valley six Months Subscription in .London (including postage) £1 lis. Trust Co. of St. Louis. Subscription includes following flections— BANK and quotation (monthly) I Statk and City (semi-annually) Railway Ixdustklai. (tjuiirierly) | Street Kailway times yearly) and (3 Bond Proposals and Negotiations this week The Kailway a:;d Industrial Section, issued quarterly, is furnished have been as follows .'/« i chart/e to every annual subscriber ol iho Commercial and I INANCIAI. CHRONICLE. Ada County (Idaho) School District No. 45. Bond Sale. The STATE and (;ity Section, issued semi-annually, is also furnished —On July 15 so, 800 5% school-house bonds were awarded without extra charge to every subscriber of the chronicle. • . be Si KEET Kailway section, issued three mm s a < ar, is likewise fur- to the State of Idaho at par. Dcnon" -'nation $500. except nished subscriber ol Chronicle. without extra charge to every the one bond for $800. Date July 1 iy05. Interest semi- The Bank and quotation Section, issued monthly, is also lurnished with- out extra charge to every subscriber of the Chronicle. annual. Maturity July 1 1925, subject to call after July 1 1910. Terms ol Advertising—Per Inch Space Aiken, S. C. Bonds to be Issued.—It is stated that this Transient matter per inch space (14 agate lines) $4 20 city will issue bonds for the construction of a water-works Two Months (8 times) 22 00 system. Three Months (13 times) 29 00 Six Months (26 times) 50 00 Albany, Q&.—Bond Sale.—The $10,000 5% electric-light Twelve Months (52 tunes) 87 00 I and water bonds offered on June 12 have been awarded to CHICAGO OFFICE—Pliny Bartlett, 513 Monadnock Block. the Browne-Ellinwood Co. of Chicago at 101.67. Denom. LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C. ination $1,000. Date July 1 1905. Interest semi-annual. WILLIAM B. DANA COMPANY, Publishers, Maturity $1,000 each year from 1906 to 1915 inclusive. Pine Street, Corner ol Pearl Street, Albion (N. Y.) Union Free School District. Bonds Not to Post Office Box 958. NEW YORK. be Offered at Present. —We are informed that it will be some weeks before the $75,000 4% school-building bonds, voted at the election held June 19 1905, will be ready for issuance. News Items. Amity Special School District No. 9, Sycamore Township, Hamilton County, Ohio. Bond Offering.— Proposals will be Alessandro Irrigation District, Cal. Dissolution of Dis- received until 12 m. Aug. 10 by Ira E. Cox, Clerk Board of trict. Judge Otter presiding in the Riverside County Supe- — , Education, Room 1501 Union Trust Building, Cincinnati, rior Court, on July 19 signed a decree dissolving the Alessan- for $10,000 4% bonds. Authority Sections 3991 and 3992 District. dro irrigation The bonds put out by this district, Revised Statutes of Ohio; also election held June 1 1905. aggiegating over $750,000, were declared invalid several Denomination $400. Date Sept. 1 1905. Interest semi- years ago. See our issue of Feb. 8 1902, page 339. annually at the First National Bank of Norwood. Maturity lola, Kan.—Bonds Valid.—The Topeka "Capital" of $400 yearly on Sept. 1 from 1906 to 1930 inclusive. Cer- July 20 says: tified check for $300, payable to the Clerk Board of Educa- Attorney General Coleman yesterday ruled that an issue of $46 000 worth ot tion, required. refunding bonds of fola were valid and should be registered. Auditor Wells re- fused to register the b onds until he had the opinion of the Attorney General regarding Argentine, Ean. Action on Bond Issue Not Yet Taken.— then- legality. of Some time ago the people of lola wanted to make some improvements on their No action has yet been taken looking to the isssuance the water plant. They had no money for that purpose, so the city council issued city funding bonds mentioned in V. 80, p. 2474. warrants to pay the bill, although the city could not redeem the warrants. They then had the proposition to vote refunding bonds to take up the warrants before Assumption, 111. Bond Sale —The First National Bank the people and it carried. The Attorney General held that while the city could not legally issue the warrants as It did, the city is liable for the costs of the improve- of Assumption has been awarded an issue of $6,000 6% side- ments which It had made and that therefore the Issue of refunding bonds is valid. walk bonds. Denomination $2,000. Date May 1 1905. New York City.—Tax Rates for 1905.—The Board of Alder- Interest annual. Maturity $2,000 May 1 of the years 1906, men on July 25 fixed the rates of taxation for 1905. The 1907 and 1908. figures for 1905 (per of $1,000 valuation) as well as those for Atlanta, Ga. Bonds Proposed.—The Finance Committee 1904 are as follows: recommends that authority be obtained from the Legisla- Boroughs 1905. 1904. Decrease. ture to submit to a vote of the people the question of issuing Manhattan and The Bronx $14.9051 $15.1342 $0.2291 Brooklyn... 15.6264 15.7296 0.1032 $500,000 city-hall and $500,000 water-works-improvement Queens 15.5523 15.7228 0.1705 bonds. Richmond _. 15.5821 15.9281 0.3460 Averyville, 111.—Bond Sale.—On July 11 $9,000 5% street- Salt Lake City, Utah. Bond Issue Valid. —We are ad- improvement bonds were awarded to MacDonald, McCoy & vised that the action of Joseph W. Houston (a member of Co. of Chicago at 108.344. Denomination $1,000. Date the Salt Lake City Real Estate Association) vs. Salt Lake July 1 1905. Interest semi-annual. Maturity Juy 1 1925. City, instituted in the District Court of Salt Lake County on The following bids were received: June 7 for the purpose of preventing the issuance of the MacDonald. McCoy & Co., Chic. -_S9. 