.

pmittrml mmtvi^

Quotation Supplement (Monthi^ Street Railway Supplement (semiAnnuaiiy)

investors Supplement (Quarterly) State and City Supplement (semiAnnuaiij^

[Bntered aooording to Act of Oongresa, in the year 1900, by the William B. Daita Oompant, In the office of the Librarian of CongresB.]

VOL 70. SATUKDAY, MARCH 17, 1900. NO. 1812,

Week ending March 10.

Clearings at— PUBLISHED WEEKLY. 1900. 1900. 1899. P. Cent. 1898. 1897. Terms of Subscription—Payable in Adrance: $ For One Year $10 00 New York 983,390,762 1,201,879,3«'7 732,221,310 495,464,430 For Six Months 6 00 83,290,478 93,963,673 65,143,320 51,724,237 European Subsorlption (inoluding postage) 13 00 Pittsburg 26,648,386 29,rt86,SB6 17.545,605 13,061.689 European Subscription Six Months (including postage) 7 50 20,865,438 31,010.253 16,437.578 13,523,392 Buffalo 4,532.473 4,309,477 4,013,654 8,352,962 Annual Subscription in (Inoluding postage) £2 14 8. . 3,058,674 2.396.576 1,968,698 1,966,489 SixMoa. do. do. do. £llls. Rocbester 2,444,910 2,613.655 1,650,076 1,442 277 Syracuse 1.016,823 1,036,281 1,062,776 781,574 Above subscription includes— Scranton 954,342 958,127 743.036 681,154 Thb Quotation sctpplement Stbeet Railway Supplement Wilmington 880,000 818,010 650.987 668,872 The Investors' Supplement State and City Supplement Binghamton 866,200 336,100 328,2001 321,000 Terms of AdTertising—(Per Inch Space.) Total Middle... ,127,448,486 1,369,007,799 —17-6 841,665,140 562,867,976 116.473,027 127,579,038 101.2.TO.194 81,970,662 Transient matter $4 20 Three Months (13 times) . .$29 00 Providence 5.683,300 5.977.000 4,829,100 4.625,600 standing BUSINESS CARDS. Six Months (26 " )., 50 00 Hartford 2,792,808 2,882,H58 2,464,270 2,518.626 Two Months (8 times).. 22 00 Twelve Months (52 " ).. 87 00 New Haven 1.328,719 1,678,062 1,496,059 1,411,836 Springfield 1,220,637 1,743,969 1,408,344 1,144,877 London Agents Worcester 1,167,689 1,505,989 1.357,629 1.202,088 Portland 968.672 Messrs. Edwards Smith, 1 Drapers' Gardens, E. O., will take sub- 1,457,381 1,445,758, 1,120,278 & Fall River 821,889 887,802 917,943 831,621 scriptions and advertisements, and supply single copies of the paper Lowell 411,277 733,646 689,032 496,222 at Is. each. New Bedford... 417,800 498,0511 487,061 WIIililAIfl B. DANA CO.TIPANY, Publiabers, Tota New Eng 131,185,088 144,832,134 -9-4 116,221,387 95,808,736 129,399,843 132,874.430 96,497,518 75,178,886 Pine Street, Corner of Pearl Street, Cincinnati 16,811,250 14.203.900 11,500,350 11,645,050 Post Office Box 958. NEW YORK. Detroit .'.. 8,656,099 7,604,161 6,514,661 5,404744 Cleveland.. 9,858,826 9,119,784 6,862,391 5.620,287 . 5,322,630 5,248,950 4,270,666 3.757,605 Columbus 5,200,000 4,294,000 3,922,400 3,861,600 CLEARING Indianapolis 2,685.948 2.218,727 2,272,894 1,737,445 HOUSE RETURNS. Peoria , 1,900,000 1.935,371 1,871,057 1.275.866 Toledo 2,276,502 1,653,173 2,768,446 1.075,704 The following table, made up by telegraph, etc., indicates Grand Rapids 1,200,444 1,069,301 935.802 730,000 Dayton 1,161.051 907,9f>7 816.503 544,938 that the total bank clearings of all the clearing houses of the Bvansvtlle 908.362 649.279 900,011 Youngstown 429,385 379,943 263,160 for the week ending to-day, March 17, have Springfield, 111..., 646,467 553,378 400.000 Lexington 555,357 359,765 396.798 347 709 been $1,674,036,506, against $1,609,981,388 last week and Akron 461.000 864 200 350.500 241,000 Kalamazoo 328,652 352,429 312,665 236,284 $1,877,613,498 the corresponding week of last year. Saginaw 339.890 305,623 290,000 275,000 Rockford 446,280 344,493 322.227 274,159 Springfield, Ohio... 295.320 216,177 188,505 171,916 clsabinqs. Week Ending March 17. Canton 249,062 305,257 182.833 130,123 Tot. Mid. West'n 188,132,368 184,960,241 141,833,883 112 515,068 Retwms by Telegraph, 1900. 1899. P. Cent San Francisco 18,371,9,36 18.049.604 15.534,519 10.330.286 Salt Lake City 1,968,595 1,726,272 1,574,685 1,101.984 1883.180.659 -12-3 New York $1,005,859,761 Portland 1,936,338 1,832,898 1,658,170 1,050,840

Boston 96,714,132 104,789,122 -7*7 Los Angeles , 2,210.197 1,704,312 1,633,473 1,098,590

Seattle , Philadelphia 69,046,826 75,262,159 -8-3 2,035.665 1,250,000 1,797,882 425,000 Spokane 1,111,928 1,077.092 828,350 499,710 -42-5 Baltimore 17,090,665 29,748,212 Tacoma , 961,747 743.525 950,967 867,170 Chicago 110.799,418 109,334,837 +1-3 Helena , 516,000 813,814 595,357 450,000 Fargo 850,000 334,152 488.714 105,169 St. Louis 26,592,406 27,002,138 -1-5 Sioux Falls , 152,783 153,180 128,727 49,896 New Orleans 8,714,546 7,132,805 +32-2 Total Pacific , 30,615,189 27,684.849 25,185,744! 15,468.095 City 12,115,975 10,825.287 11,585,833 9,923,803 Seven cities, 6 days , 11,211,438.052 $1,359,129,134 -109 Minneapolis 9,579 341 8,875,722 6,897,021 6,614,0\5 Other cities, 6 days 189.497,983 170,871,436 -I-10-9 Omaha 5,992,394 4,265,790 5,611,420 4,465.127 St. Paul 3 973,817 4.223,218 3.769.829 2,474,670 Total all cities, 5 days. ... $1,400,936,635 $1,530,000,570 -8-4 Denver 4,115,517 3,058,334 3,342,972 2,481,861 All cities, I day 273,099,871 347,611,928 -31-4 St. Joseph 3,800,000 3,500,000 1.599,748 1,417,413 Des Moines 1,561,864 1,676,412 1,262,797 841,115 Davenport 1,108,342 771,629 537,664 Total all cities for week., $1,674,036,508 $1,877,612,498 —10-8 841,645 Sioux City 1,010,496 1,081,275 837.996 525,688 Topeka 589,121 714,461 492,822 334.120 Wichita 590,452 483.261 469.1181 401,345 The full details of clearings for the week covered by the Fremont. 210,710 183,615 134,763 70,258 Hastings 153.972 101,379 114,870 95.591 above statement will be given next Saturday. We cannot, Tot. other West.. 44,802,001 38,830,379 36.89a818! 28,882,570 of course, furnish them to-day, bank clearings being made St. Louis 36,750,540 31.082,829 28,291,525 24.648.167 New Orleans 12 839,757 9.202.346 10,470,247 9,420,250 up by the various clearing houses at noon on Saturday, and Louisville 8.022.827 7,846,782 7,445,972 5,265.439 Galveston 3,427,000 3,130,450 2,888,100 2,441.650 hence in the above the last twenty-four hours of the week Houston 4.070,173 2,840,051 2.643.057 8.022,186 Savannah 6,075,714 1,922,206 2.882,786 1,982,376 have to be in all cases estimated, as we go to press Friday night. Richmond 3,438,673 2,660,217 2,347,120 2,205,151 Memphis. 3,768,120 2,125.829 2,560.183 1,882.280 We present below our usual detailed figures for the pre- Atlanta 1,844,466 1,616,066 1,501,101 1,324.233 >ashville. 1,413,(151 1,248,785 1,169,803 1,018,233 vious week, covering the returns for the period ending with Norfolk 1,374,245 1,040,477 896,863 896.048 Augusta 1,869,824 919,193 855.832 778,051 Saturday noon, March 10, and the results for the cor- KnoxvlUe 527,701 569.000 431,462 864,316 Worth 576 responding week in 1899, 1898 Fort 682,731 853,973 722,326 403 and 1897 are also given, In Birmingham 800,000 561.134 476,269 882.580 Macon 607,000 622,000 comparison with the preceding week there is decrease 532,000 526,000 a Little Bock 541,945 381,847 486,141 304.944 in the aggregate exchanges of ninety five million dol- C battanooea 448,188 296.397 350,836 236 729 Jacksonville 296.221 225,361 270,208 227,717 lars, the loss at New York being thirty-seven mil- Total Southern. 87,798.176 68,953,943 -f27-3 66,603,870 57,4ti0 703

all , -12-2 lions. Contrasted with the week of 1899 the total Total 609,981,288 1,834.269,345 1.228,400,842 893 033,141 Outside N. York. 626,590,526 632.389.968 -0-9 496,179,632 897.668,713 for the whole country shows a decline of 13*2 per Montreal , 13.140,371 17.378.511 -24-4 14.693,894 9.017,023 cent. Compared with the week of 1898 the current , 8.685.373 10,277,317 -15-7 9,053,941 6.108,290 returrs Winnipeg 1,773,911 1.803,787 —1-7 1,426,793 879,798 Halifax. 1,142,799 1,079,517 record a gain of 31-1 per cent, and the excess over 1897 is 80-3 1,252,584 1,218.058 -t-2-8 Hamilton 816,834 762,849 -)-6-9 677,575 682.61S St. John 637,961 669,566 per cent. Outside of New York the loss from 1899 Is 09 591,028 581,578 -fl-7 Victoria 590,067 546,097 +8 1 per cent. The excess over 1898 reaches 263 per cent, and Vancouver 501,02^ 496.«27 -(-19-1 Total . 27,419 696 83,064 514 -17-11 27 682,963 18.236,811 making comparison with 1897 the gain is seen to be 57 6 p. c. 502 THE CHRONICLE. [ToL. LXX.

looking after some special branch or piece of work. THE FINANCIAL SITUATION. To Mr. Coster were assigned the duties connected Among the special events of the week the most with the reorganizations undertaken by the firm, and noteworthy has been the passage by the House of he fulfilled his part in a way to justify Mr. Morgan's Kepresentatives on Tuesday of the Conference confidence in him and to reflect credit and fame on Committee^s Financial bill and on Wednesday the himself and the firm. The character and magnitude affixing by the President of his name to the measure. of the work may be judged by recalling such prom- Thus another long step towards the attainment of a inent reorganizations as Northern Pacific, Erie, Ches- sound currency has been made. The first was the apeake & Ohio, Reading, Richmond Terminal (now establishmeut ;of the gold standard on January 1 Southern Railway), not to mention Hocking Valley silver bullion 1«79 ; the second was the repeal of the and many others. Mr. Coster's devotion to duty was purchase clause of the 1890 Act signed by President proverbial, and his spirit of self-sacrifice probably cost has been Cleveland November I, 1893 ; and the third him his life. His death is everywhere regretted, and the signing by President McKinley March 14 it will be difficult to fill his place. 1900 of the Conference Committee's Financial bill. These are the rounds by which we have Railroad gross earnings for the weeks of the current ascended to the present higher level of currency sta- month are not showing such large increases as those bility. The struggle has been a long one. We began for February. Thus for the first week of the latter the business of silver coinage in 1878, a few months month the gain over last year had been 15*45 percent, prior to attaining gold payments. It has been a con- for the second week 30'19 per cent, for the third week stant fight for sound money since then. As we all 19'29 per cent and for the fourth week 13*24 per cent. know, the issue had a hopeless look for a long time. Now for the first week of March the improvement is Even to day the success is not complete. We have only 5*96 per cent, while many of the separate roads, still something left to do. The fact that so much has like Wabash, Chesapeake & Ohio, &c., actually report been gained does not relieve us from further work. a falling off. The change, however, will occasion Success hitherto attained should rather stimulate no surprise, and really has no special lignificance effort for the other change—which is really the logical It arises wholly out of the circumstances as to the sequence of all previous reforms—the retirement of comparisons. Those cognizant of the facts had not every kind of Government paper and the substitution looked for a continuance of the heavy ratios of in- in place of our present bank note of a bank cote auto- crease reported in February. We have repeatedly matically respoubive to the varying demands of com pointed out that these increases were exceptional, due merce. In a little time conservative classes will have to a special cause. In February last year the whole collected enough fresh experience to convince every country suffered from the effects of the severe bliz- close observer, who is not already convinced, of the zard experienced at that time and which in its sweep peculiar need that exists for this final advance. included the greater part of the country. Railroad J earnings were materially curtailed as the result of In the death of Mr. Charles H. Coster the firm of this disturbance. Consequently in that month the J. P. Morgan & Co. loses one of its leading members present year we were comparing with small totals for and the financial and railroad world one of the most 1899, and as the conditions as to both trade and distinguished representatives in the line of corporate weather were this year exceptionally favora- rehabilitation. In the trying times through which the able, the gains naturally proved of large magni- railroad industry passed, preceding the recent revival, tude. In March, however, this distinction no longer that eminent banking house, as is well known, played existed. On the contrary, during the early weeks of an unusually prominent part in what might be termed that month earnings on at least some of the lines last the work of railroad salvage; that is, in rescuing year were heavier than the ordinary, traffic delayed in properties reduced to bankruptcy and restoring February having come forward in March at that time. them by vigorous treatment to a state where they There is still another circumstance affecting the com- could fulfil their functions to the public and net parison to consider. The present year, as it happens, a return to their owners. In this work, a snow-storm occurred the very last day of February, which required qualities of the highest kind—judg- which proved a hindrance to traffic operations on some ment, experience, skill, an unerring instinct for dis- of the Western roads during the eaily part of March. tinguishing the equities in a property, and a spirit of The loss by the Wabash the first week of March we fair dealing, vigilant in protecting these equities—Mr. may say is assigned to that cause. Altogether, there- Coster rendered services whose value and importance fore, the smaller ratio of increase shown by the roads it would be difficult to exaggerate. We think the as a whole for that week is perfectly explicable. • statement will Lot be questioned that next to the head of the concern, credit belongs chi»fly to him for While there has been no change in th-s discount the successful reorganizations for which Mr. Morgan's rates by the European banks this week, unofficial house has become famous. When the question of un- rates have been firm at all the principal centres, and on dertaking a reorganization was under consideration, Thursday they were fully up to the Bank rates. The Mr. Coster not only was consulted in the matter, but British loan for £30,000,000, bearing 2| per cent inter- to him was assigned the task of working out the est and payable in ten years, is reported to have been details and of carrying the plan into execution. over-subscribed twenty times. The domestic event of Long training had made him an adept at the week has been the passage by the House on Tues- such things, a fact which Mr. Morgan recog- day and the signing by the President on Wednesday of nized and appreciated. Like that of every import- the Gold Standard bill. The Treasury Department

ant icstitution, the business of J, P. Morgan &, at once began to execute the provisions of the new Co. is thoroughly organized and the work carefully law. The effect upon the bank circulation of the systematized, each one of the numerous partners permission to increase the volume of notes to the par Makch 17, 1900.] THE CHRONICLK 503 of the bonds now on deposit wich the Treasury is ex- Ministry replied that the Government was not prepared pected to be immediately perceptible. The augmen- to assent to the independence of either of the repub- tation of circulation through the organization of new lics. The proffer of the good offices of the United banks will, however, probably be more gradual. It States, which was made at the request of P esidenta

is reported that the first new bank to be Kruger and Steyn, was not accepted by Great Britain. organized was the First National Bank of Ridge- On March 13 the advance column of General Roberts's field, Conn., with a capital of $25,000. Last forces reached the vicinity of Bloemfontein, and on

week's bank statement showed a reduction of 87,965, th»^ following day the Free State capital was occupied. 175 in the surplus reserve, carrying this item to President Steyn escaping to Kroonstadt. The Bank 15,676,375, the lowest since December 9, when it was of minimum rate of discount remains $6,859,525. The reduction last week was the result unchanged at 4 per cent. The cable reports dis- of a loss of $5,448,300 specie and of $2,639,700 in legal counts of sixty to ninety day bank bills in London tenders, together $8,088,000. The loans were in 4 per cent. The open market rate at is 3^ per creastd $8,127,000, making since a gain cent and at Berlin and Frankfort it is 5^ per cent. of $86,966,000. The deposits were decreased only According to our sp cial cable from London the Bank $491,300. The low bank reserve had the effect of of England gained £339,280 bullion during the week causing greater activity in the money market, though and held £35,833,098 at the close of the week. Our this was not accompanied by any evidence of extreme correspondent further advises us that the gain was urgency, for the reason that it is expected, as the due to the export of £40,000 to Brazil, to receipts of result of refunding operations, that more normal con- £31,000 net from the interior of Great Britain, and to ditions will be speedily restored through the distribu- the import of £348,000, of which £274,000 were from tion by the Treasury of premiums upon the bonds Holland, £11,000 from Portugal and £63,000 bought which will be exchanged for the new 2 per cent in tbe open market. issue. The foreign exchange market has been influenced Money on call, representing bankers' balances, has this week by activity in money and also by offerings loaned at the Stock Exchange during the week at 7 of bills drawn against purcheses of securities for Lon- per cent and at 3 per cent, averaging about 5 per cent. don account. This buying was stimulated early in On Monday loans were at 6 per cent and at 3^ per the week by an advance in prices for Americans in cent, with the bulk of the business at 4 per cent. On London above the parity of the New York market, Tuesday transactions were at 6 per cent and at the result of the buoyant feeling in London caused 3 per cent, with the majority at 6 per cent. Ou by indications of the speedy ending of the war Wednesday loans were at 6 per cent and at 4^ per in . Later in the week, however, cent, with the bulk of the business at 5^ per cent. the rejection by the English Government of the On Thursday transactions were at 5 per cent and at overtures for peace seemed to make it probable that

82^ per cent, with the majority at 4^@5 per cent, and the war would continue ; consequently, sales were then a notable feature was liberal loaning, through made of securities which had previously been bought brokers, of money which had on that day been dis- for London speculators, and these sales tended to bursed by the Standard Oil Company, which paid its impart a steadier tone to the exchange market. dividend of 20 per cent, amounting to $20,000,000. The offerings of commercial bills have been in On Friday loans were at 7 per cent and at 4 per cent, lighter volume this week. Gold received at the with the bulk of the business at 5 per cent. The Custom House during the week has reached $9,309. higher rate, it may be noted, was recorded in the The Assay Office paia $875,123 67 for domestic

last hour ; the closing rate was 4 per cent. Banks bullion. and trust companies early in the week marked up their Nominal rates for exchange were almost uniformly minimum rates to 4 per cent and later to 6 per cent, quoted early in the week at 4 83^ for sixty day and at but on Thursday they reduced them to 5 per cent. 4 87 for sight. After Wednesday, however, the range The banks have done very little in time loans, matur- was from 4 83 to 4 83^ for long and from 4 86^ to 4 87 ities being generally light, and the offerings by other for short. Rates for actual business opened on Monday institutions have not been liberal. At the same time unchanged, compared with those at the close on Fri- there has been a good demand, particularly for sixty day of last week, at 4 82i@4 82^ for long, 4 86@4 86i to ninety- day loans, and some business has been done for short and 4 86f @4 87 for cables, and the market at 5 per cent for these periods on good mixed Stock was dull and barely steady. On the following day it Exchange collateral. Quotations are 6 per cent for all was weak, influenced, as above noted, by active money dates from sixty days to six months. Commercial and by offerings of security bills, and rates for actual paper is very quiet. The city banks are of course business declined one-quarter of a cent for long and out of the market, at least temporarily, trust com- for cables, to4 82@4 82i for the former and to 4 8fii@ panies are buying sparingly and selecting the choicest 4 86| for the latter, while short fell half a cent, to names, and out of -town buying is limited. Rates are 4 85^ @4 85f. The tone was a shade firmer on 5 per cent for sixty to ninety-day endorsed bills re- Wednesday, but the only change in rates for actual ceivable, 5@5| per cent for prime and 6@6J per cent business was an advance of one- quarter of a cent in for good four to six months single names. short, to 4 85|@4 86. The market was dull and steady on Thursday and without alteration in rates. The appeal of Presidents Kruger and Steyn, of the The market closed steady on Friday, with rates for Transvaal and the Orange Free State republics, to the actual business 4 82@4 82i for long, 4 851 @4 86 for British Government for peace and for the recognition short and 4 86|@4 86f for cables. Commercial on of tne incontestible independence of the South African banks 4 8H@4 81f and documents for payment 4 80f@ 4 81, cotton for Republic and of the Orange Free State, was dated at 4 82i ; cotton for payment 80f@4 Bloemfontein March 5. On March 11 the English acceptance 4 81|@4 81f, and grain for payment 4 82@ .

504 THE CHRONICLE. [Vol. LXX.

4 82^. The following shows daily posted rates lor While this is true, it is at the same time important exchange by some of the leading drawers. that the public should be cautious in accepting crude DAILY POSTED KATES FOB FOREION EXCHANGE. notions as to the character of the bank-note system Congress has adopted. long important ad- Fri., MON., TtTBS., Wkd., Thttr.. FRI., A and Mar. 9. Mar. 12. 13, Mar. 14. Mir. 15. Mar. 16. Mar. vance towards a complete reform of our currency has BxownBro. 4 83^ S3% 83V6 83J4 |^/i»y«; 4 87 87 87 Il« 87 87 been taken ; but we are still without an automatic Baring, < 60 days. 4 83^ 83^4 83« 83« 83H 1?^ Magoun & Co.. ( Sight... 4 87 87 87 87 87 currency device and need to keep the mind ia a teach- Bank British 60 days 4 83« 83« 83ii 83^ 83H J able No. America... Sight.... 4 87 87 87 P« 87 87 shape, watching the working of the defective Bank of 60 days. 484 83« 83^ 83^ 83^ 83« J features now to be tested, so that in due time still Montreal 1 Sight.... 4 87« 87 87 87 87 87 Canadian Bank < 60 days. 4 84 83!^ 83>i 83« 83 >^ another step forward may be taken and the defects of Commerce. . \ Sight... 4 87!^ 87 87 87 87 87 '83 Heldelbach. Ick- ( 60 days, 4 83)i 83>i 83 83 disclosed may be corrected. These recent efforts to elhelmer & Co. ( Sight... 4 87 i?^ 87 87 86K 8e« LazardFreres...|m7.«: 483 83 83 83 83 83 claim perfection for the system as now established 4 87 87 87 87 86>^ 86X

Merchants' Bk. < 60 days, 4 84 have been centered mainly in endeavoring to prove 83 ii 83^ 8^^ of Canada < Sight.... 4 87^ i?« 87 i« 87 that whenever the notes outstanding become excessive

they will cease to circulate ; tha'i instead of accumu- The following gives the week's movements of money lating in New York and other trade centers they Avill to and from the interior by New York banks. go home to the issuing banks and there remain

Interior Week Ending March 16, 1900. Received by Shipved by Net ready to supply any new trade demand, such, for N. T. Bariks. N. T. Banks. Movement. instance, as always accompanies the movement of the Currency. 12,708,000 $3,556,000 IiOSS. $848,000 Gold 694.000 897.000 Loss. 203,000 crops.

Total gold and legal tenders. 13,402,000 $4,453,000 Loss. $1,051,000 In support of this contentiou we have seen numer-

With the Sub- Treasury operations the result is as ous communications published by the daily journals. follows: Probably thev have contained all that can be offered oa that side of the question. One writer cites the Week Ending March 16. 1900, Into Out of Net Change in Bank*. Banks. Bank Holdingi. express rates from New York to the various cities in

Banks interior movement, as above $3,403,000 $4,453,000 Loss. $1,051,000 the United States for moving currency. With those Bnb-Treasury operations 15,400,000 19,400,000 Loss. 4,000,000 as a text he urges that it " would not pay at the rates Total gold and legal tenders. $18,802,000 $23,853,000 Loss. $5,051,000 quoted'' to ship currency except to eight near-by places The following table indicates the of bullion amount which he names. That citation is used to prove that principal in the European banks. bank notes would stay in the bank of issue unless

March 15. 1900. March 16, 1899. "money was in great demand and ruled unusually Bank of high." The writer advances this argument as con- Gold. Silver. Total Oold. SUver. Total clusive of his contention, notwithstanding it is a noto- £ £ £ £ Kngland 35,833.098 36,833,098 83.038.133 83,038,133 rious fact that currency, including bank notes, is 77,438,061 45,697,366 123,035,427 72,798,656 47.848,247 120,647,903 moving both ways in large amounts every year to all ^ 29.074,000 14,077,000 44,051,000 30,031,000 15,471,000 46,502,000 Russia 83,691,000 6,314,000 90,005,000 97,645,000 4,504,000 102,149,000 the other cities. That is especially true of an outflow Ans.-Hung'yt 87,864.000 9,146,000 47,010,000 29.945.000 10,415.000 40,360,000 13,653,000 15,052,000 28,705,000 11,685,000 10.578,000 22,163,000 from New York in the autumn monthp—a movement 15,428,000 1,598,000 17,026,000 16,660,000 2,384,000 18,034,000 which generally starts when money instead of being Netherlands.. 6,226,000 6,039,000 11,265,000 4.312,000 6,862.000 11.164,000 Nat.BelK'm_.. 2,981,000 1.491,000 4,472,000 3,177,000 1,588,000 4.765,000 high is very easy at this center; and is true of a return Tot.tbl8 week 301.188,159 100214368 401,402.525298.182,789 99.640,247 897.823,086 flow in the summer months, although at that time Tot. prev. w'k 300,312,!;47 100030676 400,343,223298,989.007 99,092,059 398,081,066 money in New York is usually ruling at abnormally + The Austro- Hungarian Bank Statement is now issued In Kronen and Hel- ler instead of Gulden and Kreutzer. The reduction ol the former currency to low rates and is often a drug. Of course, if the condi- sterling JE washy consideriug the Gulden to have the value of 60 cents. As the Krone has really n^ greater value than 20 cents, our cable correspondent In of London, in order to reou e Kronen to £ has altered the basis of conversion by tion named permits one kind currency to move, dividing the amount of Kronen bv 24 instead ot isO. then—so far as express rates affect the question—all kinds will be included, since just the same express FEATURES, NEW AND OLD, OF rates are charged for bank notes that are charged for NATIONAL BANK NOTES. legal tenders. The work of extracting sunbeams from a cucumber Another authority says that a movement to New has in it about as much promise of a satisfactory re- York and other trade centers will not take place be- sult as the effort ]ust now making by some writers to cause "all the different kinds of Government cur- invest a bond-secured bank-note currency with ad- rency, even silver certificates, are more available " for justability in the amount afloat to the varying ac- the purpose of transfer to New York than bank notes, tivity in business requirements. No doubt this en- as they "are all practically bank reserve money.'' deavor to see elasticity in the national system had its This claim is in no respect true of silver certificates ; origin in a good purpose. It was probably an attempt they are not legal reserve. As to the 1890 Treasury to counteract what sone pessimists claimed was a notes, they are to be, under the new bill, as speedily as very harmful inflaeoce, sure to grow out of the large possible turned into silver certificates. Hence there increase during coming months ia the volume of bank will soon be no paper money legally usable as reserve notes afloat, and which it was asserted would disas- except the old greenbacks. Moreover there are other trously affect general trade affairs. JSTothing of the reasons why bank notes will be considered more avail- kind is to be apprehended. Bank notes will be added able than silver certificates for shipment to New York to in large amount, and business will suffer from it in and elsewhere. One reason is that the certi- the manner it has heretofore suffered from an over- ficates are in no particular a legal tender, supply of paper money. But there is nothing in that whereas bank notes, as we shall show shortly, to encourage any forebodings such as have been ex- are a legal tender in all respects except for customs pressed, especially since Congress has now fully pro- dues and between individuals. Again, silver certifi- vided against the possibility of disturbing our gold cates, under the new Financial bill (which is now a law, standard through currency redundancy disturbing the having passed both houses and been signed by the Presi- money market and so leading to large exports of gold. dent), can hereafter only be issued in denominations March 17, 1900.] THE CHRONirLE. 505 of $10 and under, except as to 10 per cent of the total issue. For this reason—that is because of the incon- THE BRITISH WAR LOAN. venience of collecting and handling so many small On Thursday of the present week the British Gov- notes—to transfer silver certificates by express will be ernment closed its subscription lists for the war loan a troublesome affair. On the other hand, bank notes of £30,000,000 sterling. It had been hoped, during under the same law are restricted to denominations of the earlier months of the South African war, that $10 and over, except on only one-third of their capi- expenses of the campaign could be met by the heavily tal. This will make the work of collecting and increased public revenue, supplemented by temporary moving bank notes less than heretofore, and loans raised on exchequer bills. The revenue for the very much less than the certificates. Finally, silver first three quarters of the British fiscal year, begin- certificates are not as high a class of money as bank ning April 1 1899, did in fact run £4,379,000 above that notes. Only in case of embarrassment and consequent of the same period in the year preceding, and at least difficulty to keep all kinds of currency at a parity £2,000,000 beyond last April's budget estimate. But the general check to the British advance in the middle of with gold would this feature become of importance ; but the truth is the silver certificate is legally redeem- December,foreshadowingalong campaign, and followed able in silver dollars. In a case of general discredit by further war preparations on the largest scale, put it would be the least desirable paper money to an end to all such optimism. As against Sir Michael hold. Hicks-Beach's original estimate that the war would Another reason which has been offered for the oe- cost £2,000,000 per month, the outlay last month had lief that when bank notes get in redundant supply risen to the sum of £2,000,000 per week. The Ex- they will collect not in New York but in the issuing chequer's floating debt, which was reasonably large at banks, is that this end will be reached through the the beginning of the war, had grown to nearly £16,- agency of the Bureau of Kedemption; the Redemption 000,000 in the middle of February. It was plain that Bureau will return the notes to the issuing banks and half measures would no longer suffice, and a fresh the outstanding notes so far as in excess of the de- issue of consols, for the first time in the present gen- mand for busiECSs purposes will remain in the issuers' eration, became inevitable. vaults. That is an old argument, almost as old as The experiment was interesting for some reasons the National Bank Act, for the Redemption Bureau as to which little attention appears to have been given it now stands has had a long existence; the argument by the critics. The questions of the manner in which has no force, as experience has shown its fallacy. the loan should be placed, and of the discount or pre- There never was a time when the issuing banks could mium, as the case might be, at which it should be al- not find employment for their returned notes. lb will be lotted, not only have a bearing on historical precedent easier than ever to do it under the new financial bill for in England, but are certain themselves to provide a reasons given above. Besides all that, a note having precedent of great weight for the i?sue of public loans the legal tender features that our banu; note has will by other States. always find work to do so long as confidence continues Sir Michael Hicks-Beach selected a method of allot- in its convertibility; if legitimate work is not found, it ment similar in most respects to that employed in our will stimulate speculation. It has been chiefly own war loan of 1898. That is to say, the price of because of those features that a bank management subscription was announced in advance, no competitive does not exist that ever found it difficult to get bids were invited, and it was intimated, though not out of each year 12 months' earnings for its note expressly stated —at least in the circulars issued in this issues. country—that allotment would be made pro rata to We have so often, in our discussions relating to subscribers. This method is undoubtedly open to the national bank notes, referred to their legal tender same objection as applied to the United States loan of features, that we need not do it to-day at any great 1898; that in fixing an arbitrary issue price, without

length. It is noticeable, however, that not every one resorting to the expedient of competitive sealed bids, seems to understand that there are two sections of the the Government incurred the probability of selling its National Banking law which confer power of that bonds for less than the market was willing to give for kind, but only one of them is usually quoted. The them. It will be remembered that our so called ''pop- ular loan" of two years ago resulted in such a loss; provision most often quoted is the more general one ;

it is section 63 of the General Act and makes the note for the new 3 per cents were sold by the Govern- a legal tender at par (1) in all parts of the United ment at par when responsible bankers were bidding States for all taxes, excises, public lands and all other in good faith for the entire issue at 101, and dues to the United States except customs dues, and when, in fact, a premium of four per cent was in (2) for all salaries and other debts and demands owing bid for subscriptions to the bonds advance by the United States to individuals, corporations and of their actual allotment. The United States Gov- associations, except interest on the public debt and ernment thereby sacrificed on its $200,000,000 issue redemption of the national bank currency. The other at least the sum of two million dollars, and probably

provision is contained in section 77, and makes the much more, which it might have received on competi- notes a legal tender at par for the payment of any tive bids. The experience of the British Exchequer debt or liability due to any national bank by any in- has not been different. In advance of the date of dividual. It will be seen that, taken together, these issue a premium of 1^ per cent was bid in London for provisions are very broad, and added to the fact of subscriptions. Supposing that this advance over the absolute confidence of the public in national bank price as actually fixed could have been received on the currency, furnish sufficient explanation why national entire loan, the Exchequer would have received £450,- banks feel no uncertainty about getting their notes 000 more than will come to it on the existing plan. out again whenever returned to them by the redemp- We do not know the precise reason which controlled tion bureau, and keeping them out without inter- the British Government's selection of its plan. It mission. follows the tradition fixed by most of the British war 506 THE (CHRONICLE. [Vol. LXX. loans—notably by Pitt's heavy borrowing in tlie Na- From a historical point of view, the impending in- poleonic wars. But these loans, like the American crease in the British public debt is striking, chiefly loans in the later years of the Civil War, were issued from the fact that this is virtually the first ad- at a time when the problem was, how the requisite dition to that debt since the Crimean War ended capital could be raised at all. Pitt's agents literally in 1857. Alone, we believe, among modern States, peddled about the British loans in the first years of Great Britain for a century past has made no the century, as Jay Cooke did with the United States increase of consequence in its public debt ex- loans of 1864. The loss to the Government on our cept for purposes of war. France, where annual own Civil War loans was aggravated by the immensely public revenue rarely reaches the volume of annual depreciated currency ; but it is also a matter of expenditure, has nearly doubled the principal of its record that for the £773,700,000 British consols is- debt since 1875. The German Empire, during the sued during the struggle with Napoleon, the Ex- recent years of peace, has been adding to its chequer received only £498,700,000. The conditions debt by extraordinary loans of ten to forty which made possible such a sacrifice give no fair million dollars annually. The position of Russia in precedent to the existing situation, and for argument regard to accumulating external loans has long been in favor of the plan—supposing a feasible alternative notorious. For the most part, these continuous ad- to have existed—there is left, so far as we can see, ditions to Continental debts have originated in the only the sentimental argument of the popularity of a enormous military outlay of the States, which laid on war loan offered at a price to the general public, as the taxpayers a burden so heavy that resort was easy contrasted with such a loan placed with a single to the tempting fallacy whereby an outlay, described banking syndicate. Our own feeling has always been as temporary and for the protection of posterity, was that sentiment has no place in operations of this kind; charged up to posterity's account. Much of the the relative benefit of one or another plan to the pub- accumulating debt, moreover, not alone in Europe but lic purse is the only sound criterion. in the United States, resulted from an even more How far the same criticism would apply to the price vicious tendency, which made extravagance a political fixed by the Exchequer is a somewhat different ques- expedient and a merit. The nation which through the tion. If competitive bids are to be excluded, it is no wanton and deliberate mism>inagement of its finances doubt a political necessity that the official price of issue during two Congresses of the decade past, managed to should be fixed at least low enough to insure the full add $293,000,000 to its public debt in time of peace, subscription to the loan, and this will ordinarily mean has little excuse for criticizing Continental Europe. the fixing of a lower price than the market might From this serious responsibility Great Britain has have paid. Here, in fact, may be seen one of the un- happily managed to keep free. The War of American avoidable defects of the plan of a popular loan. The Independence added £116,000,000 to the British pub- ideal principle was, we think, exemplified in our own lic debt; but the debt was reduced £3,300,000 dur- 5 per cent loan of January 1894, which proposed allot- ing the next eight years. The long series of wars with ment to the highest bidder, but stipulated that " no France between the outbreak of hostilities in 1792 and proposal will be considered at a lower price than the peace of 1815 increased the debt by the enormous 117*233, which is the equivalent of a 3 per cent loan sum of £621,000,000; but of this increase nearly £92,- at par." It is true that even this minimum proviso 000,000 was canceled before the outbreak of the Cri- ran the risk of a failure of the loan, and that for this mean War in 1854. The £39,000,000 added by that very reason the stipulation was omitted in the Treas- war to the British public debt was followed, during ury's further loan proposals in November of the same the forty-one subsequent years of peace, by no less a year. But the plan at least incurs no risk which redemption into the sinking fund than £227,000,000. would not arise in the case of a loan all offered at a In other words, nearly one- half of the debt incurred fixed price of issue. since the outbreak of the American War However this may be, the British Exchequer, in in 1775 has been paid off, and in the meantime, ex- fixing this month its uniform issue price of 98|^ for cept for the purchase of the Suez Canal shares and the new consols, was governed undoubtedly by the one or two similar extraordinary undertakings, no wish to make assurance doubly sure. It is true that, further loans have been incurred in forty-one years. on the open London market, at the time the Govern- This is a record almost unique among the nations. It ment issued its proposal, outstanding consols bearing is attributable no more to the immense wealth on the same rate of interest (2f per cent) were selling which the exchequer might levy, and the avoidance of between 100 and 101. But in the first place the old the extravagant armaments which frightened the consols had a longer term of life ahead of them than Continental finance ministers at the notion of ap- the new bonds (though with some restrictions as to pealing further to the taxpayer, than to the sound future rate of interest) and in the second place it was and scientific system of constructing budgets r f rev- not wholly certain how the announcement of the loan enue and expenditure, in which the British Parliament would affect the market. Consols had sold early in stands as a model to the rest of the political world. 1899, it is true, at 111^; but they fell to 97f at the This is the real fitancial bulwark of the British time of the Tugela River disaster and brought Government. We do not know to what extent this only 99 when last year closed. It was possible that scientific financiering will be affected by the new de- the new issue might depress the market; it was also mand, incited by the Transvaal War, for wholesale in- possible that affairs on the Boer frontier might even crease in outlay for the army. But we imagine that now go amiss, or that relations with other States a system which has worked so well in by-gone years might assume alarming shape. Such contingencies will neither be abandoned nor seriously modified in the Exchequer properly had to keep in mind; for in the future. It seems, indetd, to be one of the offices 1900, as in 1898, the success of the war loan was as of Anglo Saxon States to teach the rest of the world much a political as a financial necessity to the Govern- the true limit of leaning on the future to provide for ment concerned. the extravagant armaments of to-day. — 507 Marob 17, l^O.J THE CHRONICLE.

noteworthy fact, however, that the next largest prod- OUR LARGE STEEL PRODUCTION. uct of rails was made twelve years before, in 1887, former The latest testimony to the growth, the develop- when the amount was 2,044,819 tons; but this ment and the wonderful activity of the iron and steel large total was reached under wholly different circum- of trades is furnished in the statistics published this stances. In 1887 we built about 13,000 miles new week by the American Iron & Steel Association con- road in the United States. In 1899, on the other cerning the output of steel in the United States dur- hand, the total of new track laid was less than 5,000 increase ing the late calendar year. These figures show that miles. It furnishes testimony to the great the increase in the production of steel has been as in the demand for rails in the ordinary way (that is, export striking as the increase in the make of iron, and as a for repairs and renewals) augmented by the should matter of fact the great expansion in the demand for requirements, that the output of rails in 1899 iron has followed largely from the striking extension have been above that for 1887, notwithstanding the in the uses found for steel. The compilations now requirements for rails for new construction was so furnished do not deal with the output of steel by all much less. __^___^^_«^___^ processes, but simply with the product by the Bes- RAILROAD GROSS AND NET EARNINGS semer process. FOR JANUARY. in 1899 over 7| million It appears that we produced In publishing our early report of the gross earn- tons of Bessemer ingots in exact figures 7,586,354 — ings of United States railroads for the month of tons in 1898, tons. This compares with 6,609,017 January, we pointed out that in the results disclosed tons in and with 3,919,906 tons with 5.475,315 1897, the statement was among the very best ever presented in 1896, but with 4,909,128 tons in 1895. The year by us. We have now compiled the figures of both 1896 was, as will be remembered, a period of trade gross and net for the same month, and the improve- depression ; as contrasted with that year the addition, ment is even more striking than in the first case. In it observed, has been almost 100 per cent. will be the gross the increase on the roads reporting reaches compared with 1894, which was also a year As $12,191,793, or 17-05 per cent, while in the net the the expansion has been more than of depression, gain reaches $5,691,078, or almost thirty per cent 100 per cent, the output of Bessemer ingots in 28-59 per cent. The following are the totals : that year having been but 3,571,313 tons. The Increase. is in January. great bulk of the Bessemer steel made 1900. 1899. (117 roads.) Amoimt. Per Cent three States, namely Pennsylvania, Ohio and , 1 $ the three standing in the order named ; but a note- 83,606,174 71,5(13,381 12,191.703 17-05 worthy feature has been the growth in the production Operating expenses 68,0«5,329 51.5t'4,6l4 6,600.715 12-60 of the other States. In 1899 these " other"' States (in- N<^t earnincs 25,5H0,S45 19,90«,7«T 5.f-91,078 88-59 cluding of course those in the South) produced 727,- The month the present year, it will be remembered, 092 tons of ingots, against but 278,452 tons in 1896. comprised one more business day (January 1900 having Pennsylvania, however, still maintains its predominant contained only four Sundays, whereas January 1899 position, though its proportion of the whole appears had five), besides which the weather this year was to be falling off. It produced 3,968,779 tons out of more auspicious, and freight transportation rates were 7,586,354 tons in 1899, being 52-31 per cent, against higher—a new classification having gone into effect in 2,292,814 tons out of 3,919,906 tons in 1896, or 58-49 1900. After making due allowance for these various per cent. There is an increase, though, over 1898, favoring circumstances the fact remains that the im- when the proportion was but 51-48 per cent. The fol- provement must be ascribed in the main to the won- lowing is a four-year comparison. derful activity and prosperity of all our industries, of both the freight PRODUCTION OF BESSEMEH STEEL, under which the volume 1899. 1898. 1897. 1896. and the passenger traffic of the roads is being Stales—Ingots. Gross tons. Gross tons. Gross tons. Gross tons. steadily and largely expanded. The part played Pennsylvania 3,968," 79 3,402,254 3,060,049 2,292,814 the more Ohio 1,679,237 1,489,115 1,011,541 568,535 by this all controlling factor becomes Illinois 1,'211,246 1,105,040 943,774 780.105 manifest when it is remembered that in the move- Other States 727,092 612,608 429,951 278,452 ments of those two leading staples, cotton and grair,

^otal,,.,.„,.,„„7,586.354 6,Q09,017 5,475,31,5 3,919,906 there was a great falling off the present year. For primary As already stated, the foregoing covers only the instance, the grain deliveries at the Western bushels in 1900, production of steel by the Bessemer process. In ad- markets were only 41,945,475 It must not be dition, the output of steel by the open-hearth process again&t 60,494,060 bushels in 1899. our table has been a steadily growing item, the amount for supposed, either, that last year in January decrease. On the contrary 1898 having been nearly 2i million tons—2,230,292 of earnings recorded a of $5,214,243, or tons. In 1899 the total was presumably still larger, there was an increase at that time of $1,801,605, besides which small amounts of steel are made in 8-14 per cent, in the gross earnings and this succeeding, other ways. It seems entirely safe to say that the or 10-01 per cent, in the net earnings, improvement the aggregate of all kinds of steel produced in 1899 ex- moreover, a still more noteworthy comparisons ceeded ten million tons. year preceding. Below we give the There is one other feature of interest concerning back to 1894. the steel statistics. refer to the output of Besse- Set BarHlngs. We Year and Orott Barnings. mer rails. This reached 2,240,767 tons for 1S99, Uwnber Tear Year Increase or Tear Tear Increase or 0/ roadt. Given. Preceding. Decrease. Given. Preceding. Decrease. against 1,955,427 tons for 1898, 1,614,399 tons for January. « $ $ $ that -1,131,828 1S97 and 1,102,892 tons for 1896. We know 1894 (136 47,050.3=9 54.127.847 —7,077,468 11,63!»,196 12.765,024 +1.091,975 in- 1896 (138 48.973.190 48.072.945 4900,216 13.220 373 12,133.398 owing to the improved condition of the railroad +2.328,294 1896 (141> 66 820,27."* 52,168.069 +4.662.210 16.096,54 18,768.361 < 16,123.198 — l,2a?,323 dustry, the demand for rails was unusually active. It 1807 (184 64.763.774 53.194.991 -3,441.217 14.900 87 14.909.812 +3,218.818 1808 (1S4) 65.069.049 57,012,641 +8,056.608 18,128.130 is no surprise, that the output for 17.980.61' !t +1,801.605 therefore, to find 1890 (120) 69 285.73- 64,071.496 +6,214,248 19,791.297 +13 191. '03 a.'S.'oo.-'.fi 10 pns W7 +6.«0" WS 1899 is in excess of that of any other year. It is a lOOO nlT> m.HOb 174 ;i.fiO''.S«l ... .. 2

608 THE CHRONICLE. [Vol. LXX.

For the separate roads, as might well be supposed, Shares. Basks—New York. Price. Last Previous Sale. 25 America, 1900— the increases are very large, both individually and Bank of 455 Feb. 455 * 30 Chatham National Bank 300 Jan. 1900— 301 305i« collectively. present herewith our usual list show- 10 City Bank, National Feb. 1900— 291% We 10 Hanover National Bank 710^2 Nov. 18P9— 750 ing the amounts down to $30,000. The list is a very 4 Importers' & Traders' Nat. B'k. 520 Feb. 1900- 525 » 10 Merchants' Exch. Nat. Bank 123 Mch. 1899— 124 imposing one. There are no roads which suffered a » 11 New York, N. B. A., Bank of.... 255 Mch. 1900- 256 33 Ninth National Bank 82-85ifl Feb. li-OO- 88 decrease of as much as $30,000 in gross, and only 10 25 Park Bank, National 399''8 Feb. 1900— 400 * 18 Shoe & Leather Bank, National. 103 Feb., 1900— 102 roads altogether out of 117 contributing returns that 60 Western National Bank 375 Mch. 1900- 370 Trust Companies—i^Tew York. report a falling off of any amount in gross. In the net 10 America. Trust Co. of 19? Feb. 1900— 193ifl 10 Central Trust Co 2110-2121 Feb. 1900—2115 there are 20 roads with a decrease out of the whole num- 8 Holland Trust Co 50 (Closing up business.) 110 North American Trust Co 148-150 Feb. 1900— 152 ber, including two for over $30,000, namely the West- * Sales at the Stock Exchange. ern New York & Pennsylvania and the Missouri Kansas & Texas. —Financial circles were startled on Tuesday by the an- PRIKCIPAL CHANGES IN GROSS BARNIN08 IN JANUARY. nouncement of the death of Mr. Charles H. Coster. He had Increases, been absent from the office but a few days; a cold developed Denver & Rio Grande. * $104,658 Pennsylvania t $1,902,700 rapidly into pneumonia and death resulted. As a railway Baltimore & Ohio 724,309 Northern Central 98,400 Leli.V.RR.andL.V.O.. 531,478 8av. Fla. & Western.. 89,152 financier Mr. Coster occupied a foremost position. The im- Illinois Central 488,587 Chic.Indplis&Louisv. 88,419 Southern Paclflol 48t>,008 Buffalo Roch. & Pitts. 87,783 portant railroad reorganizations undertaken by the firm of Nashville Kan. C. Ft. S. & Mem. 83,^97 Louisville & 463,616 J. P. Morgan & Co. were done largely under his direction. Atch. Top. & Santa Fe. 450,342 Colorado Midland.... 79,^09 Erie 438.875 Chic. Great Western.. 74,542 How great this work was is sufficiently indicated by men- Phil & Read, and 0. & I. 385,201 Cin. N. O. & Tex. Pao. 73,826 tioning as eouthern Railway 373,124 Chicago & Eastern 111. 72,583 a few of the more important, such the Richmond Northern Paoitlc 341,626 Nash. Chat. & St. Louis 69,868 Terminal (now the Southern Railway system), the Northern Ohio. Burl. & Quincy.. 316,791 N. Y. Ont. & Western. 69,611 Canadian Paoitlo 287.501 Peoria & Eastern 63,918 Pacific, Philadelphia & Reading, Chesapeake & Ohio and the Rock I. & Pacific 282,689 Pacific Coast 60,941 CMo. Erie. That the work was well done is evidenced by the sub- Ohlc.Mil. &8t. Paul.. 260,403 Colorado & Southern. 52,127 Olev. Cin. Ohic. & St. L. 259,357 Yazoo & Miss. Valley 51,588 sequent history of these companies. Mexican Central 250.737 St. Louis & San Fran. 46,471 Norfolk & Western 239,700 Baltimore & Ohio S. W 41,959 Mr. Coster was a director in a great number of corpora- of 41 ,611 Union Pacific 234,740 Central tions. The Directory of Directors gives a list of forty-five Central of New Jersey 210,856 Allegheny VaUey. ... 40,344 ©rand Trunk System. 207.804 Elgin Joliet & East'n. 39,279 companies in which his name appears. Mr. Coster was born Chesapeake & Ohio.. 176,840 Clev. Lorain & Wheel. 39,096 Wabash 176,095 Wisconsin Central 34,107 at Newport, R. I. , July 24, 1853. He began his business career Mobile & Ohio 165,019 Ga. Southern* Fla... 33,0 4 in 1867 with Aymar & Co. in South Street, In 1872 the Rio Grande Western. 136,014 W. Jersey & Seashore. 31,100 Phil. Wilm.& Bait.... 132,400 business of this house was taken over by Fabbri & Chaun- 131.908 Total (representing Hooking Valley cey, and when the latter firm was dissolved in 1884 Mr. Cos- Minn. St. P. & S. Ste. M. 110,298 65 roads) $11,733,191 ter became a partner in the firms of Drexel, Morgan & Co. t Covers lines directly operated east and west of Pittsburg and Erie. The gross on Eastern lines increased $1,112,100 and on Western lines (now J. P. Morgan & Co.) of this city, Drexel & Co. of Phil- increased $790,600. adelphia and Drexel, Harjes & Co. of Paris. His death is PBINCIPAL CHANGES IN NET KAKNINGS IN JANUARIT. universally deplored. Increases. Increases. Peansylvaniat $86*',000 Chic. Indpl & Louisv. $63,240 Baltimore & Ohio 6-^^3,568 Grand Trunk System. 62,779 —It is stated, on the authority of Q-en. Samuel Thomas, Atoh. Top. & Santa Fe 610,033 Southern Railway 59.460 Vice-President of the New York Produce Exchange Trust EdOUis vlUe & Np shville 272,3 17 Peoria & Eastern 55,1(2 Chic. Burl & Quincy. 244,548 Buff. Roch. &Pitt8b'rg 51,465 Co., that the organization of the Federal Trust Co. has been Norfolk & Western. . . 209,407 Onion Pacific 44,062 L<.V.RR.andL.V.C.... 207,003 Phil.WilmlDg.&Balt... 42,900 abandoned. This company, it will be remembered, was pro- JWarthern Pacific 201,101 Chicago & East lU . . . 40.4 1 jected last summer, as was announced in this column August illinois Central 182,631 Colorado Midland 39,884 Eri« 175,450 Northern Central j7,30O 19, with the members of the Gould family as the principal Read, and C.&L 175.10& Kan.C.Ft. Sc. 37,188 Phll.& &Mem. stockholders, the object being to have a trust company to Central of New Jersey 146,189 Mobile & Ohio. 3!=',987 Mexican Central 111,210 Alabama Midland.... 34,508 care for the Gould estate funds and also to act as trustee for Wabash 104,355 St. Louis & San Fran.. 30,275 Southern Pacific 98,519 the railroad and other corporations in which the Gould fam- Total (representing Oev.Cln.Cliic.&St.L. 89,519 ily are largely interested. On September 16 it was reported Minn. St. P. & 8. St. M. fc 6,326 50 roads) $5,537,895 Yazoo & Miss. VaUey. 7 8,188 in this column that incorporators of the company had been Hooking VaUey 74,739 Decreases. Oauadian Pacific 74,036 Mo. Kans. & Texas... $91,668 selected and that it would have a capital of $1,000,000 and a Sav. Fla. & Western.. 72,936 WestN. Y. &Penn.... 47,229 surplus of $500,000, and offices were obtained at No. 7 Wall Chicago R. I. & Pacific 71,546 flio Grande Western.. 64,870 Total (representing Street, Upon the reorganization of the New York Produce .Nash. Chatt. &St. L.. 63,733 2 roads) $138,897 Exchange Trust Co., Edwin Gould was elected President.

t Covers lines directly operated east and west of Pittsburg and Erie. Since that event no mention has been made until now of the The net on Eastern lines increased $594,300 and on the Western lines $271,700. plans for the completion of the organization of the Federal When arranged in groups every group records en- Trust Co. of which his brother Frank was to be the Presi- dent. The abandonment of the organization is reported to larged totals of both gross and net, the ratio of im- be due to the active participation by Edwin Gould in the provement too, being in nearly every case heavy. A affairs of the Produce Exchange Co., which enables interests complete summary is furnished in the following. which would have been served by the Federal Company to be BUMMABT BZ QKOUP8. as effectively served by the Produce Exchange Co.

Qrosa Earnings. Net BarniTigj. Section ob —The stockholders of the National Bank of Commerce in QaoDP. 1800. 1899. 19.0. 1899. Increase. New York on Thursday, at a special meeting, with practical January. $ « t $ t P. C. unanimity ratified by a vote of 45,481 shares the proposition erunk lines. (12) 21,962,40' 18,141,646 6,158,880 4.145,744 +2,0C8,136 48-44 of the directors of the bank for a merger with the National Anthra.coal ( 1 10,318,93B 9,095,615 2.171,765 1,624,129 +547,62« 3;5-72 Bast, & Mid,(Jl) 2,874.318 2,424,38 765,247 666,387 4 98,880 14-84 Union Bank and for an increase in the capital to $10,000,000 Mid. We8t'n,(17 6.095,642 4,178.48 l.t 31,447 1,538,780 +392,667 26*62 and also in the number of directors to not more than nine- Northwest'ndl! 10.728.42^ 9,619.63. 3,453,1(8 3,060.210 +39^,89- 12-84 Bouthwest'ndS) 7,949,834 7.086,394 2,804,863 2,1S4,09» +660 764 30-21 teen. Tne plan for consolidation was outlined in this column PaoiticCoastilS) 11,481.868 9,931,654 3,881,692 8,357,202 +504,190 1503 January 13, The additional stock of the bank, after its in- So«itbern....i29) 11,';5',74-. 9,735,172 3,920.799 2,946,371 +681,427 33'41 crease from 50,000 to 100,000 shares, will be exchanged, share Mexican (I) 1,533.267 1,283,560 687,055 416.846 +111,210 26-74 for share, for the stock of the National Union Bank, the capi- lotai.CllTr'ds) 83,695,174 71.603.381 26,619,845 19.608.767 +5,691,078 28-59 tal of which will be increased, through the action of its stock- holders March 5, irom $1,200,000 to $5,000,000. The capital stock of the consolidated Bank of Commerce will then be TEM3 ABOUT BANKS. BANKERS AND TRUST GO'S $10,000,000 and the surplus and undivided profits will be —The sales of bank stocks at auction this week aggregate $6,200,000. For the purpose of equalizing the assets of the £67 shares, and the sales at the Stock Exchange 69 shares, an two banks, a dividend of 10 per cent will be made by the Bank aggregate of 236 shares. The transactions in trust company of Commerce upon the completion of the arrangements for stocks reach a total of 138 shares, all sold at auction. 8 merger. At the above-ncted meeting on Thursday Joseph shares of the Holland Trast Company, which is closing up C. Hendrix was elected President of the Bank of Commerce. its business, sold at 50. He had previously resigned from the presidency of the :

March 17, 1900.] THE CHRONICLE. 609

National Union Bank and George G. Haven, the Vice-Fiesi bond is desired in the name of any one but the payee of the old bond, ot the Treasury for (lent, W.JS elected to temporarily fill the vacancy. the old bond should be assigned to the Secretary insert exchange into 2 per centum bonds for account of . (Here — The merger of the Bank, located at Eighth Home the name of the person in whose favor the bond is to be issued.) Avenue and Forty-aecond Street, with the Corn Exchange Resristored bonds inscribed in the name of an institution, forwarded Bank was ratified by the stockholders of both banks on for exchange, must bo accompanied by a resolution of the board of authorizing their assignment to the Secre- Thursday. The Home Bank will begin business as a branch directors of the institution tary of the Treasury for such exchange. The resolution must bear the of the Corn Exchange Bank March 20. seal of the institution, or, if the institution have no sc-.l, there must be —It is announced that Samuel Rea, one of the vice-presi- furnished with the resolution an affidavit setting forth that fact. under the conditions of dents of the Pennsylvania Railroad Co., was on Wednesday Upon acceptance of any bonds for exchange circular the present worth of the surrendered bonds to yield an elected a director of the Morton Trust Co. this income of 2^4 per centum per annum will be calculated as of the date the —The National Park Bank recently opened a foreign ex- of their acceptance, except as provided in the next paragraph, and worth of said change department and now issues travelers' letters of credit, sum representing the difference between the present bonds and their par value will be paid to the owner thereof in duo available in all parts of the world, and buys foreign ex course by a check drawn in his favor by the Treasurer of the United change and sells drafts and cable transfers. This adds an- of States. The settlement will include payment by the Department other convenience to the many facilities that this bank, accrued interest on the old bonds to the date of their acceptance for the through its extensive resources, is enabled to oifer its cus- exchange and a charge against the owner for accrued interest on to said date of acceptance. tomers, not the least of these being the safety vaults which new bonds from the date of their issue Bonds surrendered upon which interest has been prepaid need not be have for years been maintained for its clients and investors accompanied by a deposit to cover such prepaid interest, as the De- generally, partment will deduct at the time of the settlement any amount which may be due on account of unmatured interest which had been pre- THE REFUNDmo OF UNITED STATES paid. The new bonds will be dated April 1, 1900; therefore all oatstanding GOVERNMENT BONDS. bonds surrendered for exchange and accepted for that purpose prior to that date will bear interest to April 1, when interest on the new Immediately after the signing by President McKinley of surrendered bonds bonds will begin ; and the present worth of such the Bill on issued Gold Standard and Refunding Wednesday, will be calculated as of the said April 1. The new bonds wiU be March 14, the Secretary of the Treasury, Mr. Lyman J. Gage, In denominations as follows: Coupon $50, $100, $500. $1,000. Beg- issued the following circular with reference to the operations istered $50, $100, $500, $1,000, $5,000, $10,000, $50,000. for exchange will be regarded as the property for carrying out the refunding provisions of the bill All bonds forwarded of the person. Arm, or institution in whose favor the new bonds are to To Holders of United States 5 Per Cent Bonds of the Act of ^ issued, and in each case the check in settlement of the "present" 1875, 4 Per Cent Consols of 1907, Acts of July 14, 1870, and Jan- be worth, above referred to, will be drawn in favor of such person, uary 20, 1871, and 3 Per Gent Bonds of 1908, Ac< of June 13, 1898. &c., the bonds shall desire, firm or institution ; but if the agent forwarding 1900. and so request, ths bonds and the check may be forwarded to such Department Circular No. 29. Treasury Department, ) agents addressed for delivery to the owner. Office of the Secretary, > papers representing Washington, D. C, March 14, 1900. ) Packages oontaming bonds for surrender or for a national The attention of the owners of United States registered and coupon bonds held by the Treasurer of the United States in trust Division bonds of the 5 per cent loan of 1904, Act of January 14, 1875, the 4 bank should be addressed to the Secretary of the Treasury, marked per cent consols of 1907, Acta of July 14, 1870, and , 1871, of Loans and Currency, Washington, D C, and be plainly and the 3 per cent loan of 1908, Act of June 13, 1898, is invited to the " bonds (or papers) for exchiuge." and provisions of Section 11 of an Act entitle! "An Act to define and fix Blank forms of application for the exchanges herein authorized the the standard of value, to maintain the parity of all forms of money blank resolutions for use by institutions have been prepared by of issued or coined by the United States, to refund the public debt, and Department and may be obtained on application to the Secretary for other purposes," approved March 14, 1900, as follows: the Treasury. Treasury Sec. 11. Tbat tbe Secretary of the Treasury is hereby authorized to receive, In exercise of the discretion given to the Secretary of the at the Treasury, any of the outstandinK uonds of the United States bearing under Section 11 of the Act, he reserves the right to suspend the interest at five per centum per annum, payable February 1, 1904, and any bonds of the United States bearing interest at four per centum per annum, payable exchange of bonds above contemplated, whenever, in his opinion, the July 1, 1907, and United bearing interest at three per any bonds of the States be best served thereby. The Secre- centum per annum, payable August 1, lOoS, und to istue in exchange therefor interests of the Government may States in such terms of an equal amount ot coupon or i egistered bonds of the United tary of the Treasury also reserves the right to change the any multiple form as he may prescribe, in denominations of fifty dollars or bonus or premium thereof, bearing interest at the rate of two per centum per annum, payable exchange above set forth, either by requiring a quarterly, such bonds to be payable at the pleasure of the United States after upon the 2 per cent bonds or by requiring the holders of bonds out- thirty years from the date ot their issue, aud said bands to be payable, principal and interest, in gold coin of the present standard value, and to be txempt from standing to surrender the same in exchange for the new bonds at a the ot all duties ot the United States, as well as from taxation payment taxes or of more than 2^4 per cent per annum. In any form by or unaer State, municipal or local authority; Projiiifd, That rate to yield income such outstanding bonds may be received in exchange at a valuatijn not L. J. Gage, Secretary. greater than their present worth, to yield an income of two and one-quarter per centum per annum; and in consideration of the reduction ot interest eftected, the Secretary of the Treasury is authorized to pay lo the holders of til e outstanding bonds surrendered for exchange, out of any money in the Treasury not otherwise appropriated, a sum not greater than the diflerence IMPORTS AND EXPORTS FOR FEBRUARY. between their present worth, computed as aforesaid, and their par value, aud the payments to be made hereunder shall be held to be payments on account Statistics at Washington has issued of the sinking fund created by section 3e9t of the Revised Statutes;.^ /id The Bureau of provirted/urtfter. That the two per centum bonds to be issued under the pro- foreign trade for visions of this Act shall be issued at not less than par, and they shall be num- the statement of the country's bered consecutively in the order of their issue, and when payment is made tne last numbers issued shall be first paid, and this t^rder shall be followed until all February, and from it and from previous statements the bonds are paid, and whenever any of tne outsiandlug bonds are called for payment interest thereon sLall cease three months after such call * * '. we have prepared the following interesting summaries. Under the provisions of this law the Department will be prepared to receive on and after this date until further notice any of the bonds FOKBIQN TRADE MOVEMENT OF THE UNITED STATES. issued under the Acts above mentioned, and as early as praotioable [In the foUowlnd tables three oiphers (000s) are In all oases omittcc .] United thereafter will issue in exchange therefor a like amount of 1898-99. 1899-1900. , States registered or coupon bonds bearing interest at the rate of 2 per Exvorti. Imports. Excest. Bxvortt. Imports. Exet*s centum per annum as provided by the Act approved March 14, 1900. nerch'dlse. $ « « f $ * To effect the exchange the outstanding bonds should be surrendered July.Sept... 309,459 197,333+11^,126 247,737 149,118 +98,619 to the Secretary of the Treasury in accordance with the terms of this Oct -Dec... 373.051 313,086+159,985 386.288 15il,E86 +a'2«.6B2 their circular ; purpose in the order of they will be accepted for that January 117,597 75,897 +41.700 115,^91 58,240 +57,351 the rate surrender of them to him and new bonds bearing interest at February... 119,766 68,774 +50^9^ 93,837 60,853 +33.579 of 2 per centum per annum will be issued in the same order in lieu Total 91 9,873 ~555^ +364'io3 843,433 4-^7,202 +416,231 thereof. A letter of transmittal should accompany each package of bonds for exchange, setting forth the purpose for which they are for- 6old and Gold In Ore. warded and giving the address to which the new bonds and checks for July-Sept... 4.723 10,880 -6,157 6,550 34,748 -'J8,lf2 -27,406 the interest thereon shall be sent. Oct.-Dec... 13,103 17,067 -3,964 3,413 30,819 1,755 6,393 -4,637 Bonds htld by the Treasurer of the United States in trust for a January. ... 5,692 1,993 +3,699 1,899 —496 568 5.149 —4,581 national bank may be surrendered by letter addressed to the Secre- Feoruary... 1,403 tary of the Treasury, accompanied with the Treasurer's receipt rep- Total 24"i921 sT.slS -6^ 158,292 77,108 -64.816 resenting the bonds, together with resolution of the Board of a Stiver and Sliver In Ore. Directors of the bank authorizing the Treasurer to assign the bonds. July-Sept... 11.618 8,287 -1-3,331 14,835 8,206 +6,629 The priority of issue of the new bonds will be determined by the date Oct.-Dec... 14,724 8.181 +6,603 14,36t 8.032 +6,333 of the of the outstanding receipt by the Secretary of the Treasury .lanuary 4,599 2,174 +2.425 5,381 3,129 +2,252 bonds bonds or the papers representing the same, provided that the February... 4,S63 2,786 +2,167 4.319 1,427 +2.893 or papers are in proper condition for such surrender as set forth Total 33.894 21 ,363~+14',5i6 38.899 20,794 +18,105 hereafter in this circular. If any correction is required, the priority of the bonds to be issued will take date from the receipt and accept- + Excess of eiportF. — Excess of Imports. ance of corrected bonds or papers at this office. gold and Any registered bonds forwarded should be assigned to the Secretary We subjoin the totals for merchandise, assign- of the Treasury for exchange into 2 per centum bonds. The silver for the eight months since July 1 for six ment should be dated and witnessed by one of the officers named in years. the note which is printed on the back of each bond. Where a new :

