Full text of Commercial and Financial Chronicle : April 10, 1915, Vol. 100, No. 2598

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financial

TIv

lirontrie
VOL. 100

APRIL 10 1915

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company.

NO. 2598 I

-FOR MARCH FOR FOUR YEARS, AND FOR WEEK ENDING APRIL 3.
CLEARINGS
Week ending April 3.

Three Months.

March.
Clearings at
1915.

1914.

inc.or
Dec.

a

$

%

1915.

1914.

s

$

inc. or
Dec.

1915.

1914.

Inc. or
Dec.

1913.

1912.

s

s

%

$

$
2,079,306.088

• 7,565,113,702 7,849,590,045 -3.6 21,334,632,782 24,458,965,920 -12 8 1,869,506,436 2,218,172,053 -15.7 2,038,159,476 152,101.719
New York
159,383,113 191,211,973 -16.6 183,963,515
659,002,179
•
670,756,265 -1.6 1,897,626,991 2,078,311,233 -8.7
Philadelphia
52,161,088
66,370,805
56,020,493 -25.3
41,818,182
645,701,529 -9.1
586,778,916
•
202,582,677
223,931,373 -9.5
Pittsburgh
34,953,721
41,383,633
39.553,364 -22.9
30,468,463
457,652,145 -1.2
452,042,704
154,480,629 +0.6
155,343,181
Baltimore
11,398,565
12,145,976
11,444,791 -15.8
0,630,070
145,673,934 -5.8
137,253,991
•
48,158,805 -10.0
43,327,566
Buffalo
9,052,244
8,471,265
8,476,523 -6.8
7,902,450
96,724,853 -1.6
95,189,327
33,129,387 +3.2
34,195,093
•
Washington
6,903,983
5,434,675
7,091,315 -22.8
5,476,547
82,728,765 -17.5
68,272,028
26,294,071 -17.0
Albany
•
21,828,761
6,671,885
6,713,540
7,424,881 -23.5
5,680,492
63,323,208 -10.3
56,815,585
19,575,162 +3.7
20,306,117
Rochester
3,100,261
3,315,043
4,011,576 -19.7
3,219,502
43,401,091 -6.7
40,503,580
13,866.972 -0.9
•
Scranton
13,741,562
3,197,015
3,700,971
3,811,224 -13.7
3,259,789
37,919.768 -4.8
36,103,275
12,479,231 -3.5
•
12,035,305
Syracuse
2,945,580
2,797,124
3,230,793 -37.6
2,014,293
22,376,821 -7.1
20,780,079
7,659,284 -2.4
7,474,454
Reading
1,765,885
1,936,659
2,208,350 -25.5
1,644,448
24,899,228 -18.1
20,300,539
8,328,161 -9.8
7,517,776
Wilmington
1,682,253
1,677,500
+2.1
1,469,213
1,500,000
19,460,508 +4.7
20,377,670
6,114,468 +9.1
6,669,360
•
Wilkes-Barre
2,166,676
2,571,995
2,645,166 -24.8
1,990,000
27,375,781 -16.4
22 897,390
9,409,687 -11.3
8,344,140
Wheeling
6,995,950
7,248,229
6,702,207 -13.7
5,785,158
19,484,440 -4.3
18,641,663
7,555,026 +0.9
7,626,292
•
Lancaster
1,664,298
1,914,995
1,900,843 -23.9
1,446,724
23,283,371 -4.7
22,184.664
7,624,623 +3.4
7,881,790
•
Trenton
19 066,827 +4.4
19,910,152
6,316,088 +11.8
7,060,596
Harrisburg
1,616,923 -22.3
1,878,000
1,708,403
1,256,089
11,041,176 -3.0
10,712,848
3,800,966 +2.8
3,908,316
York
938,680
1,110,821
1,026,198 -14.0
882,976
13,824,483 -14.6
11,883,068
4,565,054 -7,7
4,213,202
Erie
712,100
789,700
755,500 -22.4
586,700
9,003,300 -8.3
8,259,000
2,929,000 -6.7
2,734,700
Binghamton
547,104
588,001
874,197 -32.6
589,466
8,781,918 -4.2
8,407,316
3,194,964 -12.5
2,795,635
Greensburg
581,864
858,461
455,709 -0.4
454,104
8,370,627 -9.6
7,562,859
2,688,594 -6.1
2,523,911
Chester
388,536
563,605
625,051 -15.2
530,000
7,078,789 -8.5
6,473,415
2,414,719 -4.2
2,312,374
•
Altoona
4,331,944 -36.6
2,747,140
1,380,964 -29.1
978,353
Franklin
3,808,314 +13.8
4,334,979
1,281,452 +21.7
1,559,900
Frederick
7,061,883 -9.0
6,424,885
2,443,157 -7.2
2,267,879
Beaver County, Pa_ .
5,928,037 -5.4
5,606,715
2,097,066 -LI
2,074,971
Norristown
386,517
425,176 -16.7
354,881
5,638,211 -2.4
5,505,831
1,747,752 -4.6
1,669,150
Montclair
10,423,102 Not included In total
3,510,110 Not included In total
Oranges
2,393910,909 2,381,113499
- Middle
• 8,807,088,848 9,133,812,965 -3:6 W928,229,362 23:331,218,104 -12.1 2,155,379,353 2,571:153,519 -16.2
Total
170,502,263 191,773,344 -11.1 186,687,944 217,714,345
2,063,720,574 -10.1
678,904,744 -3.8
652,795,173
Boston
9,450,100
8,545,700
8,945,000 -4.9
8,505,400
104,875,900 -11.2
93.167,000
33,195,300 -5.5
31,378,600
Providence
5,490,556
5,144,314
6,659,363 -11.9
5,866,215
68,893,613 +17.6
81,046,611
+29.1
22,197,310
28,659,610
Hartefrd
2,172,311
3,851,801
3,580,710 +2.1
3,656,181
41,350,163 +9.1
45,117,133
12,976,648 +22.7
15,926,586
New Haven
3,115,588
3,232,066
3,734.045 --12.8
3,359,332
36,075,033 -8.3
33,794,063
12,406,891 ••1.3
12,248,031
Springfield
2,596.428
2,571,661
2,141,560 --.11.7
1,890,401
25,327,769 -8.4
23,209,002
8,513,526 -5.9
8,011,519
Portland
4,305,402
2,999,341
2,958,697 +19.6
3,016,212
34,273,783 -8.7
31,300,674
12,272,962 -6.6
11,466,312
Worcester
1,642,249
1,323,686
1,255,675 +21.7
1,527,895
16,854,380 -7.7
15,548,337
-4.0
5,965,114
5,729,246
Fall River
1,041,950
1,144,083 -2.0
1,121,997
14,776,324 -13.5
1.063,5131
12,788,695
5,238,332 -13.9
4,508,447
New Bedford
753,825
801,511
877,945 +1.5
890,867
+0.5
9,165,171
9,213,277
3,143,196 -1.8
3,087,077
Holyoke
571,788
531,907
768,131 -2.4
750,000
9,535,527 -0.4
9,493,204
3,097,424 +4.5
3,237,092
Lowell
582,679
622,6651
509,541 -18.2
416,546
5,312,202 -6.9
4,943,212
1,824.958 -8.1
1,677,039
Bangor
12,479,800 +9.4
13,059,500
4,048,500 +11.9
4,52400
Waterbury
217276,109 250,437.221
, 48
224 3 ,994 --10.2 201500,309 - ---- 2:4426439 -8.8 -803,784,905 -2.6 2,228,093,935 -Total New EngIan . 733:254,132
308,162,405 297,828,794
1,386,313,210 1,493,330,412 -7.2 3,858,820,099 4;180,642,883 -7.7 287,200,391 332,383,182 -13.6
Chicago
23,388,1501 30,319,350
+7.7
26,978,500
29,042,000
357,870,700 -10.8
319,226,600
119,215,700 -5.2
113,045,150
Cincinnati
27,277,0811 20,521,067
32,654,206 -4.1
31,321,316
317,073,972 +1.2
320,988.462
101,929,722 +17.9
120,162,612
Cleveland
19,537,760
24,749.2081
25,407,297 -8.9
23,145,863
341,948,729 -14.6
292,129,831
115,130,787 -7.1
106,993,905
Detroit
11,324,384
14,352,3141
15,445,352 -9.4
14,000,000
220,476,132 -0.4
219,597,003
71,204,338 -2.8
69,234,695
Milwaukee
7,769,517
6,524,122
-8.9
7,655,985
6,974.438
99,143.614 '+2.9
101,791,292
32,426,193 +4.8
33,971,915
Indianapolis
7,429,300
5,758,100
6,240,800 +10.2
6,880,800
92,435,800 -15.4
78,193,300
30,627,800 -5.5
28;933,300
Columbus
4,303.660
4,067,8271
5,512,471 -7.6
5,093,284
76,537,447 -3.1
74,160,100
26,760,633 -2.8
26,002,721
Toledo
3,148,928
4,048,7081
3,594,839 -14.4
3,078,819
48,572,717 -17.1
40,278,278
17,651,368 -19.4
14,228,652
Peoria
3,147,080
3,246,6741
-2.7
3,228,144
3,142,596
43,736,208 -7.7
40,368,023
14,182,760 +0.4
14.243,296
Grand Rapids
2,402,527
1,015,665
2,461,445 -18.4
2,009,746
34,604,661 -23.1
26,620,654
11,292,883 -20.0
9,036,978
Dayton
1,124,660
1,015,666
1,172,205 -7.2
1.088,115
16,441,549 -10.4
14,731,482
5,034,625 +4.4
5,255,606
Evansville
719,888
932,520
624,436 -12.0
549,603
-8.4
7,988,162
7,319,003
2,709,577 -4.7
2,583,285
Kalamazoo
1,206,775
1,200,108
1,412,276 -16.2
1,183,146
15,148,918 -0.1
15,134,996
5,812,885 +1.3
5,887,991
Springfield, Ill
1,188,530
1,121,075
1,363,862 -7.9
1,255,623
15,842,452 +4.8
16,648,389
5,501,237 +8.3
5,960,392
Fort Wayne
1,381,775
911,141
634,906 +18.6
752,553
12,387,427 +1.0
12,514,474
3,455,139 +20.7
4,171,465
Lexington
1,671,198
1,549,109
1,446,808 -15.3
1,225,445
19,358,852 -14.4
16,563,462
6,570,275 -5.1
6,227,140
Youngstown
840,226
982,751
910,173 -2.5
887,938
12,672.767 -4.1
12,157,596
5,093,432
4,901,295 +3.9
Rockford
827,169
767,581
883,498 +2.9
909,776
9,810,298 +7.7
10,565,591
-1-0.5
4,319,035
4,339,743
Bloomington
736,860
873,184
950,003 -12.4
837,904
12,744,543 -12.3
11,196,459
5,376,271 -14.5
4,599,833
Quincy
1.720,000
1,796,000
1,830,000 -21.3
1,441,000
21,558,000 -4.3
20,625,000
7,513,000 -1.5
7,400,000
Akron
1,663,136
1,707,262
1,969,916 -13.7
1,700,000
19,809,922 +15.6
22,878,214
7,229,733 +18.1
8,538,989
Canton
497,118
503,952
551,125 -15.4
466,990
6,490,631 -9.7
5,861,565
2,072;998
2,367,141 -12.5
Decatur
591,977
711,706
698,684 +17.6
821,725
10,635,639 +0.6
10,701,322
3,579,049 -2.6
3,486,104
Springfield, Ohlo
596,127
740,054
660,607 +5.7
698,172
7,701,356 +2.5
7,893,365
2,615,573 +5.1
2,749,749
South Bend
428,523
370,187
584,761 -13.9
503,222
+7.3
6,294,299
6,751,773
2,408,154 +2.9
2,478,274
Mansfield
716,687
046,806
796,443 +0.04
796,754
6,407,773
6,737,942 -3.6
2,640,000 +10.4
2,914,431
Danville
480,000
520,000
292,749 +19.5
350,000
6,557,668
6,384,870 +2.7
2,118,706 +15.5
2,447,409
Jackson
272,696
323,029
270,751 -11.8
238,243
3,094,491
1,647,481 +12.3
4,373,729 -8.7
1,849,437
Jacksonville, Ill
309,000
340,000
330,000 +6.1
350,00
6,537,675
2,084,329 +12.6
5,985,989 +9.2
2,316,775
Lansing
488,276
470,944
544,910 -17.8
447,788
5,471,288
6,208,304 -11.8
2,182,766 -3.0
2,116,763
Lima
453,513
440,857
487,864 -38.5
300,000
5,405,409
6,097,460 -11.3
1,992,369 -24.7
1,499,958
Owensboro
3,132,899
1,470,558 -24.9
4,178,561 -25.0
1,103,145
Gary
5,911,311
1,993,238 +8.7
5,549,701
+6.5
2,166,205
Flint
1,387,727
1,703,727 -18.6
531,212 -0.2
530,179
Lorain
234,431
177,351
312,744 -4.5
298,789
3,141,735 -5.4
2,971,885
1,034,879 -3.1
1,002,012
Ann Arbor
37,712
43,328
60,317 -69.5
18,369
866,864 -19.0
701,826
329,064 -1.2
325,229
Adrian
1,820,346 -14.7
1,552,633
563,462 -7.2
522,788
New Albany
11,200 261 -9.1
10,176,855
2
3,342,179 -3.1
3 238 997
, ,
Paducah
=10.7 439,728,765 435,918,620
480,357259 7
-.
- -4 429,010,408 Total Middle West. 2705.074,763 2,125,076,728 -5.2 5,624,015,773 6,072,175,157 -- -7- Details of Pacific and Other Western on page 1231.
110,101,557 122.063,014 -9.8 127,403,882 125,241,290
543,301,598 -3.7 1,461,857,348 1,550,666,972 -5.7
623,082,574
Total Pacific
154,060,519 146.489,756 +5.2 147,603,015 132,340,616
700,210,601 +14.4 2,270,080,903 1,967,886,348 +15.8
801,046,139
Total other West_ _
73,639,765
72,742,736
81,585,217 -1.0
80,747,027
351,708,351 -4.3
988,433,173 1,054,890,833 -6.3
336,424,843
St. Louis
18,788,330
18,102,345
17,984,389 -1.9
17,635,107
248,471,992
78,154,172 +6.4
264,411,946 -6.0
83,179,599
New Orleans
15,495,798
12,600,950
16,681,866 -38.0
10,341,272
198,103,680 -16.5
61,439,856 -11.9
165,522,152
54,112,850
Louisville
9,421,657
9,200,000 -18.5
7,500,000
126,490,112 -8.0
38,749,183 -6.9
116,390,881
36,084,844
Houston
3,540,500
3,690,000
3,262,000 +49.1
4,763,369
46,351,500 +23.8
57,366,969
15,322,500 +14.1
18,185,251
Galveston
8,820,915
8,013,938
8,096,698 +9.8
8,891,764
105,452,444 +8.8
34,389,556 +19.1
114,720,696
40,966,139
Richmond
6,244,158
7,671,948
7,523,729 -14.8
6,417,575
101,721,016 +5.9
107,751,310
31,901,174 -2.1
31,245,911
Fort Worth
6,875,763
7,579,643
6,973,726 -4.6
6,649,016
116,008,411 -13.9
99,917,427
35,951,864 -4.3
34,410,605
Memphis
13,870,849
12,752,297
14,893,432 -18.8
12,090,634
207,160,483 -16.7
172,485,458
66,235,638 -12.7
57,848,357
Atlanta
5,724,680
4,323,940
5,015,857 -0.2
5,003,944
62,424,563 +10.7
69,128,886
18,662,532 +24.0
23,147,896
Savannah
5,296,643
7.130,576
6,294,822 -24.2
4,771,844
97,542,594 -20.6
77,485,734
30,529.433 -7.5
28,231,583
Nashville
3,424,798
3,886,764
4,164,188 -10.1
3,744,915
54,378,982 -5.8
51,239,190
17,584,031
+0.3
17.540,781
Norfolk
2,901,418
3,393,744
3,605,308 -28.2
2,588,747
46,986,169 -27.2
34,208,178
10,313,763
14,044,087 -28.6
Birmingham
3,065,793
2,739,710
2,347,754 -32.9
1,575,481
28,074,395 t-22.8
6,626,678
21.663,193
9,696,575 -31.7
Augusta
3,650,000
3,900,000
3,100,000 -6.4
2,900,000
43,713,345 -19.5
35,211,538
13,121,940
14,872,449 -11.8
Jacksonville
1,415,904
1,472,059
1.400,000 -15.8
1,177,746
4,999,972
18,280,862 -22.2
14,215,640
5,970,978 -16.3
Mobile
2.406,369
1,539,932
1,600.000 • 2,031,366 -21.2
24,172,917 -12.5
7,482,584
21,152,602
8,036,689 -6.9
Knoxville
2,075,504
2,077.655
2,315,199 -15.6
1,955,245
33,419,206 -17.6
27,527,823
9,155,897
10,796,574 -15.2
Little Rock
2,569,499
2,328,936
2,105,534 +1.0
2,125,712
31,984,922 -5.6
10,692,471
30,201,715
10,741,154 --0.5
Chattanooga
2,263,786
1,664,608
2,061.484 +6.3
2,190,437
29,333,042 -4.5
10,176,699
28,007,464
9,527,275 +6.8
Charleston
1,452,730
1,656,497
2,100,200 +2.1
2,145,200
25,073,971 +31.1
32,870,889
10,576,200
7,971,090 +32.7
Oklahoma
3,528,107
3,398,261
2,349,153 -31.0
2,311,995
53,787,871 -25.7
39,979,928
12,471,990
16,012,135 -22.1
Macon
9,052,125 +11.9
10,132,666
3,276,805
3,073,770 +6.6
Beaumont
2,200.000
2,239,141
4,402,046 -29.4
3,106,446
55,804,436 -0.5
23,298.349
55,528,599
23,415,107 -0.5
Austin
6,530,212 -22.4
5,068,415
1,068,517
1,982,000 -46.1
-Wilmington, N. C.
353,735
269,961
319,278 -27.7
230,780
4,657,807 -17.2
3,757,829
1,107,083
1,268,000 -12.7
Vicksburg
13,941,004 -14.4
4,104,538
11,930,178
4,473,724 -8.3
Columbia
6,686,754 -15.1
5,674,626
1,884,606
2,110,997 -10.7
Columbus, Ga
443,873
223,679
+4.9
344,116
360,977
6,174,187 +1.4
6,258,118
1,853,882
2,214,647 -16.3
Jackson
4,989,820 -23.4
3,819,207
1,300,000
1,798,611 -27.7
Meridian
672,046
922,550
1,454,615 -28.4
1,041,217.
21,332,525 -24.4
16,134,642
• 5,810,573
7,728,800 -24.8
Tulsa
732,581
757,941
860,939 -30.0
602,3951
11,960,726 -20.7
9,486,642
3,022,329
4,040,320 -24.5
Muskogee
20,453,506 +23.5
25,252,_809
9,347,464
6,493,923 +42.8
El Paso
107451544
194.468,845 213,472.916 -8.9 196,48f:463 -93 2,931,346,366 =776
- 2
-913.114,249
046,817,855 -- 311 -- .706091V5
Total Southern
__
.
13.842.660.705 14,253,004,652 -2.9 39,228,2_78,940 43,315,933,186 -9.4 3,244.521.49113,757,884,558 -13.7 3 522 304,148 318504,790
Total all
,
0
-L4:9 17:391,646,158 18,856,9677266 --5.1 1,375,015-- 55 1439,712,505 =13.7 1,484,144,672 1,4171,98.704
Outside New York 6,277,547,003 6,403414,607 -- i

1,854,g17,677

Clearings by Telegraph and Canadian Clearings on page 1332.




1196

THE CHRONICLE

no.

It is significant that until yesterday the so-called
THE FINANCIAL SITUATION.
standard stocks, having long records behind them,
The performances now being witnessed on the received little attention at
the hands of those who
Stock Exchange cannot be viewed with unconcern. are engineering the movement
. It is the specialties
The element of artificiality in them is altogether too that are the subjects of their
efforts, and particularly
patent to be ignored. That there is warrant for a the industrial specialties. It
is furthermore significonsiderable improvement from the low level of cant that nearly all of the specialties
which have been
values reached following the outbreak of war in thus taken in hand
are non-dividend payers, but
Europe, no competent student of events would as to which it is possible to
excite the imaginadeny. This statement is not intended to carry the tion with alluring promises
of large returns in the fuinference that domestic trade is in satisfactory shape, ture, albeit the manageme
nts of these properties
but at least affairs in this country have become ad- are far more careful
in their prognostications of the
justed to a state of war, and moreover the war has, future than are those
who are manipulating market
for the time being, conferred important benefits upon values of the same.
Some of these properties, it
the United States. Then, also, hostility on the part may be granted, have
a reasonably sure chance of
of the politicians towards railroads and towards busi- dividends sooner or later,
but still others seem more
ness undertakings is apparently abating. All this likely to get an Irish
dividend in the shape of an
makes for stability and security, and tends to pro- assessment.
mote confidence in the integrity and merit of the
The most unfortunate feature is that such tactics
country's activities. The Stock Exchange, when as are now being pursued are sure
to drive the outside
not subject to pernicious outside influences, is a public away, thus destroying
chances of a lasting,
barometer that can be trusted to reflect changes of sustained improvement in security
values which
this kind in sentiment and in conditions. In that would be of inestimable service, not
only in financial
sense and under such circumstances a rising market circles, but to the whole business world,
in stimulating
for security values at the present juncture may be enterprise. When stocks are made
to jump 30 points
regarded as resting on perfectly valid considerations. in a single day, as was Bethlehe
m Steel common
What is going on at the Stock Exchange, however, on Thursday, when the price was
raised from 88 in
is of a different order. The improvement in the the morning to 117 in the afternoon
, and when
situation is being used as the lever for boosting prices prices fluctuate 3 or 5 or even 10
points between sales,
with a dazzling recklessness. If one may judge from the outsider can come to but one
conclusion, namely
Stock Exchange records, manipulation is the govern- that his safest course is to
remain on the outside and
ing factor in the speculation. We notice that some leave the game to the
habitues.
Stock Exchange people are quoted as saying that
The movement has now been continued for several
manipulation is out of the question; that it is forbid- successive weeks; and with
each succeeding day the
den by law; that, moreover, there is a tax of $4 on manipulators have been getting more
bold, until
each 100 shares of stock sold, and that this is so large the present week it seemed as if, frenzied by success,
that it has shut out the room traders from actively they had now completely lost their heads, and
participating in stock speculation. It may be ad- become possessed with the idea that there was no
mitted that this is ,no room traders' market, and we limit or bound to which their daring and recklessare not asserting that the Governors of the Stock ness might not go without risk of ill-consequences.
Exchange are a party to the movement. It is As the best way of indicating the extent to which
perfectly obvious that the present gigantic operations quotations have been advanced, we have prepared
are being conducted from outside the Exchange, but the following table. It shows the prices on April 1
this is not to say that it is beyond the power of the of last year (before the great break), the lowest
Exchange to keep the movement within proper price the current year, the high on the present
bounds. If there is no manipulation, how is the sud- movement and the closing quotations yesterday
den avalanche of buying orders in stocks previously afternoon. We have arranged the stocks in two
dormant to be accounted for, or how can the groups, putting the railroads in one group and the
concentration of efforts on particular stocks be ex industrial and miscellaneous in another.
plained?
Price
Low
High on
Close
April 1
This
Present
Aril
For the time being the Stock Exchange atmosphere
1914.
Year.
Movement.
Railroads.
is redolent of the days of Hocking Coal Sc Iron and
96% 92 Feb.
Atch Top & Santa Fe,corn_ _
% April
,
Baltimore & Ohio, common_
5134
of International Power. Many of the stocks which Bklyn. Rapid Trans., corn__ 9238 63 Feb. 24 1017 April 9 1013
25 7434
9 7434
84 Jan.
9134 April 5 91
Mar. 1
have been taken hold of and whirled up so furiously Canadian Pacific, common.. 20734 z154Feb. 6 16734 April 9 16734
Chesapeake & Ohio, corn___
5334 40
23 4634
9
Chic. Milw. & St.
8334
must be assumed to have considerable intrinsic merit, Chicago & N. W.,P., corn.. _ 10034 121 Feb. 24 92 April 9 46%
April
9134
common_ 133'%
Mar. 3 129 April 9 129
1
Chic. Rock Isl. & Pac., corn
181 Mar. 1
but their worth remains to be tested, and in the Great Northern, preferred__ 127 1123 Jan. 2 36% Mar. 31 35%
120% April 6 118%
Lehigh Valley, common..__ _ 14434 129 Feb. 24 14154 April 9
meantime future prospects are being discounted with Loulsv. & Nashv., common_ 137 110 Mar. 1
140
12054 April 9 120
corn... 91
N. Y. Cent.
8154 Mar. 1 8754 April 9
a freedom that staggers the beholder. This would N. Y. N. H.& H. R.,corn.... 69'A 43 Feb. 25 62 Mar. 31 8734
& Hart.,
A
61
Norfolk & Western, common 10354
4 105 April 9
have to be the comment if the upward swing of prices Northern Pacific, common__ 114% 99 Jan. 24 107% April 6 104q
9934 Feb.
109%
Pennsylvania, common..___ 11154 10354 Feb. 24 10854 April
9 10834
could be regarded as the result of legitimate invest- Reading, common
166% 14034 Feb. 24 15134 April 9 15134
Southern
9554 8134 Feb. 5 903 April 9 903
%
ment or even speculative buying. As it is, the spec- Southern Pacific Co., com
v. t. c., stamped
26
1234 Feb. 24 1934 April 9 1934
common_._
15934 11534 Jan. 2 129% April 9 129%
tacular movements now being conducted on the Ex- Union Pacific
Indus. & Miscellaneous.
Allis-Chalmers Mfg., v. t. c.. 12 bid
734 Jan. 12 1354 April 9 13
change cannot be dignified by any such appellative. Preferred, v. t. c
4554 33 Feb. 10 56 April 9 51
Amer. Beet Sugar, common.. 23
3334 Jan. 6 4634 April 9 4634
common_
Furthermore, if stocks like Bethlehem Steel and Gen- Amer. Cotton Oil,common.._ 43 bid 39 Jan. 4 60 April 9 49
bd
Bethlehem Steel,
4634 Jan. 2 117 April 8 112
General
eral Motors, which have been most conspicuous in GoodrichMotors, V. t. c_ _
MU 82 Jan. 2
April 9
Co. (B. F.) corn.. 2334 241 Jan. 7 14754 April 9 147
53
52
Inc.,tr.ctf.
the skyrocketing, may be classed as belonging to the Maxwell Motors,trust ctfs_
15 Jan. 6 47 April 9 473
1st pref. stock
43 Jan. 2 87 April 6 8554
2d pref. stock trust ctfs_
18 Jan.
better type of such properties, there are many National Lead, common_ __ 45bid 44 Jan. 6 4154 April 6 3954
4 65 Mar. 31 633
1034
% Jan. 22 534 April 9
others which have also become tools in the hands Rumely Co.(M.), common_ 2834
454
Preferred
254 Jan. 20 14 April 9 12
36
Jan. 2
April 9 6734
of the manipulators that belong in a wholly different Studebaker Corp.(The).com 6234 3551 Jan. 2 6934 April 9 73
United States Rubber, com_
5134
74
U. S. Steel Corp., common.. 64
38 Feb. 1 57 April 9 57
category.
Willvs-Overland (The). corn.
87 Feb. 23 135 April 8 132



APR. 10 1915.1

THE CHRONICLE

1197

of the third month a year ago. A more optimistic
feeling has been in evidence in trade circles for some
time past, and has made increased headway since
the adjournment of Congress.
This year's aggregate of clearings for March
reaches $13,842,660,705, this contrasting with $14,253,004,652 in 1914 and exhibiting, therefore, a loss
of 2.9%; compared with 1913 the falling off is not
quite so great-2.2%. For the first quarter of 1915,
the total, at $39,228,278,940, is 9.4% less than a
year ago and a little more than 10% behind 1913.
At New York the decreases from 1914 are 3.6% and
12.8% respectively, for the month and three months.
Outside of this city the 1915 result for the month is,
as intimated above, very close to last year's record,
declining but 1.9%, and exceeds all earlier years.
The quarter's aggregate, however, is 5.1% under
1914. Analyzed by groups, the aggregates for the
January 1 are found to be smaller than
The winter-wheat condition report of the Depart- period since
in 1914 in all sections except the "Other West",
ment of Agriculture for April 1, made public on
where a gain of 15.8% is disclosed. The Middle
Wednesday, while not indicating as high a status of
group, exclusive of New York, shows a decline of
the crop now as at the same time last year, neverthe7.7%, New England 8.8% (but outside of Boston,
less reveals a situation a little above the average at
only 1.5%), the Middle West 7.4%, the Pacific
even date,and officially and privately is interpreted as
Slope 5.7% and the South 7.6%. But, while the
promising a yield well in excess of anyformer season except 1914. The report issued inDecember 1914 showed general result for the first quarter of 1915 is less
favorable than a year ago, 110 out of 160 cities rea planting 11.1% greater than in the fall of 1913, with
cording losses, notable percentages of increases are
the condition 8.9 points below that season and 2
not entirely lacking. They are in evidence at
points under the ten-year average. Now condition
is stated as 0.5 point better than in December, 6.8 Kansas City, Minneapolis, Duluth, Wichita and
points lower than last year and 1.2 points above the Fargo in the West, Galveston, Oklahoma and El
10-year average. Speaking briefly, the lack of snow Paso at the South and Hartford in the East.
Transactions on the New York Stock Exchange
covering in March in Atlantic Coast sections was reduring March 1915, at 7,862,308 shares, were of
sponsible for more than average deterioration this
year, but in the western part of the grain belt im- greater magnitude than in any month since trading
provement is to be noted. In the central section was resumed, quite a little in excess of the period in
condition declined somewhat, although no more than 1914 and 1913 and very close to the total of July
usual, but the prevalence of the Hessian fly in some last year. The course of values was upward on the
districts causes a little anxiety. As regards the ex- whole, with substantial advances in many issues in
tent of area abandoned on account of winter-killing, the closing days. The sales for the three months
nothing official will be promulgated until May, at 17,321,967 shares, however, are the smallest for
but it] is not believed to have been more than the first quarter since 1897 and less than one-third
of the total in 1910. Greater activity in bonds is
normal.
to be noted than in March of 1914, the sales of all
The general average of condition this year is put
4
at 88.8, against 88.3 Dec. 1 1914 and 95.6 on April 1 classes totaling 631 million dollars par value,
against 603/ millions, but for the three months the
a year ago, with the ten-year average 87.6. Assuming the par, or 100% normal condition, on April 1, dealings were only 164 millions, against 2193/b milto be approximately 16.9 bushels per acre, a condition lions. Boston sales for the month of 1,031,066
of 88.8 as now announced would point to an outturn shares compare with 501,989 shares in March 1914.
While the European war, coupled with depression
of 15 bushels, says the Crop-Reporting Board of the
at home, continued to be prime factors in restricting
Department of Agriculture, presaging from the 41,263,000 acres estimated as seeded last fall a total the volume of clearings in Canada, in March the
production of 618,945,000 bushels. Considering the exhibit made was much less unfavorable than in
fact, however, that 15 bushels per acre is below the either January or February. Altogether, we have
average production of recent years, this estimate is returns from 22 cities for March (Winnipeg, Ottawa,
certain to prove too low unless future weather con- and St. Johns recording gains),and in the aggregate
ditions should be decidedly adverse. Last year's there is a loss from 1914 of 10.6%. For the three
yield from a very much smaller area was 685 million months the diminution from last year reaches 16.3%,
bushels, or an average of 19 bushels per acre, and with the most noteworthy percentages of loss at
in 1913 the average product was 16.5 bushels, Vancouver, Victoria, Edmonton, Regina, Saskatoon,
Fort William, New Westminster and Medicine Hat.
condition then being only 2.8 points better than
now.
A total of insolvencies far in excess of the corresponding period of earlier years is a feature of the
Bank clearings for March make a better comparison statement of failures for March 1915 as it was of
with the like period of the previous year than was preceding months of the current calendar year, but
observable in either January or February, the aggre- a considerable drop from January and February is
gate for the United States as a whole showing only to be noted in the volume of liabilities. For the
a very moderate decrease and the total outside of quarter ended with March 31, however, the mercanthis city falling less than 2% below:the:high:record tile mortality and the aggregate indebtedness
The record here presented certainly suggests
caution. The railroad stocks, barring a few exceptions, still sell considerably below their prices of
twelve months ago. In the case of the industrial
group, however, the rise has been simply phenomenal.
The situation is one that appears to be fraught with
great peril. Broader considerations also suggest
the exercise of special care. The war in Europe
continues actively in progress and it behooves us
to be prepared for possible unpleasant eventualities.
All the leading countries of Europe are becoming
each day more deeply burdened with debt and the
Bank of England's reserve to liabilities is down to
only a little over 18%. Our own financial house is
in good order, but an upheaval on the Stock Exchange might easily be attended with serious consequences.




1198

TI1E CHRONICLE

ported were both much in excess of the similar period
of any former year, and in only one three-months'
period (the second quarter of the panic year 1893)
were the liabilities of greater magnitude than in this
opening quarter of 1915.
For some time past a relatively small number of
failures have contributed a very considerable part
of the indebtedness reported and this was clearly
true of March, 17 in manufacturing lines, 13 in the
trading division and 4 among brokers, &c., or 34 in
all, out of 2,090, giving a total of liabilities about
one-third of the grand aggregate, Locally, or in
Greater New York, to be more exact, a dozen failures
covered debts of over 23/ million dollars, or about
one-ninth of the aggregate for the whole country.
For the three months to the close of March but 113
disasters, or 1.6% of the whole, accounted for no
less than 40% of the liabilities.
A comparatively few large failures having made up
a great portion of the aggregate liabilities, it is
obvious that the average debts of the remaining insolvents, 2,056 and 7,103 respectively, in number,
were quite small. For the latest month they were,
in fact, only $7,809, and for the first quarter of 1915
but $8,038, this being $635 less than for 1914 and
the lowest since 1909. Messrs. R. G. Dun & Co.'s
statement shows that for the month of March 1915
the number of failures was 2,090, covering debts of
$23,658,130, against 1,464 for $21,493,286 in 1914
and 1,190 for $25,718,250 in 1913, with the exhibit
least favorable in the trading group. For the first
quarter the total of failed indebtedness is $105,703,335, distributed among 7,216 insolvents, against
$83,221,826 and 4,826 in 1914 and $76,832,277 and
4,458 in 1913. In manufacturing lines the liabilities
at $46,211,855 were some 113/ millions greater than
2
a year ago, and even in excess of 1908, the Rumely
failure in January alone furnishing a total of some
16 million dollars. Traders' indebtedness was 123.
millions ahead of 414, approximating 48% million
dollars. Brokers' and agents' debts for the quarter
of 1915, reaching $10,179,341, were about 2 millions
less than in the preceding year, although the number
was very noticeably greater. Geographical analysis
of the first quarter's returns indicates that in all the
various sections into which the failures are segregated, insolvencies were more numerous than a year
ago, with the exhibit especially adverse in that respeet
in the South Central, Middle Atlantic, South Atlantic and Central East groups. Liabilities, however, were less than last year in the Middle Atlantic,
New England and Central Western divisions. Banking and kindred failures were only a little greater in
number this year than last-55,comparing with 50—
but liabilities were of considerably larger volume—
$17,128,836, against $10,020,579.
•The Canadian failures statement for the month
and the quarter clearly reflect the effect of the European war upon the commercial and industrial affairs
of the Dominion, although depression within the
country itself, and disassociated with outside causes,
has been more or less operative. For the first quarter of 1915, both in number and niagnitude of debts,
new high records have been set, 798 suspensions,
involving $15,636,915, against 620 and $6,230,052
in 1914 and 408 and ,939,061 in 1913. Increases
in all the various divisions are to be noted, with the
trading branches most seriously affected. As regards the various provinces,stress was most severely
felt in Quebec and British Columbia, where expansion




[VoL. 100.

in liabilities of over 4 million dollars is shown in
each instance.
While nothing of a definite character has been
reported as to the work of the British expeditionary
army operating in France, evidence has accumulated
that the spring offensive is in active progress by the
French and Russian troops. Fighting of the most
severe kind is reported daily in both the Western
and Eastern fields of military activities. Russian
advices state that their troops are pressing forward
into Hungary with the Austro-Germans in retreat
at nearly every point, while the fierce drives of
the French around St. Mihiel have caused the
Germans to hurry re-enforcements, with which it
had been planned to stem the Russian onslaughts
in the Carpathians Reports that seem to have
substantial foundation are current suggesting that
Hungary is in a state of terror as a result of the
successful Russian invasion and is insisting that the
Dual Monarchy seek a separate peace. A dispatch
from Bucharest yesterday estimated that AustroHungarian losses in killed, wounded and prisoners
in the defense of Hungary from invasion had reached
a total exceeding 300,000. Of this, 100,000 represented prisoners. Berlin advices reflect the military
belief there that the sudden offensive of the French
troops around St. Mihiel was directly linked with
the Russian advance upon the Carpathian passes.
General Joffre's plan, it is said, is to keep the Kaiser's
troops too busy to send additional forces to the
retreating Austrians. This kind of strategy, according to the French, saved Warsaw from Von Hindenberg after the Russian defeat in the Mazurian Lakes.
While the Slays were falling back out of East Prussia
in a disorganized retreat, their French Allies began
swift attacks against the German trenches in Champagne. Von Hindenberg's call for re-enforcements
could not be answered. Obviously, the plan of
campaign of the near future will be joint attacks
by the Allies on all sides of the Austro-German
lines.
The contest in the Carpathians is being carried on
with great fierceness. Although Austria claims that
her troops, with the assistance of Germans, have
gained successes on both sides of the Lavoroza
Valley, the Russians seem much farther advanced
than they were a week ago. They have definitely
forced the Dukla, Lupkow and Rostock passes,
and are...pouring troops in the region of Uzsok Pass,
*here the heaviest battle is now in progress. In
Bukowina the Austrians are thrusting at the Russian
positions, with the hope of compelling the Russians
to send re-enforcements from the Carpathians.
In West Galicia and Poland the overflowing rivers
and marshes are preventing movements on a large
scale. These same conditions are reported by press
dispatches to be hindering the French operations
between the Meuse and Moselle rivers, a French
official report stating that heavy rains have rendered
the ground difficult for the movements of troops and
the employment of artillery. Nevertheless, an
important battle is in progress in this region, the
French claiming to be making advances, though
this is denied from German sources. The news
from the Dardanelles is very meagre. Preparations
on a large scale are being made by both France and
England to land troops for the purpose of aiding
the warships in opening up the Strait. Norwegian
aviators are reported to have discovered that several

APR. 10 1915.]

THE CHRONICLE

German submarines have been using a sheltered
spot near Bergen Bay as a base. The submarines
were ordered to leave at once or be interned for the
war.
As to the active participation of at present neutral
countries in the war, the week has been without
results. Italy, Greece and Bulgaria have all been
making spectacular preparations. Thus far, however
the number of actual participants has not been increased. According to advices from Rome, the
questions whether an understanding between Italy
and Austria is still possible and whether a separate
Austro-Russian peace treaty is in prospect are being
discussed from different points of view by the press
of that city. Italian papers agree that the two questions are closely related, since, if Russia, with the
permission of her Allies,obtains what she desires, and
comes to terms with Vienna, it is not logical to
imagine that Austria will be willing to make territorial concessions to Italy. King Constantine of
Greece is quoted by the "Tribuna" newspaper of
Rome as saying in an interview that it is his belief
that the Allies will find it impossible to force the
Dardanelles without a combined attack by land and
sea. He is said to have declared that Greece is in
the same position as Italy and other nations which
have made military preparations, but have not abandoned their neutrality. Advices from Paris state
that the Allies are considering the advisability of
opening fresh pourparlers with the Bulgarian Government to learn definitely what position that country intends to take in the European crisis.
After spectacular preparations to "dash to sea,"
Captain Thierichsen of the German sea raider Prinz
Eitel Friedrich decided to intern for the remainder
of the war. This decision was reached on Wednesday within a few hours of the limit set by the United
States Government. The captain explained that he
had expected aid in the shape of a German battleship
or cruiser to draw off the British warships awaiting
at the three-mile limit. The Eitel arrived at Norfolk
on March 10 after a cruise of 5,000 miles from
Tsing-Tao. She had 300 men, women and children
on board taken from eleven merchant vessels she
had sent to the bottom of the Ocean.
Great Britain has announced its intention of stopping all messages over cables under British control
relating to trade in contraband or non-contraband,
"to which any resident in an enemy country is one
of the parties." This intention has been communicated to the United States Government through
Ambassador Page at London. The interpretation of
the communication accepted at Washington is that
messages cannot now be sent from the United States
to Italy or any other neutral country if they refer
in any way to a transaction in which a resident of
Germany, Austria or Turkey is interested. The
memorandum declares that the "necessity for control
of cables in its relation to matters which may be
described generally as being of a purely naval or military nature is obvious, and needs no demonstration.
In addition to this it is clear that in view of the great
importance of restricting the enemies' supplies and
withholding facilities from them for carrying on their
trade, His Majesty's Government cannot be expected
to afford the use of British cables to enable neutral
and enemy countries to make a rangements with each



I

1199

other for the conduct of that trade, and the principle
upon which the censorship of commercial telegrams
is conducted is to withhold so far as British cables
are concerned all facilities for carrying on trade
directly or indirectly with an enemy country."
Our State Department on Monday made public
its note to Great Britain protesting against the embargo on all commercial intercourse between Germany and neutral countries. We print the note in
full on a subsequent page and also make some editorial
comment upon it in a separate article on another
page. A note sent by the State Department to
Germany, which was made public on Monday,
asked Germany to pay. $228,059 for the sinking of
the American sailing ship William P. Frye by the
German auxiliary Prinz Eitel Friedrich. Germany
promptly replied and assumed full liability under the
treaty of 1828, not only for the destruction of the
vessel but of the cargo. Germany requires, however,
that the case shall be taken before a prize court for
the establishment of facts concerning ownership of
ship and cargo. To this our State Department will
assent.
Official reports received in Washington airer that
Gen. Obregon has defeated Gen. Villa after an allday battle at Selaya, near Queretaro, in the most important engagement of the latest Mexican revolt.
State Department reports show that the fighting at
Ebano, the first point of conflict for the possession of
Tampico, is continuing with increasing severity.
Villa denies serious defeat. Gen. Huerta, the deposed Mexican President, will arrive in New York
probably to-day (Saturday) on the steamer Antonio
Lopez. Huerta may be deported to the port from
which he sailed, on the ground Of being an undesirable
alien, as was the action taken in the case of Gen.
Castro of Venezuela when the latter came to the
United States.

The London Stock Exchange, having closed on
Thursday of last week for the Easter holidays, reopened on Tuesday. It has since displayed a
fair degree of activity, representing in good part the
accumulation of business. There has, too, been a
disposition to place a favorable interpretation on the
progress reported by the Russians in their campaign
for the Carpathian passes. American securities
followed the lead of New York, both in activity and
strength, the number of separate transactions on
this department of the English market being on
Tuesday 270, with the. Erie issues leading. On
Wednesday there were •229 transactions in the
American department, on Thursday 223 and, on
Friday 132. Some check on business was evident
on Wednesday as a result of a new interpretation of
the Exchange Committee's regulation forbidding
transactions unless jobbers held the stock they sold
for immediate delivery. This has encouraged increased caution on the part of the jobbers; and buyers, it is reported, frequently missed the market
because the shares were not available. Another
offering of six months' Treasury bills in the usual
amount of £15,000,000 was announced on Tuesday
and was largely over-subscribed. It was reported
that the proceeds are to be utilized to pay off similar
notes that are about to mature. Interest was at
the rate of about 33%. Applicants at £98 7s. 6d.
received only 1% of the amount of their bids, all

1200

[VOL.

THE CHRONICLE

loo.

bids above that amount obtaining full allotment. scarcely affected, being compensated for the lower
London correspondents report that the Government prices by the larger number of marks which the
will attempt to check the gold-export tendency by smaller number of guilders represents. The main
making regular weekly applications for funds by the fear of dealers here (in Amsterdam) is that the bonds
sale of Treasury bills. Already this feature has ex- sold by them in America might be held up with the
erted a strengthening influence on both money rates steamer which carries them thither, and that this
and private bank discounts, the latter, as we show might cause the bonds to be bought in against them
elsewhere, indicating substantial gains for the week. in New York, while they would be compelled to reThe index number of the London "Economist," as sell here at heavy loss. This is a contingency against
cabled to "The Journal of Commerce",and to be which it is not possible to insure except at exorbitant
published to-day,shows the remarkable increase of rates."
5% in commodity prices for the month of March,
OfficiaPank rates at the leading European centres
the index number being 3,305 as compared with
still remain without change from 5% in London,
3,131 the previous month and 3,003 in January.
This indicates, the "Economist" will suggest, the Paris, Berlin and Amsterdam, and 532% in Vienna.
prodigious rate at which the supply of commodities In London both long and short bills are quoted at
4
8%,
is dwindling, while the world's gold stock remains 27 @33/ comparing with 2%% a week ago. Money
about the same. The largest advance is shown by in London is 13®13/2% for day-to-day funds, while
minerals, which rose 82 2 points to 644. Textiles the joint-stock banks when they re-opened after the
advanced 443' points to 597 and heavy goods 36 Easter holidays, on Tuesday raised their rates for
points to 797. Cereals and meat registered a decline time loans to 2%. No private bank rates of discount
of 5 points to 840, while other food products advanced have been received this week so far as we have been
16 points to 427. London advices state that Sir -able to learn from the Continental centres.
George* Paish has severed his official connection with
A further decrease of £117,223 was reported by the
the Treasury and will resume his work as one of the
Bank of England in its gold coin and bullion holdings
editors of the "Statist." The new Treasury policy
in advancing money and discounts to check gold in this week's return. Loans (other securities) were
exports is understood to have been recommended reduced £1,240,000, public deposits showed a contracby Hartley Withers, formerly City (financial) Editor tion of £8,420,000, and other deposits an increase of
of the London "Times," who has become the per- £7,936,000. Note circulation decreased £233,000,
sonal adviser of Chancellor Lloyd George. An offer- and the total reserve increased £115,000, its proporing of £1,000,000 of Liverpool six months' bills tion to liabilities being 18.36%, against 18.26% last
brought out subscriptions of £2,047,000 and the aver- week and 40.34% a year ago. The Bank now holds
age discount rate was 3 8%, which is a much higher in gold £53,751,028, against £36,028,143 in 1914 and
figure than was expected,and is symptomatic of the £37,094,439 the preceding year. The reserve stands
firmer tone that obtains in money circles in London. at £37,029,000, against £25,006,000 in 1914 and
The monthly statement of commerce, as reported £26,805,839 in 1913. The Bank's loans aggregate
by the British Board of Trade yesterday, showed £138,763,000. One year ago the total was £43,499,further improvement, after a satisfactory return for 000 and two years ago £37,473,362. The Bank's
February. The March increase in imports for the report of the amount of currency notes outstanding
month was £8,654,772, while the exports decreased as of April 5 was £39,801,877, against £38,087,608 in
£14,342,661, comparing with the corresponding the previous week. The amount of gold held for the
month last year. The excess of imports was £45,- redemption of such notes remains at £27,500,000.
414,000, comparing with £22,416,567 a year ago. Our special correspondent furnishes the following
From January 1 to March 31 the imports this year details by cable of the gold movement into. and out
have been £208,259,000, against £196,985,259; of the Bank for the Bank week: Inflow, £784,000
exports, $84,600,000, against £133,586,623; and (of which £684,000 bought in the open market and
excess of imports £123,659,000,against £68,398,636. £100,000 released); outflow, £901,000 (of which
£159,000 earmarked Argentina, £5,000 to Egypt and
Cables from Paris have contained very little £737,000 net sent to the interior of Great Britain).
financial intelligence this week. A steady tone has We add a tabular statement comparing for the last
been maintained on the Bourse and the American five-years the different items in the Bank of Enlgand
Department of the market is declared to have re- return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
ceived considerable attention.
1915.
April 7.

According to advices cabled from Berlin, the
amount of 3,600,000,000 marks has already been paid
in cash on the second German war loan,notwithstanding that the first installment is not due until April 14.
Mail advices from Amsterdam declare that bonds are
being *shipped in considerable quantities from that
centre on German account direct to New York, to be
sold on arrival. The Amsterdam correspondent of
the "Evening Post" states that if "an estimate may
be given of the aggregate amount sold back by Germany to New York since the commencement of the
war, I think the figure would lie somewhere between
$100,000,000 and $200,000,000. Lately, some check
has been imposed upon this business by the difficulties of shipping. German holders, however, are



34,940,000
Circulation
Public deposits___ A05,270,000
97,649,000
Other deposits
44,605,000
Govt. securities
_138,763,000
Other securities_
Reserve notes& coin 37,260,000
53,751,028
Coin and bullion_
Proportion of reserve
18.36%
liabilities
to
5%
Bank rate

1914.
April 8.

1913.
April 9.

1912.
April 10.

1911.
April 12'

29,471,000
19,630,000
42,333,000
11,150,000
43,500,000
25,006,000
36,028,143

28,738,600
16,076,470
43,438,280
13,032,727
37,473,362
26,805,839
37,094,439

28,941,680
20,036,430
40,384,596
14,281,566
38,009,353
25,901,411
30,393,091

28,651,620
17,851,863
41,521,851
15,095,344
36,167,459
25,873,212
36,014,832

40.34%
3%

45.00%
5%

43.00%
3%%

43.50%
3%

The weekly statement of the Bank of France
showed an increase of 2,234,000 francs in gold and of
633,000 francs in silver. Note circulation indicated
an expansion of 96,266,000 francs. Treasury deposits decreased 27,049,000 franc's, general deposits
decreased 34,493,000 francs, discounts increased
1,989,000 francs and the Bank's advances decreased

ern. 10 1915.]

•

THE CHRONICLE

8,915,000 francs. The Bank's gold is once more at
a high level, amounting to 4,628,341,000 francs,
against 3,627,294,000 francs one year ago and 3,251,025,000 francs in 1913. The note circulation (also
a new high level) amounted to 11,277,766,000
francs, against 5,528,819,000 francs in 1914 and
5,757,257,625 francs in 1913.
The statement of the Imperial Bank of Germany
as of April 3 compares with the preceding one of
March 23, and shows an increase of 7,640,000 marks
in gold and of 397,391,000 marks in "cash," the latter
item including Imperial and loan-bank notes and notes
of other banks in addition to coin and bullion. An
increase of 1,984,468,000 marks was shown in discounts, reflecting the quarterly settlements; of 680,959,000 marks in note circulation and of 1,656,658,000 marks in deposits, while loans decreased 19,038,000 marks and Treasury bills were reduced 9,721,000
marks. The Bank's holdings of gold amounted to
2,334,594,000 marks, against 1,259,980,000 marks in
1914 and 923,076,000 marks in 1913. The outstanding note circulation aggregates 5,625,016,000 marks,
as against 2,427,681,000 marks one year ago and
2,224,740,000 marks in the year preceding.

1201

ruling rate was pegged at 2% by the banks until
Thursday, when the quotation was advanced to.
231%,at which it remained on Friday. Monday and
Tuesday's range was 1%@23/2% and on Wednesday
2 3/2%, on Thursday 2@23.i%, and Friday 2@,
@2
23/2%. Time money closed at 23/2@2%% for sixty
days (against 23/2% a week ago), 2%@3% for ninety
days (against 2%%), 331% for four months(against
3@33%), 331@3% for five months (against
33
4%) .and 331@3% for six months (against
33%). Commercial paper discounts are 331
.®
3%%, against 33@3
last week, for sixty
and ninety days' endorsed bills receivable and
for four to six months' single names of choice char.
acter. Names not so well known require 4©
431%. The discount rates at the Federal Reserve
Bank in New York are without change from 4% for
thirty to ninety days and 5% (for agricultural bills)
above ninety days.

The feature of interest in sterling exchange circles
this week has been the varying accounts of the progress made in the arrangement of a credit supposed
to be for $100,000,000 for Great Britain in this city.
Definite details—in fact, no details at all of a responsible character—have not become available,
Funds have begun to return to the banks after the though no doubt exists that credits of important.
April dividend and interest disbursements. The proportions as private transactions between English.
local situation may, perhaps, be regarded as a shade and American bankers, have been in operation forfirmer, due to the increased inquiry for demand some time. The persistent reports of negotiatio
ns
loans in response to the greater activity in Stock on behalf of Austria for a separate
peace have proExchange business. Time money closed fraction- duced considerable caution in foreign
exchange operally higher for the week. No important demands ations, as they contain intimation of a possible
sudon the capital market have been made during den curtailment of exports, which in
turn will mean
the week. Nevertheless, there is a disposition a reduced offering of bills. Our
general foreign tradø.
on the part of bankers to expect that remunera- as distinguished from the exportatio
ns in connection
tive and attractive rates must be decided on if capital with war orders, is undoubtedly
light. Hence any
applications are to be successful. In this respect severe curtailment of war
supplies could readily turn
the statement by Mr. Thomas W. Lamont, of J. P. the tide of gold against this country.
While exports
Morgan & Co., before the Public Service Commis- are keeping up to their recent
volume, imports have
sion at Albany on Wednesday, is illuminative. In been showing improvement in the
last fortnight, so
order to show the necessity of a 6% rate on the that the excess of the former is not
quite as heavy as
$100,000,000 debentures that the New York Central during the month of February.
In the weekly statedesires to issue; Mr. Lamont declared that the high ment of the. Department of Commerc
,which includes
figure was desirable on account of rates now being data from selected customs disrts
through which
paid by foreign countries for money and of rates that something like 85% of the country's
foreign commerce
domestic securities of a similar character are paying. passes, the exports of merchandis
e exceeded the imMr. Lamont said that "France, whose promise to pay ports by $21,500,000 for
the week I ending April 3,
is universally considered good, pays 6%, Germany which compares
with $15,000,000 for the week prepays 7% and Russia 7 to 8%." Last Saturday's ceding,
$29,000,000 for the week ending March 20
statement of the Clearing House indicated an in- and
$47,000,000 for the week preceding that. For
crease of the bank and trust company members of
the month of March the excess of exports for the en$2,561,000 in the aggregate reserve, but the surplus
tire United States is officially estimated by the Dereserve (which aggregates $148,258,040, comparing
with $10,453,500, the surplus under the old form of partment of Commerce at $145,000,000, against
statement one year ago) decreased $1,617,720. The $173,000,000 in February. For the four months
reserve requirements were $4,178,720 higher because ending with March, the excess of exports amounts to
of increased deposits, the net demand deposits having $595,000,000. Significance is attached to a remark
expanded $25,252,000 and net time deposits $2,381,- made by Thomas W. Lamont of J. P. Morgan & Co.,
000. Reserves in"own vaults" decreased $3,408,000, in his testimony before the Public Service Commisto $392,133,000, including $321,259,000 in specie, sion in Albany on Wednesday. He declared that
while reserve in Federal Reserve banks increased "Great Britain has as yet made no public loan in this
$3,621,000, to $118,676,000 and reserves in other country"; subsequently Mr. Lamont asked that this
depositaries increased $2,348,000, to $35,042,000. remark be stricken from the record, which was reCommercial paper is in fair demand but not abundant garded as suggestive that arrangements for a large
supply, which is not unnatural in view of the con- credit had already been completed. The announcetinued backwardness of general trade and industrial ment of gold imports this week comprised a
shipment
activities.
of 1,500,000 yen ($750,000) gold by Thursday's
Referring to money rates in detail, demand loans steamer from Yokohama, consigned
to the Internahave this week covered a range of 1%@23/2%; the tional Banking Corporation in
this city.



1202

[VOL. 100.

THE CHRONICLE

The Continental exchanges have in no instance
shown sensational movements. Paris checks closed
'without change at 5 32, while cable transfers finished at 5 31M, against 5 313. Bankers' sight
8
drafts on Berlin are 823/, against 82% a week
ago, and cable transfers are 82 5-16, against 82%.
Swiss exchange closed at 5 373/b for bankers' sight
and 5 36% for cables, against 5 383/ and 5 373', respectively, a week ago. The check rate on Amsterdam is 393', against 39 7-16, and cables 39 7-16,
against 393/2. Italian lires closed without change at
5 79 for bankers' sight and 5 78 for cables. In
Paris the London check rate closed at 25.55, against
25.52 a week ago.
Compared with Friday of last week, sterling
exchange on Saturday was practically without
change; early firmness caused fractional advances,
but later a reaction set in, bringing quotations to
Friday's low point, with the range 4 793/@4 79%
for demand and 4 79%@4 80 for cable transfers;
sixty days ruled weak at 4 769'@4 77. On Monday
extreme dulness was the outstanding feature,
operations being restricted by the holiday in London;
changes in rates were insignificant, with demand at
4 79 7-16@4 79 9-16, cable transfers at 4 79 13-16®
4 79Y and sixty days at 4 76%@4 76%. Dulness
again characterized exchange trading on Tuesday
.
and a weaker tone became evident; demand was
quoted at 4 79 5-16@4 7932 and cable transfers
at 4 793/2®4 793/8, although sixty days were firmer
at 4 76%@4 77; the fact that there are no mail
accommodations until Saturday served to limit
inquiries. On Wednesday sterling quotations were
firm and higher, chiefly on a stiffening in the London
discount rate; there was a partial reaction before the
close on offerings of commercial bills, and the range
%
was 4 79%@4 793 for demand and 4 79 11-16®
4 80 for cable transfers; sixty days, however, declined to 4 763/2®4 76K. The undertone was
steadier on Thursday, though trading was dull and
almost nominal; cable transfers were somewhat
firmer at 4 80@4 80 1-16, demand at 4 79 11-16®
4 79% and sixty days at 4 76@4 769j. On
Friday the market ruled steady, closing quotations
being 4 76%@4 77 for sixty days, 4 79%@4 80
for demand and 4 80@4 80 5-16 for cable transfers.
Commercial on banks nominal, documents for
payment nominal. Seven-day grain bills at 4 78%
@4 79. Cotton for payment nominal; grain for
payment nominal.

April 9 1914.

April 8 1915.
Banks of
Gold.

Silver.

Total.

Gold.

Silver.

Total.

£
£
£
£
i
£
36,028,143
53,751,028 36,028,143
England__ 53,751,028
France- __ 170,038,640 15,120,240 185,158,880 145,091,800 24,907,48.169,999,280
Germany_ 116,876,400 2,000,000 118,876,400 62,633,950 15,463,500 79,097,450
Russia_ _ _ 170,791,000 5,417,000 176,208,000 178,339,001 7,244,000 185,583,000
Auk.-Hunc 51,578,000 12,140,000 63,718,000 52,108,000 12,304,000 64,412,000
Spain ____ 23,856,000 29,345,000 53,201,000 20,283,000 28,606,001 48,889,000
Italyd _ _ 51,000,000 2,847,000 53,847,000 45,710,000 3,100,000 48,810,000
793,000 14,124,000
168,900 24,267,900 • 13,331,000
Netherrds 24,099,000
600,000 15,980,000 8,834,667 4,417,333 13,252,000
Nat.Belg_ 15,380,000
5,790,000
6,293,000 5,790,000
Sweden __ 6,293,000
6,793,000
9,636,400 6,973,000
Swltz'land 9,636,400
2,448,000
3,081,000 2,448,000
Norway_ 3,081,000
Tot. week 696,380,468 67,638,140764.018,608578,390,561 06,835,313675,225,873
Prev.week 695,298.631 67.541.570762.840.201 580.028.988 97.733.530677,762,518
c July 30. d Sept. 21.

NEW QUESTIONS OF NEUTRALITY.
Several developments of much interest, affecting
alike the general problems of international law and
our own present relations to the European belligerents, have occurred this week. Our Government has
answered England's blockade proclamation, and it
has also, without comment, presented to Germany
the bill of damages in behalf of the owners of the
ship William P. Frye, sunk in mid-ocean by the German "raider" Prinz Eitel Friedrich, which bill the
German Government has promptly agreed to pay,
though on the ground of an old treaty, and not on the
ground that the sinking of the ship was an improper
act. The Eitel Friedrich itself, after refusing the
opportunity to run out to sea in the snowstorm of
last Saturday, with hostile cruisers lying in wait
outside the three-mile limit, has been formally interned at Newport News, where she will have to be
dismantled and remain until war is over.
The modified Order in Council of the British Government was issued March 15 and made public
March 18; our State Department's answer was sent
to England a week ago, but its publication was deferred until the present week by request of the British
Government. Our Government's answer is devoted
mainly to stating the restrictions which the United
States places on the belligerent rights alleged in the
British Order of March. Certain rights therein
claimed are conceded:—the right of search for contraband; the right of condemnation where contraband
is found on board a neutral ship; the right to establish
a blockade and condemn any vessel taken while trying to break it, and the right to take into port for
examination neutral vessels suspected of such purpose. It is even admitted that our Government is
"not oblivious to the great changes which have occurred in the conditions and means of naval warfare
since the rules hitherto governing legal blockade were
formulated," and the note, therefore, intimates its
readiness to admit that the old form of "close"
The New York Clearing-House banks, in their blockade, with the blockading ships in the immediate
operations with interior banking institutions, have offing of the blockaded ports, is no longer practicagained $2,382,000 net in cash as a result of the cur- ble in the face of an enemy using submarines, mines
rency movements for the week ending April 0. Their and air craft.
receipts from the interior have aggregated $7,480,On the other hand, the note takes issue with the
000, while the shipments have reached $5,098,000. cautious assertion of the British Government reAdding the Sub-Treasury operations and the gold garding possible blockade of non-contraband shipimports, which together occasioned a gain of $303,- ments from the United States to neutral countries,
000, the combined result of the flow of money into whence they might be sent to enemy markets. The
and out of the New York banks for the week appears unqualified assertion of this right would destroy the
to have been a gain of $2,685,000, as follows:
long-recognized principle of "free goods in free ships."
In fact, the actual blockade of neutral ports to all
Net Change in
Out of
Into
Week enclintI Apt'l 9 1915.
Bank 116L1ngs.
Banks.
Banks.
merchandise of other neutrals—even under the gen$5,098,000 Gain $2,382,000
$7,480,000
Banks' interior movement
that the goods might be destined for
303,000 eral allegation
18,771,000 Gain
19,074,000
Sub-Tress. oper'ns and gold Imports_
country—would, in the language of our
$26,554 ,000 $23.869,010 Gain 52,685,00) an enemy
Total
State Department's note, be "a distinct invasion of
of bullion the sovereign rights of the nation whose ships, trade,
The following table indicates the amount
or commerce is interfered with." As to the argument
)n the principal European banks:




APR. 10

1915.]

THE CHRONICLE

1203

that extreme measures may have been necessitated is at least in line with regular precedent,
and is
as reprisal for unlawful acts by the enemy, our Gov- subject, as our Government's reply clearly indicates,
ernment declines to admit the application of this ar- to modifications in its actual application.
gument to retaliation involving unlawful interference
On one point German comment—even in last
with neutral cargoes. But the note very tactfully month's official war zone communication from the
interprets the British Government's reference to re- Berlin Foreign Office—insists. We refer to the comprisals as "merely a reason for certain extraordinary plaint against the sale of war munitions by American
activities on the part of his Majesty's naval forces, manufacturers to the Allied Powers. In our judgand not as an excuse for or prelude to any unlawful ment, there is absolutely no ground for criticism of
action."
our attitude. It is admitted, even in Germany,
Conceived in this form, and with certain other sug- that under international law and precedent there
is
gestions or reservations, the note has on the whole no impropriety in our merchants selling arms
to
been well received in England. Newspaper com- belligerent Powers. In fact, the German Government in that country has in general recognized the ment and the German press could not for a
moment
intrinsic soundness of our position, though a few have maintained such a position; since
the Krupps,
writers have shown some trace of the feeling lately notoriously and with a perfect right
to do so, sold
prevalent—that the United States ought somehow munitions of war on an extensive scale
to Russia in
to recognize the moral issues which England believes 1904 and to Turkey in 1913. The German
complaint
to be involved in the war, by showing more open is based, evidently enough, on the fact that
Germany
sympathy with England. This feeling is natural on has no access to our markets for obtaining
similar
the part of any people convinced of the rightfulness supplies. But it is not alleged that our merchants
of their cause; but it confuses the possible attitude and manufacturers would refuse to sell such goods
of a neutral public with the possible attitude of a neu- to Germany if Germans were to place orders in our
tral Government, and it has, therefore, led those who country. This being so, the complaint about our
entertained it into a singularly illogical position.
attitude overlooks the fact that our Government's
For instance, when the Belgian report regarding prohibition, on account of Germany's failure to con"German atrocities" was submitted formally to the trol the seas, of the selling of arms by private persons
President, there were many complaints, not only in to England, France and Russia, would amount to an
England and Canada, but in this country also, that unusual and distinctly unfriendly action towards
our Government should not have made a formal pro- those Powers.
test to Germany, if for no other reason than that the
But an even larger question stands behind that
United States was a signatory of The Hague Con.ven- consideration. Ex-President Taft has lately pointed
don, which was alleged to have been violated by the out that if we were to adopt the principle that neutral
German army. But this contention overlooked sev- communities cannot rightly sell war munitions
to
eral facts. One is, that no Governmental protest belligerents, and if other countries were to follow
would have in any case been proper or possible until suit, the question would arise, In what position would
every accusation had been thoroughly investigated; the United States be left, supposing us hereafter
yet that no machinery existed for such investigation, suddenly to be.involved in a war with a well-prepared
and that in any case such an inquiry would have cov- foreign State? For ourselves, we should say that
ered a hundred different specifications and have con- this view of the matter is capable of being carried
sumed months of time. Furthermore, even if the much farther. If the principle were to obtain worldGovernment were to have uttered a formal protest, wide recognition, that neutral communitie
s cannot
what then? Unless backed up with a threat of war provide munitions of war to belligerents, then every
—which every one conceded to be inadmissible— small and weak independent State, unprovided with
such declaration, from a Governmental point of view, extensive armament factories in its own towns and
must have been wholly futile. It would have ex- cities, would inevitably be at the mercy of any
posed our Government to the humiliating possibility strong, well-prepared and industrially well-equipped
of being diplomatically told to mind its own business. power which should declare sudden war upon it.
As regards our duties as signatory to the Hague Con- Supposing, for example; Austria's declaration of war
vention, the United States specifically disclaimed the on Servia last July to have been followed by limitaduty of intervention in such matters; and the Hague tion of the area of war to that one quarrel; what
Conference itself established no machinery of inquiry chance for even a strictly defensive campaign would
or protest in case of violations of agreements then have been left, under.such conditions, to the little
entered into.
Balkan State?
The comment of the German press on our note to
HOW WEALTH IS CREATED.*
England shows a different feeling. Even newspapers
This is not a treatise on political economy as that
recognized as Government organs have complained
this week very bitterly of our favoring England and term is ordinarily understood. The sub-title somenot Germany. But of this allegation they produce what relieves the apparent unattractiveness of all
no specification, showing our position as to the economic discussions, yet necessarily fails to convey
policy of neutrals to be in any wise incorrect, in the an adequate impression of the contents.
What constitutes wealth? "We have seen," says
light of international law and precedent. They give
no reason (other than sentimental) why our Govern- the author, "that the Mercantilists held money to
ment should have been less antagonistic than it was be the only wealth, that the Physiocrats added raw
regarding Germany's submarine threats, or more an- materials, and that Adam Smith and his followers
tagonistic regarding theritish blockade order. The enlarged the definition to mean any material utility
facts of the matter are that the German war zone which requires labor for its production and which
order plainly intimated such sweeping violation of can be appropriated or exchanged." The old and
neutral rights as the sinking of neutral ships with *Tho Creation of Wealth: Modern Efficiency Methods Analyzed and
Applied. By J. H. Lockwood. Pp.
their passengers, whereas:the -English blockade order The Standard Publishing Company. 225; price $1. Cincinnati, 1915:



1204

THE CHRONICLE

[VoL. 100.

le' into the Sherman Act. Reason
persistent fallacy that money is exclusively or espec- the word 'reasonab on both sides—by the public as
must be exercised
ially wealth is carefully refuted once more. Money well as the corporations—if free industrialism is to
is a yardstick for measuring, a counter across which endure. If the trusts are not reasonable, they will
things desired are passed for exchange, a value- bring down on their heads the vindictive wrath of an
condensation which all will accept because all agree outraged public; and if the public is not reasonable,
to accept it—this is all. Mr. Lockwood so earnestly they will, by their activities, paralyze the industrial
golden eggs.
disposes of the money fallacy that he closes his book animal which feeds us, sometimes with
the trust problem, therefore, would
"The answer to
with a graphic diagram: one pyramid, having as its
seem to lie in the two words, publicity and reason.
rs "character, training, opportunity, ex- If all the essential facts are known, and if the rule
base-laye
pression, efficiency, pertinacity ," with "money" as of reason is permitted to prevail, the great economic
the apex; the companion diagram shows this same and social laws of supply and demand, of action and
pyramid inverted and set on its apex of money, in reaction, of reward and punishment, will adjust
which position "it will maintain its equilibrium just themselves to the eye and ear of justice, for, with
Cicero, we must believe that Natura juris fons."
so long as it continues to whirl as a spinning-top."
"Stating it as concisely as possible, wealth may be
The author ventures the hint that "there are
defined as anything which satisfies the needs, desires ways in which a government can aid the people in
or aspirations of man, and it may be either material their economic struggles," but we deem this dangeror immaterial." That man himself is wealth per se ous ground, to be entered very cautiously. At(because potentially) that he creates wealth, and tempted encouragement is less bad than repressive
therefore that man himself is his best material and regulation, and Mr. Lockwood avers that "anything
asset—the book is essentially a development of this which stagnates productive thought (idealistic
theme. Through successive chapters on "wealth," wealth) or destroys the initiative, whether by re"capital," "divisions of wealth," "expression" and strictive regulation, undue interference with indi"who and how," this development is clearly, forcibly vidualism, or by agitation looking to that end, is
and interestingly carried. For instance, the ordi- destructive of true progress." Most emphatically;
nary whitewasher, standing at the bottom rung of the and the whole trend of the book is that government
ladder, has almost no room for "expression"; he works should keep its benumbing hands off and that the
mechanically, and has to compete with machines creative mind be left unhampered. There can be
which spray washes. The house painter, the sign no progress without freedom; general betterment lies
painter, the portrait painter, the great genius painter, in enlarging the quantity and variety of desirable
represent successively higher stages; but as respects things, not in hating those who now have more and
wealth-creating the inventor and the seer are highest, quarreling to bring about a forcible re-dividing of
for "the mind of man is a veritable mine of magic what wealth now exists. Suppose Edison and Marwealth." If this strikes any reader as somewhat coni had been government-regulated and governmentfanciful, it is readily put to test; of two young men, actuated?
one penniless but with large character, an inventor
The hardened reviewer does not read every page
or constructor to be, and the other with an inherited of a book, nor need he; do you eat a tub of butter
fortune and an empty head, which will achieve the before accepting or leaving it? Yet this book was
more and which has the greater wealth?
read (although not absolutely every sentence) and
The chapters on "winsome wealth," "inventions at one sitting. Occasionally we find an observation
and discoveries" and "distribution or opportunity," which seems a little overbroad, but the work as a
are excellent, but the most striking one is the chapter whole is sound in doctrine. It is pervaded with
of 50 pages on "the entrepreneur," who is not a pro- earnestness and sincerity, thoroughly wholesome in
moter but a discoverer, a constructor, a conqueror of trend, and is also encouraging in renewing the belief
continents, a man of creative vision and individual that the natural laws of progress will break through
energy. As one illustration in this chapter, the and throw down all the artificial hindrances which
author supposes two identically similar farms side may be set in their way, in the name of the general
by side, but one, through intelligent cultivation, welfare. The book is so timely and so sound that we
yielding several times the revenue of its fellow. Then wish every present and elected legislator in the whole
he asks, "what caused the increase but the applica- land could be made to read it and pass a good extion of brains to the soil? Now the Socialists, Syn- amination upon it.
dicalists, Industrial Workers of the World, and their
like; say that labor produces allithe wealth, therefore
THE PARCELS POST AND THE MAILS.
the farmer who was efficient must divide with his
To the plaint of the railways in respect to their
neighbor who was too slothful to think and to act."
mails PostmasterNaturally, Mr. Lockwood does not fear monopo- compensation for carrying the
Burleson reiterates that, on the contrary,
lists or trusts. Inasmuch as success is the universal General
asserts that
desire and merit is the only real personal test, the the roads are over-paid, and as proof
get for mail-carrying much more than they have
monopolists, in a free country, are the most efficient they
carrying
ones; monopoly is a reward of merit or service, and fOr years accepted without objection for
ability are numerous, why are doers express matter. But if this were exactly true, as he
if the men of
an action for a
(Colonel Goethals, for example) in such demand? states, it would not be material. In
contract no court would admit testimony
As for the trusts, he holds that all attempts to regu- breach of
the one in
late or destroy them will fail, because the regulators to show that some other contracts than
large dispute were faithfully carried out and profitable, or
need to be omniscient and no laws can prevent
ant was good
operations from conforming to natural lines. But that the entire business of the complain
Federal Supreme
and profitable. Similarly, the
here we quote the conclusion of that chapter:
Court very recently held that one line of service at
"When all has been said, perhaps it will be disrates could not be condoned and encovered that the Supreme Court struck the keynote confiscatory
because some other line, or all lines taken toin the solution of the trust problem when it wrote forced



APR. 10 1915.1

THE CHRONICLE

1205

gether as one whole, were remunerative. Mr. Burle- urement limit were made to take in the standard
son's argument, even if he is correct in his statement, crate of peaches. Washington reports a steady increase in the last six months, and gives a tabular
is not germane.
not correct. From statement in proof. The Detroit office is overBut Mr. Peters replies that it is
New York to Chicago, according to Mr. Burleson, whelmed with applications from farmers and is demail matter brings $2 58 per cwt., against $1 20 livering 300 packages of farm produce daily. Clevefor the railway proportion of the first-class express land, for some reason, does the larger business outrate on the same route. This, replies Mr. Peters, ward, having dispatched 72,200 pounds of fresh fish
would be understood by anybody as meaning that in February, but is delivering in town a daily averthe $1 20 is an average rate, whereas it is only the age of 173 packages of butter, poultry and eggs.
railway's share (about one-half the charge to the Cincinnati is not doing so well, reporting only 200
public) on a single 100-lb. package, on which the packages per week. Baltimore is receiving 300 daily.
very lowest pound rate is given, and the great bulk New Orleans receives 125 parcels of eggs daily.
of express matter is in small packages, at rates far Boston, Nashville, Denver, Providence and other
higher. For instance, for 100 one-pound packages cities report a brisk trade, or excellent expectations,
the rate would be 23 cents each, and of the total $23 or both.
The foregoing are samples from a trade which has
the railroad would get one-half—almost 43/ times
the rate for 100 pounds of mail. This would be an been earnestly fostered and is growing. The "farmextreme at the other end of the range, although as to-table" scheme" has its admirable features. It is
fair as Mr. Burleson's citation; the truth of course lies a factor in reducing the present cost and friction in
distribution, whereby food which cities need goes to
between these.
In what we have said on this subject we preferred waste on or in the ground. The parcels post as an
to keep to one material and distinct issue: that a instrumentality in reducing the cost of living may be
largely increasing load of mail is required (because excellent for the consumer and very helpful for the
of refusal to have annual weighings) to be carried producer, but we are not now discussing it. The
on a basis of average weight which has long been present question is, What about the carrier, and at
exceeded. Upon this issue all citations and all facts whose expense are these results produced and to be
as to express service of any other service are plainly produced? Is it difficult to account for the swelling
irrelevant. As something which everybody can un- loads of "mail" matter which the railroads are carryderstand, we cited the known increase in the parcels ing, on the basis of old weighings?
post and the constant efforts to popularize and inRAILROAD GROSS EARNINGS FOR MARCH.
crease that post. As an extreme example, even such
Railroad gross earnings continue to show conheavy and bulky "articles" as children have been
sent by mail, and within the past fortnight the news- siderable losses. This is true, even though compapers have related another case of that: a little parison is now with reduced earnings last year.
girl, just within the 50-pound limit,transported The result affords new testimony to the fact that the
across several States, with ordinary postage stamps country still suffers from business depression, notattached. A simple and convenient method, doubt- withstanding our tremendous merchandise exports,
less, and inexpensive to the sender; but how of the last season's bounteous harvests, the high prices
carrier? Some interesting questions might possibly prevailing for wheat and other agricultural produce
arise in such cases: for example, if the child were and the great prosperity of the farming classes by
injured or killed in a collision, would she cease to be reason of'these high prices and the prodigious foreign
mere mail matter and be converted, in a demand for demand for the country's foodstuffs.
These generalizations are induced by a contemplacompensation, into a passenger, transported under
tion of our preliminary tabulation of the gross earnthe liability for passengers?
But as to increase in parcels-post matter, Mr. ings of United States 'railroads for the month of
Burleson is proud of that increase and of the public March. This statement comprises merely the roads
service, and it has been continually commended and which make it a practice to furnish early estimates
re-commended to the country, expecially in respect of Their gross revenues soon after the close of the
to food products, which are comparatively bulky. month, and embraces mainly Southern cotton-carryNow comes from Washington a little digest of reports ing and Western grain-carrying roads, together with
received by Mr. Burleson from postmasters upon the three important Canadian systems. Altogether,
this "farm-to-table" service. In ten cities that a total of 88,283 miles of line is represented and on
service is a year old, and twenty-five more cities have this mileage there is a loss in gross for the month of
since been added to the list. Postmasters have com- $7,081,270, or 10.25%. The Canadian systems
piled and circulated lists of farm producers among have contributed materially to this loss, the Canadian
consumers, and of consumers among farmers, and a Pacific having fallen behind $1,598,000, the Grand
co-operative system is collecting and distributing Trunk Railway $409,467, with $63,639 more on the
farm products. In Chicago the average daily de- Grand Trunk Pacific, and the Canadian Northern
livery from farms was 558 packages in the last three $154,300. But United States railways are dismonths of 1914, with a recent average daily increase tinguished in the same way,though there is no single
"of five names." Through the St. Louis office pass decrease of the amount of that of the Canadian
weekly more than 2,500 parcels of butter, 2,000 car- Pacific. On the other hand, no American system
tons of eggs, 1,000 packages of fresh meat, and so on. represente6 in our tables has so large an extent of
In Brooklyn, the campaign was started through the mileage as the Canadian Pacific. The losses republic schools. In Philadelphia it began by sending ported by United States roads are, nevertheless,large,
"a consumer's application blank" to 62,000 house- and come from all parts of the country. The
holders. Indianapolis reports a similar development Illinois Central stands at the top with a decrease of
and suggests that it would be more rapid if the $900,906; then comes the Southern Railway with
.weight limit were raised to 70 pounds and the meas- $892,151 loss, and the Louisville & Nashville with




1206

$772,936; then the Great Northern in a totally
different part of the country with $772,853 shortage,
then the Missouri Pacific with $306,000 loss and the
St. Louis Southwestern with $211,000.
Even the smaller roads or systems have quite
heavy losses, the Buffalo Rochester & Pittsburgh
reporting $194,649 decrease, the Soo road $184,311,
the Mobile & Ohio $173,801, the Chicago Great
Western $142,694, the Denver & Rio Grande $134,500, the Wabash $130,111, &c., &c. There are a
few roads, a very few, which form exceptions to the
rule, and are able to record increases. Among these
the Missouri Kansas & Texas stands foremost, with
a gain of $285,796, which is no doubt to be ascribed
to last season's excellent grain harvests in the
Southwest as contrasted with the previous season's
very poor harvest. The gain is in part, but only in
part, a recovery of the previous year's loss. A few
other roads are also able to report improved results
usually because of some special circumstance affecting them alone. Thus, the Colorado & Southern
is comparing with the period of the coal strike in
Southern Colorado and reports $54,914 increase.
This, however, follows $170,946 decrease in 1914, as
compared with 1913. It is also to be said, on the
other hand, that in not a few instances the roads
which now report losses in earnings suffered losses
likewise in the previous year. This is notably true
of the Canadian Pacific, which for March 1915 had
gross of only $7,700,000, against $9,298,000 in
March 1914 and $11,111,893 in March 1913. In the
following we show all changes for the separate roads
for amounts in excess of $30,000, whether increases
or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Decreases.
Missouri Kansas & Texas_ $285,796 Buffalo Roch & Pittsb_ __ $194,649
81,422 Minneap St Paul & 8 8M
Western Maryland
184,311
54,914 Mobile & Ohio
Southern..
Colorado &
173,801
50,416 Canadian Northern
Chicago & Alton
154,300
37,644 Cinc New On & Texas Pac
Minneapolis & St Louis.. _
148,330
Chicago Great Western
142,694
Denver & Rio Grande_ _ _ _
Representing 5 roads in
134,500
$510,192 Wabash
our compilation
130,111
Decreases. Texas & Pacific
112,019
$1,598,000 Yazoo & Miss Valley..
Canadian Pacific
94,522
900,906 Grand Trunk Pacific
Illinois Central
a63,639
892,151 Chesapeake & Ohio
Southern Railway
60,469
Louisville & Nashville__ - 772,936 Duluth Sou Shore & Atlan
46,124
772,853 Alabama Great Southern..
Great Northern
43,488
409,467 Georgia Southern & k la
Grand Trunk
36,621
Missouri Pacific
306,000
Southwestern... 211,000
St Louis
Representing 23 roads in
our compilation
$7,582,890
a These figures are for three weeks only.

The fact that the loss for the month should be so
large (speaking of the roads collectively) is the more
significant,not alone because it follows a loss in the
same month last year (our early statement then
having shown $2,191,364 decrease, or 3.01%),
but also because it has occurred in face of a distinct
advantage enjoyed the present year by all the
roads. We have reference to the fact that there
were only four Sundays in the month the present
year against five Sundays in March 1914, giving,
therefore, an additional working day. The Western
grain movement was not as large as that of the
same month last year, notwithstanding the stimulus
afforded by the prevailing high prices, but,on the
other hand, the Southern cotton movement ran
very much heavier than that of the previous year.
The loss in the Western grain movement followed
almost entirely because of smaller receipts of corn,
these for the four weeks ending March 27 in 1915
having reached only 11,514,000 bushels, against
21,406,000 bushels in the corresponding four weeks
of 1914. There was also, however, some loss in the
wheat receipts and the barley and rye receipts.
The oats movement was larger than that of 1914.
Combining wheat, corn, oats, barley and rye,




[vol.. 100.

THE CHRONICLE

aggregate receipts of the five cereals for the four
weeks the present year are found to have been only
50,151,000 bushels, as against 60,622,000 bushes
in the corresponding four weeks of 1914. The
details of the Western grain movement in our usual
form are set out in the following :
Four Weeks
Ended Mar. 27.
Chicago
1915
1914
Milwaukee
1915
1914
St. Louis
1915
1914
Toledo
1915
1914
Detroit
1915
1914
Cleveland
1915
1914
Peoria
1915
1914
Duluth
1915
1914
Minneapolis
1915
1914
Kansas City
1915
1914
Omaha
1915
1914

WESTERN GRAIN RECEIPTS.
Wheat.
Oats.
Flour.
Corn.
(Ms.)
(bush.)
(bush.)
(bush.)

Barley.
(bush.)

Rye.
(bush.)

622,000 3,209,000 4,468,000 0,972,000 1,723,000
943,000 1,858,000 7,280,000 7,774,000 1,881,000

116,000
282,000

114,000
195,000

207,000
213,000

282,000 1,042,000 2,757,000 1,165,000
401,000 1,383,000 1,909,000 1,482,000

245,000 1,429,000 1,125,000 1,347,000
256,000 1,310,000 1,611,000 2,199,000

73,000
140,000

20,000
2,000

1,000

9,000
4,000

338,000
237,000

313,000
633,000

226,000
163,000

33,000
29,000

212,000
91,000

187,000
380,000

249,000
223,000

58,000
56,000

65,000
35,000

401,000
458,000

368,000
359,000

4,000
6,000

2,000
2,000

810,000
680,000
81,000 1,318,000

842,000
898,000

173,000
276,000

6,000
14,000

7,000
53,000

204,000
350,000

92,000
L6,000

8,000
5,000

4,004,000 2,139,000 1,706,000 1,471,000
8,284,000 1,141,000 1,114,000 1,671,000

195,000
255,000

210,000
161,000

2,761,000
936,000

461,000
1,175,000
409,000
1,157,000 3,621,000 1,420,000
691,000
408,000
599,000
695,000 3,528,000 1,373,000

Total of All
1,282,000 14,693,000 11,514,000 18,679,000 4,702,000
1915
1914
1,640,000 15,085,000 21,406,000 17,782,000 5,572,000

563,000
777,000

As regards the cotton movement in the South the
shipments overland for the even month in 1915
were 211,684 bales, as against 147,185 in March 1914
and 98,743 bales in March 1913. The receipts at
the Southern ports were 1,101,251 bales the present
year, against 571,079 bales in 1914 and 444,200
bales in March 1913, as will be seen from the following.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH, AND FROM
JANUARY 1 TO MARCH 31 1915, 1914 AND 1913.
March.

.Since January 1.

Ports.
1915.

1914.

1913.

1915.

Galveston
bales_ 342,024 195,842 170,204 1,580,881
74,337 25,926 46,206 355,374
Texas City, &c
New Orleans
239,051 140,452 85,827 837,721
Mobile
15,414 21,698 8,003
59,187
39,302 22,309 7,690
Pensacola, &a
60,748
Savannah
150,382 77,075 40,666 750,086
Brunswick
27,000 9,150 2,525 107,500
Charleston
54,619 8,626 19,593 151,052
Georgetown
339
5
1,473
Wilmington
60,446 10,389 10,241 132,339
Norfolk
83,910 46,620 44,187 264,132
NewportNews,acc
14,427 12,991 9,053
47,309
Total

1914.

1913.

957,757
207,260
580,564
71,710
39,231
275,257
65,550
27,630

699,212
218,467
278,374
27,438
29,040
158,031
28,075
30,180
110
28,692
98,080
42,879

57,345
139,280
50,357

1,101251 571,079 444,200 4,347,802 2,471,941 1,638,576

We have already referred to the fact that last year
our early statement of earnings registered a decrease
of $2,191,364, or 3.01%. In 1913 and 1912, on the
other hand, there were moderate increases. For
March 1913 our statement, comprising substantially
the same roads as now represented, recorded $4,310,860 gain, or 6.50%, and for March 1912 the
result was $3,702,918 gain, or 5.73%. In March
1911, however, our compilation registered a loss
of $1,053,860, or 1.59%, notwithstanding large
gains by the three Canadian systems. In March
1910 our preliminary statement revealed an increase
of no less than $8,795,473, or 15.61%. In March
1909, too, there was improvement, the increase then
having been $5,082,356, or 10.99%. In March 1908,
on the other hand, at the time of the intense depression in trade, our early returns recorded a loss in the
large sum of $9,150,668, or 14.36%.
We furnish
herewith a summary of the comparative totals for
March and the first quarter of each year back to 1897.

1207

THE CHRONICLE

APR. 10 1915.]

Increase (4-)

Gross Earnings.

Mileage.

GROSS EARNINGS AND MILEAGE IN MARCH.

Or

Year Yr.pre- InGiven. ceding. cr'se.
March. Roads Miles.
1897.... 121 92,737
1898.... 133 97,253
1899.... 119 94,333
1900--_ 112 99,388
1901_ _ _ 103 100,739
1902.... 89 92,041
1903._ 69 95,620
1904.... 69 85,630
1905.... 62 80,134
1906.... 58 83,228
1907_ __ 60 92,828
1908._
55 83,468
1909.... 48 77,656
53 85,936
1910_
1911._ 50 88,447
1912._ 47 88,168
1913.... 47 88,311
45 92,045
1914_ __
43 88,283
1915_ __
Jan. 1 to Mar. 311897- _ _ 120 92,598
1898._ 131 06,998
1899.... 118 93,875
1900.... 111 99,115
1901- 103 100,739
89 92,041
1902._ _ _
1903.... 69 95,620
1904.... 69 85,606
1905.... 62 80,134
1906.... 58 83,228
1907._ _ _ 66 92,828
1908_ _ _
55 83,468
1909.... 48 77,650
1910._
53 85,936
1911_ 50 88,447
1912.... 47 88,168
1913._ 47 88,311
1914-- 45 92,045
43 188.283
1915_

Mlles.
92,048
96,089
93,235
974,68
97,542
90,481
93,441
83,386
78,881
81,448
91,100
82,332
76,193
84,398
86,208
86,495
85,963
90,774
87,420
91,907
95,832
92,777
97,195
97,542
90,481
93,441
83,386
78,881
81,498
91,100
82,332
76,193
84,398
86,208
86,495
85,963
90,774
87.421)

Name of Road.

$
%
$
8
%
+155,556 0.42
0.75 36,730,150 36,574,594
1.21 44,018,276 38,767,463 +6,150,813 15.87
6.15
1.18 45,851,636 43,192,673 +2,658,963
1.97 54,226,229 48,306,240 +5,919,989 12.25
3.28 58,451,929 54,154,932 +4,296,997 7.93
1.72 53,947,913 50,750,057 +3,197,856 6.30
2.33 63,656,496 55,634,679 +8,021,817 14.42
-137,135 0.25
2.68 54,218,287 54,355,422
1.59 56,099,462 50,899,522 +5,199,940 10.21
2.18 60,824,758 55,489,877 +5,334,881 9.61
1.90 77,540,501 71,896,303 +5,644,198 7.85
1.38 54,549,532 63,700,200 -9,150,668 14.36
1.92 51,321,597 46,239,241 +5,082,356 10.99
1.82 65,155,888 56,360,415 +8,795,473 15.61
2.60 65,239,119 66,292,979 -1,053,860 1.59
1.95 68,404,320 64,701,402 +3,702,918 5.73
2.73 71,710,950 67,400,090 +4,310,860 6.50
1.38 70,785,610 72,976,974 -2,191,364 3.01
0.99 81,939,361 69,020,631 -7,081,270 10.25
i
0.75 104,287,357 107,550,519 -3,263,162 3.03
1.21 126,755,310 109,339,374 +17,415,936 15.93
1.18 126,102,007 121,187,638 +4,914,369 4.05
1.97 154,477,543 132,538,843 +21,938,700 16.55
3.28 167,574,617 154,125,356 +13,449,261 8.72
1.72 156,556,409 140,020,060 +9,536,349 6.52
2.33 181,963,231 160,459,158 +21,004,073 13.09
2.68 152,071,336 153,791,510 -1,720,174 1.12
1.59 149,372,126 142,415,455 +6,956,671 4.88
2.18 183,644,696 154,918,113 +28,726,583 18.54
1.90 214,200,964 204,957,203 +9,243,761 4.51
1.38 149,515,630 168,209,991 -18,694,361 11.11
1.92 142,902,711 131,609,385 +11,203,326 8.66
1.82 179,172,331 155,045,813 +24,126,518 15.23
2.60 182,039,008 180,487,121 +1,551,887 0.86
1.95 190,997,306 180,042,806 +10,954,500 6.10
2.73 207,756,220 187,701,826 +19,994,594 10.75
1.38 199,138,010 210,623,711 -11,485,701 5.45
0.99 175.502.339 192.562.201 -17.059.862 8.91

Not .-We do not include Mexican roads in any of the years.

To complete our analysis we add the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
1915.

1914.

3

March.

$

303,194

New Orl & N E
Ala & Vicks___
Vicks Shrev& •
Ches & Ohlo_c__
Cin N 0& Tex •
Loulsv & Nash,
Mobile & Ohio__
Southern Ry.___
Yazoo & Miss V_

436,682

d319,912
d144,040
d155,713
3,156,907
780,313
4,280,200
900,402
5,172,447
953,399

Ala Great South_
Ala NO&TP

319,912
144,940
155,713
3,217,376
928,643
5,055,136
1,074,203
0,064,598
1,047,921

1912.

1913.
$

431,043

1910.

1911.

3
370,769

$

$

401,436

335,256

322,977
304,027
341,084
348,316
141,970
146,138
133,973
165,264
118,958
121,020
123,368
158,420
2,890,668 3,071,888 2,574,547 2,886,698
793,924
573,033
806,721
839,208
4,925,451 4,939,330 4,874,674 4,790,530
932,387
978,164 1,019,140
1,081,109
6,034,567 5,556,583 5,361,435 5,153,645
891,746
853,510 910,177
1,039,608

16,257,427 18,445,124 17,913,650 17,206,055 16,219,447 16,403.604

Total

S Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
d Month in 1915 not yet reported; taken same as last year.
EARNINGS OF SOUTHWESTERN GROUP.
1915.

Colorado & South
Deny & Rio Gran
Mo Han & Tex_a
Missouri PacificSt Louis So West
Texas & Pacific__
Total

1914.

1913.

1912.

1911.

1910.

$
1,049,940
1,583,100
2,691,796
4,601,000
844,000
1,390,313

March.

$
995,026
1,697,809
2,406,000
4,907,000
1,055,009
1,502,332

$
1,165,972
1,786,145
2,469,433
4,913,424
1,079,350
1,455,894

$
1,035,318
1,717,731
2,016,273
4,289,160
972,731
1,332,785

3
1,115,314
1,687,224
2,241,099
4,346,652
982,494
1,205,475

$
1,417,327
1,955,958
2,261,802
4,840,870
939,982
1,313,701

12,140,149 12,562,058 12,870,218 11,303,998 11.578.258 12.729.640

a Includes Texas Central in all the years and Wichita Falls line from Nov. 1 1912
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
March.

1915.

Canadian Pacific.
Chic Grt West*.
Dui So Sh & Ati_
Great Northern_
Minn & St Louisa
M St P & 55 M.

$
7,700,000
1,095,553
246,424
4,642,189
883,632
2,137,186

Total

1913.
1912.
• $
$
$
9,298,000 11,111,893 10,519,319
1,238,247 1,157,572 1,051,712
243,032
258,777
292,548
4 50
5,416,042 6, 7 , 96 4,847,167
651,805
789,405
845,988
2,321,497 2,320,595 1,513,137
1914.

1911.

1910.

$
8,800,640
1,070,865
227,535
4,429,958
746,503
1,645,007

$
7,796,337
1,149,262
276,893
4,667,644
743,353
1,880,365

16.704.084 10.411.32221,113,938 18,826,172 16,920,508 16.513.854

a Includes Mason City & Fort Dodge and the [Wisconsin Minnesota & Pacific.
a Includes Iowa Central.

Mileage.

Gross Earnings.

Decrease (-).

Year
Preceding.

Year
Given.

1914.

1915.
Ala Great Southern.._
Ann Arbor
Bellefonte Central...
Buffalo Roch & Pittsb
Canadian Northern.._
Canadian Pacific
Chesapeake & 0116._
Chicago & Alton
Chic Great Western
Chic Ind &
_
Cinc New Onl & TexP
Louisv_Colorado & Southern_
Denver & Rio Grande
Denver & Salt Lake....
Detroit & Mackinac
Duluth So Sh & Atl
Georgia Soul& Fla_ _ Grand Trunk of Can
Grand Trunk West
Dot Gr Hay & Mil
Canada Atlantic_ _
Grand Trunk Pacific_
Great Northern
Illinois Central
Louisville & Nashville
Mineral Range
Minneap & St Louls.j
Iowa Central_
-`
Minn St Paul & g S
Missouri Kan & Tex_a
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon..
Rio Grande Southern_
St Louis Southwestern
Southern Railway....
Tenn Ala & Georgia....
Texas & Pacific
Toledo Peoria & West
Tol St Louis & West
Wabash
Western Maryland...
Yazoo & Miss Valley_

$
393,194
176,376
6,300
779,013
1,379,000
7,700,000
3,156,907
1,158.658
1,095,553
563,520
780,313
1,049.940
1,563.100
105,000
92.121
246,424
182,046

$
$
309
309
-43,488
436,682
300
300
-11,748
188,124
27
27
-1,360
7,660
581
586
-194,649
973,662
-154,300 4,670 4,670
1,533,300
9.298,000 -1,598,000 12,319 11,920
-60,469 2,372 2,347
3,217,376
+50,416 1,026 1,026
1,108,242
1,238,247
-142,694 1,429 1,496
616
617
592,293
-28,773
336
336
928,643
-148.330
995,026
+54,914 1,867 1,867
1,697,600
-134,500 2,585 2,585
255
255
80,830
+24,170
411
400
110,910
-18,789
627
627
292,548
-46,124
395
395
-36,621
218,667

4,014,204

4,423,671

-409,467 4,533 4,533

y245,346
4,642,189
5.027,502
4,282,200
78,674
883,632

y308,985
5,415.042
5,928,408
5,055.136
55,835
845,988

-63,639
-772,853
-900,906
-772,936
+22,839
+37,644

1,104
8,077
4,767
5,034
119
1,646

1,104
7,805
4,769
4,923
121
1.646

2,137.186
2.691,796
4.601,000
900,402
25,532
40,430
844,000
5,172,447
y4,071
1,390,313
93,550
394,501
2,347,476
742,046
953,399

2,321,497
2,406,000
4,907.000
1,074,203
26,584
40,973
1,055,000
6,064,598
y5,307
1,502,332
104,652
375,479
2,477,586
660,624
1,047,921

-184,311
+285,796
-306,000
-173,801
-1,052
-543
-211.000
-892,151
-1,236
-112,019
-11,102
+19,022
-130,110
• +81,422
-94,522

4,127
3,865
7,284
1,122
274
180
1,753
7,036
97
1,886
247
451
2,518
661
1,382

4,096
3,817
7,284
1,122
238
180
1,753
7,036
95
1,884
247
451
2.515
661
1,372

61,939,361 69,020,631 -7,081,270 88,283 87,420

Total (43 rfada
.

Inc. (4-) or
Dec. (-). 1915. 1914.

0

a Includes Texas Central in both years.
y These figures are for three weeks only.
GROSS EARNINGS FROM JAN. 1 TO MARCH 31.
Name of Road.
Alabama Great Southern..
Ann Arbor
Bellefonte Central
Buffalo Roch & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western..
Chicago Ind & Louisville...
Cinc New On & Texas Pac
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl_
Georgia Southern & Florida
Grand Trunk of Canada_ _
Grand Trunk Wester.
Dot Grand Haven & Mil
Canada Atlantic
Grand Trunk Pacific
Great Northern
Illinois Central
Louisville & Nashville....
Mineral Range
Minneapolis & St Louis...)
Iowa Central
Minneap St Paul & S S M.
Missouri Kansas & Texas_a
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon.
Rio Grande Southern
St Louis Southwestern_ _ _ _
Southern Railway
Tonn Alabama & Georgia_ _
Texas & Pacific
Toledo Peoria & Western_ _
Toledo St Louis & Western
Wabash
Western Maryland
Yazoo & Miss Valley
Total (43 roads)
Not decrease (8.91%)

1915.

I

1914.

$
$
1
1,106,769 1.302,381
514,384
493,738
19,147
21,208
2,108,877 2,543.683
3,434.900 4,428,800
20,544,715 24.808,388
9,146,048 8,972,176
3,283,621 3,127,171
3,241,540 3,388,865
1,473,716 1,573,256
• ,281,876 2,743.124
3,345,676 3,072,933
4,386,321 4,880,580
223,715
319,000
248.173
278,591
683,743
789,021
649,063
515,808

Increase.

Decrease.
195,612

20,646

173.872
156,450

-W2 715
,7
-,
95.285

2,061
434,806
993,900
4,263,673

-1 big
461,248
494,259
30,418
105,278
133,255

10,750.053 11.734,620

984,567

y773,759
y990,303
12,303,035 13,609,448
15.036.022 16,387,183
12,248,579 14,505,247
208,348
144,713
2.501,092 2,383,853

216,544
1,306,413
1,351,161
2,256,668

5,953,129 6,352,554
8,338,272 7,617,248
13,424,901 14.054,938
2,549,225 3,064,084
62,034
57,235
131,646
117,543
2,594,728 3,204,938
14,442,856 17,113,573
918,286
913,957
4,387,144 4,576,508
295,317
284,956
1,178,295 1,069,773
6,761,884 6,829,207
1,993,107 1.891,887
2,925,106 3,232,947

63,635
117,239
399,425
721,024
630,037
514,859
4.799

108,522

14,103
610,210
2,670,717
4,329
189,364
10,361
67,323

101,220
307,841

175,502,339 192,562,201 1,835,435 18,895,297
117,059,862

a Includes the Texas Central in both years.
y Those figures are down to the end of the third week only.

EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.

THE INDIVIDUALISTIC CONCEPT OF GOVERNMENT.
March.

1015.

1914.

$
e 8
779,013 973,662
Buff Roch & Pitt
Chicago & Alton_ 1,158,658 1,108,242
592,293
563,520
Chic Ind & Lout
Grand Trunk._
Grd Trk West I 4,014,204 4,423,671
Det G II & M
Canada Atlan
Illinois Central_c 5,027,502 5,928,408
104,652
93,550
Tol Peoria & W:
375,479
394,501
Tol St L & West_
2,347,476 2,477,586
Wabash
Total

1913.

1912.

1911.

1910.

8
3
8
$
832,657
819,541
691,343
757,936
1,134,910 1,281,365 1,098,932 1,172,492
477,951
534,935
512,880
542,857
4,078,681 4,080,230 3,909,773 3,793,257
5,259,856 5,189,260 5,194,038 5,538,953
101,796
105,273
97,970
101,426
339,347
318,197
311,089
316,479
2,439,766 2,201,081 2,372,442 2,524,441

14,378,424 15,983,993 15,264,964 14.529.882 14.188.467 14.747.841

c Includes earn ngs of Indianapolis Southern beginning with July 1910.

We now insert our detailed statement comprising
all the roads that have thus far furnished returns for
March. In a further statement we give the compartive earnings for the same roads for the period since
the first of January.




St. Louis, Mo., April 1 1915.
Editor "Commercial and Financial Chronicle":
Dear Sir.-Tho press of the country seems to have quite generally seen
the light at last, and to be trying to lead the masses back to an individualistic attitude toward government. It remains to be seen, however, whether
it was the mistaught masses or the mistaken teachers of our "best minds"
who did most to get usinto our present governmental and industrial impasso.
It is with no lack of appreciation of your important part in this reaction
that I remind you that Mr. Woodrow Wilson-taking him merely as the
-has probably not altered in the slightest
typo of the mistaken teachers
the perfectly "footless" attitude toward first principles which he exhibited
in his essay on "The Study of Politics," some twenty-two years ago. The
Illusory old agnostical dilemma is still doing its fatal business all through
the world of scholarship.
The mass of men can be led to believe now this, now the opposite; but
supposing the mass converted, for a time, to the individualistic concept
of government, how long will it stay converted? Men who are trained in
the art of reasoning can often be given a permanent set. Let them once
realize that the dilemma notion was a blunder, and that only the individualistic horn was liveable, and few of them could make that same intellectual
slip over again. As rational beings they could not fail to see that, granting
the individualistic datum as the only ondwhich the conditions of human
xistence permit, it follows, by direct implication, that government can

1208

THE CHRONICLE

find warrant only as an expediential tool which only the largely preponderating number of the governed, and not the majority, can fashion effectively.
If Mr. Wilson, the type, has not attained to the definite first principle
of individualism, why has he not attained to it? Why does he live as if he
had attained to it—even while he philosophizes as if he had not?
Very truly,
S. D. MERTON.

AMERICAN ABROAD THINKS WE WILL SUFFER FOR
'LACK OF CONSIDERATION FOR GERMANY.
Bonn, March 18 1915.
To the Editor Commercial and Financial Chronicle, New York, U. S. A.:
Dear Sir—In your issue of Feb. 27, page 702. Is reprinted from the "Board
of Trade Journal" (as per "Economist," London) a German proclamation
dated Sept. 30, prohibiting all payments, &c., to the United Kingdom and
its foreign possessions: This article continues as follows (printed in italics):
"The proclamation also establishes a moratorium in respect of bills of exchange and checks, which is to remain in force until further notice."
While it is but logical that for bills and checks payable to British subjects,
the payment of which is prohibited (following the example set by Great
Britain), a moratorium should necessarily be established, I feel that the
passage referred to above is likely to create the false apprehension, as if a
general moratorium for bills and checks had been declared in Germany.
This is certainly not true. There has never been a moratorium in Germany since the outbreak of the war, except for bills of exchange—not
checks—drawn from foreign countries before July 31 and payable in Germany—in order to avoid indirect payments to countries at war with Germany.
It will perhaps interest you to learn that the American firm which I have
been representing for many years in this country, under the misapprehension of an existing moratorium in Germany, hesitated to draw as usual.
Having received my cable advice to the contrary, they began to draw as
usual, and all their checks (more than $300,000) were paid on presentation.
This is quite notable in consideration of the fact that credits in England and
France have proved unavailable for many months.
In your article of Jan. 23, page 256, you say that we Americans have always been such loyal devotees to English finance that we accept as the superlative of wisdom all schemes emanating from London. But I think
that this will not hide from us the fact how far Germany in this war has surpassed all expectations as to its financial and economic strength. The first
German war loan, issued in September last, secured subscriptions to the
amount of RM. 4.600,000,000, and I warrant to say that, although it had
been widely ad,,ertised as a patriotic duty to every German to subscribe,
there has certainly been no compulsion of any kind, and I feel convinced
that the subscriptions for the second war loan, which will close in these
days, will probably surpass those of the first loan, although the price has
been raised from 97.50 to 98.50.
During the last eight months of a gigantic war I have been a neutral observer and have been afforded ample opportunity to watch the wonderful
spirit and activity shown by all classes of a people which, surrounded by
enemies and cut off from the world, are fighting for their existence as a
great and striving nation and firmly resolved to see things through.
Like all Americans born on American soil. I have always had a thorough
dislike for German militarism and junkerism, but I feel it to be my duty
towards my American fellow-citizens to state that this war has certainly
nothing whatever to do with militarism. It is not in our interest to let
our views regarding the present conflict and its possible outcome be influenced by our predilection for England and English ways.
Germany has never shown anything but sympathy towards America, and
has been our best customer, whom we must try to regain after this war.
Unfortunately, there seems to be growing up against us a marked feeling
of bitterness in Germany, where the people have begun to realize that
America is applying different standards to English and German methods,
and that if it was not for the extensive aid afforded to the Allies by America,
in the nature of money and huge shipments of material of war, the war
would have been terminated by now. American money and American
guns, explosives, submarines and weapons of all kind, have been assisting
England and her allies in their efforts to destroy Germany and its commerce.
The American people cannot prevent individuals from shipping material
of war to the enemies of Germany. This is quite right. But the fact remains that public opinion in this country will hold America responsible to
a considerable extent for the bloodshed caused without the U. S. taking an
active.part in the war.
I do not know whether you will be able to appreciate these feelings, but
I should not be at all surprised if we would experience considerable difficulties after the war in trying to take up our former business relations,
which are vital to some of our industries.
For many years I have been a constant reader of the "Chronicle," and I
feel that I could not do better than to place this before you as a matter which
deserves serious consideration.
I am, dear sir,
Yours respectfully,
C. GEORGE BONER.

RUSSIA'S FINANCIAL AND ECONOMIC POSITION.
The "Nieuwe Rotterdantsche Courant" (Holland) of March
13 contained a very interesting artiele on the financial and
economic position of Russia, of which the following translation has been prepared for the "Chronicle" by Mr. R. Diamant of A. B. Leach & Co., who has also brought some of
the information down to a later date or has amplified it.
His remarks are enclosed within parentheses.
The condition of Russia from a financial and economic point of view is
entirely different than that of her allies (France and England). One does
not receive many particulars on this subject, however. That information
of a financial and economic character which is allowed to go abroad Is disappointingly meagre. It is known that at the outbreak of the war, the
Russian State Bank was exempted,from its obligatioa to redeem its notes,
a moratorium for bills was established, while the shutting off.of Russia
from foreign trade cau33:1 difficulties, not only in the exchang transactions
with foreign countries. but also on the domestic markets. Nothing became
known of the measures that have been taken to deal with the crisis, with the
exception of the news that a credit organization had been formed to advance
funds on the two principal export articles—grain and lumber.
The weekly statements of the Russian State Bank furnish an incomplete
picture of the condition of the country's finances, inasmuch as only a part
of the war needs has been financed by this institution. Moreover, the domestic measures taken do not form the most important consideration for
judging Russia's present position. Nevertheless, the Bank statement give




I

[VOL. 100.

us some interesting information. It shows that on Jan. 29 the Bank held
$438.090,000 of Treasury bills. (On March 1 1915 this amount was further increased to the total of $533,915,000. These securities consist partly
of short-term bonds of the State Treasury and Treasury bills discounted
with the State Bank, or with interior or foreign credit institutions, and
partly of four-year 4% Treasury bills secured by revenue receipts and accepted in payment of taxes and in payments to the State Bank. They are
"to a certain extent a substitute for money, and are therefore not quoted
on the Bourse.") This indicates that the major p,rt of the $561.000,000
of domestic Treasury bills issued up to that da., had been financed by the
Russian State Bank. Whether or not the remainder has been taken by
the public or was placed with the other banks of the country, we cannot say.
The stock of gold of the Bank is only a little smaller now than at the outbreak of the war. Only $40,000,000 has been sent abroad, all of which
went to London. In view, however, of the tremendous increase in circulation, the gold cover has become proportionately smaller. Before the outbreak of the war, the circulation of the Russian State Bank amounted to
$831,300,000. On Jan. 14 1915 the amount was almost double, viz.,
$1,545,300,000. Against this circulation the geld holdings, including the
balances abroad. aggregated $881,280,000. (The Russians before the war
started could rightly boast of the fact that "not one bank of emission in
the world ever possessed a gold supply of such dimensions.") Before the
war, only $153,000,000 notes could be issued without a cover of gold. Immediately upon the outbreak of the war these restrictions were removed and
later modified so that at the present time $765,000,000 of notes may be put
into circulation without such gold cover. People in Russia expected that
this liberal provision would amply take care of the situation, but with the
plans of a joint loan by the Allies indefinitely postponed, it would seem that
these expectations will come to nought. Consequently the information
was recently passed along that the Bank would soon be authorized to further increase the amount of circulation that may be issued without a cover
of gold.
In addition to the above-mentioned $561,000,000 Treasury bills, Russia,
not long after the beginning of the war (by Imperial Ukaz of Oct. 16),
issued at 94 (yielding 5.62%) an interior 5% loan amounting to $255.000,000. The results seethed to have been not altogether encouraging, for
although the need for funds was urgent, one waited a long time before the
experiment was repeated. (It must be noted that, according to Professor
P. Migulin, "Russian private banks took up in the proportion of $153,000,000, while the State Bank took up the balance of $102,000,000 at the firm
rate of 92, the subscription rate having been 94." Professor Migulin
holds that the public demand for this loan proved enormous.) Instead of
bringing out new loans, one tried the harder to get the necessary funds
from abroad. It must be admitted that Russia has a very large gold supply, but also in this respect it can be saki that "la meme chose n'ost pas
toujours la meme chose."
If it was only a question of temporarily finding the means to pay for war
Materials purchased abroad in order to provide for a partial payment of the
temporary deficit of the balance of trade, the situation, in view of this
stock of gold, would certainly not have been bad.
However. Russia is in the awkward position of being a large debtor State,
and it is that fact which should not be lost sight of in comparing the condition of the country with that of its Allies. The debts which Russia owe.;
abroad are well-nigh enormous. The service of the Government debt
held abroad alone requires more than $155,000,000 yearly. Furthermore,
a very large part of the Russian industry has been financed by foreign capital, partly by means of bonds. The weightiest consideration, however,
lies in the fact that the Russian trade, to very large extent, is being financed
with foreign funds, and that the Russian Bank and credit transactions, as
well as those in money and bills, are very strongly assisted by foreign capital, especially that of France, in the shape of bills, discounts, so-called pensions, loans and bank credits. The real debt of Russia to foreign nations,
therefore, is much larger than can be computed on the basis of the above
and other material. In reviewing the condition of France (this article is
one of a series), we have already called attention to the fact that the Bank
of France placed not less than $100,000,000 at the disposal of the Russian
State Bank, so as to enable Russian institutions to pay their obligations in
France. From an interview with one of the directors of the Russian State
Bank, published one of these days, it transpired that this sum will only
suffice for the payment of a certain percentage of these debts. All this explains why Russia so zealously guards against demands on its gold supply.
One knows altogether too well that one will have to finance not only the
temporary needs created by the war, but also the old debts, and that the
aggregate makes it out of the question trying to take care of this situation
with the present amount of gold available. The late Count Witte went
even so far as to suggest that the Government should seize all the gold held
by private individuals.
It can be fully understood from the above why Russia, from the very beginning, exerted all its powers to obtain large funds abroad. At first these
efforts met with only slow success. England was found willing to discount
$60.000,000 (six months) Russian Treasury bills provided Russia sent over
a sum of $40,000,030 in gold, which was subsequently done. (The fact
that Russian soldiers guarded this gold on its way to England did originate
the well-known "canard" according to which Russia was sending thousands
of soldiers to England to assist in the French campaign.) In Great Britain
it was soon realized, however, that small measures would not afford adequate relief, so that AS David Lloyd-George declared In the House on Feb.
15 last, another advance of $100.000,000 WAS made. The Chancellor at
the Same time stated that France and England combined would advance to
Russia another $250,003.003. and that in o:der to improve the badly-impaired Russian exchange position, already on the mend, Russians would be
allowed to pay their debts in London by depositing with the Russian State
Bank the money they owed to the English merchants, against which a corresponding ameant of Russian Treasury bills wool,' be purchased by London with the proceeds of which the English holders of Russian bills would
be paid and the debts accordingly liquidated.
It will be seen. therefore, that the English and French markets, through
new Russian loans, not only commit themselves to more requirements, but
also that the English Government and the Bank of France, in behalf of
their own citizens, are financing old Russian debts, in other words, that the
central institutions are taking on their shoulders a part of the burden of
RUSSIA'S oblig ations.
Great Britain did not give this assistance entirely uncoaditianally, for
the Russian Government had to promise that it would do its utmesi to find
the means for carrying on the war within its own borders, while it was also
agree to that if the gold holdings of the Bank of England would fall below
a certain amount. Russia, together with France, to which latter country
Great Britain also has promised its financial aid, should replenish these gold
holdings to certain extent.
It is not within the scope of this revre 'co comment on the political consequences which may grow out of this important English influence on the
finances of its allies. We cannot fall to realize, however, that the financial
consequences alone must be of a far-reaching nature.
In deference to the wish of England, Russia has announced the issuance of
another 5% interior loan of $255,000,033, also to be marketed at 91, but

APR. 10 1915.]

V

1209

THE CHRONICLE

The above reminds us again of the fact that even if the present war may
this fact, coupled with the announcement of an expected early enlargement
of the uncovered Bank note circulation seems to indicate that not much result in a long and permanent peace, posterity rather than the present
generation will reap the fruits of such happy outcome.
faith exists of the entire absorption of this loan by private individuals.
It would, furthermore, appear that a recovery of the rouble exchange,
Russia, no doubt, is a country with vast resources, and is capable of tremendous development provided that it is wisely governed. Nevertheless, at least a permanent one, is quite impossible.
It cannot be doubted that the new enormous obligations which are now being
Mr. Diamant also submits the following comparative
piled up on the shoulders of this country, before the outbreak of the war
statements of the Russian State Bank and of the Russian
already so heavily in debt, must set it back severely.
If the war has an unfavorable ending for Russia, a financial crisis is not Budget:
entirely out of the question. For the present, the Allies, in their own interest, will have to give Russia all possible aid, not only on account of political, COMPARATIVE STATEMENT OF ASSETS AND LIABILITIES OF
THE RUSSIAN STATE BANK.
but also, as for instance in the case of France, out of financial consideration.
Difference
March 1 July 21 March 1
Assets.
Russia's power in this respect, exercised upon its allies, is more or less akin
by the
for the year.
(Three cyphers(000)omitted.) 1915.
1914.
1914.
to that of a well-known Parisian banker living in the nineties-and,
specialist in Russian securities-who once remarked, "Jo vis de
way, a
Gold
784,475 800,570 772,915 Inc. 11,560
mon passif." However, he became bankrupt in the end.
80,315 Dec. 9,945
70,370
71,975
It must be admitted that Russia is doing all within its power to help it- Balances abroad
34,195 Dec. 8,170
of new Silver and subsidiary coin_ _ _ _
26,025
36,910
self. A further increase in existing tax rates, and the imposing
which an additional $220,000,000 is expected, is under consid- Securities and short loans_ _ _ 275,805 196.635 264,755 Inc. 11,050
taxes, from
Inc. 533,915
533,915
eration. (Soon after the outbreak of the war, partly to offset the falling Treasury bonds
5,755
off due to the abrogation of the vodka monopoly, almost all direct and in- Other loans and advances_ _ _ _ 227,090 183,720 221,335 Inc.
wore increased-land, house, lodging and trade taxes, also Securities belonging to the
direct taxes
Bank
3,790
50,120 Inc.
53,910
50,895
excise on tobacco, sugar, petroleum products, matches, cigarette cases and
36,915 Inc. 23,930
60,845
78,230
cigarette papers, yeast and beer, while customs duties and stamp duties Miscellaneous assets
were increased very appreciably. Assessments on expressage were intro- Balances due by branches and
Inc. 177.720
treasuries
177.620
11,355
duced, postal and telegraph rates were raised and new taxes levied on telephones and raw cotton. It was also reported in January that the introducTotal
2,210.055 1.430,340 1,460,550 Inc. 749,505
tion of a personal income tax and a personal military tax, and also a reform
Liabilities.
of the inheritance tax and the introduction of other property taxes were
Capital stock
27,500
27,500
27,500
considered.) Efforts are bent, furthermore, upon taking off ,as much as Note circulation
1,547,085 817,055 809,905 Inc. 737,180
possible the sharp edges of the interior crisis. The so-called "Rod Cross Deposit and current account_ 502,595 298345 287,255 Inc. 215,350
Syndicate," which was formed about a year ago, to come to the rescue of Treasury account
101,140 251,310 301,250 Dec. 200,110
tottering Stock Exchange values, with about $51,000,000 cash, and for Miscellaneous liabilities
32,735
36,130
17,365 Inc. 14,365
which purpose already one-half has been used, has again been extended now Balances due to branches and
for another nine months. The forced opening of the Dardanelles remains,
17,275 Dec. 17,235
treasuries
however, the most important thing to do, as it will provide the country,
Total
2,220.055 1,430,340 1,460,550 Inc. 749.505
through the exportation to the Allies of its great stores of grain, with a new
means to protect its gold supply.
BUDGET ACCOUNTS OF THE RUSSIAN EMPIRE.
This sketch would not be complete without giving a few figures relative
Estimates 1915. Differ.from 1914.
to Russia's debt and trade. The following table shows the growth of the
Roubles.
Roubles.
Ordinary RevenueGovernment debt of the country since 1901, and lays special stress upon the
342,465,270 Inc. 66,457.886
Direct taxes
tromendous increase in debt due to the Russo-Japanese war:
694,184,300 Dec. 37,257,600
Indirect taxes
1901 _ _ _ _$3,260,000,000 1906- ___$4,399,000,000 1911 ____$4,569,000,000 Duties
508,913,532 Inc. 270,976,832
1902_ ___ 3,363,000,000 1907__ 4,450,000.000 1912_ ___ 4,518,000,000 Government monopolies
324,172,050 Dec. 746,051,200
--_ 4,514,000,000 1913_ ___ 4,493,000,000
1903_ ___ 3,392,000,000 19031,068,235,937 Dec. 51,653,720
3,612,000,000 1909- -__ 4.618,000,000 1914_ __-•4,590,000,000 State property and capital
98,490
1,826,790 Dec.
1905_ __ 3,999,000,000 1910- _- 4,605,000,000
Expropriation of State property
•
919.963
1,864,863 Inc.
Redemption payments
* Approximate amount at the outbreak of the war. The railroad bonds
4,884,284
123,333.152 Inc.
Reimbursements
guaranteed by the Russian Government amount to $1,910,000,000, in239,114
15,112,420 Dec.
Miscellaneous
creasing the total obligatory and contingent debt of the Empire to about
$6,510,000.000.
The interest of this debt alone requires about $190,000,000 yearly, and
the amortization more than $15,000,000, making the total amount needed
for the annual service of this huge debt about $205.000,000. It has been
estimated that of this sum more than $150,000,000 is being paid to foreign
holders of Russian Government securities. Let us consider in how far
this foreign obligation can be met by the annual balance of trade. The
country's foreign trade in recent years has been as follows:
Export Balance.
Exports.
Imports.
$108,490,000
$717,947,000
$609,457,000
1911
199,595,000
728,298,000
528,703,000
1912
250,079,000
521,558,000
771,637,000
1913
75,181,000
700,074,000
775,251,000
1914

Total
Extraordinary Revenue
Deposits in State Bank
Repayments
From Credit operations
Total

3,080,108,314

100,000
1,500,000 Inc.
8,000,000 Dec. 4,000,000
144,700,100 Inc. 144,700,100
154,200,100

Inc. 140,800,100
Dec. 27,999.925

Free balance State Treasury
Grand total

Dec. 492.061.159

3,234,308,414

Dec. 379,260.984

Estimates 1915. Differ. from 1914.
Roubles.
Roubles.
Ordinary Expenditure16,359.595
Imperial household
we eliminate the disaster year 1914, we note that in recent years the Higher State institutions
If
595,055
8,912,010 Inc.
export balance was on the increase. Taking into consideration, however, Holy Synod
49.189.350 Dec. 3,903,875
the enormous sum needed to provide for interest and amortization on Gov- Ministry of the Interior
2,153,570
208,701,120 Inc.
ernment and other debts held abroad, it is plain that this export balance Finance
355,328,092 Dec. 142,835,268
was barely sufficient to take care of these two items.
101,691,657 Dec. 3,209,642
Justice
Since the outbreak of the war enormous sums, which later will possibly Foreign Affairs
15,561
7,790,288 Inc.
be consolidated into one huge loan, have been added to this debt. They Education
146,652,371 Dec. 22,927,028
follows:
are mainly as
710,587,924 Dec.. 8,497,568
Roubles. Equivalent in S. Ways of Communication
57,429,996 Dec. 13.462,573
500,000,000
205,000,000 Trade and Industry
5% interior loan
146,033,330 Dec. 11,482,019
561,000,000 Board of Agriculture
1,100,000.000
4% and 5% Treasury bills and bonds
745,870
3,837.600 Dec.
State horse breeding
33,250,000
75,000,000
Borrowed in Groat Britain
598,714,153 Dec. 22,834.669
191,250,000 War Department
375,000,000
Credits by France and England
204.879,339 Dec. 41,214,094
15,810,000 Naval Department
31,000,000
Credit by J. P. Morgan & Company
38,436
12,996,038 Inc.
255,000,000 • State Control
500,000,000
New 5% loan now contemplated
439,706,598 Inc. 37.600,928
Payments on loans
2,581,000,000 1,266,310,000 Emergency fund
10,000,000
'Total
3.078,814,461 Dec. 230,709,056
Total
It goes without saying that this will not be all, and that more will have to
be added before the war is over. We cannot fail to note that the interest
Extraordinary Expenditure
burden on the above amount computed at 5% is equivalent to more than
Dec.
435,000
Russo-Japanese War
$60,000,000.
79.328.000 Dec. 46,092,000
the opening of the Dardanelles means a good deal, at the same War Department
Although
65,710,577 Dec. 42,226,223
time it seems very likely that the advantages to be derived therefrom will Railway construction
335,124
1,071,176 Dec.
have to be converted into war material, which in turn will place heavier Payments to railway companies
9,384,200 Dec. 8,615,800
people. It would seem, therefore, that before the war Port Expenditures
burdens upon the
Dec. 27.999,925
Is over Russia will have to pay at least more than $300,000,000 annually Loan expenditures
Dec. 22,847.856
in interest and amortization on its debt, of which three-quarters will have Construction of branch railways, &c
Germany will be compelled to pay a huge into be paid abroad. Even if
155,493,953 Dec. 148,551,928
Total
demnity, it would seem that, in view of the many participants, Russia will
3,234,308,414 Dec. 379.260,984
receive a comparatively small amount, so that, when the war will be over
Grand total
at last, it appears to be unlikely that the country can immediately provide
annual amount of interest and amortization by its balance of trade.
for this
The condition of the Treasury is not such as to expect fiscal wonders. ANNUAL REPORT OF THE BANK OF FRANCE
-RECORD
The Secretary of the Treasury recently stated that on account of the war
OF AN EVENTFUL YEAR.
the Government receipts would fall off by about $270,000,000, of which
The operations of the Bank were continued in normal fashion throughout
more than 75% can be attributed to the abrogation of the vodka monopoly.
was obliged, in spite of its
(The entire suspension of the Government operation of the liquor monopoly, the first six months, when suddenly our country
manifest desire for peace, to accept the ordeal of a national war and to show
which. according to Minister of Finance P. L. Derck, has increased the proheroic and decisive effort France
ductive capacity of the people by from 30% to 50%, followed only seven the world once more in history of what an
upon it of engaging all its
months after directions were given by Rescript of Feb. 12 1914 for the is still capable when the obligation is imposed
restriction of the State sale of liquor as a source of revenue. The question powers and all its resources.
We realized what a task wa.s incumbent upon the Bank. We approached
of temperance had been under discussion almost from the beginning of the
carefully mobilDuma's existence. During 1913 the net profits from the drink monopoly It with absolute confidence, because the Bank also had very
accruing to the State aggregated about $338,000,000.) In order to re- ized its forces.
it was with a view especially to such a contingency th t
We know that
cover from all this without impairing the country's stock of gold, new and
time, in order
tremendous credit operations abroad will be necessary, while in the country our gold reserve had been methodically increased for a long
of notes
tax-screw will have to be turned considerably closer. Viewed in to make sure of a wider and wider base for the exceptional issues
itself the
than a year we have followed
this light, we are inclined to believe that in the first few years after peace which were necessarily entailed. For more
attention all financial events which might be the sign of international
shall have been established, a victorious Russia will not lay golden eggs for with
as far as possible by further
its people • * • as a matter of fact, the citizens will be the ones who complications, and we have fortified ourselves
increasing our gold reserve almost a billion francs in a few months.
will have to contribute the golden eggs.




1210

THE CHRONICLE

We had to consider, also, that the private hoarding of all specie in circulation would result in provoking, on the eve of the conflict, a monetary
crisis particularly embarrassing for all small transactions. In this respect,
we were also prepared. The General Council had previously authorized
the issuance of a considerable amount of 20-franc and 5-franc notes. These
notes were provided and distributed beforehand to all parts of the country.
When the critical moment arrived, their issuance could begin without delay,
and the crisis, at the end of a few days, was completely and definitely
averted.
All arrangements had,in short, been made,from the first hour to assure
a systematic and diligent co-operation in the service of the Treasury. The
nstructions were given, they were followed by our directors with such
promptness that all the credits could be extended in all parts of the territory without difficulty and without delay, and the Bank thus co-operated
in the very impressive success of the general mobilization.
Our obligations to the State were not limited to this general service. In
1870 the Bank took great pride in furnishing to the Treasury for the national defense all the sums which it could not obtain by means of loan during
the continuance of hostilities.
The way was mapped out for us by this memorable example, and furthermore, the agreement of 1911, which'supplemented that of 1897, had in advance regulated up to a first maximum of 2 billions 900 millions the conditions of our co-operation. Even before this maximum was reached, a new
agreement under date of Sept. 21, signed at Bordeaux, raised it to 6 billions.
The rate of interest on these advances to the public treasury remains fixed
at 1% during the continuance of hostilities, and during the year following;
a decrease by % has been made in virtue of service to the State. An advance is then expected in order to establish a sinking fund from which shall
be taken in the first place the amount of mitigations which there shall be
need of applying to dangers resulting from our commercial notes, which
have been realized by the postponement of maturities. The remainder is
designed to hasten the repayment of the debt of the State, for advances so
important have as their result a forced currency of notes,and nothing in
the long run would be more disastrous than a failure to fund this debt,
"as is proved," M. A. Ribot, Minister of Finances, with all authority has
said, "by the experience of the countries which have not had the courage
or which have not had the power to return to the banks the sums which
they have borrowed from them."
While calling thus largely upon the co-operation of thelBank, and knowng that he can count in all circumstances upon its clear-sighted patriotism,
the Minister of Finances has happily not depended exclusively upon this
means, and has obtained from the public itself all the funds which .a direc •
issue of Bonds of National Defense can procure. The success of this plan
must lighten our task and pave the way for the issue of future loans. Therefore, we have been eager to help it on with the patronage of our clients, and,
in a more general way still, by giving to the bonds issued all the facilities of
conversion in the form of discount or advances.
These primordial duties toward the State, considerable as they were,
did not, however, take up all our attention or all our resources.
It was our duty also to assure, in face of the mobilization, in face of the
war, and in the most comprehensive way, the distribution of credit to commerce, industry, agriculture, banks and all the establishments which share
also in the national defense, in the military and civil supplies, and more
generally in the indispensable maintenance of economic activity throughout the whole country and up to the very front of the armies.
At the first threats of the conflict, all the deposit banks were beset with
demands of withdrawals, which we enabled them to meet by consenting to
unlimited re-discounts at this time. FromJuly 27 to Aug. 1, our commercia
paper was doubled, increasing in six days from 1 billion 583 millions to
3 billions 41 millions. A decree then intervened which postponed commercial maturities and limited the portion of deposited funds which might
be demanded at sight in the banks.
-successive periods and
The limitation, at first very strict, was relaxed at
new discounts were granted to the necessary extent, at the same time that
we were receiving, either through the medium of banks and agricultural
offices or directly, all the paper arising out of legitimate needs. In order
to facilitate direct access to our discount windows,for merchants and manufacturers, we even opened a special bureau at Paris.
Our notes thus continued to increase until on Oct. 1, after two months of
war, they reached 4 billions 476 millions. Since that time, important receipts have begun to come in, in spite of the postponement of maturities,
and if in a general way this postponement, and the credit resulting from it,
permit numerous transactions to be carried on for cash, affairs should tend
from now on to take up a more normal aspect in the form of new discount
notes regularly payable at maturity.
The special difficulties arising from the state of war, for the recovery of
credits on Allied and neutral countries,and for the payments to be made in
those countries, have led us to expand our relations with foreign places.
We have established in the chief of these places a large amount of available
funds, which give us every means of helping commerce and industry advantageously to maintain and develop their business abroad. A special
agreement concluded with the State Bank of Russia will, thanks to our
assistance, permit the settlement of operations of credit which have been
outstanding since the declaration of war and will assure the liberation of
important funds on the market of Paris.
Our transactions in advances were necessarily the object of particularly
watchful attention during the first period of hostilities, when, under the
impulse of the same fears which provoked the withdrawal of deposits in
the banks beyond immediate needs, the public wanted also to convert into
bank notes all the obligations which it was possible to present at our windows. Now it is known that the sum of these obligations on which, according to statute, the Bank may grant advances, amounts to 50 billion
francs. Wise regulation was necessary to restrain the first exaggerated
demands and then to maintain within reasonable limits operations whose
importance must at no time be permitted to menace the full freedom of our
discounts to commerce and our advances to the State.
The measures taken were effective enough to allow us to assure, without
imitation, the necessary credit to bearers of 3%% redeemable Rentes desirous of discharging payments, and to lendrour assistance to the Committee
of the Stockbrokers of Paris in the repayment of an installment of 40% on
the sums carried forward after the postponement of settlement on July 31.
It would certainly bejvery premature to consider the present figures of
our balance sheet as giving the full measure of our effort. Our task is far
from being completed. It will not cease even on the day of positive success for the Allied armies, for the credit of the Bank ought then to uphold
not less effectively the work of economic rebuilding and repair, the great
national strain which will follow victory.
We can, however, state with very legitimate satisfaction that, after six
months of war, our metallic reserve remains intact. It exceeded 4 billions
514 millions on Dec. 24, and the circulation of notes was then about 10
billion francs. The difference between these two figures, representing the
part of the circulation used for transactions of credit, was then about 53-i
billions only, while at the same date we had lent 3 billions 900 millions to
the State and 4 billions 481 millions to commerce, industry and private




loo.

individuals, in the form of discount and advances, or a total of about 8%
billions. The necessary additional resources have been furnished us,
without an issue of notes, by the voluntary contribution of the public, whose
available deposits in our coffers have reached nearly 3 billion francs. Our
balance sheet thus shows, not less clearly than the premium on our notes on
foreign markets, the universal confidence which the sagacity of the Bank
has merited.
This confidence is at all times, and more especially at the present moment,
our best inheritance. It allows us to look upon the future without alarm.
While continuing to justify it, however prolonged may be the effort to do so,
we will maintain the credit reserves indispensable for accomplishing our
task to the very finish.
Sum of Transactions.
The amount of our productive transactions in the course of the year 1914
exceeded 36 billion francs, against over 38 billion the preceding year.
These figures do not include the deposits of collateral, transfers of accounts,
or the transactions carried on gratuitously for the account of the Public
Treasury.
(1) The figures given in this account are as drawn up by the Comptabilite Generale [I. e., General Bookkeepers]. There are lacking certain
elements relating to a few branch banks with which communication has
been interrupted. For the same reasons, the supplementary statistics will
not be published until later.
Transactions for the Account of the Treasury.
The total of operations transacted for the account of the Public Treasury
were:
To the credit
15,562,900 000 francs
15,526,900,000 "
To the debit
31,089,800,000 "
13,746,600.000 "
In 1913 the aggregate total reached
These figures include the deposits and levies of the Treasury accounts,
Bank in Paris and in the Departments
the clearings of funds effected by the
for the Treasury account; the remittances of bills for collection, the collections of orders, the issues of Treasury bonds and the payments of coupons
of Treasury bills at our windows.
All these transactions of funds, in pursuance of the law of Nov. 17 1897,
have been carried on by the Bank without remuneration.
Bonds of National Defense.
• Our windows have been open gratuitously to all—to the public as well as
to our patrons—at the Banque Centrale and at the Annexe Ventadour at
Paris, and in all our branch banks and subsidiary bureaus in the Departments,for the issue and the renewal of Bonds of National Defense.
These bonds are received for discount when they have at most three
'months to run, and the Bank allows advances upon them, whatever their
date of maturity, up to 80% of their value.
Metallic Reserves.
During the year which has just passed our metallic reserves have again
increased. They reached at the end of the respective years:
In 1913, 4,157,500,000 francs, of which 3,517,400,000 francs were in gold.
In 1914, 4,514,400,000 francs, of which 4,158,500,000 francs were in gold.
Increase 356,900,000 francs, of which 641,100,000 francs in gold.
The increase in the total of our metallic reserves appears the more satisfactory as it has been realized in face of a reduction of 284 millions in our
silver reserve. The contraction of credit provoked by the threat of war,
and the substitution in ordinary transactions of payments in cash at periodic
settlements, has, in fact, called forth an active demand for small monetary
notes which the Bank of France had to supply for circulation. The decrease in the silver reserves, which has been the consequence of this, has
nevertheless been much less than the increase in our stock of gold. That
has been strengthened during the year 1914 by more than 641 million
francs, thanks to exchanges steadily favorable and to a policy of foresight
in monetary affairs which finds a now and positive justification in the present circumstances.
Thus, at the moment when the assistance which we were giving to the
business world in order to ward off the effects of the crisis led us to increase
greatly our issues; we were laying up powerful gold reserves, which enabled
us to face the future with security. We have not been obliged up to the
present time to draw upon those reserves; they have continued to increase,
reaching their maximum figure at the end of the year as a result of the receipts from domestic circulation and the payments made by foreign markets.
France still possesses considerable private gold reserves, and in spite of
temporary modifications brought about since the opening of hostilities, in
the state of its foreign commerce, it continues to be creditor everywhere.
Far from having to export goll, it has steadily been acquiring it. The dieposable funds which are accumulating abroad to the credit of the Bank give
it, in this respect, a new power of purchase and constitute virtual gold reserves, capable of being materialized if It is felt to be necessary.
At the present time tour available reserve in gold amounts to more than
4 billions 400 millions.
During the year the course of our reserve has been as follows, compared
with the year 1913:
Silver.
Decrease 1,800,000 francs
1st half
-year!1914
Decrease 65,600,000 "
11913
Decrease 282,400,000 "
-year11914
2d Half
Increase 16,500,000 "
11913
Gold.
Increase 458,300,000 "
-year!1914
1st Half
Increase 109,700,000 "
11913
Increase 182,800,000 "
2d Half-year11914
Increase 200,400.000 "
11913
Rates of Discount and Advances.
The improvement in the monetary situation which was manifested at the
end of the year enabled us on Jan. 29 (1914) to lower the official rate of
discount from 4% to 3%%. We believed it necessary, however, to maintain that of advances at 4%% in order to keep loans on obligations from assuming a magnitude not suited to a bank of issue.
These conditions remained in force for six months. It was only on July 30
and in the face of threats of serious events that we raised the rates of discount and advances to 43 % and 5%% respectively. On Aug. 1, when the
war appeared inevitable, and when the Bank of England, after having carried its official minimum to 8%. raised it successively on the same day to
9% and 10%, we were obliged to fix our rates at 6% for discount and at
7% for advances. But, true to our traditional policy, we modified the
conditions for obtaining credit as _soon as the acuteness of the financial
crisis was lessened and we could do so without danger. On Aug. 20 we restored our rate on discounts to 5% and that on advances to 6%.
Discounts—Commercial Paper.
The discounts in Paris, the branch banks and the subsidiary bureaus
covered 21,953,000 notes for 18,802,000,000 francs.
The total of notes of the Bank reached its maximum on Oct. 1, with 4 bilion 476 million francs.

".t.4

APR. 10 1015.]

1211

THE CHRONICLE

2,790,400,000 francs
Maximum, Dec 17!
526,200,000 "
Minimum, April 11
827,100,000 "
The preceding year the maximumlwas
455,700,000 "
And the minimum was
The number of accounts of all kinds opened at Paris, in the branch banks
and in the subsidiary bureaus amounted to 127,963 on Dec. 24 1913, as
compared with 147,800 at the end of the year 1914.
Promissory Notes, Clearings and Checks Displaced.
The amount of issue of promissory notes, clearings and displaced checks
,
exceeded 11% billions in 1914, against 935 billions the preceding year.
Board of Collectors in the City.
6,332,257
Total
the maturities of commercial notes
The terms of the decrees postponing
The proportion in this total of small notes not exceeding 100 francs is drawn up previous to Aug. 4 have resulted in suspending the presentation
higher than 47%.
of these notes by our Board of Collectors in the city.
Record of Bills Postponed.
As we have already said, we have instead sent registered letters to debtors
In execution of the decrees of July 31 and Aug. 9 1914, postponing ma- informed since the month of August through the press that the Bank was
of notes drawn up before Aug. 4, the Bank has opened an account
turities
prepared, at their:demand,to effect collection at home.
of notes which have been postponed. Since this account opened, the Bank
We have never interrupted the regular presentation of notes drawn up
has recovered on these notes more than 1 billion 200 millions.
since Aug. 4, and since Oct 15 our Board of Collectors, in spite of conThe amount of the notes postponed was on Dec. 24_3,477,683,300 francs siderable difficulties resulting from the reduction of our staff since the gen3,200,000,000 francs
It is to-day
eral mobilization, has attended to all notes, whatever the date on which
The postponement of these notes before their maturity as postponed goes they were drawn up.
continuous fashion at Paris, as well as at the branch banks, and,
Bills Dishonored.
on in a
in spite of the renewal of discounts of notes drawn up before Aug.4,granted At the end of the year the notes dishonored at Paris, in the
need, the
2,797,597 francs
in the interest of commerce and industry upon special proofs of
branch banks and auxiliary bureaus amounted to
573,358 "
progressive reduction of this part of our notes proceeds under satisfactory This figure increased in the course of the year
conditions.
3,370,955 francs
Total
Although every bearer, according to the terms of the decrees of July 31,
428,487 "
Aug.9 and 29, Sept. 27, Oct. 27 and Dec. 15 1914, is excused from present- There was recovered during the year
ing commercial bills until the expiration of the period of postponement.
2,942,468 "
Leaving a balance of
the Bank thought it fitting, in the interest of commerce, to inform all On which there has been taken up
291,545 "
drawees, by registered letter or by the effective presentation of the bills,
2,650,923 "
This considerable
Balance at the end of the year
that it holds the notes of which they are the debtors.
In the course of 1914 we recovered 110,540 francs on bills dishonored in
amount of labor has Just been completed for almost all of our accounts, and
the replies we have received assure us again of important immediate re- previous years.
Advances to the State.
ceipts even before the payment is rendered demandable by the suspension
The total of permanent and gratuitous advances granted by the Bank of
of the moratorium.
of the year; it reaches
The decree of Sept. 27 1914 provided that the debtor of a negotiable note France to the State has not varied in the course
the last bearer of which did not make himself known by the presentation of 200 millions, to wit:
of the agreement of Juno 10 1857:
60 millions by virtue
the bill or by a registered letter, mayicause his interest to:coase and pay off
Mar.29 1878;
80
his debts by turning the amount of his debt over to the Bank of France
Oct. 31 1896:
40
receipt payable at sight, which will be remitted to the bearer at the
against a
" Nov. 11 1911;
"
" " " ""
20
time of the presentation of the note. This plan very obviously favors paySince the enactment of the law of Nov. 17 1897, these advances have not
ments before time.
Moreover, we will neglect no measure in order to facilitate the normal and been productive of interest.
The payment of temporary and gratuitous advances, intended, by virtue
progressive payment of these bills and to assure the payment of this paper
aid, in the form of
In the fashion most consistent with the common interests of the Bank of the law of Mar. 18 1910, to allow the State to give
be powerfully aided—we receive loans, to the victims of the floods of 1910, reached the figure of 3,488,750
of commerce and of industry. We shall
francs, redeemable at fixed terms and graduated to a maximum term of
proof of this every day—by that respect for the date of maturity which ha
always characterized French commerce and has established a privileged three years.
The advances granted to the State in execution of the agreements of
credit for it in the oyes of the world.
Nov. 11 1911 and Sept. 21 1914 amounted on Dec. 24 to 3,900 millions.
Notes for Cash.
These advances are productive of an interest fixed at 1%;the Bank pays
We have received in collection of our chief accounts, in payable paper, to the State, on the amount of these advances, a royalty equal to the proeither in cities in the banking system or abroad, 2,789,000 notes, for duct of the sum advanced by one-eighth of the interest, which places the
768,200,000 francs
3%. A year after the cessation of hosnet interest paid by the State at Y
Advances on Obligations.
tilities, the renewal of advances will be granted only at the rate of 3%.
The amount of transactions in advances upon obligations in the'course o The additional interest of 2% will be applied to the special reserve, of which
4.716,500,000 francs
the year reached
mention was made above. If this reserve fund leaves a balance, that will be
The amount of advances passed through the folused in reduction of advances made to the State.
variations:
lowing
Tho State has undertaken, by a special article of the decree of Sept. 21
937,000 000 francs 1914, to repay these advances in the shortest possible period, by means of
Maximum, July 7
francs
697,400,000
Minimum, May 27
the ordinary resources of the budgets, by early loans, or by other special
745.378,000 francs resources which it shall Tx, able to avail of.
It reached on/Dec. 24 19141the figure of
In 1913 the figures were as folllows:
Branch Banks and Subsidiary Bureaus.
773,500,000 francs.
Maximum
The productive operations of the branch banks and subsidiary bureaus
francs
693,000,000
Minimum
have amounted to more than 21 billion francs.
In the course of the year we opened a subsidiary bureau at Solesmes and
Circulation of Notes.
attached to our collection system the city of Marquise.
The variations in the circulation of notes have been as follows:
The number of banking places is thus carried to 585, to wit: 1 Central
10,042,899,720 francs
Maximum, Dec. 24
5,743,000 000 francs Bank, 143 branch banks, 75 subsidiary bureaus, 366 cities attached to the
Minimum, Mar. 26
system; total, 585 banking places.
On Dec. 24 1914 the circulation of notes was thus divided:
Profits and Expenses.
2,518,075,000 francs
2,518,075 notes of 1,000 francs
464,664,500 "
The gross commercial proceeds realized during the year
" 500 "
929,329 "
francs 112,773,508 04
4,182,614,300 "
1914 amounted to
41,826,143 " " 100 "
1,688,494,900 "
The expenses of administration for Paris and the branch
50
33,769,898 " "
374,350 "
including the unusual expenses resulting from the
banks,
25 "
14,974 " "
803,505.000 "
war, and a payment of 1 million to the Board of National
20 "
40,175,250 " "
francs 39,437,224 21
390,171,670 "
Relief, have been
5 "
78,034,334 " "

The minimum was about 1 billion 309 millions, on March 21.
The discount paper, in which is figured the notes drawn up since Aug. 4
and those which, drawn up before that date, have not yet reached their
postponed maturity,reached 258.300,000 francsjon Dec. 24.
There were discounted at Paris in 1914 6,332,257 notes, distributed as
follows:
266,256
Notes of 5 francs to 10 francs
1,681,128
Notes of 10 francs 01 to 50 francs
1,062,444
Notes of 50 francs 01 to 100 francs
3,322,429
Notes above 100 francs

46

46

II

64

64

66

64

44

II

"

"

10,047,899,720 "
francs 73,336,283 83
197,268,003 notes
Leaving the net commercial proceeds
To these proceeds were added:
of payment on notes not yet repaid, efDeduction
francs 5,407,880 00
-year of 1913
Re-discount from the 2nd half
fected at the Treasury in consideration of the agree-year of 1913_frcs. 2,868,013 26
5,000,000 francs
Amt. brought forward from the 2nd half
ment of Nov. 28 1911
10,042,899,720 francs
Net total of circulation
francs 81,612,177 09
From the total of
The issue of 20-franc and 5-franc notes was commenced July 31; ten days thus obtained, the following deductions have been made:
-franc notes and
millions in 20
later the circulation had reached about 400
General or special taxes and royalties to the
more than 200 millions in 5-franc notes.
francs 20,580,983 02
State
Article 1 of the law of Aug. 5 1914 stipulated that the figure for the issue
Provision for the enlargement of the Cenof the notes of the Bank of France and its branch banks,fixed at a maximum
the creation of district bureaus
tral Bank,
of 6 billions 800 millions by the law of Dec. 29 1911, be raised temporarily
in Paris and property expenses in the
to 12 billions, and be carried.beyond this limit if necessary by decree ren12,000,000 00
branch banks
dered in the Council of State upon the motion of the Minister of Finance.
Payment to the reserve for the Employees'
Article 3 decrees that until it is otherwise provided by law, the Bank of France
6,000,000 00
Reserve Fund
isfreed from the obligation of repaying its notes in specie.
Provision for bills dishonored (paper outFunds—Specie, Notes and Clearings.
12,160,000 00
Condition of
side the moratorium)
The transactions of the various funds, receipts and.paymonts included,
Special allowance at the end of the year to
1,600,000 00
comprises the following:
the staff
8,900,000,000 francs
-year 1914_ _ _ 2,104.859 65
Specie
Re-discount from the 2nd half
75,710,000,000 "
Notes
Amount carried forward on new account
329,990,000,000 "
3.936,156 52
-year 1914
Clearings
from 2nd half
Reserve in protection of capital (laws of
414,600,000,000 "
Total
444,551 85
June 9 1857 and Nov. 17 1897)
The proportion of metallic currency in this total is about 21,460 francs to
58,286 b51 04
a million deposits received and payments made.
Current and Deposits of Funds.
Accounts
francs 22,785,626 05
The net balance of
The payments;to the credit of accounts current and
with the revenues from the notes of the Bank, which
137,019,000 000 francs along
of deposit accounts]were in 1914
11,889,373 95
amounted to
134,945,000,000 "
The first deductions amounted to
allowed the Bank to pay a net dividend of 190 francs per
34.675.000 00
share, or, on 182,500 shares
271,964,000,000 francs
Or a total of
Conforming to the terms of the law of Dec. 2911911, the quantum of the
The liquidation of accounts current and deposit acroyalty to the State on the productive circulation was during the year 1914:
2,650,596,000 francs
counts amounted on Dec. 24 last to
One-seventh of the rate of discount from Dec. 25 1913 to Jan. 29 1914
The variations in the liquidation of these accounts
(rate 4%):
were as follows:




1212

THE CIIRONICLE

=One-eighth from Jan. 30 to July 30 1914 (rate 33.i %):
One-sixth from July 31 to Dec. 24 1914 (rate 43 %.6% and 5%)•
This royalty amounted to
francs 14,486,160 11
The royalty owed by the Bank by reason of the advances
granted to the State reached the figure of
1,115,131 58
The payment made to the State in execution of the law of
Nov. 17 1897 was
134,566 22
The whole of the sums paid to the State as royalty amounted
then this year to
francs 15,735,857 91
The total of sums coming from the royalty on productive circulation and
capital, by the laws of Nov. 17 1897 and Dec. 29 1911, for the use of agricultural credit, along with the special advance of 40 millions, have reached
110,251,293 25 francs.
The total paid to the State in the form of taxes and royalties has been this
year 20,580.983 02 francs, or 86% of the commercial net proceeds of the
distribution made to the stockholders.
Dividends and Number of Shareholders.
The gross dividend of the first six months of 1914 was fixed at francs 104.166
That of the second six months at
93.750

EVOL. loo.

bars access to them, and subjects all neutral ships seeking
to approach them to the same suspicion that would attach
to them were they bound for the ports of the enemies of
Great Britain and to unusual risks and penalties." "It is
manifest", it is added, "that such limitations, risks and
liabilities placed upon the ships of a neutral power on the
seas, beyond the right of visit and search and the right to
prevent the shipment of contraband already referred to, are
a distinct invasion of the sovereign rights of the nation
whose ships, trade or commerce is interfered with." The
United States expresses the hope that instructions will be
issued directing the exercise of discretionary powers in such
a manner as to modify in practical application those provisions of the order which,'if strictly enforced, would violate
neutral rights and interrupt legitimate trade.
In indicating that full reparation will be exacted for every
act if the Order is strictly enforced, the note says : "The
possibilities of serious interruption of American trade under
the Order in Council are so many and the methods proposed
are so unusual and seem liable to constitute so great an
impediment and embarrassment to neutral commerce that
the Government of the United States if the Order in Council
is strictly enforced, apprehends many interferences with its
legitimate trade which will impose upon His Majesty's
Government heavy responsibilities for acts of the British
authorities clearly subversive of the rights of neutral nations
It is, therefore, expected that His
on the high seas.
Majesty's Government,having considered these possibilities,
will take the steps necessary to avoid them and in the event
that they should unhappily occur will be prepared to make
full reparation for every act which under the rules of international law constitutes a violation of neutral rights."
The note in full is as follows :

Or, for the year
francs 197.916
corresponding to a net dividend, tax deducted, of
francs 190.000
' The dividend on the 182,500 shares of the Bank is payable at Paris to
10,385 stockholders, possessing 93,186 shares, and in the branch banks and
subsidiary bureaus to 22,159 stockholders, possessing 89,314 shares.
135,200 shares belong to persons having free disposal of their goods, and
47,300 to married women, minors, persons interdicted, &c., who cannot
give up their stocks without certain authorizations or formalities.
In the course of the year 450 shares were transferred from Paris to branch
banks and 2,231 from the branch banks to Paris.
On Dec. 24 1914 our stockholders were distributed as follows, as regards
the number of shares they possessed:
Possessing 1 share
11,530 Possessing from 21 to 30 shs__
698
do
2 shares
6,9541
do
from 31 to 50 shs__
430
do
from 3 to 5 shs_ _ _ _ 7,1411
do
from 51 to 100 shs_
240
do
from.6 to 10 shs
3,6801
do
more than 100 shs- 120
do
from 11 to 20 shs
1,7511
Total
32,544
The number of persons possessing a single share form more than a third
of the total, and the proportion of persons possessing one or two shares
reaches almost 57%•
Condition of the Principal Accounts of the Bank of France and Its Branch Banks
on Dec. 24 1914.
Assets.
Metallic reserve:
Washington, March 30 1915.
Francs
Gold
4,158,460,879 49
The Secretary of State to the American Ambassador at London.
Silver
355,951,992 28
You are instructed to deliver the following to His Majesty's Government
4,514,412,871 77
In reply to your numbers 1,795 and 1,798 of March 15: The Governmenh
of the United States has given careful consideration to the subjects treated
Notes not matured:
in the British notes of March 13 and March 15 and to the British Order in
Paris
127,745,449 77
Council of the latter date.
Branch banks
130,560,018 83
These communications contain matters of grave importance to neutral
258,305,468 60
nations. They appear to menace their rights of trade and intercourse, not
Notes extended:
Paris
only with belligerents but also with one another. They call for frank com1,920,504,357 69
Branch banks
ment in order that misunderstandings may be avoided. The Government of
1,557,178,960 00
3,477,683,317 69 the United States deems it its duty, therefore, speaking in the sincerest
spirit of friendship, to make its own view and position with regard to them
Total
3,735,988,786 29 unmistakably clear.
The Order in Council of the 15th of March would constitute, were its proAdvances to the State (law of itug. 5 and Dec. 26 1914)_ _ _3,900.000,000 00
visions,to be actually carried into effect as they stand, a practical assertion of unlimited belligerent rights over neutral commerce within the
Advances on obligations:
whole European area, and an almost unqualified denial of the sovereign
Paris
225,511,187 85
rights of the nations now at peace.
Branch banks
519,867,033 00
This Government takes it for granted that there can be no question what
745,378,220 85
those rights are. A nation's sovereignty over its own ships and citizen s
under its own flag on the high seas in time of peace is, of course, unlimited,
Liabilities.
diminution in time of war, except in so far as
Notes to bearer in circulation
10,042.899,720 00 and that sovereignty suffers no
civilized nations has limited it, by the recogniAccounts current of the Public Treasury
450,466,780 45 the practice and consent of
tion of certain now clearly-determined rights, which it is conceded may be
Accounts current:
exercised by nations which are at war.
Paris
1,386,410,411 38
A belligerent nation has been conceded the right of visit and search, and
Branch banks
823,426,337
the right to capture and condemnation, if upon examination a neutral
°°2,209,836,748 38
vessel is found to be engaged in unneutral service or to be carrying contraDeposit accounts:
band of war intended for the enemy's government or armed forces. It
Paris
197,716,522 80
has been conceded the right to establish and maintain a blockade of an
Branch banks
243,042.963 00
440,759,485 80 enemy's ports and coasts and to capture and condemn any vessel taken in
trying to break the blockade. It is even conceded the right to detain and
2,650,596,234 18 take to its own ports for judicial examination all vessels which it
suspects
for substantial reasons to be engaged in unneutral or contraband service
and to condemn them if the suspicion is sustained. But such rights, long
clearly defined, both in doctrine and practice, have hitherto been held
to the
UNITED STATES NOTE IN ANSWER TO BRITISH to be the only permissible exceptionsbetweenprinciple of universal equality
of sovereignty on the high seas as
belligerents and nations not
engaged in war.
ORDER IN COUNCIL.
It is confidently assumed that his Majesty's Government will not deny
The note of the United States taking exception to the that it is a rule Wanctioned by general practice that, even though a blockade
British Order in Council of last month virtually declaring a should exist and the doctrine of contraband as to unblockaded territory
blockade against commerce to and from Germany was made be rigidly enforced, innocent shipments may be freely transported to and
from the United States through neutral countries to belligerent territory,
public on the 5th inst. ,The note was cabled to Ambassador without being subject to the penalties of contraband traffic or breach
Page at London on March 30 for presentation to the British of blockade, much loss to detention, requisition or confiscation.
Moreover, the rules of the Declaration of Paris of 1856—among them
Foreign Office, but its text was withheld for simultaneous
that free ships make free goods—will hardly at this day be disputed by the
issuance in London and Washington this week. A copy signatories of that solemn agreement.
His Majesty's Government, like the Government of the United States.
of the note has also been dispatched to Ambassador Sharp
explicitly held that these
at Paris for submission to the French Foreign Office, with have often and dealings of belligerents rights represent the best usage of
warfare in the
with neutrals at sea. In this coninstructions to the effect that although the French Admiralty nection I desire to direct attention to the opinion of the Chief Justice of the
States in the case of the Peterhof, which arose out of the Civil War,
decree had not been officially received in Washington, it United
the fact that that opinion
was understood there to be identical with the British Order and to Arbitration Commission ofwas unanimously sustained in the award
of the
1871, to which the case was presented
in Council and therefore called for a similar reply. In seeking at the request of Great Britain. From that time to the Declaration of
London of 1909, adopted with modifications by the Order in Council of the
a modification of the British order (published in our issue
not been seriously questioned by the
of March 20) the United States declares that "were its 23d of October last, these rights have on the part of Great Britain of any
British Government. And no claim
provisions to be actually carried into effect as they stand",the justification for interfering with the clear rights of the United States and
order would constitute "a practical assertion of unlimited its citizens as neutrals could be admitted. To admit it would be to assume
present
of Great Britain,
belligerent rights over neutral commerce within the whole an attitude of unneutrality toward the with the enemies obligations of this
which would be obviously inconsistent
solemn
European area and an almost unqualified denial of the Government in the present circumstances, and for Great Britain to make
sovereign rights of the nations now at peace." It is pointed such a claim would be for her to abandon and set at naught the principles
for which she has consistently and earnestly contended in other times and
out that the order "embraces many neutral ports and coasts, circumstances.