751 1 Trowbridge & Niver Co., Chicago. $9, 450 $1 000,000 4% water and sewer bonds awarded on Feb. 27 N. W. Harris & Co., Chicago 9,67(5 Merchants' Nat. Bank, Peoria 9,000 Nuveen & Co., Chicago 9.471) to the Mutual Life Insurance Co. of New York City, has John never come to a hearing, having been abandoned by Mr. Ballard, Wash.—Sored Sale —On July 11 the $75,000 20- Houston. Another suit, however, was instituted in the year gold coupon funding bonds described in V. 80, p. 2634, State Supreme Court on the same day by the State of Utah were awarded to N. W. Harris & Co., Chicago, at $76,733 ex rel. George E. Ellerbeck, this action also being taken to for 4.}4 per cents. prohibit the city from issuing the bonds in question. On Barnesville, Clay County, Minn. Bond Offering.— June 20 the Supreme Court denied the writ of prohibition Further details are at hand relative to the offering on Aug. 5 prayed for by the plaintiffs and held that the city had a law- of the $40,000 43^% coupon water-works bonds authorized ful tight and authority to issue the bonds. Our informant at the election held June 29. Proposals for these bonds will adds that all litigation has now ceased and that the bonds be received until 8 p. m. on that day by M. P. Philippi, City are being issued to the purchasers in accordance with the Clerk. Denomination $1,000. Date Aug. 1 1905. Interest agreement made at the sale of Feb. 27. semi-annual. Maturity 30 years. Certified check for $200, payable to M. P. Philippi, City Clerk, required. Bonded debt at present $10,000; floating debt $6,000. Bond Calls and Redemptions. Bay City, Mich. Bond Offering. —Proposals will be re- ceived until 3 p. m., July 31, by C. J. Barnett, City Comp- Cape Girardeau, Mo.—Bond Call.—Geo. E. Chappell, troller, for $75,000 4% local-improvement bonds. Denomi- City Clerk, calls for payment Sept. 1 at the National Bank nation $1,000. Date Aug. 1 1905. Interest semi-annually of Commerce, New York City, 5% funding bonds Nos. 41 to in New York City. Maturity $25,000 in three, $25,000 in 50 inclusive each for $500 dated March 1 1890. five and $25,000 in eight years after date of issue. Certified Evanston Township High School District, 111. Bond check for $500, payable to the City Comptroller, required. Call.—Call is made for payment Sept. 1 at the First National Accrued interest to be paid by purchaser, who must also Bank of Chicago, of Third Series bonds Nos. Ill to 120 in- furnish lithographed bonds free of charge. clusive, dated Sept. 1 1891. Beliefontaine, Ohio. Bond Offering.—Proposals will be Henry County, Mo. Bond Call. —Call is made for pay- receivedt until 12 m. Aug. 8 for $50,000 5% coupon electric- ment Sept. 1 at the Merchants-Laclede Bank of St. Louis light- works bonds. Denomination $1,000. Date June 18 of bonds Nos. 1 to 155 each for $1,000 and Nos. 156 to 205 1905. Interest March 1 and Sept. 1. Maturity Sept. 1 each for $500. 1935, optional after Sept. 1 1915. Certified check for 5% Lawrence County (P. O. Monticello), Miss. Bond Call. of the amount of bonds bid for, payable to the Treasurer of —Call is made for payment Nov. 5 at the office of the County said city, required. Purchaser to pay accrued interest. Treasurer of $16,000 6% bridge bonds issued Nov. 5 1900. Fred C. Spittle is Clerk of Council. — ——— ——— —— —— — ————— ——— — —— July 29 1905.] THE CHRONICLE 521 Berea, Ohio. />'<>/!' Street until 12 m. Aug. 2] for 13,000 , West Improvement cinnat, for $18,753 20. bonds. Denomination $300. Date Aug. 1 1905. Interest Cincinnati, Ohio. -- Bonds A vthoriged,—The City Council 1 in Maturity $300 yearly on Nov. 1 M .iv 1 and Nov. Berea. on July 17 authorized the issuance of 8250,000 3^' ,', con; from 1906 to 1916 Inclusive. street-improvement (city's proportion) bonds. Denomina- July 1 .V tion S500. Date Sept. 1 1905. Interest semi-annually at Bingham City, Utah.—Bond Sale— On $8,000 '; general-purpose bonds were awarded to the State of Utah at the American Exchange National Bank, New York (it v. par. Denomination St. 000. Date July 1 1905. Interest Maturity Sept. I 1926. semi-annual. Maturity 20 years, subject to call after Clarence, Iowa. Description of Bonds. — We are advised ten years. that the $5,500 5' gas-plant bonds, the sale of which we J last week's issue, taken M. Binghamton, N. Y. Bonds Not to be Issued at Present. — recorded In were by Geo. Bechtel Date We are advised that the $85,000 sewer bonds voted at the & Co. of Davenport for $5,600. Denomination $500. 1 Interest election held June 2 1905 -will not be offered for sale until Aug. 1905. semi-annual. Maturity from 1909 next year. to 1914 inclusive. Bird Island, Minn. Bond Offering. —Proposals will be "Cleveland, Ohio. Bond Offering. — Proposals will be re- ceived until 12 in. Sept. 1 I*. received until 3 p. m. to-day (July 29) by J. H. Feeter, by J. Madigan, City Auditor, Village Recorder, for $7,000 5',' 20-year water and light- for the following bonds: r plant bond-. Denomination $500. Date July 31 1905. $250,000 4 o coupon paving and Intersection bonds. Date Au?. 1 1905. Matur- ity A us;. 1 1916. Interest annual. 170,000 -1 coupon lire-improvement bonds. Date Aug. 1 1905. Maturity \m:. 1 L914. Bishopville, S. 6. Description of Bonds.—The S20,000 200.000-1', coupon water-works bonds. Date Oct. 1 1905. Maturity Oct. 1 1920. coupon Sewer District 1 Maturity stated last week had been sold 23,000 4% No. 23 bonds. Date Oct. 1905. water bonds which we answer Oct. 1 1920. following description: Denomination SI ,000. Date to the All bonds are in denomination of $1,000. Interest semi- payable annually. Maturity June 1 L905. Interest 6%, annually at the American Exchange National Bank, New subject to call 1925. The bonds were purchased at 1945, York City. Certified check on a national bank for 5% of Trowbridge & Xiver Co. of Chicago. par by the amount of bonds bid for, payable to the "Treasurer of the Breckenridge, Mo. Bond Offering. — Proposals will be city of Cleveland," required. Bids to be made on blanks received until 12 m. Aug. 15 by O. J. Chapman, Mayor, for furnished by the City Auditor. - electric-light bonds. Denomination $500. 