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Quotation -Supplement (Monthly) Street Railway Supplement <^ta«ig
Investors Supplement (Qwteriy) State and C% Supplement [Entered acoordlng to A.ot of Congress, In the year 1900, by the William B. Dana Company, in the offlce of the Librarian of^Congress.] VOL 71. SATURDAY, OCTOBER 13, 1900. NO. 1842
Week ending October 6. Clearings at— 1900. PUBLISHED WEEKLY. 1900. 1899. P. Oent 1898. 1897. Terms of Subscription—Payable in Advance: 1 New York 089.961.74S 1,450.652.632 —318 889.055 650 771 364.108 For One Year $10 00 Philadelphia... 98,933,286 102. 6*8 383 —85 77,651 626 73,9*6,166 For Six Months 600 Pittsburg 31 H01. 393 40 M22 745 —22 8 20,360,18 17,452.192 European Subscription (inoluding postage) 13 00 Baltimore 22,3*1.660 2j.27-'.2i2 +1"!* 23.288,38* 17.4f 5 290 European Subscription Six Months (including postage) 7 50 Buffalo 5.605 0=<8 5.351.101 +2 9 4.688,895 5 017,892 Washington.... 2,469,370 2,274 800 +8 6 2,230 917 2,127,428 Annual Subscription in London (Including postage) £2 14s. Aloany 3.283.175 3,467,153 -5-8 Six Mos. do. do. do. £llla. Rochester 2,1«7,645 2,435.008 —11-0 1.825 597 1.686.817
Syracuse , 1,073,088 1.4W14 5 -28-5 1,187,257 1,002,412 Above subscription Includes— Scranton 1.104,608 1.087.6W5 + 16 876.258 796,483 The Quotation Supplement I Street Railway Supplement Wilmington.... 1,04:1,895 1,244.02 < —16-2 901,030 779.329 and Binghaniton.... 467,200 431.900 +8*3 357.100 The Investors' Supplement | State City Supplement 353.2C0 Terms of Advertising—(Per Inch Space.) Total Middle., ,154.977.342 ',632,268,223 -29-2 ,012.604 3.4 891.959 817 Boston , 121 370.871 164.714 581 —263 113.8HJ.88* 113,038376 Transient matter $4 20 Three Months ( 1 3 times) ..$29 00 Providence ..... 7,459 900 7,145 HO +4 4 6 789.400 6,636 800 standing business cards. Six Months (26 " ).. 50 00 Hartford 2,954 066 2.884.2H9 +2 4 2 9U.537 2,824.183 Two Months (8 times).. 22 00 Twelve Months (52 " ).. 87 00 New Haven...., 1,590 878 1,682/49 -5-5 1.93S.470 1.729,850 Springfield , 1.337,411 1,624,309 —12-8 1,675,648 1,398.360 London Agents: Worcester , 1.677,271 1,616,227 -5 8 1,716.388 1.682,505 Portland , V6 .961 1.456 127 +0 7 1.753.890 1.653,078 Messrs. Edwards A Smith, 1 Drapers' Gardens, E. O., will take sub- Fall River 1,096,578 1,205 V83 —90 8.39 U88 1,114,460 scriptions and advertisements, and supply single copies of the paper Lowell , 544.445 773,554 —29-* 791 423 729,769 at Is. eaoh. New Bedford... 602,018 576,038 +4-? 649,024 602.038 WILLIAM B. DANA COMPANY, Publishers, Total New Eng. 189,9b8,889 183 626 637 —238 131.975 83 180.3U1 359 Chicago 146,018 +4-3 Street, of Street, 554 139,985.717 117,784.96 108 001,895 Ptue Corner Pearl Cincinnati 16,1*3.550 16,780.000 -3 3 15.103.260 13,931 200 Post Office Box 958. NEW YORK. Detroit 8.263.188 9,076.715 -8M 6.960,248 6,662 228 Cleveland 11.413 881 13.044 784 —126 7,703 2**0 6,713871 Milwaukee. .. 5*>9 5,993 6,492,767 —77 6.0 1 694 6,237 021 Columbus 6,754.100 6,777.500 —04 4,225.900 3,181 200 Indianapolis 8,051.018 2.939 532 +3 8 2.423 935 2.685.485 CLEARING HOUSE RETURNS. Peoria 2.2H3.W59 2,504.433 —8'4 1,982 162 1.864,275 To.edo 2 508.912 2,133,461 +17 6 2.591.972 1.763.592 Grand The following table, made up by telegraph, etc., indicates Rapids 1,808.957 1.877.923 +2-0 1,082 34 850,807 Dayton 1.072.111 1,085,557 —1*2 827.316 793 952 that the total bank clearings of all the clearing houses of the Bvansvllle 950.910 937.701 +14 744.13? Youngstown 2. 8,19* 284,398 —22 848 409 270,719 United States for the week ending to-day, Oct. 13, have Springfield, 111.... 440,469 475.821 —74 345.801 Lexington 555.630 438.505 +26- 428,628 291.107 been $1,578,429,830, against $1,689,735,826 last week and Akron 61500' 407,000 +6 11 386.700 285.000 Kalamazoo 8n7 677 390 002 —0-6 818.443 837,700 $1,841,673,247 the corresponding week of last year. Rockford 225,096 221 ,853 +16 18/.305 197,472 Springfield, Ohio. 28t*,294 2*7, *1 —08 194,684 165,555 Canton 817,939 278,503 +14 207,481 186,988 Jacksonville. 111.. 19H.767 216,943 -7-9 Clearings. Week Ending October 13. Tot. Mid. West'n. 208.1O8 760 201,981.751 +16 169.794 958 164 678,016 Returns by Telegraph, 1900. 1899 P. Cent San Francisco... 24,328.191 22.551.5' 2 +79 17,308 111 15 985.075 Salt Lake City... 2,455,021 8.816.699 —25-9 1.636.614 3.048 9 »-'.» -18-6 Portland 23-1 Hew York 1761,849,828 $931,933 2,728 2.469,396 +10 7 2, 1 91 431 1.991.197 Los Angeles Boston. 98,871,061 119.423,192 -17-6 2,806.98? 1.8-4,276 +2? I 2,185.109 1,815 896 Seattle 8.120.130 +6-2 -6-5 2,937,101 1,345.684 700.611 Philadelphia 67,518.110 72,208 992 Spokane 1.245,190 1,602,024 —23 8 1.028.437 778 118 Tacoma. 1.268 933 1,168,140 Baltimore , 16.862,622 16.324,749 +8-3 +10 3 887.563 707,965 Helena 538.947 608.847 —11-6 089 Chicago 111.450 941 112,838.296 +1-4 655 460.000 Fargo 383 790 636.854 —28-5 270.000 887 604
St. Louis , 82.923,857 81,787,284 +87 Sioux Falls 99 626 167,686 —106 141 69 86 567 441-1 Total New Orleans , 16,915,419 7,596,625 Pacific. 38,480.053 87,218 425 +3-4 27 602.619 24 402 468 Kansas City 15.S06.856 -6-7 —14** 16,940 337 18,231,03 11.460,623 Seven cities, 6 days tl ,102,110,386 $1,295,062,717 Minneapolis...... 12,868,770 16.891 084 —215 12 824 81'' 11628 661 Other cities, 6 days 220.004,713 215.013.407 +2*8 Omaha 6.617.492 7,8' 5 876 —10 8 7.6-9 101 6,089.602 St. Paul 6,839.711 5.696 7-2 +4-3 5.863 625 5 886 786 Total all cities, 6 days $1,822,416,049 $1,620,076,124 -180 Denver 4,830 668 4,706 974 -8-0 8,617.698 2436.029 St. Joseph 3.8J7 282 3.499 125 2,874 562 1,581,640 All -22'8 +102 cities, 1 day 256,014.781 331.597.123 Des Moines 1.663 300 1.706,167 -2 5 1.340 23' 1.260,000 Davenport- 1,418.087 1.849,191 +6-1 1.277.H6 1.012 155 Total all cities for week. $1,678 429,380 $1,841,673,247 -14 3 Sioux City. 1,821 416 1.883 743 — 4*6 1,028 9W6 836 014 Topeka 1.017,360 742.782 +87 615.658 466 860 Wichita 496.319 178.166 +48 882.700 420 700 The full details of clearings for the week covered by the Fremont. 145.598 181.589 —19*9 160 V65 112.069 Hastings 177.631 156,183 +135 427,87* 115.091 above statement will be given next Saturday. We cannot, Tot. other West.. 56 660.490 60 505 919 51 063 76* 43,826.618 of course, furnish them to-day, bank clearings being made St. Louis 38 518 220 86,338 6*7 80.895 896 27 893 667 New Orleans 12.«66,18w 9.887 918 6.446 680 7.063 218 up by the various olearing houses at noon on Saturday, and Louisville.... 8.128 244 8.880,077 6.916 9*6 6.408,650 Galveston 8.217,000 6.668 450 5.0H 400 4483.166 hence in the above the last twenty-four hours of the week Houston 6.9U6 497 4.890 787 6.286 637 4660 990 Savannah 8 04^.065 8 111145 8.971 082 4 086,461 have to be in all cases estimated,as we go to press Friday night. Richmond 8 872.8 3 806 940 2.844,954 8,412 751 Memphis. 8.311.575 2 672,792 2. '00 799 2 861.391 We present below our usual detailed figures for the pre- Atlanta 2.467 4H6 2.098 168 1.879.2 '6 1.807 451 Nashville 1,780 020 1 557,199 1.82\01« 1.776,000 vious week, covering the returns for the period ending with Norfolk 1.493,899 1,213.618 1,120,300 1,015,043 Augusta 2,821.523 1.155.946 1.133,501 1,195188 Saturday noon, October 6, and the results for the cor- Knoxvlile 576 954 6K686 637.768 467721 Fort Worth 1,220.111 796.760 883 532 O'S'OOO responding week in 1899, 1898 and 1897 are also given. In Birmingham 897,394 726.676 512 772 469 333 649.0OO 1,005 000 Macon , 984.000 689.000 comparison with the preceding week there is a an iacrease in Little Rock 640.863 508.62! 803 852 139,606 the Chattanooga 418 402 877,181 888 048 294.897 aggregate exchanges of two hundred and forty one mil- Jacksonville. 233 601 221.f!-0 208 0«« 195,696 lion dollars, the gain at New York being one hundred and Total Southern. 92 610 312 84 606 609 72.599 312 69,4 k9 125 Total all 839 14" .814 108 893 fifty three millions. Contrasted with the week of 1899 the ,689,735 826 203 210 470 .476 Outside N. York (-99 774 088 75i.557 8i8 -7*0 686 283 4k*8 642 742.285 total for the whole country sbows a decline of 23*2 per cent. Montreal 14 610 953 17 "08 396 —16*2 18,455 450 11.601.887 Toronto 10 928 387 12 886 062 —118 10 108 984 9.213 050 Com pared with the week of 1898 the current returns record Winnipeg 2.032 159 2 778 772 2* *• 2.001775 3,116 663 Halifax 1.776, '46 1580 0C0 +12-4 1.854.820 1.450.000 an increase of 14*5 per cent, excess over 1897 is 28*5 - and the Hamilton 83 i 827 92«.0-6 — i 2 808 581 819128 St. John 793 +58-2 686 675 627,216 per cent. is 7*0 887 629.137 Outside of New York the decrease from 1899 Victoria 589 070 613 286 -4*0 per cent. The excess over 1898 reaches 19*3 per cent, and Vancouver 1.847 0O0 958.048, +409 605.000 Total Canada.... 82,855.835 37020777 —11"2 34.019 185 29.827,894 making comparison with 1897 the gain is seen to be 28'9 p. o. 726 THE CHRONICLE. [Vol. LXXI,
clearly evident every now and then, is a common THE BANKERS' A ND TR UST SUPPLEMENT. belief in the better political outlook. This state of public opinion is doubt a fact, although we some- In our Bankees' and Teust Supplement to-day, a no times think it an unfortunate condition, fearing it copy of which is sent to every subscriber of the Cheon- may weaken effort. The election of Mr. Bryan icle, we present to our readers a complete report of would be such a fearful result, fraught with hopeless the proceedings of the annual convention of the Ameri- disaster to almost every industrial interest, that to can Bankers' Association held last week at Kichmond. entertain a feeling confidence in his defeat before The Supplement contains 116 pages, and, as the of it is accomplished is not easy and seems hardly to be reader will notice, is very handsomely gotten up- safe. It needs to be kept in mind that the battle The American Bankers' Association now has a mem- is not won until the votes are cast and bership of 4,500 whose aggregate capital, surplus and counted. Moreover it cannot be too often stated deposits (not counting the private banks) amount to that what is most to be desired at this 6,580 million dollars, and its doings are hence en- election is not simply success, but a success so over- grossing more and more attention each year. whelming as to leave no chance of the survival of The Supplement embraces the proceedings of the Bryamsm. Industrial affairs cannot afford to be in- Trust Company Section, a distinct department of the terrupted every four years by a contest pivoted on Association. The discussions in that section deal our standard of values or to be disturbed by a hyster- directly with matters affecting this class of financial ical young gentleman who has no more conscience institutions, and no trust company, whether a mem- than to go around the country striving to stir up ill- ber of the Association or not, can afford to neglect to will between capital and labor. The public stamp of give attentive consideration to the same. approval of our gold standard and disapproval of As showing the esteem in which the Bankees'and communism should be so emphatic on this occasion as Teust Supplement is held, we may be pardoned refer- to make the trial final. Otherwise we shall not have ence to the extensive amount of advertising patronage gained much. of the very highest class which it commands. We are choicer not exaggerating, we think, when we say that a The question arises whether the re-election of Mr. list financial advertisements cannot and stronger of McKinley is to be the occasion of a large general be found anywhere. advance in the stock market? There is certainly a wide feeling prevailing] that the buoyancy which fol- THE FINANCIAL SITUATION lowed the defeat of Mr. Bryan in 1896 will, in consid- erable measure, be repeated in case of his defeat in Our stock market has continued in the same apathet- 1900. Indeed there were statements current on the ic state it has so long maintained, with prices dur market last week, which were repeated with an air of ing the most of the week irregular. Tuesday there faith, that^capitalists were gathering in funds to invest was a firmer tone. This was due primarily to the fact in stocks as soon as the election result should become that the low rates for foreign exchange were in the known. We do not need to say that the reports were afternoon of that day followed by the withdrawal of a mere fabrications. Men with money to invest do not small amount of gold at London and Paris for ship- flock together like birds in the autumn, and so make ment to New York. The truth is our money market themselves conspicuous in what they are about had reached a point which made stock operations to do. If a victory is the outcome of the election con- somewhat risky ; consequently, evidence of fresh test, and if it proves to be so decided as to make it supplies of gold from Europe, though small, were made tolerably certain that the fight will not have to be re- much of. A few hundred thousand dollars were for the newed again, of course the effect on all branches moment construed as the harbinger of many millions of our industrial system would be much greater than coming, and a steady 2 per cent money market re- if the results should turn out to be less complete. stored was believed to be almost in sight. Since then That is so, because the stability of contracts and re- there have been other amounts taken in London, liance upon the future of our standard of values would Paris and Berlin for shipment to New York, includ- be absolute, and the enterprising and investing ing $3,500,000 yesterday; all the details are given below classes could go to work knowing, not only that dur- in our remarks upon foreign exchange. Europe will ing the coming three or four years but pre- let no gold come this way unless it cannot be avoided. sumably during all time, the basal factor in Tuesday's withdrawal of £50,000 from the Bank of their plans was put beyond the power of any dem- England for New York was followed by the announce- agogue to trifle with. Should, on the other hand, ment that the Bank had advanced its price for Amer- the victory be less sweeping, the public, after the ican gold coin to 76s. 9d. from 76s. 8d. The sue experience had, could not again trust the situation ceeding day the open market rate for bar gold ad- fully. This difference would be likely to have most vanced ^d., to 77s. lid. London dispatches also stated influence on the immediate course of stock values. that any considerable shipments of that metal In either case supposed, does it not seem as if the at this time to America would lead to an advance by events of 1896 could not be repeated ? Prices are al- the Bank in the minimum rate of discount. The ready high—not low as four years ago; so that a like public knows, even without these announcements, opportunity for advance is lacking. Moreover, the that Europe, deprived of the large monthly contribu- prospect for increased earnings the next four or five tions of gold from Africa for a year or more and in- months is admittedly not as promising as it was on the volved in working out grave international political former occasion, and especially last year. Hence re- problems, is not in condition to willingly part with liance would have to be placed on the slower develop any important proportion of its reserves. ment of general industry, and that response woul come quicker and be much more decided if the ex A further feature that helps to impart an under- pression of the opinion of the people was emphatic. tone of firmness to security values, which becomes so
i October 13 1900.] THE CHRONICLE. 727
The crop report of the Agricultural Bureau at the legal tenders decreased $2,822,400, while the sur- Washington for the 1st of October, issued this week, plus reserve was reduced by $6,700,700, to $6,241,900. does not change materially the indications previously The redemptions of extended 2 per cent bonds have furnished of the probable extent of the year's harvests. thus far amounted to $22,021,300, while the applica- The condition of corn is placed 2*4 points lower than tions for the exchange of fundable bonds for the new in September, being put at 78 - 2, which compares 2 per cents amounted at the close of business on with 82-7 on October 1 1899, 82 at the same date in Thursday to $341,235)050. 1898 and 81 the mean of the October averages for the last ten years. Nevertheless these figures are still Money on call, representing bankers' balances, taken to mean a crop closely approaching. 2,000 mil- has been active this week, influenced by the bank lion bushels. Last year the corn yield was 2,078 statement of last week and also by the continued million bushels. No further report on the wheat crop drain of currency to the interior. But the higher rates is made. The estimates of the yield vary from 500 seem to have brought into the market, at least in the to 525 million bushels. Last year the crop was 547 last hour each day, fairly liberal offerings of money by million bushels, while in 1898, when the yield commission houses, who have sought thus to secure was of extraordinary extent, it was 675 million temporary employment for their surplus funds. This bushels. la the case of oats the Department will account for the wide range of 4 to If per cent in gives the product per acre for each State, from which the rates for the week at the Stock Exchange. The it appears that the crop will slightly exceed. 810 average until Thursday was about 3 per cent, but on million bushels. In 1899 the oats harvest was 796 that day loans which had been standing at 3 per cent million bushels and in 1898 730 millions. A feature were marked up to 3£ per cent, making the average of this month's report is that the Department makes for the week about 3£ per cent. On Monday loans a smaller decline in the condition of cotton than were made at 3£ per cent and at 2 per cent, with operators on the Cotton Exchange had looked for. the bulk of the business at 3 per cent. On Tuesday The condition now is given 67, as against 68 -2 on, the the transactions were at 3^ per cent and at 2£ per cent, 1st of September and against 62*4 in October of with the majority at 3 per cent. On Wednesday loans last year. were at 4 per cent and at 2 per cent, with the bulk of the business at 3| per cent. On Thursday transac- Not too much stress should be laid upon the con- tions were at 3£ per cent and at If per cent, with the tinued lack of activity in the iron and steel trades, majority at 3£ per cent. On Friday loans were at 3£ nor upon the reports showing a further contraction in per cent and at 2£ per cent, with the bulk of the busi- the production of iron, attended at the same time, de- ness at 3£ per cent. Banks and trust companies spite the diminished output, by a continued increase quote 3| per cent as the minimum, some of the insti- in furnace stocks. The figures of the "Iron Age" tutions, however, obtaining 4 per cent. Though are generally accepted as authority in this respect, time loans are quoted by brokers at 5 per cent for all and they indicate that 15 more furnaces went out periods, from sixty days to six months, there appears during the last month, involving a decrease of to be plenty of money offering and no special urgency 8,609 tons per week in the production, which now in the demand by commission houses, who seem to stands at 223,169 tons per week, against 296,376 have made ample provision early in the season for tons on June 1, no less than 80 furnaces hav- their requirements at this period of the year. ing in the interval become idle. Stocks October Banks report some loans on grain and other mer- 1 are reported 661,998 tons, against 625,157 tons chandise at 6 per cent for sixty to ninety days and September 1 and 334,680 tons June 1. But all this contracts for four months at 5@5^ per cent on col- really signifies very little at this juncture. Every- lateral consisting of all railroad properties without body knows that the Presidential campaign, involving any admixture of industrials. These institutions also Bryanism, hangs as a pall over all industries. After report some demand for thirty to sixty day stock the election there will no doubt be a different story collateral loans at 6 per cent, borrowers desiring to to tell. At all events before that issue is determined tide over the election period. The commercial paper no change can be expected. market is quiet, with very little buying by local insti-
tutions ; the business is chiefly with near-by out-of- While there has been no change in the official rates town banks. The offerings seem to be increasing, of discount by any of the European banks this week, though not to such an extent as to cause an accumula- the open market rates at the chief centres have been tion of names, but it is expected that next month quite firm. In order to protect their stocks of gold the there will be a much more liberal supply. Rates are Bank of England and the Bank of France have been 5@5| per cent for sixty to ninety day endorsed bills re- compelled to resort to an advance in the selling ceivable, 5|@6 per cent for prime, and 6 per cent and price of the metal. The Bank of England on above for good four to six months single names. Some Tuesday raised its selling price for Eagles 1 penny of the banks report sales of short endorsements at 6 per per ounce, to 76 shillings 9 pence, and gold bars cent by merchants desiring to obtain accommodation were held by the Bank at 78 shillings half a until after the election. penny. On Thursday it was reported that the price of gold bars in the open market at London had The Bank of England minimum rate of discount been advanced half a penny, to 77 shillings 11 pence remains unchanged at 4 per cent, bat the Bank per ounce. The Bank of France holds its gold at a in lieu of advancing its rate has resorted to the premium. The statement of the New York Associ- expedient of raising its selling price for gold, as ated Banks last Saturday was exceptionally unfavor- noted above. The cable reports discounts of sixty able, showing a reduction of more than one-half in to ninety-day bank bills in London 4 per cent. The the surplus reserve compared with the return of the open market rate at Paris is 3 per cent and at Berlin previous week. The specie fell off $5,752,300 and and Frankfort it is 4£ per cent. According to our 728 THE CHRONICLE. [Vol. LXXI. special cable from London the Bank of England lost was announced that Lazard Freres had engaged £1,371,457 bullion during the week and held £33,- 12,000,000 gold for shipment hither, $1,000,000 of 599,845 at the close of the week. Oar correspondent which, in American gold coin, was obtained from the further advises us that the loss was due to exports of Bank of France, for export on the Bretagne, and $1,- £873,000 (£531,000 to Germany, £192,000 to Egypt, 000,000 in gold bars was procured from the Bank of
f £50,000 to America, £50,000 to Roumania and £50,- England for shipment on the S . Louis. It was also 000 destination unknown) and to shipments to the in- announced that Knhn, Loeb & Co. had bought $500,- terior of Great Britain of £498,000 net. 000 American gold coin in the open market at Paris for export to New York, and that Seligmau & Co. had The foreign exchange market has again been in- procured $1,000,000 gold in Berlin for shipment fluenced this week by a pressure of cotton bills sup- hither. The National City Bank obtained a con- plemented by drafts against grain and provisions signment of gold on that day, but the offisers of the drawn not only upon London but upon the chief con- bank declined either to state the amount, the kind of tinental centres, and consequently the tendency has gold, whether coin or bars, or the source whence been almost uninterruptedly downward and only tem- it was obtained. The engagements thus far an- porarily arrested by buying to cover and for remit- nounced this week amount to $4,450,000, exclusive tance. The offerings of cotton bills were quite large of the gold secured by the National City Bank on Monday, reflecting an accumulation in the mails on Friday. The Bank of British North America since the close of the previous week, and these bills reports the arrival at Saattle of $910,000 gold had no sooner been absorbed than there came bullion from the Yukon, which will be trans- a fresh supply, which proved to be largely in ferred to this city through Assay Office checks, excess of the inquiry. This was followed by a nat- and the Canadian Bank of Commerce reports $150,- ural reaction in the tone, though without any recov- 000 in such checks, representing bullion depos- ery in rates, and the market was a shade steadier for ited at Seattle and San Francisco, which will arrive long, though heavy for short and for cables thereafter early next week. The Assay Office paid $767,352 52 until Friday, when the whole market grew steady. for domestic bullion, and the gold received at the The feature of the week has been the first important Custom House during the week amounted to $26,- importation of gold for the season. The Bank of 094. British North America inaugurated the movement, minal rates for exchange fell from 4*81 $@4 '82 procuring on Tuesday a consignment of £50,000 sover- for sixty day and 4 85^@4 86 for sight on Monday, to eigns from the Bank of Eagland in exchange for 4 81 @4 81| for the former and 4 84£@4 85& for the bank notes, and on the same day it was an- latter by W< dnesday. Rites for actual business nounced that the National City Bank had ob- opened on Monday quite weak at a decline of three- tained 1,000,000 francs in gold at Paris for shipment quarters of a cent all around, compared with tho^e at hither. The Bank of Eagland, as above noted, the close of Friday of last week, to 4 80£@4 80| for on Tuesday advanced its selling price for American long, 4 84@4 84£ for short and 4 84f@4 85 for cables. Eagles to 76 shillings 9 pence per ounce, holding gold The tone was a shade steadier at the decline on the bars at 78 shillings half a penny, and bars were then following day, with lighter offerings of bills, and rates quoted in the market at London at an advance of half at the close remained unchanged. On Wednesday a penny, to 77 shillings .0^ pence; subsequently it was the market was weak again and rates for actual busi- reported moving upward to 77 shillings 11 pence. ness for long fell half a cent, to 4 80@4 80|, while These prices for gold coin and for bars prohibited the those for short and for cables declined one-quarter of import of the metal from London at the then rul- a cent to 4 83|@4 84 for the former and 4 84^@4 84f ing rates for sight sterling, and it was reported for the latter. The market continued weak on Tnurs- that applications at the Bank of France for gold day, but though sales of long sterling were made at for export had caused an advance in the premium 4 79|, this class of bills closed at a reaction and at un- on gold by that institution. On Wednesday the changed figures, compared with those on the previous cable announced the withdrawal of £100,000 gold day. Sight sterling and cables, however, fell one from the Bank of England for shipment to New York, quarter of a cent to 4 83^@4 83f for the former and but the consignees were not disclosed. The importa- 4 84£@4 84| for the latter. Tne market was steadieron tion of sovereigns by the Bank of British North Friday at a recovery of one- quarter of a cent for short America gave rise to the suggestion that larger and cables. It may be noted that while rates for ster- amounts of these coins might be obtained from the ling have been generally weak those for continental ex- Bank of England, in exchange for its notes, and im- change have likewise fallen, indicating liberal offerings ported without loss. It was said, however, that while of bills and a light inquiry. The following shows the Bank could not refuse to part with sovereigns daily posted rates for exchange by some of the leading were application to be made for them for export, an drawers. attempt to procure them in round amounts would DAILY POSTED KATES FOB FOKKIGN EXCHANGE. probably result to the disadvantage of the appl- FBI., MON., Tris,, Wli>.. I'm il. TBI.. icant in his future transactions with the Bank, and Oct. 5. Oct. &. Oct. 9. O. t . ID. Oct. 11. Oct. 18. 4 83 81* HI* 81 therefore bankers in London would be unlikely to Bros {«<>«£> 81 Brown 4C0 86* 86* 85 85 -5 resort to this method for obtaining gold. It was Baring, (60 days 4 82* 88 81* 81* 81* 81* 4 MiiKOun A Co.. i Sight... 86* 85* 88 * 86* 86* also reported that it would really be British 80 days 4 82 81* ' more advan- Sauk J 81* SI 81 Bl 1-5 No. America... ( Sight.. 4 86 85, 85* BB 85 tageous for importers to procuro American coin 60 days 4 82* 82 Bank of J 81* 81* 81* Montreal < 8lght... 4 80* 86 86 86* 86* BBM in London, even at the high price demanded by Janadlan Bank JflOdays 4 82* h2 88 St* 81 -1 4 O-ommeroe. . i Sight... 80* 86 86 85* 86 85 the Bank, than to seek to obtain sovereigns, for of Heidelbaoh, lek- ) 60 days 4 82 88 81* 81 81 1 .'4* elhetmer & Co. I Sight... 4 80* 86* -5* 84* 84* the reason that the latter were more or less *** 4 82 82 81* 81 81 -1 Laiard Freres. . . 4 84* abraded while the Ameiican coin would most likely \ $£ 83* 86* 85* 81* 84* Merchants' Bk. < 60 days 4 82* 82 83 81* 81* M* ) 8tght... 4 86 Ml 85* be of nearly a full average weight. On Friday it of Canada 80* 8&* Eft* 729 OCTOBFR 13, 1900.1 THE CHKONICLE
as the right a manufacturer The market closed steady on Friday at 4 20@4 80| putable. It, is as clear of demand a higher price for his goods and to refuse for long, 4 83f@4 84 for short and 4 84£@4 84$ for to if he does not get it. Both the laborer and cables. Commercial on banks 4 79^ @4 79$ and docu- to sell manufacturer, however, take under such con- ments for payment 4 78$ @4 80±. Cotton for payment, the ditions certain risks, and are bound to lose eventually 4 78$@4 79, cotton for acceptance 4 79^@4 79$ and their demands are unreasonable. If the manufac- grain for payment 4 80@4 80£. if turer asks a price which the consumer cannot afford consumer will stop buying and the busi- The following gives the week's movements of to pay, the will be ruined. If the laborer asks for wages money to and from the interior by New York banks. ness which his employer cannot afford to pay, the manu- Received by Shipped by Net Interior Week Ending Oct. 12, 1800. further employment, and, in an N. T. Banks. N. T. Banks. Movement. facturer will refuse go out of business. This risk clearly con- Oorrenoy. 18.215.000 18.966.000 Loss, f 5 751.000 emergency, Sold 804 000 3.194.000 Loss. 2,3t 0.000 fronts either class in submitting its ultimatum. gold and legal tenders. J4.019.000 112,160,000 Loss. 18,141,000 Total It is quite conceivable that manufacturers might so With the Sub-Treasury operations the result is as band together that the most extortionate price might follows. be exacted, under the penalty of preventing the con- sumer from buying any goods except at an unfair Into Out of Net Change in Week Ending Oct. 12, 1900. Banks. Banks. Bank Saldino*. price. The law is apt to deal with a monopoly of
Banks Interior movement, as above |4 019,000 112.160.000 Loss. {8.141.000 this sort, and what the civil law does not accomplish Sab-Treasury operations 19,200.000 19.600.000 Loss. 400,000 the working of economic law will do ; for at a given Total gold and legal tenders. 123,219,000 |31,7e0.000 Loss. »9,S41,000 point the consuming community as a whole will sim- indicates the amount of bullioD The following table ply give up buying. It has correspondingly been banks. in the principal European the dream of certain labor leaders to band together
Oct. 11 1900. Oct. 12, 1899. the laborers so that if the employer will not pay the Bank of price demanded by a union's representatives, he shall ©old. Silver. Total. Gold. Silver. Total. be denied the privilege of obtaining labor at all. It X J X X ngland 33.599.845 33.590 845 82.757,728 32.757.722 is clear that if such a project could be carried out France 91.462 870 44.721.214 186 187,084 76,116,502 46.996.283 123112.785 efficiently in the case of a labor union, the price of Germany 24 083.000 12 406.000 S6.4S9.000 23.284 000 11,969,000 35,203.000 Russia 73 198.000 6 610.000 79.808,000 8J 013,000 4.677.000 93.6H0 00C labor might conceivably be placed at figures as UDJust Aus. Hung'y 87.877.000 9 836 000 47.713,000 30.669 000 10.512 000 41,181,000 Spain 13.689,000 16,707.000 30 336,000 13.452.000 13,700,000 27,162.0O( and irrational as those imposed by the manipulator of "17,096,000 15.492 000 16.919.00C Italy 15.425 000 1,671,000 1,427.000 a corner. Netherlands.. 4.870 000 5.540.000 10.410,000 2.7*8.000 5 868.000 8.610 O00 Nat.Belg m... 8,882.000 1,411,000 4,323,000 2,969,000 1,484.000 4,463,0O( The civil law which interferes to restrict and regu- Tot-tbls week 297.< 86,715 98,935,214 398.021 929 286,445,224 96 633,293 383 078 507 late extortion by a producer has no recognized place 3i Tot. prev. w'U 0.867.20! ' 99, 1 9 <,3 '7 399.560.508 287.082.14S 87,181,686 384,263 833 in restricting a similar undertaking by a laborer. This is undoubtedly due to the fact that in the past THE GOAL STRIKE. it has been assumed that the employer could fight his As we write, the striking mine workers are in con- own battles. But we are much mistaken if the same ference at Scranton, deliberating in open convention economic laws do not operate with a combination of on the proposition of their employers. The outcome laborers as with a combination ol producers. The of the conference, if it is not known to the reader profit to the producer and the wages of the laborer when these pages meet his eye, will be known very are two co-ordinate factors which go into the cost of shortly. It is only possible to say at the moment goods placed on the market. Nobody doubts that that for almost the first time in our industrial his artificial and unreasonable expansion of the pro- tory an offer of so considerable an advance in wages ducer's gains will force such a price for the finished as ten per cent is being scrutinized by the employes product that the consumer will be driven from the on the ground that possibly, by holding out and re market. But the laborer's pay, which makes up an fusing to work even at that increase, they may secure even greater part of the final price of an article, can- still larger concessions from the companies. not be arbitrarily manipulated without a similar A few cardinal principles in this coal strike con- result. troversy ought to be kept in mind. One is, that be- This is the experience through which producer, cause a laborer doe3 not get as high wages as he laborer and consumer are destined to pass in the wishes, it does not follow that he is petting less than matter of the wage readjustment in the coal trade. he deserves and as much as his employer can afford. There had been some effort, months before the strike This proposition would ordinarily seem self-evident; began, to advance the price of anthracite on the bald but the sentimental view very commonly taken of the plea that coal ought to move up when iron, copper, labor question actually seems at times to suggest a lumber, cotton, tin ar d a score of other commodities different supp sition. There is a class of people that already had been advanced rapidly. No such advance habitually assumes that a striking laborer is nect ssarily was made, and the reason was that producers of coal protesting against injustice. One other hardly less believed that a higher price would restrict the buying important principle is that an arbitrary raising of capacity of the public, and hence defeat its own pur- wages means an arbitrary advance of pricea. The poses. Now comes the miner with a peremptory de- public therefore, if it agrees that wages ought to be mand which points to the same result. The operators increased, itself to thereby agrees also that it ought have yielded ; but in yielding they of course propose that pay more for the product of such labor. The an- the higher wage cost shall be added to the price, and thracite episode is likely to lead, later on, to some paid by the consuming public. But if the mine sober thinking on this phase of the question. owners were right six months ago in assuming that a The right of a laborer to strike for better wages or higher price created by themselves would restrict for better conditions of industry, if he is not satisfied consumption, it must be true that a higher price with his existing arrangements, is of course indis- created by the laborers will have the same result. If 730 THE CHRON£CLE. [Vol. LXXI. the proposed move of the one was unwise economic the late year's gain as were noted in the gains of pre- can have vious policy, the accomplished move of the other years— that is, the improvement came more nothing different. largely been from the merchandise traffic than from the The chief argument for voluntary arbitration lies in coal traffic, while at the same time the passenger traf- this fact. Demands for higher wages are frequently fic has also continued to expand. There was this dif- warranted by circumstances. The demands of the ference, however, in the late year, that the coal traf- tin-plate workers last fall, and of laborers in other fic, the revenues from which previously had been sta- tide of industrial demand tionary industries where the high or declining, recorded a substantial increase. brought exceptional prices, were probably in most The increase had amounted to $1,285,502 over the total of the year cases justified. When the employers granted their preceding. But though the coal receipts laborers' demands as readily as they did, it is likely rose $1,285,502, the earnings of the Eailway Com- pany from that an arbitration board would have made a similar merchandise traffic increased $1,925,712, and the award. This cannot be said of the present coal passenger earnings increased $425,121. In- cluding strike. There had been, in the first place, no such revenue from mail and miscellaneous sources, aggregate rise in prices as marked out the reasonableness of gross earnings in 1899-1900 were $26,1 higher wages in the metal trades last year. 109,733, as against $22,456,192 in the year preceding ; But beyond this, a much more suspicious in- the increase in the whole total was thus $3,653,541,' of cident of the whole matter was the refusal which hence only 1| million dollars was con- of the miners of G. B. Markle's colliery to sub- tributed by the coal traffic. mit their case to the arbitration already pledged in The progress made in enlarging the merchandise business is writing as a recourse. That the miners broke their still more striki ngly brought out if we ex- explicit promise in this matter at a time when the tend our comparisons a few years further back. In mine-owners publicly declared their willingness to 1894 95 the coal traffic yielded earnings of $9,759,037. abide by their agreement, is admitted with cynical In the late year the earnings from that source were frankness. The arbitration agreement was the miners' $11,371,203, so that the increase for the five years has own proposition; therefore their refusal cannot have been, roughly, If million dollars, or only about 16 per arisen from dislike to the principle of arbitration. cent. Oa the other hand, the earnings from the The only obvious alternative lies in the inference merchandise traffic have, in the same interval, risen from that the miners broke their pledge because they $6,402,666 to $9,750,601, an increase of over 3£ feared that unbiased arbitrators might decide the million dollars, or more than 50 per cent. case against them. To understand properly the significance of these What the outcome of this whole matter will be we comparisons, it must be borne in mind that the do not pretend to guess. It is perfectly well known growth in revenues has occurred in face of a decline that the shrewd selection of a Presidential campaign in rates—that is, that the rate per ton per mile though season by the Miners' Union for carrying out their having improved somewhat in the late year, remains strike has given them a peculiar advantage. They very much less than a few years ago, so that a given calculated that their employers, remembering the vio- revenue now represents a very much larger tonnage than the lence and bloodshed of the Homestead strike of 1892, same revenue at the earlier date. It is to be would shrink from invoking a similar outbreak at a remembered, furthermore, that the coal traffic in- time when it might turn to the candidate of agitation cludes bituminous coal as well as anthracite, and that all the sentimental sympathizers for the workingman. special effort has been made to develop the trade in That the Miners' Union is itself aware of the soft coal so that the company might not be so ex- manner in which it forced acquiescence is clusively dependent upon the tonnage in hard coal as seen in the demand submitted this week, that the it had during antecedent periods of its career. The mine owners pledge absolutely the maintenance for a anthracite tonnage for 1899-1900 was 10,672,556 tons. year from now, and with no regulation of a sliding This compares with only 9,533,693 tons moved the scale, the higher scale of wages demanded. In other previous year. Going back, however, to 1894 95 we words, even if to-day's demands were to turn out ex- find that the anthracite revenue- earning traffic then cessive and even if the price of anthracite, from amounted to 10,575,712 tons (year ending November natural causes, were to fall materially below the 30), so that notwithstanding the large increase in the recent level, wage payments must remain unchanged. late year the tonnage now is only a trifle larger Coming from a body of laborers a part of whom have than it was five years ago. already violated their own signed contract with their Taking, on the other hand, the bituminous ton- employers, this proposition may at least be described nage (revenue freight only), this aggregated in 1893-94 as curious. no more than 1,652,565 tons, but for 1899-1900 the amount of the same was 4,539,719 tons, showing that THE REPORT OF THE READING CO. in the five years the soft coal traffic has almost As indicated by us last year, the Reading property trebled. is being developed along two important lines — first, The noteworthy expansion in the business of the in enlarging and diversifying the traffic of the road, road here outlined, and the ability to handle the traf- and second, in raising its standard of condition and fic with economy and dispatch, have been possible thus adding to the efficiency of its operations. Both only because of the large expenditures which have features are manifest in the report just submitted fcr been made on the property and which have been paid the fiscal year ending June 30 1900, and it is evident for in the main out of earnings. The present report, from a study of this report that further decided like the reports for preceding years, abounds in state- progress was made during the twelve months in the ments showing the nature and character and the large one direction as in the other. extent of these various improvements. As indicating With reference to the growth and diversification of in a general way how earnings have been applied in the traffic, the same characteristics are revealed in the making of improvements and betterments, we
, October 18, 1900.] THE CHRONICLE. 731 may note that the amount spent upon maintenance of Both the methods of accounting and the methods of equipment in 1899-1900 was $3,690,370, as against management are sound and conservative. The charge for only $2,890,568 in 1898-99 and but $2,330,625 in 1897- depletion of coal lands is a new item, and covers the 98. In like manner $2,017,174 was spent upon main- last two years. It is calculated on the basis of 5 cents tenance of way and structures, against $1,485,979 in per ton on the coal mined from the company's lands 1898-99 and $1,586,340 in 1897-98. These amounts in the two years. President Harris states that this is are entirely independent of the large extra sums di- a charge that should be made every year, as each rectly appropriated from earnings and included under year's mining depletes the estate. It should be un- the head of " Other Expenses." Thus, in the late derstood that the allowance is independent of the year no less than $1,903,797 was charged for im- sum which the Reading Company under the terms provements and renewals and $593,288 more for of the General Mortgage was obliged to pay to equipment renewals, making, roughly, 2-£ million dol- the Trustee of the Mortgage when it began divi- lars together. In the previous year there was a like dends last March on the 1st preferred stock. This contribution for these purposes of $1,503,240, and the latter payment was 5 cents per ton on the anthracite year before a contribution of $1,202,003, making for mined for the preceding year on lands pledged un- the three years 5^ million dollars. der the mortgage. The sum called for was $383,- In the foregoing we have been dealing simply with 525 and was applied by the trustee to the pur- the affairs of the Railway Company; a precisely iden chase and cancellation of $433,000 of the General
tical policy has been pursued in the case of the Goal Mortgage bonds. The first . preferred stock is & Iron Company. In 1899-1900 $750,498 was spent now on a 3 per cent basis, 1£ per cent having been for new work at the collieries and included in ex- paid in March and a dividend of similar amount hav- penses; in the previous year $377,926 was so spent ing been paid last month. It will be remembered and in 1897-98 $630,623. The effect is seen in the that some of the stockholders had looked for a higher improved results from the working of the collieries. rate of dividend. Mr. Harris makes a strong point as President Harris points out what has been done against those who were urging an increased distribu- towards reducing the number of separate workings tion by showing that, after the allowances referred to, and of increasing the average output of the collieries, the surplus remaining for the whole period since the thereby lessening the cost of each operation. He re- reorganization of the property up to June 30 1900 ports that 40 collieries in the late year produced a over the first one of the two dividends paid, is only a daily average of 47,849 tons, or 1,196 tons per colliery little over 2% million dollars—$2,253,498. He refers per day, whereas in June 1893 54 collieries produced to the fact that the monthly working expenses of the a daily average of only 38,160 tons, or 706 tons per three companies during the last twelve months aver- colliery per day. There was an increase of 7 8-10 aged $3,664,378, so that the surplus represents only cents in the cost of the coal mined and purchased in about two-thirds of a month's expenses. 1899-1900 as compared with 1898-99, but this was The outcome for the year must of course be consid- chiefly due to the increase in the cost of labor and ered very satisfactory. The surplus for the twelve the higher prices paid for the materials used. months is $1,938,001, which compares with $1,165,209 As a result of the enlarged amount of coal mined for the preceding twelve months. The call for the 3 and the greater economy with which it is being got per cent dividend on the first preferred stock is out of the ground, the Philadelphia & Reading Coal $749,470. The contribution to the General Mortgage & Iron Company in the late twelve months was able Sinking Fund, we have seen, called for an additional to pay some interest on the Reading Company's "Loan $383,525, making $1,132,995 together, thus leaving a Account" representing investments in the property final surplus balance for the year of a little over of the Coal & Iron Company. It is significant of the $800,000. While this does not appear large for a com- extent of those investments (made almost wholly in pany of the size of the Reading, the amount remains, the past) and the difficulty it of realizing direct returns should be remembered, after charging (1) $750,499 that from them the amount paid on the same, namely for new work at collieries, (2) $750,154 for depletion $884,850, was only 1| per cent on the total of the in- of the coal estate, (3) $593,288 for equipment renewals debtedness, which stands at $78,653,349. Of course and (4) $1,903,797 for improvements. in the consolidated income statement of the three com- panies, namely the Reading Company, the Philadel- THE ERIE'S PROGRESS. phia & Reading Railway Company and the Coal& Iron We have often referred to the great improvement Company (the form in which the general results are and wonderful transformation that has been effected reported and the only to form in which it is possible in the case of many railroad properties during the last show the what combined properties are doing), this few years. We have, perhaps, no better illustration payment of interest on an old indebtedness does not of this than is furnished by the results now being affect the year's outcome, since it is simply transfer- attained on the Erie Railroad. The report of the ring money from one account to another. In other company for the late fiscal year shows that with an words, while the sum appears as a payment by the addition of 323 million tons, or 6*68 per cent, to the Railway Company, it necessarily also appears as a re- tonnage movement one mile, the train mileage was ceipt by the Reading Company. Still, it is pleasing to not increased at all, but actually reduced 1,299,613 know that the Coal & Iron Company is by itself show- miles, or 8*51 per cent. The effect is seen in an ad- ing improved results. After spending $750,498 for col- dition of 53 tons, or almost 17 per cent,, to the average liery improvements and allowing $750,154 for depletion train load, bringing it up to the high figure of 369 of coal lands, there was a profit on the operations of tons. the Coal & Iron Company for the year of $1,201,913 The fact that the Erie, whose name was formerly a before deducting charges. This compares with a by-word in the railroad world, should have been profit of $901,735 for the previous twelve months when brought to a state where its trains average 369 tons no allowance was made for depletion of coal lands. per mile run, is striking testimony to the rehabilita- 732 THE CHRONICLE [Vol. LXXI. tion that has been effected in the physical condition I The same condition of things forces upon the man- of the property. The figure, moreover, coverslmerely agement the necessity of applying surplus net earnings revenue tonnage. Including freight carried for the in a similar manner— that is, towards strengthening the company's own use, the average is brought up to 392 property and promoting its efficiency and economy of tons. In three years there has been an increase from operations, rather than in undertaking to make a re- 291 tons to 392 tons. The Erie of course has a large ton- turn on the shares. Laboring under the burden of a nage in coal, which is an element in high train-loads, heavy capitalization, the Erie could not hope to cope but its grades are notoriously unfavorable, mak- successfully with its neighbors and rivals if it paid ing the average attained all the more marked. One for improvements and additions by new capital cre- gets a better idea of the nature of this showing by ations while these neighbors and rivals were providing recalling that the New York Central for the same the money from earnings. When this is said, there is twelve months reported an average train-load (includ- really no occasion for further remarks as to why, not- ing company freight) of 398 tons, and the Norfolk & withstanding the improvement in business and in Western, whose traffic consists to a preponderatiDg revenues and notwithstanding the improvement in extent of coal and other minerals, a revenue load of operating efficiency and results, stockholders still find 435 tons. themselves without a return. The income account Obviously the Erie was under the same necessity to shows a surplus of $1,663,430 over and above all reduce the cost per unit of work in the transportation charges, which amount might have been paid to the service (a large train-load being an important factor shareholders if prudence and necessity had not dic- in the problem) as the other leading systems, but the tated a different course. fact that such great success has attended the effort President Thomas points out that altogether the speaks well for the way the property has been man- surplus accumulated since the reorganization (including aged. Steadily declining rates made a lower cost per the $1,663,430 for the late year) aggregates $3,454,- unit of work an absolute necessity. It is gratifying 874 to June 30 1900, and he shows how the money that this tendency towards lower rates was in the late has been applied, $1,553,166 being used for new year not only arrested, but reversed, a very substan- construction work. For these construction outlays tial improvement being for the first time in a long the company is entitled to receive, or has received, while recorded. The prosperity and activity of trade prior lien or general lien bonds. These might have in the United States permitted, and the maintenance been sold, but at what the management regard as un- of harmony among the trunk lines made possible, an satisfactory prices. It was considered better policy to improvement in the rate. The improvement was less make no sale until by the development of the business than half a mill per ton per mile, being in fact but of the road as the result of the expenditures made for 42 hundredths of a mill, but it is a significant fact, construction, the continuing ability to pay regular illustrative of the importance of a small addition to dividends shall have been assured by the accumula- the rate realized in rendering transportation services tion of a larger surplus. This is evidently a wise and when applied to a large tonnage, that this increase of prudent as well as enlightened policy. Messrs. Has- 42 hundredths of a mill is responsible for $2,011,984 kins & Sells have made an audit of the accounts of of the gain in freight earnings for the year. The both this ^company and the Beading and certify to gain from this source, as it happens, was heavier than their accuracy. the gain arising from the expansion in tonnage, which gain amounted to $1,806,580, the two together mak- RAILROAD GROSS EARNINGS FOR ing up the $3,818,564 increase in the freight revenues. SEPTEMBER. By including the earnings from passengers and other O ur compilation of the gross earnings of United sources, the gain in total gross earnings is brought up States railroads for the month of September (so far as
to $4,540,327. Though so large a part of the ex- it is possible to procure the returns so soon after the pansion in revenues has resulted from a betterment close of the month) shows only a small increase, of rate, it is well enough to bear in mind that this namely $1,316,472, or 2*21 per cent. It is not un- betterment leaves the rate only about where it was a likely that this increase may be wiped out alto- couple of years ago. gether when further returns are received. The The two operations here outlined, namely, the ad- month has been marked by a number of adverse fea dition to the train-load and the improvement in the tures and conditions. average rate realized, have, working together, en- Trade, as is known, has continued less active, th< larged profits from operations in a '.noteworthy way. cotton movement in the South and the grain move In brief, the revenue per freight train mile was ment in the West have both fallen behind last year raised from $1 64 in 1898-9 to $2 06 in 1899-1900, the while at the same time there has been an extra Sun addition haviog been no less than 42 cents per freight day in the month in 1900, thus giving one less work train mile run—almost 26 per cent. The effect upon ing day. The cyclone which destroyed so much prop net revenues must have been marvelous, except that, erty and so many lives at Galveston seriously inter like all other roads, only a little more so perhaps, the fered for a time with the business of nearly all th Erie management found itself obliged to appropriate Texas roads. On the 17th of the month the strike o a considerable part of its new revenue in strengthen- the anthracite coal miners was begun and is still i ing and improving its property. As indicating what progress. This strike, we may suppose, is makin was done, we need only observe that while total oper- havoc with the earnings of all the anthracite carrion ating expenses increased in the large Bum of $3,278,- None of these roads are included in our statement, t 679 (thus leaving $1,261,649 gain in net for the twelve the New York Ontario & Western (the only one c months), only $601,219 of the augmentation was in the anthracite carriers furnishing weekly report the cost of conducting transportation; on the other has decided to withhold the figures while the troui hand, $2,615,810 represented enlarged outlays upon lasts. On the other hand, the bituminous coal ro»> maintenance of way and equipment. to the seaboard, like the Chesapeake & Ohio and tJi 1 .
