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The Washington times. (Washington [D.C.]) 1901-1902, July 02, 1901, Image 6

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn87062245/1901-07-02/ed-1/seq-6/

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6
DECLINES AT THE OPENING
Unfavorable Xews and Hie AVenther
Cause Depressions
Utile Spceulntlon Indulg
ed In on the Mnrkot Nickel IMnte
nn Exception to the Genera
TcmlencIcM A Moderate
JCEW YOniC July 1 Unfa orable news
and the prevailing dcfiroFsitiR ntmospherlc
conditions caused moderate drclines in
the stock market today Speculation was
very dull however for the attendance of
brokers and their clients was small as
everyone who could tried to pet out of
town in search of relief from the heat
The strike of about JOO0O United States
Steel Corporation employes together with
the unexpected bank failure at Buffalo
were the early unfavorable features and
as the morninjr advanced they were re
ciiforced by corn and cotton crop scares
which were responsible for sharp ad
vances in the prices of those staples At
the same time an unfounded rumor was
circulated through the street that a meet
ing of the Clearing house committee
would be hekl to consider some new un
favorable incident in the banking situa
tion These reports met with prompt
denials in authoritative quarters
Notwithstanding1 the fact that today
begins record breaking dividend and in
terest disbursements between 125090000
and J130OCO000 ther were soinc appre
hensions concerning the money outlook
for the immediate future A very consid
erable part of tliis amount will be sent
to the interior and with the approaching
demand for cash to move the crops it
is likely that the return movement will
hardly be rapid enough to contribute
pronounced ease in money rates for some
time to come
London bought lTnion Pacific and the
AU bisons but sold the remainder of the
list including the Steel issues The total
business for this account was about 40000
shares with sales slightly exceeding pur
chases The Steel issues eacTi declined
rather sharply on the strike news but
Pittsburg advices were to the effect that
the movement would not grow and a set
tlement of the dltllculty without serious
ill effects was to be expected In fact it
was said that a shutdown of the mills
Involved was rather gratifying than oth
erwise at this particular season Specula
tion In the common Steel shares was alo
somewhat depressed by the uncertainty
regarding the dividend question which is
to be ofiiciallv decided tomorrow
In the railway list St Paul Rock Isl
and Inion Pacific Southern Pacific Mis
souri Pacific and the Atchisons declined
from 1 to 3 points on scattered realizing
and sales for the account of bearish pro
fessional traders
The industrial qunrter of the market
sharid In the prevailing depression with
declines extending from 1 to 3 per cent
Tennessee Coal and Iron lead the down
xAmer Smelt pfd 104
xAmrrican Fujar 144
American Tobacco 141
Amer Tobacco etls 137
xAmer Woollen 1
xAmer Wool pfd 2
xAnaconda 46
Ann Arbor 25
At T k S F S
23
46
68
IfElcc of Bergen Co IS
Ceneral
Cloc ose S R
Clncone S R pfd
Ct Northern pfd
Hociinjj VaHVy
Hocking Valley pfd
Illinois Central
I India fht pfd
Meadiiur - omf pfd
xKcp Iron k Steel
xHrp ran k Steel pfd
smb fiend
X J Gr I
aj Gr I 2d pfd
I i F 3d pfd
2S
00
lii
165
64
70
154
International Paper pfd 77
Xlnt Ioner 6
Iiter Pump 40
xlnter Silver 8
Iowa Crntral 42
Iowa Central pfd 87
Louisville k Nashville Ill
lUntiatUn Klevated 124
xMet St Ry 174
Ilex Central 2
II inn k 61 U
II S P R S M
II P k S S M pfd
Jio Kan k T
Io Kan k T pfd
Miwiri Pacific
xNaUonal Lead
xNational Lead pfd
xXationa Salt
xXatlonal Salt pfd
xX Y Air Ural
N V Central
H Y C St h
108
S
78
31
C4
121
22
f
45
70
143
1S
40
N Y C k St L 2d pd 82
K Y OAc W 37
Norfolk Wntmt 38
Norfolk k We pfd S
Iacioc Mail 42
lwn Irania Kailruad 151
xVn H It rcta 151
lcapirs Gas C 119
Prai fcted Car 4f
rKMilflel Car l 69
llDtlmM Palace Or hO
Quukatlrcr 4
luacjiu 4
70
7K
81
14
7
57
1084
1
140
136i
r18H
MS
4S
25
67
94
61
104
165
48
8
23U
46
8ii
113
14
51
22
38 J3
ra tm
S U S V rU S
HLLomkS W
fiC U S W pfd 6RJ
Southern 4
Sowtiwrn Railway 33
bootbfcm Railway pfd 7
Teuneaarc Coal It Iron 72
Tewt k laciBr
Tot ft L k W
xt lla P
Li IUuk k 1 pM
Union Pacific-
Union Pauftc pfd
xli a LeallMT
xt fi Leather ufd
V f KaMwr pfd
0 S Steel
IJ S Stae pid
Ya Car Chan
raliah
Tfaimah pfd
Veotcru Lnion Tel
Wli k L K
Wik Central
Yii tentral pfd
49
21
17
74
110
00
14
78
00
46
88
S
28
44
98
20
25
47
65
166
233
97
9
20
42
71
65
59
4S
2C5
00
19
185
53
76
152
77
5
40