1,000 5% Clinton, Minn. Bond Sale.—On July 3 the $6,000 5% July 1 1905. Interest semi-annually at the Exchange te 20-year water bonds described in V. 80, p. 2475, were awarded Bank of Breckenridge. Maturity $500 r early on July 1 } to Kane & Co. of Minneapolis. These are the same bonds from 1910 to 1921 inclusive and" $1,000 yearly on July 1 awarded on May 1 to the American Securities Corporation, from 1922 to 1925 inclusive. Cash or certified check for which sale was never consummated. $500 required. The city has no bonded debt at present. Colorado Springs, Colo. Bonds Voted. —The election Brooklyn Heights, Ohio. Bond Offering. Proposals will — July 18 resulted in a vote of 129 to 3 in favor of the propo- be received until 12 m. Aug. 15 by H. H. Richardson, Vil- sition to issue $340,000 4% 10-15-year (optional) refunding lage Clerk (P. O. Brooklyn, R. F. D. No. 2), for $7,000 5% bonds. Date of sale not determined. highway-improvement bonds. Denominations $500 and Election. election will be held .000." Date day of sale. Interest April 1 and Oct. 1 at Columbia, Mo. Bond —An the Home Savings & Banking Co. of South Brooklyn. Ma- Aug. 8 to vote on the issuance of $10,000 water and light and sewer bonds. turity one bond yearly on Oct. 1, $500 in the years 1906, $10,000 1907, 1908, 1910", 1912 and 1914, and $1,000 in the years Columbia School District, Lancaster County, Pa. Bond 1909, 1911, 1913 and 1915. Certified check for 10% of the Sale.—On July 25 the $30,000 4% 10-30-year (optional) amount of bonds bid for required. school bonds described in V. 81, p. 225, were awarded to Buffalo, N. Y. Bonds Authorized. —The issuance of $150,- Albert C. Case, New York City, at 101.666 and interest. 000 Z}4% l-30-3r ear (serial) refunding city and county hall Following are the bids: Albert C. Case, New York $30,500 00 Jno. P. O'Brien & Co.. Boston$30,320 00 has been authorized. Date of 1 1905. bonds bonds Sept. Union Tr. Co.. Lancaster 30,493 SO Harrison & Smith, New York. 30, 246 00 Interest semi-annual. Hayden, Miller & Co., Cleve.. 30,450 00 W. J. Hayes & Sons. Cll ve... 30,075 00 Lamprecht Bros. & Co., Cleve. 30,375 00 Ralph Hale (for S2.500) 2,512 50 Buiord, Ga. Bonds Voted.—By a vote of 192 to 32 this Columbia Tr. Co., Columbia.. 30,300 00 Cent. Nat. Bk., Columbia (Cor $10,000) ... 10,000 00 place on July 15 authorized the issuance of $10,000 light, D00 water-works and $4,000 school-buliding 5% bonds. Columbus Grove, Ohio. Bond Sole. —An issue of $12,300 The.-e bonds, we are informed, have already been sold. 5% street-paving bonds has been awarded to P. S. Briggs & Co. of Cincinnati for $12,925. Burlington City (P.O. Burlington), N. J. Bond Offering. — Proposals will be received at any time by the Finance Cookville (Tex.) Independent School District. Bonds Committee for $4,500 20-year fire-house and $5,250 20-30- Registered.—On July 21 an issue of $4,000 5% 10-year (optional) registered the State r (optional) school 4% coupon bonds. Denomination school-house bonds was by $500. Date Aug. 1 1905. Interest semi-annuallv at the Comptroller. Securities are dated June 1 1905. City Treasurer's office. Present bonded debt, $201,802. Dallas County, Tex. Bonds Registered and Sold. —On A-- .-sed valuation, 82,700,000. J. F. Cline is City Clerk. July 19 the State Comptroller registered an issue of $151,000 Caldwell County (P. O. Lockhart), Tex. Bonds Not to be 4% 5-40-year (optional) road and bridge funding bonds ted at Present. —We are informed that the County Com- dated June 1 1905. On the same day these bonds were pur- missioners have decided not to issue at present the $15,000 chased at par by the State Board of Education as an invest- 5-40-year (optional) road bonds described in V. 80, ment. 115. Dayton, Ohio. Bond Sale.—On July 22 the three issues of described in V". were awarded as fol- Carthage Township, 111. Bonds Voted.—It is stated that 4% bonds 81, p. 44, this township has authorized the issuance of $5,000 bridge- lows: repair bonds by a vote of 198 to 28. $15,000 4% coupon storm-water-sewer bonds, maturing $5,000 on June 1 1909 and • • $1,000 yearly on June 1 trom 1910 to 1919 inclusive, to Seasongood & Mayer * Carthage (N. Y.) Union Free School District No. 1.— Cincinnati, for $15,304 50. 20,000 4% coupon fire-department bonds maturing $0,000 on Aug. 1 1910 and Bond Offering. — Proposals will be received until i described in V. 81 279. The matter was referred to the $2,000 from 1920 to 192.5 inclusive. The school , p. bt at present. Assessed valuation $1,268,- Committee on Ways and .Means. $150,000 Boiuls. S100.000 Bonds. 30-1 \al. 30-1 Serial. Central School District, Stanislaus County, Cal. Bond iietrolt Trust Co.. Detroit .$163,661 00 1154,983 50 $105,77/00 S103.S02 70 on. Leach & Co., Chicago . 156,780 00 104,520 00 6< \ T 12 $3,000 ; bonds of this district ii. w. Noble & Co. and E. n. a*' the W. R. Btaats Co. of Pasadena at 106.30. Rol as 152,820 00 151.81500 101,880 00 101,36000 W. E. Moss 4 Co., Detroit 105,100 00 Chauncey Special School District, Athens County, Ohio. Matthew Finn. Detroit 103.054 00 101,63600 —Bond (/, -Proposals will be received until 12 m. Devine (Tex.) School District. Bondi — Prop, : Pendergrass, Clerk Board of ion, will be received until 1 p. m. Aug. 15. by W. L. Dubo . bonds. Denomination $500. Date Aug. 12 Secretary School Board, for ss,000 5% 5-40-year (optional; d-annually. Maturity $500 yearly on bonds. Denomination $500. Cnterest annually a1 the Na- 1 from 1907 to 191 1 inclusive. tional Bank of Devine or at the office of th Chester Township School District, Burlington County, urer. District has no other debt. A Juation 1904, Pa. $280,000. Cheek for Bond Offering. — Proposals will be received u $400 required. m. Aug. l it is I-- by John T. I. District Clerk (P. O. Dickinson, N. D.