510 THE CHKONICLE. [Vol. LXX.

Merchandise. Gold. Silver. and upon balance it is thought we are now buying much EigM Excess Exceis Excess more than selling. In all markets, however, the operations Mos. Exports. Imports. Ex- Im- Ex- Im- of of nf Ex- are more or less professional. The general public is doing Exports ports. ports. Exports ports. ports. ports. very little. In the beginning it anticipated an early ter- ~~$~ $'~ $' t $ $ $ $ mination of the war, and it bought very heavily, it has 99-00 919,873 555,0:0 364803 • 4,626 24,921 31.839 6,918 35.894 21.368 1 been greatly disappointed by the reverses suffered, and as 98-9!) 18 13,433 427.202 4 1 6231 12,292 ? 7.108 *64,816 38,899 20.794 18,105 j yet it has not quite made up its mind that the time for re- 97-9^^13,285 393.691 419594'l2,8»!9 40,450 •27.581 38.669 22.656 15,913 newed buying bas come. 98-9? 734.998 422.515 312483 16.061 80,580 64,499 42.673 20,602 22 071 There are many signs, however, which point to the con- 95-9fii602.657 541.195 61,472 82.181 29.'; 87 52,204 40,666 19,276 21.391 clusion that we are about to witness a very considerable rise 94-95I557.8S6 406,834 91,652 58.68!) 16,675 42.114 30.190 1 2.6E5 17.635 in prices. Money, no doubt, is in strong demand; but it is not * Excess of imports. at all probable that there will be anything like stringency. Similar totals for the two months since January 1 During the present month the collection of the revenue will be on an immense scale, it is true. On the other hand, the make the following exhibit. payments out of the Treasury will also be on a great scale, and probably within a week or two the outlays will largely Merchandise. Gold SlLVIR. exceed the ingoes, so that upon the whole the suppliesare Two more likely to increase than to fall off. Therefore there is Excess Excess Excest Mos. Bzportt. Imports. Ex. of Im- of Ex- Im- of Six. no reasonable probi^bility that there will be such tightness of Export! ports. port*. Exporti ports. ports. porti money as would affect stocks. t $ $ t t > t 1 At the moment the "bull" account is exceedingly small, 1900. 237,363 144.671 92,692 7.0P5 3,892 3.203 9.552 4.960 4 593 and there might be a very considerable expansion of busi- 1899. 209,428 118.493 9 (,930 3.323 11,541 •9,218 9,'00 4,558 5.144 ness before rates would be largely affected. Up to the pres- 1898. 203.344 103,902 99,442 3,68S 1 2,655 *8.e67 8.062 4.631 3,441 ent time our industries have not suffered very much from 1897. 173.773 110.691 63,182 795 1.773 •978 S.S81 5.116 3,785 the war. The retail trades that minister to the wealthy and 1896. 164.672 * 131.126 33,646 12.762 32,209 9.444 10,390 5,292 5.093 especially to the fashionable are complaining loudly, chiefly 1895 137.213 125.861 11,349 ^7,770 7.005 20.766 6,828 2.734 4,094 because almost all entertainment has ceased; but on the • BzcesB of Imports. 01 her hand the trades that subserve naval and military pur- poses have got a new stimulus, and the result is that the In these tables of totals, gold and silver in ore for aggregate volume of business is as large as ever. It iS true all years are given under the heads respectively of that the Clearing House returns for the past few weeks show a decided falling off; but the falling off is mainly upon gold and silver. Stock-Exchange settling days. As far as one can trace there The following shows the merchandise balance for is very little decrease in the clearings for trade purposes proper. There is, though, a verv large decrease in the clear- each year back to 1875. ings connected with the Stock Exchange. EXCESS OP MERCHANDISE IMPORTS OR EXPORTS. Money has been in strong demand all through the week, 8 months endhig Feb. 28— 2 months ending Feb. 23- and the Bank of England has lent considerable amounts at 1875 Exports. $7,035,155 1875 Exports. $4,802,668 4 per cent. During the first three months of the current 1876 Exports. 52,742,971 1876 Exports. 23,163,273 year, which are the last three months of the financial year, 1877 Export8.156.fi31, 197 1877 Exports. 43,275,516 the collection of the is scale than 1878 Export8.169,025.994 1878 Exports. 67,066,295 revenue on a much greater 1879 Exports.204,973,927 1879 Exports. 55,348,872 at any other time of the year, and that tends to transfer 1880 Export8.152,618,305 1880 Exports. 16,097,887 large sums from the other banks to the Bank of England. 1881 Export8.210,481,170 1881 Exports. 48,768,418 The general impression was that the Government outlay 1882 Exports. 71,084,147 1882 Exports. 5,744,434 1883 Exports. 88,539,245 1883 Exports. 33.963,776 would be so large that the revenue collections would be 1884 Exports. 88.275.090 1884 Exports 26,215,009 neutralized by the Government payments. So far the effect 1885 Exports 159,572,935 1885 Exports. 50,224,202 has not been quite what was expected. Probably the Gov- 1886 Exports. .50,859.322 1886 Exports, 5,791,890 1887 Exports. 66,157,377 1887 Exports. 15,203,807 ernment payments will now be on an immense scale, and it 1888 Exports. 27,939,274 1888 Imports. 5,633,419 may be, therefore, that money may suddenly become plenti- 1889 Expjrts. 30.830,296 1889 Exports. 2,905,317 ful. On the other hand, the Government will have to bor- 1890 Exports.106.446,689 1890 Exports. 19,207,051 row considerable amounts, and these borrow- 1891 Exports. 82,052,261 1891 Exports. 29,226,076 Government .1892 Exports.214,123,927 1892 Exports. 58,673.653 ings may make the market very tight. 1893 Exports. 29,799,441 1893 Imports. 18,299,727 At the moment there is so much uncertainty as to what 1894 Export8.21 8,061,832 1894 Exports. 45,7J)9,639 the Government will do that it is extremely difficult to form 1895 Exports. 91,652,052 1895 Exports. 11,348,817 1896 Exports. 61,472,040 1896 Exports. 33,546,216 any opinion as to how markets will go from day to day. 1897 Export8.312,482,819 1 897 Exports. 63,161,574 Bankers generally look for rates being maintained until the 1898 Export8,4],9,593,681 1898 Exports. 99,441,764 end of March; but some good observers expect a considera- 1899 Export8.416,231,433 1899 Exports. 90,930,374 ble drop in rates. 1900 Expo rt8.364. 803,469 1900 Exports. 92,691,640 In Germany the Imperial Bank still keeps its rate at 5^4 per cent. The rate of discount in the open market is 4^ per cent, and the general impression is that the open marker, rate will stiffen further. Partly the expectation is based on the knowledge that the Imperial will to borrow and [From our own correspondent.] Bank have that the smaller States will likewise borrow during the London, Saturday, March 3, 1900. next few months. Morevover, trade still continues very The surrender of General Cronje and the relief of Lady- active and the Stock Exchange is fairly steady. In France smith have not been accompanied by the outburst of specu- money is plentiful and rates are easy, and probably they will continue so for a considerable time yet. lation upon the Stock Exchange that was generally antici- The India Council continues to sell its drafts very well. pated. The surrender of Cronje took place two days It offered for tender on Wednesday 50 lacs and the applica- earlier, and as General BuUer had been fighting for fully tions exceeded 217 lacs. The whole amount offered was a week and it was not known clearly whether he was making taken at prices ranging from Is. 4 l-16d. to Is. 4i^d. per rupee. Subsequently a small amount was sold by private contract much progress, there was a good deal of apprehension lest at rates ranging fr m Is. 4 3-32d. to Is. 4 5-3d. per rupee. he might again fail to reach Ladysmith and that the place in The following return shows the position of the Bank of consequence might have to capitulate owing to the failure of England, the Bank rate of discount, the price of consols, &c.

ammunition. &c., compared with the last three years : That business upon the Stock Exchange did not improve, 1900. 1899. 1898. 1897. Feb. 28 March l. March 2 March 3. then, immediately upon the announcement of Cronje's £ £ £ £ sur- Circulation 28,437,985 26.780.320 27.03ri,805 2fl.074.585 render was not surprising, especially as a very large Public deposits 15,4 1 4,693 16.802,381 18.811.093 16,209,159 amount other deposits 40,186,719 37.H2,i.Z10 85.914,840 !i9.798,S29 of stock had to be taken over by the large houses interested Government securities lH,('6S,42fi 18,b9'5.274 13.987 565 14.410.S58 Other securities 31.617.aS8 8t.571,489 85.679 ISft 80,318.084 In South Africa. West Australian and other mines when the Resei-ve of notes and coin 24..334.068 23.76^,357 23,6 5.649 29.754,991 Com & bullion, both departm'ts 35,972,051 33,742,677 S 1.812.464 8J.029.67a break upon the Stock Exchange occurred, about the middle Prop, reserve to liabilities. . d. c. 43% 4* 48 52 IS 16 of D cember. The stocks have been carried since owing to Bank rate, per cent. 4 3 il 3 a natural desire to spare Consols, 2% percent, loi)^ 110 '^xd 112 l-16xd lll^i the market; but they are now being Sliver 27 7-lod. 27j^a. ^^%ii. 2i>^d. realized, and the selling helps to account for the comparative Clearing-House returns 195.037.000 231,933,000 190.157.000 177.862,000 quietness of the market. The rates for money have been as follows ; The Continent, moreover, is doing very little. Some time Interest allowed ago German operators boujrht upon a large scale; but they to Open Market Bates . for diposits by have ceased to do so, and of late, indeed, have been more in- London. DiB' t H'M. clined to sell than to buy. French operators have been sell- Bank Bills. Trade Bills, Joint Stock At 7-14 ing almost ever since the beginning of the war, but now they 3 Months. 4 Months. 6 Months. 3 Mos. iMos. Banks Call Davi are coming to see that their calculations all through were 4 2^ 2 Hi wrong, and the general impression is that they will begin to Feb. 2 SH 3H@3 9-lf 4 i buy upon a considerable scale. 3 6-16@8J(L iH®SH SH 2« " 16 I 4 &iH 2» an In the American department the general public continues s% SH s% @4M " 23 3« SH&9\ 4 @iH 8« to keep aloof from the market, as it has done ever since the Mar. 2 Hm 11-16 35(;®3 1 1-16 3H@5s 4 4 2^ 8M 2H war broke out; but there has been a good deal of business lately by professional operators and great capitalists. Amer- The Bank rate of discount and open market rates at the ica is still buying bonds, but this country is buying shares, ohief Continental cities have been as follows . e : « . . —

March 17, 1900.] THE CHRONICLE. 511

March 2. Ftb . aa Ftb . 16. ^«I).». Rates of * Interest at Bank Open Bank open Bank Open Banfc Open Rate. Market Rate. Market Rate. Market Rate. Ma/rket National Banks.—The following information regarding national banks is from the Treasury Department. Paris 8J6 3H s% WATIONAL BANKS ORGANIZED. Berlin m 4 3« National Bank of Harrisonburg, Hamburg 6K 6« 4 6« 85< 5,261—The Rockingham Virginia. m m Capital, $50,000. Anderson M. Newman, Jr., President; Frankfort 6« 5 6H m 6^ 4 6« 8?4 , Cashier. Certificate issued March 7. 1900. Amsterdam.... 8« 2% 3% 3 8H m SH 3M 5,262—The First National Bank of Newcomerstown, Ohio. Capital, Brussels i 8% 4 3H 4 s« 4 8% $50,000. A. M. Beers, President; O. E. Boden, Cashier. Vienna <« S% iH a% 4^ 3« 4« 4 Certificate Issued March 8, 1900. First National Bank of Dyershurg, Tennessee. Capital, St. Petersburg 6H 6 6H 6 tH 6 6^ 6 5,263—The $50,000. R. M. Hall, President; John G. Latta, Cashier. Madrid 4 4 4 4 4 4 4 4 Certificate issued March 9, 1900. Copenhagen.... 6« 5 5i4 5 6 5^ .5 5,264—The First National Bank of Carrollton, Georgia. Capital, $'0,000. L. C. Mandeville, President; E. B. Biodnax, Messrs. Pixley & Abell write as follows under date of Cashier. Certificate Issued March 9, 1900.

. . - I I , — » . . I y March 1 : ^ Gold—There has been no gold inquiry during the -week; the Bank Imports and Exports for the Week.—The following are has received all arrivals, which total Ji588,000; of this £500,000 came > »8 "iork for the ending for dry goods from Russia. A withdrawal of £200,000 has taken place for South the imp at New week Africa. Arrivals: Chill, £1,000: West Indies. £21,000. Total, March 8 and for the week ending for general merchandise £22,000. Shipments: Bombay, £10,000; Calcutta, £200,000; Bombav, March 9 ; also totals since beginning first wtek January. £12,500. Total, £222,500. Silver— Sliver has risen to 279i«d. on Continental orders, and there FOREIGN IMPORTS. has also been some speculative buying on the report that the Indian Government was likely to make fresh purchases for coinage. Sll^'er 69 For week. 1900, 1899. 1898. 1897. In India is quoted at Rs. ''e to arrive. Arrivals: Chile, £3,500; New York, £179,000; West Indies, £30,000. Total, £212,500. Shipments: Dry Goods $2,575,615 82.680,401 $2,564,886 $2,578,960 Bombay, £75,000; Straits, £8,950; Calcutta, £70,000; , £100,- Gen'l mer'dlse 7,475,060 12,641,877 9,165,094 6,832,503 200; Bombav, £51,000. Total, £305,150. Mexican Dollars—These coin continue In demand and are very Total $10,050,675 $15,322,278 $11,729,980 19,411,463 steady. Shipments to China, £37.800. Since Jan. 1. The quotations for bullion are reported as follows Dry Goods $28,922,126 $24,354,54!S $23,985,508 $25,195,097 Gen'l mer'dlse 80.667,329 78,277,444 65,569,398 68,559,684

Gk>LD. March Feb. Silver. M'rch Feb. Total 10 weeks $109,589,455 $102,631,989 $89,554,906 993,754,731 London Standard. 1. 22, London Standard. 1. 22 The following is a statement of the exports (exclusive of ». d. 8. d. d. d specie) from the port of New York to foreign ports for the Bar gold, fine oz. 77 9 77 914 Bar silver, flne...oz. 279, 273« ending March 12, and from January 1 to date. U. 8. gold coin.-.oz. 76 4 76 4 Bar silver, contatn'g week Germ'n gold coin.oz. 76 41a 76 41a do 5 grs. gold.oz. 28l,fl 27'fl EXPORTS FROM NEW YORK FOR THE WEEK. French gold coin.oz. 76 4.^ 76 41a do 4 grs. gold.oz. •^7'» 27U,« Japanese yen oz. 76 4ifl 76 do 3 grs. gold.oz. 27111, 271a 41a 1900. 1899. 1898. 1897. Cake silver oz. 29n,<. 291a Mexican dollars. oz. 277,« 2738 For the week.. $15,243,999 $9,878,229 $11,902,838 $7,015,834 The following shows the imports of cereal produce into the Prev. reported 104,575,329 86,479,772 81,715,215 70,050,080 first twenty-six during the weeks of the Total 10 weeks $119,819,328 $96,358,001 $93,618,053 $77,065,914 new season compared with previous seasons : The following table shows the exports and imports of IMPORTS. specie at the port of New York for the week ending March iQ 1899-'00 1898-9. 1897-8. 1896-7. for the corresponding periods Importsofwheat,cwt.28,652.1ob ^9,975,750 30,707,610 35,699,810 and since January 1, 1900, and Barley 9,277,700 16,105,500 11,382,794 14,300,670 in 1899 and 1898. Oats 8,862.500 8,090,470 7,59*',960 9,699,7:^0 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Peas 1,653,000 1,298.800 1,447,800 1,931,278 Beans 915,200 1,144,260 1,563,940 1,724.150 Exports. Imports. Indian Com 30,672,200 26,883, v:60 23,700,760 30,708,330 Gold. Flour 10,576,700 12,028,430 10.966,580 11,960.860 Week. Since Jan. 1. Week. SinceJan.1. Supplies available for consumption (exclusive of stocks on Great Britain $3,652,400 $25,977 S69,663 September 1): France 229,670 1899-'00. 1898-9. 1897-8. 1896-7. Germany ...... 323,275 Wheat Imported, cwt.28,652,lo'o 29,975,750 30,707,610 35,699,810 West Indies $106,370 1,355,201 "i',650 70,204 Imports of flour 10,576,700 12,028,430 10,966,580 11.960,860 13,950 20,354 76,511 Bales of home-grown. 17,256,676 17,659,194 15,125,512 14,107,283 South America 165,601 1,588,501 65,674 178,693 All other countries. 146,175 151,175 12.663 Total 56,485,476 59,663.374 56,799,702 61,767,953 1899-'00. 1898-9. 1897-8. 1896-7. Total 1900 $357,546 $6,761,227 $113,055 5960,679 Aver.prloe wheat,week 268. 3d. 258. 7d. 25s. 5d. 28s. 2d. Total 1899 306,924 2,296.313 308,519 4,068,333 Average price, 8eason.26a. Od. 268. lid. 33s. lOd. 29s. 4d. Total 1898 100,250 3,519,725 3,586,479 7.685,177 The following shows the quantities of wheat, flour and Exports. Imports. maize afloat to the United Kingdom: Silver. Week. Since Jan. 1. Week. SinceJan. 1. This week. Last weeK. 1899. 1898. Wheat qrs.. 2,230,000 1,950,000 2,280,000 2,725,000 Great Britain $1,227,805 $9,546,460 $23,280 $59,514 Flour, equal to qrs.. 340,000 335,000 390,000 440,000 France ...... 38,790 155,134 Maize qrs.. 655,000 595,000 585,000 645.000 Germany...... 5C0 West Indies "r,586 73,038 60,676 Ensltsli Financial Markets—Per Cable. Mexico 136,521 597,425 South America 14,629 36',696 1,005 70,702 The daily closing quotations for securities, etc., at London All other countries. 2,300 2,300 1,500 3.908 are reported by cable as follows for the week ending Mar. 16 Total 1900 $1,285,104 $9,80=<,128 $162,306 $792,225 Total 1899 1,121,447 10,083,354 38,960 575,315 London. Sat. Hon. Tues. Wed. Thuri. FH. Total 1898 620,515 8,366,376 36.108 531,485

Sliver, per ounce d. 2758 2758 27 9, a 279,e 279i6 2758 Note.-Week's exports include $91,245 gold to West Indies and Consols. , new, 2 % p. ots. ion, 6 1013, 10118 1013,6 1013,6 10118 South America, and $333,724 stiver to London, etc., shipped Jan. 31 to For account 1015,a 10l7i« 101 14 10139 10138 1015,8 March 3 but reported too late to be included in previous week's Fr'oh rentes (in Paris) fr. 101-80 01-92ia 10210 102-05 02-07 xl-22i« statement. Spanish 4s 70i« 701a 7038 7038 7014 7138 Anaconda Mining 9% 1018 lOM 10 99te 99l6 Atch. Top. & Santa Fe.. 233s 23 •'8 2414 2418 2414 24 Foreign Trade of New York—Monthly Statement. —In Preferred... 67^8 6838 6958 70ie t938 6958 addition to the other tables given in this department, made Baltimore & Ohio 6338 641a 6468 64% 6438 64% 77 op from weekly returns, we give the following figures for Preferred 8OI4 8II4 81 14 8OI4 80 ''s Canadian Pacific lOOia 100^8 101 98 97^8 97% the full months, also issaed by our New York Custom House. Chesapeake & Ohio 28''8 29 14 291a 29^ 2914 2914 The first statement covers the total imports and exports of Chic. Mil. 127 126% & St. Paul... 1241a 125% 12738 126^8 merchandise and the Customs receipts for the eight months Den. & Rio Gr., com.... 20 2014 201a 2038 20 20 Do do Preferred 731a 73% 74 73% 73% 73% of the last two seasons. Erie, common 12'78 13i« I318 I314 1338 1338 1 39 st preferred 3838 38% 3919 39 39 Merchandise Movement at New York Customs Receipts Illinois Central 116 II6I4 II6I4 lieifl II6I3 1161a AT new Tobk. Louisville & Nashville.. 8358 841a 841a 84 ^334 8358 Month. Imports. Exports. Mo. Kan. & Tex., com.. 1114 1138 1138 1138 11 11 N. Y. Cenfl & Hudson.. 136% 1371a 13714 I38I4 130% 138 1899-1900 189&-99. 1899-1900. 1898-t9. 1899-1900. 1898-99. W. Y. Onti'rio & West'n 2438 2438 2468 24I8 2358 2358 Norfolk & Western 32% 3314 3378 331a 33irt 33ie t S t $ Do do pref. 76% 77 14 7838 7838 781a 7838 July 89.C03,434 32,914.621 87.93?,046 31,662,651 11,683,484 9.960.264 Northern Pacific, com.. 5358 5458 54"'8 54% 5414 5433 August 42.557.341 33,227,08 42.367.534 36,494,35: 13,7^^0.471 10.906,449 76I4 76I4 Preferred 76 761a 761a 76 11,740.920 11,012,341 69 6914 September 41,979.217 32,119,230 39,395,05: 36.701.747 Pennsylvania 69 6918 6938 691a 14 10.188.897 October . . 46,140.435 33,894,124 43.765.t88 41,203.9.35 13 272,556 *PhUa. &Read 914 938 »l8 918 918 S'^s *Phlla.&Read.,l8tpref. 29^8 30 30 30 30 2938 November.. 42,584.507 34.933,364 40,005.318 40.400.00] 12.683,614 9.981,309 1478 43.578.13' 12.780.884 11.686.839 *Phlla. & Read. , 2d pref. 15 1514 15 15 15 December. 46,388.3a."' 38,208,664 44,379.016 39I4 Southern Pacific 381a 3914 391a 39!% 39 January... 49.558,629 39,349,978 42,752,562 £8,149.094 14,810,386 12.517,204 1333 South'n Railway, com. 13% 13'8 13 ''8 1353 1338 February... 43.983.408 41.406.582 40,266,701 33.386,871 13.177,208 12,108.993 Preferred 59% 6018 601a 60 14 591a 60 Union Pacific 49% 501a 511a 51i« 501a 150158 Total... 35?,473.334 ?86,r5'}.54fi 330,865.124 301.586.782 104.229 «24 88 S51.198 Preferred 75% 76I4 761a 761a 761a 761a 2OI3 eight Wabash, preferred ! 20% 20% 21 20% 201s The imports and exports of gold and silver for the * Price per share. months have been as follows : . ..

512 THE CHRONICLE. [Vol. LXX

Gold Movkmbnt at New Tore. 8LLVBK— NJ5W YOER Clearing House Banks.—Statement of Month. Imports. Exports. Imports. Exports. condition for the week ending Mar. 10, based on average of

1899-1900. 1898-99. 1899-1900 1898-99. 1899-1900. 1899-1900. daily results. We omit two ciphers fOOj in all cases.

i $ * « t t BANKS Capital. Swrplus. Loans. Specie. Legals. Deposits. Jnly 385,S4 2 1,754,927 791,444 66.103 1,608,516 3,373,035 Bank of York.. August. 1,109,436 8,993,450 19,830 535,122 1,509,688 3,227,053 New $2,000,0 I $2,003,7 $14,353 $2,426,0 $1,203,0 $14,177,0 Manhattan Co 21,906,0 September.- 754,571 12,455,248 76,227 2,678,lb9 1,053.310 3,099,507 2,050,0 ; 2,114,1 18,440,0 3,791,0 2,783,0 Merchants' 2,000,0 1.144,2 13,554,5 2,647,9 1,480,8 15,788,7 October. 3.969.248 9,616,015 84,927 1,011,030 9^6.980 4.893,055 Mechanics' 2,000,0 ! 2,187,8] 12,154,0 2,656,0 685,0 12,454,0 America 1,549,1 23,140,9 November. 167,569 681,041 68,900 640.098 1,089,686 8.643,868 1,500,01[ 2,814,2 20,013,9 4,675.0 Phenix 926,0 327,0 4,489,0 December. 301.787 2,769,477 11,614,706 1,195.071 1,493,681 4,637,568 1,000,0 248,9 4,425,0 City 10,000,0 5,073,7 103.536,2; 27,464,5 4,517,4 120,412,9 Janoary ... 620.398 2,560,239 5,165.071 1,484,074 881,823 4,107.665 Chemical 300,0 6,697,5 24,456,6 4,566,3 3,188,7 25,611,1 Merchants' Exch'ge 5,356,2 February.. 318.911 1,232,710 1,192.669 264,193 1.720.896 4,125,986 600.01I 186,7 4,762,8 786.4 587,0 Gallatin 1,000,0 1,798,7 7.949,0 982,6 675,2 6,340,4 Total . 7.627,76" 3.5.r6«.107 18.913.874 7.ao2.ft30 10.234,830 30,608.017 Butchers'* Drov'rs' 300,0 83,6 1,134,4 •.i!15.9 49,7 1,105,7 Mechanics' <& Trad's' 400,0 129,8 2,014,0 170,0 186,0 1,986,0 Coinage by United States Mints.—Ttie following statt- Greenwich 200,0 168,6 905,5 10,1,3 187,5 842,1 ment, kindly furnished us by the Director of the Mint, shows Leather Manufao'rs 600,0 478,2 3,793,1 1,089,2 185,0 3,937,3 Seventh the coinage of 300,0 203,1 3,124,4 454,5 431,5 3,947,7 at the mints the United States duiing Febru State of New York. 1,200,0 528,0 4,430,2 492,0 345.0 3.991,9 ary and the two months of 1900. American Excb'oge 5,000,0 2,823,1 29,203,0 4,177,0 1,883,0 23,491,0 Commerce. 5,000,0 3,639,4 33,166,0 1,428,1 2,962,9 21,363,3 Broadway 256,3 5,345,3 February, 1,000,0 1,611,1 5,961,1 1,197,1 1900. Two Months 1900 Mercantile 1,000,0 1,150,8 11,181,5 2,417,9 993,0 13,318,1 Denomvnations. Pacific 422,7 492,2 2,600,4 266,0 395,1 2,745,1 Piece$. Value. Pieces. Vaint Republic 1,500,0 1,051,6 19,271,3 4,180,0 761,2 20,733,4 Chatham 450,0 986,5 5,978,8 693,1 877,6 6,026,8 » People's 200,0 298,4 2,246,6 166,0 352,2 2,465,0 Double eagles. 670,095 13,401,900 1,048,675 20,973,500 North America 1,000,0 610,3 11,177,2 2,378,7 905,6 12,698,5 Eagles Hanover 1,000,0 2,846,4 38,086,3 9,787,9 2,342,9 46.842,3 374,840 3,748,4C0 Irving 4,324.0 Half eagles 600,0 419,9 4,0811,0 565,2 535,3 39,000 195,000 Citizens' 711,7 158,9 Vi,853,7 Quarter eagles 600,0 383,9 2,673,0 Nasnau 500,0 264.8 2,577,4 398,5 288,2 2,801,2 Market & Fulton.... 900,0 980,6 6,781,3 1,363.3 485.5 7,303,8 Total gold 670,095 13,401,900 1,462,515 24,916,900 Shoe o9," 495,0 636,0 4,260,0 New YORK City. Nat. Union Bank.... 1,200,0 1,365,4 15,109,1 3,128,0 660,6 15,726,3 Borough of Liberty 500.0 478,1 5,629,2 1,09 ,9 247,5 5,542,9 Manhattan, N. Y. Prod. Exch'ge 1,000,0 329,9 3,836,4 559,8 364,5 3,376,4 Colonial 100,0 97,8 1297,9 25,1 93,8 266,6 Bk.of N.Amsterdam 250,0 397,4 4,' 69,7 755,0 417,8 4,644,6 Colum la 1589,8 300,0 198,5 2149,0 118,0 97,0 182,0 2175,0 Astor 350,0 211,5 3,937,5 698,4 275,0 4,219,5 Eleventh Ward.... 100,0 136,7 1146,3 55,0 55,2 259,8 Hide & Leather 500,0 268,3 2,257,6 168,0 186,6 1,492,7 Fourreenth Street, 1374,3 .=)1,0 1002,6 6an»evoort 100,0 42,3 54,5 192,4 1217,0 200,0 16,7 584,0 8,5 42,7 42,5 51,1 Total 68,422.7 83.342,9 763,203.1 1527296 60,303,21829,425,7 fiaujllton 617,3 200,U 96,6 1272,4 58,0 104,9 113,2 1402,2 Home 100,0 81,7 335,1 46,9 69,2 406,2 "i.o Mount Morris 717,9 250,(A 53,6 1856,8 63,9 101,9 276,4 60,6 2300,6 Auction Sales.—By Messrs. Adrian H. MuUer & Son : Mutual 200, M 126,2 1327,0 31,1 115,0 216,2 Nineteenth Waid.. 2,7 1380,0 100,11 38,9 1086,1 28,8 123,9 236,4 35,9 1530,6 Slocks. Plaza 100,0 145,8 1950,0 62,7 75,0 422,2 10 Hanover Nat. Bank 710»fl 10 Lawyers' Title Ins. Co.. 165 Elverslde 2462,7 100,0 114,5 887,0 13,2 72,5 83,1 898,2 50 N. Y. Real Estate Assoc. 101 40 Title Guar. & Trust Co.. 375 State 100,0 175,4 2785,0 220,0 110,0 119,0 127,0 Manhattan Real Pittsburg Co. of TweLtth 3208,0 100 Estate 5,500 The Ward 200,0 86,3 1049,5 20,0 160,3 105,2 93,7 1592,3 Association 101 Pennsylvania $100 lot Twenty-third W'd. 100,0 64,6 860,8 45,0 100,7 61,5 Union Square 106,3 1063,6 135 Allegheny & Western 50 Citizens' Insurance Co.. 116 200,0 319,7 2238,4 47,3 189,8 339,3 2631,5 50 YorkvUle RR, , guaranteed 123 8 Holland Trust Co 100,0 168,1 1414,9 82,3 101,7 111,2 19,2 1468,0 Borough of 110 North Amer. Tr. Co.148-150 10 National City Bank 305 »« Brooklyn. 25 Ninth National Bank 85^3 10 Trust Co. o f Americ j 198 Bedford 150,0 124,1 1027,7 15,3 104,6 152,0 150,0 1259,4 25 Bank of America 455 Bonds. Broadway 100,0 145,2 1340,2 13,9 117,9 169,3 6 60 Western Nat. Bank 375 $6,000 N.Y.Oity & Westches- Brooklyn 1437,4 300,0 164,0 1197,3 70,8 40,3 198,6 52,1 1265.4 20 Herring-Hall-Marvin Co. ter RR. Ist 68, 1918 $20 lot Eighth Ward 100,0 39,2 347.0 11,1 20,7 43,6 7,8 Filth Avenue 307,1 pref. (trust receipts, as- $15,000 Evans. T. H. & Chic. 100,0 57,2 611,2 30,4 26,6 78,8 30,7 600,8 sessments paid) 13^ RR, income 6s, 19/0 115 Kings County 150,0 59,9 626,5 36,7 26,5 9ii,7 35,6 656,5 10 Traders' Fire Ins. Co. 1 st Manufact'rs' Nat'l. 252,0 450,7 2323,4 257,0 206,7 660,9 Co 40 $5,000 Union Water 2792,7 10 Central Trust Co. 2110 2121 coll. trust 6s, 1923. J&J. 5 Mechanics 500,0 392,2 2705,1 132,4 141,5 180,4 2695,6 & Mech's* & Traders' 100,0 201,7 853,6 17,8 49,9 94,6 4 Importers' & Traders' $10,000 Southern Light & Nassau 58,6 847,9 National.. 300,0 616,7 3790,0 141,0 210,0 615,0 21,0 4090,0 National Bank 520 Trao. Co. coll. tr. 5s, 1949. 80 National City 300,0 561,0 2389,0 96,0 230,0 334,0 81.0 2646,0 25 National Park Bank 399'^8 North Side 100,0 115,1 663,2 12,1 54,5 47,4 105,2 682,2 Pe pie's 100,0 127,7 858,4 34,9 44,2 46,4 50,7 By Messrs. Richard V. Harnett & Co. Schermerhorn 876,0 100,0 60,6 499,4 18,8 26,8 69,4 50,0 508,3 Shares, Seventeenth Ward 100,0 70,9 465,8 7,2 35,6 63,3 6,7 412.4 SpragueNational. 200,0 226,1 1067,3 106,2 5,0 214,0 8,5 969,0 240 Takamina Ferment Co., 50 Tripod Pole Co. $825 TVenty-sixth W'd. 100,0 56,8 433,5 9,2 18,0 82,0 3,1 452,7 $40 earti. ,^ $50 lot. 8 Ninth National Bank. 82 Union 100,0 55,8 283,3 8,1 16,2 33,1 18,7 209,4 Wallabout 100,0 43,8 609,9 25,2 25,1 69,6 82,7 623,0 Merchants' 100,0 17,0 395,7 3,6 25,1 63,6 383,1 Borough of Richnwnd. Bankif Staten Isl. 25,0 51,4 518,0 16,8 18,0 96,8 19,5 609,4 Se^uisA^D^STRiiTrNETFYOOBK^ l8tNat.,Staten Isl. 100,0 80,8 650,0 29,3 20,0 99,2 626,1 Other Cities. iPtNat., Jer. City. 400,0 780,6 4731,6 182,1 248,2 474,7 417,2 6133,6 FISK & ROBINSON Hud. Co. Nat., J.C. 250,0 543,5 2121,9 81,2 70,9 127,1 57,2 1792,7 2dNat., Jer. City.. 250,0 362,7 1349,4 5.5,9 31,6 172,8 1115,4 BANKERS 3d Nat., Jer. City., 200,0 220,7 907,2 31,8 63,2 89,8 66,'7 950,7 let Nat., Hobi ken. 110,0 443,9 1827,8 102,3 19,9 139,9 INVESTMENT SECURITIES. 2d 2,9 1463,9 Nat., Hob,.ken 125,0 97,4 731,0 54,3 34,4 68,1 30,1 848,9 HABTKY EDWARD FISK. GEORGE H. ROBIN80K. Member N. Y. Stock RzehaDge. Totals Mar. 10.. 7362,0 8138,8 58567,2 2569,63589,5 7914.3 Totals 1788.0 63874,6 Mar. 3.. 7362,0 8138,8 58516,1 2607.73632.5 7719,5 2072,7 Totals 63574.9 OBOROB BABOLAT MoFFAT. ALEXANDBE M. WHITB, Jb Feb. 24.. 7362,0 8131,0 59008,7 2554,3,3566,2 7600,5 2331,4 64349,7 Moffat & White New York (jity, Boston & Philadelphia Banks.— Below we furnish a summary of the weekly returns of the Clearing BANKERS, House Banks of New York City, Boston and Philadelphia Members New York Stock Exchange, Capital & No. 1 NASSAU STRBET, ... NEDT YOR&. Banks. Surplus. Loans. Specie. Legals. Deposits.^ CircTn. Clearings. INVESTMEISTT SECTJRITJES. N. Y.« $ $ $ Feb. 17.. 149.402,9 734 .419,2 1637336 65,636,7821,618,1 17,296,8 " 24.. 925,316,0 149,402,9 745 ,455,1 1626849 63,710,3826,866,6 17971,5 878,185,6 Spencer Trask & Co., Mar. 3.. 151,765,6 755, 076,1 1581779 62.942,9 8'2',t,'.U " 7,0 18,574,3 10-..07358 10.. 151,765,6 763;,203,1 1527296 60,303,2 829,425,7 noH.» 18,931,9 983,399,8 BANKERS, Feb. 24.. 57,651,9 170, 749,0 14,485,0 9,1 Sc 29 PINE STREET, .... NEW" YORK. 7,177.0 194,206,0' 5,443,0 98,623,1 Mar. 3.. 67,651,9 178, 590,0 14,038,0 7,202,0 192,937,0 " 5,456,0 122.257,7 Transact a general banking businessi act as Fiscal 10.. 57,651,9 178, 298,0 14,484,0 6,932,0 190,669,0 Phila.* 6,476,0 116,473,0 Agents for corporations, and negotiate security Feb. 24.. 35,.S45,4 139.,796,0 44,295,0 163,270,0 5,760,0 70,948,2 issues of railroads and other companies. Execute Mar. 3.. 3.j,345,4 140,1,295,0 45,491,0 164,600,0 " 6,884,0 104,'i83,l 10.. 35.345,4 142 549,0 46.825,0 166,452,0 5.978.0 commission orders and deal in • Wfomit two ciiihi ns in niltheM ngures. INVESTMENT SECURITIES- + Including for Host ou and rhllaUolphla the item "due to other banks." Members N. 7. Stock B-xchaoKO Branch Office. 67 State SU. Albany : »

March 17, 1900.] THE CHKONICLK 513

To-day's actual rates of exchange were as follows: Bank- llanluers^ @a^jetk. ers' sixty days' sterling, 4 83@4 82iiQ%.; prime commercial, sixty days, 4 81J^@ DI V IDENDS. 4 81'?<^; documentary commercial, sixty days, 4 805^@4 82}/^; grain for payment, 4 82(a4 82]^; cotton for payment, 4 80^ cotton for acceptance. 4 S\.%(&i 81%. Name of Company. Per When Books closed. @4 81; (lent. Payable (Days inclusive.) Posted rates of leading bankers follow: Railroads (Steam). March 16. Sixty days. I>em.anA. Belt RR.&Stk. Yds. Ind.,itf.(qu.) 1»9 Apr. 1 Chicago & No. West., pri. (quar.) i:«4 Apr. 6 Mar. 25 to Mar. 28 86i2a4 Chlo. R. I. & Pac. (quar.) ,. May 1 Mar. 31 to Apr. 8 Prime bankers' sterling bills on London. 4 83 '94 831s 4 87 Oleve. Cin. Chlo. & St. L., pt (qn.) ih Apr. 20 Mar. 31 to Apr. 4 I*rime commercial 4 81>«®4 81^ Manhattan (quar) 1 Apr. 2 Mar. 17 to Mar. 2,'5 Documentary commercial 4 803»'®4 8214 N. y. N. H. & Hartford (quar.).. 2 Mar. 31 Mar. 17 to Mar. 31 Paris bankers' (francs) 5 21''8®21'4* 518Va)518?i FittAb Youngs. & Ash., com 3 Mar. 24 Mar. 18 to Mar. 23 Amsterdam (guilders) bankers 39^'a39i3]e 40 '3401 18 pref .... 3ifl Mar. 24 Mar. 18 to Mar. 23 Frankfort or Bremen (reichmarks) b'kere 94 '994iie 91^®95i8i« West Va. Central & Pittsburg... 1 Mar. 14 * Less lie. Street RallMrays. Consolidated Trao. (Plttsb.) prf. 3 May 9 Holders of rec. Mar. 31 United States Bonds.—Sales of Government bonds at the Twin City Rap. Tr.. pref. (quar.) 1% Apr. 2 Mar. 28 to Apr. 1 Board include $159,100 33, coup., at 111 to 112; $2,380 Union Elevated Mar. 20 to Mar. (Chicago) 2 Mar. 26 26 ditto, small bonds, at 1113^ to lli;^; $2,500 38, reg,, at 112; United Trao.

514 THE CHRONICLE —STOCK PKICES (2 pages) Page 1. [Vol. LXX.

ITew York Stock Exchange—A Daily, Weekly and Yearly Record.

STOOKS—HIQEEST A^D LOWEST 8A.LB PRICES. Sales Range for year 1900. Range for previ- STOCKS. of the On basis of loo-sh're lots ous year (1899). Saturday, Tuesday, Wednesday Thursday, Friday, Week. N. March 10. March 12. March 13. March 14 March 15. March 16. Y. STOCK EXCH. Shares Lowest. Highest Lowest. Higheat. Railroad Stocks. •16% 17 •16H 18 •16« 18 •165i 18 •16H 18 •16% 18 Ann Arbor..,.. ie%Mar 8 16%Mar 8 14 Apr 10%Oot •44 4S •44 45 •44 45 •44 45 •44 46 44>4 44% Do pref 110 41 Jan 3 47 Feb 10 86 May 48%Oct 2294 82% 83^ 83H 83« 83H 23% 83% 23% 23% 23% Atoh. Topeka ft Santa Fe 46,290 18%Jan 8 88%&lar 13 17 May 34%Feb 6fSM 66M 6656 67?t 675« e8H 6754 68M 67% t)8M 67% 67% Do pref 132,041 58%Jan 11 88%Mar IS 50%Jan 6854An« 6IM 6254 63 62M 63H 68% 63% 62% 63% 63 60% Balt.&01ilo,TOt.tr.certf«. 89,897 6 5%Jan 8 64%Feb 14 4S%J'ne ei%Apr: 78 78?4 7854 78% 78 78% 78% x7e% 76% 75% 76% Do pref 14,754 73%Jan 9 80%Feb 80 67%J'ne 86%NoT 2Z« 6S% 6S 126,025 e6M «TM 69H 69 •70% 6754 6954 67% 69% Brooklyn Rapid Transit. . 6454 Feb 88 77 Jan 81 61 Dec 137 Apr 57 •66 68 •65 68 67% 58 60 60 60% 61 Baffalo Booh. & Pittsburg 960 52 Feb 97 61 Mar lb SO%Mar 50 Not •96H 100 •965i 100 98 98 iooh 10054 •100 100% Do pref. 200 92 Jan 18 100%Mar 14 69 May 108 Deo *94M 95H leSM 95M •95 96 •95 9554 94% 95% 94% 95% Canadian Paoiflo ...... SO 90%Jan 4 99%Feb 18 84%Mar 08%Ma7 •4854 *956 •485< iOM •49 49% 48 49 anada Soattaem 47%Feb 37 50%Jan 5 46%Dec 70 Jan •9S 98 i955« 95H •96 98 •96 98 97% 99 Capital Traction 16 91% Feb 26 93 Feb 88 86 Feb 94 Not 115 115 1,159 116V< 116i< 116% 116% 116 116M 115% 11654 115 115 Central of New Jersey. . . 115 Jan 6 119%Jan 2 07 Jan ia6%N0T 2SH 28H 28H 28?g 2SH 28H 88% 2854 28% 28% 88 28% Chesapeake St Ohio 4,235 28 Mar 8 31%Jan S 83%May Sl%Deo 126% 127 . 97,640 IS3 128^ 123% 1265^ 12454 12554 124% 126 125% 127% Chicago Burl. & Qnlnoy . 11 9%Jan 10 127%Mar 16 114%Dec 140%F«b • 37 • 37 37 37 ' 37 ...... 37 Chicago Consol. Traction. 87%Jan 2 39%Jan 15 85 Deo eSKApT 95 97 "ibo •84M 96% •98 97 96 96% 96 96% 95% 96 Chicago * Bast. Illinois. . 88 Jan 31 965iM!{r 18 59%Jan I00%8ep •120« 122 •120 12a 131 181 '118% 121 •120 121 119% 121 Do pref. 100 120 Jan 17 124 Jan 5 11 2%Jan 133%S«p 13% 13% 1,880 13Ji 13?6 135< 1354 13% 18% 13% 13% 13% Ohicago Great Western. . ll%Jan 11 14%Feb e lO%Deo 80%Jan 18M •86% 87 100 •84Jt 89- 86% 86% •84% 87 84% 87 •84% 87 Do 4 P.O. debentures 85 Jan 12 89 Feb 1 82 Dec 108%An« •75 77 76 77 75 7654 75% 75% •75 76% •75 76% Do 6 P.O. pref. "A".. 186 73 Jan 11 77%Jan 81 50%Jan 86%An« •37% 100 •37% 391^ *37M 3954 37% 3954 39% 39% 37% 39% 3»% Do 4 P.O. pref. "B".. 89%Jan 6 4l%Jan 31. 88 J'ne «4$48ep 23 82 2154 21% 215* 80% 8lH 21^ 81% Chio. Indlanap. Lonlsr. 4,130 14 Jan 15 22%Feb 27 7%Jan 10 Not aiH 21M 21% A 2" •61 54 •64 66 5354 53H •58 66 64 54 54 64 Do pref. 562 4 5%Jan 24 56 Feb 81 Jan 53% Not 120% laiji 121% 124 123% 124 123 183% 122% 124 122% 133% Ohioago MUw. & St. Paul. 84,899 11 5%Jan 10 125%Feb 118 Dec 136%Sep •172 173 I173H 173H 173 173 173% 173M H72% 172% 173% 173% Do pref. 551 169%Jan 18 173%Jan 165 Dec 179 Sep ie2>4 160 160 161 162 162 16894 •161 163 160 161% 160 Ohioago St North Western. 8,806 168 Jan 13 164%Jan 141%Jan 173 Sep •193 108H •195 199 195 199 •195 199 195 199 195 199 Do pref. 198 Jan 4 199%Feb 188 Jan 210%Sep lOm 107i4 lu756 10851 108 108% 108 1C8% 108% 109 108% 108% Chicago Book Isl. & Pao. 16,973 104%Jan 9 lll%Feb 100 Dec lS3%Jan •106 113 106 113 106 113 107% 112 •107% 112 •107 112 Ohio. St. P. Minn. St Om.. 116%Feb 2' 123%Jan 81 91 Feb 136%Sep •160 180 160 180 •180 175 160 175 160 175 •160 175 Do pref 173 Feb 8 175 nar 3 170 Jan 186 Sep •10 11 •10 1154 1054 1054 in% 11% •10 1154 10% 10% Ohio. Terminal Transfer., l,38t 9 Jan 9 13%Feb IC 7%Jan 85%Mar 33 •82>i 34 {3354 33H 33 33% 32 34 iSS S3 3^% Do pref. 670 32 Jan 16 39 Feb 7 81%Deo 5e%Mar •39 59% . 1,736 59H t9?« 58 J6 59% 5954 69% 69% 59% 59% 59% Clev. Oin. Chio. & St L. . 58%Feb 26 65 Jan 5 42%Jan 64%Nor •103 1P7 103 10« •103 106 •103 106 J106% 106% •103 106 Do pref. 10 104 Mar 6 10 9%Jan 6 94 May 108 Dee •18 •18 23 18 23 •18 33 •18 80 18 18 22 CleT. Lorain St Wheeling. 100 14%Jan 10 22%Feb 20 9 J'ly 16%Jan 67 67 •56 6»56 56 6954 56 595« 56 59% •58 69% Do pref 100 46 Jan 2 60 Feb 1^ 37%J'ne 4e%Deo 11 2,675 •»M 10^ •wH 1054 1054 lu% 1054 10% 10% 1 10% Colorado Mid., rot. tr. otf s. 9 Jan 4 11 Marie 6 Oct ll%Dea »7 27 27 27 2754 27% •27 28 •27% 28 87% 28 Do pref. TOt. tr. otf». 1,668 21 Jan 5 28 Mar 16 15%J*ly 87 Sep •6 654 6 65i 654 6% 6% 654 6% 6% 6% 6% Col. & Son., listed May 24 8,830 5%Jan 29 6%Mar 1 6 4%8ep 8%Jan 44 44 780 •42H 44 439< 445i 43 44 43% 43% 43% 44 Do Ist pref. do 89 Jan 8 44%Jan 24 85 Deo 68%Mar 17 16% 17 1754 17% 17% 17% 17 17% 17% 18 Do 2d pref. do 1,730 14%Jaa 6 18 Mar 16 13% Dec 25 Mar •16M •114 116 582 1114 114 llB»ill5% 116% 116% 115% 1155< 114% 114% Delaware St Hudson . 118 Jan 8 119 Jan 8 106%Jan 185%Apr 177 •l«0 181 180 181 180 182 180 1815^ 180 181 176% el. Lack. St Western. . 1,100 174 Jan 11 188 Feb 20 157 Jan 194%Oot •19% 80 eon < 8 26%Apr xe« 19H 19% 19% 20 20 19% 80 19% 19% Denver St Bio Grande. . 16%Jan 10 20% Feb 15%Deo 171 71H 7156 71% 71% 71% §71% 71% 71 73 •71H 72 Do pref 2,180 66%Jan 10 73%Feb 68 Deo 80 Apr •14 16 •14 1554 14 16% •1454 15>» 14% 15% •14% 15% Des Moines St Ft. Dodge. 13%Jan 15 16%Feb 12%DtiC 38%Jan ISO 6M 6 6 S6 6% •5% 6 8% 5% •&>4 5% Dul. 80. Shore & Atl 4%Jau 12 e%Mar 3 Apr 8 Not •15« J6H •15% 1654 1554 1954 •15% 16 15% 16 •15% 16 Do pref. 13 Jan 19 17%Mar 7%Jan 17%N0T lvi9< 1254 12% •1354 18% 12% 12% 12% 18 18% 12% Erie. 1,660 ll%Jan 9 18%Feb 10 Dec 16%Jan 37 8754 37% 37% 3754 3754 37% 37% 87% 37% 37% 87% Do Ist pref. 8,793 31%Jan fi 3854Feb 27 27%Dec 48 Jan •18« 20 •1856 1954 19 19% 19% 19% 19>4 19h Do 2d pref. 600 15%Jan 10 20%Feb 9 15%D6C 32%Jan 5,634 •48 489t 48% 4954 49T4 81% 61% 51% 63 54% 61 51% BvansT. St Terre Haute . 40%Jan 5 64%&lar 16 36 Mar 4e%NoT •91« 94 •9154 94 9154 94 •91% 94 91% 94 •91% 94 Do pref. 90 Jan 24 94 Mar 1 70 Jan 98%Sep «1856 1254 FUW. St Den. C, stamped 18 15 Jan 29 15 Jan 89 14 Aug 25 Jan t. Worth & Rio Grande. 14 Feb 30 Mar i',b'84 195 115854 168>4 168 168 158% 158% '167% 158% 157 167 167% 157% Great Northern, pref. . . 166 Feb 26 174%Jan 8 148%Jan Mar r'nB.4W.,deb ofs. "A" 53%Mar 7 57 Jan 19 49%Jan ei%Jan " 6 e" 6 7% 6% 6% Deb. ctfs. "B" 302 6 Mar 10 7%Jan 22 5 May 9%0ct 32 82 3254 33 30 38% 33 83% 131% 3l9i •31 83 TTooklng Valley. 2,459 30%Jan 10 34%Feb 19 83 J'ly 87%Sep 825<; 6214 63% 63 68% 63^ 63% 63 163% 63% 62% 62% Do pref. 1,821 58 Jan 8 64%Feb as 63%Dec 66%Sep •113 113 175 11 25 183 Jan 1113% 113% • 11354 113% •113 118% §113 113 118H 113% Illinois Central. 110%Jan 9 4%Jan 106%Dee 2.80U Aug 13% 13% 14 1*% 14 14% 13% 13% 14 14% 14 Iowa< Central., ll%Jan 12 14%Feb 17" 10%Mar 16% •48 49 48% 49% 49% 495t •49 60 149 60% 49 50 Do pref. 485 47%Mar S 55%Feb 40 Dec 62%Au«r •13 14 1354 13% 13 14 •18 14 18 13% Kanawha & Michigan 200 10 Jan 2 ld%Feb 8 794Jan 16 Mar 13 12 18 18 13 12 an.O. P. 4 Gulf, tr.reo. 1,860 7%Jan 81 12%Feb 19 •1«5< 13 •1854 13 13% 12% "3 •8 4 3 4 •3 4 •3 4 •3 4 8 4 Keokuk 4 Des Moines "May" 5%Feb •15 17 •16 17 16 17 15 17 15 •15 17 Do pref. 15 Feb 16 Feb 15 Mar 33%Au» 200 34 Deo •8054 21 80% 80% '80% 20% 30% 20% •80% 80%' 80% 80% Lake Brie 4 Western. . . 20%Mar 16 27 Jan 14%J'ne •88% 84% 81% 85 85% 85% 85 86 86 88 85% 86 Do pref. 750 83%Feb 2 87 Jaa 4 60 Jan 85 Deo 194 210 194 210 •194 810 194 810 194 310 194 210 Lake Sh. 4 Miob. South. . 1107 Jan §200 Jan 6 196%Jan 208 Jan •45 53 45 63 46 65 •45 65 §50 50 45 55 Long Island...... 30 4754J an 55 Jan 30 45 Dec 86 Apr 8,190 1 88%Oot 815i 81% 81% 8254 81% 82% 81% 81% 81% 81% 61% 81% LoulsTille 4 Nashyllle. . . 77%Jan 88%Mar 63 Mar 935^ 94% 94% 95% 94% 9654 93% 94% 93% 94% z92 93 Manhattan BIeT.,oonaol. 28,473 90%Jan 16 101 Feb 14 85%Dec 133%Apr 16254 164H 16354 167 163% 167 163% 164% 163% 164% 160% 163% etropolltan Street 49,795 159%Jan 15 182 Feb 13 147 Dec 269 Mar 89 29 29 30 29 29 28% 2b% 38% 89 39 30 Met. West Side Bl. (Chio.) 1,014 24%Jan 29 Feb 16 18%Aug 39%NoT 90 14 83 Not 176 Ti •7654 78% •77 --.O §78% 78% »78% 78% 77 78% Do pref. 76 Feb 27 82%Feb 44%May 11% 11% 12 1254 18% 12J< 12% 12% 13% 18% 12% 14H Mexican Central. , 80,750 10%Jan 8 1454Jyiar 18 6 Jan 17%Apr •8% 3% 3% 3% 4 14% 4% 4% 4% 4% 4% Mexican Nat'l tr. roots.. 9,t)65 3%Jan 4%Mar 1 1 Jan 6%Sep •108 106 106 106 106 106 Michigan Central 1104 Jan 5112 Feb 8 110 Oct 116 Jan "62% 78 61 615t 61% 61% 61 61 61 61 63% "63% 68% Minneapolis 4 St. Louis. 910 58 Jan 65%Feb 6 35%Jan Aug •eov< 925< 192% 93 92 93 92% 98% 93 94 93% 93?s Do 8d pref 610 90%Jan 96 Feb 8 73%Jan 99%NoT 16% 20 •16% 20 17 17 16 23 19 19 18 18 Minn. St. P. 4 S. S. Marie. 500 15 Jan 19 Maris 8%Jan S7%Mar 6354 39 5354 83% 63 59 52% 59 32% 59 52% 69 Do pref. 160 50 F.b 55%lUr 1 89 Feb 78 Mar 10 11 10% 11 •10% 11 •10% 11 •10% 11 10 11 Mo. Kaiuas 4 Texas 10 Jan 10%Mar 1 9%Deo 14%Jan 3354 38% 33% 33% 38% 32% 32% 83% 32% 33 Do pref. 1,500 31%Jan 34%Feb 6 88%Dec 46%Aug 835i 33% 68%Apr 485i 46% 45% 48% 46% 46% 44% 46 44% 46% 44% 45% Missouri Paoiflo 61,040 38%Jan 47%Feb 14 83 Dec 4454 46 44 45 44% 44% 44 44 44 45 44 46 Mobile4 Ohio 300 39 Jan 47 Feb 8 33 Jan 68 Aug '184% 184% 187% •184% 187% 186 188 188 Morris4 Bssex BOO 5183%Janl» 188 Mar 15 176 Jan 1187 Not 18454 18754 187% 144NMar 188% 134 131 13454 134 135 134% 135 134 134% 184 134% NT. Central 4 Hudson.. 14,765 130% Feb 26 138 Jan 5 130 Dec •12 13 •13 13% •12% 13% 12 12 •11% 18 18 18 T.Ohio. 4 St. Louis... 150 12 Marl* 13% Feb 7 ll%Deo 10%Jan •70 79 70 79 •7 2 79 70 79 •70 79 70 79 Do 1st pref. 70 Feb 13 85 Jan 81 66 Mar 86 Oct •30 38 83 S3 82% 88% 82% 89 32 86 83 85 Do 8d pref. 300 82 Jan 2 86 Feb 7 80 Dec 41 Jan NewTork4 Harlem 1360 Jan 1390 Mar 1188 136 132 135 •183 186 «188% 132% '132% 135 184 ... N T. Lack. 4 Western,... 20 1130 Jan 18 1185 Mar 10 139%Jan il88%Mh •SIS 816 819 316 212 216 312 816 '212 216 210 814 N. T. New Hayen 4 Hart 80 i212%Jan2U i215%Jan 8 1193 Jan 1823 Apr 83% 83% 23% 24 23% 84 83% 83% 33 33% 28% 88 N. T. Ontario 4 Western. 0,532 20%Jan 6 25%Feb 7 18%Jan 38%Mar Norfolk 4 Boathem....,r. 70 May 88%NoT 81% 39 32% 32% 82% 83 38% 82% 32% 32% 83% 32% Norfolk 4 Western...... 19,894 22%Jan 10 3S%Feb S6 17%Mar 38%Aaff 176 75% 75% 76% 76% 76% 76% 76% 76 76 78 78 Do pref. 14,888 67 Jan 8 76%Mar 13 61%Jan 74%Au« 63 52% 63% 52% 53% 63% 53 Nor. Pao. By., TOt. tr. otfs. 18,196 50%Jan 11 64%Jan 2 48%Jan 57%Auff 52% 62% 62% 63% 53% 81%Jan 74% 7454 74 74% 74% 74% 73% 74 74 7451 74 74% Do pref. 8,961 72%Jan 8 76%Feb 6 68 Dec Or.BB.4N.Co.TOt.tr.ofs. 83 J'ne 68 Jaa Do pref., vot. tr. ctfs. 68%J*ne 77NSep 04 160 60 U9% 49% 551% 61% •50 61% •50 61% 60 60 Paoiflo Coast Co. 195 49%Mar 1 63 Jan 2 38 May Not •83 88 {84 86 83 88 185 85 •80 88 85 85 Do Ist pref.... 173 84%Mar 9 87%Jan 4 84%Apr 90 Fob •60 66 •60 65 •80 65 60 66 60 85 •60 65 Do 2d pref 64%Jan 19 66%Jan 2 68%J'ly esMNoT 14 Jan 148 Jaa 184 184% 134% 133% 184% 135% 134% 135% 134% 136% 134% 135 Pennsylvania • 36,467 128%Jan 12 136%Fcb 183% 1183% 133% Do sub. rtcts full paid. 100 l27%Jan 23 133%Feb 14 2%Deo 3 Deo "5*1% '"{% •1% 3 3 a 2 2 8 2% 8 2% Peoria Decatur & Eransr. 690 l%Feb 37 85iJan 2 1 Jan 7%N0T 163 68 69% 70 •88 70 82 70 68 69% 66 70 PltUb. Cln. Ohio. 4 St. L. 290 65 Jan 30 80%Jan 2 43 May 88 Jaa 88 83 •81 82 82 82 81 81 81 81% 81 81 Do pref. ?,730 81 Mar 9 94 Jan 8 80 Feb 100 Abs 17% 17% 17 17% 17% 17% 17% 18 17% 17% 117% 17% T> eadlng, voting tr. ctfs. 3,610 17 Mar 12 19%Feb 21 15%Deo 36 Jan 57% 58 58 58% 68% 58% 57% 58% 66% 58% 58% 57 IV 1st pref., vot. tr ctfs. 18,635 49 Jan 9 60 Feb 24 42%Deo 68%Apr S»% 39% 29% 29% 89% 29% 48% 39% 28% 29% 2-5^ 28% 2d pref.. voting tr ctfs. 1,697| 26 Jan 9 30%Feb 96 22%Deo 38%Ma

• Bid and asked prtoos 1 no sales were made on this day. Less than 100 shares. OUTSIDE SECURITIES (Given at foot of 7 oonsboutivb FAGm).^8TBSST RAILWATS, Jc. Ask. Street Railways. Bid. Ask. Street Kallwaya. Bid. Ask. 8treet Rallware. Bid. Ask. !4treet Hallways. Bid. '43.. {1U9 Ill Stock . . 199 201 Westohest lit Ss J&J NHW yOKK CITT. Chrl»t'p'r4 10th 8t-8tock 180 190 fSeoond Avenue— 1909. «i07 108 BROOKLTN. St Fnl Stock 86 40 ColA 9th Ave 5g-S«« Stock Bzoh 1 ist. Ist mort 58 .M4N •iMok 4 F— 100 Istmort 4i 1950... J4J 100 100% Dry D H B 4 Bat— Stock. 115 135 Consol. 5b, 1948.. .F4A 1115% 117 Atlan. Ave., lit 5s..A40 J107 B'way 4 7th Ave—Stock. 330 840 iBt gold 58 1932... J4D 1113 115 Avenue— Stock 805 810 Con 58 g 1931 A40 113 116 Sixth 99 101 Istmor 5b 1904... J&D §103 104 Scrip 58 1915 FAA 95 97 Sou Boulev 58 1948.. J4J *108 110 ImptSsg 1934 J4J 5b 1933. SlOO 103 Idmor 6s 1914.... .14.1 109% HI Bighth Avenue—Stock... 800 400 So Fer Ist 6s 1919.. A40 noo 108 B. B. 4W.B. A40 list. Brooklyn City—Stock.... 934 386 1943— Stock Kzcb I Ist. Scrip 68 1914 Avenue— t Pk N 4 B RIv—Stock 198 Lex Av& Pav F 58-Sm Stk Bxch 1 IBt- Deb Si 1906 J4J IM.Ceni Qr.*B'kvnlBt68 {Ill 118 Oonsol7s 1008 J4D 106% 107% Ninth Avenue— atook 198 806 Union Ry 1 st 5s '48.F4A 114 116 . .,.....

Mae. 17, 1900.] THE CHRONICLE.-STOOK PKICES (2 pages) Page 2. 516

BTOOKS—HIQHEST AND LOWEST SALE PRIOES. Sales Range for year 1900. Range for pre- STOCKS. of the On basisof loo-sh're lots vious year (1899) Tuesday, Wednesday Thursday, Friday, Week March, 10, March 12. March 13. March 14. March 15. March 16. N. Y. STOCK EXCH. Sharet Lowest. Highest, Lowest. Highest.