6
40
62
108
128
173
2S
10C
25
73
30
04
120
22
60
44
7
143
i
6C
si
vt
41
21
17
V
1C
78
eo
47
88
5
48
93
20
21
40
i Ex diileud
vluTiai Ilitreaf xLniijted
Total ulis IO tharcs
56
7
5S
103
144 1
140
136
18 2
S2 2
4S
25 4
66 -1
At T k S F pfd 105g 103 104 1
Jtaitimore k Onio 105
Baltimore k Ohio pfd 84
xProoIyn Itapid Tr S
Canada South v 88
Canada Iac 105
Central of New Jertty 165
Chesapeake k Ohio 4S
Ch Alton 46
Ch 4 Alton pfd 73
a B k 0 ctfs 197 187
Ch Ci W 24 23
Ch Gt V pfd A E6
CU Ct W pH B SB 82
Ch SL i St Paul 177 174 374 3H
una it 1 r iss 165 16
a it 1 k p its 11 10 10
Cm Term Tr
Chi Term Tr pfd
a a c st l
Colorado Fuel k Iron 116
Col k Southern 16
Col k South lt pfd 53
Col k South 21 pfd 24
Col k II C k I 28
Consolidated Gas 221 221 21 1
It out mental lob ctU G
Delaware k Hudson IKS
Dei L W 283
IDenvtr k II G pfd 9S
xDist of Am
Si S S k A pfd 20
Erie 48
Erie first pfd 73
Erie second pid 5S
E i T II 59
107
22
107
81
1
09
101
185
4E
45
70
l7i
24
62
23
4G
67
118
15
24
23
ffi
160
283
07
0
20
48
72
55
58
48
807
00
103
li
58
76
152
77
40
6
87
110
184
178
2S
li
38
60
30
52
68
41
161
16o
ne
41
2r -
4
46
78
60
21
7
H
33
3
34
68
33
87
46
21
17
74
188
80
13
8
48
22
43
83
20
S4
47
-1
1
1
u
-
14
1
2
-
-1
-
-
5
1
-
-
4
-1
-
-
1
-
2
-1
6
1
-
-1
25
78 4 1
S0
61
120
22
00
44
76
148
15- 138
3
5
86
52
6
41
1S0H
1S6
1
41
6
W4
4
46
7B
56
21
78
31
n
-1
-
1
-
1
4
-
A
-
1
-1
-
-2
-
-
-
-
-1
-
-
-
1
-
-
-
-1
-
-
2
-1
-
-
-
-1
-1
-
-
1
-
- i
HJIHinppi i di 1 i i i mjT9gfijni njiwi
Government BoimIn
Bid
U S 2 R KW 30 Q J
U S 2s C 1100 30 Q J
U S 3s It 1WS Q K
U S Ss H IMS It C P
LT S 4s 1000 tj J
L S tn 1107 0 J
107
ma
09
103
U2X
1134
U S 1s It 1025 139
l S- 4s C 1025 ISO
V S 5s It WH 10S2
U S Ss O 1001 Q K 103
Asked
107
10SH
109 X
10l
113
IHK
W0
140
HWtf
103S5
The stock market yesterday was a dis
appointment to the street which for the
most part had looked for a good opening
for the new fiscal year Prices went off all
the morning and after a small rally later
in the day closed down to near the lowest
of the session There was no desire to
buy anywhere and the people that wish
ed to sell and they were numerous had
to do so at concessions nearly always
Business was dull and professional In
its nature with the exception of the real
izing sals above noted There is very lit
tle in the situation on which to base hopes
of a bull market this month The opti
mists continue to talk of the prosperity
of the country and of the plans of the
Insiders for a community of Interests but
they told the same story last month and
were unable to make a boom with all
thdr rosy predictions It will be a harder
matter In July than it was in June for a
number of reasons One reason is the
season itself July has not been noted
In the past for anything except dullness
in the stock market The intensely hot
weather is sure to drive many people out
of town that would be dabbling in stocks
if they remained in New York
But more potent than this are the
numerous actual depressing inllucnces in
the situation It is very evident that Wall
Street does not like the financial outlook
in any of its phases It does not see any
thing promising in the failure of the Buf
falo bank following so close on the New
York failure It wonders if the whole
story has been told in this direction It
hears that a number of banks lost money
by the failure of the Seventh National
While there remains the slightest uncer
tainty it is very certain that there will be
few people that will care to buy stocks
The money outlook is not good The
banks have less money on hand now than
they have had for many years at this
session A number of the banks are be
low the legal reserve according to the
statements of last week The distribution
of interest and dividends yesterday may
be considered a good feature of the situa
tion by some but it will not add a penny
to the available funds in New York if it
does not actually send away a few mil
lions Moreover the big crops now prom
ised for the autumn will reiiulre more
than the usual amount of money to move
them and the calls on this account will
begin to come in within a few weeks
Jloney on call was at no time easy ves
terday ranging above the legal rate per
sistently and at the close it ran up to 10
per cent
The strike of the employes of the Unit
ed States Steel Corporation is also a dis
turbing element in the situation The
stories from the centre of the trouble are
conflicting but It Is very certain that the
strike cannot be ended inside of two or
three weeks and during all the time it
runs it will be anything rather than a
bull factor In the market If the strike
