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The
onlinercati
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 98
Railway 8c Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, APRIL 11 1914
The Throvide.
PUBLISHED WEEKLY.
NO. 2546
Week ending April 4.
Clearings at1914.
1913.
Inc.or
Dec.
1912.
1911.
$
S
%
Chicago
$
$
332,383,182 308.162,405
+7.9 297,828,794 278,361.840
Cincinnati
28.978,500
23,388,150 +15.3
30.319,350
Cleveland
30,896,900
32,654.206
27,277,081
+19.7
30,521,067
Detroit
24,117,899
25,407,297
24,749.208 +2.7
19,537,760
Milwaukee
17,798,327
15,445,352
14,352,314 +7.8
11,324,384
Indianapolis
14,237,799
7,655,985
6,524.122
+17.3
7,769,517
Columbus
9,305,781
6,240,800
5,758,100
+8.4
7,429,300
Toledo
6,393,600
5,512,471
4,067.827 +35.5
4,303.660
Peoria
4,537,157
3,594,839
4,048.708 -12.2
3.148,928
Grand Rapids
3,339,865
3,228,144
3,248,674 -0.6
3,147,080
2.731,793
Dayton
..
2,461,445
1,015,685 +142.3
2,402.527
Statement of the Ownership,Management &c..of Commercial & Financial
Evansville
2,649,708
1,172,205
1,015.666
+15.4
Chronicle.
1,124,880
published weekly at 138 FrontSt.,New York,as required by Act
1.227,328
624,436
of Aug.24 1912. Kalamazoo
932,520 -33.1
719,888
Editor, Jacob Seibert Jr.. 138 Front St., New York.
785,287
Springfield,Ill.__
1,412,276
1,200,108 +17.7
1,206,775
Managing Editor, Jacob Seibert Jr.. 138 Front St., New York
1,211.041
Fort Wayne
1,363,862
1,121,075
+21.6
1,188,530
Business Managers. George B. Shepherd and W. D. Riggs.
1,123,952
Rockford
910,173
138 Front St.. N. Y.
982,751 -7.4
840,226
Publisher, William B. Dana Company. 138 Front St.,
803,537
Lexington
634.906
911,141 -30.4
Stockholders. Estate of William B Dana, Jacob Seibert New York.
1,381.755
1,148,275
Youngstown...._
1,446,808
Jr.,
1,549,109 -8.7
1,671,198
N. Dana and Albro J. Newton: address of all. 138 Front Arnold 0.Dana, Grace Canton
1.186.536
1,969,916
St., New York.
1,707,282 +15.3
Bondholders. Mortgagees, dm. No bonds or
1,683.136
1,477,726
Akron
mortgages.
1,830,000
1,798,000 +1.9
1,720,000
783,700
Quincy
(Signed) Jacob Seibert Jr.. Editor
956.003
873,184 +9.5
736,861
Sworn to and 'subscribed before me this 30th day of March.
755,210
South Bend
660,607
1914.
740,054 -10.8
596.127
561.299
BloomingtonThomas A. Creegan, Notary Public.
883,498
767,581 +15.1
827,169
671.489
Springfield, Ohio.
(My commission expires March 30 1915.)
698,684
711.706 -18.3
591,977
727,442
Jackson
292,749
520,000 -43.8
480,000
400,440
Mansfield
Published every Saturday morning by WILLIAM
584,781
370,187
+58.0
B. DANA COMPANY. Decatur
428,523
548,248
Jacob Seibert Jr., President and Treas.; George S. Dana
551,125
503,952 +9.3
and Arnold G. Dana, Danville
497.113
441,482
Vice-Presidents: Arnold G. Dana. Sec. Addresses of
796,443
646,806 +23.2
all, Office of the Company. Jacksonville, Ill_
718,887
558,235
270,751
323,029 -16.2
272.698
287,220
Lima
544,910
470,944 +15.7
488.278
427.967
Lansing
330,000
340,000 -2.9
CLEARING-HOUSE RETURNS.
309,000
300,000
Owensboro
487,884
440,857 +10.7
453,513
The following table, made up by telegraph. &O.. Indicates that the
394,620
Ann
Arbor
312,744
total bank clear177,251 +76.4
234.431
ings of all the clearing houses of the United States for the week ending to-day
207,452
Adrian
60,317
have
43,328
+39.2
37,712
been 33,004.915,266, against 32,784.960,468 last week and
47,255
,906 the corTot.M1d. Wes
480,357,259 439,728.765 +9.2 435.918,6
responding week last year. Good Firday a partial holiday $3,118,500
in week this year.
20 408,242,407
San Francisco___
50.320,795
51,164.682 -1.6
50,370,601
48,157.503
Los Angeles
Clearings-Returns by Telegraph.
22,843,248
26,954,820 -15.3
22,868,583
per
19,189,937
Seattle
11,322,391
Week ending April 11.
11,602,987 -2.4
1914.
10,366,485
1913,
Cent.
10.032,391
Portland
14,614,476
11,815,081 +23.7
14,841,332
11,648.702
Salt Lake City..
New York
5,413,437
5,729.715
$1,488,989,241 $1,415,389,109
-5.5
8,111,653
8,984,430
+3.8 Spokane
Boston
3,711,039
4,138,944 -10.3
*128,000,000
4,221,084
126,901,227
4,939,573
+0.8 Tacoma
Philadelphia
1,956,348
2,571,691 -23.9
114,454,472
3,023,037
128,433,982 -10.9 Oakland
3,953,042
Baltimore
3,307,430
3,802,226
-13.0
24,565,065
3,791.614
30,977,935 -20.7 Sacramento
3,335,273
1,922,509
Chicago
1,848,689 +4.2
243.510,171
1,632,503
256,734,570
1,547,964
-5.2 San Diego
' 2.136,060
St. Louis
2,965,044
-28.0
64,548,452
2,200,000
65,805,777
1,200,000
-1.9 Stockton
New Orleans
1,288,439
1,364,553
-5.7
846,176
14,186,008
14,694,021
747,995
-3.5 Fresno
955,887
903,982 +5.7
780,000
722,816
San Jose
Seven cities, 5 days
656,890
' 768,064 -14.6
$2,058,253,409 $2,038.918,531
650,293
536,730
+0.9 Pasadena
Other cities,5 days
945,779
1,051,218
-10.1
485,273.048
787.870
545,274,898 -11.0 Nort
865,059
i
470,000
487,185 -3.5
460,599
530,710
.
Reno
.........
200,288
Total all cities, 5 days
235,091 -14.8
$2,543,526,457 $2.584,191,427
289,480
244,616
-1.8
All cities, 1 day
Total Pacific_
122,063,014 127,403,882 -4.2
501,388,809
532,309,479
-5.8
125,241,290 114,638,74€
Tow all cities for week
City...
Kansas
33.004.915.266
50,213,243
aimR Ann nna
49,902,130 +0.6
-2 a
47,523,867
48,498,089
Minneapolis
23,137.568
*Partly estimated.
21,273,790 +8.8
18.139,368
18,779,482
Omaha
17,000,000
The full details for the week covered by the above
17,742,141 -4.2
13,660,197
will be given next St. Paul
14,184,829
Saturday. We cannot furnish them to-day,clearings
10,954,470
9,149,823 +19.7
8,775,266
being made up by the Denver
10,614,932
clearing houses at noon on Saturday, and hence in the
8,334.014
11,032,201
-24.5
8,846,862
the last day St. Joseph
8,687,524
Of the week has to be in all cases estimated, as we go to above
7,012,088
7,305.478 -4.0
7,552,195
press Friday night Des Moines
7,216,063
6.303,964
We present below detailed figures for the week ending
6,501,202 -3.0
5,516,211
with Saturday Sioux City
4,666,889
2 045 .421
2 555 win 4- 1 n n
noon. April 4, for four years:
2 100,nnn
9Q71 141
Wichita
3,228,989
3,181,628 +1.5
3,323,374
3,410,158
Duluth
2,645,027
2,791,185 ---5.2
2,638,127
2,215,898
Lincoln
Week ending April 4.
2,126,808
1,947,734 +9.2
1,795,493
1,666,494
Clearings atDavenport
2,586,814
3,543,406 -27.6
2,088,356
2,073,544
Topeka
Inc. or
1,213,850
1,525,132 -20.5
1,465.101
1,499,467
1914.
Cedar Rapids-__
1913.
Dec.
1,979,488
1912.
1,925,630 +2.8
1911.
1,759,127
1,319,623
Fargo.
765,351
462,221 +65.8
934,276
679,262
Colorado Springs
8
$
%
457,561
$
469,807 -2.6
$
712,891
New York
589,983
2,218,172,053 2.038,159,476 +8.8 2,079,308,
Pueblo
678,660
088
1,837,184,
647,076
976 Fremont
+4.9
813,564
Philadelphia_-_ 191,211,973 183,963,515 + 3.9
644,290
333,684
152,101,719 161,584,932
308,388 +8.2
227,699
Pittsburgh
56.020,493
294,507
88,370,805 -15.8
Waterloo
1,771,450
52,161,088
1,784,893
56,143,348
---0.8
1,753,907
Baltimore
39,553,384
1.306,021
41,383,633 -4.4
1,008,137
34,953,721
1,449,732 -30.4
34,381,907 IIelena
Buffalo
814,670
11,444.791
786,558
12,145,976 -5.8
Billings
353.985
11,398,565
372,646 -4.5
10,652,875 Aberdeen
Washington
300.866
8,476,523
119,045
8,471,265 +0.1
515,000
9,052,244
453.823 +13.5
8,035,088 Hastings
Albany
395,243
7,091,315
440,312
5,434,675 +30.5
213,606
6.903,983
244,923 -12.8
5,547,750
Rochester
203,956
7,424,881
189,210
6,713,540 +10.6
8,671,885
Tot.0th. West 148,782,156 147,803,015
5,470,319
Scranton
4,011,578
3,315,043 +21.0
-0.8 132,340,818 132,753,342
3,100,261
3,343,681
Syracuse
3,811,224
3,700,971 +3.0
3,197,015
81,585,217
2,822,794 St. Louis
72,742,736 A-12.2
2,810,000
Reading
2,797,124 + 0.5
73,039,765
74,117,155
2,945,580
Orlean8_
_
New
2,599,434
17,984,389
18,102,345
2,208,350
Wilmington
-0.7
1,936,659 +14.0
18,788,330
17,429,181
1,765,885
16,681,866
1,444,938 Louisville
Wilkes-Barre
12,600.950 A-32.4
1,469,213
1,877,500 -12.4
15,495,798
13,537,865
1,682,253
1,558,220 Houston
9,200,000
9,421,657 ---2.3
Wheeling.
2,645,168
2,571.995 +2.8
2,168,676
Galveston
1,670,212
10.350,500
9,690,000
Trenton
A-8.8
1,900,843
8,540,500
1,914,995 -0.7
7,700,000
1,804,298
Richmond
1,680,685
8,096,698
8,013.938 A-1.0
Lancaster
6,702,207
8,820,915
7,248.229 -7.5
8,053,607
6,995,950
2,745,580 Fort Worth
7,523,726
York
7,671.948 -1.9
1,816.923
6,244,158
1,708.403 -5.4
5,504,201
1,878,008
Memphis
1.848,660
6,973,726
Erie
7,579,643 ---8.0
1,026.198
6,875,763
1,110.821 -7.6
6,642,557
938,680
14.893,432
984,158 Atlanta
Greensburg
12,732,297 +17.0
850„000
13,870,849
588,001 +10.5
11,921,097
547,104
6,294,822
882,205 Nashville
Binghamton
7,130,570 ---11.7
755,600
5,296,643
789,700 -4.3
4.993,883
712,100
Savannah
Chester
694,200
5,015,857
4,323.940 +16.0
455,709
5,724,680
858,461 -46.8
4,610,248
581,864
Altoona
546,761 Norfolk
4,164,188
3,886,764 +7.2
625,051
3,424,798
583,605 +11.0
3,108,802
388,536
Montclair
3,605,308
513,600 Birmingham_ _ _ _
3,393,744
425,176
A-6.2
2,901,418
388,517 +10.1
2,638.705
Jacksonville _3,100,000
3,900,000 ---20.5
3,650,000
3,516,439
Chattanooga__
2,105,534
Total Middle 2,570,508,529 2,393,810,909
2,328,936 ---9.8
2,569,499
+7.4 2,381,113,499 2,142,334,301 Little Rock
1,710,705
2,315,199
2,077,655 A-11.5
2,075,504
1,813,417
Mobile
1,400,000
Boston
191,773,344 188,887.944 +2.7
1,472,059 ---4.9
1,415,904
1,497,601
217,714,345 195,413,493 Knoxville
2,031,366
Providence
1,539,932 A- 32.0
8,945,000
8,545,700 +4.7
2,406,369
1,743,825
9,450,100
8,538,200 Augusta
2,347,784
Hartford
2,739,710
8,059,363
---14.3
3,085,793
5,144,314 +29.5
2,424,324
5,490.556
4,753,599 Charleston
2,061,484
New Haven
3,580,710
1,664,608 A- 23.8
2,263,786
3,851.801
1,840,215
7.0
3,172,311
3,551,378 Oklahoma
2,100,200
Springfield
3,734,045
1,656,497 1- 26.8
1,452,730
3,232,066 +15.5
2,197,805
3,115,588
Macon
2,558,150
3,349,153
Portland
2,141,580
3,398,261
-1.4
3,528,107
2,571,661 -16.7
3,195,217
2,596,428
Austin
2,333,371
4,402,046
Worcester
2,239,141 +96.6
2,958.697
2,200,000
2,999,341 -1.4
2,888,975
4,305,402
2,412,614 Vicksburg
319,278
Fail River
1,255,675
269,961 +18.3
1,323,688 -5.1
353,735
347,240
1,842,249
1,249,375 Meridian
380,000
New Bedford__ __
1,144.083
368,052 -2.2
1,063,513 +7.6
300,000
300,000
1,041,950
Jackson
941,142
344,116
Lowell
788,131
223,879 +54.1
443,873
531,907 +25.4
967,475
571,788
Tulsa
556,271
1,454,615
Holyoke
877,945
922,550
+57.7
672,046
801.511
889,428
+9.5
753,825
Muskogee
847,858
860,939
Bangor
509,541
757,941 +13.6
732,581
522,665 -2.5
743,335
582,679
487,622
Total Southern 220,921,416 202,849,520 +8.9 196,753,54
4 186,311,103
Tot. New nag
234 348.094 217.276.109 4.2 a 950 527 991 99/ 520
070
Total all
Ki4:060,488 3,52f,872.200 +6.7 3,521 804,790
3,208,419748
Note.-For Canadian clearings see "Commercial and
Outside N. Y. 1,546,788,415 1,490,512,721 +3.8 1,442,498,
Miscellaneous News."
704 1,370,532,895
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1112
THE CHRONICLE
[VOL. xavni.
Democratic candidate, though running second, got
only 5,380 votes and Henry C. Whitehead, ProgresTHE FINANCIAL SITUATION:
ican, received no more than 619 votes.
At a time when there is so much to dishearten and sive Republ
st, Socialist, received only a few
Demare
n
Gordo
discourage in the industrial world, comfort and
the Democratic candidate (the
than
less
votes
satisfaction may well be derived from the result of
in that district), getting 5, 53
strong
being
sts
Sociali
the election this week in the Seventh Congressional
ican candidate receiv
the
Republ
brief,
In
votes.
the
District of New Jersey, for this indicates that
the
other three candidates
as
votes
many
as
almost
al
politic
public has put the seal of its disapproval on
combined.
tendencies that have proved a source of great disA variety of explanations has been offered to accance
signifi
The
world.
s
busines
turbance in the
for this remarkable political upheaval. The
count
of that election contest, the overwhelming importance
atic leaders in Congress contend that the
Democr
attaching to it, cannot he gainsaid. The politicians
h New Jersey District is normally Republimisconceive the meaning of the decisive vote by Sevent
that the late Congressman Robert G. Bremwhich the contest was decided if they think, as the can and
a Democrat by reason of his personal
discussions in Congress would appear to indicate ner carried it as
that is merely begging the question.
But
they do, that the reverse experienced by the party in popularity.
ility it might be claimed that the
plausib
power evidences dissatisfaction on the part of the With equal
Jersey is normally Republican,
New
of
State
whole
electorate with reference to merely some one or two
merely Mr. Wilson's personal charleading issues. The entire course of the Adminis- and that it was
it Democratic. That is certainly
tration during its first year in office was on trial. acter that made
yet when Mr. Wilson stepped aside, GovThe President himself realized this fact when on true, and
difficulty in being elected. To
April 1 he sent a personal letter to James J. O'Byrne, ernor Fielder had no
influence was exerted on behalf
's
Wilson
Mr.
the Democratic candidate, written in Mr. Wilson's be sure,
also, as we have already
then,
but
,
Fielder
Mr.
of
usual persuasive style, and reading: "May I not, as
was exerted to the utmost on behalf of Mr.
the time for the election approaches, send to you this seen, it
e. It proved, however, wholly unavailing
line of warm endorsement. I hope sincerely that the O'Byrn
occasion, where before it was all-sufficient.
people of your district will elect you to the House on this
Wilson still retained his hold, the popular
and in this way not only do you honor, but also show If Mr.
again have been in his favor instead of
would
their judgment with regard to the present Adminis- verdict
y against him.
strongl
so
being
tration."
has been a year in office, and has
Wilson
Mr.
But
ent
confid
usual
Thus the President appealed in his
that,though possessing many endearing qualmanner to the "judgment" of those from whom he shown
that appeal to the popular imagination, he is
was soliciting aid in support of his policies, and he ities
carrying out destructive public policies.
completely failed to get the endorsement so much bent on
electorate of the Seventh New Jersey District
desired. Plainly the election demonstrates that The
re took emphatic means of emphasizing the
it is quite a different thing for the President therefo
that, while they still like the man, they object
to undertake to compel obedience to his wishes fact
decidedly to giving him further lieutenants to
and desires on the part of the electorate from very
in his self-assumed task of promoting legislawhat it is to secure acquiescence on the part aid him
ted to upset and disturb the existing
calcula
of Senators and Congressmen. These latter will tion
yield their convictions out of a fear that they may order.
Republicans, no less than Democrats, seem to be
incur the displeasure of their constituents in failing
ly oblivious of the underlying strength of
to support a Chief Executive of the same political strange
which has brought about the present political
faith. Accordingly, it is always easy for a President feeling
al. They argue that the voters wanted to
to carry out his policies if the party to which he upheav
opposition to the President's course in
their
belongs happens to have control of the two Houses show
g the repeal of the toll exemption provision on
of Congress, especially where the members have seekin
se shipments through the Panama Canal,
come fresh from the people. No such considerations, coastwi
also in great measure influenced by dishowever, count with the electorate. These cannot and were
ction with respect to the new tariff law. No
be compelled or driven. Threats avail nothing, and satisfa
these considerations played some part in the
doubt
blandishments, no matter how winning the methods,
vote, but deeper and more profound causes
e
advers
recogare of no effect. The President failed to
ible for it. The controversy regarding
respons
are
thinkof
e
nize this. He made the further mistak
the Panama tolls-exemption might almost be left
ing that he had received a mandate from the
of calculation altogether, because interest in it
people to revolutionize things—to uproot and over- out
is confined to limited circles,and is largely manufacturn. It was in this sense, we must suppose, he
though there are a few good souls who have
made his confident appeal to the "judgment" of the tured,
themselves into great excitement over it.
people of his own State, and they have responded worked
nces of opinion regarding the workings of the
with a verdict that is unmistakable in its decisiveness. Differe
law we may suppose have been more poThe President asked for the return of the Demo- new tariff
in producing a change in votes, and yet will accratic candidate with the view of having the people tent
count for only a very small part of this change.
of the Seventh New Jersey District "show their
is only one all-sufficient explanation, namely
judgment with regard to the present Administration." There
Mr. Wilson has been committing his AdminisThe voters had their minds fully made up, and they that
to policies that threaten the security and the
could not be swerved from their course. Instead tration
ty of things, both politically and economically,
of returning Mr. O'Byrne, they elected Dow H. stabili
this has created widespread distrust, in
Drukker, the Republican candidate, by what is said and that
s world as well as among the voters.
busines
the
l
to be the largest plurality ever given a Congressiona
week's upheaval is evidence of the nature
t
presen
The
e
nomine
ican
candidate in that district. The Republ
of this distrust.
received 10,620 votes, while Mr. O'Byrne, the and extent
APR. 11 1914.f
THE CHRONICLE
1113
What is in the minds of people is illustrated by the act the part of the Crusader,instead of devoting himaction of the New York Board of Trade and Trans- self to his real duties as the Chief of the Executi
ve
portation at its monthly meeting on Wednesday, Department of the Government. This
new concepwhen it called upon Congress not to act hastily or tion originated with Mr. Roosevelt. The
latter not
without affording hearings on the bill creating an only made it an habitual practice
to storm and rave
inter-State Trade Commission. The report of the and bluster, but to apply the "big
stick" against
Chairman of the Executive Committee condemning all those in Congress or out
of Congress who could
the bill furnishes a striking commentary on the not see their way clear to yielding
acquiescence to
character of the proposed legislation. The report his views and desires. Unfortu
nately, succeeding
said that "the spirit which pervades the bill Presidents have in larger or smaller
measure followed
and gives it shape is the spirit of unrest, an ab- Mr. Roosevelt's example, and
in Mr. Wilson the new
normal condition of the public mind which peri- theories have found their fullest
expression and deodically finds expression, leads some astray, and takes velopment.
on various forms of attack upon the welfare of
The practice always involves grave dangers, and
society."
when the Chief Executive is a man like Mr. Wilson,
It is these attacks "upon the welfare of society," controlled by the notion that he has been
selected
these attempts to change economic and social con- "to purify and humanize every process of
our comditions, that have produced the distrust which is mon life," the result is evidently to engender
such a
reflected in the change in vote. The President loss of confidence in the financial and business
world
committed his Administration to the carrying-out that all the country's industries are threate
ned with
of these policies at the very start and he has stead- paralysis and atrophy. It is this the voters
have confastly adhered to them since then. More than that, demned the present week. It is this
that must be
he has been anxious to have it known that this was changed if disaster is to be averted to
the Adminishis purpose. In his inaugural a year ago, he spoke tration as well as to the country. The
handwriting
- with religious fervor, saying: "Men's hearts wait is plainly on the wall.
upon us; men's lives hang in the balance; men's hOpes
call upon us to say what we will do." Again he
The Transvaal return of gold production for March
said, as to what he conceived was expected of him 1914, as cabled this
week, does not furnish evidence
and the Democratic Party: "Our duty is to cleanse, of any improvement in the
situation so far as the
to reconsider, to restore, to correct the evil without actual yield of the precious metal
is concerned. On
impairing the good; to purify and humanize every the contrary, as judged by
the per diem output,
process of our common life without weakening or conditions were not as satisfactory
as in February,
sentimentalizing it." Mr. Wilson is imbued with and, inferentially, much less so than
a year ago, or
the idea that he was chosen to carry on this task, and in 1912. As a matter of fact, the
average daily
he has been proceeding accordingly. This thought production of the mines for the month
was only
has filled him with a sense of responsibility as the 22,155 fine ounces, against 22,366
fine ounces in
occupant of the Presidential chair which is really February.and 25,502 fine
ounces in March 1913,and
sad to behold. When he unbosomed himself on the total yield 686,801 fine ounces,
as compared with
March 20 to the members of the National Press Club 790,552 fine ounces' last
year. Each month thus
of Washington in his customary charming and delight- far in 1914 the contribution of
the Transvaal to the
ful way—revealing, as the newspapers then said, world's stock of gold has been
over 100,000fine ounces
his human side—he gave expression to this great less than obtained from the
same source in 1913.
and deep sense of responsibility which is weighing In other words, the output for the
first quarter of the
so heavily upon him, saying: "When I think of the current year has reached but 1,964,8
15 fine ounces,
number of men who are looking to me as the repre- against 2,314,064 fine ounces a year
ago and 2,271,649
sentative of a party, with the hope for all varieties fine ounces in 1912. Should
the present rate of
of salvation from the things they are struggling in decrease (15% as compared with 1913)
continue
the midst of, it makes me tremble."
throughout the year,it would mean a decrease in the
It does not appear to have occurred to Mr. Wilson, Transvaal for the twelve months
of 1 1-3 million
it does not appear to have occurred to the news- fine ounces; a serious decline
with the demand for
papers, that he is assuming entirely needless worries increasing supplies so insisten
t.
and responsibilities. The President is not called
upon to remedy all the evils and defects that have
The winter-wheat condition report made public by
been inherent in man since the creation of the world, the Department
of Agriculture on Tuesday was of an
and it would, in any event, be .a task wholly beyond especially reassuring nature,
showing, as it did, a
human endeavor. It is no part of the functions of situation better at
the beginning of spring than in
the President to essay such a superhuman under- any year since 1903. The report,
excellent as it was,
taking. He is not sent to Washington for any such came, moreover, as somewh
at of a surprise, the
purpose. His place is to execute the ordinary func- estimates of private crop investig
ators in whom the
tions of government—to see that government is trade place much
reliance not having indicated
carried on honestly, economically and efficiently; so high a general
condition as officially promulthis is enough to engage the energies and the best gated. A favorab
le feature in connection with, but
endeavors of any man. To go beyond this and
to I not a part of, the report was, furthermore, the
initiate legislation and to seek to graft new and , quite universal opinion
that the extent of the area
untried propositions upon our governmental system I abandoned on account
of winter-killing, &c. (upon
and to experiment in novel social and economic which the Govern
ment will not report until May)
theories is to invite trouble not only for himself but had been much below
the average. This latter
for the people whom he is trying to serve.
belief, presaging a much greater area than ever before
It is a wholly new conception of the duties of the from which
the harvest will be secured encouraged a
Presidential office to assume that the President must disposition to look
f
for a record-breaking yield of
1114
THE CHRONICLE
[VOL. acvni.
little
winter-wheat this year; some estimates, in fact, were showed total liabilities of $42,314,784, or a,
4,826
by
reported
of
than
half
the
amount
put as high as 600 million bushels, against 5233/2 more
failed firms.
million bushels in 1913—the previous record.
With a few large failures in March and preceding
The report, as issued, places the average conmaking up so great a part of the total liamonths
at
country
whole
the
dition of winter-wheat in
is easy to see that the average indebtedness
it
bilities,
1
December
below
points
1.6
or
1914,
95.6 on April 1
insolvents, 4,716 in number, was
remaining
the
of
10-year
the
above
(9.9)
points
10
nearly
1913,
quarter of 1914, in fact, it was
first
the
For
small.
average and better than in all but two of the previous
R. G. Dun & Co.'s compilaMessrs
$8,673.
only
4
26 years. On April 1 1913 the condition was
basis for our deductions,
the
furnish
which
tions,
at
points lower than now and in 1912 was stated
March 1914 the number
of
month
the
for
that
show
various
in
the
condition
the
only 80.6. As regards
debts of $21,493,286,
covering
States, California, Oregon and Michigan are most of failures was 1,464,
in
1913 and 1,392 and
0
$25,718,25
for
conspicuous in matter of improvement over April 1 against 1,190
ing group
the
manufactur
with
1912,
in
0
last year, but practically all leading States show a $21,763,87
last year
than
poorer
exhibit
a
making
one
only
the
better condition than then. In fact, deterioration,
the
For
ss.
first
quarter
indebtedne
of
in
volume
the
last
of
high
the
status
and that not important, from
6,
is
distribu$83,221,82
liabilities
insolvent
the
total
along
a
few
to
States
wholly
confined
almost
year is
7 and 4,458
the Atlantic only one of which—Pennsylvania— ted among 4,826, against $76,832,27
in
4,828
1912. In
and
3
in 1913 and $63,012,32
can, in any sense, be considered a large producer.
was not
failures
of
number
the
The Government, as is well known, confines itself manufacturing lines
at
liabilities
the
but
ago
year
a
than
only
larger
in the official reports to giving condition figures
and
even
greater,
millions
4
some
were
0
$34,644,88
State
to
Departexpressed in percentages, leaving
indebtedness
ments and private individuals the task of pointing moderately in excess of 1908. Traders'
roxiyears—app
out the influences, climatological or otherwise that was practically the same in both
agents'
and
Brokers'
million
dollars.
have a bearing on the result. And there are many mately 363/
$12,076,376,
of these in whom reliance can be placed. The debts for the quarter of 1914, reaching
but very
1913,
more
in
millions
than
1
4
2
about
were
Missouri State Board of Agriculture, giving the
Columbus
the
when
of
the
collapse
1910,
below
much
there,
recorded
ever
April 1 condition as the highest
looks for an unsurpassed yield per acre, with favor- & Hocking Coal pool was such an important factor.
able weather. It states, moreover, that thus far Geographical analysis of the results for the first
very wide variations comthere have been no causes for practically any aban- three months shows some
a year ago. In the
period
like
the
with
doned acreage, the damage reported to date having pared
for
example,
liabilities were
South,
and
West
Central
Hessian
been negligible and that due largely to the
and in New
year
last
of
those
double
than
more
St.
of
Miller"
The
"Modern
fly and the dry fall.
ly less.
considerab
States
Louis reports the fall of heavy rains in Texas and England and the Middle
Florida,
Illinois,
Ohio,
Southern Oklahoma,relieving districts short of mois- Of the individual States,
poorest showing,
ture and establishing an exceptionally good root Mississippi and Tennessee make the
of a year
excess
in
decidedly
most
being
debts
growth in the last-named State. The only unfavor- the
ago.
official
to
the
which
date
the
able development since
Canadian failures were also more numerous
report was brought down has been the appearance
year than last in both March and the three
this
Missisthe
of
west
sections
some
in
of green bugs
of
sippi. But recent advices from the districts said months, with concurrent excess in the volume
to be affected—parts of Kansas and Oklahoma— liabilities.
tend to refute or minimize the earlier reports.
Canadian railways have this week had a touch of
regulation by Government commission. The
rate
1914,
March
for
statement
The commercial failures
spectacular decline in the quotawhile showing a much greater number of insolvencies effect has been a
railway shares, Canadian Pacific
Dominion
than in the same period of 1913, records improve- tions for
which it has recently been such
in
markets
the
all
ment in that the aggregate of indebtedness of the at
York, London, Berlin and
New
including
favorite,
a
also
and
failed firms was less than then recorded
exceptionally weak. On
been
having
,
Amsterdam
A
few
1912.
in
slightly below the total reported
the announcement, this
after
failures, moreover, account for the larger part of Wednesday, the day
net.
Cable advices from
points
A
7
the liabilities. As a matter of fact, the number stock declined6
at
operators
that centre were
that
of failures, month by month, thus far this year London state
The
in freight
decision.
reduction
the
by
"
"staggered
a
has been in excess of the corresponding period
5
between
on
nearly
30%
and
to
amount
will
l
rates
exceptiona
of
year ago and in each instance disasters
all
operating
from
on
railways
goods
of
classes
all
of
volume
swell
the
materially
size have served to
go
will
into
Coast,
and
effect
Pacific
debts. As a consequence, the aggregate of liabilities Winnipeg to the
year. The Canadian Railway Comfor the first quarter of 1914 exceeds that for the like on Sept. 1 of this
announced, been at work two years
is
it
has,
three months of 1913, and, furthermore, is even a mission
involved in the decision. It has
questions
the
on
Januset
in
In
1878.
little greater than the record
territory west of the Great
Canadian
all
divided
now
of
covered
total
1,857
a
of
ary 48 insolvencies out
The first of these extends
zones.
three
into
Lakes
five
or
dollars,
nearly
million
2
223/
debts of nearly
and is to be known
mountains
the
eighths of the combined aggregate; in February from the Lakes to
section includes
The
Pacific
section.
31 failures out of 1,505 accounted for some 103/ as the Prairie
be known as
the
to
while
zone
Columbia,
millions, or close to one-half of the month's indebted- British
to the naviapplies
section
Lake
Columbia
of
out
conBritish
1,464
disasters
ness, and in March 31
each
of these
For
province.
that
in
or
waters
gable
10
millions,
about
nearly
of
tributed liabilities
has
rates
freight
of
maximum
the same percentage of the whole, as in the preceding sections a standard
g
distributin
special
to
is
given
month. In the three months combined 110 insolvents been set. Sanction
APR. 11 1914.]
THE CHRONICLE
freight tariffs and of these Canada's large commercial
and industrial centres will be the beneficiaries.
Under them a reduction of 15% of the Prairie
standard tariff is to be made. Local grain and flour
rates are reduced by two methods, first, by a direct
reduction ranging from 20 to 30%, and, second, by
making the terminal rates at Fort William the maximum that may be charged between intermediate
stations. Westbound rates and flour and other grain
procucts are similarly reduced. The lowest scale in
the Canadian West, now known as the Manitoba
standard,has been amplified to show rates up to 2,100
miles and will apply throughout the entire Prairie
section and on the British Columbia lakes, abolishing the higher scale now charged in Saskatchewan
and Alberta. Passenger rates in British Columbia were
found to be unremunerative and were not disturbed.
1115
Republic." When questioned directly whether the
treaty contained an apology President Wilson declared such a report to be "pure guff." He said he
was not of course familiar with the details of the
treaty negotiations with Colombia but he did know
that there was no apology in it. The report that the
treaty contained any expression equivalent to an
apology was not credited by members of the Senate
Committee on Foreign Relations. These Senators
declared that if any such declaration was in the
agreement there would not be the slightest chance
for the ratification of the treaty by the Senate and
some of them indicated that verification of the report
would have a detrimental effect on the effort to pass
the tolls bill in the Upper House.
Premier Asquith waS returned unopposed as a
member of the House of Commons on Wednesday by
Thus far the bill to repeal the tolls-exemption his old constituency at East Fife, Scotland. He
at
clause of the Panama Canal Act, which was passed once will again take up the leadership of his party
.
by the House last week, has received only informal The Premier, it will be recalled, resigned his seat
in
attention from the Senate. The measure will be the House of Commons on
March 30 when be
taken up actively on Tuesday in a more formal way established a precedent by addin
g to his own cirrtles
when the Committee on Inter-oceanic Canals, which those of the Secretary for War.
This appeal forhas it in hand, holds its first meeting. Washington re-election was in response to
the British custom that:
correspondents agree that the contest in the Upper a
member of Parliament, on acceptinA ftn "aline•
House will be bitter and personal and it is declar
ed of profit under the Crown,"ffiust give up his seat
.14
that if the issue is decided before the middle of May order
to seek
the President will have occasion to congratulate him- acceptance the approval of his constituents for his
of office. The political situation in the
self. Some usually well-informed correspondents United
Kingdom, while not definitely settled,
has
state that the bill will be amended by a declaration apparently
calmed down. The London "Standard"
that it is not to be interpreted as a waiver of rights claims author
ity for the statement that the Governby the United States. It is also understood that a ment has defini
tely decided in favor of a dissolution
strong play in favor of arbitration of the entire con- of Parliament
in June, probably toward the end of
troversy will be finally introduced in order to de- that
month. The Home Rule Bill on Tuesd
ay
feat the bill.
passed the Houk of Commons through its
second
reading for the third time by a majority
of only 80
Some attempt will be made to couple the new treaty votes.
This compares with 101 majority when
with Colombia that was signed on Tuesday
it
at passed its second reading in 1912 and of 98
last year.
Bogota by the American Minister with the
contro- The smaller vote this week, however,
was due to
versy over Panama's tolls. The text of the
treaty .the fact that William O'Brien and his Irish
followers
will not be published until April 15, and no officia refrai
l
ned from voting on the measure. The measu
re
summary has been given out by the State
Depart- will have its third reading before Parliament
adjourns
ment at Washington. Press dispatches from
Bogota in order that it may go to the House of Lords
. John
declare that the measure contains the
following Redmond, the leader of the Irish Nation
alists, was
provisions:
conciliatory in his address in the House of Comm
ons
1. The restoration of friendly relations between before the bill passed. "We
cannot abandon the
the United States and Colombia.
principle of 'Ireland a nation' nor accept
the idea .
2. An indemnity of $25,000,000 to be paid to
of
exclusion," he said,"but what of increased repreColombia six months after the ratifications
have sentation for Protestants both
been exchanged between the two countries.
inside and outside of
Ulster? On such lines we would be prepa
3. Certain privileges for Colombian comme
red to go
rce by a very
way of the Panama Canal.
long way. Total exclusion is not a compro4. The Colombian-Panama boundary to
be based mise; it is the claim in full; not as the price of goodon the law of June 9 1855, demarking
the
former will, but as a condition for levying war." He also
Colombian State of Panama.
declared that Federalism might be the
5. The United States to lend her good offices for
ultimate
solution and agreed to the principle on
the settlement of pending questions between
condit
ion Colom- that the priority of Irelan
bia and Panama.
d be conceded by the
passage of the present bill and that Ireland
Quite a little ill-feeling has been produced in
be one
Wash- unit, not two. The Unionist leader
, Bonar Law,
ington by reports that the treaty conta
ined an made the following new proposal:
"apology" by the United States to Colom
"Submit the bill
bia. That with your proposals to a genera
l election. If the
such an apology is present was denied with
emphasis country approves it, the House of Lords
will pass the
at the White House on Thursday,though,accord
ing bill without delay."
to the Washington correspondent of the New
York
"Times," "in other well-informed quarte
rs there is
Press dispatches from Vera Cruz yesterday
insistence that it contains in its introduction
declare
or pre- that Tampico has capitulated to the
amble a 'friendly expression of regret' by this
Constitutionalist
Govern- forces. The news, it is asserted, was
ment with particular reference to the differ
received from
ences that the American Consular agent at
Tuxpan, who de,
have existed between Colombia and the United
States clares that the garrison surrendered
during the
as a result of Panama's severance from the
parent night. Later dispatches, however,
suggested that
THE CHRONICLE
(VOL.
xmim.
00. Lloyd George figures that the
the news was at least premature, as continued fighting tures by £8,100,0
of
basis
revenue collections will provide
was in progress. The Federal gunboats "Vera Cruz" present
for
the Government without reincome
t
sufficien
and "Zaragova" aided the Federal garrison and
. It is this latter feature
new
taxation
to
sorting
several times drove the rebels back. Their shells set
nt to investment sentiment
a
stimula
proven
has
that
y
fire to the oil tanks of the Waters-Pierce Compan
the last fortnight there
within
Until
London.
in
y
a
is
Cowdra
which
and the Aguila Oil Company,
it would be necessary to
that
fear
a
quite
been
had
at
ses
's
storehou
company
concern. The latter-named
With the current spirit
.
taxation
d
increase
Tampico were destroyed. The Huerta Government, resort to
meant that the taxahave
would
this
sm,
radicali
which has been persistently denying the fall of of
at investors.
entirely
aimed
been
have
would
tion
ed
Torreon, now admits that General Velasco evacuat
tly,to exagion,
apparen
disposit
a
been
has
There
that
s
the city for "strategetic" reasons, but contend
has taken
that
reaction
al
trade and industri
the Federals control the city from the heights of gerate the
figures
official
The
m.
Kingdo
United
Santa Cruz. One of the first acts of General Villa place in the
issued
been
have
which
Trade
of
Board
after the fall of Torreon was to order all Spaniards of the British
nt
of
importa
views
these
confirm
to
fail
to leave the city. Some 700 or more arrived at El this week
,
for
instance
March,
of
month
the
For
ns.
recessio
made
Paso, Texas. Villa has ignored representations
a
m
total
show
Kingdo
United
the
into
the
imports
DepartState
on behalf of these Spaniards by the
is an increase of £5,587,855
ment. The commission appointed by General of £66,935,000. This
corresponding month a
Carranza, who is the head of the Constitutionalist when compared with the
the exports have ingovernment, to investigate the killing of William S. year ago. On the same basis
for March having
total
the
053,
Benton, the British rancher,has completed its report, creased £2,828,
of imports for
excess
The
,000.
£44,518
'which declares that Villa had nothing to do with reached
£19,657,198 in
against
,000,
was
£22,417
month
the
the
rancher
that
the killing. The Commission states
months of
three
For
the
ago.
first
year
a
March
major
rebel
a
former
Fierro,
was slain by Rodolfo
4,164,
£196,99
imports have aggregated
and superintendent of railways for Villa, in the course 1914 the
same
the
for
with
5,852
s
£196,32
compare
of an altercation thirty-two miles south of Juarez. which
5,962,
£133,58
the
exports
while
figure
1913,
of
It was reported at the time that the British subject period
£127,308,389. The excess of imports in 1914
was executed at the order of Villa in Juarez. An- against
,202, as against £69,017,463 in 1913.
£63,408
was
body
the
other discovery of the commission is that
certainly do not suggest severe trade
figures
These
and
uca
Samalay
at
was first buried in the soft sand
.
later exhumed at Villa's orders and transported to reaction
Stock Exchange closed on Thursday
London
The
ua
in
Chihuah
at
jail
been
has
Fierro
Chihuahua.
not reopen until Tuesday morning.
will
and
evening
for several weeks. He was stripped of his commistime, the early days of the week
Easter
at
usual
is
As
sion by Villa when the United States began to show
considered opportune for active demands
so much concern over the killing. It is said that were not
market. There have thus been no
Villa was against reporting the rancher's death as upon the capital
of importance, although well-informed Lona court-martial execution in the first place. His issues
ndents cable that important new issues
correspo
advisers, however, persuaded him that such an ex- don
d,especially of Colonial loans,and
arrange
been
have
planation would afford the easiest way out of the
tely after the holidays.
immedia
offered
be
will
length
at
embarrassing situation and the rebel leader
of
some of the loans to which
n
receptio
the
of
Details
d
reveal
to
is
prepare
ion
yielded. Carranza's commiss
have
become available. The
week
last
the name of the lawyer who first suggested the court- we referred
of
000 4 per cents at
offering
£1,000,
Ceylon
City of
martial report.
d;
the
City
of Singapore loan
eightfol
ed
subscrib
99 was
fully
was
ed. Of the
subscrib
cents
per
4
0
of
£300,00
During the closing days of the week the London
of
issue
Canada
£1,500,000
of
Railway
Trunk
.
Grand
holidays
market was entirely given up to the Easter
had to be
53%
90,
at
offered
per cent debentures,
The undertone was one of distinct confidence in the 4
The
marLondon
ters.
underwri
by the
earlier days. This improved condition has followed taken over
ul
the
successf
offerby
ed
influenc
ly
favorab
the compromise which has apparently been tacitly ket was
Austrian loan, of which £2,000,000 in 43/%
an
of
ing
removes
which
and
rsy
controve
Ulster
the
in
reached
bonds was allotted to London to be
the somewhat overdrawn picture of "civil war" as a fifteen-year
4. These bonds are redeemable at par.
_factor in the general financial situation. Still an- offered at 953
issues otherwise include £1,225,000 Cenother influential and constructive feature has been This week's
Railway of Canada 5% bonds at 90. The rethe favorable outlook as regards taxation. We re- tral
offering has not been announced by
ferred last week to the fact that the Exchequer figures sult of this
cable.
d
for the financial year ending March 31 had provide
There has been quite active speculative excitement
an increased revenue of £9,750,000 and that while
on the London market this week,especthere had been an unexpected increase of £9,000,000 in oil shares
of Russian and Egyptian companies.
in the national expenditures, the Treasury had fin- ially in those
and Argentine railways were also
ished the year with an actual surplus of £950,000. Rubber stocks
as a result of confident expectalatter
s—the
Thus no necessity presented itself to increase taxa- feature
to result from the large corn
traffic
d
increase
of
tion
tion in order to cover a deficit. Developments this
n republic. The reducAmerica
South
the
of
crop
.
outlook
the
taxation
week have still further improved
Western
Canada ordered by
in
rates
Chancellor Lloyd George is expected to introduce tion in freight
ion caused severe
Commiss
Railway
n
his new budget on April 21. Press accounts state the Canadia
other Canadian
and
Pacific
n
Canadia
that his estimate of the national expenditures for weakness in
An immarket.
the
London
on
s
securitie
railway
the year ending March 31 1915 will be approximately
noted and also
be
to
is
bank
shares
for
inquiry
proved
which
and
high
record,
£205,600,000, which is a new
securities as a whole. The standard
exceeds,in fact,the war budget for 1902 of £205,300,- for South African
on the London market are reported
000 and at the same time exceeds last year's expendi- investment issues
APR. 11
1914.1
THE CHRONICLE
1117
to be particularly scarce, dealers refusing to name approving a new French loan to Turkey. In return
firm prices for them unless they have the securities for the loan France is to be accorded certain ecoactually available.
nomic advantages the nature of which has not yet
British consols in London closed on Thursday been disclosed. The amount of the loan and the
(yesterday, Good Friday, being a holiday) at 763', terms on which it is to be issued also have been kept
which compares with 76% on Friday of last week. secret. Djavid Bey, formerly Turkish Minister of
The London & Northwestern Ry. closed at 133, Finance, who has been engaged in negotiations for
against 1323(, and Great Western finished at 1163, the loan in Paris, for the last six months, is to leave
against 1153
%, while the Great Eastern closed at 51, soon for Constantinople to arrange for the issue by
against 503. It will thus be seen that the market the Sultan of a decree authorizing the transaction.
for home investment has been a very steady one.
The situation in Berlin shows no specific improveState funds, too, have been well maintained. Bulgarian 6s closed 1 point higher at 102 and Greek ment. Heavy selling of Canadian Pacific stock,
monopoly 4s are also 1 point higher, closing at 52, which is a favorite investment at the German centre,
while Servian unified 4s remain without alteration had an unsettling influence on the general market
2, against 100 for securities there. Another unsettling influence
2. Chinese 5s finished at 1013/
at 783/
closed
without was the news of the failure of W. Wertheim & Co.,
Russian
4s
Friday
week.
of
last
on
net change at 87, as also did German Imperial 3s at a firm conducting large department stores,and whose
77, and Japanese 4s, likewise, at 77. Money in liabilities are placed at 18,000,000 marks and assets
/
1@13/2%, against 13/2% a week at 2,600,000 marks, though the real assets may not
London closed at 13
exceed 625,000 marks. Press cables state that it is
ago.
expected that the creditors of the firm will sue the
Prince's
Trust for the return of money alleged to
In Paris financial affairs seem to have reached a
have
been
improperly paid recently by the firm.
complete
position of
neglect. With a four-day
Easter holiday in view, there was slight disposition Some improvement is reported in German foreign
shown early in the week to enter new commitments trade, the lower United States tariff being an influof any character. The close approach of the general ence in this direction. Press dispatches cabled from
election (on April 26th) is another restraining influ- Berlin state that it is estimated that the increase in
ence on financial activities. Under these conditions German exports to the United States for the first
it is not unnatural that quotations should show a quarter of the present year from several important
sagging tendency. French rentes, however, closed districts is as high as 40%. The volume of exports
on Thursday at 86.723/ francs, which shows no net of the Berlin district in American currency equivachange from Friday of last week. Money is still lent is $633,447 higher, it is stated, than that of a
very plentiful, the closing rate being 13/2% against year ago and a relatively large increase has taken
332% a week ago, which indicates that the April place in the Hamburg district. The increase in the
payments have been arranged. A corresponding Aix la Chapelle district is $451,228.
•
indication was the large reduction of 113,625,000
No changes have taken place this week in official
francs in discounts reported by the Bank of France European bank
rates. In Lombard Street 60-day
in its weekly statement, to which we refer more in bills closed at 1%%, which
is without net change for
detail later on. The Doumerque Ministry's budget, the week and long
bills finished at 1%%, against
as a result of the adjournment of Parliament, has defi- 1 13-16@1Y3% on Friday
of last week. The prinitely gone over to the next Parliament, and finan- vate bank rate in Paris
remains at 2Yt%, although
cial interests of Paris are correspondingly relieved. some business is still passing at
25
4%,and Berlin is
The increased income tax on investments became a without quotable change from
28
4%. Vienna relaw, however, before Parliament adjourned. The rate mains
at 3%%, Brussels at 3%% and Amsterdam
is now 4% instead of,3%. An indication of how in- at 2 15-16%.
Official rates at the leading foreign
tense the dulness that exists in Paris really is is con- centres are: London,
3%; Paris, 33/2%; Berlin,4%;
tained in a special dispatch to the "Journal of Com- Vienna,
4%; Brussels, 4%, and Amsterdam, 332%.
merce"from its Paris correspondent,in which he says:
"One of the oldest "coulisse" firms is liquidating
The statement this week of the Bank of England
and it seems miraculous how others continue to was much weaker than the returns that have relive when the persistent stagnation that has been cently been published. Threadneedle Street recurrent for the last three months is considered. ported a loss of £2,986,485 in its gold coin and bullion
Business seems headed for still further restriction." holdings and of £2,963,000 in the total reserve.
The Chinese loan of 150,000,000 francs offered by The proportion of reserve to liabilities has
the new Banque Industrielle in 5% bonds at 943 been reduced to 40.34%, which compares with
proved almost a complete failure. Russia is taking 41.43% a week ago and 45.10% in1913. The largest
considerable gold from Paris in addition to being change was in public deposits which experienced
a steady buyer at the weekly offerings of Cape a reduction of £8,037,000, indicating that Governgold in London. There is quite a boom reported in ment disbursements for the new financial year have
the security markets of St. Petersburg, which is promptly begun. Bills were paid off to the extent
undoubtedly one reason for the movement of gold to of £3,186,000 net. Ordinary deposits increased
that centre, although remittances of the proceeds of £2,515,000. The Bank now holds £36,028,143 in
the recent Russian Ry. loan are probably the main bullion, which compares with £37,094,439 one year
source of attraction. Some improvement has been re- ago and £36,393,091 in 1912. The reserve is £25,ported in bank stocks as a result of the Government's 006,000. One year ago it was £26,805,839 and in
decision to diminish to 2% the foreign fund stamp. 1912 £25,901,411. The public deposits are still
Money is still firm, call loans remaining at 3%. £19,631,000, which compares with £16,076,470 one
The French Government, according to a semi-offi- year ago and £20,036,430 in 1912, while other decial announcement, signed yesterday, an agreement posits stand at £42,333,000, against £43,438,280 in
1.118
THE CHRONICLE
[VOL.
purpose. These deposits were distributed among 193
banks in 62 cities in the 28 States of the country
where the demand existed, and amounted to $37,386,000. The security was almost wholly commercial paper. These deposits were re-payable to the
Government in installments, the last one of which,
Secretary McAdoo states, matured on April 1. The
total amount has been re-paid and the Government
received as interest $260,000. The Secretary states
that the amount required to move the crops was
The Bank of France in its weekly return reported much less than expected, a result, he argues, that
an increase of 11,661,000 francs in gold and a de- was undoubtedly due to the fact that confidence in
crease of 4,119,000 francs in silver holdings. The the situation was restored by the knowledge that the
most important change was, however, a contraction Government stood ready with any amount of money
of 113,625,000 francs in discounts, which shows that needed for the purpose, and that credits were, therethe April payments have been completed. Note fore, more widely distributed by the banks of the
circulation decreased 7,125,000 francs and general country after the announcement was made that the
deposits were reduced 71,500,000 francs. The Bank's funds were available.
gold holdings now stand at 3,627,294,000 francs and
The trade and industrial reaction that has taken
compare with 3,251,025,000 francs at this date in place in Canada is releasing funds in the Dominion
1913 and 3,220,600,000 francs in 1912. The silver quite as actively as similar conditions are gradually
stock is 622,678,000 francs, against 600,750,000 francs increasing the supply of loanable funds at home.
and 796,400,000 francs one and two years ago,respect- This explains the steady movements of gold from
ively. Note circulation aggregates 5,528,819,000 Montreal to New York, which still continue. It
francs, against 5,757,257,625 francs in 1913 and 5,- seems notimprobable that the foreign requirements of
315,795,980 francs in 1912. General deposits stand American funds may be the only important source
at 547,255,000 francs in 1914 and 542,151,349 francs of unusual demand, although some temporary firmone year ago and 673,068,209 francs in 1912. Dis- ness may accompany the subscriptions of the banks
counts total 1,540,836,000 francs. A year ago to the Federal reserve institutions. Notices have
they were 1,631„817,631 francs and in 1912 1,161,- already been sent out by the Comptroller of the
151,518 francs).
Currency and the Reserve Bank Organization Committee, to all banks who have indicated their intenThe Imperial Bank of Germany reports an in- tion of joining the Federal Reserve System,informing
crease in gold for the week of 12,699,000 marks and them of the designation of Federal reserve districts
of 21,968,000 marks in total cash, including gold. and enclosing the form of application to be used by
Note circulation experienced a contraction of 210,- banks in applying for stock in Federal reserve banks.
029,000 marks, loans decreased 13,067,000 marks The notice calls for subscriptions within thirty days.
and discounts were reduced 224,506,000 marks. On
Last Saturday's bank statement reflected the usual
the other hand, deposits showed an increase of changes incidental to April financing. There was an
5,072,000 marks. The cash holdings now amount to increase in the total loan items of the Clearing-House
1,611,682,000 marks and compare with 1,213,240,000 banks and trust:companies of $23,782,000. Deposits
marks in 1913 and 1,136,840,000 marks in 1912. showed an expansion of $29,467,000, which in turn
Combining loans and discounts, we have a total of called for an increase of $5,560,450 in reserve re1,208,411,000 marks, which compares with 1,627,- quirements. Thus, while the cash item decreased
180,000 marks one year ago and 1,535,360,000 marks $6,324,000, the surplus above requirements showed
in 1912. Note circulation stands at 2,217,652,000 a contraction of $11,884,450, bringing the total down
marks, against 2,133,220,000 marks in 1913 and to $10,453,500, which compares with $10,222,800 one
1,947,780,000 marks in 1912.
year ago and $1,936,450 in 1912. The banks reported a decrease of $13,461,000 in their cash in
Very little interest is being taken in the local money vaults, while the trust companies reported an insituation. Call rates have remained pegged at crease of $7,137,000 cash in vaults and of $5,666,000
1%@2% and there has apparently been no dispo- cash in banks.
sition to place funds by making concessions. The
Referring to call money rates in detail, the highest
Stock Exchange requirements in this respect, how- and lowest figures each day in the week (Friday was
ever, have been exceedingly limited. Loans extend- a holiday on the Stock Exchange, and there was no
3 %,respectively.
inglinto:the new year are quoted at 3@4%,which call money market) were 2% and 14
certainly does not suggest expectations on the part On Monday and Tuesday the renewal rate was
of lenders of any substantial increase from the quo- 14
3 %,on Wednesday 1% and on Thursday, when
tations that are now current. Crop prospects seem loans necessarily carried over until Monday, 2%.
to be more than usually favorable for such an early For time money closing quotations were 2/a2 /07
io
viewpoint of possible agricultural results for the year. for sixty days (unchanged for the week), 29j% for
But even should the harvests prove sufficiently large ninety days (unchanged), 2Wi@3% for four months
to require more than the usual volume of financial (unchanged), 2%@3% for five months (unchanged),
facilities, it is in banking :circles considered highly and 3% for six months (unchanged). Commercial
probable that the Treasury Department will again paper is in better demand than supply, not only
deposit funds in the banks of the agricultural sections New York buyers but those of Boston, Philadelphia,
to assist the crop movement. Considerable interest Pittsburgh and Chicago being in the market for
has been taken in the statement published by the choice names. Closing discounts were without
1 2@3%% for sixty and
Treasury Department this week showing the results change, however, from 3/
of last year's deposits that were made for a similar ninety days endorsed bills receivable and for four
1913 and £40,384,596 in 1912. The loans (other
securities) aggregate £43,499,000, against L37,473,362 one year ago and £38,009,353 in 1912. Our
special correspondent furnishes the following details by cable of the gold movement into and out of
the Bank for the Bank week: Imports, £72,000
from Brazil; exports, £80,000 (of which £50,000 to
France and £30,000 to Spain), and shipments of
£2,978,000 net to the interior of Great Britain.
APR. 111914,]
THE CHRONICLE
1119
to six months' names of choice character. Other went up to 4 8695@4 8705, demand to 4 8670@
names less favorably known remain at 4@431%. 4 8685 and sixty days to 4 8490@4 8505; speculative
operations were responsible for a partial reaction.
The market for sterling exchange has shown no later in the day, closing figures being slightly under
activity and few features !of interest. Quotations, the best. On Friday the market ruled quiet butfirm.
taken altogether, at the close are a shade higher for Closing quotations were 4 85(4)4 8510 for sixty
the week. One influence of this substantial under- days, 4 8675@4 8685 for demand and 4 8695©
tone has been the steady demand in London by the 4 8705 for cable transfers. Commercial on banks
Continent, especially Russia, for gold. Paris ex- closed at 4 83%@4 849', documents for payment
change has moved against the British centre, while finished at 4 84@4 84% and seven-day grain bills
the recovery in British trade, as indicated by the at 4 85%@4 86. Cotton for payment closed at
monthly statement by the British Board of Trade 484%@484%,grain for payment at 4 843-1@4 843/
2.
for March, suggests a better demand on the banks
for funds abroad than at home. There appears, too,
The New York Clearing-House banks, in their opto be less disposition to look for a reduction in the erations with interior
banking institutions, have
Bank of England's discount rate than was the case gained $6,306,000 net in cash as
a result of the cura short time ago. We refer more in detail to the rency movements for the week ending
April 10.
British trade statement in our remarks in a preceding Their receipts from the interior have aggregated
column on the financial situation of London. The $11,511,000, while the shipments have reached
Easter holidays, which are observed abroad more $5,205,000. Adding the Sub-Treasury operations,
strictly than at home, have had the effect of delaying which occasioned a loss of $5,027,000,
the combined
business. The demand to remit for the April in- result of the flow of money into
and out of the New
terest and dividends to holders of American securities York banks for the week
appears to have been a gain
living abroad has now been completed. Meanwhile of $1,279,000,
as follows:
the supply of bills is light. At the close the market
Week ending April 10.
Into
Out of
showed a somewhat steadier character, influenced
Net Changein
Banks.
Banks.
Bank Holdings.
by a poor showing made by the Bank of England on Banks' interior movement
$11,511,000
85,305,000 Gain $6,206,000
18,768,000
23,793.000 Loss 5,027,000
Thursday, though a prominent trust company was Sub-Treasury operations
$30,277,000 $28,998,000 Gain $1,279,000
quite a fair seller and thus checked the advance. Total
Of the £820,000 South African gold offered in the
The following table indicates the amount of bullion
open market on Tuesday, £200,000 was secured for in the principal
European banks.
India and the remainder was taken for the Continent,
April 9 1914.
April 10 1913.
chiefly, it is understood, for Russia. French ex- Banks of
Gold.
Silver.
Gold.
Total.
Silver.
Total.
change is ruling firm and gold exports to'Paris from
New York are a probability of the near future.
England__ 36,028,143
36,028,143 37,094,439
37,094,439
_ _ 145,091,800 24,907,480 169,999,280 130,040,480 24,030,120 154,070,600
Demand sterling in Paris closed at 25.16 francs, France_
Germany _ 63,633,950 16,000,000 79,633,950 46,811,750 13,850,050 60,661,800
a__ 178,339,000 7,244,000185,583,000157,383,000 7,373,000164,756,000
which compares with 25.18 francs a week ago. In Ramie
Aus.-Hun. 52,108,000 12,304,000 64,412,000 50,168,000 10,492,000 60,660,000
20,283,000 28,606,000 48,889,00 17,910,000 29,882,000 47,792,000
Berlin London checks finished at 20.453' marks, Spain
Italyb____ 45,710,000 3,100,000 48,810,00I 46,566.000 4,042,000 50,608,000
Neth'Iand 13,331,000
793,000 14,124,000 13,544,000
761,30 14,305,300
which is an advance of 13/ pfennings for the week. Nat.Beigd
8,834,667 4,417,333 13,252,000 7,864,667 3,932,333 11,797,000
Sweden _ _ 5,790,000
5,790,000 5,704,000
5,704,000
Sterling checks in Amsterdam, as reported by cable Switeland 6,793,000
6,793,000 6.878,000
6,878,000
Norway__ 2,448,000
2,448,000 2,124,000
2,124,000
last evening, closed at 12.073/ guilders, comparing
Tot. week 578,390,560 97,371,813575,762,373 522,088,336 94,362,803T616,451,139
with 12.083 guilders on Friday of last week. Berlin Prey.week
580,028,9
97,460,320677,489,308520,128,926 95,206,683615,335.809
exchange in Paris finished at 123.02% francs, against
a The total of gold In the Bank of Russia includes the balance held abroad—
123.15 francs a week ago. Mexican exchange 'on that Is, the amount held for Russian account in other Continental
banks.
b The Austro-Hungarian bank statement is now issued in Kronen and Helier
London closed unchanged for the week at is. 3Y1d. instead
of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
and Mexican exchange on New York finished at 310, Kronen has really no greater value than 20 cetns, our cable
correspondent Is
London, in order to reduce Kronen to Pounds. has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
against 300 a week ago.
The division (between gold and silver) given in our table of coin and bullion In
Compared with Friday of last week, sterling ex- thed Banks
of Italy and Belgium is made from the beet estimates we are able to
obtain: it is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver: but we believe the
change on Saturday was firmer and demand advanced vision
we make is a close approximation.
to 4 8650@4 8660, cable transfers to 4 8680@4 8690
and sixty days to 4 8485@4 85. On Monday the
tone was weak at the opening, chiefly due to Satur- SOME ASPECTS OF THIS WEEK'S ELECTIONS.
day's poor bank statement and easier English disOf the various elections held this present week in
counts; later the market steadied, with the range various parts of the country, several were recognized
5 points lower, for demand, at 4 8645@4 8655 and as bearing in an important way on certain political
10 points for cable transfers at 4 8670@ 48680; experiments of the day. In this we do not refer to
sixty days remained without change at 4 8485@4 85. the Congressional election in the Seventh New Jersey
Pending the approaching Easter holidays, trading District, which we discuss in our article on The Finanwas practically at a standstill on Tuesday, while cial Situation. Among the experimentssubjected tso,
rates ruled within extremely narrow limits; the range at least a partial test in the voting of the week were
was still 4 8645@4 8655 for demand, 4 8670@4 8680 woman suffrage in the elections of a great city and
for cable transfers and 4 8485@4 85 for sixty days. primary nominations for United States Senators.
Heavy selling of American stocks for London account, Under a loophole in the Illinois State Constitution,
together with a rise in English discount rates, caused whereby the opportunity was lately utilized by the
a sudden sharp advance in sterling on Wednesday; Legislature to confer suffrage on women for their
demand moved up to 4 8660@4 8670 and cable own local elections, women voted at last Tuesday's
transfers to 4 8685@4 8695; sixty days, however, municipal elections in Chicago. On Monday the
was still quoted at 4 8485@4 85. On Thursday Democratic Senatorial nomination in Alabama, which
rates continued firm and a further advance was was equivalent to election of the selected candidate,
recorded in the early transactions; cable transfers was decided by popular vote.
1120
THE CHRONICLE
In Chicago, 217,614 women registered for the election, as against 455,283 men. Of the registered
women, about 100,000 voted and something like
240,000 men. This showed a fairly even tendency
on the part of both sexes as to the percentage of
voters who actually cast the ballot. A trifle more
than one-half of the registered male citizens voted;
a trifle less than one-half of the women. The result
of the vote of the women was that the old party
machine in Chicago city politics won with ease, and
that, in wards where political elements of the baser
sort have long controlled city affairs through election of Aldermen of the type which has made so many
City Councils notorious, the former incumbents were
triumphantly re-elected. Some of them, indeed,
received larger pluralities than in the last municipal
election—which showed that in such cases the majority even of the women voting must apparently
have supported such candidates rather than the reform nominees. All such opposing nominees,including women candidates,were defeated. Such a result
would appear to indicate a fallacy in some of the
prevalent ideas of suffrage circles that women as
voters will necessarily throw the balance to the side
of better government.
We have never seen good reason, from what most
of us know either of human nature or of political
experience, to believe that this was a result to be
confidently expected. Even in the younger Western
States, where the experiment of woman suffrage has
had longer test, results have not been entirely dissimilar from those of Tuesday at Chicago. Undoubtedly the outcome in Chicago was more unsatisfactory than it has been in the Western constituencies;
but that is precisely what people familiar with the
politics of our greater cities had predicted. The mere
fact of a congestion of population with varying grades
of intelligence and prosperity must necessarily emphasize, in a great city like Chicago, whatever evils
would attend the experiment, and would be open to
similar probabilities in the larger Eastern communities in general. Advocates of woman suffrage, who
have insisted that the tendency of women voters
would be to cast their ballots rightly, disinterestedly
and intelligently on all public questions have, it
seems to us, ignored the patent fact that ignorance
and prejudice, arising from racial or neighborhood
affiliations, are factors which go to warp the political
ideas of women as well as of men.
It is safe enough to say on general principles that
the predisposition even of the average man is to
vote rightly and intelligently—which, however, as
experience shows, proves little or nothing as to the
actual result. But beyond even this, the smallness
of the registration of women in Chicago (less than
one-half that of the registered men) compared with
the number entitled to register indicates another
real possibility of danger. It is not alone attributable
to the novelty of the privilege. Women opposed
to suffrage, who are very numerous and who are
usually strong in their convictions, will generally be
found among the intelligent and educated classes.
If women holding such opinions should refrain
from voting, as in consistency they would do, and if,
meantime, women of the ignorant classes were to
go in a body to the polls, the result of woman suffrage would, to that extent, be to swing the balance,
on the total vote of both sexes, to the side of the
unintelligent, uneducated and hence ignorant and
deluded voters.
[Von. xcvm.
We do not overlook the fact that the vote on local
option in the State of Illinois outside of Chicago
resulted in a very widespread victory for the antiliquor vote, and for this fact due credit should undoubtedly be allowed to the women voters. But
this result of the women's vote on that particular
question was fairly obvious, in the nature of things,
and as a consequence of their feeling on the matter.
The larger problem is, whether other questions
involving personal feeling and emotion would be
quite so safe to leave for decision on that basis.
Recent erratic public action and discussion of such
questions as social immorality or the minimum wage
for women have been due, at least to some extent,
to an impulsive sentimentality which, if one may
judge by the nature of the discussion, would almost
certainly be emphasized rather than modified if
women were added to the voters. We do not profess
to say that these considerations are conclusive in
the discussion of woman suffrage; but they certainly
throw some light on a question in which very much
has been taken for granted as to the effect of such an
experiment on social welfare and political stability,
and whose general application to our political system
would at least create a situation from which no
withdrawal would be possible if the system turned
out to be working badly.
The vote for Senator at the Alabama Democratic
primaries was not in all respects as clear an indication
of the working of that political experiment. Underwood's sweeping victory over Hobson was certainly
reassuring, if it can be interpreted as proof that the
party's voters in Alabama could discriminate rationally between a statesman of real parts and a flighty
candidate of demagogic tendencies. The advantages of the campaign itself were largely in Hobson's
favor. He was doubtless helped by his one exploit
in the Spanish-American War. He had utilized
every variety of local and national prejudice; had
sensationally appealed to the Japanese war scare
and to the strong Southern feeling in favor of prohibition—naturally coupling his campaign on the
last-named issue with assurances that Mr. Underwood was the personal representative and spokesman
of the liquor interests. All this went on while Underwood himself was kept, by the exacting duties of the
leadership of the House of Representatives, in the
sphere of his active public work,from which Hobson,
also a Representative, frequently absented himself
for purposes of personal campaigning.
The result would, therefore, seem to argue the
capacity of the people to distinguish between real
and sham qualities in public leaders. Yet it cannot
be wholly overlooked that Underwood possessed one
paramount advantage with his party, from the mere
fact of prestige built up through successful leadership
in the enactment of important public measures,
notably the tariff bill. Such achievements stimulate
local pride; in this instance, they placed a well-known
candidate of distinction and popularity in the field
against the agitator. Whether this new and farreaching experiment of popular nomination of Senators
will find similarly gratifying solution, when a candidate with personal qualities and experience as high
as those of Underwood,but without his prestige for
conspicuous public service, is measured against an
adroit, industriousand un scrupulous demagogue,
is the question which must yet be tested. We shall
begin before long to have such tests of the matter
elsewhere as will show which way things are drifting.
APR. 11 19144
THE CHRONICLE
HOW. WEALTH BENEFITS ALL.
1121
be no social progress;" every step in modern industrial equipment and average social betterment has
been brought "by continuous expenditures of capital
with a view to profits." Mr. Roberts cites the unanswerable fact that existing standards of comfort for
the wage-earning classes in all countries "correspond
to the degree in which they are equipped with
efficient machinery," this country coming first and
at the end "the miserable populations of Asia, where
the use of capital in industry is almost unknown".
The gist and force of his article may be gathered
from this admirable statement :
It is often said that the rich hold their wealth as
trustees, but few realize how literally true the saying
is. However miserly and grasping the owners may
be, they cannot invest their wealth in profitable
industry except for the satisfaction of public wants.
and where it is never withdrawn and the proceed;
are likewise invested,it is practically dedicated to
public use. The owners may not realize it; the
constitution of society is such that individual selfishness has often advanced the common good. But
the owners are coming to realize it; ignorant selfishness changes to enlightened selfishness, enlightened
selfishness leads to a knowledge of mutual interests,
and mutual interests develop the sense of mutual
obligations.
Mr. George E. Roberts, Director of the Mint,
writes in the April number of the "American Review
of Reviews", concerning the "distribution of surplus
incomes", his real topic being the larger one of showing how imaginary is the notio'ñ that the ownership
of wealth is inimical to the general welfare. This
is one of the oldest of human notions. Job in his
afflictions was said by the critics who passed as
his sympathizing friends to have secretly misused
his wealth, and at a time far back of all existing
records there were doubtless those who went about
declaring that whoever had more in flocks than the
others had somehow robbed those others.
Declaiming against wealth and stirring up hatred
of its possessors has been the stock in trade of
agitators all through the centuries, and the "progressive" demagogue of to-day works the same old
theme. The rich man is accused of the authorship of
all troubles. He grinds the faces of the poor and
thrives on their misery; it is he who keeps up the
cost of living; he made the Constitution itself and
finds especial shelter under it, and so it ought to
be alterable swiflty and easily, that he may be
smoked out and discomfited; he owns all the railroads; a graduated income tax is necessary, that he
This is true in every word, and more true now than
may be made to pay something of the cost of government; he will squirm, but if the law is only turned ever before. If it could be generally and quickly
down upon him hard enough,he will have to stand understood, it would greatly aid all present difficulties; but the agitator will continue to rant and to
it, &c.
stir
men's passions and the legislator will continue
It is all just as true as the new arithmetic by the
aid of which the railroads are to pay 110 cents of to bring forward bills for reconstructing society on
obligation with each dollar of income. It is a mon- a basis ,of equality and brotherhood; therefore manstrous delusion, unable to endure a straight-forward kind must learn by suffering.
statement (much less a cool examination), but it
unhappily gets too little of either. The agitator
repeats the tale because it suits his object, and the
MR. ROCKEFELLER AND THE RIGHTS OF
lazy and unthrifty believe it without question beLABOR.
cause it excuses them and offers them a grievance
against society.
The long questioning of Mr. John D. Rockefeller
An annual income of ten millions is instinctively Jr. by Mr. Foster of Illinois, Chairman of the House
condemned, writes Mr. Roberts, because we see this Committee on Mines and Mining, sought to exhibit
is more than one person can possibly use and we get him as heartlessly indifferent to conditions and sufa vague notion that it is wasted,or buried,or hoarded, fering in the troubles of the Colorado Fuel & Iron
or somehow withheld from use. The millionaire Co., while posing as a social reformer in this city.
can wear only one suit at a time and he can eat no Evidently for impressing the galleries and for exhibitmore than the stevedore; perhaps his stomach almost ing himself as alive to the responsibility
of a Governobjects to his eating at all; his actual or possible ment which desires to appear always
on the side of
personal consumption lies within bounds which labor as against capital,
Mr. Foster rang the changes
cannot possibly enlarge with his possessions. The on such phrases
as
"these
Woody strike conditions,"
"Chronicle" has often referred to the cumulative
"the killing of people and shooting of children," and
evidence that wealthy men recognize their moral
trusteeship more and more and are making "foun- demanded to know what had been done "to look after
dations" and endowments for the general good; 10,000 striking miners," &c. To this Mr. Rockethe most recent instance is the offer of one holder of feller replied that the conduct of the mines had been
inherited wealth to personally meet the large annual left in the hands of the best men who could be found;
deficit involved in maintaining the New York that details were committed to them and responsiSymphony Society and its fine orchestra, one of bility for results laid upon them; that he was not
three in this part of the country that have to find fighting the unions or objecting to collective bargaining; that the thing resisted was coercion to deprive
their Macaenas.
But Mr. Roberts, as his main object, shows how men of their natural right to freedom, and that the
mistaken is the common notion that a surplus income company would resist this to the end. For the sake
can benefit the public only when it is given away. of labor and upon "the national issue whether workIf one man owns a large part of London or New York, ers shall be allowed to work under such conditions
the effect of such large ownership upon society as they may choose," he said, those interested in the
depends solely on the use he makes of it. No company stand ready to lose every cent of their inindividual or corporation "locks up" capital; he puts terest in the property rather than surrender.
it out at work, for he cannot afford not to. "SomeIt is his estimate that approximately ninety per
body must save and accumulate capital, or there can cent of the employees are not in favor of the present
1122
THE CHRONICLE
strike; but whether ten per cent are attempting to coerce the other ninety or ninety per cent are attempting to coerce the other ten, the principle and the ultimate importance of the issue raised are the same.
Organizing of labor has never been objected to, much
less resisted. Collective bargaining has never been
opposed. No employer has objected or would think
of objecting to dealing with a representative committee of his own employees in respect to any matter
which concerns both sides; dealing with self-sent
agitators and walking delegates from the outside is
another matter. In many important ways a labor
union might work for the benefit of its members, and,
through them,for the general benefit. For example,
for mutual aid in times of domestic trouble; for encouragement and possible protection of workers
who invent machines or devices of practical value; for
promoting temperance and thrift and discouraging
their opposites; for promoting efficiency and ambition, thereby gradually advancing the whole number of workers through stimulating all to the zeal
and pace of the best, instead of handicapping the
best by the drag of the poorest; in a word, by always
promoting equality through leveling upward instead of downward. An essential condition (and a
natural result) of such a healthy direction of unionism would be to bring men into it by letting them see
how it would help them in life. A labor organization on such a basis would find men seeking admission.
It would not need to begin by depriving them of
liberty of choice; to bid them come in or be banned
from employment by an offensive epithet and by
threats against any employer who dared defy "the
union."
Legitimate unionism would never have raised the
issue of closed or open shop; workers would choose
to come under such, and employers would approve
of their doing so. On the contrary, unionism has
chosen to coerce both sides; it attempts to deprive
the worker of work and the employer of workers,
except on the basis of the forcibly-unionized shop.
All the still-unsettled handling of the subject by the
courts, and all the still-persistent attempt to establish itself as formally and admittedly, as well as in
practice, above the law, turn upon this effort to
establish a reign by force.
• By continual clamor and minatory language, organized labor very possibly gives (and certainly desires to give) an exaggerated impression of its numbers and political importance. It is utterly selfish,
determined to use Government as an instrument
for its own ends, and indifferent about all else. Thus
it keeps truckling politicians in terrorism, and "the
Urion Card group" in Congress are ready to accomplish their own re-election by granting every demand.
"While the Sherman Law (Representative Tavenner
of Illinois is quoted as saying) must be strengthened
against the corporation trust, and additional legislation must break up the tools of the money trust,
labor unions and farmers' organizations and similar
bodies must be forever freed from the danger of prosecution under laws directed by their makers at trade
monopolies."
Yet Mr. Rockefeller is right; the issue is national
and permanent. No political institutions not
founded on uniform responsibility to law can endure
such strains as are upon this country. We cannot
remain half free and half enslaved. Dallying and
delay increase the cost of the inevitable clinch which
alone can bring a settlement.
[VoL. xcvm.
THE PREDICAMENT OF THE RAILROADS.
It is now admitted by all that the railroads of the
United States are fast approaching a crisis. Probably the word "crisis" is sometimes misused, as
when the campaign platform makes its familiar
declaration that "we view with alarm" what the other
party has done and threatens to do; but what would
be the common man's notion of a crisis? Turning
to the first dictionary within reach, it is found well
defined as "a turning-point in the progress of an
affair or of a series of events . . . a juncture
on which depends a transition to better or worse."
Commissioner Thorne of Iowa affirms that the
railways are in excellent health and are only shamming illness; he would ,therefore, have no immediate
relief granted them as to rates unless a crisis exists,
and he denies that any signs of one appear. But
President Willard of the Baltimore & Ohio thinks
such a condition exists if the carriers are no longer
earning anything upon new capital put in; if the net
earnings are so small and the outlook for the future
is so bad as to make improbable the continuance
of fair returns on the investment; if new funds for
extensions or betterments are not likely to come
forward; and if, therefore, facilities which the
country must have (unless it is to be industrially
throttled) are not provided, so that business is
pinched and workingmen must lose employment.
Nobody will venture to deny that this is a sufficiently
accurate description of a crisis.
The condition of railway credit is so well known
that nobody who is ignorant of it can claim to have
an intelligent opinion. The persistent railway
assailant may say that, although he would not put
money into railway loans, under present conditions
which he is unwilling to have changed, others should
and will; he may even say that the roads have purposely injured their own credit in order to make
out a case. Such talk deserves no respect, for it is
on a par with insisting that extremes of weather are
merely fabrications of the thermometer. A reactionary effect ought to follow such obsession as is shown
by Mr. Thorne, who says he "trusts" that the roads,
after "padding their accounts," have not now resorted to laying-off their men in order to "influence"
the Commission, this remark being apparently his
way of suggesting that they probably have. He
who imports a dishonest explanation when all the
circumstances suggest an honest one shows himself
of the class who will not give up a position.
What will or may "influence" the Inter-State
Commission also seems difficult to say. Disputing the official figures which show decline in net
earnings is like disputing the figures of the Census,
except that the latter might be queried with more
plausibility. He who asserts (as a few have done)
that these returns are incorrect, or who keeps harping
upon gross earnings and ignores the net, or who
cannot see or will not admit any significance in the
decline of net income, puts himself out ot the court
of intelligent and serious examination. Of the
attitude of the Commission, what shall be said?
Not doing a required act is refusing to do it in thc
everyday view of the law. Verbally and in care
fully-phrased generalization, the Commission (or
some of its members) admit a possible seriousness in
the situation; but no action shows any to be realized.
This remarkable body still remains almost as delibate of movement as a glacier. Every suggestion of
Arm 11 1914.1
THE CHRONICLE
1123
a side path into some collateral inquiry or other is States. These floods, it may perhaps be recalled,
taken up as something which must first be gone into, not only caused immense property damage
and the
and nearly a year has been frittered away on one loss of many lives, but resulted in a complete
suspretext after another. Mr. Brandeis discovers pension of railroad operations for a few
days on a good
these one by one, as soon as it begins to appear that part of the railroad mileage in Ohio and
Indiana
any answer cannot be delayed longer, and Mr. and the lines connecting therewith.
Some of the
Thorne is of opinion that the physical valuation roads which suffered heavily
in that way last year
ought to be completed before any horizontal increase were the Chesapeake & Ohio, the
Chicago & Alton,
in rates is granted. The point seems now to have the Chicago Indianapolis & Louisville,
the Louisville
been reached where the Commission is expected & Nashville (on its line running through
the afflicted
to decide within a month whether the roads have district), the Toledo St. Louis
& Western, &c.
established that existing revenues are inadequate.
Naturally the roads which last year thus had
But supposing an answer given in the affirmative, earnings reduced have, the
present year, recovered
more time will be consumed in determining how the some of the loss, and hence are able
to report in.
needed addition to revenue is to be obtained.
creases—of considerable amount in a few cases—
The view quite generally taken of the action of the and these increases have served to offset to
that
Commission in appointing special counsel in the extent the losses on other roads. Some of the
person of Mr. Brandeis to raise objections to the same roads, too, had an additional temporary
measures of relief asked by the railroads is well favoring influence the present year in the fact
indicated in the following editorial article which that coal-mining was pushed to the utmost out
appeared in the Jackson (Miss.) "Daily News" of of a fear (which has since been realized in a numlast Saturday—April 4. We expressed our own ber of districts) that mining operations
would
opinion of the impropriety of the action when the be suspended on April 1 with the expiration
appointment of Mr. Brandeis was originally an- of the old wage scale. It so happened,
too, that
nounced.
notwithstanding last season's short grain harvests,
UNFAIR TO THE RAILROADS.
Notwithstanding the intimations received from Washing- the Western grain movement in March 1914 ran
ton that President Wilson is in favor of an increase in freight somewhat heavier even than the large grain moverates and that it is the President's desire that the Inter-State ment of 1913.
Commerce Commission should render an early decision in
The Chesapeake & Ohio, as a result of the circumthe matter, the Commission has * * engaged counsel stances mentioned, has
$210,361 increase, following
to represent it and present the case of the shippers against
$181,219 decrease in March last year,and the Chicago
the railroads. Why the Inter-State Commerce Commission
should be prejudiced against the claims of the railroads is Indianapolis & Louisville has $108,591 increase,
following $56,984 decrease last year. On the other
difficult to understand.
The Inter-State Commerce Commission is a quasi-judicial hand, the Chicago & Alton, which last year suffered
body, and as such ought to be unprejudiced and protect the $134,765 decrease,
now has $51,723 further decrease.
rights of all parties in all matters which may come before it.
Recently the Commission employed an attorney to represent It is furthermore noteworthy that, taking our table as
the Inter-State Commerce Commission and the shippers in a whole, the decreases are more numerous than the
the hearing of the petition filed by the railroads for an in- increases, notwithstanding the advantages derived
crease in rates.
from the circumstances mentioned. It is, however,
If the railroads are to receive a fair and impartial hearing, not the least
bit surprising that this should be so,
what occasion was there for the Commerce Commission to
inasmuch
trade
as
reaction is still the dominant
employ an attorney ?
Such action on the part of the Commission does not feature in affairs, and in truth may be said to have
appeal to fair-minded people, and if the shippers wish become more pronounced during the month of
counsel to represent them in opposition to the proposed March. In addition, some of the interior
sections
freight increase, such counsel should have been employed of
the country still feel the adverse effects of the hot
by the shippers and not by the Commission. The duty of
the Commission is not to employ counsel, but,as judges, to weather and drought of last season,which so seriously
pass upon the reasonableness and fairness of the claims curtailed the agricultural yield in the South West and
of the railroads for increased freight rates, and the merit, in lesser degree also in the Middle West. Beif any, of the opposing claims of the shippers.
sides this, certain special drawbacks which for a
The employment of counsel by those who are supposed
long time have been affecting particular sections
to pass upon the matter is a new departure in American
or
particular roads, have continued in force—as for
justice, and cannot meet with popular approval. Such
action on the part of the Commission immediately smothers instance, the strike of the coal miners in Southern
the promise of a square deal to the railroads.
Colorado and the strike in the iron ore regions in
The "Daily News" believes in fair play and a square deal, Northern
Michigan.
and condemns the action of the Inter-State Commerce
Giving
due
weight to the influence of special drawCommission as dangerous and as an attack upon American
backs and circumstances, the fact remains that
justice and the spirit of our jurisprudence.
diminished earnings are reported, as a rule, from all
RAILROAD GROSS EARNINGS FOR MARCH. sections of the country and by all classes of roads.
There is very little indication of improvement in The Canadian roads, owing to the halt in industrial
the gross earnings of United States railroads. Our activity in the Dominion, also continue to fall
preliminary compilation for March shows a smaller behind in their revenues, and th Canadian Pacific
loss in the aggregate than did our early statement for heads the list of decreases with a loss of $1,667,000—
the month of February—the decrease for March this representing a shrinkage in the earnings on that
being only $2,191,364, or 3.01%, as against $6,- road of over 15%. Among United States roads the
465,140 decrease, or 9.61%, for February—but the Great Northern in the North West has $314,050
relatively better showing follows entirely from special decrease, the Colorado & Southern and the Denver
circumstances affecting the comparison with last & Rio Grande in Colorado have losses, respectively,
year. In the closing week of March 1913, railroad of $192,912 and $99,900, the Missouri Kansas &
earnings were very unfavorably affected by the Texas and the Missouri Pacific in the South Westfall
great floods in the Middle and Middle Western behind in amounts of $159,437 and $137,000. Nor
Wm,. =vim
THE CHRONICLE
1124
are Southern roads exempt. The Louisville & Nashville has lost only $15,726 but the Southern Railway
has sustained a contraction of $153,055. 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 MARGIT.
Decreases.
Increases.
$255,010
Illinois Central
$579,270 Grand Trunk
19...912
_
_
_
Southern_
&
Chesapeake & Ohio
210,361 Colorado
159,437
• Chicago Ind & Louisv_
108,591 Missouri Kan & Texas_ _ _
153,055
86,499 Southern Railway
Cinc New On & Texas Pac
152,600
50,307 Canadian Northern
Chicago Great Western
137,000
46,318 Missouri Pacific
Wabash
99,900
Denver & Rio Grande_ _ _ _
63,000
Internet & Great North_ _
'
56,300
Western Pacific
51,723
ChicasTo & Alton
Representing 8 roads
30,604
in our compilation__ _$1,176,650 Georgia So.& Fia
Decreases.
Representing 13 roads
$1,667,000
Canadian Pacific
in our compilation_ -$3,332,591
314,050
Great Northern
E
Eg:1=01
(though Chicago lost heavily, even in the corn
receipts), and the arrivals of oats reached 17,782,000
bushels, against 14,252,000 bushels. Adding the
five cereals together, the grain receipts the present
year for the four weeks were 60,622,000 bushels,
against 56,782,000 bushels. In the following we
furnish the details of the Western grain movement
in our usual form:
Hr4t,TM.RU
Except where the floods were at work last year,
comparison quite generally is with pretty large earnings in 1913. Our early statement last year, as a
whole, recorded a fair amount of increase, despite
the losses by the roads in the flood districts. In
brief, our statement for March 1913, comprising
substantially the same roads as are now represented,
registered an increase of $4,310,860,or 6.50%. In
March 1912, also, our early compilation recorded a
moderate increase, namely $3,702,918, 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 1907.
WESTERN GRAIN RECEIPTS.
Oats.
Corn.
Wheat.
Flour.
(bush.)
(bush.)
(bush.)
(bbls.)
Chicago1914
1913
Milwaukee1914
1913
St. Louis1914
1913
Toledo1914
1913
Detroit1914
1913
Cleveland-,1914
1913
Peoria1914
1913
Duluth1914
1913
Minneapolis1014
1913
Kansas City1914
1913
Omaha1914
1913
282,000
281,000
401,000 1,383,000 1,909,000 1,482,000
851,000 1,370,000
836,000
559,000
213,000
211,000
195,000
124,000
256,000 1,310,000 1,611,000 2,199,000
239,000 1,796,000 1,209,000 1,366,000
04
...0..010‘1.0.00C0C,000C000Gop.....04.14 41.10.110.0101,10,01030.10000054,0••,-.4001
01-4-40,44001034.00.00Wo-.000-.0:0 0,4-40c.,0ozcn000tatoto.cabaeoc...-%.
1111111111111111111
'gm
000000.
00.
4000000000.
.0200100000020000200000.0003COP.00000000.
000000000000000,
0000000000.00.4
00000,100014.4.4...00000-44
,
.10.C4t0i-.00000-40001"Gib2•-•000011.4• 4,0400.
4
11111111111111111.
Year Yr.pre- InGiven, ceding. cr'se.
Miles. Miles.
92,737 92,048
97,253 96,089
94,333 93,235
99,388 97,468
100,739 97,542
92,041 90,481
95,620 93,441
85,636 83,386
80,134 78,881
83,22: 81,448
92,82: 91,100
83,468 82,332
77,65 76,193
85,936 84,398
88,447 86,208
88,16:, 86,495
88,311 85,963
92,045 90,774
31-92.59,' 91,907
96,998 95,832
93,875 92,777
99,115 97,195
100,739 97,542
92,041 90,481
95,620 93,441
85,606 83,386
80,13, 78,881
83,22' 81,448
92,828 91,100
83,468 82,332
77,651 76,193
85,930 84,398
88,44 86,208
88,16:. 86.495
88,311 85,963
92,045 90,774
%
0.75
1.21
1.18
1.97
3.28
1.72
2.33
2.68
1.59
2.18
1.90
1.38
1.92
1.82
2.60
1.95
2.73
1.38
Year
Given.
$
36,730,150
44,918,276
45,851,636
54,226,229
58,451,929
53,947,913
63,656,496
54,218,287
56,099,462
60,824,758
77,540,501
54,549,532
51,321,597
65,155,888
65,239,119
68,404,320
71,710,050
70,785.610
Year
Preceding.
•3
36,574,594
38,767,463
43,192,673
48,306,240
54,154,932
50,750,057
55,634,679
54,355,422
50,899,522
55,489,877
71,896,303
63,700,200
46,239,241
56,360,415
66,292,079
64,701,402
67,400,090
72,976,974
$
%
+155,556 0.42
+6,150,813 15.87
+2,658,963 6.15
+5,919,989 12.25
+4,296,997 7.93
+3,197,856 6.30
+8,021,817 14.42
-137,135 0.25
+5,199,940 10.21
+5,334,881 9.61
•+5,644,198 7.85
-9,150,668 14.36
+5,082,356 10.99
+8,795,47:1 15.61
-1,053,860 1.59
+3,702,918 5.73
+4,310,860 6.50
-2,191,364 3.01
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
1.72 155,556,409 146,020,060 +9,536.349 6.52
2.33 181,463,231 160,459,15 +21,004,073 13.00
2.68 152,071,336 153,791,51 -1,720,174 1.12
1.59 149,372,123 142,415,45 +6,956,671 4.88
2.18 183,644,696 154,918,11. +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 +11,293,326 8.66
1.8,179,172,331 155,045,813 +24,126,518 15.23
2.60 182,039,008 180,487,121 +1,551,887 0.86
1.95 190,997,306 180,042,80 +10,954,500 6.10
2.73 207,756,220 187,761,626 +19,994,594 10.71
1.38 199,138,010 210,623,711 -11,485,701 5.41
Note.-We do not in: ud3 Mexican roads in any of the years.
It was remarked above that the Western grain
movement had run in excess of the large movement
last year. This was entirely due to heavy deliveries of
corn and oats. The wheat receipts at the Western
primary markets for the four weeks ending March 28
were only 15,085,000 bushels against 17,608,000
bushels in the corresponding four weeks of 1913, the
barley receipts only 5,572,000 against 7,069,000 and
the rye receipts 777,000 against 977,000. The corn
deliveries, on the other hand, for the four weeks were
21,406,000 bushels, against 16,876,000 bushels
140,000
167,000
2,000
13,000
4,000
2,000
237,000
28,000
633,000
438,000
163,000
304,000
29,000
28,000
91,000
11,000
380,000
184,000
223,000
146,000
56,000
17,000
35,000
53,000
458,000
418,000
359,000
434,000
6,000
2,000
81,000 1,318,000
189,000 1,057,000
898,000
576,000
276,000
322,000
14,000
74,000
350,000
293,000
116,000
374,000
5,000
32,000
8,284,000 1,141,000 1,114,000 1,671,000
9,151,000
380,000 1,207,000 2,045,000
255,000
364,000
161,000
188,000
936,000
2,128,000
53,000
13,000
1,157,000 3,621,000 1,420,000
766,000
850,000
413,000
695,000 3,528,000 1,373,000
634,000 1,034,000
799,000
Total of Ail1,040,000 15,085,000 21,406,000 17,782,000 5,572,000
1914
1,330,000 17,608,000 16,876,000 14,252,000 7,069,000
1913
777,000
977,000
The cotton movement in the South was somewhat
larger than the small movement of March 1913.
The shipments overland were 127,186 bales, as against
98,743 bales last year, but comparing with 251,087
bales in 1912;and the receipts at the Southern ports
were 571,079 bales, against 444,200 bales in 1913,
but comparing with 777,327 bales in March 1912.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH, AND FROM
JANUARY 1 TO MARCH 31 1914, 1913 AND 1912.
Increase (+)
or
Decrease (-)•
Gross Earnings.
Rye.
(bush.)
943,000 1,858,000 7,280,000 7,774,000 1,881,000
734,000 2,293,000 10,457,000 7,863,000 2,791,000
Since January 1.
March.
Mileage.
Barley.
(bush.)
Ports.
1914.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
1913.
1912.
bales_ 195,842 170,204 190,640
25,926 46,206 58,626
140,452 85,827 159,221
21,698 8,003 17,650
22,309 7,690 41,510
77,075 40,666 139,422
9,150 2,625 41,372
8,626 19,593 23,346
5
339
10,389 10,241 47,386
46,620 44,187 46,511
12,991 9,053 11,304
1914.
1913.
957,757
207,260
580,564
71,710
39,231
275,257
65,550
27,630
699,212 1,015,141
218,467 277,064
278,374 629,517
27,436 120,631
29,040 150,265
158,031 642,431
28,075 143,282
30,180
98,209
339
110
28,692 158,749
98,080 194,905
42,879
18,304
57,345
139,280
50,357
1912.
571,079 444,200 777,327 2,471,941 1,638,576 3,448,837
Total
To complete Our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
March.
Ala Gt South__
AlaNO&TP
N 0& N E_
Ala & Vicks_
Vicks Sh & P
Ches & Ohlo_c
Cin N 0& T P
Lou & Nash_b_
Mobile & Ohio
Seab'd Air Line
Southern Ry__
Yazoo & M V_
Total
1913.
1912.
1911.
1910.
1909.
$
438,170
$
431,043
$
401,436
$
335,256
$
370,769
$
285,050
a348,316
a165,264
.158,420
3,101,028
925,705
4,909,725
1,057,220
2,391,869
5,881,515
1,016,753
348,316
165,264
158,420
2,890,667
839,206
4,925,451
1,081,109
2,383,443
6,034,570
1,039,608
341,084
133,973
123,368
3,071,886
806,721
4,939,330
978,164
2,213,531
5,556,583
853,510
304,027
146,138
121,020
2,574,547
573,033
4,874,674
1,019,140
2,253,819
5,361,435
910,177
322,977
141,970
118,958
2,886,698
793,924
4,790,530
932,387
2,035,275
5,153,645
891,746
273,847
133,486
113,262
2,249,643
656,139
3,907,398
837,584
1,775,400
4,668,154
818,762
1914.
20,396,985 20,297,007 19,419,586 18,473,266 18,438,879 15,718,725
a Months in 1914 not yet reported: taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
March.
Colo & South_
Deny & R G__
Int & Gt No__
Mo Kan & T.a
Mo Pacific__
St L So West_
Texas & Pac__
Total
1914.
1913.
1912.
1911.
1910.
1909.
$
973,058
1,672,300
736,000
2,309,996
4,774,000
1,055,000
1,458,396
11
1,165,970
1,772,000
799,000
2,469,433
4,911,000
1,079,000
1,455,893
3
1,035,318
1,717,731
755,538
2,016,273
4,289,160
972,731
1,332,785
3
1,115,314
1,687,224
733,082
2,241,099
4,346,652
082,494
1,205,475
$
1,417,327
1,955,958
731,189
2,261,802
4,840,870
939,982
1,313,701
$
1,176,373
1,676,302
630,284
1,960,188
4,052,875
846,123
1,147,424
12,978,750 13,652,296 12,119,536 12,311,340 13,460,829 11,489,569
a Includes Texas Central in 1914, 1913, 1912, 1911 and 1910 and Wichita Falls
line from Nov. 1 1912.
APR. 11 19144
THE CHRONICLE
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
March.
Canadian Pao_
Chic Gt W._
Dui S S & AtL
Great North_ _
Minn & St L_1
Iowa Cent_ f
M St P & SSM
Total
1914.
1913.
1912.
1911.
1910.
1909.
$
$
3
$
$
$
9,298,000 10,965,000 10,519,319 8,800,640 7,796,337 6,518,763
1,207,879 1,157,572 1,051,712 1,070,865 1,149,262
933,638
292,548
285,338
243,032
227,535
276,893
217,138
5,161,646 5,475,696 4,847,167 4,429,958 4 667,644 3,996,095
414,427
374,439
828,933
789,405
651,805
746,503 (328,926
304,445
2,321,497 2,320,595 1,513,137 1,645,007 1,880,365 1,576,820
19,110,503 20,093,606 18,826,172 16,920,508 16,513,854 13,921,338
*Includes Mason City dr Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
March.
1914.
1913.
1912,
$
$
$
Buff Roch & P
975,208 939,432 819,541
Chicago & Alt 1,094,877 1,146,600 1,281,365
Chic Ind Sr Lou
586,542 477,951
534,935
Grand Trunk'
Gr Trk W_ 4,423,671 4,678,681 4,080,230
DetGII&NI
Canada All
IllinoisCent_c_ 5,839,126 5,259,856 5,180,260
Tot Peo &W._
103,007
105,273
101,796
Tol StL & W_ _
362,593 339,347
318,197
Wabash
2,486,084 2,439,766 2,201,081
Total
1911.
1910.
1909.
$
$
$
546,031
757,936
691,343
1,098,932 1,172,492 1,060,120
542,857 441,159
512,880
3,909,773 3,793,257 3,167,451
5,194,038 b5,538,953 4,948,472
101,426
94,300
97,970
316,479
288,901
311,089
2,372,442 2,524,441 2,149,659
15,871,108 15,383,420 14,529,882 14,188,467 14,747,841 12,696,093
b No longer includes receipts for h re of equipment, rentals and oti er items.
c Includes earnings 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.
GROSS EARNINGS AND MILEAGE IN MARCH.
Gross Earnings.
Name of Road.
1914.
$
1913.
Mileage.
Inc. (+) or
Dec. (-). 1914. 1913.
1125
which Cleveland is the centre, and Senator Oliver of Pennsylvania declares that if it was not found possible to place a
Federal reserve bank at Pittsburgh, then that city should
have been included in the district with Philadelphia. The
selection of Richmond in place of Baltimore,is also protested
by the commercial and banking interests of the latter city.
The Omaha bankers have indicated their objection to being
attached to the Kansas City district instead of either having
a bank of its own or being attached to Chicago. It is claimed
by Senator Hitchcock of Nebraska, who has made known
his intention to file a protest against the inclusion of
Omaha in the Kansas City district, that 90% of the bank
clearances of Omaha go through Chicago and that 90% of
the commercial business of Omaha is with Chicago. One of
those who have commented adversely on the action of the
Organization Committee is Senator John W. Weeks of
Massachusetts, a member of the Senate Banking and Currency Committee,and who is said to have played an important part in the perfection of the currency bill before it
reached the Senate. In his criticism, Senator Weeks says:
It is not difficult for any one to criticize the subdivision of the country into
districts or the location of the reserve banks; in fact, it is almost impossible
to make an arrangement that some one will not criticize. But I may fairly
question the propriety of locating two banks in the home State of one of
the
members and one in each of the other members, especially when in two, if
not three, of these cases they are not the natural location for reserve banks.
The apparent and confessed attempt to limit the business which naturally
goes to New York may properly be criticised, not only because it is unfair,
but it is so unscientific that in the end it will not be effective. What would
be thought of an English commission trying to reduce the importance of
London as a financial world centre or a French commission taking the same
course in the case of Paris or of a German commission trying to belittle
Berlin in such arbitrary fashion?
The most severe criticism, however, and one in which I am unqualified;
is of the committee tangoing about the country for the purpose of asking
people if they wanted a reserve bank. Of course, the local pride of every
community would develop the same reply, and this has embarrassed the
committee,so that they have authorized 12 banks, very materially weakening the system by so doing and developing a system for which there was
really no demand. I do not wish to apepar in the position of a carping
critic, but the result of the work of the committee bears out the criticisms
made at the time of the passage of the bill. The proper method by which
to organize this system was to appoint the Reserve Board that was to
manage the system, and let them organize it. Then the organization would
have been as far as possible removed from political considerations. Now,
having been organized by an essentially political and partisan board, it
bears all the earmarks of a result which might have been anticipated from
such procedure.
$
$
438,170
431,043
+7,127
300
309
187,514
190,210
-2,696
291
291
975,208
939,432
+35,776
581
573
1.533,300 1,685.900
-152,600 4.670 4,297
9,298,000 10,965.000 -1,667,000 11,920 11,458
3,101,028 2,890,667
+210,361 2,346 2,324
1,094.877 1,146,600
-51.723 1,032 1,026
1,207,879 1.157,572
+50.307 1,496 1,496
477,951
586,542
+108.591
016
616
925,705
839,206
+86,499
336
336
973.058 1,165,970
-192,912 1.867 1,809
1,672,300 1,772,200
-99,900 2,598 2,554
410.800
467,100
-56,300
937
937
Representative Humphrey of Washington, in a debate in
80,830
61,354
+19,476
214
214
110.910
111,195
-285
411
411 the House on the 4th, voiced his disapproval of the commit292,548
285,338
+7,210
627
625
216,904
247,508
-30,604
395
395 tee's selection as.follows:
I was one of the Members of the House who voted against the present
4,423,671 4,678,681
-255,010 4,549 4,548 currency bill. I did it very
largely upon the ground that it contained provisions which would make it largeli political and which would bring our
y308,982
9285,963
+23,019 1,104 1,104 banking system into politics. Gentlemen from the Democratic side of the
5,161,646 5,475,696
-314,050 7.806 7,782 House hold up their hands in horror when the suggestion
was mado that any
5,839,126 5,259,856
+579,270 4,763 4,763 one would ever
play politics with the business of this country. The first
736,000
799,000
-63.000 1,160 1,160
step
been
has
4,909,725 4,925,451
taken;
these
banks have been designated. The board to
-15,726 4,923 4,919
119.534
113.858
+5,676
373
373 designate them consisted of three men, and each of these three men was a
55,835
70,271
-14,436
124
127 Democrat, and it is a fact worthy of note that each city that furnished
one
828.933
789,405
+39,528 1,585 1,585
of the members of this committee has been designated as one of the reserve
2,321,497 2,320,595
+902 3.976 3.772 cities. I do not believe that there is one man out of one hundred unpreju2,309,996 2,469.433
-159,437 3,817 3,817 diced who would say that Richmond, Va., ought to have been
designated
4.774.000 4,911,000
-137,000 7,283 7,236 as one of those
cities. Think of the absurdity of Baltimore,a great business
1,057,220 1,081,109
-23,889 1,122 1.114
27,248
and
financial
centre like that city, doing business through Richmond, to
25.470
+1,778
238
238
40,973
51,433
-10,460
180
180 say nothing of Washington.
