8
Mails.
COMPAGNIE DESUMESSAGERIES
MARITIMES.
PAQUEBOTS POSTE FRANCAIS.
NOTICE.
STEAM FOR
SAIGON, SINGAPORE, BATAVIA, COLOMBO, ADEN, EGYPT, MARSEILLES, MEDITERRANEAN AND BLACK SEA PORTS, LONDON, HAVRE, BORDEAUX;
ALSO
PORTS OF BRAZIL AND RIVER PLATE.
TO-MOM, the Company's Steamship 'O-MORROW, the 17th May, 1904, "POLYNESIEN," Captain Le Coispellier, with Mails, Passengers, Specie and Cargo, will leave this Port for MARSEILLES, via Farts of Call, WITHOUT TRANSHIP
MENT.
Cargo and Specie will be registered for Lon- dou as well as for Marseilles, and accepted in transit through Marseilles for the principal places of Europe.
Shipping Orders will be granted till Noox only on MONDAY, the 16th May, Specie and Parcels received until 4 P.M. on the same day. No Cargo will be received on board on TUESDAY.
Parcels are not to-be sent on board; they must be left at the Agency's Office. Contents and Value of Packages are required.
For further Particulars, apply at the Com- pany's Office.
G. DE CHAMPEAUX, -Agent.
Hongkong, 16th May, 1904.
ORIENTAL
PENINSUL
STEAM
NAV
COMPY
THE PENINSULAR AND ORIENTAL
STRAM NAVIGATION COMPANY,
|
THE HONGKONG TELEGRAPH, MONDAY, MAY 16,
Ensurance.
NORTH GERMAN FIRE INSURANCE
THE
COMPANY OF HAMBURG.
HE Undersigned AGENTS of the above Company are prepared to accept First C's FOREIGN. and CHINESE RISKS A CURRENT RATES.
Ker gelema, vlek Mhe tRat
Consignees,
NOTICE TO CONSIGNEES.
HE Steamship
THE
"SILVERLIP," having arrived, Consignees of Cargo are hereby informed that their Goods are being landed and stored at their risk, into the Godowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, whence delivery may be obtained.
Optional Cargo will be forwarded unless notice to the contrary be given before 10 A.M. TO- DAY, the 14th instant.
No Claims will be admitted after the Goods have left the Godowns, and all Goods remain- ing undelivered after the 21st May, will be subject to rent.
All broken, chafed, and damaged Goods are to be eft in the Godowns, where they will be examined on SATURDAY, the 21st May, ar
2,30 P.M.
1904.
SHARE QUOTATIONS.
Supplied by Messrs. BENJAMIN, KELLY & POTTS, Corrected to noon, later alterations given under "Commercial Intelligence,
STOCKS.
MARINE INSURANCES. Un'on Insurance Society of Canton, Limited
China Trad rs' Insurance Company, Limited
North China Insurance Company, Limited Yangisze insurance Association, Limited
Canton Insurance Office, Limited
FIRE INSURANCES.
Hongkong Fire Insurance Company, Limited.......... China Fire Insurance Company, Limited
Sirring, TUG AND Cargo BOATS
Hongkong, Canton & Macao Steamboat Co., Lil.
NO. OF SHARES.
RESERVY. VALUE, PAID UP
I AT WORKING.
· ACCOUNT,
A
$37.794 $1,300,00
LAST DIVIDEND
pago
APROXIMATE + KUTURN-AT
· PRESENY,
CLOSING QUOTATIONS
QUOTATION,
BANKS.
SIEMSSEN & Co.
+
$10,000,000)
[5
Hungkong & Shanghai Banking Corporation
$,000
5125
5.25
$6,50%odo
$150,00
Div. of to and bonus of ro@" exchange 1/8$27.994 for half- year ending 36.12 1993
($66g sa & b.
61%
National Bank of China, Limited...
47453
$175.5332
$21,668
($2 (London 3/6) for 1913
10%
London £65.st $38 buyers
Do.