should assume a serious nature it might
very easily cause a bad slump In the
iUSi fwhMJailV mrr0V sympathy The reports from the corn
rate the report that Mr Frick will enter i r arc still nnnthtr disturbing element
the directorate- An exception to the trend
of the market were the Nickel Plate is
sues which led the specialties in activity
and scored sharp advances the common
and stcuid preferred selling up to new
high priced reccrds Reports of favor
ahle dividend action and the small supply
of stocks rendered it easy to bring about
the improvement
Following the early decline there was
a rally of moderate proportions hut the
buying was inconspicuous and the market
became dicidedly dull and uninteresting
Brokers were not disposed to encourage
trading and this contributed to the hes
itating character of the price movement
Call money loaned up to S per cent
New York Stock ExchnnKv July 1
High- Low- Net
est et inr chcs
Amalgamated Copper 131U 122 122U li
Amer Car k Foorairy 33 32 32
Aroer Car k Fdr pM SSTi SbYt fcSi
American Cotton Oil 3Vi 32 S2 14
XAmencsitt Ice 3t 384 3SVi
in the outlook It is said and nrobably
with truth that a day or two more of
hot weather In Kansas with no rain would
be a most disastrous thing for the corn
crop The telegrams yesterday from the
corn section were somewhat conflicting
but as a whole were certainly not reas
suring The disposition among careful
market people undoubtedly Is at present
to go slow They do not feel Inclined as
yet to sell the market short but are ad
vising the sale of long stocks wherever
profits are shown
The granger securities were perhaps
the worst sufferers yesterday St Paul
declined from 177 to 174 and closed at
the low price for the day Rock Island
declined from laSA to 155 and closed at
156 Atchison common went off to 874 and
closed at SSVj showing a net loss of more
than a point for the day The preferred
made about the same record closing at
104g Burlington sold above 197 but was
not considered In the market gossip re
garding the group The talk of danger
lAmericao Unxed Oil 20 25 26 1 to the crops In the intensely Hot weatner
xAmer Linked Oil nfd fie W4 i was the immediate cause of the break In
xAmer Malt 7
xAmer bmelt 58
the stocks but behind this factor was the
realization on the part 01 many car nu
people that these securities are ail selling
at far too high a level be the crop pros
pects what they may
The Xeiv York Curb SlnrUet
NEW YORK July J The outside mar
ket was fairly active as far as trading Is
concerned but there were few Important
price movements
American Locomotive ranged from 32 to
32 and the preferred stock sold at 88
There was continued demand for Cam
den Land at a fractional advance with
sales at 2
St Louis Street Ballways were strong
with soles of the common at 27 and the
preferred at S0 C I Hudson Co
bought and G Schroeder sold
Seaboard common sold at 23 and 30
and the preferred at S2 F SI Lock
wood Co were prominent buyers Ack
erman Coles sold
Bank of Commerce was firmer 100
shares being traded In at 400 and 15 at
4051 0 Slendels jr Co sold
National Sugar preferredjvas steady at
100 Bunnell Buchanan bought
Union Copper was bought by Currio
Gwynne at 6 British Columbia was
heavy at 15
Aberdeen Copper sold at 24 and 25
United States Cotton Duck sold at 34
Cowperthwalte Co bought
American common sold at 27 and 27
The preferred was traded In at 77 and
7C A C Gwynne bought
nnrnlriRN of Ilnllwnya
NEW YORK July 1 The following
reports of earnings of railways were sub
mitted today
The Cincinnati New Orleans and Texas
Pacific reports for Slay
Gross
Exp and tax
Net
GroM 11 inos
Net 11 rnos
1001
450003
432533
1 17076
4O25O10
I18405
1O00L
442479
38S05
103624
4712004
1815740
137812
42rt744
1480795
The Minneapolis and St Louis reports
for Slay
GrOM
Exp and
tax
1001
2500i
172308
1000
J221135
143679
ISM
SlOilOi
2C7CE0
1803
3S715
167507
Net 66887 60550 71203
Total nt 101170 84041
Gross i ipos 2075100 2fi05260 2252381
Net 11 mos 1211607 1060021 fcWOIl
Tol net 11 rm 1382011 1206261
The Wisconsin Central lcports for Slay
Gross
Expenaec
Total net
Int and taxea
Surplus
Gross 11 mos
Net 11 mos
Surp 11 mos
1W1
W2S4
281851
SI1710S
146411
186188
10216
4603077
1050065
181176
1800
16603
316201
S1725W
172717
128067
12720
5131852
1650340
425141
1690
401015
293313
170702
163514
145150
38103
4017319
1 650653
641269
THE MARKETS OF EUROPE
American Seciiritlcx Lotv lit London
on w Yorlc Advice
LONDON July 1 All markets were
again stagnant and irregular today
American securities were inclined to im
prove here Jut that market flattened out
