nmnm

financial

roniriiQuotation Supplement (Monthly) Street RailwaySupplement

754 THE CHRONICLE. LVol. LXXIII.

OUR STATE AND CITY SUPPLEMENT.We send to our subscribers to-day the usual semi-

annual number of our State and City Supplement.The tableB and statistics in the Supplement have beenextensively revised, brirjglng the matter down to re-

cent dates. Quite a number of new returns have alBO

been added.

The editorial topics discussed in the Supplementare "Water Obligations Outside Debt Limits Illegal"

and "Alabama's New Constitution."

THE FINANCIAL SITUATION.Nothing has transpired during the week of suffic-

ient importance to affect the Wall Street market ex-

cept reports current on Thursday and Friday which,

aided by a covering movement, led to decided ad-

vances all through the list. Prior to that, the market

continued in a sagging state under the influence of

previous unfavorable developments. There were some

incidents which if a less critical spirit had prevailed

might have stimulated prices. Among these were theincreased dividend of the Atchison, good reports of

railroad earnings, and the activity and strong statis-

tical position of the iron and steel markets. But the

physic the public haa had to take recently, in the

shape of accumulated stocks of products by indus-

trials, unexpected shortage in their earnings, and de-

clines in the market values of their securities, has, for

the moment at least, largely banished venturesomeness.What has further tended to make this lesson severehas been the fact that notwithstanding prices of the

products the companies referred to deal in have

been high the past year, the published reports show

that the profits have been materially short of the

promise ; no one can fail to see the inference this situ-

ation suggests of less profit and lower values whentheir commodities rule lower, many of them being nodoubt already on the down grade.Then, too, the money market does not encourage

speculation in properties that are a little off color.

It shows this by the discrimination in loans which

prevails at present. Besides, though rates are low,

the outlook is by no means fully assured. Not un-likely, later in the season, when the return flow ofcurrency begins, money will become more settled anddependable. Yet so loDg as the Government revenue

;

continues to be in excess of disbursements and thus

nets a material surplus, and the Sub-Treasury is all

the time absorbing currency, while the difficulty

which attends the purchase of Government bonds in-creases and foreign exchange periodically hardens, alittle nervousness with reference to the future is not

unnatural. For these reasons uncertainty as to the

loan market will for the time being prevent perfect

freedom in operating, even if other conditions were

all favorable to a general speculative movement. Atthe same time, no doubt, an undertone of decided

corjfidence in the future of general business prevails,

which facilitates, after any prolonged decline in Stock

Exchange prices, a recovery like that of the last twodays.

As expected, the board of directors of the AtchisonTopeka & Santa Fe Kailway Company this week in-creased the next semi-annual dividend on the commonstock to 2 per cent. We say that the action was inaccord with expectations, because the company in its

annual report, submitted last week, made such astrikingly favorable showing that it was natural tolook for an enlarged distribution. Only one previous

semi-annual payment has been made on the commonshares thus far, namely the 1$ per cent paid lastJune. Altogether, therefore, 3 \ per cent will have been

paid out of the income of the late fiscal year. Actually

over 6 per cent was earned during the twelve months,

as we showed in our review of \ the report, and this, too,after a contribution of $900,000 to Special Betterment

Account. The 3J per cent dividend on the $102,-000,000 of common stock will call for $3,570,000. Theamount available for the dividends above the 5 percent paid on the preferred stock was $6,765,839, so

that even after allowing in full for the 3£ per cent on

the common stock, a surplus balance will remain onthe operations of the twelve months in the large sumof $3,195,837. The action in raising the dividendhas been criticized as lacking in conservatism, but it

would seem as if distributing only a little more thanhalf the amount available for dividends was hardlydeserving of very severe characterization.

Of course the fact that the corn crop in the Southwesthas proved a failure the present season suggests cau-

tion, for in the past the varying yield of this corn

crop has played an important part in the ups anddowns of this property. Bat on the point whether theloss in the corn tonnage is likely to be offset by gains

in other directions, the directors must be creditedwith better sources of knowledge than the outsider. It

is not a conclusive reply by any means to say that pre-vious experience does not support the idea that the

shortage will be made good, for never before has acrop failure been coincident with such wonderful ac-

tivity and prosperity of general trade as exists at pres-ent. President Kipley in the annual report ex-

pressed the opinion that the "Increased tonnage

in other lines of business and other terri-

tory" would compensate for the loss in Kansas and

Oklahoma, and the board of directors evidently are

of the same mind with him. That they are able toreach this conclusion after a careful survey of the

situation, is certainly a gratifying fact. But whetheror not this hopeful view shall be confirmed by subse-

quent events, one thing should not be forgotten : the

dividend now declared comes not out of the new orcurrent year's earnings, but out of last year's earning?,

the results of which are known, and have been de-

clared. One other fact should be borne in mind : forthe portion of the new fiscal year which has so farelapsed, the company has already a large amount toits credit to offset possible loss in the later months ofthe fiscal year, the returns for July and August 1901

having shown a gain of $1,753,682 in gross and of $1,-

213,721 in net over the same two months last year.

The iron trade, on the prosperity of which so manyother branches of industry hinge, continues in a state

of activity, and no developments of an unfavorable

nature are to be noted. The "Iron Age" has thisweek published its usual monthly statement, report-

ing the number and capacity of the furnaces in blast,and the character of the showing is the same as be-

fore. That is to say, production keeps large, and

stocks of iron do not accumulate, but rather continue

to fall off. The number of active furnaces October 1was somewhat less than on September 1, being 246,against 255, but the weekly capacity was in-

creased from 299,861 tons to 307,982 tons, which

October 12, 1901.] THE CHRONICLE. 755latter figure, however, falls somewhat below the maii-

mum reached in June last, when the output was 314,-605 tons per week. The "Age" says that the addition

to oapacity which occurred during September was due

principally to the resumption of a few stacks which

had previously been idle owing to the strike, and to

the starting of the new blast furnace of the Sharon

Steel Company. The most striking feature, however,

in the report of our contemporary is the further de-

crease shown in the aggregate of furnace stocks sold

and unsold. The total of these stocks on Octo-ber 1 was only 361,593 tons, against 380,-

074 tons September 1, 392,598 tons July 1

and 438,288 tons May 1. Commenting on this con-tinued contraction in stocks at a time of very large

production, the "Age" says: "On the face of it thestatistical position continues exceedingly strong.

Taking it altogether, we have now for months beenrunning close indeed for safety. It is very doubtful

whether there is two weeks' stock of pig iron in pro-

ducers' hands, which is a very narrow margin to pro-

vide against accidents or contingencies, particularly

since, notoriously, consumers are carrying very little

pig iron."

Interest this time in the monthly report of the

Agricultural Bureau at "Washington centres chiefly in

the showing as regards corn. The Bureau raises itsgeneral average for the whole country only a trifle,

making it now 52*1, against 51 '7 September 1. Thiscompares with 78*2 on October 1 of last year, and

with 82-7 and 82-0 respectively in 1899 and 1898.

The Bureau reports an improvement of 2 points dur-ing the month in Indiana, Illinois, Missouri, Kansas

and Nebraska, of 3 points in Ohio and of 4 points in

Iowa, but as this still leaves the average of Kansas

and Missouri only 21 and 31 respectively, of Nebraska

35, and of Indiana and Illinois 51, there is not the

least danger that the Bureau has made the showing

too favorable. As a matter of fact the State reports

seem all to take a more encouraging view of the pros-

pects than the national bureau.

There are about 1600,000 of these bonds which were

accepted by the Secretary of the Treasury on October

2, under the order of September 10, which are in

transit from Europe. The bonds bought this weekwer< purchased under the order of March 30.

There was no change in the official rates of discount

by any of the European banks this week. One notice-

able feature, however, was an advance in the un-

official rate at Paris of | of 1 per cent compared with

the rate a week ago, to 2± per cent, caused by the

continued loss of bullion by the Bank of France, therehaving been a decrease in gold during the week of

£470,000 and in silver of £451,000, making a loss in

the former within a fortnight of £1,222,800 and of

silver of £574,000. There was also during the current

week a decline in rates for sterling at Paris on London.

The striking feature of the statement of the New YorkAssociated Banks last week was a net gain of $1,042-

200 in cash, whereas a loss was indicated by the pre-

liminary estimates of the movements of money. There

was an increase of $5,948,500 in loans and of $7,100,-

800 in deposits; the surplus reserve was decreased

$733,000, to $15,560,025. The most important in-creases in loans were by the City, $3,274,100; the

Hanover, $1,114,400, and the First National, $1,456,-

200. The gains in cash were chiefly by the City,

$1,049,700, the American Exchange, $1,895,000, and

the Commerce, $1,586,200.The payments at the New York Sub-Treasury dur-

ing the week for unmatured bonds amounted to

$1,187,677 32, making $41,234,156 61 since April 2.

Money on call representing bankers' balances hasloaned at the Stock Exchange during the week at 4per cent and at 3 per cent, averaging about 3J percent. On Monday loans were at 4 per cent and 3$ percent, with the bulk of the business at 3$ per cent. OnTuesday transactions were at 4 per cent and at 3 per

cent, with the majority at 3f per cent. Oa Wednes-day loans were at 3J per cent and at 3 per cent, with

the bulk of the business at 3£ per cent. On Thurs-day transactions were at 3£ per cent and at 3 per

cent, with the majority at 3i per cent. On Fridayloans were at 3£ per cent and at 3 per cent, with the

bulk of the business at 3£ per cent. The demand fortime loans is quite moderate, borrowers generally

preferring to resort to the call loan branch of the

market. The offerings are fairly liberal, and largelyby out-of-town institutions. Some money is placedby foreign bankers for sixty to ninety days on choice

collateral at 4£ per cent, and contracts by domestic

lenders on this grade of security for longer periods

are accepted at 4£ per cent. The quoted rates for loanson good mixed collateral are 4|@4f per cent for all datesfrom sixty days to six months. There is some disposi-

tion among lenders to discriminate against industrialsecurity to the extent of limiting the percentage of this

collateral on a good mixed loan to 25 per cent. Wherea larger amount of industrials is offered, the rate de-manded is 5@5| per cent for sixty days to six months,according to the date of maturity of the loan. In

some cases the standing of the borrower is closelyscrutinized. The supply of commercial paper is good,though not so large as has been expected, and there isa fair demand, principally from near-by interior points.There is not much local buying, and banks report thattheir business is chiefly discounting for their custom-

ers. Kates are 4£@4f per cent for sixty to ninety dayendorsed bills receivable, 4|@5 per cent for prime and5@5£ per cent for good four to six months' singlenames.