(Founders')
750
$191,9735
None
$10
$1,750,000
$569,143
10,000
$250
$100
$1,959,926
532 for 1901
$784 419
51-
$550
5906,877
$900,000
24,400 $83-33
Sis1,93
$15
$331,342
54 for year ended 344 1903
61%
$6
· 5322,138 |
¦
10,000 £15
Tls. 500.00
£5
Tls. 31,8505
T. 271,589)
ual of £i making £2 for 1933
Tis. 65
-$700,000
8,000 $100
10,000 $150
$60
$.86,284
$12 for 1901
91 %
Srag buyers
$5
jąco)
$210,551
$15 for 1902
*.71%
Sady sales
7
8,000 *$150 $50
$1,308,856
$371,110
$ash for 1932...
77%
$1,000, 03)
20,000
$100
$.0
$125.675
$319,017
$6 dividend & St bonus for 1932
87%
$305 buyers
$83 buyers
$2,561)
$150,000
$0,0.0 $15
$15
$533,000
$45,538
Si for second half-year 1903...... ..........
·101 %·
$18 sales & h.
$149.409)
£249,000)
Indo-China Steam Navigation Company, Limited ...
China and Manila Steamship Company, Lunited...... Douglas Steamship Company, Limited
60,000
L10
£10
£8 o
£5.380
10/. for 1901
·51%
100,00)
30,000
$50
$50
none
'Dr.
$63,123
$5 for 1990
$185,000)
20,00
$50
$30
Nil.
$3 for year ended 30.6.1903
$71,8 51
"Star" Ferry Company, Limited.......
{
10,000
$10
$10
$35,0 102
$337
($1.20 1
10,000
I
$to
55
$7,750
160 cts. J
for year ending 30.4 03
81% 3+ %%
$400,000
(021
$2,75
Straits Steamship Company, Limited .......
5,000 $:00
$100
$33,648
$18,000
$5 for and f-year making $13 for 1993 ......
$130,153)
£
£400,000
30,0:0 T.Tls. 50 T.Tis.go 100,000? 100,000)
Tis. 98,coo
Tis, 201,614)
£19,555 Tis. 865
st%
Tis. 50 Tis. 50
none
Tis. 55,541
אא א א א א א א
$104 sel'ers
$20 sale's
536 sellers
$32 buyers $2 buyers
91 % $135
31 %.
27/- sellers
Tis.35.
Tis. 48 sellers Tis. 47 sellers
".
$145 sales Sio sellers Tis. 51 buyers
$500
$6 buyers.
All Claims must reach us before the 24th May, or they will not be recognized.
19 Undersigned.
STEAM FOR
STRAITS, CEYLON, AUSTRALIA, INDIA, ADEN, EGYPT, MEDITERRANEAN PORTS, PLYMOUTH AND
LONDON,
(Through Bills of Lading issued for BATAVIA, PERSIAN GULF, CONTINENTAL, AMERI- CAN and SOUTH AFRICAN PORTS.) HE Steamship
ΤΗ
"CHUSAN,"
Captain W. B. Palmer, R.N., carrying His Majesty's Mails, will be despatched from this
for BOMBAY, on SATURDAY, the 21st May: a Noon, taking Passengers and Cargo for the andve Ports.
Silk and Valuables, ail Cargo for France and Tea for London (under arrangement) will be transhipped at Colombo into a steamer proceeding direct Marseilles and London; other Cargo for London, &c, will be conveyed vid Bombay.
Parcels will be received at this Office until 4 F.. the day before sailing. The Contents and Value of all Packages are required.
hippers are particularly requested to note the terms and conditions of the Company's Bill of Lading,
For further Particulars, apply to
E. A. HEWITT,
Superintendent.
Hongkong, 7th May, 1904.
14
·HORTHERN PACIFIC LINE. BOSTON STEAMSHIP COMPANY. BOSTON TOW-BOAT COMPANY.
Connecting at Tacoma with NORTHERN PACIFIC RAILWAY
COMPANY.
PROPOSED SAILings from HonGKUNG FOR VICTORIA, B.C., AND TACOMA,
VIA
MOJI, KOBE AND YOKOHAMA.
Steainers. Tons. Captains. Sailing.
Shawmut................. 9,606 | W. M. Smith... May 21 Tremont ...... 9,606 T. W. Garlick, June 28 Lyrat 4,417 G. V. Williams Aug. Shawmut..... 9,600 W M. Smith... sept. Tremont ......
9,606 T. W. Garlick., Oct.