instantly on receipt of New York8 prices
and the news of another bank failure
The decline In money rates UMial after
the turn of the half year occurred today
it also occurred in Germany
Todays settlement In consols showed a
moderate bull account
Paris exchange on London 1 centime
lower at 25 francs 19 centimes Berlin ex
change pfennig higher at 20 marks 40
pfennigs
Todays cloning quotations for a series
of important London securities are as fol
lows compared with Saturdays dosing
and with those of a week ago
July 1 June 28 June 21
nritMi eonola 85 7 16 03 6 10 88
German Imp 3e S
Chinese 6n 81
London A Northwest
ern Railway 108
London Ilrighton k
South CNit Hy 126
Grand Trunks 10
ltand Miiip 1 11
Consolidated Gold Kn ld 7
Bio Tintos 61
S8
94
100
129
10
41
7 11 10
05
109
130
11
42
7
55
Cjpifal Traction It II 4s
Trac k Elec Coll 4s
Met 1923
Mtt It It Cert Indebtedness A
Jilt It It Cert ludchtcdnci It
Columbia It It 6s 1914
Columbia It It 2d mort 5
TUB TIMES WASHINGTON TUESDAY JULY 2 1901
WnNliing tou Stock Exchnngc
SalreCapital Traction 131ffi 1024 American
Orjjilioplionc Co Com lOjtOH After call
Lantton Monotype U3Ui anil Capi
tal Traction 43fel02U
DISTRICT OK COLUMBIA noNDS
Bid Ascd
Funding currency 3GS 124
-MISCELLANEOUS 150NDSL
I07S
CO
1I7
105
105
117
105
Citv Suburban It It
Anacostia k Totomac os
Ua li Gas Co ser A h lv2 27 107
Modi Gas Co tB Cs 1901 29 107
l S Elec Light Deb Imp 1907 104
I S Elec Liijht Cert lndept 104
Clics Pot Tel Con js 103
July
August
October
December
14 55
1472
657
8C5
800
810
63
120
107
110
107
American S ccunty Trust Ss 1SG5 131
Wavh Jlarkot Co 1st Cs 1592-
1911 7000 retired annually 110
Wadi Jlkt Co hup Cs 1912 27
Wudi Jlkt Co ext Cs 1914 27
Jtaxuuic Hall Assn Ss C ItOS 105
Amcriian Grapbophone lch 0s 93
SAKE DEPOSIT AND TUTST COJIPAN1ES
National Safe Deiioit 15
Wath Loan and Trust ltS
American Security and Trut 215
Wa lmiRton Safe Deioit 60
Union Trust and Storage 103H
NATIONAL BANK STOCKS
Bank of Washington 390
Jictropolitan 755
Central 2 0
Farmers and Jlechanics 215
Second 105
Citizens 170
Columbia 150
Capital 155
West End 120
Traders 130
Lincoln 10
HAILltOAD STOCKS
Capital Traction 102
Cit k Suburban
INSCRANCE STOCKS
Firemen 30
Franklin 40
Jictropolitan 70
Corroran 60
Potomac - CS
Arlington 27
German American 210
National Union 8
Columbia 10
Iliggs 7
Peoples C
Commercial 4
Colonial 110
TITLE INSURANCE STCKS
Heal Estate Title 60
Columbia Title 4y
Wasbiigtoii Title 3
District Title 5
TELEPHONE STOCKS
Chesapeake Potomac 07
GAS STOCKS
Washington Ga 5a
Georgetown Gas C5
MISCELLANEOUS STOCKS
Jlcrgcntlialcr Linottpc 163
Lanvton JlonoUpc 14
American Grapbophone H
American Graphophone pfd 104
Pneumatic Gun Carriage 07
Wxshington Market 15
Norfolk k Washington 1C0
Ex dividend
10D
too
175
170
130
1C3
65
5
120
100
5
ill
ICC
m
i0
10
THE CHICAGO GRAIN MAEKET
A Flnrry In Corn the Fcntnrc of
tlio Day
CHICAGO July 1 Wheat opened firm
on the strength In coarse grains and the
Wl to Kd advance at Liverpool The
firmness was short lived The market
turned weak and gradually declined c
on increased movement in the Southwest
and excellent crop conditions in the
Northwest Cash sales were 155000 bush
els here and eleven loads at the sea
board The closing was weak at about
the lowest prices yet recorded
Corn opened strong and excited on the
continued high temperatures and dry
weather West and Southwest Shorts and
longs struggled with each other In their
efforts to buy Later on the prediction
of cooler weather and thunderstorms the
market turned easy and almost all the
improvement was lost at the close The
cash demand was poor Country accep
tances are mall Local stocks decreased
144000 bushels and the visible 220S000
bushels Llverpoool was affected by our
advance closing Sld higher
Oats opened strong in sympathy with
corn There were a great many damage
reports from the Southwest that the oats
and hay crops are almost a failure
Shorts and longs bought freely at the
opening At once the market met heavy
realizing sales and a reaction followed
with the other grains Local stocks in
creased C6000 bushels The visible sup
ply Increased 17J000 bushels The advance
has checked the cash business but the
sentiment Is still bullish
Provisions were influenced by the liberal
hog receipts and the fear that the drought
scare in corn might cause a rush of hogs
to market There was a moderate sell
ing by small holders some offerings from
packers and pressure from local bears
which caused a small decline The lead
ing bull Interest in lard added to their
lines The cash trade was large not
withstanding further advances