The Bank of England minimum rate of discountremains unchanged at 3 per cent. The cable reportsdiscounts of sixty to ninety day bank bills in London2^@2£ per cent. The open market rate at Paris is2£ per cent, and at Berlin and Frankfort it is 2£@2£per cent. According to our special cable from Lon-don the Bank of England lost £784,319 bullion duringthe week and held £37,373,305 at the close of theweek. Our correspondent further advises us that theloss was due to exports of £275,000 (of which £270,-000 were to Egypt and £5,000 to Batavia) and to£509,000 net sent to the interior of Great Britain.

The foreign exchange market has been generallystrong this week, influenced by a dearth of com-mercial bills and by a demand to cover maturing con-tracts and also to remit for stocks sold for European,chiefly London, account. The scarcity of commercialbills this week is reported to have been caused byrains in the West, which retarded the movement ofgrain to the distributing centres. The cotton plant-ers, encouraged by the advanoe in the price of the

staple, are holding their cotton in the expectation of

756 THE CHKONIGLK. [Vol. lxxiii.

realizing a further rise in price, and it is claimed that

many of these planters are sufficiently well pro-

vided with funds to enable them to defer market-

ing thur product for some time. The death

oi' the Ameer of Afghanistan, news of which event

reached London on Monday, seemed to have given

rise to some political disturbance reflecting a fear

that Russia might take advantage of the event to

make a military demonstration upon the Afghanistan

frontier which Great Biitain might not be able suc-

cessfully to resist. This caused some depression in

the London stock market, and there was liberal sell-

ing of American securities through the arbitrage

houses, which caused a demand for exchange for re-

mittance. .Maturing sterling loans to considerable

amounts were paid oil this week, thus influencing a

demand for short sterling, which inquiry, together

with that for remittance above noted, will ac-

count for the rise in this class of bills.

There was some speculative selling of sixty to

ninety day sterling in the expectation of covering

at a profit in December and January and also a

renewal of sterling loans and making of new con-

tracts of thiB character. At the same time a demand

was noticed for long sterling to be forwarded for dis-

count or used for remittance in place of demand bills.

These various inquiries in a market insufficiently sup-

plied with bills will readily account for the strong

tone which generally prevailed this week. Fxancs

were higher after Tuesday, influenced by the ad

vance in the open market discount rate at Paris and

also by the fall in sterling at Paris on London. The

assay office paid $1,189,784 17 for domestic bullion.

Gold received at the Custom House during the week,

$64,816.

Nominal rates for exchange were advanced by some

of the drawers after Wednesday to 4 84^@4 85 for sixty

day and to 4 87 for sight. There was somewhat un-

usual activity in the exchange market on Saturday of

last week, especially in short sterling, the bid quota-

tion for which advanced one-eighth of a cent com-

pared with that on the previous day, to 4 85&, while

the asking rate remained unchanged at 4 85f . The

bid quotation for cables also rose one-eighth of a cent,

to 4 86-£. Rates for long sterling were a shade easier,

this tone being reflected in a decline in the ask-

ing quotation to 4 83£. On Monday the market wasstrong at an advance compared with Saturday of

one- quarter of a cent for long, to 4 83$@4 83|and of one- eighth of a cent for short and for

cables, to 4 85f@4 86 for the former and 4 86£@4 86*for the latter. On Tuesday long was one-eighth ofa cent higher, at 4 83|@4 83£, while short was ashade easier at 4 85f@4 85£, and there was no changein cables. On Wednesday long remained unalteredwhile short advanced one-eighth of a cent, to 4 85£@4 86, and cables rose one-quarter of a cent, to 4 86i@4 86f. On Thursday the market was quite strong allaround, long moving upward one quarter of a cent, to

4 84@4 84£, and short and cables one-eighth of a cent,to 4 86@4 86i for the former and to 4 86£@4 86| forthe latter. The market was firm on Friday until theafternoon, when it grew easier in the absence of de-

mand. The close was at 4 84@4 84 £ for long, 4 86®4 86£ for short and 4 86f@4 86| for cables. Com-mercial on banks 4 83^@4 83| and documents for pay-ment 4 83^@4 83f. Cotton for payment 4 83£@4 83£,cotton for acceptance 4 83}@4 83f and grain forpayment 4 83£@4 83|. The following shows daily

posted rates tor exchange by Borne of the leading

drawers:

FBI.,VrU 1

Mux,Oct. 7. 'jet. a.

H'r.i)

Oct V.Thctr.,Oct. 10.

FBI.,Oct 11.

Brown Bros| fuStf."

.

4844 BOH so*

>i4*86*

8«H80* 87

H4*87

Oaring, (WdiiiiMagonn A Co.. ( Bight...

.

4844 86*

84bO*

84*86*

84*BO*

fe5

87-5

87

Bank British ( 00 daysNo. Amerlot ,. . ( Sight...

4-44 ye Mi

848o*

848«*

S4*86)*

84*87

84*87

Bank of (00 days. 4 844 80*

8480*

fc4

eo*msex *>*

64*86*

Canadian Bank (00 day*,of Gommero*. . < Sight...

.

4844 sew

8480*

8480*

8480*

34*86*4

84*86*

Uttdelbaoh, lok- ( 00 days.elbelroer A Co. ) Bight...

.

4844 86*

8480*

B486*

8*86*

84*97

84*87

I^dFwoo... {•»*£• 4844 sex

8486*

M8«*

M80*

84*87

84*87

Marohanu' Bk. j 60 daysof Canada (Bight...

4844 80*

B4 84B6M

84MM

84* t4*BO*

The following gives the week's movements ofmoney to and from the interior by New York banks.

Wuk BnMnt October 11, 1001. lUttiVtA byy. T. Bank*.

8Mwt4 >>Vy. T. Bank*.

Stt interiorUmtmtnt.

M.160.000

041.000

10.089.000

1.147.0O0

Lou. 11,889,000Sold Los*. 206,000

Total gold and legal tender* 16.091.000 17,186.000 Loss. (2.096 000

With the Sub-Treasury operations the result is asfollows.

Wuk Bndint October 11, 18*1. InUBank*.

Onto/Bank*.

Ntt Chant* tnBank HoUUnau

Banks Interior movement, a* above 15.081,0002S.400.000

•7,186,000

22,200.000

Lobs. •S.096,000

Gain. 1,800,000

•28.491 000 •10.386 000 Los*. $896,000

The following table Indicates the amount of bullionin the principal European banks.

Bank o.f

Jnglandrranee

(Jermanyanssla

Ana.-Hang'y.Spain ,

Italy

Netherlands.

Nat. Belg'm

rot-ttals weekTot. orey. w'k

October 10, 190L October 11, 1908.

©old. BUvtr.

a87,878.305

94,293,826

97,482,000

07,856,000

46,038.000

14,006,000

15,800.000

6.755,190

8,161,883

44,039,092

14,132,000

6,085,000

10,883,000

17,130,000

1.068 800

5,640.800

1,580.667

Total.

187.378305138.382,018

11,564.000

78.440.000

•5,800,000

31,141,000

17308 80011.404,400

4,711.000

Sold.

183,609.846

01,462.012

24,803,000

73,193,000

87,877,000

13,680.000

15,425.000

4,870.000

2,882 000

BUvtr.

44 724.403

12.823.000

6,810,000

0336,000

i18,707.000

1,071,000

5,610.000

1,441.000

Total.

*83,599,845

189,187,01;

37,710,000

79.808,000

47,718,000

80,390,000

17,090.000

10,410.000

4,323,000

810,808 664 101418860 411.727.423 297.800.457 09,86? 408 197.248.800311.244.991 102157733 418.402 721 299.717.155

,

98.858.038'S9S 576.087

THE UNSETTLEMENT ON EUROPE'SMARKETS.

Disturbance, not acute but unusually protracted,

on the European financial markets in the past fewweeks, has had more or less to]do with the simultane-

ous depression on our own. The foreign unsettle-ment has been expressed injarious ways, apart from ageneral lowering of values. What may, perhaps, becalled its characteristic features were a sharp fall in

British consols to the neighborhood of the year's low

price, a heavy break in active copper shares at Paris,

a rise in money and a sharp fall in French exchange onLondon, and an unexpected advance of the Imperial

German Bank rate, apparently to protect the Berlinmoney market. Each of these incidents suggests a causeof the recent uncertainty and depression. It will be

worth while, perhaps, to examine all of them and seehow much of reality or permanency there may be inthe existing disturbed situation.

That a period of discouragement should have pre-

vailed on English financial markets is not surprising.

Indirect as is the influence of the Transvaal blockade

on our own markets, the recent signs that the end ofthe war was farther off than had been anticipated had

an unfavorable effect even here. In England ,its

influence has been more direct and positive. Thecontinued stoppage of the African gold supply, which

up to the close of 1899 was flowing to London at the

UCTOBKK 1^, 15*H.| i n i. x*v^r* 11 l. r>.I

•>.

rate of $8,000,000 monthly, is a factor of some

moment, although Great Britain's stock of gold in

Bank of England and in the interior has increased.

It should also be observed that the war is costing to-

day more than at any time since its beginniug. Even

in the six past months of desultory warfare the

758 THE CHRONICLE [Vol.. LXXIII.farther reference to the matter ia the present report,

bat it is known that no substantial change ia themileage occurred during the twelve months. The re-port Btates, however, that the Central's holdings of

stock in the Cleveland Cincinnati Chicago & St. Louisand the Lake Erie & Western—the one standing onthe books Jane 30 1900 at a cost of $4,307,379 and

the other at a cost of $2,897,642—were during theyear disposed of to the Like Shore & Michigan South-ern Company. The transfer seems an appropriateone, as the roads named are in the territory of theLake Shore rather than in that of the Central. Ofcourse the Central's control over these roads is as

effectual in the one case as in the other, since it ownspractically all the stock of the Lake Shore. While onthis subjeot of the Central's proprietary interest in

other lines, it ia interesting to note the appearance of

a new item this time, namely an interest of $1,-050,000 in the New York New Haven & HartfordKulroad.