1.055,000 1.079,000
-24,000 1.715 1,715
In
answer
to the criticisms, Representative Carter Glass
2,394,869 2,383,443
+11.426 3,081 3.070
5,881,515 6,034,570
-153,055 7,036 7,036 of Virginia, Chairman
of the House Banking and Currency
7,434
12,084
-4,650
94
94
1,458,396 1,455.893
+2,503 1.885 1,885 Committee, gave out a statement on the 4th inst. in which
103,007
101.796
+1.211
248
248 he
said:
339,347
362,593
+23,246
451
451
2,486.084 2,439,766
+46,318 2,514 2,514
The importance to any community of having a regional reserve bank lute
1,016,753 1,039,608
-22,855 1,372 1.372 been in some instances lamentably
over-estimated. Aside from a sentimenTotal (45 roads)_ _ 70,785,610 72,976,974 -2,191,364 92,045 90,774 tal prestige and the advertisement which the possession ofone of these banks
Net decrease (3.01%)
is assumed to give the seat of their location, there is absolutely nothing
Mexican Roads(not in eluded in to tal)else to it. For practical purposes, the branch banks are the real working
Interoceanic of Mex._
973.438
767,199
+206,239 1,031 1,031 elements of the
system. It is these branch banks which,in most instances.
Mexican Railway_ __y620,300
9560,600
+59,700
395
361
National Rys of Mex.; 3,624,873 4,367,288
the re-discounting. Under the terms of the bill the branch banks are
do
-742,415 6,135 6,135
to be administered by duly appointed boards of directors and the management of these branch institutions will be distinctive and will more nearly
a Includes Texas Central in both years.
x Now includes Mexican International in both years.
relate itself to local business interests of the regional banks, so that the outy These figures are for three weeks only.
cry against the action of the Organization Committee is a mere expression
of disappointment and consequent resentment, arising from a very natural
civic pride. It is an expression which can be and should be easily pardoned,
FEDERAL
because it is perfectly natural.
THE NEW
RESERVE DISTRICTS.
But when anybody undertakes to say that the action of the Organization
The dissatisfaction over some of the selections made by the Committee
was prompted by political considerations, or influenced by the
Reserve Bank Organization Committee in determining the supposed activities of any public man or set of politicians, I think such a
critic
far afield from the truth of the situation. Furthermore, when
going
is
cities in which the Federal reserve banks are to be located,
undertakes to say that the decision of the Organization Committee
and the boundaries of the districts, has increased since the anybody
was known beforehand in any quarter, he is simply giving vent to his imagicommittee's decision was announced on the 2d inst. The nation. I venture to believe that there are few people in public life of
Washington
who are more intimate, in a sense, with the Secretary of the
strongest opposition very naturally has come from New OrTreasury, or whose representative
to another member of the Orleans. The bankers of Newark and Northern New Jersey ganization Committee is closer thanrelations
mine has been for many months, and
I
believe
if anybody could have foreknowledge of the purposes of the Orhave also evidenced their protest at being included in the disCommittee, I could have. As a matter of fact, neither the Seetrict of which Philadelphia is the centre, instead of being ganization
rotary of the Treasury nor any member of the committee disclosed tome
embraced in the New York district. In Connecticut the anything concerning tho purposes of the committee; and I do not believe
bankers of the southwest section, who have close affiliations there is a human being outside the Organization Committee who can truthsay he was given advance information on the subject.
with New York, have evinced displeasure at being brought fully
With my knowledge of facts and study of thesituation,covering a period
into the Boston reserve district. In the case of Pittsburgh, of 16 months,I would not, had I the power, make more than a single change
which the committee failed to name as a reserve bank city, in the districts as defined by the Organization Committee, and that change
do not care to point out, as no good could be expected from any suggestion
objection is expressed to its being joined to the territory of Ithat
now might be made. Referring again to the relative importance of
Alabama Great South
Ann Arbor
Buffalo Roch & Pittsb
Canadian Northern
Canadian Pacific_
Chesapeake & Ohio
Chicago & Alton
Chicago Great West
Chicago Ind & Louisv.
Cin N 0& Texas Pac_
Colorado & Southern..
Denver & Rio Grande
Western Pacific_ _ _ _
Denver & Salt Lake
Detroit &
_
Shore & At1
Dul SouthMackinacGeorgia South & Fla_ _
Grand Trunk of Can
Grand Trunk West
Dot Or Hay & Mil
Canada Atlantic_
Grand Trunk Pacific_
Great Northern
Illinois Central
Internet & Grt North
Louisville & Nashville
Midland Valley
Mineral Range
Minneap & St Louis_}
Iowa Central
Minn St P & S S M__
Missouri Kan & Tex..a
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon
Rio Grande Southern_
St Louis Southwestern
Seaboard Air Lino_ _ ..
Southern Railway_ _
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & West
Toledo St L & West.._
Wabash
Yazoo & Miss Valley_
1126
THE CHRONICLE
the branch banks and the regional reserve banks, in the practical operation
of the system, no business centre will lose its identity nor have its business
relations seriously interrupted. The banking operations and the commercial transactions of any given territory will be practically maintained as
they exist to-day,for the reason that such territory will transact its business
with the branch bank, if more convenient than with the regional reserve
bank, so that there is no earthly reason why any large financial or commercial community should be in the least degree uneasy over the prospect
of losing any business which it now commands.
Further remarks of Mr. Glass made on the 8th are given below:
nothing much more inconvenient could be imagined". Mr.
Van Deusen furthermore says:
Our course of business is almost entirely with New York and not with
Philadelphia. This whole section of the State is a commuting section.
The commuter is paid cash in New York. He pays his butcher, the butcher
pays the whoeisaler here in Newark and the wholesaler deposits the money
in local banks. The result is this money has to go back to New York.
There is a constant circulation between Newark and New York of currency.
We have to maintain accounts there just a.s an individual maintains an
account in one of our banks.
This currency goes to New York by messengers. Somethnes a bank here
Some of the varied comments among the New York will send several hundred thousand dollars in this way
in a single day. If
bankers include the following made by Otto T. Bannard, this money has to go to Philadelphia by express it will cost a lot of money.
ship currency to Philadelphia by
banks
to
I
estimate
local
it
will
cost
the
President of the New York Trust Co.:
express between $25,000 and $50,000 a year.
In the first place, the number is entirely too largo. I would rather have
Newark is by no means the hardest hit by the committee's assignment.
one large boat than twelve small ones in a storm. Four districts would
Jersey City, Hoboken and Bayonne, for instance, are considered "across
have been the correct number for the entire country. The districts have
the street" from New York. There are three banks in Jersey City, two in
been bounded without any regard to financial or commercial requirements.
Bayonne which clear through the New York Clearing
It is purely a political and geographical allotment. For instance, Jersey Hoboken and one in
House, making them really New York banks. That indicates how close
City and Hoboken have to go to Philadelphia, Stamford and Greenwich
banking business.
have to go to Boston, while New York City is the natural commercial centre the territory is to New York
Then, too, there are communities in the northern counties, like Newton,
for those communities. In point of number and boundary the allotment
banks would have to go to New York before
of districts is about as bad as it could be. The political nature of the dis- Dover and Morristown, whose
they go to Philadelphia. There is no direct communication with the latter
tribution is instanced in tho leaving out of New Orleans. New Orleans is
have to go almost within sight of the
city
and
would
their messengers
the commercial and financial centre of the Southern States, and, to any
New York reserve bank and then travel 100 miles to the bank to which
fair-minded man, is more clearly entitled to a Feleral bank than either
Dallas or Atlanta. The selection of Richmond instead of Baltimore or they are assigned.
I made a canvass of all the banks in the State when the organization comWashington also clearly shows that politics and not business or financial
mittee was considering the assignment question. We found that a line could
expediency ruled in the selection of the cities for the various districts.
be drawn across the State at Trenton, and all places north of this line wanted
In viewing favorably the action of the Committee in con- New York and all south of
it wanted Philadelphia as their reserve centre.
fining to New York State the district of which New York The farmers in the southern section all do business with Philadelphia, while
big manufacturing plants in the north all do business in New York.
City is made the centre, Walter E. Frew,President of the the
All of those plants maintain big Now York offices, while none of them
Corn Exchange Bank, is quoted as saying:
scarcely has offices in Philadelphia.
It is really a blessing in disguise, so far as New York is concerned. I
The bankers of Northern New Jersey gave voice to their
think that when Now York banks begin to think it over they will recognize
placing them
that the Organization Committee did them a better turn than it realized disapproval of the action of the Committee in
at the time. By not including the wide territory Now York City stands in the Philadelphia district, in resolutions adopted this week
A'better chance of retaining its supremacy in the banking field. The banks by representatives of the banking interests of Hudson, Essex,
in the New Jersey and Connecticut districts excluded from New York will
Hudson
.continue to do business with Now York and will continue to require banking Passaic and Bergen counties. The meeting of the
facilities here. If these banks had been included in the New York reserve County bankers was held in the quarters of the Commercial
bank they would have been able to use their balances at the Now York Trust Company of New Jersey, at Jersey City, and was prereserve institution for remitting to New York. They would not, therefore,
sided over by Edward I. Edwards, Cashier of the First Nahave to keep special balances with New York individual banks.
But as now their affiliation will be with the Federal reserve bank of tional Bank of Jersey City and Comptroller of the State.
rhiladelphia or Boston, their balances in these institutions are unavailable The following are the resolutions adopted at the meeting:
for New York purposes and they will be compelled to maintain separate
Whereas, The IIudson County bankers, representing national banks.
balances hero with individual banks. Thus the smaller the New York State banks and trust companies located in the several cities of such county
district the greater are the chances that interior bank balances will be have been advised that such institutions as have become members of the
retained in individual banks here. It's too bad for New York City banks Federal reserve system must become affiliated with the Federal reserve
that the Federal reserve district for New York could not have been confined bank located in Philadelphia, and
to Manhattan Island.
Whereas, Hudson County is practically a part of New York City for bankMax May, Vice-President and Manager of the foreign ing and business purposes, and the future success of our business interests
of such conditions, and
exchange department of the Guaranty Trust Co. of this city, demand a continuation
Whereas, The national banks of our several communities becoming
is likewise unable to see any disadvantages to New York members of the Federal reserve system, having in view the express provision
of the law that the districts should be apportioned with due regard to the
because of the restriction of the district. He says:
The function of the reserve banks is to aid, not compete, with the banks convenience and customary course of business and that any recommendahave
the
right
under
They
the
tion contrary to such provision would result in a largo loss in bank accapital.
new
curprivate
supported by
rency law to deal in foreign acceptances, but it is not likely that they will counts and other business and would necessarily be very injurious to the
do so. Even if the local reserve bank should enter into competition with future success of our banks, and
Whereas, The Hudson County bankers are desirous of using their best
the other banks for this class of business, I do not think it would succeed.
They cannot take away the supremacy of New York as a money market, efforts to insure the success of the Federal reserve system to the end that
no matter what they do. Particularly is this true with reference to our the said banks and trust companies will be affiliated as members, which
dealings with foreign nations. Here are made the quotations for foreign would be impracticable under the proposed Federal district, it is
Resolved, That we do hereby protest against any division of territory in
exchange, and here they will remain. Europe would not ship gold to any
district that would not include Hudson
other city, so the other cities of the country must come to us. Last year establishing the Federal reserve
New York City is a part.
the Guaranty Trust Company drew bills on 2,389,966 bales of cotton at an County in the same district of which
In addition to the protests entered by the bankers of the
average of $60 a bale, as well as grain bills totaling $38,000,000, and copper
and other metals amounting to $40,000,000. London bills of exchange four counties named, the Newark Board of Trade took similar
were $1,827,000,000. German bills, $654,000,000; French bills, $34,it passed the following resolu000,000 and other countries, $42,000,000, or a total of $2,363,000,000. action on the 8th inst. when
That is one-third of the foreign exchange business of the United States.
tions drafted by its Committee on Currency:
Resolved, That we, the Board of Trade of the City of Newark, do most
assignment of Newark to any other than
Proceedings in opposition to the inclusion of Northern emphatically protest against the
New York district, as it is directly against the natural course of business,
New Jersey in the Philadelphia district were instituted last the
and the convenience and freest exchange between business and financial inweek by Walter M.Van Denson,Cashier of the National New- stitutions of this city and New York City, and will cause them itgreat inconand prevent the freest use of the new system; and be further
ark Banking Co.of Newark,and Chairman of the Banking and venience
Resolved, That a copy of this protest be sent to the Federal Reserve Bank
Currency Committee of the New Jersey Bankers' Associa- Organization Committee,and that we further urge the members of Congress
to secure the assignment of this
tion. In an endeavor to ascertain the preferences of the from this State to use every effort possible
section of the State of New Jersey to the New York district.
bankers in the northern section of the State Mr. Van Deusen
Although the New Jersey Senate on the 7th inst. passed
has addressed a letter to the directors of the various banks,
Godfrey's bill permitting State • banks and
and has asked them for information on the following points: Assemblyman
to become members of the Federal reserve
companies
trust
front
York
your
city; express
Time of travel to Philadelphia and to New
such procedure being conrate per thousand on currency to Philadelphia and to New York; do you banks, it is stated that instead of
have direct train service to Philadelphia? The proportion of banking templated by the State banks, the national banks in the
business you do with New York and with Philadelphia; the proportion of
of the State are seriously considering the
commercial business your section does with New York and Philadelphia; northern section
how frequently does a representative of your bank visit New York and surrender of their Federal charters with a view to entering
Philadelphia? Please give any other reasons which occur to you as to why the State system.
district rather than
your bank should be located in the New York
Philadelphia district.
in the
The attitude of the New Orleans interests because of the
failure to recognize that city in the apportionment of the
country into reserve districts is set out in extraordinarily
frank resolutions adopted at one of the most notable mass
meetings of its citizens ever held. The meeting took place
joint call
The determination of said Organization Committee shall not be subject on Saturday, the 4th inst., in response to the
to review except by the Federal Reserve Board when organized; provided issued by the New Orleans Clearing-House Association, the
that the districts shall be apportioned with due regard to the convenience
Orleans Association of Commerce, the Board of Trade,
and customary course of business and shall not necessarily be conterminous New
Exchange, the Sugar Exchange, the New Orleans
Stock
States.
the
State
or
any
with
"The assignment by the Organization Committee in this Contractors and Dealers' Exchange and the Real Estate
instance", he declares, "was certainly not with due regard Auction Exchange. Sol Wexler, President of the Whitney
to the convenience and customary course of business; Central National Bank and Chairman of the Clearing-House
It is stated that he will present the results of his query to
the Executive Committee for action. Speaking against the
division. made by the Committee so far as it concerns his
section, Mr.Van Deusen took occasion to refer to Section 2
of the Federal Reserve Act, which provides that:
ilrE.11 1914.;
THE CHRONICLE
Committee, was one of the principal speakers at the gathering; in protesting against the omission of New Orleans from
the Organization Committee's list, he said in part:
In the hearings in New Orleans a concrete statement of the facilities in
this city for handling the banking business of this section of the country
was forcefully presented. We answered with unquestioned facts and figures
every question or suggestion of the members of the committee affecting the
claims of Now Orleans. At that meeting the statement was made that
New Orleans was a borrowing city. We easily refuted this by presenting
figures compiled by the Comptroller of the Currency which showed that the
maximum amount borrowed by New Orleans was $34,800,000, whereas our
total credit facilities were $85,000,000, exclusive of Government deposits.
We presented figures on the extent of our commerce and population and
clearly showed that these as well as our banking facilities far exceeded those
of our competitors in the contest for a regional reserve bank. Every class
of business is transacted in Now Orleans. We do an international business,
whereas Atlanta and Dallas do a local business; what might be termed a
country business. The very nature of our business requires a greater
knowledge of the banking business than does that of Atlanta and Dallas.
In the face of this array of facts New Orleans has been ignored, and the
action of the Federal Committee can be attributed to only one cause—
politics.
During the consideration of the currency bill by the committees of the
House and Senate,the bankers and the business men of the nation argued
against placing the selection of the Federal Reserve banks in the hands of
an organization committee of Presidential appointees. This was a bill of
great economic importance to the country, and bankers and business men
who appeared at those hearings foresaw the possibility of just what has
happened. It was argued than that a committee of Presidential appointees might use their positions as a means to reward political friends of
the Administration and to punish enemies. Friends and supporters of the
bill held up their hands in horror, and declared that such a great man as
Woodrow Wilson would not permit such a thing. We argued and pleaded
for a committee of bankers and business men, but we were overruled.
We have little hope of relief from the Federal Reserve Board because the
members of that, too,will be political appointees of the President. Wecan
expect relief only through a Congressional investigation, and this the
people of New Orleans must fight for. The dissatisfaction over the action
of the committee is not confined to-New Orleans. I have received telegrams from Baltimore, a great banking centre that has been placed in the
Richmond district. The worst possible economic blunders have been made
by this committee. For instance, Jersey City, which is across the Iludson
River from New Yorlc and connected with that city by a tunnel, has been
placed in the Philadelphia district. Another evidence of the methods
that have been employed in forming these districts may be cited in the cases
of two Louisiana parishes. St. Mary Parish has been placed in the Atlanta
district while the adjoining parish of St. Martin has been placed in the
Dallas district. • This absurd distribution of territory may be noted in
every one of the districts. In Missouri, the home of Secretary Houston,
and other political leaders who are friendly with the Administration, the
committee placed two Federal reserve banks, one at St. Louis and another
at Kansas City. Yet, in that vast stretch of territory from Kansas City
west to the Pacific Coast there is not a single bank.
1127
valuations of Dallas and Atlanta combined, whose enormous tributary
country, whose early development of important banks and unrivaled
banking history, whose position as the premier port of the Gulf of Mexico,
the only seaboard which has been deprived entirely of recognition, whose
presently tremendous and steadily increasing foreign trade through the
Panama Canal and otherwise, with its necessarily tremendous volume of
foreign bills and attendant banking requirements, and whose acknowledged
ability to support and care for a reserve bank alike demanded the location
within its borders of such a bank;
The arbitrary outlining of a reserve district in such a way as to cut off
from New Orleans the greater part of its own convenient and tributary
State of Louisiana, and the thrusting of that city as an adjunct into a district the greater part of which it normally and customarily leads;
The thrusting of the remainder of the State of Louisiana customarily
tributary to New Orleans into an alien and distant reserve district in contravention of its inclination, its convenience, its natural course of trade,
its customs since time immemorial, and its logical channels of finance;
Whereas, The foundation of the banking system of this great country,
not upon the firm rock of its own inherent merit and applicability to the
needs of the whole people, but upon the moving sands of the temporary
demands of political faction, must necessarily result in disaster to the
commerce and industry of the country and danger to our republican institutions; now, therefore, be it
Resolved, That the confidence of this community in the entire p.roposed
banking system as a system founded on an earnest effort to meet the
needs
of the whole people, without regard to geographical location or political
affiliation, and administered by impartial heads without bias or
partisanship, is rocked and rent to its very foundation stone; that this community
sees in a money power thus utilized in its inception to pay political debts
and forge political fetters a menace to this republic far more overwhelming
than that which threatened the United States of Andrew Jackson,
and caused
the dissolution of the Bank of the United States; that this community
foresees the upbuilding in this country of ours of a plutocracy having
at its command the vast financial resources of the Government, using those resources to increase its power and to maintain its sway, a plutocracy deaf
to
reason, blind to justice, scornful of right; that this citizenship now
rises to
crush in its infancy such an octopus and demands without delay
a' Congressional investigation of the methods used and of the influences brought
to bear upon the Reserve Bank Organization Committee,and a re-location
of the reserve districts and cities in accordance with the just requirements of
the business of the country and the provisions of the Currency Act; that this
community demands in no uncertain terms that the Reserve Bank Organization Committee be taught at once and for all time that they serve and do
not dominate; that their law is the welfare of the State, not the welfare of
their personal friends and political allies; that they are an instrument, not
an autocrat; that they are not greater than but subservient to the people
who created them. Be it further Resolved, That copies of these resolutions
be sent to the President of these United States, the Reserve Bank Organization Committee, the Senators from Louisiana, the members of the United
States Senate, the members of the House of Representatives and the
public press.
—4-Supplementing a protest against the placing of Baltimore
in the Richmond district, registered in resolutions adopted
The resolutions which were unanimously adopted at the by the General Assembly of Maryland on the 6th inst., a
mass meeting of the banking and business men of Baltimore
meeting read as follows:
Whereas, The Federal Reserve Act constituted the Secretary of the is to be held on the 15th inst. in Baltimore for the purpose
Treasury, the Secretary of Agriculture and the Comptroller of the Currency of taking further steps to oppose the action of the Organizaa "Reserve Bank Organization Committee" for the purpose of locating the tion Committee.
Federal reserve banks and outlining
the Federal reserve districts;
Whereas, That Act expressly provided that the Federal reserve cities and
the Federal reserve districts should be apportioned with duo regard to the
convenience and customary course of business within the United States
and with foreign countries, and expressly provided that an investigation
be made by the Organization Committee, in order fairly to ascertain what
the said convenience and customary course of trade might be;
Whereas, The said Organization Committee made such an investigation
as was required by the statute creating it, and thereby secured valuable information as to the magnitude, importance, convenience and customary
course of the business of the various sections of the country, and as to the
proper location of tho reserve cities and the reserve districts contemplated
by the Act;
Whereas, Said committee,instead of locating the reserve cities and reserve
districts in accordance with the convenient and customary course of business, as pointed out in unmistakable terms by their Investigation, has proceeded in many instances to locate and designate those cities and districts
in utter and absolute disregard of the evident convenience and customary
course of business, and in utter and absolute disregard of the just claims
of certain important cities and communities, which claims are predicated
upon convenience, customary course of business, population, commercial
importance, geographical position and financial requirements and capabilities;
Whereas, The action so taken in those cases indicates only too plainly,
that the conclusions reached were arrived at, not by a careful and impartia
consideration of the merits of the claims of the respective parties, given
with an eye single to the greatest good for the greatest number, but were
reached and based upon considerations of political expediency or personal
interest and aggrandizement;
Whereas, The fact that politics and the false guide of personal interests
have entered into the conclusions reached unmistakably appears from the
selection of Richmond. with a meagre population of 127,628 and a total of
banking resources of $50,000,000, and making tributary to this comparatively unimportant mart of trade the cities of Baltimore and Washington;
the former with its population of 558,485 and its local banking resources
of $309,669,000,and the latter with its prestige and importance as a nationa
capital, to which is added a population of 331,069 and banking resources
of
$110,081,000; the selection of Atlanta, a city in Georgia, with a population
of not more than 154,839 and a total of banking resources
amounting to
$48,000,000, and serving only a purely local territory, a city self
-confessedly
unable, without assistance, to support a reserve bank, and
the making subservient to this comparatively unimportant city so largo and
important a
city as New Orleans, the metropolis of the South, the second port of the
whole United States, the largest manufacturing centre in the South (its
manufactures being greater by more than $18,000,000 than the total
manufactures of Dallas and Atlanta combined), the key to the dominant factor
of, and the acknowledged financial centre, of the vast valley of the lower
Mississippi, a city whose population of 339,075 is one and one-third times
the combined populations of Dallas and Atlanta, whose banking capital
is more than $1,000,000 greater than the combined capital of the banks
of Dallas and Atlanta, whose banking resources of $104,829,110 is greater
by $14,820,110 than the combined banking resources of Dallas and Atlanta,
whose assessed valuation is one and one-third times as great as tho
assessed
Agitation against the location of the reserve banks has
likewise been conspicuous in both the Senate and House of
Representatives during the past week. The controversy in
the Senate resulted on Wednesday, the 8th inst., in the introduction of a resolution by Senator Hitchcock calling
upon the Organization Committee of the Reserve Board
"to send to the Senate copies of all briefs and written arguments made by each city applying to the Organization Committee for the location of a Federal reserve bank, together
with the reasons relied upon by the Organization Committee
in fixing the boundaries of the reserve districts and locating
the reserve cities."
In the House on the 8th inst., Representative Glass made a
lengthy speech defending the Comptroller of the Currency,
John Skelton Williams, against the attacks to which he has
been subjected by those who have charged him with having
brought influence to bear in having Richmond chosen as a
reserve bank centre.
After characterizing the New Orleans resolutions as "remarkably vindictive and vituperative," Mr. Glass said in
part:
"I want to say with respect to the Comptroller of the Currecny that in
considering the location of the regional reserve bank in District No. 5, the
business menland bankers of the city of Richmond feared that the only weakness in the entire situation for them was the fact that the Comptroller of the
Currency was a native and former resident of the city of Richmond.
Knowing him to be a man of high sensibilities, they apprehended that the
very fact that he was born in Richmond and had formerly resided there
would influence him against Richmond and not in its behalf. I am authorized to state, moreover, that the entire Organization Committee voted as
a unit in favor of locating a bank at Richmond. It was not due to the influence of John Skelton Williams, who happens to be the Comptroller of the
Currency and a member of that Organization Committee.
"What sort of politics could be involved in the location of these regional
reserve banks? Maryland is a closely contested State at elections, and the
city of Baltimore, which usually controls the political situation there, is
close also. How could a Democratic Organization Committee have
successfully played politics in the State of Maryland by depriving the
commercial centre et that State of a Federal reserve bank? Can it be
conceived that the members of the Organization Committee were foolish
enough to suppose that by depriving Baltimore of a Federal reserve bank
they would strengthen the Democratic Party in a close State like Maryland?
And so with the city of Richmond, in a State with 50,000 Democratic
majority. Could the Organization Committee have been simple enough
,
•
to imagine that it might help the Democratic Party in Virginia by giving
Richmond a Federal reserve bank?
"What possible political motive could have prompted the Federal Reserve
Committee to deprive New Orleans of a Federal reserve bank? Is it
conceived that depriving a Democratic city like New Orleans of a bank
might help the Democratic Party in the State of Louisiana? Did this
Democratic Federal Reserve Organization Committee dream that it might
convert the Republican city of Philadelphia by giving it a Federal reserve
bank after having made Maryland and Louisiana safely Democratic by
depriving Baltimore and New Orleans of a bank each?
'Baltimore will not lose one dollar of the banking business it has to-day
by reason of the location of a regional reserve bank at Richmond. Nor
will New Orleans lose one dollar of' its banking business by reason of the
location of a regional reserve bank in the city of Atlanta. In Baltimore
and New Orleans a branch regional reserve bank will be located and those
branches will fully maintain the banking prestige of those cities. All of
this childish talk about some prejudiced person desiring to deprive New
York ()fits pre-eminence as a commercial and financial centre is nonsense.
New York is the commercial centre of the United States, and is going to
continue to be. Nothing that Congress or the Organization Committee
may do will alter that fact.
"Federal Reserve Bank District No. 5 is composed of the States of
Maryland, Virginia, West Virginia (except four counties) and North and
South Carolina and the District of Columbia. The reports made to the
Comptroller of the Currency on Jan. 13 1914 by all the national banks in
each of these States show,in every essential respect, that the business of the
national banks in Virginia, including Richmond,is far ahead of the business
of the national banks of Maryland, including Baltimore, or of any other
of the five States embraced in District No. 5."
In making known last week the cities in which it has been
decided to locate the Federal Reserve Banks, the Reserve
Bank Organization Committee issued a chart portraying
financial statistics of the respective districts. This table,
in addition to indicating the area and population of the
various districts, shows the number of national banks in
each and their capital and surplus, besides the total number
of State and national institutions which have applied for
membership, and the amount of capital to which they will
subscribe. We give the table below:
SHOWING SUBSCRIPTION TO STOCK OF FEDERAL RESERVE BANKS
BY NATIONAL BANKS,STATE BANKS AND TRUST COMPANIES
WITH AREA AND POPULATION OF EACH DISTRICT.
National Banks March 4 1914.
District
No.
Reserve City.
1
2
3
4
5
6
7
8
9
10
11
12
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Area, I Popu,
Sq. Mlles.! dation.
66,465 6,557,841
49,170 0,113,279
39,865 8,110,217
183,995 7,961,022
173,818 8,519,313
233,860 6,695,341
176,940 12,630,383
146,474 6,726,611
437,930, 5,724,893
509,649 6,306,850
404,826 5,310,561
693,658 5,389,303
Capitol
6%
No.
banks and Surplus. Subscription
446
478
800
724
475
372
984
434
687
835
726
514
165,529,010
343,893,437
216,340,213
192,147,258
105,064,483
77,356,913
211,068,338
80,717,981
78,381,081
93,065,912
92,003,123
130,423,422
9,931,740
20,621,606
12,980,412
11,528,835
6,303,868
4,641,415
12,664,100
4,843,079
4,702,864
5,583,955
5,520,187
7,825,405
3,016,650 89,045,616 7,475 1,785,791,171 107,147,470
Total
Including State Banks and Trust Companies
that have applied for membership up to
April 1 1914.
District
No.
1
2
3
4
5
6
7
8
•9
10
11
12
[VOL. xcvin
THF CHRONICLE
1.128
Reserve City.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
No.
Banks.
Capital
and Surplus.
6%
Subscription.
446
479
801
726
484
382
999
445
687
838
732
529
$
165,529,010
344,793,437
216,550,213
193,697,258
109,054,683
78,379,663
219,198,760
103,655,397
78,381,081
93,248,612
93,901,523
135,258,732
$
9,931,740
20,687,616
12,993,013
11,621,835
6,543,281
4,702,780
13,151,925
6,219,323
4,702,864
5,594,916
5,634,091
8,115,524
7,548
1,831,648,369
109,898,902
Notice was this week sent by Comptroller of the Currency
Williams to the various national and State Banks of the
country which have applied for admission to the Federa,
system advising them as to the reserve district to which they
belong. With the note M. C. Elliott, Secretary to the
Organization Committee, sent a blank form on which the
banks are to signify the amount of their subscriptions, and
also a circular letter, which says:
"In accordance with the provisions of this section [Section 2] and by
direction of the Committee. you are hereby notified that your subscription
to the capital stock of the Federal reserve bank should be forwarded to thi
office within thirty days from date. The approved form of application
has been sent you by the Comptroller of the Currency. As it is important
that the organization of this bank shall be completed as early as possible,
you are rquested to forward your subscription promptly. The co-operation
of applying banks will materially facilitate the organization of the Federal
reserve banks, and enable banks to avail themselves of the advantages
of the Federal reserve system by bringing into operation those provisions
of the Federal Reserve Act which become effective and operative when
such Federal reserve banks shall have been organized."
The Comptroller's letter reads as follows:
"The certificate filed with this office by the Reserve Bank Organization
Committee is. pursuant to Section 4 of the Act of Congress, known as th
Federal Reserve Act, approved Dec. 23 1913, designating twelve Federal
reserve cities and defining the geographical limits of the districts to be
served by such cities" (here follows the number of the district and name
of the reserve city).
"Since your bank is located in this district, I am enclosing herewith, in
accordance with Section 4 of the Act aforesaid, duplicate forms of application for stock in the Federal reserve bank
, which form has been
approved by the Committee.
"As soon as your board has passed the resolution prescribed by the
Committee and contained in this form, you are requested to execute, as
early as possible, this application,and mail it to the Reserve Bank Organization Committee in the enclosed envelope, which requires no postage.
"Your prompt attention will expedite the organization of the Federal
reserve bank for your district. You are accordingly requested to execute
and return this application without delay."
A note as below appears on the application blank:
"If 6% of the capital and surplus above shown amounts to a sum not
divisible by 100, any excess or fractional part of $100 will entitle the applying
bank to one additional share of stock. Accordingly, in filling out the
subscription on the reverse side of this form, the sum representing 6%
of the capital and surplus should be divided by 100 in order to obtain the
number of shares to be applied for, and if an excess of less than $100
remains, one additional share should be added to the application and included in the subscription of stock to be paid in accordance with the provisions of the Federal Reserve Act."
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 124
shares, of which 90 shares were sold at auction and 34
shares at the Stock Exchange. No trust company stocks
were sold. An advance of 14 points over the price paid at
the last previous sale is recorded for National Park Bank
stock, 20 shares having been sold at 367, as compared with
353 last November.
Shares. BANKS—New York.
15 Citizens'-Central Nat. Bank_
*51 Commerce, Nat. Bank of.. __
2 Irving National Bank ___.__
22 Meehan.& Metals Nat. Banic
14 New York, N.B.A., Bank of..
20 Park Bank, National
Low.
175
17434
181 34
230
3703,6
367
High. Close. Last previous sale.
17534 17534 Mar. 1914— 1783i
April 1914— 177
176
175
18134, 18134 Nov. 1913— 2003(
230
230
May 1913— 250
370% 370% Nov. 1913— 390
367
367
Nov. 1913— 353
* Of this amount 34 shares were sold at the Stock Exchange at 175-176.
Contrary to expectations, the New York Stock Exchange,
which was closed yesterday (Good Friday) will be open today. The petition for a double holiday, signed by over 400
members, was denied by the Board of Governors on Wednesday. The Cotton and Coffee exchanges closed for the
two days, but the Produce Exchange suspended business
yesterday only.
The Government deposits distributed among the national
banks last fall to facilitate the movement of Western and
Southern crops were all re-paid by the 1st inst. Under the
arrangements relative thereto,it was originally required that
the moneys should be returned by March 1, but the time
was later extended to April 1. In announcing the re-payment of the funds, Secretary of the Treasury McAdoo says:
"The Treasury Department during the crop-moving season of 1913
deposited in 193 banks in 62 cities in the 28 States of the country where the
demand existed, a total of $37,386,000 for crop-moving purposes upon the
security almost wholly of commercial paper. These deposits were repayable to the Government in installments, the last one of which matured
April 1 1914. Secretary McAdoo said that the total amount has been
re-paid and that the Government received as interest, which is clear profit
on the transaction, a total, in round numbers, of $260,000.
"The Secretary said that the amount of money required to move the
crops was much less than expected. This resulted undoubtedly from the
fact that confidence in the situation was restored by the knowledge that the
Government stood ready with any amount of money needed for the purpose,
and that credits were, therefore, more freely distributed by the banks of the
country after the announcement was made."
While the total distribution is shown by the above to have
been $37,386,000, Secretary McAdoo, in a statement issued
on Aug. 26 1913, reported the total allotment as $46,500,000.
The nomination of Winthrop M. Daniels to be a member
of the Inter-State Commerce Commission was confirmed by
the Senate on the 1st inst. by a vote of 36 to 27. While the
vote was actually taken on the 3d, the Senate had originally
agreed to act on the nomination on the legislative day
of April 1, and that day was continued until the vote was
taken. The nomination was sent to the Senate on Jan. 31,
when Henry Clay Hall was also nominated as a member of
the Commission, succeeding Charles A. Prouty. Mr. Hall's
nomination was confirmed on March 9. The opposition to
the confirmation of Mr. Daniels was led by Senators La
Follette and Cummins, and Senator Martin of New Jersey,
Mr. Daniels's own State,was also an active protestant against
Mr. Daniels. The opposing faction fought the confirmation
on the ground that Mr. Daniels, while a member of the
Board of Public Utilities of New Jersey, had shown unsound
views on the valuation of public service property. A particular case cited against him was that of the Public Service
Gas Co. in the District of Passaic, in appraising the physical
value of which he had added 17.6% for "intangible value"
and 30% for "going value," and fixed the price of gas at
90 cents instead of 80, thus allowing the company to earn
APR. 111914.1
THE CHRONICLE
8% per annum. The opposing interests in the Senate against
Mr. Daniels claimed that such elements as "intangible
value" and "going value" are fictitious for the purpose of
• rate-making against the public. Senator La Follette is
opposed to the granting of the increase in freight rates, and,
according to the Newark "News," he and those in sympathy
with him assert that if the same rules favored by Mr. Daniels
in the Passaic case be used in determining the value of the
railroads of the country, millions of dollars in "paper value"
will be allowed by the Commission, and consequently higher
rates of transportation will be "saddled" upon the people.
Senator La Follette and eight other Senators revolted against
proceedings for the consideration of nominations behind
closed doors after the confirmation of Mr. Daniels; after
a motion to remove the pledge of secrecy was voted down by
the Senate on the legislative day of the 1st. Senator
Kenyon introduced a resolution on the 4th providing for
open sessions on all matters except treaties unless otherwise
directed by unanimous consent of the Senate. On the 7th
inst. the resolution was tabled by a vote of 31 to 30. It
had been submitted with the endorsement of Senators La
• Follette, Cummins, Gronna, Borah, Clapp, Jones, Bristow,
Norris and Poindexter.
Robert Lansing, who was nominated on March 20 as
Counsellor of the Department of State, succeeding John
Bassett Moore, resigned, took the oath of office April 1.
His nomination was confirmed by the Senate on March 27.
along with that of Cone Johnson as Solicitor for the Department of State.
In line with the decision reached by the Senate Committee
on Inter-Oceanic Canals on the 7th to allow public hearings
on the Panama Canal tolls-exemption clause for fifteen days,
from the 9th to the 24th inst., the hearings were formally
begun on Thursday. Representatives of commercial organizations from the Pacific Coast and Gulf ports are scheduled to be heard by the Committee, as well as Senators who
have substitute proposals to offer in place of the Sims repeal
measure passed by the House on March 31. When consideration of the toll question was taken up by the Committee on
the 7th,it adopted without dissent a resolution offered by
Senator Brandegee calling for all correspondence relative to
the negotiations for the Hay-Pauncefote Treaty. It is stated
that substantially all this matter is already in print in Senate
documents. On the same day the Committee,by a vote of
35 to 27,referred to the Committee on Foreign Relations Senator Poindexter's resolution introduced on March 31 asking
the President what matters of "nearer consequence and
greater delicacy" were meant in his message on the Canal
tolls.
A report on the bill for the creation of the Inter-State
Trade Commission, as re-drafted by the Covington Committee (and printed in these columns March 21), was presented to the New York Board of Trade and Transportation
on the 8th inst. by its executive committee. In protesting
against the legislation, the report, which was unanimously
adopted, says:
1129
The hearing includes systematic efforts at peaceable settlement of disputes in the coal-mining industry,the railroads,
the clothing industry, the printing trades, the building trades
and the molders' trade. Among the trade agreements
about which detailed information is solicited are the
agreements in the anthracite and bituminous coal-mining
ndustries, the agreement that existed for several years in
the building trades of New York City, various agreements in
the clothing industry of New York City, and Chicago, and
similar agreements in the printing trades and the molders'
trade.
The hearing on collective bargaining, conciliation and
arbitration will be followed by another hearing in Washington, beginning April 13, on efficiency systems and labor.
Shortly after the Washington hearings, the Commissi
on will
hold a public hearing, probably in Chicago, on profit-sharing
and bonuses. Matters to be made the subjects of
special
hearings will also be inquired into at the more general
hearings in other cities.
W. M. Leiserson, State Superintendent of Employm
ent
Offices in Wisconsin, has been engaged by the United
States
Commission on Industrial Relations to take charge of
its investigation into irregularity of employment and to
assist
in formulating recommendations for remedial
legislation.
For the Commission, Dr. Leiserson is now conducting
an investigation of inter-State, State and municipal public and
private employment offices. He will make recommendations
regarding their administration and supervision and for the
co-ordination of Federal, State and municipal agencies.
Instead of the customary spring reduction of 50 cents a
ton in the retail price of anthracite coal, a cut of only 25 cents
was made last week by the Coal Merchants' Association.
A. F. Rice, Commissioner of the Association, in a notice to
this effect, said:
"Instead of lowering the price 50 cents a ton on April 1, as has
been the
custom, the price will be cut only 25 cents. The usual increase of
10 cents
in May will be omitted, so that for April and May the price for family
sizes
of hard coal will be 36 50. Ten cents will be added monthly in
June, July,
August and September, so that coal bought in this last
month will cost
$6 90. Figuring this up, it will be seen that this scale includes a
rise in
price of 15 cents. The price will remain fixed until
December,
another 10 cents will be added, making the total increase 25 cents. when
This
last 10 cents is added in December in the hope that it will induce custorners
to lay in their coal before the snowy weathr. The continued snows
last
winter caused practically every coal dealer in the city to lose money, as
the
cost of handling was doubled and trebled, and the dealer could charge only
the regular prices."
The retail price, of coal in Brooklyn, which is always 25
cents a ton higher than in Manhattan, is $6 75 for April and
May under the new schedule, against $6 50 on April 1 1913.
In giving the reason for the advance over the price heretofore prevailing at this time of the year, M. F. Burns, of
Burns Brothers, made the following statement:
"The Pennsylvania State tax is the latest burden upon the dealer,
and it
adds a flat 10 cents a ton. The Tax Act reads that the State shall
receive
% of the value of the coal when prepared for market, and coal of this
description is sold for about $4 a ton. On top of this tax the
stevedores,
including the bargemen, recently notified us that they would charge
5 cents
a ton more than last year. That makes 15 cents extra to be paid. Owing
to the New York State Workmen's Compensation Law, the casualty
companies have practically doubled their premiums. The scale of wages
for drivers, agreed upon last February, gives them practically a 20%
increase. Taking it all in all, it is doubtful if the 25-cent increase will meet
more than part of the added expenses of the coal dealer."
Such legislation as proposed in this bill can never have the consent or
approval of the sound and substantial business interests of the country nor
The Adler bill, passed by the New York Legislature, makof any considerable portion of the people. The spirit which pervades it
and which gives it shape is the spirit of unrest—an abnormal condition of ing it a misdemeanor for any one to knowingly make a false"
the public mind which periodically finds expression, leads some astray and statement derogatory to the financial condition of a private
takes on various forms of attack upon the welfare of society Fortunately
, banker, was signed by Gov. Glynn on the 6th inst.
thus far in the history of our country, the economic miasms,
though sometimes dangerously persuasive, have each and all been dissipated,
after the
people have had due time for full consideration.
A statement in explanation of certain features of the newly
We, therefore, renew our recommendations made to this Board
and ap- enacted bank stock tax law of New Jersey (referred to in
proved by it on March 11 last, that if the President and Congress
shall our issue of last
week) was furnished by Frank B. Jess,
have due regard for the welfare of the country no such legislation
will be
enacted at this session or based upon the hasty consideration and very
im- President of the State Board of Equalization of Taxes, on
perfect evidence thus far had, and we further earnestly recommend
that the 7th inst. Mr. Jess says:
when the bills have been re-drafted, they be printed in sufficient number
"A feature of the new law for the taxation of the shares of banks and
to permit the business interests of the country to procure copies and to
,
study trust companies, which is of special interest to those
institutions at the
them in their new form and that hearings on them be given at the principal
present
time, is the provision that if the banks or trust companies agree to
cities of the country before the next session of Congress and
that other pay the tax,they need not furnish a list of the stockholders
action be deferred until next session.
. This must be
done at least thirty days before assessment day,and consequently April 20
is
the last date. The Act requires that all assessments of shares in banks,
Hearings on collective bargaining, conciliation and arbi- banking associations and trust companies be made in the names of the individual stockholders. This conforms to the requirements of the Federal
tration as means of adjusting differences between employer statutes
in regard to national banks and,in order to secure uniformity in
and employee were begun in Washington this week by the the law, State banks and trust companies are similarly
treated.
"Section
8, however, provides that if, by resolution of its board of direcStates
United
Commission on Industrial Relations. Cortors, any bank, banking association or trust company shall request the
poration officials and trades union leaders who have nego- assessment to be made against the institution itself, instead
of in
names
tiated and maintained trade agreements in five of the nation's of the stockholders, and shall agree to pay any tax so arrived at,the
then the
assessment
shall
be
so
made
by
the
county
board,
and no list of stockholders
largest industries were called to testify. The Commission
shall be required.
resolution must be filed at least thirty days before
hopes to elicit information that will disclose to what extent May 20 in any yearSuch
with the County Board of Taxation, and a duplicate
improvement in industrial relations might be expected from with the Commissioner,of Banking and Insurance, and remains in effect
the general adoption of such agreements in other industries. until revoked by a resolution similarly to be filed at least thirty days before
May 20 in any year.
1130
THE CHRONICLE
"This optional provision is taken from the California statutes, and in that
State nearly all of the banks have taken advantage of it, for the reasons
that it saves the banks the trouble of recording all of their stockholders and
also facilitates the transfer of stock without reference to the taxes or any lien
therefor. Trust companies can in this way continue the former practice
of paying the tax in one sum without the necessity of furnishing any list of
stockholders, and the banks can, if they wish, take advantage of the same
provision."
The New Orleans "Picayune", which was founded seventyseven years ago, has passed out of existence. Negotiations
which had been pending for some time for its consolidation
with the "Times-Democrat" were concluded on the 4th inst.,
and the last issue of the "Picaynue" was published on the
5th; the following day, the 6th, the two papers were issued
as one. It is announced that until such time as all legal formalities have been complied with, the joint issue will carry
the name of both papers; then the name will be the "TimesPicayune." Under the plan of consolidation the former
stockholders of the "Picayune" become stockholders in the
"Times-Democrat" Co. The board of directors of the
"Times-Democrat" Co. will be increased from five to nine,
and the "Picayune" interests will be given representation in
the new board. The "Times-Democrat" developed from the
consolidation in 1881 of the New Orleans "Times," founded
in 1863, and the "Democrat," which had dated from 1876.
[VOL. xcvm.
The duty on iron and steel tubing up to 10 inches in
diameter has been fixed at 20% British preferential, 30% intermediate and 35% general. Heretofore this schedule had
applied only to tubing 4 inches or less in diameter, lower
tariff rates having prevailed on tubing over 4 inches. It is
stated that to raise the tariff upon pig iron and billets of
steel which were the raw material to such a wide variety
of industries, would necessitate an increase of duty on nearly
all the products into which they entered as material, and
Mr. White took the view that they should be left undisturbed.
With regard to the decision to retain the duty on wheat,
Mr. White said:
"A matter which has engaged during the year the careful attention of the
Government has been the so-called question of 'free wheat,' which has
been so much under discussion in the West and throughout Canada. It is
clear that if Canada should place wheat, wheat flour and semolina upon the
free list, our wheat and wheat products would gain free entry to the markets
of the United States. The Government has heard influential deputations
and received many representations upon both sides of the question. In
addition to the weight of the arguments, which have been presented against
the proposed tariff change, it must be borne in mind that Canada has at
present nearing completion two trans-continental lines of railway in
addition to the Canadian Pacific, whose purpose is to carry the grain
of the West to the markets of the world, and the products of the East to
the consumers of the West. The Government is also building a railway to
Hudson Bay and on the Pacific Coast we are spending vast sums to be
prepared for the opening of the Panama Canal. Having regard to all these
ourselves to the view that
considerations, we have been unable to bring
so great a change involving the possibility of such serious consequences
are more certain as to the
we
least
be favorably considered until at
The great shrinkage in the market value of railroad should
outcome of our vast railway development and the result to the Western
securities which has occurred in recent years was made the grain growers of the opening of the competitive routes which will be afforded
Canal. It is surely the part
text for some remarks by Newman Erb, President of the by the Hudsop Bay Ry. and the Panama
of wisdom to await the outcome of these developments rather:than to take
his
6th
before
inst.
the
on
RR.,
Louis
St.
&
to
Minneapolis
a step now which might involve the risk of grave and irreparable injury
our
departure from New York on a business trip to Chicago. our milling and by consequence to our live-stock industry and toother
routes
to
traffic
of
transportation systems through the diversion
He said:
Canadian."
"Any great catastrophe that would wipe out the assessed valuation of the than
yet
property of a single State would shock humanity the world over, and
Percival C. Kauffman, of Tacoma, Wash., prominent in
the shrinkage in the market value of railroad securities since 1900, when the
Inter-State Commerce Commission was vested with authority to fix rates, the affairs of the American Bankers' Association, and who
aggregates now upward of $3,000,000,000, an amount greater than the
played an important part in promoting the banking interests
assessed valuation of real and personal property, including public service
,
Louisiana
Florida.
Alabama,
Mississippi,
the Pacific Coast, died on the 9th inst. Mr. Kauffman
of
of
the
States
in
corporations,
Georgia and South Carolina combined; more than the assessed valuation had been Treasurer of the American Bankers' Association
and
of all kinds of property within the States of Minnesota, North Dakota
At the time of his death he was a member
South Dakota, and greater then the assessed valuation of all forms of during 1908-09.
property in the States of Montana, Nebraska, Nevada, New Mexico, of two committees of the Trust Company Section—the
Utah. Wyoming, Indiana, Arizona and Colorado combined. This almost Executive Committee and the Committee on Protective
unthinkable loss has fallen upon investors, principally of this country, and
was also Secretary of the Washington Bankers'
the public fails to realize its important bearing upon our prosperity and Laws. He
Association, a position he had held since 1901. Mr. Kaufffurther progress.
"The loss in the aggregate exceeds the entire circulating medium in gold man was born in Pennsylvania and was a .graduate of the
and currency of the country; if distributed, it would amount to more than
of Pennsylvania. He ocated in Tacoma in
$30 per capita of our population; a loss so enormous must necessarily be University
world-% ide in its effect and we must not expect to recover from its serious 1889, and shortly after became Vice-President of the Fidelity
influence for years to come. If the conditions which produced it are
Trust Co. of that city. He resigned! ast year because of illnot fundamentally corrected, it will be irreparable in its consequences.
He was in his
Its influence upon the commercial and industrial interests are Just beginning health, but had continued as a director.
to be felt and the application for the increase of rates now pending before fifty-seventh year.
the Inter-State Commerce Commission, if granted, can only in a very
small degree repair the injury and damage which have been done."
Genera Thomas Lemuel James was the surpr ed guest of
The taking of testimony on the application of the Eastern
roads for higher rates was concluded on the 8th inst. so far
as the proceedings concern the direct question to be decided.
On the 3d inst. Chairman Harlan announced that arguments
by the carriers as to whether the present rates yield adequate
revenues will be heard on April 27, and that briefs in the
matter must be filed one week earlier, or by April 20. As has
been stated, all collateral questions and extraneous issues
will be taken up later.
Increased duties on steel products and the rejection of the
offer of free entry of Canadian wheat to the United States
through the refusal to place wheat, wheat flour and semolina
on the Canadian free list, were features of the annual budget
speech of Finance Minister II. T. White made before the
Canadian House of Commons at Ottawa on the 6th inst.
The change in the steel- schedules affects all three tariff
classifications, the "preferential" which is charged on imports from Great Britain and most of the British colonies;
the "intermediate" applied in the case of treaty countries,
such as France, Belgium and Austria, and the "general"
under which import duties against the United States and
Germany are levied. The lowest rate is charged on the
preferential and the highest on the general tariffs. Under
the proposed increases wire rods, which heretofore have been
imported free, are made subject to a duty of $2 25 per ton
British preferential, and $3 50 per ton in the intermediate
and general schedules. The duty on wire, which is included
in this schedule, will be refunded in case it is used for fencing
purposes. Up to the present, structural steel weighing more
than 35 lbs. per yard has paid $2 on the preferential, $2 75
on the intermediate and $3 on the general schedules per ton.
The increase provides that up to 120 lbs. per yard structural
steel shall pay $4 25 preferential, $6 intermediate and $7
general whenever the Government is satisfied that steel of
this character can be made satisfactorily in Canada.
honor at a notable birthday luncheon on,Sunday, March 29,
at the Union League Club 'of this city. The occasion celebrated was the General's eighty-third -birthday, and instead
of meeting three or four old friends, as he was told to expect,
sixty of his friends, among them prominent bankers, public
men, men of affairs, clergymen and soldiers tgatheiedeto
pay pleasant tribute to his character. General Howard
Carroll presided. A life-size portrait of General James was
presented by his friends to the United States Government
to be placed in the new Federal .Building. Postmaster
Edward M. Morgan of New York City, and William R.
Wilcox,former Postmaster of this city, accepted the painting
for the Government. The General was much affected by
the complimentary speeches, which were made by Chauncey
M. Depew, Charles Elliott Warren, President of the Lincoln
National Bank,Samuel W.Fairchild, President of the Union
League Club, George T. Wilson, Vice-President of the
Equitable Life Assurance Society, and Mgr. Henry A.
Brann, General James was Postmaster of New York from
1872 to 1881, Postmaster-General of the United States under
President Garfield from 1881 to 1882, President of the
Lincoln National Bank of this city from 1882 to 1912, and
Chairman of its Board since 1912.
The Harriman National Bank of this city has two new
directors in Adam L. Mohler, President of the Union Pacific
RR., and Michael Dreicer, of Dreicer & Co., both of whom
were elected on the 2d inst.
The new capital of $500,000 of the Corn Exchange Bank
of this city was listed on the Stock Exchange on March 25,
making the total amount listed $3,500,000. The capi+al of
the bank was increased from $3,000,000 to $3,500,000 in
January, preliminary to_the absorption of the Washington
Trust Co.
APR. 11 1914.1
THE CHRONICLE
R. H. Rountree, a member of the New York Cotton
Exchange, has been elected a director and member of
the
executive committee of the Mutual Alliance Trust
Co.
Eldredge E. Jordan recently resigned as Vice-President of
the company.
1131
Republican State Convention in 1892 and in 1896 was
Chairman of the Massachusetts delegation to the Republican
National Convention. He was a director of the Old Colony
Trust Co., the National Shawmut Bank of Boston, the Milford (Mass.) National Bank, President of the Manville
Corporation, a director of the Queen City Cotton Co. of
A serviceable map for banks is being prepared by
the bank- Vermont, the Draper Co. and the Sawyer Spindle Co.
ing firm of N. W. Halsey & Co., 49 Wall St., this city,
showing the boundaries of the reserve bank districts
and desigFrank L. Norris has resigned as national bank examiner
nating the reserve cities as announced under the new Federal Reserve Act. A copy of this specially engraved map in for the Philadelphia district to enter the business of public
either wall, desk or pocket edition will be furnished to our accounting. With David E. Boyce, he has formed the firm
of Norris & Boyce, which will have offices in New York
readers upon application to the bankers.
and
Philadelphia.
--•—•
The board of directors of the International Banking
Edward R. Wood Jr. has been elected a directo
r of the
Corporation on the 9th inst. voted a semi-annual dividend of Market
Street National Bank of Philadelphia, succeeding
$3 per share, thus putting the shares on a 6% basis. This Stuart Wood.
reflects the steady progress which this bank has made since
1910, when its profit and loss showed only $55,000, and it
It is announced that arrangements have
was not paying dividends. In 1912 the profit and loss
been complete:id
having been steadily increased to $600,000, dividends were for the absorption of the Equitable Mortgage & Trust Co.
commenced on a 5% basis. The Dee. 31 1913 statement of Baltimore by the Munsey Trust Co. of that city. The
shows deposits of over $20,000,000 and undivided profits of stockholders of the Equitable, it is understood, are to receive exactly what they paid in when their
$773,000.
company was organized in 1912, namely, $125 per share—$25
having been
The issuance of life insurance policies on behalf of all the contributed in the creation of a surplus. The company was
formed
with a capital of $1,000,000 and the outstan
members of the staff of the Fidelity Trust Co. of Newark,
ding
except the officers, was made known at a dinner given at the amount is $750,500. A majority of its stock is owned by
Downtown Club in Newark on Mar. 21 by President Uzal the United States Fidelity & Guaranty Co. The Equitable
H. McCarter to the men employed by the organization. Mortgage & Trust Co. was formed primarily to deal in mortThe dinner was given in celebration of the twenty-fifth anni- gage bonds based on unencumbered real estate, chiefly in the
South and Southwest. Under this plan it has now outstan
versary of Mr. McCarter's association with the Fidelit
dy, and ing
$600,000 of 5% mortgage bonds. It also does a trust
was attended by 127 of the employees. In the absence
of
Vice-President Frederick W. Egner, on account of illness, and banking business and had, on Mar. 4 last, a deposit line
James H. Shackleton, Treasurer, presided as toastmaster. of $1,789,767. The charter of the Equitable, it is said,
An impromptu minstrel show by the employees was a feature must be retained for at least ten years, as this, the Baltimore
of the evening's proceedings, and on behalf of the employees "Sun" reports, is about the life of the mortgage bonds it has
President McCarter was presented with a silver tea service issued and has outstanding and for which it is responsible,
for use on his yacht. The announcement by President Mc- with the United States Fiedlity & Guaranty Co. as guaranCarter that insurance policies had been taken out for all the tor. The charter of the Munsey Trust Co. does not permit
employees, including the women, was one of the unexpected it to do business of this character; hence its charter will
events of the evening. The employees have been insured in either have to be amended or that of the absorbed company
the Equitable Life Assurance Society to an amount equal in kept alive. The Munsey Trust Co. of Baltimore began busieach case to one year's salary. The insurance is to continue ness in January 1913. It has a capital of $1,000,000 and dein force as long as the insured remains in the service of the posits of over $2,000,000. Robert S. Mooney, Vice-Presicompany, and the entire expense of the insurance will be dent of the Equitable, is to enter the Munsey Trust
in a
borne by the Fidelity. Some time ago a savings and invest- similar capacity.
ment plan in the interest of the employees was adopted
by
the company.
Milton B. Williams, Assistant Cashier of the
National
Union Bank of Baltimore since 1902, died on the
2d inst.
The First National Bank of Paterson has also provided its He was
fifty-five years of age. Mr. Williams was also
employees with life insurance policies. In commem
a
oration member of the Park Board. A. G. Stewart has been
elected
of the fiftieth anniversary of the bank, recently, the direc- to the Assista
nt Cashiership of the bank, succeeding
Mr.
tors unanimously decided to authorize the officers to present Williams.
to each of the employees a policy in the Equitable Life Assurance Society equal to one year's salary, with the limit
A history in which the bank is shown to have "survived
fixed at $3,000. The premiums will be paid by the bank as
long as the insured continues in its service. President Ed- three wars, seven serious and far-reaching panics and four
ward T. Bell, discussing the action of his institution in in- incorporations," has just been issued by the National Metropolitan Bank of Washington, D. C., to record the principal
suring the employees, is quoted as saying:
inciden
ts which have had a bearing on its one hundred years
There is a moral responsibility of all institutions to take heed
of the
welfare of those who are taking heed of the welfare of such
institutions. of existence. The bank has witnessed many changes and
Life insurance is one of the things that make for the security
and happi- consolidations which
have wiped out numerous local instiness of the individual. We are of course pleased
to have the honor of
Introducing this system into Paterson,
and we are further gratified to tutions. It is but one of three of the District banks incorlearn that other banking institutions are contemplating
doing the same porated during 1814-1817 which have continu
ed to the presthing.
The group insurance plan for the benefit of employees has ent time—the Farmers' & Mechanics', the Bank of Washington and the Bank of the Metropolis—and it lays
also been adopted by the Hamilton Trust Co. and the Paterclaim
to the title of "the oldest bank in the District of Columb
son Savings Institution.
ia."
The organization of the bank was practically contem
poraneHenry T. Holt has been elected Cashier of the Aetna Na- ous with the beginning of our commerce and trade as a great
nation—so the opening paragraph of its history points
tional Bank of Hartford, Conn., succeeding William D.
out.
Mor- The Treaty of Ghent was concluded on Dec.
24 1814, and
gan, who has resigned to conduct the Morgan Banker
s' Ser- President Madison signed his ratification
vice, organized by him in New York. Mr. Holt
of the Treaty OH
has been Feb. 17 1815. It was on Jan. 3 1814
that the books of Op
with the Aetna National since May 1893 and had
held the Bank of the Metropolis were opened
for subscriptions to
post of Assistant Cashier, which was created for him,
since 25,000 shares of stock of the par value of $20.
Not having
1906.
a charter at the beginning the bank began its busines
s as
"a
compan
y or limited partnership," and continued in that
Eben S. Draper, former Governor of Massachusetts, died
on the 9th inst. at Greenville, S. C., where he was stricke character until the granting of the first charter in 1817.
n From 1844 to 1864, when the National Bank
Act became
with paralysis on the 7th. He had been returning to
his a law, the record says, there do not'appear
to have been any
home at Hopedale, Mass., from a trip to Cuba. He
was renewals of the District bank charters, and
there
fifty-eight years of age. Mr.Draper was Governor of
Massa- understanding that the banks could continu was a tacit
chusetts from 1909 to 1911 and had served as Lieuten
e business as
ant- private associations through the instrumentalit
Governor from 1906 to 1908. He was Chairm
y of holding
an of the trustees. Thus, as the only alterna
tive to a renewal of the
1132
THE CHRONICLE
charter, it was agreed by the stockholders in 1844 to assign
all the property and assets of the bank to trustees who continued to conduct the business of the bank until 1865, when
the institution was reorganized under the name of the National Metropolitan Bank of Washington with $350,000
capital. Since it obtained its national charter it has experienced the following changes: On May 24 1872 the capital
was increased to the original amount, viz., $500,000; on
May 16 1877 it was reduced to $300,000; on Oct. 18 1904 the
bank took over the property and assets of the Citizens' National Bank and changed its name to the National Metropolitan-Citizens' Bank of Washington with a capital of
f.800,000; on Jan. 10 1906 the name was changed to the
present title of the National Metropolitan Bank. The first
dividend of 8% for nine and a half months was declared on
Jan. 25 1815; the present rate, based on actual earnings, is
10% per annum. George W. White, the present President,
has held that position since Jan. 13 1909. He began his
banking education as a clerk in the National Metropolitan
in June 1885; subsequently he became Cashier and VicePresident successively of the Commercial National. His
father, George H.B. White, had served the National Metropolitan Bank for more than forty years, and completed a
term of twenty-four years as Cashier at the time of his death
in 1899. George 0. Walson has been the bank's Cashier
since 1909. 0. H. P. Johnson has been Vice-President for
the same length of time.
[VOL.
xevm.
Trust Company, to take over the quick assets of the Commonwealth and conduct the business heretofore operated by
the latter. The new company, which has been formed with
$1,000,000 capital, received its charter on March 28 and began business on March 30. The Commonwealth will no
longer take deposits or engage actively in general banking
business, but retains the ownership of the building and other
property and assets, which, it is stated, while of great value,
are what may be termed "slow" from a banking standpoint.
Under the new arrangement, it is said these assets can be
advantageously handled and disposed of to the greatest advantage to the stockholders. The Commonwealth Trust
Co. has a capital of $2,000,000. It turns over to the Guardian Trust about $4,000,000 deposits. The capital allotment of the new company is explained in a notice to the
stockholders of the Commonwealth Trust Co., which says:
Col. Max Mosler, President of the Brighton German Bank
Co. of Cincinnati, and founder of the Mosler Safe & Lock
Co., died suddenly on Mar. 27 in his automobile, while returning to his home from the bank. Mr. Mosler was seventy-one years of age. He established the institution fifteen years ago, when he retired from the manufacturing business. His son, Gustav M. Mosler, is Assistant Cashier of
the bank.
shares of the
The Commonwealth Trust Company has purchased 5,000
a share,
capital stock of the Guardian Trust Company for cash at par, $100
shares of stock, being
net, to the Gliardian Trust Company. These 5,000
upon distribution
the property of the Commonwealth Trust Company,
Company will receive one
each stockholder of the Commonwealth Trust
four
of Commonshares
every
for
stock
share of Guardian Trust Company
the time of distribution.
wealth Trust Company stock owned by him at
Trust
Company
The remaining $500,000 of capital stock of the Guardian
stockholders, who have paid for
has been underwritten by a group of your
of
any kind
deduction
or
commission
same in cash $110 a share, without
rata to all Commonwhatsoever,and who have agreed to offer the same pro
is, $110
that
price,
wealth stockholders of record on this date at the same
a share reprea share, for a period of thirty days from March 28 1914; $100
for the Guardian
senting capital and $10 a share representing surplus
Trust Company.
Commonwealth
the
The Guardian Trust Company has taken over from
has leased the
Trust Company about $4,000,000 of approved assets. It
ov,n quarters
banking-room of the Commonwealth Trust Company for its
promptly and
and will liquidate the remaining assets of your company
liquidation
upon
efficiently as possible and without charge for its services,
being ordered by the stockholders.
Daniel G. Taylor, who succeeded Albert N. Edwards as
President of the Commonwealth at the annual meeting in
January, is at the head of the Guardian Trust, and the
other officers of the latter (who are likewise the same as those
of the Commonwealth Trust) are J. D. Dana, W. C. Fordyce, S. C. Davis and Charles A. Lemp, Vice-Presidents;
George A. Archer has been elected President of the Com- J. M. Woods, Secretary; W. V. Delahunt, Trust Officer,and
mercial National Bank of Columbus, Ohio,succeeding the R. L. Gurney, Manager of the savings department.
late William F. Hoffman. Mr. Archer had heretofore served
the bank as Cashier, and he is replaced in that position by
The sale of 1,900 shares of stock of the Savannah Trust
Murray Hoffman, previously Assistant Cashier.
Company of Savannah, Ga., to President W. W. Mackall
and his associates occurred recently. The stock was purA dividend of $5 per share in liquidation was recently paid chased from Joseph Hull and it is understood that he received
to the stockholders of the Depositors' Savings & Trust Co. of for his holdings about $125 per share. Mr. Hull was forCleveland. This is the first return to the stockholders since merly Chairman of the executive committee of the trust comthe institution was placed in liquidation in 1908, when its pany. According to the "Savannah News," dissentions
commercial accounts were taken over by the First National among the stockholders arose following the failure of the cotBank of Cleveland and its savings accounts by the Cleveland ton firm of Tinsley & Hull, in which Mr. Hull's son was a
Trust Co. It was stated at that time that the assets were partner. The "News" also says:
Following his resignation as Chairman of the executive committee, Mr.
sufficient to pay all the depositors in full, but that the stockbegan a buying campaign to get control of the institution for the purholders would probably not receive more than 50% on their Hull
pose of liquidating it. The fact that he was active in buying up the stock
factors in the comstock, for which they paid $125 per share, the capital having reached the ears of Mr. Mackall and other prominent
and a pool was formed whereby a majority of the stock was placed in
been $300,000 and the surplus $75,000. The institution pany,
to be voted by
Company,
Trust
&
Savings
the hands of the Oglethorpe
of
had been organized in 1906 by the late Tom L. Johnson.
trusteeship for a period of years. This effectually blocked the plans
a
Mr. Hull to gain control.
Action toward increasing the capita of the National Produce Bank of Chicago from $250,000 to $300,000 was taken
by the directors on the 3d inst. The new stock is to be issued
at par. It is the purpose to declare a cash dividend of 20%
out of the surplus funds, payable to stockholders of record
May 7, the proceeds to be applied as payment for the additional stock. With its new capital of $300,000, the institution will have a surplus fund of $50,000 and undivided
profits of $22,000.
The Chicago Board of Education at its meeting March 23
approved the Brooklyn plan of school savings banks and authorized principals of the Chicago public schools who are
Interested in the idea to install the system in their respective
schools. The Savings Bank Section of the American Bankers' Association has endorsed the school savings banks as a
part of its campaign of education in saving and thrift, and is
endeavoring to have these banks established in schools in
various parts of the United States. Joseph R. Noel, President of the North West State Bank of Chicago, is Vice-.
President for Illinois of the Savings Bank Section of the
American Bankers' Association, and is prepared to explain
the plan in detail, and also to furnish forms and blanks with
the view to the installation of the system in the Chicago
schools.
With the acquisition of Mr. Hull's holdings by President
to
Mackall and his associates, all differences are reported
p conhave been adjusted. It is stated that the trusteeshi
tinues. The institution has a capital of $500,000.
of
The purchase by Asa G. Candler of 2,500 shares stock
Ga.,
from
A. R.
Atlanta,
of
Bank
of the Atlanta National
Swann, of Tennessee, and 300 shares from Edward H. Instock of the bank
man of Atlanta, is announced. As the
that Mr. Candler
sells around $300 per share, it is figured
his newly-acquired
paid in the neighborhood of $840,000 for
and the controlling
interest. Mr. Candler is the President
Trust
Corporation of
&
Bank
Central
stockholder of the
Atlanta. The Atlanta National has a capital and surplus
is its President.
of $1,000,000 each. Charles E. Currier
In our railroad news department on another page will
be found an extended reference to the decision of Judges
Gray, Buffington and McPherson of the United States
District Court at Trenton, N. J., holding that the organizaby
tion of the Delaware Lackawanna & Western Coal Co.
a
constitute
not
Co.
does
RR.
Western
the Del. Lack. &
violation of the Commodities Clause of the Hepburn Law.
That eleven railroad companies control 87% of the total
anthracite coal mined and that there is a general combination between these companies to fix the price of coal is the
reached by the Investigating Committee appointed
The interests in the Commonwealth Trust Company of conclusion
29 1913, under a resolution of the New Jersey
January
on
the
ion,
Guardian
organizat
new
a
St. Louis have formed
APR. 11 1914.1
THE CHRONICLE
1133
Assembly. The Committee's report was-presenteeto the
House on March 31. According to its findings the coal
sales companies are owned and controlled by the railroad
companies, "so the anthracite coal output may be operated
and absolutely controlled, with the exception of about 13%,
by a combination of forty men." It is also declared that a
profit of over 300% is realized from the consumer by the
controlling organizations. The great bulk of the coal business it is stated, is controlled by seven railroad companies,
as follows:The Philadelphia & Reading, which holds control
of 63% of the unmined coal; the Lehigh Valley, the New
Jersey Central, the Pennsylvania RR., the Delaware Lackawanna & Western, the Delaware & Hudson Canal Co. and
the Erie RR. Co. The Newark "News" says the report
holds that "by a system of interlocking directorates these
railroads are "all practically controlled by a single head",and
the mining companies "like the Philadelphia & Reading Coal
& Iron Co., the Delaware Lackawanna & Western Coal Co.
and the Lehigh & Wilkes-Barre Coal Co. are simply organized
as branches of this control for the very thin purpose of
technically avoiding the United States law against monopolies." The report furthermore says:
The statement of the Lackawanna Steel Co. for the quarter ending Mar. 31 is given in our "Investment News Department' on a subsequent page. The unfilled orders of
that company on Mar. 31 1914 amounted to 191,828 tons,
against 185,427 tons on Dec. 31 1913 and 623,816 on Mar.31
1913.
ANTHRACITE COAL PRODUCTION.—Anthracite coal
shipments to tidewater during March aggregated 5,164,703
tons, an increase of 255,415 tons as compared with Marcia
1913. In the following we show the shipments by the various carriers for the months of March 1914 and 1913 and
for the period Jan. 1 to March 31 this year and last.
These and other coal companies were organized by several railroads for
the purpose of operating the mines and they are owned and controlled by
the different railroad companies tapping these coal fields, and in turn
these railroads, together with their holdings, are owned and controlled by
about forty men, through a series of interlocking directorates. So the
anthracite coal output may be operated and absolutely controlled with the
exception of about 13% by a combination of forty men.
Road—
Philadelphia & Reading
tons_
Lehigh Valley
Central RR. of New Jersey
Delaware Lackawanna dr Western
Delaware & Hudson
Pennsylvania
Erie
Ontario & Western
The Commission also says:
The Philadelphia & Reading Coal Co., in fixing its price forcoal,Mesa
price of about 100% upon the cost of production, when the independent
dealers and the other companies, instead of competing with this price,by
a system of interlocking directorates and mutual control among one another
fix or follow the same price, and the extra fifty per cent to one hundred
per
cent charged by them goes to swell the revenues of these companies,
and
by a system of stock and bond holdings among them, is divided among all
the companies.
Tons.
Tons.
June 30 1910___4,257,794 June 30 1907__*7,603,878
Mar. 31 1910_5,402,514 Mar. 31 1907_*8,043,858
Dec. 31 1909_5,927,031 Dec. 31 1906_*8,489,718
Sept. 30 1909___4,796,833 Sept. 30 1906__*7,936,884
June 30 1909___4,057,939 June 30 1906..p8,809,589
Mar. 31 1909_3,542,595 Mar. 31 1906_ 4'7,018,712
Dec. 31 1908___3,603,527 Dec. 31 1905..p7,605,088
Sept. 30 1908_3,421,977 Sept. 30 1905_4'5,865,377
June 30 1908___3,313,876 June 30 1905__*4,829,655
Mar. 31 1908___3,765,343 Mar. 31 1905__*5,597,560
Dec. 31 1907___4,624,553 Dec. 31 1904._•4,696,203
Sept. 30 1907_4.6,425.008 Sept. 30 1904_*3,027,436
Tow.
June 30 1904__•3,192.277
Mar. 31 1904_*4,136,961
Dec. 31 1903...3,215,123
Sept. 30 1903__*3,728,742
June 30 1903.. 4,866,578
Mar. 31 1903_*5,410,719
Dee. 31 1902__•5,347,253
Sept. 30 1902_4,843,007
June 30 1902._*4,791,993
Dec. 31 1901..44,497.749
Nov. 1 1901..02,831.692
•The figures prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, tha
former basis, would, it is stated, be 2,434.736 tons on that now employed.
Total
March
—Jan. 1 to March 31—
1914.
1913.
1914.
1913.
936,304
976,712 2,698,223 3,399,293
926,701
829,502 2,419,133 3,066,782
750,381
665,858 2,018,522 2,240,293
668,038
532,247
1,860,529
2,217,917
446,135
562,440
1,475,406
1,782,988
585,190
429,211
1,547,408
1,496,825
660,924
700,388
1,900,534 2,073,542
191,030
212,932
542,131
642,238
5,164,703 4,909,288
14,461,886
16,919,876
COPPER PRODUCTION AND CONSUMPTION.—
The March statement of the Copper Producers' Association,
issued on Wednesday, was exceptionally favorable. Both
the production and the exports reached new high levels. The
production for March was 145,651,982 lbs., the previous high
level was 145,628,521 lbs., reached in August 1912. The
The report charges that "the small consumer, or the con- exports reaelith; 89,852,349 lbs., comparing with 88,104,075
sumer of what is known as the prepared sizes of coal, is lbs. in Dec. 1910. The stock of marketable copper on hand
absolutely at the mercy of this combination", continuing decreased 13,672,533 lbs. during the month. Below we furnish a comparison of the various items for the month of March
the report says:
1914 and 1913 and for the three months ending March 31.
It is not attempted to be disguised that this combination of these comWe also add figures to show the European visible supply.
panies, acting through their sales companies, is being perpetrated
in the
March
State of New Jersey by the companies subject to the laws of this State,
1914.
1913.
and as there is adequate law to remedy this evil, the attention of the Stocks beginning period_ _lbs_ 78,371,852 122,302,198
Production
Attorney-General is called to this notation.
145,651,982 136,251,849
This underlying evil is not beyond the reach of remedy in this State, and
Total supply
224,023,834 258,554,047
while the crime is initiated in a foreign State (Pennsylvania) it is con- Deliveries for—
summated in the State of New Jersey in permitting or sanctioning
Domestic
consumption._
69,852,349
78,585,471
the
Exports
89,562,166
carriers of this State to perpetrate the wrongs,especially upon the individual
77,699,306
consumers. All of these railroads directly and indirectly carry
coal through
159,414,515 154,284,777
and into the State of New Jersey.
Stocks end of period
There is no reason why these transportation companies should have
64,609,319 104,269,270
the
control of the trestles and pockets along the lines of the road. This very European visible supply—
Beginning of period
41,572,160 81,034,240
fact is the source of much evil that is perpetrated against the small
End of period
40,147,520 72,331,840
consumer. The control of these pockets is practically the control of the retail
trade and the lessees are forced to become a part of this combination.
Coal pockets and coal yards, except they may be for temporary use, should
not belong to transportation companies, nor should they be allowed to
hold the retail dealer by the throat by reason of such ownership.
Jan. 1 to Mar.311914.
1913.
91,438,867 105,312,582
399,983,263 410,680,365
491,422,130 515,992,937
165,395,961 201,471,993
261,416,850 210,251,674
426,812,811 411,723,667
64,609,319
104,269,270
47,116,160
40,147,520
90,471,360
72,331,840
etargl TommercialEnglisitEitius
English Financial Markets—Per Cable.
According to the Trenton "Evening Times" the report
The daily closing quotations for securities, &c., at London,
declares "that this whole monopoly is planning a combinaby cable, have been as follows the past week:
tion entered into for the purpose of defeating the law, which as reported
London,
Week ending April 10.
Sat.
Mon.
Tues.
conduct is plainly prohibited by State legislation and is a
Wed. Thurs.
Fri.
Silver, per
d 26 15-16 26 15-16 27
26 15-16 26 15-16
violation of the 'Seven Sister's' Acts. It is the opinion of d Consols,oz
76 5-16 7634
76 3-16 7634
234 per cents__ 7634
d For account
7634
78
7634
7-16
76
5-16 7634
the Committee that if the combination is suppressed in New d French Rentes(in Paris) fr. 87.00 86.70 86.5214 86.60
86.72
Amalgamated Copper Co__. 7894
7914
78%
7834
7934
Jersey, competition will follow in its natural course and the Am.
Smelt. & Refining Co 71
71
7134
7134
7034
A Anaconda Mining Co
evil alleged to be connected with it removed.
714
c754
734
734
734
Atch. Topeka
& Santa Fe
9934
Preferred
103
Baltimore & Ohio
9234
TRADE AND TRAFFIC MOVEMENTS.
Preferred
83
Canadian Pacific
2124
UNFILLED ORDERS OF STEEL CORPORATION.— Chesapeake
& Ohio
5494
The United States Steel Corporation on Friday, April 10, Chicago Great western
13
Milw.& St. Paul__ _103%
issued its regular monthly statement showing the unfilled Chicago
Denver & Rio Grande
1334
orders on the books of the subsidiary corporations at the
Preferred
24
close of March. From this statement it appears that the Erie
3034
First preferred
4734
aggregate of the unfilled orders on Mar. 31 was 4,653,825
Second preferred
39
tons, 372,615 tons less than on Feb. 28 last and 371,717 Great Northern, preferred..13034
Illinois Central
114
more than on Dec. 31 1913, when the amount of orders out- Louisville & Nashville
141
standing was the smallest for over two years, or since Nov.30 Missouri Kansas & Texas— 1834
Preferred
46
1911. In the following we give the comparisons with Missouri Pacific
26
previous months.
Nat. RR. of Mex., 25 pref.. 124
Cent.
N.
Y.
&
Hud.
River.9214
Tons.
Tons.
Tutu. N. Y. Ont. & Western
28
Mar. 31 1914...4,653,825 Deft 31 1912_7.932.164 Sept. 30
10614
Feb. 28 1914...5,026,440 Nov. 30 1912-7,852,883 Aug. 31 1911_3.611.317 Norfolk & Western
1911...3,695,985
Preferred
91
31
Jan.
1914_4,813,680 Oct. 31 1912_7.594,381 July 31 1911_3,584,085
Northern
Pacific
11714
Dec. 31 1913_4,282,108 Sept. 30 1912_6,551,507 June 30
1911_3,361.058 a Pennsylvania
56%
Nov. 30 1913...4,396,347 Aug. 31 1912_6,163,375 May 31
1911...3,l13,187 a Reading Company
84%
Oct. 31 1913_4,513,767 July 31 1912_5,957,079 AprIl 30 1911_3,218,704
a First preferred
4534
Sept. 30 1913_5,003,785 June 30 1912...5,807,346 Mar. 31 1911...3.447,301
a Second preferred
45
Aug. 31 1913...5,223,468 May 31 1912_5,750,983 Feb. 28 1911_3,400.543
Rock Island
4
July 31 1913...5,399,356 April 30 1912_5,664,885 Jan. 31 1911_3,110,919
9734
June 30 1913_5,807.317 Mar. 31 1912-5,304,841 Dec. 31 1910...2,674,750 Southern Pacific
2634
May 31 1913_6,324,322 Feb. 29 1912...5,454,200 Nov. 30 1910...2,760,4l3 Southern Railway
Preferred
83
April 30 1913_6.978,762 Jan. 31 1912_5,379.721 Oct. 31 1910_2,871.949
Union Pacific
18314
Mar. 31 1913_7,468,956 Dec. 31 1911_5,084.761 Sept. 30 1910_3,158.106
Preferred
86
Feb. 28 1913—.7.656.714 Nov. 30 1911_4.141,955 Aug. 31 1910—A.537,128
U. S. Steel Corporation
6434
Jan. 31 1913_ __7,827.368 Oct. 31 1911...3,894,328 July 31 1910_3.970.931
Preferred
113
Prior to July 31 1910 reports of unfilled orders were issued Wabash
134
Preferred
6
only quarterly. In the following we show the totals at the
Extended 4s
574
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
9914
103
9234
83
21234
5431
1334
10334
1334
24
3034
47
3914
131
114
141
1834
4614
264
124
9214
2814
10654
9934
103
9234
834
20534
9931
103
9234
83
21234
55
13
10334
1334
2334
3034
47
38
13014
114
141
1834
4634
264
1234
9234
2734
10634
9991
103
924
83
2054
55
134
10434
1314
2334
3034
4714
38
c12934
114
141
18
46
2654
124
9234
2734
107
1151
104
1314
2334
3034
47
39
12831
11334
141
1634
45
264
1234
9234
2734
10634
117- .
57
8534
4534
11734
57
8534
4514
c116-14
57
8534
4534
11634
57
85
4535
-i-9734
2614
8334
163%
86
6534
113
134
6
57
9714
2634
83
16434
8534
6514
11334
14
534
57
14
".-1-;
a Price per share. b £ sterling. c Ex-dividend.
prices.
-5)i
9714
2634
8214
16331
8534
6434
11314
134
54
57
-5-54
96%
2634
8234
163
8514
6434
11334
134
434
564
d Quotations here given are flat
akommercial andAlisceilantons4.enTs
ammo.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Jackson Bank, Jackson, Miss., into "The Jackson National Bank."
Capital, $100,000.
The Lumberman's Bank o! Hoquiam, Wash. into "The Lumbermens
National Bank of Hoquiam.
Capital, $100,060.
The Merchants'& Planters'State Bank,Ada,Okla.,into"The Merchants'
& Planters' National Bank of Ada." Capital, $50,000.
CHARTERS ISSUED TO NATIONAL BANKS MAR.26 TO APRIL 1.
10,499-The Reardan National Bank, Reardan, Wash. Capital, $50,000.
H. G. Burns, Pres.; E. A. Davidson, Cashier. (Conversion of
The
Reardan
Exchange Bank.)
10,500-The First National Bank of Haworth, Okla. Capital, $25,000:
W. H. McBrayer, Pres.; A. M. Hoffman, Cashier. (To succeed
The Bank of Haworth, Okla.)
10,501-The First National Bank of Galva, Iowa. Capital, $25,000.
G. W. Johns, Pres.; F. H. Schleiter, Cashier. (To succeed The
Ida County Bank of Galva, Iowa.)
10,502-The First National Bank of Smithfield, N. 0. Capital, $50,000.
W. L. Woodall, Pros.; R. N. Aycock, Cashier. (Conversion of
The Bank of Smithfield, N. C.)
VOLUNTARY LIQUIDATIONS.
7,855-The First National Bank of Antler, N. Dak., March 2 1914.
Absorbed by the State Bank of Antler, N. Dak. Liquidating
agent, C. W. Fielder, Bottineau, N. Dak.
9,431-The United States National Bank of Ashland, Ore., April 1 1914.
Liquidating agent, J. W. McCoy, Ashland, Ore. Consolidated
with The First National Bank of .Ashland.
9,697-The First National Bank of Gill, Colo., April 1 1914. Liquidating
committee: H. E. Witmer, Greeley, Colo.; John C. Mosher,
Greeley, Colo.; J. A. Shepard, Gill, Colo.
INSOLVENT NATIONAL BANKS.
4,236-The First National Bank of Gallatin, Tenn., was placed in the
hands of a receiver on March 25 1914.
5.339-The First National Bank of Wyalusing. Pa., was placed in the
hands of a receiver on March 28 1914.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Comyany.
I Per
When
Cent. Payable.
Railroads (Steam).
Atchison Topeka & Santa Fe, coin.(guar.).
Central RR. of N. J. (guar.)
Delaware Lack. az Western (guar.)
Georgia RR.& Banking (quar.)
Grand Trunk, guaranteed
First and second preference
Third preference
Great Northern (quar.)
Kansas City Southern, pref. (quar.)
Lehigh Valley, common & pref. (quar.)_ _
Minn.St.P.&S.S.M.,com.hpref.
.(No. 22)
N. Y.Central & Hudson River (quar.) _
Norfolk & Western,adi. pref.(quar.)__ _ _
Northern Pacific (quar.)
Pitts. Cin. Chic.& St. Louis, corn. (qu.)_
Preferred (quar.)
Reading Company, common (guar.)._
St. Louis Southwestern, pref. (quar.)--- Union Pacific, common (special)
Warren
Street and Electric Railways.
Aurora Elgin & Chic. Elec. RR.,com.(qu.)Preferred (guar.)
Boston Suburban Elec. Cos., pref. (qu.).
Brooklyn City RR.(guar.)
Newp.& Coy. Lt. & Tr., corn.(qu.)
Preferred (quar.)
Dallas Electric Co., 1st pref.(No.2) --- Second preferred (No. 2)
Easton (Pa.) Consolidated Electric Co._ _
Green & Coates Sts., Phila., Pass. Ry.(qu.)
Havana Electric Ry., Light & Power, cornPreferred
Jacksonville Trac., corn.(qu.)(No. 13)
Preferred (quar.) (No. 13)
Kentucky Securities Corp., pref. (quar.)_
Manchester Tray., Light & Power (quar.)
Milwaukee El. Ry.& Lt., pref. (guar.)._
Ottumwa Ry. & Light, pref. (quar.)_ _
Philadelphia Co., corn.(qua (No. 130)....
6% cumulative pref.(No. 3)
Puget Sd. Tr., L.& P.,corn.(qu.)(No. 7)
Preferred (quar.) (No. 7)
Republic Ry.& Lt., pref. (qu.)(No. 11)_
Sierra Pacific El. Co., pref.(qu.)(No. 19)
United Rys. & Elec. Co. of Ball.,com.(qu.).
West Penn Tray., pref. (qu.)(No. 17) Banks.
Produce Exchange, New York (No. 58)_ _
Trust Companies.
Broadway (guar.)
Miscellaneous.
Amer. Agric. Chem., corn.(qu.)(No. 10)
Preferred (quar.) (No. 35)
American Chicle, common (monthly)
American Cigar, common (guar.)
Amer. Coal Products, pref.(quar.)
American Light & Traction, com.(quar.)_
Corn. (payable in common stock)
Preferred (guar.)
American Locomotive, pref. (quar.)
American Malt Corp., preferred
American Malting
Amer. Seeding Machine, corn. (quar.)....
Preferred (quar.)
Amer.Telep.& Teleg.(quar.)
Amer. Tobacco, common (special)
Amer.Type Founders,common (quar.).._
Preferred (quar.)
Amer. Woolen, pref.(quar.)(No.60L.......
AnacondaCopper Mining (guar.)(No.54)
Associated Gas & Elec., pref. (guar.). _ _
Associated Merchants, 1st pref. (quar.)._
First preferred (extra)
Second preferred (quar.)
Second preferred (extra)
Associated Oil
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania (quarj
Bond az Mortgage Guarantee (quar.)._
Brown Shoe, Inc., common (quar.)
Preferred (guar.)
Canadian Car & Foundry. pref. (quar.)_ _
Central Coal & Coke, common (guar.)._
Preferred (quar.)
Chicago Pneumatic Tool (quar.)
anryire. cam
nref. (monthly)...
[voL, xcvin
THE CHRONICLE
1134
Books Closed.
Days Inclusive.
155
2
2%
3
2
2%
255
134
1
$1.25
334
134
I
134
%
1
2
55
s3
355
June 1 Holders of rec. April 30a
May 1 Holders of rec. April 17a
April 20 Holders of rec. April 3a
April 14
April 15 April 2 to
April 13
Mar. 14 to
Mar. 14 to
April 13
Mar. 14 to
April 13
May 1 Holders of rec. April 8a
April 15 Holders of rec. Mar. 31a
April 11 Holders of rec. Mar. 28a
April 15 Holders of rec. Mar. 19a
April 15 Mar. 21 to
April 15
May 19 Holders of rec. April 30a
May 1 Holders of rec. April 9a
April 25 Holders of rec. April 15a
April 25 Holders of rec. April 15a
May 14 Holders of rec. April 27a
April 15 Holders of rec. April 8a
July Is Mar. 3 to
Mar. 22
April 15 Holders of rec. April 6a
%
134
1
2
155
134
3
2.50
21
$1.50
234
3
134
134
134
2
134
134
1%
3
1
155
155
155
50c.
134
April 10 Holders of rec. Mar. 23a
April 10 Holders of rec. Mar. 23a
April 15 Holders of rec. April 2a
April 15 April 9 to April 15
April 15 April 1 to April 15
April 15 April 1 to April 15
April 13 Holders of rec. April 32
April 13 Holders of rec. April 3a
May 1 Holders of rec. April 2a
April 7 April 1 to April 7
May 16 April 19 to May 21
May 16 April 19 to May 21
May 1 Holders of rec. April 16a
May 1 Holders of rec. April lea
April 15 Holders of rec. Mar. 31a
April 15 Holders of rec. April la
April 30 Holders of rec. April 20a
April 15 Holders of rec. Mar. 31
May 1 Holders of rev. April la
May 1 Holders of rec. April la
April 15 Holders of rec. April 2a
April 15 Holders of rec. April 2a
April 15 Holders of rec. Mar. 31
May 1 Holders of rec. April 15a
April 15 Holders of rec. April 9a
April 15 April 8 to
April 15
4
April 15 Holders of rec. April 8
134
May
1 April 22
to
April 30
April 15 Holders of rec. Mar. 23a
April 15 Holders of rec. Mar. 23a
April 20 Holders of ree. April 14a
May 1 Holders of rec. April 15a
April 15 April 11
to April 14
May 1 April 16 to April 30
May 1 April 16 to April 30
May 1 April 16 to April 30
134 April 21 April 2 to
April 21
May 2 April 15 to
2
May 3
$1.24 May 1 Holders of rec. April 14
April 15 Holders of rec. Mar. 31a
1
155 April 15 Holders of rec. Mar. 31a
April 15 Mar. 21 to
2
Mar. 31
(x) April 20 Holders of rec. April 1
1
April 15 Holders of rec. April 10a
13( April 15 Holders of rec. April 10a
April 7
134 April 15 Mar. 27 to
75c. April 15 Holders of rec. April 2n
155 April 15 Holders of rec. Mar. 31
134 April 15 Holders of rec. April 7a
% April 15 Holders of rec. April 7a
134 April 15 Holders of rec. April 7a
% April 15 Holders of rec. April 70
155 April 15 Holders of rec. April In
2
April 15 Holders of rec. Mar. 25
155 April 15 April 7 to
April 15
4
May 15 Holders of rec. May 8
1
May 1 Holders of rec. April 25
134 May 1 Holders of rec. April 25
134 A pril 25 Holders of rec. Mar. 31a
155 Apra 15 April 1
to
April lb
134 April 15 April 1
to
April 15
1
April 27 Apr. 16 to
April 26
may I TTold.r. nt re, Anrif ito
I.
1
134
1
135
134
255
255f
Name of Company,
When
Per
Cent. Pa yable
Books Closed.
Days Inclusive,
Miscellaneous (Concluded).
Clain (H. 13.) Co., corn. (quar.)
134 April 15 Holders of rec. April 7
Claflin (H. B.) Co., first pref. (quar.)
lg May 1 Holders of rec. April 23a
Second preferred (guar.)
155 May 1 Holders of rec. April 230
Melt,Peabody cfe Co.,Inc., corn.(quar.)_ _
1
May 1 Holders of rec. April 20
Commonwealth Edison (guar.)
2
May 1 Holders of rec. April 15a
Ccmsolldated Ice, Pittsburgh, pref. (quar.)_
134 April 20 April 10 to April 20
Corn Products Refining, pref. (quar.)
134 April 15 Holders of rec. April 6a
155 April 30 Holders of rec. April 15a
Cuyahoga Telephone, pref. (guar.)
155 April 15 Holders of rec. Mar. 31a
Dayton Power & Light, pref. (quar.).._....
Delaware Lack. & Western Coal (quar.). 234 April 15 Holders of rec. April la
Detroit Edison (quar.)
134 Apr. 15 Holders of rec. April la
55 April 30 Holders of rec. April 9a
Distilling Co. of America, pref. (quar.)
Dominion Textile, preferred (quar.)
134 April 15 Holders of rec. Mar. 31a
duPont(E.I.)deNemoursPowd.,pf.(quar.) 134 April 25 April 16 to
April 26
Edison Elec. Ilium. of Brockton (No. 53).. $4 May 1 Holders of rec. April 18a
ElectricalSecur. Corp., pref. (quar.)--„
134 May 1 Holders of rec. April 25a
Electrical Utilities Corp., pf.(qu.)(No.16) 154 April 15 Holders of rec. April la
April 15 Holders of rec. April 14a
Electric Bond & Share, corn. (qu.) (No. 20) 2
Preferred (guar.) (No. 36)
134 may 1 April 23 to May 1
134 May 1 Holders of rec. April 17
Emerson-Brantingham, pref.(guar.)
8
May 1 Holders of rec. April 15a
Eureka Pipe Line
Fall River Gas Works (quar.) (No. 78)---- $3 May 1 Holders of rec. April 18a
2 April 15 Holders of rec. Feb. 28a
General Electric (quar.)
General Motors, preferred
334 May 1 Holders of rec. April 6a
30o. April 30 Holders of rec. Mar.31a
Goldfield Consolidated Mines
Harbison-Walker Refractories, pref.(guar.) 134 April 20 Holders of rec. April 10
65c. April 25 Holders of rec. April 20
Homestake Mining (monthly)(No.473). _
Houghton County Elec. Light, com.(No. 18) 6255c. May 1 Holders of rec. April 16a
75c. May 1 Holders of rec. April 16a
Preferred (No.23)
155 May 1 Holders of rec. April 20a
Illinois Northern Utilities, pref.(quar.)
ix May 15 Holders of rec. April 30
Ilium. & Power Securs., pl.(qu.)(No. 7)...
$4
May 15 Holders of rec. April 24
IndianaPipe Line (quar.)
April 30 Holders of rec. April 15a
5
Ingersoll-Rand, conimon (annual)
3
May 1 April 16 to April 30
International Banking Corporation
April 15 Holders of rec. April 4
1
Int. Butth. Sew. Mach.(qu.) (No. 66)
April 15 Holders of rec. April 4
1
Extra (No. 3)
134 April 15 Holders of rec. Mar.250
Int. Harv. of N.J., corn. (qu.)(No. 17)_
134 April 15 Holders of rec. Mar.25a
Int. Harv. Corp. corn. (quar.)(No. 5)
International Nickel, common (quar.)._ _
234 June 1 May 15 to June 1
Preferred (quar.)
155 May 1 April 14 to May 1
Apri122
International Paper, preferred (guar.).35 April 15 April 2 to
4
Intern. Smoke!. Powd. & Chem., pref
May 15 Holders of rec. May 50
50c. May 1 Holders of rev. April 23
Island Creek Coal, common (quar.)
Kayser (Julius) & Co., 1st & 2d pref.(qu.) 134 May 1 Holders of rec. April 20a
April 30
La Belle Iron Works, corn. (quar.)
34 April 30 April 21 to
April 17
La Rose Consol. Mines (quar.)
234 April 20 April 1 to
255 April 18 Holders of rec. April 9
Lehigh Valley Coal Sales (quar.)
134 May 1 April 16 to May 1
Loose-Wiles Biscuit, 2d pref. (quar.)
2
May 1 Holders of rec. April 15a
Lowell Elec. Lt. Corp.(qu.)(No.72). _ _
MacAndrews & Forbes, common (guar.). 234 April 15 Holders of rec. Mar. 310
155 April 15 Holders of rec. Mar. 31a
Preferred (quar.)
Manning, Maxwell & Moore,Inc.(qu.)
134 Mar. 31 Holders of rec. Mar. 31
2
April 15
Manufacturers' Light & Heat (guar.)._ _ _
April 15 April 1
to
Massachusetts Gas Cos., common (guar.) 31.26 May 1 Holders of rec. April 15a
Massachusetts Ltg. Cos., old corn. (qu.). $1.75 April 15 Holders of rec. Mar. 25a
25c. April 15 Holders of rec. Mar. 25a
New common (quar.)
$1.50 April 15 Holders of rec. Mar.25a
New preferred (quar.)
234 Apl 15d Holders of rec. Mar. 31a
Mexican Telegraph (quar.)
50c. May 15 Holders of rec. May la
Miami Copper Co. (guar.) (No. 9)
Mountain States Telep. Jr Teleg.(quar.). 134 April 16 Holders of rec. Mar. 310
134 April 15 Holders of rec. Mar. 28a
National Biscuit, corn.(quar.)(No.Ca).134 April 15 April 5 to April 15
National Carbon, common (quar.)
134 may 15 May 5 to May 15
National Carbon, preferred (guar.)
April 15 Holders of rec. April 4
1
National Fireproofing, pref. (qua(.)
10
April 15 Holders of rec. Mar. 25
New York Transit (quar.)
April 15 Holders of rec. Mar. 31a
2
Niagara Falls Power (quar.)
April 17
April 20 Mar. 31 to
5
Nipissing Mines Co.(quar.)
134 April 15 Holders of rec. Mar. 31
Northern States Power, pref. (quara_ _ _ _
Mar. 31
134 Apr. 15 Mar. 16 to
Nova Scotia Steel & Coal, corn,(guar.)._
Mar. 31
Apr. 15 Mar. 16 to
2
Preferred (guar.)
11a
April
rec.
of
Holders
30
April
$1
Osceola Consolidated Mining
134 April 15 Holders of rec. Mar.31
Otis Elevator, common (quar.)
134 April 15 Holders of rec. Mar. 31
Preferred (guar.)
April 15
Pacific Teleph. az Teieg., pref.(guar.).- 134 April 15 April 1 to
154 April 15 Holders of rec. Mar. 31a
Pennsylvania Lighting, pref. (quar.)
April 15 Holders of rec. Mar. 31a
3
Pennsylvania Salt Mfg.(quar.)
Pittsburgh Coal, pref. (quar.)
134 April 25 Holders of rec. April 15a
April 15 Holders of rec. Mar. 3a
2
Procter & Gamble, pref. (quar.)
Apr1130
Public Service of Nor. Ill., corn. (quar.).. _
134 May 1 April 16 to
Apr1130
Preferred (quar.)
155 May 1 April 16 to
255 Apra 15 Holders of rec. April la
Quaker Oats, common (guar.)
Preferred.(guar.)
134 May 29 Holders of rec. MaY la
Reece Buttonhole Mach.(qu.) (No. 112) 3
April 15 Holders of rec. April 4
2
Apra 15 Holders of rec. April 4
Extra (No. 14)
Reece Folding Mach.(quar.) No.20)_
1
April 15 Holders of rec. April 4
Securities Corporation General, pref.(qu.) 134 April 15 Holders of rec. April 1
Shawinigan Water & Power (quara_
154 April 20 Holders of rec. April 7
Southern Calif. Edison, pf.(qu.)(No. 19) 155 April 15 Holders of rec. Mar. 31
Southern New England Telep. (quar.)_ - 13-4 Apr1115 April 1 to April 15
April 15
Standard Milling, pref.(No. 22)
234 April 15 April 5 to
u Standard Oil (Indiana)see note (u).
Taylor-Wharton Iron & Steel, pref. (qu.) 1% May 1 Holders ol rev. April 15
April 15
to
255 April 15 April 1
Union Natural Gas Corp.(qu.)(No.43)Union Switch & SignalCorn.& pref. (payable in corn. stock)._ 33 1-31 April 20 Holders of rec. Mar. 31
May 15
to
Un. Cigar Stores of Amer.,com.(qu.)(No.6) 134 May 15 May 1
May 1 Holders of rec. April 24a
United Dry Goods Cos., common (quar.) 2
April 15 Holders of rec. Mar. 26
2
United Fruit (quar.) (No. 59)
April 15 Holders of req. Mar. 31a
$1
United Gas Improvement (quar.)
April 15 Holders of rec. April 40
U.S. Cast I.Pipe & Fdy.,pf.(qu.)(No.47) 1
U.S. Indus. Alcohol, pref. (qu.)(No. 30) 134 Aprli 15 Holders of rec. April 8a
155 April 30 Holders of rec. April 15a
U. S. Rubber, common (quar.)
April 30 Holders of rec. April 15a
2
First preferred (quar.)
134 April 3() Holders of rec. April 15a
Second preferred (quar.)
75c. April 15 Holders of rec. Mar. 31a
U.S.Smelt., Rag.& Min.,corn.(quar.)..
8755c. April 15 Holders of rec. Mar. 31a
Preferred (quar.)
a
may 15 Holders of rec. May 5
Vacuum Oil
April 15 Holders of rec. Mar. 31a
Va.-Carolina Chem., pf. (qu.)(No. 74).. 2
Western States Gas & Elec., pref. (quar.) 13.4 April 15 Holders of rec. Mar. 31
April 15 Holders of rec. Mar. 25
1
Western Union Teleg. (qua (No. 180)
April 15 Holders of rec. Mar. 31
$2
Westinghouse Air Brake (quar.)
Apra 30 Holders of rec. Mar. 31a
1
Westinghouse Elec. az Mfg., corn. (qua raril 15 Holders of rec. Mar. 31a
134 g.y
Preferred (quar.)
1 Holders of rec. April 21
134
TVillys-Overland Co., common (quar.)
134 June 1 Holders of rec. April 29
Woolworth (F. W.), corn.(guar.)(No.8)
to Mar. 25
215 April 1 Mar. 21
Young(.1. S.) Co., common (guar.)
134 April 1 Mar. 21 to Mar. 25
Preferred (guar.)
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. !Payable in common stock. gPayable in scrip.
h On account of accumulated dividends. s A distribution of Balto. & Ohio stock to
be made, viz., $12 par value of B.& 0. pref. and $22 50 par value B. At 0. common
for each share of Union Pacific common stock held, payment of said extra dividends,
both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation.
S On amount paid in. $25 per share. u Dividend reported in previous Issues on
Standard 011 (Indiana) stock wag an error. Was intended for Indiana Pipe Line.
x Being a distribution ratably of 360,729, Restricted B Deferred Ordinary shares
of the Imperial Tobacco Co., Lt. of Great Britain and Ireland.
-Meikleham & Dinsmore, bankers, 25 Broad St., this
city, announce that W. H. Padgett of Philadelphia has recently become associated with them, with headquarters at
1421 Chestnut St., Philadelphia.
-The Dominion Securities Corporation, Ltd., Toronto
and London, has issued its quarterly bond list dated April
1914, a 36-page booklet covering Canadian Government,
municipal and corporation bonds.
APR. 11 1914.]
THE CHRONICLE
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons. New York:
Shares.
Per Cent.
20 National Park Bank
367
22 Mech. & Met. Nat. Bank 230
17 Nat. Bank of Commerce__ _ _174
14 Bank of N. Y., N. B. A
370A
2 Irving National Bank
181i.
15 Citizens' Cent. Nat. Bk_175-175%
600 Roch. Syr.& East. RR., pref. 5
12 City of N. Y. Fire Ins. Co_ _200
2,200 Benvenue Granite Co__-$26 lot
Shares.
Per Cent.
$1.000 Amer. Cities Co 8-year coll.
tr. 5-6s, 1919; J. & J.; Jan. 1914
coupon attached
00%
$3,000 New On. City & Lake RR.
Co. 50-yr. 5s, 1943; J. & J.; Jan.
1914 coupons attached
104
$50,000 The Pueblo-Rocky Ford
Irrig, Co. 1st coll. tr. 6s; July
1912 and sub. coup. attached.
Cert. of deposit
30
Bonds.
Per Cent. $9,000 Denver Gas & Elec. Co.gen.