CUIcuro Grnlu nnil Provision Marlcet
Corrected daily by W B llibhj Co mtra
Ucra of the New York Stock ExcHalise 110 F
Street
WHEAT
July
September
CORN
July
h p timber
OATS
Julr
POKE
July
September
LAUD
July
S ptembcr
MBS
July
Open
CGii
5
48H
27K
Tt
September 27H
14 CO
1475
- B67
B72
03
September B5
Jfew
High
can
67
6
43
2S
1460
1460
867
875
6 00
615
Low 215
64 K 6yU
05K C5U
4H
6K
ISX S
27 27
27H N
1455
1475
6 CO
8G7
6 00
810
Vorlr Siooic Market
Open
670
800
703
705
High
672
605
7C8
771
Low
602
7K3
750
700
CI os
603
709
759
700
BALTIMORE PRICE CURRENT
WIioIchiiIc lrovlln mid Groin
SlurJkct Quotation In Full
BALTIMOnE July 1 Following are
todays quotations in the local wholesale
provision markets
Hay Market steady Xo 1 timothy
S1C0J No 2 U40OS1500 No 3 J135014W
Xo 1 clover mixed J1300fill00 No 2
clover mixed 1100f1200 No 1 clover
J12n05ilLSO No 2 clover 800t10W
Straw Market was btcady Nol straight
rye J1000 1050 No 2 15CWn550
tangled rye 900i950 wheat G0u oat
straw S00fS50
butter The market Is firm Creamery
Etpurator extra 21822c extra llrst 20i21c
creamery first WrlSc creamery imita
tion extra 17c Iowa and Northwestern
ladle extra 10c do extra llrst 14jl5c
Western More packed 12011c Ohio rolls
fliht 15lGc second l14c West Vlr
Klnla rolls first 1415c second ISflllc
Elgin creamery prints i lb 25S2Gc do
1 lb 2425c do 2 lb 23j24c Maryland and
Pennsylvania crearnery prints l lb 211
15c do 1 lb 2i24c do 2 lbs 22623c
Groen fruits and vegetables Market was
steady Asparagus Enxtern Shore Md
per toz prime Slffil50 do seconds 75c4
jl apples early June per Mil jlC0StsJf3
do per i bbl has 75cTtl beets new na
tive per bunch lc do Eastern Shore Md
per bunch lc blackberries Eabtern
Shore Md per tiuart 7fI9c do Rappa
hannock per bucket do Soutliern
pur cjuurt CftSc cabbage native per 100
Wikolltld 2250 do Flat Utiteh per
lfO fW350 do Eastern Shore Md or
Virginia per bbl SOc cantaloupes Flor
ida per crute 1150 cherries Maryland
and Virginia per box red 50cil do per
bucket red 20fi25c do per lb wax 4fr4c
do prime wax per box lG0lil75 cucum
bers Charleston and Savannah per lias
50f75c do Norfolk per bus lias 75CJ1
do per bbl 20ft3 do Anne Arundel per
bas GCQISc eggplants Florida tier crate
t21i22r do per orange box 2 25jt250
green peas Anne Arundel per bus 504j
C5c gooseberries Maryland and Virginia
per lb lli2c huckleberries North Car
olina per quart VaXc lettuce native per
bus box Jrf25c onions Egyptian per
sack I225fi240 do new Uappihunnock
per tt bbl lias SOfiSTiC do per bbl 2 do
Eastern Shore Va per bas 7c peaches
Florida per C lnm carrier 1 50V2 do
Ocorglif per 0 bas carrier 7ricii125 pine
apples Bahama each 0ft8c do Florida
FINANCIAL
Vermilye Company
Ar
FISTAXCLtTj
16 Nassau Street New York
13 Congress Street Boston
AND
Hallgarten Company
26 and 23 Broad Street New York
Invite subscriptions for
Seaboard
8000000
Line
FIJfANCIAIi
v
Railway
Refunding Collateral Trust Five Per Cent TenYear Gold Bonds
Part of a total authorized issue of 10000000 of which 2000000 are reserved
to retire an equal amount outstanding of Collateral Trust Five Per Cent Gold Bonds matur
ing October 1 1902 to be secured by the deposit with the Trustee of 20000000 First
Mortgage Fifty Year Four Por Cent Gold Bonds of the Seaboard Air Line Railway which
latter bonds are selling in the open market at about 85
Principal Payable May 1 3 1911
Interest payable semi annually on May 1 and November 1 in the City of New York
Principal and interest payable in gold coin of the United States of the present standard
of weight and fineness free of all taxes
Coupon Bends of 1000 Each with Provision for Registration as fo Principal
The entire issue but not any part of the same is subject to redemption at 105 and
accrued interest on any half yearly interest day on three months notice
CENTRAL TRUST COMPANY OF NEW YORK Trustee
A considerable part of the above bonds having been placed subscriptions for the balance
will be received at 102 and accrued interest to date of payment at which price if not redeemed
before maturity they will net about 4J per cent upon the investment
The subscription list will be opened at 10 oclock a m on Friday the 5th of July 1901 and
closed at 3 p m or earlier on the same day the right is reserved to reject any applications and
to allot a smaller amount than applied for Payment on allotments to be made on or before Thurs
day the 11th of July 1901 at which time interim certificates vill be ready for- delivery It is ex
pected that the engraved bonds will be ready within thirty days thereafter