—Bond Election.—An election, M I ' 'OOD . De- I " r , -.•hool bond ted, will be held on Aug. 9 to vote on viation $500. Interest semi-annually. Maturity $2,000 issuing $23,000 water-workfi bonds. yearly from 1909 to inch; 1923 Certified check for 10% Donaldsville, La.—Bond Offering.—Pi ofl the amount of bid required, the Legality of the seouri- ceived until 8 p. tin. Aug. 23 t 25,000 been approved by th<- Attorney General State ".' $31,000 water and streel , bon Of MOW Je; of June 21. Denomination $1 .000. Date Julj I L9l ChiUicothe, Ohio.—Bond Sale.—On July 17 tie- $18,000 [nteresl Bemi-annually a1 the Bank of Donald on 1 ill< Matu- 120,000 *A' < 10-year street-improvement bond- in rity $5,000 in ten years, $10,000 In twenty j . 5*22 THE CHRONICLE [Vol. lxxxi. in thirty years and $21 ,000 in forty years. Town has no deb Seasongood July 29 1905. THE CHRONICLE. 5>3 Lexington, Ky. Bond Election. — At the general election and one-half $100 each. Interest January 1 and July 1. next November the question of issuing $27,000 viaduct Maturity Jul}' 1 1935, subject to call after twenty years. will submitted to a vote of the people. bonds be Nashville, Tenn.—Bonds Voted.—By a vote of 211 to 230 are advised that the Lorain, Ohio.— Bond Salt.—We $3,000 this city on July 20 authorized the issuance of the $500,000 sewer-repair bonds mentioned in our issue of June 17 have I •_' road bonds ! 30-year mentioned in our issue of July 1. ( been sold. New Ulm, Minn. Bonds Voted. —The $30,000 sewer bonds School District, Los Angeles County, Cal. Lordsburg mentioned in V. SI, p. 172, were authorized by a vote of This district on July 15 a vote of 39 to 11 Bonds Voted. — by 182 to 164 at the election held July L8. authorized the issuance of $15,000 school-house bonds. Nobles County (P. O. Worthington), Minn. Bond Sale. School District. Bonds Louisburg (N. C.) Graded Re- — On July 25 the $8,000 3-10-year (serial) ditch bonds de- $H).(ioo ,v July 10 issue of | 30-year bonds was told. — On an scribed in V. 81, p. 2S0, were awarded to U. M. Stoddard & awarded to the First National Bank of Louisburg for Co. of .Minneapolis at 100.70 for 4J^ per cents, interest to be $10,551 50 and blank bond- free of charge. These bonds payable semi-annually. take the place Of the $10,000 awarded on May 15 to F. L. Fuller & Co. of Chicago, which firm subsequently refused North Plains Township, Ionia County, Mich. Bond the issue on the ground that the Act authorizing the same Sale. —An issue of $10,000 bonds of this township has been provided for interest payable annually whereas the bonds sold to W. E. Moss & Co. of Detroit atJIOl. then offered called for semi-annual interest. Bonds as North Providence, R. I. Bonds Authorized. —At a special now issued carry interest pavable annually. Denomination town meeting held July 22 the issuance of $65,000 4% 40- $1,000. Date July 10 '1905. year funding bonds was authorized. Luzerne (Warren County) and Hadley (Saratoga County) Norwood Township, Stanly County,, N. C. Bonds Voted. Union Free School District No. 1, N. Y. Bond Sale Post- —This township on July 20 voted to issue $10,000 4% 50- poned. —We are advised that the sale of $23,000 4% regis- year bonds in aid of the Winston-Salem South Bound RR. tered school bonds, originally advertised to take place on Oberlin, Ohio.—Bond Sale.—On July 22 the $17 000 5% July 20 and subsequently postponed to July 31, has again 10-year debt-extension bonds described in V. 81, p. 227, been postponed, the new date not yet being set. were awarded to Denison, Prior & Co. of Cleveland at Madison County (P. O. Jackson), Tenn. Bond Sale. — 107.059 and interest. Following are the bids: highest bid received July for the 30- Denison, Prior & Co., Cleve- ILamprecht Bros. & Co., Cleve.$18,038 70 The 26 $150,000 4% land & Boston ...$18,200 00|State Sav. Bank Co. 18.005 00 40-year (optional) road bonds described in V. 81, p. 226, Well, Roth & Co., Cincinnati. 18,125 00 1 F. L. Fuller & Co.. Cleveland. 17,953 70 Iloehler & Cummlngs, Toledo. 18,061 50|Hayden, Miller & Co., Cleve.. 17.868 70 was that of E. H. Rollins 524 THE CHRONICLE. [Vol. lxxxi. est semi-annually in Redlands. Maturity $2,500 yearly. of Warrick County. Maturity one bond yearly beginning Bonds are exempt from taxation. Certified cheek for $1,000, the first Monday in November 1907. payable the President Board of Trustees, required. Bids to Sheridan, Wyo.—Bond Sale. —On July 21 the $38,000 are asked on the following propositions: First, for any or 10-20-year (optional) coupon sewerage bonds described in all of the bonds; second, for $50,000 of the bonds to be deliv- V. 81, p. 173, were awarded to MacDonald, McCoy & Co., ered third for the entire issue, to be deliv- at once; $50,000 Chicago, for $38,100 for 5 per cents. Following are the ered at once and $50,000 to be delivered July 15 1906, the bids: latter to have one year's coupons cut ofi". Certified check MaoIJonald, McCoy & Co. (for I Browne-Elllnwood Co. (for 5s).$38.215 00 for 3% of bid required. 5s) $38,100 00|C. H. Collin (for 6s) 38,761 00 Well, Roth & Co. (for 5s) 38,300 00| Bellan-Prlce Inv. Co. (for 6s). 38,269 80 Ripley Independent School District, Jackson County, Somerset (Pa.; School District.—Bond Sale. On July 20 W. Va.