$6,000 New Orleans City RR. Co.
5s, 1949:M. & N
923j
4-5s 1943; J. & J.; Jan. 1914
$650,000 Cremer Lumber Co. 1st &
coupons attached
102A
Ref. 6s, 1921-1929
$100 lot
1135
The capital of the trust companies is as follows: Brooklyn, $1,500,000: Bankers.
$10,000,000; United States Mortgage & Trust, $2,000,000: Astor, $1,250,000: Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker,$2,000,000:
People's, $1,000,000: New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, P. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital,
Surplus,
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
$
$
$
$
New York_ _
2,000,0 4,325,4 22,200,0 4,384,0 1,054,0
Manhattan -Co 2,050,0 4,914,6 40,650,0 11,424,0 1,484,0
Merchants'___
2,000,0 2,190,0 22,146,0 4,503,0 1,464,0
Shares.
6,000,0 8,854,2 61,534,0 12,632,0 2,494,0
$ per sh. Shares.
$ per sh. Mech. & Met_
America
2 Old Colony Trust Co
1,500,0 6,323,2 26,962,0 4,991,0 1,718,0
3103-i 1 Charlestown G.& E.Co.,350 par125
City
25,000,0 33,141,8 207,264,0 50,768,0 8,813,0
Chemical
By Messrs. R. L. Day & Co., Boston:
3,000,0 7,715.5 29,826,0 4,331,0 2,174.0
Merchants'
Ex
1,000,0
751,5
7,777,0
1,671,0
229,0
Shares.
$ per sh. Shares.
$ per sh.
Butch.& Drov
300,0
114,5
1,902,0
374,0
58,0
50 National Union Bank
85
2093.4 10 Bay State Hardware Co
500,0
1,133,8
9,787,0 2,605,0
3 Naumkeag Steam Cotton Co_ _172 A 53 Wore. Gas Lt. Co. rights_ _ _11 y,-1154 Greenwich
205,0
American
Ex_
5,000,0 4,759,8 47,733,0 9,941,0 2,394,0
10 Bates Manufacturing Co
Per cent.
Bonds.
220
Commerce
25,000,0 16,939,5 145,627,0 23,723,0 5,920,0
10 Lockwood Co., Waterville, Me_ 97
$2,000 Birmingham, Ala., Water Co
Pacific
500,0
1,007,2
5,079,0
615,0
656,0
1 Con. & Mont. RR., Class 4_ _ 111
5s, 1939
883( Chat. & Phen_
2,250,0
1,404,0 21,222,0 3,704,0 1,633,0
3 Man.& Lawrence RR
$20,000 Atlanta Birm.& Atian.RR.
120
People's
200,0
464,3
2,129,0
400,0
trust
150,0
receipts
1936,
9-32
2
10 Merrimack Chem. Co., $50 ea_ _100
5s,
1st
Hanover
3,000,0 15,003,1 85,155,0 23,319,0 1,964,0
Citizens' Cent. 2,550,0 2,444,5 23,162,0 5,101,0
612,0
By Messrs. Barnes & Lofland, Philadelphia:
Nassau
1,000,0
411,5
2,283,0
703,0
$ per sh. Market & Fult 1,000,0 1,962,4 10,679,0
$ per sh. Shares.
Shares.
9,323,0
1,816,0
968,0
5 Penn. Co. for Insurance, &c.845
20 Industrial Tr., T. & S. Co.,
Metropolitan. 2,000,0
1,868,9 11,622,0 2,642,0
268,0
1654-166A
5 People's Trust Co.,$50 each 4735 Corn Exchange 3,500,0 6,868,2
$50 each
64,452,0 15,387,0 3,336,0
1 Phila. Tr., S. D.& I. Co__ _ _710
210
30 Tacony Trust Co
Imp.&Traders 1.500,0 7,851,7 27,008,0 3,838,0 2,315,0
432
1 Fire Assn. of Phila., $50 par_340
20 Central National Bank
Park
5,000,0 14,490,9 96,750,0 22,563,0 2,562,0
1 Insur. Co. of State of Penn_ A00
25 Finance Co. of Pa., 1st pref 125
East River
250,0
57,8
1,496,0
307,0
115,0
8 Lumbermen's Ins. Co.,325ea. 8554 Fourth
25 Finance Co. of Pa., 2d pref_ A09
5,000,0 5,776,0 29,432,0 6,261,0 2,450,0
200-201
37 First National Bank
50 Lykens Valley RR. & Coal
Second
1,000,0
13,748,0
2,846,0
3,009,0
126,0
311
50 Ninth National Bank
Co., $20 each
1574 First
133,125,0
23,374,8
10,000,0
32,121,0
1,637,0
5 Tenth National Bank
120
10 Ephrata & Leb.St.Ry.,S50ea. 30
Irving
4,000,0 3,528,0 40,150,0 8,348,0 2,446,0
7 United Sec. L. I. & Tr. Co_ 140%
3 John B. Stetson Co., com__ _383
Bowery
3,285,0
790,3
250,0
737,0
61,0
6 West End Tr. Co., $50 each_174%
5 Amer. Pipe dc Construe. Co
46
N.Y.
County_
8,753,0 1,380,0
500,0 1,922,2
690,0
8 Latrobe Coal Co.,$50 each
5
300 Pratt Food Co., $1 each__ _ _ 23
German-Amer.
689,7
750,0
745,0
4,085,0
223,0
10 Nat. Bank of Germantown,
25 U.S. Loan Soc. of Phila.,$10
Chase
5,000,0 10,153,3 103,555,0 25,455,0 3,963,0
$50 each
140
each
14% Fifth Avenue_
13,344,0 3,084,0 1,101,0
100,0 2,241,9
2 Nat. Bank of Nor. Liberties_243
3,090 Keen-o-Phone Co.,$10 each_ 13t German Exch_
822,5
200,0
561,0
3,354,0
363,0
Commercial
11
Trust Co
4025 Bonds.
Per cent. Germania_..
200,0 1,040,9
4,999,0 1,228,0
254,0
7 Guarantee Tr.& S. D.Co_ _ _160
$1,000 Spring. Cons.Wat.Co.5s,'58 75
Lincoln
1,000,0
1,766,8 15,010,0 3,766,0 1,022,0
Garfield
1,000,0 1,296,0
9,286,0 2,975,0
237,0
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Fifth
250,0
4,000,0
500,6
772,0
180,0
Shares.
$ per sh. Bonds.
Per cent. Metropolis __. 1,000,0 2,229,0
12,958,0 2,099,0 1,193,0
11,105 Advertising Device Co
$5 lot $500 Philadelphia, School District
West Side
200,0
915,4
300,0
915,0
3,939,0
100 National 011 Co., Tampico_ 5
4s, 1930
Seaboard
100
26,958,0 6,739,0 2,136.0
1,000,0 2,616,1
12 2d & 3d Sts. Pass. Ry., $50
1,000,0 2,828,0 26,775,0 6,792,0
Liberty
892,0
each
243-244
N. Y.Prod.Ex
1,000,0
9,432,0 2,337,0
955,0
340,0
State
1,000,0
425,6 18,768,0 5,664,0
404,0
Security
1,000,0
348,5 11,375,0 2,375,0 1,157,0
Coal & Iron
1,000,0
997,0
6,642,0
578,5
773,0
.--.---The clearings for the week Union Exch
Canadian Bank Clearings.
1,000,0 1,001,0
350,0
9,533,0 1,975,0
ending Apr. 4 at Canadian cities, in comparison with the Nassau, Bklyn 1,000,0 1,171,5 8,137,0 1,476,0 190,0
By Messrs. Francis Henshaw & Co., Boston:
1
X
same week of 1913, shows a decrease in the aggregate of
15.5%.
Week ending April 4.
Clearings at1914.
CanadaMontreal
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
Total Canada
1913.
$
$
46,855,215 56,128,930
43,468,544 48,129,724
21,702,766 25,238,278
9,076,182 11,750,448
3,907,894 4,175,268
2,705,682 3,012,538
1,943,520
1,849,349
2,953,419 3,832,101
1,255,797 1,384,152
1,666.429 2,061,297
3,356,463 5,252,921
2,447,399 3,647,160
3,202,016 4,215,975
1,753,551
2,459,974
621,936
409,253
351,055
483,435
1,124,007
1,843,745
522,057
623,542
826,382
1,248,559
634,715
677,962
388,822
552,308
381,986 Not incl. in
Inc. or
Dec.
%
-16.5
-9.7
-14.0
-22.5
-6.4
-10.2
+5.1
-22.8
-9.3
-19.2
-36.1
-32.9
-24.0
-28.7
+24.4
-26.7
-39.0
-16.2
-33.8
-6.3
-29.7
total.
Totals,average 134,550,0 214.815,9 1502,183,0,334,541,0 66,369,0 1551,758,0 25.8
!
Actual figures April 4_
62,808,0 1555,089,0 25.4
1509.2763 '
I
I
Circulation.-.--On the basis of averages, circulation of national banks in the Clearing
House amounted to $41,754,000 and according to actual figures was $41,896,000.
1912.
1911.
$
56,706,027
41,000,177
28,572,155
11,946,016
0,121,277
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
601,475
2,189,815
569,988
1,051,180
674,867
$
50,011,900
40,603,346
19,886,705
10,097,119
4,341,366
2,361,519
1,711,904
3,158,996
1,403,049
1,669,620
3,557,815
2,897,678
2,259,727
1,263,224
571,516
513,444
940,882
582,537
705,190
150.771.851 178.514.611 -15.5 178.121 121 145 AM 657
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending April 4. The figures for the
separate banks and trust companies are the averages of
the daily results. In the case of the totals, actual figures
at the end of the week are also given:
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
April 4.
Net
On Dep.
Loans. Specie. Legais. withC.H. Deposits.
Average. Average. Average. Banks. Average.
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Capital as of March
$
$
$
$
$
$
%
Brooklyn
3,741,5 24,013,0 2,172,0
723,0 3,227,0 18,858,0 15.3+14.5
Bankers
14,801,0 118,939,0 13,550,0
209,0 30,267,0 90,989,0 15.1+25.0
U.S. Mtg.&T_ 4,412,0 36,616,0 4,162,0
339,0 6,402,0 29,992,0 15.0+17.2
Astor
1,349,9 20,805,0 2,209,0
19,0 2,138,0 14,956,0 15.0+12.2
Title Gu.& Tr. 11,736,1 32,033,0 1,989,0 1,035,0 5,898,0 19,851,0 15.2+22.4
Guaranty
24,266,5 176,141,0 17,617,0 1,101,0 19,085,0 120,494,0 15.5+13.6
1,352,4 7,264,0
Fidelity
591,0
247,0
023,0 5,540,0 15.1+12.4
Law. T.I.& T. 5,544,3 17,039,0 1,545,0
329,0 1,731,0 12,467,0 15.0+12.1
Col.-Knicker- 7,351,6 47,826,0 5,544,0
567,0 4,421,0 40,685,0 15.0+ 9.8
1,572,6 15,913,0 1,821,0
People's
370,0 2,322,0 14,591,0 15.0+13.4
New York-. 12,020,0 46,131,0 4,611,0
450,0 6,446,0 32,499,0 15.5+16.5
1,228,4 10,520,0
Franklin
971,0
128,0 1,761,0 6,876,0 15.9+19.3
547,5 10,491,0 1,172,0
Lincoln
211,0 1.006,0 9,325,0 15.0+ 9.7
6,794,3 24,007,0 2:469,0
Metropolitan
11,0 2,149,0 16,427,0 15.0+11.5
838.9 13,316,0 1,301,0
Broadway- - - 637,0 1,614,0 12,883,0 15.0+11.3
Surplus as of March 2...
Totals, average 97,557,0 601,164,0 61,757,0 6,406,0 89,420,0 448,333,0 15.2+16.6
P. C. reserve to deposits_
Percentage last week
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposit..
2,112,530,0397,780,0 68,891,0 95,276,02,004,724,0
Total
Reserve.
Aatual figures April 4_ 6)3,254,0 61,664,0 6,083,0 05,276.0 449,035,0 15.7+17.5
Specie.
Total__ 180,800,0312,372,92,103,347,0396,298,0 72,775,0 89,420,0 1,998,091,0
Actual. 1
1
11,500,276,0333,116,0 62,803,0
Banks_
1,555,089,0
1 603,254,0 64,664,0 6,083,0 95,276,0 449,635,0
Trust cos_
Week ended April 4.
Surplus.
Loans.
Averages.
$
$
g
$
$
$
$
Banks ___ 134,550,0 214,815,91,502,183,0334,541,0 66,369,0
1,551,758,0
Trust cos_ 46,250,0 97,557,0, 601,164,0, 61,757,0 6,406,0 89,420,0 446,333,0
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
$
%
20,553,0 26.4
48,125,0 26.8
22,894,0 28.0
60,052.0 25.1
26,755,0 25.0
209,737,0 28.4
26,095,0 25.0
7,313,0 25.9
1,746,0 24.8
11,048,0 25.4
48,302,0 25.5
124,704,0 23.7
4,757,0 26.7
21,924,0 24.3
2,307,0 23.8
97,727,0 25.9
22,430,0 25.4
11,949,0 25.0
9,652,0 28.8
11,544,0 25.1
75,459,0 24.8
24,397,0 25.2
101,158,0 24.8
1,731,0 24.3
32,898,0 26.4
12,467,0 25.1
131,208,0 25.7
41,750,0 25.8
3,343,0 23.8
8,869,0 23.3
3,833,0 25.3
117,533,0 25.2
15,124,0 27.6
3,675,0 25.1
5,760,0 25.7
16,172,0 29.5
10,305,0 31.1
4,183,0 22.7
13,043,0 25.2
4,861,0 25.0
32,239,0 27.5
30,227,0 25.4
10,581,0 25.3
24,318,0 25.0
13,739,0 25.7
6,788,0 26.0
9,492,0 23.4
6,991,0 23.8
Loans and investments__
Change from last week_
State Banks.
Trust Cos.
State Banks.
Trust Cos.
outside of
in
outside of
in
Greater N. Y. Greater N. F. Greater N. F. Greater N. Y.
$
23,137,400
67,900,000
*10,528,000
$
*10,250,000
39,457,000
164,517,300
*14,028,915
*11,341,302
324,427.100 1,065,255,100
+1,632,800 +15,510,000
126,338,200
-20,400
180,820,500
+180,500
136,937,100
+1,160,900
192,156,700
+1,926,100
27,994,400
+916,800
27,062,400
+1,042,500
Specie
Change from last week_
65,865,100
+174,200
120,406,700
+5,822,100
Legal-tender dr bk. notes_
Change from last week_
17,895,100
+118,400
9,775,000
+180,600
Deposits
Change from last week_
382,172,000 1,230,834,900
+1,357,200 +18,015,200
Reserve on deposits
Change from last week_
106,134,600
+396,000
28.6%
28.9%
140,089,800
+6,850,900
17.3%
16.8%
21.9%
21.0%
15.2%
15.3%
+ Increase over last week. -Decrease from last week. *As ef Dec.9 1918.
THE CHRONICLE
1136
[VOL.
Reports of Clearing Non-Member Banks.-The follow
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and Ing is the statement of condition of the clearing non-member
trust companies in the Greater New York, not in the Clearing- banks for the week ending April 4, based on average daily
House. These figures are shown In the table below, as are results:
We omit two ciphers (00) in all these figures.
also the results (both actual and average) for the ClearingHouse banks and trust companies. In addition, we have
Loans,
Legal
On
Disc'ts
Tender Deposit
combined each corresponding item in the two statements,
Surand
Specie. and
CapiBanks.
with
Net
Investplus.
Bank
tat.
C.-II. Deposits.
thus affording an aggregate for the whole of the banks and
ments.
Notes. Banks.
trust companies in the Greater New York.
$
$
New York City.
$
$
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended April 4
Clear.-House Clear.-House State Banks and Total of all
Members.
Members. Trust Cos. Not Banks de Trust
ActualFlgures
Average. in C.-H. Aver. Cos. Average.
$
$
National
March
State
March
Surplus
Capital
banks
4 and
banks
2..___
$
180,800,000
180,800,000
312,372,900
312,372,900
$
28,837,400
209,637,400
73,378,300
385,751,200
Loans and Investments_ _ 2,112,530,000 2,103,347,000
Change from last week +23,782,000 +18,594,000
544,174,8002,647,521,800
+13,369,200 +31,963,300
2,004,724,000 1,998,091,000
Deposits
Change from last week +29,467,000 +22,825,000
a566,076,2002,564,167,200
+16,144,800 +38,969,800
Specie
Change from last week
397,780,000
+744,000
396,298,000
-782,000
66,693,800 462,091,800
+3,745,300 +2,963,300
Legal-tenders
Change from last week
68,891,000
-7,068,000
72,775,000
-2,923,000
b8,032,100
80,807,100
--154,100 --3,077,100
Banks: Cash in vault
Ratio to deposits
395,924,000
25.45%
400,910,000
25.83%
12,718,500 413,628,500
13.54%
Trust Cos.: Cash in vault
70,747,000
68,163,000
62,007,400
130,170,400
Aggr'te money holdings_ _
Change from last week
466,671,000
-6,324,000
469,073,000
-3,705,000
74,725,900
+3,591,200
543,798,900
-113,800
Money on deposit with
other bks. St trust cos_ _
Change from last week
05,276,000
+5,666,000
89,420,000
+689,000
20,584,600
+175,000
110,004,600
+864,000
Total reserve
Change from last week
561,947,000
-658,000
558,493,000
-3,016,000
Surplus CASH reserveBanks (above 25%)
Trust cos.(above 15%)
7,151,750
3,301,750
12,970,500
1,213,050
Total
10,453,500
Change from last week --11,884,450
14,183,550
--8,211,750
% of cash reserves of tru t cos.
15.73%
Cash in vault
17.50%
Cash on dep. with bks_
15.27%
16.69%
16.80%
1.62%
33.23%
31.96%
18.42%
Total
95,310,500 653,803,500
+3,766,200
+750,200
We omit two ciphers in all these figures.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
April
31____
7____
14____
21____
28____
7____
14____
21____
28____
4_ ___
$
2,528,843,0
2,547,657,3
2,554,957,2
2,568,018,1
2,585,828,8
2,611,813,8
2,612,165,4
2,608,857,7
2,615,558,6
2.647.521.8
Deposits.
$
2,455,935,2
2,464,083,8
2,455,557,8
2,463,093,5
2,476,147,2
2,495,699,7
2,500,101,3
2,513,043,3
2,525,197,4
2.564.167.2
Specie.
$
454,411,7
451,830,9
454,687,4
455,339,7
453,530,2
449,590,5
452,059,1
458,571,5
460,028,5
462.991,8
Leo:8.
$
89,162,0
88,077,1
88,610,2
87,429,5
84,463,0
81,736,4
82.187,2
81,249,5
83,884,2
80.807,1
Banks.
Boston.
Feb. 14_
Feb. 21_
Feb. 28_
Mar. 7_
Mar. 14..
Mar. 21_
Mar. 28_
April 4_
Phila.
Feb. 14_
Feb. 21_
Feb. 28_
Mar. 7_
Mar. 14_
Mar. 21_
Mar. 28_
AprIl 4_
Capital
and
Surplus.
Specie.
$
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
226,505,0
229,167,0
230,657,0
229,750.0
227,148,0
224,850,0
22(1,138,0
230,411,0
$
28,068,0
27,130,0
24,708,0
24,865,0
26,195,0
27,119,0
26,841,0
25,538,0
$
543,573,7
539,908,0
543,297,6
542,769,2
537,993,2
531,326,9
534,246,3
539,821,0
543,912,7
543,798.9
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
384,672,0
388,553,0
392,332,0
396,079,0
398,872,0
400.380,0
401,949,0
403,746,0
Legals. Deposits.
a
3
3,818,0
3,535,0
3,608,0
3.611,0
3,807,0
3,513,0
3,519,0
3,682,0
109,466,0
109,701,0
115,383,0
111,456,0
107,614,0
105,296,0
103.429,0
105,978,0
1914.
248,0 4,123,0
51,0
594,0
132,0
511,0
2,891,0
1,662,0
1,414,0
579,0
574,0
1,640,0
1,413,0
59,0
61,0
$3,287,395
18,433,268
1911.
1912.
1913.
$3,590,514
16,186,883
$2,565,372;
18,550,084
$2,413,088
13,115,165
219,777,3971 $21,720,663 $21,115,456 $15,528,253
$57,286,635 $46,709,624 $43,002,038 $44,428,186
225,767,559i 241,115,801 232,959,733 196,690,609
$283,054,194 $287,825,425 $275,961,771 $241,118,795
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 4 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
1913.
1911.
1912.
For the week
Previously reported
$20,608,973 $18,657,721 $15,111,509 214,405,165
264,248,665 251,629,910 216,494,856 199,638,102
Total 14 weeks
$284,857,638 $270,287,631 $231,606,365 $214,043,267
The following table shows the exports and imports of
specie at the port of New York for the week ending April 4
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
Circulation.
Exports.
Gold.
Week.
s
637,705,1
643,910,1
657,488,1
650,993,1
639,481,1
630,182,1
631,828,1
642,291,1
653,053,1
653.803.1
Clearings
269,530,0
270,437,0
266,871,0
268,992,0
268,597,0
267,046,0
266,713,0
277,344,0
5
9,845,0
9,801,0
9,748,0
9,839,0
10,099,0
10,100,0
10,042,0
10,073,0
146,717,2
151,015,3
129,379.8
167,502,9
154,824,9
157,529,5
146,724,0
191,773,3
.449,953,0
.454,576,0
.462,726,0
.454,725,0
.452,331,0
.451,854,0
.449,851,0
.460,387,0
11,435,0
11,447,0
11,440,0
11,455,0
11,471,0
11,432,0
11,411,0
11,418,0
130,882,3
173,394,9
167,073,8
183,903.8
145,027,8
149,144,7
142,424,3
191,212,0
a Includes Government depos t.9 and the item "due to other banks." At Boston
Government deposits amounted to $1,605,000 on April 4, against $1,608,000 on
March 28.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on April 4 as $18,412,000.
31,0
663,0 3,053,0
81,0
767,0 5,034,0
607,0 1,998,0 12,013,0
116,0
894,0 4,610,6
197,0
246,0 2,902,0
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
pliers (00) in all these Mures.
Loans.
For Week.
Tot Money Entire Re:
Holdings. onDepost
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two
1,213,0
1,912,0
6,387,0
7,311,C
7,214,C
1,046,0
5,785,0
3,537,0
1,980,0
4,999,C
FOREIGN IMPORTS AT NEW YORK.
Total 14 weeks
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
$
398,0
190,0
431,0
941,0
674,0
175,0
502,0
263,0
293,0
758,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 4; also
totals since the beginning of the first week in January:
Total
Since January 1.
Dry goods
General merchandise
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:
$
62,0
55,0
495,0
210,0
519,0
124,0
386,0
140,0
91,0
243,0
Totals April 4
5,847,0 10,665,4 84,552,0 8,472,0 3,908,0 15,574,0 78,016,0
Totals March 28 5,847,0 10,665,4 83,604,0 8,675,0 4,048,0 13,964,0 77,903,0
Totals March 21._ 5,847,0 10,665,4 83,289,0 8,596,0 4,112,0 15,450,0 76,582,0
Dry goods
General merchandise
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $658,440,600, an increase of $7,821,100 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Loans and
Week Ended- Investments
$
Manhattan and Bronx.
369,8 1,516,0 152,0
Washington Heights_ 100,0
118,5 1,751,0 330,0
Battery Park Nat_ _ __ 200,0
Century
501,9 6,283,0 530,0
500,0
712,9 7,181,0 1,041,0
Colonial
400,0
697,0 6,326,0 640,0
Columbia
300,0
48,0
189,8 1,117,0
Fidelity
200,0
491,4 5,586,0 574,0
Mutual
200,0
329,8 3,455,0 422,0
New Netherland
200,0
108,9 1,844,0 214,0
200,0
Twenty-third Ward
525,5 4,596,0 544,0
100,0
Yorkville
Brooklyn.
686,4 3,713,0 391,0
First National
300,0
966,3 5,637,0 661,0
252,0
Manufacturers' Nat
527,5 10,111,0 1,213,0
Mechanics'
1,000,0
590,2 4,665,0 532,0
National City
300,0
190,3 2,814,0 181,0
North Side
200,0
Jersey City.
First National
400,0 1,404,8 4,050,0 281,0
Hudson County Nat_ 250,0
832,4 3,120,0 190,0
92,0
Third National
445,2 2,481,0
200,0
Hoboken.
First National
220,0
684,7 4,696,0 249,0
Second National
125,0
292,1 3,610,0 187,0
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$16,066,949
$12,866
749,173
1,105,120
311,112
103,500
6,602
343
62,448
48,599
$18,335,854
28,392246,965,660
365,325 19,855,991
Total 1914
Total 1913
Tota, 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
657,041
142,520
7,858,081
1,469,264
3,310
178,412
89,696
1,046,350
69,200
$872,071 $10,641,803
959,302 14,003,159
1,175,739 13,866,533
Total 1914
Total 1913
Total 1912
Imports.
Since Jan. 1
Since Jan. 1
$13,675
80,778
952
805,890
681,838
1,032,910
523,841
$130,948 $3,139,884
486,625 4,707,394
473,093 6,106,387
731
2,221
79,121
102,778
96,829
8,788
7,774
15,817
8,342
1,754,699
790,598
489,319
$281,680 $3,075,337
229,338 2,823,365
356,847 3,225,643
Of the above imports for the week in 1914, $11,213 were
American gold coin and $86 American silver coin.
Vaulting anti Financial.
•
Municipal Bonds
Ask us to send you Circular No. 515 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
Albany
THE CHRONICLE
APR. 11 1914.)
Vanliers'
auttt.
Wall Street, Friday Night, April 10 1914.
The Money Market and Financial Situation.-No
doubt the expected Good Friday holiday was in part the cause
of unusually dull business this week at the Stock Exchange,
but the utter lack of interest on all sides makes it certain that
other influences have been at work. No attention whatever
seems to have been paid to the very favorable Government
report on the condition of winter wheat. This report showed
a condition about 10% above the 10-year average and indicates a yield much larger than the record crop of 1913. Such
a report would ordinarily have been sufficient to cause a little advance in security values and some showing of optimism,
or at least a somewhat more cheerful feeling everywhere.
But now something more real and tangible-perhaps,indeed,
news or developments of an entirely different character-is
needed to lift the gloom and despondency which hangs over
practically every financial and industrial interest.
The report of an increase of 14,600 in the number of idle
freight cars during the last half of March might give an erroneous impression if compared with the record a year ago,
were it not remembered that last year's increase was also
unusually large. The total is now, however. more. than
twice as large as it then was. But there is nothing pusleadsteel industry, which
hi show
ing about reoprts from the iron
that the U. S. Steel Corporation iss nocy Funning at 70% of
capacity, as against 80% recently, that it is difficult to maintain prices, and a reduction of wages is talked of. Some of
the outside companies are evidently in a worse. condition.
The Lackawanna Steel's earnings for the March quarter
show an enormous shrinkage when compared with the same
period last year.
The open market rates for call loans on the Stock Exchange
during the week on,stock and bond collaterals have ranged
from P%@2%. Friday's rates on call were 1%@2%. Commercial paper on Friday quoted 3%(4)3%% for 60 to 90-day
endorsements and prime 4 to 6 months' single names and
4@43% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £2,986,485 and the percentage of reserve
to liabilities was 40.34, against 41.43 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 11,661,000 francs
gold and a decrease of 4,119,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
April 4.
Differences
from
previous week.
1913.
Averages for
week ending
April 5.
1912.
Averages for
week ending
April 6.
$
$
Capital
134,550,000
133,650,000 135,150,000
Surplus
214,815,900
204,973,300 199,918,500
Loans and discounts_ __ 1,502,183,000 Inc. 15,487,000 1,330,299,000 1,415,339,000
Circulation
41,754,000 Inc.
7,000
46,347,000
48,555,000
Net deposits
1,551,758,000 Inc. 10,830,000 1,322,742,000 1,430,982,000
334,541,000 Dec. 2,854,000 268,145,000 282,881,000
Specie
66,369,000
Dec.
Legal-tenders
3,087,000; 74,067,000
74,878,000
Reserve held
25% of deposits
400,910,000 Dec. 5,941,0001 342,212,000
387,939,500 Inc. 2,707,500 330,685,500
357,759,000
357,745,500
12,970,500 Dec. 8,648,500
Surplus reserve
11,526,500
13,500
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.-The market for sterling exchange
has ruled firm but quiet. The poor showing of the Bank of
England and the demand for gold for the Continent were
the chief stimulative influences.
To-day's (Friday's) actual rates for sterling exchange were 4 850)4 8510
for sixty days, 4 867504 8685 for cheques and 4 86950)4 8705 for cables,
Commercial on banks 4 83%0)4 84% and documents for payment 4 840
4 84%. Uotton for payment 4 84%04 84% and grain for payment
484J1@4 84%.
The posted rates for sterling, as quoted by a representative house, were
advanced Mc. on Wednesday to 4 85% for sixty days and 4 87%
for sight,
and continued at those figures during the remainder of the week.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 19%(4)
5 18% less 1-16 for long and 5 16%05 16% plus 1-32 for short. Germany
bankers' marks were 94 13-16©947
/
8 less 1-32 for long and 95 3-1601951A
less 1-32 for short. Amsterdam bankers' guilders were 40 5-16 less 1-32©
40 5-16 for short.
Exchange at Paris on London, 25f. 16c.; week's range, 25f. 17%c. high
and 25f. 14 Ac.low. Exchange at Berlin on London,20m. 45%Pt'.; week's
range, 20m. 46pf. high and 20m. 44%pt. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, ActualCheques.
Cables.
High for the week__ A 8510
4 8685
4 8705
Low for the week__ _4 8485
4 8645
4 8670
Paris Bankers' FrancsHigh for the week__ _5 18A less 1-16 5 16%
5 NM less 1-32
Low for the week__ _ 5 19% less 3-32 5 173
5 16% less 1-32
Germany Bankers' MarksHigh for the week__ _ 94% less 1-32
95 5-16 less 1-32
gy less 1-32
Low for the week_ - - 94%
95 3-16 less 1-32 95% less 1-32
Amsterdam Bankers' GuildersHigh for the week... 40 1-16
40 5-16
40% less 3-32
Low for the week__ - 40 plus 1-16
40 5-16 less %
40 5-16 loss 1-32
Domestic Exchange.-Chicago, par. Boston, par. St. Louis, 10c.
per $1,000 discount. San Francisco, 25c. per $1,000 premium. St. Paul
50c. per $1,000 premium. Montreal, 62%c. per $1,000 premium. Minneapolis, 45c. per $1,000 premium. Cincinnati, 5c. per $1,000 premium.
State and Railroad Bonds.-State and municipal bonds
have again been active and strong. Sales of State issues at
the Board include: $330,000 New York 43s, at 1093t to
1093/2; $5,000 New York 4s, 1961, at 1013; $2,000 New
1137
York 4s, 1962, at 1013;849,000 N. Y. Canal 43's, at 1093;
$14,000 N. Y. Canal 4s, 1961, at 101% to 1013/2; $12,000
N. Y. Canal 4s, 1962, at 1013/i and $101,000 Virginia 6s,
deferred trust receipts at 54 to 573'.
The market for railway and industrial bonds has been
active and was less concentrated than for some time past.
In other words, the daily transactions have included a good
many issues. Prices have not so generally advanced as of
late. A list of 25 active bonds shows that 16 closed at a,
lower level, which is a reversal of last week's record. Fluctuations have, however, been so narrow as to have little or
no significance, rarely covering half a point.
United States Bonds.-Sales of Government bonds at
the Board are limited to $70,000 2s, registered, at 98 to 983g•
For to-day's prices of all the different issues and for yearly
range see third page following.
Railroad and Miscellaneous Stocks.-The week opened
with an exceptionally dull stock market. Indeed, on only
one day this year,that of the great snow blockade on March 2,
have the transactions aggregated so small an amount as on
Monday. The transactions have increased day by day
accompanied by a tendency to lower prices, and no other
change in the tone of the market is observable throughout
the week. Fluctuations have, however, been unusually
narrow and a considerable number of standard issues closed
without net change.
In such a market further comment seems superfluous, but
it may be worth while to mention two or three exceptional
features.
Of these, Canadian Pacific has been conspicuous for a
drop of 89' points, on a reduction of rates ordered in Western
Canada, which caused liberal sales in London as well as this
market. New Haven was freely offered in Boston and here
on Thursday, resulting in a decline of over 2 points. Missouri Kansas & Texas preferred shows a loss of 5 points
within the week on rumors that the dividend will not be
maintained. Pennsylvania, Baltimore & Ohio, Atchison
and Inter-Met, preferred are on the list of stocks which closed
at the same level as last week.
For daily volume of business see page 1145.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 10.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest,
Highest.
Adams Express
200 97 April 4 99% April 4 91
Fe 110
Mar
Am Brake Shoe & F, pref
100 139 April 8 139 April 8 12934 Jan 14634 Feb
Amer Coal Products_ _ _ _
10 84 April 7 84 April 7 82
Jan 8634 Mar
Buff Rochester & Pitts_ _
71 107% April 6 mg April 6 1078. April 10734 April
Chicago & Alton
50 8% April 4 84 April 4 834 April 1134 Jan
Preferred
500 12 April 6 123. April 6 12 April 19
Jan
Colorado & Southern_ _ _
100 23 April 4 23 April 4 20
Mar 2834 Jan
First preferred
200 46 April 6 46 April
46
Mar 62
Jan
Comstock Tunnel,
400 Sc. April 9 9c. April 4 6c. Jan 10c. Feb
Dul S S & Atlantic
35 5 April 4 5 April 4 5 Apri 6
Feb
Preferred
300 9% April 4 10 April 7 934 Jan 11
Jan
Federal Mining & S. Pre(
100 37 April 4 37 April 4 3534 Jan 43
Jan
General Chemical
100 170' April 9 170 April 9 170 April 180
Jan
Heime (0 W)
100 162 April 4 162 April 4 160
Mar 165
Feb
Homestake Mining
250 L18 April 9 120 April 7 114
Jan 12234 Mar
Int Agricul Corp, v t e
200 5% April 8 6% April 7 4
Jan 10
Jan
K C Ft S Sr M,pref_ _ _ _
420 71 April 7 7134 April 7 6534 Jan 713j April
Lackawanna Steel
800 324 April 9 3434 April 4 3234 April 40
Jan
Laclede Gas(St Louls)_ _
100 9734 April : 9734 April 8 95
Jan 101
Feb
Mexican Petrol, pref__
200 76 April 4 76 April 4 76
Mar 87
Feb
Ontario Silver Mining
33 234 April 7 234 April 7 234 Jan 234 Jan
Pabst Brewing, pref- --50 101 April 6 101 April 6 101 April 104% Mar
42 9034 April 4 9034 April 4 8634 Jan 9034 April
Pacific Tel dr Tel, pref_.
% April 95-32 Aprli
Southern Pacific rights - 3,898
% April 11-16 Feb
Subscrip recta, 1st pd_
300 9934 April 9 9934 April
9534 Jan 10334 Feb
United Dry Goods
100 89 April 6 89 April 6 88 April 91
Jan
Vulcan Detinning, pref.
100 35 April 7 35 April 7 35
Feb 40
Jan
Wells, Fargo & Co
200 91 April 9 9134 April 9 8034 Feb 94
Mar
Outside Market.-A heavy tone prevailed in outside securities this week until the closing day (Thurdsay, Friday
being a holiday), when there was a general improvement.
Standard Oil stocks, as usual, showed the heaviest losses,
though substantial recoveries were reported on Thursday.
Among the more active of these latter issues may be mentioned: Ohio Oil, which sold down from $192 to $178 and
up finally to 189. Pierce Oil went down from 90 to 82.
South Penn Oil lost 32 points to 360 and recovered to 370.
Standard Oil (California) dropped from 336 to 303 and ended
the week at 314. Standard Oil (Indiana) declined from 495
to 445, with a final recovery to 480. Standard Oil of N. j.
fell off from 419 to 403, but moved upward again, resting
finally at 420. Standard Oil of N. Y. fell from 235 to 209
and recovered to 224. Vacuum Oil sold down 9 points to
224 and closed to-day at 230. A regular dividend of 3% was
declared. United Cigar Stores corn. was conspicuous among
industrials, and after an early rise from 93% to 96 moved
downward, the final figure to-day being 943. The preferred
gained 3 points to 117. Riker-Hegeman weakened from 9%
to 9 and closed to-day at 93'. The new United Profit-Sharing Corp. was dealt in for the first time,"w. i.," up from 43
4
to 5%. Sterling Gum,"w. i.," fluctuated between 6% and
73g. An active and strong feature in bonds was the new
N. Y. City 4%s, which sold up,"w. i.," from 101% to 102,
a new high point. The close for the week was at 101 15-16.
Canadian Pacific 6% notes sold up from 1053/i to 105% and
down to 105%. Western Pacific 5s were off from 66 to 63.
In mining shares, Braden improved from 8% to 81%and weakened to 8% finally. British Columbia weakened from 2 to
13
4. Nipissing sold up from 63' to 63 and closed to-day
at 6%.
Outside quotations will be found on page 1145.
1138
New York Stook Exchange--Stook Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
,Inactive, see preceding page
Per record of sales during the week of stocks usual!)
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
AprU 4
Ionday
Apr11 6
Tuesday
April 7
Wednesday
AprU 8
Thursday
April 9
Friday
April 10
965 9634 9718 0718 97
0718 97
0718 968 9634
10014 10014 .100 10012 100 100 .100 10012 .100 10012
•12212 12312 .122 12312 .122 12312 *12112 123 .122 12312
90
8912 897
9014 891 90
893 90
894 8934
.804 8112 .8012 8112 .8012 8112 .8058 814 .8083 8112
02
0218 9238 9238 0238 9283 9218 9283 0218 024
20612 20683 206 20612 2067 20714 19934 20283 10883 200
*305 325 .305 325 .305 325 .305 325 .305 325
5312 5383 5334 5383 5334 5312 5414 5238 531
*53
:
*1212 1312 *1212 1312 127 1278 •1212 1334 .1212 1314
3234 3234 *3112 3312 33
33 .32
3318 *3113 3234
10014 10034 10034 10118 10118 10134 101 10112 10018 101
*131 140 .131 140 .131 138 .131 138 .131 140
13212 133
, *133 13312 133 13312 133 1334 133 133
I 10170 180 .170 180 .170 180 .170 180 .170 180
35
35
35 *___- 35
•
35
*584 60
*5812 60
15812 5812
; ;132 60 .5812 60
15018 15018 15012 15012
; 148 14858 1487 14878 151 151
400 400
401 401
*39613 40212 .30612 40212 401 401
1218
*1213 1412 1238 1283 12
14
*12
15
; •12
25
23
2312 2312
2512 .22
23
2414 .22
;.; *22
2938 2983 2914 2983
• 294 2912 2938 2078 2983 297
.4512 464 4614 4614 *4514 46
46
*4514 4614 *45
*3513 3512 *3612 35 .3613 3812 .3712 3812 3712 38
12834 12783 12718 12738 12718 12712 x125 12583 12378 125
34
35
3312 34
3214 3312
3412 36
*3512 37
111 111
11114 11114 .11012 112 .11013 112 .11012 112
158* 1512 1538 1583 1538 1538 •1514 1513 15
15
6114
61
624 6112 62
6178 62
61
6283 62
• *2412 2538 2514 2514 *244 258 25
25
*2434 2578
s. - 60 ...___ 5012 *571
: 5912 .584 594 .--- 60
7
*5
7
*5
*5 . 7
7
7
;if
*5
•12
*12
18 .11
10
19 .12
17
19
•12
1444 145
14413 14514
I 14378 14418 14412 145
14438 146
13818 136%
*13612 138 .1364 138 .1364 138 .136 138
13112 13112 .130 13112 .130 13212 .130 133
15 .13- 15
15
13 .13
*13
113
18
•13
'30 40 .30 40 .30 40 .28 40 *28 43
12178 123
126 126
121 123
*128 12812 .124 128
140 140
*138 148 .138 148 .138 148 .138 148
1714 1714 1434 17
*1714 18
*1714 18
*1714 18
45
45
4334 4418 304 4384
46
*44
48 .44
• 2514 2534 2538 2618 2513 2618 2514 26
2434 2512
31
31
34
34
34 .31
*31
34 .31
*30
1212 .1178 1212 .1134 1212 .1114 1212 1138 1134
*12
8912 00
8912 00
8938 0014 893 8983
, 8938 90
6938 6938 697 698 694 698 687 6912 671: 681
:
2718 2718
28
28 .27
28 .27
28 .27
•27
10334 10414
104 104 • 104 104
1038* 104
i 104 104
90
00 .87
*8718 90 .87
*8714 90
90
•87
; 11378 11438 11483 11434 11434 11478 11412 11478 .:11214 113
11034 111
11083 11078 11013 11034
11034 11073 11083 Ill
00
8138 .77
90 .77
8112 8112 *77
00
; *78
98
98
*95 100 .05 100 .95 100
*97 100
16512 16834 18538 16683
1647* 16538 16514 16534 1654 168
90
90 .88
90 .88
90 .88
8978 .88
*88
91
*8912
90
90
90
8812 8812 *8812 9012 100
338
3
383 338
318 334
338 378
312 312
:
618 683
51
5
618
514 84
• 534 6
6
212
214 .2
2
258
2
*213 3
*212 a
18
.8
18
10144 104 .10
14
*10
14
*11
6
*5
6
5
*514 534
*814 612
*614 7*2214 2212 .2214 2211 2214 2214
22
2112 .21
*21
55 •___ 6078
55
54
54 .50
*50
20
1938 1934
2012 *1934 2013 *1934 2014 20
•20
5458 55
55
6514 548 15478 5478 548 53
*55
94;14 941111 :9378 9468
944 9412 9438 9434 9434 05
:10173 10173
10134 10134 10214 10214 7w251a 26 - 253 2578 2538 2534 2512 2578 2514 2534
504
8112 50
8112 .80
8012 8014 8014 •80
*80
1584
1614 1614 1638 1634 1612 1614 1534 1638 15
4318
44
4312
44
43
4313
4314 4338 4334 44
10
1012 .9
1012 .9
1012 .9
.9
1014
107
18
18
18
20
*IS
20
*18
20
*18
0105 10614 .105 10612 10512 10512 110514 10512 .105 1064
1587k 15978 15838 159
15918 15038 15912 159% 1593 160
83
83
8314 8314 183
8314
83
*8234 8334 83
18 .174 19
2018 1812 1014 18
2018 .10
*19
4314 4334
45
4614 44
45
47
*46
47
47
1
1
34 118
114
1
118 112
138
114
412 458
512
5
414 5
54 534
512 583
*2934 3012 *2978 3034 303 3034 82084 3312 82984 3214
5
5
.4
44 418 .4
5
412 412 *4
18
118
18
*16
18
1812 .16
18 .16
516
812
.6
9
.6
9
912 *7
.6
9
*8
42
42
*4212 48
.4213 50 .4212 50 .4213 50
2412
2412 2434 2514 2478 2514 2458 247: 24
24
13
12
*12
1214 1214 12
13
13 .12
*12
45
45
4612 .45
48
4612 .45
4612 *45
*45
7738 7638 7714 7534 7612
7614 7612 7634 7714 77
5718 .5614 5712
57 .58
57
57
5653 5653 57
96 .04
9612 .04
96 .04
*93
96
95
*93
23
23 .22
*2238 23 .22
23
2212 2212 *22
7312 .65
7312 .65
7312 .65
S____ 7312 *65
7313
2038 2838 29
2013 2934 2012 2912 20
2938 293
*9112 93 .9112 93 .9113 9234 *914 0212
4
0'
3 4
5038 5058 .5058 5138 5058 505 *2(3114
5014 503
116 116 .115% 117 .11578 117 .1157 117
*11478 116
3512 351:
3534 36
__
*36 ____ .36 -___ .36
67
*62
6412
*624 6434 .62
644 6412 .6112 67
*4258 45 .424 45
*4213 44
4212 43
4212 427
98
974 9718
*9713 99 .9718 98 .9718 99
438
48 *4
*418 412 *418 412 *418 412 *4
.2114 23
*2114 23
*2112 23
*2114 23
*2114 23
3012 2038 30
3034 308 3034 3034 30
31
•30
1058
1058 .10
.10
11
1011 1012 .10
11
111
32
*28
32
32 .28
32 .28
32 .28
028
.3312 3412
34
*3314 3412 344 3418 34
34
34
10038 10035 .10014 103
3010014 101 .100 102 .100 102
o7t2 812 *712 9
.713 812 .713 812 .712 513
4834 4834 484 4834
, :4512 51
*4812 50
.4812 50
85
85 .83
8478 8478 .83
85
85
85
*83
6912 6838 6878
*6834 6934 6914 6914 6034 6934 60
10238 10238
10214 10214 .102 103
*102 103 .102 103
162 162
1617k 162
16118 16118 .160 165
*16014 164
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Week.
Shares.
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1013.
Lowest.
Highest.
Railroads
9314 Jan 3 10035 Jan 23
9014 Nov 10638 Jan
2,450 Atchison Topeka & S F__
96 J'ly 10214 Jan
9712 Jan 13 101% Feb 0
Do pref
230
Atlantic Coast Line RR_ 116 Jan 3 126 Jan 23 iii J'ne 13338 Jan
9058 J'ne 10638 Jan
8738 Mch 7 9838Jan 26
3,400 Baltimore & Ohio
774 J'ne
88 Jan
Do pref
7734Jan 6 8338Jan 20
9234 May
8712 Jan 3 944 Meta 6 :8334 J'ne
4,615 Brooklyn Rapid Transit_
19858 Apr 0 22012 Feb 4 204 Dec 26634 Jan
70,250 Canadian Pacific
Central of New Jersey_ _ _ 310 Jan 12 310 Jan 12 275 J'ne 362 Jan
5118 J'ly
80 Jan
5034 Mch 10 68 Jan 22
5,200 Chesapeake & Ohio
in Jan
1018 J'ne
1114 Mcn 12 1412 Jan 24
100 Chicago Gt West tr ctfs_ _
35 Jan
23 J'ne
27I2Jan 7 3333 Men 31
Do prof trust ctfa_ _ _
200
Jan
11614
Nov
4
4
Feb
063
Paul_
St
&
9534
10718
Milw
Itch
Chicago
7
8,020
Do pref
137 Itch 7 143 Feb 6 13112 Nov 145 Jan
1,585 Chicago & North Western 128 Jan 3 1363 Feb 14 :123 Dec 138 Jan
170 Jan 5 180 Jan 24 17118 Nov 1189 Jan
Do pref
54 Jan
34% Aug
Cleve Cin Chic & St L.-- 38 Feb 8 40 Jan 5
0434 Jan
61 Apr 2 70 Feb 0
60 Oct
Do pref
70
000 Delaware & Hudson_ _ _ _ 1478 Mch 20 15912 Feb 4 14712 J'ne 167 Jan
388 Jan 6 405 Jan 27 380 Dec 445 Jan
700 Delaware Lack & West
1012 Feb 25 19' Jan 31
2318 Jan
4338 J'ne
600 Denver & Rio Grande
1934 Mch 13 3118Feb 4
41 Jan
23 J'ne
Do pref
200
2714 Jan 3 3212 Jan 23
2014 J'no
3218 Jan
5,750 Erie
3312 J'ne
4912 Jan
Do 1st preferred.... 4273 Jan 3 4934 Jan 27
100
2814 J'ne
35 Jan 2 4014 Jan 23
41 Jan
Do 2d preferred
300
12,210 Great Northern pref.-- 123% Apr 9 13434 Feb 4 11512 j•ne 13251 Jan
2512 J'ne
4114 Jan
Iron Ore properties... 3214 Apr 0 3914 Jan 10
8,800
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
230Illinois Central
1238 J'ne
1058 Jan
1412 Feb 25 1638Jan 24
2,100 Interboro-Metrop v t ctf_
6538 Jan
584 Itch 7 63 Jan 24
45 J'ne
Do pref
6,650
28% J'ly
2438Jan 5 27%Jan 31
21% J'ne
800 Kansas City Southeirn
6112 Jan
58 Jan 12 62 Jan 24
56 J'ne
Do pref
612 Feb 28
7 May
1112 Feb
9 Jan 23
Lake Erie & Western-17 Apr 3 2i1 Jan 28
35 Jan
16 Nov
Do pref
14214 Itch 30 15614 Jan 23 14114 J'ne 16838 Jan
12,630 Lehigh Valley
600 Louisville & Nashville.-- 13358Jan 3 14173 Jan 19 12614 J'ne 14214 Jan
J'ne 13258 Feb
128 Jan 5 133 Feb 7
100 Manhattan Elevated
2314 Jan
12 J'ne
50 Minneapolis & St Louis.. 1212Jan 6 1614Jan 31
31 Apr 1 351 Jan 22
30 Dec
47 Jan
Dopref
121 Apr 8 137 Feb 5 11514 J'ne 14214 Jan
1,700 Minn St P & S S Marie
0
145 Feb 2 131 Nov 1150 Jan
140 Apr
Do pref
100
24 Jan 26
1434 Apr
1818 J'ne
2918 Jan
6,000 Missouri Kan & Texas
52 J'ne
3912 Apr 9 60 Jan 30
6412 Apr
Do preferred
1,400
13
30 Jan 27
2114 Deo
2338 Mch
4358 Jan
16,400 Missouri Pacific
31 Dec
30 Jan 10 34 Feb 6
69 Mch
100 Nat Rys of Mex 1st prof_
884 Dec
10 Jan 6 14 Jan 26
274 Jan
Do 2d preferred
400
90% Dec 10584 Jan
87% Mch 6 9658Jan 31
8,600 N Y Central & 11 It
65% Deo 12978 Jan
6514 Itch 4 78 Jan 2
11,935 NY N It & Hartford2518 J'ne
3378 Jan
28 Jan 7 3158Jan 23
100 N Y Ontario & Western_
98 J'ne 11312 Jan
9938Jan 9 1054 Feb 4
1,810 Norfolk & Western
8014 Aug
87 Feb
Do adjustment pref.. 85 Jan 7 8812 Itch 12
109 Jan 2 11812 Feb 4 10134 J'ne 12258 Jan
7,630 Northern Pacific
10858Jan 3 11511 Jan 31 100 Dee 12334 Jan
5,700 Pennsylvania
7718 Dee 104 Jan
70 Mch25 01 Feb 4
200 Pittsb Cin Chic & St L
9534 Apr 1 101 Nich25 100 J'ne 1109 Sep
100
Do preferred
17214 Jan 22 151% J'ne 17134 Dee
16134 Mch
70,800 Reading
824 Oct
9212 Apr
8712Jan 8 89 Mch19
1st preferred
84 J'ne 95 Apr
5E02 Apr 4 93 Jan 28
2d preferred
320
1158 Oct
2478 Fob!
3 Apr 9 1652Jan 23
7,400 Rock Island Company._
174 Oct
5 Apr 9 25 Jan 16
404 Jan 1
Do preferred
6,000
J'ne
234
1934 Jan I
15
8Jan
53
7
Apt
2
Francisco
&
Louis
San
St
2,800
13 J'ne 69 Feb'
Do 1st preferred.... 1018 Apr 1 1713 Jan 13
100
512 J'ne 29 Jan
934Jan 26
5 Apr 7
700Do 2d preferred
3512 Jan
20 Dec
20 Mch30 2634Jan 26
100 St Louis Southwestern- _
5014 Dec
75 Jan
67 Jan 8 6518 Jan 26
Do preferred
1412 J'ne
2034 Apt ;
1634Jan 2 2238 Feb 5
650 Seaboard Air Line
38 J'ne 4938 Sep
4534Jan 2 58 Feb 4
Do preferred
800
83 Nov 110 Jan ;
8818 Jan 3 9912 Jan 23
3,065 Southern Pacific Co
8814 Nov 0912 Sep •
9458Jan 2 1051* Jan 31
507
Certificates (wh.
1918 3118 28% Jan
2278Jan 3 2814 Feb 4
2,600 Southern v tr ctfs stmpd_
814 Mob
72 J'ne
75 Jan 3 8514 Feb 4
Do preferred do
400
22% Jan
1014 J'ne
1312Jan 5 1734 Apr 1
3,300 Texas & Pacific
4338 Sep
27% J'ne
4118Jan 29 4534 Jan 13
3.300 Third Avenue (N Y)
1214
Jan 24
718 J'ly
13 Jan
918 Mch24
Toledo St L & Western..
1514 J'ne
2934 Jan
18 Apr 8 23 Jan 26
300Do preferred
180 Twin City Rapid Transit 10514 Jan 7 10812Jan 19 10118 J'ne 109 Sep
31
J'ne
15312Jan 3 16438Jan
16234 Jan
13734
36,800 Union Pacific
7934 J'ne
8212Jan 6 86 Feb 4
0312 Jan
Do preferred
800
16 J'ne
3512 Jan
400 United Rya Investment - 18 Apr 8 23'4 Feb 6
Mch24
J'ne
4914
30
634 Jan
14
3812 Jan
Do preferred
1,500
458Jan 23
2 J'ne
6 Aug
81 Apr 8
9,200 Wabash
64 J'ly
414 Apr 8 13 Jan 23
1718 Aug
Do preferred
8,250
2878 Dec
2984 Feb 21 35 Jan 22
46 Jan
100 Western Maryland
334 Oct
638Jan 7
3% Feb 24
8 Jan
200 Wheeling & Lake Erie...
13 J'ne
2812 Jan
Do 1st preferred.... 1514 Met: 11 21 Jan 23
45
538 Dec
14 Jan
618 NIch17 11 Jan 24
Do2d preferred
4018 J'ne
6812 Apr
42 Apr 0 48 Feb 4
100 Wisconsin Central
.
Industrial and Miscell.
Nov $2438 Oot
21,900 dAlaska Gold Min Par 810 $2034 Jan 9 $2514 Apr 6 $18 Dec
9 Dee
758
8%Jan 8 1414 Feb 20
751 Allis Chal Mfg v t c
40 Nov
4312 Dee
Do preferred v t c .- 4312Jan 8 40 Jan 26
300
4
J'ne
6158
Feb
Sep
8018
9
8Jan
7818
707
41,500 Amalgamated Copper
4114 Sep
67 Jan
4734Jan 2 5012 Nlch19
300 American Agricul Chem_
90 Nov 99 Jan
91 Jan 8 9712 Jan 23
Do preferred
1934 J'no
Jan 22
5018 Jan
100 American I3eet Sugar.... 20 Mch 5 2812
65 Oct
88 Mob
68 Mch 11 7314 Jan 26
Dopreferred
21 J'ne
4678 Jan
28% Mch 10 3518 Jan 27
3,920 American Can
89 Jan 3 06 Jan 24 /8012 J'ne 1291j Jan
Do preferred
3612 J'ne
5638 Jan
665 American Car & Foundry 441k Jan 5 5312 Feb 4
114 Jan 28 118 Mch 9 108 J'ne 117 Mcb
Do preferred
120
3314 J'ly
4834 Jan
3512 Apr 9 3684 Jan 26
600 American Cities
6014 J'ne 784 Jan
60 Jan 5 68 Jan 26
Do preferred
100
3312 J'ne
6732 Jan
720 American Cotton Oil.... 3712Jan 8 462 Feb 0
0212 Sep
9412 Jan 15 9738 Itch 30
98 May
Do preferred
150
312 J'ly
514 Feb 6
618 Jan
413 Jan 19
American Hide & Leather
1518 J'ne
2012 Feb 25 2534 Feb 6
2814 Feb
Do preferred
17 J'ne
24 Jan 3 3284 Feb 20
2734 Apr
1,200 American Ice Securities
28
678 J'ne
10 Jan 8 1158Jan
1218 Nov
150 American Linseed
20 Oct
28 Mch 11 3134 Jan 16
3338 Nov
Do preferred
3714 Jan 31
27 J'ne
4412 Jan
500 American Locomotive.-- 31% Jan 2
10212
NIch25
94 Oct 10634 Jan
96 Jan 6
Do preferred
100
914 Jan 26
514 Oct
13 Jan
7 Jan 13
American Malt Corp....
6112 Jan
4178 Oct
42 Jan 3 501 Jan 24
355Do preferred
19
7912 J'ne 88 Jan
200 Amer Smelters Sec pref B 82 Mch 12 85 Jan
5812 J'ne 7414 Jan
2,875 Amer Smelting & Refin'g 6318 Jan 3 7118Feb 4
97 J'ne 107 Feb
9834Jan 3 105 Jan 27
Do preferred
300
160 Jan 2 172 Jan 31 150 J'ly 193 Jan
400 American Snuff
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
'lank*
New York
America 1--Amer Exch..
Battery Park
Bowery91-Bronx 13orol
Bronx Nat__
Bryant Park'
Butch az Dr_
Century 1.Cliase
Bid
665
208
120
425
225
175
150
120
185
690
Bid
Bank,
chat & Phen. 173
576 Chelsea Ex'. 140
215 Chemical __ 415
135 Citizens' Cen t175
345
_ City
2ifo - Coal & Iron. 155
190 Colonial 1___ 450
Columbia 1 __ 30(
ia.5" Commerce - t1741 1
195 Corn Exch If _ 314
610 Cosmoporn 1: 85
iv River._ 60
Eit
Ask
Ask
176
145
425
t17514
355
160
_.320
t176
318
105
75
Banks
Banks
B14
Ask
Ask
Bid
Banks
A 34 Ica board
a
B010
- 3
.
ifs
k
F del 4y11---- 165 175 Harriman ..... 275 290 Ifu
Second
_ _ Imp az Traci_ 505 520 Nassau
Filth Ave..4500
i1._
urity
. New Nethl- ..1g. -1.
114 syi
)
t A3(
Filth
Firstc
300 32-5 Irving
0n2 875 shaman _
(
7
35
:t8
kT.Co7
York
osirrik
:
880 900 (Abut),
State 1
310 325
183 187 Lincoln
Fourth
250
225
2u3ni
iii_i
d tW
tartdes
sa
cwwl:
aeeo
pe
NN
Garfield -__ 210 230 Manhattan 1, 315 330 P
t307 375 Union Exch.
140 Mark Jr Full_ 240 250 Park
Germ-Amer 1 130
230 250
German Ex 1i 375 425 Itech & Met_ t230
--.-- Prod Exch 9Germanial_ 450 475 Merch Exch. 160
il'AMV1 -eathch
W as
1-10 PRueserbilcylle
Gotham ____ 109 is._ . Merchants' _ 172
105 Weet Side 1_
100
5 Nletropoll61- 300 310
Greenwich 9- 270
Yorkville 1..... Nletroporn % 175 185
Hanover.... 645
3`it ".',1(0)
Bta
410
390
ES
Ask
435
5
1i1
1
iiid'
.
140
13U
145 150
500
0
1760
2
1-fir
450 475
--- 600
Melt I Zs 24% sena.
'Bid and asked prlowx no sales on this day. t Ex-rIghto. 1 Less than 100 shares. q State banks. a Ex-dIv. ..4 rights. t) New all
paid.
'sale at Moen liehangs or al auetion this weak. 0 Mint installment paid. a Sold et private sale at this pries, a kIsFdiv. ; if
APR. 11 1914.1
New York Stock Record-Concluded-Page 2
1139
For record of sales during the
week of stocks usually inactive, see second page preceding
STOCKS-HIGHEST AND LOWEST SALE
PRICES.
IIonday
Tuesday
Wednesday Thursday
Friday
April 6
April 7
April 8
April 9
April 10
Saturday
April 4
.10214 105 .10214 105 .1021k 105 .10214 105
.10214 105
.
33
34
*33
34 .3212 33
3212 321k 3212
.99% 10034 100 10013 .9912 10112 10014 10014 9934 321k
10014
.110 .._ .110 11311 .110 11312 *
110 .110
121% 12178 12214 12238 •12112 12212 12134 12214
1213$ 12134
234 234
235 23514 23512 23758 238 23814 23734 238
110534 10534 10512 10558 10513 10512 10514 10533
10512 10512
.1434 1714 .16
1713 .16
1712 .16
1713 .16
1712
.75
7712 .7478 7714 .75
778 .747 7714 .7473 7714
.13
15 .12
15 .12
15 .12
15 .12
15
35% 3512 3534 3534 357 357
7
7
3512
35
34
35
.14
20 .
1212 18 .121k 18 .1212 18 .1213 18
.4813 4934 49
49 .48
50% .48
5018 48 48
.108% 109 *108 109 .10818 109
1081 1081s .108 109
41
41
41
41
41
41
4013 41
391s 4012
.83
85
85
85 .84
8512 18434 8434 84
84
.120 12812 *126 12812 *1264 12812 .126 128 .126
128
•2812 27
2612 261 .2614 27
2512 2812 2434 2512
.
66
6634 166
66
66
68 .65
6613 85
6514
•8213 8818 .
8213 8813 .824 884 .8212 8818 .8213 8818
35
3512 3512 3534 3514 3512 3434 3513 3453 344
.99 10012 .99 101
100 100 .9913 10014 9934 0934
42
4218 4178 423$ 4214 4214 4173 4214 4153
42
.68
70 .68
70 .68
70
70 .68
70 .88
010114 102 .10114 102 .10114 102
10173 1014 .10114 104
3134 3134 3212 3212 32
32
314 32
31
3112
133 133 .
13214 1334 13214 13278 132 132 •13112 133
834 834
eis
873 9
9
9
8% 8%
65 65 .
6312
6314 65 .63
6412 16338 633$ 63
.
94
95
94
9414 .9212 94
9234 9234 .924 94
.18
19
1814 1812 1814 1814 1813 1812 18
1814
.146 147 .148 147
14614 14614 .146 147
146 146
.75
7512 7512 .7514 76'4 7614 767
77
7634 78
911, 92
9414 9438 zol
91
92
9212 92
9214
26
2734 2515 27
2612 2653 2758 27
2534 2612
8314 8814 .8734 8912 8814 8813 .85
8912 .86
8912
56
56
57
554 5578 .56
5534 58
5514 5553
18
1818 1814 1813 181s 1773 18
18
1738 1734
104 104
104 10412 104% 10538 105 10512 104 104
.
115
.115
.115
*10278 104
.1
11
0414
.1027 1704 *11414
.11414
.2% 3 -;iis 3
.218 3
•218 3
10
.
938 1118 .
111 *10
111
/
4 *10
1118 •10
1118
838 878 .812 914 *812 9
81/ 81
81* 812
.35
.
36
38
38 .36
37
36
861
36
36
.634 8
.634 8
.634 8
.634 8
*684 8
•_., 27
29
12178 2178
25
25
*86
86
88
88 .88
88
864
*86
88
.106 10812 .106 10812 .10612 10812 .10613 8813 .1061/
109
109
.
95
0812 .95
97 .95 100 .95
97 .95
99
.
102 103
10238 10212 10212 10212 410212 10213 .10214 103
•220 223
222 222
22212 22412 22312 22312 .215 225
117 117
118 116 *11212 116 .112 116 .114 116
3378 3418 .32
3414 .32
3414 3214 3214 324 3214
.101 103 .101 10514 .101 103 .101 103 .101
103
*94
99 .94
.94
99 .94
99 .94
99
.
167 173 *170 170
171 190
180 180 .175 184
114 114 •112 114 .112 114
114 114 .112 114
.8212 85 .
831/ 85 .8312 85 .8212 85
*8312 85
.68
7014 .08
7014 .
68
7014 .68
7014 169
69
6012 61
60 60 .5913 6012 591/ 5913 .57
60
*9912 10112 .100 10112 .9913 10112 .9912 10113 1100 100
65
6614 6612 6773 6612 674 6512 67
6512 66
23% 2378 2314 234 2313 2358 2334 24
231k 231*
.49
4914 49
4914 .49
49
49
491
4884 487
102 102 .
10134 10214 102 102
10134 10134 .10114 10234
.13014 132
132 132 .13014 13318 .13014 13318 .13014 13318
121 122 .121 122 .12078 122
.
122 122 .121 123
11134 1134 .1114 1214 *1114 1214 .1114 1214
.1114 1214
.80 87 .
80
87 .80
87 .80
87 .80
*4614 49 .
4614 49 .4814 49 .4614 49 .4614 87
49
.
106 109
109 109 *107 10914 109 109
10834
4
1534 1534 1534 1534 1534 1534 15% 15% 1512 1083
1534
.74% 78
7738 773$ 7738 7738 7678 7678 7612 7612
.25
26 .
2514 2614 2514 2514 25
25
24
24
2918 2918 .29
30 •29
304 .29
30 .29
30
.123 124
12312 1231 *12212 12312 123 123
122 12213
•2038 2112 .
20% 2112 .20
2112 207 21
21
21
.91
92
92
9212 92
92
9178 92 .91
93
43
4334 .4312 44 .4312 44
4338 431
43
434
.10312 105 .
10312 105 .103 105 .103 105 .10313 105
O114 11434 .114 ____ 11334 114
113% 1133$ 11314 11314
15414 15414 1543$ 15438 115534 15534 15534 156 .15513 15712
*2815 291
28% 2812 .2814 2912 02814 29
2814 2814
•96
99 .96
99 •96
99
*95
98
96
98
2214 2214 221s 2212 2214 2214 224 2238 2173
224
.2334 24
2353 24
24
24
2312 2334 23
2312
*8634 88
8634 8634 .87
8814 188
88
85
8614
10
10
1014 1012
934 1014 10
10
812 912
27% 2718 28
2712 2714 2714 2314 27
28
27
.186 189 .18512 188 *13512 188 .185 188 .185 188
.3014 32 .30
32 .30
32 .30
32
3018 3018
*3512 37 .3512 37 .3511 37 .36
37
3512 3614
.
6112 64
.601/ 84 .61
64
65
331k 3414 3112 3212 .61
3414 3412 3414
32
32
*85
86 .85
87
87 .85
*85
87
185
85
35
347k 35
35
34% 35
3478 348 343$ 35
146 14618 146 148
14453 14814 142 14473 1411k 143
80
.
85 '80
92
485
85 .80
85 .80 85
•10912
.10912 ---- .10912 ____ .10912 ____ •10912 -.
714
63s 714 .8
618 65$
6% 612
633 Os
.23
30 .23
30 .22
28
23
23
2214 2214
.1034 1314 •10
1314 *10
1314 1238 123$ .1114 1214
.40
45 .40
45
*40
43 .40
4038 41
41
.73
77 .
72
77
75
75 .72
77 .72
76
64
6334 6334 *62
.62
64 .62
64 .63
64
61
6114 61
6114 61
61
6014 6034 5934 603$
104% 10418 10414 10412 104 10414 104 1048 10334
62% 6314 6318 63% 6353 6334 6234 6312 617 104
624
011014 11012 11014 11012 1101, 11058 11011 11012 110 11014
5758 57
56% 5714 52
57% 5634 573* 56
561z
31% 3112 .31
3112 31
313$ *31
31
31
31
131021a 103
103 103 .10212 103 .10212 103 .102% 104
62% 6234 62% 6234 82
6258 62% 623$ 6214 6214
74
7418 7418 74% 7414 75
743$ 7412 74
7414
.118 125 .118 125 •11712 125
118 118 .117 118
.98% 100 .
9312 100
998 .9612 100
99
88
98
98
•117 117%.
117 11738 •117 117% •117 1173$ .117 117%
";Zis 3
Banks
Brooklyn
Coney Isi'd $1
First
Flatbush _
Greenpol nt
-Homestead IT
Manufact'rs _
Mechanics'T_
Montauk
Nassau
Sales of
STOCKS
NEW YORK STOOK
the
1Veck
EXCHANGE
Shares
Range /Ina Jan. 1.
On basis of 100-share lots.
Range for Previous
Year 1913.
Lowest.
Highest.
Lowest.
Highest.
Industrial & Misc (Con)
Amer Snuff pref(new)_
99% Jan 9 104 Feb 20 100 J'ne 105 Jan
200 Amer Steel Found (new). 28 Jan 6 3212 Feb 16
4012 Feb
25 J'ne
700 American Sugar Refining 97 Mc1112 109%Jan 24
9972 Dec 118 Jan
Do preferred
1077 Mch 31
8 Jan 7 110% J'ne 116% Jan
1,000 Amer 'Telephone & Teleg 1171 Jan 2 1137
12414 Jan 30 110 Dec 140 Jan ,
i' boaecco
2,160 American'
w
223078 Apr 1 256 Mch 23 200 J'ne 29414 Jan •
Preferred,
101%Jan 7 10614 Feb 20
98 J'iy 10612 Jan .
1'325 American Woolen
1315 'itch 4 20%Jan 28
1412 Dec
23% Sep '
Do preferred
7212 Mch 4 83 Jan 26
74 May 82 Sep '
Amer Writing Paper pref 13% Feb
1738Jan 23
1178 Nov
3214 Jan :
4,100 aAnaconda Cop Par $25 3384 Jan 16 3814
Feb 3
3078 J'ne
9
4112 Jan
Assets Realization
16 Mch 11 2978Jan 8
22 Dec 120 Jan
200 Baldwin Locomotive_ _
3812Jan 7 5218 Mch 5
3612
Dec
5312
Jan
Do
preferred
100
10212Jan 16 10812 Mch 23 10014 J'ne 105% J'ne.
8,600 Bethlehem Steel
2912Jan 5 4434 Mch 11
25 J'ne
4112 Jan
310 Do preferred
88 Jan 10 86 Mch 11
6214 J'ne 74 Aug
Brooklyn Union Gas.._ _ _ 121 Jan
5 130 Jan 24 120 Oct 13778 Jan
(j
rn
ip)ira
1,500 Calif°
Tef
P
hree
rres
tro
hlmvpt ctfs_
18 Jan 2 3053 Feb 6
16 Aug
5652 Feb
preferred
50%Jan 2 68 Mch20
45 J'ly
86 Jan
350 Cansee
ftrcfs 82 Feb 19 95's Jan 16
9014 Dec 103% Feb
5,930 Central Leather
257s Jan 14 3073 Mch23
17 J'ne
30% Feb
220 Do preferred
9478Jan 6
Mch 4 zea; J'ne 9714 bleb
5.500 dChino Copper_ _ _Par $5 37% Jan 9 10114
3033 J'ne 473$ Jan
Cluett,Peabody dr Co,Inc 6813 Feb 25 44 Feb 4
70
Feb 13
100 Do .preferred
10134 Apr 3 10413 Feb 14
1,900 Colorado Fuel & Iron _ _ _
2812Jan
3413 Feb 5
2412 J'ne
4112 Feb
800 Consolidated Gas(N Y).. 12913 Jan 2
3
13912Jan
24 12518 J'ne 14258 Jan
1,420 Corn Products Refining_
734 Mch25 13 Jan 28
17% Jan
73$ J'ne
650 Do preferred
80 Mch25 72 Jan 29
6112 J'ne
7914 Jan
300 Deere & Co pref
9134Jan 2
4 Feb 3
911 Dec 100/
1
4 Jan '
1,100 Distillers' Securities Corp 17 Jan 9 993
2012 Mch 4
934 J'ne
2134 Jan
912 General Electric
140 Jan 3 15058 Feb 20 12984 J'ne
187 Jan •
1,650 Gen Motors vot tr ctfs
3738Jan 3 7914 Mch 10
25 May 40 Aug
2,060 Do pref v t ctfs
77 Jan 5 95 Feb 19
70 May 8134 Sep
16,100 Goodrich Co (B F)
1918Jan 17 2734 Apr 7
151 Nov
e8 .14111
ua
ggep
300 dGD
orhef
err
E
x
7978Jan 2 91 Feb 3
7334 Nov 10514 Jan •
1,600
ped
lor Par $25 $4438 Jan 8 $5712 Apr 2
4034
J'1Y
5338
Jan
dInsp'n
4,400
Con Cop Par $20 $15% Jan 10 $1812 Mch24
1378 Dec
2038 Jan •
teo
rnap
5,850 InD
tre
Hfa
errr
ved
ester of N J 10078Jan 3 11312Jan 22
96 J'ne 11112 Sep
11312Jan 3 1181s Mch 4 111 May 118 0011 ;
100 Internal Harvester Corp_ 100%Jan 3 11134Jan 22
951k J'ne 11014 Sep ,
Do preferred
1147 Jan 6 11712 Feb 13 Ill May 11414 Sep ;
Int Mar Marine stk tr ctfs
214 Feb 9
3%Jan 27
27 J'ne
418 Jan 1
Do pref stk tr ctfs_ _
812 Feb 10 15'4 Jan 30
1212 J'ne
1912 Jan '
840 International Paper
838Jan 5 10% Feb 2
612 Oct
1288 Jan
35% Mch 10 41 Jan 31
3218 Oct
481$ Jan
800 Int
D
er
enap
trS
ef
terarm
edPump618Jan 9
978Jan 20
413 Dec
181k Jan i
35 Do preferred
19 Jan 2 29 Jan 19
1578 Deo
70
Jan,
200 Kay
Do
ser 1&
stCp
ore
(
f
Jetr
ir
lieus_)
d ::: 80 Jan 19 91 Mch14
77 Dec
94 Feb i
106 Mch 12 10812 Apr 1 106% Oct 110 Jan I
Kresge Co (8 8)
81 Jan 6 105 Feb 25
58 J'ne 83 Sep 1
350 Do preferred
99 Jan 13 105 Mch 3
97 J'ne 102 Jan
ett_pdc
Di2o
1,0
70
70
6 Lig
rer
M
err
yeed
rs Tobacco 21984 Jan 5 231 Mch 1 195 J'ne 235 Molt,
11138Jan 6 118 Mch18 19612 J'iy 116% Jan
400 Loose-Wiles Bis tr co ctfs 31% Mch 12 38
21 J'ne 8970.212
Do 1st preferred_- 103 Feb 26 105 Jan 28
89 Aug 105 Jan
Mehl°
Do 2d preferred
89 Jan 2 95 Jan 24
84 J'IY
95 Jan
880
yd C
Co
om
(P
166 Jan 20 190 Apr 7 r150 J'ne 200 Jan..,
pa)hlea
200 Do preferred
110 Jan
115% Mch14 103 J'ne 117 Feb
Mackay
77
Jan
12 87% Feb 20
2538 rly
87 Jan
17 Do preferred
8518Jan 2 70 Jan 27
62 Dec
89 Ape
800 May Department Stores_ 57 Mch31
6914 Jan 17
65 Oct
7678 Jan •
5 Do preferred
100 Feb 13 10134 Feb 9
9712 J'1113 low:Jan i
7,100 Mexican Petroleum
4612Jan 2 731 Feb 9
4158 Nov
7814 Feb.
4,830 dMiami Copper_ _ _Par $5 $2134Ja
n 3 $2414 Jan 27
201s rue 261s Jan 1
800 Montana Power
48% Apr 9 50 Mch26
.:
410 Do preferred
10134 Apr 8 10212 Mch27
100 National Biscuit
122 Jan 6 139 Feb 3 104 J'ne 130
100 Do preferred
11914 Jan 13 12313 Feb 4 116 J'ne 12478 Snit
Jan i
20 Nat Enamel'g & StamP'g
978Jan 8 14 Feb 3
9 J'ne
1914 Jan'
Do preferred
88 Mch 7 86% Mch 10
74% Oct
9214 Jan.41
National Lead
44 Jan 3 52 Jan 26
43 Oct
5614 Jan.
388 Do preferred
105 Jan
8,100 dNevada Cons Cop Par $5 21418Jan 13 109 Feb 18 100 J'ne 108 Oet
7 $161 Jan 26
13 J'ne
20 Jan 1
400 North American Co(new) 65 Jan 2
7914 Mch 14
60 J'ne
8112 Jan
400 Pacific Mail
2312 Mch 10 29 Jan 21
16 J'ne
3112Jan
100 Pacific Wee & Teleg
2612Jan 9 31 Jan 24
22 Nov 46 Jan •
900 People's 0 L & 0 (ChIc)_ 12078Jan 8 125 Jan
5 104 J'ne 12934 Sep
400 Pittsburgh Coal
177* Jan 8 2312 Feb 4
1411 J'ne
2458 Jan .
550 Do _preferred
8612Jan 7 93i Feb 4
73 J'ne 95 Jan
1,600 PrD
ess
oedp7e
tfe
eerlrC
2884 Jan 5 4512 Feb 2
ed
ar
1812 J'ne
36
Jan
97%Jan 15 105%
5
8812 J'ne 101% Jan
500 Pub Serv Corp of N J.__ 107 Jan 13 114 Mch
Apr 7 105 Dec 118 Jan
815 Pullman Company
15112Jan 6 159 Jan 28 149 Sep 165 Jan
300 Railway Steel Spring_ _ _ _
2514 Jan 7 34% Feb 2
2214 J'Ilv
35 Jan
100 Do preferred
83314 Mch
101 Feb 14
9014 J'ne 100 Jan
9,900 dRay ConsCopperPar$10 $1734 Jan 6
15 J'ne
9 $22% Apr 8
22 Jan
2,110 Republic Iron & Steel
1934Jan 5 27 Jan 27
17 J'ne
2838 Jan
810 Do preferred
80 Jan 2 9114 Mch 11
72 J'ne
9214 Sep
1,720 Rumely Co (M)
812 Apr 9 18 Jan 14
14 Nov
9214 Jan
2,150 Do preferred
2314 Apr 9 41 Jan 13
33 Dec
9934 Jan
Sears, Roebuck & Co_ _
183 Jan 3 193 Feb 2 15434 J'ne 21312
Jan
100 Sloss-Sheffield Steel& Jr. 27 Jan
3 35 Jan 26
23 J'12
4512 J:'.21.
210 Standard Milling
32 Jan 7 3714 Mch24
31 Dec
40% Jan'
Do preferred
6412 Mch19 68 Mch 6
5212 May 6678 Feb
2,500 Studebaker Corp (The)
20 Jan 3 3614 Mch31
1554 Dec
36 Feb
10 Do preferred
70 Jan 5 87 Feb 6
6412 Nov
9314 Jan
3,100 dTennessee Cop.._Par $25 $3178 Jan
9
136
3
4
Feb
11
s2814 J'ne
391/ Jan.
9,500 Texas Company (The)
128 Jan 3 14974 Mch 5
89 J'ne 1321 Den
44 Underwood Typewriter.. 83 Itch 30
88 Jan 31
78 J'ne 99
Do preferred
108 Jan 16 2111 Mch20 104 rly 1131k Jan.
Jan .
1,000 Union Bag & Paper
S's Jan
12
812 Jan 31
4 Nov
7/4 Jim-,
meh30
200 Do preferred
2214
18% Nov
Feb 3
4134 Jan',
100 U S Cast Iron Pipe & Fdy 1018Jan 8 3212
91 J'ne
13's
Jan
23
1634 Jan 4
100 Do preferred
40 Jan 8 49 Feb 8
40 Dec 6614 Jan
100 U S Express
46 Jan 7 87 Mob 10
38 Dec
86 Jan .,
100 U S Realty & Improv't_
54 Jan 7 8314 Mch 10
Nov
4958
77 Jan -i
8
1:6
93
50 United States Rubber
5714Jan 3 63 Mch 14
51 Nov 89% Apill•
Do 1st preferred_ -101 Feb 10 10418Jan 14
98 J'ne 10914 Ap2
153,600 United States Steel
5712Jan 3 6714 Jan 31
497k
691
J'110
3,010 Do 'preferred
10614Jan 2 11214 Jan 31 10215 J'ne 11014 Jan
10,500 dUtah Copper__ _Par $10 24878 Jan
Jan
25738 Apr 6
393$ J'ne
Ma Jail
500 Virginia-Carolina Chem_ 28 Jan 10
7
34%
Mc.1120
22
411 Jan
rly
100 Do preferred
9614Jan 3 10712 Mch 20
93 rat 114 J
3,050 Western Union Teleg_
5734Jan
5412 Dec
764 Jan'
3,170 W-estinghouse El & Mfg- 64 Jan 16 66% Feb 16
3 78% Motile
535$ J'ne 794 Jan
100 Do 1s1 preferred.... 1157 Jan 19
119 Feb 11 1077 J'ne 1193$ Jan.,,
700 Woolworth (F W)
921 Jan 3 10314 Feb 5
8112 J'ne 112 Jally.
Do preferred
11234 Jan 5 1187s Mch 6 109 J'ne 115% Jan
BANKS AND TRUST COMPANIES-BANKERS'
QUOTATIONS.
Bid
270
110
150
80
400
125
205
Aslc
150
285
130
125
100
425
140
140
220
Banks
Bid
Brooklyn
National City 273
North Side 1 175
People's --__ 145
Ask
285
200
155
Trust Co's
N Y City
Astor
360
Bankers' Tr- 425
irway Trust- 150
370
432
155
Trust Co's Bid
Ask
NY City
Central Trust 1010 1020
ColumbiaKnickerboc 440 450
Commercial 85
Empire
300 310
Equitable Tr 405 420
Farm L & Tr 1100 1130
Fidelity
205 215
Fulton
275 300
Cluaraaty Tr 555 565
Trust Co's
N Y City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'i (Westcheater)-
Bid
Ask
130
152
120
360
135
160
130
370
130
140
130
143
A
Trust Co's 1114 Ask
NY City
N Y Life &Tr 970 990
N Y Trust__ 590 805
Title Ou & Tr 410 415
Transatlantic 200 220
Union Trust_ 380 390
US Mtg & Tr 410 420
United States 1055 1070
Westchester - 140
••••••••
Trust Co's
Brooklyn
Brooklyn Tr_
Citizens'
Franklin
Hamilton -.
Home
Kings County
Bid
470
135
240
270
102
570
Nassau
125
People's
285
Queens Co .- 115
Ask '
485 ,
140
258 '•
280
11$ •
1z e
295
100
•Bld and asked I f,j33: uo salts on this
I Lam than 100 shares. 8 Ex-rights. a Itx-cliv & rights. 0
Inosa nashasse 01 at amnion this week. _day.
s Biz-stook dividend._ 1 Bulks marked with a paragrap
h
stook. d Quoted dollars pee skate.
.
t Sale 414
banks. a Zs-dividend.
NM
ca) are State
1140
Ni*' York Stb—c-k Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Etachange nethod of quoting bonds was changed, and prices are now all—"and interest"—except for income and agjautted bonds.
1
BONDS
N. Y. STOCK EXCHANGE a
-.A.
Week Ending April 9
,
Price
Thursday
April 9
Wears
Range or
Last Sale
1
4
co aS
Rove
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 9
.6
q
Z a,
-m
Price
Thursday
April 9
Range
since
Jan. 1.
Week's ;
Range orga.
:4,a
Lam Sale
Ask Low
nigh No. Low High
Lots High Chesapeake & Ohio(Con.)—Bid
199281-9 9212 9434 94
8 9311 9812
9434
General gold 43 3s
98 9834
1992 A-8 92 9334 9312 Feb '14— _ 9333 9312
Registered
98 99
1930 F-A 8213 83 825s
8278 -7 7973 8613
Convertible 430
10214 10211
8513
83
8614
Feb 13 ..-- ---- -__
1944 J -D
Big Sandy 1st 4s
102 1027s
Coal River ity 1st gu 4s_1945 J -D 83 85 8412 Feb '14 ---- 8414 85
11118 11212
9 11 9612 Dec '13 _--- ---1940 J -J
Craig Valley 1st g Is
11212 113,4
'13
--843
4Jan
1946 J -J -----Potts Creek Br 1st 4s
881____ 8814 Mch'14 __-- ii- 8t33;
A Div 1st con g 4s.._1989 J-J
For 10i212 R&
Feb
'14 —
8312
85
8313 8'12
82
J-J
1989
2d consol gold 4s
i. 90
93
Greenbrier ity 1st gu g 43_1940 M-N 85 90 90 Apr90
Foreign Government.
'14 ___ 6012 87
6012
66
6012
A-0
1949
&
Chic
3s
g
ref
Alton
RR
98
9834
9812
98
93
17
98
tagentine--Internal 58 of 1909_ M-S:
0 4612 5512
4612
1950 J -J 4512 4812 4612
Railway 1st lien 3s
Chinese (lIukuang) Ry 5s L.__ J -D 1 8814 8812 8834 Mch'14 ____ 88 8912
Chic B & Q Denver Div 43_1922 F-A 9914 100 9914 Mch'14 _--- 9914 _9934
Imperial Japanese Government
82 3514
8514
27
8
847
Sale
3
847
J
J
1949
Illinois
Div
3%s
8812
2 88 9034
1925 F-A 1 8812 Sale 8813
_
Sterling loan 4 .i3i
1949 J -J —_. —. 861 1, Aug 12 __ __
Registered
8634
6 8632 8912
1925 J -J 1 865s Sale 865s
2d Series 43s
9534
6 93 -61
J -J 9558 Sale 955s
1949
Illinois
Div
4s
J-J
77
1
7818
1931
7914Mch'14
80
7812
__
Sterling loan 43
J'ne 13 ....„
93
---_
R
J-J
1949
10012
100
egistered
100
10014
3
99
1
Republic of Cuba 58 exten debt_ M-8 1 997
21 10278 1-62-7i
10278
4 —__ 1.027s
-1919 A-0 1023
Iowa Div sink fund 5s
941 9412 Oct '13
--1949 F-A
External loan 4 Sis1919 A-0 98 99 98 Mch '14 —_ 904 9312
Sinking fund 43
8712
8612 8733 8713
1---b iii" -16ok yo City loan of fill 5s____ M-8 8
5 9434 9753
9712
9758
100
3
973
MN
1927
84'
Jan
4s
Nebraska
'14 ____ 84 85
Extension
1 80 8312
u 8 of Mexico s f g 5s of 1899 Q-J
1927 M-N 05 -_-- 1.1053 Sep '12
Registered
68 68
1954 J -D 8713 6913 68 Mch'14
Gold 4s of 1904
1921 81-S 99 ---- 9814 Mch'14 --- lii1-4 -9-313
:These are p ;ices on the basis al 45 to t
Southwestern Div 48
North
Joint
bonds. See Great
State and City Securities.
94
84 0114 9413
1958 M-S 94 Sale 0312
General 4s
1980 M-S 10133 Sale 10114 10133 867 100 102
KY City-4s
__ 60 03
Chic & E Ill ref & imp 43 g_1955 J -J 40 4934 8012 Meil'14
102
47 10334 107
1963 M-S 107 Sale 10653
41-fs Corporate stock
11134
1 10714 1 1212
11134
110
A-0
1934
1st
consol
gold 8s
93
14 0513 98
1959 41-N 98 Sale 9734
Corporate stock
4
99
1 953i 1001,
9934 99
1937 M-N 96 ___.
General consol 1st 53
9778 19 9513 9778
1958 M-N 977a Sale 0758
4.Corporate stock
--------98 Feb '14 ____ 98 98
M-N
1937
4
973
98
98
3
Registered
13
975
0534
98
M-N
1957
_
,- 4 2, Corporate stock
'13 -- ___
Feb
4
973
9712
-Pur
F-A
1942
10634
money 1st coal 53
107
16 10353 107
1957 M-N 10673 Sale
1, ew 4 As
Registered
10113 102
1917 M-N 10112.... 10134Mch'14 __
1, ew 4;0
-55i4 -6-----'
9
166 -66 - Mch'14 ---,
------9513
J-J
&
6
10732
Chic
1037
5s_1936
10712
Ind
4
1063
0
Ry
lst,
3
Sale
10712
M-N
5
t 4 % Corporate stock_1957
8 70 7513
7412
1 10112 10212 Chic Great West 1st 4s____1959 M-S 7413 Sale 741
t 4 7 assessment bonds 1917 M-N 10112 102 10134 10134
____ 113 11813
9 85 872, Chic Ind & Loulsv—Ref 6s_1947 J -J 119 120 11812 11c1014
8738
1954 M-N 8733 Sale 8714
'3
Corporate stock
— 10358 Mch'14 ___ 10312 1035s
10415
-J
J
1947
gold
___
53
10113
Refunding
10133
10113
5
-S
100
M
10112
1961
N a State-4s
1917 J -J 81 --- 9553 Apr 11 _—___ ____
Refunding 4s Series C
10113 14 9713 10112
. Canal Improvement 43-1961 J-J 10133 ---- 1013a
1956 J-J _ _. 88 83 J'iy '13 ..— ___ __—
Ind & Loulsv 1st gu 4s
Canal Improvement 48-1962 J -J 10113 Sale 10113 10112 12 99 10132 Chic
1 9014 Aug 12
1956 J -J
&
Ind
4s
Sou
-year
50
10013
Mch'14
___.
---8
1007
10012
10012
-J
s anal Improvement 4s__ _1960 J
_ 104 Dec '11 -----------J-D ---- ---01969
_
L
&
Chic
5
let 4
1-0014
., anal Improvement 4 3s1964 J-J 10938 1095a 10912 10912 46 10734 10912 Chic Mil& Eastterm!
g 53_1914 J -J 10013 ..... 1001s Mch'14 — 10013
St I"
Highway Improv't 4%6_1983 M-S 10912 Sale 10914 10012 330 10712 10978
9538 28 92 0634
9533 Sale 94
Gen'l gold 48 Series A_e1989 J -J
uth Carolina 4%s 20-40_1933 J -J --- - — 10311 J'iy '10 _ _ _ fail War,
9314
.......
9212
2Mch'14
9412
93
921
Q-J
e1989
Registered
rginia funded debt 2-31991 J-J '181 —__ 8434 Jan '14 _—_
15 8....0 8334
823
Gen'i gold 33-is Ser 11_61989 J -J 8012 82 82
5712 101 64 80
Is deferred Brown Bros ctfs__ ---- 5513 67 54
_- _
8_
el.989 J-J ..... 8134 86 J'ne'll
Registered
,.,
351
10333 62 10058 1 .
Gen 4%s Ser C
e 1989 J-J 1023-4 103 103
Railroad.
•
38 83 92
92
1034 J-J 9153 Sale 9114
25-year
deben
4s
65
70
74
65
65
8
Q-J
65
81993
A an Arbor 1st g 4s
10333
100
Sale
3
1013
10113
123
J-D
10134
1932
Convertible
147
03
96
43s
98
81-tch Top & S Fe gen g 48_1995 A-0 96 Sale 9553
Chic & L Sup Div g 5s.. _1921 J -J 104 ____ 10238 Sep '13 _._ __ _—
1 9212 95
95
1995 A-0 9434 9512 95
, Registered
.
Chic & Mo lily Div 53,.:_1926 J-J 105 ---- 10333 Nov '13
1 84 881,
8 1 8734
8734
81995 Nov
t Adjustment gold 4s
_
10212 1-0-4
1921 J-J 104 105 10-4 Apr '14...,_Chic & I' W 1st g 5s
88
—_
Meh'13
81995 Nov -------\ Registered
93
Salo
9312
9312
97
89
28
J-J
43_1949
&
CM
Puget Sd 1s6 gu
8338 13 8433 8812
81095 M-N 8734 8812 88
I Stamped
Dak & Grit Sou gold 53_1916 J-J 10053 ____ 10034 Nov '13
97
19 94 100
1955 J -D Ma Sale 9612
. 3:631,gold 4s
10a-1- 1-081.
2
1920 J -J 10839 ---- 10813 8Ich'14
Dubuque Div 1st St 6s
..
9912 May'13 --- ___
1955 J -D ........
' onv 43 issue of 1909
192.4 J-J 11213 _-_. 110 J'ne 13
,
5
Far
&
Sou assum g 63
9712 9712
9712
2 9413 -66
k onv 4s (issue of 1910)_1960 J-D 97 10214
2r8 fErs
1919 J -J 10212 —.. 1021a Jan '14 _ i57
La Crosse & D 1st 53
102
102
ta978
1
10214
10134
J-D
1017
5s
,
10-year gold
10253 10334
11321 J -J 10312 ____ 10334 Meh'14
Wig & Minn Div g 5s
05 -- 9412 Mch'14 ---., 9134 9412
;- last Okla Div 1st g 48_1928 M-S 914
10914 10914
1920 J-J 10812 11234 10914 Mch'14
Wis Vail Div 1st Os
9118 13 8614 0152
9114 9034
I958 J -J
; Short Line 1st 43 gold
1934 J-D 10114 -- 10134 Meh '14 ____ 9934 10134
Mil & No 1st ext 4%s
9812
9714
---93
,
Apr
985
'14
98
81-8
%3_1962
10118
Apr '14 __-. 101 1011s
" al-Ariz 1st & ref 4
J-11 10114 —.
_1934
Cons
_
_
-is
extended
109
-_—
43
Mch'14
---104
10513
109
1 10211 10253
l5 Fe Pres & Ph 1st g 5s 1942 81-S 10133 ___ 10118 Jan '14 ---- 1011,10112 Chic & Nor West cons 7s 1915 Q F 1023.4 _— 10214 10214
9412 Mch '14 ____ 9412 9432
Chic & St Louis lst 6s_1915 M-8
1886-1926 F-A 9434 _
Extension 4s
9414 33 91 95
Sale 9334
95 95
'AU Coast L 1st gold 48—_81952 NI-S 941
F-A 9414 _-__ 95 Feb '14 _
1886-11326
Registered
----95
---.
Jan
'13
---81052 M-S
8312
i. 80 84
Registered
21 831 8312
1987 51-N
___
General gold 3 ili
1959 J-D .90
7812Jan
'14
._7313 7312
‘,-; 80-year unified 4s
------p1987 Q-le
Registered
4
10434
1 10314 10134
9738 50 03 9734
Ila Mid 1st gu gold 58_1928 M-N 10414 ____ 1043.
1987 81-N 97 9734 97
General 4s
_._.
3
10813
10812
1C1812
10813
Sale
1 runs & W 1st gu gold 43-1938 J -J 91 9412 95 Aug'12
10812
A-0
6s__1879-1929
fund
Sinking
; harles & Say 1st gold 78_1936 J-J 131
1879-1929 A-0 10612 ---- 10512 Dec '13 ___
Registered
9212 15 87 -95 01952 M-N 0213 Sale 92
1; & N coll gold 4s
1041, _-__ 10412 Mch'14 _... 10412 1-0-412
A-0
1879-1929
____
____
fund
Sinking
5s
—.
12313.1'm
_—_
12
11914
' ay F& W 1st gold 6s____1034 A-0 1061,3 __. 11053 May'll ......
1879-1929 A-0 10314 _ _ 102 Oct '13
Registered
2
foF
1934 A-0
,P• lit gold 5s
1921 A-0 11 1 102 10214 Mch'14 __ loot,
Debenture 5s
98 96 Mch'14 ____ 96 96
1 . $U Sp Oca 8c LI gu g 4s_191 J-J 07
1921 A-0 ---- ----101 Dec '12
Registered
92
92
Sale
8
92
90
0234
192 J -J
Dalt & Ohio prior 3As
10312
1
10214
f0312
10312
.
103
66-N
1933
Sinking fund deb 5s
897a ____ 90 Feb '14 --- 90 90
81025 Q-J
ILP Registered
_
1933 41-N ___ 1013-4 1007s Aug'13 ___
Registered
9434 65 9078 06
81948 A-0 9412 Sale 9412
Gold 4s
From Elk & Mo V 1st 63_1933 A-0 12112 ...... 12112 Apr '14._ 120- 12-112
6 9073 94
94
h1948 Q-J 04 Sale 9334
Registered
....
S09
Sep
11012
-J
J
1941
843
3%s
8
902
&
1st
B
W
0
N
Alan
153
90
0
92 163
9901533
1it
N114sl
0
.,,I
.un v
,
.
co
yaurnJunec
---_- ---.
Milw & S L 1st gu 3%3_1941 J-J
112 Jan '12 — _ _
J- 10512 _
---N
i\J1
32
35
.192
_ w8
st6gs3
gold
8 -___ 1033-8 Fob'8 -___ .11-.19-3s 1-0-63;
Mll L 8 & West 1st g 63_1921 34-S 109790
i iiii4 -66
Sale
F.
____
1061s
10612
Men
'14
F-A
1921)
.....1001a lows
&
s
5s
Ext
imp.
(gold
2 8413 891;
88
83
's L E & W Va Sys ref 4s_1941 M-N 88 Sale 911s
Ashland Div 1st g 63_1025 311-8 1h31____ 11318 Feb '14 _- 11313 11334
9114 93 8'714 911;a
11314 Ale).'14 ....-- 11314 11314
‘ Iouthw Div 1st gold 3 Yis_1925 J -J 004 Sale
11338
-J
J
Div
gold
63_1924
1st
Mich
Apr
:
:
.:
2:
-8 18g:2
.
)1
3
I g(
. 1I
.
..
.
a.
4g1s
11 91 94
U378
1,0318 03'3
Mil Spar& N W 1st gu 43_11)47 81-S --- -,„.--- 103 LIch'14... 108 10834
1073
-S51-8
8..
_
Northw Union 1st 7s g1917
100
26 10513 100,s
St L Peo& NW 1st gu 5s_19-18 J-J 106 1063-4 106
Nov'13 _ _
Winona & St P 1st exit 73_1916 J-4) 10612 ____ 10013
1937 A-0 102 1..13 9838 Oct '13 ___ _
, General gold 5s
104,8
-,-- 10418
2 151T8 iiii----- Chicago Rock Isi & Pac 6s_1917 J -J 10413 106
1043a Slob '14 ____ 10433 1043*
rittss Cloy & Tol let g 63_1922 A-0 10512-- 11312 Feb '12 __
104
-J
J
1917
Registered
1917 J-J 96 __ 9634 Mch'14 ---- 9634 -083,
8713
.. Pitts & West 1st g 4s
8744 28 84 8934
Sale
8734
J-J
1988
General gold 4s
-Illat Isl Ry 1st gu g 4;i8_1943 J-D --- - — 91 J'ne'12 ____ ____ __
8434 87
Mch'14
---1988 J-J 85 ---- 80
Registered
1927 J -J
7412 10 72 81
Bolivia Ry 1st 5s
1034 A-0 7414 Sale 7414
Refunding gold 9s
2 103 1091,
10914
69
70
155
Salo
(3814
801,
'Buffalo It & P gen g 5s____1937 51-S 10834 ---- 109
6012
J-J
1932
20-year debenture 5s
195781-N 10313...._..10212 Mch'14 . 10212 1021,
Consol 4;-is
'134 J'ne.11 -,,, -,f, ,_-1918 M-N _ _ --,- 9
Coll trust Series P 4s
1998 A-0 94 ---- 94 Jan '14 -- 94 94
3014 605 3344 -53
2-.1111& West 1st g 46 gu
;
6ale 3334
1
2002
-N
8I
4s
1
RR
It
Pac
&
Chic
111
11012
111
111
____
Mch'14 -1943 J-J
351415 3514 5153
,- gl & Mall 1st gu g 5s
2002 81-N ---------13534
Registered
___
83 85 J'ly '13 __
'Binh & Pitts 1st gold 68_11321 F-A 10912 11012 1091, 3401'14 --- 10913 1091,
R 1 Ark & Louis 1st 4%s_1934 al-si
1 11058 111
111
1922 J-1) 11034111
Consol 1st g 68
10234 Apr '14 ____ 10234.
162.3.
4
-34
.io2
A-0
&
R
1934
Burt)
N—lst
g
5s
4
1063.
1063
10613
10012 ' 13
_
....
14
10071O3
Mclf
103
anada Sou cons gu A 53_1962 A-0 10614
166
103
A-0
gu5s_1921
C It I F & N W 1st
1962 A-0 10612 - -- 10034 Jan '11 -------Registered
-7, ---- ---- --11)27 J -D ..._
M & St L 1st gu g 7s
100
foli
100
100
i
8
57
995
J-D
.
Clinch&Ohlolst 30-yr5s1938
9634 9912 1191a Ma-37'13 ---- ---Choc Okla & 0 gen g 58_0919 J -J
efitral of Ga 1st gold 5s-_p1945 F-A 10734 --__ 108 Fob '14 ---- 103 108
1952 ..1-N __ _ 10012 99 Mch'14 ___. 99 -9-6
Consol gold 5s
6 102 105
1948 m-N 104 105 10413 10413
Consol gold 5s
(iilen
Des Moines 151 59,1923 A-0 90 94 9253810.1'14 --- 9113 9254
&
Reok
_
_
10614
.—
Mch'13
10214
---M-N
1945
77 7812 Melt'14 __ 7813 80
Registered
St Paul & K 0 Sh L 1st 4 As'41 F-A _ _
87 Mch'14 __ 85 17
Ohatt Div pur mon g 43_1951 J-D 861s 90 10714
1930 J - D 116- 122 120 Mch'14____ 118 120
Chic St PM & 0 con 6s
'12
8914 Doe '12
14 —
ac & Nor Div 1st g 58_1946 J -J 10312 .... _ -_ 10412 Jan
1930 J -D 887_
68
Cons
to
—
0
,
33
reduced
114-1
10412
10412
2
—
10314
18 ioi.
Id Ga & Atl Div 5s__1947 J-J
1930 NI-S 103 Sate 10234 103
Debenture 5s
1946 J-J 10413 - 10934 May 11 '14 ...... 11613 11633
obile Div 1st g 5s
11613Jan
---11812
14I-N
6s_1918
Ch St P& Minn 1st g
RR & B of Oa col g 5s_1937 M-N 10033 101 1003a Mch'14 Si 9934 1003
6s-193 J -J 11813 -- 12953 May 09
1st
North
Wisconsin
117
15
114
1167a
117
Sale
117
J-J
, 10834
1 107 1084
ant of NJ gen'i gold 58_198
1919 A-0 10812 ---. 1035
St P & S City 1st g 6s
1 11334 1165
11658
h1987 9-J 1165, Sale 1165s
,; Registered
Superior Short L 1st 5s gf71930 NI'S ---- -..-- -.71'
- 3 :
- --.1 -- -7,:.
5 104 1043
10434
Dock & Imp gu 5s___1921 .7-J 10412 10512 10434
,,
0 -165
J -D ---- .. ..., da.'1'. ---- .
58_1900
1st
'I'
So'east
&
Chic
It
J'ne'13
100
103
102
J-J
& Hud R gen gu g 53_1920
Mch'14 ____ 10613 1064
Chic & West Ind gen g Os_q1932 Q-N1 100 ---- 10618 Mch'14
Y & Long Br gen g 4s_1941 54-5 95 ____ 10012 Jan '13
___ 8318 87
1952 J -J 8412 8534 8414
Consol 50-year 93
1 89 181a
8233
ons!larti g 4s.._e1920 Q-F 8213 - — 8253
rniam
Mch'14_..
int Vpeea
93
&
98
(
00
---1957 J -J 93
014, u & D 2.1 goad 4;i8
1959 J-J
1st & refunding 4s
6 0334 10014
.. clen funding & lmpt 52_1929 J-J 99 100 9773 100
_
-5834
5
1
eJ'n
-J
-------11)59 J
1st guaranteed 4s
18 105 1077
1939 M-N 107 Sale 10653 107
inm.vim.
ille Mrh.14
en
I II • 1 .114-70
;:211t consol gold 5s
:
ria., rs 16. 1 1 ..• ..... — K.•
1939 M-N 1041. 107 103 Jan '14 -- 103 103
i'• Registered
High No.