The New York Central report is of course notbasedon this large aggregate of tea thousand miles of road,

but merely on the mileage directly operated east of

Buffalo—embracing with the Boston & Albany 3,223miles, and without that road 2,829 miles. On thatbasis it is possible to make comparisons with earlierperiods, and these comparisons furnish signal testi-

mony to the growth, the progress and the develop-ment which has been effected in recent years.The Boston & Albany lease dates from the 1stof July 1900, and hence its operations are in-

cluded in the results for the first time. This

would be a disturbing feature in the compari-

sons except that all through the report the figures

for 1900-1 are given both ways—that is, without theBoston & Albany as well as with it. Including theBoston & Albany, gross earnings in the late yearreached the large total of $66,333,111; excluding

that road, the total of the gross is $56,401,714. Atthis latter figure, the amount is the largest in thecompany's history, and the passenger and the freight

earnings are also each the largest on record. The pre-vious year the gross was $51,562,951, and in 1898-99

but $48,124,015, the mileage remaining substantially

unchanged in these three years. In 1896-97, on asomewhat smaller mileage, the amount was but $45,-199,465.

If we go back to 1884-5, which was just before theabsorption of the West Shore, we find that gross atthat time was but $24,429,441. Of course, in theinterval since then the length of road operated has

been considerably increased, the Beech Creek, the

Home Watertown & Ogdensburg, and some otherroads having been acquired, but in a general way thiscontrast between the $56,401,714 earned in 1900-01

(or $66,333,111 if the Boston & Albany is embraced)and the $24,429,441 earned in 1884-5 indicates howgreatly the business of the New York Central has beenextended during the last sixteen years. One othercontrast may be permitted. During the current ornew fiscal year the earnings have been showing furtherlarge increases from month to month. As a result theaggregate of the gross for the quarter ending Septem-

ber 30 1901 (including the Boston & Albany) has gottip to $19,422,234. In 1884-5, as we have already seen,the amount of the gross for the whole twelve monthswas no more than $24,429,441.When we compare present operating and traffic

statistics with this earlier period, evidence of progress

is seen on every site, the increased economy andefficiency with which the property is being operatedbeing not the least of the results disclosed. To statethe situation in brief, the freight trains in the late

year earned $2 11 per revenue train mile run (theBoston & Albany not being include 1 in the computa-tion), as against only $1 29 per mile run in 1884-5,and this result was obtained on an averaga rate perton per mile of but 58 mills in 1900-01, as against 6'8mills in 1884-5. The train mile revenue has beensteadily enlarged in recent years, but this is decidedly

the best showing yet made. The average train load-was further increased, bringing it up to 367 tons(revenue load), which compares with 363 tons in theyear preceding, with 338 tons in 1898-99, with 264

tons in 1894-5 and with but 188 tons in 1834-5. Thefact that the average rate realized on the tonnage

moved in the late year was but 5 8 mills per ton permile, while in 1884-5 the average was 6-8 mills, indi-

cates in an impressive way the new conditions whichhad to be met. The reader may miss the significanceof the comparison without a reminder that 1884 5 was

the fiscal year preceding the West Shore settlement.The situation then is, that the Central is now movingfreight at an average rate nearly 20 per cent less than

that obtained at the time of the worst trunk-line warin American railroad history, and is doing it too (byreason of the operating economy and efficiency effected)in a manner to yield a good profit.As is well known, enormous amounts have been spent

in recent years in improving the property and addingto the company's facilities for moving traffic. In partthese outlays have been provided from earnings, in

part from additions to capital account. Thus, the 15millions increase in capital stock made the previousyear wa3 entirely for the purpose of acquiring addi-

tional equipment. The wisdom of these and theother large expenditures made is shown by the in-creased operating efficiency obtained, as disclosed by

the foregoing figures, and by the successful and satis-

factory way in which the company is handling avolume of passenger and freight business which istaxing the capacity of the road to the utmost. Thela3t few years a great deal of money has been spentin rebuilding and strengthening bridges, and as bear-

ing upon the importance of this work, it may be notedthat the engines now in use could not have gone overthe old bridges west of Syracuse.

It is proper to say with reference to the decline in

rates that at 5*8 mills per ton per mile the average for

the late year is slightly better than that obtained in 1899 -

1900 and in 1898 99, on both of which occasions the

average was 5 6 mills. With that exception the figure

was never so low as at present. The trifling improve-ment may be ascribed in part to the better mainten-ance of trunk-line rates and also coal rates, but in the

main it would seem to follow from an increase in the

proportion of the high-class freights carried—thoseon which rates are highest. The report states thatthe increase in articles of that description was a

feature of the year's traffic, and we also observe that

there was at the same time a falling off in the bulky

or low-class freights. Aggregate revenue tonnage

was somewhat smaller than in the year preceding (the

comparison being 37,403,122 tons, against 37,586,496

tons), and the loss was entirely in the low-class arti-

cles; thus of grain and flour the road carried 187,432

tons less, of hay 166,360 tons less _and of bituminous

coal and coke 780,596 tons less.

OCTOBEK 12, 1901.

J

THE CHRONICLE. 759As we showed a year ago, a feature of the Central's

recent traffio development has been the growth of the

coal tonnage obtained through the lines running down

into Pennsylvania. Notwithstanding the temporary

decrease in this traffic which occurred the late year,

the tonnage in coal and coke was 14,185,150 tons out

of a total freight traffic of all kinds of 37,403,122,

It thus forming over 35 per cent of the whole.

The management are planning to still further extendthis traffic and alBO to move it with greater cheapness.

This is the meaning of the acquisition last February

of the Susquehanna & Clearfield Railroad (a branch ofthe Philadelphia & Erie Railroad) and its consolidation with a number of projected roads under thename of the Beech Creek Extension Railroad. Thework of constructing the new mileage is well advanced

and its completion and the lease of certain trackage

rights from the Philadelphia & Erie will give the Cen-tral a low-grade route for its coal and greatly facili-

tate the economical distribution of the same in NewEngland. The importance of the new line will ap-pear when we say that over it two engines will be able

to do the work now requiring eight engines on theBeech Creek Railroad. The willingness of the Penn-sylvania Railroad, which controls the Philadelphia &Erie, to give the Central trackage rights over one of

its lines is evidence that there is no friction in the

matter between these two great systems. The Penn-sylvania Railroad people evidently understand that

the Central simply seeks to handle to better advan-

tage the coal on its own lines which naturally belongsto it.

Another very noteworthy feature in the Central's

progress is the great expansion in the road's passenger

business. The passenger earnings in the late yearamounted to $16,738,344, as against $15,464,294 inthe year preceding, and but $13,880,514 in 1898-99. Lest

it may be supposed that the increase reflects thetravel to the Pan-American Exposition at Buffalo, wewill say that this did not play any important part in

the road's business until the current or new fiscalyear. The figures as here given do not include theoperations

:

of the Boston & Albany. On 1 he latterthe passenger earnings are nearly as large as the

freight earnings. It is a noteworthy fact that on cur-

rent business the Central just at the moment is en-joying the same distinction, as the travel to the Buf-

falo Exposition is now very large. Taking the threemonths to October 1 1901, the Central's freight earn-

ings (including the Boston & Albany) are found tohave been $9,688,033, while the passenger earnings

for the same three months (the Boston & Albany alsobeing included) foot up $8,181,494, with $1,043,060more of mail and express earnings, making $9,224,-554 together.

The income account shows that the surplus balanceremaining on the operations of the twelve monthsafter the payment of dividends was $1,785,881, against

$3,041,527 for the twelve months preceding. But

$812,500 of the decrease of $1,255,645 is accounted for

by enlarged dividend requirements, first because the

rate was higher (it being full 5 per cent), and secondly

because the distribution was on a heavier amount ofstock. It also appears that an addition of $1,838,762

to the gross earnings during the year yielded no addi-

tion to net earnings, but was attended by a decrease

of $272,295 in the same. In other words, there was

an augmentation of $2,111,058 in expenses. Of thisaugmentation, $1,504,299 was in the cost of conduct-

ing transportation, and reflects the higher cost of

labor, fuel, materials and supplies. The remainder ofthe augmentation was due to a further increase in themaintenance outlays, which had previously been of ex-traordinary amount. As showing what is being donein that direction, we may note that for maintenanceof way and structures^and maintenance of equipmentcombined, no less thau $13,428,338 was spent in the

late year and $12,788,377 in the year preceding,against $10,248,751 in 1898-99, and still smalleramounts in previous years. The $13,428,338 is equalto $4,746 per mile of road operated. Another way ofindicating what is being done is to compare the ratios

of expenses for the different years and to note the per-centage contributed by each leading group of ex-penses. Thus in 1897-98, when the ratio of expensesto earnings was 64*00 per cent, cost of conducting

transportation was responsible for 40*34 per cent andthe maintenance expenses formed 21*20 per cent ofthe amount. On the other hand, in the late year,with the ratio of expenses nearly the same as in thisearlier year, namely 64*12 per cent, cost of conductingtransportation counted for only 37 96 per cent, butmaintenance expenses for 23*81 per cent.

We have stated that the surplus above charges forthe late year was $1,785,881. This is without theBoston & Albany. With that road included, theamount is $1,992,183. The latter is equal to aboutIf per cent on the $115,000,OCO of stock in additionto the 5 per cent actually paid on the shares. This isthe result, too, after exceptionally heavy outlays forimprovements and betterments, as we have seen, andwhich were charged directly to expenses. Out of the$1,992,183 surplus, $1,500,000 was set aside to becarried as a special fund out of which the cost of newbridges and additional rolling stock, etc., is to be de-frayed. It will be remembered that in the previousyear $2,000,000 had been similarly set aside, making$3,500,000 for the two years.