—Bond Offering.— Proposals will be received at any — $18,000 school bonds were awarded to the Somerset time by Holly G. Armstrong, President Board of Education, 4% Trust Co. Denomination twenty-four bonds of $500 each for $13,000 5% 5-20-year (optional) coupon school-building and six of $1,000. Date July 20 1905. Interest bonds. Authority, Chapter 29, Acts of 1905. Denomina- semi- annual. Maturity thirty years. tion $100. Date,' when issued. Interest payable at the Sheriff's office, Ripley. Certified check (or cash) for $500, Southampton, Ont. — Debenture Offering. — Proposals will payable to Holly G. Armstrong, President Board of Educa- be received until Aug. 2 by A. C. Crosby, Town Clerk, for tion, required. Bonded debt, this issue. Assessed valua- $62,000 4% debentures—three issues. tion 1905, $298,405. South Bend, Ind.—Bond Sale.—On July 12 $33,000 4% Saginaw, Mich.—Bond Offering.—Proposals will be re" refunding improvement bonds were awarded to the St. ceived until 2 p. m., July 31, by Wm. Seyffardt, City Comp- Joseph County Savings Bank for $33,450. Securities are troller, for $3,500 4%> sewer bonds of Eastern Taxing Dis- dated Aug. 1 1905 and will mature $11,000 in each of the trict and $11,500 4% sewer bonds of Western Taxing Dis- years 1910, 1911 and 1912. Interest semi-annual. trict. Denominations, ten for nine for $1,000 and $350, South Norwalk, Conn.—Bond Sale. — Following are the one for $2,500. Date Aug. 1 1905. Interest semi-annually bids received on July 26 for the three issues of 4% bonds at office of City Treasurer. Maturity $1,350 yearly for nine aggregating $280,000 described in V. 81, p. 174. years and in ten years. certified check for of $2,850 A 2% Blodgett, Mcrritt & Co., Bostonl05.57 Harriman & Co. the par value of bonds bid for on some Saginaw bank (or R. L. Day & Co.. Boston. 105.39 $95,000 due 1925 103.65 Kountze Bros., New York 105.2346 95,000 due 1930 104.21 New York draft), payable to the City Treasurer, required. N.W.Harris & Co., New York. 105.073 90,000 due 1935 104.67 Delivery of bonds to be at the risk and expense of purchaser Bridgeport), — — and must be paid for in New York exchange or equivalent, Springbrook (P. O. Minn. Bond Offering. until 1 with accrued interest to date of delivery. Proposals will be received 2 p. m. Aug. by C. W. Gadde, Town Clerk, for $1,200 10-year road bonds at not Bond Sale. —This city has sold to local citizens at par an exceeding interest. Securities are dated Aug. 1 1905 issue of $24,000 3J^% sidewalk bonds. Denomination 6% and the interest will be payable annually. $500. Date July 1 1905. Interest semi-annual. Ma- turity July 1 1915. Springfield (111.) Pleasure Driveway and Park District.— Bond Sale.—On July 20 the $50,000 park bonds de- St. Albans, Vt.—Bond Sale.—An issue of $7,000 4% 4% scribed in the 20-year sidewalk bonds has been sold to Fuller C. Smith V. 81, p. 174, were awarded to Mercantile of 100.61 and blank bonds. of St. Albans at 104.80. Trust Co. St. Louis at Follow- — ing are the bids: St. Albert, Alberta. Debenture Offering.—Proposals will Mercantile Trust Co., St. Louis..a$50,305| First Nat. Bank, Chicago S30.1S0 be received until 12 m., Sept. 5, by Beck, Emery & Newell, N. W. Harris & Co., Chicago... a50,300| Solicitors for the town (P. O. Edmonton), for $30,000 5% a And blank bonds. debentures issued for the erection of a grist mill and in con- Springfield (S. C.) School District No. 36.—Bond Sale.— nection therewith an electric-light plant and for providing a The $8,000 5% 25-year school bonds described in V. 80, p. system of fire protection. Securities are dated Jan. 3 1905 2638, have been sold. and will mature part yearly for twenty years. Stephenson Township, Menominee County, Mich.— St. Johns (Ore.) School District No. 2. —Bonds Voted and Bond Sale.—H. W. Noble & Co. of Detroit have purchased Sold. —By a vote of 36 to 4 this district on June 19 authorized an issue of $5,000 funding bonds of this township. the issuance of $10,000 6% 1-20 year (optional) building Sterling, 111.—Bond Sale.—On July 24 $8,000 4% street- bonds. These bonds have already been sold to the State improvement bonds were awarded to N. W. Harris & Co. of Land Board as an investment. Chicago for $8,011. Denomination $1,000. Date Aug 1 1905. Interest Maturity one bond yearly, Salem, Ohio. —Bond Sale.—It is stated that an issue of semi-annual. $17,000 4^% bonds has been sold to the Union Savings beginning Aug. 1 1911. Bank & Trust Co. of Cincinnati. Stromsburg, Neb.—Bonds Voted.—It is stated that this San Antonio (Tex.) School District.—Bond Election.—An place has voted to issue $9,000 water-works-improvement election will be held Aug. 5 to vote on the question of issuing bonds. $50,000 4}4% 20-40-year (optional) school-house bonds. Tahlequah, Ind. Ter.—Bond Election.—An election will San Diego, Cal.—Bonds Voted and Defeated.—This city be held in this town on Aug. 15 to vote on the question of on July 22 voted to issue $54,000 water-main and $75,000 issuing $17,500 20-year school bonds at not exceeding 5% B Street conduit bonds. Propositions to issue $71,000 El interest. Cajon water-land, $252,000 pumping-plant and $21,000 sewer Teton County (P. O. Chouteau), Mont.—Bond Sale. —On bonds were defeated. July 20 the $40,000 4J^% 15-20-year (optional) gold court- Santa Ana, Cal. —Bonds Canceled.—The City Trustees house bonds described in V. 81, p. 174, were awarded to the on July 17 ordered the cancellation of the $60,000 bonds Union Bank & Trust Co. of Helena at 101.815 and interest. voted for a municipal light plant and over which there has Securities are dated July 1 1905. been some litigation. See V. 81, p. 43. This action was Timberhill Township, Kan.