Ash Lou
Bid
U. S. Government.
9814 70
17 11 2s consol registereci_d1930 Q-J 98 Salo 98
d1930 Q-J 0814 99 99 Mch'14 _
8 2s consol coupon
k1918 Q-F 10134 10234 10214 Mch'14.
Pi 3s registered
k1918 Q-F 10134 10234 10273 Mch'14 _
S 3s coupon
1925 Q-F 11134 11214 112 Apr '14 ---S 43 registered
11273 Feb '14 _
1925 Q-F 112
S 4s coupon
Q-F 9818 ___ 9512 yiy .13
k1936
2s
US
8 Pan Canal 10-30-yr
1961 Q-M 10134 1023-4 10214 /11c1014 ---.
17 8 Panama Canal 3s g
T
pI
_.
(• 8rtorkto,,,c1osnt IA
12 ,,,1 :::: ::::: ::::
L. -_-_-_-_ -2::
,tlifirooiiiitvoirvelfastsgtugg5s58-___BI6 5-t Inil _-,-:- -. 12'4 l'onv°:2:
t
4is
g
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
j.
Iooklyn Rapid Tran g 58_1945 A-0
;, el refund cony gold 4s___2002 J-J
year secured notes 5s_ _1918 J -J
k City 1st con 58_1911-1941 J -J
k Q Co & S con gu g 5s 1941 M-N
klyn Q Co & S 1st 5s..„11141 J-J
Rklyn Un El 1st g 4-58_1950 F-A
1950 F-A
Stamped guar 4-58
Rings County El 1st g 45_1940 F-A
1949 F-A
Stamped guar 4s
Nassau Elec guar g3ld 49_1951 J -J
1927 F-A
Icago Rwys lit 58
onn Ry & L lst&ref 5g 4 hs'51 J-J
1951 J-J
Stamped guar 4;is
et United lit cons g 4 is..1932 J-J
Et Smith Lt & Tr lit g 5s...1936 ,v1-8
rand Rapids Ity 1st g 58_1916 J-D
pavane. Eke consol g 58_1952 r-A
\t! No price Friday;latest ibis week. d
103
103 Sale 103
9133
91 Sale 91
100 Sale 9953 100
10012 10212 101% Mch'14
___- 99 98 Apr '13
101 Mar13
_
10134 Sale 10114 10113
10112 Sale 10132 1011,
8334 -- 84 Mch'14
8412 843-4 8412 Mch'14
78 7978 80 Mch'14
0858
9814 99 9813
94 _. 10173-J1133'12
9512 J'ne'13
7278
7273
94---.7278581
---- 84 Jan '14
90 ____ 98 J'ne'13
9212
9213 Sale 9213
Due April
# Due
Street Railway
12 0012 10312 Hud & Manhat 58 Ser A__ 1957 F-A
1957
Adjust income 5s
63 8712 9314
1932
N Y & Jersey 1s6 5s
110 961, 100
101 10134 Interboro-Metrop coil 4 148_1956 A-0
lnterboro Rapid Transit1966 J -J
1st & refunding 5s
-23 -551a 101371 Manhat Ry(NY)cons g 43_1990 A-0
1990 A-0
Stamped tax-exempt
8 loo 10134
Metropolitan Street Ry—
83 84
Bway & 7th Av 1st c g 5s-1943 J-D
8234 8412
Col & 9th Av 1st gu g 58_1993 NI-S
74 80
Lex Av & F 1st gu g 5s..1993 let-S
8 9634 9914
Met W S El (Chic) 1st g 43-1938 F-A
Milw Eiec hCy& Lt cons g 5s1926 F-A
Refunding & eaten 4 iii 1931 J-J
-a1919 J-J
Minneap St 1st cons g 5a
84 84
Montreal Tramways 1st & ref
1941 J-J
30-year 5s Ser A
9112 95
ie.;
84
13 8134 9114
84 Sale 84
33 39
3014 3213 33 Apr '14
99 -77's 215 7534 7915
7634 Sale 7634
99
9134
9212
95 0833 9914
4 801s 92
5 8873 921i
10112 10214 10214 10214
101
101 Sale 101
101 10112 101 Mch'14
80 Mch'14
83
- 1021, Apr '14
10213
-- 94 91 Apr '13
102 Nov'12
—
3, 101 10214
2 100 101
9858 101
80 80
102 10214
09 Sale 9873
9111 —. 9134
9253 94 9212
9714 99
98 9914 90 Apr '14
5
Dee.
0000
88a16
Duo
#
Nov.
Due
5
p
0
Oot.
Due
Due
Aug.
July.
May. I Due June. A Due
New York Bond Record—Continued—Page 2
APR. 111914.1
BONDS
N. 1. STOCK EXCHANGE t3
Week Ending April 9
Price
Thursday
Week's
Range or
ti
Rae w I
N. Y.
cel.
.,,,,,,
BONDS
,
r,
EXCHANGE a
gn
6
Lastale.„4
0
STOCK
g ,..' f
ainn.
...
April
4,
f:
W eek Ending April 9
1141
APprrticie,
Thursday
Week',
Range or
Last Sate
C-2
Range
since
Jan. 1.
-- —
it
Cin llam & Day (Con.)—
s. ou)
High No. Low High St IL
Ma
As,'; Low
High No. T,ow litgla
ountginGused)—
Find & Ft W 1st gu 4s g_1023 Ni-Fl --------in t&CM1s(tCg'
__ 88 Mehl!
1 12114 12114
1937 J -J 122 125 12114
12114
1953 J -J
Gin 1 & W Istgu g 4q
79 86 Jan '14
13614 May'06
Registered
1037 J -J
-;(-397 Day& Mich 1st cons4;is_1931 J-J
1st guar gold 5s
1937 J -J 1691-2 ------. 10634 Feb '14
J -J — -- 177.3-4 -6f- mdii,ii -- -5i- 1-00 lnd Dec & W 1st g
1037 J -J
Registered
1st guar gold 5s
1935 J -J
Wilt & S F 1st gold 5s
--. 10712 Dec '02 ---11/38 J-1) i9:31-2 .7.:
1(41-2 J
83 85
Ci tall& S 1 1st ref& t g.ig__51952 J -J
Cleve Cin (..1& St L gen 43_1903 J-1) -,-- 8314 8312 Alch'14
90 92 90 Apr '14
"89" 9114
20-yr deb 4 3is
831. 25 83 8712
83 Sale 83
1931 J -J
Registered
Cairo Div 1st gold 4s
1939 j.3 „.... 80 8512
8512
4 8512 851: 1 Jock Val 1st cons g 4 jis_ ,
100 - gile- idd" lad'
"Wr 101
_e Ial I
Cin W & Al Div 1st g 4s_1091 J -J 83 8334 83 Feb '14 -___ 83 83
973
4
6 1 Registered
Jan '14
11199 J -J 97 ---1363s 9764
eel & 11 V 1st ext g 4s
1990 m_N 811 ___ 8412 Mch'14 ---- 83 8534
St L Divlst coil tr g 4s
1948 A-0 884 ---- 92 Apr '13
Registered
Col & Tol 1st ext 4s
1990 M-N ---- ----8214 Mch'14 ---_ 8214 8214
0012 Mal'14
1955 F-A 8814
2
5512 9-61Spr & Col Div lstg4s
1940 %1-S 824 ____ 85 Mch '14.--- 85 85 [lolls Belt & Term 1st 5s
1937 J - ..1 ------ 10014 Dee '12
I ilinois Central 1st gold 49_1051 J -J
1940 3-J 8212 __ 91 Apr '12 --W W Val Div 1st g 4s
9614 97 95 Feb '14
9E9412
i i55, 1-61-37, i Registered
1920 ,),l-N 10534_U10534
10534
01 St L
consol 6s
_ 100 Sep '11
1031 J -J
1st gold 3;is
k1936 Q-F 0012 9212 91 Feb '14 ___• 01 91
1st gold 4s
1951 J -J -ii.- "if 841,8 Oct '13
90 92 90 tieh '13 .......
k1936
Registered
Registered
1951 J-3 .__. ___ 8812 Feb '13
-J 10212 ____ 10314 Mch'14 ____ iiii" iiiii
Extended 1st g 3 3is
ChiS & (11 con 1st g 5s-__1923 r
1951 A-0 8112 ____ 9312 May'09
1O
ii.18
ll.ii.(7).1
.. .
2 Ii0
i0
6.538
_ Alch:1
1914 i 33 j
OCC&I consol 7s
1: -:-.....:-. 10
10:
5 1:
1.0
0_5;
38
1051 A-0 -_---1sl
ittzeggnir
eraes
Consol sinking fund 7s 1914
,
dis
1951 .VI-S --- ____
sterling
General consol gold 68_1934 J -J
1051 .71-S .._
Coll trust gold 4s
Registered
1934 J -J
_—_
1952 A-0 9034 1)2 01 Mch'14
---"iio" 93
Registered
Ind 13 & W 1st pref 4s
1940 A-0 85 90- 94 J'iy '08 ---- ---- ---1952 A-0 ---- ---. 9514 Sep '12
1st ref 4s
0:1 . _ .
0 Ind & W 1st firer 5s_._01.938 -J
9312
0312 10
---94
Purchased
meti;ii
___
73
75
-i&"
Peo & East 1st col,4s
lines 3 3is
Ii/40 A-0
V314 82 Feb '14
-iL- li"
79 82
L N 0 S.: Tex gold 4s
23 26 25 Mcif14 ---- 25 30
Income 48
1U53 NI-N 88 0034 9012 Mch'14
1090 Apr
8912 91
Registered
Col Mid and 1st g 4s
10 141. 1924
19
1053 NI-f. -„,_-. 0512 94.14 Jan '11
1947 J -j 19 Sale 1812
17
Cairo Bridge gold 4s
20 17 Feb '14 _Trust Co. certfs. of depos1t—
1950 J -D 89.8 ..-. 0478 J'ly '12
17
Litchfield Div 1st g 3s
i 00 03
Colorado & Sou 1st g 4s
1951 J-J
9118
7212 -,r - 74 Feb '14
1029 V-X .9118 Sale 011s
74 "ii"
Lottisv Div .:. Term g 3 3...,is 1953 J -J '7578 34 81 May'13
901.1 17 001, 9312
Refund & ext 4 3i s
1935 .11I-N 90,4 9012 901s
Registered
10512
1953
Alch'14
4
10512
1063
J -J ---- - - - - 83 Aug'12
--Ft W & Den C 1st g 6s
10.5 107
1921 J -D
',Middle Div reg Is
1021 F-A 101 ._ __ 123 May'99
Conn & Pas Rivs 1st g 4s_11/43 A-0 --- - -____ _—_
Omaha Div 1st g 3s
1051 F-A 7_13s -ii- 72,5 Feb '14
Cuba lilt let 50-yr 5s g
1052 J -J ---- -- iati - tial'-1(5 -_-_:-. -"ii."
St Louis Div & ter m g 3,1951 J-J 71
7512 lich'12
el Lack & WesternRegistered
1951 J -J
4J Morris & Essex 1st78
1914 VI-N 10018 10118 10014 Mch'14 .--- 10014 10078
Gold 3hs
10313 10 103 10314
1951 J -J 8112 - — rii1-2
1915 J -D 103 10314 10318
1st conso. guar 7s
Registered
1931 J -J ---- ---. 10118 Oct '95
1915 J -D ---- -- 103 Nov'13 ---- ---- -liegistered
Spring Div 1st g 3__ 1951 J-J
791s ---- 7858 Mch'14
2000 3 -D 84 ___ 8512 Feb '14 ---- 8512 8512
785 781$
1st ref gu g 3 3-is
j_ j 10978 ___ 110 Mehl.) ---- 10814 110
Registered
1951 J-J
N Y Lack J W 1st
Eet)
10412
'14
.
Western
-4
---- 10412 10412
1925 13-A 1043
lines 1st g 45_1951 F-A 89 -- "Of Feb '14
Construction Is
"55
91
1021 M-N 0434 ---- 0434 Men'14 -- -- 0434 9434
Registered
Term & Improve 4s
1951 F-A ---- -___
---_ 10218 Feb '03 —..
Beller & Car 1st es
Warren 1st ref gu g 3 yis_ _2000 F-A 80
1923 J -D ---11713 a-y-r1l)
Curb & Shaw 1st g 4s
Del & ilud lst Pa Div 78_1917 51-S 10814 --__ 10838 Mch'14 ___ i55T, 168-3;
1932
,.
,
,,I-S 8712 - -- _ '34143'ly '12
Chic St L& N 0 g Is
Registered
1017 M-S
108 Mch'14
. _. 149 Aug 01 ---ibi 108
195
'
.
4) 108'1 -- 114
99
10-yr cony deb 48
3 973, eels
1916 .1 -I) -087-a Sale 9878
Eel)'11
1951 J -I) 104
Registered
---j
_j
100
10118
10012
let lien equip g 4s
1922
Gold 3;is
10012
00 Oct '09
1951 J -1) 80
2 9912 101
let & ref 4s
1943 M-N 0618 Sale 06
1051 J-D
Registered
061S
9 9312 0634
Alb & Sus cony 3%8
8614
1946 A-0 86 Sale 86
9 8412 8634
Mempn Div 1st g 4s
"t5i1"2 Aug '12
1051'
3 -D
Rens & Saratoga 1st 7s
1921 51-N 116'2 ---- 11512 Feb '11 ---- 115 11512
1951 J -D ---- -„Registered
Deny & 11 Cr 1st con g 4s1936 J-3 816s 83 8114
40 7914 85
82
St L sou 1st gu g 4s
1931 M-1,3 ---- 04 -tig"
Consol gold 4 3.is
153e! 2 -1 i5712 90 8812 Mcli'14
11/36 J -3 88 91 87 tich '14 ---- 87 Otr; Ind Ill & la 1st g 48
8614 88I
Improvement gold 5s
1928 J -D. -,.., Ul 00121\10;14
89 0212 int & Great Nor 1st g 6s_ _131,1-ii 102 ---- 103 Mch'14
103 104
1st & refunding 5s
James['tank N. Clear let ,is 1020:j-12, ---- ---- 9112 Men'14
66,4 -ii 62 74
1955 p-Al 064 67 6634
9112 924
Rio Or June 1st gu g 58_1939 J -D --------109 Dec '12 ---- ___ ____ k, an City Sou 1st gold 3s_ 1950i A-i.2. 0438 72 69%
6938
6812 70
Rio Or So 1st gold 4s
-IX Registered.
1940 J -J ---. 70 6112 Apr '11 .......
-1950 A-0 -------- 63 Oct '00
Guaranteed
Ref & impt 5s
74 85 Melt ',,8 ...,
1940 .1 -J —
0612 97 9612 Apr '14
Apr 1950 J -J
-57572 -911;
Rio Or West 1st g 4s
-j
3
84
8258
22
Sale
81
Kansas City Term 1st 4s__ 196(1 J-J .923
1939
4
93,4
.8 951 1)3,
79 84
9318 (151s
Mtge & col trust 4s A
1937 sil - J it/1,2 103 102 Apr '14
7214 1 mike Erie & W lst g5:
11)40 A-0 68 751s 72 Mch'14 ____ 72
100 103%
Utah Cent 1st gu g 4s_a1917 A-0 00 --__ 07 Jan '08 ____
1941 J -J -- -- 09 95 Jan '14
____ 1-4 3d gold Is
95 95
--------110
Sep
'04
Des Mol On liy 1st g 5s
1917 51-N
Oillo 1st gu g 58_1945 A-G - - 10018 93 8101 14
98 98
Det & Mack let lien g 4s
Leh Vail N 1: 1st gu g 4%8_ 1040 J -J 101.18 1011 10133 den '14
1095 si ..D 84 ____ 84 itch '14 ___ 81 85
10014 1011s
1995 j_D 82 ____ 82 Mch'14 --__ 82 82
Gold 4s
Registered
1940 J-J -,,,- ---- IOU Dec '13
Lehigh Vail (Pa) cos
Det lily Tun-Ter Tun 40_1961 '41-N ____ 96 06 Alch 14 ..-- 90 97
n g 48_2003 M-N " -,•:7- 89 Mch'14
87'z 89a
Dul Missabo & Nor gen Gs_1041 j-3 102 105 10314 Mch'14 .... 10314 103 General eons 4 Yis
1/958 is 99 9953
2003 M-N 90,2 0038 9912
1937 A-0 10234 10334 10312 Mch'14._ 10012 104
Du: & Iron Range 1st 5s
Leh V Ter liy 1st gu g 5s
1941 A-0 111 11134 111 Mch'14
1105s 111
1937 A -0 100 103 10612 Men '08 .--_
Registered
Registered
1041 A-0 -------- 1111s Dec '11
1916 j_j 100 _ 104 Eel) '11 .--- ---- ------ Leh Val Coal Co 1st gu g 5s_ 1933 J -.1 104 --- 10114 Mch'14
2d es
10474 fat;
1937 j_ 3 10013 ..___ 9914 Dee '13_ --- ---- ---1333 J.1 102
Du So Shore & At g 5s
Registered
105 Oct '13
1131gIn Jol & East 1st g 5s1941 M-N 10412 ____ 110 Aug '12 ____
1st int reduced to 4s
19.33 J-J
Ni-s
112 116 112 Apr '14 ---- -iiirs 11-27- Leis & N Y 1st guar 1 4s
1920
1-4de 1st consol gold 7s
-1-3817110e6-'14
1945 AI'S
88's 881k
' '11 __ __
N Y& Erie 1st ext g 4s-- -1047 011-N 05 —_ 10112Jne
Registered
1945 A1-5 -------1019 3.1-S 102
102 12AR:11'14 --- -1572T2 1-62-12d ext gold 5s
Feb '10
. El C & N 1st prof 6s
1914 AO ---- ---gd ext gold 4 s
1923 el-S 0012
_ 100 Melt '14 ---- 100 100
Gold guar 5s
1914 A-0 -------- 00:8 Nov'13
1920 A-0 102,,s ____ 10258 MO)'14 --- 102 10238 Long Isla 1st cobs gold 5s_h1931 Q-J /07 -- 10612 Mch '14
4th ext gold Is
ioai,
1928 J -.0 eA.14
100 Jan '12 ---5th ext gold 4s
1st 20e501 gold iis
41thi1 i..1-.) 991s --- 9614 Mell'12
NY LE& 1V 1st g fd 7s_11/20 2. -F, ...... 1203-4 109 Aug'13 -!_iegezal geld 4a)
9112111c:fe4
d
'L.:as
g
2
-1,C91Erie 1st con g 4s prior
Sia
1096 j- 3
8512 85
8518
2 -824 -87-1-4
iS:,..nA-b 9414 07 95 Alch'14
.1-.
1e.'Y Zeld 49-55
95 97
Registered
1996 J-3
84 83 Jan '14 Gogl'islen ,.1-1.., 65 - f,- 9914 Oct '06
83 83
1st consol gen lien g 4s---191/6 j- 3 7412 Sale 7412
21 7114 7614
75
UnIttet! geld 4s
1040 11R-'d 66 88 87'2 Jan '14
9,0 ift;
Registered
1006 J -J - -- 74 77 Apr '12
Debenture gold 5s
1934 4-D
101 Men'14.
10014 101
Penn coil tr g 4s
1951 F-A 9034 9138 01 Alch'14S9 92
Guar ref gold 4s
1949 M-13
9178
0178 —5 19 92
5
1953 A-0 74 Sale 7458
50-year cony 4s A
Registered
1949 191-S
95 Jan '11
7434
6 7212 7738
1953 A-0 7334 Sale 7334
Series B
do
7334 14 7138 76
.4 Y B& Al B 1st con g 5s_1123 Al
10014 Jan '14
10014 for
11)16 -D 10412 ---104 N'ov'13
Buff N Y & Erie 1st 7s
N Y & It 13 1st g 58
10212Jan '14
10212 10212
J
Chic & Erie 1st gold 5s_ _11182 ivi-N 10756 Sale 10712 10718
Nor Sh B 1st con g gu 55_01932 Q-j
jar; nig104 Apr '13
Cloy & Mahon Va. g 5s_14138 J -J 10312 108 103 Feb '14 --- 103 103
Leuisiana & Ark 1st g 5s_ _1927 Al-S
9112 Feb '14
"oiT2 HT;
Long Dock consol g 6s_1935 A-0 12214 12312 12212 12212
i 12112 123
Louisv & Nash Gen 6s
115
115
19
9V
11112 115
Coal & RR 1st cur gu 6s.._11)22 ill-N 101 10712 10t) Dec '12 ....Geld Is
108 Feb '14
.
108 103
Dock & Imp 1st ext 5s
1943 J -J lii212 10334 10214
1. ioii8 162-1-4
10214
1940 ,_J
enified gold 4s
95149514 9.512
oots 36 1/214 9614
N Y & Green L gu g 5s
1946 M-N 10014 .--- 10312 Aug '12 -9334 Itch '14
Registered
1946 J-j
9334 9354
NY Sus & IV 1st ref 5s_1937 J -J --- 0714 07
97
1 -ijai2 -6.611 ....:ollateral trust gold 5s
1931 M-q 10514 ---- 105 Mch'14
105 105
,.--3, 1.:634
2d gold 4 3.'2,1
1937 F-A 74
10014 Dec '06 ---E li & Nash let g 6s
---- 10338 Dec'13
General gold Is
75 75 Apr '14 .-- - 75 7g
1940 F-A
14 ein & Lex gold 4;is
ltft1
(
1 A-ti 142 ---- 10114 Men'14
1159T8
Terminal 1st gold 5s
1943 51-N i6e7r4 110 102 Jan '14 ---- 102 102
12014 Mch'13
N 0& Al 1st gold 65
Mid of N J 1st ext Is
1040 A-0 105,2 --- 11112 Mar 12 --N 0& NI 2d gold 6s
111 IV)'14
Pag
iii" iff"
Wilk & Ea 1st gu g 5s___ _1942 j_D 1/718 0712 07 Alch'14 ---- 9234 98i2 Paducah & Mein div 4s_11146 F-A ---- ---- 89 Feb '14
89 89
Ev & Ind 1st con gu g 6s
1926 j-3 100,s 110 106 May'12 --Louis Div 1st gold 6s-1921 M-S i9i1;I156. 1083,2 Feb '14
10838 10133.
Evans & T It 1st cons 6s
11121 j_ j 105 ____ 10.1 Dec'13 ....._ ---- ---2d gold Is
1980 ,'j-9 ---- 6412 6938 Se') 12
A-0
__..,
09
.99•
3
8
1st general gold Is
Dee '13-- ..— -___
1942
Ati Knox & Cm Div 4s
00
00
1055 311 N
88
108 Nov'll ---- - St102
Mt Vernon 1st gold 6s
1923 A-0 ---AU Knox & Nor 1st g 5s 11)46 J-D 111P _9_sn 111 Jan '13
Sull Co Branch 1st g 5s_1030 A-0
05 J'ne'12 ---- -------Render ild e 1st s f g 65 1931 1.1-.,
5 12;4
100 108
2 -6i1;100 Jan '14
Merida E Coast 1st 4 34s 1959 j-D 92 9234 03 Mch'14 ---- 91 94
kientucky Cent gold 48_1987 J
8 3 901.
90 Apr '14
ort St U D Co lstg 43is_lti41 J-J
02 Aug '10 ---- _
i...& N& M& Al 1st g 4 hs 1945 51-5 1003s 10312 100 Jan '14
100 100
1028 J -J -ii- -eig 64 Feb '14 ..._ iiis -aFt W & ido Or lst g 45
L & N-South 51 joint 45__105L ,!,-,,: 85 8518 84 Mch'14
83 84
LI rent Northern—
Registered
h1952
95 Fen '05
%-A 0 B &
coil trust 4s_1021 3-J 0712 Zele. 9714
‘758 278 9434 68
N Fla & S 1st gm g Is
1937 1-:1
-A /0,i3v4 1(1E3-4 10434 Apr '14
10414 1-644
Registered h
1921 Q-j 07,2 Sale 0718
9712 283 9514 975s
N& 0 13dge gen gu g 4;is 1945 ,1-J 99ez ---- 100 Mch'14
9912 100
let & refunding 4 Us ser A 1961 J -,: 10014 Sale 10014
10012
Pens & ALI let gu g 6s
8 100 10138
1921 F-A 1091s 110 10038 Fob '14
10854 1091$
Registered
1061
96 J'ne'13 ---S& N Ala con gu g 5s__ _1936 F-A 10634-- 107 Meh'14
10514 107
:j -60-3-4 -9.67; 98
St Paul M & Man 4s
11/33 -.103
1 gal 98
Gen
cons
gu 50.yr 54_1963 0 -r1
10434 105
65 10412 105
1933
let consol gold 65
12114 itch '14 ---- 11034
I. 3: Jell .13dge Co gu g 4s
83
8312 Mch'14
1945 itl-13
A83 85
liceistered
1033 J -J 117 --- 11712 Aug'13 ---- ____ 12114_ 1, 1 atIlla 1i1C-30u
Hues 4s_11)36 M-ei -------Reduced to gold 4;0_11133 J -J 103 Sale 103
103
4 10014 1-0
.
3 -ilex Internet 1st con g 4s 1977 ,,,i-S ---- 76 71 Me-h-To
---Registered1935 J -J 911 ___ 10834 j'ee'09 -tamped
1977 54-S
79 Nov'10
---11137 J -1) 11638 06 0512 Apr '14 ____ 55 -41E54 'lino & St Lguaranteed
Mont ext 1st gold 4s
il
1st gold 78.1927
-31
1'2412 Oct '12
—
J-D -2
::::
1937 J -D 04 -___ 0412 Apr '14
Registered
Pacific
1
Ext 1st gold 6s
1
1921 A-0 10034 107 11U1s Aug'11
1940 J -J 8714 ____ 0258 Mehl
Pacific ext guar 48 £
---- ------'11
consol god 5s
193
let_4M-N ..--- 92 92
92
1'5" ING
16 Minn Nor Div 1st g 4s1948 A-0 921s 9612 97 Sep '12 _.
1st and refund gold 4s
1949 M-S 544 56 55 Apr '14
51 61
1922 J -J 11634 ____ 11012 Jan '14 ---- 111072 fiat; Des M & Et D 1st gu 4s 1935
Minn Union 1st g 6s
J-J ....— 687s 68 Feb '14
68 69
MISCELLANEOUS BONDS—Continued on Next Page.
-g-ti -
16(14 Rif
j
89
122 N1:1; 2i.
Yi1;
D
.North____
fai;
A-.14.?
I- 1 118
167;
-
,I
Street Railway
New On 11y& Lt fen 4 148_1935 J-J
N Y Rye 1st 18 5 & ref 48 1942 J-.)
30-year ad) Inc 5s
a1942 A-0
NY State Rys 1st cons4254-N
Portland liy 1st & ref 6s......1930 A1-1:
Portland liy Lt & Pow 1st
& ref cony s f 5s
1942 ,:-A
Portland Gen Eke let 55-1939 J -J
St Jos Ry L,11 & P let g Is 1937 N4-N
St Paul City Cab cons g 58_1937 J -J
Third Ave let ref 4s
1960 J -J
Adj Inc Is
a1960 A-0
Third Ave iiy let g 5e____1037 J -J
Tr -City liy & Lt let if 5s-1923 A-0
Undergr of London 43.0_1933 J- 1
1948
Income Gs
Union Elev (Chic) let g 58_1945 -A--15
'United ltys Inv s Pitts 11391026 61-N
•No pries Friday;!stoat bid and asked
121%
.,
.
!1047sj
Street Railway
United Rye St L let g 4s......1934 J-J 69 72 70 Apr '14
St Louis Transit Fu 5s___-1924 A-0 71
78's
7114 Mch'14
6312 United lifts San kr s f 4s-1927 A-0 564 58 5712
68
90
Va. Ky & Pow let & ref 52_1934 J -J 927s Sale 927s
9218
--Gas and Electric Light
gl 1)2 92 Mch'14
92 10012 Atlanta GI L Co. let g
1014 _ 10212 Dec'13
98% __
__
Bklyn U Gas let con g 58_1945
10514 10512 10512 10512
99 ____ "til" N017.-ii3
---- —_ Buffalo Gas let g 5s
1047 A-0
54 rne'13
—
101 ____ 10311 Feb '13
Columbus Gas let g 5s
1932 J-J
8438 Sale 8414
8412 69 -8iir2 W- Detroit City Gas g 5s
1923 J-J -CA 1194
Mciai
7912 Sale 7912
8012 26 7614 8412 Det Gas Co.con let g 59-1918 F-A
956s Sep '08
109 10934 10912 10012 10 10612 10912 Det Edison let coil tr 5s
1933 J-J 10214
102%
102%
97 Sale 07
Eq GLN V 1st con g 5s
97
6 96 98
1932 51-8
10612 Oct '12
9412 95 9412 Mch'14
9412 90
Gas & Elec Berg Co c g 56_1949 J-D
100 Feb '13
3 80 Apr '14
8434 9214 Cr Rap C L Co lst g
F-A
101 100 Oct '09
---------- 84 Oct '08
-- ---- Hudson Co Gas lit g 5s_1949
108 10312 1031s Mch'14
74 __. 71 J'ne'13
---- ---- Kan City(Mo)Gas let g Sc 1922 A-0 90 92 92 Mch'14
tst wen: a Due Jan. •DM Yob. 4 Des Aar% 3 au
Jai:.
Des AIL •Dub Oot. eOPtOD ale.
-- 81 85% Feb '13 .....
78 Sale 7734
7814 49
5814 Sale 5818
5834 221
8934 8978 8971
90
6
997s 101 101 Jan '13 --
75
681s
87
----
70
69
11 52
1 927s
4
724
7114
61Ie
941g
15N,fa'
- 981i 100
2 100 102$
10114 1031$
91 92 4
1142
xovin.
New York Bond Record—Continued—Page 3
I0
BONDS#13
Week's
Range or
Last Sale
Prier
N. Y. STOOK EXCHANGE"
a b Thursday
Week Ending April 9
N o_
April 9
2
Range
since
Jan. 1.
g 4-
sucl
g
BONDS
Price
t' V
N. Y. STOCK EXCHANGE ” Thursdqy
t
Z
Week Ending April 9
April 9
--. a.
Week's„,.
Range or 0
Lae, Sale .
-..
Range
since
Jan. 1.
Bid
Ask Low
if ioh No. Low High
Ask Low
Bid
High No. Low High N Y N 11 & Hartford (Con.)—
Minn Ss St Louis(Con.)—
B & N Y Air Line 1st 4s_1955 F-A
. 9912 J'ne '12 __
_
_
Iowa Central let gold 88_1938 J-D ____ 92 92 Apr '14---- 88 94
Cent New Eng 1st gu 4s_1961 J -J 8112 -83 81 Mch'14 _-_ -81- -83Refunding gold 4s_ --. 1951 91-S 5214 53 5212 Apr '14 _-- 50 571r
Housatonic It cons g 5s_ _1937 NI-N 10012 ____ 110 Vet,'13
M MP&SbM con g 48Int gu 1938 J -J 951, 96 95 Apr '14 _ 00 95
-. i -ii•
;5s'46 J -J '3
N Y W'ches& B 1st ser 1 47412
7273
lit Chic Termis f 4s
1941 II-N ---- ----0714 J'ne'12
___ 107 Aug '09 ---------N 11 & Derby cons cy 53_1918 NI-N ---- ---------- --_
MB El & A 1st g 4s int gu.1926 J -J --- --- 96 Nov'13
---'11--New England cons 5s____1945 J -J ---- ---_ __
Mississippi Central 1st 58_1949 J -J 9112 ---- 9312 kich
- Me-h-'12
1945 J -J Consoi 4s
- -_-_-- ---- ---9018 —9 -8734 -91-7Mo Kan& Tex 1st gold 48_1900 J -D 90 Sale 90
8
Providence Secur deb 42_1957 .11-N 55 —.... 88 Apr '14 __.-.._ -a- -Ezi2 70 77
7034
2d gold 4s
01990 F-A 7034 Sale 7034
81
N Y O& W ref 1st g 43_ _q1992 Ni-8 84 Sale 8312
15 8178 88
1944 I1-N -,— 09 96 Mch'14 ____ 9512 99
lit ext gold Si
, ......_ ,._
ejinchel2
N
2
2
1
11
2
9
,
94
_
_____
___
S
-D
2 NJI5,
99
10
Registered $5,000 only
- _,01
2 6318 71
:.7:6712
2004 VI-S 06 Sale 66
1st& refund 48
Genera148
8112 -—
4Mch'14
8314
85
813
8112
78
----J
J
1936
Gen sinking fund 4 As
92
Sale
94
94
2 94 9712
F-A
5s1961
Norfolk
Sou
1st&
ref A
at Louis Div lit ref g 4s 2001 A-0 ---- 75 7814 Apr '13
1941 91-N 10214 __ 100 Jan '14 — — 100 100
9934 Dec '13 _. _
-- ---- Norf& Sou 1st gold 5s
1940 NI-N
Dal& Wa lstgug 53
1931 M-N 11978 ____ 119 Mel5'14 -- 11712 119
-- 83 8214 Mch'14 -- 8214 8214 Norf& West gun gold 6s
1990 F-A
Kan0& Pac 1st g 4s
Improvement& ext g 6s 1934 F-A 121 ____ 123 Jan 13
1942 A-0 104 106 104 Mch'14 __ 10314 10414
Mo K & E lit gu g 5s
New River 1st gold 6s__1932 A-0 1192*____ 118 Feb '14 __„. .1.111- fir
1042 M-N - .100 9812 Feb '14 ____ 9812 9812
M K& Olc 1st guar 58
9534 ii8 94 95s4
N & W lty lot cons g 43_1996 A-0 9512 ____ 9514
M K & T of T 1st gu g 56_1942 NI-S 95 97 96 Mch'14_.... 96 96t,
1996 A-0 ---- 95 98 Jan'ii ___ _
Registered
Sher Sh & So let gu g 58....1942 J -D --- 104 96 May'13
i gi3r2 ifs;
a1
90 9138 91
-J
WI;
Div'l
J
-5i1944
__
1st
4s___
'14
I&
9912Jan
8
g
977
-S„gu
M
_1943
5s_
g
gu
Texas& Okla 1st
10314
0 101 1032*
10-25-year CI) 1w 4s
-1932 J-D 103 104 10314
NI-N 1041-2 Sale 10412 10412 jo 103 105
Missouri Pac 1st cons g i.1026
'14
101 10454
__—
Sidi
10312
104
103
9813
94%
1
0-20-year e‘giv 4s
__
1032 NI-S
Trust gold Si stamped_a1017 M-8 06 9612 95 Mch'14
10358 11 10038 10512
1938 51-S 10358 Sale 10338
Convertible 4;18
/11917 M-S ---- 9714 97 May'12 ___ _
Registered
5 8812 9012
8812
8912 8813
83
2
0
9i
-D
____
Pocah
Mch'14
J
04
0
1941
94
93
&
C
Joint
F-A
4s
1920
lit collateral gold as
_ _ ___
C C& '1' 1st guar gold 5s 1922 J -J 103 ---- 10554 Jan '13 ---- _
1920 F-A - _ _
Registered
asSelo V & N E 1st gu g 48_1939 Ii-14 93,a 04 93 Apr '14 ____ '0iii's "
if
i
1945 M-s dd14 iii - 651;
40-year gold loan 4s
957a 146 9212 96
Apr
73
Northern
'14
7318
-7212
68
772*
Pacific priJr I g 48 1997 Q-J 9534 Sale 95%
M-S
1959
ref cony 58
Mch'14
--0458
942*
941s
951s
86
_
Jan
'14
...-- 80 86
1997 Q-J
1938 VI-N .78
Registered
341 7s extended at 4%
6814 12 6414 01351
Genera Hien gold 3s
1919 F-A 8934 923; 923a Mch'14 ____ 91 9238
a2047 Q-le 681-4 Sale 681$
Oen t 13r Ry 1st gu g 4s
6812 67
____
'14
Feb
6512
08
65
'13
Dec
(4-1?
7712
7634
Registered
*---a2047
1948 J-D
, Cent Br U P 1st g 43
_
_
St
Mch'05
Div g 43_1996 JD 89l2_..__ 90 Jan '14 __-- 90 90
, Leroy & C VA L lst g 53_1926 J -J 90 ____ 90 Mch'14...,...
5-6 ..9-6 DuiP-ul-Dul(lth
Short L 1st gu 5s__1916 m_g 100 10118 10012 Sep '13 ___
: Pac It of Mo lst ext g 4s 1938 F-A 103 104 100 Jan '14 ---- 100 100
,7s
P
St
&
N
P
gen
-J
gol 1 0_1923 F-A 11114 113 11078 Jan '14 ---- iOs 1161038 J
2d extended gold 5s
__
103
10312
3 101 105
Registered certifIcates_1023 9-F1101a _ . 11533 Aug '11 __ ___
ESL Ir NI& S gen con g 59_1931 A-0 103 Sale
St Paul & D luth 1st 5s__1031 p-A 10514 ____ 07 Jan '12 -- -------Gen con stamp gu g 5s 1931 A-0 ---- - - - - 103 Feb'14 ---- 103 103
3 76 82
7818
2(1 5s
1917 A-0 101,3 102 101 Itch 14.-101 101
1929 J -J 77 7712 781a
Unified & ref gold 4s
1st consol gold 4s
__
1968 J-D 851a ____ 87 Feb '14 ___ 87 87
1929 J -J -„- ____ Ws Oct '12 ____
Registered
77
7 75 8134
Wash Cent ist gold 4s_ _1948 Q-Ne . -- _. 8112 Dec '13 —_ __ __
1933 M-N 76 Sale 76
Ely & 0 Div 1st g 4s
'13
Dec
9212
__
93
Nor
j-j 1135s ____ 11314 Mch'14 --- 11314 1-1-11;
Pac
-S
Term
68_1933
Co 1st g
1926 M
• V erdi V 1& W 1st g 5s
8 89 92
11133 Apr '14.2_ 11312 ci-6.3.; Oregon-Wash 1st & ref 43_1961 .1-j 9012 9138 91
9112
1927 J -D 11512
Mob & Ohio new gold 6s
11212 11318 11212 Itch'14 ..--- 11211 11212 Pacific Coast Co 1st g 5s. _1946 J-D 101 10212 101 Itch '14 ---- 9914 10312
Q-J
6s—__h1927
lit extension gold
__
_
Mch'14
82
84
AL
82
ennsylvania RR80 82
1938 M-S
General gold 45
1923 NI-N 98 ____ 97 Dec '13 ---- —..
1st real est g 4s
Montgom Div lit g Si...... _1947 FA 10373 ---- 10614 Mch'14 — 10518 10614
1919 NI-S 10212 104 110 Nielf12..— __ ._
Consol gold 5s
1927 J-D 93 ___ 95 Dec'13
St Louis Div 5s
Jan
893
1943 ps-N 99 ____ 99 Dec '13 ....„ ___ -_-_.
_
'14
Consol gold 4s
8814 8934
1931 J-J 92
ilti L & Cairo guar g 4s
09
43 973a -99'11
oivsirttageirrbeild
ge
negesv
lotin
o
Aci
C
Apr '14 _--- 10512 my:
4old 33is___01915 J-1) 987a Sale 987a
.
dg
e
ashvilleCh & St L 1st 55 1028 A-0 1075a - —_ 10712
J -D -,•„- - - - - 985a Mch'14 ___ 9812 98se
111
01915
110
'13
Jan
-J
J
681923
I'M Jasper Branch 1st g
1 12 Apr '14 ...... 99 102
07
10
.- jai,fjii,
1948 011-N 1090778
1917 J-J 1033____ 10334Jan '14 -MO/ M W & Al 1st 6s
97
2 9612 97
Sale
1942 N1-S
gon guar g 4
_ 113 J'ly '04
1917 J -J 1033
T& I' Branch 1st 68
iii- -tif”
D R It 1t& 13'ge 1st gu 4s g '36 F-A 9112 —__ el Mch'14 —_ 91 91
MatRysofNlexprlien 43is 1957 J-J --------61 Feb '14,,,,,_
_
__
Phila Balt& IV 1st g 4s_1943 M-N 97 ---- 991
4 FlY '13 ---- ---- ---/
___ 77 Feb '13
1977 A-0 ---- ---Guaranteed general 4s
Sod Bay & Sou 1st g 5s
1924 J -,) -,,..,.._ __-_ 102 Jan '03 _. —. .....
967s Feb '13 __ ___ ___
Net of Mex prior lien 4 As..1926 J-J ---_
_ :
---- --• --- ......
Sunbury & Lewis 1st g 48_1936 J -J "L-5 -- -- '''1951 A-0 -„-2 55 Aug'13 _
lst consol 43
___.
60,4 -ti 55 li PeUnnsNyJivlatIntia&
gen 4s 1944 M-8 931s -- le11-3 May'12 _ _
J-J 48 8114 UN
NO Mob & Chic let ref 53_1960 A-0
1007s 1008 10112Mch'14 ___ 101 10112
Co—.
N O& NE priorlien g Os_ _p1915
10112 Sale 10112 10112
2
10
-0
-J
10111
May'13
J
Guar
g
1921
1st
7912
43s
—
Kew Orleans Term 1st 4s_1953 J-J
1921 J -.JI .„ 102 10114 Mch'14 ____ 100 10114
83
Registered
11 Er: -fli
Y Central & H It g 3),iii..1997 J-J 83 sale 827a
i
_- —. 86 Jan '14 _- 00 80
Guar 33s coil trust reg_1937 51-8 8434
8034 84
1997 J-J 82 8212 8034 Mch'14 —
Registered
.
917,
86
ii
3
Guar
9178
F-A 85 ---- Fill,l'Ile11.14 ---- 85 854
9012
s
coil
11_1941
le
911
ser
trust
1934 M-N
Debenture gold 4s
---_ 9712 Feb '14 _ -- 9712 9712
_
9814
_
_
_
'12
--93
May
Trust Co ctfs gu g 3;0_ _1916 VI-N
_
1934,M-N -----k
Registered
15 ii -Iii
82
Guar 3Hs trust ctfs 0___ 1942 J -D 8612...-- 83 Jan '14 --- 83 83
, Lake Shore coll g 1 Ms_ _ _1993IF-A 82 Sale 8134
4 8434 804
8434
8434___.. 8434
3
Guar
s
6
,
3
JD
t
_7_1944
8034
F-A
4
u
r
803
1093
8114
10
4
803
s
831
7834
c
t
_
D
s
f
t
Registered
95
1 93 95
Guar 15-25-year g 4s
14 7314 78
76
1031 A-0 9334 95 05
1 Mich Cent coil gold 3As_1998 F-A 76 Sale 7453 Mch'14
8 93 9384
93
____ 72 74
011n&Le
b N
m
15 51-N 93139313 9414 93
1sotrgguug
032
19,
4s4;73::1
1998 F-A 7314 74 7214
I
Registered
... _..._ .... .......: :
3:
15
04 Jan :0
10
....
...:
10
_.
:
...
4
:
947
9614
14
3
6
0
9514
9314
'14
19
Apr
93s
Mar
, Beech Creek let gu g 4s 1936 J-J
99 May'll
. Cl& Pgengug 43isser A 1942 J-J
1930 J-J ----Registered
2:7: _........ ..........:
i
19
b :0
4 J;ely
4
13
89
53144 :7:: 10
52
Series B
042 A-0 10
19
i9_, _1
1936 J-J --------------------------) 2d guar gold Si
Int reduced to 3
I
1936 J-J
Registered
_— _—
Series C 3;is
- 1948 NI-N 8514 --- 901a Oct '12 ---i Beech Cr Ext lst g 3 As-b1951 A-U -;;,71 --- -ZS• ;.;
____ ____
---- —
'4.
4
*
"
.
0c
1950 F-A 8514 -_-- 841a Dec '13 —
4.
.
D 33is
Series
____
ea-8
-D
J
4s____1981
&
Cart
g
Ad 1st gu
i
'13 -___ __ —.a_
Sep
8
867
____
8514
J-J
_1940
Erie
&
Pitts
gu
---13_
3
g
____
gig
-104
---- ---- -----..:
i Golly & Oswelstgug 52_1942 JD
—.
-'12
J'ly
9018
____
8534
Series C
1040 J -J
95 9833Jan '13
110I1 & Mai lst gu g 48_1991 M-S 90
t.
Or It & lox 1st gu g 430_1041 J-J 9612 ---- 953s Dee '13 ----- ---.
'
_--, N J June It guar 1st 4s.....1986 F-A 9134 ---_ 105 Oct '02 -------------....
-_--May'10
109
104
---_____•
&
Y
Pitts
---5s_1927
NI
Ash
-N
1st cons
1986 F-A 89 ---\ ,Registered
.......
:—
,___
2 Dee '12
Tot W V& 0gu Oft A__ 1931 J-J 9734.._ 1021s J'ne'12
; N Y & Harlem g 3;0_2000 M-N 83 -___ 871-1933 J-J 9734 ___ 1023s Nov '12 ____
Series B 43-is
-—
-- -2 ---- - 2000 M-N 84 86 -.,,•-•
A' Registered
___
.,
—
'13
Sep
9512
_
9234
51-8
Jan
4s
102
0
1942
Series
106
'14
a
...-- 102 102
, N Y & Northern 1st g 5s 1927 A-0 1017
_-P00& St Lgu 4;is A__ 1940 A-0 102 ___-_. 10134Jan '14 _— 10058 10134
' N Y& Pu 1st cons gu g 43_1993 A-0 8354 9178 92 Oct '13 _ _
u
-1942 A-0 102 ____ 10211 Fob '14 — 10014 10212
Series B g ar
-1-_(-i
_. f
O iiti- ......-:: iir Fes-,-11 -_-_-_-_ .iii-D
J2A
16
193
ne
t Ig
,
nre&
CM
3
55
ntreg
ok
ree
r6
lstgguuag
—
194251-N --------108 J'ne'll
Series 0 guar
1945 51-N 93 9514 93 Mch'14 __ 93- -93
Series D 4s guar
, R W & 0 con 1st ext 511_0922 A-0 10413....... 10418 Apr '14 --- 10212 10412
.
90 ____ 90 Apr '13 ____ __
F-A
1949
10014
E
Series
3
101
g
guar
As
1001
100
Mch'14__
9912
F-A
--e1915
. Oswe & 11 2d gu g 5s
___ ___
1953 J -D 9212 __ 9514 Jan '13
Series F gu 4s g
, R W& 0 T It lstgug 53_1918 M-N 10112 _ 104 J'ne'10 -_
_
Apr '13 1957 M-N 9214 —. 971k Jan 13 ----------Series04s guar
i Rutland 1st con g 4gis_ _1941 J-J -----90
...— ---0 St.L & P 1st con g 5s
1932 A-0 10614 ---- 100 J'ne'13 -------67; 80 Sep '13 ----------. Og & L Cham 1st gu 481-g 1948 J -J 73
1921 Q-F ------106 Feb '13
9
- 2 J ne'09 ----------- Peo& Pek Un let g 6s
89
' Rut-Canad 1st gu g 4s 1949 J -J ------o _ ___
__
----------2d gold 4;is
61921 II-N 89 -90 89 Feb'14i
, Et Lawr& Atilt* lst g 53_1996 J -J 105 ___ 108 Sep '12 ------------ 54 Jan '13 __ ___
---Pere Marquette--Ref 4s___1955
J-J
1096 A-0 --- ____ 11912 Mch'12
< 2d gold 63
1955 j_ j __ Zs 40 Dec'13 ........
-_
2::
48
guar
Refunding
----------Dec
95
- —.
'13-, Utica & 131k Ely gu g 48_1022 J-J 9612
1921 J-D ___.___ 98 Oct 'i2
Ch & W M 53
- 2
5 841 0
8578
, Lake Shore gold 3318....._1997 J-D 8512 86 8534
14 1-W8 fa'
95
1920 A-0 95 ---- 94711
Flint & P M g 6s
8313 Mch'14
8312 85
1997 J-D 8414
' Registered
1939 M-N 7312 70 75 Apr '14 __ 75 90
$
consol
1st
geld
8
53
923
18 8914 927
102851-S 921 Sale 9218
, Debenture gold 4s
5 7512 9011
79
Pt Huron Div 1st g 53_1939 A-0 77 80 7512
9178
7 8812 921
1931 M-N 9112 92 904
' 25-yr gold 4s
Sag Tus & II 1st gu g 43_1931 F-A -,-_,-z.7- Men
--,i ------'4
-nr
1931 M-N „„.... ____ 93 Oct '12 ____ _ _
Registered
---)014
eals
imet -,----15518
63
-J
J
Ely
Philippine
'37
1st
30-yr s f 4s
< Ka A& 0 It lstgu c 53_1938 J-J 105 ---- ,-„- „ -,. — ..... - -Apr '13 ____ _ ____
1940 A-0 108 -___ 103 Noy'll
1934 J-J 10512--- 11113 Mch-'11 .-_-- ---- -- Pi`,ts Sh & LB 1st g 58
, Mahon 0'1 RR 1st 5s
___ 11314
10612
—
—
-J
gold
consol
_
1st
'12
Apr
J
1943
53
105
..._
105
A-0
5s___a1928
0;
g
Pitts & L Erie 2d
9538 75 oi32 9538 Sale 9514
nrstC
ig
er
oe5en g 45
1997 J-J
Pitts McK & Y 1st gu 63_1932 J-J 11612 ___ 130l Jan '09 2-- ---- -- itea;:ile
312 94612
94
_ 0
2 ___7
94,4
442 Feb'1
-574 94
- -9
3;
J -54
J -O
1A
12314 Mch'12
57
199
.1934 J-J 114%
` 2d guaranteed Gs
Cent
Jersey
10113
4s
g
coil
J-J
68_1918
g
4 IwIcKees& 13 V lst
9314
*9112
....
---•
-_-_-g
48
gu
City
Allan
'12
1951 J-J
'Michigan Central 5s —1931 51-8 10414.... 111 Jan
7512 7634 7612 Mch'14 _— 7512 78
inls
ietra
3isco-11147 J-J
4c
gn
1931 Q-M 10312 --- 119 J'ne'06 — ---- —
Registered
.1
St jeou&is(jScr San
8712 —_ 98 Apr '12 _
1940 J-J
1 41
____ 112 Mch'14 --- 110 112
112
.1-J
1031
General
87 Feb '14
gold tls
"ir If
1940 J-J
Registered
'I
10254
1931 J -J 10214 Sale 10234 10234.—1 100
General gold 53
--- 90 J'ne'08 _
1951 M-S
J L & 8 1st gold 3As
7312 791
7814 Apr '14
7712-WI
-J
J
RR
2
le
357
El
-I
1996
&
:
L
St
Mch'14
831a
4s
g
cons
85
831s
-<.„.M-N
1952
• 1st gold 33s
49
54
48
7
4812
50
43
Gen 15-20-yr Ss
8538 _— 1 8372 87
1927 M-N
1929 A-0 853s 87 85513
-year debenture 4s
20
4812 86 48 5534
95
Tr Co certfa of deposit— _ _ 47 49 4812
9578
7 9434 97
NY Chic& StL 1st g 411_1937 A-0 5 S
____ 93 Dec '13 —_ __
93
971
0
Div
tc
_
1947
___
Southw
'13
g
1st
5s
5Jan
A-0
1937
-------Registered
7814 202 71 -fit',
1951 J -J 78 Sale 7712
Refunding g4s
13:41-2 If
1931 M-N 85 861-4 8611 Apr '14
' Debenture 43
8034 Heb'll --.;2„ —7,-.__.
1051 J -J -------7 9113 95
Registered
94
9312 Sale 9313
2361 J-J
'West Shore let 48 guar
,,.
ga 10s11 1-1-21,
11112 112
Sale
112
8
Ft
M
,41-N
&
194:8
0
Gs
K
g
con
4
913
8
918
12
......
92
8934
9114
J-J
2361
.4' Registered
7714 44 73 7714
K0 Ft 8 & 1%1 Ity ref g 43_1936 A-0 7'714 Sale 7012
1001 J'i '11
' li Y Cent Lines eq tr 43is 1922 J-J 98
'12
J'iy
7712
____
1936 A-0
Registered
N Y New Haven & Hera—
95 88
K 0& M It & B 1st gu 53_1929 A-0 -------- 05 Mch'14 ---1955 J-J 7712 80 7934 Apr '14 ___ 75 8092
Non-cony deben 4s
8 8458 95
80
1089 M-14 86 Sale 80
it L El W 1st g 43 bd ctfe
70 81
1958 M-N -- 80 80 Feb '14
Non-couv 40
76
75 Mc.14'14
3d g 4s inc bond ctfs_p1989 J -3
70
1 63 76
1956 J-J 70 Sale 70
Cony debentme3348
5 73 7714
7312
Consol gold 4s
10913 83 105 11712
1932 J-D 7313 '733-4 7312
1948 J-J 109 Sale 109
Cony deben ture Gs
'14__,...
9812
Jen
9812
__-'12
NM/
Oats
____
.1-D
7
105122,M
5,4_194
ft
1.1-A.
fro
Oh..
1st
t
,
Ter
1Z-I
Gray's Pt
i 14ftr1am
------9911
--5-e, -i(!j•
lit &
__75
on
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
: Kings Co El L & P g 5s...._1937 A-0
1997 A-0
Purchase money Cs
1022 M-8
' Convertible deb 6s
Ed EIIII Bku 1st con g 43_1939 J-J
Lac Gas L of St L 1st g 5s_e1919
1934
Roland ext lst g 5s
1927 Vi-N
'Milwaukee Gas L 1st 4s
1948 J-D
Newark Con Gas g Si
1048 .1-D
NYGELII&Pg53
1949 F-A
[ Purcliase money g 48
! Ed El III 1st cons g 5s
1995 J -J
: NY&QE1L & 1' 1st con gl5s 1030 F-A
N Y & Rich Gas 1st g 53—.1921 M-N
Pacific0& E 1()o Cal G & E
1937
Corp unifying& ref5s
‘.Pac Pow & Lt 1st& ref20-yr
1930 F-A
1 5s Intermit Series
1949 0.4Pat& Passaic G & 13 5s
i
9378 94
937a
94
90 9212 90 Feb '14
100 Jan '14
10112
. NO Dr100 FridaY:lateit bid end asked. a DOS hen. /I Dim Feb
Gas and Electric Light
Peo Gas& 0 1st con g 63_1943 A-0
1947
Refunding gold Si
1947
Registered
Oh
Cke 1st gu g 53_1937 J -J
Con G Co of Ch 1st gil g 581936 J-D
Ind Nat Gas & 011 30-yr 5s'36 NI-N
Mu Fuel Gas 1st gu g 5s_1947 51-N
Philadelphia Co cony 5s-1019 F-A
1922 M-N
Cony deben g 5s
Stan Gas & El cony if 68-1926 J -D
Syracuse Lighting 1st g 5s_1951 J-D
1954 J-J
Syracuse L & P 5s
M-8
Trenton G& E 1st g
Union Eiec L & P 1st g 5s 1932
1033 M-N
Ref & ext Is
8 923a 951,s
1950 J-J
Utica El L & P 1st g 5s
1057 J-J
90 90
Utica Gas & E ref Si
1950 J-D
100 100
Westchester Ltit P,' 58
1
104 10412 10413 10412
4
11412 110 11412 11412
12438 11312 Apr '14
1
8814
881.4
8814
2
1013s ---- 10138 10138
2
100 1003 10038 10038
1
9058
9058 91 9033
10134 Jan '14 ___
10334 10434 Sale 10458 10478 32
8034 14
86 8634 80
10713 109 10312 Mch'14 __
100 10118 101 Feb '14 _
9212 J'ly '09
102 10412
111 11412
11312 11313
86 89
100 10134
9718 1002*
8813 91
10134 10134
10134 105
83 87
106 10812
101 101
5Due May. g Del Jane. h Due J02. •De*00,
11518
11512 11612 11518
10058 Sale 10038 10038
90 Sep '13
1027s 1O3's 10314 Mch'14
101 10112 10112 Apr '14
93 Mch'12
1011; 10013 Feb '14
15534
____ 104 95 Sep '13
9784 98 9734 Mch'14
0014
9014 9114 9014
100 Mch'14
100 8512 J'ne'12
100 Feb '01
loft;
10012 Apr '14
10034
94 Nov'13
101 Mch'14
97 -- 10014 Pee '11
10434
134 10514 10434
De* Nov
•QD09111 WA-
6 114 Hats
1 9834 10111
i557,las;
901,1014
-55;Eel;
5.57, Tr1
0
8
0
18
1
2
00/
9
1
OD
Oft
10011 10015
Tor Er!
i5iis 164%
APR- 111914.]
BONDS
.4 a
N. Y. STOCK EXCIIANGE 912
Week Ending April 9
New York Bond Record-Concluded-Page 4
l'r ice
2'hursday
April 9
Week's
flange or
L034 Sale
Range
since
Jan. 1.
5.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 9
4,1,3
1143
Pr ice
7'hursaay
April 9
Week's
Range or
Last Sale
,v .
23._
Range
since
Jan. 1.
llia
Ask OW
High No 1.020 H471, Wabash (Concluded)hid
High No. Low high
Ask Low
el A & A Pass 1st gti g
J
8278 8334 8234 Apr '14
77 84
Egult Tru.:t Co Ars
565J an '14 __-- 5653 565s
11. & NP 1st sink ig 5s___1019 J -J
104 Oct %A)
Do Stamped
52 Sale 52
5333 55 46 5714
Seaboard Air Line g 4s____1956 A-0
8514 Feb '14
Det
5
&
-35E3
8
17
2
Ch
.
Ext
1st g 53--- 19.11
103 Nov'13
, Gold 4s stamped
____ --1050 A-0 8513 86'5 8513
8.5,s
1)es Mob' Div 1st g
8312 8534
J-.1
72
____
Aug
80
12 ::::
4s-. Registered
1939
1050 A-0
Ona Div 1st g
A-0 ____ 694 71 Feb *14 ____ -ii- -ii' Adjustment 5s
o19411 F-A 77 Sale 765s
77
18 7434 80
Toi
&
Ch
Div 1st g 4s_1.114
1 41 A-8 ._.- 80 77 Mch'14 ________ 79
Refunding 4s
0,2
1959 A-0 7514 76 754 Apr '14
7414 781 1 'Nab Pitts Term 1st g 4s_1954 .
.1 -!)
..
__ 10 Alch'14 ___ 10 12
'
30-yr 1st g 4s_e1933 NI-8 8112
_ 8534
Cent and Old Col Tr Co certs_
5 84 8534
8534
1014 Salt 10
1014 21 _9_13_ :1
Car C C71t 1st con g 4s49 J -J
:
1
8512 _ _ 8513 Mch'14
Columbia
8518
85
Tr
Co ctfs
10
912 AIch'14 ___
Fla Cent & Pen 1st g 53 1918 .1 - J 10038 - - - 10314 Jan '13
912 1314
Col tr ctfs for Cent Tr ctfs - 10
912 Mch'14
1st land gr ext g 5s
8
11
1930 -J 10078 _ _
104 Nov.42
20 gold 4s
1254
___1_2
-.1-13
78
7
11 Dec '13
Consol gold 5s
1943 J -J 1037s - - - - 10178 Feb '14
Trust Co certls
10134 1017s
78
12
12 114
1
Ga & Ala liy 1st con 5s_o1945 J -J 10324 1051s
1(1412 Feb '14
10212 10512 Wash Terml 1st gu
F-A 84 Sale 84
84
2 8114 84.
Ga Car& No 1st gu g 55_1929 -J 10214 ____ 102 [)ie '13
1st 40-year guar 4s
____
98
194
100
F-A
5
• Scab & !Loa 1st is
1926 J -J 10134 ---- 10114 Oot '13
West Maryland 1st 44_1952 A-0 76 Sale 7434 Sep '12
_
76 -- iii -i31,34 .-gii
Southern Pacific CoWest N Y & Pa 1st g
g 5s-"
Gold 48 (Cent Pac coll)_k1949 J -D 9112 9134 9112
- 37 J -J ____ 10133 10114 Apr '14 ___ 10212 1051
.
(Jen gold 4s
9112 12 90 04
A-0 -- 81 8
34
2 Jkaen
,
'
0
14
7 :2:.
.
7.
5 .
8.
2
Registered
k1049 J -D
01 00 Feb .14
Income is
90
90
Nov
20-year cony 4s
91929 M-8 8714 Sale 8718
Wheeling & L E 1st g
8714 139 8613 92
A-0
100
____
101
Mch'14
5s
__-102
101!
(
119911121336
20-year cony his
10034 Salt 10023
103, J
10114 1193 100%10358
Wheel Div 1st gold 5s___1928
J -J
96
9512 Nov '13
Cent Pac 1st ref gu g 4s.._1949
0414 Sale 9334
Eaten & Impt gold 5s____1930 F-A 93 ____
9438 81 9112 9412
97
91
Feb
'14
__
-i.ii"
Registered
9412.1'1y
90
Elt 1st consol 4s
'12
1949 -A
al-S 77 --__ 7714
1
7714
' Mort guar gold 3 is__k1929 .1 -1) 91% _-- 9134 Apr '14
20-year equip $ f 55
91 -911-2
1922
1949 J -J
9512 -___ 9514 Nov'13 _ ___
• Through St L 1st gu 4s_1954 A-0 87 _ _
8712 Moll'14
8534 8712 Winston-Salem S B 1st 4s1960 J -J 87 88 83 Feb '14 ___ -7.8
3 -8
1,3:0 ll & 8 A M & P 1st 5s_1931 Ni-N 102%
10312 1033: Wis Cent 50-yr 1st gen
10334 Feb '14
4s 1949 J -J
8758
87,2
8778 28 8553 8913
. Gila V 0& N 1st all g 5s_1924 m-N 100 ---- 10234
10234
2 101 10234
S11p3.:Dul div •!:.. term 1st 4s '3u M-N 883,3 Sale
894 8812
8812
1 88 8938
Nous E & W '1' 1st g 5s_1033 M-N 10215 --- 102 Sep '13
. 1st guar 58 red
joii, 103
51-N 10214 1033-4 103 Mch'14
1/11anufacturing & Industrial
1.1 & TO 1st g his lot gu_1
109 109
1)37
3 J -J 109 10914 109 Mc11.14
193
; Gen gold 4s int guar_
9334 0512 Am Ag Chem 1st c is
1921 A-0 9334 94 94 Mch'14
A-0 10012 Sale 10014
10012 13 9734 102
Ale11.14
108
10814
Am Cot Oil ext
Waco& N W div 1st g-6s 1930 1111-N
103 103
08 99 9814 Mch'14
-4198125
96 99
10412 103 Mch'14
A & N W 1st gu g 58
Debenture is
J -J
10112 103
MN 9312 94 9312
9312 -15 89 9312
10734 Apr '14
Morgan's La & 'fist 7s_1
94
10612 10731 Am Hide& Lists f g Gs
18
1 A-0 10734 19
10
919
31 M-s 10212 10313 103 Apr '14 ____ 101 103
Alch'14
10713
101)
1ails
Amer
1st gold Cs
Ice Secur deb g
1020 -J
10714 10718
1925 A-0 8712 8812 88
88
4 784 89
112 Feb '07
Am Smelt Securities s8I Gs _1926
No ofCal guar a 53
A-0 101) F-A 105 Sale 10478
105
46 10312 105
7 J -J 10112 _ _ 10112 N1eh'14
Ore & Cal 1st guar g 53_1
28
93
10113 10134 Am Spirits Mfg g Gs
19
M-S 95 _9_9_ 0
1015
9
8
0
Mch'14
104
Nov
10112
94 99
.
13
Am
51-N
, So Pac of Cal-0u a 53 1937
Thread 1st col tr 4s_1919 J -J
9234 ---_ 9312Feb '14 ____ 93 9313
88 - 9112 Sep '12
Am Tobacco 40-yr g Cs..
, Su Pac Coast 1st gu 4s g-10:1 J -J
.1944 A-0
12014 Feb '14
11_7_1_3
.
12_0
.
1!
. San Fran Terml 1st 43_1950 A-0 84 if 8734 Feb '14
Registered
-8434 83
1944 A-0
16 Oct '13 ____
96 Jan '14
Tex & N 0 con gold 531943 J -J
Gold 4s
96 06
1051 F-A
98
5 -97 98
93% 76 8033 0334
; So Pac lilt 1st ref 4s
1955 J-J -131114 YaiJ 9314
Registered
1051
954 J'ne '12
SouthernAni Writg Paper 1st s 3s_1919
J -J
70 bale 6914
70
9 "isi 78
10578 32 10214 100
1994 J -J 10534 Sale 10513
1st consol g 53
Baldly Loco Works 1st 5s 1940
102 103
, Registered
100 Aug.13
1994 J -J
Beth Steel 1st ext s f 5s
JVI:N
3
19
0
9
3
3
i4
2
S
ale
991,
19093 Mch'14-"Fa
1926
; Develop & gen 4s Her A 1956 A-0 7434 Sale 74%
9312 100
74% 87 73 761 1
1st & ref 5s guar A
1942 al-N 874 Sale 8753
8778 60 8138 8814
83 84 83 Mch'14
;. Mob & Ohio coil tr g 4s_1938
8014 8312 Cent Leather 20-year g 53_1925 A-0 9954 oaio 9913
993
4
68
9714 9034
10412 _
10412 Melt'14
1. Mem Div 1st g 4t -5s_.._1906
101 10412 Consol Tobacco g 4s
97l
F-A
-------Jan '13
1951
9714 9712
8514 8534
_- 8474 Mc14.14
1 St Louis div 1st a 4s
1051 J -J
83% 8478 Corn Prod Ref s f g 5s
9313 ____ 9312 Mch'14
1931
9312 9812
'
L. Ala Con It 1st g Gs
10514 Sep '12
1018 J -J 103 _
1st 25-year s f is
9412
M-N 9412 ___ 0414
9112 9412
1 At! & 1)anv 1st g 4s
1948 J -J 88 8834 80') Jan '14
8614 861s Cuban-Amer Sugar coil tr 6s 192
A-0
95
92
1918
92
4
1 92 93
' 20 4s
8214 Feb '12
1948 J -J Distil Sec Cor cony 1st g
641z 30 6314 68
5s- 1027 A-0 64 Sale 64
1. tti & Yad. 1st g guar 43_1949 A-0
14 1 du Pont Powder 4%s
J
87
88
87
-D
1036
88
24
. ol & Greenv 1st (is
87 894
1O1 Fob '14
1916 J -J
101E8 1-6.1-2; General Baking 1st 25-yr 63_1956 J -D 8812 91 90 Mch'14
90 9014
'E T Va & Oa Div g 50
10478
104% 10478 lien Electric deb g 3
1030 J -J 105 ___ 10178
_1042 F -A 79 80 SU
80
2 77 8034
r Con 1st gold his
- 1073s Mete 14
1916 M-N 108 10878
Debenture Is.
10514
10734
M-8
10518
104
104
1952
1041
10
! R Ton reor lien g• 5s
10518 J'ly '12
1938 M-S
(Ien'l Motors 1st lien 63_1115 A-0 10113 Sale 10113 10112 15 103 10513
9812 10112
Ga Midland 1st is
64% May'13
1946 A-0
111 Steel deb .13s
Sale
1940
8313 89
: Ga Pac Ity 1st g (3s
10814 Mc11.14
1922 J -J 10813
(4...
A-N
O 10112
103 10812 Indiana Steel 1st is
89
e B18
134
14
10
89
112 13
13
6 984 10158
1 Knox & Ohio 1st g Os.. _1925 ./ -J 110 -- 11012 Jan '14
109 11012 Ingersoll-Rand 1st 5s_ _ _4:1
100 Oct '13 ---19
93
55
2 J -J 100
1 Mob & Bic prior lien g Is_1045 .1 -J 100
10512 Nov 12
_ Int Paper Co 1st con g 63_1918 F-A 10114 101¼ 101
10114 15 101 103
0 Mortgage gold 4s
79 Mch '13
1045 J -J
Consul cony f g 5s
78 73 78
73
I 78 8412
1035 J-J
101
I, Rich & Dan con g 6s
1015 J-J 1O1l 10218 101
Int St Pump 1st f 5s
101
4-S 61 65 62 • 62
1929
1 60 6712
10314
101
Feb
'14
-•-• Deb is stamped
1927 A-0
10314 103,4 Lackaw Steel 1st g is
A-0 9512 96 9512
9614
6 9014 97
Rich & Meek 1st g 4s
1948 II-N 7034 -- 73 Sop '12
1st con 35 Series A
A-8
74
Sale
74
7414 16 70 7813
5-year convertible 53_1
SO Car & Ga 1st a 5s
lid" 102
1019 M-N 101 -- 10114 Mch'14
995
1
25
9812
93 1•11- 8 9812 Sale 9773
9 9312 9312
1916 1V1-8 10112 --- 112 Oct 06
. Virginia Mid sor 0 6s
Liggett & Myers Tobac 78_1944 A-0 12618 Sale 125
12613 43 120 1261s
1921 .01-8 10134 -- 10334 Nov '12
.. Series I) 4-5s
is
F-A
102
10112
1931
10134
102
47 9534 102
1026 111-8 102% ---_ 102 Dec'13
Series E is
Lorillard Co (1')7s
1944 A-0 12618 Sale 121
12013 36 11933 1264
1031 :A-8 103 _ _ _ 101 bich'13
Series 1.4' 55
is
F-A 101 Sale 10073
101
33 9653 101
10413 Feb '14
1936 M-N 10312
\. " General 58
10212 10418 Mexican Petrol Ltd coy 68 A1_9
'2
51
1 A-0 95 984 US's Mch'14
91 9514
., Va. & tio'w'n 1st gu 58_2003 J -J 104 -- 104 Mch'14
1st lien & ref Os series C 1921 A-0
10312 105
9 3 9513 Mch'14
95 9812
0213
9312
1958
A-0
9214
Apr
C0113
'14
50-year 5s
" 1st
9034 0234 Nat Enam & Stpg 1st 5s_1929 J-D -------- 94 Mch'14
9112 94
Nat Starch 20-yr deb 5s
W 0 & W 1st cY gu 43_1924 F-A 90 - - 92 J'ne'13
J
-J
85
82
1930
8158Feb
'14 ____ 81% 8212
'
L West N 0 1st con g 6s
1914 J - J 10014 _ -- 101133Mch'14
10038 National Tube 1st is
M-N 994 Sale 9912
100
53 9614 10012
Opokane Internet 1st g 53_11155 J -J 90- 9834 Feb '14
9834 9834 N Y Air Brake 1st cony Gs_1
97 98 93 Mch'14
2
19
12
58
98 0978
St
9911 151
. 100 Mch 14
100 100% Railway Steel Springer1ekt'CO1 01
)1(1s
5ts,
g-10618 10714 10614 A1c14'14
4 1119
0-4-111,3
4 1)1
- 19
Latrobe
10334 10618
Plant 1st s f 5s 1021 3-3 9712 9318 9734
9734
1 07 9814
: Gen refund 3 f g 45
1953 J -J
91 89
89
Inter-ocean P 1st s f 58_11131 A-0 92 9212 12
8514 9012
92
1
91 9212
i St L M Bge Ter gu .;• 5s_1130 A-0 1(12(2 - _ 10134 Feb '14
10134 10134 Repub I & 8 1st & col tr 5s_1934 A-0 10273 --__ 10234 Dec '13
iirox & Pac 1st gold 3s
2000 J -D 102 103 10175
10178
10-30-year is s f
0912 104
9323 94 94
94
1
04
91
2d gold inc is
20 40 51 Nov .12
472000 Mel
Standard Milling 1st 5s
8912 Sale 89
A
30 -1,1-T4
1
111149
8912
2 8413 8913
1 La Div 13 L 1st g 6s
1931 J-3
9912 Apr '11
the loxes Co cony deb 6s_1931 J-J 10334 Sale 10334
104
45 10033 108
/ WMinW& N IV 1st au 5s_1030 F-A
10613 Nov.04
Union
Bag & Paper 1st is..19:10 J -J
_
80 90 Feb '13
llrol & 0 C 1st g 5s
1135 J -J 10114 100 104I Feb '14
Stamped
10334 10112
1930 J - J
89 9114 Jan '13
,. Western Div 1st g 5s
1935 A-0 105 100 101 Aug'13
US Realty & I conv deb g 5s_'24 J -J
831-2 Sale 8313
8312
I 8134 89
General gold his
1935 J-1) 10014 10112 10014
10014
Red
US
& Refg 1st g 6s
98 1-661,
1931 J -J
20 20 Feb '14
20 20
;Kan & M 1st gu g 4s
1900 A-0 8512 8712 87 Mch'14
U 8 Rubber 1 0-yr coil tr 65_1918 J -D 1031$ Sale 103
8512 87
10313 51 10134 104
1927 J -J 0834 9834 Mch'14
( 2d 20-year is
9534 1834 U 8 Steel Corp-/coup „d1963
103 Sale 103
10314 314 9973 10314
:Tel P & W 1st gold 4s__ _1917 J -.I
85 Dec '12
8 1 10-60-yr 531reg -__(/1163
103 Apr '14
100 10314
iTol St Ldc W pr lien g 33,673_1925 J -J
8214 82 Feb '14
8112 82-- Va-Car Chem 1st 15-yr 58_1923
9014 Sale 9014
9614 15 9133 98
1950 A-0 5212
:50-year gold 48
- Sale 5233
5212
West Electric 1st 5s Dec 1922 J52 60
J -J 10178 Sale 10134 102
79 10012 10214
1917 le-A 48 56 49 id eh '14
- Coll tr 4s g Sor A
Westinghouse E& Msf 53_1931
49 60
9534 sale 951$
9512 54 8912 9512
_ 8553 1101.14
Tar Ham & Buff 1st g 4s._/:1946 J-1) 8512
10-year coil tr notes 5s 1017 A-0 9812 Sale 9812
8514 853s
9813
1 9634 9812
IT later & Del 1st con g 58_1928 J -D 10112
101 Mch'14
10012 1013.1
1952
A-0
refund
4$
g
76
81
1st
1--)
70 Jan '14
74 70
Miscellaneous
Union Pacific-Adams Ex coil tr g 4s
1948 :sI-S 78 Sale 77
78
7 7312 8034
19
047 J -- J 9758 Sale 97%
1st RR & land grant g 4s-1
92% 47 9512 03
Armour & Co 1st real ost4 s '39 J-1) 93 Sale 9234
9318 85 8912 9312
0612 Apr '14
), Registered
9512 0612 Bush Terminal 1st 4s
A-0
Mc11'14
1952
8712
8812
88
8712 88
1927 .1-J 9112 Sale 9114
:20-year cony 4s
9174 52 90 9338
Consol Ss
1955 J - J
8912 91 91 Apr '14
91 01
92008 11-121 94 Sale 9334
04
I lst & ref 48
17 01 95
Likigs is guar tax ex
1900 A-0 8712 88 83
83
10 87 8812
Ore My & Nay on g 4:3_1946 J -D 9312 Sale 0314
9312 33 9134 94
Chino Copper 1st cony 68_1921 J -J 160 170 160 Apr '14 ____ 150 168
(Ore Short Line 1st g 63_1922 F-A 11018 11034 11012 11012
4 1091s 11034 Granby Cons M S & P corn 6s A'28 11-N 103 10512 10412 10412
1 9934 1054
11)40 J -J 10734 108 108 Mch'14
i lat consol 1 5s
inspir Cons Cop 1st convas 1922 M-S 10114 Sale 101
10534 108
10112 44 911114 10312
. . Guar refund 4s
1929 J -D 9213 Sale 9213
0212 10 8914 9414 Int Mercan Marine 4)is_1922 A-0 5312 Sale 5314
5312
6 4712 61
' Utah & Nor gold 5s
1926 J -J 10214 -_ - 103 May'll
---- lot Navigation 1st s f 5s_1929 F-A
J
7
9733%4
3
33
4
4
Sale
0
9
73
3
3
7
43 64 7153 7712
1st extended 4s
1933 J -J
Ulla 90
---- ---- Montana Power 1st is A _1943
Sale
93 9412 •
,Vandalia cons g 4s Ser A_1955 F-A
03
pr '13
Morris & Co 1st s I4%8
--1939 J-J
--- 8812Jan '14
8312 881s
V Cousol 4$ Series B_ _1957 VI-N
03
Ich'13
Mtge Bond(N Y)4s sec 2-1966 A-0 83 ___ 83
83
1 83 83
Vera Cruz & 1' 1st gu a;i04 Oct '12
s_1934 J -J
10-20-yr is series 3
_
1932 J-J
98 ____ 9912 May'13
-----Virginian 1st is Series A _1962 M-N 9953 Sale 90%
0934 24 073 1661-2 N Y Dock 50-yr 1st g 4s
1951 F-A 77 7934 78 Melf14
7.3 73
Wabash 1st )9010 38
1939 ia-N 10334 10414 10373 104
Niag Falls Pow 1st 5s
29 10158 105
1932 J-J 101 10134 10118 Mcli'14 --- 10114 lolls
20 gold Os
i
11)39 F-A 97 Sale 9634
97
N lag Lock &0 Pow 1st 5s1954 M-N
21 94 100
93 Feb '14
93
93
Debenture Series 13
1939 J -J
00 J*no'12
Ontario Power N F 1st 53_14143 F-A
95
95
8 9158 95
1921 m_ 8 ___ 99 08 Feb '14
', list lien equip s fd g 58
Ontario Transmission 58_1945 al-N 00 ____ 9212
98 98
0213
1 9212 921s
; 1st lien 50-yr g term 4s 1,
95
56
4 JJ -.1
Pub
J 75 -. 78 Mch'14
Corp
8erv
N J gen 53_1959 A-0 9013 Sale 9033
78 78
9058 37 8812 91
' 1st ref an d ext g 43
5633 45 5013 6114 ilayConsCopper 1st cony 681921 J -J 11412 Sale 11433 11638 53 10712 11714
5514 Sale 5513
, Cent Trust Co Ws
65's Fob '14
_
90 551.2 Sierra .Sc 8 F Power 1st 52_1949 F-A_ 0312 9214 Feb '14
9214 9214
Do Stamped
_
53 Apr '14
50 5612 Wash Water Pow 1st 53......1939 J -J -------- 103'2 Jan '14
10312 lows
(
T
i
J-
!
MISCELLANEOUS BONDS-Concluded.
Coal Ca Iron
..._
pet & Susq Iron b 1 53__1032 J
93 Feb '14
92
,Debenture Is
a1926 NI-S 80 85 80 Mch'14
001F & I Co gen s f g 58-1943 F-A 97 9812 93 Mch'14
" Col Fuel gen 6s
1910 .0-N1 104
_ 10714 J'ne'12
'Col Indus 1st & coll his gu-1934 F-A' 7612 78 7814 Apr '14
'Cons Ind Coal Me 1st 58_1935 J -LA ___ 73 73 Mch'14
Cons Coal of Md lst&r3f is 11/50 .1
8913 02 89 Mch'14
Continental Coal 1st g 53_1952 F-As 91
9018 Feb '14
Or Itiv Coal& 0 1st g 08_//11/19 A-0 __-. 9312 10254 Apr '06
Kan & II C & 0 1st s 1 g 58_1951 J -J 91
93 Mch'14
s
Collier
f
1st
Pocah Con
55_1957 J -J
834 Sale 88
8814
fit L Rock Mt& P 1st 5s
1950 J -J
73 80 8014 Mel''14
Tenn Coal gen 5s
1951 J -J 10018 _
103
103
consol
08-1117 J -J 102 10212 102
. Birm Div 1st
102
" Tenn Div 1st g Os
all)17 A-0 102 103 102 Mch'14
• Cali0 51 Co 1st go 63-1022 J -D 101 __-- 10114 hIch*14
1953 J -J - 75 80 Alay'13
IVictor Fuel 1st s f 5s
Vs Iron Coal&Coke 1st g is 1949 M-8 0212 93 93 Apr '14
f
(
92 92
80 80
9112 99
7612
73
89
9918
82
79
89
01.1.8
"tia" 9434
84 5814
77 82
9718 1031s
2 10112 103
101 10212
10114 10114
9212 95
Telegraph & Telephone
Am Telep & Tel coil tr 4s_1129 J-J
8914 Sale 8914
85 894
8912
Convertible 4s
1936 il-S 95 100 9634 Mch '14
94 974
20-yr convertible 45s
1033 M-S 9953 Sale 995s
9978 120 9412 9934
Chicago Telephone 1st 53_1923 J-D
-Commercial Cable 1st IT 48-2397 Q-J 8134 ---8134 Ws;
Registered
2397
775s 81 8313 Nov '11
Cumb'd V & 'I' 1st & gen 5s_1937 V-j
J 97 9712 97
2
97
Keystone Telephone 1st 53_1935 J -J
89 ____ 8914 Mch'14
Metropol Tel&Tel 1st s 15s_1918 M-N 10053 103 10053 10053
5 10038 10043
Mich State '1‘31ep 1st 5s
1924 F-A 9913 9934 9912 Apr '14
9834 100
NY&NJ Telephone is g_1920 M-N 10112 -- 10314 May'11
N Y Telep 1st& gen 314)is 1939
9714 Sale 964
30
9714
"93 784
Pac Tel& Tel 1st Is
1937 J-J
98 Sale 9711
9853 '2
1
4
98 99/
South Bell Tel& T 1st s(5s 1941 J -J
9853 Sale 9813
984 20 971$ 100
West Union col tr cur 5s
1938 J -J 9$14 0812 9734
98
2 93 984
led and real est g 4 s _ _1950 M-N 9111 9214 9114
9112 33 86% 92
Slut Un Tel gu ext 5s
1941 M-N 99 -- 104 Josh
Northwest Tel au 4
g_1934 J-J
87 ____ 93 Jan '13
.._• No Price Friday; latest Ind and *eked, a_Due Jan._ d Due April. 8 Dee May. g Due June. _1.1 Dr Juiy_t_ DSO AU,0 Due Got y Due Nov. t Due
Goa.
8914 894
I °PUT, Was
CHICAGO STOCK EXCHANGE--Stock Record.
1144
,
STOCKS-HIGHEST AND LOWEST SALE PRICES.
a
Friday
Thursday
Wednesday
1) &turtle)/
Tuesday
Monday
April 10
April 9
April 8
April 7
April 6
,1 April A
16
49
27
85
91
3112
7
233
15
35
414
25
2912 *29
2912
•29
*92
9212 *92
9212
•388 400
400 400
132 132
10128 132
40
*30
40
*30
80
80
*75
•75
*12112 122 .122 1221
5
45
45
543
43
80
•.--- 78 .78
4912 .46
491
.46
571
5712 *57
*57
*215 218 *215 218
13812 13812 138 13814
91
912 *9
.9
;OW' 16- ;5:4" fdd 28
28 .27
•26
106 106 .10512 106
*6312 6412 •64
6112
____ ___ ___ ____
•____ 77 *___ 77
•130 135 .130 135
*120 125 .120 125
010812 110 *10812 110
'
120 120
.0118 120
3934 3934
40
40
12331 12334 12314 12334
784 7812
•7812 80
9914
9912 99
*99
•____ 15 *___ 15
30
30 •
•
iiiii2 Ism
igai2 18818
12434 *124 12434
•124
*34
*85
, 106
*24212
'10614
) 15312
35
*34
35
8534
853 .85
10612 10638 10638
250 250
10612 10634
1-07
15312 163 153
.iiii, 112-371
1i212 iiii.,
ELECTION DAY-EXCHANGE CLOSED
16 •____
49 *____
*20
27
*70
85
9012
91
3112 3112
*64
7
238
314
15 *...._
35 5_,..,_._
goi2
414
25 *___
•...•____
, *20
*70
91
3112
•812
*3
•____
•__..
*312
•____
Sales of
the
Week.
Shares.
Range since Jan, 1.
Lowest.
Highest.
Range for Previous
Year (1913).
Lowest.
Highest.
Railroads
17 Mch18 2034Jan 31
...
Chic City&O Ry ptsh com
•
Last Sale 17 Mar'14
*____ 16
49 Meh 25 65'2 Feb 2
Do prof
____ ......-.Last Sale 49 Mar'14
*___ 49
25
21
com100
Jan
Jan
23
19
Rys
Elev
Jan
80
J'ne
Chicago
2412
23
Sale
Jan'14
Last
27
.20
100 70 Jan 21 70 Jan 21
70 Ply
91 Jan
Do pref
Jan'14
Last Sale 70
85
•70
90 Jan 10 9S1 Jan 24
88 Jan 102 J'ne
274 Chic Rye part ctf "1"___
EXCH.
9012 91
9012 91
Jan
35
8
10
18
Jan
J'ne
27
"2"--ctf
part
8314 Sep
Rys
Chic
1,710
CLOSED
3234
3
317
3134 3214
613 Jan 14
812 Jan 29
512 Inc
9 Sep
50 Chic Rys part ctf "3".._
•
GOOD
612 612 .612 7
4 Jan 2
2 J'ne
418 Apr
2 Jan 14
132 Chic Rys part ctf "4"___
238 FRIDAY
238
238
214
15
Jan
17
1614
15
J'iy
Jan
37
Lt_100
&
17
lty
Sep
City
Kansas
Jan'14
17
Sale
Last
15
*____
3512 Nov
33 Oct
lo prof
100 35 Apr 8 35 Apr 8
90
35
35
35
35
412Jan 7
44 Dec
912 Jan
412 Jan 7
Streets 1!),Stable(3 L_100
•3i2 414
Feb'14
Lan Sale 412
45 Men
25 Sep
100 25 Jan 28 25 Jan 26
Do prof
•
Last Sale 25 Feb'14
*___ 25
Miscellaneous
4812 Jan
2112 J'ne
100 29 Jan 3 34 Jan 23
American Can
Last Sale 2912 Apr'14
2912
.29
100 8912 Jan 2 0554 Jan 27 o 81 J'ne 12914 Jan
Do pref
Last Sale 0234 Mar'14
9212
*92
Feb
500
Oct
400
16
Feb
440
75 American Radiator-100 400 Mch 27
400 400 *388 400
100 128 Mch14 13412 Feb 6 125 Deo 135 May
Do pref
30
•128 132 *130 132
Jan
55
Nov
28
31
Jan
44
9
Jan
Amer
30
80
Shipbuliding_100
35 • 35
32
32
78 Nov 10312 Jan
Do pref
100 78 Jan 8 92 Fen 4
Last Sale 80 Mar'14
80
•75
Amer Teiep & Teleg 100 118 Jan 2 124 Jan 28 11034 Dec 13934 Jan
Last Sale 12112 Feb'14
.122 12212
71 Jan
4912 Dec
53 Booth Fisheries corn. 100 38 Feb 26 5014 Jan 21
543
43
43
45
8978 Jan
7312 J'ne
1Jan 2
1
Do 1st pref
233
100
80
*78
79
78
40 J'iy
55 Jan
-- -----...,
Cal & Chic Canal & D 100 -----------Last Sale 50 Dec'13
4912
*46
5512 Sep
145 Chic Pneumatic Tool_100 51 Jan 2 -lc0 Feb 134712 J'ne
57
5712 5712 57
25 Chicago Title & Trust 100 212 Jan 13 218 Mch17 200 Apr 221 Sep
216 216
*215 218
357 Commonw'th-Edison.100 133 Jan 28 140 Mehl() u12412 Dec 155 Sep
138 13812 137 138
8 J'ne
1812 Jan
914 Jan ) 13 Jan 31
Corn Prod Ref Co com100
912
Last Sale 12 Feb'14
*9
77 Feb
7
- 7 Feb
Do pref
100 ----------_ ---------Last Sale 77 Feb'12
0 Oct 11014 Feb
62 Diamond Match
100 0112Jan 2 102 Jan 26
9812
-54" 161; *98
1512 Nov
53 Feb
Last Sale 2314 Mar'14
Goodrich (B.F.) com_100 2314 Mcn 30 28 Feb 4
27
•20
94 . Ai 10012 Dec
30 Hart Shaft & Marx pf100 10012Jan 2 108 Mch17
*10513 106 *10512 106
58 Nov
7612 Jan
597 Jan 9 70 Jan 30
100 Hinds Brick
100
64
6412 •63
64
lnternat Harvester Co100 109 Feb 4 111 Jan 22 100 J'ne 115 Jan
Last Sale 110 Feb'14
Knickerbocker Ice pf_100
Last Sale 7634 Aug'12
*____ 77 National Biscuit
100 1-2334Jan-14 118 Feb 3 105 J'ne 130 Sep
Last Sale 135 Mar'14
•130 135
Do prof
100 12114 Feb 16 12312 Feb 4 116 Dec 123 Jan
Last Sale 12114Mar'14
.120 125
100 j10512 Mch 12 181 Feb 19 113 J'ne 137 Dec
210 National Carbon
109 10012 10912 10912
40
Do pref
100 11514 Jan 27 120 Mch17 1114 I'ly 118 Jan
120 120 *117 120
63 Jan
33 Nov
30 Pacific as & El Co_100 35 Jan 0 4712 Feb 13
40
3934 3934 .39
590 People's Gas L&Coke.100 121 Jan 3 125 Jan 5 104 J'ne 130 Sep
123 12318 122 123
85 Aug
65 J'Iy
20 Pub Serv of NoIlicom 100 77 Jan 3 81 Melt 4
7812 7812 *7712 7812,
894 Dec 10162 Jan
100 9434 Jan 21 100 Feb 7
Do pref
45
*---- 9912 *9812 09
89 Feb
19 Aug
100 12 Mch 23 174 Jan 14
Rumely common
Last Sale 12 Mar'14
*__ 15
9738 Feb
4012 Aug
100 30 Mch 23 4034 Jan 14
Do pref
Last Sale 30 Mar'14
*__ 30
Jan
21434
J'ne
311 Sears-Roebuck com 100 181 Jan 3 19313 Jan 31 155
188
100 122 Jan 14 12478 Feb 20 117 May 12434 Feb
Do pref
Last Sale 124 Apr'14
*124 12434
Feb
84
Nov
1614
5
Feb
3034
3
Feb
com.100
2712
Corp
Feb'14
Studebaker
2812
Last Sale
32
.31
70 Nov
66 Nov
Do pref
100 83 Feb 3 88 Feb 4
Last Sale 88 Feb'14
8534
*85
312 Swift & Co
100 10434Jan 3 10712 Feb 27 101 J'ne 10778 Mch
10614 10612 1064 10814
13 The Quaker Oats Co_100 230 Jan 8 250 NIch21 195 J'ne 280 Feb
245 245 .24212 245
9934 J'ne 10812 Feb
Do prof
33
100 102 Jan 6 107 Feb 23
107 107 .1064 107
100 140 Feb 9 15812Mch24 3142 Dec 218 NOV
363 Union Carbide Co
153 15412
1524 153
112 Feb
1 Jan
Box
Unit
Ild
Co_100
I'
&
July'13
Last Sale 118
6834 Jan
60 J'ne
U S Steel corn
100 5718Jan 3 6712 Feb 13
Last Sale 64 Mat'14
68 Ward, Montg'y & Co pref 109 Jan 3 114 Mch17 10512 Feb 111 Sep
112r5 fiii4 *11212 11234
012 Jan 14
9 J'ly
1412 J an
Western Stone
5 Jan 13
100
Last Sale 612 Feb'14
8
*____
8714 Mch 112 Jan
.
100
Woolworth. corn
Last Sale 9134 May'14
18638 18758 18712
Chicago Banks and Trust Companies
NAME,
STOCKS
CHICAGO STOCK
EXCHANGE
Dividetul Record
Capital Surp.
Per- Last Paid,
In
In
t
Profits
Stock.1
% BM. Ask,
1012. 1913. iod.
(00s om Wed.)
NAME,
Dividend Record
Capital Surp. et
Per- Last Paid,
In
Stock, t Profits t In
1912. 1913. iod.
(Oos on Wed.)
$35,1 Org. J uly 5
Southwest Tr & S 5200,0
6
Standard Tr &Say 1,000,0 0432,3
6
57,9
200,0
Stockmen's Tr &
8&32
Union Trust Co__ 1,200,0 p1,685,6
12
400,0 040,2 8&2e
WestSideTr &Say
10
10
119,1
200,0
Woodlawn Tr &
'12.
Q-1)I
J-J
QM
Q-Al
Q-J
Bid. Ask.
V. 85, p. 18.!125 130
Mch.31'14.112 163 168
Jan. '14, 3 145 150
NIch.31.14,2 _
Moh.31'14,3 350 375
Apr. 14, 23.4,230
Mch.31'14112 180 184
23.3 5)4w
213,3
American State__ w$200,0
An Jan '14, 8 150
6
72,0 None
100,0
,Calumet National
20,6 Org. J an. 27 '11. V.95, p. 1585 106 103
200,0
Capital State.27,1 Beg. b us.Oct 7'12 V.95,p. 944 158 160
250,0
Centrui Mtg DLit.
113.3 Q-J Apr.'14, 3 2292 293
Pont & Cora Nat. 21,500,0 y112200 10
18&8y Q-J Apr. '14. 4 404 406
Porn Ezell Nat__ 3,000,0 y6,535,8 18
Q-J Apr. '14, 15,4 220
6
6
145,8
m300,0
Drexel State
Q-J Apr. '14, 234 250 280
10
750,0 y394,7 10
,Drovers' National
Q-J Apr. '14, 2 174 180
8
8
83,4
200,0
Englewood State.
-M Dec.31'13,414 424 428
Q
BONDS
17
17
6
y12318
10,000,0
First National_
Pries
Rang. •k
Week's
CHICAGO STOCK
lJ'de
247,5 12)-4 10&3e Q-m Mch.31'14 212 353 356
150,0
FIrstNatEngiew'd
Thursday
Since
Range or
est
EXCHANGE
Sold
Priv ate Ba nk
)1'oreman Bros__ 1,000,0 0525,5
9
April
Last
Sale
265
260
2
'14,
January
Apr.
1.)
Q-J
Period
Ending
10
Week
April
8
a
y1,010,9
III Dearborn Nat_ 2,000,0
128 131
28,3 Org. N ov 25 1912
200,0
Halsted St State_
Ask Low
High No. Low
Bid
(11)
HibernianBk Assn 2,000,0 01,254,7 Not pu blished -se e note (f)
91 Feb '13
Am Tel & Tel coil 4a____1029 J - J
48,9 Beg. b us Aug '12. V. 95, p. 273. 134 137
200,0
Ilyds Park State.
9273 15
9278
5k HigA89 93
1939 J -D 9278 Sale
Armour & Co 434s
100,0
Irving Park Nat_
y15.9 Orga n. Feb '12: V. 94, p 485. 119 122
8214 April'12
77
1928
Auto Elea 1s1 M Os
t 74
209,8 10 10&5e J-J Jan. '14, 5 250
400,0
Eaapar State__
'12
May
9018
97
88-N
1937
5s
ref
108
&
1)(
unit
El
ek
'14,
iii
Gas
Cal
Jan
Q-J
13(
8,7
200,0
Lake View State.
100
9973
24
101
1927 F - A 100 Sale
Chicago City Ry Sc
Q-M Mch.31'14, 2 268 272
64,6
200,0
Lawndale State__
82
4
82
83
8512
Chic City AZ Con Rye 5s_d1027 A -0 81
12 Q-m Nich.31'14,3 255 260
Live 8th Ezell Nat 1,250,0 y665,6 16,1-2-e
9573 98
9712 Feb'14
1914 J - J 9812
Chicago Eiev Ry 15s
p60,2 Beg. b u.s.Aug 26'1 2 V 95, p 693 131 135
200,0
Mach &Trad State
9514
9212
94
04
Q-J Mch.31'14,2 208 210
9514
Chia Poets Tool 1st 5s_a1921 J - J
8
Nat Bk of Repub. 2,000,0 y1,472,3
9834 22 9012 9913
Ws
Q-J Apr.'14, 134 168 170
1927 V - A -9834 Sale
6
Chicago Rye 5s
National City_ -_ 2,000,0 y830,6
94
Mar'14
91
.3
923
Q-J
'14,
Apr.
195
4-0
114
03
---6a
'A"
Rye
series
Chia
6
a
National Produce 5250,0 y125,7
121 7812 8114
81
71)
Q-J Apr.'14, 14 leo 183
794 Sale
series "B" J -D
Ode Rya 42
7
7
200,0 0112,0
North Ave State93 SOD '13
94
Q-J Apr. '14, 134 134 136
series "C" F - A
Chic Rye 4s
6
23,8
200,0
North Side St Say
100 Jan '12
Q-J Apr '14, 134 184 187
7
1913 F - A
Ohio Rys coU es
300,0 ,; 71,5
North West State
7-67
Chia Ry Pr m M g 45..e1927 J - J 51 Iit; 7014 Mar'14
200,0
Ogden Ave State.
11,5 Org. N ay. 27 '12. V.95, p. 1944 104 105
5414
4 45
5114
5212
Q-J Apr. '14, 212 275 --10
Chic Ry Ad) Inc 4s-e1527 Mayl 5212 Sale
133,4 10
500,0
PeoplesStkYdat
6
.
4
1014
1003
994
10052
10034
10012
-D
I'll
J
p.1235_.____
Nov
V.93,
us
5s-1923
Chicago
b
Beg.
Telephone
23,3
200,0
Second Security-9714 98
9712 Mcle14
9754 98
73.4 Q-J Apr. '14, 2 248 253
Cicero Gas Co ref U m-1932 J - I
176,7
400,0
Security
101 102
102
102
S 10134 102
8&2e Q-J Apr. '14, 2 3210
Commonw-Edloon 5s____1943
8
200,0 2152,2
South Chicago Say
1004 10114
Mar'14
Q-J Apr. '14, 14 132 136
6
2_51943 Al- S 101 10112 101
Commonw Elea 5,
31,9
6
200,0
South Side State.
9914 10012
Q-J Apr. '14, 3 396 399
N 10013 .- 10012 Feb '14
12
Cudahy Pack 15181 54-1924
State Bank of Chic 1,500,0 02,888,3 12
104 10512
105 -- 10512 Mch'14
Dia Match Con deb 8s.._1920
54,4 Beg. b us.Aug 19'l 2 V.96, p.523 131 135
State Bank olItaly
200,0
12
Aprir
4
993
-M
Q
98
350
-0
4
4
Mch.31'14,
A
973
notes-1915
L
lit
15
6%
9
Mot
Gen
250,0 0258,9 10
Stock Yards Say_
0.0.
99 July'13
0.00
M-N Nor111, 1 178 181
Int Her 3-yr 5% g notes_1915 F - A
170,5
500,0
Union Bk of Chic_
10518 April'12 --O. emoa aaea
Inland Steel 1st 88 g Os.,.1928
••
63i 10&34) Q-1 Apr. 14. 214 225
27,6
100,0
Washingt'nPkNat
Q-J
214
'14,
Apr.
231
233
Kan
9
City Ry de Light Co
8
CentralTr Co01 111 4,500,0 p2.103,5
'12
Oct
0..a
90
OMOW
5s
407,3 10&2e 12&le J-J Jan. '14, 6 300 310
500,0
Chicago City B&T
75 Sep' 13
_- 70
3 11
18
92
1°
Late St 1(1-1st 58
(.1-J Apr.'14, 114 140 142
6
Chicago Say B &T 1,000,0 0275,8
8312
834
Metr W Side El lit 4s-1938 - A 834 Sale
83.4 Q-J Apr. '14, 23.4 214 218
8
Chicago Title & Tr 5,600,0 12.886,9
74
8012
8012
794
8012 Sale
165 167
Q-J Apr.'14, 2
1933 J - J
(o)
Extension g 4s
Colonial Tr & Say 1,000,0 0503,4 8&2e
(%)
Mil El Ry & Lt let g 58-1928 V - A 9103 10412 1044 Aprir 12
Cont&ComTr&S 3,000,0 01,379,1 Not pu Wished --se e note (1)
12
Anrir
95
J
J
944
1931
94
t
Q-J Apr.'14. 214 285
10
do
ref & ext 43.4s
250,0 s190,1 10
Drovers Tr & Say
-1-3Z1;4 80
8878 Feb'14
89
83
Morris & Co 4)4e
First Trust & Say 5,000,0 24,043,2 None None Q-M Dec30'11,4
10014 May'12
Nat Tube 1st g Si
S us.Apr 3'11 V.92„ p.929
500,0 x112,1
letDearbornTr&S
Jan'14
"OF 99
99
A
j%1
2
3329
Q-J Mch31'14,114 164 108
92
119
Nor Shore El 1st g 5s----1
Franklin Tr & Say
800,0 0132,7
9814
Mar'14
98
B,i
984
2)i
do
(4-4.1.4 Apr.44, 3
"10
let & ref g 5s-1940 A-0
Greenebaum Sons 1,500,0 0328,9 10
- 954 Sept '12
132 137
Jan.
Nor Sh Gas of IU 1st 5s-1937 - A 809
200,0
Gua,antee Tr & 5
64,5
10014 Apr'14
113(574 10014
North West El lit 4s...--1011 M- S
Harris Tr & Say
1,500,0 02,658.8 12 12&10e Q-J Apr '14, 3 450 _
991 IA9
100 Sep '13
N W GI L & Coke Co 58-1928 Q -M
88,3 Beg. b us.Apr 10'1 1.V.92,p.1004 151 164
300,0
Home Bank & Tr_
9514 95 Mott'14
"OF er
Apr. 114.4 470 480
Ogden Gas58'
Illinois Tr & Say- 5,000,0 010599 4 16&4e 16&4*
11512 3ept '12
Q-J Dec 31'13, 134 190 195
-O
A -N
°43 M
Poop Gas L & C 1st 6s1
118,2 7&21
-194
200,0
7
Kenwood Tr& Say
Q-J Dec 31'13,131 178 181
1947 88- S 1005, Sale 1004 1004
"iirs OA;
300,0
113,7
Refunding gold 5s
Lake ViewTr&Say
104 106
101 10314
Chic Gas L & C 1st 50-1931 J - J 102 -- 103 Mch'14
Ma y'10
LaSalleStTr&Say 1,000,0 01,343,6 Beg. b
170 180
99 10112!
Corunun Gas 1st 5s.--.1938 J -D 10018 -- 10034 Mch 14
07,9 Org.D eo. 6 '12.
275,0
Liberty Tr & Say100 10012
Mutual Fuel Gas lit 5s 1947 81-N 810012 -- 1004 Feb'14
200,0
Market Tr & Sav81.3 Org. ept. 5 '12. V. 95, p 593 114 117
9313 Feb'14
904 934
9112 93
Pub fiery Co 1st ref g 6s-1956
058,0 Beg. b us..rly 1'12 V.94, p 484 160 185
250,0
Mere'ntileTr&Say
95
90
95
95
J - J 944 95
Q-J Apr. '14, 4 430 435
South Side Els,
16
Merchants'L & Tr 3,000,0 07.426.1 16
100 1014
Q-J Apr? 14, 1.44 134 136
100 -- 1004 Mar'14
1914 J Swift & Co lit g 5s
073,0
200,0
Michigan Ave Tr_
9711'
96
1.V.92,p.1004
205
Sale
8
967
4
t
do
963
10'l
904
210
g
I
s
Ap
1st
us.