October 13. 1900. J THE CHRONICLE. 733
Norfolk & Western, are embraced in the compilation, the Western primary markets were in the aggregage a and help by their large gains to make the showing trifle heavier the present year than they were last more favorable than it otherwise would be. year, the total for the four weeks to September 29 For the first time in many months there is a for- being 29,861,105 bushels, against 29,746,400 bushels. midable array of roads reporting a falling off in earn- The apparent anomaly is explained, however, when it ings. The largest number of these comes from the is found that there has been a great increase in the Northwest. Those who had hoped that the spring- winter- wheat deliveries, thus offsetting the loss in spring wheat shortage in that part of the country had been ex- wheat. At the distinctively spring wheat markets
aggerated, or if not exaggerated that its effects might the loss has been heavy; Minneapolis shows deliveries ba overcome in revenues by gains in other classes of of 7,400,180 bushels in the four weeks this year, traffic, find their expectations disappointed. The against 9,600,140 bushels in the same four weeks last Great Northern system reports a decrease for the year, while at Duluth the deliveries were but 2,827,- month of $-236,422; the Northern Pacific with 389 043 bushels, against 10,614,282 bushels. In addition more miles of road (owing to the opera- to the loss from a smaller wheat movement, there was tion of the St. Paul & Duluth) reports a also for many roads a loss from a falling off in the decrease of $173,475; the Soo road, a comparatively corn movement; in this last particular the contrac- small road, has $124,984 decrease; while the tion was very decided, the corn receipts for the four Burlington Cedar Rapids & Northern, the Chicago weeks footing up only 17,524,363 bushels this year, Great Western, the Canadian Pacific and the Iowa against 26,244,602 bushels last year. Here are the Central have all sustained larger or smaller losses. details. The Wisconsin Central stands in the same class, hav- RECEIPTS OF FLOUB AND GRAIN FOB FOUR WEEKS ENDING SEPT. 29 AND SINCE JANUARY 1. ing fallen $69,479 behind, the decrease, however, fol- Flow. Wheat, Corn, Oaf, Barley, Rye. lowing mainly from a contraction in tbe ore traffic. (bbU.) (.buth.) (bush.) Ibiuh.) (bush.) (bush.) No doubt some of the other Northwestern road3 have OMertoo — i wks. Sept.,1900 497,040 8,421.886 11,019.181 10,134,507 1.518.6" 3 194,802 suffered in the same way. Tbe decrease of $62,239 4 wks.Sept.,1899 446, 12^ 3v-.87.9H4 18.912.1-76 11,166 5l> i,H68,r9' 3O3.704 since Jan.l, IfOO 7,2 '4.568 2«,3 1216 82,994 < 13 7»,3 366 10,456.) 27 1.471.500 Since Jan.l, 1899 4,007,877 20.449,896 104.428.&.4 86,384,a3' 7,t 80 3. 2,116,777 on the International & Great Northern is, of course, mainly due, we may suppose, to the Galveston hurri- 4 wks. Sept.,1900 821.310 934,501 674.70 4 54.800 1,984,70' 85.450 4 wks. Sept.,1899 4808 8*>.r0» 713,160 927.0 * l,68\6 184,800 Since Jan.l, If 00 2,264,9*10 6,478,8i'l 4,216 9-0 7,3»-8,o0' 8,20*1,1- 5( 737,160 cane, while the loss of $77,556 on the Louisville & Since Jan.l, 1899 2,207,846 7,176,86:- 5,991.490 9,771,501 6,698.62' 1,161,361 Nashville rt fleets, presumably, the smaller cotton 4 wks. Sept.,1900 2 1 4,460 8,010,49-> l,119,76i 905.84 144,760 21.789 4 wks. Sept., 1899 184,806 1,o64,674 2,178,415 1,'J» >,6o* 11,280 23, 86 movement and the diminished activity in the iron Since .lau. 1,1900 1,300,655 14 603,120 18,27* 25 9,716.69' 807,000 288,378 Since Jan.l, 1899 1,027,020 7,981,11 17,686,970 8.861.2 6 385.286 246,431 and steel trades. The following is a full list of all 4 wks. Sept.,1900 80,967 1,557.617 1.276,417 1.13* ,882 38.700 41.711 gains and losses exceeding $30,000. 4 wka.Sept.,1899 60.110 1.0l0,76i 961.280 3*4. oO 95,000 16,466 tlnceJan.l, 1900 6"4.6S.H 6,600,7^' 16,566,166 4,772 8V0 340,06) 119,117 PRINCIPAL OHANGBS IK GROSS KARNTNG8 IN SEPTEMBER. 3lnoe Jan.l, 1899 523,700 13,635,609 11,117,027 2,930 6.9 696,600 691,687 Increases. Decreases. Detroit 4 wks. Illinois Central $300,668 Gt. Northern System. Sept.,1900 28.200 822.768 i8i,a3i 604,387 $236,422 4 wks.8ept.,1899 177.41H 11.4) 4,10r. Chesapeake Ohio... 2 6,917 12.65 318,817 40,641 & Northern Pacific 173,475 Slnoe Jau.1,1900 198,500 1.868,611 2,316,86! 2.0r, 1,847 335.8.S0 63,752 Baltimore & Ohio 192,308 Ohio. M11.& St. Paul.. 150,940 Since Jan.l, 1899 170,765 2,644,676 2,16»,2lt 870.44 120,114 229,807 Okiah. Choo. & Golf.. 151,000 Minn. St. P. & 8. St. M. 1 24,994 0'»"'i*nd Mexican Central 146,055 Bur. Ced. Rap. & No.. 82,881 4 wks. Sept.,1900 392,571 647,440 1,827,100 Norfolk & Western 140,602 Louisville & Nashville 77,556 4 wks. Sept.,1899 5,336 2^0,180 P99.388 496.472 1,00( ••••• N. Y. Central 137,680 Wisconsin Central 69,479 Since J au.l. 1900 187.2-2 1.929,122 8.606,834 S.^.O- 8 Since Jan.l, 189b Missouri Pacific 137,33« Yazoo A Miss. Vail ... 6P ,849 6,835 2,936.011 6,261,181 6,3. 222 1,000 Wabash 117,729 Int rnat'l & Gt. Nor... 62,239 St. Louis & San Fran. 104.430 Grand Trunk 6o,6l3 4 wks. Sept.,1900 81.600 60,450 1,791,600 1,169,4' 172, 100 10.850 Pere Marquette 100,030 Chic Great Western.. 5H.675 4 wks. Sept.,1899 40,3u0 74,900 1,489.7' ^67,200 82,30 8,100 Central or O. or«1a 89,081 Since Jan.l. 1900 82*,4 20 410,800 12.2. 0l-5o 8,620. .100 9 9 00< 113,750 Cin.NewOr.&Tex.Pao. 52, 85 Slnoe Jan.l, 1899 3C8.500 874,850 12,867,050 7,40d.96u 711.150 86,200 Southern Railway 87,169 Canadian Paclflo 36,785 Rio Grande Western.. 83.400 Iowa Central 33,316 4 wks. Texas & Pacific Sept.,1900 616,600 2,827,043 271,874 10,6?4 824.377 109.928 75.252 4 wks. Sept.,l3t<9 660 110 10,614,23 218.1U6 ll.r-90 882,711' 8o2,760 Buffali Roeh. & Pltpa.. 73.8H5 Total (representing Since Jan.l. 1C00 8,422,226 24,489,297 3,14n,180 83P,ft7~ 667,997 813,616 Denver & Rio Grande. 73.600 14 roads) $1,234,214 Since Jan.l, 1899 3,361,6»o 36.2oi.14" 6,9o2,7o7 2,767,6ol 965.612 849,431 Mexiotn National 58,144 •flTll MlDiilt."- Hocking Valley 41,52'2 4 wks. Sept. U00 8,701 7,400,180 246.^60 1,1 S«. 9 718.640 61.730 Pitts. Bess. & L. Erie. 40,694 4 wks."
with Since Jan.l, ' heavy earnings a year ago. For example, in 190 16,046 96 15v.796.12t 153 9 5 11» 1 24704 *0' ;3.5 8,460 8,644 1-8 Since Jan.l, 18WH 11, 729.5(12 163.f8",12<> 17K659 304 134.»>74'> 5 6.4V5 4 8 6.406.1-81 September last year our table showed $6,081,159 in- As to the cotton movement in the South the re- crease, or 11-08 per cent, which followed $2,790,805, ceipts at the Southern ports were 618,290 bales in or 6-04 per cent, improvement in September 1898, and 1900, against 789,048 bales in September 1899, while $6,385 823, or 14-14 per cent, gain in September 1897. the shipments overland were but 32,5u2 baits, against The following gives the totals for the month and the 79,651 bales. nine months for five years. We annex our usual tables showing the earnings Mileage. Earnings. Increa$e for the last six years of the principal roads, arranged Tear Feor Tear Year or in groups. Given. Preceding Oiven. Preceding. Decrease HARNINGS OF SOUTHWESTERN GROUP. !ki>t ember. MiUt. Mile*. %
1 SepUmber. 1896 122 roads) 94.614 93 854 43,266.338 48,450,854 Dec. 184.616 1900. 1899. 1898. 1897. 1896. 1896. 1897 (133 roads! 110,119 98.681 51,538.589 45.152.746 Inc. 6 385,-23 1898 (119 roads) 96,161 95,462 48,9e9,88f 46.179.f80 Inc. 2.71-0 806 $ $ S 18B9 f 1 • (117 roads) 100,3»1 99.147 60,9=2,319 54,871.16( Inc. 6.081.169 Den.ARloGr 026 661,693 1900 'It. 1,020,100 946,80' 804,93; 731.31 623 7 roads) 101,068 9:,678 eO.. 61,204 59,144,732 Inc. 1,316,472 Inl.AUt. No.. 880,622 442.8*1 422 699 378.V48 386.-3 1268.802 Jan. 1 to Sept. SO i.C.F.8.4 M.. 463,060 472.831 402,091 467,004 3-4.306 399,468 1896 I e Mo. E. 1,055,268 roads) 92,381 91,622 842.322.866 327,422,14r Inc. 14.900.7S6 & Tex ].326,6r'] 1,323.477 1,258,8 8 1.846.66' 1 ,206,803 1897. 129 road s) tfo.P.AIr.Mt 6o3, f-6 1.977,434 3,046.233 99,504 97.966 876 587,912 ! 68 996.89- rnc.l6.64H>14 8,932 000 2.794,664 2.664.00 2 1898 (128 R. Gr. 2)0,674 239,426 roads) P6 119 95.420 87',3l<8 408 889.K 13.009 Inc. 87.486 8 4 West 4r 9,80C 876. 200 801 ,5* t.01,671 1869 (ii« roads) 99.^72 98,671 45«.0*S.01 420 655 03' /nc.S8,«07>76 St. L. A S. Kr Si 0,637 78^,267 627,996 686 11 64l,6it 639.358 100-1 (H)7road») St.L. 1 429,693 ini.068 97.678 497 290,442 447.618.47" fn«.49, 71 966 Sonthw 661,360 624,162 621.812 4-9.7 4 411 feiasA Pac 793,5-8 718,286 666.56 704,433 6'8>04 638,822 In view of the losses by the spring- wheat roads, the Total. 8,7£6,e08 8.324,7 38 7,669,740 7.647.7>-4 6,469,367 6,203,457 reader may be surprised to hear that receipts at wheat t Galveston Houston & Henderson included for this year. . ). .. . 1 2 . ) ..
734 THE CHRONICLE [Vol. LXXI.
EAtCNINOB OF NoKTH WKSTlsRt" AND NOJftTH PACIFIC GBOUP. eross Mamxngs. Miitugt. Name of Roaa. Increase 01 September. 1900. 1899. 1898. 1897. 1896. 1896. 1900. 1899. Decrease. 1900. 1899. $ 1 $ $ t t $ 491,834 Bnrl.Ced.R.A No 467.134 550,016 529,497 465.405 418.652 Ohio. & East Illinois. 464,800 442.626 +22.174 711 648 Canadian Pacific. 2,618,000 2,649,7*6 2,396,385 2,844,529 1,826.690 1,820.388 Ohio. Great Western. 614,240 670,915 —56,675 929 929 Ohio. Gt. West.. 614,240 670,916 551.646 624.146 438,181 426,649 Ohio. Ind. A Louisv. 349.^40 364.100 —14,860 546 546 Ohio. Mil. Ohio. Mil. & St. P.. 8,728,461 8,879.4*1 8,692 185 8,210.897 3.878.180 8,082,291 A 8t. Paul. 3,728,461 3.879,401 —150,940 6,397 6,397 Ohio. Peoria A St.L. Ruluth S.S.&Atl. 222,083 221,428 169.648 162.756 164,640 161,617 112,251 —13.055 292 292 St. L.Chlo. & 8t.P. 125,306 2,093,859 { Great Northern.. +2.876,860 +3,118,272 +2.8 5,286 2,483,755 2,170.200 Ohio. Term. Tr. RR.. 119,094 102.352 +16,742 103 94 Iowa Central 204.015 237,881 208.610 172,477 144,873 159,420 Ohoo. Okla. & Gulfi. 270,000 119.000 +15U00 632 282 Minn. A. St. Louis. 271.811 276,080 228.810 225,029 207,688 193,276 Cin.N.O. ATex.Pao. 891,227 443,812 —52,535 336 836 M.St.P.&S.S.M. 374,479 499,463 602.371 411,988 870,800 865.23* 01nn.Portsm'th & Va. 40,735 36,316 +4,419 111 111 Jlev. Cin.Ch.A8t. L.. 1.838 North'n Pacific. •3,286,763 •2,641,455 2,610,840 1,833.177 2,812,445 1,525,854 1,504.226 +21,628 1,891 3112.278 Peoria & Eastern 196,449 196,060 +339 352 352 St.Panl&DuO 199.010 184,226 177.391 169,641 170,707 "Jlev. Lorain A Wheel. 171.229 171,824 —595 192 192 408,661 Wisconsin Cent'l. 470.184 589.663 486.784 488,940 870,688 Col. Sand. A Hook'g 83,351 81,870 +1.481 273 273 Den v. & Rio Grande . 1,020,1*0 946,501) +73,60o 1,675 1.673 Total 14.951,635 16422,116 14,751,803 13.173,103 10,988,195 11,070,889 Dul. 80. Shore A Atl. 222,083 221,428 +655 589 589 East St. L. & Caron. 12,423 12,1 7 + 266 13 13 * Includes proprietary lines in these years. tfilgln Jollet A East. 168,210 148,439 +19.771 194 194 + In these years includes the earnings of Spokane Falls & Northern. Evansv. & Indianap. 30.279 32,286 —2,007 146 146 EARNINGS OF BOOTHERN GROUP. Bvanav. A T. Haute. 119.603 125.081 —5,478 162 168 Ft. Worth & Rio Gr.. 47,719 36,179 +11.540 146 146 Gadsden September. 1900. 1899. 1898. 1897. 1896. 1896. A Att. Un.. 1,404 1.532 -128 11 11 Georgia 168,241 148,490 +19.751 307 807 t • • I I $ 3a. South. A Florida 95.815 93,575 +2,240 285 285 Alabama Gt. So.. 172,984 181,884 161,304 140,031 136,620 142,783 *r. Trunk of Can. Det.Gr.Hav.AM 2,117.690 2,178.303 —60,613 3.707 3,707 Cent, of Georgia.. 642,046 522,964 458,224 600.0-S5 488.618 454,998 4t. No.—8. P. M. A 2,30^,973 2,532,774 —223,801 4,598 4,549 869.855 831,510 M Chesap.4 Ohio... 1,350,666 1,128,648 1,022,201 937,824 Eastern of Minn. 396,240 409,203 —12,963 353 304 Cln.N.O.&Tex.P. 391,227 443,812 449,019 327.149 284,651 340.600 Montana Central 171,637 171.295 +342 202 262 Georgia 168,241 148,490 141,668 158,947 167,899 111288 Hooking Valley 387.022 34\500 +41,522 346 346 Kan.CMem.4Bir. 134,788 123,616 98,131 96,999 109,811 89.558 Illinois Central 3.037,772 2.737,104 +300,668 3,996 3.679 Internat'l Gt. No.. —62,239 775 Louis v. & Nashy. 2,249,661 2,827.216 1.940,957 1,864,873 1,755,696 1,693,934 A 380,622 442,86) 775 Cnterooeanio (Mex.).. yl 15,300 y21 4,470 +830 555 556 Mobile &Oniot... 476.400 478.809 343,458 815,899 271.938 372,800 Iowa Central 204,015 237,331 —33,316 546 509 Nash.Chat.& St.L. 624,879 615,606 528,178 486,651 435,022 429,566 Iron Railway..... 4.020 5,8 10 —1,790 20 20 Norfolk & West. 1,289,821 1 1.148,719 1,018.976 1,028,303 864,845 828,684 fcanawha A Mich 64.987 56,439 +8,548 172 172 Southern Ry.. < 1692,234 1,636,674 Can.C. Ft. 8. A Mem.. 463,050 472,331 -9,281 973 973 C2.769.478 c2,682,309 02,437,508 1.945,366 Memphis Dly:! < 115.15B 114,801 Can. C. Mem. &Bir.. 134.788 128,616 +6.172 276 276 Can. City N. W.. 31.079 32.269 —1,190 174 174 Total . 10.2«8.588 9.801,978 8,61R,861 7,824,686 7,236,281 6,944,819 Lehigh & Hud. River. 35,623 42,686 -7.063 90 90 Los Angeles Term'l. 14,348 11,494 +2,854 50 50 + Includes Montgomery Division in 1900 and 1899 only. Louisv.Evans. 872 e Figures for 1900, 1899 and 1898 Include South Carolina & Georgia, Mobile & &8t. L 192,099 184,644 +7,455 372 Birmingham and 161 miles of Atlantic & Yadkin and Atlantic & Danville. Louisv.Hend.ASt.L.. 55,737 55,135 +6o2 I661 166 t Figures are approximate, same as for I9u0; actual earnings were larger. Louisv. A Nashville.. 2,249,660 2,327,216 —77,556 3.14" 3 033 EARNINGS OF TRUNK LINES. Macon A Birming'm. 9.587 6.747 +2,840 97 97 Manistiaue 7,283 3.670 +3 613 59 59 Mexican Central 1,278,69" 1,132,639 +146 055 2,054 2.016 September. 1900. 1899. ___1898. 1897. 1896. 1895. Mexican National.. 594.649 536,505 +58,144 1.323 1,266 Mexican Railway.... y255,000 —15,9' 321 321 1 $ $ $ J/239,100 Mexican Southern... 1/43,610 y38,386 +5,224 26" 228 Bal. & Ohio c 2,538,271 2,433,760 2.292,931 2,132.506 3.813138 8.620,830 Minn. A St. Louis 271,811 276,080 —4.1:69 643 508 B.&O.S.W. \ \ 701,466 595,180 525,661 618,571 Minn.8t.P.A8.8te.M. 374.479 499,463 -124.984 I.V78 1,278 C.C.C.&StL 1,525,854 1,504,226 1,400,326 1,239,096 1,123,256 1,238 628 Ifo. Kans. & Tex. sys 1,325,661 1,323,477 + Z.184 2,222 2,197 Peo.&East 196,449 198,080 170,785 168,098 151,069 174,140 Mo. Pao. &Iron Mt.. 2,801,000 2,660,760 + 140,240 4,948 4,938 Central Branch 131.000 133.904 —2,904 388 388 G.T.of Can. c 1,S66,730 1,968,593 1,833.788 1,685.613 | 2.117,690 2,178,308 Mobile Jack. A K. C. 9,914 7,541 +2,373 50 50 D.G.H.&M ( 92,208 107,639 94,115 100.778 mobile A Ohiot 475,400 478.809 —3,409 87t 876 N.Y.C.&H+ 4.981,461 4,848,781 4,284,062 4,399,820 8,851,607 3,876,146 Mont. & Mex. Gulf... 119,263 94,187 +25,076 390 390 Wabash 1,615,569 1,497,810 1,288,689 1,202,509 1,060,030 1,176,661 Nash. Chat. & St. L.. 624;879 615,506 +9,373 1,195 1,195 N i.Cen.&Hud.Riv.. 4.981,461 4.843,781 +137.680 -4.-29 2.826 Total 14.2*0.1 «1 11.S41.040 13.290.48/ 12.11 4. 6«6 10.937,265 ll,0nl,743 Norfolk & Western. . 1,289.321 1.148.719 + 140,602 1,55 1.551 t Includes after July 1, 1898, the Beech Creek RR. and Walikill Valley RR. Northern Pacino 3,112.<78 3,285.753 —173,475 5,456 5 067 and after May 1, 189U, the Fall Brook svstem. Ohio River 145,992 132,454 + 12.83* 224 224 EARNINGS OF MIDDLE AND MIDDLE WESTERN ROADS. Pere Marquette 742,961 64z,931 +100,0 <0 1,766 1,766 Pittsb. Bess. A L. E. 251,828 211,134 +40,b94 z03 203 Pittsb. & Western.. September. 1900. 1899. 1898. 1897. 1896. 1896 Pittsb. CI. A Tol. 291,250 290,933 +317 352 352 Pittsb. Pa & Fair. South'n. —2,129 • t 1 $ 1 1 aio Grande 46,703 48,932 180 180 Rio Grande Western 459,600 376.210 +83 400 610 584 Arbor...... 133,863 121,066 110,497 Ann 134.669 93,079 97,531 St. Jos. A Gr. Island. 128,571 135,418 -6 847 312 312 Buff.Roch. & Pitts 483,568 409,693 838,231 318,088 284,114 267.486 St. L. Keunett T.Haute Indianap. 141,244 153,560 —12,3 1 6 80 Lou. Evans. & St.L. 192,099 184,644 147,149 143,143 143,642 163,903 & 80 T. Haute A Peoria... 41.93d 41,905 +78 174 174 N. Y. Ont. & West. 469,619 469,5 19 853.630 858,367 838,976 808.587 Texas Central 51,551 36,210 +15.341 215 176 Pere Marquette... 742,961 642.931 +634,713 +688.906 +510,281 +506,694 Texas A Pacific 793.538 718,286 +75,252 1.517 1.492 Pittjb'g & Wejt'n. 291,260 290,933 299,904 287,710 218,72 287,482 Tol. A Ohio Central. 199,271 180.804 +18,467 371 371 Tol.& Ohio Cent.. 199,271 180,804 154,700 127,699 155,056 179,187 Tol. Peoria A West'n. 107,598 104,4 9 +3,169 248 248 2,326 Tol. Peo. & West. 107,598 104,429 96.378 88,383 84,612 89,693 Wabash 1.615,569 1,497,840 +117,729 2,358 JVheel. Lake Erie Wheel. & L. Brie. 127,628 A J 111,972 101.831 128,616 245,766 226,590 +19,176 464 464 £ 245,766 228,690 Clev. Can. A 80. J Clev. Can. &So.. I 62,913 68.690 62,496 57,763 Wisconsin Central... 470,184 539,663 —69,479 937 937 Yazoo Miss. Val. .. 379,975 448,824 —68.849 1,030 1,001 Total 7,856,717 7.288.250 6,556,016 6,054,331 5.279,627 5,443,623 A . — — Total (107 roads). 60,761.204 59,444.732 +1,316.472 101.088101,088 97,678 t Includes the operations of the St. Louis Alton & Terre Haute for all the railroad only. rears. The Chesapeake Ohio & Southwestern and Ohio Valley are included for t Earnings are for 900. 189H, 1898 and 1897, and Chicago & Texas for leoo. 1899 and 1898. Results t Montgomery Division lnoluder) in both years. on Yatoo Branch are not included for 19n0, 1899 and 1898. V For three weeks of the month only in both yearn. + Tbese figures are simoly the totals on the Chicago & West Michigan De- troit Grand Rapids & Western, rlint & Pere Marquette and Saginaw Tuscola Huron. & • September, 1930, not reported ; taken same as 1899. GROB8 EARNINGS AND MILEAGE IN SEPTEMBER. ITEMS ABOUT BANKS, BANKERS AND TRUST CO'?. —The sales of bank stocks this week aggregate 248 shares, Oroia Earnings. Mileage. of which 183 shares were sold at auction and the balance at Name of Road. Increase or the Stock Exchange. Fifteen shares of the Farmers' Loan & 1900. 1899. Decrease. 1900. 1899. Trust Co. stock were also sold at auction. Sales of 50 $ $ 9 shares Bank of New York, N. B. A., and 10 shares Bank of Alabama Gt. South'n 172,984 181,884 —8,900 310 810 Ala.N.O.Tex.APac— the State of New York show advances over the prices paid at N. Orl. A No. East.. 156,006 150,229 +5,777 196 196 Ala. & Vlcksb 67.7' 72.789 —5.027 143 143 last previous sales of 13 and \2% points, respectively. Vicksb. Shr.&Pao.. 68.849 62,849 +6.000 188 188 Shares. Banks—New York. Price. Last Previous Sale. Ann Arbor 134.559 13*.363 29'.' + 1,191 292 1900- 330 Atlanta Knox v. & No. 36.341 37 City Bank, National 330 Oct 35,633 + 703 228 228 345 Atl. Valdosta AW... 16,829 15,020 50 Corn Exchange Bank. 340 Aug. 1900— + 1,80!) 114 71 National 180<4 1900- 185 Baltimore & Ohio, i 27 Irving B*nk Aug. 3,813.138 3.620,830 155 July 19*0— 161 Bait. October 13. 1809.; THE OHKONICLE 735 —It is officially announced that the GHrard Trust Com- Corn Exchange are the Astor Place, the Queens County, the pany has been appointed Registrar in the City of Phila- Broadway, the Home, and the Hudson River. Pennsylvania delphia of the stock of the Railroad Com- —Amzi L. Barber, the head of the Barber Aephalt Co. of pany, to take effect December 1. this city, was on Thursday elected a trustee of the Trust Co. —While bank clearings generally show a falling off from of America, of which Hon. Willis S. Paine^is President. the large totals of a year ago, the Southern cities are proving a conspicuous exception to the rule. There are a few points Engl lab Financial markets—Per Cable. in the South which show losses, but the great majority of The daily closing quotations for securities, etc., at London places record very considerable increases. There is one *re reported by cable as follows for the week ending Oct. 12. city, however, that is distinguished beyond the rest in this particular. We refer to Savannah, where the clearings for London. Sat. Man. Tuet. Wed. Thurs. Fri. the month of September this year aggregated $30,580,047, silver, per ounoe d. 29% 29U, e 294 299, 8 299, 294 against $12,232,879 in September, 1899, and $11,028,865 in a Consols. , new. 2 % p. ots. 98% 98% 989, 6 987, 6 985 le 983a 98U, September, 1898. This year's total is not only the largest For account 99 99'u 98% 6 98»,8 984 Fr'oh rentes (in Paris) fr. 10115 00074 1O000 99-95 99-95 99 bO October aggregate ever reported, but the largest of any Spanish 4s 71 70S*) 704 70<58 704 70% Anaconda Mining 94 9'ie 913 94 94 94 month of any year. The reason for the expansion is of Atoh. Top. & Santa Fe.. 29!% 28*8 28% 29 28?8 294 course found in the prosperity which the South is enjoying, Preferred 734 73 724 72% 724 724 Baltimore & Ohio 74 73 12 73 73 14 72% 72% and also in the higher price of its main staple—cotton. Preferred 81^5 81k 8II4 80% 80% 80% Canadian Paoifio 903a 894 89 880s 894 89 —The Western National Bank is taking advantage of the Chesapeake & Ohio 29'a 2«4 28% 29 28 58 28=8 11618 115<>8 11538 115 increase in the number of its directors which was recently Ohio. Mil. & St. Paul... H514 1154 Den. & Bio Or., com.... 19'8 19% 194 194 19 194 authorized by the stockholders. The latest addition to the Do do Preferred. 69i2 694 691$ €94 68% 68% Bile, common 124 124 124 124 12 124 Board, which was made on Wednesday, is David Moffat, H. 1st preferred 35'8 3."% 35i8 354 35 354 18i* President of the First National Bank of Denver, Col., and 2d preferred 1968 .19 195a la% 19 Illinois Central 119% 119% 1194 120 120 120 for many years a Director of the Equitable Life Assurance Louisville & NashvlUe.. 74 14 7338 733e 7388 734 735a Cio. Kan. A Tex., com. 103a 104 9 7 9^ 10 10 Society. Mr. Moffat was also at one time President of the 8 8 Preferred. 30 29 28 27 ?8 28 28 Denver & Rio Grande Railroad Co. 8. Y. Cent'l A Hudson.. 134ia 134% 1331a 133% 1334 133 ». Y. Ontario & West'n 2079 20?8 20Ss 204 2i% 20% —The new uptown financial institution called the Fidelity Norfolk & Western 36 36 3514 354 35 354 Do do pref. 774 77ifl 77 14 774 774 774 Bank, which, as was noted in this department May 19, was Northern Paoifio, com.. 51*4 50ia 494 493s 494 503s Preferred...... 71% 71% 70% 71 714 71 organized under the State law about six months ago, wilj 7 Pennsylvania 67 67 67 66 8 66% 674 begin business Nov. 1 with a capital of $200,000 and a paid- 'Phila. A Read 84 838 84 84 84 84 'Phila. & Read.,lst pref. 285 2838 284 284 2833 in surplus 8 283a of $100,000. Charles R. Henderson, who accepted Phila. & Ready 2d pref. 13 )3l8 13 13 13 13 the position of Acting President solely for the purposes of or- •onthern Paoifio 34»s 343a 333a 335s 334 3358 786 THE CHRONICLE. [Vol. LXXI. New York City Clearing: House Banks.—Statement of Breadstuff* Figures Brought from Page 772.—The condition for the week ending Oct. 6, based on average of statements below are prepared by us from figures oollected daily results. We omit two ciphers (00) in all cases. by N. Y. Prod. Exch. Receipts at Western lake and river ports for week ending Oct. 6 and since Aug. 1, have been Re- BANKS Capital. Surpltt*. Loans. Specie. Legal*. Deposit* IffVt Uteifts at- Flour. Wheat. Corn. Oati. Barley !<**. $ ft $ 9 P.O. Bank of N. T 2,000,0 2,0/4,1 14,386,0 2,649,0 1,023,0 14,185,0 258 Bbls.lOfilbs Buth.dOlb: Bush.mb Bush.Silbs Buth.iSlb) BU.66 lbs. Manhattan Co... 23-6 2,060,0 2,110,6 19.891,0 2,971.0 2,228,0 22,008,0 ;h tango 143.831 1,512.491 3.228,368 2,188.484 616,453 68,1TB Merchants' 2,000,0 l.oea.i 12,857,8 2,875,7 1,692,2 14,696,8 289 ilUarankee Mechanics* 2,000,0 2,184,9 11,622.0 3,269,0 406,0 14,468,0 29-4 80,760 125,250 124,060 97,200 766 200 39.750 America 1,500,0 2,916,4 20,824,1 6,266,6 1,688,2 24,767," 280 Julnth 151.000 473.7S9 48.662 1109 170,106 84.048 Phenix 1,000,0 222,6 6,171,0 1,300,0 93,0 5,343,0 280 Minneapolis. 6.260 2,143,920 64,580 269,130 823.770 11,340 City...... 10,600,0 5,601,6 107,048,1 29,627,0 8,880,9 121,998,8 27-3 Chemical 300,0 6,849,6 24,999,1 6,208,5 2,438,5 25,836,6 29-6 Toledo 21,285 460,076 326,84* 150.000 12,600 6,800 Merohants' Ex.. 600,0 200,3 4,649,6 737,1 677,4 5,142,7 256 Detroit 7,200 40.925 87.807 114,269 28-9 Gallatin 1,000.0 1,896,1 8,675,9 1,246,7 875,2 7,320,0 Cleveland... 74,129 249,653 259 946 Batch.* Drov's' 300,0 88,4 1,039,6 201,3 69,9 1.021,6 26-5 Mech.A Traders' 400,0 117.9 2,160,0 226,0 193,0 2,327,0 180 it. Louis .... 47,485 490.395 817,880 198.000 128,250 19.808 Ctreenwioh 200,0 182,2 962,8 102,6 173,3 881,2 31-9 Peoria 84,200 18,650 480,003 257,500 68,200 Leather M'f'rs.. 600,0 477,3 4,285,7 987,5 243,1 4,263,9 276 Kansas City. 818,800 180,000 61.660 Seventh 300,0 216,0 3,439,1 649,7 863,7 4,403,7 20-7 State of N. Y.... 1,200,0 668,1 3,833,6 441,7 268,9 3,099,6 236 Tot.wk.1900 484,001 6,161,275 "4^983.643 3,587,518 2,000.669 168010 Amerloan Exch. 5,000,0 2,964,0 27,999,0 3,690,0 910,0 20,489,0 246 wk.'99. 2.057,977 106.224 Commerce 10,000,0 6,802,8 64,487,4 6,659,4 5,689,8 52,243,5 23-4 tame 446,515 7.570.4C7 7.421,011 8,871,125 Broadway 1,000,0 1,576,8 6,692,1 910,9 392,7 6,864,0 42-2 Same wk.'»8. 393,826 10,702,765 6.670,242 4,647,978 8,021.764 428,601 Mercantile 1,000,0 1,191,8 13,669,0 2.118.7 1,565,2 14,248,7 25-8 lines Au%. 1. Pacific 422,7 484,4 2,787,2 198,4 394,5 3,289,8 183 1900 8.845,930 1.108.935 Republic 1,600,0 1,060,5 20,022,4 4,652.3 757,8 22,070,9 24-0 4.148.656 69,222,831 35,722,113 43,820.240 Chatham 450,0 996,9 6,164,4 719,7 882,2 6,298,9 2i'4 1899 4,374,755 67,668.601 64,170,517 14.943 010 6.391.2-<3 1.637,480 People's 200,0 334,3 2,239,9 186,3 366,9 2,466,6 225 1898 8,904,191 65,608,318 48,201,021 41,808,747 8 78^,056 2,814,407 North America 1,000,0 670,u 13.231,6 2,644,0 1,192,2 14,788.8 263 Hanover 3,000,0 5,070,2 44,606,4 9,600,0 3,451,7 48,396,8 26-9 Receipts at seaboard ports for week-ended Oct. 6, 1900: Irving 500,0 434,5 4,191,0 712,2 27-6 673,6 4,644.0 Four, Wheat, Corn, uu&t, Citizens' 600,0 2,936,6 650,7 195,1 25-5 882,1 9,308,6 Receipt* at— bbls. buih. bush. bush. bus*. bush Nassau 500,0 284,0 2,742,7 632,7 132,4 3,160,6 21-0 Sew York 170,783 1,259,960 1,232.975 1,218,'>00 59,100 22,485 Market Totals Oct 6 . 7862.0 H401.0 61638 6 2705,5 3729.2 754 \4 3748.6 68922,1 Members New York Stock Hsobantie, Total* sept. 29.. 7362,0 8401.9 60810.x 2747.885H0 8 7255,2 4229 H 67575.6 NO. 1 NASSAU STREET, ... NEW YORK. Totals Sept. 22 7862,0 8401.9 606i9,4 2801.6 3645.4 7608,3 4023,8 67531 INVESTMENT SECURITIES ..) . : ' : » October 13, 1900. CHRONICLE. 737 J THE The following were the rates of domestic exchange on %rmktx%' ®a^tib^ New York at the under-mentioned cities to-day: Savannah, buying 3-16 discount, selling 1-16 discount; Charleston, DIVIDENDS. buying 75c. discount, selling par; New Orleans, bank, par; commercial, $1 25 discount ; Chicago, 40c. discount ; St. Per When Books closed. Name Company. 50c. per $1,000 premium; San Francisco, of Oent. Payable (Days inclusive.) Louis, 7%c. per $100 premium. Railroads (Steam). United States Bonds.—Sales of Government bonds at the Alabama or. Sou pf. A. (extra). 2t Oct. 2 Holders of rec. Oct. 1 , board include $11,000 3s, coup., at 109^ to $500 Cln. Ham. & Day., new pf. (qr.) m Nov. 8 Oct. 2S to 110^; 3s, 1 Cin. Sandusky > 12.-^ , So far as there is evidence of any change in the political Sales at — Week end. Oct. Jan. 1 to Oct. 12.—— N. F. Stock Exch. 1900. 1899. 1900. 1899. outlook, it seems to have improved. Arguments most used Government bonds $47,500 1101500 $5,655,610 I8.033.2W by the opposition have thus far failed to create any consid- State bonds 63.000 2,000 V 88.800 1.830,800 RR. and misc. bonds.... 1,767,500 9,877.500 852 836.300 701.830.200 erable public sentiment in their favor, and from a Wall Street standpoint the chances of President McKmley's re- Total »4.868,000 19.9^1.000 $360,230,710 $711,700,220 Stocks—No. shares 1,205.925 l.b50,084 H4.370.271 1S8,52>*,880 election are better. Par value $118,316,460 $188.07 1.800 $8,145,488,512 $13,412,233,450 Foreign exchange has further declined, and gold to the Bank shares, par value. $1,300 $1,760 $103,225 $820,700 amount of $4,050,000 or more has been engaged abroad for We add the following record of the daily transactions Week ending Stocks. Railroad, dkc. State a. shipment to New York, notwithstanding the fact that u. Oct. 1 2, 1900. Shares. Par value. Bonds. Bonds. Bonds. the Bank of England has advanced its price for United Saturday.. 138,366 $13.3*8,600 $992,500 $6,000 $1,000 States gold coin and bullion. At the time the local Monday 273.644 2i,693.2(>0 958.000 10.000 29.000 same Tuesday 197,594 19,533.400 659,600 - 24.O00 10.000 money market is firmer and rates have advanced. Wednetday 175,241 17.288.000 840.500 6,000 3,000 The open Thursday 172,650 17.012,750 8 0.0C0 2.0 market rates for call loans on the Stock Exchange Friday 2l8,440 24,555,500 807.000 5,000 4,600 during the week on stock and bond collaterals have ranged Total. 1.206,925 $118,316,450 $4,767,500 $53,000 from 1% to 4 per cent. To-day's rates on call were to $47,600 2% The sales on the Boston and Philadelphia Exchanges were: 3/4 Per cent. Prime commercial paper 5 to 6 per cent. -Boston. > . Philadelphia.——n The Bank of England weekly statement on Thursday Listed Unlisted Bond Listed Unlisted Bond showed a decrease in bullion of £1,371,457 and the percent- shares. shares, sales. shares, shares, sales. age of reserve Saturday 18.S18 6,089 $14 000 9 468 2.980 $68,200 to liabilities was 43 22, against 44-41 last week; Monday 16.269 8,775 14,000 16.S24 1.476 136.819 the discount rate remains unchanged at 4 per cent. The Tuesday 9.230 6,924 60.500 10,282 H17 238.700 of Wednesday 8,246 5.091 46,2*0 13.268 4,621 79.700 Bank France shows a decrease of 5,350,000 francs in Thursday 9,810 3,916 57.000 10.643 7.488 134.900 gold and 6,675,000 francs in silver. Friday- 7,656 4,125 45,800 16W93 6,187 119.346 The New York City Clearing-House banks, in their state- Total 65.027 85,820 227.580 77.271 23,769 777.664 ment of Oct. 6 showed a decrease in the reserve held of Railroad and Miscellaneous Stocks.—The stock market |8, 574,700 and a surplus over the required reserve of has been dull, daily transactions averaging only a trifle $6,241,90 », against *1 2,942,600 the previous week. over 200,000 sbares, and on at least three days of the week were less than that amount. Owing largely to a lack of 1900. Differen'sfr'm 1899. 1898. demand, operators on the short side of the market have Oct. 6 Prev. week. Oct. 7. Oct. 8. been successful in their efforts, and the result was a decline of the active list averaging between 1 and 2 points. A spurt Capital 74,222.700 58,922,700 58,272.700 near the close carried the volume of business above the Surplus 90,109,9 ")0 78.843.500 75,v 87.200 Loans & dlso'nts. 816810,700 Deo. 661,900 710,582,500 636,380,100 average to-day, and substantial advances from the lowest Circulation 3- ,110,8<>0 Inc. 245.100 15,534.700 15.473,200 prices were recorded in several cases. Naturally, in such a Ret deposits 877,210,800 Deo.7,496,000 781,158,800 710.80^,800 market the transactions were relatively heavy in the specu- Specie 163,404,100 Deo.5,7f>2,300 147,252,400 142,850.600 lative issues Legal tenders 62.140.500 Deo 2,822,400 48,680.500 53.594,700 throughout the week. In only a few cases was the tendency of the market re- Reserve held 225,544,600 Deo 8,574,700 195,932,900 196,445,300 Legal reserve.... 219,302,700 Deo 1.874,000 195,289.700 177,701,700 sisted, including the anthracite coal stocks, which although neglected were steady to strong, and Manhattan Elevated Surplus reserve 6,241900 Deo 6,700,700 643,200 18,743.600 and Great. Northern preferred, which close higher than last Hotb.—Returns of separate banks appear on pa«e 736. week. People's Gas was a conspicuous feature, both for activity Foreign Exchange.—The tendency of the market for for- and erratic movement. It declined to 81%, the eign exchange has been downward, and new low rates for lowest quotation recorded in recent years, and subse- the season were made. The supply of cotton bills continues quently recovered a large part of the loss, Consolidated large. Gas, American Sugar Refining, New York Air Brake and To-day's actual rates of exchange were as follows: Bank- the iron and steel stocks were weak. Auction Sales.—By Messrs. Adrian H. Mnller & Son : Bonds. Slocks $500 Riding & Driving Club 1 Bank of the. State of N.Y.140i« of B'blyn 1st Corn ExebaDsre, Bank... 340 ram for ^8,1905 J&J. 76 50 payment, 4 &0@4 80^; cotton for payment, 4 1a% $l.000RidiDg&Drlvin*Club 1 Cllnion Hall A-si.ciat'n. 51 H 79; cotton for acceptance, 4 79^@4 79%. of B'lyn vd5s, 1911, J&J.. 31ifl fO Bank of N Y.N. B A. .273 Bank.N Y.330 Posted rates of leading bankers follow: $15,000 Virginia Coal Co. of 37 National City Wi-e Co , Va.. 1st *s. 1915 15 Farmers' Ln»n & rv.Co.1406 (all coupons attached) $1415 lot 10 Alliance Realty Co 72 October 12. Sixty days. Demand. $5,000 Citv of Mobile, Ala., ft Mntual Banfe of N. Y 155 4-5s. 1£06, J&J 100 & int. 1 3 Globe & Burgers Fire In- Prime bankers' sterling bills 81*3 1 85i« $5,000 Denver & 8outhw'n surance C> .. 49*3 on London. 4 81 04 85 »4 1 Prime commercial 4 79*a3>4 79% RR. sren. 5s s. f., '29, J&D.. 89 27 Irvins National Bank.-.IFO * Documentary commercial"."!! 4 78%a4 «0»4 $77,000 Buffalo Gas Co 1st 4 Nat.Slioe & Leather B'k.101 Paris bankers' (franos) 5 22i«»21V 5 2095 193a* 5s. 1947, A&O... 55 to 56% Amsterdam (guilders) bankers! 39%a>39i3, 40 940 Frankfort or e i By Messrs. R. V. Harnett & Co. Bremen (relohmarks) b 'kers 937e ®93 5 « 94^9 949),. ~~ " * Less lis. 25 Automatic Telephone Const. Co. and 57 Smith VaasarTel. Co.. $200 . • . ...,.... . 738 THE CHRONICLE-STOCK PKICBS (2 pages) Page 1. [Vol. LX2I New York Stock Exchange—A Daily, Weekly and Yearly Record. STOCKS—HIGHEST AND LOWEST SALES PRICES. Sales Range for year 1900. Range for prex- STOCKS. of the On basis of 100-sh're loU ous year (1899). Saturday, Monday, Tuesday, Wednesday Thursday, Friday, Week. N. Y. Oct. 6. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Oct. 12. STOCK EXOH. Shares Lowest. Highest Lowest. Highest, Railroad Stock*. •18 18 •18 18 16 18 16 18 16 18 •16 18 A"? Arbor. 16 Sep 18 18 Mar 36 14 Apr 18* Oct •45 47* •46 47* 45 47* 46 47* 46 47 45 47 Do pref 40*J'ly 34 48 Apr 8 88 May 48*Oot 87* 28 3 27* 88 28* Atoll. Topeka Santa 18,310 2 28* 28* * ¥J< 28* 28* 87* * Fe 18*Jan 8 39*Apr 17 May 70* 71* 70* 70* 70 70* « $ 70* 69* 69* 69* 71 Do pref 89,289 58*Jan 11 74*Apr 8 60*Jan 68*Aog 71* 72* 70* 71* 70* 7 * 70* 71 69* 70* 70* 71* Balt.AOhio,vot.tr.oertfi. 33,188 55*Jan 8 89*Apr 19 43*J'ne 61*Apf 78* 79 78* 78* 78* 78* 7T* 78 178* 78* 78* 79* Do pref 3,405 73*Jan 9 90 Apr 16 67*J'ne |5*Not 51* 62* Brooklyn 62* 58* 51* 68* 51* 59* 51* 63* 51* 62* Rapid Transit. . 73,276 47*Sep 35 80*Apr 10 61 Dec 137 Apr •68 78 •83 78 •66 73 68 72 68 72 •68 71* Buffalo Booh. A PitUburg 53 Feb 37 73 Aug 29 30*Mar 59 Not •107 116 '107 116 107 115 108 115 109 115 109 115 Do pref 93 Jan 18 115 Apr 26 69 May 108 DM •87* 88* 87 88 86* 86* 88 86* 85* 86* 86* 86* Canadian Paoiflo 1,500 S4*8 * 168 1159* 160 161 161 Ohloago A North Western. 700 150* J'ne 25 167* May 32 141*Jan 173 Sep 803 802 1206 305 Do pref. 120 195*May 9 207 Sep 6 188 Jan 2lo*sep 108*107 106*106 106* 105* 105*106* 105* 105* 105* 105* Ohloago Book Isl. A Pao. 7,370 102 J'ne 25 114*Mar 28 100 Deo 183*Jan •110 116 108 115 110 110 110 110 108 112 •108 113 Chlo. St. P. Minn. A Om... 800 110 Oct 9 128*Jan 31 91 Feb |136*8ap 180 175 . •160 180 160 180 160 180 160 175 160 175 Do pref • • 173 Feb 8 175 liar 8 170 Jan '185 Sep •9 10 •8 10 •9* 9* 9* 9* 10 •9* 9* Ohio. Terminal Transfer.. 300 9 Jan 9 18*Apr 37 7*Jan 25*Mar •27 89 •88* 80 •36 89* 38 39 88* 30 27 89 Do pref • • • • 87 Sep 80 89*Apr 37 31*Deo 66*Mar •61* 63 890 61 61 61 61 63 63 61* 61* 61* 61* CleT. Cln. Ohio. A St. L. . . 55 J'ne 19 86*Mar 80 42*Jan 64*N0T •110 115 110 114* 118 115 •118 115 111 113 110 112* Do pref l03*J'ne 1 115 Oct 8 94 May 10H Dee 87 83 87 83 87 •33 37 •83 87 Oler. Lorain A Wheeling. 14*Jan 10 38 Apr 37 9 J'ly 16*Jan •68 67 •62 67 68 67 63 67 •62 67 Do pref 46 Jan 3 73 Apr 19 37*J'ne 49*Deo •••••• • • • • •••••• • • •••• !••• Colorado Mid., Tot. tr. otfs 9 Jan 4 12*May S 5 Oot ll*Deo •••••' ••••' • ••••• * i i - Do pref. vot. tr. otfs. 31 Jan 5 39*Mar 21 15*J'ly 27 Sep B* 5* 5* S* J5« r* 6* 5* Colorado Southern.... 1,388 5 Sep 85 7*Mar 22 8*Jan "i"fc 'li* 5* A 4*Sep 88 88 36* 87 36* 88 •86* 38 •38* 88 136* 36* Do 1st pref. do 493 86 Sep 83 47*Mar 27 35 Deo 68*Mar 115* 15* •14* 15* 14 14 14 15 •14 15 113* IS* Do 3d pref. do 181 11 Sep 34 20* Mar 31 13*Deo 85 Mar 111 111* 901 llll* 111* 110* 110* 110*110* 110*111* 111 111 Delaware A Hudson. . 1 06* Sep SO 119*Mar 28 106*Jan 185*Apr •178* 178 174* 174* 174 176 1174* 174* §174* 174* 1176*176* el. Lack. A Western. . 839 17l*Sep 19 186 Feb 30 157 Jan 194* Oot 19* 19* 19 19 18* 19* •18 19 18* 18* 618* 18* Denver A Bio Grande. .... 43u 16*Jan 10 84*Mar 26 10*Deo 26*Apr 67* 67* • 67* 67* 66* 66* 167* 67* 66* 67 67 Do pref 1,030 64*J'ne 18 76*Mar 26 63 Deo 80 Apr •18 15 12* 15 •13* 16 •13 15 •18* ?5* 13* 15 Des Moines A Ft. Dodge. 13 J'ne 20 19 Mar 26 13*Deo 8 3*Jan 4 4 5 •4 5* •3* 5 3* 5 Dal. So. Shore A At! "300 4 J'ne 13 6*Mar 5 3 Apr 8 Not 18 •••••• •••' •11* 13 11* 18 11* 18 •11* 18 11* Do pref • • • 13 J'lr 17*Mar 5 7*Jan 17*Not •11 is 11 13 •U* 12* 11* 12* •11 13* U* 11* Erie..... , 100 10*Sep 36 14*Mar 27 10 Deo 16*Jan 84* 85* 34 34* •38* 34* •33* 34 83* 33* 34* 34* Do 1st pref 1,310 8 *8ep 82 43*Apr 4 87*Deo 48 Jan 18 19 18 18* 18 19 18 18 18 18* 19 Do 8d pref 1,500 15 Sep 34 83*Apr 4 16*1)60 83*j«n 38 40 •38* 39* •38* 40 38* 88* 38 40 •38 40 Hvansv. A Terre Haute . 100 38*Oot 9 54*Mar 15 38 Mar 48*N0T •76 80 74 80 74 74 74 80 •74 80 •74 80 Do pref 100 74 Oct 9 94*Apr 19 70 Jan 98*Sep Ft.W.A Den. C, stamped 14*Apr 4 15*May 32 14 Aug 35 Jan •••• t. Worth A Rio Grande. is J'ne 1 19 Apr 3 14 Feb 30 Mar 164 154 154 3,897 3 14 J 195 Mar 153* 158% 153*154 158* 153* 153* 153* 154 Great Northern, pref. . , 144*J'ne 83 174*Jan 2* an r'nB.AW.,deb ofs. "A" 53* Mar 7 58 Mar 29 49*Jan 61*Jan ""5* "e* Deb. otfs. "B" I 5* Sep 34 8 Mar 27 May 9*Oot •32* 83 39 33 83* 82* 83* 88* 33* 88* 33* 33* Docking Valley 1,930 30*Jan 10 41*Apr 21 83 J'ly 37*Sep •68* 63* •61* 68 183 63 62* 63 •61* 63 88* 63 Do prof. 480 58 Jan 8 67*Apr 5 53*Deo 66*Sep 1116*116* 1116*118* 118*116* lib* 118* 116*116* 116*117 I lllnols Central. 1,433 110 J'ne 35 180*J'ly 33 106*Deo 1*2 Jan 17* 17* •1--* 17* 17 17* 17* 17* 17* 17* 17* 17* Ac. owa Central. 80b ll*Jan 13 20*J'lj 80 10*Mar 15*Aog •3B* 41 140 40 139* 39* •39 41 •39 41 39 41 Do pref 95 39 Sep 37 58 Mar 30 40 Deo 62* •18* 15 13* 15 lb* 15 13* 15 •13* 15 14 14* Kanawha A Mlohlgan... 400 10 Jan 8 18 May 4 7*Jan 15 Mar an. 0. P. A Gulf, tr.reo. 7*Jan 81 31*Mar 27 e* 8* 19* 9* 9* 9* •9* 9* 9* 8* »* 9* Kan. Olty 80. 1 ot. tr. otfs. 756 7 8ei> 10 17*Apr 19 •39 SO 28* 30* •28* 31 89 30* '38* 30* 89 29 Do pref., Tot tr. ctfs. 885 37*Sep 10 43*Apr 3 •3* 4 2* 4 4 •a* 4 •2* 4 •2* 4 Keokuk A Des Moines. .... 3*May 84 3* May 84 5 May i-eb •13 15 13 15 13" 15 13 15 •13 15 •13 15 Do pref. 15 Feb 3 17*Mar 27 15 Mar * Aug 30 88 30 38* 30* 29 89 700 9 14*J'ne 84 30 J39* 89* 29* 29* Lake Brie A Western. . . 30*Mar 16 34*Apr DM 95 96 95 96 •95 96 95 96 95 96 98 96 Do pref. 300 83*Feb 8 100 Apr 2 60 Jan 85 DM '305 806 205 •805 810 210 810 210 305 310 205 810 Lake Sh. A Mloh. Booth. . 1197 Jan 3 218*May 28 198*Jan 308 Jan •60 68 60 67 •60 67 •60 67 •60 67 60 67 Long Island. 47*J an 4 89 May 6 45 Dec 85 Apr 7i* 88*Oot 71* 72* 71* 71* 71* 71* 71* 70* 71* 71* 7»* LouisTuleA NashTllle. . . 10,170 68* Sep 22 87*Apr 8 63 Mar 90* 9 * 8W* 90* 89* 98 81* 98* 91* 93* 93 92* Manhattan BleT.,oonsol 73,315 84 J'ne 35 101 Feb 14 85*Deo 13 3*Apr 151 15.* 148 160 148* 149 149 150 150 150 160 151* etropolltan Street 6,140 143*Sep 36 183 Feb 13 147 Dec 266 Mar 80* 30* •31 .... 81 .... 31 81 133* 33* Met. West Side HI. (Chic.) 160 34*Jan 39 37*Apr 5 18*Aug 39*Not "88 81* •82* 83*.... 81 82* •83* •••••• Do pref. 76 Feb 87 83 Sep 14 44*May 83 Not IV* 18 13 18 18 18 11* 18* 11* 13 X 11* Mexican Central..... 3,375 10*Jan 8 14*Apr 18 6 Jan l7*Apr '8 3* 8* 3* •8 3* 3* 3 3* 3 3 3 Mexican Nat'l tr. roots... 812 2*Sep 86 5 Mar 17 1 Jan e*8ep •106 •105 105 105 105 105 Michigan Central 1104 Jan 82 1113 Feb 3 110 Oot 116 Jan '*54* "64* 5*4* "54* 78 Aug 64* "64H 64* 54* 54* 54* 54* 54* Minneapolis A St. Louis. . 82u 45*J'nel8 69*Mar 38 35*Jan •91 92* •91 92 91 93 91 93 92* 98* 92* 98* Do 3d pref. 800 87*J'ne 18 97*Apr 6 78*Jan 99*N0T •14 18 •18 80 15 20 15 19 16 30 18 18 Minn. St. P. A 8. 8. Marie. 100 14 Sep 80 37 Apr 84 8*J an 37*May •48* 50 •18* 60 47* 47* 47* 51 48* 60 48 65 Do pref. 160 47*Oot 69 Apr 34 39 Feb 78 May •8* 10 9* 10* 9 9 10 •9* 10* •9 10* Mo. Kansas A Texas 9 Sep 12*Mar 38 9*Deo 14*Jan 87* S8 87* 27* 27* 27* 37 87* 37 27* 27* 28* Do pref 4,895 85*Stp 28 4o*Apr 17 88*Deo 45*Aug 50 60fc 49* 4fr* 49* 50* 49* 50* 49* 49* 5i* Missouri Paoiflo.,..,,,.., 84,150 38*Jan 11 81*Apr 16 83 Deo 68*Apr •35 38 36* 36* "35 37 •35 37 *35 37 •35* SS Mobile* Ohio 100 85 J'ne 25 48*Apr 3 38 Jan t>2 Aug •185* 187* •18J* 187* •186* 187* 186*187* '185* 187* 186 187* Morris* Hssex, ...... U83*Janl9 U89*May 4 178 Jan 1187 Not 189* 130 128* 13m* 128*11*8* 138* 136* 138 128* 138* 129* NY. Central A Hudson 7",766 135*J'ne 85 189*Apr 4 130 Dec 144*Mar •18* 12J4 12* 18* •11* 13* 13 12* •11* 12* •11* 1«* T.Ohio. 4 St. Louts.. 100 11 J'ne 80 14*Mar 89 ll*Dec 16*Jan •84 85 79 . 79 77 83 •77 83 78* 82 •79 83 Do 1st pref 125 75 J'ne 29 85 Jan 31 65 Mar 85 Oot 88 36 31 34 •81 35 31 85 30 85 •30 34 Do 3d pref. 39 J'ne 20 40*Mar 29 89 Dec 41 Jan • *•••« •••#<_. New York A Harlem 1400 May 16 1430 J'ly 13 1360 Jan 1390 Mar i •130* 11 J an U38*Mh •180* 188* •130* 82* 132* 130* 133* '130* 132* •ISO** 132* N Y. Laok. A Western. , . 1130 Jan 18 85 Mar 10 189* •308 812 210 810 308 813 1209*309* '308 810 •309 813 N. Y. New Haven A Hart 800 »307*Sep8H »315*Jan 8 1198 Jan 1822 Apr 20* 80* 20* 30* 20* 20* 80 80* 20* 20* 30* 80* N. Y. Ontario A Western. 3,870 18*J'ne 80 36*Mar 88 18*J an 28*Mar 85 SSfc 34M 35* 34* 34* 84 St* 84 34 34* 85 Norfolk A Western 8,951 3S*Jan 10 40*Apr 18 17*Mar 88*AUg •76* 76* •75* 76* «76* 76* 75* 76* 176 76 75* 75* Do pref 120 67 Jan 8 81 Apr 38 61*Jan 74*Aug 49 49* 48* 49 47* 48* 41* 48* 47* 48* 48* 51 Nor. Pao. By., Tot. tr. otfs 88,305 45* Sep 89 63*Apr 4 48*Jan 67*Aug 69* 89* 69 69* 68* 68* 63* 89 68* 6S* 89* 70* Do pref. 5,875 67 Sep 87 78*Mar 88 68 Dec 81*Jan r.BB.AN.Oo.TOt.tr.ofs. 83 J'ne 68 Jan 77*8ep o* Do pref., rot. tr. otfs. I • • • • •••»••« 68*J'ne •57* 69* 58 58 57* 57* 58* 58* •57* 59 •57 59 Coast 500 46 May 18 60* Oct 4 SS May 64 Not Paoiflo Co. Feb •85 90 88 WO 88 98 88 90 •83 90 •83 90 Do 1st pref..... 88*Sep SO 87*Jan 4 84*Apr 90 •67* 69* •67 68 66 68* •68 68 67 89 •66* 68* Do 3d pref 57 May 10 69*Oct 4 58V~*J'l7 68*N0T 189* 180* 129* 130* 129* 139* 139* 130 139*189* 13h* 131* Pennsylvania 61,335 184*Sep 84 148*Apr 6 122*J an 148 Jan •1* 1* *1* 1* '1* 1* 1* 81* a* Peoria Deoatur A HTansv. 1,800 l*8ep 28 4 May 1 1 Jan 7*N0T •6 •5 5* 7*N0T •5* 7* •5 J* 7* 7* 5 7* 7* Peoria A Eastern 5 J'ne 19 9*Mar 26 4 May •81 88 •81 23 •31 83 •20* 8) •20* 83 83 Pere Marquette ••••• 80 Jan 39 89*Mar 27 • ••• •58 •53 •53 • ...... •>•• 58 •53 68 68 08 52 69 •E* 68 Do pref. 55* J an 31 68 Mar 31 « » s 1 •••• "800 Jaa •51 67 •61 60 51 60 60* 63 59 80 •B3 80 Pittsb. Oin. Ohio. A St. L. 4 9* Sep 39 80*Jan 3 43 May 88 •79 bO 79 80 Feb 100 Asg 83 79 80 180 79 79 79 •79 81 Do pref. 895 I 78 J'ne 95 94 Jan 8 • Bid and asked prices 1 mo sales were Bade on this day. I Less than 100 shares. OUTSIDE 8ECURITIE8 (Given at foot op 7 consecutive pages).—STREET RAILWAYS, <*c Street Railways. Bid. Ask. Wtreet Railway. Bid. Ask. Street Railway. Bid. Ask. Street Railways. Bid NHW YORK CITY. ChrUt'p'rAlOth 8t-8took 175 185 Seoond Avenue—Stook 195 900 Westohest 1st 6s '48.. JAJ (10* US Col 9th 109 JsiMOk St A Ful F—Stook 84 87 A Are 5s-S« Stook Hxob i 1st 1st mort 5s 1909.. MAN (107 1st mort 4s 1950... JAJ 100 103 Dry D B B A Bat—Stook ISO ISO Consol. 5s, 1948. .FAA 1118 no* BROOKLYN. Atlan. Ave.,5i (107 109 'way A 7th Are—Stook 838 840 1st gold 5s 1939... JAD 1116 118 Sixth Avenue—Stook. . . . 305 985 1909.AAO 1st mor 6s 1904... JAD 108 105 Scrip 5s 1914 FAA 99 101 Sou Boulev 5s 1945 JAJ (111 115 Con 5s g 1931 ....AAO 114 117 h list. Idmor 5s 1914.... JAJ 110 US Eighth Avenue—Stook. 890 405 So Fer 1st 5s 1919 AAO (108 I • • t I Impt 5s— St* Stock Bxc 1109 108 Con 5s 1943— 8et Stook Wrch 1 1st. SorlpSs 1914 105 109 Third Avenne—Set Stook Hxoh list B. B. AW.H 6s 1933 Aso S8 980 B'waySur Ist5sgu.l934 (115 117 48d & Or St Fer—Stook,. 898 402 Tarry W PAM 5s. 1998 107 109 Brooklyn City—Stonk x >d Cstnt as rental. 1905 1103 106* 43d St Man A 8t N Ave 63 73 Yonkers St RR 5s 105 108 Cons 5§— St* stock Hxo hange list. 106 ^antral Crosstown—Stook 356 1st mort 8s 1910. MAS 113 118 28th A 29th 8U 1st 5s.. '98 (US 114 BklyuOrotit.u5ilWJ8.JAJ 104 'itMBi 1923 MAN (185 130 3d income 6s 1915. JAJ 98* '01 Twenty-Third 8t—Stook. 400 410 BkinHgtslst 6s 1941AA«' 108 107 ok Bx. list. Pk N A H hit—Stook 198 300 Lex AtA PaT F 5s-8»» Stk Bint 1st. 5s 1908 JAJ 108 1C6 I'kynQ Co.A Bub—8*e 8t Cm Deb v. List .jonso) 7s 1903.... JAD 116 116 Ninth Avenue— Stook .... 196 8u6 Onion Ry 1st 5s '49. FAA 113 Bklyn Rap Tran.-S*«*t Ok • ...... 1 Oot. 13, 1900.] THE CHRONICLE —STOOK PRICES (2 pagea) Page 2. 739 STOOKS-BIOHBST AND LOWEST SALE PRICES. Sale* Range for year 1900. Range for pre- STOCK8- of the On basisof loo-sh're lots vxous year (1899) Tuesday, WedneMday Thursday, Friday, Week. Saturday, Monday, N. T. STOOK BXCH. Oct. 6. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Oct. 12. Shares Lowest. Highest. Lowest. Highest 1« 16 16* 16 16 •16* 16 |15* 16* 16 16 Reading, to ting tr. ctf i 2,27C 15 Sep 92 81*Apr 4 10*Deo 90 Jan 55* se* 84* 06 64* 55* 56* 55* 54* 00 00 63* lit pref., rot. tr otfs 20,986 49 Jan 9 86*Apr 5 49*Dec 88*Apr •86* 96 •85* 95* •25 88 496 86 95* 36* 3d pref ., Toting tr otft. 120 33*Sop 21 36*Air 5 22*Deo 38*Mar •58* 09 63 03 •49 53 49 08 Hio Grande Western 100 43*Jan 27 65 Aug 17 80*Jan 44 Not 9 • • • • Do pref. 16 • • • • l • • • 00 PO 80 Jan 93 Mar 22 66 Jan 90*NOT • 90 !•••• 90 "•8* •8* 7 •6* 7 •8* 7 '6* 7 •6* 7 7 St. J.AG. Isl. TOt.tr. oti. • •••• 5 May 24 7*Aug 81 8*J'ne 7*De0 •45 47 •45 47 •46 47 •45 17 •43 45 48 40 Do lit pref. • ••4)1 S8*May 26 49*Jan 2 38*May 60 Jan •18 10 •18 10 •18 10 18 15 •18 17 •18 17 Do 8d pref ll*J'ne26 16* Feb 5 9 J'ne 18 Oot 10* 1014 10* 10* 10* 10* 10* 10* 10* 10* 10* 10* St. L. A 8. Ft., rot. tr. otfi i'.iso 8*J'ce 25 12 MarSl 8*Deo T4*Feb •66 65* 65 66 86* 63* 06* 85* •64* 66 •64* 68 Do lit pref. 415 64 Pep 25 72*Mar 30 64 May 75*Jan 34 84 88* 84 38 34 33 34* •38 84 •33 84 Do 3d pref 850 31*J'ne28 39 Mar 30 88*Deo 4i*Jan IS ISM 19 19* 18* 18* 19 18 13 18 13* 13* St. Louis Boothweitern. 8,885 8*J'ne20 13*Mar 26 6*Jan 18*Auf •9 89* 98* 99* 89* 29* 98* 29* 28* 89 89 89* Do pref 9,330 21*J'ne23 34*Apr 16 17 Jan 40*Aug 83* 3314 38* 33* 39* 39* 82* 82* 32* 38* 39* 8j* •ion them PaolfloOo 13,780 30*J ne 18 43 Mar 27 27 May 44*N0T 11* 19 11* 19 11* 11* 11* 11* U* 11* 11* 11* -touthern, Toting tr. of.fi. 9,080 10*J'ne 25 15* Mar 27 10 May 14*Oct 63* 88)4 59* 59* 69* 52* 68* 58* 69* 69* 58* 09* Do pref., Tot, tr. otfi 7,861 49*J'ne25 6l*Mar 27 40*Jan 08*Not IB ie* 15* 16 16* 15* IS* 15* •16 16* 15* 16* 1>exasA Pacific ,- 8,936 13*J'ne25 31 Apr 17 18*Deo 20*Mar •110 111 •110 HI 109 109 ioe 110 '109 110 110 111 hlrd Arenne (N. T.).„ 428 45*Mar 135*Jan S 11 7* Deo 242 Feb •88 •95 !••••• •••••I •?•••• ••*••• Mtttl •••••• •••••• Toledo * Ohio Central . . 30 Jan 89 Apr •46 •46 •••••• • see •••••i • • • « * Do pref 36 Jan 40 Dso •60 60 •60 Twin City Rapid Tranilt. 88 78 • Apr •«0 63 I • » • 63 63 68 61*J'ly 68*Jan 24 Jan •••••• •• •• 1141 141 Do pref. 10 136 Jan 149 Apr 12 118 Jan 141 Feb 08* 09 57* 58* 67* 58* 57* 68* 57* 57* 67* 58* I [nlon Paotflo Br 95,999 44* J an 10 60*Apr 4 38*J'ne 5i*Dec 74 74* 73* 73* 78* 73* 78* 78* 78* 78* 78* 74* Do . .pref. 7.877 70*J'ne 83 78*tpr 4 66*Deo 81* -an •e* 7* 6* 6* 8* 8* 7 7 6* 7 7* Wabash. 1,900 8*Mar 16 9*Apr 27 6* Deo 8* fan 18 18 17* 17* 17* 17* 17* 17* 17* 17* ll* 18 Do pref. 2,100 16 Seo 80 24*Apr 87 19 May 95*Apr 8* 8* 8* 8* 8* 8\ 8* 8* 8* 8* Wheeling U.I., new . . 1,570 8 J'ne 18 ll*Mar 26 7*Deo 18 Aug •44* 47 •44* 47 •40 46* 45 46* ;i* 46* •4?* 47 Do lit pref. 44* Sep 33 58*Apr 8 40 Deo 84 Jan 89* 93* 93* 93 88 83* 28* 88* ,33* 83* 33* Do 3d pref. 8,698 31*J'ne 18 38*Mar 26 31*Deo S3*3ep •11 11* 11 11 •11 11* 11 SB 11 Wiscon. Central, new 1,465 10 Sep 26 20*Mar 3 13*May 31 Not •81 89 81* 81* 31 83 81* 81* 81* 31* 81) 31* Do pref. 700 80 Sep 84 07 Apr 8 45 Deo 69 Aug niacellmn'a Stocks. •188 198 183 188 190 188 •180 198 1125 195 188 4 dams Bxpress 86 111 Jan 2 1130 Apr 30 1108 Jan 1119 Feb 104 18* 18* 18* 15* 16* xl5* 16* 15* 15* 15* 15* 'V merloan Car A Foundry 5,165 13*Jan 15 18 Feb 7 10* Deo 81* 89* 69* 69* 68 I 81 61 60* 61* 61 61 Do pref. 8,069 07*J'ne 25 87*Apr 51 Dec 68*8eV •83* 84 •83 84 •38 84* 38* 83* 33* 34 33* 34* a merloan Cotton Oil 850 30 J'ne 35 37*Apr 30 Deo 48 Not •88 90 •88 90 190 90 •88 00 88 00 90 90 o pref. 186 88*Sep 19 100 Apr 88*Jan 97*Oct • ••••• 87* 87* •86 81 85 31 •26 81 86 S3 Amerioan Dlitrlot Tel .... 800 24*Jan 4 33*Jan 30 Oot 53*Mar •100 180* •150 105 4100 160 160 155 •150 165 150 155 American Bxpress.,,.,.... 10 1142 Mar 6 109 May 138 J'ne U60*Au 34* 34* 34* 34* 33* 38 34 '38 83 38 34 Amerioan loe 788 87*J'ne 26 49*Apr 31 Deo 4l*8ep •88 68* 67 •68 8* 163 63 •63 65 63 65 Do pref. 100 80*J'ne 19 78*Feb 72* Deo 85 Sep •0 •9* 10* «9* 9* •0* 9 19* ,0* 0* Amerioan Llnieed , 110 8*Sep 88 18*Feb 8* J'ne 16*Not 180* 50* 61 61* •61 oi* 51 6?* •50* 51 151 51 Do pref. 840 49*J'ne25 60 Feb 44*J'ne 61 Dee •4* 4* 4* 4* 4 4* 4 4* 4* •4* 5 American Malting... 930 3 J'ne 12 7*Jan 6*Dec S7*Jan •93 94 •83 34 83 83 J23* 88* •88* 84 •83 84 Do pref. 150 18*J'ne 27 31*Jan 24 Deo 87*Jan 37* 87 37 37* 37* 87* 87* 38* Amer.Smeltlng A Refining 5.640 84*J'ne 18 43*Feb 30 Deo 59 Apr 87* 37* 87* 22% 489* 89* 88* 88* 88* 88* 88* 88* 88* 88* 88* 88* Do pref. 1,848 85 J'ne 25 93 Mar 24 77*Deo 94*Apr 19* 90* 18* 19* 19 80 80 •18 20 19* 19* Amerioan Steel Hoop 4,520 17 J'ne 25 50*Feb 6 34 May 48*NOT 87* 68 67* 67* 67* 67* 68 68 •86 68* •87 68 Do pref. 680 64*Sep 28 86 Feb 6 70 May 86*Sep 83 84 38* 84 88* 32* 38* 33* 39* 83* Amer. Steel A Wire (new) 31,389 28*J'ne 28 59*Apr 2 32 Deo 78 Mar 7414 78* 73* 74* 74 II* 73* 15* 73 73* 73* 74 Do pref. 8,960 69*J'ne 28 95 Feb 1 84 Deo 106*Mar 118H 117* 116*116* 116* 115* 115* 116* 116 U7* American Sugar Refining. 78,710 95*Mar 3 137*Jan 4 114*Deo 183 Mar 1117* 117* 1117* 117* 117 Ml* 116* llo* 117* 117* 116 118 Do pref. 840 107 Mar 2 118 J'ly 14 110 Jan 183 Mar 190 90 •89 91 •88 99 •88 99 S90 00 •88 98 Amerioan Teleg. A Cable. 65 187 Sep 27 !98*Jan 13 194 Deo 105 Apr 31 81 30 SO* 80 38* 31* 33* 31* 31* 31* 31* Amerioan Tin Plate ...... 11,680 18 J'ne 28 36** eb 7 20 Deo 53*Apr •89 83 88 89 180* 80* 83 83 88* 83 83 8a* Do pref. 1,400 70* J'ne 85 84*Apr 9 74 Deo 99*Feb 90* 01* 89* 90* 89* 90* 89* 90* 89* 90* »0* 91 Amerioan Tobacco., 21,707 84*J'ne 25 lll*Feb 14 t78*Deo 229*Apr 1130 180* •129 IS. •189 131 Do pref 100 128 May 17 140 Feb 15 131 Deo 150 Mar 44* 48 44* 40* 44* 44* 43* 42* 42* 48* 42* Anaoonda Copper 8,510 37*J'ne 25 54*Apr 3 31*Deo 70 Apr 170 170 H70 170 •168 178 '160 170 •160 170 160 170 Brooklyn Union Gas.... 841 140 Jan 2 175 May 31 180 Deo 160 Mar •••«•* •••• 7* 7* 7* 8* 6* 7* •6* 7* 7 7 ramw. DockAC.Imp't 400 6* J'ne 25 16*Jan 25 9*May 80*Aof Colorado Coal A I. Der't l*May 7 2*Apr 10 l*Jan 5*Apr 88* 38* 33 35 34 84* 33* 34 33* 83* 33* 34 olorado Fuel * Iron .... 9',5l6 29*Sep 24 51*Apr 8 30*Feb 64 Sep •111 116 •110 116 115 186 116 180 •115 180 •110 120 Do pref 118 Sep 6 131*Jan 17 88 Jan 180 DM 14 14 13 10 114 14 •14 10 •14 15 •14* 15 Coi. A Hook. Coal A Iron. 285 ll*J'ne28 21 Apr 2 8*Feb 31*Sep 168 170* 1168* 169 168 168 168* 169* 168* 169 109* 170 Consolidated Gai (N. T.).. 4,487 *164 Sep 21 199 Jan 3 163 J'ne 323*Mar SO* 96 98 88* 90 85 134* 24* 35* 28* 25* 36* Continental Tobaooo 6,670 21*May 21 38 Jan 3 80 Deo 65*Apr •76* 78* 76* 77 77 77* §77* 77* 77 77 77* 77* Do pref. 1,042 70 May 12 80*Jan S] 71 Dec 10 3*Aug 90 90 90 90 Detroit City Gai 400 89 Sep 25 98*J'ne 14 63 Jan 101 Aug Brie Telegraph A Teleph. 101 Jan 3 124*Feb 23 9a*Jan 130*Oct 83* 84* 38* 34* 83* 84* 38* 34* 32* 83* 33* 84 (federal Steel 17,477 28*J'ne 25 57* Feb 6 39*Deo 70 Apr 88* 65* 64 65* 64 64* 63* 63* 63* 63* •83* 84* r Do pref. 8,830 60*J'ne 26 77*Feb 67 Deo 93*Apr Blec. 77 78* 78* 78* •74 81 74 81 78* 78* •74 81 Gas A of Bergen Co. 850 64 May 17 81 J'ly 17 * ••** *••• 187* 137* 186 '37* 136* 187* 136* 187* 136* 137* 137* 140 General mieotnc 1,355 120 Jan 10 141*Sep 7 05*Jan 132 Not tea* so* •49 Gluooie Sugar Refining. 76*Mar *?* 49* 49* £2* 50* 50* 150* 60* . 430 44 May 15 58*Feb 5 37 Deo 199* 99* 98* 88* •98 99 90 99 198* 98* 199 00 Do pref. 600 98 Jan 2 101*Feb 1 95 Dso 110 Jan mo 110 103 110 108* 110 102* 110 103* 110 103* 110 a. B.ClafllnCo 10 108 J'ne 25 115*Jan 11 97 Jan 117*J'ly nternatlonal 18* 19* •18* 1»* 18* 19 17* 18* 17 18 18 18 Paper . 1,485 14* Mar 6 25*Jan 3 17 Deo 68*Jan 63 «3* 63 64 64 63 63* 63* 84* 83* 64* Do ^re/. 9,625 58 Mar 8 70*Feb 6 62*Deo 85 Jan 34 81* 84* II" 84 84* 3»* 84* 34* 31* 81* 35* International Power 1,820 24 J'ne 30 85*Oot 13 •8* • Internauoutu 38 Feb 4* 4* 4* 3* 4* •8* 5 •3* 5 •3* surer , 50 3*Aug 8 10*Jan 26 Deo £ntokerbooker Ioe (Chic.) 15 Sep 18 40 Feb 13 30 Deo 63*Feb Do pref. 52*J'ly 31 66 Feb 8 70 Nov 84 Feb •69 79 89 71 68* 71* 68 68* •68 70 •68 70 Laclede Gai (St. Louts) 725 65 May 10 80 Jan 01 Mar 85 Deo •97 100 98 100 1100 100 •97 100 •97 100 •97 100 Do pref. 85 96 Jan 11 100 Jan 95*J'ly 108*May •10 10 9 15 •8 16 •7 16 9 9 Manhattan Beach Co 100 8*Jan 30 18*May 5 Jan 39 Apr •89 38* 81* 81* 88 38* 32* 32* 38 38 32* 32* National Blioult 1,750 23 J'ne 31 40*Feb 31 Deo 62 Jan •86 90* '86* 90* '85 90* •84 90* •80 90 •84 90 Do pref. 79*J'ne 18 96 Feb 89 Deo 107*Jan 17* 18 •17* 17* •17* •17* 18 •17 17* •IT* 17* National Lead ,, 238 15*Aug 11 28*Feb 83*Deo 40*Jan •90 92 •90 11* •90 Do 190* 90* 98* (89* £!* S89* 89* pref. 1 17 83 Ann 11 106*Feb 20 103*Deo 115 Jan 96* 97 85* 86* 86 26* 86* 88 87 87* National Steel 4,810 30 J'ne 23 53*Feb 6 31* Deo 63 Apr 335 86 84 84 84 It* 84 84* 83* K* 88* 84 Do pref. 1,451 79* J'ne 26 97 Feb 6 85 May 99*AOf 46* «6* 46* 46* 46* 46* 47 47 46* 47* 47* 47* National Tube Co 4,890 40*J'ne 25 54*Apr 5 •&* 03* 93 93* «93* »8* 193* 93* 98* 93* 03* 03* Do pref. 8,064 86* May 14 94*4ei 19 •90 39 80 88 •90 •80 38 •30 38 •80 33 NewOent.Coal (new nook) 83 Aug 15 37 Apr 30 36 Oot 43 Jan 193 193 118 118 •110 183 119 119 •118 183 •115 187 N. T. Air Brake 415 112 Sep 95 150 J'ne 7 110 Dec 380 J'ly 14* 14* 15 14* 14* 14* •14* 14* North Amerioan Co...... 1,950 13*J an 23 15* Mar 28 6*Jan 17*Not •6 *7* 7 8 7 'IS* 7 •8 6* e«i 16 6 Ontario SUrer 10 6*J*ly 7 Feb 2 6 Mar io*Apr 30* 30* 81 31 31* 30* 31* 3(* 30* 31 31* Pacific Maii .;;;; 3,400 25* J'ne 11 47*Jan 2 30 Deo 55 Jan IS* 87* 84* 83* 83* 84* 83* 84* 81* 85* 84* 87* eop'l sGas-L.AO.(Chlo.) 161,123 81*Oot 11 lll*Apr 2 90*D*c 1 89*Apr 40 40 39 40 39 39* 39 39* 39 89 89 39* Preiied Steel Car 4,980 32*Sep 26 58*Jan 17 44*J'ne 61 Aug 76* 75* 76* 75* •76* 76* •75* 75* 78* 78* 76* Do pref. 665 70*tep 26 88*Jan 17 70 Dec 91 Sen 186*' U84* 185* 1185* 185* 185 188 '185 185 185 188 186 Pullman Company ., 451 176 J'ne 25 189* J an 19 106 Jan a 07*Oot 19* 11* 1< •1'* 13 Iron Deo 33*Sep 11* 19 Republic . 2,195 16* 63* 12* 11* 11* A Steel. 8* J'ne 25 27*Feb 6 oig 63* $53 53* 58* 53 63 53* 69* •52* 52* Do pref 1,765 49 Aug 1 70*Feb 6 60*Deo 70 Aug 66* •84* 65* *?5* 65 •88* 64* •64 65 •83* 65 Silver Bullion Certlfi.... 59*Jan 16 80*Mar 8 56*Deo 66 Apr 18 •15 18 18 •10 18 •16 18 •15 18 loss-Saefueid 8. I ... 10 Aug 80 3 8*J'ne 15 •••I »••• ••••• ••• •69 A 63 •63 63 •69 68 •62 63 •62* 64 63 63 Do pref 100 59*J'ne35 67 Aug 3C •see* ••• ••••« •••• •4* Standard 15*NoT «M 57* 6* •6* 5* *4* 6* 5* 5* •4* 5* Rope A Twine.. 810 4*Mar 6 10*Jan 3 6*8ep 06 57* 67* Tenn. Coal Iron A RR... .. 104 Feb 2 36 Jan 136 Sap •?5* 06* SB* 67 55* 55* 55* 84,756 49 Oot 8 •10 16 ?6* 16* 16* •14* 16* •14* 18* •14* 15* Texai Pacific Land Trust. 800 13* J'ne 19 16*J'ly 11 11 Not 15*Jan •10* •10* 11* 11* 1 •10* 11* 11* •1'* 11* Union Bag A Paper 185 10 J'ne 18 35 Feb 7 17*Deo 45 Mar •63 65* i * HI* 64* 64* 183* 64 64* 64* 61* 64 64 Do pr«f. 865 56*May 9 77* Feb 8 71 Deo 89 Mar •46 47 •45 47 •46 •45 United States 60 Jan 47 SI* 46 146* 46* 47 Bxpress . . . ISO 45 Mar 18 149* Mar 31 {45 Deo 10* 10* 10 United States 40*NOT 10* »* 10* 9* 10* 9* 10* 10* Leather. . . 4,190 7*J'ne 85 10 Jan 3 5*J'ne 68* 69 68 68* 68* 68* 169* 69* 68* 68* 160* 60* Do pref. 1,748 65 J'ne 85 77 Jan 3 64*Deo 84*NOT 188* 9»* 57 Apr 99 la* 199* 80* •88* 99* 29 89 99 99* United States Rubber 8,530 81 J'lj 6 44 Jan 8 87*Deo •98* 96 '93 98 195* 05* 195 595 95 01* 94* Do pref. 330 90 97 104*Jan 3 99*Deo iai J'ly •184 95* Feb 198 •184 183 184 189 '184 129 •134 129 •124 199 Wells, Fargo A Co 190 J'ne 1 U20*Feb 9 190 Deo 185*Sep 179* 79* 79 79 78* 78* 70* 78* 78* 78* 78* 78* est. Union Telegraph 8,6'35 77*J'ne 22 88*Jan 88 Deo 89*Jaa * Bid and asked prices sales j no on this day. I Less than 100 shares, t Bjt 100 p, 0. stock dlr. t Kx rights. OUTSIDE SECURITIES (Given at foot of 7 oowsboutivi pages).—81 REST RAILWAYS, «*c Street Railways. Bid Ask. Street Railways. BidBid. Ask. Street Railways. Bid. Ask. Street Railways. Bid. Ooney Island A Brooklyn. 326 339 Col 8t Ry—Con 5s —Set P hlla. list. New Orleans City Ry 10* 91 1st 6s 1908 JAJ 108* 103 OTHBR C1TIB8. Crosst'wn— 1st 5s...... 1108* no Preferred 03* 93* Is oertfs 309 lndbtl908.JAJ 100 Buffalo Street By—Stook 100 J C Hob A Paterson '6* 17* North Chicago—Stook.. . 300 B'kCANew 5s '39. JAJ 111* 1st consol Csl931.FAA {116* isg N v 1 1949 .MAN 79* 80* 1st 5s 1906-16 JAJ 107* 108* 8r.8t.ANsw lst5s'08AAO 101 100 Deb 6s 1033 MAN 1103 Ill Kansas City B! 8s 1108 North Jersey St.—8took. 28* 84* •'P't Lorimer A St. 1st 6s. 100 Chicago City RR—Stook. 943 347 Guar 4s 1922 JAJ I 84* 86 Bonds 83* 843 Klnrt Co. BleTated.— Indianapolis Street Ry... 18 91 Lake St (Chlc)BleT-8tock 9 0* Pat By oon 6s 1981 .JAD 119 1st 4s 1949 78 79 CleTeland City Ry 109 108* deb 5s 1928 JAJ 99 08 Gen 6s 1914 AAO 105 • • ••» Nassau Hies • '33 pref , 76 80 CIsts Clty-lst 5s '09. JAJ 109* 105 Loulsr St Ry—5 o bonds 1118 180 or A Pawt'ok-lscBs {114 116 ••1944 p AAO HO 114 Cleveland Bleotrio Ry.... 88 84* Common. 82 88 loohester By , 16 16 1st 4s 1948 JA.) 90 91 Con 5s 1913 MAS 108 100 Preferred 113 118 Oon 5s 1930 AAO 1107* • «««• NewWmb'gAFllstex.4*e 100 St Ry...... 30 1 ynnABos-lst 5i'24.JAD 114 3d 5s 1933 JAD 80 85 3'*iP»»Ti«t««ma9 Columbus (O) {119 j»j {lie 118* Preferred 90 Mlnneap St Ry-5i '19.JAJ {108 HO i Buyer pays accrue nter est. . 11. N N W951 2 740 THE CHRONICLE.—BOND PRICES (5 pages) Page 1. [Vol. LXiL BOND8 Price Week's Range BONDS. Price Week t* • Friday, Range or since Friday, Range or •incv N. Y. IS I.T.STOOK EXCHANGE 1. STOCKEXCHANGE Oct. 1 -*< fcl Oct. 1 2. Last Sale. Pq<§ Jan. SI i. Bale. IS Jan.1, Wbbk Ewdino Oct. 12. Week Ending Oct. 12 Bid. Ask Low. High No. Low. High Bid. Ask. Low. High. No. Low. High labama Cent. See So Ry Chic Milwaukee A ot Paul— la Mid. S-(U' H &VV. M A 8t P— 1st 7s f g R D.'02 j -j 108* 169* 167* Aug'00 lee* let Albany A snsq. See I) 4 H 1st 7s * gold HO.... 1902 j -j 10^ 1005, 172* Apr'OO 172*172* Allegheny Val. See Perm Co. IstCA M7s 1903 j -j If 8* 109* 109* Sep.'OO 166* 178)2 AHeg. & W. Set B R. & ^ Chlo Mil A St P oon 7».1905 j-j 168* 100* 169* 8 1 1 03e -.1 < 114 Charles A Sav at g 7s. j Hill * • ClnDAI 1st gug5s... 1941 M-N 112* U254 1 118* Ones A Ohio g 6s ser A..l0Ot A -OI ... 113% 113 Oct.'00 113 117* CI St LAC. SeeCCCAStL. Gold 6s 191 A-OI 117 12u 117)4 Oct.'00 115* 119* Cln SAC. See C C C A St L. 1st oon g 5s 193v Vl-N 119 119% 120 SO 115* 121* Clearfield A Mah. SeeBRAP. Registered "...103> M-N 117 J'ne'00 117 117 C C C A St L— Gengold4*s I ww- M-8 9E« '-ale W8<* 9** "ss 95* 100* Geng4s 1993 J-D 97* 98* 98* 9854 11 94 98* Registered 190* M-8 0454 Aug'00 93 90 Cairo Div 1st gold 4s. 1030 J -J 9? J'ne'99 Craig Valley lstg 5s..l94i J-J 100 J'ly '00 100 100 OU2 W AM Div lstg 48.1001 J-J 98 98 Sep.'OO 93 98* 1 98* R A A Dtv st oon g 4s 1 J -J 10654 ^0654 05* 101 100 St L Div 1 stool trg 4s. 1 000 M-N 103 102* Sep.'OO 100*104* 3d oon g 4s 1981 J -J 98 J'ly '00 93 99* Registered 1990 M-N 09 mar 99 ..•• •••9| Warm Spr Val 1st g 5s 1 94 M-8 10154 Apr '00 Spr A Col Div 1st g 4s. 1940 M-S 94 8ale 94 94 94 C4 Bill Lex A B 8 gu g 5s. 1 B0* M-8 101 Bale 100* 101 10054 lbs' W W Val Div 1st g 4s. 1940 J-J 93 83 Nov 09 Chlo A Alton sink fd Us.. 190:- M-N IO654 106"^ 10854 106 106* C I St L A Coons 6s.. 1920 M-N Lou A Mo kit • q 7» ..1001 M-N 106% Feb '00 lstg 4s 1930 y-Ffc 104* 105* Apr'OO 105 106* MIssRlv B Istsfg HS..101* A-O Registered...... 1930 L Ohio Bar A Q- 'on 7s 10OH \J - J 110 1105* 110 no 10V* 113* Cln 8 A 01 son lstg 61.1928 r. 114* 114 Aug'00 114 10' Sinking fund Ss 1901 A-O % 100* Oct.'OO 100* 103 C C C A 1 consol 7s ...19 * J-D •185 137 135* Aug'00 185* ISO Chlo A Iowa Dlv5s... 190f F-A 100 104* Apr'OO 104* 104* Consols f 7a 1914 J -I) Div Denv 4s 102. F-A •0154 10* mtfc 100* 103 Gen consol gold 0s . . 1 98 J -j 131 ...... 181 Aug'00 188* isf Illinois Div g S*s .. 1040 1 -J 10354 108* 10J* Registered 1934 -.1 100* 105* I V Registered 1949 • -J CAS 1st M COO A I 7S.1H01 A-O 108* Feb 99 ••« •••••• Iowa Div sink fd .. 191. 118 117" Ss... • 5s A-O ... 115* J'ly '00 116* OInd A W Istpf 1988 Q-Jc • . • • » S MMM *e*M mmi 4s 191i< A-O 10854 .... 103« Oct.'00 103 107 Peo A Bast lat eon 4a. 1940 A-O 89 Sals 89 90* 12 84* 9154 Nebraska Bzten 4s. . . . 192? M-N Ill* .... 111* 111* 108* 113 Income 4s. 1990 Apr 87 39* 29* 99* 10 34 148 102: Registered M-N 111* J'ne'00 < 1 Lor A Wb oon 1st 5s 1933 A-O 107* 111 Sep.'OO 106 111 Southwestern Div 4s. 1021 M- N 103 Jan. 00 103 103 (lev A Marietta. See Pa RR. Convertible 5s 1003 M-8 125M Aug'00 120* 138 Clev A Mahon Val g 5s. .1938 J -J 130 May'OO 198 180 Debenture Ss 1913 M-N Ill 110* Sep.'OO 108* 113 Registered 1938 'Ju-J Han A St Jos oon 6s.. . 191 M- 8 119 11854 Sep.'OO 118* 189 Clev A Pitts. Am Pens Co. ChlcAKIll Istsfonr6s.l90? .1-11 114% Sale 114* .Sep.'OO 113 116 Col Mldl'd— lstg 8-4s... 1047 J-J 76* Bale 75 76* 84 68 79* Small 100? J 1* lstg 4s 1947 J-J 75* 74* Oct.'OO 71* 80 Istoong6s 1934 A-O 136 Sep.'OO 133* 188 Col A Sou lstg 4s .1989 F-A 80 Sale 79* 81 99 78* 87 0«n oon 1st 5s. 193? M- N 11454 11494 114* 114* 118 117 3ol A 9th Av. See Met St Ry. Begistered 1937 M-N H6 116 Aug'00 115 115 )olum A Greenv. See 80 Ry. Ohio A Ind C Ry 1st 5s 1 93P J -J 1 1 3 Sale 118 113 105* 113 Col A H Val. See Hook Val. Chicago A Brie. See Kiie. 3.M Oonn A Term. See NA Oh In A L. nls— Kefg 6s. 1 947 • J 119 llfl 116 116 111* 117 Oonn A Pas Rivs lat g 4s '48 A-O Befunding 11 5s 194? J .. 106* 108 Aug'00 100 107 DakAQtSo. SeeCM AStP. Loulsv N A A Oh 1 st 6s. "If j.j 11354 ... 115 Ang'00 113 116* .lias A Waco. See M K AT. *• arte* Fridayi latest bid and aakad this week. tBonds due July. IDueNov. iDaeJune. IDueJan. i Due May aOptlousalea. DDue Aug. cDue April. ADae OUT8IDE secuRlT>E-8 (Given at foot of 7 consecutive pages).— GAS SECURITIES, dtc. Ask. Strait, linn .ui. B"i Aek Has Necurtilea. Bio. Ask. i. ii. Mecurltles. Bid. lAsk. <*«• Necu rlilra. Bid 1 Bo Side El iChloi — Stook 98* 99 V A Basl River Gas— Chicago Gas— See N V 8t( ok Hx oh. Syracuse nap. Tt., 5a, 1 946 1 94), ••a 1st 5s 1944 JAJ {111* 113 tnoinnatl Gas A Coke ••mi • Ml Onion Trac (Chlo) Com I nu NKW VORK. Consol 5s 1945 JAJ 107* 10854 !ol Qas L A Heat—Com. 48 61 1H4 80 89 Preferred . 485« 401* Cent Onion Gas— 1st 5s ?1C6* 107* Nor On 1st 5s 1987.. MAN 109 Preferred... United Rys (St L Transit 17 17* Con Gas (NT)—8took— V 81. Rxott Standard Gas—Common. 180 138 'st 5s 1933 JAJ 104 IC6 Pref»iT»d 60W f >*, Deb 5s 1908 MAN 85 90 Preferred 140 146 C nsolld Gas(NJ)—Stck 10 18 Gen 4s 034 JAJ « 88* 8984 quit Gas- 1st 5s 1930 MAN 1115 118 at 5s 193a JA' 80* 68 •••*. On'dTrABleoiProvi-b. . 10HW 1 Con. 5s 1987—See Stcck Kxch. list. OTHHR OITIH8. O insol Gas (Pitts).... 60 63 Wast Ghloagt .11 98* 99 Mutual Gas 3t0 SiO Baltimore Consolldat—Se e Bait Lit Pref 60 ll.li 114 Oon t 6a 1936 ....MA. 109 108* N. Amsterdam Gai— Bay State Gas— 1* 154 Bonds 5s 1st 'iLll Stk 109 00 Worcester (MasslTr-Com 81* 88* consol 5s ...... *105% Boston UnitedGas Bonds Bosto ? >nsum Gas (J City)— "6* 101 Preferred 100 NT Bloc Lt Ht A Pow—N. Y.Stk. Kxon Buffalo City Gas— 8took. 3 4 1st 8s MAN M04 per ih Oold 6s—See N. Y. Stk. Bxob. List 1st "i» Bonds 1 66 60 And interest Prir* 1 • ' ' 711.. . Oct. 13, 1900.] THE CHRONICLE -BOND PRICES (5 pafcea) Page 2. 741 Prict Week'* Range BONOS. Price Week'* Range BOND8 Friday, Range or since ft Friday, Hange or tint* K.T.8TOCK EXCHANGE 1 Oct. ivs. Last Bale. Jan. 1. N.T. STOCK EXCHANGE Oct. 12. Lait Sale. Jan. 1, Wbbk Endow Oct. 12. 5« Wkkk Ending Oct. 12. Bid. Atk. Low. High.. No. Low. High Bid. Ask ow. High on. High Del LMk A Weitern7i..l907 M-8 '«o* 13«M Aug'OO 183 124* in Cen. (Com .'00 91 92* Morrte A Beeex lit 71.1914 M-N 138 138* Sep 136 148 St Lonli DlTg 8f. 1951 J-J Sale 91 91* 7i 1871-1901 A-O •102* 108)« Sep 00 IU4* 107* Reglitered 1961 J-J 100 i'o'i" litooD guar 7i...... l9J5 J-D 189 .... 140 Oct 00 138 141* Gold 3*1 1931 j -J 103* 01* Ooi'00 99* Bantered 191& J-D • 142* 140 ooi. Mo Reglitered 195 I -J 11* Oot_'99 138" ' 98 95 N T Laok AW lit 6l.. 1931 J -J 136 1S8 186 136 137* Spring DIt lit g 3*i.i95 J -J • • Deo '99 ...i Construction 5i 19av F- A 119 123* 119* 11 9* 119 131 Reglitered 195 J-J Term A lmpt 4i.... 1923 m-n 104 10i4 104 108 Weitern Line litg 4i.l95i F-A 112*ll2a< IS* Sep.'OO ui-iiT Syr Blng A NY lit 7i. 1908 A-O 116* 133 Feb •00 138 183 Reglitered 1951 F-A ...... «M •98 134 181 Warren 3d 7i 1900 A-O 1 108 Aag Beller A Car lit 8i.... 1923 J-D • ••4)1 3*i" Aug'OO 19* •00 1-- 98 «o Dei* n-iitP«DiT7ii9i7 M-S 143 146* May i46*U8' OarbASlltg 4i 1982 • ••* ^5 Registered 1917 M-S 143 May '97 ChloStLAN Og5i..l961 J-I) •125 35 3ep.'00 186V 28 183 Alb % 8illitoongu7il908 A-O 115* 1*1 Sep. '00 118" 121 Reglitered ..,..,.,,.1951 I -D 12 Sep.'OO '100 00 108 Reentered 1906 A-O IIP* 133 J'ne '99 Gold 3*i 195 I -D I 00* Sep.'OO t Guar gold 6l 1908 A-O H094 111* i 1H 1 i* iis" Reglitered 1951 J -D Reglitered 1906 A-O •110* 113* Aug '00 112* 11 8^ Mem DiTlitg4i....i95i -D 5* Sep.'OO 105* 105* Rem A Bar lit7i 1931 M-N 150 148* J'ly' 00 147* '489< Reglitered ...196 - D • '99 Rpgiitered 193' M-N 48* J'ly' 00 148*148* St L Sou litgug4i..,193 VI- IS 98 106 04 Sep - Del Riv RR Bge. See Pa RR. Ind Dec A W litg Si... .1935 I , •102* 03* Aug'OO •8*i«" Den % BGrlitgold7i 1900 M-N ..... 103* 108 108 8 '2* 104»* lit guar g Si 1935 J -J 100 litoongii 1936 J - J 98 Salt. 98 P894 St* 96* 99V ind 111 A Ia lit ref g Si.. 1948 a-o 106 110 09* Aug'OO 06* 110* lit oon g 4»i 1936 J -J 106 107 Sep.'OO 108 107* ut A Great Nor— ' 1938 lit 121 194 19* Improvement gold Si J-D 106 1 08* Sep.'OO 101* 106 gold 6i 1919 M-N 31* Oct.'00 lJlK RU>G9ogi. See Rio Gr So 8d gold Si. 1909 M-S 85 90 85 Oct. 00 83 94 3d gold 50 5 55* M l r. 4i. 65 May'00 Dei M A Ft D. See O R * 1931 M-8 * 11^ Dee M A Mine. See Ch A N W. lowa Central litgoldSi.1938 J-D 114* Sale 14* 114* 116 Dee VI On Ry lit g Si. . . 1917 M-N 106 !08*May'00 108* 109* Iowa Midland. See Ch AN w Det M ATol. See L 8 A M Bo. lefferion RR. See Brie. Dot A Maok litlleng 41.1995 J-D 85 Oct.'00 85 85 alAAGR. SiiLSAMS. Gold 4i 1995 J-D 83 J'ne on Dal ted W A 8 lit g 5i 1938 J -J 93* Feb.'99 Registered .1950 A-O • •••• i iiiii Dal So Shore A At g 5i.l937 J -J 115 H4*J-ne'00 110 114* Kauiai Mid. See St L A b ait of Minn. SeeStPMAM. J on tuck j Cent See L A N EaatTVaAGa. See.SoUy. Buff AS W gold 6i..,. 1908 i-J 108 e a • • • SI C A N litg lit pf6i.l9!4 4-0 •••••• .••• «•••• «HM rtmall 1908 J-J GoldgaarSi ,,1914 A O 101*3ep.'99 lit . Leh R. See Chlo A Brie g Si. .1982 M-N •••••• 117 117* 117* U« 117* A Had Cen of N J . Jeff RR lit go gold Si.1909 A-Ol 1 06 Deo '99 L*b A WllkMb. See Oent NJ Dook oon gold 81.1935 1*39* beroy Oaney Vai. P. Long A-O I 36* J'ne'00 136* A See Mo RR lit 61.1923 Lex At A PF. See Coal A go M-N «•••»• * • • • ' Met St Ry. Dock AImp lit our6t.l913 l-J 116 118 Sep.'OO 118 118 Long Dock. B*t Brti. Si. 1946 Long liland— N Y A Green L gag M-N .!»»•• e • • • » • 109 t»ou«8 Small 1946 M-N lit oon g Si 1931 .J-JJ 180 ISO 180 90 188 •••€' Mid RRofNJ litg8i.. 1910 A-O iVs" iYe* 115*Oct.'00 115* 180 litoong 4i ..1931 J-Ji 103 • • • • • •••• Y 8 lit ref Si.1937 General gold 4i., 103 1029* 15 96 107* N A W— J -J 108 108* 1 09* Oct.'00 107* 111 1988 J-D 102* 02* 2d aold4*i 1937 F-A 94 99* J'ne'00 98 99* Firry lit gold 4*i.,,. 1922 M-8 99* 99* Oct/00 47* 105 General g Si 1940 F-A 90 95 90 90 90 97* Gold 4i 1982 J-D 100 Oct 00 100 loaje: . Dnlfled it 85 98* Terminal lit g Si. . .1943 M-N 113 .... US Apr '00 108* 118 g 4i 1949 M-8 96 Sale 95* 98* Regli •5,000 eaoh.1943 M-N • ••«•• Debenture gold 5a, .... 1 93 4 J-D 95 ...... •••••• mum 1 1114)1 e • • e e • WllkAHailatgu g5il942 J-D 106* 104* Oct.'OO 104 109 Bklyn A Mon lit g 8i. 191 U- 116 ...... • ••• Brie A Pitts. See Pa Co. lit Si 1911 n--i 108 110 Aug'OO • • • • ioe lie can A L Sap. See A N W, N T B A M B oong 5a.. 1935 A-O 108 107 Jan. 99 • ••• 105" Bureka Sprlngi lit g 6i. 1983 F-A 68 Not'97 N YA R B lit g5i... .1927 M-S 107 110 ins May'00 I • • • ios" tAT H lit eon 6a..... 1931 I-J 120 ,...., 138* Aug'OO 190 185* NorShblitionggafi..'82 J-O 107 108* I 08* Oot»'00 105 108* lit general gold St. ...1942 A-O 108 104 102* 104* ia 102* 110 LiAMoRlT. 8eeOhlAAJt Mi eraonlitds ,1038 A-O LiOalivUle A Naibnile— Br 'ob lit Si.. 1980 General gold 116 188 Soil Co g A-O • ••••I nun 6i 1980 J-D 117 118 118 vAIndliteongag 8i. .1986 J-J 105 Sep.'OO 100 108 ttold 5i... , 1937 M-N 118 HI* 111* 07* U 8* Fargo A So. See Ch MA St P. Onlfledg4i 1940 l-J 98* 99% 99 99 9694 lOlS Flint A Pere M g 6i. ...1930 A-O 121* 181* Oct.'OO 130 183* Reglitered 1940 J-J lit ooniol gold Ss.... 1939 M-N ioe* 105* Sep.'OO 108 109* Ooll trait g 5i 1931 M-N 110 Ill I in* Oct.'C0 • • »• 106* 110X Ft Boron DW lit g 51.1939 A-O 104 108 108 Aug'OO I0F 110 Pol tr 6-20 g 4i ..,.1908-18 A-O 9694 97 97 20 96* 100 Fla Oen A Pen lit g Si 1918 i-J 100 Sep.'OO 100 100 Ceeel Br 7i 1907 n-e 103 06 NOT'97 ••••••,.,,. lit land gr ext gold 5il930 J -J • HA Nam litg •«.. .1919 -113* 114 II <* Aug'OO 111* fljg ••••• I n HIM ...... 4 t I • Oomol gold Si...... 1943 J -J LCln ALexg4*i...l93 103 '9X •Mill •••*•• ...... • ••• ...... «••> M-N ••••• J« Ft 8 A V B Bge. See StLA8F. NO AM litg Cr .....1930 J -J 187 •••• 138* Sep.'OO 187 189 Fort St O DGolitg4*il94l J -J 105 Mar '98 Id gold 8i 1930 J -J 115 117 Oct.'00 117 119 Ft W A D 0— lit g 4-8i. 1921 J-D 71* Sale 71 72 "as 70 74M PimaooU dl t gold 6l. 1930 M-8 •108 109* Not'9m '••Ml •••••« Ft W A Rio Gr lit g 3-4i. 1 938 J -J 69 60 6S* 6994 87 65 60 atLdlr litg 6a, 1991 M-S 185 186* Sep.'OO 188 187 Gal liar ASA. See 8 P Co. 8dg8i ,.1980 M-8 63 67 63* Oct. '00 63* a) of '83 lit Si.1913 UAH A-O 99 103 Sep.'OO 100 104* Kmtaoky Oent g 4i . . . 1 987 J 96 88* 96% Oct.'00 96* Oa Ala Ry lit pf g Si.1945 A-O '98 Jau.'OO A •»ei* • 1 08 Deo •J •«••• LANAMAMlitg 4*1.1945 M-8 •!•• •••••• 107* 107* lit Si 1945 '00 oomol g J-Jt •II V«78 89 Feb '00 89 89 NFlaASlitgagSi ..1937 F-A • • e • « •••••• 109* J'ly 109 Gft Car No lit ga g Si. 1939 l-J lit '09 '00 A • mil *•••• 99* Jan/00 99* 99* Pini A Atl ga g 8i. 192 F-A • I e I • e 110* J'ly HO* Ge Tgla Psolflo. See So Ry. BANAeongag5i,...1936 F-A 108* 109 Oct.'00 107 Gila VGA Nor. See So Pao Co. ^lnkfd (SAN A) g8i.,1910 A-O •••••• •••••• •••••• uv oiw. See V Cent. G A N L A Jiff Bgi Oo ga g 4l. 1945 M-8 •••!•• •••••* 96* OcU'99 • •••• Grand Rap A Ind. See Pa Co. I.U4C. See O I A L. Giay'i Pt Term See StLSW MahonOoal. SeeLSAMS. Han A St J. SfcOBIQ anhattan Ry oon 4i. 1990 A-O 100* Sale 100* 100* 19 99 105 oaiatonlo. See NYNHAH. Reglitered 1990 A-O •••••> •••• iieni ...... ••"'• Hook Val lit oon g 4*1.1999 J-J 99* Sale «9X •»* 86 98 103* MitrqpplBl litg Si. .1908 J-J 116* 116* 115* 5 118 117 Reglitered 1999 I-J Man 8 WCo!ont»g5i. 1934 J-D Col ft H V lit ext e 4i. 1948 A-O 105 108 Aug'OO lbs" 108" ilK'ptABV. SeePMoKAY Hoait liVTT. See So Pao.. '•tropoUtan Bl. See Man Ry. HouiATexOen. flee So P Co. vi ex Oent oon gold 4i... 1911 I-J 78* 80 78 Jly '00 TO 81 IUinoli Central- ! it oon Inoome g3i..,1939 J'lTl 86 86* 26* 27 88 30* UH lit void ii 1961 J -J 115 116 J'ne'00 114 116 8doonlnoomeg8i.,,.1939 J'lyl 18 13 12* 13 44 Reglitered... 1951 J -J 114* 113* Mar'00 113* 113* aatp A ooll g Si 917 A-O Ut gold 3M...... 1951 J -J 106* 105* 105* 6 104*106 8dserieig5i ,,,,,,1919 A-O Reglitered ,...1951 lntirnat lit 41 8G J -J 104 103*Apr.'98 • • • • •IIII4 •••• (IX oon g ei.'77 M-S 88* Sale 83* 88* 83* 1 gold 108 it 3iiterilng.... 195 lit . 108 M-8 • *•*•• huh (IX Nat gold 8i...,. 1937 J-D 93 108* Apr'OC t * * Reglitered 1951 Id lno 6i 1 81 81 M-S *••••• •••••• 1 • 1 • •••• A Op itmpd. 19 M-Si 67 ..... 81 Apr'00 I • • I Coll Trait gold 4i 1963 A-O 102 .... 108 Aug'OO 100 106 Sd Inoome gold 6i B..1917 An.i 8 18* J'ly '00 19 17 Reglitered ..1983 A-O 104* Jan. "<« •x North lit gold 6i.. 1910 J-D 108 110 106 May'00 105 101* L N O A Tex gold 4| 1953 M-N 108 .... 103* Sep.'OO 101 104 Reglitered .1910 J-D Reflruterea 1953 M-N 98 Jen-'OO 98 98 4loh Cent. See N Y Cent Cairo Bridge gold 4I..1950 J-D tldofNJ. See Brie. Reglitered i960 J-D I L 8 A W. See Ohio A N W LonliTille D1t g 8*i 195 < J-J 100% 100« Sep.'OO 100 108* 41 1 A Mad. See Chlo A N W Reglitered 1953 J-J 111 A North. SeeChMAStP Kiddle Dlr reg 5t ....1931 F- 4 190* 198*' May'99 "I * St P. See Oh M A St P •No prtoe Friday; thece are Uteit bu and aeked thli week. tBotd tuivut. iDaeAprU. IDaeJanaary. 1 Dae Ootober. iDaoJtly. • Optional OUTSIDE SECURITIES (Giybn at foot of 7 oonsboutivb pages).— 9AS, TEL. & 1ELEPH., Jg ftm Secuiltlea. Bid. Aik Uui 8e«nrltlei. Bid Aik. Gai Secwrftlee. Bid. Aik. Tejleg. oV Teleph. Bid. Aik. Detroit u*»— See N Y Bxo h. in. Kaniai City Gai 100 40 '^blo ft I nd Con Nat A 111 - 88 33 Tele*. Ac 4'eieiHk. iiex A Hadion Gai 40 5l 1993 AAO I 98 100 OhloAInd— lit 8i '36JAD 50 58 American Diet Tele—NY atoek zak Fort Wayne (Ind) 88 46 Laclede Ga»—N Y Stook Bxon Peoplei Gai A Coke—N Y Stook Bxeh BeU Teleph. of Buffalo. . 110 lit 6i 1926 JAJ 50 60 Lafayette (Ind) Gai... 40 46 Philadelphia Co—See Boi ton L lit. Central A South Amer.. .. 103 107 • • 64 3rand Rapldi—Stock 103 lit 8« 1934 MAN 60 •0 ProTldence Gaa. 50 t 98* Ciei A Poto Teleph—Stk e • . lit 6i 1915 FAA 1104 108* Loganipt A Wab Val— StJoieph (Mo) 30 40 5i 1909-39 JAJ 109 ...«•# 165 170 Hartford (Ct) Gai L... 25 48 61 lit6i 1935 JAD 50 60 Si 1937 .....JAJ J 90* 99* O immerolal Cable HadionCcGai ..... 36 40 Madlion (WU) Gai—Stck 65 75 8: Paul Gai—Stook 45 49 C immer Union Tel (NY). 118 195 Set, 1949 108 103 lit 8e 1936 AAO I 04 106 Ooniol Si 1944 ....MA8 i 78 88 B \plre A Bay State Tel 75 .....i Indiana Nat A Dl _ Newark Gai 6i 1914 1189 lyraenie Gai—Stook..... 8* 10 B ie Teleg A Telep— See 8 tekBx Lift lit 61 48 48 1908 MAN 60 69 Newark Ooniol Gai . .1 00 66 Iit5il946 JAJ 85 89 Franklin ..•••.... aidlanapolli interert. tPrloe ih are. Gai—Stook. 80 90 Si 1948 JAD 1109 103 Weitera Gai ( Mil w) 89* 91* f ABd p«r lit Si 1980 MAN •7* 89 New Bng Gai A O—SeeBu •tonL lit. Si—flee N Y St Bx Hit. .. 11 AJ . • . 61. 1 » t , 1 742 THE CHRONICLE -BOND PRICES (5 pages) Pagi 3. [Vol. LX2I. BONDS. Price Week'e Range BONOS. a* Price Week't Ran§t Friday, Range or since Friday, Range or timm IT.T. E N. Y. STOCK STOCK BXCHANG Oct. 12. Last Sale. Jan. 1. EXCHANGE Oct. 12. Last Bate. Jan, X. Wbbk fim>iHO Oct. 12, Week ekdiuo Oct. 12. Si? Bid. Ask. Low. High. Love. High Bid. A»k Low. Sigh No. Low. High * Ohio Minn * St L—1st g 7i . . 1937 J-D 149 May'00 143* 161 Y A 8tL litg 41.1937 A-O •05* 105* ire* 104*108* Registered Iowaez lit gold 7i... 1909 J-D 132* May'00 1 32* 1 28* 1937 A-O 105 May'00 103* 105 South Weit ex 1st g 7s. '10 J-D 124 132* Aug'00 123* 122* g|* Greenw Lake. Sm Brie Pacific ex 1st gold 8s . 1931 A-0 188 May'00 128 138 gYAHar. SjsNYOAHud. 1st oons gold 6s 1934 M.N 117« Sale 117* 117* 3 111*117* SJLackAW. StsDLAW 1st and refund. 4s. ...1949 M-S 95 Bale 95 95* 26 98 99* NYLBAW. Sm Brie. MlnAStLgu. SmBOBsN NYANB. SmNYNHAH M ft P 1st 5s st 4s lnt gu..'36 ••••I ••••• •••••I •••••• NfYNHAHart lstreg4s.'03 J-D '04* Oot.'97 10 M BSMAA 1st g 4s lnt gu. '26 ...... *•••• ••••• •••••• •••••• OonTert deb oerts il.OOO A-0 192 195 193 193* 18594 198* M BtPABSM oong 4ilntgu'38 ...... •••'•• •••••• ••••• •!•••• Small oertfstlOO 189 Aug'00 185 189* Minn Cn. Sm 8t P M A M. Housatonlo R con a 5s. 1 937 M-N 181 183 Apr'00 183 188 Mo Kan A Tex— lstg 4s. 1990 J-D 90* 91 90* 91 17 88* 93* S § *5°£by oon 5s. ..1918 M-N 116 2d gold 4s 1990 F-A8 65 Sale 65 80 45 84 70* NYANBlst7s 1905 J-J 110 114 Jan.'00 ii." ivr 1st exten gold Ss 1944 M-N 89 90 90 Oct.'00 89 95* lit 01.,,,, 1905 J-J 114 113 J'ly '99 Booney BdgOogu g 7s. .'06 M-N •••II ••«••• 100* Nov'9» N Y A North. Sm N Y O A H N 10s 101 Dal A Wa 1st gn g 5s. 1940 M-N 90 Sep.'OO • 4 • • 90 80 T„° *. *!..*** lBt K «il992 M-Sll 103* 104 103* 104 '43 '89" "90* 1 Begls MKATofTlstgngSs M- 8 86* 8994 88 93* „ 96,000 only. . . 199* M-81 101*Not'98 SherShASou )stgug5s.'43 J-D 989* Sale 98* 88« 10 98* 9894 NYAPut, SssVYOAH. K O A Pao 1st g Id.... 1990 F- • 80* 81 80* 81* 3 70 83 S£#?£ Sm Long III. Tebo A Neosho 1st 7s. 1903 J-D 100 NYSAW. ft* Brie. Mo B. A B 1st gug 5s...lK42 A-O 102* Sale 102 10?* 102 106 NY Tex AM. Sm 80 Pao Co. Nor 114* Mo Pao— Id 7s 1906 M-N 115* 116 1 1 5* Sep.'00 112 116* A South lstg 5s.... 1941 M-N 112* 118 Sep.'OO no 1st eon g 6s 1920 M-N 117 118 117* 117* 75 11494 121* N orf A West—Gen g 0s. 1 9 3 M-N 133* 134* 133* 133*4 1 139 188 Trust g 5s 1917 M-8t 94 95 94* 94* 3 94 101* New Riyer lstg 0s.... 1938 A-0 126* 133* 130* 13 94 5 130 138 Registered 1917 M-81 Imprrmt A ext g 0s. . . 1934 F-A 130 131 1 17** Aug'fco 1st ooll gc!d 5s 1920 F-A 91* 98 92* 92* 12 90 98* N A W By lstoong 4s. 1998 A-O 96* Sale 96* 97 49 90* 98* Registered 1920 F-A Registered 1996 A-O 97* J'ly '00 97* 87* LeroyAOVALlstg5s'26 J-J 94 J'ne'00 92 94 Small 199* A-O ••tee Pao B of Mo 1st ex g 4s. '38 F-A 106 106* 8ep.'00 10594 106* J -J 101 Feb '97 101 2d extended gold 5s . 1938 J-J 116 115* Sep.'OO 112*ill5* Solo VAN Blitgug4l.l989 M-N 102 Sale 103 102 9i 8t Louis A Iron Mount— North Illinois. SMOhlANW. Genoonry Aldgrtg 5s'31 A-0 10f% Bale 108* 109 97 108* 113* N orth Ohio. Sm L Brie A W ' 3 ' Northern Pacific— Gen oon stamp «td g 5s A-O 107 108* 1 2* Sep.'00 110 112* Unlf Aref g4s 1929 I- 77*B*de 77 78 63 70 84* Prior lien r A 1 g g 4s. .199? -J 102* Sale 102* 102* 135 102* I92w 101 Registered J-J ••••« ••• •••••• •••••• MMI« •••••• Registered 1997 -J 104* Sep.'OO ' 1 lien Terd V A W 1st g 5s.. '36 M-ti •«• ••«•• •••••• »•••!• •••• •••••• General g 3s 2047 Q-Ft 64 * Bale 64 64* 186 68* MlssaiTBdge. flssOhloAAlt Registered ...2047 "-Ft 86* May'00 00* 08 129*' '.'.'.'.', 188* Mob A Blrm prior lien g 5s. ' 4 5 J -J 109* 110* J'ly '00 110* no* 8tP*N P gen g 6s... 1923 131* May'00 • • 181* Mortgage gold 4s 1945 J-J Registered otfs 1 923 O-F 132 J'ly '99 • • • •••ttt •»»••! Small 1945 J-J 8tPaulADullst5s...l931 F-A 124 120 Feb '99 Mob Jack A K C 1st g 5s.l946 J-D 2d 5s 1917 A-O 110* 113 Ang'00 109 118 Mob A oriio new gold 6s..'37 j-D 126 135% Oct.'OO 120 128 lstoog 4s 1968 J-D 100 100* Aug'00 97* 100* 1st extension gold 6s. 1927 118 120* J'ly'00 120* 120 Wash Cent lstg 4s.. .1948 -M 89 100 88* May'00 88* 88* General gold 4s 1938 StbM- B 83 85 84 84 13 83 87 Nor Pao Ter Go 1st g 6s. 1933 -J 115 118 118 Aug'00 113 MontgomDlT 1st g 5s. 1947 F-A 10794 Sale 10794 10794 4 100* 109* Nor Ry Oal. Sm So. Pao. St L A Cairo gu g 4s . .1931 J -J Nor Wis. Sm O St P MAO. Mohawk A Mai. See N Y C A H Nor A Mont. Sm N.Y.Oent. Monongahela RIt. Sm B A O IndAW. SMOOCAStL. Mont Cent. 8ee St P M A M. O hlot RlTerRR 1st g 6s 1 93 J-D 110 110 J'ly'00 109 110 Morgans La AT. SssSPCo General gold 5s...,. ...1837 A-0 i.*..< ,.«,,, 95 Aug'00 90 81 Morris A Hssex. Sm Del LAW Om A St L lstg 4s 1801 J-J 51 .,,,,, 75 Apr'00 00 77 Nash Chat A 8t L 1st 7s. '13 J-J 128* 138* Oct.'00 126 129 Ore A Oal. Btt Bo Pao Oo. 3d 6s 1901 J-J •ICO 1C0* J'ly'00 100* 100H Ore Ry A Nav See Dn Pao 1st oon gold 5s 1938 A-0 105 105 105 104* 109 Ore RR A Nay Sm Dn Pao gold 1st 6s Jasper Boh.1823 J -J 118 , 113 Deo '99 Ore Short Line 8ee Dn Pao 1st 6s MOM M W A Al. 1917 J -J 113 ..... Oswego A Rome. Sm N Y C lst6sTAPb 1917 J-J 111 Deo '99 OOFAStP. SmCANW Nash Flor A Shef. Sm LAN PaoOoastCo—1st g5s. 1946 J-D 110* Sale 110* 110* 104* lit* NewHAD. floNYNHAH ae of Missouri. Sm Mo Pao N J Juno RR. Sm N T Cent. Panama Istsf g 4*s....l917 A-O •108 106 103* May'00 102 108 NewAOinBdge. Sm PennOc S f subsidy g 6s 1910 M-N ••••• ••••• NOANBpriorlleng6s.l915 A-Ol PennOo—Gu lstg 4*s. 1821 J -J 116*116* 116* 116 111* 117* N Y Bkln A Man Bh. Sm L I. Registered 1821 J-J 111* Jan. '00 111*111* NY Cent A BR 1st 7s.. 1908 J -J 108* 108* 108* 108* 112 Gtd3*scoltrustreg.l937 M-8 109 Not'98 Registered 1903 J-J 108* 108* Sep.'OO 108*111 O BtL A P lstoon g 5s. 1932 A-O i'2'6" ',',','.',', 131 J'ly'00 121 121 G 8*s...... *«••.. ... ,1997 J-J 109 10994 8ep.'00 108 111* Registered 1932 A-O Registered. 1997 J-J 110 Aug'00 U0 110 C!eT APlttscons f 7s. 1900 M-N 103* Mar'00 102 101* Debenture 5s of .1884-1904 M-8 105 .... 105* Oct. 00 10294 108 Qengug4*sser'sA.1942 J -J 117 117* Feb '00 117* 117)J Registered .... 1884-1904 M-S 105* 106* Oct.'OO 105* 107* Series B. 1942 A-O 118 Reg deb 6s of... 1889-1904 M-S 106* 108* 8ep.'97 Series C 3*s 1948 M-N 104* Debenture g4s.. 1880*1906 J-D 103 10994 Sep.'OO al 101*103* Brie A Plttgu g 8*i B.1940 J-J •••• letaee 101* May'00 101* 101* Registered.... 1890-1905 J-D 102*4 10494 Feb.'99 SeriesC 1940 J-J »••••• Mirta •••••• •••••• •••••• «*•••• Debt oerts extg 4s... .1905 M-N 108*.,.... 103 Oct.'OO "a*5 ioi" 108* NA CBdgegengug 4*s.'45 J-J ••••• •••it* •••••• •>•«• Registered 1905 •108 .... '00 PCCA8tLoongug4*»— M-N 103* J'ly * • • • ••••I 114 Lake Shore col g 8*1.1998 F-A 96 96* 96 60 95* 99 Series A. 1940 A-O 117* Aug'00 • •it 117* Registered 1998 F-A 94 95* 93 93 5 98 98 Series B guar 1942 A-0 lll« 117* Sep.'OO *••• 113*111* Mloh Cent ooU g 8*s..l998 F-A 86 Sale 95* 90 4 95 88 Series Ognar 1942 M-N 118 Not'98 Registered 1998 F-A 94 96 Sep.'OO 94 97 Series D 4s guar 194S M-N 109 Apr'00 106* 109 Beeoh Crk 1st gu g 4s. 1936 J-J 109 109* Aug'00 108 110* Series B guar 8*s.. 1949 F-A 101* J'ly '00 100 101* Registered 193R J-J 108 J'ne'98 Pitts Ft W A O lit7i. 1912 J -J 186* 139* May'00 1S5 189* Sdgugold 5s 1936 J * 71 «*s**«s*>t***»»* lstsflntgug4sserA.'40 '98 • • * currency 6s • • • 1 t * • J -J • ••M • •»•• 9f J'ly ••••• • •»•• Oon reg.. .1805 Q-MB ••••• •••••• Small bonds series B. .'40 J -J • sees* • Cong 5i 1819 ••••ee mil •I • •••I • • • •» M-8 •••••I ••••• Gout A Oswe 1st gu g 5s.'42 J-L Registered 1919 Moh A Mai 1st gu g 4s. 1991 M-8 107* J'ly'00 IO694 107* Oong 4s 1943 M---N N J Juno R go 1st 4s 1986 F-A 105 102 Feb '00 103 103 GrRAI exist gug4*s.l94i J-J 111 Aug'00 108 111 Registered 1986 F-A 01 A Mar 1st gu g 4*s.l935 M-N 112* Mar'00 109 118* N Y APut lstoongu g 4s.'93 A-O DRRRABgelstgu4sg.'36 F-A 1st Nor A Mont gug 5s. '16 A-0 AUegh Yalgen gu g 4s. 194 2 M-8 »iii»' huh 102 Not'87 » • » mm •••••• 1st _••••• 111111 West Shore Isgu. 2361 J -J 118 US' us* 110 115* Bun A Lewis lstg 4s.. 1936 J-J • • •lien •eeett •••••• » I » Registered 117 117 2361 J -J 113* Sale 112* 112% 86 110 114 DNJBBAOangen4s.l944 M-8 114 117 May'00 1 • * Lake Shore oon 2d 7s . 1 90 3 J-D 11294 116 11294 Oct.'00 111* 116* •ensaoolaAAt. Sm LA Nash Registered.., 1903 J-D HI* J'ly "00 111* 114* Penria Dec A Evansv— Gc!d 3*i 1997 J-D iio'* iYd* no* no* 10 109* U154 2dg 6s tr reo 1st pd... .1926 M-N 23 Jan.'OO 22 83 Registered 1997 J-D no* Mar'00 no* no* reo A Hast. 8u C C A St L 1 st • 180 CinA 8 gL SAM 8 7s'0 A-0 100 • * » • • 108* Deo'97 • • • PeoAPekVnlstg6s...l82i Q-F •n*t 1 y * ISO Ang'00 180* • 101 Det Mon A Tol 1st 7sl906 F-A 117 • ••I' 119* J'ne'00 119 131 8dg4* Feb., 1821 M-N 101 101 101 98 KAAGR 1st go 5s. 193b J-J Pine Creek reg guards . . 1932 J-D 187 NOT'87 Mahon CM RR 1st 5s.l934 J-J 197 181 129 Sep.'OO 129 129* FlttsOinAStL. SssPenn Co. PlttsMoKAY—litgu6s.'82 J-J 141 POCAStL. Sm Perm Co. 3d guar 6s 1934 J-J 133 Pitts OlerATollStgOs.. 1922 A-O 107* O0t.'88 MoKeeAB Vlitg0s.'18 J-J PtttiFtWACh. Sm PennOo. Mloh Cent— 1st oon 7sl902 M-N 107 10794 Sep-'OO 105* 10994 Pitts JunolstgOi 1922 J-J 121 NOT'98 • •••I* ...in 1st oon 6s 1902 M-N 104 Bep.'OC 10294 104* WttsA L Erie—2dg5s.. 1928 A-Ot no* •••••• ..,,.. . . 1 1 • 0s 1909 M-8 117* 121 Aug'00 119* 191 Pitts McKees&Y. See N YCen 6 1931 M-8 •124 128 May'00 128 128 rttisP AF 1st g6s 1916 J-J 90 90 J'ne'99 Registered 1931 ••• • 127 '99 ltts Sh L H 1st g 5s. .1940 A-O 113 e •• • 116* J'ly'00 113*110* •••• Deo • ••• • • • • • I A 4s 1940 106 105 • 1 • 1st oonsol gold 5s 1848 • •••t 87* Jan.'00 W Jan.'OO » 106 106 J-J nun Registered 1940 j -j 108 Jan.'98 MttiAWest lstg 4s. ..1817 J-J 100* eep.'00 99* ioi" BatC A St 1st gug 3s. '89 J-D J P M A Co oertfs 100* Aug'00 99* 101* N Y A Harlem g 8*s 2000 M-N •••••* • ' ••• 115* May'00 116* 115* •ltts Y A Ashlstoon 5sl927. M-N 119 Registered .8000 M-N •*••• (Slit I> uadlng Oo gen g 4s.. . 1897 J -J 86* Bale 86* 87 118 88 90* HI* North 1 st g 6s.. 1937 A-O 190 i»2* Sep.'OO 128* 122* >> Registered 1887 J -J 87* Aug'00 87* 87M R W AOgoon lstext5s.'22 A-O. 135 12:* Oct-'OO 135* 189* lensielaer A Sar. Bee Dili. OsweA K2d gug 6s.. 1915 F-Al 110 118 Apr'99 • ••• ftleh A Dan. Set South Ry. RWAOTBlitgngSs.lH -«••• • West lstg 4s. .. 1939 J-J 98* 99 99 99 28 i M-N •••• • • t • • • • » ...... • Rk> Gr '22 Dtloa A Blk R1t gn g 4s . J -J 110 108 Oct.'OO 108 108 ntah Cent 1st gn g 4s.l917 A-Ot 86 88 88* Sep.'OO a* a No price Friday j these are latest bid and asked this week, t Dae Jan. 4 Due July. I Due June. I Due May. 1 Due Not a These are option sales. OUT8IDE SECURITIES (Given at toot of 7 consecutive pagbs).— TEL., BLEG.. FERRY 60 Bid. Aik Telia-. «fc T*l«»h Bid Alt Teles A Telcph. Bid. Aik. Electric Companlee. Ferry Oe » lee. Bid »ik ~ *" Bxoh Gold AStook 110 118 Teieg Telep A Cable—See Phlla list. Ueneral Bleotrio v> N Stook ferry Companies. Bonds 90 Weit'n Dnlon Teleg—N Y Stook Bxoh Do pref.—8ee Boston L 1st. Brooklyn FerrT-atook 18 19 Hudson River Telephone 111 120 Klectrta Oorapunles. Hartford (Ct) BleoLtCo. 165 NY&BlstSsloil.JAJ 115 117 Internatlon Ocean...... 110 118 Allegheny Co Light Oo... 165 170 Mo Bdlson Bleotrio 14 18 Con at'ib-See Stock Bx list. Mexican Telegraph 215 236 Brush ltlectrlo Co 41 46 Do preferred 50 59 Metropolitan Ferry—6s. 107 110 .... Mexican Telephone—Set Bosto ti Hit Consol Hlectrlo Storage. 11 14 Narragan. (Pror)BlOo.50 1til9* N Y A N J Fern— ProCo. 119 1st 6s 1946 JAJ 107 Mew Bag Telep.—See Bos ton lis t Hddy Bleotrio Mfg Co..25 t 14 Khode Island Bleo 106* 1 71 Northwestern Telegraph 182 197 Bdlson Bl 111 Co NY—N Y Stock Bxoh Dnlted Bleotrio of N J . . 16 17 N Y A B R Fetry—Stook. 70 Bl 111 70 It 5s 1992 MAN .... « 97 99 W Y A N J Telephone. . . 161 155 Bdlson Oo Brk—N Y Stook Bxoh 4s 1929 s 1920 MAN n:* 112* HdiniD Ore Milling Oo... 9 11 Dnlted Bleo LtAP Co pref .^fH»l to list N: YA H bok»n— fltorv. 74* 76 •» 111 Pacific A Atlantic 75 90 Bleotro-Pneumatln Trans 8* 2* 4*. 1939—SM Balto 11 It H.bF'y SB.'seMA" 1111 85 Oon. oi 1946 98 96 Providence Telephone. . 95 Fort WameHleo Co ts, 30 80 Woonsooker (Bl'siOn JAD • lnt«r«at «i-. .... BlUtham A A»i»nH« OM ib'o "'•'•— A ... IB SK And •re JA . * . m pages) OCT. 13 1900.1 THE CHRONICLE -BOND PRICES (5 Page 4. 743 Price Week's Range BONOS. Price Week's Bang*) BONDS. Friday, or Friday, Range or sine*) Range since N.Y. STOCK EXCHANGE H. Y. BTOCK EXCHANGE II Oct. lvs. Last Sale. Jan. 1. I! Oct. 12. Last Sale. Jan. 1. Ending Oct. 12. Wbkk Ending Oct. 12. Week Bid. Ask. Low. High. Low. High B%d. Ask. Low. High. No. Low. High (Con) lit gug 51.1989 J 105 Nov'99 8outhern— Bio GrJuno ,','.'.'. j "ii" 77* Aug'00 71 81 Virginia Mid ser A 8i.l908 M-8 Bio Gr 80 lit g 4s 19JO 1911 Guaranteed l tt4 ° 98 Aug'00 92* 98 Series B 8s M-8 • ••Ml ••••1 ««•*•» SerlesC 6s 1916 M-8 *•••!• • s * Boon * Pttti. JwBBc P mi • 4-5l 1921 102 ...... Borne Wat. * Og Sss NY Cent. Series D M-S ••••.I »»••.. O0t.'99 siim SaltLakeOlitgifOi. .1913 J Small 1921 M-8 tJoAGllstg 3-4i...l947 J 85 85 Sep.'OO 81 85 Series B 5s 1926 M-8 109 Jan.'99 Small 1926 8t L * Oal. See Mob A Ohio. M-8 Series F 5s 1931 M-8 8t L A Iron Mount. See M P. 1L K C 4 N. Sss Wabash. GenSi 1936 M-N Ill 111 Oct.*00 109 111* Gtd stamped. 1936 111 110 Aug'00 108 111 L M Br. 8m T BB A of StL M-N lstoygu 41.1924 90 8ep.'00 87 It Louis A San Franolsoo— WO AW F-A 93 91* 91* gold 8i Class A 1906 M- N 112% 114* 110 Nov'99 West N O 1st eon g 6s.l914 J-J 117* J'ly'00 114* 119 3d N. 3d gold 6s ClassB 1906 M-N 11294 H4* 118* Aug'00 111 118* 9 A N Ala. 8*4 L A «d gold 6s Class 1906 M-N 118% 114* 113* Oct.'00 HI* 118* Spok FalliANor lltg 6i.l939 J-J meie mimi 117 J'ly'00 117 117 General gold 6i 1931 J -J '182% 123* 182* Oct.'OO 121* 125 Stat III By lit gu g 1*1.1943 J-D mm mm mm mm General gold Si 1931 J- 106* Sale 108* 109 11 108 113* Sunb A Lew—Sss Penn RR. 8** lit trait gold Si 1987 A-O 100 104 Apr '00 103*104 Syra Bins ANY. DLAW. e T lit g 6s Pierce O * 0..1919 F- A rebo AN. Se M K & BtLA8FRRg4i....l996 J-J 81* 80* 80* 79 84 er A of StL lltg 4*i. '39 A-O 112* 118%J'ae'99 South w DlT lit g Si.1947 k- O 93 100 J'ne'00 98* 100 lit oon gold Si. .1894-1944 F-A 113* 118* Sep.'OO 113*114* 85 90 Ter gu g Si. 1 930 111 Jan.'OO 111 111 Cent DIt 1st g 4s. . 1929 A- O 93 J'ly'00 91 95 St L M Bge A-O FtBAVBBdglltg 81.1910 A- O 105 00t.'97 Tex A N O. 8*4 So Pao Co. Kansas Mid 1st g 4s ..1937 J- D TexAP By BdlV lltg 61.1905 M-8 108 105 104* Oct.'OO 104* 105 23 L Bo. Ss« Illinois Cent. lit gold 5s 2000 J. D 112* Sale 112* 118* 110* 116 It 69 §tL8Wlitg4ibdofi.l989 M-N 90* Bale 90 91* 97 85 93* 2d gold lno. Si. Deo... 2000 Moh. 55 . .... 68 Oct. '00 "9 57 3d g 4slno bond otfs.. 1989 J -.11 82 Bale 61* 83* 271 53* 85* TolAOO IstgSi 1935 J-J Ill* 112 112* 105 114* Gray's PtTerlitgug5i'47 J-D Wesfndlv lstg 6i.... 1935 A-O 110 112; HI* 111* 5 105 119* Bt Paul A Dul - « Nor Pao General gold 5s 1935 J-D 98 100 100 Sep.'OO 95 108* • 1 it gu 4i . ..1990 ...... 90 J'ne'00 90 St Pan! M A Man 3d 6s. 1 909 O 115* 119 Sep.'OO * • * 117*121 Kan A M g A-0 93 84* lit oonsoi gold 6i 1933 J 138% 188 138 2 137 142* Tol Peo A W litgold 41.1917 J-J 82 85 82* Oct.'00 78 84 Registered 1933 J 137* Feb '99 TStLAKO Iitg6itr.l916 J-D 130* J'ne'00 110 180* Beduoedtogold4*s 1933 J •113* 114* 114 1>4* 112* 116*| Tor Ham A Buff lstg 4s. 1946 J-Dt 1 100 100 Sep.'OO 100 100 Registered 1933 J l06*Mar'98 I lliterA Del litog 51.1928 J-D 106* 107 108* Sep.'OO 103 107 ) 196 Dakota ext gold 0i. .. .1910 M-N ue* 119 Oct.'00 1 18* 12*1* V n Pao-RR A 1 gg 4H947 J-J 1G4* Sale 104* 105 101*106* Mont Sit 1st gold 4s. .1937 J-D 103 Bale 108 103* 46 102* 105 Registered. 