•63 66 •53 64 •52 •63% 60 •68% 60 •53% Rto arande Weiteru ..... 43%Jan 27 60 Mar 8 25%Jan 44 Not *90 02 191% 91% 91% 91 >4 •90 9114 90 90 •89 92 Do pref. 870 80 Jau 16 92 Mar 8 66 Jan 90%NOT •6 V,^ •6 « 6 6 6 III. vot.tr. ots. 1,400 6 Jan 2i 6« 6H 69i .*A A^ Ct.J.&a. 6%Jan 4 394J'ne 7% Deo 44 44 •40 45 •40 46 •43 45 •40 43 •41 43 >^ Do lit pref. 200 43 Mtir e 49%Jan 2 38%May 56 Jan •16 16 •16 16 •16 16 •15 16 •15 16 •15 16 Do 8d pref. 15 Feb 20 16% Feb 5 9 J'ne 18 Oct I0?i \0% •10 11 10% 10% •10 11 8t. L. 8. Fr., TOt. tr. otf«. 410 9 Jau 24 11 Jan 81 8%Dec 1"^ i"5< .*i2 ^°^ & 14%Feb •68 70 !69% 6914 •68 70 169% 69% •68 70 •68 70 Do Ist pref. 55 68 Jan 25 70 Jan 3 64 May 76%Jan »4 34 34 S41i •34 3494 34 34 •34 85 •34 35 Do 3d pref. 550 32%Jan 5 3 7 Feb t 28%Dec 44%Jan 1196 11?^ 11% 1194 U% 11% 11 11% §11% li% *l09i 11% St. Loals Sonthweitem. . 1,130 9%Jaa 9 1294 Feb 21 694 Jau 18%Aug 38% 29M 29% 30% 29% 30 89% 29H 89% 2»% 29 29% Uo pref. 6,030 23%Jan 10 31%Keo 21 17 Jan 40%Aug •50 64 •50 54 •50 64 St. Paul h Oalntb 50%Jan 11 56 Jan 3 36 Jan 73%Aug •100 •100 10014 •100 100% io6% loi" 100 101% 101% Do pref. 834 (10 Mar 1 lO-.liMar 16 98%Jan 106 Jan 87« 87»i 37% 8894 8794 85% 38% 381* 37% 38% 379i 88 Southern Paolflo Co 35,490 35%Jan 8 40%Feb 6 37 May 44%N0T 13% 1814 13% 13 13% 13 13% ctf«.. 10,930 11 Jan 8 1 10 14%Oct 13M 18J4 13% \l \l^ Southern, roting tr. 14%MHr May 67ft« 58 68% 68% 58% 58% ?r^ ?2^ 5794 5814 58 58 Do pref., TOt. tr. otf» 15,768 51%Jan 8 59%Feb 28 40%Jan 68%N0T ifl!.i leji 169^ 17% ie9i 1«% 16% 16% 16% 16H n69i 1694 '"Pexai* Paolflo , 11,885 14%Jan 10 17i4iieo 14 la^Dec 25%Mar 56 66 59 823,045 11 242 65>i 67}< 56% 68% 56% 6914 70>4 ,IV^ 2"^ 1 hlrdATenneJN. T.).. 45%Mar i 135%Jan 3 794 Deo Feb •80 35 •30 36 •20 25 30 25 80 25 •30 25 Toledo & Ohio Central .... 30 Jan 29 Apr •40 60 •40 60 •40 50 40 46 40 45 •40 45 Do pref. 35 Jan 45 Deo •62 •63 6494 Twin City Rapid Transit...... 61 Mar 1 68%Jan 24 38 Jan 73 Apr n389< 13894 i'38% 139 Do pref 237 136 Jan 2 139 Jan 31 118 Jan 141 Feb 4ei< 4&^ 49% 49*1 49% 49% 49 4994 49 49% 49 4914 1 Tnlon Paolflo Ry 53,697 44%Jan 10 6l%FeD 14 38%J'ne 51%Deo 73% 74 74 74% 74% 74H 74% 74% 74% 74% 74% 7494 v^ Do ...pref. 10,016 73%Mar 2 77%Feb 7 66l4Deo 84%Jan •aw 7 •6% 7 §6% 614 «% 7 •6% 7 6% 6% VllT' abash 370 6l4Mar 1« 794Jan 2 H%Dec 8%Jan 80 30 20 309^ 20% 80% 30 20 20 20% •80 20H VV Do pref. 1,400 1994Jan 10 219iJ,n 2 19 May 25%Apr 10 10% 10 10 10 10 8,73: 1 10?^ 10% 1054 Wheeling . . ' 13 Aug 10« i2 i°^ & L. H., new 9HJan 11 % Feb 7 7% Dec •63 64 63% 54 68 63 163% 53% 62 62% 52 62 Do let pref. 833 52 Jan 2 55%F.b 21 45 Dec 64 Jan 2flM 27 27 27% 27% 37S4 37 87 26% 26% Do 3d pref. 2,160 26 Jan 2& 29;^Jan 3 31%Dec 82%Sep 17 17 •16.?! VJ^ 17)J 17M 17% 17% 17% 17% 17 17 17 Wlsoon. Central, new 1,600 17 Jan 11 20 1.4 Jan 3 13%May 21 Nov •49 50 •48 •48 50 • ••*• ' 499i SO 50 50 60 Do pref. 1,300 47%Feb 2 53%Feb 7 45 Dec 59 Aug iTltdceJlan's Stocks. •114 116 1114% 114% §116% 11594 1116 116 •115 116 •114 116 A dami Hzpreis 301 111 Jan 2 §117 Feb 20 J 108 Jan 1119 Feb 14« 14« 14% 1694 1694 16% 16% 16 15% 16% 16 16% American Car & Foundry 9,819 1216Jan 15 18 Feb 7 10% Dec ai%Mar eiiVi 63H 62% 63 63 64 64 64 64 611, 6144 65 Do pref. 4,505 59 Jan 30 68 Feb 6 51 Dec 68%Sep •32X 83H 33% 83% •33% 3394 •33% 34 33% 33% 33% 331i American Cotton Oil 1,03C 31 Jan 17 35%Feb 7 30 Dec 46 Not •«3« •93% •93% 96 •93% 95 •W3% ..... •93% 95 Do pref 90 Jan 8 M4%Jan 23 88l4Jan 97%Oct •26 31 •afi 31 •25 31 25 81 •25 31 •as 81 American District Tel .... 24%Jan 4 33%Jan 22 30 Oct 52%Mar tl43 146 *U3 148 •148 147 il45 148 •145 149 8148 150 American BxnreBi...... 73( U42 Mar e I'O Marie 133 J'ne S160%An 44K 44% 44% 47% 46% 47 47 48 479< 48 American Ice 10,191 33%Jan 10 48 Mar IR 31 Dec 41%Sep •74K 76 7»«4 74114 176 75 76 76 74% 71% Do pref. 86t 72i4Jan 5 78%Feb 3 7294 Dec 85 Sep 13H 13% 129i 13% 12% 18% 12% 13% 13% 13% 18 13lt American Linseed 2,17f 11 Mar 7 16l4Feb 6 894 J'ne 16%NoT •56 6714 •66 57 66 57 156 66 67 67% 5694 8694 Do pref 1,207 52J^Jan .11 60 Feb 5 44%J'ne 61 Deo 5« 5% 614 6% 5% 6 5 •6 514 •5 514 American Malting 3%Mar 2 79iJan 2 Dec 37%Jan 5li , P.' 6% 341i 3414 •34 85 34% 26 24% 21% 24% 24% 23% 2414 Do pref 1,21c 23 Mar 1 SlHJan 2 34 Dec 87%Jan •38M 89 39 80% 89% 39% 39 39 39 39 3b9i 3-^ Amer.Smeltlng & Reflnlng 4,154 35%Jan 2 4-.%Feb e 3' Deo 59 Apr 901^ 91 91 919t 91% 9114 91% 91% 91% 9114 11^ 11^ Do pref. 3.99i» 86 Jan 2 92 Feb 5 77%Dec 94%Apr 321^ 33H 33 86% 35% 3794 .15^ 2"^ 83% 35% 83% 36 American Steel Hoop 17,76 32 Mar 6 50l4Feb 6 24 May 4b%NoT 79H 79% 80 80 80 83 S80 80 •80 81 80% 80% Do pref 3^0 79 Mar 1 86 Feb t 70 May 8 894 Sep 64X 56?4 55% 57% 66 67 66% 66% 65% 56% 6594 56*s Amer. Steel & Wire (new) 40,566 45%Jan 15 5994 Feb 15 32 Dec 73 Mar 91 91 91% 93 91% 92 9194 91% 91% 91% 91% 91% Do pref 2.3VC 89 Jan 15 95 Feb 1 84 Dec 10694Mar 98 lOOli 100 106% 10294 106% 10094 104 99% 103% 100% 108% American Sugar Refining 365,080 95%Mar » 137l)|Jan 4 114%Dec 182 Mar J109 110% •108% 112 •108 112 Do pref lot 1 07 Mar -J 115 Jan 10 110 Jan 123 Mar •93 95 • 95 •91 95 •91 95 91 91 * 9i American Teleg. & Cable. IOC 91 Maris §98KJan 13 194 Dec 105 Apr

32 33% 32% 33% 33 33 33 83% 83% 3314 American Tin Plate 6.86C 27%Jan 29 36% 1 eb 7 20 Dec 6294Apr •80 83 •81% 82 •80 82 •81% 88 83 88 •80 83 Do pref 100 «0%Jau 12 84 Feb 16 74 Dec 99% Feb 104 104H 101 106% 105% 106% 105 10091 104% 106% 1049i 106 American Tobacco 66,880 94%J an 12 lU%Feb 14 t78%Deo 229%Apr •136 140 Do pref 136V4Feb 2 140 Feo 16 121 Deo 150 Mar 46M 4714 48 49 48% 49% 47% 48% 46% 47 "45%"46ii Anaconda Copper 12,696 38 Jan 8 49%w.r 13 81%Dec 70 Apr fl441i 144H 144 145 144 148 •141 148 144% 144% 144 146 Orooklyn Union Gas 1,150 140 Jan 2 1 5 Feb 2 130 Dec 160 Mar 9\i 994 9% 99i 9% 9% .... 9 9% •9 994 iJrunsw. Dook&C.Imp't 8,011, M»r 15 16%Jan 25 9%May 20%Aug

n\i 8 •1% 8 •1% 8 •IM 2 •1% 2 •1% a polorado Coal A I. Dev't , l%Feb 26 l%Feb 84 l%Jan 5%Apr 144 431i 43 43% 44% 48% 4494 44 44% 41% 43 43H V>'olorado Fuel A Iron. . . 4,570 40<4Feb 5 95%Jan 132 Not *1841i62^ 1259i 58 52% 62^ 163 53% 52 6294 5114 6194 51 62% Glucose Sugar Refining. . 950 47 Jan 2 SS'.tFeb 5 37 Dec 7694Mar •98K 99 189% 9914 98 98% 98% 98% 19794 96% •98 99 Do pref. 336 98 Jan 2 101%Feb 1 95 I^JJC 110 Jan •lie 113 •110 113 111%111% •110% 113 •U<'>* 113 •110% 113 H.B.ClafilnCo 100 110 Mar 9 11 514Jan H <»7 Jan 117%J'ly 17K 18 18% 20 18% 19% 189i 189< 18% 19 18% 18% 1 ntematlonal Paper 3,186 i4%Mar 6 25%Jan 3 17 Dec 68%Jan 63 63% 63 63% 63 6894 6S% 6414 X62,, 6214 61% 61% I Do ./rei 2,005 58 Mar 6 70HFeb- 6 63%Dec 95 Jau: •714 9 •7% 9 •7% 9 *6% 9 •7% 9 •7 9 iDternatlODai buyer 8 Feb 26 10%Jan 26 9 Dec 36 Feb •83 83 •S3 38 33 38 •33 38 33 3i •33 88 limckerDocker Ice (Chic.) 30 Jan 2 40 Feb 13 30 Dec 6 3% Feb •55 «6 •80 70 • ...,, 70 60 70 • 70 • ..... 70 i»o pref. 66 Feb t 66 Feb 8 70 Not 84 Feb 74 75 •70 75 75 75 74 76 75% 78 J76 76 1 aolede Gas (St. Louis). 600 73 Feo 7 80 Jan 5 51 Mar 85 Deo • 100 98 9S •95 100 • 101 '....„ 101 • ... 101 L( Do pref. 130 96 Jan 1.1 100 Jan 4 95%J'!y l02%May •7 8 8 9 10% 109< 12 12 •18 16 •13 14 Manhattan Beach Co 661 6^Jan 30 12 Mar 14 5 Jan 39 Apr 136% 35% 38% 36% 53B94 3694 35% 369i 3594 36 3J% 3514 IVTatlonal Biscuit 88C 35 Jan 9 40l4Feb 7 31 Dec 62 Jan •90 92% ...... 92 193 9i • 9194 91 91 i^ Do pref 120 90%Jan 2 W Feb 7 89 Dec l07%Jan 88 3394 i3% 84% 24% 84% 28% 8454 24 24 34 24 National Lead. .,.,,, 3,245 21 fc«b 2'. 28%Feb 5 32%Dec 40%Jan •104 105 104% 104% 104% 104% 104>, lOlH 104 105 104 104 Do pref 911 103%Mar f lOe^^Feb 20 103%Deo ll5 Jan Nat. Linseed Oil, tr. certfs 3%Jan 10 3i4Jan 10 2 J'ly 8%Jan '••••• .t***) National Starch 4%Mar 9 Oct Do 1st pref 43 Apr 70 Oct Do 3d pref 13 Mar 25 Oct 42^ 4S "43% "45% "4i9i"46' 44% "ii" 4496 "46 44%"45i4 National Steel 10,510 40 Jan 26 53l4Feb 6 3194 Dec 63 Apr •84 98 95% 90 95 96 •95% 97 97 97 x96% 95% Do pref. 2,46o 92 Jan 22 97 Feb 6 85 May 99%Ang * 62% 5-29i 51% 52% National Tube Co 3,06i 5l%Mar 16 5294Mar 16 91 93% 91% 9.94 Do pref. 360 91%Mar 16 9194Mar 16 •86 40 •35% 40 •35 40% 35 40% 35 41^ •35 41 NewOent.Coal (new stock) 36 Oct 42 Jan 187 127 127% 187% 128 188% •125 13u 125 125 •100 128 N. Y. Air Brake 7V6 120 Feb 87 138 Jan 2 110 Dec 230 J'ly 15 16 1 15 15 15% 15 15 14% 15% 16 15% North American Co 2,790 13%Jan 23 15%Jau 4 6%Jan 17%NoT •8% 9 8% 8% •8% 9 8% 9 •8% 9 •8% W Ontario Silver 100 794Jan 4 fi Feb 2 6 Mar 10%Apr •87 37% 88% 38% 37% 38% 37% 379i 37 37% 85% 37 paolflo Mall 7,63J 85%Feb It 47%Jan 2 35 Dec 65 Jan »8« »5% 95% 989i 9e94 989< 96% 98 ee% 98% 96 9794 r eop'rsGas-L.&C.(Chlc.) 124,085 92 Mar fi l09%Feb 6 90%Dec 129%Apr •58 55 53% 53% (5394 6394 153% 53% 153% 53% 5194 5294 Pressed Steel Car 480 48 Mar 6 58j4Jan 17 4494J'ne 61 Aug 86 85 S88 86 85% 86 •84% 85% •84% 8314 •81% 8514 Do pref. 410 85 Ma.- 2 88l4Jan 17 75 Dee 91 Sep 188% 183% 1889i 184 184% 185 •183 185 185 185 il84 185 Pullman Company 970 183 Mar V 189%Jan 19 156 Jan 3 0794 Oct

21% 32% 22 2i 2194 epubllc Iron St Steel. . 4,«80 Jan 15 2 6 Dec 33%Sep .2i^ fi'* 22% 21% 81% 23 i\H r> 19% 7HFeb 16% •67 fi7lt 679i 6794 679!i 68 67% 88 x«6 6614 66% 66% ri Do pref. 1,400 6494Jan 18 70?4Feb 6 60%Dec 79 Aug •60% 61% 60% 6114 60% 6114 •60% 6114 •80% 61% 60>4 61% Cllver Bullion CertUs..,. 300,000 5!>%Jan 16 60%Mar 8 68%Dec 65 Apr J «!* 7 7% 7 7 7 7 7 7 48(4 ei4 Otandard Rope A Twine. 1,430 4% War 6 10%Jan 3 6%8ep 16%NoT 98 93 92 95% 94 96 92 9491 93% 93% b2% 93h ^Penn. Coal Iron St BR . . 14,968 7994Jan 11 lot Feb 2 36 Jan 126 Sep J- Do pref. §155 Jan 5 §160 Feb 2 111 Jan 160 Aug '26% "20% •36" '26% 90% '20% "506 -1 HS!* IV^ 20% 20% "id\i I2d% 1 Tnion Bag St Paper 20>iMar 1 25 Feb 1714DBC 45 Mar 73% 74 •73 74% 74 74 74 74 173 74% 74 74 yj 'Do pref. 870 73%Jan t 7794 Feb 21 71 Doc 89 Mar 146 46 145 46 •44 47 •45 47 146 47 45 48 United States Bxpress.... 161 §45 Marl. S4i) Jan 22 {45 Dec 60 Jan l\^ iA« 11% 12% 13% 13 119i 12% 12 12% 11% 12 U lilted !:4tates Leather .... 87,431 10%M4 72% 72% 729< 72?« 71% 71% 71 71 Do pref. 3,646 70 Feb 28 77 Jau 3 6414 Deo 84%N0T 29 30 27% 31 25% 27% 2694 28% 28 28 Onlt«d States Rubber 4,7i»6 2.')%Mar 14 44 Jan 2 37%Dec 67 Apr 94 94 94% 91% 93 93 •93 93 §93 93 Do pref. 773 90 Feb 37 10494Jan 3 9994Dec 121 J'ly VITapner Palace Car.... §183 Jan 3 185 Jan 2 181 J'ly 5? 05 Oct •182 ii-B 123 128 •12s 128 •182 128 •12a 123 •182 128 '» ells, Fargo & Co • «•• .12^ Feb 27 S12n>*F'eb 2 130 Dec 135%Sep 82« 8314 829i 81 83% 8394 83 83 82% 83% 83% 83% Western Union Talegraph 4,905 80%Feb 27 88%Jan 5 82 Dec 98%Jan

• Bid and asked prloes; no sales on this day. i Less than 100 shares, t Bx 100 p. c. stock dlT. OUTSIDE SECURITIES (Given at foot of 7 oonskoutivb FA.Qiia).~-S2RSET RAILWAYS, &c.

-treat Rtii i w ays. Bid Ask Street Rallwaya. Bid. Ask. Street Ratl^rays. Bid. Ask. Street R.allwa7B. Bid. Ask. Island Ooney & Brooklyn. 326 OTHKK CI TIMS. Col St Ry— Con 6s.—Sm F hlla. list. North Chicago—8cook. . . 322 386 1st 5» 1903 J&J 100 108 Brldgep Tr-lst 5s '23.J&J {106 Crosst'wn— Ist 58. ,..,,. §108 no 1st 58 1906-16 J&J 104% is certfs indbtl90S.J&J 1(10 109 Buffalo Street Ry—Stock 100 • • • • • Kansas City El 6b 111 118 North Jersey St Stock. 26 88 B'kC.&New 5s'39.J4J 115 117 1st consol 58 1931. F&A «116 117 Bonds 48 S 86 87 Bonds 88 89 Or.St&New l8t58'06A&O 104 Deb 68 1932, MAN S108 110 Lake 8t (ChlclBley-Stock 9 P OT & Pawt'ck-lst5s '33 ni3% 114% g'P't & Lorlmer St. Ijt 6s. 108 Chicago City RR—Stock, 275 deb 58 1928 J&,J 85 87 loohester Ry.... 18 Kltirs Co. Hnevated.— Indianapolis StreetRy... 95 LonlsT St Ry—5 p c bonds 118 11814 Oon5s 1930., A&O §108% 108% 1st 4b 1849 88 Cleyeland City Ry 100 101 Common 73% 74 ii 5s 1933 J&D 86 £9 Nassau Bleo pref 75 80 CleTe Clty-lst 5s '09. J&J 106 iue% Preferred 118 113% 'O 'ide HI (Chic)— Stock 97% 99 6sl944 AAO 109 112 Cleveland Electric Ry 8994 90 lynn4Bos-l8t58'24.J*n 4112% 114 SyracuseRap.Tr., 58, 1946 I 94% 98 lit 4s 1948 J&J 90 2 Con 58 1913 M&S 106% 107 Mlnneap St By-5s '19.J&J i anion Trac (Chic) (Dom. 85 NewWmb'giFl l8tex.4%8 106 107 Columbus (O) St Ry. 25 New Orleans City By 2". 26 Preferred. 76% 77% 'telnwaylst6sl933. ..J&J ill4 116 Preferred 86 Preferred 100 V Bayer pays accrued Inter est. N — .

516 THE CHRONICLE.-BOND prices (5 pages) Page 1. [Vol. LXX.

BONDS Price Week'M Range BONDS. Price Week Range S5 Friday, Range or Is since Friday, Range or la since N.Y.STOCK EXCHANGE N. Y. 8TOCK Mar. 16. Last Sale. Jan. 1. EXCHANGE Mar. 16. Last Sale. Jan, 1. Wbbk Ending Mar. 16 Week Ending Mab. 16. 8 4* Bid. Ask Low. Righ. Ho. Low. High Bid. Ask. Low. High. No. Low, High AlaDamaOent. See Sou Ry. Ohio Milwauket- A St Paul— )abamaiVHcllstKtig.l928 M-N 102H Feb '00 108?4 10254 M A St P— Ist 78 $ g R D.'02 J -J I6894 169 167 Jan.*00 167 167 Albany &Su8q. SeeD&H. lBt7s £ gold RD.... 1802 J-J 16894 16» Allegh eny VaL See Penn Co. iBtCA M7b 1803 J -J 16>-94 169 167)4 Jan.'OO 169)4167)4 Am Dock A I. SeeCenofNJ. Chic Mil A St P con 7B.1905 169 Bale 168 ie» 22 169)4 1*8 1895 J-J Ann Ari or litg 4g Q-Jt 9iii Sale I 9SH 94H 79 80 94)6 Terminal gold 5s 1914 J-J Ul 114)6 Feb '00 112% 114)6 Atch T & S Fegeng 48. .1885 A-O lOlpi Sale 101 101>+ 18 873 98)6 101H Gen gold 48 series A. . . 1 888 J-J5 111 111% 1U)6 108 111)6 Registered 1885 A-O 99 Feb '00 98 88 Registered 1 889 Q-J8 105)6 Feb'98 Adjustment g4g 1885 NOTt S2fi eale 82V6 83 8*96 78)6 83H Gen gold 3)^8 series B.1989 J-JS Registered 1895 Novt 79HDec'99 Registered 1989 J-J§ Equip trser 58 1802 J -J Ag ChlcALSu Dly g 58.. 1821 J-J •11F94 1 1 7% Jan.'00 117% 117% Chlc& StIiOul8te8..18I5 M-S Chic A Mo Rly Dly 58. 1926 J-J 120% 117 Dec'99 Atlanta & Char. See Sou Ry- Chic A Pac Dly 6s 1810 J-J 120)6 119« Mar'OO 118)611094 Atlan Danv See South Ry & Chic A P W l8t g 58. . .1821 J-J 120% ,.,.. 120% 1209« 118 131)6 At' anox & No Ist g Ss. 1846 J-D 104 1C6H lOSJ^Mar'OO 105)4 10BJ6 DakAGtSogSs 1816 •114% 114% Feb' 00 110)6 114% Ry J -J Atlan & Yad. See South Far . A Sou assu g 6s. . . 1824 J-J 137)6 J'ly '99 Austin &NW. See. SoPac. IstHastADDly 7b.. .1810 J -J •126% 129 127%Jan.'00 127% 1*87% Bat Creek & S. See Mich Cen 58 1810 J-J •U0% 110)6 Jan.'00 li0)6 110)2 alt & O prior 1 g 3>ii8.1925 J -J 96H Sale 95 9eH 459 •2)4 95% Ist I A D Exten 78 1908 J-J 16894 169 107)4 Feb '00 166 167)4 1825 J - J Registered Ist La Crosse A D 5s.. 1919 J-J •117)6 .... 11':% Feb '00 117% 11796 1848 A-Ot "97)6101)6 Gold 48 ioiji Sale 112 Mineral Point Dly 5s..l910 J-J •111)6 .... 111)6 Feb '00 111% 111)6 Registered 1848 A-Ot Ist 80 Minn Dly 6s. ... 1910 119)6 120 120 117% 130 "73 J-J 120 Southw Dlv Istg 3^^8.1825 J -J • 88H 89 9b" "89H 87 00)6 Ist Southwest Dly 6B..1 908 J-J n!7% 120)6 Sep.'99 I -J Registered 1825 '"1 Wis A Minn DlT g 5b.. 1821 J-J 12094 Sale 119)6 12094 117 12C94 *'87" "88' "81 PJun&MD vlstg3Hsl8i6 M-N 87ji k 87)4 "'seH MUANolBtM L6S...1910 J-D 118 Jan.'00 118 no Registered • « • • • Ist consol 68 1813 J-D •120 122 Feb '00 122 123 MononKlv Istgug 58.1819 ri •••«!• •••«< ChloAN'wesir-Con 78 .1915 -F 142 143" 144 144 140% 144 Cen Ohio R Ist eg 41^8 1930 M-S 111 J'ne'98 Gold 7b 1902 I-D 110)6 110% 110% 100 110% WVa&Plstg5s 1880 A-O Registered 1902 J-D lllH 110)4 Feb '00 108% 110)4 Beech Creek. SeeNYC&H. Extension 48.... 1886-1926 F-A iio" 110 Feb '00 108)» 110 Bel & Car. See Illinois Cent.. Registered ... .1886-1936 F-A 107 Mar'OO 107 107 Booney Bridge. See M K & T, Gen Gold 3)6b 1987 M-N 110)4 llOM lOBM 110% Bway*7thAT. Se«MetSRy RegrlBtered 1087 Q-N 108 Noy'88 Bklyn Montauk. See L Isl. & Sinking fund 68 . 1 H79- 1 U if 8 A-O 117 120 Sep.'89 Bmns&West -.f^- S-vF*W Registered ....1879-1929 A-O 116 iieJ6 117 Mar'OO 116 117 Buff N Y & Erie. See Brie. Sinking fund 58..1879-1 929 A-O 10994 110 Feb '00 100 110 BuffRAPgengSs 1837 M-S 109« 100 111)4 109^Mar'00 Registered . . . .1878-1929 A-O 10594 Mar'OO Debenture 68 1 847 J-J 107" 35-year debenture 5b .. 1 90 9 M-N •I'oeji ...;. 109X Feb '00 ibo)i Cl&Mah Ist gugSs... 1943 J -J * 136... 124«Feb'00 ia4J4 124M Registered 1921 A-O ••••• 11794 Feb'98 Bnff & Southwest. See En e. Sinking fund deb 68. ..1933 ai-N m" 121 Mar'OO il»% 181% Buff&SuBq l8tgold58..181S A-O 100 Noy'99 Registered 1933 l>I-N llOM Deo'98 Registered 1813 A-O Des Mo A Minn 1 St 78 . 1 907 F-A BurCR&NlBtSs 1806 J-D * 109 108 Mar' 00 100)6 108 BBCanALSupl8t0s..l901 J-J 103)4 Feb "00 103)4 103)4 Con Ist & col trg 68.. . .1834 A-O •117X 117« 117K 10 115 117)6 lowaMldland Ist 8s.. .1900 A-O 103 Noy'99 Registered 1834 A-O 110^ Feb '99 MllAMadlBtes 1905 M-S 117)6 Feb '99 CRIF&N Wl8tg58.1821 A-O 105 Jan.'99 North Illinois 1 st 6b. .. 1 9 1 M-8 115 114 Aug'99 •••• •••«•• H&8tLlstgug7B....ie27 J-D OttCFAStPl8t58..1908 M-S 110 Noy'99 Canada South 1 st Ss. . . 1 908 J -J 107)< 106% 107)4 8^ 105W 107)4 WlnonaAStPet2d78l907 M-N 120 Jan.'00 120 180 2d5g 1913 M-8 106%..., 10656 107 21 106)4 109)6 MllL8AWl8tg68...1921 M-N 138% 130)4 138)6 Mar'OO 138 180)6 Registered 1913 M-S 106 Jan '97 ExtAImpsf g 58...192e F-A liSyi .... 124 Mar'OO 12.4% 126 Garb Shawn. See 111 Cen. & Mich Dly 1st gold 68 1924 J-J 130 .... 140 Dec'99 Car Cent. See Seab & Roan. Ashland Dly Istg 68 1925 M-8 140)6 Deo '99 Carthage & Ad. SeeNYC&H, CRIaF&N. SeeBCR&N. Conyertlble deb Ss. . 1907 F-A 105)6 Feb '87 IncomeB , ,,..1911 .M-N 112 Noy'99 Cen Branch D P l8tg48.1948 J-D 88H Jan.'00 87H 88M Chic Hock Isl A Pac—6s 1917 J-J 183 183 Jau.'00 130 133 Central Ohio. See Bait & O. Registered 1917 J-J '129 180)6 Jan.'OO 137 181 CenRR 4 B of 6a—Col g 5b'37 M-N 91 Jan.'00 91 91 General gold 4b 1 988 J -J 10896 Sale 106)6 106% 87 103% 106% of iBt Sb. 1845 F-At *118 Cent Ga Ry— g 120 Jan.'00 120 120 Registered 1 988 J -J ' 114 105% Feb '00 105% 105% Registered 1945 F-At Des M A Ft D iBt 4b. . . 1905 J-J 96 Sep.'Od Consol gold 58 1945 M-N "90>i(Biue 58% 9QH 222 88)6 01 lBt3)68 1905 J -J ss"::::: 83 Deo '90 Registered 1945 M-N »79i 0ct.'8« Extension 4b 1905 J-J 98)6 May'99 1st pref income g 68 ..1945 Oct.* • 3SH 31)6 36 90 82)6 36 EeokADesM Ist 68.. 1923 A-O 114 Hi Feb '00 118 114 pref 58.. .1845 Oct.* • 2d Income (. 9H lOH 10)4 10 xhi lOX SmaU 1923 A-O lis 8d pref Income g 58... 1945 Oct.t C94 2 4)6 694 Chio A St L See Atch T A 8 Fe MANDlTlstgSs 1946 J -J 95 Dec '8m ChicStLANO. See ni Cent. Mid Ga & Atl DlT 58. . . 1 947 J -J 102 J'ne'if8 Chic St L A Pitts. See Pa Co. Mobile Dlv Istg 5s.... 1946 J-J J'ly'98 86 Chic St P M A O con 6s. . 1 930 J -D 1S594 3ale 136% 186 18 131 1S6 J-lst Centof N cony 78.1802 M-N 110 110 Feb '00 110 110 ChStPA MIn 1st 68.. 1918 IV1-N 136 135 185 4 133 185 General gold 6b 1887 J-J 123^ Sale 44 117)6135 Wisconsin Ist 63.. 122H 183^ Nor 1930 J-J 140 140 Mar'OO I • * Registered ' 1987 Q-Jt laiH 120X 120H 6 lie 122 StPA8Cltyl8tgeB..1019 A-O »133 183 133)4 6 137" i32% Conyertlble deb 6b 1908 M-N ' 115 112)6 Mar'98 4* Chic Ter Transfer g 4b. .1947 J-J 9494 OS 04 04^ 41 03% OS Dock Imp 68.1921 Am & Co J-J 114 .... 114 Feb 'OC lis" 11 ChAWestIlstsfg6B..1919 M-N 106)6 106 Oct.'90 ••••• •••••! Le&Hud Rgeii gug 5s.'20 J-J General gold Os 1 932 -D 120 r«b.'00 118 120 Leh & W B C con as 78.1 900 Q-Mll 100 Sale 100 ICO 15 98 10094 Chic AWest Mloh Ry 68.1921 89 100 Oct.'99 58 '103 f 1912 M-N 103 Feb '00 100)6103 Coupons off. 1921 90)6 J'ue'OO Cent Pacific See So Pac Co Choc Okia A G gen g 58.1919 J-Jd 104 103 Jan.'00 103 108 CbarleB & Say Ist g 78.. . 1936 J -J ClnHADconsf 78 1906 A-O 120 Aug'99 ChesAOhIo— 2d gold 4)68 1937 J-J 103)6 Oct.'e7 068 ser A. 1908 A-Ot 116 120 116 Feb '00 115)4116 ClnDAIl8tgng6B...1941 M-N '112« 113)6 Jan.'00 113% 118% Gold 68 1911 A-01 122 119)i Mar'OO 118 119)6 CIStLAC. SeeCCCAStL. iBt con g 6s 1939 M-N 119X 1139t 118 18 115)6 1109« CIn S A C. See C C C A St L. Registered 1938 M-N 117 J'ne'88 Clearfield A Mah. SeeBRAP. Qengold4^s 1992 M-8 97 Bale 97 136 96)6 88)6 ClAkACeqA3dg6B...1930 F-A Registered 1992 M-8 Ang'9« C C C A St L— Craig Valley 1st g 6s.. 1940 J-J 103 ..., May'98 Geng4B 1998 J-D 96 Sale 96)6 96)4 04 969i R& A DlT Ist con g 48 1988 J-J 103H 10554 103 103)^ 17 101 103)6 Dly Ist gold 48. 1930 J-J ' 07 07 J'ne'9« 2dcong4s 1989 • J-J 99 99 Jan.'OO 99 99 Oli>W*MDlylstg4s.l091 J-J 86 95)4 Feb '00 03 96% Warm Spr Val Ist g 68 1941 M-S •103 .... 101)4 Apr '98 St L Dly 1st col trg 4b 1990 M-N 102)6 104 102)4 Feb '00 101% 108 EUz Lex & B S gu g 5g. 1 902 M-8 1009^ .... 1005^ 100% "i 100)4103 Registered 1990 99 May'99 Chic Alton sink M-N 4 fd 6s.. 1903 M-N 109 J'n9'89 Spr A Col Dly Ist g 4b. 1940 M-S Lou&MoRly 1st 78.. 1900 F-A 1089< Oct.'8a W W Val Dly iBt g 48. 1940 83 Noy'OO 2d7s 1900 M-N J-J 106% Feb '99 C I St L A C oons 6s. . 1920 MlBsRly M-N Blstsfg 68..1912 A-O Istg 4s 1936 Q-F6 104)6 Ang'Oe teees ••••• Cklc Bur A Q— Registered 1986 Con 7s 1903 J-J 111% 113 112)6 48 110)6 11^^ Cin 8 A 01 con 1st g 5s.l028 118)6 J'ne'Oe •••• •••••• Sinking fund 6s 1901 A-O *102?i 181 .Tan.'C0 101 101)fe C C nl Conn A Term. See NAW ChlnAL uls—Refg 68.1847 115 114 Feb '00 Refunding 111)6 114 Conn A Pas Rlys 1st g 4s. '43 A-O g 5g 1847 100 108 103 Feb '00 10* 103 A Gt 80. See M A StP. Loulsy N A 1 St «8. '10 Dtk Ch . A 113 . 114 114 US 111 tllasAWaoo. SeeMKAT. 'No price Friday; latest bid and asked this week. tBonds due July. tDueNoy. JDueJune. UDueJau. §Dug May. ttOption sales. 6Due Aug cDuo Ap 11. dDueOct. OUTSIDE SECURITIES (Given at foot of 7 consecutive pages).— 6^^*^ SECURIIIES die.

8f v>a.> ICull •• Bid. Ask. Oae Securltlee. Bid. Ask. Gas Securities. Bid. Ask. Uas Seeurltlrs. Bid. Ask Uhlted Hys (St L)—Com. 35 81 Hqult Gas 116 110 Standard Gas—Common. 110 117 ck oh. Preferred Chicago Gas—See N V Sio Hx 77 80 IBt 6s 1809 FAA noi 102% Do preferred 188 146 inolnuatl Oa* A Coke \9H 103% 4s 80 92 Con. 5s 1932 MAS {115 118 1st 5s 1030 MAN 115 117 'ol Gas L Heat—Com. 50 Un'd TrABleo(PTOy)-St'k 100 A Ml Mutual Gas 389 33^ BROOKLYN. Preferred .« 81% 85 West Chicago ol., 109 110 N. Amsterdam Gas, Com. 27 Brooklyn Un Gas—N Y 8t ook xoh. Ist 5t 1933 106 Oon 1936 27)6 B JAJ {108 MAN 103 1 4 Pref 49 60 Ist oon 6s—N Y Stock Kxoh. msoUd Gas(NJ)—Stok 31% 33% Worcester (Mass)Tr-Com 80% Ist 91% oonsol 5s , ? 07 Williamsburg Gas— Ist 6« {100 1st 5s 1930 85 87 Preferred 97% JAJ 105 107 NY Klec Lt Ht A Pow-N Y.Stk. Exch OTHER CITIES. onsol Gas (Pitts) 39 81 Gold 58-Se« YORK. N. Y. Stk. Exoh. List. Baltimore Conaolldct Bt eBalt. Lls< Pref. 48 44 NEW N Y A Bast Rlyer Gas— Bay State Gas— ^^ 1% Bonds 5s 110 111 Cent Union Gas— 1st 6s {104 106 iBt 68 1944 JAJ {106 UnltedGai Bonds- Bosto» nLls onsum Gas (J City)-Stk 106 Con Gas Stock— 108 Boston (NY)— YStk Hz oh Consol 5s 1946 JAJ 103 104 Buffalo City Gas— Stock. 6 7 1st 6s MAN 104 loe Sii Deb 1908 MAN 98 100 NorOn 1 Ist 6s 927. .MAN 04 86 1st 5s Bonds > 65% 60 {And lnt«rest tPrioe per sh are. A k . . .

PKIOES (5 pages) Page 2. Mar. 17, 1900 ] THE CHRONICLE.-BOND 617

Price Week's Range BONDS. 03m4 Price Week's Rang* BONDS. Friday, Range or since Friday, Range or since N.Y. STOCK EXCHANGE Mar. 16. Last Sale. Jan. 1. N.Y. STOCK EXCHANGE Mar. 1(5. Last Sale. Jan. 1. Week Ending Mak. 16. Week Endino Mab. 16. Bid. Ask. Low. High. Low. High JBid. Ask. Low. High. Low. High Laok WeiUrn 7i..ie07 M - 8 •l»l« liseH J'ne'ua ni. Cen 8t. Ii Dlv. (Con) Pel * •101 102 Morris A Hwex lit 7i. 1914 M-N 141 Feb '00 186 148 Gold S^i 1051 J-J lOlj^Feb'OO 90M lOlM 1951 ...... lOl^t Oot.'U9 7i 1871-1901 A-O 107« , 107« 107H 107H 107M Raglitered J-J lit 1951 ...... •«.. 06 Deo '00 taaaa ao»*ot litoongaar 7i 1915 J-D 1899i , 189 Jan.'00 180 180 Spring Dlv g 3Mi- J-J RegUtered 1916 J-D 140 Ooi.'»b Raglitered 1951 J-J .*...... •aaaat F- AII78 I'u" Mar'OO 111 111 « T Ii»ok * W Irt 6i. .1931 J - J '186 136 Jan.'OO 186 180 Wattam Line lit g 4i.l951 A ..•*.. OoMtruotlon 6i 1923 F- I 188H 123 8ep.'9« Raglitered 1951 F-A 4i 1933 M-N »105' 106 Mar' 00 106 106 BaUaT*0arlit6 1023 J-D 116 131 Feb U9 Term & impt 90 N lit 7i.l909 A- O 122 Feb '00 122 183 CarbA8 1itg4i 1032 M-8 Byr Blng 4 Y 182H 126 fr»rrOTr9d7i 1900 A-O 103 108 Aag'98 OkloStL&N Og6l..l961 J-D 126M Mar'OO 136)i 126^ D1T7I.1917 M- •146 148 Feb.*00 148 148 Baglitarad 1951 J-D 136 Deo'OO D«l & H-UtPa g 108 100 108 &«fflit«red 1B17 M-H •142 143 May'»7 Gold 3>^i 1951 J -D Feb '00 Alb4 8iilrtoongn7il906 A-O laOK Apr'99 Raglitered 1951 J -D E«llit«red .1906 A-O 182 J'ne'99 Mem Dlv lit k4i.... 1951 J-D at iaatai 106M Aug'OO ••••• aaaaat £lnareold6i 1*06 A-O U5 IIBH 116 Jan.'OO 116 IIB Reglitered 1951 J-D 06 104 Bep.'99 Bflfflitared ....1906 A-O •114 lis Deo '99 8tL8oulttgng4i...l931 M-8 .1 - 104 106 106 lu6 106 B«MS8Ml.t7l }»»} M-N *149 164 8ep.'99 Ind Dao A W lit g 6i. . ..1935 J Mar'OO 1931 M-N 141 May'98 let gaarg 5i 1935 J-J B«glitered 100 lOOM Del aiT KB Bge. Be* Pa RR. Ind inAIalBtrefg6i..l948 A-O iiOH iiOH HOM R Gr lit gold 7i.. 1900 M-N 108« 108« Jan.'OO 108H 103H Int & Great Nor— Dan & 121 181 131 120 IttOOBg 4i,, 1936 J- J 98J4 99 98% 99 12 96H 99« lit gold Oi 1010 M-N 131M 1936 J -J •105^ 108 NOT'99 Sdgold6i. 1009 M-8 80H 00 80M 89% 80M 04 litC0ng4)ii» 03 ImproTemsnt gold 6i.l938 J-D 104^ 104^ 8dgold4i. 1921 M-S 61 Feb '00 60 - I P. Iowa Central litgold6i.l938 J-D 114 114 114 HI 114M I M & Ft D. Se« R & iM&Mlnn. Se«Gta*NW. Iowa Midland. Sm Cta * N W. iMUnRy lit g5i... 1917 M-N lOSVi 110 109 Feb '00 109 100 Jaffarton RR. See Brla. BatM&Tol. S«»Ii8&M8o. KalA&GR. SmLS&MS. Dat * Maok IttUeng 4g.l995 -D an & Mleh. See Tol & O C. aold 4i 1995 -D 80 70 79 76W 70 KC J(MB&B lit gug6i. 1020 A Dal * Iron Range Iat5i.l937 A-O '108}< lOOH 1099< 107 109M K CP&G trot> lit g 6i A 70^ Sale 70 ^ZH 340 68 74M Baglttered 1937 A-O Kan C k, Pao. Sm M K A T Sd6i 1916 J -J Kanaaa Mid. S«« Bt L * S if B«l Bed W & 8 Itt g 5i. 1938 J -J 92M Feb.'OO Kentnoky Cent 8m L & N. •BlSo8hore& Atg 5i.l937 J -J 112« 112Ji Mar'OO 110 114 Reok & Dei M. SmC B I & P. ESitOf Minn. fi«e8tPM4M. KnoxvUle & Ohio. See 80 Ry. aitTVa&Qa. SM.SoBy. LakelBrleftW IttgSt.lOS? J-J •128 124 181« Mar'OO iie^isiM Bgln Jol& B l8tg58...1»41 M-N UOM 111 Feb '00 107«111« 8dgold6i 1941 J-J 115 116 119 10BH115 111 111 Lex & B 8. 8mC&0. North Ohio lit gn6i.. 1945 A-O HUM Feb '00 110M110« BmCort&No. S«eLeh&NY. L S & M 8. See N Y Cent. rlelitaxtg4i 1947 M-N •116 180 117«Feb'00 117 118 LehVal(Pa) ooUg 6i.. 1097 M-N 104 Aug'OU »dertgold5i. 1919 M-8 •119 llOVi Jan.'00 IIO^IIBH Begtstered 5s 1997 M-N •deztgold iH* 1923 M-8 •114 llSHFeb'OO UfcHUSH LahYNY litgug4Mi..ie4e J-J 108« 109^ 109V4 108 108M 4th ext gold 51 1920 A-O •181 Nov'99 Reglitered 1040 J-J IO8J4 Nov'99 116M lis Sthaxtgold 4i 1928 J-D 108 106K Apr'09 LehVTarRy Iitgng6il041 A-O 116 115 Feb.'OO 116M lit ooniol gold 7i 1920 M-8 187 187Ji 137X 137!^ 148 Reglitered 1041 A-O 109^ O0t.'0t» Itt ooniol gold fd7i..l920 M-8 143 Dee '88 L y Coal Co lit gag6i.. 1033 J-J 103M Nov'OO rle Itt eon g 4i pr bdt.1096 J -J 89« 90 89H 89% 88 eoji RagUterad 1033 J -J Baglttered ...1996 J -J 03H May'08 Leh & N Y lit gn g 4i. ..1045 M- 8 90 eiH 98 Feb '99 litaonganlleng 4t....l996 J -J 'Vijisa'lo 71 7156 141 67 Elegiitarad 1045 M-8 I • ... ..t*^ Keglttared 1996 J -J BilC&Nlitglitpf6i.l014 A-O ••••*« IhiffN Y J(Hrlelit7i.l9l6 J-D 106 140 Feb '00 GoldguarSi 1014 A O lOlHBep.'OO BnffA 8 W gold 6t..,.1908 J -J 108 Leh&HudR. SMCanorNJ.. Small 190S J-J Lah & Wllkatb. S<« Cent NJ. Caney Tai. Oblo * Brie lit g 5i. . . 1082 M-N n6« 117 117 114 :i7 Leroy & SmMoP. JeffRR lit gn gold 6t.l909 A-Ol •107 106 Dec '09 Lex Av & PF. 8m Met St Ry. •136 '00 Dock. Sm Brie. Iiong Dook oon gold6t.l935 A-O 1 80H Feb 139 13e}4 Long Goal* RR lit gu 6i.l932 M-N -•••at ••••• Long liland— '00 120 laoM Doek & Imp lit corOi.ieiS J-J 118 ttataa aaaa* Ittoong & 1081 180« Feb N Y & Green Lgng 51.1946 M-N •^0^ 110 100 Oot.'98 ••••aa •••!' Istcoug 4i ...1031 1946 M-N Ganaral gold 4i.,.....1088 90 98 fi8 96 98 Bmall 90 HidBBofNJiitgei..ieie A-O iis" isto' 120 120 15 iieii 126" Ferry lit gold 4m. ...1082 100 e7MFeb'00 97« 4i 1083 101 Nov'OO N Y 8 Jt W—lit ref St. 1937 J -J 108 110 110 Mar'OO io7)< 110 Gold SdgOld4^i 1937 F-A 04 98 Feb '00 08 98 Unified g 4b 1040 83« 80 Feb '00 86 86 GaneralglSi?0i.. 1940 F-A * 04 96H Mar'OO 02 97^ Debenture gold Si.. ...1084 05 Tarminal lit g 6i. ... 1943 M-N 109H 111 Mar'OO 108^ HI Bklyn & Mou lit g 6i.ieil 107H Begli96,000 each. 1943 M-N litSi 1011 100 Wllk&Bailstgn gSil942 J-D 104^106 104)< 104^ 104 105 N Y&BBlitg6i.,,.1037 06 100 Jan.'09 107 J«n.'99 Brie & Plt.iB. Stt Pa Co. NYBiifcMB oon g5t.. 1035 95" Btean&LSap. SmOANW. Nor Shb Ittoon g guSi..'82 lOOM Apr'Oe BIT. vekaBprlngi lit gSi. 1983 F-A ...... 65 65 Nav'07 La ft Mo BMOhl&Alt. 113 68 70 TH lit »}n6t..... 1081 J-J '125^ lS5>^i.l945 107M Jan.'00 107M 107M ftUa VGA 100 •rand Rap & Ind. Bee Pa Co. !!7F1a&81stgug5i ..1937 107 100 Feb '00 100 Oot-'OO Sray'iPt Term SeeStLSW L ft Jeff Bga Co gu g 4i . 1045 90M L -^ A ft C. See O I ft L. Han ft St J. S*, B « Q emtatonlo. See NYNH&H. MahonCoal. SMLSftMS anhattan oon4i.l000 •103 104 103M 26 106 Heok Yal Iftt oon g 4Hi.l099 J 100 Sale 09M 100 18 0874 100 Ry 103M 103M Raglitered 1099 J R«gliiered 1900 118 iieji Col &HV liteitg 48.1948 A-O 106 107V6 108 19 103 108 HatropolBl litg Oi... 1908 114M 115 iisji 115H amtt B A W T lit g 6i.l033 M-N 103 106 102 104 a 100 104 Man 8 WOolonl«g6i. 1034 HoM & Tex Can. 8te So P Co. leK'ptftBY. SeePMeKftY IUlnoli Central- ietropoUtan Bl. Sm Man By. lit eoid 4i 1051 J -J 114 114 114 2 114 118 MetWSKl. See "UnUated." Registered 1951 J -J 113H 113« 113W IS 113^ llSii Max €entoongold4i... 1911 80 Bale 78M 81 OS 70 81 lit gold 3>ii 1961 J -J 105 104H Mar'OO 104^6 104^ litoon Income gOi... 1939 27% 8ale 26H 28)4 ):2S 20M 28M Raglitered 1051 J -J 103HApr.'98 tdoonlncomeg3i..,.103b 13 Sale HM 13 303 10 13 lit gold 3iitarUng....ie51 M-8 BgulpfteoUgSi vM'i 86M 58 86 Bagliterad..... 1951 M-8 »*• aaa taxInternatlitcoTiK 4i.'77 86M Sale 86J6 88M OoUTruttgold 4 1062 A-O 104M Sale 104H 10414 103W 104^ 'lax Nat lit gold 6i 1027 106 lOOM Jan.'00 Bagiirtarad .1062 A-O 104M Jan-'>9 •dlnc6i ACp itmpd.1017 "14" L NO * Tex gold 4i h053 M-N 'ioaJi '.'.'.'.'. 104 104 101 104 3d Inoome gold 6i B..1017 Apr''09 Beglitarad 1063 M-N 98 Jan.'00 08 08 '•TNortb lit gold 6t.. 1010 •105 106M Feb.'00 106M lODM Cairo Bridge gold 4t. .1950 J-O Reglitered 1010 Raglitered 1950 J-D 4lch Cent. Sm N Y Cent. LonlSTUle Dlv g S^i 19SB J-J ioi« lOlK Mar'OO 100 lOlM ;«ld of N J. See N Y 8ui 4 W Registered 1953 J-J HI I. fi ft W. See Chic & N W Middle Dlv reg 6i 1921 F-A 138 May'OO till ft Mad. See Chlo & N W 8t Louis Dlv g 3i 1051 J-J 90 00 15 CO 00 V< 1 1411 ft North. SeeChM&StP ^'1 «• Registered 195' J - J 8t P. See Ch M A St P

• § Due July, a Optional. No pilca Friday; these are latest bid and asked this week, t Bonds due August. tDueApill. II Due January. H Due October.

OUTSIDE SECURITIES (Q-iven at foot of 7 oousboutivb pages).— 6^^ iS*, TBL. (& TELEPff., <£c Ask. Bid. Aik. Bid. A^sk. <«i-i.» 8ccMrltlea. Bid. Ask. iia,» WecurltlCB. Bid. Teleg. & Teleph.

Datroit u.^a—See N V Bxo b. h«(. Kansas City Gas 100 Ohio A Indiaua— Stock. . 87 45 o artcan Dist Tele— Stock Broil ''Vsinx k Hudson Gas ..... SO 40 58 ;9a2 A&O OS 100 l8t6s 1926 JAD 68M ei A NT . 105 106 Fort 'Wayne (Ind)—Stc'k 88 48 Laclede Gas—N Y StocK Bxcfl Peoples Gas A Coke—N Y Stoci. Bxoh Bell Teleph. of Buffalo. South Amer.. .. 108 110 lites 1925 JftJ 61 Lafayette (Ind) Gas—Si 40 45 Philadelphia Co—Sm Bos ton L lit. Ceatrai A 68M ^et Pnt/1 Teleph—Stk 60 65 Grand Rapids—Stock 103 110 lit fit 1934 MAM flO 66 St Joseph (Mo) 35 38 A 58 1937 5i 1909-29 JAJ '04 106 iBt 5s 1915 F&A It 03 1U6 Loganspt A Wab Val—Stk 40 45 J&J i 94 96 Hartford 68^ 61 8t Paul Gas—Stock ...... 49 53 ommerolal Cable 168 170 (Ctl Gas L... 25 t 47 Istes 1925 JAD 114 116 Hudson Co Gas 39 41 Madison (Wis) Gas—Stck 81 83 ContclSB 1044.... Mft^ J 82 86 lainier Union Tel (NY). Tel . 76 . i aaaO 58gl94» 101 103 l8t6s 1936 AAO no5 110 iytHonttt Gas—Stock. 13 14 K plre * Bay State '« Teleg Telep—See 8 tokBx Liit Indiana Natft lU Gas-Stk 37 40 Newark Gas fls 1014 139 140 lit5Bl946 Jft.1 89MS 01 B A «'i Wettern (Mllw) 98 F anklln 40 lit 6i 1908 MAN 68 fiO Newark Consol Gas ..lOn BO Gas 94 mtereit. tPrloe par ill are. Indianapolis Gas-Stock. 05 100 58 1948 JAD 108 03^ 6i—See N Y St Bx list. {And lit 68 1020 M&N 104 108M New Bng Gas ft C—SeeBo stonL Ist. . Ii A . . .

618 THE CHRONICLE -BOND PKICES (5 pages) Page 3. [Vol. LXX.

Price Week's Range Price Week's Bang* BONDS. Is since BONDS. Friday, Range or sine* Friday, Range or o o N.Y. N.Y. STOCK EXCHANGE Mar, 16. Last Sale, pqcc Jan. 1. STOCK EXCHANGE Mar. 16. Last Sale. Jan. 1. Wbsk Ending Mar. 16. Week Endtno Mak. 16. Bid. Ask. Low. High. No. Low. High, Bid, Ask. Low, High, No. Low. High

Mini: & 8t L—lst g 7i . .1927 J-D 151 ISO 151 8 1431^ 161 N Y A Grecnw Lake. Sm Krle Iowa ex 1st gold 7g... 1009 J-D 132 188 131 J'ly '99 NY&Har. SesNTO&Hud. BoatliWeat«z litg7t.'10 J-D 187 Jan.'90 NTLaok&W. SmDL*W PMlfloez lit gold ei. 1931 A-0 188 Deo '08 iV Y L H & W. Sm Brie. 1st ooni gold 5i 19S4 M-N ItSM Sale H3^ 113Ji 1 113 114 NY4NB. SmNYNHAH lit and retund. 4s. ...1940 M-8 971^ Bale 9e>4 07H 03 03 09 NYNH&Hartlstreg4a.'03 J-D 104%O0t.'fl'? 186% 188 Ills &8tLeii. See BOB&N Convert deb certs 91,000 . A-O 188 Feb '00 11 & P Ist 68 St 48 int gu..'36 J-J Small oertfs9100 185 Feb '00 180 180 MBSM&Alitg 48 Int gn. '26 J-J Honsatonlo Boons 58.1037 M-N 1 38 Deo '90 MStPASSM oon g 4s Int ga'38 J-J N H & Derby oon Ss. . . 1018 M-N MUm Un. Set St P M & M. NY*NBlst78 1005 J-J *U4% 118 114 Jan.'00 114 Ui MoKan&Tez— Istg4s.l990 J-D 01^ Sale 91« 01% 41 8S« 02H 1st 68 1005 J -J *100% 113M 118 J'ly '09 Sd gold 4s 1090 F-A!| 6<^ Sale 66 66H 63 65 69i< N Y & North. Sm N Y C & H. 11 108 lOT liteztengoldSs 1044 M-N 00 001^ 91% 20 90 95% N Y O * W . Bef lat g 4al002 M-S; 103 104 104 104% . Begla M-8t ' BooneT Bdb Co gn g 7s . ' 6 M-N lOnjg Nov'OO 99,000 only... 1002 105 101%NOT'08 Dal&Wa 1st go gSs. 1040 M-N 'soji ' siii 94 Dec '00 NY&Put. Sm'JYOAH. MK&TofTlstgu«5s.'48 M-S 80>i OOH 00 00 89 03 NY&BB. SMLonglaL SherSh&Sou i8tgug58.'43 J-D 04 06 05^ Mar'OO 04M »5 N Y S A W. See Hrle. liL Pao 1st 4a. . . .1090 F- 76 Feb '00 76 77 NYTezAM. S»«8oPaoOo. O * g ISO Tebc & Neosho 1st 78. IOCS J-D 105 Norf & West-Gen g 6a. 1031 M-N 133 130 Jan-'CO 130 MoKsBlstgag 5s... 1942 A-O 104% 106 104>^ 104M 102H 104% New Blyer lat g 68. ...1038 A-0 128 Deo '00 Imprrmt ext 6a. . . 1034 F-A 117% Aug'98 Mo Pao— id 78 lOUO M-N IHH 116^ 114HFeb*00 IMH 116 A g "06% "99 Istoong 6a 1930 M-N 117!^ Sale 117 117H 83 11«%11'« N & W By latoong 4s. 1006 A-O 06 Sale 05% 36 221 Trtiktg Ss 1917 M-3t 06^ Sale 05% 06H U7 94 09 Beglatered 1006 A-O 00% J'ne'OO Registered 1917 M-8t Small lOOK A-O IstooUgoldSs 1920 F-A 90« OOM 91X 00 00 94 00 AT la gugS8....1028 J-J 107 101 Feb'07 Beglstered 1920 P-A Solo V&N Blatgug4s.l08e M-N 90 100 00% 100% 00 100% "75" '. tioroy & O V A li 1 St g 58 '26 J-J 106^ J'lT'OO North lUlnols. <8««Chl&NW. I PaoBof Mo l8tezg48.'38 F-A 1059< Jan.* 00 105« lOPJii North Ohio. See L Brie * W. 3d extended gold Ss. 1038 J-J 11291 112J< 113 112?^ 113 Northern Paolflo— Bt Louis & Iron Mount- Prior Uenr & 1 g g ia.. 1007 Q-J 105 Sale 104% 105% 567 109% 106% Gen oon ry& Id grtg 5s '31 A-0 1119^ Sale 111% 210 lOOM 11« Beglstered 1007 Q-J 102% 108% 105% 1 103 105% U\H 65 Genoonstamp gtd g Ss '31 A-0 *n0 113 1 lOH Feb '00 110 110% General Hen g 3a 3047 Q-Ft 66 Sale 66 66% 88 •?% New 48. S«€"Unlist.Bd8." Regl8tered 3047 Q-Ft 65 66 Sep.'bU Verd V I& SV lstKS8..'26 ni-s StP&N P gen g 6a. ..1023 F-A 181%May'e9 MiisRlTBdge. Se«Clilo&Alt Beglatered ottt 1023 Q-F 132 J'ly '99 Wash Cent latg 4s.. .1048 88 05 May'OO MobAfilrm prlorllengS8.'45 J-J llOM llOM Feb.'00 llOJillOM 3--^ Small J-J Nor Pao Ter Co 1st g 6s.l033 120 118 120 118 ISO Mortgage gold 4s 104!3 J-J Nor By Cal. See ^o. Pao. Small 1945 J-J • • • • Nor Wis. Se«CStPM&0. Mob A Ohio new gold 6s.. '37 J-D 187 137)< 127W 8 124 1S7V< Nor & South Ist g 58. ... 1041 M-N 111% Sale 111% 111% 110 111% 1st extension gold 6s. 1027 Q-Jt 130 123 Mar'OO • • • * 133 123 Nor & Mont. iS<«N.Y.Cent. a«neTalgold4s 1088 M-S 85H 85 8EH 83 87 Olnd&W. S««CCO*atL. MontgOQ Dtr 1st g 5s. 1947 F-A io7H Feb '00 • • •• 107 hlo RlTerRR 1st g 581036 J-D 105 103 Oct.'00 108>< 108M 05 90 . General gold 6s...... 1037 '00 Bt L & Cairo gu g 4s . 103 J -J A-0 75' 05 Feb J lo 00 77 Mohawk & Mai. Se« N Y C <:fc U Om&StL Istg 4s...... 1001 -J 77 77 Monongahela Rlv. SeeB iiO Ore * Cal. See So Pso Co. Mont Cent. £le« St P M & M. Ore Ry & NaT See Un Pac Morgan'8La & T. See S P Co. Ore RR & NaT See Un Pao Morris AHssez. S««UelL&W Ore Short Line See Un Pac NashOhat&StL 1st 7s. '13 J-J 138 Sale 138 128 186 139 Oswego & . Sm N Y C 2d 6 1901 J -J 101 Sep.'OO O C 7 & St P. S«« C & N W 1st oon gold 58 1028 A-0 107" '.'.'.'.'. 106 Mar'OO 104% 107 Pao CoastCo—lat g 58. 1046 J-D 107% 108% 107% Mar'OO 104% 108)« IstBsT&Pb 1917 J-J 111 Deo '00 aoof Missouri. See Mo Pao l8te8MoMMWakA1.1917 J-J Panama Istsf g 4%s....l017 A-O 105 106 Feb '00 100 100 1st gold 6s Jasper Bob. 1023 J -J 113 113 Deo '09 Sf subsidy g 6a..,. .,.,1010 M-N MMh Flor & Sh«f . S««L&iS PennaylTatla Co— MawH&D. S«eNYNH&H Guar Istg 4%s 1021 J-J 114% 116 114% Mar'OO 111% lli% W J Juno BR. See N Y Cent, Beglatered 1021 J-J 111% Jan.'00 111% 111)2 M*w&ClnBdge. £«sPennCo Gtd3%aaoltrnatreg.l037 M-S 102 Not' 08 ]IOANBprlorlleng68.1015 A-01 C BtL&P latoong bB.1032 A-O •130 110% Oot.'00 9 Y Bkln A Man Bh. See L BegiaterM 1032 A-O NTOent&HB Ist7s..l908 J -J 110 llOM Mar'OO 109 110J< OlAT & Pitta oon a f 7a. lOOO H-N *104 103% Mar'OO 109 108% Begtatered 1903 J-J 110 110>< Mar'OO • ••• 110 IICM Gengug4%aser'sA.ie42 J -J 118 117% ITeb'OO 117% 117% 08^8 1097 J-J 1089iH0 109 109^ 30 108 100>i Series B. 1042 A-O •110 Beglstered 1007 J-J *l08?si '00 rle & Pitt gag3%sB. 1040 J-J 100 113X Apr 100 Debenture Ssof . 1884-1904 M-8 105% 103« Mar'OO • • • • 1029i 108 SerlesC 1040 J-J *105 •••••• ••••«• Beglstered .... 1884-1004 M-8 1051^ 105% Mar'OO • • • 105% 107% VAC Bdgegengug 4%s.'45 J-J Beg deb 58 of... 1880-1004 M-8 loe?^ ioej< Sep.'07 PltU Cln A StL 1st 7a.l900 F-A 102 105% Apr '00 Dcbentor* gii.. 1890-1906 J-D 108% 103M J'ne'99 Beglstered 1000 F-A 100% Apr '07 i Beglatered 1890-1905 J-D 102% 1045< Feb.'99 POCAStLoongng4%s- Itabteertsextg 4i....l905 M-N 103H 103 1081^ 10 101 BerlesA. 1040 A-O •115% 110 Feb '00 a5 114 116 103H 110 Kagrlstered 1005 M-N 103^ 1029i Ans'99 Series Bgnar 1042 A-0 *II5% 115% Feb '00 113% Lake Shore ool g 3^8.1908 F-A 97H Sale 07 07H "42 97 00 Series Cgaar 1042 M-N 106% 113 Not' 08 Beglstered 1908 F-A * 9^% 97?i 06H 06^ 10 95« 07 Series D 4s guar 1045 M-N 107 Deo'OO . .. t • •#!••• Mich Cent ooU g 3Ms..l008 F-A 05H Sale 06« 05H 10 WH 07% Series E guar 8%s ..1949 F-A 08 Beglstered 1998 F-A 06 Dec '09 Pitts Ft W A O lat 7a. 1012 J -J 137 137 Feb '00 185 137 Beeeh Ork Istga g 41.1036 J-J ioovi Sale 100^ 108 110 Sd7a 1912 J-J 136 136 Mar'OO 130 186 Beglstered 1086 J-J 106 J'ne'08 8d7s 1912 A-Ot 183 134 Feb '00 184 1S4 Sdgugold 6s 1936 J-J PinnBBl8trealesg4s.l983 M-N 107 108 May'07 Beglstered 1 036 J-J Oonsterlingg 0a 1005 J-J OartAAdlstgn g 48.1081 J-D Con onrrenoy 6a reg.. .1005 Q-MJ Clearfield Bltnm Coal Corp Gong 5a 1010 M-8 110 Istsf Intgug 48 8erA.'40 J 05 J'ly '08 Registered 1010 '40 Small bonds series B . . J Cong 4s 1043 ^:"n 105 OeuY & Oswe ist gn g Ss.'42 J-D Gr BAI exist gug4%a.l041 J-J 108 108 Jan.'00 108 108 Moh & Mai istgu g4a.ie01 M-S 10SJ6 107 Feb '00 106% 107 01 A Mar lat gn g 4%a.l035 M-N 107 112% Mar'OO 100 IISN N J Juno B go 1st 4a. 1086 F-A '104 103 Feb '00 103 103 OBBBABgelstgu4sg.'36 F-A 106 Beglatered 1086 F-A AUegh Yalgengng 48.1042 M-8 *106 103 NOT'07 liIT*Putlatoongng4a.'03 A-O Sun A Lewis Istg 4s.. 1086 J-J 107 Ner&Mont l8tgug58.'16 A-0 UN J BBACan gen 48.1044 M-8 118 116% Fal).''eo West Shore 1st 48 go. 3361 J -J 113H 114 113 114 44 110 fcnsaoolaA At. 0<«LANash Beglstered 2361 J -J 112)^ Sale 113 112M 10 110 113 P90 DeoAB lstg6str reo.'20 J -J 00 lot Jan. '00 leo 100 Lake Shore oon Ist78ie00 J-J 103 1021^ 101« Feb '00 100% 101% Brans Dlv lstg6strreo.'30 M.8 00 90 Feb '00 00 90% Itoglstered 1000 Q-Ji 102 ...,' 101% Mar'OO 100% 101% 8d g 5s tr reo l8tpd..l036 M-N 10 88 Jan.'OO 2S ss Oon8013d7a 1003 J-D 113«..., 114 114 112% 114 Pao ABast. Se« C C C A StL Beglatered 1903 J-D 113H Feb '00 112% 113% PaoAPekUnl8tgd8...103l Q-F 130 133 130% 130% 130% 130% Gold 3Mi 1007 J-D 110 110)^ 110 llOJi 113 100% now tdg4%8 Feb., 1031 M-N 07 06 Deo '09 Beglatered 1007 J-D llOHSale 110% 110% 30 110% 110% nn« Creek reg guar 6a .. 1 033 J-D 135 187 Not'97 Olnft 8 latgLS&M 87s'01 A-0 108M Deo'ov nttaOlnAStL. Sm Penn Co, Det Hon A Tol lat 781900 F-A '1109< 130 Feb '00 130 ISl ? A St L. Bee Penn Co. KA&OB Iatgo6a.l038 J-J rittsOleTAToll8tg08..ie33 A-O 107 107% Oot.'98 Mahon C'l BR lat 58.1034 J-J 128X NOT'OO PlttsFtWAOh. SssPennOo. Mloh Cent—lat oon 781902 M-N too«, 109M 109% 13 108% 100% Pitts Juno Ist g Oa 1022 J-J 120 181 NOT'98 •113 lat oon 5a 1902 M-N 108 lOSH Feb '00 108% 103% Pitta A L Brie—3dg5a . .1038 A-Ot 08 1909 M-8 118 122 Feb.'98 •••••J •••«•< PlttaMoKAYo— latgu6a.'32 J-J 141 is 1931 M-8 120 NoT'99 Sdguar Oa 1034 J-J •130 Beglstered 19S1 127 Deo '99 MoEeeABY latg 0a. 1018 J-J 125 is 1940 106 Jan.'00 105 100 flttaPAFlat g6a 1016 J-J 00 90 J'ne'OO Beglstored 1940 J -J 108 Jan.'98 ntts Sh A L B 1st g5s.. 1040 A-O 116 118% Jan.'OO 118% 119%

Bat C & St iBtgu g 3s. '89 J-D Isteonsolgold Ss 1043 J-J 106 , 87% Jan.'00 NY&Harlem 1st 78.1900 M-N 108« 102% 102% 101% 101% fltUAWest Istg 4s. ..1017 J-J 100% lOOH Feb '00 09% 100% Registered 1900 M-N 103H 102>i 102H 101% ioa% J P M A Co certfs 100% 100% 100% 00% 109% NTANorth Istg6s..l037 A-O 1351^ 133 J'ly '90 PltU Y A Ashlst oon 581027. M-N 112 1 BW iOgcon l8tezt5s.'32 A-O* 138H 127% Mar'OO 137% 13t% RMdlng Co gen g 48. . . 007 J -J 85% Sale 84% 86% 388 88 80 Oswe &R 3d gng5s..l915 F-Al 118 Apr '00 Beglatered 1007 J -J 84% Deo'OO BWAOTBlstgugSs.l M-N Mnaselaer A t'ar. See D A H. Uttea & Blk Blv gn g 4b. '32 J-J 107 Aug' 08 BlehADan. S«e South Ry. N Y Chic & St L Istg 48.1937 A-O 108 Sale 107% 108 104% 1C8% Bio Gr West Ist g 4a. . . .1030 J-J 08 Bale 07% 08% 66 04% 08% • '00 Beglstered 1937 A-(» Cent Ist gu g 48.1017 A-Ot 85 87 85 Feb • • • • 80 80 103)i Jan.'OO » • • • 108% 108% • pilce Friday; Due May. T Due Nov. a sales. No these are latest bid and asked this week, t Due Jan. t Due July. S Due June. 5 These are option OUTSIDE SECURITIES (Given at foot op 7 consecutive pages).— ^.^2., BLFC. FERRY Ac Ask. Talea. A: Tfileph. Bid. Ask. Teleg. de Teleph. Bid. Ask. Electric Companies. Bid. Eleetiie C«"*»h lea. Bid. Ask — Hxon Gom & Stock 110 !»» TelegTeleph & Cable.... 4% U«neral idleuiriu L/v jN Y Stock tfcrry Uvmpfiniea. Brooklyn Ferry-'^took «8 84 Bonds V 90 West'n Union Tele«—N Y Btoos Bxcn Do piet.—See Boston L Ist. Hudson River Telephone 117 EleotrJc Coinpanlea. Hartford (Ct) Bleo Lt Co. 150 Bonds 5s— See Stock Ex list. Intematlon Ocean 116 118 Allegheny Co Light Co... 168 172 Hartf'd(Ct) LtAPowCo25 t 8 Metropolitan Ferry—Os.. 108 110 Mexican Telegraph 316 825 Brush blectrlo Co 44 46 Mo Bdlson Bleotrlo 17 10 N J A N Y FerrT— Stock.. Mazloan Telephone—8m Boato nllsU Consol Bleotrlo Storage. 8 13 Do preferred 53 65 Ist 5s 1048 JAJ 108 107 OS 100 Ferry-Stock. rt7 08 Maw Bng Teiep—Sm Best on list Bddy Bleotrlo Mfg C0..25 t 10 14 Narragan. (Prov)BlCo.50 t W Y A B R Northweatern Telegraph 192 136 Bdlson Bl 111 Co NY—N Y Stock Hzota Rhode Island Bleo ProCk). 117 Bonds 5s of 1033. MAN ( 06 08 si" MY AN J Telephone.... 167 175 Bdlson HI 111 Co Brk—N Y Stock Bzoh United Electric of N J... loboken—Stock 06 00 08 1030 MAN HO BdlsoD Ore Milling Co.... 10 14 48 1020 "is 76 1st C« illO 118 to list Oon. OB 09 Paolflo A Atlantic 70 85 Bleotro- Pneumatic Trans % 1 United Elec Lt&P Co pref SMBal 08 Providence Telephone 04% ..... Fort Wayne Bleo. Co. .85 i^i iV^V—See Balto h St. lAna Interest. tPrloe per sb ara