500,0
Mid-City Tr & Say
126,8
'Fri-City Ry & Lt coil
8 Q-M Mch.31'14,2 320 325
8
Northern Tr Co
1,500,0 02,981,0
-16-41
9814 April'12
J-J Jan.'14, 5 3267 270
1923 A.-0
trust lien if 15s
8
8
Nor-West Tr & S.
176,7
250,0
oat., Oft*,
Union Elea (Loop) 5s- 1.945 A -0
75 Dec'13
200,0
058,3 Beg. b us.Tne 1 11 V,92, p.1637 116 120
,Old Colony Tr &S
100 May'12
U 8 Gypsum 1s1 g 5
1922 hi- 13 OMOM
People's Tr & Say
8 aigae Q-JI Apr.'14, 234 280 285
500,0 0248,2
102
Western Elea Co bs
994 Dec'13
Q-J aids.3114,2 200
40.1.mo
1922 J - J
!Pullman Tr & Say
288,4
8
300,0
Note-Accrued interest mm t be added to 411 Chicago price s.
6
3
200,0
Q-J Mch 31'14,212 152 155
047,5
Sheridan Tr & Say
State
for
Jan,
t
institutions.
day.
13
on
made
1 NO
(close of business) or national banks and Jan. 14 (opening of business)
this
•Bid and ask prices; no sales were
a Due Dee. $1.
oe Friday; latest pries this week. Sept. 1 1911. I Dividends not published; stock all aequired by the Continental & Commercial National Bank. C1.-./,
with extr$
me June. s Due Fen. d Due Jan. 1. • Extra My. k New stock. 1 4% of this is extra. s Sales reported beginning April 18. •Divs.are Paid
t Los. 31 1913. e Ex 24% accumulated dividend. is Increase in oapital to $400,000 authorised Sept. 24, a eaah div. of 75% being paid 121
payments
connection tlkarewtth. V 97, p. 1000. 574, a Ex-div. and ex-stook div. it 4 assessment paid. e Paid 6% reg. sad 13.4 extra on old capital stook of $600,000
=Dew capital i . 0)0,000. y March 4 1914. s March 5 1914.
p. 812. 10aD1161 tea
Ex 50% stook div. mCapital to be Inc. to $350,000.
V.
end
- • -• • - t0_11$9.929QQ; a 21 O cash dividend to be declared In connectlon
. _ therewit11._ (Lax.4 1914.
Chicago Bond Record
"air,
814
us.
r
Ars. 111914.1
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ondin:
April 10 1914.
Saturday
Monday
, Tuesday
Wednesday
Thursday
Friday
Total
Shares.
64,853
106,860
112,232
222,090
277,025
Par Value.
$5,296,800
8,558,000
9,847,450,
19,980,550:
24,564,250:
HOLIDAY
783,960 368,247,0501
Railroad.
Stale
Bonds.
Bonds.
$1,975,500
1,602,000
1,751,500
2,226,000
2,297,000
335,000
388,500
119,000
185,000
275,000
$9,134,000 $1,002,500
U. S.
Londs.
$30,000
40,000
$70,000
1145
Telegraph and Telephone
e Amer Teleg & Cale..100
e Central & South Amer-100
Comtul On Tel (N Y)„..25
Empire & Bay State Te1.100
Franklin
100
e Gold & Stock Teleg-100
e Northwestern Teleg___50
Pacific & Atlantic
25
e Pac Telco & Teieg pref_100
Southern & Atlantic
25
Short-Term Notes
Amal Copper Is 1915..M-1.1
Arne; Locomotive 5.,1915 J-J
5s 1910
J-J
55 1917
J-J
BaIto & Ohio Os 1914 _J-J
Bklyn Rap Tr-See N Y Stk
010
,
11o44
hes 011
c
Ch
5
,
B al Ark
68
62
106 1074
100 110
00
72
40
50
110 120
105 113
65
72
92
88
8(..
95
10034 101
18,
9954,
8032
4 111800800771388.
9912 10012
10038 10038
Ask
Indust and Miscell-(C'05
n)
0 BOO
5,2
170 174
American Surety
American Thread pref-5 *312
4212
Amer Ty pe(ounders coml./18 41
Preferred
98
98
Deb g 63 1939
Amer %Vriting Paper-M
9'
A-ONO 95
Barney & Smith Car corn 100 1078 1. 1'
00 40
60
Preferred
Bliss(E W)Co corn
2514
3
11
50 115 1
Preferred)
Bond & Mtge Guar
15
0
2 299
198
Borden's Cond Milk com.1
90 2
10
950
.6
178
154 107
copper co....
10_0
5 1°
British Col
48
Brown Shoe coin
32
Preferred
e Butterick Co
Casualty Co of Atnerica_11119
15
977s
71'2 192
290
990 10
0
900
Celluloid Co
12
28
7 13
City Investing Co
23
90 100
Preferred
•
e Claflin (H B) Co com_ 10
72
1110
99990
0 70
e lot preferred
e 21) preferred
110
90
9 75
8895
c
Co
luoestot;c
Stk Ea list
Pe
earb
70
loldeyat&
InC
g°
_ __ .51e800 68
Continental Can com_100 34
:36
Preferred
e Cerp
uc
rlebrelrere
Sdteel corn....
8
16
51' 9
15
94
1k
0
;(1 1110t
0
.
4
0612 97
ChIcElev Rys 5's 1914 ___J -J
Coll
Erie
530ct 1 1914_A-0
Coll 58 April 1 1915__A-0 9934 100
1914.
1914.
1913.
1913.
5125 Oct 1917
A-0 9934 100
Hocking
Valley bs '14.8I-14
,
3..: 101,2
Stocks-No.shares__
26,817,945 Ill
23,531,159
2,162,341
783,960
Cent 43s
2 9
06
0,2
Par value
$88,247,050 $184,118,150 $2,074,340,629 $2,419,012,300 Int &
Gt Nor So 1014 F-A
051
Bank shares, par
$51,100
$232,400
53,400
5600
Inter
harvester So '15_F-A 10012 10034
Bonds.
91
$306,000 K C fly Sc Lt Os 1912 M-S / 87
$268,000
Government bonds
$1,500
70,000
tle12 0
95812
19,028,500
5,624,500 Minn Sc St L g Os 1916 F-A
State bonds
310,000
1,002,500
218,907,000
163,128,000 Mo Eau & Tex 58 1915_111-N
RR,and misc. bonds
9,134,000 16,370,000
Missouri Pacific 5s 1914...1-1)
06
Davis-Daly Copper Co___19
1? 9111'
'
2 915
%
1
$238,203,500
$169,058,500 eN VC Lines Eq 55 1914-22 5 4.65 4.55 duPont(EI) de Nem Pow 100 130 133
Total bonds
$10,206,500 $16,681,500
4eis Jan 1915-1925. _J-J 6 4.65 4.55
e Preferred
43.is Jan 1915-1927_11-J 1) 4.65 4.55 Emerson-13rantingliam_1
DAILY TRANSACTIONS AT TICE BOSTON AND PHILADELPHIA
614 -2
-8
23
-9 8
10
90
N Y Cent 412s 1915 -M-N 10018 10038
EXCHANGES.
Preferred
74
8
13
0
5s Sept 15 1914
10012 10034 Empire Steel Sc Iron corn 10909
5s Nov 5 1914
1...0_0_3...1.
10_1_. Preferred
Philadelphia,
Batton
St L & P F 53 1913 opt.J-D
e Federal Mln & Smelt _110
_ __ _ 2
15
5
90
9 -ig
Week ending
Cs Sept 1 1914 opt___NI-S ---- i662; e Preferred
4178
35
Listed
Bond
Listei Unlisted I
Unlistea
Bond
April 10 1914.
Seaboard Air L Ity58'10 M-S 9934Cemic
General
Sales.
alcore_10
j
Share:.
s.
Shan
90
Shares.
9
Shares,
Sale:.
South Poe Co 53 J'ne 15 1914 10018 10012
r Preferred
100 iN "5
Southern fly 5s 1916_ F-A
9934 100 Goldfield Conan 51
$9,500
7,638
1,460
4,895
996
$8,500
Saturday
55 Mai 2 1917
M-S2 994 9934 t Hackensack Water Co-19 *17'
13,094
8,428
49,000
3,824
Monday
1,319
23,300 West Maryland 5s
-5'2
10212
10134
1015_J-J
1st g 4s 1952 op 1912._J-J
11,108
86
84
6,873
36,000
2,453
Tuesday
2,760
65,500 Westingh'se El &
M (is 1915 10178 10214ellele Sc Kilburn com...100 25
7,040
7,218
30
9,100
2,517
5,175
Wednesday
84,500
i"
Railroads
1st
preferred
8
10
8,833
8,522
75
100
47,500
3,781
ThursdaY
7,915
30,000 e Chic & Alton
100
coin
preferred
HOLIDA
Friday
e Preferred
IOU
91-2 12 1 Havana
deco Co....100 7`?
2il pr
,
4
9
5
e Chic St P II & Om_......100 i f 130
Preferred
36,069
47,580 3151,1001
Total
14,035
18,165 $217,800
e Preferred
100 137 155
lot g 58 June 1 192'2 J-D / 64 --e Colo tx South corn
24 Hecker-Jones-Jewell Milling
100 22
e 1st preferred
100 45
m-s 99 101
48
1st 6s 1922
e 2d preferred
40 Herring-Hall-Marvin _100
100 82
5
15
e Dui S S & Atl com____100
3
6 Hoboken Land Sc Improve'
All bond prices are now "and interest" except where marl:ed
e Preferred
"
100
m-N 100 -....
9:2 12
let 5s Nov 1930
e N Y Chic & St L eom....100 36
40 I Hocking Val Products-100
4
2
Street 1k
-(Con ) Bid Ask
c lot preferred
100 92 100 ! 1st g 58 1961
j...3 39
43
Street Railways
Bid Ask United Lt Sc Rye corn..
76
8
e
e 26 preferred
85 I a Ingersoll-Rand corn
100 65
100 110 1st preferred
100 7212 71
Northern Securities Stubs103 105 1
e Preferred
New York City
26 preferred
100 70
73
Pitts Bess & Lake Erle-_50 .
31
34 Intercontin Rub com_1
8
10
90
9 92
7
11111ceek St &
Fy etk-100 20
25 United Rya of St LPreferred
68 Internet Banking Co......100 05 100 '
50 *62
I 1st intge es 1910
Common
65
100 10
71
1112 e Railroad Securities CoInternational Nickel.... 100 120 122
Preferred
s
185
170
Wy & 7th Ave stk
3834
100
3912
100
111C stk tr etfo Ser A
78
Preferred
It 2d mtge Is 1914
100 88
J-J 10114 102 Wash Ry Sc El Co
91
West Pete 1st 5s 1933__M-S 63
64 International Salt
Preferred
Broadway Surface 1k
100 8634 8718
-flStandard 011 Stocks
Per :hare
1st g 55 1051
A
.
1199
0
99 115
90
37'2 15
04
2
811
10212
48
1951
100
J-0
let es 1024
J-J
Anglo-American 011 new-- •17
1712 International Silver pref_100 110 120
10 West Penn Tr&WatPow 100 -5
Cent Crosstown stook-100
-.
2- 518312 Atlantic Refining
100 040 660
lot Os 1943
Preferred
i• 1st mtge Os 1922____M-N 15563
100
13orne-Soryinser Co
100 290 300 Internet Smelt Sc Refg....j
96
9
9 110
1-00
0 10
Christopher Sc 10th St stk100 120 135 Electric, Gas & Power CO3
Buckeye Pipe Line Co__50 .140 144
Kelly Springfield Tire _100 50
59
New York Cliu
Dry Dock B & Battc
Co
nleoo
selberiouo
gliii Mfg Cons_100 660 670
Preferred
13
40
70
0 18
.1-13 0812 10012 Cent Un Gus 5s 1027_
102 1031.
let gold Ss 1032
100 112 120
Debenture 4s 1951-A1-909
35 e Rings Co
F-A /30
Scrip 5s 1914
L Sc P Co 100 120 122
Continental 011
100 230 .240
e Lackawanna Steel
34
100 32
Eighth Avenue stock...100 280 310 New Amsterdam GasCrescent Pipe Line Co...51) .53
50
Lanston Monotype
100 8378 843s
1st COIltiOl 5s 1048
F-A / 99 10012
Scrip 6s 1914
J-J 10212 103
Cumberland Pipe Line _100 52
Lawyers' Mtge Co
56
62c1 & Or St Fy etock- _100 240 280 N Y&ER Gaa lot 58'44 J-J 103 10412 Eureaa Pipe Line Co_100 265 275
Lehigh Val Coal Saler:L :5
16
8
90
4
70
9
5 2
00
9
0 19
9
Consol be 1945
62d St II St St N Ave
3-3 00
45 10
55
Galena-Signal Oil corn..100 170 175
Manhattan Slain
1st Gs ext at 5% to'40.PS-S 100 105 N Y & Q El 1, Sc Pow Co_100
Preferred
100 138 142.
Preferred
103
99
100
Ninth Avenue stock.-100 155 17t)
Preferred
80
100 70
Indiana Pipe Line Co_ _50 *139 141
Manhattan Transit
118
20 .1
Second Avenue stock
3 N Y Sc Ricinnond (hits...101) 25
100
3912 National Transit Co
25 •39
41
Cense! bs 1048 etfa_F-A
23
28 North'n tin 151 5.31927.M-N 001:. 10112 New Yore Transit Co_ -100 270 280 eMortgage Bond Co
National
16
Surety
9
8
7
2
0
1
6
8
9
6
5
2
'Sixth Avenue stock
101 105
L 1st Is '30
100 113 121 Standard
S.orchern Pipe Line Co__100 113 116
e New York Air Brake...10
80
99
Sou 13oulev 53 1045
who- Cities.
J-J 8912 WO
01110 Oil Co
25 •188 190 e New York Dock com_100
5
20
So Fer 1st 53 1019
1)8 Am Gas Sc flee coin_
Si) .85
A-0 90
87
Pletee Oil Corp
*85
90
s Preferred
10026
80
Preferred
Tarry WP & Si 55
/75
50 .48
49 ' Prairie 011 Sc Gas
100 475 480
N Y Mtge Sc Security...100 lig.- 155
16 Am Lit,'frac coin
118 4: 29th Sts 5a '96 et:0 A-0 / 7
100 305 363
Solar Refining
100 335 345
N Y Title Ins Co
80
100 70
Prekleed
Twenty-third St stock_100 240 275
IOU 107 10)
Southern Pipe Line Co_100 227 232
N Y Transportation
Union Sty 1st 5s 11J42__ 1-A 102 _ _ _ _ Amer Power & Lt cons...1(10 66
67
South Penn 011
IOU 370 375
Niles-Bem-Pond com--10
4'5
70
558
20
9 65
93
Preferred
Westchester 1st So '43_3-J 00
100 82
83
Sou West Pa Pipe Lines.100 140 143 Ohio Copper Co
10
*14
ss
.3
12
Yonkers Et 1111 5e 1040_A-0 92 100 Bay State Gas
50
Standard 011 (California)100 314 318 e Ontario Silver
100
212 3
Buffalo City Gas stock..100 ---- 5
Stand Oil (Indiana)
100 478 480 Otis Elevator corn77
Cities Service Co cot:1_100 91
Brooklyn
93
Standard 011(Kansas) _100 470 480
Preferred
99
Preferred
Allan Ave RR con 58'31A-0 10112 103
100 75
77
Stand 011 of Kentucky_100 265 275 e Pettibone-Mulliken Co E il
2543
99 Columbia Gas it Elec....100
BB&WE 6s 1933___A-0 95
1012 1011 Stand Oil of Nebraska_100 410 420
a lot preferred
100 8834 99
1st Is 1027
Brooklyn City 1111
J-J
70
10 x168 173
72
Stand Oil of N J (old) 100 1400
Pittsburgh Brewing
50 *1034 11
1936 J-J 98 __ -- Stand 011 of N J
Bkiyn ligts 1st 58 1941 A-0 101 103 Con (1.42 of N J
100
ii5"
Preferred
SO •2578 2614
Coney Sal Sc 13klyn
100 00 100 Consumers' L H Sc- PowStandard 011 subsidiaries-- *101925
s. Pittsburgh Steel pref..100 89
4
92
63 1938
J-D
84
t,2
98
1st cons g 4s 1048
J-.1
- Standard 011 of N Y
100 224 iii - Pope Mfg Co corn
100 ---- 3
Consumers
Power
(Minn)
83
80
1055
Con g 48
J-J
Standard 011 of Ohio_ _100 405 415
Preferred
100
12
9
let Sc ref .5e '20 opt'14M44 89
Brk C Sc N te 1939
97
J-J 98 100
Swan Sc Finch
100
205
215
Pratt
Sc
Whitney
pref
100 99 103
Nassau Eleo let Is 1944 A-0 102 104 Denver G & El 53 1949_111-N ---- 39214
Union Tank Line Co.-100 8
90 Producers 011
8
Electric Bond Share prof 100 69812 100
N Wmeburgh Sc FlatbushVacutnn oil
100 229 231
Realty Assoc+ (Liklyn).....1
35
00 10
9 Hi 199
95 Elizabeth Gas Lt Co
IOU 325
' let 4).is July 1941...F-A 92
10 .48
Washington 011
52
Remington Sypewt'r com100 23
27
Steinway 15,(Is 1922
J-J IOU 103 Essex Sc Iludson Gas.....100 132 iii-- Waters-Pierce 011
100 3700
lot preferred
100 96
98
Gas Sc El Bergen Co....100 87
00
lobacco Stocks
3d preferred
100 88
90
Gr't West Pow be 1940._
81
Other Gilles.
82
(See also Stock Exchange Lie0
Royal Bak Powd com
100 183 188
Hudson County Gas
Buff St fly let con Is '31F-A 10212
V 0 130 133
Amer Cigar coin
100
140 145
Preferred
100 10512 10612
61 Indiana Lighting Co
Com'w'Ith Pow Ry a 1-100 60
100 38
42
Preferred
100 99 101 Safety Car Heat & Lt
100 106 108
4s 1958 opt
82
Preferred
100 81
F-A
6912 71
Amer Machine & Fdy_100 83
90 Seare,Roebuck&Co-SeeN Y Stk E x list
65 Indianapolis Gas
•Conn ity Sc Ltg com_100 62
50 103
British-American Tobac_il .2214 2212
e Preferred-See Chic Stk Ex Its I.
1st g Is 195s
70
IOU 62
• e Preferred
A-0 8712 -6-6*New stock
.
2238 2238 Singer Mfg Co
100 305 315
e Detroit United Ity
100 69 -- Jackson Gas bs g 1937._ A-0 9712 100
Conley Foil
100
/i
a v St ndard Coupler com 100 25
33
22 e Laclede GasL(St Louis)100 06
Federal Light & Trac
100 .20
09
s Helms ((leo W) corn..100
l'referred
100 105 111
e Preferred
73
100 70
, Preferred
100 9512 _
e Preferred
100 109 117 Stewart-Warner Speedo'r100 57
69
Madison Gas Os 1926_ A-0 100 106
I alavana Elea Ry L Sc P 100
Johnson Tin Foll&Metal 100 125 175
Preferred
100 9912 102
Narragan (Prov) El Co_ 50 .88
e Preferred
100
93
MacAndrews Sc Forbes IOU 180 190 Texas Sc Pacific Coal
100 95 100
8
03
5114 Newark Gas 6s Apr '44.Q-J 123 125
J-J 1023 19
•Loulsv St 5e 1930
Porto-ltican-Amer Tob_100 235 250 e Texa3 Pacific Land Tr_100 9612 1024
_
Newark Consol Gas_
; New Onl Rye Sc Lt com_100
100 94
96
Reynolds (11 ..1) Tobacco.100 260 275
TonopahMin(Nev)SeePhIla Stk E x list
100 59 -6E- No Hod L 11 Sc P 55 1938A-0 95
e Preferred
Tobacco Products com-100 100 150 Trenton Potteries corn-1
100
00 45
4
55
6
72 Pacific Gas Sc E coin....100 38 -g68
IN Y State Rys corn-.Preferred
100 8312 84
Preferred new
Preferred
'eller Ohio Tr Sc Lt com.100 60 62
100 82
83
s United Cigar Mfrs corn 100 4812 5012 United Copper
100
18
82
100 88
Pub Serv Cyrp of N 3-See Stk E x list Pat Sc Pas Gas Sc Elec
92
e Preferred
100 9912 10312
Preferred
100
2
6
83
Tr Ws 0% perpetual...- 104 105 St Joseph Gas bs 1937_J-J
88
United Cigar Stores corn.100 0312 0412 e United Dry Goods____100 88
90 '
80 Standard Gas Sc El (Del) 50 .8
78
, No Joe St 1st 4e 1948 bi-N
9
Preferred
100 114 118
e
Preferred
100 94
99
Preferred
74
Cons Tract of N J....100 73
50 .2612 28
e Weyman-Bruton Co. _100 215 300 U 8 Casualty
100
200
let bs 1933
J-13 103 10312 United Electric of N .1e Preferred
100 112 120
U S Envelope co
corn
12
,91 139
1st g 4s 1949
New'k Pau Sty 55 '30.3-1 10112 J-D 8112 82
Young (J f3) Co
100 130 140
Preferred
100 102 104
United Gas Sc Eleo Corp_100 33
, Rapid Tran St Ry......100 230
IndustrialSretiscellaneous
35
U 13 }Wishing
100 10
13
Preferred._ ......100 7
lot 55 1921
A-0 100
18
1
7
19
3
e Adams Express
100 96 102
Preferred
100 30
35
Utah Securities Corp
, J C Hob Sc Pat 45'40 M-N
100
7712
Col tr g 45 1047
J-D 1 77
78
1st
g .58 1919
.1-.11 90 96
6% notes Sep 15'22M&S15 85
128
, So J Gas Ni Sc Tra0
100 123
80
Alliance Realty
100 83
92
Con g Is 1929
J-J
70
74
Gu g 5e 1953
M-S 09 100 Western Power com.......100 5
15
612 5
17
8
Amer Bank Note corn...
.40
42 e U S Indue Alcohol
100
il 33
Preferred
100
No Hud Co Ry 531928 J-1 102 103
Preferred
50 *50
51
I Preferred
85
Western States Gas Sc ElM-N
95
Ext Se 1924
American Book
100 160 170 U S Steel Corporationlist Sc ref g be 1041 op_J-D 88
Pat fly con 68 1931-J-D 110 - -92
American Brass
100 142 146
Col s 1 58 Apr 1951 op 1911 113 1141e
Ferry Companies
•
26 Cs 1914 opt-_A-0 100
American Chicle corn
100 195 205
Col s f be Apr 1951 not opt 113
-1-2 N Y&ER Ferry stock..100 10
Republio fly Sc Light-100 17 -18
18
Preferred
100 08 100
U el Tit Ou & Indem____100 40 60
100 71
let Es 1922
73
Mo-N 40
Preferred
40
e American Express
100 10012 10112 e Virginia Iron C Sc C
100 45,2 81
,
,
1714 18 N Y & Hob be May 46....J-D 09 -- Am Graphophone corn 100 30
Tennessee fly L&P corn-100
35 e Wells Fargo Sc Co
100 89
Ilob Fy let Is
100 71
72
102
Preferred
Preferred
100 68
Westchester
Bronx
Sc
Title
.1,66,2
:
16
14
100 14
.1-3 98
17 NY&NJ ba 1940
Toledo Tract L Sc P
American Hardware_ -100
iii& Mtge Guar
100 165
100 --- 50 10th & 23d Ste Ferry____100 13
Preferred
20
Amer Malting (38 1914 J-D 9934 10034 e WesUngh'se Air Brake.,60
lir;
1st mtge 5,11 1910
Trent P Sc II Se 1943.-J-1.) 95 100
J-D 40
48
Amer Press Assoe'n......100 35
Willys-Overland com
45
100
Union Ferry stock
100 28
32
Am Steel Fdy tis 11)35.A-0 102
Preferred
100 89
93
lit Is 1920
M-N 97 100
Deb 48 1923
F-A 73
76
WorthIngton(HR)C0 p1 100 65
60 1
•Per share. a And accrued dividend. 0 Basle. k Listed on Stock Exchange but usually inactive. I Flat price. a Nominal. s Sale price. ' New
stook.
V
Ex)
Ex-Sghts.
Includes all new etock d.vidends and subscriptions. • Lietel on Stook Ex.:dung* bet infrequently dealt 1s1 record
ribeidiarlee. s Ex-div.
estee
at
//Way. Will DA tOund on a prat:lading page. A Ex400% stool dividend.
Sales at
New York Stock
Exchange.
Week ending April 10,
Jan. 1 Co April 10.
11S00
Inactive and Unlisted Securities
r6
BOSTON STOCK EXCHANGE-Stock Record.
1146
STOCKS-HIGFIEST AND LOWEST SALE PRICES.
Saturday
April 4
Ionday
April 6
Tuesday
April 7
Wednesday
April 8
Thursday
April 9
Friday
April 10
Sales of
the
Week
Shares
Last Sale 9614 Mar'14
9714
Last Sale 10012 Apr'14
10012
189
187 187
81
81
82
170 *160 165
4214 4012 41
Last Sale 245 Mar'14
246
Last Sale 7
1014
Mar'14
Last Sale 60 Jan'14
Last Sale 113 Ney'13
Last Sale 38 Mar'14
39
39
*37
39
*37
•37
39 .37
Last Sale 160 Mar'14
•____ 161 *____ 161 *____ 161 *____ 161
105 105
105 105
•105 10512 *105 10512 105 105
___
Last Sal, 185 Mar'14
_ - *186
*175
•_ 185 *175
80
80
82 -82 .80 -82
*80 -82
80
80
__
Last Sale 121 Mar'14
•120- _ *12014 121 +120 122 *12014
*8613 88
*88 -8-9
*8714 -8812 8812 8878 *3814 89
98
9814 98
08
93
9814 *95
•95
98
*96
11
1114
11
11
1114 *11
1114
4 .11
/
*11
111
4
/
611
6112 61
8112 6134 6134 61
6113 6112 81
6914 6973 8912 8978 6912 6934 6834 6912 6714 68
Last Sale 105 Mar'14
.105 110 *105 110 +105 110 *105 110
Last Sale 183 Mar'14
*158 165 *158 163 *____ 182 *____ 160
Last Sale 24 Apr'14
24
_ *20
_
__
•20
23
15912 15912 +15812 15878
*15914 15912 *15912 1-597-8 *15634 1-61i
Last Sale 34 Apr'14
•8358 8414 .83
8312 *83
8312
833, *83
___ 130 130
0125 130 *____ 130 *____ 130 *120
70
70
70
7012 70 70
7014 7013 *7014 71
Last Sale 92 Mar'14
92 *____ 92 *____ 91 *_ 91
*90
4 *9678
1
97/
9738 *97
4 *97
1
•9853 96/
4 10012 *100 10012 *100
/
•10014 10012 +1001
187 187
189 189 *187 189 *187
8034 8034 80
8012 82
80
80
160 16018 *160
•160 170 +180 170
4,234 4134
4313 4312 4212 4313 42
__ *__
___
•___ 245 *____ 248
1014 -PI -1-014 *7
1014 *7
*7
GOOD
*5614 57
9412 05
FRIDAY
234 234 Exchange
19
19
Closed
100 10014
111 11112
12138 12178
Last Sale 15 Mar'14
7612
78
7658 7614 7614 7814 7614 7614 7812 78
65
6312 *63
*62
63
63 *____ 65
65
63
*99 100
99
+99 100
99
*99 100
•99 100
'4812 8
.613 8
.613 8
612 612 *613 8
15
15
1434 1434 *14
1512 15
•15
1512 +15
1112 1112 *1113 1134 1112 1112
1134 12
P._ 12
256 256
256 25612
256 253
P258 25712 256 258
14634 14634 14812 14678 14614 14634 14613 14612 14534 14614
4 10012
1
100/
101 101
101 101
101 101 *10012 101
01
9017 0013 9012 91
9012 90
9018 9012 *90
9358 94
94
*9314 9414
9412 9314 9314 *94
P214 21434 *214 21434 214 21-4 *21413 21434 *21413 21434
Mar'14
Last Sale 3
4 *258 318 *258 318 *258 3/
1
4
1
*258 3/
27
*28
27
27
*28
27 .26
•28
2712 27
4 69
1
_ .6842
_ .68/
*681a---- 6842 6812 4,6812
20
20
3-- 21 *____ 24 *_ _ _ -14. *20 -21Last Sale 67 Mar'14
66
66
*50
*50
P.._ 66 +____ 66
Last Sale 13812Apr'14
1'..--- 137 *__ 137 *__ 137 +__ 137
15514 15512 155 155
155 155
155 155
155 155
4 1812 1813 1812
/
1853 1838 181
4 191s +1813 19
1
19/
10814 10634 10634 10634 10612 10658 10638 10673 10614 10658
30
30
30
*2913 3012 30
30
3012 3012 30
2812 2812 2812 2812 2812 *2818 283s
*28
2812 *28
Last Sale 11
4 Mar'14
/
114
•1
+1
138 *1
138
16212 163
16212 163
163 183
162 183
16212 163
56
4
553
56
2
557
5612
5618
4
563
5534
5512
55
4 2838 2818 2838
/
281
4 281
1
2838 2838 281, 2812 28/
6318 6333 6312 6312 63'x 6273 6312 617 6254
63
11014 11058 11012 11034 *11038 11012 11014 11014 110 11012
4 5634
1
56/
95
95
3
3
•1813 1834
100 100
11014 11012
4
1
122 122/
*5613 5714
0434 95
23.4 234
•1813 19
100 10038
4
/
11034 1111
4 12238
/
1211
57
9412
*234
1813
100
11112
12134
57
9434
3
1812
10014
11134
12218
*5613
95
234
19
10014
11112
12134
5714
95
234
19
10012
4
/
1111
12214
STOCKS
BOSTON STOCK
EXCHANGE
Atch Top & Santa Fe_100
100
Do pref
100
Boston & Albany
100
Boston Elevated
101
Boston & Lowell
Boston & Maine
Boston & Providence_10t
Boston Suburban El Cos
Doprof
Boston & Wore Elec C _
Do pref
Chic June Ity & U SY _100
16
Do prof
_ _100
Connecticut Ri
17 Fitchburg prof------ 100
Oa NY'& Elec stmpti_10(,
lopret
lw
100
32 Ia
Central
100
100
205 lass Electric Cos
ref stam ed _100
102 Do
Y N lb & Hart ord_100
2,273
'•;0t-thern N Ii
ti,c1 Colony
1.0
1°C,U
Rutland, pref
100
100
10 Union Pacific
Do pref
100
100
10 Vermont & Mass
77 West End St
50
Do pref
50
118
49
9
378
i.liseeilaneotis
Amer Agricul Cer100
Do pref --------100
Amer Pneu Service__ 50
50
Do prof
100
Amer Sugar Refin
Do pref
100
Amer Teiep & Teleg_100
100
American Woolen_
100
Do pre(
129
19 Amoskeag Manufacturing
8 Do pref
7 At( Gulf & W IS 8 L_100
100
80 Do prof
10
130 East Boston Land
100
123 Edison Elec Illum
100
114 General Electric
19 McElwain(WI-1)1st pf 100
93 NlassachusettsGasCosl On
10r
87 Do pref
100
1 Z.1,vgenthaler Lino
Mexican Telephone_ 10
5 Mississippi Riv Pow_100
100
Do
prof
30
100
10 N E Cotton Yarn
Do pref
100
N E Telephone
100
100
44 Pullman Co
10
220 Reece Button-Hole
100
387 Swift & Co
25
816 Torrington
25
Do pre!'
Union Copper L & M 25
100
581 United Fruit
1,753 Un Shoe Mach Corp_ 25
25
482 Do prof
100
2,289 U S Steel Corp
100
88 Do pref
300
210
311
176
308
315
1,932
Range since Jan. 1.
On basis 0/100-share tots.
Lowest.
Highest.
96 Mel% 9
975 Jan15
185 Merl 6
80 Apr 3
155 Jan 2
35 Meli
245 Mch26
7 Mch 2
60 Jan 19
997 Jan 23
10138 Feb 10
195 Jan 5
9112Jan 16
179 Feb 9
55 Jan 12
255 Jan 27
7'x Feb 13
60 Jan 19
37 Jan 5
160 Mch23
10434 Jan 5
183 Jan 10
80 Jan 10
12023 Feb 13
83 Jan 3
9078Jan 5
11 Feb 14
61 Feb 24
6514 Mch 4
105 Jan 17
152 Jan 10
22 Mch 28
15658Jan 9
8212 Alch19
115 Jan 0
682 Jan
87l2 Jan
40 Jan 26
163 Jan 15
Mcli 11
200 Jan 24
93 Jan 23
122 Alch17
8878 Apr 6
99 1143128
14 Jan 23
6(333 Jan 24
777 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16334 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12
4714 Jan 2
91 Jan 3
212Jan 27
17 Jan 2
9714 Mchll
108 Alch30
117s Jan 3
14 Mch 4
7234 Mch 4
80 Jan 21
98 Feb 24
6 Feb 19
1434 Apr 8
10 Jan 20
246 Jan 3
13912Jan 3
9912Jan 2
8912Jan 2
90 Jan 3
21114Jan 3
3 Jan 28
27 Apr 6
4Jan 10
1
67/
20 Apr 9
66 Alch10
133 Jan 3
151 Jan 7
16 Jan 7
10412.1an 3
27 Feb 24
27 Alch24
1 Jan 19
15814 Alch30
5334 Feb 2
28 Jan 9
5712Jan 3
105/
4Jan 5
1
5914 Mch19
97'2 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 20
12-1 Jan 24
15 Meh 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 16
1413 Feb 11
265 Alch 4
15012 Feb 20
102 Jan 23
943 Feb 17
96 Mch 16
21634 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1914 Mel,31
10734 Men 9
3013 Apr 4
2912Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
6713 Jan 31
11238Jan 26
Range for Previous
Year 1013.
Iftghest.
Lowest,
9112 Oct
9514 J'IY
183 Dec
82 Nov
150 Dec
:35 Dec
23812 Dec
7 Sea
5712 J'tn•
5 Feb
3612 Dee
162 Sep
10113 J'ne
J'ly
38 Dee
:115 A UR
8217 J'iv
91 Dec
1012 Dec
83 1)ec
6534 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
8018 Inc
105 Dec
4 Dec'
/
671
85 J'ly
10814 Jan
30138 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
200 Jan
1612 Oct
65 Men
714 Men
45 Jan
166 Feb
107 Men
260 Jan
122 Feb
126 Feb
88 Sep
110 Men
1938 Feb
79 Feb
130 Jan
130 Feb
17612 Fob
33 Alch
1014 Jan
901s Jan
150 Feb
4 Feb
/
811
100 Jan
41 Sep
8913 Dec
212 J'ne
18 Nov
0912 Dec
10838 Dee
11014 Dec
1514 Dec
74 May
50 May
9234 J'ly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
30 Nov
70 Dee
17 Apr
4 Apr
1
63/
127 Deo
149 Dec
1413 Apr
101 J'ne
26 Sep
26 Sep
84 J'ne
147 J'ne
4 J'ne
/
411
4 J'ne
/
261
50 J'ne
10212 J'118
Alining
1 May
2 Jan 22
118 AIch26
25
114 114 *112 112
100 Adventure Con
•114 112 •114 134 *114 112
25 270 Jan 7 300 Alch24 230 Nov
8 Ahmeek
295 295
295 295 +285 295
*290 300 290 290
Jab
7
Apr
3
2514
11,834
10 2012Jan
21,885 Alaska Gold
•
2414 241
4
/
2378 2412 2458 2518 2458 2514 2458 25
134Jan 20 .15 May
1 Jan 21
Algomah Mining__ 25
Last Sale 114 MUST
112 *Ds 112
4 138 *113 . 112 *118
/
•11
J'ne
2912
4334
Feb
8
18
13412Jan
135
Allouez
25
42 '4h1242
42
4212 4213 *4112 42
43
042
62 J'ne
2,415 Amalgamated Copper 100 71 Jan 0 7814 Feb 4
773, 7714 7634 77
7578 76
7614 7614 765s 77
1514 Deo
16 Apr 6 2138Jan 30
25
Sm_
&
Zinc
Lead
Am
8,880
1612
1613
1614
1714
4
1
/
4
16
163
1714
*1714 1734 16
4J
/
21
4 Jan 10 6%. Mch 4
4,255 Arizona Commercial_ 5
4 438
1
4/
458 478
4/
4 414
1
418 4%,
4 4/
1
4/
4
1
418 Feb 2
114 J'ly
3 Mchll
603 Bu'te-Balaklava Cop 10
4 3/
1
3/
4
1
*234 314
313 *234 3
3
3
3
1814 J'ne
3112Jau 3 3758 Feb 14
(Ltd)
10
Sup
Cop
1,828
Butte&
4
3412
343
35
35
4 3512 35
1
35/
3512
4
343
3512
5612 J'ne
10 6212 Jan 10 7018 Alch25
726 Caluniet & Arizona
6812
6812 8834 6812 6834 68
6813 6834 6812 69
25 410 Jan 9 460 Feb 13 388 Dec
16 Calumet & Reda
416 420
420 428
415 415
415 415
417 418
10 J'ne
Jan 9 19 Feb 4
14
25
9.5
Centennial
17
*16
1612
1614
1612
17
1612 1634 *161.,
17
3014 J'ne
5 38 Jan 0 4312 Feb 4
273 Chino Copper
33 42
4214 4134 4134
4 4218 *4213 4238
/
4218 421
*42
Feb 4
32 Dee
Copperltange Con Co 100 36 Jan 8 40.34 Feb
488
4
373
373
4
4
373
3758
4
4
373
4
373
373
4
1
/
37
6
4
373
3
2 Sep
13714
214 Jan 6
20
40 Daly-West
214 214
1 *214 212
•214 212 *214 21
. 214 2/
26
Jan
4 J'ne
/
13
91
5
4Jan
103
10
Min_
Cop
1,381
East
Butte
1118 1118 11
1118
43s
1138
4 1138 11
/
*Ills 1134 111
212 Dec
778 Apr 6
212Jan 8
25
8,023 Franklin
534 61s
6
612
758
7
4 778
1
7/
4
Feb
J'ne
634 712
51
Jan 9 91
7312
Consolidated_100
Granby
404
88
88
88
89
8812
C4
89
89
2758 Oct
8813 89
100 2934Jan 3 4233 Feb 4
290 Greene-Cananea
37
3714 37
3714 37
4
12
Nov
•3714 3712 3714 3712 37
Feb
22
8
Jan
16
195 Hancock Consolidat;ed 25
18
18
18
18
18
19
18
*18
19
*18
2778 Jan
10 2811 Fob 16 30 Alch24
15 iledley Gold
*30 -___
+30 --- *30
30
14 May
30
*30 --__
12 Jan 8
Mch24
.30
25
1
Copper
lelvetia
Last Sale .40 Apr'14
3 Oct
•.30 .45 •.30 .35 •.42 .45 •.30 .45
812Feb 20
313 Alch31
25
195 Indiana Mining
4
4
414 414
414 414
412
412 *4
4414 J'ne
•4
1 46 Mch 6 4934 Apr 0
1,525 Island Creek Coal
4 4934
/
4914 491
48
4633 48
47
79 J'ly
4714 4714 *46
8812 Alch21
14
Jan
84
1
prof
Do
155
88
8612 86
8612 86
16 J'ne
8512 8512 *86
88
•85
25 18 Men 30 24 Feb 4
210 Isle Royale Copper
19
258Jan
1938 1938 *1912 20 .1914 1912 1912 1912 19
4 Alch28 5 Jan 20
1
3/
5
735 Kerr Lake
438 412
412 413
412 412
1 Aug
4PX, 438
414 414
4% Feb 18
10
214Jan
25
Copper
Keweenaw
740
4 313-i'
1
3/
4 334
1
352 334 *3/
5 Nov
16
312 312 *313 3%
1012Jan
30
Alch
612
25
375 Lake Copper Co
4 712
1
7/
•713 8
814 J'ne
*738 8
8
8
5' Feb 14
734 8
4'3 Jan 2
25
Copper
Salle
La
95
5
*434
8
*434
47
4
43
318 Not
4
/
41
434 434
4
1
4 Jan 16
•434 4/
3 AIch12
825 Mason Valley Alines_ 5
4
1
3/
3
314 *3
341
4 Apr 7
/
134 Nov
318 318
314 314
334
*3
2 Mch
25
1,950 Mass Consol
4 418
1
4/
418
4
Nov
5
e4ls 414
28
314
Jau
3
9
318 31s
5 Mch27
25
4 514
1
5/
265 Mayflower
534 534 .514 534
538 633
512 512
2014 J
5 2418 Feb 16
Jan
4
213
5
95
Copper
Miami
4
/
211
*2114
24
12 Dee
18
Feb
2334 2378 231.4 2317 2314 231,. *2312
1'4
1
Apr
.80
25
Michigan
*33
1
Last Sale .80 Apr'14
*31 1
23
38 Nov
1
•.70 .90 +.71
25 42 Jan 8 46 Jan
285 Mohawk
43
4334
44
13 J'ne
4338 4433 *4338 4412 4334 4378 44
8 1838 Feb 4
40 Nevada Consolidated_ 5 143 Jan 14
4 1558
1
15/
12
MO
1152
*1538 1578 *1512 1573 1573 1573 *1514 153.
12 J'ne
178Jan
1,065 New Arcadian Copper 25
412 412
413 434
412 473
473 5
473 5
4 Jan 22
/
81
4 Nov
/
71
Alch30
8
r55
5
Alines
Nipissing
528
'f.
f
.
OA
6
ife 6%,
6
6
6
3034 Feb 4
2134 J'ne
613 614
5
2714Jan
15
Butte
North
907
4 2712 2714 2712
/
2734 2734 2713 2734 2733 2738 271
4 Feb 4 .99 May
1
2/
114 Alch23
25
North Lal:e
4
/
Last Sale 112 Apr'14
•142 11
13 J'ne
*114 134 *114 172 *113 2
2 Jan 23
.90Jan 14
26
113
100 0 ibway Mining
4 112 4.1
/
11
*112 178 *112 134
*113 2
3 Apr
30 5 Jan 28
Shell
234
25
Old
Cclony
412
438
475
413 413
434 434
4
4134
J'no
Feb
54
333 312 e134 431
Alch13
48
25
835 Old Dominion Co
*5014 51
51
5012 5012 5012 5012 51
6714 Dec
50
50
25 73 Jan 14 84 Feb 4
79
15 Os.-Toia
4 7913 +78
1
7912 •7812 7912 79/
*79
15 J'ne
79
79
2072 Jan 22
Mch27
17
10
Coal
Pond
Creek
1,630
1814
1312
1812
18
1734 18
5
5214 Dec
1714 1713 1738 18
25 5712 Mch30 68 Feb 6
62
35 Quincy
*61
61
61
62
+61
62' 6013 81
*61
1514 J'ne
10 1734Jan 10 2212 Apr 25
22
885 Ray Consol Copper
4 2238 2214 2212 22
/
*2218 2238 2214 2212 221
80 Nov
40 Feb
3
Jan
32
25
Land_
Min
Mary's
St
87
98
3813
•
8734 3834 87
3613 3613 37
36
27
38
Jan
1 J'ne
214
7
112Jan
10
•178 2
750 Santa Fe Gold & Cop_
+178 2
1.1,(8 2
.158 2
4 Feb 16
1
7/
•134 2
5 Deo
558 Alch28
10
6
230 Shannon
6
6
6
538 534 •534
8
6
21 Feb
2934 Feb 4
6
Apr
28
10
izonaShattuck-At
230
26
26
26
26
28
2614 26
2612 2812 28
.23 Feb 9 .15 Aug
.16 NIch20
5
16
2,900 South Utah M & 13
.16
.16
.16 *___
.16 .16
21 Nov
25 2578Jan 3 22 Feb 14
445 Superior
973
934 2.
.
2978 2973 2934 2934 2
80
2973 2978 30
2%Jan 23
1.4 Jan
6
Apr
2
10
Cop
&
Boston
Superior
218
4
1,010
2%
4 214
1
2/
/4
21
2
21,44
2
213 213
43
Feb
28
21
J'ne
9
2312Jan
25
•3512 38
70 Tamarack
86
8812 3812 3613 3612 8613 3813 36
5I2Jan 23
3 May
312 Mch27
25
*312 4
15 Trinity
4 4
1
313 813 *3/
313 312 *312 373
NIch19 .50 Dec
.85
7
Mch
.43
1
Copper
Tuolumne
.65
250
•.60
.85 .05
.60 .60 *AO .65 ..80 .85
Feb 4
84 J'ne
057 U S Smelt Rot & Min- 50 2838 Apr 1 43's
8813 89
39
39
89
39
39
29
39
39
4512 J'11
50 4612Jan 9 4878 Feb 6
834 Do pref
4 4712
1
4 4734 47/
1
4712 4734 4713 4734 47/
4 48
/
471
jja May
258Feb 5
27
134Jan
5
213
Mining213
Utah-Apex
856
134 134
134 2
134
134
*134 2
714 May
13
Feb
14
6
834Jan
1112
736 Utah Consoildated- 5
4 *11
/
111
1034 1034 1012 1012 1052 1052 11
40 J'ne
10 6778 Apr 6
Jan
10
492
Utah
Co
Copper
175
5614
5614
57
57
8
573
5714
5714
5714
•5634 5714
178Feb 21 .90 l'ne
1 Alch 2
25
910 Victoria
14
1/
11X. 1'4',
•1
1%4 1'4
1 4 13s
1/
14, 1
84 Sep
4/
4 Feb 25
1
212Jan 8
4 312
1
3/
"5
485 Winona
314 314
314
4 3%
1
3/
3
4
/
31
3
89/
4 Nov
1
25 44 Jan 8 dm Feb 20
69 Wolverine
4514
4534 4534 45
4512 44
45
4513 4512 45
.40 J'ne
114
24
Jan
Mch27
25
.70
,
.70
Sale
Apr'14
Last
Wyandott
0.70 .80 •.65 .85 ..80 .85 *AO .65
Unstamped. _•2d pald._ so Halt Pain.
..*Ind and asied prises. I 4t88843433,1AS paid. & Ex-otoat chrld4131d.__/1 Ex-rights. a Es-dividend and rights.
57 Jan
0914 Jan
413 Jan
233, Jan
4 Jan
/
1181
11714 Feb
14012 Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
2881 Jan
18634 Jan
104 Jan
931 Jan
9558 A1011
220 Sep
311 Feb
4114 Sep
7012 Dec
60 Apr
9112 Jan
160 Jan
4 Jan
/
1651
18 Sep
108 Men
2813 Jan
2314 Jan
2 Jan .
182 Jan
5514 Feb '
4 Feb
1
23/
69 Jan
111 Jan
6 Jan
330 Jan
2438 Oct
214 Jan
4214 Jan
8038 Sep
3278 Feb
51
4 Sep
/
6 Oct
45 Jan
4 Jan
/
721
555 Jan
18 Jan
4713 Jan
63 Jan
4 Jan
4 Jan
/
151
9 Jan
7814 Sep
8512 Aug
25 Jan
35 Apr
34 Jan
17 Jan
59 Jan
8713 Jan
Jan
4` Nov
3s Feb
261
4 Jan
/
514 Jan
10',Jan
5l Jan
1514 Jan
263k Jan
2 Apr
66 Jan
1934 Jan
212 Jan
9121%10h
34l Jan
234 Jan
314 Jan
838Jan
58 Jan
107 Jan
2814 Jan
80 Jan
22 Jan
48 Jan
3IX. Aug
131k Jan
81 Sep
.85 Jan
40's Jan
5433 Feb
$S Jan
6 Jan
ill Jan
4313 Jan
50 Jan
4 Sep
1
2/
1114 Jan
62 Jan
2 Jan
Os Jan
76 Jan
4 Jan
/
11
ap
APR. 11 1914.]
Boston Bond Record
DONDS
BOSTON STOCK EXCHANGE
Week ending April 9
8.
Price
Thursday
April 9
Week's
Range or
Last Sale
Range
Since
Jan. 1
1147
BONDS
BOSTON STOCK EXCHANGE
Week Ending April 9
Price
Thursday
April 9
IVeek's
Range or
Last Said
Range
Since
Jan.1
Bid
AM Low
High No. Low Big?
High No Low High
Bid
Ask bow
Am Agricul Chem let 5s___1028 A-0
0034 Apr '13
General Motors 1st 5-yr 65_1915 A-0 101 1013s 97
10% Mch'14
975. 5$
Am Toler) & Tel -oil tr 4s....1929 J -J
8918 Sale 89
8938 31 841 897 Ot Nor 0 13 & Q coli tr 4s__1921 J -J
973
8
Convertible 4s
973
4
1936 Al10338 Mch'13
Registered 4s
1921
9714 Sale 974
20-_year cony 434s
974
2 9438 9714
1933
9912 Sale 9912
2
0934
95
993,
Houston
Elec
1st s f gen 5s..1925 -A ----Am Writ l'aper 1st s f 68 g_1910
6038 Mch '14
6938 72 La Falls & Sioux 0 ls'. 714_1017 A-0
117 Apr'08
Am Zinc 1.& 8 deb Os
1916 14-N
100 Mch'14
100
104
Kan
C
Clin
&
Spr
5s_1925
1st
A-0
- -66 02 Feb 1.3
Atch Top & 8 . c gen g 0_1995 A -0 951:Sale 9512
;u9573 11 934 957t Kan 0 Ft Scott & Mom 6s 1928 M-N
112 11178
Adjustment g 42___July 1995 Nov 86 ____ 87 Mch'I
11178
1 ja8
8538 87 IC 0 Ft /3 & M By ref 4s gu _1036 A-0 h108
8
76
8
'
458 Mch
Stamped
614 . 74 8 T3 7514
July 1995
8414 Aug '13
Kan C M & 13 gen 4s
1934 M86 Sale
1 85 86
50-year cony 48
1955 J -1)
0478Jan '14
0418 947-r
Assented
income 5s
1934 VI- S 75 Sale 75
10-year cony Os
75
3 75 80
1917 J-D
—
- 10014 Dec '13
-- Kan C & M By & Br 1st 5s_1929 A-0 9512 96 96 Mch'14
AU GILT ac W I 1313 Lines 58_1959 J-J
96 0634
66 Sale 06
66
6312 68 Mare Dough Sr Ont 1st Gs_1925 A-0
115 .1'ne'08
Bos & Corb 1st cony s f 63_1923 61-N
---- 60 Moty'13
Mass Gas 4;is
1929
J
-J
9713
974
Boston Elev 3 -yr g 4s
Sale
9718
1935 M-N 84 8612 8312Jan '14
3
.14 -971s
-28
8312 831
Deb5m 4 5s
Dec 1031 J -J
9512 9534 9514
Boston & Lowe I 48
0514
1916 J -J
2 03 9514
19014 Mob'09
Mich Telephone 1st 5s
1917 J -J
83 831 08a Mch'14
Bost n & Maine 4 Hs
1944 J-J
98711 9872
104120et 'Os
Miss River Power 1st 5s
1951 J -J
84 Mch'14
Plain As
1942 F-A
81 8534
95 Feb '1
New Ping Cotton Yarn 5s 1929 F-A
781s 80 75 Alch'14
Bur & Mo Riv cons Gs
Mt, J
101
10034 Mch'14
10034 10hz New Eng Teleph 58
1915 A-0 100 __ _ _ 100 Feb '14 ..._ 9
Butte El.& Pow 1st 5s
70
573 18
1951 J-13
03
0
Os
1932 A-0 10012 Sale 10014
10058 23 10012 10134
Cedar Rap & Mn itiv 1st 7s 1016 61-N
10414 Feb '14 __ 10414 10114 New River (The) cony 5s 1934
-J
70 75 75 Mch'14 ___ 75 80
Cent Verrnt 1st g 45___May 1920 Q-F 82 8414 8212
821
5 82 8.57 N Y N 11 & II con deb 3 3•68_1956 J
J
707s Mch'14 -.
0 B & Q Iowa Div 1st 68_1919 A-0
6878 75
1103 Oct '07 __
Cony deb Gs
1948 j- 3
11138 alch'14
Iowa Div lit 48
11138 117
1910 A-0
9778 Mch'14 _
Oreg Oh Line 1st g Os
-6'17
;
1922 F-A
1093s Jan '14
Denver Eaten 98
10958 1093s
1922 F-A 08
99 Mclel
09
00
Pond
Creek
Coal
_1023
1st
Os __
-D 101 102 102
102
Nebraska Eaten 46
0)102 1 :712
1027 .11-N
0512 064 Puget SO Elec By 1st 5s_193
06s Feb '14 _
2 F-A
83 Jan '14
B & 8 W s f 4s
88 88
1921' M09 -- 9812 Dee '12
Repub Valley 1st s f 6s
1919 J -J
103 Jan '11
Illinois Div 3 36s
1949 J
8334 Mch'14
Savannah
83
833
Elec
1st cons 5s 1952 J -J
4
Chic Jet By & SO< Yds 5s.._1915 J-3 10012 •
10012
1001
10 9834 1001:: Seattle Elec 1st g 55
- -1930 F-A 1011
10114
7°
1 1'4
4A
De
pe
r:1114
'.
Coll trust refunding g 4s_194G. A-0 81 82
dic.,
4-- 10
19
0(2i- io
83 Mehl
81 84 Shannon-Ariz 1st Gs g
1919 Vt-N 9412 95 041
: 9412
Oh Milw & St P Dub D 63_1920 J -J
2
2
107 J'ne'13.—_
Terre haute Elec g 5s
1929 J-J
07 Apr 07
Ch M & St P 1Vis V div 6s_1920 11338 Feb '11
Torrington 1st g 5s
1918
100 Alch'14
Ch & No IVlich 1st gu 5s
10
90
(11712 19
2
1931 1111-N 63 "id 65
65
65
"6E1
Union
Pac
RR
&
Id
48_1947
gr
g
J-J
_
9712 Mcit'l
Chic & W Mich gen Os
1921 J -D 8178 84 88 Mcli14
88 92
20-year cony 4s
1927 J -J
9012 Mch'14
Concord dc Mont cons 4s
1920 J -D 9312 _ _ 9312 Mch '14
9312 9312 United Fruit gen a f 430_1923 J-J
96 ____ 534 Melfl
Copper Range 1st 5s
9
1949 A-0 85 95 95 Mch '13 _
Debenture
4 3is
1925 J -J
95 Salo 9414
9518
3 9
Cudahy Pack (Tile) lstg 5 • 1924 M-N
°930
242 9
9°0
8
5
:
4
3
10014 Aug'12
U 8 Steel Co 10-60-yr 5s Apr1963 VI-N 10278 10314 103
103
5 10078 103
. Current River 1st Oro
1026 A-0
------ 92 J'iy '13 __.
West
End
Street
By
1915
4s
F-A
99
Fob '14
9914 -98 99
Dot Or Rap & W 1st 4s
1046' A-0 64 71 78 Melt'1
78 78
Gold
43s
1914 al-8
9973 Feb '14
1 Dominion Coal 1st s I. 58
9978 99.711
1940
994 Sale 9918
9918
4 973s 991
Gold debenture 4s
1916 M-N 9834-- 9858 Jan '14
: Fitchburg 45
983s 9832
19231 Nt-S
95 Oct '12
Gold 45
1917 F-A 9814 - - - 9013 Nov'13
i Fremt Elk & Mo V let 6:3_19331 A-0 12114 ---- 121 Mcla'11
12012 121
Western
Teleph
& Tel 5s
1932 J-J
Sale 973s
Unstamped let es
s
973
98
.
19
623
41933' A-0 - - - 122 hich'l
Wisconsin Cent 1st gen 4s 1949 J-J
93 Feb '12
4 ---—
NOTE.—ituyer pays accrued Interest In addition to the puruhase price for
all Boston bonds. • No price Friday: latest bid and asked. 11 Flat prices.
,
1049:100
9
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
• April 4
Monday
April 6
Tuesday
April 7
10412 10412 10412 *104_
110 *10912 11012 *10912 1103-4
1412 1412 1412 1412
15
58
56
68 •__ __ 57
—__ 12012 126
1204 12634
__ *1912 -- •1912 ---_ *5413
__ *5412
2712 274 -2714 27 -27
4.0-5r724
1 494
I'
C.
6i12
53034
I 785s
*1112
*21
/812
4978
'
IR 11%
61818 1878
y33112 32
, 55%55%
. 42
42
, 2638 263s
\ 1134 1678
i 8234 8234
. 6E's 63s
,4234 4254
8334 84
Thursday
April 9
Friday
April 10
Sales
ACTIVE STOCXS
of the
Yea
(For Bonds and Inactive
Shares.
Stocks see below)
Range Since Jan. 1
Lowest
highest
Baltimore
10412 10412 1034 10312
42 Con Gas El L & Pow_100 103 Feb 14 108 Jan 26
10938 10918 11012 111
I
54
Do
prof
100 109 Jan 3 114 Mch 10
*1412. 1412 1912
1.052 Houston 011 tr ctfs
4
100
1312 Jan 3 1912 Feb 2
56 -56 .54
56
.
50
Do
pref
tr ctfs_100
56 Apr 6 60 Jan 19
127 127 *126 127
740 Northern Central
50 115 Jan 22 127 Apr 8
*1012 -----------Seaboard Air Line_100
1734 Jan 6 22 Feb 5
*5412
Do
pref
100
40 Jan 2 5512 Feb 9
27 -2714 2038 .-2714
2,570 United Ry & Electric- 50
2412 Jan 7 274 Lich 6
Philadelphia
American Cement,.,._ 50
aiis ./8
iiiia -i-7.12 ;3714 1814 .
1171-2 I712
456 American Railways.: 60 8712 Apr 7 3912 Feb 14
4934 41934 494 4912 4912 4934 4932 4912
533 Cambria Steel
50 4734 Jan 9 5134 Jan 21
Electric Co of Araerica 10
11 Jan 15 1114 Jan 27
;Bli" 721;'
Kis 52;
1 'His '12 - "ilia -if'
u
832 Elec Storage Battery_100 4612 Jan 5 5512
*3934 404 *3934 401s *3912 4014 *3912 40
Feb 2
Gen Asphalt
100 364 Jan 9 4213 Feb 10
78
79
79
79
79
79
*7812 7088
fil
Do
161
pref
100
7434 Jan 5 82 Feb 10
*1112 12
*1112 12
*1112 12
*1112 12
I
Keystone Telephone_ 50
11 Jan 3 1312 Jan 15
21
2112 *2112 2112 21
21
*2012 21
Is
210 Lake Superior Corp 100
21 Jan 8 2314 Jan 31
72 Leh 0 & Nay tr ctfs
50 81 Mch 11 8434 Jan 22
•12
,
: 11% 111132 1P. *1138 114'
1/38
52 Lehigh Valley
50 714 Mch 30 7818 Jan 24
*1814 1834 *1814 1834 *1814 1812 1814 1838
125 Lehigh Valley Transit 50
1814 Apr 9 2038 Feb 4
133112 32
*3112 32
*3112 32
*3112 32
Do
pref
50
3012 Jan 3 34 Jan 29
555s 55% 867
553
/(656%
8 5512 55'%55'X,
1,509 Pennsylvania RR
50
5438 Jan 3 5734 Jan 31
42
42
*4112 42
4118 4118 41
4114
Philadel
305
Co
(Pittsb)
50
• 39 Jan 6 4634 Feb 6
261s 2012 261s 263s 264 2614 2618 2614
8,520 Philadelphia Electil_ 25
2578 Jan 5 2714 Feb 19
1634 1634 1688 1633 1G3s 163s 1612 105
1,492 Phila B T vot tr Ws
50
1638 Mch 27 2018 Jan 15
*82% 8234 827s 8278 8278 83
83
831s7
94
•
Reading
50 814 Mch 12 8618 Jan 23
•
Oa 634
613 ON
6% 6'3ie
*634 678
685 Tonopah Alining.— 1
6 Mch 6
4314 4314 43
712 Jan 14
4314 43
43
43
43
729 Union Traction
50 42 Mch 27 47 Jan 15
8312 8312 8312 8312 8312 8338 8312 8312
680 United Gas Impt
60 8234 Jan 5 88 Jan 28
1
110____
110
15
6....
6118
• *1034
85412
02672
ii"
40
7834
12
2112
Wednesday
April 8
Range for Previous
Year (1913)
LAcest
Highest
i
d
114
1
101 J'ne
101 J'ne
1212 Dec
5612 J'1V
10312 Dec
1412 J'ne
4112 J'ly
23 Jan
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan •
4912 Sep
2758 Apr
2 Feb
37 J'ne
41 J ne
1114 J'iy
4212 J'ne
33 J'ne
7013 J'ne
934 J'ne
21 Dec
81 J'ne
7038 J'ne
1534 Jan
2912 J'ne
531,f, Dec
37 J'ne
112012 J'ne
18 Nov
754 J'ne
4 J'ly
4134 Nov
8034 J'ne
"
2 Feb
14912 Feb
53,
8 Jan ;
1218 Jan
5414 Jan i
4278 Feb'
78 May
1312 May
3112 Jan i
931.Jan
841,f, Jan
2378 Molt
3712Mch 1
61% Jan
50 Jan
112618 Dee
2812 Jan
85% Dee
7,Deo
5113 Jan
0112 Feb
-PHILADELPHIA
Bid Ask
PHILADELPHIA
Bid Ask
PHILADELPHIA
ft-Bid Ask
BALTIMORE
Bid Ask
Inactive Stocks
-Bonds
Ph & Read 20 52 1033 A-0
__
Amer Gas of N J
_. Coal & 0 I:y 1st Os'19A-0 -_-- 95
Prices are all "and
10112 ---Ex Imp M 4s 1947_A-0 98 9812
American Ailtling
Coal & 1 Ily 1st 53'20 F-A 9812 9912
10
interest"
78 1
Terminal 53 g 1041 Q-1
Amer Rye pref
__ 113 Col & Grnv 1st Gs 1910 J-J 102
100 10112 102 Alt & L V Elee 4 348'33F-A 8134 .... P W
84
B
col
tr
45
'21__J-J
Cambria Iron
9714 974 Consol Gas 5s 1939__J-D 10534 106
50 4212 43 Am Gas & Elec 55'07-F-A 8534 88 Read
Trac
1st 6s '33__J-J _ --- --Central Coal & Coke--100 -___ Am Rya 55 1917
Gen 4 As 1954
A-0 9414 94s4
A-0 9718 __ Hoch By & L con
Os'54J-J
Preferred
Cons G 16 & P 4 3is '35 ..,--J 8834 891
100 ---_ ___ Atl 0 Gas 1st s f Ils '60 J-J -__.
Spanish-A
2
Consol Tree of N J
100 ---- --- Berg&EBrew lst1344'21 J-J __ 993-4 Stan'd Gasm&Ir Os '27_...1-.1 10114 10238 Consol Coal 5s 1950 J-D 89
El 64'26 J-D _-__ 02 Fair & Cl Tr 1st 55
Harwood Electric
100 --- _. Bethleh WO 6s 1098_Q-F 1181-2
'33 A-0 1011,1 102
—_ Stand SU Wks lst5s'28 J-J 101 102 (la
Huntington & B T
50 --__ __-- Ch Ok & G gen Os 1019 J-J
&
Ala
let con 58'45 J-J 10411 105
1- U Trac Ind gen 52 '10_J-J ____
Preferred
50 --Oa Car&N let as g '29 .1-.1 10314
_ _ - Con Trac of N J 1st 5s '33 ---____ ---___ tin Rys tr ctfs 4s '49 _J-J 75 92
10334
Insurance Co of N A
10
7- - 1 Del Co Rys tr ctfs 48'49J-J
7514 Georgia P 1st Os 1922__J-J 10634 .......
United Rye by 1st coll tr
Inter Sm Pow & Chem 50 --_---- Edison Elec 152 1940 A-0 ____
Cla So & Fla 1st 55 '45_J-J 101
5 f 55 1920
Kentucky Securities-100 --- -___ fillcc & Peoples Tr
M-N 7514 7533 CI-B-8 Brew 3-48 '51-M-8
tr ctfs- 89 83- Welsbach a f 55 1930__J-D
26
Keystone Telep, pref.. 50 573-4 58 Fr Tac & 11 1st
88 ____ Houston 011 div ctfs F-A -_-5s '40_J-J
78
Wil-B G&E con 62'55_J-J 10214 ___ Knoxv Trac
Keystone Watch Case 100
__ Gen Asphalt 52 1916_M-13 981-2
1st 5s'28 A-0 10212 --.
_
York
Rye
1st
52
1937-J-D
Llt Brothers
— _ 923-4 Maconny&Lt let 58'53J-J 90
10 18 19 Harw Elec 1st G5 1942 M-8
97
1027s---•
Little Schuylkill
60 57 ___ Interstate 48 194.
Ald
Elec
By
1st
58
'31
3
.
.
A-0
F
-A
9812 99
BALTIMORE
Minehill & Schuyl 11-50 59 593; ICentuckyTra&T 5s'51F-A 59 591-4
Memphis St 1st 5s '45_J-J 95 98
_
Inactive Stocks
Nat Gas Bloc Lt & P-100 55 ____ Keystone Tel
Monon V Trac Os '42 J-D __
5s 1935—J-J
Preferred
100 82 ___ Lake Sup Corp Inc Os 24 0 91 911; Atlan Coast L(Conn).100 130 ____1 Mt Ver Cot Duck 1st Us__
35 -361;
100 150 157 I NptN &0 P 1st 5.1'38M-N
North Pennsylvania_ 50 92 ___ Lehigh Nay 4 30 '24_Q-F ---- --- Canton Co
_
-Consolidation Coal
10 o 93 94 • N. & A Terml 5s'20M-S
Pennsy receipts 530 Paid- ..—
cons430interim ars w I
Georgia Sou & Fla
Penn.;ylvania ..lalt
100 25 ____ Nor&Port'Pr 1st 58'36 J-D 92 93r2
50 1041-2 105 Leh V 0 1st 55 g 1933..J-J iisift
8714 88
10512 1045-4
let preferred
101 78 _I Norf By & L 5s '49_1%1-N
Pensylva
100 __ .
n
n ia tR eel
V ext 4s 1st 19413_J-D 10012 101
9634 .....
2d preferred
Preferred
100 89 ...... North Cent 4 3is 1925 A-0 101
11)0 64 (17
Consol Os l923 __JD 111
_—
C1-13-S Brewing
Phila. Co(Pitts)5% prt 60 39 40
101
1.1
•
Ferie,s
Congo!43s 1923
A
Os
1926_.....1-J 10512 _.
J-1) 101 102
6% cumulative pref. 50 4312 44
Bonds
Series 11 Os 1926--J-J 10512 -...
Annuity Os
J-D 137 138
Prices
Phila German & Norris 50 ---- ---are all "and
Pitt Un Trac 5s 1907—J-J
Gen cons 4s 2003__M-N 00 91
Piffle Traction
inteNst"
50 8012 Ii Leh V Tran con 45'35 J-D __
___ Balt City 33is 1930___J-J 92 _ __ Poto Val 1st 55 1041___J-J 103
Railways (loneral
10
Say Fla & West 55 '34 A-0 104
834 --,1st series A 4s 1935..M-8 8712
_
45
Tonopah Belmont Dev 1
1054-1955—Various 9912 100 Scab Alr L 4s 1950
734 8
1st series 13 5s 1935 M-8 103 1ii218
A-0 8514 884
58 1916
United Cos of N J
100 226 ---_ MarketStE 1st 48'55M-N
61-N
10134 Scab & Roan 58 1926_J-J 104 _..
____ 9514 Anacostia & Potom Os A-0 1011,
United Trac Pitts pref 50 --- --- NatLII&P l
99
_ South Bound 1st 5s_A-0 105
serB
5s
'11)
J-J
____
___
Ati
O'st
cony deb 4s-M-N 931, 94I-2 U El L&P 1st
Virginia By & Power_100 ---- -- New Con Gas 5s 1048.
4 •is'29M-N
-J-D _ — — At' Coast L(Ct)ctfs
Preferred
Os J-D 100 __-- tin By 8: El 1st 4s'49 M-S 9212 in
100
N Y Ph & No 1st 4.s'39 J-J
83 8314
Warwick Iron & S.cel- 10 1012 101
J-.1 92 93
; Income 4s 1930— M-N...._. __-_ 13 5-20-yr 48 1925
Inccine 48 1949
J-D 6334 6414
8
P
&
(3 1st 4 34s '53 F-A 951 9612
Wasteton-Va By (new)100 - --- 45 Penn Steel
Funding 55 1938—J-D 8512sr
1st Os'17-Al-N
_Bait Trac 1st Os '29_M-N 10334 ___Con
Preferred
100 -_-_ 70 People's Tr tr ctfs 4s-1943 98 ____
y
notes 5s 1914 J-J 100 .....
_ 86
No 13alt Div 5s 1942J-D 10414
W elsbach Co
100 87 89 V Co lst&coll tr 58'40M-S
_..4
10114 Cent By cons 5s '32_M-N 103 ___ Va Mid 3d ser 68 '16-M-8 101 .
West Jersey & Sea Sh.. 50 5118 ___
Con & eell tr Os'51 M-N
4th set 3-4-66 1921 AI-S 102
Ext & Imp Os 1932 M-S 103 __
.....
Westmoreland Coal
50 6038 ___: Phil Elec gold tr ctfs_A-0 00 9012
5th
series Sc 1928 M-S 103 .....
10134
102
Chas
City
By
Wilkes Gas & Elec
Ist
58'2.
J-J 102
100 .
_: Va (State) Is new '32_J-J ____ _.
Trust ctfs 4s 1949..-J-J 81 8112
Chas By G & El 5s'99M8 921 94
York Railway
50 -9
10 P & F, gen M Os g '20-A-0 102 103
Fund debt 2-3s 1991 J-J -City & Sub 1st 55 1922 J-D 102
Preferred
60 3212 3312
West 2f 0 con Os 1914_J-J 100 --...
Gen M 4s g 1020.—A-0 ____ 99 Oity&Sub
(Was) 1st 52'48 101 10112
___- WU & Weld Os 1035___J-J 106 ....
• Bid and asked; no sales on this day
...,.
'Ex-dividend. I 215 paid. 4 21734
Paid. .11221s said.
-----Leh
[VoL. xcvin
THE CHRONICLE
1148
Anuestment
and Le3,aitroaci lixtelaiqence.
RAILROAD GROSS EARNINGS.
weekly or monthly return
The following table shows the gross earnings of every STEAM railroad from which regularor
month, and the last two
week
can be obtained. '1 he first two columns of figures give the gross earnings for the latest
or month. We add a supplementary:
columns the earnings for the period from July 1 to and including the latest week
not begin with July, but covers some other
statement to show the fiscal year totals of those roads whose fiscal year does
period. The returns of the electric railways are brought together separately on a subsequent page.
,
Latest Gross Earnings.
Latest Gross Earnings.
July 1 to Latest Date.
July 1 to Latest Date
Current
Previous
Current Previous
Week or
Year.
Year.
Year.
Year.
Month. •
$
$
;
8
..
a
$
Ala N 0& Tex Pac1,340,706 1,479,370
5I.000 2,892,807 2,720.696 NO Mobile & Chic_ January __ 188,310 198,594 44,556,389 47.017,546
68.000
N 0 & Nor East_ 2d wk Mar
30,000 1,353,965 1,326,725 N Y N H & Hartf__ February... 4,510,302 4,929,729
32,000
Ala & Vicksburg_ 2d wk Mar
6,420,730
28,000 1,314,246 1,222,347 N Y Ont & West__ February... 551,014 665,671 6,075,060
31,000
Vicks Shrev&Pac 2d wk Mar
272,302 298,165 2,603.477 2,482,650
61.760 1.755.172 1,720,170 N Y Susq & West... February__ 365,269
59,336
4th wkMar
Ann Arbor
347,113 2,467,142 2,371,531
__
Norfolk
January
Southern...
79,974,553
9.047,304
74,332,735
7.885,040
Atch Topeka & S Fe February
& Western.. February__ 3,017,253 3,411,632 29,835,621 29,374,140
Atlanta Birm & Atl February _ 272,741 250,491 2,393,218 2,182,604 Norfolk
Pacific_ _ February.4,221,760 4,611,320 47,720,549 49,567,380
Atlantic Coast Line February-- 3.325,247 3.360.451 23.894,671 23.594,040 Northern
Pae.. February... 208,342 230,605 2.503,993 2,497,353
Northwestern
1,261,970
164,534
1,408,061
157,415
_
February
Charlest & W Car
Co __ January __ 496,622 542,639 4,563,579 4,790,012
Coast
Pacific
828,923
916,107
97,452
Lou Bend & St L February .. 100,482
RR__ February__ 12043179 13718462 121780270 120987633
g Baltimore & Ohio_ February _ 0,336,317 7.362.870 66;286,442 68,216,212 Pennsylvania
218,914
249,400
14.735
15,122
Balt Ches & Atl_ _ February...
B & 0 Ch Ter RR February__ 100,228 121,040 1.121,172 1,203.286
Vail. February... 262,452 287,502 2,343.884 2,324.759
Cumberland
Bangor & Aroostook February _ 248,868 205,680 2,346,833 2,015,214
Long Island
February__ 685,978 677,147 8,300,198 7,673,258
Bessemer & L Erie. February.._ 259,026 365,341 5,888,349 5,860,522
110,135
110,838
8,634
5,516
Maryl'd Del & Va February__
800,384
807,474
79,510 105,154
Birmingham South_ February_
NY Phila & Nort February_ 239,693 267,813 2.528,228 2,411.589
Boston & Maine- February _ 3,011,491 3.496,714 31,868,458 32,886,119
Northern Central February__ 832,741 1,012,995 8,887,497 8,895:566
Buff Roch & Pitts 1st wk Air 152,031 209.102 8,793,473 8,438,091
Phlla Balt &Wash February__ 1,405,105 1,507.012 13,810.810 13,919.897
February__ 177.655 197,357 1,602,824 1,636,446
Buffalo & Susq
4.404,709
W Jersey & Seash February__ 311,374 340,588 4,408.539 44,820,240
Canadian Northern 4th wkMar 552,400 636,500 17,793,700 16,837,600 Pennsylvania
Co
February... 3,636,830 4,327,191 42.490,231
Canadian Pacific- 4th wkMar 3,096,000 3,557,000 100094551 103918483
3,753,240
3,774,094
382,846
357,764
February__
Ind
&
Rap
Grand
9,571.937
9,932,075
Central of Georgia_ February _ 1.150,109 1.099,354
Pitts C 0 & St L_ February... 2,821,826 3,432,218 29,176,992 30,612.291
Central of New Jer_ February _ 2,102,639 4,414,845 21,174,298 21,982,363
February... 806,883 870,712 7.834.506 7.749,815
Vandalia
Cent New England_ February__ 246,588 255,197 2,484,350 2,480,846
LinesCentral Vermont February .. 245,921 286,823 2,681,150 2,790,555 Total
East Pitts & E. February... 16514983 18734921 171602771 171736513
Ches & Ohio Lines.. 4th wkMar 1,092,205 794,705 27,354,815 26,712,843
West Pitts & E February__ 7.795,226 9.186,451 84,916,463 88.498,517
Chicago & Alton.. _ .. 4th wkMar 333,008 355,661 11,097,870 11,728,345
All East & West_ February... 24310209 27921373 256519236 260235034
Chic Burl & Quincy February _ 6,422,599 7,035,296 64,497.936 65,372,143
Marquette_ _ _ February... 1,103,3711,244.568 11,191.001 11,909.609
r Chic & East III.. February__ 1,227,028 1,330,420 10,9871491 1,098,702 Pere
CoReading
10,613,016
,447
10,879
307,181
322,865
wkMar
4th
West..
Chic
Great
p
Phila
& Reading_ February__ 3,295.10914,040,873 32,713,873 34,921,297
6,135,647
5,251,899
92,769
Chic Ind & Loulsv_ 4th wkMar 186,091
Coal & Iron Co February... 2,461,062 2,887,265 21.398,132 29,664,144
Chic Milw & St I.'_1 February-- 6.144.423 6.564.392 62.404.195 64,350,302
Total both cos
February-- 5,756.171 6,928,138 54,112,005 64,585,441
Chic MuI& PtistS I
Potom February__ 241,438 241,684 1,857,477 1,850,722
oChic & North West February _ 6,226,499 6,658,696 58,980,697 58,808,202 Rich Fred & Juno_
742,091
667,118
76,189
65,421
January __
Rio,Grande
',Chic StPaul M & 0 February _ 1,278,832 1,250,054 12,549,008 11,879.838
493,226
503,288
15,470
13,992
South 4th wkMar
Chic Terre H & S E February - 181,256 141,323 1,503,024 1,341,886 Rio Grande Lines
48,816,117
46,536,657
5.196,444
4,718,488
February__
Island
Rock
7,088.545
Cin Ham & Dayton February _ 632,952 749,326 6,756,062
February _ 233,500 239,248 2,535,988 2,51)3,742
Colorado Midland.. February__ 105,571 108,489 1.244,685 1,361,110 Rutland
Isl. February__ 113,109 100,419 1,105,057 1,079.799
6 Colorado & South 4th. wk %far 310,491 346.107 10,333,728 11,603,674 St Jos & Grand
February... 2,496,398 2.691,743 22,776,641 23,301,387
Sou
&
Mt
Iron
L
St
161,533
123,589
19,626
13,104
February__
Cornwall
1,488,748
283,300 St L Rocky Mt & P February-. 186,213 200,606 1,665,155 31,458.842
206,333
35,950
19,620
Cornwall & Loban'n February...
February_ 3.273,353 3,463.750 31,251,593
Fran
San
&
Louis
St
2,874.421
3,139,875
465.147
February... 488.121
Cuba Railroad
16,339,429
10,139,913
328,00
326,000
wkMar
4th
_
Southw_
Louis
Delaware & Hudson February _ 1,425,991 1,914,913 15,593,187 16,333,154 St
& S I._ February._ 744.746 797,570 6,912,822 6,818,163
Del Lack & West February__ 2,512,256 2,896,011 26,833,574 27,485,176 San Pod LA
Air Line 4th wkMar 716,910 703,053 19,001,179 18,364,622
Deny & Rio Grande 4th wkMar 530,400 559,600 17,966,025 18,839,788 Seaboard
February _ 9,850,724 10453543 93.670,217 96,871,344
Pacific
Southern
Western Pacific 4th wkMar 136,600 130,400 4.676,192 4,612,589 Southern Railway 4th wkMar 1,939,482 1,870,266 53,098,541 52,119.003
870,636
882,915
19,129
23.717
Denver & Salt Lake 4th wkMar
4th
w1cMar 360,951 351,370 9,714,707 9,249,101
Ohio...
&
Mobile
1,170,356
1,010,953
120,430
60,051
Detroit Tol & Iront February _
8,189,886 7.900,255
Cin N 0& Tex P_ 4th wkMar 299,594 198,846 4,129,540
914,859
34,302
899,114
36,413
Detroit & Mackinac 4th wkMar
3,920,992
Ala Great South_ 4th wkMar 155,420 154,082
Dul & Iron Range.. February... 117,971 108,087 4,071,772 4,755,096
81,435 1,996,148 1,964.316
77.671
Mar
4th
wk
Fla
&
Sou
Georgia
2,502,693
2,612,713
101,810
94,930
Duluth So Sh & Ail 4th. wlaIar
3,631,527
3,361,851
337,107
307,347
_
February
Seattle
&
Portl
Spok
101,996
Elgin Joliet & East February _ 751,082 1,016,915 7,824,341 8.756.098
69,002
3,747
2,870
Georgia 4th wkMar
El Paso & Sou West February... 709.401 743,916 5.882.489 5,731,914 Tenn Ala &Central.
February.._ 122,485 130,791 1,142.364 1.114.839
February.... 3,990,169 4,606.883 40,965,058 42,261.584 Tennessee
Erie
14,472,052
14.908,919
297,398
Apr
298,704
1st
_
wk
&
Texas
Pacific...
3,083,183
Florida East Coast.. February... 618,565 663,934 3,188,311
70.212
56.230
8,315
6,113
657,576 Tidewater & Wesi_ February.._
653,358
67,239
61.831
Fonda Johns& Glov February _
31,488 1,003,234 1,059,402
33,814
Peor & West 4th wkMar
Georgia Railroad._ February.... 255,231 255,814 2,303,962 2,085,814 Toledo
3,203,407
3,490,759
54,620
&
94,933
L
4th
St
wkMar
Toledo
West
88,409 5,285,193
Grand Trunk Pac 3d wk Mar 110,839
Pacific Syst_ February _ 5,909.571 6.474,882 64,294,796 64.793.390
Grand Trunk Syst_ 4th wkMar 1,462,696 1.626.172 41,154,203 41,225,384 Union & So West.. February-- 137,365 145,116 1,308,411 1,189,382
., Grand Trunk W.3d wk Mar 151,445 148,642 5,176,341 5,269,899 Virginia
February _ 383,999 573,197 4,539,718 4,063,823
43,058 1,833,203 1,800,474 Virginian
47,136
; Deb Gr H & Mil_ 3d wk Mar
March ___ 2,486,084 2,439,766 23,120,256 24,074,628
49,117 1,684,674 1,749,644 Wabash
43,038
Canada Atlantic.. 3d wk Mar
February__ 567.910 576.896 5,541,807 5,018,335
Maryland_
Western
58,766,649
Great North System March -- 5,161.646 5.475,696 58,177,046
Wheel & Lake Erie_ February _ 501,673 538,281 5,511,197 5,481.344
Gulf & Ship Island_ February... 135,520 174,894 1,379,811 1.379,829 Wrightsv
212,055
29,794
26,188
251,552
& Tennille February February _ 372,150 497.615 5,109,879 5,207,394
Hocking Valley
& Miss Vail.. March __ 1,016,753 1,039,608 9,955.581 8,523,79$
Yazoo
49,213,374
March ___ 5,839,126 5,259,856 50,955,418
Illinois Central
Internat & Gt Nor.. 4th wkMar 274,000 284,000 7,917,053 8,974,451
Current
Previous
Interoceanic Mex 4th wkMar 325,010 283,023 7,386,098 6,606,593
Year.
Year. .
Period.
Various Fiscal Years.
2,200.792
anawha & Mich February _ 192.482 233,319 2,159,570 7,210,763
ansas City Sou.. February _ 837,559 806.278 7,210,643
$
$
1.171,708
1,266,947
121,678
125,830
Lehigh & New Eng_ February.._
Jan 1 to Feb 28 3,193,746 4,025,094
& Hudson
February 2,312,385 3,071,329 26,270,293,29,010,622 Delaware
Lehigh Valley
14,768,267
1,119.928 NY Central & Hudson River_e_ Jan 1 to Feb 28 13.426,930
Louisiana & Arkan_ February... 137,886 135,682 1,163,168 44,867,163
Jan 1 to Feb 28 2,321,798 2,529,996
Boston & Albany.
s Louisville & Na.shv 4th wkMar 1,478,625 1,387,211 45,890,847
Lake Shore & Michigan South Jan 1 to Feb 28 7,574,359 9,517.73
111,242
107,183
12,403
Macon & Birm'ham February. 13,087
943,30
811,680
Jan 1 to Feb 28
Lake Erie & Western_n
February.._ 813.525 824,670 7,763,666 7.653,740
Maine Ce Aral
749.71
666,912
Chicago Indiana & Southern_ Jan 1 to Feb 28 4,831,329
337,218
354,756
34.040
31,492
5.582.73
Maryland & Penna. February _
28
Jan
Feb
1
to
Central
Michigan
5,968,62
5,122,415
a Mexican Railways 3d wk Mar 211,400 189,300 7,118,300 6,291,800
28
Fob
1
to
Jan
Cleve Gin Chic & St Louis
639,289
317,334
21,339
20,115
196,308
Mineral Range_ _ _ 4th wkMar
198,643
Jan 1 to Feb 28
Cincinnati Northern
Minn & St Louis_ ..1 4th wkMar 221,691 210,359 7,383,344 7,529,377
Jan 1 to Feb 28 2,352,411 3.057.881
Pittsburgh & Lake Erie
2,145,327
1,847,825
Iowa Central.....)
28
Feb
New York Chicago & St Louis Jan 1 to
819,379
Minn St P & 83 .. 4th wkMar 632,755 731,473 22,754,201 24,161,806
717,856
Jan 1 to Fob 28
Toledo & Ohio Central
693,954
699,573
80.326
80,588
Mississippi Central_ February__
Jan I to Feb 28 39,872.158 46,279,271
Total all lines
25,260,428
28.410,150
u Mo Kan & Texas_ 4th wkMar 733.721 775,017 24,723,933 47,568,129
25,632,867
28
Feb
to
Jan 1
Railroad
29.081
32,221
v Missouri Pacflic 4th wkMar 1,529,000 1,544,000 45,912,046 8,869.959 Pennsylvania
Baltimore Chesap & Atlantic_ Jan I to Feb 28
567,703
Nashv Chatt & St L February _ 1,010,693 1,100,271 8.635,987
533.941
Jan 1 to Feb 28
Cumberland Valley
1.404,669
a Nat Rys of Mex_t 4th wkMar 1,221,162 1,653,044 27,686,528 46,598,636
1,468,755
Jan 1 to Feb 28
Long Island
309,209
8,882
273,463
8,795
17,501
Nevada-Cal-Oregon 4th wkMar
14,502
Maryland Delaw & Virginia Jan 1 to Feb 28
1,145.825
New Orl Great Nor_ February__ 141.011 156,634 1,275,780 65.215,535
541,544
508.464
N Y Philadelphia & Norfolk_ Jan I to Feb 28
eN Y C & Hud Riv_ February... 6,307,879 7,048,757 65,477.100
Jan 1 to Feb 28 1,824,605 2.061.45
Northern Central
Boston & Albany February... 1,081.626 1.202,583 11,313,695 11,308,442
Jan 1 to Feb 28 2.972,748 3.142,45
Phila Bait & Washington
Lake Shore & M 3 February__ 3.599,963 4.638.644 36.481.924 38.755.430
700,29
649.469
Jan 1 to Feb 28
West Jersey & Seashore
n Lake Erie & W.. February__ 377.875 464.521 3.870,067 4.129,369 Pennsylvania
Jan 1 to Feb 28 7.777,603 9,369.53
Company
2.959.746
2,931,935
352,610
311,319
February.._
South
Chic Ind &
813.688
773.384
28
Feb
to
1
Jan
Indiana
&
Rapids
Grand
23,257.095
23,138,077
Michigan Central February... 2,287,187 2,681,350
Jan 1 to Feb 28 6,104,804 7,266,51
Pitts Gin Chic & St Louis
Clev 00 & St Li February-- 2.413.077 2.949.517 24.741.188 25.911.464
Jan 1 to Feb 28 1.709.978 1,820,81
Vandalla
38,828,41
Peoria& Eastern!
Total lines-East Pitts & Erie Jan 1 to Feb 28 35,170.191 19.638,579
998,199
99.451 1.020.318
92,103
Cincinnati North. February-16,729.468
-West Pitts & Erie Jan 1 to Fob
tts & Lake Erie February.._ 1,233,397 1.455,627 12.001,502 13.149,563
-All lines E & W. Jan 1 to Feb 28151,899,660 58,466.992
8,644,291
8,065.648
1,027,651
879,779
L_
170,051
February...
St
Y Chic &
139,449
Dec 1 to Jan 311
Junction
Rio
Grande
3,763,342
508,507
ol & Ohio Cont.. February... 339,076 395,071 3.995.325
491,960
plan 1 to Feb 28
Tot all lines above February... 18923280 22316382 193036777 198092479 Rutland
Current
Year.
AOAD5.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
F
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
,
,
Current
Year.
Previous
Year.
Increase or
Decrease.
•
.
*Monthly Summaries.
Current
Year.
,
Previous
Year.
Increase or
Decrease.
%,
%
$
Mileage. Cur. Yr. Prey. Yr.S
$
$
$
6.95
June
230,074 227,242 259,783.994 242,830.546 +16,873,448 5.38
-645,343 4.24
8d week Jan r7 roads)____ 12.315,781 12,861,124
July
206.084 203,773 235,849.764 223,813.526 +12.036,238
7.88
4th week Jan 37 roads)........ 17,913,504 19,434,434 -1.520,930
August -219.492 216.709 259.835.029 255.493.023 +4.342.006 1.50
-920,905 7.16
1st week Feb 39 roads).- 11,942.759 12.863,664
097 239,050 285.050,042 275,244,811 +9.805.231 3.57
SePtember-242,
8.58
-1.097,690
12.798.605
11,700,915
roads).....
0.4
2d week Feb 39
October -.243,690 140.886 299,195,006 300,476,017 -1,281,011 3
8d week Feb 36 roads)..... 11,896,262 13.344.139 -1,447,877 10.85
,.3_
November__243,745 41,452 269,220.882 278.364,475 -9,143.593 4.0
4th week Feb 40 roads)..... 12,677,952 14.487.059 -1.809,107 12.49
266.224,678 -12.005.781
254.218,891
41.180
-243,322
December
7.92
-1.036.374
13,077,596
12.041,222
__
1st week Mar 39 roads
_6.7
-16,884.807
249,958,641
233.073,834
241,469
32
January-243.7
4.51
-615.241
2d week Mar 40 roads .__ 12,983,752 13,598,993
9.3
92,300 90,921 60,934.916 67,400,056 -6,465,140 4
February
-650,901 4.78
8d week Mar 39 roads___.12,973,662 13,624,563
70.755.510 '79 07a WM -2.191.364 3.01
00.774
02.405
March
1.20
-221.1157
1R.1(11.250
17.040.11in
roads
RO
Mar
wpolc
th
Creek District Ry.from Nov. 1 1911. e Includes the New York Ss
a Mexican currency. b Does not include earnings of Colorado springs & Cripple
returns to the
Ry., the latter of which, being a Canadian road, does not make
Ftawa. the St. Lawrence & Adirondack and the Ottawa & New York
& Indiana RR. g Includes the Cleveland Lorain & Wheeling
• ter-State Commerce Commission. f Includes Evansvillep& Terre Haute andofEvansville
& Pacific. s
Minnesota
and
Wisconsin
Port
Dodge
&
City
Mason
Ohio
earning's
Includes
Northern
RR.
the
Includes
y. in both years. n
t Includes the Mexican International. u Includes the Texas Central in both years and
eludes Louisville & Atlantic and the Frankfort & Cincinnati. not
only operating reees,but also all other receipts. x Includes tilt. Louts Iron MQUit• I
the Wichita Falls Lines in 1912. beginnln Nov. ,1 v Includes
.....'
.
--- - - - - any of our totals
in
roads
Mexican
cAb,c
tam& Southern,. •We nO
•Weekly Summaries.
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 39 roads and shows 1.20%
decrease in the aggregate under the same week last year.
Fourth week of March.
1914.
1913.
$
$
Alabama Great Southern
155,420
154,082
Ann Arbor
59,336
61,760
Buffalo Rochester & Pittsburgh
300,744
303,043
Canadian Northern
552,400
636,500
Canadian Pacific
3,096,000 3,557,000
Chesapeake & Ohio
1,092,205
794,705
Chicago & Alton
355,661
333,008
Chicago Great Western
322,865
307,181
186,094
Chicago Ind & Louisville
92,769
299,594
198,846
Cinc New Or!& Texas Pacific__
310,491
346,107
Colorado & Southern
530,400
Denver & Rio Grande
559,600
Western Pacific
136,600
130,400
Denver & Salt Lake
23,717
19,129
&Mackinac
Detroit
36,413
34,302
Duluth South Shore & Atl
94,930
101,810
Georgia Southern & Florida
77,671
81,435
Grand Trunk of Canada
Grand Trunk Western
1,462,696 1,626,172
Detroit Gr Hay & Milw_ _ __
Canada Atlantic
Internat & Great Northern____
274,000
284,000
Louisville & Nashville
1,478,625 1,387,211
Mineral Range
20,115
21,339
Minneapolis & St Louis
210,359
221,691
Iowa Central
731,473
Minneapolis St Paul & S S M_
632,755
775,017
Missouri Kansas & Texas
733,721
1,529,000 1,544,000
Missouri Pacific
351,370
360,951
Mobile & Ohio
8,882
8,975
Nevada-California-Oregon
15,470
13,992
Rio Grande Southern
328,000
326,000
St Louis Southwestern
716,910
703,053
Seaboard Air Line
1,939,482 1,870,266
Southern Railway
2,870
3,747
Tennessee Alabama & Georgia_
481,715
480,453
Texas & Pacific
33,844
31,488
Toledo Peoria & Western
94,933
54,620
Toledo St Louis & Nestern____
II
17,940,163 18,161,250
Total (39 roads)
Net decrease(1.201)
Mexican eds. (not Incl. in total)I
325,010
Interoceanic of Mexico
283,023
'National Railways of Mexico I 1.221.162 1.653.044
Increase. Decrease.
$
1,338
297,500
15,684
93,325
100,748
$
2,424
2,299
84,100
461,000
-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Utah Power & Light (incl.
subsidiaries)
79,211
92,552
Mar 168.445
132,799
Jan 1 to Mar 31
229,321
268.117
479,487
405,972
Roads.
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. 1914, total net earnings were $13,997, against $97,336 last
a
yg
eairn
,sa
tn$d74f8
or
.90
th
3.
e period from July 1 to Feb. 28 were $979,576 this year.
h Includes St. Louis Iron Mt. & Southern. After allowing for other
income total income was $1,044,758 in Feb. 1914, against $1,295,822 and
22,653 from July 1 to Feb. 28 was $11,398,2341n 1914, against $11,591,100.
2
35,616
29,200
6,200
4,588
2,111
sg.:9
0 gz
i4
10,000
1,224
11,332
1,478
2,000
13,857
69,216
877
41,987
'‘,71
:R3S;
• 6
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ri
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40,313
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'"Cfl
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a 00 ar".rA 03 a 00 a,
98,718
41,296
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163,476
91,414
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Bangor & Aroostook_ b--Feb 248,868
205,680
27,222
def7,557
July 1 to Feb 28
735,803
573,088
2,346,833 2,015,213
Central of New Jersey _b-Feb 2,102,639 2,414,845
624,787 1,035,818
July 1 to Feb 28
21,174,298 21,982,363 8,296,170 9,970,757
Chic Burl & Quincy_b__Feb 6,422,590 7,035,296 1,942,676 2,360,856
64,497,936 65,372,143 23,506,962 25,210,608
July 1 to Feb 28
Chic Ind & Lonisv_b___Feb 457,253
485,323
44,941
93,377
July 1 to Feb 28
4,665,357 4,657,596 1,213,581 1,355,889
Hudson_
bFeb
&
Delaware
1,425,991 1,944,913
237,180
753,248
Jan 1 to Feb 28
3,193,746 4,025,094
702,548 1,577,953
Grand Trunk of CanadaGrand Trunk Ry_ __Feb 2,729,863 2,917,467
447,961
437,011
Jan 1 to Feb 285,593,312 6,013,048
837,037
824,385
Grand Trunk Western Feb 483.730
6,083
517,795 def41,852
Jan 1 to Feb 28
51,342
1,038,754 1,107,613 def29,199
Dot Gr Hay & Milw__Feb 163,271
159,865 def53,531 def37,958
Jan 1 to Feb 28
353,551
345,765 def76,890 def65,210
Feb 166,677
Canada Atlantic
168,380 def39,662 def36,986
Jan 1 to Feb 28
324,871
345,067 def52,315 def46,719
Feb 3,780,348 4,589,743
Great Northern_b
699,883 1,389,719
July 1 to Feb 28
53,015,400 53,290,953 22,805,641 24,319,393
Missouri Pacifica
Feb 4,243,075 4,681,652 h864,585 h1,129,311
July 1 to Feb 28
41,137,779 42,654,997 h9,848,663h10,119,696
Minneap St P & S S M.a.Feb 1,057,800 1,344,456
06,442
313,321
13,278,461 14,618,846 4,093,045 6,006,525
July 1 to Feb 28
837,696
Chicago Division_a___Feb 810,679
190,063
205,790
7,154,333 7,222,365 1,949,542 2,247,784
July 1 to Feb 28
20,952 def1,844
19,221
Nevada-Cal-Oregon_ b-Feb
349
July 1 to Feb 28
246,215
283,739
52,474
84,836
Norfolk & Western_ b Feb 3,017,253 3,411,632
790,596 1,102,053
July 1 to Feb 28
29,835,621 29,374,140 9,516,573 10,736,702
Pere Marquette_ _ a _____ Feb 1,103,371 1,244,568 def24,644
195,642
July 1 to Feb 28
11,191,001 11,909,609
821,375 2,280,247
Richmond Freds & Pot.b.Feb 241,438
241,684
101,922
90,553
• July 1 to Feb 28
1,857,477 1,850,722
643,095
688,965
Rio Grande Southern_ b_Feb
42,445
44,144
8,610
15,930
July 1 to Fob 28
462,315
441,793
155,264
145,779
Rutland_ b
Feb 233,560
239,248
13,115
27,889
Jan 1 to Feb 28
494,960
508,507
55,508
62,748
St L Iron Mt & So_a_ _ _ _Feb 2,496,398
2,691,743
750,056
908,820
Jan 1 to Feb 28
22,776,641 23,301,387 7,443,240 6,972,253
To! St I. & Western_aFeb 326,964
360,835
c52,164 c107,855
July 1 to Feb 28
3,129,166 2,864,060 c884,274 c835,539
Feb 388,999
Virginian_a
573,197
106,845
258,556
July 1 to Feb 28
4,536,718 4,063,823 1,988,856 1,701,237
Feb 2,036,700 2,295,952
Wabash_ b
162,401
360,626
July 1 to Feb 28
20,634,172 21,634,862 4,435,681 5,210,376
Western Maryland_b_ _ _Feb 567,910
576,896 def300,163
116,298
July 1 to Feb 28
5,541,807 5,018,335
476,806 1,180,958
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Companies.
Year.Year.
Year.
Year.
$
3
46
$
Ft Worth Pow & Lt_a_ _Feb
48,099
64,605
36,430
27,941
Mar 1 to Feb 28
534,860
708,009
420,171
267,803
Kansas Gas & Elect_aFeb 115,461
100,693
34,638
41,855
Mar 1 to Feb 28
1,063,671
957,411
387,353
327,997
Pacific Power & Lt_a_ _ _Feb 106,023
99,021
54,337
46,306
Mar 1 to Feb 28
1,301,763 1,258,208
642,297
613,084
Portland Gas & Coke_a_Feb 108,944
110,216
56,031
57,310
Mar 1 to Feb 28
1,285,180 1,194,865
658,293
589,684
Southwestern Pow & Light
Feb 216,317
(Subsidiary Cos)
176,680
98,949
76,628
Mar 1 to Feb 28
2,344,500 1,994,139 1,068,654
873,717
Texas Power & Lt_a __Feb 122,620
43,562
37,437
Mar 1 to Feb328
_1,246,332 1:01UN
445,888
421,842
00 03(
0•••I
00(C
,-4 4. oo b., to 0> ©0 0.1-4 0CO V
431.882
1
. 47, . 00
0,••• Ca ..•
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
-Gross Earnings- -Net Earnings
Current
Previous
Previous
Current
Roads.
Year.
Year.
Year.
Year.
1149
THE CHRONICLE
APR. 11 1914.]
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Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
Bangor & Aroostook_ ___Feb 112,919
109,357 zdef83,046zdef102,004
July 1 to Feb 28
903.997
891,102 zdef56,785zdef157,235
Central of New Jersey, Feb 569,465
563,956
55,322
471,862
July 1 to Feb 28
4,607,742 4,417,151 3,688,428 5,553,606
Nevada-Cal-Oregon..___Feb
7,194
7,317 zdef8,441 zdef6,771
July 1 to Feb 28
58,357
56,866 zdef2,636
z31,533
Norfolk & Western
Feb 514,542
448,024 x419,267 z824,808
July 1 to Feb 28
3,981,335 3,664,444 z6,546,637 z8,161,246
Rio Grande Southern__ _Feb
19,827
18,881 zdef11,189 zdef2.798
July 1 to Feb 28
160,111
153,663 zdef2,371 zdef1,061
St Louis Iron Mt & So__Feb 670,295
625,404 x110,701 z304,057
July 1 to Feb 28
5,397,573 5,108,990 z2,331,210 z2,095,717
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Ft Worth Pow & Lt
Feb
10,207
4,475
26,223
23,466
Mar 1 to Feb 28
87,377
63,430
332,794
204,373
Kansas Gas & Elect____Feb
14,726
14,057
27,129
20,581
Mar 1 to Feb 28
176,753
159,769
210.600
168,228
Roads.
1150
-In!., Rentals, &c.- -Bal. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
3
$
$
$
Pacific Pow & Light_ _ _ _Feb
31,267
25,550
23,070
20,756
Mar 1 to Feb 28
353,279
289,738
289,018
323,346
Portland Gas & Coke.._ _Feb
24,690
20,348
31,341
36,962
Mar 1 to Feb 28
260,380
207,479
397,913
382,205
Texas Power & Light.. ___Feb
25,204
12,102
18,358
25,335
Mar 1 to Feb 28
238,654
119,492
207,232
302,350
x After allowing for other income received.
EXPRESS COMPANIES.
-Month ofDecember- -Jim, 1 to Dec. 311913:
1912.
1913.
1912.
Great Northern Express Co.$
$
$
$
Gross receipts from operation 302,616
326,286 1,873,362 1,912,393
Express privileges-Dr
181,221
196,133 1,121,139 1,146,895
Companies.
Total operating revenues..
Total operating expenses__ __
121,394
92.485
Net operating revenue.. _ _ _
One-twelfth of annual taxes_
Operating income
130,153
96,659
752,223
554,716
765,498
530,606
28,909
3,737
33,493
4,350
197,506
24.833
234,892
28,111
25.172
29.142
172,673
206,780
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
[VoL. xcvm.