APR. 10 1915.]

THE CHRONICLE

1213

The note of His Majesty's principal Secretary of State for Foreign AfThis Government, therefore, infers that the commanders of His Majesty's
fairs, which accompanies the Order in Council, and which bears the same ships of war, engaged in maintaining the so-called blockade, will be indate, notifies the Government Of the United States of the establishment structed to avoid an enforcement of the proposed measures of non-interof a blockade which is, if defined by the terms of the Order in Council, course in such a way as to impose restrictions upon neutral trade more
to include all the coasts and ports of Germany and every port of possible burdensome than those which have been regarded as inevitable when the
access to enemy territory. But the novel and quite unprecedented feature ports of a belligerent are actually blockaded by the ships of its enemy.
The possibilities of serious interruption of American trade under the
of that blockade, if we are to assume it to be properly so defined, is that it
embraces many neutral ports and coasts, bars access to them and subjects Order in Council are so many, and the methods proposed are so unusual,
all neutral ships seeking to approach them to the same suspicion that would and seem liable to constitute so great an impediment and embarrassment
attach to them were they bound for the ports of the enemies of Great to neutral commerce, that the Government of the United States, if the
Order in Council is strictly enforced, apprehends many interferences with
Britain, and to unusual risks and penalties.
It is manifest that such limitations, risks, and liabilities placed upon the its legitimate trade which will impose upon His Majesty's Government
ships of a neutral power on the seas, beyond the right of visit and search and heavy responsibilities for acts of the British authorities clearly subversive
the right to prevent the shipment of contraband already referred to are a of the rights of neutral nations on the high seas. It is, therefore, expected
distinct invasion of the sovereign rights of the nation whose ships, trade, or that His Majesty's Government having considered these possibilities, will
take the steps necessary to avoid them, and, in the event that they should
commerce is interfered with.
The Government of the United States is, of course, not oblivious to the unhappily occur, will be prepared to make full reparation for every act
great changes which have occurred in the conditions and means of naval which under the rules of international law constitutes a violation of neutral
warfare since the rules hitherto governing legal blockade were formulated. rights.
As stated in its communication of October 22 1914,"this Government will
It might be ready to admit that the old form of "close" blockade, with its
cordon of ships in the immediate offing of the blockaded ports is no longer insist that the rights and duties of the United States and Its
in the
practicable in the face of an enemy possessing the means and opportunity present war be defined by the existing rules of international law, and the
to make an effective defense by the use of submarines, mines and air treaties of the United States, irrespective of the provisions of the Declaracraft; but it can hardly be maintained that, whatever form of effective tion of London, and that this Government reserves to itself the right to
blockade may be made use of, it is impossible to conform at least to the enter a protest or demand in each case, in which those rights and duties
spirit and principles of the established rules of war.
so defined are violated or their free exercise interfered with by the authorIf the necessities of the case should seem to render it imperative that the ities of the British Government."
cordon of blockading vessels be extended across the approaches to any
In conclusion, you will reiterate to His Majesty's Government that this
neighboring neutral port of country,it would seem clear that it would still statement of the view of the Government of the United States is made in
be easily practicable to comply with the well-recognized and reasonable the most friendly spirit, and in accordance with the uniform candor which
prohibition of international law against the blockading of neutral ports, has characterized the relations of the two governments in the past, and
by according free admission and exit to all lawful traffic with neutral ports which has been in large measure the foundation of the peace and amity
through the blockading cordon.
existing between the two nations without interruption for a century.
This traffic would, of course, include all outward-bound traffic from the
BRYAN.
neutral country and all inward-bound traffic to the neutral country, except
contraband in transit to the enemy. Such procedure need not conflict in
any respect with the rights of the belligerent maintaining the blockade, GOLD FUND SUGGESTED AS BASIS FOR INTRA-DISsince the right would remain with the blockading vessels to visit and search
TRICT CLEARANCES BY RESERVE BANKS.
all ships either entering or leaving the neutral territory which they were, in
The creation of a general gold fund at Washington to be
fact, but not of right, investing.
The Government of the United States notes that in the Order in Council used as a clearing system to expedite settlements between the
His Majesty's Government give as their reason for entering upon a course Federal Reserve banks in transferring
funds from one disof action, which they are aware is without precedent in modern warfare,
the necessity they conceive themselves to have been placed under to re- trict to another is proposed in a plan under consideration by
taliate upon their enemies for measures of a similar nature, which the latter the Federal Reserve Board. It is believed to be the intenhave announced it their intention to adopt and which they have to some tion to create
the fund by contributions from the twelve
extent adopted, but the Government of the United States, recalling the
principles upon which His Majesty's Government have hitherto been Reserve banks, which would subscribe thereto in proportion
scrupulous to act, interprets this as merely a reason for certain extra- to their capital and surplus. No details regarding the plan
ordinary activities on the part of His Majecty's naval forces and not as an
are divulged by the Board, which, however, states that it is
excuse for or prelude to any unlawful action.
If the course pursued by the present enemies of Great Britain should expected to become effective about the middle of May.
prove to be in fact tainted by illegality and disregard of the principles While $25,000,000 has been mentioned as the figure at which
of war sanctioned by enlightened nations, it cannot be supposed, and this
Government does not for a moment suppose, that His Majesty's Govern- the fund is likely to start, it is intimated that there is a possiment would wish the same taint to attach to their own actions or would bility of its being fixed as low as $5,000,000; the Board itself
cite such illegal acts as in any sense or degree a justification for similar has given no indication as to its purposes in this regard.
practices on their part in so far as they affect neutral rights.
It is thus that the Government of the United States interprets the lan- Its statement issued on Wednesday says:
The Federal Reserve Board to-day considered the outline of a plan for
guage of the note of His Majesty's principal Secretary of State for Foreign
Affairs, which accompanies the copy of the Order in Council, which was effecting settlement between Federal Reserve banks. Details of the plan
handed to the Ambassador of the United States by the Government in have been under discussion with the representatives of the Governors of
the Federal Reserve Bank and general agreement on the main outline has
London and by him transmitted to Washington.
This Government notes with gratification that "wide discretion is af- been arrived at. The plan is based upon the idea of a general gold fund at
forded to the prize court in dealing with the trade of neutrals in such manner Washington to be created by the Federal Reserve banks, title in which shal
as may in the circumstances be deemed just, and that full provision is made be transferred by one Reserve bank to another according as It is necessary
to facilitate claims by persons interested in any goods placed in the custody to settle for transfers of funds between Federal Reserve districts. The plan
of the marshal of the prize court under the Order." That "the effect of is expected to become effective about the middle of May. Full details will
the Order in Council is to confer certain powers upon the executive officer be made known at a later date.
of His Majesty's Government," and that "the extent to which these powers
will be actually exercised, and the degree of severity with which the measures of blockade, authorized, will be put into operation,are matters which GUARANTEE OF DEPOSITS BY NATIONAL BANKS.
will depend on the administrative orders issued by the Government and
Reports early this week that U.S.Attorney General Gregory
the decisions of the authorities especially charged with the duty of dealing
with individual ships and cargoes, according to the merits of each case."
had approved a plan for the guarantee of national bank
Government further notes with equal satisfaction the declaration
This
deposits evolved by Comptroller of the Currency John
of the British Government that "the instructions to be issued by His
Majesty's Government to the fleet and to the customs officials and execu- Skelton Williams were denied by the latter in a statement
tive committees concerned will impress upon them the duty of acting issued on the 6th. Comptroller Williams states that the
with the utmost dispatch consistent with the object in view, and of showing
story that a guarantee plan has been devised by him is
In every case such consideration for neutrals as may be compatible with
that object, which is, succinctly stated, to establish a blockade to prevent without foundation. He refers to the fact that some national
vessels from carrying goods for or coming from Germany.
banks in certain sections of the country have had their
In view of these assurances formally given to this Government it is confidently expected that the extensive powers conferred by the Order in deposits guaranteed for several years past, and questions
Council on the executive officers of the Crown will be restricted by orders having been raised as to the legality of the method in use the
Issued by the Government directing the exercise of their discretionary matter was presented for opinion by the Comptroller to the
powers in such a manner as to modify in practical application those provisions of the Order in Council which, if strictly enforced, would violate Secretary of the Treasury, who in turn referred it to the
neutral rights and interrupt legitimate trade. Relying on the faithful Attorney General. Mr. Gregory was asked whether a
performance of these voluntary assurances by His Majesty's Government, national bank had authority to pay a premium to a surety
the United States takes it for granted that the approach of American
, merchantmen to neutral ports situated upon the long line of coast affected company for the purpose of having its deposits guaranteed.
by the Order in Council will not be interfered with when it is known that The Attorney General decided that the banks might do this
they do not carry goods which are contraband of war, or goods destined
under a section of the banking law, which authorizes banks
to or proceeding from ports within the belligerent territory affected.
The Government of the United States assumes with the greater confidence to take proper precautions to protect their depositors. The
that His Majesty's Government will thus adjust their practice to the recog- newspapers in anouncing that the Attorney General had
nized rules of international law, because it is manifest that the British
signified his approval of a plan for the guarantee of national
Government have adopted an extraordinary method of "stopping cargoes
destined for or coming from the enemy's territory", which, owing to the bank deposits stated that in substance it provided that
existence of unusual conditions in modern warfare at sea, it will be difficult national banks desiring to do so might have their deposits
to restrict to the limits which have been heretofore required by the law of
nations. Though the area of operations is confined to "European waters guaranteed by a surety or guaranty company. The stateIncluding the Mediterranean," so great an area of the high seas is covered, ment of Comptroller of the Currency Williams in the matter
and the cordon of ships is so distant from the territory affected that neutral said in part:
vessels must necessarily pass through the blockading force in order to reach
"It was announced to-day at the office of the Comptroller of the Currency,
Important neutral ports which Great Britain as a belligerent has not the and confirmed by the Federal Reserve Board, that recently published
legal right to blockade, and which, therefore, it is presumed she has no statements to the effect that the Board has under consideration a plan for
intention of claiming to blockade.
guaranteeing bank deposits, or that it has considered the subject, were
The Scandinavian and Danish ports, for example, are open to American without foundation. The question of guaranteeing deposits has never been
trade. They are also free, so far as the actual enforcement of the Order in raised before the Board in any way whatever, and the Board has had no
Council is concerned, to carry on trade with German Baltic ports, although official information to the effect that the matter was under consideration
It is an essential element of a blockade that it bear with equal severity by any officer of the Government. There is no plan, so far as can be
upon all neutrals.
learned, for bringing the subject before the Board for consideration. The




1214

THE CHRONICLE

Board learned to-day that sometime ago the Attorney General was asked
by the Secretary of the Treasury whether a national bank could legally
make a contract with a guaranty company, whereby such company would
insure the full payment of deposits in such bank. This inquiry was not
made at the instance of the Board, and there is no reason for expecting any
action by the Board as the result of the Attorney General's reply, whatever
that may be."

Attorney-General Gregory's opinion will be found in the
next followiug page.

(VoL. 100.

avail themselves of the bank depositor's guaranty law of that State. The
inquiry, upon the answer to which the decision rests, was, whether an
acceptance of the provisions of the Kansas law "would so control the
conduct of the affairs of national banks as to expressly conflict with the
laws of the United States."
As pointed out in the opinion of the Solicitor of the Treasury, the more
recent opinion of May 7 1909 (27 Op. 324), in which the form of a policy
of insurance guaranteeing the assets of a national bank against loss was
approved, provided certain suggested modifications should be made, is
more nearly in point on the question now under consideration, and is in
harmony with the views herein expressed.
The language employed in the opinions of July 28 1908 and April 6 1909,
to the effect that national banks are without power to contract for insuring
that depositors shall be paid in full, was used in the course of argument
merely, applied to a question which it was not necessary to determine, and
may be disregarded so far as inconsistent with this opinion.
Repsectfully,
T. W. GREGORY,
(Signed)
Attorney-General.

NATIONAL BANKS HELD TO HAVE POWER TO HAVE
DEPOSITS GUARANTEED.
As indicated in another item, U. S. Attorney-General
Gregory has given it as his opinion that it is within the
power of national banks to have their deposits guaranteed
by surety companies. The matter was referred to the
Attorney-General by the Secretary of the Treasury in
response to a request of the Comptroller of the Currency, HEARING ON BILL GIVING TRUST POWERS TO NATIONAL BANKS IN NEW YORK.
in view of certain questions which had arisen as to the inThe hearing at Albany on Thursday on the bill intended
terpretation of opinions given on the subject by the AttorneyGeneral in 1908 and 1909. We print below in full the to give trust powers to national and State banks brought
together a large delegation representing the several classes
opinion of Mr. Gregory:
DEPARTMENT OF JUSTICE.
of banking institutions of the State to voice their opinion
Washington, March 31 1915.
on the proposed legislation. Those speaking for the naThe Secretary of the Treasury.
Sir.—I have the honor to acknowledge the receipt of your letter of tional banks were in the minority and indeed so far as the
February 12 1915, enclosing letter of the Comptroller of the Currency. New York City national institutions are concerned, they
opinion of the acting Solicitor of the Treasury and brief filed with the
unrepresented. On behalf of the trust comComptroller on behalf of a guaranty company and certain national banks, were practically
in which the question is raised as to whether a national bank may enter panies, which are opposed to the bill,fifty-two representatives
into a contract with a guaranty company under which, in consideration were present to argue against the measure. Among those well
of premiums paid by the bank, the company "insures and guarantees each
subject it is contended that one of
depositor in the bank the full payment of his deposit therein." You ask qualified to speak on the
my opinion upon this question.
the strongest objections to the bill is the grave danger to
In my opinion, it is within the power of a national bank to enter into trust funds involved. It is pointed out that there are in
such a contract.
The law confers upon national banks such incidental powers as are the smaller country districts many men who by careful living
required to meet all legitimate demands of the banking business, and to save really sizeable fortunes, and the idea of a country bank
enable thorn to conduct their affairs safely and prudently within the scope
with $25,000 capital being named as executor of the estate
of their charters. Section 5,136 Revised Statutes; First National Bank vs.
National Exchange Bank, 92 U. S. 122, 127. The power to give security of a man who had confidence in a bank while he lived and
for deposits seems to be recognized by Section 5,153 Revised Statutes as who died leaving a half a million or so, ought not to be
among these incidental powers. The Section last mentioned, after prolightly considered. As indicating the general attitude
viding that all associations created under the Act, shall, when so designated by the Secretary of the Treasury, be depositaries, further provides toward like bills which have been before other State legisthat "The Secretary of the Treasury shall require the associations thus latures at current sessions, it is said that out of fifteen States
designated to give satisfactory security, by the deposit of United States
legislation has been proposed, twelve have
bonds and otherwise, for the safe keeping and prompt payment of the in which such
public money deposited with them", &c. It is believed that this Section definitely killed the bills either in committee or out of it.
is more reasonably construed as a recognition of the existence of the power In the three States which passed the measures it is reported
on the part of national banks to give security for deposits, than as a grant
was no public hearing and that no notice had been
• by implication of authority to give security for government deposits alone. that there
The power of banks to give security for deposits or for payment of their given to those who would have been interested if they had
debts, has been frequently recognized. It has been held that the property known that any such bill was pending.
of a bank may be pledged as security for a debt. (United States vs. Robertson
At the hearing at Albany on Thursday, held before the
(1831); 5 Pet. 641, 650); that a bond with sureties may be given to prevent
depositors from withdrawing their accounts (Wylie vs. Commercial
Senate Committee on Banking and the Senate Code ComFarmers' Bank (1902), 41 S. E. 504, 509, 63 S. C. 406), and that a national mittee, Edwin G. Merrill, President of the Trust Companies
bank may give its bond with sureties to secure a deposit of State funds
(Slate of Nebraska vs. First National Bank of Orleans (1898); 88 Fed. 947, Association of the State of New York and President of the
951.)
Union Trust Co. of New York City, was chief spokesman
The power to contract for guaranteeing or securing depositors arises
for the trust companies. Mr. Merrill presented a carefully
from the nature of the relation existing between the banks and their depositors. The relation created between the bank and a depositor by the prepared statement showing the untoward effect of the
receipt of deposits is that of debtor and creditor. National Bank vs. Mil- legislation upon these institutions, and concluded his argulard (1869); 10 Wall. 152, 155; Davis vs. Elmira Savings Bank (1896); 161
with the assertion that—
U. S. 275, 288. The power to receive deposits, expressly granted to ment
every national bank (Sec. 5,136 R. S.), is, of course, indispensable to the
conduct of the business of banking; and the extent of its exercise is in a
degree the measure of the success of the bank. The ability of a bank to
obtain deposits largely depends upon the confidence of depositors, or the
belief that their deposits are secure. Loss of such confidence on the part
of depositors is usually attended with loss and inconvenience to them, to
the bank and to the public. The law, accordingly imposes upon the bank
an imperative duty not only to (repay] deposits, but to keep them secure.
For the protection of depositors, its revenues and property are pledged, its
stockholders are made subject to a double liability, and its directors may
be held liable for a violation of their duties.
The means by which depositors are to be protected and secured are not
expressly limited or restricted by statute. A large discretion is left to the
officers and directors. They may use such means for the purpose as are
not prohibited by or inconsistent with the provisions of the law, and as
they may reasonably find to be suitable and proper and not inconsistent
with the prudent conduct of the affairs of the bank within the scope of its
charter. "Whatever protects the depositors," it has been said, "protects
the bank because it assures confidence in the bank." Noble State Bank vs.
Haskell (1908); 22 Okla. 48, 89.
A contract of insurance or guaranty, such as described in the question
submitted, may afford protection to depositors by securing the performance of an obligation on the part of the bank which otherwise might not
be performed. And it is not unreasonable to believe that such a contract,
at the same time, may prove valuable to the bank because of the confidence
it may assure. No reason is perceived for prohibiting a national bank, in
the discretion of its directors, from so securing its depositors, or for denying
to the bank such benefits as they believe may accrue in the form of increased confidence resulting from such a contract.
Opinions of former Attorney Generals, dated respectively July 28 1908
(27 Op. 37) and April 6 1909 (27 Op. 272), are referred to in the enclosures
as having been construed by. the Comptroller of the Currency as holding
that national banks are without authority to pay, as part of their legitinate
expenses, premiums on policies insuring their depositors against loss.
As I view these opinions, the conclusion in neither of them is inconsistent
with the conclusion reached herein. The opinion of July 28 1908, construing the Oklahoma State Banking Act, determined that a national bank
could not lawfully participate in the plan contemplated by the Act for the
guarantee of deposits, because it involved essentially a guarantee to the
depositors of other banks that they should be paid in full—a contract
which was deemed beyond the powers of the bank to make. The opinion
of April 6 1909, hold that national banks in the State of Kansas coull not




If the State of New York does not retain for its trust companies the trust
powers for which they were created, the great banking system now under
the control of the Now York Legislature will be rapidly disintegrated, and
control over the great institutions—which are now entirely satisfied to
continue under State supervision—will be transferred from Albany to
Washington.

Mr. Merrill also remarked—and this is likely to become
a classic—that the Federal Reserve system "has not yet
demonstrated either perfection or infallibility." His argument in full was as follows:
Gentlemen:—I come before you as President of the Trust Companies
Association of the State of New York, composed of the institutions organized under your laws for the specific purpose of carrying on a business which
peculiarly belongs to the State, which is entirely under the supervision of
the State Courts and under the control of State authority—the business
of caring for trusts of every kind and description. I appear here, also, as
President of the Union Trust Co. of Now York, which is fairly typical of
the conservative institutions which have grown up under the protection
of your laws—an institution which has always made a special feature of
this trust business which these laws have given it power to conduct.
As President of the Trust Companies Association and as President of the
Union Trust Company of New York,I desire to protest against this pending
bill, which proposes to confer upon a set of institutions, entirely outside of
your control and outside of the control ot the State banking authorities,
these trust powers and privileges, which are so essentially powers and privieges in the gift of the State of New York.
I am not protesting against this legislation from a selfish point of view,
either on the part of my own company or on the part of the Association.
We do not fear competition when competition is on a fair and equal basis.
We believe in encouraging the formation of trust companies whenever and
wherever there are local needs for them. We would welcome national or
State banks in our own field, If they are willing to become trust companies
and assume the burdens and restrictions with which the wise legislation of
the State of New York has surrounded the privileges which trust companies enjoy.
But I submit that this legislation proposes to confer upon national banks
and State banks privileges without restrictions or safeguards. If you open
the door to national banks to share in these privileges, you put it out of
your power to insist upon restrictions. The competition produced will not
be fair competition, and in so far as national banks secure this business it
will be beyond your power to regulate it.

APR. 101915.1

THE CHRONICLE

Under the laws as revised last year, the trust business is carefully safeguarded as it always has been in this State. A trust company is required
to keep its capital all invested in certain specified and safe securities. No
other banking institution is so restricted as to capital investment. A trust
company must have a minimum capital of $100,000,which seems little enough
to require of a corporation acting in a fiduciary capacity. A national bank
however, can be organized with only $25,000 capital. Furthermore, the
trust companies of the State of New York are not only under the close
supervision of the State Banking Department, but each company is required to deposit at Albany, for the protection of the public, not less than
10%,and in no case less than $20,000 of its capital in securities of the highest grade. A State bank, on the other hand, is required to deposit only
$1,000 in securities and it would undoubtedly be impossible to require any
deposit in the case of a national bank.
Perhaps, however, the most important restrictions that New York State
exacts from its trust companies is the absolute preference of its trust deposits. In the case of trouble overtaking a trust company, the trust deposits are preferred ahead of any other deposits. As a result of these wise
provisions, I understand that trust funds in the hands of New York trust
companies have never suffered any losses on account of any trust company
failure. There is, however, nothing in the national banking law which
gives any such preference to deposits of this kind.
Isn't it clear that the competition which this bill would produce would
be utterly unfair to the trust companies? Is it not inevitable that the only
way trust companies can meet this competition on an equal basis is to give
up their State charters altogether and become national banks, unless the
State of New York is willing to remove all restrictions on corporate trustees?
The passage of this bill now before your committee would, therefore,
be a first and a long step toward the disintegration of the banking system
of New York State: its effect, undoubtedly, would be to force the trust companies out of the State system and into the Federal Reserve system, not as
trust companies but as national banks. To-day the State of New York
Is in control of a system of trust companies and State banks that on Dec. 24
1914 had more deposits than all the member banks of the Federal Reserve
Bank of New York, and nearly one-fourth as many deposits as the entire
Federal Reserve system of the United States. This system has stood the
test of time, and the wise laws which have brought about the powerful
development have been used as models for legislation in many other States.
The Federal Reserve system is, on the other hand, in the experimental
stage, and it has yet demonstrated either perfection or infallibility.
There is undoubtedly a concerted movement all over the country, backed
by the Federal Reserve Board, to strengthen the Federal Reserve system
at the expense of this and other State systems. The Federal Reserve Board
admits that it is anxious to bring about the unification of the banking systems of the United States under supervision from Washington, and the
resolutions passed urging legislation of this kind in the various States clearly
show that it expects this legislation will help materially to effect such a
unification. If the State of New York does not retain for its trust companies
the trust powers for which they were created, the great banking system
now under the control of the New York Legislature will be rapidly disintegrated and control over its great institutions—which are now entirely
satisfied to continue under State supervision—will be transferred from Albany to Washington.

1215

ACTION SUSPENDED IN NEW JERSEY ON GIVING
NATIONAL BANKS TRUST POWERS.
As indicating the unlikelihood of the New Jersey Legislature passing at this session legislation which would authorize
national banks to assume trust powers, the Newark "News"
announced on the 1st inst. that Senator Hutchinson, as
Chairman of the Committee on Banks and Insurance, in
reporting three bills without recommendation on March 31,
secured the adoption of a resolution holding the proposed
legislation in abeyance and creating a legislative commission
to study the subjects covered in the bills. These bills would
authorize the State banks to enter the national system, and
would permit all banking institutions, including national, to
exercise trust functions.
NATIONAL BANKS AUTHORIZED TO ACT AS REGISTRARS.
The Federal Reserve Board has authorized a number of
banking institutions in New York State to act as registrars
of stocks and bonds; among the New York City institutions
thus empowered are the Liberty National Bank, the Seaboard National, the Lincoln National, the Gotham National
and the Bronx National. The Board has not yet authorized
national banks of New York to perform trust privileges,
since the laws of the State do not permit their assuming such
functions.

THIRD INSTALLMENT OF CAPITAL CALLED FOR BY
NEW YORK FEDERAL RESERVE BANK.
A call for the payment by May 2 of the third installment
of their subscriptions to the capital of the New York Federal
Reserve Bank was made upon the members by Governor
Strong on the 6th inst. The first installment, amounting
to $3,321,950, was paid Nov. 2.; the second installment of
about the same amount was paid Feb. 2. As on the previous
occasions, one-sixth of the par value of the amount of the
subscription is called for, the amount remitted in the three
payments thus being 50% of the total allotment in each case.
George W. Morgan, of the law firm of Breed, Abbott & Governor Strong's letter is as follows:
To the Cashier:
Morgan, counsel to the Trust Companies Association, also
Sir—You are advised that the third installment on your subscription to
capital stock of the Federal Reserve Bank of New York is due on or before
entered a protest against the bill, saying in part:
The Federal Reserve system is in the early stages of development. If May 3 1915, and that the amount to be paid should be one-sixth of the par
it ultimately proves to be the solution of our banking problems, State value of the amount of your subscription. This sum added to the amount
moneyed corporations will seek to av all themselves of its advantages by 'remitted in payment of thefirst and second installments should equal 50%
becoming member banks. Its early success, however, will be retarded of the total amount of your allotment.
The law requires this payment to be made in gold or gold certificates, and
rather than promoted by a policy exemplified in the Marshall bill, which
seeks indirectly by legislative compulsion to force the decision of State you are requested to make such payment, so far as may be practicable, in
nstitutions to enter the Federal system. But when the effect of such gold certificates of large denominations from the reserves held in your own
legislation is, as we have shown, to destroy our great State trust company vaults.
These should be delivered to the Federal Reserve Bank of New York at
system, if not indeed our commercial banking system as well, resentment
should be decisively manifested against this character of Federal inter- 62 Cedar Street, New York City.
Fractional amounts which cannot be paid in gold or gold certificates may
ference, not only by our moneyed institutions, but by all who have the
be paid in lawful money.
welfare of our State at heart.
All gold
Some of those who spoke in favor of the legislation were exceeds thecoin received by this bank will be weighed, and if the abrasion
limit of tolerance the gold will be taken at its bullion value.
B. H. Fancher, Vice-President of the Fifth Avenue Bank
You are also requested to return, with your remittance, certificates ofpayof New York; J. Adams Brown, President of the New Neth- ment of first and second installments heretofore issued to you, and we will
certificate.
requested,
erland Bank of New York; A. G. Todd of the New York Issue in exchange a 50% paid stocktransferable)Unless otherwiseto member
will be mailed
stock certificates (which are not
Produce Exchange Bank, and E. C. Higley of the Hudson banks, at their risk without registration.
Form letters to be returned with your remittance and certificates of payFalls (N. Y.) National Bank. Mr. Todd is quoted in the
ment are herewith enclosed, which you are requested to complete by filling
New York "Times" as saying:
In the blanks.
I think the question involved in this legislation is a national not * State
In accordance with ruling of the Federal Reserve Board, this bank will no
question. The entire banking system is in process of readjustment. We longer pay express charges.
should not make our banking system in this State provincial and thus obstruct the building up of a big, strong central system of banks. I resent
the strictures that have been passed on the Federal Reserve Board. With a APPLICATIONS FOR CHANGESIN STOCK OF FEDERAL.
strong Federal Reserve we will never again see in New York City another
RESERVE BANK TO BE MADE QUARTERLY.
Issue of Clearing-House certificates.

To D.J. Kenefick of the Marine National Bank of Buffalo
is credited the following remark in the New York "Sun":
The State gave way to the Federal Government on the income tax, and
it is time to stop surrendering the State's sovereignty to the National
Government.

FEDERAL RESERVE BOARD DENIES ANY INTEREST
IN BILLS AT ALBANY OR ELSEWHERE.
On the 6th inst. the Federal Reserve Board took occasion
to issue a statement embodying a denial of reports that it
had in any way participated or been represented in discussions before any Legislature with regard to bills conferring
trust powers on national banks. Its statement is as follows:
The Federal Reserve Board to-day issued a comprehensive and absolute
denial of current assertions that It had in any way participated or been
represented in discussions before any State legislature relative to pending
bills authorizing the exercise of the functions of executor, trustee, &c., by
national banks. The Board has consistently declined to share in any of
the discussions that are in progress on that subject, and it has never been
represented by an attorney or other person, directly or indirectly, either
at Albany or anywhere else. Some time ago the Board passed a general
resolution intended to express to the public in a general way its attitude on
the whole subject and this resolution has been transmitted to all inquirers
and given to the press. There has been no other or further participation
on the part of the Board in the discussion of this subject.




The members of the New York Federal Reserve Bank
have been asked by Governor Strong to hereafter file applications for additional stock, or the surrender of a part ofithe
stock held by them, quarterly, on the first days of January,
April, July and October. In his letter of the 6th inst. on
this point Governor Strong says:
To the Cashier:
Sir.—In accordance with a request from the Federal Reserve Board, and
in order to obviate the necessity for daily adjustment of the stock ledger
accounts and the subsequent confusion which results from the continuous
changes in the stock holdings of member banks occasioned by the increase
or decrease of their capital or surplus, member banks are requested hereafter to file their applications for additional stock or the surrender of a part
of the stock held by them, quarterly, on the first days of January, April,
July and October.
In making applications for additional stock or for surrender of stock,
banks should exercise care to see that the blanks are properly filled in, using
as a basis the total capital and surplus at the time of their last previous
stock allotment, and stating the total of all increases and decreases in
capital or surplus separately, so that the total at the date of the prior
allotment plus the increases and less the decreases will equal the total
capital and surplus as of the date of application.
A member bank which has increased its surplus since the last report of
condition to the Comptroller of the Currency should send a certificate to
that effect to the Comptroller contemporaneously with filing its appli ation
with the Federal Reserve Bank, so that the records of the* Comptroller's
office may be in accord with those of the Federal Reserve Board.

1216

THE CHRONICLE

[VOL. loo.

2. The member bank undertakes to provide sufficient funds to offset
In the case of changes in capital, this additional certificate will be unnecessary, in view of the fact that the Comptroller's approval must be the items charged against its account under the collection system, without
mpairing the reserve required to be kept in the Federal Reserve Bank of
obtained prior to any such change, and the records of his office must necesChicago, as shown by the books of the Reserve Bank, the amount of such
sarily conform in such case.
Any member bank making an increase or a reduction in its capital or funds to be determined by experience gained from actual operation.
3. Checks and drafts payable-on presentation drawn on any member
surplus is requested to notify the Federal Reserve Bank so that the proper
bank in District No. 7, which has joined the collection system, will be reapplication blanks may be forw-rded.
In order to accommodate member banks as far as possible, the time for ceived for immediate credit, subject to final payment, but only from such
filing applications for the quarter ending April I 1915 will be extended to member banks as have joined the collection system. Items marked "payable if desired" at either a member bank or a non-member bank, will not be
April 15 1915.
received unless drawn on a member bank which has joined the collection
Respectfully,
system, in which case they will be charged to the member bank upon which
BENJ. STRONG JR., Governor.
they are drawn and not to the bank at which they are made "Payable if
desired."
4. Items sent for credit should be divided in two classes:
(a) Items on member banks which are members of the Chicago ClearingPLANS OF CHICAGO FEDERAL RESERVE BANK FOR House Association. •
(b) Items on other member banks in this district.
INTRA-DISTRICT COLLECTIONS.
divisions should be listed on a separate
The items under each of
The members of the Federal Reserve Bank of Chicago sheet stating the name or thethese
American Bankers' Association transit number
B. McDougal on the 7th inst. of the bank on which each item is drawn, and the amount. Each sheet
were notified by Governor J.
one sheet is used in listthat in accordance with the terms of the Federal Reserve should be separately footed, and where more than of such sheets should be
items under either of the divisions, the totals
Act and the rulings of the Reserve Board, it was prepared to ing and footed on a separate sheet.
listed
inaugurate a system of intra-district collection—viz., a sys5. All items received before 2 o'clock P. M.(except on Saturday, when
noon), will be credited on the day
tem of collection of checks and drafts received from and the hour will be 12 o'clock hours will not be credited until theof receipt.
following
Items received after these
drawn on member banks in the district. A statement issued business day. All items except those payable through the Chicago Clearbe mailed at the close of each day to the member banks on
in the matter by Gov. McDougal says:
ing House, will
Member banks shall advise the Federal Reserve
A further step has to-day been taken in the development of the functions which they are drawn.
there is presented to Bank of Chicago on the day of receipt that such items have been received
of the Federal Reserve Bank of Chicago, whereby
items, not subject to protest, shall be returned on
member banks for their consideration a plan for the collection of checks and credited. Unpaid
protested items shall be returned not later than the day
within the district served by this bank. Membership in the system will the day of receipt:
items will be credited to the account of banks on
be voluntary, each bank being given opportunity to signify whether or not after receipt. Returned
which they are drawn and charged to tho account of and returned to the
it desires to have its checks collected at par through the Reserve Bank.
banks from which received. Unpaid items shall not be held for any purThe plan as presented has been carefully worked out, is based upon simi
immediate protest.
lar systems which have been in successful operation in other countries for pose whatsoever except for
6. In receiving the checks and drafts herein referred to, the Federal Remany years, and has been authorized by the Federal Reserve Board.
only as the collecting agent of the sendIt is understood the other Reserve banks will immediately offer this plan serve Bank of Chicago will act
responsibility other than due diligence until
to their member banks, and it is believed the system will provide a safe and ing bank, and will assume no
and said Reserve Bank is authorized to
economical method for the collection of country checks and that it will go the funds are actually in its hands,
to the bank on which they are drawn, or for
far toward correcting the recognized evils resulting from the indirect rout- send them for payment direct
discretion. Banks receiving items from
collection to another agent at its
ing Of such items.
the Federal Reserve Bank of Chicago for collection shall be deemed the
We print in full below the circular issued by the Federal agent of the bank depositing such items with the Federal Reserve Bank of
Chicago for credit.
Reserve Bank of Chicago in connection with the matter:
7. Checks and drafts drawn on member banks which have joined the
FEDERAL RESERVE BANK OF CHICAGO.
system may be stamped or printed across the face: "Collectible at par
Chicago, April 7 1915.
through the Federal Reserve Bank of Chicago," but such endorsement shall
To the Member Banks of District Number Seven:
never be held to import that the Federal Reserve Bank of Chicago, in acThe Federal Reserve Bank of Chicago, in accordance with the terms of cepting such checks or drafts for collection, has become the owner thereof
is or is acting otherwise than as the agent of the sending bank.
the Federal Reserve Act and the rulings of the Federal Reserve Board,
prepared to inaugurate, for the benefit of its members, a system of intra8. Member banks which do not join the collection system at the time
district collection, that is, a system of collection of checks and drafts re- of its inauguration, may do so at any subsequent time. Member banks
ceived from and drawn on member banks in District No. 7. Membership will be permitted, on thirty (30) days' notice to the Federal Reserve Bank of
In the system will be voluntary and items will be received only from and Chicago, to withdraw from the collection system. The Federal Reserve
upon those banks which join it. Such items will be immediately credited Bank of Chicago may, at its discretion, withdraw tho privileges of the collection system from any member bank which fails to observe these rules
and debited to the accounts of the sending and paying banks, respectively
subject to final payment.
and requirements, or for other good and sufficient reasons.
For the present the system will not embrace the inter-district collection
On the first and fifteenth days of each month, all changes, if any, which
of checks and drafts, that is, the collection of checks and drafts drawn on have occurred in the list of members of the collection system since the prebanks outside of District No. 7. Such broader service can only be devel- ceding notice, will be published and immediately thereafter the additions
oped for the member banks of the various districts after experience shall or withdrawals listed therein shall become effective.
have been gained in operating the intra-district service now offered.
9. No exchange charge will be made nor will any exchange charge be
This system is not intended to supersede the exchange of checks through paid by the Federal Reserve Bank of Chicago in operating this collection
ocal clearing houses or otherwise in or between nearby cities or towns. system, which is a reciprocal arrangement for the mutual benefit of all memAnd wherever, in the case of a section far distant from its reserve bank or ber banks which join it.
overlapping two Reserve dikricts, or for any other reason, the collection
(Note.—The Federal Reserve Act provides that charges to be fixed by the
of checks is being made more quickly or economically by direct interchange Federal Reserve Board may be imposed for the service of collection rensection than would be possible under the proposed dered by the Federal Reserve banks. No charge will be made for the presbetween the banks of the
plan, such relations, for the present, at least; will doubtless continue.
ent, but if, after experience in operating the collection system, a charge is
The collection system outlined herein is offered by the Federal Reserve found necessary, such charge will be imposed only after due notice, and will
Bank of Chicago as the first step in the improvement of present methods of not be retroactive.)
collecting checks within its district. It is the result of much consideration
10. The Federal Reserve Bank of Chicago reserves the right to add to
on the part of the directors and officers of this bank and of many confer- alter or amend these rules and requirements.
ences of the Governors of the various Federal Reserve banks. This plan
11. All items forwarded to the Federal Reserve Bank of Chicago shall
has been authorized by the Federal Reserve Board, and it is understood be endorsed without restriction to the order of the Federal Reserve Bank
that substantially similar systems of intra-district collection will be intro- of Chicago, and show on each side of the endorsement the American Bankduced by all other Federal Reserve banks. The system will be subject to ers' Association transit number in prominent typo.
such modifications or extensions as experience may show from time to time
to be necessary or advisable.
' The directors of each member bank which joins the collection system wil
Resolutions to Be Adopted by Member Banks.
be required to adopt and file with the Federal Reserve Bank of Chicago
Whereas, The Federal Reserve Bank of Chicago has announced its readiresolutions agreeing to the rules and requirements of the system. The
ness to undertake for its member banks the collection of checks and drafts
resolutions and the rules and requirements are attached hereto. There drawn upon its member banks, and
is also enclosed a copy of the resolutions with the rules and requirements
Whereas, The said Federal Reserve Bank of Chicago has promulgated
attached, to be executed and returned to this bank when the resolutions
certain rules and requirements governing its conduct and the conduct
have been adopted by your board of directors. Action thereon by your
of member banks in the operation of the collection system, which rules and
board is requested before May 15 1915.
requirements are as shown by copy thereof hereto attached, and
A further circular will be issued containing a list of the banks which have
Whereas, This bank desires to avail itself of the privileges offered by
joined the collection system, announcing the date upon which it will begin
the said Federal Reserve Bank of Chicago and to join the collection system
and giving such further information as may be necessary.
operations,
so to be established,
The collection system herein proposed is based upon the experience of
Now, therefore, be it resolved, That this bank hereby joins the said colother countries where similar systems have been in operation for many lection system of the Federal Reserve Bank of Chicago under the plan subyears and have been developed to a high point of efficiency.
mitted by that bank in its circular letter, dated April 7 1915, and hereby
It is believed that the establishment of the collection system in the twelve
agrees with the said Federal Reserve Bank of Chicago and with such other
Federal Reserve banks will provide a safe and economical method for the member banks of the Federal Reserve Bank of Chicago as have joined or
collection of country checks and will go far toward correcting the recognized may hereafter join the said collection system, to be bound according to the
evils resulting from the indirect routing of such items.
terms of the rules and requirements hereto attached, and by such other
We earnestly solicit your careful consideration of the plan, also your cotules and requirements as may be hereafter promulgated.
operation in its development, believing that it will result in substantial
And be it further resolved. That the Cashier of this bank (or the Secretary
benefits to all concerned. With the system established, we will do all in our of its board of directors) is hereby directed to forward to the Federal Repower to render our member banks the most efficient service in its opera- serve Bank of Chicago a certified copy of these resolutions.
tion.
I, the undersigned, do hereby certify that the foregoing is a true and corVery respectfully,
rect copy of resolutions of the
JAMES B. McDOUGAL, Governor.
duly adopted at a regular meeting of the board of directors of the said bank
Bulletin No. 29.
on the
day of
, 1915, and
at
Rules and Requirements Governing the Operation of the Collection that the said resolutions have not been rescinded or modified.
whereof, I have hereunto subscribed my name and affixed the
In witness
System o Federal Reserve Bank of Chicago.
1. Each member ba• k joining the system authorizes the Federal Reserve corporate seal of the said bank, at
day of
, 1915.
Bank of Chicago to charge immediately on receipt against its account. this
subject to payment by such member bank at its banking house, checks and
Cashier, or
drafts payable upon presmtation drawn upon it, deposited by other'memSecretary of Board of Directors.
(Seal)
ber banks which have el led the collection system.




APR. 10 1915.]

NEW REGULATIONS OF RESERVE BOARD GOVERNING
ACCEPTANCES.
In order to give effect to the amendment to the Federal
Reserve Act which accords the Federal Reserve Board the
right to authorize the discount of acceptances, based on
imports or exports, up to the full amount of the capital
stock and surplus of a bank, new regulations in the matter
have been issued by the Board. Before the amendment was
enacted into law, on March 3, the amount of acceptances
which might be discounted was limited to 50% of the paidup capital and surplus. The amendment was published in
these columns March 6. The earlier regulations governing
the discount of acceptances were issued under date of February 8, and were printed in our issue of February 20. The
difference between the present regulations and those of
February 8, which are replaced by those just issued, is not
considerable; we print below the new regulations, indicating
in italics the new matterand in brackets matter now omitted:
REGULATION J—SERIES OF 1915.
Superseding Regulation D of 1915.
Washington, April 2, 1915.
BANKERS' ACCEPTANCES.
Definition.
In this regulation the term "acceptance" is defined as a draft or bill of
exchange drawn to order, having a definite maturity, and payable in dollars,
In the United States, the obligation to pay which has been accepted by an
acknowledgment written or stamped and signed across the face of the instrument by the party on whom it is drawn; such agreement to be to the
effect that the acceptor will pay at maturity according to the tenor of such
draft or bill without qualifying conditions.
Statutory Requirements Under Sections 13 and 14.
Section 13 of the Federal Reserve Act as amended provides that—
(a) Any Federal Reserve Bank may discount acceptances—
(1) Which are based on the importation or exportation of goods;
(2) Which have a maturity at time of discount of not more than three
months; and
(3) Which are indorsed by at least one member bank.
(b) The amount of acceptances so discounted shall at no time exceed onehalf the paid-up capital stock and surplus of the bank for which the rediscounts are made, except by authority of the Federal Reserve Board and of
such general regulations as said Board may prescribe, but not to exceed the
capital stock and surplus of such bank.
(c) The aggregate of notes and bills bearing the signature or indorsement
of any one person, company, firm or corporation re-discounted for any one
bank shall at no time exceed 10% of the unimpaired capital and surplus of
said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values.
Section 14 of the Federal Reierve Act permits Federal Reserve Banks,
under regulations to be prescribed by the Federal Reserve Board, to purchase and sell in the open market bankers' acceptances, with or without
the indorsement of a member bank.
Ruling.
The Federal Reserve Board, exercising its power of regulation with reference
paragraph II (b) hereof, rules as follows:
to
'Any Federal Reserve Bank shall be permitted to discount for any member
bank "bankers' acceptances" as hereinafter defined up to an amount not to
exceed the capital stock and surplus of the bank for which the re-discounts are
made.
Iv.
Eligibility.
The Federal Reserve Board has determined that, until further order, to
be eligible for discount under section 13, by Federal Reserve Banks, at the
rates to be established for bankers' acceptances:
(a) Acceptances must comply with the provisions of Paragraph II.
(a), (b), (c), hereof;
(b) Acceptances must have been made by a member bank, non-member
bank, trust company, or by some private banking firm, person, company,
or corporation engaged in the business of accepting or discounting. Such
acceptances will hereafter be referred to as "bankers'" acceptances:*
(c) A banker's acceptance must be drawn by a commercial, industrial or
agricultural concern (that is, some person, firm, company, or corporation)
directly connected with the importation or exportation of the goods involved
In the transaction in which the acceptance originated, or by a "banker."
In the tatter case the goods, the importation or exportation of which is to be
financed by the acceptance, must be clearly specified in the agreement with or
the letter of advice to the acceptor. The bill must be not drawn or renewed
after the goods have been surrendered to the purchaser or consignee.
(d) A banker's acceptance must bear on its face, or be accompanied by
evidence in form satisfactory to a Federal Reserve Bank, that it originated
in an actual bona fide sale or consignment involving the importation or exportation of goods. Such evidence may consist of a certificate on or accompanying the acceptance to the following effect:
"This acceptance is based upon a transaction involving the importation
or exportation of goods. Reference No. —. Name of acceptor:
(e) Bankers' acceptances, other than those of member banks, shall be
eligible only after the acceptors shall have agreed in writing to furnish to
the Federal Reserve Banks of their respective districts, upon request, information concerning the nature of the transactions against which acceptances (certified or bearing evidence under IV. (d) hereof) have been made;
(f) A bill of exchange accepted by a "banker" may be considered as
drawn in good faith against "actually existing values," under II. (c) hereof,
when lit) the acceptor is secured by a lien or on by transfer of title to the
goods to be transported; or, in case of release of the goods before payment of
the acceptance, by the substitution of other adequate security;
(g) Except in so far as they may be secured by a lien on or by transfer
of the title to the goods to be transported as under (1) the bills of any person,
firm, company or corporation drawn on and accepted by any private
banking firm, person, company or corporation (other than a bank or trust
*Drafts and bills of exchange eligible for re-discount under section 13,
"
other than "bankers' acceptances, have been dealt with by Regulation B,
series of 1915.




1217

THE CHRONICLE

company) engaged in the business of discounting or accepting, and discounted by a Federal Reserve Bank,shall at no time exceed in the aggregate
a sum equal to 5% of the paid-in capital of such Federal Reserve Bank;
(h) The aggregate of acceptances of any private banking firm, person,
company or corporation (other than a bank or trust company) engaged in
the business of discounting or accepting, discounted or purchased by a
Federal Reserve Bank, shall at no time exceed a sum equal to 25% of the
paid-in capital of such Federal Reserve Bank.
To be eligible for purchase by Federal Reserve banks under section 14;
bankers' acceptances must comply with all requirements and be subject to
all limitations hereinbefore stated, except that they need not be indorsed
by a member bank: Provided, however, That no Federal Reserve Bank shall
purchase the acceptance of a "banker" other than a member bank which
does not bear the indorsement of a member bank, unless [it] a Federal
Reserve Bank has first secured a satisfactory statement of the financial condition of the acceptor in form to be approved by the Federal Reserve Board.

V.
Policy as to Purchases.
While it would appear impracticable to fix a maximum sum or percentage
up to which Federal Reserve banks may invest in bankers' acceptances,
both under section 13 and section 14, it will be necessary to watch carefully
the aggregate amount to be held from time to time. In framing their
policy with respect to transactions in acceptances, Federal Reserve banks
will have to consider not only the local demands to be expected from their
own members, but also requirements to be met in other districts. The plan
to be followed must in each case adapt itself to the constantly varying needs
of the country.
H. PARKER WILLIS,
CHARLES S. HAMLIN,
Secretary.
Governor.

RICHMOND FEDERAL RESERVE BANK'S INCOME.
The Federal Reserve Bank of Richmond issued, under
date of March 31, a statement of condition giving the first
published information to members of the income of the bank
since organization. Since its start the bank has discounted
paper aggregating $13,146,983 for 143 banks out of a membership of 500. The amount of re-discounted paper held at
the present time is $6,793,488. The bank reports discount
earned of $64,314 and discount unearned of $33,130. No
investments have been made by the bank, its entire resources
having been conserved for the aid of the members during the
past season, and for their use during the coming borrowing
period. The total resources of the bank are $15,822,331.
NEW GOVERNOR OF DALLAS RESERVE BANK.
R. L. Van Zandt, Vice-Governor of the Dallas Federal
Reserve Bank, was elected Governor of the Dallas district
on the 6th inst. Mr. Van Zandt had been acting Governor
since the recent resignation of Oscar Wells, who retired to
become President of the First National Bank of Birmingham.
John T. Scott, President of the First National Bank of Houston, has been chosen to succeed Mr. Wells as Class A director
of the Dallas Reserve Bank.
REPORT OF'NATIONAL CURRENCY ASSOCIATION OF
CINCINNATI.
All of the additional circulation issued under the supervision of the National Currency Association of Cincinnati
has been retired. A report just issued by the Executive
Committee shows that the total amount of additional circulation issued by the Association under the Aldrich-Vreeland
law was $9,592,500, or 16.86% of the maximum amount
($56,881,000) available in that district under the law. Of
the total amount of additional circulation in this district.
$8,765,500 was issued by 33 banks in 16 cities in Ohio;
$504,000 by 8 banks in 6 cities in Kentucky, and $323,000
by 3 banks in 2 cities in West Virginia. The Association's
territory included Ohio, Indiana, Kentucky and West
Virginia. None of the Indiana banks comprised in its
territory availed of the privilege of taking out emergency
currency. The number of banks in the Association totaled
105, of which 44 issued additional circulation. The maximum amount of additional circulation outstanding at any
one time was $9,592,500 and the maximum amount of se—
curities pledged against additional circulation was $13,271,
,
713. The total number of applications approved by the
Association was 68; August 6 was the first date applications
were approved; the amount approved on that date was
$1,950,000. The last date on which applications for additional circulation were approved, was November 6, 1914,
when the amount passed upon was $150,000. The largest
amount of additional circulation approved any one day was
$1,950,000 on August 6, 1914. The first date applications
for retirement were approved was November 20 1914, and
the last date on which applications for retirement were
approved was March 23 1915. The largest amount of
additional circulation retired any one day was $1,141,000 on
January 2 1915. The gross amount of securities passing
through the hands of the Executive Committee, including
both original and exchange deposits, was $21,195,693.
The member banks of the Association which issued
additional circulation were assessed 20 cents per thousand,

1218

THE CHRONICLE

woL. 100.

which covered the entire expense of the association. There BUSINESS SUFFERING FROM TOO MUCH LEGISLAwas no membership fee and members who did not take out
TION.
additional circulation were not asked to contribute.
A memorial presented to the Illinois Legislature by two
hundred business men who visited the State Capital on
REPORT OF NATIONAL CURRENCY ASSOCIATION OF
March 30 to petition against further new legislation declares
BOSTON.
that "business to-day is suffering not so much from the war
The National Currency Association of Boston retired the as it is from its enforced readjustment to serious Federal
last of its emergency currency issue on March 19. A total legislative changes." "Under such conditions," it is conof $28,674,500 is shown to have been issued by the Associa- tended, "radical experiments should not be indulged in by
tion between Aug. 4 and Oct. 19 in a report issued by the the State to further distress and strangle such activity as
executive committee of the Association under date of March to-day exists." The particular legislation which brought
26. The total amount of circulation possible under the law, about the petition was a bill proposing an eight-hour day
so far as the Boston Association is concerned, was $66,022,- for women, a minimum wage bill and rigid factory require000, so that the amount actually taken out was 43.43% of ments. Charles Piez, formerly President of the Illinois
.the total which might have been issued. Over $26,000,000 Manufacturers' Association, and head of a Chicago factory,
of emergency currency was put out prior to Sept. 15. The in voicing the attitude of the business men toward legislative
first retirement of currency was on Nov. 4 1914. The re- acts, said:
port states that the committee received securities and com- "We want to co-operate with the Legislature. It is our purpose here to
lawmakers
mercial paper amounting to $53,428,645, of which $38,897,- point out to theand how by our limitations, what certain legislation will do
co-operation these conditions may be improved
to our business,
540 represented original deposits and $14,531,105 repre- to bring prosperity to Illinois.
withdrawal of those origi"We ask for an investigation of the conditions of business and we are
sented securities substituted on
on the table so every one can see them, look
willing
nally deposited. Of the total of $53,428,645 commercial, into theto put all the cardsof business, and then let legislation be enacted.'
innermost recesses
paper was represented by $30,374,701 and bonds and securiThe memorial to the Legislature, according to the Chicago
ties by $23,053,944. The number of applications for emer- "Tribune", read in part as follows:
gency currency approved was 81, of which 38 came from
"Never has business been subjected to severer stress than during the last
of unemployment been surpassed; never
Boston banks and 43 from banks in Massachusetts. Of the year; never has the present recordbeen so burdened with cases of real want.
organizations
have the
70 banks members of the Association (11 in Boston and 59 Industry charitable at half time or less; wages are reduced or cut off entirely,
working
is
elsewhere in Massachusetts), 47 took out circulation; 10 of and the most stringent economy is being practiced in countless homes.
"Everywhere the effect of lack of business manifests itself. This is
these were Boston banks and 37 outside of Boston. The
essentially a time when every possible encouragement should be given to
xpenses of the Association in connection with the issuance revive business; where no extra burden should be placed on it; when every
of the emergency currency amounted to $6,352, and was paid possible restriction that would hamper its growth should be removed.
"There are before the Legislature at this time several hundred bills that
for through two assessments, each at the rate of five cents
have some direct or indirect bearing on business. Among them are bills
per $1,000 of capital and surplus of the member banks. Of like the women's eight-hour bill and the minimum-wage bill, which are of
the total amount of emergency currency issued, the Boston the most far-reaching importance.
"Both of them will, if enacted, mean heavy wage-increases; for even the
banks received $24,759,500 and the country banks $3,915,eight-hour bill has underlying it the thought that it will carry with it nine
000.
or ten hour wages for eight-hours work.
EXCESS ISSUES OF DOMINION NOTES EXPLAINED.
In its issue of April 2"The Monetary Times" of Montreal
says that Hon. W. T. White's resolutions providing for the
ratification of excess issues of Dominion notes by the Government were passed the previous week and a bill based upon it
was introduced. The reasons for the issue of notes were
explained by Sir Robert Borden and the Finance Minister.
In the session of,1914 Parliament authorized the Government to guarantee bonds of the Canadian Northern Railway
to the amount of $45,000,000 and bonds of the Grand Trunk
Pacific Railway to the extent or $15,000,000. The former
company succeeded in floating $15,000,000 of bonds in the
London market at 91M. However, the underwriters under
the English moratorium had been able to.withhold payment
since September. The Grand Trunk Pacific Co. was unable
to float any of its bonds. Both companies asked the Government for loans last fall.
The Government endeavored to have the loans made
through the banks, pointing out that the bonds were guaranteed by the Dominion of Canada and the Dominion notes
could be issued to the banks on the security of those bonds
under the legislation passed last August. The banks, however, declined to intervene. The Government thereupon
passed an Order-In-Council whereby $10,000,000in Dominion
notes was advanced to the Canadian Northern on the security
of $12,000,000 of guaranteed bonds and $6,000,000 in notes
was lent to the Grand Trunk Pacific Railway on the security
of $7,500,000 of guaranteed bonds. Had the money not
been supplied by the Government the two railway companies
would have had to cease construction work and thus thrown
12,000 men out of employment.
The Government also issued $10,000,000 in Dominion
notes to take up ,500,000 of treasury bills which fell due
in London last November because at that time it could not
borrow the necessary money.
Sir Robert Borden said that the bonds of the two railways could have been sold at an advance of eight, or ten per
cent over the figure at which the loans were made, but that
it had been felt that by a delay a better price might be obtained and more money would be available for the construction of the roads. As to the issue of $10,000,000 for Government purposes, Mr. White said that against it $1,200,000 in
gold had been accumulated as a partial reserve and that more
would be gathered as rapidly as possible. The Finance
Minister said that no further inflation of the currency would
be necessary in view of the improvement of the financial
situation in London, New York and Canada.



"Has any investigation been made as to how these measures will affect
the industries and the commercial activities of the state? Is any suggestion
offered by the proponents of these measures as to how industry and commerce can adjust themselves to these burdens at such a time as this?
"Let us squarely face the fact thatlbusiness to-day is suffering notso much
from the war as it is from its enforced readjustment to serious federal
legislative changes. We submit that under such conditions radical experiments should not be indulged in by the State to further distress and strangle
such activity as to-day exists.
"If any real need for such legislation is shown for any industry or class of
business, let that industry or class of business be singled out for special
remedial legislation.
"We are opposed, with business in its present condition, to all new
legislation. We ask for a period of rest from further restriction so that
business may be brought back to full health and strength."

HESITANCY OF INVESTORS DUE TO POLITICAL
.AGITATION.
That "political agitation against capital, against the railroads,and against successful business generally,has been responsible, more than anything else, for the present waiting
policy of investors", is the view expressed by E. W.Decker,
President of the Northwestern National Bank of Minneapolis. Mr. Decker's opinions are set out in the Minneapolis
"Tribune", of the 4th inst., which quotes him as saying
that while to his mind we are on the upgrade, there will be
no sudden revival of business. The end of the European
war will help to some extent, he says, but there is a graver
situation here at home. In charging that the hesitancy of
investors can be laid to political agitation, he adds :

Congress has been to a large degree responsible, but State legislatures and
even city councils have their degree of importance. The new Federal Trade
Commission, with its practically unlimited powers, is an element of uncertainty.
Personally. I expect them to use their autocratic power in a conservative manner, but there exists the possibility of an abuse of authority and
they must, as I believe they will, prove to the country their good faith with
business before the man with money to invest willIbe willing to take a chance.
Fundamentally, the business of the United States is sound. But just now
the condition is that the banks are bursting with money. Nobody wants
the
to use it. They are afraid. As I said before, however,the tendency is in
right direction. The country cannot be held back forever. The golden flood
is banking up behind the barriers of uncertainty and the time will come
when it will burst through.
How soon will this happen? It will begin immediately, but it may take
a year or two to get under full swing.
I feel especially optimistic about the Northwest. So far as this section
Is concerned, I can see no reason why we should not be back to normal condition within a year.

SEAMEN'S ACT EFFECTIVE NOV. 4—PACIFIC MAIL
TO WITHDRAW SERVICE.
The Seamen's Act, which was passed during the closing
days of the last Congress and was signed by the President on
March 4, becomes effective on Nov. 4 1915 as to United
States vessels and March 4 1916 as to vessels of foreign

APR. 10 1915.]

THE CHRONICLE

1219

countries, according to an opinion rendered by AttorneyGeneral Gregory on March 31. A. L. Thurman, Solicitor
of the Department of Commerce, had previously ruled that
that part of the law relating to life-saving equipment and
crews on domestic vessels would go into effect on July 1, as
that date was fixed in one section of the Act. Many vessel
owners, who were supported by Chairman Alexander of the
House Merchant Marine Committee, contended that
Nov. 1 was the date on which the provision in the Act would
go into force, inasmuch as one /of the later paragraphs of the
Act stipulates that the law is to take effect in eight months.
The Great Lakes vessel owners appealed to the AttorneyGeneral from the opinion of the Solicitor of the Department
of Commerce, and claimed that it would be impossible for
them to provide the required lifeboat equipment and safetyappliances before Nov.4.
In announcing his views in the matter, the Attorney-General said:

if the amount secured is in excess of 60% of the appraised
value of the real estate; neither would it receive from its
members bonds or farm mortgages if the amount secured
exceeded 75% of the appraised value. The bank would not
be permitted to invest more than 25% of its surplus in real
estate occupied by it for office purposes without the Bank
Commissioner's approval and could not incur indebtedness
upon notes and bonds in excess of twenty times the amount of
its capital. Debenture bonds would be issued by the bank
in series of not less than $50,000, subject to call on any interest day at 1023/% and interest on 60 days' notice in a news2
paper. Provision is also made for a guaranty fund through
the setting aside each year of an amount equal to one-half
of 1% of the bank's capital until the fund shall equal 15%
of the capital. The par value of the shares of the land bank
would be $1,000, no association being permitted to hold shares
in excess of 10% of the resources of the association.

In my judgment no part of this Act becomes effective legislation until
Nov.4 1915 as to United States vessels and March 4 1916 as to all others.

TOWNS SELECTED FOR RURAL CREDIT EXPERIMENT.
Several towns in Hampden County, Massachusetts, have
been selected by the Federal Bureau of Markets to try out
the Government's experimental rural credit system,according
to the Boston "Transcript". The latter states that the
system will be. put into effect for a limited time to give
opportunity for observations of its workings. The "Transscript" further says :

One untoward effect of the bill is seen in the decision of the
Pacific Mail SS. Co. to abandon its trans-Pacific service in
the fall. Announcement of this is contained in a telegram
from J. S. Hines, publisher of the Pacific Marine Review,
to Albert Greene Duncan, president of the National Cotton
Manufacturers' Association, published as follows in the
"Wall Street Journal" of March 29:
Received your letter of March 9 and immediately interviewed Mr.
Schwerin, Vice-President and General Manager of the Pacific Mail Steamship Co. He has shown me conclusively that under Section 13 of the Seamen's Bill the cost of operating their seven ships now in the trans-Pacific
service will be increased $620,000 per annum by substitution of Englishspeaking for Chinese crews.
The Japanese Government practically makes all the rates to and from
Japan, and does not permit any raise of rates, paying the Japanese lines
large subsidies in lieu of permitting them to advance rates from time to
time. In consequence of this, it is impossible for Pacific Mail in any way
to recoup itself to make up for this heavy increased cost of operation, and
after being in this business since 1868, they are now making all their plans
to withdraw from this service, their last ship leaving San Francisco Nov. 2
1915. The law becomes effective Nov. 4.
This company has a magnificent organization, both here and in the Orient,
and has practically the cream of the trans-Pacific trade. It is lamentable
at this time, when it seems the people of the United States are desirous of
increasing the American mercantile marine in foreign trade, that the oldest
and most aggressive line that has maintained its standing in the foreign
trade should, by our own Government, be forced to the wall. I believe,
if the people of the United States really understood the situation, they
would demand the very reverse of what has taken place.
Not only has this Seamen's Bill hauled down the American flag on the
Pacific, and turned over the entire traffic to the Japanese, but there are
other conditions in this bill which practically deprive the commanding officer of any disciplinary control whatever in the safety and life of passengers at sea, nor will a master be able to continue a voyage from port to port,
except at the pleasure of his crew.
(Signed) J. S. HINES, Editor and Publisher,
Pacific Marine Review.

MASSACHUSETTS LAND BANK BILL REPORTED.
A bill providing for the establishment of a land bank was
reported to the Massachusetts House on March 25 by the
Committee on Banks and Banking. The bill, which is
based upon recommendations of the State Board of Agriculture, provides that ten or more savings or loan associations
which have aggregate resources of not less than $2,000,000
upon authorization by the Bank Commissioner may form the
Land Bank ofjthe State of Massachusetts. The headquarters
of the bank are to be in Boston and the shares to be taken by
the associations are not to aggregate less than $100,000,
which must be paid in cash. The bank is to have at least
nine directors. In addition to the powers conferred by the
regular corporation law of the Commonwealth, the land bank
is to be authorized to issue, sell and redeem debenture bonds
and notes secured by bonds and first mortgages made to or
held by member associations. The bank is to be authorized
to receive property from its members and from other persons, with whom it has engagements, in installments and
otherwise; may invest its capital and other funds in bonds
secured by first mortgages of real estate situated within the
territory in which its members are authorized to make loans.
The bank may also receive by assignment from its members
any first mortgages of real estate,and the bonds secured thereby, that are legally receivable by saving and loan associations; may buy, hold and convey real estate for its own
administration building, any real estate which shall be mortgaged to it by way of security for loans, or any land conveyed to it for its debts previously contracted in the course
of its business; and may designate as depositaries of its funds
any banking institution of Massachusetts doing business
under the laws of the United States. The bank would not
do a general deposit business, nor invest its capital and other
funds in bonds secured by first mortgages on real estate



The plan that the Government proposes contemplates the organizing of
associations among farmers. The farmers who join these associations
jointly and severally assume the liability for the notes given by the members under a written agreement or guaranty giving the members the necessary credit up to a:specified amount and enables them to obtain the specified
loans at the lowestlpossible rate of interest. The prevailing rate in Hampden County would not be more than 6%. The banks would then discount
the notes given in accordance with the guaranty without being endorsed.
This will make money easily and readily available for all members of these
associations, and will eliminate the embarrassment of getting some one to
sign their notes. It will put the securing of money on a basis similar to
ordinary business transactions.

PLUMBERS CONVICTED UNDER SHERMAN LAW
IN TEST CASE.
Judge Pollock, in the Federal Court at Des Moines, on
March 31, fined four of the thirty-six master plumbers who
were convicted on February 24 on charges of violating the
Sherman Anti-Trust Law. The four plumbers fined were
selected, two by the prosecution and two by the defense, in
accordance with a proposal of Judge Pollock, with a view
to making a test case out of the proceedings. With this
end in view he passed judgment on four of the defendants
and held up the motion for a new trial in the case of the other
thirty-two. The four in question will appeal their cases
to the United States Court of Appeals.
The Government attorneys selected two men against
whom they had the strongest cases. These were fined
$1,000 each. The two defendants picked by the defense
were men against whom it is thought the prosecution's case
was weakest. They were fined $500 each.
As previously stated in these columns, the indictments
against the thirty-six master plumbers, which were returned
on June 4 last, charge the National Association of Master
Plumbers with operating in violation of the Sherman Law
and conspiring to interfere with the business of plumbers
and plumbing supply houses not members of the association.
DEPARTMENT OF COMMERCE INVITES POTTERS TO
INVESTIGATE DATA.
In reply to the alleged assertions of members of the Potters'
Association that the figure§ of cost in the recent report of
the Bureau of Foreign and Domestic Commerce on the
pottery industry were twisted and distorted, the Department
of Commerce issued the following statement on March 28 in
its daily consular reports:
"Statements have appeared from time to time in various papers relative
to the report of the Bureau of Foreign and Domestic Commerce on the
pottery industry, alleged to come from parties claiming to represent the
Potters' Association, charging that the figures of cost in the report on the
pottery industry have been twisted and distorted. These statements seem
to have been made, however, prior to the issuance of the full report containing the facts in detail. In order that the fullest light may be thrown upon
this matter, opportunity will be afforded to any potter who desires to take
advantage of it to come in person or to send his representative to the Bureau
of Foreign and Domestic Commerce, and there go over the data relating to
his own plant with the agents who worked upon it and with the commercial
agent in charge of the inquiry, in order that he may thereby see that from
the data the figures printed in the report were correctly computed and
derived.
"Copies of the final schedules and wage data for large plants have already
been furnished to operating potters in accord with the above.
"The bureau will welcome visitors who desire to accept the above invitation."

Secretary Redfield's report, a summary of which was
printed in our issue of March 6, asserted that the potters of

1220

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[vol.. 100.

the United States are without adequate knowledge of the PARCEL-POST SHIPMENTS OF FOOD TO GERMANY
cost of production in their own industry, and that there is a
INCREASING.
distinct need for more scientific methods of production.
Officials of the Chicago Post Office stated on the 2d inst.
that shipments to Germany and Austria of parcel-post packLABOR LAW PROHIBITING NIGHT WORK OF WOMEN ages containing food have increased within the last two weeks
TO GO BEFORE U. S. SUPREME COURT.
from 115 packages daily to 1,200. The packages are said
A writ of error allowing the United States Supreme Court to weigh close to the maximum of eleven pounds. It is reto review the decision of the New York State Court of Ap- ported that a number of the department stores in Chicago
peals, upholding the constitutionality of the provision in have made special provision for sending the parcels, furnishthe State Labor Law prohibiting the employment of women ing air-tight containers. As stated in these columns last
between the hours of 10 p. m. and 6 a. m. was granted on week, the Post Office Department announced on March 25
the 3rd inst. by Justice Hughes to the counsel for the defend- that parcel-post packages of foodstuffs and merchandise sent
ant, the Charles Schweinler Press, Inc. The opinion of the into belligerent countries would be accepted and forwarded
Court of Appeals, which affirmed a decision rendered in at the sender's risk.
July last year by the Appellate Division of the New York
Supreme Court, was referred to in these columns last week.
BRIEF FILED IN RAILWAY MAIL PAY CASE.
The Government's brief in the so-called railway mail pay
NO EVIDENCE OF A CORNER IN WHEAT.
cases, involving $35,000,000 and affecting 800 roads, was
District Attorney Charles F. Clyne of Chicago, who has filed in the U. S. Supreme Court on the 8th inst. by Assistant
been conducting an investigation in that city for the Depart- Attorney-General Huston Thompson. The cases, which
ment of Justice into the advance in the price of wheat and are the Chicago & Alton RR. vs. United States and Yazoo
flour, is stated to have gathered no evidence sufficient to & Mississippi Valley RR. vs. United States, involve the right
justify him in bringing a case before the Federal grand jury. of the Postmaster-General to change the method in adjustHe is said to have advised the Department that no tangible ing railway mail pay. Previous to 1907 mail was paid for
evidence has been found- that any combination existed among annually on the basis of an estimate made by actual weighing
commission merchants and dealers in foodstuffs in this for 105 days and dividing the totals by 90. This was known
country which operated to restrain trade in these articles in as the six-day divisor. After July 1 1907 the whole number of
violation of the criminal sections of the Sherman Anti-Trust days was used as a divisor, and this became known as the
Law. A formal report of the investigation will be submitted seven-day divisor. The effect was to reduce the aggregate
compensation of the railroads about one-seventh. In the
to the Department by Mr. Clyne shortly.
brief filed on the 8th, the Government maintains that the
PAN-AMERICAN CONFERENCE POSTPONED UNTIL only restrictions placed upon the Postmaster-General by
statute were that he must keep within a maximum compensaMAY 24.
The Pan-American financial and commercial conference, tion and must weigh the mails for a period of not less than
which was to have been held in Washington on May 10, has 90 days. Otherwise, he was at liberty to exercise his.disbeen postponed to May 24 on account of the illness of Sec- cretion. It argues also that the railroads, having carried
retary of the Treasury McAdoo. It is reported that the mail under the order of the Postmaster-General, substitutprogram for the conference, which is under the personal di- ing the later method of weighing, cannot now recover damrection of Secretary McAdoo, will be announced in a few ages. The Circuit Court decided in favor of the Governweeks,and will be comprehensive enough to permit full dis- ment, but the roads appealed.
cussion of financial and trade conditions in the countries of
EXPRESS AND RAILWAY MAIL PAY COMPARED BY
this hemisphere.
RALPH PETERS.
In his invitation, sent on March 16 to all countries of CenFurther exception to the accusations made against the
tral and South America, seeking their participation in the
conference, Secretary Bryan asked for the appointment of railroads by Pastmaster General Burleson is taken in a.
statement given out on the 4th inst. on behalf of the carriers
not more than three delegates in each instance, and added:
The conference will be held with a view to establishing closer and more by Ralph Peters, President of the Long Island R. R. and.
satisfactory financial relations between the republics of America, and
of the Committee on Railway Mail Pay. In his
it is hoped that the Minister of Finance of the respective governments Chairman
will be able to attend as one of the three delegates, and that the delegates latest announcement comparing the mail and express rates,
may be versed in finance and banking and business problems.
Mr Peters says:

The delegates hereunder appointed while they are in this country will be
the guests of the United States of America. The Secretary of State of
the United States of America will participate in the conference and the
diplomatic representatives of the United States of America of the respective countries to whom this invitation is sent will be themselves invited to attend the conference in addition to the members whose special
'appointment is herein invited.
It is the intention of the Secretary of the Treasury to invite to the conference, in addition to the above, leading representative bankers of the
United States of America. It is expected that the conference will discuss in addition to the problems of banking, problems of transportation
• and commerce between the various countries represented.

John Barrett, Director-General of the Pan-American Union,
in a speech delivered on the 2ndinst.,at the annual convention in this city of the Commercial Teachers' Association,
urged the financiers and business men of the country to take
an active interest in the conference.
TWO-CENT POSTAGE TO BARBA DOES AND LEEWARD
ISLANDS.
Beginning April 1, two-cent postage rate went into force
between the United States and the British colonies of Barbadoes and the Leeward Islands (including Antigua, Barbuda, Rodonda, St. Kitts, Nevis, Anguilla, Dominica,
Montserrat and the Virgin Islands). The prepaid rate of
postage on letters mailed in the above-mentioned British
colonies, addressed for delivery in the United States, will be
one penny an ounce or fraction thereof, and to letters mailed
in the United States addressed for delivery in those colonies
two cents an ounce or fraction thereof. This arrangement is
in accordance with a general scheme being worked out by
the Post Office Department for a uniform postage rate between the United States and all countries in the Western
Hemisphere. As previously stated in these columns, twocent letter postage has been established between the United
States and British Honduras, Bahamas, Canada and Newfoundland.




"Postmaster General Burleson has publicly accused the railroads of
being insincere in claiming that they are underpaid for carrying the malls.
He says that In reality they are overpaid and to sustain this charge says
that 'they are receiving from the Government amounts which, for hauls of
any considerable length, exceed by about two to one the amounts they
receive from the express companies for like and similar service'.
"The dignity and prestige of the Cabinet office of which Mr. Burleson
is the present incumbent assures him a hearing before the public and a large
degree of credence, because of the natural assumption that a judicial attitude will be retained by a sworn public official, and that the responsibility
he assumes in making any public assertion will be appreciated at least.
by himself.
"Mr. Burleson bases his assertion regarding the mall and express earnings
of the railroads upon a number of comparisons of which this is typical:
"He says that from New York to Chicago, 'railway mail pay amounts to
$2.58 per100 pounds, while the railroads' proportion of the first class
express rate between those cities is approximately $1.20 per 100 pounds'.
"Not one citizen in a thousand would ever suspect that this meant anything except that the railroads carry express matter from New York to
Chicago for an average rate of only $1.20 per 100 pounds. The fact is.
however, that the express rate Mr. Burleson names is not an average, or
in any way a representative rate, but is the railroad's share of the express
company's charge for a single 100-pound package, on which the very lowest.
wholesale rate per pound is given to the shipper. The railroads are paid
approximately half the express company's charge.
"The railroads' receipts from the smaller express packages, which make
up the great bulk of the actual business—and hence their average receipts
per 100 pounds of express—are far higher than the figure Mr. Burleson
quotes, a fact of which it is scarcely conceivable he could be unaware.
• "For instance, for carrying 100 1-pound express packages from New
York to Chicago;the Express company would receive 23 cents apiece, or a
total of $23. Of this amount, the railroads' share for its portion of the
service would be about half, or $11.50, which is nearly 4!-6 times the rate
for carrying 100 pounds of mall. Such comparison, if offered as representative of average conditions, would be no more misleading than the one
going to the opposite extreme which Mr. Burleson has used. The truth,
of course, lies between the two extremes.
The railroads earned from express, in the latest year for which figures
are available (1913), $78,000,000. The annual rate of mail pay to the
railroads on June 30th, 1913, was $51,466,000.
"The growth of the revenue may be compared from the fact that the
earnings from express traffic in 1907 were $57,000,000, while the annual
rate of pay for mail on June 30th 1907, was $51,008,000. It, therfore,
appears that the mail pay to the railroads increased less than 1 per cent.
during the six-year term specified, while the returns to the railroads from
express traffic increased 37 per cent.

APR. 10 1915]

THE CHRONICLE

"This entire question of mail and express receipts was thoroughly investigated by the Joint Congressional Committee on Railway Mail Pay,
which filed its report last August. The Committee's finding on the general
subject was this:
"Suffice it to say that we are convinced that the railroad earnings from
mail were in 1909 decidedly lower than from express on a car-mile basis,
which is the best basis for comparison we have. Certainly there is no
warrant in the oft-repeated assertion that the Government is being robbed
in its mail payments by comparison with what the express companies pay.
There has been an amazing amount of reckless assertion on this subject.'
"As to the particular form of argument which the Postmaster General
has employed in his statements to the newspapers, and which was also
used during the hearings before the Joint Committee, the Committee's
report says:
Figures were submitted by the Department comparing the average
payments for mail transportation between specific cities per 100
-pound
-pound packages, with 50 per cent. of the first class express rates
and per 40
recently approved by the Interstate Commerce Commission, the 50 per
cent. being taken as the railroad company's share of the earnings
"
'We are compelled to reject the Department's attempt to show higher
relative earnings from mail as reckless and misleading.'
"Inasmuch as the Joint Committee was especially designated by Congress
to investigate and settle this and similar questions, and spent two years in
so doing, its conclusions should be authorative.
"Nevertheless, if it is possible that the Postmaster General has any
remaining doubts on the subject, he could readily resolve them by an appeal
to the Interstate Commerce Commission, before revealing his state of mind
to the public."

END OF EMBARGOES ON CATTLE SHIPMENT.
That the foot-and-mouth disease has now practically
been brought under control was indicated in an announcement made by the Department of Agriculture on the 1st
inst. The Federal officers in charge of the campaign against
the disease during the last six months were announced as
having stated that, with the single exception of a herd of
animals near Syracuse, N. Y., which had been designated
for slaughter on the 1st inst., telegraphic reports from inspectors throughout the country showed that the disease had
been, to the best of their knowledge, completely wiped
out. Figures compiled by the Department indicated that
124,141 animals have been slaughtered because of foot and
mouth infection from the time of the outbreak in October
to March 25.
On the 5th inst. an announcement of the Department said:
An order, effective to-day, is the first of the various quarantine orders
for foot-and-mouth disease which adds no new territory to the quarantined
area and consists entirely of modifications because of improved conditions.
In connection with the fact that for a brief time on April 1 there were no
animals in the United States known to have the disease, this is regarded
as significant evidence of satisfactory progress in the campaign. It is
also pointed out that Michigan, the State in which the epidemic started,
and which has suffered a loss of 7,799 animals, is believed to be entirely
free from the disease. All territory in the State is now included in the
restricted area, for which the regulations are the least stringent of any
of the four classes in the quarantined area. No territory east of the
Mississippi and north of the Tennessee-Virginia line is entirely free from
quarantined regulations.

According to a statement issued by the Department on
March 26, the Federal Government has spent $3,273,077 in
fighting the foot-and-mouth disease throughout the country
during the current epidemic. Of this total, $2,338,306
went to compensate owners of the cattle which were killed
by the agents of the Bureau of Animal Industry. It is estimated that, including the amounts spent by the State
governments, about $5,000,000 to $6,000,000 has been appropriated in combatting the disease.
A statement of the Agricultural Department on March 29
said:
At the beginning of the outbreak there was a belief in some quarters
that the vigorous measures recommended by the Federal authorities, and
adopted in the great majority of the infected regions throughout the country, were unnecessarily costly and that the disease could be controlled by
milder methods. This belief resulted in the securing of a temporary injunction (in Kane County), and this injunction is held by those in charge
of the campaign to have been responsible for the fresh outbreak in Illinois
whica occurred when the plague was apparently under control. Thus up
to Feb. 3, 36,758 animals had been infected. Two weeks later this number
had risen to 51,482, there were 36 herds awaiting slaughter, and 35 premises
to be disinfected. In the six weeks since that time, only 5,900 more animals have been infected, and, as has already been said, the outlook is regarded as most encouraging. In the opinion of the Federal authorities
this sudden checking of the epizoot would have been impossible without
the cordial co-operation of the State authorities and of the people at large.

One of the incidents in the quarantine campaign was the
embargo incidental thereto placed upon the railroads.
Following an announcement that the State Live Stock
Sanitary Board of Pennsylvania had declined to recede from
its quarantine against shipments of cattle through Pennsylvania from districts infected by the foot-and-mouth disease,
the presidents and directors of three railroad systems crossing Erie County were notified on March 6 by the AttorneyGeneral's Department at Harrisburg that they would be
personally prosecuted if they permitted cattle to be moved
from Ohio to New York, across Pennsylvania territory, contrary to the orders of the Board. The notices of the Attorney-General's Department were sent to the President and
directors of the Erie RR., the New York Chicago & St.




1221

Louis RR. and the Lake Shore & Michigan Southern RR.
The Act of 1913 makes directors liable to fine of $100 for
first violation of the live-stock law and to $500 and imprisonment for subsequent violations. The Pennsylvania RR.
and the Baltimore & Ohio were said to have given the State
notice that they would not ship any cattle against the quarantine regulations. Word was also received from the
New York Central Lines to the effect that "no more shipments of live stock would be made until further notice is
received from the quarantined districts." The State had
asked the Federal Government to decline to issue permits
for shipments of cattle through Pennsylvania. As indicating the effect of the quarantine established by the Pennsylvania Live Stock Sanitary Board, W. H. Noyes, VicePresident and General Manager of Swift & Co., was quoted
on March 5 as saying:
Nearly every railroad passes through Pennsylvania except the Michigan
Central. which passes through Canada. By the order of the Pennsylvania
Live Stock Board no shipments may now be made through that State,
and the Dominion will not permit anyishipments of live cattle at the present
time across its borders. About 75% of live cattle killed in New York City
under ordinary conditions is shipped from Chicago markets, which is to-dayan exposed area, and therefore under the ban of Pennsylvania. Conse—
quently the only free area we have in the United States to-day is west of
the Missouri River and south of the Tennessee State line. That restricts

The cost of the foot-and-mouth disease in New YorkState was nearly $700,000, of which the State's share is.
$350,000. The first case of the disease in this State was diagnosed at Seneca Falls on Nov. 3 1914. Since that day the
disease appeared in eighteen counties. Calvin J. Huson,
State Commissioner of Agriculture, in giving out these facts
on the 3d inst., announced that at the date of his statement
there was not one single case of the disease in the State.
THE STOCK EXCHANGES.
There was a considerable advance in the price of New York
Stock Exchange memberships this week, four having been
posted for transfer, each at an advance over the one preceding. One sold for $45,000, another $46,000, the third $48,000 and the fourth $49,500, this last being an advance of
$5,000 over the price paid last week.
Following the action of the New York Stock Exchange
last week, the Special Committee of Five of the Baltimore
Stock Exchange voted on Thursday of this week to remove all
minimum price restrictions. Commencing with Monday,
April 12, trading in stocks and bonds in the Baltimore market will therefore be without restrictions of any kind.
The official ruling, under date of April 1, regarding the
removal of all price restrictions on the Philadelphia Stock
Exchange is as follows:
The Special Committee announce the removal of all minimum prices on
New York stocks. Under this and previous rulings of the committee,
transactions may now be made in all securities dealt in on this Exchange
without price restriction.

The Governing Committee of the Exchange on Monday of
this week voted to discharge the Special Committee of Five
which has been in charge of trading since the Exchange
closed in July last. The members of the committee were as
follows: Isaac Starr Jr., Chairman; William D. Grange,
James D. Windsor Jr., Charles H. Bean and Horace H. Lee.
Mr. Grange is President of the Stock Exchange and Mr. Lee
is Secretary.
As stated in these columns last week,trading with minimum
price restrictions was resumed on the floor of the Montreal
Stock Exchange on Tuesday of this week, after an inteival
of more than eight months. Stocks and bonds selling over
the fixed minimum prices and also those with a minuimum
at $15 or less,and all mining stocks,may be dealt in without
restrictions. Those selling at the minimum or any that sink
to the minimum must be handled through the Committee.
Trading was also resumed on the floor of the Toronto
Stock Exchange on Tuesday of this week on the same basis
as on the Montreal Stock Exchange—that is, in all stocks
and bonds selling above the fixed minimum prices and on all
stocks the minimum price of which is $15 or less.
GERMANY ADMITS LIABILITY IN CASE OF
THE WILLIAM P. FRYE.
Liability for the payment of the claim made by the United
States for the sinking of the American steamer William P.
Frye by the German armed cruiser Prinz Eitel Friedrich on
Jan. 28 is admitted by the German Government in a note received at the State Department at Washington from the German Foreign Office on the 8th inst. While no claim had been

1%22

THE CHRONICLE

made by the United States for the value of the cargo, which
is said to have been sold to a British subject in transit, the
German Government signifies its willingness to pay for the
loss of both the vessel and the cargo, if it is established that
both were owned by American citizens at the time of their
destruction. At the same time the note holds the action of
Commander Thierichens of the Prinz Eitel Friedrich to have
been "quite in accordance with the principles ofinternational
law as laid down in the Declaration of London and the German Prize Ordinance." The right of the United States to
reparation is conceded by Germany under two PrussianAmerican treaties, one dated 1799 and the other 1828. The
note states that on the ground of this treaty stipulation
the American owners of the ship and cargo would receive
compensation even if the Prize Court should declare the
cargo of wheat to be contraband. "Nevertheless," it
adds, "the approaching prize proceedings are not rendered
superfluous, since the competent Prize Court must examine
into the legality of the capture and destruction and also pronounce upon the standing of the claimants and the amount
of indemnity." The text of the note, transmitted by
Foreign Minister Von Jagow to Ambassador Gerard, is as
follows:
The undersigned has the honor to make reply to the note of his Excellency,
Mr. James W. Gerard, Ambassador of the United States of America, dated
the 3d inst., Foieign Office No. 2892, relative to claims for damages for
the sinking of the American merchant vessel William P. Frye by the German auxiliary cruiser Prinz Eitel Friedrich.
According to the reports which have reached the German Government,
the commander of the Prinz Eitel Friedrich stopped the William P. Frye on
the high seas Jan. 27 1915 and searched her. He found on board a cargo of
wheat consigned to Queenstown, Falmouth or Plymouth, to order. After
he had first tried to remove the cargo from the William P. Frye he took the
ship's papers and her crew on board and sank the ship.
It results from these facts that the German commander acted quite in
accordance with the principles of international law as laid down in the
Declaration of London and the German Prize Ordinance. The ports of
Queenstown, Falmouth and Plymouth, whither the ship visited was bound,
are strongly fortified English coast places, which, moreover, serve as bases
for the British naval forces. The cargo of wheat being food or foodstuffs
was conditional contraband within the meaning of Article 24, No. 1, of the
Declaration of London, and article 23, No. 1, of the German Prize Ordinance and was therefore to be considered as destined for the armed forces
of the enemy pursuant to Articles 33 and 34 of the Declaration of London
and Articles 32 and 33 of the German Prize Ordinance and to be treated as
contraband pending proof of the contrary.
This proof was certainly not capable of being adduced at the time of the
'visiting of the vessel, since the cargo papers read to order. This, however,
furnished the conditions under which, pursuant to Article 49 of the Declaration of London and Article 113 of the German Prize Ordinance, the sinking
of the ship was permissible, since it was not possible for the auxiliary cruiser
to take the prize into a German port without involving danger to its own
security or the success of its operations. The dales devolving upon the
cruiser before destruction of the ship pursuant to Article 50 of the Declaration of London and Article 116 of the German Prize Ordinance were fulfilled by the cruiser in that it took on board all the persons found on the
sailing vessel as well as the ship's papers.
The legality of the measures taken by the German commander is furthermore subject to examination by the German Prize Court pursuant to
Article 51 of the Declaration of London and Section 1, No. 2, of the German Code of Prize Procedure. These prize proceedings will be instituted
before the Prize Court at Hamburg as soon as the ship's papers are received,
and will comprise the settlement of questions whether the destruction of the
cargo and the ship was necessary within the meaning of Article 49 of the
Declaration of London; whether the property sunk was liable to _capture,
and whether or to what extent indemnity is to be awarded the owners.
In the trial the owners of ship and cargo would be at liberty, pursuant to
Article 34, paragraph 3, of the Declaration of London, to adduce proof that
the cargo of wheat had an innocent destination and did not, therefore, have
the character of contraband. Ifsuch proof is not adduced the German Government would not be liable for any compensation whatever according to
the general principles of international law.
However, the legal situation is somewhat different in the light of the
special stipulations applicable to the relations between Germany and the
United States since Article 13 of the Prussian-American treaty of friendship
and commerce of July 11 1799, taken in connection with Article 12 of
Prussian-American treaty of commerce and navigation of May 1 1828,
provides that contraband belonging to the subjects or citizens of either
party cannot be confiscated by the other in any case, but only detained or
used in consideration of payment of the full value of the same.
On the ground of this treaty stipulation, which is, as a matter of course,
binding on the German Prize Court, the American owners of ship and
cargo would receive compensation even if the Court should declare the cargo
of wheat to be contraband. Nevertheless, the approaching prize proceedings are not rendered superfluous since the competent Prize Court must
examine into the legality of the capture and destruction, and also pronounce upon the standing of the claimants and the amount of indemnity.
The undersigned begs to suggest that the Ambassador bring the above
to the knowledge of his Government and avail himself, et cetera.
JAGOW.
April 4 1915.

An indemnity of $228,060 was asked from Germany by
the United States for the destruction of the William P.
Frye. An investigation into the sinking of the Frye was
begun by the United States Government,following the arrival
of the Prinz Eitel Friedrich German cruiser at Newport Newson
March 10,when the first intimation of the destruction of the
American vessel waead by the officials at Washington. The
Frye, bound for England, left Seattle, Wash., Nov. 4,
with a cargo of wheat. The facts concerning hte cargo
of the Frye were sent to the State Department by Treasury
officials on March 25. It was definitely established, the



[VOL. 100.

report stated, that the cargo of wheat was consigned "to
order," and that no evidence existed in the papers of the
ship to prove that the foodstuffs were destined to any belligerent forces. In the absence of such proof,the wheat was
held not to have been contraband, and the destruction of
the vessel and cargo unjustifiable. It was announced on
the 1st inst. that indemnity for the full value of the ship had
been requested in a note forwarded by the State Department at Washington to Ambasasdor Gerard for presentation
to the Foreign Office at Berlin, and on the 5th inst. the text
of the note was made public.
Besides the one American vessel sunk by the Prinz Eitel
Friedrich, Captain Thierichens, upon his arrival at Newport
News, admitted sinking ten other merchant vessels since
leaving Tsing-tao, China, last November; five were British
ships, four French and one Russian. The German cruiser
when it reached the American port had on board over 500
people, 342 representing the crews and passengers of destroyed ships; her own crew numbered 100.
PRINZ EITEL FRIEDRICH INTERNED.
The German converted cruiser Prinz Eitel Friedrich was
interned at Newport News on the 7th inst., Commander
Thierichens having decided upon that course within a
few hours of the limit fixed by the Government Neutrality
Board within which the vessel was obliged to leave the territorial waters of the United States or intern. In a letter
to the German officer on March 20, Collector of the Customs Hamilton had set midnight of April 7 as the outside
limit of time during which the ship might remain in the
waters of the United States. The contents of this letter
were kept a secret until the 7th inst. On the night of the
7th inst. Mr. Hamilton presented a letter to Commander
Thierichens requiring that the Prinz Eitel leave by 4 a. m.
April 8. In making known his decision to intern, Commander
Thierichens sent the following letter to the Collector of
Customs:
Sin—I inform you I intend to intern H. M. S. Prinz Eitel Friedrich.
The relief I expected to appear did not arrive in time, so the number and
force of the enemy cruisers watching the entrance of the bay makes to me
impossible the dash for the open sea with any hope of success. I have decided not to deliver crew and ship to this fruitless and certain destruction.
Being obliged for the courtesies shown by all United States authorities,
I am expecting your orders. I have sent the same information to Roar
Admiral Helm, U. S. S. Alabama.

The Eitel was ready to put to sea up to the last moment.
She is said to have had a full supply of provisions,and her
bunkers were filled with coal. The vessel will remain in
the custody of the United States until the end of the war;
her engines will be put out of commission and her guns removed. It is reported that the German cruiser will be taken
to Norfolk navy yard. Her officers will be paroled and,
although the crew will remain on board, it is expected that
they will receive shore leave under American guard.
GERMANY PLACES RESPONSIBILITY FOR DEATH OF
AMERICAN ON FALABA ON GREAT BRITAIN.
Responsibility for the death of Leon Chester Thrasher, of
Hardwick, Mass., who lost his life with the sinking of the
British steamer Falaba, by a German submarine in St.
George's channel on March 28 is placed by Germany upon
the British Government. So far as the United States is
concerned no decision as to the course it will take in the
matter has been arrived at; the State Department at Washington is conducting an investigation to determine definitely
whether Thrasher was an American citizen. The statement
of the German Embassy issued on the 6th inst. quotes an
official message from the Berlin Foreign Office as follows:
"A report from the submarine has not yet been received. However,
according to trustworthy reports, the submarine requested the steamer
Falaba to put passengers and crow into lifeboats when the ships came up.
Lately English merchant ships have been provided with guns by the British
Government and advised to ram or otherwise attack German submarines.
This advice has repeatedly been followed in order to win promised rewards.
Military necessity consequently forced the submarine to act quickly, which
made granting of longer space of time and the saving of lives impossible.
'
"The German Government regrets the sacrifice of human lives, but both
British ships and neutral passengers on board ships were warned urgently
and in time not to cross the war zone. Responsibility rests, therefore, with
the British Government, which, contrary to international law, inaugurated
commercial war against Germany, and,contrary to international law,has
caused merchant ships to offer armed resistance."

GERMANY REQUESTS INVESTIGATION INTO DETENTION BY U. S. OF STEAMER ODENWALD.
An investigation into the detention of the HamburgAmerican line steamer "Odenwald" by the United States
Government at San Juan, Porto Rico, since March 21 has
been asked for by the German Government. It is under-

APR. 10 1915.]

THE CHRONICLE

stood that the steamer is held under the neutrality resolution
signed by President Wilson on March 4 empowering the
President to direct collectors of customs to withhold clearance
from any vessel "which he has reasonable cause to believe to
be about to carry fuel, arms, ammunition, men or supplies
to any warship, or tender, or supply ships of a belligerent
nation in violation of the obligations of the United States as
a neutral nation." The "Odenwald" is said to have been
warned that she could not leave San Juan until the port
officers had been allowed to make a thorough inspection;
permission for this, it is reported, was refused and clearance
papers were withheld. The conviction was maintained by
officials at Washington that the "Odenwald" while not
loaded with supplies of coal and food usually carried by
merchantman, may have intended to fit out on the high seas
with guns and ammunition as an auxiliary cruiser like the
"Prinz Eitel Friedrich." The detention of the "Odenwald" at San Juan was brought to the attention of the
Secretary of War in a report received on March 22 from
Lieut.-Col. Burnham, commanding the Porto Rican regiment, as follows:
Hamburg-American commercial steamer "Odenwald" attempted to leave
this port about 3 o'clock this afternoon (March 21) without clearance
papers. At request of Collector of Customs to prevent departure and in
compliance with instructions in your telegram March 19 warning shots
were fired with machine guns and shot across her bows with 5 inch rifle
from El Morro. She then came to anchor under El Morro.
None were injured. Ship returned to her anchorage in the harbor.
In presence of Collector of Customs March 19 I personally informed and
warned German Consul and commander of "Odenwald" that force would
be used if necessary to prevent vessel leaving without clearance.

In accordance with the instructions of Attorney General
Gregory on March 23, a libel action was filed at San Juan on
March 27 by the Collector of Customs against the steamer,
asking that the ship be surrendered for violating the neutrality resolution. Indications that an investigation into
the case had been requested by the German Government
were given in the following statement issued by the German
Embassy on the 6th inst.:
"The German Embassy has requested the State Department to investigate the case of the 'Odenwald.' The captain of this steamer had asked
for clearance papers for Hamburg and the steamer was searched by order
from Washington twice thoroughly by the custom house authorities. The
result of the search having been satisfactory the captain was promised
clearance papers. After having been kept waiting for three days the
captain believed that the situation forced him to put to sea, disregarding
the rules of the harbor, because otherwise the assembling of cruisers of the
enemy which had been informed of his intention would have involved the
inevitable loss of his ship.
"When the 'Odenwald' tried to leave sharp fire was immediately directed
against her from Morro Castle without the blind warning shot having been
fired, which is usual, according to international rules.
"The fire was continued until three minutes after the engines of the
'Odenwald' had been put on full steam backward. It is attributed to a
lucky chance that by this attack no human life was lost."

LAW MAKING CARRIERS LIABLE FOR FULL VALUE
OF SHIPMENTS.
We publish below the text of the bill approved by President
Wilson on March 4, intended to prohibit the railroads from
limiting their liability below the actual loss in damages to
the shipper.
An Act to amend an Act entitled "An Act to amend an Act entitled 'An
Act to regulate commerce,' approved February4 1887, and all Acts amendatory thereof, and to enlarge the powers of the Inter-State Commerce Commission," approved June 29 1906.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That so much of section 7 of an Ac
entitled "An Act to amend an Act entitled 'An Act to regulate commerce,
approved February 4 1887, and all Acts amendatory thereof, and to enlarge
the powers of the Inter-State Commerce Commission," approved June 29
1906, as reads as follows, to wit:
"That any common carrier, railroad or transportation company receiving
property for transportation from a point in one State to a point in another
State shall issue a receipt or a bill of lading, therefor, and shall be liable
to the lawful holder thereof for any loss, damage or injury to such property
caused by it or by any common carrier, railroad or transportation company
to which such property may be delivered, or over whose lino or lines such
property may pass, and no contract, receipt, rule or regulation shall exempt such common carrier, railroad or transportation company from the
liability hereby imposed:Provided, That nothing in this section shall deprive
any holder of such receipt or bill of'lading of any remedy or right of action
which he has under existing law," be, and the same is, hereby amended so
as to read as follows, to wit:
"That any common carrier, railroad or transportation company subject
to the provisions of this Act receiving property for transportation from a
point in one State or Territory or the District of Columbia to a point in
another State, Territory, District of Columbia or from any point in the
United States to a point in an adjacent foreign country shall issue a receipt
or bill of lading therefor, and shall be liable to the lawful holder thereof
for any loss, damage or injury to such property caused by it or by any common carrier, railroad or transportation company to which such property
may be delivered or over whose line or lines such property may pass within
the United States or within an adjacent foreign country when transported
on a through bill of lading, and no contract, receipt, rule, regulation or
other limitation of any character whatsoever,,shall exempt such common
carrier, railroad or transportation company from the liability hereby imposed; and any such common carrier, railroad or transportation company
so receiving property for transportation from a point in one State, Territory or the District of Columbia to a point in another State or Territory,
or from a point in a State or Territory to a point in the District of Colum-




1223

bia, or from any point in the United States to a point in an adjacent foreign
country, or for transportation wholly within a Territory shall be liable
to the lawful holder of said receipt or bill or lading or to any party entitled
to recover thereon, whether such receipt or bill of lading has been issued
or not,for the full actual loss, damage or injury to such property caused by
It or by any such common carrier, railroad or transportation company to
which such property may be delivered or over whose line or lines such property may pass within the United States or within an adjacent foreign country when transported on a through bill of lading, notwithstanding any limitation of liability or limitation of the amount of recovery or representation
or agreement as to value in any such receipt or bill of lading, or in any contract, rule, regulation or in any tariff filed with the Inter-State Commerce
Commission; and any such limitation, without respect to the manner or
form in which it is sought to be made,Is hereby declared to be unlawful and
void:Provided, hozcever,That if the goods are hidden from view by wrapping,
boxing or other means, and the carrier is not notified as to the character
of the goods, the carrier may require the shipper to specifically state
in
writing the value of the goods, and the carrier shall not be liable beyond
the amount so specifically stated, in which case the Inter-State Commerce
Commission may establish and maintain rates for transportation, dependent
upon the value of the property shipped as specifically stated in writing by
the shipper. Such rates shall be published as are other rate schedules:
Provided, further, That nothing in this section shall deprive any holder f
)
such receipt or bill of lading of any remedy or right of action which he has
under the existing law: Provided,further, That it shall be unlawful for any
such common carrier to provide by rule, contract,regulation,or otherwise,
a shorter period for giving notice of claims than ninety days and for the
filing of claims for a shorter period than four months, and for the institution
of suits than two years: Provided, however, That if the loss, damage
or
injury complained of was due to delay or damage while being loaded
or
unloaded, or damaged in transit by carelessness or negligence, then no
notice
of claim nor filing of claim shall be required as a condition precedentl
o
recovery."
Sec. 2. That this Act shall take effect and be in force from ninety
days
after its passage.
Approved March 4 1915.

The new law was referred to in these columns on Mar:13
page 868. As pointed out therein, the argument has been
advanced that the legislation, contrary to the purpose of
its author, Senator Cummins, makes possible an increase
of 10% in all freight rates. It is announced that on
April 10 the Inter-State Commerce Commission will take up
for final determination the matter of alternate rates, and will
consider it in the light of the new Act of Congress.
INTER-STATE COMMERCE STATISTICS FOR FISCAL
YEAR ENDING JUNE 30 1914.
Under date of March 31 1915 the Inter-State Commerce
Commission issued an abstract of the statistics of steam railways in the United States for the year ended June 30 1914.
This abstract is based upon compilations made from the
annual'reports of carriers having operating revenues above
$100,000 for the year and also of railway companies owning
property operated under lease or other agreement by those
carriers. Returns of switching and terminal companies
are not included. Advance figures given in this abstract,
it is stated, may be slightly modified by revision before
final publication.
MILEAGE.
On June 30 1914 the roads covered by this abstract represented 247,397.59 miles of line operated, including 11,298.88 miles used under trackage rights. The aggregate mileage of railway tracks of all kinds covered
by operating returns for these roads was 377,102.45 miles. This mileage
was thus classified: Single track, 247,397.59 miles; second track, 27,604.12
third track,2,696.03; fourth,fifth and sixth tracks, 2,071.45; yard track and
sidings, 97,333.26. These figures indicate, for the roads under consideration, an increase of 7,522.65 miles over corresponding returns for 1913 in
the aggregate length of all tracks, of which increase 2,995.24 miles, or
39.82%, represent yard track and sidings.
EQUIPMENT.
It appears, from the annual reports submitted to the Commission by
the roads covered by this abstract that there were 64,760 locomotives
in their service on June 30 1914, an increase of 1,382 over corresponding
returns for such roads for the previous year. Of the total number of locomotives, 14,612 were classified as passenger, 38,752 as freight, 10,081 as
switching and 1,315 were unclassified.
The total number of cars of all classes in the service of such roads was
2,503,822 (or 58,314 more than on Juno 30 1913), which equipment was
thus assigned: Passenger service, 53,466 cars; freight service, 2,325,647:
company's service, 124,709. The figures given do not include so-called
private cars of commercial firms or corporations.
The 2,325,647 cars in freight service were classified as follows:
Aggregate Capacity.
Description—
Number.
Tons.
Bei
1,043,796
36,622,074
Flat
146,133
5,214,949
Stock
82,971
2,597,278
Coal
899,314
40,583,490
Tank
8,530
340,722
Refrigerator
48,886
1,577,973
Other cars in freight service
96,017
4,040,612
Total
2,325,647
90,977.098
It appears that the average number of locomotives per 1,000 miles of
line was 262, and the average number of cars per 1,000 miles of line 10,121.
The number of passenger-miles per passenger locomotive was approximately 2,365,000, and the number of ton-miles per freight locomotive was
approximately 7,369;000.
The returns indicate that the number of locomotives and cars in the
service of the carriers under consideration aggregated 2,568,582, of which
2,556,295, or 99.52% as against 99.36% in 1913, were fitted with train
brakes, and 2,565,319, or 99.87% as against 99.86% in 1913, were fitted
with automatic couplers. Of the 2,325,647 cars in freight service on June 30
1914, the number fitted with train brakes was 2,319,573 and the number
itted with automatic couplers was 2,322,762.

1224

TilE

CHRONICLE

1 V cm,

1 ')ii

REVENUES AND EXPENSES.
EMPLOYEES.
It hould be noted hat, as in the case of other figured in this abstract,
The total number of persons reported as on the pay-rolls of the steam I
roads of the United States on June 30 1914 (not including those in the em- I the revenues and expenses shown below exclude returns for roads the gross
ploy of roads the gross operating revenues of which were reported as less ' operating revenues of which were less than $100,000 for the year The
than $100.000 or those in the service of switching and terminal companies), operating revenues of the railways in the United States for the year ended
was 1,695,483, or an average of 685 per 100 miles of line. As compared une 30 1914 herein represented (average mileage operated, 245,624.55
with corresponding returns for June 30 1913, there was a decrease of 119,756 miles) were $3,047,019,908; their operating expenses were $2,200,313,159.
in the total number of such railway employees. There were 61,365 engine- The corresponding returns for 1913 (average mileage operated 242,657.12
expenses, 82,men,64,335 firemen, 47,621 conductors, 135,853 other trainmen and 37,671 miles) were: Operating revenues, $3,125,135,798; operating
169,968,924. The tenoning figures present a statement of the operating
switch-tenders, crossing-tenders and watchmen.
The total amount of wages and salaries reported as paid to railway em- revenues for 1914 in detail:
$2,114,697,629
ployees during the year ended June 30 1914 for the roads under considera- Freight revenue
700,403,353
Passenger revenue
tion was $1,373,422.472.
7.477,002
Excess baggage revenue
CAPITALIZATION OF RAILWAY PROPERTY.
677,63/
Parlor and chair car revenue
55,062.961
On June 30 1914, according to the annual reports submitted to the Mail revenue
75,541,569
Commission by roads having gross operating revenues of $100,000 or more. Express revenue
9,654,664
together with returns made in reports filed in behalf of their non-operating Milk revenue (on passenger trains)
6,229,246
subsidiary lines, the par value of the amount of railway capital outstanding Other passenger revenue
33.171,335
was $20,247,301,257. This amount includes capital held by the railway Switching revenue
1,777,780
companies concerned, as well as by the public. Of the total amount or Special service-train revenue
such capital outstanding, there existed as stock $8,680.759,704, of which Miscellaneous transportation revenue
6,995,174
$7,304,479,846 was common and $1,376,279,858 was preferred; the re- Total revenue from operations other than transportation_ _ _
32,930,397
maining part,. $11,566,541,553, representing funded debt, consisted of Joint facilities—Dr
1 4 ',795
mortgage bonds, $8,496.370.538; collateral trust bonds, $1,182,683.530; Joint facilities—Cr
3,643,872
plain bonds, debentures and notes, $1,142,016,070; income bonds, $254,83,047,019,908
Total operating revenues
230,505; miscellaneous funded obligations, $72,700,640, and equipment
Operating expenses, as assigned to the five general classes, were:
trust obligations, $418,540,270.
$419,277,779
Of the total capital stock outstanding for the roads under consideration, Maintenance of way and structures
532,138,606
$3,019,020,981, or 34.78%, paid no dividends. The amount of dividends Maintenance of equipment
63.769.677
Traffic expenses
declared during the year (by both operating and non-operating companies
1,101,597,432
Transportation expenses
represented in this statement) was $451,263,197, being equivalent to
83,529,665
7.97% on dividend-paying stock. The average rate of dividends paid on General expenses
all stocks outstanding pertaining to the roads under consideration was 5.20%
$2,200,313,159
Total operating expenses
The increase in dividends declared during the year, being $82,656,870. is
With minor eliminations from the figures given above, operating revenues
principally accounted for by increased dividends declared by the Union per mile of line operated (Including line operated under trackage rights)
Pacific Railroad Co. and the Central Pacific Railway Co. The dividends averaged $12,400 and operating expenses $8,955 for the year.
declared during the year by these two companies were more than $86,- CONDENSED INCOME ACCOUNT AND PROFIT AND LOSS
000.000 greater than those of the preceding year. As appears in column 4
ACCOUNT.
of this abstract, the total dividends of operating roads, 8379,865,024.
There is given below a condensed income account and profit and loss
included $162,760,634 declared out of surplus and the dividends of non- account of operating roads, the gross operating revenues of w ricn %%ere
operating roads, $71,398,173, included $34,170,961 declared out of surplus.
$100,000 or more for the year ended June 30 1914. A similar statement
No interest was paid on $1,331,581,452, or 11.94%, of the total amount follows for non-operating roads (leased, operated under contract, &c.)
.
funded debt outstanding (other than equipment trust obligations).
of
controlled by the operating roads described. The statements omi returns
INVESTMENT IN ROAD AND EQUIPMENT.
tor a few roads the reports of which were not sufficiently complete for
The figures presented under this caption include returns for investment Inclusion therein. The accounts of the operating roads include both opin road and equipment, shown by the operating roads covered by this erating and financial transactions, while the accounts of the non-operating
abstract, as well as by their subsidiary non-operating roads (leased, op- roads are confined for the most part to receipts and payments under
erated under contract, &c.). The expenditures for additions and better- leases, contracts and agreements. For a number of items, such as diviments, as well as the expenditures for new lines and extensions, during the dends, taxes, &c., both statements must be taken into consideration in
order to learn the aggregates of such items for the railways of the United
fiscal year 1914 are analyzed in the following .tabular statement:
States therein represented. Thus the aggregate of dividends declared
Investment to June 30 1914 (236,706.60 miles
$
during the year. 8451,263,197, includes those declared out of current in16.936,697,840
of line represented)
come and those declared from surplus both by the operating roads and
Investment to June 30 1913 (234,220.06 miles
by the non-operating roads. This amount includes dividends declared
16.424,359,514
of line represented)
on railway capital stock owned by other railway companies.
Increase 1914 over 1913
512,338,326
OPERATING ROADS.
Expendit'S
• Expendit's
Income Account—
for Addiensfor New Lines
Rail operations:
83.047,019,903
&Betternets. ctExten's.
Operating revenues
2,200,313,159
Operating expenses
$
From cash or other work8346,706,749
Net operating revenue
330.529,491 61,370,851
ing assets
Outside operations:
114,129
43,616,529
From special approp'ns
$64,376,514
Revenues
Through issue of secur's_138,135,821 60,062,788
65.866,609
Expenses
Not assigned to any of
3.779,449
157,910
the above classes
.490(95
Net deficit from outside operations
516.061,290 121,705,678 637,766,968
Total
Miscellaneous Charges not classified
851,008
Total expenditures during year

638,617,976

Credits.
88,104,245
Property retired or converted
Adjustments
8,524,764
Difference between record value of
grantor and purchase price of
grantee in cases of roads sold,
merged, consolidated, &c
29,650,641
Total

$845,216,654
139,591.520

Operating income
Other income

8705,625,134
286,393,649

8992,518,783
Gross income
645,312,783
Rents, interest and similar deductions from gross income_ _

126,279.650

Net increase during year
512,338.326
PUBLIC SERVICE OF RAILWAYS.
The number of passengers carried during the year ended June 30 1914
by roads represented in this abstract was 1,053,138,718. The corresponding number for the year ended June 30 1913 was 1,033,679,680. The increase in the number of passengers carried during the year over corresponding returns for 1913 was 19,459.038.
The passenger mileage, or the number of passengers carried 1 mile,
reported by roads represented in this statement, was 35,258,497,509. The
corresponding return for 1913 was 682,624,529 less. The number of passengers carried 1 mile per mile of road was 144,278, as against 143,067 for
the preceding year.
The number of tons of freight reported as carried (including freight received from connections) by roads represented in this statement, tor the
year ended June 30 1914. was 1,976,138,155, while the corresponcIng figure for the previous year was 2.058,035,487, the decrease being 81,897,332.
The ton mileage, or the number of tons carried 1 mile, as reported by
the carriers under consideration for the year ended June 30 1914 was 288,319,890,210. The corresponding ton mileage as reported for the year
ended June 30 1913 was 301,398,752,108, from which it will be seen that
the decrease in the ton mileage for the year ended June 30 1914, under the
returns for 1913, as applying to the roads represented in this abstract, was
13,078,861,898. The number of tons carried 1 mile per mile of road for
the year ended June 30 1914 was 1,176,923, as against 1,245,158 for the
pr ceding year The average number of tons of freight per train-mile
was 451.80. The corresponding figure for the preceding year was 445.43.
The average receipts per passenger per mile, as computed for the year
ended June 30 1914, for the roads covered by this statement, were 1.982
cents; the average receipts per ton per mile, 0.733 cent. The passengerservice train revenue per train-mile was $1.34.496; the freight revenue per
train-mile was $3.30.845. The average operating revenues per train-mile
were $2.45.024. The average operating expenses per train-mile were
31.76.917. The ratio of operating expenses to operating revenues was
72.21%.




' Total net revenue
Taxes accrued

8347.206,000
Net corporate income
Disposition of net corporate income:
from current income__ $217,104,390
Dividends declared
29,226,675
Appropriations for additions & betterments
39,622
Appropriations for new lines and extensions
12,916,177
Miscellaneous appropriations
Total

259,286,864

Balance to credit of profit and loss

$87,919,136

Profit and Loss Account—
Credit balance on June 30 1913
Credit balance for year 1914 from income account

$1,041,672,887
87.919,136

Total
Dividends declared out of surplus

$1,129,592,023
162,760,634

Difference
Appropriations for additions and betterments
Appropriations for new lines and extensions__
Miscellaneous appropriations
Other profit and loss items—debit balance

$966,831,389
$4,962,901
2,081,227
3,646,706
30,806,359

-----------------------------Total ______________.

41,497,193

Balance credit June 30 1914 carried to balance sheet_ _ _ $925,334,196
NON-OPERATING ROADS.
Income Account—
$110,670,101
Gross income from lease of road
940,055
Taxes accrued
Net income from lease of road
Other income

$109,730,046
6,139,973

Gross income
Interest and similar deductions from gross income

$115.870,019
64,561,479

Net corporate income
Disposition of net corporate income:
Dividends d eclared from current ncome__
Appropriations for additions and better'ts_
Miscellaneous appropriations
Total
Balance to credit of profit and loss

$51,308,540
$37,227,212
2,271,026
1,178,765
40,677,003
$10,631,537

P a.

Prof t and Loss Account—
Cr
balance on June 30 1913
Credit balance for year 1914 from income account

$31,327,523
10,631,537

Total
D Mends declared out of surplus

$41,959,060
34.170.961

Difference
Appropriations for additions & betterments__
Miscellaneous appropriations
Other profit and loss items—debit balance_ _ _

$7,788,099
$1,925,334
434,617
13,165,029

Total

15,524,980

Balance debit June 30 1914 carried to balance sheet _ _ _ _

:16 ,817
$7,

DEBT AND TAXATION OF STATES,
MUNICIPALITIES, ETC.
The Bureau of the Census has prepared an abstract of the
decennial investigation of debt and taxation for the fiscal
year 1913. This abstract contains the principal summary
t2b1es and necessary text from the bulletins, "Assessed
Valuation of Property and Amounts and Rates of Levy:
1860-1912"; "National and State Indebtedness and Funds
and Investments: 1870-1913"; "County and Municipal
Indebtedness: 1913, 1902 and 1890, and Sinking Fund
A3sets: 1913"; "Taxation and Revenue Systems of State
and Local Governments"; "National and State Revenues
and Expenditures: 1913 and 1903, and Public Properties
of States: 1913"; "County Revenues, Expenditures and
Public Properties: 1913," and "Municipal Revenues, Expenditures and Public Properties: 1913." In addition, a
synopsis of the contents of each of the seven bulletins is
given. This is done, it is explained, in order that those
interested in a special bulletin may know of such a publication and the contents thereof.
Assessed Valuation.—We reprint in part below table No.6
showing the assessed valuation of all property subject to
ad valorem taxation, by geographic divisions and States, 1912:
Geographic
Division
and State.

Total
New England

Assessed Valt at:on of All Property Subject to Ad Valorem Tarorn
Total.

Real Property
and
Improvements.

Personal
Property.

0th.'
Pr.lerty:

8
.69,452,936,104 51,854,009,438 12,135,881,028 5,241,114,687
7,541,527,390 5,310,653,256 1,617,459,781

Maine
New Hampshire
Vermont
Massachusetts_ _
Rhode Island
Connecticut

613,414,373

416,91,264
329,614,002
87,277,262
439,683,132
299,333,340
80,314,189
221,530,142
157,067,927
63,562,215
4,803,078,625 3,216,714,460 1,032,985,395
619,010,208
426,968,806
192,041,402
1,041,334,019
880,054,721
161,279,298
Middle Atlantic.... 18,691,072,439 17,386,461,961
085,531,027

553,378,770

11,131,778,917 10;684,290,188
New York
447,488,729
.2,490,490,534 1,880,407,662
New Jersey
291,003,421
Pennsylvania
5,068,802,988 4,821,764,111
247,038,877
East North Central_ 15,507,238,035 10,578,108,161 4,081,911,663

97,148,398
847,218,211

6,481,059,158
Ohio
1,898,307,218
Indiana
2,343,673,232
Illinois
2,317,561,634
Michigan
2,466,636.793
Wisconsin
West North Central_ 8,094,364,580

4,335,665,521 2,145,393,637
1,221,410,854 a676,896,364
1,648,500,546
473,402,700
1,649,105,370
429,589,030
1,723,425,870
356,629,923
5,469,851,989 1,840,478,971

(a)
221.769,986
238,867,225
386,581,000
784,033,620

1,474,585,315
902,092,597
1,860,087,956
293,048,119
354,278,413
463,371,889
2,746,900,291
5,816,456,645

1,154,269,735
320,315,580
547,544,903
282,536,401
1,187,413,081
481,443,865
199,070,599
93,977,520
284,163,184
55,917,277
319,049,627
88,937,396
1,798,339,960
517,350,932
3,850,269,446 1,119,228,266

Minnesota
Iowa
Missouri
North Dakota_
South Dakota.._.
Nebraska
Kansas
South Atlantic

60,035,603

97,148,398

73.011,293
191,230,110
34,107,052
55,384,866
431,209,390
846,958,033

93,814,011
89,541,628
Delaware
1,235,457,607 51,151,374,665
Maryland
359,932,253
330,322,487
Dist. of Columbia_
864,962,621
538,924,546
Virginia
633,747,633
West Virginia.._ 1,168,012,658
747,500,632
382,775,963
North Carolina__ _
291,531,003
152,052,298
South Carolina _
842,358,342
431,329,671
Georgia
Florida
212,887,518
140,200,555
2,635,219,317 1,667,080,754
East South Central

4,272,383
(b)
29,609,766
194,948,218
239,236,606
243,626,571
06,119,406
273,007,557
38,407,759
619,231,493

131,089,857
295,028,419
121,098,098
43,359,299
138,021,114
34,279,201
348,907,070

Kentucky
836,774,911
1,031,174,033
Tennessee
447,552,416
625,686,792
Alabama
342,648,441
566,807,488
Mississippi
411,551,004
240,104,986
West South Central_ 4,704,356,812 3,037,180,150

205,269,010
78,458,470
0224,159,017
111.344,966
980,934,465

189,130,112
09,675,906
(a)
60,101,052
677,242,197
62,472,679
259,810,049
354,959,469
312,167,013

84,082,942

Arkansas
Louisiana
Oklahoma
Texas
Mountain

427,473,108
298,828,900
550,517,808
368,449,430
1,193,655,846
719,703,439
2,532,710,050 1,650,198,381
1,631,325 505
983,765,477

128,644,208
119,595,699
214,142,358
527,552,200
332,393,015

Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific

346,550,585
179,892,897
167,512,157 5132.531,537
180,750,830
81,270,500
422,330,199
280,766,698
72,457,454
34,682,427
140,338,191
84,328,045
200,299,207
109,625,848
101,087,082
83,667,525
4,831,375,381 3,567,638,242

08,176,389
(b) •
47,966,596
80,551,892
17,003,648
24,071,906
47,203,027
17,419,557
549,712,267

714,024,872

Washington
Oregon
California

1,005,086,251
729,751,400
905.011 679
674,866,639
2,921,277,451 2,163,020,203

117,940,520
118,228,542
313,534,205

157,385,331
111,916,498
444,723,043

68,481,299
34,080,620
51,513,534
61,011,609
20,771,379
31,938,240
43,470,332

.
Includes $221,931,053, assessed valuation of "main stem" and franchise of railways and canal property not separately reported in New Jersey.
a Valuation of other property included with that of personal pi operty.
b Valuation of personal property included with that of real property and improvements




1225

THE CHRONICLE

10 1915.1

Indebtedness.—Table No. 7 given herewith shows the
public indebtedness less sinking fund assets of the Nation,
the States and all minor civil divisions of Government in
the United States amounted to $4,850,460,713 in 1913. This
is an increase of $2,011,564,591, or 70.9%, over the amount
reported for 1902. During the period from 1890 to 1902
the total indebtedness increased $849,783,280, or 42.7%.
The per capita indebtedness increased $13 98, or 38.8%,
and $4 23, or 13.3%, respectively, during the two periods
mentioned.
The net indebtedness of the National Government increased $59,106,814, or 6.1%,from 1902 to 1913, and $117,544,489, or 13.8%, from 1890 to 1902. Owing to the rapid
growth in the population, the per capita debt decreased
$1 63, or 13.3%, from 1902 to 1913, and $1 38, or 10.1%,
from 1890 to 1902.
The debt incurred by the 48 State governments increased
$106,573,034, or 44.5%, and the per capita debt increased
$O 54, or 17.8%, during the period 1902 to 1913. From
1890 to 1902 the net indebtedness of the States increased
$28,158,784, or 13.3%, and the per capita debt decreased
$034, or 10.1%.
The cities, villages, towns, townships, school districts,
drainage, irrigation and levee districts, fire districts, poor
districts, road districts and all other minor divisions of government in the United States having power to incur debt
reported a net indebtedness of $3,475,954,353 in 1913. This
is an increase of $1,845,884,743, or 113.2%, over the amount
reported for 1902. A small part of this increase is due
doubtless to a more complete canvass in the later year.
During the period from 1890 to 1902 the net indebtedness
of the minor divisions increased $704,080,007, or 76%. The
per capita net debt increased $5 95, or 40.2%, from 1890
to 1902, and $15 07, or 72.7%,from 1902 to 1913.
TABLE 7—TOTAL AND PER CAPITA NET INDEBTEDNESS OF THE
NATIONAL GOVERNMENT, STATES AND MINOR DIVISIONS:
1913, 1902 AND 1890.
Division
of
Government.
1913.
Total

Per Capita Net
Indebtedness.

Total Net Indebtedness..
1902.

1890.

1913. 1902.11890.

$
3
$
$
$
4,850,460,713 2,838,896,122 1,989,112,842 49 97 35 99 31 76

Nation
1,028,564,055
969,457,241
States
345,942,305
239,369,271
Minor divisions_ 3,475,954,353 1,630,069,610

a851,912,752 10 59 12 22 13 60
a211,210,487 3 57 303 337
925,989,603 35 81 20 74 14 79

.
Total indebtedness less sinking fund assets or funds available for payment of
debt. a Indebtedness of 1891: that 01 1890 not available.

Th'e following figures taken from table 11 present, by
States, the statistics of indebtedness of counties or parishes,
and all minor civil divisions, the latter including cities, villages, towns, townships, boroughs, precincts, fire districts,
irrigation districts, poor districts, school districts, &c.
The aggregate given is believed to include the indebtedness of every political division and subdivision of the United
States other than that of the National Government and the
48 State governments whose indebtedness was reported in
the bulletin entitled "National and State Indebtedness and
Funds and Investments: 1870-1913" (see "Chronicle" of
Aug. 22 1914, page 511).
Indebtedness Less Sinking Fund Assets* 1913.
Of All Other Civil Divisions.
Geographic Division
and State.
Aggregate.

Total
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

Cities, Villa's,
Of Counties. Townsh., Preclads, &c.

$
3,475,954,353

$
$
371,528,268 2,985,555,484

295,390,708

6,055,070

288,261,198

21,542,712
9,344,558
6,410,736
187,578,004
25,589,314
44,925,382

1,462,952
488,234
25,931
3,113,436

20,079,760
8,375,579
5,791,112
184,464,568
25,589,314
43.960,865

964,517

School
Districts..
$
118,870,601
1,074,438
480,745
593,693

Middle Atlantic

1,461,733,152

87,916,084 1,350,288,440

23,528,628

New York
New Jersey
Pennsylvania

1,046,226,813
169,527,120
245,9:9,219

23,310,172 1,017,846,323
33,809,447 126,735,949
30,796,465 205,706,168

5,070,318
8,981,724
9,476.586

East North Central
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas

528,510,310

65,374,456

443,275,918

19.859,936

234,525,134
66,053,653
137,207,747
52,907,733
37.816,043

34,845,120
9,721,434
11,555,014
5,152,318
4,100,570

195,578,407
50,653,058
121,342,112
44,589,335
31,113,006

4,101,607
5,679,161
4,310,621
3,166,080
2,602,467

274,789,959

49,459,318

197,811,341

27,519,300

69,018,441
35,069,386
56,951,123
12,440,699
12,314,512
36,371,067
52.624.731

14,012,782
9,580,266
6,580,450
2,212,102
3,590,560
3,706,128
9.777.030

47,948,136
22,142,931
46,999,383
5,798,415
6,330,121
29,019,052
39.543.303

7,057,523
3,346,189
3,371,290
4,430,182
2,393,831
3,615,887
3.304.398

THE CHRONICLE

1226

[yoL. 100.

I have no authority to permit any other losses to be deducted than those
which Congress provides for. If Congress had intended that all losses
Of All Other Civil Divisions. might be deducted, it would doubtless have so drafted the law. Therefore, forbidding the deduction from income tax returns of losses incurred
Cities, Villa's,
outside the ordinary course of business, but requiring the inclusion of profits
Of Counties. Townsh. PreSchool
made outside the business, is not the act of tho Treasury Department, but
cincts,&c.
'
Districts.*
of Congress.

Indebtedness Less Sinking Fund Assets: 1913.

Geographic Division
and State.

Aggregate,

8

South Atlantic

$

$

8

203,252,470

167,000,541

4,307,972

6,097,324
52,211,884
9,060,823
39,886,753
• 11,195,094
26,285,249
15,096,533
25,613,855
17,804,955

1,389,283
2,859,285

42,605

5,543,733
2,443,173
7,049,219
2,763,807
2,724,561
7,170,896

4,665,436
49,352,599
9,960,823
33,019,264
7,273,221
19,236,030
11,281,673
22,675,208
10,406,287

126,973,325

39,652,452

87,320,873

25,588,562
47,286,778
29,930,124
24,167,861

4,568,780
16,520,434
7,938,919
10,624,319

21,019,782
30,766,344
21,991,205
13,543,542

211,066,133

41,636,298

154,901,972

14,527,863

12,577,033
61,460,681
53,790,889
83,237,530

2,877,142
3,153,848
7,937,004
27,668,304

8,990,203
58,306,833
38,982,074
48,622,862

6,871,811
6,946,364

99,497,443

24,132,302

64,232,807

11,132,334

16,633,154
11,987,079
4,202,012
36,473,364
6,444,012
7,323,794
13,858,621
2,575,407

6,492,127
3,321,426
972,940
5,583,801
3,054,640
2,478,410
936,730
1,292,228

274,740,855

Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida

31,943,957

25,358,331

East South Central
Kentucky
Tennessee
Alabama
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma
Texas
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific

1,293,756
1,478,700
1,051,053
214,086
227,772

709,688

8,984,270 •
6,339,296
2,972,485
27,544,353
2,358,369
4,114,427
10,988,423
931,184
232,462,394

1,156,757
2,326,357
256,587
3,345,210
1,031,003
730,957
1,933,468
351,995
16,920,130

04,415,072
10,300,505
Washington
77,173,077
6,940,590
43,796,959
2,614,312
Oregon
38,788,140
2,394,507
. 136.528.824
California
12.443.514 116.500.277
7.555.033
*Includes all debt of independent school districts except that of those incorporated
places shown in table 13 which had a population of 2,500 and over in 1910.

Receipts and Expenditures.—The following table (No. 14)
Is a summary of receipts, payments and cash balances of
the National Government, States, counties and incorporated
places having a population of 2,500 and over: 1913.
Subject.

Aggregate.

National
Government,

States.

Counties.

Incorporated
Places.

Aggregate of re$
$
$
$
$
ceipts ar cash
balances_ _ __ 8,070,944,4323,891,501,454643,823,550 1,067,619,2472,468,000,181
Cash bal's at
begin, of yr_ 2,459,571,034 1,841,687,848 117,176,715 171,950,795 328,755,676
Rev.receipts_ 2,799,497,765 953,596,637367,585,331 370,043,046 1,108,272,751
Non-rev. rec's 2,811,875,633 1,096,216,969 159,061,504 525,625,406 1,030,971,754
Aggr'te of payments & cash
8,070,944,4323,891,501,454643.823,550 1,067,610,2472,468,000,181
balances
Cash bars at
close of year 2,544,383,059 *1893,628,805 136,975,610 185,214,074 328,564,570
Governmental
cost paym'ts2,966,992,825 952,600,857382,551,199 385,181,760 1,246,659,009
Non-gov'ntal
coat navm':2.559.568.548 1.045.271.792 124.296.741 497.222A13 892.770.002
*Includes $4,510,651 excess of postal receipts.

THE INCOME TAX—RULINGS AND DECISIONS.
John Z. Lowe Jr. of New York, whose appointment by
President Wilson as Collector of Internal Revenue for the
Second District of New York City, to succeed Charles W.
Anderson,was mentioned in our issue of March 6, took the
oath of office on the 1st inst. at the Custom House. Mark
Eisner, whom President Wilson appointed Collector of Internal Revenue for the Third District of New York City as
successor to Frederick L. Marshall, also took the oath of
office on the 1st.
The objection made by the Merchants' Association of
New York to the income tax ruling requiring returns to be
made upon dividends declared but not actually .paid during
the fiscal year has resulted in a modification of the regulation. The Association also protested against the requirement that the tax must be paid upon profits made outside
the ordinary course of business, but that losses so incurred
cannot be deducted. Authority to change this requirement, however, the Secretary of the Treasury stated, is
outside his province. In his letter to the Association's
Secretary, S. C. Mead, last month, he said:
TAX AFFECTING DIVIDENDS CHANGED SO AS TO APPLY TO
PERIOD WHEN INCOME IS RECEIVED.
Your letter of Feb. 20, calling my attention, under instructions of the
Board of Directors of the Merchants' Association of New York, to two
features of the regulations concerning the income tax returns, has been
received.
The first matter to which you refer is based on a Treasury decision requiring payments on dividends declared during the year instead of upon
dividends actually received. This decision has been modified so that the
tax applies to the period when the income is received, as you suggest.
I regret that it is impossible to change the principle of the other decision
to which you refer. The Act of Congress requires that the tax shall be
paid "upon the entire net income arising or accruing from all sources,"
permitting the deduction of certain specified kinds of expenses and losses,
one of which is "losses actually sustained during the year,incurred in trade."




The joint resolution passed at the recent session of Congress
providing for the refund of portions of amounts accepted in
compromise under the Income:Tax Law,was printed in"Treasury Decisions" of March 18, along with an explanation as to
its import. We quote the advices of the Acting Commissioner of Internal Revenue in the matter as follows:
PROVISION FOR REFUND OF INCOME TAX COMPROMISES.
(T. D. 2175.)
INCOME-TAX COMPROMISES.
Joint resolution providing for refund of portions of amounts accepted
in compromise under the Income Tax Law.
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue,
Washington, D. C., March 12 1915.
On March 4 1915 the following joint resolution was approved:
[Public Resolution No,68—Sixty-third Congress—II. J. Res. 398.
Joint resolution to refund under certain conditions a portion of the offers
in compromise for failure to make the returns required under the Act of
Oct. 3 1913, said offers in compromise having been covered into the
Treasury, and for other purposes.
Resolved by the Senate and the House of Representatives of the United States
of America in Congress assembled, That the Secretary of the Treasury, on
application to the Commissioner of Internal Revenue, be, and is hereby,
authorized to refund, out of any money in the Treasury not otherwise appropriated, unto corporations all amounts paid by them into the Treasury
of the United States in compromise by such corporations on account of
their failure to make report under the requirements of the Income-Tax Law
for the income-tax year 1913, so paid in excess of $10; and the Secretary of
the Treasury is further authorized to likewise refund as to said tax year
any and all amounts exacted and paid into the Treasury of the United
States as penalties by corporations required by the law to make income-tax
returns, but which in their nature are not subject to income tax; and the
Secretary is further authorized to likewise refund as to same tax year any
and all amounts paid by individuals as penalties on account of their failure
to make income-tax returns for said year 1913, as required by law, so paid
in excess of $5.
Under the provisions of the foregoing Act the refunding of the amounts
accepted in compromise of the specific penalties imposed for failure to file
returns for the income-tax year of 1913 will be made upon claims filed on
Form 46. These claims will be filed in the usual manner in the office of
the Collector of Internal Revenue to whom the amount offered was originally paid.
The claims should set forth the date of payment, the total amount paid.
and the fact that the offer in compromise was accepted.
The Collector shall in all cases insert in his certificate on page 2 of the
claim the office file number of the case as shown on the copies of notices of
acceptances of the offers in compromise. This case number is necessary
to expedite the adjustment of the claim.
The amounts refundable are—
(1) In the cases of corporations not organized for profit the whole
amounts accepted in compromise. Corporations which claim refund
of the entire amount accepted as compromise for the reason that in
their nature they are not subject to income tax must show definitely that
they are not organized for profit, filing with their claims certified copies
of their articles of incorporation;
(2) In the cases of corporations organized for profit, all amounts paid as
compromise in excess of $10; and
(3) In cases of individuals,all amounts paid as compromise in excess of $5.
The act in question covers only amounts paid as offers in compromise and
accepted by the United States for the year 1913 under the Income Tax Law
of Oct.31913,and has no reference to the 50% or 5% penalties collected
under the law.
Collectors will see to it that claims under the Act of March 4 1915 are
not confounded with claims on Form 627 for the refund of amounts authorized heretofore to be refunded. The claims covered by the Act of
March 4 1915 are for refund by this office of amounts formally accepted
in compromise, while those refundable by the Collector on Form 627 are
amounts not accepted or in excess of the amount actually accepted.
DAVID A. GATES,
Acting commissioner of Internal Revenue.
Approved:
BYRON R. NEWTON,Acting Secretary of the Treasury.
TRAINED ACCOUNTANTS TO BE ENGAGED IN ASSISTING IN
COLLECTION OF TAX.

In furtherance of plans for a partial reorganization of the
investigating forces of Secretary of the Treasury McAdoo
and Internal Revenue Commissioner Osborne incidental to
the collection of the income tax for 1915, some twenty
special agents appointed last year have received suggestions
that they resign in order that their places may be taken by
trained accountants peculiarly fitted to handle the books of
corporations.
TEST OF INCOME TAX REGULATION.

The directors of the United States Chamber of Commerce,
at their meeting in Washington on the 17th ult., made
known their intention "to test in the courts the correctness
of the regulation of the Treasury Department which for the
purpose of taxing net incomes requires business men to account for all net gains from all their transactions, but permits them to deduct only such losses as they incur in a
regular occupation."
The directors of the Chamber state that "as things stand
under the regulations a grocer, for instance, who sells two
piecesiof real:estate at the same time at a profit of $1,000 for

APR. 10

1915.]

THE CHRONICLE

one and a loss of $1,000 for the other has to report the former
$1,000 as income and cannot offset the loss. Thus he is in
a position of paying a tax on fictitious income. The directors were anxious not to provoke a controversy in the
matter in an antagonistic spirit, but felt that is was important to have it settled."
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 16
shares, and were all made at the Stock Exchange. The
transactions in trust company stocks, all auction sales, reach
a total of 27 shares. National City Bank stock sold at 360,
an advance of 10 points over the sale price two weeks ago,
and 5 shares of Brooklyn Trust Co. stock were sold at 470,
which is 10 points higher than the price paid at the last
previous sale in December 1914.
Low. High.
Shares. BANKS—New York.
*5 City Bank, National
360
360
*11 Commerce, Nat. Bank of__. 165
165
TRUST COMPANIES—New York.
15 Fulton Trust Co
280
280
5 Lawyers' Title & Trust Co
112
112
2 Metropolitan Trust Co
405% 405%
TRUST COMPANY—Brooklyn.
5 Brooklyn Trust Co
470
470

Close. Last previous sale.
360
Mar. 915— 350
165
Mar. 1915— 165

1227

heaviest snowfall of the present season; in the case of the
other two snowfalls of the winter 4.5 inches was recorded for
the first one(on Feb.2-3);while a total of 7.7 inches fell in the
second storm on March 6-7. Last Saturday's storm originated
in the South on Friday and then moved northward along the
coast to the southern New England States. As a snowstorm
it was severest in Philadelphia, where a fall of nineteen
inches broke all twelve hour records for that city. In
Boston the snowfall measured 8.3 inches. In New York the
snowfall,which was accompanied by a sixty-mile gale, lasted
from 8.30 A. M. until 10 P. M. The storm temporarily
tied up transatlantic shipping, and telegraphic communication south of Washington was for a time interrupted..
Trouble was also experienced by the local trolley and suburban traffic. Easter Sunday, however, proved bright and
mild, and under the influence of a warm sun the snow
quickly disappeared—in considerable part on the same
day and the rest on succeeding days.

Preparations for the annual convention of the American
Bankers' Association to be held at Seattle the week of September 6, are progressing. The aim is to make the 1915
Convention unique in entertainment, diverging somewhat
Dec. 1914— 460
470
from the customary order, and offering several novel features
* Sold at the Stock'Exchange.
which have not been hackneyed by the custom of preceding
With regard to the wild advance on the Stock Exchange in conventions. The details of entertainment will be announced
the price of the Bethlehem Steel Co. stock during the last in due course. Through correspondence between Associa;
few days, William C. Van Antwerp, a Governor of the Ex- tion members and those in charge of the hotel accommodations, it is inferred that there is still a lack of understanding as
change, made the following statement yesterday: .
A period of great speculation comes after every great war,and such specu- to headquarters, so that the names of the houses selected for
lation is now evident. This particular era of speculation is going to be dif- that purpose are again given: Washington Hotel,
Washington
ferent from any other. First, because manipulation has been prohibited
by law. Had there been any manipulation in Bethlehem Steel common the Annex, Washington Apartments and St. Regis Hotel, all
stock would have acted differently.
situated immediately together. In addition to the committees
Therefore, with manipulation eliminated, there will be wider fluctuamentioned in our issue of February 6 the following additional
tions, but the most important feature of all is that a tax of $4 has shut out
room traders. For example,J.J. Manning was driven to the Chicago wheat committees have been created:
April 1913— 285
280
112
Mar. 1915— 125
Mar. 1915— 396
4053-

market because of this condition. Had room traders been active in Bethlehem Steel, there would have been a different story. They would have had
stock to sell and stock to buy.
All dealing has been carefully watched by the committee chosen for that
purpose and no evidence of manipulation or a corner has been observed.
The surest proof of the absence of a corner is that the stock is never loaned
at a premium. The authorities have felt that for some reasons connected
with the nature of the Bethlehem company's business the floating supply
Is small. It is known that a large portion of the stock has been taken out
of the Street at prices between forty and eighty.

General Entertainment—Chairman, Mr. J. H. Edwards, Vice-President
Dexter-Horton Trust & Savings Bank.
Ball—Chairman, Mr. James D. Hoge, President, Union Savings & Trust
Co.
•
Music—Chairman, Mr. F. K. Struve, President, Seattle National Bank:
Transportation and Excursion—Chairman, Mr. J. A. Swalwell, VicePresident, National Bank of Commerce.
Automobile—Chairman, Mr. J. W. Maxwell, President, National City
Bank.
Decoration—Chairman, Mr. E. L. Grondahl, President, State Bank of
Seattle.
Information and Utility—Chairman, Mr. J. W. Spangler, Vice-President.
Seattle National Bank.
Clubs—Chairman, Mr. M. A. Arnold, President, First National Bank.
Ladies' Committce—Chairman, Mrs. M. F. Backus.

A canvass of existing conditions, more particularly as to
agriculture and trade, has been completed by Lewis L.
Clarke, President of the American Exchange National Bank.
The reports, which in general indicate an optimistic feeling,
H. W.Schrader, heretofore associated with the Merchants'
have been obtained through the correspondents of the institution—representative banks located in various parts of the Loan & Trust Co. of Chicago, has been appointed Assistant
country. In announcing the conclusions of his canvass, Manager of the foreign exchange department of the National
Bank of Commerce in New York.
Mr. Clarke says:
It goes without saying that business has suffered and in some cases is at
a standstill, due to the unsettlement produced by the European war. On
the other hand, the same cause has acted as a stimulus in certain lines of
trade, but noti to the extent of offsetting the general falling off which started
In the summer of 1914.
In general, the reports indicate an optimistic feeling, and that bankers
and business men are handling their affairs conservatively. They fully
realize that the process of recovery will necessarily be slow. Our people
adapted themselves quickly to the changed conditions following the declaration of war in Europe, and while much hardship ensued strong and successful efforts were made to equalize the burden. While the European
nations are settling their disputes on the battlefield, a gradual readjustment has been at work in this country along lines of improvement in our
banking and business systems. There has been a strengthening of the moral
fibre in our people, which will increase our efficiency as a nation and will
aid in placing us in a position where we will be able to compete for a share
of the world's trade.

J. D. Lankford was reappointed Oklahoma State Bank
Commissioner on March 19 by Governor R. L. Williams.
Mr. Latikford's term under the administration of Governor
Cruce expired on February 25. The Oklahoma Bankers'
Association recommended the appointment of one of the
following: Arch W. Anderson, of Oklahoma City; A. D.
Kennedy, of Okmulgee; B. F. Barber of Lawton.

A. W. Anderson, Vice-President of the Tradesmen's State
Bank of Oklahoma City, will be identified with the State Rural
Credit Association which, as stated in our issue of last week,
was formally organized in Oklahoma City on Mar. 20. Mr.
Anderson will relinquish his post in the Tradesmen's State
Henry C. Swords, President of the Fulton Trust Co. of Bank and will devote his attention to perfecting the organithis city, comments in his usual interesting way on current zation of the credit association, which purposes to lend
financial conditions in his circular letter, from which we money to Oklahoma farmers at a low rate of interest. The
take the following:
new association has offices in the Security Building.
The abrogation of the Golden Rule both at home and abroad has made
now features in the business situation which are hard to diagnose. Until
the foreigners stop killing each other and get back to business, and until
the politicians at home cease attacking corporations, we will have to refrain
from prophesying. This country is all right of itself, but it does not work
very well to have the Government of the North and East in the hands of
other sections; but after all no one section nor any party is altogether to
blame. Laws against capital have been advocated by all parties, as laws
like the full-creW and Inter-State Commerce Act are not the work of any
one party.

At a regular meeting of the directors of the Corn Exchange
Bank of this city on the 7th inst., Frederick K. Lister was
appointed Assistant Cashier.

Fred W. Ellsworth, who has been in charge of the department of publicity and new business of the Guaranty Trust
Co. of this city, has been made an officer of the company
A blizzard which swept over the Atlantic Coast last with the title of Publicity Manager. L. S. Critchell and
Saturday resulted in a snowfall of ten inches in New York, Arthur R. Jones have been appointed Assistant Secretariee
placing it on record as the heaviest April snowstorm in of the company.
this city in the history of the Weather Bureau. The
record had previously been held by the storm of April
The East Brooklyn Savings Bank of Brooklyn has pub9 1907, when the snowfall amounted to 5.5 inches. lished a small pamphlet giving rules and helps for saving
The storm of last Saturday, which covered the cit money and opening a savings account.
with a white mantlelforjEaster,ralso]jurnished 11
-We




1228

THE CHRONICLE

The Mount Vernon Trust Co. of Mount Vernon, N. Y.,
is the recipient of an unusual favor; Cyrus Townsend Brady,
who has just published a novel entitled "The Eagle of the
Empire," has dedicated his book to the trust company.
The dedication is in the following words:
DEDICATION.
Dedications have gone out of vogue save with the old-fashioned. The
ancient idea of an appeal to a patron has been eliminated from modern
literature. If a man now inscribes a book to any one it is that he may
associate with his work the names of friends he loves and delights to honor.
There is always a certain amount of assurance in any such dedication, the
assurance lying in the assumption that there is honor to the receipient in the
association with the book. Well, there is no mistaking the purpose anyway.
One of my best friends, and that friendship has been proved in war and
peace, at home and abroad, is a bank. The bank is like Mercy in more
ways than one, but particularly in that it is twice blessed; it is blessed in
what it receives, I hope, and in what it gives, I know. From the standpoint of the depositor sometimes it is better to receive than to give. It has
been so in my case and I have been able to persuade the bank to that
way of thinking.
Therefore,,in grateful acknowledgment of the very present help it has
been to me in time of need, and in public recognition of many courtesies
from its officers and directors, and as some evidence of my deep appreciation of its many kindnesses to me,I dedicate this book to the Mount Vernon
Trust Company of Mount Vernon, New York.

The Farmers' National Bank of Rome, New York, gave
a stockholders' dinner on March 25. W. L. Kingsley, VicePresident of the institution, acted as toastmaster and R. H.
Treman, director of the Federal Reserve Bank of New York,
made a speech on "The Federal Reserve System." The
institution was organized as a State bank on July 1 1875 and
converted to the National system on January 14 1879.
During the past ten years its deposits have increased from
$657,039 (March 17 1905),to $1,144,380 (March 19 1915).
The dividends paid during the period from 1905 to 1915
amounted to $149,250 and a special stock dividend of $100,000 was paid in 1911 increasing the capital of the institution
from $100,000 to $250,000. Total dividends of $486,750
have been paid since the organization of the bank. Its
officers are Edward Comstock, President; W. L. Kingsley,
Vice-President; George G. Clarabut, Cashier and Carl H.
Simon, Assistant Cashier.
Interests in the Bank of Buffalo, at Buffalo, N. Y., have
acquired control of the Commonwealth Trust Co. of Buffalo.
Elliott C. McDougal, President of the Bank of Buffalo, has
been elected President of the trust company, which has a
capital of $500,000 and deposits in the neighborhood of
$8,000,000.
•
The banking firm of Kidder, Peabody & Co. of New York
and Boston celebrated the fiftieth anniversary of its existence
OR April 1. The concern was formed by Henry P. Kidder,
Francis H. Peabody and Oliver W. Peabody of Boston.
Frank G. Webster, who is the New York Stock Exchange
member of the firm, is the only man now living who has been
with the house through its fifty years of existence. Mr.
Webster was one of the witnesses to the original partnership
papers and as a bookkeeper closed out the books of J. E.
Thayer & Brother during the two weeks previous to the
formation of the firm of Kidder, Peabody & Co. The
Boston "Transcript" gives the following sketch of the firm's
history:
On July 1 1886, Frank G. Webster, Charles A. Kidder, Frank E. Peabody of Boston, George F. Crane and Herbert L. Griggs of New York were
admitted into full partnership and the other partners then were: Francis
H. Peabody, Oliver W. Peabody, George C. Magoun and Thomas Baring.
On April 30 1891, the New York partners dropped out and formed thefirm of
Baring, Magoun & Co., at the same time adding Cecil Baring. Kidder,
Peabody & Co.then discontinued their New York office. Baring, Magoun
& Co. succeeding to the business. Later Baring, Magoun & Co. became Baring & Co.
Kidder, Peabody & Co. took Robert Winsor into full partnership on Jan.
1 1894, he having had an interest prior to that date; William Endicott,Jr.,
and Frank W. Remick were admitted on October 2 1905, they having had
an interest in the business since Jan. 1 1898; William L. Benedict and
Charles S. Sargent, Jr., on Jan. 2 1911.
Meantime, Hugo Baring returned to England and Baring & Co.'s business
in New York was discontinued on Jan. 1 1908. George D. Hallock and
Albert L. Mason of Baring & Co. became associated with Kidder, Peabody
& Co., who reopened a New York office at 56 Wall street, the following
day. William L. Benedict went there to take charge and C. S. Sargent,
Jr., also went from Boston to the New York office about two years later.
Mr. Hallock and Mr. Mason remain there in their same capacities. About
a year ago the New York office of Kidder, Peabody & Co. was removed to
17 Wall Street.

The present members of the firm are F. G. Webster, F. E.
Peabody, Robert Winsor, William Endicott, Jr., Frank W.
Remick, William L. Benedict and Charles S. Sargent, Jr.
A. L. Williston, President of the First National Bank of
Northampton, Mass., died on the 1st inst. Mr. Williston
was Treasurer of Mount Holyoke College and a trustee of
Smith College and Williston Seminary. He was one of the
founders of the Florence (Mass.) Savings Bank.



[VOL. 100.

George W. Prentiss, business man and banker of Holyoke,
Mass., died on the 2d inst. Mr. Prentiss was founder and
President of the Prentiss wire mills of Holyoke, and had
been President of the Holyoke Savings Bank for many years,
and was a director of the institution at the time of his death.
He had also served as President and a director of the Holyoke
National Bank and as a director of the Third National
Bank of Springfield. IMr.Prentiss was a member of Holyoke's
first board of aldermen in 1874 and had been a director of
the Dean Steam Pump Company and treasurer of the Holyoke and Westfield Railroad Corporation. He was eightyfive years of age.
An application for a charter for a new trust company to
be operated in Worcester (Mass.) under the title of the Park
Trust Company has been filed with the Massachusetts
Bank Commissioner. The proposed institution will have a
capital stock of $300,000, in $100 shares. It is intended to
sell the stock at $135 a share, thus providing a surplus of
$105,000. The new concern will have quarters in the Park
Building on Main street. The incorporators include:
George M. Wright, former mayor of Worcester and President and General Manager of the Wright Wire Company;
J. Lewis Ellsworth, President of the Worcester Chamber of
Commerce; Rufus B. Fowler, formerly President of the
Worcester Board of Trade and Park Commissioner of Worcester.
The Mechanics' National Bank of Worcester this year
will pay an annual dividend at the rate of 9%, the directors
of the institution having voted to declare an extra dividend
of 1% in addition to the usual semi-annual dividend of 4%.
The Mechanics' National has a capital of $200,000, surplus
of about $361,729 and deposits of $5,131,019, according to
the statement issued under the Comptroller's call of March 4.
Samuel S. Sharp, President of the Penn National Bank of
Philadelphia, celebrated on April 1 the thirtieth anniversary
of his election to that office. It is stated that Mr. Sharp
has served as chief executive of a Philadelphia bank longer
than any one else in that city. The deposits of the Penn
National have grown from $1,385,000 to over $6,453,000
and the surplus and undivided profits from $175,000 to
approximately $1,637,000 during Mr. Sharp's administration. Dividends of 6% per annum were paid up to 1896;
an 8% rate prevailed from 1897 to 1906; 10% was paid for
the two following years and 12% since then. The Penn
National Bank has a capital of $500,000.
William Disston, Chairman of the Board of Directors
of the German-American Title & Trust Co., of Philadelphia,
died on the 5th inst. Mr. Disston was President of the
Disston Saw Works.
Horace Binney Pearson, who was a Vice-President and
Treasurer of the Merchants' Trust Co., of Philadelphia,
when it united with the Union Trust to form the Merchants'
Union Trust Co., in January 1911, and who became Treasurer of the consolidated institution, died on the 4th inst.
He was seventy-six years of age.
Dr. H. H. Grace has been elected President of the Central
Trust Co. of Camden,N.J.,to:succeed Alpheus McCracken,
who has become Chairman of the Boaad of Directors.
Dr. Grace has for some time been a director of the trust
company.
A permanent association as of April 1 has been established
between the First National Bank of Scranton, Pa., and the
Lackawanna Trust Co. of that city. The business of both
institutions will be carried on in the present quarters of the
First National until a new building, which will house both
corporations, can be erected upon the present site of the trust
company. The First National has a capital of $1,250,000,
surplus (earned) of $1,000,000, deposits of over $13,000,000
and total resources of over $16,000,000. The Lackawanna
Trust Co. has a capital of $250,000, and surplus (earned) of
$250,000. Under the new arrangements its capital and
surplus is pledged exclusively for the performance of its
trust undertakings. Previously the institution had a
deposit line of over $2,000,000.
Charles Weston is President of the bank and Vice-President of the trust company; J. Benj. Dimmick is President
of the trust company and Vice-President of thejbank; Frank

aPR. 10 1915.1

THE CHRONICLE

1229

Anderson and George
Hummler is Cashier of the bank and Treasurer of the trust Frank W. Read, Cashier, and George
Findlay, Vice-Presidents.
company.
In recognition of his fifty years of service with the bank
William H. O'Connell, President of the Citizens' National
Bank of Baltimore, was presented by the directors with a
magnificent silver service on March 31. Resolutions were
also adopted commending his work. Gen. James A. Gary,
who has been a member of the board of directors of the bank
since 1870 made the presentation in behalf of the board.
The employees of the bank presented President O'Connell
with a Russian leather case containing gold link cuff buttons,
a gold match safe, a link watch chain and a gold-handled
knife. Mr. O'Connell has been identified with the institution since April 1 1865.
A new bank to be known as the Seaboard Bank, will be
established in Baltimore in the near future. A site for the
proposed institution has been secured, property on the southwest corner of Charles and Preston Streets having been purchased for its home by the Germania Savings Bank, of which
W. Bernard Duke, former Vice-President of the National
Bank of Baltimore, is President. Mr. Duke is promoting
the establishment of the new bank. About a year ago
he bought control of the Germania Savings Bank and its
charter will be used for the new bank. The Germania
Savings Bank, which is located at Lombard and Washington
Streets, will be continued as a bracnh of the new institution.
The Seaboard Bank will have a capital of $150,000. Mr.
Duke will be President of the bank.

A special meeting of the stockholders of the Security
National Bank of Minneapolis will be held on May 4 to
formally authorize the voluntary liquidation of the bank
and the sale and transfer of its assets to the First National
Bank. The details of the consolidation of these two banks
were given in these columns on March 27 and April 3.
The Scandinavian-American National Bank of Minneapolis has leased the quarters in the Security Bank Building
which were occupied by the Security National Bank prior to
its recent consolidation with the First National Bank.
President H. R. Lyon of the Scandinavian-American announces that the unexpired lease of the Security National,
which has eleven years to run, has been obtained by his institution. The new quarters will be occupied by June 1.
W. R. Murray has been chosen Assistant Cashier of the
Scandinavian-American National Bank.
0. C. Redick has been elected President of the City Trust
Co. of Omaha, Neb., to succeed John F. Flack, and D. A.
Baum has been chosen Vice-President. Both Mr. Redick
and Mr. Baum have been directors of the company.