Atlantic. . : I > Ki Oo. I OB Sontbom A 05 100 Series A , 80 60 Woonsociiet k — AA

Mar. ]7, 1900.] THE CHRONICLE -bond PKICES (5 pages) Page 4. 619

Price WeeKt Range Price Wtek'$ Rang* BONDS. 8'S BONDS. Friday, Range or iinee Friday, Range or is since N.r. STOCK EXCHANGE yfar. 16. Last Sale. Jan. 1. N.Y. STOCK EXCHANGE Mar. 1«. Last Sate. Jan. 1. Wbbk Endimq Mar. 16. Week Ending Mar. 16. Bid. A.8k. Low. High. No. Low. nigh Bid. Ask. Low. High. No. Low. High aioOrJunolstgng 6a. 1939 3-D 108« 106 NoT'9» Southern— (Con) Bio Or So lit g3-4i..... 1940 J-J ti 71 Mar'OO 71 71 Virginia Mid ser A6s.l006 M-8 Booh * PltU. See B R & P. Small 1906 M-S Borne Wat. & Og See N 7 Cent. Series B6s 1911 M-8 Salt Lake ClBtg If di. .1913 Small 1911 M-S tJo&ailstR 3-4B...1947 86 93M S4 83 84M Series C 6s..,. 1916 M-S It L A OaL aee Mob & Ohio. Small 1916 M-S It L A Iron Mount. See M P. Series D 4-6s 1921 M-S 102 Oot.'99 Bt L K O & N. S«« Wabash. Small 1921 M-8 t L M Br. SmT RR A of StL Series B 6s 1926 M-S 109 Jan.'99 Bt I onia & San Franolsoo— SmaU 1926 MS Sd gold ei Class A 190«) M-M 112« 114H 110 Nov'99 Series F 6s 1931 M-S Mgoldet ClMiB 1908 M-N 112 112« UlMillS^ Genes 1936 M-N 112 110 Jan.'OO IG9 110 Id gold Ot ClaisO 1906 M-N 118 Feb '00 113 118M Gtd stamped 1936 n-N 112 110 Jan.'00 108 110 l>t g 61 Pieroe A 0..1919 P- W 0& W Ist07ga4s.l924 F-A 90 Feb.'99 0«neral gold Oi 1931 J-J 180 123 Feb '00 128 123 West N Ist con g 6s.l914 J-J 115 114>00 lUH li4M a«neralgold 5s 1931 J-J 109 l09Mi 109!^ 12 106 109« SAN Ala. Se« L & N. lit trust gold Os 1987 A-O 103 100« Oct.'ft« 8pok FaUs&Nor Istg 68.1939 J-J BtL*SFRRg4s....l996 J-J 84 88^ MarOO 79 84 Sunb & Lew—See Penn RR. Bonthw DlT 1st g 5S.1947 K-lt ioiji 99» Dec '99 Stat Isl Rr 1st gu g 4WS.1943 J-D OentDl» Istg 4g. 1929 A-0 95 Feb '00 95 96 Syra Blng & N 7. See DL&W. rtB&TBBdglstg6s.l910 A-O 105 Oot.'»7 ~|'i «0^ 584 63M 6l« M- Oray's Ft Ter Ist gu g 58'47 1st gold 6s 2000 J- 114 116^^ 114 114H 15 111 114K • 63 69 •tPanl&Daluth Lst6s.l931 117H.... 120 Feb '99 3d gold Inc. 6s, Deo. . .3000 Moh. 55 60 67 69 14 IdSl 1917 nOM Deo '99 Bng truBt Co ctfB » 66 61H Nov'9P 1st cog 4s 1968 ' 97 98^ Feb 00 98 9SU Tol&OC IfltgSs 1935 J 112^ Sale 111 112M ia l(i6 112^ 105 112 at Panl M & Man 3d 6s. 1909 A-O lao^iVoM 121 181 West'ndlT Istg 68... .1935 -O 111 .... )]8 112 7 120H 119M 96 100 litoonsolgold 6s 1933 J-J |40H 1409i 137 141^ General gold 6s 1935 -D 99 Sale 100 89 Registered 1933 J-J lS7HFeb'99 Kan & M 1st gu g 4a. ..1990 -0 90 89H V) 12 84M 00 84 BedaoedtORold4)i(s 1933 J-J 115 1169^ 1I5K 28 ll2iiU6H Tol Peo & W latgold4a.l917 J-J 83!4 8Slit 83 83 6 7b Baglstered 1933 J-J lOeHMar'98 TStLJkKO latgSatr.1916 J-D 119m Sale n7« llfeM 17 110 1«3« 19 Sale Tor Ham & ButT Ist g 48. 1 046 99 Ang'Wv) Oakota ext gold 6s- . . .1910 M-N 1 M ISIM 121M 119«121M J-Dt 100 Mont Bxt 1st gold 4i. .1937 J-D 103 103 1C3 Ulstar&Del 1st og 68. 1928 J-D 106 Sale 1(6^ 4 103 iceH 102M 104H lulM 106 BwUtered 1937 J-D 104 Jan.'99 n Pao—RK A 1 gg 4sl947 J-J 105% Sale \ij6H 106 334 KMlstdlTlstg6s.,.1908 A-O 108 Deo '99 Registered 194 J-J in3>i Jan.'00 I03M 104)i Registered 1908 A-O OreR7&Nav I8tafg6al909 J-J 108 (10 Feb '00 110 110 20 MordlT Ist g 48.. 1940 A-O Ore RRANav oong 4a.l946 J-D 102;^ Sale 102H lO'^i lUOHlO^M Registered 1940 A-O Ore ShortLlne 1st g 681022 K-A 137MSale 187^ 128 3 laeit 180 MtnnUnlon 1st g 6S...1922 J-J 136« 132M Jan.'98 Utah & Nor l8t7a 1908 J-J 121 Mar'99 "00 Gtold 58 1926 108 Ma7*97 Mont Cist gu g es. . . . 1937 J-J 135H 194Ji Feb 129^ 1349^ J-J BegUtered 1937 J-J 116 Apr'97 Ore ShL—lat oong 68.1946 J-J 113 115 lis 114 15 UOM 116M 1st gaar gold 5i 1937 J-J 120 118 Dec '99 (il Non-eum Ino A 6s . . .1946 3ep.t lOy^ Nov'99 Registered 1937 J-J •tea* ••••• Non-on Ino B *col trl946 Oot.l •45H Oot.'99 irillASFlstg 6b.. ..1938 J-D 120 Apr '99 DnlNJRR&COo. SesPaRR Registered 1938 J-D Utah Central. See Rio G W Bt P ftHor Pao. S«« N or Pac Utah & North. SesOreSL. It PAB'zOtty.SssOStPMAO Dtloa* Black R. Sm NY Gent • re Pres & Ph 1st g 5s.l942 M-8 103 106« Nov'99 Ver Val Ind & W. See Mo P, AAAP. SMSoPacCo. Irglnla Mid. See South Ry, g0s...l9ie J -J •111« 112?^ Oct.'99 Wabash Istg 5s 1939 M-N 116MSale 116« 117 17 113 117M BVAMPlstil 27 108 BaTF*W Istoon g 6s. 1934 A-O 1861^ Jan.'00 125^ 126Mi 2d gold 6a 1939 F-A 99« 98M 100 08M IstgSs 1934 A-O 123 Deo'99 Debenture aerlea A. ... 1 939 J-J 83 83 2 83 86 Bt John's DlT Ist g 48.1934 J-J 93« SeneaB. 1939 J-J 86?i 87 36% 18S 84« 88« Bruns Istgug 48.1838 J-J Istg 6a Det&OhHzt.. 1941 J-J 108 109 109 109 2 108^110 &W 93 Beloto Val A N B. Sm Nor k W Des MolnDIv Istg 48. 1939 J -J 90 92 Jan.'00 91^ Beab * Roa 1st 5s 1926 J-J 104M Feb.'98 StOhaa Bridge latg68.1908 A-O 110 Ma7'99 Oar Cent Ist con g 4s 1949 J -J Warren BR. 8e« Del L & W Bher Shr & So. See M K & T Wash Cent See Nor Pao Bod Bar & So 1st g 58... 1924 J-J Wash 0& W. See Southern 6 110 Bo Car i, Qa. See Southern. WestN Y&Pa Istg 58. 1937 J -J 1 1 3 Sale 113 n3H 116K Bonthem Paolflo Oo GengS-4a 1943 A-O ' 73 78V6 73 73H 76 68)4 77)i ' 33 80)» Gold 4b Cent Pao col..l949 J-Dt 82-}i Sale 82% 839i 90 80 84M Income 5b. ...April, 1943 Nov. 26)4 27 25« 26« 23>i Re..lBtered 1049 J-Dt 86 NOT'99 West No Car. See South Ry. West Shore. Se« N Y Cent. C Pao iBt I ef gu g 4b. 1 949 W-A k8% Sale 98M 0^ 360 97ii iboM Pitta. Registered . 1949 F- W Ya & Se« B «Mar'98 Mez& Pao Ist g....58'31 M-N 1009i 101 Hj0Jil029i Wllkea & Baat. Se« N Y B & W Hons*TOlBtW&N7s.'03 J -J WU * Slooz F. filse St P M & M IstgOslnt gtd 1937 J-J 110 Jan.'00 110 llOH Winona & St P. Se«0&NW 211 88 OS Oon g 6s int gtd 1912 A-O 110 113 Feb '00 lis 113 WlaOentSO-yr l8tgen4s..'49 .! -J 00% Sale 90« . 91 Gtong4s intgtd 1921 A-O 80>ii Sale 23 88« 86H STREET RAILWAY BON DS. Morgan'sLaftT lstg68.'20 J-J 121 130H Feb '00 120>^ 120H Bklyn Rap Tr g 58 1«45 A-O 106>i 106J< 108M lOSyi 106M 1st 7s 1918 A-O • 139M 134 Nov'99 Atl Av Bklyn imp g 581934 J-J 110 Jan.'»» NY T & Mezgn lstg4s.'12 A-O BkCltylstcon 5b.1916.'41 J-J 116 116 Nov'99 I-J 100 99 Deo'99 BkQCo&Scongug5s..'41 M-N 104 104 104 101 104 Ore*Oallstgtdg5s.l927 93 97 B A* A Pass 1st gag 4s. '43 J-J 77 77 77« 35 76 80 Bklyn Un El l8tB4-5sl950 F-A 93 Sale 93 93 Tez&NO lst7s 1905 F-A 116 Deo '98 City & S Rj Bait Istg 5b 1922 J-D BablnedlT 1st g 6s. .1912 M-S 106^Nov'9'r OenConTr Co istg 5».. 1933 A.-U 93 Jan.'99 Oon gSs 1943 J -J 103 Sale 103 1089i 60 101 104« Den Tram Cooong 68,1010 J -J BoPof Argu lBtg8B.'09-10 J-JB •114 110 Feb.'00 110 nop* Met Ry Co 1st gn g 68.1911 J-J Lonls Ry Oo Istoon Mar'98 BPof Gal lBtg6s.. 1905 A-O »109!< , 107 Nov'99 g68.1930 J-J 109 let gold 6sserB..1905 A-O *109^ market St ORy Istg 6a.l9i3 J-J iBtgold 6b 1906 A-O *iia iet St Ry gen o tr g 6a.. 1997 F-A 1189^ Sale 118^ 118« 49 il7HlS0M 1st gold 6s 1912 A-O 117« Bwa7&7thAvlatog6a.l943 J-D 121M 121 Ji 181>4 1 118M ma 1st oon guar 5s. .1937 M-N Jan.'00 I05i< R^iatered 1943 J-D g 105^ 105H IBS Stamped 1905-37 M-N 108 Sale 107H 108 71 104)^ 108 Ool&9thAvlatgug6a.l993 M-8 120 183 Feb '00 133 A*NWlstgng5s.l941 J-J 98 32 96 98^ Reglatered 1993 M-8 98H 98M 138 188 B P Coast 1st gug4B.. 1937 J-J Lez Av & P F lat gn g 6a.'93 M-8 123 Sale 123 133 BPaoof NMezlstg6s.'ll J-J 113T99 W Chic St40-7r l8tour6a.'28 M-N Registered 1996 J-J 40-7ear con g 5b 1936 M-N 99 Deo*'97 AlaOenRlstg 6s. ...1918 J-J *110 112MAng'97 GAS a, BLBCTRIC LIGHT BON 08. Atl & Oh Air Line Inc. 1900 A-O AUanta G L Oo lat g 68.1947 J-D Atlan& Dan 1st g 5s. 1950 J-J 1009^ Mar'OO 99M lOOM Boa U Gas tr otfs 8 fg6a..'39 J-J 91K Oot.'98 '46 117 Ool&Greenv 1st 5-6s.l916 J -J 116 Jan.'00 116 116 Bklyn U Gaa lat con g Sa. . M-N 117 118 117 Mar'OO Hi BTYa&aalst7s....l900 J-J 102 Sale 102 102 lOlH 102 ChGL&CCo. SeePG&CCo DlvlslonalgSs 1930 J-J 114 114MFeb'00 ll4«116M Colombus Gaa lat g 6a. .1932 J-J Oon 1st gSs 1956 M-N Sale U'JM 117% 34 114 118^ Con Gaa Co. Se« P G & C Co. 117M Clt7 96 B Ten reor lien g 4-5s.l938 lW-8 108M Jan.'00 108^ 106H Detroit Gas g 68. , ..1933 J-J 95 S6>i 96H 07 07M Registered 1938 M-S Det Gas Co oon Ist g 68. . 1918 F-A 99H Nov'99 OaPaoRr I8tg6s..-.19S2 J -J 121 1S2 Mar'OO 119M 132!^ «a Bl 111 Bkn. See K Co EL&P EdBlIll. SeeNYG&BLH&P BnoT & Ohio 1st g 6s . 1925 J-J •120M121 120M Mar'OO 118 t-iOH Rloh&Danoong6s. .1915 J-J ISlHFeb'OO 119 122 Kings Co El L&Pg6s '87 A-O Bqnip sink fund g 9S.1909 M-8 100 101 Jan.'00 101 101 Purchase mon 68 1997 A-O Deb 5s stamped 1927 A-O 102 103 Dec '99 Ed Bl 11 Bkn- istcon g 4s.'39 J -J 97% Oct.'99 BoOar &Oa Ist g 5a.. 1919 M-N 104 104H 104H 10 io3" ice" Istg 5s 1940 A-O '109H[ 111 May'Og Atl & Tad Istggu 48.1949 A-Oi Registered I A- O

• a are option sales. No price Fr,da7; latest bid and asked this week, t Bonds due Aug. tDu9Jul7. || Due March. IT Due Jan. S Due Nov. These OUTSIDE SECURITIES (Given at foot of 7 oonsecutivb FAGm).—FJSREV & MISCELUS, Bid. Ask Ferry Companies. Bid. Ask. Mlaeellaneoua. Par. Bid. Ask. Mtaoellaneoas. Par. Bid. Ask Miecellaneone. Par. 100 14 18 lOth 23d Sts Ferr7 8U 86 American Ginning imerlcan Surety 50 810 Barney & SmCar * 100 106 lat mort 5s 1919.. .J&D {106 110 Amer Graphophone. ... 10 t HM 12 Imer Strawboard....lOO 30 81 Preferred.... 102% Union Ferr7— S7 Preferred 10 11« lax Bonds 6s F4A 108^ Bergn &BngBr Ist 68... 109% Stock 35 t 30 Ist 5s 1920 M&N 99 100 Amer Hide & Leather... 31 i.m Typefo'rs—Stock. 100 50 66 Blackweil's Durh Tob.25 Preferred 71 Amer. Woolen—Com.... 81% 82 SUss Company—Com.. 50 127 140 Miscellaneous. 126 Acker.Mer & Con 6s 1903 93 Amer Mutoscope 36 Preferred 80 81 Preferred 50 ^ond Mort Guar. . .100 300 336 Amalg. Copper .... 94« 9 4% A.mer Press A88O<)'n..l00 78 90 \.mer Wringer com... 100 107 k Pref British Columbia Copper 10 Am Agrlcul Chem—See xJ Bton List American Screw. .,.,.250 • • • • 120 .100 70 89 Amer Air Pow of N Y. 1 35 40 Amer Shipbulld ng 35 27% Amer. Writing Paper 6 10 oaner-Crume—Pref. 05 Preferred 37 Celluloid Co 100 02M 07% Amer Bank Note Co ... 50 r 47 60 Preferred 97k 16 Amer Bicycle—Com..., Soda Foun—Com. 100 8 58 79 81 Tent Flrew'rkfl—Com.100 14 13% 14% Am 100 60 60 Preferred. 43 44 1st preferred 100 42 47 Arizona* Lead 18« 12« Preferred 8 Interest. • Price p er sha re. Bonds 6s MAS OOM 3d preferred 100 12 Asphalt of Amer. See P hila. li St. And . a.. ;11 9 , A . . .. 9......

5W THE CHRONICLE-BOND prices (5 pages) Page 5. [Vol. LXX,

WetK't «4 Rangt BONDS. 8 "8 Price Week's Ra7tge BONDS. Price »".2 Friday, Range or 12 since Friday. Range or ainet « r N. Y. STOCK E P.Y. STOCK EXCHANGE Sale. Jan. 1. EXOHANG Mar. 16. Last Sale. Jan. 1. Mar. 16. Last 8.J* WEEK Ending Mar. 16. Week Ending Mar. 16 Bid. Ask. Low, High. ATo. Low High Bid. Ask. Low. High. Ho Low H*''i^ WqOaiIiNYl»toong58..'32 M-8 Jet MAM Id gr 3^8 S A.191] A-O 34 Sale 89 34M 839 19 84}^ 109 Eq a & Foel. See P Q & C Co. irleTATooltrg8f58...1926 J-J Oct.'99 Gen Bleo Co deb g 5s... 1922 J-D 113 117 117 Feb '00 113 117 9r RlT Coal A C Ist g 68. 1919 A-0 95H Jan.'97 Istg 58..191E F-A Hack Wat Reor Ist g Ss. 1926 J-J Gr EapGLCo 113 K C Mo Gas Co Ist g 5s. 1922 A-0 QCendBCo Istsf ge8...193] M-S •107X NoT'9e 110 (JobokenL 5s 1910 Xiko Gas-L Co of StLlstg 5s' 1 ^ Q-Ft 108 109M 109 109 107^ A Ig M-N Small bonds 191f Q-F* Iran 8teamboatCo6s...l901 J-J Ifnt FBel Gas Co See PeopGae Mad SqGard 1st g 58... 191 M-N 110 Man Bob 48. 1 HYGBLH&P..g 53.194' j-n 108M Sale I08)ij 109 16 103»< HAL gen g 940 M-N Registered 194f J-D XJftA T A T Ist 8 f g 5S.1918 M-N Pnrc>'a8e mong 4b. ...194* F-A 93 Bale 93 9:^9^ 97 91 94M M-otUnTelCo. SeeWnUn, 3 108 110 News SAD D 58.1990 J-J5 Bd Bl 111 1st oonv g 5i. .1010 ai-8 108 108 Vewpt litoongSs 1995 j-j 181 Dec '99 STANJTel gen g Ss cy '20 M-N 118 NOT'99 Gas &Cl8tgug68.. 1904 M-N 109»< Apr'99 N T A OntLand Istg 68.1910 F-A 90 Oct.'9P P«o NoWestn Teleg. Sd gtd g6s 1904 J-D •105 104W Feb '00 See West. Un. litoonsolg6s 194b A-0 128 126 138 <8a 123 187 St L Ter Cupples Station A aefundlnggSs 1947 M-S 106 Dec '98 PropCo lstg4Hs5-20yT'17 J-D S .'23 101 Registered 1947 M-8 Yuba Wat Co con g 68. J-J 106 Feb '97 Oh G-L&Cke Istgug 5s'37 J-J 108 108J«Sale llSVt S6 114 118^ Bun Ck Coal Ist g 8 f 6s..l912 J-D 117H I8tg68l917 A-Ol 108 110 110 106 113 U S 4b registered 1925 Q-F 13 . 1 6>4 185T< 186% 18 133^ 187^ TennCoalTDlv 8 48 1925 135 1S5V< I36« 8 187« Blrm Div 1st con 68. 1917 J-J 110 109W 109H 107 no U coupon Q-F 186)i 1S3H 8 5s registered 1904 ll^H Sale 115% 90 naj^l 61^ Cah C M Co Ist gu g 6s..'22 J-D 105 Feb '00 105 106 O Q-F 118H 10(J 109 n 8 5b coupon 1904 Q V il5!^ Sale 11.^^ 116« 165 De Bar C & I Cogu g 6s. '10 F-A 106^ Sale 106>i 106K '15^ 88 38 + Prices are made in the open m arket for bond hen issued." Whli W ftPOOo 1«t ST S" J -J 38 Jan.'00 MAN'F'G & INDUSTRIAL. STATB SBCURITIBS. 103 13 100^ 103^ Alabama—Class A 4 to 5.1906 J-J 110^ III 11«H Mar'OO 108M I16H Cot Oil deb g 88. . . 1900 Qu-F 102H 1»2% Am Hpirtt8Mfgl8tg68l91.l M-S 88H 80 Mar'OO 30 85 Small 105 Aug'98 Class B 58 1906 111 108 Sep.'98 : st col tst 48 1 9 1 -J Am Thread J 100 102 ics loa Bar&SCarCo lstg6s ..I94ii J-J 105 Jan.*0O 106 106 Cla88C48 1906 Jan.'00 Currency funding 4s. ..1920 100 &ramero7 3ug Istg 6s.. 1983 A-O 89 895iFeb*0ii 89M 89Jt Disiof Columbia—3-658.1924 ll« 118 Not'98 Steel Co deb 58 1910 J-J 99 Jan.'99 rl 70 '97 Louisiana—New con 48..1914 107 lOeJi Mar'OO 106M106M Non-conv deben 5s. . . 1913 Apr A-0 Small Feb.'9K Int'l PaperColitconges.'lf' F-A 108 107W 107« 106 107« 109H Knloklce(Clilo) l8tg5s.l928 A-0 95 98 Feb '00 98 95 Missouri—Funding. ..1894-95 J-J 106 108 Apr'9i» Nat StarchMfg Colstg6sl92(j M-N 105 105 Mar'OO 105 105 Nortn Car—Consol4i...l910 J-J Procter & Gamb 1st g 6s.. '40 J-J ll3H.I'ly'9« Small J-J Rope Istg 68.1946 F-A 73 73 Mar'OO 68 84 68 1919 A-0 t»7 128 Feb '9c St»n AT 115 120 180 130 186 ISO Income g 5s 1946 !6 Sale IS 16 44 II 84 So Carolina—41^3 20-40.1933 J-J settlem't 1913 95 , Mar'OO 94 96)4 BnyelCo Ist s t g68l918 J-Jt •109 Tenn—New 3s. J-J 95^ US Small J-J ' 90 ...., 91 Jan '00 91 91 f deb 6s.' 13 116 iia« 116 116H S LeathCo s g M-N 116H 60 MlliOililtL.AlSMOUb BOM DS. Virginia fund debt 2-3f.l991 J-J 88^ Sale 89 90 80 86 Bx—Coltrg 48.1948 M-8 108^ Bale 102)< ioa>i 85 103 105 Registered J-J dams deferred oertfa 9 10 10 Di I>k&lmp58. SeeCenN.J 6s »« 6M BklnFerryCol8tcong53'48 P- UNLISTED BONDS. k'aW&WH istg 58.1945 F-A 7a 78 78 70 77 Atch Col APac 6s tr ctfB.... 66J< Nov'99 hloJc&StYd col g 58.1915 J -J 10»i^Feb»7 Atch J Co A West 63 tr ctfs. 64H Nov'99 MetrWSBl(Chic) 1st 4s 1938 96 95% 96 185 07^; C Non-cum Ino 5s .... 1 907 J-J 96M 65M Ore 8h L ctfs dep coll tr B.. 76>» Oct.'99 Com Cable Co let gC»... 2397 Q-J 103^ Mar'OO 103^ 103>< '78 ( 88 Registered 2.'<97 O-J 104 Fab '0« St L I M A 80 new 30 y 4s w I) 70^ 80 80 8 OH 77«

I AprU. I Bonds due January. T Due Auguit. aThese are option salt *No price Friday; these are latest bid and asked this week, t Due July * Due May. Due OUTSIDE SECURITIES (Given at foot of 7 consecutive pages).—^^JVLSjS' <& MI80ELL'8. i Par. Bid. Ask. Miscellaneoui** Par. Bid. Asfc._ MlscellaneonB. PaT,\ Bid. Ash Mtacellaneoas. Pat- Bid Ask Mlacellaneona. Union Steel Ohan pret U 8 Envelope Pref.. lOu 85 90 Oaateaugay oreA Ir 6s '15| S6^ Minneapolis Brew ist 78. 109 112 A 70« Union Switch Slsaal.50 39 40 6s—,See Stock Ex. list Ohes A O Grain Bl—Inc. 10 16« Mosler Safe Co 100 100 A t . Preferred 50 t 60 «> U 8 Glass—Common.. 100 85 96 41. 75 86 Mouongahela Water. ..25 t 41 43H Ohesebrough Mfg Co. 100 340 360 Nat Bnamel'K A Stamping 83 25 Union Typewr—Com.lOO 89 Preferred 100 95 105 (HB)-lstpref.lOOj 100 Preferred 87 88 Ist preferred 100 111 114 U.S. Pneu.Hor. Coll.—See Phlla. List. Olaflln preferred Air .50 preferred 100 100 Nat'l Gramophone. ... 100 45 50 2d 100 180 127« Westingh Brake ti»a 194 2d 6 Worthing. St.Ex. list| National Saw—Pref.. 100 46 40 U. 8. Cast Iron Pipe 7H Pump, pfd.100 115 180 Common—See 45 47 OonBOlid Car Heatlng.lOO 46 65 National Salt 48H 49« Preferred Consoi FlreWks-Com.lOO 10 Preferred 77 79 Prelerred 100 60 National Surety 100 15i( C"'*"' Rubber Tire 6 7H National Tube See NY Stk Sxch. list." 42 National Wall Paper. IOC 55 Vt*t vi Banks. Bid. Ask. Banke Bid. Ask. Bank*. Bid. Aak. 73 82 N. B. Blec. Veh.Trans. . . 5M 6 .100' Imp. *..... 100 76 85 Diamond Matoh Co.. 187 IS7H N Y Loan A Broker)' Qu otati ons. Brokers' Qu otatio ns. Brokers' Qu otati MS, of America. . «% Biscuit 6s 1911. MAS 114 DlstUl. Co. ^% NY 185" N. Y. CIT r. Mt Morris*...... 300 Scherm'rh'u 150 Pref 36H 26^ New Jer Zinc A Iron.. 100 135 America* t455 ••• Mutual* 140 17th Ward* 115 16 17 N. Y. Bl.Veh. Transp.lOO 7^ 7« — Bleotric Boat Am Bxch 180 186H Nassau* 160 Sprague .... 200 Preferred 80 36 N icholsoQ File Co 50 63 Astor 500 New Amst.*.. 590 £6th Ward*. 140 145 Com., 22 24 aieotrlc Vehicle 30 3B Otis Blevator- Bowery* 285 300 NewYork Co. 1500 TJnlon* 120 •••••• Preferred 60 90 PrGfftrrcd 86 88 Broadway.... 840 248 N Y Nat Ex.. 116 Wallabout* 105 lis Empire Steel...... 88^ Peck, Stow A'wiloox..25 87 Buteh'sADr.. 85 New York.... ^255 50 390 Preferred 63H Pennsylvania Coal Central 17i 186 19th Ward*.. 100 Trnat Cos. 100 Pitts Bess B 60 t 21 23 Brie St Western Trans. 50 &L Chase 500 Ninth m N. Y. CITY. '"tdoiitv >r Dop(Balt)..50 300 Pittsburg Brewing 50 T 24V4 a4H tsoo , North Amer. 200 310 Atlantic Tr 105 805 43 Chatham .... General Chemical 100 60 06 Preferred 50 t 47« Chemical aooo 4100 Oriental* .... 800 Bankers' Tr. 190 106 160 Preferred. 100 99 101 Pitts Plate Glass 147H 148« Citizens' 144 152 Pacific* 170 Ctl.RltyBAT 250 Planters' Compress ..100 t 18 20 Geiiiieui Am Real B8t.l00 26 40 City i05^ t Park 39Q% Central Tr'si. • 110 ti'ii' Mfg Co-Com.lOO 100 Pneumatic GunCar'ge.lO f21 Gorham Colonial* — 275 Peoples'* .... 285 City Trust... SlD Preferred 100 180 Pratt A Whltn—Com..lOC 1 4 Columbia*... 190 Phenix 100 105 Colonial 400 HaTana Commercial 18 19H Preferred 100 43 44 Commerce... 270 Plaza* 475 Continental 375' Preferred 58 60 Procter A Gamble.... 100 410 420 Continental 135 Prod Bxch*.. 180 130' Farm Ln ATr 1300 i436 56 100 198 202 Heok-Jones-J Mlll-Pf.lOO Preferred Corn Bxch*.. 350 36*6 Republic .... 800 216 Fifth Ave Tr 400 47b 75 1st See Stock Bxch list. Ist 6s 1922 MAP "ee' 68— Domes. Bxch Riverside*... 210 Guaranty Ti 80 3 640 Her'g-Hall-Mar(as8t p'd). 10 RoyBakPowpf 94k 95 180 ..... Seaboard.... 375 Int'l.BkgATf 120 29 Bast River.. 18S Preferred (asst p'd) 100 13 30 Rubber Goods Mfg 28« 11th Ward*. 150 Second 550 Knick'rb'ck'r 390 100 Preferred 80 81 Hoboken Land A Imp't 115H Fifth Ave*.. 2400 ...... Seventh 170 Manhattan 360 68 106 Russell A Brwln 25 t 78 76 Fifth 325 Shoe A Le'th tl03 Mercantile . 800 Trans. 8 Safety Lt.lOO 132^ 140 IllluoU Car Heat A First 3850 ..... State* 825 Merchants' Blevat.lOC 90 H'rdw-Com.lOO 310 820 40*6" International Simmons 14th Street*. 146 165 State of NY* 188 Metropolitan 460 Intemat. Paper— See St'i Bzcb list. Preferred 100 140 ISO Fourth 176 178 12th Ward*.. 115 180 MortonTrust 4C0 International Power. .. • • • • t 50 Singer Mfg Co 100 625 Gallatin 400 28dWard*... 100 N Y L I A Tr 1400 1460 . . 19 Standard Oil of .100 638 540 Internat'l Pump—Com I8H N J. Gansevoort*. 70 N Y Sec A Tr 700 775 Preferred 66 Stand Und'rg'dCable.lOO 175 180 65 Garfield 1600 Union Sq*.... 810 North Amer. 4:148 160 Internat Silver—See Stk. Bzch. list. Sloss-Sheflaeld, com. 37 20 120 .... West Side*.. 375 Produce Ex. 180 do 66 68 German Am* Do pref EO Preferred 70 German Bx*. 230 860 Western t376 Real Est Tr't 300 Do do bonds. I 100« Southern Cotton Oil.. .50 t 52 99^ Germania'... 325 Yorkvilla*.. 210 StandardTr't 210 Iron Steamboat. IOC 4 StandardCoupler.com. . . 38 43 Greenwich*.. 165 State Trust.. 400 Os 1901 JAJ 47 65 Preferred 110 116 Hamilton*... 145 IBIN BR'KLYN. Tr.Co.of Am. Stetson—Com. 100 96 180 Isl 107 John B Stat R T 1st 6s'13AAO 710)4 i Bedford*.... 316 Tr.Co.ofN.Y. 106 Preferred IOC 117^, 2d5sl926 JAJ 96 Hanover . 116 .... Broadway* 830 360 I Union Trust. Vdih 1486 Burnham.lOC 8 atillw-Bierce Hide A L'atb Joumeay A * Sm-V.lOO 60 Brooklyn* ... llOH iU8.MtgATr. 490 Preferred lOC 30 Storage Power 13 14 95 Unit. States.. Trad. (680 c 8th Ward*... 1676 Kan C. Southern (w. U). Superior Boston Cop'r. Imp A A H H Irving t;a)t ...... 5th Ave*.... 104 107 Washington Do preferred 41 4il tiwifiA Co 100 108 105 Leather Mfr. 285 250 First 876 360 BR'KLYN. Do bonds, Ss 67 66 Ist tts 106 107 310 ' * • s* Hamilton*... liOH Brooklyn Ti. 410 Knlokerb'r lce(Chlo)-Se< itKi List. Liberty SusqCoal 6s 1911. ...JAJ 115 776 826 Kings Co*... 100 Flatbnsh .... 160 Lanston Monotype.... 66 75 Tennessee Copper \2% Lincoln '3H Manhattan* 256 875 Manufaot'rs. 8n6 Franklin 300 Lawyers' Surety IOC , ilO Texas PaclUo Coal. 100 70 75 A Market Fnt 216 235 Mechanics*.. 202)( Hamilton.. 280 Lawy«ri' Title Ins .... IOC 155 Ist 6g 1908 AAO A 390*' Mechanics'.. 100 196 Mech A Tra*. 260 Kings Co.... 346 Mining . 18 19 Lllulo Tlgor Title Guar A Trust... 100 870 90 100 Merchants'. 110 LIsl L ATr 258 LOTlllara (P)— Prol...in( 92 95 Trenton Pottr-Com..lOO 6 Mech A Tra* ...... Nassau 885 Manntact'rt 310 • • Mercantile . 190 •••• Madison 8q. Garden— 10( e 10 Preferred 100 60 Wis Nat City 290 Nassau IS8 3d 6s 1919 MA^ 40 Trow Directory-New. 100 60 60 Meroh Bxch. 170 North Side*.. 170 178 People's 386 . ..••« Mafkecn Copper 6 7 UcUnCopper 6 10 Merchants'.. 416 440 People's* „.. 190 196 , WUllamsb'gl: 180 800 Mich-P Car xsLaB'42MAb 114 118 Uuloa Steel A Chain. 80 Metropolis*..

* Banks marked with an a8t«nsk (*) are 8t«te banks. ( Purchaser also pays aoomed int. t Prloa per share, t Sale at Stook Bxoh. or at anotlon this week. . «

March 17, 1900,J THE CHRONICLE. 521

Boston, Philadelohia and Baltimore Stock Exchanges—A Daily and Yearly Record. VF Share Prices—Not Per Centum Prices. Sales ACTIVE STOCKS. of the Range of Sales In 1900. Saturday, Monday, Tuesday, Wednesday Thursday Friday, Week. 1[ Indloates unlisted. March 10 March 12. March 13 March 14 March IS March 16. Shares Lowest, Highest Railroad Htooka- 3>< SH 3M 3« 354 35< 354 35i 35^ 85i American Rallwars (Phlla.) 5 paid 8,765 3 Mar. 6 55< Jan. 9 •i39 ..... 339^240 83U 340 839 239 333 238 238 i88 Boston & Albany (Boalon;....lo0 149 238 Mar. 16 348 Feb. 10 117 117 117 117^ 11854 118^ 117)4 11854 11754 U754 •117 I17H Boston Klevated.f75 paid.. " ....100 7n t96 Jan. 8^ 12854 Feb. 17 •842 843 243 243 •848 •842 •848 246 Boston & Lowell " ....100 1 241 Jan. 19 248 Via: 13 lee 196 19414 196 19t>4 194M 192 i9354 193 19351 193 19354 Boston & Maine " ....100 37 192 Mar. 14 30^54 Jan. 5 1S3>^ 198!^ 134>il85?i 124^ 125H 186 12594 125 137H 12854 12«94 Chic. Burl. & Qulnoy " ....100 12,898 11954 .Jan. 10 12754 Mar. 15 184H 134H 131 132 131^ 132^ •131 135 13154 132 13254 13354 Chic. Juno. 4 Un. Stock Yds. " ....100 218 131 Mar. la 138 Jan. 4 125 125 125 125 •185 130 •125 123 Preferred " ....100 10 123 Jan. 2 127 Feb. S 38" '"BOH •81« 33 •31^ 33 •3m 33 •315i 33 •3154 33 Choctaw Oklahoma & Gulf.. (Phila.^.... 50 38 Mar. 7 3454 Jan. 9 • • 43^ * .... 43 • 43 • 43 • 43 43 Preferred " .... 50 • • • • • I 40 Feb. 7 45 Jan. 4 133 133H 138 183H 180H 131 13054 1305ti 130 131 *130U4 13I5< FltchburK, pref (Boston).... 100 888 110 Jan. 2^ 135 Feb. 24 35^ 35^ 88>^ 2SH •25W 26 3554 255» 74H 745< •74 7494 •74 7454 Preferred r... " ....100 7314 Jan. 11 7494 Jan. 80 807}^ *ao7 807 207 207M 20751 •305 •206 207h old Colony (Boston).... 100 16 i02 Jan. 13 208 Mftr. 3 67 67M 87H QT4 67H OIH 6754 8754 "6754 8754 8794 Peansylvanla (Phlla.).... 50 1,91 8454 Jan. 16 8856 Feb. 14 x9aH 90i 14% •1454 im •14 14i>4 3d preferred " .... 50 110 13 Jan. 10 1594 Feb. aa 49 49 49V4 49!4 50 50 i9H 499^ 4954 4994 •49 4954 Union Paolflo (Boston).... 100 65; 4494 Jan. 9 5156 Feb. 14 7Sl« 73H 74^ 74V(S 74!4 74M 74H 74« 7494 7l?6 749< 7 6 Preferred " ....100 1,480 739i Jan. 8 7794 Feb. as 96H 86H 3e« 36% 37 86% 37 3694 37 36% 38% Union Traction, $1754 PaW. (Phlla.).... 50 8,648 3856 Feb. 27 3H96 Feb. 6_ 16>« 16H 16>(i 16« 1654 1654 1654 1854 1654 17 United Rt & Blec. Co (Bait.) .... 50 2,585 1594 Jan. 8 1796 Feb. 21 Preferred " .... 50 ( • • • 34 Jan. 9 88 Jan. 8 94 94 93« 94H 93^ 94 94 •94 •93 9354 West Bad Street...... (Boston).... 50 380 92 Jan. 5 V 454 Mar. 9 Mlacellaneoua Stocks. 95 95^ 945i 95H 94 94 94 94 94 94 Araalganaated Copperlf (Boston). ...100 2,329 8154 Jan. 9596 Feb. 14 •a« 28 •36% 37% 87X 27>s 275< 2754 3754 2754 2754 2754 Amer. AgricaL Chemical.... " ....100 718 25 Feb. 36 Jan. 5 77 77 76 77 77 77 7754 775i 77 7754 77 77 Preferred " ....lOi 1,618 76 Jan. 7954 Jan. 6 8% 2H 2H 2H 25^ 294 '.^ 254 American Alkali (Phlla.).... 50 67 2 Mar. 3 Jan. 19 a H H 94 H 94 94 Preferred, $10 paid " .... 53 1,000 54 Mar. 1« Jan. 701 349 B 811 3ia»< 313 314H 3H]4 318 815 317 313 315 314 315 American Bell Telephone. . . (Boston) .... 100 299 Mar. Feb. lOOM 100« 104« 103 105 100% 104 99% 108 10096 10294 American Sugar ReflnlngT. " ....100 67,953 9554 Mar. 13756 Jan. 4 109 10914 109 109y« 109!^ 1091^ 10954 10054 '109 •10854 iOt*54 PreferredT " ....100 140 107 Mar. 118 Jan. lu v^ 9« 9H 9« 9H 8X 9H 9« 8H 9H 954 Asphalt Co of America (Phlla.) 6 paid 18,818 95< Mar. 1494 Feb. 6 3»5 898 898 304 S03 309 294 306 296 303 895 299 Boston & Montana (Boston).... 25 1.458 261 Jan. 309 Mar. 13 66 66 68« 69H 66 67M 60 604 63 63 63 64 Butte&Boston " .... 10 2,294 42 Jan. 73 Feb. 15 730 730 740 740 740 745 740 746 785 738 •740 750 Calumet & Hecla " ....25 6e 7^8 Mar. 770 Feb. la 80M 20Vi 30 SOM 20 2054 2054 905< 29 20 Cambria Steel, $454 paid. ...(Phlla.) .... 60 9,540 1996 Mar. w»54 Feb. a IV 66 54M 55 54M 64H S454 5454 55 5654 67?4 58 Consolidated Gas (Bait.) ....100 1,742 30 Mar. 60% Feb. 31 44 44 •43 44 44 44 •43 <3H •43 4354 43 Dominion Coal (Boston).... 100 1,12s 4054 Jan. 4654 Jan. 8 104 106 104 105% 103« 105 103 les 10354 104 102 104 Brie Telephone " ....100 8,f>46 9994 Jan. 122 Feb. 83 48« 48M 49)i 50 50H 51 5054 5054 60 60 4954 4954 Federal Steel " ....100 1,367 48 Jan. 5794 Feb. 6 127 Feb. 87 46}^ 47 47!^ 4754 47 47 •47 Lehigh Coal 4 NsTlgatlon. . . (Phlla.) .... 50 43 Jan. 5054 40M 47H aa 7« 7« 7% 7« 7% 7H 7H 75< 7« 75i 8% Marsden CjT '* ....100 12,22e 654 Mar. 18 Jan. 7H Mar. 16 108X 108i>6 108H 1029il08H •10254 loan 10354 10854 10294 103H New Bng. Cotton Yarn, pref. (Boston) .... 1 00 280 100 Feb. 10294 •130 135 135 135 182 132 •133 135 133 133 *130 135 New Bngland Telephone.... " ....100 32 130 Mar. 140 Jan. 3 Jan. 3 19W 19« 19« 19% 19% 14 1854 15 17 10 1654 Old Dominion Copper IT " .... 35 9,345 14 Mar. 83 5^ 5M 5H 5% 554 5« 6 556 Philadelphia Eleo.lT 254 paid (Pblla.) 7,876 5 Mar. Jan. 2 148 147!^ 148 148 150 IBO 150 1495« 14954 150 150 United Gas Improvement!.. " .... 50 1,000 14754 Mar. 16054 Jan. 11 18 18 19^ 19 19 18 19 1854 19 17« 179i United States Oil (Boston).... 25 1,938 1694 Mar. i5 Jan. a 43 Jan. 8 4IV( 41^ 41M 42^ X4154 *1« •40 4054 Welsbach Light IT (Phlla.) .... 5 990 40 Jan. •42 Jan. 45 Feb. 1 *48X 43 •43!i 43 •42^ 43 •4354 43 43 43 Westingh. Blectrlo & Mfg . . . (Boston) .... 50 40 •81 65^4 65M •62 •82 6554 6354 64 6654 Preferred " .... 5C 33 6 1 Jan. b654 Mar. 15 •Bid and Mked prices. no sale wa.^ made. t $50 paid INACTIVE STOCKS Bid. ABk. STOCKS BONDS Bid. Ask. BONDS Bid. Ask BONDS Bid. RAILROADS.—Price* Mar. 16. MISCBLL.—Concluded. Boston—Concluded Baltimore—Conclu'd. 117 4ti * Oharlott«(Balt) 100 127 130 N6wHavI& S.(Phil) 5 3% N-iwBag con gen58'45J4J WeatN Coon 68.1914 J4J Boi &Maine pf.(Bost)10C 166 170 40 AmG Dredg(Bost) 10 IH 256 N EOotYarn 5s 1939F&A §10354 10896 We8tVaC4Pl8t6g.'llJ4J 113 115 Boston 4 ProY. " 100 300 Old Co! Mining. " 35 XH 4 NBGas 4C 1st 5s .1937 8 6954 7054 Wil 4 Weld 5s. .1935 J4J Central Mass... " 100 12 Osceola Mining. " 35 63 6356 New Bng Tele 6s.'99 A40 i Bonds- Philadelphia Pref " 100 60 Palmetto Co.... (Phil) 25 % 6b 1907 A40 AUe Vy Bext 781910A4O Oorn&Passum " 100 157 Parrott S114Cop(Bo8t) 10 44 4454 NY4NBngl8t78.'05J4J 1115 Asphalt Co 5s tr ctfs X8394 Conn Rivr.... " 100 270 875 Penn KleoVeh. (PhU) 50 ..... l«t mort 6s.. ..1905 J4J *111 AtlCltyl8t5sg..'19 M4N 111 coiiiolTrPltts!(PhU) 50 Pref " 50 Rutland Ist 88. .'02 M&N *10456 10654 Balls Ter Ist 5s. 1926 J*D 97J4 2794 Berg&EBrewlstes'aiJ&J 106 Pr«fT ... " 50 Pennsyl Salt... " 50 Torrington Ist 58 1918... aa South & Fla.(Balt)100 4S Pennsyl StoellF. " 80 West End St 5s. .'02 M&N il03 B Boro Gas 1st 5s.'38M4S •••••• 1st pref " 100 9654 98 Prefir " 100 4568 1914 M4S ail Cambria Iron 68.19 17 J&J 106 2d pref, " 100 72H 76 Qulncy Mining. (Bost) 25 132 135 Deb 48 1910 M4N no7 Che84DCanlst58.'16J4.J • • t • • • O'rmant'n Pass(Phll) 50 144 Rhode Isl Mln.. (Bost) 85 3 356 Choc 0k4G gen 58'19J4J 106 • • • • • Hestony M & T " 50 47 60 Santa Ysabel G " 5 1 156 Bonds—Baltimore. Clt'8'8tRy(Ind)con 58.'33 58.'32 Pref 50 73J4 8u8queI4Sir..(PhU) 5 356 Anacostia 4 Pot 5s 100 10056 Colnm St Ry Ist con Hunt & Broad T " 50 Tamarack Mln. (Bost) 25 130 188 Atl 4 Ch Ist 78.1907 J4J 117 Con Trac of N J 1st 58..'33 10794 Del Bk 1st 78.'05 F&A 118 Pref " 50 Telep Tel &C..(PhU) 4% . . •* p Atl(3J-Llghtlst5sl917J&D 4 B "16 58.'20 Inds Street " 100 Tidewater St... " 1254 IS Atl Coast L ctfa Ss . . J&D Ea8t4A 1st M M4N 11254 26" • • • • Edl^ou Blec 58 stk tr ctfs. KC FtS&M..(Bost)100 l8*" Torrington "A"(Bost) 26 2854 30 Bait Belt Ist 58.1990M4N • t Pref " 100 60 66 Pref " 25 2854 32 BaltCPaslst 5s. 1 9 1 1M4N lis 114 Ble«4 Peop's Tr stk tr ctfs 9896 9894 Little Sohaylk.(PhU) 60 Un Cop L 4 M'g " 25 8 3 Bait Fundg 5s. 1916 M4N Blm4WUm 1st Bs.'lO J4J 119 Maine Central. (Bost) 100 160 165 UnBLfePowpf:(Balt) 50 SO 34 Exchange 3568.1 930J4J 11356 Income 58....2862 A40 10754 MlneblU & 8 H. (Phil) 50 53 69 OnPowA Trans (Phil) 25 23 Balt4Plst6aml 1911A40 Bq 111 Gas-L let g 5s. 1928 108 Nesquehou'g V. " 60 Cn Shoe Mach.. (Bost) 2S sa 3854 1st 68 tunnel 1911..J4J Hestonv M 4 F con 5s.'24 North Penn... " 50 104 Pref " 35 84 86 Bal Trac 1st 58.1929M4N 116 H4 B Top con 58.'25 A 40 10854 Pere Maiqu'te.(BoBt)100 1854 1954 US Mining.... " 25 9 Ext 4 Imp 6S.1901M48 101 10156 Indianapolis Ry 4a. .1933 Pref. " 100 6554 66 CSPHorseCol.(PhU) 1 96 No BaltDlv 58.1942J4D 119 KCSub B l8t8i..'30 J4D PhU Gerai 4 N.(Phll) 60 151 Utah Mining. (Bost)4-85 2854 39 Conv'rtlble5sl906M4N Lehigh Nav 4543. .'14 Q-J 113 1914 Q-F 104 Rys Co General! " .... 296 Warwick I 4 8. (PhU) 10 9M Central Ry 8s...l913 J4J RR48g Us'.;«dNJ " 100 371 WelsbaohComl " 100 Consol5s....l932M4N Gen M 454s g.. 1924 Q-F 104 g.'33 IC154 United Tr of P. " 60 Prefir " 100 50 Ext 4 Imp 58.1932M4S 116 Leh V C'l Ist 58 J&J 101 "23 Leh Val ext 4s. .1948 J&D 118 Pref '' 50 60 Westm rel Coal " 50 69 Chas City Ry 1 st 5s J4J 10354 West Bnd pref. (Bost) 50 112 11254 Wlbona Minlng(B08t) 85 256 S Chas Ry G & Ei 5s '99 M&8 96 99 3d 78 1910 M&S 13756 West Jer&8 8.(PhU) 50 63 Wolverine Min. " 25 40 40)4 CharlC&A ext58.1910J4J 106 108 Con80l6s 1923 J4D 118 109 Annuity J4D 12556 West N Y 4 Pa. " 50 8W m Bonds— Boston. Chesap Gas 8s .. 1900 J4D 68 ••«tlt Wis Cent, new. (Bost) 100 16 17 AmBeilTel4s..l908 J4J 101 Clty4Sub l8t5s.l922J4D 11554 New'k Con Gas 58 '48 J4D 103 103 Newark Pass con 58.1930 ••••• Pref " 100 48 50 AT48Fgeng48.'95A&0 1 99^ 100 Clty&Sub(Wash)lst5»'48 10654 Col4Grnv lst5-6. 1 9 1 7J&J 117 119 NYPhll&Norlst48 '39J&J 108 Wor Nash 4 R. " 100 135 130 Adjustment g 4s.. 1995 1 8254 8356 116 Income 48 ... 1 U39 80 MISCBLLANBOUS. Boston Term'l 3548 .. 1 947 |ll4 11656 ConsolGas 6s..l910 J4D 11654 M&N Ist 48..'36 115 iUlonez Minlng(Bost) 35 3 3% B08UnGa8l8t5s.'39J4J 78 58 1930J4D 10994 UO No Penn M4N • ••I 106 (JenM7s 1903J4J 11194 Amer.OementKPhll) ., 7% 2dM58 1939 J&J 46 Ga 4Alalstpf5sl945A40 "9894 68 r... 1910 Areadlan (Bost) 26 17 Bur4 Mo RlT ex'pt 68.J4J |l23** GaCar4Nlst58g.l929J4J 9854 Penn gen Var 18956 1756 114 Arnold Mining. " 25 6 Non-exempt 8s. '18 J&J GeorgiaPlBt5-68 1922J4J 183 Consol 68 0.... 1905 Var 6H J107 ConsolSs r....l919 Var Atlantic Mln'g. " 25 34 2454 Plain 4s 1910 J4J |ioo Ga8o4Fla Ist 58. 1945J 4J lll9i Baltic Mining.. " 25 »o« 21 Ch Bur 4 Q 48.1932 F4A 108 KnoxrTrac l8t58'28A40 103 10356 Penn & Md Steel con 6b. . •••••• El 11454 11654 Pa 4 N Y Can 78..'06 J4D 11754 ' ••ttt BethSteel (PhU) 50 17 lowaDlv 48.1919 A40 |io2" * • • • • Lake R lstgu58'42M4S uoston lilleoLt.(Bost)100 170 174 Chicago Juno 58.1915 J4J 113 Brewing 68 .... 7754 7854 Cons 58 1939 A&O 107 181 Cons 4s 1939 ...atl 93 Oambrla Iron.. (Phil) 50 X4394 ..... Oh 4 No M gu5s.'31M4N «;;;;;; 98 MetSt(Wa8h)lst58'25FA 12194 A&O • Steel l8t58.'17 108 110 Canton Co (Bait) 100 88 90 Chi 4 W M gen 5s.'31 J4D t"99" 100 New on Gas iBt 58...Var • • Penn M&N 103 104" People's Tr tr oerts 4s.'43 107 108 Centan Mining. (Bost) 25 1754 IS Con. of Verm't 58.'13 J4J I 88 90 NewpN&OPl8t5s'38M&N 110 PhUa Bleo gold trust otfs 10254 Central Oil " 36 1754 18 Curr't Rlv Ist 58.'27 A40 { 85 90 Norfolk St 1st 5s '44.J4J 10756 Con. Lake Sap. (Phil) 50 805( D G R 4 Ist 48.'46 A40 NorthCent 4548.1935A40 110 Trust certfs 4s 6494 W 5g.'20 Pref .... " 50 8 Domin Coal l8t68.'13M4S Ino 113 68 1900 A40 Ph&Er gen M A&O 12054 Bsyllght Prism. •• 60 Baat'n Ist M Bs K.'06 M&S 116 88 gold 1900 J4J 10154 Gen M48K..1930 A40 109H Dlau State St " 10 Fr BLk&MVl8t68'33BUd |l35 6s 1904 J4J 110 Ph 4 Read 2d Ss.'SS A40 13856 *H ISO Domln Coatpf.(Boit)100 11454 11656 Unsfp'd Ist 8s.'33 A&O ••••• Series A 58 1928....J4J 119 Consol M78..19H J&t •• 119 Con 68g...l91i JJi-u 12156 dlionBl lU... 100 306 308 lUln Steel oonv Ss.'lO J4J { 98 99 Series B 5s 1928.... J4J M 11854 Ext Imp M48 g.'47 A&C 108 10654 MMCoof mT.(PbU) 60 1196 Debenture 5s. 1 9 1 3 A&O { 9954 Pitt Un Trao 58.1997 J4J '82 48.'37 102 rrankUnMin'g.(Bost) 86 16 1554 K C C& 8 1st 58 g.'25 A&O I 85 90 PotomVal l8t58.1941J4J 97 ConMof J&J 11794 Terminal 5b g.l941 Q-fc 123 S«n«ral Bleot. . " 100 188 12654 K C Ft 84G 1st 7s.'08 J4D |ll4 116 SeoAvTn(Pltts) 5s'34J4D Pref " 100 187 189 K C F 84Moon 68.'28M4N h07 10756 SaT Fla 4 West 68 >34 A40 113 P Wil 4 Bait 48.1917 A40 96 Seal) 4 Roan 5s.l928 J4J CoUat trust 48.1921 J4J 10856 S«nKI Aato-MT(PhU) 60 E C M 4 B Ist 4s..'34 M4S J 93 "96" Ind-Bgyp ComT(Bo8t)100 12 15 Income Ss * 65 67 noBlL,&PLst454«'a9M&N 9IH Pitts C48tL7s.l900F4A 10154 Read gen 4s, 1997 J&J 85 8556 IntButH48M " 10 254 K C4 M Ry4B 5s.'29 A40 1IO8 UnHy& Bl l8t4s'49.M&a 8694 88% Co (ilttBoyaleT.... " 85 26 87 K C St Jo 4 C B 78.'07 J4J {11754 Income 4a 1949... .J&D 7'9« Rochester Ry con 58.1930 g'35J&D 111 • ••• , HsaQtao Bub.. (Phil) 60 1« L Rook4F 8 1st 78.'06 J4- |l04 105 Virg Mid Isl 68.1906 M&S 110 SchRESldelstSa SoranTrao 1 st «s '33M&N 118 *•!•# tTef " 50 LB4 8tLl8t58 1939.... * 2d series 6s. .1911 M4S 115 Ist • •••I MarylandBrew.(Balt)100 7 8 lien 48 1943 M4S 3d series 63..1916M&S 114 Union Term'l 5s.F4A United N J 4a..ie44M4S • f tl« Preferred... " 100 38 2854 MarH 4 Ont68...'25 A40 |11854 4th ser 8-4-5s.l921M&8 105 118 UnTraoPlttB gen5a'97J4J 113 • flttf Mergenthaler .. (Bost) 100 196 198 4s g. .1911 J4J 7956 5th series 58.1926 M4S 110 Mex Cent t$l-5C p»ld- *••< Telephone " 10 a Ist con tnc Ss g non-oum * 28 88^ Ya (State) Ss new.'32J4J 9056 lAna lutereBt. 294 •Price inomdes orerdne oonpo nr. NewEnsG"*C7 " .... 16U 17 2d con Ino 38 non-onm.. 1314 1354 Fund debt2-38.1991J4J P9H . ... 1 .... 1

522 THE CHRONICLE. [Vol. LXX.

Latest Gross Earnings. Jan. I to Latest Date. %nmshntnt Roads. WeekorMo\ Previous Current Previous AND ^^JJ*"' Year. Year. Year.

L. Erie & West. 4th wkJan 135.301 95,861 361,2511 274,429

Lehigh & Hud. . February . 33,816 34.429 76,70=.; 79,407 LehlghVal.RR. January .. 2,202,548 1,706.972 2,202.5481 1.706,972 Leh. V. Coal Co. January .. 1.673,232 1,636,330 1,672,232 1,636,330 L/ex'gton&East January .. 25.882 15,689 25,882 15,689 RAILROAD EARNINGS. Long fslandRR. February 213 395 186,044 456,196 422,524 The following table shows the gross earnings of every Longls. System February 217,0891 188.858 464,531 430,098 Steam railroad from which regular weekly or monthly re- LosAng.Term. February. 8.768 8,298 16,5831 15,607 Louis. Ev. & St. L 1 1 StwkMar. 32,618! 30 606 313,939 262,412 figures turns can be obtained. The first two columns of Lou.H.&St L.. 4tt WkFeb 11,395 11,597 96,711 80,298 give the gross earnings for the latest week or month, and Louis. ANashv. IstwkMar. 505,560 443,510 5,065.443 4,023,537 the last two columns the earnings for the period from Janu- Macon (feBirm.. February . 5,648 4,374 11.717, 9,745 Manistique February. 9,388 6.863 17,509! 13,742 ary 1 to and including such latest week or month. JMexican Cent. IstwkMar. 346.932 259.319 3,213,592 2,623,117 The returns the street railways are brought together sep- Mexicanlnter'l.] December. 486,4 67 414,764 4,645,659 3.497.074 of [ arately on a subsequent page. JMex. National. IstwkMar. 156,614 123.028 1,341,874 1,156,445 Mex. Northern. Nov'mber. 37,183 53,038 680.624 646,574 {Mexican Ry... Wk Feb 24 94,0C0 96,200 705,200 712,200 Latest QrosB Earnings. Jan. 1 to Latest Date. Mexican So 3dwk Feb. 17,790 19,068 116,517| 103,751 BoADS. Midland Term"! December. 62,553 40,276 632,908 435,393 Previous Current Previous Minne'p.&St.L IstwkMar. 52,044 55,553 431,467 403,442 WeelcorMo\<^^^;^' 54S,921 Year. \ Year. Year. M.St P.&S.St.M IstwkMar. 86,453 75,289 752,469 vio.Kan.&Tex. IstwkMar. 204,162 193.673 2,146,076 2,023, «36 $ S S Mo.Pac.&Ir'nM IstwkMar. 534,000 477,000 4,979,032 L4,381.497

Adirondack January .. 15,214 16,34f l.=>,214 16,348 Central Br'ch. I stwkMar. 19,000 19.00« 199,518 193,874 Ala. Gt. South. . 1 stwhMar. 40.868 33.713 387,3^2 323.951 Total [IstwkMar. 553,000 496,000 5.178,550' 4,575,371

Ala. Midland. .. January .. 93,188 66,971 93,18s 66,971 Mobile & Ohio. . i February . e477,200 e317.757 el0020141 e 695.679 Ala.N.O.&Tex. Pao.Jnoo. Mont.&Mex G'f February . 102,651 99,464 205,735 206,754 240,021 N.O.&N.E... 4th whFeb 52,000 37,000 343,315 Naeh.<;h.&St.L. I February 518,582 408,696 1,103,488 923,633 Ala.&Vicksb. 4th wkPeb 27,000 18.000 1.57,565 118.297 Nevada Central January .. 1,936 1.446 1,936 1,446

Vicks. Sh. 4 N. Y. Ont. W. IstwkMar. 64,692 >77.151 804.045 686,405 Allegheny & I [ Ann Arbor letwhMar. 27,008 33.873 293.386 269.770 N.Y.Susq&W.i January .. 226,246 200,301 226,246 200,301

Ark. Midland... January . 9,902 10,873 9,902 10,873 Norfolk & West. 1 1 stwk Mar. 240,979 180,993 2,474,726 1,862,998 Atch.T.&S.Fe. January .. 3.678.665 3,228,323 3,678.665 3.228.323 North'n Central January .. 657,236 658,836 657,236 558,836 Atlanta&Char. December. 229,794 173,188 2,356 968 1,760.037 North'n Pacific, i stwkMar. 511,519 430,993 4,377,6451 3,632.289 S2 . 61,241 52.4 1 Atl. Knox.& No I February 28,090 24,610 Ohio River stwk Mar. 23,989 19,414 206,9S0 159,282 Atlanta&W. P.. January .. 64,11^ 52,633 64,118 52,633 Om.Kan.C.&E. Nov'mber. 39,398 3:^,515 At.Vald'sta &w!February 16.652 4,676 34,545 11,211 Omaha & St. L. . Nov'mber. 41,208 39,015

Austin &N'we8t|Nov'mber. 18.331 13,970 Oreg. RR. &Nav. i 4thwk Aug 165,460 151,773 4,248,963 4,362,853 Bait. &Oh'o February. 2,574,190 1,856,953 5.493.043 4,056.497 Oreg.Sh. Line... January .. 644,930 521,637 644,93C 521,637

Bal. &0. Sou' w. 1 IstwkMar. 122,454 121.014 1.225.191 1,128,529 Pac. Coast Co... January .. 393,336 332,395 393,336 332.395 Bath &Han]'nds January .. 1,765 1,864 1,765 1.864 Pacific Mail Jannary.. 408,992 346,666 408,992: 346.666 I Brunsw'k&W'bt; January .. 59,116 48,884 59.116 48,884 Pennsylvania. . January .. 8,424,271 5,312,171 6,424,271 5,312,171 Buff.R'ch.&PittjletwkMar. 68.783 74,164 807,051 632,772 Pere Marquette 1th wkFeb 137,«f9 134,882 1,122.520! 991,726 Buffalo & Susq.l January .. 62.6 ).7 53.608 62,617 53.608 Peo. Deo. & Ev. IstwkMar. 17,154 12,567 175,2481 136.548 Bur.C.Rap.& N. letwkMar. 98,742 98,432 810.392 807,551 Phila. & Erie... January .. 390,213 276.135 390,213 276,135

Canadian Pac. . ! IstwkMar. 412,0' 482,000 4,517,071 4,099,953 Phila.

Chattan'ga So.. 1 IstwkMar. 1,561 939 17,253 10.547 Pitts.Lisb &Wn Februray . 4,170 3,356 8,930 7,652 Ches. & Ohio.... IstwkMar. 204,403 224,163 2,180.773 1,924,566 Pitts. & West'n.. IstwkMar. 28,"^ 47 35,838 296,546 269,745 Chic. Bur. &Q .1 January .. 3.510,243 3,193.452 3.510,243 3,193,452 Pitts.Cl.&Tol. IstwkMar 15,933 18.746 166,544 151,809

1 Chlc.& East. 111. stwkMar. ; 106,578 103,270 9:^7,440: 863,354 Pitts. Pa. &F. Istwk.Mar. 3,021 8.006 41,602 51,335

I Chic. Gt. West'n] IstwkMar. 122,939 126,120 1,153,002' 1.025.603 Total system. i IstwkMar. 47,501 62.590 504,691 472,889 Chic.Ind. &L... IstwkMar. 64,972 59,544 682,770 528.632 Bich.Fr'k8b& P. January .. 78,617 62,525 78,617 62,525 Chic.Mil.&St.P. IstwkMar. 696.891 670,145 6,775,44d 6,194.371 Rio Grande Jet Januarv .. 35.838 25,262 35,838 26,262 Chic.&N'thw'n. January .. 2,991,824 2,829,599 2.991,824 2,829,599 Rio Grande So. . IstwkMar. 8,841 7,655 89,086 77,416 ChicPeo.&St.L Rio Gr'de West. IstwkMar. 61,100 41,200 762,458 496,344 \ Febru'ry 135,474 89,638 274,662 183,104 8t.L.C.&St.P. Sag. Tuso.

. *115.000 *86,000 *245,CO0 *209,958 Choc. Ok. & Gull February St.L.&8anFran ! IstwkMar. 138,231 134,390 1,394,394 1,271,363 Cin. N. O. &T. P. IstwkMar, 89.562 75.343 912,297 754,456 4th wkFeb 952,532' 889,654 j St.L. Southwest 115,600 111,800

Cin.Ports.&Vir. Februwry . 27,4' 20,289 54.142 40,363 St. Paul & Dul.. . I February . 112947 121,362 221,040 235,769 286,.'- CI. C. Ch.