THE CHRONICLE
EI
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co_.._ February _ 382,145 368,187
811,995
773,278
Atlantic Shore Ry___ February _
18,835 20,087
40,832
42,379
cAur Elgin & Chic Ry February _ 127,623 123,383
273,107
263,961
57,347 54,385
Bangor Ry & Electric February _
121,034
113,178
Baton Rouge Elec Co February _
13,748 11,835
28,768
25,262
Belt LRyCorp(NYC) January __ 64,786 70,582
64,786
70.582
Berkshire Street Ry_ February.._ 67,870 63,668
143,438
136,172
Brazilian Trac, L & P February _ 1882,417 1,821715 3,899,947 3,734,670
Brock & Plym St Ry_ February _
6,849
14,722
5,786
13,119
Bklyn Rap Tran Syst December 2092,454 2005,538 24,901,949 24,353,298
57,976
Cape Breton Elec Co February _
25,285 26,141
55,083
187.897
184,511
88,664 88.878
Chattanooga Ry & Lt February _
53,626
52,643
Cleve Painesv & East February _
24,812 24,548
176,981
172,820
Cleve Southw & Col_ February _ 82,929 81,277
109,495
53,510 45,690
96.213
Columbua(Ga) El Co February _
182,449
Com'th Pow,Ity&Lt. February _ a256,180 114,143 a537,252
116,016 111,529 1,668,761 1,590,039
Coney IsI'd & Bklyn_ December
Connecticut Co
February__ 535,364 538,739 1,127,188, 1,130,108
Consum Pow (Mich)_ February _ 293,677 265,840
611,745
564,389
184,509
Cumb Co(Me)P & L January _ 184,509 172,587
172,587
Dallas Electric Co_
February _ 183,066 163,242
384,137
334,057
Detroit United Lines 4th wk Mar 292,701 316,618 2,685,514 2,851,357
DDEB& Bat (rec)_ January __
46,839 48,477
46,839
48,477
Duluth-Superior Trac February _
93,544 86,030
196,424
179,386
East St Louis & Sub_ January __ 231,944 213,628
231,944
213,628
El Paso Electric Co_ _ February _
89,664 75,298
182,377
156,220
Federal Light & Trac December
2,329.164 2,189,953
42d St M & St N Ave January__ 166,457 153,831
166,457
153,831
Galv-Houston El Co. February _ 175,051 158,773
372,327
328.388
Grand Rapids Ry Co January __ 102,585 104,563
102,585
104,563
Harrisburg Railways February _
72,400 69,188
152,232
142,976
Havana El Ry.L & P
Railway Dept____ Wk Apr 5 55,095 55,785
746,943
736,894
Honolulu Rapid Tran
November
& Land Co
562,978
50.425 48,420
512,387
Houghton Co Tr Co_ February _
20,946 22,111
43,083
46,490
bHudson & Manhat.. February .. 451,276 438,487
938,331
913,387
Illinois Traction._.... February _ 644,909 615,177 1,361,988 1,283,011
Interboro Rap Tran_ February - 2768,498 2600,261 5,702.368 5,503,605
Jacksonville Trac Co. February _
56,778 49,555
119,323
99,371
22,896
23,097
Key West Electric_ _ _ February _
11,110 11,751
Lake Shore Elec Ry.. February .. 90,021 89,200
195,510
190,192
Lehigh Valley Transit February _ 120,212 114,165
248,877
240,032
84,853
Lewis Aug & Watery February _
39,554 41,349
86,301
245,152
16,745 15,411
220,90C
Long Island Electric_ December
258.613
260,39C
Louisville Railway January __ 258,613 260,390
465,508
1,029,922
986.711
Milw El Ry & Lt Co_ February _ 501,267
228,849
191,911
Milw Lt, lit & Tr Co February _ 110,509 95,462
148,307
134,389
Monongahela Val Tr February.. 69,801 65,748
189.038
2,207,245 2,074,99(
197,893
Nashville Ry & Light December
46.91!
53.178
N Y City Interboro January _- 53,178 46,915
412,657
31,230 28,819
391,991
December
NY & Long Island
164,283
12,755 11.771
154,22E
NY & North Shore December
N Y & Queens Co__ _ December 108,787 104,607 1,385,391 1,331,31E
New York Railways_ February - 951,832 1046,502 2,117,690 2,207,31f
55,016
43,949
NY Westchest & Boa February.._
25,708 21,075
42,319
44,101
19,731 20,684
N Y & Stamford Ry_ February.._
188.879
Northam Easton & W December
183.361
15,210 14,520
518,966
460,031
Nor Ohio Trac & Lt_ February _ 248,006 222,570
299,831
329,069
North Texas Elec Lt_ February _ 155,976 142,784
25,166
Northw Pennsylv By January __
25.166 25.730
25.73(
5.426
154,109
Ocean Electric (L 1)_ December
5,559
142,02(
51,914
Paducah Tr & Lt Co_ February _
26,244 24,372
51,03E
45,988
Pensacola Electric Co February _
22,287 22,506
48.821
Phila Rap Trans Co.. February _ 1779,009 1775,158 3,785,532 3,777,22:
582,610
Port(Ore)Ry LitPCo January __ 582,610 553.598
553,59E
Portland (Me) RR.._ February.._
136,282
64,123 64,487
135,981
Puget Sound Tr,L &P January __ 754,035 701,640
754,035
701,64(
Republic Ry & Light February _ 234,971 228,413
492,949
472.751
Rhode Island Co._ _ _ February.._ 358,331 360,273
762,393
763,341
StJoseph(Mc))Ry.Lt
Heat & Power Co.. February .. 104,052 95,736
217,467
203,051
Santiago El Lt & Tr.. February _
73,685
36,184 37.051
76,411
Savannah Electric Co February _
66,654 62,404
139,115
130,191
Second Avenue (rec)_ December
79,336 82,922 1,042,628
989,201
Southern Boulevard_ January -_
17.228
14,081
17,228 14,081
Tampa Electric Co February _
160,515
80,357 62,356
130,511
January __ 344.706 326,444
Third Avenue
344.706
326.44,
Toronto Street Ry...... February... 461.274 434.380
963,117
906,841
Twin City Rap Tran_ 4th wkMar 235,219 229,904 2,167,604 2,029,86:
Underground Elee Ry of London London Elec Ry_ Wk Mar 21 £14,690 £13,080 £175,945 £174,19(
Metropolitan Dist.. Wk Mar 21 £13,339 £12,582 £158,636 £158,101
London Gen Bus Wk Mar 21 £53,649 £52,186 £651,024 £648,56
Union Ry Co of NYC January __ 209.083 201.749
209,083
201.741
United Rys of St L.... February.... 917,891 924,368 1,958,181 1,921,56:
788,80'
Virginia Ry & Power_ February _ 387,169 378,505
828,992
Wash Balto & Annap February _
53,076 48,683
flO,766
100.56J
Westchester Electric.. January __ 42,573 40,805
40.80J
42,573
February__
Westchester St RR
32,422 t1 32,05,5
14,909 14,601
Western Rys & Light February.... 201,925 191,257
431,665
402,541
Wisconsin Gas & Elec January.... 74,361 63,158
74,361
63.15E
Yonkers Railroad...._ January _- 55,566 28.486
28.481
55,566
January _
York Railway
88.328 59,282
68.328
59,28:
Youngstown & Ohio_ February _
18,092 17,185
38,358
35,321
Youngstown & South January __
12.554 11.737
12.554
11.731
-a Includes earnings on the additional stock acquired May 1 19137b-RepreBents income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year,
Year.
$
$
Detroit United Lines..b..Feb 841,585
276,164
899.683
228,584
Jan 1 to Feb 28
1.791.886 1,884,291
582,996
496,042
Illinois Traction..a.._..__Feb 644,909
615,177
253,959
251,395
Jan 1 to Feb 28
1.361.988 1,283,011
529,430
560,825
Lehigh Valley Transit b Feb
120,212
114,165
51,334
53,534
Jan 1 to Feb 28
248.877
240,032
112,766
107.174
Monongahela Vail Tr..b..Feb
69,801
65,748
45,326
44,152
148.307
Jan 1 to Feb 28
134,384
90,564
87,759
924,368
United Rys of St La...._Feb 917,891
189,194
256,996
1,958,181 1,921,563
Jan 1 to Feb 28
438,558
531.023
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
--Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
8,330
875
Aurora Elgin & Chicago..Feb
35,131
32,454
289,251
July 1 to Feb 28
230,355
256,984
273.327
z74,695 z118,043
178,603
Detroit United Lines.___Feb
184,128
357,104 z187,361 z267,113
Jan 1 to Feb 28
360,893
6,499
44,835
def1,441
Lehigh Valley Transit.._ _Feb
54,975
17,123
90,051
1.985
110,781
Jan 1 to Feb 28
24,102
20,050
19.781
25,545
Monongahela Vail Trac..Feb
48,205
39,452
39,554
51,112
1,,,, Jan 1 to Feb 28
z40,869
223,130 zdef24,120
United Rys of St Louis_ _Feb 220,371
z98,882
z11,714
446,342
441,110
Jan 1 to Feb 28
Roads.
x After allowing for other income received.
ANNUAL REPORTS.
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 does
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 28. Tne next will appear in that of April 25.
Delaware & Hudson Company.
(Report for Fiscal Year ending Dec. 31 1913.)
On subsequent pages will be found extended extracts from
the remarks of President Loree. Below we give the usual
comparative tables for several years:
OPERATIONS AND FISCAL RESULTS.
1911.
1913.
1.1.'12.
904
904
Miles operated
Equipment447
452
466
Locomotives
470
470
464
Passenger cars
20,257
19,930
19,246
Freight cars
621
585
544
Company cars
Operations7,969,010
7,949,524
Pass. carried earn. rev... 9,029,260
No.of pass. carried 1 m-157,021,628 149,603,911 145,444,536
2.04 cts.
2.02 cts.
2.05 cts.
Av.rects. per pass. p.m_
$1.0805
$1.0514
$1.1236
Pass. earns. per train m_
19,887,973
19,319,161
Tons rev, freight carried 20,469,762
Tons fgt. carried 1 mile_3034262414 2827572371 2610337372
0.68 cts.
Av.rects. per ton per m_ 0.663 cts. 0.662 cts.
$3,181
Fgt.earns, per train mile
$3.5992
$3.3261
467.09
Av. No.tons fgt. in train
502.18
542.56
7,280,939
Anthracite coal produc'd 7,170,553 6,438,555
Anthracite coal carried.. 8,911,989 8,009,596
9,295,307
Bituminous coal carried. 2,406,953
2,095,052
2,494,643
RR.EarningsfromCoal freight traffic
$11,436,960 $10,346,095 $9,847,193
Mdse. freight traffic_ 8,794,429 8,476,851
8,053,788
Passenger traffic
3,076,507
3,277,929
3,019,230
Express traffic
334,280
305,119
235,339
121,793
119,446
Transportation of mails..
119,350
156,085
Miscellaneous sources
188,104
146,917
$8,724,581
8,052,705
2,910,026
209,210
119,378
415,900
Gross earnings
$24,153,495 $22,480,103 $21,421,817 $20,431,800
ExpensesMaint. of way & struc
$1,787,614 $1,940,352 $1,488,757 $1,557,913
2,842,069
3,060,739
3,230,742
Maint. of equipment...... 3,753,963
249,932
250,285
289,754
305,966
Traffic expenses
7,066,049
7,414.072
7,979,041
Conducting transport'n_ 8,584,722
482,324
544,307
626,889
778,042
expenses
General
$15,210,307 $14,066,779 $12,758,160 $12,198,287
Total expenses
Net earns, from oper'n- $8,943,188 $8,413,324 $8,663,657 $8,233,513
(59.70)
(59.56)
(62.57)
P.c. of expense to earns.
(62.97)
INCOME ACCOUNT.
1910.
1911.
1912.
1913.
Coal Department$16,045,308 $13,397,557 $13,355,014 $11,806,888
Gross receipts
14,748,616 12,811,520 13,238,304 11,448,226
Gross expenses
Net earnings
Taxes
$1,296,692
495,000
$586,037
355,093
$116,710
141,011
$358,662
316,739
Operating income.... _sur.$801,692sur.$230.944 def.$24,301 sur.$41,923
Railroad DepartmentGross earnings
$24,153,495 $22,480,103 $21,421,817 $20,431,800
15,210,307 14,066,779 12,758,160 12,198,287
Operating expenses
Net earns,from oper_ $8,943,188 $8,413,324 $8,663,657 $8,233,513
497,408
562,409
600,944
623,107
Toms
Operating income_ --- $8,320,081 $7,812,380 $8,101,248 $7,736,105
Other Income$150,503
$196,168
$213,752
$99,596
Hire of equipment
308,520
792,924
386,734
443,828
Divs.& int.(Coal Dept.)
__1,167,020
1,154,196
1,274,019
Divs.& int.(RR. Dept.) 1,121,997
15,627
57,473
27,655
80,619
Misc.income(RR.Dept.)
79,056
71,646
Misc.income(general) __
67,995
78,066
Total Other income.... $1,818,133 $2,141,399 $1,755,162 $2,072,700
Gross income
$10,939,906 $10,184,723 $9,832,109 $9,850,728
Deductionsfrom IncomeRentals
$2.020,228 $2,034,257 $2,022.926 $2,045,084
8,662
8,698
8,762
Taxes(general)
fs.4.3,160
Int. on 1st & ref.M.bds_ 1,108,160
1,087,16.;
1,108,160
350,000
Int. on 1st M. bonds....:
350,000
350,000
350,000
559,001
Int. on D.& II. deb. bds
558,920
558,926
558,920
443,621
Int. on 1st lien equip.bds
436,455
435,039
436,288
28,000
Int. on equip. deb. bds_
4,000
20,000
12,000
75,000
Int. on divisional bonds_
75,000
75,000
75,000
191,673
General int. & discount_
35,199
205,161
95,310
-Gross Earnings--Net Earnings
Current
Current
Previous
Previous
Total deductions.. _ _
Year.
Year.
Year.
Year.
Net Inc. carr. to gen.p&1
$
$6
$
$
Divs. on stock (9%).._ _
Chic..a_
_Feb
123,383
36,007
Aurora Elgin &
127,623
40,785
1,372,187 1.314,447
503,682
546,235
July 1 to Feb 28
Bal.,surplus for year..
Roads.
447
475
20,857
737
A
7,060,371
141,034,782
2.06 cts.
$1.0653
18,825,328
2457178348
0.68 cts.
$2.934
432.06
6,647,659
8,268,744
2,109,224
$4,765,170 $4,678,633 $4,594,428 I $4,520,539
$6,174.7 6 $5,506,090 $5,237,681 $5,330,189
3,825,180
3,825,270
3,815.270
3,825,270
$2,349,466 $1,680,820 $1,412,141
$1,505,009
APR. 11 1914.]
THE CHRONICLE
1151
BALANCE SHEET DECEMBER 31.
PUBLIC SERVICE RAILWAY CO.BALANCE SHEET DEC.31.
1913.
1912.
1913.
1912.
1913.
1912.
Liabilities (con.)
$
$
AssetsAssets$
LiabilitiesBonds merged cos142,070,000141,000,000
$
$
Unmined coal owned
Capital stock._ 42,503,000 42,503,000 Property
87,474,097 86,220,896 Mortgages pay'leJ
210,185
Investments
and controlled 15,943,915 16,397,241 Bonds (see "Ry.
134,361
62,484 Equip tr. ctts.,&c.
1.252,000
Advances on un& Ind." Sec.)- 57,920,000 58,171,000 Cash
195,392
320,846 Adv.by P.S.Corp. 6,300,250 4,884,250
mined cont.__
354,279
354,033 Loans payable_ _ 4,500,000 3,500,000 Accts. Sr bills rec.. 128,587
215,954 Adv.byR.&Ft.L.Fy
70,000
Materials
Real estate_ _ _ _
Sr
805,850 Int., dlvs., &c.,
805,713
supp. 450,476
461,269 Accounts payable_ 1,062,533 1,286,413
Road & equip.accrued
1,407,986
23,892 Premium on bonds
1,405,209 Advance payments 153,055
10,066
30,135
D.& H. Co__ 67,175,113 65,814,079 Int., (Mrs. and
Unam.debt,dIsc.,&c
76,176
74,658 0th. unfund. debt 203,435
Canadian lines 6,464,030 6,331,868
Int&div. rec.,&e_
bonds due,not
74,441
Accr. amortizat'n
Marine equip't5,931
6,726
yet collected.
227,143
195,087
capital
35,579
Coal deptequip. 1,338,400
Total
1,303,362 Accruedtaxes_ _
277,798
157,042
88,686,58.5 87,379,996 RentInt&Txs.,accr 840,248
593,514
Coal-handling &
Spec. res've fund
Reserves
52,000
15,586
storage plants
61,134
63,968
accounts __ _ _
10,073
9,738
Profit and loss
103,474
37,913
Stocks & bonds.a28,100,594 27,088,094 Audited vouch.
Liabilities$
Cash
1,646,654
1,182,560
and pay-rolls. 2,940,797
3,052,054 Stock
38,000,000 38,000,000
Total
88,886,585 87,379.996
Fire insur. fund.
417,615
-V. 98. P. 1072.
373,904 Other accounts
10,073
Spec. res. funds.
9,738
payable
638,977
552,480
1,441,303 Add'ns to propEquip. trust fd_ 1,705,235
United Railways Investment Co.
2,781,673
Supplies on hand 3,300,997
erty prior to
(Report for Fiscal Year ending Dec. 31 1913.)
4,118,197
Bills & Accts.rec 3,810,661
June 30 1907
3,427,608
Adv., new lines- 4,275,293
through Inc_ _ 6,839,487 6,751,837
On subsequent pages will be found the remarks of PresiProfit and loss- 18,153,210 15,199,924
1
Total
135,418,471 131,497,371
Total
135,418,471 131,497,371
a The total par value of stocks owned in 1913 was $27,365,874, against
$26,178,283 in 1912 (value as per balance sheet in 1913, $23,375,797; par
value of bonds, $4,950,716 in 1913 and 1912 (value as per balance sheet in
1913. $4,724,796). The list of securities owned remains substantially the
same as that given in V.88, p. 939, the main change being in Hudson Coal
Co.stock,$3,500,000(increased from $100,000),and the additional WilkesBarre Connecting RR. Co., $50,000; and bonds, the new items of Champlain Transportation first income debentures ($250,000), Fort William
Henry Hotel Co., income debentures ($272,000), Bluff Point Land Improvement Co. income debentures ($250,000) and Chateaugay Ore & Iron
Co. first mortgage ($281,000).-V. 98. p• 73.
Public Service Corporation of Now Jersey.
(Report for Fiscal Year ending Dec. 31 1913.) •
The remarks of Pres. Thomas N. McCarter will be found
at length on subsequent pages, together with the income
account of the company and balance sheets of the company
and its subsidiaries, and numerous interesting statistical
tables covering number of years. Below we give the usual
comparisons of income account and balance sheets. A map
showing the lines of the system will be found in the "Electric
Railway" Section of Jan. 311914, pages 80 and 81.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1911.
1912.
1913.
1910.
Gross earnings of leased
and controlled cos__..$34,592,474 $32,654,470 $30,125,508 $27,654,552
Oper. exp. and taxes_ _..$18,844,608 $17.779,434 $15,941,691 $14,483,985
Amortization charges-- 1,007,591
722,078
672,654
257,315
Total expenses
$19,852.199 $18,501,512 $16,614,345 $14,741,300
Net earnings
$14,740.275 $14,152,958 $13,511,163 $12.913,252
Non-operating income
377,972
Pub.Serv. Corp.of N.J.
Income from securs.
pledged & from misc.
sources
2,308,874
1,939,339
1,532,348
1,890,513
Total
$17,427,121 $16,092,297 $15,401,676 $14,445,600
DeductFixed charges leased &
controlled cos__$11,911,316 $11,289,076 $11,066,652 $10,539,949
Fixed charges of Pub.
Serv. Corp.of N.J_ _.. 3,267,605
2,749.997
2.540.242
1,835,356
Dividends
..---- (6)1,500,000(6)1,500,000(6)1,500,000(5)1,250,000
Total deductions_...$16.678.921 $15,539,073 $15,106,894 $13,625,305
Surplus
$748,200
$553,224
$294,782
$820,295
dent Mason B. Starring, together with the income account
and balance sheet of the United Railways Investment Co.,
the balance sheet of the California Railway & Power Co. and
the income accounts of the United Railroads of San Francisco
and the Sierra & San Francisco Power Co. See tentative
financial plan in V. 98, p. 1073.
1913.
1912.
1911.
1910.
Divs. on stocks owned. $1,998.850 $1,984,172 $2,044,672 $2,044,672
Interest on loans, &c___
135,374
276,078
91,864
64,889
Total income
$2.134,224 $2,260,250 $2,136.536 $2,109,561
DeductionsDirectors' fees, taxes.
salaries, &c
$63,727
$79,067
$70,537
$75,024
Interest on bonds
973,700
981.240
981.240
950,515
Int. on 6% notes
99.000
123.000
147,000
171,000
Int. on div. certificates_
80,256
80,234
80.256
80,241
Int. on loans & bills pay.
11,202
7,063
16,676
48,777
Disct. on secur.sold,&c.
(See below)
17,537
Total
$1.227.885 $1,270,605 $1,295,709 91,343,094
Net income for year.._. $906,339
$989.645
$840,827
$766,467
Note.-No deduction was made from income in 1911 for discount on
securities, but the balance of discount on the 6% serial notes of 1908.
$99,375, was charged to profit and loss.
GENERAL BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Assets$
Liabilites-3
Investments ____*62,454,665 62,201,360 Preferred stock-_ _16,000,000 16,000,000
Cash
113,093
38,121 Common stock.._20,400,000 20,400,000
U. Rlts. of San Fr.
Coll. tr. sk. fd. 58_17,663,000 17,927,000
notes receivable.. 852,000 1,229,000 6% cony, bonds of
RRs.& Power De1910
852,000 1,229,000
velopment Co_
3,528 6% notes of 1908- 1,500,000 1,900,000
Calif. Ry.& P.Co.
3,493 Pt. stk. city. arsSierra &S.Fr.P.Co.
9,051 6%
712,500
712,500
Pittsb. Rys. Co
460
5%
750,000
750,000
Interest accrued
45,488
51,475 Loans & bills pay_
557,535
553,417
Div. on cap. stock
Coupons due
17,204
10,183
ofPhila.Co.,payInt. accrued on
able Feb. La... 423,500
423,500 bonds, notes,&c_
235,682
252,763
Miscellaneous _ _ _
21,301
12,562 Miscellaneous_
58
63,780
Assets for distribrn
83,096 Profit and loss.._b5,222,528 4,256,542
Total
63,910,507 64,055,185
Total
63,910,507 64,055,185
* The investments ip 1913 include Philadelphia Co., $24,200,000 common stock: California Ry. & Power Co., $5,134,400 pref., $34,160,700
common; Railroads & Power Development Co., capital stock, $5,500.000;
total, $61,397,472; other securities, $1,057,193.
a 1°,(% for quarter ending Dec. 31' 1913 and 1912.
b After crediting $59,647 for discount on bonds purchased for sink. fund.
Note.-The company has a contingent liability under its guaranty of
equipment notes of United RRs. of San Francisco, which that company
reduced by redemptions in 1913 from $300,000 to $250,000.
UNITED RRS.OF SAN FRAN.INCOME ACCT.FOR YRS.END.DEC.31.
Earnings1913.
1912.
1911.
Passenger
$8.496,855 $8,416,176 $7,836,139
Advertising
56.000
55.500
50.000
Total
$8.552.855 $8,471.676 $7,886,136
Expenses and taxes
5,163,697
4,878,582
4,706,971
PUBLIC SERVICE CORPORATION BALANCE SHEET DECEMBER 31:
Net earnings
$3,389,158 $3,593,094 $3,179,165
Other income
170,610
285.322
264,627
1912.
1913.
1913.
1912.
Assets$
Liabilities$
$
Gross income
$3,559,768 $3,878,416 $3,443.792
Other investmls_74,457,843 69,836,002 Stock
25,000,000 25,000,000 Rentals and leases
$76,800
$78,800
$89,000 Gen. M.5% bonds39,500,000 30,720,000 Interest on notes, &c
Perpetual interest296,474
185,723
193,803
Perpetual interest.
864,085
bearing coats__
Bond interest
1,663,243
1,806,577
1,812,410
720,000
bearing certfs_ _20,047,370 10,981,710 Renewals, doprec'n and
Gen. M.5s in trees 2,500,000
contingencies
257,581
183,608
473,168
Adv. by P.S. Elect 600,000 i 175,000 Bond sinking fund reserve
Advances474,432
655,758
339,620
Pub.Serv. Ry_ 6,300,250 4,884,250 Adv. by P. S. Gas'
0,000,000 First preferred dividends (7%)
350,000
350,000
350.000
249,425
190,694 Bills payable
Cash
2,018,0901 878,819
Accr.Int.& rentals 886,720 1,014,862 Accts. payable....
61,185f
Total
$3,118.531 93,260,465 $3.258,001
Accts. receivable.
38,318
65,877 Accr. Int., &c
734,165
580,285 Balance, surplus
$441,237
$185,791
$617,952
Advance payments
128
17,385 Reserves
571,342
125,000 SIERRA ea SAN FRAN.POWER
CO.INCOME ACCT.FOR CAL. YEARS.
Sinking fund
215,287
0th. unfund. debt 152,375
Oth.spec.fds.,&c
Profit and loss__ 1,501,751 1,729,083
402,719
1913.
1912.
1911.
Def. charges acct.
Gross earnings
$1,088,774
$945,938
$834,324
disc. & commis. 4,262,504 3,461,727
Operating expenses and taxes
506,796
375,379
258,271
Total
90,186,279 80,190,797
Total
90,186,279 80,190,797
SUB-COMPANIES-ALL OR SUBSTANTIALLY ENTIRE STOCK
OWNED.
PUBLIC SERVICE GAS CO. BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
AssetsLiabilities$
$
8
Property
9,177,840 8,062,326 Stock
10,000,000 9,250,000
Investments
258,104
111,306 Mortgages payable
90,000
Cash
167,427
158,143 Accounts payable_ 1,203,729
Accts. & bills rec.. 1,240,373 1,559,077 Accrued taxes, &c. 501,781 1,133,470
525,385
Adv. to P. S. Corp 600,000 1,000,000 Reserves
18,692
123,210
Materials Sr supp_ 015,179
710,933 0th. unfund. debt. 113,229
Advance payments
94,116
61,684 Accr. amortizat'n_
194,698
Miscellaneous _ _ _
104,674
Profit and loss__ 615,584
541,403
12,647,713 11,663,469
Total
Total
12,647,713 11,663,469
PUBLIC SERVICE ELECTRIC CO. BALANCE SHEET DEC. 312
1913.
1912.
1913.
1912.
' Liabilities$
Assets-$
$
$
15,340,161 12,172,854 Capital stock
Property
16,000,000 13,000,000
108,305 Mortgages payable
Investments
9,
418,000
376,086
281,551 Accounts payable- 840,317
Cash
754,795
Accts. & bills rec. 1,473,279 1,459,087 Other untund.debt 439,170
Adv. to P.8. Corp
175,000 Accr. amortizat'n. 241,661
675,184 Accr. int.,tax.,&c. 280,120
723,822
Materials & supp_
320,016
91,579 Reserves
Advance payments 149,078
24,043
211,802
Oth.sp'l dep.,&c.... 215,087
Profit and loss... 551,899
258,947
Total
18,377,210 14,963,560
Total
18,377,210 14,963,56
Net earnings
Deductions from income
Interest on 2d mtge. bonds "B"._
Depreciation written off
Balance
$581,978
a$373,594
369.440
5.000
$570,559
$345,724
351,638
$576,053
$328,326
def.$166,056 def.$126,804stu.$247=
a Includes interest on 1st M. bonds and interest on 2d M. bonds, serial
"A," and other charges, less credits.
CALIFORNIA RY. & POWER CO. BALANCE SHEET MARCH 31.
1913-14. 1912-13.
1913-14.
1912-13.
AssetsLiabilitiesSecurities owned_ _47,738,229 47,729,671 Prior pref. stock__ 2,900,000 3,000,000
Notes receivable__ 2,025,997 2,000,000 Preferred stock... 6,874,400 6,874,400
Cash & aces. roe. 113,004
190,779 Common stock__ _40,000,000 40,000,000
1st pt. div. May 15 175,000
Prior pref. stock
Interest accrued_
41,288
38,889 div. April 1
50.750
56,143
Miscellaneous
13,750
9,323 Miscellaneous
5,000
Surplus
277,118
38,114
Total
50,107,268 49,968,662
Total
50,107,268 49,968,662
For further details of Cal. By. & Power Co. balance sheet see a subsequent page.-V. 98, p. 1073.
Sloss-Sheffield Steel & Iron Co.
(Report for Fiscal Year ending Nov. 30 1913.)
The report of President J. C. Maben for the late fiscal
year, with the balance sheet and income account, will be
found at length on a subsequent page. The usual comparative tables were given in the "Chronicle" of Mar. 14 1914,
page 832.
1152
THE CHRONICLE
(J. I.) Case Threshing Machine Co., Racine, Wis.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Frank K. Bull, Racine, March 16, wrote in subst.:
[VoL. xcvin.
M. Rumely Co., Inc., Agricul. Implem'ts La Porte, Ind.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. C. S. Funk, Chicago, April 3, wrote in substance*
Results.-The gross sales of 1913 have since the commencement of
New Management.-The company became seriously embarrassed in
business in 1842 been exceeded only by those of 1912. They compare:
the spring of 1913 by the accumulation of a very large inventory of raw ma1911.
1912.
1910.
1913.
1908.
1909.
goods in process and finished machinery to the amount of $16.500,terials,
Gross sales_ _$4,406,901 $5,996,168 $6,946,995 $9,163,749 $14,026,634 $13,417,406 000. The new management came into
control May 10, and its immediate
Of the foregoing in 1912 and 1913 export sales (including Canada) policy was to reduce the company's operations to the minimum,
and to build
respectively.
aggregated $4,184,852 and $3,444,514
competent organization. Much time and expense has been incurred
a
up
Of the total gross sales in 1913,39795,013 were from our regular machin- In the adjustment of contractual relations entered into in the fall of 1912
ery lines, viz.; steam and gas engines, threshers, road machinery, corn with outside manufacturers, most of which were unprofitable to the company
shellers corn huskers, shredders and grain,weighers.
and some of which involved distinct losses.
Late in 1913 a most unusual condition manifested Itself in the Implement
Results for Year.-Due to the reorganization of the business, the "house
trade, resulting in an abrupt recession of sales with the result that the cleaning" involved,and the consequent effect on the year's operations, the
manufacturers not only lost the profits which would otherwise have accrued loss of over $3,500,000 should not be regarded as an indication of the earnthrough sales upon which the expense had already been incurred, but. ing power of the business. The loss is explained in part by the increased
having provided material and finished goods in anticipation of the regular manufacturing costs, due to running the factories night and day during the
volume, were forced to carry over stocks much larger than usual-a con- first few months of the year, with a consequent shut-down the last few
dition which could not have been predicted or prevented. Considering, months. The forced production involved excessive piece rates, unskilled
however, that theSe finished goods are standard and that all raw materials help and wastes at every point, and it is estimated that the loss from manucarried over have been purchased under the most favorable contracts, I facturing alone approximated $1,100,000. The reduced volume of business
can see no occasion for uneasiness for the coming season, particularly since should have shown a reduction of sales expense of $600,000, to maintain
a special reserve has been set up, providing for this situation.
the ratio of 1912, but there was an actual increase of $600,000, thus making
Notwithstanding the adverse conditions prevailing, our net earnings a relative increase
of $1,200,000. The loss of gross profit through reduced
applicable to interest and dividends compared as follows, showing in 1913 volume, which
occurred almost entirely in the last three months of the year,
a record total except for the phenomenal one of 1912.
due to unfavorable conditions in the United States and abroad, amounted
1911____$1,411,586
1912____$2,464,917
1913____$2,002,279
to
The main trouble, however, was not in small volume, but in
Estimate of Profits.-We have consistently declined to furnish estimates an $300,000.
over-estimate of increased sales.
of earnings prior to the annual statement, feeling that any such estimate
The
interest
charges were increased by over $800,000, due to an exceswould be misleading for the reason that during the first six months of each sive inventory and the high interest, necessitated by the company's condiyear the sales are always substantially less than during the last six months. tion.
1908.
1912.
1911.
1913.
1909.
1910.
Gross Sales
The business for 1913 amounted to $13,838;000, as against a volume of
3
1,458
1st Six months_ $630,547 $1,105,110 $1,398,023 $2,907,041 $3,547,520 $4,212
$15,144,000 in 1912, adjusted to the same basis. The sales, as heretofore
Last Six months 3,776,354 4,891,057 5,548,971 6,256,708 10,479,114 9,204,947 reported, included freight and duty, but are now given at list prices after
The natural assumption, therefore, that the entire sales for the year eliminating freight and duty. The latter months of the year showed a
would be approximately only double the volume of the first six months is considerable curtailment in business in common with all other companies
manifestly erroneous. Orders are taken In large numbers during the first in the same line of business.
six months but no transaction is treated as a sale until the delivery and
Liquidation of Inventory.-During the summer and fall months a strong
acceptance of the machine; and by far the heaviest deliveries are during effort
was made to dispose of as much of the company's product as possible,
the last six months.
and
substantial progress was made until November, when the company,
Miscellaneous Earnings.-The principal items are :$592,886, the amount suffered the same falling off in its business and in its collections that so af$194,286
interest
on
receivable;
bills
bills
collected
on
accrued
interest
of
fected other companies in the same line of business. [See Case Threshing
receivable and $129,422 discount on merchandise purchases.
Co. above.-Ed.] During this liquidation period, we converted upwards of
Repairs and Maintenance.-For many years it has been our policy to $5,000,000 of inventory into farmers' notes and cash. Approximately
and
renewals
repairs,
to
as
so
maintenance
for
make liberal expenditures
of cash was collected out of goods and receivables during the
$13,000,000
maintain the property at maximum efficiency; and all expenditures in year, but owing to the fact that the company had expended over $8,000,000
these directions have been deducted from the gross sales in calculating the on current account prior to May 1, and had obligated itself on purchase
Is
foregoing
there
shown
the
in accounts and otheriwse for $4,500,000 additional, it was impossible to efnet 'Profits for the year. In addition to
the income account an amount for other cash disbursements, (1) for fect any substantial curtailment in operations in time to affect favorably
repairs and maintenance, and (2) for renewals which did not add directly the profit and loss for the year.
to the earning power of the plant such disbursements in the last ten years,
Business.-These difficulties were due in a large measure to the pre1904 to 1913, both inclusive, having averaged $108,417.
vious policy and methods, and are not necessarily inherent in the business.
Reserve for Contingent Losses.-More than 99% of our bills receivable The new management feels that progress has been made and expects still
consist of farmers' notes, which many years of experience have proved to greater progress during 1914. The plants are now in good condition and
be excellent credits when carefully taken. Notwithstanding a very favor- have a capacity in excess of present requirements, while the new organizaable record of actual cash collections in the past, we have charged against tion insures greater efficiency snd more economy.
income of the current year $100,000, as shown, making a total of $600,000
Inasmuch as 63% of the company's precinct is in the old and well estabas a reserve for contingent losses on receivables and collection expenses, lished Advance, Rumely and Gaar-Scott thresher and steam engine lines,
which total sum Is exclusive of $84,421 charged against income of the this part of the company's business will go on as heretofore,and should make
current year on account of bills receivable treated as uncollectible.
a satisfactory showing. About 21% of the business is in oil and gas tracSpecial Inventory Reserve.-In view of the large amount of the tors, which are thoroughly satisfactory. The tractors on hand at plants,
inventory and of the somewhat unusual conditions in the industry gener- some of which suffered from over-hasty manufacture, have been put in first-called
ally at the close of 1913, we have determined to sot aside out of surplus a, class condition. About 10% of the business last year was hi these
special reserve of $1,000,000 against the inventory, Purely as a precaution- "merchandise lines," purchased from outside manufacturers; Wm° of which
ary measure. The directors believe that it will prove unnecessary to draw were handled on a basis not profitable and which have been discontinued.
on this reserve, as they are satisfied that the excess inventory can be disAdjusted Balance Sheet.-It has seemed advisable to reduce the values of
posed of in the ordinary course of business at the usual margin of profit, goods on hand,to write off losses previously incurred,to absorb a very heavy
In which case the amount set aside will, of course, be available for re
selling expense, which did not yield a proper return, and to set up suitable
appropriation or can be restored to surplus.
reserves for obsolete goods and collection expenses of prior years. The balSurplus.-Out of the net profit of $1,268,651 for 1913 are to be deducted ance sheet herewith is the result of a thorough investigation by the new ofthe preferred dividends of 1913 (to $850,500), leaving a balance of $418,151 ficers and by Price, Waterhouse & Co., chartered accountants.
to be added to surplus, making the same on Dec. 311913. $1,856,975. after
This balance sheet includes the assets and liabilities of the Canadian
deducting all reserves, including the special inventory reserve of $1,000,000. Rumely Co., which were previously carried as an investment. After allowPlants.-The main plant at Racine occupies about 40 acres of ground ing for this change, the property accounts differ little from last year, the
and has more than 40 acres of floor space; it is well equipped and modern additions amounting to less than $250,000. No specific provision has been
in all respects and has an annual capacity of 4,000 to 4,500 threshers, 2,500 made for depreciation, as the plants were idle for the latter half of the year,
steam engines, 200 road rollers, 2,000 gas tractors, 300 corn shredders, and during that time considerable sums included in operating expenses were
500 hay balers and 1,100 road-making machines. The company also owns devoted to placing the plants and machinery In first-class condition.
100 acres, just outside the city of Racine, upon which, during 1912 and
The inventory, after deducting the special reserve of $600,000, amounted
1913, suitable buildings have been constructed to increase the capacity to $11,897,564, as compared with $11,300,000 Jan. 1, but,as mentioned
of the main plant. The branch house properties have an appraised value above, the inventory when we assumed control aggregated $16,500,000,
was
expended towards the and $4,500,000 of raw materials and merchandise had been contracted for,
of about $2,600,000. During 1913 $1,923,020
erection of the new plant above mentioned and in additions and improve- so that there has been a very substantial reduction since the spring. At
ments to the main works and motor works.
the present valuation the Inventory,it is believed,can all be sold at a profit.
Bond Issue.-Solely for the purpose of funding the floating debt, $12.- The farmers' notes owned remain about as last year, but a substantial
000,000 6% serial gold bonds, payable serially 1914 to 1926, dated Feb. 1. reserve has been made for collection expense and charged against surplus.
comthe
a
all
on
closed
constituting
mortgage
1914, have been marketed,
There were also charged against reserve all doubtful notes.
pany's property. The payments thereon are to be made in such a manner
Deficit.-The profit and loss deficit of $5,400,000 is in largo part the rethat we are satisfied they can be readily met without interfering with the suit of re-valuation,the establishment of a collection reserve,the elimination
stock.
pref.
(V. 98, P. 841, 765, 613.)
regular dividends on the
of all deferred charges except prepaid interest and discount, and the loss
Current Assets and Liabilities.-The company on Dec. 31 1913 had $13,- Mr the year. During the year the reserve against farmers' notes has been
475,694 of working capital, viz.: Inventories, below cost (without deduction increased $1,250,000, principally for future collection expenses. Against
for special reserve of $1,000,000), $12,166.483; receivables, $15,510,268; this reserve there has been charged off some $900,000 farmers' notes, the
cash, $553,521; total, $28,230,272; less bills and accounts payable, $14,- accumulation of previous years. The reserve stands at the close of the year
754,578: net, $13,475,694.
at $1,500000, which is thought ample.
It is true of this company, as it Is of other companies engaged in selling
Securities, &c.-The capital stock has been decreased $250,000 through
agricultural implements, that as its gross sales increase, its working capital the pref. stock sinking fund, which will be suspended for the present.
proportion.
is
to
This
that
due
fact
the
greater
requirements Increase in a
In Jan. 1913 the company sold $10,000,000 2-year 6% convertible gold
while on the average only about 50% of the selling price is realized in cash notes, maturing March 1 1915; the proceeds were largely used to pay of
during the year of the sale, the remainder being necessarily carried from the accumulated liabilities then maturing (V. 97, p. 669). Since Dec. 31
two to three years more (the purchaser paying interest on all deferred in- arrangements have been made to extend $8,670,000 of these notes from
stallments) the company is obliged to meet heavy expenditures in the Mar. 11015 to Mar. 11918, and efforts will be made during 1914 to extend
manufacture of its products and in the sales department many months the balance of the $10,000,000 issue(V.98,P. 1075,917,843,767,614,309).
in advamce of the selling season, which is short.
The terms of the extension are as follows: (a) The payment of the prinat 6% per
cipal of the notes is to be extended to Mar. 11918. with interest
I. Employees.-The total number of employees runs from 3,023 to 3,736.
annum, payable semi-annually, upon the presentation of coupons to be
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
company to redeem the notes and the
the
of
The
(h)
privilege
annexed).
1913.
1912.
1913.1912.
privilege of the holders of the notes to convert them into paid-up shares of
$
Deductions (cont.)
$
(c) As a consideration for the exten200,482 the common stock to be continued.
13,417,406 14,026,634 Interest (see text). 733,627
Gross sales
a commission of 10%, payable in common stock, and a further comsion,
Deprec'n
reserve_
103,546
119,005
828,311
notes, due Mar. 1 1918 are to be
0th.ine.(see above) 945,618
6%
unsecured
mission
of
In
5%
payable
200,000
Res. for cont.losses 100,000
'upon any
may be declared due and payable
813,167 paid. (d) The extended notesunextended
Total income...14,363,024 14,854,945 Pref. divs. (7%)-- 850,500
notes. (e) So long as any of the
default in the payment of the
Deductoutstanding, the company will not declare or
remain
shall
extended
notes
Total deduct'ns.13,944,873 13,403,677
Cost mfg.,sellq,&c.11,552,253 11,606,183
pay any dividends upon either its prof. or common stock. (1) The notes
Repairs, msint.,&e. x212,935 x158,984
unsecured obligation with rights equal to other
305,856 Balance,surplus__ 418,151 1,451,268 remain, as heretofore, an has
Gen.exp.,Incl.taxes 392,012
also arranged with William Salomon & Co.,
creditors. The company
x Additional, it is understood, to amounts included in "cost of manufac- Hallgarten & Co. and James A. Patten to extend $1,900,000 indebtedness
turing, &c.," sufficient to maintain the efficiency of the plants.
held by them until Mar. 1 1918, by giving its unsecured coupon notes,
without the payment of any commission, and without the convertible clause
BALANCE-SHEET DEC:131.
that the extended 2-year notes contain.
1913.
1912.
1912.
1913.
The current liabilities Dec. 31 1913 amounted to $4,150,000, of which
Liabilities$
Assets$1.000,000 has been exchanged for four-year unsecured notes due March 1
Preferred stock__ _12,150,000 12,150,000 1918. This leaves the company in a very favorable position as to liabilities.
Real est., bides.,"
9,640,168 6,583,739 Common stock ___ 8,300,000 8,300.000
Pr plant, &e
Outlook.-The year 1914 will of necessity be quite largely one of liquidaPatents,des'ns,&c. 1,026,118 1,023,799 Real est. mtges___ 110,942
tion, and it will take the full year's operations to get the inventories reduced
12,925,500 6,367,500 to a normal basis and to work out other esesntial economies. The year
Bills payable
Inventories (includ.
Accts. payable,ftc. 1,519,134 1,714,089 1915 will be the first year in which the company can expect to operate upon
advances account
97,319
90,149 a normal and profitable basis.
11,166,483 9,187,719 Accrued taxes_ _ _ _
purchase)
212,625
Bills receivable_ _14,740,458 13,621,197 Dividend payable. 212,625
500,000 INCOME AND PROFIT AND LOSS ACCOUNT FOR FISCAL YEAR
345,907 canting. reserve_ 500,000
Acels receivable_ 369,213
465,401 Deprec'n reserve_ 674,335
553,52()
617,130
Cash
ENDING DEC. 311913.
Reserve for future
Prop.acouired and
collection exp.- 100,000
(about).$13,838,000 Deductions-Pref. dly.(1(%) $177,500
208,867
152,546
Gross sales
held for sale_
163,624
Common dly. (114%)
loss
and
_b1,856,975
Profit
2,114,585
250,043
3,564,929
Loss on year's operations_ _
Investment a--- 214,052
Disc'ts, adrs,&c.(see below) 2.092,200
$90,831
Total surplus Jan. 1 1913____
Exp. account 1913
379,411
prop'd Int., dm. 510,272
Total deficit Dec. 1 1913_35,407,423
$2,974,098
Debit balance
38,446,830 32,066,084
Total
38,446,830 32,066,084
,Total
Gross sales, as above, compare with $15,143,807 in 1912. Discount, ad de
Case
France, s. a., Justments, &c. ($2.092,200), include discount and deferred charges carried
a Investment in and amount due by Compagnie
Paris. b After adding surplus arising from acquisition of properties re- forward Dec. 31 1912, $988,407; proportion of reserves against collection
valuations, transfers, &c., less miscellaneous adjustments (net).$324.239, expenses on notes receivable, $735,731, and sundry adjustments charged
andideducting $1,000,000 special reserve against:Inventory.-V.98,p.841,765 off in readjustment of accounts, $368,061.
•
APR. 11 1914
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.
1912.
1913.
Assets$
$
Real est., bidgs.,
Common stock___10,908,300
:7,862,288 6,938,050 Preferred stock.- 9,750,000
&a
Pat'te, designs,&c. 1,681,949 1,656,036 Capital stock of
Investments
134,636
846,840
RumelyProd.Co. 25,000
Inventories
11,897,564 11,324,224 Gold notes
10,000,000
Prepaid int., &c_1 660,3481 282,397 Purch. money obl's 204,216
Disc. on secs.,&c.f
1 338,407 Notes payable_ _
3,142,082
Notes receiv., &c_y7,032,735 6,853,304 Acc'ts pay.and acMisc, prop. held
crued taxes_ _ _ _ 1,011,433
for sale
107,596
Reserve for loss on
Acc'ts receivable- 1,478,908 2,065,128
Notes receivable 1,500,000
277,585 1,213,626 Profit and loss
Cash
Deferred items_
650,000
5,407,423
Profit and loss
1912.
10,908,300
10,000,000
25,000
7,785,000
1,677,852
1,181,029
590,831
1153
system. b Stocks of cos.leased does not include securities held by the co.as
lessee. c Funded debt includes bonds of sub. cos. assumed or guaranteed
by the W.U.Tel. Co.,$7,000,000 less held in treasury,$3,143,000. d Deferred non-interest-bearing liabilities consist of proceeds of sales of securities
and other properties held under leases for terms expiring in 1981 and 2010
from cos. in which the W. U. Tel. Co. has for the most part a controlling
interest, payable only on the termination of the leases.-V.98, p. 1076.
Adams Express Co. New York.
(Results for Half-Year ending Dec. 31 1913.)
In connection with circular letter of Dec. 15 1913 (V. 98,
p. 741), Pres, W.M.Barrett as of April 3 1914 submits:
INCOME ACCOUNT FOR 6 MOS. END.DEC. 31 1913.
Operating income: Gross receipts from express operations
$18,468,645
Express privileges,$9,666,577,and op.exp..$8,707,937
18,374,514
36,541,031 32,168,011
Total
Total
36,541,031 32,168,011
Net
operating
revenue
$94,131
x Real estate, buildings, &c., at factories and branches ($7,862,288 in Net deficit from outside
operations, 314,572, and taxes ac1913), includes real estate, $1,555,031; buildings, $3265,793; machinery,
crued, $98,611
113,183
tools and equipment, $2,221,592; patterns, jigs and dies, $393,971; miscellaneous, $244,464, and outside real estate, $181,437.
Operating loss
$19,052
y After deducting $1,252,397 for commission certificates outstanding, Other income: Dividends declared
on stocks, $346,877; interest
including accrued interest, and $9,403 notes discounted.-V.98, p. 1075.
accrued on bonds, including interest on bonds
of Adams Express Bldg. Co., S521,311; Interest on other securities,
Eastman Kodak Co. (of N. J.), Rochester, N. Y.
and accounts, $58,318; miscellaneous, $152,180; total loans 1,078,686
(Report for Fiscal Year ending Dec. 31 1913.)
Gross corporate income
$1,059,634
Interest accrued on bonds, $393,497; other interest,
Secretary Walter S. Hubbell, Mar. 31, in report and sup- Deductions:
$42,308; other deductions, $30,672: total
466,477
plementary sheet, wrote in substance:
Dividends at $3 per share declared Aug. 31 and Nov, 30 1913
Results.-The balance sheet shows carried to surplus for the twelve months
on 100,840 shares outstanding
605,040
the amount of $4,981,874, after charging off liberal amounts for depreciation and contingencies and paying tout' quarterly dividends of 1%% each
Deficit for the half-year after charging dividends
$11,883
on its pref. stock, four quarterly dividends of 2%% each, and extra diviBALANCE SHEET DEC. 31 1913 (Compare V. 97, p. 150.)
dends amounting to 30% on its common stock.
Settlement.-Since the close of the year the infringement suit of the
(Incl. securities and property held by "trustees of Adams Express Co.")
Goodwin Film & Camera Co. has been settled by the payment of a substanLiabilities (347,959,467)
Assets ($47,959,467)tial sum of money, which has been charged againstreserves,so that neither Cash
$1,988,859 Accounts payable
the surplus account nor future profits will be affected (V. 98, p. 1002, 841). Due from agents and others 2,403,523 Outstanding cheques, &c-$4,225,885
648,997
Government Suit.-In Juno 1913 a proceeding in equity was instituted Sectir. of0th. cos., unpled.a7,766,982
by the Federal Government, under the Sherman Anti-Trust Law, against
this company. Suggestions had been made from time to time, covering a
Current assets
Current liabilities
$12,159,365
period of several months, by representatives of the Department of Justice Int., rents, &c., accrued_ $666,733 Taxes, int., &c., accrued-$4,874,882
$253,126
with respect to certain practices and methods that it deemed best to have Advances to subsid.
1,023,964 Deferred credits
61,601
changed. Relying upon the statements of the Government's representa- Securities pledged forcos__
Secured loans (collateral
tives that the adoption of such changes would meet the Government's Coll,for bonds, book loansb2,143,750
val.contra)
per
1,700,000
demands, the company complied, as it was anxious to remove all possibility
For bonds due June '47_11,524,782 Coll. tr. 4s, due 1947_ _ _ _x11,407,100
of criticism and avoid the expense and annoyance of any protracted litigaFor bonds due Mar.'48
Excess book val. of coll. z117,682
tion. Up to tho present, however, no final adjustment has been made of Co's 4% gold bonds at par 9,118,126
95,200 Coll. tr. 4s, due 1948_ _ _ _y8,387,500
the proceeding. The company is ready and anxious to do anything that Securities of sub. cos. and
Excess book val. of coll. y730,626
may be consistent with its duty to its employees,its stockholders,and the
others at book val., incl.
Capital issued, 120,000
general public, to meet the requirements of the Government,and it is hoped
Adams Exp. Bldg. Co_ 5,285,001
shares; held by co., 19,that an adjustment may yet be made to the satisfaction of all concerned.
Land and buildings, &c.,
160 shares; out., 100,840
owned
c5,942,545
shs. of declared par $100 10,084,000
COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT.
Contingent reserve
2,787,978
1913.
1912.
1911.
Surplus
1910.
7,554,971
Net profits after deprec_$14,162,436 $13,999,047 $11,649,263 $8,975,177
a Book value, $9,800,209, less reserve for shrinkage in market value
Divs. paid and accruedat Dec. 31 1913, $2,033,227; balance, $7,766,982.
b Book value, $%On pref.stock (6%).._
$369,942
$369,942
$369,942
8369,942 151,500; reserve for shrinkage in market value Dec. 31 1913, $7.750;
On coin. stock (40V). 7,810,620
7,807,958
7,804,905
7,806,390 bal., $2,143,750. c Land and buildings book value, $3,413,857; plant and
Reserve for contingen's_ 1,000,000
equipment book value, $3,704,722; total, $7,118.579, less reserves for
depreciation, $1,176,033; balance as above, $5,942,545.
Total
$9,180,562 $8,177,900 $8,174,847 $8,176,332
x Original issue, due June 11947, $24.000,000; less amount thereof held
Surplus
$4,981,874 85,821,147 83,474,416
$798,845 by trustee, Guaranty Trust Co.. $12,592,900: bal., $11,407,100. y Original
issue, due Mar. 1 1948, $12,000,000: less amount thereof held by trustee.
COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.) Bankers Trust Co.,
$3,612,500. z The company is obligated to make up
1912.
1913.
any deficiency on realization of the collateral deposited with the trustees
1913.
1912.
to secure its bonds.
AssetsLiabilities$
Plant, pat'ts, good
Common stock__ _19,532,800 19,522,800
Chartered accountants say: "The reserves for depreciation of leasehold
34,982,989 32,014,371 Preferred stock _ _ _ 6,165,700 6,165,700 buildings, plant and equipment are, in our judgment, calculated upon a
will, &c
Welfare fund assets 1,042,746 1,025,521 Accounts payable.. 1,568,706 1,511,010 sound basis and are sufficient for their purpose. Freehold land and build10,522,591 9,733,650 Pref. div. Jan. 1_
Supplies
92,485
92,485 ings are included at book value. The contingent reserve of $2,787,978
Accounts and bills
Com.div. Jan. 1_ _ 488,320
488,070 is, in our judgment, ample to'safeguard the company in respect of claims
receivable (net)- 3,443,386 3,317,703 Welfare fund res... 1,042,748 1,025,521 and losses undetermined at Dec. 31 1913."-V.
98, p. 525, 157.
Bonds and stocks.y1,399,414 1,385,914 Reserve for depr.,
Cash
8,278,161 5,634,064
renewals,capital
Union Oil Co. of California.
Interest, insurance,
Purposes, &c_ _ 8,499,942 6,937,853
&c., prepaid_
210,722
(Report for Fiscal Year ending Dec. 31 1913.)
139,652 Surplus
22,489,310 17,507,436
The report,signed by Pres. Lyman Stewart and Treasurer
Total
59,880,009 53,250,875
Total
59,830,009 53,250,875
John Garrigues at Los Angeles, Mar. 30, says in brief:
y Market value Dec. 311913, $1,503,188.-V. 98, p. 1002, 841.
General Profit and Loss Account.-Operating profits for the year 1913
Western Union Telegraph Co. New York.
amounted to $3,663,283 and gross sales to $20,230,620, showing an increase
in gross sales of $3,010,799, and a decrease in operating profits of
(Report for Fiscal Year ending Dec. 31 1913.)
$598,408. The decrease is accounted for by fire losses at Portland and
The remarks of President Vail will be cited another week. Oleum; to the lower basis at which actual inventories were taken; to the
charging direct to the various operating departments of items hitherto
During the year there were added to the land-line plant 623 miles of carried
in general expense; to the loss due to the winding up of the business
poles and (net) 18,458 miles of wire. The company now has 25,060 in- of
Union Well Supply Co.; and reduced selling prices on refined products.
dependent and joint offices. (V. 95. p. 983).
Our proportion of profits ofcontrolled companies in 1913 was $1,026,272,
RECEIPTS AND DISBURSEMENTS.
showing an increase of $190.408, due chiefly to the better earnings of the
Producers Transportation Co., the doubling of whose pipe line from JuncYear ending
Years ending June 30
tion to Avila permitted large increases in the amount of oil transported
Dec. 31 '13. 1912-13.
1911-12.
1910-11.
Revenues for year
$45,783,512 $46,385,993 $41,661,439 $35,478,793 without a corresponding increase in expense load.
Miscellaneous revenue shows a falling off of $117,194. Taxes increased
Oper. exp., incl. rent of
about $20,000; interest and discount about 840,000 over the same items
leased lines, recon1912. Less money was borrowed, but interest rates were higher: the
struct'n, repairs, &c_ 42,327,121 41,939,934 35,350,422 29,153,632 in
tax load IS increasing, but during the current year-1914-it is
intended
1,020,000
Taxes
713,414
900,000 to liquidate a number of owned
and controlled companies, and merge their
assets in the remaining companies, which will tend to reduce general exTotal
$42,327,121 $42,959,934 $36,063,836 $30,053,632 penses
and tax levies. Depreciation allowed in 1913 was $1,071.281.
Balance
$3,456,391 $3,426,059 $5,597,603 $5,425,161 This amount
was deducted from the year's earnings, and does not include
Income from invest., &c. 1,115,755
1,037,450
1,326,368
1,680,196 maintenance, which was charged direct to expense.
profits
Net
for
year amounted to $2,526,230 (after all deductions and
Net profits
$4,572,146 84,463,509 $6,923,971 87,105,357 allowances) beingthe
equivalent to 8.07% on the issued capital stock, as
DisbursementsFor interest on bonds_ _ $1,337,229 81,337,229 $1,670,417 81,733,390 contrasted with net profit for 1912 of $2,839,738, which was equivalent to
9.12% on the then issued capital stock. Dividends were paid during 1913
Reserves for repairs and
in amount $1,311,781, equivalent to 4.2% on the issued capital stock.
reconstr. of land lines_
1,250,000
The balance of net earnings was passed to surplus account.
Cash dividends,3% _ _
2,992,246
2,992,166
2,991,823
2,991,304
Competition has been much sharper during the year 1913, but its
Total disbursements_ $4,329,475 $4,329,395 $5,912,240 84,724,694 only effect appears to have been in the way of lower pricesfor refined goods.
Wells and Development, Drilling Tools, &c., $7,531,375.-Additions
$242,671
Balance,surplus
8134,114 $1,011,730 $2,380,663 to Oil
this account during 1913 amounted to $991,747, chiefly represented
BALANCE SHEET.
cost of new drilling. At Dec. 31 1913 34 new wells were in process by
of
Dec.31.13. June30'13.
Dec.31'13. June30'13. drilling and 4 old wells were in process of deepening, with 288 wells in
active production, contrasted on Dec. 31 1912 with 276 producing wells,
Assets$
$
28
in process of drilling and 2 old wells in process of being deepened. A
Telegraph lines di
Capital stock _ _ _ _99,786,759 99,786,759
number of valuable wells have been brought in since Jan. 1 1914 and
eouloment_a_ _131,834,592130,115,254 Sub. stocks not
others are nearing completion.
Real estate
7,770,228 6,661,811
owned (par)Depreciation.
Patents
-Ample depreciation reserves were set up during 1913
113,952
Perpetual leases 3,432,825 3,434,825
108,944
out of earnings to cover current impairment and exhaustion on these
Amount recoverStock ownership 446,150
446,250 items, and
in addition the sum of $1,431.619 has been written off as of
able at expiraFunded debt (see
Dec. 31 1912, to cover depreciation due to the abandonment of 69 wells
tion of lease....1,180,000 1,180,000 "Ry.dand."sec.)c32,602,000
the period from 1902 to date, and as further depreciation allowance
Stk.of cos.leas'd b 5,885,917 5,895,209 Accounts payable_ 3,403,285 32,602,000
2,985,973 for
on drilling tools, &c. The account now stands on the books at an average
Stock of companies
Accrued taxes_ _ _ 477,281
300,817
cost of less than $30,000 for each producing well.
not leased
4,880,094 4,874,769 Int.& gu.divs.acer. 231,798
294,091
Production.-Net oil production for the year 1913 on the properties of
Sinking fund
141,797
106,222 Unpaid Mits. (Incl.
the Union Oil Co. of California and owned companies was 4,838.333 barrels
Misc. investments 348,682
365,261
July 15)
783,158
782,351 -an increase
over 1912 of 361.307 barrels. The cost of production dePurch. money notes
Def. non-int.-bearand obligations_ 6,000,000 7,000,000 ing liabilities_d_12,881,243 12,889,183 creased in 1913 one-half cent per barrel under 1912.
Pipe Lines and Storage System.-Additions to this account amounted to
Material and supp. 1,960,174 2,570,671 Res. for cables
1,678,926 1,712,168 $169.179.
Since Jan. 1 1914 additional steel tankage has been ordered
Bills & accts. rec.
Res. for reconst.
(less reserve)... 6,657,849 7,047,740 of land lines_ _ 2,168,084 2,188,898 and is being installed for storage capacity of about 1,250.000 barrels.
Cash on special
Employ. ben. fund 1,000,000 1,028,530 The items in this account do not include the Producers Transportation
Co. and other "Companies Controlled but not Owned" are discussed under
3,000,000
deposits
Other reserves_
312,262 the caption
of "Investments in Controlled Companies."
Treasury balance_ 2,278,948 2,368,743 Surplus reserve... 3,451,922
Steamships and Tank Cars.-Additions to this account amounted to
Surplus
0,705,792 9,532,626 $562.673,
chiefly for the purchase and conversion of the steel barge "Simla"
and schooner "E. M. Phelps" into oil carriers with capacity, respectively.
172,047,223168,297,632
Total
Total
172,047,223168,297,032 of
22,000 and 29.500 barrels. Since Jan. 1 1914 a contract has been let
a Telegraph lines and equipment include properties controlled by stock for
the construction of a modern steel tanker with carrying capacity of
ownership or held under perpetual leases and merged in the Western Union
approximately 66,000 barrels. This vessel will be completed early in 1915
THE CHRONICLE
1154
[VOL. xcvm.
Refineries and Compressor Plant, $2,460,516.-Additions and better- electrical h. p.-which will be the final installation in this station and make
ments amounted to $484,501, including a plant at Orcutt for the manu- the ultimate station capacity over 200,000 electrical h. p. The Philadelphia
facture of high gravity gasoline from gas, the first unit of which was com- Company also purchased for 3400,000 the "Neafie& Levy" wharf property.
pleted in December. A second unit will be installed this year. Extensive with frohtage on Delaware River of about 450 ft. and 453 ft. on Beach St.,
additions are needed at the several refining plants, and a new refinery at containing about 854 acres,as the site of the next generating station in Phila.
Contract with Penn. RR. Co.-A 5-year contract has been made to supply
or near San Pedro to handle the increasing Southern business.
The refining business for 1913 shows large increases In volume of manu- the Pennsylvania RR. Co. with all the electric power for its use between
factured products, but prices ruled lower, particularly in gasoline and Philadelphia and Paoli and for such additional power as from time to time
asphaltum, which, with the fire in a portion of the plant, involving the may be necessary for their electrical requirements, with a minimum guarantee of 3,750 k.w.[V.98, p. 76.] Contracts of this character demonstrate the
loss of over $40,000, materially reduced the profit of that department.
Marketing Stations.-Additions and new stations cost $602,982. The growing tendency to the use of one central source of supply.
established stations of the company throughout the Pacific Coast and
RESULTS FOR CALENDAR YEARS.
abroad are doing a flourishing business. More stations are needed.
1912.
1913.
1911.
1910.
Investments in Controlled Companies, $12,528.159.-This item represents No.ofconsumers Dec.31
45,127
52,085
38.651
31,783
concompanies
of
bonds
the sum of investments, in the stocks and
load
Connected
Dec.
31
trolled, but not wholly owned, plus current advances made to them.
2,839,884
2,479,903
(50-watt equivalent)_ 3,127,456
2,178,467
The principal companies controlled are the Producers Transportation Co, Gross
all cos_.-_ $7,815,615 $7,051,497 $6,494,757 $5,946,026
the Union Tool Co., the Outer Harbor Dock & Wharf Co., the Newlove Oper. income,
exp., taxes, fixed
011 Co.and the Lake View Oil Co.
charges and deprec'n_ $5,887,372 $5,385,308 $5,086,025 $4,729,647
Current Assets.-For the inventory a basic price of 3234c. per barrel for
crude oil was adopted, or 2%c. less than on Dec. 311912, although selling Div.(on amt.paid in)*(6 Yi )1,180,815 (6)974,669 (6)899.724 (6)877,237
prices on crude oil average about 23c. higher than in 1912. Present net
Total deductions
$7,068,187 $6,359,977 $5,985,749 $5,606,884
prices at the well average from 36%c. to 45c. for fuel oil. Bills receivable
$509,007
$339,142
$691,520
$747,428
and accounts receivable have been gone over and a deduction made of Surplus
$85,000 to cover possible doubtful accounts.
1913, calling
Liabilities.-The total debt of all kinds, direct and indirect, secured and for* Also extra stock dividend of $1 50 per share paid Dec. 1
$1,499,265.
unsecured, is less than 30% of the tangible assets at book values. The
The figures for 1913, 1912 and 1911 include the Delaware County Elec.
earnings of the company available for interest are nearly seven times the
Co.,
those for 1911 having been changed to afford proper comparison.
authornotes,
serial
gold
the
of
remainder
the
interest. Since Jan. 1 1914,
ized as of May 1 1913, have been sold. The amount, $1.694,000, will be
BALANCE SHEET DEC. 31.
used partly to meet sinking fund requirements of 1914 not otherwise
1012.
1913.
1912.
1913.
provided for, partly in reduction of current indebtedness and partly in
Liabilities-$
Assets$
$
needed facilities already indicated. [V. 95, p. 549; V. 96, p. 1368; V. 97.
Subs, to cap.stock 2,498,175 7,494,525 Capital stock (amt.
p.449; V. 98, p. 1005.1
called Dec. 31)_22,488,975 17,491,425
1,254
19,100
General Reserve Account, $10,000,000.-This account represents income Installments
484,907 Amount subject to
1,721,836
re-invested through a period of years in addition to property and in the Cash
assessment
2,498,775 7,496,325
15,631
15,631
acquisition of stocks of subordinate companies. It having become evident Charter & organ
that many stockholders misunderstood the nature of thesurplus account. Stocks misc. cos_a36,890,095 19,726,838 Land Title & Trust
Co. (trustee)_ _ _15,014,142 15,014,142
supposing it to represent funds available at any time for dividends, it has Advanced sub. cos.
for construction
12,810,507 Accounts payable- 818,454 1,135.478
been thought wise to relist such investments as a reserve.
Surplus, $1,076,472.-After making the changes indicated above this Phila.Elec gold 48_ 1,396,565 1,396,565 Notes payable_ ___ 450,000
369,373
742,292 Accrued items_ _ _ _ 347,275
item now represents available accumulated profits and it is intended here- Accts. receivable_ 776,291
647,354 Accts.pay.own cos. 1,495,364
815,775
after, as yearly profits are ascertained, to apportion to surplus account Supplies
1,818,914
_b1,067,077
loss_
capital
purposes.
for
5,381
46,191
paym'ts
and
invested
Advanced
Profit
only so much of earnings as have not been
403
403
Outlook.-Until proper financing has been achieved, either by the sale Miscellaneous __ _ _
of treasury stock, or by a bond issue of more satisfactory character than
44,180,062 43,325,656
Total
44,180,062 43,325,656
Total
has hitherto been possible, it is inevitable that the larger portion of the
earnings for several years to come will be required for sinking fund proa Securities in treasury include, among others: Stocks (No. shares)visions and increased facilities to care for the steadily and rapidly growing The Phila. Elec. Co.,$169,985;Phila. Elec. Co.,240;Penn. Mfg.,Lt.& Pow.
business. Term maturities, interest and sinking fund provisions for 1913 Co.,979.89; Beacon Light Co., 12,387.5; The Kensington Elec. Co., 6,264;
were equal to 7% on $60,000,000-the same necessities in 1914 will require The Penn. Elec. Light Co., 222,563; Electrical Testing Laboratories, 3,090;
$2.800,000-equivalent to 7% on $40,000,000.
Delaware Co. Elec. Co., common, 7,500, and pref., 2,495,594, and Phila[The General Petroleum Co. of Cal., now controlled by General Petro- delphia Electric 4s, $2,015,000.
leum, Ltd., of London, holds an option on a majority of the stock of the
b After deducting $1,499,265 special div. declared Oct. 28 1913.
account
Union 01100. Under this option about 3900.000 has been paid on
The following items appear on the books of the subsidiary companies.
of the purchase price, but in view of the considerable sums required for
Assets-Miscellaneous stocks of companies owned by subsidiary coatthe development and extension of facilities by the Union Oil Co., nego- panics deposited and used as basis of issue of gold certs. 5s, $13,262,360;
tiations have been in progress and are still in process respecting a change
Liabilities-Edison Electric Light Co. gold trust certificate 5s, $1,994In the terms of purchase. See V. 95, p. 1407. 1478; V. 97, p. 1668. 1827; 300; Phila. Elec. gold trust cert. 5s.$11,268,060.-V. 98, p. 76.
V.98. p. 160. 392.
DEC. 31.
INCOME ACCOUNT YEARS
1912.
1913.
1912.
1913.
$
$
Deduans (con.)
20,230,620 17,219,821
Gross sales
3,663,283 4,261,692 Interest on bonds- 423,243
Gross profits
RAILROADS, INCLUDING ELECTRIC ROADS.
607,558
231,576 Int. on coll. trust
Royalties & misc. 113,982
130,858
notes, &c
Propor'n earnings
Alton
Jacksonville & Peoria (Elec.) RR.-Sale Ordered.
64,041
94,641
835,864 Prop. of disc., &e.
controlled cos.... 1,026,272
The Circuit Court of Madison County, Ill., on April 4 ordered the for&
Divs. paid_(4.2%)1,311,781(7.2)2232892 closure sale of the property as requested by some forty of the bondholders.
Total vents__ 4,803,537 5,329,132
-V.98, p. 761.
Deduct507,108
Ann Arbor RR.-Application.-The company on Apr. 7
General expenses_ 321,651
4,722,285
3,589,087
deductions
Total
215,804
235,632
Taxes
to the Ohio RR. Commission for authority to issue
applied
606,847
Balance,surplus 1,214,450
1,071,281 1,004,882
Depreciation
$1,000,000 two-year collateral 6% notes (to be secured by
BALANCE SHEET DEC. 31.
$1,500,000 improvement and extension bonds) to retire the
1912.
1912.
1913.
1913.
notes due May 1 and for other purposes.-V.98, p. 303.
Liabilities$
$
AssetsCapital stock____31,292,800 31,147,000
Oil lands, rights
Arkansas Southeastern Ry.-Default.-The Security
to
Subscription
22,833,75642,519,333
and leases
158,701 Trust Co. of Detroit on April 6 applied to the U. S. Dist.
21,526
Un. Oil stock__
a 011 wells, gas dr
Capital stock not
Court at St. Louis for the appointment of a receiver for the
water lines, &c.21,019,868
330
300
held by U.O.Co.
592,708 2,483,455
Investments
8,409,000 8,946,000 assets of the company in Missouri.
Inv. in contr. cos_12,528,159 9,991,230 Bonded debt
2,306,000 2,000,000
The interest due on $500,000 bonds is in default and creditors have taken
4,932,332 4,988,376 Notes
Inventories
possession of the private car Olga. The road Is 31 miles in length,extending
Bills & accts. rec. 2,623,156 2,510,665 Purchase money,
&c., obligations 1,204,164
from Randolph to Farmerville, La. For year ending June 30 1912 gross
Taxes,Ins. dr prep. 131,037
earnings were $39,396.
735,357 1,499,886 Contr. or affil. cos. 758,540
Cash
848,059 Bills & accts. pay_ 4,117,570 4,979,919
Bond disc. dr exp.
Atlantic Coast Line RR.-Exchangefor New Bonds.-The
123,451
176.682 United Petrol. Co.
38,660
Miscellaneous
97,814 new bonds will bear such rates of interest as shall be fixed
104,806
Accrued Interest
b16,143,855 7,526,003
Reserves
Profit and loss _*1,076,473 10,038.469 by the board at time of issuance, except that a sufficient
ENDING
Total
65,435,034 65,017,687
Total
GENERAL INVESTMENT NEWS.
65,435,034 65,017,687
amount known as "series A" will bear 432% interest and be
issuable only to take up bonds issued under the old unified
mortgage (of which at present $9,667,000 is in hands of
public, but see V. 98, p. 761) and $501,250 entitled "series
B"will be issued bearing4% only in exchange as below shown.
a011 wells, gas and waterlines. &c.,in 1913 include oil wells and development, drilling tools, gas and water lines, &c. $7,531,375; pipe lines and
storage system,$4,224.438: steamships and tank cars, $2,898,917; refilleriesand compressor plant, $2.469,516; marketing stations and other
properties. $521,174. * Profit and loss ($1,076,473 in 1913) was Digest of Offer Made April 1 to Holders of Ms.of Indebt. of Att. Coast L. RR.
after deducting $1,431,619 oil wells. &c., written off as of Dec. 31 1912;
The General Unified Mortgage 50-year gold bonds are for an amount
/11.045.265 1st lien bond issue and collateral trust note issue discount and not exceeding $200,000,000, to provide for existing indebtedness and for
expense written off Dec. 31 1913; $250,000 appropriated to insurance re- Improving and extending the railways and for other lawful purposes, and
serve and $7,449,562 appropriated to bring general reserve to $10,000,000. will be secured by a mortgage upon the railways, real estate and tangible
b Reserves, ($16.143,855 in 1913) include general reserve account, $10,- or physical property of every kind now owned, and all property hereafter
000,000; insurance reserve account, $250,000; reserve for depreciation and acquired with the proceeds of any bonds of said issue. }lends to be dated
exhaustion. $5,893.855.
June 1 1914, due June 1 1964, interest J. & D. Par c* $1,000, r $1,000,
Note.-The company also guarantees, $1,924,000 Producers Transporta- or multiples thereof.
tion Co. bonds.-V.98, p. 1005, 392.
Of these bonds "series B," bearing 4% interest from June 1 1914, are
offered to the holders of the ($252,900) 4% certificates of indebtedness in
exchange for their certificates, par for par (with proper adjustment of
interest), on or before July 1 1914, at Safe Deposit & Tr. Co., Baltimore.
Philadelphia (Pa.) Electric Co.
Offer to Holders of the ($198.500) 5% Preferred Stock.
(Fourteenth Annual Report-Year ended Dec. 31 1913.)
The holders of the ($198,500) 5% pref. stock still have the right to consame
into 4% certificates of indebtedness on the basis of $125 of
the
vert
substance:
in
8
wrote
April
McCall
B.
Pres. Joseph
certificates for each $100 of pref. stock,and by forthwith effecting such conReaults.-The gross earnings were $7,815,615, contrasting with $7,051,- version at the Safe Dep. & Trust Co. of Bait. will secure the privilege given
taxes,
497 in 1912,and the net income, after deducting operating expenses,
to the holders of the 4% certificates of indebtedness to exchange the latter
fixed charges and depreciation, was $1,928,243, as against $1,666,189. for General Unified Mortgage bonds on or before July 1 1914. See ahoy
The cash dividends amounted to $1,180,815 [6%% on amount paid in], and V. 98. p. 761, 1070.
comparing with $974,669 (6%) in 1912, leaving as the surplus for the year
Baltimore & Ohio RR.-New Director.-W. Averill
$747,428, as comparing with $691,520 in 1912. From the previous surplus,
$1,818,914. there was paid a stock dividend Dec. 1 1913 of$1,499,265(31.50 Harriman has been elected a director to succeed R.S. Lovett,
on each $25 share, then $17 50 paid up. V. 97, p. 1289.-Ed.), leaving a
balance of $319,649,which,added to the surplus for 1913($747,428) makes Chairman of the Union Pacific RR., who resigned.
Mr. Harriman, who is a son of the late E. II. Harriman, and a director
the total surplus Dec. 311913, $1,067,077.
The increase of $206,146 in the amount required to pay dividends was of the Union Pacific, will represent the Harriman estate's investment rather
due to placing the stock upon a 7V° basis on June 14 1913 (i.e., 7% on the than the Union Pacific. A representative of the Balto.& Ohio is quoted:
"To satisfy popular curiosity as to how this change in the B. & 0. diamount paid in on each share, now $22 50,as increased by the $5 assessment
rectorate leaves the situation between the B. & 0. and the Union Pacific
in Dec. 1913. The par is $25. See V.96, p. 1428; V.97, p. 1289.)
the two
Business Dec. 31 1913-Number of consumers Dec. 31 1913, 52,085, it may be stated that It effects complete official separation between
Increase 6,958: total commercial connected load 3,127,456 standard 50-watt corporations, leaving both to act in entire freedom and official independence.
trunk lines,
lamps, in addition to the current supplied to street railway companies for This places the B.& 0. on the basis of other large independent
of the late John
35,467 elec. h.p.; total increase in connected load of 627,572-50 watt lamps. restoring it to its former position when under the presidency
the trunk-line situaRates.-A reduction of $65,120 56 was made in the contract with the W. Garrett, who was one of the dominant factors in
preferred stockholders
city for street lighting for 1914, making the average rate $84 35 per light tion. The recent decision in the case of the U. P.actual
B. & 0. shares
would seem to indicate the early distribution of the
per year, without considering the free current supplied to the City.
Construction.-There was added to the construction account in 1913 to the common stockholders of the U.P. road, which will place the B. & 0.
33.382,064, viz.: aerial, $458,246; underground, $414,174; electrical, $965,- stock in the hands of 18,000 to 20,000 additional owners."-V.98, p. 154.
716; meters, arc lamps and transformers, $208,719; boilers, engines and
Bituminous Coal Roads.-Wage Negotiations, &c.steam apparatus, $473,230; real estate and buildings, $383,107; miscelDelegates representing 21,000 Southern Indiana coal miners in convenlaneous, $478,871.
at Terre Haute, Ind., on Apr. 6, voted in favor of remaining at work
tion
Christian
its
extend
will
Company
Philadlephia
your
year
this
During
for a new wage scale, which was
St. station and install two additional units-one of 40,000 and one of 46,000 pending negotiations with mine operators
APR. 11 1914.]
THE CHRONICLE
to be submitted to the operators on April 9. The motion to compel shutdown to enforce their demands was tabled by a vote of 82 to 32. Aa referendum vote of the miners on the action of the delegates is to be taken on
April 14. If the conclusions of the delegates are upheld, hopes are entertamed that the other differences between the operators and the miners in
the bituminous field will be amicably adjusted, except possibly in Ohio.
The minors' leaders claim that the shutdown was undertaken in Ohio
by the operators to force the miners to consent to suspend
operation of
the Ohio mine-screen law, which goes into effect May 20,the
its constitutionality can be tested in the courts, hoping to induce theuntil
to join
with them in requesting the State Attorney-General in theminers
meantime to
withhold prosecutions of the law. This the miners, it is stated,
no inhave
tention of doing, but will persist in seeking a wage scale agreement on
the
mine-run basis, as provided in the now law, and if the
refuse to
make a satisfactory agreement and continue to maintainoperators
their lockout, the
miners ipropose to order a strike, and the shoe will be
the other foot.
The policy committee of the mine workers recommends on
a wage agreement
under the mine-run basis equivalent to that on the screen basis, and declare that the operators have nothing to lose by the change.
The returns from the referendum vote which will be taken in the bituminous fields throughout the country will not be counted until April 21. The
negotiations now going on in Indiana, Illinois and Pennsylvania for the adjustment of local differences are tentative ones, it is said, subject to the
expected ratification of the referendum. The leaders disapprove of the
action of the miners in Washington County, Pa., ceasing work pending settlement of differences.
The proposed suspension of mining in the soft-coal fields of Central Pennsylvania, pending efforts to settle the differences between the operators
and the miners, was voted down on April 8 by one vote at the executive committee of the operators at Philadelphia. At a meeting of the operators'
association yesterday, 32 of the 34 operators present decided as individuals
(not as members of the association) to close the mines after the end of the
work to-day until the miners' union comes to terms on a wage scale. A press
dispatch says that practically all of the soft coal mines in Central Pennsylvania will be closed by this action, throwing about 64,000 men out of work.
President Van Bittner of the Pittsburgh District, United Mine Workers,on
April 3 stated that a concerted effort was being made by outside coal interests from the Pittsburgh district to prevent a return to work of the union
miners of the field, which has resulted in some of them staying away17,000 of the 45,000 miners in the Pittsburgh district being idle.—V. 98,
p. 1070.
• Boston & Maine RR.—Decision.—The U. S. Supreme
Court on April 6 held valid the general practice of railroads
of limiting their liability for the loss of baggage to $100 unless a higher value is arranged for in advance, even though a
passenger had no personal knowledge of the limitations.
The baggage was destroyed by fire at the Lake Sunapee station, N. H.in 1908 through the negligence, it was alleged,of the company. The Massa,
chusetts courts allowed a judgment of $2,133, the full value. Justice
wrote the opinion. Justice Pitney dissented, saying: "This decision Day
very much from anything of the kind ever decided by this Court or anyvaries
other
Court."—V. 98, p. 999, 1070.
Brinson Railway.—New Name, &c.—
•
See Savannah & Northwestern RR. below.—V. 97, p. 594.
British Columbia Electric Ry. Ltd.—Listed.—
The London Stock Exchange has listed a further
each of deferred ordinary stock, preferred ordinary stock and£240,000
5% cum. perpetual
pref. stock, making £1,440,000 of each class outstanding. See also Vancouver Power Co. under "Industrials" below, and V.98, p. 385.
Buffalo Rochester & Pittsburgh Ry.—Bonds All Sold.—
The syndicate composed of Colgate Parker & Co., White,Weld & Co. and
Robert Winthrop & Co., which offered the $1,400,000 454% consols, report the sale of the entire amount. See V. 98, p. 1070, 999,
1155
Central Railway of Canada.—Proposed Bond Sale.—A
press despatch from London on April 6 stated that an issue
of £1,225,000 5% bonds is impending.
The total amount of the issue is stated as £2,600,000,
£1,225,000 is offered in London at 90. The sum of £400,000,ofitwhich
is said, has
been applied for. The prospectus contains a letter from the
President.
Senator Owens of Montreal. See V. 98, p. 72.
Chester (Pa.) Traction Co.—Extension of Bonds.—
See Southern Pennsylvania Traction Co. below.—V. 98, p. 1070.
Chicago & Milwaukee Electric RR.—Earnings.—
Calendar
Total
Year—
Revenues.
1913
$965,619
1912
982,588
—V. 98. p. 762.
Net (after
Taxes).
$302,700
323,960
Other
Intel est
Income. by Receiver.
$7,395
$64,430
5,376
67,501
Balance,
Surplus.
$245,665
261,825
Chicago Railways.—Bonds Offered.—Harris, Forbes &
Co. and the National City Bank, N. Y.; N. W. Harris &
Co., Inc., Boston, and Harris Trust & Say. Bank, Chicago,
are offering, at 983/i and int., $3,000,000 1st M.5% gold bds.
of 1907 due Feb. 1 1927, but red. at par on any int.date.
Abstract of Letter from Chairman Henry A. Blair. Chicago,
April 4.
Capitalization in Hands of Public (Including These $3,000,000
Bonds)
First mortgage bonds
352,955.000
Junior bonds in hands of public
41,754,465
Capital stock ($100.000), basis for 4 series of (no par
value)__Partic. certfs
Statement of Operations for Years ending January 31.
1913.
1914.
Gross earnings
$18,076,777 $19,674,716
Net earnings (after taxes)
6,348,275
7,302,912
Annual interest charge on $52,955,000 1st 5s,incl. present
issue
2,647,750
Balance
$4,655,162
The actual interest accrued in 1913 on 1st M.5s was
$2,478,944, leaving
a balance of $4,823,967.
Comparative Gross Receipts for Years ended January 31.
1909.
1910.
1911.
1912.
1913.
1914.
$11,037,071 $12,442,882 $14,064,709 $17,156,496 $18,076,777
The earnings of the lines of the Chicago Railways Co. have 319,674,716
shown a remarkable growth as a result of rehabilitation, new equipment and
the addition to the system of 182 miles of track, the gross receipts having increased
more than $8.600,000 within five years. The entire property now comprises 489.17 miles of track, equipped with the finest of rolling stock.
Since 1907 81% of the present mileage has been either rehabilitated or newly
constructed. The valuation of the property as fixed by the city will be not
less than $83,734,875, when the proceeds of the present issue of bonds have
been expended. Operates 1,696 double-truck "pay-enter" cars.
Unification Ordinance.—Under the title of Chicago Surface Lines, the
properties of the Chicago Railways Co. and the Chicago City Ry. Co. are
now being operated as a single system under the control of a joint board of
operation in accordance with an agreement between the two companies and
the unification ordinance which became effective Feb. 1 1914. While the
ownership remains separate and distinct, the combined earnings are to be
divided as follows: For the two years ending Jan. 31 1916, the Chicago
Railways Co. will receive 59% of the income remaining after the payment
of all operating expenses, including taxes and maintenance; and from Feb. 1
1916 to 1927.60% of the so-called "residue receipts." The provisions of the
franchise ordinances, dated 1907, which make the city of Chicago a partner
in these enterprises, remains in force. This unification,it is expected,will
effect (a) a material saving in operating expenses; (b) elimination of duplcate service and dead mileage; (c) relief from congestion in down-town
district; (d) further improvement in service, increasing patronage and
earnings.
Canadian Northern Western Ry.—Listed.—The London Stock Exchange recently listed scrip for £1,320,000 4
Settlement.—The company, it is reported, recently ar(Alberta)guaranteed 1st M.debenture stock due 1942. There ranged a settlement of the suit brought
by the Yerkes estate
Is also an issue of $4,000,000 45 due 1941.—V. 98, p.610,838. on the guaranty of the bonds of the Chicago
Consolidated
Canadian Pacific Ry.—Western Freight Rates Ordered Re- Traction Co. by the Union Traction Co.
duced.—The Board of Railway Commissioners of Canada on
This is said to clear the company of all imoprtant litigation. Securities
amounting to $600,000 were, it is said, deposited with the Harris Trust &
April 7, after an investigation begun two years ago, ordered Savings
Bank by the company to take care of the suit.—V.98, p.911,386.
substantial reductions in freight rates on roads in Western
Chicago Rapid Transit Subways.—Voted Down.—
Canada, effective Sept. 1.
See "State & City Department" on a following
Railway officials, it is reported, estimate that the reduction will mean a
decrease in earnings of the Canadian Pacific of about $1.000,000
a year
and of the Canadian Northern and Grand Trunk at the outset
as $200,000
and $300.000, respectively.
The decision divides the territory west of the Lakes into three sections—
the prairie section to the mountains, the Pacific and the British Columbia
lakes sections including the inland navigable waters in that province.
A
standard maximum scale of rates is fixed for each section. The reductions,
it is stated, range from 5 to 30%.
West,
scale
in the
now known as the Manitoba standard,
The lowest
baen amplified to show rates up to 2,100 miles and will apply through has
the
entire prairie section and on the British Columbia lakes, abolishing
the
higher scale now charged in Saskatchewan and Alberta. What
be
known as the Pacific scale is on a somewhat higher basis, and will will
govern
in Pacific territory. These changes result in substantial reductions from
the present standard maximum scales in Saskatchewan, Alberta and
British Columbia.
The westbound rates on flour and other grain products are reduced on
complaint of the United Farmers of Alberta and the application of the
Winnipeg Board of Trade. Other reductions are made on sugar, butter,
cheese and eggs, fruit, vegetables, cement and lumber. Live-stock rates
are not disturbed. Passenger rates in British Columbia are found to be
unremunerative and are not disturbed.
Sir Thomas Shaughnessy says: "I have no hesitation in saying that the
judgment goes beyond anything warranted by the facts as presented.
The evidence proves conclusively, as the Board of Commissioners found
that there was no discrimination as charged in the complaint and the
reasonableness of existing rates in existing circumstances was not seriously
disturbed by the attacks of the complainants. Apparently the
Board,
actuated no doubt by what they consider to be the ultimate best interests
of the country, have put into effect reductions in rates iv hich, while they
might have a
of justification some years hence, are such as,
viewed in the light of present commercial and transportation conditions,
cannot but be regarded as unnecessarily and unjustifiably drastic
in character. The Canadian Pacific can stand it, and this seems to be about
the
only excuse that can be urged in support of the Commission's findings.
How other companies, still in the process of construction, and which have
not been able to build up supporting traffic, and are faced with the necessity
of heavy borrowing for the next few years at least, regard the decision, is
for them to say."—V. 98, p. 911.
Carolina Atlantic & Western Ry.—Merger.—The company has been authorized by the General Assembly of South
Carolina to take over the following companies controlled by
the Seaboard Air Line Ry., viz.:
North & South Carolina By.(V.97,p.1583); Charleston & Northern Ry.
South Carolina Western By.(V.95, p.1680). and South Carolina
Western
Extension Ry. Authorized stock, $2,525,000.
The 4 roads were constructed by W. R. Bonsai of Hamlet, N. C.,
is
President of each. The new company will operate 245 miles. The who
North
& South Carolina By. extends from Hamlet to Georgetown Jct., S. C. 79
miles; South Carolina Western By.from McBee to Florence, S. C.,38 miles,
with a branch from Hartsville to Sumter, S. C., 39 miles; South
Western Extension Ry., from Florence to Poston, S. C., 32 miles,Carolina
and the
Charleston Northern RR. is under construction from Andrews to Charleston, S. C.. 57 miles.
Central of Georgia RR.—New President.—W. A. Winburn, formerly a Vice-Pros., has been elected President to
succeed Charles H. Markham, who is President of Ill. Cent.
The chane.n is ,ade in order to have a man at the head who will be more
In touch with local sentiment.—V. 98. p. 452, 155,
V. 97, P. 1732, 1425: V. 98, p. 155.
Page and compare
Chippewa Valley (Wis.) Railway, Light & Power Co.
—Common Dividend Not Reduced.—The dividends declared
and paid this year on both common and preferred stock are,
we are informed, the same as for 1913, viz., 2% quar. on
common and 13
/i% quar. on preferred.
The statement to the contrary in the "Chronicle" of March 28 was due
to a slip by our informant, who furnished particulars for the common stock
intended to refer to the preferred. Both gross and net earnings, it is
stated, show a substantial increase this year over last.—V.98. p. 999.
Danville Champaign & Decatur Ry. & Light Co.—
Offering of Bonds of Subsidiary of Illinois Traction Co.—
Merrill, Oldham & Co. are offering at 94 and int. an additional block of "Consolidated and Refunding Collateral
Trust" 5% gold bonds of this holding company, a subsidiary
of the Illinois Traction Co. (see map, &c., page 26 of "El.
Ry." Section. A:circular shows:
Bonded Debt. $4,975.000 (Capital Stock is $3.688,000)•
Collateral trust 5s (this issue)
$2,407,000
Underlying bonds (mortgages closed)
2.568,000
Earnings of Constituent Cos. for Calendar Years.
1913.
1912.
Gross earnings
31.746.480 $1,629,892
Net earnings (after taxes)
$789,314
$732,220
Interest on bonded debt (as above shown in 1913)_.. 248,750
235,450
Balance for sinking fund, deprec. & dividends__ $540,564
$496,770
P Earns.(cal.yrs.) 1909.
1910.
1911.
1912. •
1913.
Gross earnings_ _31,201,440 31.365,348 $1,471,783 $1.629,892 $1.746,480
Net earnings_ _
3552.599 $577.488 3684.281 $732,220 $789,314
See also V.96, P.11422, 1488.11WINI
px Delaware
Lackawanna &AWestern RR.—Favo=t
Decision in Government Suit.—The U. S. District Court at
Trenton, N.J., on Tuesday dismissed the suit brought by the
Government in Feb. 1913 against the company and the Delaware Lackawanna & Western Coal Co. for alleged violation
of the commodities-clause of the Inter-State Commerce Act
and the Sherman Anti-Trust Law (V. 96, p. 486). The opinion was written by Judge McPherson and concurred in by
Judges Gray and Buffington.%The Government will appeal.
i""Tre dismissal of the bill is without prejudice to future nroceechewb -behalf of the Government, should changed conditions cuscaxse tuat
affairs of the two corporations have become unlawfully identified so asthe
to
violate the commodities clause of the Inter-State Commerce Act.
The Court says in the opinion, referring to the charge of alleged violation
of the Sherman Anti-Trust Law, that there was a formal charge against
both defendants under the Anti-Trust Act, but that the oral argument
left the Court under the impression that these charges were not much
insisted on by the Government, and that the Court's understanding was
that what was particularly desired was a decision on the violation of the
commodity clause, and for that it was deemed needless to discuss the
1156
THE CHRONICLE
evidence bearing upon the charge of restraining or monopolizing commerce.
The Court says: "If we are mistaken in this supposition, the error can
easily be corrected."
Frederic R. Coudert, special U. S. attorney in the suits against the
anthracite coal roads, is quoted: "I am not surprised at the decision in the
Lackawanna case. In that case the decision rested on whether the Hepburn
commodities clause had been violated. The question of a violation of the
Sherman Law was not involved."
The Court, after pointing out at some length the conditions confronting
the Lackawanna Co. when it was held that railroads could not act.as
carriers of their own coal, summarized the Court's findings as follows
Findings of the Court and Extracts from the .Opinion.
In our opinion the evidence showed that the Lackawanna RR. intended
the law as the Supreme Court had authoritatively announced it,
obey
to
tin the decision handed down in May 1909 sustaining the constitutionality
of the commodities-clause-See editorial, V. 88, p. 1171.-Editor.]
and we may say at once that an examination of the record affords no ground
to doubt the good faith of all concerned in the transaction.
No trick or sham or evasion was contemplated or attempted, but a
genuine effort was apparently made to comply with the statute and to carry
out openly and publicly what the Court had declared to be necessary.
The situation was not welcome, but the railroad clearly understood it and
accepted it frankly. As a business proposition it was evidently indispensable to find a single purchaser who should be able,financially and in other
respects, to handle several million tons of coal a year. It was obviously
impracticable to dispose of such a quantity by sales in small lots to small
dealers, or for small dealers to distribute afterward to numerous consumers
scattered over so wide an area.
So large a quantity needed in so many places at about the same time
could only be handled by some one with large capital and with a wellorganized and capable force of agents. It was therefore decided that a
New Jersey corporation should be organized with a capital sufficiently large
and that this corporation should take over the trained and experienced clerks
and agents connected with the coal sales department of the Lackawanna
Railroad's business.
It was recognized as desirable that the relations between the railroad as
the seller and the proposed coal company as the buyer should be friendly,
and in the first instance the stock in the coal company was offered only to
the shareholders of the railroad company. They were expected to accept
the offer, and this expectation was realized.
As is well known,the defendant railroad has had a prosperous career, and
in June 1909 it had a large cash surplus. Out of this fund it declared a
dividend of 60% and offered to its shareholders the right to use ono-half
the dividend to buy the shares of the proposed coal sales company at par.
The offer was accepted by nearly all the stockholders, the only exceptions
being 36 separate interests, representing 2,240 shares. Since that time,
however, many changes have taken place among the stockholders of either
company. [Compare V. 89, p. 41.-Ed.]
The Court also says: "We may, therefore, assert with confidence that
since a railroad itself ram/J(1SM stock in the producing or owning corporations without offendintscsigniftt the statutes, no offense is committed,although
Individual subscribers to such stock may also be stockholders in the railroad.
No Act of Congress or judicial decision has declared it to be illegal for an individual citizen to invest-his money in two enterprises merely because the enterprises may be cloaPlfrolJahheeeted."
In construing the principles actually laid down by the.U. S.1 Supreme
Court, Judge McPherson says:
"Although a railroad company may lawfully own stock in a producing
or owning corporation, it must not use the power given by such ownership
to obliterate the distinction between the two organizations. It must not
exert such power so as to commingle indistinguishably the affairs of both
and thus cause both corporations to be one for all purposes. It must not
destroy the entity of the producing or owning corporation and thus make the
two virtually one; if it actually does these forbidden things, then the commodities clause applies and condemns as unlawful such an abuse of a lawful
right. But it is the abuse that is unlawful, not the mere existence of the
relation or of the right growing out of the lawful ownership of stock."
The decision is deemed of importance in its bearing on the pending
Government suit against the Lehigh Valley Railroad (V. 98, p. 912.)
The ruling, it is also thought by some, may, if sustained by the higher
It is
Court, prove to be of wide application in-anti-trust cases.
pointed out that Attorney-General McReynolds, in his annual report.
lays particular emphasis on the intention of the Government to apply to
other litigation the principle of dissolution used in the Union Pacific case
to prohibit the same stockholders from continuing to hold stock in the
separate parts of a combination held to be unlawful. [Compare italicized
words above.] A prayer with this purpose in view is contained in the
petition in the Reading case (V. 97, p. 666; V. 96, p. 286, 1090; V. 95.
p.1684).
Buffalo Terminal.-Work has begun on the new passenger
terminal in Buffalo on Main St. between Ohio St. and Buffalo River.-V. 98, p. 681.
Denver Tramway.-New Company in Possession.See Denver & Northwestern By. below.
Denver & Inter-Mountain Ry.-Sale, &c.-
See Denver & Northwestern By. below.-V.97, p. 1203.
Denver & Northwestern (Electric) Ry.-Plan-Further
Particulars.-The directors in circular of April 1 say in subst.
[VOL. xovin.
lien of its First & Ref. Sinking Fund Mtge., as additional security for the
[$6,000,000] First & Collateral bonds of the Northwestern Co., the payment
of which Northwestern bonds the Denver Tramway Co. has assumed.
The Denver Tramway Co. will have sufficient cash to pay all floating
debt and an adequate sum for working capital. It will also have in its
treasury, free and available for sale, $648.000 of First & Ref. Sinking Fund
M.5% gold bonds of the Denver City Tramway Co., $18,000 1st M.5%
serial gold bonds of the Denver Tramway Terminals Co. and $500,000 of
its own unissued convertible bonds,total $1,166,000 as in bal. sheet below.
The Denver & Northwestern By. Co. continues a holding company as the
owner of $9,000,000 common stock of the Denver Tramway Co.
Holdings and Purpose of Consolidated Securities & Investing Co.
This company owns certain real estate in the city of Denver and vicinity,
with other assets, including all outstanding bonds and stock of the Denver
& Inter-Mountain Ry. Co.(V. 97, p. 1203). The Investing Company proposes to liquidate its assets, other than the Inter-Mountain securities, as
fast as conditions warrant. The proceeds will be available for requirements
of the Denver Tramway Co., or to redeem that co.'s convertible bonds.
Option to Stockholders of the Denver & Northwestern Ry.
The Northwestern stockholders of record April 1 may subscribe on or
before April 20 1914, at the International Trust Co., Denver, paying in
full forthwith, for the 5-year 6% convertible gold bonds of the Denver
Tramway Co. at 97M % and int., in amounts not in excess of 40% of their
holdings of stock. Any not so taken have been sold to a syndicate
Approximate Balance Sheet of the Denver Tramway Co., March 31 1914.
(Based on bal. sheet of Denver City Tramway Co. Feb. 28 1914, after
giving effect to foregoing plan.)
Liabilities (330.988.857)
Assets (830.988,857)$10,000,000
Plant, prop., equip., &c..$29,011,330 Capital stock
2,500,000
Convertible bonds
Securities owned (see
17,819.295
1,166,000 Funded debt.
text above)
67,187
liabilities
Current
533,361
Cash
589,600
33,114 Accrued int. and taxes....
Accounts receivable ___
12,775
Working assets.
245.052 Service liabilities.
The above statement is approximated on the basis of the dividend of 1%
on Denver & Northwestern Pty. stock, payable April 10 1914,having been
paid,and is subject to modification to extent of surp. earns. for March 1914.
The $17,819.295 funded debt includes: Denver Consolidated Tramway
Co. 1st Con. 5s, $1,167.000; Denver City Tramway Co. Pur. Money 58,
$2,000,000; Denver City Tramway Co. 1st & Ref. S. F. 55, $11,010.000;
Denver City Tramway Co. 1st & Ref. 5s Scrip, $5,275; Denver Tramway
Power Co. 1st Imp. 5s, $1,217,000; Denver Tramway Terminals Co. 1st
Serial 5s, $1,333,000; Denver & Northwestern 1st & Col. 5s, $1,087,020.
Detroit River Tunnel Co.-Bonds Sold.-J. P. Morgan
& Co. have sold privately $2,000,000 432% 50-year bonds,
which are part of an authorized issue of $30,000,000, $18,000,000 of which are now outstanding.-V.98, p. 911, 386.
Fitchburg RR.-Bonds Offered.-The unsold portion of
the $1,372,000 20-year 5% bonds (c&r), dated Jan. 1 1914
and due Jan. 1 1934, was offered this week at 101% and int.
Houses offering the issue: Lee, Higginson & Co., N. W. Harris & Co.
Inc., Bidder, Peabody & Co., R. L. Day & Co. and Estabrook & Co.
V. 08, p. 839, 235.
Ft. Wayne & Northern Indiana Traction Co.-Notes.
-Chas. D. Barney & Co., New York and Philadelphia, are
offering privately at 96 and int., to yield 7%, $1,200,000
collateral trust 6% 5-year gold notes. Dated Mar. 2 1914
and due Mar. 2 1919, but subject to call, all or part,at 10G
and int. on any int. date on 30 days' notice. Interest payable in N. Y. in M. & S. Par $1,000 e*. Trustee, Central
Trust Co., N. Y. A circular shows:
Issued with the approval of the Indiana P. S. Commission. Secured by
deposit of $2,000,000 First & Ref. M.5% gold bonds due 1931, being $1,notes
666 66 of bonds for each $1,000 notes. An additional $500,000 ofunder
may be issued but only with the approval of the Commission and
the terms of the mortgage securing the bonds pledged as collateral. The
proceeds of the present issue will be used to pay the floating debt and for
additions and improvements. After all indebtedness has been paid,a cash
balance of about $230,000 will remain.
The deed of trust requires that from surplus earnings amounts aggregating$1.200,000 (in 1914,$200,000; 1915,$220,000; 1916. $240.000; 1917,$260,
000, and 1918, 3280,000) shall be used for additions, extensions or improvements or to pay notes hereby secured or for a depreciation fund or as reserve for working capital.
Digest of Letter from Pres. James M. Barrett, Ft. Wayne, Feb. 23.
Owns 220 miles of urban and interurban electric railways, comprising
the city lines in and between Ft. Wayne, Wabash, Peru, Logansport and
Lafayette, Ind.; the interurban line connecting Ft. Wayne with Lafayette
via Huntingdon, Wabash, Peru. Logansport and Delphi, a distance of'
about 114 miles, and the lines connecting Ft. Wayne and Bluffton, 25 m.
Also does an electric-light and power business in the territory served by
its lines, including Ft. Wayne (where it controls the electric-light and power
business, excepting the municipal- lighting and some commercial lighting
served by the municipal plant). and the city of Delphi and town of Roanoke.
The interurban lines are almost entirely on private rights of way; the franchises in Ft. Wayne are nearly all perpetual,and in the other cities and towns
generally 50 to 99 years. Population of counties traversed in 1910, 297,514;
in 1890, 252,996. Population of city of Ft. Wayne: 1890, 35,393; 1900,
45.115, inc., 27%; 1910. 63.933, inc., 41%; 1913, 75,000, estimated.
Since Feb. 1911 improvements have been made costing about 31,350,000,
inand the growth of business rendered necessary further improvements,has
cluding the addition to the central power station in Ft. Wayne which
k.w. to
just been completed, will increase the rated capacity from 6,000 k.w.
l8.500 k.w., with space for additional units as needed up to 32,000
Earnings for Cal. Years (Charges as shown in 1913 include $18,531 Interest
on Floating Debt.)
1914 (est.)
1913.
1906.
$835,231 $1.831,040 $1,961,000
Gross earnings..
$301,936 $762,416 $804,010
Net earnings (after oper. expenses).._ _
586,837
686,763
243.506
Charges (interest and taxes)
For some time the officers and directors have been considering plans to
simplify the corporate and financial affairs of the company and its affiliated
companies, in order to procure sufficient cash (at a proportionatiey less
interest charge) with which to discharge the floating debt, approximating
32000,000, and to provide reasonable working capital.
In order to accomplish these objects, we have caused two new companies
to be organized-the first to take over and operate all the railway properties and the second to acquire title to and management of all the other
assets of the affiliated companies. The two new companies are:
(1) Denver Tramway Co., incorporated under laws of the State of Colorado.