1947 J-J 105* J'ne'00 103*105* Registered 1937 J-D 104 Jan.'9a OreRyANavlstif g8il»09 J-J 109 110 Sep.'OO 110 110 MM lstdlTlitgSs.,.1908 A-0 108* Apr '00 108* 108* Ore RRANav oon g4i. 1946 J-D 102* Sale 102* 103 58 100* 104* Registered 1908 A-0 •••••• Mint ••*••• *•»••< Ore ShortLlnc lit g 8el922 F-A 127* 130 127*Oct.'00 125* 130 Nordlv 1st g 4s.... 1940 A-0 •••••• •••••• »ftii iiim Ore 8h L— lit oon g 5s. 1940 J -J 113 112 U2* "id 110*115* • Non-oum lno A Si. . .1946 Sep.* '100 106 J'ne'00 106 106 Registered 1940 A-0 •••III •»..« * • m iimi lit • • * Minn Union 1 st g 6s. . .1922 J-J 128 Apr '00 128 128 Utah A Nor 7i 1908 J-J 121 121 Mar'99 MontC 1st gu g 6s. ...1937 J-J 130 131* 131* 129* 134* Gold 5i 1926 J-J 109 113 102* 102* 1 102* 103* Registered 1937 J-J 115 Apr' 97 DnlNJRRAOOo. SssPaRK let guar gold Si 1937 J-J 115 116 117* 117* 23 116*118* Utah Central. Sss Bio G W Registered 1937 J-J a tab A North. Sss Un Pao. Will * 8 F lltg 5 1938 J-D ISO Apr '99 DtioaABlaokR. Sss NY Cent Registered 1938 J-D VerYallndAW. Sss Mo P. 8t P* Nor Pao. Sss Nor Pao irglnlaMld. Sss South Ry. BtP AS'xOlty.SssOStPMAO Wabash IstgSi 1939 M-N 117% 118 117* 118 11 113 118* 81eP.es A Ph 1st g Si.1942 M-M 106* Nov'99 2d gold 5s 1939 F-A 101* Sale 101* 102 41 98* 104 f A A P. 8t* 8o Pao. Co. Debenture series A.... 1939 J-J •102* 102* 88 Sep.'OO 83 94* BF A NP 1st sf g 6s.. .1919 J -J 112 J'ne'00 112 112 Series B. 1939 J-J 32* 32* 32* 33* 118 29* 488 SavFA W lltoon g 61.1934 A-0 124% 126* Jan/00 125* 126* lstg 5s Dot AOh Bit.. 1941 J-J 109 ... 110* Sep.'OO 108 118 1st g 5s 1934 A-O 123 Deo'99 Des Moln Dlv 1st g 41.1939 J -J 90 ... 91 Apr'00 91 98* 8t John's DlT 1st g 4s.. 1934 J-J • • • * n Vw StOhasBrldge Iitg6s.l908 A-O 109* ... 111 May'00 109*118 Ala Mid 1st gug 5s... 1928 M-N 100 103 101 Oct.'00 101 105 Warren BR, St* Del L A W Brans AW Istgug4s.l938 J -J 88 Sep.'OO 89* 85 Wash Cent See Nor Pao 811 8 Oca AG gug 4i 1918 J-J Wash OA W. B*t Southern Beloto Val A N B. 8** Nor A W West NYAPa IstgSi. 1937 J -J 120% 120% 120* 190* 10 110 193 40 Seab A Boa lit 5s 1926 J-J !04*Feb.'93 Gen g 8 4i 1943 A-O 91* Bale 91* 91* 2!* 25** Car Cent lit oon g 4i. 1949 J -J Income 6i. . . .April, 1943 Nov. 88% Sep.'OO 98* 85 Bher 8hr A So. Sss M K A T Weit No Oar. 8** South By. BUBOoa&G Sm8stF4W West Shore. Sss NY Cent. Bod Bay A 8o 1st g Si. . . 1924 J.J WVaAPitta. SssBAO. Bo Car A Ga. See Southern. W Ya Cent A P lltg 61.1911 J-J 11s Jan.'99 Southern Paolfle Co— Wheel'g ALB lit g Si.1928 A-O HI 119 112 Oct.'OO 107 114 Gold 4s Cent Pao ooL.1949 J-Dt 78* Sale 78* 79 16 76* 85* Wheel DlT lit gold 51.1928 J-J 106 110 110 Sep.'OO 99*110 Roistered 1949 J-Dt 85 Nov'99 Bxten A Imp gold 5i. . 1930 K-A 105 110 108 Sep.'OO 98* 108 A AN Wilt gug Si.. .1941 J-J 95 95* 95 99* 1st con 4g 1949 M-S 84 Bale 84 84* 84 89* CPao 1st >efgug4i... 1949 F- 97* Sale 97 97* 107 97 100* WtlkeiABait. Sss Brie Beglstered 1949 F-A 99* J'ne'00 991* 99% WllASlouxF. Sss StPMAM Mortguarg 3*i....l939 J-Dt '*80* 81 80* 81 *80 80* 88* Winona A St P. SssOANW Registered 1929 J-Dt WUOentSO-yr 1st gen 4s..'49 J-J 84* Bale 83 84* 27 88 98* Gal Har AB A lit g 6i. 1910 F-A 108*111 110 May'03 110 110* 8TBBBT RAILWAY BON DB. tdg7i 1905 J-D 107* 111 105 Aug'00 104*106* Bklyn Rap Tr g 5i 1945 A-O ...... 100 100 Oct '00 100 106* MexAPao lit g....5s'31 M-N 98 98* 39 98* 102* Atl Av Bklyn Imp g 5il934 J-J 110 Jan.'99 9UaVGANlstgug5sl984 M-N 103 105* J'ly'00 100 110 BkCltylitoon 5s.l916.'41 J-J 116 Nov'99 HousE AWT lstg 5s.l»S3 M-N 103 105 Aug'00 100 105 BkQCoABcongug5i..'41 M-N 96 96 Oct.'00 96 104 1st gug oi 1933 M-N 105 Bklyn Un Bl 1st g !-5sl950 F-A 91* 91* Oct.'OO 91 97 HATU lit g Si lnt gu.1937 J -J ill' 110* 110* 109 111* City A 8 Ry Bait lstg 5s 1922 J-D Con g 8s lnt gtd 1912 A-O 109* 109*Oct.*00 109*113 Oen Con Tr Co litg 5i.. 1933 A-O 95 J'ne'00 95 97* Gen g 4s lnt gtd 1921 A-0 78 81 Aug'00 81 87 DenTramCooong 6i.l910 J-J Morgan'sLaAT Ist7sl918 A-0 •135 134 Nov'99 Met Ry Co lit gug 61.1911 J-J lttgSi 1920 I -J 120 120* Feb '00 120*120* LouliByOo litoon gBi.1930 J-J 109 Mar'98 N Y T A Mexgu lstg 4s. '12 A-O darket StO By lit g 6a.l9l3 J-J No Of Cal 1st gug 6s.. .1907 J-J at Bt By gen o tr g 5s. . 1997 F-A 117* Sale 117* 118 16 116*180* Guaranteed gold 5s.. 1938 A-O 106 Aug'99 BwayA7thAvlstcg 51.1943 J-D 119 120 120 4 118* 183* Ore A Oai 1st gtd g 5s. 1927 J-J 98* Aug'00 98* 99 Registered 1943 J-D BAAAPasslstgug4s.'43 J-J 74 Sale 74 74* 12 78 80* OolA9thAvlitgug5l,1983 M-M 129* Sale 122* 122* 10 129 125 : 09-10 Registered BoPof Argu litg6i. J -J II 110* 110 Oct-'OO 110 114* 1993 M-M BPof Oal lstg 6s.. 1905 A-0 107 107* 1 10 Aug'00 109 HO Lex AvAPFlitgug5l.'»3 M-M 122 Bale 188 132 129 186* 1st gold 6s ser B..1905 A-O 107* ... 110* Aug'00 110*110* Beglitered M-M •••«•- lit gold 8s 1906 A-O 109*... 111* Aug'00 111*112 MetW8El(Chlo)litg.4i.l938 F-A 98 98 98% 95* "98* lit gold 0s 1912 A-0 119 J'ly'00 117% 119 Registered 1938 F-A lit oon guar g Si.. 1937 M-N 105*Jan.'00 105*105* 411hilRyAL30-yrg5i.l928 K-A 106 Oot.'99 Stamped 1905-37 M-N 107 107* 107 107 104*109* 41nn8tRylitoong5i.l919 J -J 109 Oot.'99 BPacof N Mex lit g Si. '11 J -J 116 Aug'00 116 116* *t Paul Olty Cab. og 5s. 1937 J-J •111 115 112 Aug'00 111 115 6 P Coast 1st gu g 4s.. 1937 J-J 80 Guaranteed gold 5s... 1937 J-J 1st lit TexANO 7s 1905 F-A 116 Deo'98 Third Av gold Si . . . .1937 J-J 132* 122*8ep.'0C 117*185* BablnedlT lit g 6i.. 1912 M-M 106* Nov'97 On Bl (Ohio) lit g5i..„1945 A-O 109* Deo '99 •••••« ••••*• Oon g5i 1943 J Chlo 8t40-yrlitour5s •••••• -J 101% Sale 101* 101* 15 101 104* W M-N • mil ••• » ss ml* •••*•• •••••I Southern— 40-year oon g 5s ••••»• 1938 M-N • imt mm 99 DM '97 mat* llteongSi 1994 J-J 108* Sale 108* 109 50 106 118* GAB A BLHCTRIO LIGHT BON DB. Registered 1994 J -J • ••••« 108 Aug'00 107* 108* Atlanta G L Co 1st g 5s. 1947 •••••« inn J-D nntf • ••••• _ '*WJ! DIt lstg tr otfi f .'39 •••••• Mem 4-4*-5il996 J-J •107* 109* Apr '00 108* 109* Bos D Gas g 5i. J-J •••••• • 91* O0t.'98 sitin Beglstered 1996 Bklyn UGai litoong5i..'45 12 114 118 J-J •••Ml ••»•*• • ••••• ••••• M-N 116* HC% 116 Ala Cen R lstg .1918 6s... J-J • ••••• seen 112*Aug'97 • «nn ••»*• ChGLACCo. SssPGACCo Atl Yad 1st gu 4s. 1949 Columbus Gas 1st . . A g A- O • • • • • s •••••• •»••• ••••• g 6s 1932 J-J Col A Greeny 1st 5-8i.l9l8 J-J 115 Jan-'OO 115 115 Con Gas Co. SssPGACCo. T Ya A Ga Dlyg 5s. 1930 J-J •UP* 118* 116% Sep.'OO 114*117 Detroit City Gas g 5s.. ..1983 J- J 94 94 94 94 100 lit Oon gSi 1956 M-N 120 Bale 120 120 114 120 Det Gas Co oon lit g Si. . 1918 F-A 100 99* Nov'99 B Ten reor Hen g 4-5S.1938 Irl - s 107* lll*Jl'y*00 108* 112 Hd Bl 111 Bkn. Sss K Co BLAP Registered 1938 Irl-8 Bd Bl 111. See NYG A BL HAP GaPaoRy 1st g 6s. ...1922 J -J 122* 122* 122* 4 119*124* HqGasLNYlstcong5s..'32 M-8 118* Sep.'00 U5* 118* - Knox A Ohio 1st g 6s . 1 925 J J 130* 19i* 188* 11 118 124 Bq G A Fuel. Sss P G A C Co. Rich A Dan con g 8s. .1915 J -J 122 123 183 Sep.'OO 119 126 GasABlecBergCooong5s'49 J-D 109% Sale 103* 102* S3 108* 110* Bqulp sink fund g 5s. 1909 M-M, '100 ..... 101* J'ly'00 101 101* Gen Bleo Co deb g 5s... 1922 J-D 117 117 117 1 113 i20* Deb Si stamped 1927 A-0 106 10F % Oct.'OO 104 109* Gr dap GL Co lstg 5i.. 1915 F-A BoOar litgSi..l919 1 AQa M-N 105 105* 105* 103 109 I KC Wo Gas Co 1st a 5s. 1922 A-O ' No prloe Friday i latest bid and asked this week, t Bond! due Aug. * Due July. I Due Marco. 1 Due Jan. I Dae Not. a These are option sale*. OUT8IDE SECURITIES (Given at foot op 7 couseoutivb pages).—FERRY & MISCELL'8* Ferrr Companies. Bid. Aik. Miscellaneous. Par. Bid. Aik. Miscellaneous. Par. Bid. Ask. Miscellaneous. far. Bid. Asm lvth A 23d Sts Ferry 75 86 American Chicle Co 68 68 ^merioan Surety 50 180 Barney A 8m Car 100 13 16 lit mort 5i 1919.. .JAD ;io5 108 Preferred 75 80 A.mer Strawboard,...100 29 Preferred 100 93 98 Union Ferry—Stock 81* Bonds 6s..... Bergn Bng Br lit 6s . 95 S3 American Ginning...... FAA A "68% 1st 5s 1930 MAN « 94* 96 4mer Graphophone....l0 1C% 10* 4.m Typefo'rs—Stook.100 55 60 Sliii Company—Com.. 50 70 Preferred 10 11* 19 Amer. Woolen—Com.... 12* 18 Preferred 50 62* Miscellaneous. Amer Mutoscope 30 Preferred 69 70 londAMort Guar... 100 800 Aeker.Mer A Con 6s 1903 98 101 Amer Press Assoo'n. .100 80 80 Amer Wringer com... 100 108 114 British Columbia Copper 11* 18 Amalg. Copper— See Bost on Lis t. American Sorew 250 1200 Pref 117 19S jelluloldCo 100 94 96 Am Agiioul Chem—Ses rf Tent Firew'rks—Com.100 18 91 citon Lilt Amer Shipbuilding ..100 15 85 Amer. Writing Paper. . 8 4 Amer Bank Note Co... 50 t 48 61 Preferred 100 85 100 Preferred 11 14 Preferred 100 55 60 Amer Bicycle— l> 74 THE CHRONICLE-BOND PRICES (5 pages) Page 5. [Vol. LXXI. Price Week's Range BOND8. Price Week's Rungs BOND8. or since Friday, Range or tine* •1 Friday, Range N. Y. STOCK EXCHANGE H. Y. STOCK EXCHANGE Sf. Oct. 12. Last Salt. Jan. 1. Oct. 12. Last Sale. Jan, l. Week Ending Oct. 12. Week Ending Oct. 12 Bid. Ask. Low. High. Ko. Low High Bid. Ask Low. Wiah Ifo Low High •' Jo StYd ool 5s. 1 915 »• • • • • 87 A-O 95 Clblc A g J-J 110 Aug'00 110 111 Klnti Co Bl L A P g J Purchase monOi 1997 A-O Non-oum Ino 5s .... 1 907 J -J 97* Oot,'»9 Det MAM id gr 3*s S A.19U A-O 27* Bale 37* 27* 19 40 Bd HI II Bkn-lstoong4».'39 J.J Haak • ••• ...... Wat Reor lstg 5s. 1926 J-J ..... litg 6 1940 A-O • s » • t • miiii 111 May'99 3*' ...... • ••»• Head B Co 1st .1931 ;;.*;; Registered A-O ••»•• •»•**« • ••• ••••»» «fg 6s.. M-8 •lbs" 11 NoV'99 ...... 8tLl«tg5s'1 9 107 107* i07* Oct.''b*6 106 111 Ho-ioken L Alg 5s 1910 M-N LacGas-LOoof Iron Small 1919 Q-Ft Steam boat Co 8s... 1901 J-J SeePeopGas Mad Sq Gard lstg 5s.. .1919 M-N Mnt Fuel Gas Co Bch NYGBLHAP..g5s.l94R J-i» 107 Sale 107 107 103* 110 Man HAL gen g 4s. 1940 M-N ...... 1 Registered 194f J-D Newpt News SAD D 5s.l990 J-Jl Purohasemong 4s....l94<» F-A 93 Sale 92* 93 13 91 94* ! AOntLand lstg 6s.l91 F-A 90 Oof 99 110 St L Ter Cupples HI 111 1st oonv g 5sl910 M-8 106*4 HO 107 107 8 106* Station A Kd 120 Prop lstg 5-20 1st con a 5s 1995 J-J 120 UP* J'ly '00 11794 Co 4*s yr'17 J-D PatersoEAPGAEg5s.l949 1*1-" 8 Yuba Wat Co oon g 6s..*33 J-J 101 H'eb'O'" PeoGa8AClstgug6s..l904 M-N 107 J'ly '00 107 107 8p Val Wat Works 1st 6s. '06 M- 8 113* J'ly '00 U3* 118* 2dgtdg6s.. 1904 J-D 107 Sep.'OO 103* 107 Vermont Mar 1st s f 5s. 1910 lstoonsolg6s 1943 A-O 120 130* Aug'00 120* 127 TELE. A TELEPH. BONDS. 1947 M-8 106 Deo '98 Refunding g 5s om JaoieOo lstg 4s... 2397 J 101* May'00 101* inau -1947 M-8 Q Beglstered Registered 2397 o J 100* Oct.*00 100* 5s 87 J-J 108*111 108 Sep.'OO 107 109* 100* Ch G-LACke lstgug Erie t'AToeltrgsfS»...1926 J-J 109 Oot-'9y 36 • ••••• J'ly "00 105 109 ConGCoofOhlstgugSs J-D ||t fill 105 Met T ATlstsf g 5s.. .1918 in.3 103 M-N •••••• *• • • ••• Bq G A FCh lstgug6s.'05 J-J ••••• •**•< 103 May'00 Mut an Tel Co. See Wn Cn. 5. 1947 M-N • ..... 105 105 Aug'00 103 105 Mu Fuel Gas lstgug v t A N J Tel gen g 5s cy. '20 M-N 113 NOT'99 Trenton G A El lstg 5s.1«49. M-8 103 Deo '99 No Westn Teleg. SeeWest.Un. 5s- 1950 I -J Utloa ELA P 1st sf g West Union—Col tr our 5s.'38 J-J HO 113 111 111* 10 109 114W Westn Gas Co ooi tr « *>«... 33 M-N 105*J'ne'00 105* 105* Fd and real BONDS. est g 4*. .I960 M-N 126* 108* 106*4 25 105* 106*. COAL A IRON Mut UnTelsf'd 6s... 1911 M-N 110*Sep.'0O 109 11* Mtn. See T C I A R Can Coal Northwestern Tel 7s ... .'04 J-J learf Bit Coal. SeeNYCAH . 1902 100*103* U. 8. GOV. SECURITIES. (For daily record see 08 receding.) Ool C A I 1st con g 8s. . F-A 101 Aug'00 seventh pa V '00 US 2s 30-year refuudlngt.... 1 17)5 ColOAI Dev Co gn g 5s. . 1 909 J-J 58 Feb 58 68 3H 104* 104 May'00 103* Coupons off...... 1909 U 8 2s 30-year registered t-. l"3* 104* 104 104 10 104 104 3s Col Fuel Co gen gold 6s. 19 1 M-N 108* 10894 B 103 108% U S registered 1918 V 108* 109* 11"* Sep.'OO 108V 11a 5s 1943 Sale 23 90 95* U S 3s ooupon 191b F 109* 11 10894 Col F A I Co gen s f g . F-A 92* 91* 92* 110* 109* 10 US* DeBardel CA1. See TC 41. U S 3s reg small bonds. 1918 F •*•• »»,».. Gr RlT Coal A C 1st g 6s. 1919 A-O 95*Jan.'97 U 8 3s oon small bonds. 1918 F 109 110 109»< Sep.'OO 108* HI JeffAOlearOAI Istg5sl92tt J-D 107 May'97 U 8 4s registered 1 907 Q-Jt 114* 115* 114% il4%i 1)4 117 2dg5s 1926 J-D 80 May'97 U S 4s ooupon 1907 Q-Jt 114* Sale 114* 11 % 114 118 RoehA Pit CA I pur m 5s 1 946 M-N U S 4s registered 1925 Q- F 134 134* 134* Sep.'OO 132* 137 Bon Ck Coal 1st g s f 6s..l91i J-D U 8 4s coupon 1925 Q- F 134 134* 134*8ep.'00 13194 '37 TennCoalTDiy Istg6sl917 A-OK 102* 107 Sep.'OO 102 112 O S 5s registered 1904 Q-F 113* 114 113»< Oct. '00 11** 1 16 Dly 1st oon 6s. 1917 J -J 108* 105 105 105 103 110 U S 5s ooupon.... 1904 Q- F 113* 114 H3j4Oot.'00 113* 11- Birm " Can C M Co 1st gu g 6s..'22 J-D 105 Feb '00 105 105 + Price* art made in the Vnli sted Devartm ent " for bond hen issued.' De Bar C A I Cogu g 6s. '10 F-A 93 Oct.'00 99 109 Wh L B A P C Co 1 »t g 5s.'1 J -J 32 Jan.'OO 83 32 FOR'GN GOV. SECURITIES. MAN'F'G A INDUSTRIAL. U S of Mexico s f g 5» Oi.' 1899 Q- b98* Oct.'00 698 97* 101 103 100* 104 b These are dollars to Am Cot OH debg8»...l90< Qu-F Oct.'00 prices on' fee basis of Hve the pound. Extended 4*s .... 1915 100 i'oi I 00* lOnw, 100 100* Amn.,rit»aarg 1*ib6»..i9i. M-8 68 67 Sep.'OO 63 85 STATH SECURITIES. 1 91 5. 1908 Am Thread 1st col tst 4s J -J •Mf • • • • • t Alabama—Class A 4 to J-J 109 109* 109* 108* 116* Bar ABCarCo lstgfls ..194* J -J 105 Jan.''00 1C5 105 Small..... 105 Aug' 98 • Grameioy Sug 1st g 6s.. 193- A-O ( 90 89* Feb'0 8994 8994 Class B 5s 1906 109 109* 109* 109* 109* PI Steel Co deb 5s 1910 J -J 99 Jan.'99 Class C 4s 1906 1C0 1 Oit 94 Sep.'OO 102 102*4 Non-couv deben 5t. 191 A-O 70 Apr'«7 Currency funding 4s... 1920 102* 3 Int'l Paper Co 1st con g 6s.' V F-A 103* Sale 103* K4 108* 107* Dtst of Columbia— '65s. 1924 123 121 Apr '00 121 121 Kniok Ice (Chic) 1 tg 5s. 1928 A-O 93 Aug'00 87* 95 Louisiana—New oon 4S..1914 108 108 Aug'00 106* 108* Nat BtarchMfg Colstg6sl93n M-N 106 107* 116 106 10494 103 Small 107 109* Feo. 9w Procter A Gamb 1st g 6s. .'40 J-J 113* J'ly *9« Missouri—Funding.. .1894-95 ' ' Stan Rope AT Istg6s.l94t F-A 66* 67 e«* 66fi (694 84 Nortn Car—Consol 4s...l910 105 105 Oct.'00 105 10094 Income g 5s 1946 8 16 9 »* 8 24 Small..... US BnvelCo 1st si g6sl91t J-JTi 6s 1919 197* 128 Feb wx 8 LeathCo s f deb g 8s. ' 1 M-N 1U" 114* lVsji 114 113 116* So Carolina—4*s 20-40. 1933 115 120 Mar'00 120 190 MISCELLANEOUS HOr D8. Tenn—New settlem'tSs.1913 9394 4 Oot.'00 9P96 » Adams Hx—Col tr g 4s. 194t- M-f 103 Bale 103 103* 102 105 Small 91 90 Sep.'OO eo »6i mDkAImp5s. See Con N ' Virginia fund debt 2-3s. 1991 91 Bale 8994 91 47 85 9:1 InFerryCo 1st con g 5s'4(- F-A Sep.'OO Registered Bk 84* 8194 87fc , k'n W A W H 1st Sstrotfs. 68" Sale 88 70 38 84 8s deferred oertfs "0* lug'OO 6* 18 "Ko prioe Friday; these are latest bid and asked this week, t Due July * Due May. I Due April. I Bonds due January. 1 Due August. aThese are option sale*. OUT8IDE SECURITIES (Given at foot of 7 consecutive pages).—BANKS & MISGELLW ttaeellaneous). Par, Biu As Bid Ass Miscellaneous, Par. Bid. As Miscellaneous Par. Bid. Obes A O Grain El—Ino. i3 Monongahela Klver Coal. r io*t 10* Union Steel <*. Uhain pref 25 35 C 8 Envelope—Com.. 100 48 66 90 4s. 70 80 Preferred 50 r 409$ 40* Union Switch A Signal. 50 43* 43* Pref 100 89 J Oaesebrough Mfg Co. 100 360 370 Monongahela Water... 25 t 39 40 Preferred ..50 145 U 8 Glass—Common.. 100 SO 31 Chicago A Alton RR 3s... 9, 94 Mosler Safe Co 100 100 Union Typewr—Com. 100 34 9?* Preferred 100 110 Sub cilptlous 105 105* National Caibon 100 16 17 1st preferred 100 105 110 Va, Coal Iron A Coke. 1 00 5 ChlcAAl Ry3*s w.l.) 80 8^* Preferred 100 79 83 2d preferred 100 113 120 5s 1949 MAS 28 80 ( Com stock wh issued) 25 27* Nat Enam'g A Stamp. 10f 16 18 U. 8. Cast Iron Pipe....,, 3* 4 Westingh Air Brake. . .50 1177 177* Pref (when issued)... 63 69 Preferred 100 75 80 Preferred 29* 31 Worthing. Pump, pfd.100 106 118 Olaflln (H B)-lst prei.100 10. 118 Nat'l Gramophone. ...loo 20 30 td preferred 100 101 108 National Saw—Pref.. 100 Common— See St .Ex. list National Salt 38 (3 Ool A Hock Ci al & I, id. 8C94 31* Preferred. 86 e«* Bid. Bid. lstg 61 1917. ... JAJ 8C 90 National Surety 100 ISO 180 Banks. Bid. Ask. Bank* Ask. Banks. Oonsolld Car Heating. lou 55 00 National Tube See NYStii .xch. list. Consol Firew'ks-Com.100 10 15 National Wail Paper. 10C 80 Brokers' Q11 otati one. Brokers' Qu otatio ns. Brokers Ou otati on*. Mutual* »155 Sprague . 300 Preferred 100 56 60 N. E. Eleo. Veh.Trans.. 1 'i% t 8* CITY. Nassau* 175 26th Ward* 140 Consol Rubber Tire. 8 8 N Y Loan A Imp 10( 7i 85 N. Y. .... 450 470 875 Union* 136 ...... Pr«f 24 28 NY Biscuit 6s 1911.MAr U8* America* New Amst.*. . . 188 191 York 1500 Wallabont* 106 120 Corbln Cabinet Lock. 100 225 New Jer Zinc A Iron.. 100 Am Exoh New Cc Astor 500 Nat Ex.. 125 Corbln (P. A F.) Co.. ..25 t 85 90 N. Y. HLVeh. Transp.l0( 0* 7 N Y Bowery* 290 New York... *273 Cramps' Sh & En Bldg. 100 70 75 Nicholson File Co 5( t 62 Broadway... 240 350 19th Ward*. 100 Trust Cea. Diamond Matob Co. . . 100 130* 121 Otis Elevator—Com 3594 27 Distill. Co. of America.. Preferred 80 ButCh'sADr.. 90 95 Ninth 83* 90 £* 87* Central 171 North Amer 300 N. Y. CITY Pref 18 19 Peck, Stow A Wlloox..2f 1 H7* U9 Chase 476 Oriental* .... 175 185 Electric Boat..., 13 16 Pennsylvania Coal 5( 400 206 Preferred 2* 3 Chatham — 300 310 Paclflo* 165 ISO Atlantic Tr 300 Pitts Bess ALH 50 t 20 20* Chemical.... 3925 Park 400 430 Bankers' Tr - 900 Hleotrlo Vehicle 15 16 Pittsburg Brewing 50 1 3194 22 6' 149 ... 235 Bowl'gGreen 18 146 Preferred 50 Preferred 50 42 Citizens' Peoples'* t 42* ti30 Phenix tioo CtLRlty BAT 250 300 Empire Steel 3 11 Pittsburg Coal ,10( i3* 83* City Preferred Colonial* ... 375 Plaza* 475 Central Tr'si 1950 2060 30 Prelerred 100 81* 82 850 170 • . « Prod Exoh*. 125 130 City Trust. 300 Brie A Western Trans. 50 tioo Pitts Plate Glass 100 163* 163* Columbia*.. 260 363 Republlo ... 225 Colonial... • • • e • 340 Fidelity A Dep (Bait). .51 1 .. Planters' Compress ..100 15 18 Commerce. General Carriage Continental 130 Riverside*.. 210 Continental 375 8 • •« *h 5 Pratt A Whitn—Pref . 100 48 55 . . 290 Farm Ln ATr 1406 I General Chemical 100 59 80 Procter A Gamble.... 100 490 Corn Exoh*. t-340 Seaboard Preferred 100 95 98 Domes. Exoh . 103 Seoond 600 Fifth Ave Ti 495 • seat* Preferred 100 198 625 676 140 • • • e e • Seventh 18O Guaranty Tr Qorham Mfg Co-Com.l0> 110 1st 6s—See Stock Exoh HSU Bast River Ward* 15o Shoe A Le'th tlOl Knlok'rb'ok'r 400 • MMI Preferred 100 120 RoyBakPowpf ...... 93 11th 93 • 300 Manhattan . 350 MMI Hayana Commercial 8 * 9* Rubber Goods Mfg 27* 28* Fifth Ave*. 3100 3900 State* Preferred „ 4a Fifth 225 State of NY* 140* * Mercantile 801 88 Preferred , 76 78 Heek-Jones-J Mill-Pf.lOC 56 First 3600 12th Ward*. 100 116 Merchants' 300 ••••tt Bussell A Brwln. 25 t.. .. 70 425 475 160 1 e • • 23d Ward*.. 106 .Metropolitan 1st 6s 1922 MA8 76 85 Safety Car Heat A Lt. 10C 115 135 14th Street* n.er'g-Hall-Mar(asst p'd) Fourth 160 174 Union Sq*... 225 MortonTrust 435 10 Se*ooast Packing Co ... 23* 1 Tt 1300 1400 Preferred (asst p'd) 100 20 Preferred Gallatin 390 West Side*. 375 N Y L A ..... 59 60 Western 400 N Y Sec A Tr 750 *•••- Hoboken Land A lmp't 110 Simmons H'rdw-Com.100 100 115 Gansevoort*. ••••> 1700 285 North Amer 190 ••>•••> 5s 106 Preferred 100 140 150 Garfield Yorkvllle*.. 130 130 Real Est Tr t 300 • MMi Illinois EieoVeh Trans. 10 t 1 1* 2d preferred ..100 138 144 Qerman Am* International Klevat.lOo German Ex* 265 BR'KLYN. StandardTrt 310 Singer Mfg Co 100 535 600 195 198" (ntemat'l Pump—Com. 19* '9* German la*. 450 Tr.Co.of Am. Standard Oil of N J.. 100 £60 565 190 800 Preferred 87>, 69 Stand Greenwich*.. 166 Bedford*... 210 930 Tr.Co-ofN.Y. Und'rg'dCable.100 1 198 i 1400 . Trust 11. Internat Silver— See Stk. Eccti Ust Sloss-Sheffleld Hamilton* 145 Broadway* 360 •••••• Union See Stock Exoh . Hat. 475 395 405 Brooklyn* ... 110 U S Mtg A Tr 400 Do do pref. 35 40 Southern Cotton oil.. .60 03* Hano'rinew) t 120 8th Ward*... 85 Unit- States. 1600 1660 Do do bonds. I 93 98 BtandardCoupler.oom.... 85 41 Hide A Lath MMI Inter-State Oil 510 538* 5th Ave*.... 100 110 Washington 990 6c* 68* P r *j t© r r ©d 120 136 Imp A Trad. 180* First 300 Don SteauiDoat. 100 9H 4 Stat Isl R T lit 6s' ISAAC 107 Irving t Hamilton*... no* • s t • BR'KLYN. es 1901 JAJ 46 2d 5s 1938 JAJ 95 Leather Mfr 210 • * Kings 100 John B Stetson—Com. 100 96 100 Stlllw-Bieroe A 8m-V.100 50 65 Liberty 310 Co*... Manufaot'rs. 880 Brooklyn Tr. 416 • • •• t Preferred 100 116 130 Storage Power 10 12* Linooln 800 880 Mechanics*.. 900 Klatbush ... 160 • • ••« ionrneay A Burnham.100 8 Swift A Co 100 X100 101 Manhattan* 260 335 Meoh Tra*. 370 Franklin. .... 306 • •••• Preferred 100 90 SO 1st 5s 1910-1914.. .JAJ 1103 IU3 Market A Ful 315 A 807 Merchants'. 100 Kings Co... 840 • ••tt Lanston Monotype.... 20 12 19* 8usqCoal6s 1911....JAJ 118 130 Mechanics'.. 385 Isi L Tr 350 • • •• I Lawyers' Surety 100 96 1C6 Texas A Pacific Coal. 100 75 Meoh A Tra* 96 160 Nassau L A 87* City.... 365 Manufaot'rs 307 • ••ft • 196 206 Nat Lawyers' Title Ins. ... 100 165 175 1st 6s 1908 Mercantile . AAO #107* • • ••• Lorillard (P)— Pref... 100 96 Exoh. 198 lllll North Side*. 160 170 Naasau 185 ioa Title Guar A Trust.. 100 395 410 Meroh 330 338 Madison Bq. Garden— 100 I 7 Trenton Pott^-Com.,100 Merchants'. 168 176 People's* 196 905 People's.... 8 7 WUllamsb'gl) 1U5 2d 6s 1919 40 Metropolis*.. 600 > • • • Soherm'rh'n* 150 166 MAN "9 Preferred 100 60 60 '05 Markeen Copper «* Trow Directory-New. 100 66 Mt Morris*.. 180 17th Ward*. 116 Max Nat Constrnot'n,' »fd • • • • 10 Unltn Copper also Minneapolis Brew >« 8 * Banks marked with an aataiUk (•) are State banks. I Purobaser 1st 7t. 119 116 < Dnlon Bteel A Chain 8 8 at Stock at snotlon this ie«k nil 11 taint t Prioe p«r share, t xob.or . .. '. October 13, 1900.J THE CHRONICLE. 745 Boston, Philadelphia and Baltimore Stock Exchanges—A Daily and Yearly Record. iT Share Prices—Not Per Centum Price*. Sales ACTIVE STOCKS. of the Range of Sales in 1900. Tuesday, Wednesday Thursday, Week. Saturday, Monday, Friday, U Indicates unlisted. Oct. 6. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Oct. 12. Shares Lowest. Highest Railroad Stocks. IS 89 39 39 38* 28* 39 39 American Railway! 1 (Phils,).... 00 185 {3 Mar. 34* July 13 •848 316*847 347 347 •347 350 347 349 248 248 Boston A Albany (Boston). ...100 848 338 Mar. 354 July 17 18r 147 147 •147 .... 147* 148 147*117* ...... 148 148 148 Boston Elevated, full paid.. " ....100 too Jan. 150 Aug. 89 • 844 •841 841 •341 844 341 841 311 341 314 Boston A Lowell. " ....100 8 341 Jan. 349 Apr. 18 •188 189 ... 187 189 189 189 189* 189* 189* 190 Boston & Maine " ....100 11 187 Apr. 302* Jan. S 186 180* 185* 195% 121* 125% 134* 124* 121* 131* 125 11' 5* Oklahoma A Gulf.. (Phlla.>.... 50 001 89 May 15 35 Apr. 18 40* 40* 40* 48 11* 48 41* 41* 4'* 41* 4r* 4n* Preferred " .... 50 800 39 May 15 45 Jan. 4 187* 138 188 138* •137*138* 138 138 138* 13S* 138*188* Fttchburg, pref (Boston). ...100 137 110 Jan. 2 139* Aug. 30 84 84 34 34* 34 34 23* 23* •2i* 34* 84 24* Lehigh Valley (Phila.) .... 50 3,4lv 21* Sept. 85 29* Apr. 87 ai*.... 83 83 83 38 •23 23 38* Massachusetts Sleet. Cos. f.(Boaton)....100 37 15 Jan. 4 29 Feb. 14 74 74* 74* 71% 74* 75 71* 76 71* 75 75 75 Preferred 1 ....100 146 73* «ept, 37 79* Feb. IB 18 18 13 13 •13 13* •11* 13 11* 13* •U* 13 Mexican Central ....100 28' 10* Sept. 81 14* Mar. 19 86* 86* 86* 86* 88 86* 88* •86 87 Northern Central (Bait.) .... 50 9' 82* Jine 28 100 Jan. 29 49* 48* 48* 48* 47* 48* 47* 47* 48* 48* 49 50% Northern Pacific. (Phila.) ....100 4,000 15* Sept. 39 62* Apr, « Preferred. " ....100 70* j u i. e 25 77* Apr. ia 804 804 304 301 304 304 304 304 303* 303* 303* 303* old Colony ..(Boston). ...100 ii i 202 Jan. 13 209* May 66* 60 7-16 04* 65 1-16 64* 85 64* 65 81* 64* 65 65* Pennsylvania (Phlla.).... 50 2,314 63* Sept. 32 71*" Apr. B 97 97 97 97 97* 97* 97* 97* 97* 97* 97 97* Philadelphia Traction " .... 50 489 95 Jan. i 100 Aug. 89 7 10-10 8 7* 8 8 8 7 15-16 8 8 8 8 Reading Company " .... 50 4,116 7 7-18Sept,24 10 9-16Apr. S 87 13-16 8* 37 7-16 37* 87 13-16 87* 37* 87 7-16 9-16 37* 27* 1st preferred. " .... 50 4,480 24 y-lH.Un.lu 33* Apr. B •18* 18* 18* 12* 12* 12* 13 preferred " .... 50 101 13 Sept, 20 •18* 18* 12* -18* 13* 2d 17* Apr. B 68* 69 87* 68* 57* 68 57* 08 67* 57*' 58 58* Union Pacific (Boston) ....100 5,"»wi 14* Jan. 9 80* Apr. 4 74* 74* 73* 74 78* 73* 73* 73* 73* 74 73* 74* Preferred " ....100 383 70* June 25 78 Apr. 4 81* 81* 31* 81 31 31* 31* 81* 81* 3i* 31* 31* Onion Traction, f 17* paid. (Phlla.) .... 50 13,501 88* Seot 99 40* Mar. 81 16* 16* 15* 15* 16* 15* 15* 10* 15% iSK 15* 15* United Ry 4 Bleo. Co (Bait.) ...... 50 1,011 15* Sept. 25 19* Mar. 80 bmsbb 85 35* 35* 35* 35* 3fl* 50 08 34 Jan. 9 37* May 8 »»* 98* 98* ea 92 91* 92 91* 91* 92 93 West Hnd Street..'.'.... .'.'..,. (Boston)!! 50 86 91* May 29 94* Mar. 9 misoellaneons Stocks. 87* 8-7* 87* 88* 87 87* 87 87* 86* 87 87 87 Amalgamated Copper! (Boston).... 100 031 81* Jan. 2 97* Apr. a 83 31* 84 31* •83* 35 •23 34 88 21 38 34 Amer. Agrionl. Chemical 1.. " ....100 314 20 June 2 35 Jan. 8 •74* 75 75 75 •74 75 74 75 74 75 •75 78 Preferred T " ....100 75 70 May 21 80* Mar, 21 ik ik ik 1* IK IK IK IK IK IK iK 2 American Alkali (Phila.).... 50 9,0nf 1* Sept. 3 4 3 Jan. 19 * * * * * * * * •M H Preferred, 910 paid " .... 50 205 * Aug. 13 1* Jan. 8 116* 117* 115%116H 116*117* 116 117* 116* 116 116*117* American Sugar Refining 1. (Boston).... 100 15,643 95* Mar. 9 137* Jan. 4 116 116* 116*116* 115*116* 115*118* 115* 116 •115 116 Preferred! " ....100 54 107 Mar. 8 118 Jan. 10 188* 189 138* 139 138* 140* 139 110* 139 110* 140* 141 Amer. Telephone & Tel. Co.t " ...100 l,58i 130 Oct. 1 15o May 19 7* 7* 7* 7* 7* 7* 7* 7* 7* 7* 7* 8* Asphalt Co of America (Phlla.) 10 paid 5,010 13* May 11 11* Feb. B 883 885 333 385 333 334* 331 335 833 824 833 333 Boston A Montana (Boston).. •• 25 1,038 351 Jan. 18 330 Apr. 8 63* 61 83 63* 82 83 60 63 80 90 80 60 Butte & Boston " .... 10 870 43 Jan. 2 85* Apr. 8 700 700 749 700 755 755 783 783 755 755 760 790 Calumet A Hecla " .... 35 70 690 May 89 770 Feb. 10 14* 11* H« 15* 15* 16* 15 15* 15* 16 Cambria Steel, 84* paid ....(Phila.) .... 50 11,955 13* Sept. 36 92* Feb. 3 04* 04' •53* 54* 54 51 53* 53* 53* 53* 53 53* Consolidated Gas...., (Bait.) ....100 197 50 Mar. 5 62* June 18 89 39 89 39 39 39 39 89 39 3'* 38* Dominion Coal .(Boston).. ..100 1,105 36* June 35 51 Mar. 81 •95* 96 •90 97 •95* 96* 95* 95* •95* 8** •90 97 Brie Telephone. " ....100 9 95 June 32 132 Feb. 98 84 31 34* 34* 33* 33* 83* 33* 33 33 34 34* Federal Steel " ....100 899 29* Ju le 35 57* Feb. 8 03 53 •52* 52* 58 53 53 53 53 53 53* Lehigh Coal A Navigation. . . (Phlla.) .... 50 288 43 Jan. 8 54* May 16 1* 7* 8 8 8 8 7* 8* 8K 8* 9 »* Marsden CoT " ....100 10.93J 6* Mar. 8 13 Jan. 98 97 96 96 •98 97 96 96 90 90 90 New Bng. Cotton Tarn, pref. (Boston).... 100 210 98 Oot. 8 03* Mar. 89 121 183 123 133 •133 '183 ... 133 135 New England Telephone.... " ....100 16 131 Oct. 4 140 Jan. 1 80* 31)4 81 91* 21 81 20* 80* 19* 80* 30 81* Old Dominion Copper T " .... 25 8,4<»3 14 Mar. 14 %V>A Apr. 4 8* 2* 3* 2* 2» 2* 3* 2* 8* Philadelphia Bleo.T 3* paid (Phlla.) l,98i 3 .Tulv 30 6* Jan. a 118*118* 118* 118* 113 113 110 110 111 111* United Gas Improvement f.. " .... 50 902 *105 Sept.- 35 100* Jan. u IS* 13* 13* 13* 18* 13* 13* 12* 12* 13* 13 13 United Stares Oil ...(Boston).... 35 0,231 18* Oct. 10 25 Jan. a 30 35 WelsbaohC) (Phlla.) ....1(0 "48 •47ji •47* 48 48 48 48 48* " 49* Westingh. KHectrlo A Mfg. . . (Boston) .... 50 20 40 Jan. 1- 48* Apr. 28 •63 68* •63 93* 68* 92* 83* 82* 03 08 Preferred , " * 135 01 Jan. 5 m Mar. 48 •Bid and Mkedprioet no sale »r mad* t Ehr rlehts + 9*" paid »n. I 95 paid. Inactive stocks STOCKS BONDS bid. Ask. BONOS Bid. Ask, BONDS Bid. Ask. RAILROADS.—Prices Oct. 12. MISCBLL.—Conoluded. Boston—Concluded. Baltimore—Conolu'd. Atl * Charlotte(Balt) 100 120 NewBngGsAC l(Bost) 18 12* NewBngcongen5s'45JAJ I West N Coon 0s. 1814 JAJ 110 Bos * Maine pf. (Bost) 10C 108 173 NewHavIA 8. (Phil) 3* NBCotYarn5sl929FAA I 103 108* WestVaCAPlatOg.'llJAJ 114 116* " Boston AProv. 100 800 308 No Am G Dredg(Bost) 8* 1 NBGas AClst 5S..1937I. ea 08* Wil A Weld 5s. .1835 J AJ 119 iai Central Mass... " 100 13 18* Old Col Mining. " 3* New Bng Tele 6s. '99 AAO {100 Bonds— Philadelphia Pref. " 100 02 66 Osceola Mining. " 67 67* 0s 1907 AAO {1<>8 AUeVyBext7sl910AAO 125 127 OoimAPaeaum " 100 180 162 Palmetto Co.... (Phil) N YAN Bng 1st 7s.'05 J AJ {114 114* Asphalt Co 5s tr ctfs 04* 05 Conn River.... " 100 275 380 ParrottSilACop(Bost) *'* 43 latmortOl.. ..1900 JAJ illO 110* Ati City 1st 5sg..'18 MAN 115* Consol TrPlttsl(Phll) 60 88* PennBlecVeh.(Phil) 2* Rutland 1st 0s.. '02 MAN {103 Balls Ter 1st 5s. 1820 JAD " " Torrington 1st 1918.. I. BergAHBrewlst6s'21JAJ 94 »••* PrefT... 50 "4*0* Pref 5s 0a South A Fla.(Balt)100 Pennsyl Salt... " West Bnd 8t 5s. .'03 MAN i. B BoroGaslst5s.'38MA8 Mill 1st pref " 100 92* 94* Pennsyl SteelT. " . 40* 4*s 1914 MAS. Cambria Iron 6s. 191 7 JAJ 2d pref " 100 70 70 Preft " 100 Deb 4s 1910 MANK ChesADCanlst5s.'18JAJ CPrmant'n Pass(PhU) 50 140 Qulncy Mining. (Bost) 35 148 140 Bonds—Baltimore. ChooOkAG gen 5s'19JAJ 105* 100* Hsstonv MAT" 50 45 Rhode IslMin.. (Bost) 85 IK 3 Anaoostia A Pot 5s 91 96 Clt's'8tRy(Ind)oon5s.'33 Pref 50 78 Santa Ysabel G " 5 * 1 Atl A Ch 1st 78.1807 JAJ 117* ColumStRy latcon5s.'32 Inds Street " 100 15 Susquel A ST.. (Phil) 5 8* AtlG-Llghtlst5sl817JAD 103 Con Trac of NJ lst5s..'33 108* KO FtS AM..(Bost)100 15 80 Tamarack Mln.(Bost) 831 330 Atl Coast L ctfs 5s . . JAD Del A B Bk 1st 7s. '05 FAA 117 • ••••> Pref " 100 70 80 TelepTelAC.(Phil).... '"7* Bait Beit 1st 58.1890MAN BastAA 1st M 5s. '20 M&- Little Schuyik.(Phil) 50 Tidewater St... " 10 BaltCPaslst58.1911MAN 110 111 Bdlson Bleo 5s stk tr ctfs Mains Central. (Bost) 100 1E8 160 Torrington"A"(Boat) 25 37* 88 Bait Fundg 58.1910 MAN 181 198 BlecA Peop> Tr stk tr ctfs 99* »e«* Mlnehlll ASH. (Phil) 50 68 HIIII Pref " 25 88 98* Bxchange 3*8. 1 930J AJ 1)8 U8K BlmAWllm 1st 6s.' 10 JAJ 114 Hesquehon'g V. " 50 58* Un Cop L A M'g " 35 1* 8 BaltAPlstOsml 1811 AAO Income 5s.... 2862 AAO 118 HortnPenn.... " 50 UnElLAPowpf (Bait) 0b 84 80 1st 6s tunnel 1911..JAJ Bq 111 Gas-L 1st g 5s. 1928 108* MIK Bal '24 Para Marqu'ttM Bost) 100 32 34 Cn Shoe Maoh.. (Bost) 25 89 39* Trac lst5s.l828MAN 118 120 Hestonv M A F con 5s. 115 • ••It Pref. " 100 56* 59 Pref " 25 88 33* Bit A Imp 6S.1901MA8 101* 08 HA B Top con 5a.'25 A to N.(Phll) " 9 BaltDlT Phil Germ A 50 104 US Mining.... 25 8 No 5s.l842JAD 119 181 Indianapolis Ry 4s. . 1933 76 Byi Co General! " 1* USPHorseCol.(Phn) 1 Conv'rtible 5sl 806MAN 101* 103 KC8ubB lst6s..'20JAD • ••9t esaboard w.L (Bait) 100 8* 8* Utah Mining.. (Bost) 4 -8? 80* SO* Central Ry 0s.. .1912 JAJ Lehigh Nav 4*s. .'14 Q-J Prefw. L. • 100 81* 82 Warwick I AS. (Phil) 10 7* Consol5a....l832MAN 118 RR4sg. 1914 Q-F 107 United N J.... (Phil) 100 209 Welsbaoh ComT " 100 Ext A Imp 5B.1933MAS no Gen M 4*s g.. 1921 Q-F UnPowA Trans 85 32* Pref 7 " 100 Chas City Rylst 5s '23JAJ 104* 106* Leh VC'l lst5sg.'33JA.l 108* 1C8 * United Tr of P. " 50 Westm rel Coal " 50 Chas Ry G A Bl 5s 89 MAS 00 95 Leh Val ext 4s. . 1 948 J AD 117 Pref " 50 WiDona Mining (Boat) 85 9* 3* CharlCAA ext5s.l910JAJ 107 109 2d 7s. 1910 M&8 West Bnd pref.(Boat) 50 109 110 Wolverine Min. " 25 40 41 Sd 7s 1810 ,..AAO 100 Consol 0s 1923 JAD 188 180* West Jer A 8 S.(Phll) 50 60 Bonds— Boston. CltyASub lst5s.l922JAD 118 Annuity 0s. JAD •••IB • ••• " WestNYAPa. 50 AmBeilTel4a..l908 JA i 98 99 CltyA8ub(Wash)lst5s'48 104 105 New'k Con Gas 5a '18 JAD 103 » • • »o Wis Cent, new. (Bost) 100 11 18 ATA8Fgeng4s.'95AAO { »8* 9'* ColAGrnvl8t5-0.1817JAJ 117 • •»*• Newark Pass oon 5s. 1930 116* • t99t Pref " 100 81 81* Adjustment g 4s.. 1995 { 80* 80* Consol Gas 0s. .1810 JAD 113* 114* NYPhOANorlsWs '39JAJ 103 • •••» Wor Nash A R. " 100 185 ISO Boston Term'13*s.. 1947 {114 110 5b. 1939JAD 118* 118 Income 4s...lU39 MAN MISCELLANEOUS. BosUnGaslst5s.'39JAJ I 70 80 Ga AAlalstpf5sl945AAO 104* No Penn 1st 4a.. '36 MAN 117 • ••• AJloues Mlnlng(Bost) 85 IK 1* 3d M5 1939 JAJ I 40 00 GaCarANlst5sg.l939JAJ 108* 103* GenM7a 1803JAJ 109 * is •» Amer. Dementi (Phil) 7 BurA Mo Rlv ex' pt 6s. J AJ |iifs* GeorgiaPlst5-6s 1922JAJ 133 Penn gen 8s r.. .1810 Yar 130 Arcadian (Bost) 85 18 19 Non-exempt 6s. '18 JAJ {103* GaSo&Fla lst5s.l945JAJ 112 119* Consol 0ao.... 1805 Yar 113 Arnold Mining. " 35 4 4* Plain 4s 1910 JAJ {100 KnoxvTrac IstSs '28AAO 98* 90 Consol 5s r 1818 Var Atlantlo Mln'g. " 26 38 33 Ch Bur AQ 4s. 1922 F* A I101 Lake R Bl 1 stsu5s'42M*s lie Penn A Md Steel oon 6s. •••est unit Baltic Mining.. " 85 83 88* IowaDiv 4S.1919 AAO 3103 Macon* N lit 4*s 'yOMAS Pa A N Y Can 7e..'06 JAD 117 BethBteel (PhU) 50 14* Chloago Juno 5s.l915 JAJ |uo 111 Maryland Brewing 6s ... "54* 55 Cona 5s 1838 AAO Boston aiecLt. (Bost) 100 168 170 Ch A No M gu 5s. '31 MAN { 90 MetSt( Wash) 1st 5b'25FA 119* Cona 4a 1939 AAO Cambria Iron.. (Phil) 50 44* Chi A W M gen 5s. 31 J AD 2103 New Orl Gas 1st 5s.. .Var Penn Steel lat58.'17 MAjN • «8 Canton Co (Bait) 100 77 '78* Con. of Verm't 4s.'18 JAJ 84 NewpNAOPlst5s'88MAN 106* 107* People's Tr tr certs 4s. '4 v 107* 103 Oenten Mining. (Bost) 80 • 35 10 10* Curr't Rlv 1st 5s.'37 AAO Norfolk 8t 1st 5s '44. JAJ 109 t ess • Phila Bleo gold trust otfs 99 •••« " I Central OH 90 18 12* D G R A W 1st 4s.'40 AA( I 80* 90 h NorthCent 4*8. 1 835AAO 117 Trust certf8 4s 04* • 099* Con. Lake Sup. (Phil) 00 88 Domin Coal lst0s.'13MA8 {llu 08 1804 JAJ 107* 109* PhABr gen M 5g.'20 AAO 118 Pref " 00 10* Bast'n 1st M 6s g.'OO MAS {114 Series A 5s 1830... .JAJ 183 Gen M lag. 1920 AAO 138' Danr. Bessemer ' 5 Fr BlkAM Y 1st 6s '33 end {137 Series B 5s 1820.... JAJ 183 Ph A Read 2d 5a.'S3 AAO Diam State St " 10 Cnst'p'd 1st 6s.'33 AAO {137 Pitt Un Trao 5s.l887 JAJ li4* Consol M 7s.. 1811 J Al- 132 Coal pf. 133' Domln (Bost) 100 112 min Steel conv 5s. ' 1 JAJ 98* PotomVal lst5s.l941JAJ Con M 0s g... 1811 JAJ. <• J 95" 111 . «. BdUon Bl . . 100 315 Debenture 5s.t913 AAo { 98 8eoAvTn(Pitta)5s'34JAD Bxt Imp M4s '47 AA< Co of Ami. '82 • •••0- lee (PhU) 50 8* KCCA81st5sg.'35 AAO {.....< 90 Sav Fla A West 5s ' 34AAO 110* Con M of 4s.'37 JA. 103* Franklin Min'g.( Bost) 35 14 1«K KCFt8AGlst7s.'08JAD {118 Seaboard A L 4s 1850.... es 64 Terminal 5s g.1841 Q-h • •Mil 135 Ssneral Elect.. " 100 187* 138 K C F SAMcon 6a.'28MAN {109 I 09* Loan certf s 1802 95* 90 PWllABaltls.l917AAi Pref " 100 139 1st 4s..'31 MAS { 97* 89 Seab Roan Collat trust Is. 1 92 1 JAJ 140 K C M A B * 58.1820 JAJ '88** Sen HI Anto-Mf(Phil) 50 Income 5s...., 50 00 C ,BlL,APlst4*s'39MAN 88* Pitts CA8t L 7s. 1900 FAA ( Ind-Bgyu Com! Bost) 1 00 8 10 K CA M RyAB 5s. ' 29 AAO {105 Un Ry A Bl lst4s'40.MA8 97* 87* Bead Co gen 4s, 1997 JAJ IntButHABM " 10 KC8tJoACB7s.'07 JAJ {110 Income 4s 78 Rochester Ryoon5s.l93C 2* 2* 1848....JA1> 71*1 Isls Borate T.... " 80 SO* 31 LRockAFSlst7s.'05JAv {104 100 Ylrg Mid 1st 68.1806 MAS no* 8ohRB81delst5s g'SSJAD 111 Msnmfao Rub.. (Phil) 00 K 1* LB AStLlstSs 1939.... 3d series 0s.. 1911 MAS 117 Seran Trao lat 0s^83MAN Pref " 00 1943...... M*S United N J 4a. . 1844 MAir den 4s 3d series 0a.. 1910 MAS 117 * starylandBrew.(Balt) 100 1 8 MarH AOnt0s...'25 AAO 1117 4th ser 3-4-5s.l931MA8 110 "TiTraoPItT* w nm'Ofl U4K Preferred... " 100 8 10 MexCent4sf..l9llJAJ { 78 79 5th series 5s.l920 MAS no* Welabaeihsf 5s 1930. JAD • ••*•• Msrgsnthaler . . (Bost)100 188 185 1st eon lso 3s g non-oum 36 97 Ya (State) 3s new.'38JAJ 90 t And utteresu tfl'50 paid. m«t Telephone •' 10 8 8K 3d eon tno 3s non-oum.. 18 13* Fund debt8-8s.l991JAJ 90 •Prloe lnoindes overdue eovpo ns. '. .. — .. 7 74B THE CHRONICLE [Vol LXXI. [mrjestmimt and Railroad %utt\li%mtt. RAILROAD EARNINGS. The following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two oolumns the earnings for the period from January 1 to and including such latest week or month. The returns of the street railways are brought together separately on a subsequent page. Latest dross Earnings. Jan. 1 to Latest Date. Latest Gross Earnings. Jan. 1 to Latest Date. Roads. ROADS. Current Previous Current Previous Current Previous Current Previous or Week or Mo Week Mo Tear Tear. Tear. Tear. Tear. Tear. T*ar. Tear. 9 9 9 9 Adirondack August 20,044 23,818 125,921 130,912 Long Is. System August 646,972 626,900 3,281,092 3,252,402 Ala. Gt. South.. latwk Oct. 42,610 41,825 1,528,046 1,447,579 Los Ang. Term. Septem'er. 14,348 11,494 1/1,33' 91,868 Ala. Midland... August 68,834 61,257 632,617 534,484 Louis. Ev.A St. L 4thwk8ept 59,603 60.470 1,491,4 1,299,329 Ala.N.O.&Tex. Pao. June Lou. H.&8t. L. 4thwkSept 18,8*8 20,143 470,448 436,124 N.O &N.E... 8eptem'er. 156,006 150,229 1,396,427 1,215,276 Louis. ANasuv. l stwk Oot. 581,415 540,365 20,898,794 19,197,496 Ala.&Vloksb. Septem'er. 67,762 72,789 545,005 525,899 Macon A Birm.. Septem'er. 9,58 6,747 65,543 46,563 Vlcks.Sh.&P. Septem'er. 68,849 62.849 477,411 476,363 Manlstlque Septem'er. 7,283 3.670 92.382 64,292 Allegheny Val.. July 298.335 306,73 1 1,935,087 1,750,896 (Mexican Cent. lstwk Oot. 323.194 288,609 13,211,312 11,455,793 Ann Arbor lstwk Oot. 31,500 30,08* 1,279,478 1,226.»28 Mexioanlnter'l. August 410,056 386.936 3,491,124 3,056,636 An.Was.&Bal.. May 4 577 4,832 28,54 8 19,0 9 SMex. National. lstwk Oot. 183,622 135.721 6,062,073 5,283.350 Ark. Midland... August 8,806 8,481 66,134 78.175 Mex. Northern. August 61,978 56,912 438,857 543,885 Atoh.T.A8.Fe. August... 4.253,84-. 3,638 6n0 30.654,771 26,306,944 {Mexican Ry... WhSept.22 86,800 84,6)0 3,342,300 3,315,100 Atlanta & Char. July 231,460 170,798 1,423,755 1,224,243 Mexican So 3d wk Sept 14.730 10,603 618.53J 557.8.t6 Atl. Knox.&No Septem'er. 36.341 35,6j8 321,409 288,020 Midland Term'l June 68,521 48,013 Atlanta* W. P. August 54,760 51,589 445,314 394,951 Minne'p.&8t.L. lstwk Oct. 63,094 69,29* 2,148.488 2,084.535 At.VaLVsta&W Septem'er. 16,829 15,020 156,844 82,213 M.8t.P.&S.St.M 4thwkSept 108.161 156 061 3,475,279 3,198,763 Austin AN'west May....*.. 12.830 11.004 62,779 53.094 Mo.Kan.&Tex. lstwk Oot. 358.866 337,477 9,271.152 8,7 6,342 Bait. & Lehigh AUgUSt 13,983 14,932 90,993 84,845 Mo.Pao.&Ir'nM lstwk Oct, 6 .'4,000 587.000 22.424,032 20.527,801 31.000 28.000 1,039,518 935,023 Bait. &Ohio.. Septem'er. 8.813,138 3.620,830 32,517,036 27,498,663 Central Br'oh. lstwk Oct. B.&O. Sou'w. Total lstwk Oot. 655,000 615,000 23,463,550 21,462,824 Bang'r&Aro's'- August 108,733 105,978 834,804 675.083 Mob.Jao.&K.O. Wk Oot. 6. 2,350 1,870 98,351 67,281 Bath&Ham'nds August 3,387 3,396 16.570 16,503 Mobile & Ohio.. 8eptem'er. e475,400 e478.80.-i e4,3 18,894 3,725,980 Bellefonte Cen. Septem'er. 2.767 3.436 31.837 22,604 Mont.&Mex G'f Septem'er. 119,263 94.187 1,045,447 961,084 Brldgton&S.R. July 3,125 3,190 21,545 19,216 Nash.Oh.&8t.L. Septem'er. a624,879 a615.506 a5,ll6,309 a4.626,350 Brunsw'k&W'st August 51,011 54,626 449.514 427.8 8 Nevada Central July 2,506 2,633 19,476 13,342 Buff. R'oh.& Pitt istwb Oot. 126,590 96,157 4,320,834 2,930,780 N.Y.C.&H.R.. Septem'er. 4.981,461 4,843,781 40,704,857 37,903,266 Buffalo & Bubo August 53,686 75,28/ 891,438 483,064 N.Y.Ont.&W.. 2d wk Sept 95,919 101,539 3,457,165 3.316,581 Bnr.C.Rap.&N IthwkSept 131.613 178,433 3,488.98b 3.543,052 N.Y.Susq.&W. August 234,439 234,779 1,584,183 1,645,963 Canadian Pao. lstwk Oot, 651.0 695.OOo 22,540 951 20,892,810 Norfolk & West. Istwa Oot. 298,496 248,308 11,353,410 9,480,207 Cent, ofGeorgia lBtwk Oct 164,687 130,720 4,745,94b 4.160,475 North'n Centra) August 673,036 630,836 5,071,445 4.393,145 Central N.E.... AUgUSt 62.921 63,160 435,107 461,436 North'n Pacific. 4thwfcSept 870,404 1,063,265 22,529,584 20,066,779 Central of N. J August 1,572.490 1,449,555 10,271,315 9,533,352 Ohio River lstwk Oct. 35,640 33,186 1,087,743 874.719 Central Pacific August 1,850.334 1,910,167 Ohio Southern. July 52,547 55,710 455,501 401.934 Oharlest'n&Sav AUgUSt 49,041 36,619 506,715 476,519 Pao. Coast Co... July 525,872 460 008 2,978,782 2,808,855 Cent. Pa. & W.. July 1,668 1,624 13,834 12,019 Pacific Mall August 249,515 350,684 2,466,209 2,464,780 Chattan'ga So. 4thwk8ept 2,612 2,473 76,675 57,374 Pennsylvania^ August 7.401,961 6,586,461 55,013.367 45.817,067 Ches. AOhio.... lstwk Oot. 299,067 261,966 10,746,218 9,293,208 Pere Marquette 4thwkSept 219,339 204,065 6,045,410 5,368,984 Chic. & Alton.. August 865,104 640,444 Peo. Deo. A Ev. 4thwkJuly 23,161 25,610 524,544 464,332 Chlo. Bur. &Q.. August ... 4.545,718 4.353,663 30.476,758 28,281,172 Phila. AErie... August 547,128 498,585 3,700,718 3.169,578 Ohlo.A East. 111. lstwk Oot. 1*9.879 120,308 3,930,685 3,614.571 Phil. Wllm.&B. August ... 1,122,227 887,827 7,503,116 6,780,316 Chlo.Gt.West'n lstwk Oct. 154,291 143,582 6,158,89" 4.784.492 Pltts.C.C.&StL August 1,610.571 1,657,575 12,460.471 11.276,007 Chlo.Ind.&L... lstwk Oct. 82.178 85,486 3,145,115 2,879.357 Pitts.Bes.&L.E. stwk Oct. 62,727 51,881 1,795,283 1,353,915 Ohlo.Mil.&St.P. lstwk Oot. 866,723 991,800 30,708,544 29,612,660 Pitt. Ch.&Y'ny. July 16,584 18,775 111,376 100,596 OhlO.A N'thw'n. August 3,928,359 3,801,414 27,575,971 25,993,064 Pitts.Llsb.&Wn June 4.809 4,088 29,003 22,854 179,692 Ohic.Peo.&8t.L Septe'er. 112,251 125,306 1,028,363 931,310 Pitts. Sha.&No. April 43,873 Bt.L.C.&St.P. Pitts. AWest'n.. 3d wk July 35,206 38.388 1,221,861 1,046,020 Ghlc.R'kl.&P August 2.600,977 2,353.439 15,894.637 13,956,195 Pitts.Cl.&Tol. 3d wk July 20,002 21,104 704,464 546,359 Chlo.St.P.M.&O August 974,307 979,754 6,209.454 6,450.816 Pitts. Pa. &F. 3d wk July 10,110 10,662 268,665 223,634 Chlc.Ter.Tr.RR 4thwkSept 33,860 29.06U 999,997 924,193 Total system 4thwkSept 85,331 81.461 2,936,562 2,518,298 Choo.Ok.&Guli Septem'er. *270,000 *1 19,000 * 2,042,800 * 1,2, 9,129 Reading Co.— Cln.N.O.&T.P. 4thwkSept 135,647 174.55t 3,747.747 3,490.162 Phil. A Read. August... 2,567,547 2,278,189 17,868,505 15,284,654 Oin.Ports.&Vir. Septem'er. 40,735 3o,316 284,867 237,673 Coal&Ir.Oo. August... 2 465,23. 2,805,054 15,789,94* 16.427,583 Cl.C.Ch.&St.L. 4thwkSept 486,419 421,183 12,468,580 11.060,750 Tot.both Co's. August... 5,032,778 5,083.243 33,658,447 31.712,237 Peo. & East'n. 4thwkSept 64,531 54,899 1.737.395 1,464, bOO Rioh.Fr'ksb&P August... 66,021 66.737 691,869 62->,G60 Cl.Lor.& Wheel. 1 Btwk Oct 40,400 35,595 1,< 60,389 1,367,062 Rio Grande Jot. July 50.726 42,833 293.865 217,733 Col. Midland.... July 179,208 151,911 1,286,290 935,931 Rio Grande 80.. lstwk Oot. 12,21 10,697 405,2i7 364,876 Colorado A 80. August 404,987 843,746 2,839,900 2,443,694 Rio Gr'de West. lstwk Oot. 74,700 73,600 3,596,453 2,785,158 Col.New.&Lau. AugUBt . 13,615 11,940 ll4,*6r> 101,482 St. Jos. &Gr. I. August ... 119,164 140.690 872,020 880,995 Ool.Sand'y&H. •HhwkSept 23,335 23,672 814,977 589,f>98 St.L.Ken'et&So Septem'er. 9,733 9 800 74,569 70,739 Cornwall &Leb. August 83,681 27,219 209,626 158,600 St. L. & N. Ark. Juiy 8,122 6,140 Oumb'l'd Valley August 100,256 97,051 650,174 583,0^7 St.L.Van.&T.H Septem'er 171,140 180,579 1,425,436 1,347,656 Denv.&RloGr.. lstwk Oot. 234,000 207,100 8,180,874 7,119,552 St.L.&BanFran lstwk Oot. 191,203 172,478 6,420.918 5,081.928 Denver&So'w'n July 198,390 169,573 1,446,883 1,139162 8t.L. Southwest lstwk Oct. 169,449 141,026 4,355,359 4,1 1,761 Det.&Macklnac August 74,581 7o,098 6iO,50o 497,303 San. Ant. &A.P. May 147,889 136,50* 722.310 662,037 DuluthS.S.&Atl 4th wk Sept 68,313 71,078 1,963.238 1,741,507 SanFran.&N.P August 100,947 97,082 629,576 611,079 E. 8t.L. &Car.. Septem'er. 12,4/3 12,157 120,062 105 030 S.FePres.&Ph. 4thwkSept 21,443 20,979 78^,02 658.714 Septem'er. ElginJol.&East 168,210 148.439 1,468,332 1,320,426 Sav.Fla. AWest. August .. 337,007 283,425 3,133,256 2,546.081 August., 3,484,272 3,579,08 24,638,498 23,328,213 Sher.Bhrev.&Bo lstwk Oot. 19.617 9,833 3^0.733 248,331 Oct. Ev'nB.&Ind'ipliB lstwk 7,445 7,404 254,383 271,992 Sil. Sprs. O. A G, August 18,586 25,625 18S.008 218,833 Evansv.&T\H. lstwk Oct. 26.157 25,665 1,071,192 1,060,130 80. C.& Ga.Ext Septem'er. 20,908 18,277 188,«79 163,176 Find.Ft.W.&W. August 11,375 13,465 67,lf>0 74,223 80. Haven* E July 6,435 5,5r>0 26,954 21,528 Ft. W. A Den. C. August 164,353 135,167 1,035,780 974,894 So. Miss. & Ark Septem'er. 16,397 12.602 132,8o5 90,889 Ft.W.&RloGr.. lstwk Oot. 17,345 10,335 348.522 344,663 80. Pacific Co. o August... 5,580,018 5,489,062 40,911,329 38,009,075 aads. * for Figures August are for the railroad only. I Mexloan currency. 6 Covers result* of lines direotly operated east of Pittsburg. t Includes Chesapeake A Ohio Bo'western, Ohio Valley and Ohloago and Texas for both years. « includes Paduoah & Memphis Division from July 1 In both years. & Does not inolude the Austin A Northwestern, the San Antonio * Aransas Pass or Houston A Texas Central system. nt ft ° M om rv I 1 ,on lnol" rt * * »n 1900, from Jan. I and in 1 8 after July 1. w ?r»i' J? Q» S ^ ?. , i .7i!!! , , 99 a Includes St. Paul A Duluth from VJuly 1, 1900. .)... • — October 13, 1900.] THE CHRONICLE. 747 Gross Earnings. s , Latest fctross Earnings by Weeks.—The latest weekly earn- — — Net Karntngs.—* Current Previous Current Previous separately summed up as follows: ings in the foregoing are Tear. Tear. Tear. Tear. For the first week of October our statement covers 43 Roads. 9 9 9 9 roads and these show 4-67 per cent increase in the aggre- Chlo. Ter.Transf.. b.Aug. 116,540 103,919 61.598 68.457 gate over the same week last year. Jan. 1 to Aug. 31 — 880.903 8-' 1,841 507,356 520,325 July 1 to Aug. 31 — 235.045 204,599 124,138 132,496 Uhootaw Okl.A W. b.Aug. 336.676 165,243 137,191 57,286 October. 1900. 1899. Increase. Decrease. 1st week of Jan. 1 to Aug. 31.... 1,772.880 1,140,129 649,751 371.534 lto Aug. 31.... 2,185,793 1,571,217 * Nov. 817,474 571,886 Alabama Gt. Southern. 