BURLINGTON & QUINCF REPORT.Though the Chicago Burlington & Quincy is no

longer an independent property, control of the stockbeing held jointly by the Northern Pacific and theGreat Northern companies, public interest in thecompany's affairs continues as active as ever. Thesystem embraces eight thousand miles of road, andin point of earning capacity it surpasses all but oneof the large systems running out of Chicago. It has,moreover, always been conservatively and yet pro-gressively managed, and it has a record of prosperityequaled by few other railroads in the United States.As showing that on the basis of present earnings

(taking gross earnings a3 a standard) the Burlington

& Quincy outranks the other large systems, its neigh-bors, we may note that the further increase estab-lished the late year brought the total of the gross upto $50,051,989. The Chicago Milwaukee & St. Paulduring the same twelve months earned gross $42,-369,012. The Chicago & North Western in the fiscalyear ending May 31 1901 earned $43,098,587, whichwould be increased to $47,386,393 if the trans-Mis-

souri lines were included. The Rock Island, in theyear ending March 31 1901 had $25,364,695gross. The Atchison Topeka & Santa Pe, how-ever, in the late fiscal year earned somewhat morethan the Burlington & Quincy, its gross for the twelvemonths having been $54,474,822. It is also interest-ing to note that the income of the Northern Pacific)

760 THE CHRONICLE. [Vol. LXXUI.and the Great Northern combined in the latest year was

only about 20 per cent more than that of the Bur-

lirjgton & Quincy alone. The Great Northern hadgross of $30,504,386 for the twelve months and the

Northern Pacific gross of $32,660,984, making $63,-

125,370 together, as against the Burlington &]Quincj's

total of $50,051,989.

The annual report discloses no especially noteworthyfeature, and the results are about as expected. Traffic

and revenues show continued development. We havestated that gross for the twelve months was $50,-

061,989. This compares with $47,635,420 in the

year preceding, with only $43,389,424 in 1898-99

and with but $42,800,163 in 1897-98. It will no

doubt come as a surprise to most persons to

hear, that taking this term of years, the absolute

amount of addition to passenger earnings^has been

larger than the amount of addition to the freight

earnings. The latter have risen from $30,543,640 in1897-8 to $33,662,221 in 1900-01, giving an increase

of $3,118,582, or a little over 10 per cent. The pas-senger earnings, on the other hand, have moved upfrom $8,153,042 to $11,624,746, the increase in this

case being $3,471,704, or considerably over 40 per

cent. The enlarged passenger revenues reflect theactivity and prosperity of trade, and show that the

crop tonnage is not the only element in a road's prog-

ress and welfare.

In the net the changes have been comparatively

small, notwithstanding this steady and large addition

to gross receipts. For 1900-01 the total of the net is

$15,983,081, which is less than for the preceding

year, when the amount was $16,113,078; in 1898-99the total was $15,253,959, in 1897-98, $14,989,276. It

is evident, accordingly, that most of the gain in

gross receipts has been absorbed by augmented ex-penses. An analysis of this augmentation in expensesthrows an instructive light on the company's policy in

making, like so many other large companies, exten-sive outlays for renewals and betterments, and charg-

ing the same to expenses. Comparing 1897-98 with1900-01, we find that expenses in the later year were$32,441,890, as against $26,272,218 in the earlier

year. The addition is $6,169,672, of which only$2,832,751 was in the cost of conducting trans-

portation. General expenses account for $352,448

more of the increase. All the rest was dueto enlarged maintenance outlays. These maintenance

expenses were $14,770,901 in the late year, as against

only $11,786,427 in 1897-8, an increase of over 25 per

cent. In the earlier year the company carried $1,-000,000 to Renewal Fund out of surplus earnings.There has been no corresponding appropriation in

any of the years since then, but it would appear fromthe great expansion in the maintenance outlays that

all the renewal requirements are now directly in-cluded in expenses.

The income account shows that the company earned(on the basis of the liberal maintenance outlays noted)

a surplus over and above the dividends paid for twelvemonths of $1,472,849. These dividends aggregated,

however, only 6£ per cent. To reimburse the North-ern Pacific and the Great Northern for the annual In-terest they are obliged to pay upon the bonds theyhave issued in exchange for the Quincy stock, it wouldbe necessary for the Quincy to pay 8 per cent divi-dends. At that rate the requirements for dividendswould be $8,846,216, and there would be a shortage of$720,809 on the late year's operations. Of course this

merely indicates what the result would have been inthe late year had the arrangement under discussionbeen in effect during these twelve months. As amatter of fact, it did not become effective until thebeginning of the current fiscal year.

In this new fiscal year the owners may be some-what handicapped by the shortage of the corncrop in the territory tributary to the Quincylines, corn being a very important item of traffic withthe Burlington & Quincy. But even if there shouldbe a deficiency during the first one or two years of thecontrol of the road, it would signify nothing as to theadvantage or profitableness of the arrangement. Ina transaction of such magnitude it is long views, notshort views, that must govern. The United NewJersey lines of the Pennsylvania Railroad showed alarge annual deficit during the early years of theiroperation, but they later became independently profit-able, and have remained so. Besides, in the Quincycase the plans of the new owners as to the futureadministration of the property have not yet been dis-closed. Doubtless they expect through a concentra-tion of the management of the three properties toeffect important savings in operations. The threeroads together, we have seen, earned over 113 milliondollars gross in the late year, and with such a largeincome there ought to be a chance for considerableeconomies.

RAILROAD GROSS EARNINGS FORSEPTEMBER.

We have another remarkably favorable statement ofrailroad gross earnings. Oar compilations below coverthe month of September and show a gain over thesame month last year on the roads reporting in thelarge sum of $6,536,704, or 10*46 per cent. The im-provement is the more noteworthy as business was toan extent disturbed by the assassination of PresidentMcKinley. The day of the funeral (September 19)was a legal holiday, and business was also quite gener-ally suspended on the day of his death, which occurredSaturday morning, September 14.

On the other hand, it is proper to say there werealso some decidedly favoriDg influences—we meanaside from the continued prosperity and activity ofindustrial interests, which would ensure a largevolume of traffic over the railroads in any event. Thusthe Pan-American Exposition at Buffalo played animportant part in swelling the passenger business of a

number of roads, particularly those in New YorkState. The New York Central reports a gain for themonth of $811,823, and there is good reason for believ-ing that practically the whole of this was contributed

by the passenger department. In the Northwest theroads suffered last year from the failure of the spring-

wheat crop. This year, with that crop abundant,there are naturally noteworthy gains by contrast.

This applies to the Great Northern, which reports an

increase of $720,112; the Northern Pacific, which hasan increase of $687,729; the Canadian Pacific, whichhas an increase of $554,508; the Milwaukee & St.Paul, which has an increase of $422,031, and to the"Soo" road and a number of others. Then also itshould be remembered that last year the anthracitecoal strike was a disturbing feature, and that down inTexas nearly all the roads suffered more or less fromthe havoc wrought by the great cyclone at Galves-ton, which nearly wiped out that place.

OCTOBER 12, 1901.] THE CHRONICLE 761Incontiadiaiiuotiou to thoae favoring influences, me

grain movement at the West (outside the spring-wiiuat

area) and the cotton movement in the South both un-derwent the present year considerable contraction,

which therefore tended to reduce oarnings. The re-ceipts of wheat at the Western primary markets, owing

to the large spring-wheat arrivals at Dulath and Min-

neapolis, reached 34,551,979 bushels for the four weeks

ending September 28, against only 29,861,105 bushels

in the corresponding four weeks last year, but the re-

ceipts of corn, which had dropped in 1900 from 26,-

214,002 bushels to 17,524,363 bushels, dropped still

further to 12,784,494 bushels. The deliveries of oatsalso fell off from 17,486,215 to 12,104,403 bushels.

Here are the details of the Western grain receipts inour usual form.

RECEIPTS OF PLOUB AND GRAIN FOB FOI It WEEKS ENDINGSKPTKMIIBR 28 AND SINCE JANUARY L.

OMcaoo—4 wks. Sept. .19011 wk». Sept.,1900Since J iiu.l, r." 1

1

SlnoeJan.1,1900Milwaukte—

1 wkg. Sei t.Ji'014 wkR. Sept., 1900Since Jau.l, 1901Since Jau. I,l90u

U. Loutj-4 wks4 wks. Sept.Since Jan. 1,Since Jau.l,

(boli.)

(oledn-4 wks. Sept.4 wks. sept.Since Jan. 1.Since Jan. 1,Detroit

4 wks. Sept.4 wks. sept.Since Jan.l,Since Jan. 1.Cleveland-

4 wks. Sept.4 wks. >cvt.Since Jau.l.Since Jan. 1,Ptona—

4 wks. Sept1 wks. Sept.Since Jan. 1,Since Jan. 1.

,1901,190014*01

1900

190110001901l'.'Oo

1901iyoo11101

1900

1901190019011900

190119(K1901190H;

713,19:,497,040

7,192,2267, 224,60b

978,62b

J,9i7,o252,251,900

173.04&214,4*0

1,627,2461,900,666

8,4 1(

80,907667,981664.08

29.05088,i:0<

26rf,416

198,500

48.328

'69,132137,282

57,37k8»,00(

734.6«702442i

603.E00016.50U

3,027,686,3,422,226

8,7017,2l)i

199.613

4 wks. Sept. ,19014 wks. Sept.,1900Since Jan. 1. lHulSlnoe Jau.l. 1900AMnt. >fipn|(>-

4 wks. Sept.,19014 wks. Sept.,19o0oince Jau.l, 11)01BlnceJaii.l, 1900

Kansas City-4 wks. Sept., 19014 wks. Sept.,1900Since Jau.l, 1901Since Jau.l, 1900

Total of alt-4 wks. Sept., 1901 1.S01.626 84,551.9?v-| 12,784,4944 wks. Sept.,1900 1360.779 29.Hrtl.103 17,621.803Since Jau.l, 1901 16,41983- lOW,7H6,Hbl 139.030,687Since Jan.l, 1900 ir,0i0,096 152,796,124 168.9*5, 114

Wheat,(bus A.)

8,888.1038.421,885

8tl,2->4>2>>

20.301,216

946,050934,60J

7,3

762 THE CHRONICLE. [Vol. LXXIII.

ARNINQB OF NORTHWESTERN AND NORTH PACIFIC ORODP.