Common stock, authorized and outstanding ($9,000,000 owned
by Denver & Northwestern and $750.000 held by trustee_ ---$10,000,000
7% cumulative preferred stock, authorized (but reserved for
See text
conversion of bonds), $3,000.000
Five-year 6% convertible gold bonds, authorized, $3,000,000;
2,500.000
held for future needs, $500,000. Outstanding
The Denver Tramway Co. has acquired by purchase,as of March 30 1914,
all the railway properties and franchises of the Denver City Tramway Co.
$58.430 $175,653 $217,173
Balance, surplus..
and the Denver Tramway Terminals Co., and has assumed and agreed to
It is estimated that the surplus earnings applicable to payment of interpay all the funded debts and other obligations of these companies.
est on said notes for the next 5 years will average over 5 times the net re(2) Consolidated Securities iSe Investing Co., incorp. under laws of Colorado. quirements on these notes.
$500,000
Common stock, all owned by Denver Tramway Co
The authorized issue of the First & Ref. bonds is $15,000,000, of which
This second company has acquired all the assets of the affiliated companies $1,095,000 are outstanding, in addition to the bonds deposited as collateral
Denver
the
by
purchased
been
having
as
described
above
those
except
for the present issue of notes; 38.807,000 are reserved to retire prior liens
Tramway Co. Its holdings are conservatively valued at $1,000.000 and and $3,098,000 for extensions ,additions, &c., at not over 85% of cost. viz.:
its obligations, other than its capital stock, amount to only about $25,000. (a) $1,000,000 for additional trackage and terminal facilities, without refSecurities and Status of New Denver Tramway Co.-Assumption and Direct erence to net earnings; (b) $7,807,000 only in case annual net earnings
Lien for $6,000,000 Bonds of Denver & Northwestern Ry.
are 1
times the total interest charges, including underlying bonds and
For the railway properties and franchises and for $2,375,000 of new cash bonds to be issued.-V.98, p. 1071.
the Denver Tramway Co. has issued $2,500,000 5-year 6% convertible
Grand Trunk Ry. Co. of Canada.-New Acts.-The
gold bonds and its entire $10,000,000 common stock.
Of the common stock $9,000,000 has been pledged by the Denver & shareholders will vote April 29 on accepting two Acts of
Mortgage
its
for
and
First
security
Collateral
as
Co.
Ry.
Northwestern
30-year 5% gold bonds; an additional $750,000 has been deposited with the the Parliament of Canada, entitled respectively "The Grand
trustee of the indenture securing the Denver Tramway Co. convertible Trunk Act, 1914" and "The Grand Trunk and Canada Atbonds, to be delivered on conversion of same,or,if not so used, turned back
to the Northwestern Co.; a further $250.000 is applicable to the ex- lantic Amalgamation Act, 1914."
penses of organizing and financing the Denver Tramway Co. The $750,000
Subscriptionsfor Debenture Stock.common stock deposited with the trustee would meet the requirements of
A press despatch states that about 53% of the £1,500,000 perpetual 4%
the conversion provision of the entire authorized $3,000,000 Convertible
debenture stock offered in London at 90 on April 4 remains for
bonds, but $500,000 of said bonds is held for future requirements and may, consolidated
the underwriters.-V. 98, p. 1071, 689.
if desired, be issued without the conversion right.
The convertible bonds are dated April 1 1914, mature April 1 1919,
Hudson & Manhattan RR.-Construction.-The P. S.
interest payable A. & 0. Denominations $100. $500 and $1,000. Reextension of time
deemable at par and int. on or after Oct. 1 1915 on ninety days' notice. Commission has granted the company an
Convertible on or after April 1 1915 until April 1 1918, but not thereafter
from April 28 to June 28 in which to begin the construction
into an equal par amount of 7% cum. pref. stock of the Denver Tramway
Grand Central Station.
Co., accompanied by common stock equal to 25% of the bonds converted. , of the subway from 33d St. to the
I- The Denver City Tramway Co., prior to the sale of its properties as
Bonds.-The P. S. Commission has sanctioned the issu9
above,executed a mortgage upon all its physical properties (other than those 1
ormerly belonging to the Denver & Northwestern By. Co.) junior to the of $154,000 1st Ref. M. 5s of 1913, making $36,716,633 out.
APR. 11
1914.1
THE CHRONICLE
A further $472,000 of the 1st Ref. 55 is reserved and may be issued, together with a like amount of income bonds, in exchange for the outstanding
lst mtge. 4%% bonds ($944,000). See report in V. 98,p. 1071, 1093.
Interborough Rapid Transit Co., N. Y.-Bonds.-The
syndicate headed by Lee, Higginson & Co., Harris, Forbes
& Co. and Kissel, Kinnicutt & Co., which underwrote and
sold the original $30,000,000 "First and Ref." M. 5% gold
bonds of 1913, and later an additional $10,000,000, has taken
up its option on a further $10,000,000 and is now placing
the same privately at 99 and int. See map, &e., pages
63 and 64 of "Ry. & Ind." Section.
Listed in London.-The London Stock Exchange recently
listed $44,172,000 1st & Ref. M. 5% bonds.-V. 98, p.
304, 611.
Kansas City Clay County & St. Joseph (Electric) Ry.
-Bonds Offered.-The Harris houses, E. H. Rollins & Sons
and Perry, Coffin & Burr are offering at 943/ and int., yielding 53
4%,$2,935,000 1st M. 5% gold bonds dated Sept. 1
1911 and due Sept. 1 1941, but red. on any interest date at
105 and int. Par $1,000 (c*). Int. M. & S. in N. Y.
Trustee, Equitable Trust Co., N. Y., and J. F. Downing.
Digest of Letter from Pres. Philip L. Saltonstall, March 21 1914.
• Incorporated in 1909 under the General RR. Laws of Missouri, with
200-year charter, and owns and operates a modern, interurban railroad
connecting Kansas City, Mo., with St. Joseph, Mo., and has a line extending from Kansas City to Excelsior Springs; total mileage owned about
72% miles of single-track equivalent. In complete operation only since
May 1 1913.
One of the most modern and substantially constructed interurban electric railways in the U.S.; all practically new and with minor exceptions entirely on rorivate right-of-way, the cars entering Kansas cAtx• and St. Joseph
white oak
1'
over the local street railways. Standard gauge, 70-lb. "rail,
ties, stone ballast; passenger cars steel with side entrances; 6 steel bridges
or over-crossings and 108 reinforced concrete arches. Power is obtained
under satisfactory contract from Metropolitan Street Ry. Co. of Kansas
City through our own transformer and sub-stations, all fire-proof.
CapitalizationAuthorized.
Issued.
Capital stock, representing a large cash investment $10,000,000 $4,000,000
First mtge. 5% gold bonds
10,000,000
3,135,000
Earnings for Initial 10 Months, May 1913 to Feb. 1914.
Gross earnings
$500,427
Net after taxes
$233,578
10 months'interest on $3,135,000 1st 5s
$130,625
Surplus
$102,953
Bond Issue.-A first mortgage (a) by a direct lien on all the property,
rights and franchises of the company;(b) through the ownership and deposit
of all the capital stock and bonds of the St. Joseph Electric Ry. Co. on the
approximately % mile of track and certain real estate in City of St. Joseph.
Of the escrow ioonds, $365,000 may be issued for 801' of the cost of permanent additions and extensions; the remaining $6,500,000 only for such
SO% provided that the annual net earnings, after all operating expenses
(including taxes, insurance, sinking fund, maintenance, renewals and de.,
preciation) are 1 2-3 times the annual interest charge, including all bonds
proposed to be issued.
The sinking fund, which becomes operative Sept. 1 1917, will receive
annually an amount equal to 1%% of all 1st M.5s issued,for retirement of
outstanding 1st M. bonds or for additions.
Territory Served -Includes Kansas City, a great packing and grain market; St. Joseph, a manufacturing and jobbing centre; Excelsior Springs,
a health resort, and the intermediate territory, which consists for the most
part of well-developed farming land, and includes the towns of Dearborn
and Liberty. Total population of territory served estimated at about
440,000. Population of Kansas City, Mo., in 1910, 248,381, compared
with 163,752 In 1900; Kansas City, Kansas.82,331 in 1910,and 51,418 in
1900, the two forming a community of about 330,000, one of the most important manufacturing and distributing points in the United States. St.
Joseph had a population in 1910 of 77,403. Excelsior Springs, built around
celebrated mineral springs, has a permanent population of about 4,000,
which at certain seasons reaches about 7,000.
The mad has just commenced to handle freight, and should receive considerable revenue therefrom. See also V. 97, p. 1286; V. 96, p. 1423; V.
98, p. 523.
Kansas City Southern Ry.-Decision.-The U. S. Supreme Court on April 6,in a suit brought by the drainage district in Wyandotte Co., Kansas, reversed the decree of the.
Kansas Supreme Court directing the company and the Kansas City Terminal Co. to clear obstructions from the Kansas
River, in accordance with a State law. It was sought to
have the terminal bridges removed.-V.97, p. 1663.
Manchester (N. H.) Street Ry.-New Directors.-
Philip L. Saltonstall and lion. Frank S. Streeter have been elected
directors to succeed Gen. Mgr. J. B. Smith, who resigned, and S. Reed Anthony, deceased. Mr. Smith continues as Gen. Mgr.-V. 74, p. 478.
Mesaba Electric Ry.-Bonds.-W. H. Newbold's Sons
and Graham & Co. of Philadelphia have purchased $1,100,000 1st M. 20-year 5% bonds, due 1932.
pi These bonds were underwritten by a syndicate,including Tucker,Anthony
& Co. and C. D. Barney & Co.-V.94, p. 1317.
Missouri Kansas & Texas Ry.-New Directors of Texas
Co.-In accordance with the agreement with Attorney-General Lowney of Texas to separate the Texas holdings from the
other property, the following directors of the Texas Company
have been elected:
A. F. Platter, S. B. Perkins and William Bacon, Greenville, Tex.:
Geo. B. Tallaferro, San Antonio, Tex. and W. H. Dougherty, Gainesville,
Tex., who succeed J. 0. Whaley, E. P.
'Wilmot, Paul Wapies, J. N. Simpson and E. N. Reardon. Directors re-elected are Frank Trumbull (Chairman), C. E. Schaff (President), M. H. Wolfe, Dallas, and E. D. Stager.
Bonham, Tex.-V. 98. p. 999, 611.
Nevada County Narrow-Gauge RR.-Bonds,--A mortgage has been filed to the Union Trust Co. of San Francisco,
as trustee, to secure $500,000 5% bonds of $1,000 each, the
last lot to fall due in 1944.
The board of directors as recently reorganized includes, it is stated:
S. L. Naphtaly, Pres.; J. I. Walter, V.-Pres.; H. A. Mitchell, Sec.& Treas.,
John Glasson, Walter Arnstein, Jesse Steinhardt and D.E. Morgan. See
V. 96, p. 1840.
New York Central & Hudson River RR.-New Bonds.Negotiations, it is understood, are pending for the sale to a
syndicate, through J. P. Morgan & Co., of a block of the new
Refunding and Improvement bonds, of which $70,000,000
were recently authorized by the P. S. Commission. The
amount which it is currently reported will be offered shortly
is rumored as $30,000,000 to $50,000,000.
See New York & Harlem RR. below.-V.98, P. 1072, 913.
1157
holders, where railroad corporations are consolidated, to be
valued by appraisers appointed by the Supreme Court.
The minority stockholders of the Harlem road, who opposed the bill,
objected "to being compelled to accept for their stock a price that is not
based on their own knowledge of the physical valuation of the Harlem,
property. This the New York Central people refuse to give them.'
-V. 95, p. 1424.
New York New Haven & Hartford RR.-Advertisement.
-The advertisement calling a meeting of the shareholders to
be held April 21 to vote on confirming the agreement with
the U. S. Attorney-General, was published in last week's
"Chronicle." In the first line of this notice the word "York"
should appear between the two words "New."Offer.-The offer of the Mercantile Trust & Deposit Co.
of Baltimore to purchase the stock of the Merchants' &
Miners' Transportation Co. held by the company was filed
with the Department of Justice at Washington on April 7.
If it is approved an announcement may be made shortly.
According to newspaper accounts, the control will revert to Baltimore
interests, which already hold the greater part of the minority stock.
V. 98, p. 1000, 1072.
Northern Central Ry.-Stock Dividend Legalized.-The
Maryland Legislature has passed an Act making valid the
issue of the 40% additional stock which the Northern
Central holders were to receive in part compensation for
accepting the lease to the Pennsylvania RR. authorized by
the stockholders on Nov. 2 1910.
The amendment to the Commission Act was advocated by Edward N.
Rich for the majority stockholders and opposed by a representative of the
minority. This, it is said, automatically takes this phase of the case out
of court and makes the order of the Commission supreme, besides removing
the chief objection which the Pennsylvania RR. has raised concerning
the proposed lease.
Under this AO, the dividend can be paid independently of the lease if
desired. The lease if made effective will date from Jan. 1 1911. A stockholders'suit to prevent the same is still pending, but is not taken seriously
by the company, the objections to the lease raised therein not being on
grounds to which much importance is attached.-V.98, p.604,616.304
North & South Carolina Ry.-Merger.See Carolina Atlantic & Western Ry. above.-V.97, p. 1583.
Northern Texas Electric Co.-Offering of Collateral
Trust 5s.-Parkinson & Burr and Estabrook & Co., both of
Boston and New York, are offering at 96 and int., yielding
nearly 5.30%, the unsold portion of their block of $1,000,000 Collateral Trust 5% gold sinking fund bonds of
1910 (V.90, p. 1239; V. 92, p. 1243).
Data from Henry G. Bradlee, Pres. Stone & Webster Management
Association, Boston, March 19 1914.
Capitalization after Application of Proceeds of this $1,000,000 Bonds.
Collateral trust 30-year 5s, due Jan. 11940; auth., $10,000,000;
outstanding (including this $1.000,000)
$3,063,000
Reserved to retire Nor. Texas Trac. Co. 1st M. 5s,
$1,500,000; canceled by sink. fund, $62,000
$2,562,000
Reserved for acquisitions, impts., exten's & add'ns
4,375,000
Northern Traction Co. 1st M.55, due Jan. 1 1933
1,500,000
Stock: Pref. 6%,$4,000,000: corn., pay. 7% p. a., $3,150,000_ _ 7,150,000
The proceeds of this $1,000,000 issue will retire at maturity on May 1
1914 the 3-year 5 7 gold coup. notes then due, $839,000, also $161,000
thereof owned by Northern Texas Electric Co. and Fort Worth Southern
Traction Co. The company has deposited with the trustee as security
for the collateral trust 5s all the outstanding $2,024,000 Northern Texas
Traction Co. participating mortgage bonds and all its $4,499.100 stock and
all the $999,300•stock of Fort Worth Southern Traction Co., aside from
qualifying directors'shvres. The participating mortgage bonds are a direct
lien upon all of the property of the Nor. Traction Co. subject to only its
$2,500,000 1st M. bonds, due 1933. Fort Worth Southern Traction Co.
has no outstanding mortgage indebtedness except $867,000 of coupon notes
due May 1 1914, provision for which has been made.
Earnings for Calendar Years 1905 to 1913 and Year ending Jan. 311914.
1905.
1907.
1909.
1912.
1913.
1913-14.
$
$
$
Gross
661,036 1,060,953 1,259,550 1,790,762 2,132,200 2,148,246
Net (aft. tax.)269,174 437,381 532,654 849.073 952,259 956,030
Interest requirements (new basis), Traction Co. 1st 5s, $125,000;
collateral 55, $153,150
278,150
The Northern Texas Traction Co.and Fort Worth Southern Traction Co.
system aggregate about 145.78 miles of equivalent single track, viz.: 33.2
miles of interurban lines between Fort Worth and Dallas. 29.3 miles of interurban line between Fort Worth and Cleburne, 11.9 miles of local lines
in Oak Cliff, Dallas, and 71.4 miles of city lines in Fort Worth. Modern
power station of 10,800 k. w. capacity (8,000 k. w. in turbo-generators) is
located at Handley. Population served about $230,000.-V. 97. p. 444.
Pacific Great Eastern Ry -Bonds.-The London Stock
Exchange recently listed an additional £375,000 1st M.43%
guaranteed debenture stock, making total listed £1,375,000;
also scrip for a further issue of £1,500,000 1st M.432% guaranteed debenture stock (guaranteed by Government of
British Columbia), issued at 95% and 60% paid. See V.
98, p. 524, 763.
Pere Marquette RR.-Deposit of Consols-Foreclosure.More than a majority of the Consols of 1901 having been
deposited under agreement dated June 3 1912, the Marston
committee (V. 94, p. 1566) has requested the trustee to proceed upon the defaults under the covenants of the Consolidated mortgage. A bill to foreclose the said mortgage was
accordingly filed in the Federal Court in Detroit last week.
Default was made on April 1 1914 on certain underlying liens.
Further
deposits of the Consols will be received at the Farmers' Loan &
Trust Co., depositary. Committee: Edwin S. Marston, Chairman;
William W. Crapo, Charles W. Cox, A. R. Kuser and C. Minot Weld,
with Augustus V. Healy, Secretary.-V.98, p. 840, 1072.
Puget Sound Traction Light & Power Co.-Earnings.
Calendar
Gross
Net (after
Interest
Sinking Dividends Balance,
Year- Earnings.
Taxes).
Paid.
Funds.
Paid.
Surplus.
19i3-_....$8,613,599 $3,605,224 $1,811,435 $251,583 $1,383,795 $158,410
1912-..... 8,313,848 3,541,549 1,752,375 223,875 1,277,787 287,512
The dividends paid in 1913 include $641,542 (6%) on pref. stock and
$742,253 (4%) on common stock. In 1912 three quarterly dividends were
paid on each class of stock, $428,193 on pref. and $549,301 on common,
respectively) and those paid by subsidiary companies before acquisition
($300,293).-V. 98, p. 305.
Santiago Electric Light & Traction Co.-Earnings.-
Calendar
Gross
Net
Other
Bond
Improve- Balance,
YearEarns.
Earns. Income. Interest.
ments. Surplus.
1913
8457.693 $216,303 .._
$120,000 $11,000 $85,303
1912
404.228
192,207 81.500
120,000
25,000
48,707
The total surplus Dec. 31 1913 was 223.173.-V. 95, p. 754.
New York & Harlem RR.-Bill Vetoed.-Gov. Glynn
Savannah & Northwestern RR.-New Name, &c.on April 8 announced after a hearing that he would veto the The Brinson RR. on March 26 filed a certificate changing its
Coates-Maier bill permitting the holdings of minority stock- name to the Savannah & Northwestern and reducing the
1158
THE CHRONICLE
capital stock from $1,500,000 to $1,000,000, par $100 each.
Complete re-financing and enlargement of the system is understood to be proposed.—V. 97, p. 594.
Scranton & Wilkes-Barre Traction Corporation.—
Sale.—A syndicate headed by State Senator Wm. C. Sproule
on April 7 purchased a controlling interest in the road.
Newspaper reports state that the purchase involves $1,000,000 prof. and
$1,500,000 common stock, the amount paid being $1,600,000. The syndicate, it is said,includes the du Pont interests of Wilmington (who recently
purchased the Johnstown Traction Co. from the American Railways Co.),
the Wetherill interests of Philadelphia, and Bioren & Co. and Geo. S. Fox
& Sons, both of Philadelphia. The Scranton & Binghamton Ry. (V. 92,
p. 1244, 462, 189) is building a line between the two cities named in the title
—V. 97, p. 1735.
Seaboard Air Line Ry.—Merger of Allied Lines.—
Decision by U. S. Supreme Court.—
See Carolina Atlantic & Western Ry. above.
The U. S. Supreme Court on Monday,in a suit brought by the American
Iron & Steel Mfg. Co., held that the company is liable for interest on debts
of creditors while the road was in the hands of receivers.—V. 98, p. 306.
South Carolina Western Ry.—Merger.-See Carolina Atlantic & Western Ry. above.—V.95, p. 1680.
Southern Pacific Co.—Stock for Conversion.—The shareholders on April 8 voted to increase the stock by $20,000,000 to provide with present treasury stock for possible
conversions of the $55,000,000 5% 20-year convertible
bonds recently offered to stockholders for subscription.
See V. 98, p. 524.
Southern Pennsylvania Traction Co.—Extension of
1st M. Bonds of Chester Traction Co.—There are $250.000 of
these bonds due May 1. Newburger, Henderson & Loeb,
Philadelphia, have agreed to finance their extension. For
other particulars see last week's"Chronicle."—V.98,p.1073.
Southern Ry.—$5,000,000 Equipment Trusts.—
Following his statement of Feb. 20, in regard to financing (V. 98, p.612),
Pres. Fairfax Harrison on Apr. 7 announced that with the proceeds of $5,000.000 of equipment trust notes, the company has just contracted for
75 locomotives, 54 all-steel passenger-train cars and 4,075 freight-train cars,
largely of steel construction. Of the locomotives, 45 will be of the heavy
Mikado freight type, 15 Pacific passenger type, 13 six-wheel switchers and
2 eight-wheel switchres. The 4,075 freight train cars will include 3,250
30-ton steel underframe ventilator box cars, 500 50-ton all-steel flat cars,
200 cabooses, 100 steel uriderframe stock cars and 25 steel underframe
poultry cars. This large equipment order shows the beliefof the management in the contihued prosperity and growth of the territory it serves and
the purpose of the company to keep pace with that growth.—V.98, p. 691.
1001.
[VoL. xonn.
population of the entire State and 32% of the railroad mileage of Texas
this makes Dallas the distributing point for a great grain and cotton belt,
the annual wholesale business being estimated at upwards of $200,000,000.
—V.98, p. 1073.
United Gas & Electric Corporation.—Earnings.—
Calendar Year—
Tot. Income. Int. on Notes. Pref.Div.
Bal. Sur.
1913.
81.184,435
$302,225
8556,188
$326,022
1912.
1,148,628
275,000
555,288
318,340
This includes the equity in the net earnings from subsidiary corporations,
whether actually received in the form of dividends or not. Of the $326,021
the proportion added to surplus account of subsidiary companies not declared as dividends was $308,251. From the last-named amount and the
previous accumulations of surplus of 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 corporation is 8153,p.
838.—V• 97,
1824.
United Railways & Electric Co. of Baltimore.—Earns.
Cal.Yr. Gross.
Other Inc. Clip., &c. Extraord. Bal., Sur.
Net.
1913_$9,046,492 $4.900,061 $6,945 $2,987,468 $37,950 $1,881,588
4,702,613
1912._ 8,571,489
5,515
3,004.415
38,056
1,665.657
From the surpluses as above in 1913 and 1912 there wore deducted income bond interest and pref. dividends of 4% each, amounting to $560,000.
Dividends on common stock which were paid in 1912(4%)call for $791,362
and in 1912 for $463,050, leaving a balance of 8530,226 in 1913, against
$463,050 in 1912.—V. 98, p. 525.
Wabash RR.—Decision.—Justice Donnelly in the Supreme Court in this city on April 3 rendered a decision in
the suit brought in 1907 and which has since been pending
in the Federal and State courts restraining the company from
exchanging any more debenture mortgage bonds for preferred
and common stock and refunding bonds under the plan (V.
83, p. 437, 626).
The plaintiff is also awarded judgment against the directors for $21,000,
the purchase price of 1.000 shares of common stock, with interest from
June 13 1906,the date of purchase. The plan is held to be ultra vires under
the laws of Missouri, which require that all of the stockholders and not
any lesser amount shall consent to an issue of preferred stock. The Court
says in part: "I have found as matters of fact that, although the act complained of was technically illegal, the directors in initiating, authorizing
and consummating the plan of exchange were acting in good faith and with
reasonable care and diligence, and that the company sustained no pecuniary
loss by said plan of exchange except so far as it is liable to compel the directors to account to it for the benefit of such stockholders as do not acquiesce
In such plan of exchange. The plan being adjudicated illegal and ultra
vires the corporation, and there being no ratification for an illegal or ultra
vires act possible, the plaintiff as well as other stockholders have a right to
refuse to no bound by it, and are entitled to be relieved of its operation
to the extent of their holdings notwithstanding that tho corporation sustained no pecuniary loss."
(No stockholder other than the plaintiff has endeavored to come in and
take advantage of the suit and no other stockholder has objected to the plan.
The opinion is given in full in the "New York Law Journal" of April 4.1
Springfield (0.) Ry.—Bonds for Refunding.—The P. U.
Plan Reported Imminent.—According to current reports,
Commission of Ohio has been asked to permit the issuing of the plan of reorganization is likely to be made public
$1,244,000 1st M.58 to refund an issue of the same amount shortly, possibly within a week or two.
made in 1913; also $143,2006% preferred for betterments and
The plan in its present shape, it is said, is supposed to meet the wishes
of the several protective committees. The underwriting, it Is reported, has
improvements.—V. 98, p. 612.
been arranged for, contingent on the plan being approved by the various
is expected to proceed
Union Station Co. of Chicago.—Ordinance Signed.— State commissions, and the work of reorganization
taken care of.—V.98, p. 100.
Mayor Harrison on March 31 signed the ordinances passed rapidly when the legal formalities have been
Ry.—Earnings.—
Pennsylvania
Western New York &
by the City Council on March 23,for the new passenger and Calendar
Add'ns &
Balance,
Fixed
Gross
Net (after Other
freight terminals and for the vacating of Carroll Ave.
Deficit.
Charges. Bettermls.
Taxes).
Inc.
Year. Revenue.
Along with these ordinances a resolution was passed providing for an
expert terminal commission to consist of 7 members, 2 to be recommended
by the Citizens' Terminal Plan Commission, one by the Chicago Plan Commission and 4 to be selected by the Mayor. Walter L. Fisher and Dion J.
Arnold will be selected by the first-named commission and Paul Lazenby
by the plan commission.
1913_810,315,796 8265,716 834,242 82,081,854 $1,499,851 $3,281,748
222,728
893,140
9,450,146 1,158,314 35,790 1,864,516
—V.
1912_96,
- p. 1419.
The old sugar refinery property, which was dismantled 2 or 3 years ago,
comprises 278,600 sq. ft. on the west bank of the Chicago River, abutting
Taylor St. and fronting 440 ft. on the river, 700 feet on Taylor St. with a
west line along the right of way of the Pennsylvania RR. of 391 ft. and a
south line of 775 ft.—See also V. 98, P. 914, 1001.
In the discretion of the board, a certain percentage of increased earnings
is to be divided in the company's stock among the officers and those occupying semi-official positions and managers.—V. 98, p. 914.
Digest of Letter from Pres. F. G. Pettibone, March 27 1914.
Organization.—Chartered in Texas as a terminal railway company to
own and operate an adequate up-to-date Union Passenger Station and terminals in and through Dallas, Texas, for all the railroad systems entering
the city. The property aggregates 103j acres of real estate in the business
district of Dallas, on which there will be constructed a new union passenger
station of fireproof construction, covering about 1ji city blecks, with 10
parallel tracks and space for 8 more, capable of accommodating 30 trains
simultaneously; total trackage 9.6 miles of main track, 2.8 miles of depot
track and 3.1 miles of sidings (also 5 miles to be leased from the user companies), and an express building 500 by 50 ft. The Texas RR. Commission has given a valuation for the property of $2,233,965, which exceeds
the amount of the present bond issue without allowance for charter rights.
These Bonds.—Under trust deed to Cont. & Corn. Tr. & Savings Bank of
Chicago. trustee, both principal and interest of the bonds are payable
without deduction for any tax (except Federal income taxes) which the company may be required to pay thereon or retain therefrom under any present
or future law of the U.S.,or of any State, county or municipality therein.
Total bonds $5,000,000, of which $2,193,000 are at present authorized by
the Texas RR. Commission, which will similarly pass on the balance of the
issue from time to time as work progresses on the passenger station &c.
Security.—A 1st mtge. on the property owned which will provide practically the sole passenger terminal facilities in Dallas for all of the railroad
systems entering the city, namely:
A.T.& S. F.(Gulf Col.& S. F. Ry.). Texas & Pacific.
Sou.Pac.(Houst.& Tex.Cent. RR.). C.R I.& P.(Ch. R.I.& Gulf Ry.).
Col. & Sou. and C. B.& Q.(Trinity St. Louis Southwestern (St. Louis
Southwestern Ry. of Texas).
& Brazos Valley Ry.).
M.K.& T.(M.IC.& T.Ry.of Tex.). St.L.& S.F.(St.L.S.F.&Tex•Ry.).
together representing a total of 54,000 miles of railway.
Operating Agreement.—Further secured by assignment to the trustee of
a 99-year operating agreement with power to enforce same, under which
each of the railway systems enumerated above, or their Texas subsidiary
companies, as owner of 34 of the capital stock (except directors' shares)
covenants to pay its proportionate share (ji) of the interest and principal
of the bonds; if any company defaults thereon,the remaining companies
covenant to make up any defaulted payments. The bonds are in effect
therefore guaranteed jointly and severally as to both principal and interest
by the eight railway companies participating in the agreement. The capital
stock has been placed in trust and in case of default by one of the user
companies on its share of the rentals, the stock interest of such defaulting
pending default, be held for benefit of the other companies.
company
Dallas.—Estimated
may.
population 125.000. having increased 190% since
1900. A leading railroad centre, having over 100 passenger trains in and
out of the city daily. 'Within a radius of 100 miles are located 42% of the
1913.
1912.
1913.
$1,135,251
$5,346,156
Gross earnings
.$5,864.165
$808,731
$2,377,768
.32,678,831
Net earnings
Combined surplus of all companies for year 1913, after providing
for interest charges, depreciation and Am. P. & Lt. Co. divs.
(6%,or $187.188, on pref. and 4%,or 8225,256, on corn. stock)_$113,216
During the latter half of 1913 there was placed in operation property
representing a cost of about $4,835,000. Total customers served: Electric,
61,378; artificial as, 57,221: natural gas, 14,226; water, 7,372;total.
140,197. Population served estimated at 850.000.—V. 97. P• 952.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Purchase.—The Pennsylvania RR. Co. has given to the
American Coal Products Co.—Listed.—The New York
Continental & Commercial Trust & Savings Bank a 5% Stock Exchange has authorized to be listed $87,400 additional
purchase money mortgage for $2,100,000 dated March 1 and capital stock on notice of issuance and payment in full, makpayable in 9 years on the property on the west side of the ing the total amount to be listed $10,726,700.
Chicago River south of Taylor St., which it has purchased
The stock was authorized by resolutions of stockholders dated Jan. 25
from the Corn Products Refining Co. for about $2,800,000. 1911 and Mar. 25 1910, to be issued under a profit-sharing plan whereby,
American Light & Traction Co.-2d Vice-President.—
C. N.Jelliffe,Secretary.has been elected 2d Vice-Pres.—V.98,p.1074,521.
Union Terminal Co., Dallas, Texas.—Bonds Offered.—
American Power & Light Co., N. Y.—Report.—This
William Salomon & Co. are offering for sale 1st Mortgage holding
company has issued (compare V.97, p. 113) a pamph5% gold bonds dated April 1 1912 and due April 1 1942, let report containing statements of earnings, balance sheets
but red. as an entire issue after April 1 1922 at 105 and physical data as of Dec. 31 1913.
and int. Interest payable A. & 0. in N. Y. or Chicago. Results for Cal. Years (for all properties, irrespective of dates acquired).
Auth. $5,000,000; present issue, $2,193,000. Par, $1,000c*.
Am.P.&L.Co
Subsidiaries
American Shipbuilding Co.—Pref. Dividend Omitted—
To Be Paid Semi-Annually Hereafter.—
The directors have decided to omit the usual quarterly dividend on the
%
87,900,000 77
g non-cum. pref. stock, which were paid at the rate of
quarterly to Jan. 15 last. A statement says in substance:
"Notwithstanding the depression of the business on the Great Lakes, the
net earnings actually earned up to date and conservatively estimated for the
remaining 3 months would undoubtedly be sufficient to pay the 7% dividend
to the preferred stockholders for the entire fiscal year ending June 30 1914:
but as there have been certain losses on construction contracts taken prior
to the beginning of this fiscal year, but not completed until subsequent
thereto, and therefore not ascertainable until such completion, it has been
unanimously decided by the directors to pass the dividend on the preferred
stock for the balance of this fiscal year. This will enable the company to
start the new year with these losses absolutely wiped out. Owing to the
impracticability of determining the exact profits of the business of the
company quarterly, it has been also determined to hereafter declare dividends on the preferred stock semi-annually.
"A careful appraisal of the properties of the company and its subsidiary
companies has lust been completed by the Manufacturers' Appraisal Co.
This report is in every way satisfactory and the value placed on the properties is in excess of the values carried on the books. An independent audit
of the books also has been completed and their accuracy commended.
During the last 6 months the liabilities have been reduced approximately
$725,000. The quick assets are in excess of the liabilities and the entire
assets, after deducting all liabilities and the book valuation of patents
and goodwill, show a surplus in excess of the entire capitalization. Detailed statement will be rendered to the stockholders in the next annual
report."—V. 97, p. 1825.
American Steel Foundries.—Favorable Decision.—
Vice-Chancellor Stevens has dismissed a writ to show cause why the company, should not be restrained from paying out dividends until after it has
paid alleged arrearages due on 102 shares of 6% cum. pref. stock held by
APR. 11 1914.1
THE CHRONICLE
Thomas C. Lazear and Jesse Lazear. The capital stock was reduced in
1910, the old pref. stock receiving new securities in exhange. Some of the
holders of the pref.stock refused to turn in their shares and have not received
any dividends since. The company resumed dividends in March 1913 and
the old stockholders obtained a rule to show cause. Vice-Chancellor
Stevens finds that there is no reason for tying up dividends, as the company,
has a surplus more than large enough to meet the dividends and any
ages it might be called upon to pay following an adverse decision. arrearV. 98,
p. 914, 835.
1159
Georgia-Carolina Power Co.-Bonds.-
Tho London Stock Exchange recently listed fully-paid scrip for 3500.000
1st M. 5s. Georgia-Carolina Investment Co. owns all the common
stock of the Georgia-Carolina Power Co. and is itself controlled by
the Augusta-Aiken Ry.& Elec. Corp. See V. 95, p. 234; V. 97, ro• 179.
The definitive bonds are now ready for delivery in London in respect of
the recent offer of the 1st M. 55 of the company. making $2,750,000
outstanding, and the registered stock certificates are also ready for delivery
In respect of the 7% pref. stock of the Georgia-Carolina Investment Co.
Ansco Co. Binghamton, N. Y.-Dividend-Securities.- (Total out, $750,000)
at British & General Debenture Trust, Ltd., 3 LomThe company on April 2 announced a dividend of 100% on the $1,000,000 bard St., E.C.-V. 98, p. 692.
common stock. All of the outstanding $500,000 bonds and $280,000 pref.
Great Northern Iron Ore Properties.-Earnings.stock were called for payment on April 2 at the office of T. W. Stephens
Total
& Co., 2 Wall St., N. Y. A dividend of 7% was paid on the pref. stock Calendar
All
Dividends
Balance,
Total
Year- Receipts.
before it was retired. The payments,aggregating about $1,870,000,are
Expenses. (50c. Share).
Surplus.
made as the result of the settlement of the suits brought against the East- 1913_ _ _-$1,133.889
$73,144
$750,000
$310,745
,799
63lus.
33
S.
u
7rP
man Kodak Co. for infringement of the Goodwin film patents. The com- 1912-„- 2.704,152
73,172
750,000
1,880,980
3,453,054
pany, it is stated, is doing a good business and has considerable financial -V. 97, p. 1206.
strength. Compare V. 98, p. 1002.
Hawaiian Agricultural Co., Honolulu.-Div. Reduced.
Beginning April 20, and until further notice, the monthly dividend, it is
Avery Co. of Peoria Agricultural Implements.-Plan.
The "Chicago Inter-Ocean" on April 1 said: "The bankers' committee stated, on liauailan Agric. will be 50 c. instead of 75c.-V. 95, p. 682.
has received enough assents to the proposed extension of the note indebtedIndependent Fertilizer Co. N. Y.-Judgment.ness to warrant its declaring the plan operative, and will probably next
On April 1 a judgment for 3390,019 was entered by default against this
week take formal steps to that end. The total indebtedness involved in New
Jersey corporation in favor of the Carnegie Trust Co. for balance due
the current proceedings is slightly in excess of $1,900,000, of which the on a note for
made on March 24 1909. The company was in
banks are understood to hold around $1,700,000. Up to last night banks active business3600,000,
only for a few months, but it is said to have issued 32.400.
representing all but $157,000 of the total amount had signed the extension 000 notes, guaranteed
by William J. Cummins and others.-V.87. p. 1423.
agreement. The merchandise creditors, which represent about $200,000,
are expected to come into the agreement later. All creditors concerned are
Inspiration Consolidated Copper Co.-Bonds Underanxious to avoid a receivership. It is expected that the company will work written.
-See. J. W. Allen, 42 Broadway, N. Y., in circular
out and pay its debts in full if given a few months' time in which to do it.'
Compare V. 98, p. 612, 692.
of April 11 ,says in substance:
The
board,
being advised that about $4,500,000 in addition to the money
Borax Consolidated Ltd.-Listed in London.The London Stock Exchange has recently listed a further issue of 30,000 now on hand will be needed to prepare the mines for production, construcpref. ordinary shares of £5 each, fully paid, making 120,000 (£600,000) tion and contingencies, have authorized the issue of $4,500,000 5-Year 6%
of said shares listed along with £900,000, £800,000 54% cum. pref., L1,- coupon debenture bonds in denominations of $100,$500 and 31,000, dated
July 11914, due July 1 1919; int. J. & J. (the first
000,000 4 % deb.stock and £615,930
% 2d M.deb.stock.-"T.98,.915 interest
coupon for six months'
maturing July 1 1915). Convertible at any
time after issue and
before redemption into stock at $25
Bush Terminal Co. New York.-Earnings.-per share for the stock (par $20) and
par for the bonds, and redeemable by lot at 105% and
Other Int. cfc Pl. Div. Com.Div.
Calendar
Net
Gross
int. on any interest
Year- Earnings. Earns. Income. Taxes. (6%)• (4%).
Balance. date after Jan. 1 1915. Sinking fund, beginning 1916, for payment
of
bonds, 10 cts for each net dry ton of ore treated from
$
$
present
properties.
The company will offer to stockholders of record
1913-1,192,375 821,005 226,416 692,437 138,000 200,000 sur.16,984
14 1914 the privilr
1912...„---1.166.822 804,225 200,516 682,540 133,000 200,000 def.10,800 liege to and including July 1 1914 of subscribing May
for said bonds at par.
substantially pro rata, but only in multiples of $100,
-V. 96. p. 1704:
to be made
as follows: July 1 1914, 25%; Sept. 11914, 25%;Jan. payment
1 1915, 50%. PartCambria Steel Co.-Decision.paid receipts will be entitled to 6% interest on first
two
payments
at
See United States Steel Corporation below.-V.98, p. 608.
time of making final payment.
above bond issue has been underwritten by a syndicate headed by
Canada Bread Co. Toronto, Can.-Preferred Dividend. J.The
P.
Morgan
&
Co.
(The New York Stock Exchange in Jan. last listed
A quarterly dividend of 1%% has been declared on the $1,250,000
$6,000,000 1st M.10-year 6% convertible bonds due 1022.1-V. 98, p.
non-cum. pref. stock, payable April 10 to holders of record March 7%
240.
27.
Dividends at the rate of 7% were paid for the year ending June
Island
Creek
Coal
Co.-Earnings.-For calendar year:
30
1912
and 334% for the six months ending Dec. 311913.-V. 95, p. 621.
Calendar
Net
Adm.c% Interest
Divs.
Reserve
Balance.
YearEarnings. Gen.Exp. Received. Paid.
Canadian Western Lumber Co. Ltd.-Listed in London.
Fund.
Deficit.
$800,448 $70,391 $5,662 $829,696 $106,047 $200,024
The London Stock Exchange recently listed a further issue of £100,000 1913
811,048 57,253
18,693
699,939
1st M.5% deb. stock, making the total listed, £1,735,840.-V.96,
95,356
22.806
p. 1492. 19P
hilip E.Coyle of Brookline, Mass.,has been elected a director to succeed
12
Central District Telephone Co. (of Pittsburgh).- G.Henry Whitcomb, who resigned.-V.97, p.46.
Listed.-The New York Stock Exchange has listed the $10,Lackawanna Steel Co.-Quarterly Statement.-The com000,000 first M. 30-year 5% bonds recently offered. Com- bined earnings of the company and subsidiaries for the three
pare V. 98, p. 765, 613.
months ending March 31 were:
Three
Total
Int. on Bds. Sk. Fd. and DepreciaCitizens Gas Co. of Indianapolis.-Earnings.-BalancetSur.
Mos.- Income.
and Notes. Exhaustion.
Calendar
Gross
Expenses Rental on
Net Bond,&c., Balance,
Year- Revenue. ee Taxes. Oper.Prop. Earns. Interest. Surplus.
1913
$1,265,182 $972,186 390,412 $202,584 359,508 $143.076
1912
815,423
647,910
167,513
33,785
133,728
In 1913 two dividends of 3;i% each were paid, one out of earnings to
Dec. 31 1912 and the other out of those to June 30 1913. Another dividend
of
% out of earnings to Dec. 31 1913 was paid Mar.28 1913. In 1912
two payments of 354% each were made, one out of earnings to Dec. 31
1911 on Mar.28 and one out of those to Juno 30 1912 on Sept. 28. Capital
stock outstanding Dec. 31 1913, $1,250,000, against $1,050,000 in 1912.
First and Ref. bonds outstanding Dec. 31 1913, 31,511,000, and Extension
debentures, $34,000. 1st M. bonds out Dec. 31 1912,$13,000; First and
Ref. bonds, $843,000; debenture bonds, 325,000.-V. 98, p. 239.
Colorado Fuel & Iron Co.-Rockefeller Holdings.-
John D. Rockefeller Jr., testifying in the strike investigation before a
sub-committee of House Mines and Mining Committee on April 6 said:
"I am only so much of a stockholder as would qualify me as a director.
My father holds 139,807 shares, or 40%,of the common stock, and 7,943
shares, or about 40%,of pref. stock; also 314,450,000 of5% bondsof Colorado Industrial Co., or 43% of the bond issue, and 3266,000in general5%
bonds of Colorado Fuel & Ikon Co.-V.98, P. 233.
Consolidated Gas Electric Light & Power Co., Baltimore.-Plan Ap_proved.-
The Maryland P U. Commission on Mar. 25 approved the plan to issue
(a) 31,106,800 additional 5% consol. mtge. debenture stock, with
lege of conversion at option of holder into common stock on basis,priviit is
stated, of par for debenture stock and 12134 for the common stock (compare V. 96, p. 1300); (b)"when and as needed for the conversion of the debenture stock," $909,800 additional common stock.
The syndicate which underwrote $1,416,000 common stock was formally
dissolved Mar. 24, 85% of the amount named having, it is stated, been
subscribed by the shareholders and the remainder sold abroad.-See
V. 98, p. 455, 841.
Corn Products Refining Co.-Sale of Chicago Property.
Cuban Telephone Co.-Listed in London.-
See Union Station Co. of Chicago above.-V. 98. p. 1002, 996.
The London Stock Exchange has listed $2,000,000 Prof. shares of $100
each, in lieu of scrip. See V. 97, p. 1506.
Davis-Daly Copper Co.-Assessment Called.-
An assessment of 50 cents per share has been called on the stock, payable
25 cents June 1 and 25 cents on Oct. 15. This will make the stock ($6,000,000 outstanding, par $10), $8 50 per share paid in.
Delaware Lackawanna & Western Coal Co.-Decision.
See Del. Lack. & West. RR. under "Railroads" above.-V. 96, p. 949
Denver (Col.) Union Water Co.-Offer Refused.-
The Water Consumers' League on April 2, at a conference with the
Thompson committee, refused, it is stated, to sanction the purchase
the
company's bonds at par. The outstanding bonds (par $11,200,000)of
have
a market value of about 38,176,000.-V. 98, p. 841, 1075.
Distillers' Securities Corporation.-Decision.-
Vice-Chancellor Emery on Mar. 30 held that Justice Nathan Bijur of the
Supreme Court in this city is entitled to 6% interest on 333,407
July 8,
the date of the decree of dissolution of the Spirits Distilling Co.,from
on his holdings of 404 shares of first preferred stock of that company, the
amount
stated being his distributive share of the proceeds of liquidation.
brought to suspend the distribution of the assets of the Standard The suit
Distilling
& Distributing Co. until the petitioner's claim against the Standard
Co.
on its guaranty of the first pref. stock of the Spirits Distributing Co.should
be determined was dismissed by the Court of Errors June 19 1911. Compare V. 88, p. 379.-V. 97, p. 1110, 1118.
East Butte Copper Mining Co.-Earnings.---
tion, &c.or Deficit.
1914_ __ $236,046
$437,424
$36,860
3206,968
def.$445,206
1913__A,603,545
437,479
107,668
315,878
sur. 742,520
1912___ 312,403
437,495
89,500
236,180
def. 450,772
The unfilled orders on hand on March 31 1914 were 191,828
gross tone.
against 623,816 in 1913 and 401,475 in 1912.-V. 98, p. 768, 842.
Marconi Wireless Teleg. Co. of Amer.-Decision.-
Judge Veeder in the U. S. District Court in Brooklyn on April 8 handed
down a supplementary memorandum to his decision rendered on March
18
in the suits brought by the company against the National Electric Signalinig Co. The Court holds that the Marconi Co. is not entitled to damages for the infringement of the Lodge patent by the Signaling Co. because
of the length of time that has elapsed since the patent was first infringed;
that the owners of the patent made no previous attempt to assert their
ownership or to complain of the infringement. An appeal from
Veeder's decision in both suits brought by the Marconi Co. has been Judge
on behalf of the Signaling Co. and was expected to be heard in the taken
U. S.
Circuit Court of Appeals on April 9. Compare V. 98, p. 916.
•
Merch. & Miners' Transportation Co.-Sale of Control.
See N. Y. N. H. & Hartford RR. under "Railroads" above.-V.
98.
p. 1003, 1075.
Mexican Northern Power Co., Ltd.-Prior Lien Bonds.The 1st M. bondholders will vote May 12 on authorizing:
(a) The creation of 6% Prior Lien 30-year gold bonds to an amount not
exceeding $3,000,000. secured upon the assets of the
company and of Cie
Agricola y de Fuerza Electrica del Rio Conches in priority
,to the 5% 1st M.
gold bonds. A sinking fund for the redemption of said Prior Lien
bonds
will begin Jan. 1 1920 and receive annually a sum equal to 2% of the
value of the Prior Lien bonds, with interest on all bonds redeemed. par
all
waiver
or any defaults under the 1st M.trust deed by nonof
(b) The
payment of interest July 1 1913 and Jan. 1 1914. or otherwise.
(c) The cancellation of the liability to pay interest on said 1st M. 5s
on July 1 1913 and on Jan. 1 and July 1 in 1914 and 1915.
(d) The cancellation of the liability to pay any sums into the 1st M.sinking fund for 10 years-that is to say, until Jan. 1 1924-and changing the
amount to be paid thereto annually thereafter to 1% of the par value of
said bonds and interest on bonds previously redeemed instead of 2%.
(The company when offering the Prior Lien bonds for sale will endeavor,
as far as possible, to give preference to holders of the 1st M. 55.)
Condensed Data from Circular of Sec. Fred. C. Clarke, March 25 1914.
It is recognized of vital importance that the dam should be raised to a
sufficient height to protect the power house and other structures
from
damage by next summer's flood waters, and it is also thought important
to store the additional flood waters of the coming rainy season, water so
stored constituting accumulated capital available when the time for operation arrives.
It is intended to issue at present not more than
$400,000 of the new securities. When political conditions
improve, the
balance of the development can be completed, leaving probably
the proposed issue in the treasury for future requirements. As it one-half
is hoped
in duo time to:realize a substantial amount from the just claims against
the
Mexican Government and other parties, the right will be reserved to redeem
the bonds at any time at par and interest.
Having regard to the delays which have occurred and which must inevitably continue to occur before the completion of the work, and to the
largely increased cost thereof, due to political disturbances, the
realizes that it is out of the question to attempt to pay either thecompany
overdue
bond interest or the interest to accrue within a period of say 18 months.
Certain of the larger shareholders, while content that the first opportunity
to subscribe for pror lien bonds shall be given to the present
have signified their willingness to take the first $400,000 Priorbondholders,
Lien bonds,
less the amounts subscribed for by the bondholders.-V.97. p. 1902,804.
Miami Copper Co.-Earnings.-
Cal.
Total
Net
Other Bond,etc.
Dividends
Balance,
Year. Sales.
Earnings. Income. Int.
Paid.
Calendar
Gross
Sur. or Def.
Interest Additions
Net
Balance, 1913..$5,049,807 $1,582,185 $65,041 $52,913(407)31,491,98
Income.
Year9 def$186,591
Income. Charges.& 'miffs.
Surplus. 1912.. 5.385,501 2,271,386 47.500 72,526
(30%)1,100.112
1913
$2,645,568 $764,455 $44,064 $188,619 $531,772
sur994,693
-V. 97, p. 1113.
3,155.475 1,279,737 231,137
1912
64 899
983,700
Total copper produced in 1913 was 14,401.108 lbs., against 14,709,460
Montana Power Co.-New Officer.lbs. in 1912 and the price received per lb. was 15.085 cts. in 1913,
against
Walter Dutton has been elected Treas. to succeed P. E. Bisland, who re16.692 cts. in 1912.-V. 91, p.273.
signed.-V. 98, p. 1003, 693.
Fairbanks Co. New York.-No Common Dividend.- 'The company has this year omitted the usual dividend on the 31,000,000
Oommon stock. The regular quarterly payments of 2% were made on
Jan.land April 1 on the $1,514,0008% cum.pref.stock.-V,98,P.158,175
Mount Vernon-Woodberry Cotton Duck Co., Baltimore.-In Hands of Trustee.-Judge Rose in the U. S. Dist.
Court at Baltimore on April 4 approved the agreement be-
1160
THE CHRONICLE
tween the owners of the property and the bondholders, in
accordance with which the management and control of the
company has been turned over to J. Southgate Lemmon,
attorney for the Continental Trust Co. of Baltimore, the
trustee under the 1st M., the interest due on which Mar. 1
1914 remains unpaid. The "Baltimore Sun" quotes a member of the bondholders' committee (V. 98, p. 76, 159, 240)
as saying:
Agreement.-These court proceedings were taken in pursuance of a series of agreements which have been reached to prevent, If possible, a receivership and a shutdown of the mills, and to avoid the danger of disintegration of the property through litigation over the various conflicting
claims, some of which were claimed to have a priority over the bonds.
By reason of the contracts under which its business had been conducted,the
Mount Vernon-Woodberry Co. had absolutely no working capital. The
appointment of receivers would, therefore, probably involve a shutdown.
The trustee has, under the terms of the mortgage, the right to operate
the properties in case of default and to obtain the necessary capital. This
provision in most mortgages is rarely resorted to, but in this case an arrangement was made between the trustee and the bondholders' protective
committee by which the trustee was to make the technical entry and the
conduct of the business of the company was to be continued under the actual
charge and direction of the bondholders' committee and its representatives.
The Court was then asked to assume jurisdiction over the trusts of the
mortgage and the conduct of the proceedings.
Claim of $800,000 on Machinery.-A further difficulty arose from the
various conflicting claims to the company's property. Among these is a
claim of the International Cotton Mills. This company, which is the sole
stockholder of the Mount Vernon-Woodberry Cotton Duck Co., from time
to time leased to the Mount Vernon-Woodoerry Co.certain machinery to
take the place of machinery worn out. Under these leases the whole purchase price or cost was secured in the form of rent with the right of the International Cotton Mills to claim the machinery if the rent is not paid.
The machinery is valued at about $800,000 and scattered throughout the
mills,so that to remove it would break up the machinery and equipment and
the mills could not be operated. The International Cotton Mills has asserted its right to this machinery (V. 98, p. 240).
The bill shows that an agreement has been reached with the International
Cotton mills under which the rights of the parties are to be determined by
the Court, and if the bondholders' contention is sustained, the machinery
is retained without payment. If the decision is adverse to the bondholders,
they have the right either to return the machinery without liability or to
assume the leases and continue the payments.
Claim on Suppaes and Goods in Process.-A further difficulty arose out
of the goods in process actually on the machines. These, with all the supplies, were claimed by the International Cotton Mills under contracts
made with the Mount Vernon-Woodberry Co. This consisted of cotton in
various stages of manufacture, supposed to be worth about $400,000. It
was impossible to take possession of the property and operate the machinery without the cotton on the machines.
An agreement to prevent the removal or litigation with respect to this
has been made, under which these goods are retained in the mills and their
value in their uncompleted state ascertained by appraisal, and the controversy is transferred from the goods themselves to their proceeds or value.
Contract with J. Spencer Turner Co.. &c.-This old contract, which has
been the subject of much criticism, was terminated, and under the new contract all sales ofgoodsare made only upon the direction and with the approval
as to the price and otherwise of the bondholders' agents. Arrangements
have also been made for obtaining advances against merchandise so as to
tctorthe mil/s%eor
xefore
e thecd
ancdecree
working capital to continue
ervdforrerorger
supply the necessary
cosueolihe
mortgage and sale of the property. The bondholders do not believe such
action will be necessary.-V.98, p. 766, 240, 159, 76.
iVoL.xcvIti.
A circular letter sent out April 4 stated that only 37 creditors, with
claims aggregating only $10,033, elected to take 16M cts. cash insteadof
all the stock or the part cash options; also that all the stock of the new
company is to be placed under a voting trust, the voting trustees for the
first year to be John Claflin, Pierre Jay, Vice-Pres. of Bank of Manhattan
Co., and R. Walter Leigh of Mailtand, Coppell & Co.
The Grand Jury on April 6 handed down 14 new indictments againt
Henry Siegel and Frank E. Vogel, at least $2,500,000, It is claimed, having
been obtained by them in 1912 from banks and others through false statements as to the condition of the properties.-V.98, p. 1004.
Singer Sewing Machine Manufacturing Co.-Decision.
The U. S. Supreme Court on April 6, according to press dispatches, held
valid an Alabama law taxing persons and corporations selling sewing machines $50 and also $25 for each wagon used. It was contended that the
State statute interfered with inter-State commerce.-V.96, p. 65.
Standard Chemical Iron & Lumber Co. of Canada.-
The directors have decided to postpone the declaration of the usual
quarterly dividend on the $3,750,000 7% cumulative participating preferred
stock, which would have been paid on April 1.-V. 95, p. 1688.
Standard Gas & Elec. Co., Chicago, Ill.-Earnings.--
Interest Dividends Balance,
Net (after
Total
Calendar
Deficit.
Taxes). Charges, &c. Paid.
Receipts.
Year1913
$1,539,311 $1,502.804 $751,297 $912,420 $160,914
The dividends on preferred stock as above ($912.420) include $362.456
paid in cash and $471,398 in scrip and $78,566 accrued, payable in scrip.
Tho total profit and loss surplus Dec. 31 1913 was $679,245.
Combined Results of All Subsidiary Companies for Cal. Year 1913.
(1) Incl. Louisv. Gas & El.Co.for entire year. (2) Incl.same for 6 mos.only.
-$14.060,442 $12,926.283
Gross earnings
5,816,660
6,316.448
Net earnings
Deduct-Interest on bonds, $3,190.631; debentures, $25,387;
3,410,343
floating debt, $194',325; total
Dividends on stocks-On preferred, $1,300,112; on common,
1,950,476
$650,364; total
$455,841
Balance,surplus
-V. 97, p. 1290.
27'13.
Sept.
end.
Year
for
se
zberger & Sons Co.-Earns.
Balance,
Preferred
n on
It.
Gross
Other
Sept. 27
Surpass.
Dividends.
Earnings. Income. Deben.,&c.
Year1912-13_$2,435,4,02 $125,923 $1,197,080 (7%)$700,000 $664,245
-V.97,1)7527.
Union Carbide Co.-New Directors.-
J. N. Wallace, President of the Central Trust Co., has been elected a
director, to succeed the late A. B. Proal.-V. 98, p. 528.
Union Oil Co. Calif.-Report.-See "Ann. Reports."
•*Suit by Government to Recover Mineral Lands.-
A suit was filed by the Government on March 30 in the U. S. District
Court, Southern District of California, against the company, the Midway
Oil Co., Union 011 Co., United Midway Oil Lands Co.and others, to recover
title to 160 acres of land in the Midway,field near Taft. The land in question, it is claimed, is worth about $1.000,000. The Government contends
that the land was taken up about one year after the withdrawal order of
Sept. 1909. The "San Francisco News Bureau" says that three oil wells
are operated on the property.-V.98, p. 1005, 392.
United States Coal Co. Cleveland 0.-Bonds.-The
Guardian Savings & Trust Co. of Cleveland, 0., the mortgage trustee, is placing at par and int. $500,000 1st M.6s.
An Ohio corporation in successful operation for 15 years. Entire
capital stock,$2,000,000,owned by Pres. Robert R. Rhodos, V.-Pres. M.A.
,and Gen. Man. & Sec. H. E. Willard of Cleveland.
Bradley
Tho U. S. Circuit Court of Appeals in this city on April 8 reversed the
Bonds dated April 1 1914. Due serially on July 1 $25,000 1915 to 1923
.decision of Judge Ward, who dismissed the suit brought by Francis Mostyn and $275,000 July 1 1924, but red. on any interest date on 30 days' notice
a
E.
Huntington
and other English investors to recover from Henry
at 102 and int. Par $1,000 and $500. Prin. and int. (J. & J.) payable
director, the late Everett B. Webster of Boston,the President, and others
at office of trustee. Total auth. $300,000, the final $300,000 to be issued
money invested in the company's stock through alleged fraudulent.state- only under restrictions for additions or improvements. The present
ments, on the ground of lack of evidence and "multifariousness.' The $500,000 will pay, on July 1 1914, the balance of an original $750,000
case is transferred to the law docket and each complainant is permitted bonds. An absolute first lien July 1 1914 on the entire property, including
to adopt such parts of the bill of complaint as he may be able to utilize about 14,630 acres of coal in Jefferson County, Ohio (Pittsburgh seam),
in a suit at law -V.96, p. 1427, 793.
two well-equipped coal mines, dwelling houses, power plants, coal cars,
machinery, &c., total independently appraised value $2,856,614. Coal
Natomas Consolidated California.-New Plan.averages, it is stated, 4 ft. 7 in. Also owns the (unbonded) Dilionvale &
we
not,
be
will
understand,
carried
240,
The plan as outlined in V. 98. p.
Smithfield
RR., about 7 miles, and has pledged its entire capital stock as
through, the trustees, it is understood, being at work on a new plan.
collateral for these bonds. Sinking fund 5 cts. per ton on each ton of runThe trustees of the Sloss securities are: Frank B. Anderson (Chairman), of-mine coal removed from the property.
Morgan,
T.
Herbert
Percy
Sec.),
John S. Drum (Vice-Chairman and
Results for 5-year period ending June 1913: Gross earnings, $3,894,646;
Fleishacker and E. S. Helier, with office in the Alaska Commercial Bldg., net earnings, $471,582; coal mined and sold, 3,819,503 gross tons.Ban Francisco -V. 98, p. 240.
V. 74, p. 684.
National Steel & Wire Co.-Decision Reversed.-
New York Transportation Co.-Earnings.-
United States Light & Heating Co.-Bonds.-
The shareholders at the meeting on April 9 unanimously ratified the plan
New York Transportation Co.
Other -Profit & Loss- Balance,
Net (after
to issue $1,500,000 15-year 6% 1st M. serial bonds. See full particulars
Gross
Period
Earns. Taxes, &c.) Income. Cred. Charges. Sur. orDef. V. 98, p. 1076, 1068.
Covered
6 mos. endingUnited States Steel Corporation.-Orders March. 31./1483 def.$12,148 $45,836 $274 $13,725 sur.$20,238
Dec.31 1913Dec.31 1912_ 25,387 def. 6,318 30.626 8,386 15,779 sur. 16,915 See "Trade and Traffic Movements" on a previous page.
Year ending20,399 60,631 11,320 27,470 sur. 64,880
Decision.-In a suit brought by the Carnegie Steel Co. for
June 30 1913_ 148,710
67,354 47,515 29,415 164,666 def. 20,383 damages against the Cambria Steel Co. for alleged infringeJune 30 1912_ 901,261
Fifth Avenue Coach Co.
ment of a patent right, which had been pending in the U. S.
6 mos. ending678,557 $5,371 $129 $24,762 sur.S59,295 District Court for over 15 years, Judge Buffington last week
Dec.31 1913_6565,476
sur.
44,281
1,644
857
3,343
41,725
396,909
1912_
Dec.31
handed down a decision awarding the complainant damages
Year ending5,865 5,329 40,398 sur.132,139 in excess of $600,000.
161,342
June 30 1913_ 935,668
1,853 sur. 46,902
3,426 2.143
43,185
June 30 1912_ 675,447
The suit was over a patented mixing machine invented by the late Capt.
The total deficit of the New York Transportation Co. on Dec. 31 1913 William It. Ames, who at the time he devised it was superintendent of the
was $2,774,570, against $2.774,570 on June 30, and of the Fifth Avenue Edgar Thomson works of the Carnegie Steel Co., and assigned all patent
Coach Co. Dec. 31, $226,762, against $286,057 June 30 1913. The taxi- rights over to that company.-V.98, p. 1005, 918.
cab and electric vehicle business was sold in the spring of 1912.-V. 97, p.
519.
Universal Caster & Foundry Co.-Calkd Bonds.for payFifteen 6% bonds secured by mortgage Dec. 14 1903,
Otis Steel Co.-New Director.a
elected
to
director
been
has
at par and int. at Fidelity Trust Co. of Newark on April 1.ment
financier,
London
A. W.Tait, a prominent
ChairV. 96, p. 794.
succeed the late Thomas Frame Thomson. Mr. Tait will be made
man of the board.-V.98, p. 766,693.
cal. year:
Utah Consolidated Mining Co.-Earns.-For
Sold.
Total
-All
Co.
Power
&
Previous Dividends Erpend.
Net
Total
tIs4 Pennsylvania Water
members Calendar
Surplus. (30%). Written Off. Sum.
Profits.
Profits.
The Fidelity Trust Co. of Baltimore on March 25 notified the $400,000
$772,096
the
$5,641
that
manager
is
it
which
$450,000
of
syndicate
$591,267
1913
of the local underwriting
32,096,956
32.096,956 $636,470
591,267
450.000 36,985
474.329
603,923
1,677,919
1st M. 5s underwritten (part of about $1,300,000 taken by New York 1912
against
bankers) had all been sold, making $9,755,000 or the issue outstanding.
Copper bullion and supplies on hand Dec. 31 1913, $649,041,
of
lbs.
copper
1913 7,710,668
-V.98, p. 520, 527.
$401,430 in 1912. There were produced in
ozs.),
230,004
(against
of
silver
ozs.
378,960
1912),
in
6,506,814
(against
ecTRubber Goods Manufacturing Co.-Earnings.
528.
p•
lead.
98,
of
-V.
lbs.
14,172 ozs. gold, and 19,208,603
Balance,
Bond Re- Dividends
Net
Net
Calendar
Def.
or
Sur.
Paid.
Profits. demp'n, &c.
Sates.
YearUtah Securities Corporation N. Y.-$6,000,000 for
635,640,365 $2,325,954 $15,817 $2,462,518 def.$152,381
1913
2,280,601 sur. 468,014 Purchase of Notes.-The Guaranty Trust Co., trustee, now
15,872
2,764,487
36,147,332
1912
-V. 96, D. 1493.
has on deposit $6,000,000 for re-purchase of the 10-year 6%
Simpson-Crawford Co., N. Y.-Reorganization.-
effective by
The plan of reorganization (V. 98, p. 1004) has been made
Siegel & Co.,
(1) the compromise of the claim of the receiver of Henrythe
creditors of
bankers, for $325,000 (including $132,500 to be paid by
large
the Boston store),(2) the acceptance of option No. 1 of the plan by aof
the
Hough
majority of the creditors and (3) the confirmation by Judge
sale of the assets for $387,600 to the now Siegel Stores Corporation, the
Gimbels withdrawing.
Judge Hough in the Federal District Court issued his formal order Apr.3
directing that the creditors of the Simpson-Crawford Company shall by
plan (V 98, 1)•
April 16 either accept one of the options extended by the
order showed that
1004), or must take 16 % in cash for their claims. The
aggregating
claims
with
creditors
by
accepted
been
had
option
first
the
$2,651,566 against the Simpson-Crawford Co. and by creditors with
Co. The
claims aggregating $155,255 against the Merchants' Express
April 5.
reorganized company re-opened the Simpson-Crawford store on
See V. 98, p• 1004. The new Simpson-Crawford Corporation was incorporated at Albany on April 3 with $3,350,000 capital stock.
gold notes of 1912. Total now out, $23,667,000; (see V.
97, p. 1668, 1827) at not over 101 and int.
at 140 Broadway, N. Y.*
ois Sealed proposals will be received by the trustee so
purchased must be de-
until 12 M.,Tuesday, April 211914. The notes
livered on or before A pril 29 1914. The money for this purchase comes
from the sale of bonds of the Utah Power & Light Co. dated Feb. 1 1914,
of which $10,000,000 is now out (see V. 98, p. 528). Since Jan. 1 the
aforesaid 6% notes have advanced from 73 to 88 and are now quoted at
85% to 86.-V. 98, p. 457, 528.
„.-4,17ancouver Power Co. Ltd.-Listed in London.
of £650,000
%
The London Stock Exchange has listed a further issue
perpetual guaranteed _debenture stock, making the total listed £850,000
-V.97, p. 1120.
an.
For Other InvestmentiNews. see page 1172.
1,1)R. 11 1014.)
THE CHRONICLE
1161
Stparts mutPornments.
PUSLIGHEO
ADVER1a3.4.78.
PUBLIC SERVICE CORPORATION OF NEW JERSEY
FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1913.
To the Shareholders:
The combined results of operation of Public Service Corporation of New Jersey and subsidiary companies for the
twelve months ending December 31 1913 were as follows:
both Camden and Trenton, and is designed to fully provide
for the territory between those cities and to supplement the
large stations of the Electric Company at those places, which
stations are rapidly reaching their maximum output.
Operating revenue of subsidiary companies
$34,592,473 80
The Corporation has continued its policy of building perOperating expenses and taxes
$18,844,607 50
Amortization charges (a)
1,007,590 84 19,852,198 34 manent.homes for its subsidiary companies in the various
$14,740,275 46 centres in which it carries on business. A large addition to
Non-operating income
377,972 21 the Trenton office, involving the complete remodeling
Public Service Corporation of New Jersey income from securities pledged and from miscellaneous sources
2,308,873 59 thereof, referred to in the last report, has been completed.
The new office building in Elizabeth has been finished and
$17,427,121 26 putinto operation., and a new
office structure in Montclair is
Income deductions of subsidiary companies (bond interest,
rentals and miscellaneous interest charges)
11,911,316 08 nearing completion. Desirable sites have been acquired
in Hackensack, Passaic and Hoboken for the construction,
$5,515,805 18
as soon as practicable, of similar offices for the use of the
Public Service Corporation of Now Jersey
income deductions:
subsidiary companies.
Interest charges
$2,955,758 13
Early in the year, after months of previous study and conAmortization of debt discount and expense _102,347 49
Sinking Fund for Public Service general
sideration, the Corporation projected the most comprehenmortgage 5% bonds (b)
209,500 00 3,267,605 62 sive improvement in its history,
namely the construction
Net income
$2,248,199 56 of
a modern combination street railway terminal and office
Appropriation accounts of subsidiary companies:
Additional amortization of capital
$368,719 00
building in the City of Newark. This city is so situated,
Amortization of new business expenditures
by virtue of its geography, its traditions, the. habits of its
prior to January 1 1911
40,330 56
Adjustments of surplus account
80,585 36
489,634 92 people and the contour of its streets, that, starting from small
$1,758,564 64 beginnings, all travel has focused or centralized at the corner
Appropriation accounts of Public Service Corporation of
of Broad and Market streets. With the extraordinary
New Jersey:
Sinking Fund accruals applicable to 1912.._....
$52,375 00
growth of the city and the development of its passenger
Adjustment of surplus account
_20,249 01
72,624 01 traffic, an intolerable
congestion of traffic has arisen, which
Net increase in surplus
$1,685,940 63 must be
relieved if the city is to continue its marvelous
(a) Additional amortization to the amount of $368,719 00 appears under
development.
"Appropriation
The proper limits of this report will not
head of
Accounts of Subsidiary Companies, making a
total of $13'76,309 84.
permit of a detailed description of this proposed improve(b) Additional Sinking Fund accruals to the amount of $52,375 00 apment.
Suffice
it to say that the Corporation caused to be
ear under the head of "Apropriation Accounts of Public Service Corporaton of New Jersey," making a total of $261,875 00.
purchased a large and enormously valuable tract of land in
Dividends at the rate of six per cent per annum, aggre- the very centre of Newark, facing on Park Place and having
gating $1,500,000, were paid during the year upon the capital large frontages on North Canal and Pine streets and an outstock of the Corporation, which amounts to $25,000,000 let on East Park Street. Private rights of way also were
at par.
purchased to provide for an approach to a subway running
An inspection of the foregoing figures shows that the Cor- easterly from Washington Street to the proposed terminal
poration has had a prosperous year. The fact that the net and for elevated trackage running westerly from Mulberry
increase in surplus, after the payment of dividends, was only Street to the new station. A building was designed, the
approximately $186,000 is due to the large and unusual— basement of which should serve as a terminal for cars apas compared with former years—amount set aside for amorti- proaching through the subway. The ground floor was laid
zation charges, this sum having reached a total of $1,376,- out as a combination concourse or station, and a commercial
309 84 in the year 1913, whereas the amount the Corpora- office for the gas and electric businesses of the Corporation,
tion was obligated to thus set aside, under its agreement and the second floor was designed as a terminal for cars apwith the bankers who made the original purchase of its Gen- proaching the building by. the elevated structure. It is coneral Mortgage Bonds, was only $800,000. The sum set fidently believed that the carrying out of this plan will enable
aside for similar purposes in 1912 was $722,077 96. To the the Corporation, as occasion requires, to double the number
amount set apart for amortization should be added $261,875, of cars to be dispatched from the centre of the city to the
the amount set aside for the sinking fund under the terms of suburbs during the rush hours of the day. Since January
the mortgage securing the issue of the General Mortgage 1913 these plans have been under consideration and negoBonds of the Corporation, making a grand total set apart tiation by the Corporation and the city authorities, which
during the year for amortization of properties and redemption have agreed upon the same; and the ordinances, expressing
of securities of $1,638,184 84.
this agreement, which have been passed by the city and
The Corporation financed itself and its subsidiary com- accepted by the Railway .Company, have. just been appanies for the year by borrowing on February 1st $2,000,000 proved by the Public Utility Commission in their entirety,
on a one-year note, secured by $2,500,000 of its General as this report goes to press; so that now the way is clear for
Mortgage Bonds, and by selling on January 27th 1913 the work to progress. It is contemplated to push the work
$7,000,000 par value of these same bonds to Fidelity Trust rapidly, so that the entire project may be completed not
Company of Newark, New Jersey. The terms of the sale later than January 1st 1917.
The building, in addition to the subway floor, will consist
provided that deliveries should be made at times during the
year when the Corporation would need the money. In of eight stories, the upper six of which will ho used for the
addition to the foregoing, $620,000 par value of North Hud- general offices of the Corporation. Upon tho completion
son County Railway Company Five Per Cent Consolidated of this structure the Corporation will, with the concurrence
Mortgage Bonds were sold December 23rd 1913 to take up of The Prudential Insurance Company of America, surrender
and replace a like amount of North Hudson County Railway its lease upon its present offices in the Prudential Building,
Company Six Per Cent First Mortgage Bonds which matured on the corner of Broad and Bank streets. It is estimated
January 1st 1914, and 8590,000 par value of Elizabeth & that the complete improvement will cost approximately
Trenton Railroad Company Five Per Cent First Mortgage 85,500,000, the financing of which has been provided for
Bonds were sold for construction purposes.
so the money will be available as it is needed.
During the last twelve months additional pre-payment
MAINTENANCE OF PROPERTIES.
cars have been put into service upon the system, so that the
The properties owned by the Corporation have been main- total number being operated is 1,156.
tained throughout the year at a high standard of efficiency.
In track work 26.3 miles were re-constructed with the same
rail, 15.9 miles were re-constructed with new rail, and 14.6
IMPROVEMENTS COMPLETED.
The most important of the many improvements completed miles of track extensions were completed. Eight and eightduring the year was the construction of that portion of the tenths miles- were welded with electric weld joints.
The Hudson Division new headquarters for the distribuPublic Service Railroad which connected the lines of the
tion department of the Electric Company and the way and
Public Service Railway Company at Elizabeth with those at line
departments of the Railway Company was completed
Metuchen,and which, taken together with the reconstruction
is in full operation.
of the old Trenton & New Brunswick property, made a and
Following its custom, a large amount of new underground.
complete trans-State line from the Hudson at Hoboken work
was completed by the Electric Company. Approxiand Jersey City to the Delaware at Camden. This work mately
$500,000 per year is being spent upon this character
was referred to at length in the last annual report, it being of work.
then in course of construction and reconstruction. A fast were laid Eighteen street miles of underground conduits
during the year and 101 miles of transmission lines
line between Trenton and Newark was inaugurated July 1st,
and is running regularly. Although travel upon it to date has installed.
Sub-stations
at East Trenton, Bordentown, Burlington,
been comparatively light, its prospects for the future are
Riverside and Mount Holly, to be used in connection with
encouraging.
the
operation
of
the new Burlington station above referred
A large electric power station was constructed and
to, were commenced or completed. In addition thereto a
all but completed during the year at Burlington. This small
sub-stati
on
was constructed at Hawthorne in the
power station is to be connected by high-tension lines with Passaic
Division.
THE CHRONICLE
1162
The fifth section of the Marion Station was constructed,
thus completing this station, except possibly for the future
replacement of certain units therein contained with larger
ones.
The most important construction work completed by the
Gas Company during the year was the erection of a 2,000,000
cubic foot holder, and the installation of three largo gasengine-driven compressors, at Trenton. Six waste heat boilers were installed at Newark and two at Paterson, similar
boilers having been previously tried out with success at
Jersey City.
[VOL.
zevrti.
the pay of trainmen ever put into effect at one time by any
electric railway company in this country. The theory of the
scale, as worked out, was to pay the new and untried men
all that they were worth, and to develop gradually, as the
men became more experienced, a scale of wages that would
ultimately pay to the experienced trainmen all that the traffic
would bear. The scale is as follows:
BUSINESS FOR THE YEAR.
Period—
1st 6 months
"
2nd 6
2nd year
3rd "
4th "
5th "
Rate in Cents
Rate in Cents
Periodper Hour.
Per hour.
6th year
23
27
7th "
24
28
8th "
25
28
9th "
26
29
10th "
26
29
11th year and thereafter
27
30
The operating revenue of the subsidiary companies of the
The Company's action was received by the men with enCorporation increased $2,123,071 90 for the year, but these
may say, without fear of
figures include in operating revenue certain items which'did thusiastic gratification. I think Iin
this country has a more
not appear under the bead of revenue in 1912, but were over-statement, that no Company
to-day serving Public
treated as deductions from operating expenses. This change loyal body of trainmen than those
is due to the adoption of a standard system of accounts pro- Service Railway Company.three operating companies carried
Throughout the year the
mulgated by the Public Utility Commission,which, in the
Employees' Assocase of the Gas and Electric Companies, went into effect on very useful meetings of theirofrespective
National Associations
the
Sections
Company
or
ciations,
put
been
having
the
Railway
classification
1913,
1st
January
to which the respective companies belong. These meetings
into effect January 1st 1911.
discussions of live topics
The increase in operating revenue of the Railway proper- are officered by the employees and interest in the operation
are held, which actively stimulate
ties was 5.5%. Total passengers increased 5.5%.
are most instrucThe Accident Account of the Railway properties, including of the respective' utilities. The meetingsin connection
with
the cost of operation of the Claim Department, absorbed tive and educational, and the work done
and the em4.15% of the passenger receipts, as against 4.32% for the them is very valuable, to both the Company
ployees.
year 1912.
The social work among the employees of the Railway
There was an increase in kilowatt hours sold by Public
year, with
Service Electric Company of 21,424,234, the gain being Company was well maintained throughout tho
17.78%. The revenue from electric sales increased 12.13%. gratifying results.
PUBLIC UTILITY COMMISSION.
During the year a census was made of all power plants
The relations of the subsidiary companies of the Corporaused for manufacturing purposes in the territory served by
Public Service Electric Company and which are not using tion with the Public Utility Commission have remained
Public Service power. A classification of same has been pre- cordial throughout the year.
THE GAS CASE.
pared as a basis for an energetic canvass of this class of bush
In the last annual report a full statement was made of
ness. The total horse-power not operated by this Company
is 477,561, distributed among 2,178 plants. Of the total the result of the investigation by the Public Utility Commisnumber of these plants,88.3% are belt driven and 11.7% sion into the rate charged for gas in the Passaic Division,
are electric driven. The industries represented by these and the Commission's order, reducing the price of gas in
plants are of the most diversified character and afford a field said division, as of February 1st 1913, from one dollar to
for development of this business by the Company that has ninety cents, and its recommendation for a similar reduction
great promise for the future.
throughout the rest of the territory served by Public Service
The revenue from electric sales averaged 5.86 cents per Gas Company, to take effect as of May 1st 1913—which rekilowatt hour, as against 6.16 cents per kilowatt hour for quest was complied with by. the Gas Company, without,
the previous year.
however, waiving its right to contest the legality of the deThe number of appliances sold, both gas and electric, in- cision and the principles upon which it was based. The
creased very largely over the number sold the previous year, action of the Commission was promptly taken by the Gas
and should affect favorably the sales of gas and electricity Company, upon certiorari, to the New Jersey Supreme
Court, where, after hearing, the order of the Commission and
4uring the coming year.
The gas sales of the Gas Company. increased 622,290,652 the principles upon which it was based were affirmed by that
cubic feet, a gain of 6.48% but, owing to the reduction in Court. A writ of error from this decision was immediately
rate imposed by the Public 'utility Commission, and referred taken by the Company to the Court of Errors and Appeals,
to in last year's report, which took effect in the Passaic Divi- the last resort in all cases in this State. A full argument was
sion February 1st and in the other divisions of the Company held at the November term of the Court of Errors and
May 1st, the revenue from the sale of gas for the year de- Appeals. The case is as yet undecided, but we are confioreased $125,929 41. As for many years past the increase in dent that that great Court will recognize the principle of
the send-out of gas has averaged 7% or upwards, and, as this the value of the Company's franchises for rate-making puryear, with the reduced rate in effect throughout nearly all the poses—which is the question in the case—and sustain the
period, it increased only 6.48%, a complete denial is appar- justice of the Company's position.
ently furnished to those who insisted that the reduction in. FINANCIAL STATEMENT AND STATISTICAL INFORMATION.
the price of gas would be accompanied by an abnormal inI call attention to the balance sheets and statements of
crease in the quantity used. Such is not the fact.
earnings and expenses of the Corporation and its subsidiary
TAXES.
companies, which have been verified by the Stone & Webster
aloe taxes paid during the year amounted to $2,062,- Management Association, and to the usual statistical in981 69, an increase over the year 1912 of $189,963 53. In formation and other statements herewith submitted.
THOMAS N. McCARTER, President.
addition to this, the Corporation, as usual, contributed large
—===
sums to municipalities in the form of new improvements,
PUBLIC SERVICE
COMBINED RESULTS OF OPERATION OF
street paving, and street paving assessments.
JERSEY AND SUBSIDIARY COS.
INSURANCE.
The fire insurance carried as of December 31st 1913
amounted to $28,209,751. This is an increase over the corresponding period of the previous year of $1,349,082. The
Premiums for the year 1913 amounted to $108,235 13, an
actual decrease in premiums, as compared with the previous
year, of $10,299, and a decrease in the rate per $100 of insurance from 44 cents for the year 1912 to 38.3 cents for the
year 1913.
WELFARE WORK.
The total cost of welfare work for the year 1913, as compared with the year 1912, is as follows:
1912.
1913.
Insurance
Sick benefits
Pensions
Expenses
$10,767,30 $19,008 07
24,917 34
24,118 46
14,740 12
11,168 93
9,053 20
6,819 86
365.477 96 361,116 22
The pension roll was increased from 41 at the beginning to
49 at the close of the year. Sick benefits were paid upon
,247 cases, at an average of $19 98 per case.
The cost of accidents arising under the Employers' Liability Act was $56,420 98. Of this the total payments provided by the Act amounted to $37,335 43, there being
$10,525 18 additional compensation paid under the authority
of the Welfare Committee. The expenses of the department amounted to $8,560 37.
At the close of the year the Railway Company voluntarily
put into operation, as of January 1st 1914, a new, comprehensive and final wage scale for its trainmen, upon which it
had long been working. It will, during 1914, involve an increase in expenditure over the year 1913 of approximately
$200,000, and is believed to be the largest single increase in
CORPORATION OF NEW
DECEMBER 31 1913
FOR THE TWELVE MONTHS ENDING
$34,592,473 80
Operating Revenue of Subsidiary Companies
50
$18,844,607
Operating Expenses and Taxes
4
31
82
92
17
2:9
57
87
1,007,590 84— 19,3
Amortization charges
$14,740,275 46
Non-operating income
from sePublic Service Corporation of New Jersey income
2,308,873 59
curities pledged and from miscellaneous sources
$17,427,121 26
Interest,
Income deductions of subsidiary companies (bond
11,911,316 08
rentals and miscellaneous interest charges)
$5,515,805 18
Public Service Corporation of New Jersey
income deductions—
Interest on perpetual interest-bearing cer- $1,202,025 65
tificates
Interest on Public Service General Mortgage 1,598,143 05
5% Bonds
155,589 43
Interest on miscellaneous obligations
102,347 49
Amortization of debt, discount and expense
General
Service
Sinking Fund for Public
209,500 00-3,267,605 62
Mortgage 5% Bonds
$2,248,199 56
Not income
Appropriation accounts of Subsidiary Companies-$368.719 00
Additional amortization of capital
Amortization of new business expenditures
40,330 56
prior to January 1 1911
80,585 36— 489,634 92
Adjustments of surplus account
$1,758,564 64
Appropriation Accounts of Public Service
Now
Jersey—
of
Corporation
$52,375 00
Sinking Fund accruals applicable to 1912_ _20,249 01— 72,624 01
Adjustments of surplus account
31,685,940 63
Net increase in surplus
Corporation of
We have examined the general books of Public Service
,
that the forecertify
and
New Jersey and its subsidiary operating companies
a fair and correct
going income statement is so prepared as to present
companies
these
for the
of
operation
statement of the combined results of
1913.
twelve months ended December 31MANAGEMEN
T ASSOCIATION.
STONE & WEBSTER
By A. R. PATTERSON, Auditor.
APR. 11 1914.)
THE CHRONICLE
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
BALANCE SHEET DECEMBER 31 1913.
AssetsCash
Accounts receivable
Interest and Dividends receivable
InvestmentsAdvances to
P.S.Ry.Co.$6,309,250 00
PerpetualInterest-bearing Certls 864,085 00
Other Inveitments _74,457,843 13
3249,425 01
38,317 66
886,719 80
81,631,178 13
GeneralMortgage5%Sinking Fund 50 Year Gold
Bonds in Treasury
2,500,000 00
Oinking Fund of General
Mortgage 5% Sinking
Fund5O-YearGoldBonds 215,28736
Other Special Funds
286,70444
Prepayments
12830
Unamortized Debt, Diseount and Expense.._ _ _ 4,262,504 10
Other Suspense
116,013 81
LiabilitiesGeneral Mortgage 5%
Sinking Fund 50-Year
Gold Bonds
$39,500,000 00
Perpetual interest-bearing
certificates
20,047,370 00
Taxes accrued
26,886 51
Interest accrued
707,278 74
Other accrued liabilities_
52,375 00
Bills payable
2,018,090 00
Advances from other corporations (Public Service Gas Company)-600,000 00
Other accounts payable_ _
61,184 89
Other unfunded debt_ _ _ _
100,000 00
Contractual reserves
501,935 80
Other required reserves__
69,406 39
Capital stock
25,000,009 00
Corporate surplus
1,501,751 28
390,186,278 61
PUBLIC SERVICE ELECTRIC COMPANY.
BALANCE SHEET DECEMBER 31 1913.
AssetsFixed capital Installed prior
to January 1 1913
311,454,128 78
Fixed capital installed since
December 31 1912
3,886,032 23
MaterialS and supplies__ _
723,821 51
Cash
376,086 46
Bills receivable
. 100 00
Accounts receivableCustomers _31,143,789 05
Miscellaneous 329,389 55
1,473,178 60
Interest and dividends receivable
2,112 50
Other current assets
51,025 00
Other special deposits_ _ _
1,00000
Investments
99,606 96
Sinking Funds
64 13
Prepayments
149,078 15
Other suspense
160,885 67
LiabilitiesTaxes accrued
$36,327 01
Interest accrued
6,148 22
Other accrued liabilities
237,645 24
Consumers' deposits
259,785 50
Other accounts payable_ _
580,531 53 ,
Other unfunded debt.. _
439,170 00
Accrued amortization of
capital
241,660 86
Casualty and insurance reserve
23,438 56
Other optional reserves__ _
606 04
Capital stock
16,000,000 00
Corporate surplus
551,899 03
$18,377,209 99
$90,186,278 61'
PUBLIC SERVICE GAS COMPANY.
BALANCE SHEET DECEMBER 31 1913.
Assets-LiabilitiesFixed capital installed prior
Taxes accrued
to January 11013
$7,801,830 59 Interest accrued
$44,880 86
187 50
456,712 62
Other accrued liabilities__ _
Fixed capital installed since
575,088 06
1,372,019 35 Consumers' depozits
December 31 1912
Other accounts payable__ _
628,640 46
FIXed capital in other de3,989 48 Other unfunded debt
113,228 75
partments
915,179 17 Accrued amortization of
Materials and supplies_ _ _
167,427 01
capital
194,697 98
Cash
2,301 00 Other required reserves_
Bills receivable
5,1,0040
Casualty and insurance reAccounts receivableserve
Customers __$1,169,400 21
11,789 32
68,605 98
Miscellaneous
Other optional reserves_ _ _
942 50
1,238,012 19 Capital stock
10,000,000 00
Interest and dividends reCorporate surplus
615,584 25
ceivable
564 47
Other current assets
4,925 00
InvestmentsAdvance to
P.S.Cor.o
New Jersey $600,000 00
Other invest. 258,104 36- 858,104 36
Sinking Funds
64 11
Other special funds
5,960 46
Prepayments
94,115 90
suspense
Other
183,159 67
$12,647,712 76
1163
$12,647,712 76
$18,377,20999
PUBLIC SERVICE RAILWAY COMPANY.
BALANCE SHEET DECEMBER 31 1913.
AssetsFixed capital installed prior
to January 1 1911
$82,148,402 58
Fixed capital installed since
December 31 1910
5,325,593 92
Fixed capital in other departments
40 94
Materials and supplies_ _ _
450,475 71
Cash
195,302 14
Bills receivable
850 00
Accounts receivable
127,736 87
Interest and dividends receivable
27,106 17
Other current assets
39,625 00
Other special deposits
7,709 73
Investments
134,381 32
Prepayments ....... _
153,055 04
Unamortized debt discount
and expense
76,175 75
LiabilitiesFunded debt
$42,070,000 00
Taxes accrued
183,093 22
Interest accrued
414,034 11
Other accrued liabilities_ _
243,120 80
Advances from other corporations (Public Service Corporation of New
Jersey)
6,309,250 00
Other accounts payable
1,062,533 04
Other unfunded debt
203,435 00
Accrued amortization of
capital
35,578 65
Unamortized premium on
debt
10,066 09
Casualty and ins. reserve
51,999 52
Capital stock
38,000,000 00
Corporate surplus
103,474 54 .
$88,686,584 97
588,686,584 97
We have examined the general books of Public Service Corporation of
New Jersey and its subsidiary operating companies and certify that the
balance sheets as of December 31 1913, appearing on pages 14 and 15
lof pamphlet report), are in our opinion properly drawn up, and show the
true financial condition of the Corporation and its subsidiary operating companies as of that date.
STONE & WEBSTER MANAGEMENT ASSOCIATION,
By A. R. PATTERSON, Auditor.
•
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31 1913.
Authorized.
Outstanding.
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
Public Service Corp Tation of New JerseyPublic Service Corporatio n of New Jersey 5% General Mortgage. Due October 1 1959.
Fidelity Trust Compan y (Newark), Trustee. Interest Payable April and October__ $50,000,000 00 $39,5011,000 00
Perpetual Interest Bearl g Certificates of Public Service Corporation of New Jersey.
Fidelity Trust Compa ty (Newark), Trustee. Rate 6%. Interest Pajable May
and November
20,200,000 00 20,047,370 00
359,547,370 00
Public Service Gas C )mpanY.
Public Service Electr lc Company.
Companies Leased b , Public Service Gas CompanyNewark Consolidated Gas Company 5% Consolidated Mortgage. Due December 1
1948. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and Do•
cember
Newark Gas Company 6% First Mortgage. Due April 1 1944. J. William Clark, 310,000,000 00 $6,000,000 00
Marcus L. Ward, Joh l 0. H. Pitney, Trustees. Interest Payable July, October,
January, April, at Fid Alty Trust Co. Newark
4,000,000 00
3,999,700 00
Hudson County Gas Coilnpany 5% First Mortgage. Due November 1 1949. New
Jersey Title Guarante a dc Trust Co., Trustee. Interest Payable May and November
10,500,000 00 10,500,000 00
New Brunswick Light, I[eat & Power Company 47
0 First Mortgage. Due Deemcomber 15 1939. Fidelity Trust Co. (Newark), Trustee. Interest Payable June
and December
500,000 00
500,000 00
Ridgewood Gas Compan , 5% First Mortgage. Due June 11925. Equitable Trust
Co., Trustee. Interes Payable Juno and December
100,000 00
100,000 00
Ridgewood Gas Compan'5°/ Second Mortgage. Due April 11925. Fidelity Trust
Co. (Newark), Trustee). Interest Payable April and October
100,000 00
85,000 00
Companies Leased b - Public Service Electric Co..
Vnited Electric Compan r of New Jersey 4% First Mortgage. Due June 1 1949.
New Jersey Title Gnat•antee & Trust Co., Trustee. Interest Payable June
and
December
20,000,000 00 18,617,500 00
,Consumers' Light, Heat lc Power Company 5% First Mortgage. Duo June 1
New Jersey Title Gua rantee & Trust Co., Trustee. Interest Payable June1938.
and
December
1,000,000 00
308,000 00
North Hudson Light, He it & Power Company 5% First Mortgage. Due October 1
'1938. New Jersey T tie Guarantee & Trust Co., Trustee. Interest Payable
April and October..
2,000,000 00
367,000 00
Middlesex Electric Light & Power Company 5% First Mortgage. Due January 1
1955. Fidelity Trust Jo. (Newark), Trustee. Interest Payable July and January
200,000
00
181,000 00
Weehawken Contracting Company 6% First Mortgage. Due February 20 1928.
Weehawken Trust Co., Trustee. Interest Payable August and February
30,000 00
30,000 00
Companies Leased b 'Public Service Gas Co.and Public Service Electric Co.Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. Due
March 1 1949. The P Etterson Safe Deposit & Trust Co., Trustee. Interest Payable September and M trch-----------------------5,000,000 00
4,049,000 00
Edison Electric IlluminatIng Company of Paterson ---- Pir;tiiiorEgage.
hue------i
1925. The Paterson S tfe Deposit & Trust Co., Trustee. Interest Payable
January and July
600,000 00
585,000 00
Passaic Gas Light Comp ny 6% First Mortgage. Duo June 1 1922. The Paterson
Savings Institution, Trustee. Interest Payable June and December
50,000 00
50,000 00
Passaic Lighting Compan3,5% Consolidated Mortgage. Due May 1 1925. Guaranty Trust Co., Trust s. Interest Payable May and November
450,000
00
316,000
00
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March 1
1953. Fidelity Trust Jo. (Newark), Trustee. Interest Payable September and
March
Burlington Gas Light Co ripAny 5% First Mortgage. Due May 11921. Burlington 15,000,000 00 12,892,000 00
'City Loan & Trust Co., Trustee. Interest Payable May and November
100,000 00
100,000 00
Trenton Gas & Electric C)mpany 5% First Mortgage. Due March
11949. Equitable Trust Co., Trustee. Interest Payable March and September
2,000,000 00
2,000,000 00
Somerset Union & Middl mex Lighting Company 4% First Mortgage. Duo December 1 1943. Fidelity Crust Co. (Newark), Trustee. Interest Payable Juno and
December
2.750,000 00
1,974,328 12
$2,500,000 00 $37,000,000 00
864,085 00
19,183,285 00
$3,364,085 00 356,183,285 00
36,000,000 Od
3,999,700 00
10,500,000 00
500,000 00
100,000 00
85,000 00
683,000 00
17,934,500 00
308,000 00
367,000 00
21,000 00
. 160,000 00
30,000 00
4,049,000 00
585,000 00
50,000 00
316,000 00
3,507,000 00
9,385.000 00
100,000 00
2,000,000 00
573,137 96
:1,401,190 17
1164
[VOL. xcvin
THE CHRONICLE
Amount
Outstanding. I Owned by the
Corporation.
Authorized,
Brought forward
Dentral Electric Company 5% Consolidated Mortgage. Due July 1 1940. Fidelity
Trust Co. (Newark), Trustee. Interest Payable January and July
Ditizens' Electric Company 5% First Mortgage. Due November 1 1915. ColumbiaKnickerbocker Trust Co., 'Trustee. Interest Payable May and November
Edison Electric Illuminating Company of New Brunswick 6% First Mortgage. Due
June I 1918. Benj. F. Howell, Theo. E. Townsend, Trustees. Interest Payable
June and December
Plainfield Gas & Electric Light Company 5% General Mortgage. Due April 1 1940.
Guaranty Trust Co., Trustee. Interest Payable April and October
Somerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelity
Trust Co. (Newark),'Trustee. Interest Payable February and August
The Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Due
November 1 1954. Fidelity Trust Co. (Newark), Trustee. Interest Payable
May and November
The Gas & Electric Company of Bergen County 5% General Mortgage No. 1. Due
November 1 1954. Equitable Trust Co., Trustee. Interest Payable May and
November
The Gas & Electric Company of Bergen County 5% Consolidated Mortgage. Due
June 1 1949. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
December
EIackensack GM Light Company 5% First Mortgage. Due July I 1934. G. W.
Conklin, D. W. Chamberlain, Trustees. Interest Payable July and January at
Fidelity Trust Co.(Newark)
Hackensack Gas & Electric Company 5% First Mortgage. Due July 11935. G. W.
Conklin, E. A. Pearce, Trustees. Interest Payable January and July at Fidelity
Trust Co. (Newark)
Hackensack Gas & Electric Company 6% Debenture Bonds. Due January 1 1917.
Interest Payable January and July
Englewood Gas & Electric Company 5% First Mortgage. Due January 1 1939.
Geo. W.Conklin, David St. John, Trustees. Interest Payable January and July
Princeton Light, Heat & Power Company 5% 30-year Sinking Fund Mortgage. Due
February 1 1939. Equitable Trust Co., Trusteo. Interest Payable February and
August
Shore Lighting Company 591 First Mortgage. Due April 1 1951. Fidelity Trust
Co. (Newark), Trustee. Interest Payable April and October
362,654,528 12
$750,000 00
700,000 00
40,000 00
40,000 00
Amount
in the Hands
of Public.
$4,784,137 95 $57,870,390 17
20,000 00
680,000 00
40,000 00
50,000 00
50,000 00
50,000 00
500,000 00
460,000 00
460,000 00
150,000 00
150,000 00
21,000 00
129,000 00
5,000,000 00
2.071,000 00
455,000 00
1,616,000 00
5,000,000 00
38,000 00
38,000 00
1,500,000 00
1,440,000 00
1,440,000 00
42,000 00
24,000 00
24,000 00
40,000 00
10,000 00
10,000 00
50,000 00
3,000 00
3,000 00
200,000 00
23,000 00
23,000 00
250,000 00
169,300 00
169,300 00
400,000 00
400,000 00
400,000 00
$68,232,828 12
$5,280,137 95 $62,952,690 17
Total Public Service Gas Company and Public Service Electric Company
Public Service Railway CompanyNorth Jersey Street Railway Company 4% First Mortgage. Due May 1 1948.
$15,000,000 00 $15,000,000 00
Bankers Trust Co., Trustee. Interest Payable May and November
Jersey City Hoboken & Paterson Street Railway Company 4% First Mortgage. Due
November 1 1949. New Jersey Title Guarantee & Trust Co., Trustee. Interest
20,000,000 00 14,061,000 00
Payable May and November
gorth Hudson County Railway Company 5% Consolidated Mortgage. Duo July 1
1928. E. A. Stevens, S. B. Dodd, Trustees. Interest Payable January and July
2,998,000 00
3,000,000 00
at First National Bank, Hoboken
gorth IIudson County Railway Company 5% Improvement Mortgage. Due May 1
1924. Fidelity Trust Co. (Newark), Trustee. Interest Payable May and No1,291,000 00
1,500,000 00
vember at Fidelity Trust Co., Newark
North Hudson County Railway Company 591 Weehawken Extension Mortgage.
Due February 1 1915. Central Trust Co., 'Trustee. Ihter(st Payable February
100,000 00
100,000 00
'
and August
Paterson Railway Company 6% Consolidated Mortgage. Due June 1 1931. Colum1,250,000 00
1,250,000 00
bia-Knickerbocker Ti-ust Co., Trustee. Interest Payable June and December_
Paterson Railway' Company 6% 2nd General Mortgage. Due October 11914. Pat300,000 00
300,000 00
erson Savings Institution, Trustee. Interest Payable April and October
Elizabeth Plainfield & Central Jersey Railway Company 5% First Mortgage. Due
December 1 1950. Fidelity Trust Co. (Newark), Trustee. Interest Payable
2,400,000 00
2,500,000 00
June and December
Plainfield Street Railway Company 5% First Mortgage. Due July 11922. Fidelity
100,000 00
100,000 00
Trust Co. (Newark), Trustee. Interest Payable January and July •
Elizabeth & Raritan River Street Railway Company 5% General Mortgage. Due
and
May
Payable
Interest
Trustee.
(Newark),
May 1 1954. Fidelity Trust Co.
1,500,000 00
3,500,000 00
November
Brunswick Traction Company 5% First Mortgage. Due July 11926. Fidelity Trust
500,000 00
00
500,000
July
and
Co. (Newark), Trustee. Interest Payable January
East Jersey Street Railway Company 5% First Mortgage. Duo May 1 1944. Perth
500,000 00
500,000 00
Amboy Trust Co., Trustee. Interest Payable May and November
0 First Mortgage. Due January 11950.
Middlesex & Somerset Traction Company 57
1,000,000 00
1,500,000 00
Fidelity Trust Co. (Newark), Trustee. Interest Payable January and July
$7,230,000 00
$7,770,000 00
1,498,000 00
12,563,000 00
2,998,000 0
1,291,000 00
100,000 00
1,250,000 00
300,000 00
154,000 00
2,246,000 00
100,000 0
274,000 00
1,226,000 00
600,000 00
500,000 00
1,000,000 00
$41,000,000 00 $9,156,000 00 $31,844,000 00
Total Public Service Railway Company
Company
Service
Railway
Public
by
Companies Controlled
June 1 1933. Bankers
Consolidated Traction Company 5% First Mortgage. Due
$15,000,000 00
• $15,000,000 00 $15,000,000 00
and June
Trust Co., Trustee. Interest Payable DecemberMortgage.
Due January 1 1923.
First
Company
44%
Railway
Jersey City & Bergen
at
Trust
Bankers
July
and
Edmund Smith, Trustee. Interest Payable January
258,000 00
258,000 00
1,000,000 00
Co. or First National Bank, Jersey City
Due July 1 1930. New
Newark Passenger Railway Company 5% First Mortgage.
00
00
00
6,000,000
6,000,000
6,000,000
July
and
Jersey Title Guarantee & Trust Co., Trustee. Interest Payable January
Due June 1 1937.
Passaic & Newark Electric Traction Company 5% First Mortgage. Payable
June
and
Interest
Trustee.
Co.,
New Jersey Title Guarantee & Trust
550,000 00
550,000 00
1,000,000 00
December
April 1 1921.
Rapid Transit Street Railway Company 5% First Mortgage. Due
500,000 00
00
500,000
00
500,000
October
and
April
Payable
Fidelity Trust Co. (Newark), Trustee. Interest
Orange & Passaic Valley Railway Company 5% First Mortgage. Due December 1
Payable
Interest
Trustee.
Co.,
Trust
&
Guarantee
Title
1938. New Jersey
750,000 00
83,000 00
833,000 00
1,000,000 00
June and December
New
Camden & Suburban Railway Company 5% First Mortgage. Due July 11946.
1,940,000 00
00
1,940,000
00
3,000,000
July
&
Jan.
Trustee.
Payable
Interest
(Camden),
Co.
Jersey Trust & Safe Deposit
Bergen Turnpike Company 5% First Mortgage. Due July 1 1951. New Jersey
1,000,000 00
1,000,000 00
1,000,000 00
Title Guarantee & Trust Co., Trustee. Interest Payable January and July_ .. _ _
People's Elevating Company 5% First Mortgage. Due October 1 1939. New Jersey
175,000 00
00
175,000
00
250,000
Title Guarantee & Trust Co. Trustee. Interest Payable April and October
New Jersey & Hudson River Railway & Ferry Company 4% 50-year Mortgage. Due
PayInterest
&
Trust
Co.,
Trustee.
Mortgage
4,011,000 00
March 1 1950. United States
4,011,000 00
5,000,000 00
able March and September
*564,000 00
Hudson River Traction Company 5% First Mortgage. Due March 1 1950. United_
00
631,000
00
1,000,000
September_
Payable
and
Interest
March
States Mortgage & Trust Co., Trustee.
00
1,368,000
Riverside Traction Company 5% First Mortgage. Due June 1 1960. West End
1,368,000 00
1.500,000 00
Trust Co., Philadelphia, Trustee. Interest Payable December and June
$83,000 00 32,116,000 00
00
$32.266,000
Total Companies Controlled by P. S. Ry. Co.
$73,266,000 00 $9,239,000 00 $63,960,000 00
Total Public Service Railway Co. and Subsidiary Companies
Co.