Peo. & East'n. ! IstwkMar. 40,395 34.133 446,51V 316,316 SanFran.&N. PI February . 57.477 60,632 117,516 117,777 Cl.Lor.& Wheel. IstwkMar. 31.892 33,634 344,372 279,518 S.FePres.&Ph 4th wkFeb 22,450 16,671 175,493 138,242 Col. Midland....! February . 157,976 88.928 378,704 229,847 Sav.Fla.&West. Jf^nuary .. 399,805 310.653 899.805 310,653 Colorado & So.. 4th wkFeb 60.685 41,156 697,435 590,583 8her.Shrev.&8o 4th wkFeb 11,191 4,881 73.016 66,308 Cjl.Sand'y&H. 4th wkFeb 17.535 16,956 SU. Sprs. O. January . 24,785 20.174 24,785 & G. I 20,174 . .. ii . Cornwall &L':b .7 15,832 27,722 15.832 So. Haven & E . ' February 2.461 1,861 4,925 3,762 Crystal October... 221 1,173 So. Miss. & A.rk January.. 10.500 7.760 10,500 7.760 Cumb'l'd Valley January .. 74,430 62,304 74,420 62,304 So. PacittcCo.b. January .. 4.87 7,138 4,391,130 4.877.138 4,391,130 Denv. (feRioGr.. IstwkMar. 177,300 152,300 1,690,814 1,441,556 Cent. Pacific .[December. 1,331.805 1,270,075 18,068,161 15,971,012 Det.&Mackinac January .. 63,406 47,559 63,406 47,559 Gal.Har.AS.A December. 520,332 529,980 6,028,745 5,451,972 DuluthS.S.&Atl 4th wkJan 58,998 48.982 167,147 152,056 Louis'a. West. December. 127.685 126.514 1,398,477 1,238,960 E. 8t. U & Car.. February . 13.400 8,188 26 957 17,418 Morgan'sL&T December. 760,011 663,466 7,087,943 6,404,360 Elgin Jol.&EastI February . 155.958 137,627 337,452 279.842 N.Y.T. & Mex. December. 24,495 29,748 291,529 336,454 I Ene January. 2,928.710 2,489,835 2,928.710 2,489,835 Tex &N Orl.. I December. 158 900 167.309 1,852,182 1,713,440 Eureka Springs December. 5.779 4.727 67,618 57,469 So. Pac. of Cal. December. 1,418,276 1,218,138 16,311,306 14,508,940 Ev'ns.&Ind'plis IstwkMar. 6,184 6,352 55,637 58,673 So. P'c of Ariz. December. 353,536 290,373 3,654,380 3,130,775 Evansv. & T. H. IstwkMar. 26,826 23,686 215,899 215,603 8o.Pac.ofN. .Mi December. 181,963 153,461 1.972,857 1.594,801

. Find.Ft.W.&W. February 8,165 7,220 16,675 15,160 Southern Ry.... I IstwkMar. 630,661 559,545 5,801,163 4,876,865 Flint & P. Marq. 4 th wkDec 93,167 94,272 3,320,611 3,063.209 StonyCl &C.Mt. [January .. 1,099 789 1.099 789

Fla.Cent.&Pen. IstwkMar. 56.586 66,433 480,542 456,171 Terre H.

I. ! Gulf (k Ship si. . December. 336.150 211,417 Wrightsv.&T'n. January .. 15.128 7,694 15,l28i 7,694 Hocking Valley Istwk.Mar. 84,000 59,947 764.200 489,044 Yazoo&Miss. V. February . 430,323 315,122 930.975 764,186 Hoos.T'n.&Wil. September 6,581 5.455 42,894 40,404 January 5,786 5,146 6,786; 5,146 I York Southern.. Hous.&Tex.Cen. December. 378,327 450.187 Illinois Central. February 2,614,172 2,152,380 6.526,651 4,576,i72 Ind.Dec. &Weet!Nov'mber. 51.72^ 48,737 553.658 498,263 Ind. Ill &Iowa. January .. 94,542 77.595 91.542 77,595 In. &Gt.N'rth'u! IstwkMar. 61,716 57,682 723.547 671.214 * Figures are for the railroad only. tinteroc. (Mex.) Wit Feb24 87,300 77.700 627,000 600,780 t Includes Chesapeike & Ohio Bo'western, Ohio Valley and Cbicags Iowa Central.. . IstwkMar. 39,374 42,551 384,230 362,081 Yazoo Branch excluded in 1899 Iron Rail \v;iy... February . 6,371 4,449 13,165 8,506 and Texas for both years. Results on I Kanaw'a&Michi l stwkMar. 11,889 6.563 12!<,626 95,^70 } Mexican currency. K.C.F.Sc'tt&M. IstwkMar. 89,657 83,591 924,334 761,780 K.C.Mem.& Blr. IstwkMar. 29,307 25,915 317,873 263,318 § Covers results of lines directly operated east of Pittsburg. Kan. C. N. W. . . February . 30,364 25,137 68,709 50,732 b Does not Include the Austin & Northwestern, the San Antonio A Kan. City & Om. IstwkMar. 4.356 4.275 36,513 41,094 i Houston Texas Central system. Kan.C.Sub.Belt Nov'mber. 46,638 49.294 489,869 483,156 Aransas Pass or & c Results on Montgomery Division are included in 1900, but not for 1899...... a

March 17, 1900.] THE CHKONICLE. 623

Latest Gross Earnings , by Weeks.—The latest weekly earn- Oross Earnings, . . ffel Earnings,—-^ ings in the foregoing are separately summed up as follows: Current Previous Current Previous Tear,Tear. Tear. For the first week of March our preliminary state- Tear. Tear. Soads, 9 9 9 9 ment covers 63 roads and shows 597 per cent increase in the Alabama Midland. b. Jan. 93,188 aggregate over the 66,971 33,113 def.1,395 same week last year. July 1 to Jan. 31 560,892 501.474 148,126 89,665 Allegheny Valley. b. Jan. 264,508 224,164 71,552 91,076 lit toeek of March. 1900. 1899. Increase. Decrease, Ann Arhor.b Deo. 150,010 122,944 59,366 20.938 9 9 9 Jan. 1 to Deo. 31.... 1,655,968 1,468,541 461,792 303,224 Alabama Ot. Southern. 40.868 33.713 7,155 Arkansas Midrd.b..Jan. 9,902 10,873 def.1,932 def.1,034 Ann Arbor 27.008 33 873 6,865 Bait. & Ohio Southwest. 122.454 1V!1,014 1,440 Atoh. Top. A8. Fe.b.Jau. 3,678.665 3,228,323 11,466,796 1856,763 Buffalo Roflh. & Plt.tHbv. 6=1.783 74.164 ^ 5.381 July 1 to Jan, 31.... 27,206,864 24,315,956tl0,809,478 17,246,044 Burl. Ced. R.ip. & North. 98,742 98.432 310 Canadian Paolflo 412,000 482 000 70,000 Atl. Knox. A No.-.. Jan. 33,151 27,872 6,706 3,972 Central of Oeor>!la. ... 130.S15 124,511 6,301 Allan. A West Pt.b. Jan. 64.118 52,633 33,579 27;400 Chattanoofca Southern. . 1,561 939 622 July 1 to Jan. 31.... 426,026 361,621 198,237 167,916 OfieaaDeake & Ohio 201.403 224,163 19,760 Atlantic A Danv.a...July 49.985 42,627 13,246 8,564 Ch'oaef) & Ra'^t. IlllnolB. 106.578 103.270 3,303 Jan. 1 to July 31.... 365.831 323,236 Ohio. Great Western 126.939 126.120 819 108.538 83,766 Ohlo.Indlaii'lls & Loulsv. 64,972 59,544 5,42« Austin A Nortw'nb..Nov. 18,331 13,970 5,082 1,439 Ohloa«o Mllw. & 8t. Paul 696.891 670.145 26.7-16 Bait. A Ohio.b Feb. 2,574,190 1,856,953 803,516 179,160 Ohio. Term. Transfer... 21.246 21,791 545 Jan. 1 to Feb. 28.... 5,498,043 4,056,497 1.821,543 573.619 Cln. N.O &Tex. Pao. ... 89,562 75,343 14,219 July 1 to Feb. 28. ...22,494.415 18,936,016 8,067,930 4,441,365 Clev. Cln. Ohio. A 8t. L.. 2i6 588 264,916 21,672 Bait. A Ohio 8. W.b. Feb. 532.135 478,872 146,264 121,620 Peoria

- -Gross Barmngs.- — . NetBarmn-QS. . . Gross Earnings. . Net Earnings. Otirrent Previous Current Previous Current Previous Current Previous Tear, Year. Tear. Year. Year, Year. Year, Year. Roads. as $ Roads. % % it % Ft. Worth & RioG.b. Deo. 42,591 55.284 23,128 2P.772 Plttsb'g&Wesfn.b.Deo. 265.168 255.575 51,256 64,563 Jan. 1 to Deo. 31.... 487.534 551,733 202.201 260,flll Jan. 1 to Deo. 31.... 3.420.255 3.264.647 9f4.729 July 1,108,450 1 to Dec. 31 252,857 321,732 117,913 183,011 Julyl to Dec. 31... 1,814,705 1.704,386 530,132 496,947 Gadsden & Att. Un. Feb. 1,020 566 381 126 Rich. Fred. & Pot.. Jan. 78.617 62.525 33,933 28,321 Jan. 1 toFel). 28 1.883 1,269 743 379 July 1 to Jan. 31.... 527,517 478,612 230,888 177,605 Blo Georgia. a Jan. 149,634 Grande Junot'n Jan. .S5,8^8 25,262 f 10,751 f 7,578 131,544 g59,917 g46.202 Deo. July 1 to Jan. 31 983,153 990,480 g359,lll g311,922 1 to Jan. 31.... 76,957 57,364 f 23,086 f 17,208 Rio Grande South, b. Jan. 41,173 38,199 IS 892 18.714 6a. plloable to interest 3n bonds in December was against $153,633 last year, and from January 1 to December Phlla.A Reading.. b. Jan. 2,297,044 $98,383, 1,864,654 804,515 716,645 $1,516,017 against $1,335,849. This is the result In Mexican July 1 to Jan. 31. ...16,038,821 13.859,141 31, 6,179,684 5,97l|773 dollart treated (according to the company's method of keeping its Coal & Iron Co. b.. Jan. 2,225.162 2,272,351 281,866 194,627 accounts) as equivalent to 80 cents in United States money—that is, July 1 to Jan. 31. ...18,^82,095 14.593,727 1,798.993 998,364 depreciation beyond 20 per cent bas already been allowed for. Total both Co.'s..b. Jan, 4,522,2(6 4,137,005 1,086,381 911,272 d Gross earnirgs include other income. July 1 to Jan. 31. ...34,920,916 28,452,868 7,976,682 6,970,137-" k Figures for January, 1900, estimated. «>• for other income received, total net for January, Beading Oo.b Jan. 18,161 14,862 After allowing July i to Jan. 31 138,189 119,099 1900, was $89,4* 5, against $75,750, and from July 1 to Jan. 31 was Total allComp's.b.Jan. $389,605, against $371,964. ~ 1,104.54'.

March 17, 1900.] THE CHRONICLE. 525

Miseellaneong Companies. -Int., Rentals, rfc.-^ ^Bal.ofNet Earnings.—. Ourrent Previous Oan-ent Previous — Gross Earnings. . Net EarninQs. — Year. Tear. Tear, Year. Ourrent Previous Ourrent Frevioui Roaftit. $ $ $ » Year, Year. Year. Year. Pltts.Shawmut&No.— * * Aug. 1 to Nov. 30..-. 66,667 38.143 Btnghamton Gas Feb. 3,640 3,236 Rio Grande Junct'n. Jan. 7,708 7,708 3,043 def. 130 Jan. 1 to Fwb. 2^ 8,363 7.917 Deo. 1 to Jan. 31 15,416 15,416 7,670 1,792 May 1 to Feb. 28 ... 31,637 26,786 81o Grande Sonth.. Jan. 17,783 1,109 1,041 Buffalo Uas Co ..Jan. 41.681 36,318 July 1 to Jan. 31.... 125,466 125,213 31,585 24.324 Oct. 1 to Jan. 31 144,982 Bt. Job. & Gr. Isl'd.. Jan. 8,750 8,650 def. 4,749 9,032 Colorado Fuel&Iron Jan. 248.932 101,396 July 1 to Jan. 31 61,250 43,750 149.692 134,173 1 1,274,032 564711 July to Jan. 31 San Fran. & No. Fac. Jan. 22,958 22,958 def-11,062 def.10.698 Consol. Gas Co.. N. J..Feb. 1,497 1.271 Julyl to Jan. 31 144,506 144,506 93,582 SS.IOO Jan. 1 to Feb. 28 .. 3,494 3,717 Tenn. Coal I. &RR..Jau. 54,776 46,563 258.196 32,774 34,950 33,704 Denver Gas & Eleo .Feb. Dol Peo. & West... Feb. 22,336 22,337 2.787 1,633 Jan. to Feb. 28 ... 76,796 74.367 1 July 1 to Feb 28.... 181,492 179,361 17,053 12,384 Mar. 1 to Feb. 28.... 407,286 363,411 Trenton Gas & Eleo. Jan. 6,806 2,884 Detroit City Gas Jan. 65,909 51,809 Mar. 1 to Jan. 31 69,333 13,168 14,688 11.911 ttd. Rap. Gas-L. Co. .Feb. W. Va. Cen. & Pitts Deo. 21,667 23,040 13,387 11,308 Jan. 1 to Feb. 28 ... 33,788 27,323 July 1 to Deo. 31 .. 130,000 139,775 82.981 45,322 Jaokeon Gas-L. Co.. .Feb. 2,729 2,124 Wisconsin Central. . . Jan. 136,362 99.974 •df.25,901 •22,463 Feb. 5,744 4,849 Jan. 1 to 28.... Julv 1 to Jan. 31... 915,137 900,688 •468,438 •399,743 Mar. 1 to Feb. 2S.... 28,784 26,524 Kansas City (Mo.) Gas- * After allowing for other Income received. May 1 to Oct. 31.... 133.629 Laolede Oas-L. Co. ..Feb. 86.878 83.?41 Mobile & Ohio RR. Jan. 1 to Feb. 28 ... 184,998 180,017 , January.— ^July 1 to Jan. 31.— Madison Gas & Elec.Feb. -•• 5.075 . 4,5.'^9 1900. 1899. 1899-1900. 1898 99. Jan. 1 to Feb. 28.... 11,080 10.353 Mileage 876 638 876 688 Apr. I to Feb. 28.... 48,041 44.806 $ $ $ $ Mexican Telephone. Jan. 15,830 11,837 6.457 4,166 Gross earnings 542,941 377,922 3,651,949 2,632,799 Mar. 1 to Jan. 31 145,691 126 946 59,663 49.584 Operating expenses, taxes and insurance 382,883 253,850 2,419,864 1,644,780 Paoltlo Coast Co. a. Jan. 393,336 332,395 76,570 .'^4.673 Dec. 1 to Jan. 31 813.220 690,832 150,997 121,428 Net earnings 160 058 124,072 1,232,085 988,019 Paoiflo Mail Jan. 408,992 346,666 tl30.330 tl24,233 Interest and rentals 107,376 88.958 809,724 661,134 May 1 to Jan. 31 ... 2,958,706 3,272,125 1991.752 tl,251,H5 8t. Joseph Gas L. Co. Feb. 5,9-8 5,445 Balance 52,682 35,113 422,361 326,885 Jan. 1 to Feb. 28.... 12,038 12,284 July 1 to Feb. 23.... 43,656 46,662 Note.—From the balance of $422,361 above, there must be de- ducted extraordinary expenses itemized in the six moutas' statement 20.404 22,820 St. PaulGas-Lt Co.. .Feb. printed in our iss le of Feb. 10, page 277, and other charges of a sim- Jan. 1 to Feb. 28.... 50,671 51,162 ilar character. See also remarks in last annual report on the Mont- Tonn. Coal I. & RR..Jaa. 312,972 79,337 gomery Division Trenton Gas & Elec Jan. 25,668 9.690 Mar. Ito Jan. 31 ... 206.994 82,501 STREET RAILWAYS AND TRACTION COMPANIES. Western Gas Co.— The following table shows the qro^^n earnings for Miiw'ee Gas-L. Co..Feb. 48,647 39.985 the latest Jan. 1 to Feb. 28 ... 104,725 90,867 period of all street railways from which we are able to ob- tain weekly or monthly returns. The arrangement of the After deducting "reserve fund for repaiis of steamers," balance It t table is the same as that for the steam roads that is, the Jan., 1900, was $101,215. against *95,118, und from May 1 to Jan. 31, — $729,717, against $989 ,080. The reserve fund for depreciation and nrst two columns of figures give the gross earnings for the general and extraordinary repairs of steamers has be^^n increased to atest week or month, and the last two columns the earnings i. live the the standard of the English companies, e„ per cent upon for the calendar year from January 1 to and including such value of the steamers. latest week or month. Interest Charg^es and Surplus. —The follov^ing roads, in STREET RAILWAYS AND TRACTION COMPANIES. addition to their gross and net earnings given in the fore- going, also report charges for interest, &c., vp^ith the surplus nnA^A Latest Gross Earnings. Jan. ItoL atest Date. above or deficit below those charges. Earnings. Our'nt Prev'ua Ourrent Previous WeeU orMo Tear. Year. Year. Year. , Int., recitals, etc. . ^Bal. of Net Earn's.—^ Ourrent Previous Ourrent Previous Year. Year. Year. Year. $ $ $ $ Amsterdam St. By... December. .^8,911 Roads. $ $ $ $ 5,063 4,666 53.969 Atlanta Ry. & Power. January .. 36.250 36,250 Buffalo Gas Co Jan. 24,583 24,188 17,098 12,128 Augusta (Ga.) Ry. & Oct. 1 to .Tan. 31 98,332 46,650 Eleo Nov*niber 14,203 16,360 Blnghamton St. Ry.. January .. 13,023 10 918 13 023 10,918 Central New En g Jan 12,517 11,122 6,019 4,938 Bridgeport Traction January .. 29.740 26 052 29,740 26 052 July 1 to Jan. 31 87,797 72,773 21,676 57,321 Br'klynBi.p.Tr. Co.t. December. 944,802 843,843 10623482 9,844 388 Ohio. Bnrl.& Qulncy. Jan. 840,000 842,958 390.932 143,426 Chicago & Mil. Elec. January . 6,432 2,932 6,432 2,932 July 1 to Jan. 3i 5,880.000 5,900,705 5,928,310 4.949,381 Chicago Union Tract. February 520,593 483,H9o 1,107,614 1,015,554 Cin. & Miami Val February . 10,847 7 3J2 22.646 15,806 Chic. E. Illinois... *116,970 •70,271 & Jan. 125,809 126,260 Cin. Newp. &Cov.... February . 52,562 45,181 109,758 95,053 July 1 to Jan. 31 892.729 888,114 *759,173 -539 409 City Elec. (Rome.Ga.) January .. 2.716 1677 2,71ti 1,677 Cleveland Electric. January .. 156,726 143,582 156 726 143.582 Chic. R. Isl. «kPao.. Jan. 322,500 327,429 252.126 175,651 Cleve. Painsv. & E. . January 7,245 6,467 7,245 6,467 Apr. 1 to Jan. 31 3,225,000 3.274,296 3,822,474 3,263,049 Col. Sp'gs Rap.Trans. Nov'mber. 10,681 7,448 Chic. & West Mich Dec. 32,205 33.345 18.692 3,697 Columbus (O.) Ry.... January .. 74,999 74,999 Jan. 1 to Deo. 31.... 416,749 414,401 102,531 20,772 Dart. & W'port St. Ry. January .. 6,388 5,412 6,388 5,412 Denver City Tram.. . January . 94,789 92,391 94,789 92,391 CUoo. Okla. & Gulf. .Dec. 22,135 21,500 60.784 P0.857 Detroit Clti'ns'8t.Ry. IstwkMar. 26.272 21,691 252,069 2 0.071 Nov. 1 to Deo. 31.... 44,270 43,000 123,453 157,353 Detroit Elec. Ry IstwkMar. 9.602 7,712 98,774 74,902 Detroit Ft. Wayne & Clev. Cln. Ch. & St. L.Jan. 235,066 238,386 101.931 9,092 Belle Isle IstwkMar. 3,881 3,314 38,318 31,890 Julyl to Jan. 31 1,672,912 1,691,251 1,474.181 820,391 Total of all IstwkMar 39,755 32,717 389,161 316,863 Peoria <& Eastern. Jan. 35.625 36,801 51,742 def. 4,5 36 Duluth St. By January . 18,490 14.414 18,490 14,414 July 1 to Jan. 31.... 264,375 257,.-iliS 194,275 2,612 Easton Consol. Eleo. December. 24,367 Clev.Lor'n& Wheel. Jan. 22,500 22,500 18,157 17,216 Erie Electric Motor. December. 14,384 12,418 July 1 to Jan. 31 157,500 161,0iJ0 128,353 101,708 HarrisbuTg Traction. February 22,911 17.179 47795 37.978 Hei kimer Mohawkll Denver & Rio Gr'de Jan. 197,688 192,715 •140,815 '124.030 lon&F'kfortEl.Ry. January .. 4 343 3,154 4,343 3,154 July 1 to Jan. 31 1,400.900 1.3b5,296 *1,037,863. *1,015.427 Houston Eleo. St. Ry. December. 23,177 21,155 217,989 202,622 Det. Gr. Rap. & W.. Dec. 10.236 13.315 17,389 6.700 Internat'i Traction- Jan. 1 to Deo. 31 200,576 194,829 161.718 134,341 Buffalo Ry Nov'mber. 113,047 Flint & Pere Marq..Nov. .^2.956 64,237 19,567 20.866 Crosstown St. Ry. of Buffalo Jan. 1 to Nov. 30 ... 582,550 590,731 144,333 128,874 Nov'mber. 43,664 Buffalo Traction... Nov'mber. 6,9;-. 1 Ft. Worth & Den. CDec. 28,220 27.920 3.354 def.26,401 Buff. Bl've & Lan'r. Nov'mber. 3,644 Jan. 1 to Dec. - 31 341.940 3a7,102 def.1. 83 69,419 Buff. ANlag Falls. Nov'mber. 10,437 Hooking Valley Jan. 59,941 *83,960 Buff. &Lockport .. Nov'mber. 7,928 July 1 to Jan. 31 _ 507,446 *655.363 Niag. Falls & Sus- Ind. 111. & Iowa Jan. 16,610 14,577 14.391 14,243 pens'n B'dge Ry. Nov'mber. 5,637 Niag. Falls Whirl- Kanawha 7,24H & Mich... Nov. 11,770 11,161 9.368 pool & North'n... Nov'mber. 267 July 1 to Nov. 30 56,000 54,787 20,507 26,565 N ag. Falls Park & Kan C.Ft. 8. AM.. Jan, 121,067 115295 27,275 def. 4,14 River Nov'mber 757 July 1 to Jan. 31 839,779 813,629 269.262 67,908 Nia. Falls & Susp'n Kas. O.Mem. &Blr. Jan. 16.495 16,507 42,489 28,679 Bridge Nov'mber 1,946 July I to Jan. 31 105,967 111,575 226,240 120,662 Lewist'nConn.Bdg. Nov'mber. 115 Total 221,083 Lake Erie West. . . & Nov. 65.484 65,523 103.623 59,765 Interstate Consol. of Jan. 1 to Nov. 30 643.930 718.673 680.123 873,131 North Attleboro.... .lanuary 13,198 10,754 13,198 10,754 Mo. Kan. & Texas. ..Jan. 288,469 286,114 def.58.626 35,397 Johnstown Pass. Ry. F. bruary 12,554 9,621 25,97. 20,217 Julyl to Jan.|31 2,012,323 1,999,661 633.a95 980,311 Kingston City Ry.... January .. 4,169 4,262 4,169 4 262 Washv. Chat. * si.L.lan. 143,358 331,865 66,505 14,265 Lebanon Val. St. Ry.. January .. 4,445 3,412 4,445 3,412 July 1 to Jan. 31 96u,058 918,637 394,436 425,681 Lehigh Traction February 8 084 6,969 16.840 15,321 Lima Railway (Ohio) January .. 3,663 3.419 3 6ti3 3,419 Norfolk & Western. Jan. 190,266 185.797 320,155 115,217 Lorain St Ra il way . January .. 7,999 6,760 July 1 to Jan. 6,760 7,999 31.... 1,3j3,514 1,303,070 1,963,611 1,074,282 Lorain & Cleve December. 6,348 5.910 92,629 73.037 Philadelphia & Reading- Lo8 Angeles Railway Nov'mber. 65,673 63,753 All ooiapanies... Jan. 772,000 756,154 332,542 169,980 Los Angeles rraot.. . December. 16.041 12,:^ 22 163,192 111,963 July 1 to Jan. 31.... 5,404,000 5,293,081 2,710,871 1,796,155 Macon Consol.8t.Ry. Nov'mber. 5,588 6,433

Mass. Elec. Co.'s. . . 200.760 PlttB. C. C. & St. L....Jan. 288,368 264,927 172,506 144,653 January 315 462 280 760 .'J15.4«2 . .... 1 —. . . \ J

526 THE CHRONICLE. [Vol. LXX.

Latest Gross JUamings. Jan. 1 to Latest Date. Gross .— Gross Earnings.—— '—Ket Earnings. . Eabnings. Our'nt Prev'us Current Previous Current Previous Current Previous or Week Ho Year. Year Year. Year. Year. Year. Year. Year. Roads. $ $ » New London St. Ry. Feb, 2.679 2,497 def.46 def.oSO Metro. (Elev. ) Chicago January .. 137,806 112 124 137,806 112,124 Jan. 1 to Feb. 28.... 5,617 5,698 98 def.219 Metrop. St. By.(N.Y.) February 1043984 830,508 2,206,336 1,875,057 July 1 to Feb. 28.... 36,362 37,282 14,569 15,340 Montreal Street Ry.. February 122,510 113 838 258596 239,114 New Orleans City.. Jan. 108,843 109,054 41.602 Muscatine St. By December. 6,689 5,284 61,994 57.289 43,972 Newburg St. Ry February 5,196 3,729 10,918 8,617 Northern Ohio Trao. Feb. 26,775 23,812 10,507 8,451 New Castle Traction. February 8,059 5,654 16,595 11,826 Jan. 1 to Feb. 28 55,617 47,947 21,097 15.695 New London St. Ry.. February 2 679 2,497 5,617 5.698 July 1 to Feb. 28 254,833 233,565 96,789 76,030- New Orleans City — January . 108843 109,054 108.843 109 054 Norwalk Tramway. .Jan. 3,774 3,347 769 448 North Chicago St. Ry. February 219,967 203,18t' 466,745 427,7ii« Norwich Street Ry Feb. 6,086 4,804 1,686 125 Northern Ohio Tract. February . 26.775 23,812 55,617 47,947 Jan. 1 to Feb. 28.... 12,367 10,751 3,336 1,468 Norwalk Tramway . January .. 3.774 3,347 3.774 3.347 Norwich St. Ry February 6,086 4.804 12,367 10,751 Clean Street Ry Jan. 3,721 3,289 1,771 1,437 Ogdensburg St. Ry.. January .. 1,280 1,182 1,280 1,182 Omaha & Council Bluffs Clean St. Ry lanuary.. 3,721 3,289 3,721 3,289 Ry.& Bridge Jan. 16,603 12,553 7,271 4,000 Omaha & Coun. Bluflf Richmond Trac'n ian. 12,660 10,031 5,252 2.097 Ry. & Bridge January . 16,603 12,553 16,603 12,553 Oct. 1 to Jan. 31 58.808 47,232 25,071 18,061 Richmond Traction.. January .. 12,660 10,031 12.660 10,031 Scranton Railway.. Schuylkill Val. Trac. J anuary . 4,882 4,142 4,882 4.142 Feb. 31,097 24,965 14.337 9,871 Scranton Railway .. February 31,0»7 24,965 64,785 55,209 Jan. 1 to Feb. 28 64,785 55,209 30,327 24,339 S. Side Elev. (Chic.).. January .. 107,731 93,579 107,731 93,579 July 1 to Feb. 28.... 292,544 259.927 152,047 132,907 Btaten Island Eleo .. December. 13,036 12,598 203941 201.720 Staten Isl. Elec a.Dec. 13,035 12,598 985 df. 79- Syracuse Rap.Tr. Ry. December. 53,266 41,295 509,358 458,643 Jan. 1 to Dec. 31 203,941 201.720 44.010 29.974 Toledo Traction October . . 89,421 80,774 July Ito Deo. 31.... 114.682 115,848 31,028 42,949 Toronto Ry January .. 1] 3,703 95,690 113,703 95,690 Third Ave. RR. (N. Y.) b- Twin City Rap. Tran January .. 220,105 189,009 220 105 189,009 Oct. 1 to Deo. 31.... 485,366 539,756 178,252 190,375 Union (N. Bedford).. February 35,091 29,605 16,109 14,16s Jan. 1 to Dec. 31 2,063,916 2,278,095 885,635 939.764 United P. & Trangp.. February Inc. 36, 482 Inc. 59, 996 United Traction— ) Toledo Traction Oct. 89,421 80,774 29,826 39,214 February 89,846 83,532 180,396 182,705 July 1 to Oct. 31 ... Albany City > 385,486 339,669 186,122 162,714 United Tract. (Plttg.) February 127,231 106,756 268,470 226 846 Twin City Rap.Tr. b. Jan, 220,105 189.009 105,257 • 91,886 United Tract. (Prov.) December. 176,116 157,820 2,018,647 1,773,910 United Trac. ( Pitts. ) . Feb 127,231 106,756 62.138 51,391 Unit. Trac. (Reading) January .. 15,89.0 12,877 15,895 12,877 Jan. 1 to Feb. 28.... 26S,470 226.346 137,670 106,560^ West Chicago St. Ry. February 300,625 280,708 640.868 587,848 July 1 to Feb. 28 1,173,147 1,047,000 645,868 566,961 1 These flgnres Include results on Brooklyn Heights, Brooklyn Ele- vated and Nassau RR. for aU periods, but the Kings County Elevated a Net earnings here given are after deducting taxes. iB included only for October and November. b Net earnings here given are before deducting taxes. t Taxes and tolls in Feb., 1900, were $11,986. against $11,761, Street Railway Net Earninprs-—In the following we shew and from Jan. 1 to Feb. 28 $24,465. against $25,938. After deducting both the gross and the net earnings to latest dates of all Street these items the total net in Feb., 1900, was $19,672, against $11,218. railways from which been able we have to procure monthly Interest Charges and Surplus.—The following Street returns. As in the case of the steam roads, the returns of the railways, in addition to their gross and net earnings given in different roads are published by ua each week as soon as re- the foregoing, also report charges for interest, &c., with the-, ceived, and once a month (on the third the fourth Satur- or surplus or deficit above or below those charges. day of the month) we bring together all the roads reporting, as is done to-day. —Tnt., rentals, , Net Earnings. . Current Previous Current Privions Year. Year. Year. Year. Year. Year. Year. Year. Roads. $ $ $ $ Roads. f $ $ Atlanta Ry.A Power,Jan. 11,542 3,160 Amsterdam St.Ry.b.Dec. 5,063 4,666 1,236 1.008 Easton Cons. Elect. .Dec. 7,310 2,257 Jan. 1 to Deo. 31.... 58,911 53.969 15,536 14,295 Toledo Traction Oct. 25,704 25,353 4,122 13,861 Atlanta By &Powb.Jan. 36,250 14,702 July 1 to Oct. 31 101,977 101,387 . 84,145 61,327 twin City Rapid Tr. Jan. 71,472 66,446 33,785 25,440 BlnghamtonSt Ry..Jan. 13,023 10,918 4,297 1,942 United Trac.(Pltt8.) .Feb. 56,898 51,514 5,240 def.123 Bridgeport Tract'n . . Jan. 29,740 26,052 12,868 9.515 July 1 to Feb. 28.... 441,591 414,614 204,277 152,347 July 1 to Jan, 31.... 230,091 212,979 105,234 93,736 Chic. & Milw. Eleo.. Jan. 6,432 2,932 2,113 153 July 1 to Jan. 31.... 71,212 41,076 dn. Newp. & Gov. ..Feb. 52,562 45,181 131,658 122,979 ANNUAL REPORTS. Jan. 1 to Feb. 28.... 109,758 95,053 t65,718 149,459 City Elec.(Eome,Ga)Jan. 2,716 1,677 569 88 Annual Reports.—Last index, see Chronicle March 10. page 476. Cleveland Eleo. a....Jan. 156,726 143,582 63,450 64,567 dev. Pain CSV. & E.. Jan. 7,245 6,467 1,780 1,440 Canadian Pacific Railway. Colorado Spgs. R.T.Nov. 10,681 7,448 3,635 1,253 (^Report for the year ending Dee. 31, 1899. Columbus Railway.. Jan. 74,999 36.366 Oct. 1 to Jan. 31.... 302,091 152,996 The report of President Van Home will be found at length Denver City Tr'mw. Jan. 94,789 •2,391 33,778 26,429 on pages 535 to 538, with the income account, detailed state- Mar. 3 to Jan. 31.... 1,144,922 1,070,648 406,862 318.241 ment of charges, balance sheet, etc. Detroit Cit's' St. Ry. Feb. 107,986 90,325 53,977 40,310 OPERATIONS AND FISCAL RESULTS. Jan. 1 to Feb. 28.... 225,797 188,380 114,548 84,674 1899. 1898. 1897. Detroit Electric By. Feb. 42,298 32,124 13,626 10,783 1896. Jan. 1 to Feb. 28 89,172 67.190 29,671 22,881 Miles Dec. 3111 7,000 6.681 6,568 6.476 Operations— Det. Ft.W.&B.LRy. Feb. 16,200 13,603 4.607 4,795 Pass, car'd No. 3,818,857 3,674,502 3,179,589 3,029,887 Jan. 1 to Feb. 28.... 34,437 28,576 12.010 10,382 Pass, mileage.. 397,411,745 430,493.139 317,997,591 263,607,453 Total of all Feb. 166,484 136,052 72,210 55,888 1-79 1-52 1-82 1-83 Ratep.pas.p.m. cts. cts. cts. cts. I Jan. 1 to Feb. 28 349,406 284,146 156,229 117,937 Freight (tons) mi- i Duluth Street By... .Nov. 21,816 17,641 9,579 8.171 carried 6,620,903 5,582,038 5,174,484 4,442.055 Jan. 1 to Nov. 30.... 213,897 192,228 99,012 91,650 Freight (tons) GWEEm' July 1 to Nov. 30.... 112,398 95,699 52,800 47,033 car'd ImUe.. 2539,171,900 2142.319,887 1955,911,006 1769.958,865 R'tep.tonp.m. 0*74 cts. 0-76 cts 0-78 cts. 0-75 cts. EastonCons.Eleo.b.Deo. 24,367 9,567 July 1 to Dec. 31.... 156.365 Earnings— $ $ $ $ 69,992 Passenger 7,098,097 6,53^,590 5,796,115 4,820,143 Harrisb'gTraot'n... Feb. 22,911 17,179 7,711 3,507 Freight 18,738,885 16,231,445 15,257,897 13,187,560 Jan. 1 to Feb. 28.... 47,795 37,978 17,008 11.116 Mail, exp., etc. 3,393,056 3,368,942 2,995,522 2,673,893 Herkimer Mohawk Illon. & Frank. El.By. .Jan. 4,343 3,154 2,445 1.424 Tot. earnings 29,230,038 26,138,977 24,049,535 20,681,597 July 1 to Jan. 31.... 29,601 24,378 14,685 11,867 Expenses— Inter-St. Con.St.Ry.— M'tof way, &c. 3,488,2.54 3,274,643 3,018,749 2,807,152 power.. 5,286,871 4,866,263 4,211,587 3,914,148 No. Attleb. Mass... Jan. 13,198 10,754 2,793 Motive 1,290 cars. 1,295,282 962,264 955,013 881,402 Oct. 1 to Jan. 31 55.442 46,673 14,284 Maint. of 7,707 Transportat'n. 4,2.'5 6,097 4,014,178 3,434,755 3,200,516 Johnstown Pass.Ry. Feb. 12,554 9.621 4,902 5,228 Miscellaneous. 2,673,368 2,546,267 2,125,654 1,770,796 Jan. 1 to Feb. 28.... 25,971 20,217 12,251 10,469 KnoxvlUe Traotion.A.ug. 17,243 15,956 7,765 9,131 Tot.expenses 16,999,872 15,663,605 13,745,759 12,574,015 July 1 to Aug. 31.... 34.216 30,908 14,707 17,037 Net earnings. . 12,230,166 10,475.372 10,303,776 8,107,582 Lehigh Traction.. a. Feb. 8,084 6,969 1,630 2,12^ Per c't of oper. Jan. 1 to Feb. 28.... 16.840 15,321 5,504 3,339 exp. to earns. 58-16 59-92 57-16 60'gO July 1 to Feb. 28.... 74,956 67,811 36,310 28,976 Int.on deposits, etc 1,150,199 423,367 340,706 511,165 Lima Ry. (Ohio) Jan. 3,663 3,419 1,014 1,049 bonds, Julyl to Jan. 31.... 11,478 10,467 3,623 3.546 Total 13,380,365 10,898,739 10,644,482 8,618,747 Lorain

BALANCE SHEET DBCEMBEB 31. vious year, being $951,551 36 on all accounts. The St. Louis 1899. 1898. 1897. Iron Mountain & Southern Railway has reduced its notes Asiets— $ $ $ payable which were issued in 1898 for "Cost of road and equipment. 218,407,334 214,391,058 199,318.897 new equipment, as Steamslilp & appurtenances 4,320,161 4,704,132 4,149,671 they came due in 1899, to the extent of $142,576 08. Securitlos Leld agst. stk. Iss'd 30,650,875 25,696,682 23,689.273 Consolidation of Branch Lines.—ThQ acquisition of the acquired securities.. 2,192.162 2,192,162 2,19

The rolling stock has been added to and improved in order OPERATIONS AND FISCAL RESULTS OF MO. PAC. AND ST. L. I. M.

528 THE CHRONICLE. fVoL. LXX.

INCOME ACCOUNT. overdraws the year's surplus earnings by a small amount, which, how- 1S99. 1898. 1897. ever, is taken from the surplus brought forward from the operations Beceipts— * of last year. The promising outlook leads to the hope that regular $ $ dividends Net earnings, as above 3,099,027 3,269,287 3,246,933 may hereafter be paid on the preferred stock. It has been the policy of the to improvement each year, and Dividends, int., rentals, &o.... 1,236,375 790,580 787,852 company make some to see that there should be no deterioration in property or equipment Total net income 4,335,402 4,059,867 4,034,786 beyond ordinary wear and tear incident to age. In pursuance of this policy, the done during the past twelve months has materially Disbiirsemen ts— work Interest on bonds 3,058,438 3.058,438 3,058,437 improved the roadbed and maintained the equipment in good condition. Interest and exchange 97,920 90,964 103.226 The average rate received per ton mile was 1'34 cents 640,744 Taxes 645,874 649,259 against 1'39 cents in 1898. The average number of tons per Rentals 116,182 116,182 116, i82 Other charges 17,116 137,377 22,382 train was 181 against 206 in 1898. The work done includes in part disbursements . 3,935,530 4,052,220 3,940,971 Total Branch, 1^ miles long, built to Dirt Seller Mountain at cost of about Balance for year sur.399,872 sur. 7,647 8ur.93,815 $20,000 and leased to Cherokee Mining & Mfg Co.; also branch % mile GENERAL BALANCE SHEET DECEMBER 31. in length built to Kincaid Mt. At Rome a passenger depot was con- structed at 61,769 new cross-ties were put in the 1899. 1898. 1897. a cost of $2,880; $ track. Trestles requiring 3<',000 yards of earth were tilled. Three Assets- $ $ hundred cars of stone, cinders and slag ballast have been used under equipment. . 53,194,488 52,033,882 Cost of road and 54.948,522 the track. Investments in stocks & b'ds. 56,0l3,67v! 56,305,061 56,54 0,174 EARNINGS, EXPENSES AND CHARGES. M. P. 5 p. o. f'd notes in treas'y 1,414,000 1,414,000 1,414,000 1898 St. L. I. M. & So. f'd notes do.. 495,000 49!^ ,000 1,266,0 1^99 Materials & supplies on band. 1,007,196 8 47,284 800,519 Gross earnings $299,<-i'^ $441,S3a Cash 719,482 962,721 1,08-<,491 Operating expenses , 233,540 257,458 Sundry accounts collectible. .. 2,166,801 2,151,133 2,197,380 Per cent expenses to earnings (77'87) (58-27) Miscellaneous accounts 1,063,703 653,318 412,723 Net Earnings $66,378 $184,373 Total assets 117,828,376 116,023,005 115,758,169 Deduct— liiabilities— Interest on bonds $16,600 $16,500 Stock 47.448,650 47,447,075 47,442,375 Taxes 12,935 12,492 Funded debt (see INV. Sdpp.). 62,138,<'00 62,138,000 62,138,000 Interest due and accrued 965,690 980.088 994,853 Total $29,536 $28,992 2,714,040 1,762,488 464,926 Notes payable Surplus for the year $36,843 $155,381 Accounts payable 2,598,461 2,599,156 2,873,726 Loans payable 815,970 500,010 1,32 --.,851 Dividend, 3 per cent on preferred stock $48,000 $45,936 Miscellaneous 660,355 490,251 711,850 GENERAL BALANCE SHEET DECEMBER 31, 1899. Income account (surplus) 435,715 35,843 28,188 Assets— Liabilities— Total liabilities 117,828,376 116,023,005 115,758,169 Road and equipment. . .$3,575,507 Preferred stock .$1,600,000 Dae from agents 12,105 Common stock . l,600,0f'O ST. LOUIS IRON MOUNTAIN & SOUTHERN RAILWAY. Due from indiv. and Co. 14,120 Bonded debt . 332,000 Accounts EARNINGS AND EXPENSES. Duefrom U.S. P.O. Dep. 2,344 payable... 30,872 Due from So. Ex. Co . . 175 Traffic balances 2,377 1899. 1898. 1897. Insurance 688 Receiver R.&C.RR. 7,813 liabilities Miles operated December 31. . 1,774 1.774 1,774 C. B. & C. Reorg'n 3,401 Other 1,493 Earnings from— $ $ $ Unsettled claims 1,368 Profit and loss . 170,839 Passengers 2,389,637 2.152,687 1,890,888 Rome & Carrollton 31,182 Freight 10,340,270 9,492,157 8,990,647 Suspense account 5,394 Mail, express & miscellaneous. 1,076,211 988,701 938.750 Material & supplies 1S,415 Oashonhand 76,961 Total earnings 13,806,118 12,633,545 11,820,285 Miscellaneous assets... 8,733 Expenses— Transportation 3,647,842 3,493,763 3.185,799 Total $3,745,394 Total $3,745,394 Motive power 2,230,067 2,126,627 2.128,419 —V. 66, p. 473. Maintenance of way 1,665,793 1.714,267 1,460,685 Maintenance of cars 791,262 726,583 652,321 Fort Worth & Denyer City Railway. General 441,573 269,339 288,656 (Report for the year ending Dec. 31, 1899.)

Total expenses 8,776,538 8,330,579 7,715,880 Vice President and Traffic Manager D. B. Keeler says r Net earnings 5,029,581 4,302,966 4,104,405 General Results.—The transportation results for the year were Per cent of op. exp. to earns.. 63*570 65 940 65-277 very satisfactory, for while the gross earnings increased $87,939, the conducting of transportation expenses increased only $15,905, and INCOME ACCOUNT. the freight earnings per freight train mile increased from $125 for 1899. 1898. 1897. the year 1898 to $1 46 for the year 1899. The increase in expenses is Receipts- $ $ $ mostly in maintenance of way and maintenance of equipment, Net earnings, as abOTe 5,029,581 4,302,966 4,104,405 [Tables In the report give the number of tons carried In 1899 as 474,- Prem. on bonds, dlv. and misc. 997,051 44,856 38,418 138, contrasting with 464,086 in 1898. Of wheat there were carried 28,311 tons, against 48,248 In 1898: of cotton 9,456, against 24,030; Total net income 8,026,632 4,347,822 4,142,822 of lumber 57,249, against 82,783; of coal 64,838, against 35,484; of

Disbursements— cattle 87,18 ! . against 88,724. The average rate received per ton per Interest on bonds 2,638,313 2,287,758 2,378,850 mile was 105 cents against 1"08 cents in 1898.—Ed.] Taxes 269,289 264,289 270,878 While the crops, both grain and cotton, of the year 1899 were again Rentals 381,095 381,095 381,095 disappointing, earnings were augmented by a handsome Increase in Car trust, int. & exch., 98 increase 38'3 per cent. The increase of $22,941 in general expense is due to expenditures Total disbursements 5,785,577 3,175,579 3,741,518 connected with the former re-adjustment with the bondholders, which Balance, surplus 241,055 1,172,243 401,304 were not disposed of until the year 1899. The assets have received careful scrutiny, and some of no value have been written off. With GENERAL BALANCE SHEET DECEMBER 31. the exception of litigated cases, which have unavoidably increased 1899. 1898. 1897. during the year, the current liabilities Including all accrued taxes, are Assets— $ $ $ in excellent shape, as indicated by the balance sheet. Cost of road and equipment... 69,183,147 69,063,568 68,168,388 PhysicalCondition.—The locomotives and cars are now In good Land grants 1,598,707 1,817,395 1,871,015 repair, and all in service. The engines are, however, too light for Investments In stocks* bonds. 25,779,850 8,270,809 8,191,907 economical service and speed, and most of the freight cars are small Bonds and notes in treasury.. 250,000 771,000 in capacity and obsolete in pattern. [The average number of tons per Oashonhand 923,699 135,762 157,277 freight train was only 139 in 1899 and 115 in 1898.] The work of Land grant accounts 226,014 146,894 216,639 equipping cars with automatic couplers and air brakes has been com Little Rock & Ft. Smith Ry.... 328.559 328,546 341,356 pleted, as also the equipping of locomotives with driver brakes and Miscellaneous 76,607 127,369 311,614 couplers. Duringthepast year 48'8 track miles of new 65-lb. steel were laid Total assets 98,366,584 80,661,344 79,258,196 at a very low cost, the new rails having been purchased at $22 per Liabilities— ton, and the second hand steel rails sold at an average of $19 50 per Stock 25.795,055 25,795,115 25,788,815 ton. This completed the renewal of the very old rails to a point 25 Funded debt (see INVEST. Sup.) 66,487,543 47,558,543 47,618,543 miles south of Wichita Falls. The 58 miles of track from the point Cartrusts. 516,000 683,000 963.500 mentioned to Harrold station ought to be renewed during the year Loan to refund bonds 1,850,000 1,850,000 1900, and soon thereafter the company must face the necessity for re- Interest due and accrued 985,974 624,547 775,424 newals on the remaining 304 miles of road. [On Dec. 31, 1899, the Due Mo. Pac, current aocou»t 126,128 454 mUes of main line included: 52-54-lb. steel, 67 miles; 56-lb. steel, Rentals guaranteed, accrued.. 96,565 179,517 179,672 259 miles; 68-60 lb. steel, 89 miles; 65-lb. steel. 49 miles.] Miscellaneous accounts 894,023 746,380 30,244 Ties to the number of 149,989 were laid in track. Seven years being Income account 3,465,296 3,224,242 2,0.il,998 the average life of a pine tie, the necessities of the company are about 171,000 per annum, a requirement which has for years not been Total liabilities. 98,366,584 80,661,344 79,258,196 met. During the year 1900 not less than 200,000 new ties should be -V. 70, p. 328. put in track. Early in the year it was found a large amount of work must be done in Chattanooga Rome & Sonthern Railroad. the way of renewals and repairs, in order to put them in condition for our present tralfio, as well as to make it possible to use heavier power (Report for the year ending Dec. SI, 1899. and equipment. "This necessary work was estimated at approximately of this work was done during President C. B. Wilbarn says in substance $76,000. Nearly one-half the year and the remainder should be completed in the early months of 1900. [On The large earnings of 1898 were of course due to the encampment Dec. 31, lb99, the road contained 11 iron bridges, aggregating 1,206 of the United States troops at Chickamauga Park, resulting in a very feet in length, and S26 wood bridges, aggregating 41,919 feet In heavy traffic both In passengers and In freight. This extraordinary length.] travel also accounts in large measure for the low ratio of operating Capital Requirements.—I desire particularly to emphasize the fol- expenses for that year, inasmuch as large loads were carried with lowing statement of necessities for renewals and betterments sub- little or no extra expense. With the exception of 1^98 the earnings mitted by the General Superlutendent as indispensable to the safe and for the year 1899 are larger than for any other year in the road's his- economical conduct of the property during the next few years. The tory, and the expenses include a considerable amount spent for re- aggregate sum required is $1. ',^28.050, the items being: newals and repairs which could not be made to good advantage during Widening embankments, $10,000; bridging, $38,000; 363 track the previous year, owing to the great press of work In connection with miles of rail, at present prices, iuoludlug labor and fastenings, and de- the encauipiuent. A large amount was spent during the fall for ties ducting estimated value of old rails, $943,800 [it is hoped that this bridge timber, etc., to be used during this winter, and partlv annlio-^ amount may be diminished by more favorable market prices than are able on 1900 account. now prevailing]; 110 track miles additmnal fence, $175 per mile, A dividend of three per cent was paid on the preferred stock last $19,250; 10 locomotives, $1.50,000; 2 first-class passenger coaches, January, and the result of the past year was regarded as sutHoientiv $L7,000; machinery for shops, not leas than $25,000; water service favorable to justify a similar payment on , 1900 This and coaling stations, $26,000. . .

March 17, 1900.] THE CHRONICLE. 529

Some provision should also be made for future necessities for freight The expenditures "which may be called extraordinary" cars, on account of Increasing deterioration. A very considerable percentage of freight equli)ment will soon reach the limit of profitable aggreecaied $211,956, of which $101,906 was for improve- service. The road ought also to be ballasted, so far as practicable, ments, this amount being included in tbe year's income ac- thereby diminishing maintenance expense, and assisting net earnings count. The balance, $110,000, was for "advances on con- during lean years. [At present 445 of the 454 miles of malu track tracts," this last item (omitted apparently from consists of dirt roadbed. "This is quickly damaged by rains and makes income maintenance expensive."] A considerable investment could also be statement) being presumably the amount required to meet profitably made in reduction of grades. the interest guaranteed on the bonds of the St. Louis Mer- chants' Bridge Co., etc. The estimate of Statistics. —Earnings, expenses and charges for the year : extraordinary ex- 1899. 1898. 18fl7. 1896. traordinary expenditures for the current year is $255,500, of Earnings— $ $ $ which $100,000 " to meet contracts." Passenger 346.707 296,447 2'0,2.";i 228,774 Freight 1,105.474 1,074,«23 958,996 678,428 The earnings, balance sheet, etc., compare as follows: Mall, express, etc 158,671 103,365 110,584 103,678 EARNINGS AND EXPENSES. Total 1,610,852 1,479,435 1,319,831 1,010,880 1899. 1898. 1897. 1896. Expenses— Earnings. $ Main, of $ $ $ way & structures 307,275 237,654 184.852 179,159 Freight tolls 1,127,295 1,064,852 990,279 Main, of 15'',403 986,291 equipment 243,693 210,59^ 127.164 Passenger tolls 330,117 324,127 312,919 30t»,835 Conducting transporta'n.. 590,492 532,991 467,472 399,705 Mailtolls 50,000 50,000 37,500 25,000 General 81,213 56,387 55,105 62.312 Express tolls 61,655 59,182 57,623 58,404 Taxes 35,288 48,023 39,853 40,682 Upper roadway toils 255,615 224,765 211,4(^8 209.755 Rent earnings 81.362 81,911 80,007 Total 9C5,685 74,980 1,270,695 1,072.913 809.022 Misc. & switching earns.. 213,165 192,916 172,502 134,912 Net earnings 340,157 406,522 414,14 6 201.858 Other income 15,750 17,881 14,520 8,864 Total 2,119,209 1,997,753 1,862,228 1,799,207 Expenses— Surplus 355.907 424.403 428,666 210,722 Conducting transporta'n 2P2 4S8 280,438 263,133 276,045 INCOME ACCOUNT. Motive power 180,847 169,3^4 155.318 162,203 1899. 1898. 1897. Maintenance of way 55,471 50,557 22,763 44,137 $ $ $ Maintenance of cars 34.304 34,869 48,i»49 22.099- Netlncome 355,907 424,403 428,666 Main.ofbrirtge&tunnel.. 15,787 16.872 11,540 48,836 Deductions— Upper roadway expenses 33,922 33,102 24,964 61,486 Intereston bonds 341,940 337.102 331,790 General expenses 52.246 52,892 54,S33 49,062 Rentals 10,000 10,000 10,000 Taxes 93,880 96,202 97,287 86.900 B etter m en ts i 16,358 14,411 Reorganization expenses, etc 9,803 8,650 Total 758,943 734,286 677,5-47 750,767 Two per cent on preferred stock 51,100 51.100 Net earnings 1,360.265 1,263,467 1,184,641 1,048,440 Ratloofexp.toearns.p.o. (3581) (36-25) (36*38) (41-72) Total 351,940 424,363 415,951 Rent, Union Station prop. 327,007 327,007 327,008 325,501 Surplus for year 3,967 40 12,715 Int. on deposits and mlec. 21.fc23 21,339 8,454 4,712 GENERAL BALANCE SHEET DEC. 31. Total income 1,708,896 1,611,813 1,520,103 1,378,653 1899. 1898. 1899. 1898. Deduct- Atsets— « 2 lAabnUies— $ $ Interest Ist mort. bonds. 315,000 315,000 SIS^OOO 315,000 Cost of road.. 17,417,040 17,417,0i0 Capital stock 9,375,000 9.375,000 Int. cons. mort. bonds... 22.'>,000 225,000 225,000 Real estate... 21,831 21,8a Ist mortgage 8,176,000 8,176,000 225,000 Cash 10.822 97.9C5 Equipment trust.. 160.1100 i60,ono Rentals, bridge & tunnel. 666,900 666,900 666,900 666,900. Bills receivable... 142,001 165,8'.'n Pay-rolls 64 588 66,023 Rentals, leased property 84,004 86,981 8P,927 90.703 Individuals & co's 60.979 86,615 Vouchers 73,268 82,638 Improvement account... 100.956 43,680 85,?41 40,211 Foreign roads 29,804 31,783 Coup's due, unp'd. 16,470 171.820 Int.onloan&re.e8t.notes 36,482 37,823 32,849 30,942 Ag'ts & cond'tors. 26,132 17,505 Interest accrued.. 29,920 29,920 167.60O Mercantile Tr. Go. 15,760 l)ef'red liabilities. 24,473 83 J Total 1,423,343 1,375,383 1,411,918 1,368,756 Materials & sup .. 96,793 85.345 Funded interest.. 1,873,580 1,664,430 Stocks and bonds. 424,784 686,5S4 Profit and loss. . 325,927 Balance 8ur.280,553 sr.236.430 sr.108,185 8ur.9,897 Funded interest. 1,873,580 360,873 Profit and loss 537,793 BALANCE SHEET DECEMBER 31.

Total 20,119,226 19,626.664 Total 20,119,226 19,626,664 1899. 1898. 1897. 1896. -V 68, p. 722. Assets $ $ $ $ Property and franchises. 6,441,200 6,441,200 6,441,200 6,441,200 Real estate 1,665,117 1,665,117 l,55.o,243 l,.^52,b96 St. Lonis Yandalia & Terre Hante RB. Construction, general.... 3,341,746 3,327.585 3,323,665 3,309,411 Do EastBeltLine. 272, '255 65,900 15,792 15,477 (Report for year ending Oct. 31, 1899. J Do 111. Trans.RR. 57,36-4 Do WestBeltLine 654,085 528,629 526,135 501,790 Earnings, jB^c—Operations, earnings, etc., have been : Stocks owned 1,326,500 1,326,500 1,324,400 1,113.400 Cash 312,451 419,402 OPEBATIONS AND FISCAL RESULTS—LESSEE'S REPORT. 274,441 225.589 Due by agents, etc 37.317 39,263 38,881 16,917 1898-99. 1897-98. 1896-97. 1895-96. Duebyrallroads, account Freight (tons) moved. 1,654,253 1,483,051 1,130,061 1,221,055 ticket sales 56,892 57,721 51,507 48,16» Av.ratep.tonp.mlle. 0*702 cts. 0-659 Cts. 0*819 cts. 0-856 cts. Sundry cos. andindivid'ls 1,158,677 1,27^^,549 1,148,390 1,036,679 Supplies cell Passen ger earnin gs . . $44 1 ,372 $394,187 $367,239 $421,182 and mis 68,527 29,801 18,888 22,877 Freight.. 1,103,705 1,040,375 879,763 929,245 Mall express, etc 284,143 274,077 260,459 263.211 Total assets 15,382,131 15,176.666 14,718,541 14,284,202

Total gross earn.. $1,829,220 $1,708,639 $1,507,461 $1,613,638 Capital stook 1,441.200 1,441,200 1.441,200 1,441,200 Main, of way. etc $174,625 $188,573 $312,631 $294,3)5 Bond8(8ee SUPPLEMENT). 11, 590,000 11,590,000 11,500,000 11,500,000 Main, of equipment.. 245,798 198,687 193,.300 240,569 Due tor current oper's... 367,341 485,881 420,646 302,596 Cond'ingtransp'tion. 81!^, 120 794,002 702,799 852,703 Accrued rentals 98,353 98,353 98,fi86 98,586 General expenses 40,616 39,571 39,059 39,238 Matured and accrued int. 180,202 18 ',784 17H,ti37 175,778 Bills payable 725,897 682,077 627,877 42.'=>,fM2 Total oper. exp... $1,280,159 $1,220,833 $1,247,789 $1,426,827 Miscellaneous 16,736 9,522 7,876 3.294 Net earnings $549,061 $487,806 $259,672 $186,811 Balance income account. 962,403 681,849 445,419 337,234 INCOME ACCOUNT OP ST. LOUIS VANDALIA & TERRE HAUTE. Total liabilities 1898-99. 1897-98. 1893-97. 1895-96. ,15,382,131 15,176,666 14,718,541 14,284.202- -V. 68, p. 568. Rental, 30 p. c. earn. $548,766 $512,592 $452,239 $484,092 Other receipts 7,072 1,535 132 105 Tliird Avenae Railroad. Total $555,838 $514,127 $452,371 $484,197 Deduct -Interest $179,840 $218,840 $267,355 $314,930 fReport of Receiver.) Taxes 65,804 67,769 61,115 61,462 Gen., impts., &o 70,168 36,954 27,451 21,221 Receiver Hugh J. Grant has submitted his preliminary re- port to Judge of the United States Circuit Total dlsburse'ts. $315,812 $323,563 $355,921 $397,613 Lacombe Court, Balance, surplus $240,026 $190,564 $96,450 t$86,584 The report summarizes the company's indebtedness, funded, unfunded and contingent, approximately as follows: * The loss to lessee was in 1894-95. $247,902; in 1895-96. $?97,279; In 1896-97, $192,565; In 1897-98, $24,785; In 1898-99. profit $296. RECAPITULATION OP LIABILITIES. Dividends No. 11 and 12 on preferred stock were paid dur- Funded debt and accrued Interest $5,039,58S. real estate ing the year, leaving surplus Oct. 31, 1899, $427,308, of which Mortgage on and accrued interest 92,436 Judgments, taxes and assessments 207,480 $301,187 was in cash. Loans on collateral and Interest 7,251,765 Claims represented by liens prior to receivership GENElfAL ACCOUNT OCX. 31, 1899. [amount estimated by the receiver to be due thereon, see V. Dr. 70, Or. p. 481] 2,333,442 Road and equipment. ..$8,420,058 Common stock $2,379,358 do do do filed subsequent to receivership 186,028 T. H. «felnd. RR. Co.... 18.349 Preferred stock 1,544,700 Loans and bills payable, with interest 8,923,964 T. H. & Ind RR. Rece'r 233,052 First mort. bonds 1,896,000 Accounts payable 837,220 Penn. Company 201,187 Second mort. bonds.... 2,600,000 Cash for interest 5,040 Coupons past due 5,145 Total funded and unfunded liabilities $24,871,918 Misoellaneous 105 Int. accrued on bonds . 25,280 Income account 427,308 Contingent ) Indorsement on notes of Union Railway Co. $1,105,000 liabilities, v Claims in personal injuries 10,619,448

Total , Total $8,877,791 .$8,877,791 "Inasmuch as no record exists of bills other than those -V. 68, p. 667. paid the receiver cannot be certain that other claims than those specified may not exist." Terminal Railroad Association of St. Louis. REQUIREMENTS FOB CONSTRUCTION, ETC. {Report for year ending Dec, 31, 1899.) The cish required to complete the electrical equipment of SThe' increase in gross earnings 6 "08 percent; in net was the reads named below and to build the proposed extensions earnings, 7*66 per cent. The increase principally in was is estimated tentatively as $10,035,637. This includes the cost freight and^upper roadway traffic. of completing the Third Avenue road proper and the Fortv- ''"While the reports show an increase of business for the year, further second Street lines, without any estimate for separate power improvement is expected, and with the good condition of the property our facilities should enable us to handle, with but little increase of ex- houses. penditure for operation, all the traffic reaching us." As explaining the estimate the receiver says: JJ

530 THE CHRONICLE. [Vol. LXX.

The receiver is informed that the company intended to complete a BALANCE BHEBT DEC. 318T. 1899. line of rail-vrav from 125th St. and Boulevard, up the Boulevard to Assets— Liabilities— 168th St., up to Kinffsbridge Road, to the Ship Canal, and across the Property and franc'8..$13,720,996 Preferred stock $2,500,000 Ship Canal, connecting with the Union Railway at North Broadway Bonds and stock 5,582 Common stock... 5,000,000 Xlntb Ave. a and KiDgebridge, and to construct at 218th St. and Mater'ls and supplies. 24,070 Bonds, 5 p. 2,599,500 entire sys- power house, oar barns and repair shops for the use of the Prepaid accounts 10,743 Bonds, 4-5 p. 3,00j,000 it. In tem, including all the roads owned, oi)erated or controlled by Accts., etc., receivable 4,554 6s due Dec. 1903 393,500 pursuance of ?uch plans, the company has already constructed one Cash 101,947 Power house 68 " 143,000 «ar barn and repair shop and ba^ completed to more than three- Bpecial real estate Acots. payable, pay house, iourths of the entire extent the foundations of the new power (value $70.000) 57,000 rolls, etc 49,637 all of which has been done at a very large outlay by the company. Profit and loss 12,836 Employes' seour. dep. 18,050 As the receiver is informed tuat if this plan was carried out a very Coupon accountH 150,377 great saving in expense of the entire system would be made, he now Dividends 65,969 submits to the Court a tentative estimate of the cost of all such work, Imp. acct., real estate. 12,697 Which of course includes the cost of completion of the Third Avenue proper and the Forty-seoona St. road, but without any estimate for Total .$13,937,730 Total $13,937,730 separate power houses. -V. 70, p. 328. The estimate on this basis, includine, it is understood, American Radiator Company. work already in hand or contracted for [including the com- ('Report the yejr ending Jan. 31, pany's share of work to be done jointly with the Metropol- for 1900. itan Street Ry.], but not the rebuilding of the Dry Dock President Bond says in substance: horse-car line tor operation with electricity, is as follows: The basis upon which our company was organized one year ago has enabled us to make excellent prosress in manufacturing; to reduce Rebuilding for operation with electricity- materially the expenses of selling and of distribution, and to maintain Third Ave. RR.. 125th 8t. and Amsterdam Ave $345,000 conservative prices, embodying far less of advances tban have 'rahen 42a St. Boulevard &Manhat. RR., 110th St. line.., 771,414 place in raw materials. The physical condition of our plants has been do do do St. Nicholas Avenue line.. 553,000 improved during the year, and the operation of the several plants in Kingsbrldge road extension 1,133,900 friendly rivalry with each other ha? stimulated every department. Extension from Manhattan St. and Broadway to 168th St. 282,000 The year has been phenomenal, unusual activity prevailing in all Temporarv power nlant and cables 1,260,145 the metal lines. Pig Iron has more than doubled in value, and similar Repairingaudequfp ping old and 125 new cars. 641,000 advances have been made in other raw materials and some finished New car barn and repairs to Kingsbrldge car barn 475,000 products; but our policy has been to keep our prices upon the lowest Sub-statioDS, storage batteries, etc 519, 20J practicable basis. New power house at Kingsbrldge 4,050,0j0 For the fiscal year ended Jan. 31, ISOO, total net profits Total probable cost of completing the above, includingj were $657,163; three quarterly dividends, $157,500; balance, a new power house at Kingsbrldge (tentative est.). .. 10,035,657 $499,662. An allowance of $100,030 has been made for de- "The Third Avenue RR,, however, would be operated at preciation, the cost of plant, etc., as per balance sheet hav- much lees co&t if a permanent power house were built. Tne ing been reduced from $6,693,395 to $6,592,395. estimated cost of this is §1,275,740. The Forty second St. BALANCE SHEET JAN. 31, 1900. considered as a separate system, would require for its line, Assets— Liabilities— completion $3,274,076." Plant, patents, etc $6,592,395 Common stock $1,893,000 SECUEinES OWNED. Cash 209,374 Preferr-d stock 3,000,000 Notes receivable 53,672 Accounts payable 191,484 The amounte of stocks and bonds of the subsidiary roads Securities, etc 7,550 Balance 499,662 owned by the Third Ave. RR. and by it pledged to secure Accounts receivable . 873,653 Materials, supplies, etc. 842,502 loans, or held in the treasary unpledged, are as follows : Par Share^s On Total Total Total $8,584,146 Total. .$8,584,146 value. pledged. hand. shares. stjck. —V. 68. p. 821. UnionRy. Co )00 20,o00 $2,000,000 Forty-second St. line.. . . 100 16.500 211 16,711 2,.'iC0,000 Asphalt Company of America. ICO 11,237 50 11,237 1,200,000 DryDocklLuf (Statement ptriod ending Dee. 31, Tarrytown White Pl'ns for 1899. & Mamaroneck RR ... '^5 12,000 12,000 300,'' 00 This company, incorporated June 28, 1899, reports its profit 2d mtge. income bonds Total bonds and loss account to Dec. 31, 1899, as follows : of 42dSt. line 1.000 350 357 $1,500.00 . Dividends on stocks pledged $695,758 ACCOTTXTS KECEIVABLE. Dividends on stocks in treasury 96,575 The accounts receivable are as follows: Interest on deposits 26,783 Union Railway Companviadvances $510,961 Total income $819,116 line advances, etc [book items which mayor 42d Street organization and general ex penses $39,c mavnot be collectible.—Ed.] 4,758,562 Deduct 97 Interest due April 1, 1900. on $30,000,000 of t% 750,000 Dry Dock line advances, etc 7.458 Kingsbrldge Company advances, etc 3,090 surplus, for half-year Metropolitan Street Railway Co., estimated 115,000 Balance, $30,019 United States Government mail f ervtee, 1 month 27 days. 3,04 BALANCE SHEET DEC. 31, 1899 (SCO nOte). John J. Gilroy, advertising (paid receiver) 2,667 Assets. Stock of other companies in treasury $1,140,489 Total accounts receivable $5,400,786 Do. pledged (partial list in V. 69, p. 1104) to secure collat- COyDITION OF SUBSIDIiET BOADS. erdl trust certificates but not in oificial statement, see note below 30,000,000 The assets and liabilities of roads operate 1 are stated, but Accounte receivable 366,474 not in a form to be intelligible.—V. 70, p. 481, 431. Money loaned at interest 1,296,123 Materials on hand 26,477 Cash. 200,453 New Orleans City Railroad. Total $j3,030,019 eight months ending Dec, (Report for 31, 1899.) Liabilities. paid in on the of capital President R. M. Walmsley says in part: Ten per cent $30,0C0,000 stock. $3,000,000 Collateral trust 5 percent 50 -year gold certificates (not The company owns and operates a total track mileage of 115 mUes, in oflicial statement) 30,000,000 ©quipped with 300 electric motor cars and 39 West End trail cars. Surplus 30,019 when the real estate is sold, which is conservatively estimated at $70,000, and which is dedicated to the liquidation of current liabili- Total (see note below) $33,030,019 with $50,00o of bonds provided for new ties, together construction Note.—The official statement omits the $30,030,00'^ collateral trust equipment expenditures, the floating debt will and be reduced to 58 and the securities pledged to secure the same. We have included $22,712. the two icems above to make the statement more readily intelligible, purchased and placed upon the Prytania The company Line last placing each at $3O,O0O,cO0, though presumably the value of the October twenty neiv cars of superior quality at a cost of $48,429. collateral exceeds the amount of the bonds.-V. 69, p. 1104. The work of re-oonstruotion consists of the laying of 6"79 miles of 93 lb. girder rail at a cost of $39,817. Borax Consolidated Limited. The comparative statement of earnings, operating ex- (Report for year ending Sept. 30, 1899.) penses and fixed charges for the eight months ending Dec. 31 is as follows: The "Money Market Review" of London, qaotes the report submitted at the annual on Eight Months Ending Dec. Z\. 1899. 1898. Inc.or Dec. annual meeting Jan. 29 Number of passengers carried 17.615,498 16,719,896 -t-895,602 as follows : Eeoetpts per passenger 519 cts. 5 20 ots. — 01 ct. The profits for that period, after providing for all management and Car mileage 6,837,843 6,709,800 -1-128,043 aaminlstration expenses, aggregate £243,036, which amount exceeds Passenger earnings $914,065 $867,616 -f$46,448 by nearly 50 per cent the figures shown in the prospectus. The re- Expenses Maintenance of way... $61,545 $54,288 +$7,257 quirements for the debenture interest for tlfe year and the interim Maintenance of equipment 64,811 65,858 —1.047 dividend on the preference shares amounted to £35,fS3, leaving Transportation 251,799 248,579 -3.220 a sum of £20 ',348 to be dealt with. The net profits made by the con- Power 70,717 98,292 —27,575 cerns taken over from Oct. 1, 189 ^. to the date of incorporation General expense 99,280 82,291 +16,989 m Jan., 1899 (estimated at £35,''Oi)), are not available for distribution, Per cent of expenses to earnings... 59 9796 63'31% —3-34% and the directors have placed this amount to ' property reserve ac- count. The sum of £12.^OO has been placed to depreciation reserve Net earnings $36S913 $318,303 +$47,605 account and £»,617 to the credit of the debenture stock redemption the balance of £155.-30, on Miscellaneous earnings 8,631 7,733 +948 sinking-fund. Of the dividend the preference .-hares for the six months ending Sept 30, paid on Nov. 1, residue Total net receipts $374,594. $326,042 +$48,553 absorbs £22,000, and from the the directors propose to pay a dividend of 25s. per share (less income tax), on the ordinary shares Deduct interest on funded debt $189,128 $207,938 £75,000 ; to place to general reserve £50,000 ; and to carry forward Taxes and licensee 73,302 71,993 £ S 230. The advantages looked for from the amalgamation are likely to be Sarplns $112,164 $46,110 +$66,053 fully realized. The company has coniraoted to supplv crude material " for some years to come to most of tlie borax refiners of the world. The Dlv. (8 mos. prop't'n of 5% on pref.) 83,333 demand for borax and the various products uianufaotnred by the company has been Kood, and lt« works In England and abroad have Net bal. to oredit, profit and loss... $28,830 been kept fully employed. The prospects for the current year are also considered highly satisfactory. The capacity of the works has Statistics in 1893: Eirninss per car mile, 13-41 cents; been increased and economies effected. The directors have thought consolidate the position of the oomnany by the acquisition earning* per car per day, $21 71: expenees per car It well to mile, 8 of certain further properties which they consiaer will prove a source cents; expenses per car per day, $13 02, of strength to It in the future; and for the purpose of providing the J —— —