42,610 41.825 785 Oolor'do Fuel&Iron.Aug. 235,194 98 048 Ami Arbor 31,500 30,084 1,416 July 1 to Aug. 31. .. 464,994 175.648 Buttaio Koob A Fltteb'g. 126,590 96,157 30,433 Colorado & South... Aug. 404,987 348.746 97,139 120,589 Canadian Paolflo 651,000 695,000 44,000 Jan. 1 to Aug. 31. __ 2,839,900 2,443/94 585,103 703.811 Central of Georgia 164,687 130,720 33,967 July 1 to Aug. 31 — 796,020 639,0s7 187,661 203,111 299,067 261.966 37,101 Ohesaneake A Ohio..... Detroit A Mack'caAug. 74,581 75.098 28.242 29.983 East. Illinois 129,879 120.30* 9571 Chicago A 1 to Aug. si 640,500 497,303 212,819 Western 154,291 143,5x2 10,709 Jan. — 192.835 Ciilo. Great July 1 to Aug. 31 163.323 136,739 61,055 51.823 Chlo. Ind'plls & Loulsv.. 82.178 85.48- 3,308 Illinois Central.n... Aug. 2,881,721 2,617,275 663.533 800.923 Chicago Milw. 748 THE CHRONICLE. [Vol. LXXI. r—Oross Earnings. . Het Earnings. ,. . 1900. 18S-9. 1898. Current Previous Current Previous Li (to Hi tics -— Jfi SR S Tear. Tear. Year. Year. Stock, 1st pref, nonoumul 42,882,000 42,860.100 42,844,000 •• Roads. 8 $ 2d pref , non-oumul 16.000,000 I6,n Total 328.406,214 324,518,135 321,244,479 —V. 71, p. 389. ANNUAL REPORTS. Beading Company. 30,' St. Louis & San Francisco Railroad. (Report for the year ending June 1900. J The President (Report for the fiscal year ending June 30, 1900. remarks of J. S. Harris and various tables showing toe company's earnings, balance sheets, etc., will be T The remarks of President and General Manager B. F. found oq pages 756 to 761, w> ile in the edi o>ial columns is Yoakum, together with a detailed statement of earnings, in given an article reviewing the results for the year covered by account, balance sheet, etc., will be found on pages 762 come the report. to 765.—V. 71, p. 6fc6. Below are the comparative statistics for thre<-> years: Erie Railroad. PHILADELPHIA & READING RAILWAY—EQUIPMENT AND OPER\TIONS. (Report for the year ending June 30, 1900. 189900. 1898-99. 1897-98. Extracts from the report of Pre-ident Thomas will be found Miles of road op. June 30. 1,454 1,457 1,367 Equipment— on pages 753 to 755. Below is published a comparative state- Locomotives 827 774 783 ment for several years of the operations, earnings, charges Pass equipment, oars 775 7.4 716 and the balance sheets: Ftelght equipment, oars ... 31,824 29,071 27,830 OPERATIONS AND EQUIPMENT. Company's servioe, oars.... 940 684 660 Floating equipment 113 98 119 1899 00. 1898-99. .1897-98. 1893-97. Oper. (eacl. co.'s mat'l) - Miles operated 2,272 2,271 2,271 2,124 Passengers carried 21,910,349 19,689,787 18.671,433 Equipment— Pass carried one mile 275,418,845 247,221,1.2 235.74 ",932 Locomotives 1,036 1,004 979 997 Ra'e per pass, per mile l*611ct8. 1*623 cts. 1*64 ct«. Passenger equipm't. 911 905 908 904 Coal (anthracite) car. tons . 10 672 556 9,5 3,6 3 9 4R4.593 Freighr, equipment.. 46,225 45,537 43,862 41,954 (bituminous " " ... 4.5&9.719 4,20 ,» 22 ,517,0-59 Company cars, snow carried one mile. tons.. 1,643,- -6,143 1,468,2 7,195 1 S90,o66.331 tplowH.eto 679 649 618 582 Rate per ton per mile o*o92 cts 0*^87 018. 7l4cte. f Operations— Merchandise carrie i, tons.. 14,1^2,019 11.385.928 9,862,641 Passengers carried.. 16.527.876 15,222,353 15,001,653 14,763 343 Meroh. oar'd 1 mile, tons ..1,004,500,621 822.61 ,211 687,213, 85 Pass, carried 1 mile.446,19 .767 409,9*" ,217 383,390,464 3 0,028,8- 6 Rate per 'on per mile 971 cts. aol cts. 1042 cts. Rate p. pass. p. mile. 1 548 ote. 1*539 ots. l*554cts. I*.i52 cts. Earnings from— Freight (tons) cai'd 26,947,892 24,916 944 23,643,425 20.1 '2,086 Coal $11,371,203 $10/85,701 $9,931,898 F-ght (tnns) car. I m. "5, I 57.955 *4, 834,775 *4,556,349 •3,939,679 Merchandise 9,"50,602 7,8 24,8«8 7,103,170 Rate per ton p. m... 0*559 ote. 0*517 cte. 0'558 ots. 596 cts. Passengers 4,437,8 4,01 ,729 3,8 '7.547 * 000s are omitted. Miscellaneous 43 6,084 42 October 18, 1900.] THE CHKONICLE. 749 BEADING COMPAHT BALANCE SHEET JUNE 30. tion) and of $42,274 for ties, bridges, buildings and fixtures, Assets- IfOO. 1899. 1F98. and of a large amount for repairs incidental to the fl »'»ds of Railroad equipment $18,183,212 $18,110,041 $16,' 50.000 the latter part of the year. The aggregate total am >unt ex- ,9( 1,4?0.00>) 1 ,4f 0.« 00 T Floating equipment . i 'i£-,? pended in miin enance of roadway and structures amounted 1 4 7 07 * 16.442,-09 16.:U.\57«< Realest-t. 5' ^ . per mile, as against i to $1,018 $916 per mile during the Phil*. & R. Rv bds. owned. 20,(>0 ,-00 20 00 000 20,000.000 6.8 1 1 15,-189 216 15,6>6.-74 previous yeir. This increase rep Bonds of sundry oo.'s . .. 16.1 esents the gradual improve- P. & R. Ry Co st'h owned. 20.000 000 20 000 000 20.000.000 ment of roadway, etc., wheh has been going on for reveral I. st'k owned . h.000.<00 8 000 000 8.000.000 P. & K. C & years and which was somewhat increased tbe pac t year. Stoousor sundrvoompanles 2 ',<>>• .275 26,511.267 26.731 5- 6 Phiia &R«ad.C & I. Co... 78.653.X49 77.280,349 77.10-.652 The local business for >he latter half of the fis al year was Sundry railroads 1.187,557 1 434.540 1,402,796 seriouly dim nifhed by the disastrous flood-, which at one Cash... 1,664.307 2,225,529 1,106.991 time covered nearly 20J miles of track and mide operations Aooount equipment notes of 1 and oar trusts 103 "10 570,452 1,534,983 possible only by means temporary track an structures, Aoorued income 6 3.221 111,412 ' 18S.U8 many miles of roadbel and several thousand fees of trestle 862,6Hz Ml-ofllnneons 3b3.5r0 332,086 having be>-n repeatedly washed away. The road was kept equipment 378,610 Lt-aeed open, however, with the exception of a few 760 THE CHRONICLE. [Vol. LXXI. 1900. 1899. 1898. $30,000/00. The factory bonds and mortgages, which at $ $ $ consolidation aggregated $193,457, have since Sept. 1, 1899, issued 5,320,600 5,320,600 5,320,600 Stock been reduced to $121,00". The surplus accour t stood Oct. Stock In treasury 2,359,400 2,3f>9,«00 2,359,4* 1, Bonds (see Supplement) 23,981,200 21,556.200 21,556,200 1899, at $1,362,915; it has been increased to $1,968,495 by add- 559,000 Car trusts. ... 683.000 766,000 ing the net profit, $605,580, for the ten months ended July Equipment agreements A. B 1,000,000 31. 1900. The results are thought to be satisfactory, con- accounts, etc., etc 1,528,432 l,00o\Pf6 718,328 Pay rolls, sidering Bills payable and loans 180,000 40,000 135,000 they cover the fir*t year's operations. Interest due and ui.paid 58,410 59.1 yO 45.100 President R. Lindsay Coleman, speaking of the economies 154,273 Interest accrued, not due 278,245 243,627 effected since the organization of the company, and also of 742,605 631,550 Profit and loss. 819.929 the Income account 22,639 84,435 49,079 manufacture of automobiles, says: We immediately began to effect economies by concentrating the Total .36,231,853 32,177,613 31,528,531 selling in erests and also the manufacturing of goods, closing certain —V. 70, p. 895. small factories where the eost of production of goods was exoewsive, and by various other methods. The full benefit of this, however, has Western Union Telegraph Company. come to the company for only a short period during the latter part of our fiscal year. The policy adopted in marketing goods has had a (Report for the year ending June 30, 1900. J good effect, ana we believe that during the coming year the trade will President Thomas T. Eckert says in part: be on a more stable basis than it has for some years. Tre manufacture and sale of automobiles have had much attention $8i in revenues General Results.—The increase of 4.257 the by the executive of the company, and as our facilities are unequaled for the year was made up principally of $457,865 from regu- for the manufacture and sale of such goods, we believe that the com- lar commercial messages, $76 628 from press dispatches and pany is In a most excellent position to prosecute this branoh of the business. [See also V. 71, p. 391.] $197,665 from leased wires. The several items of exoense The condensed balance sheet as of Aug. 1, 1900, follows: increased: For operating and general expenses, $265,244, larger number of messages transmitted and BALANCE SHEET AUG. 1, 1900. incident to the Assets. Liabilities. delivered, and to the operation of more offi es; for main- Plant $30,000,000 Common stock $70,000,000 tenance and reconstruction of lines, $2i 6,586, partly for cable Cash l.i 72,882 Preferred stook. 10,00,000 7 repairs in ihe Atlantic, but chiefly for the replacement of old Accts & notes reoelv'e 4,432.98 Debentures. 5% 10,00 .000 *Invts , actual value.. 4,004,700 Accts. & notes pay'e.. 3,2*0,620 wires; and for fc and defective lines wita new poles and copper Merchandise 5,81. ,008 Factory bdgs & mtgs. 121000 the equipment, $48,163, on account of new wires and offices. Unexpired insurance. 44,538 Surplus 1,968.495 The average toils received were 30*8 cents per message, and Total $45,370,115 Total $45,370,115 the average cost per message was 25*1 cents, these figures being the same as for 1899. The number of messages trans- Producing an income of $256,475.—V. 71, p. 391. mitted was 1,769,626 greater than for 1899. Bonds.—At a special meeting of the stockholders of the GENERAL INVESTMENT NEWS. company, held March 14, 1900, theissueof $20,000 0U0 A% per fifty bonds cent funding and real estate mortgage year gold RAILBOADS. INCLUDING STREET ROADS. was authorized. The amount of the interest payable on all bonds now outstanding is $956,160, or an increase of $59,854 Alabama & Vicksbnrg Ry. Report.- -The company reports per year. for the year ending June 30: C> nstruction, Etc.- During the year $1,199,587 was ex Fiscal Oross Net Interest Land Balance, Tear. earnings. earnings. charge. purchase. surplus. pended for the pnrchape < f sundry lines and the construction 18°9-00, $312,778 $228,^82 $120,886 $21,294 $86,402 property, $70,0( was paid out for patents. The of new and 1898-99. ... 697,538 191,428 121,265 -598 69,365 lines were increased by 2,849 miles of poles and 28,520 miles —V. 70, p. 632. of wire. There was also an increase of 615 offices. Anthracite Coal Roads.—Miners' Convention. —ReDre- Outlook.—Tbe weekly reports of receipts continue to show sentatives of the United Mine Workers met in convention a healthy condition of business, and indicate that we may yesterday at Scranton, Pa., to consider the ad visibility of expect satisfactory returns for the current year, if no un- accepting the offer of 10 per cent net increase in wages, to loobed for set-hack occurs. whieh nearly all the leading anthracite companies have Earnings, Etc —The results for three years were as fol- agreed The decision, if any, reached by the convention was lows, compiled for the Chronicle : not known in the city at the hour of our going to piess RECEIPTS AND DISBURSEMENTS. yesterday.—V. 71, p. 697, 645. 1899-1900. 1898-1899. 1897-1898. Austin (Tex.) Suburban Railway. Sale.—The $ $ $ Dam & Revenues for the year 24,758,570 23,954,312 23,915,732 District Court at Austin has authorized the receiver to sell .Expenses- the property. Judgments of $10,000 were granted in favor 13,220,009 Operating and gen'l expenses... 12,954.766 12,749,272 of J. H. Raymond & Co., local bankers, and $40,000 in favor Rod tals of leased lines 1,566,704 l,f>67,794 1,570,006 Maintenance and reconstruo'n... 2,959,998 2,753.412 2.f88,283 of the First National Bank of Austin, the interveners. Taxes 529,469 640,746 566,224 Baltimore & Ohio RR. Equipment —The company has Equipment of otflcers and wires. 317,024 2b8,861 251,794 ordered from the Pullman Company 3,000 freight cars to Total expenses 18,593,205 18,085,579 17,^25,581 cost $1,865,000. This is in addition to the 6,000 cars ordered Profits 6,165,364 5,868,733 6,090,151 from the Pressed Steel Car Co. last week (see V. 71, p. 718), Disbursements— and will increase the road freight equipment to about 80,- For dividends 4,867,984 4,867,949 4,f 67,911 For interest on bonds 896.:-05 897,092 89H,f>f>5 000 cars, of which 12.000 are steel. Payment for this new For sinking funds 9,797 9.991 equipment will be made with company assets and not by the issue of car trusts as has been reported. Speaking with ref- Total disbursements 5,774,086 5,765,041 5,774,456 the order for 6,000 steel cars, f-ays: Balance f f profits 391,278 103,692 315,695 erence to President Cowen Surp. July 1 (beginning of year). 8,066,928 7,963,235 7,847,541 The order for cars has been given simply on acoount of the impera- tive necessity for them. We could place every oar of the order in use Surplus June 30 (end of year)... 8,458,206 8,066,927 7,963,236 now with the freight traffic offering, although they will give us an additional carrying capacity of 280,000 tons. The cars are to be BALANCE SHEET JUNE 30. constructed and delivered as s^on as possible. The coal cars are not — 1900. 1899. 1898. intended specially for the export business, but for transportation to Assets $ $ tide-water and the domestic market. The great bulk of the fuel is Telegraph lines; stocks owned going to various Industries in the United States.—V. 71, p. t>97, 645. of leased companies, fran- chises, patents.etc 105,039,902 103,790,010 102,969,202 Bangor & Aroostook RR. Earnings. —The results for the Stocks and bonds of leased tel. years ended June 30, 1899 and 1900, compare as follows: oo's received In exchange for Fiscal Oross Net Fixed Better- Balance, collateral trust bonds 8,502,000 8,502,000 8,502,000 year. earnings. earnings. charges. mtnts. surplus. Stocks of not-leased telegraph 1899-1900. ..$1,230,423 $488,Oe!5 $355,945 $79,020 $53,120 and telephone Companies, 18981899... 929,254 391,516 307,225 35,424 48,867 and other securities 8,317,951 8,058.676 8,023,068 -V. 70, p. 893. Real estate 4,956.649 4,977,034 4,977,034 Supplies and materials 205,298 4168,654 149,i62 Boston & Maine RR.—Stock.—The Massachusetts Rail- Sundry accts. receivable, etc.. 2,4*2.997 2,453, '69 2,606.837 road Commission will hold a hearing Oct. 29 to consider Cash 4.174,8^3 2,116,0 .'5 2,142,604 the proper basis for the exchange of the stock of the Sinking funds 157,670 490,154 497,406 common Boston & Maine RR. for the preferred and common stock of Total 133,807,360 130,556,322 129,867,312 the Central Massachusetts RR. and to fix the price which Liabilities— shall be paid by the B. & M. at its option for the said pre- Capital stock 97,370,000 97,370,000 97,370.000 Funded debt 19,6t0,000 15,346,076 15,356,282 ferred and common stock, also to determine the amount of Gold & Stook Tel. Co. for st'ks capital stock which the B. &. M. may issue to provide for of oth. oo's held through lease 1,956,592 1,956.600 1,956,600 the exchange. Sundry uooounts (Including Assistant dividends payable July 15). 4,764,379 6,218,535 5,623,011 New Treasurer.. — Treasurer Herbert E. Fisher Sur. of Inc. prior to Oot. 1,1^81, has been appointed Treasurer to succeed Amos Blanchard, approp. for tel lines & prop. 1,598,184 1,598,184 1,598,184 who resigned recently after more than thirty years' service. Sur.of inc sub to Oot. 1, 1881, plus the surplus prior to Oot. —V. 71, p. 390, 340. 1, 1881, not approp. as above 8,458,205 8,066,928 7,963,235 Brockton (Mass.) Street Railway.—Proposed Purchase- New Securities.—The company proposes to purchase the West Total .133,807,360 130,556,322 129,867,312 —V. 71. p. 557. Roxbury & Roslindale and the South Shore & Boston street companies, and is seeking authority issue $1,665,- American Bicycle Company. railway to 000 additional capital stock to be exchanged for their stock; (Report for 10 months ended July 31, 1900. also to issue $400,000 bonds.—V. 63, p. 672. For the ten months ended July 31, 1900, the net profits of Central of Georgia Ry.—Earnings.—The results for the the business, after deducting interest on bonds, etc., was two years ending June 80, 1899 and 1900, compare as follows: value of the plant, per balance sneet, $605,580. The has been tKscal Oross AYf SS. Etc., Fired Balance, [Interest on reduced $1,168,015, to represent depreciation, and $334,746 Year. Earnings. Eirnings. Income. Charge*. Surnf'ui. Incomes. (231,403 $1.9*0.356 $1SO,960 (S^i ($130,000 on of factories and machinery sold, lH!'9-00....*tV>8fl,208 $1.8:9,858 account making it now 18U8-99.... 6,707,»40 1.8J0.034 216,818 1,9511,904 53,888 (2)T) 80,0001 — — : — ———— — October 13, 1900.J THE CHRONICLE. 751 Report On June 30, 1900, the total credit to surplus account was Milwaukee Ronton Harbor & Columbns Ry.— $131,086. Since then (on Oct. 1) the interest on the first Denied. —A. A Patterson Jr., President and General Man- preference incomes, %% per cent, for the year 1899 00 has ager, writes as follows under date of Ojt. &: '"la reply to been paid, calling for $130,000.—V. 71, p. 437. vour favor of the 5th iDst., regarding the enclosed clipping, there is no foundation for the reported lea-e or sale of r»ur Exchange Stock.—See Central Massachusetts RR.— of road to the 'Vandalia,' or to any other road. No negotia- above.—V. 71, p. 134, 83. Boston & Maine RR. tions of that nature are under consideration.— V. 65, p. 572. Central Vermont Ry.—Earnings. —The results for two Minneapolis & St. Louis RR.—Earmngs.—The earnings years are rep irted in the daily press as follows: for the year ending June 30, 19U0, ccmpare as follows: Fiscal Oross Net Other Fixed Balance, Fiscal Oross Net Other Interest, Dividends Bal'nce, Tear. Earningt. Earnings. Income. Oharucs. Surplus. Tear. earnings, earnings. Income, taxes, etc. paid, surplus 1899-00. .$3,383,723 $783,439 $10,845 $665,435 $128,8*9 jd <£ *C to have cost 1 west of the Missouri River, estimated sale again. The upset price of $1,500,000, it is expected, will S3.4OO.O0O J V. 437, 288. —V. 71, p. 710, 697, 596. be reduced.— 71, p. York Susquehanna & Western RR.—In Charoe Chicago & Grand Trunk Ry.—Sale Oct. 31.—The fore, New of Financial Affairs.— J. A. Middleton has been elected Third closure sale will take place at Port Huron, Mich., on Oot. 31- Vice President, with office at No. 21 Cortlandt St., New after which the Grand Trunk Railway of Canada will reor- York. will have charge of the financial and accounting ganize the company under the same, as reported, of the He affairs of the company.— V. 71, p. 698, 236. Grand Trunk Western Railway, per plan in V. 69, p. 954, as modified by V. 71, p. 27. The pale will take place under the Pere Marquette RR. Listed.—The New York Stock Ex- first mortgage of 1880, and no bid will be accepted for a sum change has listed $250,000 additional first consolidated mort- less than the total amount of the principal thereof ($5,437,000) gage 5 per cent gold bonds of 1939, making the total amount and the interest due and accrued at 6 per cent per annum listed to date $2,850,000. The additional bonds were issued from Jan. 1, 1900.—V. 71, p. 602. for construction and new equipment.—V. 71, p. 698, 646. Line Chicago Great Western Ry.—See Wisconsin Minnesota & Reading Relt RR. New and Bonds.—See report of Reading Company on page 758. Pacific Ry. Co. below.—V. 71, p. 436, 441. Chicago Terminal Transfer RR.—Listed.—The New York Seaboard Air Line Ry. Official Statement. —On pages 765 to 767 will be found an official statement giving the facts Stock Exchange has listed $400,000 additional mortgage 4 per about this new system, its mileage, earnings, capitalization, cent gold bonds of 1947, making total amount listed to date etc.—V. 699, 646. $13,400,C00. These bonds have been sold on account of a 71, p. portion of the following expenditures, for which the com- Southern Indiana Ry. Earnings.—The company reports pany was entitled to be reimbursed: as follows for the year ended June 30, 1900: Track elevation. Chicago, $39,644; extensions: Franklin Park to Oross Net Other ,— Fixed charges. , Balance, Mayfair 752 THE CHRONICLE. ["Vol. LXXI. jeptfrls UU& ^otummts. ERIE RAILROAD COMPANY. EXTRACTS FROM THE FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNE 30, 1900. New York, October 2d, 1900. The coal tonnage of the Company represented over 47 per cent of the total tonnage handled. Railroad Co.: To the Bond and Shareholders of the Erie As a whole, the coal business for the year was satisfac- tory, revenue as well showing The Board of Directors respectfully submits the following as tonnage an increase; ending and while the average rate per ton per mile is report of the operations of your property for the year an improve- ment over the year 1899, it continues lower than any of the June 30, 1900 EARNINGS AND EXPENSES. preceding years, and lower than the traffic warrants. The following statement shows the gross earnings, ex- General Freight Traffic penses and net earnings from operations for the fiscal year The entire freight traffic of the including of the entire system (ex< epting the New Jersey & New Company, both York Railroad and the Coal Companies, for which latter see merchandise and coal, amounted to 26,947,892 tons, being an increase over the preceding twelve next page), including the Union Steamboat Line. Union Dry months of 2,030,948 Dock, dining cars and restaurants, and for comparative tons, or 8*15 per cent. purposes similar figures are also given for the fiscal year of The tons carried one mile equaled 5,157,955,975, an in- crease of 6*68 per cent, or 323,180.692 tons. 1899: Earnings. The revenue derived from this business was $28,827,988 53, an increase over the year 1899 of 15*27 1809. 1900. Inc. or Dec. $3,818,564 94, or per cent. ¥?:iii;?M The general average freight rate per ton per mile in- ^f-'ISlim^HSI creased 0*42 mills, or 8*12 per cent, being 5*59 mills, as sF- 6 t £«;:::::::: *.»#»&% 5*17 ffi!?t5! ftiS& against mills ; but the average haul decreased from 60 ExpreVB."":'."".".""... 592.612 97 616,029 57 I 2^,416 194*04 miles to 191*41 miles, being 1*36 per cent, or 2*63 12o,98*77 D. 10,123 07 . 131108 84 miles. S 1,330,632 27 1. 107,537 36 Miscellaneous 1,223,094 91 The generally prosperous condition of affairs enabled the Total Earnings.. .$3375^70392 $38,293,031 87 7. $4,540,327 95 Company to secure an improvement in its freight rates, as shown ; but even so the average rate is only about the Expense*. same as it was for the year 1898. 1900. Inc. or Dec. F0r— 1899. In addition to the above tonnage Company's freight ^^StSurei^.! $3,074,317 45 $3,974,618 01 7. $900,300 56 amounting to 2,801,266 tons was transported, making a M EQU grand total tonnage handled 29.749,158 tons. "!- 42 I. 1.715,510 62 SSS""?! ^: 5,174,136 80 6,889,647 In transporting this total tonnage 13,978,134 train miles C gT™™V°r °^* l 15,204,801 54 15,806,02102 1.601.219 48 were run, a decrease of 8*51 per cent, or 1,299,6 3 train miles, General Expenses 72,739 00 780,795 75 7. 5r,056 75 as compared with the preceding year; while the volume of Taxes 990 93149 997,522 94 7. 6,591 45 tonnage increased, as shown, 8*15 per cent. The revenue 147.$3.278,678 86 per freight train mile was $2 06 as compared with $1 64 last Total Expenses . . . . *25,lfc 9,926 28 $28,448,605 year, an increase of 25*99 per cent, or 42 cents. The aver- J-SSK.SS $8,582,77764 $9,844,426 73 7.$1,261.649 09 age train load of revenue freight was 369 tons, an increase B lPen8e8 of 52*54 tons, or 16*60 per cent, the train load last year being ..!° D. 0*2S% E^^f. . 7457% 74-29% 316*46 tons. Including Company's freight, the average train 392*32 tons against 335*46 The company's gross revenue from transportation, as is load reached as last year, an in- crease <. f 56*86 tons, or 16*95 per cent. The average number shown above, amounted to $38,293,031 87, which was an in- of tons of freight in each loaded car was 16*73 tons, an in- crease of 13*45 per cent, or $4,540,327 95, over the preceding 0*95 tons, or 6*02 per cent. Including twelve m nths; while the operating expenses amounted to crease of the Com- pany's freight, the average car load on the system was 1779 $28,448,605 14, an increase of $3,278,678 86, or 13*03 per cent, tons, or 1'06 tons greater than 1899. as compaed with the year 1899, resulting in net earnings of The average cost of carrying a ton of freight one mile was $9,844,426 73, an increase of $1,261,649 09, or 14-70 per cent, 4*27 mills, being 0*30 mills, or 7*56 per cent, greater than last over last year. Excluding taxes, which can hardly be considered a The ratio of Expenses to Earnings was 74*29 per cent, year. the cost of transportation, it 4*12 mills. This being a decrease, compared with the last fiscal year, of 0-28 part of was increased cost per ton is to some extent due to the increase per cent. Merchandise Freight. in the volume of business handled. The large expenditures made for improvements and betterments and charged to of merchandise freight produced a The transportation operating expenses also materially increased the cost per amounting to $20,152,762 44, being $2,334,820 68, or revenue ton. 13'10 per cent greater than last year. It is worthy of note, however, that a larger tonnage was The tonnage moved equaled 1 4,246,636 tons; as compared handled with a smaller train service, the effect of which is year an increase of 693,332 tons, or 5-12 per cent. with last reflected in the net results of the year. Of the increase in the number of tons carried one mile amounted to 3,259,- The revenue $1,806,580 07 is due to the increase in tonnage, ton miles, an increase of 2*20 per cent, or 70,054,805 789,754 while $2,011,984 87 is due to the increase in the average rate ton miles. per ton per mile. average rate received per ton per mile was 6*18 mills, The The Company's freight business, therefore, both as to increase, as compared with the year 1899, of 0*59 mills, an volume and revenue, shows a satisfactory growth under all 10*55 cent; but the average haul decreased 6*52 miles, or per the circumstances surrounding the transportation industry. 2*77 per cent, falling from 235*35 miles to 228*83 miles. or The general industrial prosperity that this country has ex- more tonnage transported, the very sat- While there was perienced during the past year should have produced greater isfactory increase of over 13 per cent in the revenue is benefits to the railroads; but unfortunately it seems that largely due to the improvement in the average rate, reflect- the transportation industry is the last to feel the effects of ing the general prosperity which existed throughout the prosperity. country for the greater portion of the year. Passenger Traffic. Coal. The Company's passenger traffic continues to show a very The coal tonnage transported by the Company for the year encouraging growth, and the results for the year exhibit a amounted to 12,701,256 tons, an increase of 1,337,616 tons, or gratifying increase over the previous twelve months. 11*77 per cent over the previous year. The total number of passengers transported during the The tons carried one mile increased 15*39 per cent, or 253,- year amounted to 16,527,876, traveling 446,190,767 miles, and 125,887 ton miles, the total being 1,89^,166,221 ton miles. producing a gross revenue of $6,905,224 28. The average The total revenue received amounted to $8,675,226 09, fare paid by each passenger was 41*8 cents. The average being an increase of 20*63 per cent, or $1,483,744 26. distance traveled was 27 miles, resulting in an average The average rate per ton mile shows an increase of 4*58 revenue of l*5f> cents for each mile traveled. per cent, having been 4*57 mills as against 4*37 mills for the The general results of the passenger traffic for the year as previous year. compared with the preceding year are as follows: The average haul increased from 144*76 miles to 149*45 The number of passengers increased 1,305,523, or 8 58 per miles, being 3*23 per cent, or 4*69 miles. cent. Of the coal tonnage transported, 6,687,301 tons were an- The miles traveled increased 36,203,550, or 8 83 per cent. thracite coal, being 655,583 tons, or 10*87 per cent, greater The revenue increased $594,780 41, or 9*43 per cent. than the previous year. The average revenue per passenger increased 0*3 cents, or The bituminous tonnage amounted to 4,432,434 tons, 0*72 per cent. being an increase of 10*53 per cent, or 422,129 tons, over last The average revenue per passenger mile increased 0*009 year. cents, or 0*58 per cent. The coke tonnage equaled 1,581,521 tons, an increase of The average distance traveled increased 0*063 miles, or 259,904 tons, or 19*67 per cent. 0*23 per cent. October 13, 11 01.] THE CHKONICLE. 753 The miles run by passenger trains amounted to 8,106,198, From December 1st, 1^95, to June 30th, 1900, the sum of 15 expended for a decrease of 0-80 per cent. $8,081,583 has been new equipment, and is The earning8 per passenger train mile were $1 01, an in- represented by : crease of 1025 per cent. 104 Locomotives, 2 Derriok cars, - cars, Lake number of passengers in each train was 55 04, 4,000 Box 2 steamers, The average 5,000 <'oal cars, 1 Tug boat, an increase of 0-97 p*-r cent. 200 Refrigerator cars, 1 Rotary snow plow, in 16-89, The average number of passengers each L car was 6 Milk oars, Shop tools. 6 Horee express oars, an increase o* 7 37 per cent. As in the case of freight tonnage, so also with the passen- These expenditures are regarded by the management as ger business it will be observed that a larger volume of an absolute necessity in order to maintain the volume of the traffic was handled with a smaller train service. Company's traffic and enable it to be handled at a mini- Of the total number of passengers handled, 15,969,500 were mum cost. As stated in previous reports, the Company has local and 558,376 were through passengers, both classes of been and still i* handicapped by the large number of small, travel showing a very gratifying increase. inadequate cars that it received upon taking possession of The increase in tbe average revenue per passenger per the property. Much of this equipment ha* been worn out, mile was in the local business, the through rate being a and while the tonnage capacity has been replaced out of the fraction lower than the previous year. The average distance Expense Account, the increasing business of the country, traveled by the local passengers shows a slight increase, the continued demand for larger cars, and the importance of while the average distance traveled by the through passen- increasing the train load, has made necessary additional gers shows a decrease of nearly five miles; but the revenue equipment of more powerful engines and larger cars. in both classes of travel shows a satisfactory mcrease. As stated elsewhere, equipment trusts, covering fifty loco- The travel across the North River, handled by the Pavonia motives, 1,000 coal cars and six horse express cars, were Ferry, amounted to 14,263,813 passengers, an increase of 744,- made during the year, and in addition thereto, as is also 118 over the number handled during the year 1899. shown elsewhere, large expenditures were made and charged The Company's suburban passenger traffic in the terri- to Operating Expenses, for both engines and cars, in addi- tory adjacent to New York continues to grow, and, as tion to those necessary to maintain the Company's equip- stated in last year's report, the steadily increasing volume ment. It is more than probable that still further expendi- of this business justifies the expensive service demanded, tures in this direction will be required to enable the Com- and results in a fair return in revenue, although the rates pany to maintain its position in respect to tonnage, as well continue very low, being in some cases only about street as in its efforts to further reduce the cost of handling the car fare. Although the competition in the through busi- traffic. ness, both in respect to fares and service, has been sharp, In compliance with the laws of the United States and of yet the Company has been able to increase its volume of the several States through which the road passes, the work this traffic, resulting in a very satisfactory addition to its of applying air brakes and automatic couplers to the freight revenues. equipment has been continued during the year, the sum of EXPENSES. $423,737 91 having been expended for that purpose and Current Operating Expenses. Maintenance of Way and Structures. charged to These laws have now been obeyed and the Company relieved of this very There were expended during the year for the Maintenance heavy expense. Hereafter the expenditure on this account of Way and Structures $3,974,618 01, being an increase of will be for maintenance only. 29"28 as compared with the previous $900,300 56, or percent, COAL COMPANIES. year. This increase is due to heavy expenditures for the im- The net result of the operation of the Coal Companies for provement of the physical condition of the permanent way, the twelve months ending June 30, 1899, was the sum of made necessary by the use of heavier power and trains, as $236,641 56, which amount has been credited as shown by well as by the requirements of an increasing business, de- the Income Account published herewith. The decrease in manding improved and additional service. the Company's income from this source, as compared with The work of replacing wooden and light iron bridges the year 1898, is due to the rather unsatisfactory condition with heavier modern steel structures, to accommodate the of the coal trade which prevailed during the year 1899, and heavier equipment, has been actively conducted through- which, it is gratifying to note, has somewhat improved out the year. during the year just ended. It is probable that the year Maintenance of Equipment. ending June 30, 1900, will show somewhat better results, al- though the accounts are not yet closed, and therefore the Expenditures to the sum of $6,889,647 42 were made for figures for the year cannot now be definitely stated or in- the maintenance of the Company's equipment during the cluded in the statement herewith. year, being an increase of $1,715,5 10 62, or 33'16 per cent. EQUIPMENT TRUSTS. This increase is due to the purchase of new and heavier equipment, and the remodeling of lighter engines and cars, Of the equipment trusts assumed by your Company from as well as the application of air-brakes and couplers in con- the New York Lake Erie & Western Railroad Company, formity with the Natiocal and State laws. There was a balance on June £0, 1899, of.. $1,536,590 00 Upon which payments have been made to Conducting Transportation. June 30, 1900, of 376.510 00 The sum of $15,806,021 02 was expended in Conducting LeaviDg a balance on that date of $1,160,080 00 Transportation during the year, an increase of $601,219 48, Of the trusts assumed from the New York Pennsylvania •r 3 - 95 per cent, as compared with the previous year. & Ohio Railroad Company, increase is of business The due to the greater amount There was a balance on June 30, 1899. of . .$1,476,730 68 handled, the freight ton mileage increasing 6 - 68 per cent, U^on which payments have been made to and the miles traveled by passengers 8*85 per cent. June 30, 1900, of 117,85147 Leaving a balance on that date of. 1,358,879 21 CONSTRUCTION. Or a grand total of $2,518,959 21 The Construction Account for the year is charged with Of the equipment trusts this $1,161,831 45, representing expenditures for additions and created by Com- pany prior to this fiscal year, betterments made to the property. These improvements There was a balance due on June 30, consist chiefly of : 1899, of $810X00 CO Removal of grade crossings at Buffalo. There has been paid during the year 450 0* 00 Balance of the cost of elevation of tracks at Jersey City. Reduc ng grades. Leaving a balance of 360,000 00 Removing grade crossings. During the year equipment trusts have been Enlargement of yards. made covering 50 locomotives, 1,000 coal cais Construction of second track. and 6 horse express cars, On the New York & Greenwood Lake Division. $28,269 10 Amounting to $1,777,989 90 has been expended for additions and improvements to that Upon which payments have been made to June 30, 1900 : property, for the removal of grade crossings, purchase of 4,664 98 additional property, etc., in addition to the above amount. Leaving a balance on that date of 1,773,324 92 This amount has been charged against the Special Construc- tion Fund of the New York & Greenwood Lake Railroad Making the total equipment trusts out- standing as of June 30, 1900 $4,652,284 13 Company, which now amounts to $319,647 28, as shown in the balance sheet herewith. The total payments on account of equipment trusts From December 1, 1895, the date of the organization of made during the year amounted to $949,026 45. this Company, to the end of fiscal year. June 30, 1900, the CAPITAL STOCK AND FUNDED DEBT. the sum of $3,547,549 10 has been expended in improve- ments and additions to the property, consisting principally The Company's outstanding Capital Stock has been in- of second, third and fourth tracks, the reduction of grades, creased during the year by the issue of 227 shares of First removal of grade crossings, additional real estate at ter- Preferred and 767 shares of Common, making the Capital minals, etc. Stock account at the close of the year stand as follows : EQUIPMENT. Authorized Issue. issued. Non-cumulative 4 per cent First The Capital Account has been oharged during the year Preferred $43,000,000 00 $42,882,800 00 Non cumulative -4 with $1 ,758,060 19, representing the purchase of : 4 per cent Second Preferred 16,000,000 00 16,000 OOO 00 60 Consolidation freight loco- 6 Horse express cars, Common 113,000,000 00 112,357,400 OO motives, 1 Rotary snow plow, l.tOO Pressed steel coal cars, 1 Fifty-ton wrecking crane. Total $172,000,000 CO $171,240,200 : ' : : 754 THE CHRONICLE. [Vol. LXXI. The increase in the First Preferred and Common Stock struction Account, which represents obligations to the city represents the purchase of similar amouots of Preferred and of Buffalo for the removal of grade crossings, and which Common stock of the New York Susquehanna & Western amount is shown in the Company's liabilities, item "Con- Railroad Company. struction Obligations." Of the Prior Lien Bonds secured by the Company's First 1 he amount due by the New York & Greenwood Lake Consolidated Mortgage deed, an additional $1,000,000 00 Railroad Company for construction work on that road has has been issued and sold during the year. been increased by $28,269 10, as heretofore explained, mak- The total amounts of bonds issued under that mortgage, ing the total charged against that Company $319,647 28. now outstanding, are "Miscellaneous Securities owned" by the Company show a decrease of $406,860 76, as compared with June 80, 1899, Prior Lien bonds $32,452,000 00 due to the redemption of Car Trust Certificates owned, General Lien bonds 32,954,000 00 less the cost of stocks of subsidiary companies purchased. The statements published herewith show in detail Tin The increase in the "New York Susquehanna & Western rent- pamphh t report] the Company's entire funded debt Railroad Capital Stock" is due to the purchase of addi- als of leased lines and other fixed obligations as of June 30, tional stock of that Company. 1900. The increase in the "Chicago & Western Indiana Sinking INCOME ACCOUNT. Fund" is due to additional payments made as required by The Income Account, Table No. 2 in pamphlet, shows the that Company's mortgage, and, as previously stated, propor- sources of the Company's income for the year, and from tionally increases the value of this Company's stock in that which it will be seen that the corporation. The increase in "Materials and Supplies on Hand" is Gross Revenue from operations amounted to $38,293,031 87 largely due to the increased cost of material and to some Expenses and Taxes 28,448,605 14 Operating extent to the additional volume of supplies waich the Com- Net income from operations $9,844,426 73 pany has found it necessary to carry in stock on account of Income from securities owned, eto 420,107 79 slow deliveries by manufacturers. The changes in "Capital Stock" and "Bonded Debt" have Total Income .$10,264,534 52 been heretofore explained. 8,601,10418 Interest and rentals The increase in "Construction Obligations" represents the Buffalo grade crossing account, heretofore referred to, less Leaving a balance to oredlt of Profit and Loss of. . . $1 .663.430 34 payments of $ 2,000 made on "Construction Notes" of the The Company's fixed charges for the year were $114,548 74 New York Lake Erie & Western Railroad Company. greater than the previous year. " Mortgages on Real Estate " have been reduced to $431,- During the year the Company has made earnings sufficient 725 by net payments amounting to $7,775 not only to meet all charges, but also to carry to the Profit The increase in "Equipment Trusts Outstanding" is and Loss account a surplus of $1,663,430 34. This surplus accounted for as stated under "Equipment Trusts," repre- for the year, added to that earned during the previous three senting the purchase of additional equipment, less payments years and seven months, gives as the total surplus earned made during the year. from December 1, 1895, the date of the Company's organiza- The Company has a credit to its Reserve Fund of $292,- tion, to June 30, 190<>, $3,454,873 66, as is shown by the Gen- 496 04, representing the cash value of depreciations charged eral Balance Sheet, Table No. 3 in pamphlet. to the expenses of the year and available for operating ex- The disposition of this accumulated surplus has been sub- penditures hereafter. The decrease in this item as com- stantially as follows: pared with the preceding year is due to the use of the fund for renewals and replacements as contemplated. Advanced to the Chicago & Erie Railroad Company for assets payments made to the Chicago & Western Indiana The current amply take care of the current Sinking Fusd. This amount will ultimately be charged liabilities. off against the Profit and Loss account, but will, by Of the securities for Construction purposes turned over by reason of the retirement of the Chicago & Western In- the Erie Reorganization Committee, diana bonds, be represented by the increased value of $2,750,655 22, there the Chicago & Erie Railroad Company's investment in have been converted into cash the following : the stock of the Chicago & Western Indiana Railroad Value as placed on Company a.nd the ultimate reduotion of the rental the Books, Jan- paid to a nominal sum $248,946 98 Cash Realized Advanced on account old New York Lake Erie & West- uary, 1897. from Sale. ern Car Trusts, for which amount this Company will $115,200 00 Buffalo & Southwestern RR. Second eventually receive General Lien bonds 356,972 98 Lien Bonds $126,720 00 Advanced to the New York & Greenwood Lake Railway 405,000 00 Erie Railroad Company's Prior Lien Company for construction purposes 319,647 28 Bonds 414,000 00 Invested in materials in excess of the amount reoeived 364,055 22 New York & Greenwood Lake Railway by this Company December 1, 1895, from the Re- Prior Lien Bonds.... 385,570 22 ceivers 994,733 03 1,034,400 00 Erie Railroad Company's General Lien Amount expended for construction work done, oar-trust Bonds 1,214,908 93 payments, etc 1,553,166 00 630,000 00 Delaware & Hudson Exclusive Car Trust Certificates 630,00000 Total $3,473,466 27 10,000 00 Car Trust of New York Certificates. .... 1 0,000 00 For the amount expended for construction, etc , stated in $2,558,655 22 $2,781,199 15 the received is the last item, Company has or entitled to re- In addition to these securities there have been certi6ed by ceive Prior Lien bonds or General Lien bonds. If these the Trustee and turned over to the Erie Railroad Company, bonds had been sold, the proceeds would now be available to reimburse it for expenditures already made or to be made for the treasury in the form of cash; but the prevailing in the future, the following : prices of the Prior Lien bonds and the General Lien bonds $2,452.000 00 Erie Railroad Company's Prior Lien Bmds have been so below their intrinsic much value that the and $1,000,000 00 Erie Railroad Company's General Lien Directors have not deemed a sale of the bonds would be for Bonds. the interest of the shareholders. In view of these condi- Of these securities there have been converted into cash tions, as well as of the fact that the steady growth of the the following Company's business demands for its conduct an increasing Oath Realized working capital, the Board of Directors thinks it better Par Value. from Sale. policy to make no sale of the bonds until by the develop- $2,452,000 00 Erie Railroad Company's Prior Lien ment of the business and as a result of the expenditures Bonds $2,181,761 26 made for construction, the continuing ability of the Com- leading owned by the Company securities for construc- purposes as follows: pany to pay regular dividends shall have been assured by tion Trust of New York Certificates, Par Value 00 the accumulation of a larger surplus. The credit Car $192.000 of the Erie Rairoad Company's General Lien Bonds, Par Value. 