Leonard A. Imboden, who was convicted with James A.
Hill of conspiracy to embezzle the funds of the Denver
Savings Bank of Denver, which suspended in August 1905,
and who served five years in the penitentiary, has announced
his intention of restoring to the creditors of the savings bank
of Cleveland which, as recently the $400,000 due them when the bank closed.
The Union National Bank
stated in these columns, will increase its capital stock by
W. B. Slaughter, President of the Mercantile National
$400,000, or from $1,600,000 to $2,000,000, has offered the
existing shareholders at $150 a share. The Bank of Pueblo,Colo., which closed its doors on March 29,
new stock to the
announcement sent to the shareholders concerning the new was arrested on March 31 on a charge made by County Treasurer Stannard alleging the embezzlement of $20,000 of funds
stock says in part:
"You are entitled to subscribe for 25% of your present holdings; payment of Pueblo County which had been deposited in the institufor your subscription to be made in cash in four equal installments on the tion. He was released from custody on April 4 under bonds
first days of May. August and November 1915, and February 1916. Inby the United States Fidelity & Guarterest at the rate of 6% per annum will be allowed upon the respective of $40,000 furnished
payments from the dates made until the certificates for the amount of your anty Co. of Baltimore,which has also agreed to pay the city of
subscription can be legally issued. If subscriptions are not received by Pueblo an indemnity of $19,300 for city deposits in the instithis bank on or before April 20, the understanding will be that the sharecolumns last week, the bank was
holder has waived. No fractional shares will be issued and the fractional tution. As stated in these
rights will be purchased at the rate of $150 per share, and, to the extent closed following a run and rumors of irregularities circulated
possible, sold to shareholders to make full shares, at the same rate.
after the resignation of Cashier C. C. Slaughter, son of the
bank's Pre ;id( nt. A warrant was also issued on the 31st
George Lomnitz, Secretary of the Citizens' Savings & ult. for the arrest of the younger Slaughter,and on the 2nd
Trust Co. of Cleveland, died on March 31. He collapsed inst. he was indicted by the Federal Grand Jury at Denver,
while assisting the firemen to fight an apartment house fire on six counts said to charge the making of false entries in
the bank. The whereabouts of the younger
the books of.
and died within an hour.
Slaughter are unknown. Francis A. Chapman, who had
The South-West Merchants' State Bank of Chicago has been named as temporary receiver, has been appointed
declared a first dividend of 1%, thus placing the stock on a permanent receiver of the bank.
4% per annum basis. The institution was organized in
The Kansas State Bankers' Association will hold its
May 1913.
annual convention on May 11 and 12 at Independence.
Charles B. Wiggin, Vice-President of the Merchants' NaThe Garfield Park State Savings Bank of Chicago has deBoston, is to address the meeting. The
dividend of 1%, payable April 15 to holders tional Bank of
clared an initial
Kansas bankers are making arrangements for a special train
of record March 31. The bank began business June 7 1913. to take them to the annual convention of the American
Bankers' Association, which will be held at Seattle in SeptemBenjamin H. Marshall has been chosen a director of the ber.
Union Trust Co. of Chicago.
4
Horatio N.Davis,a director of the Mississippi Valley Trust
Based on an announcement in the Chicago "Herald" of Co. and the State National Bank of St. Louis, died on
March 26, we reported last week the sale of the Lorimer- March 22. Mr. Davis was a director of George Knapp &
Munday holdings in the Illinois State Bank of Chicago to a Co. (publishers of the St. Louis "Republic"), of the St. Louis
syndicate; the transaction was not actually concluded Cotton Compress Co., the Union Electric Light & Power
until the 7th inst., when Judge Foell of the Superior Court, Co. and President of the Smith & Davis Manufacturing Co.
Chicago, signed two decrees under which William Lorimer Jr. Mr. Davis's brother, John D. Davis, is Vice-President of
released his title to 970 shares of the bank to the Chicago the Mississippi Valley Trust Co.
Title & Trust Co., receiver for the Rosehill Cemetery Co.
Following several formal proceedings, the receiver sold the
Pierre Viglini, President of the German Bank of Louisbank stock for $9,700 to Emile Levy, as trustee for a syndi- ville,'died on March 28. Mr. Viglini was President of the
cate headed by Maurice L. Rothschild, Alfred Decker of bank for thirty-six years,and,in point of service, was LouisAlfred Decker & Cohn, clothiers; Virgil C. Webster and ville's oldest banker. He became Cashier of the bank in
Mr. Levy.
1869 and was advanced from that position to the presidency
in 1879 upon the death of his father-in-law, Henry Deppen,
Arrangements for the consolidation of the First National President and founder of the institution.
Bank of Lake Forest, Illinois, and the State Bank of Lake
The City National Bank of Roanoke, Va., has been placed
Forest have been carried into effect, the enlarged institution,
which has a capital and surplus of $130,000 and deposits in voluntary liquidation, having been consolidated with the
in the neighborhood of $1,000,000, having begun business National Exchange Bank of Roanoke.
on the 1st inst. The officers are P. L. James, President;




[VOL. No.

THE CHRONICLE

1230

A suit for $100,000 against the directors of the defunct
Citizens' Trust Co. of Augusta, Ga., has been filed by Callaway & Howard, attorneys for the depositors of the institution. The Citizens' Trust, which had succeeded to the
business of the Citizens' Bank in February 1912, suspended
business on July 19 1912. The suit against the directors
rests on the theory that no part of the $100,000 capital was
ever paid in. A similar suilhas been brought against the
officers, directors and trustees of this concern by the receiver, Bryson Crane. Several of the defendants have denied that they were directors of the institution.

Jan __
Feb._
March
April_
May
June
July_
Aug_
Sept_
Oct
Nov_
Dec

EXCESS OF EXPORTS OR IMPORTS.
Merchandise
Slice
1915.
1913.
1914.
1915.
1914.
1915.
1914.
$145,731 +349,324 +363,970 -$6,205 -$3,528 +$2,901 +31,691
+173,605 +25,875 +44,083 -11,672
+5,870
+1.024
+1,078
+4,944 +31,981
-5,210
+1;314
-11,209 +53,619
-3,053
+2,329
-2,549 +60,883
+14,862
+3,090
-457 +32,159
+44,290
+2,817
-5,538 +21,929
+30,278
+2,713
-19,401 +50,257
+15,081
+1,530
+16,341 +47,155
+19,125
+3,526
+56,631 +138,912
+44,357
+1,248
+79,411 +97,303
+7,135
+1,133
+3,978
+130,976 +49,170
+2,573

Total_

+3324,348+5691,422

+$165,228

+525,643

+ Exports. -Imports.

Totals for merchandise,gold and silver for eight months:
A community trust fund to be known as the Spokane
Foundation has been created by the Union Trust & Savings
Merchandise.
Silver.
Gold.
Eight
Bank of Spokane in response to the petition of fourteen Months.
Excess
Excess
Excess
Exof
(0005
ExImof
Imof
prominent citizens. It is the purpose of the Foundation to omitted) ports. ports. Exports ports. ports. Exports Ex- ports. Exports
ports.
provide a permanent agency for bequests or donations in$
$
$
$
$
$
$
$
$
tended for civic improvement, educational aid or charitable 1914-1 1,633,388 1,055,632577,756 140,387 46,267 94,120 34,705 18,055 16,650
1,695,723 1,215,797479,920 44,057
/5,39 37,057 21,969 15,088
Foundation, which is planned along the lines 013-14 1,720,632 1,246,399474,233 43,639 49,447 /9,212 50,044 29,819 20,225
work. The
1912-13
52,851
1911-1 1,505,997 1,046,388
of similar institutions in Cleveland and St. Louis, will be 1910-11 1,434,5401,015,736 459,609 36,436 31,751 4,685 42,371 29,924 12,447
118,804 10,607 55,181
40,411
8,985
administered by a committee of five citizens, who will be 1909-1 1,209,245 1,021,312 187,933 78,147 29,146 /44,574'37,319 31,426 6,600
49,001
30.719
empowered to accept bequests or donations and to fulfil f Excess of imports.
the conditions imposed by the donors. The Union Trust &
Similar totals for the month of January for six years make
Savings Bank of Spokane has been selected as trustee for the the following exhibit:
Foundation funds. The Foundation will be under the jurisGold.
Merchandise:
Silver.
diction of State laws and either the Attorney-General of the
Two
Excess
Excess
Excess
State or the chief law officer of Spokane may institute pro- Month. ExExof
Imof
InaExIm(000s
of
ceedings to restrain, correct or recover for any maladminis- omitted) ports. ports. Exports ports. ports. Exports Ports. ports. Exports
$
tration of the Foundation by the trustee or the committee
$
s
$
$
$
$
1,745 19,623
566,607 247,272
6,687 1,925
and may inspect the Foundation records. The' group of 1915_ 377,987 302,788 319,335 15,993 13,651 /17,878 8.612 4,233 3,369
75,199
2,342 7,602
1914_
312,977 108,053 29,011 11,567 18,044 11,751 6,682 5,069
1913_._ 421,03
citizens at whose request the Foundation is created em- 1912_ 401,291 277,775623,516 12,504 8,078 4,426 11,150 8,139 3,011
252,256 120,784 1,349 15,347 113,998 10,104 7,449 2,655
1911_ 373,04
braces:
1910- 269,019 263,788 5,231 9,100 5,194
---- -f Excess of imports.

C. M. Fassett, Mayor of Spokane.
Geo. W. Dodds, "Spokesman-Review."
May Arkwright Hutton.
W. S. Gilbert, attorney, Hamblen & Gilbert.
D. C. Corbin, President Spokane & International RR. Co.
Myron A. Folsom, lawyer.
J. D. Sherwood, investments.
Frank H. Rudkin, Judge United States District Court.
D. M. Drumheller, banker and ex-Mayor.
Wm. A. Huneke, Judge Superior Court.
W. D. Vincent, Cashier Old National Bank.
D. H. Dwight, banker and investments.
Bruce M. Watson, Superintendent of Public Schools.
Arthur B. Lee, President Board of Education.

Bonds and Legal Tenders
on Deposit for
Bonds.

Total

$222,616

1913.
$17,238
12,373
18,077
3,610
12,467
569
8,054
1,195
496
484
6,663
10,573

Total

1915.
$5,188
3,424

Exports
1914.
$4,009
3,592
3,832
4,543
4,845
4,639
3,953
3,627
5,390
3,972
3,838
5,312

1913.
$6,436
5,315
5,537
5,972
5,329
4,732
4,936
9,908
5,856
4,874
4,423
4,458

$51.602

$62,776




1,693

Circulation Afloat Under
-

Bonds.

Legal
Tenders.

Total.

$
$
$
Mar.31 1915_ 751,289,635 180,563,842 6734,138,833 105,409,147
Feb. 27 1915_ 770,139,529 190,078,639 /747,951,802 190,078,639
Jan. 30 1915_ 810,508,055 191,724,115 6790,482,018 191,724,115
Dec.31 1914_ 897,140,922 168,541,616 d871,169,405 168,541,610
Nov.30 1914_ _ 1,017,177,241 101,420,019 c1010,579,057 101,420,019
Oct. 31 1914__ 1,109,989,665 20,832,278 b1100,836,633 20.632,278
,17,883 15.766,893
Sept.30 1914_ 1,089,281,290 15,766,893 a1062,
Aug.31 1914._ 870,289,600 15,447,138 .862,093,143 15,447,138
- 740,220.660 15,684,220 735,222,801 15,684,220
July 31 1914
June 30 1914__ 740,796,910 15,142,939 735,528,980 15,142,939
May 30 1914_ 740,818,360 16,131,271 735,423,425 16,131.271
AprI130 1914._ 741,213,210 15,585,726 736,180,040 15,585,726
Mar.31 1914_ 740,603,400 16,605,018 735,445,281 16,605,018

$
899,547,980
938,030,441
982,200,133
1,039,711,021
1,111,999,076
1,121,468,911
1,077,884,771
877,540,286
750,907,021
750,671,891
751,554,699
751,765,766
752,050,296

•Of which $126,241,760 miscellaneous securities, Act of May 30 1908.
a Of which $325,007,000 miscellaneous securities, Act of May 30 1908.
Of which $361,119,940 miscellaneous securities, Act of May 30 1908.
c Of which 5270,078,236 miscellaneous securities, Act of May 30 1008.
d Of which $150,836,692 miscellaneous securities, Act of May 30 1908.
Of which $67,307,165 miscellaneous securities, Act of May 30 1908.
01 which $31,133,734 miscellaneous securities, Att of May 30 1908.
g Of which 515,154,695 miscellaneous securities, Act of May 30 1908.

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on March 31.
Bonds on Deposit
March 31 1915.

U. S. Bonds Held March 3110 Secure
Bank
Public Deposit
Circulation.
in Banks.

Total
Held.

$63,705

1915.
$2,287
2,400

Imports
1914.
$2,318
1,914
2,567
2,214
1,755
1,822
1,240
2,097
1,864
2,724
2,708
2,739

3
12,135,700
4,807,400
3,667,200
1,154,500
549,000
13,424,900
543,000
5,225,000
838,000
10,000
1,561,000
1,723,000
22,059,751

$
613,887,900
25,419,620
35,721,300
53,969,780
29,450,140
13,424,900
543,000
5,225,000
838,000
10,000
1,561,000
1,723,000
22,059,751

Total
736,134,940
Miscellaneous Securities (approved
issue value)
15,154,695

67,698,451

803,833,391

Total Bonds and other Securities_ 751,289,635

$91,799

1913.
$6,210
5,357
4,381
4,014
4,561
3,387
7,859
5,804
4,627
5,391
7,041
. 5,073

$57,338

1915.
$6,896
12,726

Imports1914.
$10,442
3,209
7,842
3,460
1,973
3,817
3,392
3,045
2,762
5,945
7,392
4,109

SILVER.
January
February......
March
April
May
June
July
August
September_
October
November _
December _

Legal
Tenders.

$1,789,276 31,792,596

GOLD.
Exports
1914.
January
$6,914
February_ _ _ 9,079
March
2,632
April
407
May
16,835
June
48,107
July
33,669
August
18,126
September.....
21,887
October
50,302
November.....14,527
December
131
1915.
$691
1,054

7,403

1911-15.

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted=
MERCHANDISE.
Exports
Imports
1915.
1914.
1913.
1915.
1914.
1913.
January
$267,879 $204,067 $227,033 $122,148 $154,793 5183.063
February
298,728
173,920
193,997
125,123
148,045
149,914
March
187,499
187,427
182,555
155,446
April
162,553
199,813
173,762
146,194
May
161,733
194,607
169,282
133,724
June
157,072
163,405
157,529
131,246
July
154,139
160,991
159,677
139,062
August
110,367
187,909
129,768
137,652
September_
156,052
218,240
139,711
171,085
October
194,711
271,861
138,080
132,949
November.
205,878
245,539
128,467
148,236
December _
245,633
233,196
114,657
184,026
52,113.624 52.484.018

9,086

-CHANGES IN TOTALS OF, AND IN
BANK NOTES
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in bank notes and in bonds
deposit.
and legal tenders on

IMPORTS AND EXPORTS FOR FEBRUARY.
The Bureau of Statistics at Washington has issued the
statement of the coluitry's foreign trade for February, and
from it and previous statements we have prepared the following interesting summaries:

Total

3,906

67,698,451

818,988,086

2%,U. S. Consols of 1930
3%,U. S. Loan p11908-1918
4%, U.S. Loan of 1925
2%,U.S. Panama of 1936
2%, U.S. Panama of 1938
3%,U.S. Panama of 1961
3.65%, District of Columbia
4%, Philippine Loans'
4%,PhIllpDlne Railway
4%, Manila Railroad
4%,Porto Rico Loans
Various, Territory of Hawaii
Various, State, City, Railroad, &c

601,752,200
20,612,220
32,054,100
52,815,280
28,901,140

15,154,695

------- -The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Mar. 1 and
Apra 1 and their increase or decrease during the month of
March:

1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,089
2,810

Amount of bank notes afloat April 1 1915
$899,547,980
Legal-Tender Notes
Amount on deposit to redeem national bank notes March 1 1915-.3190,078,639
Net amount of bank notes retired in March
24,669,492

$25,959 1 335,867

Amount on deposit to redeem national bank notes April 1 1915-$165,409,137

National Bank Notes-Total Afloat
Amount afloat March 1 1915
Net amount retired during March

5938,030,441
38,482,461

1231

THE CHRONICLE

APR. 10 19154

-The clearings of the CanaCanadian Bank Clearings.
THE ENGLISH GOLD AND SILVER MARKETS.
dian banks for the month of March 1915 show a decrease
We reprint the following from the weekly circular of
of 1914 of 10.6%, and for the three
Samuel Montagu & Co. of London, written under date of from the same month
months the loss reaches 16.3%.
March 25 1915:

GOLD.
Three Months.
March.
Gold movements continue to be active, and withdrawals considerably
Clearings at
preponderate on balance.
Inc.or
Inc. or
by the Bank of England:
The following amounts were received
Dec.
1914.
1915.
Dec.
1914.
1915.
18__ £563,000 in bar gold.
March
%
$
$
$
%
$
19_- 900,000 in sovereigns released.
Montreal_ _ _ 198,451,527 212,186,053 -6.5 550,385,776 646,594,002 -14.8
91,000 in bar gold.
23.._
Toronto _ _ _ _ 143,765,630 167,870,606 -14.4 416,017,320 517,505,068 -19.6
24__ 781,000 in bar gold.
Winnipeg_ _ _ 100,143,890 91,710,153 +9.2 292,164,880 290,150,068 +0.7
Withdrawals were made as under:
66,165,563 117,122,186 -43.5
Vancouver_ _ 21,833,220 41,714,259 -47.7
March 18_ _ £101,000 in foreign gold coin.
48,569,134 +4.6
50,787,312
18,692,064 16,747,318 +11.6
Ottawa
18_ _ 205,000 in sovereigns set aside on account of Argentina.
37,176,572 -11.4
32,946,895
11,439,078 12,502,734 -8.5
Quebec
19_- 703,000 in foreign gold coin.
23,651,051 -5.0
22.466,424
62,000 in sovereigns set aside on account of Argentina.
7,379,290 7,674,555 -3.9
Halifax
19_37,019,608 -15.1
31,425,765
Hamilton_ _ _ 10,873,859 12,391,477 -12.3
22_ _ 604,000 in foreign gold coin.
18,638,894 -2.5
18,216,929
80,000 in sovereigns set aside on account of Argentina.
6,349,112 6,065,668 +4.7
St. John__
22_ _
20,925,867 +1.7
21,278,379
23...1,150,000 in foreign gold coin.
6,811,196 6,940,901 -1.9
_ ___
London
43,655,383 -15.5
36,858,243
Calgary _ _ _ _ 13,995,258 14,431,284 -3.0
23-- 200,000 in bar gold.
32,768,767 -36.6
20,773,819
6,635,016 11,043,187 -39.9
Victoria. _ _ _
23- 205,000 in sovereigns set aside on account of Egypt.
42,650,381 -38.5
26,219,625
55,000 in sovereigns set aside on account of Argentina.
9,242,814 14,249,340 -35.1
Edmonton.._
23__
23,292,979 -32.7
15,676,708
5,428,884 7,534,741 -27.9
Regina
24_- 504,000 in•foreign gold coin.
5,978,080 -11.6
5,282,634
1,874,818 2,004,746 -6.5
90,000 in sovereigns sot aside on account of Argentina.
24_ Brandon __ _
5,520,157 -32.6
3,720,251
1,282,143 1,856,984 -30.9
Lethbridge _
During the week the net reduction was £1,624,000.
14,935,889 -41.8
9,269,742
3,224,124 5,119,383 -37.0
compares Saskatoon _ _
The output of Rhodesia in February 1915 was £286,789, which
7,465,400 -19.4
6,021,866
2,067,332 2,385,922 7,-13.3
Brantford _ _
11,262,233 -24.5
with £293,133 in January 1915 and £259,888 in February 1914.
8,499,367
3,310,186 3,819,086 -13.3
Moose Jaw_
9,230,110 -42.8
5,284,947
The output of West Africa in February 1915 was £144,034, which com- Fort William 1,967,524 2,823,300 -33.9
4,919,880 -34.7
3,213,447
NewW'm'ter 1,154,672 1,731,544 -33.3
pares with £143,649 in January 1915 and £123,169 in February 1914.
5,278,036 -49.2
2,682,466
Medicine H't 1,033,314 1,755,867 -41.1
SILVER.
4,982,434 Not incl.in to tal.
1,704,369 Not incl. in total.
Peterbor'gh_
The tone continues to be steady.
-16.3
After the dip to 23%d. a week ago, the quotation rallied to 23 13-16d. Tot. Canada 576.054.951 644.559.108 -10.6 1.645.358.358 1.965.300_745
on the 19th inst. and has remained at that figure five days out of the six
working days under review.
The Indian Bazaars have bought very little. The chief support has come
from the Continent and from China, whence there was an inclination to
3
replace some of the silver sold at about /,d.higher during the preceding week.
American sales, though not made freely, have been fairly good, and in the
circumstances, the market has shown a healthy appearance.
An Indian currency return of the 15th inst. gives the following details,
in lacs of rupees:
59,70
Notes in circulation
30,43
Reserve in silver coin
7,71
Gold coin and bullion
7.65
Gold in England
The stock in Bombay consists of 7,100 bars, compared with 6,700
last week.
HongA shipment of 230,000 ozs. has been made from San Francisco to
kong.
bar silver per ounce standard:
Quotations for
5%
Bank rate
No
Mar. 19_ _ _ _23 13-16 cash
" quotation Bar gold per ounce standard_77s. 9d.
20.._--23h
French gold coin per oz___ _Nominal
fixed
22__ _ _23 13-16 "
U. S. A. gold coin, per oz_ _Nominal
for
23.._- _23 13-16 "
24___ _23 13-16 " forward
delivery
25_ _ _ _23 13-16 "
"
Av.for wk_ _23.802
The quotation for cash delivery to-day is 3-16d. above that fixed a week
ago.

The clearings for the week ending April 3 at Canadian
cities, in comparison with the same week of 1914, shows a
decrease in the aggregate of 20.3%.
Week ending April 3.
Clearings
1915.
Canada.
Montreal
Toronto
Winnipeg
Vancouver *
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria •
Edmonton'
Regina'
Brandon*
Lethbridge*
Saskatoon •
Brantford*
Moose Jaw *
Fort William'
New Westminster•
Medicine Hat'
Peterborough•

1914.

Inc.or
Dec.

1912.

1913.

$
$
%
$
38,911,525 46,855,215 -16.9 56,128,930
28,081,735 43,468,544 -35.2 48,129,724
20,367,805 21,702,766 -6.2 25,238,278
11,750,448
9,076,182
4,176,391 3,907,894 +6.9 4,175,268
2,304,997 2,705,682 -14.8 3,012,538
1,614,569 1,943,520 -16.9 1,849,349
2,263,641 2,958,410 -23.5 3,832,101
1,383,350 1,255,797 +10.2 1,384,152
1,299,691 1,666,429 -22.0 2,061,297
3,116,916 3,356,463 -7.1 5,252,921
3,647,160
2,447,399
4,215,975
3,202,016
2,459,974
1,753,551
499,253
621,936
483,435
354,055
1,843,745
1,124,007
623,542
522,057
1,248,559
826,382
677,962
634,715
552,308
388,822
381,986
Not incl. in total

$
56,706,027
41,000,177
28,572,155
11,946,016
6,121,277
2,820,695
2,062,188
3,531,937
1,444,188
1,700,081
5,147,699
3,280,188
4,216,721
2,089,681
394,766
604,475
2,189,815
569,988
1,051,180
674,867

TRADE AND TRAFFIC MOVEMENTS.
-Anthracite coal
ANTHRACITE COALPRODUCTION.
.
shipments to tidewater during the month of March totaled
4,985,398 tons, a decrease of 179,305 tons from the figures
for March last year. For the first three months aggre103.520.620 129.820.729 -20.3 151,064,558 149,106,424
Total Canada
gate shipments were 13,995,040 tons, against 14,461,886
* Not included in total; this year's figures not received.
tons in 1914 and 16,919,876 tons in 1913. In the following
we compare the shipments by the various carriers for March
Pacific and Other Western Clearings brought forward
1915 and 1914 and for the quarter ending March 31 this year from first page.
and last:
to March 31.1914.
1915.
Road,Roadtons_ 961,415 936,304
Philadelphia & Reading
Lehigh Valley926,701
578:322 750,381
Central RR. of New Jersey
Delaware Lackawanna & Western.... _ 644,932 668,038
617,605 446,135
Delaware & Hudson
544,023 585,190
Pennsylvania
593,250 660,924
Erie
151,820 191,030
Ontario :S: Western
Total

4,985,308 5,164,703

Jan. 1
1915.
2,415,915
2,735,370
1,660,546
1,850,716
1,785,877
1,367,597
1,706,140
472,879

1914.
2,698,223
2,419,133
2,018,522
1,8130,529
1,475,406
1,547,408
1,900,534
542,131

13,995,040 14,461,887

New York City Banks and Trust Companies.
Ask
Bid
Banks
New York
America* _ 555 565
Amer Exch.. 208 215
Battery Park 135 145
- 405
Bowery* Bronx floro•_ 225 260
Bronx Nat - 160
Bryant Park* 150
125
Butch & Dr..
Century* - 165 175
565 000
Chese
Cbath ,S,Phen 177 185
Chelsea Ex*. 125 135
Chemical _ _ 305 405
172
Citizens Cent 165
t360
City
Coal & Iron_ 145 153
Colonial*- 450
Columbia* __ 300 616
Commerce _ _ t165
Corn Each*. 300 307
Cosmopolltn* 80 100
90
East River.. 75
Fidelity*---- 140 155
Fifth Aye'..4250
250 300
Fifth
835 850
First
Garfield __. 190 210
Germ-Amer* 135 145
German Ex*. 385 410
425 475
Germania
100
Gotham
265 2110
Greenwich*
Hanover _ _ _ 615 630
Harriman- 285 295
Imp & Trad 500 510
170 175
Irving
570 585
Liberty
310 330
Lincoln
Manhattan•. 310 320
Mark & Fult 235 245
• Banks marked with
Exchange this week.




Bid
Bank
Mech de Met_ 245
Merch Exch. 165
Merchants'_ _ 180
Metropolis* _ 300
Metroporn*_ 160
325
Mutual
New Nett)* _ 215
New York Co 725
New York_ _ 375
200
Pacific
385
Park
225
People's*
Prod Exch._ 157
Public*
- 375
Seaboard_
400
Second
Security*
Sherman _ _ 121
130
State*
23d Ward•_ _ 100
Union Each. 133
Unit States*. 500
Wash H'ts*.. 275
Wettch Av*_ 160
West Side*.._ 400
Yorkville *_. 103

Ask
250

116'-

330
175

225
825
385
220
305
162
175
400
425
80
13.5
145
125
140

fig
450
575

Trust Co's
Bid
Ask
New York
345 360
Astor
Bankers Tr_ _ 400 410
B'way Trust_ 144 150
Central Trutt 965 975
Columbia _ _ _ 450
.80 Commetdal _
295 305
Empire
Equitable Tr 400 410
Farm L ,S: Tr 1075 1110
200 205
Fidelity
t280
Fulton
Guaranty Tr 560 570
125 135
Hudson
Law Tit & Tr t112
Lincoln Trust 100 105
Metropolitan t4051.
Mutual Alli100 110
ance
Mut'l (West
chester) _ _ 130 135
NYLIre I &Tr 950 965
575 585
N Y Trust
r 360 370
Title Gil
Tr'nsatlantic 200 220
Union Trust_ 335 345
US Mtg &Tr 385 395
United State 1035 1045
Westchester _ 140

Bronklyn.
105
Coney laid'.
260 270
First
110 130
Flatbush _
Brooklyn
150 Brooklyn Tr.t470
Greenpoint _ _
_ _ 105 120 Franklin -_ 250
Home,stead•- 80 100 Hamilton _ _ _ 270
130 140 Kings County 600
Mechanics*
105 ManufacersMontauk*
Citizens- _ 137
1.6T 210
Nassau
280
National City 270 280 People a .
North Sides_ 175 200 Queens Co__
145 155
Peoule's
a VI are State banks. t Sale at auction or at

260
285
615
295
80
Stock

Three Months.

March.
Clearings at
1914.

1915.

Inc.or
Dec.

I

3
$
San Francisco.220,488,514211,725,903 +4.1
Lqs Angeles._ _ 88,316,283 107,760,054 -18.0
55,602,377 56,627,341 -1.8
Seattle
51,771,663 55,335.019 -6.4
Portland
Salt Lake City 24,668,238 23,927,935 +3.1
16,680,746 18,091,189 -7.9
Spokane
10,783,021 11,511,716 -6.3
Tacoma
14,853,734 14,793,587 +0.4
Oakland
Sacramento... 7,331,073 8,521,117 -14.0
San Diego_ _ _ 8,677,240 10,094,224 -14
3,654,417 3,604,089 +1.4
Stockton
3,925,395 4,172,025 -5.9
Fresno
2,544,698 2,647,404
San Jose
North Yakima 1,900,154 1,832,551 +3.7
4,156,633 4,423,405 -6.
Pasadena
2,744,384 3,004,138 -8.7
Boise
1,224,852 1,077,052 +13.6
Reno
2,911,680 3,042,317 -4.3
Ogden
842,472 1,110,532 -23.7
Santa Rosa...
Long Beach_ _ _ 2,458,298 Not incl. in total.
Total Pacific 523,082,574543,301,598

1915.

1914.

% •
621,962,084 616,487,968 +0.9
249,944,451 308,101,257 -18.9
145,939,143 153,967,537 -5.2
138,798,924 146,534,295 -5.3
73,752,005 75,874,468 -2.8
52,001,524 -12.9
45,316,774
28,518,681 -9.1
25,923,106
43,600,791 -0.3
43,465,337
21,694,011
24,435,619 -11.2
28,626,331 -13.7
24,709,003
10,398,832 +3.3
10,739,124
11,626,843 -1.8
11,416,161
8,001,645 -3.0
7,757,478
4,829,500 -6.0
4,540,761
12,759,889 -11.7
11,261,757
9,295,701 +1.5
9,436,139
3,179,809 +5.3
3,369,56
9,192,347 -0.7
9,127,552
3,233,935 -16.1
2,703,978
6,758,835 Net incl. in total.

-3.7 1,461,857,348 1,550,666,972

Kansas City..305,697,493231,753,405. +31.9
Minneapolis _ _ 124,685,196 101,467,227 +22.9
86,479,000 84,967,273 +1.8
Omaha
57,309,025 54,208,000 +5.7
St. Paul
37,416,843 36,395,6571 +2.8
Denver
St. Joseph_ _ _ _ 35,589,708 37,213,564, -4.4
Des Moines_ _ _ 29,555,571 33,024,330. -10.5
Sioux City.... 16,900,400 19,022,822, -11.2
15,034,356 14,328,2651 +4.9
Wichita
10,242,724 10,205,940, +0.4
Lincoln
6,181,767 9,007,680, -31.4
Davenport
6,475,612 7,254,056; -10.7
Topeka
Cedar Rapids_ 8,020,785 10,700,062 -16.6
Colorado Sp'gs 3,491,598 2,552,264: +36.8
2,612,665 2,796,200; -6.6
Pueblo
5,609,907 2,338,697i+139.9
Fargo
Sioux Falls.. _ 5,407.536 5,042,953! +7.2
15,312,289 12,662,980', +21.0
Duluth
9,400,707 7,876,312, +19.3
Waterloo
4,660,191 4.203,180 +10.8
Helena
.2,001,677 2,070,452 -3.3
Fremont
879,562; +29.6
905,788
Hastings
2,242,202 1,551,516 +44.5
Billings
2,200,000 2,151,422. +2.3
Aberdeen
3,175,963 2,995,152 +6.
Joplin
Grand Forks.. 1,719,700 1,494,800 +15.1
921,830, -12.3
808,436
Lawrence
Iowa City_ _ _ _ 1,000,000 1,125,000. -11.1

Inc.or
Dec.

919,629,604
363,373,571
231,310,154
147,614,496
109,682,185
99,837,356
67,950,495
41,299,822
47,965,391
27,567,895
18,332,444
18,716,829
22,156,830
8,361,308
8,576,161
14,432,248
12,751,604
45,896,73
21,472,985
13,081,983
5,591,307
2,508,661
5,895,659
6,265,540
,
8,775,30(1
4,460,700,
2,558,658
3,014,987

-5.7

685,816,930 +34.1
294,117,331 +23.5
231,693,361 -0.2
141,705,804 +4.2
104,726,694 +4.7
-4.6
104,680,98
76,483,897 -11.2
47,368,365 -12.8
41,549,695 +15.5
26,683,116 +3.3
23,345,831 -21.5
20,494,197 -8.7
26,642,113 -16.8
7,702,546 +8.6
+1.2
8,479,40
6,183,574 +133.7
+2.3
12,467,65
38,894,890 +18.0
19,127,03 +12.3
12,608,915 +3.7
5,079,754 +10.1
+4.5
2,400,51
5,217,953 +13.0
5,448,551 +15.0
8,379,774 +4.7
+1.4
4,399,
2,853,775 -10.3
3,333,901 -9.6

Tot.oth.West801,046,139700,210,6011 +14.4:2,279,080,90311,967,886,348 +15.8

1232

HE CHRONICLE
Week ending April 3.

Clearings at
1915.
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
North Yakima
Pasadena
Reno
Long Beach
Total Pacific

1914.

1913.

$
$
%
47,985,228
50,320,795 -4.6
18,439,028
22,843,246 -19.3
10,451,165
11,322,391 -7.7
12,311,839
14414,476 -15.8
5,660,389
5,413,437 +4.6
3,283,444
3,711,039 -11.5
1,765,487
1,956,348 -9.8
3,056,356
3,307,430 -7.6
1,542,222
1,922,509 -19.8
1,817,196
2,136,060 -14.9
1,286,439 -24.0
977,591
745,143
955,887 -22.0
597,674
656,890 -9.0
379,544
470.000 -19.4
869,251
945,779 -8.0
220,000
200,288 +9.9
483,059 Not incl. in total.
110,101,557

Kansas City_
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
.
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids_ _ _
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen

Inc. or
Dec.

122,063,014

1912.

$
51,164,682
26,954,820
11,602,987
11,815,081
5,729,715
4,138,944
2,571,691
3,802,226
1,848,689
2,965,044
1,364,553
903,982
768,064
487,175
1,051,128
235,091
127,403,882

-9.8

67,428,643
50,213,243 -34.3
17,497,196
23,137,566 -24.4
17,525,213
16,812,870 +4.2
8,518,518
10,954,470 -22.2
8,036,913
8,334,014 -3.6
6,192,587
7,012,068 -11.7
6,108,840
6,303,964 -3.1
3,200,000
3,948,421 -19.0
3,207,234
3,228,989 -0.6
2,261,000
2,126,808 1-6.3
1,861,242
2,566,814 -27.5
1,062,703
1,213,850 -12.4
1,575,000
1,979,488 -20.4
500,000
457,561
+9.2
400,458
678,660 -41.0
1,048,485
765,351 +37.0
3,154,855
2,645,027 +19.2
1,760,590
1,771,450 -0.6
1,150,000
1,008,137 +14.1
331,238
333,684 -0.7
• 257,067 213,606 +20.3
461,985 •
353,985 +30.5
519,722
429,730 +21.0

8
50,370,601
22,868,583
10,366,465
14,841,332
8,111,653
4,221,084
3,023,037
3,791,614
1,632,503
2,200,000
846,176
780,000
650,293
460,599
787,870
289,480
125,241,290

49,902,130
47,523,867
21,273,790
18,139,368
17,742,141
13,660,197
9,149, 23
8,775,266
11,032,201
8,846,862
7,305,476
7,552,195
6,501,202
5,516,211
3,488,030
3,100,000
3,181,626
3,323,374
1,947,734
1,795,493
3,543,406
2,088,356
1,525,132
1,465,101
1,925,630
1,759,127
469,807
712,891
647,076
813,564
462,221
934,276
2,791,185
2,638,127
1,784,893
1,753,907
1,449,732
814,670
227,699
308,338
244,923
203,956
372,646
300,866
453,823 395,243

WoL. 100.

The course of bank clearings at leading cities of the country
for the month of March and since Jan. 1 in each of the last
four years is shown in the subjoined statement.
(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Total
Other cities

BANK CLEARINGS AT LEADINGICITIES.
Jan. 1 to March 31March
1913. ' 1912.
1914.
1915. 1914. 1913. 1912. 1915.
$
$
$
$
$
$
$
$
7,565 7,850 7,886 8,417 21,335 24,459 25,020 24,565
3,708
9,037
9,181
3,859
1,386 1 A93 1,384 1,302
2,369
2,226
2,064
1,855
653
784
692
679
2,078
1,898
659
682
2,118 1,997
671
687
335
980
1,051
1,055
352
988
336
327
203
224
646
587
218
237
635
724
220
650
664
212
616
229
622
218
119
113
109
338
342
358
319
115
154
155
166
472
527
458
452
148
306
641
697
232
686
230
920
204
120
102
254
98
308
317
321
81
83
78
289
254
264
75
248
88
125
101
246
303
294
99
363
83
54
61
195
197
59
198
166
63
107
115
252
101
307
84
342
292
69
71
185
63
193
220
220
62
88
108
108
273
308
250
93
318
31
33
34
108
109
34
105
93
86
85
80
224
73
209
232
231
43
48
46
41
136
147
146
137
57
54
50
55
142
130
148
142
34
32
31
34
102
106
107
99
37
36
41
36
110
115
117
105
41
34
35
36
115
112
106
105
34
36
35
33
100
116
111
110
56
57
56
50
146
154
137
153
20
22
29
20
69
81
60
66
24
24
25
33
76
74
101
79
12,715 13,033 13,002 13,414 36,032 39,893 40,634 39,384
3,196
1,128 1,170 1,164 1,043
3,423
3,434
3,077

Total all
13,843 14,253 14,166 14,457 39,228 43,316 44,068 42,461
Outside New York_ 6,278 6,403 6,280 6,040 17,893 18,857 19,048 17,896

gremmercial tinaMiscellantonsnews

Breadstuffs Figures brought from page 1276.
-The
statements below are prepared by us from figures collected by
Clearings by Telegraph-Sales of Stocks, Bonds, 8;c. the New York Produce Exchange. The receipts at Western
-The subjoined table, covering clearings for the current lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out Receipts at- Flour.
Barley.
Rye.
Oats.
Wheat.
Corn.
once a month. The figures are received by telegraph from
bbis.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
Chicago_ _ _ _
460,000
45,000
154,000
782,000
749,000 2,396,000
other leading cities.
Milwaukee__
251,000
31,000
144,000
564,000
33,000
73,000
Tot. 0th. West

154.060.519

146.489.756

Clearings-Returns by Telegraph.
Week ending April 10.

+5.2

147.603.0151 132.340.616

1915.

1914.

Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,553,257,801
130,648,244
132,062,991
28,867,607
243,370,330
62,006,406
17,302,272

51,468,989,241
129,339,710
114,454,472
24,565,065
243,510,171
64,548,452
14,186,008

+5.8
+1.0
+15.3
+17.5
-0.06
-3.9
+22.0

Seven cities, five days
Other cities, five days

$2,167,515,651
532,786,219

$2,059,593,119
465,246,278

+5.2
+14.5

Total all cities, five days
All cities, one day

$2,700,301,870
515,072,487

$2,524,839,397
496,611,320

+6.9
+3.7

Total all cities for week

$3,215,374,357

$3,021,450,717 I

+6.4

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the three months of 1915 and 1914 are given below:
Three Months 1915.
Description.

Par Value
or Quantity.

Actual
Value.

I

Three Months 1914.

Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

17,321,967
St'kf Sh's_ _
1
22,164,214
I Val_ $I.497,039,0001$1,100,310,633 73.531,956,132,879 61,847,048,745 94.4
RR. bonds
158,332,0001 125,010,447 78.9
202,505,500
196,172,711 26.9
Gov't bds_
376,028 100.5
158,500
374,0001
161,288 101.8
State bds__
5,008,244 91.7
5,460.0001
16,758,500
17,291,718103.2
86,9001
Bank stks_
151,055 173.8
217,900
438,420201.2
Total____ $1,661,291,900 $1,230,856,407 74.1 $2,175,773,279 $2,061,122,882 94.7

Duluth
Minneapolis.
Toledo
Detroit
Cleveland
St. Louis_
Peoria
Kansas City.
Omaha

6,000
13,000
67,000
46,000

Total wk.'15
Same wk.'14
Same wk.'13

319,000
379,000
314,000

486,000
998,000
53,000
59,000
19,000
370,000
71,000
210,000
104,000

209,000
47,000
21,000
54,000
376,000
225,000
74,000
265,000

3,225,000
3,874,000
3,579,000

2,164,000
3,894,000
2,356,000

315,000
423,000
44,000
65,000
66,000
352,000
180,000
152,000
148,000

3,000
326,000

7,000
36,000

40,000
21,000

2,000

4,705,000 1,101,000
3,565,000 1,173,000
2,681,000 1,509,000

121,000
238,000
187,000

Since Aug. 1
1914-15_ 14,341,000 230,399,000 191,048,000 218,F.70,000 73,820,000 17959000
1913-14_ 14,701,000 236,427,000 173,079,000 166,605,000 73,312,000 20193000
101,1.1
19 c7A 504 909 7347.777 172.107.363 179.809.46283.273.506 13859000

Total receipts of flour and grain at the seaboard ports for
the week ended April 3 1915 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans *
Newport Newa
Galveston
Montreal
St. John

Wheat,
Corn,
Oats,
Flour,
bush.
bush.
• bush.
bids.
249,000 1,845,000
227,000
465,060
24,000
345,000
16,000
48,000
14,000 1,109,000
66,000
69,000
415,000
48,000
32,000
646,000
257,000 1,068,000
14,000
488,000
758,000
66,000
32,000
170,000
176,000
310,000 1,785,000
459,000
105,000
11,000
5,000
34,000
24,000
298,000

Barley,
bush.
25,000

Rye
bush
84,000

80,000
6,000
60,000

98,000

19,000

538,000 5,877,000 1,806,000 3,567,000 190,000 182,000
Total week 1915
Since Jan. 1 1915_7,660,000 81,508,000 25,646,000 32,748,0004,444,0004,603,000
Week 1914
800,000 103,000 117,000
494,000 1,613,000
193,000
Since Jan. 1 1914_5,875,000 28,715,000 8,192,000 10,474,000 3,092,000 863,000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.

The exports from the several seaboard ports for the week
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1915 ending April 3 are shown in the annexed statement:
Rye, Barley, Peas,
Oats,
Corn, Flour,
Wheat,
and 1914 is indicated in the following.
bush.
bbls.
bush. bush.
bush.
Exportsfrombush.
bush.
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1915.

1914.

Mth .
Number
of
Shares.

Values.
Par.

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
Jan
5,076,210 435,534,90
302,461,298 10,088,895 881,625,495 847,963,208
Feb 4,383,449 380,032,785 262,372.421 6,220,059 556,109,360 515,947,918
Mar_ 7,862,308 681,471,315 535,476,914 5,855,260 518,398,024 483,147,619
lstqr 17,321,967 1,497,039,00 1,100,310,633 22,164,214 1,956,132,879 1,847,058,745

The following compilation covers the clearings by months
since Jan. 1.
MONTHLY CLEARINGS.
Clearings, Total All.
Month.
1915.

1914.

Clearings Outside New Hork.
1915.

1

1914.

Jan- 13,478,114.068 16,197,819,613 -16.8 6,190,421,535 6,825,999,220 -9.3
Feb __ 11.907.504,167 12.865,108,921 -7.5 5,425,677,620 5,627,553,439
Mar__ 13,842,660,705 14,253,004,652 -2.9 6,277,547,003 6,403,714,607
1st qr_ 39,228.278,94043,315,933,186 -9.4 17,893,646,158 18,856,967,266 I-5.1




351,502 102,900 52,488
69,000
80,000
4,400
832,000
1,000
361,883 247,175 27,586
415,000

4,522

Total week____7,093,703 2,571,918 316,121 2,033,785 350,075 161,074
65,141 276,822 107,838 22,488 23,036
2,028,868
Week 1914

4,522
2,151

1,325,824 619,027 143,853
New York
66,000 14,000
Portland, Me_ _ _ _1,019,000
118 11,671
57,678
Boston
Philadelphia ____ 253,000 207,000 25,000
562,201 1,265,773 23,597
Baltimore
New Orleans_ _ _1,871,000 104,000 74,000
Newport News__ 176,000 310,000
1,531,000
Galveston
24,000
298,000
St. John

The destination of these exports for the week and since
July 1 1914 is as below:
Flour
-Wheat-------Corn
Since
Since
Since
Week.
July 1
Week.
Week.
July 1
July1
1914. April 3.
Exportsfor week and April 3.
1914. April 3.
1914.
Obis.
bush,
since July1 tobbis.
bush.
bush.
bush.
United Kingdom- 95,935 4,220,162 1,407,925 101013,743 220,212 2,282,063
144,222 4,476,207 5,663,278 145837,893 2,240,885 22,016,690
Continent
2,898,897
Sou. & Cent. Amer.. 57,976 1,212,851
70,753 1,128,767
West Indies
11,304 1,209,693
39,950 1,661,816
40,223
Brit. Nor. Am.Cols. 1,708
118
64,638
11,236
4,904 224,974
549,882
22,500
Other Countries
25,895
Total
Total 1913-14

316,121 11408,530 7,093,703 250340,638 2,571,918 27,126,467
276,822 9,099,500 2,028,868 150241,845
65,141 3,248,363

The world's shipments of wheat and corn for the week
ending April 3 1915 and since July 1 1914 and 1913 are
shown in the following:

APR. m 19151

THE CHRONICLE

Wheat.
Exports.

1914-15.

Corn.
Name of Company.
1913-14.

1914-15.

1913-14.

1233
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

St. & Elec. Rys. (Concluded).
Week.
Since
Since
Week.
Since
Pub. Serv. Invest., pref.(qu.)(No. 24)__ _ _ $1.50 May 1 Holders of rec. April 16a
Since
April 3.
July 1.
jedy 1.
April 3.
July 1.
July 1.
Puget Sd. Tr., L.& P.. Pt- (qu.)(No. 11) 14 April 15 Hdders of rec. Mar. 27a
Republic fly. & Lt., pf. (qu.)(No. 15).. 14 April If Holders of rec. Mar. 31
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
United fly. & Elec. of Bait., corn.(guar.) 50c. April 15 Holders of rec. April la
North Amer. 10784000 351,218,000 218,488,000 2,778,000 27,777,000 1,889,000 Virginia fly. & Power, common
14 April 20 Holders of rec. AprIl 50
Russia
12,074,000 121,418,000
4,811,000 11,797,000
Banks
Danube
2,347,000 48,274,000
9,431,000 23,223,000 Produce Exchange, New York (No.60).
4
April 15 Holders of rec. April 8
Argentina
6,256,000 41,315,000 33,786,000 2,388,000 120,779,000 132,987,000
Trust Companies.
Australia
I
8,998,000 50,554,000
Broadway (guar.)
114 May 1 April 21 to April 30
India
I
88,000 18,320,000 20,040,000
Mutual of Westchester County (guar.)_ _ _ _
134 April 15 Holders of rec. April 14
0th.countr's
5,857,000 8,822,030
Miscellaneous.
Ahmeek Mining (guar.)
53
April 10 Ho!ders of rec. Mar. 17a
17128000 439,925,000 503,160.000 5,1(18,000 182,795,000 189,898,000 Alliance Realty (guar.)
Total
14 April 15 Holders of rec. April 10
Am. Arnie. Chem.. coin. (qtr.)(No. 14)
1
April 15 Holders of rec. Mar. 22a
Preferred (guar.) (No.
14 April 15 Holders of rec. Mar. 22a
The quantity of wheat and corn afloat for,Europe on dates American Chicle, common39)
(monthly)_
1
April 20 Holders of rec. April 15a
mentioned was as follows:
American Coal Products. pref. (guar.)._
15( April 15 April 11 to April 14
Amer. Gas & Mee.. pref.(qu.)(No. 33).- 14 May 1 Holders of rec. April 21
Amer. La France Fire Engine, Inc., corn_
1
May 15 Holders of rec. May 10a
Amer. Light & Traction, corn. (guar.)___ _
Wheat.
Corn.
24 May 1 April 10 to April 30
Common (payable in common stock)_
241 May 1 April 16 to AprIl 30
United
Preferred (guar.)
United
14 May 1 April
to April
Kingdom. Continent.1 Total.
American Locomotive, preferred (guar.). 141 April 21 April 18 to April 30
Kingdom. Continent. Total.
8
21
American Malt Corp., pref. (No. 14)._ _ _
Si May 3IApril HI to May 2
Bushels.
American mailing, preferred
Bushels. 50 Bushels.
Bushels.
o2
Bushels.
62c. May l'Holders of rec. April 15
Bushels.
April 31015..
18,389,000 Amer. Seeding Machine, common (guar.) 1
April IA Holders of rec. Mar. 31a
Mar.27 1915_
Prefer red (gar.)
52,840,000
15,029,000
14 April 15 Holders of rec. Mar. Rla
April 4 1914
49,804,000
2
April 15 Holders of rec. Mar. 31a
6,240,000 Amer. Telephone & Telegraph (quar.).
April 5 1013_ 26,072,000 33,840,000 59,912,000 4,182,000 7,242,000 11,424,000 Amer. Typefounders. corn.(guar.)
1
April 15 Holders of rec. April 10a
Preferred (guar.)
--_-_-_-__
134 April 15 Holders of rec. April 10a
Amer. Woolen pref.(guar.)(No.8 )
4
_
iq April 15 Mar. 20 to April 1
Anaconda
25c. April 14 Holders of rec. April la
Auction Sales.
-Among other securities, the following, Associated Copper Mining (guar.)
14 April 1.5
rec.
not usually dealt in at the Stock &change, were recently sold Associated Gas & Electric, pref. (quar.)... $1.50 April 15 Holders of to Mar. 31
011
Mar. 27
April 14
Bell Telephone of Canada (guar.)
2
April 15 Holders of rec. Mar. 25
at auction in New York, Boston and Philadelphia:
Bell Telephone of Pennsylvania (guar.)._
134 April 15 April 6 to April 15
By Messrs. Adrian H. Muller & Sons, New York:
Bonbright(W.P.)&Co.,pf.(qu.) (No. 9)
- 131 April 10 Holders of rec. Mar. 31
Canadian Westinghouse (qu.)(No. 41)._
1
April 10 Holders
rec. Mar. 31a
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent. Central Coal & Coke, preferred (guar.).- 14 April 15 April 1 of to
April 15
25 Bond & Mtge. Guar. Co_ _275
276 E. W. Bliss Co., common..211
Chicago Pneumatic Tool (guar.)
1
April 28 April 18 to April 26
12 Lawyers' Mortgage Co_..190
1 United N.J. RR.dr Canal..222
Cluett, Peabody & Co., corn. (qu.)(No.6)
1
May 1 Holders of rec. April 20a
5 Lawyers' Title & Trust_..112
15 Fulton Trust Co
280
Conmonwealth Edison (guar.)
May 1 Holders of rec. April 15
2 Mortgage-Bond Co
100,000 Ebner Gold Mg.,35 each.$200 lot Commonwealth Gas dr Elec. Cos., pref.(gu.) 2
110
7 N. Y. Mtge.& Security... All
1,000 Humboldt Mining Co_ - -$100 lot Corn Products Refining, pref. (quar.) _ 31.3734 April 15 Holders of rec. April la
lx April 15 Holders of rec. April Sc
13 Realty Associates_ _ _084-97
4 First Mtge. Guarantee Co_ 50
Cosden & Company, common (guar.)... 2
April 10 Holders of rec. April 1
5 Brooklyn Trust Co
470
Dayton Power dr Light, pref. (quar.).... 134 April 15 Holders of
Mar.
2 Metropolitan Trust Co_ _ _4054 Bonds.
Per centl Delaware Lack. & West. Coal (guar.)... 24 April 15 Holders of rec. April 31a
rec.
la
2 Lloyds Plate Glass Ins.Co_298
$500 Crescent Ath.Club 2d 51, 1923 774 Detroit Edison (guar.)
15( April 15 Holders of rec. Mar. 31a
Distilling Co. of America, pref. (guar.).
35 April 30 Holders of rec. April 9a
By Messrs. Francis Henshaw & Co., Boston:
Dominion Textile. Ltd.. pref (guar.)
134 April 15 Holders ot rec. Mar. 31a
du Pont (E.I.)de Nom. Powd.. phi. (qu.) 14 Apr1126 April 18 tu April 28
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh. Edison Elec. Ill. of Brockton
May 1 Holders of rec. April 15a
$4
10 Merrimac Mfg. Co
22
1 Everett Mills
118( Electrical Securities Corp.,(No.55)
pref. (guar.). 134 May 1 Holders of rec. April 24a
10 Boston Belting Co
15 Hood Rubber Co., pref
120
1094 Electrical Utilities, pref. (qu.) (No.
20)... 14 April 15 Holders of rec. April 10
10-9 Lyman Mills
114 10 U.S. Envelope Co., prof
102
Eureka Pipe Line (guar.)
May 1 Holders of rec. April 15
8
10 Pacific Mills
116
General Electric (guar.)
2
April 15 Holders of rec. Feb. 274
General Motors, preferred
34 May 1 Holders of rec. April 14a
By Messrs. R. L. Day & Co., Boston:1
Globe-Wernicke, preferred (guar.)
134 April 15 Holders of rec. Mar. 31
10c. AprIl 31 Holders of rec. Mar. 3Ia
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh. Goldfield Consolidated Mines (q
Harbison-Walker Refractories, pref. (qu.). 134 April 20 Holders of rec. April 10
31Great Falls Mfg
1854
1 Boston Athenaeum,$300 par_ -3293
Homestake Mining (monthly)(No.488)--- 0.5e. April 211 Holders of rec. April 20a
1lLyman Mills
112
9 Plymouth Cordage
2193-2204
lasepperell Mfg., ctf. of depoelt.340
3 Worcester El. Lt. Co. rights__ 6)4 Houghton Co. Elec. Light, corn.(No. 20) 8214c. May 1 Holders of rec. April 15a
Preferred (No. 25)
75c. May 1 Holders of rec. April 15a
Illinois Northern Utilities, pref.(quar.)_ _
14 May 1 April 21 to Apr1130
By Messrs. Barnes & Lofland, Philadelphia:
Indiana Pipe Line (guar.)
May 15 Holders of rec. April 24
$2
Shares. Stocks.
$ per sh. Shares. Stocks.
5
April 30 Holders of rec. April 15a
$ per sh. Ingersoll-Rand, common (annual)
International Banking
5 American Bank, $50 each __ 51
254 Springf.Land Co.,350 each.
3
May 1 Holders of rec. April 15
10 Ridge Avenue Bank,$50 each 50
25 Springfield Coal Mining__ _134,500 Inter. Butt'nh'le Sew. Mach.(qu.)
(No.70) 1
April 15 Holders of rec. April 1
.
7 Mechanics Insur., $25 each__ 44
$1,500 Springfield Coal Mining__
lot Intel nat Harvester of N. J.. corn. (qu.). 14 April 15 Holders of rec. Mar. 254
125 Knickerbocker Smokeless Coal
Bonds.
14 May 1 April 14 to May 2
Per cent. International Nickel, preferred (guar.)_ _
International Paper, preferred (guar.)._
Blairsville
$1,000 Lacka. Coal de Lum.68,1921 10
200
34 April 15 April 7 to April 28
Island Creek Coal, common (gear.)
10 Bank of North America_257)
,
1-258 $2,000 Trenton Wat. P.lat 55, 1935 5
50c. May 1 Holders of ree. April 23
Kayser(Jullus)& Co., 1st & 2d pref. (q11.)
4 Farm. & Mech. Nat. Bank_ _135
$P,000 Cumberland Valley Telep.
134 May 1 Holders of rec. April 20a
9 West Phila. Passenger Ry__ _1914
1st 5s, 1932
14 May 1 Holders of rec. April 15
154 Kelly-SprInglield Tire, corn. (guar.)
10 American Dredging
La Rose Consolidated Mines (guar.)
87-874 $1,000 SchulY. Haven Gas & Water
1
April 20 April 1 to April 18
Lehigh Valley Coal Sales (guar.)
1 The Leeds Co., 2d prof
100
1st 58, 1018
$1.25 April 17 Holders of rec. April 8a
90
Lowell Elec. Lt. Corp. (guar.) (No. 76) $2 May 1 Holders of rec. April 17
28 Phila. Bourse, com.,$50 each 6
$1,000 Philadelphia City 4s, 1941..101
MacAndrews & Forbes, common (guar.) 234 April 15 Holders of rec. Mar. 31a
4 Phila. Bourse, pref., $25 each 184 $1,000 Philadelphia City 4s, 1938_ _ 101
25 Heston. M.& Falr. Pass.Ry. 40
Preferred (guar.)
$3,750 Salem Mfg. Co. 1st 8s,24_3100 lot
14 Mull 15 Holders of rec. Mar. 31a
Manufacturers Light de Heat (guar.) __. 2
April 15 April 1 to April 15
Massachusetts Gas Cos.. corn. (guar.).. $1.25 May 1 Holders of rec. Apri! 15a
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Massachusetts Ltg. Cos., old corn. (qu.) 61.75 April 15 Holders of rec. Mar. 25
$ per oh. I Shares. Stocks.
Shares. Stocks.
New common (guar.)
25c. April 15 Holders of rec. Mar. 25
$ per sh.
25 J. G. Brill & Co., common
5 I 20 Harrison Bros. dr Co., pref
New preferred (guar.)
31.50 April 15 Holders of rec. Mar.25
504
Mexican Telegraph (guar.)
24 April 15 Holders of rec. Mar. 31a
Miami Copper (guar.) (No. 11)
50c. May 15 Holders of rec. May la
Mountain States Telep.& Teleg.(quar.). 134 April 15 Holders of rec. Mar.31a
DIVIDENDS.
National Biscuit, corn. (guar.)(No. 67). 134 April 15 Holders of rec. Mar. 29a
National Carbon, common
14 April 15 April 6 to April 15
The following shows all the dividends announced for the Now York Transit (quar.) (guar.)
AprIl 15 Holders of rec. Mar. 25
4
Niagara Falls Power (guar.)
future by large or important corporations.
April 13 Holders of rec. Mar. 31a
2
Nipis.sing Mines Co.(guar.)
April 20 April 1 to April 18
5
Dividends announced this week are printed in italics.
Northern States Power, pref. (quar.)__
134 April 15 Holders of rec. Mar. 31
Ohio Fuel Supply (guar.)
2
April 15 April 1 to April 14
Osage & Oklahoma Co. (guar.)
134 April 10 April 1 to April 11
Per
When
Books Closed.
Osceola Consolidated Mining (quar.)__ _ $2
April 3( [holders of rec. Mar. 30
Cent. Payable.
Name of Company.
Days Inclusive.
Otis Elevator, common (guar.)
14 April 15 Holders of rec. Mar. 31
Preferred (guar.)
14 April 15 Holders of rec. Mar. 31
Railroads (Steam).
Pacific Telephone dr Teleg., prof. (quar.) 14 April 15 April 1 to April 15
Atch. Topeka & Santa Fe., corn. (guar.) _ _
134 June 1 Holders of rec. April 302 Pennsylvania
Lighting, preferred (guar.) 14 April 15 April 2 to April 15
April 1
Bell RR. & Stk. Yards, Indianap.,com.(gie.) 5
Pennsylvania Salt Manufacturing (guar.) 2
April 15 [Solders of rec. Mar. 31a
Preferred (guar.)
14 April I
ig April 20 Holders of rec. April 15a
Central RR. of Now Jersey (guar.)
May 1 Holder:. of rec. April Pia Pittsburgh Coal, preferred (guar.)
2
Delaware Lackawanna & Western (quar.) 24 April 20 Holders of rec. April 5a Pitts. Term. Warehouse& Transf.(mthy.) 2140. April 15 Holders of rec. April 8
Procter dr Gamble. preferred (guar.).2
April 15 Holders of rec. Mar.31a
Georgia RR. & Banking (guar.)
April 15 April 2 to
3
AprIl 14
14 May 1 Holders of rec. April 15
Great Northern (guar.)
1)4 May 1 Holders of rec. April 7a Public Serv. of Nor. Ill., cont. (quar.)
Preferred (guar.)
14 May 1 Holders of rec. April 15
Kanawha & Michigan (guar.)
14 April 15 Holders of rec. Mar. 31a
24 April 15 Holders of roe. April la
April 15 Holders of rec. Mar. 31a Quaker Oats,common (guar.).
Kansas City Southern, pref. (guar.)
Preferred (guar.)
14 May 29 Holders of res. May la
Lehigh Valley. corn. & pref. (guar.)
31.25 April 10 Holders of rec. Mar. 27a
April 15 Holders of rec. April 1
Minn. St. Paul & S. S. M.,corn. & pref. 35.s April 15 Holders of roe. Mar. 19a Reece Buttonh. Mach.(guar )(No. 116) 3
Reece Folding Mach. (guar.) (No. 24)__
1
April 15 Holders of rec. April 1
New York Central RR. (guar.)
May 1 April 2 to April 20
Norfolk & Western ad1. pref. (quar.)___
134 April 15 Holders of rec. April la
May 19 Holders of rec. April 30a Securities Corp. General, pref. (quar.)
1
Shawinigan Water Sr Power (guar.)
14 April 10 Holders of rec. April 1
Northern Pacific (guar.)
1Y, May 1 Holders of rec. April 12a
Southern Cal. Edison, pref.(qu.)(No.23) 14 April 15 Holders of rec. Mar. 31
Philadelphia & Trenton (guar.)
24 April 10 April 1 to
April 11
Reading Company. common (quar.)
May 13 Holders of rec. April 28a Southern New England Telephone (guar.) 134 April 15 Holders of rec. Mar. 31
2
Standard Milling, preferred (No. 24)
234 April 15 April 6 to April 15
United N. J. RR.& Canal (guar.)
24 April 10 Mar. 21 to
Mar. 31
10
April 15 April 4 to April 15
Warren
April 15 Holders of rec. April 6a Stewart Mining (guar.)
Temple Coal, preferred (guar.)
2
April 12 April 3 to April 12
Street and Electric Railways
Thompson-Starrett Co., preferred
4
May 15 Holders of rec. May 8
Aurora Elgin & Chic. RR., pref. (quar.).
May 1 Holders of rec. Mar. 23a
25
April 21 April 1 to April 7
Boston Suburban Elec. Cos., pref.(guar.)
April 15 Holders of rec. April 3a Tonopah Mining of Nevada (guar.)
Union Natural Gas Corp.(au.)(No. 47). 24 April 15 April 1 to April 15
Brazilian Tract., L. & P.,Ltd., corn. (qu.). 14 June 1
Union Switch & Signal, corn. & pf. (qu.). $1.50 April 15 Holders of rec. Mar. 31
2
April 15 April 8 to April 15
Brooklyn City RR. (guar.)
United Cigar Stores of Canada, pref.(guar.) ln April 15
Cin. Newport Sr Cov.L.& Tr.,com.(qu.)14 April 15 April 1 to April 15
United Electric Securities, preferred
$3.50 May 1 Holders of rec. April 14a
Preferred (guar.)
14 April 15 April 1 to April 15
United Fruit (guar.) (No. 63)
2
April 15 Holders of rec. Mar.254
Citizens Trac.,011City,Pa., pref. (guar.)
April 12 Holders of rec. Mar. 31
United Gas Improvement (guar.)
$1.00 April 15 Holders of rec. Mar. 31a
Commonwealth Pow., Ry.&
con.(qu.).
1
May 1 Holders of rec. April 16a
Preferred (guar)
14 May I Holders of rec. April 10a U. S. Indus. Alcohol, pf. (au.) (No. 34) 134 April 15 Holders of rec. April 54
U. S. Rubber, common (guar.)
14 April 30 Holders of rec. April 15a
Connecticut Ry. & Lip., com. & pref.(quar.) 1
May 15 Holders of rec. May 1
First preferred (guar.)
2
April 30 Holders of rec. April 15a
Dallas Electric Co., first pref. (No. 4)
3
April 12 Holders of rec. April 2a
Second preferred (quar.)
14 April 30 Holders of rec. April 15a
Second preferred (No. 4)
April 12 Holders of rec. April 2a
Denver & Northwestern By. (guar.)
1
April 10 Holders of rec. Mar. 31a U. S. Smelt., Ref. & Min., pref. (quar.)_ 8734c. April 15 Holders of rec. April 3
May 15 Holders of rec. May 1
3
Duluth-Superior Tree., common (guar.). 11
July 1 Holders of rec. June 16a Vacuum 011
Extra
May 15 Holders of rec. May 1
2
Green & Coates Sts. Pass. By., Phila. (qu.) $1.50 April 7 April 1 to April 7
Western States Gas & Elec., pref. (guar.) 144 April 15 Holders of rec. Mar.31
Havana Elec. By., L. & P., common
May 15 April 25 to May 20
Wevern Union Teleg. (guar.)(No. 154). I
April 15 Mar. 21 to April 14
Preferred
3
May 15 April 25 to May 20
32 April 15 Holders of rec. Mar. 31a
Jacksonville Trac., pref. (guar.)(No. 17) 14 May 1 Holders of rec. April 15a Westinghouse Air Brake (guar.)
April 30 Holders of rec. Mar.31a
Kentucky Securities Corp., pref. (guar.). 14 April 15 Holders of rec. Mar. 31a Westinghouse Elec.& Mfg., corn. (guar.) 1
Preferred (guar.)
144 April 16 Tiolrim's of roc Mar.31a
Milwaukee El. Ry.dr Lt., pf.(qu.)
(No.62) 14 April 30 Holden) of rec. April 20a
Ottumwa fly. & Light, pref. (guar.)..
April 15 Holders of rec. Mar. 31
a Transfer books not closed
British
Philadelphia Co., corn. (guar.)(No. 134).. 14 May 1 Holders of rec. April 17a rection. e Payable in stock.for this dividend. b Lessstock. income tax. d Cor •
!Payable in common
o Payable in scrip.
Philadelphia Co.6% pref. (No. 5)
3
May 1 Holders of rec. April is h On account of accumulated dividends. t April dividend on common stock not to
be paid.




[VoL. 100.

THE CHRONICLE

1234

-The following are and since Jan. 1 1915, and for the corresponding periods in
Imports and Exports for the Week.
the imports at New York for the week ending April 3; also 1914 and 1913:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1915.
82,489,713
18,678,233

Dry Goods
General Merchandise

1914.

Exports.
1912.

1913.

I

82,565,372
18,550,084

$3,287,395
18,433,268

$3,590,514
16,186,883

$21,167,946 $19,777,397 $21,720,663 $21,115,456

Total

1

Since January 1.
Dry Goods
General Merchandise

$34,156,886 $53,568,154 $42,882,010 $39,127,965
205,307,056 213,699,470 226,330,866 218,806,804
$239,463,942 $267,267,624 $269,212,876 $257,934,769

Total 13 weeks

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 3 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1915.

1914.

1913.

1

1912.

For the week
Previously reported
Total 13 weeks

Week.

115
235,315
84,436
28,707

$10,200 $1,891,550
612,350

Total 1915
Total 1914
Total 1913
Silver.
•
Great Britain
Franco
Germany
West Indies
Mexico
South America
All other countries

3351.461.897 $269.755.078 8255.232.8048211.332.568

1Veek.

Since
Jan. 1.

$145,995 $1,782,858
6,000

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$24,971,173 $20,608,973 818,657,7211 $15,111,509
221
0831 196, , 059
326,490,724 249,146,105 236,575,

Imports.

Since
Jan. 1.

Gold.

$10,200 $2,503,900
18,335,854
8,392 46,965,660

$494,568 86,750,377
130,948 3,139,884
486,625 4,707,394

$1,040,847 $9,383,185
946,500

$755
2,078

6,333

59,585
301,720
712,055
342,314

$3,836
7,500
4,106
1,862

18,991
41,279
4,410

817,304 $1,418,507
281,680 3,075,337
229,338 2,823,365

$1,047,180 $10,394,365
872,071 10,641,803
959,302 14,003,159

Total 1915
Total 1914
Total 1913

193,593
1,038,960
1,688,609
2,040,357

Of the above imports for the week in 1915,8242,730 were
The following table shows the exports and imports of American gold coin and $836 American silver coin.
week ending April 3,
specie at the port of New York for the
Federal Reserve Board on April 3:
by
-Following is the weekly statementlissuedlegal the
The Federal Reserve Banks.
holiday, tho statement shows the condition of
Friday as a

observed last
As the Federal Reserve banks in Philadelphia and Minneapolisof the other banks is given as at the close of business on April 2.
these banks as at the close of business on April 1. The conditiondollars in the gold resources of the banks, Now York and Philadelphia reporting
three million
million dollars in its gold holdings. Other cash resources
The statement indicates a decrease of about
a gain of over one
considerable withdrawals of gold during the week. Chicago showsby New York under this head being offset by losses at the Boston and Philaono-half million dollars.
of 2.5 million dollars, the larger gains reported
show an increase
decrease since last week of about
delphia banks. As a result the total cash resources show a dollars for the week, largely under the head of acceptances. All the banks, exLoans and discounts show an imams() of almost two million the end of the previous week. Of the total amount of 33.7 million dollars, 34.1%
cept Atlanta, report larger holdings of commercial paper than atby acceptances which are hold at present by all except the three Southern banks.
Cleveland and Philadelphia about 1.2 millions each,
as against 30.6% at the end of the previous week is represented
and Boston about 1.5 each;
New York reports 5.2 million dollars of this class of paper; Chicago gain of over 0.7 million dollars Is shown for investments, all the banks except
are reported by the four Western banks. A
the week. U. S. bonds amounting to 6.7 million
while smaller amounts
and kindred warrants during
the three Southern banks reporting fresh purchases of municipal the purchase of $100,000 of U. S. 2% consols during the week.
are held at present by six banks, Kansas City reporting
Chicago reporting the largest increases under this head, Feddollars
St. Louis and
is secured by the deposit of gold. The banks report
Deposits show a gain of 5.7 millions during the week, New York,
to the banks, 75% of which
eral Reserve Agents report a total of 44.3 millionS of notes issued dollars for the week. The banks' not liability upon outstanding notes is given
outstanding circulation as 37.1 millions, a gain of 2.8 million
their
as $9,597,000.
given below and in addition we present the

whole are
The figures of the consolidated statement for the system as a
useful comparison. In the second table we show also the
results for each of the eight preceding weeks, thus furnishing a
separate figures for each of the twelve Federal Reserve banks.
RESERVE BANKS OF THE UNITED STATES OF AMERICA

OF THE FEDERAL
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF BUSINESS APRIL 1-2 1015.
AT THE CLOSE
RESOURCES
1915.Mar. 5 1915. Feb. 28 1915. Feb. 19 1915. Feb.11-12'15. Feb. 5 1915.
April 1-2'15. Mar. 26 1915.Mar. 19 1915.Mar. 12
$246,999,000 $247,251,000 $248,909,000 8251,808,000 8259,256,000 $256,217,000
$239,176,000 $242,168,000 $245,018,000
Gold coin and certificates
29,085,000
29,887,000 22,117,000 22,641,000
23,292,000
Legal-tender notes, silver certificates and
21,603,000
21,650,000
23,098,000
25,627,000
subsidiary coin
$268,602,000 $270,543,000 3277,994,000 3281,695,000 $281,373,000 $278,858,000
$264,803,000 $265,266,000 8266,668,000
Total
7,721,000
7,714,000
7,884,000
Bills discounted and loans:
89,043,000 88,438,000 $7,656,000
9,545,000
6,909,000
7,102,000
$10,075,000 89,715,000
5,995,000
6,126,000
7,424,000
Maturities within 30 days
10,615,000
11,336,000
14,514,000
15,244,000
3,132,000
5,711,000
2.761,000
3,080,000
9,869,000
Maturities within 60 days
8,127,000
9,013,000
7,454,000
8,359,000
Other
$20,469,000 817,762,000 $17,090,000 $16,420,000
527,785.000 $25,731,000
15,314.000 15,546,000 14,704,000
17,417,000
833,678,000 $31,683,000 $29,894,000
Total
20,107,000
Investments
21,572,000 $20,478,000
2,766,000
4,462,000
5,419,000
8,038,000
7,162.000
Due from Federal Reserve banks: Items in $22,299,000 $21,579,000
5,352,000
6,551,000
5,573,000
8,917,000
6,551,000
10,289,000
7,765,000
6.823,000
transit
6,814,000
8,905,000
8,496,000
9,110,000
8,605,000
All other resources
3331,733,000 $326,454,000 8325,022,000 3322,224.000
5331,122,000 $330,357,000
$339,674,000 $333,211,000 $333,181,000
Total resources
LIABILITIES.
$36,087,000 836,082,000 836,669,000 $36,056,000 835,841,000 $35,123,000
836,123,000 $36,105,000 836,119,000 288,031,000 287,883.000 290,336,000 285,468,000 284,996,000 284,101,000
Capital paid in
293,954,000 288,217,000 288,575,000
Reserve deposits
a1,930,000 84,185,000 a3,000,000
a6,302,000 a5,328,000
Federal Iteserve notes in circulation (net
a9,597,000 a8,889,000 a8,487,000 a7,004,000
liability)
$330,357,000 $331,733,000 $326,454,000 $325,022,000 $322,224,000
$331,122,000
$339,674,000 $333,211,000 $333,181,000
91.1%
91.0%
86.6%
87.5%
86.1%
Total liabilities
85.3%
84.3%
83.1%
81.6%
99.0%
98.8%
97.9%
94.2%
96.7%
Gold reserve against net liabilities_ b
92.7%
91.0%
91.8%
90.3%
Cash reserve against net liabilities_b
Cash reserve against liabilities after setting
aside 40% gold reserve against net
98.8%
99.0%
99.7%
97.7%
95.5%
amount of Federal Reserve notes in
94.0%
93.4%
92.6%
92.0%
circulation_ b
1015.Afar. 51915. Feb. 26 1915. Feb. 191915. Feb.11-12'15. Feb. 5 1915.
April 1-2'15. Max. 26 1015.Mar. 19 1915.Mar. 12
524,632.000 820,106,000 818,702,000
$30,858,000 $36,846,000 533,965,000 $29,806,000 326.172.000
(a) Federal Reserve notes in circulation__ 843,376,000
Deduct: Gold and lawful money in hands
19,702,000 15,921,000 15,702,000
20,844,000
of Federal Reserve Agents for re23,413,000
26,961,000
30,969,000 28,359,000
33,779,000
tirement of outstanding notes
Net liability of Reserve Banks upon
$9,597,000
outstanding notes
(b) After deduction of items in transit between Federal Reserve Banks, viz
$10,289,000
WEEKLY STATEMENT OF
Boston.

New York.

$8,889,000
000
56,673,

Phila.

$8,487,000
36.561.000

$7,004,000

$6,392,000

85,328,000

$4,930,000

$4,185,000

$3,000.000

$5,352,000

$7,162,000

88,088,000

$2,766,000

81,462,000

$5,419,000

Cleveland. Richmond. Atlanta.

Chicago.

St. Louis. Minneap. Kan.City. Dallas.

$
$
$
$
$
$
$
$
RESOURCES.
4,984,000 34,635,000 10,124,000
15,080,000 94,634,000 13,723,000 16,227,000 8,767,000
Gold coin and certificates
964,000
304,000
Legal-tender notes, silver certifi42,000 1,005,000
669,000
1,551,000 16,329,000 3,496,000
cates and subsidiary coin
5,989,000 34,939,000 11,088,000
16,631,000 110,963,000 17,219,000 16,896,000 8,809,000 5,538,000 2,489,000
Total
769,000
1,558,000 5,499,000 2,288,000 2,010,000 6,667,000
877,000
Bills discounted and loans
6,025,000
3,000
1,123,000 7,444,000 2,027,000 1,364,000
Investments
2,157,000 4,223,000
332,000
375,000 9,427,000 1,734,000
519,000
Due from other F.R.bks.-net.
244,000 2,629,000
28,000
403,000
117,000
398,000 2,574,000
All other resources
48,239,000 17,476,000
20,085,000 135,907,000 23,385,000 21,005,000 15,507,000 11,771,000
Total resources

San Fran.

3
$
$
3
8,030,000 10,888,000 7,631,000 14,453,000
5,000

563,000

677,000

22,000

8,035,000 11,451,000 8,308,000 14,475,000
569,000 3,792,000 1,767,000
732,000
1,046,000
985,000
1,405,000
501,000

142,000

308,000

742,000

10,673,000 13,147,000 12,408,000 18,030,000

9,943,001 6,929,000 12,656,000
7,984,000 5,799,000 43,834,000 15,615,000 8,334,000 1,208,000 2,132,000 2,769,000
205,000
432,000
1,213,000
133,000 1,411,000
4,099,000 3,954,000
1,634,000 1,863,000 1,936,000 2,605,000
2,211,000 1,586,000 4,405,000 1,861,000
48,239,000 17,476,000 10,673,000 13,147,000 12,408,000 18,030,000
20,085,000 135.907.000 23.385.000 21.005.000 15.507.000 11.771.000
Total liabilities
business on April 11915.
-Data for Philadelphia and Minneapolis show condition of the banks as at close of
Note.

LIABILITIES.
16,868,000 120,267,000 10,229,000 16,996,000
Reserve deposits
-net _
Due to other F.R.banks
Federal Reserve notes in circulation-net liability
3,217,000 6,640,000 4,156,000 4,009,000
Capital paid in

es.-Tho following detailed statement
Statement of New York City Clearing-House Banks and Trust Compani ending April 3. The figures for the
members for the week
shows the condition of the Now York City Clearing-House
actual figures at the end of the week are
separate banks are the averages of the daily results. In the case of the totals, condition for each of the three groups,
the totals of actual
also given. In order to furnish a comparison we have inserted
and also the grand aggregates, for the four preceding weeks.



THE CHRONICLE

APR. 10 19151

1235

NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARINGS HOUSE
Capital.
MEMBERS.

Loans,
Discounts,
Investm'ts,
&c.
{Nat.BanksMar.4)
StateBks.Mch.19

Week Ending
April 3 1915
(00s omitted.)

Net
Profits.

Members of Federal
Reserve Bank.
$
$
Bank of N. Y. N.B.A. 2,000,0 4,809,3
2,000,0 2,114,7
11erchants' NA. Bank_
Vlach.& Metals Nat___
8,000,0 9,033,2
National City Bank... 25,000,0 35,818,9
Dhemlcal Nat. Bank__ _
3,000,0 7,902,8
776,9
Vlerchants' Exch. Nat_
1,000,0
300,0
73,5
Mat. Butchers'& Drov_
kmer. Exch. Nat. Bank 5,000,0 5,123,8
National Bank of Corn_ 25,000,0 17,558,5
Dhatham & Phenix Nat. 2,250,0 1,437,8
Elanover National Bank 3,000,0 15,352,6
2,550,0 2,489,8
Ditizens' Central Nat__
1,000,0 2,000,9
Viarket & Fulton Nat.._
1,500,0 7,853,4
[mporters'& Traders'__
National Park Bank.-- 5,000,0 15,392,8
250,0
East River Nat. Bank__
59,8
1,000,0 3,119,9
3econd National Bank_
First National Bank___ 10,000,0 22,491,3
Irving National Bank__
4,000,0 3,797,4
N. Y. County Nat. Bk_
500,0 1,418,3
Masa National Bank__
5,000,0 9,703,3
Ancoln National Bank_
1,000,0 1,888,1
3arfield National Bank
1,000,0 1,257,3
?ink National Bank__ _
250,0
415,3
leaboard NatlonalBank
1,000,0 2,809,6
..lberty National Bank- 1,000,0 2,898,0
'Jost'& Iron Nat. Bank_
643,4
1,000,0
Jnion Exchange Nat__
1,000,0
989,8
Nassau Nat. Brooklyn
1,000,0 1,126,0

Average.
$
29,350,0
24,798,0
98,416,0
223,808,0
33,095,0
9,871,0
2,068,0
84,772,0
181,988,0
28,709,0
95,453,0
25,027,0
8,715,0
28,719,0
111,744,0
2,022,0
15,645,0
119,878,0
49,779,0
9,677,0
129,649,0
15,386,0
8,752,0
4,343,0
28,899,0
30,884,0
6,649,0
9,857,0
8,611,0

Gold.

Legal
Tenders.

Silver.

Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
(reserve
Bank
[not
Notes
for State counted
Instituas
[not
lions). reserve). reserve).

Reserve Suess
due from
Net
with
Legal
Reserve Demand
Deposi- Deposi- Deposits.
taries. :arks.

National
Net
Bank
Time
CirculaDeposits. lion.

Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
$
$
855,0
989,0
1,835,0
3,0
800,0
28,224,0
910,0
1,999,0
395,0 1,329,0
1,255,0
15,0
46,0 1,751,0
1,968,0
23,590,0
470,0 2,737,0
11,826,0
149,0
18,0 7,024,0
98,175,0 2,848,0 5,000,0
02,724,0 28,912,0 20,795,0
257,0
500,0 30,040,0
292,0 3,563,0
301,054,0
1,295,0
898,0 1,376,0
51,0
2,145,0
449,0
27,376,0
821,0
157,0
287,0
37,1
771,0
498,0
9,670,0
82,0
80,0
37,0
130,0
10,0
133,0
1,850,0
172,0
50,0
4,212,0 1,138,0 2,550,0
272,'
24,0 5,137,0
63,623,0
792,0 3,814,0
10,779,0 2,793,0 3,339,0
131,0
42,0 11,833,0
144,276,0
4,385,0
975,0
1,377,0
578,0
137,0
37,0 1,815,0
28,480,0
221,0 1,199,0
12,836,0 1,144,0 2,945,0
29,0
33,0 7,343,0
101,166,0
305,0
1,172,0
156,0 1,293,0
58,0
28,0 1,799,0
21,806,0 1,223,0 1,655,0
949,0
756,0
855,0
103,0
2,0
852,0
9,137,0
146,0
605,0
1,206,0 1,155,0
8,1
1,817,0
24,197,0
112,'
50,0
827,0 4,673,0
8,738,0
128,0
8,105,0
108,148,0
250,0 3,580,0
150,0
41,0
57,0
10,0
134,0
1,819,0
50,0
448,0
259,0
62,0
962,0
24,0 1,001,0
12,773,0
685,0
58,0
2,0 8,668,0
23,999,0 1,658,0 3,679,0
120,428,0
5,077,0
26,0
75,0 4,184,0
5,882,0 2,010,0 3,089,0
56,209,0
96,0
740,0
488,0
121,1
158,0
5,0
650,0
574,0
200,0
9,541,0
3,0
100,0 9,987,0
10,497,0 3,031,0 2,535,0
140,254,0
848,0
450,0
175,0
74,0 1,107,0
671,0 1,288,0
968,0
890,0
15,547,0
30,0
717,0
63,0
7,0
725,0
869,0
164,0
8,573,0
350,0
293,0
15,0
101,0
325,0
101,0
250,0
4,537,0
32,0
13,0
14,0 2,481,0
904,0 2,228,0
2,855,0
33,438,0
405,0
20,0
44,0 2,580,0
1,642,0
894,0 1,551,0
31,792,0 1,250,0
500,0
21,0
1,0
245,0
514,0
133,0
930,0
6,888,0
400,0
738,0
35,0
658,0
268,0
112,0
9,262,0
88,0
400,0
509,0
31,0
573,0
158,0
281,0
13,0
7,098,0
287,0

Totals, avge.for week 112,600,0 179,933,8 1,384,142,0 167,898,0 50,510,0 62,715,0

2,041,0

1,076,0 115,911,0

,445,339,0

9,057,0 38,122,0

51,648,0
49,009,0
49,761,0
48,128,0
51,858,0

81,104,0
64,722,0
64,209,0
47,739,0
64,823,0

1,474,01
2,322,0
2,433,0
2,455,0
1,863,0

1,172,0 118,676,0
971,0 115,055,0
1,189,0 115,412,0
1,462,0 113,070,0
1,512,0 111,685,0

,451,374,0
,439,551,0
,429,245,0
,400,112,0
,402,491,0

9,277,0
8,289,0
8,160,0
7,799,0
7,981,0

2,407,0
1,585,0
200,0
705,0
82,0
755,0
2,469,0
27,0
120,0
545,0
78,0
93,0
478,0
215,0
440,0
439,0
84,0

1,116,0
912,0
682,0
89,0
125,0
729,0
3,799,0
50,0
89,0
919,0
139,0
137,0
1,253,0
153,0
588,0
• 733,0
319,0

155,0
54,0
228,0
175,0
20,0
78,0
1,217,0
49,0
15,0
• 68,0
67,0
85,0
229,0
28,0
139,0
582,0
169,0

281,738,0 28,540,0 10,720,0 11,832,0

3,358,0

11,844,0 3,241,0
12,828,0 3,880,0
11,705,0 '3,543,0
29,749,0 3,514,0
10,484,0 3,664,0

Totals, actual conditlo
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Ireenwich Bank
Pacific Bank
People's Bank
Vletropolitan Bank._.
..1orn Exchange Bank__
3owery Bank
lerman-American Bank
lith Avenue Bank-.
3erman Exchange Bank
3ermania Bank
Bank of Metropolis....
West Side Bank
%T. Y. Produce Exch...
;tate Bank
5ecurity Bank

2,050,0
1,500,0
600,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,000,0

1,388,061,0 186,126,0
1,382,247,0 164,406,0
1,386,407,0 149,743,0
1,385,257,0 142,890,0
1,370,435,0 140,495,0

n April 3
n Mar.27
n Mar.20
n Mar.13
n Mar. 8

Totals,avge.for week_

37,603,0
38,823,0
39,556,0
38,784,0
39,114,0

.
4,882,4
8,194,1
1,162,3
995,3
453,9
1,894,2
7,225,4
785,1
691,1
2,296,2
812,9
1,012,7
2,137,0
698,8
929,4
472,4
301,3

16,450,0 32,924,5

42,100,0
30,041,0
10,311,0
4,983,0
2,180,0
12,071,0
71,382,0
3,543,0
4,002,0
14,426,0
3,585,0
5,797,0
12,865,0
4,524,0
11,386,0
17,895,0
10,307,0

262,918,0
261,515,0
258,514,0
259,986,0
254,227,0

Totals, actual condltio n April 3
Totals, actual conditio n Mar.27
Totals, actual conditio n Mar.20
Totals, actual conditio n Mar.13
Totals, actual conditio n Mar. 6

7,698,0
3,276,0
908,0
290,0
170,0
818,0
6,686,0
296,0
558,0
1,631,0
476,0
565,0
1,416,0
298,0
1,877,0
1,178,0
601,0

29,227,0
28,130,0
27,947,0
27,831,0
27,537,0

10,173,0
12,541,0
12,891,0
16,136,0
9,876,0

1,100,0 .133,0
577,0 1,858,0

47,070,0
28,128,0
10,983,0
4,697,0
2,191,0
10,481,0
78,790,0
3,131,0
4,487,0
14,888,0
3,456,0
5,650,0
12,989,0
4,543,0
12,368,0
19,588,0
9,824,0

4,0
3,191,0

3,0

6,006,0 2,954,0

273,024,0

3,256,0

2,0
2,0
4,0
8,0
9,0

8,214,0
6,112,0
6,156,0
6,228,0
5,823,0

3,166,0
2,555,0
2,568,0
2,488,0
2,800,0

274,538,0
274,977,0
270,448,0
293,902,0
262,351,0

3,254,0
3,256,0
3,258,0
3,257,0
3,257,0

25,0
9,0

1,199,0
6,472,0
1,608,0
839,0
1,007,0
8,436,0
329,0
667,0
2,082,0
873,0
1,549,0
589,0
496,0
1,503,0
748,0

23,998,0 4,291,0
2,028,0
8,342,0 129,445,0 27,253,0
4,376,0
32,157,0 8,589,0
16,748,0 4,362,0
1,889,0
20,144,0
743,0
4,788,0
7,126,0 168,705,0 24,804,0
338,0
6,661,0
165,0
404,0
13,345,0
529,0
3,209,0
41,649,0 15,385,0
1,901,0
17,458,0
879,0
5,321,0
30,972,0 4,110,0
1,013,0
11,778,0 2,388,0
633,0
9,918,0 1,055,0
1,955,0
30,059,0 3,697,0
2,609,0
14,954,0
28,0

379,0
1,0
2,0
3,000,0
188,0
200,0

140,0

207,0
205,0

823,0

150,0

199,0

56,0
5,0

.

Trust Companies
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co__
1,500,0 3,361,0
10,000,0 12,816,4
Bankers' Trust Co
2,000,0 4,265,3
U. S. Mtg & Trust Co__
1,250,0 1,107,9
kstor Trust Co
title Guar.& Trust Co. 5,000,0 11,805,8
Jusranty Trust Co-__ 10,000,0 22,727,8
1,000,0 1,304,2
Fidelity Trust Co
4,000,0 5,087,0
Lawyers' Title & Trust_
olumbla Trust Co.... 2,000,0 7,311,1
1,000,0 1,419,5
People's Trust Co
3,000,0 11,818,1
New York Trust Co..._
1,000,0 1,090,9
Franklin Trust Co
1,000,0
526,6
Lincoln Trust Co
2,000,0 8,103,4
Metropolitan Trust Co_
894,6
1,500,0
Broadway Trust Co.._

30,563,0 1,495,0
153,628,0 12,717,0
42,208,0 2,664,0
21,120,0 1,185,0
34,578,0 1,632,0
231,888,0 13,599,0
399,0
8,129,0
20,869,0 1,045,0
59,050,0 3,349,0
17,979,0 1,121,0
44,907,0 3,136,0
14,659,0
604,0
10,998,0
599,0
36,021,0 2,055,0
14,827,0 1,028,0

199,0
183,0
31,0
18,0
114,0
1,833,0
128,0
236,0
208,0
81,0
139,0
178,0
44,0
1,256,0
78,0

828,0
168,0
237,0
150,0
170,0
1,205,0
126,0
59,0
372,0
301,0
46,0
207,0
275,0
583,0
448,0

149,0
18,0
298,0
243,0
200,0
523,0
22,0
31,0
336,0
225,0
3,0
143,0
69,0
172,0
317,0

Totals, avge. for week_ 46,250,0 91,220,1

741,398,0 48,626,0

4,720,0

4,971,0

2,749,0

139,0 28,397,0 45,932,0

Totals, actual conditlo n April 3
Totals, actual conditio n Mar.27
Totals, actual conditio n Mar.20
Totals, actual conditlo n Mar.13
Totals, actual conditio n Mar. 6

748,063,0
741,058,0
738,499,0
724,062,0
704,978,0

3,423,0
4,660,0
3,131,0
2,221,0
3,160,0

5,648,0
5,537,0
8,438,0
5,145,0
4,824,0

2,389,0
3,499,0
2,896,0
2,757,0
2,912,0

159,0
132,0
190,0
181,0
85,0

Grand Aggregate, avge_ 175,300,0304,078,4 2,387,278,0 243,084,0 65,950,0 79,518,0
-2,825,0 +13,183,0 +637,0-4,385,0
Comparison prey. week

6,107,0
-554,0

47,220,0
48,349,0
46,287,0
45,394,0
46,114,0

11,0
7,0
12,0
5,0
47,0
6,0
10,0
7,0

'

567,989,0 98,056,0

28,828,0 38,055,0
26,582,0 53,305,0
27,974,0 51,015,0
27,883,0 47,296,0
26,545,0 57,746,0

576,433,0
582,565,0
559,474,0
558,220,0
532,771,0

98,775,0
97,380,0
94,948,0
94,085,0
91,609,0

2,041,0 1,218,0 150,314,0 48,888,0 2,286,352,0 110,389,0 38,122,0
-52,0 -104,0 +631,0-46170 +11,773,0 +3,522,0 -509,0

Grand Aggregate,actual condition April 3._ 2,399,042,0 242,573,0 65,244,0 78,688,0 5,830,0 1,474,01 1,333,0 153,718,0 41,221,0 2,302,345,0 111,308,0 37,603,0
+14,222,0 +3,688,0 -968,0 -4,401,0 -1,129,0 -848,01 +228,0 +5,969.0-146390 +25,252,0 +2,381.0 -1,020,0
Comparison prey. week
Grand
Grand
Grand
Grand
Grand
Grand

Aggregate actual
Aggregate,actual
Aggregate,actual
Aggregate,actual
Aggergate,actual
Aggregate,actual

condition
condition
condition
condition
condition
condition

Mar. 27_
Mar. 20_
Mar. 13_
Mar. 8Feb. 27_
Feb. 20_

2,384,820,0 238,885,0
2,383,420,0 233,957,0
2,369,305,0 218,215,0
2,329,638,0 214,146,0
2,297,504,0 215,429,0
2,288,948,0 214,315,0

68,210,0
65,783,0
68,485,0
84,894,0
85,898,0
68,216,0

83,087,0
84,352,0
82,633,0
79,931,0
75,381,0
77,344,0

7,359,0
8,239,0
6,271,0
6,576,0
8,808,0
7,301.0

2,322,0
2,433,0
2,654,0
1,883,0
2,628,0
2,748.0

1,105,0 147,749,0 55,880,0 2,277,093,0 108,925,0
1,383,0 149,542,0 53,583,0 2,258,165,0 108,364,0
1,851,0 147,181,0 49,762,0 2,252,234,0 105,141,0
1,606,0 144,033,0 80,546,0 2,197,613,0 102,847,0
812,0 148,074,0 58,414,0 2,189,702,0 98,748,0
1,141,0 144,487,0 49,908,0 2,156,052,0 97,997,0

38,823,0
39,556,0
38,784,0
39,114,0
39,118,0
39,415,0

STATEMENTS OF RESERVE POSITION.
Averages.
Cash reserve Reserve in
in vault. depositaries,

Total
reserve,

*Reserve
required,

Actual Figures.
Surplus
reserve,

Inc.or dec.
from
Cash reserve Reserve in
previous wk. in vault. depositaries,

Total
reserve,

a Reserve
required,

Surplus
reserve,

Inc. or dee,
from
previous wk,

$
$
$
Members Federal
$
$
$
$
$
$
$
$
$
Reserve Bank-- 281,123,000 115,911,000 397,034,000 260,613,870 136,420,130 +10,081,820 278,968,000 118,676,000 397,644,000 261,711,170 135,932,830 +2,274,480,
54,450,000 6,006,000 80,456,000 49,144,320 11,311,680 -2,775,780 54,485,000 6,214,000 80,699,000 49,416,840 11,282,160 -2,692,980
State Banks
59,068,000 28,397,000 87,483,000 85,198,350 2,264,650 +153,750 58,880,000 28,828,000 87,508,000 86,464,950 1,043,050-1,199,200
Trust companies
Total April 3._ 394,839,000 150,314,000 544,953,000 394,958,540 149,098,480 +7,459,810 392,133,000 153,718,000 545,851,000 397,592,980 148,268,040-1,617.720
Total Mar. 27._ 385,758,000 149,683,000 535,441,000 392,904,350 142,538,850 +8,405,510 395,541,000 147,749,000 543,290,000 393,414,240 149,875,780 +10278240
Total Mar. 20._ 374,908,000 147,993,000 522,901,000 388,789,880 134,131,140 +2,800,090 380,331,000 149,542,000 529,873,000 390,273,480 139,099,520 +9.5$ . 9,
1 930
.
Total Mar. 13 388,778,000 148,170,000 514,948,000 383,418,950 131,531,050 -2,584,890 371,804,000 147,181,000 518,785,000 389,045,470 129,739,030 .1.1 AR-....u
Total Mar. 6 387,580,000 148,209,000 513,789,000 379,873,280 134,115,740 -2,690,040 365,547,000 144,033,000 509,580,000 379.988,280 129,M,740Li,i61.960
'
27._ 385,479,000 148,987,000 512,468,000 375,860,220 136,805,780 -1,692,990 363,494,000 146,074,000 509,588,000 374,808,300 134,781,700Total Feb.
2,412.750
Total Feb. 20 307,139,000 145,107,000 512,248,000 373,747,230 138,498,770 -402,050 385,176,000 144,487,000 509.883.000 372.485.550 15717L dui __., ano ...,
-- * This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal
Reserve Bank
it includes also the amount of reserve required on Net Time Deposits, which was as follows; April 3, $452,850; March 27, $413,750; March 20, $388,800;
March 18,
$398,100; March 6, $400,000; Feb. 27, $400,300.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve
Bank it
naiades also the amount of reserve required on Net Time Deposits, which was as follows: April 3, 3463,850; March 27, 3414.450; March 20, $408,000;
March 13.
1389,950; March 6, $399,050; Veb. 27, $393,250.
•




1VoL. 100

THE CHRONICLE

1236

In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF SPATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
results for New York City (Greater New
Differences from guish between the
(Figures Furnished by State Banking Department.)
previous week. York)and those for the rest of the State, as per the following:
April 3.
$615,500
$560,578,900 Inc.
Loans and Investments
240,800
43,691,700 Dec.
For definitions and rules under which the various items
Gold
44,600
9,875,800 Dec.
Currency and bank notes
670,274,200 Inc. 9,110,700 are made up, see "Chronicle," V. 98, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust com570,443,000; Inc. 2,325,000 ments of State banking institutions were published in the
panies in New York City, and exchanges
156,201,900 Inc. 5,780,400
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 29.2%.
RESERVES.
tions relating to calculating the amount of deposits and what
- -Trust Companies
State Banks
$10,550,000 11.21%
343,017,500 9.75% deductions are permitted in the computation of the reserves
Cash in vault
_ _ 14,822,000 15.76%
87,812,400 19.89%
Deposits In banks and trust cos_ _
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$25,372,000 26.97%

Total

$130,829,900 29.64%

STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:

Capital as of Dec. 24_ -

Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3

2.745,614,3
2,749.071,9
2,764.800,2
2.775,955.6
2,810.842,7
2.839,130,1
2,444,507,9
2,e60.024,7
2.880.964,8
2,906,083,5
2,936,439,9
2,950,066,4
2,947,856,9

Demand
Deposits.

Specie.

2,580,567,9
2,606,658,9
2.644,972,0
2.661,534.5
2,699.873,7
2.726.179.4
2.728,181,5
2,741,673,7
2.701.539,0
2,781,801,1
2,817,407,0
2,842.697,0
2,856,795,0

3
301,574.0
312,482.9
321,086.7
333,163.7
338.596,1
336,982,7
336,932,2
336,325.4
339.957,2
340,782,2
346,796,5
357,716.5
366,273,7

85.177,0
87,061,4
88,585,8
89.077,3
85.552,6
81.868,8
84,242,4
83,359.6
81.437,2
81,637,1
82,055,5
81,894,4
81,932,8

Total
Entire
Money Reserve on
Holdings. Deposits.

Other
Money.

386.751,0
399,544.3
405,872.5
422.241.0
424,118,7
421.851,5
421,174,6
419,685,0
421.444,4
422,419,3
428,852,0
439.810,9
448,206,5

602.350.5
629,276,2
650.606,3
660.446,2
658,143.6
653,867,9
602.375,7
655,540,7
653,529,0
653,476,3
668,754,7
685,862,5
701,154,9

24,550,000

67,300,000

10.913.000

Surplus as or Dec. 24_ _ _

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in au these igures.

- Loans and
Week ended
InJestments

Trust Cot.
State Banks
Trust Cos.
Stale Banks
in
outside 41
in
outside of
Greater N. Y. Greater N. F. Greater N. V. Greater N. Y.

Week ended Aprtl 3.

39,269,500

151,327,000

13.749,700

11.225,000

337,646,500 1,196,436,700
+1,803,000 +1,303,200

132,770,700
+237,800

193,313,300
+334,500

Loans and investments_ _
Change from last week_

13,100,000

Gold
Change from last week_

40,695,500
1,092,200

85,760,400
+ 132.300

Currency and bank notes
Change from last week_

24,261,100
-1,785,000

16,326,800
-217,500

Deposits
Change from last week.

434,641,200 1,362,689,200
+6,354,700 +17,221.600

140.480,200
+712,800

203,939,200
+1,185,300

Reserve on deposits
Change from last week.

96,811,700
-1,940,100

277,925,500
+6,896,300

25,690,000
+61,000

28,867,300
+58,700

27.2%
27.7%

26.3%
25.9%

20.6%
20.6%

17.2%
17.2%

P. C. reserve to deposits_
Percentage last week

•

+ Increase over last week. 4-Deerease from last week.

-Following is the report made to the Clearing-House by clearing nonNon-Member Banks and Trust Companies.
member institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
• CLEARING
NON-MEMBERS.

Net
Capital. I Profits.

Loans,
Discounts,
f Nat. banks March 41 InvestIState banks Mar.29f merits, dcc.

Week Ending
April 3 1915.
Members of
Fedi Reserve Bank
Battery Park Nat._ _
First Nat., Brooklyn
National City,Bklyn
First Nat., Jers.City
Hudson Co. N.J.C.
.Hoboken
First Nat.
Second Nat.,Hobok..
Total
State Banks
Not Members of the
<Federal Reserve Bank
Bank of Wash.Bes
*Century Bank
Colonial Bank
Columbia Bank __
'Fidelity Bank
Mutual Bank
New Net heriand_ _ _
Yorkville Bank
Mechanics', Bklyn_ _
North Side, Bklyn

Legal
Tenders.

Gold.

100,000
600,000
400,000
300,000
200,000
200,000
200,000
100,000
1,600.000
200,000

Trust Companies.
Not Members of the
Federal Reserve Bank
amlitonTrust,Bki
Mechanics, Bayonn

369,500
467,200
767,300
648,900
184,100
472,700
268,600
509,600
792,000
180,400

1,849,000
7,881,000
9,272,00))
6,723,000
1,155,000
5,294,000
3,455,000
5,362,000
16,894,000
3,131,000

78,000
413,000
294,000
397,000
100,000
540,000
146,000
321,000
775,000
170,000

46,000
19,000
104,000 187,000
155,000 398,000
91,000 279,000
25.000
9,000
59.000 146,000
70,001) 145,000
88,000 157,000
129,000 571,000
36,000 105,000

20,000
272,000
50,000
116,000
9,1300
52,000
67,000
90,000
334,000
40,000

760.000 2,059,000 1,050,000

500,000 1,031,000 6,903,000
50,000
269,700 3,518,000

475,000
84,000

16,000
40,000

19,000
05,000

559,000

56,000

84,000

8,000
74,000

179,000
253,000

Excess
Due from
Reserve
DeposiLanes.

Net
Demand
Deposits.

National
Not
Bank
CircuTime
Deposits, lotion.

174,000 1.414,000
101,000
979,000 6,579,000 1,646.000
405,000
409.000 7,609,000
456,000
111,000 7,052,000
423,000
105,000 1,034,000
62,000
914,000 5,191,000 392,000
311,000
26,000 3,453,000 148,000
203,000
310,000 5,648,000
339,000
1,049,000 1,776,000 17.487,001) 811.001
96,000 3.309,000
199,000

8,000 3,548,000 4,900.0 t i 58.776.000 2,997,000

1,000

65,000

6,245,000 10,130,400 100614000 4,628,000 1,390,000 2,712,000 1,115,000 424,000
+2475000 -32,000 -185000 -70,000 +44,000 -46,000
$250,640 Docrease
6,145,000 10.449,600 98,139.000 4,660,000 1,575.000 2,782,000 1,071,000 470,000
6,145.000 10,449,600 97,522,000 4,791,000 1,337,0002,688.000 1,071,000 516,000
6,145,000 10,380,600 96,874,000 4.793.000 1,294,000 2,741,000 1,058.000 574,000
6.145,000 10,380.600 96.638,000 4,702,000 1,216,000 2,663,000 1,063.000 482,000
6,145,000 10,380,600 96,474,000 4,764,000 1,262.000 2,749,000 1,067,000 586,000

265,000 1,300,000 5.308,000 923,000
567.000 1,21)6,000 2,046,000
65,000

1,000

2:3,000
37,000

550.000 1,301,600 10.421,000

Total
Grand aggregate____
Comparison, prev.w
Excess reserve,
Grand aggr'te Mar 27
Grand aggr'te Mar 20
Grand aggr'te Mar 1
G t and aggrte Mar ,
G r and aggr'te Feb.2 •

Reserve
Nal.Bank Federal
with
Notes(Not Reserve
Legal
Bank
Counted
Notes(Not Depostas
Reserve]. Reserve:. terries.

Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
I
1
$
if
$
$
$
$
11
$
$
12,000 193,000
1,962,000
3,810 200,000
9,000
46,000
99,000
53,000
136,600 2,080,000
200,000
295,000
176,000 4,304,000
8,000 540,000
16,000
37,000 111,000
680,900 4,693,000 121,000
300,000
120.000
189,000 4,992,000
10,000 622,000
24,000
58,000 127,000
617,500 5,016,000 164,000
300,000
392,000
530,000 2,421,000 4,422,000
33,000
77,000
400,000 1,265,500 4,652,000 222,000 336,000
194,000
699,0130 2,601,000
4,000 312,000
68,000
99,000
14,000 .54,000
804,800 3,653,000
250,000
557,000 1,872,000 2,61.7,000 217,000
2,000 312,000
15,000
63,000
34,000
80,000
658,800 5,073,000
220,000
99,000
303.000 1.748,000 1.762,000
210,000
6,000
74,000
37,000
304,400 4,010,000
58,000
125,000
27.000 2,726,000 4,345,000 21,901,000 4,391,000 1,510,000
171.000
1,795,000 4,468,500 29,177,000 82
.
6.000574,000 569 000

3,900,000 9,660,300 61,016,000 3,243,000

Tota

Silver.

Nat.Bank
Notes Reserve for
Stale Institutionsj

330,000 1.927.001 6,604.0002,04)9,4300

36,000 6,604,000 11172000 87.281,000 10357000 1,510.000
+5.000 +23,000 +62,000 +138.000 +1-22000 -1,000
31,000 6,581,000 11,110.000 87.143,000 10235000 1,511,000
28,000 6,591,000 12,063,000 87.428,000 1.387,000 1.521.1.00
20,000 6,364,000 10,344,000 87.209,000 8.556,000 1,516,000
20,000 7.322,000 9,802,000 86,975,000 8,547,000 1.514,000
30,000 6,965,000 9,604,000 87,558,000 8,186,000 1,518,4300

-We give below a
Boston Clearing-House Banks.
-Summary of weekly totals of
Philadelphia Banks.
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00)s in all these figures.
BOSTON CLEARING-ROUSE MEMBERS.

Capital
and
Surplus.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar •
Mar
Mar
Mar
A prl I

23
30
6
13
20
27
6
13
20
27
.1

Loans.

3
$
103,684.3 393,671.0
103,684,3 394,575,0
103.684,3 3435,604.0
103,684,3 397,425.0
103,684,3 402,966.0
103.684.3 40.4,022.0
103.684,3 406,929.0
103.684.3 410,428,4)
103,684,3 411,220,0
103,684.3 .412,354,0
Ins RStd. 2 4 19 VI 1 n
P

P"

Reserve.
$
82.966,0
84,437,0
85.162,0
87.508,0
90.514,0
01,485.0
92.277.0
91.186.0
91,266,0
90,718.0

Deposits. Ctrculaa
Wm
$
438.174,0
438.9043,0
44:1.310.0
445.806,0
458,620.0
1654793.0
461.943.0
459.147.0
460,763.0
456,791,0

01.34)1.0 469.454.n

Marla 3

$
$
11.592,0 160,965.1
11,554,0 144.309 4
11.562.0 168.439.7
11,521.0 120,091 2
11.510,9 163.893.9
11.510,0 124,704.2
11..512.0i189.945.0
11.518.0 138.902,4
11,516,0 139.536 7
11,423.0 133.978.0
11 _2(In JI. tng 2142

,1

a Includes Government deposits an 1 the Item "due to other banks" (April 3,
5132,898.000); also "Ex^h;Anges for Clearing House" (April 3, $21,310,000). Due
from banks April 3, $50,555,000.




Change from
April 3'15. previous week. Mar.27 '15. Mar-20'1$.
$9.367.000 Inc.
Circulation
Loans, dIsets Se investments_ 238,053,000 Inc.
Individual deposits, incl.U.S. 180,354,000 Dec.
94,119,000 Inc.
Due to banks
6,709,000 Dec.
Time deposits
Exchanges for Ciearg House. 15,325,000 Inc.
25,705,000 Inc.
Due from other banks
19,641,000 Dec.
Cash reserves
Reserve in Fed. Res've Bank. 9,931,000 Inc.
Reserve with other banks... 37,276,000 Dec.
6,977,000 Dec.
Reserve excess In bank
24.612,000 Dec.
Excess with reserve agents_
3,599,000 Inc.
Excess with Fed. Ree've

$2,000 $9,365,000 $9,366,000
1,796,000 236,257;000 234,346,000
1,654,000 182,008.000 180,864,000
5,881,090 88,438,000 88,191,000
461,000 7,170,000 7,032,000
3,069,000 12,256,000 11,320,000
1,385.000 24,320,600 26,095,000
921,000 20,562,000 19.950,000
518,000 9,413,000 9,891,000
2,329,000 39,605,000 39,039,000
1,033,000 8.000,000 7,507,000
2,441,000 27,053,000 26,596,000
462.000 3,137.000 3.670,000

-See second page
Imports and Exports for the Week.
preceding.

11. 10 19151

Vanhere Gazette.
Wall Street, Friday Night, April 9 1915.
The Money Market and Financial Situation.—The
more hopeful feeling in business circles noted last week and
the reasons therefor continue in force. The causes have been
augmented by the Government crop report and by news from
the iron and steel industry. The latter shows a considerable
increase in product and a firmer market for pig iron. The
official estimate as to the condition of winter wheat on April 1
places it at 88.8—a little higher than on Dec. 1 and also
higher than the 10-year average. It is well known that the
acreage is larger than ever before. It seems reasonable,
moreover, to expect that, whether the war continues over
another harvest or not, there will be an urgent foreign demand for all our surplus of this year's crops.
Preliminary reports of foreign trade for March indicate
that there will be again a large balance in our favor, amounting perhaps to $145,000,000. This is in part offset, however,
by sales of American securities owned abroad, which are estimated to have been this week from $1,000,000 to $3,000,000
per day. It is needless to say that the former owners of
these securities are fortunate in finding a market in condition
to absorb these offerings without perceptible effect upon prices.
The stock market is responding to a broader outside interest and to much manipulation. The methods by which
this manipulation is being carried on do not commend themselves, and yet there is a substantial basis for higher prices
in improving conditions. How long these conditions will
continue in force is of course wholly problematical, but that
they exist and are believed to have a reasonably solid foundation is evidenced by a noteworthy advance in the. price of
Stock Exchange seats.
In strictly financial circles, the offerings of railway notes,
this week those of the New Haven for $30,000,000 and of
Illinois Central for $2,000,000, and the reported establishment of large foreign credits here at relatively high rates of
interest, have attracted attention. It now seems probable
that these rates will influence the money markets of the world
for a long time to come. No one, we imagine, would venture to predict when a 3% or a 3%% loan could again find
a market, however good the security.
The open market rate for call loans on the Stock Exchange
on stock and bond eollaterals ranged from 14 to 23/2%. The
rate on Friday was 2@2Y2%. Commercial paper closed
4
at 3%@33 % for sixty to ninety-day endorsements and
prime 4 to 6mos.' single names. Good single names4@41%%.
The Bank of England weekly statement on Thursday
showed a decrease of .£117,223 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
18.36, against 18.26 the week before. The rate of discount
remains unchanged at 5%, as fixed August 13.
Foreign Exchange.—The market for sterling exchange
has ruled quiet but steady during the week, awaiting definite
news of the establishment of a British credit in this centre,
announcement of which is expected to be made within a
short time.
To-day's (Friday's) actual rates for sterling exchange were 4 763 @)4 77
%
for sixty days, 4 793%@4 80 for cheques and 4 8004 80 5-16 for cables.
Commercial on banks, nominal, and documents for payment, nominal.
Cotton for payment, nominal, and grain for payment, nominal.
There were no rates for sterling posted by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 33% @5 34 for short. Germany bankers' marks were nominal
for long and 82% for short. Amsterdam bankers guilders were 39 for short.
Exchange at Paris on London, 25f. 55c.: week's range, 25f. 54c. high
and 25f. 55c. low. Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Cheques.
Cables.
Sterling, Actual— Suty Days.
4 80
4 80 5-16
High for the week_ _ _4 77
4 79 5-16
4 793.
Low for the week_ _ _4 76%
Paris Bankers' Frctncs—
5 32
531%
Iligh for the week_
5 323%
5 323%
Low for the week_ _
Germany Bankers'Marks—
82%
82%
high for the week_ - _ ---82%
823% plus 1-32
Low for the week__ _
Amsterdam Bankers' Guilders—
39%
39 9-16
Itigh for the week_ _ _
39 7-16
39 7-16
Low for the week__ Exchange.—Chicago, 5c. per $1,000 premium. Boston, par.
Domestic
St. Louis, par bid and 10c. premium asked. San Francisco, 60c. per $1,000
premium. Montreal, $6 563% @6 873% per $1.000 premium. Minneapolis, 30e. per $1,000 premium. Cincinnati, par.

State and Railway Bonds.—Sales of State bonds at the
Board this week include $3,000 New York Canal 4s, 1960,
at 993/i to 1003'; 817,000 New York State 43's, 1083/.
$4,000 New York State VAS, 1965, at 1041%; $8,000 New
York Canal 43/28, at 1083/i to 109, and $7,000 Virginia 6s,
deferred, at 563/ to 58.
The market for railway and industrial bonds has been considerably less active than that of last week. Sales decreased
$2,510,000, or an average of $627,500 a day, par value.
Notwithstanding this decrease in general activity, a brisk
demand was reported for city securities and several of these
issues were traded in in considerable volume.
Among the industrial .securities, Inspiration Con. Copper
of 1919 and 1922 again were prominent for their
sharp advances, carrying forward their upward movement
of the past three weeks from 1123/ to 1193/ and from 113
to 1193/i respectively. Bethlehem Steel moved forward
11% points and several other issues showed fractional gains.
Of a list of • twenty active railroad bonds, ten have advanced and eight declined. Fluctuations have, however,
in nearly all cases, been narrow. Erie cony. 4s, series B,
in sympathy with the stock of that company, moved up
23 points from 663, the'closing price last week, and



1237

THE 'CHRONICLE

Chicago Rock Island & Pacific deb. 5s gained 1% points.
On the other hand, Chicago Rock Island & Pacific ref. 4s
lost 13/ points. New York Railways adj. 5s 2 points and
Missouri Pacific con. 5s 1 point. Other gains and losses
in these issues were also fractional.
Sales on a seller's 20
-day option (s-20-f) representing,
presumably, selling on foreign account, have been on a
reduced scale, reaching for the 5 days 631,000, as against
808,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board include $1,000 4s, reg., at 1093/2; $4,500 3s, reg.,
at 1013/2; $1,000 4s, coup., at 111,3/2; $1,000 Panama 3s, reg.,
at 101%, and $25,000 2s, reg., at 981%. For to-day's prices
of all the different issues and for weekly range, see third page
following.
Railroad and Miscellaneous Stocks.—The stock market
continued active and generally strong during the early part
of the week. Normal conditions were upset, however, on
Thursday by a sensational rise in Bethlehem Steel to a level
32 points above its selling price on Wednesday and a subsequent decline of 12 points. Other manufacturing stocks
were, of course, more or less disturbed, but railway shares
were not much affected. The movement had, indeed, very
little significance and attracted little attention outside the
circle of those directly or indirectly responsible for it.
To-day's market has been decidedly buoyant and the
volume of business by far the largest since the autumn of
1911, except on the last day of business at the outbreak of
the present war. This reached to-day 1,282,547 shares
and prices of leading railways advanced from 1% to 5 points.
There is no legitimate cause known for such a movement
and it is, therefore, much to be regretted.
As a result of the week's operations Lehigh Valley is 111%
points higher than last week, Reading 63/8, Rock Island 61 ,
4
Canadian Pacific 5%, Northern Pacific 4%, Union Pacific
4% and U. S. Steel 8%. Bethlehem Steel has covered a
range of nearly 32 points and closes with a net gain of 2
51%.
General Motors is 24 points higher and other stocks of the
latter class have moved sensationally.
For daily volume of business see page 1246.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 9.

Sales
for
Week.

Range for Week.
Lowest.

Adams Express
311 893%
American Express
200 93
Am Teleg & Cable
411 60
Am Writing Paper, pref_
450 834
Des
'M & Ft Dodge
100 73%
Des M & Ft Dodge, pref
30 37
Detroit Edison
120 1143%
Duluth 5 5 & Atl, pref
100 834
E I du Pont Powd, pref.
100 91
Green Bay & W del) B
26 1134
ii 79
Havana Eec Ry L dr P.
311 7
Int Agricul Corp
35i 134
Internat Steam Pump
Preferred
300 634
Iowa Central
100 7
Kings Co El L & P
89 121
2,111 34
Lackawanna Steel
Manhattan Shirt
300 50
100 11234
Mont Ward & Co, pref
100 121
Nash Chatt & St Louis
444 34
N Y Chic & St Louis_ _ _ _
7 116
N Y Lack & West
230 254
Ontario Silver Mining
100 634
Peoria dr. Eastern
Philadelphia Co (Pitts)_ 3,330 71
10(1 44
So Porto Rico Sugar_ _ _ _
35
1
U S Reduc & Ref, pref
300 42
Virginia Iron Coal & C
Wells, Fargo tSt Co
410 9434
West Maryland, pref
300 39
Wevman-Bruton
106232V

Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Ant

Highest.
6 913%
8 94
6 603%
6 10
9 73%
8 37
7 115
6 834
7 91
5 1234
5 79
6 734
9 174
8 8
8 7
3 1213%
7 39
6 50
6i1234
7 121
3 3654
5 116
8 234
5 63-4
7 79
7 44
9 23%
7 43
5 98
7 40
623234

Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Am*

Range since Jan. 1.
Lowest.
8 80
8 83
9 58
6 7
9 4
6 2934
5 1113%
6 7
7 91
81 103-4
5 71
3 534
6 154
9 5
6
1203%
9 28
6 50
6 11254
7 121
9 32
5 112
8 2
5 4
9 71
7 40
9
1
51 363%
81 7754
3 25
6 2t236

Highest.

Ja. 91%
Fe. 95
Ma 6031
Fe 10
Fe. 73%
Ma 37
Feb 1153%
Jan 10
Ap 91
Jan 1234
Ma 79
Ma
734
Ap
2
Ja
854
Fe. 10
Mar 1213%
Jan 39
Jan 51
Ap 1123%
Apt 126
Ma 3634
Fe. 116
Fe. 234
Jan 73;
Ap 79
Feb 44
Ap
23%
Feb 44
Ja 98
Rt. 40
An 23234
-

Apr
Jan
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Feb
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
IVEir
An

Outside Market.—Business on the "curb" this week was
again active and prices, while fluctuating irregularly, moved
higher. Industrial issues furnished the chief feature of the
trading. United Cigar Stores of Amer. corn. advanced
from 1063/ to 1143/2, reacted to 109 and closed to-day up
to 111. The new stock rose from 101% to 113s, fell back to
/
10% and moved upward again, resting finally at 11%.
Corp. for Stock of Riker & Hegeman sold up from 73 to 83/2
A
and off to 7%, with a final recovery to 83/8. Sterling Gum
improved from 31% to 3% and reacted finally to 3 5-16.
United Profit-Sharing moved up from 33 to 3 13-16, but
4
weakened to 3 7-16. Kelly-Springfield Tire corn., after an
early gain of 7 points to 137,dropped to 129 and moved upward again, reaching 139 to-day. The 2d pref. advanced 9
points to 140, moved down to 137 and recovered finally to
139. Internat. Motors corn. was active and sold up from
%
61% to 133 ,reacted to 9 and recovered to 131%. The pref.
gained 15 points to 35 and closed to-day at 33. Electric
Boat stocks were also prominent, the corn. advancing from
59 to 66 and closing to-day at 64. The pref. moved up from
83 to 863/ and reacted to 85. Oil stocks were quiet. Atlantic Refining improved from 570 to 584. Illinois Pipe
Line sold up from 130 to 142 and ends the week at 141.
Standard Oil (California) rose over 10 points to 301 and closed
to-day at 300. Standard Oil (Indiana) moved irregularly'
between 410 and 420, with the final figure to-day at 417.
Standard Oil of N. J. advanced 6 points to 401 and closed'
to-day at 400. Standard Oil, after a gain of 5 points to 189.
duringthe week,jumped to-day to 197 and finished at 196.
Vacuum Oil gained 13 points to 212. Mining stocks quiet
except in spots. Braden Copper gained a point to 8
Outside quotations will be found on page 1246.

1238

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding vase.

STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 3

Monday
April 5

Tuesday
April 6

Wednesday
April 7

Thursday
Aped 8

Friday
April 9.

Sales of
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On basis of 100 share lots.
Lowest

Highest.

Railroads
9933 997 100 1005 100 10034 10014 1003 100 10012 10018 10178 26,300 Atchison Topeka & Santa Fe._ 9212 Feb 24 10178 Apr 9
8
8
4
*98
Jan
9812 9812 0812 9812 9838 .1983 9834 9834 99
9978 Apr 9
9978 9978 1,120 Do pref
4
105 106 *104 107 *104 108
*104 106
98 Mar 1 107 Jan 22
105 105
106 106
400 Atlantic Coast Line RR
7112 723
8 7212 7318 7212 7312 7238 7314 7212 727
6634 Feb 2
6
9
3
7
5 7412 Apr 9
3
8 723 7412 26,308 Baltimore & Ohio
4
70
70
7012 703
7314 Jan 20
8
4 703 7ot2 70
7058 7012 7012 7014 705
8 2,335 Do pref
8934 90 8 905 913
5
8
8 9014 91
8
8
8412 Jan 6 913 Apr 5
9034 897 9014 893 9114 21,800 Brooklyn Rapid Transit
90
4
162 164
16312 165
16312 16412 16312 16312 163 16412 16312 16712 19,777 Canadian Pacific
215314 Mar 1 1683 Jan 21
4
*300 330 *300 330 *300 330 *300 330 *300 325 *300 330
Central of New Jersey
324 Jan 22 325 Jan 22
4412 4514 45
4438 4458 4438 4478 4414 4678 13,700 Chesapeake & Ohio
453
40 Feb 23 4678 Apr 9
4 4412 46
12
1214 1238 127
8 1214 123
4 1218 1238 12
123
4 123 127
1014 Jan 4 1278 Apr 5
8
8 7,550 Chicago Great West tr Ws
3112 3214 3212 33
3418 3414 3434 4,300 Do pref trust etts
3212 3278 324 3234 33
27 Jan 11 3434 Apr 9
885 8912 8912 903
8
4 8934 9058 8912 9038 89
90
90
15,465 Chicago Milw & St Paul
92
183 Feb 25 9312 Jan 22
2314 b 4
125 125
125 12514 126 12614 12614 12614 12614 12612 12612 12714 1,700 Do pref
130 Jan 22
*12612 1273 1273 12712 12734 128
128 128
8
8
12812 129
128 128
1,000 Chicago de North Western
121 Mar 3 12912 Jan 22
*165 175 *165 175 *165 175 *165 180 *165 175 *165 175
Do prof
11166 Feb 10 1,175 Jan 30
3214 3012 3214 31
2614 2914 2712 30
275 2914 28
8
3514 163,750 Chic Rock Island ,Sc Pacific_
1814 Mar 1 363 Mar31
4
*115 130 *115 130 *117 130 *115 130 §114 114 *115 130
50 Chicago St Paul Minn & Om
§114 Apr 8 §114 Apr 8
*128 150 *125 150 *127 150 *125 150 *125 140 *125 150
Do pref
*28
30
*29
*21
30
30
30
30
*29
30
30
400 Cleve Cin Chic & St Louis
31
§21 Jan 18 31 Apr 9
*59
80
*55
68
*56
65
*59
80
*59
65
60 60500 Do prof
5318 Feb 17 65 Apr 1
2912 2912 30
30
30
3058 3012 3118 3112 32
24 Mar15 32 Apr 8
32
32
2,400 Colorado & Southern
5414 5414 *54
*5212 55
55
*53
55
*5312 55
*43
45 Jan 18 5414 Apr 5
55
200 Do 1st pref
48
52
4912 4912 48
*48
*47 • 50
*45
52
*45
37 Jan 18 4912 Apr 3
200 Do 2d pref
52
*14814 1493 *149 1493 1497 14978 150 15012 *150 151
4
,s
4
142 Jan 4 152 Jan 18
1,084 Delaware & Hudson
1507 151
8
*416 430 *41212 425 *416 425 *416 425 *416 425
8
425 425
100 Delaware Lack & Western_ 3997 Jan 6 42514 Mar30
*7
812 *6
8
4 734 *612 8
4 Jan 12
73
8 Apr 8
400 Denver & Rio Grande
74 8
3
8
8
15
1412 1412 15
1314 1312 13
14
§13
612Jan 7 15 Mar31
13
*123 1414 1,355 Do pref
4
2618 2712 2734 287
8 2714 2818 2718 2734 265 2758
1978 Feb 24 2878 Apr 5
8
2658 2812 120,750 Erie
4134 44
4378 45
44
4412 4314 437
3214 Feb 24 45 Apr 5
8 43
4312 434 45
27,650 Do 1st preferred
343 3514 3518 3518 34
4
34
35
27 Feb 25 3514 Apr 5
3414 3314 34
3412 3434 3,000 Do 2d preferred
4
11812 1183 119 11978 11938 12014 211712 118
117 11734 117 11914 14,050 Great Northern pref
4Jan 2 12014 Apr 6
1123
8 3412 36
343 347
4
3514 3638 345 353
8
8 345 3512 3412 36
2514Jan 2 3638 Apr 6
8
32,375 Iron Ore properties
10814 10814 10934 10934 10958 10958 *10814 10958 *10814 1097 1093 1093
1024 Marll 110 Jan 22
8
600 Illinois Central
8
4
1678
1578 1658 1512 1618 1558 16
8
8Jan 16 167 Apr 5
1512 1612 16
1534 163 49,865 Interboro-Metropolitan v t otf 105
8
674 693
8 683 70
4
6814 7018 673 687
4
8
8 675 6812 6734 6914 60,870 Do pref
49 Jan 19 7018 Apr 6
2414 243
4 243 2514 2412 2478 2478 25
4
2434 243
2058Feb 24 2512 Apr 9
4 2478 2512 8,800 Kansas City Southern
*55
587
8 5914 5912 *59
591 *56
*56
5478Feb 24 5912 Apr 5
60
59
583 59
4
700 Do pref
. 7
734 Apr 9
7
*63
4 712
5 Jan 5
714 72 *74 73
4 *7
500 Lake Erie & Western
74
3
4
73
4 73
*20
*18
23
25
20
2158 *20
*20
24
*19
20 • Apr 5 2158 Apr 5
200 Do pref
21
13612 1374 1373 137 8 1373 13812 13612 1373 13714 13734 13634 14112 23,707 Lehigh Valley
8
7
4
4
12914 Feb 24 14112 Apr 9
37
*33
36
*33
*33
*33
37
37
*33
37
30 Jan 11 30 Jan 20
33
200 Long Island
33
*11612 1173 11712 11812 119 11934 *118 120
8
11912 11912 119 12012 1,950 Louisville & Nashville
110 Mar 1 12112Jan 22
*125 128
12718 12734 12778 128 *126 130 *126 129 *126 129
127 Mar31 128 Jan 20
400 Manhattan Elevated
1438 143
8 1412 1412 §1458 1458 143 1438 1414 1714 1612 17
193s Feb 15
8
1013 Jan 11
6,249 Minneapolis & St Louis
40
*35
*35
40
*35
40
*36
40
40
25 Jan 18 49 Feb 15
4214 41
417
8 1,860 Do pref
*116 11712 11718 1177 *11612 118
117 11758 11712 11712 1173 1187
8
106 Jan 4 11878 Apr 9
1,866 Minn St P & SS Marie
4
8
*124 128 *12412 128 *12412 128 *12512 128 *125 128 *125 128
126 Jan 14 128 Jan 19
Do pref
1312 1438 12
14
1338 14
1214 127
8
8 127 1312 1234 1334 24,910 Missouri Kansas & Texas
7 8 Jan 4 143 Apr 1
7
8
39
40
3814 39
34
38
3512 36
26 Jan 4 40 Apr 5
*36
39
357 3634 5,800 Do prof
8
1378 143
4 1314 143
4 1212 14
123 1412 133 1414 133 145 109,695 Missouri Pacific
4
63 Jan 8 1514 Jan 21
s
8
4
8
*12
17
17
*12
*12
17
*12
17
*12
17
*12
23 Jan 5 23 Jan 5
17
Nat Rys of Mexico 1st prof._
*434 6
47 Jan 23
*431 6
*43
4 6
6 Mar23
*434 6
*5
6
*5
6
Do 2d preferred
8 8512 8614 853 8634 8534 8614 8514 863
847 857
8
4
4
4 8618 8734 28,980 N Y Central & Hudson River_ 8112 Mar 1 923 Jan 22
5978 6012 6012 613
593 6014 5912 605
4 5912 61
8
43 Feb 25 6212 Mar31
8 593 6214 25,235 N Y N H & Hartford
4
29
203
8 287 2912 283 283
8
4
4 2814 2858 28
2814 28
29
4,100 NY Ontario & Western
214 Jan 6 2934 Apr 1
*16
20 *__
20 *__ _ _ 20 *_ _ _ 20 *____ 20 *____ 20
25 Feb 15 25 Feb 15
Norfolk Southern
10214 10214 103 10318 103 10314 *102 104
10278 10278 103 'or,
1,900 Norfolk & Western
9
9918 Jan 2 105 Apr 9
9 12 Fe9 4
*83
89
89
*85
*85
89
89
*85
*85
89
Dc a sl ment preferred_ 85 Jan 27 854 Jan 26
-- - i 5 Nort hern dgetiic
2,9 7
10538 106
10612 10718 10612 10778 107 1073 10634 10712 iW8 i1012
10912 Apr 9
4
10612 1067 107 1073 10634 10714 107 10714 107 10714 107 10814 14,952 Pennsylvania
z
8
10358Feb 24 108'2 Jan 22
*68
*68
78
*72
78
78
*68
78
*72
78
*72
Pittsb Cm Chic & St Louis__ 68 Mar15 72 Jan 18
76
*____ 100 *_ _ _ 100
100 *____ 100 *____ 100
Do prof
1447 146
14614 147 *--6- 148
8
14-14
14578 14712 14578 14678 17
16:38 1511- 272 7 Reading
- 2 7 -- 1:16
14018 Feb 24 15378 Jan 22
,
80. 88
*80
90
§88
*8012 90
8518 Niar 26 8612Jan 11
88
Ma2 8
*8012 90
*8012 90
,
60 1st preferred
85
85
*81
*81
*82
*82
85
85
8412 *82
85
300 2d preferred
86
80 Feb 23 8512 Feb 2
118 Apr 9
3
4
5
8
*12 1
7
8
*12
3
4
12
3
4
kl
118 4,700 Rock Island Company
7
8
1
1
1
114
112
114 138
114
112 158
212 Apr 9
112 212 16,400 Do pref
7 Mar23
8
*212 3
3
212
3
234 314
212 *112 234
314 Apr 8
134 Mar22
3
3
5,500 St Louis & San Francisco__._
12
*7
*8
1012 *7
11
12
*7
*8
12
10 Jan 25 1134 Mar31
*8
12
Do 1st preferred
*6
712
6
6
6
8 Mar31
6
•514 7
3 Jan 18
*612 7
*534 7
300 Do 2d preferred
18
*__
*17
18
*17
*17
18
18
8
17
15 Feb 15 177 Mar30
17
17
400 St Louis Southwestern
17
35
*34
_ 35
*34
*33
40
45 *_ _ _ _ 37
33 Mar24 37 Jan 21
*32
37
Do pref
1514 4518 1512 1512 1614 1534 16
1412 1412 143 1514 15
4
1114 Jan 4 1614 Apr 8
5,125 Seaboard Air Line
3612 3534 363
37
*36
4 3612 37
37
38
41
32 Feb 25 41 Jan 26
40
41
6,950 Do Prot
8
5
863 8712 874 884 875 8858 8812 8914 873 89
4
2
5 903 Apr 0
0
4
8778 903 86,890 Southern Pacific Co
8
_ §1003 10034
1027 Apr 9
8
4
10112 10113 1027 1027
94
8
8 1,222 Certificates (when issued)- 811 Feb
1778 1812 -1'7E8 ii4
8
5634 5712
4
-This -171- -1713 18 7 8 5718 57 6932 2 ;30 Southern v tr etfs stamped- 1234 p n 193 Apr 9
7. 18
et
18
1018 3 159
4 0
5658 573,
57
5438 55
*52
63 Jan 26
preferred
Do
do
43
*1412 15
8 1512 1512 147 15
*1514 157
8
1514 1514 1512 1512 1,000 Texas & Pacific
11 Jan 11 1512 Mar31
5558 M ar26
54
5414 5318 543
5412 5312 5414 5312 5434 53
4 5318 5414 19,900 Third Avenue (N Y)
212 Mar31
*2
212 *112 212
*112 212
212 212 *112 3
1 Jan 2
212 212
300 Toledo St Louis de Western... 35 j a 6
7
7
*612 712 *612 714 *612 712 *612 712
8Jan 23
93
*612 7
6 Jan 6
100 Do pref
98
*97
*97
9712 *96
*96
98
98
*9612 98
§9512 9512
50 Twin City Rapid Transit- 9558 Feb 25 99's Jan 16
12412 126
12638 128
12714 12818 12714 12814 12614 1275 12612 12978 227,200 Union Pacific
11534 Jan 2 12978 Apr 9
8
4 803 803 *80
4
4
803
4 8014 80 8 *8014 803
4
813 Feb 26
5
4
803 803
4 803 803
4
4 3,450 Do pref
84
8
818 11
*8
8
812 *818 85
1012 113
8 M ar 1
4 1112 13
6,120 United Railways Investment_ 172 Jan 5 1414 Jan 20
8 243 243
243 247
4 2314 2414 2414 3012 29
4
4
ar1
2114 mar2g 35 Jan 19
12 Mar15
3012 29
30
12,450 Do pref
*3
4
112
1
1
138
1
*1
118
8Jan 22
15
14
118
*78
114
900 Wabash
3
3
318 34
234 234
28 3
5
138Feb 24
33
8Jan 22
23
4 234
234 3
1,300 Do pref
2534 26
2612 2612 2638 2612 2614 2612 26
26
914 Jan 4 2634 Mar31
2534 2618 1,800 Western Maryland
312 *3
*3
312 *3
34
2 8 2 8 *2 8 312 *3
7
134Jan 6
4Jan 18
7
7
33
100 Wheeling & Lake Erie
312
15
*10
*10
15
*10
15
*10
10 Mar24 16 Jan 18
15
*10
15
*10
15
Do 1st preferred
412 *4
*4
413 *4
41
*4
6 Jan 18
412 *312 412 *4
3 Jan 4
412
Do 2d preferred
*33
*33
*35
36
36
36
*33
36
305/ Feb 24 397 Jan 21
3
*33
35
*33
36
Wisconsin Central

Range for Previous
Year 1914.
Lowest. I Highest.
8912 July
29612 Dec
§9918 Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
94 July
25 July
843 Dec
4
126 Dec
122 Dec
170 Jan
33 June
125 May
132 Ma
22 Jul
40 July
20 Mar
377 July
8
29 Dec
4
1383 Dec
388 Jan
4 July
8 July
2018 July
32 July
2614 July
1114 Dee
222 July
10312 Dec
1034 July
50 Dec
2014 July,
494 Dec
518 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
913 July
2712 June
101 Dec
130 June
818 Dec
26 Dec
7 Deo
30 Jan
5 Dec
77 July
4958 July
183 Dec
4
2518 July
9612 Deo
85 Jan
9658 Dec
10212 Dec
6418 July
95 June
137 July
87 July
280 Dec
58 Dec
1 Dec
2 Apr
8 May
214 Dec
177 July
36 July
1014 Dec
4534 Jan
81 Dos
8
927 Dec
14 Dec
58 Deo
1112 Dec
33 July
2 Dec
43 Deo
4
9478 July
112 July
7712 Deo
712 Dec
22 July
12 July
134 Dec
1034 Dec
213 July
814 July
3 Dec
2934 July

10038 Jan
10134 June
126 Jan
983 Jan
8
8
833 Jan
9414 Mar
2204 Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
1364 Feb
180 Jan
33 June
13114 July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mar
15912 Feb
4
4063 June
194 Jan
3118 Feb
3212 Jan
4934 Jan
4014 Jan
13434 Feb
3914 5..18
115 J.
163 hin
s
653 June
8
2812 J1
62 Jug
9 JAn
2112 Jas
16014 Ja I
36 Fe
14178 Jan
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
9658 Jan
78 Jan
8
315 Jan
43 Jan
8
1057 July
90 Apr
1184 Feb
11512 Jan
91 Feb
101 Mar
17214 Jan
8938 June
93 Jan
1658 Jan
25 Jan
538 Jan
1712 Jan
4
93 Jan
2634 Jan
654 Jan
2238 Feb
58 Feb
9912 Jan
10812 Junq
2814 Feb
8514 Feb
1734 Apr
4534 Jan
1214 Jan
23 Jan
10812 Jan
16438 Jan
86 Feb
2334 Feb
4914 Mar
458 Jan
13 Jan
35 Jan
63 Jan
8
21 Jan
11 Jan
48 Feb

Industrial & Miscellaneous
8
4
8 343 363
3438 347
8 3538 3614 35
3512 35
3512 3512 3618 34,120 dAlaska Gold NIining-Par $10 $2618 Jan 7 $363 Apr 5 $1912 July $2878 May
*1012 1134 *1012 113
1112 1112 1114 12
6 July 1414 Feb
4Jan 12 1334 Apr 9
4 1112 13
1212 1334 16,910 Allis-Chalmers Mfg v t o
73
*41
46
45
45
447 45
8
43
3212 July 49 Jan
33 Feb 10 56 Apr 9
44
44
5058 4914 56
16,020 Do preferred v t c
4834 Deo
,6212 6314 634 637
8 6314 6434 64
6458 6334 6412 635 67 161,900 Amalgamated Copper
8
7818 Feb
505 Feb 24 67 Apr 9
8
*493 5012 5012 5012 *493 503
4
4
473 Jan
4 5012 52
4
5134 52
48 Jan 4 5234 Jan 19
2,450 American Agricultural Chem
5912 Mar
517 52
8
*89
9112 *90
9114 *90
9014 Dee
9114 *90
90 Mar27 6112 Feb 16
91
*9012 9112 *90
9712 Jan
0114
Dopref
4638 45
4414 4478 45
4534 45
19 July 3312 Dee
4512 4478 457
3314 Jan 6 4678 Apr 9
8 45
4678 19,425 American Beet Sugar
*85
87
87
*85
*85
87
85
85
83 Feb 1 8634 Ma 22 186290612 nry 190 Feet
*82
87 *_ _ _ _ 87
100 Do prof
4 77182
86 Dee
9312 c91
*90 -___ *90
91
_ .. _ ..
:
----------------90
100 Amer Brake Shoe de Foundry. 874 Feb 25 c9214 Mar22
*
9212
4
*1313 ____ *13112 135 *13112 135 §1354 3514
4
Jan
13212 Mar25 1373 Ja.n r22
_ *132 19375 1128:2300 Do pref
33
72 3.
,5
3
53812
3112 317
31
8 3112 324 3134 32
3158 31 1418
191, July 3518 Jan
25 Feb 24 3512 Apr 9
American Can
9638 9614 9614 0512 953
9512 9512 96
8Jan 21
9112Jan 5 973
4 9512 9612 07
80 July 96 Jan
Do prof
4612 4712 4753 4914 48
49
48
48
4214 Deo
4814 49
40 Feb 23 494 Apr 5
534 Feb
4834 487
8 6,410 American Car & Foundry
*1133 11412 *11312 11412 *11312 115
8
11312 11312 *11312 120 *112 115
112 Feb 23 115 Jan 20 1519212
y 11878 Jul
100 Do pref
*4514 4934 *4514 4578 *45
4614 4614 *4514 4934 *4514 4934
47
4614 Apr 7 60 Jan 12
July
100 American Cities pref
*90
94
9312 94
93
94
8
9312 95
20 1017 Apr 9 182 Jan 18812 .1anr
98
82 Jan
997
8 9978 10178 3,777 American Coal Products
66 M a
*10812 10912 §10912 10912 §1095 1093 §109 109
8
109 109 *106 109
8
1105 Jan 7 §1005s Apr 6 4102 Jan 107 July
165 Do prof
47
4 4634 4714 4612 4914 48
463 463
4
47
4912 49
39 Jan 4 50 Apr 9
21,300 American Cotton Oil
50
32 July 4612 Feb
99
*95
*95
99
*95
99
*95
9713Jan 8 973 Jan 26
99
*95
s
98
*96
Do pref
98
8
935 June 973 Mar
8
*43
4 514
514 512
5
5
518
438 Feb 19
538
618 Apr 9
514 57
8
314 July
514 Feb
6
612 5,112 American Hide & Leather
2714 2714 2712 2812 2734 2914 29
29
2858 315
1934Jan 5 3158 Apr 8
8 3012 3114 12,205 Do prof
17 July 2534 Feb
29
30 4 313
3
3014
8 303 3112 3014 31
4
8Jan 4 32 Apr 9
3012 31
205
19,870 American Ice Securities
197 July 3234 Feb
8
303 32
8
107 *1014 1012 10
8
1014 103 *10
8
10
1014 103
714Jan 2 1112Jan 16
4 11
1138 2,300 American Linseed
8
712 July 115 Jan
3014 3014 3014 *29
*28
3014 *29
3014 29
29
24 Jan 5 31 Apr 0
3134 Jan
2934 31
1,400 Do prof
24 Dec
3214 3334 3112 3234 3014 3134 3114 3234 21,525 American Locomotive
7
. 2918 30 8 3214 3614
19 Mar 2 3614 Apr 5
2014 July 3714 Jan
92
00
293
93 4 *90
9312 0018 9018 89
3
89
75 Mar 6 9614Jan 9
89
1,050 Do pref
89
96 Jan 1024 Mar
4 434
478
*4
478 *4
43
5
5
§5
4 Jan 6
5
914 Jan
*4
410 American Malt Corporation.
5
414 Dec
6 Jan 22
*29
3112 *____ 32
*28
*30
32 *____ 32
32
504 Jan
2
7
9
30 Deo
*634 2 :4
Dopref
2812 Jan 20 3212 Mar31
78 2
9
s_ _ __ 7812 *___ _ 78 *___ _ 78 *____ 78
_ _ _ _ 80
85 Jan
78 Jan 19 80 Mar17
100 Amer Smelters See prof B
7914 July
6714 6814 6638 6758 67
6712 68
6734 67
69
504 July 7118 Feb
673 693 29,100 Amer Smelting & Refining
4
8
8
- 56 Jan 2 693 Apr 9
104 10414 10312 1037 *10314 10412 104 104
8
104 10414 §104 104
1,091 Do pref
974 Apr 105 Jan
100 Jan 4 10412 Feb 10
154 154 *150 155
154 154 *150 157
151 151 *149 155
144 Jan 16 155 Jan 29 148 Dec 172 Jan
300 American Snuff
*103 106 *103 106 *103 106 1104 104 *103 106
104 104
9978 Jan 1063 July
4
108 Do prof (new)
103 Jan 19 106 Feb 1
30
3038 30 s *2912 3012 3012 32
31
2712 2712 *2712 30
7
2712 July 374 Feb
2,245 Amer Steel Foundry (new)___
244 Mar 5 32 Jan 18
107 1083 107 10858 9,100 American Sugar Refining- - 9912 Feb 24 11112Jan 29
8
10712 1085 107 108
10612 10818 180 109
4
97 Mar 10978 Jan
112 112 *110 114 *111 11412 *112 11412 *112 11412
*110 112
120 Do prof
109 Feb 5 11412Jan 29 1074 Mar 115 Dee
4
8
8
.11918 1193 1103 1193 11918 11934 119 11914 1187 119
4
11018 1203
4 6,715 Amer Telephone & Telegraph_ 116 Jan 4 12214 M ar26 114 July 12414 Jan
225 233
*22418 225
22814 23014 229 2303 229 230
4
229 22912 2,225 American Tobacco
4Jan 29 215 Apr 256 Ma
220 Jan 4 2343
•107 10712 10712 10712 *10714 10778 10712 10712 10778 1077 10714 10714
8
10314 Jan 4 108 Mar 8 1013 Jan 109 Jun
4
508 Preferred,new
*
1614 1614 163 163
*16
16
8 16
1712 163 163
8
8 1634 1718
12 July 2078 Jan
000 American Woolen
1534 Mar 6 1734 Jan 23
*79
*7913 81
81
81
80
81
81
80
81
181
7714 Feb 27 843 Mar18
724 Mar 83 Jan
425 Do pref
81
4
* Bid and asked prices; no sales on this day. 1 Ex-rights.
Less than 100 shares. a Ex-div. and rights. b New stook. c Certificates of deposit. d Quoted dollars
per share. e First installment paid. z Ex-div. s Full paid.