Copies of the trust agreement which has been prepared by Messrs Guthrie Cravath Henderson may be obtained
at the offices of the bankers
Application will be made to list these bonds on thd New York Stock Exchange
Iteference ie mndo to the following letter from Mr Jno Skelton Williams President oftho Railway Copies of the
more exhaustive letter to which Mr Williams refers may be obtained at the offices of the bankers
NEW YORK June 29 1501
MESSRS VERMILYE CO - - -
AND
MESSRS HALLGARTEN CO
NEW YORK
DEAR SIRS
With reference to the 10000000 Seaboard Air Line Railway Refunding Collateral Trust 5
Per Cent Ten Year Gold Bonds which you recently purchased from this Company I beg to state
that these bonds are to be secured by a deposit of 20000000 First Mortgage Fifty year 4 Per Cent
Gold Bonds of the Seaboard Air Line Railway due April 1 1950 to be held in trust by the Central
Trust Company of oew York Trustee
Of the 10000000 Refunding Collateral Trust Bonds 2000000 will be reserved to take up the 2000000 Seaboard Air Line
Railway 5 per cent Collateral Trust Bonds due October 1 1902 The proceeds of the remaining 8000000 will be used
a For the immediate retirement of the 3400000 6 per cent certificates of indebtedness due March 26 1902 which are
redeemable at the pleasure of the company at any time on sixty days notice and which will be called at once
b To pay for a one sixth Interest In the Richmond AVashington Company controlling the road from Washington Dr C
to Richmond Va Ill miles
c To pay the installments maturing prior to 1902 under all car and equlment trusts
d To pay floating debt and other liabilities of the system and
e To provide a fund of at least 1000000 for additions and Improvements
Upon the issuance of the 8000000 refunding bonds and the redemption of the 6 per cent certificates the nnnual interest
on outstanding bonds exclusive of bonds owned by the Seaboard Air Line Railway or its constituent companies and the
rentals of the system will be as follows
Interest on underlying bonds on the several divisions of the system 1470400
jwtintii is ti0vu
Interest on 12775000 First Mortgage 4s 511000
Interest on 20000i0 Collateral Trust 5s 1902 100000
Intercut on 8000000 Refunding Collateral Trust 5s 400000
2524900
The company has outstanding 2143687 Car Trusts maturing at various dates from January l 1902 to July 1 191S the
interest on which will be charged against income
The total authorized issue of First Mortgage 4s is 75000000
There are issued 32775000
of which amount 20000000 will be deposited as collateral against 10000000 Refunding Collat
eral Trust 5s
Reserved for underlying bonds 29725000
Issuable only after July 1 1903 for additional properties improvements extensions etc at not ex
ceeding 1500000 per annum for four years and 1000000 per annum thereafter 12500000
75000000
EAIIMXGS
Notwithstanding the drawbacks attendant upon beginning the operation of the system as a whole the business of the
system for the eleven months ending May 31 1901 one month approximated shiws gross earnings of 10008773 against
8S0193C for the same period in the preceding year an increase of 120CS37 or 137 per cent The growth since January
1 1901 has greutly exceeded previous records as the following statement will demonstrate
STATEMENT KItOM JANUARY 1ST TO APRIL HOTII
1901 1900
Mileage 2600 225S
Gross Earnings 5390S230 32S7400
Operating expenses and taxes 2624563 2409650
Net earnings 12S1667 577750
Net earnings four months ending April 30 1901
Interest on outstanding bonds
Interest on Car Trusts and other Interest
ten tais
A
Increase
242 miles
J61SSS0
214913
103917
102 per cent
187
9
46
761S0O
49SG4
14500
512S1CG7
S2C1G4
Surplus j 155503
Within the next few weeks It is expected that the necessary final action will be taken to vest In the Seaboard Air
Line Railway by consolidation or merger or purchase 1210 miles of road which include all lines In the System north of
Savannah and east of Atlanta except the Seaboard and Roanoke Railroad SI miles from Portsmouth Va to Weldon N
C The Seaboard Air Line Railway owns more than 92li per cant of the stock of the latter company which is deposited
with the Trustee under its llrst mortgage
On the completion of the consolidation above mentioned the llrst mortgage 4 per cent bonds of the Company will be
secured by a llrst and only mortgage on some 520 miles of railroad including 102 miles of main line from Richmond to
Ridgeway and 10S miles from Hamlet to Columbia subject only to 155000 prior lien bonds on two branches and also
by a direct mortgage on the whole 1210 miles of consolidated read bubject only to prior Hen outstanding bonds thereon