—Bond Sale.—On July 12 taken because of a new and satisfactory agreement being $8,000 4J^% refunding railroad-aid bonds were awarded to made with the local lighting company. Kelly & Kelly of Topeka at par. Denomination $500. Date Santa Monica (Cal.) School District.—Election Date Not July 1 1905. Interest semi-annual. Maturitv Julv 1 1918, Yet Fixed.—No date has yet been set for the election to subject to call $2,000 yearly after 1906. vote on the question of issuing the $60,000 school bonds Toledo, Ohio.—Bond Sale.—The $110,656 35 4% street mentioned in V. 80, p. 2479. improvement bonds offered but not sold on July 5 were par the Sinking Com- Sardinia (Town), N. Y.—Bond Offering.— Proposals will later taken at and interest by Fund be received until July 29, by Milton H. Pitcher, Town Clerk, missioners, who subsequently disposed of them to private for $11 ,389 94 bonds. Denomination $500, except one bond parties. See V. 80, p. 2421, for description of bonds. for $389 94. Maturity $2,000 yearly, beginning May 1 1908. Troy, Lincoln County, Mo.—Bonds Not Yet Sold.—No Rate of interest to be named in bids. sale has yet been made of the $10,000 4% electric-light bonds Schaller (Iowa) Independent School District. —Bond described in V. 81, p. 175. We are informed that negotia- Offering.— Further details are at hand relative to the offer- tions are now pending with St. Louis parties looking to the ing for sale on July 31 of $14,000 5% gold coupon building sale of these bonds as 4J^ per cents. bonds. Proposals for these bonds will be received until Troy, N. Y.—Bond Offering. — Proposals will be received 12 m. on that day by Dr. E. H. Reedy, Secretarjr. Denomi- until 12 m. Aug. 1 by William H. Gearin, City Comptroller, nation $500. Date Sept. 1 1905. Interest semi-annually for $34,055 12 4% registered local improvement bonds. De- at place to be designated by purchaser. Maturity ten years, nomination $1,702 75. Date July 1 1905. Interest semi- subject to call after five years. Certified check for 10%, annual. Maturity one bond yearly on July 1 from 1906 to payable to School Board, required. 1925 inclusive. Certified check for 1% of the par value of Sebastopol (Cal.) School District.—Bonds Voted.—On the bonds, payable to the City of Troy, required. July 18 this district voted to issue $35,000 school-building Union Township School District, Floyd County, Iowa.— bonos. Bond Sale.—On July 25 the $15,000 4>f% school-building in S. G. Johnson, O. W. Schafer William Wersich, et al., bonds described V. 81, p. 175, were awarded to Geo. M. Drainage District, Warrick and Spencer Counties, Ind. — Bechtel & Co., Davenport, at 100.666, accrued interest and bonds. Bond Offering. —The Treasurer of Warrick County will sell blank at public auction at 1 p. m. Aug. 5 at the Court House in Vandalia (Ohio) School District.—Bonds Not to be Re- Boonville an issue of $13,666 22 5% drain bonds. Denomi- offered at Present.—We are advised that the $8,000 4% bonds nation $1,000 except one bond for $666 22. Date Aug. 1 offered without success on June 12 will not again be placed 1905. Interest semi-annually .at the office of the Treasurer on the market until about March next. —————1 —— , —— — JrLY 20 1905. THE CHRONICLE. r>i5 Victoria, Tex. Election Call Rescinded. —The City Coun- $24,500. Assessed valuation 1905, $2,790,469. Certified cil rescinded the call for tlu> election July 26 to vote on tlu- cheek for $500 required. question issuing water bonds. The election of f12,000 there- Winnebago County (P. O. Forest City), Iowa.—Bond fore was not held. Sale, —The $10,000 4% poor-farm bonds mentioned in our Walden, N. Y. Bond Sale. —This village has sold at par issue of July 8 have been sold. Denomination $1 ,000. Date to the Walden Savings Bank an issue of $2,000 4',;, water- June 1 1005. Interest semi-annual. Maturity yearlj works-extension homls. Denomination $500. Date July 1 June I. $2,000 in 1007 and in 1912 and $1,000 in each of the 1905. Interest annually in September. Maturity $500 years 1908, 1000, 1010, 1911, 1913 and 1914. yearly Sept. 1 from 1909 to 1912 inclusive. on Woodbury, N. J.—Bond Sale.—On July 25 the $20,500 Waldron, Hillsdale County, Mich. Bond Sale. —On r, 20-year registered street-improvement bonds described •">',' Julv 10 $3,760 fnv-protoetion and public-building bonds in V. 81, [). 283, were awarded to W. E. Jackson & Co. of were awarded to C. A. Allen of Fayette, Ohio, for $3,911. New York at 101.312 and interest. Following are the bids: W. K. Jackson Co.. Denomination one bond of $260 and seven bonds of $500 A N. Y...920,768 961 First Nat. Hk.. Woodburj - (20,651 26 Qraham & Co.. Philadelphia.. 20,621 07 Kountze Bros.. New York _ 'jo.'iiioo each. Date Aug. 1 1005. Interest annual. Average ma- u. L. Crawford & Co., N. y_. 20,59s 40 1 Woodbury Trust Co 20,500 00 turity S 2-3 years.' Worcester, Mass. Temporary Loan. —This city recently Wampum, Pa. Bond Election. — An eleotion, it is stated, negotiated a loan of $50,000 with the, Merchants' National will be held in this place to vote on the question of issuing Bank of Worcester at 3.30% discount. Loan was made in $11,500 water and $2,500 cleetric-light bonds. anticipation of the collection of taxes and matures Oct. 13 Waterville, Me. Bids. — Following are the bids received 1905. The following bids were received for the same: on July 25 for the $35,000 3^% 30-year coupon funding Merchants" Nat. Bk.. Worcester.. 3.30%IBond & Goodwin. Boston 3.49% Lorinft. bonds described in V. 81, p 283. Toiman A Tapper, Host. 3.39% | Worcester Trust Co. ($2 prem.).. 3.75% B. H. Gay A Co., Boston. 100.04S Parson, Leach & Co., New York 09.11 Xenia, Ohio.—Bond Sale.