+ Cargo only.
FOR MANILA.
No Fire Insurance has been affected. Bills of Lading will be countersigned by the
ARNHOLD, KARBERG & Co.,
Agents. Hongkong, 14th May, 1904.
NORDDEUTSCHER LLOYD, BREMEN. IMPERIAL GERMAN MAIL LINE.
NOTICE TO CONSIGNEES.
THE Steamship
"OLDENBURG,"
of the NORDDEUTSCHER LLOYD, having arrived, Consignees of Cargo are hereby informed that their Goods, with the exception of Opium, Treasure and Valuables, are being landed and stored at their risk into the Godowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, Kowloon, whence delivery may be obtained.
Optional Cargo will be forwarded unless notice to the contrary be given before to A. M., TO-DAY,
No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining undelivered after the 16th inst., will be subject
to rent.
All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be examined on MONDAY, the 16th May, at 9.30 A.M.
All Claims must reach us before the 21st
of May, or they will not be recognized.
No Fire Insurance will be affected.
"Shell" Transport and Trading Company, Limited,.. 1,000,000 Taku Tog and Lighter Company, Limited Shanghai Tug and Lighter Company, Limited.....
{Preference)
Do.
REFINERIES.
China Sugar Refining Company, Limited.............. Luzon Sugar Refining Company, Limited., Perak Sugar Cultivation Company, Limited
MINING.
Société Francaise des Charbonnages du Tonkin ...................
انکو
20,000 $100 $100!
7,000 7,000
Raub Australian Gold Mining Company, Limited 50,000 50,000 Chinese Engineering and Mining Company, Ld....... 1,000,000
DOCKS, WHARVES & GoDownS.
Do.
(Preference).....
Hongkong and Whampoa Dock Company, Ld, SC. Farnham, Boyd & Co., Limited Tanjong Pagar Dock Company, Limited Riley Hargreaves & Co., Limited...... towarth Erskine, Limited Hongkong & Kowloon Wharf and Godown, Co, Ld.
Shanghai and Hongkew Wharf Company Yangtze Wharf and Go lown Company, Limite I.. New Amoy Dock Company, Limited......
LANDS, HOTELS & BUILDING.
Dr. St47,717 Dr. $73.905 Tis. 1,456
Interim of t/- (Coupon No. 4) for 1903 Final of TI. t making Tis, 2 for 1903
Tls. 24 making Tis. 4.... Final of Ts. 14 making Tls. 3.....
Final of $7 making $ta for 1901 m $3 for 1897ipatmundouiuan Tis. 28 for year ending 30.9.03rd
....
none
$100 $100 Tis. 50 TIs. 50
none
Tis. 10
5 %
16,000 Fcs. 150 Fcs. 150
(Fcs. 251,337)
Fcs. 1,519,6525
Fcs. 85,706
Interim of Fc. 30 for 1903
{
£18/10
£4.873
Dr.
£7.236
No. 12 of 1-
I 41
£10,000
£6,671
No. 1 of th¶ryz.........
$0,000
$50 $5.700 Tis.co Tls, too 37,000 $:00 $100
$50
$8,750
$425,340
Tis, 850,000
Tis. 43,124
$1,950,000
$43,732
56 for 2nd half year 1903
6000)
$100 $100
$150,0.0
$40,936
($to div. and $at bɔnus?
2,750) 12,000
$7 dividend........................
for 1903 ......
$100
$roo
$29,916
Sto div. & $2 bonus for 1902/3
30,000
$50. $50
$28,015
Final of $af making $5 for 1903
41.%
10,000
2,500 6,000
Tls. 100 Tls. 100
Tis. 487,210) Tis, 50,9135
·74%
Fls: 100 Tls, tro
563! 561
אמא או אם אאאאאא
Bills of Lading will be countersigned by the Hongkong Land Investment and Agency Co., Ld..... Undersigned.
NORDDEUTSCHER LLOYD.
MELCHERS & CO., Agents.
Hongkong, rath May, 1904.
NORDDEUTSCHER LLOYD, BREMEN. IMPERIAL GERMAN MAIL LINE.
NOTICE TO CONSIGNEES.