New York Stock Record-Concluded-Page 2

1239

For record of sales during the week of stocks usually inactive, see second page preceding.
Range for Previous
Range Since Jan. 1.
STOCKS
Sales of
Year 1914.
On basis of 100 share lots.
NEW YORK STOCK
the
EXCHANGE
Week
Highest.
Lowest.
Highest.
SharesLowest.
-_Industrial th Miss (Con)
8
8
4
4 303 325 40,550 dAnaconda Copper Par $25 $2434 Feb 24 $325 Apr 9 $244 Deo $3814 Feb
7
2918 29
30
297 3114 303 318
8
4
4 30 8 313
29
3812Jan
524 Mob
265 Mar 3 40 Jan 11
8
3778 383
4 2,400 Baldwin Locomotive
39
38
385
8 38
35
36
374 3812 39
35
Do pref
92 Mar 9 10312 Jan 15 10213 Jan 110 June
*98 100
*95 100
*9578 100
*97 100
8
*957 100
*94 100
$4 Apr
$14 Feb
$12 Feb 5
$78 Jan 9
500 dBatopilas Mining___Par $20
*12 1
7
8
*12
5
4
54
4
7
8
*5
*12 1
5
4
5
4
465 Dec
8
291k Jan
4614 Jan 2 117 Apr 8
103 115 183,260 Bethlehem Steel
9212 8734 9412 8518 8734 88 117
8614 884 89
913g Dec
68 Jan
2,720 Do pref
91 Jan 2 113 Apr 8
108 110
107 113
4
*10412 10512 *105 10534 10512 1053 106 106
200 Brooklyn Union Gas
118 Jan 5 129 Jan 22 118 Dec 130 Jan
127 127 *125 12812 12814 12814
*125 128 *125 128 *124 128
57 July
858 Feb
6 Apr 6
100 Brunswick Term & R S
6
414 Mar12
612 *4
*412 678 *4
6
6
712
*412 712 *5
26 Jan
2912 June
400 Butterick
30
27 Feb 4 30 Feb 23
*28
30
30
30
7
*2812 2978 2834 28 8 *28
30
30
3058 Feb
1518 Dec
1234 Apr 1 2138 Feb 8
163
4 8,725 California Petroleum v t otfs
1512 1612 16
1358 1378 1414 17
1338 1378
1378 14
4
50 July 68 Mob
42
4314 4314 4314 2,510 Do prat
38 Apr 6 543 Feb 8
3814 3934 43
4012 4012 38
41
41
Case (J I) Thresh M pf tr °Us_ 77 Mar 1 80 M ar19 177 Dec
8
951 Jan
8314 *76
8314 *76
8314
8314 *76
834 *76
8314 *76
*76
28,860 Central Leather
384 Dec
257 Jan
8
3258Feb 20 3914 Jan 8
3618 37
4 3518 3512 3518 3512 3518 37
3514 353
347 35
8
850 Do pref
103 103
1003
8Jan 7 104 Jan 27
4
948 Jan 104 July
10218 10218 *102 10212 10212 10212 10212 10278 1023 103
__ ___ Cent & Sou Amer Tel
__
1110 Jan 6 1118 Mar10 1103 Jan 110912Feb
___ *118 125 *118 125 *120
*118 _-- *118
*11712
Par $5 3234 Jan 6 4034 Apr 9 $3112 Dec $44 Feb
403
4
393 4 4018 3912 4032 3914 4014 3914 - - 26,630 dChino Copper
3912 395 40
8
3918 Cluett. Peabody & Co.Inc.....6812Feb
70 Feb
*____ 60 *____ 60 *___ 60 *_ _ _ 60 *_ _ __ 60
*____ 60
650 Do pref
98 Jan 20 102 Mar15
99 July 1044 Feb
9812 100 *100 101 *100 101 *100 101 *100 10112
*9812 100
213 Jan 5 3314 Apr 9
2013 July 3412 Feb
4
2934 3314 25,950 Colorado Fuel & Iron
2914 3012 2914 3018 2914 30
30
2734 2734 28
11334Jan 4 12214 Apr 5 11212 Dec 13912Jan
121 12178 121 12112 121 12214 7,600 Consolidated Gas(NY
121 12214 12034 121
12034 122
4014 Jan 4 6512 Apr 5
3712 June 4514 July
7
64
62
6312 6212 6412 62 8 634 5,485 Continental Can
6412 6312 8512 63
62
84 July 9134July
8 1,350 Do pref
8812Jan 5 97 Apr 6
963
8 96
8
97
96
9612 967 987
9612 9612 97
96
95
7 July 134 Jan
8 Jan 2 1338 Apr 9
1338 22,700 Corn Products Refining
1178 12
1112 1134 1134 1178 1158 1212 12
1218
12
65 Jan 5 7458 Apr 9
581s July 72 Jan
7312 7312 7458 1,800 Do pref
73
7312 73
73
7412 27338 7338 73
*72
38 Jan 25 70 Apr 5
7,950 Cuban-American Sugar
60
60
5714 60
62
60
70
60
62
55
5412 63
200 Do pref
93 Mar17 95 Mar24
90 Dec
90 Dec
96
*92
96
95 95
*93
*92
95
96
*93
96
95
200 Deere & Co pref
9934Feb
86 Apr 8 89 Feb 11
9154 Jan
86
*8014 87
•__ .. 86
*80
86 *__
86
86
*8014 86
512 Mar 2 1384Jan 25
11 July 2012 Mob
74
7
718
i
63
2 68
3
4
3
612 658
7 8 8 4 5,610 Distillers' Securities Corp....
63
4 714
8 Mar24 1012 Apr 9
600 Federal Mining & Smelting.7 May 15 Jan
14
1012 1012
*8
10
*8
10
912 10
1014 1014 *1012 15
20 Mar13 3112 Apr 8
300 Do pref
2858 Deo
43 Jan
3112
311 *28
31
30
30
31
31
*28
31
33
31
165 Jan 26 19212 Mar 3 160 Apr 180 Jan
439 General Chemical
192 192 *192 200
*184 186 §185 185 1184 184
186 186
8Feb 10 10712Feb 110 June
106 Mar 1 1083
403 Do pref
110712 10712 110712 10712 10712 10712 1107 107 110712 1071 1107 107
138 Mar 3 14912 Apr 9 13712 Dec 150 6Feb
14712 1485 149 14913 5,300 General Electric
8
5
145 145
145 14914 148 14912 147 147
82 Jan 2 14712 Apr 9
1378g Jan
99 May
12312 12512 128 12934 127 1283 127 13438 135 1434 14514 14712 14,590 General Motors vot tr ctfs
8
8
5
3,800 Do prof voting trust ctfs- 90 3 Jan 4 1043 Apr 8
70 July 95 Feb
103 10314 10212 10318 103 10312 103 10312 10358 10458 104 104
241r Jan 7 5334 Apr 9
2878 Apr
195 Jan
3
8
517
8 5012 53 4 149,825 Goodrich Co (B F)
4812 4712 4058 48
4212 4338 43
4334 43
1,350 Do pre
95 Jan 14 10234 Apr 8
7978 Jan
95 Dee
4
1023 1021 *101 103
4
100 101
100 100
100 100
*9914 100
5658 14,800 dGuggenheim Explor_Par .$25 $4518 Jan 7 55638 Apr 9 $404 July $574 Apr
55
5378 54
5334 5412 533 543
4
4 544 5458 5433 55
187 Homestake Mining
1114 Jan 8 1118 Jan 19 10934July 112212
116 111614 111512 11614 *115 116 1116 116
111512 116 1116 116
$20 $165 Jan 2 $2958 Apr 9 $1414 July $1914 July
8
Mot1
2918 28
2858 28 2 29% 107,112 dInspiration Con Cop
2514 2738 2814 293
8 2818 2834 28
82 July 11312 Jan
500 International Harvester of N J 9012 Mar 5 9934Jan 11
98
*94
97
97
97
*94
98
97
9612 9612 97
*94
7
112 Mar24 117 Jan 20 11312Jan 118 8 July
100 Do pref
114 114 *111 116 •____ 116
---*111 115
---_
*_ 115
82 Dec11134 Jan
200 International Harvester Corp_ 55 Feb 20 7318Jan 11
7212 *6712 7212 *6712 7212 7212 7212
75
-70- -7 _0 *65
0
*62
Do pref
*9678 103
9012 Mar 6 114 Jan 14 1144 May 118 July
*967 103
8
*987 103
8
*9714 103
*9678 103
___ ___
63g July 1078 Feb
8 Jan 6 1014 Apr 6
95
8 958 5,700 International Paper
8
14 958
14 914
912 97
8
s 97
97
958 1014
9
9
41 Jan
30 Dec
33 Feb 24 39 Apr 5
2,500 Do pref
38
8
3814 3834 3858 385 *37
4
2383 39
3734 39
*37
38
94 June
80 Jan
435 Kayser & Co (Julius
7712 Feb 20 83 Apr 9
83
83
85
184
82
85
*80
82
*7512 8112
8112 82
4
107 Jan 13 1083 Mar25 106 Mob 10834 May
10834 1083 --------300 Do let pref
4
*108 110
1083 10812
8
*107 109 *107 110
81 Jan 105 Feb
1,600 Kresge Co (8 ED
123 126
99 Jan 18 12612 Apr 7
124' 12612 124 124
*115 124 *119 124 *119 124
99 Jan 105 Mot
250 Do pref
108 108 *107 10812
10514 Feb 15 108 Mar22
10712 10712 1108 108
*105 109 *105 108
85 July 101 Feb
400 Laclede Gas (St Louis
*96 100
927 Jan 16 98 Feb 9
*96 100
*97 100
k
98
98
96
96
99
*95
800 Liggett & Myers Tobacco
207 Jan 9 22412 Apr 7 20712 Dec 231 Mob
22413 22412 *220 225 *220 225
22018 2223 22014 22014 22014 223
4
400 Do pref
8
11334Jan 5 11912Jan 21 1113 Jan 11812Jul3
8
1167 117 *11512 117 *116 11718 *11612 11718 117 117
117 117
38 Jan
24
_
___
700 Loose-Wiles Biscuit tr co otfs. 16 Feb 17 31 Jan 11
28 Dec
2112 2112 *21
22
22
2134 2134 2012 21
Do 1st preferred
86 Feb 20 105'8 Jan 13 101 Apr 105 Mot
*95 100 *____ 100 *____ coo
*9512 98
*94 100
*94 100
954 Juni
89 Jan
300 Do 2d preferred
6018 Apr 8 65 Marll
6018 6013 6018 6018
65
*56
65
*56
65
65
__ 66
100 Lorillard Co (P)
16512Jan 6 184 Mar 8 160 July 190 Apr
180 180 *____ 180 *165 180 *165 180 *165 180
*160 180
Do pref
11214Jan 6 118 Jan 19 110 Jan 11778 Jul3
*114 118 *114 118 *113 117 *113 117 *113 117 *113 117
800 Mackay Companies
8Jan 11 7912 Apr 9
61 July 8738 Feb
725
774 783 7912
4
*75
76
7612 7512 76
76
767 7678 77
8
70 Jan
4Jan 19
6518 Jan
330 Do pref
65 Feb 25 693
69
*6712 694
69
68
*6712 6918 68
*6712 6918 *6712 69
154 Dec
1412 Dec
1514 Jan 6 4734 Apr 9
4612 4514 4634 4412 473 44,900 Maxwell Motor Inc tr citfs
4
4512 4712 45
4
4312 4414 453 47
44 Dec
4113 Dec
Do 1st pref stk tr ctfs
4314Jan 2 87 Apr 6
8512
8412 863 21,685
4
8612 85
85
4 8514 87
823 853
4
82
82
1712 Dec
17 Dec
Do 2d pref stk tr ctfa..
36,290
18 Jan 6 4112 Apr 6
403
4 393 41
8
3912 4034 4038 4112 3958 4034 38
3614 39
514 June 694 Jan
1,200 May Department Stores
42 Apr 1 56 Mar 2
4713 4712 *4312 50
48
49
4278 4314 4512 48
44
44
100 Do pref
9712 June 10134 Feb
96 Feb 19 x9812 M ar 15
9612 *____ 99
9612
*95 100
*__ 96 *____ 96 *____ 96
7311 Feb
51 Jan 9 77 Feb 9
4
4813 Jan
6914 7112 7012 733 33,800 Mexican Petroleum
6714 703
70
4 69
4 7012 7212
724 723
67 May 87 Feb
200 Do pref
4
67 Jan 15 804 Feb 11
793
793 *76
4
7934 *76
7912 *75
79
*76
*70
78
78
3
8
Par $5 $1714 Jan 6 $247 Mar31 $164 Dec $24 8 Feb
2414 2412 2438 2458 2418 2434 2378 2438 2414 2434 2438 2478 28,800 dMiami Copper
41 Dec
52 s Juni
7
42 Jan 4 544 Mar29
5212 5214 5212 2,900 Montana Power_ r
5212 5212 52
5212 53
8 523 53
4
533 533
8
800 Do pref
99 Jan 29 10112Feb 16 101 Apr 10378 Juni
101 101
101
10012 101 *10012 101
4
4
10034 1003 1003 1003 1003
4
4
116 Apr 3 132 Jan 22 120 July 139 Feb
2,960 National Biscuit
1243 125
4
12012 12012 12112 123
8
116 1177 116 11614 12012 123
100 Do pref
12018 Feb 19 126 Feb 3 1194 Jan 128 Juni
4
4
1213 1213 *121 124 *121 124 *121 124 *121 124 *122 123
7312 1,700 National Cloak & Suit
68 Mar25 8018 Mar31
8 73
7612 7613 7412 /63
7914 77
78
7
78 8
7712 79
10012 Mar25 103 Apr 6
980 Do pref
4
10212 10212 10212 103 *1013 103
*101 10112 10278 10278 10272 103
9 July 14 Feb
912Jan 4 1412 Apr 9
1412 3,450 Nat Enameling dr Stamping-1314 *12
13
1212 1212 13
1314 1212 1212 *12
*12
8
Do pref
80 June 867 Mel
10
79 Apr 1 8018 Mar29
86
*77
86
85
*77
88
*77
86
*77
*77
80
180
40 July 52 Jan
44 Jan 4 65 Mar31
4
615 63 3 617 6334 6218 6312 623 6412 2,530 National Lead
8
7
623 64
4
8
6312 64
Do prof
10434 Jan 4 10934 Jan 19 105 Jan 109 Feb
507
4
109 109 *10812 10912 *10812 10912 1093 1093
4
108 10812 *108 109
8
1358 1358 1358 137
8 133 137 12,800 dNevada Cons Cop__Par $5 SIM Feb 24 $1378 Apr 8 $1014 July $1612 Jan
4
1318 134 1358
7
127 12 8 13
8
5812 Feb 26 73 Apr 6
58 July 69 Jan
704 2,650 New York Air Brake
73
70
8 70
7012 7012 7012 70
6814 703
69
*65
6418July 794 Mol
72
4 1,200 North American Co (new)... 64 Jan 19 7112 Apr 5
6912 70
893
68
7112 *66
69 69
71
72
*66
18 Mar17 2212 Jan 19
1714 July 29 Jan
2012 20
20
2018 213
8 2138 2158 2,450 Pacific Mall
*1912 2012 2038 2012 *1912
20 July 31 Jan
2912 1,500 Pacific' Telephone & Telegraph 2618Feb 11 3112 Jan 16
2712 27
2812 2812 *27
27
*26
2718 2614 2614 27
3,025 People's Gas Lt dr C(Chic).- 11718 Feb 24 12312 Apr 3 106 July 125 Jan
122 122
1204 121
11978 12014 *119 120
123 123
1224 12312
2312 Feb
15 Dec
1514 Jan 4 2278 Apr 5
2238 2158 2214 12,500 Pittsburgh Coal
7
4
8 224 22 8 213 2238 22
2112 2212 2212 227
931k Feb
79 Dec
8158Jan 4 93 Feb 10
94
94
934 9412 4,000 Do pref
95 953
4 9414 95
96
95
4
943 96
82 Apr
93 Feb
Pittsburgh Steel pref
*60
80 *__- 80
*60
80
175 Feb 1 175 Feb 1
80
*60
80
*60
80
*60
46 Feb
2634 Jan
3312 3413 1,800 Pressed Steel Car
333 34
4
25 Mar 6 39 Jan 11
4
4
4
8 343 343 *333 34
3378 345
*3212 34
9734Jan 10514 Mol
260 Do pref
*94
98
*93
98
97
86 Mar10 1024Jan 25
963 9633 197
8
96
96
94
*92
_ ____ ______ ____ _____ _ Public Service Corp of N J.__ 106 Jan 13 106 Jan 13 107 Jan 114 Apr
_ ____ _
____ __ _
___ __
754
15018 Mar12 15512 Jan 22 150 Dec 159 Jan
-2 fiiars 15318 15312 15312 *1531 1.ig 115312 lei% 15318 1534 15378 15558 2,300 Pullman Company
28 Jan
7
58
14 mar15
78 June
8Jan 12
Quicksilver Mining
17
5
8
12
5
8
12
5
8
12
5
8
%
3
4
*12
14 114 2,000
214 Jan 22
4 Jan
112 June
118
1
Do pref
1
1
1
3 Mar29
4
1
1
1
1
1
1034 July 848 Feb
2434 263
8 2,970 Railway Steel Spring
1
*2334 26
19 Mar 6 2638 Apr 9
2412 2512 2512 264 *2334 26
24
24
100 Do pref
88 Dec 101 Feb
87 *____ 88
87
88
87 Mar 3 88 Jan 8
8912 *86
*85
90
•____ 90 *_
2012 2114 37,375 dRay Cons Copper--Par $10 $1514 Jan 2 $2138 Apr 6 $15 Dec $2212 Apr
8 2014 2114 2053 207
4 2012 213
8
1914 1912 195 203
27 Jan
18 Dec
19 Feb 1 2618 Apr 9
2358 2358 2414 2378 2478 244 2434 2414 2618 29,850 Republic Iron & Steel
2258 2234 23
914 Mal
8212 813 8214 82
4,450 Do pref
75 Dec
84
4
72 Jan 30 84 Apr 9
8012 81
8
4
4 793 7912 80
783 783
878 Dec 18 Jan
514 Apr 9
414 514 22,815 Rumeiy Co (M)
314 5
7 Jan 22
s
2 8 312
7
23
4 312
214 212
218 214
41 Jan
Do pref
2034 Apr
14
10,750
212Jan 20 16 Jan 5
8
9
1312 12
8
712 814
614 7
7
6
6,375 Sears, Roebuck & Co
213134 Mar17 20912 Feb 1 17014July 19712 Jul:
137 13718 13713 13913 13814 14012 139 140
137 137 9.137 138
100 Do pref
12158Jan 4 12512 Feb 19 120 Dec 12434 Jun
•122 12412 12414 12414 *122 12412 *122 12412 *123 12412 *122 12412
1912July 35 Jan
4 2,810 Sloss-Sheffield Steel & Iron_ 24 Jan 6 3434 Apr 9
343
323 33
4
*30
33
31
3114 33
31
30
*27
30
45 Dec
82 Jan
56
*53
56
5413 554 1,325 Standard Milling
M% *52
432 Feb 23 5538 Apr 6
54
5334 55
5278 53
5912 Dec
674 Dec
470 Do pref
71
*70
68 Feb 17 73 Mar22
72
7014 7014 *60
72
*69
72
*67
*7112 74
4
364 Mc:
20 Jan
6314 6212 6412 6312 6614 73,975 Studebaker Corporation (The) 353 Jan 2 6914 Apr 9
6212 654 61
63
5812 5934 60
92 Ma:
70 Jan
91 Jan 2 10238 Apr 8
10112 1023 10112 102
3,175 Do pref
8
8
1017 102
8
995 10014 1003 101
8
984 99
11,270 dTeanessee Copper___Par $25 $2512 Feb 24 $3318 Jan 8 $24 4 July $3614 Feb
2 3112 33
3
3014 3014 3014 3012 3018 3014 3014 317
30
30
8
6,000 Texas Company (The)
12334 Feb 24 144 Apr 9 112 July 1497 Mol
140 142
142 143
14114 144
136 13812 138 141
7314 June 88 Jan
110 Underwood Typewriter
66
66 66
*65
68
55 Feb 18 66 Mar 9
*62
66
166
67
663*62 -- 4 *62
Do pref
100 Mar10 100 Mar10 103 Dec 113 Apr
*100 107 *100 107 *100 107 *100 107 *100 107 *100 107
84 Feb
858 June
714 Apr 6
438Jan 4
8
614 67
612 634
612 65 10,700 Union Bag & Paper
8
612 714
*53
4 614
6
6
1
18 4 July 824 Feb
1,400 Do prof
2514 Mar27 3078 Apr 6
31
30
*28
307
8 307 3078 30
8
2814 2732 2713 28
*25
89 Dec 5014 Feb
42 Jan 25 4734Apr 1
47
350 United Cigar Mfrs
*4612 48
47
4
47
*4612 473 *4612 473
4
47
*4512 48
7
99 June 103 8 Feb
Do pref
10214 Feb 1 105 Feb 11
*102 106 *102 105 *10212 105 *102 105 *10314 10412 *10212 10412
7 4 June 1312 Jan
3
450 US Cast Iron Pipe & Fdy_ _
8 Jan 2 1212 Apr 9
11
1212
*9
11
10
10
*9
13
13
*9
14
*10
80 July 49 Feb
42
400 Do prof
3212 Mar 3 42 Apr 9
*34
40
40
40
*35
*35
40
40
*34
*3313 39
87 MalII
46 Jan
300 U S Express
165 Feb 18 7314 Mar 9
70
*65
70
*67
68
68
*65
69
69
69
70
*67
20 Apr
15 Dec
15 Jan 27 27 Mar24
100 U S Industrial Alcohol
8
267 287
8
*25
30
*25
30
*25
28
35
*25
35
*25
851s Jan
75 Dec
300 Do pref
70 Jan 28 8012 Mar24
81
81
*78
*79
79
7913 7913 279
80
8012 80
*79
6334 Mc'
5112 Dec
U S Realty & Improvement.- 38 Feb 11 50 Jan 12
47
*43
49
*45
48
*45
48
*46
49
*46
49
*45
441k July 83 Mc
90,240 United States Rubber
5178Jan 2 74 Apr 9
8 66
8 6834 74
68
67 8 695
7
4
6518 643 6512 6412 657
65
8
9518July 1045 Jan
Do 1st preferred
3,937
10138Feb 21 110 Apr 9
1087 110
8
108 109
106 10614 10614 10612 107 108
*10534 106
67 Jan
14
48 Dec
33 Feb 1 57 Apr 9
5012 4958 503
8 4913 5018 4914 5014 4912 57 459,435 United States Steel
4838 494 49
Do pref
2102 Feb 1 10912 Apr 9 10314 Dec 11234 Jan
8
4
8
10512 1057 106 1064 106 1063 10618 10678 1063 1074 10734 10912 5,756
a
8
Par $10 $4812Jan 8 15934 Apr 9 $4538 Dec $593 June
4
58
5738 593 49,175 dUtah Copper
57
5714 58
s
5753 567 58
3 57
5633 567
8
347 Mc
17 Dec
2312 2412 2412 2514 2458 2514 2414 2514 4,370 Virginta-Carolina Chemical-- 15 Jan 4 2514 Apr 7
2312 2213 23
96 May 10712 Mob
500 Do pref
92
9034 90 4
3
80 Jan 6 9114 Apr 1
91
91
*904 91
8
9012 907 *90
*8912 91
8
533 July 667 Feb
s
8,050 Western Union Telegraph-- 57 Jan 2 67 Mar31
6534 6514 6512 654 65 8 6512 66
7
6512 664 65
65 8 66
5
7912
64 Jan
791:Jul7
75,907 Westinghouse Elea &Mfg-- 64 Feb 24 78 Apr 9
7658 7512 78
2
7738 74
4 757 7712 76
4 7312 753
7213 733
8
Do let preferred
117 Mar12 119 Mar10 1157 Jan 12412 Jun
*120 125 *119 125 *119 125 *118 125 *120 125 *120 125
11,850 Willys-Overland (The)
12512 127
131 135
87 Feb 23 135 Apr 8
127 135
124 12512 124 126
12314 124
1,230 Do pref
96 Feb 13 103 Apr 8
101 101
10112 10112 10214 103
*100 101 *10012 10112 101 101
oh
8
89 July 10314 Feb
8 6,700 Woolworth (F W)
9014 Jan 8 1097 Apr 9
4
10712 10712 108 10814 108 10812 108 10978 109 1093 109 1097
115 Jan 8 119 Apr 6 11234Jan 11878 Mc
400 Do pref
119 119
11814 119 *118 120 *119 120
4
*1183 120 *1183 120
4
Quoted dollars per share. a Ex-stock
New stock.
• Bid and asked prices; no sales on this day. 1 Less than 100 shares. Z Ex-rights. a Ex-dlv. and rights.
Ex-dividend.
dividend.
-HIGHEST AND LOWEST SALE PRICES.
STOCKS

Saturday
April 3

Monday
April 5




Tuesday
April 6

Wednesday
April 7

Thursday
April 8

Friday
April 9

1240

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1909 the Eschange method of quoting bonds was changed, and prices are now all-"and interest"
-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 9.

Price
Friday
April 9

Week's
Range or
Last Sale

13
ob;
co

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending April 9.

Price

Friday
April 9

Week's
Range or
Lass Sale

Range
Since
Jan. 1

U. S. Government.
Ask Low
Bid
High No.1Loto High
U 8 2s consol registered__ 41930 Q- J 9811 Sale 9814
984 25 9814 9914
U 8 2s consol coupon
d1930 Q- J 9814
9853 Feb '15
93
99
U 8 35 registered
1 10112 10158
k1918 Q- F 10112
10112
10112
U S 36 coupon
10178 Apr '15
1015 102
k1918 Q - F 10112
8
U 5 4s registered
1 10912 110
1925 Q - F 10912 110 10../12
10912
U S 48 coupon
11110
11112
1 11034 11112
1925 Q- F 11012
U 8 Pan Canal 10-30-yr 26..k1936 Q F 93 _- 9518 July'13
US Panama Canal 36 g
10158
1 1001- itig 1961 Q -M 10112
4
- 10158
U S Philippine Island 43_1914-34 Q • F
100 100 Feb '15
100 10
Foreign Government
Argentine-Internal 51 of 1909_ _ M- S
94 Mar'15 ---- 93
97
9914
Chinese (Hukuang Ry)-5s of '11 .1 -D
793 88 July'14
4
Cuba-External debt 5305 1904_ M96
29 -9318 -46396
97 96
4
Etter dl 5303'14 ser A
94
94
1949 F - A 933 94
1 9014 94
4
External loan 444s
1919 F- A 2.85 8712 8512 Mar'15 - 8512 8512
Japanese Govt-£ loan 43e 1925 F - A 2 77 80
80
78
15 787 8112
8
Second series 43is
7812
7812
1925 J - J 2 7812 89
2 775 82
8
Do do "German stamp"_
7618 Sale 7534
7612 60 737 793
8
4
Sterling loan 43
7512 7834 June'14
1931
Mexico-Exter loan £ 58 ot 1899
82
7914 Apr '14
J
.
.
Gold debt 4s of 1904
85
65 July'14
1954 - D
Elroy of Alberta-deb 4 %is_ ..1924 F - A
96
9512 Jan '15
9512 9512
Tokyo CIty-54 loan of 1912___ _ M- $
817 82 Jan '15 8
82 82
2These are prices on the basic of 455o£
State and City Seturitiet,
N Y City
-4s
8
1960 M- 8 995 Bale 9958
9934 38 99 I.003
8
43.s Corporate stock___ _1964 M'S 995 Sale 9958
0934 100 90 10014
8
43is Corporate stock
10178 22 1033 10518
1963 M- 8 10478 Sale 10158
4
4% Corporate stock
9534 79 95 97
1959 M -N 9538 9634 9514
4% Corporate stock
4 95 97
1058 M- N 9538 96 9514
9514
4% Corporate stock
1 95 97
1957 M-N 9538 9611 9514
9514
4% Corporate stock
9514 96 Feb '15
1956 M- N 95
95 96
New 4s
4
6 1037 105
10434
1957 M- N 1043 10478 10412
8
New 4s
1917 M-N 10114 102 10114 Feb '15
10034 1011 4
444% Corporate stock1957 M-N 1043 1047 10112
4
10478
8
8 104 105
10034 M ar'15
434% Assessment bonds1917 M-N 10114
10012 101
334% Corporate stock
8514 Mar'15
1954 M-N 855 86
8
84
86
/
1
4
Y State
-4s
997 Mar'15
s
8
1961 M- S 997
997 10012
8
Canal Improvement 4s
8
1961 1 - J 10018 10012 997 Apr '15
997 10014
3
100
Canal Improvement 4s
1004 Apr '15
1962 J - J
100 10012
Canal Improvement 4s
1960 J - J 100
997
6
3 995 10012
10018
8
Canal Improvement 4348_1904 J
109
Sale 10878
8 10814 110
109
Canal Impt 434s
4 1044 10414
1965 J - J 10414 Sale 10414
10414
Highway Improy't 434s....1963 M- S 1083 10.378
4
108 8 17 1084 1087
1
8
Virginia funded debt 2-36.-1991 3-3
8414 July'14 -- - -.
66 deferred Brown Bros ctfs___
_ 56
5612
58
7 52 60
58

Bid
Chesapeake & Ohio (Con.)
Low
High No Low High
General gold 4346
1992 N- 8 8812 Sale 88
8812
4
3 853 91
Registered
1-8 ---- ---- 934 Feb '14 _092 M
74
75
7... SaleConvrtib
19 0 3 -D .5
94 F A .
3
4
56 "id"
434s
Big Sandy 1st 4s
837 Jan '15
4
837 83 4
8
7
Coal River Ry 1st gu 48_1945 J -D ---- 80 83 July'14
Craig Valley 1st g 53
1940 J - J 96 ---- 964 Dec'13
Potts Creek Br 1st 46..._1946 J - J
843 Jan '13
4
_
R & A Div 1st con g 49_1989 J - J 83 _
_ 883 July'14 -4
2d consol gold 46
77.
2 77 77
77
1989 J - J
Greenbrier Ry 1st gu g 45_1940 M- N 90 Apr '14 -Chic & Alton RR ref g 3s1949 A -0 57
5612
60
80 5718 11 55
Railway 1st lien 344s
Sale 45
45
1 38
1950 J - J 45
45
Chic B & Q Denver Div 4a 1922 F - A 99
99 Ma r'15
933 994
s
Illinois Div 334s
8414 10 8114 844
1949 J - .1 8312 8412 84
Registered
_
8014 Aug '12
1949 J - J 82
Illinois Div 4s
8
9453
1949 J - J 945 9478 945
8
1 9313 9453
Registered
94
93 June'13
1949 J - J
Iowa Div sink fund 56
8
1919 A - 0 1E3 _
10212 M a r'15
ion; 10212
Sinking fund 46
1919 A - 0 99 Sale 99
5 9634 99
99
Nebraska Extension 4s
1927 111-N 9658 Sale 965
8
9 9518 97
9658
Registered
1927 111-N 95 -___ 96511 Sep '12
Southwestern DIY 4s
1921 M- S 97 -. 995 July'14
8
Joint bonds. See Great North
General 46
1958 NI 13 9114 Sale 9114
9112 10 89
9214
Chic & E III ref & Imp 4s 8..1955 J - J 2112 23
2012
3 2012 29
2118
1st consol gold 6s
1934 A - 0 98 ._. 97
9818 27 91 103
General consol 1st 56
Sale 61
1937 M- N 66
66
96 514 75
Registered
64
1937 M- N --- 66
64
25 524 64
Pur money 1st coal 5$_ _1942 F - A ---- 00 973 Feb '13
4
Chic & Ind C Ry 151 56.....1036 1 - J 21
33
274 July'14
Chic Great %Vest 1st 4s
1959 M- S 7018 Sale 7012
704 25 0813 51
4
Chic Ind & Louisv-Ref 66_1947 J - J 113 11312 113 Mar'15
113 117
Refunding gold 59
1947 J - J 97 101 10358 Mar'14
9558 Apr '11
Refunding 4s Series C
1917 J - J
---80 July'12
Ind & Loulsv 1st gu 4a
1956 J - J
-- .
Chic Ind & Sou 50
8812 9014 Aug '12
-year 45._1956 J - J
--104 Dec '11
Chic LS & East 1st 44is__ --1989 J -D
Chicago Milwaukee es St Paul8
Gen'l gold 45 Series A____61989 J - J 9012 Sale 003
6 88
92
9012
00 9234 July'14
Registered
61989 Q - J
Gen & ref Ser A 4%6
8858 141 8815 90
2014 A • 0 8858 Sale 8818
102
Sale 10112
102 694 tow, toys
ref cony ser 14 53
Gen
2014
79
783
4
Gen'l gold 334s Ser B____51989 .1 - J 78
8 783 8014
4
783
4
Sale 997
8
General 444s Ser C
100
30 9938 10112
61989 J - .1 100
25
2 8712 9018
-year deben 45
8812
1934 J - J 8712 8812 8812
8
4
Convertible 434s1932 J -D 9714 Sale 965
9714 167 9318 973
10212 10218
Chic dc L Sup Div g 5s___1921 J - ./ 10238 _ 10212 Feb '15
Railroad.
Chic & Mo Rly Div 58___1926 J -3 104 105 10378
1 10378 1043
1037
8
8
A nn Arbor 1st g 48
5912
60
2 59
51995 Q- J
5912
10278 32 10134 1033
Chic dc P W 1st g 58
6612
1921 J - J 10234 Sale 10234
8
citch Top & S Fe gen g 48_1995 A - 0 94
Sale 9314
112 91
94
C M & Puget Sd 1st gu 4s19493 - J 8814 8812 8814
953
90
4
8312 31 88
Registered
8
1095 A 8714 9212 9118 Mar'15
91
Dak & Grt Sou gold 5s..19163 - J 10012 _ _ 1(8)3 Feb '15
911p
10014 10053
Adjustment gold 46
8112
85
83 85
51995 Nov
13 81
8
863
Dubuque Div 1st 5 f 6s___1920 J - J 10612 1073 1073 Feb '15
107 10738
4
4
Registered
51995 Nov
- 86 Mar'13
. .
Far & Sou assum g (36.__1924 J - J 11018 - - 110 June'13
_
Stamped
51995 M-N 8512 Sale 8434
8
La Crosse & D lst 5s
8512 20 8134 87
1919 J - J 1015 10218 10218 Jan '14
Cony gold 46
1955 1 -D 100 Sale 100
10012 15 9238 10012
Wis & Minn Div g 56
1921 J - .1 10214 - - 10158 Jan '15
10153 10153
Cony 4s issue of 1909
994 May'13
1955 J -D
Wis Vail Div 1st (Is
8
107 107
4
19203 - J 1065 1083 107 Feb '15
Cony 46 (issue of 1910)
10214 186 923 10211
1960 J -D 10214 Sale 1004
8
Mil & No 1st ext 4%s_......1934 J -D 997 1003 1003 M a r'15
8
4
4
1004 1007
8
10
-year gold 5s
6 1004 10112
1917 J -D 10112 1013 10114
10114
4
Cons extended 448s_......1934 J -D 994 -- 1003 Mar'15
8
10053 10012
East Okla Div 1st g 4s
93 Mar'15 --- 92 91
1928 M- 8 93 _
Chic & Nor West Ext 4s1886-1926 F - A 94
943 9218 Jan '15
8
9218 9212
Short Line 1st 48 gold
s
1958 J -3 875 8818 8734 Mar'15 ____ 8658 89
Registered
943 July'14
4
1886-1927 Q ..- F
p1 986 F A
Cal-Aria 1st & ref 440
2 9512 96
9512
1962 M- 8 9512 90
9512
General gold 3315
1987 M- N 80 807 8012
3
15 785 81
81
Fe Pres & Ph Ist g 5s1942 M- S 9912 - - -- 103 Feb '15
103 103
Registered
7812 Jan '14
_
41111 Coast L 1st gold 4s__h1952 M92 9012
91
9012
88 93
General 46
9312
1987 M- N 92 94
94
16 8914 94
50
-year unified 4s
. 9214 July'14
1959 J -D 86
92 92 4 92
Stamped 43
3
2 89 9212
92
Ala Mid 1st gu gold 5s
1928 M- N 104 1054 1054 June'14
General 51 interim cgs_ _1987 M- Pi 11078 Sale 11012
198
1107
8 24 109 111
Bruns & W 1st gu gold 48.1938 - J 924 Sale 924
9218 " 91
i
Sinking fund 65..__ -1879-1929 i- -ti 10912
9312
109 1091
- 10912 Mar'15
Charles & Say 1st gold 76_1936 J - J 12412 Registered
1879-1929 A - 0 10812
- - 10518 Dec '13
L& N coil gold 4s
01952 M-N 841s 843 .14-4
8473-4
4
6 84
Sinking fund 58
1879-1029 A - 0 0358 -- 10353 Mar- 15
l027s 10353
87'7
Say F & W 1st gold 66
A934 A -0 11678 122 115 Dec '14
_ _ 102 Oct '13
Registered
1879-1929 A -0 101
1st gold 56
11058 May'll
4
1934 A -0 1043
100 8 M ar'15
5
Debenture 58
1921 A -0 10012
8
ida3- 10113
Sil Sp Oca &0 gu g 4s
1918 3., 9738 983 9712 M a r'15 --4
1921 A - 0 99 - - 101 Dec '12
Registered
9712 974
flalt & Ohio prior 3%a
1925 J - J 9131 Sale 9114
1933 M-N 10314 102 102 Feb '15
Sinking fund deb 58
102 103
913
4 21 8918 9212
LP Registered
51926 90 8914 Mar'15
- - 101
99 Mar- 15
Registered
8818 8914
99
99
Gold 4s
51948 A 893t Sale 8912
Frem Elk & Mo V lat 65-1933M- N 11714 ....-- 11734 Mar'15
893
1933 A- O
9112
4 47 88
1173 11914
4
Registered
51948 Q- J
4
_
. 883 8878 Feb '15
904 Sep '09
Man GB & NW 1st 340..1941 J - J
8718 8878
-20-yr cony 434s
1933
8631 Sale 8512
187 824 88
Milw & S L 1st gu 3346_1941 J - J
8614
Pitts Juno 1st gold 66
1922
10418 --- 112 Jan '12
/MILS & West lst g 6s__ _1921 M- 8 10753 :::" fig" Apr '15
iOS- jail;
P Juno & 111 Div lat g 34 1925 MN 863 -is
4 8712 88 Feb '13
1015s Mar 15
8
Ext & imp a f gold 58_1029 F - A 1045
10412 10458
PLE&W Va Sys ref 4s 1941 M- N 79
7912 79
1134 Feb '14
79 - 8 78 84
1925 M - El 11114
Ashland Div 1st g 6s
Southw Div 1st gold 3%6_1925 J - J 88 89
8838
8
885
Mich Div 1st gold Os_ 1924 J - J 1104 1117 11314 1'tar'14
s 10 874 904
Cent Ohio R 1st o g 4346_1930 M- S
100 Apr '13
8
895
8
Mil Spar & N %V 1st gu 4a_1947 M- 13 895 9018 8958
8953 92
CI Lor & W con 1st g 5s1933 A - 0 10312 10512 10312 Mar'15
10312 104
8
Northw Unlon 1st 76 g.....1917 M- 8 1015 -- 10753 May'14
Monon River 1st gu g 5s 1919 F - A
10214 June'12
105
St L Peo & N W Ist gu 5s_1918 J - .1 10458 106 10158
10234 106
Ohio River RR let g 5a- _1936 J -D i.of12_ 10534 June'14
Winona & St P 1st eat 76_1916 J -0 10334 _ _ 1064 July'14
General gold 58
1937 A - 0 985 101 10438 May'14
Chicago Rock Isl & Pao 6s1917 J - J 10134 Sale 10134
10134
1 10134 10212
Pitts Clev & Tol 1st g 6a 1922 A - 0
-- 11312 Feb '12
1917J -3 10134 103 10134 Ma re 15
Registered
10134 1013
4
Pitts & West 1st g 4s _
9634 Mar'14
1917 J -J 05
1988 J - J 84 ___ 823
General gold 4a
4
16 815 843
843
4
4
4
Stet Isl Ry 1st gu g 434s_ _1943 -D
91 June'12
19883 - J 82 Sale 82
Registered
82
5' 82 82
Bolivia Ry 1st 5s
1927 J - J
1934 A -0 70 Sale 6911
Refunding gold 45
7012 232 6414 717
s
Buffalo R & P gen g Sa
10612 Mar'15.
1937 M- S 1033
1932 J - J 65
debenture 55
4
10212 101112
Sale 62
-year
20
654 942 53 643
4
Consol 434s
1957 M-N
1918 111- N
101 10114 Feb '15
100 103
Coll trust Series P48
9434 June'll
All & West 1st g 45 gu .,1908 A 8912 0414 943 Feb '15
8
2002 M- N
_ 18 Feb '15
943 943
s
Chic R I & Pao RR 46
8
-11
25
_ 112 Apr '14
Clear & Mah 1st gu g 58_ _1043 J - J 101l,
deposit ______
2134 Mar'15
Trust Co certs of
1918 2518
Rocb & Pitts 1st gold 6s_ _1921 F - A 10034 ioi 10718 Jan '15 - iOil;
.
85 July'13
R I Ark & Louis 1st 440-1934 1141-73
Congo! 1st g Os
1922 J 10814 111 11158 July'14
0912 09 Mar'15
Bur 0 R & N-lst g 53_1034 A -0 90
-tit/ -91112
Clanada Sou cons gu A 5a 1962 A- 0 10214 1023s 102
58.1921 A - 0
10238 24 . ;10312
_ 1007 May'14
i01;11
8
CR IF&N W lstgu
Registered
1962 A - 0
10678 Apr '14
1927 J -D
- -M & St L ist gu g 75
- Car Clinch & Ohio let 30-yr Sa '38 1 -D
8
. 9812 9e3 Feb '15
i 9653 -663
ia
8
Choc Okla AC CI gen g 5a_o1919 J - J 9616 ..._. -O91
8
Central of Ga 1st gold 5a.....p1945 F - A i67
1008 Mar'15
_
1052 M-N
1034 10412
9914 June'14
Congo! gold 5s
_
Consol gold 58
1945 M- N 101
Sale 101
3 101 10212
10138
Keok & Des Moines 1st 58 1923 A - 0 ..- 80 83 Feb '15
83 84
Chatt Div pur money g 45 1951 J -D 80 __
86 Feb '15 ____ 86
Sale 65
St Paul & K C Sh L 1st 4346'41 F - A 65
88
65
7 65
65
Mac & Nor Div 1st g 56_1946 J -J 10212
Chic St PM & 0 con 66_1930 J -D 117 1173 117 1%.1ar- 15
4
- 10714 Jan '12
1154 1113
4
Mid Ga & Atl Div 53
1947 .1 - J 102 ___. 10011 M a r'15
00 Jan '15
I06 4 10611Cons 6s reduced to 334s. 1930 J -D
4
90 90
Mobile Div 1st g 5s
1946 J - J 10318
iod" 101 100 M a r'15
10934 May'll
6.19181930
Debenture 53
100 102
Cen RR & B of Ga col g 5s 1937 M-N 9214 93 92 Mar'15 -_ 9112 92
'
S
M .N 11618 -- 11612 Jan '14
Ch St P & Minn 1st g
Cent of N J gen'l gold 5s
1987 J -3 11434 Sale 11458
_ 1295 Mar09
11434 12 11212 1151 1
8
North Wisconsin 1st Os-1930 1 - J 11618
Registered
51987
112 11414
• J 11414 -- 11414 Mar'15
8
St P & S City 1st g 69___ _1919 A - 0 1055
idi14
- 10512 Mar'15
Am Dock & Imp gu 56_,_1921 J-3 1033 16414 10358 Mar'15
4
1023 104
4
Superior Short L 1st 56 8-01930 M- 8 - Leh & Bud Riv gen gu g 581920 J - J 1004
100 June'13 - .
85 J--Chic T H & So-east let 5s_ _ _1960 J - 0
_
an
N Y & Long Br gen g 4s.._1941 M- S
10018 Jan '13
;
6(1_41932 R -M 1Oli3 16137
;10614 Mar'15
Chic & West Ind gen g
105 106I
Cent Vermont let gu g 4s_e1920 Q - F
195211 - J 77
7914 79
- _ 6.8 Feb '15
Consol 50
-year 413
13 77
80
7914
Cheea & 0 fund es impt 58_1929 J -J
914 92 Mar'15
19371J - J 60 ..
92 06
CM H &D 2d gold 454s
96 Mar'14
1st consol gold 53
1939 M-N 10378 Sale 1034
1959,J - J
1037
8
8110214 1043
1st & refunding 46
- 88
4
Registered
1930 M - N 102 -__ _ 10512 June'14
1959 J - JI
1st guaranteed 4s
8614 Joe
MISCELLANEOUS BONDS
-Continued on next Page.
Street Railway
Brooklyn Rapid Tran g 53_1945 A - 0
1st refund cony gold 43_ __2002 J J
6
-year secured notes 5s_ _ _1918 J- J
Bk City 1st con 5(3_1910-1941 J • J
Bk Q Co & 8 con gu g 5s__1941 81-N
Bkiyn Q Co & S 1st 53____1941 J -3
Bkiyn (In El 1st 8 4-50---1950 F - A
Stamped guar 4-5s
1950 F - A
Kings County El 1st g 49_1949 F - A
Stamped guar 49
1949 F - A
Nassau Elec guar gold 4s_1951 .1 - J
Chicago Rya let 58
1927 F - A
Conn Ry es L 1st & ref g 434s 1951 .11 -J
Stamped guar 4445
1951 J - J
Det United let cons g 4345_1932'-3
Ft Smith Lt & Tr 1st g 5e__ _1936 J- 8
Grand Rapids Ry 1st g 5a
1916 J -D
Havana Elea consol g Se__ 1952 F - A

10138
84
997
8
10012
-- _

101121 10138
10134 32 10014 10258
Sale 81
1 80 8512
84
Sale 9034
904 59 987
8100
Sale 10014
10012
2 10014 101
---- 08 Apr '14 -- - - - 101 May'13
1003; Sale 10038
1003
8
6, 100 10112
10018 10034 10014
3' 901810012
1003,
8212 834 83 Mar- 15 -- 8212 83
8218 ---- 8218 Jan '15
8213 8212
73
76
76 Feb '15
76 78
953 Sale 953
4
4
954
3 943 9718
s
.
- - - - - 1017 June'12
8
9213
964 June'14
/
1
Sale 75
77
7812 91 85 4 79
3
84 Jan '14
.-- ----_
-_
9914 --- 100 June'14 89
92 Apr '14'____

Street Railway
Bud & Manhat 5s Ser A ____1957 F - A
7114 Sale 7411
75
47
1057
Adjust income 5s
-- 2634 Sale 2133
4
27
62
1032 F - A 101 _ _
N Y & Jersey 1st 5s
......
Interboro-Metrop coil 4%6_1956 A -0 7814 Sale 78
787 "263
8
Interboro Rapid Transit
1968 1 - J 98 Sale 977
1st & refunding 56
4
98
101
Martinet Ry (N Y) cons g 40_1090 A -0 90 91
8978
897
8 31
1990 A -0 894 91
Stamped tax-exempt
3
90
4
893
Metropolitan Street Ry
[Sway & 7th Av 1st eg 5s_1043 J - D
100 100
3
100
Col de 9th Ay 1st go g 53_ _1993 M- S 90 100
Mar'15
98
Lex Ay & P F 1st gu g 5s..1993 M- S 9834 9934 101 Apr '14
Met W S El (Chic) 1st g 4s_ 1938 F - A
80 Mar'14
Mllw Eleo fly & Lt cons g 58 1926 F - A 1)214
10018 Dec '14
Refunding & eaten 4;0-1931 3 9118 94
925 Feb '15
8
MInneap St 1st cons g 5s
1919 J - J 993 -- 102 Nov'12
4
Montreal Tramways 1st & ref
30
-year 56 Ser A
1941 J - J 00
9414 Feb '15
95

74 797
s
264 294
7314 79
8
97 983
88 91
885s 91
8101
991
93 98

925 925s
3
- - - - --

9418 9414
• No price Friday; latest this week. 4 Due April. e Due May. 0 Due June. A Due July. k Due Aug. o Due Oct. p Due Nov. g Due Dos, a Option sale.
"German:stamped.




APR. 10 1915.]

New York Bond Record-Continued-Pe

1241

,
Week's
Range or:
:
',
Since
2:1)
Last Sale
-0Z.
Jan. 1.
0451
1391
Ask Low
High No. Low High
Lisa
Ask Low
Oln Ham & Day(Con.)High No. Low High St P M & M (Conttnued)_
Registered
_
-N34 10012 Mar'14
1937 J - J -------- - 13614 Nlay'06 ---- ---- -1941 M
ClinD&Ilstgug5s
_
__
lst
eguar gold 5s
4
1937 J - J 103 -. 1093 Feb '14 ---0 Find& Ft W 1st gu 4sg_1923 mc-1. --- --__ 88 men 14
_
.
1937 J -J
Oin I & W 1st gu g 4s
Registered
1953 J -J --__ ---- 65 Fly '14
ITU!,.1'ne'15
9438 Dec'14
Will & SF 1st gold 58_1938 J-1) 16553
.
- _Day& Mich 1st cons4 %s_1931 J -J ___Gulf& S I 1st ref& t 42.1s_b1952 J -J
1935 J -J ___ 65 65 Fly '14
83 8412 83 Mch'15 ---- 8212 8.8
Ind Dec & W lst g 5s
- - _ - 10712 Dec '112 --Registered
1952 J -J
1935 J -J
1st guar gold 5s
Tjock Val 1st cons g 4 %s__ 1999 J -J 65 6E12 ii
30 69
74
8
70
.
6.1 10 iii lia
.
°love Cin 0& St L gen 4s 1993 J -D 70 71 697
1
.-1- Registered
972 Jan '14 -- -_-- -1999 J -J ---- _
20-yr deb 4 %s
1931 J - J-- 8514 82 J'ne '14
Cul & li V 1st ext g 4s_
81
81
8512 Jan '15 --- 8512 8512
1948 A-0
1939 J -J ---- ---_ 81 Feb '13
Cairo Div 1st gold 4s
1
•14
Col & Tol 1st ext 4s
1955 F-A -------- 9012.1'ne '14 ---- ---- -Oin W& M Div 1st g 4s199I J -J ---- 80 83 Feb
nous Belt & Term Ist 5s_1957 J -J -_-- 93 9312 Feb '15 ---- 93 9312
1990 M-r- ____ 80 83 Dec'14
St L Divlst colt tr g 4s
Illinois Central 1st gold 4s_1951 J -J
1990 34-N ---- ---- 8214 Mch'14
1
Registered
9718 Fly '14 -- ---- L Registered
Spr & Col Div lstg 4s
1940 M-S --------85 M0111
1951 J -J -------- 100 Sep '11 --- _-1st gold 3%s
W W Val Div Istg 4s
1940 1 -J-__ 92 91 Apr '12
1951 J-J
8118 --__ 78S4 Jan'15 --- 783 783;
4
10534 Apr '14
4-4s
1920
0 1 St L& 0 consol 6s
Registered
8312 Feb '13 ---- 1951 J -J
----go' ____ 90 Feb '15
90 90
k1936 Q-F Extended 1st g 3%s
1st golti 4s
1951 A-0 81 ___ '7814 Dec'14 ---- ___ __
-I
'
k1936 Q. , 88 .- - 37 Mch'15
87
87
Registered
Regtstered
1951 A-0 ____ ___
_
___. ---- ...............
1st gold 3s sterling
1951 81-s ---- ._. 8() Fly '05- ---- ___---Cin S & CI con lst, g 5s......1923 J -J 100 102 103 May'14
4
__
0 C 0 & I gen con g Os __1934 J -J 104 ---- 1053 Fly '14
Registered
1951 M-S
Coll trust gold 4s
1934 J • J
Registered
1952 A-0
-853
4
853
4 - 85
8'714
lnd B & \V 1st pref 4s_1940 A-0 77 ---- 94 J'ly '08
Registered
-- ---- 1)514 Sep 12 --- - ...... ...- 1952 A-0
1st ref 4s
0 Ind & W 1st pref 5s-d1938 (1- J
1955 514. 863 Se 8634
87
4' 853 8712
3
"621- 4 6212 60
2
Purchased lines 3%s
1040 A-0 -615- 6378 6-21%
Peo & East 1st cot 4s
1952 J -J --------- 82 Feb 14---- _____
_
L N 0 & Tex gold 4s
233 --- 231z Feb '15
4
1990 Apr
21
Income 4s
2312
1953 M-N 83 il 84 Mch'15 ---- 8112 8635
Registered
1953 M-N
933
4
- -- 8512 84 Slay 14 --- - - - Cleve Short L 1st gu 412s_ 1961 A-0 93 9312 9318 Apr '15 3.5 91
16
17
Cairo Bridge gold 48
Col Mid and 1st g 4s
17 Apr '15
1947 J J
17
1950 J -D 86 ---_ 86
15
i ii 89
86
_
16
20
Litchfield Div 1st g 3s_ _1051 .1-J - --__ 74 Feb 14 ---- _
1413 Mch'15
Trust Co. certfs. of depos't
1412 15
_9 8513 9012
Louisv Div& Term g 3 Yi s 1953 .1-J
Colorado& Sou 1st ;4s__1929 F-A 8912 90 8918
893
4
771
7712 Mch'15 ---- -77 - -7712
4 8112 85
Registered
Refund & ext 4.s
8
1053 J -J -------- 83 Aug'12 ---- ____ ____
8214
1935 81-N 8314 837 8214
---Ft W & Den C 1st g 68_1921 J -D 10134 103 10134 Apr '15
Middle Div reg 5s
1921 F-A ---- ___ 123 Ntav'99 ---- ____ _ _
100 1023
4
Omaha Div 1st g 3s
Conn & Pas Rivs 1st g 48_1943 A-0 - - -- ---- -11151 F-A ---- --__ 73 Mch'15 ---- 88
---73
St Louis Div & term g 38.1951 J -J ---- ---- 7512 Mch'12 ---- _ __ -__Cuba RR 1st 50-yr 5s g _1952 J -J ---- 10012 1CO hial'io
---Registered
1051 J -J
el Lack & Western-Gold 334s
1951 J -J
79
1005 101
8
5-' 11 & Es 1st con gu 7s-1915 J -D 10033 _. 10058 Mch '15
21 79
79
1 78
79
103 Nov•13
Registered
1951 J - J -------. 10115 Oct '99 ---- .. __ ____
Registered
1915 J -LE
Spring Div 1st g 3%s
8Mch'15
84 845
8
77 _-- 785 Mch'I4 ---- _
8
1951 J -J
1st ref gu g 3%s
'000 JD 85 --__ 843
N Y Lack & W 1st 8s_1921 J -J 10814 ---- 10814
10814
Registered
7 10714 109
1951 J -J
1951 FA 80
Western lines 1st g 4s
'
0 'of - Feb)' --- _ - - ----1:1
1923 F-A 10134 104 10412 Feb '14
Construction 5s
_ _95 9558 0512 Men'15
___
Registered
"6E1' "9iE14
2
1951 F-A
Term & improve 4s
1923 81-N
Belley & Car 1st 684
8514 10218 Feb '03 ---1923 J -D 10
___ 11712. ay 10 ---- ....... ........
Warren 1st ref gu g 3%s_2000 F-A 82
8
Carb & Shaw 1st g 4s
1952 M-S ---- ....... 9412 J'ly '12
Del & Elud 1st Pa Div 7s_1917 NI-S 10558 10812 1083 NIch'14
149 Aug 'ol
Chic St L& N 0 g Is
1951 J -D 10914 ---- 10914 Apr '15 ---- iiii - 16117
S
1917 34-S
Registered
- 74
9978 --6 09
997
8
Registered
1951 J-D ---- ---- 114 ten '11 ---- _
____
10
101916 J-1) -1197 Sale 9934
cony deb 45
4
Gold 3%s
1951 J -I) --- ___. 90 Oct '09 ---- _ -_-_
_
1922 J -J 10012 1013 16012 Melt'15 .- 99 10012
1st lieu equip g 4%s
____
.
9414 Sale 9334
9412
4 92 96
Registered
1951 J-4) ___
1st & ref 4s
Joint 1st ref 5s ser A_ _1963 JD --- 997- 9934
8 13 9812 100
8
843,
.
947
84
9,4 A -11 8438 8412 8434 Mch'15
)1 l-(\
Alb & Sus cony 3%s
8
Memph Div 1st g 4s
2
11333 11338
8612 gips
4
1921 N1-N 113 ---_ 1133 Jan '15
1951 J -L) 861- 883 8612 NIch'15 --Rens& Saratoga 1st 7s
75 Sale 743
4
_
7514 45 7314 78
Deny & It Gr 1st COO g 48_1936 J -J
Registered
1951 J -D -... _--_-._ ---- ____ _-.
1 8114 83
8134 ---- 83
83
St L Sou 1st gu g 4s
_
1936 J -J
9512 98 Fly 'Os __
1931 M-SConsol gold 4 %s
4
nd III & la 1st g 48
78
3 7712 80
1928 J-1) 79 8312 773
1050 J -J 811- ---- 8518 Feb 15 ---:, 83122 85'aEls
Improvement gold 5s
. 2
'
.
s
26 38
nt & Great Nor 1st g 6s
47
1955 F-A 47 Sale 467
100
48
1919 14-N ___ 102 9919
1st & refunding Is
0 98 100
---- 109 Dec '12
fames Frank ts. Clear 1st 4s 1959 J-1) 883- Sale 8812
1939 J -D
Rio GrJunc 1st, gu g 58
4
883
4
7 8812 883
4
---- 6112 Apr '11
14 an City Sou 1st gold 3s_1950 A-0 6712 8ale 6712
1940 J -j
6734 11 8738 69
Rio Gr So 1st gold 4s
L. Registered
40 85 31ch '08 -_ _ _
1940 J -J
1950, A-0 .___ __ 83 Oct 'Ot --.. _
Guaranteed
725 8
7253
7253
9 7012 725Ref & impt 5s
1939 J -J
3 ii14 guy
Rio Or West 1st g 48
91
3
8
Apr 1950' J -J 89 91 90 4
.15
1949 A-0 53 ij 58 mch
Kansas Clty Term 1st 4s_ __I960 J-J
90 Men '15 ---- 90
90 9&
58
59
93
Mtge& col trust 4s A
90 Apr '14
[ ake Erie & W 1st g 5s___1937 J-J -__ 92 05 Mch'15 ---- 95
Utah Cent 1st gu g 4s-a1917 A-0
9812
--__ 100 Nich'15
1917 NI-N
14
1941 J-J ---- 913 94. May'14 --- ___ ____
Des Moi Un Ity 1st g 5s
4
iod iiiO La 2d gold 5s
North Ohio 1st gu g 5s
48_1995 J-1) 80 ---- 80 Jan '15
'14
_
_
1945 A-0 --_ 10018 98 Lica
Det& Mack 1st lien g
80
80
1995 J -D 78 80 82 Fly '14
4
10:1 .--' 991410112
3old 4s
8
- ..,eh Vail NY 1st gu g 4%8_1940,J -J 1003 1013 101
90 9334 Fly '14
Registered
Det Itly Tun-Ter Tun 4 %s_1961 M-N
19401J -J ---- 99 10038 Feb '15 ---- 10038 10038
8
3
..ehigh tall (Pa) cons g 424_2003 M-N 87 ---- 87 Feb '15 ---- 87 87
1015s
Dul NIIssabe & Nor gen 58_1941 J-J 10414 1045 1043
General cons 4 145
Du1 & Iron Range 1st bs
1937 A-0 ..___ 0912 101 Fib '15
2003 M-N ---.. ---- 9714 Meh'15 ---- 9714 9714
--..- 10612 Men '08
.,eh V Ter Ry 1st gu g 5s
Registered
1937 A-0
1941 A-0 10814 ---- 10618 Feb '15 ---- 10554 106's
104 Feb 11
2d Is
_ ____
Registered
1916 J -J
1941 A-0 -- . 11118 Dec '11 -___
101 Fly '14 --_
.,eh Val Coal Co 1st gu g 5s_ 1933 .1- J 117
Dul So Shore& At g 5s
10414 Feb '15 ---- 1(71114 1044
1937 J-J
VIgin Jol & East 1st g 5s 1941 NI-N 1661: iji 1o412 Feb '15
Registered
1933 J-J --------105 Oct '13 -----10412 105 10912
1st int
urle 1st consol gold 7s
1920 NI-S 10912 110 10912
1933
---11)83,3 11012 4eh & N reduced to 48
Y 1st guar;
N Y& Erie 1st ext g 4s
Feb '14 --. ___ _ __ _
1947 M-N 9112.,..... 9712 J'ne'14 --4s1945 M-S 845
97 Registered
1(1114
2d ext gold Is
1 ioO" 10112
1919 NI-S IOU.% Salt 10114
1945 M-S ----------------. __ ____
- ___
4
9834
3 0814 13914 4ong Isid 1st cons gold 5s_h1931 Q-J 10318 105 104 Mch'15 ---- 1033- 10412
4
3d ext gold 4%s
1923 M-S 983 ---- 983
4
1st consol gold 4s
10114
1 Iowa 10112
4th ext gold Is
1920 A-0 10114 ---- 10114
89 ...... 9614 Ilch'12 ___ _
4-J
51931 1
8
General old 4s
5th ext gold 4s
1
1928 J-1) 90 ---. 935 May'14
35
1938 J-D 85 87 85
11012 J'ne'14
__
Ferry gold 43s
N Y L Ill & W lstg fd 7s 1920 M-S
4
1922 M-EI *933 ---- 9514 May 14 __
4
82
23 8014 8412
Gold 48
Erie 1st con g 4s prior
82 8312 813
1996 J -J
1932 J -I) ---- -- 9914 Oct '06 . _ _ _ _ _ __
80 83 Jan '14
Unified gold 4s
Registered
85
1996 J -J
1949 M-S 85 89 85 Nich'15 ____ 85
9513 Jan '15 ___ 9518 9518
71
14 66
1st consol gen lien g 48.-.1996 J-J
4
71 723 70
Debenture gold 58
1934 J-D 95 101
71
77 Apr '12 -__
Registered
Guar ref gold 45
1996 J-3
1949 M-S 8412 85 8312 Mch'15 -- 8312 8612
Penn coil tr g 4s
8714 8714
1951 F-A
Registered
8714
2 8714 8814
1949 M-S ____ ___ 95 Jan '11 _
_ _. _
NY B & MB 1st con g 58_19351A-0 ____ -__ 100 Feb '15 --- jai- 1001s
50
-year cony 4s A
6414
66
200 60 66
1953 A-0 6538
N Y & R B 1st g Is
Series B
69 412 6312 69
do
1955 A-0 69 Sale 6612
_
10212Jan '14
19271M-S
10258 10234 Ilch'15
Buff N Y& Erie 1st 7s
Nor Sh B 1st con g gu 5s_o1932 Q-J__- 101
1916 J -D
02 J'iy '14 ___
10212 103
1982 M-N 103 sate 103
Chic & Erie 1st gold Is
103
2 10112 10112 Jouisiana & Ark 1st g 5s_1927 M-S - - ---- -9112 Feb '14 _.
___
Clay & Mahon Val g 5s 1938 J -j 93 ---- 101 Feb '15
,oulsv & Nash Gen 68
1930 J-D 11118 113 111 Mch'15 ___ i iii_115
101 101
1935 A-0 12018
- 12212 May'14
Long Dock consol g 6s
Gold Is
1937 M-N 10653 107 10614 Merl'13 ____ 10614 107
106 Dec '12
9414
Coal & RR 1st cur gu 6s 1922 M-N
Unified gold 4s
1940 J -J 931 S
93
9312 12 91
1943 J-j 10253 ____ 10212 Mch'15
Dock & Imp 1st ext 5s
1940 J -J ---- ----- 95 J'ne '14
-Registered
i6Z1- 103
2
1946 M-N 93 . . 10312 Aug '12
N Y & Green L gu g 5s
Collateral trust gold 58_1931 M-N 10118 ---- 10314 Jan '15 -- loila 10314
1937 J -J
85 90 03 Fly '14
N Y Sus & W Ist ref 5s
E II & Nash 1st g 6s
1919 J-D 10434 ---_ 10338 May 14 ____ ____ ____
10014 Dee '06
1937 F-A
8
2d gold 4 %s
L Cin & Lex gold 4 %s
1931 M-N 9918 10012 1025 Fly '14 ____
86 70 Mch'15
1940 F-A
General gold 55
8Jan '15____ i1 - 1 N 0 & NI 1st gold 6s
-33 -133
8
3
1930 J-J 11454 ---- 1133
Terminal 1st gold 5s
1943 M-N 98 ---_ 102 Jan '14
N 0& NI 2d gold Os
1930 J-J 17 110 108 Feb '15 ____ 108 108
10212 - - 11112 May 12
1940 A-0
_
_
Mid of NJ 1st ext Is
Paducah & Mem div 48_ _ 1946'F-A --------84 Dec'14
tit; 86
1942 J -D 86
86
Wilk & Ea 1st gu g 5s
St Louis Div 1st gold 5s_1921 M-S 107 Sale 1067
107
17 106i14 10712
8
106 May•12
1926 J -J
2d gold 3s
EV & Ind 1st con gu g 6s
1980 M-S 61 64 61 Mch'15 __-- 60 65
863
4
87
1921 J - J 87
Ati Knox & Cin Div 483_1955 M-N ---- 875 8712 Mch'15 __ 8512 8812
Evans & T El 1st cons 6s
8
59 095 Dec '13
3
1942 A-0
AU Knox & Nor 1st g 55_1946 J-D 101 ____ 111 Jan '13 ..... _ _ _1st general gold 58
--- 108 Nov'll
Mt Vernon 1st gold 68_1923 A-0
bender Bdge 1st s f g 68_1931 M-S 105 --- 105 Mch'15._ 10E 105
-_
95 J'ne 12
1930 A-0
878
4
Still Co Branch Ist g 5s
1 86
Kentucky Cent gold 4s
8712
1987 J -J 86 8712 8712
89 8812
8812
lorida E Coast 1st 4 %s 1959 J-1)
L& N& M & NI 1st g 4 1.48 1945 M-S 9912 ---_ 101 May'14 ___ __ _
-66 8
7_ 92 Aug'19
L& N-South NI joint 4s 1952 J -J
ort St U D Co lstg 4%8_1941 J-J
80
78 80 78 Mch'15 __-- '78
50 54 62 Apr '14
Ft W & Rio Or 1st g 4s
1028 J -J
Registered
__ 95 Feb '05 ....- ___ -51952 Q-J _
N Fla & S 1st gu g Is
rf rest Northern4
1937 F-A 1013- ---- 106 Fly '14 .._ ____ ____
9638 Sale 986,8
9,614
2
986 138 239 9478 9654
9I6,1 2,
` C B & Q coil trust 45-1921 J -J
-31.
N& C Bdge gen FM g 4%8 1945 J -J
9612---- 97 Dec'14
1921
Pens & Atl 1st gu g 68
Registered it
10 9453 963
10911 108 Mch'15
10712
1921
2
-.I
1st& refunding 4 48 ser A 1961 '..i -ai1- -66- 911 J.120.14 24 9658 101 8 S & N Ala con gu g 5s__1936 F -A 10734 ____ 10518 Feb '15 __-_ 10518 1085s
10518
__
F-A 10112
1961 -_ _ - - - ---_
Gen cons gu 50-yr 5s1963 A-0 10014 _--- 1005 Mch'15 ___ 9912 102
Registered
8
-1033 J -.1 9412 9618 9434 Mch'15
St Paul 1\1 & Man 4s
"043- "044; ,& Jeff Bdge Co gu g 4s 1945 M-S _ 83 8312 alch'14 _ ____ - --4
1933 J -J 11914 12018 1193
1st consol gold Os
11912 13 11712 120
, 1 anna [415-Sou Lines 48_1936 M-N _ -- 80 ___
8
---- ---- ---- --- 1933 J -J s____ 1211s 11712 Aug'13
Registered
ex I uternat 1st con g 481977 M-S - -. -- 77 - !deb'10 _. ____ __8
Reduced to gold 4%s_1933 J -J 10012 1007 10031
__2 1001; jail;
Stamped guaranteed
1003
4
1977 M-S -._ ___ 79 Nov'10
102t8 40884 J•ne'09
1933 J -J *
Registered__
Linn & St L lst gold 7s
1927 J-D _-__
11112Mch'15.-- 11112 11113
Mont eat 1st gold 4s
3 9238 Apr '15 sl 92 94
1937 J-11
Pacific Ext lstgoid 6s
1921 A-0 100 ---- 11018 Aim '11 ...... ____ --Registered
1937 J -D-------- 94'2 Apr '14
9214
1St consolgo.d 55
1934 M-N 851f_ __ 85 Mch'15 ____ 85
Pacific ext guar 4s .C-1940 J -J ---- ---9253 Mch'11
1st and refund gold 4s
80
5738 46 40
1949 NI-S 5718 Sale 55
E Minn Nor Div 1st g 48_1948 A-0 8918 --- 95 May'14
Des NI & Ft D 1st gu 48_1035 J -J ___
80 Feb '15 ___ 60 60
1922 J -J 10758 --__ 11012.1an '14
Minn Union 1st g 6s
Iowa Central 1st gold 55_1938 J-D 893; Sale 8934
90
2 84
9014
1937 J -j 119 12212 120 Mch'15
tru g fls
AC
Mont() 1st
191
38
sn
KA
,1111. 891.
Partinclinv crnld A.
lam RN- 51
120 12012
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 9

Price
Friday
Aprtt 9

Range or
Last Sale

Range
Since
Jan, 1.

BONDS
4
.
N. Y. STOCK EXCHANGE 0
C11 tZ
Week Ending April 9

Price
Friday
April 9

n

,
gg- ii5-

Sale

F

4

-Continued on Next Ha e.
MISCELLANEOUS BONDS
Street Railway
New On Ity & Lt gen 4 484_1935 J-J
NY Itys 1st H E& ref 4s 1942 J-J
al942 A-0
30-year adi Inc Is
N V State Rys 1st cons4 5ia.'62 3,1-N
Portland Ity 1st & ref 5s-__1930 M-N
Portland ity Lt & Pow 1st
1942 F-A
& ref cony s f 5s
Portland Gen Elec 1st 58-1935 J -J
St Jos lty L, El & P 1st g 5e 1037 3/1-N
St Paul City Cab cons g 58-1937 J -J
1960 J-J
Third Ave 1st ref 4s
a1960 A-0
Adj Inc 58
Third Ave y 1st g 5s_.__1937 J -J
Tr -City Ry & Lt 1st s f 5s-1923 A-0
Undergr of London 4 %s....1933 J 1948
Income 6s
Union Elev (Chic) let g 58_1549
United Rya Inv bs Pitts las 1926 M-5
*No price Friday: latest bid and asked




Street Railway
United Rye St L 1st g 48_1934 J -J _85 6954 Dee'14
78
St Louis Transit gu 5s____1924 A-0 girt 65 5938 Mch'15
-gi3
727
8
3
8
555 United RRs San Fr s f 4s_1927 A-0 4612 Sale 45
8
107 45 555
47
84
Va Ity & Pow 1st & ref 5s__1934 J-J
8912 8912
9018 8912 Mch'15
(las and Electric Light
9918
Atlanta U L Co. 1st g 5s___1947 j
-D 103 ._
1011, May'14
82 89 92 NIch'14
Bklyn U Gas 1st con g 5s__1945 M-N 10312 1037 10334
2 103 lal2
104
8
Buffalo Gas 1st g Is
1947 A-0
M l'ne'13
9914 ---97 --_ 98 Nov'08
97
Columbus Gas 1st g 5s
97
1932 J -J
97 Feb '15
_ 10312 Feb '13
_
10312
Consol Gas cony 6s when issued
11413 41e 11378
11412 158 10958 11553
8112 8158 815
8
8
9912 100
1923
813
4 42 795 8258 Detroit City Gas g 5s
98 100 100 Mch'15
7734 Sale 7734
79
120 753 82
8
Det Gas Co. con 1st g 58
19113 F-A ---- -- 9553 Set) '08
108 107 10534 Itch'14
10512 10612 Det Edison 1st coil tr 5s
lox% jai
4
10234
1933 J-J 102121023 1023
4
9614 9712 9612
97
2 95
.12
1932
10018 9714 Eq GLNY 1st con g 5s
Oct1062
-- 9612.1'1y '14
_ Gas & Elec Berg Co c g 5s-1949 .1-D 98
100 Feb '13
--65 90 8712 J'iy '14
100 net '09
1915 F-A
- --- Gr Rap G L Co 1st g 5s
10114 103'i---- 84 Oct 'OS
Hudson Co Gas let g 5s-1949 M-N 1012 10314 103 Mch'15
---71 J•ne'13
---Kan City(Mo)Gas let g 581922 A-0
91 92 Mch 14
this waek. a Due Jan. c Due Feb. d Due April. 5 Due July. k Due Aug. o Due Oct. s option sale.
---- 80
7234 Sale
51 Sale
-- 85
9612

78 Feb '15
78
7134
8
723
4 42 707
50
5213 226 50
84 Mch'15
84
9918 Feb '15
9918

1242
BONDS
N. Y. STOOK EXCHANGE
Week Ending April 9

New York Bond Record—Continued—Page 3
Week's
Range Or
Last Sale

Price
Friday
April 9

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXOHANGE It
Week Ending April 9
--, a.

[VOL. 100.
Price
Friday
April 9

Week's
Range or
Last Sale

...

gl

84

Range
Since
Jan, 1.

Bid
Ask Low
High No. Low High
Bid
Htoh No Low High N Y N II & Hartford (Con.)—
Ask Low
81 Mch'14
Cent New Eng 1st gu 4s1961 J -J
9114 11 90 93
9114 92 9114
StP&SSM con g 4sintgu 1938 J-J
10514 Mch'15 ---- 105 10514
9714 J'ne'12 _—
1st Chic Term ls 14s
Housatonic It cons g 5s___1037 M-N 10512
1941 M-N
-- 7512 37 6612 '757
74 Sale 7312
NY W'ches&B 1st ser I 4;is'46 J -J
8
MSS& A 1st g 48intgu-1926 J -J 95 9612 96 Nov'13 _— - - - 107 Aug '09 ---- _— _ _ __
91 J'ly '14 ____
N H & Derby cons cy 5s_1918 M-N 100
Mississippi Central 1st 5s-1949 J -J 8618
8012 24 75 81
Sale 7912
7912 _J -J ..
New England cons 5s____1045
- - -- ---- ---- ----_--Mo Kan& Tex lstgold 4s-1990 J -D
9912 Meh'12 --6212
--- 6212
53 6212
1945 J -J
Consol 4s
2d gold 4s
g1990 F-A 61
2 89 89
i ig gil,
8
56
88
Providence Secur deb -1,c_1957 M-N --- 6012 56
1st ext gold 5s
1944 M-N 88 Sale 871
15 7818 8258
82
3 80
563
8 16 49 563 N Y(I& W ref 1st g 4s___91092 NI
-S 8 3
8
1st& refund 4s
2004 M-S 5512 Sale 5412
9212 J'ne'12 --- ___ ___ _
7012 12 6912 74
4
6912 7012 693
Gen sinking fund 4 Ms
Registered 35,000 only__0992 N1-S
1936 J-J
2
St Louis Div 1st ref g 4s-2001 A-0 6012 6412 6018 Feb '15
6018 6018
1950 J-D -- 7912 7512 Feb '15 ---- 751- 7512
General4s
4
993 Dec '13
Dai& Wa 1st gu g 5s
1940 M-N
---- -- Norfolk Sou lst& ref A 5s_1961 F-A ---- 80 94 J'ne '14 ---- ___ ___78 J'ly '14
2 10112 102
10112
8
Norf& Sou 1st gold 5s
Kan0& Pac 1st g 4s
1941 M-N — 1013 10112
1990 F-A ---- 80
0612 9612 Norf& West gen gold Gs
Mo K & E 1st gu g 5s
1931 M-N 117 118 120 Feb '15 --- 120 120
1942 A-0 9514 102 9613 Mch'15
9312 8512 Mch'15
8512 88
M K& Ok 1st guar 5s
1942 M-N
Improvement& ext g 68_1934 F-A 118 11912 119 Feb '15 -8
-S 811: 877 88 Mch'15
New River 1st gold Gs___,,1932 A-0 11612 119 120 J'iy '14 -----------M K& T of T 1st gu g 58_1942 NI
80 89
92
5 9112 94
- - 96 May'13
4
923
N & Wily 1st consg 4s
Sher Sh & So 1st gu g 5s_1042 J-D
1996 A-0 92 Sa
—94 May'14 ---- ____ _
Registered
Texas& Okla 1st gu g 5s 1943 54-S „ (15 9912 Jan '14
1996 A-0
.
4 21 -91 8
8812 22 8712 881
DWI 1st l& gong 4s
38814 9014 8814
1944 J -J
Pac 1st cons g 6s_1920 NI-N 1.00374 Sale 10012 1003
Missouri
957 Sale 9513
11 893 963
8
96
6 9818 103
103
8
-25-year cony 4s
10
4
1032 J-D 103 Sale 10212
Trust gold 5s stamped_a1917 M-S
97 May'12
4
10218
5 993 10218
10-20
-year cony 4s
a1917 M-S
1932 M-S 101 103 10218
Registered
0 -2 8812 921
1
9218
4 101 10312
10312
1020 F-A - ; art; 92
Convertible 4 3is _____ _1038 14-5 10312 soie 10238
1st collateral gold 5s
4
3 8'73 9014
88
1020 F-A
Pocah 0& 0 joint 48_1941 J-D 88 Sale 88
Registered
5012 -155 3724 5012 00& T 1st guar gold 5s 1922 J-J 10118 10258 1053 Jan '13 ---- ____ -4
-year gold loan 4s
10
1945 M-S 30 Sale 48
197 38 497
4
47
8
Selo V & NE 1st gu g 4s 1939 5.4-N 8618 91 90 Mch'15 ____ 90 90
1st & re cony 5s
1959 M-S 4612 Sale 453
78 Jan '15
3
9234 264 88 4 93 8
,
78 78
Northern Pacificpri-sr Ig 48 1997 Q-j 9234 Sale 9214
3d 7s extended at 4%.- 1938 M-N
6112
- - 85 Feb '15
4
92
20 883 92
1997 Q-J ---92 02
85 85
Registered
1919 F-A
Cent Br Ity 1st gu g 4s
8
7712 Dec '13
43
6434 137 62 65
a2047 Q-F 643 Sale 643
General lien gold 3s
1948 J -D --- 75
CentBr U P 1st g 4s
110 3,1ch'05
63 Mch'15 --- 6113 63
a2047 (2-F -Registered
Leroy &OVAL 1st g 5s_1926 J-J
6 88 -gfl90 Jan '14 — __ ___
8712
2
St P.dil-Duluth Div g 4s_1996 J -D
['ac It of Mo 1st ext g 4s 1038 F-A 8718 Sale 871s
10012 Sep '13
9712 J'ly '14
2d extended gold 5s
Doi Short L 1st gu 5s---1916 MS
1938 J -J 97
8
11012
9918 18 973 10112
3 10912 11118
St P & N P gen gold 6s__1923 F-A 11012 Sale 11012
4
St L Ir NI& S gen con g 5s_1931 A-0 9834 Sale 985
1133 Aug 11
8
- 99 102 J'ly '14
Registered certlficates1923 Q-F ---Gen con stamp gu g 5s_1931 A-0
2 638 71
102 Feb '15 ---- la' 102
67
St Paul & D -loth 1st 58_1031 F-A 10412
Unified & ref gold 4s
1929 J -j 67 Sale 66
10014Jan '15 _-__ 10014 10014
s
1017 A-0 ---- _ 807 Oct '12
2d 5s
Registered
1929 J -j
87 Feb '14
67
67
1968 J -D 89 -1st consol gold 48
66 69
Riv & G Div lstg 4s
1933 M-N 6612 69
9212 Dec '13
8112 Dec '13
1948 QM ---- V erdi V !& W 1st g 5s
Wash Cent 1st gold 4s
1926 M-S
8
112 112 Mch'15
J-D
112 1148 Nor Pee Term Co 1st g 6s.„1933 J -J 111 1111 111 Mch'15 ---- ill 11114
4
Mob & Ohio new gold 6s
1927
8612
6 8312 88
4pr '14
Oregon-Wash 1st & ref 4s 1961 J-J--- 8712 8612
1st extension gold 6s____h1927 Q-J 105 112 11212.
9512
7 94 9814
9512 98 9512
72 M cif15
-S *72
72 75
Pacific Coast Co isle 55. _1946 JD 1938 NI
General gold 4s
F-A 10114 ---- 10414 J'ly '14
1923 M-N 061 973 061 Mch'15 _—_ 9612 07
3
• - ennsylv RR 1st g 4s
1047
Montgom Div 1st g 5s
_ 102 May'14 _--—
1919 M-S
-- Canso! gold 5s
St Louis Div 5s
1927 J -D --- -- 95 Dec '13
9712 Feb '15 ..,,, 'ii'2 igli
1943 M-N 97
Clonsol gold 4s
87 87
St L & Cairo guar g 4s_1931 J -3 1184 _ _ 87 Jan '15
10018 iso 993 1001s
8
5-1) 10018 Sale 100
10512
A-0 10512 Sale 10512
8
10412 1063
Convertible gold 33-3,,,..,o1915
Mashville Ch & St4L 1st 58 1928
9918J '81014 ........ ___
01918 JD --Registered
L
Jasper 13ranc/Vst g es1923 J -J 10612 _ 111 Jan '13
4
977
8 14 97 _4
988
4
1948 MN 971- Sale 971 i
Consol gold 4s
- McM M W & Al 1'464_1917 J -J 101 --__ 1033 Jan '14
4
104 409 10314 1047
--104 Sale 1033
s
_ 113 J'ly '04
101 _
Consol 412s when Issued.._1960
—T& P Branch 1st Gs
1917 J -J
1942 M-S 9212 9414 94 Jan '15 ___ 94 94
Alleg Val gen guar g 4s
Nat Rys of Mex pr lien 4;is 1057 J -J --- 60 58 J'ne'14
91 Meh'14
77 Feb '13
D It It It & 13 ge 1st gu 4s g'38 F-A 9212
.
1977 A-0
Guaranteed general 4s
8
84 967 Feb '13
1943 M-N *95 ..— 9918 Ply '13 ____ _ __ __
Phil/4 Balt& NV 1st g 4s
Nat of Mex prior lien 4 is_19.213 J-J
Jan '03
102_
39 Apr '14
2924 J -J
Sod Bay & Sou 1st g 5s
1st consol 4s
1951 A-0
38 Mch'15
3114 38
Sunbury & Lewis 1st g 4s_1936 J -J 90
N 0 Mob & Chic 1st ref 5s_1960 J -J
9834 Feb '15 -- L9834 98 4
3
104 101 J'no'14
U N J RR & Can gen 4s_ _1944 M-S 9812
N O& N E priorlieng Gs_e1915 A-0
7912 Morn
Pennsylvania Co—
New (Mean:: Term 1st 4s 1953 J -J
10112
8
1 100 10238
8
0012 1354 idc73- 10134 Guar 1st g 4 3-is
i&IG Yale 1003
1921 J-J 1007 10112 10112
8
NY Cen RR deb 6s wh iss.1935
100 I5Ich'15 _-- 100 100
8
8818 70 8714 8818
1021 J-J 100
6 8818 Sale 873
Registered
Ref & imp 4;ts"A" __ _2013 17_ ___
8412 Apr '14 _
4
8012 24 79 8134
7912 80 793
Guar 33is coil trust reg 1937 MS 84
NY C)entral & IL11g3s1007 J -J
8412Mch'15 ---- _8412 8412
7758 7814 75's Feb '15
Guar 33.4s coll trust ser 13_1941 F-A 8412 86
7512 7814
1997 J -J
Registered
___ _ _
4 84 88
9814 J'ly '14
85
Trust Co ctfsgu g 3;0_1916 M-N 90
Debenture gold 4s
1934 M-N 85 Salo 84 8 J'ne'14
897
83 Feb '15 __ — 83 83
1942 J -D 8314
M-N
Guar 33is trust ctfs C
Registered
1934
84 J'ly '14
73
4
1044 J-D 83
Guar 3lis trust ctfs D
Lake Shore colig 3%s
1098 F-A 7i3 WaiJ 7214 J'ne'14 68 7214 75
7612
1931 A-0 9218 9312 9212 Feb '15 ____ iii12 ii/j12
Guar 15-25-year g 4s
Registered
1998 F-A
9312 Apr '14 __ ___ ____
_ 82 79 Dec '14
1942 M-N 8514
Cin Leb& Nor gu 4s g
J P M & Co ctfs of dep...,..
713
8
8
F A
Cl & Mar 1st gu g 430_1935 M-N 96 --.._ 98 May'14
8
,
6814 713
Mich Cent coil gold 330_1998 --1 -ifi4 713 713s
8
1013 Nov'13 ___ ____ ____
691i
6912 6912 ()I& P gen gu g 43isser A 1942 J-J 10012
1998 F-A 6912 7412 691/
Registered
10934 J'ly '09 ____ __ .._
4
1942 A-0 100.2
Series B
Beech Creek 1st gu g 4s 1936 J-j 9118 -- 95, Apr '14
9114 Feb '12 ____ __ ___
_
Int reduced to 3%81942 A-0 8412
---Registered
1936 J-j 8812 ---- 99 May'll
9018 Oct '12 ____ __ ____
1948 M-N 8312
Series C 3 5is
2d guar gold 5s
1936 J-J --8418 Dec '13 ___ ____ ___
_
1950 F-A 8318
Series D 3.-'s
Registered
1036 J -J
,
8614 51as '14 ___ _ _ _ _ _ _ _
Erie & Pitts gu g 3348 B 1940 J -J .8312
Beech Cr Ext 1st g 3 is-b9P51 A-0 76
---- - - __
9018 Ply '12 ___
e8
J'nOct '12
J -D
1940 3 -J 8312
Series C
Cart& Ad 1st gu g 4s
1981
-J 95 9712 100 Feb '15 ____ 106 loo ,
Or R & I ex 1st gu g 4 30_1941 J
Ciouy & Oswe 1st gu 5s 1942 J-D 99 --3
109 Nlay'10 _ _ ____ __ _
4
8
Pitts Y & Ash 1st cons 58_1927 NI-N 1013 ._
Moh & Mal 1st gu g 4s
_
1991 M-S 85 893 95)
86 Jan '15
5
8
N J June It guar 1st 48_1986 F-A 863
%
86 86
1933 J -J 97s
IW V& 0go4sA-1931 j_ j 97/ _ 9812 J'ne'14 __-- .. _
T°
8.
8712 Deo '12
-Series 13 4 3is
N Y & Harken g 3 368
2000 M-N
9312 J'ly '14 __ _ _ _ _ _
10112 Mch'13
194214-S 88
Series 0 4s
N Y& Northern 1st g 5s 1927 A-0 Mil;
10112 1017
101 Feb '13 ____ 66 10112
82 89 92 Oct '13
P 0 0 St L Cu 43s A,,_1940 A-0 100
&
N Y& Pu lst cons go g 4s..1993 A-0
10038 Apr '15 ____ 9912 10112
18
1942 A-0 10018 10(1,
Series B guar
Nor& Mont 1st gu g 5s_1918 A-0
10112 Feb '15 -- 10112 10118
116 yebii
1942 M-N ---Series 0 guar
Pine Creek reg guar 6s-1932 J -0 11214
8
8
8
933 Feb '15 _— 935 935
103
;
26 10134 idi
8
1945 5/1-N I 9312—
Series D 4s gurx
it W & 0 con 1st ext 5s_h1922 A-0 1025 1037 103
10018 Mch'15
911s 10 90 911s
2
_
1949 F-A 0012 911- 9118
Series E 3;0 guar g
10018 10018
Oswe & It 2d gu g 5s---c1915 FA
9514 Jan '14 .___ __ _
104 J'ne'10
1953 J-D 9312
Series F gu 4s g
W & 0'l' R lstgu g 5s__1918 MN
----R
90 Apr '13
97'2 Jan 13 ...-- --- - -- 1957 M-N 9312
Series G 48 guar
Rutland 1st con g 4 3is___1941 J -.I
- -- -- -108i2 Mar 14 __ ___ _
fi 70 Feb '13
0 St L & P 1st con g 5s_1932 A-0 10314
70 70
Og & L Chant 1st gu 4s g 1948 J - J
10114 May'14 __ __ — -92 .1 lie'09
8
1921 Q-F 1013
& Pek Un 1st g Gs
J -J
Peo
Itut-Canad 1st gu g 4s_1949
89 Feb '14 ___ ___ __ __
loi 101 Mch'15
-51921 M-N
2d gold 4 3is
ioi - 101
St Lawr& Adir lstg 5s___1996 J - J
11912 Men'12
25 May'14 ___ _ _ -_ Pere Nlarquette—Rof 4s___1955 J -J - -- 20
1996 A-0
2d gold Gs
97 Feb 'lb — 96 97
9 _ 40 Dec'13 ____ ___ - —
1955 J-J
Refunding guar 4s
Utica & Bik Riv go g 4s 1922 J - J 658 -2 82 8414
83
_ 73 May'14 __ _ ... Ch & W NI 5s
1921 J-D 60
Lake Shore gold 33s_1907 J -D 82 gzi 83
_ -- 82 Mch'15
oo 1156 oo Meh'15 ____ 66 9e1
Flint & P M g Cs
82 82
1920
1997 J -D
Registered
9258 39 90 93
4
68 Mch'15 -- 6512 69
9238 Sale 913
1st consol gold 5s
1939 M-N 68
1928
Debenture gold 48
8 29 893 9214
917
65 Meh'13 — 65 63
14-S25yr
Pt ifuron Div 1st g 5s 1939 A-0 ---gold 4s
1931 M-N 9112 Sale 9112
4
917a J'ne'14
--- --- -Sag Tus & II 1st go g 4s_1931 F-A
M-N
Registered
1931
Philippine By 1st 30-yr s f 4s '37 J -J ---- 6C,- 63 May'14
Ka A & 0 it 1st gll c 59_1038 J-J
-___ ____ ___
10812 May'14 -----------1040 A-0 ---Phts Sh & L El 1st g 5s
Mahon 0'1 It It 1st 5s
1934 J -J 10414 ---- 10714 Apr '14
___
11314 Nov'll ___
1943 J -J —
1st consol gold Os
Pitts & L Erie 2(1 g 5s_31928 A-0 103 -- 103 Jan '15
103 103
941e 38 0112 941;
8
8
935- Sale 935
1997 J-J
. 13018 Jan '09
Pitts 14cI( & Y lstgu Gs_1932 J - J 11114
f)eading Co gen g 4s
1 9012 93
92
It Registered
1997 J-3 92 Sale 92
- 12314 Mch'12
2,1 guaranteed 6s
1934 3 -J 11014
1951 A-0 9214 9212 9214 51ch '15 __ 91 9214
Jersey Cent coil g 4s
NIcicees& DV 1st g 6s 1918 J -J 100 4
1951 J -J
Allan City gu 4s g
Michigan Centro, 5s
1931 M-S 102)----- 16E1- J
itJo& gls‘lav•l-..,ji ag
1047 J-J
Or Isl1st g 4s
Registered
1931 Q-M 10l) ---- 10312 May 14
10812 Mch'15 Si 11;108'i
98 Apr 12
t Louis& San Fran gen 681931 J -J 10812
1940 J -J ____
Is
87 Feb '14
1031 J -J 100 Sale 100
100
General gold 5s
1040 J-J
Registered
._ .
14 22 _99 101
_ 75 .11y . ..
-- 90 J'ne'08
_
qt L & S I? R It cons g 4s_1996 j-3 ___
J L & S 1st gold 33s.._..1051 14-S
AaTe 50
.12
5012 20 ig ii
1927 M-N 5012 - 797 81
Gen 1 5-20-yr 5s
1st gold 330
11)52 5.1-N 81) - - 81 Feb '15
. 12
13 7814 8134
79
24 3212 51
51
gi 78
20-year debenture 4s
1929 A-0 79
Tr (Jo certfs of deposit___ ____ 503s Sale 4731
9234 23 92 933
5 3212 49
48 Sale 47
4
48
Stamped-do
N Y Chic& St L 1st g 48_1937 A-0 9212 93 923
4
1947 A-b ..—
3
93 Dec '13 ____ ____ -_—
92 4 J'ly '14
Southw Div 1st g 5s
1937 A-0
Itegistered
701- Sl 7012
1951 J - J
7112
3 6312 7112
76 82 82 Dee '14
Refunding g4s
1031 M-N
Debenture 4s
55 893 9218
8034 Mch'll _. _-- ---1951 J -J
92
92
Registered
8
West Shore 1st 4s guar_2361 J -J
90 -„-3 8711 893i
7112 Apr '15 -___ 6112 7111
8812
Trust Co ctfs of deposit__ _ ___ --,Ite ristered
,
3361 J-.1
8811, 89 8818
66 Sale 66
Stamped__
8 47 6014 68
677
do
9412 9412
N Y Connect 1st gu 43.6s A...1953 F-A 0412 ---- 94': Feb '15
1 107 110
10758
NO Ft S & M con g Gs_1928 MIN 10714
1075s
N Y New Haven & Haar—
8 69 734
73
71 75
1(0 Ft S & NI Ry ref g 4s_1936 A-0 '7212 Sale 7212
1955 J -J
75 7812 71 Mch'15
Non-cony deben 4s
- .-95 NIch14 . _
75
K Cl & NI U& B 1st gu 58_1929 A-0 --5 70 75
Non-cony 4s
1956 M-N 75 Sale 75
1989 M-N 7512 Sale 751 1
7553 —6 -73 -80
6638
3 6112 663 St L 8 W 1st g 4s bd ctfs
1056 J -3 6658 -- 6614
8
Cony debentul
.e3 369
,
_ 35 35
-j 1081 Sale 1087
1948 j
I` nt,lebenturees
8
2d g 4s inc bond ctfs__ __p 1989 J -J --_- 63 55 Feb '15
11012 26 101 11012
8
11 56 61
60
1932 J-D 60 Sale 583
4
Consol gold 4s
Harlem R-1't Ches 1st 4s_1054 MN 89 --__ 99.4 Noy'12
-0521. Inn 'Id
CI rftv'a Pt Ter 1st eu e Os. 1947 1-21
----13& N Y Air Line ist 4s.._1955 -A
9912 J'ne'12

1674

A-c.

11 SCELIANLOUS BONDS—Continued on Ns
Gas and Electric Light
Kings k.;(; t.; t1,
g
A-0 104 ____ 104
4
104
3 1023 104
Purchase money Gs
1997 A-0 113 Sale 113
1 113 113
113
1923 M-S 1155s
115 115
Convertible deb 6s
- 115 Feb '15
Ed 44 i III Bkn 1st con g 4s_1039 3-3 8778 ____ 8778 5,1elf 15
. 877 88
8
4
Lac Gas L of St I. 1st Ix 5s_e1019 Q-F 1003 101 10034
1 10014 101
1003.1
Rol and ext 1st ,Os
9934
1934 A -I) 9812 100 9931
5 97 101
'
1927 M-N
9118 0112 9114
Milwaukee Gas L 1st 4s
9112 24 9018 9112
10184 Jan '14
1948 J -D 10112
Newark Onn Gas R 5s
4
2
N Y0 EL II & P g Os
1948 -D 10214 1023 10214
4
10258
7 1011- 15318312
1949 F- A
8212 8314 831s
3 8212 853
Purchase money g 4s
8
109 J'ly '14
Ed El Ill 1st cons a* 5s
1095 .1-J 106
N Y&Q,E I L & P 1st con g 5s 1930 F-A 99 100 101 Feb '14
N Y k Rich Gas 1st 5s_1021 11-N
9212 J'ly '09
Pacific0 k El(10 Cal0& E
8
03
1937 5.1-N 93 9412 9214
6 91 933
Corp onifying& ref5s
Peel',w & Lt 1st k ref 20-yr
8812 91
1930 F- A 8853
91 Feb '15
58 Internat Series
S 9912 101 100 Jan •14
C4
(J 5s___ _1049
• No price Friday; latest bid and asked. a Due Jan. 0 Doe Feb. e DuelMay.




Clas and Eiectric Light
Poo Gas & C 1st con g 64___1943 A-0 11412 115 114 Mch'15
1947 14-S 101 _
10138 17
101
Refunding gold 5s
1947 M-S
99 Sep '13
Registered
2
5
10212
Oh O-L & Olce 1st gu g 58_1937 J -J 10i3 10212 10212
10014
Con 0 Co of 011 lstg,, g 581936 J -D 10014 Sale 10014
93 Mch '12
Ind Nat Gas & Gil 30-yt 5s '36 M-N
Mil Fuel Gas 1st gu g 5s 1947 M-N 10014 10012 100 .Jan 'lb
1919 -A ---- 95 95 Feb '15
Philadelphia Co cony 5s
9634 J'ne'14
1922 5/1-N
-- 84
Cony deben 5s
Stan Ons & El cony s 6s_1928 .1 -D 88 90 881:-Jan '15
Syracuse Lighting 1st g 54_1951 J -I) 99 100 100 Nich'14
1954 J 7012 82 8512 J'ne'12
Syracuse L & P 5s
Trenton G & E 1st g 54_ _1949 41- S 9914 ____ 10112 J•no'14
Union E lee I. & P 1st g 5s 1932 54-S 98 10018 90 /doh '1.5
1933 M -N 88 90 89 Nleh'15
itof & ext 5s..
. 10214 Mch'15
1050 J -J 1021g
Utica El L & P lst g 5s
Dec II
1037 J -J
Utica Oas & E ref be
6
8
1027
133(5 .1 43 102l 103 1027
8
Westchester I.tg C bs
s Option sale.
g Duo June, 5 Due July. 0 Due Oct. p Due Nov.

11014112
1
1010018
3
( 4 00
1111- 10 14
018
100 - iOci"
9;1.2 951;
.g5 _gi

9
686 160i1-00 i02 4
8
2
1021- 1027.

APR. 10 1915.1
i
BONDS
N. Y. STOCK EXCHANGE
i
Week Ending April 9
...,a,,

New York Bond Record—Concluded--Page 4
Price
Friday
April 9

Week's
Range or
Last Sale

14
az 05

Range
Since
Jan. 1.

I2
BONDS
t
N. Y. STOCK EXCHANGE
--i rk
Week Ending April 9

Price
Friday
April 0

Week's
Range or
Last Sale

1
E.%
,,
04

High No.
Ask Low
Bid
91
100
5
100
-------- 80 Aug'12 -_ _ - 60 59 Mch'15.—
6612 -_-- 6612 Nich'15 __-6 Feb '15 —
-___ 10
/12 812 712
812
12
7 Ply '14 __
---- 8
8 Mch'15 ------- 8
58
78 1 Feb '15 ---73 34(42 15 --/
,
511
---- -- _
--8134 Mch'15 ---9112 __ 65 Mch'15 ____
6978 Sale 697
.s
4 18
703
102 Sale 1013
4
102
8
7614 Sale 753
4
7614
8
- __- 35 34 Feb '07 ---100
100 Mch'15 --*90 ____ 9512 Nov'13 --•85 ____ 91 Feb '14-6512 ___ 6512
6512
2
--90 Apr '14 ___
84 ___ 84
84
2
8614 8038 8614
8612
6
85 --__ 85 Mch'15.....

Range
Since
Jan. 1.
Low High
99 1C10
__
59 6014
66 723
4
6
834
6
9
____ _ _ __
7
8
5s I
12
7
8
8134 813
4
65 65
54 7112
101 1027
s
75 7812
___ -100 11141
__---__-- --65 653
4
_ _
84 ii
844 87
8412 8514

.. .14Ctn, , , ,
1
•,,
,
..5.,=,...3.
,
1•11

:n.V.SCCEE.D.4

10112 Sale 10014
10112 17 9978 10238
10014 101 10014
10014 34 9978 10014
933 9334 935
8
8
9334 11 9212 94
10214 10234 10212
10212
2 10012 10314
88 89 88
88
8 80 88
1045 105 10412
8
105
20 10358 10514
2
9212
9212
3 9212 9212
--------94 J'ne'14 ......
.
_
:2
120 Mch'15 ---- ii6 jibs
4
---- ----1213 May'14
_.
07
i eiii 688
1___
98 J'ne'14-- - - 66
II gi ii
66 Sale 65
10034 _ __ 101 Feb '15 ---- 10034 101
10014 Sale 100
10014 52 9812 101
8912 328 8518 8912
89 Sale 8818
987 Sale 987
9914 209 967 9912
3
8
8
9784 Jan '15 __ 9734 973
90 98
4
95 964 9514 Mch'15 ....... 943 97
4
14
93
92
4 92 9438
93 Sale
9634 19 95 967
967
8
__ 964
8
5014 235 4614 56
5014 _Sale 4614
8812 Sale 8812
883
4 19 84 8918
---8712 J'ly '14 --__ _ _ _
7434
713
4
---- 75
1 743- 7474
8
10312 ____ 10312
104
15 102 105
10114 ____ 1013
8
10138
3 1003 10112
4
837 Sale 8312
s
10 8278 87
84
995 Sale 995
8
993
4 40 99 10012
8
100.100 Oct '13
100 151 10012
101
5 RIO iiii12
7812 80 80
80
1 7912 82
40 45 4712 Mch'15 ---- 38 50
8
90 9212 907
91
6 89 91
69 Sale 69
70
19 65 71
1227 Sale 12212
12278 26 122 12412
8
101
10012 Sale 10014
35 9978 102
1224 Sale 12218
1223
4 13 1214 124
997 100 995
8
8
100
39 992 102
9914 100 983
4
9914
6 9512 10018
8
9614 100 997 Feb '15 _--- 95 10018
893 03 923
4
4
923
4 12 92 9314
8312 ___ 85
85
10 84 85
983 99 99
8
99
1 95 9978
951s 10 90 951s
95 Sale 94
96 0778 96 Mch'15 „...
9112
9112 Sale 9112
1
___
104 J'ly '14
9334 20
933- Sale 93
4
91 ____ 91
9112
5
993 Sale 9914
124
100
4
75 80 75 Mch'15— -75 ___ 9114 Jan '13 --74 82 76
i
76
__-- 33 20 Jan '15 __-_
10212 27
10218 Sale 102
102 257
10112 Sale 10112
10114
10218
4
93
93 Sale 9212
18
101
10012 101 101
8
8
9314 34
9314 Sale 925
995 Sale 9912
9958
8
5

9012 933
4
8812 9112
9712 100
75 75
.. ._ 66 fi
20 20
10118 10258
997 10258
s
993 10214
4
89 9512
10012 1013
4
897 94
8
9814 995
8

7 POn0Z7
2
2Z.gZOnej "
2n0 :.4.1
'70'7*
.
1 -

.
)
,-22M

OP,,ZCO0.40•100CCCEnZ"404
ZZOCX=41,
00Z t.
40(=nZZ M000Z
.
41,00
720CCO.
-V"OnnnaZZCI.,.
.0

*IVEVAIA.rtn.11.0414.1r ECCC42MCC.Innrsor4.4(CM.tli..2V,<2.0ye44,4
,

W

0
""z

iii,-Iiiii

19 :11979'80

ulster &

0mal
I -1,

High No, Low High Wabash (Concluded)—
Ask Low
Bid
Det & Oh Ext 1st g 513-1941
723 7412 7334 Apr '15 ---- 73 80
4
Des Molts Div 1st g 4s---19
100
16 993 10C/14
100 Sale 100
4
"
_
Om Div 1st g 3;is
Seaboard Air Line g 4s_.-1950 A-0 7812 82 75 Dec '14 __
1941
Tol & Oh Div 1st g 48
ii ii 83
81
Gold 4s stamped
1950 A-0 8012 Sale 80
12
1941
____ __,_
____
Wab Pitts Term 1st g 4s 1954
Registered
1950 A-0
6712 178 5934 713;
Cent and Old Col Tr 0o corta4
o1949 F-A 667 Sale 6514
Adjustment 3s
6912
Columbia Tr Co ctfs
5 66 6912
Refunding 4s
1959 A-0 6912 --.. 69
8
Col tr ctfs for Cent Tr ctfs
Atl-Birm 30-yr 1st g 4s__c1033 M-S 8114 843 82 Jan '15 ---- 81 82
851s---- 8514 Meh'15 ---- 8412 8514
2d gold 4s
Car Cent 1st con g 4s_....1949 J-J
io5-4
Fla Cent & Pen 1st g 5s--1918 J -J 1004 ---_ 10314 Jan '13
Trust Co certfs
Wash Terml 1st gu 3;0_1945
4
1st land gr ext g 5s
1930 J -3 1003 —_. 101 Nov'12 ___
1st 40-year guar 4s
1003 ____ 101 Mch'15 31 101 101
4
Oonso lgold 58
1043 J -J
1945
8
Ga & Ala Ry 1st con 5s_ _o1045 J -J 102 ___ 1025 Mch'15 ---- 10012 1025 West Maryland 1st g 4s
8
1952
Ga Car & No 1st gu g 5s_1929 J-J 102 __— 10214 Mch'15 ---- 10012 10214 West N Y & pa 1st g 5s
1937
10).12 ____ 10112 Mch'15 ---- 10112 10112
Gen gold 4s
Seab & Ron 1st 5s
1926 J -J
1943
Income 5s
&Althorn Pacific Co—
d1943
8412 11 813 8614 Wheeling & L E 1st g
8
Gold 4s (Cent Pac coll)_k1940 J-D 8412 Sale 8412
5s---1926
k1049 J-D --- --- 90 Feb '14 -- ___.
Wheel Div 1st gold 5s___1928
Registered
83 273 8018 833
20-year cony 4s
g1920 NI-S 827; Sale 813
4
Eaten & Impt gold 5s---1930
4
9912 426 9514 903
RR 1st consol 45
1934 J-D 9912 Sale 98
1949
20
-year cony 5s
4
88 284 86 90
20-year equip s f 5s
Cent Pac 1st ref gu g 4s 1949 F-A 8758 Sale 8758
1922
1949 F-A — -- 8612 Mch'15 ---- 8612 8612 Winston-Salem 8 B 1st4s_1960
Registered
.1-D 8814 Sale 8814
Wis Cent 50-yr 1st gen 4s_1949
8814 42 8712 89
Mort guar gold 3;is_k1020
Through St L 1st gu 4s-1054 A-0 85 87 86 Mch'15 ---- 85 87
Sup&Dul div & term 1st 4s '36
G H & S A M & 1' 1st 5s..1031 M-N 100 --- 102 Mch'15 ---- 102 10212
Gila V G & N 1st gu g 5s_1924 M-N 09 ---- 10234 Apr '14 ---- ____ _ _ _ _ Manufacturing & industrial
Irons E & W T 1st g 5s....1933 M-N ---- 102 103 Jan '15 --- 103 103
Am Ag Chem 1st c 5s
1st guar 5s red
1928
1933 M-N 9812 101 10412 J'ly '14 --H & TO 1st tr, 5s int gu_1937 J -J 106 Sale 106
Am Cot Oil ext 4;is ____p1915
1 106 106
106
Gen gold 45 int guar
1931
Debenture 5s
1021 A-0 ---- ---- 9512Jan '15 ---- 93 9512
1919
Waco& N W div 1st g 6s 1930 M-N 108 ---- 108 irleh '14 --- ___ _ _ _ _ Am Hide & L 1st s f g 6s
A & N W 1st go g 5s
1925
10212
3 100 10212 Amer Ice Secur deb g 6
1941 J -J100 103 10212
Am Smelt Securities if 68-1926
Morgan's La & T 1st 7s 1918 A-0 ---- ---- 10712 J'ly '14 ..
Am Spirits Mfg g Os
8
1915
1st gold 68
1020 J-J 1023 ---- 10614 J'ly '14 --- _ _
No of Cal guar g 5s
112 Feb '07 ..,. _ ...... Am Thread 1st col tr 4s
1038 A-0 ,--1919
Ore & Cal 1st guar g 5s 1027 J -J 10012 ---- 10012
1003
1944
10054 18 993- 10112 Am Tobacco 40-yr g Gs
4
1944
So Pac of Cal—Gu g 5s 1937 11-14 10512 ____ 10112 Nov'13 ...„
Registered
Gold 4s
So Pac Coast 1st gu 4s g-1937 J-J 894 ---- 9112 Sep '12 -----------1951
3
99 773- 825
81
1951
San Fran Term! 1st 43-1950 A-0 80 4 Sale 8012
Registered
4
8
Am Writg Paper 1st s f 5s_1919
- — 96 Apr '14 --Tex & N 0 con gold 58_1943 J - J
8534
13aldw Loco Works 1st 58_1940
86 229 835 89
8
So Pac RR 1st ref 4s
1055 J-J ---- Sale 8558
Beth Steel 1st ext s f 5s
1926
9918 6 9812 101
0
Southern-1st cons g 5s_1094 J -J 9918 Sale 9834
1st & ref Os guar A
1042
1004 J -J--- 9812 100 Aug'13 --Registered
Cent Leather 20
4
6634 89 623 69
4
Develop & gen 45 Bar A 1956 A-0 663- Sale 6618
-year g 5s_1925
72
Consol Tobacco g 4s
1 72 76
1951
Mob & Ohio coil tr g 4s_1938 N1-S ---- 73 72
8
98 997 997
8
997
8
Mom Div 1st g 4 ;i-5s
1 983 097 Corn Prod Ref s f g 5s_1931
1096 J-J
4
8
1st 25-year s f 5s
1051 J -J 804 --- - 8014 Mch'15 -- 8014 8014
1934
St Louis div 1st g 4s
Ala Oen It 1st g 68
1018 J -J -,-- ---- 10434J 'ne'14 ---- ___ _ _ _ _ Cuban-Amer Sugar coll tr 6s 1918
Distil Sec Car cony 1st g 5s..1927
Ala (]t Sou 1st cons A 5s 1943 J -D 95 9812 9934 May'14 --4
Atl & Danv 1st g 4s
1048 J -J 83 843 8518 Jan '15 ---- 851.3 8518 E I du Pont Powder 430_1936
General Baking 1st 25-yr 08_1936
2d 4s
1948 J -J ---- --- 8214 Feb '12 ---4
Gen Electric deb g 3;0_ _1942
Atl & Yad 1st g guar 4s1949 A-0 --------753 Dec'14 --Debenture 55.
1952
Col & Greenv 1st 6s
1016 J-J ----- 10038 -Fly '14 ---100 J'ne'14
Gen'l Motors 1st lien 6s
E T Va & Ga Div g 5s_1030 J-J 10238
1915
4
8
1940
1956 N1-N 1033 1045- 10334 Mch'15 ---- 10312 10114 III Steel deb 4;is
Con 1st gold 5s
10312 J'ly '14 ---Indiana Steel 1st 5s
4
1952
1938 M-S -- 1013
E Ten reor lien g 5s
__
Ingersoll-Rand 1st 5s_ _ _41935
1946 A-0 --- 65 6412 May'13
Ga Midland 1st 3s
1064
1 106 1083- Int Paper Co 1st con g 6s 1918
1922 J -J 107 --_ 10634
Ga Pac Ry 1st g 6s
i
May'14 --Consol cony s f g 5s
8
1935
1925 J -J 1065 ---- 11018
Knox & Ohio 1st g Os_
Int St Pump 1st s f 5s
8
1929
Mob Sr Bir prior lien g 5s..1945 J -J 1007 ---- 10512 Nov'12 ---Lackaw Steel 1st g 5s
1923
1945 J -J---- 841 79 Mch'13 ---Mortgage gold 4s
1st con 5s Series A
8
1950
Rich & Dan con g 6s
1915 J-J ------- 1007 J'ly '14 ---- -Deb 5s stamped
4
1027 A-0 1025 ---- 10234 Men'15 ---- 1023- 1023; Liggett & Myers Tobac 78_1944
5s
1951
1948 M-N ---- ----73 Sep '12 --- _ _ _
_RIO & Mock 1st g 4s
,
1944
So Car & Ga 1st g 5s
1919 M-N 1001; 1005s 10018 Mch'15 --- 100 joai- Lorillard Co(P)7s
o
55
1951
Virginia Mid ser 0 6s
3
1011 M-S 111 ___ 10014 Mch'15 ---- 10014 10014
1021 M-S ---- ----10334 Nov'12 --- ____ ____ Mexican Petrol Ltd env Os A-'21
Series D 4-5s
1st lion & ref Os series0 1921
1926 M-S 10118 --- 102 Dec'13 ---- ---- --- Series 5 5s
Nat Enam & Stpg 1st 5s_..1929
1931 v.1-S 10118 .... 104 Mch'13
Series F 5s
8
8
1936 M-N 1025 -- - _ 103 Nleh'15 ---- 102 - 1031- Nat Starch 20-yr deb 5s
1930
General 5s
National Tube 1st 5s
1952
Va & So'w'n lst gu 5s2003 J-J 100 101 101 Mch'15--.. 100 101
N Y Air Brake 1st cony 6s_1928
4 89 8612 Dec '14
1058 A-0
1st cons 50
-year 5s
W 0 & W 1st cy gu 48_1924 F-A --------92 .1'ne'13 ---- __ -_ _ Railway Steel Spring—
_
_ -_
Latrobe Plant 1st s f 5s 4921
S pokane Internist 1st g 69_1055 J -J ---- 08 9012J 'ne'14 ---- _
Inter-ocean P 1st s f 5s 1931
Per A of St L 1st g 40_1939 A-0 -___ 0913 9912 Mch'15 ____ 1;612 6612
Repub I & S 1st & col tr 5s_1934
L 1st con gold 53_1894-1044 F-A 101 ---- 101 Mch'15 ---- 1003 102
4
8218 86 8334 Mch'15 10-30-year 5s s f
1940
1953 J -J
Gen refund s f g 4s
83 833
100 100 Meh '15 ---- 100 100 4 Standard Milling 1st 5s
1030
St L M Bge Per gu ;5s_1030 A-0
8
897
The Texas Co cony deb 68_1931
2000 J-D *___- 9112 04 Mch'15 ---- 01 96
Tex & Pac 1st g )1d 55
Union Bag & Paper 1st 5s_1930
2d gold Inc 5s
(79000 Mch ____ 40 51 Nov'12 ---- _
90 95 May'14
- - -1931 J -J
Stamped
1930
La Div B L 1st g 5s
-10812Nov04_
_
WMinW&NW1stu591930 F-A
U S Realty& 1 cony deb g 5s_'24
_
g
ii
U S Red & Refg 1st g 6s
1035 J-J WW1 R13 101 Mch'15 ---idf -- 103
1931
Tol& 00 1stg5s
-----;---101 Aug'13
U S Rubber 10-yr coil tr 68_1918
1935 A-0 --_-Western DIv 1st g 5s
1035 J-D --.. 10112 10111 Apr 14 __-- U S Steel Corp—Jcoup _41963
General gold 5s
2
8 f 10-00-yr 5slreg _41963
1090 A-0 80 --- 80 Mch'15 ---- iii- -17161Kan & M 1st gu g 4s
4
Va-Car Chem 1st 15-yr 58_1923
2d 20-year 5s
1027 J -J *- - - - 953 0512 Mch'15 ---- 9512 98
0012 05 65 Mch'15 ---- 65 68
West Electric 1st 5s Dec 1022
1917 J-J
Tol P & W 1st gold 4s
1 76 78
70
70 Sale 76
Tol St L& W pr lien g 30_1025 J -J
NVestinghouseE & Ms f 5s_1931
5018
10-year coil tr notes 5s_1917
6 4212 5018
1950 A-0 50 Sale 49
50
-year gold 4s
1917 F-A -___ 50 43 Xis()'14
Coll tr 4s g Ser A
JD 80 ___. 8212 Mch'15 ---Tor ilain & Buff 1st g 4s..../i1046
Aliscellaneous
Adams Ex coil Erg 4s
1948
Del 1st con g 5s..1928 J -D 100 101 101 Jan '15 ---- 100 101
Alaska Gold M deb 6s A_,..1925
1952 A-0 74 ____ 74 Mch'15 --, 74 74
,--; 1st refund e is
95
9518 sale
9512 82 943 0718 Armour & Co 1st real est4;is 39
1947 J -J
Union Pacific 1st g 4s
8
'
94 95 9312 Nich'15 ...-: 93 95
Bush Terminal 1st 4s
1947 J -J
1952
Registered
82 88'2 gl
8
1927 J -J 01 Sale 895
91
Consol 58
20-year cony 4s
1955
Sale 893
4
90
-S 894
Bidgs 158 guar tax ex
40 8814 0014
a2008 NI
1st & ref 4s
1900
0012 19 88 91
Granby Cons M S & Pcom Os A'28
Ore fly & Nay on g 4s_1946 J -D 0014 Sale 9014
Ore Short Line 1st g 6s_1922 F-A 10812 ---- 10812 Apr '15 --- 10712 10914 Inspir Cons Cop 1st conv8s 1922
10312 104 104 Mch'15 ---, 103 105
5-yoar cony deb 6s
1046 J -J
1919
1st consol ;5s
1029 J -D 90 91 901a
0014
Guar refund 4s
7 877 917 Int Mercan Marine 40_1922
3
8
1926 J -J 10212 --- - 108 May'11 -- _
Certificates of deposit
Utah & Nor gold 5s
_..-_-_-_-_-.:
--__ __
lot Navigation 1st s f 5s-1929
1033 J-J 88
1st extended 48
15
Vandalla cons g 4s Ser A.1955 F-A .95 ---- 93 Apr. ____ ____ _ _ __ NIontatia l'ower 1st Ca A __1943
1957 11-N _--_ - - — 9214 May'14 __.
Morris & Oo 1st s f 430 ----1939
v Consol 4s Series 11
Vora Cruz & P 1st go 40_1934 J -J ---. 07 04 Oct '12
Mtge Bond(N Y)4s set 2--1966
7 -65'1- - 1
Virginian 1st 5s Series A _1902 M-N 96 Sale 96
1932
10-20-yr 5s series 3
9658
2 66 8
9978 Sale 9912
997
8 45 97 1007, N Y Dock 50-yr 1st g 4s
abash 1st gold 5s
1939 VI-N
1951
,
90
2d gold 5s
1032
1 86 94$8 Niag Falls Pow 1st Os
1039 F-A 90 Sale 00
1939 J -J --------90 J'ne'12
Nlag Lock &0 Pow 1st 5s.._1954
Debenture Series 13
8
1st lien equips fil g 5s
1921 M'S —__ 90 897 Mch'15 ____ 897 897 Ontario Power N F 1st 5s_1043
8
8
'14__
1st lien 50-yr g term 4s_1954 J-J 65 ---- 75 Apr
Ontario Transmission 5s
1945
2814 Sale 2712
29
1st ref and est g 45
956 J-J
120 -223 -34 - Pub Son/ Corp N J gen 5s 1959
4
Cent Trust Co ctfs
ItayConsCopper 1st cony 6s1921
------------ 22 Mch'15 .._. 22 22
_
2212
Do Stamped
2212
1 2012 2212 Sierra & 8 10 Power 1st 58..1949
Equit Trust Co c,.tfs
------------ 2112 Mch'15 ____ 23 2412 Wash Water Pow 1st 5s.. 1939
TM 1;11.3amnpri
2419 Sale 2418
256 71 io an

S A & A Pass 1st gu g 48-_1043 J -J

S e & N 1' 1st sink i g 5s-_-1019 J -J

1243

7112 73 7112
7112
1
130
47
126 1297 12912
8
917 Sale 913
8
917
8 22
4
8514
8514 87 8514
1
86
86 Sale 86
1
847 88 851*
8
8512
3
100 10012 10012
101
81
122 693
12112 Sale 11418
122 471
122 Sale 1133
4
40
32
38 ____ 38
1
3712
4
353 ---- 3712
3712 38 3714
5
3714
9214 29
913 Sale 914
4
--__ 90 8812 Jan '14 ____

70 73
118 130
9012 93
85 853
4
86 90
83 867
8
98 101
97 122
943 122
4
3014 40
3312 3712
30 57
883 9212
4
__ _ _

9514 9612
90 93

641 ....._ 100 J'ly '14 ____ ___ __
71
78 7934 Dec '14
---- 10114 1007
8
8
1007
8
1 1007- 101
90 93 8912 Mch'15 31 8912 0114
8
93 943 94 Mch'15 ___ 94 955
4
-___ 88 90 Feb '15-- 90 90
88
8714 81314 8718
17 8653 8914
11412 63 103 11412
11112 Sale 110
..-9214 Feb '14 ----__ _ __
_
____ 9812 10312 Jan '14

MISCELLANEOUS BONDS—Concluded.
.
Telegraph & Telephone
Coal & Iron
Buff & Susq Iron s f 5s____1932 J-D 89 ---- 92 J'ly '14 ____ __ _ _ Arn Telep & Tel coil tr 4s_1029 J -J
8778 '88 8734
8818 46 87 8918
a1026 M-S
Debenture 5s
80 80 J'ly '14
Convertible 4s
1936 M-S 9414 9512 04 Mch'15 ____ 9134 95
Col I? & i (Jo gen s f g 5s___1943 F-A 90 ____ 90
90
20-yr convertible 4;0_1033 M-S 103 Sale 99
5 87 9.0
100 239 96 10014
Col Indus 1st & co!!5s gu_1934 F-A '
'73
71
7134
Cent Dist Tel 1st 30-yr 5s_1943 J -D 9838 983 983
5 '70 73
4
1 9838 99
4
4
983
_ commercial Cable 1st g 4s_2397 -J
Cons Ind Coal Me 1st 5s-__1035 J-D ----- -73 mch14 ___ _
75 _-__ 8814 J'ne '14 ____ _ _ _ _
J-D ____ gi 8812
(ions Coal of Md lst&raf 5s 1950.
2397 -J
Registered
8812
i ii12 ii12
79 Apr '14
75 84
Continental Coal 1st g 58_1052 F-A 89 90 9918 Feb '14 ___ ___ ____ Cumb'd T & T 1st& gen 5s_1937 -J
9634 15 95 9712
963 Sale 9612
4
Or lily Coal& 0 1st g 6s__/i191.0 A-0 90 95 10258 Apr '06 ____ ______ Keystone Telephone 1st 5s_1035 J -J __
8918 Dec'14 __ _ _ _
Ran & II 0 & (31st s l' g 5s_ 1951 J -J 9014 ---- 93 Mch'14
MetropolTel&Tel 1st s f 55_1918 M-N 10014 -- 10012 111ch'15 ...— 100 10034
Pocah Con Collier ists f5s_1957 J -J 86 8814 87
87
Mich State Telep 1st 5s__ _1924 F-A 985 10014 983
10 87 88
s
4
9814
1 9714 99
St L Rock Mt& P 1st 5s......1055 J -J -_____ 75 Jan '15 __ 75 75
i
N Y & N J Telephone 58 , _1920 M-N ____
101 Dec '14 ____ ______
81 82 8131
Trust Co. ctfs of dap
813
4
4
9614 40 9412 9638
3 76 814 N Y Telep 1st& gen s f4;is 1939 s.-I-N 9614 Sale 953
997 101 1007
3
1051 J -J
8
Tenn Coal gen 5s
1037 J - J 9658 97 9614
1007
9714 23 943 977
8
1 100 10114 Pac Tel & Tel 1st Os
4
s
uirm Div 1st consol 68_1917 J -3 1013 Sale 10114
10134
4
7 10014 10134 South Bell Tel& T lsts f 5s 1941 J -J
973
9712 9758 9738
4 15 9614 99
r: Tenn Div 1st g Os,.-a1017 A-0 10114 10112 10l78 Ntch'15 ____ 10014 10178 West Union col tr cur 53_1038 J-J
98 9714 9712 Mch'15 ___- 98 9712
-nab 0 M Co lst go g 69-1022 J -D 10312 ____ 101 Dec '14 -- ---- ---_
92 8
Led and real est g 4 34s _ _1050 M-N 927 Sale 927
7
8
5 8818 93
8
Victor Fuel 1st s I 5s
Mut Un Tel gu eat 5s___1941 M-N ____ ____ 101 .1'ne'll._ _._ _ .__
1053 . -J — — 84 73 Apr '14
1
Va Iron Coal&Ooke 1st g ISs 1949 M-8 85 Sale 85
85
Northwest Tel gu 4 30 g _1934 J-3 90s_.-- 9012 Mch'15 _- 91 0012
13 84 86
12
•No price Friday: latest bid and asked. a Duo Jan. 4 Due AprII. e Due May. g Due Juno. h Duo July. k Due Aug. o Due Oct. p Due Nov. g Due Dec. 3 Option sale.




IS

-NOT PER CENTUM PRICES.
SHARE PRICES
Saturday
April 3

.Mandat,
April 5

Tuesday
April 6

Wednesday
April 7

Thursday
April 8

Friday
April 9

10038 1003 10034 1003 10018 1003 10018 10018
8
4
4
*993 100
4
*9812 99
Last Sale 983 Apr'15
4
*9814 983 *9812 983 *9812 99
4
4
185 185
185 185
185 185
185 185
185 185
85
8412 84
84
3
833 8412 83 4 833
4
4 8412 85
Last Sale 120- Mar'15
*120 125 *120 125 *120 125 *120 125
3314 3412 3312 3414 3312 3312 3314 34
34
3614 3414 36
Last Sale 231 Mar'15
*231
*231
*230 _ _ _ _ *231
-f6- Last Sale 10 Mar'15
_ _ _ 10
•___ _ 10 *_ __ 10
Last Sale 56 Mar'15
Last Sale 612 Nov'13
Last Sale 40 Mar'15
4
-_-_-_-_ ;i5i -_-_-_-_ ;i5- -_-_-_-_ ;4614
Last Sale 158 Mar'15
159
•____ 159 *____ 159 *____ 159
*10412 ---*10314
104 104 *104 110 *10412
Last Sa e 154 Mar'15
*154 165 *154 165 *154 165 *154
66
*65
66 - *65
68
68
*65
66
69
70
115 fig
115 115
*11712 ____ *117 120 *11512 117 *115 118
853 853
4
4
*8614 87
*8612 87
*8612 87
*8612 87
*8612 87
Last Sale 9318 Apr'15
94
*93
94
*93
94
*93
718 712 *7 4 712 *718 712
714
712 712
714
8
758 75
,
44
46
4412
4612 44
*4612 ____ *__ 4612 *____ 4612
62
8 60
5912 60 4 5912 605
4
4
4 593 61
60
6012 603 613
,
Last Sale 95 Apr'15
99
*96
98
*9512 100
*95
*15014 -- -- 157 157
*151
*-. 614 -_-_-_-_ *15014
15
.15014
2-(1 *1712 20
*17 *17
20
*17
20
17
17
128 iii12
8
1247 1257 1267 12714 12714 12714 12758 128 *12634 12'i
8
8
Last Sale 80 Mar'15
lg- siii- 128 *121 127
125- 116- 152. 65 6512 6514 6512 6514 .6512 65 65 65 65 -55- 65
8812
89
8812 89
8812 8812 *87
*86
*86
89
*4912 5012
90 90
*214 238
*1612 17
108 10812
11112 112
11914 120
*16 __ _ _
7912 8012
62 62
*9914 ---*5
8
1012 1012
1258 13
233 23414
144 144
10112 10112
81
81
87
86
•__ __ 174

;56- 16*___ 20
41_ _ _ 35
130 130
15312 15312
•16
17
1097 11014
8
2858 283
4
• *2612 27
*16 138
12712 13412
61
6134
2814 2812
4858 48 8
7
106 106

[VOL. no.

BO
BOSTON STOCK EXCHANGE-Stock Record so., N,„7Page

1244

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
67 Atch Topeka dr Santa Fe..100
100
Do pref
100
262 Boston & Albany
100
232 Boston Elevated
..10()
Boston & Lowell
100
1,852 Boston & Maine
_100
Boston & Providence
Boston Suburban Elec Cos__ .
Do pref
Boston & Wore Electric Cos
Do pref
Chic June Ry & US Y...100
15 Do pref
100
Connecticut River
100
114 Fitchburg pref
35 Georgia Ry & Elec stmpd.100
100
10 Do pref
100
Maine Central
100
345 Mass Electric Cos
100
815 Do pref stamped
100
4,934 N Y N II & Hartford
Northern New Hampshire_ 100
100
2 Old Colony
100
10 Rutland. pref
100
645 Union Pacific
100
Do pref
12 Vermont & Massachusetts_100
50
697 West End Street
50
23 Do prat

Miscellaneous
442 Amer Agricul Chemical__ _ 100
*4934 5034 50
51
50
50
513
4 51
100
-91- -61
-196 Do pref
90 9012 *90
91
9012 9012 9012 91
340 Amer Pneumatic Service_ 50
214
214
214 238
218 214
214 214 *214 212
5
240 Do pref
*1634 17
*17
17
17
1612 17
1712 1612 1712
100
107 10814 10612 108
107 1083 10712 10814 2,405 Amer Sugar Refining
108 109
4
100
239 Do pref
112 113
11212 11212 11312 11312 11214 11312 11312 114
100
8 3,014 Amer Telep & Teleg
11938 1197 119 1193 11918 1195 119 11938 11918 1203
8
4
8
100
25 American Woolen
*18 ____
17
*16
17
1612 1612 *16
100
461 Do pref
81
81
81
8012 81
81
8012 81
8012 81
165 Amoskeag Manufacturing.--62 62
63
62 62
62
*61
62
5 Do prof
*9914 ____ 100 100
*9914 10012 *100 101
12 ALI Gulf & W I S S Lines_100
5
5
6
12 512
*5
5
100
181 Do pref
1412 1E12
15
8
11
1112 123 1212 1258 14
10
12
1234 13
1212 12
1214 4,270 East Boston Land
13
1314 1278 13
100
238 23912 1,830 Edison Electric Ilium
23334 23912 238 242
237 2383 237 238
4
100
148 14812 148 14912 1,110 General Electric
148 149
145 149
146 148
102 102
186 McElwain(W II) 1st pref-100
10112 102
10112 10112 *102 10212 *10112 102
..100
756 Massachusetts Gas Cos.
81
82
81
81
78
78
8112 79
,
7914 79 4
100
268 Do prof
87
86
87
8612 8612 86
87
8612 8512 86
24 Mergenthaler Linotype_ 100
174 17414 *172 175
173 173
174 174
10
Mexican Telephone
July'11
3
- Last Sale
Mississippi River Power..100
Last Sale 12 Mar'15
100
Do pref
;55- 16- ;55- 16- ;5-.- 16- Last Sale 35 Feb'15
5
100
New Eng Cotton Yarn_
20
20
Last Sale 20 July'14
20
100
Do pre:
Last Sale 38 Dec'14
35
35 a_ _ _ _ 35
106 New England Telephone..100
130 130
129 130
12934 130 *12934 13012 130 130
100
354 Pullman Company
4
15312 154
154 154
154 15412 15312 1533 1533 15412
4
10
75 Reece Button-Hole
17
17
17
*1614 17
1634 183
*1612
4 17
100
323 Swift & Co
10912 110
110 11012 10912 nil 10912 110
10912 110
25
97 Torrington
29
*2812 29
2914 2914 2914
29
29
*2812 30
25
21 Do pref
*23
29
2712 2712 2712 28
28
28
13
8
25
665 Union Copper L & M
13
8 13
8
118
138
138
138
118 *118
118
100
130 13112 13012 13112 4,666 United Fruit
132 13512 1293 13212 131 132
4
25
6234 64
16,116 United Shoe Mach Corp
63
6112 62
6112 63
613 6212 62
4
25
782 Do pref
2814 2858 283 285
8
8
8 2818 285
8 283 2812 2812 2812
49
5012 495 503
8
8 4912 5018 4918 5012 4978 5618 8,126 U S Steel Corporation_ _._100
100
247 Do pref
10812 10812
1053 10612 106 106
4
1065 1063 *10612 107
8
4

Range for Previous
Year 1914.

Range Since Jan. 1.
Lowest.

Highest.

Lowest

Hi0h est

4
923 Feb 23
97 Jan 15
170 Mar 5
82 Mar22
109 Feb 28
20 Feb 13
225 Jan 5
10 Mar23
50 Jan 8

10334 Apr 6
9878 Mar30
198 Jan 12
96 Jan 5
125 Jan 23
3614 Apr 3
231 Mar27
10 NIar21
56 Mar23

8814 Nov
0738 Jan
175 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
50 July

100 July
10158 Fels
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
60 Jan

39 Jan 20
157 Feb 13
103 Jan 12
140 Feb 25
51 Feb 9
115 Apr 8
8534 Apr 9
92 Mar 4
7 Jan 22
43 Feb 6
43 Feb 25
90 Mar 9
14312 Jan 2
15 Mar17
11612 Jan 4
7934 NIarll
1115 Feb 9
65 Apr 1
85 Jan 4

40 Mar 6
158 Mar 9
105 Jan 22
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
98 Jan 21
812 Jan 7
56 Jan 6
6214 Mar31
95 Apr 1
157 Apr 9
2014 Jan 2
1291. Apr 9
807 Feb 1
8
122 Jan 19
7212 Jan 25
9312 Feb 4

35 July
160 Mar
103 Dec
162 Nov
75 July
11.512 Dec
83 Jan
907 Jan
8
9 Apr
51 Dec
497 July
100 May
110 July
19 May
4
1103 Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887k Apr
99 Mar
14 .Jan
6612 Jan
777 Jan
8
112 Feb
165 Jan
30 Jan
1633 Jan
4
85 Jan
130 Feb
75 Jan
95 Mar

48 Jan 5
8712 Mar25
13 Mar17
4
1612 Mar23
100 Feb 24
109 Feb 5
116 Jan 4
1612 Apr 6
77 Feb 5
5918 Jan 20
98 Jan 19
4 Feb 24
97 Mar12
8
914 Feb '24
233 Apr 3
13814 Feb 26
10018Jan 16
73 Apr 8
851L Apr 9
154 Feb 8

5314 Jan 20
03 Jan 19
4
23 Jan
1912 Jan 9
11112Jan 29
1143s Jan 29
12238 Mar30
17 M a r20
8412 M ar12
6212 Feb 9
101 Feb fs
578 Jan 19
15 Apr 8
1314 Apr 5
260 Jan 22
14912 Apr 9
104 Mar29
86 Jan 7
9212Jan 28
200 Jan 4

12 Jan 15
35 Feb 23

1214 Feb 8
4611 Jan 26

129 Apr 6
150 Feb 24
1612 Feb 25
101 Jan 4
28 Mar 8
26 Mar25
.95 Jan 18
110 Feb 25
53 Feb 25
23 Mar27
38 Feb 1
10214 Jan27

143 Jan 29
155 Jan 22
1814 Jan 2
1101 Apr 5
;
30 Jan 16
28 Apr 6
13 Apr 5
8
13512 Apr 5
64 Apr 9
2912Jan 8
5618 Apr 9
109 Jan 18

4714 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
103 Mar
112 Nov
14 Mar
7234 Mar
5712 Dec
973 June
4
5 Feb
1312 May
912 Dec
234 Nov
137 Dec
9812 Nov
7014 Nov
85 Nov
200 Dec
214 May
18 July
55 June
20 Apr
38 Dec
123 Nov
143 Dec
18 Jan
10112 Nov
27 Feb
27 Mar
.95 Dec
s113 Dec
5214 Dec
28 Jan
48 Dec
10314 Dec

5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
121 Jan
15 Mar
83 Jan
87 Feb
10012 June
9 Jan
163 Jan
4
1412 Feb
265 Mar
15012 Feb
102 Jan
9438 Feb
96 Mar
21634 Feb
3 Jan
38 Feb
7(1 Jan
30 Jan
69 Jan
141 Feb
159 Jan
201s July
10734 Mar
31 May
2912 Jan
2 Feb
173 Feb
613 June
4
3018 July
6714 Jan
1123 Jan
s

Mining
234 Mar27
1 Apr
25
2 Jan
1 Jan 22
570 Adventure Con
212
2
214
214 212
214 23
8
238 238 *2
25 240 Jan 25 335 Mar29 23034 Apr 300 Mar
49 A hmeek
329 335
325 330
325 328
325 325
328 328
19 July 2834 May
10 2614 Jan 6 3614 Apr 5
3558 35
3558 35
3618 18,952 Alaska Gold
343 3614 3514 3614 35
4
338 Apr 9
12 Dec
.45 Feb 10
134 Jan
25
212 234
212 314
3
314
7
3
33
8 8,075 Aigomah Mining
212 2 8
34
3412 Jan
25 352 Jan 5 41 3 Apr 9
4334 Feb
46
4612 45
46
45
46
4614 48
473 483
4
4 2,750 Allouez
49 Dec
100 503 Feb 24 6718 Apr 9
8
7814 Feb
6718 4,890 Amalgamated Copper
4 6414 6434 6334 6412 64
6318 63 8 6312 643
7
1214 Nov 2138 Jan
2912 3014 2978 .3038 293 30
4
2958 2978 295 3012 16,607 Amer Zinc, Lead dr Smelt_ 25 1634 Jan 4 3012 Apr 9
8
518 Apr 9
212 Nov 6% Mar
5
314 Jan 4
412 43
4
45
8 43
4
8 518 7,580 Arizona Commercial
412 45
8
45 4%
8
45
3 Feb 17
1 Nov
2 Jan 16
418 Feb
10
220 Butte-Baiaklava Copper
2'/, 21,
23
4 23
4 *25
8 28
7
25
8 258 *23
4 3
24 Nov 4034 May
4658 4734 46
47
4514 4658 4612 4778 47
4
483 20,493 Butte & Sup Cop (Ltd)._ _ 10 3534Jan 4 5014 Mar 1
53 Dec
10 5112 Feb 23 6412 Apr 9
7018 Mar
6178 6114 6112 6112 6314 6212 6412 3,121 Calumet & Arizona
60 8 6112 61
5
25 350 Jan 4 480 Apr 9 350 Dec 480 Feb
128 Calumet & Hada
470 475 47412 47112 470 475
475 480
469 475
14 Jan
25 15 Jan 12 2012 Mar29
19 Feb
1912 20
1914 2014 1914 1914 1914 1912 1912 20
479 Centennial
8
5 3278 Jan 6 407 Apr 9
3014 Dec
4312 Feb
8 1,556 Chino Copper
393 40
4
3912 4014 3912 4018 3918 4014 3912 407
100 30 Jan 13 5212 Apr 9
29 Dec
4034 Feb
4618 4678 4614 4812 48
4978 4912 507
8 497 5212 13,830 Copper Range Cons Co
8
27 Mat29
8
20
17 Jan 21
8
112 Nov
3 Feb
145 Daly-West
212
212
212 212
258 258 *212 3
*212 3
278 pr
10
812 J a b 5 1s58 Apr 9
41 Fen 5
8 Dec
13 Jan
1112 11
1138
1118 1138 11
1214 12
127 12,053 East Butte Copper Mln
8
10
82.5
2 Nov
778 Apr
8 *712
77
8 77
5
712 8
812 8 8 3,195 Franklin
7 2 812
,
100 58 Jan 7 77 Apr
60 Dec
91 Feb
77
75
4,552 Granby Consolidated
7512 7334 7512 7312 7414 7412 75
74
100 2314 Feb 1 3114 Mar22
2114 Apr
4238 Feb
8
2912 29
2914 29
2912 293018 295 3012 1,044 Greene-Cananea
29
25 11 Jan 13 1514 Apr 5
11 Dec
22 Feb
1,199 Hancock Consolidated
1412 ' 1434 1412 15*14
15
1414 1514 143 15
4
8
10 265 Apr £ 2934Jan 19
28 July 30 Mar
20 FIedley Gold
*2658 27
265 263* *265 2712 *2658 2712 *2658 2712
8
8
95 Mar29
.25 Mar 2
25
.25 June
12 Jan
.80 .80
445 Helvetia Copper
.75 .95 *.80 .90
*.75 .85
.75 .75
214 Jan 21
712 M a r30
25
3 Apr
612 Feb
718
970 Indiana Mining
7
7
7
7
714
7
7
718
7
1 41 Mar18 4712Jan 16
4412 Dee
5014 June
43
*43 4546Island Creek Coal
43 43
*43
4412 43
---- ---1 8512 Jan 5 90 Jan 13
81 June 8912 June
3 Do pref
88
*87
88
-*87
8714 8714 *87 88-25 1712Jan 11 26 Apr 9
16 Dec
24 Feb
2334 2414 2378 24
2334 2414 2334 2334 -24- 26 - 2,550 Isle Royale Copper
5 Feb 5
414 Jan 8
5
37 Mar
8
618 July
434 47
8
405 Kerr Lake
47
8 47
8
43
4 47
3
434 478 *458 478
341 Jan 9
25
2 Mar17
218 May 4% Feb
7
27
8 2 8 1,850 Keweenaw Copper
27
8 318
234 3
27
8 3
23
4 28
7
513 Jan 27 1212 Mar29
25
431 Nov
1012 Jan
917 Lake Copper Co
1012
1112 1012 11
1012 10
11
*10
1012 10
.).5618 Mar29
318 Jan 7
31 Dec
,4
512 Feb
305 La Salle Copper.
6
6
8
*512 6
57
s 57
534 534 *512 6
2 Apr 7
1 Marl 1
114 Dee
4 Jan
200 Mason Valley Mines.-- - - I
*112 2
*112 2
_
*214
*214
112 2
934 Nlar26
3 Jan 11
25
2 Mar
€512 May
870 Massachusetts Consol
4
83
4 9
812 83
4
814 812
812 - 4 *812 83
83612 Mar29
4 Marl 1
25
33 June
4
514 512
9 Jan
825 Mayflower.
6
6 1s
512 534
8
57
8 57
58 6
5
6 1684 Jan 2 25 Apr 6
1634 Dec
2418 Feb
410 Miami Copper
4
2412 2434 2412 25
2414 2412 *2414 2458 243 2434
17 Mar27
8
.60 Mar 1
25
.50 July
114 Feb
134
120 Michigan
112 *114
112 112
1
1
*114
158 *118
25 4614 Jan 15 6818 Apr 9
30 Apr
4912 Dec
6434 6614 6514 6712 6614 6714 6612 6712 6612 6818 4,773 Mohawk
1334 Apr 8
8
5 115 Feb 24
10 Dec
165 Dec
8
8
13
13
13
1312 1338 135
8 1312 1334 135 1334 1,911 Nevada Consolidated
718 Jan 21
412 Feb 24
178 Jan
712 Jan
3,725 New Arcadian Copper.... 25
63
8 63
4
65
8 7
614 612
85* 67
8
63
4
612
538 Feb 3
67 M a r29
8
5
5 July
818 Feb
520 Nipissing Mines
638 638
638 612 *638 612
614 614
612 612
4
5 2214Jan 25 291 Apr 9
1934 Dee
4
4
303 Feb
2958 2914 293 10,311 North Butte
2714 29
2834 28
2814 28 8 28
7
37 Mar31
8
1 Jan 28
25
.95 Apr
258 Jan
,
8 3 2 2,280 North Lake
33
34
,
314 312
318 3 4
3
3
38
,
3
.50 Mar 4
17 Mar30
8
25
2 Jan
300 Oilbway Mining
3 Apr
4
112 *114
13
4
4
112
112
114
13
4 13
358Jan 4
6 Mar29
25
258 Nov 57 4 Feb
f
5 2 1,213 Old Colony
5
512 *1-- -1558 558
53
8 512 *5
512 *5
--- 8 -- 12
5
E
25 3812 Mar 8 50 Apr 9
51 Feb
41 Dec
50
917 Old Dominion Co
*46
4612 4612 4612 4612 4612 4612 4634 46
4612 46
25 64 Jan 28 78 Apr 9
84 Feb
61 Dec
1,495 Osceola
74
75
4
7358 74
743* 78
74
747
8 733 75
73
73
10 12 Jan 7 163
8Jan 21
2078 Jan
1234 Dec
1412 1412 1412 1514 1,090 Pond Creek Coal
1412 1434 147 147
8
8 1412 1458 *1412 15
25 50 Jan 16 75 Apr 9
5178 Dec
68 Feb
75
73
808 Quincy
6912 70
73
70
71
70
69
70
70
70
4Jan 7 2112 Apr 6
2212 Apr
21
2,419 Ray Consolidated Copper_ 10 153
15 Dec
19
1912 1934 2034 2078 2112 2034 2114 2012 2118 21
25 28 Jan 4 50 Apr 9
40 Feb
28 Dec
3,668 St Mary's Mineral Land
4612 47
473 50
4
44
4812 4712 48
s 39
42
4212 44
10
1 Marl?
154 Mar29
214 Jan
1 Jan
4
550 Santa Fe Gold dr Copper
134 *112 13
112 112 *112 13
4 *158
13
4
13
4 *158 13
4
10
4 Jan 15
738 Apr 8
712 Feb
4 Nov
8 1,065 Shannon
7
714
718
738
718 73
7
714
718 714
7
718
10 1834 Jan 5 28 Mar27
2934 Feb
2634 27
18 Dec
925 Shattuck-Arizona
*2612 27
2612 27
*2512 2612 2612 27
263 27
4
.10 Feb 4
6
.35 Mar31
.23 Feb
.10 June
South Utah M & S
Last Sale .35 Mar'15
*.30 .33 *.25 .35 *.25 .35 *.25 .35
25 22'2 Jan 6 3312 Mar29
22 Nov 32 Feb
323
4 32
32
3114 3212 2,215 Superior
3114 32
3134 32
32 327
8 32
1 Mar 3
178 Jan 21
114 Nov 244 Jan
138
980 Superior dr Boston Copper_ 10
158
158
158
134
153 1% *112 15
8
112
18
4
PS
25 25 Jan 4 39 Mar29
43 Feb
2412 Dee
8
976 Tamarack
3714 3634 3714 363 3634
3712 373
4 37
37
38
3712 38
25
23 Feb 11
8
5 Apr 7
512 Jan
234 Nov
458 5
458 478
438 412
412
44
3
1,586 Trinity
438 438
*414 412
1
.85 Mar
.20Jan 2
.35 Apr 9
.23 Dec
.28 .28
.33 .35 7,800 Tuolumne Copper
.27 .28
.29 .30
.28 .28
.28 .28
50 20 Feb 25 2934 Apr 9
4313 Feb
2114 Dec
2418 2434 243 26
4
26
2638 2614 263
4 6,942 U S Smelt, Refin dr Min
2334 24
2334 25
50 33 Jan 15 41 Apr 9
4012 Apr
8
487 Feb
1,505 Do prof
43
43
4314 4314 44
4258 4258 4212 4234 4214 4212 42
114 Nov
258 Feb
2 Jan 2
5
35s Apr 5
37
4 312 3,690 Utah-Apex Mining
312 312
8 312
33
5
33
8 312
8
38 38
3
VA 33
5
14 Feb
8
914 Feb 26 117 Mar23
934 1012 2,390 Utah Consolidated
1012 103
4
934 1012
1138 1012 11
Ms Jan
•11
1112 11
10 483
4Jan 0 5912 Apr 9
4518 Nov 59 June
58
5712 57 8 5712 5778 5738 5912 1,446 Utah Copper Co
7
5612 57
57
5712 57
25
1 Feb 26
214 Mar29
I Mar e2% May
2
255 Victoria
X
2
2 2 ',(
4 *134 214e,
2 21 ,
2A,
,
2',(
4 *2
2
25
478 Feb
Vs Dec
13 Jan18
4
3
314 Mar29
3
495 Winona
*234 3
*23
3
3
4 3
3
3
*23
4 314
25 32 Jan 6 51 Feb 24
4754 Feb
30 Dec
481
48
49
637 Wolverine
48
4
*47
48
4812 473 48
4712 483
4 473
4
25
111 Jan
.50 Mar 3
1 Apr 3
30 inne
655 Wyandott
.99 .99 *.90 .99
.95 .98
.95 .99
.99 1
' .90 .99
1
.

*218 238
*320 330
3458 343
4
212 212
4412 4614
6212 6318
2938 2912
438
438
*212 234
4738 48
60 6014
465 469
1912
19
3938 40
4412 46
*212 ____
1012 1012
712 73
4
74
72
29
29
•14
1414
*2658 2712
.75 .75
7 8 718
,
43
43
*8612 88
2314 2314
4% 478
*218 212
11
1114
512 512
*158 2
83
4 834
57
8 6
.2414 2458
114
114
63
6412
123 1234
4
612 658
*614 612
27
2714
312 3 4
3

•Bld and asked prices. • Assessment paid. S Ex-stock dividend. h Ex-rights. a Ex-dividen1 and right*. 8 Unitamped.




v 21 paid.

w Half paid

Outside Exchanges-Record Transactions
-Complete record of transactions
Boston Bond Record.
In bonds at Boston Stock Exchange Apr. 3 to Apr. 9, incl.
Salesfor
Week's
Week.
Range.
Friday
Sales. Low. High. Shares.

Bond..

Am Agric Chem 5s-1928 10134 10034
1929 88
8734
Am Tel & Tel 45
20
-year cony 4358- _1933 9934 9934
118
Am Zinc L & S Eis_ _ _1915
62
Atl G & W I SS 58.-1959 62
9814
C B & Q-Ia Div 4s.-_1919
8334
1949
Ills Div 3145
9634
Chic & E 1115 65
1915
10034
Chic Junction 5s
97
Cumberland Tel & Tel 55..
9631
Gt Nor-C B & Q 48._ _1921 9614
1929
953-1
Mass Gas 4348
Debenture 434s....1931 9134 9134
New Eng Teleph 55..1932 10034 10014
1944 96
96
Swift & Co 55
Western Tel Ar Tel 5s A932
AS

Range since Jan. 1.
Low.

10114 $11,000 9934 Jan
8814 30,000 8634 Jan
8,000 9534 Jan
100
1,000 98
Feb
118
Jan
62
22,500 60
98% 3,000 9854 April
8314 3,000 8134 Feb
96%
1,000 9634 April
Jan
10034 10,000 100
97
1,000 9534 Jan
9634 14,000 95
Jan
96
4,000 95
Jan
9134 2,000 9134 April
10034 14,000 9934 Jan
96
13,000 9411 Feb
055S 0.000 043X Mar
,

High.
10134 Feb
Jan
89
Feb
100
Mar
120
Jan
62
98X April
8315 April
9634 April
10014 Jan
Jan
97
96% Jan
9714 Mar
Jan
94
10134 Feb
964 Feb
07
Jan

Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
April 3 to April 9, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

Stocks.

Salesfor
Week's
Week,
Range.
Friday
Par. Sales. Low. High. Shares.

10
Alliance Insurance
American Ga.s of N J_ _100
10
American Milling
American Railways_ _ _ _50
100
Preferred
Baldwin Locomotive_ _ 100
Baldwin Locom pref._ _100
50
Cambria Iron
50
Cambria Steel
Consol Tree of N J._ _ _ 100
.100
Elec Storage Battery_
100
General Asphalt
100
Preferred
Harris P Mt J & L
Hunt KBroad Top pref _50
Insurance Co of N A__ _10
Keystone Telephone__ _50
50
Preferred
Lake Superior Corp__ _100
50
Lehigh Navigation
Lehigh Valley
50
Lehigh Valley Transit_ _50
50
Preferred
50
Minehill & S H
50
Northern Central
50
Penn Salt Mfg
50
Pennsylvania
Pennsylv Steel pref...100
50
Phila Co (Pittsb)
50
Preferred (5%)
.50
Prof (cumulative 6%)
Philadelphia Electric-223-1
Phila Rapid Transit-50
Voting trust recelpts__50
Philadelphia Traction_ 50
50
Reading
50
2d prefet red
Tonop-Belmont Devel__ -1
1
Tonopah Mining
50
Union Traction
100
United Cos of NJ
50
United Gas Impt
U S Steel Corporation_100
100
Preferred
Warwick Iron &Steel_ -10
100
Welsbach Co
W Jersey & Sea Shore _50
Westmoreland Coal_ _50
50
York Railways
50
Preferred
Scrip
Cambria Steel scrip_ _1916
1917
do
Philadelphia Co scrip-1916
1918
do
Bonds
Amer Gas & Elec 5s.2007
2007
do
small
Amer Rys colltrust 58.1917
BaldwinLocom 1st 58.1940
Choc Ok& Gulf gen 58.1919
Elec & Peop tr ctts 48_1945
1945
small
do
Frank Tacony & H 5s
Gen Asphalt 5s small_1916
Harwood Electric 68_ _1942
Inter-State Rys coil 481943
1943
small
do
Keystone Telep 1st 58.1935
Lake Super Corp 5s_ _1924
Leh C 5r N cons 415s_ _1954
Leh Vall gen consol 48.2003
Gen consol 434s_ _ _ _2003
Leh Vail Coal 1st 58.-1933
Leh Vail Transit 1st 581935
Market St Elev 1st 4s_1955
Penn RR temp ctfs 434s__
P W & B ctfs 48.. _ _ _ 1921
Peoples Pass tr ctfs 48_1943
Philadelphia Co Ist 58.1949
cons & colt trust 58-1951
Phila Elec tr ctfs 15s...1948
1948
do small
Trust certifs 45.....1950
1950
do small
Pub Ser Corp N J 5s._1959
Reading general 4s.. _1997
Rochester Ry & Lt 5s
Spanish-Amer Iron Gs_1927
Standard G & El 68..1926
do small Os
Un Rye gold tr ctfs 48_1949
do small 4s
United Rys Invest 58_1926
West N Y & Pa 1st 58-1937
x Ex-dividend.




1245

THE CHRONICLE

APR. 10 1915.]

10234
3134
3814
99
43
4814
73
5034
2634
67
213-1
143-1
5',f.
75
70
16
31
84
54
60
384
36
24
1014
1034
7434
4%
36
84
56
934

84
0734
9634

8534
8534

7614

59%

094
8734
10334
92
104
81
82
10114
79%

65
102

Range since Jan. 1.
Low.

265 1514
163.1 1634
195 100
1014 10234
5
10
5
5
467 30
3014 3134
40 100
100 100
500 30
38
3834
201 90
97 1003-1
47 4134
43
43
4814 5,054 41
44
2 72
73
73
2,889 4734
51
48
695 24
2414 2614
330 60
633-1 67
12 9231
043-1 9434
49
834
814 11
200 21
21
2131
1,115 1334
14
1434
15 61
6434 65
5
5
63-4 5,345
442 7314
7334 75
297 65
6834$ 70
1,206 1334
1534 16
235 2614
29
31
40 55
554 5515
317 84
84
8434
363 80
8334 84
2,664 5134
5334 54
20 50
61
60
4,232 2934
3134 39
34 31
38
34
210 32
3634 38
1,817 2334
2334 24
197
10
9%
1034
2,455
10
11
934
30 76
764 77
7234 7434 2,183 703-f
22 40
4234. 4234,
3%
4,228
49 . 5
/
6%
795
714 734
503 34
36
35
15 220
220 220
1,205 8034
8334 844
32,316 38
4834 56
5 103
10614 10634
9%
590
915 9%
85 35
35
35
4 48
50
50
10 58
61
61
7
345
734 84
32
1 3034
32
9734
9634
95
88

Jan
Jan
Apr
Mar
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Apr
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Jan
Apr
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Mar
Jan

High.
163-1
104
634
36
101
40
10334
43
4834
7334
51
32
6834
9434
14
22
1534
65
914
7634
70
1614
31
5514
86
90
5434
63
39
36
39
2434
1134
1134
7934
7634
42346
54
734
3934
225
8714
56
108
10
35
50
62
8%
33

Mar
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Apr
Mar
Apr
Jan
Jan
Apr
Mar
Jan
Feb
Apr
Jan
Feb
Apr
Mar
Apr
Jan
Feb
Jan
Mar
Jan
Apr
Apr
Jan
Feb
Mar
Mar
Jan
Jan
Apr
Mar
Jan
Jan
Feb
Mar
Apr
Jan
Jan
Mat
Jan
Mar
Apr
Feb

08
9634
954
90

7,299
043
204
1,882

95
95
90
80

Feb
Feb
Feb
Feb

98
97
97
90

Apr
Jan
Mar
Apr

8534 8534
8514 85%
9534 9534
102 102
9714 97%
7634 77
8034
80
65
68
100 100
95
95
5834 59%
5914 60
9334 933.4
30
30
994 9934
8734 8734
97% 973.4
10334 104
1024 10234
92
92
10334 104
9734 9734
81
81
9514 05%
7931 82
10114 102
102 10234
79% 79%
80
8034
8714 8734
94
9434
9734 9734
101 101
8834 8834
8834 8834
74
7434
74
74
65
58
102 102

$8,000
1,300
1.000
1,000
5,000
15,000
700
6,500
500
1,000
16,000
1,200
2,000
1,000
32,000
9,000
2,000
11,000
4,000
10,000
58,000
7,000
1,000
1,000
91,000
24,000
700
33,000
3,000
1,000
13,000
2,000
3,000
25,000
500
7,000
500
44,000
4,000

85
85
9434
10034
954
76%
80
65
100
95
573-4
58
90
30
9734
87
97
103
102
92
10334
9734
80
95
70
1003-4
101
77%
79
8734
9114
9734
1003-1
884
8834
73
7314
55
101%

Jan
Jan
Jan
Mar
Feb
Apr
Jan
Apr
Apr
Apr
Jan
Mar
Jan
Apr
Jan
Feb
Jan
Jan
Jan
Apr
Feb
Apr
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Apr
Apr
Jan
Mar
Mar
Mar

8614
8534
95%
102
07%
79
8134
68
100
99
5934
60
9414
45
993-4
884
9834
10434
10234
9334
105
100
83
97
82
10234
10234
80
8034
883-4
95
97%
1014
8934
8815
7434
74
6534
10234

Feb
Mar
Apr
Jan
Apr
Feb
Jan
Apr
Apr
Feb
Apr
Apr
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Apr
Mar
Jan
Apr
Apr
Apr
Jan
Jan

-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from April 3
to April 9, both inclusive.

Stocks.

I
Salesfor
Week's
Friday
Range.
Week.
Par. Sales. Low. High. Shares.

Balt Electric pref
50
Commercial Credit_ _ _ _100 168
Cons Gas E L & Pow_ _ 100 106
Preferred
100 111
Consolidation Coal_ _ _ _100 92
Cosden & Co
Houston Oil trust ctfs_ _ 100 11%
Northern Central
50
Penn Water ar Power_ 100
Seaboard Air Line
100 164
United Ry & Electric _50 2534
Wayland Oil & Gas
5
2%
BondrAnacostia & Potom 58.1949
Atlanta Consol St 5s_ _1939 10334
Atl C Line RR cony 481939
Belt Elec stamped 58_1947
Carolina Central 4s_ _ _1949
Central Ry exten 58.. _1932
Chicago Ry 1st 55._ _ _ 1927
City & Subur 1st 5s.1922
CIty&Sub(Wa.sh)1st-581948 10134
Coal & Iron 1st 5s_ _ _ _1920
Consolidated Gas 58_ _1939
Cons Gas E & P 4%8_1935 8834
Notes
Notes, small
, 9914
Consol Coal cony 68_ _1923 100%
E Tenn, Va & Ga cons 5s_ _ ______
1918 95
Elkhorn Fuel 5s
Fair & Clarks Trac 58_1938
Georgia & Ala cons 58_1945
Ga Car & Nor 1st 5s_ _1929
Georgia Pacific 1st 68_1922
Ga Ry & Elec 1st 5s _1932
Maryl'd El Ry 1st 5s_1931 9834
Minn St&StPC it 5s A928
MtV-Wood C Duck ctf dep
N 0 Mob & Chic 1st 581960
Norf & Ports Trac 53_1936 83
Norfolk Ry & Lt 58..1949
Petersburg "A"58...1928
Syracuse Gas 5s
United Ry & Elm 48_1949 8114
Income 4s
1949 61%
Funding 58
1936
do
small
1936
Notes 58
1916
Va Mid 3d ser 68_ _ .. _1916
.„..

4334
160
106
110%
92
5%
11
8434
68
164
2534
2%

4314
168
106%
Ill
92
5%
11%
84%
68
1614
2534
3%

10014
10314
86
9934
85
104
96
102%
10134
964
105
8834
9934
993.4
100%
10414
95
09%
10214
102% 1023.4
1074 10714
100% 100%
984 9814
102 102
35
35
40
40
83
83
9734 9734
104% 10414
102 102
81
8134
61
613-4
8434 8414
84
8414
100 100
10134 1014
-., -.,

10034
10334
86
99
85
104
96
10234
10134
964
105
8834
9934
99%
10034
104%
95
99%
102%

Range since Jan. 1.
Low.

15 43
14 155
235 1024
121 10634
150 92
100
5
495 10
150 83
45 68
4 1234
1,480 24
280
2%

High.

Jan 4434
Mar 168
Jan 10734
Jan 115
Jan 9534
Jan
514,
Mar 12
Jan 8534
Feb 6811
Mar 164
Feb 27
4%
Apr

$5.000 99% Jan
3,000 10234 Mar
2,000 85
Jan
8,000 96% Jan
5,000 84
Jan
1,000 10334 Mar
6,000 944 Mar
1,000 101% Jan
Jan
1,000 100
9,000 944 Jan
1,000 10314 Jan
3,000 87
Jan
90,700 9834 Mar
2,100 98% Mar
5,000 9934 Mar
1,000 10414 Apr
6,000 9214 Jan
3,000 98% Jan
3,000 100% Jan
Jan
2,000 101
1,000 106% Jan
1,000 100% Apr
4,000 96% Jan
4,000 100% Jan
8,000 35
Jan
1,000 33
Jan
Feb
6,000 81
3,000 9514 Jan
6,000 103
Jan
3,000 101% Mar
Apr
32,000 81
41,000 594 Mar
2,500 8334 Mar
Mar
2,800 84
Jan
1,000 100
1,000 101% Mar
---- , -__
.

10034
10334
86
9914
85
10434
97
10334
10134
964
105
8834
9934
9914
100%
10434
9534
100
10214
10214
10714
100%
98%
102
40
403-4
8434
9714
10414
102
82
63
87
873-4
100
101%
.,..,

Feb
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Jan
Apr
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Apr
Mar
Jan
Feb
Apr
Mar
Feb
Apr
Mar
Jan
Apr
Apr
Feb
Apr
Jan
Jan
Feb
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Mar
......_

Chicago Stock Exchange.
-Complete record of transactions at Chicago Stock Exchange from Apr. 3 to Apr. 9,
both incl., compiled from the official sales lists, is as follows:

Stocks.

Salesfor
Week's
Week
Range.
Friday
Par. Sales. Low. High. Shares.

100
American Can
American Radiator_ _ _ _ 100 375
Booth Fisheries, corn..100 4014
100 78
Preferred
100
Chicago City Ry
Chic City & C Ry pt sh pi_
Chic GreatWestern rects__ __ __
Chic Pneumatic Tool_ _100 54
Chic Rys part ctf "1"
23A
Chic Rys part ctf "2"____
Chic Rys part ctf "3"__
Chic Rys part ctf "4"____
Chicago Title & Trust_100 212
Commonw-Edison _ _ _100 140
Diamond Match
100 92%
Goodrich (B F) corn...100
Illinois Brick
1(1(1
Kansas City Ry & Lt at _
K C Ry & Lt prat elf__ __
Maxwell Motors 2d pref_
National Biscuit
100
National Carbon
100 136
Preferred
100
Pacific Gas & Elec Co_ _100
People's Gas Lt & Coke 100 120
Pub Serv of N III, com_100 8634
Preferred
100
100
Quaker Oats Co
100 104
Preferred
Sears-Roebuck coin_ _ _ 100 140
100
Preferred
Stewart War Speed com100 63
100 10934
Swift & Co
100 15934
Union Carbide Co
U S Steel, common_ _ _ _100 55
Ward, Montg,& Co, prat_ 112
BondrBooth Fisheriessf d 68_1926 88
Chicago City Ry 58_ _1927 98
Chic Pneu Tool 1st 58..1921
1927 953-4
Chicago Rye 55
Chic Rys 4s, Series "B"- 76%
Chic Ry ad,' Inc 48_1927
1923 100%
Chicago Telep 58
Commonw-Edison 58_1943 101%
Commonw Elec 58_1943 10034
Cudahy Pack 1st M 551924 1003-4
Dia Match con deb 68 1920
Met W Side El 1st 58_1938 7434
_ _1939 884
Morris & Co
4148_Pub Ser Co 1st ref g581956 90
South Side Elev 4%8_1924 8834
Swift Ar en 1Rt a 5g
1044 9654

32% 34%
375 375
30
41
70
78%
115 115
26
26
1214 1234
52% 54
88
88
23
26
4%
4
114
I%
211 212
139 140
94
96
43% 4314
63
63
20
20
42
42
40
40
121 121
1344 136
120 120
453.4 4536
120 123%
8534 87
99
00%
240 250
1033-4104
1363-4 14034
1233-4 12314
58
63
109 110%
158 16114
493.4 55
11114 11314
88
97%
98
95%
76
41
100%
10134
10014
10034
102
74
88
90
8851
96

88
98
98
9534
76%
43
1003-4
101%
1003.4
100%
102
7434
884
90
89
965f

Range since Jan. 1.
Low.

High.

30 26%
7 375
1,380 30
1,459 68%
11 115
300 20
50 123.4
770 453.4
10 88
1.135 23
4
80
62
I
67 205
402 136
675 910
25 24%
65 60
6 20
10 42
200 31
.5 120
45 119%
25 11814
25 4134
678 116%
110 75
40 95
123 230
87 10314
4,704 a1313.4
12 121
2.418 4816
248 104%
1,581 14434
65 384
286 1103.4

Jan
Jan
Feb
Mar
Mar
Feb
Apr
Feb
Feb
Apr
Apr
Feb
Jan
Jan
Mar
Jan
Feb
Apr
Apr
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan

34%
390
41
78%
115
26
123-4
54
93
3114
5%
3
213
140
98
43%
65
3034
57
40
125
140
124
453-4
12334
87
100
250
10436
215
126
63
11036
165
55
114

Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Apr
Jan
Feb
Feb
Apr
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Apr
Jan
Jan
Mar
Ap
Mar
Jan
Jan
Mar

$8,000 88
16,000 9734
10.000 94
9,000 9414
11,000 74
39,400 4034
5,000 993.4
39,000 100
2,000 99%
5,000 1003-4
19,500 1013-4
17,000 74
4,000 86%
12,000 87%
33,000 88
9.500 9454

Apr
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan

88
99
98
97
77%
44
101
102
101
100%
102
77
8834
90%
89
9654

Apr
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Apr
Mar
Feb
Feb

a Ex 50% stock dividend. z Ex-dividend.