March 17, 1900.J THE CHRONICLE. 531 neoesaary fands.'witbout unduly enoroaoIilnR on tbe company's work- ing capital, and pending the issue of further debenture stock, the GENERAL INVESTMENT NEWS. temporary loan which flgures In the balance sheet has been arranged. The facts as to the organization of the company were in RAILROADS, INCLUDING STREET ROADS. V. 68, p. 329. Baltimore & Breakwater VLll.—lSlew Name,— See Queen Anne's RR. below. Boston & Montana Consolidated Copper & Silrer Mining Co. Benton Power & Traction Co. of St. Cloud, Minn.—Tem- porary Receiver. —E. E. Clark was appointed temporary (Report for the year ending Dec. 31, 1899.) receiver on March 10 on application of the St. Paul Title & Co. The case will be heard March 31 (see St. The report of the directors says in substance: Trust Cloud Gas & Electric Co., V. 70, p. 433). Results.—The results of the year's operations should be most grati- fying to every stockholder. The dividends were large, the ore re- Birmingham Selma & New Orleans 'Rj.—Reported Sold. serves have been Increased, and the prospects are bright for the year A press dispatch from Selma, Ala., says that this 21-mile increased product may be expected this year, 1900. A somewhat sold to F. Abbot ot Point, Mis?., through a proposed addition to plant at Great Falls, and a consider- road has been M. West said able saving is anticipated both In costs of treatment of our ore and In to represent New York capitalists. the tailings. Brooklyn Heights HR.— Quarterly.—'EArninga for the JZe.seri'e*.— Stockholders should bear In mind that the surplus of over $5,000,000 does not include any value for the mines and plant, Great quarter ending Dec. 31, including the operations of lessor Falls smelting plant, or stock in process, and that these are most suh- companies, as compared with the results of the same com- etanttal items. To the accounts "construction at mines" and "con- panies in 1898, were as follows : struction at Great Falls' there have been no additions charged since Jan. 1, 1894, but there have been since that date costly additions 3 mos.end- Gross Net Other Interest, made in construction, both at the mines and at Great Falls, all of ing Dec.31. earnings. earnings. income. taxes, etc. Balance. which have been charged to regular running expenses. It is esti- 1899... .$2,^04,915 $1,004,928 $73,30S $1,061,182 sur. $17,052 mated that on Deo. 31, 1899, the stock on hand and in process at the 1898 2,574.091 678,128 60,269 1,107,026 def. 368,629 smelting works is worth about $1,000,000. The stock on hand will -V. 70, p. 4^9 ; V. 69, p. 1192. always remain as a contingent reserve to be used only in case of any Brooklyn Rapid Transit Co.—Lease.—The lease of the accident happening which might temporarily interfere with produc- Nassau Electric RR. to the Brooklyn Heights tion. It is intended to keep the reserves at about 2,500,000 tons, RR. has been greater reserves than that being considered too expensive to keep up, filed with the Secretary of State. The lease runs for 999 and unnecessary. years, and provides that the lessee shall pay as rental the in- Litigation.— Oar litigation in Montana courts continues, and while terest on the bonds and a sum not leas than 4 per cent on the we are not able to report any very material progress in our favor, we feel that our position is steadily growing stronger. $6,500,000 preferred stock of the Nassau Company. Both The earnings have been as follows: companies agree to co-operate in providing for the princi- pal of the bonded indebtedness as it becomes due. Of the 1899. 1898. 1897. 1896. $6,500,000 preferred stock of the Nassau Company $6,052,0CO Gross receipts from sales $ $ $ $ of copper, silver, gold is owned by the Brooklyn Rapid Transit Co. — V. 70, p. 429, bluestone, eto 11,257,280 7,448,600 6,949,097 6,414,307 328. Expenses 5,202,431 4,053,957 3,932,660 3,534,283 Central Traction Co. of Indiana. Incorporated.—This Net Income 6,054,849 3,394,643 T 3,016,437 2,b80,024 company was incorporated in Indiana on March 9 with Receipts from Interest $1,200,000 of authorized capital stock, to build an electric and misoellaueous 14,313 139,560 40,849 23,829 road from Kokomo to Indianapolis through Elwood,Noble8- 6,069,162 3,534,203 3,057,286 2,903,853 ville, Atlanta, Arcadia and Cicero. The office will be at Deduct interest on bonds 51,817 52,360 74,2S7 79,^03 Anderson. The directors are: Horace C. Stilwell, George Sinking funds 37,600 50,000 100,000 150,000 Lilly, Arderson, Ind. ; Charles A. Ford, Kokomo, lod. ; Will- Dividends 5,400,000 2,400,000 l,800,0o0 1,500,000 Rate of dividend ($36p.8h.) ($16p.8h.) ($12p.sh.) ($10p.8h) iam L. Kann, Pittsburg, Pa., and Samuel J, Mack, Indian- apolis, Ind. Total 5,489,317 2,502,360 1,974,287 1,729,^03 Cliicago & Alton RR. Interest on Purchase Money Certif- Surplus 579,845 1,0^,843 1,082,999 1,174,350 icates. — Interest to April 15, 1900, at the rate of 4 per cent The assets, liabilities, etc., on Dec. 31, 1899, were: per annum will be paid on the purchase money certificates ASSETS AND LIABILITIES. issued by the United States Trust Co. under syndicate agree- 1899. 1898. ment of March 2, 1899, on and after April 16, at the United Cash and acots. receiv. at Boston, and conper, States Trust Co., No. 45 Wall St., N. Y.—V. 70, p. 429, 279. silver, gold and bluestone, sold not paid for.. $3,507,830 $4,629,667 Cash and accounts receivable at Butte 73,748 42,5C6 Choctaw & Memphis HR.— Listed in Philadelphia. —The Supplies on hand at Butte ... 287,294 184,226 Philadelphia Stock Exchange has listed the $1,762,500 com- Cash and accounts receivable at Great Falls.. 1,926 34,595 Supplies on hand at Great Falls 275.123 142,926 mon stock and the same amount of preferred stock, par $50, full paid; also $3,525,000 1st 5s, due Jan. 1, 1949.—V. 69, p. Total assets $6,145,921 $5,033,921 1345. Accounts payable $1,040,415 $495, '^72 Interest on bonds, eto 9,415 22,002 Colnmbus Sandusky & Hocking RR.—Foreclosure Sale. — Judge Taft, at Cincinnati, has appointed Receiver Joseph Total liabilities $1,049,830 $517,674 Robinson special master to sell the road at a time to be set Balance of assets Dec. 31 5,096,091 4,516,247 Oapitaiization Dec. 31— hereafter. The upset price is fixed at $2,750,000. This sum Capital stock (in $25 shares) 3,750,000 3,750,000 is intended to cover the Felton and Robinson certificates is- Bonds outstanding- sued under order of the present Court, amounting to $1,085,- First mort.2d8erie8($500,000),dueFeb.l,1900 138,000 143,000 (this will General mortgage, third series 600,000 600.000 OCO amount probably be increased to $1,200,000 be- fore the sale), and certain equipment and other claims, aggre- The company paid 42 dividends from Aug. 20, 1888, to Feb. gating $55,260; the balance, after meeting costs of suit, will 20, 1900, amounting to $15,725,000,— NT. 70, p. 127. go to the $3,090,000 prior lien bonds. The $500,000 Monsarrat Osceola Consolidated Mining Co. certificates were limited as to their lien to their interest in the $800,000 of prior lien bonds deposited with the Crawford , fReport for year ending Dec, 31, 1899. County Court. The $200,000 real estate notes were held During the year $72,595 was spent for construction and junior to the prior lien mortgage but preferred to the lien^of charged directly to operating expenses, and, in addition, the general mortgage. r**^^ $98,529 was spent on the new stamp mill and $19,106 for An appeal will be taken from Judge Taft's decision to the sinking shafts from proceeds of treasury stock. The capital U. S. Circuit Court of Appeals in Ohio, so that a sale is not expected to occur until the fall. The report of the Master stock issue is $2,500,000 (par $25), of which $165,000 remains in 695. in the treasury. Total current assets Dec. 31, 1899 (other was V. 69, p. than said stock), $870,229; current liabilities, $328,360; bal- Coshocton & Sonthern RR.—Neiv Receiver.—Judse Taft, ance of assets, $546,868. The aasets here include $115,975 in the United States Court, has appointed Robert Blicrfens- cash on deposit in the Globe National iBank, Boston, when it derfer receiver of the Coshocton & Southern RR. to succeed failed; 50 per cent of this amount has been advanced to the J. W. Wardwell. Mr. Blickensderfer is President of the company by the National Shawmut Bank, where part of the Wheeling & Lake Erie RR., which recently acquired most

funds are now kept. The report says : of the bonds of the Coshocton & Southern. The C. & S. has The new stamp miU was not completed and working until Nov. 6. not been operated for a year or so and needs considerable re- over six months later than we had counted on; consequently we could pair. It is hoped to have the road in good condition and not stamp the amount of rock which the mines could have produced, trains running through to Zanesville within three or four and which we expected they would. The mill is now running to the entire satisfaction of our superintendent, and we count on a reduced months.— V. 69, p. 1011. cost of operations during It^OO.the loss in tailings from this mill being Cumberland & Ohio RR.—SoZd.—See Shelbyville & Bloom- mnch less than we have ever before succeeded in obtaining from any field RR. below.—V. 69, p. 695. mUl. The South Kearsarge is an entirely new mine; it promises to be a very valuable addition to the company's mines. The advance in Gulf & Manitoba Ry. New Project. —This company, or- wages and material of all kinds during year has increased the past ganized in 1899, has notified the Minnesota Railroad Com- the cost of production over one cent a pound. There is a large amount of construction work to be done the coming year on the mission that it desires to increase its capital stock from branches of the Osceola, but the construction on the Osceola mine $50,000 to $7,000,000, in order to build its line from Duluth, proper is about completed. through Minnesota and Iowa, to Kansas City, Mo., 700 miles. 1899 1898 1897* Grossrecelpts $1,791,471 $1,549,«"20 $1,338,0*56 Frank T. Campbell is President. Totalcosts 1,256,639 1,178,028 1,075,655 Hartford Street Ry. Co.— Called Bonds.—Refunding.— The its call Net Income $534,832 $371,791 $262,401 company has given notice of intention to and pay off its Dividends $558,450 $277,250 $181,000 $100,000 series "D" 5 per cent debentures. The Forreal estate 62,611 "Hartford Courier" says: It is commonly understood on the Street that this action is prelim- Balance def. $23,618 sur. $94,541 snr. $18,769 inary to calling all the outstanding debentures [about $1,700,0001, The and to the refunding of the entire debt at a lower rate of interest. By company has paid 48 dividends (Nov., 1878, to Dec, refunding at 4 per cent the company would save about $17,000 a 1899), aggregating $3,099,200.—V. 68, p. 425. year.—V. 65, p. 1173. — — — —

582 THE CHRONICLE. [Vol. LXX.

Illinois Central ILR.—Adverse Decision in Lake Front Norfolk Virginia Beach & Soathern B,R.—Status of Case.— At Wssbington, March 12, the United States Supreme Stock.— See Norfolk & Southern RR.—V. 70, p. 381. an in- Court decided adversely to the company the suit for Ohio Southern RR.—Decision. —The Supreme Court 'of junction restraining the city of Chicago from interfering Ohio, on March 13, in an action brought by Calvin E. Brod- with the right of the company to fill in for railroad purposes head, a large holder, to establish the status of the second certain lands submerged by the waters of Lake Michigan in mortgage bonds, unanimously rendered a decision in his front of the company's property between Twenty- fifth and favor, reversing the judgment of the Circuit Court dismissing Twenty-seventh streets, in Chicago.—V. 70, p. 280, 230. the suit on the demurrer entered by the defendants, the

Louisville Uj.—Bond Sale.—0( the $150,000 of second Central Trust Co. , as trustee for the first mortgage bonds, mortgage bonds for which bids were asked, $135,000 were and the railroad company. The decision allows the case to awarded to the Fidelity Trust Co. of Louisville on a bid of be tried on its merits. The plaintiff claimed that the first $1,055 07. The remainder were sold to Almstedt Brothers, mortgage bonds issued on the extension from Springfield to brokers, namely, $10,000 at 105=^ and $5,000 at lOSs^^. Nine- Lima, 67 miles, and tbe first mortgage, so far as it affects teen bids were received, aggregating over $1,200,000.—V. 70, that portion of the road, are illegal and void, and that there- p. 4H0, 430. fore the second mortgage bondholders have an equal right Manchester & Lawrence UU.—Favorable Decision.—The with the first mortgage bonds to share in the proceeds re- ceived from the sale of that part of the road.— V. 68, p. 824. referee has decided against the State of New Hampshire in the suit to recover from the company the $650,000 obtained Pennsylvania RR. Annual Meeting—New Stock Author- in June, 1895, in the litigation with the Concord RR. and ized. —The stockholders on Tuesday ratified the action of subsequently made the basis of a 50 per cent dividend. The directors taken on Dec. 13 increasing the capital stock 10 per referee holds that to recover the State must prove that the cent in amount. They also ratified the sale of 53,462 shares shareholders have received 10 per cent a year from the be- to acquire the $3,000,000 capital stock of the Erie & Western ginning; he finds they have not received the equivalent of 10 Transportation Co. and also $475,000 securities it owns. The per cent annually, and therefore the State is not entitled to bonds of the Transportation Company, it is stated, will be recover (see V. 61, p. 27, 153).—V. 63, p. 869. paid off at maturity under the arrangement. Missouri Pacific Hj.—New General Manmger.—W, B. The meeting also authorized the directors, at their dis- Doddridge, having resigned as General Manager, has been cretion, to issue the remaining unissued portion of the capital succeeded by Russell Harding, Vice President and General stock. The recent 10 per cent increase raised the outstanding Manager of the St. Louis South vvest-ra Railway. The an- issue to $142,235,500; the Erie & Western Transportation nual report is given on page 527.—V. 70, p. 828. purchase increases it to $144,908,600, leaving about $6,700,000 capital (at the present limit of $151,700,000) to be issued here- Mobile & Ohio RR.— Sf. Louis & Cairo Stock to be Pur- after at the discretion of the directors. ichased —The officers of the Mobile & Ohio RR. Co. are con- The stockholders also approved the pension fund system, for templating the acquisition of the $6,500,000 St. Louis & Cairo which $330,000 annually is appropriated, and the adoption of stock, whereby they may control that property at a fixed thirty five years as the limit of age at which any person will charge rather than as now on the basis of a percentage of the be taken company's service. C. Stuart Patterson gross earnings. The present arrangement under which the into the feelingly referred to the death of the late President Frank road is leaeed interferes with the proper development of the of the directors' business and expenditures on the property which the M & O. Thomson and moved the adoption minute upon the subject, which was done unanimously by a rising would be disposed to make. The result of this scheme, if vote.—V. 484, 476, 430. assented to, will not increase the annual burden of the M. & 70, p. O. It is proposed to issue collateral trust 30-year 4 p. c. gold Philadelphia & Erie RR. Adverse to Minority Stockhold- bonds for $2,500,000, to be secured by the Cairo stock. Thirty ers. —At Philadelphia March 13 the Pennsvlvania Supreme shares of the latter will be exchanged for $1,000 of the new Court handed down a decision overruling tbe decision of the bonds. The residue of the bonds not required for the ex- lower court in the case of Wolff vs. Penn. RR. and Phila & change of stock will be reserved for future requirements. Erie, and deciding agaiilst the Philadelphia & Erie minority The bonds will be subject to redemption at par and accrued stockholders in their suit to obtain an accounting. It is said interest.— V. 70, p. 277. tne case will be carried to the United States Supreme Court. New York Brooklyn & Jersey City Rapid Transit Co. —V. 70, p. 427. New Tunnel Railroad. —This company was incorporated Queen Anne's RR. of Baltimore.—C/jang^e of Name.—New March 12 to construct and operate a compressed air or elec- Bonds. —The company, it is stated, has decided to change its tric road 6 miles long from Manhattan to Brooklyn. Its cap- title to the Baltimore & Delaware Breakwater RR., and has ital stock is $61^,000, and its directors are: asked for legislative authority to increase its bonded debt George Wilson, Adrian H. MuUer, Frank N. Glover. James M. Muller, from $15,000 to $30,000 per mile. William A. Armstrong, L. F. W. Wallace and H. N. Glover of New York City and John La Bura of Jamaica and A. L. Faulk of Brooklyn. St. Louis & Cairo RR.—Exchange of Stock. —See Mobile & Mr. Wilson, who subscribes for $58,600 of the capital Ohio RR. above. stock, is President of the New York & Brooklyn Union St. Louis & San Francisco RR.—Parc/iaseo/iease'i Line. Transportation Co., also a tunnel company; see V. 70, p. —The directors have authorized the purchase outright 280. The new Transit Company's road is projected to ex- from the Blairs of the Kansas City Osceola & Southern tend from West and Liberty streets, under West, Cortlandt, Ry., Bolivar, Mo., to Kansas City, 147 miles, which has been Liberty and Maiden Lane, in Manhattan Borough; the East operated under lease for nearly two years. It is the inten- River, Cranberry St., City Hall, to the Plaza, Brooklyn. tion to expend $1,000,000 in the reconstruction of the line, This route is about the same as that proposed by the Long re-laying it with 70-pound rails, etc. Island RR. for its tunnel, now in abeyance (see V. 70, p. The Osceola company will turn over the property and the 480). The hearing on the application of the Transit Company cash to meet the above-mentioned expenditure, and the St. L. for a franchise is set for April 13. & S. F. will issue its divisional mortgage bonds secured on Mr. Wilson declines to divulge the names of his backers, the property for $3,300,000. Of these bonds $300,000 will be l»ut he states that a syndicate of bankers and contractors has reserved for futnre requirements. Of the balance about been formed to build the tunnel, the cost of which he esti- $2,000,000 will eventually be 4 per cents and about $1,000,000 mates at from $24,000,000 to $30,000,000. will be 3 per cents, but for the first four years beginning New York Central & Hudson Ri?er UR.—New Stock to Nov. 1 the interest on the $3,000,000 bonds will be scaled so be Listed Aprxl f.—The New York Stock Exchange has as to make the aggregate interest for these years as follows : authorized the listing on April 2 of the $15,000,000 additional First year, $60,000; second year, $72,50'; third vear, $85,000, capital stock, making total amount listed at that date $115,- and fourth year, $97,500, and thereafter $110 000 yearlv. jOOO.OOO.-V. 70, p. 76, 125. Texas Extension. —The St. Louis & San Francisco Ry. Co. of Texas filed articles of incorporation at Austin on March New York & North Shore RR.— C/hbrofcen Line to Far Rockaway.—The connecting link in Jamaica has been com- 9, preparatory to building into Denison, Tex., as part of the line under construction from Sapulpa, Ind. Ter., south pleted and through cars can now run from Flushing to Far now to Denison. The distance from Sapulpa is about 200 miles Rockaway —V. 70, p. 125. (see V. 231). Norfolk & Southern Rn.-Bonds Listed.—The New York 70, p. General Stock Exchange has listed $520,000 additional of the com- St. Louis Soathwestern Ry. New Manager.—F. General Superintendent, has been appointed pany's first mortgage bonds. These were issued for the pur- H. Britton, General Manager, succeeding Russell Harding, who goes to pose of paying for 41 miles of additional single-track rail- Missouri Pacific V. 1347. road and equipment, comprising what was known as the the — 69, p. Norfolk Virginia Beach & Southern RR., extending from SliellHTille & Blooinfield RR.—SoW.—At the Master's Norfolk to Virginia Beach and from K^-mpsville to Mun- sale in Shelbyville, Ky., on March 12 the property was bid in den's Point. At the time that railroad was sold to the Nor- for $25,001 by P. Booker Reed, representing certain bond- folk & Southern, the $254,000 outstanding bonds of the Nor- holders. The company was chartered March 31, 1898, and I folk Virginia Beach & Southern were redeemed, and the purchased the Cumberland & Ohio RR. (Northern Division). total issue of $750,000 was canceled. The capital stock of See Investors' Supplement for October, 1897. pages 47 and the Norfolk Virgini* Beach & Southern RR. Co ($350,000) 49; also Chronicle V. 65, p. 1173.— V. 66, p. 616. now represents the Princess Anne Hotel and real estate at Somerset & Middlesex Traction *"(i.—Mortgige.—The Virginia Beach, Princess Anne C )untv, all of which prop- company has made a mortgage to tue Fidelity Trust Co., as erty was expressly reserved in the sale to the Norfolk & trustee, to secure an issue of $1,500,000 first mortgage $1,000 thw latter's Southern RR. Co. Of fir~t mortgage bonds there gold bonds.—V. 70, p. 383. listed to date $1,350,000. John have been C trstensen is Pres- Southwestern Arkansas & Indian Territory RR.— SoM. ident, Clarence Morgan is Secretary and Treasurer and the At the foreclosure sale at Smithton, Ark., March 13, the following are directors: — proper" ies of this company and the Smithton Lumber Co. John Carstensen, Alfred Skitt, E V. W. Rosslter. W. S. Johnston to Carleton, the St. Louis capitalist for Henry Sampson, O. M. Depew, Charles F. Cox, Georjte R. Tunibull all weie sold Murrav of Ne w York; A. J. Cas'jatt of Philadelphia.— V. 70, p. 381. $160,000.—V. 69, p. "1063. —— — — —

March 17, 1900. J THE CHRONICLE. 533

Suiibury Huzlctou & Wilkesbarre II R.—Proposed Con- receiver at the in.stance of the A'nerican Tobacco Co., wbich solidu Hon.— It is reported from Philadelphia that the Penn- OWDS a large majority of the stock. The American Company sylvania RR. is arrantjiog to consolidafe into a single cor- asks for the sale of the Blackwell Company to the highest poration tbe followiue: subfidiary companies: bidder and the distribution of the proceeds amone the ehare- as to wind up the busioess of the North <& West Branch Railway Co.. the Pennsylvania Schuylkill holders, so company. This Valley RR. Co., the Siinbury Hazleton & Wilkesbarre Ry. Co., the action is taken because of the announced intention of one of Sunbury & Lewlstowu Ry. Co. and the Nescopec RR. the minority stockholders to make application to the Legis- Texas & Paciflc Ry.—Exchange of Bonds.—The report of lature for a repeal of the charter of the Blackwell Company, the Missouri Pacific Ry. Co. on ar other page shows that all alleging a violation of the Trnst laws.-V. 68, p. 233. except $1,124,403 of the $33,204,403 second mortgage . in- Brooklyn Wliarf & Warehouse Co.—Deposits Linted. — Pacific been exchanged for come bonds of the Texas & have Out of an issue of $17,.500, 000 purchase monev first mort- St. Louis & Iron Mountain 4s.—V. 70, p. 329. gage bonds, there have been deposited $15,506,000 with the Third Avenue RR.—Permanent Receiver.—Jndge Lacombe United States Mortgage & Trust Co. under the reorganiza- yesterday appointed Hugh J. Grant permauent receiver for tion agreement of Feb. 1, 1900 (see V. 70, p. 232). The en- the company. The receiver is instructed to advise the Court graved certificates, representing the deposited bonds, were from time to time as to the necessity for issuing receiver's cer- listed this week on the New York Stock Exchange.—V. 70. tificates. The preliminary report of the receiver is cited on p. 431, 383. page 529 —V. 70, p. 481. Carnegie Steel Co. Litigation.- The company's answer the six Quarterly.— EAtmnga for the quarter and months in the suit brought by H. C. Frick (V. 70. p. 330) was filed. ending Dec. 31, were : March 12. The document states that Mr. Frick devised the Smos.end. Gross Net Other Interest, Balance, limited partnership, which he now declares to ba a general earnings. income, taxes, etc. surplus. Bee. 31. earnings. one; that he enforced the so-called "ironclad agreement" 1899 $4.-5,366 $178.2.^2 $95,633 ^O^.'-l? $182,368 unsatisfactory partners, thereby acquiring much of 189 — 539,756 190,375 34,020 91,069 133,326 against 6 months his interest in the company ; and that with the credit from 1899 1,036,079 408.715 108,849 183,022 3-^4,542 his stock earnings his whole interest cost him only $300,000. 1898 1,112,376 411,409 56,207 183,46J 284,153 The profits of the company for 1899 are acknowledged to reported as Loans and bills payable Dec. 31, 1899, $15,480,- have been substantially as stated by the plaintiff, but owing 30.— 481,431. 483, against $16,340,122 on Sept. V. 70, p. to the necessity for large expenditures on the property, the Union Traction Co. of Pittsburg.—Jncorjsorofed. —This amount available for dividends is said to have been much company, which is to unite all the street railway interests less. The answer denies that Mr. Carnegie ever asserted the of Pittsburg, was incorporated at Harrisburg, Pa., on March company's assets to be worth in excess of $250,000,000; on 9. Capital stock, nominal, $1,000. Directors: the contrary, it is claimed, he repeatedly stated that "the Arthur M. Richmond, Frank H. Olark, Arthur E. Braun, William personnel of its organization was worth more than all the Smith, Winfleld B. Carson, all ot Pittsburg.—V. 70. p. 481. property." Wlieeling & Lake Erie RR.—Line to Zaneaville.—See Cos- Coke Company Suit. —The suit of the minority stockhold- hocton & Southern RR. on page 531.—V. 70, p. 383, ers of the H. C. Frick Coke Co. was brought at Pittsburg on Feb. 26. It seeks to restrain the coke company by injunc- tion from selling any coke to the Carnegie Steel Co., under INDUSTRIAL. GAS AND MISCELLANEOUS. an alleged fraudulent five-year contract dated Jan. 1, 1899, which calls for the delivery of about 2,500,000 tons yearly at Steel Wire Co.—Plant in Operation.—Th\s Alabama & a price of $1 35 a ton. The coke company is a Pennsylvania nail mill at Birmingham, company's steel rod, wire and Ala., corporation, with $10,000,000 of capital stock in fiO shares, 9, plant, it is commenced operations March The said, ccst of which the Carnegie Company owns $2,955,200 and Andrew and has a capacity of 600 tons a day. It about $2,000,000, Carnegie $2,560,650. The coke company manufactures "up- will get its steel billets from the adjacent new steel mill of wards of 6,000,000 tons of coke per year."—V. 70, p. 330. the Tennessee Coal Iron & RR. Co.—V. 67, p. 1001. Central District & Printing (Bell) Telephone Co.—New Price btock.— American Carbide Lamp Co. of The com- Sfocfc.—Stockholders of record March 22 have the right to- announces that of its par full pany the price $10 paid and non- subscribe for $1,000,000 new stock at $100 per share on the assessable stock will be advanced on Monday from $5 to $7 50 basis of one new share for each four held, payment to be a share.—V. 68, p. 925. made in ten monthly instalments of 10 per cent each, begin- American Snuff Co.—7w corporation— Consolidation. —This ning March 31. The shareholders recently authorized the company, with $35,0(i0,000 of authorized capital stock, of increase of the capital stock from $4,000,000 to $7,500,000 for which $12,500,000 is to be 6 per cent non cumulative preferred, extensions, etc. —V. 70, D. 383. filed articles of incorporation in New Jersey on Monday, Chicago Junction Railways & Union Stock Yards Co. The company is controlled in the interest of the American iVew Bonds.—The company is proposing to create an issue of Co. the it is Tobacco and Continental Tobacco Co., which, $15,000,000 of 4 per cent bonds, with which to take up at reported, own about $8,500,000 and $4,500,000 respectively of maturity the existing $10,000,000 of 5 per cents and to make the capital stock. The properties acquired, it is claimed, necessary extensions and improvements. The company has have an output of nearly of snuff per 15,000,000 pounds purchased, it is stated, a one-quarter interest in the Calu- annum and control about 95 per cent of the country's entire met & Western RR., and is arranging to establish additional product. The concerns merged or to be merged are : packing plants and slaughter houses adjacent to the yards, George W. Helme Snuff Co. of Helmetta. N J.; the snuff branches with a view to increasing the sales and business of the com- of American Tobacco Co., viz., August Beck Co. of Chicago and Gail & Ax Co. of Baltimore; also those of the Continental Tobacco Co., pany.—V. 70, p. 383, 379, 328. Including the P. Loriliard Co. of Jersey City and the Bowers Snuff & Chicago Telephone.— S^ocfc Dividend, Etc.—The company Tobacco Co. of Chaneewater, N. J.; and the Snuff Co., which Atlantic has declared the u-ual quarterly cash dividend of 3 per cent includes W. E. Garrett & Sons, Stewart Ralph Co., Bruton& Condon, Dental Snuff Co. and the Southern Snuff Co. on the $5,000,000 of stock and also a 20 per cent stock divi- dend. In addition, the shareholders will be allowed to The incorporators embrace the following : subscribe for §500,000 new stock at par. Next October, it is George A. Helme and John W. Herbert of the Helme Company; James B. Duke, John B.Cobb. Johnathan Peterson and Otis Smith, understood, there will be a second issue of $500,000 of new representing the American and Co"tinental companies; George B. stock at par.—V. 70, p. 326, Wilson, of the Garrett Company; Henry D. Moore, John W. Woodslde, Enterprise—Stock Offered. — Q. Searing Wilson and John Moore of the Atlantic Company; M. J. Consolidated Lime Co. New Condon ot the Bruton & Condon Co.; William Ivy ot the Dental Snuff Co. Sperry, Jones & Co. of Baltimore are offering for subscrip- Jersey corpo- A small portion of the preferred and common stock is re- tions a block of the capital stock of this New served for future requirements; the remainder will be issued ration recently organized and controlling "the production of on account of the properties acquired. The company will lime in the Southern States south of Virginia, except have its main offices at 111 Fifth Ave. this city, where the Texas." The authorized issue is $1,500,000 common stock American and Continental Co.'s have their headquarters. and the same of preferred, but $250,000 of each remains in the treasury, leaving outstanding $1,250,000 of each class, in Armour & Co.— Incorporated. This company is being in- — all $2,500,000. The preferred stock is 7 per cent cumulative, corporated with $20,000,000 capital stock, under the laws of and all the shares are of $100 each. The present offering in- Illinoie, to take over the Armour packing interests, hereto- cludes $1,250,000 of preferred and $*i25.000 of common. This fore conducted as a co- partnership. The properties merged will be sold on the basis of $10,00 ) preferred and $5,000 com- are said to be the packing houses, glue, soap and hair fac- mon for $10,000 cash. An advertisement says : tories at Chicago and building and South Omaha and the car The company has a clear title to all its property, has no bonded or repair shops at Chicago. The grain business and the Armour other debt, and is provided with $20 ),000 cash working caoital. In Packing Co. of Kansas City remain, it is said, as indepen- addition it ha=> in Its treasury $250,000 preferred and $2 0,000 com- dent concerns. mon sti'ck, which can only be used for future acquired property. The plants acquired sold 811,039 barrels during the year ending July 1, officers The and directors of the new corporation are : 1899, and the net profit on the same wa-< $128,294; v per cent on $1,- President, Philip D. Armour;,Vice-President and General Manager, J. 250.000 preferred stock is $37,500; surplus. $40,794. It is confidently Ogden Armour; Treasurer, P. A. Valentine; Secretsry, C. F. Lansdon; claimed that undt-r the policy referred to below, the net profits of the General Counsel, L. C. Kraiithoff; General Attorney, A. R. Urion; company will be $250,000 per annum. Directors: Philip D.A rmour, J. Ogden Armour, P. A Valentine, C. M. The plants acquired are as below : Favorite, T. J. Connors, Arthur Meeker and Henry T. Darlington. Princeton Lime Co., Princeton, Ky.; Hoplcinsville Lime Co., Hookinsville, Ky_j V. R. Harris. Erin, Tenn.; Arlington Ltme Co., Erlu. Tenn.; Jesse Allen Of the stock in the new company P. D. Armour, it is un- & Co., Burns. Tenn.; Gaeer Lime Co.. Sherwood, Tenn.; Buqno Lime Co., derstood, holds one- half; J. Ogden Armour and the estate of Graysville, Tenn.: Southern Lime Co., Knoxville, Tenn.; Palmyra Lime Co.; Palmyra, Tenn i John B. Randall. Calera, Ala,: Calera Lime Co.. Calera, Ala.; Philip D. Armour, one- Co., Jr., one-eighth each, the remaining stein Kiln, Columbiana, Ala.; C. L. O'Neal. Calera, Ala ; Lonevlew Lime Hardyyille, quarter bemg apportioned among the oldest employes. The Loneview, Ala ; Geo. W. Holcombe. Calera. A'a.; R E. Bowdin, Ala.; John A. Denie's Sou Dixon, Ala,; Wagner Kilns. Siluria, Ala.; Anuisfon continued ill-health of P. D Armour and the recent death of Lime & Stone Co.. Auni.^ton, Ala,; Alabaster Lime Co., Tredegar, Ala.; Blount Ala,; his son Philip are given as for the incorporation. Springs Quarry Co.. Blount Springs. Ala.; T. L. Pride. Pride S-ation. reasons Ladd Lime Works., Cartersville, Ga.; DavittelManuracturing Co., Dav tte, Ga.; Blacltwell Durham Tobacco. Reeeiver.-Oa March 3 at Solple & Sons, Rockmart. Ga., Limestone Springs Co., Gaflney, S. C; Standard Lime Co., Kendrick, Fla.; Ocala Lime Co., Ocala, Fla.;j J. H. Meffert, Lowell, Raleigh, N. C, this company was placed in the hands of a Fla.; John A. Denie's Sons, Little Rock, Ark. — ——: — —

534 THE CHRONICLE. [Vol. LXX.

The above, it is stated, include "practically all of the lime the payment. On Thursday Roger L. Farnham brought suit industries in , Tennessee, Alabama, Arkansas, to recover the amount paid on his subscription. —V. 70, p. 483. Georgia, South Carolina and Florida. There are no kilns Laclede Gas Co.—Tax Dtcision,—The company has won in and no suitable in Car- rock for their establishment North the suit brought b^ the city of St. Louis to collect 5 per cent olina, Mississippi or Louisiana.'"—V. 69, p. 1014. tax on the company's gross receipts. The amount involved Consolidated Railway Electric Lighting & Equipment in the suit was about $60,000.—V. 70, p. 483, 331. to Minority Stockholders. circular addressed to Co.— Offer —A Manhattan Oil Co. New Status. —Announcement was the Light stockholders of the American Railway Electric made a few weeks ago of the sale of this company to an Eng- Co., the the Electric United Electric Co. and Columbian Car lish syndicate. It now appears that the Cudahy Oil Co. has Lighting the & Brake Co. offers to the minority stockholders been acquired by the same interests, and the rumors, prev- same conditions of exchange as were accepted by the major- iously current and denied, are again reiterated that both ity ex- stockholders, except that the minority must, on the properties have passed, or are about to pass, into the posses- char ge of their stock, subscribe at share to as much $15 a sion of the Standard Oil Co. or its friends. The Toledo more stock of the Consolidated Company as they are entitled "Blade" says: to for their present holdings, the basis of exchange being 40 The name of the London syndicate is the English Industrial Pe- shares of new stock for each 100 shares of old stock, The troleum Syndicate. Of the two properties the Cudahy holdings con- Consolidated Company's capital stock is $16,000,000, a great sist of 500 producing wells, with an output of 2.000 barrels a day. decrease compared with the total capitalization of the con- The companies represented are: The Indiana Pipe Line m Chicago to Lima and oil men throughout Indiana notified to mall riage and other hardware, and this business will be continued. all communications to that point. The Bluffton office of the Cudahys The Consolidated Company has in operation about 180 cars was also removed to Lima, Ohio. All is under one management."—V. equipped with the axle-lighting plants on several important 69, p. 1106. roads. It has also in use about 4,000 brakes— V". 70, p. 178. National Tube Co.—Listed.- The New York Stock Ex- change has listed the company's $40,000,000 of 7 per cent Cudahy Oil Co. Consolidation, —See Manhattan Oil Co. cumulative preferred and $40,000,000 of common stock. —^V. Cumberland (Bell) Telephone & Telegraph Co.—New 70, p. 384. S'^ocA;.—The directors on March 2 voted to issue $1,505,816 (N.J.) G'as. See Essex new stock, being 333^ per cent of the stock now issued and Newark Consolidated Gas Ho.- — & Hudson Gas Co. above.—V. 6 -i, 1226. outstanding. Each shareholder of record March 15, 1900, is p. therefor entitled till 3pm., April 2, to take his pro rata share Electric Vehicle Transportation Co.—iJe- of the new issue, payment to be made as follows: duction of Stock. —While the par value of the shares is to One-third April 2, 1900, for wliich regular certificate of stock for 30 be reduced from $100 to $10, the amount now paid in, the per cent will be issued; one-third July 1, 190O, for wuioh regular cer- total authorized issue ot stock will be reduced only from tificate of stock will be issued; one third Oct. 1, 19* 0, being the third and last payment, for which a regular certificate of stock will be $25,000,000 to $5,000,000, leaving the company about $2,500,- issued for 3b 23 percent. Stockholders paying 100 per cent of their 000 stock available in the treasury. The company has 100 subscription on or before April 2, 1900, will have issued to them caDs in service and is preparing for a large business in New- certificate of stock for their entire subscription. port. Of the $2,500,000 derived from the sale of capital The authorized capital is now $10,OCO,000, the amount out- stock, $2,000,000 is said to be still on hand.—V. 70, p. 483. standing after the present issue is paid for will be $6,000,000, Goulding Marr of ^Nashville is dealing in the rights to sub- New Haven Iron & Steel Co. Official Statement—An offi- scribe to the new shares. The Peoples' Telephone Co. of cial report says : The New Orleans, we are informed, has been actually property located at New Haven, Conn., consists of about three purchased acres of land, and the mill buildings situated thereon, with four trains by the Cumberland and paid for.—V. 70, p. 232. of rolls in operation. Three hundred feet frontage on inlet from Long Island Sound, and connected wUth tee New York New Haven

Frick(H. C.)Coke Co.—Suit.—See Carnegie Steel Co. above. Statement. —An official statement says : A corporation organized under the laws of the State of Vermont to Glucose Sugar Refining Co.—New Stock Listed.—The operate line of steamships between Ogdensburg and the western New York Stock Exchange has listed $1,019,000 additional ports on the , succeeding the Ogdensburg Transit Co. preferred capital stock, making the total The company owns eight steamships, with an average tonnage of amount listed to 2,200 tons, and the wharf and warehouse property in Chicago located date $13,638,300. The said preferred stock has "been issued on the Chicago River. The steamships were formerly owned by the by the board of directors for the purchase of additional prop- Ogdensburg Transit Co. and operated in connection with the Cential erty, which, in their judgment, is desirable for the interests Vermont system. The earnings of the line so for six years ending of the company." are boat operated the We informed on good authority that Dec. 31, 1899, were as follows the plant of the United States Glucose Co., of Waukegan, ecmon.—Judge Brown of the in the treasury. The capital stock is owned by the Rutland RR. The Rutland, United States District Court on Tuesday denied the petition president of the Transit Company is Pei'oival W. Clement, ; Lancto, of certain small creditors Vt.; Clerk, Henry G. Smith, Rutland. Vt Treasurer, E. J. to throw the corporation into Ogdensburg, N. Y. Directors: Percival W. Clement, Dr. W. Seward bankruptcy. Webb, Gto. H. Ball, Geo. R. Bottum, Frank R. Wells.—V. 70, p. 483. Plan Operative.—CteditoTB to the amount of $1,650,000 Sloss-Shelfield Stesl & Iron Co.—Ftrst Dividend.—This having assented to the plan of reorganization, said plan has new company has declared a regular quarterly dividend on been declared operative. Further deposits of claims will be received the preferred stock of 1% per cent, payable April 4 to stock of without penalty till and including April 4 70 —V record March 24. An official statement follows: p. 383. ' Net profits for first quarter ending Feb. 28, 1900 $369,561 Havana-American Co.—First Dividend.—This Interest on bDnds, taxes. Insurance and other expenses for company 61,019 has declared a quarterly dividend of per cent qtiarter 1% upon the Dividend, \^ percent, on preferred stock 114,000 preferred stock, payable March loth at the office. No. 1322 Avenue A., New York City, to stockholders of record March Balance surplus for quarter $194,512 12th.— v. 69, p. 1065. The result is obtained after charging off customary depre- ciations and charges to extraordinary repair and renewal Kern Incandescent Gas Light Co.—Meeting.—The under- fund.—V. 70, p. 384. writers who object to paying the instalment recently called will meet on Monday next. It is said that few have made QP'For other Investmeat News see Page 538. : ,

March 17, 1900.] THE CHRONICLK 535

trict in British Columbia. The arrangement contemplates a lease to your Company of the line on the basis of its actual cost. 10. During the year four per cent Consolidated Deben- CANADIAN PACIFIC RAILWAY COMPANY. ture Stock to the amount of £960,000 was created and sold for the purpose of acquiring the bonds of the Columbia NINETEENTH ANNUAL REPORT—FOR THE YEAR & Western Railway Company. The bonds are now in the Company's treasury amongst acquired securities held against 1899. ENDED DECEMBER 31, Debenture Stock issued. 11. Four per cent Preference Stock to the amount of To the Shareholders £1,2()0.0( was created and sold for the purpose of meeting A balance sheet of the affairs of the company at 31st De- expenditures for rolling stock, additions and improvements, cember, 1899, together with the usual statements and authorized by the shareholders. Central Bonds schedules are herewith submitted : 12. The first mortgage five per cent Canada £i The gross earnings for the year were $29,230,038 26 that matured October first, amounting to 87,400, were The working expenses were 16,999,872 77 retired by an i.ssue of four per cent Consolidated Debenture the net earnings were $12,230,165 49 And of $1,OCO,000 Add Interest earnfd on deposits and loans 13. The Land Grant Bonds to the amount and income from other sources, includ- held by the Dominion Government s-s security for certain ing profits from special steamship works to be performed, have been surrendered and de- ohlrters — $333,978 57 mortgage. Land Grant Add interest due from stroyed. Under tbe terms of the JJuluth South Shore & Bonds to the face value of $250,000 wera called for redemp- Atlantic Ry. Co. on tion from the proceeds of land sales, and of these $155,000 Consolidated bonds cancelled at the end of the year. held by your company had been redeemed and against Debenture A further amount will be called shortly. Stock issued $604,280 00 14. The net proceeds of town site sales, as shown in the Less advanced by jour viz., $1,363,224 69. have been trans- company 272,780 00 balance sheet for 1898, 331,500 00 ferred in reduction of the cost of the Company's property, Add Interest from Min- and especially allotted to the Ocean, Lake and River Steam- neapolis St. Paul & applied, in further reduction of ships ; and there has been Sault Ste. Marie By. profit resulting from the Co. on bonds held by the same item, a portion of the your company against operation of the Pacific Steamers during the year, amount- Debenture Stock is- ing to $155,000. 00 , , . sued 159,720 given at the last annual repaid by 15. Pursuant to the authority Add amount three Minneapolis St. Paul meeting, your Company guaranteed interest on & Sault Ste. Marie Ry. millions five hundred thousand dollars second mortgage Co. on account Inter- bonds of the Minneapolis St, Paul & Sault Ste. Mane est advanced previous devoted to to 1895 325,00000 Railway Company, the proceeds of which were 1,150,193 57 the pavment of maturing interest-bearing securities, the the re-payment of capital ad- 06 purchase of rolling stock, $13,380,364 purposes specified Deduct Fixed Charges accrued during the year, vanced by vour Company, and the other including interest on Land Bonds (see page s36) 6,816,676 36 in the resolution. The balance unexpended at the end of the year, amounting to $1,35H,629 12, is deposited in trust The surplus for the year was $6,563,687 70 Deduct amount applied against cost of steamships. 156,000 00 with your Company. The advances made by your Company in previous years $6,408,687 70 for the payment of interest on the Minneapolis St. Paul & From this ttere has been charged oflf Sault Ste. Marie Railway Company's Bonds are being the half-yearly dividend on Prefer- repaid ence Stock: carried as a deferred liability of that Company, to be 2 per cent paid Ist October, 1899. $419,020 00 in instalments as its earnings may warrant. And half-yearly dividend on Ordin- 16 The net earnings of the Minneapohs St. Paul & ary Stock: for the year were 2 percent paid l8t October, 1899. 1,300,000 00 Sault Ste. Marie Railway Company 1,719,020 00 $2 243,883 11, out of which were paid interest and charges amounting to $1,618,226 73, leaving a surplus of $625,656 88. $24,683,667 70 Leaving balance that Company repaid $325,000 of the this has been declared a From this surplus From there to second half yearly dividend on amount advanced by your Company previous to 1895 Preference Stock of 2 per cent, meet interest on their bonds for which your company is April, 190O $535,820 00 payable 1st responsible as guarantor. And a further dividend of 3 per cent against your on Common Stock, payable let As the payments when made were charged April, ISOO (making 5 per cent for revenue, the amount received has been credited to the same the year) 1,930,000 00 account. « » South Shore At- 3. The working expenses for the year amounted to 58"16 17. The net earnings of the Duluth & or per cent of the gross earnings, and the net earnings to lantic Railway Company for the year were $943,478 53, Notwithstand- 41-84 per cent, as compared with 59 92 and 40"(J8 per cent about $14,000 more than all fixed charges. expenditures out of respectively in 1898. ing the necessity for meeting all capital towards interest on 3. The earnings per passenger per mile were 1"79 cents revenue, that Company was able to pay of $122,500, in and per ton of freight per mile ir74 cents, as against 1 52 its bonds held by your Company the amount cents and 0"76 cents respectively in 1898 excess of the previous year. business requires an 4. During the year two hundred and seventy-four miles 18. The growth of your Company's that cannot of the main Ime were relaid with steel rails weighing enlargement of the facilities at Winnipeg passenger seventy-three and eighty pounds per yard, and the policy longer be delayed. In connection with a new hotel accommodation for was continued of improving tbe railway and its facilities station it is proposed to provide past year nearly all of with a view to most economical operation. the traveling public. During the for these improvements was acquired, 5. To meet the requirements of the traffic, a greater the land necessary other works will number of cars and locomotives had to be provided than but it is estimated that the buildings and within the next two was anticipated a year ago, involving an expenditure of require an expenditure of $750, OUU years. $1,070,315 36 in excess of the appropriation made at the ,, ^ , Street Station, Montreal, last annual meeting. You will be asked to approve tiie 19. The addition to Windsor year, delayed because of action of your Directors by sanctioning this expenditure. commenced during the past was diflBculty in getting building material, so that the 6. The Columbia & Western Railway, from Robson to the the be carried over. Boundary Creek District, has been completed, and there is greater part of the work had to to authorize expenditures during every evidence that it will add largely to the tonnage and 20. You will be asked Winnipeg in connection revenue of your railway system. the current year at Montreal and the extent of $750, OoO ; also expendi- 7. Branch lines from Deloraine to Wascada, 18 miles in with these works to other terminal works at length, and from La Riviere to Snowflake, 16miles in length, tures for permanent wharves and to permanent way, were built in Manitoba for tbe purpose of reaching import- Vancouver, $98.817 ; for improvements yard and other facilities at various 50 $978,744 ; tor increased ant settlements ; an extension of tlie Pipestone Branch, and for additional rolling miles westward from its present terminus, was commenced, points on the system, $461,928; to provide railway facilities for the productive country in stock, $975,0( 0. miles in 21. You will be asked to approve a lease by your Company the Moose Mountain District ; a branch line of 26 Railway Company's mam length, from McGregor in the direction of Varcoe, was par- of the Manitoba & North Western fifty-three miles in all, tially constructed to protect valuable territory, and work line and branches, two hundred and West Central Railway, ex- was commenced on another branch line, 24 miles in length, and a lease of the Great North main line near Brandon, Man- from Molson to Lac du Bonnet, in order to reach the timber tending from a point on your direction for a distance of fifty district tributary to English River. itoba, in a northwesterly extension now in course of construction 8. The work of double-tvacking the line between Mont- miles, with an these lines are important real and Toronto was commenced, and seventeen miles of twenty miles in length. Both of your system, and therefore you the busiest section were completed. contributors of traffic to afford to have them fall into other hands. The 9. An arrangement was made with the Arrowhead & could not which your Directors consider Kootenay Railway Cotnpany to build a portion of their terms of the proposed leases, Company, are set out in the line, 35 miles in length, in order to comply with the terms quite advantageous to your submitted for your approval. of their charter, and to serve the Trout Lake mining dis- resolutions that will be .

5m THE CHRONICLE [Vol. LXX.

22. The governments to whom your Company must, in accounts to June 3nth, 1900, and thereafter the accounts will accordance with law, make full reports of irs annual busi- be submitted at the annual meeting in October, covering the ness, require those reports to be made to June 30th each fiscal year ending June 30th, in the usual way. year, and most of the important Railway Companies on 23. The land sales for the past year were 416,806 acres, for this continent close their fiscal at the time year same ; $1,327,667, as against 348,608 acres, for $1,121,774, in 1898. therefore, for the sake of convenience in the preparation of The position of the land grants will be found in Schedule reports, and to simplify the comparison of your operations " D " of this report. with those of other large railway systems similarly situated, 34. The growth of your gross earnings from $18,941 ,000 in and for the further advantage of having your largest net rev- 1895 to $29,230,000 in 1899, notwithstanding the important enue result from the earnings of the hrst half rather than reductions made during that period in the rates for the car- the second half of the fiscal year, your Directors are of opin- riage of freight in the territory west of Lake Superior, is ion that the Annual Report and the accounts relatmg to the evidence of the marvelous progress and development taking operations of .your Company should hereafter be made up to place in Canada, and which from all present indications are June 30th, instead of December 31st, and the date of the likely to be maintained. annual meeting be changed from the first Wednesday in For the Directors, April to the first Wednesday in October each year. You will T. G. SHAUGHNE3SY, be asked to approve a by-law making this arrangement effec- tive. A statement will be issued in October next of the Montreal, 27th February, 1900.

CANADIAN PACIFIC RAILWAY COMPANY—CONDENSED BALANCE SHEET-DECEMBER 31ST, 1899.

COST OF RAILWAY AND EQUIPMENT $218,407,334 21 CAPITAL STOCK. $65,000,000 00 OCEAN, LAKE AND RIVER STEAM- FOUR PER CENT PREFERENCE STOCK 26,791,000 00 SHIPS 5,838,385 87 FOUR PER Less amount applied in reduction CENT CONSOLIDATED DEBENTURE of STOCK 54,237,082 53 cost, as explained in report 1,518,224 69 4,320,161 18 MORTGAGE BONDS. ACQUIRED SECURITIES HELD AGAINST DE- 1st Mortgage bonds, 5 per cent, £7,- BENTURE STOCK ISSUED. 191.500 $34,998,633 33 Canada Central Mortgage, 6 per cent 973,333 33 Schedule "A" 30,650,875 01 Due •OTHER ACQUIRED Province of Quebec on Q. M. O. SECURITIES. & O. & North Shore Railways, at 4' 20 Schedule "B" 2,192,161 94 percent 7,000,000 00 REAL ESTATE, Hotels and Buildings held by Trus- Algoma Branch, 1st Mortgage, 5 per tees for the Company 1,194,597 27 cent 3,650,00000 BALANCES North Shore Railway, Ist Mortgage, DUE ON LANDS SOLD. 5 percent Deferred Payments 2,372,487 18 616,119 67 47,238,086 33 BALANCES DUE ON TOWN SITES. LAND GRANT BONDS. Deferred Payments 201,790 27 First Mortgage. ADVANCES. Amount of issue $25,000,000 00 To Montreal & Atlantic Ry., secured by $500,000 Less—Am ount redeemed 1st Mortgage Bonds 424,144 80 or surrendered and To Duluth South Shore & Atlantic Railway car canceled 21,740,500 00 trusts, etc.. 236,213 19 3.259,500 00 313 per cent Bonds. MATERIAL AND SUPPLIES ON HAND 2,600,035 46 Interest guaranteed by Dom. Gov't. 15.000,000 00 STATION AND TRAFFIC BALANCES AND AC- 18,259,500 00 COUNTS RECEIVABLE 4,409,003 17 CURRENT LIABILITIES. 4,603,656 47 MISCELLANEOUS SECURITIES AND ADVANCES. INTEREST ON FUNDED DEBT AND RENTAL OF Schedule "C" 1,272,477 44 LEASED LINES. IMPERIAL AND DOMINION GOVERNMENTS, Coupons due January 1st, 1900, and amounts due for mall transportation (since paid) .. 232,746 34 including coupons overdue not pre- CASH IN HAND. sented 1,476,22102 Accrued to date, not due 327,102 24 Including amount held in trust for Minn. St. P. & S. S. Ry 1,803.323 26 10,904,247 38 CASH SUBSIDIES FROM DOMINION AND PROVINCIAL GOVERN- MENTS AND MUNICIPALITIES... 29,551,218 07 LAND GRANT. Net proceeds of sales of land Sched- ule H 20,960,250 74 AMOUNT HELD IN TRUST FOR MINN. ST. P. & 8. 8TE. M. RY. CO... 1,359,629 12 SURPLUS EARNINGS ACCOUNT.... 9,614.528 32 $279,418,274 84 $279,418.274 84

Note—In addition to above assets the Company owns 16,758,049 G. OGDEN, acres of land. OompiroUer.

FIXED CHARGES 1899. SCHEDUIiC: "A." £7,191,500 Ist Mortgage Bonds, 5 p. c $1,749,93^ fi6 DETAILS OF BALANCE SHEET ITEM—"ACQUIRED SECURITIES $7,000,000 Province of Quebec, 4ioop. c 283,500 00 HELD ISSUED." £1,100 North Shore Ist Mortgajre, 5 p. o 267 66 AGAINST DEBENTURE STOCK £200,000 Canada Central 2d Mortgage, 6 p.|o. 58,400 00 Atlantic & North-West Railway 5 per cent Guaranteed 1st " Sink. Fund 34,066 56 Stock $3,240,000 00 £200,000 St. Lawrence & Ottawa 4 p. c 38,933 34 Columbia & Kootenay Railway 4 per cent First Mort- $2,544,000 Man. S. W. Col. Ry. 1st Mort.,5p.c. 127.200 00 gage Bonds 1,277,50000 Toronto Grey & Bruce Rental 140,000 00 Manitoba South Western Colonization Railway 5 percent £4,007,381 158. 5d. Ontario & Quebec Debentures, 5 p. c. 975,129 .'^6 First Mortgage Bonds 72,000 00 $2,000,000 Ontario & Quebec (ordinary), 6 p. c 120,000 00 North Shore Railway 5 per cent First Mortgage Bonds.. 610,766 67 £1,330,000 Atlantic & North West Ry. let Mort- Duluth South Shore & Atlantic Railway- gage, less Government proportion 136,333 34 "1 4 per cent Consolidated Mortgage, guaranteed.. 15,107,000 00 -£750,000 Algoma Branch, 5 p. o 182,500 00 " Income certltlcates 3,000,000 00 Rental Farnham to Brlgham Junc. 1,400 00 " Preferred Stock (constituting a majority) 5,100,000 00 Reutal Mattawamkeag to Vanceboro 23,800 00 " Orainary Stock (constituting a majority) 6,100,000 00 Kental New Brunswick Ry. System.. 372,s29 74 Minneapolis St. Paul & Sault Ste. Marie Railway— Rental of Terminals at Toronto 34,860 10 4 p. 0. Consolidated Mortgage, guaranteed. 3,993,0"0 00 Rental of Terminals at Hamilton. .. 33,537 49 " Preferred Stock (constituting a majority).. 3,533,400 00 Rental Hamilton Junct. to Toronto. 40,000 00 " Ordinary (constituting majority)... 7,06 ,600 00 Stephen Stock a Rental St. & Milltown Ry.. 2,050 00 Sourls Branch First Mortgage Bonds, £400,000 I,9i6,666 67 Int. Mont.

Brought forward— 96,964.395 gs 94.r47,"S So —^ DETAILS OF BALANCE SHEET ITEM—" MISCELLANEOUS .Bo Tit4, 8€S SECURITIES AND ADVANCES." Dominion Government subsidy on Crow's Nest Chateau Frontenac (Qdebec Hotel). Stock $280,000 00 Pass Extension $340.060 00 Canada Northwest Land Co., Stock (cost) 518,087 27 Provincial Government (Taken 1» this Company lu 1882 as one of the terms of subsidy on Stonewall the sale of 2,200,000 acres of land to the C N.W.Ld.Co.) and Sourls Branch Ex- NiaoaraBridge & Real Estate 96,823 57 tensions 59,780 00 (Acquired In 1890. with view to extension of line from Town of Calgary, Im- Woodstock and Hamilton to Niagara Falls.) provem'ts at that place. 25,000 00 Dominion Express Company, Stock 113,75000 424,840 00 (This Company's Express, the stock of which Is all Airount received from sale of Aylmer held In the Treasury. Amount paid up represents Branch, as approved at annual meet- cost of ori«inal equipment and organization.) ing of shareholders 100,000 00 Insurance Premidms Prkpaid .. 193,566 60 British Columbia Lake and River Steam- (On contract to secure advantageous terms.) ships — sale of steamboat, less South Ontario Pacific Railway Stock. 20,000 00 amounts expended in completion of (This Company's organizatl n for line, Woodstock, additional steamboats 1,620 05 Hamilton and Niagara Falls.) Amount received from Minneapolis St. Nakusp & Slocan Railway Stock 35,000 00 Paul & Sftult Ste. Marie Ry. Co. in Miscellaneous Securities and Advances 15,250 00 payment of advances on Car Trusts, etc 467,817 89 $1,272,477 44 Amount of advances repaid by the Columbia & Western Ry. from pro- Note.— ceeds of Bonds 2,320,470 16 Amount advanced Minn. St. Paul & Sault Ste. Marie Ry. Amount received from Minneapolis St. for interest under guaranty $963,846 89 Paul & Sault Ste. Marie Ry., Income Less amount repaid 325,000 00 Certificates paid 270,000 00 10,549,044 95 $638,846 89 Consolidated Debenture Stock - Amount realized from is- sued of £1,268,880 for SCHEDUIiE "».'>—LANDS.8. acquiring guar, securi- Amount Average ties and for paying bal- Sales— Acres. realized. per acre. ance Que on Can.Ceu.Ry. Mortgage Bonds.. $6,662,028 18 Canadian Pacific Land Grant, 1899..326,2>^0 1,016,081 $3 11 First 1898 ^42.135 757,792 3 13 Four Per Cent Preference Stock— Man. South Western Grant. ...1899.'.' 90,526 311,586 3 44 Amount realized from is- 1898.. 106.473 363,982 3 42 sue of £1.200,000 sold Capital Expend- Total sales 1899. .416,806 1,327,667 3 19 to meet 1898,-348,608 1,121,774 3 22 iture 5,502,56615 Amount received in trust POSITION OF LAND GRANTS AT DEC. 3I8T, 1899. for Minn St. P. & S. 8. M. Ry. from proceeds Canadian Pacific— Acres. Acres. 12- - 13,524,223 45 Original Grant 25,000,000 2d Mortgage Bonds 1,359,629 Surrendered to Government under agreement of $28,220,497 20 March 30th, 188b... 6,793,014 Deduct Increase in Accounts Receivable— 18,206,986 Stations and traffic balances and ac-^ receivable $1,409,003 17 Sourls Branch Land grants 1,611,520 counts Micellaneous securities and advances.. 1,272,477 44 19,818,506 Due from Imperial and Dominion Gov- 232,746 34 Sales to Dec. Slst, 1899 4,248,284 ernments Leas canceled In 1899 19,841 95 4,228,443 $5,914,226 Less, amounts at Decem- 87 Quantity Of land unsold 15,590,063 ber Slst, 1898 $5,823,844 Manitoba South Western— Acres. Deduct amount of M. St. Total Grant 1,396,800 P. & S. Ste. M. Ry. In- Certificates re- Sales to Dec. Slst. 1899 417,690 come ported in receipts 270,000 00 Less canceled in 1899 5,084 5,553,844 87 412,606 360,382 08

Quantity of land unsold 984,194 $27,860,115 12 Columbia & Kootenay— Acres. Total Grant 190,000 EXPEyDITUBES. Sales to Dec. 3lBt, 1899 6,208 183,792 Dividends on Preference Stock— 2 per cent paid April Ist, 1899 $237,162 50 Total land owned by the Company 16,758 049 2 per cent paid October ist, 1899 419,020 00 $656,182 50 In addition to the foregoing, the Company will receive through the Dividends on Ordinary Stock— British Columbia Southern Railway about 3,350,000 acres. 2 per cent paid April Ist, 1899 $1,300,000 00 2 per cent paid October 1st, 1899 1,300.000 00 2.600,000 00 SCHEDVIiE "E." Real estate, h»tels and buildings held by 27,090 56 CONSTRUCTION—ACQUIRED AND BRANCH LINES. trustees Construction acquired and branch lines.. 2,143,289 86 Souris branch—Pipestone Extension $214,543 45 (Schedule E.) Snowflake Branch 123,789 35 Additions and improvements main line McGregor Branch i7,576 08 and branches 1,900,213 65 Lac du Bonnet Branch 12,030 86 (Schedule F.) Waskada Branch 142,>'96 69 Additions and improvements leased lines 683,103 87 North Star Branch 161,934 08 (Schedule G.) Lake Temlscamingue Colonization Ry 958 60 Rolling stock, shops and machinery 2,434,652 38 Surveys projected lines 19,111 25 Canada Central Ry. First Mort. Bonds, Crow's Nest Pass & British Columbia Southern Ry 1,434,979 94 amountpaid to retireoutstandingbonds 922,889 41 Land Grant Bonds, amount paid in re- $2,147,820 30 demption of $155,000 bonds 170,500 00 Less:—Stonewall Branch Extension Cr. 4,530 44 Guaranteed Securities acquired by sale of Total $2,143.289 »Q 4% Debenture Stock— Minneapolis St. Paul & Sault Ste. Marie Ry., 4% Consolida'd Bonds, $314,000. $282,193 24 Columbia & Western By., 5% First SCHEDULE «H." Mortgage Bonds, $5,477,500, amount DETAILS OF BALANCE SHEET ITEM. paid on account - 5,067,828 62 86 Land Grant. 5,350,021 Increase in material and stores on hand. 58,625 34 4,'.i28,443 acres sold, amounting to $13,697,269 88 9,298 31 6,793,0 4 acres taken by Dominion Gov- Decrease in current liabilities ernment 10,189,52100 $16,955,867 74 Casta in hand December 3 Ist, 1899. 10.904.247 38 $23,886,790 00 Less:—Expenses, cultivation rebate, and $27,860,115 12 10 p. c. on Land Grant Bonds retired and canceled 2,998,631 52 STATEMENT OF EARNINGS FOR THE YEAR 1899. $20,888,159 36 Add:— From Passengers $7,098,096 70 Proceeds Col.