September. 1901. 1900 1HU9. 1898. 1897. 1896.

t t t t $ t

Bnrl.Ced.R.4 No 487,666 407.186 660,016 589.407 466,406 418,668Canadian Pacific. 8.21S.OO0 2,663.492 3.640.7H6 2,8»6,:i85 8,844,689 1.826.080

Okie. Qt. West.... 635,798 629,429 670.916 651.640 624,146 438,181

Ohio. Mil. A 8t. P.. 4,160.492 8,728.481 8.879,402 8,092.186 8,210.807 2,878,180Dnlath 8.8.4 Atl. 241,440 222,083 MX.488 169.018 162.758 154 640

BTeat Northern.. 3,590,002 $2,876,850 $8,118,272 $ 2,885,288 2.489,756 2,170.200

202.601 206.830 237,831 809,937 172,477 144.878

Minn. A. St. Louis. 301.586 874,449 876,090 228,810 225.029 207,688

M.8t.P.4S.S.M. 640.16V 874,479 518,760 6"2,:«1 411,938 870,800

Horth'n l'acltic. >8t.Paul4 Dnl. >

63,819,284 b3131506(68,296.753 62,941,466 2,510,1-40 1,888,177

199,010 184,226 177,391 169,641

St. Jos. & Or. Isl.. 104,411 128,671 135,419 106,441 109,066 69,445Wisconsin Cent'l. 489,222 470.181 668,710 486,784 488,940 370,988

Total 17.787,475 15.172.40S 16,395,887 14.868.170 18.S32.16S 11,052.640

t> Inclmles proprietary lines In these years.I In these years includes the earnings of Spokane Falls 4

EARNINGS OF BOOTHBBN GROUP.Northern.

September.

Alabama Qt. So..Cant. Of Georgia..

Cheaap.4 Ohio...0inJ*.0.4Tex.P.&oaiiv.4Nashv.bMobile 4 Ohio....Ha»h.Chat.4 8t.L,

Hortolk 4 West.Southern RyMemphis Dlv8t. Louis Dlv

Taaoo 4 Miss.V a!

Total

:1

1901. 1900.

t •

193,304 178,369

685,611 648,695

1.448,679 1,858,602

'432,162 891,827

2,488,735 2,216,729

+470,50? +476,976

$626,653 $621,879

1,405,107 1,828,104

c3,068.121 c2.967.656

451,266 438,569

11,119,037 10,636,805

1899. 1898. 1897.

$ t

131,834 151,801 140,081

652,964 458,224 600,096

1,123,618 1,022,801 937,824

443,812 449,019 827,146

2,327,'a" 1.940.967 1,884,878

+478,809 332,291 343,458

$626 216 528.178 4 fc6.85l

1,232,870 1,018,976 1,028,80b

( C2882310 c2.487.508 cl,9i5,366

I 184,644 147,149 143,143

448.824 309,506 329.401

10,272.697 8.845,318 8,011,281

1896.

~~i138.620

488.613

869,855

284,551

1,756,698

316.899

435.022

864.816

( 1692234

i 115.156

143,642

372,790

7,474,923

•Figures for fourth week of September not reported; taken same as last year.+ Includes Montgomery Division tor these years.t Includes Paducah 4 Memphis Divisiou In these years.• Freight on material carried for company's own use is no longer credited to

Darnings, the item having been eliminated from both earnings and expenses.The figures for 1901 and 1800 are given on this basis.c Figures for 1901, 1900, 1889 and 1898 Include South Carolina 4 Georgia,

Mobile & Birmingham and 161 miles of Atlantic 4 Yadkin and Atlantic 4Danville.

EARNINGS OF SOUTHWESTERN GROUP.

September. 1901. 1900. 1899. 1898. 1897. 1896.

t 8 * 1 8 1

Choc.Okl.4G. 426.665 270.259 182,831 132,646 118.855 103,891

Den.4RloGr. 1,097,200 1,080,100 957,276 804,935 731,313 628,026Ini.4Gt.No.. 405.490 385,215 442,861 422.69? 378,948 886,381

Mo. K. 4 Tex 1.483,102 1,326,861 1,328,477 1,258,378 1,246,567 1.206,808Mo.P.4Ir.Mt. 3,823,000 2,943,000 2,794,661 2,485,689 2,e08,085 1,977,434B. Or. West.. 469,500 453,600 377,552 3O1.5S0 801,571 210 674at.Ii.4S.Fr. +1,658,101 +1,490,660 754,881 627.995 025,112 541,620

SUIb South w. 609,195 651,418 621,162 621,812 489,701 460,411y«xas4 Pao. 905,113

10,362.271

844,806

9,290,719

718,283 666,363

7,231.933

7C4.483

7,199.635

608,904

Total. 8,076,038 6,178,803

•Fourth week or September not reported; taken same as last year.tEarnings for 1901 and 1900 cover the St. Louis A San Francisco proper and

the Kansas City Ft. Scott & Memphis and Ft. Worth & Rio Grande.EARNINGS OF TRUNK LINES.

September. 1901. 1900. 1899. 1898. 1897. 1896.

$ $ f $ $Sal. 4 OhioB.40.S.W \

4,187,390 3,927,258 8,620,830( 2.636,271

< 701,466

2.433,750

595,180

2, 892,931

525,561

C.C.C.4StL 1.662,116 1.523,837 1,604.226 1,400,326 1,239,096 1,123,256Peo.AEast 218,345 196,695 186.060 170.785 168.01-8 151,089fi.T.of Can. ) f 2.0S0.958

< 310.489' 97,832

1.868,730 1,968.693 1,838.788©r.T.West > 2,628.773 2,488.949 302,172 281,289 252,971B.6.H.4M ) 92,203 107,639 94.115B.Y.C.4 H+ 6,688,672 5,874,849 4,843,781 4,234,062 4,537,679 3,981.467Wabash.... 1,681,283 1,616,670 1,497,841 1.238.639 1,203,609 1,060,030

Total. .. 17,024,679 15,607,058 14,161,517 12,592,654 12,633,833 11,320,186

+ Boston 4 Albany included only in 1901 and 190U: the Beech Creek RR. andthe Wallkill Valley RR. for all the years, and the Fall Brook system afterMay 1, 1899.

WARNINGS OF MIDDLE AND MIDDLE WESTERN ROADS.

September.

Ann ArborJSufLRoch. 4 PittsChicago 4 Bast 111.Chlc.Ind.4 Louisv.

Clev.Lor.4Wheel.BvanBV.4TerreH.Hocking Valley...Illinois Central $..

Pare Marquette...Pittsb'g4 West'n.St. L. Van. & T. H.Tol. 4 Ohio Cent.

.

Tol. Peo. 4 West.

.

Tol. St. L. 4 West.Wheel. 4L. Krie..Clev. Can. 4 So..

Total

1901.

9143.187

660.843

493,795

388,593

239,612

122.116

451,889

3,358,666

806,712

348,661

177,282

227,793

98,276

208,367

\£00,736

7,922,688

1900.

8

134,659

494,618

478.659

349,210

172.132

119,697

391,056

3,112,621

742,961

300,003

174,474

199,271

107,683

170,241

256,884

1899.

7.197,034

•141,638

409.693

448,626

371,141

171,826

125,081

345,600

2,787,104

678,882

898,766

180.679

189,746

104,429

168,789

233,604

6,597,882

1898.

8121,065

338.231

396.276

323,626

134,130

108,067

241.888

8,334,614

+867,961

299,904

170,641

164,700

95,378

194,695

t 127,628

( 62,913

5,821,296

1886.1897.

~1~8

110,497 93,079

818,038 234,114

346,572 315.118

311,678 265,524

124,059 98,993

117,943 86,147

233,138 228,817

2,846,20.! 1,910.054

+536,906 +499,097

287,740; 318,723

144,631 183,669

187,699 156,068

88,383 84.612

196,760 183,194

111,972 101.831

63.690 G2.493

6,456.909 4,709,856

Includes the operations of the St. Louis Alton 4 Terre Haute for all the7fiajs. The Chesapeake Ohio 4 Southwestern and Ohio Valley are included forH9.h 1900 ' 189H ' 1898 and 189? . and Chicago 4 Texas for 1901, 1900, 1899 and1898. Result* on Yazoo Branch are not included for 1901, 1900, 1899 and 1898.+ These figures are simply the totals of the Chicago 4 West Michigan, De-

troit Grand Rapids 4 Western and Flint 4 Pere Marquette combined.

GROSS EARNINGS AND MILEAGE IN SEPTEMBER.

Grot* Eamtna*. Mileage.

Name of Road. Increase or1901. 1900. Decrease. 1901. 1900.

Alabama Gt.Bouth'D

.

8193,301

*173,369

8+ 19,935 310 310

A.la.N.O.ATex. Pac—N. Orl. A No. East.

.

154,978 156,006 —1,028 196 196Ala. A Vlcksb 77.654 67.762 +9.892 143 143Vloksb. Shr.APac. 71.383, 68,849 + 2.534 188 188

Ann Arhnr 143,127 134,559 + 8,568 292 292Atlanta Knoxv.& No. 52,880 36,341 + 16,539 228 226Atl. Valdosta AW... 22,906 16.829 + 6,077 118: 118Ba timore A Ohio. 7Bait. & O. So'wn. $

Btllefonte Central..

4.167,390 3,927,258 + 240,132 3,200 3,2005,029, 2,767 + 2.262 27 27

Bull. Rooh. A Pittsb.. 560,843' 494,648 + 66,19." 472 472Burl. Ced. R. A No... 487,066 467.135 + 20,531 1.291 1.17!Canadian Paolflo. .

.

3,218,(00 2,663,492 +554,508 7,563 7.438Central of Georgia.. 585,611 648,695 —63,084 1,845 1,641Ohattan. Southern... 7,498 8,488 —990 105 1 105Ohesapeake A Ohio.. 1,448,579 1,358,602 +89,977 1,601 1,476Ohio. A East Illinois. 493,795 472,659 + 21,136 727 727Ohio. Great Western. 635,973 629,429 +6,544 929 929Ohio. Ind. & Louisv.

.