1,000.000 00 Company would thus be so firmly established that its bonds should readily command a fair market price. Total $1,192,000 00 FINANCIAL. The Erie Railroad Company has received cash from all sources for construction and equipment purposes from financial condition The Company's at the close of the December, 1895, to June 30, 1900, as follows fiscal year is shown by the General Balance Sheet, Table $500,000 00 From sale of Erie & Wyoming Valley Railroad No. 3 in pamphlet report. stock as stated in report for the year ended June Of the Prior Lien bonds, amounting to $5,0Q0,000 00, re- 30, 1898. served under the General Consolidated Mortgage deed for 500,000 00 Cash received in settlement with the National Tran- construction and equipment purposes, $2,452,000 00 have sit Company on account of an old olaim. been obtained from tt»e Trustee and sold, $1,000,000 00 dur- 4,343,850 13 Cash turned over by the Erie Reorganization Com- mittee. ing the fiscal year and $1,452,000 00 prior thereto, leaving a 15 Cash realized from sale of securities turned over by 00 still available for 2,781,199 balance of $2,548,000 these purposes. the Erie Reorganization Committee. No additional General Lien bonds reserved for the redemp- 2,181,761 26 Cash realized from the sale of securities obtained tion of bonds of subsidiary companies, the purchase of simi from the Farmers' Loan &. Trust Company. Trustee. lar stock and the payment of certain Equipment Trust 2,500 00 Received from sale of P. c. & Y RR. bonds, turned obligations have been issued during the year; but the Com- over to the Erie Railroad Company by the Re- ceivers of the York Erie Western pany is entitled to $961,673 33 of these bonds, which will New Lake & be Railroad. obtained from the Trustee and used to reimburse the Com- 457,867 50 Cash realized from sale of Capital Stook of the pany for its outlays ntade during the year on the above Northern Railroad Company of New Jersey orig- accounts. inally paid for by the Erie Reorganization Com- The increases of $1,435,893 52 to "Construction" and of mittee from Construction Funds and sold June 1 1899, by the Erie Railroad Company. $1,758,060 19 to "New Equipment" have been heretofore explained, with the exception of $274,052 07 in the Con- $10,767,178 04 October 13, 1900.] THE CHRONICLE. 755 which amount has been expended for the purposes below- The gravity yard at Ararat Summit has been extended, at mentioned : a cost of $21,607 14, charged to Construction account, there- by permitting the more economical handling of cars as well $457,867 50 For purchase of Northern Railroad Company of New as f reatly facilitating the movement of trains. Jersey stock, as explained above. The introduction of large metal cars with a carrying ca- 03 New construction. 3,273,497 pacity of fifty tons in the lake ore and coal trade necessi- 23 New equipment. 5,948.258 tated the reconstruction of the coal transfer machine at New York Lake Erie THIRD ANNUAL REPORT-FOR FISCAL YEAR ENDED JUNE 30, 1900. The Reading Company submits, for the information of its The joint operations of the three Companies for the stockholders, the foil wing report, not only as to the affairs twelve months, July 1, 1899, to June 30, 1900, resulted in of that Company, but also as to those of the Philadelpb a & net earnings which were sufficient after meeting all Reading Railway Company and the Philade phia & Reading interest and other charges, all expenditures for better- Coal & Iron Company, of which corporations substantially ments and for the maintenance of equipment, to leave all the stock is owned by the Reading Company. a surplus of earnings of $1,938,000 *-3. The purposes to In this report he business of the three Companies will be which this surplus was appropriated will be stated subse- discussed as in previous reports, with >ut constant reference quently. to the fact that each of the three Companies above named Eliminating all duplication of accounts between the three is entirely distinct from the other has a distinct organiza- Companies, the resu ts for the past fiscal ye ir may be stated tion, and is engaged in a distinct occupation. in their simplest form as follows: Year Ended June 30. 1899-1900. 1898-1899. Reckipts: $ $ $ 9 1,158.303 53 236.482 53 2 ,90^.987 19 23,002.587 63 27.8-4,614 06 55,945,934 78 23 613,837 7b 46,882,907 92 EXPEN8E8: 36,379 90 21.579 49 17,253,429 23 13,880,16132 Philadelphia & Hearting '"oat & Iron Company, including $384,850 18 22,742 102 82 27/67,581 35 44,857,390 48 36,643, «46 63 11,088,544 30 10,239.061 29 Fixed Charges and Taxes: 2,964.637 fO 2.819,537 33 5,7 6,0*8 01 5,775.618 43 459.V47 86 9,l?i0.543 47 478,696 64 9,0"3, Q 52 40 1,938,000 83 1,165,208 89 Note—Interest upon the debt of the Philadelphia & Reading Coal & Iron Company to tl e Beading Company is only payable when earnel. These results will be found stated in more detail on page 761. THE PHILADELPHIA. & READING RAILWAY COMPANY. The receipts of the Railway Company arising from the several classes of business compare as follows for the last six years, the period in each case being the twelve months ended June 30 : Year Ended June 30. 1899-1? 00. 1898-1899. 1897-1898. 1896-1897. 1895-1896. 1894-1895. Coal Traftio $11,371,202 77 $10,08 ',700 82 $9,931,895 97 $9,535,«T6 77 $9,706,230 28 5°,7. 9.03: 02 Merchai.rtise Traffio 9, 5( '.60' 77 7.824,888 41 7.163.169 »8 6.4' f- 030 63 7,141,240 2V 6,402,6^6 63 Pa«fenger Traffic... 4,437.849 70 4,0' ,7v8 77 3,877.546 68 3.763 890 07 3,994,^2-4 60 4,011.71 '59 Miscellaneous 43f° ,084 32 4.0 364 58 389,951 21 377,539 21 38'? 182 17 68.060 61 Mail 113,991 97 112.510 23 112,677 90 103,157 51 100,7^0 15 97,731 86 Total $26,109,733 53 $22,456,192 81 $21,475,241 64 $20,235,294 19 $21,324,761 4.c $2«,639,209 71 The tonnage of anthracite carried increased from 9,533,- difficulty in moving trains at those points on account of the 693 tons in 1898-9 to 10,^72,556 ton^ in I--99- 900, a g*in of grades being steeper than the ruling gradient on this section 1,138,863 tons, or 12-0 per cent, and the tonnage of bitu- of the railroad. minous coal increased from 4,201 ,622 tons to 4,539.719 tons, The passing sidings at Rupert, McAuley, Krebs and East a gain of 338,097 tons, or 8'0 per cent. The revenue from Mahanoy Junction, on the Catawissa Road, have been ex- ooal 'raffle increased from $10,085, 7"0 82 to $11,371,202 77, a tended to a length sufficient to allow the passage of two gain of $1,285,50 95. or 12*7 per cent. reight trains. s Merchandise traffic increased from 11,385,92 * tons to 14,- At Haucks Crossing, on the Catawissa Road, a yard has 193,019 tons, a gain of 2,8o6,091 tons, or 24*6 per cent, and been built for the exchange of freight cars with the Central the earnings therefro u increased from $7,824,888 41 to $9,- Railroad Company of New Jersey, this exchange of cars 750,601 77, a gain of $1,92">,713 36, or 24 6 per cent. having been made hitherto at three separate yards. '1 he number of passengers increased from 19.689,787 *o21,- New sidings have been built at St. Nicholas and Locust 9 1 0,349, a gain of 2.220,562, or 11'3 per cent, and the passen Spring collieries to accommodate the increased production ger revenue increased from $4,012,728 77 to $4,437,849 70, a of coal at these collieries. gain of $425,120 93. or 10-6 per cent. A second track has been built from Port Clinton to Dre- Comparing these earnings with those of the five previous hersville, a distance of 5*4 miles; and another has been nearly years, the total is the largest for six years ; and in each of finished between New Ringgold and Reynolds, a distanoe the four principal classes they are larger than ever before in of 5*2 miles. The building of this section of track included the history of the company, or of its predecessor, Tbe Phila- the construction of several new double-track steel bridges delphia & Reading Railroad Company. across the Little Schuylkill River. As soon as the latter Tre poli'-y of i' creasing the efficiency and promoting the se tion of road is completed, we shall have a double track economical operation of the railway Company's several de- road from Philadelphia to East Mnhanoy Junction via the partments, to which reference was made in the last report, Main Line and the Little Schuylkill Railroad, a distanoe of was continued throughout the year. Considerable sum-* of 104*1 miles. The double track work required tbe re-arrange- money have been spent in this way, which, with the excep- ment of the existing tracks at Port Clinton, where the Little tion of thos- speut for additional equipment, have been Schuylkill Railro id joins the Main Line, and the building charged to Operating Expenses. of a new station at that point. Extension of Tracks. The facilities f>r sorting and distributing cars atTamaqua The principal items of improvements and extensions of have proved inadequate to the increased business passing tracks are as follows: over the Little Schuylkill Railroad, at/d an extension of the The yard at Newberry Junction, where business is ex- yard tracks at that point has been made. changed with the Erie, Fall Brook and Beech Creek rail- Additional tracks have been built at Thomaston, Wades- roads, ha* been completed. ville and William Penn collieries.each of these improvements A section of double track 2*8 miles in length has been being required to accommodate the increased production of built from Newber y Junction to Williamsport, to avoid the the collieries named. congestion of traffic which frequently occurred upon that On the Main Line the lay-off sidings at Mohrsrille, Rovers- flection of road. ford, Aramingo, Perry, Stony Creek and Port Kennedy, A section of double track 25 miles in length has been which were insufficient to pass two freight trains of the built from Milton eastward—an important "meeting and ordinary length, have been extended. passing" point, being the junction of the Catawissa and A large yard, embracing 9'7 miles of track, has been built Shamokin Sunbury & Lewisburg railroads, at which at Woodlane, 12 2 miles above Philadelphia, this being the trains were liable to delays. nearest point to the City at which cars can be yarded, to be At Pottsgrove, Dougal and Christian's siding, on the Cata- distributed as they may be required to various pjints in and wissa Road, a reduction of grade has been made, their being contiguous to the City. . ) Owohkk 18, I »oo. THE CHRONICLE. 757 At Blrdaboro additional bracks have been constructed to At Wayne Junction, where we have a great and growing aooommodate the Increasing business of the iron Work at passenger and freight business, our facilities are no longer that point adequate to the proper conduct, of our traffic, and improve- At Port Richmond trucks nave been built to reach the ments have been commenced looking to the completion of a new freight pier and the now oar repair shop and to in cease four track railroad from Reading Terminal to Wayne Junc- reeonsl of the Btorage room '«>r freight destined for ocean shipment. tion ; to the ruction the Interlocking system in use <'n the Lebanon Valley Division a second track nas been at that point, and to the building of a, paBsenger station laid between Robesohia and Myerstown, a distance of i* with adequate facilities. The work should be completed miles, closing the only ^iip that existed in the double traoll wit hiu the present. Iiseal year. on the Lebanon Valley Road, and making that road double Our facilities for transacting passenger and local freight traoked from Reading to Harrisburg; the business on this business a! I l.u iinImii g have .en inadequate for a number Branob having beoome ho great that its movement was seri- of tear*. It has been diffioult tO improve them properly be- ously Impeded by having to pass over a seotion of single oause the question of getting rid of a grade crossing by track. t he main business street, of the City, of ( he Pennsylvania < >n the New York hi vision new tracks have been built at h'nilroad, and our Lebanon Valley Railronl, which are Janney, Parkland, Jeokintown. Woodbourno, Somerton, there Olose together, has been one about, which the railroad Betha) res, Weston, Hamilton, Bkillman, Glenmoore, Ewing authorities and oity authorities could never arrive at an and Yard ley, the business having grown so large on that agreement, b Is possible that such an agreement can now Division as absolutely to require these facilities. be reached, and if so we propose to erect station buildings These are the'prinoipal additions that have been made to winch shall represent us not, inadequately at, the capital of tracks during the year. There are other minor ones, and th.' Mate. were .-ill icipiired to enable the road to handle Its business Harrisburg is one of our largest freight Lnterohani a points. with safety and economy. Some of them were commenced The business exchanged by us with the Pennsylvania Rail- in the pie\ [i US year, ami a few of them were not completed road and tlial coming from tint Baltimore Al Ohio Rail- during the last, iiseal year, but the great bulk of th it lay loa-d and the Western Maryland Raalroad via our I* lift was I Inn m id 6 delpbla Harrisburg & Pittsburg Railroad, as well as that of The total expenditures for new tracks during the year the Industrial establishments about Harrisburg, in all amounted to 1797,580 68. bandied there, and our yards do not oll'er facilities for the business. Tl It.MINAl. iMIItOVK.MICM'M. As the Immediate vicinity of Harrisburg oilers no op The linger items of improvements to buildings ami road portunity to make a proper yard, ground has been bought equipment are as follows: at Rutherford, four miles east of Harrisburg, and s yard At Tort Richmond, Tier " Q," Intended for the handling h is been eoinmen-.ed Wbloh Will be completed so as to ac- of heavy freight, has been widened 149 feet, to and extended commodate our present, busincs-i during the present year. 940 feet to the Port Warden's Line, and partly equipped Wo have provide,! ample room to extend this yard when it with elect lie lighting and electric cranes. This work is shall become ry. nearly completed, QeCOSSB r Some progress has been made in reducing the grades on A new covered freight- pier "CI," b >D fet t wide and ex- the western end of the Philadelphia Harrisburg & Pitts- tending 680 feel- tO the Port Warden's Line, has been huilt. burg Railroad, but the work of bringing the whole road to Anoth r pier on the foot of Delaware River at the Noble more need not be for or r r moderate grades completed two Street, 150 feed, wide and extending . >, »0 feet, lot-he Port three years more. Warden's Line, has been built to accommodate ocean ship There isagrcf and growing interchange of freight, busi- ?iing. Some of the work on the.se piers was commenced he- ness at Allentown between our system of lailroads and the ore the beginning of the fiscal year, and some of t be work Central Railroad Company of New Jersey. This traffic has was not completed at its (dose, but, the work was mostly outgrown the provision that- had been made for it, ami the done during (lie year. const-ruction of increased yard facilities was undertaken Automatic ELEOTBIO Smnai.h. during the past year and will he finished this year. During the last Iiseal year automatic elect rie signals have These are the leading items of the expenditures fi C con- been extended from Bethayres to Trenton Junction, a dis- templated Improvements within the year 1900-1901. tance of 17*8 miles, from Trenton Junction to Hound What has been done in the past few years has enabled us Brook, a, distance ot 27:{ miles, and along the Phil ulelphia to bundle a business which if would have been Impossible to Subway, and at- all such ot her poi nfs on the Ma' n Line be- move over the road with the facilities khaf existed live tween Philadelphia and PottSVille as had not, been pre- fears ago, and these improvements must continue if the viously guarded in this way. Hisine is is to grow. There are, however, but few single im- The traffic has Increased so much on several sections of provements in coidemp'al ion of the nia-nitiide of thOSO the Reading System of railroads that it- has been found MOPS' which have been undertaken in the last few years, ami we sary to its sate and economical handling to continue the ex- hope soon to be able to say that WO have brought the Read- tension of the system of automatic signals, which we have ing Railway up to thoroughly good modern pi act, no. pushed as rapidly as was practicable. We have exnended OOBAM HlMlNi'.HM. on (his work in the last 7. IliriiDVIiJlKN IN OONTKMII.ATI.O. MorclmndiHO Ions 2,000 II) • I.IIHM i) 17 Ml", I, II lllfibf' I Hi^UO Amlirai'iiH in l,409,ft0A(M 1,0, H7.H10 The work of bringing tOni ,IMii It,,. i 780,90 1 l,48",«81 the Reading Railway system up to BitnmlDoni Ooal—trot 9,040 ibi.. BNttStb'M ?8<\8oT10 H6S,89L*i0 6&\Hlwi;i modern reepjirements so as to enable it to move its very During the same years ere were shipments as follows large tonnage t with the greatest has not yet I economy from Port Richmond to rail points, mostly on the lines of completed; but the work now in progress, with that com- the Philadelphia & Reading Hallway: pleted during the last fiscal year, should equip the system Y.nr mdtit -lnt,, :io isir "". isiih-k. 1897-8, iSBfl 7. fairly well with yards and sidings, and the principal in MorohunillHo and Iron Ore—tons 2,000 Ibv.Osa.'KU) !J7I, n • 906,8 9 .'IHl.OSO crease that may be required in these items will arise from The large decrease in business from Port Richmond In the further gowth of business. There is still work to do, reduc- years 18H7-8 and 1898-9 was duo mainly to the greatly ing grades on our lines of principal traffic, and building sec- les ened importation of iron ore. tions of second or third track as they may be required, but The wharves and puis on the Delaware R'ver water front, there is not much of this work imperatively needed at the which have been heretofore reported as under oon&truetion, pra«»eut time have been nearly completed, and most of them are now in use; 758 THE CHRONICLE. [Vol. LXXI. ocean business still presses upon us in excess of our capacity of Reading at grade, and the delays to the street traffic to handle it, and as there is yet much unused water front at which occur many times a day have grown to be almost in- Port Richmond, we have commenced the construction of an tolerable interruptions to the business of the City; and if additional freight pier, which will enable us to accommo- the business of the Philadelphia & Reading Railway shall date two additional lines of steamers. grow in the future as it has grown in the immediate past, the time is not far it Philadelphia Subway. distant when will be impossible to pass our business satisfactorily over our two-track before the road The Philadelphia Subway was so far completed through Reading. fiscal year that regular passenger service, which close of the The question of relieving this blockade has been under not passed over this route since November 14, 1896, had con-ideration for a number of years, and was the subject of on 20, 1900—the principal freight station was resumed May exhaustive study last winter, when every possible plan was the line, that at the crossing of Broad Street, having on carefully studied and estimated upon. As the result of been closed October 2, 1896, and reopened September 16, these studies it was decided to be necessary to build a Belt 1P99. of constructing this Subway, which was The work Railroad around the City, leaving the main line two miles agreed on in general and in de- done on plans which were north of the centre of Reading, crossing by high bridges tail by the engineers of the City and the Reading engineers, over th-< Schuylkill River and the Tulpehocken Creek, pass- by the engineers of the City with our co op- but executed ing under the Lebanon Valley Railroad, with which a con- throughout well, economically and eration, has been nection will be made, passing through West Reading and quickly done, and it is as well suited to our uses as it was crossing the Schuylkill River a second time. Here the road possible to make it. The work is not quite completed, but will fork, the south bound traffic passing over the Wilming- it is so nearly finished as to render it probable that its cost ton & Northern Railroad and joining the main line at Brds- will be considerably less than the estimate of $6,000,000. boro, while the north-bound traffic will continue on the requires us to pay one half of the cost, our Our agreement main line to a point about four miles north of Birdsboro, contribution not to exceed in any case $3,000,000 ; and our where it will leave the main line and after passing under burden will be reduced in proportion as the cost is less than the Pennsylvania Schuylkill Valley Railroad tracks will join the estimate. This cost is to be repaid by us in twenty an- the other tracks of the Belt Railroad near the lower cross- instalments, bearing abont er cent interest, the nual %% P ing of the Schuylkill River. first payment to be made December 31, 1904. We have on The conditions of the problem were that no grade adverse deposit, bearing interest, which is held as secur- $500,000, to south-bound, movement should be encountered on the ity for the bond we have given to the City for the faithful Belt Railroad as there is none on the main line, and performance of our obligation under the Subway contract. that there should be no grade opposing the northbound This, of course, will be available in course of time toward movement exceeding fifteen feet per mile. Both of these extinguishing our indebtedness; and we have further com- requirements have been met. The line will be about 7*4 menced since the close of the last fiscal year to create a miles long, and the whole work is estimated to cost about fund for this purpose by setting aside in monthly instal- $1,500,000. It should be completed before the end of the ments $100,000 per year, which with interest will provide year 1901. the necessary means to discharge our obligations on The "Reading Belt Railroad" has been organized to build thi6 score as they mature- Trie contribution to this this line with a capital stock of $750,000, which has been fund will be charged to expense account, as the construc- provided for, and the balance of the money needed will be tion of the Philadelphia Subway created no new asset. provided out of an issue of an equal amount of mortgage Wilmington & Northern Railroad Stock Transfer. bonds, bearing four per cent interest, which have been sold. The purchase of a controlling interest in the stock of the The construction of this line will relieve the main line of Wilmington & Northern Railroad was reported in 1898. the movement of all the through freight and coal trains The efforts which were made to develop the business, and through the busy part of Reading, and will permit the inter- the economies that were made in operating that railroad, change outside of the city of the business of the main line were so successful that it was determined to offer to pur and the Lebanon Valley Ra lroad, which interchange is chase the remaining stock upon the same terms as were very large. The growth of West Reading, which is rapidly paid for the majority interest. The offer brought in nearly enhancing the value of property there, would, in a few years, the whole of the capital stock, and the road has been leased make the ground required for the construction of the Belt to the Philadelphia & Reading Railway Company upon a Railroad very costly. This was another reason why the guaranteed payment of its fixed charges and dividends of building of the Reading Belt Railroad could not be delayed. three and one-half per centum per annum on the capital Locomotive Shops. stock. 1 he stock us has purchased by been deposited with The need of some radical improvement of the principal the Girard Trust as the basis of Company an issue of four locomotive and machine shops of the Reading Railway at per cent Stock-Trust Certificates to the amount of about 87 Reading has long been recognized. Shops for the construc- per cent of its par value. contract has been A made for the tion and repair of cars, roundhouses for locomotives, a sale of these certificates, and the treasury of the Company coaling station, storehouses and a number of minor struct- will be thus reimbursed for the outlay in making the pur- ures have been erected in the northern part of Reading, but chase, leaving the stock in our control. The interest upon the locomotive and machine shops, with their allied indus- the Stock -Trust Certificates will be provided out of the tries, have always remained two miles away, in the lower rental under the lease, which, from our past experience, part of the city. These shops have been improved and ex- should be amply earned. The road is in good condition, re- tended somewhat, though no large amount of monev has quiring only ordinary repairs, and is sufficiently equipped been spent on them for many years. Some of the tools are for its present business. antiquated, and the processes employed are necessarily un- Reading Belt Railroad. economical. Last year it was found impossible to keep up On several occasions during the last eight years there has the locomotive repairs, and a large number of engines had been great difficulty in promptly moving freight and coal to be sent away for reconstruction. Our room in this part over the Reading Main Line. It is doubtful whether any of the city is quite limited, and to obtain more ground line of double-track railroad in the world passes much would be very costly, while the contour of the ground and more traffic than moves over this road in the fall months. the position of the streets are such as make a satisfactory The busiest part of the road is in the City of Reading, where reconstruction of the shops on the present site impossible : the traffic of the Lebanon Valley, Reading & Columbia, Wil- and after thorough examination it was decided that it mington & Northern, Schuylkill & Lehigh and East Penn- would be necessary to build new shops on another site. sylvania railroads is exchanged with the Main Line and Work has therefore been commenced upon ne w shops on with each other. To this traffic is added the movement ground in the northern part of the city, adjacent to the car through the City of the fuel, raw material and finished shops, and when they shall have been completed we shall products, as well as the miscellaneous freight, required by a have, for the first time in many years, a modern and eco- prosperous indus rial City of 80,000 people, and the inter- nomical plant for the repair of al of our railroad equip- change between our own locomotive and general machine ment. It will take two years to complete this work, and shops in the lower part of the City and our car shops two miles we can continue to use the old shops while we are construct- above. Our tracks cross a number of the principal streets ing and equipping the new ones. EQUIPMENT. The rolling and floating equipment has been fully kept up. the valuation and the capacity being both larger than when the reorganization was made, as the following statement will show; June 30, 1900. December 1, 1896. Capacity, No. Capacity, Valuation. No. Valuation. L,b8. Lbs. Locomotive Engines and Tenders 827 14,004,288 $4.350.4fi7 00 791 12,295 946 $3,880,190 19 Revenue Freight Oars 31.H24 1,679,946,400 14.138.W29 86 28,204 1,336,049,600 10,781.322 00 Passenger Cars'. 775 2,227,868 »2 723 2,108 344 00 Work Oars 940 17,380,400 352. 224 87 698 9,281.760 221,<00 00 Total Rolling Equipment $21,069,488 65 $16,990,856 19 Steam Colliers and Tags , 22 970,550 00 15 6 -3.000 00 Coal Barges, eto 91 1,488,6">8 00 103 '816,850 00 Total Floating Equipment 2.459.208 00 1.439,850 00 October 18, 1900. J THE CHJRONICLE. 759 This increase of average value of the several items has Divisional Mortgage Bonds .$1,253,000 come from the fact that in each class of equipment the new Sinking Fund Collateral Trust Loan.. 66,000 locomotive, car, tug or barge is larger and more costly than Bonds and Mortgages on Real Estate. 55,000 the old ones were. The average value of all locomotives leaving a balance still outstanding of Divisional Mortgage8 average has increased from $4,906 to $5,2(50; the value of $400,000, the larger part of which mature in 1904; of Col" freight cars producing revenue has grown from $383 to lateral Sinking Fund Loan. $1,555,000; and of bonds and $444; the steam colliers and tugs, whose average value in Mortgages on Real Estate, $117,146 80. 1896 was $41,533, is now $44,116, and the average value of In accordance with the plan of reorganization the Divi- barges, which was $7,930, has increased to $16,358. The de- sional Mortgage Bonds and the Bonds and Mortgages on crease in numbers of the last item has been caused by put- Real Estate were paid off by the issue of an equivalent ting out of service 49 canal boats of a capacity of 200 tons amount of 4 per cent General Mortgage Bonds. The addi- each; to offset which loss there have been added to the fleet tional amount of cash required in this transaction was fur- 18 barges, each of 1,500 tons capacity. The total value of nished as provided in the plan of reorganization. General the rolling equipment in our possession, including that Mortgage Bonds will be drawn for the balance of the Sink- owned and that leased, has increased from $16,990,856 19 as ing Fund Collateral Trust Loan as required. The transac- of December 1, 1896, to $21,069,488 65 as of June 30, 1900; tion resulted in an annual interest saving of $26,270. and the value of floating equipment has increased during From the revenues of the Coal & Iron Company there was the same period from $1,439,850 00 to $2,459,208 00, making a set aside the sum of $750,154 12, arising out of a charge of total increase of value of $5,097,990 46. five cents per ton on all coal mined from the Company's This increase has been contributed: lands in the two years ending June 30, 1900. This charge By the Reading Co. from proceeds of Sale of Securities. .$1,735,990 00 should be made in every year, as each year's mining depletes By Reorganization Committee 91,000 00 the Company's estate. By Oar Trusts 2,299,907 00 By Wilmington & Northern RE. Equipment under Lease 347,227 ?3 READING COMPANY. By Philadelphia & Reading Railway Co 623,866 13 The amount of Reading Company General Mortgage $5,097,990 46 Bonds outstanding was increased during the year $2,434,000, The above stated sum of $623,866 13 was as much money making the total bonds outstanding on June 30, 1900, as could properly be taken from the ordinary revenues of $64,994,000, as shown by the balance sheet of Reading Com- the Philadelphia & Reading Railway Company to purchase pany. This increase is accounted for as follows: of business new equipment, but as the demands the required Drawn to retire Divisional Coal Land Bonds of the Philadel- a further large increase, arrangements were made to have phia & Reading Coal & Iron Company, which matured chased. about $4,000,000 worth of new equipment pu: The pur- during the year $1,327,000 chasers have agreed that upon our payment of ten per cent Delivered to Reading Company in pursuance of the terms of the cost in cash, they will lease the whole equipment of the General Mortgage, for new acquisitions and better- thus purchased to the Philadelphia Reading Railway & ments, and in the treasury of the Company, as stated Company under an agreement to pay them $252,000 semi- above 1,500,060 annually on account of the principal sum, with interest at Drawn under the terms of the General Mortgage, on ac- the rate of four per cent per annum, until the whole shall count of an equal amount of the Philadelphia & Reading be repaid, when the equipment will become the property of Railroad Company 10-year Sinking Fund Bonds, which the Reading Company. About one-half of the equipment has been paid and canceled during the year out of the purchased in this manner, being the equipment above stated proceeds of the sinking fund of that loan . 25,000 as having the value of $i, 299,907, was delivered before the Drawn under the terms of said Mortgage, on account of close of the fiscal year, and the balance is now being received. mortgages on real estate and ground rents which have The work of equipping locomotives and cars with auto- been paid off and extinguished 15,000 matic couphrs and air-brakes as required by Act of Congress $2,867,000 was completed within the limit of time allowed by the Na- Less amount of General Mortgage Bonds purchased and tional authorities. This work was commenced in 1893 and canceled out of the proceeds of the sinking fund 433,000 has cost to June 30, 1900, $1,988,075 73, of which $765,816 97 was expended in the last fiscal year. $2,434,000 Insurance. Of the General Mortgage Bonds above referred to as hav- ing been issued during the year, the $', 327, 000 drawn to re- All losses resulting from fire or from marine disaster have tire the Philadelphia & Reading Coal & Iron Company been paid out of the Insurance Fund, and the balance out- Divisional Mortgage Bonds were delivered to the Reorgani- standing to its credit at the end of the year, $167,332 15, is zation Syndicate, who provided the funds to take up the on deposit and bearing interest. maturing bonds; while the $25,000 drawn to retire The Philadelphia & Reading Railroad Company 10-year Sinking THE PHILADELPHIA & READING COAL & IRON COMPANY. Fund Bonds and the $15,000 drawn to retire mortgages and The total production of anthracite coal from lands owned ground rents, as well as the $1,500,000 delivered for new and leaded by The Philadelphia & Reading Coal & Iron acquisitions and betterments are in the treasury of the Com- Company in the year 1899-1900 was 9,219,764-10 tons, an in- pany. crease of 1,036,120-10 tons over the production of the previ- GENE SAL MORTGAGE BONDS. ous year, or 12-7 per cent, the production of the whole region having increased in the calendar year 1899 about 13*8 Reading Company on October 18, 1899, certified, as pro- per cent over the production of the year 1898. vided in the General Mortgage, to the Trustee thereof, to The coal purchased aggregated 1,125,467 tons, a decrease the application of the proceeds of the sale of the $1,500,000 of 69,914 tons, or 5*9 per cent, and the sales amounted to General Mortgage Bonds which, as stated in the annual re- 9,379,427 tons, an increase of 1,076,083 tons, or 13*0 per cent port of 1899, were delivered to it for new acquisitions and over the previous year. The coal mined and the coal sold betterments. These new acquisitions and betterments con- in this fis al year were larger than in any previous year in sisted of: the Company's history. Equipment $1,870,609 28 The cost of coal mined and purchased for the year was For Construction upon Properties of Reading Company. 84,987 07 $1 66 7-10, which is 7 8 10 cents higher than the cost for the For Construction upon Philadelphia & Reading Termi- previous year. This increased cost resulted principally from nal RR 7,500 00 the following causes, viz.: the increased cost of labor, due For Construction upon Port Reading Railroad 20,838 11 to the basis of wages paid being higher than during the year 1899; the much higher prices paid for materials used, $1,983.934 46 and to the largely increased amount expended for colliery Less proceeds of sale of Junotion Railroad Company and other improvements. stock, and of Equipment not required 482,700 00 All work done at the collieries and all additions made to $1,501,234 46 their structures have been charged to cost of coal. The work, which has been carried on for several years Thereupon the Trustee delivered to the Reading Company with the purpose of reducing the number of separate work- the $1,500,000 additional General Mortgage Bonds stated in ings and of increasing the average output of the collieiies, the preceding paragraph to be used for further acquisitions ,and thus lessening the cost of each operation, has been car- and betterments. ried so far that whereas in June, 1893, fifty- four collieries DIVIDENDS. produced a daily average of 38,1«0 tons, or 7o6 tons per col- liery per day, in June, 1900, forty collieries produced a daily On February 6, 1900, the Board of Directors declared out average of 47.84W tons, or 1,196 tons per colliery per day. of the surplus earnings a dividend of \% per cent upon the The deci-f ase in the number of collieries has been caused by First Preferred Stock, which was paid on March 8, 1900. Un- the closing of worked-out collieries, and of collieries of der the terms of the General Mortgage, simultaneously which the working was excessively costly, and by the con- with the declaration of the dividend the Company was solidation of contiguous collieries. The collieries have still obliged to pay to the Trustee a sum equal to five cents per a capacity of daily production in excess of the maximum ton on all anthracite coal mined from lands owned by The amount that they are likely to be called upon to produce, Philadelphia & Reading Coal & Iron Company and pledged and they and all their appliances are in thoroughly good under the General Mortgage during the preceding year. order. This sum, which was also paid out of the surplus earnings, The funded indebtedness of the Coal & Iron Companv has amounted to $383,525 21, and was applied by the Trustee to been reduced $1,374,000 this year by payments on account the purchase of $433,000 General Mortgage Bonds, which of the principal of the following loans: have been canceled. 760 THE CHRONICLE. [Vol. LXX1, The surplus funds of the several Companies at the close The Management desires to thank all persons in the of the fiscal year were as follows: service of the several Reading Companies, i o their faith- Philadelphia & Reading Railway Co.: fulness, loyalty and energy are due a great share of such Surplus lor year 1899 1900 $745,309 20 success as the Management has been able to achieve during The Phila. & Reading Coal & Iron Co.: the period to which this report relates. Surplus lor year 18-9-1900 $1,492,219 15 Surplus lor year 1898-1899 42d,038 aO By order of the Board, J. S. HARRIS, $1,915,257 45 President. Deduct lor depletion ol lands Irom July 1, 1898, to June 30. 1900,15,003,082 08 tons, ® five cents per t«n 750,154 12 C. W. Haskins. E. W. Sells. $1,165,103 33 HASKINS Deduct 1*8 per cent Interest on debt ol & SELLS, Coal «fc Iron Co. to Reading Co 884,850 18 Certified Public Accountants, 15 280,253 30 Broad Street, Reading Company: NEW YORK. Surplus lor year 1897-1893 $133,293 12 Surplus lor year 18 8-1899 517,426 51 Tel.: 2034 Broad. Cable Ad'ss Hasksells. 1899 1900, including Surplus lor year October 1904, $884,850 18 Interest trom Philadelphia 9, Joseph S. & Reading Coal DR. READING COMPANY-BALANCE SHEET JUNE 30, 1900. OR. Amount. Total. Amount. Total. Railroad Equipment— General Mortgage Loan, 1897-1997.. ..$34,994,000 00 Locomotive Engines and Cars $18,183,212 28 Bonds and Mortgages on Real Estate.. 1,048,190 59 Delaware River Terminnl Bonds 500.o00 00 Floating Equipment— Delaware River Terminal Extension Colliers, Barges, etc 1,901,650 00 $20,084,862 28 Bonds 809.0CO 00 67,351 190 59 Real Estate 16,427,073 55 First Preferred Stock 28,0i 0.0 oo Mortgages and Ground Rents 262,814 99 Second Prelerred 8 took 4 2,000,00* • 00 Bonds— Common Stock 70,000,000 00 140,000,00» 00 Philadelphia & Reading Railway Company's Bonds 20,000,000 0) Contingent Account 1,146,269 69 Bondsol sundry companies 16,1:36,8-0 92 36,136.880 92 Current Liabilities— Equipment Notes and Car Trusts.... 39,798 44 Stocks— Current. Business b^,'ibb 02 Philadelphia & Reading Railway Accrued Interest, Taxes, etc. (Esti- Company's Stock 20,000,000 00 mated) 376,399 82 475,953 28 Philadelphia & Reading Coal & Iron Company's Stock 8,000.000 00 J. P Morgan & Co. (Aco't Philadelphia Stocks ol sundry companies 27,058,274 86 55,058,274 86 & Reading Coal & Iron Co. Bonds)... 55,000 00 General Mortgage Bonds Purchased Philadelphia & Reading Coal & and Canceled 433,000 00 Iron Co 78,653,349 13 Sinking Fund General Mor gage Loan. 477 71 Surplus to June 30, 1899 650,719 63 Philadelphia & Reading R'wat Co.: Surplus for Year ended June 30, Account Bonds aid Mortgages re- 1;00 1,335,47^73 tired 47,500 00 $1,986,196 41 Sundry Railroads, Etc 1,187,556 57 From which deduct— Current Assets— Sinking Fund General Cash 1,664,307 42 Mortgage Loan $383,525 21 J. P. Morgan & Co. account Equip- Amount ol Dividend paid ment Notes and Par Trusts 103,010 38 March 8, 1900 374,735 25 758,260 46 1,227,935 95 Central Trust Co. ol New York 977 71 Accrued Income 633.220 r Current Business 20,560 25 Philadelphia & Reading Railway Oo. 30,828 44 2,452,904 90 Leased Equipment 378,610 02 $210,689,827 22 $'10,689,827 22 DR. PHILADELPHIA & READING RAILWAY COMPANY-BALANCE SHEET JUNE 30, 1900. OR. Amount. Total. Amount. Total. Railroad $79,85'.857 54 Prior Mortgage Loans.. $5,241,700 00 Philadelphia Terminal 8,^00,0.0 (.0 $88,351,857 54 C«>n. Mortgage Loan, 1871-1911 18 811,00 00 <>0 Impt. MtK. Loan, 1 873-1 897-1947 9,3m,0n0 Philadelphia Subway 2,700.0 n 00 Con. Mtg. Loan, 18-2-1922-37, 1st 8er. 5,766.717 00 Real Estate 88/277 a I ron. Mtg. Loan, 1883-1933, 2d Series. 1.^35 OO Mortgages and Ground Rents 6,000 00 Debenture Loan, 1891-1941 8.500,000 00 Leased Equipment 347,227 33 Purchase Money Mortgage 20,000/00 00 67.683,952 00 Bonds and Mortgages or Real Estate. 627,405 54 Philadelphia Subway Loan 2.7 O.OoO 00 Capital Stock 20,000,000 00 CURRENT A8SET8. OURRENT LIABILITIES. Cash 1,071,340 08 Unpaid Vouchers and Pay Rolls 2,370,43« 65 Bills Receivable 755 bO Railroad Companies 886.3 08 Freight and Toll Bills 1,376,6-fl 79 Individuals and Firms 263,50 02 Materials on hand 2,184,01'* 40 Rents Matured 26 ,i.'2 00 Ruilroari Companies 83j»,964 01 I terest Matured 9^.595 14 Phila & Reading Coal & Iron Oo 38,320 (>3 Rent, Interest. Taxes, etc. Accrued.. 1,757,712 36 Individuals and Firms 465,591 99 5,976,621 90 Reading Company., 30,828 •» 4 5,669.545 69 New Equipment 623,866 13 Insurance Fund 167,332 15 Equipment Fund e9, 7 ^S 82 Accident Fund 3 ,8»4 38 Reading Co. acot.Bds &Mtes. retired. 47. 00 00 Wilm. & Northern RR. Co.Equipra't.. 347.227 83 Surplus for Year Enued June HO, i900 745,3 09 20 $98,093,850 U $98,093,850 11 E. &o. E. D. JONES, O mptrollrr. . . October 13, 1900.] THE CHRONICLE. 761 DR. THE PHILADELPHIA & READING COAL & IRON COMPANY-GENERAL BALANCE SHEET, JUNE 30, 1900. CE. Amount. Total. Amount. Total. CAPITAL ACCOUNTS. CAPITAL ACCOUNTS. Coal Lands $81,018,173 12 Divisional Coal Land Mortgage Bonds- Timber Lands 65 ',965 00 Chandler Coal & Mining Co. Loan, New York and Eastern Depots 709,002 19 18721902 $85,500 00 Western Yards and Depots 641,982 68 Little Schuylkill Navigation Co. Loan, Miners' and Other Houces ... 548,18767 1882-1902 92.000 00 Pottsville Shops, Real Estate and Im- J( hn H. Krause Loan, 1884-1904 206,000 00 provements •• 369.P66 99 Leonard Reed Loan, 1893-1903 16,500 00 8torape Yards and Washerles 409,071 96 Other Real Estate 121,547 A3 $400,000 00 Improvements at Collieries 7,078,690 32 Coal Trust Five Ten-Year Gold Loan, Equipments at Collieries 2,302,467 63 Due April 1, 1904 3,600,000 00 Deartwork at collieries 3,711,477 31 P. & R. Collateral Sinking Fund Loan, Stocks and Bonds of Companies Con- 1892-1902 1,555,000 00 trolled 0,814,745 50 Albright Mortgage Loan, 1892-1902... 110,000 00 Bonds and Mortgages on Real {Estate. 7,1 46 80 $87,384,977 70 5,°72,146 80 Capital Stock ' 8,000.000 00 Reading Company 78,653,349 13 CURRENT ASSETS. CURRENT LIABILITIES. Cash on hand 991,577 03 Pay-rolls and Vouchers 638.087 63 BUI Receivable 61,351 50 Due for Coal Purchased 158,975 28 Coal Accounts 2,284,827 27 Due for Rot alty on Coal Mined 77,89123 Rent Accounts 28,07* 10 Freight and Tolls Due Foreign Boads.. 99.2 »5 79 Companies and Individuals 365,«58 44 Companies and Individuals 79,344 1 9 Coal on hand 2,018,817 64 Interest Due Reading Company 501,324 97 Supplies and materials on hand 562,384 67 Interest Due and Uncollected 21.137 50 Interest and Taxes Accrued 2*8,274 76 6,312,994 65 ,907 Depletion of Coal Lands J Cash 524 77 1,824,331 65 Fund, ( Securities... 24,752 78 Balance to Credit of Profit and Loss... 280,253 15 549,660 55 Stocks, Bonds and Mortgages 123,759 61 Philadelphia & Reading Railway Co., Current Account 58,688 22 ». $94,430,080 73 $94,430,080 73 W. G. BROWN, Secretary. READING COMPANY, PHILADELPHIA & READING RAILWAY CO. AND PHILADELPHIA & READING COAL & IRON CO. CONSOLIDATION OP INCOME ACCOUNTS FOR THE YEAR ENDED JUNE 30, 1900, AND COMPARISON WITH YEAR ENDED JUNE 80, 1899. 1899-1900. 1898-1899. Reading Company. Income from P. &R Ry. Co Interest on Purchase Money Mortgage $1,200,000 00 $1,200,000 00 Interest, etc.. Leased Lines 426,190 75 400,060 80 Rent Delaware River Whaaves 50,000 00 50,- > 00 Rent of Equipment 1,502,000 00 1,472,000 00 $3,178,190 75 $3,122,060 80 Other Sources: Real Estate Rent°d. $98,960 91 $95,461 02 Interest and Dividend Receipts.$l.K 9,25'7 00 126,378 39 Int. on debt of P. & R. C. & I. Co. 884,850 18 1,041,107 Schuylkill Canal 15,235 14,643 12 1,158,303 53 236,482 53 H.336.49t 28 $3,358,543 33 Expenses.. 36,379 90 21,579 49 $1,300,114 33 $3,336,963 84 Philadelphia & Reading Railway Co. Receipts: From Railway TrafHo $26,109,733 $22,456,192 81 From other sources, net... 793.253 546,394 82 $26,902,987 19 $23,002,587 63 Expenses: Operating $14,534,065 05 $12,281,898 07 Insurance 222,279 22 95,025 85 Equipment Renewal 593,287 11 665,»69 90 Improvements 1,903,797 24 837,370 50 17,253,429 23 13,880,164 32 9,649,557 95 9,122,423 31 P. & R. Coal & Ibon Co. Receipts $27,884,644 06 $23,643,837 76 Expenses. Operating $25,932,232 $22,364,l -, 6 97 New Work at Collieries 750,498 377,925 85 Interest on Debt to Reading Co. 881,850 27,567,581 35 22,742,102 82 317,062 71 901,734 94 Net Receipts $14,266,735 05 $13,361,122 09 Fixed Chakgks and Taxes: Reading Company $2,964,637 60 $2,819,537 33 PKila Surplus $1,938,000 83 $1,165,208 89 Fixed Charges and Taxes, as above $12,323,734 22 $12,195,913 20 Less Income of Reading Co., Included in fixed charges of Ry. Co., as above 3,178,190 75 3,122,060 80 i i Net Fixed Charges and Taxes $9,150,543 47 $9 7 3,85 2 40 —The October issue of the " Street Railway Journal " is a An article on the Metropolitan Street Railway of this city ig spec_*.