638 THE CHRONICLE. ["Vol. LXX.

STATEMENT OP EQUIPMENT AT DECEMBER 318T, 1899. DESCRIPTION OF FREIGHT CARRIED DURING THE YEARS. Locomotives 690 Description. 1897. 1898. 1899. First and second class Passenger cars, Baggage cars and Flour, barrels 2,911,072 3,292,450 4,005,226 Colonist sleeping cars 627 Grain, bushels 37,756,201 37,443.084 42,763,253 First class sleeping and dining cars 113 Livestock, head 663,773 715,018 810,559' Parlor cars. Official and Paymasters' cars 33 Lumber, feet 831,895,383 840,145,338 957,702,349 Freight and cattle cars (all kinds) 19,005 Firewood, cords 185 208 203,336 202,461 Conductors' vans 362 Manufactured articles, tons 1,310,827 1,529,044 1.793,663 Board, Tool and Auxiliary Cars and steam shovels 682 All other articles, tons 994.813 1,119,087 1,461,144 Ocean Steamships—Exn-pxesB of China, Empress of Japan, Empress of India, Athenian, Tartar. Tjake Steamers—Alberta, Athabasca, Manitoba. PASSENGER TRAFFIC. Ferry /Steamers—Ontario, Michigan. 1897. 1898. 1899. iJirer 5203 0-070 1897 1898. 1899 Traffic and general expenses 6,022,612 15 0-327 Number of tons carried 5,174,484= 8,582,038 6,620,903 Number of tons car. 1 m.... 1,955,911,006 2,142,319,887 2,539,171,900 $16,093,019 41 873 Earnings per ton per mile. 0-78 cents. 0-76 cents, 0-74 cents.

Standard Chain Co. Consolidation Ejected.—JJnder this & Telephone Co. stock owned by the Telephone, Telegraph & title was effected on Wednesday the consolidation of ijine of Cable Co., and so much of the minority Erie stock as may be the ten chain-making concerns mentioned in the Chronicle surrendered undfr this plan. The Old Colony Trust Co. of of Feb. 24, page 384, the Fall City Chain Works of Jefftrson- Boston and the Guarantee Trust & Safe Deposit Co. of Phila- vUle, Ind., being the only one omitted. The new company is delphia will act as depositories for the deposited stock. —V. anthorized to issue $3,000,000 capital stock, of which |l,500,- 70, p. 483, 433, 000 is preferred, and $700,000 interim 6 per cent bonds, Union Operations —The company Knickerbocker Trust Co. of New York, trustee. The Steel & Chain Co. states that it is now operating plauts in five States. As to present issues will be: Common stock, $1,250,000; preferred stock, $900,C00; bonds, $6CO,O0O. the Standard Chain Co. organized this week, see above. —V. 69, p. 647. The main office will be in Pittsburg. Directors: J. C. Schmidt, President; A. S. White, Vice-President; J. T. United Gas Improvement Co.—Ntw Treasurer.—Edward Davis, General Manager; Robert Garland, Secretary; C. R. C. Lee, long Secretary and Treasurer, having resigned, Lewis Flint, H. W. Oliver, Charles I. Ne?, C. H. Hayden, Peter Lillie, heretofore Comptroller, recently succeeded to these Wertz, F. F. Culver, Franz Krein, Eli Attwood and O. L. positions. —V. 70, p. 87. Gubelman. The Treasurer is Robert Rigney. The com- Mortgage Filed.—The com- pany, it is claimed, manufactures about 70 per cent of the United States Mining Co.— pany has made a mortgage for $1,000,000 to the American machine-made chains produced in the United States. —V. 70, of all its possessions p. 384. Loan & Trust Co. Boston as trustee on at Bmgham, Utah., including the Old Jordan and Galena, Standard Oil Co. Rumored Acquisitions.—See Manhattan the Old Telegraph and other mines. The mortgage secures Oil Co. above.—V. 70, p. 283. an issue of 7 per cent bonds to be issued per plan in V. 70, p. 384.— V. 70. 433. Swift & Co, Control of Eastman^s Plant.—The company p. has arranged to take possession on April 15 of the East- Washington Irrigation Co.—Property Purchased.—See man Company's packing hou^e, at Eleventh Avenue and Yakima Investment Co. Below. Fifty- ninth St., this city.—V. 70, p. 174. Washoe Mining Co. of Batte City, Mont.—Increase of Teleplione Telegraph & Cable Co. of America,.—Circular. Stock. —The stockholders have voted to increase the capital —A circular sent by President William J. Latta to the stock- stock from $5,000,000 to $20,000,000 to provide for " exten- holders, calling for an assessment of $2 50 a share, payable sions." The liabilities aggregate $112,769. The Amalgam- May 1, says in part: ated Copper Co. is thought to be a large stockholder. The company has recently acquired a controlling interest in the Authorized. Erie Telegraph & Telephone Co., which possesses practically all of the Western Union Telegraph Co.—Bonds —The telephone business of seven States—North and South Dakota, Minne- stockholders, at the special meeting on March 14, authorized sota, Wisconsin, Texas, Arkansas and Michigan—as well as the city of the $20,000,000 funding and real estate fifty-year A^ per cent Cleveland. Ohio. This is a most important acquisition, constituting gold mortgage for the purposes stated in V. p. 384. the foundation upon which can be built an extensive system of long 70, distance lines, and insuring the linking together of cities, now and Quarterly.— 'EBLTnmgs (partly estimated) for the quarter hereafter to be occupied, into one comprehensive whole. Your com- and the nine months ending March 31 were: pany at the present time is controlling the operation of over 115,000 telephones, with protttable results. 3 months Net Interest Dividends Balance, The financial arrangements of the company are being carefully oon- ending Mar. 31. revenue. charges. paid. stir, or def, Bldered, and a plan has been outlined by which any future assess- 1899 (estimated).. $1,250,000 *$234,111 $1,216,997 def. $201,108 ments on the stock of the company will be made under such conditions 1898 (actual) 1,229,572 224.273 1,216,987 def. 211,6=8 as to Impose no hardship, and will Insure, we believe, the most satis- factory 9 wio^xths returns. 1899 (estimated).. $4,496,054 *$682.351 $3,650,934 sur, $162,719 It has been thought by many of our stockholders that the rapid 1898 (actual) 4,216,003 67?,819 ..^650,959 def. 107,775 development of our company might make necessary the immediate and continued calling in of the balance of our unpaid capital, but it is * Includes $9,991 sinking funds. believed that this can be substantially avoided by the proposition now under consideration, without at the same time endangering the great Total surplus (estimated) March 31, 1899, $8,229,646. The future of the company. This plan will also give our present stock- regular per cent dividend is payable April 16, 1900. —V, holders the direct financial benefits accruing to them from the absorp- 1}4 tion or the Erie Telegraph & Telephone Co. 70, p. 384, 284. Diiectors.— The directors are as follow?: Yakima Investment Co.—SoZd.—At the foreclosure sale in Harrison E. Gawtry, Charles W. Mor.se, Francis M. Jencks. James North Yakima, Wash., on March 5. this property, including ij. Hays. William H. Gelshenen, John Jacob Aster, Henry R Wilson the Sunnyside irrigating canal and 28.000 acres of land, was Frank Tilford, Georsre Crocker, Daniel O'Day and Martin Maloney! Washington Irriga- New York; Oakes Ames, Z. 8. Holbrook and Ciharles E. Adams Bos- purchased by J. Dalzell Brown for the ton; Joseph B. McCall and William J. Latta, Philadelphia; fluah J. tion Co. for tha upset price, $385,000. The Washington Irri- McGowan, Indianapolis; J. Henry Cochran, Wllliamsport. gation Co., it is said, is controlled by the Dennys of Seattle, Bonds for $13,000,000.—The company, having already pur- ix)id & Tilton of Portland, the California Safe Deposit & chased in excess of |5,OCO,000 of the $10,000,000 outstanding Trust Co. of San Francisco and the Electric Corporation of stock of the Erie Telegraph & Telephone Co., now proposes Boston, creditors of the old concern. —See V. 09, p. 83. to offer to the minority stockholders the opportunity of ex- changing their shares for bonds of an issue of $12,000,000, to be 30- year 5 per cent collateral trust gold bonds, dated April —F. J. Lisman & Co. have issued their usual iiuarterly 1st, 190 '. These bonds will be given in exchange for the quotation sheet for inactive and unlisted steam railroad se- minority Erie stock on the basis of $1,200 in bonds for each curities. Copies can be had on application. The list is $1,000 in stock deposited. The security for this issue of col- thoroughly revised to date in every respect, and contains lateral bonds will be the majority holding of Erie Telegraph quotations for a number of recently iesued securities......

March 17. 1900.J THE CHRONICLE. 539 COTTON. Friday Night, March 16, 1900. The Movement of the Crop, as indicated by our telegrams COMMERCIAL EPITOME. from the South to-night, is given below. For the week ending this evening the total receipts have reached 112,432 bales, Friday Nioht, March 16, 1900. against 153,155 bales last week and 157.680 bales the previous The wintry weather conditions have had a tendency to week, making the total receipts since the 1st of Sept., 1899, interfere with the normal development of the spring trade, 5,771,613 bales, against 7,141,939 bales for the same period of decrease since Sep.l, 1899, of 1,670,326 bales. particularly in jobbing circles. Nevertheless the general 1898-9, showing a business situation has continued healthy and no serious com- BeceiptM ai— Sat. Mon. Tuet. Wed. T^ur$. Fri. Total. plaints have been heard as to the general condition of trade. Oalveaton 2,624 5,600 2,809 1,703 1,556 2,429 16,720 Reports from the iron and steel centres have been favorable, Bab. Pass, &c. 43,486 and a fair bueiness has been reported doing in dry goods and New Orleans... 3,197 12,136 4,069 11,208 7,391 5,495 Mobile 15 924 315 358 516 812 2,940 other lines of manufacture. There has been some subsidence Pensaoola, &o. 805 805 activity in cotton, but prices have been of the speculative Savannah 3,305 2,441 4,227 3,356 3956 2.937 20,222 steadier, recovering part of last week's decline. Corn has Brnnsw'k,&c. 879 879 been active and higher on the strength of the statistical posi- Charleston 362 1,798 405 632 367 631 4,195 tion, and other grains have been firmer in sympathy. A Ft. Royal,&o. .• > feature of the week has been the new currency law, which 95 493 1,330 147 328 965 3,358 became operative Wednesday noon, British successes have Wilmington.... "-•-•• 5 5 continued to be reported from South Africa. Wash'ton.&o. 346 1,313 1,143 837 2,701 6,571 Lard on the spot has been quiet but offericgs have been Norfolk 181 214 214 light and prices have advanced in sympathy with corn. The N'p't News, *c. 672 700 756 1,611 1,505 6,020 close was steady at 6 "321^0. for prime Western and 5 -900. for New York 776 754 431 2.473 prime City. Refined lard has been firmer but quiet, closing Boston...... 79 195 456 558 2,986 2,986 at 6'55c. for refined for the Continent. Speculation in lard Baltimore 410 1.558 for future delivery has been on a limited, scale only, but on Phlladel'a, Ac. 116 403 297 142 190 buying shorts to cover contracts and sympathy with the by Tot. this week 10.750 25,008 15,920 20,003 17,546 23,205 112,432 advance in corn, prices have advanced. The close was steady. reoeipts,the total since DAILY CLOSING PRICES OF LARD FUTURES. The following shows the week's total stock to-night, compared with last year. Sat. Mon. Tues. Wed. Thurs. Fri- Sept.l, 1899, and the Marcli. 6-22 6-37 6-35 6*35 632 6-35 1899-1900. 1898-1899. Stock. Pork has had only a limited sale, but prices have advanced Reeeiptt to Thi$ Since Sep. Thii Since Sep. slightly, closing at $11@11 50 for mess, $13 25@13 75 for fam- March 16. 1900. 1899. 1899. week. 1, 1898. ily and $12@13 for short clear. Cut meats have been in lim- week. 1, ited jobbing demand and steady at 5^@6c. for pickled Galveston... 16,720 1,605,759 22,747 2,144,733 108,745 92,328 shoulders, 10@103^c. for pickled hams and 63^@7c. for pickled Sab.P.,&o 65,851 70,725 bellies, 14@10 lbs. av. Beef has been dull and unchanged at New Orleans 43,486 1,604,416 35,609 1,858,037 364,559 362,612 $10@10 50 for packet, $11@11 50 for packet, $11@13 50 for fam- MobUe.... 2,940 174,100 3,342 234,825 16,111 19,397 ily for extra India in tcs. Tallow has held and $18@18 50 mess P'saoola, &o. 805 127,628 14 170,093 quiet stearine but steady at 5%c. Lard has been unchanged Savannah... 20,222 982,242 10,073 999,976 122,462 37,557 and firm at 7c, for City. Oleo- stearine has been quiet, closing Br'wlok,&o. 879 100,668 1,346 263,192 2,573 3,064 at 6J^c. Cotton-seed oil has been quiet and slightly easier, Charleston.. 4,195 241,025 2,169 349,755 31,450 15,875 closing at 36i^@37c. for prime yellow. Butter has weakened P.Royal.&c. 1,214 64 23,293 slightly, but the close was moderately active and steady at Wilmington. 3,388 255,868 1,021 289,012 12,798 11,717 18@25c. for creamery. Cheese has had a fair sale at full Wash'n, &o. 5 799 8 1,329 values, closing at ll@13J^c. for State factory, full cream. Norfolk 6,571 350,781 8,386 581,573 40,915 50,867 Fresh eggs have advanced, but the close was easier at 16c. 3,151 12 for choice Western. N'portN.,&o 214 26,244 161 23,239 45,671 1,940 85,236 142,599 131,265 Brazil grades of coffee were dull and easier early in the New York.. 6,020 269,628 38,500 38,090 week. Subsequently, however, owing to continued small Boston..... 2,473 73,461 5,820 10,808 22,198 receipts at primal point there developsd a better undertone, Baltimore 2,986 75,527 1,649 35,599 10,567 9.239 and there also were indications of renewed interest being Phlladel.dio. 1,538 40,379 1,161 41,694 shown by buyers. The close was steady at 8%c. for Rio Totals 112,432 5,771,613 95,510 7,441.939 905,238 794.131 No. 7. West India growths have been dull and unchanged other years, at lG3^@llc. for good Cucuta. East India growths have been In order that comparison may be made with six seasons. quiet out steady. Speculation in the market for contracts we give below the totals at leading ports for has been quiet. Dull trade depressing influence at the had a Heeeipti at— 1900. 1899. 1898. 1897. 1896. 1895. opening of the week, but small receipts at Rio and Santos and buying for European account turned the market stronger. Qalves'n.&o. 16,720 22,747 23,430 16.523 9,849 14,223 The close was firmer on stronger European advices. Final New Orleans 43,486 35,609 42,918 r3,616 23,057 44,341 asking prices were: Mobile 2,940 3,342 7,9 i4 3,429 1,781 4,574 13,709 14,243 Maroh 6-90o. Aug 6-950. Nov 7-050. Savannah . . 20,222 10,073 18,237 7,350 May 6-85o. Sept 7000. Deo 7-2io. Chas'ton, &o. 4,195 2,233 17,182 1,570 2,368 13,122 July 6-900. Oot 7000. Jan 7-30C. Wllm'ton, &c 3,363 1,029 2,572 355 1,387 2,468 Raw sugars have been in fair demand and firmer, closing Norfolk 6,571 8,386 5,427 4,270 9,384 10,065 at bid for 4%c. centrifugal, 96-deg. test, and SJgc. bid for N. News, &o. 214 161 597 194 1,610 5,305 muscovado, 89 deg. test. Refined sugar has been moderately All others... 14,721 11,930 27,507 8,152 6315 14,792 active and firm at 4-95c. net for granulated. Other staple groceries have been unchanged. Tot. this wk. 112,432 95,510 145,794 65,459 69,460 123,133 Kentucky tobacco has been in limited but firmly demand, Since Sept. 1 5771,613 7441.939 7815 192 6180,805 4686,475 7111.548 held. Seed leaf tobacco has been firm but quiet; stocks have a total been light. Sales for the week have been 1,525 cases, as fol- The exports for the week ending this evening reach bales, of which 97,193 were to Great Britain, 3,423 lows : 300 cases 1898 crop, Wisconsin Havana, ll@13c.; 200 of 157,832 cases 1897 crop, Wisconsin Havana, ^%@l\}4c.; 250 cases to France and 57,216 to the rest of the Continent. Below 1898 crop. Zimmers, 93^@14i^c.; 100 cases 1899 crop, New M-ethe exports for the week and since Sept. 1, 1899. England Havana, forced sweat, 20@55c.; 300 cases 1898 crop, Week Bndim Mch. 18. 1900. From Sept. 1, 1899, to Mch 16, 1000. Pennsylvania seed leaf, ll@12i^c.; 125 cases 1897 crop, Penn- Exvorted to— Bxported to— 12i^@ Mxrort$ sylvania seed leaf, 13c.; 100 cases 1898 crop, Gebhart, Conti- lotal Great Conti- from— Great France 2ota\. 13c., and 150 cases sundries, 9@16J^c, ; also 650 bales Havana Brtt'n. nent. Week. Britain. nent. at 50(a95c., in bond, and 125 bales at 70c.@|l 15, in Sumatra 2,205 23,772 618,484 326,699 438.781 1,307.964 bond. Salveiton 26,5e7 Sab. Pass, 4c.. 8,319 ...... 39,129 47.474 There has for- been a weaker turn to prices for Straits tin, N«w Orleani. 22,728 2.930 8.593 34,251 600,408 173,623 470,912 1,149,943 eign advices have been easier and under moderate offerings Mobile 4.258 4,262 96,254 20,603 115,947 values have weakened to 33 25c. Ingot copper has been in Pensaoola 805 806 39.230 16,247 62,831 108,303 fairly active demand and firm, closing at $16 25@16 50 for Savannah 6,205 i2,eeo 17,$65 152.187 84,84a 380,660 e67,6»6 50,429 16,625 68,054 Lake. Lead has been quiet and the close was slightly easier Brunswick . . at 4:'Qiy^i 4'72i^c. for domestic. Spelter has weakened to Charleston... 6.165 6,155 67.570 96.528 154,098 4*55@4 621^0. for domestic. Pig iron has continued in fair Port Royal... •••• 220,270 251,892 demand and steady at $19 50@ 24 00 for domestic. WllmlnRton... 7,830 7.83i> 31,613 Norfolk 26,407 3,786 29,113 Refined petroleum has been steady, closing at 9-90c. in N'port N., &c.. 6,168 5,163 15.099 1,494 17,193 bbls., 7-25c. in bulk and IMOc. in cases. Naphtha un- New York.... 14,049 493 12,693 27,233 99,884 27,123 130,895 857,852 changed at 10 65c. neglected. Crude certificates have been Boston 4,823 11 4.B37 72,202 2,618 74,818 Credit tur- balances have been unchanged at $1 68. Spirits Baltimore 5,171 5,171 30,116 1,252 76,267 107,625 pentine has been firm and prices have advanced to 573^@5Sc. Philadelphia. 276 .... 276 2,823 2,823 Rosins have been dull and slightly easier, closing at $1 70@ San Fran., &c.. 41 15,076 15,116 4,418 139,719 144,167 1 J^ for common strained. has continued 72 and good Wool Total 97,193 3,423 67,216 157,332 1,734,083 584,792 2,084,121 4,402.998 dull and easy. Hops have had a moderate sale and prices 3,071.963 649,993 8,384,957 8.086,913 have shown a tendency to harden. Total, 1808-09. 17,398 10,491 34.365 62,254 .. «« g « , .

540 THE CHKONICLE. [Vol. LXX.

In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. We add similar figures for New York, which are prepared for our special use by Messrs. Lambert & Barrows. Produce Exchange Building. ON SHIPBOARD, NOT OLBABBD FOB— Leavini March 16 at Great Other Ooatt- stock Britain. france. Foreign toite. Total.

New Orleans... 6,724 13,906 39,799 3,018 83.417 801,112 oco 00 OD COCO COCO coco coco coco coco Galveston 6,944 30,263 25,210 244 62,«61 48,084 ' to cbcc cocc CO 00 do uu i^cb n^iu a I ' ' id I I Id Charleston None. None. 6,850 300 7,150 24,300 ^ © ® d d €)& d Id 1 Mobile 2,00i> None. 5.000 None. 7,000 9,111 0000 00 QO coco coco coco CO® coto Norfolk 7,000 None. None. 17,000 24.000 16915 I I tbtO tOi£> 00 lots New York None. None. 9,600 None. 9,600 132.999 coco MA- OM 00 01-' Other ports 8,000 None. 5,000 None. 13,000 65,397 Qocn coco coco coco coco coco coco I I 00^ CO CD tOta I-© »0>J tOK> MkO coco Total 1800... 35,668 46,169 101,459 20,562 203,858 701,380 CO en coib. wco !(».- h-CB OI« «J|-' WC« -JO

I I > d d I d d Id Id d Id Id d Total 1899. . 24,458 6,862 45,892 24,399 101,601 692,530 <><}

' I I ' I d 9 I @ I » Id Id I d d I d d d been towards a higher basis. The smaller movement of the a. <1

00 00 ocob obob QDcib 6c6 CO to lb CO lb- CO *^eo lb.l«^ C^lt^ cated a moderate decrease. The advices from the South a. cnoi u' 05 ^00 000 i-'t-' ODM tf. 00 i»>-0 WiO onto ccio cow strength of the statistical position and no pressuie to sell, prices have advanced. Locally no decided changes occurred 00 00 00 00 00 coo oco 00 oco oco in prices until obob CO 00 coob 06 H^CO lb CO CJ>l|i- acji acji Wednesday, when free buying by a prominent *Jto Olb KlO COM CO 00 05 If^ O>00 00 CO lb

Wall Street house, supposed to be to cover short sales, started I d I d I d I d I d I d I d I d a. quotations upward. Thursday, prices further advanced on •^•J •q»q "Iv^ 00a ODQC 00 00 COO o 00 00 a general buying. At the advance the South a free seller QOCD 00 coo 00 lb lb tbO" O-05 01 OS C5 05 was o oco OM euif. ibOD IbO 00 05O 05O coot O' to taking advantage of the higher rates to liquidate accounts

I d 1 9 1 d 1 » 1 d d 1 d 1 d 1 d 1 . d 1 d tions for a large acreage have prompted selling, but sympathy d "^1 00 COCO MM Subsequently, however, bidding by bull operators turned the -^ ~^ *? "^ '^ * '° ® ** ^ ® 1 1 1 1 1 1 1 1 1 *? 1 1 1 ' market stronger and prices recovered most of the decline. 1 1 00 ' to 1 e 1 M 1 to to ' CO 1 CO to c^ OS M 05 I— CO The close was steady with prices 1 point higher for April and 1 d 1 d ll 1 d 1 d 1 d 1 d 1 d 1 d 1 d 1 d 1 d 1@6 points lower for other months. Cotton on the spot has 1 -^ ^ *^ * "* * ® *? ® '^ 1 1 1 'J 1 1 1 1 1 1 1 1 ^ 1 been quiet i^c. 1 1 1 i ; prices advanced on Saturday, l-16c. on CO CO ,0 1 ' lb 1 en ' OS 1 C6 ' OS 1 er. Wednesday and i^c. on Thursday. Today they were un- lb 05 •b en to changed, closing at 9^c. for middling uplands. The Visible supply of Cotton to-night, as made up b:5 The rates on and off middling, as established Nov. 15, 1899, cable and telegraph, is as follows. Continental stocks, as we by the Revision Committee, at which grades other than as those for Great Britain and the afloat, are this week's re- middling may be delivered on contract, are as follows. turns, and consequently all European figures are brought down Falr 0. 1^8 on Strict Good Mid. Tinged. c. 3,g on to Thursday evening. But to make the total the complete Middling s^ Fair on Good Middling Tingbu Even figures for to-night (Mch. 16), we add the item of exports from Strict Good Middling 7,6on Middling Tinged ^s ofl the United States, including in it the exports of Friday only, Gtood Middling ^^gon Strict Middling Stained.... ^408 Strict Low Middling heoS Low Middling Tinged Sj. ©fl 1900. 1899. 1898. 1897. Low Middling 7,g off Middling stained 7^^, off Stock at Uverpool bales. 632.000 1,787,000 1,214,000 1,349,000 Stock Strict Good Ordinary % off Strict Low Mid. Stained.. . 1 off at London 3,000 6,000 4,000 3,000 Good Ordinary l^ieoff Low Middling Stained 198 off Total Great Britain etook. 6. 5,000 1,793,000 1,218,000 1,352.000 Stock at Hamburg 17,000 20,000 9,000 19,000 On this basis the ofBoial prices for a few of the grades f ' r Stock at Bremen 256,000 418,000 335,000 189,000 the past week—March 10 to March 16—would be as follows. Stock at Amsterdam 2,000 3,000 3,000 6,000 Stock at Rotterdam 200 200 300 300 UPLANDS. Sat. Mon Taes WeO. Tb. FrI. Stock at Antwerp 3,000 12,000 7,000 13,000 Stock at Havre 237,000 294,000 285,000 209,000 Good Ordinary. 858 808 8II16 8i3ie 8"l3,6 Stock at Marseilles 3,000 5,000 4,000 0,000 Low Middling.. 914 9J4 9*4 95,6 -^> Stock at Barcelona 82,000 75,000 76,000 72,000 ailddling 9^ 978 1978 Stock at Genoa 45,000 61,000 38,000 42,000 Good Middling.. 101,6 103, 103,6 Stock at Trieste 1,000 15,000 4,000 13,000 Middling Fair... 107, 107,« lOSg 107i« 101a lOSs Total Continental stocks 646.200 903,200 761,300 569,300 GULF. Sat. Mou Tues "Wed Tli. Frl. Tetal European stocks 172^1^00 2709672061,979,300 1.921,300 India cotton afloat for Europe 31,000 94,000 58,000 140,000 Good Ordinary. 878 878 878 815,, 9ii« 91,6 Amer. cotton afloat for E'rope. 493.000 263,000 551,000 347,000 Low Middling.., 9>fl 9ifl 911,^ 9niB Egypt, Brazil,&c., aflt.for E^pe 32,000 49,000 55,000 37,000 Middling 915i6 9 »ie 915,6 10 10>8 lOig Stock in United States ports.. 905,2.J8 7i<4,131 1,058,297 795,430 Good Middling.. lOk 10k 1014 105,6 107,8 107,6 Stock in U. 8. interior towns. 390,228 461,7.i5 439,842 301,139 Middling Fair... ion,. 10iii» 10 ii« 10% 1078 '078 United States exports to-day.. 48,4«9 15,641 41.804 10,357 Total visible supply 3,552,226 STAINED. Sat. Jn.on Taes U'ed Tb. Frl. 3,181,156 4,373,727 4,183,243 Of the abore, totals of American and other descriptions are as follows: Low Middling 85i6 85,g 838 8I2 8>« 9I4 2^6 American- Middling 9'4 914 95,« 97i« Liverpool stock bales. 527,000 1,667,000 1,085,000 1,179,000 Strict Middling 97,6 97.6 9''l6 913 958 958 Oontlnental stocks 622,000 849,000 72'', 000 49^1,000 Gtood 9' Middling Tinged. 911, 911,, 1,6 9^ 978 978 American afloat for Eiu:ope... 493,000 263,000 551,000 347,000 United States stock 905,238 794,131 1,0-18,297 795,430 The quotations for middling upland at New York on United States interior stocks. 390,228 461,755 439,842 301,139 Mch. 16 for each of the past 33 years have been as follows. United States exports to-day.. 48.489 15,611 4J,80t 10.357 Total American 3,131,92& 1900. ...0. 978 1892. ...0. 6% 1884....o.lOi5|e 1876....0.1278 — 2,985,955 4,050,527 3,902,943 1899...... 638 1891 9i,a 1883 I014 1875 I6I4 East Indian, Brazil, die. 1898 6Te 1890 117i6 1882 123, 1874 I6I4 Liverpool stock 105,000 120,000 129.000 170,000 1897 714 1889 1881 Londonstock 3,000 6,000 4,000 3.000 10»ie 10!^ 1873 , 1978 1896 71I16 1888 101* 1880 133,0 1872 2288 Continental stocks 24,200 51,200 34,300 70.300 6I4 1895 1887 9i&ie 1879 913,6 1871 I514 India afloat for Europe 31,000 94,000 58,000 140,000 1894 7^ 1886 916 1878 1015,6 1870 2214 Bgypt, Brazil, &o., afloat 32.000 49,000 55,000 37,000 1893. 9 1885 III4 1877 1158 1869...... 28ifl Total East India, &o 193,200 323.200 280,300 420,300 Total American 2,98 ,955 4,050,527 3,902.943 3,131,926 MARKET AND SALES. Total visible supply 3,181,155 4,373,727 4,183.243 3,652,226 Middling Upland, LiverpooL. 5i9^2d. 338d. 3>l32d. 4d. Sales of Spot & Oonteaci Spot Mabkbt Futures MlddUng Upland, New York.. 978d. 6380. 6160. 7^0, Market Egypt Good Brown, Liverpool SSgd. 5i4d. 4»i«d. 55i9d. Olosbd. Ex- Oon- Con- Closed. Peruv. Rough Good, Liverpool 7Jfld. 678d. e-^si. 63, ed. port. sump. tract. Total Broach Fine, Liverpool 59, ed. 3i7s2d. 338d. 33133d. Tlnnevelly Good, LiverpooL.. 55,fcd. S^itd. 37, td. 4d. Batnrday . Quiet ati8adv.. Very steady. 250 25 276 Monday.. Quiet wteady 2,035 2,S06 4,835 J^~ The imports into Continental ports the past week have Tuesday . . Quiet Steady 100 100 been 117,000 bales. Wednesday Quiet at i,f adv. Steady "85 1,000 1,085 The above figures indicate a decrease in the cotton in Thursday.. Q't&st'y.iead.. Steady 117 117 Friday Quiet & steady. Bceady 20 200 220 sight to-night of 1,192,572 bales as compared with the same date of 1899, a loss of bales from the corresponding XotaL — 1,002,088 2,285 247 4,100 6,C32 date of 1898 and a decline of 371,071 bales from 1897. ; —...

MARCH 17, 1900.] THE CHRONICLE 541

At the Interior Towns the movement—that is the receipts Quotations for Middling Cotton at Other Markets. — for the week and since September 1, the shipments for the Below are closing quotations of middling cotton at Southern week and the stocks to-night, and the same items for the and other principal cotton markets for each day of the week. corresponding period of 1898— is set out in detail below. OLOSIHO QDOTA.TION8 FOB HIDOLINQ OOTTOK ON- Wtitk ending March 16. Satur. Mon. Tues. Wednes. Thurs. Fri.

Qalveston... 938 97,a 97ie 97,8 912 9^ New Orleans 914 95,6 914 96i8 97,8 97l8 Mobile 9*18 95i6 95l6 95,8 94i« 9>« Savannah... 938 938 97, a 97,8 9'i« 9»« Charleston. 914 938 914 9I4 938 938 Wilmington. 938 938 938 958 93e 91a Norfolk 958 9\ 9% ii\ 9 •'8 9 '8 Boston 9»,6 91118 91I16 91I18 9^ 9-'» 9'^8 9''8 8 Baltimore . 9\ 979 '8 9^8 Philadelphia 916,8 9'6i6 91B16 10 10 1« lOifl 9i« Augusta 91-2 9ifl 91118 21' '8 9I4 L°8 1-38 Memphis 95i6 95ie 9Bt8 S3l8 8t. Louis.... 95ie 95ia 9S|6 95,« 939 97,8 Houston 939" 97ie 97i8 938 91fl 91a 9i« 9I3 9i« Olnoinnati . 9»8 91a 9^ Louisville... 9^8 988 958 958 958 903 The closing quotations to-day (Friday) at other important markets were as follows. *.iCk01l&-00'03t30'03C;'p^ Southern ^! C;>tO*.OD O3l-'!OM--lt».03-03 Athens 9iiie Columbus.Mlss 9>4 Nashville 914 I ^0{04k^oc;'|«»03-J-^o^o^G0035D«a^ocoOl33^^o^»J^^r-'cootOl-'03lo Atlanta 95)8 Eufaula 914 Natchez 9H »]~JCOl(^C;<03030t3l-'0505^^tOCOU' — <0 Charlotte 978 Little Rock.... 9ie Raleigh 9h iP>ODc;>cococno3i«^u«Mi->«)(0^ *• h3 »J <1 oa oco; to O 03 05 to O" M Ol 03 O 00 69 , tO O 03 00 * ^ 00 OS fallen in most localities during the week, but that the pre- iO to o »10l*^>-'lt^003tOOCnK»0'i^u< p 05; _;->^ o » o ifrij' ifktOMOJaXI- CffOO*'CBOlf^U'OOactSCOOOJOJK)COOCI-'i(>.03 reported in portions of Arkansas, Mississippi, Tennessee and too; r-|6.i(.tacX)C0| CCO*'OtO~JC'XlO•o^ow>QDto Louisiana. Oalveston, Texas.—The week's rainfall here has been six M to to hundredths of an inch, on one day. The thermometer has Mh-" CO «JI-'»- I^MM* COCO CO averaged 61, ranging from 44 to 78. CO t^coMOJ03co»-'<^l-'o:o^cocDooc;>^Oll^^-'o^to« totoo; o;toc;>o^ >-• CO -J ; if at Oi H> if^ it^ CO CO to CO VI o o 03 00 00 CO CO CO CO o O CO CO iF^ cntotovio Palestine, Texas.— There has been rain on one day during to eo»3©05Qoc>oo»jai-'coi-' od i^ co m c aging 58. o to « CO w *>• as it»wcoo30'iocoao o> oo^ to -if>-oo*'Oow 00 the past week, the precipitation reaching ninety-two hun- dredths of an inch. Average thermometer 61, highest 78,

M I to (-• 5 © MOO V> ' OJ r^ MMOJ 03WtO; i^M Oi lowest 44. -* co CO v> 04 QD u> OS oi «a h" OSCO MtOOOCHM week, the rainfall being six hundredths of an inch. The thermometer has ranged from 33 to 84, averaging 53. OS OD CO M •ai-'t-M M HCOf- to San Antonio, Texas. There has been rain on one day of M cow to MM; WM; M«pM*>.- C0(-«; O CO O O CO 00 Ol - CC M CD M CO to Ol to

642 THE CHRONICLE. I'loi.. LXX. dredths. The thermometer has ranged from 37 to 75, aver- The rai fall in the month of September was below the normal In all the aging 56, districts in which late cotton Is grown, e - cepting Midnapore, Bhagalpur and Manbhum. It also normal everywhere Charleston, South days of was below the Carolina.—It has rained on two in October, exceptlntt arissa and the distiio's of Bankura and Darb- the week, to the extent of twenty-three hundredths of an hanga. Practically no rain fell from the beginning of November to inch. Average thermometer 57, highest 72, lowest 41. tbe middle of January. Tbe weath. r be' ame cloudy towards the third week of this month, and some veiy useful showers were received about Stateburg, South Carolina. work is activeiy pro- —Farm this lime, but the vrood done by these late winter showers has probably gressing. There has been rain on one day of the week, the been marred, to some extent, by th« receut hailstorms. The season on precipitation being inappreciable. The thermometer has the whole was not quite as favorable as that of the preceding year. There IS a averaged 54-6, the highest being 75 and the lowest 34. difference of 500 acres in the estimates of the total areas sown with late cotton this year and last ye-tr, the actual figures being day of Greenwood, South Carolina.— It has rained on one v. 73,0'jO acres for 1 899 I 00 and 72,5' '0 acres for l«98-v9. This differ- the week, tho precipitation reaching twenty- five hundredths ence may be ascribed to ordinary fluctations In cultivation. Estimates of an inch. The thermometer has averaged 51, ranging from of normal crops of luQ per cent have be«>n received from Ave districts. Five oth^r districts report crops varying from 75 per- 40 61. to cent to below 100 per ot^nt. Four rtistricts furnish estimates varyinj? The following statement we have also received by telegraph, from fiO per cent to below 75 per cent, and one rt-turns an estimate of showing the height of the rivers at the points named at a 40-per-cent crop only. Taking the above returns into conHlderation, the crop of this .vetr is estimated at presen at 70 per cent, against 73 3 o'clock March 15, 1900, IC, 1899 and March per cent, the estimate for last year, \ccepiingthe estimates given above, Mch. 15, "00. Meh. 16, '99. tne gro-s yield of the late cotton crop of this year amounts to 3.559,600 lbs. against 3,78»,80'i lbs., the yield of last year. The aver- Feet. Feet. age outturn of the five preceding years amounts to 4,0d6,4001b8. New Orleans... Above zero of gange. 10-4 13 9 Memphis ..Above zero of gaage. 27-6 32-9 Sea Island Cotton Movement.— We have received this Nashville Above zero of gaage. 141 19' (Friday) evening telegraph " from the various ports the Bhreveport Above zero of gaage. 5-7 4-9 by yiotsbarg Above zero of gauge. 30-2 402 details of the Sea Island cotton movement for the week. The receipts for the week ending to-night (Mch 16) and since India (Jotton Movement from all Ports. The receipts — Sept. 1, 1899, the stocks to-night, and the same items for the of cotton at Bombay and the shipments from all India ports corresponding periods of 1898. are as follows. for the week ending Mch. 15, and for the season fiom Sept. 1 to March 15 for three years have been as follows: 1899-1900. 1898-1899. Slock. 1900. 1898-99. 1897-98. BeceiptB to Mch. 16 1899 This Since This Since 1900. week. Sept. 1. week. Sept. 1, 1899 Receipt* at- Since Since Since Week. Week. Week. Sept. 1. Sept. 1. Sept. 1. Savannah 280 70.87 290 49.674 13,748 8,898 Charleston, <&o. 6-« 518 Bombar 27,000 ^97.000 000 54 000 692 000 7,527 5.135 2.121 88.000 1,221 Florida, &o 16,700 296 6.807 754 1,456 For the Week. Since September 1. Total 94,»0 654 61,616|14,020 12,475 Mxporte 280 from— Ctreat Conti- Great Conti- The exports for the week ending this evening reach a total Britain. nent. Total. Britain. nent. Total. of 776 bales, of which 7 id bales were to Great Britain, 47 Bombay— to France and — to Bremen, and the amount forwarded to 1899-'00.. 2,000 2,000 39.000 39,000 N'orthern mills has been 100 bales. Below are the exports 1898-99 . i",oo6 1,000 2,000 4 000 228,000 23^.000 for the and since Sept. 1 in 1899-1900 and 1898-99. 1897-98.. 2,000 112,000 114,000 week Caloutta- 1899-'00.. 1,000 1,000 1,000 8,000 9,000 Week Ending Mch.XQ. Since Sept. 1, 1899. yorth'n MtU$. 1898-99.. 2,000 14.000 16,000 Exports 1897-98.. from^ Chreat Fr'nce Great Fr'nce Since 1,000 1,000 2,000 10,000 12,000 Total. Total. Week. Madras— Brit'n. fine, 21 >^ to 28o. cable of the movements of cotton at Alexandria, Egypt. The to following are the receipts and shipments for the past week European Cotton Consumption Mjvrch 1.— By cable to-day have Mr. Ellison's cotton figures and for the corresponding week of the previous two years. we brought down to March 1. We give slso revised totals for last Alexandrta, Egypt, year that comparison may be made. The spinners takings March 14. 1899-1900. 1898-1899. 1897-98. in actual bales and pounds have been as follows: Receipts (oantars*)... This week 90,000 85.000 140 000 October 1 to March 1. Great Britain Continent. Total. Since Sept. 1 6,104,000 5,196,000 6,063,<'00 Thi* Since Thi$ Since TMt Since For ise9-1900. week. Sept. 1. week. Sept. 1. week. Sept. 1. Takings by spinners... bales 1,623.000 1,991,000 3,614,000 Average weight of bales lbs 515 49/ Entorts (bales)— 505'lJ To Liverpool... 11,000 336.000 6,000 234.000 9.000 279,000 FaklnKs in pounds 835,845,000 989.527,0t 1,835,372,000 To Continent t 6,000 315,000 12,000 233 000 15.000 288,000 For 1808-99. Total Europe 17,000 651,000 18,000 467,000 24,000 567.000 Takings by spinners... bales 1,652,000 2,170.000 3,822,000 A oautar is 98 pounds Average weight of bales.lbs 511 491 6000 t Of which to America In 1899-1900, 66,947 bales; In 1898-99. Takings In pounds 844,810,000 1,065 808,000 1,910,618,000 32,575 bales; in 1897-98. 36,938 bales. Manouester viARiiET. -Uur report received by cable According to the above tbe average weight ol the deliveries in Great Britain is 515 pounds per bale this to-night from Manchester states that the market is firm for season, against 511 pounds during the same time last season. yarns and steady for shirtings. The demand for India is poor. The Oontmen al deliveries average 497 pounds, against 491 We give the prices for to-day below and leave ttiose for pounds last year, previous weeks of this and last year for jomparison. md for the whole of Europe the deliveries average 505*1 pounds per bale, against 500*0 pounds last season. Our 1900. 1899. lispatch also gives the full movement for this year and Ia£t in QH lb». Shirt- Oaten 8I4 lbs. Shirt- rear bales of 500 pounds. 32« Oop. 328 Oop. Oott'n ings, comtnon Mid. ings, common Mid. Twist. Twist. to fi7ie»t. Uplds to finest. Upldt Oct. 1 to March 1. 1899-1900. 1898-1899. d. d. d. s. d. d. d. d. d. Bales of 500 lbs. each, s. d. d. Oreai Conti- Grea Oont% Feb. 9 4 '38 3 533a 53t -aeos l>«®e 10 000s omitted. Total Total. " 16 6 »•< 4ifl 53 2 518ie»6B8 lifl®« lOia Britain nent. Britaiit nenl. " 23 7''9 »8»8 6 '98 4>« 51s 513, 3.688 li«»6 10i3 31 8i« '33 Mch. 2 nQ 61398 6 538 5''8 9611 . 2 '9t 11 31832 Spinners* stock Oct.l. 63, 473 536, 56 441 " 9 ®9l4 6>«98 7 5163^ 518^-611, 86i 2 -96 11 37u Takings to March 1 . 1,672, 1,979. 3,651, 1,689 2,131 " 16 838 itQH 6>fl'98 7>« 513iR»688 2 «e 11 338 Supply 1,735, 2.452 4,187 1,745 27572, 4.317, East India Crop.—Uoder date of Calcutta, Feb, 1, the Con8umpt'n.21 weeks 1,449 1,903. 3,352 1,449 1,927, 3,376, second forecast of the cotton crop for 1899 1900 in the Nizam's

Territory was issued as follows : Spinners' stock Mch.l 286 549, 835. 296 64(5, 941, The area under cotton Is 1,292,329 acres, being 25 6 per cent less Weekly Oonsumplioti than the area sown last year. The yield Is etitimated at 36,544 bales, of the ylolrt the preceding year haviug been 1 1 5,G44 bales. 00s omitted. poor result of the crop is due to The the failure of the monsoon at the In October 69,0 91,0 160,0 69,0 91,0 160,0 beKiuntD>; and at the end of the season The drought fr ra the middle In November 69,0 91,u 69,0 91,0 160,0 of September told heavily on the crop, aEd it Is likely that the actuals 160,0 may be less than the estimates In December 69,0 91,0 160,U 69,0 91,0 160.0 The following note on the late cotton crop of Bengal for In January 69,0 90,0 159,0 69,0 93,0 162,0 In Pehrnn,rv 69 o 90.O 159 PO.O 9.10 1«20 1899-1900 was iesued on the same date : —. .

Mabch 17, r^oo.i THE CHRONICLE. 643

JuTK Butts, BAaaiNG. «fec.—The market for jute bagging Feb. 23. Mch. 2 Uch. 9 Meh. 16. has been more active during the past week, and a good business has bpon done at unchanged pricps, viz., 6@6%c. for Sales of the week bales. 53,00t 47,00t 75 00« 52 000 Of which exporters took... 2,000 1,000 180< lbs. and G%(§6^Q. for 2 lbs., standard grades. Jute 1.000 IX Of which speculators took. 8,000 ••«*• 4,500 2,000 butts continue dall at l-05c. for paper quality and l^aC. for Sales American , 48.O00 42,000 57.0O« 45,000 mixing to arrive, Actual export , 7.000 9,000 4.00t 8,000 Forwarded ., 60.000 96,000 60,00( 86,000 Shippinq News.—As shown on a previous page, the Total stock—Estimated 660,000 630,000 815.00<: 632,000 exports of cotton from the United States the past week have Of which American— Est'd. 543,000 520,000 504.00( .'.27,000 Total import of the week reached 157,833 bales. The shipments In detail, as made up 82,000 75,000 62,OOC 111,000 Of which American , 66,000 63.000 4H,00C follows: 98,000 from mail and telegraphic returns, are as Amount afloat 214,000 2^6.000 270.00C 230,000 Total 190.00r bales. Of which American , 230,000 262,000 209,000 New York- To Ltvernool, per steamers Georgio, 10,965 Philadelphlan, 4< 9 11,374 The tone of the Liverpool market for spots and futures To Hull, per eteamer Ohio, 1,382 1,98 ' aaoh dav of the week ending Mch. 16 and the daily closing Bellanooh, l,2uuklrk, per steamer Robert 36 apot. BaVday. Monday. Tuesday. Wed'day. Thursday To Bremen, per steamers Kaiser Wilhelm der Qrosse, 100 Friday. ....Blieln, 6,484 6,584 Market, Fair Fair To Hamburg, per stenmer Prr'torla, 690 690 { Steady. business Moderate Moderate 1:45 p. demand. demand. business Quieter. To Antwrrp, per steamers British Empire, 600... Western- M.J doing. doluK. land, 1,84S 2,418 To Genoa, per steamers Spartan Prince, 1,200— Werra, . 805 Sat. nion. Tnes. Wed. Thnrs. Savannah—To MamheHter—March 10 -Steamer Bramham, Frl. 4,''9> 400 Island. 5,'29'-> 12i« upland Hud Sea March IS 1 1:45 4 1:45 4 1:46 4 l:4^ 4 1:45 Thornaby, 5,510 5 510 4 To Barcelona— March H—Steam«r P.M. P.M. P.M r M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. To Genoa—March i2—Steamer Ter^ieste, 4,250 4,25i> To Trieste -March 12—Sc«amHr Tergeste, 2.900 2,»00 d. d 4 d. d d d ' d To Manchester- March 1 Steamer Daventry, OHABLE8TON— J— February... 5 29 5 29 5 27 5 25 5 27 5 28 5 29 5 31 5 33535532 5 31 .^,8^:6 upland and 329 Sea Island 6,155 Feb. Mch. .. 5 30 5 26 521 52 5 24 5 25 5 2- 5 2H 530533 5 30 5 29 WiLMiNOTON— To Falmouth -viaroh i2—Steamer Aquila. 7,839 7,839 VIch.- April., 5 25 5 22 5 20 5 18 5 20 5 21 5 2252* 5 v6 5 2^ Newport Nevfs—To Liverpool—March 12—Steamer Knight 5 26 5 25 ^pril- laay . .5 22 5 18 5 15 5 16 5 18 5 19 5 21 5 23 5 26 5 23 5 22 Errant, 5.16S 5,168 ^fay-June. 5 20 5 15 ^\l-> 14 5 12 5 1. 5 15 5 lb 5 18 i0 BOSTON—To Liverpool—March 9—Steamer Sachem, 376..— 5 5 2ai5 20 5 19 fune-Jnly. 5 17 5 12 5 11 5 09 5 11 5 12 5 13 5 15 6 1-: 5 iO 5 17 5 16 March 10—Steamer Ultor.la, 4,447 4,823 July-Aug... 5 03 5 03 5 02 6 00 5 01 5 02 5 01 5 04 5 05 5 0s|5 06 To Yarmouth -Maroh 9—Steamer Boston, 14 14 5 05 Aug.-8ept... 4 46 4 42 t 41 4 38 4 40 4 39 t 40 4 41 4 41 4 42 4 41 4 40 Baltimoriu-To Hamburg—March 8—Steamer Bengalia, 1,571. 1,571 Sept.-Oot 4 31 4 29 4 29 4 2i 4 27 1 27 4 28 4 29 4 29 4 30|4i9 To Rjttrdam -March 9—Steamer Patapsoo. 300 300 4 27 Oct -Nov.... 4 27 4 24 4 24 4 20 4 21 421 4 2i 4 23 4 'i3 4 25 4 23 4 21 To Jap^n- March 9-Stea'ner Ettrickda e, 3,300.. 3,300 Nov.-Dec ... 4 25 4 22 4 21 4 18 4v!0 4 19 4 21 4 2i 4 21 4 2<'4'.^1 4 18 Philadblphia—To Liverpool -March 10—Steamer Waesland, Deo.-J an 4 23 4 20 4 20 4 17 4 19 4 18 4 20 4 20 276 276 4 19 4 214 19 4 17 Portland, Mk.—To Liverpool—March 3—Steamer Parisian, 41 41 Bbattls—To Japan—March 12 -Steamer Kinshiu Maru. a.oOO. 3,500 Taoom*^—To Japan—March 7—Steamer Breconshire. 6,000 BREADSTUFFS. M^rok 12— Steamer Sikh, 2,0^0. ...March 14—steamer Dalnyvostook, 3,575 11,575 Friday, March 16, 1900. Business in the Total .^ ..-....- 157,832 market for wheat flour has been moderately The particulars of the foregoing shipments, arraugea in active and there ha^ been a fairly good uadertone, reflecting oar usual form, are as follows. a further improvement in values for the grain. Bakers have 0ttat Frene^ Qer- ^Oth.srrope-s Mexico been fair buyers of spring patents in sack3, paying steady MriCn. ports, many. Jforth. South. «>• 28, 72 comparatively small sup MobUe 4,252 4,252 ply and have brought slightly better prices. City mills have Pensacoia 805 •••a« •>>•«• >>*•*« 805 Bavannah.. 5,205 12,660 17,9 5 been in moderately active demand and steady. Rye flour has Oharleston 6, 55 6.155 had only a jobbing sale, but prices have WUmlngt'n 7,839 ••«• •••• ••••• 7,- 39 beea well main- N'p'l News 5,168 5,16-t tained. Buckwheat flour has been quiet but steady. .'.".'."" ..".".".' ""14 Corn Boston 4,823 4,837 meal has had a fairly good sale Baltimore 3",306 5,171 and prices have advanced 1,571 300 slightly Phll'delp'a 276 276 with the grain. Portl'd, Me 41 •••• •• • 41 Speculation ia wheat for future delivery has been moder- TSOSkiXlO*. 3,800 ••• •• • •a ••• >>•>• 3,500 ately active and the tendency of prices hascontinned Taooma. •*• *•• 11,575 11,475 towards > a hitjher bas s. There have been no developments of a char- acter especially Total . 97,193 3,423 10,922 8,737 19,163 14 18,375 157.832 favorable to better values, the improvement reiog largely in sympathy with an To Japan Since Sent. 1 shipments have been 13,141 bales advance in corn, althoueh steady foreign advices from New York, 3,300 bales* from Baltimore, 39,5^5 bales have had their influence in favor of the market. S a'istics have been bearish. from Galveston, 35,3.'i9 bales from New Orleans, 9,65i) bales The world's ship- ments for the preceding from Pensacoia, 14,352 bales from Savannah and 136 554 week showed a large increase. It is expected that the Argentine bales from Pacific Coast. To Cuina. 6,899 bales from New shipments for the current week will be heavy York, &c. and the movement of the crop has been fairly free. Bear operators, CJotton freights at New York the past week have been however, have not been disposed to take an as follows. aggressive stand against the market; in fact there has been moderate buying by shorts to cover coatracts and this demand has been a sustaining factor. Fri. Crop news from the interior has been generally favorable. R-ports from the interior Liverpool e. 33 33 33 33 33 33 markets have reported fairly large sales for export 40* but at the Havre c. 40* 40* 40* 40* 40* seaboard business has been quiet. Locally there' has been a quiet Bremen, May c. 35 35 35 35 35 35 market, but prices have been steadier with fu ures. To-day Hamburg c. 35 35 35 35 35 35 there was a firmer mark-ton buying by shorts to cover contracts, Amsterdam e. 35 35 35 35 35 35 stimulated by the Argentine shipments for the week being below Rotterdam c. 35 35 35 35 35 35 general expectations. Business in the spot Reval, V. Hamb.-c. 53 53 53 63 53 53 market was quiet The sales for export here and at out- ports were Do V. Hull...c. 48 48 48 48 48 43 152,000 i ushels. DAILY CL08IM0 PBI0B8 Do V. Oopen..c .... OF NO. 2 BED WIKTBB IN NBW YORK. Genoa c. 37i« 37ia 3713 37>« 37i« 37»« Mon, lues. Wed. Thnrs. Fri. Cash Wheat f. Trieste, o. b 78% 79 78% 80 79 >3 80 d' ot. Apr. :. 43 43 43 43 43 43 May delivery In elev 72% 73 72% 73>fl 73 73i« Antwerp ii,,^ iig^ 1 July d. 1134 u^^ 11, ^ ei delivery in elev 7238 72% 7^50 73% 72'8 7SaB Ghent, iSg^ 1 Sept. delivery tn elev 72^3 v.Antv'p d. 13 4 is, 4 1834 13^4 72% 7258 7338 7278 73ifl DAILT Quotations are cents per 100 lbs. or Iraotiona of a penny per lb. CLOSING PKICES OF NO. 2 8PBINO IN CHICAGO. * And 5 per cent. Sat. Mon. March., ^ ^ „ Tues. Wed. Thurs. Fri. Liverpool.—By cable from Liverpool we have the foUovt- delivery in elev... 65 6539 65 66 66 661s May delivery In elev 6573 qq\^ fc57g 66% 66I2 67 «ag statement of the sales, at that port. July 14 week's stocks, &o., delivery in elev.... 66% 67 is 66B8 671s 67i« 67'8 .

544 THE CHRONICLE [Vol. LXX.

Indian com futures were active early in the week, partic- The March report of the Statistician of the Department of Agricul- ture will show ularly at the Western market, and prices advanced sharply. the amount of whe^t remaining la farmers' hands oc March 1 to have been about 158,700,000 buihels, or 29 per cent of last The strength of the statistical position was the principal year's crop, as compared with 198,000.000 bushels, or 29-3 per cent bull card. The Government report showed smaller re- of the crop of 1898 on hand March 1. 189 i. serves in farmers' hands than generally expected. The The corn in farmers' hands is estimated at 773,700,000 bushels, or 37-2 per cent of last year's crop, against 800,500.000 bushels, or 41*6 is one- third smaller than at this American visible supply peroentof the crop of 1898 on hand on March 1, 1899, The propor- time last year. The amount on passage for Europe showed tion of the total crop of last year shipped out of the county where a material falling oif and the world's shipments were small. grown Is estimated at 16*8 per cent, or about 348,000,000 bushels. The proportion of the total crop of last yeir that was of a merchant- This array of bullish statistics started a general rush on tne able standard is estimated at 8t)'9 per cent. part of shorts to cover contracts and on the active bidding Of oats there are reported to be ab mt 290,900,000 bushels, or 36-5 for supplies prices on Saturday and Monday advanced per cent of last year's crop, still in farmers' hands, as compared with 28^,000,000 bushals, per cent of the crop of 2@23>^c. in the local market and 2}4@2%(i. in Chi- or 3^7 18d8 on hand on March 1, 1899. cago, At the advance there was frte selliLg by longs As of interest in connection with this report we give below to realize profits and on Tuesday prices reacted sli.jhtly. a statement covering the stock of corn on March 1 for a Wednesday, continued realizing sales further weakened series of years as made up by us from the Agricultural prices. Toward the close, however, reports of a fair cash Department's figures. trade, and light country offerings started shorts buying to cover contracts and the decline was fully recovered. Thurs- Product oj On hand Consumed COKN. previous year. March 1. or diniributed. day there was a quiet and slightly easier market. Easiness Biisheis. Bushels. Per cent. B'ishels. in the spot market has been checked by the advances in March, 1883 1,616,996,100 587,465,943 33-7 1,029,^3 ',157 1884 1,551,066,895 512,224,003 33-0 1,039,842.892 prices ; still exporters have made moderate purchases here contin- 1885.. 1,795,000.000 675,00 ),000 37 6 1,120,000,000 and at outports. To-day the market was steadier on 1886.. 1,936,000,000 773,0(10,000 39-9 1,163.000,000 ued light couQtry offerings and small Argentine shipments. 1887.. 1,665,000,000 603,000,000 36-2 1,062,000,000 The epot market was moderately active and firmer. Sales 1888.. 1,456,000,000 50!?,80 DAILY CLOSINO FBICES OF NO. 2 MIXED CORN IN CHICAGO. 1897.. 2,283.875.165 1,164,000,000 510 1,119,875.165 8at. Mon. Tues. Wed. Thurs. Fri 1898.. 1,902,967,933 783,000,000 41'1 1,119,967,933 May delivery in elev 36 3779 37ifl 3753 3714 37% 1899., 1,924,184,680 800,533,109 41-6 1,12:^,651,551 July delivery in elev se^a 38ie 3758 37% 3758 37% 1900.. 2,078,143,933 773,529,528 37-2 1,304,614.405 Sept. delivery in elev 36ia 38I9 38% 38I4 3818 38I4 The stock of wheat on March 1 for the past 18 years i» Oats for future delivery at the Western market have been shown in the subjoined table. slightly more active. Early in the week, in sympathy with Product of On hand Consumed the advance in corn and some buying by shorts to cover con- Wheat. previous year. March 1. or distributed.^ tracts, prices advanced. Subsequently, however, specula- Bushels. Bushels. Per cent. Bushels. tion relapsed into dulness, and prices reacted slightly under March, 1883. 504.185.470 143,0i'0,000 28-4 361,185,470 1884. 421,068,160 119,000.000 28-3 302,068,160 full receipts. Locally, business in the spot market has been " 1885. 512,765.000 169,000,000 330 343,765,000 on a moderate scale only, but prices have been steady. To- " 1886. 357.112,000 1 07,000.000 30-1 250,112,000 day the market was quiet but steady. 1887. 457,218,000 122,000,000 26-7 335.218,000' 1888. 456,329,000 132,000,000 28'9 324,329,000 DAILT CLOSINO PHICE8 OF OATS IN NE\W YORK. 1889. 415,868,000 112,000,000 26-9 303,868,010 Sat. Mon. Tues. Wed. Thurs. Fri. " 1890. 490,560,000 156,000,000 31-9 334,56( .OOO No. 2 mixed in elev 29 ^a 2919 29»a 2914 2914 29 " 1891. 399,262,000 112,000,000 28-2 287,262,000 No. 2 white in elev 31i2 3134 31% 32 32 32 " 1892. 611,780,000 171.000,000 280 440,780,000 26-2 DAILY CLOSING PBICBS OF NO. 2 MIXED OAT8 IN CHICAGO. 1893. 515,349,000 135,000,000 380,949,000 1894. 296,132,000 114.000.000 28-8 282,132,'i00 Sat. Mon. Tues. Wed. Thurs. Fri. " 1895. 460,267.416 75,000,000 16-3 3ri5,2H7,416 May delivery In elev 2358 24 23% 2378 23^8 ZS^g 1896. 467,102,947 123,000,000 263 344,1(»?,947 July delivery in elev 22»3 2278 22% 2278 2i% 22% " 1897.. 427,6^4.347 88,000,000 20-6 339,684,347 Rye has been quiet bat well held, Barley has had a mod- 1898.. 530,149,168 121,000,000 22-9 409,149,16& " 675,148,705 19S,056,496 29-3 erate export sale at hardening prices 1899.. 477,092.20* " 1900.. 547,303.846 158,745.595 29-0 388, 53,251 Following are the closing quotations FLOtJR. The movement of breadstuffs to market as indicated in the statements below is prepared us the Fine $2 10 '82 25 Patent, winter.... $3 70 -©3 90 by from figures col- Superfine 2 25 ®2 55 City mills, patent.. 4 00 '34 30 lected by the New York Produae Exchange. The receipts at Extra, No. 2 2 35 -©2 65 Ryeflour.Buperflne 3 00 -93 65 Western lake and river ports for week ending March 10, and Extra, No. 1 2 55 •312 85 Buckwheat flour.. 1 65 '&1 75 since Aug. 1, for each of last three vears, have been: Clears 2 90 a>i 30 Corn meal- Straights 3 35 ®3 70 Western, etc 2 20 -©2 30 Patent, epriag 3 75 ®4 40 Brandywlne 2 30 ®2 35 SMdipt* at— riOUT. Wheat. Corn. Oats. Barltv- » (Wheat floui- in sacks sells at prl ces below those for barrels.) Bbu.weibt Bush.eOlbi Bush.60lbf Bush.Silbi Buth.i8lbi GRAIN. Bu.Efl lbs. hloago 461,303 261,705 2,154,616 1,903,250 659,986 31,600 Wheat, per busn.— 0. 0. Corn, per bush.— 0. 0. lillwankee . 83,976 168,200 167,450 244,800 227,800 25.900 HardDuluth.No.l 79»4'ai81 Western mixed 41 79^4458 N'th'nDuluth,No.l 7734'a>79i2 No. 2 mixed 4238^4458 DnlQth 1,565,725 79,f61 8,951 6,718 6,29T Red winter, No. 2. 78'ti®S0 Western yellow 4278^44^ MlnneapoUi. 6,884 1,497.750 179,820 128.770 38,480 0,00& H'd Manitoba No.l 7914^81 Western white 4278^44!^ Toledo 12670 26 2C0 722,526 89,000 11,000 1,600 Oats—Mix'd, p. bush. 28 ®29ifl Bye, per bush— aetrolt 1,800 25,967 45,018 39,600 18,300 4,143 White 31 ®35 Western 60^'a>62^ Cleveland . . 48,219 253.034 115,010 .... . -. No. 2 mixed 29 ®30 State and Jersey 59 ®63 No. 2 whlt« 32 333 Barley—Western 50 353 dt. Lioali .... 31,695 102 377 66J,770 806.076 23,260 is.eca Feeding 42i4®47 Peoria 10,950 11,0511 438,200 187,200 39.000 8,000 Saniai City. 230,000 2o0,000 94.000 ... Exports of Breadstuffs, Provisions, (Jotton and PffiTROLEOM.—The exports of these articles during the month Tot.wk.l900 648,777 8,926,223 4,939 393 3.061.556 926,478 94,910 Same wk.'99 178,238 4,079,246 4,376,713 3,430,633 488,011 167,877 of February, and the eight months, for the past three 2,9rfl,33e 6,416,7. 8 3,380,460 670.942 185,497 years bave been as follows: 3ame wk.'98. 890,67/ 8inc«A.Hg. 1. 1899-1900 .. 12,714,458 163,783,480 146,175 851 1(9,780.694 33.764.266 4,698.C48 1899-1000. Mxvortt 1898-99. 1897-98. 1898-99 9,840,459 213.156,209 151,254,637 114,559,853 31,104,732 8,439,982 from O. S. 1897-98 7,112,15S 174.001,«7.S 1*^3,065.970 l'6.269.502l 29,661,761 8,372.944 FebrVfary. 8 Months. February. i Months. February. 3 Monlht. Quantities. The receipts ot: flour and grain at ttie seaboard ports for follow: Wheat.bush (5.410,e«9 69,716,950 9,760,83'- 108,807,80. 6.908.296 101.425,683 the week ended March 10, 1900, S'loar...bbl8 1,633,1U 11,963,6/8 1,611,191 12,406,308 1,3?8,167 10,449,90« lour, ^Vneat, corn. Oats, Barley A;; Beeeivts at— bbls. bush. bush. bush. bush. busn.. 13,309,8f Wheat.... bu. 3 123,633,601 17.010,711 164.631.677 13,042,602 148.450,138 Sew York 77,7«8 183.200 288,600 189.300 46,800 1,600 20,120 a0,6la 317,b07 68,6 1.") 67,650 Oorn...bQBh 16,212,55^ 146,010.484 14.803.346 111,683.166 Soiton 18,295,021 120,667,363 Montreal 4,050 6,300 8,820 1,683 40.7oa 8,460 59-H.676 98 076 2,400 1.780 Tot.bush. 28,528,361 268,673,b85 31.614,066 276.314,843 Philadelphia 31,337,623 269,007,501 Baltimore 69,208 80,817 b80.H86 «l,14t5 6,374^ 3.4»1 1.4D4 28,380 16,316 Values. « $ ftlohmond $ » New Orleani» 11,794 60,030 7n7.000 86,676 «?h't& flour. 9,S92,876 94.032.189 13.671,781 131.553.906 12.431.436 139,776,871 Newport News 8u,160 64 000 162,869 OorQ& meal 6.19J.754 68,623.799 6,235,161 44,876,446 6,692,069 Norfolk 2,980 42,262,814 135.000 114,000 1,000 aye 46,269 961.602 Ualvestofl 631,804 4,800,535 740,867 4.929,029 Portland, Me 9,781 121,3:8 60,000 78,20a 83,770 6,0u0 OatiA meal 628,72) 10,504.273 333,81.S 6,874,808 1,74346' 13.872,492 Pensaoola „„• Barley 505.907 at.John,N.B 8.613 80,979 27,483 9,156,88P 93,13! 1,061.339 269,350 4,661,467 274,68? 696.204 8,277,675 654,048 202.803 8.754 Br'dstaffei... 17,266.53 173.278.0i2 20,873,773 ToUl week 189.169.034 21.876.572 205.395,173 Week 1899 466,384 1,862,73J 4,090,218 1,331,H48 29,115 87,b62 ProTlslons* 16,894,676 129,412,03' 14,375.611 I25,596,6d2 15,378.083 126,670,510 * Receipts do not inolude grain paitiDg throncli New Orleani for toreisn Ootton , 30.83 J,371 184,783,718 17,626,140 171,854.022 81,761,167 172,267,018 ports on through bills of ladlns. PetroI'm.Ao. 6.507,351 49,356,797 3.403,331 96,066,741 2,998,714 37,453 759 Total receipts at ports from Jan. 1 to March 10, compare as TotvaliiB fl9.507.M'<;H I 516 Sfl0.fl27 51.179.165 S21.«85.479 fi2.n09.h3*< 540.'8fl.4R0 follows for four years: • InoludlnKCattleand hOKsln all monthsand ..ecttouot— 1900. 1899 1898. 18l'7. years. 8,911167 NOTK.—All the above tlgurea are based on the monthly preliminary flour...... bhU- 3.663,H60 4.300,076 4,000.089 retarnslssued by the Bureau of Statistics, and cover about98 per cent ^heat n.04S,475 24,lf2,133 16,468,488 4,041.''6I of the total exnorta. •• 48,ai>6,l JOrkk •«•.••••• 88,4^8.877 84.893,803 41.118.a98 & *• ll,t28,7»4 lu.677,211 20,606,899 11.005.127 Oats • M AORICDLTUEAL DEPARTMENT'S REPORT ON CeREAL STOCKS. iarler 2,626,967 9>6,U81 1,868.731 1.887.S08 II 883,082 1,896.650 2,716.038 1,146,908 —•The Agricultural Dapartment's report on cereal stocks, aye &c., was issued on tl 78,114,781 81,871,861 64.876,(jeC> March 10 as follows : Total ffrftln... • 58,410,115 —