THE
HE Steatustrip
"SACHSEN,"
of the NORDDEUTSCHER LLOYD,
having arrived, Consignees of Cargo are hereby Humphreys Estate & Finance Company, Limited
informed that their Goods, with the exceptioo
landed and stored at their risk into the Godowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, Kowloon, whence delivery may be obtained.
of Opium, Treasure and Valuables, are being
Optional Cargo will be forwarded unicss notice to the contrary be given beloe 11 AM TO-DAY.
No Claims will be admitted after the Goods have left the Godowns, and all Goods remain- ing undelivered after the 18th instant will be subject to rent.
All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be examined op WEDNESDAY, the 18th ustani, at 9 30 A.M.
COTTON MILLS.
Ewo Cotton Spinning and Weaving Company, Ld.... International Cotton Manufacturing Company, Ld.... Laou-kung-mow Cotton Spinning & Weaving Co, Ld. Soy Chee Cotton Spinning Company, Limited............ Hongkong Cotton Spinning, Weaving and Dyeing?
Company, Limited ..........
CIGARS AND TOBACCO COS.
Shanghai-Sumatra Tobacco Company, Limited Alhambra, Limited ............. Philippine Company, Limited
MISCELLANEOUS, Green Island Cement Company, Limited...... China-Borneo Company, Limited...
50,0:0 5:00 $roo
$2,000 Tis. 50 tis. so
Na cofls. 100 Fls. 500
$0 125,000
$14,000 Sco,9891 $250,000
Tls. 6,000 $35,500
$500,000 Tla. 800,000) Tis. 150,000) Ts. 17,144) Tis. 54,626
$10,771 $20,000
Tis, 29,000 $22,503
Tls, 6,804
($6 dividend and $i bonus for second)
half year 1903,
InL of Tla. 5 for half year ending 31.10.03...
Tis. 22,895
Final of Tls. 6 making Tis. 11 for 1903
Tis. 18 for 1903................................................... $iż for 19030925813u0929(1)
Tis. 1,760
$489
First year
nea
попе
$100,607)
$4.989
Tis. 3.530
$99,177
Final of Ths. 4 making Tis, 9 for 1903......
Szi for year ended 30.6.30.
Tis. 1 for the year ending 31.3.1903
$5 for the year ending 28.2.1993
Interim of Tls, 31.
T19. 24,820)
· Tls. $5,000
Tis77 sales
Sant sales
Tls. 150 buyers
$245 sales $195 buyera
Stio $105 buyers
$105 buyers
Tis. 150 sales Ti 19 sales $30 ex div.
$51,966
Final of $6 making $12 for 1903
24 %
$157 buyers
Shanghai Land Investment Company, Limited
Tis. 37,634
fFinal of Tis. 3 & bonus of Tis, 2 makingĮ
in all Tls. 8 for 1903 ..................
TIL 108 vellers
Tientsin Land Investment Company, Limited.
13
China Land and Finance Company, Limited Kowloon Land and Building Company, Limited...... Wei-hai-wei Land and Building Company, Limited.... West Point Building Company, Limited'
6,000
3.764
7.726 Tis. 100 Tis. 100 6,000 Tis, sols so $50 $30 s. 25
Tis. 25
Tis. 335
PROBLE
nonc
$636
Final of Tis. 5 making in all Tis. 9 for 1983 7 % Interim of Tis. 3 .......iipuamma $2.60 for 1903
Tii. 130 sellers
TIs. 55*
71%
535 buyers
поре
Tis. 5,150
None
TIL. 10
12,500
350 $50
поле
$1,362
Final of 1.70 making $3.20 for 1903.
6%
} $100,000
Hongkong Hotel Company, Limited
12,000
550 $50
$3,161
S5 for second half-year 1933 ...................
73%
Astor House Hotel, Limited (Tientsin)
3,000
T.Tis. 50 T.Tis. 50
Tis. 655
Hotel des Colonies Company, Limited (Shanghai)... Queen's Hotel (Wei-hai-wei)....
Astor House Hotel Company, Limited (Shanghai)...
30,000
525 $25
$16,301
9,000
Fls. 25T19.25
Ths. 1,496
9,000
Tls. 25 Tls. 25
Tientsin Hotel, Limited.......
600
$20
$20
none
Tientsin Hotel des Colonies, Limited...