„-.,..>ecial numberUU iu UW issuedio,-ucu in111 honoruuuur ofui theme conventionuuiiveuuuu ofui themo of special importance to the financial pa olio. American Street Railway Association at Kansas City, to be —Attention is called to the offering of st-oc* of the Vulcan held Oct. 16 h-19tb. It is called an international engineering Copper Mining & Smelting Co. This is the Nevada copper number, since containing articles by prominent authorities company with which the Siegel-Cooper Co. is identified. Par- regarding electric railway interests throughout the world. ticulars will be found in the advertisement. 762 THE CHRONICLE. [Vol. LXXI. ST LOUIS & SAN FRANCISCO RAILROAD COMPANY. FOURTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30, 1900. The following report of the operations of the St. Louis & Income Account; the former showing a profit of $30,671 95 San Francisco Railroad Company, for the year ended June and the latter a deficit of $8,065 72. 30th, 1900, is respectfully submitted: The Earnings, Operating Expenses and Statistics of these two branches are not included in the statistical tables of MILEAGE OF ROAD OPERATED. this report, as they were incorporated into the system at St. Louis, Mo to Oklahoma Oity, O. T 541-59 the close of the fiscal year. Monett, Mo " Paris. Tex 303 07 Peirce City, Mo " Ellsworth, Kan 323 80 FINANCIAL CHANGES. Springfield, Mo " k ansae City, Mo l>9-49 The net increase in the Bonded Debt of the Company dur- Beaumont. Kan " Blaokweil, O. T 79-73 ing the year was $3,305,875, and is made up as follows : Girard, Kan " Galena, Kan 49-68 Oronogo.Mo " Joplin, Mo 9*32 $2,994,000 in Kansas City Division Bonds, issued for the purchase of Springfield. Mo " Chadwick.Mo 34'86 the ro»d of the Kansas City Osceola & Southern Railway Cuba Junction, Mo.. " Salem, Mo., and Branches 52'69 (Kansas City to Bolivar), 148-9 miles. Fayetteville, Ark " Pettigrew, Ark 41-32 $300,000 in consolidated Mortgage 4% Bonds, issued for expendi- Jenson.Ark "Mansfield, Ark 1834 tures account of improvements, new equipment and con- Pittsburg, Kan " Weir, Kan., and Mines 10-48 struction, including the oost of the Blackwell Extension, Springfield Connecting Railway 3*18 17 - 87 miles, but retained in the treasury of this Company. Granby, Mo to Granby Mines 1-50 $59,375 in Consolidated Mortgage 4% Bonds, issued in accordance wi»h the provisions of the Consolidated Mortgage (also re- Total track mileage operated .. 1,659- 5 tained in the treasury of this < ompany), against the followine underlying lien bonds, whioh were redeemed and This is an increase of 16-56 miles operated as compared canceled during the year: with total mileage operated at the close of the last fiscal $10,000 Trust Mortgage of 1880. 6% Bonds. year. $5,0 Missouri & Western First Mortgage 6% Bonds. $17,f>00 ?nd Mortgage (now 1st) 6% "B" Bonds. The mileage owned increased 269-86 miles, being due to $15,000 Ft. 8mith & Van Buren Bridge 1st Mortgage 6% acquisition Kansas City Osceola & Southern Ry. Co., 146-9 Bonds. miles; Kansas Midland Ry. Co., 106-40 miles; Blackwell Ex- Total underlying lien %% Bonds redeemed and canceled tension, 17-87 miles, together, 271-17 miles; less 1-31 miles, during the year, $47,500. being difference between 5 - 5 miles of the Plank Branch, The amount due the American L^n & Trust Company taken up, and 4*19 miles extension of the Smith Branch on Equipment has been reduced $43,087 50 by the monthly having been made. payments made during the year; and $40,000 of the $200,000 RESULTS OF OPERATION. Consolidated Mortgage 4 per cent Bonds originally pledged with the equipment have been released and placed in the The following is a condensed statement of the results of treasury of this Company. operation for the year ended June 30th, 1900, and showing a The Company has now in its treasury $1,12^,625 of Con- comparison with that of the preceding year : solidated Mortgage 4 per cent Bonds received, from time to 1900.' 1899. Increase. time, for capital expenditures and against the payment and Average Mileage 1,400-79 1,333-76 67-03 cancellation of underlying lien bonds ; none having, so far. Gross earnings from oper- been sold. ation $7,983,246 06 $7,926,662 13 $756,583 93 The mineral lands held by the Granby Mining Smelting Operating expenses 4,692,526 77 4,34 1,190 55 351,336 22 & Company under lease from this Company were sold to the Net earnings frcm opera- Granby Company in June for $200,000, and that amount, tion $3,290,719 29 $2,885,471 58 $405,247 71 less expenses incurred, was credited to Property Account. Add— The Granby Company will no doubt now develop the prop- Income from Interest and Dividends on Securities erty much faster than if the lease had continued, and will in Treasury.etc 68,528 00 51,500 94 17,027 06 thereby add to the traffic of this Company. Profit on operating con- tract and agreement of MILEAGE ACQUIRED. March 19th, 1900, with Kansas City Osceola & Southern Railway. Kansas City Osceola & June 1st, purchased the Southern Ry 30,671 95 30,67195 This Company on 1900, railroad Land Department Re- and equipment of the Kansas City Osceola & Southern Rail- ceipts 18,802 53 25,659 42 *6.856 89 way Company, owning the line of railroad between Bolivar and Kansas City, 146-9 miles, heretofore operated by this Total Net Income . .$3,408,721 77 $2,962,631 94 $446,089 83 Company under an operating contract, and issued in pay- Operating expenses 58-78% 60-07% 1-20% ment therefor $3,300,000 St. Louis & San Francisco Railroad Less— Company, Kansas City Division Bonds, dated June 1st, Intereston Funded Debt.$2,176,335 00 $2,130,517 00 $45,818 00 1900, and bearing interest; $976,000 at 3% and $2,324,000 at Taxes, Rentals and all other charges 250,062 28 230,980 38 19,08190 4.% per annum. Loss en operating con- The agreement in respect to the purchase provides for a tract with K. C. O. & S. sliding scale of interest on the $2,994,000 bonds during the Rv 16,334 52 *16,334 52 first four years $60,000 for the first year, beginning Novem- Deficit operation, Kansas ; for the second, $85,000 for the third Midland Ry 8,065 72 8,065 72 ber 1, 1900 ; $72,500 and Expenditures for Im- $97,500 for the fourth, after which payment of interest will provements, construc- be made at the stated rates. tion and additional equipment, during the In order to put the property in first-class condition, to year ended June 30th, take care of the increasing business, the Kansas City Osceola 1900, being amount in & Southern Railway Company has agreed to expend $953,000 excess of bonds pro- vided for under provi- for needed improvements, including re-layiug road with sion of consolidated 70-lb. steel rail and additional equipment. mortgage, and in conse- The reconstruction of the road is being rapidly pushed, quence charged to In- will completed by 31, 1900. come Account, bv order and no doubt be December of board of directors... 77,898 16 77,898 16 Of the $3,300,000 of bonds issued there have been reserved and deposited with the Trustee $306,000 4£ bonds, to be used Total $2,512,36116 $2,377,83190 $134,529 26 for future improvements and additional equipment. Surplus $896,360 61 $584,800 04 $311,560 57 Kansas Midland Railway. Out of whioh were declared By an understanding with the committee representing the Dividends of 4% on First Preferred Stock; and on First Mortgage Bondholders of the Kansas Midland Ry., this Second Preferred Stock, Company on April 1, 1900, assumed all the responsibility for 2% in 1900 and 1% in the operation of that road, Wichita to Ellsworth, 106-40 miles. 1899 520,000 00 360,000 00 160,000 00 Prior to that date the road was operate! by this Company for Surplus $376,360 61 $224,800 04 $151,560 57 account of the Receiver of the Kansas Midland Railway. The Committee of Bondholders have agreed to turn over the * Deorease. property to this company prior to Nov. 1, 1900, free of all The increase in Gross Earnings for the year was of St. $756,583 ; encumbrances, in consideration of receiving $1,300,000 47^ of this increase was in freight, and 53$ in passenger, Louis & San Francisco RR. Northwestern Division Bonds, mail and express. bearing interest from April 1, 1900, at rate of 4 per cent per The increase in Operating Expenses was $351,336, or 46$ annum, and being a first lien on the property. $200,000 of of the increase in Earnings, and left an increase in Net said $1,300,0 bonds, are to be placed with the Continental Earnings of $405,247, or 54$ of the increase in gross. Trust Company of New York, to be delivered after January There was a decrease in the percentage of Operating Ex- 1, 1901, on the order of this Company, at a rate not exceed- penses to Earnings, as compared with previous year, of ing $75,000 in any calendar year, to provide for future im- 1*29$, due to economy in Transportation and Traffic and provements and betterments, to be made to the property and General Expenses, and not at the expense of Maintenance for the purpose of additional equipment. of Road and Equipment, as shown in detail in table " K." The Bondholders' Committee is also to receive $964,800 of The results of operating the Kansas City Osceola & South- this Company's Common Stock Trust Certificates. ern Ry., between ' Bolivar and Kansas City, Mo., 150-70 This branch furnishes considerable traffic to the main miles, and the Kansas Midland Ry., between Wichita and line, and is the connecting link between this line and valua- Ellsworth, Kan., 106-40 miles, are shown separately in the ble connections. October 13, 1900.J THE CHRONICLE. 763 Blackwell Extension. EQUIPMENT. The road from Cale, O. T., to Blackwell, O. T., 17-87 miles, Liberal expenditures were made during the year for re- was completed to the latter point in August, 1899, at a total pairs to equipment. There was an increase of 19-21$ in the cost of $112,950 10, and was on November 15, 1899, deeded to charges to Maintenance of Equipment Expenses over those this Company, and thereby became subject to the lien of of the preceding year. the Consolidated Mortgage. The cost of the extension was The following new equipment was purchased and added transferred at June 30, 1900, to Property Account. during the year: The net earnings of this extension exceed the interest on 3 Postal Cars, 200 Coal Cars, the cost. Chair Cars, 100 Box Cars, Salem Branch. 2 6 Caboose Cars. The Salem Branch mileage decreased 1*31 miles during th© the total cost of which was $205,691 62, of which there was year by reason of 5 '50 miles of the Plank Branch having charged to Operating Expenses the value of all equipment been taken up and an extension of the Smith Branch of 4*19 destroyed and sold during the year, amounting to $lo2,247 25. miles having been made. Tne equipment received with the Kansas City Osceola & The iron ore banks on the Plank Branch having been ex- Southern and Kansas Midland railways was as follows: hausted and new ore banks having been opened up on the extension of the Smith Branch accounts for this change in K. G. O. & S. Kan. Mid. mileage. Locomotives 12 11 St. Louis Oklahoma & Southern Railway. Passenger Oars 7 4 For some time past this Company has been considering Freight Cars 291 99 the advisability of building a line of railroad from a point Road and Tool Cars 3 1 on its road in the Indian Territory to Denison, Texas. After The following old cars, viz.: full examination of this subject, it was deemed advisable to 82 Coal, 148 Stock, 7 Short Ore, construct such line. 449 Box, 13 Flat, 2 Tool, Messrs. Johnston Brothers & Faught, contractors, having secured a Congressional charter for the St. Louis Oklahoma were turned over to the American Car & Foundry Company, & Southern Railway Company to construct the road from in exchange for 100 new 30-ton box cars. The difference of Sapulpa, I. T., to Denison, Texas, a distance of about 198 $54,965 21 between the book value ($130,673 21) of the old miles, this Company on January 10, 1900, entered into a con- cars and amount realized for same ($75,708) was charged tract with that firm to build the line, this Company to receive to Operating Expenses. the entire capital stock, and to guarantee the bonds of the When any equipment is wrecked, sold or taken out of St. Louis Oklahoma & Southern Railway Company, issued service, the book value of same is charged to "Operating to the contractors for its construction and equipment. The Expenses—Maintenance of Equipment," and credited to a total authorized issue of bonds is $5,500,000, but of this " Replacement Fund;" and when additional equipment is amount $1,000,000 is to be reserved for the purposes of ex- purchased, the cost of the new equipment is charged to that tension, betterments and new equipment. The bonds are fund. to bear 4=% interest and are redeemable at the pleasure of PHYSICAL CONDITION AND IMPROVEMENTS. this Company after 1905. In addition to the road of 198 miles, the contractors are to The phvsical condition of the property has been fully furnish new equipment costing $325,000. maintained. The road is being built under the supervision of the engi- The expenditures for maintenance of way and structures neers of this Company. It will be built with 65-pound rails, for the year increased $63,927, or 7*9$ over previous year. and will be in all respects of standard construction, with Forty five miles, or 4,974 tons, of new steel rail were laid ample sidings, standard depots, stock pens and section during the year, of which 3,205 tons were of 70 lb., 1,767 houses. In short, the contract provides for a fully com- tons of 75 lb. and 2 tons of 85 lb. per yard. This rail was pleted road ready for operation when received from the con- contracted for two years ago at the low price then prevail- tractors. ing and cost $95,479 84. The net cost, after deducting the It is confidently expected that all of the mileage acquired value of old rails taken up, was $44,579 60. during the year will add to the earnings of the Main Line, The usual renewals of cross ties were made during the as well as take care of the interest charges on the cost price year. 496,039 cross ties and 90 sets of switch ties, all of of the properties. white oak, were put in track, at a total cost of $140,- TRAFFIC. 445 53. Sixteen bridges with solid masonry founda- The following is a comparison of freight and passenger were renewed traffic with the previous year: tions in place of wooden structures, and the total cost charged to operating expenses. 1 Freight. 85*98 miles of track were ballasted with crushed rock and 1900. 1899. Inc. or Dec. gravel, during the year, at a total cost of $97,279 28 of which Earnings $5,5?0,<>98 52 $5,166.180 41 /. $354,818 11 $33,739 71 was charged to operating expenses. Tom Carried 2,865,1 11 2,587,829-1 /. 277,352 There were 96*98 miles of new wire fencing built during Ton Mileage 521,615,596 506,999,422 /. 14,616,174 the year, where none previously existed. Rate per Ton $1-9269 $1*9963 D. $00694 23*7 miles of new sidings and switches were laid during Rate per Ton per Mile.. l-058c. l-019o. J. 0039o. the year. These were found necessary in order to accom- Average Hani 182-05miles 195*92 miles D. 13-87 miles modate the increasing volume of business, and to connect There was an increase in the ton mileage of or with new industries tributary to our lines. 14,616,174. " " 2-8 per cent, and an increase in the average train load of All improvement work not appearing in table E [pamphlet] was charged to Operating Expenses. 25 13 tons, or 19 per cent ; while the freight train mileage decreased 5*9,463 miles, or 13 8 per cent. The average car- DEPARTMENT. load was 12-59 tons, as against 10-96 the previous year, being LAND an increase of 1*63 tons, or 14*8 per cent. The net receipts of the Land Department for the year, It is gratifying to note that the average rate per ton including royalties on mineral lands, were $18,802 53. mile increased "039 of a cent, indicating to some extent a. 86,459 24 acres and 546 town lots remained unsold at June more stable condition of the rate situation than in the 30, 1900, the estimated value of which, together with the previous year. balance due on outstanding contracts, amounted to $230,- The average haul shows a decrease of 13-87 miles and is 402 79. on account of the larger increase in the local business as GENERAL. compared with the through or long-haul tonnage, and The materials and supplies of this Company are carried in which is also partly the reason for the increase in the the balance sheet at cost, and as the same are used are average rate per ton per mile. charged into Operating Expenses at cost. Passenger. This Company is without floating debt, and as before 1900. 1899. Increase. stated has paid for all improvnments, betterments and new Earnings... $1,835.566 79 $1,507,062 47 $328,504 32 equipment, since its organization, without having had to Passengers Carried 2,301,365 1,917.156 884,209 sell any securities. the Passengers Carried 1 Mile 88,228,897 72,943.145 15,285,752 Bonds have been issued for new mileage only ; and Rate per Passenger $0-7976 $0 7861 $00115 only equipment notes outstanding are those held by the amount- Rate per Pass'gerper Mile. 2080o. 2-066c. 0014o. American Loan & Trust Company, Boston, Mass., ing on June 30th. 19 0, to $15<>,206 25, payable in monthly Average Haul ,. 38-34 miles. 38-05 miles. 00'29 miles. instalments to April 30th, 1904. The increase in passengers carried one mile was 15,285,- By direction of the Board, Mr. Stephen Little was re- 752, or 20-9 per 4*18 cent, and there was an increase of in quested to examine the accounts of this Company for the the average number of passengers carried per train. The past year, and his certificate appears on the next page passenger train 7*6 mileage increased 164,342 miles, or per Owing to continued ill-health, Mr. D. B. Robinson re- cent. signed the Presidency of this Company in A.pril last. Mr. The rate per passenger per mile increased '014 of a cent, Robinson had been President of the Company since the re- and the average carried in- distance each passenger wis organization in 1896, and it was with deep regret that the creased -29 of a mile. The increase in the passenger rate Board acce ted his resignation. At the same time a resolu- per mile is accounted for by reason of the larger increase of tion of the Board was passed in appreciation of Mr. Robin- the regular local passenger business, as compared with the son's services, and spread upon the minutes. increase in the suburban and inter- urban and the through F. traffic. The local passenger traffic increased 25-94 per cent B. YOAKUM, and the through 12-93 per cent. President. : 764 THE CHRONICLE. [Vol. LX1I. St. Louis, Mo., August Cth, 1900. B. INCOME FISCAL ENDED JUNE 30TH, 1900. B. F. Yoakum, Esq. : ACCOUNT FOR YEAR President St. Louis & San Francisco RR. Co., St. 1900. 1899. Int. or Bf. Louis, Mo. Gross Earns, from Oper'n. .7,9*:<,246 06 7,22\662 13 I. If 6,583 93 Dear Sir— In compliance with your request, I beg to ad- Operating.Exoenees .4,ti 5^2,526 77 4, 41,190 55 J. 351,336 22 vise you tuat I have made my usual annual visit to this Net Earns, from Oper'n. 3.290,719 29 2,885.471 58 J. 405.247 71 city, and in the Audit Office of your Company here exam- Add- ined and verified Incomefrom Int. & Dlv. on Securities I. in Treas., etc. 68,528 00 51,500 94 7.17,027 06 Pi out on operating con- The General Profit and Loss Account of your Company at tract and agreeu ent of June 30th, 1899, and June 30th, 1900, respectively. March 19, 1900, wi'h Kan. O. Osce. & -lou Ry. 30,671 95 7. 30,671 95 Land Departm't Receipts. 18.802 53 25,t59 42 B. 6,»56 89 II. The Earnings and Operating Expenses and Income Ac- Total Net Income 3,408,721 77 2,962,631 94 7. 446,089 83 Less— for fiscal year ended June 30th, count of your Company the Interest on Funded Debt: 1900. St. L. & S. F. Ry. Co. 2d III. Mtg. (now 1st), 6% Gold Bonds 335,810 00 336,710 00 D. 900 00 Its General Balance Sheet at June 30th, 1900. St.L &S F.Rv.Co,Mo.& W.Div.lstM.- G.B'da 00 61,600 00 i).8W0v constituting such % 61,300 I therefore certify that the elements St. L. & S F. Ry. Co., Tr. Accounts and Balance Sheet are fully and fairly set forth, M.oflK*-0,t%G.Bond8 57,230 00 57,750 00 B. 529 99 and reflect truthfully the transactions of the year under St. L. &S. F. Ry. C->.,Tr. M. of 1887,5% G Bonds 54.950 00 54,950 00 review, and the financial condition of the Company at the St. L. & S. F. Ry. Co. end thereof. Gen. M. 6% Gold Bonds 468,420 00 468,420 00 My thanks are due to your Vice-President and General St. L. & S. F. Rv. Co. Auditor, who extended to me every courtesy and facility Gen. M b% Gold Bonds 614,600 00 614,625 00 D. 25 00 St. L. Wiotiita & W. Rv. necessary to my examination. Co. 1st M. e%G. Bonds 120,000 00 120,010 00 Ft.Sm. &V B. Bridge Co. Yours very truly, 1st M. 6% Gold Bonds 17.565 00 18,465 00 B. 990 09 Little. St. L. & 8. F. RR. Co. Stephen Co .M 4%Gold Bonds 292,980 CO 278,852 00 J. 14,128 00 St. L. & 8. F RR. Co., let Mtg.. Soui hw st. A. Div.. 5% Gol St. L. & S. F. RR Co. . Cen. GENERAL PROFIT AND LOSS ACCOUNT Div. , 1st M. 4% G. B'ds 78,480 00 44,145 00 7. 34,335 99 (And Adjustments Therein, June 30th, It 99, to June 30th, 1900). 2,176,335 CO 2,13< ,517 00 7. 4\818 09 Dr. Or. Taxes 22" ,4:9 39 20 .97 98 7. 19,503 41 By Balance at credit June ? Oth. 1899.... $624,589 £9 Rental. Tracks and Term's. 22,582 89 23,004 40 7>. 4*1 51 " Surplus fc tiiejear ended June 30th, L ss on operating contract 1900, as per Income Account 376,360 61 with Km C Os. & So. Ry 16,334 52 B. 16,334 52 " Amount received from Kansas City Deficit Operation Kansas Osceola & Southern Ry. Co . under MdlandRy. 8,065 72 7. 8,095 72 agreementof March 19ih,1900,being Expei ditures for Im prove's, 1 ss on operating contract with that Construo'n and additional company for the period September Equip, during year ended 1st, 1898, +o June 30th, 1899. and June 30, 19u0, being charged to Income Account in year amount in excess of Bonds 1899, now reiuuded 16,334 52 provided for, under pro- To Taxes on Lands in New Mexico and vision of Co < . Mort. ,and in Arizona $10,40279 consequence charged to ** Contribution to Railroad Y. M. C. A. Income Acount by order Building at Monett, Mo 7.0COCO Board of Directors 77,898 16 7. 77,898 16 " Trustee s expenses, certifying and stamping Central Div. 4% Bonds.... 2,523 15 Total 2,512, <61 16 2,377.8?190 7 134.5 9 26 " Trustee's expenses, and expenses Surplus 896,36061 584,800 04 7. 311,5€0 57 printing and stamping Kansas City Out of which were declared Division Bonds 3,573 50 " Dividends of 4% on First Uncollectible Accounts written cff. 15,688 87 Preferred Stock, and on " Balance 978,096 71 S>co d Preferred Stock 2% in I900andl%inl899 520.000 00 3C0.000 00 7.160,900 00 $1,01 7,285 02 $1 ,017,2>-5 02 8urplus, oarried to credit By Balance at credit June 30th, 1900 $978,' 9t> 71 of Profit and Loss 376,360 61 224,800 04 7. 151,560 57 C. CONDENSED GENERAL BALANCE SHEET JUNE 30, 1900, AND COMPARISON WITH PREVIOUS YEAR ASSETS— 1S00. 1899. Inc. or Bee LIABILITIES- 1900. 1899. Int. or Bet To Franchises and Property (see $ $ $ By[Capital Stock— $ $ $ Statement, Fin pamphlet 1st Preferred ... 5,000,000 5,000.000 report! 90,397,006 87,284,393 i. 3.112,613 2d Preferred 16,000 OcO 16,000,i 00 " Stocks and Bonds owned (see Common *9,cOu,000 29,000,000 Statement t», [pamphlet], •' Funded Debt, as per state- for F«oe and Book Values) 4,420,277 4.423,957 B. 3/ 81 ment I (in pan phlet re- " Am. Loan Total Assets 98,444,373 94,280,649 7. 4,163,724 Total 98,444,374 94,280,649 7 4.163,725 — — October 13, 1900.] THE CHRONICLE. 765 n. This sum is accounted for as follows : SUMMARY OF FINANCIAL OPERATIONS OF THE ST. LOUIS Increase of Assets & SAN FRANUIUCO RAILROAD COMPANY, FROM Franchises and ^ropprty $3,112,613 17 i Fund, City Divis- JUNE 30, l>-99, TO JUNE 30, 1900. OUTSIDE Improve ent Kansas OF ITS INCOME ACCOUNT. ion, 1st Mtg., 4% Bonds in hands of U. S. M. & T. Co., Trustee (see contra) 30«,0"0 00 Resources to be accounted for— Cash in Treasury 187,6< 6 75 from Agents and Conductors 65,^47 24 Decrease of Assets— „ -,- Due Stocks and Bonds owned $3,«81 00 Due from Railroad Cos. account Traffic 13,956 76 Ainerioan Loan & Trust Co. Equipmpnt. 9,019 75 Due from Companies and Individuals... 220,7r3 60 Cash in Trust Companies for Coupons Due from U. 8. Government l,2bl 71 and Sinking Fund 11,712 51 Uaadjusted Accounts 4,137 34 Supplies on hand 24,812 94 St. Louis & San Francisco RR. Co., Con- Bonds, acquired for dis- Kansas Okla. Grand Total to be accounted for.... $4,327,883 *2 Grand Total accounted for. $t,32", 083 82 SEABOARD AIR LINE RAILWAY. OFFICIAL STATEMENT REGARDING MILEAGE, EARNINGS, CAPITALIZATION, ETC. In June, 1900, the Seaboard Air Line System completed Ownei. Leased. Total. Brought fenoard z,//6 ijib the construction of the more than 200 miles of new connect- Florida Central & Pfninsular System. ing lines built during the past fiscal year, and on July 1st Composed of three corporations, including 1.017 began its new fiscal year with 2,6^0 miles of road in opera- mites, of which 36 miles* were built during year, and 40 miles purchased; tion, extending from Richmond and Norfolk on the north- the past fiscal the mileage operated during the fiscal year be- east to Jacksonville and Tampa in the Southland Tallahassee, ing 940 8 miles 1,017 1,017 Montgomery and Atlanta in the Southwest, reaching also Georgia & Alabama Railway System. the seaport cities of Wilmington, N. C, Savannah, Ga., and Embracing two corporations, including 409 Fernandina, Fla. miles of railway owned and 58 miles perpet- ually leased. Of the mileaee owned, 17 miles of the This system also reaches the capital c'ties of each from Meldrim to Savannah have just be j n,com- six States which it traverses, and its lines also extend to pleted, to take, the place of 17 miles of C. HR. nearly every important city as well in these six States. of Georgia heretofore used urder lease. This system owns aboat 1,200 acres of valuable The Seaboard Air Line -system is operating through now land, including about two miles of water-front trains between New York and Jacksonville and other at or near Savannah, Ga , and a steel bridge Florida points, and between New York and Atlanta. From across the Savannah River, and about nine - just oompleted... 409 58 467 Richmond to Quantico it uses the lines of the Richmond miles of Terminal extensions Fredericksburg & Potomac RR., 80 miles, and from Quantico Total mileage 2,542 58 2,600 * built Seaboard Air Line for account of to Washington and New York, its trains run over the Penn- These 36 miles were by the the South Bound Division of the Florila Ceniral & Peninsular System sylvania System on the same terms as those under which the trains of the Southern Railway, the Chesapeake & Ohio SHORTEST OF ALL LINES BETWEEN NORTH AND SOUTH and the Atlantic Coast Line are operated. The following tables show the distances between Wash- The completion by the Seaboard Air Line of the short cut ington and various Southern cities by the Seaboard Air from Columbia, S. C, to Hamlet, N. C, opened up a new Line on the one band and by the Southern Railway and the through lme between the North and the South, reducing Atlantic Coast Line RR. and the two latter Companies' the distance from New York or Washington to Tampa and connections, on the other. Cuba, as compared with the Southern Ry. and its connect- By the completion of the Seaboard Air Line System, the ing lines, by 110 miles, and as compared with the Atlantic distance between the North and the South has been ma- Coast Lioe and its connections by 70 miles. terially shortened. The saving in distance effected by the Seaboard Air Line Upon the opening of the road which is now being surveyed between other important points, as compared with its com- between Athens and Charleston (the terminals for which petitors, is equally as great. have already been purchased in Charleston and Augusta), The Seaboard Air Line is the only system whose own the Seaboard Air Line Sjstem reaches everyone of the tracks extend all the way from Richmond to Jacksonville cities mentioned in the following tables, over its own rails, and Tampa, Florida, and it is the shortest and quickest with the single exception of the distance between Rich- thoroughfare between the North and East and Florida and mond and Washington ( 13 miles), over which the thorough our new West Indian possessions. trains of the Seaboard Air Lioe run under close traffic ar- The business of the System is growing rapidly, especially rangements with the R. F. & P. and Pennsylvania Railroads* since the consolidation of the lines on July 1st, 1900, became Seaboard Southern Atlantic effective. Air Line. Railway. Coast Line. Approximate Earnings since July 1900, thus far re- Washington, D. C, to Miles. Miles. Miles. 1st, Raleigh,N.O 274 368 *308 ceived period show an increase of 15 per cent over same a Charlotte. N. O 448 880 '492 year ago. Norfolk. Virginia.... 333 444 322 To accommodate this expanding business the Com- Columbia, SO 476 486 492 617 512 pany has within necessary Charleston. 8. C 616 the past few months found it Augusta, Ueorgia 587 571 "575 to purchase fifty new locomotives and 2,200 freight cars, in Athens, Georgia 626 621 t691 addition to a large number of cars which have been built Atlanta, Georgia 695 648 t746 *656 *627 during the past year at the shops of the various divisions of Savanna. Georgia 618 Montgomery, Alabama 9f>6 '823 t922 the system. Jacksonville, Florida 756 *828 *799 These are not, however, sufficient for the Company's im- Fernandina, Florida 744 s 8 mediate wants, and orders are soon to be placed for addi- Tallahassee, Florida 914 s 8 Tampa, Florida. 958 *1,068 *1,039 tional locomotives and six full trains of passenger cars. Miles. This system enjoys good-will Richmond, Va., to Miles. Miles. in a remarkable degree the Petersburg, Virginia 23 23 and popularity of the merchants and shippers at all points Durham, W.Q.... 155 161 »217 *191 reached by its lines, which is a matter of no small conse- Raleigh.N.O 157 187 quence. Cbarlotte, N. C 3-il 232 *365 Columbia, 359 388 3/6 S. *370 MILEAGE. Camden. 8. C 327 370 Charlestor.SC 499 519 396 The mileage on July 1st, 1900, of the several systems which Augusta. Georgia 470 473 460 now compose the greater Seaboard Air Line System, which Athens. Georgia ,....509 523 J576 systems had previously was as Atlanta, Georgia 578 550 J631 been operated separately, 767 678 *768 follows: Columbus, Georgia Savannah, Georgia 501 *558 5]1 Owned. Leased. Total. *725 Old Montgomery, Alabama 8»9 t806 Seaboard Air-Like System. Fernandina, Florida 627 8 ..A. Comprising fourteen separate corporations and Jacksonville, Florida 6^9 "730 *683 iioluding »58 6 miles In operation during the Tallahassee, Florida ..797 8 8 last flioal year, and 157-4 miles just completed. 1,116 1,116 Tampa, Florida 842 "970 *928 766 THE CHRONICLE. [Vol. LXXI. Seaboard Southern Atlantic and the new road from Richmond to Ridgreway Junction Line. Air Line. JRaii way. Coast was opened for business on June 3d, 1900, although the Atlanta, GA., to Miles. Miles. Miles. operation of through freight trains was not commenced Athens, Georgia 73 105 1135 until July 1st, 1900. operation of the new line Augusta, Georgia 163 389 tl 1 The Meldrim Savannah. Georgia 293 '294 *313 to Savannah, 17 miles, and of the Savannah Terminals was Columbia, 8. 273 304 1340 also begun July 1st, 1900. Charleston, 8. C 293 435 t3M Wilmington, N. C 435 *477 t447 FIRST MORTGAGE 4 PER CENT BONDS. t624 Norfolk, Virgi ia 597 614 The new Seaboard Air Line Ry. First Mortgage 4s become Miles. Columbia, S. C.,to Miles. Miles. a first and only lien upon some 287 miles of road, nearly all 200 258 2 86 Athens, Georgia of which are part of the stem, including Augusta. Georgia 110 85 170 a main the line Savannah, Georgia liO *189 *215 from Richmond, via Petersburg, to Ridgeway, N. C. and *42l Jacksonville, Florida 280 *341 from Hamlet, N. C, to Columbia, S- C. These bonds also Florida 482 *581 *664 Tampa, become a first lien upon 73 miles additional, subject only to * town* mentioned in the above tables can be nany of the cities and $150,000 old prior lien bonds still outstanding. reached by the Southern Railway or the Atlantic Coast Line, in busi- The First ness, only in combination with, connecting lines, which are not con- Mortgage 4s of the Seaboard Air Line Ry. may trolled oy either of these Companies. Where this is the case, the fact therefore be practically regarded as an essential First Mort- indicated by an asterisk, '•*." is Southern gage on some 370 miles of road (at the rate of, say, $50,000 per t In several instances important places are reached bv mile) , they Consolidated Railway and Atlantic Coast Line by lines not really controlled, but but also become a Mortgage on pome are operated under joint lease or part ownership with other 2,172 miles additional, so that they will represent a Total which " systems. These oases are indicated thus: "t Bonded Debt (including an average of about $11,000 per can only be reached by using the rails of the Sea- 8 Places which mile of prior liens) on the entire System of 2,542 miles of board Air Line are indicated thus: "s." State Capital are printed in italics. road owned, at the rate of about $19,' 00 per mile, which is considerably lower than the Of the twer ty railway companies embraced in the greater bonded indebtedness of any Seaboard System, the Seaboard Air Line Railway already other system of equal mileage in the United States. controls the entire capital stock of thirteen of the Com- CAPITALIZATION. panies; between 99 and 100 per cent of the capital stock The Securities of the Seaboard Air Line Ry., unlike any of four more, and nearly the entire capital stock of the other S uthern System, are principally owned in the South, Florida Central & Peninsular and Georgia & Alabama Rys. and the direct personal interest which this fact alone en- Of the capital stock of the remaining company- the Sea- genders on the part of the people in the various communi- board & Roanoke (81 miles in length)—the Seaboard Air ties through which the railway passes is a material benefit Line Ry. owns from 75 to 80$. to the system. NEW LINES. The total amount of bonds and stock, including all new bonds and all prior lien divisional bonds of the consoli- The development of industries everywhere along its lines dated system outstanding and in the hands of the public, is constantly necessitating the extension of the Company's and exclusive of the securities held in the respective Treas- sidings and the building of spur tracks, and the heavy uries of the different roads of the system, is as follows : of traffic is requiring the replacement of much of growth Per Mite of the 60-lb rails with the Company's standard of 80 lbs. to the Main Line of yard. Road Ownea. Total- The new main line mileage constructed during the past Bonds $i9,380 $49,256,000 Preferred Stock fl.ftfio 16.f9is.100 fiscal year was as follows: Total Bonds and Preferred Stock $25,94<> ~$65,951,i00 Richmond, Va., to Ridgeway, N. C 102 miles. Common Stock 1 1 .450 '^9.107,650 Cheraw. S. C, to F. C. & P. June, S. C 91 " Georgia & Alabama Ry., Meldnm to Savannah, Ga 17 " Total Bonds and Preferred and Com- mon Stock $37,390 $9^,058,750 210 " Georgia & Alabama Terminals. 9 " The capitalization of the Seaboard Air Line Sy-tem is lower than that of any other railroad of equal size 219 " system To this should be added the Suwanee River extension of in the United States. the F. C. & P. System, recently acquired, but the earnings The following table gives a comparison as to bond and of which were not included in the F. C. & P. earnings of stock indebtedness between the Seaboard Air Line System the last fiscal year 40 " and six other important systems in the South Atlantic and 259 " Golf States, which is most favorable to the Seaboard. The cash expenditures made by this System during the There is no reason why the earnings of this system, which past eighteen months for the construction of new mileage has now become the short line from Washington and the and for Terminals and new Equipment exceed Six million Chesapeake Bay to the South Atlantic, the West Indies dollars. and the Gulf, should not hereafter equal, or surpass, the The new line between Columbia, S. C, and Cheraw, S. C, earnings per mile of any other system in the same territory. connecting the F. C. & P. System with the Seaboard Air It possesses great and unquestioned advantages, which time Line System, was opened for operation on May 10th, 1900, will demonstrate. Bonds Total Bonds Bonds and Stock and Mileage Mileage Preferred Preferred Common Slock Preferred and Road. Ctfs of Ind. per mite S'ock per mile Name of Operated. Owned. per mile per mile Common Slock Oivned. Owned. per mile Owned. Oivned. Owned. Seaboard Air Line Railway 2,600 2,542 $1^,000 $6,500 $25,500 $ll,5C0 $37,000 Southern Railway 6,431 4,960 24,000 12,000 36,000 24.0C0 60,000 Louisvi le & Nashville Railroad 2,9K8 3,312 3:^,000 16,0< O 49,000 Missouri Kansas & Texas Railway. 2,221 1,865 40,000 7,000 47,000 30,000 77,000 Atlantic Coast Line Railroad 3,789 1,704 lft,000 n.ooo 26,000 10,"dO :- 6,000 Norfolk & Western Railway , 1,547 1,547 31,000 15,000 46,000 42,000 8h,000 Chesapeake & Ohio Railway 1,476 1,238 53,000 50,OuO 103,000 * Of the 6,4 31 miles operated by the Southern Railway June 30, 1900, 3,618 miles are owned outright and 1,342 miles additional are controlled by the ownership of all or nearly all of the capital stock of the component companies; 35 1 miles are operated under traokage rights, and the remaining mileage is operated under leases or agreements. Of the 2,600 miles composing the Seaboard Air Line Sys- The marvelous development of the Atlantic Coast Line tem nearly all are main line, the proportion of branch lines may be judged when it can be shown that a block of 5,000 being only about 20 per cent, which is especially small as shares ot the stock of the parent company of that system, compared with the other trunk-line systems in the same ter- which was purchased in 1880 at 50 cents per share, or $2,500 ritory. for the entire lot of stock, is worth at to-day's quotations Of the 4,960 miles owned by the Southern Railway some more than $1,500,000 to the fortunate holders. 30 per cent are branch lines, and of the 1,704 miles owned EQUIPMENT. by the Atlantic Coast Line 630 miles, or 37 per cent, are branches. The Company's rolling-stock at the present time, includ- The gross earnings per mile of the Southern Railway in ing cars and engines recently purchased, and which are now 1897 were less than $1,000 per mile, being less than the gross being delivered, embraces 297 Locomotives, 258 Passenger earnings per mile of the Seaboard Air Line at the present Cars and 8,419 Freight Cars. time The earnings per mile of the Southern Railway are The Seaboard Air Line Railway controls, through the Bal- stead dy growing with the development of the South, and timore Steam Packet Co. (nearly the entire capital stock of its earnings for the fiscal year 1900 are very close to $5,000 which it owns), a magnificent fleet of steamers on Chesa- per mile. peake Bay, plying between Baltimore and Norfolk, Ports- The earnings per mile of the Louisville & Nashville RR. mouth, and Old Point Comfort, Va. have increased very greatly since 1894. The Company's terminals at Norfolk, Portsmouth and The earnings of the Chesapeake & Ohio Railway have ad- Baltimore are immensely valuable, and it would be impossi- vanced uniformly year by year from $7,000 per mile in 1894 ble to duplicate them. to nearly $10,000 per mile for the year which has just The terminals of the Seaboard Air Line at Savannah are closed. by far the most important on the South Atlantic Coast. Its The earnings of the Norfolk & Western Railway have in- terminals at Jacksonville, Fernandiua, Fla., and Wilming- creased from $6,000 per mile in 1895 to about $9,000 per mile ton, N. C., are extensive and valuable, and productive of in 1900. large revenue to the Company. — — October 13, 1900.] THE CHRONICLE. 7*7 EARNINGS. paid off. principal and interest, in monthly payments out of The Net Earnings of the several properties now embraced the current earnings of the System, and are not embraced in the consolidated system (including the Bay Line), in the above statement of Fixed Charges. These Equipment representing a total of 2.358 miles of railroad operated obligations will be increased by the orders recently placed for the year ending June 30, 1900, while the several prop- erties were isolated one from another, and before the com for new Cars and Engines necessary to accommodate the pletion of the links which have united them, were ..$2,634,061 rapidly- growing business of the System. Interest Charges on all prior lien bonds now outstanding, RATIO OF EARNINGS TO CAPITALIZATION. and rentals 1,463,500 The following table is instructive. It shows that the Sea- Balance over interest on prior lien bonds, and board Air Line Railway is not only capitalized at an ex- present rentals $1,170,561 tremely low figure, but that its gross earnings per mile, as The interest on the entire amount of outstanding bonds compared with its capitalization per mile, are greater than of the Seaboard Air Line Railway, including the $2,000,000 those of any other railroad in the comparison, with the Guaranteed Gold 5s and the G. & A. Terminal 5s, will single exception of the Louisville & Nashville. amount to only $874,000, so that even on last year's business, The earnings given below for the Seaboard Air line are for before the System had had the opportunity of deriving any the year ending June 30. 1900, but the earnings of the other of the benefits which will follow the expenditure of the roads are for the fiscal year 1899. As it is impracticable as more tban six million dollars which has just been paid out yet to get the earnings for the fiscal year ending June 30, for new construction, etc., the Net Earnings of the System 1 000, for all the other roads mentioned in the comparison, were some $300,000 more than its total bond interest and the figures for 1899 were used for the sake of uniformity. rentals will be after consolidation. The earnings of the roads named in this table, whose The total Car Trusts outstanding on the entire System operations for 1900 have thus far been given out, show a ma- September, 1900, amounting to about $1,100,000, are being terial increase over last year. Ratio Gross Earn- Gross Earnings of Ratio of Gross Earn- ings per mile to Market Value Name of Road. per mile inus per mile Total mds and Stock mile. to Operated. B per Market Value per mile. per mile. Seaboard Air Line Railway $4,000 11-0% $21,200 18-8% Southern Railway. 4,41SO 7-4% 32,700 13-6% Louisvill" & Nashville Railroad... 7,900 16-0% 44,200 17-8% Missouri Kansas & Texas Railway 5.400 7-0% 44,700 12-0% Atlantic Coast Line Railroad. 3,600 10-0% 33,900 10-6 % Norfolk & Western Railway 7.600 8-6% 55 600 13-7% Chesapeake & Ohio Railway...... 8,300 8-0% 66,000 12-t% The figures in the third column—"Market value per Brought forward §11,084,000 mile"— are arrived at by adding to the par value of the Estimated Earnings of the line from Hamlet, N. C, bonded indebtedness per mile of each system the product to Colombia, S. C, at $3,000 per mile 330,000 Estimated additional earnings to result from the com- of the capital stock per mile multiplied by the market pletion of Savannah Terminals 200,000 value thereof, in each case. This column, taken in connec- As this amount is less ttun last year's actual ter- tion with the fourth column, which gives the "Ratio of minal revenue paid on Georgia & Alabama and Florida Central & Peninsular business at Savannah, which value mile," tends to gross earnings per mile to market per revenue will hereafter principally accrue to the show that the present market value of the securities of the Georgia & Alabama Terminal Co., this estimate may Seaboard Air Line Ry. is abnormally low as compared with be considered entirely conservative. other Southern trunk lines, the ratio of gross earnings per Total Estimated Gross Earnings for 1901 $11,610,000 mile to market value per mile in the case of the Seaboard Operating Expenses and Taxes, estimated at 6623% 7,740,000 Air Line being forty per cent more than the average of the With the economies resulting from the operation of these twenty roads under other six railroad systems with which the comparison is one system and manage- ment it is believed that operating expenses can be made. readily reduced to 6623%. The ratio of operating ex- ESTIMATE FOR 1901. penses to gross earnings on the Nortolk & Western RR. for the year ending June 30, 1S00, was 60%, and the A fair and conservative estimate of the Gross Earnings of ratio of expenses to earnings on the Atlantic Coast this System for the year 1901, under reasonably favorable Line was about the same. It should be entiiely fea- sible to operate the greater Seaboard System on a ratio business conditions, would be as follows : of 6623% or less. Actual Gross Earnings Year Ending June 30, 1900 $9,504,000 increase Net Earnings $3,870,000 Add 10% 950,000 Interest Being the average increase of the combined earnings on Outstanding Bonds and Rentals 2,337,000 of the respective properties for the past two years. Estimated With the growth of the country and the increase Surplus over Bond Interest and Rentals. . $1,533,000 which will inevitably result from consolidation, actual results are more likely to be above than below this Should these results be realized, the Company would be estimate. able to pay 4% dividends on Preferred Stock, and have a sur- Estimated Earnings Richmond Division, from Rich- plus large enough to call in and retire one third of the prin- mond, via Petersburg, to 630,000 Ridgeway cipal and interest of all Car Trust obligations on the entire Based on one-half of the earnings per mile for the year 1899 of the Atlantlo Coast Line from Richmond System, including those to be issued for rolling stock con- to Weldon. tracted for and not yet delivered. City & Suburban [Bell) Telegraph Association of Cin- off consumers who refuse to pay more than the 40 cents per cinnati. Increase of Mock. —The shareholders will vote 1 ,000 cubic feet which is charged by the Municipal Company. Nov. 1 on a proposition to issue $1,500,000 additional stock, (See that company below). Yesterday, however, there were increasing the capital from $2,500,000 to $4,000,000.