388,593 349,240 +39.353 546 546Ohio. Mil. ••->•• 1,661,283 1,615,570 +45,713 2,367 2,358Wheel. A Lake Erie

)

Clev. Can. A 80..5 300,736 255,884 +44,852 464 464Wisconsin Central... 489,222 470,184 +19,038 950 950Yazoo A Miss. Val... 451,265 432,569 +18,696 1,091

106200

1,021

Total (102 roads). 69,007.457 62,470,753 +6.536,704 104075* Boston and Albany included In both years.t Earnings here given are for railroad only and do not cover mining

operations6 Includes Sherman Shreveport A Southern, Missouri Midland, and

extension to San Antonio from May 15, 1901.y Figures here given are for three weeks only of the month in both

years; the fourth week not yet reported.GRO8S EARNINGS FROM JANUARY 1 TO SEPTEMBER 30.

Name of Road. 1901. 1900. Increase. Decrease.

Alabama Gt. Southern..41a. N. O. A Tex. Pac—N.O. ANortheast'n...Alabama A Vicksb'g.

.

Vicksburg Shr. A Pao.

1,676,773

1.400,376678,268653,569

1,485.821

1,396,427545,005477,411

$190,952

3,949133,263176,158

$

October 12, 1901.

J

THK CHRONIOLK 703name of Road.

Ann ArborAtl. Knoxv. Sc Nni-th'nAtl Valdostu A West..Baltimore & Ohio )

Unit, A Ohio So'w'nfBellefonte I antralButt. Koch. A PittsburgBurl. Oed. Kai>. Jt No..Canadian PaclrloCentral of OeorjflaChattanooga SouthernChesapeake bont the middle of

the building. On one side of this corridor will be the SafeDeposit vaults, as at present, and on the other side the For-

eign Exchange department of the bank. Both the vaults

and the Exchange offices will be enlarged. Access tothe banking floor will be by means of a shortflight of steps at the end of the corridor. Themain floor will be spacious, with the tellers' and clerks'

desks in the centre, occupying the whole area of the build-

ing except the Broadway front, which, as above noted, willbe reserved for the executive offioers. The main floor willbe lighted from rotundas, one in thejeentre and the other in

the rear, and access to the floor will be obtained wholly from

the Broadway front. The new building will be occupiedalmost entirely by the bank; the Illinois Central Railroad

Company's offices will be retained by that corporation. The

object in view in planning the^extension has been to give the

employes of the bank the greatest possible room for theirwork ; also the better to accommodate the patrons of thebank and amply to provide for its rapidly increasing busi-ness. There will be no attempt at display in the new struct-ure; it will be arranged plainly and substantially and with aview to obtaining the most efficient results.

—Francis A. Palmer, the retiring President of the NationalBroadway Bank, on Thursday distributed among the em-ployes of that institution and of the Broadway SavingsBank, of which he is President, the sum of $20,000, apportion-ing the amount according to length of service of the em-ploye. Mr. Palmer will continue as President of the SavingsBank.

—Casimir Tag, President of the German-American Bank,has been elected President of the German Savings Banksucceeding the late D. H. Moller.

—The "Manila American," in a recent issue, announcedthe opening of an American bank in that city September LThe capital is $100,000 and the charter is under Spanishbanking laws. The projector, Major H. B. Mulford, claimsthat the Spooner bill does not place any obstacle in the wayof conducting a legitimate banking house in the Philippine!?,

—The 15,000,000 marks 'S}4 per cent bonds of the City ofFrankfort, Germany, which were brought out by Speyer &Co., were on Wednesday admitted to the list of securities onthe New York Stock Exchange, dealings to begin October 15.In admitting these bonds to the regular list, the Stock

Exchange authorities, according to their custom, have for

the purposes of calculation based the quotation on a unit of

dollars for foreign currency, and have adopted an arbitrary

rate of 4 marks to the $1. This is equal to 25 cents per

mark, which is an overvaluation, the actual value of the

mark at the ruling rate of exchange being, roughly, 23;icents. As a oonsequence the Stock Exchange price will belower than the price at which the bonds were brought out.

This latter was 96, which is the equivalent of 91-63 under

the Stock Exchange method of quoting. In other words,

bonds sold now at an official Stock Exchange quotation of91-68 will bring the same amount of money as was originallypaid when the bonds were sold under Speyer & Co.'s pros-pectus.

To facilitate dealings in these bonds in this country, Messrs,

Speyer & Co. had them listed on the New York Stock Exchangeand to meet the Exchange requirement the house arranged

with the Frankfort authorities to have the bonds engraved

in this country at its expense. This is the first instance

764 THB CHRONICLE [Vol. LXXIII.

we believe in which a bond issue of a European municipalityhas been engraved in this country. The work was done by

the American Bank Note Co.

—John D. Rockefeller Jr. has been elected a director ofthe National City Bank. This makes two members of that

name on the directorate of this bank; William Rockefeller,uncle of the above, has been a din ctor for some years.

—The stock of the Union Trust Company of Pittsburg hasfurther decidedly appreciated in market value. We hadoccasion to mention the matter in these columns on June 1,

when the stock was quoted at 520 bid. This week it hasrisen to 710. We gave particulars of the growth of the com-pany's business in our issues of June 1 and April 13, but wemay note that deposits have further increased from $15,649,-881 (on May 22 1901) to $19,250,000 on Sept. 30 1901. Surplusand profits have grown in the same time from f973,877 to

$1,081,651. The officers are: H. C. McEldowney, President;

A. W. Mellon and J. M. Schoonmaher, Vice Presidents;William A. Carr, Treasurer, and H. W. Gleffer, Secretary.

—Mr. Martin D. Fink ha3 been elected to the presidencyof the Hamilton Bank of West 125th Street, filling the va-cancy caused by the resignation of Mr. Edwin S Schenck.The latter, it will be remembered, is now Vice-President ofthe National Citizens' Bank of this city.

—The plans for the reconstruction of the old MaritimeBuilding at Third and Dock streets for the use of the Phila-delphia Stock Exchange, which were approved by the Boardof Governors early last week, were submitted to the mem-bers at a general meeting on last Friday afternoon. It wasdecided to go ahead with the remodeling, the expense not toexceed the amount of money now in the treasury (between$150,000 and $200,000). This will necessitate modificationsin the plans. There has been quite a little opposition to thismovement, some of the members believing it inadvisable tomove from their present quarters in the Drexel Building, andthe large outlay proposed is also objected to. Mr. EdwardB. Smith of the well-known firm of E. B. Smith & Co. hasexpressed bis dissatisfaction by resigning from the Board ofGovernors of the Exchange. The building to which it hasbeen decided to move was once the home of the Exchange,and it was recently presented to the organization.

—Mr. Henry C. Knox, wno for a considerable timeserved the Paterson National Bank, Paterson, N. J., asCashier, has been elected by the directors as Vice-President.The new Cashier is Mr. Elmer Z. Halstead. Mr. John W.Griggs is at the head of this institution.

—The officials of the Old Town National Bank of Balti-timore, Md., recently converted from the Old Town Bank,remain unchanged—Jacob W. Hook, President, and MiltonB. Williams, Cashier. Business under the national systembegan last Saturday.

—The Anaconda National Bank has been organized inAnaconda, Mont., with $100,000 capital. Those interestedare Mr. J. W. Young, of Anaconda; H. Wadsworth, S. P.Young, H. H. Kirby Jr. and H. U. Maxfield.

—It is expected that a new trust company will shortly beorganized in Pittsburg under the title of the Colonial TrustCompany. Mr. James C. Chaplin, Treasurer of the FidelityTitle & Trust Con-pany of Pittsburg, is understood to be oneof those interested in the proposed institution. Thus farnothing definite has been decided regarding the date of in-corporation, capital or officials, and it will probably be De-cember 1 before full facts can be obtained.

—Mr. C. Stuart Patterson, having become President of theWestern Savings Fund Society (Philadelphia) , of which hehad formerly been Vice-President, has resigned as presidentof the Commercial Trust Company, also of Philadelphia. Mr.Patterson, however, will continue as a director of the lattercompany.

—Mr. Frank W. Gale has been elected President of theUnited National Bank of Providence, R. I. This institution,it will be recalled, was formed by the consolidation of fourbanks of Providence, and at the time of merger Mr. Gale wasmade Cashier. While Mr. Gale will continue temporarily tofill both capacities, he will ultimately be relieved of theduties of Cashier.

—Mr. W. F. Dillon has been appointed Vice-President ofthe First National Bank of Shreveport, La., in place of Mr.

W. T. Crawford. The President is Mr. W. B. Jacobs andCashier William J. Bayersdorffer.

—In last week's issue we erroneously made Mr. Ben Blockof 187 Clark Street, Chicago, manager of one of the newly-established branch offices of (Jeorge H. Phillips. Mr. Blockhas opened an independent office as broker in grain, pro-

visions and stocks, is a member of the Chicago Board ofTrade, and has excellent New York connections by privatewire.

—Ootober 1st the "Illinois Trust & Savings Bank" ofChicago emitted the $1,000,000 additional stock authorized

last July, making its capital now $4,000,000 and its surplusand undivided profits about $4,800 000. A Bale of the newstock is recorded at §750.

—The Dollar Savings Bank Co. of Toledo, which was organ-ized in June and began business on September 3, will proba-bly increase its capital from $200,000 to $250,000 in the near

future. The institution is understood to have been quitesuccessful in obtaining business during the short period of

its existence. Mr. C. A. Browning is President; C. A.Leeper, First Vice-President; C. S. Burge, Second Vice-

President, and C. M. Edson, Cashier.

—Mr. Henry B. Qainby is the new President of the La-conia National Bank, Laconia, N. H., vice Charles A. Busiel,

deceased. Mr. Quinby, who had been the Vice-President, isreplaced by Mr. J. Alonzo Greene.

—A meeting of the stockholders of the West End Trust &Safe Deposit Company of Philadelphia will be held on De-cember 11 to consider an increase in the capital from $500,000to $1,000,000.

— The application for a charter for the Marquette NationalBank of Marquette, Mich. , has been approved by the Comp-troller. Among the list of incorporators appears the name ofMr. Edgar H. Towar, Vice-President of the only other na-tional institution of that city, the First National. The otherorganizers are: Mr. Daniel W. Powell, Josiah G. Reynolds,John M. Longyear and Frederick W. Read. The bank hasbeen capitalized at $100,000.