1,400
Tls. 50 TIs. 50
150,000
S10
$10:{
go cents for 1953
17
7%
8.%
א אא אאא *
$55 buyers
$138 buyers
Tix, 146 buyers
Tie, 15
Tkk 25
Tis 50
Sist buyers.
15,000 10,00 $,000 2,000
Fls, so
TIs, to
попе
Tis. 11,655
Tis. 4 for year ended 31.10.1903
121%
Th. 30
Tls. 75
rls. 75
Tls. 30,098
Tis. 88,034
Interim of 3% a/c 1898
Tis 25 buyers
попе
15,500
Interim of 4% afc 1898 on 6,000 shares...
**
Tis, 321 sellers
s. 500
S10
Tis. 5,658
pone
Tls. 26,389 $11,121
4% for 1897êu
Job
Tis: 170 seller
(Final of 60 capts making $1 for the)
year ending 31703.
$14t sellers
.
30,000
300
fls. 20 tis. 20
{
Tis. 1,091
Fisal of Tls. 3 making Tis.6....
10%
Tis. 60 sales
$200
$100
$43,00>
557
67,500
$io
$125 for year ending 30 6 1900 First year
$200
$10
109,000
$10
$10
$350,000
$32,115
51.50 for 1993-
$26 buyers
60,000 Siz $11
ΠΟΠΟ
Nif
65 cents for 1903
Sto buyers
60,000
$10
$10 {
$250,000
$15,000
$1,077
Interim of so cants får 1903
61%
$14 Tellers
10.000 $10
$19
54,802
51,042
$t for 1903
131%
371 buyers
600
$50
$6,000
$800
$5 for year ended 31.7.1903
China Prov dent Loan & Mortgage Company, Ld., Hongkong Electric Company, Limited
100,00 2
$10
Sia
$55,000
$1,171
80 cents for 1903
30,000
$.0
$3,433
39,000
Sto
145 cents
(90 cents for year eading 30.4. 903
Hongkong & China Gas Company, Limited.
7,000 £10
£10
La1,8 5
£7.387
21 div. and 2/- bonus for 1902
579 So sales 513, palor 57 buyers. $130 buyers
Shanghai Gas Company, Limited
10,6'6 Fls 50
ris. 50
Tis. 100,000
Tls. 7,548
(Final of Tis. 31 and bonus of {f}a +})
Tls. 198,17)
making Tis. 8 for 1903.
74%
The 115 •
13
Shanghai Waterworks Company, Limited............. Tientsin Waterworks Company, Limited...... Tientsin Native City Waterworks Company, Ld... Hall & Holte, Limited............
7,207 £10
£20
T73. 110,000
Tis. 7,369
Final of 37/6 making 52/6 for 1903
The 400 sellers
2,000
Tis 15,259
Tis. 657
3,941 - Tis.. 100|Tls, 100
DONG
Tis. 413
Final of Fla:4 making Tie. 16 for 1993-... ris. a for half year .........
TTls: 340 sales
T.Tls 13osellers
$1,000
$:0 $20
$186,000
$13.10$
Final of $ making $33 for 1903.
La se, Crawford & Co., Limited (Shanghai) Hongkong Rope Manufacturing Company, Ld.
2,500
$100
$100
доле
$27,582
10,000
$30
$52,000
$8,395
6,000
Sis
S25
$70,00
$10,517
$3.75 for 1903-wir
*5,000
$25
$35.9.20
$5.844
Final of $12 making $16 for 1993.
7%
buyers
2,000
5:00
$y for second half year 1993: **************
1,250
Stop
$31,030
$1783
Szo for year ending 30,81 1903
26180 sales
10 000,
$21,000
53,019
1 203
$10
8,624
9900
100
$10 12/6 12/6
Sio $42 $10
$5,500
·$596%
$ for year anding 31.7.103 $3-for-1903
St. buyers
nond
£100
$14,000
$to)
Stig
fgo cents
$170
for year ended 36.5.190
bane
$1,548
Rode поде
$$7,053
The 314-663
Tis: 27,187
St-sellers Slot bageri isip:buyers
buyers buyers
105 buyers!
Hr45007
nons
Tis. 10,247
Tia for
Tl288
123 7,00 sd
515
$12
$10,905)
sellers
so,
4,000 Tis: 50
50
·T6 $25,000.