not exceeding 1274i000 or an average of 10500 per mile The roads upon which these 4 per cent bonds will thus become
a direct lien include the Raleigh and Gastun Railroad the Raleigh and Augusta Kallroau the Carolina Cmtral Railroad
the- Georgia Carolina and Northern Railroad the South Bound Railroad the Ialmetto Railroad and several less important
lines
In conclusion I wish to say that I have every reason to believe that such results that have been attained in the
past are not a measure of the luture possibilities of the property and It is my confident expectation that the recent ap
pointment as Vice PreMdwit and General Manager of Mr J M Barr who assumed charge on May 1st last will result in
establishing the property and service of the road upon the high plane of excellence which has characterized the other
important railroad with which he has lirrn heretofore connected and that with the changes of management and the con
solidation phvsKfally and otherwise or the several properties which comprise the System and with additional new capital as
provided the property will reach a still higher state of efficiency and that the earnings of the System in the not
dlbtant future will exceed 12000000 per annum while the ratio of operating expenses should be less than 6G per cent
For further details I beg to refer you to the more exhaustive letter which I have written you under todays date
Yours very truly
RICHMOND June 15 Ml Signed JNO SKELTON WILLLVMS President
MESSRS VERMILYE CO
AND
MESSRS HALLGARTEN CO
NEW YORK
GENTLEMEN 1 have at vour request examined tho properties constituting the system of the Seaboard Air Line
Railway and also the accounts oftknt Company and I concur In the statements made by President Williams In the fore
going letter lours very iiuij
46 WALL STREET NEW YORK June 27 1901
per crate as to size Tfi350 radishes na
tive per 100 bunches white tSeftU rasp
berries Eastern Shore red per pint 5
6c do per quart SfilOc do black per
quart MiTlic string beans Anne Arun
del per bus green 2Vi30e do wax -30
Kc do Rappahannock per bas 25i3c
- iti tlf1 ln Vnotnrn
t iti per uui h w v v
Shorewax per bas iOftSSc squash Anne
Arundel per has 1520c strawberries
Eastern Shore Md per quart 3S6c do
fancy grades 567c do Anne Arundel per
quart 4Si7c tomatoes Florida per C lias
carrier fancy lil 23 do ftlr to good
75ciil do Mississippi per crate C0fr90c
watermelons Florida per HiO 20f23
Potatoes Market was Old Mary
land and Pennsylvania prime per bus
5500c do New York prime per bus
65i70c do Michigan and Ohio per bus
OOfiCCc white new Norfolk per bbl No 1
1752 do No 2 U do culls 75c
Signed JOHN SCOTT
il do North Carolina per bbl No 1
1504175 do No 2 ljil25 do York
River per bbl No 1 15vfil75 do culls
and seconds 75c5i125 do Rappahannock
per bbl gllOfilGS do Eastern Shoie Aid
per bbl 125jl75 do Virginia per bbl
jl50fil65
Poultry Market Is steady Old fowls
He per lb sprint chickens 15plSc roos
ters 25fi30c apiece ducks Sc per lb
Green Coffee Market llrni No 7 Rio
grade 6Ht6Hc
Roasted coffee Market steady Bulk
roasted coffee Pure Java 32c Maraealbo
22c pure Laguayra 22c pure Santos 19c
African Java 19c Hlo blend 18e Pea
berry mixture I7c pure Mocha 30c
Java Mocha blend 27c These coffees
are In fnncy bags paper lined If packed
In cans or tubs c higher
Package brands R L C 100 lb cases
HVicGO lb cases 116c 36 lb cases U7c
-Lion coffee in 100 lb lots llSSc in CO lb
lots U7Sc
Cotton Market steady middling Sjfcc
strictly low middling Sic low middling
Sfcc Stock In Baltimore 5146 bales
Short Term Ilomls llirchaxcMl
Secretnry Gage purchased yesterday
3000 four per cent short term bonds at
1 J 29349
Fireworks Beet quality J Jay Gould
3IOXEY WANTED AN1J TO LOAJf
MONEY TO LOAN at VA to 3 per cent la sunn
oi 1000 to 10000 on I C real estate pay oil
5 and C per cent mortgages and Vgin anew all
tfjn action conducted with 2noimoal onsilcra
tiou for borrowers WM iL SAUXPEfiS CO
1107 F it nr
Katabllslied
lh9lh
JIKAJJCHES
TVITH
IRITATE
TTIItES
FINANCIAL
rfXSS
Dntjrmlnlnr the diameter anil flnanclui
reopoiKlbllltr of your Broker I hh Iiiv
portnntaa th lecttm of rlicht stock
Haight Freese
Jlnln Offlcet
3i Bway T
1428 F5t Nw Washington
Telephone JIaIn 2233
STOCKS BUMOS UHAifJ GDiOH
i Shit St Boitsa
tt wl lmi nll4lihl4
3U Poarih An rttutvrr
31 MaId trrvi yfotttttr
n W WuKiitrta
OarilUa Trat B13c BltlnMr
Crxf BHfWts4
1 Market t 7Cwirt
Ltdh rrinJ ProildcMt
CommUslon orttm nollrltcd for Inrire or
im uiacvountsorcHiiliormoderateniargiii
Wo will be olt iscd to i
mall fre on amplication
GUIDE TO
uurmnuonieciotn Dountl luiir1