-Following sales were rePittsburgh Stock Exchange.
ported April 3 to April 9, both inclusive.
Bond..
-April 6, $3,000 at 08%; April 8, $1,000 at 9834
Central District Teleph. 58, 1943
-April 8, $1,000 at 51.
Independent Brewing 6s, 1955
Pittsburgh Allegheny SC Manchester Trac. 58, 1930-April 5, $1,000 at 98.
-April 7, $2,000 at 98 X.
Pittsburgh & Birmingham Tree. 5s, 1929
-April 3, $1,000 at 56; April 6, $1,000 at 5514 •
Pittsburgh Brewing 6s, 1949
Pittsburgh Coal deb. 58, 1931-April 3, $5,000 at 933-4; April 7, $5,000 at 9314
April 9, $9,000 at 94.
1931-Aprc 7, 51,000 at 99341
PIttsb. McKeesport & Connellsville RR'

THE CHRONICLE

1246

Stocks.
Amalgamated Copper (par 5100)
-April 8, 50 at 64.
American Sewer Pipe (par 5100)
-April 3, 165 at 1834@18i; April 5, 725 at 18k;
April 6, 340 at 1838@18; April 7,420 at 18% ©1934; April 8, 760 at 193( ©
19%; April 9, 475 at 20020%.
Caney River Gas (par $25)-Apri 16, 20 at 52434.
Colorado Fuel & Iron, common (par $100)
-April 6, 10 at 31.
Columbia Gas & Electric (Par $100)
-April 5, 10 at 10; April 7, 275 at 10; April9,
225 at 9%010.
Crucible Steel, common (par 5100)
-April 3, 135 at 14%61434; April 5, 665 at
14%©14X; April 6,915 at 14 615; April 7,975 at 14% 015;'April 8,720 at
14%; April 9, 320 at 1561534.
4
Preferred (par 5100)
-April 3, 50 at 7734; April 5, 270 at 78 V 080%; April 6,
60 at 820833-; April 7, 115 at 833084; April 9, 100 at 8034 Q81.
Harbison-Walker Refractories, pref. (par 5100)
-April 5, 50 at 99; April 8, 100 at
99; April 9, 135 at 99, ex dividend.
-April 6, 100 at 5338; April 7, 50 at 8334;
Independent Brewing, common (par 550)
April 8, 45 at 5334.
-April 5, 15 at 516; April 6, 35 at 516; April 7, 90 at $1034@
Preferred (Par $50)
17; April 8, 45 at $163'4(316%.
La Belle Iron Works, common (par 5100)
-April 9, 100 at 2834•
Lone Star Gas (par 5100)
-April 3, 22 at 10434; Apr! 5, 60 at 1030104;
April 6, 10 at 10434; April 7, 20 at 103; April 9, 10 at 103.
-April 3,65 at 54734; April 5, 120 at 54734;
Manufacturers' Light & Heat (par 550)
/
April 6, 70 at $4734 Q475s; April 9, 15 at 54734 •
-April 5, 120 at 5534 Q5%; Apr 1 8,
National Fireproofing, common (par 550)
325 at 55%0534; April 9, 40 at $534,
-Apr 6, 30 at 518; April 7, 20 at 51834431934; April 8,
Preferred (Par 550)
265 at 5193402034; Apri 9, 120 at 52034.
-April 3,19 at $1334; April 5,30 at $13%; Apr117,20 at 51334
Ohio Fuel Oil (par 51)
-April 5, 50 at 54034; April 7, 200 at $40%Q4034;
Ohio Fuel Supply (par 525)
April 9, 44 at 540%041.
-April 8, 115 at 603.4,361.
. Oklahoma Natural Gas (par 5100)
People's Natural Gas & Pipeage (par 525)
-April 5, 50 at $31,
-April 5, 105 at $434 0434; April 6, 140 at
Pittsburgh Brewing, common (par 550)
5434; April 7, 10 at 543/s; April 8, 50 at 55; April 9, 10 at 5434.
Preferred (par 550)
-April 5, 25 at 316; April 6, 55 at 516; April 7, 85 at $16;
April 8, 15 at $16.
Pittsburgh Coal, common (par 5100)
-April 3, 325 at 2134(r)22; April 5, 450 at
22%022%; April 6, 220 at 22% Q22X; April 7, 150 at 223-402234; April 8,
500 at 22; April 9, 50 at 2174 (4)2234.
Pittsburgh Plate Glass (par 5100)
-April 5, 10 at 10534; April 7, 91 at 104.
Pure Oil, common (par 55)
-April 3, 622 at 515; April 5, 200 at 51534; April 6,
1,010 at 515; April 7, 190 at 5147-4015; April 8, 155 at 514340)1434; April 9,
555 at 514%015.
San Toy Mining (par 51)
-April 3, 1,000 at 8c.; April 5, 200 at 9c.; April 6, 9,000
at 90.; April 7, 700 at 90.; April 8, 12,000 at 9c.; April 9, 2,000 at 9c.
Tonopah Extension Mining (par 51)
-April 6, 3,000 at 8c.
Union Bag & Paper, common (par 5100)
-April 8, 100 at 634.
Union Switch & Signal, common (par 550)
-April 3,200 at $9234; April 5, 34 at $93;
April 6, 72 at 59334094; April 7, 95 at $9434(4195; April 8, 20 at $9534.
United States Steel Corporation, common (par 5100)
-April 9, 70 at 493105474.
Westinghouse Air Brake (par 550)
-April 3, 19 at 5117%; April 5,30 at $1180119;
April 6, 30 at $120; April 7, 22 at $120; April 8, 75 at 5119%0120; April 9,
55 at $11934©120.
Westinghouse Elec. & Mfg., common (par 550)
-April 3, 30 at 53638; April 5,
170 at $374337N; April 6, 250 at $38@3834; April 7, 20 at 53803834; April 8,
245 at 53803834; April 9, 500 at 537%©38%.
Preferred (par 550)
-April 5, 20 at 5593,4; April 9, 30 at $5934.
Westinghouse Machine (par 550)
-April 6, 80 at $1234.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

[VOL. 100.

-Per She TO.
Tobacco Stocks
Par Bid. Ask.
American Cigar common.100 108 112
Preferred
100 99 101
Amer Machine & Fdry 100 70 75
British-Amer Tobac ord. El *1714 18
Ordinary,bearer
Ll *181, 19
100 300 320
Conley Foil
Johnson Tin Foil & Met-100 130 160
MacAndrews & Forbes__100 183 190
Porto Rican-Amer Tob__100 195 210
190 205
6% scrip
Reynolds (it J) Tobacco_100 300 310
Preferred
117 119
Tobacco Products corn...100 54 59
Preferred
100 99 100
United Cigar Stores corn_100 108 111
Preferred
100 115 120
United Cigar Stores(new) 10 *10 11
Young (J 8) Co
100 150 160
Short Term Notes
-Per Cent.
Amer Lccomotive 53,'15_J-J 10014 1005
8
55, July 1916
J-J 100 10012
5s, July 1917
J-J 991210014
Am Tob 6% scrip, Sep 1 '15_ 1007 10118
8
Am T & T Sub Cos 5s, 1916_ 10088 1007
8
Anaconda Copper 58'17-1*1-S 9912 995
4
Balt & Ohio 434s, 1915_ _J-D 10018 10038
BethStee155,J'nell '15 J-D11 10018 10038
Chatt Ry & L 55, 1915_J&D 993 100
4
Ches & Ohio 5s 1919 ___J.D 92 9212
Chic Elev Ry 55, 191.6___J-J 95 96
Chic & W Ind 55, 1915__M-S 10018 10038
15... 534% 2.50
Consol Gas 85, June 25,
Consum Pow 6s, 1917_M&N 9712 99
Erie RR 5s, Oct 1 1915.A-0 100 4 101
3
99 9914
58 April 1 1916
534s, April 1 1917--A-0 9814 9812
s
General Rubber 4345,'15.J-J 1001s 1003
liar My & Pt Ch 58.'15 M-N 997 10018
Hocking Valley 6s,'15_M-N 101 10114
4
lot Harv 5s, Feb15 '18_F-A 993 993
8
Lake Sh & Mich So,J'ne '15_ 3314% 2.50
10012 1003
4
55 Sept 1915
100 4 101
3
58 Dec 1915
Louisv G & E 68, 1918_A&O 97 9814
Minn Gen El 68, 1917.J&D 100 10012
4
New Eng Nov 68, 1917_M-N 9414 943
NYC&HRiv100 10018
4345, May 1 1915
1003 10058
8
58, Sept 15 1915
8
8
A • 1003 1005
5s, Oct 1 1915
8
NYNH&H 5s, 1915-M-N 997 10018
Pac G & E 5s, Dec 15 1915._ 1001A 10012
Pub Ser Corp N J 55,'16 M.S 100 10014
4
8
Schwarz dr Sulzb Os,'16-J-D 993 993
SeAboard A L 55, 1916_ _M-9 993 1004i
4
4
Southern Ry 55. 1916__F-A 991"; 993
8
4
55, Mar 2 1917
M-52 973 973
4
Sulz&SonsCo 6s,J'nel 16 M-S 9938 993
'
UnTypew 5s,Jan15 '16 J-J15 96 9712
United Frult6s.Mayl'17M-N 101 10138
Gold notes 5s 1918__M-N 08 983
8
Utah Co fls, 1917
A-0 9712 9812
UtahSecurCorp 6s,'22M-S15
Western Power Os, 1915_J&J Mot. 1064
West States G&Eds Oct '17 96 975
8
New York City Notes
-

Stocks.
Week ending
April 9 1915.

Par Value.

Shares.

State
Bonds.

U. S.
Bonds.

Total

$1,874,500
2,598,500
2,488,000
2,648,000
2,618,500
3,852,500

580,000
42,500
158,500
30,000
107,000
50,500

31,500

4,034,286 5353,797,240 516,080.000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

282,209 525,648,400
668,231 56,252,350
628,285 53,331,650
523,885 45,060,290
649,129 59,619.850
1,282,547 113,884,700

Railroad,
dec.,
Bonds.

5468.500

531.500

Week ending April 9.

Sales at
New York Stock
Exchange.

1915.

1914.

5,000
25,000

Jan. 1 to April 9.
1915.

1914.

4,034,286
783,960
Stocks
-No. shares___
21,928,153
23,531,159
$353,797,240 $68,247,050 $1,899,083,740 $2,074,349,629
Par value
53,400
Bank shares, par
51,600
588,500
5232,400
Bonds.
Government bonds__ _
531.500
$70,000
$409,000
$268,000
468,500
1,002,500
State bonds
5,997,000
19,028,500
16,080,000
9,134,000
177,951,500
RR.and misc. bonds
218,007,000
Total bonds

$16,580,000, 510,206,500

5184,357,500

$238,203,500

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
April 9 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Philadelphia.

Baltimore

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
19,936
49,281
44,271
35,174
48,163
69,989

511,000
27,000
20,000
40,000
21,500
28,000

4,698
14,278
14,313
11,943
8,317
27,914

553,123
27,467
114,580
89,877
72,230
104,560

130
98
767
761
718
892

534,800
47,200
43,500
87,600
88,200
27,700

266.814

8147.500

81.463

$461.837

3.360

5329.000

Inactive and Unlisted Securities
All bond prices are

and Interest" except where marked "I."

65, Sept 1 1915
Os, Sent 1 1916
Os. Sept 1 1917
RR. Equipments
Baltimore & Ohio 4348
Buff Roch & Pittsburgh 434s
Equipment 48.
Caro ClInchf dr Ohio 55
Central of Georgia 53
Equipment 4345
Chicago hr Alton 49
Chicago dr Eastern Illinois 5s
Equipment 4345
,
Chic Ind & Loulsv 454s.....
Chic St L & N 0 5s
Chicago de NW 4548
Chicago R I & Pan 4348......
Colorado de Southern 58-_-.
Erie 55
Equipment 4548
Equipment 4s
Hocking Valley 48
Equip 5s
Illinois Central 5s
4348
Kanawha dr Michigan 4348
Louisville dc Nashville 55.
Minn St P&SSM 4548...
MissouriKansas & Texas 58.
MIssouri Pacific 59
Mobile & Ohio 55
Equipment 4348
New York Central Lines 55_.
Equipment 4
N Y Ontario dr West 4548..
Norfolk dr Western 434s_
Equipment 4s
Pennsylvania RR 434s
Equipment 4s
Pere Marnuette 55
Equipment 4148
St Louis Iron Mt & Sou 58..
St Louis & San Francisco 53
Seaboard Air Line 5s
Equipment 454s
Southern Pacific Co 43411-__
Southern Railway 4145
Toledo dr Ohio Central 45

101i(001./.
102'3f,02%
1043 10412
s
Per Ct Basis
Bid. Ask.
4.55 4.45
4.60 4.45
4.60 4.45
5.25 5.05
5.00 4.80
5.00 4.80
6
6
6
5.00 4.80
4.75 4.60
4.60 4.40
6.50 5.50
5.00 4.75
5.00 4.90
5.00 4.90
5.00 4.90
4.85 4.70
4.85 4.70
4.60 4.40
4.60 4.40
5.10 4.90
4.60 4.40
4.75 4.60
5.75 5.20
6.25 5.20
5.00 4.80
5.00 4.80
5.00 4.90
5.00 4.90
4.90 4.70
4.50 4.40
4.50 4.40
4.40 4.25
4.40 4.25
6

5.10 4.90
6
Too 4.80
5.00 4.80
4.60 4.50
4.80 4.60

Railroads
Standard 011 Stocks-Pe,
Share
Par Bid. Ask.
Anglo-Amer Oil new
•1814 1834
Atlantic Refining
100 580 585
Borne-Scrymser Co
100 280 290
Buckeye Pipe Line Co
50 *109 112
Chesebrough Mfg Cons 100 680 690
Colonial Oil
100 125 135
Continental 011
100 240 215
Crescent Pipe Line Co
50 *37 39
Cumberland Pipe Line
100 45 48
Eureka Pipe Line Co.
...100 228 233
Galena-Signal 011 com
100 137 142
Preferred
100 159 102
Illinois Pipe Line
139 141
Indiana Pipe Line Co_.__ 50 101 103
National Transit Co
25 .31 32
New York Transit Co___100 215 220
Northern Pipe Line Co__100 92 94
Ohio Oil Co
25 0143 145
Pierce Oil (new)
25 .1412 1512




Stand 011 Stk. (Concl)- Per sh are
Par Bid. Ask
Prairie 011 & Gas
100 256 2.59
Prairie Pipe Line (wh iss) ___ 145 148
Solar Refining
100 238 213
Southern Pipe Line Co 100 210 215
South Penn 011
100 275 278
Southwest Pa Pipe Lines_ 100 110 115
Standard 011 (California) 100 298 302
Standard 011 (Indiana) _100 417 422
Standard 011 (Kansas) ..100 350 360
Standard 011of Kentuck y100 252 256
9tandard 011 of Nebraska100 320 330
Standard 01101 New Jer_100 399 401
Standard 011 of New Y'rk100 196 198
Standard 01101 Ohio_ __ _100 427 432
Swan & Finch
100 120 125
Union Tank Line Co...._100 88 90
Vacuum 011
-100 210 215
Washinuton 011
..
10 *34 37
Bonds.
PlArra 011 enrn ronv R. 1094

QA

49

18
New York Central "rights"
37
West Pao 1st 58, 1933..-M-S 136
Street Railways
Par Bid. Ask.
Corn'w'ith Pow Ry & L 100 52 54
100 81 82
Preferred
18
Federal Light & Traction 100 14
100 59 63
Preferred
Republic Ry & Light_ _ __100 18 20
100 70 72
Preferred
53 63
4
Tennessee Ry L & P corn.100
4
100 26 2712
Preferred
United Lt & Rye corn...100 43 48
1st preferred
100 69 71
100 65 68
2d preferred
Washtty&ElCo
100 8712 8914
Preferred
100 8312 841.
4s. 1951
J-D 814 814,

Par, Btd.
WestPenn Tr & WetPow 100
Preferred
100

Ask

Elec. Gas & Power Cos
Am Gas & Eke corn
50 *88 91
Preferred
50 *48 483
4
Am Lt & Trac common.
.100 316 320
Preferred
100 108 10912
Amer Power de Lt corn
100 60 62
Preferred
100 80 82
Amer Public Utilities com100 30 33
Preferred
100 64 67
Cities Service Co corn.. 100 46 48
Preferred
100 54'2 5612
10
Columbia Gas & Elec....100
J-J
1st 5s, 1927
4
Consumers Power(Minn)
1st & ref 58 1929 ___M&N 89 90
Flee Bond & Share pref__100 9812 00
Great West Pow bs 1948 J&J 79 80
Indiana Lighting Co..._100 39
F
-A 69 71
45, 1958 optional
100 46 4717
Pacific Gas dc El corn..
100 81 84
Preferred
South Calif Edison com-100 73 7412
100 89 911,
Preferred
6
Standard Gas & El (Del). 50 *4
23
50 021
Preferred
United Gas dr Elea Corp_ log 20 21
1st preferred
60 63
10
2d preferred
100 21 22
Utah Securities Corp___ A00 1312 1412
6% notes
-See Short
-Term Notes
Western Power common_101 13 15
Preferred
10( 57 59

ICT1

Industrial
and Miscellaneous
Adams Exp 001 tr 1445 '47J-D /70 7112
Alliance Realty
10( 75 85
Amer Bank Note corn__ __51 .32 35
Preferred
50 .4812 50
American Book
100 160 170
American Brass
100 139 141
American Chicle corn..
..100 156 160
Preferred
100 91 93
Am Graphophone com...100 8012 8112
Preferred
100 93 95
American lIardware
100 116 119
Amer Malting 68 1914
Ext to 1917
J-D 9612 99
American Surety
50 125 150
Amer Type!ounders com_100 34 37
100 87 89
Preferred
112
Amer Writing Paper
100
1
50 225 250
Bliss(E W) Co corn
Preferred
50 140 150
100 275 280
Bond & Mtge Guar
Borden's Cond Milk corn_100 110 11111
Preferred
100 104 105
8
Braden Copper Mines
5 *83 812
100 57 58
Burns Bros, corn
Preferred
100 100 102
Casualty Co of America-100 100
Celluloid Co
100 133 136
100 15 20
City Investing Co
Preferreu
100 70 80
Consol Car Heating
100 60 03
Davis
-Daly Copper Co..
.10 •112 2
du Pont (E I) de Nemours
Powder
100 298 301
Preferred_
100 89 92
Emerson-Brantingham __100 16
Preferred
100 50
Goldfield Consol Mines..
.10 •13
15
8
IIavana Tobacco Co
100
112 3
Preferred
100
5 10
1st g 5s June 1 1922 J-D 154
Intercontinenel Rub corn 100
612 7
Internat Banking Co....10097 102
International Nickel._100 126 127
Preferred
100 104 10412
International Salt
100 21 24
let g 5s 1951
A-0 f63 6812
International Silver pref _100 107 110
1st 6s 1948
J-1) 106 108
J-J 9712 10012
Deb Os 1933
Kelly Springfield Tire__ 10 138 139
1st preferred
109 84 85
2d preferred
100 135 140
Kerr Lake Mining
5 .4% 4%
Lanston Monotype
100
La Rose Consol Mines
*I
X6
Lawyers' Mtge Co
100 185 190
Lehigh Val Coal Sales.
..50 162 168
•5
8
3
4
Manhattan Transit
20
Marconi Wireless of Am__ _5 .212 23
4
Mortgage Bond Co
100 110 115
National Surety
100 165 175
N Y Mtge & Security..
.100 130 138
N Y Title Ins Co
100 50 57
5 .1114 612
Nipissing Mines
Ohio Copper Co
19 *10e. 15o.
Otis Elevator corn
100 70 71
Preferred
109 89 91
Pittsburgh Brewing
50 *412 5
Preferred
50•
17
Producers 011
100
Realty Assoc (Rklyn) -100 95 100
Remington Typewriter,
Common
100 10 12
1st preferred
10
58 62
26 preferred
100 35 45
Riker & Hege'n (Corp forstk) *8
818
Royal Bak Powd corn._.100 150 160
Preferred
100 1014 102
Safety Car Heat & Lt.
._100 98 100
Singer Mfg Co
100 230 233
Standard Coupler cora__10
25 35
Preferred
100 100
Sterling Gum
31,
Stewart-Warner Speedo'r 100 57 573
4
Preferred
100 101 103
Sulzberger & Sons pref 100 8714 88
Texas & Pacilic Coal
100 140
Tonopah Extension Mm.
...1 *314 33
3
*32 3%1
8
United Profit Sharing
U S Casualty
100 190 210
U S Envelope corn
100 135 140
Preferred
100 100 102
S Finishing
100
4 10
Preferred
100 30 35
1st g 5,1 1919
J-J 90
Con g bs 1929
J-J 68 7212
U S Tit Go & Indem__ 100 30 50
Westchester dr Bronx TM
& Mtge Guar
1t3O 165 180 _
Willys Overland see Stock
Exchange List
Worthington (H R) Com100 43 50
pany pref
Yukon Gold
5 *258 27
8

•Per share. a And accrued dividend.
s Sale price. ft Ex-dividend. VEX-rights,

b Basis. !Flat price. a Nominal.

1217

THE CHRONICLE

Ant. 10 1915.)

,nuestinent anti gailiroaa- intelligence.
RAILROAD GROSS EARNINGS.

monthly returns
The following table shows the gross earnings of every STEAM railroad from which regular weekly or and the last twomonth,
can be obtained. The first two columns of figures give the gross earnings for the latest week orWe add a supplementary
columns the earnings for the period from July 1 to and including the latest week or month.July, but covers some other
statement to show the fiscal year totals of those roads whose fiscal year does not begin with
period. The returns of the electric railways are brought together separately on a subsequent page.
July 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
Year.
Year.
Year.
Year.

Week or
Month.

Ala N 0& Tex PacN 0 & Nor East.. February _ 2t( 759 330,667 2,374.163 2,760.807
Ala & Vicksburg.. February _ 10t.724 137,902 1,029,530 1,291,965
951,332 1,253,246
80,957 142,975
Vicks Shrev & P.. February _
60,879 1,735,289 1,755,782
58,147
4th wk Mar
Ann Arbor
Atch Top & San Fe_ February_ _ 8,956,290 7,885,040 78,879,770 74,332,735
Atlanta Birm & At! February__ 197,624 272,761 1,785,831 2,393,338
889,250
793,464
99,434
95,225
Atlanta & West Pt_ February_ _
Atlantic Coast Line February _ 2,681,611 3,235,247 20,332,310 23,894,671
Car February _ 131,513 157,415 1,166,605 1,408.061
Chariest & W
922,800
947,597
Lou Hend & St L February__ 107,415 101,180
g Baltimore & Ohio_ February _ 6,469,049 6,432,584 60,093,755 67,495,845
103,435 1,055,205 1,150,728
B &0 Ch Ter RR February__ 116,289
Bangor & Aroostook February _ 341,951 248,868 2,381,740 2,346,833
Bessemer & L Erie.. February... 202,979 262,020 5,660,084 5,907,243
807,474
574,090
79.510
59,576
Birmingham South.. February.._
February.._ 3,210,802 3,056,532 31,185,821 32,388,347
Boston & Maine
Roch & Pittsb_ 4th wk Mar 272,505 314,084 7,166,791 8,657,507
Buff
998,181 1,222,381
Buffalo & Susq RR_ February.._ 115,391 137,448
17,793700
Canadian Northern. 4th wk Mar 497,100 552,400 13,401,400 100094 551
3,096,000 76,482,831
4th wk Mar 2,564,000
Canadian Pacific
8,300,639 10,007,288
Central of Georgia_ February.... 964,228 1,157,938 21,177,023 22,362,450
Cent of New Jersey February.... 2,048,224 2,219,819 2,515,051 2,488,347
Cent New England.. February.... 288,723 247,272 2,532,188 2,708,340
Central Vermont February.._ 272,568 248,503 28,665,533 27,968,512
Ches & Ohio Lines.. 4th wk Mar 1,111,240 1,128,805 10,830,240 11,097,129
4th wkMar 391,166 337,102
Chicago & Alton
Chic Burl & Quincy February__ 6,504,847 6,484,474 63,361,665 65,055,257
9,896,305
(Chicago & East Ill_ February.... 1,092,446 1,235,216 10,626,956 11,046,182
10,971,156
p Chic Great West_ 4th wk Mar 286,187 331,496
Chic Ind & Louisv_ 4th wk Mar 178.016 187,680 4,881,132 5,257,650
February _ 6,472,696 6,246,913 61.958,881 63,659,624
Chic Milw & St P..1
ChicMil & Pug SI
°Chic & North West February__ 6,408,128 6,309,223 57,677,799 59,774,679
Chicago Peo & St L February _ 114,630 119,160 1,119,881 1,119,349
°Chic St P M & Om February.._ 1.373,303 1,301,994 12,597,226 12,779,020
1,508,954
Chic Terre II & S E February _ 169,608 182,021 1,531,468 6,756,062
Cin Ham & Dayton February.... 651,364 632,952 6,494,293 1,253,709
Colorado Midland_ February.... 103.832 106,106 1,271,883 10,385,696
bColorado & South.. 4th wk Mar 356,278 317,804 11,024,520
123,588
86,870
13,104
9,988
February....
Cornwall
206,333
199,314
19.620
20,284
Cornwall& Lebanon February.._
February.... 522,587 488,122 3,073,936 3,139,875
Railroad
Cuba
Delaware & Hudson February__ 1,435,522 1,437,758 14,941,806 15,688,145
Del Lack & Western February__ 2,890,449 2,736,893 28.585,788
Deny & Rio Grande 4th wk Mar 508,200 538,600 16,583,681 18,302,565
Western Pacific February__ 334,626 398,725 3,734,053 4,371,983
882,915
23,717 1,275,317
42,500
Denver & Salt Lake 4th wkMar
60,051 1,279,140 1,010,953
Detroit Tol & front February__ 109,749
899,114
807,690
36,413
32,505
Detroit & Mackinac 4th wk Mar
Det & Tol Shore L.. February.... 128,479 126,380 1,008,950 1,092,338
Dul & Iron Range February.... 112,857 117,555 2,930,468 5,028,522
94,930 2,185,496 2,670,058
90,488
Duluth So Sh & Atl 4th wk Mar
Elgin Joliet & East.. February _ 594,926 751,082 5,403,049 7,824,341
El Paso & Sou West February.... 557,752 711,102 4,996.041 5,900,999
February_ _ 4,384,694 3,990,919 40,176,693 40,971,059
Erie
598,498 627,737 3,220,626 3,220,946
Florida East Coast.. February
653,358
578,838
61,831
57,712
Fonda Johns & Glov February....
Georgia Railroad.... February.... 206,708 255,231 1,942,143 2,303,982
93,266 110,839 3,848,435 5,285,196
Grand Trunk Pac 3d wk Mar
Grand Trunk Syst_ 4th wk Mar 1,446,969 1,462,696 37,262,161 41,154,203
Grand Trunk Ry 3d wk Mar 676,915 845,563 28,870,945 32,853,341
Grand Trk West_ 3d wk Mar 137,294 151,445 5,231,795 5,176,341
47,136 1,889,229 1,833,194
43,696
Det Gr H & Milw 3d wk Mar
Great North System March.... 4,642,189 5,415,042 52,583,111 59,520,130
Gulf & Ship Island.. February__ 116,303 135,520 1,075,171 1,379,823
February.... 362,569 372,149 4,303,129 5,109,878
Hocking Valley..
5,027,502 5,928,408 47,659,856 51,044,700
Illinois Central.... March
Internat & art Nor February.... 728,627 687,646 6,403,721 7,194.640
Kanawha & Mich February._ _ 200,256 192,483 1,987,105 2,159,983
Kansas City South.. February _ 736,477 835,416 6,813,404 7,191,781
Lehigh & New Eng.. February _ 135,426 125,830 1.660,166 1,266,947
February 2,910,302 2,433,838 28,031,045 27,926,643
Lehigh Valley
Louisiana & Arkan_ February__ 130,921 137,886 1,138,337 1,163,168
Louisiana Ry & Nay February.._ 160,474 137,866 1,322,167 1,344,881
sLouisv & Nashville 4th wk Mar 1,382,360 1,552,396 39,092,856 46,239,571
13,087
107,190
98,043
10,361
Macon Birm'ham February.._
February.... 855,575 816,432 7,602,416 7,876,446
Maine Central
323,264
312,801
34,988
32,861
Maryland & Penna. January
988,316 1,142,624
February.._ 107,541 110,377
Midland Valley_
317,334
605,164
20,115
27,699
Mineral Range....4th wk Mar
Minn & St Louts.... 4th wk Ma r 232,852 226,007 7,817,921 7,408,811
__
Iowa Central _
Minn St P & SSM.. 4th wkMar 666,401 632,755 21,527,627 22,754,291
699,573
56,370
578,966
80.588
Mississippi Central_ February__
u Mo Kan & Texas_ 4th wk Mar 977,768 764,691 25,540,485 25,097,821
x Missouri Pacific.... 4th wk Mar 1,606,000 1,571,000 44,652,678 46,172,219
Nashv Chatt & St L February.._ 849,618 1,010,693 7,361,415 8,635,987
276,293
9,069
283,882
8,706
Nevada-Calif-Ore.... 4th wkMar
- 118,731 141,165 1,058,742 1.276,631
New On Great Nor_ February
e New York Central February - 10872325 10609976 101241681 108959059
Boston & Albany February _ 1,124,695 1,113,648 10,801,674 11,668,934
n Lake Erie & W.. February.. 443,617 377,875 3,797,897 3,870.067
Michigan Central February - 2.431,294 2.330,995 22,200,309 23,596,984
Clev CI C & St L1
Peoria & Eastern! February _ 2,597,324 2,436,526 24,181,737 24,995,311
92,103 1,052,049 1,020,322
Cincinnati North. February _ 109,906
Pitts & Lake Erie February _ 935,644 1,236,956 9,430,170 12,033,690
N Y Chic & St L.. February.. 849,740 882,781 7,528,043 8,100.588
340,
3,552,189 4,016,226
Tol & Ohio Cent.. February _
Tot all lines above February _ 1960611119421061 183785747 198261177

July 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

N 0 Mobile & Chic_ February__ 134,077 163,335 1,194,458 1,505.124
& Hartf_ February.. 4,590,966 4,567,770 42,408,061 45,064,758
NY
N Y Ont & West._ February__ 545,854 567,710 6,119,878 6,233,401
N Y Susq & West_ February__ 302,130 271,552 2,542,789 2,597,477
Norfolk Southern__ February__ 298,580 323,229
Norfolk & Western_ February _ 2,934,664 3,030,010 27,414.833 29,948,811
Northern Pacific.___ February.... 4,125,077 4,335,798 43,731,488 49,101,051
Northwestern Pac_ February__ 177,855 208,342 2,428,128 2,503.993
Pacific Coast Co__ January
409,813 496,621 3.856,826 4,563,579
sPennsylvania RR__ February__ 12687673 13298961 121817754 133532588
877,677
Bait Ches & Atl_ February__
872,053
55,654
59,984
Cumberland Vall. February.... 201,022 263,798 1,933,752 2,353,585
Long Island
February__ 755,355 716,522 8,850,594 8,605,400
672,158
Maryl'd Del & Va February....
48,772
656,797
43,913
N Y Phila & Norf February.._ 249,190 239,693 2,446,980 2,528,227
Phil Balt & Wash February.... 1,380,913 1,405,105 13.356,830 13,810,811
W Jersey & Seash February.... 362,303 322,107 4,476,964 4.525,925
Pennsylvania Co.... February.... 3,424,767 3,666,019 35,360,536 42,973,459
Grand Rap & Ind February.... 376,328 357,764 3,612,830 3,787,571
Pitts C 0 & St L.. February.._ 2,734,491 2,844,956 25,621,688 29,240,002
February.... 806,061 816,136 7,479,467 7,854,662
Vandalla
Total lines
East Piths & Erie February__ 15969 515 16541 151 157918080 171907138
West Pitts & Erie February.._ 7,449,913 7,799.254
All East & West._ February__ 23419429 24340407 230951066256831491
Pere Marquette.. February.... 1,326,870 1,135,677 12,085,670 11,510.585
Reading(o& Reading.. February.._ 3,263,742 3,421,816 31,034,286 34,034,163
Coal & Iron Co February.... 1,890.585 2,461,062 20,267,064 21,398,132
February__ 5,154,327 5,882,878 51,301,35055,432,295
,
Tota both cos
Rich Fred & Potom February__ 230,343 241,466 1,797,763 1,857,594
667.118
671,594
65,421
58,189
January _ _
Rio Grande Junc
503,288
419,237
13,992
11,661
Rio Grande South.... 4th wkMar
Rock Island Lines.._ February.... 5,377,289 4,749,323 49,321,296 46,854,454
Rutland
February _ 225,039 234,604 2,313,706 2,544,875
95,140 113,109 1,048,283 1,107,121
St Jos & Grand Isl. February__
St L Brownsv & M.. February.._ 181,825 236,287 1,497,2521,733,303
St L Iron Mt & Sou February_ 2,321,844 2,507,095 20,540,208 22,851,495
St L Rocky Mt & P February__ 210,514 186,213 1,939,188 1,665,155
St Louis & San Fran January..... 3,429,715 3,713,014 25,919,457 27.978.237
St Louis Southwest_ 4th wk Mar 274,000 325,000 8,228,344 10,151,782
658,226 757,036 6,018,525 7,042.343
San Pod L A & 5 14_ February..
Seaboard Air Line February__ 1.763,624 2,173,404 13,845,985 16,687,713
February _ 9,477,024 9,850.724 86,235,935 93.670.217
Southern Pacific
Southern Railway 4th wk Mar 1.771,791 1,994.675 47,208,432 54,095,613
_ 4th wk Mar 310,367 340,400 8,189,989 9,750,843
Mobile &
Cm N 0 & Tex P 4th wkMar 281,830 302,532 7,044,572 8,245,285
Ala Great South.. 4th wkMar 148,552 153.941 3,552,567 4,153,759
71,955 1.708,014 1,998,236
56,236
Georgia Sou & Fla 4th wkMar
Six& Port & Seattle February... 274,726 311,478 3,095,449 3,413,835
67.830
51.071
1,769
1,310
Tenn Ala & Georgia 3d wk Mar
985,568 1,142,364
Tennessee Central.. February__ 107,964 122,485
4th wk Mar 469,007 496,741 13,921,707 14,767,338
Texas & Pacific_
56,230
• 53,626
6,113
4,788
Tidewater & West_ February....
918.672 1,009,798
35,489
34,701
Toledo Pear & West 4th wk Mar
98,155 3,470,266 3,504,645
96,842
Toledo St L & West 4th wk Mar
764,137 1,782,381
75,502 183,919
Trinity & Brazos V_ February.._
Union Pacific Syst_ February _ 5,571,389 5,909,571 60,492,889 64,294,797
Virginia & Sou West February.._ 126,758 137,365 1,248,168 1.308.411
February.... 439,625 388,999 4,005,087 5,536,718
Virginian
March_ _ _ 2,347,476 2,477,586 22,038,226 23,244,384
Wabash
Western Maryland_ 4th wk Mar 261,454 219,180 6,193,304 6,202,431
Wheel & Lake Erie.. February__ 337,229 502,978 3,518,203 5.525,931
251,552
193.701
Wrightsv & Tennille February....
95A;399 1,047;921 8,977,437 9.986,749
Yazoo & Miss Val!_ March
9

Current
Year.

Period.

Various Fiscal Years.
Jan
Buffalo & Susq RR
Jan
Delaware & Hudson
Jan
Erie
Jan
New York Centrals
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Cleve Chic Chic & St Louis.... Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
N Y Susq & Western
Jan
Jan
sPennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan
Jan
Cumberland Valley
Jan
Long Island
Maryland Delaw & Virginia... Jan
N Y Philadelphia & Norfolk.. Jan
Phil& Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids &
Pitts Chic Chic & St Louis.- Jan
Jan
Vandalla
-East Pitts & Erie Jan
Total lines
-WestPitts & Erie Jan
-All Lines E & W_ Jan
Dec
Rio Grande Junction
Jan
Rutland

1
1
1
1
1

1
1
1
1
1
1
1
1
1
1
1
1
1

ggagsgssgszgggsgsgggss.ggEgggggg

ROADS.

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb

Previous
Year.

28
292,704
227,808
28 3,021,162 3,216,521
28 8,959.985 8,422,100
28 22,732,187 22,515,777
28 2,368,681 2,395,972
28
880,389
811,680
28 4,997,630 4,928,214
28 5,399,892 5373,580
198,644
218.177
28
28 1,828.382 2,359.906
28 1,795,974 1,854,122
720,242
677,513
28
28 40,898,825 40.958,137
617.746
636,760
28
28 26,305,553 28,351.091
125,084
28
123,149
536,586
28
415,161
28 1,585,512 1,535,189
101,923
28
99,887
508,467
28
496,771
28 2,818.194 2,972.748
672.477
28
720,695
28 6,923,827 7.837.090
773,399
28
763,615
28 5.649,269 6,156,647
28 1,663,580 1.730,134
28 33,028,564 35,222,280
28 15,214,309 16,737,356
28 48,242,874 51,959,638
139,449
130,076
31
497.021
467,661
28

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
9
II
Mileage. Cur. Yr. Prey. Yr.
$
$
$
222,001 219,691 230,751.850 241.107.727 -10,355,877 420
June
8d week Jan (35 roadl___ 10,454.162 11820,619 -1,366,456 11.56
July
235.407 231,639 252,231.248 261,803.011 -9.571.763 8.87
roads __ 14,161,843 17,112,484 -2.950,636 17.28
4th week Jan (37
August
240,831 237.159 269.593.446 280,919,858 -11.326.412 4.03
1st week Feb (35 roads ____ 10,067,722 11.332.852 -1.265.130 11.16
September_ _242.386 238,698 272,992.901 285,850,745 -12,857.844 4.50
-297.119 2.66
2nd week Feb (36 roads)____ 10.871,529 11,168,648
October_ _ _ _244,917 241,093 269.325,262 298,066.118 -28,740,856 9.64
5,04
-574.391
3d week Feb (36 roads)......_ 10,825,811 11,400,202
November 246,497 242,849 240.235.841 272.882,181 -32,646,340 11.98
-775,152 6.51
4th week Feb (37 roads)____ 11,119,689 11,894,841
01 9.94
246.807
1st week Mar (34 roads)....... 10,301,377 11,375,997 -1,074,620 9.44 December_ _ _246,959 243,242 232.598.369 258,285.270-25.688.9
243,559 220,282,196 236,880,747 -16,598,551 7.01
January _
12.80
2d week Mar (35 roads)........ 10,730,658 12.306,444 -1,575,786
1 6.985 55.056,314 68,286,691 -3,230,377 5.37
February..... 87.973 ,
3d week Mar (36 roads ...... _ 10,682,708 12,351,434 -1,668,726 13.51
March
88.283 87.420 61.939.361 69.020.631 -7.081.270 10.25
-826.445 4.13
4th week Mar (36 roads)........ 16.453.891 17.280.336
Shore & Mich. So., the Chicago Ind. & So..
e
b Does not include earnings of Colorado Springs & Cripple Creek District By. & Includes the Lakethe Ottawa & New York By., the latter of
Adirondack
the Dunkirk Allegheny Valley & Pitts., the New York & Ottawa, the St. Lawrence Commission. fand
Includes Evansville & Terre Haute and Evanswhich, being a Canadian road, does not make returns to the Inter-State Commerce n Includes the Northern Ohio RR. p Includes earnings of Mason
ville & Indiana RR. g Includes Cleveland Lorain & Wheeling By. in both years.
the Texas
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes
St. Louis Iron Mountain &
Central and the Wichita Falls Lines. v Includes not only operating revenues, but also all other receipts. z Includes of our totals.
1 1914. * We no longer include the Mexican roads in any
Southern. z Includes the Northern Central beginning July




1248

THE CHRONICLE

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of. March. The table covers 36 roads and shows 4.13%
decrease in the aggregate under the same week last year.

[voL.

100.

-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
Bellefonte Central
Mar
269
235
354
1,520
Jan 1 to Mar 31
807
705
2.461
2,840
Denver & Rio Grande_ _Feb 554,627
545,098xdef177,036xdef129,959
July 1 to Feb 28
Fourth Week of March.
4,687,164 4,597,321
x736,955 z956,285
1915. I 1914.
Increase. Decrease.
Hocking Valley
Feb 116,020
116.758 zdef27,849 zdef52,088
July 1 to Feb 28
3
958,278 1,001,964 x456,409 z819,008
Alabama Great Southern
148,552
153.941
5,389 Louisiana & Arkansas_ _Feb
27,529
25,036
10,450
Ann Arbor
17,992
58,147
60,879
2,732
July 1 to Feb 28
222,974
227.251
Buffalo Rochester & Pittsburgh
117,852
160,858
272,505
314,084
41.579 Nevada-CalCanadian Northern
Oregon_ _ _ _ Feb
6,540
497,100
6,038 xdef11,713 zdef7.685
552,400
55,300
Canadian Pacific
July 1 to Feb 28
2,564,000 3,096,000
52,729
49,042 zdef20,860
x6,681
532,000
Chesapeake & Ohio
1.111,240 1,128,80
17,565 Norfolk & Western
Feb 558,978
514,542 x497,132 x419,267
Chicago & Alton
391,166
337,102
54,064
July 1 to Feb 28
4,378,776 4,070,075 x6,185,405 x6,546,637
Chicago Great Western
286.187
331,496
45.309 Rio Grande Southern___Feb
Chicago Indianapolis & Louisv_
19,698
19,827 zdef9,399 xdef11,189
178,016
187.680
9,664
July 1 to Feb 28
Cinc New On & Texas Pacific_ _
157,830
160,111 zdef41,567 zdef2,371
281,830
302,532
20,702
Colorado & Southern
356,278
317,804
38,474
INDUSTRIAL COMPANIES.
Denver & Rio Grande
• 508,200
538,600
30.400
Denver & Salt Lake
42,500
23,717
18,783
-Int., Rentals, &c.- -Bat. of Net Earns.
Detroit & Mackinac
32,505
36,413
3,908
Current
Previous
Current
Previous
Duluth South Shore & Atlantic
90,488
94.930
Companies.
4,442
Year.
Year.
Year.
Year.
Georgia Southern & Florida_ _ _ _
56,236
71,955
15,719
$
$
$
$
Grand Trunk of Canada
Adirond El Pow Corp___Feb
21,377
Grand Trunk Western
20,847
26,868
16.120
1,446,969 1,462.696
15,727
Jan 1 to Feb 28
42,511
Detroit Grand Haven&Milw
41,727
59,201
35,737
Canada Atlantic
x After allowing for other income received.
Louisville & Nashville
1,382,360 1,522,396
140.036
Mineral Range
27,699
20,115
7,584
EXPRESS COMPANIES.
Minneapolis & St Louis
232,852
226,007
6.845
Iowa Central
December- -July 1 to Dec. 31-Minneapolis St Paul & S S M..
1914.
1913.
666,401
632,755
1914.
33,646
1913.
Missouri Kansas & Texas
Globe Express Company
977,768
764.691 213,077
transportation_.._
Total from
Missouri Pacific
57,562
54,642
1,606,000 1,571,000
398,879
393,688
35,000
Mobile & Ohio
-Dr
28,970
27,953
310.367
199,926
340,400
197,522
30,033 Express privileges
Nevada-California-Oregon
9,069
8.706
363
Rio Grande Southern
Revenue
28,592
26,689
198,952
11,661
196,166
13,992
2.331 Open. otherfrom transport'n_
St Louis Southwestern
than transport'n887
873
5,113
274,000
5,417
325,000
51,000
Southern Railway
1,771,791 1,994,675
222,884
Texas & Pacific
Total operating revenues__
29,479
27.562
204,066
469,007
201,583
496,741
27,734 Operating expenses
Toledo Peoria & Western
28,413
30,282
178,854
34,701
187.445
35,489
788
Toledo St Louis & Western__ _ _
96,842
98,155
1,313
Net operating revenue_ ..
Western Maryland
1,065
-2.719
25,211
14,137
261,454
219,180
42,274
Express taxes
1,200
1,100
6,600
7,200
Total (36 roads)
16,453,891 17,280,336 450,110,1,276,555
Net decrease (4.13%)
Operating income
--3,919
--34
18,611
6,937
' 826,445
December
July 1 to Dec. 311913.
1914.
1914.
1913.
Great Northern Express Co.!
Net Earnings Monthly to Latest Dates.
$
$
$
$
-The table Total from transportation_ __ 269,671
298,080 1,732,318 1,845,859
following shows the gross and net earnings of STEAM Express privileges-Dr
163,577
181,221 1,051,255 1,121,139

railroads and industrial companies reported this week:

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
3Bangor &
__Feb 341,951
248,868
145.850
27,222
July 1 to Feb 28
Aroostook_2,381,740 2,346,833
789,929
735,803
Bellefonte Central_b___Mar
6,300
7,660
623
1,755
Jan 1 to Mar 31
19,147
21,208
3,268
3,545
Chic Burl & Quincy_b__Feb 6,504,847 6,484,474 1,936,029 1,923,911
July 1 to Feb 28
63,361.665 65,055,257 23,494,754 23,391,441
Chic & East Illinois_ b__Feb 1,092,446 1,235,216
199,177
182,339
July 1 to Feb 28
9,896,305 11,046,182 2,381,549 1,764,532
Chic Great Western_ b__Feb 1,003,157 1,007,034 1208,968 1195,265
July 1 to Feb 28
9,531,403 9,732,909 f2,446,861 12,405,546
Delaware & Hudson_ b__Feb 1,435,522 1,437,758
276,215
236.991
Jan 1 to Feb 28
3,021,162 3,216,521
591,914
706,037
Denver & Rio Grande_a-Feb 1,340,525 1,536,045
295,832
323,785
July 1 to Feb 28
15.020.581 16,604,965 4.302,639 4,342,482
Western Pacific _b___Feb 334,626
398,725
51,916
def1,450
July 1 to Feb 28
3,734,053 4,371,983
732,647
803,004
Great Northern _b
Feb 3,914,717 3,859,038 1,446,455
688,418
July 1 to Feb 28
47,940.922 54,105,088 23,801,021 22,909,794
Hocking Valley_ b
Feb 362,569
372,149
97,928
32,715
July 1 to Feb 28
4,303,1'29 5,109,878 1,367,401 1,630,363
Louisiana & Arkansasb_ _Feb 130,921
137,886
37,979
43,028
July 1 to Feb 28
1,138,337 1,163,168
340,826
388,109
Louisville & Nashville_ b.Feb 3,839,947 4,443,829
728,060
962,432
July 1 to Feb 28
34,810,656 41,184,435 8.197.613 10,656,513
Nevada-Cal-Oregon b.. Feb
17,312
19,221
def5,223
def1,844
July 1 to Feb 28
258,350
249,709
29,755
53,504
Norfolk & Western_b___Feb 2,934,664 3,030.010
908,572
789,227
July 1 to Feb 28
27,414,833 29,948,811 9,206,995 9,502,986
Pere Marquette_a
Feb 1,326,870 1,135,677
400,367 def24,644
July 1 to Feb 28
12,085,670 11,510,585 2,970,800
821,375
Bichm Fredsb & Pat _b_Feb 230,343
241,466
85,015
89,90-1
July 1 to Feb 28
1,797,763 1,857,594
586,260
630,439
Rio Grande Southern _b-Feb
38,258
42,445
10,271
8,610
July 1 to Feb 28
378,807
462,315
114,105
155,264
Southern Railway
Mobile & Ohlo_b
Feb 809,118
941,689
224,695
121,359
July 1 to Feb 28
7,
289,587 8,676,640 1,870,236 1,987,330
Texas & Pacific _b
Feb 1,
441,867 1,403,641
367,325
250,049
July 1 to Feb 28
12,531,394 13,265,006 3,424,536 3,500,140
Tidewater & Western_b_Feb
4,788
6,113
def899
def185
July 1 to Feb 28
53,626
56,230
4,471
def610
Tol St Louis & West _a__Feb 406,180
326,964 c114,748
c52,164
July 1 to Feb 28
075,765 3.129,166 c643,110 c884,274
3,
Virginian -a
Feb 439,625
388,999
161,321
106,845
July 1 to Feb 28
4,
005,087 4,536,718 1,570,260 1,988,856
Wabash _ b
Feb 2,183,334 2,049,062
354,329
155.566
July 1 to Feb 28
19,
690,750 20,766,798 4,583,134 4,397,065
Wheeling & Lake Erie_b.Feb 337,229
502.978
32,972
140,877
July 1 to Feb 28
518,203 5,525,931
3,
868,678 1,724,514
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Adirond El Pow Corp _a_Feb
99,574
102,096
48,246
36,967
Jan 1 to Feb 28
211,813
213,888
101,713
77,464
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for miscellaneous charges and credits to income for the
-month of Feb. 1915, total net earnings were $72,850, against $13,997 last
year, and for the period from July 1 to Feb. 28 were $445,663 this year.
against $979,576.
f For Feb. 1915 net income ,after charges, was def. $11,586, against def.
313,717 in 1914, and from July 1 to Feb. 28 was $710,657 in 1915,against
$716,515.
Roads.

Roads.

Revenue from transporta'n
Ow.other than transporta'n
Total operating revenues_
Operating expenses

106,094
4.060
110,155
84,456

116,859
4,535
121,394
92,485

681,062
28,341
709,403
540,178

724,720
27,503
752,223
554.716

Net operating tevenue_ _ _Uncoliect. rev,from trans.. _ Express taxes

25,698
5
3,813

28,909

169,225
5
24,617

197,506

3,737

Net operating revenue._ _ _ $195,302
Uncollectibie rev,from trans.
60
Express taxes
14,582

$274,952
54
17.933

$373,821
230
88,254

$604,336
84
90,282

24,833
21,880
25,172
144,603
172,673
-Month of December- -July 1 to Dec. 31
Southern Express Co.1914.
1913.
1914.
1913.
Total from transportation_..$1,544,698 $1,913,020 36,981,852 $8,054,720
Express privileges
783,872
967,378 3,556,020 4,095,462
Revenue from transport'n $760,825 $945,641 $3,425,831 $3,959,257
Operations other than trans..
28,655
35.537
158,406
173,719
Total operating revenues._ $789,481 $981,179 33.584,237 $4,132,977
594,178
Operating expenses
706,226 3,210,416 3,528.640
Operating income

Operating income

$180,659 $256,965 $285,336 $513.969
December- July 1 to Dec. 311914.
1913.
1914.
1913.
Wells, Fargo & Co.$
$
$
$
Total from transportation_ _ _ 3.590,352 3,054,584 19,580,863 16,894.594
Express privileges
-Dr
1,812,423 1,523,830 10,005,423 8,428,923
Revenue from transports.. 1,777,929 1,530,753 9,575,440 8.465,670
Oper. other than transports..
58,978
61,974
373,410
344,204
Total operating revenues.. 1,839,904 1,589,731 9,948,851 8,809,875
Operating expenses
1,588,482 1,289,486 9,208,641 7,666,393
Net operating revenue_ _ _
231,422
740,209 1,143,481
300,245
Uncollec. rev, from trans.. _ _
2,888
5,309
Express taxes
33,000
35,082
221,041
195,000
Operating income
948.481
513,759
267,245
213,450
December
July 1 to Dec. 311914.
1913.
1913.
1914.
Western Express Co.$
$
$
$
Total from transportation..__
115,428
616,284
105,442
669,078
Express privileges
65,612
331,162
-Dr
56,736
374,479
Revenue from transportaOperations other than trans_

48,705
3.580

49,816
2,823

285,122
19,068

294,598
15,152

Total operating revenues..
Operating expenses

52,286
55,278

52,639
52,133

304,191
325,216

309,751
309,397

Net operating revenue_ _ _ Uncollect. rev,from trans.._
Express taxes

-2,992
1
527

505
705

-21.025
52
6,184

4,628

-3,522

-199

-27,261

-4,274

Operating income

354

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
American Rys Co..__ February - 391,190 383,248
822,304
812,266
Atlantic Shore Ry_ _ _ February - 20,961 18,835
42.861
40,832
Elgin & Chic Ry February _ 130,652 133.794
cAur
274.797
286,555
Bangor Ry & Electric January -- 65,330 63,687
65.330
63,687
Baton Rouge Elec Co February - 13,906 13,748
29,540
28,768
BeltLRyCorp
(NYC) December.. 65,516 66,821
746,674
764,681
Berkshire Street Ry_ February _ 62,068 67,870
132.431
143.438
Brazilian Trac. L & P January __ 1599619016194227 15,996.190 16.194,227
Brock & Plym St Ry_ February _
6,226
5,785
13,688
13,118
Bklyn Rap Tran Syst December.. 2150.306 2208.470 27,145,924 26,570,710
Cape Breton Elec Co February _ 23,349 25,285
52,493
55,083
Interest ()harems and Surplus.
Chattanooga Ry & Lt January __ 81,330 99.233
81,330
99.233
-Int., Rentals, &c.- -Bat, of Net Earns.
- Cleve Painesv & East February _ 25,260 24,813
52,972
53,627
Current
Previous
Current
Cleve Southw & Col.. February _ 83.791 82,929
Previous
177,105
176,981
Roads.
Year.
Year.
Year.
Year.
Columbus(Pa) El Co February _ 55,777 53,510
116,544
109,495
45
$
$
Colum (0) Ry.P & L. January __ 274,752 272.026
$
274.752
272,026
gComwthYPow,Ry&L February 1140.832 1133,879 2.382,734 2.362.456
Bangor diAroostook____Feb 117,029
112,882
x40,872 zdef78,00
February - 556 153 535.364 1.160.616 1.127.188
i,,...„ July 1 to Feb 28
906.228
903,709
x23,150 zdef30.056 Connecticut Co




THE CHRONICLE

APR. 10 1915.1
Lafest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

ANNUAL REPORTS

Previous
Year.

s
Consum Pow (Mich)_ January
328.920
328.920 318.067
318.067
Cumb Co (Me)P & L January __ 194.212 184.5(v)
184.509
194.212
Dallas Electric Co__ February
384.137
149.396 183.066
328,750
Detroit UniLed Lines February _ 892,495 841,584 1,848,769 1,791,886
1) D E U & Bat (Rec) December. 41.288 48.223
510.850
595.498
194.413
Duluth-Superior Trac February _ 90.591 92,523
189.695
East Si Lolls & Sub. January __ 206.162 231.944
206.162
231.944
101.935
105.052
Eastern Texas Elec__ February _ 48.408 50.038
171,642
El l'aso Electric Co__ February _ 79,240 89,664
182.377
42d St M & St N Ave December. 160,648 160.963 1.875.088 1,904.104
372.328
310.940
Oalv-Hous Elec Co_ February
148,941 175,051
104,728
Grand Rapids Ry
104.728 102.585
rantiary
102.585
Harrisburg Railways. February _ 72.400 71,188
151,773
151.021
Havana El Ry, L & P
(Railway Dept)___ Wk Apr 4 46,435 55,095
746,943
695,250
Honolulu it T & Land Feoruary _
49,836 54.88'
104,888
96,55o
Houghton Co Tr Co. February _
18,765 20.946
38.781
43.083
bIludson & Manhat_ February - 444,422 451,276
938,331
917,614
January __ 967.195 940,540
Illinois Traction
940,540
967,195
Interboro Rap Tran February _ 2707.690 2768.498 5.586,422 5,702.367
Jacksonville Trac Co February
48.521 56,778
119,323
103.282
18.250 18.756
Keokuk Electric_ _ February _
38.733
39.950
Key West Electric.... February _
9.206 11.110
22.896
19.354
Lake Shore Elec ity_ February _ 89,201 90,021
195,510
187,837
Lehigh Valle.% l'ra.nsii
nuary__. 160.720 141.176
150.720
141,175
Lewist Aug & Water. faimarv _ _
49.527 45.29r
45.299
49.527
Long island Electric_ December. 16,459 16.745
245,152
245.999
Louisville Railway. February
222,767 236.672
446.158
495.287
Milw El Ry & Lt Co. February - 486.608 501.267 1,023.087 1.029.922
Milw Lt, lit & Tr Co February
229.849
106,200 110.509
220.766
Nashville Hy & Light January
197.278 197.893
197 893
197.278
NY City Interboro__ December. 57.733 54,578
619,156
666.129
NY & Long Island__ December. 31.649 31.230
416,226
412.657
N Y & North Shore.._ December_
169.035
12.453 12,755
164.283
N Y & Queens (7o._ December_ 105.211 108.787 1,359.707 1,385.391
New York Railways. December_ 1131.229 1197.935 13,497,143 14,202,963
N Y & Stamford Itys February _
21,129 19,731
44,200
42.319
N Y Westchest & 13oF February _
67.701
32.206 25,708
55.014
Northampton Trac. December
13.690 15.210
183.378
188.880
Nor Ohio Trac & Lt.. February _ 260,451 248.006
518.967
541,290
North Texas Electric February _ 121.300 155,975
329,068
265.972
Northw Pennsylv Ity February _
24,516 23.610
48,776
49.975
Ocean Electric (L I). December_
5.107
5.559
160,663
154,109
Paducah Tr & Lt Co. February _ 23.986 26,244
50.059
51.914
Pensacola Electric Co February _
19.989 22.287
40,221
45.988
Phlia it,p Transit._ February _ 1833,778 1779.010 3.832,173 3,785.537
Port(Ore)ity.L&PCo. January _ 489,713 582.610
489.713
582,610
Portland (Mel RR.. January __ 73.370 72.159
72.159
73.370
754.035
Puget Sound Tr 'AAP January __ 670.885 754.035
670.885
Republic Ity & 1.ight December 276.879 295 137 3.033.436 2.997.670
Rhode Is!au'l Co. _
753,821
762.393
webruary _ 358,756 358,331
Richmond Lt & RR. December. 27,573 26,904
391,392
385,622
StJoseel)(Nto. Fly. Lt.
329,860
Heat & Power Co_ March ___ 106,233 106,168
323,635
76.253
36,073 35,638
Santiago El Lt & Tr_ February _
73.139
Savannah Electric Co February - 64,995 66,654
135,585
139,115
917,935 1,042,628
Second Ave (Rec)___ December. 68,303 79,336
Southern Boulevard_ December- 17,496 18,082
223,867
211.093
Staten Isl Midland__ December_ 20,040 20,257
321,808
312,152
168,250
Tampa Electric Co__ February82.890 80,357
160,515
December. 330,462 358,368 3,943.475 4,083,658
Third Avenue
Toronto Street Ry
February
440,313 471,273
911,539
973.116
Twin City Rap Tran_ 4th wkMar 253,373 235,219 2,256,811 2,160,020
Union Ry Co of N Y C December. 219.564 221,163 2,864,202 2.746,208
Virginia Ry & Power_ February _ 392.389 387,168
828.585
828.990
Wash Bait & Annap_ January __ 55,9411 57,690
55,941
57,690
Westchester Electric_ December. 45,376 44,600
604,887
591.739
Westchester St RR February _
16.080 14.909
33.474
32.422
Western Rys & Light December 245,807 237.170 2.694.234 2,570,746
Yonkers Railroad
December_ 60.463 59,314
721,750
700.710
York Railways
'February _ 61,887 62.465
128,098
130.793
Youngstown & Ohio_ February _ 22,409 19.256
44,939
40.917
Youngstown & South January __
12,576 12.554
12,576
12,554
b Represents income from all sources. c These figures are for conso /1
dated company. I Earnings now given in mikels. g Includes constitu. n
companies.

Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:

1249

Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of March 27. The next will appear in that of April 24.
Vandalia Railroad.
(10th Annual Report—Year ended Dec. 31 1914.)
Pres. J. J. Turner, Pittsburgh, March 17, wrote in subst.:

Results.—The income statement reflects the unsatisfactory business conditions in the territory served by your lines, the depression increasing re
the year progressed, and resulting in the curtailment of the demand for
bituminous coal, which in normal years furnishes about 50% of your total
tonnage. [Total bitum. coal ca.ried in 1914. 5,028,768 tons, a decreeof 423,108 tons.] There was a large increase in the volume of food stuffs;
this increase was more than offset by the decrease in shipments of manufactured articles and building materials.
The total operating revenues were $11,006,672, a decrease of $519,611.
The railway operating income was $1,774.890, a decrease of $206,617. and
non-operating income was $85,484, a decrease of $17,841, so that the
gross income was $1.860,374, a decrease of $224,457. Deductions increased
$144,802, the principal item being in hire of equipment, which was S109.690
greater than in 1913.
The net income was $282,559. a decrease of $369,259, of which $170.214
was appropriated for the consol. M.sinking fund, an increase of $25.312.
and the balance $112,345, equal to 0.77% on outstanding capital stock, or
0.32% on investment in road and equipment, was transferred to the credit
of profit and loss account. In view of this small return the company could
not pay a dividend. (V. 99. p. 1750).
5% Rate Case.—Early in 1913 it was evident that the financial condition of the railroads would be seriously affected by reason of expenditures for increased wages of employees, obtained through Federal arbitration, the continual increase in taxes, and other State and Federal Governmental requirements. An application was therefore made to the I. S. C.
Commission for an increase of 5% on all inter-State freight rates. In the
latter part of 1914 the Commission granted this increase partially, but
denied it on coal and other heavy commodities constituting something over
50% of our tonnage transported. While it was possible to increase the
inter-State rates on a portion of the tonnage,very many of the increases
could not be made without interference with the intra-State rates in Indiana and Illinois, permission to increase which has not yet been granted
by the utility commissions of those States.
Road and Equipment Expenditures.—These during the year amounted to
$358,965, of which $176,817 was expended on road, $91,069 for increased
weight of rail, track material, bridges, &c., $40,343 for additional yard
and station facilities at Bicknell to take care of the increasing coal traffic
in this district, $45,405 for street paving at Terre Haute, water station
facilities at Bushrod and additions to stations and station tracks at various
points. while $182,148 was expended on equipment, chiefly on account of
cost of acquiring 100 refrigerator cars.
Joint Guaranty of Indianapolis Union Railway Co. Obligations.—See a
subsequent page.
Terre Haute & Peoria RR.—This line, operated under 99-year lease, (its
gross and net earnings being included in the income account below), shows
an increase in revenues of $50.151 and a consequent increase in the rental
30% of operating revenues, of $15,045. The result to your company in
operating the road show a loss for the year of $271,150, an increase of $18,5(3, as compared with 1913.

OPERATIONS AND FISCAL RESULTS,
Vandalia RR.—
All Lines-.
Freight—
1914.
1913.
1914.
744.30
Miles of road operated__
709.81
x910.05
x873.'56
1915
$6.754.510 $7,206,241 $7,364,711 $7,760,963
Freight earnings
;872) 10,662:0913
2
(66.02)
(6 1
6
)
Per cent of total earns
9,613,509 10.276
11,167 3 )
Tons carried
(5
6
( 4.4C38
6
Tons carried one mile_ _ _1085658529 1091558126 1193096783 1177660718
9,075
$10,152
Earns, per mile of road_
$8,8(4
.622 cts.
.660 cts.
.659 cte„
Earns, per ton per mile_
.63 , 8
18 ct 3
7 99.
t.
r
.534 cts.
.543 cte.
.520 cts.
Av. cost per ton per mile .516 cts.
405.78
Avge. train-load (tons).
381.24
$2,525
$2.595
Earn. per rev. fgt. tr. m.
$3296.44478
Passenger—
$2,289,252 $2,343,718 $2,418,129 $2,4$2. 12
Passenger earnings
7 . 92
65
9
2,681,294
2.862.488 2,972,809
Passengers carried
3,170.141
Passengers carried 1 m_106,975,178 109,714,346 113,157,974 116.099,186
2.137 cts.
2.134 cts.
Av.earns. p. pass. p. m_ 2.140 cts. 2.1
$1.271
31
$6.ct22s8.
$1.220
$1.186
Earns. per pass. p. tr. m.

—Gross Earnings— —Net Earnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
704,003
British Columbia El_ _ _ _Feb 558,512
89,325
190.255
5.197,908 6,034,831 1,156,982 1,627,616
July 1 to Feb 28
x Including Terre Haute & Peoria RR.. 165.75 miles.
Carolina Pow & Lt Co (incl. Asheville Pow & Lt Co and the Yadkin River
Power Co)--- -ACCOUNT FOR YEARS ENDING
111,065
94,701
February
62,638
45,899 GENERAL INCOME DIRECTLY OPERATED (incl. T. H.DEC. 31 FOR
& P.)
ALL LINES
1,306,804 1,153,676
Mar 1 to Feb 28
636,593
561,487
*Comparison of items so marked is inaccurate, the figures having been
25,260
24,813
8,666
Cleve Painesv & East.a.Feb
8,580
years; the final results, however, remain
somewhat changed in later
52,972
53,627
Jan 1 to Feb 28
19,359
20,600
unchanged.)
841,585
Detroit United By 1,..._Feb 892,495
255,043
228,584
1912.
1911.
1913.
1914.
Earnings—
1,848,769 1,791,886
Jan 1 to Feb 28
514,202
496,042 Freight
$7,364,711 $7,760,964 *$7,258,719 *$6,424,360
2,418,129 2,476,992 2,388,768 2,414,418
Passenger
Hudson & Manhattan
287,814
*292,304
*270.965
273,788
444,422
Feb
451,276
(All sources)a
256,450 • 263,371 Other transport. revenue
247,119
197,261
*89,981
*78,638
Miscellaneous
917,614
938,331
Jan 1 to Feb 28
530,206
545,773 Mail
524.713
503,197
470,039
537,291
89,201
90,021
228,070
Lake Shore El By Sys.a.Feb
250,197
248,898
244,655
20,466
26,200 Express
187.837
195,510
Jan 1 to Feb 28
46,992
63,209
Total oper. revenue-_311,006,672 $11,526,283 $10,748,709 *$9,970,327
106,168
& Pow_ _Mar 106,233
St Jos Ry Lt
48,412
46,372
329,860
Jan 1 to Mar 31
323,635
Expenses—
159,619
148,419
$1,490,887 $1,669,839 $1,398,004 $1,419,064
Maint. of way, &c
1,880,471
a Net earnings here given are after deducting taxes.
Maint. of equipment _ - 2,255,126 2,306,174 2,116,084
287,493
314,895
293,202
312,599
Traffic
b Net earnings here given are before deducting taxes.
4,410,473 4,500,303 4.142,960 3,952,816
Transportation
*219,424
404,387
*234,555
383,755
General & miscellaneous
383,416
369,811
357,995
332,458
Taxes, &c
Interest Charges
Roads.

and Surplus.

—Int., Rentals, &c.— —Bat. of Net Earns.—
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.
Year.
$
$
$
$
Carolina Pow & Lt Co (Incl Asheville Pow & Lt Co and the Yadkin River
•
PoWer Co)—
34,217
February
31,932
28,421
13,967
397.566
Mar 1 to Feb 28
377,193
239,027
184,294
10,939
Cleve Painesv & East...._Feb
10,829
def2,274
def2,248
21,900
Jan 1 to Feb 28
21,618 def2,541
def1,018
Feb 182,864
Detroit United By
184,128
z90,171
274,695
365,397
Jan 1 to Feb 28
360,893 z184,995 z187,362
Hudson & Manhattan
__ Feb 210,607
(All sources)_ _ _ _
206,777
45,843
56,594
421,734
Jan 1 to Feb 28
416,062
108,472
129,711
35,991
Lake Shore El Ry Syst_Feb
35,284 def15,525
def9,084
71,917
Jan 1 to Feb 28
70,342 def24,926
def7,133
20,833
St. Jos By.Lt, Ht& Pow Mar
20,320
27,579
26,052
62,499
Jan 1 to Mar 31
60,586
97,119
87,833
z After allowing for other income received.




Total
Net earnings
Other income

$9,231,782 $9,544,777 $8,527,669 n8,131,963
$1,774,890 $1,981,506 *$2,221,040 *$1,838,364
85,484
103,325
112,748
123,238

$1.860,374 $2,084,831 *$2,333,788 n1,961,602
Gross income
$251,804
$238,920
$223,875
$263,306
Lease of other roads...
316,628
206,937
84,811
130,398
Hire of equip.—balance.
224,791
201,488
*154,420
*165,267
Joint facilittes,&c., rents
796,128
797,100
804,270
787,626
Bond interest
4,585
*10,410
*15,276
Miscellaneous
9,851
144,901
176,654
178,239
Sinking fund, &c
170,214
(4)584,556 (4)584,556 U)401,684
Dividends
(2
Total deductions..___ $1,748,029 $2,162,470 n2,059,755 *$1,958.440
Balance, sur. or def._ _sur.$112,345 def.$77,639sur.$274,033 sur.$3,162

Year
1914
1913
1912
1911

EARNINGS OF TERRE HA[IRE & PEORIA RR.
Net Rental,30% Rents&hire Balance,
Gross
°peer,
of equip.
Loss.
Gross.
Earns. Expenses Earns.
$776,402 $758,955 $17,447 $232,921 $38,229 $271,150
37,327
252.577
2,625 217,875
726,250
723,625
746,583 62,763 242,803 42,005 222,045
809,346
254,305 53,615 272,879
812.643 35,041
847,684

1250

THE CHRONICLE

BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
• Assets$
Liabilities$
$
Road & equipm't _35,368,302 34,995,831 Stock *
14,649,516 14,649,516
Mortgage bonds_ A9,083,000 19,256,000
loves.in affil. cos.
230,567 Equip,trust oblig_
230,567
Stocks
44,819
89,638
69,000
69,000 Traffic, &c., bal._ 208,791
Bonds
262,303
223,234
266,352 Accts. & wages_ _ _ 623,454
Advances
504,542
4 Matur.int.& divs.
9,629
49,605
Other investments
50,090
Misc. phys. prop..
62,829
62,829 Unmat. int., &c__ 388,692
432,703
1,205,454
Cash
933,290 Taxes
358,315
358,872
Loans & bills rec.
200,000 Miscellaneous..
134,242
140,844
Special deposits __
49,605
50,090 Deprec'n (equip.). 773,014
479,719
Traffic, &c., bal _
: 251,001
234,424 Def'd, &c., items51,846
55,958
Agents & conduc, 288,764
320,196 Add'ns to prop'y
Materials & supp_ 952,086
863,223
since June 30'07 1,154,279 1,154,279
Miscellaneous.___ 350,405
402,117 Fund, debt retired
Unadjusted debits 149,487
214,219
through income
and surplus_ _ _ _ 784,906
619,349
Profit and loss_ _ _ _ *905,884
788,328
Total
39,210,363 38,842,141
Total
39,210,363 38,842,141
* Includes common stock, $14,613,950, and stock liability for conversion
of outstanding securities of constituent companies, $35,566.
a After adding sundry net items aggregating $5,210.-V. 99, p. 1750.

The Toledo & Ohio Central Railway.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Alfred H. Smith, N. Y., says in substance:

[VOL. 100.

BALANCE SHEET DEC. 31.
1914.
1913.
1914.
LiabilitiesAssets$
$
$
Road & equipm't_26,224,948 23,558,576 Stock, common __ 6,500,000
Stock, preferred__ 3,708,000
Inv. in OM.cos.8,371,817
556,840 Bonds (see "Ry.&
Stock
Ind." Section).. 8,500,000
2,000,000 2,000,000
Bonds
3,726,523
trusts
Car
333,0001
Notes
14,791
250,000 Loans & bills pay_10,219,012
Advances
Vouchers & wages 844,932
Other investm'ts1 256,250
79,925
10,643 Matured int. unp_
Misc. phys'l prop.. 151,351
888 300 Miscel. accounts.... 1,318,418
Secs.held in treas. 888,300
473,909 Z. 4, W. deficit_
Materials & supp_ 385,671
Cash
676,7921 746,861 Accrued int., divs.
82,300
and rents
Special depos__ _ _ 292,2431
88,853
345,367 Def'd credit items
Loans 8, bills rec..
Agents & conduc_ 114,010
171,750 Deprec'n (equip.). 766,151
54,253
Traffic, &c., bals_ 163,587
111,108
Road
30,933
Mace'.accounts.._ 516,694
593,771
Mis. phys. prop.
Int., &c., receiv__ 813,573
733,333 Approp'd surplus.. 1,332,583
Unadj. debits,&c_ 400,321
91,294 Profit and loss...... 4,356,465

1913.

s

8,500,000
2,044,138
1,500,000
803,268
83,035
174,895
929,366
100,142
25,377

1,332,583
4,830,948

Total
41,608,348 30,531,752
41,608,348 30,531,752
Total
z After deducting 3167,868 for sundry adjust'ts, net.
-V.100,p.1169,399.

Green Bay & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1914.)

•
1914.
1911.
1912.
1913.
Freight
$526,003
5436,949
$513,983
5520,781
Passenger
185,133
165,331
175,494
173,268
65,194
58,204
68,260
67,454
-The total operating revenues were $4,930,626, a decrease of Mail, express & miscell_
Results.
Total earnings
$776,330
$757,737
$1,100.804. Freight revenue decreased $1,034,013. There was a de$660,484
$761,502
$148,341
crease in bituminous coal traffic of 1,306,967 tons, principally due to the Maintenance of way,&c. $145,844
$148,829
$125,379
124,587
suspension of coal mining in the Ohio fields during April, May, June and Maintenance of equip't_
101,303
88,905
72,768
6.658
5,124
July and in the West Virginia fields during a considerable part of the same Traffic expenses
5,369
5,221
225,873
225,981
There were decreases in coke and ore (of 188,537 and 78,476 tons, Transportation expenses
230,493
period.
203,921
22,985
26,604
General expenses
28,460
respectively), &c., due primarily to the general business depression.
22,541
Owing to the late date on which the increases granted in freight rates in
$507,353
$478,605
Total oper. expenses.. $525,947
$453,280
Central Freight Association territory became effective and the exclusion Net earnings
$250,383
$250,384
$282,897
$207,204
therefrom of the principal commodities hauled by this road, the revenues Miscellaneous earnings..
50,486
34,507
39,260
33,982
were not materially affected by such increases. With the subsequent
$284,891
$322,157
$300,869
$241,186
Total
advances granted in eastern territory, however, it is estimated that the
$54,009
$47,923
$61,700
$43,366
company will be benefited by an increase of approximately 1M % in its Taxes, rents, &c
26,000
27,000
28,000
gross freight•revenues. A revised classification of accounts having been Add'ns & betterments.._
$248,234
$203,882
$197,820
$211,169
promulgated by the I. S. C. Commission, effective July 1 1914, a reBalance
$30,000
$30,000
$30,000
$30,000
adjustment of the figures for the first six months of 1914 and for the entire Paid on deb."A," 5%.
125,000
125,000
125,000
Paid on stock, 5%
125,000
year 1913 has been made for purposes of comparison.
%)52,500 (%)43,750 (13i)87,500 (34)35,000
Operating oxpenses decreased 3674,356. The heavy decrease ($230,586) Paid on deb."B"
in maintenance of way expenses was due to retrenchment made necessary
$242,500
$198,750
$190,000
$207,500
by adverse business conditions.
$5,132
$5,734 sur.$7,820
$3,669
Balance
An increase of $208,186 is shown in non-operating income, in which is
GENERAL BALANCE SHEET DEC. 31.
included dividends of $226,927 received from stock of the Kanawha &
1914.
1913.
1914.
1913.
Michigan Ry. Co., which we purchased during the year. (V.99, p. 1053.)
Liabilities$
$
Assets$
Deductions from gross income increased 3520,640, the principal items of
2,500,000 2,500,000
increase being hire of equipment-debit balance ($236,189, against $156,321 Construe. dc equip__9,892,087 9,892,087 Capital stock
600,000 660,000
in 1913). joint facility rents, deficit from operation of Zanesville & Western Add'ns & betterm ts 254,395 209,017 "A" debentures
30,674 "B" debentures -__ _7,000,000 7,000,000
Railway (the loss being $254,499, against $86,784 in 1913), and interest Materials & supplies 32,588
21,492
22,922
6,000 Pay-rolls
Coal account
3,600
on unfunded debt (of $263,483, against $46,520 in 1913).
28,939
23,450
2,364 Accounts payable....
32,770
The net corporate loss for the year was $306,616 (contrasting with sur- Tie account
34,500 Replacement funds_ 183,944 163,401
Cash
39,515
plus of $441,227 in 1913)•
8,231
13,027
Treasurer
312,872 339,839 Due to railways.There were used for renewals on main track 211,740 ties (about 30%
8,676
6,303
9,891 Dividends unpaid.creosoted) and 1.224 tons of 90-1b. and 1,783 tons of 80-1b. new steel rails. General Auditor.. _ _
366
1,034
8,990
11,183 Sundry accounts__ _
Additions, &c.
-The viaduct at Parsons Ave., Columbus, was opened Due from agents
207,500 198,750
30,838 Divs. due Feb
for traffic Nov. 14 1914 thus fulfilling contracts with the City of Columbus. Due from RR. cos_ 36,349
53,000
Expenditures for additions and betterments aggregated $209,650, includ- Stocks and bonds._ 145,578 142,578 Add. through income 81,000
16,898 Profit and loss
Old rail account......_ 10,800
*160,662 156,757
ing $140,311 for crossings and signs.
24,963
6,477
Equipment.
-There was charged to equipment account $1,920,765, *Miscellaneous
chiefly in connection with the acquisition of 2,300 general service gondola
10,800,81010,732,347
Total
Total
10,800,81010,732,347
cars (equipment trust of 1913) for $1,986,667, less (net) itemsretired,etc.
a After adding $235 for adjustments in 1914.-V. 100, p. 1168, 397.
Out of $24,000,000 of certificates authorized under N. Y. Central Lines
trust agreement dated Jan. 1 1913, there were issued to Dec. 31 1913 an
United Gas & Electric Corporation.
aggregate of $15,494,000, of which our pro rata allotment was $1,128,138.
During 1914 36,944.000 additional certificates were issued. The cost
(Report for Fiscal Year ending Dec. 31 1914.)
of the equipment assigned to this company in connection with the issue
of these latter certificates is approximately $2,156,137 50 and its pro rata
The report will be found at length on subsequent pages,
amount of certificates, representing not over 90% of cost, is $1,929,636.
Presi▪dent Bullock, the consolidated
-To provide for its current requirements and to purchase including the remarks of
Demand Notes.
89,478 shares of the capital stock of the Kanawha & Michigan Ry. Co., balance sheet, surplus account, statement of earnings, inthis company issued during the year its demand or one-year notes in an cluding equity in net earnings from subsidiary companies,
aggregate amount of $8,719,012.
whether actually received as dividends or not, and also the
CLASSIFIED TONNAGE.
comparative results of operati▪on of subsidiary companies for
•
Agri- -Products of--- Manzi- Bituminous Ores,
Mdse.
p. 266-7.
•
culture. Animals. Forests. factures. Coal.
Coke, &c. &Misc. several years. Compare V.
1914.-499,200 66,945 178,177 604,359 5,012,128 601,143 155,781
Below we give a comparative statement of earnings for
1913..483,0l6 71,518 211,913 665,694 6,319,095 845,037 147,328
1912 _.A23,077 75,088 226,116 662,230 5,392,013 823,488 128,193 two years and a comparative balance sheet.
1911 -A05,960 64,925 232,097 643,168 4,874,460 570,435 132,441
STATEMENT OF EARNINGS YEAR ENDING DEC. 31.
[Including equity in net earns, of sub. cos., whether received as divs. or not.
TRAFFIC STATISTICS.
1913.
1914.
1914.
1913.
1914.
1913.
$851,680 $326,022
1912.
xNet earnings...... _$1,333,3171$1,184,435 Balance, surplus
1911.
Amt. added to surplus
Miles operated
446
443
443
443 Int.on notes,&c.,pay. 74,8151
of sub. cos. not deOperations
$1,258,502 $1,184,435
dared as dividends_ r403,556 308,251
No. passengers carried.... 1,104,290
1,157.804
1,109,206
Balance
1,223,094
Pass. carried one mile.._ 34,798,118 36,494,637 34,337,799 39,999,635 Apprec'n of prop_ y50,000
Rev, per pass. per mile_ 1.765 cts.
1.775 cts.
1.799 cts.
1.592 cts.
$1,308,502 $1,184,435
Tons moved (revenue)_.. 7,117,773
8,743,601
7,730,205
Total
6,923,486
Tons moved!mile (rev.)945,054,789 1230348,555 1028863,434 931,938,059 Interest on notes.. $317,550 $302,225
0.425 cts. 0.410 cts. 0.433 cts. 0.437 cts. 1st pref. dividend_ z139,272} 556,188 Add'n to surp, of the
Rev, per ton per mile..
U. G. & E. Corp.
Avge. train-load (tons)_
643
652
563
555 2d prof. dividend.. z
arising from current
$0.94
Earn. per pass. train m..
$0.91
$0.86
$0.84
operations
$448,124 $17,771
Earn, per fgt.-train mile
$2.73
$2.67
*52.44
Balance, surp_ _ $851,680 $326,022
$2.43
$11,048
Gross earnings per mile..
$13,620
*512,110
x Direct earnings (less expense) of the U. G.& E. Corp. and net earnings
$11,210
of its sub. cos., after deduction of dive. on their pref. stocks, incl. the equity
INCOME ACCOUNT YEARS ENDING DEC. 31.
of the direct sub. cos. in the operations of their respective sub. cos. calcu-The items marked * having been changed in 1913 for purposes lated on the basis of their holdings at the end of the period. Includes also
Note.
of comparison with 1914 figures, the comparisons of those items with pre- the earnings accruing to the U. G.& E. Corp. through its holdings of corn.
vious years' figures are inaccurate; the final results, however, remain un- stock of the Internat. Trac. Co., which, however, cannot be realized in the
form of divs. until arrears of divs. on the pref. stock of that company are
changed.
declared and paid. In addition the company has also received during the
1914.
1913.
1912.
1911.
Freight revenue
year $150,000 as income on its investments in the Internat. Trac. Co.securi$4,013,876 $5,047,889
Passenger revenue
614,239
647,688 $5,378,243 $4,951,594 ties under guaranty expiring April 1 1915. y Appreciation in value of cerMail, express, &c
tain properties still held by the corporation or its sub. cos. z The divs, on
174,873
177,407
Incidentals
the 1st and 2d pref. stocks, $650,706, accrued but not declared, have not
127,638
158.446
r Out of the $403,556
taken into
Total oper. revenues.. $4,930,626 $6,031,430 $5,378,243 $4,951,594 been there were account.during the year variousadded to surplus of sub.
charged
amounts on account of
cos.
$809,405 $1,039,991
Maint. of way & struc
extraordinary expenditures not directly applicable to the operations for the
997,534
Maint, of equipment.._ 1,174,098
year, of which the proportion corresponding to the holdings of the U. G. &
Traffic expenses
91,763
94,235 $3,909,826 $3,668,451 Elec. Corp. is $269,720.
1,982,043
Transportation
2,256,409
CONSOLIDATED BALANCE SHEET DECEMBER 31.
146,758
General and miscel_ _ _ _
137,126
Elec. Corp. and United Gas & Elec. Eng. Corp.
Total
$4.027,503 $4,701,859 $3,909,826 $3,668,451 Includes United Gas &
1913.
1914.
1914.
Net operating revenue.._
$903,123 $1,329,571 $1,468,417 $1,283,143
1913.
$
$
LiabilitiesAssets1,752
$
Uncollectibles
S
Taxes accrued
265,676
258,487
252,577
246,237 Inv. in stocks *.._ _24,145,577 23,275,381 1st pref. stock out. 9,284,800 9,284,800
Am.Cities com.stk15,526,000 6,912,400 2d pref. stock out,11,644,500 5,184,300
Operating income
635,695
1,071,084
1,215,840 a1,036,906 Paym'ts acc't stk.
Com,stock out__ _12,254,220 10,074,820
Other Income
78,000 3-yr.5% sec. notes 6,438,000 6,264,000
subscriptions..
Hire of equipment
70,548
11,741 Other investments
1,100
1,100 Notes payable_ ___ 844,950
723,780
226,928
Dividends received
625,910 Note int. accrued_
notes *
80,475
78,300
186.998
Miscellaneous
205,740
*187,462
*174,363 Coupon
13,271
7,401 Pref. divs. accrued
Office fixtures, &c.
:089
272
Gross corp.income.. . $1,049,621 $1,276,824 *51,473,850 *51,223,010 Demand notes *_.. 347,899
91,816 Due substd'y cos__ 289;041
142
39
Deduct
523,749 Miscellaneous...._
417,400
Open accounts s.... 436,847
158,576
$236,189
Hire of equipment
$156,321
56,780
11,084 Discount
Divs. accrued *
43,745
24,895
Interest on bonds
496,240
490,485 *3483,785 . *5472,102 Deferred items,&c.
51,797
38,824 Surplus
56,200
498,090
263,483
Other intetest, &c
46,521 I26,013
Miscellaneous.... _ _ 195,473
100,748
Joint facility rents
48,181
*49,602
*63,375 Cash(incl.$514,496
5,078
Other rents, &c
7,305
to retire bonds
Deficit of Z.& W.Ry
254,499
86,784
*82,032
78,319
742,803
817,028
of a subsid. co.)
Preferred dividend
(5)185,070 (5)185,070
Common dividend
(5)292,315 (5)292,315
41,517,547 32,408,706
Total
Total
41,517,547 32,408,700
Additions & betterments
131,829
* Of the subsidiary companies. The corporation also has contingent
)11 Total deductions ____ $1,356,237
$835,597 n1,092,804 *51,223,010 liabilities, viz.: (a) In respect of its guaranty or $1,537,300, par, of the 5%
Balance, surp. or def_def.3306,616 sur.$441,227sur.$381.046
gold bonds of The Wilkes-Barre Co., and as endorser of $32,198 notes.




99,

•

6,500,000
3,708,000

EARNINGS OF SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
*Net Earnings--GrossEarnings1913.
1914.
1913.
1914.
Companies882,066
$48,056
$172,323
$120,453
1 Altoona G.L.& F
92,298
77,121
232,953
245,984
2 Citizens' G & F
259,101
235,791
538,757
538,874
3 Colo. Sp. L. H.& P
418,009
1,015,053
1,109,060
467,556
4 Elmira W. L. & RR
284,478
274,281
608,714
644,447
5 Hartford City G. L
60,612
56,251
210,644
201,049
6 Leavenworth L. H & P
67,425
68,306
269,595
275,669
7 Lockport L. H.& P
66,308
13,384
181,052
149,910
8 Richmond L. H.& P
346,411
352,538
635,818
666,371
9 Wilkes-Barre Co
428,419
435,336
1,015,407
1,010,998
10 Conestoga Traction
223,473
246,331
422,343
456,883
11 Edison Electric
100,590
106,319
194,778
208,436
12 Lancaster G. L. & F
9,154
9,699
23,779
25,228
13 Columbia Gas
171,225
158,011
313,166
334,719
14 Consumers' El. Lt. & P
321,346
242,803
480,688
603,719
15 Harrisburg Lt. & P
444,229
184,159
174,599
481,749
16 Houston G.& F
2,735,148
2,603,770
6,760,581
6,694.443
17 International Traction
174,601
179,224
72,921
77,168
18 Union Gas & Electric
19
20
21
22
23
24

Total
Birmingham Ry. L. & P
Houston Lighting & P
Knoxville Ry.& Lt
Little Rock Ry.& El
Memphis Street Ry
New Orleans R.& Light

$14,013,354 $13,628,343 $5,867,970 $5,682,493
$3,217,826 $3,214,338 $1,295,221 $1,231,667
773,346
765,911
391,542
374,707
902,655
882,813
420,630
412,665
873,972
894,460
427,571
402,086
787,023
2,005,963
1,998,364
842,678
2,773,661
7,048,343 6,924,426 2,849,249

$14,822,105 $14,680,312 $6,176,606 $6,032,094
Total
Total all companies
$28,835,459 $28,308,655 $12,044,576 $11,714,587
*Net earnings after deducting operating expenses, maintenance and taxes.
Fixed Charges of Dividends on
Burp. Applic.to Corn.
Companies Foregoing Companies.
Divs. & Renewals.
Preferred Stock.
Above-1914.
1913.
1914.
1913.
1914.
1913.
$34,816
1
$5,306
$41,250
$41,250
$6,000
$1,500
35,650
53,186
2
41,472
39,112
63,669
37,967
60,000
3
135,433
60,000
137,823
116,254
115,944
34,150
91,143
4
260,468
267,604
189,440
190,478
60,000
60,000
.5
24,841
14,000
22,501
26,817
33,795
6
33,750
22,958
12,769
45,348
54,656
7
20,602
4,000. def36,032
41,707
49,416
8
118,173
112,946
233,465
234,365
9
60,854
89,594
48,000
11,097
326,482
327,728
10
163,790
175,884
59,682
11
70,447
75,374
81,103
25,216
25,216
12
5,271
5,817
3,883
3,883
13
50,864
31,250
59,601
35,000
75,897
76,624
14
75,000
97,569
40,590
75,000
127,214
148,777
15
34,611
28,000
83,907
83,650
62,949
85,840
16
200,000
200,000
711,768
669,045
1,823,381 1,734,725
17
17,500
13,250
40,498
15,920
23,419
39,501
18
Total
19
20
21
22
23
24

1251

THE CHRONICLE

APR. 10 1915.1

$3,459,238 $3,308,260
$730,791 $669,781
82,139
87,791
197,793
204,008
169,633
178,353
508,364
539,283
1,740,747 1,720,432

$585,851
$210,000
45,000
125,000
499,750

$559,650 $1,822,881 $1,814,583
$210,000 $354,430 8351,885
286,916
309,403
208,658
222,837
45,000
178,732
212,939
125,000
178,396
153,659
499,750
608,751
553,479

$3,480,973 $3,348,142 $879,750 $879,750 $1,815,883 $1,804,202
Total
Total all co,s_$6,940.211 $6,656,402 $1,465,601 $1,439,400 $3,638,764 $3,618,785
-V. 100, p. 1080, 735.

• American Cities Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The report will be found at length on subsequent pages,
including the remarks of President McCloskey, the income
and profit and loss accounts, the combined income statement
of the constituent companies for a number of years, description of constituent companies,&c. Compare V.99, p. 266-7.
Below we give the comparative income account of the
American Cities Co.for 3 years and the comparative balance
sheet for 2 years.
COMPARATIVE INCOME ACCOUNT OF AMERICAN CITIES CO.
FOR YEARS ENDING DECEMBER 31.
[Showing also undivided earnings of sub. companies for each year.]
1914.
1913.
1912.
$1,887,797 $1,814,838 $1,832,336
Dividends on securities owned
12,546
10.448
Interest on bank balances
18,447
receivable, etc.
9,333
23,441
Interest on bills
30,806
19,000
1,583
Contract for services
$1,928,676 $1,850,310 $1,881,589
Total receipts
85,724
57,624
55,094
Operating expenses and taxes
9,144
Interest on advances from sub-cos_ _-Net earnings
Bond interest
Preferred dividends (6%)

$1,833,808 $1,792,686 $1,826,495
500,000
500.000
500,000
1,233,210
1,233,210
1,233,210

269,232
124,600
128,792

491,207
stock-16,204,700 16,264,700
-year 5-6% coll.
7,253 8
trust bonds_ _10,000,000 10,000,000
Int.&divs.(contra) 871,677
870,325
Due to sub. cos__
148,746
Accts. payable,&c.
2,522
159 Employees' subsc_
22,643
870,325 Profit and loss_ _ _
291,465
194,994

Bonds.
-The company issued and sold during the year (a) at a discount
of $200,000, $1,000,000 Consol. Mortgage 4% bonds, to redeem $500,000
1st 6s and $500,000 2d 5s of the Columbia Railway maturing Oct. 1 1914.
(b) $515,000 of its Consol. M. 4s bonds and $200,000 Potomac El. Power
Co. Consol. 5s held in its treasury Jan. 1 1914. The Potomac Electric
Power Co. issued $271,000 of its Consol. 5s; $241,000 of these bonds were
sold with $113,000 treasury bonds(V.98,p. 1847,1995; V.100,p.231,400).
Extensions, &c.
-The Massachusetts Ave. extension of 2.058 miles has
been completed, bringing the total mileage of the system up to 163.73.
An extension of our Anacostia Division to the steel plant at Giesboro Point,
via Portland St., was ordered by Act of Congress and work started in Dec.
Plans for new shops mentioned in the 1913 report have been postponed, but
Important improvements have been made at our P St. shops.
Potomac Electric Power Co.
-In the past 12 years the connected load has
Increased from 270,080 to 1,175,510 16 c. p. equivalents; meters installed.
4,165 to 24,818. The number of street lamps, both arc and incandescent,
in service Dec. 31 was 8,215, an increase of 888 for the year. Total connected load Dec. 31 1914 was 58,775.5; increase 6,521.9 k. w.; total equivalent in 16 c.
1,175,510; increase for year 95,510. Total electrical output
for year, 104,706,274 k. w. hours.
p.'
Decisions.
-The contention of the citizens of Somerset, Md., that they
were entitled to an extension of the District of Columbia rate to Somerset,
Md., virtually a free ride of about one-lpalf mile, because they had enjoyed
this privilege for a number of years, was finally dismissed by the I. S. C.
Commission on Jan. 12 1915. The complaint also of certain citizens of
Berwyn, Md., before the P. S. Commission of Maryland, seeking chiefly
the elimination of one of the fare zones between Berwyn and Washington,
was dismissed by the Commission Dec. 18 1914, inasmuch as the matters
involved had already been adjudicated by the I. S. C. Commission, and
In view of the decision of the U.S.Supreme Court in the Shreveport case.
Valuation.
-Under the Act creating the P. U. Commission, a valuation
of the utilities of the District is being made. We have retained a wellknown consulting engineer with a staff trained for valuation work, who is
now engaged in making an independent appraisal of our property.
Municipal Ownership.
-The so-called "Crosser Bill," under which the
District Commission was to be authorized to acquire by condemnation the
street railways of the District and vicinity, though the committee voted to
report it to the House, was never considered by that body and died with the
expiration of the 63rd Congress (V. 99, p. 344, 469)•
-465 claims were sett ed at a total expense of $134,112.
Legal Department.
ENTIRE SYSTEM FOR CALENDAR YEARS.
1912.
1914.
1913.
1911.
Paying passengers_
1 65,978,749 63,537,190 60,314,248
do average fare...} Not stated
4.301 cts.
4.305 cts.
4.316 cts.
Fr transfers
Free
20,003,412 20,424,051 20,995,292
Total average fare
3.221 cts.
3.164 cts.
I. 3.269 cts.
Gross earnings
$5,048,435 $4,943,315 $4,648,328 $4,336,519
Operating expenses.
2,669,972
.1 x2,863,736
2,528,2241 2,190,611
Taxes
1
219,593
if

Net earnings
Miscellaneous income

$2.184,699 $2,273,343 $2,120,104 $1,926,315
33,891
10,222
13,233
16,152

Total
Deduct
Interest
Miscellaneous

$2,218,590 $2,283,565 $2,133,337 $1,942,467
$1,147,534 $1,104,576 $1,087,336 $1,077,666
22,339
20,271
29,583
13,893

Total
$1,177,117 $1,126,915 $1,107,607 $1,091,560
Surplus
$1,041,473 $1,156,650 $1,025,730
$850,908
P.c. of op. exp.to earns.
(54.39)
(56.73)
(54.01)
(55.57)
Div. on pref. stock(5%)
425,000
425,000
425,000
425,000
Div.on common stock_(7%)455,000 M)422,500
(6
(4%)260.000(2%)130,000
Surplus
$161,473
$309,150
$340.730
$295,908
x Includes depreciation of equipment 6 mos. ending Dec. 31 1914, in accordance with Inter-State Commerce Commission classification of accounts
effective July 1 1914.
Note.
-The surplus income after providing for fixed charges was $1,041473. Deducting dividends paid by the Wash. Ry. & Elec. Co., $880.000,
there was a balance of $161,473. Deducting distribution to conductors
and motormen under profit-sharing plan, $15,527; depreciation on equipment(railwcys),$30,000;sinking fund requirements,Potomac Elec. Power
Co., $98,320, and miscellaneous items aggregating $6,853; leaving balance
to credit of profit and loss, $10,773•
BALANCE SHEET OF WASHINGTON RI'. &ELECTRIC CO.
1914.
1913.
1914.
Assets$
Liabilities-$
Cost of property_.32,215,754 32,026,963 Preferred stock _ _ _ 8,500,000
stk.&cons.4s
Co.'s
431,005 Common stock _ _ _ 6,500,000
Potomac Electric
Funded debt_a___16,471,350
Power Co.loan
200,000 Accounts payable_
118,483
Wash. Woodside &
Accrued interest__
114,483
For. Glen Ry.&
Accrued taxes__ __
59,352
8,000 Matured interest,
8,000
Pow.Co.6% bds.
97,466
&c
97,666
Materials & suPP38,455
74,066 Reserves for depr.,
Accts, rec.sub.cos. 107,464
sinking funds &
89,902
93,867
Accts.receiv.,misc.
Income tax
Loans Pot.EI.P.Co 138,350
630,384
12,450 Miscellaneous....
12,294
63,266
Prepaid insurance.
143,067 Profit &loss, surDisct. on oblig'ns_ 340,889
plus
337,558
Cash
426,779
*1,020,430
61,255
Special dep., &c__
63,264
Miscellaneous...._
13,876
8,158
Total

33,516,203 33,489,890

Total

1913.
$
8,500,000
6,500,000
16,471,350
121,460
123,287
54,741
55,495
595,867
113
1,067,577

33,516,203 33,489,890

* After deducting $25,000 depreciation on equipment; $11,572 distribution to conductors and morormen under profit-sharing plan, and miscellaneous items (net), $3,637.
$100,598 • $59,476
$93,285
a The funded debt,$16,471.350,as above,includes $11,642,350 WashingBalance, surplus
121,821
195,718
456,099 ton Ry. & El. consol. 4s, $1,850,000 Met. RR. 1st 5$ and $2,979,000 AnaUndivided earnings of subsidiary cos
costia & Potomac River RR. 1st 5$.
$222,419
The total funded debt of the system, incl. the debt of the controlled cos.
$255,194
$549,384
Total
($8,755,000). is $25,226,350. See page 129 of "Elec. Ry." Section.
AMERICAN CITIES CO. BALANCE SHEET DECEMBER 31.
Note.
-The net income of the whole system for 1914, as shown above in
1913.
1914.
1914.
1913.
the income account, was $1,041,473, of which $168,411 was applied diLiabilities-.
$
$
$
Assetsa
rectly by the subsidiary companies without passing through the profit and
Securities owned_ _46,645,364 46,514,575 Preferred stock _ _ _20,553,500 20,553,500 loss account of the Washington Ry. & Elec. Co.
-V,100, P. 644,400.
Common
Cash
Due from sub. cos.
Notes & accts.rec.
Furniture & fixt
Cost prof.stock for
employees'subs.
Adv.for expenses_
Dep.for int.&divs.
Total

212
115,346
871,677

48,155,253 47,883,519

Total

48,155,253 47,883,519

The company also has contingent assets and liabillies] of equal amount
arising from the company's guaranty of the principal of the New Orleans
By. & Light Co.'s 6% debenture notes and other loans of its subsidiaries,
aggregating $3,665,000, and subsequent interest thereon.
-V. 100, P. 810.

United Light & Railways Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The report, including the remarks of President Hulswit,
the income accounts of the company and also of its subsidiaries, and the consolidated balance sheet, is given at length
on a subsequent page.
President Hulswit recently said:

Financing of the subsidiaries and the parent company has been provided
for well ahead and all the companies are in excellent financial condition.
For the current year we have no extensive construction program. Beyond
the usual replacements and extensions, where it can be shown they will be
Washington (D. C.) Railway & Electric Co.
self-supporting, we will not do any great amount of work in 1915. Extensions and improvements of any magnitude will have to await improved
(Report for Fiscal Year ending Dec. 31 1914.)
conditions for financi2.
well
viewpoint. Gross revenues
Pres. Clarence P. King, Washington, Feb. 1, wrote in sub.: ofThe new year open 1915 from an earning of those for Jan. 1914, and
subsidiaries for Jan.
were well ahead
-Notwithstanding the general business depression, we decided one of the encouraging factors in this gain was that the electric railway
Results.
to go forward on broad lines. There was used or set aside for maintenance lines, with one exception, reported gains over the first month of 1914. The
and depreciation the sum of $853,328, or nearly $50,000 more than in any improvement began in the latter part of 1914 and has been maintained
previous year (and $48,757 more than in 1913), the property being in better since. For February the increase in earnings was above that of January,
condition than ever before. Gross earnings from operations increased so that we are well satisfied with the results of operation for the opening
months of the current year,and feel certain it will show as large, or probably
$105,120, while the surplus after fixed charges decreased $115,177.
As required by the I. S. C. Commission, effective July 11914, operating a larger increase, in earnings than did 1914 over 1913. For Jan. 1915 the
expenses include depreciation of equipment amounting to $43,572 for the amount available for dividends on United Light & Railways common was
six months ending Dec. 31 1914. Total charge for depreciation of equip- 12% ahead of Jan. 1914; and for Feb. 1915 there was an increase of 03%
ment for 1914,$73,572.
in this amount. The jitney competition has not affected us to any extent,
Express car service on lines running through suburban territory was begun having appeared in only a few places and receiving but little support. Our
reports from the communities served by the subsidiaries indicate a steady
early in 1912 and quickly found favor with the traveling public.
-The net expenditures for additions, betterments, improving financial and industrial condition and the great central and laka
Capital Transactions.
&c., amounted for railway to $129,242, Potomac El. P. Co. to $265,012.
section of the country may be expected to give a very good account for 1915.




1252

THE 'CHRONICLE

Below are the usual comparative tables:
EARNINGS OF SUBSIDIARY COMPANIES CALENDAR YEARS.
1914.
1913.
1914.
1913.
Gross earnings_ _.$6,166,959 $6,054,224 Net earnings
$2,369,425 $2,379,772
Oper.exp.& taxes_x3,797,534 3,674,452 Bond,&c.,Interest.$1,314,136 $1,105,299
Net earnings_ _ _12,369,425 $2,379,772
Balance,surplus$1,055,289 $1,274,473
* Includes $713,585 inter-company business.

x Includes $713.585 inter-company charges.
REVENUE ACCOUNT UNITED LIGHT & RYS. CO., CALENDAR YRS.
1914.
1913.
1914.
1913.
Earn.
from sub.cos.$1,039,783 $1,116,253 Net earnings
$1,392,617 $1,344,412
Divs.& int. receiv. 344,294
Deduct
245,523
Other earnings_ __
123,155
87,494 Bond interest_ _ $333,034 $262,560
Interest on notes_
109,887
117,059
Gross earnings31,507,232 $1,449,270 Bond discount__ _
12,912
Expenses
$103,835
$94,525 Depreciation
165,993
152,701
Taxes
12,780
10,333
Total deduc'ns_ $621,826 $532,320
Net earnings_ _ _$1,392,617 $1,344,412 Balance for divs__ $770,791 $812,092

[VOL. 100.

regards advertising contracts and pattern business. Up to Aug. 31 1914
gross sales and net earnings from current business were larger than in 1913,
but for the remaining 4 months there was a considerable deline in sales,
which it seemed unwise to meet by cutting down of working force or wages.
During 1914 there were printed and mailed 15,289,785 copies of McCall's
Magazine, as compared with 15,288,578 copies in 1913, and with 13,206,248 in 1912.
SUMMARY OF OPERATIONS FOR YEARS ENDING DEC. 31.
1914.
1913.
1914.
1913.
Gross sales

$2,285,261 $2,408,658 Operating income_ $416,216
Mfg., selling&gen.
Reserve for doubtexp.& deprec'n_ 1,878,008 1,824,932
ful accounts.... $44,356
Other reserves_ _ _
31,657
1st pref. div.(7%)
97,720
Operating profit $407,253 $583,726 2d pref. div.(7%)
68,404
Interest earned.._
8,963
7,138 Corn. div. (3%)_.. 127,500

$590,864

Total dedue'ns. $369,637
$590,864 Balance,surplus-- $46,579

$369,334
$221,531

Operat'g income $416,216

$31,636
42,500
103,530
64,167
127,500

CONSOLIDATED BALANCE SHEET OF McCALL CORPORATION AND
The total surplus Dec. 31 1914, after adding $383,170 surplus on Dec. 31
THE MeCALL CO. DEC. 31.
1913 and $34,896 net credits due to adjustments, and deducting $462,801
(6%) 1st pref. dividends; $63,272 (3%) 2d pref. dividend; $275,245 (4%)
1914.
1914.
1913.
1913.
common dividend; of which 1% ($68,484) was paid in stock, was $387,539.
Assets
Liabilities
$
Machinery & plant__ 308,346 318,426 First preferred.stock.1,375,300 1,458,000
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.). Invest. In other cos_
2,500
2,500 Second pref. stock__ 954,600 977,200
[For details of balance sheet in 1914 see a subsequent page.]
Cash
56,920
37,787 Common stock
4,250,000 4,250,000
1914.
1913.
1914.
Assets$
LiabilUies$
$
Plant, construe. &
Capital stock
investment _ _ _ _45,170,618 44,292,522
Un.Lt.& Rys_ _16,944,853
,Unamortized bond
Controlled cos.
discount
345,270
not owned_ _ _ 3,425,749
Stocks in treasusy
U. L.& Rys. 1st &
(cost)
180,102
ref. 55
8,221,000
Bonds in treasury.. 1,011,190 1,293,600 Bonds contr'd cos_ 15,067,000
Cash
381,575
419,733 Notes due Jan.'16 500,000
Bills and accounts
Notes payable_ _ _ _ 1,354,372
receivable
453,937
430,385 Accounts payable_
350,203
Stock and bonds of
Accrint.,taxes,&e. 454,169
other companies
84,804
93,175 Pref. dividend.. _ 175,677
Materials and supMiscellaneous_ ..__
162,706
plies
423,648
526,202 Deprec'n reserve__ 985,410
Prepaid accts.,&c _
71,743
83,365 Other reserves_ _- 106,612
Sinking fund
41,201
215,609 Surplus
-sub.cos8,798
Surplus
387,539
Total

48,144,088 47,354,591

Total

1913.
$
16,767,300
3,434,749
6,529,000
15,596,500

920,000
1,661,186
459,321
436,868
176,590
61,953
816,165
78,262
33,526
383,171

48,144,088 47,354,591

-V. 100, p. 903, 400.

May Department Stores Co., New York.
(Report for Fiscal Year ending Jan. 31 1915.)
Pres. David May, N. Y., Mar. 30, wrote in substance:
The sales for the year amounted to a net total of $25,409,150, representing a decrease of $905,654, or only 3.4%, notwithstanding the adverse
trade conditions which have prevailed throughout the country during the
entire six months ending Jan. 31 1915. The percentage of cost of operation, however, shows a material increase. The percentage of net profit
from trading, therefore, decreased from 8.67% in 1913-14 to 7.49%.
The addition to real estate, buildings, leases, equipment, &c., amounted
to $505,311, against which $201,085 has been charged off for depreciation
and amortization; net increase $304,226. This outlay is mainly represented by the construction and equipment of an additional building in
Akron, 0., the completion of the construction and equipment of the addition to the Pittsburgh store, the completion of the equipment of the St.
Louis store and fixtures for the new Cleveland store. The additional
building in Akron provides a much-needed extension of selling space. The
company's stores are now located in well-constructed modern buildings,
and are fully equipped, except the last unit, now in course of construction,
of the store which is being erected for our occupancy in Cleveland.
The volume of business since Jan. 31 1915 is well maintained as compared
with last year, when conditions were substantially normal.
PROFIT AND LOSS ACCOUNT YEARS ENDING JAN. 31.
1913-14.
1913-14.
1912-13.
1911-12.
Net sales
$25,409.150 $26,314,804 $24,504,769 $14,884,819
$1,9021889 $2,281,510 $2,544,153 $1,668,845
Net profits
Interest, bal. of account
30,240
22,215
Other income
37,721
34,770
10,000

Notes & accts.receiv. 326,055 369,679
Mater.& supp.(cost) 215,975 217,545
3,576
Deferred charges..
12,339
107
Sink, fund bank bal..
65
Subscr. list, adv.contracts, trade-mks.
6,249,838 6,372,470
& good-will
Total

7,163,318 7,330,811

Time loans
50,000
Accounts payable_ _ _
86,354
1st pref. div. Jan. 2_
24,068
Reser., conting's,&c. 285,915
Do 1st pref. s. L. 37,522
Do 2d pref. s. L.
85
Do Other
50,156
Surplus
*49,318
Total

95,000
64,131
260,500
75,000
22,917
128,063

7,163,318 7,330,811

* After deducting $25,325 for sundry adjustments, $75,000 sinking fund
reserve to retire first pref. and $25,000 to retire second pref. stock.
Contingent liabilities Dec. 311914, $5,000.-V. 100, p. 1082.

Consolidated Gas Co. of New York.
(Report for the Year ending Dec. 31 1914.)
The Public Service Commission, First District, has made
public the income accounts and balance sheets of the company and its subsidiaries (subject to revision) for year 1914
(compare official statements in V. 100, p. 394, 312, 1081).
STOCK HOLDINGS DEC. 31 1914 AND PERCENTAGE OF TOTAL
AMOUNTS OUTSTANDING.
Par Value. Per
Canso:. Gas Co.
Par Value. Per
Consol. Gas Co.
Holdings
65,943,400
N. Y. Edison
..10,000,000
Astoria L., H.& P.
600,000
N. Y.& Queens Gas
N.Y.& Q.El. L.& P.. 1,010,000
797,300
Preferred stock
100,000
Municipal Lighting__ _
N. Y. Mutual Gas Lt. 1,886,200
12,154,592
New Amsterdam
8,991,475
Preferred stock
Standard Gas Light... 4,796,200
4,096,100
Preferred stock

Cent.
99.98
100.00
100.00
80.80
63.78
100.00
54.88
99.91
99.91
96.20
95.30

Holdings$
United Elec. L. & P__ 3,654,146
Preferred stock ___ 1,641,888
Westchester Light_ _ _ _10,000,000
Preferred stock ___ 2,500,000
New Am:. Gas Co.
Central Union Gas Co. 3,500,000
Northern Union Gas_ _x1,500,000
N. Y. Edison Co.Cons.Tel.de El.Sub'yCo.y1,869,000
Brush Elec. Iii. Co__ _
999,000

Cent.
99.40
99.58
100.00
100.00
100.00
100.00
99.71
100.00

x Includes $760,000 owned by Central Union Gas Co.

y Includes $200.000 owned by United Electric Light & Power Co.
The Consolidated Gas Co. also held on last accounts $4,818,000 1st M.
55 and $1,000,000 notes of United Electric Light & Power Co.. $275,000
Brush Elec. Ill. 5s and $5,000,000 1st M.5s of Astoria I.., II. & Power Co.]
1914.
1913.
1912.
$10,874,449 $10,927,937 $11,124,825
Commercial lighting
2,078,709
2,064,358
1,918,374
Prepaid gas
229,954 •
229,558
232,492
Municipal lighting
9,953
Westchester Lighting Co

Total
$1,925,104 $2,319,231 $2,578,923 $1,709,085
Officers' salaries
$60,000
$60,000
$60,000
$60,000
General expenses
12,254
• 10,120
10,851
9,624
31,758
Taxes, incl. II.S.I.R.tax
46,455
22,277
14,189
Bad debts
59,844
65,663
46,389
11,330
Deprec. & amort _ a_ _ _ 201,084
212,030
218,227
164,528
Int., balance of acc't
150,124
46,395
36,046
Reduc. In val. of invest_
4,704
Preferred divs. (7%)_ _ _
544,320
577,500
439,035
350,000
Common dividends_ _ _(5%)750,000(5%)750,000(4 Yi)712,500(1%)150,000

$13,183,112 $13,221,853 $13,285,644
Total sales of gas
256,752
230,067
247,813
Sale of residuals
521,806
477,030
425,082
Rent gas stoves, &c
203,461
172.971
Joint gas rent(by Cent. Un.Gas Co.).
20,115
53,499
43,190
Sundries

Total deductions_ _ _ _ $1,814,088 $1,768,163 $1,545,325
$759,671
Balance, surplus
$111,016
$551,068 $1,033,598
$949,414
a Depreciation of bidgs. and fixtures and amortization of leases, &c.
CONSOLIDATED BALANCE SHEET JAN. 31.
1915.
1914.
1915.
1914.

$6,726,853 $6,331,936 $5,943,153
Total production expenses
1,424,113
1,417 379
Distribution expenses
1.745,613
1,878,411
1,796,506
1,728,531
Commercial, general, &c
238,928
213,588
231,605
Cost of manufacturing residuals, &c_
17,824
16.479
16,208
Residual expense

Assets
Real est.,Imp.,&c_.5,564,409
Good will, trade
names, &c_ _ _ _x15,525,310
Investments
646,375
Pt. stock acquired
from special surplus (cost)
4,952,118
Inventories
Accts.& bills rec.. 2,910,822
Delivery horses,
128,074
equipment, &c_
Sundry debtors... _
84,666
Prepaid expenses,
insurance, &c
204,540
Cash
1,297,853

$10,286,129 $9,775,888 *$9,665,110
$3,899,117 $4,379,532 $4,336,619
* Sales of gas in 1914 include 13,593,020 M.Cu. ft. commercial lighting 0
80c.• 2,608,376 M. cu. ft. prepaid gas 0 80c., and $306,605 M. cu. ft.
municipal lighting ® 75c.
INCOME ACCOUNT CONSOL. GAS CO. AND CONTROLLED COS
[See seporate statement for New York Edison Co. below.]
- -Astoria L.,HAP.Co.-Consolidated Gas Co.
1914.
1913.
1914.
1913.
Operating revenues_ _-$14,185,246 $14,155,420 $6,020,045 $5,587,612
Operating expenses _ _$10,286,129 $9,775,888 $4,065,076 $3,713,528
892,653
908,900
Taxes
193,917
183.346
42,161
57,980
Uncoliectible bills

Liabilities
5,260,182 Preferred stock _ _ 7,755,000 8,250,000
Common stock_ _ _15,000,000 15,000,000
15,525,310 Purch. money mtg 150,000
300,000
909,134 Notes payable_ __ 3,025,000 2,325,000
Accounts payable_
1,224,852} 1,470,262
Sundrycreditors __
642,544J
266,168 Reserve for trading
4,962,419
stamps, coupon
2,636,645
& corpor'n tax__
151,416
160,439
Special surplus ac141,531
count
1,000,000 1,000,000
124,979 Surplus
y2,365,355 2,288,802
154,534
813,600

• Total
31,314,167 30,794,503
* Consists of real estate, bldgs.

Total

31,314,167 30,794,503

leases, improvements, equipment.
furniture and fixtures (including capital stock of May Bldg. Co. lessor of
portion of Cleveland premises, and Kingston Investment Co., lessor of portion of St. Louis premises), as of Feb. 11914, $6,028,067; additions during
year, including expenditures on buildings at Pittsburgh and Akron, furniture and fixtures at St. Louis and Akron &c. $505,311; total, $6,533,378.
Deduct balance of reserve for depreciation Of buildings and fixtures and
amortization of leases, &c., as of Feb. 1 1914,$767,884; and 1914-15,$201,085; remainder, as above, $5,564,409. x Consists of good-will and tradenames, including cost of acquisition, subsequent to the organization of this
company, of good-will of Boggs & Buhl, Pittsburgh, and of the M. O'Neil
& Co., Akron. y After deducting $34,463 premium paid on acquisition of
preferred stock for retirement under provision of charter.
-V. 100, p. 1172.

McCall Corporation, New York.
(Second Annual Report-Year ended Dec. 311914.)
Pres. Edward A. Simmons, N. Y., Mar. 1, wrote in subst.:
The statements this year represent a consolidation of operations of the
McCall Corporation and The McCall Co. and thus differ slightly in form
from last year.
The net earnings for the year were $340,203, the war in Europe having
affected the Corporation materially in the last months of 1914, both as




$14,185,246 $14,155,420 $14,001,729

Total gas revenues
Operating Expenses

Cost of gas manufactured
Gas bought

$1,922,630 $1,888,654 $2,589,899
4,804,223
4,443,282
3.353,254

Total operating expenses
Net before taxes

Operating income_ _ - _ $2,948,484 $3,428,471 $1,761,052 $1,690,738
6,133,265
Non-operating income__ 6,476,636
4,318
3,426
$9,425,120 $9,561,736 $1,765,370 $1.694,164
Gross income
Int. on funded debt,&c- $1.038,152 $1.073,931
$281,7831 $772,043
Rentals
75575)
(6%)5,988,990 (6)5,988,990
Dividends
Total deductions ____ $7,027,142 $7,070.521
$357,358
$772,043
$2,397.978 $2,498,815 $1,408,012
Balance, surplus
$922,121
-New Amster. Gas Co.- -N. Y. Mut. Gas Lt. Co.
1914.
1913.
1914.
1913.
$2,923,696 $2,929,125 $1,520,967 $1,530,607
Operating revenue
$1,703,797 $1,555,937 $1,187,369 $1,093,119
Operating expenses
201,937
250,447
124,089
125,913
Taxes
12,598
4,718
Uncollectible bills
10,378
2,910
Operating income_-- $1,005,364 $1,112,363
123,620
94,300
Non-operating incomeGross income
Interest
Dividends
Balance

$1,128,984 $1,206,663
1,064,633
1,070,025

$204,791
89,639

$308,665
80,823

$389,488
$294,430
20,796
25,289
(9)309,294 (9)309,294

sur.$64,351 sur.$136,638 def.$35,660 sur.$54,905

1253

THE CHRONICLE

APR. 10 1915.]

STANDARD GAS LIGHT CO. BALANCE SHEET DEC. 31.
-Central Union Gas Co.- -North Union Gas Co.
1913.
1914.
1913.
1914.
1911.
1913.
1913.
1914.
$2,521,217 $2,423,467 $1,314,188 $1,242,041
AssetsLiabilities$
$
$
$900,166
$967,878
$1,634,376 $1,478,599
Fixed capital
13,364,853 13,379,428 Capital stock ____ 9,281,400 9,281,400
58,018
55,259
117,806
102,977
68,8471
88,221 Mortgage bonds.._ 1,195,000 1,195,000
1,529 Ins. partic. certif..
2,565
5,627
9,113
360,511
Other investments
289,585
48,000f
Taxes accrued.... _ _
9,958
9,958
542,352
449,376 Unmatur. int„&c_
$282,328 Cash
$288,486
$821,435
Operating income..___
$774,751
Other current lia12,694 Accts. receiv. with
2,159
61,139
Non-operating income__
72,827
City of N.Y
366,457
7,199
350,355
6,508
bilities
76,920
75,228 Renewal & contin$295,022 Consumers' acc'ta.
$290,645
$882,574
Gross income
$847,578
60,632
102,050
gency account._ 2,571,232 2,420,518
80,573 Materials & supp_
85,918
197,952
201,585
Interest
Other accounts__ _
67,311
156,774 Reserves
73,571
139,930
659,742
32,386 Corporate surplus. d519,578
75,872
$214,449 Suspense, &c
$204,727
$684,622
Balance, surplus
$645,993
Operating revenue
Operating expenses_ _
Taxes
Uncollectible bills

-Standard Gas Lt. Co.- -United El. Lt. A: P. Co.
1914.
1913.
1913.
1914.
$1,760,400 $1,739,555 $3,821,013 $2,914,307
$1,133,145 $1,025,225 $1,494,191 $1,374,258
136,329
142,122
170,087
141,531
13,511
4,209
4,303
28,785

Operating revenue
Operating expenses
Taxes
Uncollectible bills

$481,515
108,079

$567,905
30,477

$2,127,950
11,134

$1,390,209
12,483

$589,594
Gross income
90,414
Interest, &c
257,742
Preferred dividends(6%)
Common dividends__ _(3%)149,571

$598,382
89,044
257,742
(3)149,571

$2,139,084
1,092,064

$1,402,692
770,080

$102,025

$1,047,020

$632,612

Operating income__ _
Non-operating income__

Balance, surplus

$91,867

-N.Y.&Q.El.Lt.&P.Co.- -N.Y.& Queens Gas Co.
1913.
1914.
1913.
1914.
$224,851
$247,175
$1,247,145 $1,075,388
$148,096
$687,159
$172,126
$649,864
11,659
11,526
34,743
36,099
712
1,033
2,231
1,592

Operating revenue
Operating expenses
Taxes
Uncoliectible bills

Balance, surplus

$387,832
574

$62,490
316

$64,384
250

$388,406
$151,204
3,696
(4)50,000'

$62,806
$44,792

$64,634
$43,788

$290,839

Gross income
Interest
Rents, &c
Dividends

$523,012
474
$523,486
$143,515
39,132
(4)50,000

Operating income..
Non-operating income

$183,506

$18,014

$20,846

(M.

9,500
33,000

9,500
33,000

9,500
41,500

9,500
41,500

MISCELLANEOUS INFORMATION AS OF DEC. 31-CONTROLLED
COMPANIES.
Astoria L., New Am. N.Y.Mul: Cent.Un. Nor. Un. Stand.Gas
H.&P.Co. GM Co. Gas Lt.Co. G23 Co. Gas Co. Light Co.
Gas made(M.cu.ft.)10,738,176 4,007,878 2,678,984 3,148,113
2,205,775
840,690
Gas bought
53,691 1,346,088 1,725,765
40,202
199 3,131,698 1,790,956 2,620,308 1,478,688 2,035,134
Sold consumers
Supplied oth. cos.
1,433,925 817,209 1,725,765
72,739
5,1,175
16,975
Used by company
14,037
5,977
4,644
5,754 ' 1,761
For Cons.GasCo _ 10,723,311
717,498
Gas mains (miles)__
3,687
334.61
169.85
157.9
202.89
173.26
31,933
19,401
3
No. service pipes_
15,304
16,922
12,485
No.consums' meters
45,144
3 101,360
99,791
54,425 .57,422
No.appliances rent..
53,687
36,201
25,573
1
Holders
13
4
4
5
7
Capacity of holders
15,000
20,785
8,581
(M. cubic feet) _ _
14,800
1,195
11,880

Total

OF CONSOLIDATED GAS CO. DEC. 31.
1913.
1911.
1913.
Liabilities
$
53,530,714 Capital stock _ _ 99,816,500 99,816,500
61,209,750 Funded debt_ _ _ 1,236,000
1,238,025
Taxes accrued. _ 3,418,574
2,915,407
5,802,190 Unmat'd int.,&c
600,114,
143,633
Other curr. liab _ 16,573,468 20,983,895
Prem. on stock,
38,661,302
Ace
13,951,397 13,951,397
Renewal & con350,642
tingency acct. 9,846,737
9,534,430
674,636 Casualties & in3,498,753
surance res've
775,457
746,791
968,568 Corporate surp .b15,639,410 15,031,540
71,544

161,401,176 164,818,099

Total

161,401,176 164,818,099

a After deducting $737,118 for accrued amortization. b After deducting contingent expense, $1,650,890, and surplus adjustments, $139,218.
Note.
-The company has contingent liabilities aggregating $21,825,090, consisting
of bonds of Westchester Lighting and merged companies, which are guaranteed both
as to principal and interest.
NEW AMSTERDAM GAS CO. BALANCE SHEET DEC. 31.
1913.
1914.
1914.
1913.
Asets3
41,449,017 41,350,092 Capital stock
Fixed capital
_21,165,000 21,165,030
475,639 Mortgage bonds_ L 19,235,000 19,235,000
Other investments 353,987
Taxes accrued........649,575
Ins. (male. certif.. 123,903
517,374
Cash
52,255 Unmatured inter97,320
est, &c
.Accts. reedy, with
00,208
60,208
City of N. Y...... 100,949
60,289 Due associated cos 800,000 1,100,000
Consumers' acct&
105,286
101,894 Miscell. accounts.. 682,136 1,018,628
Miscell. accounts.. 123,019
817,501 Renewal & continMaterials & supp_
297,993
346,452
gency account.... 3,342,949 3,097,334
Prepayments, &c..
21,682
7,570 Casualties & insurSuspense
54,816
21,593
ance reserve ___
125,624
123,013
Corporate deficit_x3,327,517 3,113,172
Total

46,060,492 46,346,457

Total

46,030,492 46,346,457

x After debiting contingent expense, $321,955, and crediting surplus adjustments,
$43,260.
NEW YORK MUTUAL GAS CO. BALANCE SHEET DEC. 31.
1911.
1913.
1914.
1913.
. $
AssetsLiabilities$
$
b21517,078 2,691,588 Capital stock
Fixed capital
3,436,600 3,436,600
Ins. partic. certif...... 102,27711,064,856 Taxes accrued
381,787 335,614
Other investments_ _1,016,398f
Unmatureci interest,
1,662,122 1,575,264
&c
Cash
137,464 137,404
Other current liabiliAccts. receiv'le with
2,401
1,592
City of New York..
ties
334,889 333,819
77,722 Insur., &c., reserve. 105,621
Consumers' accounts 72,731
99,528
39,332
32,435 Other reserves
Other accounts
120,000 120,000
Materials & supplies 155,198 122,930 Corporate surplus.. _c1,067,176 1,103,412
Temporary advances 13,000
Total

5,583,537 5,566,437

Total

b After deducting $1,022,375 for accrue I amortization.
c After deducting surplus adjustments, $577.




Total

14,384,605 14,289,971

CENTRAL UNION GAS CO. BALANCE SHEET DEC. 31.
1914.
1913.
Assets
Fixed capital__ __e10,369,130 10,387,516
Ins. partic. certif_
66,8201 312,376
Other investments 250,000f
Cash
1,082,270
846,168
Special deposit& _
2,250
Accts. receiv. with
City of N. Y___
57,627
37,325
Consumers' accts..
79,275
78,488
Other account& _
159,889
821,834
Materials & supp_
166,692
144,615
Temp.advances to
associated cos._
810,000
800,000
Prepayments
1,538
1,366
Total

13,044,684 13,430,475

1914.
1913.
Liabilities
Capital stock ____ 3,500,000 3,500,000
3,555,000 3,555,000
Funded debt
Accrued taxes._ _ _
265,470
316,696
Unmat'd int., &c_
23,720
24,945
Other current lia448,415 1,381,671
bilities
Renewal & contingency account_ _ 1,444,960 1,287,484
Casualty, &c., reserve
73,860
69.665
Corporate surplus.f3,682,033 3,346,240

Total

13,044,634 13,430,475

e After deducting $92,184 for accrued amortization.
f After deducting contingent expense, $262,030, and $48,169 for surplus adjust'ts

1914.
1913.
1914.
1913.
Assets3
Liabilities
Fixed capital
g3,9 15,652 3,920,991 Capital stock
1,500,000 1,500,000
Investments
13,495
12,555 Mortgage bonds_ _ _ _1,250,000 1,250.000
Cash
218,201 268,547 Taxes accrued
188,676
147,780
Accts. recelv'le with
Unmatured int., &c_
10,417
10,416
91,501
City of New York_
63,096 Other current liabiliConsumers' accounts 43,430
49,364
ties
237,963 613,552
Other accounts
26,452
37,076 Renewal and continMaterials & supplies 37,129
26,882
gency account..___ 565,444 471,970
Temp. advances to
Reserves
17,028
17,968
associated cos_ ___
6,500 200,000 Corporate surplus
h528,500 579,941
Suspense,&c
11,608
12,176
Total

5,583:537 5,566,137

4,368,968 4,590,687

:Total

4,368,968 4,590,687

g After deducting $110,758 for accrued amortization.
h After deducting$155,143 contingent expense and $31,026 for surplus adjustm'ts
ASTORIA LIGHT, HEAT dc POWER CO. BALANCE SHEET DEC. 31.
1914.
1913•
1914.
1913.
Assets
Liabilities
Fixed capital_ __k14,533,274 14,461,189 Capital stock
_10,000,000
500,000
Investments
166,277
•143,146 Funded debt
5,000,000
375,000
Cash
87,737
721,789 Construction adv.. 500,000 14,807,302
Consumers' acc'ts.
25
21 Accrued liabilities.
80,298
264,156
Other ccounts__ _
546,118
679,660 Miscell. accounts_
278,941
429,756
Material & supp_ _
848,987
810,610 Renewals and conTemp.advances to
tingency account 2,192,581 1,676,269
associated cos.... 4,219,581 3,274,465 Reserves
236.801
213,845
Prepayments
25,000
Corporate surplus.12,188,358 1,824,552
Total

.
The number of consumers was 61,582.
BALANCE SHEET
1914.
Assets
Fixed capital_ _ _a53,505,092
466,456
Ins. partic. al_
Other invest'ts_ 90,818,528
2,751,126
Cash '
110,186
Special deposits.
Temp. advances
to assoc. cos_ 8,850,500
Accts. rec. with
383,884
City of N. Y..
695,441
Consums' accts_
0th. curr. assets 2,722,521
970,590
Material & supp
120,851
Suspense

14,384,605 14,289,971

NORTHERN UNION GAS CO. BALANCE SHEET DEC. 31.

MISCELLANEOUS INFORMATION AS OF DEC. 31-HOLDING CO'
1914.
1913.
1911.
1912.
486,958 486,676 483,727 476,931
9,783
11,584
12,569
11,911
4
4
6
4
840.78
841.14
827.74
837.56
52,860
53,770
43,770
53,770

• Consolidated Gas Co.Number consumers' meters
Street lamps-Welsbach
Open flame
Miles of gas mains
Holders capacity (M. cu. ft.)
Capacity (24 hours)
Coal gas works(M. cu. ft.)
cu. ft.)
Water gas works

Total

d After deducting $208,636 contingent expense and $23,395 for surplus adjustm'ts

20,476,979 20,090,880

Total

20,476,979 20,090,880

k After deducting $183,732 for accrued amortization.
1 After deducting $536,909 contingent expense and $57,297 for surplus adJustm'ts.
UNITED ELECTRIC LIGHT & POWER CO. BALANCE SHEET DEC. 31.
1914.
1913.
1911.
1913.
Liabilities-Assets
Fixed capital.... _m18,508,731 17,094,003 Capital stock _
5,318.434 5.318,434
Ins. panic. certif..
67.4371 1,117,078 Mortgage bonds... 4,838,000 4,841,500
Construc'n advan_ 5,125,000
Other investments 1,055,601
136,152 Due associated cos 1,012,479 5,537,480
170,249
Cash
Accrued liabilities. 230,224
Accts. receiv. with
116,091
44,341 Other current lia59,203
City of N. Y.__
bilities
284,122
Consumers' acct& 288,174
1,666,690 1,693,709
Other accounts...._
117,652 Renewal & contin204,834
Materials dr supp_
gency account.. _ 1,957,092 1,656,066
303,443
223,982
Temp.advances to
Casualties and inassociated cos_
125,000
175,000 surance reserve_
74,609
68,648
Suspense, &c
789
1,156 Corporate surplus. p560,933
Corporate deficit_
x38,442
Total

20,783,461 19,231,928

Total

20,783,461 19,231,928

m After deducting $125,383 for accrued amortization.
p After deducting $394,522 for renewals and contingencies and $53,123 for surplus adjustments.
N. Y. & QUEENS ELEC. LIGHT dc POWER CO. BALANCE SHEET DEC. 31.
1914.
1913.
Assets3
3
Fixed capital
6,933,773 6,208,085
Investments
7,500.
7,500
52,423 121,796
Cash
Special deposits
5,000
receivle with
Accts.
City of New York_ 146,144 107,119
Consumers' accounts 34,081
77,480
415
Other accounts
4,960
Material & supplies_ 132,199 103,834
Prepayments, &c..._
84,533
54,563
Total

7,446,268 6,685,337

1914.
1913.
Liabilities$
$
Capital stock
2,500,000 2,500,000
Funded debt
2,353,000 2,350,000
Due associated cos _1,100,000
Taxes accrued
10,066
8,755
Unmatured int., &c. 56,291
56,426
Other current Habil_ 251,940 1,077,291
Casualty, &c., reserve
258,315
17,456
Corporate surplus r814,456 675,409
Total

7,446,063 6,685,337

r After deducting $151,780 contingent expense and $13 surplus adjustments.
NEW YORK a; QUEENS GAS CO. BALANCE SHEET DEC. 31.
1911.
1913.
1914.
Assets
$
Liabilities$
Fixed capital
s1,601,928 1,565,979 Capital stock
600,000
Cash
17,530
13,794 Funded debt
816,000
Accts. receivle wills
Taxes accrued
1,220
3,052
City of New York_
1,705 Unmatured int., &c.. 19,325
Consumers' accounti 10,688
13,074 Other current liabillOther accounts
7,395
5,633
ties
97,591
Material 0.7. supplies.. 11,591
17,629 Other reserves
83
Prepayments, &c...
925
1,791 Corporate surplus_ _ t121,435
Total

1,656,159 1,624,605

Total

1913.
$
600,000
316,000
1,116
19,624
84,491
103,374

1,656,159 1,624,605

a After deducting $62,255 for accrued amortization.
-V, 100, p. 1170, 904, 394.
t After crediting $47 surplus adjustments.

New York Edison Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The Public Service Commission, First District, has made
public the company's report for the calendar year 1914.
1913.
1912.
K.W.Hours. Sales of Electric Current.
1914.
$783,940 $766,073 $739,606
23,921,176 Municipal street itg.-arc 0 3.28c_
93,394
113,280
86,220
1,552,371 Municipal st. ltg.-incand.07.30c.
428,656
406,600
426,330
9,628,870 Lighting municipal buildings
17,020
20,650
14,388
327,805 Municipal power 0 Sc
86,766
84,650
89,516
982,800 Miscellaneous municipal 0 8.83c._
1,079
17,653 U.S. Govt. light & power 0 6.11c_
288,589,701 Commercial metred lighting, &c_ _ _ 18,571,543 17,310,230 15,862,524
22,109,286 Commercial metred power 08.54c_ 1,888,986 2,252,328 2,432,195
747,709
659,762
133,227,710 Railroad corporations 0 0.56c_ __ _
147,546
. 486,040
884,517
37,183,115 Other elec. corporations 0 1.31c_
816,078
155,151
2,158,689 Breakdown service 0 7.19c
104,260
132,808
248,881
352,314
14,997,031 Miscellaneous sales 0 1.66c
296,143
534,696,207

[VOL. leo.

THE CHRONICLE

1254

Total sales

523,532,681$22,979,426$20,995,077

Willys-Overland Co., Toledo, Ohio.
(Report for Six Months ending Dec. 31 1914.)
CONSOLIDATED INCOME ACCOUNT (INCL. SUBSIDIARY COS.)
6 Mos.end. Year end.
Dec. 31 '14. June 30 '14.
Net earnings and income of all companies, after deducting all expenses of the business, including
allowances for Income Tax and all expenditures
for repairs and maintenance of the properties, including an adequate allowance for accruing re$3,327,499 $5,864,858
newals and depreciation
$158,400
$333,583
Deduct
-Interest on floating debt, &c
300,000
150,000
Reserve for contingencies
Balance, surplus net income for period
Preferred dividends
Common dividends
Provision for redemption of preferred

$3,019,099 $5,231,275
(33§ 0)16165,235(7%)350,000
,
( %)600,000(11)2200,000
250,000
104,167

Balance, surplus for periods

INCOME ACCOUNT FOR CALENDAR YEARS.

$2,149,697 $2,431,275

CONSOLIDATED BALANCE SHEETS.

Total sales of current
Miscellaneous revenue

1914.
1913.
1912.
1911.
$23,532,681 $22,979,426 $20,995,077 $19,648,116
5,661
31,769
29,864
41,735

Total operating revenue
Production expenses
Distribution and repairs
Utilization expenses
Commercial expenses
General and miscellaneous

$23,538,342 $23,011,195 $21,024,941 $19,689,851
$3,620,161 $3,355,176 $2,801,608 52,478,031
1,822,618
1,845,342
1,578,155
1,393,474
1,176,860
995,480
952,507
898,475
1,518,197
1,363,004
1,212,447
1,012,238
1,795,140
1,641,241
1,375,150
1,167,864

Total operating expenses
Taxes
Uncollectible bills

$9,932,976 $9,200,243 $7,919,865 $6,950,082
1,361,624
1,286,509
1,261,320
1,270,052
180,305
101,767
107,857
67,328

Total revenue deductions
Operating income
Non-operating income

$11,396,367 $10,594,609 $9,361,490 $8,287,462
$12,141,975 $12,416,586 $11,663,451 $11,402,389
81,370,105 1,250,562 1,166,071
1,080,564

Gross income
Deductions from income
Dividends(6%)

Dec.31'14. June 3014.
Assets
Real estate, bidgs.,
machinery, &c...9,127,188 8,231,852
Good will, patents,
14,059,932 14,059,932
&c
x2,251,767 2,156,029
Investments
9,648,745 7,116,433
Inventories
656,199
Agents & comp's_ y901,942
1,501,283 1,301,770
Notes receivable
Accounts recely'le. 1,813,657 2,929,661
53,525
49,925
Miscell. Invest'ts.
3,928,099 2,112,760
Cash
119,679
124,944
Prepaid In,&c._

Dec.3114. June 30'14
Liabilities8
Preferred stock_ __ 4,721,000 5,000,000
Common stock_ _20,000,000 20,000,000
Cap.stk. sub. cos_
12,825
Real estate mtges.
assumed
131,500
131,500
Notes payable_
7,599,296 3,900,856
Accounts payable_ 1,669,274 1,727,202
Customers' depos_
291,761
287,111
Accrued int., &c
z160,612
276,829
Reserves
§1,099,491 1,811,783
Pref. stock divid'd
82,617
87,500
Profit and loss7,651,931 5,502,234

$13,512,080 $13,667,147 $12,829,522 $12,482,953
b$3,788,145 54,198,506 $3,973,988 $3,801,797
3,720,204
3,009,204
3,009,204
3,009,204

Total

43,407,482 38,737,840

Tam

43,407,482 38,737,840

* Includes Dec. 31 1914, real estate, $5,022,634; buildings, $3,225554;
tools, dies, patterns, &c., as depreciated, $678,508; real estate, buildings,
&c., as based on appraisals made by American Appraisal Co. as of June 3()
1912, adjusted in respect of additions and deductions since $587,860; furniture and fixtures, $113,817; construction work in progress, $107,616; auto$6,003,731 $6,459,437 $5,846,330 $5,671,952 mobile equipment in service, $64,123; total, $9,800,112. Deduct reserve
Balance, surplus
for depreciation and accruing renewals, $718,918 (including $169,140 proa Consists of interest revenues, $1,281,632; dividends, $92,792; miscellaneous vided out of earnings for the 6 months,excluding $266,000 for depreciation
of tools, dies, patterns, &c., deducted from the asset), and $45,995 losses
rents, &c., $44,426, and non-operating revenue deductions, $48,745.
on dismantled property and replacement expenditures written off; balance
b Includes in 1914 interest on funded debt, $1,698,324; other interest, $529,770; as above, $9,127,188. x Includes investments in and advances to affiliated
rent of other plant (Brush Elec. Ill. Co.), $47,656; subway rents, $1,502,306; other manufacturing companies. y Includes balances due from European disrents, $15,750; amortization of premium on debt (Cr.), $5,661.
tributing agent and affiliated domestic selling companies (less reserve).
The number of active meters was 212,818 (Manhattan, 159,108; Bronx, 53,710), § Reserves Dec. 31 1914 include $450,000 against liquidating losses and,
against 193,656.
other contingencies, $384,005 for redemption of pref. stock, including accretions arising from discount on pref. stock purchased; $235,486 for quantity
and other rebates to customers and $30,000 for car repairs under guarantee.
NEW YORK EDISON CO. BALANCE SHEET DECEMBER 31.
-V. 100, p. 560.

1914.
1913.
Assets$
Fixed capital__ _129,813,918 126,870,266
Ins. partic. ctf__
766,4621 17,007,194
Other investm'ts 17,870,2411
2,787,851
Cash
2,500,138
Due from associ334,091
858,727
ated cos
Accts. receivle,
778,349
City of N. Y_ 1,168,177
2,161,955
Consumers'accts 1,936,735
1,688,397
Other accounts_ 1,333,239
3,034,372
Materials &supp 3,097,144
1,600,003
x908,394
Surpense
9,177
7,896
Prepayments_
Total

160,261,071 156,271,655

1914.
Liabilities$
Capital stock_ _y65,953,717
Mortgage bonds 38,148,000
Due assoc'd cos..
555,775
Accrued taxes__ 1,662,011
Unmat.int.,&c.
695,028
Current Habit's_ 1,681,932
Renewal & contingent acct._ 17,910,680
Casualties & insurance res've
148,489
Other res'ves,&c 1,414,096
Corporate surp..z32,091,343
Total

1913.

50,153,717
38,128,000
17,309,293
921,974
871,235
1,899,796
15,820,315
148,489
1,404,133
29,614,703

160,261,071 156,271,655

x Includes $687,299 construction work in progress. Also see foot-note z.
y The company has included among investments $146,493, the cost of re-acquiring
stock of Edison Elec. Blum. Co. of N. Y. of a par value of $29,354, the par value of
the stock is here deducted from the capital stock liability, and the balance $117,139,
Is transferred to suspense. z After deducting reserve for (renewals and contingencies, $3,483,056, and sundry adjustments (net), 544,036-V. 100, p. 984, 905.

Yale & Towne Mfg. Co., N. Y. and Stamford, Conn.
(46th Annual Report-Year ending Dec. 31 1914.)
Pres. Henry R. Towne, March 11, wrote in substance:
Because of the European war, the volume of sales and the profit realized
thereon were both smaller than in 1913, although the ratio of profit to sales
was slightly larger by reason of unusual economies still in force.
The decrease in the volume of the business during 1914 was almost
wholly due to the influence of the European war on our export business, and
to its indirect effect on domestic business. Sales for the first seven months
compared favorably with 1913, but the widespread depression during the
last five months more than offset the previous improvement. Canadian
industries have suffered even more severely than those of the United States,
and the results for our Canadian subsidiary reflect this condition.
The Yale & Towne Co., through which is conducted the business in
Great Britain, shows a satisfactory profit. Owing to the war, we have not
yet been able to secure full returns of the year's operations by Yale & Towne
Ltd., which conducts our business in Continental Europe, but the figures
thus far available indicate that this subsidiary will show little or no loss.
The large new brass foundry has been finished and occupied, thus completing all of the extensive improvements commenced in 1912-13. During
the year $205,783 was expended for upkeep and charged directly to operating expenses, and the usual percentages, amounting to $120,451, were
charged off to cover annual depreciation; total of these two items is $326,234
(see foot-note following balance sheet).
By reason of the economies thus effected and the profit realized from the
operations of the year, the outstanding notes payable were reduced from
$837,000 on Jan. 1 1914 to $662,000 on Dec.31 (further reductions have reduced this item to $407,000 as of March 11), increasing the ratio of quick
assets to current liabilities from 3.26 to 3.87 on Jan. 1 1915.
RESULTS FOR YEAR ENDING DECEMBER 31.
Deduc.(Con.)1913.
1914.
1914.
1913.
$120,451 $124,069
$869,681 $1,008,558 Depreciation
295,449 Dividends
205,783
*(7)314,998(10)270,105

Net earnings
Repairs & maint

$663,898
591,599

Balance
Interest

Assets
Plant, off.bldg.,dre
Trade-m'ks & pats
Invest. in sub-cos.
Cash & receivables
Mdreinvest.(cost)
Prepaid int., &c__
Total

$713,109 Total deduc'ns_ $527,048
$66,351 Balance, surplus.... $136,850

BALANCE SHEET JANUAY 31.
1914.
1915.
1915.
Liabilities
$

$460,525
$252,584

1914.

4,427,455 4,267,801 Capital stock ---- 4,500,000 3,000,000
2,000,000 2,000,000 First mtge. bonds_ 1,000,000 1,000,000
827,899 Notes payable_ _
773,173
662,000
837,000
183,036
1,405,786 1,368,573'Accounts payable_
308,128
2,165,144 2,609,014 Div. payable Jan.2
78,750
75,000
127,951 Surplus
89,014
*4,436,786 5,981,110

10,860,572 11,201,238

Total

The European war has made a considerable reduction in our profits for
the year. When it became impossible to foretell the duration of the war,
and its effect upon both foreign and domestic business, the directors decided to defer the payment of further dividends. In view of changed conditions, also, a revised plan was adopted for the inventoring of second-hand
machines on hand, and also for a snore rigid restriction of the items entering
into the cost at which new machines were inventoried. The reduction in
inventory values resulting from this change, to which effect has been given
as of Jan. 1 1914, has been charged against surplus.
The company,so far as we are informed, has suffered (except in earnings)
little or no actual loss in the war zone; but a contingent reserve has been
set up against any possible losses due to general conditions of business
abroad. In the summer of 1914 negotiations were pending for the purchase of some of the foreign business which had been conducted by our
dealers. This transaction, however, had not been consummated when
the war began, but, to meet any possible liability in this connection, provision also has been made in the contingent reserve.
Our expenses have been and are being reduced by increased efficiency.
A new Remington machine, embodying decided improvements over all
other machines, is ready to market.
We are already securing large orders for typewriters which were formerly
placed with foreign manufacturers, and from such orders a continuing
business should result after the close of the war. It is believed that our
business is on an improved basis; better results are anticipated during 1915.
INCOME ACCOUNT FOR CALENDAR YEAR.
1912.
1911.
1913.
1914.
$576,416 $1,751,987 $1,765,475 $1,722,573
Net earnings
Deduct
-

Interest (net)
Depreciation of plant_
Net profits
First pref. diva
Second pref. divs
Common divs
Balance,surplus

$268,284
294,361
$13,771

$263,092
274,801

$181,134
259,702

$1,214,094 $1,324,639 $1,339,103

}See below. Pe488,000 (
(g)400,000
(1) 100,000
$13,771

134,227
249,243

(7 188M
0

$434,094 sur$644,639 sur$659,103

The company deducts from profit and loss the 3 quarterly dividends on
the pref. stock paid in April, July and Oct. 1914, calling for $510,000.
The payments shown in 1913 are the 4 quarterly disbursements made during
the year, a fifth quarterly dividend on both classes of pref. stock, calling
for $170,000, paid Jan.2 1914, having been deducted from profit and loss.
BALANCE SHEET AS OF DEC. 31.
1914.
Assets1913.
1912.
Plants, pats.,trade-mks.& good-will.$17,078,213 $17,088,096 $16,607,625
Second preferred stock in treasury.. _ _ 1,000,000
1,000,000
1,000,000
15,583
Stocks and bonds in other companies..
19,743
2,232,820
Inventory of mats.,sup.,machs.,&c_ 4,864,877
6,494,963
1,961,559
3,841,405 4,429,895
Accounts receivable
6,741,228
701,266
Cash in banks and on hand
673,201
285,378
Taxes,insur., &c., paid in advance
377,779
272,553
36.015
$27,879,123 $29,978,451 $28,864,625
Total
Liabilities
First preferred stock
$4,000,000 $4,000,000 $4,000,000
6,000,000
2d pref. stock (outstdg., $5,000.000)- 6,000,000
6,000,000
Common stock
10,000,000 10,000,000 10,000,000
Stks.& bds.ofsub.cos. not held (par).
65,257
65,296
Short-term notes
3,755,000
4,400,000
4,200,000
Accounts payable
178,984
424,287
393,188
Dividend payable Jan. 2 1914
170,000
124,215
Accrued charges
97,484
115,068
Sundry reserves
234,255
722.934
167,573
4,572,171
Surplus
x2,200,220
4,836,265

10,860,572 11,201,238

* After deducting 50% stock distribution, ($1,500,000) Jan. 2 1914,

$81,410 depreciation of investments, $25,000 reserve for foreign losses and
$74 765 miscellaneous adjustments of former years, obsolete goods, &c.
-1/. 100, P. 985, 997
.




Remington Typewriter Co., Ilion, N. Y.
(Report for Fiscal Year ending Dec. 311914.)
Pres. John Walter Earle, March 29, wrote in substance:

Total

527,879,123 529,978,451 528,864.625

x After deducting 3 quarterly dividends on pref. stock ($510,000), $1,639,816 for readjustment of inventories and $500,000 contingent war and
-V. 100, p. 1172. 985.
European reserve.

United Dry Goods Companies, New York.
(Balance Sheets of Subsidiary Companies Dec. 31 1914, &c.)
The report of the parent company for the 11 months
ending Dec. 311914, with the remarks of Pres. C. N. Bliss
Jr., and the balance sheet of the company itself, were given
on Feb. 20 1915 (p. 637). Balance sheets of subsidiary cos.:
Hahne
& Co.
Assets$4,394,050
Real estate
Fixtures, equipm't, &c_.. 551,152
Good will, leases, &c
20,000
Investments
93,383
Cash
Notes & accts. receivable 933,900
1,512,473
Merchandise
Due H.B. Claflin Co
E.H.Hatch Judgment
26,131
Miscellaneous
Profit and loss

Jan. 31 '15.
Dec. 31 1914
Lord &
Stewart
Wm.Hen- Powers
Taylor.
ores & Co. Mere. Co. D. G. Co.
$847,737 $290,9591
$2,122,978
$273,7321
3,000,000
700,000
1,300,000
274,553
10,000
10,000
10,250
493,409
185,8351 640,6671
104,007
1,878,760
141,6991
528,180
4,730,240
761,344
720,306
878,529
199,679
156,755
303,731
6,697
15,538
70,487
351,604

1

1

1

57,531,088 $3,165,185 $2,120,794 $2,409,667 $13,312,030
Total
Liabilities
la$7,395,100
$800,000
Preferred stock
1,000,000 $700,000 $300,000 $150,000!
Common stock
5,633,201
414,368
454,036
208,500
Bills & accounts payable 535,753
283,729
Deposit accounts
218,673
260,413
Due affiliated companies 147,120
1,750,000
Subordinate liens
450,000
Guaranty fund
15,454
12,586
Miscellaneous
28,818 1,505,411
J
Reserves
105,761
5,048,215} 246,2721 875,354
Profit and loss,surplu.s
• $7,531,088 $3,165,185 $2,120,794 $2,409,667 $13,312,030
Total
a Includes $2,500,000 1st pref., $1,895,100 2d pref. and 83,000,000 common
Compare V. 100, p. 637.
stock.

(The) Associated Merchants' Co.
(Balance Sheets of Subsidiary Companies Dec. 31 1914.)
The report of the parent company for the 11 months ending
Dec. 31 1914, with the remarks of Pres. C. N. Bliss Jr., and
the balance sheet of the co. itself, were given Feb. 20,p. 637.
Below are shown the balance sheets of the subsidiary cos.:
BALANCE SHEETS DECEMBER 31 1914.
Jas. McCreery Stewart J.N.Adam C. G. Gun- The Iltgby
& Co. ther's Sons. (70.60
& Co.
(C Co.
Assets
......
$105,098
$383,204 $1,313,223
Real estate
$1,300,000 *600,000 $400,000
3,800,000
Good-will
224,815
20,000
407,986
220,950
Fixtures, equipment, &c. 656,024
106,524
52,000
5,000
36,568
Investments
14,518
22,830
119,058
111,051
489,756
Cash
449,634
214,168
974,219
462,322
Notes& accts. receivable_ 1,188,287
524,530
296,596
975,417
759,058
1,828,305
Merchandise
313,790
Due from affiliated co's_
15,766
47,930
20,694
35,669
Deferred charges
155,094
Miscellaneous
$8,711,603 $2,892,898 $3,876,610 $1,413,786 $1,735,587
Total
Liabilities
$100,000 $700,000 $705,000c$1,000,000d$1,021,600
Capital stock
995,000 1,995,000
7,405,000
Bonds
232,028
291,010
534,740
313,465
557,564
Accounts payable
301,632
25,000
161,342
150,000
Notes payable
174,924
Deposits
334,119
639,385
Due affiliated companies1,902 e114,520
3,583
71,435
Miscellaneous
95,874
65,807
142,827
95,048
402,680
Profit and loss surplus
Total

$8,711,603 $2,892,898 $3,876,610 $1,413,786 $1,735,587

*Includes leases, &c. a Books not closed. c Includes 1st pref., $500,000; 2d
pref., $250,000, and common stock, $250,000. d Includes 1st pref. $200,000; 2d
pref., $421,600, and common stock, 5400,000. e Includes $60,573 reserves and
-V. 100, p. 637.
$53,947 contingent account.

La Belle Iron Works, Wheeling, W. Va.
(Report for Fiscal Year ending Dec. 31 1914.)
President W. D. Crawford says in substance:.

-The year 1914 was a most unsatisfactory one in the stee
Operations.
for finished goods
the
business. Prices were extremely low and yourdemandare largo producers
plants
disappointing. In normal times
was very
the railroads to purof railway car plates and consequently the inability of on your business.
chase needed equipment has had a most serious effect supply the requireThe ore properties, operating on a basis sufficient to
ments of your Steubenville furnaces, produced for the year 289,614 gross
at
tons. The coke properties were operated coalfull capacity, producing
mine, operating at suffi123,845 net tons of coke. The Steubenville
cient capacity to supply the open-hearth steel plant, produced 137,440
tons of coal.
net
The manufacturing plants were operated at about 66% of capacity,
except in the last quarter, when operations were less than 33%. Mos.1911.
Year 1914. Year 1913. Year 1912.6
-GrossTonnage
69,762
263,867
256,659
170,020
Pig iron
103,209
327,864
322,603
244,560
Billets and slabs
401,982
148,259
418,487
338.488
goods
Finished
Average number of workmen oniployed in 1914, 3,724; pay-roll, 33.119,826, or an average of $837 76 for each employee.
-A now iron and brass foundry, locomotive repair shop and
Additions.
additional yard trackage.
-For year 5,669 barrels; present output about 500
Oil Production.
barrels per month.
-As there has been appropriated for your various reserve acReserves.
board deem it unnecessary at this time
counts the sum of $2,450,203, the general depreciation:
to make any further provision fordividends $743,655, being at rate of 7%
-Cash
Dividends Paid in 1.914.
on the outstanding pref. and 3i of 1% on the common stock (V.99,P. 1601)•
RESULTS FOR YEARS ENDINGjDEC. 31.
1914.
1912.
1913.
$9,407,546 $12,165,328 $12,238,367
Shipments
x$588,812 $1,926,447 $1,249,503
Net earnings
209,899
71,522
297,299
Exhaustion of minerals, &c
Profits for year
Interest on bonds
Preferred dividends (cash)
Common dividends (cash)

$378,913 $1,629,148 $1,177,981
$122,715
$115,686
$105,668
(8%)793,2321 *991,530
(7%)694,078
(%%)49,577(2%)198,3081

Total
Balance
Appreciation of ore lands

$849,323 $1,107,226 $1,114,245
def.$470,410sur.$521,922 sur.$63,736
10,000,000

Balance
Surplus_beginning of year

def.$470,410sur.$521,922sr$10,063,736
2,825,213
2,973,548
3,245,470

Total
Stock dividend (100%)
Special depreciation

$2,775,060 $3,495,470 $12,888,949
9,915,400
250,000

$2,775,060 $3,245,470 $2,973,549
Total surplus end of year
•Dividends in 1912 were at the rate of 10% yearly on the outstanding
capital stock until Oct. 15 1912, when the stock was readjusted; since then
the rate has been 8% on the pref. and 2% on the common. x After deducting
charges for maintenance and repairs of plant of approximately $636,200,
against $648,200 in 1913.