March 17, 1900.] THE CHRONICLE. 545

The exports from the several seaboard ports for the week lines, with a steady market, No change in flannels or ending March 10, 1900, are shown in the annexed statement: blankets. Wheat. Oorrt, Flour, OaU. Bye, Peai, Baritv, DoMESTio COTTON QooDS.—The exports of cotton Mwporti from— huth. bxuh. hblt. biuh. biuh. bush bu(A. goods HewTork 366.383 29B.765 67.948 103.8(11 81.187 8.881 7:4,208 from this port for the week ending March 12 were 13,98& Boston 16M,0i)l 209.862 W.683 H0,819 packages, valued at |54l,821, their aestination Portland. M«. 121.!t78 6 .OUO 9.731 7S,2 8 .... 42,231 83,770 being to the Philadelphia. 135.626 10,505 180,000 points specified in the tables below :

Baltimore 82.001 681.721 67.W48 , New Orleaus.. 291,211 194.012 9.717 60.130 ...., 1900. 1899. Norfolk •ZMiO , New Yobk to Makch 12 61.000 162.856 3«,150 , Mewp'rt Newf Week. Since Jan. 1. IVeefc. Sinee Galveston 271.714 2,509 Jan. 1 . Mobile 6,000 St. John. N.B. 80,979 8,643 27,488 Great Britain . . 66 266 40 .S42 Other EaroDean...... 30 196 12 154 Total week.. 1,112 049 2.e26,51'> 226.744 622.611 84.187 61,106 ise.o'^s China 11,922 €5.468 62,109 Same time '99.. 1.791,796 3,96l,u82 402,728 89i,163 148,419 48.784 7,990 India 466 4,188 "270 978 The destination of these exports for the week and since Arabia...... 6,816 748 8,804 Africa 52 1,053 58 2,191 September 1, 1899, is as below: West IndleB..... 497 4,393 571 5,96«j - <-' > , -Ptour. —. Whtat. Corn. Mexico 53 687 48 974 Sxvortt for Week Since Sept. Week Since Sept. Week Since Sept, Central America...... 287 2,679 134 1,632 meek and $inc* Mar. 10. 1.18P9 Mar. 10. 1, 1899. Mar. 10 I, ie9i). Soath America...... 447 9,783 8evt. 1 to— bbU. bbls. buih. buth. bueh. bueh. 3,553 13,406 Onlted KinRdom 147,678 6.2'?3,3S1 463,32S 29.859,1P5 1.603,317 41.7«4,4S2 Other Coantrlea...... 168 1,664 303 2,105 Continent. 2b,dJ0 1.1H4.930 629.814 19,427.155 1.U8-(,146 63 9J7 211 8. AC. America. 2l5l7 515.086 2,214 8.669 8.601 161.40.^ Total 13,988 97.223 5,737 88,861 West Indies !i!6,2&l 741."49 10.536 P59.W41 China, via Vancouver* Br.N.Am.Colo'i 3.163 125.061 1,084 8615,633 Other coantrles 2.9tt6 201.425 13.693 275,771 14,841 831663 Total 13,988 97,223 5,737 88,861 Toia. 225.744 8.040.810 1,112.040 48,970.880 2,626.546 105,'iS73f9 From Mew EiuExana mill points direct. Total 18«8-rf9.... 400 517,000 are not quota bly dearer, but are difficult to buy at current Do afloat 204.000 205.000 * Toledo 792.000 2,074,000 'iii'.ooo '7,066 prices. Other coarse colored cottons are strongly situated Do afloat also and tending against buyers. Cotton flannels and blankets Detroit 459,000 264,000 48.0(0 "«,o66 20,00« Do afloat scarce. No change in kid-linished cambrics or other linings. CmioaRO 14.630 000 4,962.000 1.766,006 250,000 '81.00C Fancy prints continue quiet at previous prices, but advances Do afloat 86.000 S.584.000 649.000 Milwaukee 268,oui< 1.000 2,000 12,000 '22,00t of 13^ to 23^ per cent are noted in various lines of Turkey Do afloat — 189.000 793.000 red, indigo blue, shirting and other staple prints, with a fair Ft.WUl'm&Pt. Arthur 8.893.000 Duluth 12.794,000 011,000 160,000 405,300 178 00« demand coming forward. There has been no change in the DO afloat 248.000 gingham situation. Stocks are scarce and prices firm. Dark Minneapolis 18,438 lOu 666,000 8B9.000 31,000 76,000 8t Louis 817,000 1,130,000 206.000 10.000 13.000 napped fabrics are strong. There has been no business in Do afloat — " regular print cloths, quoted at ^^c, and odd goods have Kansas City «,0f 3,000 214. OOU '67.06*0 e9,66'n Peoria 69.000 824,000 602,000 29.000 1,03( ruled quiet, without change in prices. [ndlanapolis 212.000 20,000 41,000 On Mississippi RlTor Foreign Dry Goods.—A moderate business has been OnLakes .. reported this week in dress goods, with a firm tone. More On canal and river doiog in silks and ribbons at firm prices. Hosiery quiet. Total Mch. 10. 1900. 68.698000 21,060.000 6,401.000 1,170.000 i.oei.roo Laces in fair request. Linens are still tending upwards, Total Mch. 3, IHOO. 64.083,000 19,698.000 6.05^.000 1,176.000 1,250.000 Total Mch. 11. I'-OJ" 2n,7i(»,000 81,('33,000 10 613,000 1.528 000 2 605 000 with supplies scarce. Burlaps firm. Total Mch. 12. 189S» h2.4 1 5,000 42,663,000 12 868,000 8.419 000 l,6iO.OO0 TTarelioase of Total Mch. 11, 1897* 41.449,000 26,795,000 13,528.000 8.6l6.noo 3,150.0or Importations and WlthdraTvals Dry Goods • Bzcluslve of New Orleans, Galveston, Ft. William and Port Arthur, but The importations and warehouse withdrawals of dry goods Albany, Oswego and Cincinnati, Inclndinc now omitted. at this port for the week ending March 15, 1800, and since Note.— BeulnninK July 1. 1899, the New York Produce Bichange has changed 1900, for the corresponding Its Visible Supply Statement by IncluUng stocks at New Orleans, Galveston January 1, and periods of last Ft. William and Ft. Arthur (previously omitted) a..id leaving out Albany year are as follows: Oswego and Cincinnati, formerly included. E? S S s s s S' S/ H ag 5 5g s|S§?§ § ^320|g ©•ST K THE DRY GOODS TRADE. ? 8> SE Isrila t • B New York, Friday, P. M,, March 16. 1900. SI Si i ."^i 1 9 . • . d 1 §: : : : 6 g. : : : e The most noticeable feature in the cotton goods market S5 ! S 3 s; 3: : i gg s;; iis gilliS ' has been a renewed upward movement in the price of m 1 : : : ! o 'i i: iiiliS Pi i^ ! : : : : 7 • 1 I • ^1* • ; ; 1 1 ' bleached cottons, carrying leading to the highest ; ; : : : : : makes ?! 1 h 1 1 1 1 H point touched since November, 1695. There have been occa- to !-• it^ >- ts to M If. lb •V to -5 05 K it^' lb© 00 © tOCOM g!- sional advances in other directions, showing that the market H" WOO loatoosi-' o CO-'M Mk, Q demand very largely confined to goods for immeiiiate deliv- * *© 05 VI M-'t-' ©lb M '-'M o COODMOCO »i cng" o 05"-" 'A ery, important more because of the continued shortage of ^1 *«.tOtO• ^Jl-O^IB to ©00 M ©en 00 r- 3 a close adherence is the best o» too to ©J« M©© to - CO to to M H M ^ v< MM M CO oc;< M H o tocooooto M over the future's business as buyers are indifferent towards it, n © 00 ts aDCOM« have quite dull all week, but (W oico en lb i(^ vO o C7I -'V"X> U 00 00© CO ta MC0 3;©«3 IS l» ©en -J©lbC0O a> 3 Toe demand was not expected to keep up to a material ex- Hj to to CO CO CO ^ o 05U occoaoM ©©00 to ;? Si smaller dimensions than had been looked for. In addition, ^ 05 01 cn«i»©oo W CO ©to - lb v: © © © lb®-JibO« u. Mg: q .W totouoco W © lb© — © gregate the industry is no better off, even if it is not some- 9 o© H o what less favorably situated, it several weeks aso. M than was 00 MtO >-i CO >-'>-• M M M bq Oq the leading lines of both staples and fancies prices are ^ <1© CO to > M to lb to have had an indifferent wholesale spring © M tOtOOAM -rl M o> OOiOOtO© o 00 1-1 MtOM

546 THE CHRONICLE. [Vol. LXX.

wig. Secretary, for the purchase t f $100,0 3]4% bonds. State m^ C»ty ^tff^vrwtm. Securities are free of State tax Principal will mature $iO,000 yearly, beginning April 1,1905 A certified check TERMS OF SUBSCRIPTION. for 5^ ot the par value < f the bonds bid for, payable to the Allegheny School District, must accompany all bids. The Investors' Supplement -will be furnit^hed withou These are the bonds offered for sale on Feb. 19 as 3 per ^extri charge to every annual subscriber of the Commercial cents, at which time no satisfactory bids were received. AND Financial Chronicle. AUerton (Iowa) School Dislrict—Bond Election.—Aa The 6TATE AND CiTY SUPPLEMENT will also be furnished election will be held in this distiict to vote on the question without extra charge to everv subscriber of the Chronicle. ot issning $18, (00 school-house bonds. The Street Railway Supplement will likewise bt fur- Alliance, Ohio. Bonds Voted —An election was held re- nished without extra charge to every subscriber of the cently at which the issuance of $35,0"0 bonds fi r an electric- Chronicle. light plant was authorized by a vote of 1,090 to 290. The Quotation Supplement, issued monthly, will also be Alton, 111. Bond Electv n Proposed. —The Board of Edti- fumiph d without extra charge to every subscriber of the cation has petitioned the City Council to call an election Chronicle. April 17 to vote on the question of issuing bonds for a new TERMS for the Chronicle with the four Supplements high-school building. above named are Ten Dollars per year within the United Amherst, Mass.— Bond OjSfering. —Proposals will be re- cases States and Thirteen Dollars in Europe, which in both ceived until 12 M , March 22, by tue Selectmen of this town includes postage. for $50,000 H 20 year gold town-hall refunding bonds. Se- curities are authorized by an Act of the Legislature, Chap- of Advertising— (Per Inch Space.) Terms ter 63, Acts of 1900 They are in deEomination of $1,000, times).. $29 00 Transient matter (each time) $4 20 Three Months (13 dated Jan. 1900. These bonds were originally offered for STANDING BUSINESS CARDS. Six Months (26time8).. 5000 1, sale on Dec. 15, 1899, but were not disposed of at that time. Two Months i8 times) $22 00 TwelveMonth8(52tlme8). 87 00 Andover, Mass. Bonds Authorizea.— Sewer bonds to the amount of $.'0,0' were authorized at a recent town meeting. in local papers Bellaire, Ohio.— fio»ds Illegal.—It is stated Arthur (III.) School District.— ftond Offering.—Propo als Hol- that an inju action has been granted by Judge J. W. will be rectived until 10 A M., March 20, for the $5,500 5% lingsworth restraining the city officials from issuing the school-house bonds recently voted. Securities will be in de- to S^asongood |4().0i 4« city hall bonds awarded last month nomination of $500. Interest will be payable July 1 at Arthur. the election held & Mayer. Ciocinnati. It is claimed that Principal will mature $500 yearly, beginning July 1, 1902. to authorize the bonds was illegal, Ashburnham, Mass.—Loan .Aw^/iorized.— The Town Treas- Iowa. Dtbt Limitation of Municipalities—Hhe State Sen- urer has authority to borrow money in anticipation of the ate on March 12, ivOO, passed a bill fixing the limit of in- collection of taxes. value of debtedness of municipalities at IJ^^ of the actual Atlantic City, N. J.— Bond Offering. —Proposals will be re- the last tax list. pr- perty in cities or towns as returned by ceived until 2 p. M., March 19, by A. M Heston, City Comp- Dispute. Judge Rentarky. Decis>on in Governorshiji — Em- troller, lor $100,000 4}4% gold coupon park bonds. Securities met Field, iQ Common Pleas Court on March 10, 19U0, handfd are issued under authority of the Act of April 26, 1894, and down a decision in the consolidated injunction cases involv- the Act of March 22, 1895; also an ordinance of the City decision ing the Governorship of Kentucky. The was a Council passed Oct. 9, 1899, and approved Oct. 13, 1899. of Democrats, de- leng'hy one and sustained the position the They are in denomination of $1,000, dated July 1, 1899, and claring the action of the Legislature on the contest to be are tree of tax. Interest will be payable semi-annually at final and not subject to review by the courts. The demurrer the Union National Bank, Atlantic City. Principal will sus- filed by Gov. Beckham to the answer of Gov. Taylor was mature July 1, 1929. Every bidder must deposit with the tained. Comptroller $2,000 in money or a certified check for $2,000, An appeal has been taken to the Court of Appeals and drawn to the order of the Comptroller, upon a national bank. from there the case will most likely go to the United States The official circular states thatthecity has never defaulted on Supreme Court. principal or interest, and that there is no litigation pending is ibStss^Vpi.- -Legislature Adjourns.—The State Legisla- or threatened affecting these bonds. Their legality has been ture adjourned on March 12, after a session of about two approved by Messrs. Dillon & Hubbard, Ne

March 17, 1900.J THE CHRONICLE. 54:7 be held in this district to vote on the qnestionof iesuing $10,- ties will be dated May 1, 19oO, and interest will be payable 000 school huuse bonds. We learn from the District Treas semi-annually. Date of sale not yet determined. nrer tnat there will be no eleciion held and no bonds isaned. East Livermore, Me. Loan Authorized.—A two-thou- Bridgeport, Cuuo. Bonds Authorized. —At a meeting of sand-dollar loan in anticipation of the collection of taxes has the Boara of Aldermen held early ti is month a resolution been authorized. was passed providing for the issuance of $120,000 refunding Elli< ottCity, Md.—Bonds Proposed.—This city seeks legis- bonds. lative authority to issue improvement bonds. Bridgenater, Mass. Loan Authorized.—The Town Treas- Essex, Mass.—Loan Authorized.- A loan order for $10^- urer has bet u authorized to borrow from time to time not OCO in anticipation of the collection of taxes was passed at a exceeding MO, 000 in anticipation of the collection of taxes. recent town meeting. Bristol County, Mass.— Loan Authorized. —The County Falmouth, Mass.— I.oan Authorized.—At a recent town Commissioners have auihoiized the Treasurer to anticipate meeiing the Treasurer was authorized to borrow $25,000 for the collection of taxes by borrowing the sum of $80,000. a public library. Cambridge, Md. tioua uffermg — Proposals will be re- Fa)elte County, Ind.—Bond «SaZe.—On March 7 the $19,- ceived uutu 3 p. M , April 7, lor the $10,000 b% 10-year fund- 000 b% funding bonds were awarded to the Marion Trust Co., ing bonds which were authorized by the recent Legislature. Indianapolis, at 109*736—an interest basis of about 3i/ Securities will be in denomination of $500 or $1.0ou, dated Following are the bids : April 15, 19 0, luterest will be payable at Cambridge. Marion Tr. Co.. Indianapolis.$20,850 00 Denlson, Prior & Co.. Clere. .$20,4"5 00- District.—i^onds Fo^ed.—At the R Kleybolte & Co., Cincin... 20,758(0 Farson, Leacb & Co. .Chicago. 20,365 OO Carlyle (111.) School Campbell, Wild & (Jo.,lnd'lis.. 2' ,710 50 SuiizerA Co., Toledo 2o,'^400O election helo Maich 20 the piopositicn to istue $"^0,000 5^ 10- W. R Toad & Co.. lud'lli? 20,(580 00 Fletcher Nat. B'k.. Indl.)n'lis. 20,0fl« 50 30-year school-house carriea majority of 184 Lamprecbt Bros. Co., Cleve.. 20,646 60 FaTette BBg. Co .Connorsy'le. 20,001 00 bonds by a Seas, ngood & Mayer. Cincin. 20,69-i 0(i Indiana Trust Co.,Indian'li8. 19,592 00 Carthage, yLo.—Bund Sule.—Oa March 12 the $14,000 H W. J. Hayt'S & Sons, Cleve... 2'..=)77 77 P. ». Briggs <& Co., Cincin 19,478 75 Feder, Holzman Sl Co.. Cln... 20,426 00 refunding bonds were awarded to "W. J. Hayes & Sons, Cleveland, at 100 b64. For description of bonds see Chron- Bonds mature $5,000 yearly in six, seven and eight years «i4.< in nine years. icle Feb. 24, p. 394. ard 00 For full description of bonds see Carthage, Ohio. Bonds Vtted and Defeated. —At the Chronicle Feb. 10, p. 292. election held March 12 the proposition to issue $40,000 street Feru Bank, Ohio. Bond Election,—At the spring election improvement bonds carried by a majority of 10 over the (April 2) the question of issuing $10,000 street-improvement necessary two-tnirds vote, as did also the $1,500 fire depart- and $7,000 sidewalk bonds will be voted upon. ment bond issue, while the $50,000 sewer bonds met with Fossil, Ore.—Bond Sale.—The $12,000 5^ water-works defeat. bonds mentioned in the Chronicle Jan. 37 have been sold at Cascade County, Mont. Bonds Not Sold.—We are ad- par. vised that the $22,000 4^ bonds for which proposals were Franklin County, Ohio.—Bond |SaZe.—The $120,000 b% asked March 5 were not sold at that time, as no bids were re- bridge emergency notes and the $25,100 f)% Goodale Street ceived. Mr. Vincent Fortune, County Clerk, writes us that bridge bonds, advertised for sale on March 12, have been "there were a few offers for private sale, but there is no pro- awarded to the Ohio National Bank and the First Na- vision in onr codes for bond sales at any other than public tional Bank, Co umbus, at 100-56. For full description of sale." securities see Chronicle Feb. 24. p. 394. Cleves, Hamilton County, Ohio.—Borid ^Zec^iow.—At the Freeman (S. Dab.) School District. Bonds ^ofed.—This election to be held on April 2 this viilage will vote on the district has voted to issue $6,000 bonds for a new school- question of itsning $10,OtO street-improvement bonds. house. Cohocton, N. \.—bona Sale.— On March 12 $5,(00 93^- (^lermantown, Montgomery County, Ohio.—Bo«d Bill year (average) water bonds were awarded to Isaac W. Sher- Passes Legislature.- The State Legislature has passed a bill rill, PuUkhkeepsie, at 104 67 for 4 per cents. authorizing the issue of refunding bonds. Columbus (.Ohio) School District.—i^ond Offering— Fto Grand Rapids, Mich. Bond Ejection.- It has b en decided posals will be received until 12 M., March 28, by J. A. Wil- to vote at the spring election on the question of issuing $125,- liams, Clerk ot the Board of E ucalion, for$ 2,000 4^ coupon 000 bonds for a library building. bonds. Securities aie in denomination of $1,000. Interest Grayville (III.) School District.—Bonds Voted.—At an will be payable March 1 and September 1 at the National election h^ Id on March 10 it was voted to issue $3,000 bonds Park Bank, New York City. Principal will mature March to pay off outstanding orders. 1, 1917. Bonds are issued under Section 3994, Title 3, Chap- Greenville (Ohio) School District.—Bond Sale.—On ter 8, Revised Statutes of Ohio, and the proceedings of the March 9 the $5,000 Q% school bonds were awarded to the 103 Board of Education thereunder Jan. 26, 1897, and will be Farmers' National Bank, Greenville, at '90— an interest sold under the provisions of a resolution of the Board bnsis of about 3'48. Following are the bids : adopted March 6, j900. They are part of an issue ot $75,000, Farmers' Nat. B'k, Greenville.$6,195 On First Nat. Bank, BarnesTille. $6,105 00 Greenville B'k Co.. Greenv'le. 5,176 00 s Kubn ,t Sons, (Cincinnati.. . 5.ii90 OO of which sold Bank at the $47,000 were to the Ohio National R. Kleybolte A Co , Cincin 6,1«1 60 W.J Hay s& Sons. Cleve ... 5,090 tO time of issue, and all questions of legality, etc., it is stated, Feoer. Holzman A Co.. Cin.... 6.14H 00 First Nat. B .nk. Beliaire 5,080 OO H. E.Hufnagle. Greenville... 5,lto00 Lamprecht Bros. Co.. i 'leve. . 5,054 00 were settled satisfactorily at that time. The other $28,000 New Isi Nat. B'k, ( olumbus.. 5,137 50 Geo. M. Potter, Bradford 6,000 00 have hitherto been held in the sinking fund of the board, Sea-ongood& Mayer. Cincin.. 6,108 30 B. F. Coppess, Greenville 6,100 00 e. A. Hosietier, Greenville. . . 6,105 00 but $12,000 are now to oe sold, as above. Proposals must be For description of bonds see Chronicle Feb. 24, p. 394. accompanied by a certified check on a local bank for $10' , Holliston, Mass. Loan Auhonzea.—At the town meet- payable to th« Board of Education. The ofiBcial circular ing (March 5) the usual temporary -loan order in anticipation states that the district has never defaulted in the payment of the collection of taxes was passed. of interest. Uopedale, Mass. Loun Authorized. At a town meeting Cook County, 111.—Bond Sale.—On March 13 the $1,150,000 — held early this month the Treasurer received authority to 4^reiui)ding bonds were a\^ arded to Rudolph Kleybolte & borrow not more than $25,000. Co , Ciiicinnati, at l(61b0 an interest batis of about 3'3o%. — Hull, Mass. Loan Authorized. At a town meeting held Following are the bios — R. Kleybolte A Co., Ciiicln 106-18 Trowbridge, MacDonaldA Niver early this month it was vo ed to borrow $50,000 in anticipa- 111. Tr. ..106-97 106-43 & Sav. Bank, Chieaso I Co., Ctiicago tion of the collection of taxes. N. W. Harris & Co.. Chicag.. 105-87 Merchants' L'n & Tr Co., Cblc. 105-42 I 104-05 Hyattsville, Md. Bond Bdl Passes House.—A bill pro- FarsoD, Leach & C«., Chicago. ..106-63 l>evitt, 1 reoible &Co.. Chicago. St. Louis .103-14 I Miss. Valley Tr. Co., viding for the ipsnance of bonds for a water-works system Principal will mature $57,500 j early on May 1 from 1901 to has passed the House. 1920, inclusive. For further description of securities see Joliet(Ill ) School District.—Bond .EZecf/on.—An election Chronicle Feb. 17, p. 343. will be held in this district to vote on the question of issuing Dallas (Ore.) School District.—Bond Election.— An elec $200,000 bonds for a hiah-school building. tion will be held in this district to vote on the question of Lancaster (Ohio) School District. -Bond Election.—At issuing bonds for a new school house. the spring election the question of issuing $30,000 school- Delaware, Oliio.—Bond Hale.- On March 10 the $6,500 &% house bonds will be voted upon. city-hall bonds were awarded to P. S. Briggs & Co., Cin- Leicester, Mass.—Loan Authorized. —At the town meeting cinnati, at lOi^-23. Bonds mature $500 in one year and $1,000 held March 5 a sum not exceeding $30,000 was authorized in yearly thereafter until paid. anticipation of taxes. Dapont, Futuam County, Ohio.— Bonds Fofed.—On March Leominster, Mass. Bonds Authorized. —At the town 5 this village voted to i83ue,$l,250 town-hall and jail bonds. meetintr held on March 5 the Treasurer was authorized to Interest will be payable annually at Dupont. Securities will issue $135,000 refunding water bonds. be in denomination of $2 )0. Principal will mature one bond Lewes, Dei. Bonds Proposed, — It is stated in local papers yearly, beginning two years from date of issue. that a movement is on foot to bond the town in the sum of East Cleveland, Ohio.—Bond (J^eriny.—Proposals will be $50,000 for an electric light plant. received until 12 m., March j7, by H. B. Chapman, Village Lima. Ohio. Bond Offerma.—Proposals will be received

Clerk, at his office, No. 841 Society for Savings Building, until 12 M , April 2, by C. E Lynch, City Clerk, for $100,000 Cleveland, for ten notes, each fur the sum of $510, and ten Z%% refunding bonds. Securities are in denomination of notes, each for the sum of $630, to be issued in anticipation $1,000, dated April 1, 1900. Interest will be payable April t of the collection of special assessments lor street improve- and October 1 at the oflSce of the Citv Treasurer. Principal ments. Intel est at the rate of 5% will be payable semi-annu will mature April 1, 1930, subject to call after April 1, 1925. ally. The notes of each series will mature respectively on Bmds are issued under authoritv of Section 2701, Revised the first days of May and November from 19uu to 1904, in- Statutes of Ohio, and bidders are required to be satisfied as clusive. Securities are authorized by law and ordinance. A to the legality of the bonds before bidding. Proposals must certified cheen on an incorporated bank in the city of Cleve- be made on blanks prepared by the city, and which may be land for $510, payable to the order of the Village Treasurer, obtained from the City Clerk, and mast be accompanied by must accompai^y each proposal. a certified check for 5^ of the amount of the bocds bid for. Bonas Vutea. —At the election held on March 7 this village Lincoln County (Wash.) School District No. 99.—BoTid voted to issue $50,000 4^ 25- year water-works bonds. Securi- Sa/e.— On March 3 this district sold $600 bonds to the Ver- — :—— — : ——— — — —

548 THE CHKONICLE. [Vol. LXX. mont Loan & Trnst Co. as 6 per cents at par. W. E Bell, Monrovia, Cal. Bond Offering. —Proposals will be received until Spokane, bid par for T)^ per cents and $8 premium, and R )b- 7 p. M , April 7, by W. A. Walker, City Clerk, for $20,- erts Brothers, Spokane, bid par for 6>^ per cents. All bid- 000 6% 1-40-year (serial) water-works-improvement bonds. ders olfered to furnish blank bonds. Securities are in denomination of $500, dated March 10, 1900. Lockland, Ohio.—Bonds Defeated— On March 6 the propo- Interest will be payable annually at the office of the City sition to issue $iO,000 street bonds and $15,000 school bonds Treasurer. A certified check for 5% of bid, payable to the failed to obtain the necessary two-thirds vote. Cify Treasurer, will be required with each proposal. Bonds Lockport, N. Y. -Bonds Proposed,—This city is seeking were voted at the election held Feb 27, 1900. permission from the Legislature to issue $i,000 bonds for Montclair, N.J.— Bond Bill Signed.—The Q-overnor has hospital purposes. signed a bill permitting the issuance of bonds for a fire Lonaconing, Md.—Bond Bill Passes Senate.—The Senate engine house. has approved a bill providing for the issuance of bonds. Montpeiier, Vt. Loan Authorized. —The City Treasurer Long Prairie, Todd County, Minn.—Bids.—The follow- has authority to borrow a sum not exceeding $100,000. ing bids were received on March 5 for the $10,000 electric- Nashville, Tenn. Bond Election Proposed.—A bill has light bonds awarded, as stated last week, to Stoddard, Nye been introduced in the City Council providing for an election & Co., Minneapolis, at 103 25 May 19 to vote on the question of issuing $50,000 H 20-year Stoddard, Nye & Co.. Minn. . .$10,325 00 Trowbridge, MacDonald & bonds to pay for damages assessed on property abutting the 00 Niver Co., Chicago $10.26100 Devitt, Tremble

Haech 17, 1900.] THE CHRONICLE. 549

|1,800 and will mature $5,400 on March 1 yearly from from that the city has never defaulted in payment of bonds or in- i&Ol to 1907, inclTii?ive. and the McDonald Pike bonds will terest.

matnre as follows : Two bonds of $500 and one bond of $4( Salem, Ta.— Bond Sate,—On March 10 the ?.34,C00 i% gold on March 1 yearly from 1901 to 1907, inclnsive. There were refunding bonds were all taken by local investors at par. f65,10'J Payne Pifie bonds aleo advertised to be offered at this Principal will mature April 1, 1920, subject to call after gale. Vnt ihey were enjoined and so were withdrawn. April 1, 1910. For further description of hondi see Chbom- Pbiladelpbia, Fa.— Borid Bill Pas-^es Select Ccuneil—On CLE Feb. 17. p. 345. March 15 the Select Council passed the bill (approved by the Salem (Ore.) School District.- Loan A ufliorized.—This Common Conncil two weeks ago; authorizing the |12,000.000 district has been authorized to refund $19,00j ii% bonds by water loan voted last November. The bill now awaits the issuing call notes bearing ii interest. Mayor's signature. Sandosky, Ohio. Bonds to be Issued. —This city will iesne Pratt City, Ala.—Bond Offering —Proposals will be re- $20,000 4$ paving bonds. Full details will be given later. ceived at any time for |25,CC0 6i gold water-works and fire- San Pablo School District, Contra Costa County, Cal.— protection bonds. Securities are in decomination of $500, Bond Offering. —Proposals will be received until 10 a. m,, dated March 1. 1900. Inttrest will be payable semi-annu- April 9, by R. L. Ulsh, Treasurer of Contra Ccsta County, at ally in New York City. Principal will mature March 1, his office in Martinez, tor the $10,000 6sE 1-10 year (serial) gold 1930, subject to call after March 1, 1920. bonds of this district which were voted in November last. Patnam, Conn. Loan Authorized. —A temporary loan for Securities are issued pursuant to authority of an order of the $6,500 in anticipation of taxes has been authorized. Board of County Supervisors made on March 5, 1900. They (Quebec, Canada.—BoTid Sa^.- The Harbor Commission- will be in denomination of $500. ers have sold >^2. 0,000 ii 30-year bonds at par—one-half to Springfield, 111.—Bor.d Election.— On Sept. 1 an issue of Almelius Jarvis & Co., Toronto, and one-half to Alex. $206,900 b% refunding bonds will mature, for the payment of Cbauveau. Jr., a notary of Quebec. which there are at present no funds on hand. An election, (jalmy, 3Ia*.g.—£ond Sale.— On March 15 the $40,000 Z^i therefore, will be held on April 3 to vote on the question of 1 - 10 - year (seiial) scnool-house bonds were awarded to G-eo. issuing refunding bonds to take up those about to mature. A. Femald & Co., Boston, at 101 '066. Following are the Springfield (Ohio) School District.—Bond Sate.—On bids March 12 the $10,001 5^ 11-year refunding bonds were the Springfield Savings Society at ll'l-&6—an in- G. A. Femald k Co.. BoBton 101-5«6 I Brown. WUbar & Co 101-366 awarded to

Blodget.Merritl Co., Boston. lorK I &Co.. New York I'.lSa A Venmive v^asis of about 3 372^. Following are the bids : 101-277 terest K. L. Day 4 Co.. BoEton 101oS7 I E. H. Irtolllns * Sods. Bogion... Het*brook & C

C. S. CommlDgs & Co.. Boston . . 101-.J8 I For description of bonds see Chronicle March 3, p. 447. For description of bonds see Chbokicle last week, p. 497. Steubenville, Ohio. Bond O^erins.— Proposals will be Eat Portage, Ont.— iebenture Q^ering.— Proposals will be received until 12 m., April 9, by George P. McCracken, City received until March 22 by D. H. Currie, Town Clerk, for Clerk, for $15,0C0 4$ library bonds. Securities are issued |75,0C0 4% water- vf oiks and $24 0(0 4J local improvement de- pursuant to the laws of Ohio and a city ordinance passed bentures. The first mentioned bonds are a second issue for Feb. 20, 19'"0. They are in denomination of $1,000, dated the completion of the water- works system and run for thirty March 1. 1900. Interest will be payable semi-annually at years from Dec 1, 1899. Part of the principal will mature the office of the City Treasurer. Principal will mature yearly in such amounts that the maturing principal, together $1,000 yearly on March 1 from 1903 to 1917, inclusive. with the interest due on the bonds then outstanding, will Stoneham, Mass. L-tan Authorized.—At a recent town make $4,337 26. which sum will be the yearly payment of meeting the Treasurer was authorized to borrow from time priDcipal ana interest, Interest will be payable annually at to time a sum not exceeding $1C0,C00. the Imperial Bank of Rat Portage. Interest en the $24, COO Streator. La Salle County, 111.—Bond Offering.— Pro- improvement detentures will also be payable annually at posals will be received until 5 p. m. April 10 for $33,0(0 i% the same bank and the "piincipal will be paid at the ex- school bonds. Principal will mature $3 000 yearly, begin- piration of five, and twenty years." They will be issued in ning in 1905. various amotmts of from |oO to $500. Stryker, Ohio.—Bo?id Sate.—On March 3 the .$-20,000 4% 11- Beading. Ohio.—Bonas D-feated.—The preposition to year (average) street-improvement bonds were awarded to issue $60,1X0 street and sewer and §10,rC0 electric light bonds W. R. Todd & Co., Cincinnati, at 102-75-5—an interest basis failed to carry at the election held in this city on March 8. of about 3 70%. Following are the bids : 4Co.,Cincinnati.$2C,551C0 R. KleTbo)te4 Co„ Cindn...$20,3<'3 00 Revere, Ma'sB.— Loan Authorized.— The Town Treasurer W B Todd I f New Firn Nat. Bank. Colum. 20.5.S4 1 N. W. Harris & Co., Chicago. . 20,100.00 has authority to borrow in anticipation of the col- $150,000 Sea^ongood & Marer, Cincln. 20,472 00 I Lamprecht Bros. Co., Cleve. . 20,089 40 00 lection of taxes. Feaer, Holzmau x Co., Cln.,. 20,470 i For description ot bonds see Chronicle Feb. 3, p. 246. Ridley Park Borough j, F&.—Bond O^ertng.— Proposals ( Tbble Rock (Neb.) School District.—Bond Election Pro- •wJl be received by Geo. C. Hetzel, Chief Burgess, until 12 M. posed. —A petition is being circulated to call a sjiecial elec- April 10 for the $33,000 30-year street -improvement and sewer tion to vote on the question of issuing bonds to build a b jnds which were voted in November last. Securities will $12,000 school house. Tannton, Masi-.-Bond Q^enng.— Proposals will be re- be in denomination of $.500, dated about April 1, 1900. ceived until 7:30 P. M., March 20, by Edward H, Temple, C^lty TTie official notice of this bond offering will he found among Treasurer, for $34,500 4% municipal bonds. Securities will the advertisements elsewhere in this Department. be issued in either coupon or registered bonds, as the pur- in denomination of $1,000, and if regis- RibiDg Sun, Ohio.— Bond Bill Passes House.—The House chaser may elect, multiple thereof, but one bond for $500 will be of the State Legislature has passed the bill providing for the tered in any registered. They will be dated Dec. 1, 1899. Interest will be iasuaEce of $5,00 j town- hall bonds. Atlas National Bank, Rochester, Mass. Loan Authorized. —At the town meet pavable in June and December at the Treasury in Taunton. Principal will ing held on Mdrcti 5 the Treasurer was authorized to hire Boston, or at the City money in anticipation of the collection of taxes. mature Dec, 1, 1909. i7tecfton Propo«ed.—A peti- Rochester, N. Y. Loan Authorized.—At a meetine of the Thajer County, Neb.—Bond circulated to call an election to vote on the City Council held March 13 notes for $66,128 74 to meet local- tion is" being proposition to issue $60,OC0 court-house bonds. improvement orders due prior to April 1, 1900, were author- iVb "No bids were received ized. Nctes will run for eight months. Toledo. Ohio.— Bids Received— 21 d% street- improvement bonds Rockford. 111.— Orders SoZd.—This city has sold to local on March 9 for the $51,836 advertised for sale on that day. investors $50,000 43^^ time orders at par. Securities are in Union, S. C.—Bond Sale.-On March 10 the $50,000 &i denomiDation of from $100 to $1,COO, dated March 1, 1900, 20 40-year (optional) improvement bonds were awarded to and are due May 1, 19J1. They are payable out cf the tax N, W. Harris Co,, New York, at 114-35—an interest basis levy of It'OO. Interest and principal are payable at the office & Following are the bids : of the City Treasurer. of about 4-875f. 106-00 Rockingham, Loan Authorized. a recent town N. W. Harris 4 Co.. New York. .114-351 Charleston Investment Co Tt.— —At Feder. Holzman 4 Co.. Cincln. .112-00 SeaBoneood 4 Mayer. CiDCin — 107-aea meeting tne Treasurer was authorized to negotiate loans. W.J. Hares* Sons, Cleve 111-634 G. McMallr 4 Haines, Union. ..lOI-fiO Jno. W. Dicker. Augusta 111-429 New 1st Nat. B'k, Columbus 106-301 Rockland, Mass. L': ans Authorized. —The following loans Tnackston, Furman 4 Co., W. A. Nicholson 4 Son. Union. .105-00 1 Sav. Bk.. Orangebui^.-HOo-OO were authorized at a recent town meeting : $2,200 to aid Greenville 1040 Ediston A. Courtner, Xewrv •110-25 Trowbridse.MacDonald 4 Kiver disabled soldiers, Wm. $20,C00 in anticipation of taxes and $12 000 Farson. Leach 4 Co., N'ew York.llO-ce Co., Chicago 104-30* to pay maturing notes. R Rob'DSon. Columbia UO-QO Denison. Prior 4 Co., Cleve 104-25 Duke M. Farson, Chicago 109-00 r. M. Stafford 4 Co..Chattan-Ka.l03-01 St Johnsbur y, Tt.—Bond Sate.—This town has sold to the W. H. Todd 4 Co., Cincinnati.,. 102-00 Brattleboro Savings Bank at 107*675 an issue of $20,000 4$ • For $35,000 of the bonds. + For $10,000 of the bonds. school bonds. For description of bonds see CHRONacLE March 3, p. 447. St. Michaels, Md.—Bond Bill Passes Senate.— A bill has Tnion City. Mich. Bonds Voted —At an election held passed the Senate authorizing this town to issue water- works March 12 an issue of $8,000 electric-light-plant bonds was and electric light-plant bonds. authoiized. Saiem, Ohio.—Bond O^er^ngr.— Proposals will be received Utica, N. Y.—Bonds Proposed.—A bill recently introduced until 12 M., March 28, by George Holmes, City Clerk, for $22, in the State Legislature provides for the issuance of $165. COO 000 a bonds. Securities are issued for the purpose of ex- bonds for a new library building and that the question tending the time of payment of the existing indebtedness ot should be submitted at the annual election in 1900. the city, but without increasing the amount thereof, and are Ticksbnrg. Miss.—Bond Bill Passes House.—The House of authorized by Section 2701, Revised Statutes of Ohio, and a tne State Legislature has passed the bill providicg for the- city ordinance passed Feb. 13, 1900. Thev will be in denom- issuance of $300." 00 water, sewer and city- hall bonds. ination of $1,000, dated March 15, 1900. Interest will be Tineland.N. J.— Bonds Voted.—At the election held oa payable annually. Principal will mature one bond yearly, March 13 the proposition to issue $140,000 4% 30 year sewer beginning August 15, 1900. The official circular states bonds carried by an overwhelming vote. 550 THE CHRONICLE. [Vol. LXX.

Watertown, N. Y.—Nu Bonds at Present.— Press reports loans- — When Due. LOANS— When due. have stated that this city had voted to issue bonds to pay- Cemetery Land Sewer Loan—(Con.)— 48, J&J, $25,000, r....Jan. 1, 1903 48, M&S, r... Sept 1907 half the cost of constructing: a trunk sewer. Upon inquiry $10,000, Engine House— 48, M&N, 10.000, r... Nov. 1 1907 we learn from Mr. Frar k Walts, City Treasurer, that "the 4s, J&J, f 15,000, r. . . . 48, F&A, 10,000, r... Aug. 1 1908 trunk sewer and bonds for same are off for the present." 4s, A&O, 10.000, r.... Apr. 1902 48, M&S, 10,000, r... Sept. 1 1908 6s, J&J, . . 5,000, r. .Jan. . WaterTille, M.e.—Loan Authorized.—The City Treasurer 1904 48, M&N, 10.000, r. . No V. 1 1908 48,A&0, 10,500 Apr. 1908 48, J&J, r... 1 1909 has authority 10,000, Jan. to borrow $10,000 in anticipation of the collec- 48,A&0, 10,000 Apr. 1916 48,* A&O, 100,000, r... Apr. 1 1909 tion of tax(-8. Fire Apparatus Loan— 48, J&J, 35.000, r... July 1 1910 J&J, TV heelingr, W. Y&.—Bondft Defeated.—At the election held 48, $11,000, r.... 48, A&O, 10.000, r... Oct. 1 1910 Municipal Loan— 4s, J&J, 10.000, r... Jan. 1 1911 on Feb. 24 to vote re- on the question of issuing $510,000 4% 4s,A&0, $2,000, r.. Oct. 1900 4s. A&O, 50,000, r... Apr. 1 1911 funding: and electric ligbt-plant bonds, the total vote cast 4s, J&J, 101,000, r.. Jan. 1903 48, J&J, 35,000, r...July 1 1911 J&i», was 5,176. of which 2,947 were for the issue and 2,229 against, 4s, 29,000, r.. Dec. 1M04 4s, A&O, 20.000. r... Apr. 1 1912 4s, J&J, 58,000 Jan. 1904 48, J&J, 20,000. r...July 1 1912 As three-fifths of total carry, vote was necessary to the 4s, A&O, 54,000 Apr. _ 1906 48, J&J. 50,000. r... Jan. 1 1913 proposition was defeated. 48, J&J, 60,000 July 1 1907 48, A&O, 40,000. r Apr. 1916 Whitesboro, N. Y.—Bonds Voted.— At an election held on 48, A&O, 16.500 ....Apr. 1 190S 3%8, J&J, 10,000, r. .July 1 1904 48, A&O, March 13 an issue 35,500 Oct. 1 190^ 4s. A&O, *20,000 Apr. 1 1908 of $40,000 sewer bonds was authorized by 4s. J&J, a 8,000 Jan. 1 1909 4s, J&J, 20.000. r...July I 1915 vote of HI to 67. 48. A&O, 61.000 Apr. 1 1909 4s, A *0, 100.000, r. ..Apr. 1 1927 48, TVilliamson County (P. 0. Georcetown), Texas.—Bonds A&O,, 30,000 Jan. 1 i919 Street Improvement— Park Loan— Authorized.—The Commissioners' Court of this county has 4s, A&O, $30,000 Apr. 1 1902 48, A&O, $12,000, r... Oct. 1902 4s, J&J, 50,000, r.. Jan. 1 1903 authorized the issuance of 2 40-year (opMonal) $20,000 3%% 4s, J&J, 5,000, r. . .Jan. 1903 48, A&O, 5,000, r. .Oct. 1 1903 funding bonds. Securities will be ia denomination of $500. 4s, J&J, 30,000, c ..July 1919 4s, J&J, 30,000, r.. Jan. 1 1904 4s, Interest will be payable annually on April 10. Date of sale A&O, 6,000, r... Oct. 1919 48, J&J, 25,000, r.. Jan. 1 1904 4s, A&O, 20,000, r... Apr. 1920 48, J&J. 5( .000, r. July 1 1905 not yet determined. *3=i,000 48. A&O,, 5,000, r... Oct. 1920 48, A&O, Apr. 1 1908 Winchester, Mass.—Loan Authorized.—At a town meet- Police Station Loan— 48,* A&O, 125,000, r.. Apr. 1 1920 ing held early this month the Treasurer was authorized to 48, J&J, $8,000, r.... July 1900 48.* A&O, 25,000, r.. Oct. 1 1921 School House Loan— Public Library borrow $50,000 in anticipation of the collection of taxes Loan— 48, A&O,$30,000, r Oct. 1900 48. A&O, $35.000 Apr. 1 1917 Winchester, Va.— Bond Offering.—The Finance Commit- 48, A&O, 55.000, r. . . . Apr. 1901 Water Loan— tee of this city will offer at public sale at the court house at 4s, A&O, 30,000, r....Oct. 1901 5s, J&J, $50,000.o&rJan. 1 1900 4s, A&O, 20,000, r....Apr. 1902 58, J&J, Jan. 1 1901 11 A. M., March 29, $19,000 4% 25- year coupon bonds of the 50,000, c 48, J&J, 28,000, r.... 58, J&J, 200,000.c&rJan. 1 1905 aeries known as the " Rouss city-hall bonds." Fifteen of 4s, J&J, 3,000, r.... Jan. 1903 48, A&O. 10,000, r . . Apr. 1 1900 these bonds will be in denoraination of $100 and the remain- 4s, J&J, 10,000, r. . . . 48, M&S, 8,000, r.. Mar. 1 1903 ing 35 in denomination of $500. Interest will be payable in 4s, J&J, 5,000, r Jan. 1904 48. J&J, 150,000,c&rJan. 1 1905 48, A&O, 10,200, r....Oct. 1904 48, M&N, 20.000, r. .Nov. 1 1913 April and October at the office of the City Treasurer. These 48,* A&O, 60,000, r. . . .Apr. 1909 4s, M&S, 50.000, r. .Mar. 1 1914 secnrities were recently authorized by the State Legislature. 4s,* A&O, 50,000, r. . . .Oct. 1910 4s, J&D, 20,000, r.. Dec. 1 1914 C H. Kinzel is City Treasurer. 48,*A&O,140,000, c&r.Apr 1911 4s, M&8, 10,000, r.. Sept. 1 1916 48, J&.I, *.^,500 Jan. 1 1908 48, A&O, 9,000, r.. Oct. 1 1916 48, A&O, *25,000 Jan. 1 1918 4s, J&J, 7,500, r..Julv 1 1917 STATE AND CllY utLBT CHANGES. 4s, J&J, *35,000 Jan. 1 1918 48, F&A, 5,000, r. . Aug.l 1917 Sewer Loan— 48, A&O, 2,000. r.. Oct: 1 1917 Lynn, Mass.—William Shepard, Mayor; Wm. F. Brackett, 48, J&J, $10,000, r... Jan. 1 1903 48, M&N, 6,500, r.. Nov 1 1917 Auditor. 48, J&J, 25,000, r... Jan. 1 1914 4s, A&O, 15,000, r. . Apr. 1 1918 4s, J&J, 30,000, r... July 1 1904 4s, J&D, 10,000, r.. June 1 1918 This city is in Essex County. Lynn pays to the sinking fund yearly 4s, M&S, 25,000, r... Sept. 1 1905 4s, J&J, 85,000, c&r. July 1 1919 an amount of money sufficient, with the accumulations of interest on 48, J&J, 100,000, r...July 1 1906 48, A&O, 100,000, c&r.Apr. 1 1919 the smklng fund investments, to pay off the entire debt at maturity. 48, M&N, 20,000, r. . .Nov. 1 1906 48, J&J, 75,000, r.. July 1 1919 ___JSnEVyMLOA^ NENAM-OANS. Sis,ooo Government and CITY of BALTIMORE City of Sheboygan, Wis., Municipal Bonds REGISTERED BOUGHT AND SOLD. STOCK. SCHOOL BONDS. APPRAISEMENTS MADE OR QUOTATIONS SEALED PROPOSALS will be received at the City Clerk's Office, FURNISHED FOR THE PURCHASE, SALE OK Mayor's Office, City Hall, Baltimore, ontll Tuesday. Shfbotgan, Wis., March 6, 1900. KXCHANGE OF ABOVE SECURITIES. April 3d. 1900, at 12 o'clock, noon, for the purchase Sealed bids will be received by me at my office JLI8TS of the whole ON APPLICATION. or any part of $;{,50U.0UO Regis- until 4 o'clock P. M. on March 19, 19no, for $15,000 tered Stock of the t;Uy of Baltimore, bear- m City of Sheboygan School House Bonds. ing interest at N. W. HARRIS & CO., the rate of three and one-half per Said bonds were issued under date of March 1, cent per annum, payable semi-ann ally in BANKERS, January 1898 ; are of the denomination of $1,000 each, num- and July, and redeemable on January 1st, 1940. bered consecutively from 26 to 40 inclusive, and 31 NASSAU ST. (Bank ot Corameree Bide.) The successful bidders will be entitled to interest are a part of a series of 40 bonds issued March 1, on said stock from January 1st, 1900, therefore all 1898, for the purpose o( building school houses in 'bids must be made flat (meaning interest included). the City of Sheboygan ($

1st, 1872 : Nos. 1 to 23, 35, 38, and 70 to 79, all num- The right is reserved to reject any and all bids. bers inclusive, and upon said date interest upon Licensee Companies. DAVID AMBACH. President, said bonds will cease. J. SEWELL 1 HOMAS, Clerk, Prices and particulars on application. Commissioners of Finance. ^33,000 BOND CALL. E. H. ROLLINS & SONS, Jeflferson Township, .Jefferson County, >,ll9 MILK STREET, BOSTON. Kansas. Borough of Ridley Park, W. Ferguson, County Treasurer, has called for DELAWARE CO., PA. payment March 3l8t, 190 , at the State Fiscal Agency Investment Securities in New York City, the following bonds, issued July FOR BONDS. 1st, 1872: Nos. from one to twenty-nine Inclusive, and from thirty-one to ftfty inclusive, and upon said RiDLBT Park, Del. Co., Pa., March 16, 1900. SAVINGS BANKS and TRUST FUNDS date interest upon said bonds will cease. Sealed proposals will be received by the Chief Bur- gew, ('. Geo. Hetiel, umil Tuesday. April 10. 12 5^ BONDS A SPECIALTY. <>'clook. noon, 1900, for tlic uur base of Borough C. R.GOODE&CO. Bonds to the amount of thirty-three thousand d I- lar8($aa,<)00) indcMiiimniatlonsof live hundred ( 500) dollars each. Blank forms and mlormation for the HlCiH-ORADE WARRANTS EDW. C. JONES &, CO., use of biddf^rs will oe furnished uuOd application to Nettins NEW YORK, - 1 NASSAU STREET. FRANK D. KANB, from 4 to §^. PHILA., - - 118 SO. FOURTH ST. Clerk of Council. 15 WALL STREET, NEW YORK. :

March 17, 1900.] THE CHRONICLE. 551

LOANS— When Due LOANS— When Due. Amesbury, Muss.—Porter Sargent, Trpasorer; N. E. Col- Watkr Loan— fCon.) Watkr Loan— (Con.) line, Clerk. Amesbury Township is in Essex Connty. 48, J&J, S=35,000,r.. Jan. 1,1920 3%8, M&N, $7,300, r..May 1, 1904

48, A&O, 150,000, r..Apr. 1, 1920 3348, M&N, 31,000, r..Nov. 1, 1913 LOANS- When Due. \ Net debt Jan. 1, 1900.... $87,000 48, A&O, 50,000, r. .Apr. 1, 1921 3^8, J&D, 6,000, r.. Dec. 1, 1915 FUNDiNo Bonds: Tax valuation, real 4,073,456 4s, A&O, 25,000, r.. Oct. 1,1921 312a, M&N, 66,500, r..May 1, 1905 4s, J&J, $71,000 1902-1912 Tax valuation, personal.1,078,976 48, J&J, 50,000, r.. Jan. 1,1922 3128, J&D, 5,000, r..Dec. 1, 1905 ($23,000 in 1902, $23,000 in 1907, Total valuation, 1899. .5,152,431 48, J&J, 25,000, r.. July 1,1922 3128, A&O, 2,000, r..Apr. 1, 1916 $25,000 in 1912). Assessment about •b actual value. 48, A&O, 40,000, r..Apr. 1, 1923 312S, M&N, 24,500, r..May 1, 1916 T'l bond.deiit Jan. l.'OO. $141,000 Total tax rate (per M.) 1899.$17-50

48. J&J, 165,000.... J Illy 1, 1925 31^8, J&D, 3.500, r. . June 1, 1917 Floating debt 30,0.0 Population in 1900 (est.) 1 0,000 48, J&J, 50,000.... July 1, 192« 3^28, F&A, 6,500, r.. Feb. 1, 1917 Total debt Jan. 1, 1900.. 17l,0i^0 Population in 1890 was 9,798 4a, J&J, 25,000, r July 1, 1927 48. A&O, 100,000, r.. on demand. Sink, fund assets 84,000 48, J&J, 2=i ,000... July 1, 192- Miscellaneous Bonds— Atliol. Mass. — Henrie C. Fay, Treasurer; George Harris 48, A&O, 10,000... Oct. 1, 1928 48, Var., $35,800, r.. 1902 to 1904 4s. J&J, 25,000.... July 1. 1929 4s, A&O, 56,000 Oct. 1, 1907 Foye, Clerk. This town is situated in Worcester Connty. (0) coupon, (r) registered. LOANS— When Due. Sewer Loan (outside debt limit.) * The loans marked thua (*) in the above table are authorized by Old Debt— 4s, J&J, .$.50,000 July 1, 1924 special acts of Legislature in excess of the city's legal debt limit. The 4i8S,.I&J, $22,500 Oct. 1,1900 Engine Hoosb— total amount of outstanding bonds thus authorized is $750,000. (Part due yearly) to Oct. 1, 1905 4128&4S, A&O,$4,500.Oct 1,1900 Loans— ($1,500 due yearly) to Oct. 1, 1902 PAR VALUE BONDS.—The bonds are $500 to $2,500 each. School OF 48, A&O, $23,600 Oct. 1, 1900 48, A&O, .$9,450 Oct. 1, 1900 are INTEREST-WHERE PAYABLE. -Coupons payable at the (Part due yearly) to Oct. 1. 1904 ($1,3.50(1 ley'lv)... .to Oct. 1,1906 Bank of the Republic, Boston, or at the City Treasurer's office, Lynn; 8ch.,St. I MP.& F.Al'm Lo'N(Note8) Total debt Feb. 1, 1900. $152, 1 50 other interest is payable by City Treasurer only. 4s, A&O, $8,400 Oct. 1, 1900 Tax valuation 1899 4,133,795 TOTAL DEBT, ETC- (Part due yearly) to Oct. 1, 1905 Tax rate (per M) '99 $18-90 Dec. 20, '99. Dec. 20, '98. Dec.20, '97. Refdnding Loan— Population in 1895 was 7,360 Funded debt (excL of water) $2,464,650 $2,391,650 $2,232,150 3%a, A&O, $9.250 1900-1908 Population in 1890 wae 6,319-

Slnkingfunds 680,750 583,273 448,176 3128,, , 9,550., Oct. '06 to '10 The sewer loan is secured by sinking fund. Net debt $1,783,900 $1,808,377 $1,783,974 Water debt (additional) 1,810,300 1,835,300 1,800,300 INTEREST l9 payable in Boston, Worcester, Qrecnfleld and AlkoL Waterworks sinking fiind 44«,054 426,141 367,360 J. T. Bates, Treasurer. Attle- Net water debt. 1,361.246 1,409,159 1,43'^,940 Attleborongh, Mass.— Total net municipal debt 3,145,146 3.217,536 3,216,914 borough, which is in Bristol County, was divided July 30, The funded debt as given above for Dec, 1899, Includes loans to the 1887, and the outstanding bonded debt of $100,000 was ap- amount of *750.000 in excess of debt limit and issued under author portioned 162,930 (since piid to Attleborough) and 127,802 to Ity of special acts of Legislature. Temporary loans amounting to North Attleborough, which see. $530,000 are not included in totals. - When Due. Water Bonds— (Oon.) city property LOANS CITY PROPERTY AND WATER WORKS.-The 3iag, J&J $15.000....Jnly 1,1929- of real estate, buildings and public parks, amounts Town Bonds— consisting school $50,000 Jan.l, 1906 Bonded debt Jan.l, 1900. $343,000 to cost of water works to Jan. $2,425, 48, J&J, $2,428,255. Total 1, 1900, z85 Water Bonds— Floating debt 47,000 ASSESSED VALUATION.—Assessed valuation and tax rate, real 7s, J&J, $40,000 Jan. 1, 1904 Total debt Ian. 1, 1900,. 390,000 " estate being taken at about three-fourth cash value," have been 4s, A&O, 20,000 Oct. 1, 1902 Sinking fund assets 7 4,893 -Assessed Valuation -Rate of Tax 48, A&O, 20,000 Oct. 1,1912 Netdebt Jan. 1, 1900.-.. 315.107 Years— Real Personal Total. i>er $1,000 4s, M&S, 12,000 Sept.l, 1915 Net water dbt (incl.above) 293,000 1899 $41,920,665 $9,1 1,2S3 $51,091,948 $17-80 48. J&J, 20.000 Jan. 1, 1919 Water deot sinking fund 1898 41,575,536 9,384,798 S0,96O,.S34 17-60 48. J&J, 18,000 Jan. 1,1921 (incL above) 5<,C66 1897 41.1.57,046 9,724,857 50,881,903 17-40 4s, A&O, 25,000 Oct. 1,1922 Tax valuation, real 5,055,937 1895 10,441,874 39,256.182 49,698,056 17-20 4s, J&J, 35.000 July 1,1923 Tax valuation, per8onal.l,335,031 15-00 1890 29,390,332 11,340,046 40,730,378 48, J&J, 40,000 July 1, 1924 Total valuation 1899. . . 6,390,968 1880 17,913,543 5,470,192 23,383,735 17-60 4s, J&J, 25,000 July 1, 1926 Total tax per $1,000 1899.. $17-00 1870 14.277.212 6,649.903 20.927,115 17-20 48, J&J, 10,000 July 1. 1927 Population in 1895 was 8,288 POPULATION.—In 1895, 62,355; in 1890, 55,727; in 1880, 38,274. 48, J&J, 13,000 July 1,1928 Population in 1890 was 7,577 INVESTMENTS. MWESTM^I^n^ INVESTMENTS. '^^^^^^^^^^^/N^^^N^^^^^^^^^^S^^^^^V^^r^^^^^^^%^\/^^AJ' ADAMS & COMPANY, Geo. D. Cook Company, DENISON, PRIOR & CO. BANKERS, INVESTMENT SECURITIES. DEALERS IN DEALEMS IIT 238-240 La Salle Streetj CHICAGO. High Grade Bonds. IITVESTMEITT BONDS. Members of Boston StocklExchange. New York Office, 52 Broadway^ SEND FOR LISTS. No. 7 Congress and 31 State Streets, WE DEAL IN § Exchange Place, Boston. BOSTON. SOUTHERN AND WESTERN 121 Eaclid Avenue, Cleveland. trowbridge, SECURITIES. MacDonald ROSENBERGIER & LIYERMORE, & NIVER Co. (Specialists in Texas laTeatmcBti), Perry, Coffin & Burr, FORTY WALiti STREET, NEW VORK MUNICIPAL BONDS, INVESTMENT BONDS, tst Nat. Bank Bldg. • • CHICAGO Charles Whann & Co.^ 60 State Street, MUNICIPAL BONDS. DEALERS IN BOSTON. Secnrities Netting from ^% to 6t MUNICIPAL and RAILROAD ALWAYS ON HAND. Bend for our InTestment Clronlar. SECURITIES.

DUKE M. FARSON. Banker. 71 BROADWAY NEW YORK. Muaiolpsl Bond!. 183 Dearborn Strooi MASON, LEWIS & CO., CHICA60. BANKERS CHICAGO, BOSTON, MUNICIPAL BONDS. W. R. TODD & CO., Of onadnook Bull ding. 00 Devonshire St. MUNICIPAL John Nuveen & Co., Successors to RAILROAD BRIGGS, TODD *i CO.. CORPORATION BONDS"v-ri^i^w. INVESTMENT BANKERS, Choice Isaues. Ist National Bank Building, Chicago MUNICIPAL BONDS. Street Railway and Gag Companiee. Correspondence solicited. Reference, First National Bank, Ohieago. CINCINNATI, OHIO, NEW YORK, LIST ON APPLICATION. No. 36 East Third Street. No. 1 Naeean gtfeet. MUNICIPAL BONDS. F. R. FULTON & CO., E. C. STANWOOD &. Co., Municipal Bonds, BANKERS, Fred. M. Smith, 171 la salle street, 121 Devonshire Street, Broker in Secniities, BOSTON. CHICAGO. AUBURN, ]WEW ¥ORK» 552 THE CHRONICLE. [Vol. LXJC.

'gKuktvs anxl 'gvol^tvs ©wt fxi ^txo '^axh. CHICAGO. CHICAGO. PHILADELPHIA. Edward B. Smith & Co., Bartlett, Frazier & Co., BANKERS AND BROKBB8 STOCKS AND BONDS, Schwartz, Dupee & Co., 9RilH, PROVISIONS and COTTOM. »HiLAOELPHIA. Stocks, Grain and Provisions,

A. O. Slaughter & Co., W. G. Hopper, H. S. hopfib. ]'amieson & Co., Members of Philadelphia Stock Exchange, STOCKS—BONDS, BANKKRS AND BROKERS, Wm. G. Hopper & Co., Members New Tork and Chicago Stock ExchanKOB, 15-1 17 L,A 8AIiL.E STREET, 1 STOCK AND BOND BROKERS, 16» LA 8AL.L.E STREET. CHICAGO, ILL.. 28 Soutli Third Street, Philadelphia Chlcaff*. Ilia. New York Stock Exchange, Chicago BONDS ADVERTISED on the market supplied »t Members SUBSCRIPTION PRICES. Prlrate wire to Puiadelphia. New York and ^took Bxchanee and Chicago Board of Trade. 1 elephone 160. Edwin L. Lobdell, P. Odell Co., CINOINNATI. John J. & Banker and Broken BANKERS & FINANCIAL AGENTS W. E. Hutton & Co., 171 LA SALLE STREET, The Rookery. CINCKVWATI, OHIO. CHICAGO. CHICAGO. DEAL IN Oast Street Railway and other Hlffh-Grade Barney & Smith H Bonds, PRIVATE WIRES. Corporation Securities. Columbus Ry. Co. Stocks. AND ALL ISSUES PITTSBURG. SOUTHERN. Columbus St. Ry. Bonds.

William Wilson & sons. Established 1802. Henry Sproul " & Co. Wilson. Colston & Co., 1867. Seasongood & Mayer, 236 FOURTH AVENITE, Wilson, Colston & Co., S. W. Corner Third and Walnut Str»*t«. PITTSBURG, PA. CINOINNATI, OHIO. Members of BaltimoreBANKERS,Stock Exchange. mMBIRS or THI MUNICIPAL BONDS. 316 East Baltimore Street, Baltlmor*. County, Town and School Bond*, NEW Investment and Miscellaneous Securities a sp«e High-Grade City, YORK STOCK BXCHANGB, in leading prosperous States of the Union, es- laity, and whole issues handled. issued PHILADELPHIA STOCK BXCHANGa, pecially adapted for safe and permanent investment Exceptional facilities for dealings in all classes 05 and Trust Funds. PITTSBURG EXCHANGE (8 MBMBBBS), Sonthern Bonds. Loans on Collateral Secnritlei For Estates CHICAGO STOCK EXCHANGE, negotiated. CHICAGO BOARD OF TRADE. Irwin, Ballmann & Co., Boiling, N. Holmes & Sons, Wyndham Brokers and Dealers In BANKERS. BANKER, RICHHOND, VA. Cincinnati Bonds and Stocks, PITTSBURG, PA. Southern Securities, 37 Ea«t Third St., Cincinnati, Ohio. COBBBSPONDENTB Virginia-Carolina Cliemical Co. Stock. Bank of New York, N. B. A. REFERENCE—Mechanics' National Bank, New York. ^VACIinC^OAST\ rirst National Bank of Philadelphia. Hkkbt St. Goab, Edward Polliti PITTSBURG, PA Members Stock and Bond Exchaiige. ESTABLISHED 1871. Mottu, de Witt & Co., Edward Pollitz & Co., STOCK AND BOND BROKERS, Whitney & Stephenson, Bankers and Brokers Hawaiian Sugar Stocks a Specialty. BANKERS AND BROKERS, 403 California Street, No. 209 FOURTH AVENUE. NORFOLK, VA. SAN FRANCISCO. CAL. Oldest Pittsburg Members N. Y. Stock Exchange. SOUTHERN INVESTMENTS. Ladd & Tilton, T. Mellon & Sons' Bank, BAMKEBS. PITTSBURG, PA. Davenport & Co., PORTLAND, OREOON. GENERAL BANKING, COLLECTIONS. BANKERS AND BROKERS, ESTABLISHED IN 1869. VIRGINIA. BaslBCa*. INVESTMENTS. RICHIMOND, rransaet m, Goneral Bankinc ESTABLISHED 1860. '^oLnrTTOva OrvnN Spbciai, Attwt ti »m Correspondence solicited and information fur- ST. LOUIS. nished about Southern State, Municipal and Rail- road Investment Securities. Edwabds Whitakbb. chakles Hodgman. Reference—Bank of New York, N. B. A. Richardson & Clark, Whitaker & Hodgman, W. Dickey, BANKERS, John 25 Exchange Street, ProTidence, B. 1. BOND AND STOCK BROKERS, BROKER, Transact a general banking business. Bonds 300 Nortb Fonrtb Street, Stocks and Local Securities. Commerota'. Pap« AUGUSTA, GA. bought and sold on commission. PrlTdte wires to ST. LOUIS. New York. Boston and Philadelphia. SOUTHERN SECURITIES. M. KOTANY, A. G. Becker & Co.,

lINCOBPOKATKD. 1 409 OliTC Street, • St. Louis, Mo. GEO. N. MACKENZIE & CO. BANKERS AND BROKERS, BROKER AND DEALER IN 300 llVater St., Baltimore, MA. COMMERCIAL PAPER, Members Baltimore Stock Exchanpe. InveHtnient Securities a Speclaitj'. ST. LOUIS BONDS AND STOCKS Loans NeKOtiated on Approved Collateral, 199 La Salle Street, Chicago, III.