—The official report of the twelfth annual convention ofthe Minnesota Bankers' Association has just been received.

Bound in a handsome paper cover, it is an excellent specimenof the typographer's art. The convention was held in DuluthJuly 24 to 26, and in the Chronicle of August 3 we gave anaccount of the proceedings. The report now published con-tains a record of the social features of the occasion as well as

of the more serious work of the meeting. All reports, papersand addresses, and also the constitution of the Association,are printed in full, making the volume a useful addition toour shelves. The officers elected for 1901-1902 are as follows:President, J. R. Mitchell, Winona Deposit Bank; Vice-Presi-dent, J. W. Wheeler, First National, Crookston; Treasurer,George H. Prince, Merchants' National, St. Paul; and Secre-tarp, Joseph Chapman Jr., Northwestern National Bank ofMinneapolis.

—A successor to Mr. R. W. Jones Jr., who has resigned asPresident of the American National Bank of Kansas City,Mo., has been chosen by the directors in Mr. C. S. Jobes—al-ready installed in his new office. Mr. Jobes nas for the pastfew years occupied the post of United States National BankExaminer, his territory covering the States of Missouri,

Kansas, Oklahoma and Indian Territory. The retiring Pres-ident of the American National is to become Vice President,it is understood, of the reorganized Seventh National Bankof this city. A controlling interest in the American Nationalis said to have been purchased by Mr. Jobes and anotherparty.

—The Bank of.Commerce of Norfolk, Va , to whose note-worthy growth we recently referred, is to be reorganized asa national institution. The stockholders, who met last weekto consider this change, were unanimous in their approval of

the same. It is probable also that the capital of $200,000

will be increased. Nothing definite, however, will be de-cided on this point until Tuesday next, when a joint meetingof the stockholders and directors will be held. Applicationfor a charter for a national bank is to be made at once.

—The stockholders of the Salem National Bank of Salem,Mass., will meet on November 6 for the purpose of voting onthe proposition to reduce the capital stock from $300,000 to$200,000—already recommended by the directors. The re-

OCTOBER 12, 1901.] THE CHRONICLE. 765

duction will be made by the retirement of 1,000 shares of a

par value of $1U0 each. The officials of the institution arc:

President, J. T. Mahoney; Cashier, H. C. Millett, and Assist-

ant Cashier, Geo. A. Vickery.

—The brokerage firm of Messrs. William S. Felton ev Co.of Salem, Mass., have removed to more commodious quarters

on the ground floor of the new Salem Theatre Building, 868Essex Street, Salem.

—The meeting of the Tennessee Bankers' Association atNashville on Tuesday and Wednesday of this week attracted

a large gathering. The program was a varied one. The

Horse Show being in progress at the time, that was includedas one of the divertisements. One of the afternoons was de-voted to a visit to the Hermitage, while a Dutch luncheon at

the University Club was also tendered the bankers. Aside

from this, interesting addresses had been prepared for the

occasion. These were as follows:"Legal Duties of Hank Presidents and Cashiers, as Distinguished

from Eaoh Other," by Mr. J. T Burnett, President Farmers' & Mer-chants'* Bank, Tipton ville, Tenn."Local Co-operatirn of Banks" by Mr. A. 8. Williams, Cashier (Mty

Savings Bank, Nashville, Tenn."Tennessee Bonds, State, County and Munioipal, as Investments for

Savings Banks and Trust Companies," by Mr. John W. Faxon, AsBlst"ant Cashier First National Bank, Chattanooga, Tenn.

"Eileot of Non-Negotiable Clause In Bills of Lading" by P. D. Mad-din, Attorney for thi« Fourth National Bank, Nashville, Tenn,

"Legality of Married Women's Contracts" by G. N. Tillman, VloePresident Merchants' Bank, Nashville, Tenn.The usual reports of the officers were of oourse read—that of the

President. Lexis S. Parks, of the First National Bank of Union City,reviewing generally the banking condition in the United States.

[From our own correspondent.]London, Saturday, September 28, 1901.

The "break" in copper and copper shares in New York hasmade a very bad impression upon all the Stock Exchanges ofEurope and has given rise to various pessimistic rumors dur-ing the week. Both in London and in Paris there has beenvery little belief at any time in the permanent success of the

Amalgamated Copper Company, owing to the failure of allprevious attempts to control the copper markets; but it is

recognized everywhere that the task of the company hasbeen made extremely difficult by the great depression intrade throughout Europe and especially by the severe crisisin Germany. Dp to about a year ago the consumption ofcopper was immense upon the Continent, and particularly inGermany. Now distrust in that country is so great that thebanks are restricting in every direction the accommodationthey give to their customers; and consequently business isgreatly lessened. In particular, the consumption of copperhas fallen off; and as a natural result the imports of copperfrom the United States into Europe have declined materiallyduring the year. That being so, the general impressionamongst the most competent observers in London, Paris andBerlin is that the price of copper has been kept up too high,and that a very material reduction must take place if thetrade is to be once more put upon a proper footing.Every department of the Stock Exchange has been made

more or less apprehensive by the " break." Buying has beenvery much restricted, while "bear" sale3 have been on a con-siderable scale. The sharp fall in Rio Tintos has likewiseproduced a bad impression in Paris, where they are held upona very great scale, and the general weakness has caused somesmall decline even in the gold- mining department. Tradeupon the Continent was already very bad, and this new in-fluence has made it worse. In Germany particularly thereare failures reported every day and the distrust has been in-creased. In Russia the crisis also continues; and thoughvery little is really known of the internal condition of theEmpire, it is believed that the crops in Sauthern Russia arevery bad.The shipping trade here at home is complaining loudly.

Owing to the large number of ships chartered by the Govern-ment in consequence of the South African war, shipownersfor a long time did a very profitable business and freightsruled high. Now it is said that freights have fallen eo lowthat it is impossible in most cas98 to make a profit. It isalleged, indeed, that in some cases shipowners are carryinggrain from America and Argentina merely as ballast; and inalmost every other direction there are likewise complaintsthat the check to trade is deepening.The money market has been less affected than might have

been anticipated by the uneasiness created by the "break" incopper, mainly because of the immense amount of capital

now being employed by the leading French banks in London,ucreat is the distrust of evtrytln iniu that the

French banks have withdrawn from that

766 THE CHRONIC' LB. [Vol. LXXIII.Mexican Dollars—There has been Home business acain during the

week at 26^ .but tho order at this prion being filled, we do not quotebetter than 2

October 12, 1901.

J

THE CHRONICLE. 707

BANKS.(OOi omitted.)

NlW VOUK CITYBorough ofManhattan,

ColonialColumbiaEleventh Wart...Fourteenth Street.G»nn6voortHamiltonMount MorrisMutualNineteenth Ward..PlanaRiversideStateTwelfth WartTwenty-third W'd.Union squareYorkvllleWashingtonFidelityVartokJeBersonCentnryNat. Commercial..Boro'h of BrooklynBedfordBroadwayBrooklynEighth WartFilth AvenueKings CountvManuract'rs' Nat'l.MechanicsMeoh's' 58,6r)2

62,87481,11421.1H:iKO.70O78,0360,1110,893

oati,'.lllll.

392,0282.210

16,088

buth.

28.172

'40,000121,760

8,642

'

31,286

Peat,buth.10,828

6.334

The exports fromending Oct. 5, 1901,

Wheat.Mwportt tr0n— buth.•mm York 876.448rtoston 170,159Portland. Ma. 114.623•hiiadeiphla..laitimoraNew Orleans..NorfolkNewo'rt News 484.BOOMontreal 3ti9,703lalveston 3>!0,000Quebec 61.060

Total week.. 81888,688 ~69 1.678 867.707 629,785 60,796 19.802dametlme'OO.. 8,178,821 8,258,088 868.874 013,661 40,189 110.662 11 L

The destination of these exports for the week and since3ept. 1, 1900, is as below:

, Flour.Mxtortifor Week Sinn Stjt

0tek and time Oct. 6 1.1901.a»pt. 1 to— bblt bblt.

United Kingdom 8F6.083 2,913,123

17,860 80,410

——Wht at. 1Week Since Seat.

Jontlnent. 8K.66Hj.sO. Amerloa. 18,2< 3West Indies 18,8303r.N.Am. Colo's 7.624Hher countries ........

Total 867.767Total 1900 868.874

C04.31220O,hOl336,44440,29871,668

4,524,6141.506.388

Oct. 5.bum.

1,870,7391,611,910

2.882,6882,178.321

1, 1901.buth.

22,301,76287,1*8,281

10,30050

iiV,924

earn. -Wttk BinuBnt,Oct. 5buth.401. 20S847,012

34.3.17

15,0002.767

1. 1001buth.6,678.1806,085,989426,761813.63071.103

134,001

60.910.667 691,678 13,659,51110,310,013 2,251,988 11,762,611

The visible supply of grain, comprising the stocks ingranary at the principal points of accumulation at lake andseaboard ports, Oct. 5, 1901, was as follows:

Wheat,instorset— buth.•wYork 3.443.n

768 THE CHRONICLE. Vol. LXXIII.

IJitutijers' (&\xzz\\z.

UIVIDKMIN.

Name of Company. PerCent

Knilroiiilx (Slenm).Atcii. Tqpeka A Santo iv, comCentral HK.nl N. .1 U|iiar.)Choctaw Oklahoma A Qulf, com

.i.i do ii pro!Cin. Hamilton A Dayton, new |.il (i|M.)Cin. Sandusky ref. (quar.)

NtrjM-l ItnilwiiyN.Brooklyn City BR. quar.)Central Traction, PittsburgCleveland Klyria IincellnnroiiK.American Type Founders (quar.)Edison Eleo. ill.. Huston (quar.)Pacific Coast) com. (quar. >do do 1st pref. (quar.)do do 2d pref. (quar. i

Penn- American plate Glass, (quar.)....Railway Equipment ' lorp. (monthlj i ..Rochester (X. V.) (Jas A; Eler., com...United states Express

2Pi

a>92'y

\U81

1 342>21

2'-,

323>2

1

2h.1

11 34lh32

Hnoks Closed.( Days Inclusive.)