(0,030) $100
Stos
$165,003
50000
$33.403
4 500,
3,400 (1,700
All Claims must reach us before the 23rd instant, or they will not be recognized.
4
I
No Fire Insurance will be effected.
1
The largest, steadiest, and most comfortable
steamers for Manila.
Tremont 9,606 T. W. Garlick. Ab June 8
Bills of Lading will be countersigned by the Undersigned.
NORDDEUTSCHER LLOYD.
MELCHERS & Co., Agents.
Hoogkong, 12th May, 1904.
AND SINGAPORE.
Shawmut...... 9,636 W. M. Smith...¡Ab.Aug.12 | FROM HAMBURG, ANTWERP, PENANG CHEAP FARES, EXCELLENT ACCOMMODATION, ATTENDANCE AND CUISINE, ELECTRIC LIGHT, DOCTOR AND STEWARDESS. The twin-screw ss. Shawmut and Tremont
have just been fitted with very superior accon- modation for first and second class passeggers. The large size of these vessels ensures leadi- ness at sea. Electric fan'in each room.
Barber's shop and steam-laundry. Cargo carried in cold storage.
For further Information, apply to
DODWELL, & CO., LIMITED, General Agents,
Queen's Buildings. Hongkong, 14th May, 1904
NOTICE.
THE Pablic are hereby informed that no
Ets change has been made, in the Rates of Subscription to the Hongkong. Telegraph zud they are warped agaijin, paying more-than, TAN GENTS (1Ó CIL) per Single Copyce
THE MANAGER Honghong Telegraph'Co, Lid,” Hongkong, soth September, 1903.
THE Chartered H. A. L. Steamship
"THEODOR WILLE,”
Captain Krünfeldt, having arrived from the above poris, Consignees of Cargo are hereby requested to send in their Bills of Lading for countersignature by the Undersigned and to take immediate delivery of their goods from alongside.
Optional Cargo will be forwarded unless notice to the contrary be given before TO. DAY.
Any Cargo impeding her discharge will be landed into the Godowns of the Hongkong and Kowloon Wharf and Godown Co, Limited, and stored at Consignees risk and expense
No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining undelivered after the 18th instant will be subject to rent.
C
All broken, chafed and damaged Goods are to be left in the Godowns, where they will be examitted on the 18th instagliat 3 g. No Fire Insurance has bočn adfested,
~~) (HAMBURG-AMERIKA LINIE,
Hongkong Ofica. Hongkong, 17th May, 1906.“
A. 5. Watson & Co., Limited Watkins, Limited... Singapore Dispensa y, Limited
Do.
Geo. Fenwick & Co., Limited A.... Hongkong Ice Company, Limited Straits Ice Company, fimited .... Dairy Farth Company, Limited Hongkong High-Level Tramways Company, Ld... Campbell, Moore & Co., Limited...... Bell's Asbestos Eastern Agency, Limited United Asbestos Oriental Agency, Limited ....... (Founders') Hongkong Steam Waterboat Company, Limited.. China Light and Power Company, Limited William Powell, Limited Maatschappij tot Mijn-, Bosch- en Landbouwex-
ploitatie in Langkat... Shanghai Horse Bazaar Company, Limited... Shanghai Pulp and Paper Company, Limited Central Stores, Limited........
Da
(Founders....arımına ataba China Flour Mill Co., Limited...... E. L. Mondon, Limited
Katz Brothers, Limited ......... Straits Trading Company, Limited Fraser and Neave Limited......... Mayward sed: Company, Limited........ Shadghai Hongkong Dyeing and Cleaning, Co, Ld. South China Morning Post, Limited
7,500 Sta Slo
15,000 12,000
510 *$10
$10 Sto
25,000 Ga, 109 [Gs. 100
5,400 s. gatik 50. 4,500 s. 100 s. 100 6,001
Printedd Published by Jor
$10
{
Final of 57 making 3.2 for year end.-29.204 101% Sio for 1993 gat among en zestieran Jakar
$281 sales
sus buyers
dividend of f
Interim of 70 cents
Nont
I terim of 58 posts for
Fidal of The 5 making s
Fink of making $3.7) for 1903