100 pagee infCOIUnOi
ItIsacompT history of prlcntandthemost
trustworthy its kind ever published Onr
DAlLi MARKET LETTER
will aIo be mailed
free upon receipt of renuet
pclal attention to the account of
non resident customer Servlcs nnexcrlel
A C Jenkins X E Simpson
JENKINS SIMPSON
Commission Stock Brokers
Iffl F ST TV Phone Main 1770
2 Per Cent MARCIK NO INTEREST
Correspondents
CRECLICII MARTIN k CO New York
J D FLESIIMAN CO Philadelphia
A BEAR MARKET
la coming but not so soon as the iraart stV
have calculated I lave knowledge of sonic good
thins in the stock market The source of my
information u at the fountain head and MAKES
NO MISTAKES To thoc who are interested and
are willing to pay a reasonable price for reliable
information on movements in certain stocks as
well as conservative and safe opinions on the
market in general every day I will be pleased
to do busine For particulars address with
stamp J Box 365 Station G Washington D C
Wloney to Loan
At 4 and 5 Per Cent
ON REAL ESTATE IN D a
I SO DELAY BEYOND EXAMINATION OF TITLE
VVAiltlt 11 AOiVtill
704 14th St NVT
W B HIBBS CO
BANKERS AND BROKERS
i
i - Members New Ycrfc Stock Exchange
V 1419 F Street
Correspondents of
LADEXnUltG TIIALMAAX CO
New York
MONET AT
4i and 5 Per Cent
Loaned en Real Estate in District ot Colombia
Lowest Commission
KEISKELL McLERAN
IOCS F Street
DAAICS AND TIITJST COJIPAilES
THE RIGGS NATIONAL BANK
OF WASHINGTON D a
Capital 500000
SURPLUS 150009
UNDIVIDED PROFITS 100000
EXCHANGE ON
ENGLAND IBZLAND FRANCE and GERMANY
Letters of Credit
AVAILABLE IN ALL FOREIGN PARTS
BANK COLLECTIONS
ORDERS FOB INVESTMENTS
STOCKS AND BONDS
MONEY WASTED AND TO LOAN
GOING ON YOUR VACATION
Possibly you may need a
few extra dollars to help you
out it so remember we will
always loan it to you
Our rates ot interest are
the lowest in town
Loans made on furniture
pianos etc
A
Friend
In
Need
Money
SCALL AND SEE US
WASHINGTON MORTGAGE LOAN CO
010 F 010
We Will Lend You Money
On your furniture pianos organs etc and yoa
can pay it back in small weekly or monthly pay
ments
Absolutely No Delay
Our buslnea Is strictly confidential no em
barrassing questions to ask you Lowest rates la
the city Private offlcrs
COLUMBIA GUARANTEE CO
613 F Street NW
PER1V1
IT US
The pleasure of supplying
your wants at a slight ad
vance above the amount de
sired Come and get it to
day Money waiting for yon
Loans on furniture pianos
ic without removal Loan
on salary without indorser
Get the rates of others then
call on the old reliable
CAPITAL LOAN GUARANTEE CO
602 F Street N W
WHAT IS FAIRER
Than a straight business proposition to lend you
money to help you out of difficulties If iou
have Furniture Piano or other good security
we can help you out and the terms will be mada
to suit your convenience In paying Call ta fee
us and get at the bottom of our business methods
EVANS COMPANY
707 G ST N TV
ROOM 3 First Flocr Rear Opp Talent Office
CASH TO LOAN
OX PTJIIXITUUE 1IAXOS ETC
without ren oval from your possession and la any
amount from 10 to AjCO Cur rates are the
cheapest and you can mate your own terms
Loans made within three hours from the time
jou apply We loan for the interest only and
do not want your goous so you need Lave no
fear ct losing them Our offices are up on tins
fifth floor away from the street and are so ar
ranged that w -can ensure strictest privacy Dro
in and get our rates
IOTOMAC CUARAXTER LOAN CO
KS 900 F ST NIAR OTH NW
Room 1 Atlantic Building
Take Elevator to Fifth Floor
LOANS OF 10
AND UPWARD ON FURNITURE AND IAN03
At lowest rates snd on th day you apply Wo
are loaning un the Building and Loin Association
plan hich main3 the cost of carrying loans
much less than yen pay elsewhere and allows you
to pay it olf in any sized notts you desire run
ning from one to twelve months If you hare a
loan with some other company we will pay It
off apd advance you more money if desired Rates
cheerfully given and do cit to tou unless loaa
is made Call and get rates Front room first
floor
National Mortgaffc Loan Co
625 F St ci W
MOXCY WANTED AND TO LOAN
Honey to lend on furniture anil
Iilnnox lowest rates MASTERS t
CO Huom SI Warder liulldliiK
MONEY TO LOAN ON APPROVED COLLAT
IRAL No delay CHARLES A BAKHR Rooms
10 and IS Mctieiatt Dnilding 1110 F St
HERE IS yoir opportunity to procure a loan
on your furniture or pianu from a private party
at a low rate AiWnsw BOX 320 this ofilce
MONEY LOXED salaried people and retail mer
chants upon their own names without security
ay payments TOLMAN Kooni J J 0S 9I1 O
it
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