1255

THE CHRONICLE

APR. 10 1915.]

BALANCE SHEET DEC. 31.
1913.
1914.
Assets

$

Liabilities-

1914.
$

1913.
$

a Property acct._ _21,935,738 21,827,456 Preferred stock...9,915,400 9,915,400

106,597 Common stock_ _ _ 9,915,400
b198,412
Investments
1,680,000
3,500 Bonded debt
Sink, fund deposit
8,090
Wages, taxes and
Deferred charges
royalties accrued 174,136
15,924
38,233
to operation_ _ _
145,207
Inventories
3,862,868 3,987,182 Accounts payable_
12,425
Accrued int., &c
Accounts and bills
140
589,244 1,306,095 Dividends unpaid_
receivable
698,460 Depr., &c.,funds_c2,450,203
Cash
435,536
2,775,060
Total surplus
Total

27,067,971 27,945,214

Total

9,915,400
1,777,000

299,547
334,467
15,138
50,386
b2,392,406
3,245,470

27,067,971 27,945,214

a Includes real estate, buildings, machinery, &c., also mining, gas and
oil properties. b At cost in 1914. c Reserve funds include: For depreciation, $1,402,318; exhaustion of minerals, $886,455; for re-lining furnaces,
extraordinary repairs and contingencies, 3161,430.-V. 100, p. 904.

Federal Mining & Smelting Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Harry L. Day,Pres. and Gen. Man., says in substance:
-The operating profit amounted to 8189,093 and miscellaneous
Earnings.
earnings to 8702,463, or a total of $891,556. Deducting general expense,
$94,663, leaves a net balance of $796,893.
A large decrease in operating profit and ore tonnages will be noted, due
to (a) suspension of operations at the Morning mine, our largest producer,
for practically 5 months, May 20 to Juno 19, and Sept. to Dec.;(b) Shrinkage in production at Wardner mine; (c) reduced prices for lead and silver.
The increase in miscellaneous earnings is largely due to dividends amounting to $576,000 (as against $352,000 in cal. year 19131, received from operations of the Green Hill-Cleveland Mining Co. in which the Federal Co. Is
a 50% stockholders.
-There were mined at all of the properties 421,631 tons
Production, &c.
(wet weight) of ore, of which 21.091 tons were first class. There were
milled 389,450 tons (dry weight) of ore.
There were produced 57,058 tons lead concentrates and shipping ore,
4,200
averaging 44.67% lead and 16.01 oz. silver per ton;this tons zinc shipping
amount 21,091 tons
ore and concentrates, averaging 44.61% zinc. Of
or shipping ore, which carried from 26.10% to 59.2% lead
were first class,
and averaged 34.0%. The first class shipped from Wardner averaged
0
51.2'7 and from Morning 29.6% lead. Average contents in concentrates:
(a) Wardner, silver 20.19 oz. in 1913 and 22.4 oz. in 1914; lead 55.93 and
59.12;(b) Morning,silver 13.42 in 1913 and 14.69 in 1914;lead 44.8 and 44.67.
-Now York quotations for silver ranged from 59.25c. per oz.
Prices.
down to 47.62c., averaging 54.80c. The quotations for lead varied from
$4 15 per 100 lbs., down to $3 50 and averaged $3 869. Prices for silver
produced averaged 5.56% per oz. lower than in the year ending Aug. 31
1913, while the average price received for lead was 39.2c. per 100 lbs. lower.
-The development work (drifting, rasiing, sinking and
Development.
cross-cutting) aggregated 7,256 ft., as against 16,224 ft. during the previous
fiscal period. The sharp fall in metal prices immediately following the war
developments, rendered it imperative to reduce expense as much as possible
and development work was thereby curtailed in consequence.

Estimate of Company's Engineers of the Reserves.
-Milling Ore- -Concentrates- -First Class Ore
1914.
1915.
1914.
1915.
1914.
1915.
Tons1,020
4,060 10,020
3,030
62,200 131,700
Wardner
673,150 607,200 61,180 55,130 43,660 38,590
Morning
8,250
8,250
87,000
87,000
Mace
20,000
111,000
Frisco
3,960 12,940
5,660 18,670
Green Hill-Cleveland_ 55,100 171,100
988,450 997,000 99,150 92,070 48,640 54,560
Total
Notwithstanding the apparently small reserve at Wardner yet experience
belief that this property will still produce through 1915 provided
leads to
prices do not fall below the remunerative minimum. The Morning is in
better condition than ever before and a profitable era of production is
confidently looked forward to as soon as metal prices shall justify reopening. While the Morning is the largest and best of our 'properties yet
its ores are the lowest grade of any property in the district, first class ore
shipped crude only averaging 11 oz. silver and 30% lead. There are about
300,000 tons of mine run in pillars, which is not shown as reserves, but
will eventually be available for stoping.
The estimated ore reserves of Green Hill-Cleveland show a decrease of
116,000 tons, indicating a rapid extinction of the mine ore bodies on the
Green Hill side. On the Federal Mace side, however there still remains a
quantity of rather low grade tonnage and underground conditions indicate
the existence of probable ore bodies.
-This new property (see V. 97, p. 1424) has received a
Helena-Frisco.
largo amount of rehabilitation and development. .After unwatering it was
necessary to entirely retimber the shaft for nearly 1,600 feet to build a
practically new mill and to work our a new process for concentrating. A
process has now been developed, involving wet concentration, flotation,
roasting, and magnetic separation which it is believed will insure a relatively
high efficiency. Installation of additional machinery will be undertaken
early in the year and the plant started as soon thereafter as passible. The
total expenditures to Dec. 31 1914 including purchase, rehabilitation, new
construction and operation, aggregated $363.301, of which $37,970 has
been charged off as operating expense. On Dec. 14 the mill started with
one shift working underground. There may be considerable zinc-lead me.
-Delivery of current under our
Contract with Thompson Falls Power Co.
contract with this company will begin about June 1 1915,and it Ls estimated
will save your company $50.000!per year on present consumption.
-Our proportion of the settlements, &c., with the land owners
Litigation.
In the Couer d'Alene Valley was $6,376 for year 1914.
Our suit against the Washington Water Power Co., growing out of a
raise in rates made in August 1913 is on appeal before the Supreme Court
of Idaho, but Is likely to be disposed of byfavorable legislation. The companion action for injunction brought by the Power Co. to prevent us from
purchasing power from the Thompson Co.is before the Idaho P. U. Comm.
The suit of one Sidney Norman, a stockholder, to set aside our smelting
contract with the Am. Smelting & Refining Do., was decided by Justice
Philbin in the N. Y. Supreme Court in favor of the defendant companies,
but is pending on appeal(V.99, p.52)•
-Notwithstanding the campaign which resulted in
Future Developments.
the Green Hill-Cleveland consolidation, the Star and Flynn Group options
(relinquished during 1914) and the purchase of the Frisco, no new properties have since been acquired. A. large number of examinations have
been made, without satisfactory result. The need for new mines is evident;
these, however, are extremely difficult to obtain. In my judgment the
best policy is to secure substantial interests in attractive prospected properties and to grow up with their development.
DETAILS OF INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1913.
$891,556 $1,064,066
$71,753
General expenses_ $94,663
Deduct
19,874
Cost of productton$1,144,867 $1,568,096 Corp. excise tax_
Smelt.,fgt.&treat. 866,818 1,236,034
Net earnings_ _ _ $796,893 $972,439
Ad).acct. Gr. Hill24,344 Preferred divs_ _ _ _ (5)599,305 (6)719,166
Cleveland lease_

1913.
1914.
Tot. value of prod.$2,200,778 $3,248,407 Net income

Total dedue'ns_112,011,885 52,828,474 Balance for year $197,588 $253,273
$189,093 $419,933 Previous surplus__ 1,435,523 1,464,674
Net profits
79,954
42,483
Interest, rent, &a_
$1,633,111 $1,717,947
70,000 Total
84,000
invest_
Divs. from
352,000 Deduct-Deprec'n. $136,861 $117,001
do G.H.C.M.Co 576,000
Green Hill-CleveRent Mace Plant
165,423
111,272 land investment
to G.II. M.Co_
41,970
Frisco plant op.,drc
Sale material to G.
65,666
30,907 Development, &c_
II. M.Co
Net Income-- $891,558 $1,064,066 Total surp.Dec.3111,388,614 51,435,523

THE CHRONICLE

1256

BALANCE SHEET DECEMBER 31.
1914.
1914.
1213. I
1913.
Assets—
IS
I Liabilities—
$
$
Mines & equip't__18,168,469 17,882,999 Common stock_ _ _ 6,000,000 6,000,000
403,462 Pt. stk.(7% cum.)12,000,000 12,000,000
Investments
286,120
137,285 Accounts payable_ 211,887
Material & supp
114,376
187,601
505,874 Surplus
1,388,614 1,435,523
Accts. receivable_ 261,040
693,504
Cash
770,496
19,600,501 19,623,1241
Total
—V. 99. p. 541.

Total

19,600,501 19,623,124

GENERAL INVESTMENT NEWS

[VOL.

mo.

Chicago Rock Island & Pacific Ry.—Nominees of Sheldon Committee.—The proxy committee of which Edward W.
Sheldon is Chairman announces that it has selected the following stockholders as the nominees for whom its proxies
are to be voted at the election of four directors to be held
on April 12 1915:
W. Emlen Roosevelt, senior member of the firm of Roosevelt & Son.
director Chemical Nat. Bank, N. Y. Life Ins. & Trust Co. and Buff. Roch.
Pitts. Ry. Co.; William J. Matheson, merchant; director of Bank of N. Y.
(N. B. A.), Title Guar.& Tr. Co. and Continental Ins. Co.; T. S. Williams,
Pres. of Brooklyn Rapid Transit Co.; Charles Hayden, Senior partner of
Hayden, Stone & Co., director Nat. Shawmut Bank of Boston and the
Equitable Trust Co. of New York.
In making these selections the committee states that it has been actuated
solely by a desire to procure for the stockholders the benefit of the advice
and services of gentlemen of high standing, wide experience and a record
of success in respect of the affairs with which they have been connected.
N. L. Amster of Boston, Chiarman of the Amster committee, objects
to these nominations as too closely allied with the present management,
and expresses the belief that his committee will represent at the meeting
between 150,000 and 200,000 shares.

RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic RR.—Default Expected
May 1 on Joint 5% Notes of 1912.—It being "practically certain" that default will occur May 1 on the payment of the
principal then due on the $5,761,000 5% joint collateral trust
notes of 1912 made by the Atlantic & Birmingham ConImprovements—Probable Preferred Stock Issue.—The "New
struction Co. and Atlanta Birmingham & Atlantic RR. Co., York Times" of April 6 said:
The board of directors shortly after the annual meeting April 12 will conthe committee named below urges the necessity of depositing
sider a
to be expended
the notes as soon as possible with the Equitable Trust Co. ficiencyplan for raising $30,000,000, allState of Iowa. in raising the efof the Rock Island's lines in the
Several plans for raising the needed money are now under preparation
of N. Y. or the American Trust Co. in Boston. A circular
by the interests most concerned, but it was said yesterday that the one calldated at N. Y., April 1, says in substance:
ing for an issue of preferred stock met with the greatest support.

The above notes ($5,761,000) are secured by deposit with the Equitable
Trust Co. of N. Y. trustee, of (1) $1,100,000 (all) common stock rk. Brunswick SS. Co. (2) $750,000 1st M. 5% gold bonds of Brunswick SS. Co.
'
(principal and interest guaranteed by Atlantic Gulf & West Indies SS.
Lines), payable $50,000 July 1 yearly, the last payment in 1929. (3) $4,000,000 common stock of Woodward Iron Co. (4) $17,000,000 common
stock, $5,600,000 pref. stock and $5,005,000 1st M.5% bonds of Atlanta
Birmingham & Atlantic RR. Co.
Under agreement of Feb. 1912, between certain individuals and the
Construction Co.,the int. on these notes was guar. up to and incl. May 1 '15.
As regards the collateral, the Brunswick SS. Co. has sold all its steamers;
and its only asset is the lease of certain dock properties in N.Y.City,from
which at present an income is being received; its bonds are secured by a
mortgage on certain steamships owned by the Atlantic, GuL & West Indies
SS. Lines and are guaranteed by that company. (V. 91, p. 465).
The Woodward Iron Co. of Birmingham, Ala.(V. 94,_p. 1255) owns large
coal and iron mines, operates blast furnaces, &c. It is capitalized as
follows: $13,500,000 sinking fund gold 5s, due Jan. 11952; $3,000,000 6%
cum. pref. stock and $10,000,000 common stock. It owns about 46,000
acres of Pratt coking coal in Alabama, estimated at approximately 160,000,000 tons, and large deposits of ore, estimated at about 235.000,000 tons.
It is one ot the most successful pig-iron manufacturers in the South; the
plant is complete and up to date, having by-product coke ovens, four
modern blast furnaces with an annual capacityof about 400,000 tons pig iron.
The bonds and stocks of the Atlanta Birmingham & Atlantic RR, Co.
have practically no value. The company has been in the hands of a receiver for six years, and, unless the earnings should increase, so that a
possible value might result to these securities from the right to participate
In some reorganization, they will be valueless.
It is practically certain that the principal of these notes will not be paid
at maturity, on May 1, and protective measures are therefore necessary.
The undersigned, owners of a large amount of these notes, will act as a
committee for such purpose and will make no charge for their services:
It is our intention to hasten a sale ot the collateral, and, if a satisfactory
price is not obtained, to buy it in, in whole or in part, for the depositing
noteholders, disposing of the same,from time to time, as satisfactory prices
may be realized, and dividing the proceeds. The committee will also have
the power, if thought advantageous, to distribute some or all of the collateral directly among the noteholders pro rata; and it is probable that all
of the Woodward Iron stock will be thus distributed.
Notes in coupon form should have the May 1 1915 coupons detached
for collection by the holder; interest-bearing scrip should be accompanied
by the proper income tax certificate.
Committee.—George C. Clark, Sylvanus L. Schoonmaker, Percy H.
Pyne and Russell G. Fessenden, with George C. Clark Jr. as Secretary,
51 Wall St.—V. 99, p. 968.

Baltimr•re & Ohio RR.—Trackage Arrangement.—
See Western Maryland RR. below.

This plan,
according to one of the directors, calls for an authorization of $30,000,000
preferred stock, to be issued in three yearly installments of $10,000,000
each. It is planned to give the present holders of the stock of the Rock
Island Company, the second of the holding companies of the Chicago Rock
Island & Pacific Ry. Co., opportunity to purchase this stock.
It has been proposed to issue bonds on a junior mortgage, but it is stipulated in the present First and Refunding Mortgage that no junior mortgage
shall be authorized except by the consent of the holders of the First and
Refunding M. bonds. Such consent, it is assumed, would not be forthcoming. The indenture of the railway company's debenture mortgage
further blocks the plan to issue new mortgage bonds, for under this indenture the debentures, amounting to about $20,000,000, must have the same
standing as the proposed new mortgage bonds.
Another plan that has been suggested calls for Adjustment Income bonds,
and still another for more debentures. All of these plans, however, by
increasing the funded debt, would tend to cheapen the securities. The solution seems to lie in an issue of preferred stock. This plan was talked of
last summer, and is favored by the Phelps
-Dodge interests, who have large
s
oc ever yurol e .
30o slard sec dltilar
.
holdings $ Rock
of the f
will be spent on improvement of the railway company's properties. It is a fact that the Atchison Topeka & Santa
Fe, using the same traction power, can haul a train just twice as long on
its lines as the Rock Island can on the Rock Island lines in the State of
Iowa. We must raise our efficiency to the standard set by the Atchison.
The only hope of modern railroads is to cut their expenses and increase the
train-haul.—V. 100, p. 1167, 1078.

Chicago Utilities Company.—Default.—The coupons
due April 1 on the 1st M. Series A 5% bonds have not been
paid, no deposit to cover the same having been made. Of
the $5,999,900 issued, about $900,000, it is stated, are held
in the treasury.

Secretary Payton is quoted: The interest has not been paid and probably
will not be paid. I believe we have sixty days to make payment before default, but there is no probability that the money will be available in sixty
days. There are also $4,000,000 Series B bonds which do not become a fixed
charge until Jan. 1 1917.—V. 100, p. 641.

Cincinnati Indianapolis & Western Ry.—Deposits—
Time Limit.—The bondholders' committee, William A.
Read, Chairman, announces that over 72M% of the 1st &
-year gold bonds and 66% of Indiana Decatur
Ref. M.4% 50
-year 5s, have been deposited with
& Western By. 1st M.40
the committee, under protective agreement dated July 9 1914.
The mortgages securing the respective bond issues are now under fore-

is expected that decrees of foreclosure will
Commutation Fares.—The I.-S. Commerce Commission closure and it bonds will be received by the Equitable shortly be entered.
No further
Trust
on April 7 authorized the company to put into effect its new the depositary, after April 26 1915, except upon approval and Co. of N. Y.,
on such ternqi
commutation fares, which were filed last November, to be- as the committee may determine. (See adv. above.)—V. 100, p. 641, 397,
Ry.,
effective Dec. 1, from points in the Washington district
0.—Quarterly Dividend 1%.—A
come
City
Dayton,
as far east as Baltimore and as far west as Washington Junc- quarterly dividend of 1M% has been declared on the $2,400,common stock, payable March 31 to holders of record
tion, except in one instance.
000
As the advance in commutation fares made in the district was intended March 23. This compares with 13 % in December last and
4
to be uniform and to cover all districts, it is assumed that the decision will 2% quarterly from June 1912 to Dec.
1914.—V. 100, p. 53.
be applied also to all other districts. The Commission held that the road
justified in its demand for the withdrawal of the 24, 50 and 180-trip
is
Columbus(0.) Railway, Power & Light Co.—Mortgage.
tickets, and the increased fare on the 10-trip ticket, but sustained the
existing fares on the 60-trip ticket. It was pointed out that the railroad —The company has filed its new $5,000,000 1st & ref. morthas shown that the commutation traffic on the Washington and Metropoli- gage to the Girard Trust Co., Phila., as trustee.—V. 100,
tan branches is not as a whole profitable, the traffic being light, and that

there is little likelihood of growth, but rather of diminution.—V. 100, p.
307, 228.

Belt RR. & Stock Yards of Indianapolis.—Dividend
Increased.—A quarterly dividend of 5% has been declared
on the $1,500,000 corn. stock, comparing with 3% in Jan.
1915 and 2% in Oct. 1914, 3% in July, 5% in April and 4%
in Jan.1914.
Dividend Record Since 1906 (Per Cent).
1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914.
13
12
6
3
6
10
14
11
See Indianapolis Union Ry. below.—V. 98, p. 1070.

1915.
Jan. 3

Central Railroad of New Jersey.—Fine.—
Judge Rellstab in the U. S. District Court at Trenton, N. J., on April 5
Imposed a fine of $200,000 on the company on its conviction on May 11 of
granting rebates to the Lehigh Coal & Navigation Co. The Court suspended sentence on 160 of the 185 counts of the indictment. The company, it is reported, will appeal.—V. 100, p. 981.

Chicago & Eastern Illinois RR.—Committee.—The interest on the Evansville & Terre Haute RR. 1st Gen. M. 5s,
due April 1, having been defaulted, the following committee
requests deposits with Farmers' Loan & Trust Co., depos.:
Augustus V. Heel, V -Pres. Farmers' Loan & Trust Co., N. Y.; Frederick J. Lisman, 30 Broad St., N. Y.; A. S. Wing, Pres. of Provident Life
& Trust Co., Phila.; Geller, Rolston & Horan, counsel. 22 Exchange Place,
N. Y.; Farmers' Loan & Trust Co., depositary, 22 William St., N. Y. See
V. 100, p. 1167. 981.

Chicago Railways Co.—Full Income Interest.—The directors have declared the full 4% interest on the $2,500,000
non-cumulative adjustment income bonds, payable in one
installment on May 1 for the fiscal year ended Jan. 311915.
Earnings.—For the year ending Jan. 31:

)
397 229.
P.Cumberland Valley RR.—Earnings.-t-

Gross
.1‘et (aft.
Other
Interest
Divs.
Balance,
Earnings. Taxes). Income. Chgs.,&c. (8%). Surplus.
$3,227,054 $956,016 $102,323 $111,118 $426,676 $520,545
3,587,682 1,000,488
98,320 247,273 426,676 424,859
199134 f the surplus in 1914, $518,271 was expended during the year and the
0
remaining $2,274 held in reserve.—V. 98, p. 1071.
Candar
le
Year—

Detroit United Ry,—Sale of City Lines.—The resolution
adopted by the stockholders on Mar. 31, authorizing the sale
of the lines within the "one-fare zone" to the city, directs
that the board be authorized "to enter into an agreement to
sell the property to the city at $24,900,000, plus any amounts
expended for betterments and extensions after April 1 1915,
on terms, including terms of payment, satisfactory to said
board and determined by its counsel to be valid."
City officials, it is reported, now desire that the amount of $4,880,000
Detroit United bonds which cover lines outside the city be deducted from
the purchase price, as the city would have no control over these properties.
The Commission believes that all details in connection with the purchase
will be settled in the next three months and will, it is stated, not approve
extensions in order to prevent additions to the price by such extensions.
It is said that a special election on the purchase of the street railway properties may be called for the middle of May.—V. 100, p. 1167, 900.

Evansville & Terre Haute RR.—Committee.—

See Chicago & Eastern Illinois RR. above.—V. 93, P. 1456.

Grand Trunk Pacific Ry.—Government to Operate Road.
—Press dispatches state that the Canadian Government will
at once begin operating the Transcontinental Ry., on which
steel has been laid along the whole route of 1,800 miles from
Moncton, N. B., to Winnipeg, the company having declined
to take it over at present, under lease, as originally contemplated.

Joint Account with the City.
Net (after Int., 5% Balance —Of which to— I
on Inv. Divisible. City,50%. Co.,45%.
Taxes).
$
$
$
The company, it is reported, claims that the terminals at Quebec have
$
7,180,402 4,116,762 3,063,640 1,685,002 1.378.638 not been completed and that the road is incomplete in other respects, and
1914-15___
(7)
1913-14_ _ _19,674,715 7,302,911 3,928,580 3,374.331 1,855,882 1,518,449 In order to prevent damage to the road by frost and flood the Government
1078, 139.
proposes to Inaugurate a train service of its own—V. 100, p.642.

Fiscal
Year—

Gross
Income.

—V. 100, p.




APR. 10 1915.1

THE CHRONICLE

Hanover & McSherrytown Street Ry.—Change in Control.—This property, which for some time has been controlled
by Frazier & Co., bankeis, of Philadelphia and New York,
has been taken over by the Brooks interests of Scranton.

The new owners, it is said will probably incorporate the property into Et
chain of street railway and fighting enterprises in Pennsylvania and nearby States. The company has been operating for over 20 years, connecting
a number of towns in the vicintity of York, Pa., by an electric railway line
and distributing current for light and power in Hanover and adjacent
territory. At Hanover it connects with the lines of the York Railways Co.
Frazier & Co. in May 1914 placed $249,000 1st M. 5s of 1908, due June 1
.•
1928, making $400,000 outstanding. See V 98. I3• 1450.

Hocking Valley Ry.—Appeal to U. S. Supreme Court.—

The Ohio Supreme Court has granted the company a stay pending appeal
to the U. S. Supreme Court from the order of the P. U. Commission requiring it to restore interurban service between Wellston and Hamden. The
Ohio Supreme Court recently held that the order was not unreasonable
and declined to set it aside.—V. 100, p. 1078.

Hudson & Manhattan RR.—Earnings.—

Other
Int. on Balance,
Band
Calendar Railroad Net (after
Int., &c. Inc. Bds. Surplus.
Taxes,&c.) Income.
Gross.
Year—
$3,750,950 $2,052,406 $1,025,898 $2,357,797 $662,040 $58,467
1914
969,744 2,281,700 662,040 53,386
3,743,712 2,027,381
• 1913
"Bond interest, &c.," as above, includes interest on the first lien and Ref.
M. bonds for Jan. 1913 (issued Feb. 1 1913), as if the bonds had been
outstanding during that month. Interest on income bonds is likewise so
shown for the sake of comparison, although issued at the same time.—V.
100, p. 812, 397.

1257

were ready to adopt it, if it should be approved by Judge Hook. The plan
was submitted to Judge Hook and on Feb. 26 1915, after a hearing, was disapproved by him, one of his reasons being that the plan provided for the
continuance of the Kansas City By. & Light Co.'s stock ownership in both
the street railway and electric light properties (see V. 100 p. 812, 556)•
An immediate separation of the stock ownership in the properties, under
existing financial conditions, presents serious difficulties, and,in view of the
entire situation, it may become necessary to foreclose very promptly the
various mortgages resting upon the street railway and electric light properties and upon securities representing those properties. Proceedings are
already in progress to foreclose the moetgages upon the street railway
properties which constitute in part the security under the note agreement.
Such foreclosures may, and probably will, necessitate the purchase of the
mortgaged properties or of the securities pledged under the note agreement,in whole or in part by, or for the benefit of, the holders of certificates
of deposit representing notes deposited with the undersigned committee.
In order,therefore,that those who have not deposited their notes may be in
a position to share pro rata in the benefits of any such purchase, made
wholly or in part in the interest of the deposited notes, the committee will
accept additional deposits of the notes on or before May 15 1915 with the
New York Trust Co., 26 Broad St., N. Y., or Old•Colony Tr. Co., Boston.
Committee: John B. Dennis, Samuel L. Fuller, Jerome J. Hanauer and
James J. Storrow. with Lawrence G. Bennett, Secretary, 24 Broad St.

Deposit of Bonds.—A similar circular has been sent by the
committee named below to the holders of the $10,200,000
First Lien Refunding 5% bonds, due May 15 1913, emphasizing the importance of depositing their bonds on or before
May 15 1915.

Depositary, New York Trust Co., 26 Broad St., N. Y., with Old Colony
Trust Co., 17 Court St. Boston, as agent. Committee: John B. Dennis,
Jerome J. Hanauer, Acosta Nichols and James J. Storrow, with Lawrence
Illinois Central RR.—Equipment Trusts.—Kuhn, Loeb G. Bennett. Sec.. 24 Broad St.. N. Y.
[A letter from Mayor Henry L. Joost to A. S. H. Jones of this city says:
& Co. recently purchased and it is understood have sold
of
privately at par and int. $1,980,000 Equip.Tr. 4JAs, Ser. C. "I feel certain that a reorganization the the street railway properties here
effected within the time
present extension, which expires
will
These certificates mature in equal semi-annual installments from Oct.1 July be 1915. My understandingof that bondholders have assured the
is
1
1915 to April 1 1925 incl., but are subject to redemption on any coupon
that a new plan would
date on or after April 1 1920 at 102% upon 90 days' notice. Coupon cer- Court —V. 100, p. 982, 733. be submitted conforming to the views of the
Court.
tificates of the Commercial Trust Co. of Philadelphia. Denom. $1,000 c*.
Principal and coupons (A. & 0.) payable in gold without deduction for
Lake Tahoe Ry. & Transportation Co.—Authorized.—
taxes, excepting any Federal income tax. The certificates represent 80%
on April 6
The I. S. C.
the company
of the cost of the following new equipment: 1,000 refrigerator cars, steel for permission Commission to operate granted the petition ofTahoe. The
to continue
its boat line on Lake
underframes; 50 mikado-type locomotives and 25 switching-type loco- COMMISSi071.says that so long as the respective operation of the rail and
motives.—V. 100, p. 474. :397.
boat lines remains as at present, the boat line being merely an extension of
rail line,and
Indianapolis Union Ry.—Guaranteed Bonds Offered.— the forbidden byneither competing with the other, their joint ownership is
not
the Federal statute.—V. 100, p. 474.

Wm. A. Read & Co., Harris, Forbes & Co. and Union Trust
Co. (of Pittsburgh) have sold at 993/i and int. $4,000,000
General and Refunding Mortgage Series A 5% gold bonds
dated Jan. 1 1915 and due Jan. 1 1965, but callable as a
whole or in series 15 years after date, or on any interest date
thereafter at 103 and int.

Denom. $1,000 c*Scr*. Int. J. & J. in N. Y. The N. Y. Stock Exch.
will be asked to list the bonds. Trustees, Farmers' Loan & Trust Co.,
N. Y., and Union Trust Co., Indianapolis. Total auth., $10,000,000.
Data from Pres. J. J. Turner (First Vice-Pres. Pennsylvania Lines
West of Pittsburgh), April 3 1915.
Organization.—Owns the only steam railroad station and terminal railway in Indianapolis, the original company dating from 1850. The ownership of the company is vested in the Pittsburgh Cincinnati Chicago & St.
Louis Ry. Co., the Cleveland Cincinnati Chicago & St. Louis Ry. Co. and
the Vandalia RR. Co. and these companies jointly and severally guarantee
by endorsement the principal and interest of these bonds. One of the most
strategically valuable terminal railway properties in the West and indispensable to the handling of railroad traffic at Indianapolis, the chief railroad centre between Pittsburgh and St. Louis. The physical property
exceeds the bonded debt, irrespective of the value added by this issue.
Company's Property.—(1) Union Passenger Station, located in the heart
of the business district of Indianapolis, embracing about three city blocks,
and a mile of double-track connecting main line terminal railway, furnishing the approach to the station in both directions, together with yard tracks
and sidings in the heart of the city, reaching important industries and the
local railroad freight yards. (2) A 999-year lease dated Oct. 11882, of the
railroad of the Belt RR.& Stock Yards Co. of Indianapolis, which, located
entirely within city limits, includes a main-line right-of-way of 14.18 miles
in length, and with second,third or fourth tracks,61.92 miles ofsingle track.
An average of 162 passenger trains a day arrive or depart from the Union
Passenger Station. In 1914 the ticket sales amounted to $2,202,099; freight
cars handled on Union By.and "Belt Line,"2,182,074,or nearly 6,000 a day.
The following seven railroads, being all the steam railroads entering Indianapolis, are obligated under agreement of Sept. 30 1883 to use the property in perpetuity, paying a proportion of the charges and rental therefor,
including interest and sinking fund charges:
P. C. C.& St. L. Ry.(Pa. System), lInd. Southern RR.(Ill. Cent. Syst.)
Cinc. Ham.& Dayton By.,
Vandalia RR. (Pa. System),
0.0. C.& St. L.(N. Y. C. System), Lake Erie & West.(N.Y.C.System
Chicago Indianapolis & Louisville Railway.
Every steam railroad entering Indianapolis must use the tracks of the
Indianapolis Union By. Co. to reach the passenger station, and every railroad except one has to use these tracks to reach its own local freight station.
The "Belt Line" serves a large proportion of the industries of Indianapolis,
having handled 453,934 freight cars to and from these industries in 1914;
it is also the only link, both for through traffic and for interchange of traffic,
between the Pennaylvania Lines east and west of Indianapolis and the
various divisions of the Cloy. Ctn. Ch.& S... Louis By.
Bond Issue.—The proceeds of these $4,000,000 bonds will be used for
improvements, the purchase of additional property,and expenditures on the
Union Passenger Station. Under an Indiana statute, the City and Marion
County will contribute substantially 25% towards the cost of the enlarged
track facilities incident to track elevation.
A direct mortgage on the entire property, subject to $835,000 bonds (being steadily reduced by the sinking fund), and also secured by a lion on the
999-year lease dated 1882 of the railroad of the Belt RR.& Stock Yards Co„
which has $1,000.000 4% bonds outstanding.
Accumulative sinking fund, beginning in 1926, 1% of outstanding bonds,
to retire this issue.—See also V. 100, p• 555.

Lehigh-Buffalo Terminal Railway Corp.—Application.
The company has applied to the P. S. Commission for a certificate of
convenience and necessity, and consent to issue $50,000 capital stock,
and $5,000,000 debenture bonds to acquire property and construct facilities at Buffalo. Compare V. 100, P• 733.

Lehigh Valley RR.—Securities of Controlled Company.—
See Lehigh-Buffalo Terminal Ry. Corp. above.—V. 100, p. 733, 397.

Long Island RR.—New Director.—
Herbert C. Lakin of Lord, Day & Lord, has been elected a director to
succeed A. J. County, who resigned.

Suit.—Dick Bros & Co. on April 7, as minority
stockholders, brought suit in the Supreme Court in this city
to prevent continuance of the present relations with the
Pennsylvania RR.
The complaint alleges misuse of the properties and money of the Long
Island RR. for the advantage of the Pennsylvania RR. and the Pennsylvania Tunnel & Terminal RR., which it controls. Among other relief
the complainant asks for two injunctions, one to restrain the directors controlling the Long Island RR. from continuing the practices complained of
and a second to restrain them from advancing money for "further expenditures of the Lond Island for the benefit or purposes of the Pennsylvania
RR.,".and also from paying any principle or interest on account of advances made by the Pennsylvania RR.—V. 100, p. 1074, 982,

Louisville Bridge Co.—Meeting—New Bridge.—
The meeting of stockholders which was to be held March 30 was postponed for 60 days, pending, it is stated, an investigation by minority
stockholders' including Geo. W. Norton, of Louisville, as to a proposition
to spend a sum reported as $2,100,000 for a double-track bridge at 14th St.,
Louisville, Ky.—V. 99. p. 1832.

Maine Central RR.—New Securities Authorized.—The
bill signed by Governor Curtis of Maine on Mar. 29 permits
the issuance of bonds, notes or non-voting preferred stock
carrying dividends of not exceeding 5%, to an amount not
over $10,000,000, to retire at par an equal amount of the
present stock.
The law provides that new securities must be offered at par to the stock
holders, including the trustees of the Maine Railways, in exchange for and
retirement of an equal amount of common stock,or, in lieu of such exchange,
the stockholders will be allowed to purchase for cash at not exceeding par
their proportional part of the new securities so offered them in exchange
and the proceeds may be applied by the Maine Central RR. to the retirement of common stock. Any balance of bonds, notes or pref. stock not
taken by stockholders may be exchanged for common stock held by the
Maine Railways Companies or sold by the Maine Central RR..and the proceeds used to obtain and cancel common stock of the Maine Railways Companies of equal par value; but the common stock so obtained, whether
through the direct purchase of stock or the purchase or calling for payment
of the notes of the Maine Railways Companies, shall be obtained at a cost
not exceeding par.—V. 100. p. 1168, 642.

Memphis (Tenn.) Street Ry.—Dividend Deferred.—The
directors have deferred the usual quarterly dividend of 1%%
Kansas City Railway & Light Co.—Circular to Holders on the $2,500,000 5% cum. preferred stock.—V. 99, p. 1748.
of 6% Collateral Gold Notes Due Sept. 1 1912.—The Dennis
Michigan Central RR.—Authorized.—The Illinois P. U.
committee, representing a large majority of these $5,478,000 Commission has authorized the issuance of the $4,000,000
notes, in urging further deposits by May 15, says:
1st M. 332% bonds recently placed by Wm. A. Read &
-year franchise approved by popular vote on July 7 Co. (V. 100, p. 642).—V. 100, p. 1168, 1091, 1073.
By the terms of the 30
1914, it is provided that unless the Kansas City Railways Co. (the new
Missouri Kansas & Texas Ry.—New Director—Int. Rate.
company) shall acquire, free of liens, all of the street railway properties
within six months from July 7 1914, or within such further period as the
city may by ordinance grant, the franchise is to become void. The city
extended the time within which the company may acquire the properties
to July 7 1915 and it is not known whether another extension can be secured.
The franchise also provides that the stock issued by the Kansas City
Railways Co. should be deposited with the Hon. William C. Hook, to be
delivered to those who may be entitled to it under any plan of reorganization that shall be approved by Judge Hook, or, if no plan of reorganization
shall be approved by him, to those who paid for the same. It is claimed,
in substance, and Judge Hook has expressed the view, that this provision
means that no one can derive any benefit from the new franchise unless
the Kansas City Railways Co. shall, within the time limited by the city, acquire all of the street railway properties through the medium of a reorganization effected under a plan approved by Judge Hook.
The European war made It practically impossible to sell sufficient new
securities to pay off the existing indebtedness in cash. At the request,
therefore, of the committee representing a large majority of the stockholders of the Kansas City By. & Light Co., the undersigned committee under
agreement dated Aug. 15 1912, together with committees representing other
indebtedness of the company and of its controlled street railway companies, co-operated with the stockholders' committee in working out a
plan which was thought to be fair to all interests for re-financing the existing
Indebtedness by an exchange thereof for new securities. The committee
representing the stockholders adopted this plan and the other committees




David Mulvane of Topeka, Kan., has been elected a director to succeed
A. J. Poor, who resigned, and W. W.Brown to fill an existing vacancy.
The stockholders on April 8 authorized the directors to increase the rate
of interest on the consolidated M. bonds at their discretion from 5 to 6%.
Holders of 1st M. 4% bonds, due June 1 1990, may present the talon
attached to the bonds on and after June 1 to the English Association of
American Bond & Share Holders, Ltd., 5 Great Winchester St., E. C., who
will issue warrants in exchange therefor, calling for the delivery at an early
date of sheets of 150 coupons for interest, to become payable up to and
Including June 1 1990.

Notes.—No announcement has yet been made in regard to
the financial plan for caring for the $19,000,000 5% secured
gold notes due May 1. It is reported that the holders will
be asked to consent to an extension for one year at 6% and
that a large number of the holders have indicated that they
will accept the plan.—V. 100, p. 1168, 1078.
Missouri Oklahoma & Gulf Ry.—New Co-receiver.—
Henry C. Ferris has been appointed co-receiver with Alexander New, with
office at Muskogee, Okla.. vice Louis S. Posner, resigned; effective March!.
1915.—V. 100, p. 901. 734.

1258

TIIE CHRONICLE

Missouri Pacific Ry.—Note Extension Plan.—The company yesterday issued a formal request for the extension of
-year 6% secured notes, which
its $24,845,000 extended 3
mature June 1 next, for another year,at the same rate of interest. A cash commission of M of 1% upon the face value
of the notes will be paid to noteholders when the extension
becomes operative. See adv. on another page.
An extension agreement has been lodged with the Union
Trust Co. of N.Y.,which prohibits the withdrawal of pledged
collateral upon the substitution of other collateral, and the
rates for withdrawal of collateral for cash deposited with the
trustee are to be the same as heretofore fixed. Until the
payment of the extended notes, the St. Louis Iron Mountain
& Southern Ry. Co. is not to issue additional bonds, notes or
other obligations, except for the purpose of providing for
taxes, equipment and equipment obligations, terminal commitments and current operations.
The extended notes are to be subject to redemption on the
first day of any month, upon four week's published notice,
at their face value plus accrued interest and a premium of 1%.
The extension is to become operative only when declared
operative by the company's board of directors or executive
committee. If the extension should not become operative,
the notes will be returned with the June 1 1915 coupon.
• The company urges the prompt deposit of the notes for
extension in the interest of the noteholders themselves, so
that the board of directors may proceed with their plans for
strengthening the financial position of the company.
List of Collateral for Extended Notes.
Face or
Withdrawal
Par Value.
Value.
Description.
$25,000,000 St. Louis Iron Mt. & Sou. Ry. Co. First & Ref. M.6%
40
-Year gold bonds, Series A (non-convertible), due
July 1 1952
95
1,070,000 St. Louis Iron Mtn. & Sou. Ry. Co. stock
70
-Year
1,972,000 Missouri Pacific Ry. Co. 5% First & Ref. M. 50
gold bonds, Series B (non-convert.), due Sept. 1 1959_
873
828,380 The Texas & Pacific Ry. Co. 5% notes, due June 1 1915
(which may be extended or renewed to June 1 1916)
100
400,000 Concordia Coal Co. 1st M.5% bonds, due Oct. 1 1945
95
150,000 Baring Cross Bridge Co.7% stock
100
125,000 Pueblo Stock Yards Co.stock
175
1,000,000 Western Coal & Mining Co. stock
75
9,800,000 Denver & Rio Grande Ry. Co. preferred stock
60
15,000,000 Denver & Rio Grande Ry.Co common stock
25
—V. 100, p. 982, 901.

Mt. Vernon (Ohio) Electric Street Ry.—Receivership.—
Robert L. Carr was on April 6 appointed receiver, on application of
President N. C. L. Kachelmacker of Columbus, claiming $4,125 for salary.

New York Central RR.—Annual Report.—Regarding the
recent annual reports (See "Chronicle" of March 27, p. 1034,
1072 and 1084 to 1091. Pres. A. H. Smith in a revised
statement says in substance :
The decrease of nearly $10,000,000 in the gross earnings of the (old)
N. Y. Central & Hudson River RR. Co. was due to the general depression
in business in and throughout the territory served. The saving of about
$9,400,000 in expenses was made possible through improvements in facilities completed or ip progress, as well as from some increase in efficiency.
The loss of $2,500,000 in investment income reflected the less prosperous
condition of certain affiliated lines, due to the business depression, and
also the fact that the full year's dividend was not declared on its investment
in Lake Shore stock, because the consolidation became effective before the
close of the year.
As to the increase of about $1,600,000 in interest charges,some shortterm obligations had to be extended or re-Issued right in war times and there
was an increase in the capital account due to the betterment expenditures
in the previous year. The loss of corporate income is thus due to external
causes for which the return of prosperity to Our country is the one'remedy.
It is probably not generally realized that the New York Central system
for the past year has had an average of about $40,000,000 worth of cars and
$10,000,000 worth of locomotives idle, which condition obtains at the
present time. This means that we now have in the neighborhood of 50,000
Idle cars, almost entirely iron ore, coal, coke and flat cars, which are bringing no return of revenue to us, and upon which we are carrying the interest
charges. This is a condition which is common to all roads in this territory.
Before the business depression, every available car was taxed to its utmost
in meeting the demands ofshippers,and there was a car shortage. Similar
conditions obtain as regard other railroad facilities, shops, tools, tracks,
yards, engine houses, freight and passenger stations. Briefly, railroads
are called upon in times of prosperity to meet the maximum demand of the
high tide of business and when the tide goes out they are left with the
investment unsupported. To meet this condition railroad companies
should be permitted to accumulate a reserve fund or surplus such as banks,
trust companies, &c., are permitted, and even required, to accumulate
against exigencies such as these.
The increase in rates granted to the eastern railroads of 5% on a portion
of their traffic is helpful to the extent of the increase. It does not solve
the problem ofincreased carrying charges, above recited, increases in wages,
taxes, &c., and of the necessity for safe and adequate reserves. But, as
the problem becomes better known to the authorities and the public, I feel
hopeful that they will meet it in a reasonable and helpful spirit.
On the Lake Shore & Michigan Southern By. the loss in revenue was,
mostly in freight which yields carload shipments such as coal, ore and iron.
The percentage of loss in gross was about double that of the Central,so that
the proportion of facilities and equipment to the curtailed volume of business made a difficult situation to meet. Improvement work in progress
was stopped wherever it was feasible to curtail without imparing the
standard of the property. Of the decrease in investment income of about
$2,860,000, $627,000 was due to decreased use of equipment in interchange, on account of the decline in business, and $2,200,000 to decreased
return from affiliated companies by reason of the bad times. Therefore,
the falling-off in net income for the past year of approximately $5,360,000
was largely due to external causes, and the shrinkage of business which
can only be remedied by a return of general prosperity.
The improvement work at the Grand Central Terminal is nearly completed, the only work now in progress is that in connection with the company's contract with the Government for the erection of a building to be
used by the Post Office Department.
The consolidation of the Central and Lake Shore properties should prove
of material benefit to the system.—V. 100, p. 1079.

New York New Haven & Hartford RR.—New Notes.—
Arrangements, it is understood, have been practically completed with a banking sundicate headed by J. P. Morgan &
Co. for the sale of $30,000,000 collateral 1-year notes to
provide for the obligations maturing May 1, namely the company's $19,399,000 1-year 5% notes and $10,000,000 Harlem
River & Port Chester 1-year 5s. The National City Bank
and the First National Bank will presumably participate in
the underwriting. The official announcement, it is said,
will be made today.
Official Circular—Capital Stock—Bonds—Pending Legislation.—Pres. Howard Elliott, April 3 1915, wrote in substance:




[VOL. 100.

A special meeting of the stockholders will be held April 24 1915(V. 100 ,
p. 1168) to vote on reducing the capital stock from 1,800,170 shares to
1,571,179 shares by canceling the 228,991 shares now in the treasury. The
Massachusetts P. S. Commission has recommended to the Massachusetts
General Court that all of the capital stock in the hands of the public
1,571,179 shares, be validated under the laws of Massachusetts, but has
recommended that the 228,991 shares in your treasury be canceled. The
continued existence of this treasury stock is unnecessary; its retirement
will not affect your balance sheet; and the remaining stock, if so validated.
will start the company with its capital stock and indebtedness issued and
outstanding and premiums paid in and shown in company's premium
account on June 30 1914, validated by the laws of all three States.
The stockholders will also act upon an amendment to the Connecticut
charter, approved March 19 1915, which will permit us to sell, pledge or
otherwise dispose of,any part of the capital stock of the Boston & Providence
RR. Corporation or of the Old Colony RR. Co. now in the treasury. The
acceptance of this amendment will enable your company to use these stocks
as collateral and will assist it in obtaining the renewal of the $29,399,000
of notes falling due May 1 1915.
The stockholders will also be requested to accept the amendment to the
company's Rhode Island charter, approved March 26 1915.
The stockholders will also be requested to authorize the issue of bonds
by this company as successor to the N. Y. Prov. & Boston RR. Corp. and
as successor to the New Haven & Northampton Co., in accordance with the
terms of the mortgages dated April 1 1892 and June 1 1906, respectively.
These bonds, if issued, can be used as collateral for one-year notes to be
issued May 1 1915, in renewal of those then due (V. 100, p. 1168).
Pending Legislation.—Your company and its subsidiary, The Harlem
River & Portchester RR. Co., have how outstanding in the hands of the
public short-term notes amounting to $32,304,000, of which $29,399,000
become due May 1 1915 and $2,905.000 between that date and Aug. 1 1915.
The New England Navigation Co., of which your company is the sole
owner, and for which it is responsible, has issued and has outstanding in the
hands of the public short-term notes of $20,000,000, due May 11917.
Under the laws of Conn., Mass. and R. I., there is no legal authority
that permits your company to dispose of this large debt in any way except
(1) Renew it from time to time for short periods. (2) To pay all or part of
it from earnings. (3) To pay all or part of it from the sale of securities and
other property that may Toe disposed of.
Every effort is now being made to utilize the two last-named plans, but '
the volume of earnings of the company, and the prices at which securities
and property can be sold under present conditions, are not such that any
large amount of these notes can be paid off in this manner.
Your company has, therefore, applied to the proper authorities of Conn.,
Mass. and R. I., for remedial legislation that, if enacted, would permit the
adoption of some plan of permanent financing as follows:
1. By the issue of a pref. stock, provided that the holders of at least
two-thirds of the present capital stock vote to adopt such plan.
2. By the making of a mortgage which would permit the issue of First
and Refunding Mortgage bonds,from the proceeds of which the short-term
notes could be paid off. Presumably long-time bonds of this character
could be issued at a much lower rate of interest than is now paid upon unsecured short-term notes, and there would be a saving in interest of the
difference between 7%, which is about what the present debt is costing the
company, and the rate of interest carried by the bonds.
Massachusetts Bills (Drafted by State P. S. Commission and Now Befor
Railroad Committees of House and Senate.
(1) Any mortgage executed shall include outstanding unsecured notes
and debentures upon which the company is the original and principal obligor, but may exclude bonds already secured by another mortgage, also
contingent liabilities.
(2) Company may issue obligations up to amount of its capital stock and
premiums, also to such further amount up to twice the amount of its
capital stock and premiums as the Commission may approve.
(3 & 4) Company may issue prof. stock subject to approval of Commission.
(5) Capital stock and indebtedness issued and outstanding and premiums
paid in as shown June 30 1914 shall be validated.
6) Commission to be entitled to full information as to all sub. cos.
7) Holders of convertible debentures may subscribe for future stock issues.
8) Co. to account to Commission for proceeds of sub. Co. securities.
Connecticut Bills Recommended by State Commission, Now Awaiting Hearing.
(1) Company must not exercise any of its rights under The Consolidated
,
Railway Co. charter except as to properties which it now owns, or controls.
(2) Company not to acquire, hold or guarantee the stocks or securities of,
or make mergers with,other corporations, without approval of Commission.
(3) Company hereafter is to issue stock only after approval by Comm.
(4) Company may issue obligations and secure them by mortgage substantially as by Massachusetts legislation.
(5) A two-thirds majority of the directors must be citizens and residents
of New England (Instead of a majority Connecticut citizens).
(6) Company may sell, pledge or otherwise dispose of any part of the
stock of Boston & Providence RR. or of Old Colony RR.now in its treasury.
Rhode Island Law, SignedMarch 26 1915 by Governor.
(1) Name to be the same as in Mass. and Conn, by prefixing "The."
(2) Defects in acceptance of original charter cured.
(3) Company authorized to issue obligations up to twice the amount of
its capital stock and premiums and to execute a mortgage to secure obligs.
(4) Capital stock and premiums declared to be the same amount as
validated by proposed Massachusetts legislation.
(5) Corporation authorized to issue stock both corn. and pref. as shall
be approved by P. U. Commission.
(6) Sale of New England RR.to the company under authority of General
Court of Massachusetts in 1905 ratified.
[As to statement of directors of Feb. 9 1915, see V. 100, p. 642.1
Your directors hope and expect to renew the short-term notes
as they fall due, but if the legislation fails at this session your company
will be confronted with the necessity of renewing the notes again in 1916,
and of again making an effort to get the necessary laws so that some permanent plan of financing can be adopted.
Attached to this statement is one showing the financial results to Feb. 28
1915 (see a last week, page 1161). From this you can see that there has
been a considerable fall in earnings, with a considerable reduction in expenses, and a very narrow margin above interest charges. We are straining
every nerve to conduct the business economically and efficiently, but
business is at alow ebb and the margins are very small.
Summary of Net Income (after Fixed Charges) for Eight Months ending
Feb. 28 1915 and Increase or Decrease as Compared with 1913-14.
Inc. or Dec.
New York New Haven & Hartford RR. Co
$591,886 Inc. $1,217,107
Central New England Railway Co
86,357 Dec. 208,779
Steamship Co
36,734
New England
2,850 Inc.
Hartford & New York Transportation Co
8,759
46,922 Dec.
0,286
N. Bedf. Mar. Vine'd & Nant. Steamboat Co_ _ _ _ 50,796 Dec.
Navigation Co
*New England
..---- Def.524,989 Dec. 463,081
net income
Total
$253,822 Inc. $566,935
of
* The large decrease in net income. The New England Nay. Co. is due
to its failure to receive any interest on the $2,500,000 bonds of the Eastern
Steamship Corp.,now in the hands of a receiver, and interest on debentures
of the Merchants & Miners Transportation Co. which it held last year and
subsequently sold; also increased charges account of the $20,000,000 3
-year
,
gold notes. The deficit should be materially reduced in the month of
June by dividend to be received from the Hartford & N. Y. Transportation
Co., the New Bedford Martha's Vineyard & Nantucket Steamboat Co..
and the $40,000,000 stock of The Connecticut Co. now in the hands
of trustees under decree of the Federal Court.
Distribution of Stock.—Of the company's $157.117,900 of outstanding
capital stock there was on Jan. 1 1915 held in Mass., 36% (against 35% in
1912); in Conn., 161.4% (against 19% in 1912); in N. Y., 34% (same as
% (against 3% in 1912); misc., 104% (against 9% in
in 1912); R. I.,
1912); foreign, 3 %. Of the stockholders Jan. 1 1915 males numbered
11,322, females numbered 10,813,trusts and guardianships 3,522,insurance
cos. and other corporations 887; total, 26,544. Average share per stockholder: 1915, 59.2%, against 71.32% in 1912.
[President Elloitt at Norwich, Conn., on April 8 delivered an address before the members of the Eastern Connecticut Development Committee and
Chamber of Commerce on "New England and Ten Years of the New Haven
Road." In the course of this address Mr. Elliott presented a comprehensive
review of the company's finances since July 1 1903, with tabulated statements of capital expenditures, earnings, &c., which he said "seemed to
prove conclusively that the road is absolutely solvent, with much more value
,
than its debt; that there is a great equity because of its location and ability
to serve New England; that it is earning to-day, in spite of all the difficulties surrounding it, and a heavy decrease in gross earnings, its fixed charges,

APR. 10 1015.1

THE CHRONICLE

although by a maxgin too narrow for the good of the road, as a servant of
New England."-V. 100, p. 1168. 1079.

Northern Electric Ry. of California.-Extension of Time
-Holders of the underlying Northern
for Reorganization.
Electric Co. bonds voted on March 29 to grant the bankers'
syndicate which is obtaining subscriptions an extension of
30 days in which to carry out its plans.
The plan embraces five agreements, and it is said that sufficient signatures to all of them except the last have been obtained to render these provisions operative. The fifth agreement calls for subscriptions at 90 for
$1,400,000 underlying bonds, of which, it is reported, only about one-half
had been subscribed for prior to Mar. 30. See V. 100, p. 1168, 902.

-The
-Note Issue.
Ohio Traction Co., Cincinnati.
issue of $1,500,000 6% gold coupon notes dated March 1
1915 has been completed and the notes have been sold to
Cincinnati bankers and Ervin & Co., Phila.

1259

-Time Extended
Toledo St. Louis & Western RR.
Penalty.
-The stockholders' committee, Jules S. Bache,
Chairman, announces that more than 70% of the entire outstanding capital stock has been deposited with the committee
under agreement of Dec. 15 1914, and that the time for deposits has been extended to and including May 1 1915.
After May 1 no further deposits will be received except upon the payment
to the committee of 50 cents per share. Application has been made to the
N. Y. Stock Exchange to have the certificates of deposit listed. Depositary Empire Trust Co., N. Y. City.
-V. 100, p. 1080. 902.

Vera Cruz (Mexico) Rys., Ltd.-Pref. Div. Deferred.

As a result of the occupation of the port of Vera Cruz by forces of the
United States on April 21 1914, the company's train service was suspended
between April 21 and Sept. 21. A claim for loss of revenue will shortly be
presented to the American Government. This fact, coupled with the serious fall in the value of the Mexican dollar, has involved the company in
heavy loss, and the directors consequently find themselves compelled to
postpone the consideration of any dividend on the £375,000 6(y cum.
o
preference shares, in respect of the current financial year, until after
June 30 next.
-V. 71, p. 237.

Authorized and outstanding, $1,500,000, maturity being as follows:
(on Sept. 1): 1916,$200,000; 1917,$300,000; 1918,$300,000; 1919,3350,000;
1920,3350,000. An agreement with the Pennsylvania Co.for Ins. on Lives
Virginia Railway & Power Co.
-Listing.
& Granting Annuities,as trustee, provides(a) all property,including securiThe Phila. Stock Exchange on Mar. 6 listed $180,000 additional pref.
ties held, not already pledged under the $2,500,000 mortgage of the comkept free and unincumbered until these notes are paid; stock issued in exchange for the entire ($150,000) capital stock of Virginiapany shall be
(b) no further securities, stocks or bonds are to be issued except provision Carolina Power Co., making the total pref. stock listed $7,879.400.-V.
is made for the retirement of these notes at the time; (c) the proportion 100, p. 557. 142.
of maturities and accrued interest shall be provided and set aside before
-It is reWestern Maryland Ry.-Trackage Agreement.
dividends are paid on outstanding stock. Denom. $1,000. Interest
(M. & S.) and principal are payable at office of trustee. The issue was ported that arrangements have been fully or practically
authorized by the P. U. Commission of Ohio to pay for extensions,improvements and additions already made and contemplated to be made during completed for securing trackage rights over the Baltimore &
the next few months.
-V. 100. D. 399.
Ohio RR., in order to gain an entrance to properties of

-The company the Consolidation Coal Co.
Pacific Gas & Electric Co.
-Notes Called.
it is said, the Western
Under
has called for payment at 1003( and int. $1,500,000 one-year land will the terms of the trackage agreement,the Somerset region ofMaryPennbuild a short branch from a point in
5% notes dated Dec. 15 1914.
sylvania to a point in Westmoreland County, which will give it access to the
Payment will be made at the company's office in San Francisco or at the
Bankers Trust Co., N. Y. as the laearer or registered holder may elect*
Compare V. 100. p. 1168, 902.

-Decision.
Pennsylvania RR.

Consolidation Coal fields. To complete the connection,the Western Maryland will, it is stated, use about 20 miles of Baltimore & Ohio track. In
the Fairmont region of West Virginia it will be necessary for the Western
Maryland to build another small branch line, and it will also use about 70
-V. 100, p. 56.
miles of B. & 0. trackage.

The U. S. Supreme Court on April 5 affirmed the decision of the PennsylWestern New York & Pennsylvania Ry.-Earnings.vania Supreme Court rendered on Oct. 14 1912, which in turn affirmed that Calendar
Fixed
Add'ns & Balance,
Net (after Other
Gross
of the Court of Common Pleas of Clearfield County, Pa., awarding a judgCharges. Betteets. Deficit.
Inc.
Taxes).
Revenue.
Yearment for $74,323 in favor of the Puritan Coal Mining Co. The judgment 1914
$9,574,786 $395,968 $38,006 $2,309,870 $664,561 $2,540.457
discrimination against the company in favor of the 1913
was for damages for
10,315.796 265,716 34,242 2,081,854 1499,851 3,281,748
Berwind-White Co. in the distribution of coal cars during the anthracite -V. 99, p. 404.
strike from Apr. 1 1902 to Dec. 311914.

-The
Western Pacific Ry.-Dutch Protective Committee.
-The P. S. Commission has authorized the
Authorized.
company to purchase the franchises and properties of the following committee has been formed in Holland for the proLewisburg & Tyrone, Lancaster & Quarryville and Penn- tection of holders of 1st M. 5s:
A. de BIM Nachenius (Chairman) P. J. J. Jonas van's Hoer Arendssylvania Monongahela & South. RRs.-V.100, p. 1169, 1079.
kerke (Vice-Chairman), 0. E. J. de Bfordes, Dr. W. M. J. van Lutterveld,
-Cash Dividend,1%%. F. P. Muysken, A. Offers and Th. Sanders. Mr. J. D. Santilhano of
Philadelphia Co. of Pittsburgh.
-V. 100, p. 1080. 813.
-A quarterly dividend of 1M% has been declared on the Amsterdam acts as Secretary.
$39,043,000 common stock, payable in cash on May 1 to
INDUSTRIAL, GAS AND MISCELLANEOUS.
holders of record Apr. 17. This compares with 1%% quar.
from Aug. 1912 to Feb. 1915, inclusive, the Feb. 1915 and
-Contracts.
Aluminum Co. of America.
made in scrip.
Nov. 1914 payments being, however,
See Cedar Rapids Mfg.& Power Co. below.-Nr. 100, p. 1080.
Previous Dividend Record (per cent.)
-Balance Sheet of Dec. 31.American Ice Securities Co.
'94-'95. '96-'97. '98. '99. '00. '01. '02-'09. '10-'11. '12. '13-'14. 1915.
5 y'ly. None. 4 4% 5 5% 6 y'ly. 7 y'ly. 6 7 y'ly. Feb., 13i
-V. 100, p. 1079, 475.

Pittsburgh Cincinnati Chicago & St. Louis Ry.Earnings.-Results for calendar years 1914 and 1913:
Fixed
Balance,
Dividends
Operating Net (after Other
Sur. or Def.
Paid.
Calendar Revenues. Taxes,etc) Income. Charges.
Year
-3
1914----39,139,400 7,210,547 664,514 5,560,964 1,378,245 sur. 935,852
1913..--44,576,843 6,020,534 838,636 5.372,477 3,232,543 def.1,745,850
Dividends as above in 1914 include 4% on pref. stock, calling for $1,/)
099,442, and $278,803(40 on common stock. In 19135% was paid on
both classes, calling for $1,373,890 on pref. and $1,858,652 on com. stock.
(These were deducted in 1913 from profit and loss, but are shown as above
for the sake of simplicity). There was also deducted in 1914 $880,520,
which was applied to sinking and other reserve funds, against $856,628 in
1913, leaving a surplus of $55,332, against a deficit of $2,602,478 in 1913.
-V. 100, p. 475, 230.

-New TerPublic Service Corporation of New Jersey.
-The company has applied to the P. U. Commisminal Co.
sioners for the approval of the issue by the Public Service
Newark Term. Ry.of $5,000,000 bonds and ,300,000 stock.
The purpose of the stock and bond issues is to pay for the construction
of the Newark terminal, with connecting tracks to the Public Service Ry.,
to cost about $6,000,000, and to sell at par to the Public Service Corporation
$7,500,000 of capital stock, taking in exchange obligations of the Public
Service Ry. amounting to $7,500,000.
Subject to approval by the board, it is proposed to consolidate the Public
Service Ry. and the Public Service Newark Terminal RR., upon which
stock of the railway company will be issued, share for share, for stock of
the terminal company.
Counsel said upon tho hearing that the perpetual interest-bearing certificate holders of the Public Service Corp. will receive as additional security
$7,500,000 of stock of Public Service Ry., which is now represented by a
floating indebtedness having pulority to the certificates, and in addition
thereto an additional $800,000 par value of stock of the railway company
represented by the stock interest of the terminal company in the terminal
property.
-V. 100, p. 1000, 974.

1913.
1914.
1913.
1914.
LiabilitiesS
$
3
$
Assets19,046,900 19,045,100
Amer.Ic13_14,340,700 14,352,700 Stock issued
Pt.stk.
3,000,000 3,000,000
Corn. stk. Am. Ice 4,706,180 4,704,380 Debentures
44,718
Accrued interest
15,500
Stk. pur. Am.Ice_
45,123
20 Notes and accounts
20
Treas.stk.1-5share
8,575
Payable
26,920
26,920
Treas. bds.& scrip
906,296 b792,131
Prop'n eurp.,&c.a3,916,000 b3,798,000 Surplus
334
1,169
Cash, &c
23,006,489 22,882,354
Total
23,006,489 22,882,354
Total
* 70,592.7 shares Am. Ice common stock at $66 2-3 per share. a In"
proportion of surplus of Amer. Ice Co. and sub. cos. as of Oct. 1
dudes
1914 applicable to stock owned, eliminating dividends accumulated but
not paid by American Ice Co. b Approximate, supplied by editor so as to
put balance sheet on same basis as in 1914.-V. 106. p. 1080.

-Earnings.
American Pneumatic Service Co.

1st Pref. 2d Pref. Lamson Bal.,
Net Bond (int.) Net
Cal.
7)
Year: Earns. Depr.,&c. Profits. Div.(70 Div.(3%) Min.Div. Surp.
1914-__3539,506 $177,491 $362,015 $105,000 $188,981 $661 $67,373
333 177,673
1913___.. 689,593 217,607 471,986 105,000 188,981
-V. 99, p. 540.

-Notes.
American Rolling Mill Co., Middletown, O.
A syndicate,•consisting of A. G. Becker & Co. of Chicago)
and W. E. Hutton & Co., and Field, Richards & Co., Cincinnati, has purchased an issue of $2,500,000 6% notes, maturing as follows: $500,000 in two years, $750,000 in three
years, $750,000 in four years and $500,000 in five years.
J. M. Hutton was, on April 1, quoted as saying:

These notes are issued for the purpose of retiring every dollar of bank
indebtedness and of providing additional working capital, which will be
made necessary by the increase in business. The issue will not add anything to the net indebtedness, as it simply changes the form. Instead of
banking notes maturing every 3, 4 and 6 months, there will be no notes
maturing under two years. The company will have the right to redeem the
short-term notes at 101 and int. on 30 days' notice, and the longer term
notes at 102 and int. on the same notice.
with anything like normal business,
believed by the
Public Service Newark Terminal Ry.-New Company.- allIt isthese notes can management that,out of earnings. The company is
be taken care of
of
Seo Public Service Corporation of Now Jersey above.
operating at full capacity; the intent suit has been settled in its favor,
now
-Favorable Rate Decision. and the vote of the Amalgamated Association held last Saturday. by which
St. Louis & San Francisco RR.
a reduction of their wages, will preclude any possi-Judge Trieber in the U. S. District Court on April 5 the workmen agree to
bility of labor troubles.
Expert accountants are now auditing the books and are preparing a stategranted a permanent injunction restraining the enforcement
When
financial
ment
-cent passenger rate law of 1907 on the pletedof itsnotes will condition as of April 1. at par this statement is comof the Arkansas 2
and interest.
be offered to the public
the
Regarding the $1,500.000 note issue of three years ago (V.94, p. 1058).
ground that the same is confiscatory.
31,125,000 have been paid, of which $375,000 was paid on March 15. The
Press dispatches state that statistics introduced by the company showed balance of $375,000 will be paid Sept. 15 out of the last payments on the
that the return on the road's assessed valuation in Arkansas, $17,000,000, new stock (sec V.99, p. 1830).-V. 100. p. 1169.
was negligible on intra-State traffic and only 5% on inter-State business
-Sale.
-cent rate. The case has been in the courts for 7 years. The deat the 3
American Round Bale Press Co.
cision relieves the company from the payment of refunds. The company
Paul Jones_, trustee, pursuant to the order of Wm. Allen, referee (ap-cent passenger rate basis and 6% increase pointed by U. S. Dist. Court for So. Dist. of N. Y.). will offer for sale
will probably file tariffs on a 3
-V. 100, p. 1169, 734.
in freight rates.
the entire property free and clear of all liens and incumbrances. at public
auction at office of referee, 67 Wall St., N. Y., on April 21 1915. The
-New Co-receiver.
San Antonio Uvalde & Gulf RR.
property consists of 59 gin plants, including real estate, cotton presses, &c..
A. R. Ponder has been appointed co-receiver with Duval West, with of- in various cities located in Ark., Texas, Okla., Miss. and Tenn., the prop-V.100, p. 310.
fices at San Antonio, Tex.
erties in each State to be offered as a separate parcel; also 252 double
plants of the
-New Director, &c.
-Hugh Neill, round-lap bale presses now or formerly installed in gin 558, 143. licensees
Southern Pacific Co.
-V. 100, p.
of said presses and located in 9 States.

Secretary of the company, has been elected a director to
succeed James N. Wallace.

Mr. Wallace already has resigned as a director from a number of companies, and it is understood that ho intends to sever his connection with other
boards of which he is now a member.
The stockholders on April 7 authorized the purchase of the companies
mentioned in V. 100, p. 142.-V. 100, p. 813, 732.
Lewis J. Spence has been made a member of the executive committee to
-V. 100, p. 813, 734,
succeed Mr. Wallace.




-Plan Operative.
American Water Works & Electric Co.

-V.100, p. 1080, 558.
See United Water & Light Co. below.

-Texas Suit.
Armour & Co.

The Attorney-General of Texas on April 1 filed suit in the Twenty-sixth
District Court against the company, Swift & Co. and Morris & Co..
charging violations of the anti-trust laws. The petition alleges that the
companies consume large quantities of cottonseed oil,and prior to the date
of the alleged combination were competitors in the purchase of cottonseed

1260

[VOL. loo.

THE CHRONICLE

oil, but that after the formation of the combination compeition between
them was lessened and suppressed, which affected the price of the product.
The combination involves the common ownership by the companies of a
line of gins and oil mills throughout the cotton States, including Texas.
The petition asks for the forfeiture and cancellation of charters and permits,injunctions dissolving the combination, and prohibiting the defendants
from investing their assets in gin and oil mill properties. No specific
amount of penalties is stated in the petition as the number of days of the
alleged violations will not develop until the proof is given. The penalty
prescribed is not less than $50 nor more than $500 for each day of the
existence of the alleged combination.
-V. 100. p. 558, 306.

Anaconda Copper Co.
-Output.
1915(lbs.)-Mar.-1914. (lbs.)Dec'se. I 1915(lbs.)-3 mos.-1914. (lbs.)Dec'se.
19,000,000 23,800,000 4,800,000147,800,000 69,500,000 21,700,000
-V. 100, p. 735.

Atlantic & Birmingham Construction Co.
-Joint Note8
See Atlanta Birm. & Atlantic RR. under "RR.'s" above.
-V.95, p. 681*
Atlas Powder Co., Wilmington, Del.
-Preferred Stock.
The stockholders will vote on April 24 on increasing the authorized stock
from $5,000,000 to $10,500,000 by creating an issue of $5,500,000 6% cum.
pref. stock. The proceeds will be used for working capital and to ultimately retire the $3,000,000' 6% non-cum. income bonds. Compare
V. 98, p. 683.-V. 100, p. 636.

Barney & Smith Car Co.
-Time Extended.
The time for the deposit of stock with the Central Trust & Deposit Co.
of Cincinnati as depositary has been extended to and including April 14.
Over half of the stock has been deposited. This extension of the time will
delay for a short time the forming of any definite plan.
-V.100, p. 814,983.

Beaver River Power Co.
-Decision.
The P. U. Commission by a divided vote on March 26 denied the application of the company for a certificate of convenience and necessity in the
city of Pocatello in competition with the Southern Idaho Water Power Co.
The former Commission on Nov. 7 1914 also denied the application, but
this was renewed after the Commission changed. Compare V. 99, p. 1530.

Berlin Mills Co.
-Bonds of Sub. Co.
-Earns., Bal. Sh., &c.

See Brown Corporation below.
-V.87, p. 287.

Bethlehem Steel Co.
-Bonds All Sold.-

Brown Corporation, formerly the Quebec & St. Maurice Industrial Co.
Owns nearly 2,000,000 acres of pulpwood lands in fee and perpetual
icense (and a small amount of leasehold) in Canada, that have cost in cash
$3,273,771, and a sulphite pulp mill and a lumber mill at La Tuque, Province of Quebec, on St. Maurice River, that have cost in cash $2,614,661,
with developed hydro-elecrtic power 4,000 h.p. and undeveloped water
power of 100,000 h.p., all covered by these bonds James D. Lacey & Co.
have recently appraised (a) Timber holdings at $7,307,170 (embracing
principally spruce with some balsam and jack-pine; 2,630,342 cords est.
being freehold timber on 358,144 acres, and 6,678,996 cords est. licensed
timber on 1,595,815 acres of leased land). (b) Water powers at $250,000.
(c) Current assets aggregate $1,878,482; (d) plant cost, $2,614,661. Total
valuation, $12,050,313, or about four times the bond issue.
The payment of the principal and interest of this bond issue is further
secured by the assignment to Old Colony Trust Co., trustee, of the proceeds
of a sale by the Brown Corporation of about 3,750,000 cords of standing
pulpwood timber for $4,485,000 to the Berlin Mills Co. and Burgess Sulphite
Fibre Co., payment therefor being made semi-annually in amounts equal
to the interest and principal requirements of this bond issue. Lumber cut
is limited to 250,000 cords yearly unless an additional $1 a cord is paid,
so that only 40% of the timber will have been cut on redemption of all bonds.
The proceeds of these bonds and $3,200,000 in stock reimburse the Berlin
Mills Co. and the Burgess Sulphite Fibre Co. for cash advances amounting
to about $6,000,000 made during the acquiring of this property.
Earnings for Interest and Reserve.
-(1) Of Berlin and Burgess cos., incl.,
earnings of subsidiaries (a) year ending Nov. 30 1914, $1.578,520; (b)'average for past five years,
-$1,714,730. (2) Of Brown Corporation year ending
Nov. 30 1914, $549,329, being equal to over three times the annual interest
requirements on these $3.000.000 bonds.
•
Bal. Sheets Jan. 11915:(1) Berlin-Burgess Combined; (2) Brown Corporation.
[After applying proceeds of these bonds; also after eliminating from
stock, &c., between companies.
"Berlin-Burgess" capital
Berlin-Bur. BrownCorp.
Berlin-Bur. BrownCorp
Assets
LiabilitiesS.
Timber lands __ __ 4,472,706 3,273,771 Capital stock __ __ 3,600,000 3,200,000
&c._ 9,542,514 2,614,661 Bonds
Mfg. plants,
w1,950,000 y3,000,000
176,722 Curr. bills payable 3,063,782
565,375
Cash
36,709 Accounts payable_ 299,730
Securs. other cos_ _ 4,162,346
213,719
150,544 Notes payable
Notes &accts. rec. 1,369,202
z692,969
524,533
Due subsid. cos..
7,857
Due from sub. cos. 101,115
26,325
Inventories,&c___ 3,795,270 1,102,728 Int., &c.,accrued_
34,314
19,157 Accrued dividends
14,500
Int.,&c.,accrued_ 116,997
392,622 Deferred liabIlties
1,073 zz650,150
Adv.for pulp wood
21,716 Surp., res'ves,&c.x14,609,983
165,914
Suspense accounts
80,694

Hallgarten & Co., Harvey Fisk & Sons and William Salomon & Co., it is
announced, have completed the sale of the $4,300,000 First Lien & Ref. M.
Total
24,206,219 7,788,630
Total assets_ _ _ _ 24,206,219 7,788,630
5% 30-year bonds purchased by them some time ago, making $19,777,500
of the issue outstanding. The bonds in question were pledged last year
w Includes Berlin 1st 5s of 1899, $200,000 (V. 75, p. 795), and 1st 5s of
(V.98, p. 1922) to secure $3.000,000 one-year 5% notes, of which $1,410,000
surplus, undivided profits
have already been retired (V. 100, p. 1165), and the remainder will shortly 1902, $1,750.000 (V. 80, p. 1364). x Includesestate and other notes on
and reserves. y Bonds now offered. z Real
be called and paid. See further data in V. 100, p. 1169, 1165.
long time. zz Deferred real estate notes,$560,150,and accts. pay.,$90,000.
[The Berlin Mills has outstanding $2,000,000 common stock, $500,000
Bethlehem Steel Corporation.
-Bonds Sold.
6% cum. pref. and $350,000 2d pref. 6% cum. pref. The Burgess Co. has
See Bethlehem Steel Co. above.
in the hands of the public $600,000 pref. and $150,000 common stock, the
remaining $850,000 common being held by the Berlin Mills.]
Annual Meeting.
-During and

following the annual meeting April 6, Pres. Schwab, it is reported, said in substance:
The matter of paying dividends on the common stock has not even been
considered by the management. It has always been my chief ambition to
make a success of the Corporation and to carry out that idea there were
years when we paid no dividends on the pref. stock, though I was the chief
sufferer, through holding a majority of the pref. stock. I shall maintain the
same policy regarding the common stock while the funds of the company
are still needed for its development. We intend to spend between $20,000,000 and $30,000,000 on our Chilian ore properties (V. 100, p. 1170) within
the next few years, and in so far as it is possible we are going to pay for
those developments out of earnings. The corporation has a capitalization
of only about $30,000,000 corn. and pref. stock and about $36,000,000
bonds. Our bonds exceed our capital stock and I do not think that it is
wise to overload the company with bond interest.
I am an optimist regarding the outlook for American manufacturing and
industry. While the year 1914 was a very bad one for the general steel
business, the Bethlehem Co. ha s been fortunate in being engaged in the
manufacture of lines which are in strong demand. [The company is generally believed to be filling war orders to a very large total, but no further
Information respecting the same was made public.]
The general business outlook is encouraging. I think the steel business
will show an improvement in volume of orders, but I hardly look for much
higher prices.
I have no interest in the action of the stock market concerning Bethlehem
Steel stock, but I believe that the floating supply of the corn. is very small.
[Harvey Fisk & Sons, referring to the recent annual report (V. 100, p.
1165), say: It will be noted that the intertst on the company's obligations
was earned more than 334 times. The surplus earnings were equivalent to
7% upon the pref. stock and over 30% upon the com. stock. However, the
company, instead of paying dividends upon its common stock, pursued the
conservative course of carrying $5,000,000 to appropriated surplus account. See edit, columns as to rise in price of common stock.
-See V.
100, p. 1165.

-Earnings.
Brunswick-Balke-Collender Co.

Balance,
Calendar.
Common
Net
Charges, Pref.Divs.
Surplus.
Year
Profits. Res'ves,&c. (7%).
Dividend.
$2,041
1914
$841,675 $253,983 $405,651 (3%)$180,000
1913
959,141
1,370,681
411,540
- 98, p. 1922.
V.

Brunswick Steamship Co.
-Status.
See Atlanta Birm. & Atlantic RR. under "BR's" above.
-V.91, P. 465.

Burgess Sulphite Fibre Co.
-Allied Companies.
See Brown Corporation above.

(F. N.) Burt Co.,

Toronto.
-Earnings.-

Cal. Year- Profits. Pf.Div.(7%) Com.Div.
Ltd.,
Reserves. Fees. Bal.,Sur.
$212,392 $138,264 (5%)$37,500 $30,000
1914
$76:766281
1913
217,302
136,515
(6%)45,000
25,000 $3.026
-V. 99, p. 3412.

-Earnings.
Bush Terminal Co., New York.
Int.&
Net
Other
Calendar
Gross
Year- Earnings. Earnings. Income. Taxes.
$
1,350,161 1,008,764 196,673 690,236
1914
1,192,375 821,005 226,416 692,437
1913
-V. 100, p. 1170.

Pf.Div. Corn.Div. Balance
(6%). (4%). Surplus.
lb
$
138,000 200,000 177,201
138,000 200,000 16,984

-Earnings.
Canadian Consolidated Felt Co., Montreal.
Bond
Preferred
Balance,
Net
Total
Calendar
Total
Sales. Income. Int.,&c. Dividends. Surp.orDef. Surplus.
Year$598,642 $43,306 $56,810 (3%417,500 def.$31,004 $180,360
1914
733,390 100,983 42,646 (7%) 35,000 sur. 23,337 210,249
1913
- 99, p. 1054.
V.

-Earnings.
Canadian Consolidated Rubber Co.

Cal.
Net
Net
Other
Bond
Divs.
Miscel- Balance,
Year. Sales. Earnings. Income. Int., &c. Paid. laneaus. Surplus.
1914-$6,245,819 $962,985 $145,860 $629,663 $222,688 $38,869 $217,625
Calendar
Int. and Depr.,
RePreferred Miscel- Bal.,
89,806 593,515 250,907 16,412 139,742
Year- Profits. Sink. Pd. &c.
serve.
Dividends. laneous. Surp. 1913.. 6,788,859 910,770
Other income in 1914 includes $78,389 profit on the sale of land; miscel1914
.C267,819 £69,654 £43,716 £75,000 (734)x75,000 £2,822 £1,627
223,104 69,654 44,100 50,000 (5) 50,000 2,856 6,494 laneous deductions include expenses of previous periods not provided for.
1913
- 100, p. 736.
V.
-V. 99, p. 1453.

British Westinghouse Electric & Mfg. Co., Ltd.
-

Brooklyn Union Gas Co.
-P.S. Commission reports:

Calendar Operating Net (after
Other Interest &
DiviBalance,
Year- Revenue.
Taxes).
Income. Rentals.
dends.
Deficit.
1914 _ _ _ _$10,730,812 $1,918,897 $208,292 $831,807 $1,439,920 $144,538
1913
_ 10,218,514 1,596,447 205,073 825,558 1.439,920 463,958
Total gas sales in 1914, 14.102,733 M. cu. ft.
-V. 100, p. 312.

Brown Corporation.
-Timber Bonds
-Cap. Stock All
Owned Jointly by Berlin Mills Co. and Burgess Sulphite Fibre
Co. (Paper and Pulp Manufacturers).-Hornblower & Weeks
the James D. Lacey Timber Co. and several other banking
houses are placing at par and int. $3,000,000 1st M. serial
gold 6% bonds.
Dated March 15 1915. Principal duo $100,000 semi-annually beginning
March 15 1916 and ending Sept. 15 1930. Principal and int.(M.& S. 15)
payable at Old Colony Trust Co., Boston, and Michigan Trust Co., Grand
Rapids, Mich., the mortgage trustees; also at Chase Nat. Bank, N. Y.
Callable on any interest date at 10234 and interest. Denom. $1,000, $500
and $100. Company will pay normal Federal income tax.
Digest of Statement of Pres. H.J. Brown, Portland, Me., Mar. 10 1915.
Berlin Mills Co. and Burgess Sulphite Fibre Co. of Berlin, N.Hand Portland.
Me., and Brown Corporation, a Canadian Corporation.
Organization founded in 1852 and purchased in 1868 by William W.Brown
(father of writer), and has remained in profitable operation over since.
Now manufactures news print paper, kraft wrapping paper, sulphate fibre,
bleached and unbleached sulphite pulp, building paper, window,frames,
lumber, soda ash, Kream Krisp and various other by-products. Total
annual sales average $12,500,000.
Cash investment in manufacturing plants over $12,400.000, principally
in paper and lumber mills at Berlin, N. H., on the Androscoggin River
(V. 80, p. 1364), and in pulp and lumber mills at LaTuque, Quebec, on
St. Maurice River, and in hydro-electric developments of 20,000 h.p. and
steam boiler developments of 20,000 h.p. in connection with these mills.
Employs 3,500 men. To supply raw material has acquired and developed
in Me., N. H. (chiefly on Androscoggin River) and Vt., and along St.
Lawrence River in Province of Quebec, over 2,300,000 acres (in fee and perpetual license) of timber and pulpwoods, which should supply the mills
for about 70 years.
Entire ($2,000,000) common stock of the Berlin Mills (owner of 85% of
the[common cap.stock of the Burgess Co.)is owned by my brothers and myself, its officers being H. J. Brown, Pres.; 0. B. Brown, Vico-Pres. and
Treas.•, W. R. Brown, Asst. Treas., and D. P Brown, a director. The
stock of the Brown Corporation is owned jointly by the Berlin Mills Co.
and the Burgess Sulphite Fibre Co.




Cedars Rapids Mfg. & Power Co., Montreal.
-Bonds,
&c.
-A Montreal circular recommending at 86 the 1st M.5%
40
-year sinking fund gold bonds of 1913 ($15,000,000 auth.,
$10,000,000 outstanding) reports in substance:
Income from contracts now in operation with the Aluminum Company of
America and Montreal Light, Heat & Power Co. and utilizing only 80%
of the installed capacity, will, after paying operating expenses, leave a surplus equal to about 1
times the interest on total outstanding bonds.
Under contracts with the Dominion Govt. and the Govt. of the Province of
Quebec, has the perpetual right to take from the St. Lawrence River 56,000
cu. ft. of water per second, which is sufficient at the head of 32 ft. available
at this point to develop 160,000 h. p. during the entire year. The construction work, including canal 12,000 ft. long cut out of solid rock, concrete
dam and power house, has been in progress during the past 234 years, and
has been completed, covering the initial installation of an aggregate capacity
of 100,000 h. p. This initial installation has cost about $10,000,000
($100 per h. p.), but as the work done embraced a very large outlay necessary for an additional 60,000 h. p., the cost of the complete plant per h. p.
will be about $80.
Long-term contracts have been made with the Aluminum Company of
America for 60,000 h. p., to be utilized at Massena, N. Y., and with the
Montreal Light, Heat & Power Co.(V. 98, p. 1685), covering 60,000 h. jp.;
for distribution in Montreal and vicinity, 60,000 ii. p. is now being taken
by the Aluminum Co. of America (V. 100, 13. 1080) and 20,000 h. p. by
the Montreal Lt., Ht. & Power Co., and the balance will be taken as required by the latter company. Delivery of all this power is made at the
generating station to the transmission lines of the purchasers.
Capital stock now out, $8,850,000. Management and control is vested
in the Montreal Lt., Heat & Power Co. and Shawinigan Water & Power Co.
(V. 100, p. 898) and their allied interests.
Assured income from aforesaid contracts now in operation will be about
as follows: Gross, $900,000; net, $850,000; bond interest, $500.000; balance,
surplus, $350,000. The sale of the 20,000 h. p. additional covered by the
first installation will increase the gross not less than $200,000 per year.
[The company, of which J. E. Aldred is President, has issued a finely illustrated 46-page pamphlet describing the plant, copies of which may be
obtained from the company's fiscal agents, Aldred & Co., 24 Exchange
Place, New York.
A Montreal report [confirmed] announces that the company which
began operating on a commercial basis on Jan. 1, had just entered upon a
new contract for 5,000 h. p. with the Northern Power Co. (of N. Y.) for
distribution to small consumers located within a radius of 50 miles of Messina Springs, N.Y. This power will be delivered over the wires of the transmission lines of the Aluminum Co. of America (see V. 100, p. 1080), which
Is now taking 40,000 h. p., but will shortly be taking full 60,000 h. p.
Compare V. 96, p. 288. 490.

_

APR. 10 1915

TIIE CHRONICLE

Chicago Junction Railways & Union Stock Yards Co.
-Bonds for Refunding-Option of Exchange.
-Lee, Higginson & Co., Wm.A. Read & Co., Parkinson & Burr and Estabrook & Co. purchased and have sold at 99 and interest,
yielding about 5.05%, $10,000,000 Mortgage & Collateral
Trust Refunding 5% gold bonds of 1910, the proceeds of
which are to be used toward paying the $10,000,000 collateral
trust 5% bonds maturing July 1 1915. These new bonds
mature April 1.1940 and are secured by a deed of trust dated
April 10 1900, under which $4,000,000 4% bonds have heretofore been issued. Under a supplemental indenture the
new bonds will bear an additional 1% of interest, this 1%
to be secured by a secondary charge upon the property.
These two indentures will cover by a first lien after July 1
1915 all the property now securing the maturing bonds as
well as the property securing said $4,000,000 4% bonds.
At the request of the company the firms named offered to the holders of the
bonds due July 1 the opportunity of exchanging their holdings for these
new bonds, at 99 and int., at which they yield about 5.05%. The firms
will allow for the maturing bonds a price equaivalent to discounting the
principal and coupon at 3%. This price on April 15 would be 100.397 and
int.; exchange to be made on April 15 or as soon thereafter as the company is able to deliver temporary receipts, exchangeable for definitive
bonds on or after July 1.
Official Data from
-Pre?. Eugene V. R. Thayer April 8 1915.
Organization.
-Incorporated in N. J. in 1890 and,through ownership
V.
of the entire capital stock of the Union Stock Yards & Transit Co. and of
the Chicago Junction Ry. Co., owns one of the largest freight terminals in
the U. S., including about 842 acres of real estate in the heart of the manufacturing district of the city of Chicago, comprising (a) the Chicago Stock
Yards, (b) the "Central Manufacturing District,' (c) about 143 miles of
railroad track with 7-mile belt line connecting the stock yards and the
"Central Mfg. Dist." with all the railroads entering Chicago. In 1914
there was handled over the Chicago Junction By. 2,135,128 freight cars
earning revenue. The Ashland Ave. yard has a capacity of over 8,000 cars.
About 60 locomotives are employed in continual switching service.
Capitalization of Chicago Junction Rys. and Union Stock Yards Co.
Stock ($6,500,000 is preferred 6% cumulative)
$13,000,000
Mortgage and Coll. Trust Ref. bonds due 1940 (4s, $4,000,000;
these 5s, $10,000,000)
14,000.000
First M. Real Est. Imp. 5s, 1928, on Cent. Mfg. Dist
2,503,000
Union Stock Yards & Transit Co. debenture 4 As, 1920
500,000
[Also is guarantor of $2,327,000 1st M.4% bonds of the Chicago Junction
RR. Co., which owns an elevated passenger road from the Lake front at
42d St. to Union Stock Yards, 3'% m. leased to South Side El..1111.]
-These bonds, due in 1940, under terms of trust deed as amended
Security.
April 11915, will be a first lien on (1) Entire $5,500,000 capital stock (except
directors' qualifying shares) of Chicago Junction By. Co. (2) After July 1
1915 on $13,108,300 out of the entire $13,200.000 capital stock of Union
Stock Yards & Transit Co. (3) $2,500,000 Indiana Harbor Belt RR. Co.
Gen. M. bonds, guaranteed principal and interest, jointly and severally, by
Lake Shore & Michigan Southern By.Co. and the Michigan Central RR.Co.
The Chic. Junction Ry. Co. and Union Stock Yards & Transit Co. have
no funded debt except the $500,000 4 % debentures due 1920, and no
mortgage or lien can be placed on their properties except as security for
said debentures and the Mortgage & Collateral Trust bonds.
The 4% bonds and the 5% bonds will be equally secured under these indentures except that, owing to the fact that the original indenture provided
only for 4% bonds, the promise to pay an additional 1% on the new bonds
is a secondary charge upon the security.
Combined Earnings of Union Stock Yards & Transit Co. and Chic. Junc. Ry.Co.
1909.
• 1911.
1913.
1914.
Gross earnings
$5,057,980 $5,577,938 $5,905,964 $5,561,305
Exp.,incl. maint.,taxes& int. 2,909,436 3,475,638 3,737,696 3,456,427
Balance, surplus
$2,148,544 $2,102,300 $2,168,268 $2,104,878
Annual interest charges on these $14,000,000 bonds require__
$660,000
The decrease in gross earnings in 1914 was chiefly caused by the "hoof
-andmouth" disease, which required the closing of the stock yards for about
ten days and prevented their full operation for about two months.
The above earnings take no account of the income from the "Central
Mfg. District," a tract of about 145 acres (adjoining the stock yards), estimated, with manufacturing plants, warehouses, &c., to be worth at least
$6,200,000, and yielding net income from rentals alone more than sufficient
to pay the interest and 2% annual sinking fund on the $2,503,000 Real
Estate bonds, (covering exclusively said tract, impts, &c.), in addition to
being of great value as a freight producer to the railway. The Real Estate
Impt. bonds [originally $2,940,000, $352.000 retired by sinking fund and
$85,000 owned by co., leaving $2,503,000 outstanding] do not stand ahead
of the Refunding bonds, as they are a lien upon an entirely separate property which is not subject to the lion of the Refunding bonds.
-The capital stock at present market prices represents an equity
Equity.
over the total bonded debt ($17,003,000) of $16,900,000, making a total
valuation of about $34,000,000. No floating debt. Net current assets
Dec. 31 1914 over $1,700,000.-V. 99. p. 1834, 1530.

1261

Grand Rapids (Mich.) Gas Lt. Co.
-No Municipal Plant.

See "Grand Rapids' in "State and City" department.
-V. 100, p. 478,

(J. B.) Greenhut Co., New York.
-Receivership.
-

Judge Hand in the U. S. District Court yesterday on a bill of complaint
filed by the Monmouth Securities Co., appointed Walter C. Noyes and
Wm. A. Marble receivers. The company consented to the receivership.
Other (small) creditors have filed petitions in bankruptcy against the company. The assets are given in the Monmouth petition as 37.465,419,
including merchandise, cash, accounts receivable, &c. The liabilities are
$3,513,060, exclusive of 2 underlying mortgages of $1,750,000 and
$1.200,000: there is also a liability in the shape of 6,, bonds amounting
to $6,000,000. The receivership is stated'to be a friendly one with a view
to reorganization. Mr. Greenhut and his family are stated to own a majority of the securities of the company, in addition to being large creditors
for moneys advanced.
The receivers say: "The business has been very large and apparently
there is a splendid and loyal co-operation in the organization. The business
will be continued in a normal manner. The creditors are exclusively for
merchandise and money borrowed. The banking firm of J. B. Greenhut
& Co., we are informed, have paid all their depositors in full and the banking business has been entirely discontinued."
-V. 98, p. 1247.

Holland American Line.
-Annual Income Account.
-

Voyage
Total
Deprecia- Losses on Reserves,
Profits.
Profits.
lion, ctc. Secur.,&c.
Dividends.
1914_32,672.090 $2,901,520 $1,195,383 $191,304 $408,826 (17)5816.000
1913__ 2,679.409 2.788,735 1,416.171
407,806 (15) 720,000

Indian Refining Co., Inc., N. Y.- Waiver of 2d M.
Sinking Fund for 18 Mos.-Pres. Theodore L. Pomeroy,
N. Y. March 25, in circular addressed to holders of the $1,200,000 2d M. notes maturing May 1 1918, wrote in subst.:
From May 1 1913. the date of the 2d M. Notes, to May 2 1915, the outstanding obligations of the company will have been reduced as follows:
Company's Funded ObligationsMay 1 '13. May 2 '15. Reduction.
1st M. bonds (less sinking fund) and
bonds owned by co
$2,956,356 $1,830,321 $1.126,035
Car trust notes
485,570
150,000
335,570.
2d M. notes
2,550,000 1,200,000 1.350,000
Total
85,991,926 63,180,321 $2,811,605
These heavy disbursements, which were made without sacrificing the
property, have drawn down our cash resources to a point where the capital
payments coming immediately due must be met by loan. It is necessary
that the obligations under the first mortgage be promptly, met in order that
the lien of the second mortgage notes may be protected. Accordingly, the
directors have arranged with a group of bankers that a credit of $800,000
be extended to the company to carry the sinking fund requirements of the
first mortgage, make the car trust payment of $80,000 July 1 1915, pay the
$300,000 2d M. notes due May 1 1915, and for working capital. This
loan will only be made by consent by the holders of the 2d M. notes that the
sinking fund payments of $33,000 per month under the 2d M. be waived
for a period of 18 months commencing June 1 1915, upon which date such
payments are provided to begin, the notes to be deposited for stamping
with such waiver under supplemenatry agreement of March 25 1915, at
either the Guaranty Tr. Co. N. Y., or Market Nat. Bank, Cincinnati.
Instead of being obliged' discharge $1,121,000 of funded debt per
to
annum as in the fiscal year 1914, the requirement will thus be limited to
about $548.000 annually for sinking fund payments on the first mortgage
and $70,000 to retire the last car trust notes, Jan. 1 1916. Moreover,
on May 1 1918, when the 2d M. notes mature, the first mortgage should be
only 5154,953 and the 2d M. notes only $591,000, while the last of the
car trust notes should be paid Jan. 1 1916. These figures assume that the
first mortgage will not be increased as permitted by issue of new bonds
to the extent of five-eighths (say $354,500) of the car trust notes retired.
Compare V. 100, p. 1171.

Interlake Steamship Co., Cleveland.
-Earnings.
-

Calendar
Net
Other
Bond
Depre- Dividends
Balance,
YearEarns. Income. Int.. c9
cd. ciatzon.
Paid.
Sur. or Def.
1914
$581,722 561.678 $172,500 5250,000 (7)3404.915 def.$184.015
1913
1,155,312 26,146 366,027 250,000 (4)231.380 sur.334.051
"Bond interest, &c.." includes in 1913 $186,027 discount on bonds, &c.
-V. 99, p.'897.

International Mercantile Marine Co.
-Receivership.
Interest on the $52,744,000 coll. trust 43/2s having been in
default for more than six months, Judge Hough in the U. S.
District Court in N. Y. on April 3 placed this company in the
hands of Vice-Pres. A. S. Franklin as receiver in an equity
suit brought by the bondholders' committee and others,
-

An official statement says: The receivership does not in aorway affect
any of the subsidiary companies the stocks of which are owned by the International Mercantile Marine Co., including the White Star Line, Atlantic
Transport Line, Leyland Line, White Star-Dominion Line. The steamers
of all these lines and of the [directly owned] American. Red Star and Panama
Pacific lines as well, comprising a fleet of about 125 steamers. will continue
to be operated as at present, and the business of the various lines carried on
Colorado Power Co.
-Earnings.
without change or interruption.
Bond
Gross Net (after Other
Calendar
A member of the committee as quoted said: "It has long since been recogDepre- Preferred Balance,
Year- Earnings. Taxes). Income. Interest. dation. Dividend. Surplus. nized that the capitalization is exce,sive. There must be a scaling down of
$746,869 $478,712 $29,678 $206,275 $66,000 $29,705 $206,410 both stocks and bonds. Freight earnings have been substantial since the
1914
beginning of the war, and it may be that a plan can be devised which will
692,585 463,299 19,980
1913
not entail an assessment on the security-holders. A new company will,
Inter-company charges are eliminated in above.
-V. 100, p. 736.
of course, have to be formed to take over the assets of the old, and the presConsolidation Coal Co.
ent bondholders will probably receive a certain amount of new bonds,
See Western Maryland By. under "RRs." above.
-V. 100, p. 1076. together with new stock, in exchange for their holdings. Every effort will
be made to hasten the reorganization.
E. I. du Pont de Nemours Co.
-Purchase.
[The F'idelitv Trust Co. of Phila, is trustee of the underlying
See International Smokeless Powder & Chem. Co. below.
-V. 100, p. Navigation Co. mortgage. The Fidelity Trust Co. of NewInternational
York is not
904,
connected in any way with the receivership proceedings or the securities
of the allied properties.
-V. 100, p. 1171, 1082.
East Butte Copper Mining Co.
-Earnings.
Net
Gross
Calendar
Interest Add'ns & Balance,
Internat. Smokeless Powder & Chemical Co.
-Sale.
Income.
Income. Charges. Imp'ts.
YearSurplus.
$1,455,455 $406,597 $36.499 $147,845 $222,252 to The stockholders on April 5 voted to sell the property for $5,760.000
1914
the E. I. du Pont de Nemours Co. interests, or at the rate of $30
764,455
2,645,568
1913
44,064
188,619
531,772
Total copper produced in 1914 was 9,175,579 lbs., against 14,401,108 per share. The purchasers in their offer agreed to assume all obligations.
lbs. in 1913, and the price received per lb. was 13.5685cts. in. 1914, against There were less than 300 shares opposed to the sale. Of 12,000 shares of
preferred stock, 11.884 were voted, and of the 180,000 shares of common
15.0857 ets. In 1913.-V. 98, p. 1159.
stock outstanding about 133.300 were voted. All of the common stock is
held by the du
Eastman Kodak Co. (of N. J.), Rochester.
Co. and
-Earnings. in the hands ofPontpublic. of the pref. only 578 shares are, it is stated,
the
-V. 100, p. 904. 559.
(including subsidiary companies):
Calendar Net (after Pref. Divs.
McGraw Tire & Rubber
Common
ast Palestine, O.Reserved for
Balance,
Year- Deprec.,ctc. (6%).
Dividends.
Contingency. Surplus.
Pref. Stock.
-The Maynard H.
.
Co.,Murch Co., Cleveland, is
1914____$11,313,012 6369,942 (30)55,859,840
$5,083,230 offering at par and divs.
369,942 (40) 7,810,620 $1E,000,600
$500,000 7% cumulative pref.
1913____ 14,162,436
4,981,874
Total surplus Dec. 311914, after deducting $15,798,081 reserve required (p. & d.) stock, tax-free in Ohio. Dividends Q.
-J. Rein addition to previous years and appropriations to offset entire book value
deemable for 5% sink, fund on or after one year as a whole
of good-will and patents, was $11,774,458.--V. 99, p. 1676.

General Motors Co.
-Redemption of First Lien 5-Year at 110 and div. First Tr.& Say. Co., Cleveland, registrar.
Capitalization, authorized
-In last week's issue J. & W. Selig- common stock, $500,000; noand issued, 7% cum. pref. stock, $500,000:
Sinking Fund Gold Notes.
bonds or mortgages; net
of tangible
man & Co. and Lee, Higginson & Co. announced by adver- property, $1,353,699; pref. dividend, $35,000; earnings value fiscal year
for
re-incorporated in Ohio in 1913.1
tisement that they had been authorized by the company to 1914, $594.136. [Previously a Penn. corp.; each
Balance Sheet Nov. 30 1914. (Total
side,
redeem all or any part of the $7,852,000 6% First Lien Five- Plant, land,&c.(appraised)- $430,289 Preferred stock $1,548,372).
$500.000
4.893 Common stock
Year Sinking Fund gold notes due Oct. 1 1915, paying there- Other equipment
500;000
96,733
for at a price yielding 3% per annum for the unexpired time Cash & accts. rec., less res. 364,716 Trade accounts, &c due_ _ _ 90.589
Notes
Accrued taxes-not
8,021
(but subject to change of price at any time without notice), Merchandise inventory_ _ _ _ 629.130 Preferred divs., reserve_ _ _
5,833
Other assets
15,203 Contingencies, reserve_ _
90,230
the price named being
Prepaid insurance, &c
7,408 Profit and loss, surplus_ _ _ 353,699
Equal as of April 1 to 101.455 & int.; equal as to April 15 to 101.342 &
int.; equal as of May 1 to 101.213 & int. (not 102.213 and int.), and decreasing progressively thereafter.
Payment for the notes will be made on presentation thereof at the following offices: (1) In Now York, J. & W. Seligman & Co.and Lee, Higginson & Co.;(2) in Boston, Lee, Higginson & Co.;(3) in Chicago, Lee, Higginson & Co.:(4) in Detroit, First & Old Detroit Nat. Bank.
-V.100, p. 1171.




Data from President E. C. McGraw, East Palestine, 0. Dec. 15 1914.
Organized six years ago (now incorp. in Ohio) to manufacture pneumatic automobile tires and inner tubes of standard quality, and has recently added thereto the motor truck tires, the success of which is now well
established. Products well known throughout the U. S.: has distributing
depots at N. Y., Chicago and Atlanta, and intends in the near future to
establish such depots in Kansas City and Dallas. [Makes the Pullman,

1262

[VOL. 100.

THE CHRONICLE

Imperial and Congress tires.]WOur plant at East Palestine is of modern
construction, equipped with sprinkler system and all labor-saving devices.
Our initial investment was small, but we have grown so that our net tangible assets to-day, without any allowance for good-will, patents, patterns,
designs or other intangible property, exceed $1,350.000, of which over
$900,000 is represented by net current assets, consisting of cash, bills,
accounts receivable and inventory, less all indebtedness.
-Years end. Jan. 31 '12 and '13, 10 Mos. and Year end. Nov. 30 '14.
Results
(Exclusive of Interest Charges Eliminated by Proceedsfrom Sale of Pref.)
1912-13. 10Mos.'14. Yr. 1913-14.
1911-12.
$738,444 $1,039,852 $1,705,500 $3,309,989
Net sales
285,558
594,137
91,075
49,138
Net profits
To protect the pref. stockholders it is provided: (a) The pref. stock is
entitled to 7% p. a., payable quarterly and cumulative before the common
stock receives anything. (b) 5% of the total issue of the pref. must be
redeemed each year out of surplus earnings at 110 and divs., or at the market price, if purchasable. Also, after one year, all of the pref. stock may
be redeemed at 110 and divs. upon 60 days' notice, as also upon liquidation, dissolution or consolidation. (c) Net liquid assets of $500,000 must
be maintained. (d) A yearly audit must be made by certified public accountants and a monthly statement of assets, liabilities, sales and profits
must be submitted to Maynard H. Murch Co. (e) No additional pref.
stock on a parity with this issue is permitted and no mortgaging or otherwise encumbering the assets without the written consent of'75% of the outstanding stock; nor can the company borrow in excess of 30% of its tangible
assets or sal its book accounts. (f) A pref. stock dividend guaranty fund
of $70,000 is to be created (and thereafter maintained) by deposits w th the
First Trust & Savings Co. of Cleveland, as trustee, of 36 monthly installments, for the sole purpose of guaranteeing dividends on this issue of
pref. stock. (g) In case of default as to the pref. dividend fund, or if net
current assets fall below $500,000, the pref. stockholders shall be entitled
to vote 60% of all votes cast at stockholders' meetings. (h) A member
of the Maynard H. Murch Co.[at present F. B. Squire] is to be a director
so long as any pref.is outstanding.

-Debentures.
Northern Calif. Power Co., Consol., S. Fr.

Negotiations, we learn, are still pending for an extension in the maturity
date of the Series "A" debentures, but have not reached a point where any
definite information respectLig same can be made. See particulars in
V. 100, p. 979.

-Earnings for Cal. Year.
Old Dominion Co. of Maine.

Dividends
Balance,
Divs., &c. Exp., Increas'd
Calendar
Surplus.
Paid.
Received. Tax,&c. Book Val.
Year$860,410 $7,403 $582,574 (1671,173,412 $241,597
1914
22,387
(20% 1,466,765
1,496,555 27,975
1913
Increase in book value as above, 11582,574, is $ 75 per share on the
155,353 shares of the Old Dominion Copper Mining & Smelting Co. owned.
Total surplus Dec. 31 1914, $433,065.-V. 99, p. 1678.

Old Dominion Copper Mining & Smelting Co. of N. J.

Total Earns. Net Profits. Dividends Paid.
Cal. Year(i1%)$445,500
$978,510
$2,674,206
1914
(20% 810,000
3,057,107
1,043,793
1913
13
Total surplus Dec. 311914,$967,293.-V. 99, p. 915.

Bal., Sur.
$533,010
233,793

Oro Electric Corporation.
-Earnings for Cal. Year.

:
Bond Pfd.Div. Balance
Cal.
Gross
Net Earns.from Total
Earns.
Earns. Sub. Cos. Income.
Year.
Int. (2M%) Surplus.
242,518
1914___$215,594 $100,749 $195,769 $296,518 *$54,000
42,767 $87,500 268,205
1913-__ 221,894 114,333 284,139 398,472
* Interest charged to construction, $55,800, against $58,768.-V. 100,
p. 816, 58.

Pachuca Light & Power Co.
-Default.
-V.92, p. 1503.
See Mexican Lt. & Power Co. above.

-Earnings.
s.id.
Ray Consolidated Copper Co.
Gross
sue.
.
e
al
Cy ar.Reven

Net Op.
Revenue.

Other
Inc.

Bond,
&c.,Int.

Dividends

Balance,
Surplus.

-Div. Deferred.
Marconi Wireless Teleg. Co., Ltd.

1914_7,597,724 2,316,240 338,923 259,540 (734 %)1,089,321 1,306,301
1%
,
Owing to the abnormal circumstances prevailing due to the war,the pay- 1913_ _7,899,721 2,497,219 377,097 199,123 (113 0)1,631.504 1,043,689
There were produced in 1914 57,004,281 lbs. of copper, against 52,341,ment of the interim dividend on the ordinary shares has been deferred.
The preference dividend has been declared. Since the outbreak of the war 029 in 1913.-V. 100, p. 559.
the stations have been largely devoted to Government work. The new
-Earnings.
Reece Button-Hole Machine Co., Boston.
direct public service with New "York, which it had been contemplated would
Dividends
Balance,
Net
Total
Gross
have been opened in the summer of last year, has been postponed. Con- Calendar
Paid.
Surplus.
Earnings. Expenses. Earnings.
Year
siderable business pending in foreign countries has been delayed or deferred,
$824,391 3518,225 $306,166 (14%)3140,000 $166,166
1914
but this has been substantially compensated for by Government and other
948,519 526,335 422,184 (12%)120,000 302,184
business directly resulting from the war, and the works and all of the staff 1913
The gross and net earnings of the International Buttonhole Machine
have been working under the highest pressure throughout the whole period.
for the cal. year 1914 were $70,623 and $50,925, respectively, against $74,A number of matters, including the compensation and payment for serto
vices, being still in abeyance, the directors are as yet unable to estimate 500Tend $61,616,respectively, in 1913. Dividends paid yearly amount
with sufficient reliability the results of the business of last year to warrant $25,000, leaving a surplus a $25,925 in 1914, against $36,617 in 1913.
them in declaring an interim dividend on the ordinary shares.-V.100,p.1172 -V.98, p. 1248.

-Further Default.
Mexican Light & Power Co.
EInterest due April 1 on - £800,000 Pachuca Lt.& Pow.5% bonds,guarthe

-Sales.
Sears, Roebuck & Co.

Increased 1915-3 Months-1914. Increase.
.
-March-1914
1915
8.05%
$25,644,532
14.00% I $27,707,979
$8,946,029
- $10,198.741
anteed unconditionally by Mexican Lt. & Pow. Co., remains unpaid.
-V. 100, p. 906, 816.
V. 100, p. 559, 144.

Miami Copper Co.
-Dividends Resumed.
A quarterly dividend of 50 cts. per share (par $5) has been declared on the
$3,733,795 stock, payable May 15 to holders of record May 1. Quarterly
distributions at this rate were made from May 1912 to Aug. 1914, but in
Nov. 1914 and Feb. 1915 no distributions were made,owing to the unsettled
conditions in the copper trade and the reduced output of the mines duo to
the war. Compare V. 100, p. 144; V. 99, p. 1134, 1054.

-All Sold.
-New Director.
Montana Power Co.
The $6,000,000 1st ref. 5s due 1943, recently purchased by Lee, Higginson & Co., Guaranty Trust Co. and J.& W.Seligman & Co., have all been
sold. See V. 100, p. 976, 984.
Frederic W. Allen, of Lee, Higginson & Co., has been elected a director
tolfill a vacancy.
-V. 100, p. 976, 984.1

-Contracts.
Montreal Light, Heat & Power Co.
-V. 99, p. 1054.
See Cedars Rapids Mfg. & Power Co. above.

-Liquidation of
Simpson-Crawford Corporation, N. Y.
Recent Successor Simpson-Crawford Co.-Pres. Alexander
MacLachlan says in substance:

The directors have unanimously determined that the business of this company shall be voluntarily liquidated without further delay. There will be
no court ptoceedings and the liquidation will be by retail sales. The assets,
exclusive of fixtures and interest in real estate of Jan. 31, approximate
$1,800,000. The liabilities are less than $600,000. The company is, therefore, entirely solvent, and the creditors of the present company will be paid
as their debts mature or shortly thereafter.
The reason for this voluntary liquidation is that the business for the past
year has not been conducted profitably and it did not seem to the board fair
to those who subscribed the [11350,000] new money in April of last year, and
to the creditors of the old Simpson-Crawford Co. that accepted stock in
payment of their debts, to conduct the business further with possible risk
of additional losses.
Upon liquidation, after the payment of all obligations of the new company, the amount realized from the assets will be distributed pro rata to
the holders of the first pref. stock, and any surplus remaining to the holders
of the second pref. stock. The management has no doubt that the creditors
of the old Simpson-Crawford Co. will receive considerably more by reason
of this liquidation than they would have received if they had accepted the
cash dividend of 1634% which was available under the decree selling the
assets of the old company. See V. 98, p. 1004, 1160, 1997.

Mount; Vernon-Woodberry Mills, Inc., Baltimore.
-The Mercantile Trust & Deposit Co., NelNotes Offered.
son, Cook & Co., Townsend Scott & Son and Strother,
Brogden & Co., all of Baltimore, having disposed of a large
part of the issue, are offering at 96 and int. (to yield about
732%) the remainder of the $2,500,000 Three-Year 6% gold
-Bonds Offered.
-The
Southern Utilities Co. (of Fla.)
notes dated Feb. 2 1915 and due Feb. 11918, but red. at Engineering Securities Corporation, N. Y. and Chicago, is
1023/ and int. at any interest date. Company agrees to offering, by adv. on another page, at 98 and int., to yield
pay normal Federal income tax, so far as may be lawful.
6.20, the unsold portion (less than $300,000) of their block
Digest of Report by Expert J. E. Sirrine, Greenville, S. C., Feb. 22'15. of 8925,000 1st M. sinking fund 6% gold bonds of 1913, due
Herewith is copy of a report made to the bondholders' committee,
which includes an appraisal, as of Feb. 211914, of the property, comprising April 1 1933, but callable at 105 and int. on any interest date.
States Mortgage & Trust
the following mills, with the values as shown aggregating $4,820,599, viz.;
Mount Vernon Mill, No. 1,8346,283, and No. 3, $209,123; Clipper Mills,
$235,699; Woodberry Mill, $213,136; Meadow Mill, $300,845; Druid Mill,
$248,589; Park Mill, $81,042; Mount Washington Mill. $143,004; Franklinville Mill, $64,008; Phoenix Mill, $89,894; Laurel Mill, $118,053; Columbia
Mill, $810,272, and Tallassee Mill, $1,968,651. This valuation covers
land, buildings, machinery, power plants, general equipment, belting and
supplies actually in use, but not office furniture or fixtures, cotton or cloth
on hand, cotton in process, supplies not in use, or any other quick assets,
nor any allowance for the brands of the company, which are undoubtedly
of great value. These brands are well known all over the world, and enable
this company to sell its products at a premium over its competitors.
These mills, without change in machinery, should earn, under average
market conditions, approximately $650,000 a year, from which it would be
wise for the company to deduct or to set aside $150.000 a year for renewals
and replacements. This amount of money properly expended in new
machinery should increase the earning capacity of $650,000 a year above
stated. In our estimate of operating profit we have taken into consideration only the mills in regular operation. We have not, therefore, considered
for this purpose the Franklinville, Phoenix and Laurel Mills, as these mills
are not equipped for operation, and we understand it to be the intention of
the company to dispose of them. In the physical valuation these mills
have been included at an aggregate of about $261,000, a figure that should
be readily realized for the real estate alone. 'See also V. 100. p. 816,005.

-New Directors.
National Fireproofing Co., Pittsburgh.
George A. Jones and W. E. Cooke, both representing the minority interests, have been elected directors to succeed C. E. Andrews Jr., who represented the minority interests, and II. W. Keasbey, representing the present management, who retired. President Henry announced that John R.
Gregg, W.L.Curry and D. N. Campbell would constitute the finance committee. Resolutions offered by stockholders requesting the usual quarterly
dividend of 1% be declared on the preferred stock, that the par value of the
stock be increased from $50 to $100,and that the board consist of not less
than 9 nor more than 15. were taken under advisement.
-V. 100, p. 1082,
896.

-Earnings of System.
New England Power Co.
Bond
Balance,
Note
Accrued
Net
3 Mos. end. Gross
Sur. or Def.
Divs.
Mar. 31. Earnings. Earnings. Interest. Interest.
$313,629 $195,401 $83,063 $6,085 $68,450 sur.$37,803
1915
61,650 def. 13,196
83,412
6,635
138,501
256,961
1914
-.V. 100. p. 976. 984.

-For years end. Dec.31:
-Earnings.
Nipissing Mines Co.

Total
Dividends
Balance,
Other
Divs. from
Calendar
Paid.
Deficit.
Income. Expenses.
N.M.Co.
Year°)$1,200,000
$35,628
(207
$559
$69
1914
$1,235,000
1,632
31,757
(30%) 1,800,000
125
1,830,000
1913
Net income of the Nipissing Mining Co.forithe year 1914 was $2,516,065,
(against $2,756,612 in 1913); other income,$42,668 (against $47481); total
income, $2,558,732. From this was deducted the cost of mining and all
other expenses, $980,016 (against $1,158,984) and dividends, $1,235,000.
leaving a balance, surplus of $343,715 (against a deficit of $184,892). The
total accumulated surplus Dec. 31 1914, as per balance sheet, was $1.602,776.-V. 99, p. 1371.




Co.,trustee.
Denom.$500 and $1,000. United
Coupons payable A.& 0.in N. Y.or London, without deduction for normal
Federal income tax. Penn. State tax refunded. Authorized, $20,000,000.
Data from V.-Pres. & Gen. Mgr. C. F. Day, Jacksonville, Feb. 8 1915.
-Incorporated in March 1913, under laws of Florida. Owns
Property.
and operates electric, ice,gas and water properties,furnishing thefollowing
communities with one or more of those four classes of service:
$136, a 0 Bla )
G0rd00 Fonds .
$5,).
.
.
Communities Served (All Securities of Sub. Cos.Owned
Lakeland, Fla.
Arcadia, Fla.
St. Augustine, Fla.
Live Oak, Fla.
Bradentown, Fla.
Sanford, Fla.
Manatee, Fla.
Cordele, Ga.
Sutherland, Fla.
Miami, Fla.
Dania, Fla.
Tarpon Springs, Fla.
Fla.
Fernandina, Fla.
Tifton, Ga.
Palatka, Fla.
Lauderdale, Fla.
Fort
Titusville, Fla.
Palmetto, Fla.
rs, Fl,,.
Fort Myers Fla.
Pensacola, Fla.
Lake City, Fla.
properties are owned in fee and leased to subsidiary local
The Florida
operating companies, vi hile the two Gorogia properties are controlled
through ownership of their entire stock issues.
All the outstanding securities of the subsidiary companies have been
acquired and deposited with the trustee under the mortgage securing the
company's bond issue, except $36,000 bonds of Sanford Light & Fuel Co.
and $20,000 bonds of Ariston Ice & Electric Co.;$65,000 bonds of Southern
Utilities Co. are held to cover these underlying securities. The properties
are operated through the local subsidiaries with the object of maintaining
close relations with the public, but all details are under the direction and
management of the company's general office at Jacksonville and supervised
by the J. G. White Management Corporation at New York, thus insuring
efficiency and economy combined with the advantages derived from
distinctively local organizations. No competition except at Fernandina,
where there is a small municipal ice plant.
Authorized. Outstanding.
Capitalization$925,000
$20,000,000
First Mortgage 6% bonds
250,000
250,000
One-year 6% notes due July 1 1915(V.99.p. 124)_
1,510,000
5,000,000
7% cumulative preferred stock
2,570,100
5,000,000
Common stock--------------There is also Ca.5 is;i66:666- -ilk) common stock issued but held by a
trustee for benefit of company; (b) $375,000 of the 1st M. 6s held as collateral for the one-year note issue, $65,000 held to retire underlying securities and $485,000 in treasury.
Earnings for the Nine Mont/island Also for the Year ending Dec. 31.
Ye 4.
191ar
Nine Months1913.
1914.
$702,847 $1,068,297
$832,426
Gross
$271,686
$186,988
$227,839
Net (after taxes)
57,084
Bond interest
Balance
Interest on notes and floating debt and discount on notes_ _ _ _

$214,602
38,211

$176,391
Sumius
Inasmuch as the company began operations on April 1 1913, it is impossible to give a comparative statement for the full year.
-The reproduction value of the physical
Physical Value and Equity.
properties, exclusive of franchises and other intangibles, is estimated to be

APR. 10 1915.]

THE CHRONICLE

not less than $2,374,000 at this time. This issue is followed by $1,510,000
pref. stock, for which the company received par and by $2,570,100 common
stock. During the past 18 months the company has made large expenditures in extensions and improvements, to provide for constantly expanding
business and to reduce the cost of operation.
-Serves over 20 substantial, prosperous and growing comTerritory.
munities. together with their surrounding districts, all but two of which
in 1910
are located in Florida. Total population 50,412 in 1900; 81,805 tourists
(U. S. Census); now estimated over 100,000, exclusive of numerous in 1913.
in 1905;$18,757.000
in winter months. Bank deposits,$7,559,000
The territory produces a great variety of commodities, among Iyhich are
cypress,
citrus and other fruits, winter vegetables and garden truck,cotton,sponges,
pine and various agricultural and timber products; phosphates,
and a great variety of salt and fresh-water fish. principal ones extendiag
-Favorable in terms, nearly all the
Franchises.
beyond 1933. No franchises are required for the manufacture of ice, from
which the company derives a large revenue.
-Secured by a direct first mortgage covering substanThis Bond Issue.
tially the entire property, real aad personal, now owned and hereafter acquired, there being only $56.000 outstanding underlying securities. After
$2,000,000 bonds are outstanding, the par value of additional bonds issued
must not exceed 80% of the actual cash cost of improvements, extensions
or additional properties, and then only when the annual net earnings of
the company and of the properties to be acquired are twice the interest
charges, including the bonds proposed to be issued. After $2,000.000
bonds have been issued, the rate of interest on subsequent bonds shall be
at the discretion of the board, but in no case to exceed 6%•
Cumulative sinking fund, beginning April 1 1916, an amount equal to
1% of the outstanding bonds, for redemption of bonds. Also, beginning
in 1915, the company must annually expend for additions or extensions to
physical property, against which no bonds may be issued, or turn over to
the trustee, an amount equal to M of 1% of the outstanding bonds.
V. 100, p. 234; V. 99, p. 124.

-Suit.Springfield Gas & Electric Co.

•

Judges Sanborn, Pollock and Van Valkenburgh on April 3 heard argument
in the U. S. District Court at Kansas City, Mo., in the suit brought by
by the
the company asking an injunction restraining new rates prescribed unconP. S. Commission. The company asserts that "the Utility Act is
stitutional, that the Utility Commission erred in fixing a valuation of the
property, and that the valuation and the rates fixed are confiscatory."
Compare Springfield Ry. & Light Co., V. 09, p. 344; V. 89, p. 291.

-Earnings.
Oil of Kansas.

Standard
The earnings for the year ending Dec. 31 1914 were $33,219. After deducting dividends paid at the rate of 13%,amounting to $260,000, the total
accumulated surplus Dec. 31 1914 was $3,183,144, as shown in balance
sheet, V. 100, p. 1173, 480.
-Earnings.
Mining Co.

Tamarack
Total
Balance,
Int.
Net
Total
Mine
Calendar
Surplus.
Deficit.
Paid.
Loss.
Year-] Receipts. Expenses.
$174,945 $895,993
$37
$137,601 $312,509 $174,908
1914
48,373 1,070,938
48,373
691,940
643,567
1913
In 1913
Fine copper produced, 1,074,808 lbs., all sold during 1914. Average
lbs. was
4,168.73 lbs. was produced, of which 3,852.0401913.-V. sold. 917.
98, p.
in 1914. against 15.45c. in
price received. 12.80c.

-The
-New Stock.
Texas Company, Houston, Tex.
shareholders will vote May 1 1915 on increasing the capital
stock from $30,000,000 to $37,000,000 by the sale of 70,000
shares. Of the new stock it is proposed to offer $6,000,000
to shareholders of record May 12 at par, pro rata, and the
remainder ($1,000,000) to employees.

1263

the bonds has also been underwritten. The success of the reorganization
share by
is therefore assured, but unless the shareholders contribute their
subscribing, as aforesaid, they losatheir equities in this valuable property.
Chairman,and Herbert V. Falk,
Signed: Walston H. Brown, N. Y.,
Co.. 140
Guaranty
29 Broadway, N. Y., Secretary of committee. counsel, 60Trust N. Y.
B'way,
B'way, N. Y., depositary, and Guy M. Walker,
and, it is understood,
[Present cap. stock outstanding, $2,500,000 pref.
some $13,100,000 common stock, par $100. Compare V. 100, p. 1099.1
Condensed Extracts from Report to Committee by John Fraser,
Consulting Engineer.
The physical plant, real estate, buildings and machinery are carried on
the books at $1,412,000. There is little doubt that the plant cost this sum.
and since the property has been well maintained and some considerable
additions have been made and charged to operation,there seems no reason
The materials on hand are inventoried at
for reducing said valuation.
$650,000 and should realize as much. The receivers hold about $150,000
cash and bills receivable of $300,000, so that the total actual tangible assets
amount to about $2,500,000, exclusive of patents and good-will.
It is extremely difficult to value the patents and good-will in definite
figures, but as a going concern this value would be very large. The
patents enable the company to save both on operation and in royalties.
It the patents were owned by others the royalties would probably run from
$100,000 to $200,000 yearly, depending upon volume of business done.
This sum capitalized would represent a fair value on the patents now in
use. There are other patents, however, owned that seem to be so fundamental and so revolutionary that it seems impossible to over-estimate
their possibilities.
The earning capacity of the company properly financed and properly
operated would be quite large, and I believe it is possible within five years
after reorganization, under normal business conditions, to develop a business of $6,000.000 a year with a net above operating expenses of $1,000,000
applicable to interest charges, depreciation account, sinking fund to retire
bonds, dividends, &c. The receivership is now acting as a*dam that is
holding back a large volume of business, and with the resumption of active
buying by the railroads stimulating the car lighting business, and of general
business activity affecting the storage battery and auto starter business,
the full capacity of the plant and organization will be needed. Compare
V. 98, p. 1068; V. 100, p. 1099.

-Plan Operative.
United Water & Light Co., Pittsburgh.

More than 70% of the collateral trust notes have been deposited under the
plan for the exchange of such notes for bonds of American Water Works
& Electric Co.. Inc., and the plan has therefore been declared operative.
Upon surrender of deposit receipts endorsed in blank and witnessed, the
new bonds and check for an amount equal to April 1 1915 interest on your
deposited notes will be delivered at the institution with which you deposited
your notes and whose receipt you hold. Noteholders who have not yet
deposited their notes will be given the privilege of doing so for a limited
period, receiving par in the new bonds and a check for April 1 1915 coupon.
-(See V. 100, p. 560, 1099.

-For cal. year:
-Earns.
Utah Consolidated Mining Co.

Total
Written
Previous Dividends
Total
Net
Calendar
Surplus.
Paid.
Profits. Surplus.
Year- Profits.
Off.
$1,711,216 $565,666 $772,096 (40)5600.000 $105.587 $632,175
1914
5.641 772.096
2,096,956 636,470 591,267 (30) 450,000
1913
Copper bullion and supplies on hand Dec. 31 1914. $749,319. against
$649.041 in 1913. There were produced in 1914 7.584,391 lbs.• of copper
(against 7,710,668 in 1913). 284.196 ounces of silver (against 378,960 ozs.)
15,528 ozs. gold, and 14.588,276 lbs. of lead. There was written off in
1914 $81,312 for depreciation of investments, on the basis of market values,
and $24,275 for expenditures during the year on mine plant, against $5.641
in 1913.-V. 99 D. anii

.-Earnings
Vulcan Detinning Co.

Balance,
Costs and
InvenOther
Total
3 Mos. end.
Surplus.
Gen. Exp.
tories.
Income.
Sales.
Mar. 31Digest of Statement by Pres. C. P. Dodge, New York, April 8 1915.
$26,658
$145,410
-$23,191
$250
3195,009
In spite of the war we have been able not only to maintain our volume of 1915
23,502
202,312
439
189,115
business, but to materially increase it; and while prices for our products 1914
6 0
, Ap 16
Pres. W. J. Buttfield, Sewaren, N. J. 4-3 A2 7, wrote in substance: The
large amount of
have declined considerably, this has been offset by the
in the metal markets,
business taken previous to the decline at better prices than now prevail. statement herewith reflects the improved conditions
supplies of tinplate scrap.
and by the purchase of crude at much lower figures than has been hereto- accompanied by materially lower costs for our
scrap has been undergoing a.
fore possible, so that our earnings have remained most satisfactory. Addi- For the past two years the market for tinplate
high basis resulting from mantional crude supplies of great volume have been found at several points in gradual readjustment from the exorbitantly to its true value. It is cusmore nearly corresponds
the territory which our pipe lines serve, and in which our plants are located, ipulation, and now for a large portion of each year's supply at the beginning
tomary to contract
and these are available to us on a very attractive basis.
Chemical Co., Adolph Kern and
But in order to take full advantage of the additional supplies it will be of the year. Our suit against the Republic
is now pending before the Supreme
necessary to make large additional investments in pipe linos, as well as in others, charging a general conspiracy,
of N. Y. State (V. 97, p. 1827).
manufacturing capacity and transportation and distributing facilities. Court
During the past quarter the tin market has fluctuated widely, but on the
The expenditure should be much greater than can be taken care of out of
whole on a higher basis than that ruling at the close of last year. The marsurplus earnings. We should also aim to increase our stocks of crude.
ket for detinned steel has strengthened somewhat, but prices are still far
[It is proposed that the subscription warrants shall be a.ssignable until below normal. The silk trade remains depressed and the demand for tin
Juno 4 1915, at which time they would be surrendered, accompanied by tetra-chloride correspondingly small.
-V. 100, p. 907, 817.
the first installment on the stock, in exchange for assignable subscription
certificates, first installment paid. On all amounts paid prior to Jan. 1
-New Stock.
Wcyland Oil & Gas Co., N. Y.
interest will be allowed to that date at 6% p. a., the new stock to
1916
The shareholders will vote April 24 on increasing the capital stock from
participate in earnings from Jan. 1 1916. Subscriptions will be payable $2,000,000 to $2,300.000 by the addition of $300,000 6% pref. (p. & d.)
25% on or before June 4 1915, 25% Aug.9 1915, 25% Oct. 7 1915 and 25% stock (par $5 a share) cum. from May 1 1915, and also entitled to share
Jan. 3 1916.1-V. 100, p. 480, 403.
pro rata with the common stock in any further dividends in any year after
6% on both stocks; but subject to redemption at any time, at option of
-Earnings.
United Cigar Stores Co. of America.
Balance, company on 30 days' notice at 110 ($5 50 per share) and divs. The new
Common
Receipts,
Preferred
Calendar
-V.99, p. 1372.
Surplus. prof. stock, par $5 each, is to be sold at $4 50 per share.
Less Charges. Dividends,
Dividends.
Year$2,241,784 (77316,890 (6%)$1,629,720 $295,174
1914
-Status.
Woodward Iron Co., Birmingham, Ala.
360,716
,
f
2,171,516 (77 316.890 (5M) 1,493,910
1913
-V.94. p. 1255.
See Atlanta Birm. & Atl. RR. under "RR.'s" above.
Secretary George Wattley says: 'n view of the publicity which has been
-Sales.
given the matter, it is due to our stockholders to announce that there are
(F. W.) Woolworth Co.
Increase.
under consideration plans to acquire other businesses which, it is believed,
Increased 1915-3 Mos.-1914.
1915-March-1914.
will prove advantageous to this company if adopted and consummated." $5.777,394
3638,658 I $14,541,486 $13,598,603 $942,882
35,138.736
-V.100, p. 1173, 404.
907, 552.
-V. 100, p.

United States Light & Heating Co. of Maine,
Reorganization Plan.-The stockholders'protective committee
as of April 5, says in substance:

-New Stock.
-Report
Yale & Towne Mfg. Co.

See annual reports on a preceding page.

A circular dated April 1 1915 states that holders of the

The debts of the company, with expenses of receivership, &c.amount existing $4,500,000 capital stock of record March 25 have
to nearly $800,000, and your committee has found it impractIcable to
April 15 to subscribe and pay for,
attempt to raise all of this amount by the sale of bonds, because it was the legal right on or before
deemed unwise under present business conditions to burden the property pro rata at par ($100), $500,000 of new capital stock.
It was, therefore, decided to call upon the
with so large a fixed charge.
provide stock for employees,. holders of
stockholders to assist by subscribing to the stock of the new company in It being desired to
such amounts as would produce at least $375,000, and to raise the balance 75% of the outstanding stock have signified their intention
sale of $500,000 of bonds.
of the necesaary funds by the
to waive their rights of subscription, and it was hoped that
-Authorized Capitalization of New Company.
Plan Adopted and Underwritten.
shareholders generally would do so. Compare V. 100,
$4,000,000 the
Common Stock, total authorized
p. 985, 907.
Holders of present common stock,deposited,upon subscribing
at Guaranty Tr. Co., N. Y., on or before May 5, $2 50 per
share of their holdings of common,will receive,along with $5
CURRENT NOTICE.
in new pref. stock,$20 in new common stock. As to issue with
new bonds, see below.
-cumulative 7% pref. stock to have the right to elect a maBrothers, A. B. Leach & Co., Colgate, Parker & Co. and
Non
-Kountze
jority of the board and to be hold in a voting trust for five
advertising in to-day's "Chronicle" a new
3,000,000 Spencer Trask & Co. are jointly
years to insure control of management. Total authorized
-year 5% coupon bonds, due
loan of $2,125,000 City of Quebec, Canada, 5
Holders of present preferred stock, if deposited, will, upon
(a)
share of their present holdings, at
subscribing $15 per
April 1 1920. Having sold the greater part of this issue, the bankers offer
Guaranty Tr. Co., N. Y., on or before May 5, receive,
unsold balance at 98% and int., yielding about 5.30%.
the
share for share, in new pref. stock.
A manual of the simplified "Standard Shorthand," a new system of sten(b) Subscribing common shareholders, with the aforesaid $20
In new common, will receive $5 in preferred.
ography evolved by Otto M. Whitstock, 31 Nassau Street, has just come to
Sinking Fund 20-year gold bonds, sinking fund
First Mortgage 6%
hand. According to the claims of the author, it is easy to write and read,
to be sufficient to retire entire issue by maturity. Denom.
-instruction in six lessons. The
truly phonetic and can be acquired by self
$500 and $100. To be issued and sold at present time, $500,1.000,000 price of the manual is $2.
000. Total authorized
Both common and preferred stockholders of the present company are
-The revised edition of the descriptive circular on the Inspiration Conoffered the right to subscribe for the $500,000 new 1st M. bonds on
will be ready for distribution next Monday. Copies
the basis of $875 and int. for each $1,000 of bonds, with $1,000 of common solidated Copper Co.
14
stock attached. Subscriptions to the bonds will be allotted in the order in may be had on application to the bankers, Eugene Meyer Jr. & Co.,
until the amount of bonds offered are taken. Wall St., this city.
which they are received
$160,000 of these bonds have been taken and withdrawn from this offering,
-Parmelee & Co., 31 Nassau St., this city, are offering Dayton Power &
under the terms of the underwriting agreement.
Light Co.6% cumulative.preferred stock at 90 and accrued dividend, with
Est. assets $2.612,000 (5 times new bonds) excl. of patents and good will.
$300,000 a return to the investor of 6.66%. Circular will be furnished on request.
_$1,412,000[Bills receivable
Plant valuation_
250,000
Mat& supp.
(cost $725,000)650.000 Cash (estimated)
-Horace Bacon, a partner in the firm of Kissel, Kinnicutt & Co.. 14
the subscription of $15 per share on all the preferro
The payment of
Wall St., died yesterday morning.
stock deposited has been underwritten without commission. The sale o




THE CHRONICLE

1264

[voL. 100.

Fitevarts and Monuments.
UNITED LIGHT AND RAILWAYS COMPANY
REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1914.
To the Stockholders of the United Light & Railways Company
The Directors submit this Annual Report for the fiscal
year ending December 31st 1914.
The Statement of Earnings and Expenses of the United
Light & Railways Company and its Subsidiary Companies
for the Year is as follows :
SUBSIDIARY COMPANIES.
*Gross Earnings (Including $713,585 07, being InterCompany business)
$6,166,959 34
*Operating Expenses, including Maintenance and Taxes (In3,797,534 17
cluding $713,585 07, being Inter Company charges)
$2,369,425 17
Net Earnings, Subsidiary Companies
Interest on Subsidiary Companies Bonds and Notes:
To United Light & Railways Co
$339,552 73
To the Public
974,583 45
1,314,136 18
Net Profit on Stocks-Subsidiary Companies
Net Profit due others than United Light & Railways Co

$1,055,238 99
15,506 28

UNITED LIGHT & RAILWAYS COMPANY.
Earnings available on stocks owned by United Light & Railways Company
$1,039,782 71
Dividends and Interest Receivable (as per detailed Revenue
Account annexed)
344,294 27
Salaries and Miscellaneous Earnings (as per detailed Revenue
Account annexed)
123,155 34
Gross Earnings-United Light & Railways Company__ _ - _ $1,507,232 32
Expenses
$103,83542
_Taxes, General and Federal
10,779 87
114,615 29
Net Earnings-United Light & Railways Company
Interest on First and Refunding 5% Bonds
Interest on Notes
Bond Discount

$1,392,617 03
333,033 83

$1,059,583 20
$109,887 30
12,912 00
122,799 30

Balance Available for Dividends
Dividends
-First Preferred Stock-6%

$936,783 90
462,801 00

Dividends-Second Preferred Stock-3%

$473,982 90
63,272 25

Balance Available for Common Stock and Depreciation_ _ _ $410,710 65
Credit to Depreciation Reserve
165,992 90
Balance-Credit to Surplus
$244,717 75
-The amount of $713,585 07 included in the Gross Earnings and
*Note.
Operating Expenses of Subsidiary Companies represents Inter-Company
transactions. This amount, which is identical in both the Income and
Expense sides of the Accounts, has been carried this and previous years
as Income and Expenses, following the practice of the Subsidiary Companies interested prior to their acquisition by the United Light & Railways
Company.

In addition to'ithe sum set aside for Depreciation from
Current Earnings on the books of the Subsidiary Companies,
amounting to $169,390 86 (of which the United Light &
Railways Company's proportion pro-rated on its stock
holdings of Subsidiary Companies is $165,992 90, as shown
above), the Subsidiary Companies expended or set aside for
Maintenance an additional sum of $392,750 43, which was
charged directly to Operating Expenses, making the total
expended or set aside for Maintenance and Depreciation
of Property $562,141 29.
In addition to Credits to the Reserve for Depreciation from
Current Earnings, the Book Surplus of the Mason City &
Clear Lake Railroad Company and Peoples' Gas & Electric
Company existing at the time of their purchase by your
Company, in amount 6,399 90, has also been set aside as
an addition to the Reserve for Depreciation.
Operating Expenses of Subsidiary Companies include
$249,952 69 accrued for payment of General and Federal
taxes, an increase of $41,406 22 for the fiscal year and also
material increases in wage scales paid to Street and Interurban Railway employees.
There were outstanding in the hands of the Public on
December 31st 1914 the following stocks of your Company.
First Preferred
Second Preferred
Common

$7,713,600 par value
2,108,700 par value
6,899,200 par value

The business of your Company in the Gas and Electric
Departments shows a satisfactory increase, but, due to
depressed industrial conditions, the Railway Department
shows a slight decrease. The Gas Sales in cubic feet for the
12 months ending December 31st 1914, were 1,290,701,400,
an increase of 89,374,200, or 732%. Electric Sales in kilowatt hours were 90,116,518, an increase of 3,742,559, or
43/%; while the Revenue passengers of all classes carried
were 35,621,922, a decrease of 935,010, or 2 6-10%.
During the year the Company acquired in exchange for its
securities, or by purchase, further amounts of the stocks and
bonds of its Subsidiary Companies, of which the control was
already owned. The proportion of Bond and Stock issues
of Subsidiary Companies owned as of December 31st 1914
can be ascertained by a review of the annexed Consolidated
Balance Sheet.
Through Sinking Fund Operations, additional bonds of the
Tr -City Railway & Light Company, Citizens' Railway &
Light Company, Iowa City Gas & Electric Company,
Chattanooga Gas Company and People's Gas & Electric



Company, aggregating $191,000 were purchased and canceled. During the year there were also retired Certificates
of Indebtedness and Car Trust Notes of the Cedar Rapids &
Marion City Railway Company and Grand Rapids Grand
Haven & Muskegon Railway Company in amount $12,767. There were also retired $420,000 of Notes issued in
part payment of properties, leaving outstanding $500,000
of similar Notes to become due January. 1st 1916.
During the year $984,923 61 was expended for additions
to properties and extensions of service. Of this total $191,325 55 was expended on Gas Properties, $417,699 73 on
Electric Properties, $373,147 58 on Railway properties and
$2,750 75 on Heating properties. Following the granting in
May 1914 to the People's Gas & Electric Company, by the
electors of Mason City, of three new franchises for 25 years
each, covering the sale and distribution of Gas, Electricity
and District Heat, considerable expenditures were made to
comply with promises, verbally made, prior to the granting
of the Franchises,and additional expenditures will be necessary in Mason City during the year 1915 to fully comply
with these obligations. The expenditures made have
proven profitable and further expenditures are fully warranted. Additional expenditures based on Franchise obligations, involving extensions of track, will also be necessary
on the property of- the Cedar Rapids & Marion City Railway
Company and on the Railway properties of the Tr -City
Railway & Light Company. These expenditures • will
require an outlay of money which will not be immediately
profitable, but should become so with the growth of the
Cities served.
In addition to the expenditures above noted, Auxiliary
Water Gas Plants were installed at Iowa City and Muscatine,
Iowa, and several miles of additional Street Railway extensions were made in Cedar Rapids, Muscatine, Iowa, and in
the Tr -City System. The improvements to the Fort Dodge
Gas and Electric Stations commenced in 1913 were completed
during the year. These expenditures have placed the Gas
and Electric Stations of the Company in good physical
condition and materially added to their capacity, thus
enabling them to take on considerable additional business.
During the year regular Dividends were paid on the First
and Second Preferred Stocks of your Company at the rate
of 13/2% and Yi of 1%, respectively, quarterly. On the
Common Stock, dividends of 1% eqsh were paid on January
1st, April 1st and July 1st 1914, and an extra dividend of
1% in Common Stock was disbursed on April 1st 1914.
All dividends were declared payable from and were charged
against the Surplus.
No dividends were declared payable on the Common Stock
October 1st 1914, as explained in letter sent to the Stockholders on September 15th 1914, it being the opinion of the
Directors that, pending the adjustment of the then existing
general unsettled financial conditions, the duration and
extent of which it was not possible to estimate, it would be
for the best interests of the Common Stockholders to conserve the Cash Resources of your Company and defer action
on the payment of Dividends on the Common Stock. This
action on the part of the Directors assisted the Company in
reducing its outstanding Notes Payable and paying all its
obligations as they became due, including unfulfilled contracts for construction which could not be deferred or conceled.
In February 1915 the Company sold $750,000 Three-Year
and $750,000 Five-Year Gold Notes, secured by deposit
with The New York Trust Company, Trustee, of $2,000,000
par value of your Company's First and Refunding Mortgage
5% Bonds, which bonds had been certified against construction expenditures and property previously paid for. These
Notes are of an Authorized Issue of 83,000,000 par value
are dated January 1st 1915, and draw 6% interest payable
semi-annually January and July 1st. The Three-Year
maturity can be called at par, and the Five Year maturity
at 101, at any time on thirty days' notice.
The resulting proceeds enabled the Company to very
materially reduce its Notes Payable, so that the amount
outstanding March 15th 1915 is $479,386 16, as against
$1,354,372 37 outstanding as of December 31st 1914.
The Cash Balances of the United Light & Railways Company and Subsidiary Companies as of March 15th 1915 are
$932,349 83.
The relations between the Managements of the Subsidiary
Companies and the communities they serve are satisfactory
and the service given is efficient.
Accompanying this Report is a Map showing the territory
served by the Subsidiary Companies.
The Total Number of stockholders on December 15th
1914 was 2,400 (an increase during the year of 332), of which
the large proportion are Preferred Stockholders.
Appended is the Consolidated Balance Sheet of the United
Light & Railways Company and its Subsidiary Companies

THE CHRONICLE

A Pit 10 1915.)

1265

Current Liabilities.as of December 31st 1914, and Statements of Revenue and
Aunts
Surplus Accounts for the year. The certificate of Barrow, ltcoctoer
.Wade, Guthrie & Company, Chartered Accountants, who Certificates of Indebtedness and Car
have audited the books and accounts of your Company and mitor eDeposits
er et
Paving Taxes
Its Subsidiary Companies, is hereto annexed.
Other Liabilities
order of the Board,
By
Accrued Liabilities
Interest Accrued
FRANK T. HULSWIT,
Taxes Accrued
President.
Preferred Stock Dividends Accrued
Expenses Accrued
March 15 1915.
Surplus of Subsidiary

THE UNITED LIGHT & RAILWAYS COMPANY AND
SUBSIDIARY COMPANIES CONSOLIDATED
BALANCE SHEET AS AT DEC. 31 1914.
ASSETS.
Plant, Construction and Investment Account
Unamortized Bond Discount

$45,170,617 71
345,270 00

Total Capital Assets
$45,515,887 71
Preferred and Common Stocks of United Light & Railways
Company Purchased and Held in Treasury at Cost
180,101 90
Current Assets
Treasury Bonds, First and Refunding 5%
par value $1,007.000
$1,006,090 00
Cash on hand and in Bank
381,574 85
Accounts Receivable, less Reserve for Bad
Debts
424,374 64
Bills Receivable
29,562 10
Stocks and Bonds of other Companies
64,804 00
Interest and Dividends Receivable
678 89
Tr -City Railway St Light First and Refunding 5s, par value $6,000
5,100 00
Supplies
423,648 33
Prepaid Accounts
67,264 16
2,403,096 97
Deposit with New York Trust Company
3,800 00
'Cash in Hands of Trustees for Sinking Funds
41,20131
$48,144,087 89
LIABILITIES.
Capital Stock
United Light & Railways Company:
First Preferred 6% CuMulative. Issued
Second Preferred 3% Cumulative, Issued
Common, Issued
Less-Amount in Treasury

37,324.184 00
294,484 00

Cedar Rapids & Marion City Railway Company:
Common Issued
$650,000 00
Less-Amount held by United Light &
Rys. Co
584,801 24
'Chattanooga Gas Company:
Preferred 6% Cumulative Issued
$500,000 00
Less-Amount held by United Light &
Rys. Co
207,200 00
Common Issued
$750,000 00
Less-Amount held by United Light &
Rys. Co
745,300 00 •
Iowa & Illinois Railway Company
Common Issued
$1,500.000 00
Less-Amount held by United Light &
Rys. Co
1,439,650 00
I'd-City Railway & Light Company
Preferred 6% Cumulative Issued •
$3,000.000 00
Less-Amount held by United Light &
Rys. Co
173.800 00

$7,794,890 00
2,120,262 50
7,029,700 00

65,198 76

292,800 00

4,700 00

60,350 00

$350,203 12
1,354,372 37
Trust
45,544 00
44.507 22
47,997 98
24,656 87-81,867.281 56
$251,800 62
199.967 99
175,677 25
2,400 00- 629.845 86

Companies
Available for Dividends to other Stockholders
8,798 13
Reserves
Sundry Reserves
$106,611 83
For Depreciation
985,409 89-1,092,021 72
Surplus-as per Schedule attached
387,539 36
$48,144,087 89

UNITED LIGHT & RAILWAYS COMPANY REVENUE
ACCOUNT FOR THE YEAR ENDING DEC.311914.
INCOME.
Earnings Receivable of Subsidiary Co's
$1 039 782 71
Less, Proportion of Total Depreciation
165,992 90- $873,789 81
Dividends and Interest Receivable
On Permanent Investment
216,082 00
On Bonds and Stocks of Other Co's
2,827 49
On Bonds and Stocks of Inter Co's
1,934 64
On Notes
121,536 09
On Bank Balances and Certificates of
Deposit
1,914 05- 344,294 27
Salaries for Management of Subsidiary Companies
65,804 15
Salaries for Engineering and Supervision of
Construction of Subsidiary Companies
for year 1914
30,763 23
Miscellaneous Earnings
26,587 96
123,155 34
Total Income
$1,341,239 42
EXPENDITURES.
Miscellaneous Expenses
$103,835 42
Taxes
10,779 87
114,615 29
Interest on Bonds
333,033 83
Interest on Notes
109,887 30
Bond Discount Charged off
12,912 00- 455,833 13
Total Expenditures
$570,448 42
Balance, being Profit for year, before deduction of dividends,
less depreciation, carried to Surplus Account
770,791 00
$1,341,239 42
BENJAMIN C. ROBINSON, Treasurer.

UNITED LIGHT & RAILWAYS CO. CONDENSED
STATEMENT OF SURPLUS ACCOUNT FOR
FISCAL YEAR ENDING DEC.311914.
Credit Balance of Surplus Account on December 31st 1913
as per Consolidated Balance Sheet in Annual Report for
. the Fiscal Year 1913
Credits to Surplusfor the Year 1914-.
*profit for year as per Revenue Account annexed after deducting $165,992 90 for Depreciation Reserve
$770,791 00
Net Credits due to adjustments pertaining to
period prior to December 31st 1913
34,895 85

$383,170 76

Total Credits to Surplus for 1914
805.686 85
2,826.200 00
Common Issued
$9,000,000 00
Total Surplus to Account for
Less-Amount held by United Light &
$1,188,857 61
Debits to Surplusfor the Year 1914Rys. Co
8,823,500 00
Dividends
1st
$462,801 00
176,500 00 Dividends on 2ndPreferred Stock
on
Preferred Stock
Bonds
63,277 25
& Railways Co. First and Ref. .5s
United Light
Total Dividends on
Outstanding
526,073 25
$8,221,000 00 Dividends on Common Preferred Stocks
Stock
-3% in cash
Cadillic Gas Light Company First 5s
$206,761 00
Dividends on Common Stock-1% in stock..
Outstanding
68.484 00
$122,000 00
Less-Amount held in Treasury_ _$22,000 00
Total Dividends on Common Stcck
Amount held by United
275,245 00
Light & Railways Co_ __ 92,000 00
Total Debits to Surplus for 1914
831,318 25
114,000 00
Credit Balance of Surplus Account on December 31st 1914
8.000 00
as per Consolidated Balance Sheet
Cedar Rapids & Marion City Railway Co. 5s
387,539 36
Outstanding
$250,000 00
Total Surplus Accounted for
Treasury
$45.000 00
Less-Held in
$1,188.857 61
Retired through Sinking Fund but
* Note.
-The total reserve for Delreciation and Replacement set aside
21.000 00
not canceled
by the Subsidiary Companies out of their earnings for 1914 is $169.390
Amount hold by United Light &
or which the proportion chargeable to the earnings of the United Light 86
&
Railways- Co
171.000 00
Railways Company is, as above stated, $165,992 90, due to the fact that
small amounts of the common stocks of four of the Subsidiary companies
8237,600 00
13,000 00 are not owned by the United Light & Railways Company.
Chattanooga Gas Company First 5s
BENJAMIN C. ROBINSON, Treasurer.
Outstanding
$598,000 00
Less-Amount hold by United Light &
Rys. Co
6,000 00
CHARTERED ACCOUNTANTS' CERTIFICATE.
592.000 00
G. R. G. 11. & Muskegon Railway Co. First 5s
New York, March 10 1915.
Outstanding
$1,500,000 00
We have examined the books and accounts of the United
Less-Amount held by United Light &
Light & Railways Company, and its Subsidiary owned and
Rys. Co
2,000 00
1 ,498.000 00 controlled Companies as follows : The Cadillac Gas Light
Iowa City Gas & Electric Company First 6s
Company, Cedar Rapids Gas Company, Cedar Rapids &
Outstanding
255,500 00
Iowa St Illinois Railway Company First 5s
Marion City Railway Company, Chattanooga Gas ComOutstanding
$1,200,000 00
pany, Fort Dodge Gas & Electric Company, Grand Rapids,
Less-Amount hold in Treasury.$137,000 00
Amoant held by United Light
Grand Haven & Muskegon Railway Company, Iowa City
& Railways Co
615,000 00
Light & Power Company, Iowa & Illinois Railway Company,
752,000 00
443,000 00 Iowa & Illinois Terminal Company, La Porte Gas & Electric
Mason City & Clear Lake Railroad Company
Company, Mason City & Clear Lake Railway Company,
First 64 Outstanding
8,000 00
General Mortgage 6s Outstanding
316,000 00 Ottumwa Gas Company,People's Gas & Electric Company,
People's Gas & Electric Company-Tr -City Railway & Light Company and its Subsidiary
First and Refunding 5s Outstanding
116,000 00
General Mortgage 6s Outstanding
370,000 00 owned and controlled Companies, and We have compiled
Tr -City Railway & Light Company
the foregoing Balance Sheet with Revenue Account and
First and Refunding 5s Outstandin
_____ $5,419,000 00
Surplus Account annexed. The Company has charged a
Less-Amount held in Treasury _$137,000 00
Amount owned by United Light
sum of $165,992 90, against the Profits for the year for
& Rys. Co
2,070,000 03
Depreciation. It has credited the Profit and Loss Account
$2,207,000 03
3,212,000 00 for the year 1914 with $30,763 23, representing fees for
Collateral Trust 5s Outstanding
7.839,000 00 Engineering and Supervision of Construction of Subsidiary
Tr -City Railway Company
First 58 Outstanding
-a like credit for $49,360 22,covering Construc54,000 03 Companies
Citizens' Railway & Light Company
tion, Engineering and Supervision for the year 1913,has been
First 5s Outstanding
238,000 00
credited by the Company to Surplus Account.
Less-Amount owned by United Light &
Rys. Co
500 00
We are of the opinion that the foregoing Balance Sheet
287,500 00 correctly represents the position
Notes
of the Company at DecemIssued in part payment of Properties due Jan. 11016
50).000 00 ber .31 1914.
BARROW, wArE, GUTHRuE & COMPANY,
Total Capital Liabilities
$44,158,601 25
Cizartered Accountants.




1266

THE CHRONICLE

[VOL. 100.