1 1. i

NovOclOolNovNov.j, I

NovNovDec

Oct\..-.

Oct\ .

.

,

\..\\.,..

OctNovX aNo>No\OctOctOctNo-.

1 Ocl 1831 Ocl 1881 Ocl 188 Oct 181 Ool -'()

28 Oct 171 Oct 18

16615155

tototototototo

to

Dec 12Ocl 20Oct 81Oct :siNov 8Nov 1Oct 21Nov 1

Nov 9 to Nov 17

Ool :S to Nov 5Oct 15

Nov e toOct 80 to

5 Oct 30 to

Nov 15Nov 5N..v 5

10 Holders of rec. Oct 10] Holders of rec. Oct 141 Oct 15 to Oct 311 Oct 15 to Oct 311 o,t 15 to Oct 31

16 Oct 5 to Oct 151515 Oct 316 Nov 1

toto

Oct 14Nov 15

Uso a dividend on common stock, payable in common stock, at rate ofone share for each ten shares held.

WALL WTK.EET. FRIDAY, OCT. 11, 1901.-5 P. M.The MonevMaiket and Financial Situation.—New life

was imparted to the security market* on Thursday by asharp advance in Great Northern stock and the accom-panying rumor of a scheme, already in progress and soon tobe announce-), for financing t^e Great Northern-NorthernPacific-Burlington combination. Up to that time the mar-kets bad remained dull and depressed, a condition that hasprevailed for some time past, with almost no interest onthe part of the outside public and local investors generallycautious. This i* not surprising, in view of recent experi-ences. Whether the belter tone just developed will con-tinue is a matter of conjecture. A rroad view of the gen-eral situation reveals some hopeful features, but it is worthyof note that the foreign bank statements this week show ashrinkage of reserves at some of the principal Europeancities, and therefore the expected gold movement towardsthis center is likely to be deferred.The local money market has continued easy through the

week. The flow of currency towards the interior is some-what smaller, but Sub-Treasury receipts are still in excessof disbursements, and prospective money market conditionsare more or less uncertain.The open market rates for call loans on the Stock Exchange

during the week on stock and bond collaterals have rangedfrom 3 to 4 per cent. To-day'.- rates on call were 3 to 'd>%per cent. Prime commercial paper quoted at 4}£@> 5 per cent.The Bank of England weekly statement on Thursday

showed a decrease in bullion of £784,319, and the percent-age of reserve to liabilities was 47* 3. against 4861 lastweek: the discount rate remains unchanged at 3 per cent.The Bank of France shows a decrease of 11,750.000 francsin gold and 11,275.000 francs in silver.The New York City Clearing-House banks in their state-

ment of Oct 5 showed an increase in the reserve held of$1,042,200. and a surplus over the required reserve of$15,060,025, against $16,293,025 the previous week.

CapitalSurplusLoans & discountsCirculationNet depositsSpecieLegal tenders

Reserve held..Legal reserve.

1901Oct. 5

Differencesfrom

previous week

Surplus reserve

81,722,70096.211,500

873.558,200 Ino30,618,100 Dec

943.553,100 Ino180,354,600 Ino71,093,700 Deo

251,448,300 Ino236,888,275 Ino

1900Oct. 6

1899(Jet. 7

selling llo premium; New Orleans, hank, $1 25 premium;commercial, §1 50 discount; Chicago, 10c. discount; St. Louis,par; San Francisco, 5o. per $100 premium.

United States Bonds.—Sales of Government bonds at theBoard are limited to $16,500 Is, coup., 1907. at 112 to 112^,and $74,500 8s, coup., at 107% to \W%. The following arethe daily closing quotations ; for yuirti) r^nge see third pagefollowing

InterestPeriod*

5,94s,50064.400

7,100.8001,418,200376,000

I

1,042 2001,775,200

15,560,025 Dec 733,000

74,222,70090,109,900

816,810.700:30.110 800

877,210,800163,404,10062,140 500

225,544,600219.302,700

6,241.900

l4: cotton for acceptance. 4 83^@4 83%.Posted rates of leading bankers follow:83J^@4 83r2

October 11 Sixty Days

4 84*3 S-l S;'j'a>4 83 34®4 83 34@5 19%® 40iie® 941&18

Demand

4 86>n ®4 87

5 16V ®5 16*84014 ® 40Bie95=% d> 95"ia

2s, 1930 registered2», 1930 coupon2s, 1930 .sma.l. registered2s, 1930 Hinall coupon3s, 1918 registered3s, 1918 coupon3s, 1918, 6mall.regiHt4 *107>4 *107>4 *107»4•108 -108 '108 *108

•108" '108" »i08" '108*"•112 '112 '112 *112•112 '112 '112 *112*138«g *138>a *1384 '139•1384 *138Hj *1384 *139•1071-) '1074 *107V, *107»9-107'v •1 07'q «107»s *107>«salt was made.

Prime bankers' sterling bills on London.Prime commercial 4 83 VaDocumentary commercial 4 83*4Paris bankers' (Francs) 5 19VAmsterdam (guilders) bankers 40Frankfort or Bremen (reichm'ks) bankers 94 7e

* Less ha.

The following were the rates of domestic exchange onNew York at the under-mentioned cities to-day: Savannah.buying J^ discount, selling par; Charleston, buying par,

Stale and Railroad Bonds.—Sales of State bonds at theBoard are limited to §5,000 No. Carolina consol. 4s at 105%.The demand for railway bonds increased with the more

active stock market toward the close of the week, the trans-actions on Thursday and to-day being about double the pre-vious average.

After considerable irregularity, the market became gener-ally strong, and several issues close substantially higher thanlast week. Conspicuous among the latter are Peoria & East-ern income 4s, at an advance of ±\'2 points; ConsolidatedTobacco 4s, which show a gain of nearly 2 points, and UnionPacific conv. 4s. There were but few other active bonds,including Atchison, St. Louis Southwestern and NorthernPacific issues.

Stock and Bond Sales.—The daily and weekly record ofstock and bond sales at the various stock Exchanges, for-merly given on this page, has been transferred to a place byitself. It will be found to-day on page 775.

Railroad and Miscellaneous Stocks.—The stock marketwas dull and heavy duriner the early part of the week.Such interest as was manifest centered largelv in a few rail-way issues, including Atchison, on expectation that thedividend rate would be increased: Brooklyn Rapid Transit,which declined over 5 points on the publication of itsannual report: the minor Vanderbilt issues, and some of thecoal stocks. Other local traction issues were weak in sym-pathy with Brooklyn Rapid Transit, Metropolitan StreetRailway declining 5 points.

Tlie tone of the market and the volume of business showeda decided improvement on Thursday, when Great Northernwas conspicuous for an advance of 8 points, NorthernPacific preferred advanced 3 points and Union Pacific over2 points. This movemem gave new life to the entire mar-ket, and a long list of shares advanced from 1 to 3 points.To-day ?s market was even more active and buoyant, with St.Paul the feature, it closing l 1/^ points higher than last nightand 10 points above the selling price on Monday. Rock Islandadvanced 2^ points, Union Pacific and Southern Pacificeach about 2 points, and the entire list was strong insympathy.The miscellaneous list was largely neglected, except

American Sugar Refining, which fluctuated over a rangeof over 6 points, and Amalgamated Copper, which coveredover 5 points. General Electric recovered 6V£ points fromthe lowest price of the week, and Colorado Fuel & Iron andTennessee Coal Iron & Railway advanced sharply in theupw< rd movement on Thursday.Outside Market.—A quiet week in the outside market

ends to-day with prices for most of the securities on aboutthe same level as last Friday. Prior to Thursday the mar-ket was weak and irregular and a sharp break in StandardOil on Tuesday and Wednesday served to accelerate the de-clining tendency. Yesterday and to-day. however, in sym-pathy with the advance on the Stock Exchange, trading wasa litt emore active and the tone somewhat stronger. Ameri-can Can shares are among the stocks which did not recover.Both common and preferred continued to decline and theysold to-day at 20 and 68 :^. They closed last Friday at 21and 70, respectively. The drop in Standard Oil, which waswithout any apparent cause, amounted to about 50 points,the shares having sold last Friday at 725. On Tuesdaythe stock opened at 715 and fell to 695 and on Wednes-day in t>-e early trading it lost 20 points more. Laterthat day it recovered to 692, went to 716 on Thursday,and closed this afternoon ,at 729. Of the copper stocks,Union advanced from V 4 to ±%: Apacne, from a\% to 51 J£;Tennessee, from 14^ to )5, and British Columbia, from 10%to I2jg; Aberdem copper on Tuesday announced a ah idendof SI per share, and the price immediately dropped from 28to 20; to-day it is quoted 20^ bid, 28 asked. A new com-pany was added to the list of copper stocks this week,namely, the Plymouth Copper Co., an Arizona corporationwith a capital stock of §1,500.(100, par value filO per share.It sold at 3 on Thursday. To-day the pr-ferred stock andbonds (when issued) of the New York Dock Co , successor tothe Brooklyn Wharf & Warehouse Co , appeared on the curbat 44 for the stock and 89(«90 for the bonds. The latter are50 year 4s. Outside quotations will be found on page 775.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearlyo prefCTleVj Do 1st pre*

610173,010

15 v.lan 82 1 '-.Mav

22 4 Sep 3045%J'ne i

12 J'lySep

Nov39% 40% 39% 42 V 27% Deo68 08 "a 07% 084 08 08% OS 4 684 08 4 70'- 70 70% 24,760 59% Jan 21 73%J'ne29 - Sep In63 4 53% 52 :i4 53 ;i4 »53 54 •53 :>:;'- 53% 57', 50 57% Do 2d prel 8,000 504.Ian 1 01 Ma 1-2 1 Sep 43% Dec00 00 •68 00 -58 60 •67 00 •58 00 02 03 4 Kvansv. & Terre Halite.. 700 41 Jan51 OS Apr 12 (let .il : - Mar

•85 'JO "85 00 'Hi 90 "85 90 •85 00 "86 90 Do pref. 81 Jan i17 Jan Is

95 April30 Apr20

74 Oct12 '•Mai

944AprFt. WoruufeDen. C.stmp. 20 1 1.

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