—V. 69, rumors of an impending settlement. p. 827. Early in the week President C. K. G. Billings of the Edison Electric Illuminating Co. of Boston.— Earnings. People's Gss Company was examined by a Master in the suit of Nathan —The results for the year ended June 30, 1910, compare as M. George to prevent the company from selling follows: Grose, $1,131,758, against $1,002,261 in 1893 99; net, gas at 40 cents. Ha said that there was no secret agreement $406,221, against $338,243. The capital stock has been in- between the company and the Mauicipal Company, and no creased to $4,144,000, on which dividends at the regular rate understanding to prevent the latter from building mains, of 8 per cent per annum call for $331,520. The company this making gas or selling it to the customers of the People's Company; week declared an extra dividend of 1 per cent in addition to his company, therefore, was not responsible for the acts of the the quarterly 2 per cent.—V. 70, p. 282. Municipal Company.—V. 71, p. 506, 438. Municipal Gas Co. of Chicago.—Increase of Stock—New Tennes 763 THE CHRONICLE. iVoL. LXjLl. COTTON. Friday Night, October 12, 1900. The Movement op the URur, as indicated by our telegr* ms COMMERCIAL EPITOME. from the South to-night, Is given below. For the week ending this evening- the total reoeipts have reached 329,121 bales, 1900 Friday Night, Oct. 12, against 309,879 bales last week and 279,748 bale* tbf previous According to the reports from most lines of trade there has week, making the total receipts since the 1st of Sept., 1900, been a mod rate amount of activi'y to the distributing busi- 1226,995 bales, against 1,282,808 bales for *he same period of ness The small trade inmost instances has ben a steady 1899. showing a decrease since Seit 1 1900, of 55.313 bales. buytr, but as a rule of on sach supplies as have been need'd y itceipti at- Sat. Mon. Tuts. Wed. TKure. Fri. Total. to meet current wants- Tbe reqm-ets for prompt shipments have been general, indicating light stocks on band. Tne Salveston.... 6,691 4,701 20,063 9,923 10,753 11,945 64,076 coming Presidential election is having its influence in Sab. Pass, &e. 696 696 holding in check opera ions in a large way, buyers New Orleans. 16,978 19,802 24,018 25,447 19,179 14,295 119,719 preferring to bold off, awaiting developments. Tbe only im- Mobile 639 2,093 1,828 1,745 432 868 7,€05 portant changes in prices for staple products has been in cot- Pensaoola, &o. 6,833 6,833 ton, wbich bas turned weaker, reflecting the Bureau report, -savannah.. 11,931 5,687 11,066 10,242 10.421 7,172 56,519 which indicated a larger crop than generally expected. Brunsw'fe.&c. 8,079 8,079 Weather conditions in the West and South bave been favor- Charleston.... 2,796 1,146 1,350 1,230 1,502 2,493 10,517 able for fall ploughing and seeding and the late maturing Ft. Royal, &o. crops. Wilmington 4,317 4,138 5,076 2,249 726 5,268 21,774 Lard on the sr>ot has been unsettled, closing moderately ac- Wash'ton.&o. 17 17 pnces, with both exporters and refiners buying. tive at easier Norfolk .... 5,835 3,747 4,719 4,335 3,063 4,9*5 26,654 7 5'^c. and 7 -25c. for Pinal prices tor prime Western were N'p't News, Ac. 978 978 close was prime Citv. Refined lard h ,s been quiet, and the New York 200 200 at 7 80j. for refiaed for tbe Continent. Speculation lower Boston 1£0 36 407 222 1,552 77 2,454 in lard for iuture delivery was fairly active. Daring the Baltimore ••"•• J, 64:- 1,643 week buying by aborts to cover contracts advanced piic.-s, Phlladel'a, Ac. 118 280 305 604 £0 1,357 but at the close general selling weakened tbe market, and the tone was easy. Tot. this week 49,347 41,468 68,807 55,698^ 48,232 65,569 329,121 DAILY CLOSING PBICEB OF LAKD FUTURES. The following shows the week's total reoeipts, tne total since 8at. Mon Tut*. Wed. Tfinrt. Fr\ Sept.JJflOO and the atook to-night, compared witb last year Ootober. 7-65 780 7-80 7 65 770 7 50 1900. 1899. Stock Pork has held firm, re fleeting the squeeze in the Western Receipts to Thi$ Since Sep. Thii Since Se.% market. The close, however, was qmet a' $14@15 for n ess, Oct. 12. 1900. 1899. week. 1, 1900 week. 1, 18f 9 $16 50,d)17 tor family and $14 50@16 75 forthort clear. Cut meats bave had a fair sa'e at firm prices, closing at 6}^@6%c Galveston. 64,076 160,335 90,217 407 992 104,812 165,305 for pickl d hams and for pickled shoulders, 9V2 @1' k'c Sab.P.,&o. 696 3,113 742 5,28 < . » • 9^@lOKc for pickled bellies, 14@10 lbs. average. B ef has Sew Orleant 119,719 422,(93 73 779 303,678 165,093 2' 0,280 been in fair demand and firm at $8 50@9 00 for me n-seed oil has heOd firm with demand moder- P. Royal. &c...... 10 16 207 .... - ate, closing at 3?@37)^c. ft r prime yellow. Butter bas had Wilmington 21,774 110,0-^9 9,202 79,741 35,822 16,217 a fair sale at full valuer, closir g at 3G@ 21c. for creamery. Wash'n, &o. .17 135 63 2cO >••« Cheese has been in fair demand and steadier, cloeirg at 9i^@ Norfolk 26,654 94,475 13,496 56,353 24916 24,463 lie. for State factory, fall cream. Freth eggs have met with N'port N., October 13, I WW.] THE CHRONICLE. 76^ In addition co above exports, our telegrams to-night also Futures.— fhe highest, lowest and dosing prices of give us the following amounts of cotton on shipboard, not Futures at New York are shown in the following table. cleared, at the ports named. We add similar hgureB foi <* 2 I » e « b 2 C New York, whion are prepared for our special use by Menare 2*>" C53gg»ag»9gw>Qso2g:o>gwgC)so£a P3WQ90 129*5 Building. O 2 H ° HO 5 «( Lambert Barrows. Produce Exchange 5 5 *-> & CB O M m w CO 3 * S e) » n O a o « O a> H»l P» 1 P»>BjSIb ON SHIPBOARD, NOT CLEARED FOR— -** an- <*>> ! ra2 LtaVir, w: : w • • • . I . • » Oct. 12 at Great Other Ooatt- ttocic. it II llllt Total. Britain. franet. Foreign voiae. CD© ©© to© co 10 ©© CO© coco New Orleans... 16,509 11 484 22,884 342 SO 918 114,174 ©© o© o© ©do CD'o ©cc ©CO or CO JO 3 >.«'4 17,484 4, 91 None. 57,789 47 '3 ©ao » O© WK5 QOO tO<0 I. 'JO to© N'Ji ceo COCd Win -gen ' I 6,400 1.477 1-.420 2,000 28,297 b7,4l2 ' cj 1 Rl Si 9 9) I ^ ^ Charleston 6,000 None. 2,< < None. 8.373 8 245 *3 ,rs Mobile 5,000 None. .\000 Ni feature 1 opening the 1 tive. At tbe of the week was predicted ©CO M© M© MO M© MO M© MO +' M tOOS ©fc frosts in the Souhwest. Tbis. coupled with an expec'ed ©* 0-4 M© to -a tO-J MW Mlfc to en at to 1 iS 1 « 1 =0 1 Rt 1 ! $ s 9 9 9 9 bullish Bor^au report, brought shorts into the market MM M M M MM M -" MM MM CD© ©o o© ©0 ©0 o© ©o ©o ©o o© COp 1 1 ° io cover contracts, ard prices for 1 free buyers 1 as 1 1 M — to *• ©co mm MM H M-« MM to en- all options advar ced to aVove lfc per pound. tow to 01 a: 01 cc© roe" to e» — to © The predicted frosts failed to materialize, but as the co© COCO co© COCO CO© CO© cocp CO© coco coco 1 ©3 ^ 1 trade generally expected that the Bureau report would 1 1 01 en ©01 0000 M M ©*> coco *- w a© 01© ©en O © WW ©© enw tn en average condition of not better tn»n 62, and possibly an Si 1 CSJ show 1 1 1 » 1 s & » w 9 1 l 9 advaDC« was lost. On Wednesday at M M M M M M M *-• 60, little cf the roon coco COO CO© CO© Cf© CO© a© CO© co© c 1 1 1 1 1 Pi the Bureau repo-t was issued. During the morning trading 1 1 WCO 05© -ao •0© O© © 0© JO a m 1 *• «M «3© OCP -J ©cn i»© Cf to prices showed a sagging ttndency, reflecting weaker foreign coco coco CO© co© CO© coco coco CO© COCO coco report the average condition 67. 1 O© M advice s Th<- Bu^au made or 5 1 1 1 1 8> 1 1 1 the entire trade by su-prise, and imineiiately following i's 1 d 1 @ 3 1 9 1 9 9 9 H Mft. publication prices declined equal to about $100 per bale. CO© co© coco CO© coco CD CO coco coco coco M» 1 ©o 1 ^ 1 • Considering the mcras d rcieage over last year and the 1 1 ©en 00 TO 00 -q 1 00 OD»J on 00 ocoo tOM 5 ©w CO© ©co OO © -o M OtO © - to to c to O© average condition being 4 6 per cent better than reprttd for ©© COCO co© CO© co© coco CO© COCO ccco COCO y<-ar ago, toe trade calculates that th 4* pre sent 1 1 © October la 1 1 1 01 yi 61 Ot n tn CO en in cen en 01 wen 1 9» 1 1 1 1 1 * 1 d 1 s 1 d 9 9 9 9 a. vices from the English markets came decidedly weaker, show- M MR coco CO© coco COCO coco «° COCO coco coco COCO CD© to« ing the effect of trje more favorable Bureau repoit than 1 1 1 1 1 01© en© 1 ports to 1 he Uniied Kingdom. Reflecting the weaker for- ° ^ © f£l *° © ° 1 * ; * *? *? 1 1 1 1 1 , 1 1 1 1 1 1 1 1 1 1 1 eign advices the local market opened lower, but during the £ 1 ci. a. O- ' © tn o. ci. © 00 CO w to en to day buying by shorts to cover contracts turned the market © © © © © 1 i 1 1 1 i d 1 » 1 e» 3 a 1 « ! S © 1 9 9 1 9 9 M M M M M M M M M Ik firmer and the loss was recovered. To day there was an ® © ° 1 1 ° ° ° 1 , © ° ° 1 1 1 1 1 ° 1 1 1 1 1 easier marker. The o ening was at a fairly sharp de 1 © M M M 1 M 1 M M 1 M 1 w 1 a cline, refl-cting unexpectedly weaker foreign advices. CO <1 00 © 00 en en © M © Moderate buying then steadied the marker, but dur- The Visible Supply of Cotton to-night, as made up hy the large crop for ing the day movement the week and ^able and telegraph, is as follows. Continental stocks, as well favorable weather South prompted renewed selling, and prices -ts those for Great Britain and the afloat, are this week's re- sagged. cloie wa-» steady for again The at a net loss the day turns, and consequently all European figures are brought down the t-pot of 2l(&3> points. Cotton on has been easier, closing to Thursday evening. But to make the total the complete at 10 7 16o for doling uplands. m igures for to-night (Oct. 12), we add the item of exports from the basis of the rates on and off middling established On as the United States, including in it the exports of Friday only, by the Revision Committee, the prices for of the a few 1900. 1899. 1898. 1897. grades would be as follows: Stock at Liverpool bales. 148.000 723,000 545.000 261,000 Stock at London 16,000 3.000 3.000 4.000 UPLANDS. Sat. Mod Tue* Wed Tte. Frt. Total Great Britain stock. 16., 000 726.000 5,8,000 2t5.<00 ,6 itock at Hamburg ...... 15,000 27,000 17,000 11000 Good Ordinary. 9i»i« 915J, 9 ie 9% 9*8 938 107 10» itook at Bremen 20,000 lOd.OOO 48,000 39,0<>O Low Middling.. 109, fc lf 10^8 lOH 10 7 7 •Stock at Amsterdam 2,000 l.OOO 1,000 Middling 10 8 11 101*1. 10 ,e, 11 lO^ie itock Good Middling. 113 li&lB 115 lllg 11 10% at Rotterdam 200 200 200 100 6 6 nock at Antwerp 4,000 3,000 Middling Fair.. 1158 11% 11% ll»ie 113 18 8,000 6,000 itock at Havre 35,000 124,000 83,000 44,000 GULF. Sat. ITlou Tue* Wed Tta Frl. nock at Marseilles 2,000 5,000 4,000 4,000 took at Barcelona 14,000 64.000 31,000 35.000 10i 7 stock at Genoa r>.0 Good Ordinary. 1fl lO^io 103,,, 10 9 8 95s 4,000 11,000 2>,000 10U 10'S, 1058 1013 10*4 nook at Trieste 3,000 12 000 20,000 9 000 Low Middling.. U ft 10'3i, Middling ll* 11*4 11H llhe 1016, 10 ll 16 Total Continental stocks.. 97,200 354 200 233, 2>0 157.100 Good Middling. li'i« 119.8 1 9 6 ll3g ll>4 11 Total European stocks....' 261.Z00 1,080. 200 781.^00 422. 1 1 Middling Fair . 11*8 12 12 1US„ lUiie Cndia cotton afloat tor Europe 49,000 8.000 29,000 9.000 3 imer . ootton afloat for E'rope. 5.9 000 476,000 4 S 5. 000 5 5,0 STAINED. Sat. itton Tnes Wed Th. Frl f Egypt, Brazll.&c. , aflt.for E pe 16,000 3 .2,000 1 9.000 24 < OO itock In United States ports., 521.P44 78^.8 <0 8' 1,022 59 607 Low Middling... 9* 958 95s 97, 95, fl 9lie nock in D. S. interior towns.. 803,86-5 5 '4,d36 390. 9 291/ 76 Middling 10' « 10» l6 10 la 1038 IOI4 10 m United States exports to-day.. 4 ,745 3^ '98 54,087 IH 097 Strict Middling 105a 10% 10% 109 „ 107, f 103,, Good Middling Tinged. 10'8 11 ll 10»3, e ion e 10'ie Total visible supply 1,727,±57 2,9*2 964 2 560.128 1,896.7 80 it the above, totals of American and otker descriptions are as follows ; The quotations for middling upland at New York on Amerxean— Oct. 12 for eaoh of the past 32 years have been as follows Uverpool stock bales. 91,000 666.000 471,000 182,000 19O0....0.10716 1892. ...0. 81 « 1884. 0.10 1876....C.1016,,, tontlnental stocks 7^.000 303,000 172,000 110,000 1899 734 1891 8" u 1883 10% 1875 3 3% tVnierioan afloat for Europe... 529,000 476,000 4«5.000 535.000 1898 f3a 1890 103a 1882 im 1874 153s United States stock 5va,«44 78 ,830 ?0i,022 5*5 607 1897 63s 1889 105a 1881 .ll 9te 1873 la* United States interior stocks. 303,868 524.^36 3*0.*'9 291976 11196 71B, 6 1888 9" lft 1880 115 a 1872 193a United States exports to-day.. 4^,"45 3 2,598 54,08 7 19 097 1895 97 1871 20 9* 1887 16 1879 10 i6 Total American 1,570,257 2,791.764 2.373.928 1,733 680 1894 61 16 1886 9^* 1878 10 18 1870 .15% East Indian. 26*4 Brazil, tic— 1893 83s 1885 9i3ie 1877 ir>i6 1869 Uverpool stock 57,000 57.000 74.000 79.000 MARKET AND SALES. London stock lt>,000 3.000 3,000 4,000 The total sales of ootton on the spot each day during the Continental stocks 19,200 51,200 61,200 4:, 100 [ndla afloat for 8.O00 29.000 9.t00 the Europe 49,000 week are indicated in the following statement. For ffigypt, Brazil, &o., afloat 16 000 32,000 19 OOP 24,000 shov. convenience of the reader we also add columns which Total East India, &o 157. 2<0 ir»i,200 ir-6200 163,>00 at a glance how the market for spots and futures closed or Total Amerioan 1,570.257 2,791,764 2,373 9 '8 1,733.680 same days. Total visible supply 1,727,457 2,9±2,*6l 2,560,128 1,896.780 Middling Upland, Liverpool.. 6d. 378 |, 3»3 .d. 33 3 -d. Sales 01 Spot At the Interior Towns the movement—that is the receipts last year, and that some planters have finished picking. From for the week and since September 1, the shipments for the portions of Alabama there are complaints of damage by week and the stocks to-night, and the same items for the worms and caterpillars and seed sprouting in the bolls. The oorresponding period of 1899—is set ont in detail below marketing of cotton has made excellent progress. Oalveston, Texas.—We have had raia on two days of the week. The precipitation reached fifty-four hundredths of an inch. The thermometer has ranged from 60 to 90, aver- aging 75. Brenham, Texas.— We have had light rain on one day of the week, the precipitation reaching two hundredths of an inch. The thermometer has averaged 72, the highest being 93 and the lowest 50. Cuero, Texas. —There has been rain on two days of the week, the rainfall being seventeen hundredths of an inch. The thermometer has ranged from 46 to 92, averaging 69. Dallas, Texas. —The weather has been dry all the week. l-l M ©M CO CO M pi Average thermometer 67, highest 90 and lowest 44. 05 rJ It* if* 05 CO 05 *- » 05 00 O3|0 W © 0O00 October 13, 1900.J THE CHRONICLE. 7 71 Charleston, South Carolina.—We have had rain on three Liverpool.—By oable from Liverpool we have the follow- days during the week, the precipitation reaching seventy ing statement of the week's sales, stooks, DAILY 0LO8IHG FBICBS OF NO. 2 SPSIMO IN CHICAGO. The preliminary estimate of the yield per aore of rye Is 15-1 bushels sb oompared wiih 14*4 ba»hels last year, l.ve busneis In 1890 and a Sat. Mon. Tut*. Wed. Thurt. Fri. t<-n-year average of 14 bushels. tverage for quality Is 92. against 75*8 745s 753b The Oct. delivery In elev 76?8 7638 755s ^0 last -2 24,028,000 7538 76 year and 9 in 1898. [The indicated crop is Nov. delivery In elev 775s 76'a 76>4 753t bushels in 76*2 76 7634 boshels against ^3,961,741 bushels in 1891* and *5,657,522 Deo. delivery In elev..... 78^ 7758 77 1»08.] Indian corn futures have been quiet. Prices have shown The average condition of bncfcwheat on October 1 was 72*8, as com- pared 80-5 70- 1 the cor- irregularity. The Dear- deliveries have been firmer. with last month, 00 Oo ober 1, l«99, 762 at some by responding ate ^2 the of the October averages for short in- in 1898 and 2 mean There has appeared to be a scattered outstanding the last ten dears. There has bepn a decline during the month in New terest, with sellers indifferent. Despite fair receipts there York and Pennsylvania, the States of principal prodootlon, of 10 has been no appreciable increase in the available supply, points and 8 points espeotively. owing to a continued good export demand; consequently nervous shorts have been buyers fo cover (O tracts. The more THE DRY GOODS TRADE. Bureau report, distant months have held about steady. The New York, Friday, P. M.. Oct. 12, 1900. influence. It issued on the 10th inst., had a sustaining There has been little alteration in the general character of the showed a decrease in the average condition during the market for cotton goods this weefc. The demand has not yield month of September of 2-4 per cent, and indicated a expanded beyond present requi ements to any xteot in sta- weakened of 1,957,550,000 bushels. The spot market has ple lines. Nor have «el ers ueen any more disposed to accept slightly, and at the lower basis of values exporters have orders for forward delivery. Tne volume of business in market continued free buyers. To-day there was a firmer progie?s is sufficient, however, to keep stocks in a strait- Speculation in sympathy with advance in wheat values. ened condition and to cause sellers in a number of instan ;es sales was quiet. The spot market was fairly active. The to name still higher prices than oefore. Print cloths, which for exoort here and at outoorts were 450 000 bushels. p„ rising were advanced yz this week, are an instance of a DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. market with a hmit-d business doing Although raw ma- Sat. Mon. rue*. Wed. Thurt. Fri. t rial is a strong incentive to ma ufa furors to put up the 48 48 485t Cash corn I. o. b 49 48\ 485s P'ice of their merchandise, and altnou^h some of them have Oct. delivery in elev 46i8 466(3 46^ 46^ 46 46^ delivery in elev 42% 4213 42i« 42 42 42 63 undoubtedly gone to a limit beyond what buyers will pay Deo. 7 May delivery in elev 41% 41^ 41 M. 4ii4 41 14 41 8 as yet, still inside market coniitions are on the side of sell- DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN CHICAGO. ers and tuch as to fairly warrant at least a nuiatenance of Sat. Mon. rue*. Wed. Thurt. Fri values until such time as the spring reqiiremeuts shoa'd de- Oct. delivery in elev 40% 41% 41 40% 405g 41% mand fuller attention, or, what is considered about the same Nov. delivery in elev 37% 3' 78 37% 3714 373s 38^ thing, until after the elections. The Fall River mills are 34? 34»8 347s 35% Deo. delivery in elev 34'a 35% 8 now turning out close to full proiuctkn, but the curtail- have been « Oats for future delivery at the Western market ment in tbe South is still extensive. The woolen goods quiet, and there has b*-en a fractional decline in prices. division con inues dull. In silks the chief feature has been crop, There has continued a full average movement of the an auction sale of about 9,000 pieces, va'ue about §350,000, with the demand fairly full. Snpplies in sight are gradually which was well attended and fairly successful on staple in- increasing, the visible supply as l«st reported showing an lines. 594.0^0 bushels The Bureau report indicated a crease of Domestic Cotton Goods.—The exports of cotton goods crop of 810,123,000 busbels, against 777,280,0 the indica- from this port for the week ending Oct. 8 were 2,626 tions on Sept. 1. Locally there has be*n a moierately active packages, valued at $162,052, their destination being to the market at about steady prices. To-day the market was quiet points specified in the tabiep beilow : but steady. The spot market was steady with sales for ex- port of 510^0 bushels. 1900. 1899. Nbw York to Oct. 8. DAILf CLOSING PRICES OF OATS IN YORK. NEW Week. Since Jan. 1 TVeefc. Since Jan. 1. Sat. Mon. Tuet. Wed. Thnrt. Fri. NO 2 mixed in elev 25% 2514 25% 25% 25% 25% Great Britain 42 1,804 89 1,703 No, 2 white in elev 27% 27% 27% 27% 27% 27% Other European. 12 1,329 5 749 DAILY CLOSING PRICES OF NO 2 MIXED OATS IN CHICAGO. China , 140,445 185.214 India 110 10,584 2,040 Sat. Mon. Tue». Wed. Thurt. Fri. Arabia.... 25,441 100 37.318 Oot delivery in elev...... 2 October 13 1900.] THE CHRONICLE. 773 Cass County, Ind.—Bonds Re- o warded.—The $195 840 4)4% gTATE mid 0ITY ^tfmWtm. gravel-road bonds originally awarded t n August 6 to Fareon, Leach & Co., Chicago (which firm afterwards refueed to take the Bame). have been re- awarded to The New Fir«t National News Items. Bank of Columbus at par. A full description of the bonds Michigan.— Special Session of the State Legislature.— The was given in the Chronicle August 4, p. 251. State Legislature convene i in special session on October 10, Cherry vale, Kan. Bond Ofleting.— Proposals will be re- pursuant to a call issued by the Governor last week. The ceived until 7:30 p. M., October 15, for $49,000 b% 20-year object of this special session is to provide for levying in- water-works bonds. Secuiities will be in denomination of creased taxes on the railroads. For this purpose an amend- $200. Interest will be payable Pf mi-anrually at the fiscal ment or amendments to the State Cons' itution are to be sub- agency of the State of Kansas in New York City. mitted t> a vote of the people at the November election Clarksdale, Miss.—Bond Sale.—The $37/00 5% bonds ad- giving the Legislature the nejess*ry authority to that end. vertised for sale on September 18 have been awarded to F. R. It is also sought to repeal special charters of railroads grant- Fulton & Co.. Chicago, at par and the cost of preparing the ing exemption from taxation. bonds. At the request of the purchaeer the date of the bonds was changed from Nov. 1 to Oct. 1, 1900, and they were delivered and paid for on the latter date. Securities Proposals Negotiations this Bond and are in denomination of $500. Interest will be payable semi- week have been as follows : annually. Principal will mature $500 yearly on October 1 from 1905 to 1919 and the remaining $29,£00 on O't. 1, 1920. Alexandria, N. Y.—Sale of Utica & Black River RR, Stock. Clarksville, Mo. Bond Sale.— The Little & Hays Invest- —The Railroad Commissioners of the town of Alexandria, ment Co., St. Louis, have been awarded an it-sue of $31,500 N. Y., will receive bids up to October 26 for 100 to 150 shares 4% 10- 30- year refunding bonds of this city. Securities are in denomination of $500, dated Oct. 1, 1900. Interest will te of Utica & Black River RR. guaranteed 1% stock. The pro- payable semi- annually. ceeds of the sale will be used to retire 100 t $52, 7% bonds ma- Cleves, Ohio. Bond Sale Postponed.—We are advised that, turing this year. owiDg to an error in the advertisement, the sale of $1,257 5% The official notice of this offering will be found elsewhere in sidewalk bonds, which was to have taken place on October 8, was postponed. this Department, Coleman County, Texas.—Bonds Registered.— The Stat© Allegheny, Pa. Bond Election. —At the general election Comptroller has registered an issue of $6,000 refunding November 6 the quesiion of issuing $1,098,000 bonds for va bridge bonds. rious improvements will be submitted to a vote of the people. Comanche, Texas. Bonds Approved —The Attorney- Ameisbnry, Mass. Note to be Issued. — The Town Treasurer General has approved an is«ue of $7,000 school house bonds. will have discounted about November 1 a street-widening Defiance. Ohio.—Bond Sale.- On October 8 the $22,010 4% note for $3,600. Lean will mature in one year. refunding bonds were awarded to N. W. Harris & Co., Chi- Antelope, Ore.—Bonds Not Sold.— are advised We by the cago, at 104*37 . For description of bonds see Chronicle Oct. City Recorder that there bids were no received on October 1 6, p. 721. for the $1,5C0 6# water bonds the offering of which was pub- Delano, Minn. Bonds Defeated. —The question of issuing lished in the Chronicle Sept. 15, p. 564. $2,000 water bonds was defeated at a recent election by a. Arcanum, Ohio.—Bond Sale.— On October 3 the $13,000 5$ vote of 54 to 47. 214-year (serial) street improvement bonds were awarded to Denver, Colo. Bond Sale V voted in favor issuing i h% 5-30- year (optional) water- Brewster County, Texas.—Bonds of $ 9,000 Approved.—The Attor- works bonds. Securities will be in denomination of $1G0. ney-General has approved an is^ue of 5-20-year $93,000 4% The date for the sale of these bonds has not yet been deter- (optional) bonds. Securities are in denomination of $1,000, mined upon. B. W. Ribble is Borough Treasurer. dated Sept. 1 1900. Interest will be pay able annually. We Everett, Mass. Temporary Li an. —1 his city has borrowed are advised that the State will probably take the bonds. $50,000 for six months from Blodget, Merritt & Co., Boston, Brook line, Mass. Loan Authorized.—The Selectmen have at 3'55# discount. authonztd a loan of $100,100 in anticipation of the collection Bonds Authorized. The City Treasurer.it is stated, has- of taxes. — authority to issue $25,000 4% sewer bonds. Brown's Yalley, Traverse County, Minn.—Bond Offering. Fair Held, Conn.—Bonds Voted. —At a recent town meet- —Proposals will be received until 7 p. m., Octob ;-r20, by E. R. ing it was voted to fund a portion of the floating indebted- Marshall, Village Recorder, for $8,700 and light 5% water ness into bonds bearing Z%% interest. bonds. Securities were voted at the election held September Galesburg, 111.— Bias.— Following are the bids received 10, 1900. Eight bonds are in denomination of $1,000 and one October 1 for the $4o,000 4% electric light bonds : of $700, and are dated Sept. 15, 19t 0. Interest will be pay- N. W. Harris Co., CO" able March 15 and September 15 and the principal will ma & Chicago.*$41.912 00 Denison. Prior & Co.. Cleve.. $41,205 W.J.Hayes & Sons. Cleve... 42,037 00 Feder, Holzman 4 Co., Cin... 41,075 00 ture in twenty years. These securities were previously Farson, Leach & Co.. Chic... 41,963 00 E. D. Shepard & Co., N. Y.... 40.616 00- R. Kleybolte offered on July 21, August 4 and postpone- & Co., Cincin... 41,461 00 Miss. Valley Tr. Co. St. L.... 40,200 00 August 31, but a Seasongood & Mayer, Cincin. 41,364 40 Second Nat. B'k. Galesburg.. 40,100 00 ment was made necessary on account of some error in the A.M. Craig. GalesburK 40,100 00 original election, held June 18. * And blank bonds. Biicyrus, Ohio. Bond Ofering.—Proposals will be re- As stated last week, bonds were awarded to N. W. Harris ceived until 12 m., October 23, by W. C. Franz, City Clerk, & Co. at 104-78 and blank bonds. for $50,000 6% refunding bonds. Securities are in denomina- Oallipolis, Ohio. Bond Offering. -Proposals will be re- tion of $100, dated Nov. 1, 1900. Interest will be payable ceived until 1 p. m., October 19, by T. E. Bradbury, City annually on November 1 at the office of the City Treasurer. Clerk, for $13,000 4% redemption bonds. Securities are in de- Principal will mature $5,000 yearly on November 1 from nomination of $500. Interest will be payable February 25 1901 to 1910, inclusive. All bids must be unconditional. A and August 25 at the office of the City Treasurer. Principal deposit in money or a certified check for $500 must accom- will mature in 20 years. Either money or a certified check pany proposals. Accrued interest is to be paid by purchaser. for 5% of the amount of the bonds bid for must accompany Caldwell, Idaho. tsends Authorized.—The issuance of proposals. Accrued interest is to be paid by purchaser. $200,000 %% bonds to enlarge the irrigation works has been Geneva, Ohio. Bonds Voted.—At a recent election this- authorized. These bonds, we are advised, will be issued as village authorized the issuance of $75,000 water bonds by a needed and will run for twenty years. vote of 403 to 68. Full details of this issue have not yet been Canton, Ohio.— bond Offering. — Proposals will be received determined upon. until 12 m., October 15. by Louis N. Ley, City Clerk, for the Hartford (Conn.), Southwest School District.—Bond purchase of the following street-improvement bords: Sale.— On October 8 the $ 0,000 4% gold bonds were awarded 6, & year < ser,a f *, oS° i" ^ assi'Ij Street bonds, in denomination of $1,200. to W. R. Todd & Co., New York, at 102 25. For full descrip- and £" year Chance Street *«' 0. vin- .. bonds, in Denomination of an 5 tion of 670. ' bonds see i'l^l-i 3 year w rle y Street b nds, in denomination of $550 Chronicle Sept. 29, p. l,<:oo.3 and 5-year Woodland Avenue bonds, in denomination of $e00. Higginsport, Ohio—Bond Site.- On October 2 $3 000 6* 1 Securities are issurd und*r authority of sections 2704 and 1-6 year (s<-rial) wharf bonds were awarded to the Citizens' 2705, Revised Statutes of Ohio. They are dated Oct. 15, 1900. National Bank, Ripley, at 106. Interest will be at a rate not exceeding 5%, payable semi-an Homestead (Pa.) School District.—Bonds Voted.—At the nuallv at the office of the City Clerk or at K( untze Bros, in election held September 18 ihe issuance of $20,000 school New York City. A certificate of deposit from the First Na- ronds was authorized by a large majority. The details o£ tional hank of Canton in the sum of $30 ) will be required th se bonds will be fixed later. with each proposal. Bids must be made on blank lorms, Ilion, N. Y.— Bond Offering. - Proposals will be received which may be bad from the City Clerk. Successful bidder until 11a m., October 20, by C, S Jepson, Village Treasurer, must furnish blank bonds. for $30,000 electric- light bonds. Securities are in deoomina- : ——— — — — — — 774 THE CHRONICLE. [Vol. LXXI. tion of $1,000, dated Oct. 20, 1900. Interest will be at a rate ing the offering for sale by New York City of $4,500,000 3%% National not exceeding 4%. payable semi-annually at the Ilion corporate stock. Proposals for these securities will be received Bank. Principal will mature $1,000 yearly on October 1 until 2 p. m., October 15, by Bird S. Coler, City Comptroller. from 1901 to 1930, inclusive. A certified check or bank draft for 10$ of the par value of the bonds, payable to the Village For full description see Chroincle Sept. 29, p. 671. Treasurer, must accompany proposals. Northumberland County (P. 0. Heathsville). Va.—Bonds Johnstown, Pa. Bonds Authorized.— It is stated that an Authorized.—This county will issue $6,500 bonds for the re- issue of $60,000 city-hall bonds has been authorized. pair of the court house. Kansas City, Mo.—Bond Offering.— Proposals will be re- Oceanside, Cal. —Bonds Voted.—At the election held Sept. ceived until 2 p. M., October 24, by Geo. E. Kessler, Secre- 17 an issue of $5,000 %% gold wharf-improvement bonds wa3 tary of the Board of Park Commissioners, for $703,668 66 1% authorized. The date for the sale of these bonds has not yet 20 year " Series H"Park Fund certificates. These certifi been determined upon. cates are issued by the City Treasurer, under provisions of Perth Aniboy, N. J.—Bond Sale.—This city has sold at pri- Article X. of the City Charter, and the proceeds will be need vate sale an issue of $10,000 4}4% street and sewer improve- to pay for land taken for Penn Valley Park, in West Park ment bonds. District. Securities are in denomination of $1,000. Interest Pleasant Ridge, Ohio. Bond Offering.— Proposals will be will be payable in January and July at the City Treasurer's received uniil 12 M., October 22, by J. B. Hayden, Village office. A deposit of $10,000 will be required with each bid. Clerk, for $427 20 5% 1-10 year (serial) and $700 h% 15 year Accrued interest must be paid by the purchaser from July sidewalk bonds. The former issue will be made in denomi- 11, 1900, to the date of delivery of the certificates. The nation of $42 72, dated Sept. 1, 1900, and the latter issue $350 official circular states that there is no litigation pending or each, dated Oct. 1, 19Q0. Interest will be payable annually threatened concerning the validity of these certificates, and at the First National Bank, Cincinnati. Authority for the that principal and interest on all previous issues of Park issuance of these bonds will be found in Section 2334 a, b and Fund certificates have been promptly paid. Assessed valua- c, Revised Statutes of Ohio. A certified check for 5% of the tion of land and improvements in West Park District is $17,- gross amount of each issue must accompany proposals. 671,250, which is on a basis of about 33%$ of the actual value. Port Arthur (Texas) Independent School District.— This is the first issue of Park Fund certificates in this dis- Bond Sale.—The $15,0( H 10-20 year (optional) school bonds trict. There is no floating debt. mentioned in tbe Chronicle August 25 have been sold to Kearny, N. J.—Loan Authorized. —The Common Council F. R. Fulton & Co., Chicago, at 104-013 and blank bonds free has authorized a school loan of $5,000 in anticipation of the of charge. collection of taxes. Prairie City, 111.—Bond Safe.—This city has sold at par Kirkland Union Free School District No. 4, Oneida Co., to Miss Carrie Nichols an issue of $500 6# 3-year bonds. N. Y.—Bond Sale.—On October 8 the $5,500 4% bonds were Prescott, Ariz.—Bonds Voted.—At an election held August awarded to Isaac W. Sherrill, Poughkeepsie, at 102 506. Se- 28 a proposition to issue bonds for water-works purposes was curities mature $500 yearly on June 15 from 1901 to 1911, in- favorably voted upon. clusive. For further description of bonds see Chkonicle Providence, La.—Bonds Not Sold.—No satisfactory bids Oct. 6, p. 722. were received on September 27 for the $17,500 5% 20-40-year Lafajette County, Mo. Bond Sale.—On October 3 the (optional) gold water-works aad light bonds. Q-. M. Frank- $560,000 3% refunding bonds were awarded to W. A. Rule, lin, Mayor, and Alderman J. W. Pittman have been ap- Kansas City, Mo., at par, less a sufficient commission to pointed a committee to negotiate these bonds at private sale, make the bonds net 3*24£ interest. The only other bid ror description of securities see Chronicle Sept. 22, p. 618. received was from the Mississippi Valley Trust Co., St. Louis, Providence, R. I.—Bonds Authorized. —The Board of Al- which offered to take the securities at 33^#, less a " liberal" dermen has authorized the issoance of $200,000 street-im- commission. For full description of bonds see Chronicle provement bonds. It will be some months, we are advised, August 18, p. 357. before the bonds will be offered for sale Leominster, Mass. Temporary Loan.—A loan of $3,000 Red Lake Couuty, Minn. Bond Sale.—On September 17 has been authorized, which amount, we are advised, will this connty sold $3,0004^20 year jail bonds to Stoddard, Nye probably be borrowed from local banks. & Co., Minneapolis, at 100 833, the purchaser to pay accrued Lester Prairie, Minn.—Bond Sale. —This village has bor interest and furnish blank bonds. Following are the bids : rowed $7,000 from the State at 4% interest. Loan will mature Stoddard. Nye & Co., Minn... $3,025 00 i Merch'ts' B'k of Red L. Falls..$3,087 50 Niver in ten years. Trowbridge* Co., Chic 3,165 00 I First State B'k, Red L. Falls.. 3,040 00 Saco, Me. Bcrnd Offering.— Proposals will be received un- Longmont School District No. 17, Boulder County, Colo. til 3 p. m , October 16, by Chas. L. Bacheider, City Treas- —Bond Sale.—On October 1 the $2 rt ,000 5% bonds were urer, for $30,0 W. J. Neary (for $6,t00) 103 25 I Colonial Tr. Co., Waterbury . . . .10P8e8 Shamokin (fa.) School District.—Bond Sale.—On Oct. 10 New Decatur, Ala.—Bond Offering.—Proposals will be re- $7,000 3V2 % 3-7-year (optional) school bonds were awarded to ceived until November 1 by E. C. Payne, Mayor, for $45,000 local parlies as follows : $2,000 to J. J. John, $2,000 to J. M. 20-year bonds. A certified check for $500 will be required Shuman and $3,000 to Isaac May Sr. Securities are in de- with each bid. nomination of $1,000. Newton, Mass.—Bond Sale.—The Sinking Fund Commis- Sheridan, Wyo. Bond Offering.—At an election held Sep- sioners have taken at par an issue of $30,0 )0 3% hospital tember 10 the i^uance of $ci0,0u0 3u-year water bonds was bonds. Securities are dated Oct. 1, 1900, and will mature authorized. Proposals for th>-ee bonds will be received until Oct. 1, 1920. November 5 by Thomas T. Howd, Town Clerk. Securities New Whatcom (Wash.) School District No. 1.—Bond Sale. are in denomination of $500, dated Nov. 1, 1900. Interest on —On September 28 this district sold $30,000 4%% bunds to hese bonds will be at a rate not exceeding 5 October 13, 1900.] THE CHRONICLE. 775 Sisseton, S. Dak.—Bond Sale.—This place has voted in their optional period, or 3*787$ if allowed to run their full favor of issuing $20,000 H 10-year water- works bonds. These time. Following* are the bids : bonds were sold Oct. 2, 1900, to Jefferson & Kasson, St. Paul, N. W. Harris & Co.. ChtcaKO.*$25,905 00 Devitt. Tremble & Co., Chlc.*$25,512 00 R. Klevbolte & Co.. Cincin... 25,750 60 Traverse City S>ate ^ank 25,610 00 100*51. are in denomination of $1,000, dated Securities . . 26,700 75 . . at W. J. Hayes & Sons. Cleve. First Nat. Bk\ Trav. City . . 2o,400 00 Co., Chic. 25,541 00 Trowbridge Oct. 1, 1900. Interest will be payable semi-annually at the W. J. McDonald & ANlverCo ,Chic.*25,121 00 Lamprecht Bros. Co., Cleve.. *24,860 00 office of the Town Treasurer. • And blank bonds. Smyrna, N. Y.—Bond Offering.— Proposals will be received For description of bonds see Chronicle Sept. 29, p. 672. until 12 M., October 18. by C. E. Ferris, President of the Union, S. C—Bonds Not Sold.—We are advised that all Board of Trustees, for $8,000 water bonds. Securities are bids received by the Town Council on October 3 for the $35,- will payable dated Nov. 1 , 1900. Interest be semiannually 000 6$ sewer bonds have been rejected, and that it is not yet at the Chenango National Bank of Norwich, and the princi- decided wheiher they will again be advertised or will be dis- 1 1905 pal will mature $500 yearly on November from to 1920, posed of at private sale. Following are the bids : certified check on a national bank, payable to inclusive. A F. M. Farr, Agent $38,850 00 I Duke M. Farson, Chicago.... *$86,800 00 (for 6s) 38,731 00 I Trowbridge (for 6s) * 6.4P6 the board of trustees, for 5% of the par value of the bonds Seasongood & & { 0O Maye<-, Cin- > (for 6s) 36,487 60 i Niver Co.. < (fo- fij^s) *36.083 00 must accompany proposals. The bonds will be sold to the cinnati ' (for4^s) 35.623(0 Chicago f (for 5s). *35,665 00 I parties who will take them at the lowest rate of interest not Lamprecht Bros. Co., Cleve. . 37,207 00 Denlson. Prior & Co.. Cleve. . 36.025 0O I F. M. Stafford & Co. (for 5s J. 36,226 50 in excess of 4£. * And furnish blink bonds. South Manchester, Conn. Loan Authorized.— At a re- Robie Robinson of Atlanta, Ga., offered $110 91 for $100 of cent town meeting the Selectmen were authorized to borrow bondp. For description of bonds see Chronicle Sept. 29, p. $40,000 in anticipation of the collection of taxes. 672. Sturgeon Falls, OnT.— Debenture Offering. —Proposals Utica, N. Y. Bonds Authorized. —The issuance of $17,- will be received until 12 M., October 20, by G. F. Sanfield, 033 85 paving bonds has been authorized. Clerk, for $20,000 5% water- works debentures maturing equal Virginia.— Offer to Purchase Bonds.—The Commissioners amounts ytarly on December 1 from 1901 to 1930; also $10,- of the Sinking Fund will receive tenders until 3 p. M. Nov- 000 b% school debentures maturing part annually on March 1 ember 3, for the sale to them of $75,000 " Riddleberger" for twenty years. bonds issued under the Act of Feb. 14. 1882, or "Century'* Snffern, Rockland County, N. Y.—Bond Offering. —Propo- bonds issued under the Act of Feb. 20, 1892. sals will re received until 12 M., October 17. by A. S. Bush, Walhalla, Pembiua County, N. Dak.—Bond Offering. — Village Clerk, for $36,000 water bonds. Securities are in de- Proposals will be received until 8:30 p. M., October 15. by E. nomination of $500, dated Dec. 1, 1S00. Interest will be at a L. Howard, Village Clerk, for $2,700 H water and fire de- rate not exceeding 33^f , payable semi-anrually at the Pater- partment bonds. Four bonds are in denomination of $500 son National Bank, Paterson, N. J. Principal will mature and one of $7< 0, all dated Nov. 1, 1900. Interest will be pay- $1,500 yearly on December 1 from 1905 to 1928, inclusive. A able annually at the First National Bank of Grand Forks, certified check for 2 per cent of bid must accompany pro- Principal will mature Nov. 1, 1915. A certified check for posals $150 will be required. The above issue will represent the Suffolk Connty, N. Y.— Temporary Loan. —This county has only bonded indebtedness of the village. The assessed val- borrowed $10,000 temporarily from the Suffolk County Na- uation is $60,695 and the real value about $400,000. The pop- tional Bank of Riverhead at 4% interest. ulation is estimated at 500. Traverse City, Mich.—Bond Sale.- On Oct. 9 the $25,000 4% Waterlord, N. Y. Bond Offering,—The Public Improve- 20-30-year (optional) water-works bonds were awarded to N. ment Commission—William A. Saxe, Secretary—will sell at W. Harris & Co., Chicago, at 103*80 and blank bonds. This is public auction at 10 a. m. October 20 $8,000 4% bonds. Securi- on an interest basis of about 3*729$ if bonds are redeemed at ties are in denomination of $500. Interest will be payable NEW LOANS. NEW LOANS. UTICA & BLACK RIVER PROPOSALS FOR RAILROAD Guaranteed 7% Stock. $4,500,000.00 The Railroad Commissioners of the town of Alexandria, New York, offer for sale to the highest OF bidder One Hundred to One Hundred and Fifty Shares of the UTICA LONDON AND PARIS Geo. D. Cook Company, DENISON, PRIOR & CO. EXCHANGE, Ld., INVESTMENT SECURITIES. Bankers and Exchange Agents. DEALERS IN HE4D OFFICE: 238-240 La Salle Street, 24 Throgmorton St., London, E. C. High Grade Bonds. CHICAGO. The exchange Is prepared to entertain a proposal for the establishment of New York Office, 52 Broadway, SEND FOR LISTS. an Agency In New York. High- est references required. § Exchange Place, Boston. MASON, LEWIS & CO., BANKERS 121 Euclid Avenue, Cleveland. ADAMS & COMPANY, CHICAGO, BOSTON. Uonadnock Building. 00 Devonshire BANKERS, MUNICIPAL j — DEALERS IN RAILROAD BONDS.»-» Vi * fc^ v* B Perry, Coffin & Burr, CORPORATION INVESTMENT BONDS. Choice Issues. street Railway and Gas Companies. Members of Boston StockjExchange. INVESTMENT BONDS, L1MT ON AMPLICATION. No. 7 Congress and 31 State Streets, 6o State Street, BOSTON. The Lamprecht Bros. Co., MUNICIPAL BOSTON, MUNICIPAL BONDS. AND OTHER HIGH-GRADE BONDS. Nuveen & Co. E. H. ROLLINS & SONS, John Cleveland, Ohio, - 197 Superior Street. INVESTMENT BANKERS, KASTKRN BRANCH: BANKERS. New York Ctiy, - - 5'^ Broadway. 1st National Bank Building, Chicago All securities having a Cleveland market for Correspondence solicited. bi'Uybt i nd old. Bonds BROTHERS & CO. Rttrxf.-n.te.. Firtt National Bank, Okicagt LAMPRECHT Permanent Investment Members New York and Chicago Stock Exchanges. MUNICIPAL BONDS'. MUNICIPAL BONDS. 19 Milk Street, BOSTON. Securities Netting from V/i to G% E. C. STANWOOD & Co.. Denver. San Francisco. ALWAYS ON HAND. BANKERS, Send for our Investment Circular. Investment Securities DUKE M. FARSON, Banker, 121 Devonshire Street- "'- Si "' < FOH Municipal Bonds. 1S* dearborn BOSTON. I'll iV - C»0. SAVINGS BANKS and TRUST FUNDS F. R. & CO., James N. Brown & Co., FULTON U BONDS A SPECIALTY. BANKERS, Bonds, No. 6'i CEO A It STRKET. NEW YORK. Municipal CO., Rail- EDW. C. JONES & Dealers in Government, Municipal, 171 la salle street. 1 NASSAU BTRKBT. road and Corporation Bonds. N«\V YORK, INTEREST ON DEPOSITS. PHI LA., - - 112 SO. FOURTH ST. ALLOWED Ordci m execrated on N. Y Stock Exchuugc. CHICAGO. m Agents and Con- " Current Liabilities — ductors 277,073 211,126 7. 65,947 Audited Vouohers and Pay Due trom Railroad Compa- Rolls 859,655 663,114 7. 196.542 nies, account Traffic 80,558 66,601 1. 13,957 Due to Companies and In- Due troru Companies and dividuals 92,766 48,934 I. 43,832 Individuals... 422,597 201.P44 7. 220, -, 54 Interest on Bonds Due and Due from U. S Government. 69.187 67,925 I. 1,262 Unpaid 713,863 711,229 7. 2,634 Supplieson hand 440 144 464,986 B. 24,843 Interest on Bonds, A.corued Unadjusted Accounts 37,819 33,b82 7. 4,137 (not duel 212.628 202,402 1. 10,225 StLouis & San F RR.Co Con- Taxes, Accrued (not due) . 76,507 76,126 7.380 sol 4 p o. onds, aoqnlred Sinking Funds, Accrued for disbursements made (notdue) 28,181 31,797 B. 3,616 under provision of Mtg. Miscellaneous Liabilities (par for 1P0<> and 18 9, of Receiver St. Louis