THE UNITED GAS AND ELECTRIC CORPORATION
ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1914.
vision was thus made for the payment of the notes maturing
New York, March 31 1915.
rs of The United Gas and Electric Corporation: April 1, 1915. Light, Heat & Power Company in March
To the Stockholde
The Richmond
A report of the affairs of your Corporation, its earnings
maturities of $700,000, consisting of $200,000 First
for the year ended on December 31,1914,and its financial 1914 met g 5% Bonds and $500,000 Three-Year 6% Notes.
on that date, with passing reference to its operating Refundin
condition
obligations, as well as requirements for imsubsidiaries, is herein respectfully submitted by your Di- These maturing betterments, were financed by the sale of
provements and
rectors.
Mortgage 6% Bonds, due March 1 1939, and
For convenience in reference there have been incorporated $400,000 FirstGuaranteed Gold Notes due March 1,1919,
this report certain exhibits designated as follows and $450,000 6%
into
bearing the guaranty of the United Gas & Electric Company
appearing at the end of this report:
New Jersey.
Statement A. Consolidated Balance Sheet as of Decem- of The Elmira Water,Light and Railroad Company,during the
ber 31,1914.
year 1914, refinanced $1,250,000 6% Debenture Gold
Statement B. Consolidated Surplus Account for the Year Bonds, which matured May 1st,1914, $355,000 West Side
ended December 31,1914.
5% Bonds, which maStatement C. Statement of Earnings from all sources for the Railroad Company First Mortgage and retiring $307,000
Year ended December 31,1914, including tured October 1, 1914, besides calling
Bonds,
equity in net earnings from subsidiary com- Chemung County Gas Company First Mortgage 6%
which had approximately nine years to run. Provision was
panies, etc.
ents and betteradditional funds for
Statement D. Comparative results of operation of subsidiary also made for comprehensive plan improvem
of financing was carried
companies for the Years ended December ments. This
out by the issuance and sale of $972,000 First Consolidated
31, 1914, 1913 and 1912.
due September 1,1956, an additional 8317,000 5%
(Statements A, B and C above are the results of the annual 5% BondsStock, and the issuance of $1,275,000 First PrePreferred
audit by Messrs. Touche, Niven & Company.)
to which the entire issue of the former
In almost every field of industry, commerce and finance, a ferred 7% Stock, subordinated, becoming designated thereyear must be made with preferred stock was
review of operations over the past
Stock. This resulted in reduction
its unprecedented disturbances in mind. Conservatism and after as Second Preferred debt, a lessening of the number of
those in whose discretion rested of the aggregate mortgage
caution were required from
mortgage liens and a consequent improvement in the conthe safeguarding of the interests of others. Fully sensible ditions under which the Company might seek additional
your Directors have adhered to a policy
to this requirement,
of economy and conservation without denying to the com- credit when needed.
Changes in the outstanding bonded debt and capital stock
munities in which our subsidiaries operate improvements in,
es occurred as follows:
s of, their service, and without permitting the issues of other operating subsidiari
and extension
AMOUNT
COMPANY
properties of your Corporation to deteriorate in Citizens Gas and Fuel Co., Terre Haute, Ind.
physical
and sold of its First and Ref. Mtge. 5% Bonds due
. Indeed, in this latter respect it has seemed the
Issued
condition
$25,000
most enlightened economy to put aside ample reserves for The Jan. 1,1960
Colorado Springs Light, Heat and Power Co., Colorado Spgs.,
Issued and sold of its First and Ref. Mtge. 5% Bonds due
and replacement and to make liberal capital expendirenewal
Colo.
105,000
Aug.1, 1920
tures wherever there appeared to be a real and positive de- Consumers Electric Light & Power Co., New Orleans, La.
sold of its First Mtge. 5% Bonds due Jan. 1, 1935_ _ 20,000
Of this more will be said later under appropriate
mand.
Issued and
Edison Electric Co., Lancaster, Pa.
headings.
Issued and sold of its First and Ref. Mtge. 5% Bonds due
142,000
After careful consideration of the question of payment of
Feb. 1, 1943
37,500
Issued and sold of its Capital Stock
dividends, the Directors voted to defer action although the Harrisburg Light and Power Co., Harrisburg, Pa.
dividend had been earned,as is shown by the earnings stateIssued and sold of its First and Ref. Mtge. 5% Bonds due
212,000
Aug. 1, 1952
ment submitted herewith. Although your Corporation was
500,000
of its Common Stock
Issued and
successful, as detailed below, in making arrangements to pay The Hartford sold Gas Light Co. Hartford, Conn.
City
Issued and sold of its First Mt.4% Bonds due July 1, 1935_ _ 150,000
the $7,500,000 Notes maturing April 1st, it was not possible
Company, Houston. Texas.
to increase the amount of financing in order that its cash Houston Gas &.Fuel its Preferred Stock
100,000
Issued and
inci- International sold of Company, Buffalo, Now York.
Railway
working capital might be increased, while the expenses
and sold of its Ref. and Imp.5% Bonds due Nov. 1,1962.. 129,000
maturing on
Issued
dent to the payment of the $7,500,000 Notes
International Traction Co., Buffalo, New York.
85,000
April 1st, had to be cared for. The Corporation will have on
Redeemed Car Trust Certificates
50,000
the uncertain
Redeemed Serial Debenture Notes
about $650,000 cash, but
hand on April
Co.. Lockport, New York.
Light,
and the extreme Lockportand soldHeat and Power
9,000
of its First Ref. Mtge.5% Bonds due Jan. 1,1938
outlook in the business and financial world
Issued
Electric Co., Bloomingto
importance of conserving its cash resources, in order that it Union Gas & sold of its First Mtge. 5%n, Ill. due Sept. 1, 1935 64,000
Bonds
Issued and
to render financial
10,000
might be in a strong position and able
Retired through Sinking Fund of above Bonds
assistance, should any be necessary, to its subsidiary comCAPITAL EXPENDITURES.
that the wisest course in the
panies, convinced the Directors
During the year approximately $2,792,000 was expended
interest of the stockholders required no action at the present
for additions, betterments and extensions in the railway, gas,
time.
FINANCING.
electric, steam and water departments. The principal ex, were as follows:
The Corporation's Five Per Centum Three-Year Gold penditures, by companiesRailroad Company
$1,117,000
Elmira Water, Light and
Coupon Secured Notes of the par value of $7,500,000 which
602,000
International Railway Company
321,000
The Hartford City Gas Light Company
were issued April 1, 1912, will mature on April 1, 1915, and
175,000
Lancaster Properties
will be payable at the Central Trust Company of New York,
129,000
Harrisburg Light and Power Company
110,000
Houston Heights Water & Light Association
Trustee, on that date.
99,000
Gas and Fuel Company
e of
Houston
In order that your Corporation might take advantag
70,000
The Wilkesbarre Company
52,000
every favorable circumstance and at the same time avoid any
Citizens Gas and Fuel Company
117,000
Miscellaneous
disadvantage inherent in the unusual condition of the money
At Elmira, the expenditure was mainly represented by the
market generally, a Special Committee for the consideration
of this matter was appointed at a meeting of the Board of completed cost of the new power plant referred to in the last
Directors held December 30,1914, which Committee con- Annual Report,haying a present capacity of 10,500K.W.and
sisted of the following:
an ultimate capacity of 20,000 K.W. Other improvements
consist of a high tension transmission line from Elmira to
A. H. Wiggin,
A. J. Hemphill,
Corning, N. Y., the laying and replacing of track with
R. L. Montgomery,
S. Z. Mitchell,
heavier steel rail, and the erection of additional buildings at
George Bullock.
S. R. Bertron,
Glen Park.
The Committee, taking into consideration prevailing finan- brick's
At Buffalo, the principal expenditure was for the reconthe character of securities being issued and.
cial conditions,
of tracks, the installation of new fare-boxes and
offered by other corporations, both public service and in- struction
a new car house on Hertel Avenue.
municipalities and by state and national govern- the erection of the expenditure is represented principally by
dustrial, by
At Hartford,
agreed upon and recommended a plan of financing
ments,
the completed cost of new vertical retorts and appurtenances
which was outlined in a notice of a special meeting of stock- for a coal gas system,referred to in the last Annual Report.
to be held March 17,1915, which notice was duly
holders
At Lancaster, there was erected a station and waiting-room
mailed to you.
Central Square and North Queen Street.
The plan provided for the authorization of $15,000,000 onAt Harrisburg, there were installed additional boilers, with
Thirty-Year Collateral Trust Sinking Fund Gold Bonds to be necessary auxiliaries in connection with the development of
dated April 1,1915, and for the issuance of $10,000,000 of
heat department, also additional over-head dissuch bonds bearing interest at 6% per annum, $7,650,000 of the steam
tribution lines for the increasing business.
which said bonds should be pledged as collateral for $5,500,At Houston, mains were laid and services and meters inApril 1,
000 Three-Year 6% Secured Gold Notes to be datedbe sold. stalled to meet the requirements of increasing business.
to
1915, the remaining $2,350,000 of the said bonds
At Wilkes Barre, an addition was made to the boiler plant
This plan was approved and accepted by your Board of Di- and the steam heating system extended, also a new storer 6% secured
rectors and a bid for the $5,500,000 Three-Yea
was erected and a coal handling conveyer installed.
Gold Notes by Messrs. Drexel & Company was accepted, house Terre Haute,the Citizens Gas & Fuel Company, the
At
Trust Sinking
and bids for the $2,350,000 6% Collateral
expenditures were for laying of mains, due to reFund Gold Bonds by Messrs. Bertron, Griscom & Co. and principal the city, and for the purchase of an office building.
also were accepted. Pro- paving by
Messrs. Reilly, Brock & Co.



APR. 10 1915.]

THE CHRONICLE

While the Capital expenditures have necessarily increased
the Fixed Charges, sufficient time has not elapsed to permit
the companies to show the full benefit of these betterments
in the Net Earnings.
RENEWAL AND REPLACEMENT RESERVE
During the year 1914 there was expended by the subsidiary
properties for Maintenance $1,268,074, and a Renewal and
Replacement Reserve of $486,826 was set aside, making a
total of $1,754,900, all out of current year earnings. The
balance in Renewal and Replacement Reserve on December
31st, 1913, was $1,056,017.
UNDIVIDED SURPLUS
The combined surplus of the subsidiary companies not declared in dividends, but largely used by them for improvements, betterments and other corporate purposes, were at
the close of business December 31 comparatively as follows:
1914
$4,688,066

1913
$4,041,331

1912
$4,185,921

RESULTS OF OPERATION IN 1914
The operation of the several properties of your corporation
shows that the gross earnings from operation for the year
increased $356,442.
During the year there were abnormal increases in operating
expenses as follows:
Increase in contract cost prices of gas oil, generating fuel and
coal, approximately
$37,000
Increase in taxes, approximately
85,000
Increases in wages of conductors and motormen
59,000
Increase in cost of removal of snow and ice
27,000
. Total
$208,000

1267

LIABILITIES*
Capital Stock:
Authorized:
First Preferred 6%, 250,000 Shares of
$100 each
$25,000,000.00
Second Preferred, 125,000 Shares of
$100 each
12,500,000.00
Common,200,000 Shares of $100 each.._ 20,000,000.00
157,500,000.00
Whereof Issued (less in Treasury):
First Preferred, 92,848 Shares
$9,284,800.00
Second Preferred, 116,445 Shares
11,644.500.00
Common, 122,542 1-5 Shares
12,254,220.00
$33,183.520.00
Coupon Notes:
Five Per Centum Three-Year Gold Coupon Secured
Notes, due April 1st, 1915:
Authorized and registered to date
Less: In Treasury (pf which $1,024,000 $7,500,000.00
deposited as collateral security for
outstanding loans)
1,062,000.00-6,438,000.00
Sundry Creditors:
Notes Payable
Interest accrued on 5% Coupon Notes_ _ _ _ $844,950.13 80,475.00
Due to Subsidiary Companies
289,041.13
Reserve for Federal Income Tax
7,789.91
Miscellaneous, including sundry accrued
items
150,785.74-1,373,041.91
Discount on Treasury Stock (acquired in Susquehanna
Company amalgamation)
24,895.00
**Surplus, as per Statement B
498,090.07
$41,517,546.98
* The United Gas and Electric Corporation also as
contingent liabilities
as follows:
In respect of its guaranty of principal and interest of
$1,537,300
of First Refunding 5% Gold Bonds of The Wilkes-Barre Company,par value
due 1960.
As endorser of Notes in the face amount of $32,198.29.
** Dividends on the First Preferred Stock of the
Corporation from
April 1,1914,and on Second Preferred Stock from January
1, 1914, are past
due or accrued, but have not been declared.

These abnormal increases in operating expenses plus the STATEMENT B—THE UNITED GAS AND ELECTRIC
CORPORATION AND UNITED GAS & ELECTRIC
usual percentage of operating expenses due to increased gross
ENGINEERING CORPORATION
earnings would have entirely absorbed the increase in gross
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
earnings as indicated above of $356,442, unless economies
DECEMBER 31ST. 1914
in operation, due to managerial control, had been put into Balance of Surplus at January
1st, 1914
$56,199.62
effect during the past year.
Earnings for the Year:
Dividends of Subsidiary Companies actually deIn other words, despite increase in cost of raw materials,
clared during the year and Miscellaneous Diwages and taxes, operating expenses only increased $199,152,
rect Earnings, after deduction of Expenses__ - _$929,761.30
Appreciation in value of certain properties still
making an increase in net earnings of $157,290.
held by the Corporation or its Subsidiaries..___ 50,000.00
It is anticipated that during the year 1915 the factors just
$979,761.30
mentioned will be considerably reduced, an anticipation that
From which deduct:
Interest on 5% Coupon Notes.. _$317,550.00
is based upon advantages secured during the closing months
Interest on Notes Payable
74,815.10
of 1914 through more satisfactory contracts for fuel and gas
Dividend on First Preferred
Stock (less one-quarter accrued
oil at prices less than those previously prevailing. An inbut not declared at January
crease in the wages of conductors and motormen will again
1st, 1914)
139,272.00 531,637.10
occur in 1915 under contract arrangement, but an increase
Total, as per Statement C
448,124.20
smaller than that of 1914. It is beyond the power of the
-1504,323.82
officers of your Corporation to advise your Board of Directors Surplus Charges:
Discount on Sale of Houston Gas and Fuel Comregarding the course of taxes for the coining year, but it is
pany Stock
believed that there will not be any large increases.
Discount on Coupon Notes negotiated during the $12,000.00
Year
1,305.00
The increase in surplus of subsidiary companies for the first
0
two months of this year indicates larger earnings for your
Less: Sundry profits on transactions in the $13,305.0
Corporation in'1915 than in the year covered by this Report.
bonds of underlying companies
7,071.25 6,233.75
Balance of gurplus at December 31st, 1914, as per Balance
UNITED GAS & ELECTRIC ENGINEERING
Sheet, Statement A
$498,090.07
CORPORATION
The Engineering Corporation, organized in the latter part STATEMENT C—THE UNITED GAS AND ELECTRIC
of 1913 and mentioned in the previous Annual Report, has
CORPORATION
been successful in moderating capital expenditures by sub- STATEMENT OF EARNINGS FROM ALL SOURCES FOR THE
YEAR ENDED DECEMBER 31ST 1914, INCLUDING EQUITY
sidiaries, and has served a .purpose of large usefulness in
IN NET EARNINGS FROM SUBSIDIARY COMPANIES,
WHETHER ACTUALLY RECEIVED IN THE FORM
assisting them to solve their problem of operation. The
OF DIVIDENDS, OR NOT.
Engineering Corporation has recently entered into a new Direct Earnings (leas Expenses) ofThe United Gasand
Electric
Corporation and Net Earnings of its Subsidiary Companies
contract with the American Cities Company covering the
after deduction of Dividends on their Preferred Stocks, inoperation of the Southern group of properties, an arrangement
chiding the equity of the direct Subsidiary Companies in
which should prove advantageous to all.
the operations of their respective Subsidiary Companies,
calculated on the basis of their holdings at the end of the
period
AMERICAN CITIES COMPANY
$1,333,317.07*
Add:
We have just closed the first year of the affiliation through
Appreciation in value of certain properties still held by
the Corporation or its Subsidiaries
common stock ownership of the American Cities Company.
50,000.00
_
Accompanying this report you will find enclosed a copy. of
$1,383,317.07
Deduct:
the fourth Annual Report of the American Cities Company,
Interest on 5% Coupon Notes of The United
Gas and Electric Corporation
$317,550.00
with Balance Sheets and Income Accounts, as certified to
Interest on Notes Payable of The United Gas
by Messrs. Haskins & Sells.
and Electric Corporation
74,815.10
Dividends on Preferred Stocks of The United
Respectfully submitted,
Gas and Electric Corporation accrued durBOARD OF DIRECTORS,
ing the year:
By GEORGE BULLOCK, President.

STATEMENT A—THE UNITED GAS AND ELECTRIC
CORPORATION AND UNITED GAS & ELECTRIC
ENGINEERING CORPORATION
CONSOLIDATED BALANCE SHEET, DECEMBER 31ST,
1914
ASSETS
Investments:
Stocks of Subsidiary Companies:
Balance at January 1st, 1914
$23,275,380.82
Net Additions during the year
870,196.05
$24,145,576.87
American Cities Company Common Stock:
Balance at January 1st, 1914
$6,912,400.00
Acquired during the year
8,613,600.00
15,526,000.00
Investments
Other
1,100.00
$39,672,676.87
Office Fixtures and Supplies, etc
13,271.21
Sundry Debtors:
Due by Subsidiary Companies:
Open Accounts
$436,846.73
Demand Notes
347,899.17
Dividends Accrued
56,780.25
$841,526.15
Miscellaneous
195,472.81
1,036,998.96
Deferred Charges to Operations and other items in suspense
51 797 09
Cash -------------------------------------------742
'802 85
.
Note: Includes $514,496 reserved for retiring Bonds Ofa
Subsidiary Company.
$41,517,546.98




First Preferred
$557,088.00
Second Preferred
232,890.00 789,978.00 1,182.343.10
Net Surplus Earnings, after providing for amortization and all
fixed charges, including Preferred Dividends
$200,973.97
Which consists of:
Amount added to Surplus Accounts of Subsidiary Companies, not declared as Dividends
$403,555.77
Note: Out of the accumulations of Surplus
of the Subsidiary Companies, there were
charged during the year various amounts
on account of extraordinary expenditures
not directly applicable to the operations
for the year, of which the proportion corresponding to the holdings of this Cor• poration is $269,720.03.
Addition to Surplus of The United Gas and
Electric Corporation, arising from current
operations, as per Statement B
448,124,20
$851,679.97
Less: Dividends on First and Second Preferred Stocks of the Corporation accrued
and deducted above, but not declared..__ 650,706.00
$200,973.97

* Includes the earnings accruing to The United Gas and Electric
tion through its holdings of Common Stock of the International CorporaTraction
Company, which, however, cannot be realized in the form of dividends
until arrears of dividends on the Preferred Stock of that Company are
declared and paid.
In addition to the earnings stated above the Corporation has also received
during the year $150,000 as income on its investment in International
Traction Company securities under guaranty expiring April 1st, 1915.

1268

THE CHRONICLE

[vol.,. um.

STATEMENT D—THE UNITED GAS AND ELECTRIC
30 Broad Street, New York, March 17th, 1915.
CORPORATION
and audited the books and accounts of
We have examined
OF SUBSIDIAR
the United Gas and Electric Corporation and those of the COMPARATIVE RESULTS OF OPERATION DECEMBER 31, Y
COMPANIES FOR THE YEARS ENDED
United Gas & Electric Engineering Corporation for the year
1914, 1913 AND 1912
ended December 31st,1914,and we certify that the foregoing
1912*
1913
Balance Sheet (Statement A) with relative Statement of Gross Earnings
1
14.01134,353.59 13,628,342.87 12,851,444.77
5,648,286.22
5.972,888.61
6,083,161,28
Account (Statement B)are in accordance therewith, Operating Expenses
Surplus
7,203,158.55
and exhibit, in our opinion, correct statements of the Cor- Net Operating Income_
7.655,454.26
7,930,192.31
porations' affairs at the date stated and of the transactions of Other Operating Expenses.—
1,122,442.97
1,263,345.79
1,268,074.67
Maintenance
both Corporations for the year then ended.
633,283.87
709,615.74
794,148.07
Taxes
Incidental to our examination, we have also examined
1,755,726.84
1,972,961.53
Total
for the same period the books and accounts of the United Gross Corporate Income.._ _ 2,062,222.74 5,682.492,73 5,447,431.71
5,867,969.57
2,969,573.63
3,308,260.24
Gas & Electric Company and the Lancaster County Railway Fixed Charges
3,459,237.98
and Light Company,being two of the Subsidiary Holding Com2.477,858.08
2,374,232.49
2,408,731 59
Balance
panies, and we have scrutinized the monthly returns of the Renewal & Replacement
521,654.69
387,700.19
486,826.55
Reserve
several Operating Companies controlled directly or indirectly
by all the Corporations. These Monthly returns of opera- Surplus applicable for
1,956,203,39
1,986,532.30
1,921,905.04
Dividends
tions are verified from time to time by officials of The United
4,185,921.91
Gas and Electric Corporation, and the foregoing statement of Surplus at close of Year_ __ _ 4.688,065.86 4,041,331.00
equity in combined Net Earnings for the year ended Decem
* As the Corporation began business June 6, 1912, it is impossible to
of ascerbei 31st, 1914 (Statement C), is prepared from the results furnish comparative figures, for the year 1912, but for the purpose have astaining the earnings applicable for a twelve months' period, wewent into
shown therein.
earnings of the various subsidiary companies which
TOUCHE, NIVEN & CO.,

Chartered Accountants, Auditors.

sumed the
the Corporation as of June 6, covering the period January 1, 1912, to
June 6, 1912.

AMERICAN CITIES COMPANY
FOURTH ANNUAL REPORT—YEAR ENDED DECEMBER 311914.
advanced price of coal and of gas oil. However, now conJersey City, N. J., March 2, 1915.
tracts for these commodities were entered into December,
To the Stockholders:
it is estimated, will effect a saving in
Herewith are submitted statements of the business of your 1914,at prices which,
1915 over 1914 of approximately $90,000.00.
Company as follows:
The operating ratios of the constituent companies are:
Statement A. Condensed Balance Sheet as of Decem52.23
52.77 1911
1914
ber 31, 1914;
53.30
53.67 1910
1913
Statement B. Income and Expenditures for the twelve 1912
51.64
months ended December 31, 1914;
FINANCE
Statement C. Combined Income of Constituent Companies American Cities Company, twelve months ended
During the year your company has had no occasion to
December 31, 1914;
borrow or finance its requirements.
Statement D. Gross Earnings all Sources Constituent
On March 31,1914,the Houston Lighting & Power ComCompanies, 1902 to 1914 inclusive.
pany 1905 increased its Capital Stock, Common, $500,000,
as set forth in Statement B for the purpose of purchasing the Houston Heights electric
The income of the Company
is derived wholly from dividends declared and paid upon the property, and to reimburse its Treasury for previous constocks of the various constituent companies, except a com- struction expenditures made.
paratively small amount received as interest upon loans,
GENERAL
cash balances and operating contracts. The constituent
companies do not declare in dividends their entire applicable
The Board of Directors of your Company recently visited
surpluses and their undivided surplus earnings are not taken the properties of the constituent companies. We believe
into the income or assets of the American Cities Company, that the following letter from Mr. Frank B. Hayne, one of
Statements A and B do not set forth full earnings of the your Directors, regarding this trip, is of sufficient interest
properties controlled by the Company, but only such por- to be quoted at length.
tions thereof as actually reach your Company through the
New Orleans, January 26 1915.
medium of interest on loans and dividends on stocks.
If the proportionate interest of your Company in the "To the Board of Directors American Cities Company, New
undivided surplus earnings of the constituent companies
Orleans, La.:
were added to the surplus earnings as shown in Statement B,
"Gentlemen—At the request of your xecutive Committee,
I am submitting impressions which I gathered on a recent
the result for the year 1914 would be as follows :
$100,597.61 trip of inspection of the American Cities subsidiary properSurplus of American Cities Company for year 1914
including in my views the expressions of other
American Cities Company's proportionate share of undivided
121,821.09 ties. I am
surplus earnings over dividends
members of the Board of Directors with whom I made the
$222,418.70 visit to the several cities, as our conclusions were unanimous.
Total
1.36%
Equivalent rate on Common Stock of American Cities Company
We started from New Orleans on January 9th and visited
Houston, Little Rock, Memphis, Knoxville and Birmingham,
THE CONSTITUENT COMPANIES
in the order named; the tour being concluded on January
The American Cities Company owns in the aggregate 15th.
85.83% of the Preferred and 95.79% of the Common Stocks
"We made a thorough inspection of all the properties,
of the following companies:
including power houses, car shops, trackage,and gas works,
New Orleans Railway & Light Company,
and found the physical condition of each company to be
Birmingham Railway Light & Power Company,
modern, up-to-date and well handled. Apparently, all the
The Memphis Street Railway Company,
large expenditures seem to be over, and the money to have
Little Rock Railway & Electric Company,
been well spent. The properties are fully rounded out to
Knoxville Railway & Light Company,
adequately serve each community, and with facilities alHouston Lighting & Power Company, 1905.
ready provided in advance of requirements. It looks as if
Appended to this report is a brief description of each of for some time the management of these properties will be
these properties.
directed towards efficiency in operation, and maintaining
them in their present satisfactory physical condition, rather
. RESULTS OF OPERATION IN 1914
work which has been so necessary in the
Gross earnings increased $141,803, operating expenses than to extensive more important question of fully developa
and taxes increased $15,596, deductions, including interest past. It is now business for which the systems have been
charges, increased $133,174, leaving a decrease in net in- ing the available
SO adequately equipped. I was particularly well pleased
come applicable to dividends on stocks of only $6,967.
men who were in charge of the operation
In view of the reduction in rates and increased operating with the competent From the general managers down, they
expenses, etc., hereinafter stated, and the general business of all the plants.
thoroughly understand their duties in every
depression existing during the last half of the year, the all seemed to
respect.
results above enumerated are very gratifying.
"A most gratifying spirit of co-operation on the part of the
The New Orleans Railway & Light Company reduced its
exhibited toward the public utilities in each
gas rates on April 1,1914,and its electric rates on December citizens was we are interested. It was very pleasing to hear
1,1914. This Company also reduced the fare on its West city in which one city refer to us, who were supplying funds
the Mayor of
End-Spanish Fort lino to 5c.
as the greatest factor in helping to build
After lengthy negotiations with the City of Houston, from other centres, not only appreciated our efforts but
6
.
the Houston Lighting 6 up his city, and he
agreement was reached whereby
of his co-operation. He also stated that
Power Company 1905 has granted reduced rates for electric wanted to assure uselectric and railway facilities which we
he considered the
lighting and power service.
his city as the best service given in any
Operating expenses of the New Orleans Railway & Light were supplying in the United States. Practically this same
approximately $100,000, due to city of its size in
Company were increased



sentiment was expressed by prominent citizens at all the
points we visited.
"In each city we were met by the most representative men,
who spent the full day in not only going around the properties
with us, but in explaining the advantages and constant
development of their cities. It was most encouraging to
note the progressive development of these cities, and to
know of the enthusiasm on the part of each community with
respect to their future growth. They are all bound to increase rapidly in both wealth and population.
"Of equal importance to the spirit of cooperation which
was evident at every turn between companies and the
communities they serve, was the outspoken recognition on
the part of the leading citizens that the encouragement of
outside capital was of the highest importance, and that the
most successful Way to draw additional outside capital to
their cities was through a broad distribution of the local
company's securities, placed in the hands of satisfied investors, and that to attack outside capital invested in their
city was the most certain way to deprive their community
of additional outside funds. It is this dawn and I might
say the day is well along in the cities we visited, where this
attitude toward the investment of capital in public utility
companies is most encouraging.
"I feel that my own confidence in the future of the several
properties is founded on sounder prospects than at any time
since I have been interested in the American Cities Company. I believe it is exceedingly wise for the directors to
visit each property not less than once a year, and I shall
strongly advocate the holding of some of the regular and a
sufficient number of special directors' meetings each year
so that such meetings can be held at least once a year in
each of the cities in which we operate. Not only will this
result in a more thorough knowledge on the part of the
directors regarding the properties, but in this manner we
can best assure the fullest cooperation of the leading citizens
of each community.
"I do not want to close this letter without referring to Mr.
D. D. Curran, President of the New Orleans and Northeastern Railroad, who is shortly to become President of the
New Orleans Railway & Light Company, who accompanied
us and added so greatly to our comfort by placing his private
car at our disposal. Mr. Curran's mature judgment and
advice on all matters relating to public service will greatly
aid us in the proper solution of matters which come before
"Very truly yours,
our Board in the future.
"FRANK B. HAYNE."
The books and accounts of the Company were audited to
December 31st,1914; by Messrs. Haskins & Sells, Certified
Public Accountants,and their certificate is appended hereto.
Respectfully submitted,
HUGH McCLOSKEY.
HASKINS & SELLS
Certified Public Accountants
30 Broad Street.
New York.

CERTIFICATE
We have made an audit of the books and accounts of the
American Cities Company for the year ended December 31,
1914, and
We hereby Certify that the accompanying Condensed
General Balance Sheet as of December 31, 1914, and Summary of Income and Profit and Loss for the year ended
December 31,1914, are correct and agree with the books.
(Signed)

HASKINS & SELLS.
Certified Public Accountants.

New York, February 15, 1915.
' STATEMENT A
GENERAL BALANCE SHEET, DECEMBER 31, 1914
Assets.
Liabilities.
$46,645,364.12
Investments-Securities at Cost
269,231.68
Cash on Current Deposit and in Hand
871,676.50
Cash on Deposit for Interest and Dividends124.600.97
Due from Subsidiary Companies
125,000.00
Note Receivable
3,792.25
Accounts Receivable
241.64
Furniture and Fixtures
Cost of 1.598 shares of Company's Preferred
Stock Reacquired for Subscription by
Employees and subscribed for
101,386.73
Cost of 220 shares of Company's Preferred
Stock Reacquired for Subscription by
Employees and not subscribed for
13,959.00
Preferred Capital Stock,6% Cumulative_ _ _ _
$20,553,500.00
Common Capital Stock
16,264,700.00
Collateral Trust 5-6% Gold Bonds
$10,209,000 00
Issued
209.000 00
Held in Treasury
Outstanding
Matured Interest and Dividends
Due to Subsidiary Companies
Accounts Payable
Accrued Taxes
Partial Payments made by Employees on
Company's Preferred Stock subscribed for..
Profit and Loss-Surplus

10,000.000.00
871,676.50
148.745.72
2.514.71
7.95
•
22.642.76
291,465.25

$48,155,252.89 $48,155,252.89
Note-This General Balance Sheet does not include Contingent Assets
and Liabilities of equal amount arising from the Company's guaranty of
the principal of the Now Orleans Railway & Light Co.'s 6% Debenture
Notes and other loans of its subsidiaries, aggregating $3,665,000. and
subsequent interest thereon.




1269

THE CHRONICLE

APR. 10 1915.1

STATEMENT B
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR
ENDED DECEMBER 31, 1914
Income:
$1,877,602.00
Dividends on Stocks Owned
10,194.57
Interest on Dividends on Other Securities Owned
12,545.71
Interest on Bank Balances
1,282.32
Interest on Advances to Subsidiary Companies
5,902.77
Interest on Notes Receivable
2,148.38
Interest on Employees' Stock Subscriptions
18,999,92
Service Contract with Subsidiary Companies
Total Income
Less:
Operating Expenses and Taxes
Interest on Advances from Subsidiary Companies

$1,928,675.67
$85,724.50
9,143.56
94,868.06

Net Earnings
Interest on Collateral Trust Gold Bonds

$1,833,807.61
500,000.00

Net Income
Dividend on Preferred Stock at 6%

$1,333,807.61
1,233,210.00

Surplus for the Year
Surplus at the beginning of the Year
Less Expenses applicable to prior period

$100,597.61
$194,994.16
4,126.52
190,867.64

Surplus at end of the Year

$291,465.25

STATEMENT C
INCOME STATEMENT COMBINED CONSTITUENT COMPANIES
TWELVE MONTHS TO DECEMBER 31ST
1914.
1913.
1912.
$14,822,105 $14,680,302 $13,878.961
Gross Earnings all Sources
Operating Expenses and Taxes
9,133,582
9,117,986
8,179,079
5,688,523
5,562,316
Net Earnings
5,699,882
Interest, Bond, Discount, Amortiza3,480,973
tion and Miscellaneous
3,347,799
3,168,333
Amounts Applicable to Dividends on
2,207,550
2,214,517
Stocks
2,531,549

STATEMENT D
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914

Gross Earnings.
All Sources.
6,597,807
7,319,631
8.010,120
8,922,643
10,381,708
11,381,908
11,300,151
11,720,661
12,642,269
13,257,549
13,878,961
14,680,302
14,822,105

l In
yearc.

% Inc.
over 1902.

10.9
9.4
11.4
16.3
9.6
-.7
3.7
7.9
4.9
4.7
5.8
.97

10.9
21.4
35.2
57.3
72.5
71.3
77.6
91.6
100.9
110.4
122.5
124.6

-Figures for 1911 differ somewhat from those previously pubNote.
lished, due to changes in accounting.

APPENDIX
DESCRIPTION OF THE CONSTITUENT COMPANIES.
NEW ORLEANS RAILWAY & LIGHT COMPANY

The New Orleans Railway & Light Company operates and
controls the entire street railway business of the City of
New. Orleans, consisting of 213 miles of track, the entire
gas business of the city and also the entire electric light and
power business of the city, with the exception of that furnished by one smaller electric company.
The population served is about 370,000.
The franchises are either perpetual or extend for long
periods, with the exception of two unimportant ones, which
will expire in 1917 and 1918. The franchises of the New
Orleans Gas Light Company and of the New Orleans Lighting Company are perpetual, that of the Gas Company is
exclusive until 1925, its exclusive feature having been
affirmed by a decision of the Supreme Court of the United
States. The Company has !expended over $9,700,000 in
the reconstruction and extension of its property in the past
ten years.
New Orleans is the largest city in the South; is exceeded
only by New York and Philadelphia in tonnage of vessels
cleared in foreign trade, and is second in rank in value of
exports and imports. Its location makes it naturally the
southern gateway to the Mississippi Valley and its principal
outlet, and the opening of the Panama Canal is working to
the material advantage of the port. There at least nine
railroads, with 50,000 miles of tracks, having terminals in
New Orleans, which a public belt railroad along the river
front places on the same basis of entrance to the city. The
Southwest Pass to the Gulf has at present a minimum
depth of 30 feet and will have upon completion a depth of
35 feet. There are almost unlimited deep-water docking
facilities, consisting of miles of wharves equipped with
modern storage sheds and freight handling apparatus. In
recognition of these commercial advantages there are at
present about 35 steamship lines engaged in coast and transAtlantic trade that terminate in New Orleans.
The State has recently issued, through the Board of Port
Commissioners, bonds to the amount of three million dollars,
for the purpose of constructing a modern cotton warehouse,
which will be the largest of its kind. Work on this warehouse is now in progress.
The largest sugar refinery in the world and immense grain
elevators are located in New Orleans. It is one of the
largest markets for cotton, sugar, coffee, rice and bananas
in the United States, and its lumber market is the largest in
the South.
BIRMINGHAM RAILWAY. LIGHT & POWER COMPANY

The Birmingham Railway,Light & Power Company owns
and operates the entire street railway, gas, electric light and
power and steam-heat business in the City of Birmingham
and all the principal nearby cities and towns, except two
street railway extensions built by land companies to serve

1270

THE CHRONICLE

local real estate developments, which are feeders for the
company,an interurban line about twelve miles of which is in
operation, from East Lake to Ensley, the gas business in
Bessemer and electric lighting in North Birmingham. To the
latter section, however, power lines were extended in 1912.
The various systems cover thoroughly all the City of
Birmingham and also the adjoining municipalities of Brighton,
Bessemer and Irondale. Power is supplied to a number of
industries in different sections of the country outside of the
regular service limits.
The population of the territory served is estimated to be
180,000.
The natural resources of the Birmingham District are
phenomenal. Nowhere else in the world are coal, iron ore
and limestone, the three essential elements which enter into
the production of iron, found in such close proximity or in
such extensive quantities, nor can pig iron be manufactured
so cheaply.
All of the Company's franchises are unlimited in time
excepting those covering the operation of comparatively
small and unimportant portions of trackage.
The Company now has a favorable long-term contract
with the Alabama Power Company for the purchase of electric power generated at the water plant of that Company on
the Coosa River about forty miles from Birmingham. Under this contract the Company's steam station is now held
as a reserve plant.
The Company does the city lighting in Birmingham,
Bessemer and Brighton. The Company has expended over
nine million dollars in the reconstruction and extension of
its property within the past ten years. Its physical condition is excellent and the capacity of the property is sufficiently great to handle a large increase in business.
THE MEMPHIS STREET RAILWAY COMPANY

The Memphis Street Railway Company owns and operates
the entire street railway system in the City of Memphis,
Tennessee, and also operates a number of lines to points
outside the city limits, the population of which, with the
suburban sections served, is at present about 170,000.
Memphis is the largest city in Tennessee, the county
seat of Shelby County, and is located at the head of navigation throughout the year on the Mississippi River. It is
one of the most important railroad centres in the Southern
States, having eleven trunk line railroads radiating in all
directions. It is the largest inland primary cotton market
in the country, handling about one million bales of cotton
per annum, the largest hardwood lumber market in the
world, and one of the most important jobbing centres in the
country.
The Memphis Street Railway Company operates under
franchises extending to November 1945, confirmed in all
their terms by a decision of the Supreme Court of Tennessee
in 1907. The Company has expended within the past ten
years over $5,600,000, thereby putting its property in excellent physical condition, and providing sufficient capacity
to care for a large increase in business.
LITTLE ROCK RAILWAY & ELECTRIC COMPANY

The Little Rock Railway & Electric Company owns and
operates all the street railway business in the City of Little
Rock, Arkansas, and the electric light and power business in
the cities of Little Rock, Argenta and Pulaski Heights.
Competitive electric company was purchased October 1914.
The population of these cities and suburbs is estimated to
be 65,000.
Little Rock is the capital of Arkansas and the county seat
of Pulaski County. It is the largest city and the commercial, financial and railroad centre of the State. It is
situated on the Arkansas River, which is navigable to this
point all the year. It is the fourth greatest interior cotton
market in the United States and one of the most important
jobbing centres in the Southwest.
CURRENT NOTICE.
—Reilly, Brock & Co., bankers, 306 Chestnut St., Philadelphia, are
advertising and offering for investment in this issue $2,000,000 City of
Philadelphia School District 45,4% bonds, free of Pennsylvania State tax
and Federal income tax. These bonds are legal investment for trust
funds, due $100,000 annually July 1 1925 to 1944, the legality of which
has been approved by John G. Johnson of Philadelphia. The prices net
4% for short maturities to 4.02% for long maturities. See to-day's advertisement for full particulars. A descriptive circular and a copy of John G.
Johnson's opinion will be mailed on inquiry.
—Messrs. A. D. Converse & Co., 49 Wall St., New York, have issued
their circular for April 1915 in which they offer some very attractive investments, both as to safety of principal and yield. Among their list of
offerings are bonds and preferred shares of railroad and public utility companies yielding from 5.10 to 7%,also a conservative list of municipal bonds
yielding from 4.15 to 4.55%. The firm will be glad to mall a copy of their
circular upon request.
—Hollister & Carpenter, specialists in Government and municipal securities, 31 Nassua St., this city, have prepared a municipal bond circular
of attractive American and Canadian issues which the firm offers subject
to prior sale and advance in price. A copy of this descriptive circular will
be mailed on request to investors, banking institutions and others interested
in municipal investments.
—At 92 and interest, to yield about 5.60%, E .W. Clark & Co. of Philadelphia are offering to investors Central Illinois Light Co. first and refunding mortgage bonds due April 1 1943. Earnings for twelve months ended
Dee.31 1914 were,the bankers state, more than 2; times the interest on all
,
i
bonds, including underlying bonds. See to-day's advertisement in our
advertising columns.




[VOL. 100

The Company operates its lighting department under
franchises which are unlimited in time and the railway
department under franchises which extend to September 28,
1951. It has expended more than $2,200,000 upon its
property within the past ten years. The plant and equipment are consequently in the best condition and adequate
to handle a large increase in business.
KNOXVILLE RAILWAY & LIGHT COMPANY

The Knoxville Railway & Light Company owns and
operates all the street railway, electric light and power
business in Knoxville, and serves in addition the outlying
incorporated cities of Park City, Londsale and Mountain
View, and the suburbs known as Fountain City, Oakwood,
Vestal, Lincoln Park and South Knoxville. This territory
has a population estimated to be 85,000.
Knoxville is the commercial and banking centre of a large
part of the South Appalachian region, the natural resources
of which is hardwood, marble, coal, iron, copper, and zinc
are now being rapidly developed. It is also an important
manufacturing and jobbing centre. In addition to the
excellent railroad facilities, it is situated on the Tennessee
River, which is navigable during a considerable portion of
the year to a point above Knoxville.
The Company owns Chilhowee Park, recently enlarged
and beautified as a site for the National Conservation Exposition. It also operates Fountain City Park under a lease
so long as it remains a park. The franchises are unlimited
in duration except for a railway franchise about 1% miles
on two unimportant streets, which expire in 1946. The
Company now has a favorable long-term contract with the
Tennessee Power Company for the purchase of electric
power generated at the water power plant of that Company
on the Ocoee River, about eighty miles from Knoxville.
Under this contract the steam station of the Company is
now held as an auxiliary or reserve plant.
The Company has expended for reconitruction and extensions within the past ten years over $2,900,000. In
consequence the physical condition of the property is the
best that can be had and the capacity is sufficient to take
care of the growth of business which is assured in the immediate future.
HOUSTON LIGHTING & POWER COMPANY 1905

The Houston Lighting & Power Company 1905 owns and
operates the entire municipal and commercial electric lighting and power business in the City of Houston and Houston
Heights, Texas. The electric branch of the Houston Heights
Water & Light Company was purchased on March 31,
1914.
Houston is one of the largest cities of Texas, having a
population, including suburbs and nearby points served,
oi over 100,000. The city limits enbrace thirty square miles.
It is the county seat of Harris County, and is the greatest
railroad centre of the State, having seventeen lines of railroad, with the finest terminals south of St. Louis.
Bonds have been voted and issued to the amount of $1,250,000 by the City of Houston, which together with an.
equal amount appropriated by the United States Government, makes a total appropriation of $2,500,000 available
for the improvement of the Houston Ship Channel, which
gives direct connection with the sea. The city has also
recently voted bonds to the amount of $300,000 for building
wharves and warehouses on the Channel. Work on this is
to start at once. Houston is the centre of the oil-producing
district of Texas, and it does thegreatest jobbing and
manufacturing business of any city in Texas, being also a
very important lumber,cotton and rice market.
The Company operates under perpetual franchises. It
has expended more than $1,700,000 on its system in the past
.
ten years, placing the property in excellent physical condition, and of sufficient capacity to handle a largely increased
business.
The Financial Review for 1915, issued by the publishers
of the "Commercial and Financial Chronicle," will be
ready March 25. It is an invaluable book (360 pages) for
reference throughout the year. .
Some of the contents are as follows:
Retrospect of 1914, giving a comprehensive review of the business of
year. with statistics in each department, financial and commercial. that
Bank Clearings in 1914, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange in each of the
past cur tiea
Se 2 yo
0
rsfsted on the New York Stock Exchange in 1914. with stal
tistics for a series of years.
k!
lai f r lst t.
al ey rates es e, s y inpa914h
o money
Money
Weekly statements in 1914 for Banks and Trust Companies.
Crop statistics for a series of years.
Iron and Coal—Production for a series of years.
Gold and Silver—Production for a series of years and
of Price of Silver in London from 1837 to 1914, inclusive.Monthly Range
Building Operation Statistics, United States and Canada, comparison
for a series of years.
Comparative prices of Merchandise for a series of years.
Foreign Exchange—Daily Prices in New York in 1014.
Great Britain—Review of commercial and financial affairs, with comparative statistics.
State Bonds—Record of prices since 1860.
Foreign Government Securities—Range of Prices monthly on New York
Stock Exchange for five years.
Railroad and Miscellaneous Bonds and Stocks—Monthly Range of
Prices for five years in New York and for one year in Boston. Philadelphia
and Baltimore.
Exports and imports for a series of years.
Stock Quotations During Period when Stock Exchange was closed.
Railroad and Industrial Dividends, 1905-1914.
Description of Railroad and Industrial Securities, Record of Earnings,
Dividends, Railroad Construction, Total Mileage, Capitalization, Passenger
and Freight and other statistics for a series of years.

(Is:t

1271

THE CHRONICLE

APR. 10 1915.1

The Tcanntericial Times.
COMMERCIAL EPITOME
Friday Night, April 9 1915.
Trade continues slowly to expand. Bank clearings, for
a change, are actually larger than last year and the year before. The activity of the stock market has been a stimulating factor. The rise in Stock Exchange seats to nearly $50,000, and in those of the Cotton Exchange to approximately
$11,500, are not unnaturally considered signs of the time.
The cheapness of money and the multiplying evidences that
New York is becoming a world centre of finance have a similar tendency. Collections, while by no means beyond criticism, are a little better. Exports of our wheat corn and .oats,
are still liberal. Manufacturing industries show greater activity and building is also more active. The Greenhut receivership was regarded some time ago as highly probable,
and therefore when it came this week had little or no effect.
The general financial situation is improving, a fact that reacts favorably on general business. Prices of cotton and
grain and other merchandise have very generally of late advanced. Reports in regard to the winter-wheat crop are as
a rule favorable. Unemployment is decresaing. Retail
trade has been helped by better weather and jobbing business
is somewhat larger. Copper has advanced. Exports of
steel to Europe are said to be rather liberal, though there is
more or less of a pause in new domestic trade. European
orders for machinery, tools, auto trucks, cars, &c., are still
liberal. Also, there is a feeling that peace will come during
the present year. To some the war news, notably that from
Southeastern Europe, seems to point that way.
STOCKS OF MERCHANDISE IN NEW YORK.
Apr. 1 '15. Mar. 1 '15. Apr. 1'14
bags_1,125,176
1,162,468
1,359,02'
Coffee, Brazil
. 61,557
bags_
57,889
27,21
Coffee, Java
318,927
180,07!
bags_ 425,731
Coffee, Other
barrels_
28,177
18,002
14,57'
Sugar
No_ 151,909
75,200
3,70,
H to'es
bales_ 145,385
99,943
122,10'
Cotton
bales_
500
775
72,50'
Manila hemp
bales_
98
2,240
1,25'
Sisal hemp
barrels_
50,600
48,800
65,10.
Flour

LARD has been quiet; prime Western 10.05e.; refined for
the Continent 10.65c.; South America 10.90c.; Brazil 11.90c.
Lard futures have not as a rule changed much during the
week. Latterly they have been comparatively steady, but
the trading has been light. Commission houses and packers
have sold at times. Hog-packing last week amounted to
474,000, against 335,000 in the same week last year. To-day
prices advanced.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Sat.
Mon.
Fri.
10.12
10.22
10.05
Holi- 10.05
cts_10.15
10.32
day
10.30
10.37
10.50
10.40

May delivery
July delivery

Pennsylvania dark $1 35
Second sand
1 35
Tiona
1 35
Cabell
97
Mercer black
97
New Castle
97

83c.
$1 10
86c.
83c.
78c.
84c.

Corning •
Wooster
North Lima
South Lima
Indiana
Princeton

Somerset,32 deg__
Ragland
Illinois, above 30
_
degrees
Kansas and Oklahoma

80c.
62c.
84c.
•
40c.

TOBACCO has been quiet. Manufacturers and packers
have recently bought Pennsylvania and Ohio 1914 crop to
a fair extent. But in these times the consumption of mem
buying
has diminished and manufacturers as a rule are .
cautiously. Firm prices were paid at the Holland inscriptions for Sumatra, but trade here is slow pending the arrival
of new crop Sumatra from abroad. Cuban tobacco is an
exception. It rules firm in price and sells very well.
COPPER has advanced; lake 16 Yi ©16Mc., electrolytic
15.90c. London prices have been stronger. There has been
buying here to cover export contracts. Tin has latterly been
quoted at 483'c., showing quite a marked decline, but towards the close of the week, however, a better demand set
in both for spots and nearby shipments. and London has become rather stronger; here now 53c., after touching 55c. in an
excited rally. Lead here on the spot 4.20e. and spelter
9%c. London has been steady for lead and higher for spelter. In the iron and steel trade the feeling is hopeful.
France has bought rails to the amount of about 40,000 tons
of 65-pound and also some 45,000 tons of steel rounds. Arrangements have been completed for exporting 70,000 tons
of various steel products, mainly to Great Britain. Other
large contracts for barbed wire are under negotiation. Additional sales are reported of wire bars for export. During
March wire companies got orders from Europe for more than
100,000 tons. The production of pig iron on April 1 was at
the rate of 26,000,000 tons per year, as against 18,000,000 tons on Jan. 1. Latterly, however, incoming orders
have fallen•below the output. Railroad companies as a rule
are not aggressive buyers; quite the contrary. Though sales
have been somewhat disappointing, the outlook is believed to
be on the whole encouraging. The lull is believed to be only
temporary.

COTTON
Friday Night, Apl. 9 1915.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
177,149 bales, against 232,229 bales last week and 258,968
bales the previous week, making the total receipts since
Aug. 1 1914 9,214,934 bales, against 9,710,855 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 495,921 bales.
Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

Total.

Galveston
9,037 13,918 19,629 12,48'7 7,284 8,404 70,759
1,319
Texas City
___
Port Arthur_
Aransas Pass, &c
---------------------328
328
5.114 5:56:1 8,7I4 12,245 2,985 5,126 39.487
New Orleans_ _ _ _
Mobile..
720
243
672
197
932
364 3,128
Pensacola_____
-----____
Jacksonville,&c_
5
5
Savannah
4,61L 4,i' i 5,g51 3,155 2,i(35 3.213 23,088
i
Brunswick
-___
------7,000 7.000
Charleston
763
718
---Georgetown -------_,__
140
------------140
___*__
Wilmington
1,166
346
114
141
307
235 2,309
Norfolk
2,000 2.55'7
939
2,616 5,N1
_.,(5.6
__ ii 2,365 2,709 5,72 13,186
_____
_ (i
_
i
‘Fic
lj
s rs,
ewVoti

PORK has been quiet and steady; mess $19@$19 50;
clear $20©$22 50; family $23@$24. Beef, mess, $18 50©
$19; packet $19©$20; family $20@$21; extra India mess
$35©$36. Cut meats unchanged; pickled hams, 10 to 20
lbs., 103/ ©12c.; pickled bellies, 6 to 12 lbs., 123/2 ©13Mc.
8
Butter, creamery extras, 31 Mc. Cheese,State held,colored
specials, 17e. Eggs, fresh gathered, extras, 22@22
COFFEE has been quiet. No. 7 Rio 8@83sc.; No. 4
/
Santos 101 1 ©103'c.; fair to good Cucuta 103/ ©11e.
2
Coffee futures have latterly declined somewhat on trade
selling and the absence of stimulating advices from Brazil. Boston
36
iiig
245 1,02'7 2,5iii
432 4,572
Moreover, the receipts there have been liberal and cost and Baltimore
____
1,742 1,742
11
37
48
freight business small. The crop movement is increasing. Philadelphia_
Speculation here has been quiet. Everybody is awaiting riVitsis this wriok 24.361 27.937 37.076 32.615 19.033 35 097 177 140
further developments. The spot business is disappointing.
The following shows week's total receipts, total since Aug.
To-day prices declined 2 to 8 points.
1 1914 and the stocks to-night, compared with last year:
quotations were as follows:
Closing

K

April
May
June
July

5.835.84
5.88@5.89
5.93@5.94
7.04@7.08

August
7.11@7.12
September ....7.19@17.20
October
7.25@7.26
November _.i.29@7.31

December __ _7.34 7.35
January..__7.41@7.42
February _ _ _7.46@7.47
March
7.55@7.56

SUGAR dropped to 4.61c. for centrifugal, 96-degrees
test, and 3.84e. for molasses, 89-degrees test. Refiners
have not been good buyers, partly because granulated has
latterly been dull. The export business in refined has been
less active, in fact, small. Receipts of raw, however, have
been larger. The stock is 510,000 tons, as against 668,500
tons a year ago. Trade interests have been selling sugar
futures on good receipts and better weather, to say nothing
of the dulness of granulated. This grade has latterly been
selling at 5.90c. Many think that a decline in raw at the
present time will be only temporary. The weather in Cuba,
however, has been, on the whole, better. To-day sugar
futures advanced 1 to 5 points.
Closing quotations for sugar futures were as follows:
April
May
June
July

3.994.00 November __3.91@3.92
3.80@3.82 August
3.82@13.83 September _ _4.03 4.04 December _ _3.81 ®3.82
4.01@4.02 January ----3.71 P3.72
3.87@3.
88 October
3.92@3.93

-Linseed remains quiet and steady; city raw,AmerOILS.
ican seed, 62c.; boiled 63c., Calcutta 70c. Cocoanut oil
%
steady; Cochin 13@14c., Ceylon 103 ©11c., olive 92@95c.
Castor 9©9Mc. Palm 11@12e. for Lagos. Cod, domestic,
-seed oil steady at 6.75c. for winter and
41©42c. Cotton
summer white. Corn steady at 6.26@6.31e. Spirits of
turpentine 48 ©48Mc. Common to good strained rosin $340.
PETROLEUM has been slightly lower; refined, in barrels.
7.50©8.50c.; bulk 4©5c., cases 10©11c. Naphtha, 73 to
-gallon drums, 233/2c.; drums $8 50 extra.
76-degrees, in 100
Gasoline, 86-degrees, 26e.; 74 to 76 degrees, 22©24c.; 67 to
70 degrees, 22c. Crude prices have been lower. Prices are
as follows:



1914-15.
Receipts to
April 9.

Stock.
1915.
423,772
62,716

1914..
247,698
5,889

2.778
371,350
42.313

157,740
32,062

466
162,062
15,000
88,600

181
73.403
2,863
9,687

54,015
77,548

23.672
38.149

170,349
12,373
5,633
2,982

122,103
11,419
4,135
2,993

177.140 0.214.034 101.022 9.710.R55 1.491.057

Galveston
Texas City
Port Arthur
Aransas Pass, &c_
New Orleans- _ _
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c_
New York
Boston
Baltimore
Philadelphia
Totals

1913-14.

This Since Aug This Since Aug
Week. 1 1914. Week. 1 1913.

731.904

70,759 3,620,914 30,494 3,301,525
1,165 465,529
1,319 484,971
48.159
40,245
328
49,572
____ 144,808
39,487 1,571,218 22,820 1,642,924
3,128 150,914 5,831 388,008
65.194
147,468
28,780
5
29,107
--23,088 1,611,815 22,209 1,714,598
____ 292,592
7,000 184,808
3,718 377,373 1,939 412,999
1,613
140
2,309 239,697 1,975 389,054
13,186 506,747 6,868 522,715
5,762 130,887 6,287 108,978
558
17,138
318
5,856
4,572
53,383
140
15,264
87,771
1,742
69,431
976
____
1,741
48
1.993

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I

1915.

1914.

Galveston _ _ _I
Texas City,&c
New Orleans_
Mobile
Savannah _ _ _
Brunswick_ _ _
Charleston,&c
'Wilmington _ _
Norfolk
N'port N.
,&c.
All others__ _ _

70,759
1,647
39,487
3.128
23.088
7,000
3,858
2,309
13.186
5,762
6.925

30,494
1.165
22,820
5,831
22.209

Total this wk.

177,149

1913.

1912.

1911.

1910.

34,842
4,306
22,525
2.759
22,365
4,650
2,600
6.755
15.664
3,948
22,217

13,637

1,939
1,975
6,868
6,287
1,434

34,496
2,062
20,306
7,323
14,071
2,100
2,711
3,026
8.198
278
634

2,741

7.750

101.022

95,205

142,631

37,190

82.410

13,301
619
5,545
234
579
804

29,866
497
25,535
3,621
7,302
1,450
348
1,251
4,790

Since Aug. 1_ 9,214,931 9,710,8559,039,025 111575798.100,124 6,676,280

1272

THE CHRONICLE

The exports for the week ending this evening reach a total
of 136,971 bales, of which 65,147 were to Great Britain,
27,473 to France and 44,351 to the rest of the Continent.
Exports for the weeleand since Aug. 1 1914 are as follows:

[VOL. loo.

most parts of that State would not be over 10%. To cap
the climax, some reports from Austin, Tex., have expressed
the conviction that in the southern part of Texas there might
even be an increase of 2%. This fact attracted no little attention. Besides, Liverpool reports stated that the ContiWeek ending April 9 1915.
From Aug. 1 1914 to April 9 1915.
nent and Lancashire were beginning to refuse to follow
Exported toExported to
the advance. On some days, in fact, the Continent has
Exports
Conti
Great
Tom
Great
Contibeen selling in Liverpool. Export trade at the South
Britain. France. new. Total. Britain. Frame.
new.
Total.
has been hurt not only by the blockade but
Galveston_ _ 7,630 13,319 5,595 26,544 1,050,730 255,349 1,192,660 2,498,739 also
by
high
freights
and
insurance
charges
Texas City_
---- 370,771
37,862 408,633 and heavy
war risks, notably to England, France and Spain..
Pt. Arthur_
42,872
1400
43,272
Ar.Pass,&e_
618
618 The parity between America and Liverpool has been singuNewOrleans 15,946 14,154 3,907 34,007 633,038 119,746 418,145 1,171,929
larly narrow, under the circumstances, i.e.,about 150 points,.
Mobile _ _
58,265
837
59,102
Pensacola_ _
__
39,138
25,500
400 65,038 whereas many believe that it should be anywhere from 200
348,121
Savannah_ _ 12.256
12,i56
72,386 695,603 1,116,110 to 300 points. Ocean freights at Galveston
to European
Brunswick _ 25,764
25,764 131,446
11,247
13,103 155,796
56,844
Charleston _
174,575 231,419 ports have been $1 45 to $1 75 per hundred pounds, the.
41,174
Wilmington
13,119
92,528 146,821 latter to Genoa. There seems to be everything to hamper.
Norfolk_ _ _ _
17,887
64,235
46,348
2,6- 6 2058 49,781 10,801 269,415 329,997 the export trade. This is a factor in the situation that is
New York_
6
5
Boston _ _ _ _
546
50
596
57,968
4,252 62,220 being keenly watched. The future of the price may hinge.
Baltimore_ _ 3,000
3,00
36,062
6,55
1,600 44,212
Philadel'a_ _
564
564
28,805
33,096 on the size of the exports. If they are greatly curtailed
4,291
PortI'd, Me.
1,167
1,167 from now on it is conceivable, it is argued, that the surplus:
3,921 3,621
San Fran_ _
131,240 131,240 carried over into next
season may be four or five million
28,264 28,264
Pt.Towns'd
158,255 158,255
Pembina_
1,614
1,614 bales. Naturally, that will have to be added to the next
crop in rackoning the next season's supply. Under the
Total_ _ __ 65,147 27,473 44,351 136,9712,964,069 514,6983,243,7466,722,513
circumstances, t may easily happen that next season's
Tot. '13-'14 21,635 3,129 52,615 77,3793,049,377 1,005,456 3,866,6617,921,494 supply may be large. But many are
looking for a renewal
-New York exports since Aug. 1 include 6,276 bales Peruvian and 25 bales .of exports on a liberalscale. They are also
Note.
inclined to
West Indian to Liverpool, 50 bales Egyptian to Mexico.
i
look for decisive events in Southeastern Europe in the near
In addition to above exports, our telegrams to-night also future, very possibly paving the way for an early
peace.
give us the following amounts of cotton on shipboard, not To-day prices declined early on Liverpool
.
depression,
cleared, at the ports named. We add similar figures for general liquidation, the increasing stock here, and talk
of
New York.
a greater disposition on the part of the South to hedge here,
as well as a decreased export demand. Later there was a
On Shipboard, Not Cleared for
quick upturn. Three days lof liquidation had apparently
Great
I GerOther CoastLeaving
cleared the market. Besides, there were rumors that
- Britain d France. many. Foreign wise.
April 9 at
Total.
Stock.
Count Von Bernstoff, the German Ambassador at Washingn
New Orleans_ _ 18,229' 2,228
27,650 2,229 50,336 321,014 ton, had intimated that Germany might listen to peace
Galveston _ _ _ _ 77,392' 9,175
40,906 4,350 131,823 291,949 proposals from the Allies provided German interests
should
Savannah _ _ _ _
3,000
2,000
1,500 6,500 155,562
Charleston_ _
6,000
--__
6,000
82,600 not suffer. Large spot interests, Wall Street, the West,
Mobile
19,000
166
19,100
23,213 the Waldorf-Astoria contingent, the So* and shorts
Norfolk
2.600
28,500 31,100
46,
New York_ _ _ _
3;666
3,000, 167.349 covered. The week's statistics were considered, in the
Other ports_ _ _
5,000
7,000
12,0001 143,963 main, bullish. Spot cotton closed at 10 cents for middling
Total 1915._ 125,2211 11,403
100 86,556 36,579 259,859 1,232.098 uplands, showing an advance for the week of 20 points.
Total 1914_. 27,501
5,812 54,268 31,497 26,913 145,991 586,003
The following averages of the differences between grades,
Total 1913.._ 49,661
4,953 36,629 31,556 25,455148,254 533,353
as figured from the April 8 quotations of the nine markets,
Speculation in cotton for future delivery has been on a designated by the Secretary of Agriculture, are the differfairly liberal scale at some advance in prices for a time. ences established for deliveriesin the N.Y.market on Apr. 15.
Later came a sharp reaction, followed by another rally. The Middling fair
1.04 on Good middling "yellow" tinged_0.03 on
0.78 on Strict middling "yellow" tinged_0.20 off
rise early in the week was due to the strength of Liverpool Strict good middling
0.55 on Middling "yellow" tinged
Good middling
0.50 off
quotations, good buying here by spot interests, the scarcity Strict middling
0.27 on Strict low mid. "yellow" tinged.1 00 off
0.46 off Low middling "yellow" tinged_ _1.62 oft
of contracts, sympathy with a strong and active stock mar- Strict low middling
1.01 off Middling "blue" tinged
Low
0 84 oft
ket, talk of a sharp decrease in acreage and fertilizers, &c. Strictmiddling
1.61 off Strict low mid. "blue" tinged_-_1.23 off
good ordinary
2.17 off Low middling "blue" tinged__,_,1.80 off
Speculation broadened out on the bull side. Exports for Good ordinary
1.16 off
the season to date now exceed 6,700,000 bales. That is a Strict good mid."yellow" tinged-0.39 on Middling "stained"
The official quotation for middling upland cotton in the
total far beyond what was expected early in the season.
market each day for the past week has been:
As to the widening out of speculative transactions, the one New York
Sat. Mon. Tues. Wed. Thurs. Fri.
April 3 to April
effect was seen in an advance in New York Cotton Exchange Middling uplands 99.90
1005 9.95
9.90
9.80 10.00
memberships to $11,000. Two were sold at that price. The
.
NEW YORK QUOTATIONS FOR 32 YEARS,
big advance in cotton m the last six weeks attracted wide 1915_c
11.00 1899..c
6.19 1891.c
1907_ c
10.00
8.94
11.70 1898
6.19 1890
Liverpool's spot sales, moreover, 1914
attention to it.
13.35 1906
11.50
8.05 1897
7.44 1889
12.60 1905
1913
10.38
Manchester
have latterly increased.
has
been 1912
15.00 1896
7.88 1888
1904
11.30
9.81
10.50 1895
dispatches
strong.
Cable
6.38 1887
reported
14.65 1903
quite
a 1911
10.62
9.25 1894
7.75 1886
15.25 1902
9.25
good business in Lancashire. On this side of the water 1910
8.31 1893
1901
8.56 1885
10.25
1909
11.06
cotton goods have sold quite freely in some cases and prices 1908
9.75 1892
6.94 1884
10.15 1900
11.75
advanced for certain goods % to %c. per yard. Private
MARKET AND SALES AT NEW YORK.
reports stated that the acreage would be reduced 18 to 20%
Futures.
SALES.
and fertilizers 38 to 40%. New high records have been
Market
Spot Market
reached on futures on this movement. Wall Street and the
Closed.
Closed,
Spot. Contr'c Total.
West have bought. So at times has the South. Spinners'
Steady
_
takings have made a good showing. Reports are persistent Saturday_ _ _ Steady, 10 pts. adv.. Steady
Quiet
200
265
Monday _
that the consumption this year is going to be large,far Tuesday _ _ _ Steady, 15 pts. adv_ Steady
dec...,. Barely
10
Wednesday_
larger than was at one time expected. In the manu- Thursday __ Quiet, 15 pts. dee Steady steady
pts.
Quiet,
Firm
facture of explosives alone a good many people insist that Friday
Quiet, 20 pts. adv
the consumption of American cotton will be 1,250,000
Total ____
200
200
to 1,500,000 bales. Spot markets advanced for a time,
-The highest, lowest and closing prices at
FUTURES.
although not so fast as futures. At times, too, the weather
at the South has been cold and rainy with occasional snow New York for the past week have been as follows:
in North Carolina. The season in a number of
Saturday, Monday, Tuesday, TVed'day, Thursd'y, Friday,
sections at the South is reported rather backward.
.
April 3. April 5. April 6. April 7 April 8. April 9. Week.
On all reactions shorts early in the week certainly showed a
disposition to cover. Bulls who had sold out took hold April
--------------------Range
again. The argument was frequently heard that the con9.61-.65 9.56-.61 9.68-.72 9.53-.59 945 - 9.63 Closing_
sumption, in spite of the war, was about normal, and that May
9.67-.81 9.74-.82 9.85-.94 9.73-.92 9.56-.69 9.46-.79 9.46-.94
Range
therefore normal prices ought to prevail-i. e., those which
9.80-.81 9.76-.77 9.88-.89 9.73-.74 9.59-.61 9.76-.78--Closing_
were current for several years before the war, or something July
10.00-.12 10.01-.12 10.14-.24 10.01-.21 9.85-.99 9.77-.08 9.77-.24
Range
like 12 to 14 cents. But,on the other hand,it was noticeable
-Closing_ _ _ _ 10.11-.12 10.06-.07 10.19-.20 10.03-.04 9.87-.88 10.06-.07that after the opening of the month of April exports began August
10.32-.33
10.32-.33
Range
to decrease. It was gradual at first. But on April 7 they
10.18-•20 10.30-.32 10.14-.26 9.99-.01 10.18-.20--Closing_ ___ 10.22-.21
suddenly dropped to a single 100 bales. That aroused wide- September
- 10.30
10.30 Range
-spread comment. What is more, it caused a good deal of
Closing_ ___ 10.30-.34 10.28-.30 10.40-.42 10.24-.26 10.09-.11 10.28-.30--selling. Believers in lower prices plucked up courage. They October
10.38-.46 10.38-.46 10.48-.55 10.40-.57 10.21-.39 10.16-.48 10.16-.57
Range
had long been contending that an advance of
Closing.- 10.44.45 10.42-.43 10.55 - 10.41-.42 10.25-.26 10.44-45--nearly 300 points from the, low point of the sea- November
10.63 10.63
Range son had discounted anything bullish that could with any preClosing...
tense of reason be adduced in favor of the market. December _
10.57-.63 10.56-.64 10.67-.77 10.57-.70 10.41-.54 10.34-.65 10.34-.77
Also there has been a vein of skepticism in many of the recent
Range
10.62-.03 10.61-.62 10.73-.74 10.58-.59 10.44.45 10.63-.64--Closing_
reports as to the likelihood of there being as big a cut in the January
area as some have been predicting. Reports which put the
10.63-.70 10.64-.70 10.73-.84 10.66-.82 10.49-.61 10.42-.72 10.42-.84
Range
10.68-.69 10.66-.67 10.81-.82 10.66-.67 10.52-.53 10.68-.70--Closingnominal decrease at 18 to 20% have expressed the opinion March
that in the end it would not be much more than 15%. Other
10.94 - 10.85-.91 11.00-.05 10.90-.00 10.72-.83 10.66-.75 10.66-.06
Range
Pinning
10.02-93 10.90-.91 11.02-.03 10.86-.88 10.72-.74 10.89,91- reports from Texas have bluntly said that the decrease in



THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
.
(Friday), we add the item of exports from the United States,
Including in it the exports of Friday only.
April 9Stock at Liverpool
Stock at London
Stock at Manchester

1273

THE CHRONICLE

APR. 10 1915.]

1912.
1913.
1914.
1915.
bales.1,518,000 1,214.000 1,246.000 1,363,000
3.000
4,000
35,000
23.000
97,000
86,000
88,000
125,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
*Stock at Trieste
Total Continental stocks

1,666.000 1,307,000 1,336,000 1,463,000
7.000
14,000
17.000
:34,000
*547,000 559,000 481.000 646,000
259.000 389,000 359,000 359,000
4,000
3.000
2,000
19,000
27,000
32.000
31,000
41,000
24.000
57,000
601,000
36,000
*4,000
48,000
29,000
13,000
1,505,000 1.084,000

940,000 1.113,000

3,171,000 2,391,000 2,276,000 2,576,000
Total European stocks
84,000
68,000
India cotton afloat for Europe_ _ _ 130,000 213.000
Amer. cotton afloat for Europe__ 757,962 387.430 300,141 603,986
37,000
38,000
Egypt Brazil,&c.,afloat for Eur'pe 40,000
67,000
240,000 278.000 221,000 225,000
Stock in Alexandria, Egypt
Stock in Bombay, India
739.000 1,025,000 855,000 674,000
Stock in U. S. ports
1,491,957 731,994 681,607 773,871
Stock in U. S. Interior towns_ __ _ 877,272 553,392 547,991 374,274
U.S. exports to-day
42,081
7,629 . 3,004
300
Total visible supply
7,484,820 5,649,820 4,988,039 5.391.212
Of the above, totals of American and other descriptions are as follows:
American-.
Liverpool stocks
bales 1,213,000 971,000 1,058,000 1,253,000
Manchester stock
60,000
58,000
59,000
96,000
Continental stock
*1,336,000 998,000 905,000 1,082,000
American afloat for Europe
757,962 387.430 300,141 603,986
'U. S. port stocks
1,491,957 731,994 681.607 773,871
'U. S. interior stocks
877,272 553,392 547,991 375,274
42,081
7.629
300
U. S. exports to-day
3,004
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

5,779,820 3,703,820 3,551,039 4,190,212
305,000 243,000
5,000
23,000
29,000
29,000
86,000
*169.000
130,000 213.000
67,000
40,000
240,000 278,000
739,000 1,025.000

188,000
4,000
28,000
35,000
68,000
38,000
221,000
855,000

110,000
3,000
37,000
31,000
84,000
37,000
225,000
674,000

1,675,000 1,946,000 1,437,01)0 1,201,000
Total East India, &c
5,779,820 3,703,820 3,551,039 4,190,212
Total American
'V tal visible supply
7,454,820 5,649.820 4,988,039 5,391,212
6.44d.
6.95d.
7.36d.
5.52d.
Middling Upland, Liverpool
13.35c.
12.50c.
11.65c.
9.80c.
Middllng Upland, New York_ _ _ _
10.50d.
10d.
9.80d.
8.50d.
Egypt, Good Brown, Liverpool
9.106.
9.90d.
9.00d.
Peruvian, Rough Good,Liverpool 9.254.
6%d. 5 15-16d.
63td.
5.154.
Broach, Fine, Liverpool
5%d.
6%d.
5.254. 6 5-154.
Tinnevelly, Good, Liverpool
* Estimated.

Continental imports for past week have been 255,000 bales.
The above figures for 1915 show a decrease from last week
of 44,725 bales, a gain of 1,806,000 bales over 1914, an excess
of 2,466,781 bales over 1913 and a gain of 2,063,608 bales
-over 1912.

-1914-15----Since
Week. Aug.1.
25,337 540.694
9,212 262,890
3,840
5,468 127,718
89,709
2,022
2,107 158,355
29,488 322,647

-1913--14---• Since
Week. Aug. 1.
11,414 475.100
9,561 356.207
6,120
150
1,225 107.331
2,804 109,215
1,249 133,488
3,098 343.463

Total gross overland
73,634 1,505,853
Deduct shipments
Overland to N. Y.,Boston. &c,_ 6,920 141.945
6,104 160,596
Between interior towns
18,307 120,450
Inland. &c., from South

29,501 1.530,924

April 9ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

Total to be deducted

31,331

Leaving total net overland *

422,991

42,303 1.082,862

1,434
3,982
3,315

110,632
132.880
113,881

8,731

357,393

20,770 1,173,531

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 42,203 bales, against 20,770 bales for-the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 90,669
bales.
-1914-15-- -1913 14
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Takings.
Week.
Aug. 1.
177,149 9,214,934 101.022 9.710.855
Receipts at ports to April 9
20,770 1,173,531
42,303 1,082,862
Net overland to April 9
Southern consumption to April 9- 60.000 2,130,000 60,000 2.166,000
279,452 12,427,796 181,792 13,050.386
409,924
*49,334
757,133 *55,295

Total marketed
Interior stocks in excess

Came into sight during week__ -230,118
13,184,929
Total in sight April 9
North.spinners'takings to April 9 44,269 2.383.871

126,497

0.5145
1.46_ -

50,892 2,400,575

* Decrease during week.

Movement into sight in previous years:
Bales.
77.628
102,781

Bales. I Week147,785 1911-April 14
-April 15
192,795 1910

Week-April 12
1913
-April 13
1912

QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
April 9.
Galveston
New Orleans_ _ _
Mobile
Savannah
Charleston _ _
Wilmington__ _ _
Norfolk
Baltimore
Philadelphia _
Augusta
Memphis
St. Louis
Houston
Little Rock_ _

Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9.35

-A:is
8%
8%
8%

8%
10.15
9
8.87
9.50
8.65

9.35
9.19
8.75
9
8%
8%
9
9
10.15
9
8.87
8%
9:50
8.65

9.50
9.31
8.98
9
9
9
9.13
9
10.30
9.06
9
9
9.60
8.65

9.50
9.31
9.00
9
9
9.13
9
10.20
9.06
9

9

9.70
8.75

9.40
9.19
8.88
9
9
9
9
9
10.05
8.88
9
8%
9.70
8.80

9.50
9.19
8.88
9
9
9
8.88

9

10.25
8:811

9

8%
9.60
8.80

-The highNEW ORLEANS CONTRACT MARKET.
-that is, est, lowest and closing quotations for leading contracts in the
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug.1,the shipments for New Orleans cotton market for the past week have been as
the week and the stocks to-night, and the same items for the follows:
corresponding period of the previous year-is set out in deSaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
tail below.
April 3. April 5. April 6. April 7. April 8. April 9.
Movement to April 9 1915.
Towns.

Ala.,Eufaula__
Montgomery.
Selma
Ark., Helena
Little Rock
Oa.,Albany..
Athens
Atlanta
Augusta
Columbus__ _
Macon
Rome
La.,Shrevepor
Miss.,Columbus
Greenville._ _ _
Greenwood
Meridian
Natchez
Vicksburg__
Yazoo City
Mo.,St. Louis_
N.C.,Raleigh_
0., Cincinnati_
Okla.,Hugo__
B.C., Greenw'd
Tenn.,Memphis
Nashville __
Tex., Brenham
Clarksville,,
Dallas
Honey Grove_
Houston
Paris

Movement to April 10 1914.

Ship- Stocks
ments. April
9.
Week. Season. Week.

Ship- Stocks
m.nts. April
Week. Season, Week. 10.

Receipts.

24,363
195,030
129,297
61,210
198,792
31,793
114,579
175,540
424,684
95,629
36,930
62,335
149,169
31,052
72,169
131,280
45,140
21,384
37,314
39,416
568,388
11,149
239,319
10,354
966 23,430
18,016 970,027
6,279
238
242 18,061
150 45,805
3,339 118,089
251 24,306
50,9303,198,750
800 115,721
258
2,175
2,092
324
3,322
9'
1,361
2,486
3,171
27
35
889
2,323
355
381
730
52:
183
243
40
23,025
418
5,546

Receipts.

503 9,364
54 22,605
4,585 64,060
693 155,31*
3,933 23,255
615 125,281
114 64,758
1,281 10,095
8,168 35,786 1,465 180,693
28,42.
951 11,494
3,500 19,784 1,575 113,444
665 219,941
2,866 16,482
6,318 129,711 2,669 359,99
489 78,514
3,748 38,749
26 44,453
827 9,167
290 56,304
1,038 8,729
4,296 44,139 1,043 188,241
93 37,285
1,101 4,956
194 84,967
748 10,063
667 139,294
1,230 13,782
637 31,752
2,414 14,3891
21 19,576
2,514 5,076,
270 33,402
1,176 8,099,
40,676
1,230 7,625,
25,337 36,421 11,069 496,304
227 13,907
384'
501
10,818
6
------------------37,136
-_ -13,875
652 7,814
30,871 180,262 8,890 1,062,634
75
4071 10,806
430 1,673
22,951
266 1,057
490, 49,401
2181 1,100
5521 98,354
1,577 4,673
450 32,952
350
60
53,165 139,936 21,493 2,817,312
857 2,245, 1,826, 113,629

305
3,873
2,220
349
4,542
100
3,000
2,186
8,665
1,796
100
125
4,847
453
2,271
2,263
1,404
797
243
525
11,424
200
6,141
399

1,692
16,117
8,395
11,040
48,369
2,300
15,217
10,894
48,930
10,674
739
5,992
28,276
2,000
9,933
17,281
6,387
3,240
4,690
6,586
33,439
378
18,594
51
142
21,295 108,364
1,005
150 1,271
1,709
781
1,231 3,182
1,362
288
32,703 123,647
2,278 3,548

Total_ na towns124.955 7.426.783 174.289877.272 63.6617.004,992 115.0Aft ma _292

The above totals show that the interior stocks have decreased during the week 49,334 bales and are to-night 323,880
bales more than at the same time last year. The receipts at
all towns have been 61,294 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:




April
Range
Closing
May
Range
Closing
June
Range
Closing
Jaffa

9.29 - 9.40 - 9.22 - 9.10 - 9.29 .32
9.40-.50 9.53-.64 9.50-.63 9.30-.40 9.23-.52
9.49-.50 9.63-.64 9.45-.47 9.30-.32 9.49-.51
9.56
9.63-.65 9.76-.78 9.60,64 9.43-.45 9.63-.65
9.56-.76 9.80-.93 9.69-.91 9.54-.68 9.44-.80
9.75-.76 9.89-.90 9.72-.73 9.55-.56 9.75--

n
Closing
August-

--- 9.85-•95
9.83-.85 9.97-.00 9.80-.82 9.63-.65 9.82-.84

g osrng
lan
Selgmbere
nfn
Closg
October
Range
Closing
November- '
Range
Closing
December
Range
Closing
January
Range
Closing
Tone
Spot
fIntInn a

HOLTDAY.

9.91-.93 1 .08-.10 9.87-.89 9.77-.79 9.96-.98
9.98-.10 10.15-.25 10.03-.24 9.86-.00 9.70-15
10.09-.10 10.22..23 10.06-.06 9.89-.90 10.09-.10
10.16
10.15-.17 10.29-.30 10.13-.15 9.96-.98 10.16-.18
10.15-.26 10.34-.42 10.21-.41 10.04-.17 9.97-.31
10.25-.26 10.39-.40 10.23-.24 10.06-.07 10.27-.28
10.27-.35 10.46-.49 10.38-.48 10.14-.25 10.08-.39
10.33-.34 10.47-.49 10.32-.33 10.15-.17 10.34-.36
Steady. Firm. Steady. Quiet.
RtAsuhr_ Stonily, Sitastriv _ SItivulv _

Quiet.
Firm _

WEATHER REPORTS BY TELEGRAPH.-Telegraphio
reports to us this evening from the South indicate that dry
weather has prevailed over much of the cotton area the past
week. Temperature has been rather low at times.
-We have had a rainfall of sixty-two hunGalveston, Tex.
dredths of an inch during the week.
-It has rained lightly on two days of the
Dallas, Tex.
week, the rainfall reaching eight hundredths of an inch.
Minimum thermometer 34.
-There has been a trace of rain on one day
Palestine, Tex.
during the week. The thermometer has averaged 59, ranging from 38 to 80.
-It has been dry all the week. The
San Antonio, Tex.
thermometer has ranged from 40 to 82, averaging 61.
-We have had no rain the past week. MiniTaylor, Tex.
mum thermometer 36.

1274

THE CHRONICLE

[VOL. 100.

-Total bales.
NEW ORLEANS
-To Liverpool-April 5-Counsellor, 8,521_
April 8
-Manxman, 7,424
15,945
To Glasgow-April 3
-Yarborough, 1
1
To Havre-April 3
-Crown of Galicia, 8,654___April 7Louisiane, 5,500
14,154
To Rotterdam-April 7-Zuiderdyk, 100
100
To Barcelona-April 6-Ontanedo, 2,153
2,150
To Venice-April 8-Tirreno, 200
20Q
To Christiania-April 5-Norwegian, 1,457
1,457
SAVANNAH-To Liverpool-April 3
-Den of Ruthven, 12,256_ _ 12,256
BRUNSWICK
-To Liverpool-April 3-0mbian, 10,233
•
April 7-Inkum, 15,531
25,764
BOSTON-To Liverpool-April 3
-Bohemian, 546
546
To Yarmouth-April 1-Boston, 50
50
BALTIMORE-To Liverpool-March 31-Larchmore, 3.000_ --- 3,000
PHILADELPHIA-To Rotterdam-April 1-Christian Michelsen,
215_ _ _April 7-Sommelsdyk, 349
564
SAN FRANCISCO-To Japan-April 3-Shinyo Maru, 3,071- 3,071
To Vladivostok-April 3-Shinyo Maru, 650
650
To China-April 3-Shinyo Meru, 200
200
PORT TOWNSEND-To Japan- April 2
-Seattle Maria,
To Vladivostok-April 2-Glenygle, 13,688_ _ _April6 1.642_ _ 1,642
-Robert
Dollar, 12,934
26,622
Total
136,971

New Orleans, La.
-There has been no rain during the
week. The thermometer has averaged 59.
Shreveport, La.
-We have had no rain during the week.
The thermometer has ranged from 35 to 79.
Vicksburg, Miss.
-Dry all the week. The thermometer
has ranged from 40 to 80, averaging 58.
Savannah, Ga.-We have had rain on two days of the
week, the rainfall reaching ninety hundredths of an inch.
The thermometer has ranged from 37 to 80, averaging 56.
Charleston, S. C.
-We have had rain on two days the past
week, the rainfall being ninety-seven hundredths of an inch.
Minimum thermometer 38, maximum 78, mean 58.
Charlotte, N. C.
-Rain has fallen on two days of the week,
the rainfall being forty-six hundredths of an inch. The thermometer has averaged 56, ranging from 31 to 81.
Memphis, Tenn.
-No rain the past week. The thermometer has ranged from 37 to 78, averaging 57.
Selma, Ala.
-We have had rain on one day of the past
week, the rainfall being twenty hundredths of an inch.
COTTON FREIGHTS.
-Current rates for cotton from
Minimum thermometer 31, highest 82, average 54.
New York are as follows, quotations being in cents per pound:
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Liverpool, 2.00c., nominal; Manchester, 2.00c.. nominal; Havre, 3c.,
Cotton Takings.
Week and Season.

1914-15.

1913-14.

Week.
Season. I Week. I Season.
Visible supply April 2
7,489,050
J5,715,578
Visible supply Aug. 1
3,176,816
2,581,551
American in sight to April 9.._ _ _ 230,118 13,184,929 126,597 13,460,310
Bombay receipts to April 8_
b105,000 1,769.000 102.000 2,613,000
Other India shipm'ts to April 8_ 510,000
79,000
41,000
507.000
Alexandria receipts to April 7_ _ 520,000
810,000
7,000
991,600
Other supply to April 7 *
53,000
Total supply
7.854,168 19,072,745 6,000,075 20,424,461
Deduct
Visible supply April 9_ ,
7,454,820 7,454,820 5,649,820 5,649,820
Total takings to April 9..a
399,348 11,617,925 350,255 14.774,641
Of which American
272,348 9,084,925 252.255 11,090,041
Of which other
127,000 2,533,000
98,000 3,684,600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
2,130,000 bales in 1914-15 and 2,166,000 bales in 1913
-14-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 9,487,925 bales in 1914-15 and 12,608,641 bales in
1913-14, of which 6,954.925 bales and 8,924,041 bales American.

BOMBAY COTTON MOVEMENT.
-The receipts of
India cotton at Bombay and the shipments for the week
ending March 18 and for the season from Aug. 1 for three
years have been as follows:
1914-15.

Bombii
Exports
fromBombay
1914-15__
1913-14__
1912-13_

1913-14.

Since
Week. Sept. 1.

March 18.
Receipts at-

Since
Week. Sept. 1.

1912-13.
Since
Week. Sept. 1.

102,000 1,479,000 106,000 2,261,000 70,000 1,688,000
For the Week.

Since August 1.

Great Conti- Japan
Great
Britain. nent. &China Total. Britain.
2,0
2,000

58,000 60,000
21,00
12,000
31,00

Continent.

Japan
&China

Receipts (cantars)This week
Since Aug. 1

29,000 207,000 731,0001 967,000
23,000 603,000 663,00011,289,060
7,000 227,000 486,0001 720,000

1914-15.

1913-14.

1912-13.

135,000
5,634.926

80,000
7.286.177

32,000
7.296.023

This Since
This I Since
This Since
1Veek. Aug. 1. IVeek. Aug. 1. Week. Aug. 1.
1
To Liverpool
4,500 153,331 1,250 173,461 1,750 175,506
To Manchester
6,500 125,452
173,869 6,750 183,104
To Continent and India_ 6.600 203,256 9.250 330.900 12,500,310,377
To America
3,300,107,075 3,250 51,093 2,250,105,031
Total exports
20.900589,114 13,750 729.323 23.2501774,018

Exports (bales)
-

Note.
-A cantar is 99 lbs.

LIVERPOOL.
-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at
that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American

Mar. 19. Mar. 26. April 1. April 9.
53,000
46,000
21,000
11,400
3.100
2.100
2.900
3,200
1,600
44,000
37,000
16,000
14,000
17,000
11,000
23.000
97,000
89.000
70.000 110,000
1,426,000 1,467.000 1,459,000 1,518,000
1,113,000 1,157,000 1.159,000 1,213,000
168,000 147,000
73.000
191,00
141,000 121,000
70,000 160,000
447,000 423,000 416,000
394,000 373,000 365,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.

Spot.

Monday.

Market, (
12:15 I
P. M. 1

Futures.
Market 1
opened
f

, M.
1

I

Tuesday. Wednesda9.1 Thursday.
Dull.

Mid. uprds
Sales
Spec.&exp.

Market, I
4
Total.

ALEXANDRIA RECEIPTS AND SHIPMENTS.

-Alexandria, Egypt,
March 17.

nominal; Rotterdam, 2c.; Genoa, 1.50c.; Naples, 1.50c.; Leghorn,
Venice, 2e.; Barcelona, direct, 2c.•, Marseilles, 2c.; Piraeus, 1.75e.;1.50C.;
Syra,
1.75c.; Kobe and Yokohama, 1.25c.; Shanghai, 1.25c.: Bombay, 1.25c.;
Gothenburg, 2.25c.; Noorkoping, 2.50c.•, Nykoping. 2.50c.; Malmo,2.50c.
Stockholm, 2.50c.; Bergen, 2.50c.; Christiana, 2.50c.

More
demand.

Good
demand.

5.69
HOLTDAY.

HOLTDAY.

5.79

5.71

5,000
800

10,000
2,500

10,000
2,000

Friday.
Good
demand.
5.52
14,009
4,000

Steady,
307 Pts.
advance,

Steady, Barely sty. Irregular
304 pts. 406 pts. 1242 pts.
advance,
decline.
decline.
Steady,
Quiet,
Irregular,
Easy
10012 pts. 30334 pts. 123401334 10(412 pts.
advance, advance.
demi..
. ......... .

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 1001/iv.

Thus: 5 61 means 5 61-100d.

April 3 Saturday. Monday. Tuesday. TVed'day Thursday.' Friday.
to
April 9. 12% 4 1234 4
1234 1234 124 4 12% 4 12% 4
1 P.m•
p.m. p.m • p.m p.m p.m• p.m•
p.m.
p.m
d. d.
d.
d.
d.
d.
d. d.
d. d. d. d.
May-June
5 61 6634 7034 70 63 57 44 47
June-July
5 66 7134 76 75 6834 62%149% 52%
July-Aug_
5 7434 RO 8434 8334 7634 70% 57 60
-Nov.
5 9034
Oct.
00 99 9134 85% 72 74
-Feb _ HOLTHOLT- 5 99 0434 0834 0734 00 94 180% 83%
Jan.
Mar.-Apr. DAY.
DAY. 6 0434 1034 1434 133406 00 85%

BREADSTUFFS

Friday Night, April 9 1915.
Flour has been quiet but steady. Last week Chicago did
a rather better business than in the previous week, but this
was one of the exceptions that prove the rule. For the most
part sales have been within very moderate limits. At St.
Louis conditions show no improvement. At Kansas City
the demand has been slow. Dulness has prevailed at the
Northwest. In other words, buyers stick to the policy of
buying only from hand to mouth, especially as reports about
1915.
1914.
the condition of winter-wheat are very favorable, and there
81j lbs. Shirt- Cot'n
8'1 Pm. Shin- Corn is persistent talk to the effect that
peace in Europe may not
32s Cop
'Inas, common Mid.
1 tags, common Mid
32s Cop
Twist,
to finest.
Upl's
Twist.
1 to finest. UPI's be very far off, especially if Austria should be allowed to
make a separate peace with Russia. The total production
dad.
d.
s. d. (I. (I.
d. a. d
s. d.
Mar
last week at Minneapolis, Duluth and Milwaukee was
5 734
8345 33406 9
4.99 9, ft 10%. fs 0 11011 1
4.
6.91, 281,430 barrels, against 277,800 in the previous week and
12 8
0 8345 33440 9
5.17 9y 0 10,6 0 @II 0
702 338,015 last year.
19 834 (4
834 6 0 67 6
5 27 94 Et 104 6 034011 1
7.0.
28 834
0 9 6 3 07 9
5.48 9h
lo%
Wheat has advanced, though at times reactions have
1
7.11
Apr.
2 84
a 9% 6 3 07 9 5.82 934
10.4 A I
11 2
7.28 occurred on talk of.an early peace, favorable crop advices
9 834 0 934 6 3 07 9
5.52 934 0 1034 6 134011 3
7.36 and some falling off in cash business both for home trade and
S, Government report stated the condition
export. The
SHIPPING NEWS.
-As shown on a previous page, the of the crop onU.
April
exports of cotton from the United States the past week have December, although 1 at 88.8%, a gain of half a point over
it was
reached 136,971 bales. The shipments in detail, as made The winter-wheat acreage 6.8% below that of a year ago.
is estimated at 41,263,000 acres,
up from mail and telegraphic returns, are as follows:
against 36,008,000 harvested last year and 31,699,000 harTotal bales. vested the year before. The crop is estimated this season
NEW YORK
-To Manchester-April 8
-Virgil, 5
5
To ladivostock-April 2
-Baikal, 1,750_ _ _April 3-Indra- •
at 619,000,000 bushels, against 684,990,000 last year.
samba, 300
2,050 The total American visible supply decreased for the week
GALVESTON-To Manchester-April 2-Telesfora, 7,630
7,630 4,187,000 bushels, against
To Havre-April 2-Doonholm, 13.319
3,348,000 last year. On the other
13.319'
To Gothenburg-April 2
-Nordic, 5.595
5,59, hand, the world's supply increased 3,313,000 bushels, against
Egyptian bales weigh. about 750 lbs.

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that business is restricted, owing to the advance in cotton. The demand
from India is dull, but there is a hopeful feeling as regards
China. We give the prices for to-day below and leave those
for previous weeks of this and last year for comparison:




APR. 10 1015.1

THE CHRONICLE

an increase in the same week last year of 652,000 bush. In
France winter-wheat prospects are good. They are improving
in Italy,Spain and Australia. In India the weather isfavorable
and harvesting is in progress. But there have been reports
of dry weather east of the Missouri River. Also the Kansas
crop is said to be two weeks later than that of last year.
The relatively large decrease in the available American supply has not escaped the attention of the bulls. Moreover,
the total world's supply is only 165,975,000 bushels, or
22,000,000 bushels less than a year ago and 35,000,000 less
than at this time in 1913. There is some delay in seeding
spring-wheat in France, owing to bad weather and scarcity
of labor. Wet weather has also delayed seeding in the United
Kingdom, and prospects for both for winter and spring crops
are not altogether favorable. Severe weather in Russia has
impaired crop prospects. The spring is late in South Russia
and the outlook is not considered good. It is also bad in
Greece. Only moderate crops are expected there. In Hungary, although the outlook has improved somewhat, the
crops will be much smaller than normal. Offerings of new
East India wheat are small, with freights high. At Buenos
Ayres prices of late have been firm on a steady demand from
millers. Lighter Argentina shipments are expected this
week. Buenos Ayres reports a heavy export demand.
Liverpool reports that stocks continue to decrease with consumption large and arrivals quickly absorbed. Liverpool
also reports that private advices from America assert that the
winter-wheat crop is deteriorating from drought and
insects-something which has caused a certain amount
of
apprehension
in
English
the
market. In
Liverpool the general market has been firm. Evidently
Europe is still nervous on the subject of present and prospective supplies of wheat. Clearly enough, it is not in a
mood to balk very seriously over the question of prices,
provided it can get the wheat. Europe, in a word, is still in
need of foreign wheat. It will have to depend on exporting
nations, it is believed, for not only this season but all of next
.
season. The unavoidable conculmon is that exports must be
large for some time to come. In some recent weeks those
from the United States have exceeded 10,000,000 bushels.
To-day prices rose after an early decline, due partly to lower
prices at Liverpool. Crop reports, too, from the West were
on the whole favorable. Export demand was not sharp.
But weekly statistics are expected to be bullish and the short
interest had become a little unwieldy. Mills bought cash
and May at Kansas City. Greece is importing wheat on
a large scale. Norway and Sweden have imported thus far
this season 13,500,000 bush., and needs, it is said, at least
8,500,000 bush. more. Greece has imported 8,592,000 bush.
Counting both flour and wheat, all but 250,000 bush. of
which came from America. Drought is complained of in
Australia and seed is scarce there. The firmness of corn
helped wheat to-day.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_16674 16674 16474 166
16374 165
May delivery in elevator
16274 163
1634 16274 1604 1604
July delivery In elevator
13174 13174 13274 131
1304 131
DAILY CLOSING PRICES OF WHEAT FUTURES IN C:HICAh0.
Sat. Mon. Tors. Wed. Thurs. Fri.
May delivery In elevator
15374 156% Holt- 154% 153
159
July delivery in elevator
12274 12414 day 1224 1`.2
12314
September delivery in elevator_ _ _ _110
II I%
1093( 1098 1104
4

1275

Plate arrivals are ample and Chilean oats are being
.
received at Liverpool on a rather large scale. At the same
time France is buying freely in the English market. It is
said, too, that Argentina's quota has already been arragned
for and that what remains is under contract. At one time
there was good buying in Chicago of May oats by houses
which generally act for the seaboard. Country offerings
have been no more than moderate. The available American
supply decreased last week 360,000 bushels, against a decrease in the same week last year of 142,000 bushels. The
supply of American oats is 35,860,000 bushels, against 38 :
900,000 at the same time last year. The present supply is
11,700,000 bushels larger than at this time in 1913. Seeding
of oats is proceeding rapidly in Illinois and Indiana, but both
States need rain. Farm reserves on April 1 were estimated
at 86,000,000 bushels in the seven surplus States, as against
180,000,000 bushels last year. To-day prices advanced.
Export sales were said to have reached about 400,000 bushels, though this could not be fully confirmed.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
cts_ 6274 6274 6274 6274 6274 63
No. 2 white
63
63
63
63
63
6374
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator____cts_ 57
6674 Holt- 5734 5734 5774
July delivery in elevator
54
5334 day
543-4 5434 5474
September delivery in elevator____46 X 4674
4674 4674 4674

The following are closing quotations:
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushel
N. Spring, No. 1
No. 2 mixed
$I 6674
f. o. b.
N. Spring, No. 2
No.2 yellow
c I. f.
Red winter. No. 2
1 65
No. 3 yellow
Hard winter, No. 2
1 6754
Argentina in bags
Oats, per bushel. newRye. per bushel
CUs.
Standard
New York
63
No. 2. white
Western
63%
No. 3. white
62@)6274 Barley-Malting

Oats declined a little, then rallied. Export business on
most days has been small. On Wednesiay there were rumors
that something like a million bushels were taken. But other
reports did not put the total at over 250,000 to 300,000 bushels. The Eastern demand at Chicago has been rather small.
Speculation has shown less snap. In Liverpool trade has
been dull and advices from that market say that supplies
there are adequate and prospective stocks liberal. River




1 23

82487"

FLOUR.
Winter, low grades.,.._ $5 40@$5 75 Kansas straights,sacks46 85r7 10
Winter patents
7 25(4 7 50 Kansas clears. sacks__ 6 65
6 85
Winter straights
7 00 City patents
6 75
8 5
Winter clears
6 10
6 50 Rye flour
Spring patents
7 25
7 50 Buckwheat flour
Spring straights
7 0004 7 25 Graham flour
6 2504 6 50
Spring clears
6 750 7 00
For other tables usually given here, see page 1232.

AGRICULTURAL DEPARTMENT REPORT.-The report of the Agricultural Department showing the condition
of winter grain on April 1 was issued on April 7 as follows:
The Crop Reporting Board of the Bureau of Crop Estimates, United States
Department of Agriculture, makes the following estimates from reports of its correspondents and agents: That the average condition of winter wheat on April 1,
was 88.8% of a normal, against 95.6 on April 1 1911, 91.6 on April 1 1913 and 87.6,
the average condition for the past ten years on April 1. There was an increase in
condition from Dec. 1 1914 to April 1 1915 of 0.5 points, as compared with an average decline in the past ten years of 2.7 points between these dates. The acreage
planted, as estimated last December, was 11.1% larger than the acreage planted
in the preceding year.
The average condition of rye on April 1 was 89.5% of a normal, against 91.3 on
April 1 191.4, 89.3 on April 1 1913 and 90.1, the average condition for the past
ten years on April 1.
Comparisons for winter wheat and rye States follow, condition figure.s representing
per cent of normal.
WINTER WHEAT.
Conditton.

RYE.

Price
April 1

State and

April 1
Division.
INDIAN CORN declined and then rallied. Receipts for
Dec.
a time increased. Exportwere small and Argentina quo10-Yr. 1
1915. 1914.
tations declined. Speculation for a rise has been less ag1915. 1914. Av. 1914.
gressive. The domestic cash demand was light. But, on
%
%
01. 4,ts.
the other hand, the American visible supply decreased 2,- Vermont
125
101
Niasslchusetts
698.000 bushels last week, against only 867,000 in the same Connecticut
week last year. To be sure,the American available supply New York_ _
SS 05 SO 96 138 97
91
74
97
91
141
82
is still 36,097,000 bushels, which is some 15,000,000 bushels New Jersey _
Pennsylvania
93
78
95
larger than a year ago and 14,000,000 bushels larger than N. Atl. Div_ 79.5 93.3 90 85 118 95.5
87.2 138.2
90.
at this time in 1913. Yet the tone, as already intimated, Delaware _ _ _ _ 83 91 92 88 140 97
91
147
93
89
95
has latterly been firmer. The country has been offering but Maryland _ _ _ _ 81 95 91 03 146 101
Virginia
8.5
sparingly. The firmness of oats has had some effect on corn. VVest,
84
94
89
119
92
101
North Carolin
141
92
92
Within a day or two the domestic demand has been somewhat South Carolina 85 89 88 95 147 112
84
96
116
better. Yet it is a fact that Liverpool advices report the Georgia
89
91
144
91
89
122
S. AJA.
84.4 93.2 90.7 92.9 144.9 103.3
market dull with arriv'als from the River Plate large. Stocks Ohio
87
141
94
93
83
98
everywhere throughout the United Kingdom are increasing. Indiana
84
141
97
89
90
91
so
92
90
133
98
88
Liberal imports are now assured at English markets for some Illinois
85
92
137
85
92
_
92
weeks to come. In Argentina crop conditions are very Michigan _ _ _ _ 90 85 89 95 130 82
Whr.onsin
favorable. Harvesting in South Africa has begun and the N.Cent.Fast 84.8 96.4 84.4 91.6 137.7 90.4
Minnesota
_
94
133
_ 89
83 I
83
yield will be the largest on record. It is said that there will Iowa
i0
126
95
94
79
95
be exports this year from that quarter of the globe perhaps Wsslurl
SS
114
98
87
86
87
__
North Dakota
132
__
Si
to the amount of 25,000,000 bushels. To-day prices ad- South Dakota 97 /3'7
_
123
03
79
vanced, partly owing to a much better domestic cash de- Nebraska _ _ _ 96 93 66
90
75
131
89
87
99
80
SO
130
mand,light country offerings, decreasing stocks and covering }Cans ts
.0ent.WeEt 90.3 95.6 87.5 84.2 130.5 80.4
of Shorts. Export clearances were liberal, though no new Kentucky _ _ _ _ 79 96 88 $9 110 94
97
Tennessee _ _ _ _ I 81
90
101
90
116
export business was reported.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
cts_ 8374 81
No. 2 mixed
84
8374 833( 843-4
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 73
7374 Holt- 7274 7274 73 4
7
7574 7574 day
July delivery in elevator
7534 7534 764

Cit.
84%
8434
823i
-.....

Alabama
Mississippi _
Texas
Oklahoma _ _ _
Arkansas
S. Central_ _ _
Montana
WyonahaT _ _
Colorado
New Mexico_ _
A rizona
Utah
Nevada
Idaho
Waskington _ _
Ore-von
California_ _
Far Western_

United States

85
84
89
90
89
87.0
94

90
88
84
85
88
86.4

93
95
92
97
95
95.7
93
94
92
91
96
94
97
95
92
99
95
95
93
98
97
95
192
91
95
95
94.5 97.0

93
93
89
83
90
86.4
98
90
__
92
95
98
__
89
__
88
1i
9.5
93
101
94
93
88
AS
9271 96.31

88.8

87.6

95.6

118

88.3 131.7

April 1
1915. 1914.

%
%
94
98
93
96
91
94
94
86
91
83
.94
82
83.4 03.6
85
90
91
80
95
86
78
93
84
92
88
89
89
92
84.3 93.0
91
96
92
96
93
97
89
91
93
87
91.3 90.6
AO
88
93
95
96
91
87
87
96
88
100
92
92
95
92.1 89.6
82
94
82
93
119 ' 82
91

130
95
133
81
84
111
133.9 91.7
126
71
126
86
115
74
79
129
109
155
124
73 •
ISO
90
105
68
80 i
120
84 •
127
129
97
121.3 7!f4
.
1
84.2

211

Condition.
Dec.
10-Yr. 1
Av. 1914'
07

94
92
96
91
92
91
91.1
92
91
91
91
91
89
90
91.5
86
88
91
88
91
89.4
89
94
90

95
92
94
92
85
87
88.2
89
90
93
93
96
96
96
93.9
96
93
94
95
97
95.7

so

02
88
89.2
88
89
90

97
92
92
94
93
90
94.1
92
92
95

So

Ao
94
89
83.3
01
95
93
__

Ai
07
93
93.6
94
97
92
__

Ao
88
88
88.1
96
96
92

oi
90
88
91.9
98
90
93

OL

96

97

So
Oi

97
100
100
96
-08
98
110
96.2 96.3
89..5

91.3

*Si

95
100
97
96
92
100
94.4 95.2
00.1

o4-

THE CHRONICLE

1276

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 3 1915 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush. bush. bush. bush. bush. bush, bush.
In Thousands-4,525 1,035 1,141
143 *254 +431
New York
984
57
afloat
24
"
Boston
7
6
152
353
200
92
1,171
55
512
386
30
Philadelphia
37
Baltimore
806
23 2,128 1,043
216
102
520
New Orleans
2,400
150
20
Galveston
1,625
930
Buffalo
1,385
112 1,906
25
3
184
afloat
384
749
---_
- _ -258
398
Toledo
451 4
Detroit
217 ---551
37 ---23
Chicago
911
____ 11,450 11,134
____
16 -iiii
4,515 1,879
"
afloat
17 ..___
572
611
Milwaukee
____
--io
545
256
afloat
"
11,819
199 1,977 3,309 -. . --ii -iii
Duluth
15
6
afloat
840 ____
258
"
334 ---Minneapolis
9,397 ____
922 2,019 ---- -1.25 -565
570 ---St. Louis
139 1,155 ---4
23
Kansas City
1,786
____ 2,961
549
____
15 - _2 ___
Peoria
106
370 ____
7 ____
Indianapolis
154 ____
796
401
145 ____ 2,167
Omaha
810 ____
38
56
Total April 3 1915.._39,323 2,224 32,877 27,284
64
193 *796 2,946
Total Mar. 27 1915_42,315 2,305 35,320 27,202
170
94
774 3,092
Total April 4 1914_51,862 3,286 18,812 19,223 5,744 1,947 4,206
721
Total April 51913...56,771 3,717 19,726 12,254
340
768
912 2,635
* Including 20,000 bushels bonded.
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousandsbush. bush, bush. bush, bush, bush, bush. bush.
Montreal
341
711
___
15
221
Ft.William&Pt.Arthur- 8,941 ---- ---- 3,214
"
afloat
283
____ 1,379
1,834
Other Canadian
---- --------116 5,304
Total April 3 1915 11,399
15
221
Total Mar. 27 191510,700
121 5,165
15
234
Total April 4 1914 19,942
12 13,009
20
474
Total April 5 1913._26,005
20 10,256
53 ____
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat, Corn. Oats. Oats. Rye. Barley. Barley.
In Thousandsbush, bush, bush, bush, bush, bush, bush. bush.
American
39,323 2,224 32,877 27,284
193 *796 2,946
64
,
Canadian
11,399
____
116 5,304
____
15
221
-Total April 3 1915_50,722 2,224 32,993 32,588
193 *811 3,167
64
Total Mar. 27 191553,015 2,305 35,441 32,367
170 *789 3,326
94
Total April 4 1914_71,804 3,286 18,824 32,232 5,744 1,467 4,680
721
Total Aprll 5 1913 82,776 3,717 19,746 22,510
768
912 2,688
340
* Including 20,000 bushels bonded at New York.

[Vol.. 100.

packages, valued at $487,609, their destination being to the
points specified in the table below:
1915---------1914
Since
Since
New York to April 3Week. Jan. 1.
Week. Jan. 1.
Great Britain
246
17,871
80
629
Other Europe
288
6,901
49
1,017
China
2,131
25,292
India
g
911
9,587
563
4,380
Arabia
353
4,502
18.698
4,265
Africa
1,976
5,044
77
3,033
West Indies
1,384
12,235
943
15,385
Mexico
126179
i
547
Central America
257
4,815
6,382
1,079
9,601
920
14,896
South America
148
18,264
2,556
19,787
Other countries
Total

10,791

105,273

5,688

95,245

The value of these New York exports since Jan. 1 has been
$6,425,823 in 1915, against $6,959,903 in 1914.
Staple cotton goods are active and firm, most liouses
reporting good sales during the past week. Mills are cautious in accepting forward contracts and are asking higher
prices for future delivery than those ruling on spot goods.
Buyers seem to be meeting the advances readily and, with
the exception of print cloths, there has been no slackening
in demand following the higher prices. Standard drills and
sheetings for future delivery are held an eighth to a quarter
cent above spot quotations. Coarse shootings are also
being marked up as a result of the heavy demand for these
to replace burlaps. Print cloths are strong, but business
has turned quieter, following the higher prices. Sales of
print cloths for spot and near-by delivery are good, but
buyers are slow to meet the prices demanded on future
contracts. Favorable weather has stimulated demand for
wash goods, many buyers who have been delaying purchase, coming forward with good orders. Colored goods
are decidedly firm, owing to the scarcity of dye-stuffs.
Many mills are expected to close unless some relief is offered
in the near future. Southern manufacturers visiting this
market claim that present supplies of dyes will not last be3rond June and that experiments with domestic dyes have
Gray goods, 38
-inch standard, are
failed completely.
quoted at 43c.
WOOLEN GOODS. In the dress goods trade, both
jobbers and manufacturers report a fair volume of business.
Buying of fall lines has so far been satisfactory, with demand
well distributed over all fabrics. Serges and broadcloths
are favored, if anything, while a very pronounced demand
is developing for black-and-white checks. The latter are
being used for both suits and cloaks. The demand for
black-and-white stripes and checks is rapidly cleaning
market of supplies and several manufacturers are heavily
booked ahead on these descriptions. The dye situation
continues to cause manufacturers much anxiety and many
mills have been compelled to curtail bookings, owing to
their inability to guarantee shipments. In men's wear,
demand is chiefly for spot goods for spring and summer
requirements, buying of fall lines being held in abeyance.
FOREIGN DRY GOODS. Business in linens is quiet
and, owing to the uncertainty of getting supplies, is con-by requirements. Plain and
fined largely to spot and near
solid colored dress linens are in fair demand and supplies
of these are rapidly dwindling. There is a movement
among cotton manufacturers to begin making up heavy
cotton goods as substitutes for low-end linens. The cutting
off of importations of these goods from Germany has offered
American manufacturers an opportunity to get control of
the market. Burlaps remain firm, with demand active for
-weights are quoted
both light and heavy-weights. Light
unchanged at 5.10c. and heavy-weights 15 to 25 points
higher at 6.10c. to 6.25c.

the

THE DRY GOODS TRADE
New York, Friday Night, April 9th 1915.
Business in drygoods continues on a large scale in most
,departments despite the advances in prices which have
taken place during the last few weeks. In cotton goods the
tendency is still upward regardless of the reaction which
has taken place in prices for cotton futures. Quotations in
the cotton yarn market have again been marked up and
.although the advances were not well received and caused
-considerable falling off in the demand, spinners are firm in
their views, especially on yarns for future delivery. Manufacturers of finished goods continue to talk higher prices
later on and are very conservative in accepting forward
contracts except where substantial premiums are obtained
over current spot quotations. Manufacturers continue to
:set forth that they are poorly covered ahead on raw material and that they are compelled to regulate prices according
to what they believe raw material will cost them at the time
the goods are to be made up. This applies to manufacturers
-of other fabrics as well as cotton goods, as woolen and
worsted goods manufacturers are, if anything, more in the
'dark regarding future supplies of raw material and the
prices they will have to pay than those making cotton goods.
Also, the latter have no way of hedging against future prices
of raw material as have cotton goods manufacturers, who
can protect themselves considerably by operations in the
market for cotton futures. Jobbers report a steady call for
•goods well distributed over all lines. Salesmen on the road
are beginning to send in orders for fall goods, but it is too
early yet for them to begin showing results. Weather
.conditions are favorable for distribution,and jobbing houses
are receiving prompt shipping instructions on all old orders.
Reports from large retail houses were encouraging, stating
that Easter trade was equal to, and in many cases ahead
.of, last year. Retailers are now awaiting an increase in
summer sales before giving much attention to fall and
xvinter requirements. The very late spring a year ago hurt
retailers severely, as it was well into the summer before
they disposed of goods which should have been off their
shelves in the spring. The prospect of more seasonable
weather this
year
is,
therefore, encouraging. Export
business showed further improvement during the week,
-several orders having been closed on standard drills for
India at satisfactory prices. The business was for April
May delivery and the price about 6Yic. per yard. Small
sales are being made to South America, the West Indies and
Manila, but nothing new has come to hand from either China
-or Red Sea markets. Japanese competition in China is
forcing American goods out of that market despite the
inferior quality of the Japanese goods.
DOMESTIC COTTON GOODS.
-The exports of cotton
,goods from this port for the week ending April 3 were 10,791




Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending April 3 1915 and since

Jan. 1 1915, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week
Week Ending
April 3 1915.
Pkgs.
Value.
Manufactures of
547
137,173
Wool
2,437
605,206
Cotton
1,334
712,222
Silk
859
280.670
Flax
2,672
Miscellaneous
192,902

and Since Jan.1
Since Jan. 1 1915.
Pkgs,
Value.
3
10.315
2,779.838
30.978
8,444.367
13,976
7,090,592
11,882
3.634,555
39.358
3,927.906

7,843 1,928,173 106,509 25,877,258
Total 1915
11,087 2,731,325 176.015 42,717.822
Total 1914
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
283
Wool
142,753
5,687
1,843.668
558
Cotton
162,382
8.239
2,507,357
444
Silk
151,752
5,293
2,028,042
368
Flax
100,490
6.011
1,711,773
4,514
Miscellaneous
119,172
28,404
1,939,860
Total withdrawals
Entered for consumption

6.167
7,843

676,549
1,928,173

53.634
106,509

10.030,700
25,877,258

13,910 2,604,722 160,143 35,907,958
Total marketed 1915
Total marketed 1914
18,014 3,395,944 249,039 54,357,996
Imports Entered for Warehouse During Same Period.
Manufactures of
Wool
390
140,417
4,036
1,620,303
413
Cotton
2,141,953
7,511
109,551
189
1,495.093
Silk
89.706
3,730
419
1,500.708
Flax
4,873
136,730
Miscellaneous
896
1,521,571
21,968
85,136
Total
Entered for consumption
Total imports 1915
Total imports 1914

2,307
7,843

561,540
1,928,173

42,118
106,509

8,279.628
25,877,258

10,150
14,151

2.489.713
3.590,514

148,627
231.912

34.156.886
53,568.154

APR. 10 1915.]

TIIE CHRONICLE

SIAM': AND CITY

Dr-PiiiiiIIMENT,

The Throni.*.
PUBLISHED WEEKLY.

Terms of Subscription—Payable in Advance
For One Year
$10 00
For Six Months
6 00
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13 00
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7 50
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22 14s.
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Subscription includes following Supplements—
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1

Terms of Advertising—Per Inch Space

1277

dismissed by Judge Butler and the costs placed upon the
plaintiff. These bonds were awarded last November to
A. B. Leach & Co. of New York (V.99, p. 1693).
Grand Rapids, Mich.—Municipal Owenrship of Gas Plant
Defeated.—The question of• municipal ownership of the gas
plant was defeated at an election held April 5. The vote,
which is reported as 4,470 "for" to 11,396 "against," was
merely a straw vote, following the rejection at the March
primaries of the offer of the Grand Rapids Gas Light Co. to
furnish 75-cent gas in return for a 20
-year franchise.
Maine.—Legislature Adjourns.—The Maine Legislature
adjourned April 3. It is expected that a special session will
be called for next January to revise the statutes.
New Jersey.—Death of Secretary of State.—David S.
Crater, Secretary of the State of New Jersey, dropped dead
in New York City last Saturday afternoon (April 3). Thos.
F. Martin of Weehawken, minority leader in the lower branch
of the Legislature, will succeed Mr. Crater, his appointment
having been confirmed by the Senate on April 5.
New York City.—Uncollectible Personal Taxes; Proposed
Legislation.—See item under New York State below.
New York State.—Bonds of San Francisco, Cal., Not Legal
Investments for New York Savings Banks.—In an opinion
dated March 12 1915, Attorney-General Egburt E. Woodbury held that bonds of the city of San Francisco, Calif.,
are not legal investments for savings banks in New York
State. We print the opinion in full below:

Transient matter per inch apace(14 agate lines)
*4 20
(Two Months
(8 times)...
22 00
Three Months (13 times)
29 00
Standing Business Cards
Six Months
(26 times)
50 00
Twelve Months(62 times)
87 00
CHICAGO OFFicE—Geo.M.Shepherd,513 Monadnock Block;Tel.Harrison 4012.
LONDON OFFICE—Edwards & Smith,1 Drapers' Gardens, E. O.
WILLIAM II. DANA COMPANY,Publishers,
P.O.Box 958. Front, Pine and Depeyster Sts.,
New York.
Statement of the Ownership,Management,&c.,of Commercial & Financial
Chronicle
published weekly at New York, N. Y., required by Act of Aug. 24 1912.
Editor, Jacob Seibert Jr., 138 Front St., New York.
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
Business Managers, George B. Shepherd and W. D. Riggs, 138 Front St., N. Y.
The amendment of 1910 to the constitution of California removed from
Publisher, William B. Dana Company, 138 Front St., New York.
the field of municipal taxation what were termed "operative properties,"
Stockholders, Estate of William B. Dana. Jacob Seibert Jr., Arnold G.Dana, Grace that is, railroads,
street railways, express companies, telegraph and teleN. Dana and Albro J. Newton; address of all, 138 Front St., New York.
phone companies, gas and electric companies, insurance companies, &c.
Bondholders, Mortgagees, &e. No bonds or mortgages.
Under the new plan these companies are to be taxed directly by the State.
(Signed) Jacob Seibert Jr., Editor.
with the one saving provision, that municipalities may retain the properties
Sworn to and subscribed before toe this 1st day of April 1915.
on their assessment rolls, and tax the same to pay the principal and interest
Thomas A.Creegan, Notary Public,.
of any bonded indebtedness of the municipality theretofore created and
(My commission expires March 30 1917.)
still outstanding. In this particular, the amendment reads:
Operative properties "shall be subject to taxation in the manner provided
Published every Saturday morning by WILLIAM B. DANA COMPANY, by law to pay the principal and interest of any bonded indebtedness created
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, and outstanding by any city, city and county, town, township or district
Vioe-Presidents; Arnold G. Dana, Sec. Addresses of al., Office of the Company. before the adoption of this section. The taxes so paid for principal and interest on such bonded indebtedness shall be deducted from the total amount
paid in taxes for State purposes."
Sub-division 5 of Section 239 of the Banking Law of this State provides,
MUNICIPAL BOND SALES IN MARCH.
with several conditions and restrictions, that savings banks may invest
their
in the stocks
Our records show that municipal bond issues placed last of themoneysof the United and bonds of any incorporated city situate in one
States
States, with the added limitation that—
"If at any time the indebtedness of any such city, together with the inmonth reached a total of $64,515,256. This sum includes,
debtedness of any district, or other municipal corporation or sub-division
of course, the block of $27,000,000 43s sold by the State except a county, which is wholly or in part included within the bounds or
city, less its water
funds, shall exceed seven
of New York. Other large issues included in the total are: limits of said the valuation of said debt and sinkingof taxation, its bonds
per centum of
city for purposes
and
stocks shall
$3,525,000 43.s of the State of Georgia, $3,845,000 43/2s of seven per thereafter, and until such indebtedness shall be reduced to
centum of the valuation for the
taxation,
the City of Cleveland, Ohio, $2,750,000 43s of St. Louis, be an authorized investment for the moneyspurposes ofbanks." cease to
of savings
From the
of the City of
Mo.,$2,250,000 4s of Chicago, Ill., $2,000,000 43s of Phila- the assessedlatest available financial statementand the city's San Francisco
valuation of property in the city,
indebtedness,
delphia School District, Pa., and $1,500,000 4s of Elmira, appear as follows:
Real and personal property
$526,247,536
N.Y.
Operative properties
.
97,594,298

In addition to the $64,515,256 long-term issues sold in
March, $22,801,614 temporary loans were negotiated, including $14,957,884 short-term securities (revenue bonds and
corporate stock notes)issued by New York City. In Canada
$35,825,599 bonds were disposed of, including the $25,000,000 Dominion Government loan underwritten in London.
In the following we furnish a comparison of all the various
forms of obligations put out in March of the last five years:
1915.
1914.
1913.
1912.
1911.
$
$
$
$
Perm't loans(U. S.)._ _ 64,515,256 43,346,491 14,541,020 21,138,269 22,800,196
*Temp'y loans (U. S.). 22,801,614 69,853,908 28,280,622 23,143,527 22,392,467
Canadian l'ns (perm't).. 35,825,599 24,509,078 4,545,344 31,011,034 5,727,556
Total
123,142,460 137,709,477 47,366,986 75,292,830 50,920,219
* Includes temporary securities issued by New York City in March, $14,957,884
in 1915, $59,013,765 in 1914, $24,468,229 in 1913, $19,063,426 in 1912 and $18,848,669 in 1911.

The number of municipalities emitting permanent bonds
and the number of separate issues made during March 1915
were 483 and 267, respectively. This contrasts with 331 and
534 for February 1915 and 358 and 522 for March 1914.
For comparative purposes we add the following table,
showing the output of long-term issues for March and the
three months for a series of years:
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904

Month of
March.
$64,515,256
43,346,491
14,541,020
21,138,269
22,800,196
z69,093,390
32,680,227
18,912,083
10,620,197
20,332,012
17,980,922
14,723,524

For the
Three Mos.
$139,577,648
165,762,752
72,613,546
75,684,179
123,463,619
z104,017,321
79,940,446
90,769,225
58,326,063
57,030,249
35,727,806
46,518,646

1003
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

Month of
For the
March.
Three Mat.
9,084,046
30,176,788
7,989,232 31,519,538
10,432,241 23,894,354
8,980,735 34,492,466
5,507,311
18,621,586
6,309,351 23,765,733
12,488,809
35,571,062
4,219,027
15,150,268
4,915,355 21,026,942
5,080,424 24,118,813
6,994,246
17,504,423
8,150,500 22,264,431

$623,841,834
$41,298.100
1,618,000
$39.680,100
The net debt, $39,000,000, thus slightly exceeds seven per cent of the
a.ssessed valuation of real and personal property, $526,000,000. Recently
the city has issued $1,577,000 of bonds, so there can no longer be any question but that the debt exceeds by a largo figure seven per cent of the total
assessed value of taxable property, unless we include the value of the operative properties.
I am inclined to the view that operative properties cannot be included
within the phrase of our statute "valuation of said city for purposes of taxation. "Although these properties are still taxable to meet bonds theretofore issued, they are certainly not taxable to meet any bonds issued subsequent to Nov. 8 1910, the date of the constitutional amendment, that is,
they are no longer available for any future debt service of the city. And if
we were to construe "operative properties," whose taxation for future needs
has been enjoined, as within the words "valuation of said city for purposes
of taxation," wo might suppose an instance where all the property in a city
was removed from municipal taxation and placed with the State for that
purpose, and yet the new bonds of that city, with no prospective source of
revenue to meet them, would be legal investments so long as the city kept
its debt within seven per cent of the total of property assessable and taxable
by another governmental power. the State. The statute as drawn had in
view the payment of all bonds, and contemplated a power in the city to tax
all property on the assessment rolls to meet all bond issues. This is not to
say that the Legislature might not have provided a way to pro-rate the
bonded indebtedness of any city over properties taxable and not taxable-.
for different purposes, but it has not done so in the statute under consideration.
I have not overlooked the argument that the standards fixed by the section are purely arbitrary, such, for example, as the number of inhabitants
a city must have before its bonds may become legal investments, a difference of one inhabitant turning the balance in favor of or against the legality of an investment. Nor have I failed to consider the opinion'Of the former Attorney-General of this State, rendered April 27 1914, wherein bonds
of the City of Minneapolis were held legal investments by including in the
"valuation of said city for purposes of taxation" certain moneys and creditswhich were taxable at a lower rate than other property in the city. The
number of inhabitants must always be arbitrary, but taxable property isintrinsically and fundamentally connected with stability of resources, and
if property is taxable at all, no matter at how small a rate, the amount
which may be so raised aids pro tanto to a retirement of the city's debt.
This is a literal interpretation of the statute. The Legislature might,
as before mentioned, have provided for a pro-rating of past and future debt
without danger to the safety of any of the bonds. It has not done so, and
I follow accordingly the literal interpretation of the statute as it stands.
The bonds of the City of San Francisco are no longer legal investments forsavings banks of the State.
Dated March 12 1915.
EGBURT E. WOODBURY,
Attorney-General.
Bonded indebtedness
Water debt

Constitutional Convention Organizes.—The opening session
Includes $50,000,000 bonds of New York City.
Owing to the crowded condition of our columns, we are of the convention which is to revise the State constitution
was called to order by Secretary of State Francis M. Hugo.
obliged to omit this week the customary table showing the in the Assembly Chamber at
noon Tuesday (April 6). Elihu
month's bond sales in detail. It will be given later.
Root, former U. S. Senator, was elected President of theconvention. Other important business included the elec-.
tion of other officers of the convention and the adoption of
News Items.
the rules of procedure, with slight modifications, which
Coatesville, Chester County, Pa.—Water Case Dis- governed the last convention in 1894.
.
missed.—A newspaper dispatch from Coatesville says that
The legislative leaders having stated that the
the injunction of Jesse Shallcross, former Burgess, to re- cannot adjourn before April 22, the convention Legislature
on April
strain the borough from the sale of the $185,000 bonds for voted a recess until 8:30 p. m. April 26. At that time 7
Mr.
thelerection of a proposed water works on Rock Run was Root is expected to announce the committee appointments



1278

THE CHRONICLE

which will complete the organization of the convention. In
an effort to adjourn the convention by Aug. 15 the rules
committee has decided to fix June 1 as the time limit for the
introduction of suggested amendments to the Constitution.
-Governor Whitman on
Widows' Pension Bill Signed.
April 7 signed the measure known as the "Widow's Pension
Bill." As already explained, the new law gives opportunity
to provide for the maintenance of dependent children in the
homes of widowed mothers, where it would otherwise be
necessary to provide for them in institutional homes (V. 100,
p. 1107).
Amendment to New York City Charter in Relation to Uncol-A bill has been introduced in the
lectible Personal Taxes.
Legislature by Senator Carswell to amend the Greater New
York charter in relation to uncollectible personal taxes.
These taxes, ranging from 40 to 50 millions, have been carried for years in the City Comptroller's accounts as an asset
with a foot-note that they are uncollectible. The purpose
of the proposed amendment is to change the mode of the
Comptroller's report so as to remove this item from the books
of the department. The proposed amendment is to Section 248 of the City Charter and changes this section to
read as follows:

-The
Deficiencies; amount of to be included in annual estimate-248
Board of Estimate and Apportionment shall, in addition to such other
amounts as it is required by law to provide and as in its discretion it provides
for public purposes in the City of New York and the several counties wholly
contained in its territorial limits, annually include in its final estimate the
following sum, which shall annually be raised and appropriated: A sum
equal to so much of the deficiency, on the preceding first day of January,
In the product of taxes theretofore levied and deemed by the board to be
uncollectible, as shall not have been provided for in prior tax levies or by
the issue of corporate stock of the City of New York or by such other corporate stock duly authorized by said board to be issued.
The Board of Estimate and Apportionment shall have the power, upon
the advice of the Corporation Counsel with the concurrence of the Comptroller, to direct the receiver of taxes to cancel of record all personal assessments the tax of which the said board shall determine to be uncollectible,
and to mark the records in the office of the Comptroller in accordance
therewith, which said uncollectible taxes shall no longer be deemed or carried as an asset of the City of New York.
To carry into effect the provisions of this Act,the Corporation Counsel
shall, from time to time, prepare and submit to said board a statement in
such detail as may be necessary to enable said board to make the determination herein provided for.

[VoL. 100.

-Water Bonds
Oregon City, Clackamas County, Ore.
-The State Supreme Court on April 2 decided that
Upheld.
the $375,000 water bonds awarded on March 25 to Sweet,
Causey, Foster & Co. of Denver (V. 100, p. 1190) are legal.
Rapid City, Pennington County, So. Dak.-Bond
-The U. S. Circuit Court of Appeals has afCase Decided.
firmed the judgment of the lower Court deciding in favor of
the city the suit brought to recover on $70,000 bonds issued
by the city May 1 1891. The decision will appear in 219
Federal Reporter, under the title of Dnet vs. City of Rapid
City.
-Bonds not Legal Investments for
San Francisco, Calif.
-See item above under
Savings Banks in New York State.
"New York State":
-A
-Commission Government.
Saratoga Springs, N. Y.
bill providing?, commission form of government for Saratoga,
Springs was signed by Governor Whitman on April 7. According to reports, the measure calls for the election of the
mayor and the following commissioners every two years:
Accounts, finance, public works and public safety. .
-Legislature Adjourns.
-The 1914 session of
Vermont.
the Vermont Legislature ended April 3.

Bond Proposals and Negotiations this week
have been as follows:

-Bids will be
-BOND OFFERING.
AKRON, Summit County, Ohio.
received by James McCausland, City Aud., until 12 m. May 5 for $525,000
% water-works-ext. bonds authorized March 15
of the issue of $600,000
(V. 100, p. 1108). Denom. $1,000. Date April! 1915. Int. A. & 0. at
Nat. Park Bank, N. Y. Due $25,000 yriy. on April 1 from 1916 to 1925
incl., $35,000 yrly. on April 1 from 1926 to 1932 incl. and remainder on
April 1 1933. Cert. or cashier's check on a bank other than the one making
the bid,for 2% of bonds bid for, payable to City Treas., required. Bids
must be made on forms furnished by the city. Bonds to be delivered in
Akron.
ALBANY SCHOOL DISTRICT (P. 0. Albany), Athens County,
-The proposition to issue the $12,000 building
-BONDS VOTED.
Ohio.
bonds(V. 100, p. 1186) carried at the election held April 3 by a vote of 125
to 56.
-Bids
-BOND OFFERING.
ALLEN COUNTY (P. 0. Lima), Ohio.
will be received until 12 m. Apr. 22 by II. J. Lawlor, County Aud.,for $21,The last two paragraphs are added to the law as it now 000 5% Lima and Spencerville road impt. bonds. Denom. $875. Date
May 1 1915. Int. M.& N. at office of County Treas. Due $3,500 each
stands.
1 1918 incl. Cert. check for $500.
-The tax six months from Nov. 1 1915 to May Bonds to be delivered and paid for
Tax Reform and Conservation Bills go to Governor.
payable to County Treas., required.
measures within 10 days from time of award. Purchaser to pay accrued interest.
reform and conservation commission reorganization
ALMYRA SCHOOL DISTRICT (P. 0. Almyra), Arkansas County,
were finally passed by the Assembly on April 8 and sent to Ark.
-Gunter & Sawyers of Little Rock have purchased
-BOND SALE.
the Governor. The tax reform bill wipes out the present $10,000 6% 5-20-year building bonds. Denom. $500. Date April 1 1915.
the State Tax De- Interest A. & 0.
State Tax Commission and establishes
-On
Caro.
ANDERSON,
partment,to which is transferred the assessing of corporate March 31 $83,000Anderson County, So. bonds -BOND SALE.
were awarded, reports
5% 30-year street-paving
taxes, a power now held by the State Comptroller's office. state, to H. T. Holtz & Co. of Chicago for $85,100 (102.53)-a basis of
The Conservation Commission bill amendment provides about 4.84%.
ARENAC TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. Omer),
that the State Engineer and Attorney-General, with the new Mich.
-Bids will be received until 3 p. m. May 3 by
-BOND OFFERING.
Commission, shall act as a board on all water-power matters. J. J. Ransom, Secy. Bd. of Ed., for $6,000 5% coupon tax-free building
June at
-We have bonds. Denom. $500. Date May 1 1915. Int. ann. indebt, thisOmer.
Taxation of Secured Debts and Mortgages.
issue,
to 1928 incl. Bonded
Due $500
already referred to the suspension of the law exempting se- no floatingyearly in Jane from 1917
debt.
DISTRICT (P. 0. Armstrong), Emmet
cured debts from taxation upon the payment of a registraARMSTRONG SCHOOL
-An election will be held Aprl 126.
-BOND ELECTION.
tion fee,and the proposed substitution of an annual as well County, Iowa.
of issuing building bonds.
as a recording tax upon this class of securities. Two meas- it is stated, to vote on the question County, N. J.
-BONDS AUTHORATLANTIC CITY, Atlantic
ures with this purpose in view are now before the Legisla- IZED.
-According to reports, the City Commissioners on April 8 authorized
ture. One of these, known as the Talmage bill, proposes the issuance of $150,000 school and $100,000 drainage-extension bonds.
-TEMPORARY LOAN.
ATTLEBORO, Bristol County, Mass.
an annual tax of two mills on all debts hereafter registered
30 a loan of $50,000 dated Mar. 29 1915 and
on
Reports state
with the Comptroller except obligations based upon New maturing Oct.that1915March
negotiated with N. W. Harris & Co. of Boston
was
29
York State real property. The Investment Bankers' Asso- at 3% discount, plus $1 premium.
AURORA SCHOOL DISTRICT NO. 131 (P. 0. Aurora), Kane
ciation is opposing the passage of the measure on the ground
-On April 3 the $45,000 4 % school bonds
-BOND SALE.
County, Ills.
that this exception makes the bill unequal in its operation (V. 100, p. 749) were awarded to II. T. Holtz & Co. of Chicago for $45,127
, in that it favors the real estate interests at the expense of (100.282) and interest.
-On
-BOND SALE.
AVERY COUNTY (P. 0. Newland), No. Caro.
holders of other bonds. In a statement recently issued
100, p. 918) were awarded
5%
Mr. Robert R. Reed, counsel for the Association, explains Apr.6 the $150,000Co., 40-year road bonds (V.(100.333) and int.-a basis
Asheville, for $150,500
&
to C. N. Malone
that the Association "does not oppose the annual tax on of about 4.981%. The bonds were sold subject to approval of purchaser's
bid.
funded debt, but it does oppose the arbitrary selection of attorney. A. J. Hood & Co. of Detroit also submitted a -On Apr. 8 the
-BOND SALE.
AVON, Livingston County, N. Y.
unsecured debts and debts not secured by New York real $8,000 sewer-ext. bonds(V. 100, P. 1186) were awarded to Goo. B. Gibbons
estate as a special object of taxation, while the same kind & Co. of N. Y. at 100.26 for 4.65s.
-TEMPORARY LOANBANGOR, Penobscot County, Maine.
of debt happening to carry such security remains practically
.
has awarded a loan of $50.000 maturing
According to
exempt. "We urge," says Mr. Reed, 'that the proposed in 8 months toreports, this cityBanking Co. of Bangor at 3.37% discount.
the Eastern Tr.&
annual tax take the form of a compulsory tax against all
-On April 5
-BOND SALE.
County, Ohio.
BARBERTON, Summit
funded debt, with a permissive provision for the payment the $17,500 5% 93i-year (aver.) coupon water-main-ext. bonds (V. 100.
of Cincin. for
to the Brighton
of such tax in advance at a discount for a limited number of p. 1108) were awarded102.087-a basis-German Bank Co. Other bidders
of about 4.72%.
years, so that the exemption tax, so-called, will be appor-. $17,865 25-equal to
were:
$17,822 50
tioned to the period of the debt, and that neither a hundred- Hoehler, Cummings & Prudden, Toledo
17,790 00
A. E. Aub & Co., Cincinnati
year bond nor an indefinitely extended mortgage debt Seasongood & Mayer, Cincinnati
17,782 00
17.767 75
should be permanently exempted. The tax under this plan Breed, Elliott & Harrison, Cincinnati
17,738 97
Toledo
would be apportioned to the actual maturity of the debt, Stacy & Braun,Wolcott Co., Cleveland
17,722 25
The Tillotson &
17,720 35
and in the case of a three or five-year mortgage bond should Sidney Spitzer & Co., Toledo
BARBOURVILLE, Knox County, Ky.-BOND OFFERING.-Blds
certainly not exceed one-half of 1%, the amount of the presMay 1 for $16,500 6% 10-30-year grade-school
will be opened at 1 p. m.
ent tax."
bonds. Interest semi-annually. Certified check for 2% required. W.0.
The suggestion that real estate mortgages be subjected to Black, Chairman.
-BOND SALE.
an annual tax is considered unfair by various real estate and
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
highway-impt. bonds
property owners' organizations. These interests claim that -On Apr. 6 the two issues of 4%% 6-year (aver.) at par and int. as folaggregating $15,280 (V. 100, p. 1108) were awarded
real estate and mortgages on real estate are already over- lows: $10,000 to Schaefer & Schwartzkopf of Columbus, $1,408 to Albert
Sutherland
Harmon, $2,464 to
taxed as compared with other forms of bonded indebtedness. Date Mar. 15 1915. LauraM.& N. and $1,408 to John E. Gilliland.
Int.
'4
11
4,
41
The other bill putting an annual tax on secured debts was
BATES SCHOOL DISTRICT (P. 0. Bates), Scott County, Ark.
-20-year (ser.) building bonds has
introduced April 8 by Senator Ogden L. Mills. This meas- BOND SALE.
-An issue of $10,000 6% 5
$500.
purchased by
ure, it is said, would tax bonds according to their market been April 1 1915. Gunter & Sawyers of Little Rock. Denom.ttl
• .1
Interest A. & 0.
value. Secured debts which have been filed with the Comp- Date
-BONDS VOTED.
-A
BEAVERTON, Washington County, Ore.
troller and on which the registration tax has been paid are to favorable vote was cast, it is stated, at a recent election on the question
4,4
Secured debts of issuing $4,500 funding bonds.
pay an annual tax of one and one-half mills.
-BOND OFFERING.-Bids
County, N. J.
not filed and which have not paid the registration tax are beBELLEVILLE, Essex April 13 by Robert G. Minion, Town Clerk;will
for
received until 8 p. m.
to be taxed at the rate of two mills on a dollar. If secured $80,000 4 Y6% 30-year coupon (with priv. of registration) funding bonds.
Bank,
M.
or less the tax for registration is to Denom. $1,000. Date Mar. 1 1915. Int.bank& S. at First Nat.for 2%
debts are due in five years
or trust company
check on
Belleville.
be two-tenths of a mill on face value for each year or fraction of bonds bidCert.payable toan incorporated
"Town of Belleville", required. Purchaser to
for,
town.
furnished
debt becomes due. If the debts run for pay accrued int. Bids must be made on formsgenuinenessby the signaof a year before the
of the
will certify as
The
more than five years after the date of registration the regis- turesU. S. Mtge. & Tr. Co. the bonds an to the impressed thereon, and
the seal
of the officials signing
tration tax is to be M of 1% of the face value of such secured their legality approved by Ilawkins, Delaffeld & Longfellow of N.Y.City,

debt.



Arm 101915.]

THE CHRONICLE

whose opinion will be furnished successful bidder; Bonded debt, incl. this
issue), $789,400. Sinking fund $40,893. Assess. val. taxable property,
$7.512,352. Act. val. (est.), $10,016,469.
BELLEVUE, Huron County, Ohio.
-On April 5 the
-BOND SALE.
two issues of 5% street-impt. (city's portion) bonds, aggregating $8,300
(V. 100, P. 1108), were awarded to Tillotson & Wolcott Co. of Cleveland
at 101.23, it is stated.
BENSON, Douglas County, Neb.-BONDS VOTED.
-The question
of issuing $25,000 city-hall and fire-hall-building bonds received a favorable
vote, it is stated, at an election held April 6.
BENWOOD, Marshall County, W. Va.-BONDS PROPOSED.
Reports state that this place has under consideration the question of issuing
$100,000 water-plant-purchase, $20,000 levee and $10,000 fire-department
bonds.
-On Apr. 6 the
BESSEMER, Jefferson County, Ala.
-BOND SALE.
$30,000 5% 30-year gold coupon tax-free school bonds dated June 1 1914
(V. 100, p. 1186) were awarded to Powell, Garard & Co. of Chicago at
98.55 and int.-a basis of about 5.10%. Other bids were:
Otto Marx & Co. Birmingham
95.50
Terry, Briggs & Slayton, Toledo
95
Steiner Bros.. Birmingham
94.25
BIG SPRING TOWNSHIP (P. 0. New Riegel), Seneca County,
Ohio.
-BOND SALE.
-On March 27 an issue of $20,500 55 serial road
bonds was awarded to the Tiffin Nat. Bank of Tiffin for $20,591, equal to
100.443. Denom. $500. Date March 1 1915. Int. M.& S.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND SALE.
-On Apr.3 the $7,8005% Salamoie dredge bonds authorized by the County
Commissioners on Feb. 113 (V. 100, p. 749) were awarded to J. P. Cronin
at par and int., it is stated.
BLAIR, Washington County, Neb.-BOND OFFERING.
-Proposals
will be received until 6 p. m. April 20 by W. K. Strode, City Clerk, for
$35,000 5% 5-20-yr. (opt.) coupon taxable municipal electric-light-plant
bonds. Denom. $500. Date Dec. 14 1914. Cert. check for $500,
payable to the "City of Blair", required. The city has no floating debt.
.Assess. val. $503,878. Using newspaper reports, we stated in V. 100,
p. 1108, that these bonds would be sold on April 30.
BOISE CITY, Ada County, Idaho.
-On March 30 the
-BOND SALE.
$23,885 30 1-10-year (ser.) Local Light Impt. District No. 1 bonds, dated
March 1 1915 (V. 100, p. 1017) were awarded to James N. Wright & Co..
Denver,for $24,172 30(101.201) and int., as 6s. The purchaser, it is stated,
also agreed to print the bonds. There were six other bidders.
BROOKLYN HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0.
Cleveland), Cuyahoga County, Ohio.
-On April 5
-BOND SALE.
the $35,000 5% coupon siteourchase and construction bonds(V. 100,P.831)
were awarded to the First Nat. Bank of Cleveland for $35,392 80 (101.122)
and int. Other bidders were:
Hayden, Miller & Co., Cleveland, $35,073 50.
Hoehler, Cummings & Prudden, Toledo, $35,025.
Otis & Company, Cleveland, $35,000.
BROWN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Kil-BONDS NOT SOLD.
-We are told
bourne), Delaware County, Ohio.
that a temporary injunction has been issued restraining the sale of the
$35,000 5% building bonds offered on April 3(V. 100, p. 1017).
-BONDS VOTED.
-The elecBROWNWOOD, Brown County, Tex.
tion held March 23 resulted, it is stated, in favor of the questions of issuing
the $8,000 septic-tank and crematory-construction and $7,000 schoolbuilding bonds (V. 100, p. 749).
BRUNSWICK COUNTY (P. 0. Lawrenceville), Va.-BOND OFFER/NO.
-Proposals will be received until 10 a. m. April 19 by W. T. Sledge,
Clerk Bd. of Co. Supers., for $57,000 coupon bonds at not exceeding 6%
interest. Denom. $500. Date March 5 1915. Int. J. & J. Due $2,000
yearly Jan. 1 from 1919 to 1945, incl., and $1,000 Jan. 11948. The Board
reserves tho right to retain a sufficient number of said bonds to:aggregate
$13,000 to be exchanged for that amount of registered bonds of tho county
now outstanding. A deposit in cash or cert. check for 5% of amount of
the bid required. The county will pay for preparing the bonds.
BUCYRUS, Crawford County, Ohio.
-BOND OFFERING.
-Bids
will be received until 12 m. May 4, it is reported, by Otto Feiring, City
Aud.,for $13,500 5% 3
-year (aver.) sewer bonds. Cert. check for $500 required.
BUFFALO, N. Y.
-BOND RESOLUTION VETOED.
-Newspaper reports state that the Mayor on April 6 vetoed a resolution providing for the
issuance of $270,000 retaining wall-construction bonds.
BOND SALE.
-On Apr. 6 the five issues of 43.6% reg. tax-free bonds,
aggregating $837,382 50 (V. 100, p. 1187, and V. 100, p. 1108), were
awarded to Estabrook & Co., Remick, Hodges & Co. and Harris, Forbes
& Co. on their joint bid of 102.68 for all or none. The other bidders were:
$150,000 $420,000 $118,000 $80,000 $69,382 50
River.
School. 111arkel.Police&Fire Water.
Bankers' Trust Co., Buffalo*_ _102.51
102.51
102.51
102.51 102.51
Hornblower & Weeks and Geo. B.
102.50 102.50 102.50 102.50
Gibbons & Co., N. Y.*
102.50
J. S. Bache & Co., Farson, Son &
Co. and W. N. Coler & Co.,
N. Y., and Bank of Buffalos__ _102.391 102.391 102.391 102.391 102.391
Biodget & Co.and curtis & Sanger,
102.304 102.304 102.304 102.304 102.304
Boston*
Robt. Winthrop & Co. and Colgate, Parker & Co., N. Y.*.... _102.55 101.925 101.925 103.283 103.283
Kean, Taylor & Co. and Kissel,
102.2776 102.2776 102.2776 102.27713 102.2776
Kinnicutt & Co., N. Y.
102.198 102.198 102.198 102.198 102.198
Rhoades & Co.*
E. H. Rollins & Sons. A. B. Leach
& Co. and N. W. Halsey & Co.,
102.05 102.05
102.05 102.05
New York*
102.05
J. S. Bache & Co., Parson, Son dr
Co. and W. N. Coler dr Co.,
101.51
N.Y.,and Bank of Buffalo x... _102.25 101.51
103.51
103.51
101.05 101.05 101.05
Central Nat. Bank, Buffalo*
101.05
101.05
Buffalo Trust Co., Buffalo*
102.3925
Bankers' Trust Co. Buffalo, for
$50,000 water bonds
101
* All or none. x For any issue.
BUFFALO CREEK DRAINAGE DISTRICT NO. 2 (P. 0. Concord),
-Of the 813,000 6% 3-12-year
No. Caro.
-BONDS AIVARDED IN PART.
(ser.) drainage bonds (V. 100, p. 571). $5,900 had been disposed of at par
Denom. $100 and $500. Date Dec. 1 1914. Interest J. & D.
BURTON SCHOOL DISTRICT (P. 0. Burton.), Washington County, Tex.
-BOND ELECTION PROPOSED.-The Commrs. court will be
asked to order an election to vote on the question of issuing $7,000 building
bonds.
CALDWELL, Burleson County, Texas.
-BOND SALE.
-On Mar. 27
$12.000 5% 10-40-year (opt.) paving and grading bonds were purchased,
it is stated, $7,500 by the Permanent School Fund and $4,500 by the City
Sinking Fund.
CALLOWAY COUNTY (P. 0. Murray), Ky.-BOND ELECTION.
An election will be held May 29, it is stated, to vote on the question of
issuing $200,000 road-improvement bonds.
CAMDEN, Preble County, Ohio.
-BOND SALE.
-On April 5 the
-year (aver.) refunding bonds (V. 100, p. 918) were awarded to
$1,000 6% 3
C. A.Smith at 101.50 a basis of about 5.45%. Other bids were:
First Nat. Bk., Camden__ - _101.462'First National Bank, Barnes100.60 I ville
E. S. Flory
100.50
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
-On April 1 the $250,000 40-year property-improveOhio.
-BOND SALE.
ment bonds (V. 100, p. 1109) wore awarded to C. E. Denison & Co. and
Well, Roth & Co. of Cincinnati on their joint bid of 101.783 for 43is-a
basisfof about 4.41%. Other bids were:
Otis & Co., Cleveland
$253,135 00
Seasongood & Mayer, Cincinnati
252,780 00
Stacy& Braun, Toledo
251,692 50
Fiel , Richards & Co., Cincinnati
251,677 00
Breed,Elliott & Harrison and Prov.S.B.& Tr.Co.,jointly,Cin_ 251,325 00
Tillotson & Wolcott Co., Cleveland, and Wm. A. Read & Co,
New York, jointly
250,958 00
Harris, Forbes & Co.. New York
250,750 10
. All bids submitted were for 436% bonds.
h




1279

-On
-BOND SALE.
CANAL DOVER, Tuscarawas County, Ohio.
March 19, at private sale, an issue of $38,500 street-improvement bonds
was sold to local banks at par and interest, it is stated.
CARLTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2
(P. 0. Carlton), Minn.
-The question of issuing
-BOND ELECTION.
$15,000 4% high and grade school-bldg. bonds to the State of Minnesota
will be submitted to a vote on April 13.
CARLYLE, Clinton County, Ills.
-At the election
-BONDS VOTED.
held Mar. 23 the proposition to issue $5,000 water-mains-ext. bonds carried.
it is reported, by a vote of 348 to 38.
CARPI°, Ward County, No. Dak.-BOND ELECTION PROPOSED.
-A petition is being circulated, it is reported, calling for an election to
vote on the question of issuing the $2,500 municipal electric-light
-plant
erection bonds (V. 100. p. 750).
CEDAR RAPIDS, Linn County Iowa.
-BONDS DEFEATED.The election held March 30 resulted, it is stated, In the defeat of the question of issuing $60,000 sewer bonds. The vote was 478 "for" and 897
"against."
CEDARTOWN, Polk County, Ga.-BOND OFFERING.
-Proposals
will be received until 12 m. May 1 by J. C. Walker, City Clerk, for the
$50,000 5% building bonds voted March 20. Int. semi-annually. Cert.
check for $500 required.
CELINA SCHOOL DISTRICT (P.O. Celina), Collin County, Texas.
-BOND ELECTION.
-An election will be held April 19,it is reported, to
vote on the question of issuing $25,000 building and equipment bonds.
CHAGRIN FALLS, Cuyahoga County, Ohio.
-BOND SALE.
-On
April 5 the $8,830 69 5% coupon road-impt. bonds (V. 100, p. 831) were
awarded to Tillotson & Wolcott Co. of Cleveland for $8,865 09 (100.389)
and interest.
Otis & Co., Cleveland
$8,841 691Chagrin Falls Bk. Co
$8,838 19
-BONDS VOTED.
CHICAGO, ms.
-Early returns indicate that the
following bond issues carried at the election held April 6 (V. 100. p. 831):
Police stations, $1.199,000; fire stations, $663,000; bathing beaches and
playgrounds, $600,000; garbage-disposal use plants, $700,000; John Worthy
school dormitory, $60.000; shelter house and farm colony for women,
$250,000; contagious disease hospital, $500,000.
CHAMBERLAIN CITY INDEPENDENT SCHOOL DISTRICT(P.0'
Chamberlain), Brule County, So. Dak.-BOND ELECTION.
-The
question of issuing $18,000 20-year high-schoot-building-erection bonds at
not exceeding 5% int. will be submitted to a vote on April 20.
CHAMPAIGN, Champaign County, Ills.
-BOND ELECTION.According to reports an election will be held April 22 to submit to a vote the
question of issuing $22,000 fire-dept.
-equipment purchase bonds.
CHAPMAN, Dickinson County, Kan.
-BOND ELECTION PROPOSED.
-It is reported that the question of issuing $10,000 municipal
electric-light-plant-erection bonds will be submitted to a vote at the
spring election.
CHARLOTTE,No.ICar.-BONDS DEFEATED.-AccordIng to reports,
the election held March 30 resulted in defeat of the question of issuing
$150,000 school bonds.
CINCINNATI, Ohio.
-BONDS AUTHORIZED.
-The City Councl
on March 10 passed an ordinance providing for the issuance of $1.000,000
436% 40
-year coupon Millcreek trunk sewer bonds. Denom. $100, or
multiples thereof. Date April 1 1915. Int. A. & 0.' These bonds are
part of an issue of $3,000,000 voted Nov. 5 1912.
According to reports, the City Council on March 16 authorized the
issuance of $45,000 park and playgrounds, $2,500 sidewalk-improvement,
$350,000 street-improvement, $11,000 Marshall Ave. improvement and
$26,800 street-improvement bonds.
On March 16 the City Council passed ordinances providing for the Issuance of the following 434% bonds:
$45,000 park impt. Date April 15 1915. Due in 20 years.
11,000 Marshall Ave. impt. (city's portion) bonds. Date April 1 1915.
Due in 20 years.
82,000 Hopple and Beekman Sts. impt. (city's portion) bonds. Date
April 1 1915. Due in 20 years.
2,500 sidewalk impt. (city's portion) bonds. Date April. 15 1915. Due
In 15 years.
26,800 street impt.'(city's portion) bonds. Date March 1 1915. Due in
20 years.
Denomination $100 or multiples thereof.
The following 43i% bonds were authorized by the City Council on
March 23:
$50,000 Ludlaw Ave. improvement bonds. Due in 30 years.
16,500 viaduct bonds. Due in 20 years.
2,500 Race St. and Garfield Place impt. bonds. Due in 10 years.
Denom. $100 or multiples thereof. Date April 1 1915.
CLARE, Clare County, Mich.
-BONDS DEFEATED.
-The question
of issuing the $34,000 municipal electric light bonds (V. 100, p. 1187)
failed to carry at the election held April 5.
CLARIDON TOWNSHIP SCHOOL DISTRICT (P. 0. Marion)
t
-BOND SALE.
Marion County, Ohio.
-Reports state that on April 6
$19,000 59' school bonds were awarded to Spitzer, Rorick & Co. of Toledo
-equal to 101.626. Due from Mar. 1916 to Sept. 1934.
for $19,309 10
These bonds were voted March 26.
CLARKSVILLE, Montgomery County, Tenn.
-BOND OFFERING.Proposals will be received until 12 m. April 15 by T. H. Marable, Mayor.
-30
for $47,100 5% 10 -year (opt.) coupon funding bonds. Auth. Chap. 36
of Private Acts of Gen. Assembly of Tenn., 1915. Denom. $500 or $1,000
at option of purchaser. Date May 1 1915. Int.semi-annually at any bank
mentioned in bid. Bonded debt, including this issue, $367,900. Assessed
valuation 1914, $4,128,950.
-CERTIFICATE OFFERING.
-In addition to
211ICLEVELAND, Ohio.
the seven issues of coupon bonds, aggregating $2,047,000 to be offered on
April 19 (V. 100. p.1017), bids will also be received until 12 m. on that day
for $900.000 47 certificates of indebtedness. Date April 15 1915. Duos
0
Sept. 11915. Cert. or cashier's check for 1% of certificates bid for, payable to City Treas., required.
CODY CANAL IRRIGATION DISTRICT (P. 0. Cody), Park County, Wyo.-BOND SALE.
-The $50,000 67 6
-10-year (ser.) coupon Red
Hill tunnel-construction bonds offered on Feb. 23 (V. 100, p. 415) have
been purchased, reports state, by the Spokane & Eastern Trust Co. of
Spokane.
COITSVILLE TOWNSHIP SCHOOL DISTRICT, Mahonin.g_
County, Ohio.
-BOND OFFERING.
-Proposals will be received untU
7:30 p. m. April 30 by C. F. Shipton, Clerk of Board of Education (R. F. D.
No. 1 Youngstown), for $30.000 5% school bonds. Denom. $500. Date
April 30 1915. Int. A. & 0. at Commercial Nat. Bank, Youngstown.
'
Duo $1,000 yearly on April 30 from 1920 to 1949 incl. Certified check for
$1,000, payable to above Clerk, required. Purchaser to take bonds on
April 30.
COLLINGSWOOD SCHOOL DISTRICT (P. 0. Collingswood),
Camden County, N. J.
-BOND SALE POSTPONED.
-The President of
the Bd. of Ed. advises us that the sale of the $75,000 4%% bldg. bonds
which was to have taken place on Apr. 8 (V. 100, p. 1109) has been Postponed indefinitely.
CONVERSE COUNTY (P. 0. Douglas), Wyo.-BOND SALE.
-On
April 6 the $40,000 536% 10-20-yr. (opt.) coupon court-house-bldg. and
jail-building and equipment bonds (V. 100, p. 750) were awarded to the
Douglas Nat. Bank of Douglas at 105.
Other bids were:
State of Wyoming
$41,960 Sidney Spitzer & Co., Tol___$40,836
Central S. B.& T. Co., Den_ 41,165 C. W.McNear & Co., Chic__ 40,812
Bolger, Messer & Willaman,
Oswald F. Benwell, Denver.._ 40,810
Chicago
41,164 E. H. Rollins & Sons, Denver 40,788
Sweet, Causey, Foster & Co.,
International Tr. Co., Denver 40.465
Denver
40,921 J. R. Sutherlin & Co., KanHanchott Bond Co., Chicago 40,917
sas City
40,404
Hoehler, Cummings & PrudH. T. Holtz & Co., Chicago_ 40,117
den, Toledo
40,862
Elston, Clifford & Co., Chic.. 40,853
CORNING VILLAGE SCHOOL DISTRICT (P. 0. Corning), Perry
-BOND SALE.
County, Ohio.
-On April 5 the $22,000 59' 163i-year
(aver.) site-purchase-construction and equipment bonds (V. 100, p. 1017)
were awarded to Hoehler,Cummings & Prudden of Toledo for $22,143 50
equal to 100.652. a basis of 4.95%•
Terry,Briggs & Slayt., Tol_ 422,115 Stacy & Braun, Toledo
$22,000
Sid. Spitzer & Co., Toledo__ 22.000 Spitzer, Rorick &_Co., Tol
22,000
Weil, Roth & Co., Cin
22,000

1280

TllE CHRONICLE

-BOND SALE.
CRAVEN COUNTY (P. 0. New Bern), No. Caro.
-year 5%%
This county has just disposed of $10,000 17-year and $25,000 32
funding bonds. Date March 1 1915. Int. semi-annual at the Hanover
Nat. Bank of New York.
CRITTENDEN COUNTY DRAINAGE DISTRICT NO. 3 (P. 0.
-Proposals will be received
-BOND OFFERING.
Crawfordsville), Ark.
Swepston, Chairman,for $250,until Apr. 22 by the Dist. Commrs., W. W.
-20
000 6% 5 -year drainage bonds. Cert. check for $1,000, payable to the
District Commissioners, required.
-BOND OFFERING.
-ProCROOKSVILLE, Perry County, Ohio.
posals will be received until 12 m. April 19 by C. L. Dean, VII. Clerk, for
;6,000 5% street-improvement (village's portion) bonds. Auth. Sec. 3821
Gen. Code. Denom. $600. Date May 1 1915. Int. M. & N. Due in
10 years. Cert. check for 2% of bonds bid for, payable to VII. Treas..
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
-BONDS DEFEA7'ED.-We
0ROWVILLE, Franklin Parish, La.
just learn that the election held Aug. 16 resulted in the defeat of the question of issuing the $16,000 5% 1-20-yr. (ser.) high-school-bldg. bonds
(V. 99, p. 489). The vote was 15 "for" and 35 "against."
CROW WING COUNTY INDEPENDENT SCHOOL DISTRICT
-BOND ELECTION.
-An election will
NO. 51 (P. 0. Crosby), Minn.
probably be called, it is stated, to vote on the questions of issuing $100,000
building and $50,000 refunding bonds.
-BOND ELECTION PROPOSED.CUSHING, Payne County, Okla.
-It is reported that this city proposes to vote on the question of issuing
bondsfor park improvement,and securing an unlimited natural gassupply.
-DESCRIPTION OF BONDS.
CUT BANK, Teton County, Mont.
The $8,000 Special Impt. Dist. No. 1 water-works-system-ext. bonds
recently awarded to C. H. Green of Spokane at par (V. 100, p. 919), bear
Interest at the rate of 6% and in denom. of $1,000 each. Date Jan. 11915,
•
Int. ann. Jan. 1. Due $1,000 yearly Jan. 1 from 1915 to 1922, incl.
CUTLER SCHOOL DISTRICT (P. 0. Visalia), Tulare County, Cali
-According to reports, an election wit
-BOND ELECTION PROPOSED.
be held to vote on the question of issuing $25,000 building bonds.
-BOND OFFERING.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
-Proposals will be received until 10 a. m. April 17 by E. G. Krause,
Clerk Beard of County Commissioners, for the following 5% coupon
Berea road-improvement bonds:
$15,157 assess. portion bonds. Denom. (1) $657, (29) $500. Due $657
Oct. 1 1916 and each six months as follows: $500 April 1 1917 to
Oct. 1 1920 incl., $1,000 April 1 1921 to Oct. 1 1922 incl., $1,500
April 1 1923 to April 1 1924 incl. and $2,000 Oct. 11924.
1,499 county's portion bonds. Denom.(1) $499,(7) $1,000. Due $499
April 1 1016 and $1,000 yearly on April 1 from 1917 to 1923 incl.
• Date April 1 1915. Int. A. & 0. at office of Co. Treas. An unconditional certified check on a bank other than the one making the bid, for 1%
of bonds bid for, payable to County Treasurer, required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest. Separate bids must be made for each issue.
-Reports
-BOND ELECTION.
DADE COUNTY (P. 0. Miami), Fla.
state that an election will be held April 20 to submit to a vote the question
of issuing $100,000 Ingraham highway-construction bonds. .
-On April 6
DADE COUNTY (P. 0. Trenton), Ga.-BOND SALE.
the $60,000 5% 19-year gold coupon taxable road bonds (V. 100, pD. 1017)
were awarded to J. H. Hilsman & Co., of Atlanta for $60,055 (100.091)
and int. There were five other bidders.
-On Apr. 6
-BOND SALE.
DALLAS, Gaston County, No. Caro.
the $10,000 6% 30-year funding bonds (V. 100, p. 919) were awarded to the
Citizens' Nat. Bank of Gastonia at 101.50 and int. Purchaser to furnish
blank bonds and pay attorney's fee. Other bids were:
C. H. Coffin, Chicago, $10.251 and blank bonds. No check enclosed.
Jobn Nuveen & Co. Chicago, $10,210 and interest; also furnish blank
bonds. Certified Check enclosed.
Security Savings Bank & Trust Co., Toledo, $10,055 and blank bonds.
Certified check enclosed.
Hoehler, Cummings & Prudden, Toledo $10,025 and int., less $287 50 for
blank bonds and attorney's fee. Certified national bnak check enclosed.
Sidney Spitzer & Co., Toledo, par and interest, less $387 50 for blank bonds
and attorney's fee. National bank check enclosed.
The purchaser enclosed a national bank check with bid. Denom. to be
agreed upon. Date Jan. 1 1915. Int. J. & J.
-BOND ELECTION.
-An election wit
DALLAS, Polk County, Ore.
be held May 10, it is stated, to vote on a charter amendment permitting
the issuance of $52,000 water-plant-purchase bonds.
-BOND SALE.
-On April 5 the $30.
DARBY, Delaware Comity, Pa.
-year (opt.) coupon tax-free street000 of an issue of $50,000 44% 20-30
impt. bonds (V. 100, p. 1109) were awarded to Warner & Fitzharris oi
int.-a basis of about 4.24% to optional date and
Phila. at 103.55 and
about 4.29% to full maturity. Other bidders were:
Reilly,Brock & Co.,Phila.$ 1,023 60 Robt.Cherry Jr. & Co__$30,716 00
,N.Y. 30,654 90
Montg.,Cloth.& Tyler,Phil.30,909 30 Harris, Forbes & Co.
30,626 50
Newb.Hend.& Loeb,Phila. 30,901 00 P. B. Strassburger
Mellon Nat. Bk., Pittsb_- 30,875 00 Ed. V. Kane & Co
30,501 00
Graham & Co., Phila..- _ 30,720 00
All bids provided for payment of accrued interest.
-BOND SALE.
-The
DARLINGTON, Darlington County, So. Car.
$50,000 5% 30-year high-school-building bonds offered on March 30 (V.
100, p. 1109) were awarded, It is stated, on April 2 to the Bank of Darling.
ton.
DAWSON COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Union),
-Bids will be received until 6 p. m. April 26
-BOND OFFERING.
Mont.
(to ho opened April 27) by Daniel Murphy, Clerk Board of Trustees, for
-10
$1,200 8 -year (opt.) coupon school bonds ar not exceeding 6% int.
DAWSON SPRINGS SCHOOL DISTRICT (P. 0. Dawson Springs),
-The $10,000 6%
Hopkins County, Ky.-BONDS NOT YET ISSUED.
1149.year (opt.) building bonds voted Dec. 17 (V. 100, p. 68) have not
yet been issued. Denom. $500. Date Jan. 1 1915. Int. ann. Jan. 1.
DAYTON, Campbell County, Ky.-BONDS TO BE OFFERED IN
-This city will issue on or about August 1 $134,000 4% reSUMMER.
newal and refunding bonds. Denom. $500. Int. semi-annually. Due in
not more than 20 years. Bonded debt, including this issue, $189,000.
No floating debt. Assess. val. 1914 $3,003,815; est. value of all taxable
property $3,604,578.
-BONDS REFUSED.DAYTON, Montgomery County, Ohio.
Accordinglto reports, Hayden, Miller & Co. of Cleveland have refused to
accept the two issues of 5% coupon bonds aggregating $195,000, awarded
them on Feb. 9(V. 100, p. 655).
DEADWOOD, Lawrence County, So. Dak.-BOND ELECTION.
The question of issuing $75,000 water-system-construction and equipment
bonds will be submitted to a vote, it is stated, on April 20.
-BOND SALE.
-On
DECATUR COUNTY (P. 0. Greensburg), Ind.
April 6 the three issues of 4%% 6-yr. (aver.) highway-impt. bonds aggregating $25,480(V. 100, p. 1188) were awarded to C.J. Erdman,it is stated,
for 325,485
-equal to 100.019, a basis of about 4.98%•
-On April 5
-BOND SALE.
DELAWARE, Delaware County, Ohio.
the two issues of 5% coupon street (assess.) and judgment bonds, aggregating $25,514 23 (V. 100, p. 1017) were awarded to Stacy & Braun of
-equal to 101.110. Other bidders were:
Toledo for $25,797 60
Sid.Spitzer St Co., Tol__ 425.784 68 Tillotson & Wolcott Co.,
Cleveland
Ohio Nat. Bk., Columb__ 25.755 29
25,651 85
Seasongood & Mayer, Chi. 25,705 23 A. E. Aub & Co., Cin
25,640 00
Otis & Co.. Cleveland_ _ _ - 25,681 23 Well, Roth & Co., Cin_
25,514 23
-BOND ELECTION PROPOSED.
DENISON,Crawford County,Iowa.
-Reports state that a petition is being circulated asking for an election to
vote on the question of issuing $20,000 deep-well and main-ext. bonds.
DENNISON VILLAGE SCHOOL DISTRICT (P. 0. Dennison),
-BONDS NOT SOLD.
-No bids were reTuscarawas County, Ohio.
-year (aver.) coupon
ceived on March 30, it is stated, for the $7,000 4% 9
school property-impt. bonds offered on that day (V. 100, p. 1017).
-The question of issuing $500,-BOND ELECTION.
DENVER, Colo.
000 ground purchase and hospital-erection bonds will besubmitted to a vote
on May 15.
-No formal bids were received for the $8,000,000
BONDS NOT SOLD.
4%% 30
-year gold coupon municipal-water bonds offered on April 2(V. 100,
p. 1109). Several informal bids offering to take bonds for water rights,
labor, &c., have been taken under consideration.