—On July 25 the $38,000 N. w. Harris A Co.. Boston 99.33 Trowbrldee <& Nivcr, Chicago.. 99.09 4^% II. Oldham & Co., Boston. 99.279 Kudolph Klevbolte* C0..N.Y... 98.72 coupon Market Street improvement bonds described in V. i:. II. Kolllns 4 Sons. Boston... 99.125, Tyler, Fogg & Co., Bangor 9S.05 81, p. 176, were awarded to Seasongood & Mayer, Cincin- Welcome, Minn. Bond Offering. —Proposals will be re- nati, at 101.846 and accrued interest. ceived until 8 p. m July 29 by C. H. Oltman, Village Re- Following are the bids: corder, for $7,000 coupon water bonds at not exceeding Seasongood & Mayer, Clncln.. $38,701 50|Haydcn." Miller & Co., Clove. .$38,450 00 P. S. BrlKRS A Co., Cincinnati 38,675 00 W. H. Todd & Co.. Cincinnati 38,410 00 ,")'.>', interest. Denomination $1 ,000. Date Aug. 1 1905. Well, Roth A Co., Cincinnati. 38,045 75 F. L. Fuller A Co., Cleveland. 38.200 00 Interest annual. .Maturity $1,000 }-earlv. Certified check W.J. Hayes A Sons, Cleve... 38,558 00 for $500 required. These bonds take the "place of the $7,000 Yazoo-Mississippi Delta Levee District. Bond Sale.— awarded on May 1 to U. M. Stoddard & Co. of Minneapolis, On July 1 this district sold at par $145,000 4% bonds. which sale was never consummated. Securities are part of an issue of $500,000 bonds, of which West Mansfield (Ohio) School District. Bonds Defeated. $50,000 were placed on Jan. 1 and $305,000 on March 7, —This district recently defeated a proposition to issue shool - the price in each instance being par and interest. See V. 80, building-repair bonds. p. 890, for description of bonds. Winchester, Ky. Bond Offering.— Proposals will be re- Youngstown, Ohio. Bond Sale. —On July 24 the $9,850 ceived until 8 p. m., Aug. 4, by R. P. Scobee, Mayor, for 5% Emma Street grading bonds described in V. 81, p. 50, $15,000 4'^- school bonds. Denomination .$1,000. Interest were awarded to Lamprecht Bros. & Co., Cleveland, at semi-annually at the office of the City Treasurer. Maturity 102.94 and interest. Following are the bids: $5,000 in ten years, $5,000 in fifteen years and $5,000 in Lamprecht Bros. A Co.. Cleve.$10,139 59 1 Weil, Roth & Co.. Cincinnati. $10,048 00 Denlson, Prior & Co.. Cleve-. 10,067 75 1 Seasongood & Mayer. Cincln.. 10,029 25 twenty years. Total debt, including this issue, bonded W.J Hayes & Sons, Cleve... 10,050 00 1 Firemen's Pension Fund 9.995 00 INVESTMENTS. INVESTMENTS. INVESTMENTS. Rudolph Kleybolte&Co. H. W. NOBLE & COMPANY, Penobscot Bldq., Land-Title Bldq. Perry, Coffin Burr, BANKERS, Detroit. Philadelphia. & DBAI.IR3 IN MUNICIPAL AND INVESTMENT BONDS. MUNICIPAL, RAILROAD and PUBLIC SERVICE CORPORATION STREET RAILWAY BONDS. 60 State Street, BONDS. BOSTON. 27-29 PINE STREET, NEW YORK. MacDonald, McOoy & Oo Interest Paid on Daily and Time Deposits MUNICIPAL AND CORPORATION ERVIN & COMPANY, Blodget, Merritt Co & , BONDS. BANKERS, BANKERS, 171 La Salle Street, Chicago. 16 Congress Street, Boston. -j , ( New York Stock Exchange, Philadelphia Stock Exchange. 36 NASSAU STREET, NEW YORK. if Established 1883. BONDS FOR INVESTMENT. STATE, CITf & RAILROAD BONDS. H. C. Speer & Company 43 Exchange Place, Drexel Building, First Nat Bank Building, Chicago. New York. Philadelphia. F. R. FULTON & CO., CITY COUNTY Municioal Bonds, BONDS.w * MUNICIPAL AND RAILROAD AND TOWNSHIP BONDS. 171 LA SALLE STREET, LIST ON APPLICATION. Trowbridge & Niver Co. CHICAGO. SEASONGOOD & MAYER, MUNICIPAL AND PUBLIC SERVICE mercantile Library Building, T B. POTTER, BONDS. CINCINNATI. MUNICIPAL and CHICAGO, BOSTON, QnkiriC Bldg. CORPORATION BUNUb - lit Nat. Bank 60 State Street. INVESTMENT BONDS. 172 Washington Street, HIGH GRADE SEND FOR LIST. CHICAGO, - - - ILLS. LIST ON APPLICATION. INVESTMENT BONDS NO STOCKS DENISON, PRIOR&CO. King, Hodenpyl & Co., CORRESPONDENCE SOLICITED CLEVELAND. BOSTON. BANKERS, 7 Wall Street, 21 7 La Salle Street Municipal & Q ecurities BONDS st^k CERTIFICATES New York. Chicago. Handsomely en«ra-ed; steel -plate efTect. Also, the cheaper kind, pirtly lithographed and Partly .Mcmberi Corporation ?:i.OO New Company printed from typo. WO Certificate*, to York Stock Exchange. |25: the latter engraved, with steel-plate borders PITTSBURGH, —elegant. Seal I'res, II 50; better finished, »i RAILROAD AND q OF PA. DUtNU^.C\ kl n C ALBEET B. KING k CO., 206 Broadway, N.Y. STREET RAILWAY Paid up Capital $200,000.00 Engravers and Lltiographers. (Tulcphoue.) 526 THE CHRONICLE. [vol. lxol ' Qvust ©orapanies. Ca al a nd s^ plu s $10,000,000 Title guarantee $12,000,000 GO. andTRUST COMPANY W 146 Ercadway, New York. 175 Eemsen Street, Brooklyn. St., Br'klyn. INEQUITABLE M'i'rs Branch, 198 Montague Examines & guarantees Heal 'Estate Titles. Iioans Money en "Bond and Mortgage, f TRUST Furnishes Mortgages to Investors, COMPANY ^Receives Deposits subject '.o check, allowing Interest, Does all Trust Company business. OF NEW YORK TRUSTEES) John Jacob Astor, James T). Lynch, The modem trust company embraces every function of financial Krtwarrt T. Bedlorri, Etlgar L. Mai Bton, Charles S. Brown, William J. Matheson, business. Jt will accept your deposit account, subject to cheque, and Jtilien T. Davies, Charles -Mai lack, William J. Kaston, William II. Nichols, allow you a fair rate of interest; it will safeguard your securities; it Charles K. Henderson, James H. Ohpliant, Benjamin D. Hicks, ltobcrt Olynliant, John D. Hicks, Alexander E. Orr, will collect bonds, rents, mortgages, interest, dividends, coupons and William M. Ingraham, Charles A. Pen body, Augustus D. Jnfiiiard, BVederick Potter, every class of income; it will pay taxes and insurance, sell property and Martin Jocst, Charles Richardson, John S. Kennedy, Sanford H. Steele, undertake the care and management of estates. It is authorized by law Woodbury Lansrion, ElliS D. Williams, Louis Windmuller. to act as executor, administrator, guardian, or trustee under will or CLARENCE H. KELSEY, President. FRANK BAILEY, Vice-I*resi«!ent. appointment of court. During your lifetime it will act as your agent, EDWARD O. STANLEY, !M Vice- President. and at your death it will administer your estate. Manager Banklnpr bepartment. CLINTON D. IIIKDK K, :{d Vice-Pres. J, WRAY CLEVELAND, Seci-eiary. 