[VoL. 100.

-The question
DE PERE, Brown County, Wisc.-BONDS VOTED.
of issuing $15,000 bridge-repair bonds carried by a vote of 257 to 138 at an
election held April 6.
-Local papers state that
-BONDS PROPOSED.
DES MOINES, Iowa.
$30,000 bonds will be issued to cover the deficit in the general fund.
-The
-BOND ELECTIONS.
DEWITT COUNTY (P.O. Cuero), Tex.
Commissioners' Court has ordered an election for April 22 to be held at
Cuero, Edgar and Concrete, to vote on the proposition to issue $35,000
road-impt. bonds.
The question of issuing $50,000 5% 20-40-year (opt.) Yoakum Precinct
road-construction bonds will be submitted to a vote on April 17.
-BOND ELECDIXON TOWNSHIP (P. 0. Dixon), Lee County, Ills.
-It is stated that petitions are being circulated calling
TION PROPOSED.
for an election to vote on the question of issuing $80,000 Rock River
bridge-construction bonds.
-BOND
DONNA IRRIGATION DISTRICT (P. 0. Donna), Tex.
-An election will be held some time in April to
ELECTION PROPOSED.
vote on the question of issuing $800,000 5% 40-year bonds for the purpose
of taking over the present property of the La Donna Canal Co. and to
complete the canal over the entire district.
DONNELLSON SCHOOL DISTRICT (P. 0. Donnellson), Lee
-An election held recently resulted, it is
County, Iowa.
-BONDS VOTED.
reported, in favor of the question of issuing $18,000 school-building bonds.
-BOND
DORMONT (P. 0. Pittsburgh), Alleghany County, Pa.
-An election will be held April 24 to submit to a vote the
ELECTION.
question of issuing $25,000 building and equipment bonds.
-An election
DUNDEE (P. 0. Omaha), Neb.-BOND ELECTION.
will be held April 17, reports state, to decide whether or not this village
shall issue $35,000 6% 20-year electric-light-system-installation bonds.
DUNSMUIR, Siskiyou County, Calif.
-BONDS AUTHORIZED.
The Trustees have passed a resolution, it is stated, authorizing the issuance
of $25,000 street-improvement bonds.
EAGLE TOWNSHIP SCHOOL DISTRICT, Brown County, Ohio.-A "Batavia" newspaper states that this district at a
BONDS VOTED.
recent election voted in favor of the issuance of $14,750 building bonds.
-BONDS AUEAST LIVERPOOL, Columbiana County, Ohio.
-The City Council passed an ordinance on Feb. 10 providing
THORIZED.
-improvement bonds.
for the issuance of $375,000 5% coupon water-works
1915. Int. ann. at office of City Treas.
Denom. $1,000. Date April 1
Due $15.000 April 1 1924 and $10,000 yearly on April 1 from 1925 to 1960
inclusive.
EAST ST. LOUIS SCHOOL DISTRICT (P. 0. East St. Louis), St.
-The question of issuing $309,-BOND ELECTION.
Clair County, Ills.
000 building bonds will be submitted to the voters on April 17,it is stated.
-BONDS VOTED.
-At the
EATON RAPIDS, Eaton County, Mich.
election held Apr. 5 the question of issuing the $16,000 pavement bonds
carried, it is stated.
(V. 100, p. 1188)
-By a
EAU CLAIRE, Eau Claire County, Wisc.-BONDS VOTED.
vote of 1,117 to 712 the question of issuing the $50,000 1-20-year (ser.)
city-hall-constr. and equipment bonds (V. 100, p. 1188) carried at the election held Apr. 6. These bonds will not be offered for sale before June 1.
EDENTON GRADED SCHOOL DISTRICT (P.O. Edenton), Chowan
-Proposals will be received until'
-BOND OFFERING.
County, No. Car.
June 15 by R. W.Boyce, Clerk of the Board of School Trustees,for $25,000
school bonds. Int. semi-annual.
5% 25-yr.
-BOND
EDEN TOWNSHIP (P. 0. Melmore), Seneca County, Ohio.
-Proposals will be received until 12 m.April 27 by G. B.Deats,
OFFERING.
Township Clerk, for $20,000 5% coup. road-improvement bonds. Auth.
Sec. 7004, Gen. Code. Denom. $500. Int. M. & S. Due $500 yearly
on March 1 from 1921 to 1926 incl., $1,000 March 11932, $500 each six
months from Sept. 1 1932 to Sept. 1 1937 incl. and $1,500 each six months
from Mar.1 1938 to March 1 1941 incl. Certified check for $500, payable
to Township Treasurer (or cash), required. Bonds to be delivered and paid
for within 10 days from April 27.
EDINBURGH TOWNSHIP SCHOOL DISTRICT, Portage County,
-On April 1 the $2,800 5% building bonds (V. 100,
-BOND SALE.
Ohio.
p. 1018) were awarded to Hoehler, Cummings & Prudden of Toledo at a
small premium. Sidney Spitzer & Co. of Toledo bid par.
-BOND ELECTION
ELLENSBURG, Kittitas County, Wash.
-Reports state that an election will be held to vote on the
PROPOSED.
issuing $55,000 municipal-lighting-system-improvement
question of
bonds.
-On April 7
-BOND SALE.
ELM CITY Wilson County, No. Caro.
20-yr. coup. water-works and sewerage-funding bonds
the $7,000 6
were awarded to John Nuveen & Co. of Chicago for $7,020
(V. 100, p. 1188)
-equal to 100.285. Other bids were:
$7,010
Hoehler, Cummings & Prudden, Toledo
7.007
C.II. Coffin. Chicago
-BONDS VOTED.
-The proELMHURST, Dupage County, Ills.
water-plant bonds carried, reports
position to issue $30,000 municipal
state, at the election held March 27 by a vote of 803 to 132.
EWING TOWNSHIP (P. 0. Trenton Junction), Mercer County
-At the election held March 20 the propo
-BONDS DEFEATED.
N. J.
slaon to issue $30000 pchool-building bonds was defeated, a vote of 45
"for" to 343 "against.'
-BONDS PROFAIRFIELD COUNTY (P. 0. Bridgeport), Conn.
-We are advised that this county is preparing for the sale of $273,POSED.
000 court-house-imPt. bonds.
FAIRFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Columbiana),
-BOND SALE.
-On April 1 the $40,000 5%
Columbiana County, 01110.
10%-year (aver.) school bonds (V. 100, p. 1109) were awarded to Hoehler.
Cummings & Prudden for $40,288 75 (100.721) and int.-a basis of about
4.91%. Other bidders were:
,
Sidney Spitzer & Co., Tol_ _$40,166 rayden, Miller & Co. Clev_ $40,032
40,150 Tillotson & Wolcott Co.,
Otis & Co., Cleveland
Cleveland
40,000
Farm.& Merch.Bk.,Leetonia 40,053
-BONDS DEFEATED.
-The
FALLS COUNTY (P. 0. Marlin), Tex.
ilertr i i3.
00
6 (1e 1 o
e ttit)(0
y a h335 0g)0 arr i a ITo 1 road bonds (V. 100, p.
yiscigsfiatlini too
carry
ed
-On March 31
FARGO, Cass County, No. Dak.-WARRANT SALE.
the $140,000 paving warrants (V. 100, p. 1110) were awarded, jointly,
to the Minneapllis Trust Co. and the Minnesota Loan & Trust Co. of
Minneapolis for $142,060 (101.471) as 68. Other bids were:
'Northern Say. Bk., Fargo_ _ _ _Par
Wells & Dickey Co., Minne$142,050'Dakota Trust Co., Fargo
Par
polls
tenom.$500 and $1,000. Date June 11915. Int. ann. April 15. Due
serially from 1 to 15 years, subject to call part before maturity.
FERGUS COUNTY SCHOOL DISTRICT NO. 121 (P. 0. Smith),
-The sale of the $2,000 6% 7
-10-year (opt.)
-BOND OFFERING.
Mont.
building bonds, which was to have taken place on March 6, has been exApril 24.
tended until
FINDLAY, Hancock County, Ohlo.-BOND OFFERING.-Bids wilt
be received until 12 m. April 28 by R.0. Mungon,City Auditor,for $25,135
57,, Hagerman Run road-improvement bonds. Auth. Sec. 3914, Municipal
Code. Denom. (1) $635,(49) $500. Date May 15 1915. Int. semi-ann.
Due $1,135 May 15 1916 and $500 yearly on May 15 from 1917 to 1925
incl. Certified check for 3% of bonds bid for, payable to City Treasurer,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
FINNEYTOWN SPECIAL SCHOOL DISTRICT NO. 10, Springfield Township (P. 0. Mt. Healthy R. F. D. No. 15), Hamilton County,.
-On April 1 the $12,000 5% 40-year building and
-BOND SALE.
Ohio.
equipment bonds (V. 100, ip. 919) were awarded to Tillotson & Wolcott Co..
of Cleveland at 101.66 and int.-a basis of about 4.88%. The First Nat.
Bank bid $12,025.
-An election
-BOND ELECTION.
FLORENCE, Lane County, Ore.
will be held Juno 7, it is stated, to vote on the questions of issuing $10,000
water-system, $3,500 street-intersections, $1,5001city-hall and $1,000 cityjail bonds.
-An
FLOYD COUNTY (P. 0. Rome), Ga.-BOND ELECTION.
election will be held April 27, reports state, to vote on the propositions to.
issue $260,000 bridge building and $25,000 city-hospital (county's portion).
bonds.
FOND DU LAC, Fond du Lac County, Wis.-BONDS VOTED.
The quo,tion of issuing $40,000 school-bldg. bonds (V. 100, p. 919) failed

APR. 10 1915.]

THE CHRONICLE

1281

-BOND OFFERING.-131ds
GREENVILLE, Darke County, Ohio.
to carry at the election held April 6. The vote was 663 "for" and 2,065
will be received until 12 m. April 12 by C. R. Jobes, City Auditor, for
"against."
improvement (assessment)
coupon
VOTED.
-At a $5,309 65 5% Sept. 15taxable Washington Ave. except bond No. 10, which
FORDVILLE, Walsh County, No. Dak.-BONDS
bonds. Date
1914. Denom.$530 96,
recent election the question of issuing city-hall, fire-station and jail bonds is for $531 01. Int. ann. on Sept. 15 at Greenville. Due from 1915 to
stated, by a vote of 38 to 17.
carried, it is
1924 incl. Certified check for 57, payable to City Treasurer, required.
FORT COLLINS SCHOOL DISTRICT NO. 5 (P. 0. Fort Collins) Bonded debt (not including this issue), $245,257; floating debt, $9,264.
-The question of issuing Assessed valuation, $8,910,870.
-BOND ELECTION.
Larimer County, Colo.
Bonds to be delivered and paid for within 10 days from time of award.
$36,000 high-school-building bonds will be submitted to a vote, it is stated,
Purchaser to pay accrued interest.
•on April 12.
-BOND ELECTION.
GREENVILLE, Greenville County So. Caro.
FORT MADISON INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
- -Local papers state that an election will be held April 20 to submit to a
-BOND ELECTION POSTPONED.
Madison), Lee County, Iowa.
The election which was to have been held March 8 to vote on the issuance vote the questions of issuing $100,000 street-ext., 45,000 city-hospital
of the $38,000 high-school-building-impt. bonds (V. 100, p. 750) was not enlargement and $25.000 sewer-ext. bonds.
held. The Secy. Board of Eeucation advises us that the question of issuing
GREENVINE SCHOOL DISTRICT (P. 0. Brenham), Washington
bonds has been postponed for a year.
County, Tex.
-The County Judge
-BOND ELECTION PROPOSED.
-On March 31 has been petitioned, it is stated, to call an election to vote on the question of
-BOND SALE.
FOSTORIA, Seneca County, Ohio.
the $75,000 5% 13%-year (aver.) water-works-improvement bonds (V. 100, issuing $1.500 building bonds.
p. 919) were awarded to Breed, Elliott & Harrison of Cincinnati at 102.91
GREENWICH, Conn.
-BOND SALE.
-On April 3 the $100,000 434%
and int.-a bais of about 4.72%.
33
%-year (aver.) gold coupon (with priv. of reg.) highway bonds (V. 100,
FRANKENMUTH TOWNSHIP (P. 0. Frankenmuth), Saginaw p. 1110) were awarded to Kissel, Kinnicutt & Co. of N. Y. at 100.513-Bids will be considered until April 15 a basis of about 4.35%. Other bids were:
County, Mich.
-BOND OFFERING.
for the $10,000 road bonds authorized by a vote of 199 to 67 at the elec- Montg.Cloth.& Tyler, Phila.100.20 I Harris, Forbes & Co., N. Y_100.081
tion held April 5 (V. 100, p. 1188). Int. rate not exceeding 4%. Due in R. L. Day & Co., Boston_ _ _100.14[Spitzer, Rorick & Co., N. Y_100.05
1928 and 1929.
GRIMES COUNTY (P. 0. Anderson), Texas.
-BONDS DEFEATED.
-BOND OFFERING • -The question of issuing $65,000 road bonds for Road Dist. No. 5 in
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Bids will be received by John Scott, Clerk until 10 a. m. Apr. 24 for Precinct No. 1 failed to carry at the election held March 3(V. 100, p. 751)•
Int. M.& The vote was 41 "for" and 57 "against.'
$80,000 5% bridge bonds. Denom. $500. Date May 1 1915.
N. at office of County Treas. Due $20,000 May 11918, 1920, 1922 and
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-BONDS NOT
1925. Certified check (or cash) on a solvent national bank or trust co. for
-No sale was
11of bonds bid upon, payable to Board of County Commissioners,dre- SOLD. it is stated. made of the $27,500 5% bridge bonds oftered on
April 6,
-V. 100, p. 1018.
t urn
auf
rgathAd inathawssuance of
s
ma f e iard aa
cwirtplgeeftraiggrat occall
on
HAMDEN SCHOOL DISTRICT (P. 0. Hamden), Vinton County,
successful
gesed1;onds
-BOND ELECTION.
-The question of issuing $12,000 building
reasonable length of time will be allowed purchaser for examination of Ohio.
bonds will be submitted to the voters on April 17, it is stated.
same. Purchaser to pay accrued interest.
HAMILTON, Butler County Ohio.
-BOND" OFFERING.
-Bids will
-BONDS • NOT
FRANKLIN TOWNSHIP, Summit County, Ohio.
-year be received until 12 m. April 30 by Ernst E. Erb, City Auditor, for the
SOLD.
-No bids were received on April 3 for the $5,945 05 5% 3
(aver.) coupon highway-improvement 'ponds offered on that day. (V. 100, following bonds:
$12,923 60 434% Greenwood Ave.improvement bonds. Date Dec. 1 1914.
p. 1110.)
Due $1,292 36 yearly on Dec. 1 from 1915 to 1924 incl.
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Hudson),
10,000 00 5% water-works bonds. Denom. $500. Date Feb. 1 1915.
-The question of issuing
-BONDS DEFEATED.
Summit County, Ohio.
Due $500 yearly on Feb. 1 from 1916 to 1925 incl.
by a
$10,000 building bonds was defeated at the election held Feb. 20
4,000 00 5% sanitary-sewer-constr. (city's portion) bonds. Denom.
vote of 104 "for" to 144 "against," it is reported
$500. Date Jan. 1 1915. Due $1,000 yearly on Jan. 1
-On Mar. 20
-BOND SALE.
from 1916 to 1919 incl.
FREEPORT, Harrison County, Ohio.
Int. semi-ann. Certified check for 5% of bid, payable to City Treasurer,
the $1,000 6% 234-year (aver.) public-hall-construction • bonds (V. 100,
p. 751) were awarded to the First Nat. Bank of Barnesville at 100.50-a required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
basis of about 5.76%•
-BOND OFFERING.
-Pro
-BOND ELECTION
HANCOCK COUNTY (P. 0. Findlay), Ohio.
FREMONT, Sandusky County, Ohio.
-This county, according to reports, is contemplating calling
posals will be received until 2 p. m. Apr. 20 by F. J. Fischer, City Auditor, PROPOSED.
for $15,000 5% Wayne St. impt. (assess.) bonds. Denom. (20) $500, an election to vote on the proposition to issue about $100,000 county
(20) $250. Date Apr. 1 1915. Int. A. & 0. at office of Sinking Fund infirmary-building bonds.
Trustees. Due $750 each six months from April 1 1917 to Oct. 11928,
-BONDS
HANFORD SCHOOL DISTRICT, Kings County, Calif.
inclusive. Certified check for $300, payable to City Treasurer, required. DEFEATED.
-The question of issuing $12,000 building bonds failed, to
Bonds to be delivered and paid for within ten days from time of award. carry, it is reported, at a recent election.
accrued interest.
Purchaser to pay
HANOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Hamilton),
FREMONT INDEPENDENT SCHOOL DISTRICT (P. 0. Fremont), Butler County, Ohio.
-The question of issuing the
-BONDS VOTED.
-BOND OFFERING.
-Proposals will be received
Mahaska County, Iowa.
$20,000 building bonds (V. 100, p. 1019) carried by a vote of 90 to 64 at the
Norton, Secretary of Board of Directors, election held March 22, it is stated.
-until 1:30 p. m. April 12 by A. P.for $30,000 5% building bonds. Auth. Laws of Iowa, Sec. 2820a, 35th
HARBOR BEACH SCHOOL DISTRICT (P. 0. Harbor Beach),
G. A., Ch. 10; also vote of 169 to 16 at an election held Feb. 26. Denom.
-PRICE PAID FOR BONDS.
-We are advised that
$500. Date May 1 1915. Int. M.& N. at place to suit purchaser. Due Huron County, Mich.
$1,500 yearly May 1 from 1917 to 1924 incl. and $18,000 May 1 1925. the price paid for the $16,500 434% building bonds awarded to John F.
Cashiers certified check for $1,000 required. These bonds are exempt from McLean & Co. of Detroit on March 25 (V. 100, p. 1189) was 100.34.
taxation in Iowa. The district has no bonded debt. Floating debt, $800. Denom. (16) $1,000, (1) $500. Date April 1 1915. Int. A. & 0. Due
Actual value of all property, equalized, 1914, $756,315; assess. val., $1,000 yearly on April 1 from 1922 to 1928 incl. and $9,500 April 1 1929.
equalized, 1914, $162,503. Official circular states that there is no controHARRISON, Hamilton County, Ohio.
-BOND OFFERING.
-Bids
versy or litigation pending or threatened affecting the corporate existence will be received until 12 M. April 13 by L. A. Cook, Vil. Clerk, for $1,500
or the boundariesofsaid district, or the title of its present officials to their 59' refunding bonds, series 1. Auth. Sec. 3916, Gen. Code. Denom.
respective offices, or the validity of these bonds, and there never has been $500. Date Jan. 1 1915. Int. ann. Due $500 in 18, 19 and 20 yrs.
any default in the payment of any of the city's obligations; also no previous Cert. check for 10% of bonds bid for, payable to VII. Treas., required
Issues of bonds have been contested. Purchaser will be required to furnish Bonds to be delivered and paid for within 10 days from time of award.
the bonds and coupons. These bonds were previously offered on April 1 Purchaser to pay accrued interest.
(V. 100, p. 1018), but no satisfactory bids were received.
HARRISON COUNTY (P. 0. Corydon), Ind.
-BOND SALE.
-On
FRESNO COUNTY RECLAMATION DISTRICT NO. 1606 (P. 0. Mar. 27 the 52,600 434% 6-year (ave.) highway improvement bonds
-The County Treas. advises (V. 100, p. 1019) were awarded to the Corydon Nat. Bank of Corydon for
-BONDS NOT YET SOLD.
Fresno), Calif.
us under date of March 15 that no sale has yet been made of the $600,000 $2,605 (100.192) and int.-a basis of about 4.489'. Other bidders were:
6% bonds offered without success on Jan. 28 (V. 100, p. 492).
Frank Self
$2,604'First Nat. Bank of Corydon_ _$2,600
Denom. $130. Date Mar. 4 1915. Int. M.& N. Due $130 each six
-A
FULTON COUNTY (P. 0. Hickman), Ky.-BOND ELECTION.
vote will be taken on May 22, it is stated, on the proposition to issue months from May 15 1916 to Nov. 15 1925 incl.
$300,000 road-building bonds.
HARRISON SCHOOL DISTRICT (P. 0. Harrison,) Boone County,
GALLITZIN, Cambria County, Pa.
-Gunter & Sawyers of Little Rock have purchased
-BONDS VOTED.
-BOND SALE.
-At the elec- Ark.
tion held April 6 the proposition to issue the $60,000 water-plant-constr. $10,000 6% 16-25-year (ser.) building bonds. Denom.$500. Date Apr. 1
bonds (V. 100, p. 1188) carried by a vote of 258 to 1.
1915. Int. A.& 0.
HARRIS TOWNSHIP (P. 0. Elmore), Ottawa County, Ohio.
GALT SCHOOL DISTRICT (P. 0. Galt), Sacramento County, Cal.
-Bids will be received until 12 in. April 28 by H. E.
-The question of issuing $17,000 building bonds will BOND OFFERING.
-BOND ELECTION.
Burman, Twp. Clerk, for $18,000 5% coup. road-impt. bonds. Denom.
be submitted to a vote, it is stated, to-day (April 10.)
$500. Date Mar. 1 1915. Int. M. & S. at office of Twp. Treas. Due
GENEVA SCHOOL DISTRICTI(P. 0. Geneva), Kane County, Ills. $1,000 yrly. on Mar. 1 from 1931 to Mar. 1 1944 incl. and $4,000 Mar. 1
-The proposition to issue the $30,000 building
-BONDS DEFEATED.
1945. Cert. check or certificate of deposit for $200 required. Purchaser
bonds (V. 100, p. 1018) failed to carry at the election held March 20 by a to pay accrued interest.
vote of 191 "for" to 242 "against."
HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Adams County,
-BOND SALE.
GIBSON COUNTY (P. 0. Princeton), Ind.
-On
-The election to vote on the question of issuing
-year (aver.) highway-improvement bonds, Neb.-BOND ELECTION.
April 6 the two issues of*4% 6
(V. 100, p. 1110), were awarded to J. F. Wild & Co. the $130,000 building bonds (V. 100, p. 752) will be held April 20.
aggregating $23,000
HAYWARD SCHOOL DISTRICT (P. 0. Hayward), Alameda
ol Indianapolis at par and interest.
-The date for the election
County, Calif.
-NO ACTION YET TAKEN.
GLOUSTER VILLAGE SCHOOL DISTRICT (P. 0. Glouster), to vote on the question of issuing the $35,000 manual arts and domestic
-BOND SALE.
-On April 6 the $25,000 5% science bldg. bonds (V.99, p. 1849) has not yet been decided upon.
Ohio.
Athens County,
2034-yr. (aver.) coupon school bonds (V. 100, p. 1110) were awarded to
HEMET Riverside County, Calif.
-BOND OFFERING.
-Proposals
Hoehler, Cummings & Prudden of Toledo, it is stated.
will be received until 7:30 p. m.April 12 by C. M.Dietterich, City Clerk,for
-BOND SALE.
-On April 5 the the following 6% gold coupon bonds voted Feb. 9:
GOSHEN, Orange County, N. Y.
100, p. 1110) were awarded to Isaac W. $3,000 sewer farm impt. bonds. Due $300 yearly April 10 from 1916 to
$25,000 434% sewer bonds
1925 incl.
at 100.62. Other bidders were:
Sherrill Co. a Poughkeepsie(V.
2,000 fire-protection bonds. Due $200 yearly April 10 from 1916 to
100.182
Harris, Forbes & Co., N Y
1925 incl.
101.11
Middletown Savings Bank, Middletown
Denom. $100. Date April 10 1915. Int. A. & 0. at the City Treas.
Goshen Savings Bank, Goshen
100.000
office. The bonds will be ready for delivery on or about April'15. Cert.
These bonds are the remaining portion of an issue of $100,000.
check on some responsible bank of California for 5% of bonds bid for, pa,v-DESCRIPTION able to the City Treas., required. Bids must be unconditional. Purch.
GRAND JUNCTION, Hardeman County, Tenn.
-The $10,000 6% school-building bonds awarded at private to pay accrued interest.
OF BONDS.
March 22 to Bowman, Cost & Co. of St. Louis (V. 100, p. 1188),
sale on
HEMINGWAY SCHOOL DISTRICT (P. 0. Hemingway), Williams.
are in the denom. of $500 and dated July 11914. Int. Jan. & July. Due
-BONDS VOTED.
-By a vote of 55 to 29,
burgh County, So, Caro.
July 1 1934, no option.
GRAND RAPIDS, Kent County, Mich.
--RESULT OF BOND ELEC- the question of issuing $15,000 bldg. bonds carried, it is stated, at an elec-At the election held Apr. 3 the question of issuing $115,000 water tion held March 23.
TION.
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND SALE.
-On
bonds carried, it is stated, while the proposition to issue $60,000 armory and
convention bonds was defeated.
Mar. 31the three issues of 5% bonds were awarded as follows:•
bridge bonds to Sidney
at 102.108.
• GRANT COUNTY (P. 0. Sheridan), Ark.
-DESCRIPTION OF $25,000 road bonds to Hoehler,Spitzer & Co. of Toledo of Toledo at
15,000
Cummings & Prudden
100.93.
-The $160,000 Dist. No. 1 road-improvement bonds awarded
BONDS.
21,700 road bonds to Hayden, Miller & Co. of Cleveland for $21,813
on March 16 to Gunter & Sawyers of Little Rock (V. 100, p. 1188) bear
, .,
equal to 100.520.
interest at the rate of 6% and are dated April 11915. Int. A. & 0. Due
Other bidders were:
serially from 1 to 25 years.
Provident Savings Bank & Trust Co., Cincinnati
$62,438 59
GRANTSVILLE, Calhoun County, W. Va.-BID REJECTED
- Tillotson & Wolcott Co., Cleveland
62,209 70
-Only one bid was received for the $7,500 water and Commercial State Bank, Napoleon
NEW OFFERING.
62,084 00
$2,500 sewer 6% coupon bonds offered on April 5 (V. 100, p. 1188). This Well, Roth & Co., Cincinnati
62,029 40
offer was unsatisfactory and the same was rejected. New bids will be Seasongood & Mayer, Cincinnati (for $25,000)
25,395 00
received until May 3.
Durbin Bank, McClure (for $10,000)
10,025 00
HICKMAN COUNTY (P. 0. Centerville), Tenn.
-BONDS DEGRAYSON COUNTY (P. 0. Sherman), Tex.
-BOND ELECTION.
An election will be held April 17, it is stated, to vote on the proposition to FEATED.-Iteports state that the proposition to issue $200,000 roadOr
constr. bonds was defeated at an election held March 27.
issue $900,000 5% road bonds.
HILL CITY, Aitkin County, Minn.
-BOND SALE.
-On April 2 the
GREENE COUNTY (P. 0. Jefferson), Iowa.
-BOND ELECTION
that an election will be held to submit to a $10,000 6% coupon funding bonds (V. 100, p. 1110) were awarded to C. H.
PROPOSED.
-It is reported
Coffin of Chicago at 100.11. The Commercial Investment Co. bid par.
vote the proposition to issue $150,000 court-house-erection bonds.
GREENFIELD TOWNSHIP, Huron County, Ohio.
-BIDS.
-The Denom. $1,000. Date Mar. 11915. Int. M.& S. at place designated by
following bids were received on Mar.29 for the $20,000 of an issue of $60,000 purchaser. Due $1,000 yearly Mar. 1 from 1920 to 1929 incl. Bonded
debt, $15,000; floating debt, $10,000. Assess. val. 1914, $109,000.
5% coup. road bonds offered on tnat day (V. 100, p. 920):
HOLLY SPRINGS Marshall County, Miss.
Ifoehler, Cummings & Prudden. Toledo, $20,010 less $150 for printing.
-BOND OFFERING.Albert Herr, Mayor, will receive bids (sealed or verbal) until 8 p. m. Apr. 13
Stacy & Braun, Toledo, $20,007.
.
for $15,000 6% 10-30-year (opt.) coup. tax-free street-impt. bonds. Auth.
Sidney Spitzer & Co.,Toledo,$20,005 less $175 for blank bonds and expense
,




I

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1282

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Sec. 3415, Chap. 99, Miss. Code of 1906. Denom. $500. Date May 1
1915. Int. M.& N. at Holly Springs. Cert. check for 10%, pyaable to
the Mayor, required. Bonded debt,including this issue, $92,200. Assess.
val. 1914, $939,861.
HOPEWELL TOWNSHIP (P. 0. Bascom), Seneca County, Ohio.
BOND SALE.
-On April 3 the $20,000 5% road bonds (V. 100, p. 1019)
were awarded to the Tiffin Nat. Bank of Tiffin at 100.63 and int. Other
bids were:
Hoehler, Cummings & Prudden, Toledo, $20,137, less attorney's fees.
Hayden, Miller & Co., Cleveland, $20,000.
Sidney Spitzer & Co., Toledo, $20,000, less $200 for attorney's fees.
HOPKINS COUNTY (P. 0. Madisonville), Ky.-BOND ELECTION.
-The question of issuing $300,000 road bonds will be submitted to a vote.
St is stated, on May 29.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-BONDS AWARDED
IN PART.
-Reports state that of the six issues of 43V highway-impt.
bonds, aggregating $31,440, offered on March 30 (V.100, p. 1110), four
issues, aggregating $30,220, were awarded to J. F. Wild & Co. of Indianapolis for $30,225
-equal to 100.016.
HUGHES TOWNSHIP (P. 0. Maryville), Nodaway County, Mo.BONDS VOTED.
-By a vote of 209 to 92,the proposition to issue $30,000
bridge and culvert-impt. bonds carried, it is stated, at an election held
March 30.
HUMBOLDT COUNTY (P. 0. Winnemucca), Nev.-BONDS PROPOSED.
-The Board of County Commissioners has been authorized by an
-year
Act of the State Legislature to issue not more than $15,000 6% 15
gold, coupon, site-purchase, high-school-building and equipment bonds.
Denom. $500. Int. ann. on July 1 at the County Treasurer's office.
-BOND SALE.
-The $40,000
in HUNTSVILLE, Madison County, Ala.
5% 20-30-yr. (opt.) school-building bonds offered without success on
March 16 (V. 100, p. 1019) have been sold, it is stated, to L. M.Weathers
& Co.of Memphis at par and legal expenses.
HUTCHINSON, Reno County, Kans.-BONDS VOTED.
-By a vote
of 3113 to 1386, the question of issuing the $30,000 5% 20
-year coup. railroad aid bonds (V. 100, p. 920) carried at the election held Mar. 29. Debora. $500. Int. J. & J. at the fiscal agency of the State of Kansas.
-An issue of $200,000 43 % 10 -year (opt.)
IDAHO.
-BOND SALE.
-20
State road bonds was awarded on Feb. 11 to the Continental & Commercial
Savings Bank of Chicago at par, interest and printed bonds. Denom.
$1,000. Date Jan. 1 1915. Int. J. & J. These bonds take the place of
the $200,000 4% bonds sold to 0. 0. Kalman & Co. of St. Paul (V. 98, p.
2010).
INDIANAPOLIS, Ind.
-TEMPORARY LOAN.
-On April 5 the $50,
000 track-elevation fund notes dated April 6 1915, and maturing May 16
1915(V. 100.1D. 1189), were awarded to the Indiana Tr. Co. of Indianapolis
at 3% int. The Fletcher-Amer. Nat. Bank, Aetna Tr. & Says. Co. of
Indianapolis and Otto Haneisen & Co. each bid 4% int.
IOLA SCHOOL DISTRICT (P. 0. Iola), Allen County, Kan.
-The election held March 9 resulted in the defeat
BONDS DEFEATED.
of the question of issuing the $80,000 high-school-bldg. bonds (V. 100, p.
752).
IREDELL COUNTY (P. 0. Statesville), No. Caro.
-BOND OFFER-Proposals will be received until 10:30 a. m. Apr. 19 by N. B. Mills,
ING.
Chairman Board of County Commissioners, for $80,000 5% coupon funding bonds. Denom. $1,000. Date May 1 1915. Int. semi-annually at
Commercial Nat. Bank of Statesville, Due $3,000 yearly May 1
from 1920 to 1944,incl., and $5,000 May 11945. Cert. check or bank draft
for 2% of par value of bonds, payable to County Treasurer, required. Total
indebtedness, including this issue, $512,000. Assess, value of property
1914, $12,940,000; real value $28,000,000. Prior to delivery of bonds will
furnish legal opinion of Storey, Thorndike, Palmer & Dodge of Boston as
to legality of issue. Official advertisement states that there is no litigation
pending or threatened affecting this issue and that the county has never
defaulted in the payment of principal or interest of any of its obligations.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-BOND OFFERING.
IRONTON, Lawrence County, Ohio.
-Proposals will be received until 12 M. Apr. 15 by Percy W. Dean, City Aud..
for $12,200 5% 20-year coup. taxable street-impt. (city's portion) bonds.
Auth. Sec. 3821, Gen. Code. Date Mar. 1 1915. Int. M. & S. at City
Treasury. Certified check for $200, payable to City Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. Bonded debt (Incl. this issue),$599,959;
floating debt,$22,600. Assess. val. 1914, $16,000,000. These bonds were
awarded to A. E. Aub & Co. on Feb. 24(V. 100. p. 752).
-BONDS DEFEATED.
JACKSON, Hinds County, Miss.
-The election held March 13 resulted ,it is stated, in the defeat of the question of
issuing the $160,000 5 % municipal electric-light-plant bonds (V. 100,
D.752). The vote was 422 "for" and 687 "against."
JACKSON SCHOOL TOWNSHIP (P. 0. Hartford City), Black-BOND OFFERING.
-Bids will be received until 1
ford County, Ind.
p. m. April 17, it is stated, by Geo. W. Brown, Twp. Trustee, for $4,000
4A % 8-year school bonds.
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.
-Reports state that on April 8 the $33,000 5% coupon road
BOND SALE.
bonds (V. 100, p. 1019) were awarded to Sidney Spitzer & Co. of Toledo
-equal to 100.321.
for $33,106
JACKSONVILLE, Athens County, Ohio.
-BOND SALE.
-Tae Security Says. Bank & Tr. Co. of Toledo was awarded on Mar. 29 the $480
Sixth St. impt. and $1,850 Seventh St. impt. 6% 53 -year (aver.) coup.
(assess.) bonds (V. 100, p. 833) for $2,361 40 (101.347) and int.-a basis
of about 5.69%. There were no other bidders.
-BOND OFFERING.JASPER COUNTY (P. 0. Rensselaer), Ind.
Bids will be received until 1 p. m. April 14 by A. A.Fell, Co. Treas., for
the following 5% ditch bonds:
$130,591 30 Marble-Powers et al ditch bonds. Denom. (1) $1,591 30,
(129) $1,000. Date April 1 1915. Due $13,591 30 June 1
1916 and $13,000 yearly on June 1 from 1917 to 1925 incl.
8,989 76 Clifton J. Hobbs et al ditch bonds. Denom. (1) $889 76,
(9) $900. Date March 11915. Due $889 76 June 1 1916 and
$900 yearly on June 1 from 1917 to 1925 incl.
-BOND SALE.
JAY COUNTY (P. 0. Portland), Ind.
-On Apr. 1
the four issues of 4A % highway-impt. bonds, aggregating $37,300(V. 100,
p. 1111), were awarded, reports state, to 0. R. Easterday of Portland for
equal to 100.160.
$37,306,
_ JEFFERSON SCHOOL DISTRICT (P. 0. Jefferson), Greene
-BONDS DEFEATED.
-The question of issuing $50,000
0 County, Iowa.
bldg. bonds failed to carry, reports state, at an election held Mar. 29.
KALAMAZOO, Kalamazoo County, Mich.
-BONDS AUTHORIZED.
-The City Council on Mar. 22 authorized the issuance of $105,000 impt.
bonds, it is stated.
-A local newspaper states that
BONDS TO BE OFFERED SHORTLY.
$48,000 citythe City Clerk has been authorized to sell $46,000
% bonds dated July 1 1915.
mpt. and $25,000 sanitary-sewer
st.-impt..
-The question of issuing $975,000 municipal-gas
BONDS VOTED.
-plant
bonds carried, it is stated, at a recent election.
KARNES COUNTY (P.O. Karnes City), Tex.
-BONDS DEFEATED.
-The proposition to issue $200,000 read-impt. bonds in Precinct No. 4
failed to carry, it is stated, at an election held March 25. The vote was
394 to 198, a two-thirds majority being necessary to carry.
-Proposals will be received until May 10 by T. B.
BOND OFFERING.
Smiley, Co. Judge, it is stated, for the $75,000 5% road-impt. Runge
Precinct bonds voted March 23 (V. 100, p. 1189). Int. semi-annual.
KENNETT SQUARE SCHOOL DISTRICT (P. 0. Kennett Square),
-BOND SALE.
-Martin & Co. of Phila. have been
Chester County, Pa.
awarded the $30,000 4A % school bonds voted Nov.3 1914(V.99, p. 1474),
Due serially from 1916 to 1944. This item was inadvertently reported
under the head of Kennett Square Sch. Dist., Ohio, in last week's "Chronicle," page 1189.
KENOSHA, Kenosha County, Wis.-BONDS VOTED.
--According to
reports, the question of issuing school-building bonds carried at an election
held April 6.




[VOL. 100.

KERN COUNTY (P. 0. Bakersfield), Cal.
-BOND OFFERING.
Proposals will be received until 2 p. m. May 6 by the Board of Co. Supers.,
it is stated,for $500,000 5% coupon tax-free highway-impt. bonds. Denom.
$1,000. Date Sept. 1 1913. Int. M. & S. These bonds are part of an
issue of $2,500,000 voted July 8 1913, $500,000 of which has already been
disposed of (V. 97, p. 1526).
KNOX COUNTY (P. 0. Barboursville), Ky.-BOND OFFERING.
Proposals will be received until May 7 by Thos. G. Hammons, County
Judge, for $200,000 4A % coupon tax-free road constr. bonds authorized
by vote of 2,835 to 420 at the election held March 6 (V. 100, p. 1019).
Denom.$500. Due part every 5 years for 30 years.
KOSSUTH COUNTY(P.O. Algona),Iowa.
-BONDS AUTHORIZED.
-The Board of Co. Supers. have authorized the issuance of the following
6% drainage bonds:
$13,700 Drainage District No. 77 bonds. Date Feb. 1 1915.
3,100 Drainage District No. 87 bonds. Date Mar. 1 1915.
11,000 Drainage District No. 91 bonds. Date Feb. 1 1915.
7,200 Drainage District No. 94 bonds. Date Feb. 1 1915.
9,000 Drainage District No. 96 bonds. Date Feb. 1 1915.
5,900 Drainage District No. 60 bonds. Date Feb. 1 1915.
1,100 Drainage District No. 60 bonds. Date Feb. 1 1915.
Int. May land Nov.1. Due in seven ann.install. begnning Nov.1 1919
LAKELAND, Polk County, Fla.
-On March 18 the
-BOND SALE.
three issues of 5% bonds, aggregating $165,000 (V. 100, p. 657) were
awarded to Gunter & Sawyers of Jacksonville at 95 flat. Date Jan. 1
1915. Int. J. & J. at the Nat. Park Bank, New York.
LAMAR COUNTY (P. 0. Vernon), Ala.
-Re-BOND OFFERING.
ports state that proposals will be received until May 3 for the $150,000
road-impt. bonds voted March 23 (V. 100, p. 921)•
LANCASTER, Lancaster County, Pa.
-BONDS VOTED.
-On
April 6 the voters decided in favor of the issuance of $145,000 water-works
and fire-dept.-impt. bonds, it is stated.
LANCASTER SCHOOL DISTRICT (P. 0. Lancaster), Lancaster
-BONDS VOTED.
County, Pa.
-The questions of issuing $250,000 boys'
high school bonds carried at the election held April 6, it is statd.
LAPEER COUNTY (P. 0. Lapeer), Mich.
-BONDS DEFEATED.
At the election held Apr. 5 the proposition to issue the $400,000 road bonds
at not exceeding 5% int.(V. 100, p. 752) was defeated.
LA PORTE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. La
-BONDS VOTED.
Porte), Black Hawk County, Iowa.
-The question,
of issuing the $25,000 high-school-building and equipment bonds carried,
It is stated, at an election held March 29. The vote was 289 to 90.
LAUREL COUNTY (P. 0. London), Ky.-BOND ELECTION.According to reports, an election will be held April 13 to vote on the
to issue $100,000 road bonds.
LAUREL, Jones County, Miss.
-BONDS AUTHORIZED.
-Reports
state that on March 29 the Board of City Commrs., passed an ordinance
providing for the issuance of $25,000 school-building, $20,000 street-impt.
and $10,000 water-works-impt. bonds.
LAVACA COUNTY (P.O. Hallettsville), Tex.
-BONDS DEFEATED.
-The proposition to issue the $200,000 Justice Precinct No.3 road-building
bonds (V.100,p.752) failed to carry,it is stated, at the election held Mar.20.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-BOND SALE.
On April 5 the $100,000 5% 30-year turnpike bonds (V. 100, p. 921) were
awarded to Stacy & Braun of Toledo,it is stated, at 107.29 and int.-a basis•
of about 4.56%.
LEAVENWORTH COUNTY (P. 0. Leavenworth), Kans.-BONDS
TO BE ISSUED IN SUMMER.
-This county will issue about July 1 an
issue of $260,000 5% refunding bonds. Due $52,000 yriy. for 5 years.
LETCHER COUNTY (P. 0. Whitesburg), Ky.-BOND ELECTION
PROPOSED-The poposition to issue the road-construction bonds (V. 99,
p. 1474) will be submitted to a vote at the November election.
LIME CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Mason city),
-BOND VOTED.
Cerro Gordo County, Iowa.
-By a vote of 43 to 18 the
question ofissuing $4,000 building bonds carried,it is stated, at a recent election.
LINCOLN COUNTY SCHOOL DISTRICT NO. 14, Wash.
-BOND
-20-year (opt.) bldg. bonds (V. 100, p.
SALE.
-On April 5 the $40,000 6
1111) were awarded to the State of Washington at par for 5s.
-BOND SALE.
-On April 6
LITTLE FALLS, Herkimer County, N. Y.
-6-year (aver.) city-hall bonds(V. 100, p. 1111) were
the $75,000 4 % 16 5
awarded to Isaac W. Sherrill Co. of Poughkeepsie at 101.81 and int., a
basis of about 4.36%. Other bidders were:
H. A. Kohler & Co., N. Y_-101.581 Estabrook & Co., N. Y..- __100.53
Geo. B. Gibbons & Co., N Y.101.21 Harris, Forbes& Co., N. Y--100.301
100.56 Hornblower & Weeks, N. Y_100.07
Rhoades & Co., N. Y
-BOND SALE.
LIVERMORE, Alameda County, Calif.
-The $50,000
paving bonds voted March 16 (V. 100, p. 1111) have been purchased by
local banks at par for 58. Due $1,250 yearly for 40 years.
-BOND OFFERING.
LOCKPORT, Niagara County, N. Y.
-Bids wil
be received until 12 m. Apr. 19 by B. M. Hutcheson, City Treas., for $30,000 5% reg. tax-free deficiency bonds. Auth. Chap. 163, Laws of 1915.
Denom. $500. Date Apr. 1 1915. Int. ann. on Jan. 2 at office of City
Treas. Due $6,000 yearly on Jan. 2 from 1916 to 1920 incl. Cert. check
on a solvent bankingrlinstitutiontfor $500, payablelto "City of Lockport,"
required. Bonds will be ready for delivery at 4 p. m. Apr. 20. Bonded
debt (incl. this issue), $929,598; no floating debt. Assess. val. 1914, $11,849,959.
-BOND SALE.
LONG BEACH, Nassau County, N. Y.
-On April 3
-hunt, bonds (V. 100, p. 1111) were awarded to Geo. B.
the $200,000 street
Gibbons & Co. of N.Y.at 100.35 for 4.80s.
LORAIN CITY SCHOOL DISTRICT(P.O.Lorain), Lorain County
-On Mar. 29 the $25,000 5% 11A-yr. (aver.)
-BOND SALE.
Ohio.
coup. school bonds (V. 100. p. 921) were awarded to the Provident Says.
Bank & Ti'. Co. of Cincin. at 102.76-a basis of about 4.687%. Other
bidders were:
Seasongood & Mayer,Cin.$25,631 00 Stacy & Braun, Toledo__$25,435 00
25,425 00
Well, Roth & Co. Cin__- 25,515 20IA. E. Aub & Co., Cin_
Sidney Spitzer & Co., Tel. 25,331 00
Hoehler, Cummings &
25.511 00 Spitzer, Rorick & Co., Tol. 25,283 50
Prudden. Toledo
LOUP SCHOOL DISTRICT NO. 1 (P. 0. Loup City), Sherman
-Reports state that a
County, Neb.-BOND ELECTION PROPOSED.
petition Is being circulated asking the Bd. of Ed. to call an election to vote
on the question of issuing $30,000 high-school-bldg. bonds.
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
-Bids will
be considered until 11 a. in. Apr. 13, it is stated, by the City Treas. for the
following 4% bonds:
$12,000 yearly from 1916 to 1920 incl. and
$225,000 water bonds. Due
$11,000 yearly from 1921 to 1935 incl.
150,000 street bonds. Due $20,000 yearly from 1916 to 1920 incl. and
$10,000 yearly from 1921 to 1925 incl.
-BOND OFFERINGS.
LUCAS COUNTY (P.O. Toledo), Ohio.
-Pro
posais will be received until 10 a. in. April 20 by Chas. J. Sanzenbacher,
Co. Aud., for the following 5% road bonds in Monclova Township:
road-impt. bonds. Denom. $1,000. Due $3,000
$30,000 Geo. M. Keifer
yrly. from 1 to 10 yrs. incl.
4,400 Fred. J. Abel road-impt. bonds. Denom. (2) $400. (2)_ $300,
(6) $500. Due $500 yrly. from 1 to 6 yrs. Incl.. $400 in 7 and 8
yrs. and $300 in 9 and 10yrs.
Date May 4 1915. Int. M.& N. at office of Co. Treas. Cert, check
on a Toledo bank (or cash) for $300 required. Bonds to be delivered and
paid for on May 4. Bids must be unconditional. A complete certified
transcript of all proceedings evidencing the regularity and validity of the
issuance of said bonds will be furnished successful bidder. Official advertisement states that there has never been any default in the payment of
principal or interest.
Bids will be received until 10 a. in. Apr. 27 by Chas. J. Sanzenbacher,
o
County Aud., for $16,800 57 Washington Twp. road-impt. bonds. Denom. (1) $800, (16) $1,000. Date May 11 1915. Int. semi-ann. at office
of County Treas. Due $1,800 in 1 year, $2,000 yearly from 2 to 7 years
incl. and $1,000 in 8, 9 and 10 years after date. Cert. check on a Toledo
bank (or cash) for $300 required. Bonds to be delivered and paid for on
May 11. Bids must be unconditional. A complete certified transcript
of all proceedings evidencing the regularity and validity of the issuance of
said bonds will be furnished successful bidder.

Arn. 10 1915.]

THE CHRONICLE

BOND SALE.
-On April 6, the two issues of 5% road-impt. bonds,
aggregating $12,699 13 (V.100 p. 1019), were awarded to Stacy & Braun

1283

and 1944. Cert, check for 10% of bonds bid for, payable to V11. Treas.,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
$10,000 00 road No. 53 bonds at 101.219.
-The
-BOND ELECTION.
MIDDLETOWN, Logan County, Ills.
2,699 13 road No. 61 bonds for $2,713 78
-equal to 100.505.
question of issuing municipal-lighting-system bonds at not exceeding $4,000
Other bidders were:
will be submitted to the voters on April 20,it is stated.
Ohio National Bank, Columbus, $12,870 77.
MIDLAND PARK, Bergen County, N. J.
-BOND SALE.
-On Apr. 1
Breed, Elliott & Harrison, Cincinnati, $12,826 13.
the $25,000 57 9
0 -year (aver.) road bonds (V. 100, p. 921) were awarded
Both these bids were irregular.
to A. B. Leach & Co. of N. Y. at 101.77-a basis of about 4.76%. Other
-On bids were:
-BOND SALE.
LUMBERTON, Robeson County, No. Car.
March 30 the $20,000 30
-year floating debt bonds (V. 100, p. 1111) were Hamilton Trust
*101.375
awarded, reports state, to the Frist Nat. Bank of Lumberton as 5%s• Outwater & Wells. Jersey City
100.977
Int. April 1 and October 1.
Hamilton Trust
LYKENS TOWNSHIP SCHOOL DISTRICT, Crawford County,
* This bid was submitted on the condition that the money be deposited
-Proposals will be received until 12 m. April 30 in their bank.
Ohio.
-BOND OFFERING.
,
0
by W.H.Ditty,Clerk ofBoard ofEducation(P. .Chatfield, R. D. No.2)
Denom. $1,000. Date Mar. 1 1915. Int. M.& S.
for $23,000 5% coup. site-purchase and construction bonds. Denom.$500.
MIFFLIN TOWNSHIP (P. 0. Gehenna), Franklin County, Ohio.
Int. A. & 0. at office of Board of Education. Due -BOND OFFERING.
Date "day or sale.
-Bids will be
10 a. m. April 30 by
$500 on April 10 and $1,000 on Oct. 10 from April 10 1917 to Oct. 10 1930 A. C. Dickerson, Twp. Clerk, for received until cemetery-site-purchase
$6,500 534%
incl. and $1,000 on April 10 and Oct. 10 1931. Certified check on a Craw- bonds. Denom.
$500. Int. A. & 0. Due $500 each six months from
ford County bank for $100, payable to above Clerk, required. Bonds to be April 1 1916 to April
1 1922 incl.
delivered and paid for within 10 days from time of award.
MILTON-FREEWATER SCHOOL DISTRICT (P. 0. Milton),
LYME TOWNSHIP (P. 0. Bellevue), Huron County, Ohio.
-BOND Umatilla County, Ore.
-BONDS VOTED.
-The question of issuing
-Proposals will be received until 12 in. April 15 by W. W. $18,000 building bonds
OFFERING.
Erdrich, Clerk Bd. of Twp. Trustees, for $25,000 5% coup. taxable road- a vote of 230 to 90. carried, it is stated, at an election held March 31 by
impt. bonds voted Feb. 16. Denom. $1,000. Date April 1 1915. Int.
MILWAUKEE, Wis.-RESULT OF BOND ELECTION.
-Local papers
A. & 0. at Bellevue Says. Bank, Bellevue. Due $1,000 each six months
from April 1 1919 to April 1 1931 incl. Cert. check on a bank other than state that at the election held April 6 the question of issuing $240,000
the one making the bid for 5% of bonds bid for, payable to Twp. Trustees, bridge-construction bonds carried by a vote of 8,061 to 5,833, while the
required. Bonds to be delivered and paid for within 10 days from time proposition to issue $60,000 public bath- bonds was defeated by a vote of
of award. Purchaser to pay accrued interest. Bonded debt (not incl. 5,777 "for" to 7,338 "against."
this issue), $30,500; no floating debt. Assess. val., $3,370,150.
MINERVA SCHOOL DISTRICT (P. 0. Minerva), Stark County,
-BONDS NOT SOLD.
-No sale was made on March 29 of the $65,MC DOWELL COUNTY(P.O. Welch), W. Va.-BOND OFFERING.
- Ohio.
According to reports, R.K.Bragonier, Prost. Co. Court, will receive sealed 000 454% building bonds offered on that day (V. 100, p. 1020). The Clerk
bids until May 1 for $165,000 5% 20-30-year (opt.) road bonds. Int. semi- advises us that these bonds will be re-offered to bear interest probably
M
at the rate of 44 % and 5%.
annually. Cert. check for $500 required.
MINGO, Champaign County, Ohio.
-BONDS DEFEATED.'-'Pbe
McGEHEE, Desha County, Ark.
-BOND ELECTION PROPOSED.
According to reports, the question of issuing $90,000 water and light bonds question of issuing the $39,000 water-works bonds (V. 100, p. 753) was
defeated at the election held Feb. 16.
will be submitted to a vote in April.
MINNEAPOLIS, Minn.
-BOND SALE.
-On April 8 the bonds(V. 100,
-Report
-BOND SALE.
McMINNVILLE, Warren County, Tenn.
state that an issue of $28,000 high-school-bldg. ($8,000 6% 10-yr. and $20, p. 1112) were awarded, dispatches state, as follows:
000 5% 20-30-yr.) bonds has been purchased by John Nuveen & Co.of Chi $100,000 4% grade-school bonds to the Minnesota Loan & Trust Co. of
Minneapolis at 96.776, bonds to mature in 20 years
-a basis
cago at par.
of about 4.24%.
-Proposals will be received until
MACON, Ga.-BOND OFFERING.
219,281 70 1-20
-Year (serial) special improvement boridsleintly to Wells
& Dickey Co., Minnesota Loan & Trust Co. of Minneapolis
7:30 p. m. Apr. 27 by D.S. Jones, Clerk of Council,for the following 4%%
and C. A. Kalman & Co. of St. Paul on an interest basis of
Sold coupon bonds voted March 9 (V. 100, p. 1019):
4.65% and a premium of $50.
$120,000 paving bonds. Due $4,000 yearly June 1 from 1916 to 1945 incl.
MINNESOTA.
-BONDS PURCHASED BY STATE.
-During the
sewer bonds. Due $1,000 yearly June 1 from 1916 to 1945 incl.
30,000
month of March the following fifteen issues of 4% bonds, aggregating
150,000 hospital bonds. Due $5,000 yearly June 1 from 1916 to 1945 incl. $79,950, were purchased by the State of Minnesota at par:
Denom. $1,000. Date June 1 1915. Int. J. & D. at the City Treas. Amount.
Place.
Purpose. Date of Bds.
$4,000_ _Blooming Prairie, Steele County
Municipal Mar. 15
urer's office.
14,000_ Bloomlng Prairie, Steele County
Municipal Mar.23
The official notice of this bond offering will be found among the advertise4,500_ _Ceylon, Martin County
Municipal Mar. 15
ments elsewhere in this Department.
1,200_ _Clearwater County Sch. Dist. No.26
School
Mar. 15
-BOND OFFERING.
MADISON COUNTY (P. 0. London), Ohio.
2,000_ _Knife River, Carlton County
Municipal Mar. 15
9,300_ _Mesaba, St. Louis County
Proposals will be received until 12 in. April 12 by H. M.Chaney, Co. Aud.,
Municipal Mar.20
following 5% coup. bridge bonds:
4,700.._Mesaba, St. Louis County
for the
Municipal Mar.23
6,000.._Ottertail County School Dist. No.103
$17,850 Little Darby creek bridge bonds. Denom. (1) $350, (35) $500.
School
Mar.29
Due $850 Mar.1 1916,$1,000 each six months from Sept. 1 1916
10,000_ _Pennington Co. Ind. Sch. Dist. No. 18
School
Mar.29
1924 incl. and $500 Sept. 1 1924.
350....Roseau County School Dist. No.50
to Mar. 1
School
Mar. 15
900__Roseau County School Dist. No.94
1,800 bridge bonds. Denom. $300. Due $300 each six months from
School
Mar. 15
Mar. 1 1916 to Sept. 1 1919 incl.
4,000_ _Slayton, Murray County
Municipal Mar. 1
1,800 Little Darby creek bonds. Denom. $300. Due $300 each six
6,000_ _Slayton, Murray County
Municipal Mar. 15
months from Mar. 1 1916 to Sept. 1 1919 incl.
9,000_ _Stevens County Ind. Sch. Dist. No. 1
School
Mar.23
Date June 11915. Int. M.& S. at office of Co. Treas. A cash deposit
5.000....Warren, Marshall County
Municipal Mar.23
of at least 5% of bonds bid for, to be left with Co. Treas.,required. We are
MISSOURI VALLEY INDEPENDENT SCHOOL DISTRICT (P. 0.
advised that this county has never defaulted in the payment of principal Missouri Valley), Harrison County, Iowa.
-BOND OFFERING.
-Proor interest and that there is no litigation pending against this issue.
posals will be received until 3p. in. April 12 by John S. McGavren, Pres.
MADRID SCHOOL DISTRICT (P. 0. Madrid), Boone County, Board of Education, for the $80,000 5% 4
-10-year (opt.) coupon school-BONDS DEFEATED.
Iowa.
-The question of issuing the $18,000 build- grounds
-improvement and high-school-building bonds voted March 1
ing bonds failed to carry at the election held March 8 (V. 100, p. 753)• (V. 100, p. 921). Denom. $500. Date May 1 1915. Interest payable
Another vote will probably be taken in the near future.
at the Treasurer Board of Eeucation's office. Due $4,000 yearly from
MALDEN, Middlesex County, Mass.
-LOAN OFFERING.
-It is 1919 to 19'21, inclusive; $2,500 1922, 1923 and 1924, and remainder 1925.
stated that the City Treas. will receive bids until 7:30 p. in. April 12 for a Bonded debt, including this issue, $83.500. Assessed value, $494,857.
temporary loan of $150,000 issued in anticipation of taxes and maturing These bonds were previously offered on March 30 (V. 100, p. 1111).
Oct. 13 1915.
MOBRIDGE, Walworth County, So. Dak.-BOND ELECTION
-Reports state that petitions are being circulated asking that
MALTA, Morgan County, Ohio.
-BONDS NOT SOLD.
-No bids were PROPOSED.
received on Mar. 30 for the $1,500 village's portion and $800 assess. 5% the question of issuing $35,000 bonds for the purchase of the plant and busithe Mobridge Electric Light, Heat & Power Co. be submitted to the
114-year (aver.) sanitary-sewer bonds offered on that day (V. 100, p. 921). ness of at the
voters
spring election.
They will be sold at private sale.
MONONA COUNTY (P. 0. Onawa), Iowa.
-BOND SALE.
MARIAN SCHOOL DISTRICT, Los Angeles County, Calif.
-On
-BOND
-year (serial) coupon drainage bonds (V. 100, p.
-Proposals will be received until 1 p. m. April 12 by the Clerk April 7 the $69,188 99 1-5
OFFERING.
Bd. of Co. Supers. (P. 0. Los Angeles), it is stated, for $55,000 6% bldg. 1189) were awarded to the Continental & Commercial National Bank of
Chicago for $69,489 58 (100.434) and interest
-as 5%s. There were five
bonds.
MARYSVILLE, Yuba County, Cal.
-BOND ELECTION PROPOSED other bidders.
• MONROE COUNTY (P.O. Tompkinsville),Ky.-BOND ELECTION
-Reports state that an election will be held soon to vote on the question
-An election will be held May 15, It is stated, to vote on theproposition
of issuing $18,000 sewer-ext. and Ellis Lake district impt. bonds.
to issue $100,000 road bonds.
MASON TOWNSHIP (P. 0. Twining), Arenac County, Mich.MONTARA SCHOOL DISTRICT, San Mateo County, Calif.
-The proposition to issue the $15,000 road bonds
BONDS DEFEATED.
-A favorable vote was cast at a recent election, it is
(V. 100, n. 658) was defeated at the election held Feb. 20 by a vote of 55 BONDS VOTED.
stated, on the question of issuing $10,000 building bonds.
"against.'
"for" to 77
MECKLENBURG COUNTY, Va.-BOND OFFERING.
-Further deMONTGOMERY COUNTY (P. 0. Crawfordsville), I nd.-BOND
-On Apr. 5 the $11,900 4%% laighway-impt. bonds (V. 100, p.
tails are at hand relative to the offering on April 12 of the $30,000 5% cou- SALE.
pon taxable road-building bonds (V. 100, p. 1020). Proposals for these 1189) were awarded to James Naugh of Crawfordsville for $11,902 50
laonds will be received until 12 m. on that day by R. L. Thomason, Super- (100.021) and int., it is reported.
visor at Skipwith. Denom. $1,000. Date July 1 1915. Int. J. & J. at
MONTGOMERY COUNTY (P. 0. Daton), Ohio.
-BOND SALE.the County Treasurer's office at Boydton. Due $1,000 yearly July 1 from On Apr. 1 the $18,000 5% 6
-year (aver. inter-county highway No. 61
1917 to 1946 incl. Certified check for $250, payable to L. J. Peoples, bonds (V. 100, p.1020) were awarded to the Dayton Savings & Trust Co.
Chairman, required. Total debt, including this issue, $460,000. Assessed of Dayton.
valuation 1914, $6,823,650.
MONTGOMERY RURAL SCHOOL DISTRICT (P. 0. Marion)
,
-BOND ELECTION PROPOSED.
- Marion County, Ohio.
MEDIA, Delaware County, Pa.
-BONDS DEFEATED.
-The question of' issuing
According to reports an election will be held in the near future to submit to $28,500 school bonds was defeated at the election held Mar. 22, it is sethe voters the question of issuing $70,000 flitration-plant-impt. bonds.
ported.
-BONDS VOTED.
MONTREAL SCHOOL DISTRICT (P. 0. Montreal), Buncombe
-The
MEDINA COUNTY (P. 0. Hondo), Texas.
-BOND ELECTION PROPOSED.
proposition to issue $40,000 road-construction bonds carried, it is stated, County, No. Caro.
-According to reports, this district contemplates holding an election to vote on the question
at an election held on March 23 in Precinct No. 2.
-BOND ELECTION PROPOSED.
MEMPHIS, Tenn.
-Local papers of issuing $5,000 bldg. bonds.
state that the question of issuing $1,500,000 municipal-electric-light-plant
MOUNT AUBURN SCHOOL DISTRICT(P.O. Dallas), Dallas Counbonds will probably be submitted to a vote on April 8.
ty, Tex.
-BONDS DEFEATED.
-The question of issuing the $18,500
MENLO SCHOOL DISTRICT (P. 0. Menlo), Chattooga County
, building bonds (V. 100, p. 1112) failed to carry, it is stated, at the election
-An election will be held April 24, it is stated, held March 27.
Ga.-BOND ELECTION.
MT. MORRIS, Livingston County, N. Y.
to decide whether or not this district shall issue $12,000 5% 30-year build-BOND SALE.
-On April 7
ing bonds.
the $53,000 coup. (with privilege of reg.) 16
-year (aver.) sewer bonds (V.
MERCER COUNTY (P. 0. Celina), Ohlo.-BOND SALE.
-The fol- 100, p. 1112) were awarded to Geo. B. Gibbons & Co. of N. Y. at 100.83
lowing bids were received on April 2 for the $45,000 5% 12M-year (aver.) for 4.60s. Other bidders were:
Price.
Rate.
bridge bonds offered on that day V. 100, p. 1111):
Isaac W. Sherrill Co., Poughkeepsie
100.60
4.60s
Seasongood & Mayer,Cin.$46,715 00 Hoehler, Cummings &
100.27
4.608
Prudden, Toledo
Sidney Spitzer & Co.. To!..46,678 50
$46,363 50 Union Trust Co.. Rochester
100.00
4.60s
Citizens' Bank Co., Celina 46,309 40 H. A. Kohler & Co., New York
Tillotson & Wolcott Co.,
100.00
4.60s
46,607 00 R. Kleybolte Co., Cinc___ 46,227 50 Bath National Bank, Bath
Cleveland
100.17
4.65s
Davies-Bertram Co., Cinc. 46,465 00 Fifth-Third Nat. 13k., Cin. 45,981 00 Knauth, Nachod & Kuhne, New York
46,431 00 Spitzer, Rorick & Co., To!. 45,821 00
MT. PLEASANT, Titus County, Tex.
Weil. Roth & Co., Cinc
-BONDS REGISTERED.
-The
State Comptroller registered on March 5 $1,600 5% 40
Prov.S.B.& Tr. Co., Cin.46,363 50 Comm'l Bank and First
-year street-impt.
Nat. Bank, Celina
45,508 00 bonds.
Denom. $1,000. Date Apr. 15 1915. Int. A. & 0. at office of County
MT. VERNON (City) ,Westchester County, N. Y.
Treasurer. Due yearly on April 15 as follows: $2,000 1920 to 1923 incl., On April 5 the $20,000 tax-free water tax-relief bonds-BOND SALE.
(V. 100, p. 1189)
$3,000 1924 to 1927 incl. and $5,000 1928 to 1932 incl.
were awarded as follows: $10.000 to Bernhard, Scholl° & Co. and $10,000
-BOND OFFERING.
-Proposals to the Yonkers Says. Bank, each paid 100.42 and int for 4%s. Other bidMIAMI COUNTY (P. 0. Peru), Ind.
will be received until 10 a. m. Apr. 19 by Aaron B. Zook, County Treas., ders were:
for $8,700 4%% coup. J. W.Thrush, M.L.Engleman et al. highway-impt. Bernhard, Scholle & Co.,N.Y.$20,0841Rhoades & Co., N Y
$20,030
Geo. B. Gibbons & Co.. N.Y. 20,053 Harris, Forbes & Co., N.Y
bonds. Int. M.& N. Due beginning May 15 1916.
20.018
20,015
MIDDLEFIELD, Geauga County, Ohio.
-BOND OFFERING.
-Pro- Hornblower & Weeks, N. Y_ 20,0501Estabrook & Co., N. Y
MUNCIE, Delaware County, Ind.
posals will be received until 12 m. April 26 by E. C. Reid, VII. Clerk, for
-BIDS.
-The following were the
$4,000 6% coup. street-impt. (village's portion) bonds. Auth. Secs. 3939 other bids received on March 24 for the $20,000 43./% 14%-year (aver.)
and 3953, Gen. Code. Denom. $500. Date Jan. 1 1915. Int. J. & J. coup. refunding bonds awarded to the Merchants' Nat. Bank of Muncie
Duo $500 on Jan. 1 as follows: 1925, 1027, 1930, 1932, 1935, 1938, 1941 at 101.225 and interest (V. 100, p. 1112):

or Toledo, as follows:




1284

THE CHRONICLE

Union National Bank Muncie
-$20,091.
Raymond & Haymond, Muncie-$20,081 and interest.
Indiana Trust Co., Indianapolis
-$20,000 and interest.
-BONDS A WARD
MUSKINGUM COUNTY(P.O.Zanesville), Ohio.
ED IN PART.
-Of the two issues of 5% road-impt. bonds, aggregating
$48,000, offered on April 5 (V. 100, p. 1190) $8,000 was awarded to the
People's Says. Bank or Zanesville for $8,085 (101.062) and int.
BOND OFFERING.
-Bids will be received until May 3 for $23,000 road
bonds. Due $11,000 in 1919 and $12,000 in 1920. These bonds take the
place of the $40,000 offered but not sold on April 5. (V. 100, p. 1190).
MUSKINGUM TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND SALE.
-On March 10
Marietta), Washington County, Ohio.
-year (aver.) coup. taxable building bonds were awarded to the
152,500 5% 4
German Nat. Bank of Marietta at 100.50 and int.-a basis of about 4.86%.
Denom.$500. Date March 10 1915. Int. M.& S. at German Nat. Bank,
Marietta. Due $500 yearly on March 10 from 1917 to 1921 incl. Bonded
debt, this issue: no floating debt. Assessed valuation, $1,419,360.
NELSON SCHOOL DISTRCIT (P. 0. Nelson,) Douglas County,
Minn.
-BONDS DEFEATED.
-The question of issuing $15,000 bldg.
bonds failed to carry, it is stated, at a recent election. The vote was 110
for" and 122 "against."
-BONDS DEFEATED.
NEWARK, Licking County, Ohio.
-At the
election held Mar.30 the proposition to issue the $30,000 electric-light bonds
(V. 100, p. 834) was defeated.
BONDS TO BE OFFERED SHORTLY.
-This city will offer for sale
on or about May 1 $240,000 434% grade-crossing-elimination bonds.
Denom. $1,000. Date April 1 1915. Int. A.& 0. Due $10,000 yearly
on April 1 from 1918 to 1941, incl.
NEW BERN DRAINAGE DISTRICT (P. 0. New Bern), No. Caro.
-Proposals will be received until 12 m. May 1 by
BOND OFFERING.
Geo. D. Dail, Sec. Board of Drainage Comm'rs, for $20,000 6% drainage
bonds. Auth. Chap.442, Public Laws of No. Caro, 1909. and amendments
thereto. Denom. not more than $1,000 nor less than $100. Date Apr. 1
1915. Int. A.& 0.at place to be agreed upon. Due $2,000 yearly Apr. 1
from 1917 to 1926 incl. Cert. check for 1% of bonds bid for, required.
Bidders are invited to submit form of bonds and coupons to be used. These
bonds -were previously offered. on Mar. 29, but there were no satisfactory
bids received.
-BONDS NOT SOLD.
-No
NEW EAGLE, Washington County, Pa.
sale was made on Mar. 26 of the $10,000 434% coup. tax-free impt. bonds
offered on that day. Denom. $500. Date May 1 1915. Int. M. & N.
at office of Alexander & Co., Monongahela City. Due on May I as folows: $500 1919, 1921, 1923, 1925, 1927, 1929, 1931, 1933, 1934, 1935,
1936, 1937, 1938, 1939, 1940, 1941, 1942 and 1943,and $1,000 in 1944.
-BIDS.
-The following were
NEWINGTON,Hartford County, Conn.
the other bids received on April 1 for the $84,000 4%% 2214-year (aver.)
coup. funding bonds, the sale of which was reported in last week's "Chronicle," page 1190:
Travelers Insurance Co_ _385,624 20 I Merrill, Oldham & Co.,
Boston
$84,267 96
Kissel, Kinnlcutt Co_ _ _ _ 85,121 40
Spitzer, Rorick & Co_
84,226 80
NEW LEXINGTON, Perry County, Ohio.
-BOND SALE.
-On
March 29 the three issues of 5%% coupon street-impt. (assess.) bonds,
aggregating $9,450 (V. 100, p. 834), were awarded to the Perry County
Bank of New Lexington for $9,623 (101.820) and int.
-BOND OFFERING.
NEW STRAITSVILLE, Perry County, Ohio.
Proposals will be received until 12 m. April 28 by Harry W. Webb, Village'
Clerk, for $21,699 45 53 % 1-10-year (ser.) street-improvement (assess.)
bonds. Denom. $2,169 95. Date June 1 1915. Int. J. & J. Certified
check for 2% of bid, payable to Village Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
NEWTONSVILLE SCHOOL DISTRICT (P. 0. Newtonsville)
-BONDS VOTED.
-At a recent election a vote
Clermont County, Ohio.
of 128 to 57 was cast in favor of the issuance of $16,000 building bonds, it is
reported.
-TEMPORARY LOANS.
-During the month o
NEW YORK CITY.
March this city issued short-term securities aggregating $14,957,883 56f
and consisting of revenue bonds and bills for current expenses, special reve,
nue bonds and corporate stock notes:
-1915 CURRENT REVENUE BONDS, 1915
-SPECIAL.
REVENUE BONDS
EXPENSES.
Int.
Amount.
Maturity.
Jan. 5 1916
5500,00000
Maturity. . Amount. 314%
Int.
Mar. 4 1916
111,000 00
Oct. 29 1915 ' 5200,000 314%
334%
200,000
Nov. 29 1915
34%
Total rev.bonds (spee'l)_ $611,000 00
200,000
Dec. 29 1915
34%
100,000 REVENUE BILLS, 1915, CURRENT
3 7-32% ____Dec. 2 1915
may 7 1915
3,000,000
EXPENSES.
24%
1,450,000 234%
May 8 1915
June 3 1915 *$496,883 56
234%
1,550,000
May 15 1915
234%
300,000
Total rev. bills (curJune 2 1915
234%
500,000
rent expenses)
May 3 1915
$496,883 56
2 9-16%
1,000,000
May 6 1915
2 9-16%
CORPORATE STOCK NOTES
1,000,000
May 5 1915
214%
WATER.
3,500,000 3%
May 10 1915
234%
jOn or before), $850,000 00
1Dec. 31 1915f
Total revenue bonds (cur$13,000,000
Total corp. stock notes.... $850,000 00
rent expenses)
* Rate of discount; figures in "amount" column represent proceeds of
loan after deducting discount.
NILES CITY SCHOOL DISTRICT (P. 0. Niles), Trumbull County,
-BOND SALE.
-On April 1 the $15,000 5% 134-year (aver.) highOhio.
school-impt. bonds (V. 100, p. 1020) were awarded to Sidney Spitzer & Co.
of Toledo -for $15,017 (100.113) and int.-a basis of about 4.91% int.
Other bids were:
Prov. S. B.& Tr. Co., Cin$15,013 50 Well, Roth & Co., Cinc
$15.000
Tillotson&WolcottCo.,Clev15,011 00 Hoehler, Cummings & PrudDavies-Bertram Co., Cinc_15,011 00
den, Toledo
15,000
Braun, Toledo- __ 15,007 00 Otis & Co., Cleveland
Stacy &
14,900
-BOND ELECTION.
-An
NOBLE COUNTY (P. 0. Perry), Okla.
election will be held May 18, it is stated, to vote on the proposition to issue
$100,000 court-house-construction bonds.
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND OFFERING.
-Sealed proposals will be received until 12 m. May 1 by Alvah H. Martin,
County Clerk for $250.000 434% 20-year registered or coupon road-impt.
bonds. Denom. $1,000. Int. semi-ann. at the County Treasurer's office.
The bonds are to be exempt from county taxation.
-BONDS TO BE OFFERED
NORTH ANDOVER, Essex County, Mass.
SHORTLY -We are advised that this town will issue about June 1 $19,000
4% water bonds. Due from 1916 to 1934 incl.
,
-During the
-BONDS PURCHASED BY STATE.
NORTH DAKOTA.
month ot March the following six issues of 4% school-building bonds, aggregating $17,900, were purchased by the State of North Dakota at par:
Due.
DistrictDate.
Amount.
Mar. 10 1915 Mar. 10 1935
$4,000 Carlo Special School District
Jan. 20 1915 Jan. 20 1935
7,500 Crocus School District No 13
Mar. 10 1915 Mar. 10 1925
900 Hammerly School District No. 7
Mar. 10 1915 Mar. 10 1925
1,000 Harris School District No. 46
Mar. 10 1915 Mar. 10 1935
2,500 Hillside School District No. 10
2,000 Spring Creek School District No. 13_ _Jan. 28 1915 Jan. 28 1925
-NORTH MANKATO (P. 0. Mankato), Blue Earth County, Minn.
BONDS VOTED.
-By a vote of 67 to 6 the question of issuing $5.000
bridge-erection bonds carried, it is stated, at an election held March 29.
NO. WILDWOOD (P. 0. Anglesea), Cape May County, N. J.
-AR bids received on April 6 for tho $35,000
BOND SALE POSTPONED.
6% 20-year coupon and reg. tax-free sewer bonds offered on that day
p. 417) have been laid over until April 20.
-BOND SALE.
-On April 5
NORWOOD, Hamilton County, Ohio.
the $15,000 5% 10-year coup. refunding bonds (V. 100, p. 1020) were
awarded to the First Nat. Bank of Norwood at 104.04 and int.-a basis
of about 4.49%. Other bids were:
Seasongood & Mayer,Cin.$15,603 25 Norwood Nat. Bk., Norw.$15,462 00
Well, Roth & Co., Cin__ _ 15,567 00 Fifth-Third Nat. Bk. Cm. 15,427 50
A. E. Aub & Co., Cin_ _ _ _ 15,535 00 Breed, Elliott & Harrison,
Cincinnati
Stacy & Braun, Toledo__ 15,501 00
15,340 50
Western German Bk.,Cin. 15,480 00 Rud. Kleybolte Co., Cin.. 15,325 50




[VoL. 100.

OCEANSIDE, San Diego County, Calif.
-BOND ELECTION PROPOSED.
-Reports state that an election will be called to vote on the questions of issuing $15,000 city-hall-erection and pavilion-constr. and $15,000
water-system and pier-impt. bonds.
OGDEN, Boone County, Iowa.
-BOND ELECTION PROPOSED.-Reports state that a petition is being circulated asking the City Council
to call an election to vote on the question of issuing $25,000 water-mainext. bonds.
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Utah.
-BONDS DEFEATED.-The question of issuing the $200,000 building bonds (V. 100.
p. 1020) failed to carry at the election held March 24. The vote was 239
"for" and 869 "against."
OGDEN TOWNSHIP (P. 0. Adrian), Lenawee County Mich.
BOND SALE.
-Reports state that this township has sold $30,000 of an
issue of $90,000 road bonds.
OLDHAM COUNTY (P. 0. La Grange), Ky.-BOND ELECTION.
The election to vote on the proposition to issue the $100,000 5% road and
bridge-building bonds (V. 100, p. 754) will be held April 20.
OMAHA, Neb.-BOND ELECTION.
-Local papers state that the questions of issuing $150,000 auditorium-erection and $100,000 garbage
incinerator bonds will probably be submitted to a vote on May 4.
OMAHA SCHOOL DISTRICT (P. 0. Omaha), Neb.-BOND ELECTION PROPOSED.
-Local papers state that an election will probably be
called to vote on the question of issuing $1,000,000 grade-school-bldg. bonds.
ORANGE TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.-On March 27 the $8,000 5% 74-year (aver.) coup. road
BOND SALE.
impt. bonds (V. 100, p. 834) were awarded to the Chagrin Falls Banking
co. of Chagrin Falls at 100.0625 and interest.
OSAKIS, Douglas County, Minn.
-BONDS DEFEATED.
-The election held March 9 resulted in the defeat of the question of issuing $4,000
bonds. The vote was 136 to 130, a five-eights majority required to carry.
OWENSMOUTH UNION HIGH SCHOOL DISTRICT, Los Angeles
-BOND SALE.
-On March 22 the $100,000 6% 183 -year
County, Calif.
4
(aver.) site-purchase, building and equipment bonds (V. 100, p. 922) were
awarded,it is stated,to N.W.Halsey & Co.of San Francisco for $103,277 50
(103.277) and interest.
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.
-BOND
ELECTION POSTPOIYED.-The election which was to have been held
March 23 to vote on the proposition to issue $800,000 road and bridgeconstruction bonds (V. 100, p. 1020) has been postponed.
PARKERSBURG SCHOOL DISTRICT (P. 0. Parkersburg), Butler
-The question of issuing $15,000 build-BONDS VOTED.
County, Iowa.
ing bonds carried, it is stated, at a recent election.
-BOND OFFERING.
-Bids will be
PASSAIC, Passaic County, N. J.
received until 4:30 p. m. May 1g by J. H. Woods, City Comp.,for $216,000
% funding and refunding bonds. Denom. $1,000. Dete May 11915.
Int. M. & N. at Passaic Nat. Bank, Passaic, or Chase Nat. Bank, N. Y.
Due in 1945. Cert. check for 2% of bonds required. These bonds are
tax-free in N. J. and may be registered as to both principal and interest.
Official circular states that there is no controversy or litigation pending or
threatened concerning the validity of these bonds, the corporate existence
or boundaries of the municipality, or the title of the present officers to their
respective offices, and that there has never been any default in the payment
of any of the municipality's obligations. These bonds will be certified as
to genuineness by the U.S. Mtge.& Trust Co.and they are issued under the
advice of Hawkins, Delafield dr Longfellow of N. Y., whose opinion will
be furnished successful bidder free of charge. Total bonded debt (incl.
this issue), Apr. 1 1915, $2,767,750; floating debt or other debt (add'!),
3383.597. Assess. val. 1914, $47,088,317.
PENFIELD TOWNSHIP ROAD DISTRICT, Lorain County, Ohio.
-The following bids received on Apr. 5 for the $12,000
-BIDS REJECTED.
6% 94-year (aver.) coup. road bonds offered on that day (V. 100, p. 1020)
were rejected:
Sidney Spitzer & Co., Toledo
$100 bonus
Hoehler, Cummings & Prudden, Toledo
150 bonus
-BOND ELECTION.
PEORIA COUNTY (P. 0. Peoria), Ill.
-A local
newspaper states that the question of issuing $100,000 4% jail-construction
bonds will be submitted to the voters at an election to be held June 7.
-BOND SALE.
PIKE COUNTY (P. 0. Waverly), Ohio.
-On April 5
the $12,000 434% refunding bonds (V. 100, p. 1113) were awarded to the
First Nat. Bank of Waverly at par and int. Denom. $1,000. Date
April 1 1915. Int. A. & 0. Due $4,000 in 1923 and $2,000 yearly from
1924 to 1927 inclusive.
PLEASANT SCHOOL TOWNSHIP (P. 0. Laketon), Wabash
-On April 2 the $19,220 434% 6-year
-BOND SALE.
County, Ind.
(aver.) refunding bonds (V. 100, P. 1113) were awarded to J. F. Wild &
Co. of Indianapolis for $19,365 (100.754) and int.-a basis of about 4.355%.
Other bidders were:
$19,329 00
Breed, Elliott & Harrison, Indianapolis
19,312 50
E. M. Campbell, Sons & Co., Indianapolis
Fletcher-American Nat. Bank, Indianapolis
19,277 50
19,271 00
Miller & Company, Indianapolis
Mar. 20 1915. Int. M. & S. Due $961 each six
Denom. $961. Date
months from July 20 1916 to Jan. 20 1926 incl.
PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT, Marion
-The following were the other bids received on
-BIDS.
County, Ohio.
March 22 for the $30,000 5% 54-year (aver.) school bonds awarded to
Hoehler, Cummings & Prudden of Toledo at 100.13 and interest (V.
100, p. 1113):
First Nat. Bank, Clove_ _$30,038 40!Hayden, Miller & Co., Clev_$30,037
PLYMOUTH, Richland County, Ohio.
-BOND SALE.
-On April 6
the $11,900 5% 534-year (aver.) Sandusky St. impt. (assess.) bonds (V.
100, p. 1190) were awarded to the First Nat. Bank of Shelby for $11,960
(100.504) and int.-a basis of about 4.89%. Sidney Spitzer & Co. of Toledo bid par and int., loss $125 for attorney's fees.
POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERING.
Pocatello), Bannock County, Idaho.
-Proposals
will be received until 8 p. m. April 24 by Ezra J. Merrill, Clerk of Board of
Trustees, for $70,000 5% 10-20-year (opt.) high-school-building and equipment bonds. Authority Sec. 131, Idaho School Code of 1911; also vote of
541 to 70 at an election hold March 20. Denom. $1,000. Date May 1
1915. Int. M. & N. at the First Nat. Bank, New York, or Dist. Treas.
office. Certified check for $2,000, payable to the Dist. Treas., required.
Bonded debt, including this issue, $232,000. No floating debt. Assess.
val. equalized 1914, $8,062,748. Official circular states that there is no
controversy or litigation pending or threatening affecting the corporate
existence or the boundaries of said district, title of its present officials to
their respective offices or the validity of these bonds; also that no previous
Issues of bonds have been contested and that the interest and principal of
all bonds previously issued have always been paid at maturity.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND SALE.
-On
April 5 the two issues of 5% bonds(V.100, p. 1113) were awarded as follows:
$14,000 road-improvement bonds to 'rockier, Cummings & Prudden of
Toledo for $14,155 (101.107) and interest.
5,000 hospital bonds to Sidney Spitzer & Co. of Toledo at 100.54 & int.
Other bidders were:
Hoehler, Cummings & Prudden, Toledo
$14,155 50 $5,024 50
Sidney Spitzer & Co., Toledo
14,120 40 5,027 00
Provident Savings Bank & Trust Co., Cincinnati_
14,142 80 5,013 50
Fifth-Third National Bank, Cincinnati
14,126 00 5,013 00
First National Bank
14,104 60 5,005 40
Tillotson & Wolcott Co., Cleveland
14,095 20 5,014 00
Hayden, Miller & Co., Cleveland
Second National Bank, Itavenna
14.007 00 *5,055 00
* This bid appears to be higher than that of the purchaser's, but is so
given by the County Auditor.
PORTAGE TOWNSHIP (P. 0. Houghton), Houghton County,
Mich.
-BOND ELECTION PROPOSED.-Roports state that an election
will shortly be held to submit to a vote the question of issuing $100,000
electric-light-plant-construction bonds.
-BOND OFFERING.
PORTLAND, Ore.
-Dispatches state that A. L
Barbur, City Aud. will receive sealed bids until 11 a. m. Apr. 27 for
$100,00 434% 30-year dock bonds. Cert. chock for 5% required.
PORT OF SEATTLE (P.O. Seattle), King County, Wash.
-BOND
-Proposals will be received until 1.30 p. in. April 14 by the
OFFERING.
Port Commission for $510,000 5% serial East Waterway No. 2 bonds.
Cert. check for 1% of bon Is bid for re-mired. Theso bonds will be passed
upon by Caldwell, Nlasslich R2e1 o WWI York.

APR. 10 1915.1

THE CHRONICLE

1285

PORT CHESTER, Westchester County, N. Y.
-BOND SALE.
-On
ROCKCASTLE COUNTY (P. 0. Mount Vernon), Ky.-BONDS
April 2 the two issues of 4%% reg. gold bonds, aggregating $152,000 (V VOTED.
-By a vote of
519, the proposition to issue the
100, p. 1113), were awarded to Harvey Fisk & Sons of N.Y. at 101.91 road-construction bonds2,229 to it is reported, at an election held $100,000
carried,
March 27.
and interest. Other bidders were:
ROCK ISLAND SCHOOL DISTRICT (P. 0. Rock Island), Rock
$120,000 $32,000 Island County, Ills.
Sewer. Place Ext. plating the issuance of -BONDS PROPOSED.-Tgis district is contembuilding bonds.
Farson, Son & Co., New York
101.657 101.37
Rhoades & Co., New York
ROCKLAND, Plymouth County, Mass.
101.154 100.924
-BONDS TO BE OFFERED
Isaac W. Sherrill Co., New York
SHORTLY.
-This town will shortly offer for sale $15,000 4% tax-free
101.105 100.82
macadam-road bonds. Due $3,000 yearly from 1916 to 1918 incl.
Hornblower & Weeks, New York
$153,808 80
W. N. Coler & Co., New York
154,628 00
ROCKPORT, Essex County, Mass.
-BOND OFFERING.
-It is reCurtis & Sanger, New York
154,503 20
ported that bids will be received until 6:30
H. A. Kahler & Co., New York
153,535 20
for $10,000 4% water bonds. Date May p.m. Apr. 15 by the Town Treas.
1 1915. Due $1,000 yearly from
Geo. B. Gibbons & Co., New York
153,383 20
1916 to 1925 incl.
Sutro Bros. & Co. and Wm. R.Compton Co., New York..
153,235 20
ROCKY RIVER, Cuyahoga County, Ohio.
Estabrook & Co., Now York
153,231 20
-BOND OFFERING.
Proposals will be received until 12 in. May 4 by Frank Mitchell, VII. Clerk,
Harris. Forbes & Co.. New York
152,671 20
for $9,500 5% North Ridge road sidewalk (assess.) bonds.
Denom. (1)
PRAIRIE VIEW SCHOOL DISTRICT (P. 0. Belton), Bell County, $500, (9) $1,000. Date May 1 1915. Int. ann. Due
$500 Oct. 1 1916
-BOND ELECTION PROPOSED.
Tex.
-Reports state that a petition will and $1,000 yearly on Oct. 1 from 1917 to 1925 incl. Cert.
be presented to tke Celeamissioner's Court asking for an election to vote of bonds bid for, payable to Vii. Treas., required. Bonds check for 10%
on the question of issuing $5,000 building bonds.
and paid for within I() days from time of award. Purchaserto be delivered
to pay accrued
interest.
PRESCOTT, Walla Walla County, Wash.
-BOND ELECTION.
-A
ROME, Floyd County, Ga.-BOND SALE.
vote will be taken on April 19, reports state, on the question of issuing $15,-On Mar. 29 the $75,000
4% 1736-year (aver.) municipal-bldg. bonds(V. 100, p. 1113) were awarded
000 water-works-system-impt. bonds.
It is stated, to Breed, Elliott & Harrison of Cincinnati at 91.35.
PRICE, Carbon County, Utah.
-BOND SALE.
-On April 1 the $10,- change Nat. and the National Citybanks of Rome offered $1,140The Exinterest
000 6% 10-20-year (opt.) coupon additional-water-stock-purchase bonds on deposit of the money and the offer was accepted.
(V. 100, p. 1113), were awarded to the Palmer Bond & Mortgage Co. of
ROME, Oneida County, N. Y.
-BOND OFFERING.
Salt Lake City at 101.60 and int. Purchaser to pay legal expenses and fur-Albert L. McMaster, City Clerk, will receive bids until 11 a. in. Apr. 15 for the following
nish printed bond forms. Other bids were:
Hanchett Bond Co., Chicago-$10,227, pay legal expenses and furnish 436% registered bonds:
$15,000 fire-apparatus bonds. Due $1,000 yearly on Apr. 1 from 1916
printed bond forms.
to 1930 incl.
J. R. Sutherlin & Co., Kansas City-$10,156 and pay legal expenses and
6,000 real property purchase bonds. Due $1,000 yearly on Apr. 1 from
furnish printed bonds.
1916 to 1921 incl.
C. H. Coffin, Chicago-$10,101.
Auth. Chap. 650, Laws of 1904. Denom. $1,000. Date Apr. 15 1915.
Bolger, Mosser & Willaman, Chicago-S10,100 and int.; also pay legal exInt. A. & 0. at Nat. Park Bank, N. Y. Purchaser to pay accrued int.
penses and furnish printed bond forms.
Official circular states that there is no litigation pending or threatened afH.0. Speer & Sons Co., Chicago-$10,100 and int.
Central Say. & Trust Co. Chicago-$10,055 and int.; also pay legal ex- fecting these bonds. and there has never been any default made in any payment. Bonded debt (not incl. these issues), $896,454. Assess. val. real
penses and furnish printed bond forms.
Guardian Trust Co., Denver-$10,042 and int.; also pay legal expenses estate 1914, $9,881,470...
and furnish printed bond forms.
ROSLYN, Kittitas County, Wash.
-BOND ELECTION.
-A vote
Hoehler, Cummings & Prudden, Toledo-$10,037 50 and pay legal expenses will be taken on April 13, it is stated, on the question of issuing $28,000
gravity-water-system-extension bonds.
and furnish printed bond forms.
Sweet, Causey, Foster & Co., Denver-$10,036 and int.; also pay legal exST. CLAIR COUNTY (P. 0. Belleville), Ms.
-BOND SALE.
-On
penses and furnishprinted bond forms.
April 3 the $14,061 5% -year road bonds (V. 100, p. 1191) were awarded
James N. Wright &
Denver-$10,018 and int.; also pay legal expenses to the Belleville Bank &2
Tr. Co. of Belleville for $14,330 16 (101.914) and
and furnish printed bond forms.
int.-a basis of about 4%. Win. J. Reichert of Freeburg bid $14,160.
Elston, Clifford& Co., Chicago
-$9,817 and int.; also furnish printed
ST. HENRY, Mercer County, Ohio.
-BOND SALE.
-On April 7 the
bond forms.
$4,000 6% 336-yr. (aver.) electric-light-installation bonds(V. 100, p. 1113)
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND SALE.
-On were awarded to the Commercial Bank Co. at 105-a basis of about
April 5 the three issues of 4%% highway-impt. bonds, aggregating $23,460 4.45%. Other bidders were:
(V._ 100, P. 1190) were awarded to J. F. Wild & Co. of Indianapolis at par Hanchett Bd. Co., Chic_ _ _$4,047 001 Sid. Spitzer & Co.. Tol___$4,029 60
Hoehler,Cum'gs & Prud.,To1.4,042 501Davies-Bert'm Co., Cin___ 4.022 00
and interest.
ST. JOHNSVILLE SCHOOL DISTRICT NO.2(P.O.St. Johnsville),
RACINE, Racine County, Wis.-BONDS VOTED.
-The election hold Montgomery
County, N. Y.
-BONDS DEFEATED.
March 23 resulted in favor of the issuance of $90,000 4%% coupon school-By a vote of 92
building bonds (V. 100, p. 755). Denom. $1,000. Date March 1 1915. "for" to 93 'against, the question of issuing $60,000 bldg. bonds was deInt. M.& S. at the City Treasurer's office or by draft,payable in New York, feated at the election held Mar.30.
SALEM, Columbiana County, Ohio.
at the option of holder of bonds. Due $4,000 yearly March 1 from 1916
-BOND SALE.
-On Apr. 7 the
to 1925 inclusive, and $5,000 yearly March 1 from 1926 to 1935 inclusive.
$10,000 5% 536-year (aver.) sanitary-sewer bonds (V. 100,
awarded to the Davies-Bertram Co. of Cincinnati at 101.03p. 1191) were
-a basis of
PARISH (P. 0. Alexandria), La.
RAPIDES
-BOND SALE.
-On about 4.79%.
-year (aver.) tax-free Road District No. 2
March 29 the $100,000 5% 6
The other bidders
road-construction bonds (V. 100, p
were awarded, it is stated, to the Brighton-Germ. Bk., were:
Cin___$10,081 Tillotson & Wolcott Co.,
Commercial Bank & Trust Co. of *Alexandria at 100.75-a basis a about A. E. Aub &
Co., Cin
10,067
Cleveland
$10,031 00
4.854%.
Well, Roth & Co., Cin
10,041 First Nat. Bk., Cleve.._ _ _ 10,018 50
RAVENNA TOWNSHIP SCHOOL DISTRICT (P. 0. Ravenna), Prov. Say.Bk.& Tr. Co.,Cin. 10,034
Portage County, Ohio.
-BOND SALE.
-On Apr. 1 the $38,000 5% school
SAN DIEGO,Calif.
-BOND SALE.
-Reports state that $391,000 bonds
impt. bonds (V. 100, p. 1021) were awarded to Hoehler, Cummings & have been sold to Spitzer, Rorick & Co.of Toledo.
Prudden of Toledo for $38,437 50 (101.151) and int. Other bidders were.
SANDUSKY,•Erie County, Ohio.
-BOND SALES.
-On April 6 the
Otis & Co., Cleveland__ - _$38,285 001 Hayden, Miller & Co., Clev_$38,130 three issues of
436% bonds, aggregating $35.600 (V. 100, p. 923) were
First Nat. Yank,Clev_
38,279
Second
Nat. Bk., Ravenna
80_ 38,075 awarded to Seasongood & Mayer of
Cincinnati at par and int., less $340
Seasongood & Mayer,Cinc.38,230 00 Sidney Spitzer & Co., Tol_ __ 37,650 for expenses.
The American Banking & Tr. Co. of Sandusky was the only
RENSSELAER, Rensselaer County, N. Y.
-BOND SALE.
-On Apr.7 other bidder and bid par and int. less $342 50 for expenses for the $10,000
the $70,000 4 % 103 -year (aver.) coup. (with priv. of reg.) paving bonds issue only.
(V. 100, p. 1191) were awarded to Kissel, Kinnicutt & Co. of N. Y. at
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
-On
101.617-a basis of about 4.305%. Other bidders were:
Mar. 24
$20,000 5%
James R. Magoffin, N.Y.$71,060 00 Geo. B. Gibbons & Co., N.Y.$70,540 (V. 100, the 1021) were bridge bonds offered without success on Jan. 15
p.
Remick,Hodgm&Co.,N.Y.70,954 10 Knauth,Nachod&Kuhne,N.Y.70,420 Fremont at par and in awarded to the Croghan Bank & Sayings Co. of
Denom.$500. Date Mar. 151915. Int. M.& S.
A. B. Leach & Co., N. Y.. 70,755 30 Farson, Son & Co., N.Y___-70,406 Duo Sept. 15 1919.
Harris, Forbes&Co., N.Y. 70,623 70 Estabrook & Co., N. Y
70,371
SANILAC COUNTY (P. 0. Sandusky), Mich.
-BONDS VOTED.
H. A. Kahler&Co., N. Y.. 70,568 00 Wm. R. Compton Co., N.Y_ 70.290
Clark, Dodge & Co., N.Y. 70,557 83 Hornblower & Weeks, N. Y_ 70,231 The proposition to issue the $80,000 court-house bonds (V. 100, p. 756)
-The $12,154 4%% 2
CERTIFICATE SALE.
-year certificates of in- carried at the election held April 5.
debtedness also offered on Apr.7(V. 100, p. 1191) have been sold at private
SCHUYLER COUNTY SCHOOL DISTRICT NO. 92 (P. 0. Rushsale.
ville), Ills.
-BOND OFFERING.
-Bids will be received until 2 p. m. April
RIDGE TOWNSHIP (P. 0. Carey), Wyandotte County, Ohio.- 15 by Geo. B. Steele, Secy. Bd. of Ed., for $40,000 5% building bonds.
-On Apr. 5 the $15,000 5% coup. road-impt. bonds (V. 100. Denom.(40) $500,(20) $1,000. Date April 11915. Int. ann. Due $2.BOND SALE.
p. 1191) were awarded, reports state, to the People's Bank of Carey for 000 yearly on April 1 from 1916 to 1935 incl. Cert. check for 10% of bonds
bid for, required.
-equal to 100.266.
$15,040
SEASIDE, Clatsop County, Ore.
-BOND SALE.
-On Mar. 31 the
RIPLEY, Brown County, Ohio.
-BOND SALE.
-On March 27 an
issue of $5,000 5% gas-plant bonds was awarded to Tillotson & Wolcott Co. $45,000 6% coup.funding bonds(V. 100, p. 923) were awarded to the Lumbermen's Trust Co. of Portland at par and blank bonds. Denom. $500.
of Cleveland, it is stated, at 101.27 and int.
Date May 1 1915. Int,semi-annual. Due $5,000 May 1 1920 and $2.000
RIVERDALE SCHOOL DISTRICT, Fresno County, Calif.
-BONDS yearly May 1 from 1921 to 1940 incl.
VOTED.-Tho question of issuing $25,000 high-school building bonds
SEATTLE, Wash.
-BOND SALES.
-On April 5 $1,779,500 bonds were
carried, it is stated, at a recent election.
purchased at private sale by Carstens & Earles, Inc., of
par
ROBERTSON COUNTY (P. 0. Franklin), Texas.
-BOND SALE.
- interest. About one-third of the bonds bear interest atSeattle atof and
the rate
436%
The $100,000 5% 1040-yr.(opt.) Justice Precinct No.5 road bonds offered and two-thirds at 5%•
660) have been purchased by Rudolph Kleybolte
on March 5 (V. 100 p.
During the month of March the city issued the following special-improve& Co.of Cincinnati, it is stated, at par and Int.
ment bonds, aggrelsating $59,641 58:
-NOTE SALE.
-On April 7 the three issues of Amount. Dist. No.
ROCHESTER, N. Y.
Purpose.
.
Rate. Date.
Due.
notes, aggregating $506,500 (V. 100, p. 1191), were awarded as follows, $4,762 31__2,768_ _Re-planking
7 Mar. 15 Mar. 15 1920
16,079 90-2,765_ _Grading
it is stated :
6 Mar. 13 Mar. 13 1925
-months revenue notes to Bernhard, Scholle & Co. of N. Y. at 12,401 29_ -2,773- _Sewers
$400,000 2
6 Mar. 13 Mar. 13 1925
797 36-2,795....Water mains
2.36% int., plus $5 premium.
6 Mar. 13 Mar. 13 1925
-months school notes to Luther Robbins of Rochester at
2,079 09-2,704_ _Paving
100,000 eight
6 Mar. 15 Mar. 15 1925
14,757 52_ _2,772_ _Grading and Paving
3.12% int.
6 Mar. 15 Mar. 15 1925
1,614 25_ _2,785__Grading and Paving
6,500 eight-months land-purchase No. 36 school playground notes to
6 Mar. 16 Mar. 16 1925
Goldman, Sachs & Co. of N. Y., at 3.1775% int., plus $10
3,856 25...2,786--Grading and Walks
6 Mar. 24 Mar. 24 1925
prom.
Other bidders were:
3,293 61--2,777__Paving
6 Mar.30 Mar,30 1925
All the above bonds are subject to call part on any interest-paying date.
Inc.
Prem.
Bernhard, Scholl()& Co., New York
SEYMOUR, New Haven County, Conn.
-BOND OFFERING.
$100,000 School construction notes
-Pro3.89
$400 posals will be received until
6,500 School playground
10 a. m.April 15 by W.L. Ward,Town Treas..
4.124
Robbins, Rochester
Luther
for $150,000
% coupon (principal may be registered) refunding bonds.
$400,000 Revenue notes
3.00
3 50 Denom.$1,000. Date March 1 1915. Int. M.& S. at Seymour Trust
Goldman, Sachs & Co., Now York
Co..
•
Seymour. Due $2,000 yearly on March 1 from 1916 to 1945,inclusive, and
$200,000 Revenue notes
2.50
5 00
100,000 School construction notes
$90,000 March 1 1946. Bonds to be delivered to purchaser on April 20 at
3.1775
10 00
Salomon Bros. & Hutzler
First National Bank, Boston. This bank will certify as to the genuineness
$400,000 Revenue notes
2.475
of the bonds and their legality approved by Ropes, Gray, Boyden & Perkins
100,000 School not and
Playground land purchase note
of Boston, whose opinion will be furnished purchaser. Bonded debt.
6,500
3.48
Kissel, Kinnicutt & Co., New 'York
$30.000; floating debt, $122,500. Grand list 1914, $3,998,440.
$400,000 Revenue notes
2.50
The official notice of this bond offering will be found among the advertiseII. Lee Anstey, New York
ments elsewhere in this Department.
$400,000 Revenue notes
2.50
16 00
SHARON HILL, Delaware Cctinty, Pa.
100,000 School notes
-BONDS AUTHORIZED.
3.18
5 00 Reports state that the
Council has iassed an ordinance providing for the
6,500 School playground note
3.18
Issuance of $10,000 street and sewer i npt. bonds.
Bond & Goodwin, New York
$400,000 Revenue notes
2.60
SHELBY, Toole County, Mont.
2 25
-BOND OFFERING.
-W. M. Black,
100,000 School notes
3.30
2 25 Town Clerk, will sell at public auction at 10 a. m. May 10 $8,200
6% water6,500 School playground notes
3.30
-- works bonds authorized by vote of 43 to 2 at an election held April 5. DeRobert W. Daniel & Co., New York
$400,000 revenue notes
2.75
10 00 nomination (8) $1.000,(2)$100. Date Jan. 1 1915. Int. Jan. 1 and July 1
Hibbard, Palmer & Kalbfleischat the Nat. Bank of Commerce, N. Y. Due Jan. 1 1935, subject to call
$400,000 Revenue notes
3.10
4 60 after Jan. 1 1925. Cert. check for $4,000, payable to
100,000 School construction notes
the Town Clerk.
3.25
- required.
A. G. Moore Rochester
$400,000 itevenue notes
2.50
Official notice of this bond offering will be found among the advertisements
100,000 School notes
3.20
elsewhere in this Department.
•




ma)

1286

THE CHRONICLE

[VOL. 100.

-BOND
TROY TOWNSHIP (P. 0. Nova), Ashland County, Ohio.
-Bids
-BOND OFFERING.
SPENCERPORT, Monroe County, N. Y.
-Reports state that on Mar. 27 the $26,000 5% 9%-year (aver.)
will be received until 7:30 p. m. Apr. 16 by H. W. Sperry, Clerk Board of SALE.
Vil. Trustees, for $16,000 reg. electricity bonds. Denom. $2,000. Date road bonds (V. 100, p. 757) were awarded to the First Nat. Bank of AshSept. 1 1915. Int. (rate to be named in bid) ann. on Sept. 1 at Bank of land at $26,125, equal to 100.480-a basis of about 5.936%•
Spencerport. Due $2,000 yearly on Sept. 1 from 1918 to 1925 incl. Cert.
-On Mar. 31 the
-BOND SALE.
County, So. Car.
UNION
check for $100, payable to F.E. Townsend, Vii. Treas., required. Bonded $25,000 20 Union (opt.) water-works-impt. bonds (V. 100, p. 925) were
-year
-40
debt (not incl. this issue), $46,900; no floating debt. Assess. val., real, awarded jointly to the Citizens' Nat. Bank of Union at 101.004 for Se$546,046.
a basis of about 4.921% to optional date and 4.943% to full maturity.
-Bids Other bids were:
-BOND OFFERING.
SPRINGFIELD, Clark County, 'Ohio.
Fo 6s.
For 5s. For 5%s.
will be received until 7 p. m. April 19 by Frank B. Thomas, City And., for
Bidders$58,233 59 5% coup. street-impt. (city's portion) bonds. Denom. (1) Bank of Columbia, Columbia
$24,887 50
----- 26,269 27
24,605 43
$233 59, (116) $500. Date Mar. 1 1915. Int. M. & S. Due $9,233 59 H. T. Holtz & Co., Chicago
Alan 1 1916,$9,000 Mar. 1 1917 and $8,000 yearly on Mar. 1 from 1918 to J. H. Hilsman & Co., Atlanta
24,473 00 $25,059 50 25,980 00
1922 incl. Cert. check for 5% of bonds bid for, required. Bonds to be Powell, Garard & Co.,Chicago
24,006 00 25,079 00 26.175 00
26,080 00
delivered and paid for within 10 days from time of award.
of Cincinnati
Seasongood & Mayer
25,335 00
-On April 5 the seven issues of 5% assess. bonds, ag- Spitzer, Rorick & Co.,Toledo
BOND SALE.
25,171 00
gregating $48,647 60 (V. 100, p. 924), were awarded to Geo. B. Gibbons Hoehler, Cummings & Prudden, Toledo_
26,832.50
& Co. of N. Y.for $49,314 07 (101.361) and int. There were three other Nicholson Bank & Trust Co., Union
25,277 00
Duke M. Farson, Chicago
bidders.
25,075 00
Security Trust Co., Spartanburg
STARK COUNTY (P. 0. Canton) Ohio.-BOND OFFERING.'
-On
-BOND SALE.
Bids will be received until 10 a. m. April 13 by C. L. Stoner, Clerk Bd. of
Ohio.
UNION COUNTY (P. 0. Marysville),
Co. Commrs., for $13,500 5% school-building (county's portion) bonds. Apr. 1 the three issues of 5% road and ditch-impt. bonds(V. 100, p. 1115)
Denom. $500. Date April 20 1915. Int. A.& 0. at Co. Treasury. Due were awarded as follows:
$5,452
$2,500 yearly on April 20 from 1916 to 1919 incl. and $3,500 April 20 1920.
$15,470
$6,700
Ditch.
Cert. check on a Stark County bank for $500, payable to Board of County
Road.
Vansant&BeaverRd.
Commrs., required. Bonds to be delivered on April 20.
*56,714 00 *315,515 00 $5,453 00
Sidney Spitzer & Co., Toledo
*5,456 50
15,490 50
6,709 50
STAYTON SCHOOL DISTRICT (P. 0. Stayton), Marion County, Comm'l Say. Bank, Marysville
27,662 00
-The question of issuing $15,000 high-school- Otis & Company, Cleveland, for all
-BONDS VOTED.
Ore.
27,644 53
building bonds carried, it is stated, by a vote of 158 to 44 at an election held Tillotson & Wolcott Co., Cleveland,for all
April 1.
* Successful bids.
Bids will be received until 1 p. m. May 10 by Chas. A. Morelock, Co.
-On
, Jefferson County, Ohio.
-BOND SALE.
STEUBENVILLE
road-Impt. bonds.
Mar. 19 the $17,500 5% road-impt. bonds (V. 100, p. 660) dated Aug. 1 Aud., for $31,000 5% office a Co. Treas. Denom. $500. Date May 1
Due $3,000 Nov. 1 1915 and
- 1915. Int. M.& N. at
1914 were awarded to Hayden, Miller & Co. of Cleveland for 317,715
$4,000 each six months from May 1 1916 to May 1 1919 incl. Cert. check
equal to 101.228. Other bids were:
$17,708 00 on a local bank (or cash) for $500 required. Delivery of bonds to be made
Spitzer, RorIck & Co., Toledo
will be furnished a complete certified
17,695 00 on May 10. Successful bidderthe Bd. of Co. Commrs. relative to the
Seasongood & Mayer, Cincinnati
17,688 60 transcript of the proceedings of
First National Bank, Cleveland
17,687 25 issuance of these laonds.
Provident Savings Bank & Trust Co., Cincinnati
17,634 75
R. L. Dollings Co., Hamilton
-BOND OFFERING.
COUNTY (P. 0. Union), So. Car.
17,589 25 J.UNION Supervisor, will receive bids until 12 m. April 17 for $25,000 5%
Tillotson & Wolcott Co., Cleveland
T.Jeter,
17,572 00 20-year coupon bonds. Date April 1 1915. Int. Jan. 1 and July 1. Cert.
Ohio National Bank, Columbus
17,538 00
Well, Roth & Co., Cincinnati
for $500 required. Purchaser to pay for blank bonds. These bonds
17.521 00 checkpreviously offered on April 3 (V. 100, p. 925) but the bids received
Sidney Spitzer & Co.. Toledo
were
-On were rejected.
-BOND SALE.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
,
April 5 the $50,000 435% 534-yr. (aver.) reg. hospital bonds (V. 100, p.
Putnam
UNIONVILLE SCHOOL DISTRICT (P. 0. Unionville), until 7:30
1114) were awarded to the Equitable Tr. Co. of N. Y. at 101.01 and int.-Proposals will be received
County, Mo.-BOND OFFERING.
a basis of about 4.29%. Other bids were:
-20Sec. Bd. of Ed., for $30,000 5% 10
Suffolk Co. Tr. Co., Riverh_100.89 II. A. Kahler & Co., N. Y_ _100.638 p. m. April 16 by 0. A. Middleton,
bonds authorized by vote of
and
R. M. Grant & Co., N.Y_ _ _100.82 Remick Hodges & Co., N.Y-100.593 year site-purchase, building Aprilequipment
7 1914. Denom. $500. Int. semi-ann.
99 at an election held
Hornblower & Weeks, N. Y_100.805 A. B. Leach & Co., N. Y_ _ _ _100.479 304 to
at place designated by purchaser. Cert. check for $200 required. Bonded
100.31
Geo.B.Gibbons & Co., N.Y.100.71 Estabrook & Co. N.Y
eat,
debt, including this issue, $35,000. Assess. val. 1912, $747,197 62;conW.N.Coler & Co., N. Y_ __ _100.671 James R. Magoffin, N. Y_ _ _100.25
property, $3,000,000. Official circular states there is no
value of
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Gomer), troversy all litigation pending or threatened affecting the corporate existor
-On March 29 the $10,000 55ç
-BOND SALE.
Allen County, Ohio.
of this district or the title of its present officials to
13%-year (aver.) coupon building bonds (V. 100, P. 924) were awarded to ence or the boundariesor the validity of these bonds or any other outstandtheir respective offices
either
Seasongood & Mayer of Cincinnati at 104.06 and interest.
ing bonds, and that no default has ever been made in the payment ofrecord
- principal of interest on any obligations of the district. The entire
-BOND OFFERING.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
Bids will be received until 12 m. Apr. 15 (and from day to day thereafter of this bond issue was passed upon and sustained by the Supreme Court of
until sold) by Robert Gambill, County Treas.,for $7,200 road-system No.4 Missouri in an opinion rendered April 1 1915.
(denom. $360) and $8,224 road system No. 3 (denom. $411 20) 43i%
City),
UNIVERSITY CITY SCHOOL DISTRICT (P. 0. University coupon
Elias Borders et al. road bonds in Turmain Twp. Date Mar. 15 1915.
-On March 31 the $60,000 123 -year (average)
Int. M.& N. Due one bond of each issue each six months from May 15 Mo.-BOND SALE.
awarded
taxable site-purchase and building bonds (V. 100, p. 1022) were-a basis
1916 to Nov. 15 1925 incl.
for 43s
-The following to Smith, Moore & Co. of St. Louis at 100.52 and interest
SUMMIT, Roberts County, So. Dak.-BOND SALE.
-20
6% 10 -year (opt.) bonds (V. 100, p. 1021) have been disposed of at par. of about 4.446%.
at an election
-Pro-BOND OFFERING.
$8,000 water-works bonds authorized by vote of 100 to 5
URBANA, Champaign County, Ohio.
held Feb.27.
posals will be received until 7 p. m. April 26 by H. M. Crow, City And,
5,000 electric-light-system bonds authorized by vote of 74 to 8 at an elec- for $30,000 5% So. Main St. improvement (assess.) bonds. Auth. Secs.
1915. Int.
tion held Mar. 23.
3881 and 3914. Gen. Code. Denom. $1,000. Date April 20 incl. Cert.
1925
Denom. $500. Date April 1 1915. Int. Jan. & July.
A. & 0. Due $3,000 yearly on April 20 from 1916 to required. Bonds
Ohio.
bonds bid for, payable to City Treas.,
-BOND SALE.
-On Atli'. 1 check for 5% of
SUMMIT COUNTY (P. 0. Akron),
the two issues of 5% coup. Richfield road-impt. bonds, aggregating 78,- to be delivered and paid for within 10 days from time of award. Purchaser
910 52 (V. 100, p. 924). were awarded to Hayden, Miller & Co.of C eve- to pay accrued interest.
land for $80,040 52 (101.432) and int. The other bids were:
-On April 8 the following 5% semi-annual bonds, aggreBOND SALE.
For $8,994 29. For $69,916 23. gating $89,600 (V. 100, p. 1022), were awarded, reports state, to the
$9,017 79
$71,001 23
Hoehler, Cummings & Prudden, Toledo
Western-German National and the Brighton-German banks on their joint
9,004 18
70,797 17
Tillotson & Wolcott Co., Cleveland
-equal to 102,519:
bid of $91,857 86
8,998 04
portion) bonds. Denom. $1,000.
70,909 03
First National Bank, Cleveland
$25,000 street-improvement (city's April 1 1934.
8,996 29
70,644 23
Sidney Spitzer & Co., Toledo
Date April 1 1915. Due
70,985 95
Provident Says. Bank & Tr. Co., Cincinnati_
-improvement (assessment) bonds. Denom. (30) $1,000,
street
36,000
on April 10
70,820 00
A.E. Aub & Co., Cincinnati
(10) 3600. Date April 10 1915. Due $3,600 yearly
For Both Issues, Aggregating $78,910 52.
from 1916 to 1925, inclusive.
Denom.'
$80,872 52
Seasongood & Mayer, Cincinnati
Scioto and Kenton Sts. storm-sewer-construe. bonds. 1932.
9,700
79,710 52
Otis & Company, Cleveland
(1) $700,(9) $1,000. Date April 1 1915. Due April 1 (1) $400,
Denom.
-Bids will be received until 11 a. m. April 12 by
BOND OFFERING.
3,400 Miami St. storm-sewer-construction bonds.1 1933.
0. L. Bower, Clerk for $36,000 5% coup, flood-emergency bonds. Denom.
(3) $1,000. Date April 1 1915. Due April bonds. Denom. (1)
$1,000. Date April 12 1915. Int. A. & 0. at office of Co. Treas. Duo
15,500 South Main St. storm-sewer-construction Due March 1 1931.
$12,000 on Oct. I 1924, 1925 and 1926. Cert. check on a bank other than
5500, (15) $1,000. Date March 1 1915.
the one making the bid, for not less than 5% of bid, required. Bonds to
-year
-On April 2 an issue of $650,000 4%% 20
-BOND SALE.
UTAH.
be delivered and paid for within 10 days after April 12.
State Capitol bonds was awarded, it is stated, to the Palmer Bond & MortSUMNER SCHOOL DISTRICT (P. 0. Sumner), Bremer County, gage Co. of Salt Lake City.
-At a recent election the question of issuing
-BONDS VOTED.
Iowa.
-Proposals
-BONDS OFFERED BY BANKERS.
VICKSBURG, Miss.
$10,000 building bonds received a favorable vote, reports state.
Co. and the
TABOR SCHOOL DISTRICT (P. 0. Tabor), Bonhomme County, will be received until May 1 by the Peoples' Say. Bank & Loan
election will be called City Say. & Trust Co., both of Vicksburg, for the $400,000 5% coupon
-An
So. Dak.-BOND ELECTION PROPOSED.
soon,it is stated, to vote on the question of issuing $12,000 building bonds.
water-works-construction bonds purchased by them from the city on May 5
-During the month of March the 1914 (V. 98, p. 1557). Bids to be opened at 12m. on above day at the
-BOND SALES.
TACOMA, Wash.
following 6% bonds, aggregating $9,924 45, were issued by the city of First Nat. Bank of Vicksburg. Denom. $1,000. Date May 1 1914.
Tacoma:
yearly
Due.
Date.
Purpose.
Int. M. & N. at Amer. Exch, Nat. Bank, N. Y. City.Due $5,000
District.
Amount.
$2,967 50Local Impt. D. No. 5,020 water-mains_Mar. 6 Mar. 6 '20 for 19 years and $305,000 in 20 years. Cert. check for 2% of bonds ap9 Mar. 9 '20 plied for required. The legality of these bonds has been approved by
Mar.
75 30_ _Local Impt. D. No. 1,122 sewer
2,686 00_ _Local 'rapt. D. No. 919 sidewalks_ _ _Mar. 9 Mar, 91'20
Mar. 9 Mar. 9 '25 Wood & Oakley of Chicago.
369 25__Local Impt. D. No. 4,025 paving
the advertiseThe official notice of this:band offering will be found among
2,920 00-_Local Impt. D. No. 925 sidewalk_ _ _ _Mar. 16 Mar. 16 '20
Mar.31 Mar. 31 '25 ments elsewhere in this Department.
906 40_ _Local Impt. D. No. 4,026 paving
the above bonds are subject to call part yearly.
All
VIENNA TOWNSHIP SCHOOL DISTRICT (P. 0. Vienna), TrumTHREE RIVERS INDEPENDENT SCHOOL DISTRICT (P.O. Three bull County, Ohio.
-By a vote of 160 to 40 the propo-BONDS VOTED.
-The election held
-BONDS VOTED.
Rivers), Live Oak County, Texas.
sition to issue $25,000 bldg. bonds carried, it is stated, at the election held
March 20 resulted, it is stated, in favor of the question of issuing $10,000 March 30.
high-school-bldg. bonds.
-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.
TILLAR SCHOOL DISTRICT (P. 0. Tillar), Drew County, Ark.
N. P. Lavengood, County Treas., will receive bids until 5 p. m. Apr. 15
-On Mar. 27 $15,000 6% 10-25-year (ser.) refunding bonds for the following 43 % road bonds: $6,000 Orton Weitzel et al. road,$8,700
BOND SALE.
were awarded to Gunter & Sawyers of Little Rock. Denom. $500. Date Engleman Thrush et al., $3,400 D. F. Brooks et al.,$6,000 Fred. C.Pries
April 11915. Int. A.& 0.
road and $7,700 Thos. Brodbeck road bonds.
-On April 8 the $40,000 43 % 30-yr.
6
,
-BOND SALE.
-On
TRENTON, N. J.
-BOND SALE.
WALLINGFORD, New Haven County, Conn.
l bonds (V. 100, p. 1.192) were awarded to W. N. April 6 the $13,000 04% 15
reg. contagious-hospita
-30-year (opt.) coup, refunding bonds (V. 100,
Coler & Co. of N. Y. at 104.03-a basis of about 4.261%. Other bidders p. 1022) were awarded to E. H. Rollins & Sons of Boston at 101.639 and
were:
int.-a basis of about 4.35% to optional date and about 4.40% to full ma103.97
A. B. Leach & Co., Philadelphia
turity. Other bids were:
103.93
I Estabrook & Co., Hartford_ _100.57
• Hornblower & Weeks, New York
Co., Boa103.882 Merrill, Oldham &
H. L. Crawford & Co., Philadelphia
100.579'Spitzer, Rorick & Co., N. Y. 100.15
ton
103.75
Graham & Co., Philadelphia
-At the election
-BONDS VOTED.
Warren County, Pa.
WARREN,
103.633
Rhoades & Co., New York
103.563 held Mar.30 the propositions to issue the $35,000 paving,$10,000 sanitaryRemick, Hodges & Co., New York
sewer and $5,000fire-dept.-Impt. bonds(V. 100, p.757) carried by a vote of
New York
103.525
Sidney Spitzer & Co.,
103.47
532 to 405.
R. M. Grant & Co., New York
-Proposals
103.21
Geo. B. Gibbons & Co., New York
WARREN,Trumbull County Ohio.-BOND OFFERING.
York
103.202 will be received until 12 m. April 17 by Geo. F. Ifecklinger, City Auditor,
'
Harris, Forbes & Co., New
103.18
Kissel, Kinnicutt & Co., New York
for the following 5% bonds:
102.535 $8,000 North Park Ave.improvement bonds. Denom.$400. Date Oct. 1
• Estabrook & Co., New York
-On April 5 the $84,000 434% 10M-year
1914. Due $2,000 yearly on Oct. 1 from 1916 to 1919 incl.
-BOND SALE.
TROY, N. Y.
3,800 Adams St. improvement bonds. Denom.$380. Date Oct. 1 1914.
public-impt. bonds (V. 100, p. 1192) were awarded to
(aver.) reg. tax-free
Due $760 yearly on Oct. 1 from 1910 to 1920 incl.
Estabrook & Co. of N. Y. at 101.95 and int.-a basis of about 4.269%.
$500. Date Oct. 1 1914.
6,000 Mercer St. improvement bonds. Denom.1920 incl.
Other bids were:
Due $1,200 yearly on Oct. 1 from 1916 to
20 A. B. Leach & Co., N. Y_585,344 00
Hornblower&Weeks,N.Y..$85,516
improvement bonds. Denom. 5500. Date
,N.Y. 85,318 80 15,500 West Belmont St.
Equitable Tr. Co., N.Y_ - 85,492 68 Sidney Spitzer & Co.
Oct. 11914. Due part yearly on Oct. 1 beginning in 1916. Date
W. N. Coler & Co., N. Y. 85,428 00 Harris, Forbes & Co., N.Y.55,111 32
bonds. Denom.
8,000 East Belmont St. Improvement Oct. 1 from 1916 to$400. incl.
Remick,Hodges&Co.,N.Y.85,422 12 Geo. B. Gibbons & Co.,
1920
Oct. 1 1914. Due $1,600 yearly on
New York
84.747 60
Mfrs.' at. Bank, Troy- 85,344 00




APR. 10 1915.1

THE CHRONICLE

20,000 bridge
-construction (city's share) bonds. Denom.
April 1 1915. Due $2,000 yearly on April 1 from 1925$500. Date
to 1934 incl.
10,000 West Market St. improvement (city's share) bonds. Denom.$500.
Date April 1 1915. Due $2,000 yearly on April 1 from 1921 to
1925 incl.
Auth. Sec. 3939, Gen. Code. Int. A. & 0. at Union Says. & Tr. Co.,
Warren. Certified check for $500, payable to City Treasurer, required.
Bonds to be delivered and paid for within 5 days from time of
award.
Purchaser to pay accrued interest.
WARREN COUNTY (P. 0. Lebanon), Ohio.
-BOND SALE.
-On
March 29 the $34,500 4%% 25
-year funding bonds (V.
awarded, it is stated, to the Provident Says. Bank & 100, p' 1022) were
Trust Co. of Cincinnati at 100.35.
WASHINGTON COUNTY (P. 0. Plymouth), No. Caro.
-BOND
OFFERING.
-The County Commissioners will receive sealed bids until
April 12 for $30,000 6% 25
-year bonds. Int. annually. W. M.Bond Jr.,
attorney.
WARRENTON SCHOOL DISTRICT (P. 0. Warrenton), Clatsop
County, Ore.
-BONDS VOTED.
-Reports state that this district has
voted in favor of the issuance of $8,500 site-purchase and $16,500 school
building and equipment bonds.
WASHINGTON TOWNSHIP SCHOOL DISTRICT ,Mercer County,
Ohio.
-BONDS DEFEATED.
-At the election held April
of issuing $35,000 school bonds was defeated, it is stated. 6 the question
WATERFORD TOWNSHIP RURAL SCHOOL DISTRICT
(P. 0.
Waterford), Washington County, Ohio.
-BOND SALE.
-The following bids were received on Apr. 5 for the $30,000 5% school bonds offered
on
that day (V. 100, P. 925):
Hoehler, Cummings & Prudden, Toledo
$30,182 50
First National Bank, Cleveland
30,124 60
Hayden, Miller & Co., Cleveland
30,063 00
Otis & Co., Cleveland
30,000 00
WHELEN SCHOOL DISTRICT, Ark.
-BOND SALE.
-Gunter &
Sawyers or Little Rock have purchased $10,000
6%
bonds. Denom. $500. Date April 1 1915. Int: 10-30-year (ser.) bldg.
A. & 0.
WHITE COUNTY (P. 0. Monticello), Ind.
-BIDS.
-The following
bids were received on Mar. 27 for
$12,000 4%
-year (aver.) coup.
tax-free road bonds offered on that the (V. 100, p.% 6
day
926):
Meyer-Kiser Bank, Indianapolis
4
112m1 25
Edward O'Gara, La Fayette
12,000 00
* Reports state that this bid was successful.
WHITEWATER TOWNSHIP RURAL SCHOOL DISTRICT, Hamilton County, Ohio.
-BOND OFFERING.
-Proposals will be received
until 7 p. in. May 6 by W. W.
Whitney, Clerk Bd.of Ed.(P.0. RR.No. 1,
Cleves), for $16,000 5% 1-40
-year (ser.) bldg. and equip. bonds. Denom.
$400. Date "day of sale." Int. A. & 0. at Citizens' Bank, Harrison.
Cert. check for 10% of bonds bid for, payable to above Clerk, required.
WILD ROSE, Waushara County, Wis.-BONDS VOTED.-Tho
question of issuing $4,500 village-hall-erection bonds at not exceeding 5%
interest carried at the election held April 6.

NEW LOANS.
Notice of Intention to Issue and Sell

NEW

1287

WILLIFORD SCHOOL DISTRICT (P.O. Williford), Sharp County,
Ark.
-BOND SALE.
-An issue of $12,000 67, 5
-20-year (ser.) bldg. bonds
has been awarded to Gunter & Sawyers of Little Rock. Denom. $500.
Date Apr. 1 1915. Int. A. & 0.
WILLOUGHBY RURAL SCHOOL DISTRICT (P. 0. Willoughby),
Lake County, Ohio.
-BOND SALE.
-On April 1 the
year (aver.) school-completion bonds (V. 100, p. 1023) $15,000 5% 83iwere awarded to
Tillotson & Wolcott Co. of Cleveland at 100.71 and int.-a basis of about
4.907. Other bids were:
First National Bank, Cleveland
$15,075 90
Hoehler, Cummings & Prudden, Toledo
15,068 50
Otis & Co., Cleveland
15,056 55
Seasongood & Mayer Cincinnati
15,030 00
WILMINGTON, Newcastle County, Del.
-BOND
-On Apr. 5
the $55,000 43. % 23-year water-refunding bonds (V. SALE.
awarded, it is stated, to R. M. Grant & Co. of N. Y.100, p. 1116) were
at 103.05-a basis
of about 4.29%.
WINDSOR, Hartford County, Conn.
-BOND OFFERING.
-Bids
will be received until 12 m. May 12 by Chas. T. Lewis, Town Treas.,
for
the $150,000 43% coupon funding bonds voted Mar. 1 (V. 100,
p. 836)•
Denom. $1,000. Date July 1 1915. Int. J. & J. at Windsor Tr. & Safe
Dep. Co., Windsor, or at office of their correspondent, the Irving Nat,
Bank, N. Y. Due $5,000 yearly on July 1 from 1917 to 1946 incl. Cert.
check for 5% of bid,required. These bonds will be certified by the Windsor
Tr. Co. and Robinson, Robinson & Cole of Hartford will pass upon
the
legality of the issue.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WINNSBORO, Fairfield County, So, Caro.
-BOND OFFERING.
Sealed bids will be received until April 15 by the Board of Public Works,
J. E. McDonald, Chairman, and the Sewerage Commission, J. M. Jennings Chairman, for $50,000 water-works, $20,000 sewerage and $10,000
electric-light 5% 20 -year bonds. Auth. vote of 99 to 26 at election
-40
held March 29. Int. J. & J. in N. Y. Bids will be received for the whole
or separate issues. Cert. check for $100 required.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND OFFERING •
-Bids will be considered by C. E. Stinebaugh, County Auditor. until
Apri1123, for the following 5% coupon road bonds:
$53,000 Israel Funk and Long-Judson stone road impt. bonds. Date
May!1915. Due 36,000 on Mar. 1 and $5,000 Sept. 1 from
1916 to Sept. 1 1918 incl. and $5,000 on Mar. 1 and Sept. Mar.1
1 1919
and 1920.
45,000 U. G. Ostrander, Lewis Albright and Elmer Nelson road-impt.
bonds. Date May 3 1915. Due $5,000 on Mar. 1 and $4,000
on
Sept. 1 from Mar. 1 1916 to Sept. 1 1920 incl.
41,000 T. W. Crago road impt. bonds. Date May 4 1915. Due
Mar.! 1916 and $4,000 each six monthsfrom Sept. 1 1916 to $5,000
Sept. 1
1920 incl.

LOANS.

NEW LOANS

$150,000

$80,000

of, by and for the

TOWN OF WINDSOR, CONNECTICUT,

IREOELL COUNTY, NORTH CAROLINA

Town of Shelby of Toole County, Montana

43/2% FUNDING BONDS

5% 5 to 30
-Year Serial Funding
Bonds.

$8,200 Waterworks (6%) Bonds

Windsor, Conn., April 1, 1915.
at Public Auction, to the bidder
Sealed bids for the purchase of $150,000 Town
Sealed bids will be received by the undersigned
of Windsor, Conn., 4% %
"Funding Bonds" will at the
offering the highest price therefor. be received until 12 o'clock M. WEDNESDAY, Iredell office of the Board of Commissioners of
County, North Carolina, at Statesville.
MAY 12, 1915, by the Bond Olommittee of the N. C., until 10:30
a. m., MONDAY, APRIL 19.
Town of Windsor.
STATE OF4M0NTANA)
1915, for Eighty Thousand ($80,000) Dollars 5%
These bonds will be issued as coupon bonds and five to thirty-year
COUNTY OF TOOLE iSS.
serial coupon Iredell County
in the denomination of One Thousand Dollars Funding
TOWN OF SHELBY
J
Bonds, denomination $1,000 each,
($1,000) each, dated July 1,
Pursuant to the authority of Ordinance No. 60 cipal and interest in lawful 1915, payable prin- dated May!, 1915, interest payable semi-annumoney of the United ally, and interest and principal
of the town of Shelby, of Toole county, Montana, States at The Windsor Trust
payable at the
&
passed and approved April 5, A. D. 1915, author- Company of Windsor, Connecticut Safe Deposit Commercial National Bank, Statesville, N. C.,
izing and directing the advertisement and sale of fice of their correspondent, The , or at the of- principal due and playable as follows:
Irving National May f, 1920
certain bonds of said town, namely:
$3,000 May!,1933
3,000
Bank
Waterworks bonds of the town of Shelby, of at theof Now York, N. Y. and will bear interest May 1,1921
3,000 May 1,1934
3,000
rate of 4% per cent
Toole county, Montana,to an amount aggregating semi-annually on the 1st daysper annum, payable May 1,1922
3,000 May 1, 1935
3,000
of January and July May 1,1923
the principal sum of $8,200, comprised of 8 bonds in each year. Said bonds to
3,000 May 1,1936
3,000
become due and pay- May!,1924
numbered consecutively from 1 to 8, both numbers able Five
3,000 May 1,1937
3,000
inclusive, of the denomination of $1,000 each, and 1917, and Thousand Dollars ($5,000) on July 1, May 1,1925
3,000 May 1, 1938
3,000
Five Thousand Dollars ($5,000) on May!,1926
2 bonds numbered 9 and 10 for $100 each, all the 1st day of July of each succeeding
3,000 May 1,1939
3,000
year, last May!,1927
dated January 1, A. D. 1915, absolutely due and bonds to become due and 'payable
3,000 May!,1940
3,000
July 1, 1946. May!,
-1928
3,000 May!,1941
payable January 1, A. D. 1935, but redeemable at Payments to be made and bonds
3,000
delivered July 1, May 1,1929
3,000 May 1, 1942
the option of said town at any time after January 1915.
3,000
May 1, 1930
3,000 May 1,1943
1, A. D. 1925, bearing interest from their date
3,000
The bonds will be engraved
3,000 May 1.1944
until paid at the rate of six (6) per centum per duo form under the supervision and numbered in May 1,1931
3,000
annum, payable semi-annually on the 1st days of cated by the certificate of, The of, and authenti- Mayl,19323,000 May 1, 1945
Windsor Trust &
These bonds are issued by authority of a special
January and July, respectively, in each year, both Safe Deposit Company of
principal thereof and interest thereon 'payable at cut, and Robinson, RobinsonWindsor, Connecti- Act of the General Assembly of North Carolina,
& Cole, Attorneys-. Session 1915, and orders and resolutions of
the National Bank of Commerce, in the city and at
the
-Law, Hartford, Connecticut, shall pass upon Board
of Commissioners of the County of Iredell,
state of New York, U. S. A.,
the legality of said bond issue.
C.
PUBLIC NOTICE IS HEREBY GIVEN that incident to this issue, together All legal papers
with
the bonds aforesaid will, at the office of the un- certifying to the proper execution, an affidavit N.There is no litigation pending or threatened
designed clerk in said town, on Monday, to-wit: with the said The Windsor Trust & will be filed affecting this issue. Assessed value of property
Safe
the 10th day of May, A. D. 1915, at the hour of Company, and certified copies thereof Deposit in county for taxes 1914, $12,940,000. Real
with their value, $28,000,000. Total indebtedness, includ10 o'clock A. M. at public auction, be sold to the attorneys as above, where they may be referred
to ing this issue, $512,000. Less sinking fund.
bidder offering the highest price therefor.
at a moment's notice.
At said public auction,the successful bidder will
Bids will be opened by the town Bond Com- $12,000. Tax rate for all purposes, one dollar
and five cents ($1 05) on one hundred
be required to deposit with the undersigned Clerk mittee. Proposals to be sealed and
addressed to property. Population of county. Censusdollars
a certified check payable to his order in the sum Charles T. Lewis, Treasurer
1910.
of $4,000, which check shall be held by the town sor, Windsor, Connecticut,of the Town of Wind- 36,314. The county has never defaulted in the
and endorsed "Pro- payment of principal or interest of
and forfeited to it should the 'purchaser fail to posals for Bonds," and should be
any of its
accompanied obligations.
take up and pay for said bonds when presented by a certified cheek for five per cent(
5%)of bid.
Certified check or bank draft for two per cent
to him.
The Selectmen and
the
BY ORDER of the Council of the town of Windsor are the BondTreasurer of to Town of of par value of bonds must accompany all bids,
Committee
issue said same to be made payable to the Treasurer of
Shelby, of Toole county, Montana, made this 5th bonds, and the right is reserved by them
to
Iredell
day of April, A. D. 1915.
any or all bids which shall not be by said reject furnish County. Prior to delivery of bonds will
(Seal]
mittee deemed for the interest of the Town. Com- Palmer legal opinion of Storey, Thorndike.
F. A. SULLIVAN, Mayor.
& Dodge, Attorneys of Boston, Mass.,
Attest:
F. M. CASE,
Selectmen
as to validity of
W. M. BLACK, Clerk.
A. W. TRYON, of the Town of accept or reject issue. The right is reserved to
any or all bids. Full information
L. MULLALEY
Windsor.
will be furnished upon application.
CHARLES T. LEWIS, Treasurer.
'
N. B. MILLS, Chairman.
BOND COMMITTEE OF
Board Commissioners, Iredell County. N. C.
THE TOWN OF WINDSOR.
J. E. BOYD, Clerk.

3Liquibettion

VIE FIRST NATIONAL BANK OF CROWLEY
The First National Bank of Crowley, located
at Crowley, in the State of Louisiana, is closing
its affairs. All noteholders ana other ereditors
the Association are therefore hereby noed
to present the notes and ether claims for payment.
W. L. THIMBLE, President.
Crowley, La.. Feb. ii, 1915.

lir

NATIONAL
THE
FIRST
BANK
OF
TBRLTON. LaraAed at Welton. Oklahoma. Is
closing its attain. AU noteholders and other
creditors of the association are therefore hereby
notified to present the notes and other claims
for payment.
E. OULLD3ON, Cashier.




Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
en deposits.

Girard Trust Company
PHILADELPHIA
Chartered 1836

CAPITAL and SURPLUS, $10,000,000
E. B. Morris, President.

THE CHRONICLE

1288

35,000 Eugene Martin joint county road impt. bonds. Date May 5 1915.
Due $4,000 Mar. 1 and $3,000 Sept. 1 from Mar. 1 1916 to Sept. 1
1920 inch
Denom. $1,000. Int. M.& S. at office of County Treas. Cert. check
on a Bowling Green bank for $500 required. Purchaser to pay accrued int.
WYANDOT COUNTY(P.O. Upper Sandusky),Ohio.
-BOND SALE.
-On Apr. 7 the $12,300 5% 5M-year average road-impt. No. 58 bonds
(V. 100, p. 1192) were awarded, reports state, to Seasongood & Mayer of
Cincinnati for $12,430
-equal to 101.056-a basis of about 4.78%.
BOND OFFERING.
-Proposals will be received until 12 m. April 23 by
Jay Marguerat, Co. Aud., for $21,600 5% road-impt. No. 60 bonds.
Denom. $500 and $160. Date April 1 1915. Int. A. & 0. at office of
Co. Treas. Due $2,160 yearly on April 1 from 1916 to 1925 incl. Cert.
check (or cash) for $500, payable to Co. Treas., required. Bids must be
unconditional. Bonds to be delivered within 5 days from date of sale or
execution by the proper officers.
YUMA COUNTY (P. 0. Yuma), Ariz.
-BOND SALE.
-The $500,000
5% 293f
-year (aver.) gold highway bonds offered on March 16 (V. 100 p.
758) have been sold, it is stated, to Field, Richards & Co. of Cincinnati at
par. The bonds are dated Dec. 31 1913.

Canada. its Provinces and Municipalities.
-DEBENTURE SALE.
ASSINIBOIA RURAL MUNICIPALITY,Man.
-Reports state that W. A. Mackenzie & Co., acting in conjunction with
A. E. Ames & Co. of Toronto, have been awarded $413,000 5% sewer,
paving and water-impt. debentures at 89.3. Due in 7, 20 and 30 years.
AURORA, Ont.-DEBENTURE SALE.
-On Mar. 29 the $3,000 waterworks and $5,000 light 53i% 20-year debentures voted Jan. 4 (V. 100. p.
421), were awarded to A. H. Martens & Co. of Toronto, it is stated.
BEVERLY, Alta.
-DEBENTURE SALE.
-According to newspaper
dispatches,the Alberta School Supply Co.of Edmonton has been awarded
at 89 $75,000 20
-year and $25,000 8-year 6% debentures.
BRACEBRIDGE, Ont.-DEBENTURE ELECTION.
-The questions of
issuing $4,000 pump, $2,700 main-extension and $5,300 water-works-impt.
debentures will, it is stated, be submitted to a vote on April 12.
FORT GARY RURAL MUNICIPALITY, Man.
-DEBENTURE OFFERING.-Bia will be considered until April 26 by Chas. J. Drake, Clerk
-year concrete)
Winnipeg), for $22,500 15
(719 McIntyre Block,
pavement, $5,500 7-yr. sidewalk and $11,000 5-yr. grading 6% semiannual debentures.
-A. H. Martens & Co. of
HUMBOLDT, Sask.-DEBENTURE SALE.
Toronto have purchased $6,517 6% 10-yr. local-impt. debentures, it is
stated.
-Using newsINGERSOLL, Ont.-DEBENTURES NOT AWARDED,
paper reports we stated in last week's "Chronicle", page 1193, that on
-annual-Installment debentures were awarded
March 20 the $21,000 5% 20
to Morgan, Dean, Rapley & Co. of Hamilton at 97.26. Reports now state
that no award has yet been made.

NEW LOANS.

[VOL. loo.

-DEBENTURES AUTHORIZED.
KAMLOOPS, B. C.
-Local newspaper dispatches state that the City Council recently passed a by-law to
provide for the issuance of $80,000 hydro-electric-plant debentures.
-DEBENTURE SALE.-Rrports state that W. L. Mc
LEDUC, Alta.
Kinnon & Co. of Toronto have purchased,at 85.59,$5,800 cement walk and
crossing debentures.
-Local newspaper reNEW LISKEARD, Ont.-DEBENTURE SALE.
ports state that Brent, Noxon & Co. of Toronto have purchased $2,500 6%
15-year debentures.
NEW RICHMOND TOWNSHIP,Que.-DEBENTURE ELECTION.
The question of issuing $3,000 bridge-construction debentures will be
submitted to a vote on April 12, it is stated.
-The Council
-DEBENTURES AUTHORIZED.
POINT GREY, B. C.
has, according to dispatches, passed a temporary loan by-law amounting
to $400,000.
-OPTION GRANTED TO PURCHASE
PORT ALBERNI, B. C.
DEBENTURES.
-Reports state that a two-week's option at 8834 and int.,
net, has been granted to Kerr & Bell of Toronto on $10,000 10
-year and
$10,000 20-year 6% debentures.
SMITH'S FALLS, Ont.-DEBENTURES AUTHORIZED.
-The Town
Council on March 15 passed a by-law, it is stated, providing for the issuance of $3,600 armory site-purchase debentures.
STRAITHCLAIR, Man.
-133 a vote of 46
,
-DEBENTURE VOTED.
to 9 the proposition to issue the $15,000 6% 20-year (ser.) school debentures
(V. 100, p. 837) carried, at the election held Mar. 13 (not Mar. 15 as first
reported).
SUDBURY, Ont.-DEBENTURE SALE.
-According to reports, Wood,
Gundy & Co. of Toronto have been awarded an issue of $13,800 5% 20
installment debentures.
SUMMERLAND,B. C.
-DEBENTURES DEFEATED.
-At the election
held March 18 the proposition to issue $8,000 school-building debentures
was defeated, it is stated.
SUMMERSIDE, P. E. I.
-DEBENTURES AUTHORIZED.
-The
Local Council passed a by-law on March 8, it is stated, providing for the
issuance of $12,060 school-building-improvement debentures.
-DEBENTURE SALE.
VANCOUVER, B. C.
-Newspaper reports
state that Spitzer, Rorick & Co. of Toledo, Ohio.have purchased,at87.31.
-year local-improvement deben% 10
and int., an issue of $1,118,947
tures.
-DEBENTURE ELECTION.
-The proposition
VEGREVILLE, Alta.
to issue $4,500 Main St. improvement debentures will be submitted to:a
vote on April 26, it is stated.
-According to reports, an issue
-DEBENTURE SALE.
VIRDEN, Man.
of $25,000 debentures has been disposed of at 90.17.
-An election will
WALKERTON, Ont.-DEBENTURE ELECTION.
be held April 16, it is reported, to submit to the voters the question of
issuing $5,000 water-works and $3,500 bridge-construction (town's share)
debentures.

NEW LOANS.

NEW LOANS.

$150,000
$102,000
CITY OF MACON, GA.
School District of the Borough of Cliffside $120,000 1915 Paving Bonds
TOWN OFSEYMOUR,CONN.
30,000 1915 Sewer Bonds
Park, Bergen County,
CA% Refunding Bonds
150,000 Macon Hospital Bonds
New Jersey
Seymour, Conn., April 8th, 1915.
5% BONDS
Notice is hereby given thatTthe Board of Education of the Borough of Cliffside Park, in the
County of Bergen, will receive sealed proposals
at the School House No. 3, situated at the Southwesterly corner of Palisade Avenue and Park
Ave., on the FOURTEENTH DAY OF APRIL.
1915, at 8:30 o'clock in the evening for an issue
of coupon bonds in the sum of One Hundred and
Two Thousand dollars, to be issued under an
Act of the Legislature of the State of New Jersey,
"an Act to establish a thorough and efficient
system of free public schools and to provide for
the maintenance, support and management thereof", approved October 19, 1903, and the supplements and amendments thereto; said bonds to
bear date March 1st. 1915, and to be of the
denomination of One Thousand dollars each and
payable as follows: three bonds on March 1st,
1938, four bonds on March 1st, 1939, five bonds
on March 1st, 1940, sixteen bonds on March 1st,
1941, seventeen bonds on March 1st, 1942, eight.
teen bonds on March let, 1943, 19 bonds on
March 1st, 1944 and twenty bonds on March 1st,
1945, and bear interest at the rate of 5 per cent
per annum, payable semi-annually on the first
day of September and March in each year, principal and interest payable at the Northern New
Jersey Trust Co., Edgewater, New Jersey.
All bids shall provide for the payment of accrued interest from the date of the bonds, March
1st,1915, to the date of delivery of the bonds.
Each bid must be accompanied by a certified
check upon an incorporated bank or trust company to the order of the Board of Education of
the Borough of Cliffside Park, in the sum of
$2,000.
The right is reserved to reject any or all bids.
By order of the Board of Education of the
Borough of Cliffside Park.
Dated March 29th, 1915.
JOSEPH F. WHELAN,
President.
JOHN F. KELLY,
District Clerk.

Bids for the purchase of the City of Macon's
"1915 Paving Bonds, aggregating One Hundred
and Twenty Thousand ($120,000) Dollars, and
of the City of Macon's "1915 Sewer Bonds,"
aggregating Thirty Thousand ($30,000) Dollars,
and also the City of Macon's 'Macon Hospital
Bonds", aggregating One Hundred and Fifty
Thousand ($150,000) Dollars, all of said bonds
being of the denomination of One Thousand
($1,000) Dollars each and bearing interest at the
rate of Four and One-Half Per Cent per annum,
will be received by the Clerk of Council up to
7:30 p. m. on the 27TH DAY OF APRIL, 1915.
Said bonds will be sold to the highest and best
bidder, acceptable to the Mayor and Council of
the City of Macon, and delivered to the purchaser at the office of the Treasurer of the City
of Macon. No bid for less than the par value
of the bonds will be accepted. The City reserves
the right to reject any and all bids or to pro rate
the entire issue of said bonds or any one or more
of said issues among the highest and best bidders
in the event there is a tie bid, should it see fit so
to do.
D. S. JONES,
Clerk of Council,
Macon. Ga.

MUNICIPAL AND RAILROAD

BON DS
LIST ON APPLICATION

SEASONGOOD & MAYER
twain Building

The Town of Seymour,
will receive
proposals for the purchase Conn.,
of $150,000
%
'Refunding bonds". Interest payable semiannually March 1st and September 1st.
Issued in coupon form in denomination of
$1,000 each, dated March 1st, 1915 (the principal
may be registered if desired), payable $2,000 on
the first day of March in each of the years 1916
to 1945, both inclusive and $90,000 on the 1st
day of March, 1946. Principal and interest are
payable at the Seymour Trust Co., in Seymour,
Connecticut.
Bonds engraved under the supervision of and
certified as to genuineness by the First National
Bank of Boston, and their legality approved by
Messrs. Ropes, Gray, Boyden & Perkins, whose
opinion will be furnished the purchaser. All
legal papers incident to this issue will be filed
with said bank, where they may be inspected at
any time,
Bids will be received until 10 a. m., THURSDAY, APRIL 15TH, 1915, and are to be sealed
and addressed to W. L. Ward, Town Treasurer,
Seymour, Conn., and marked "Proposal for
Bonds."
Bonds will be delivered to the purchaser
Tuesday, April 20th, 1915, at the First National
Bank of Boston, in Boston, Mass.
The right is reserved to reject any and all bids.
DEBT STATEMENT.
$30,000 00
Bonded debt
122,500 00
Floating Debt
Total Debt
$152,50000
$150,000 of the Total Debt to be refunded by
the issue now offered.
Grand List (1914)
$3,998,440
Population (estimated)
5,200
15 mills.
Tax Rate 1915
W. L. WARD
Town Treasurer.

GINCrNNATI

$400,000

City of Vicksburg, Miss.,
The Union Trust Company of New York has two well-equipped
Branches for its uptown business-the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the entrance
to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.



WATERWORKS 5% BONDS
On MAY 1ST, 1915, the undersigned will sell
to the highest and best bidder $400,000 City of
Vicksburg Water-works 5% Bonds (the entire
issue), which we bought from the City in May
1914. Bids are invited for the whole or any part
thereof. Each bid to be accompanied by certified check for 2% of the amount of bonds applied
for. All bids will be opened at the office of the
First National Bank, Vicksburg, Miss., at 12
o'clock noon on SATURDAY, MAY 1ST, 1915.
We reserve the right to reject any and all bids.
Bonds dated May 1st, 1914, payable $5,000
each year for 19 years, remainder May 1st, 1934.
Coupon Bonds; Denomination $1,000 00; interest 5%, payable semi-annually; principal and
interest payable in New York City. Legal
opinion of C. B. Wood (of Wood & Oakley,
Chicago).
Further information will be furnished on request.
PEOPLE'S SAVINGS BANK & LOAN CO.
CITY SAVINGS & TRUST CO.
•