15 Nassau Street, Equitable Building. ARTHUR TERRY, Treasurer. FRANK L. SNIPPER, Mgr. HSnlis' Branch. ^ccetmtatUs. Ifittatuciai. Ifirmutial. LYBRAND, 1880. 1906. ROSS BROS & MONTGOMERY The United States Life Certified Public Accountants. Insurance Co. The American Mfg. Co. (Pennsylvania) , CITY Stephen Glrard Building, IN THE OF NEW YORK. PHILADELPHIA. MANILA SISAL AND JUTE Wall Street Exchange Building, John P. Munn, M.D., President. NEW YORK. CORDAGE. Finance Committees WM. FRANKLIN HALL JAMES R. PLUM Leathei 65 Wall Street, New York.) Accountant, CLARENCE H. KELSEY,Pr.Tlt.Gnar. Keeping Accounts. I L00MIS,C0NANT&00. OF CERTIFIED PUBLIC ACCOUNTANT8 30 Broad Street, New York. WHITING'S PAPERS. Tel. 4958 Broad. Railroad Securities, i" ALFRED ROSE, CERTIFIED PUBLIC ACCOUNTANT. (Issued Semi-Annually by the Publishers of the CHBONIOL*.) 56 Pine St., New York. COMMERCIAL & FINANCIAL Also at Calvert Building. Baltimore. JULY EDITION. i JAMES PARK & CO., CERTIFIED PUBLIC ACCOUNTANT8, 52 Broadway. New York. 334 LaSalle Street, Chicago. TERMSt For Business Correspondence, Whether for letter written with your own hand, or Price of Single Copies, - $1 00 fcy.the typewriter, are UNEQUALED. Their quality J To Subscribers of the Chronicle, To honors at all MUNICIPAI AND Is assured and they have won highest V the great World's Fairs. For high grade writing] PUBLIC FRANCHISI CORPORATION To Bankers and Brokers, In quantities, with their paperslof all kinds, for dod3 papers, and for ledger' at special rates. sards lettered in gilt on the cover, papers. Insist on having them made by the . J BONDS , r Bought an* Sold. i WHITING PAPER COMPANY, W. J. HAYES & SONS, WILLIAM B.DANA COMPANI HOLYOKE, MASS, Chicagoi CLEVELAND. OHIO. BOSTON, MASS. Pine Street, coi. Pearl Street New York. New York. Philadelphia. — co^J©co r; >- 2! and the course of the raw material market has very little ©*. to Cn*. to CD ©en COCni-MM H 2 MMMCOCn o © CD ©CO to © OS*. encoo^J^ *.^,© — KJ W ~0 influence. Manufacturers a are growing increasingly inde- to* — — ©*0 — "tOn- — -JMM© - coooenoo© <* • are MCO© — ©co ©^J00 — CD © ©*.©eooo pendent, and agents using their influence against any © © CO CO CO O© MCn-jeoco e ii>©© *© H undue raising of prices, in order to prevent the consequent > i-t m — tOi- natural reaction. The woolen goods market has again been ©On co© en — ©Cn*--1M O — to *. CO M M CO Oi co en 2! active *00©M© © © > with advances expected almost daily. *. OccoCnooOO *Cn M^-JCnO© > Vm ©co *.Vi~4 f Tl to to © Ol tO CO * to en enpen — - t» M *.&Mcoeo DOMESTIC exports of cotton CO * — 00 © — ©00 © oo en "*J © © — M©©00 O COTTON GOODS.—The to goods from this port for the week ending July 24 were 2,223 © — w ©h- MM — ~ — ~4CO — — CO COM x 5 *.©*.©^) a packages, valued at $151,127, their destination being to the -co com O a ©*• coooVjooci *©"to co"coVi ©co bo© — ©"*' k" c * — -i^.^ >— points specified in the tables below: to*. cocs-)©d v. tO~4 © © Oi — §g ©ocn — -.' CO — en CO en *© MO — i- * <-* OienOOOOO*"- © 1905 1904 00 Vj ooVjVj — co co to oo — — encn .-» CO M*— "-J--J cn *. en < ©©o-jeo A iw York to July 24. Week. Since Jan.l. Week. Since Jan.l. ©© Cn CO CO to o © — © * © ro ooeo OCDOO*- t) 00© — Cn^tenM oo ©co en — © W Great Mritain 27 710 4 372 cj d Other Luropean 31 447 2 479 w to *o ~ China 1 82,854 46,642 o .- rrrr* s* v, 3 > India — coco en to 1 — © tO — CO M *.*.*-©oo "g j- 2. 213 9.07'i 1 4,421 © — s*- © ss r S. ?r *en © Oi ^1 -1 CO *. CO * C.i ^* en Oi CO * en Arabia 15,349 12,302 Ol CD *• CO ~J ° S co© 10 — to — *• CO — oo©**. «; k. Africa 31 6.605 5,965 m H M 3 Wesl Indies 545 16,676 196 10,793 > to W - •-< - co 110 1,530 61 1,288 / x. occo rt V — M©enM«» -> lo X So - x en co M0>-1© -1 Cn Cn 00 CO t; '©S Central America 436 281 8,188 WW © © Oi 10,253 ICIO — © © Cn © en 10 10 J — i- CO © to © © en M =* South America 601 734 29,925 S '-; 33,385 Vj'©0i'*0 "co** 93 © 9i to © *C © - o - © ~ - Other Countries 229 10,620 370 8,743 -1 Co © CO Ci — / J 0- Oi CO co to s 0- I -1-1 Oi*-tc c — -1 1C — * — J- 10 -1 cc c c - o EG Total 2,223 187,505 1.649 129,117 — IC — Mi- o ft ce cs — Cn 03 _ The value EC Bl * © — -: ©-JI— of these New York exports since January 1 has © — — 93 si -• / o / © CO 9i — r p '/ - ':• '© — V en 19,993,542, against year. *co'~. -iW/coco "co — "loic -i i Ol $7,908,367 the previous - *. CO ») 00 00 OlOCO £ CO M 1 © 00 © - - © 1 I he ill'' -i :. / co-i ion * a- -i — © •- demand f<>r heavy brown drills and sheetings from Q > home trade been small 2 has very and inquiries have been con- -•- en — fined to •.• — en CO — — CO J-li goods for early delivery These are so scarce, how- '— "— o. '/ \: * to co — pi 0) c.-. '— * ' ever, f — IOCO© . — CD that :.: '_ — although the actual amounl of bush usacted c-. — — co co co — —CO© oi en cc_ - i ' © to c: © to co a / J © I C C p has '-: - . been small, il has sufficient to cause an of "co been advance c c; topcpVft t-toV »ieo - 03 ft CD 10 -I CO U.-C Y%,c. to J^c. in prices. light-weighl sh< etinge the demand 10 cc - On "-IO / I : CO CO © — c —— j — — — — ——— :—— — —— — Detroit, Mich. Bond Sale. —The following bids 1906 to 1915 inclusive, $1,500 from 1916 to 1919 inclusive, ceived on July 25 for the $250,000 314% boulevard bonds