Railroad
Service
Public
by
Companies Controlled
$990,000 00
Elizabeth & Trenton Railroad Co. 59' First Mortgage. Due April 1 1962. Logan $1,200,000 00
$990,000 00
Trust Co., Philadelphia, Trustee. Interest Payable April and October
$990,000 00
00
$990,000
Total Companies Controlled by Public Service Railroad Co
$202,036,198 12 817,883,222 95 $184,085,975 17
TOTAL FUNDED DEBT
* $67,000 Hudson River Traction Company bonds owned by New Jersey & Hudson River Railway & Ferry Compa fly.
MISCELLANEOUS OBLIGATIONS.
Public Service Railway CompanyPublic Service Series "A" Equipment Trust 6% Certificates. $40,000 due each January 1 and July 1. Fidelity Trust Co. (Philadelphia), Trustee. Interest Payable
January and July
Public Service Series "B" Equipment Trust 5% Certificates. $22,000 due each January 1st, $23,000 due each July 1st. Fidelity Trust Co. (Philadelphia), Trustee.
Interest Payable January and July
$25,000 duo each
Public Service Series "C' Equipment Trust 5% Certificates. Insurances
of Lives
March 1st and September 1st. The Pennsylvania Company for
September
and Granting Annuities, Trustee. Interest Payable March and$7,000
each
due
Bonds.
Trust
Car
5%
Company
Railway
Suburban
Camden &
April 1st. Camden Safe Deposit & Trust Co.,Trustee. Interest Payable April&Oct. •
Real Estate Mortgages
Public Service Gas Company-Real Estate Mortgages
Public Service Electric CompanyReal Estate Mortgages
Total Miscellaneous Obligations
$800,000 00
$320,000 00
$320,000 00
450,000 00
293,000 00
293,000 00
500,000 0
450,000 00
450,000 00
7,000 00
203,435 00
7,000 00
203,435 00
90,000 00
90,000 00
70,000 00
438,000 00
438,000 00
$1,801,435 00
81,801,435 00
APR. 11 1914.]
THE CHRONICLE
1165
LIST OF STOCKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY, WITH THE RATES OF DIVIDEND PAYMENTS GUARANTEED FROM RENTALS.
COMPANY.
Iudson County Gas Co
33ssex & Hudson Gas Co
gewark Consolidated Gas Co
rho Paterson & Passaic Gas & Electric Co
iouth Jersey Gas, Electric & Traction Co
iomerset Union & Middlesex Lighting Co
rho Gas & Electric Company of Bergen County
rho Gas Light Co.of the City of New Brunswick
Jnitod Electric Company of New Jersey
Vliddlesex Electric Light & Power Co
rho Nichols Electric Light & Power Co. of Nutley, N. J
ilhe East Newark Gas Light Co
Jonsolidated Traction Co
Rapid Transit Street Ry. Co. of the City of Newark
rho South Orange & Maplewood Traction Co
)range & Passaic Valley Railway Co
rho Camden & Suburban Railway Co
The Camden Horse Railroad Co
Weehawken Contracting Co., Preferred
Weehawken Contracting Co., Common
Ditizens' Electric Light Heat & Power Co
Phe
rristown Gas Light Company
l'he Ridgewood Gas Company
gew Jersey & Hudson River Ry. & Ferry
Preferred
gew Jersey & Hudson River Ry.& Ferry Co.,
Co.,Common
E'rinceton Light, Heat & Power Co
3urlington Electric Light & Power Co
;here Lighting Co
Eilverside Traction Co., Preferred
Riverside Traction Co., Common
glizabeth & Trenton Railroad Co.. Preferred
Dlizabeth & Trenton Railroad Co., Common
Amount
RENTALS
Amount
Owned by in Hands of Equivalent Per Cent on
Capital
Corporation
Capital Stock.
Public,
and Pledged Including
Stock
Outstanding Under Gen. Directors' Ann.Rate
Maximum
Mortgage.
Shares. 12-31-13.
Rate.
$10,500,000
$10,500,000
8%
8%
6,500,000
8%
6,500,000
8%
6,000,000
6,000,000
5%
5%
5,000,000
$269,700 4,730,300
5%
5%
_ _ ,- 6,000,000
6,000,000
8%
8%
1,050,000
-4-22-,400
627,600
4%
47
2,000,000
2,000,000
*
5% (1914)
4%
400,000
400,000 4M %
5% (1914)
20,000,000 *19,594,500
405,500
5%
5%
175,000
174,500
500
5%
5%
25,000
24,750
250
10%
10%
60,000
25
/a
a59,975
66
6%
15,000,000
15,000,000
4%
4%
504,000
504,000 11.4.% 114
3 %
225,000
225,000 2 2-3% 2 2-3%
1,000,000
*923,500
76,500 1 4-5% 1 4-5
3,000,000
3,000,000
4%
4%
250,000
250.000
24%
24%
41,050
41,050
6%
6%
70,000
69,450
550
41,175
41,400
225
10%
10%
367,150
367,500
.
350
5%
5%
100,000
100,000
2%
2%
4,633
750,000
b738,167
6%
6%1
2,500,000 2,446,350
53,650
6%
6% f
115,850
122,500
6,650
2%
2%
17,050
17,550
500 12.827 12.827
112,000
104,800
7,200
57:
57:
266,500
266,500
57
5%
747,150
747,150
24,
2.77 (1918)
180,300
180,300
5%
5'i
811,350
811,350
4% (1917)
Date
of
Lease.
Term
of
Lease,
Years.
900
6- 1-03
900
6- 1-03
999
12- 1-98
6- 1-03
900
900
6- 1-03
900
12-31-03
999
1- 1-05
900
1- 2-05
999
7- 1-07
900
5- 1-08
900
5- 1-08
999
9- 1-09
999
6- 1-98
6, 1-93
999
10- 1-03 Perpetual
900 11- 1-03
5- 1-04
999
5- 1-96
999
1- 1-10
999
.
6-15-10
.§6§
Mo
7- 1-10
999
7- 1-10
999
5555-
1-11
1-11
1-11
1-11
000
900
900
900
4- 1-12
999
4- 1-12
999
883.816,300 624.616.883 859.192.217
*Pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest-Bearing Certificates.
a All of this stock except directors' shares is owned by Essex & Hudson Gas Company and Newark Consolidated Gas Company.
b $7,200 Treasury Stock.
LIST OF STOCK OF SUBSIDIARY OPERATING COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Capital
Amount
Amount in
Stock
Owned by Hands of the
Outstanding.
P.S.C. of N.J.
Public. a
Public Service Railway Co____*$38,000,000
z$37,978,000
y$22,000
Public Service Gas Co
10,000,000
z9,998,900
1,100
Public Service Electric Co
16,000,000
z15,999,000
1,000
Public Service Railroad Co.__
105,000
z104,100
900
$64,080,000
$64,105,000
$25,000
a Including Directors' Shares.
* Of this amount $19,400 is reserved to retire outstanding stock of
consolidated companies.
x Pledged under agreement securing Public Service Corporation of New
Jersey Perpetual Interest-Bearing Certifictaes.
y Includes stock of merged companies.
z Pledged under Public Service Corporation of New Jersey General
Mortgage.
SUMMARY OF SECURITIES OWNED BY THE CORPORATION.
Par Value.
$17,883,222 95
24,616,883 00
64,080,000 00
Bonds
Stocks of Leased Companies
Stocks of Subsidiary Operating Companies
Total
8106,580,105 95
OPERATING REVENUE AND NON-OPERATING INCOME OF SUBSIDIARY COMPANIES AND MISCELLANEOUS INCOME OF P'UBLIO
SERVICE CORPORATION OF NEW JERSEY.
YEAR.
1903 (Seven Months)
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913*
Electric
Properties.
Gas
Properties.
Railway
Properties.
P. S. C. Miscellaneous Income.
Total.
$1,776,557 65
3,502,811 92
3,721,631 68
4,161,917 81
4,647,219 18
4,584,682 27
5,117,728 04
5,872,237 86
6,689,731 57
7,582,373 58
8.545,845 06
83,026,993 50
5,378,440 63
6,059,446 56
6,526,316 01
7,251,480 50
7,349,930 23
7,870,878 58
8,491,882 46
8,985,688 42
9,809,669 83
10,222,668 39
$4,471,244 37
8,415,278 79
9,488,358 45
10.086,933 92
10,705,392 77
11,086,353 43
12,114,412 19
13,290,431 99
14.450,088 44
15,262,426 49
16,201,932 56
3187,403 74
463,249 75
640,405 91
723,658 34
1,023,951 44
1.246,721 36
1,457,432 29
1,532,347 57
1,890,512 55
1.939.338 57
2,308,873 59
$9,462,199 26
17,759,781 09
19,909,842 60
21,498,826 08
23,628,043 89
24,267,687 29
26,560,451 10
29,186,899 88
32,016,020 98
34,593,808 47
37,279,319 60
*New classification of accounts effective Jan. 1 1913.
EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS BY
SUBSIDIARY COMPANIES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY,YEAR 1913.
Electric$167,137 98
Land Devoted to Electric Operations
3,000 00
Organization
246.960 85
General Structures
104.819 80
General Equipment
247.085 86
Power Plant Buildings
176,578 48
Furnaces, Boilers and Accessories
218,548 37
Steam Engines
133,221 67
Electric Generators
94,965 97
Accessory Electric Power Equipment_
403 00
Miscellaneous Power Plant Equipment
97,470 93
Sub-Station Buildings
367,353 44
Sub-Station Equipment
302,449 68
Poles and Fixtures
195,676 09
Underground Conduits
Transmission System
296,769 12
Overhead Distribution System
266,679 10
Other Underground Distribution System
229.110 48
Line Transformers and Devices
167,317 62
Electric Services
288,574 28
Electric Meters
115,031 66
Electric Meter Installation
4,292 20
Municipal Street Lighting System
101,150 95
1,104 81
Commercial Arc Lamps
314 63
Glower Lamps
35
Electric Motors and Heaters
1,090 54
Electric Tools and Implements
2,844 95
Electric Laboratory Equipment
Other Tangible Electric Capital
2,540 11
Engineering and Superintendence
59,545 95
Fixed Capital Installed during year
33,892.038 77
Less amounts written off during the year for
depreciation, &c
656.275 64
$3,235.763 13
GasLand Devoted to Gas Operations
$19.378 22
Organization
4,000 00
General Structures
20,156 07
General Equipment
28,161 45
Works and Station Structures
50,690 67
142,575 02
Holders
Furnaces, Boilers and Accessories
53.992 54
Gas Engines
26,220 39
Water Gas Sets and Accessories
5,934 91
Purification Apparatus
7,127 39
Accessory Equipment at Works
37,551 19
Trunk Lines and Mains
505.341 18
Gas Services
231,477 82
Gas Meters
196,394 76
Gas Meter Installation
13,191 71
Municipal Street Lighting Fixtures
3,063 35
Bronght forward
Gas Engines and Appliances
Gas Tools and Implements
Gas Laboratory Equipment
Other Tangible Gas Capital
Engineering and Superintendence
Fixed Capital in Other Departments
$1,345,256 67
$6,366 86
610 30
139 38
2,494 25
17,151 89
3,989 48
Fixed Capital Installed during year
$1,376,008 83
Less amounts written off during the year for
depreciation, &c
125.191 65
$1,250,817 18
RailwayEngineering and Superintendence
$6,842 76
Right of Way
106,797 84
Other Land used in Electric Railway Operation..
72,798 56
Grading
46,839 15
Ballast
84.780 80
Ties
104.553 24
Rails, Rail Fastenings and Joints
220,074 09
SpecialWork
101,490 22
295.963 39
Track Laying and Surfacing
360,296 10
Roadway Tools
1,38008
Trestles
and Culverts
Bridges,
93,378 69
Crossings, Fences, Cattle Guards and Signs.._
32.957 51
Interlocking and Other Signal Apparatus
35,836 93
Telegraph and Telephone Lines
30,238 78
Poles and Fixtures
32,599 15
Underground Conduits
27,476 98
Distribution System
198,385 14
Sub-station Buildings
8.473 86
General Office Buildings
206 50
Shops and Car Houses
144,945 66
Stations. Waiting Rooms and Miscellaneous
Buildings
112.121 83
Docks and Wharves
2,950 00
Sub-station Equipment
22,638 70
Shop Equipment
19.799 02
Cars
209,505 31
Electric Equipment of Cars
173.592 47
Other Rail Equipment
36.024 45
Miscellaneous Equipment
20.411 80
Interest During Construction
18.240 73
Taxes During Construction
3.413 00
Miscellaneous Construction Expenditures____..
12,805 82
Organization
134 13
Ferry Slips and Buildings
105,381 16
Fixed Capital Installed during year
$2.743,333 83
Loss amounts written off during the year for
depreciation, &c
752,317 84
1,991,015 99
$6,477,596 30
[VOL. xovni.
THE CHRONICLE
1166
ELECTRIC STATIONS-RAILWAY AND LIGHTING.
June 1 1903. Dec. 31 1913.
Number of Generating Stations
14
32
Number of Boilers
113
268
Number of Generators
156
203
Capacity of Generators in Kilowatts
40,075
177,408
Number of Sub-stations
9
56
Number of Rotaries
12
97
Capacity of Rotaries in Kilowatts
5,400
73,000
Kilowatt Hours Produced (Years 1903 and 1913)..129,614.180 400,835.989
ELECTRIC CONDUITS AND TRANSMISSION LINES-RAILWAY
AND LIGHTING COMBINED.
Length of Transmission Lines (in miles)
576
47
Length of Conduits (in street miles)
119
25
ELECTRIC DISTRIBUTION: SYSTEM STATISTICS.
Number of Poles
131,232
45,059
Miles of Wire
14,070
4,244
Number of Transformers
16.348
5,336
Number of Meters
96,486
16,000
Total Commercial Load Connected (in 50 W.
equivalent)
4,068,200
710,000
ELECTRIC LIGHTING STATISTICS
Kilowatt
Hours
Sold.
Year.
1903.
1904.
1905..__
1906..__
19071908..__
1909.1910..__
1911..__
1912..__
1913..__
No.of Street Arc No.of Street In- Total Connected
Lamps Supplied candesc't Lamps Load in K. W.
December 31. Supplied Dec.31
December 31.
7,745
8,121
8,681
9.150
9,671
10,397
10,863
11,441
11,726
12,297
12,787
48,894,308
56,666,749
65,472.561
69,274.132
78,911.840
89,742,689
103,144.595
122,543,747
141.936,243
5,733
8,538
12,351
13.168
13.821
14,352
15.175
16,640
18,906
20,347
22,339
45,380
55,748
68,331
81,873
92,143
102,104
118,138
137,058
156,202
180,942
209,835
The increases shown above are somewhat, but not very materially, affected by properties acquired between June 1
1903 and January 1 1914.
GAS STATISTICS.
1903.
(7 Mos.)
Gas Sold-M.Cubic Feet*
Miles of Mains in use Dec.31
Meters in Service Dec. 31
Services Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
Gas Arcs Installed
Welsbach Lamps Sold •
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed
House Piping Orders
Gas Fixtures Installed
Aggregate Burners
No. of Gas Engines Installed
Horse Power of Gas Engines
1904.
1906.
1905.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
2,875,5555,120,814 5,756,202 6,473,835 7,003,793 7,162,588 7,676.574 8,404,760 8,894,571 9,637,555 10,221,097
2,637
2,741
2,456
2,844
1,495
1,584
1,987
2,060
2,119
2,241
1,856
435,383
187,384 209,155 242,352 269,881 290,768 305,044 331,034 360,101 388,606 410,649
14,154
15,327
13,192
15,232
7,043
11,795
16,031
15,218
13,371
14,277
10,711
20,855
23,437
20,608
18,152
6,415
19,391
16,459
15,964
13,864
16,838
9,409
6,753
8,792
5,971
994
3,302
2,529
4,690
2,226
2,084
3,638
3,268
3,044
3,135
3,606
3,024
4,494
4,433
4,214
3,912
2,849
4,366
3,106
3,403
3,703
2,423
3,159
3,267
1,799
3,839
6,099
1,951
2,949
6,129
3,815
4,787
4,505
2,196
1,623
895
1,830
3,952
1,028
1,069
49,805
46,096
12,503 21,224
80,986
24,597
21,592
12,755
18,264
21,202
21,689
136,367
51,685 96,146 104,857 117,605 116,684
81,361
75,954
82,489 146,894 123,977
22,608
24,011
104
760
9,431
432
371
602
1,674
4,029
705
927
682
267
124
420
572
621
686
344
364
439
3,431
3,487
3,825
6,003
3,942
5,469
1,095
3,050
3,469
6,913
9,416
27,419
30,208
27,553 45,197
32,179
32,689
48,697
61,795
43,652 • 20,409
28,383
36,254
40,893
39,256
40,429
42,667
63,838
30,391
44,485
86,891
60,966
67,821
32
36
53
39
91
110
82
121
29
38
89
2683.1
77731
915%
951
30031
709
96131
68431
3463
49531
33331
177,304.
Meters in service June 1 1903
Mains in Use June 1 1903
1,439 miles
* Gas sold prior to 1913 includes gas used by company and gas furnished free under franchise obligation.
RAILWAY TRAFFIC STATISTICS.
YEAR.
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
Revenue
Passengers.
Transfers
and
Passes.
165,400,000
180,000,197
198,326,467
211,025,386
219,421,974
238,171,257
258,746,130
277,730,238
293,085,287
308,985,240
50,000,000215,400,000
55,079,789235,079986
62,986,021261,312:4
8 8
71,638.588282,663,974
74,688,628294,110,602
81,548,978319,720,235
82,652,558341,398,688
84,820,157362.550,395
90,018,960383,104,247
95,425,865404,411,105
MILEAGE.
First main track
Second main track and turnouts
Connections, crossovers, wyes and loops
Car house and yard tracks
Total
Passengers.
Percentage of Average
Passengers
Fare
Car
Using
Per
Transfers. Passenger. Mileage.
21.8
21.2
22.1
23.2
23.0
23.0
22.1
21.4
21.2
21.1
528.276 miles
280.694
12.360 "
43.861 "
Total
865.191
Total number of passenger cars available for operation:
Open
Closed
1.665
490
Number of new passenger cars since 1903:
Closed
0
17
0n
917
3.83c.
3.83c.
3.76c.
3.70c.
3.70c.
3.72c.
3.78c.
3.82c.
3.82c.
3.82c.
Car
Hours.
Passengers Per
Day.
32,168,888 4,003,614 588,525
35,068,223 4,228,344 644,055
37.462,8044,484,162 715,925
39,178,277 4,671,246 774,422
39,519,972 4,598,714 803,581
40,890,360 4,747,729 875,946
42,632,760 4,961,608 951,721
44,561,141 5,159,073 993,289
47,355,292 5,465,926 1,046,733
49,853,408 5,696,066 1,107,976
Track re-constructed with new rail during 1913
Track re-constructed with same rail during 1913
Extensions built during 1913
Passenger
Receipts
Per Car
Mile.
Passenger
Receipts
Per Car
Hour.
25.59c.
25.73c.
26.29c.
26.75c.
27.56c.
29.08c.
30.29c.
31.07c.
30.87e.
30.97c.
$2.06
2.13
2.21
2.24
2.37
2.50
2.60
2.68
2.67
2.71
15.892 miles
26.336 "
14.595 "
MUNICIPALITIES SERVED BY SUBSIDIARY COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
funicipalities
Population
Served.
(1910 Census)
178
Electric
1.948.923
164
Gas
1,812,866
140
1,898,559
Railway
206
2.028.947
Total Number
SLOSS-SHEFFIELD STEEL AND IRON COMPANY
FOURTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING NOVEMBER 30 1913.
PRESIDENT'S REPORT.
To the Stockholders of the Sloss-Sheffield Steel & Iron Company:
The monthly production of iron in 1913 in the United
States was the reverse of that of 1912. The latter year
opened with a depressed market, but both production and
prices showed a steady improvement, and the year closed
with the largest output and the best prices for iron of the year;
whereas 1913 opened with the largest production and the
highest prices of the year, but depression soon set in and both
outputs and prices steadily declined, and the year closed with
production at a minimum and prices at the lowest point.
In the first half of the year there were produced 16,500,000
tons of iron, against 14,500,000 tons in the second half.
At the close of the year the average selling price had declined
fully $3 per ton from the opening prices of the year. Notwithstanding the depression during the last half, the year
showed the largest output of all irons the country hadiever
produced.
The output of your furnaces shows a small increase over
that of 1912. At the beginning of the year we had 22,500
tons of iron stored on the furnace yards, belonging to the
Company. At the close of the year this had been increased
to 55,000 tons, and since then to 75,000 tons, owing to the
slack demand. The falling off in demand may be traced to
the agitation of the tariff question, and the adoption of the
bill, and the unsettled conditions of business generally
throughout the country-the causes of which need notlbe
discussed here.
As we stated in our last annual report, trusting that no
radical changes would be made in the tariff, and that business
would soon revive, your Board of Directors made appropriations of considerably over $500,000 for the Improvement of
your properties, over 75 per cent of which has been paid; but
such was the delay in completing much of the work that the
Company received but little benefit from the.expenditures
during the year. It is hoped that the present fiscal year will
show a marked improvement ,as some of the most important
work is nearing completion.
: The average delivered price of iron during 1913 showed an
improvement over that of 1912, and although we shipped during the year some 70,000 tons less iron than in the previous
year, which affected our earnings adversely, the profits in
1913 were larger. The profit from coal and coke also showed
increases, resulting in a net increase in profits of $125,000,
not estimating any profit from the iron on our yards.
It is the belief of your Board that when the improvements
for which appropriations have been made are completed,
your property will be in such shape that no unusual expenditures, except for the building of additional coke ovens to replace those which we were forced by the City of Birmingham
to abandon, will be required; and that the Company will be
able to accumulate additional working capital, which has
APR. 111914.)
THE CHRONICLE
been encroached upon in making improvements to your property during the last two or three years, but which is still large
enough for all practical purposes.
The Company began the fiscal year with no floating debt
whatever, but, owing to the large expenditures for improvements and the accumulation of iron on the furnace yards, we
were forced .to again borrow, and we closed the fiscal year
with a floating debt of $500,000, which, however, we hope
to pay off as the accumulated iron is delivered and paid for.
The outputs of coal, coke and iron ore all showed a considerable increase during the year.
1167
ter part of the year, and the output of coal increased 284,000
tons over the previous year, making an increase of 390,000
tons in the two years.
The completion of the large coal washer at Flat Top mines
has been greatly delayed, the contractors giving first one excuse and then another, but we hope now to have it in operation in June next.
The washer at Brookside has been completed since the
close of the year, and is now being tested by the contractors
in conjunction with our men.
An additional ventilating fan was erected at Flat Top during the year at a cost of $17,000. Altogether at Flat Top
there was spent during the year,including payments made on
the new washer, $79,000; $65,000 was spent at Brookside,
including amount spent on washer, in making new coal openings, building additional houses and adding to equipment.
The coal washer at Ivy was rebuilt during the year, and
about $45,000 spent at your various other coal mines, and
they are all greatly improved. The operation of your Flat
Top mine, which is worked by convicts, has been the least
satisfactory of any of your coal mines, as additional expenditures were constantly being demanded by the State authorities, in many cases seemingly without sufficient reason; all
of which was added to the cost of coal.
There was spent at your coal mines $203,000, of which
amount $44,800 was charged directly to the cost of coal.
FURNACES.
Owing to the limited dernand for iron, and not wishing to
accumulate too large a stock on the furnace yards, an average of only three and a half furnaces was kept in blast during
the year.
The Philadelphia furnace was relined during the year and
other work done on it, and the stack at No. 1 furnace, which,
as stated in our last year's report, it was found necessary to
take down, has been rebuilt; and six of the seven furnaces
are now in good working order.
Due to the high wages that are being paid, which have not
been reduced, notwithstanding the depression in the .iron
trade, the cost of iron was not as low as it should be,.coneidering the low selling price; but we hope that the reduction in the
cost of raw material and the improvement in quality, which
IRON ORE MINES.
should be obtained when the improvements which are now being made are put into operation, will enable us to make a lower
Your
iron
mines
produced in the year 491,000 tons of red
cost price.
and 218,800 tons of brown ore-an increase in the total
During the year the authorities of the City of Birmingham . ore
threatened us with an action in the courts to compel us to production of ore of 72,700 tons.
There was expended at your ore mines $174,000, among
open two streets which had never been opened, and had been
used for thirty years as a slag dump for our furnaces Nos. 1. other things installing a duplicate turbo generator, a new
and 2, the title to which we believed was vested in your com- hoist engine, building additional dwellings, &c., at Sloss
pany. After a long wrangle with the Commission, a com- mines; and $100,000 in developing new territory at Russellpromise was agreed upon by which, in consideration of the ville, including the building of two new washers, erecting
city legally closing a street which, if opened, would have new turbine and pumps, laying pipe lines from the central
ruined our furnace property, we agreed to open up the two pumping station, new boiler plants at pumping station and
streets through our slag dump and to abandon 288 coke at washers, &c. One of these washers has been completed
ovens located at the City plant, which had been in operation since the close of the fiscal year and the other is drawing near
for over 30 years. The streets have been opened so far as to completion. The ore in the territory tributary to these
your company's property is concerned, though as yet no use washers is very fine,and should be put on the cars at a low
has been made of the streets by the city; and the coke ovens cost, owing to the short haul to the washers, and will reduce
abandoned. In addition to the expense of opening the materially the cost of iron at the North Alabama furnaces.
Two of the Irondale mines were in operation for only a
streets, the change forced us to move our machine shop and limited
time during the year, as the ore was not needed.
stable, change our railroad tracks and move some of our
Both the Company's rent roll and the business done by the
houses, so that our outlay was considerable; all of which was stores
showed an improvement over previous year.
paid during the year.
The usual financial statements will be found annexed.
The output of the furnaces which were worked during the
All of which is respectfully submitted, by order of the
year was most satisfactory.
Board of Directors.
COAL MINES.
3. C. MABEN, President.
The additional coal mines which were opened during the
year were gradually brought into operation towards the latBirmingham, March, 1914.
BALANCE SHEET.
SLOSS-SHEFFIELD STEEL & IRON COMPANY. FISCAL YEAR ENDING NOV. 30 1913.
RESOURCES.
Property Account
Treasury Securities
Stocks and Bonds of other Companies
Cash, Bills and Accounts Receivaole
Supplies, Raw and Finished Materials at cost
Stocks in Company's stores and warehouses at cost
Extraordinary Repair and Renewal Fund
Insurance and Taxes unexpired
$22,473,647 46
244,320 11
400,306 07
1,035,880 18
711,703 24
74,520 70
166,108 09
6,028 99
LIABILITIES.
Capital Stock, Preferred
$6.700,000
no
Common
10,000,000
$16,700,000 00
Sloss Iron & Steel Company:
Mortgage 6% Bonds, 1920
$2,000,000
% "
1918
2,000,000
4,000,000 00
Current Accounts:
Kg
Accounts Payable (current month)
502,689 50
Pay Rolls (current month)after deducting checks issued__
73,411 35
Bills Payable
500,000 00
Profit and Loss
3,336,413 99
$25,112,514 84
$25,112,514 84
STATEMENT SHOWING EARNINGS.
WORKING CAPITAL.
SLOSS-SHEFFIELD STEEL & IRON COMPANY,FOR FISCAL YEAR
ENDING NOV.30 1913.
Profit on Pig Iron shipped:
for
charges
depreciation
After
on coal and iron ore, twentyfive cents ($0.25) per ton on iron for extraordinary repairs
and renewals, and thirty-five cents ($0.35) per ton profit
on coke manufactured
$509,093 34
Profit on coal after charges for depreciation
102,684 59
Profit on coke
125,612 20
Profit on ore sold
2,268 97
Rents (after deducting repairs), Royalties. Stores and other
revenues
240,118 66
Dividends on Treasury stocks, &c
14,298 00
NOVEMBER 30 1913.
Cash, Bills and Accounts Receivable
$1,035,880 18
Raw and Finished Material on hand, at cost
610,531 10
Merchandise and Supplies in Company's Stores and warehouses (cost)
175,692 84
Insurance and Taxes, unexpired
6,028 99
Treasury Securities, Stocks and Bonds at matket value
531,567 30
$994,075 75
DeductionGeneral Expense not charged in Cost Sheets
Taxes and License
Interest and Exchange
$33,075 77
65.284 77
7,249 16
105,609 70
$2,359,700 41
ContraPay-Rolls and Accounts Payable (current accounts), including accrued interest on bonds,
unadjusted freights, supplies, &c
$576,100 85
Bills Payable
500,000 00
1.076,100 85
Balance Working Capital in business
$1,283,599 56
COMPARATIVE STATEMENT SHOWING GROSS RECEIPTS, EXPENDITURES AND NET SURPLUS.
FOR YEARS ENDING NOV. 30 1912 AND NOV. 30 1913.
1913.
1912.
Inc. or Dec.
Gross Sales and Earnings
85,326,554 $5,299,719 Inc. $26,835
Operating Expenses, Taxes, Maintenance, &c
4,305,723 4,422,055 Dec. 116,332
Year's Bond Interest
$888,466 05
210,000 00
$1,020.831
210,000
$877,664 Inc. $143,167
210,000
Dividends Paid on Preferred Stock
$678,466 05
469,000 00
Balance
Depreciation
$810,831
132,365
$667,664 Inc. $143,167
114,409 Inc.
17,956
$209,466 05
Surplus
$678,466
$553,255 Inc. $125,211
Net Earnings
Fixed Charges
1168
[VOL. xcvm.
THE CHRONICLE
THE DELAWARE & HUDSON COMPANY
EIGHTY-FOURTIT ANNUAL REPORT-FOR THE FISCAL YEAR ENDING DECEMBER 31 1913.
ABSTRACTS.
FINANCIAL.
New York, N. Y., April 2 1914.
Hudson Company:
CAP!TAL STOCK AND FUNDED DEBT.
To the Stockholders of The Delaware
The President and the Board of Managers submit the folCapital Stock of The Delaware & Hudson Company
lowing statements of the affairs of the Company for the year onThe
December 31,1913 was $42,503,000, no additional shares
ended December 31 1913:
been issued during the year.
The results from operation of the Coal-Mining Department having
The Debentures of 1914,outstanding at the close of the
were:
reduced by the payment,on
b Expenses.
Net Revenue. year were $100,000, having been
a Revenues.
Coal Mined.
Year7.170.553 tons. $16,045,308 03 $14,748,615 71 $1,296,692 32 January 1 1913 of $200,000, maturing as of that date.
1913
586,037 14
6,438,555 tons. 13,397,557 48 12,811,520 34
1912
The amount of First Lien Equipment Bonds of 1922,outIncrease__ 731,998 tons. $2,647,750 55 81,937.095.37 3710,655 18 standing December 31,1913 was $9,643,000, bonds aggregating $51,000, having been retired during the year through
a Excluding dividends received from stock of Coal Companies owned.
the operation of the Sinking Fund established in connection
b Excluding taxes.
their issue.
The results from operation of the Railroad Department with
The First and Second Mortgage Bonds of the Saranac &
were:
Percentage of Lake Placid Railroad Company aggregating $144,000, maNet Operating Expenses tured November 1, 1913 and the money was deposited with
a Operating
Operating
Miles
to Rev's.
Revenues.
Expenses.
Year- Operated. Revenues.
62.97 the Trustee to redeem them.
903.99 524,153.494 73 $15,210,306 85 $8,943,187 88
1913
74
8,413,324
21
62.57
14,066,778
95
6903.99 22.480,102
1912
In March 1913, the Company applied to the Public Service
.40 Commission, Second District, of the State of New York, for
____ $1.673,391 78 $1,143,528 11 $529,863 67
Increase
permission to issue $5,000,000, par value, of its First and Rea Excluding taxes.
Gold Bonds, the proceeds
b This figure is 26.39 miles greater than shown in 1912, the figures having funding Mortgage Four Per Cent
been recast on account of remeasurements, and also due to the inclusion to be used in paying the floating debt incurred for additions
of various short pieces of main line track, formerly treated as sidings and and betterments, and to meet the cost of completing the work
spur tracks.
under way and of other contemplated improvements. On
RAILROAD DEPARTMENT.
October 9,1913 the Public Service Commission approved the
REVENUES AND EXPENSES.
issue of $4,500,000,at95 or better, reserving approval of the
The general distribution of the Operating Revenues and remaining $500,000, pending the completion of an examiof the Operating Expenses of the Railroad Department nation of the accounts of the Company. Approval at an
early date is anticipated and the full issue of bonds desired
was as follows:
Inc. or Dec.
1912.
1913.
will then be available. Although, when the application was
RevenuesFrom Coal Freight Traffic_$11,436,959 90 $10,346,094 92 +$1,090,864 98 filed with the Commission, the officers of the Company as
From Merchandise Freight
4-317,577 88 well as the bankers who were consulted believed that the
Traffic (incl. switching)_ 8,794,428 57 8,476,850 69
+201,421 61 bonds could be sold at a price that would net the Company
From Passenger Traffic..__ 3,277,928 68 3.076,507 07
+29.16034
305,119 40
334,279 74
From Express Traffic
95 or better, the subsequent change in market conditions
From Transportation of
+2,347 99 has made it impossible, up to the present time, to realize
119,445 51
121,793 50
Mails
+32,018 98
156.085 36
188.104 34
From Miscellaneous Sources
the price fixed by the Commission.
Total Oper. Revenues__$24,153.494 73 822,480,102 95 +51,673,391 78
Exp ns SFor Maintenance of Way
$1,787.613 86 $1.940,352 37 -$152,738 51
and Structures
For Maintenance of Equip3,753,963 16 3,230,742 16 +5523,221 00
ment
289,754 01
305,965 69
+16,211 68
For Traffic Expenses
8,584,722 10 7,979,041 22
+605,680 88
Expen.
Transportation
For
626,888 98
778.042 04
+151,153 06
For General Expenses_ __ _
Total Oper. Expenses___$15,210,306 85 $14,066,778 74 +$1,143,528 11
+$529,863 67
Npt Revenue from Opera'n ;8,943,187 88 $8,413,324 21
Percentage of Expenses to
62.57
+.40
62.97
Revenues
FLOATING DEBT.
The Floating Debt of the Company amounted to $4,500,000 on December 31, 1913, having increased $1,000,000,
during the year. This increase was largely necessary to
finance, temporarily, addition and betterment work covered
by the proposed issue of First and Refunding Mortgage
Bonds;and,in part, was on account of advances to subsidiary
companies (principally the Wilkes-Barre Connecting Railroad Company) for which this Company later will be
reimbursed.
SINKING FUNDS.
During the year there was paid to the Trustee under the
GENERAL INCOME ACCOUNT OF THE DELAWARE
& HUDSON COMPANY, YEAR ENDED DECEM- First and Refunding Mortgage the sum of $277,040, being
BER 31, 1913, IN COMPARISON WITH YEAR one per cent of the par value of the First and Refunding
Mortgage Gold Bonds outstanding May 1, 1913, making the
ENDED DECEMBER 31, 1912.
total paid to date, $1,173,550. In accordance with the terms
COAL MINING DEInc. or Dec.
1913.
1912.
MENT:
of the trust agreement, this sum has been expended in addi$16,045,308 03 $13,397,557 48 +$2,647,750 55
Gross Revenues
14,748,615 71 12,811,520 34 +1,937.095 37 tions and betterments to the property covered by the
Gross Expenses
mortgage.
$1,296,692 32
$586,037 14 +$710,655 18
Not Revenues
A summary of the operations of the Sinking Fund under
+139,907 32
495.000 00
355,092 68
Taxes Accrued
the First Lien Equipment Trust Indenture, from the date
$801.692 32
$230,944 46 +$570,747 86
Operating Income
of its creation to December 31, 1913 follows:
Other Income-
386,733 52. _792,923 61
-406,190 09
Dividends and Interest
Gross Income Coal De$1,188,425 84 81,023.868 07 +5164.557 77
partment
RAILROAD DEPARTMENT:
Gross Operating Revenues324,153,494 73 $22,480,102 95 +$1,673,391 78
Gross Operating Expenses_ 15,210,306 85 14,066,778 74 +1,143,52811
+$529.863 67
Net Oper. Revenues_ - 58,943,187 88 $8,413.324 21
600,944 31
+22,162 96
623,107 27
Taxes Accrued
$8,320,080 61 $7,812,379 90 +$507.700 71
Operating Income
Other Income$99,596 29 +$114,156 01
$213,752 30
Hire of Equipment
Loss 26,667 42 Lass 20,733 16 Loss+ 5,934 26
•Outside Operations
1,154395 93
-32,199 09
Dividends and Interest__ _ 1,121.996 84
36,359 60
+17,962 60
54,322 20
Miscellaneous items
149-379-86-126
Total Other Income_ __ _ 51.363,403_92 $1.269,418 di- -7-Gross Income Railroad
+5601.685 97
59,683,484 53 89,081,798 56
Department
Deductions from Income$2,020,228 43 $2,034,256 69
Rentals
-$14,028 26
Interest on 1st and Refund1,108.160 00
ing Mtge. Bonds (1943)_ 1,108,160 00
350.000 00
Int. on 1st M.Bonds(1917)
350,000 00
558,920 01
-01
Int. on Deb. Bonds 1916)
558.920 00
Interest on 1st Lien Equip436,288 26
435,038 63
-1,249 63
men Bonds( 9 )
12,000 00
4,000 00
-8,000 00
Int. on Deb. Bonds (1914)
75,000 00
75,000 00
Int. on Divisional Bonds
95,310 15
+166:85677
205,160 92
•General Int. and Discount
+$86,572 87
$4,756,507 98 54.669.935 11
Total Deductions
Net Income Railroad
$1,926,976 55 4,411,863 45
+5515,113 10
Department
GENERAL:
Miscellaneous Income:
Dividends and Interest on
511.276 00
1-$2,240 00
Securities Owned
$13,516 00
42.310 97
Rentals, Real Estate
37,844 21
---4,466 76
25,469 23
General Int. & Discount
16,634 56
--8,834 67
379,056 20
Total Income
$67.99477
-811,061 43
30
8,698
Accrued
56
8,661
-36 74
-Taxes
870.357 90
-311,024-69
$59,333 21
Net Income General__
Net Income Carried to Gen$6,174,735 60 $5,506.089 42
+$668,646 18
eral Profit and Loss_
12.95% on
Percentage to Capital f 14.53% on
Stock
1342,503,000 00 $42,503,000 00
ReceiptsAnnual Payments to Trustees, years 1908 to
$3,900,000 00
1913, both inclusive, $650,000 per year
174,446 12
Interest on cash balances and investmentz
$4,074,446 12
Total
Disbursements77 Locomotives acquired
..
5 Milk Cars
1 Gas-Electric Car"
Gas
Pintsch
1
Transport Car"
2 Gasoline Tank 41
Cars
1 Bridge-Erecting
Car & Trailer "
1 Steam-Wrecking
Crane"
"
1 Snowplow
11
15 Cabooses
$1,916,821 71
17,000 00
25,217 46
2,500 00
1,700 00
14,534 62
13.000 00
5,040 42
10,500 00
$2,006,314 21
357 The Delaware Er Hudson Company First
reand
purchased
Bonds
Lien Equipment
362,896 77
tired (including accrued interest)
1.705,235 14
Securities and Cash in hands of Trustees
4,074,446 12
Total
DIVIDENDS.
On December 31 1913 a dividend for the year 1914, upon
the outstanding $42,503,000 of Capital Stock of the Company, at the rate of nine (9) per cent upon the par value
thereof, amounting in the aggregate to $3,825,270, was
declared out of the earnings of the current and preceding
years, payable as follows:
Two and one-quarter (23) per cent upon the Capital
Stock, in favor only of the stockholders of record upon
February 25 1914, and payable March 20 1914.
Two and one-quarter (23) per cent upon the Capital
Stock, in favor only of the stockholders of record upon
May 28 1914, and payable June 20 1914.
APR. 11 1914.)
TIIE CHRONICLE
Two and one-quarter (2h) per cent upon the Capital
Stock, in favor only of the stockholders of record upon
August 28 1914, and payable September 21 1914.
Two and one-quarter (23) per cent upon the Capital
Stock, in favor only of the stockholders of record upon
November 27 1914, and payable December 21 1914.
COAL MINING DEPARTMENT OPERATIONS.
During the year 1913 this Company mined 7,170,553
gross tons of anthracite, out of a total of 69,069,628 tons,
including product of washeries. produced in the region.
This is 731,998 gross tons more than in 1912, the production
of that year having been reduced by the suspension of
mining from April 1 to May 21, inclusive, due to the strike.
RAILROAD DEPARTMENT.
OPERATING REVENUES.
The increase in Operating Revenues over the year 1912
was $1,673,391 78. The revenue from Coal Freight traffic
increased $1,090,864 98; the revenue from Merchandise
traffic increased $317,577 88; the revenue from Passenger
traffic increased $201,421 61, and the revenue from Miscellaneous sources increased $63,527 31.
OPERATING EXPENSES.
The increase in Operating Expenses over the year 1912 was
$1,143,528 11. Maintenance of Way and Structures Expenses decreased $152,738 51; Maintenance of Equipment
Expenses increased $523,221 00; Traffic Expenses increased
$16,211 68; Transportation Expenses increased $605,680 88,
and General Expenses increased $151,153 06.
The ratio of Operating Expenses to Operating Revenues in
1913 was 62.97 per cent, as compared with 62.57 per cent
in 1912.
ADDITIONS AND BETTERMENTS.
The net changes, mostly charges but involving credits as
indicated, during the year on account of Additions and Betterments to the Company's railroad (including expenditures
on account of items mentioned above) amounted to $1,388,503 58, details of which are as follows:
RoadRight of Way
$124,368 58
Real Estate
(Credit)
3,200 00
Protection of Banks and Drainage
14,337 02
Grade Reduction and Change of Line__(Credit)
37.734 68
Bridges, Trestles and Culverts
122,490 99
Increased Weight of Rail
32.150 62
Improved Frogs and Switches
3,021 35
Track Fastenings and Appurtenances
36,535 08
Sidings and Spur Tracks
95.078 77
Terminal Yards
54,009 84
Fencing Right of Way
898 56
Improvement of Crossings-Under and over_
31.424 73
Elimination of Grade Crossings
12,284
56
Interlocking Apparatus
3.054 04
Block and Other signal Apparatus
2,502
67
Telegraph and Telephone Lines
3,696 45
Station Buildings and Fixtures
65.482 34
Roadway Machinzry and Tools
6,679
35
Shops, Engine houses and Turntables
54.687 67
Shop Machinery and Tools
249,798
55
Water and Fuel Stations
67,363 55
Dock and Wharf Property
51 90
Other Additions and Betterments
19,306 87
Work in Progress
82.625 66
Total for Year
$1,040,914 47
. EntipmentSteam Locomotives
$339,118 00
Passenger-Train Cars
1,170 05
Freight-Train Cars
(Credit)
76,143 22
Work Equipment
48,109 67
Work in Progress
35,334 61
Total for Year
347,589 11
Grand Total 1913
$1,388,503 58
1169
referred reported on April 23,1913 their award, taking effect
on May 1,1913. The increase awarded was 8.16 per cent,
and the cost to this Company to Dec.31,1913, was $27,30853,
or at the rate of $40,962 80 per year. The demands of the
conductors and trainmen, under discussion by the General
Managers' Association of New York at the close of last year,
were submitted to arbitration on July 26, 1913; the Board of
Arbitrators reported on Nov. 10,1913, and the award took
effect on Oct. 1, 1913. The increase in wages awarded
amounted to 7 per cent and the increased expense to this
Company from Oct. 1 to Dee.31,1913 to $26,168 02, or at
the rate of $104,672 08 per year. An Act of the Legislature
of.New York, which took effect on Sept. 1,1913,required the
railways of the State to place an additional and unnecessary
employee on the majority of their trains. These employees
in no degree increase the safety of operation or serve any
useful purpose, but from Sept. 1 to Dec.31,1913 the added cost
to this Company was $40,832 88,or at the rate of $122.498 64
per year.. A similar Act of the Legislature of Pennsylvania,
in effect since July 1911,caused this Company an unnecessar
additional expense, in 1913, of $40,194 49. Together thesey
items represent an increase in annual operating expenses
of
$341,358 93, which will, of course, become greater if the volume of traffic increases.
During the year which ended with June 30 1913, the Railroad Department of this Company paid to its employees
the
sum of 1.:,508,673, which was $1,122,780, or 15.20 per cent,
in excess of the sum that would have been paid
for
same
services at the rates of compensation that were in the
force on
June 30 1910. And this comparison takes no account
creases in wages that took effect after June 30 1913. of inB-INCREASES IN PRICES OF MATERIAL AND SUPPLIES.
There have also been many changes in prices of materials
and supplies, and while there have been both increases and
decreases, the former have affected the most important articles and the most extensive purchases and the latter have
not been sufficient to offset them. An analysis of the
changes since 1909 in prices of all material and supplies purchased by The Delaware & Hudson Company shows increases
in the prices of twenty-eight out of fifty-nine articles of prime
importance. The increased cost, on the basis of the purchases of 1912, due to changes in prices, was $326,603 16,
being the difference between a total increase of $358,276 60
in the cost of the articles that have advanced and a total
decrease of $31,673 44 in the cost of those reduced in price.
The aggregate sum expended in 1912 for these materials and
supplies was $5,239,288 35, or 6.65% in excess of the sum
that would have been necessary had the prices of 1912 been
the same as those of 1909.
C-FEDERAL AND STATE REGULATIONS.
In addition to the foregoing burdens, in the shape of increased wages and higher cost of supplies, Federal and State
regulation, in the form of hours of service laws for employees,
full-crew laws, requirements concerning the preparation
filing and posting of rate schedules and annual and periodical
reports, locomotive regulations, such as those in regard to
washing, testing and inspection, etc., employer's liability
acts, elimination of grade crossings and other items of this
character, has added the following sums to the operating
expenses of The Delaware & Hudson Company:
1907
1908
1909
19W
Total
$78.716 1911
143.980 1912
214.457 1913
222.204
$247,736.
293,329
325.497
$1,525,919.
Without discussing the propriety of the large expenditures
which have been made for safety and signal appliances, it is
CAUSES ADVERSELY AFFECTING RAILROAD
proper to note that the amounts spent for these purposes
INCOME.
Those causes, some of them legislative,and all of them be- aggregated, in the last seven years, $1,509,805.
D-INCREASES IN TAXES.
yond the control of railway managers, which during recent
years have continuously operated to enhance the difficulties
Taxes have increased even more rapidly than other exattending the effort to maintain a reasonable margin between penses. Comparing the year ended June 30, 1913 with the
operating revenues and necessary expenses for taxes and for average for the past ten years, and also with the year
operation, were not less effective during the year covered by June 30,1910,it will be seen that the following increasesended
have
this report. Increases in rates of wages, consequent upon taken place:
arbitrations under Federal statutes which,although nominally
Increase
1913 over
requiring the voluntary acquiescence of the railways, really
ten-year
1913
operate, under ordinary circumstances, with compulsory
overage
over
Total1903-1912. 1910.
force, supplemented by reductions in the hours of labor and Property
investment
25.68 7
7.40
relaxations in the conditions necessary to secure from each Taxes
47.56%
46.34
Operating revenues
37.199
unit of labor its maximum of reasonable efficiency, and in- Operating
21.06
expenses
43.30%
28.20
creases in prices of materials and supplies, themselves mainly
E
-RATES.
attributable to higher wages and lower efficiency of labor,
On July 24,1913 the Inter-State Commerce Commission
have greatly augmented.operating expenses. At the same
time the taxing authorities have continued to impose upon made an order in the matter of express rates, practices, acthe railways a heavier proportion of the steadily rising ex- counts and revenues requiring the express companies to
penditures of Government. Concurrently with these in- adopt various rules and regulations, and prescribing an encreases in necessary expenses, the process of attacking the tirely new system and schedule of rates for all express serrate schedules in detail, reducing here a single rate and there vices. The rates named by the Commission are materially
a group of rates, has operated to reduce the gross receipts on below those formerly in effect. The application of certain,
account of services rendered. . While all these adverse forces railways to intervene in this proceeding and to be heard in
have been in vigorous operation, the law has interposed to defense of their rights under contracts with the express comprevent, it is hoped but temporarily, recoupment from any panies, was denied by the Commission. It is difficult to
estimate the loss to this Company consequent upon this
Source.
action of the Commission, largely owing to the fact that reA-INCREASED WAGES AND DECREASED EFFICIENCY.
ductions in the revenues of the express companies were also
The award of the arbitrators in the case of the engineers, caused by the orders of the Postmaster
-General increasing
in effect during eight months of 1912, gave an advance of the maximum weight of packages carried
by Parcel Post,
4.34 per cent, and during 1913 cost this Company $33,030 92. which have undoubtedly resulted in the withdrawal
The arbitrators to whom the demands of the firemen were number of packages from the express companies. of a large
[VoL. sown.
THE CHRONICLE
1170
F—DECREASE IN NET CORPORATE INCOME.
The encroachment upon the amount to which capital is
fairly entitled as recompense for its share in the accomplishment of the railroad, and the insufficiency of the sums remaining after the payment of operating expenses, taxes, etc.,
to hold out to the investor adequate assurance of protection
to his investment, are shown by the increasing proportion
of the total income which they consume.
A study of the amount and proportion of the total annual
income from 1903 to 1913, derived from all sources, and the
amounts and percentages of such total income classified
according to the purpose for which each was distributed, indicates that in 1903 wages and salaries consumed 27.30% of
such total income; in 1913 these expenditures had increased
to 33.34 per cent. Materials and supplies consumed 18.68
per cent in 1903 and 22.31 per cent in 1913. Taxes consumed 1.59 per cent in 1903 and 2.27 per cent in 1913.
Comparisons of the total income received in 1903 and 1913
and its distribution in the two years are afforded by the
following:
and transportation have continued, so that the railways are
required to make large additions to their capital while their
ability to attract new capital and even properly to recompense the capital already employed is steadily diminishing.
Moreover, there has lately been a world-wide rise in rates of
interest, which has affected all classes of American securities,
with the exception of those of the great manufacturing corporations. The heavily increased borrowings of American
municipalities have led to higher rates of interest on their
bonds, which formerly yielded materially lower returns than
railway securities. On the other hand, the "industrials,"
have become stronger competitors because these corporations
have succeeded in convincing many investors of the substantial stability of the still higher rates they offer. Thus the
difficulty of obtaining needed railway capital has been
greatly enhanced by the competition of two classes of applicants for portions of the fund seeking investment, neither of
which formerly appealed with much effect to those from whom
railway capital must principally be derived.
H—REMEDIES.
In its earlier stages, the movement which has been set
was met,more or less effectively, by economies in operaforth
1903.
1913.
Item.
tion, principally secured by additions to the capital employed.
Per Cent
Per Cent
and more efficient locomotives, larger cars, heavier
Amount. of Total. Amount. of Total. Heavier
rails, stronger bridges, additional main tracks, more sidings,
$14.974,497
$27,338.533
Total income
passing tracks and yard tracks and facilities, and improved
appliances of many kinds, all involved heavy permanent inDisposition:
$4,087,442 27.30% $9,113,657 33.34% vestments, but leading to more efficient performance. By
Wages and salaries
2,796,627 18.687 6,100,427 22.31% such means,for example,the average freight train-load of this
Materials and supplies
.03
4,315
.53
144,931
Outside operation expenses
237,539 1.59
Company and affiliated lines was increased from 339.92 tons
621,190 2.27
Taxes
98,052
389.019 1.42 o during the year ended June 30 1903 to 558.27 tons during
Rents _
.66 o
Balance available for inter7,750,522 51.75% 10,969.309 40.13% the year ended June 30 1913, and the average car-load from
est, dividends, etc
14.24 to 18.63 tons. It is now felt that the limit upon
$14,974,497 100.00% $27,338,533 100.00%
economies of this sort has been at least approximately attained. In other words, with the mechanical arts in anyG—DIFFICULTY OF OBTAINING NECESSARY RAILWAY
thing like their present state, additional capital cannot
CAPITAL.
be so economically employed to offset increased
From the conditions described it has resulted that, al- longer
though the railways now represent a largely increased invest- operating costs.
statistics of operations, revenue. charges. &c., will
ment of capital, they have a smaller annual margin of gross be[Comparative
found under "Annual Reports'on a previous page.]
income over necessary expenses and taxes than they enjoyed
in Sections D F and H include the operations of this
data
Note.—The
and affiliated lines submitted to the Inter-State Commerce
when the capital employed was much less than it is at present. Company
fiscal years ended June 30, while the statistical tables
the
for
Commission
With this situation, the pressure of traffic upon facilities and In this report exclude the affiliated lines and cover the calendar years ended
the public demand for increased comfort and safety of travel December 31.
Year Ended June 30.
UNITED RAILWAYS INVESTMENT COMPANY
TWELFTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1913.
To the Stockholders of the United Railways Investment Company:
On behalf of the Board of Directors, I hand you herewith
the Twelfth Annual Report of your Company,which includes
its General Balance Sheet and Statement of its Income and
Profit and Loss Account for the fiscal year ended December 31
1913. Copy of the Philadelphia Company's Annual Report
will be mailed as usual to each stockholder of United Railways
Investment Company as soon as possible after its printing
and publication. As full information regarding the Philadelphia Company and its principal subsidiaries will be containd in said report I will not attempt to make a statement
here relative thereto, but beg to call your attention to the fact,
as showing the great demand for natural gas and the Philadelphia Company's capacity to supply same, that on one
day in February 1914 the Philadelphia Company's output
amounted to 263,000,000 cubic feet of natural gas. The
condition of its street railway properties is continuing to
show improvement. The Duquesne Light Company has
fully justified all the predictions I made for it last year; it
has paid throughout the past year, and is now paying, regular cash dividends to the Philadelphia Company at the rate
of 7% per annum.
At the Annual Meeting of the United Railroads of San
Francisco, held August 28, 1913, a Board of Directors consisting almost entirely of residents of San Francisco, successful and of high standing, was elected, which Board chose
Mr. Jesse W. Lilienthal, also of San Francisco, as President.
The new President and Board of Directors have taken vigorous hold of the situation. As that company's fiscal year ends
June 30th, it has been decided, in lieu of a more extended
statement than is contained in this report, to mail to each of
the stockholders of United Railways Investment Company,
the Railroads Co.'s Annual Report, when received, including
the result of the audit of that Company's books and accounts
by Certified Public Accountants, with their certificate thereto.
A Committee of your Board of Directors which included
the ?resident made the customary inspection of your Califorma properties and found their physical condition well
maintained. The maintenance of the equipment of United
Railroads of San Francisco is such as to deserve commendation; much work has been done upon its tracks and a good
average condition has been maintained. Its relations to the
public and the community as a whole seem to be improving
and, notwithstanding the operation of the Municipal Railroad of San Francisco and the quiet tone of general business
in that City, the Company's earnings are reasonably steady,
and it is my expectation that the year 1914, unless some unforeseen circumstance intervenes, will be its most satisfactory year since the disaster of 1906.
The Sierra & San Francisco Power Company has suffered
from shortage of water for its hydro-electric plant, thus
forcing it to fall back upon its steam generating plants for
the generation of electrical energy, which, of course, has cost
more than if such energy could have been developed by water
power.. The demand upon the Power Company for current
by United Railroads of San Francisco has increased 5.56%;
and, outside of the Railroads' contract the gross earnings of
the company from the general public have increased 39.31%.
During the current year the Power Company began construction at Lower Strawberry, California, of an additional dam
and reservoir which,it is estimated, will store about 762,300,000 cubic feet of water; the height of this dam completed will
be 135 feet and its length on the crest 585 feet. All the engineering work in connection with this dam has been under
the direct charge of Messrs. Ford,Bacon & Davis, Engineers,
as has been also the management and other engineering work
of the Power Company.
The Coast Valleys Gas& Electric Company is, as predicted.
making a good showing and in 1914 is confidently expected
to pay a dividend on its Preferred Stock.
In view of the fact that, under the contract with holders of
its Prior Preference Stock, the California Railway & Power
Company called for redemption on January 2 1914 $100,000
par value of said stock then outstanding and ahead of the
Preferred and Common Stocks of said Company owned by
the Investment Company, the California Railway & Power
Company's Balance Sheet as at March 31 1914 has been
appended hereto, that being the latest date ayailable for
publication in this report, showing the reduction of said
Prior Preference Stock and payment therefor.
By the payment and cancellation in 1913 of $400,000 of
the Six Per Cent Serial Notes of 1908.and the further payment on February 15 1914 of an additional $200,000 of said
Notes, which have also been canceled, the amount of these
notes outstanding has been reduced to $1,300,000.
The final payment of $100,000 for an equal amount, par
value, of Sierra & San Francisco Power Company Second
Mortgage Bonds, Series "A," has been made in accordance
with the agreement of July 29 1910, by the fulfillment of
which the Company has acquired $500,000, par value, of
said bonds, and is thereby relieved from the necessity of
making further similar payments.
Owing to general business conditions, and espegially to
monetary conditions, not only in this Country, but in others
during the year 1913, the hopes of the management that
during the past fiscal year the various evidences of the Company's indebtedness following the bonds, but ahead of its
stocks, might be refunded, were found impossible of consum-
APR. 11 1914.]
THE CHRONICLE
mation; much work was expended during that time, however,
with a view to so adjusting these debts and the finances of
the Company as to put the Company in shape to resume
dividends upon the Preferred Stock.
During the year, as you will note by the Company's Balance Sheet, the amount of its Six Per Cent Convertible Gold
Bonds of 1910 outstanding was reduced from $1,229,000 to
$852,000, which amount has since been further reduced to
$810,000.
Your attention is called to the fact that by the payment
and operation of the Sinking Fund for the redemption of
the Collateral Trust Sinking Fund 5% Gold Bonds, the Trustee held on December 31 1913 $487,000, par value, of said
bonds, which amount has since been increased to $503,000
by the application of interest on bonds held by the Trustee
and by additional deposits to the credit of said Sinking Fund.
It is worthy of note that said Sinking Fund is payable in cash
to the Trustee who applies same to the purchase, in the open
market, of said bonds for the benefit of the Sinking Fund;
bonds so purchased are kept alive as to interest, therefore the
charge against the Company's income is not in-any way reduced by the Sinking Fund's acquisition of bonds, but, on
the other hand, the bonded debt is decreased much more
rapidly than otherwise. From the foregoing you can readily
see that the Company is consistently reducing its outstanding
debt and gradually bettering its general financial condition.
Respectfully submitted,
MASON B. STARRING,
March 31 1914.
President. •
UNITED RAILWAYS INVESTMENT COMPANY.
GENERAL BALANCE SHEET-DECEMBER 31 1913.
ASSETS.
Securities OwnedPhiladelphia Company Stock:
484,000 Shares Common-par value$50
each.
California Railway & Power Co. Stock:
51 344 Shares Preferred-par value
100 each.
$61,397,471 $I
607 Shares Common-par value
$100 each.
The Railroads & Power Development
Co. Stock:
55,000 Shares Capital Stock-par value
$100 each.
Other Securities
1,057,103 04
31
Total Securities Owned
$62,454,664 85
Notes Receivable-United Railroads of San Francisco
852,000 00
Sinking FundCash Deposited with Trustee
$635 62
Interest Accrued on Bonds Purchased_ _ _ _
4.058 34
Total Sinking Fund
Current AssetsCash on Deposit
Pittsburg Railways Company
Interest Accrued
Philadelphia Company Common Stock Dividend 1U %,declared November 28 1913,
for quarter ending December 31 1913,
payable February 2 1914
Unadjusted Accounts
Total Current Assets
Total Assets
4,693 96
$113,093 00
460 30
45,487 50
423,500 00
16,607 00
Expenses and Other ChargesExpenses:
Salaries
Corporation Taxes
Tax on Bonds held in Pennsylvania
Transfer Agents', Registrars' and Trustees'
Fees
Fees of Trust Companies for Paying Coupons, &c
Directors' Fees and Expenses
Stationery, Printing and Postage
Traveling
General
1171
$42,745 36
5,570 00
2,023 85
2,825 00
1,017 68
'1,242 50
766 34
2,071 77
5,464 55
Total Expenses
$63,727 05
Other Charges:
Interest on Collateral Trust Sinking Fund
6% Gold Bonds
Interest on 6% Convertible Gold Bonds of $907,500 00
1910
66,200 00
Interest on 6% Notes of 1908
98,999 98
Interest on Dividend Certificates
80,256
04
Interest on Loans, Notes and Accounts
Payable
11,202 56
Total Other Charges
$1,164,158 58
Total
1,227,885 63
Net Income for the Year
$906,338 59
Profit and Loss Surplus at Beginning of Year
Profit and Loss Credit-Discount on Bonds Purchased for 4,256,542 11
Sinking Fund
59,646 93
Profit and Loss Surplus December 31 1913
$5,222,527 63
DISTRIBUTION OF NET INCOME FOR THE YEAR
ENDED
DECEMBER 31 1913.
To Sinking Fund for purchase of Collateral Trust Sinking
Fund 6% Gold Bonds
To Payment of 69' Serial Notes of 1908, which became due $207,023 38
and payable during 1913
To Payment for Sierra & San Francisco Power Company 400,000 00
Second Mortgage Bonds, Series "A," as per agreement of
July 29 1910
To Acquisition of other securities, including bonds received 100,000 00
as interest on Sierra & San Francisco Power Company
Second Mortgage Bonds, Series "B"
153,304 98
To Reduction in net Current Liabilities and Accrued Accounts
46,010 23
Total
$906,338 59
CALIFORNIA RAILWAY & POWER COMPANY.
GENERAL BALANCE SHEET MARCH 31 1914
ASSETS.
Securities OwnedUnited Railroads of San Francisco Stock:
50,000 Shares First Preferred-par value $100 each;
200,000 Shares Preferred-par value $100 each;
79,500 Shares Common-par value $100 each.
Coast Valleys Gas & Electric Company Stock:
20,000 Shares Preferred-par value $100 each;
$47,738,229 1
29,995 Shares Common-par value $100 each.
Sierta & San Francisco Power Company Stock:
199,990 Shares Capital Stock-par value $100 each.
San Francisco Electric Railways Stock:
99,975 Shares Capital Stock-par value $100 each.
Notes Receivable
2,025,996 74
Cash and Accounts Receivable
113,004 29
Cash on Deposit for Redemption of Prior Preference Stock..
5,000 00
United Railroads of San Francisco First Preferred Stock
Dividend, 33,6%.declared February 26 1914, for half-year
ended December 31 1913, payable May 15 1914
175,000 00
Interest Accrued
41,288 26
Deferred Charges
8,750 00
Total Assets
599,147 80
$63,910,506 61
LIABILITIES.
Capital StockPreferred-169,000 Shares of $100 each....-$16,000,000 00
Common-204,000 Shares of $100 each...... 20,400,000 00
Total Capital Stock
Collateral Trust Sink. Fund 5% Gold Bonds_$18,150,000 00$36,400,000 00
Less held by Trustee in Sinking Fund
487,000 00
17,663,000 00
Six Per Cent Convertible Gold Bonds of 1910
852,000 00
Six Per Cent Serial Notes of 1908
1,500,000 00
Preferred Stock Dividend CertificatesBearing Interest at 6%
$712,500 00
Bearing Interest at 5%
750,000 00
Total Preferred Stock Dividend Certificates
1,462,50000
Cu,rent LiabilitiesLoans and Notes Payable
$557,534 72
Bond Coupons Due-Not Presented
17,204 06
Interest on Dividend Certificates, payable
January 2 1914
18,752 08
Federal Income Tax Deducted at Source
58 33
Total Current Liabilities
593,549 19
Accrued AccountsInterest on Collateral Trust 5% Bonds_ _ _ _ $151,250 00
Interest on 6% Convertible Bonds of 1910..
21,300 00
Interest on 6% Notes of 1908
33,750 00
Interest on Dividend Certificates
7,125 00
Interest on Loans and Notes Payable
• 3,504 79
Total Accrued Accounts
216,929 79
Profit and Loss-Surplus
5,222,527 63
Total Liabilities
$63,910,506 61
$50,107,268 45
LIABILITIES.
Capital StockPriorPreference-29,000Sharesof$100each $2,900,000 00
Preferred-68,744 Shares of $100 each_ _ _ - 6,874,400 00
Common-400,000 Shares of $100 each_ _ _ 40,000,000 00
Total Capital Stock
$49,774,400 00
Prior Preference Stock called for Redemption on Jan. 2 1914
5,000 00
Dividend No. 5 on Prior Preference Stock, declared February 24 1914, payable April 1 1914
50,750 00
Profit and Loss-Surplus
277,118 45
Total Liabilities
$50,107,268 45
UNITED RAILROADS OF SAN FRANCISCO.
STATEMENT OF INCOME FOR THE YEAR ENDED DEC. 31 1913.
Gross EarningsPassenger
$8,496,854 72
Advertising
56,000 00
Total
$8,552,854 72
Operating Expenses and TaxesMaintenance of Way and Structures
$604,454 68
Maintenance of Equipment
472,911 67
Transportation Expenses
2,946,666 62
General Expenses
644,663 46
Total Operating Expenses
$4,668,696 43
Ratio to Gross Earnings
54.59%
Taxes
495,000 00
Ratio to Gross Earnings
5.79%
Total Operating Expenses and Taxes
5,163,696'43
Ratio to Gross Earnings
60.38%
Net Earnings
$3,389,158 29
Other IncomeSinking Fund Earnings
$89,374 80
Interest
70,439 78
Rentals
7,306 26
Miscellaneous
3,489 10- 170,609 94
Gross Income
$3,559 768 23
Current Income ChargesInterest on 5% Promissory Gold Notes
950,000 00
Interest on Income Notes
66,200 00
Interest on Equipment Notes
16,375 00
Interest on Trustees' Certificates
8,563 94
Interest on Bills Payable
155,335 36
Rentals and Leases
76,800 00- 373,274 30
Note.-The Company has a contingent liability under its guaranty of
Equipment Notes of United Railroads of San Francisco, which that Company reduced by redemptions in 1913 from $300,000 to $250,000.
We have audited the books and accounts of the United
ment Company for the year ended December 31 1913; Railways InvestWe verified the securities, cash and notes receivable accounts by examination of securities and notes in hand and by confirmations obtained
from
depositaries covering securities and cash, and
We hereby certify that the above General Balance Sheet as at December 31 1913,and the accompanying Statements of Income and Profit & Loss,
and of Distribution of Net Income,for the year ended that date are correct
(Signed) HASKINS & SELLS,
New York, March 12 1914.
Certified Public Accountants.
Net Income Before Bond Interest Charges
$3,186,493 93
Bond IntercstSTATEMENT OF INCOME AND PROFIT AND LOSS FOR THE
United Railroads' Bonds
$964,193
33
YEAR ENDED DECEMBER 31 1913.
Underlying Bonds
699,050 00-1,663,243 33
Income. Dividends on Stocks Owned
$1,998,849 78
Net
Income
for
the
Year
$1,523,250 60
Owned
Interest on Bonds
45,400 00
Interest on Bonds in Sinking Fund
19,392 81
From the above Net Income the following appropriations were made:
Interest on Notes and Accounts Receivable
68,096 47
For Depreciation Reserve
$257,581 46
Interest on Bank Balances
2,485 16
For Bond Sinking Fund Reserve
474,431 89
For Dividends Paid on First Preferred Stock_
350,000 00
Total
$2,134,224 22
1172
THE CHRONICLE
I hereby certify that the above Statement of Income for the year ended
December 31 1913 is correct.
(Signed) GEO. B. WILLCUTT,
Controller.
San Francisco. March 7 1914.
SIERRA & SAN FRANCISCO POWER COMPANY.
TATEMENT OF INCOME FOR THE YEAR ENDED DEC. 31 1913.
g.
$1,088,774 50
Gross Earnings
506,796 26
Operating Expenses and Taxes
$581,978 24
Net Earnings
Deductions from Income for Interest on First Mortgage
Series
and
Bonds,
"A,"
Mortgage
Second
on
and
Bonds
373,593 90
other cash charges less credits
Net Income applicable to Investment under terms of Second
$208,384 34
Mortgage and to Depreciation
Less*
Interest on Second Mortgage Bonds, Series
"B," payable in like bonds under terms of
the Indenture as pertaining to the Invest$369,440 13 '.
ment of Net Income
5,000 00
Written off for Depreciation
374,440 13
Excess of Interest on Second Mortgage Bonds, Series "B,"
and amount written off for Depreciation over Net Income
applicable to Investment under terms of Second Mort$166,055 79
gage, &c
[VOL. xevin.
1890, the combined population of the principal cities increasing nearly 50%
within the two decades prior to 1910.
Pref. Stock. Corn. Stock.
Outstanding Securs. ofSub. Cos.Bonds.
Milwaukee Electric fly.& Light Co__$18,533,000 $4,500,000 *59,850,000
*10,000,000
Milwaukee Light, Heat & Trac. Co__*11,189,000
10200,000 *1,000,000
2,000,000
Wisconsin Gas & Electric Co
*200,000
Watertown Gas & Electric Co
*170,000
*200,000
Wells Power Co
*225,000
*50,000
Burlington Elec. Light & Power Co.._
*25,000
North Milwaukee Light & Power Co..
$32.117,000 $4,700,000 $21,325,000
Amt.owned by Wisc.Ed.Co.& subs. $6.444.000
$200,000 $21,325,000
* Wisc. Ed. Co. owns entire amount except directors' shares.
Combined Earns. of Utilities Controlled or Two Periods ended Feb. 28'13 &'14
1913-14.
1913-14.
1912-13.
1912-13.
$65,709
Oper. revenue.$7,968,498 $8,604,484 Other income_
$53,634
Net(aft.op.ex) 3,264,166 3.505,958 Balance
3,317,800 3,571,667
55,740
Estimated income on loans made byWisc.Edison Co
$3,627,407
Total income, &c
Deduct-Int.& divs. on securs. not owned by Wisc. Edison Co.... 1,525,986
13,862
Expenses and taxes of Wisconsin Edison Co
436,320
Int. on $6,500,000 dabs. and other indebtedness of Wis.Ed.Co
Bal, available for depr. ofsub. cos. and diva, of Wis. Ed.Co $1,651,240
752,500
Dividend of $3 50 per share requires
$898,740
Balance
$827,700
Appropriated for depreciation by subsidiary utilities
Balance Sheet of Wisconsin Edison Co. as of Feb. 28 1914.
[Adjusted for the changes in securities that will be outst'g on May 1 19144
Liabilities 519.948.557CERTIFICATE OF AUDIT.
Assets ($19,948,557)$18,837,250 Can.stock- 15,000 shs_ 11.598,567
owned
We have audited the books and accounts of the Sierra & San Francisco Securities
6,500,000
119.533 Debenture bonds
Cash
Power Company for the year ended December 31 1913 and
772.755
928.899 The North American Co_
Due from subsidiaries__ _
We hereby certify that the above statement is correct.
87,570
62,875 Interest, &c., accrued___
Interest receivable
(Signed) HASKINS & SELLS,
989.664
Surplus
-V. 98, p. 1076.
Certified Public Accountants.
New York, March 23 1914.
Youngstown (0.) Sheet & Tube Co.-Stock All Subsced.
Virginia-Carolina Chemical Co.-Convertible Debentures.-Shareholders will vote on or about May 15 on the
proposition to authorize an issue of $10,000,000 6% 10-year
sinking fund debentures,convertible into pref. stock. Of this
amount the first $5,000,000 having been underwritten
by Blair & Co. and Hallgarten & Co. will be offered to the
shareholders at par.
Dated May 15 1914, interest M.& N. Par 51,000. Trustee, Equitable
Trust Co. Redeemable on any interest date two years after date of bonds
at 102, also on or before Oct. 15 1922 at 102, and after that date at par.
The first $5,000,000 will be convertible into pref. stock at 110.-V.97.
p. 663. 370.
Walpole Tire & Rubber Co.-New Plan.-
-
The stockholders' and protective committees have agreed upon a tentative plan, contingent upon the assent of the shareholders and the effecting
of a settlement with the creditors by which "the gross stun of $1,000,000
will be paid or pledged for outstanding liabilities" so that the only obligations remaining out will be the deferred payment due the creditors. We
compare the plan with the Metzler plan (V. 98, p. 933) as follows:
Present
Metzler Plan
New Plan
Company.
Issued.
Auth.&Iss'd. Authorized.
Capitalization$1,250,000 $2,000,000 $1,813,000 $1,813,000
7% preferred stock
1,500,000
1,500,000
1,500,000
2,500,000
Common stock
Proposed Basis of Participation in New Company.
New
Plan
-Metzler PlanNew Corn. PayCash New Pref. Common.
PayCash. NewPref.
Existing
%
$
5•
% %
$
$
%
Stock.
% %
50
50 -906,500 100 1,813,000
Pref. stock.._ _25 100 1,813,000
50 (906,500)
do not subsc.
100-1,500.000 6 2-3 6 2-3 100.000
100,000
Corn. stock. 12 .
Condensed Statement by Stockholders' and Protective Committees,
Boston, April 6 1914.
Our plan has the following advantages: (1) No mortgage or prior liens,
ahead of the obligations to stockholders, excepting deferred payments
due the creditors.(2) As estimated by the present receivers, the net earnings
should not be less than $200,000 per year, as in their judgment the earnings
are about $20,000 per month. The pref. stock herewith proposed will call
for a dividend requirement of only $87,500, the only fixed charge beyond
interest on the deferred payments to the creditors. (3) The pref. stock
on this basis is, in our judgment, secured by a valuable equity in assets,
not allowing for patent rights and good-will. The plan involves a settlement with the creditors which we hope can be made, by which the gross
sum of $1,000,000 will be paid or pledged for outstanding liabilities.
The plan which was sent out by Curtis G. Metzler did not meet with
our approval, since in our judgment the estimate of the value of the property therein contained was too high and it was impossible, with proper prudence, to undertake to pay off debts amounting to $660,000, exclusive of
interest, within two years.
Stockholders' Committee-A. W. Anthony, J. E. Osgood and M. J.
Houlihan. Protective Committee-C. II. Draper, J. C. Heyer and E. L.
Belding (Secretary of Committee), 53 State St., Boston. See V. 98, p. 933.
Western 'Union Tel. Co.-Report.-See"Annual Reports"
New Directors, &c.-The stockholders on Wednesday
voted to reduce the number of directors from 30 to 21 and to
amend the by-laws so as to provide that 7 of the directors,
including the President, shall constitute the executive corn
mittee. Representatives of the Am. Tel. & Tel. Co. retired
from the board, which now includes:
New Directors Elected.-William II. Baker, Henry W.De Forest, William
Fahnestock, Percy A. Rockefeller, Mortimer L. Schiff and William H.
Truesdale.
Directors Re-etected.-Oliver Ames, William Vincent Astor, Henry A.
Bishop, Newcomb Carlton, Robert C. Clowry, Henry T. Davison, Chauncey M. Depew, George J. Gould, Edwin Gould, Thomas II. Hubbard,
Robert S. Lovett, Jacob H. Schiff, Joseph J. Slocum, James Stillman and
Edwin G. Merrill.
Directors who Retired.-Theodore N. Vail, Union N. Bethell, Harris C.
Fahnestock, Robert M. Gallaway, Edward J. Hall, Henry S. Howe, Edward T. Jeffery, Charles Lanier, Lewis Cass Ledyard, John',J. Mitchell,
•.
HarryB. Thayer, John I. Waterbury, Robert Winsor._ •
It is understood that Newcomb Carlton will-ge elected
President in place of Theodore N. Vail at a meeting of the
.,, .
board on April 15.-V. 98, p. 1076, 843.4.-4,-'az;- ,
rt Wisconsin Edison Co.-Status.-A descriptive circular
has been issued relative to the option tendered last week to
the shareholders of the North American Co.(V. 98, p. 1075)
of the right to subscribe pro rata (10%) for $3,000,000 of
the initial issue of $6,500,000 10-year 6% convertible gold
debenture bonds and 30,000 shares of capital stock of the
Wisconsin Edison Co.in blocks of$1,000 debenture bonds and
10 shares of capital stock for $1,360. The circular shows:
MOP'
Auth. Issue of debenture bonds, $10,000,000. Dated May 11914, due
May 11924; int. M.& N. Regular dividends of $3 50 per share per yea.are being^ paid upon the stock. Convertible into stock at $80 per shar
after May 1 1916 and prior to May 1 1923, and redeemable at 102 on o
after May 1 1916 on sixty days' notice.
Territory Served.-The controlled companies supply practically all the
electric lighting and power and street and interurban railway service, and
supply gas service in three of the important cities in the southeastern portion of Wisconsin, extending about 45 miles along Lake Michigan from
Kenosha'to Milwaukee and about 55 miles west to Watertown. Population
served estimated at about 580,000, having shown substantial growth since
The new issue of common stock which was offered to stockholders at par
has, it is announced, all been subscribed.-V. 98, p. 615.
-N. W. Halsey & Co. of this city have in preparation an
especially engraved map of the United States showing the
boundaries of the reserve bank districts and designating the
reserve cities as announced under the new Federal Reserve
Act. This map (size 19x27 inches) may be used for general
reference, as it shows to date the principal cities and railroad systems of the country. N. W. Halsey & Co. will be
pleased to supply our readers, upon application, with a copy
of this map, either wall, desk or pocket edition. Address
the firm's nearest office, viz.: 49 Wall St., New York;
1421 Chestnut St., Philadelphia; La Salle and Adams streets,
Chicago; Halsey & Co., Inc., Boston; 631 Munsey Building,
Baltimore; 429 California St., San Francisco; Halsey & Co.,
Ltd., of London, England, and Geneva, Switzerland.
-In his new publication just issued under the caption of
"The Express Service and Rates," W.H.Chandler, Assistant
Manager Traffic Bureau of the Merchants' Association of
New York, presents a work of timely interest. Mr. Chandler's treatise is published by the La Salle Extension University, Chicago. The Inter-State Commerce Commission's
activity, the parcel-post competition and other events are
directing popular interest to this subject. The new pub-.
lication covers the whole express field, from history, organization and service to rates and classification. Express statistics and finance are treated, and both the old and the new
rate-making systems are fully explained. The relation to
the parcel post is also discussed.
-The bond department of the Mellon National Bank,
Pittsburgh, is offering for investment to the investor seeking
the highest degree of safety County of Allegheny, Pa. 4s
4s, City of Pfttsand 43's, County of Washington, Pa., 43
burgh 43-t4s, school district of Allegheny, Pa., 332s, and City
of New Castle, Pa., 434s. All these bonds, with the excep/is, are stated to be
tion of the County of Washington 43
exempt from taxation in Pennsylvania. Full particulars
and prices on application. Address Robert D. Coard, Mgr.,
or Ernest Crist, Asst. Mgr., of bond department.
-E. W. Clark & Co., hiladelphia, are supplying their
friends with an attractive foose-leaf"memo books" with Russia
leather covers in which to file the monthly reports of earnings
and other statistical data which the firm is accustomed to
give out regarding the various important public service companies of which they are managers, and in which they are
financially largely interested. In this manner the information is kept revised to date and ready for quick reference.
-The Public Utility Section of the Finance Forum, 318
West 57th St., was addressed last Monday night by T. P.
Sylvan, Assistant to the President of the New York Telephone Co., on "The Telephone Industry at Home and
Abroad." A. B. Leach of A. B. Leach & Co. presided.
An interesting discussion followed.
-The fifth annual report of the Public Service Corporation of New Jersey for year ending Dec. 31 1913 is published
verbatim in this issue of the "Chronicle" under the heading
of our "Reports and Documents." Pamphlet copies of the
report can be obtained, on request, from the Comptroller's
office of the corporation.
-William A. C. Ewen, 74 Broadway, this city, by advertisement in to-day's "Chronicle," invites inquiries from
interested parties in Pere Marquette RR. issues. Mr. Ewen
specializes in Pere Marquette issues and is prepared to quote
actual markets in them. See the adv. for details.
-Wilson, Cranmer & Co. of Denver announce that
H. Ralph Antonides, recently of Bosworth, Antonides &
Co., has become identified with their firm as an active
,
partner.
-Alex. Amend, for many years with the bond and arbitrage department of Speyer & Co. has become associated
with Se,asongood & Haas, 100 Broridway.
1173
THE CHRONICLE
APR.11 1914.1
Trannurcial
Times.
COTTON.
4
,0101..
COMMERCIAL EPITOME.
Friday Night, April 10th 1914.
There is little or no disposition to anticipate future wants,
and general trade in the United States, therefore, is largely
confined to the meeting of immediate needs. The tendency
towards conservatism is very noticeable everywhere not
less so in the great iron and steel industries, so generally
regarded as something very much like a barometer of the
trading world. Some underlying cause can alone explain
such a state of affairs in a country where money is cheap and
the winter-wheat crop promises to be the largest ever known.
Something has reined up business which started so well with
the opening of the year. It is largely two things, first the
fear of Feferal legislation hostile or at the very least unsettling to general business and,second, the delay in granting
relief in the matter of advanced freight rates to the railroads
of the country, whose interests in one way or another are
so inextricably bound up with those of other great industries,
notably, of course, the iron and steel trade.
LARD has been quiet. Prime Western 10.85c.; refined
for the Continent 11.05c., South America 11.75c. and Brazil
12.75c. Lard futures have developed no striking features.
Trade was interrupted by the holiday at Chicago on Tuesday, April 7th, due to the election there.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Sat.
Fri.
10.50
Holt- 10.55
10.52
Holicts_ 10.47
10.67
day. 10.75
10.65
10.72
day.
10.85
10.85
10.92
10.90
Friday Night, April 10 1914.
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
97,022 bales, against 108,998 bales last week and 113,597
bales the previous week, making the total receipts since
Sept. 1 1913 9,403,703 bales, against 8,800,425 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 603,278 bales.
Sat.
Galveston
Texas City
Port Arthur_ _ _ _
Aransas Pass.&c.
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville,&c_
Savannah
Brunswick
Charleston
Wilmington _ _
Norfolk
Newp.tNews,&c.
New York
Boston
Baltimore
Philadelphia _ _
Totals this week_
Mon.
Tues.
Wed.
Thurs.
Fri. 1 Total.
2,729
4,790
489
- -
7,682
4,736
676
0.494
4
6
-----------1.165
3,018
741
6,096
1.006
3,210
728
5,321
1,268
2,593 *2,000 22,238
275 1,813 5.831
3,680
4,380
3,791
3,956
2,885
3,517 22,209
160
184
1,110
226
516
2,068
200
231
413
304
327
1.159
474
399
1,319
-166
218
24
575
*200
799
2,987
-MO
14
2
976
1,939
1,857
6.868
2,987
318
140
976
11.736 19.813 16.355 17.7471 12.380 18.9911 97,022
The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
PORK has been quiet; mess $23@$23 50; clear $20@$22; last year:
family $25@$27. Beef quiet. Mess $18@$19; packet
1913-14.
1912-13.
Stock.
$19@$20; family $20@$22; extra India mess $28@$30;
Receipts to
Australian canned roast beef, 1-lb., $1 95, 2-lb. $3 20,
This Since Sep This Since Sep
April 10.
Week. 11913. IVeek. 11912.
1914.
1913.
-lb., $12. Pickled cut meats quiet; hams 13614Yo.
139'@4c.6
for 10 to 20 lbs.. bellies rib 13 M@14Yo. Butter creamery Galveston
30.494 3,072.299 34.496 3.615.479 247.698 201.899
1,165 463.837
Texas City
939 659.702
5,889
19.130
firsts 24Y2@25Y2. Cheese, State best white 19(4)19343.; Port
40.245
Arthur
123.980
colored 18M ®190. Eggs 183/
120,096 1.123 122.320
Aran. Pass, &c..
2@2243.
New Orleans_ _- _ 22.238 1,635.836 20.306 1,257.344 158.877
95.210
COFFEE has been quiet and rather depressed; No. 7 Rio, Mobile
5,831 384.981 7.323 190,471
32.062
18.444
9@9%43.• fair to good Cucuta, 129@133c. Coffee futures Pensacola
147,468
1 113.782
28.272
2
14.191
293
1.443
have at'
times shown a sagging tendency, owing partly to Jacksonville, & 22.209 1,690.891
14,071 1,159.361
73.403
79.301
larger receipts at Brazilian points. There has also been Savannah
290.050 2.100 223.475
Brunswick
3,000
7.011
9,687
1,939 411.182 2.711 290.320
28.901
more or less hedging against actual coffee and a certain Charleston
110
amount of liquidation by tired bulls. European markets Georgetown
23,354
1.857 388.624 3.026 328.244
23.833
Wilmington
38,149
51,246
have latterly shown more or less weakness. Receipts at Norfolk
6,868 516.663 8.198 481.812
97,968
104.622
278
N'port
News,
&c_
2,987
however,
have
latterly
decreased
Paulo,
somewhat.
Sao
135
13.566 121.235 137,115
5.830
New York
318
On Thursday prices were irregular, with trade light.
200
42.269
Boston
140 • 14,701
8.104
9.225
Baltimore
976
86.365
297
63.570
3,250
6,841
Closing prices were as follows:
Philadelphia
1.741
2.461
2.993
2.002
Ma.y delivery
July delivery
Sept. delivery
April
May
June
July
8.6208.64
8.6808.69
8.7608.77
8.7908.91
August
8.8308.851December
September _8.7808.881January
October
8.948.96 February
November ....9.02®9.04 March
_9.1009.12
9.1209.17
_9.2009.22
9.2609.29
Totals
97,022 9.403.703 95.205 8.800.425
727.994
681.607
In order that comparison may be made with other years,
OILS.-Linseed weak; city 54@5543.; boiled 55@56c. we give below the totals at leading ports for six seasons:
Cocoanut
103
%
@Ile.; Cochin 9%010c.
Calcutta raw 7043.
olive 83@8543.; castor, No. 2, 9@9%c.; corn 6.45@6.50c.
1912.
1913.
1911.
1910.
1909.
Palm Lagos 7%@73"c. Cod, domestic, 38c.; menhaden, Receipts at- 1914.
34.842
13.637
34.496
29,866
30.494
Galveston _ _ _
34.382
crude, 35@37c. Trade in oils is moderate.
4.306
497
2.062
City,&c
13.522
1.165
PETROLEUM.-Refined firm; barrels 8.75@9.7543.• bulk Texas
13.301
22.525
20.306
25.535
New Orleans_
25.173
22.238
2,759
619
3,621
7.323
4.834
5.831
5.25@6.25c.; cases 11.25@12.25c. Crude firm; Penna. Mobile
5.545
7,302
22,365
14.071
22.161
___
22.209
dark $2 50; second sand $2 50; Tiona $2 50; Cabell $2 07; Savannah
1,450
Brunswick
4.650
2.100
2,100
234
348
2.600
2.711
1.453
Mercer black $2; New Castle $2; Corning $2; Wooster $1 91; Charleston,&c
1,939
Wilmington_ _
1.251
579
3.026
6.755
7,176
1.857
North Lima $1 49; South Lima $1 44; Indiana $1 34; Prince- Norfolk
804
6.868
8.198
15.664
4,790
8,644
ton $1 40; Somerset, 32-deg. and above, $1 35; Ragland Wport N.,&c.
278
3.948
2.987
948
1,434
22.217
2,741
7,750
1.402
634
70c.; Illinois, above 30-deg., $1 45; Kansas and Okla. $1 05. All others_ _ _ _
Naphtha firm, 73@76-deg. in 100-gallon drums, 24Mc. Total this wk.. 97.022 95.205 142.631 37,190 82.410 121,795
Spirits of turpentine 46@471, c.• corn. to good rosin $4 10. Since Sept. 1 9
-i63,703 8.800,42510843245 7.9213.595 6.573.648 8.810,225
SUGAR.-Raw has been dull and easier; centrifugal,
96-deg. test, 2.9243.; molasses, 89-deg. test, 2.2743. Receipts
The exports for the week ending this evening reach a total
for the week at Atlantic ports 77,786 tons, against 72,715 of 77,379 bales, of which 21,635 were to Great Britain,
In the previous week, 97,990 tons last year and 74,821 tons 3,129 to France and 52,615 to the rest of the Continent.
In 1912; meltings for the week 52,000 tons, against 62,000 Below are the exports for the week and since Sept. 1 1913.
tons in the previous week, 40,000 tons in 1913 and 50,000
tons in 1912. Stocks 197,959 tons, against 172,243 a week
From Sept. 1 1913 to April 10 1914.
Week ending April 10 1914.
Exported toExported toago, 248,935 last year and 201,218 in 1912. Refined irregExports
"war";
local
granulated 3.75@3.9543.
ular, owing to a
Great
ContiContiGreat
fromcontinued
quiet
and
has
TOBACCO
steady. New
Britain. France. nent,tc Total. Britain. France. nent. dec. Total.
Sumutra is in some demand, but sales are restricted more or Galveston.. 6,349
961.103
302,778 1,198.937 2,462,818
29,026 35.37
345.182 26.888 80.896 452,966
less by the firmness of holders. Purchasers of domestic leaf Texas C1tY.
1,540
25,309 26,849
Arthur
are small. Trade conditions do not seem to encourage large Port
30,184
8,168 38,352
Ar.Pass,&c_
buying on manufacturers part. The better grades of binder NewOrleans
754,003 168,457 490,015 1.412.475
4,64.
5 13-,945
9:55o
3.547 3,547 106.597 67,178 126.773 300,548
are also slow of sale. There is a very general disinclination Mobile ___
45,655 46,070 55.743 147,468
Pensacola _
to anticipate future wants. Some small sales of Florida Savannah__
3,004 7,350 10,354 189.923 231,174 683,212 1,104,309
79.642 22.954 152,009 254.605
and Connecticut wrapper are being made, but taking the Brunswick _
859 116,283
5,030 181,434 302.747
"iK)
Charleston _
trade as a whole, it is without features of special interest.
73.024 98,544 171.897 343.465
Wilmington
COPPER has been in moderate demand, with firmer Norfolk__ _ 2,038
1,278
39,130
83,061 122,191
18,072 173,954 312,987
578 -125 3,169 3,87' 121,0
New York_
prices; the statistical position is by not a few regarded as Boston_
201 2,11. 60,511
8,259 68,770
_ _ _ 1.915
bullish; stocks decreased during March 13,762,533 lbs.; Baltimore_ _
89; 41.951
10,125 79,969 132,045
896
29,889
10.625 40.514
Lake 143
/
4@14%c.; electrolytic 149/8c. The production Philadel'a_
313
313
Detroit
in March was the largest on record. Tin on the spot has San
2.965 2;64:
173,945 173,945
Fran__
134
134
75.704 75,704
dropped to 36.70c., following weakness in London, where, Pt.Towns'd
apparently, a bear clique has been at work. Lead here on
Total____ 21.635 3,129 52.615 77.370 2.995.936 997.2253.779.910 7.773,071
the spot 3.8043. and spotter 5.272c. The iron and steel
30,156 2.190 71,995 104,341 3.116.272 929.811 3,284.491 7,330,574
trade has shown no really new features. It is said that opera- Tot.
tions of steel mills now average not much moret han 65 per
Note.-New York exports since Sept. 1 include 9.599 bales Peruvian. 75 bales
cent of the capacity. Some steel foundries have resumed Brazilian, 27 bales West Indian to Liverpool an1 6 bales West Indian to Havre...
operations, however, at the West. St. Louis plants are now In addition to above exports, our telegrams to-night also
at work, after a shut- down. Pig iron has been very give us the following amounts of cotton on shipboard, not
quiet. No. 2 Eastern $14@ $14 25 and No. 2 Southern cleared, at the ports named. We add similar figures for
$10 75@$11.
New York.
1174
THE CHRONICLE
On Sliipboard, Not Cleared forI
Great
Ger- 1 Other Coast- 1
I Leaving
April 10 at- Britain. France. many. Foreign wise. Total. I Stock.
New Orleans__ 6,417
591 3,926 10,570
734 22,238• 136,639
Galveston _ _ _ _
9,030
____ 38,958 19,727 6,079 73,794 173,904
Savannah __
_-__
_
400
---73.003
400
Charleston __ _
_ _ _ _1
9,687
Mobile
8r,184 5-,021 8T,884
-266 22,259!
9,803
Norfolk
19,500 19,500, 18,649
New York_ _
400
-266
-;iiiii 1,200 ____ 2,500 118,735
. Other ports.._ _
3,500
1,800
5,300, 41,583
Total 1914_ _ 27,501 5,812 54,268 31,497 26,913 145,991. 582,003
Total 1913.... 49,661 4,953 36,629 31,556 25,455 148,254, 533,353
Total 1912.._ 54,925 24,087 26,815 30,129 22,579 158,535 615,336
Speculation in cotton for future delivery has been somewhat less active, but on the whole active enough to bring
about higher prices. In fact new high levels have been
reached for various reasons. For one thing, Liverpool has
been strong with an active spot business. The spot sales
there have at times been as high as 14,000 bales. Also it
was reported early in the week that 9,000 bales had been
destroyed by fire at Liverpool. This, of itself, it is said
caused more or less buying as a protection against this loss.
Also the Continent, which recently sold to some extent, has
latterly turned buyer in Liverpool. Spinners there have
been calling for cotton more freely than for a week or more.
Russia has been buying in Liverpool also. Back of all this
firmess and activity in the English market were persistent
reports of a steady improvement in the business of Manchester, especially with India. It was said, too, that Manchester's sales to South America were also larger. That the
British trade in cotton goods as measured by the exports is
in good shape seems apparent from the latest statement
showing the exports for the month of March. Of yarns they
were 20,000,000 pounds, against 18,074,000 in February and
17,212,000 in March last year. This makes a total thus far
this season of 57,130,000 pounds, against 53,067,000 pounds
during the same time last season. Also as to cloths the total
exports during March were 590,000,000 yards, against
583,451,600 yards in February and 560,905,000 during
March of last year. So that the total thus far this season of
Great Britain's exports of cloths is 1,861,556,700 yards,
against 1,773,424,100 yarns during the same time last season. It may be added that Liverpool has felt to some
extent the reports of another fire in Bombay. It seems
there has been a further loss of cotton there,from this cause.
Recently, it will be remembered, there was a report that a
large quantity of cotton had been destroyed at Bombay by
fire. If there is any truth in the rumor latterly in circulation here that 15,000 bales are to be brought from Liverpool
to New York, this circumstance may affect the Liverpool
prices to some extent sooner or later. On this side of the
water there has been heavy buying.by Liverpool and spot
houses, and also a good deal of buying by scattered shorts.
Large Wall Street interests have been bullish. The other
'day April delivery made a very sharp advance over night on
buying of a single lot of 100 bales for a Continental short.
This made the May shorts more or less nervous, fearing that
their experience might be similar to that of the shorts in
March recently. Finally, the weather at the South has been
reported more or loss unfavorable, whether from too much
rain or too low temperatures. Certainly it has been persistently reported that crop work has become backward in
parts of Texas and elsewhere. On the other hand, some
think that the advance has culminated. They argue that the
world has liberal stocks and that there is every likelihood of
a big acreage at present prTes, especially for the old-crop
months, which are at a premium of about 100 points over the
new-crop months. Bears think the old crop is altogether
too high. Also it is pointed out that the speculation, after
all, is comparatively narrow, pig people practically monopolize it. The outside public is not accustomed to bulling
cotton at such prices as these. Cotton goods in this country,
on the whole, are rather quiet. Conservatism is the dominant note in American trade. As regards the weather at the
South, it is argued that there is plenty of time for farmers
to catch up. Certainly it is altogether top early to attempt
to get up a weather scare. Sales of fertilizers seem likely in
some parts of the belt to be the largest on record. The
present price, over 13c., for middling uplands, in itself
constitutes a very strong incentive to plant as big an acreage
as possible. On Thursday prices were lower on evening-up
before the holidays. Local traders, some spot houses and
Liverpool sold. Certain big spot interests and Wall Street
are understood to have given support for a time. The weather was cold and freezing temperatures were predicted for
the Eastern belt over-night, but to be followed by warmer
on both sides of the Mississippi River. To-day the Exchange
is closed, as usual on Good Friday. Middling upland
closed at 13.35c., showing a decline of 5 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 4 to April 10Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
13.50 13.40 13.40 13.40 13.35
H
NEW YORK QUOTATION FOR 32 YEARS.
1914_c
1913
1912
1911
1910
1909
1908
1907
13.35
12.50
11.50
15.75
15.25
10.25
10.25
11.00
1906_c
1905
1904
1903
1902
1901
1900
1899
11.80
8.05
15.00
10.50
9.25
8.31
9.75
6.19
1898_c
1897
1896
1895
1894
1893
1892
1891
6.19
6.44
7.88
6.50
7.69
8.38
6.94
8.94
1890
1889
1888
1887
1886
1885
1884
1883
-c_ _11.50
10.38
9.81
10.62
9.25
11.06
11.81
10.06
(VOL.
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, WedWay,IThursd'y, Friday,
April 4. April 6. April 7. April 8. April 9. April 10. Week.
AprilRange
13.50 12.98-.00
12.98-.50
Closing__ __ 12.92-.02 12.76-.86 13.25-.29 13.20-.30 12.95-.05
MayRange ____ 12.60-.73 12.55-.68 12.61-.80 12.73-.83 12.66-.77
12.55-.83
Closing..__ _ 12.72-.73 12.56-.57 12.79-.80 12.81-.82 12.68-.69
-JuneRange ____
12.60 -- 12.75 -- 12.66 -12.60-.78
12.57-.59 12.40-.42 12.61- 64 12.66-.70 12.55-.6
-JulyRange ____ 12.34-.45 12.25-.40 12.32-.50 12.43-.52 12.38,48
12.25-.52
Closing___ _ 12.44-.45 12.27-.28 12.48-.50 12.50-.51 12 39-.40
August12.10-.22 12.06-.19 12.12-.25 12.21-.27 12.17-.24 HOLI- 12.06-.27
Range _
Clostng___ _ 12.21-.22 12.07-.08 12.24-.25 12.26-.27 12.16-.17 DAY. --SeptemberRange ____
11.69 -- 11.75-.78 11.90 -11.69-.00
Closing.._ _ 11.79-.81 11.66-.68 11.82-.84 11.84-.86 11.78-.80
-OctoberRange ____ 11.65-.75 11.59-.69 11.63-.76 11.70-.77 11.66-.73
11.59-.77
Closing___ _ 11.73-.75 11.60-.61 11.75-.76 11.76-.77 11.68-.69
--NovemberRange ____
Closing_ _
DecemberRange ____ 11.71-.79 11.65-.74 11.68-.80 11.74-.80 11.66-.76
11.65-.80
Closing___ _ 11.78-.79 11.65-.66 11.79-.80 11.79 -- 11.69 -JanuaryRange __ 11.66-.71 11.58-.67 11.61-.69 11.69-.74 11.61-.70
11.58-.74
Closing_ _ 11.71-.72 11.58,50 11.72-.73 11.72-.73 11.82 -
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 10Stock at Liverpool
Stock at London
Stock at Manchester
1914.
1911.
1913.
1912.
bales.1.214.000 1,246,000 1,363,000 1,113,000
5,000
7,000
4,000
3,000
88,000
86,008
97,000 100,000
Total Great Britain
Stock at Hamourg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,307.000 1,336,000 1,463,000 1,220,000.
7,000'
17.000
14,000
7,000
559,000 481,000 846,000 253,000,
339.000 359,000 359,000 320,000
3.000
2,000
2.000
4,000
32,000
22,000.
31.000
27,000
36,000
54,000
24,000
57.000
48,000
29.000
9,000.
13,000
1,084,000 940,000 1,113.000 667,000.
Total Continental stocks
2,391,000 2,276,000 2,576,000 1,887,000
Total European stocks
213,000
India cotton afloat for Europe..
68,000
84,000 134,000
Amer. cotton afloat for Europe.... 387.430 300,141 603,986 211,382
Egypt,Brazil,&c.,afit.for Europe.._ 67,000
38.000
37,000
37,000'
278,000 221,000 225.000 199.000.
Stock in Alexandria, Egypt
1,025.000 855,000 674,000 580.000.
Stock in Bombay, India
727,994 681,607 773,871 466,543
Stock in U.S. ports
557,392 547,991 374,274 438,585,
Stock in U. S. interior towns__
42.081
300
U. S. exports to-day
3,004
1,831
Total visible supply
5,649,820 4,988,039 5,391,212 3,955,341
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales.- 971,000 1,058,000 1,253,000 993.009
Manchester stock
82,000
60,000
59.000
58,000
Continental s
stock
998.000 905,000 1,082,000 621,000
American afloat for Europe
387.430 300.141 603,986 211,382'
U.S. port stocks
727,994 681,607 773,871 466,543
U. S. interior stocks
557,392 547,991 375,274 438,585
U.S.exports to-day
3,004
300
1,831
42,081
Total American
East Indian. Brasil, Jc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil,&c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
3,703,820 3,551,039 4,190,212 2,814,341
243,000
5,000
29.000
86.000
213,000
67,000
278,000
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
120,000
7,000
18,000
46,000
134,000
37,000
199,000
580,000
1,946,000 1,437.000 1,201.000 1,141,000
3,703,820 3,551,039 4,190,212 2,814,341
Total East India, &c
Total American
5,649,820 4,988,039 5,391,212 3,955,341
Total visible supply
6.44d.
6.95d.
7.96d.
Middling Upland, Liverpool
7.36d•
12.50c.
11.65c.
14.85c.
Middling Upland, New York
13.35c.
10d.
101Y8d.
9.80d. 10.50d,
Egypt, Good Brown, Liverpool
9.10d. 11.25d.
9.90d.
Peruvian, Rough Good,Liverpool 9.00d.
64d. 5 15-16d.
734d.
Broach, Fine, Liverpool
65(d.
654d.
5%d.
7iid.
Tinnevelly, Good, Liverpool
6 5-16d.
Continental imports for past week have been 131,000 bales.
The above figures for 1914 show a decrease from last week
of 65,758 bales, a gain of 661,781 bales over 1913, an excess
of 258,608 bales over 1912 and a gain of 1,694,479 bales over
1911.
NEW ORLEANS CONTRACT MARKET.-The highest,
lowest and closing quotations for leading contracts in the New
Orleans cotton market for the past week have been as follows:
Saturday,' Monday,1 Tuesday,
Apri 4. Apri 6.'Apri 7.
AprilRange
Closing
Range
Closing
Ju yRange
Closing
AugustRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot _ _
Options
d dag:,Tihpurirsd'i,Apri
AVper;
Friday,
12.76 -112.61 -112.81 - 12.82 -112.71-.74
1
12.78-.87 12.70-.821 12.78-.82 12.88-.95 12.81-.90
12.86-.87,12.72-.73 12.91-.92 12,92 -112.81-.82
1
12.70 -1 12.62-.71'12.68-.82 12.77-.82 12.71-.79
12.77-.78 12.62-.631 12.81-.82 12.82 -112.73 12.37-.54 12.46 -112.39-.54 12.57-.63 12.52 12.51-.53 12.30-.35,12.55-.57 12.60-.61,12.47-.48 HOLII
DAY.
1
1
11.69-.78 11.62-.72 11.68-.78 11.72-.79 11.69-.76
11.77-.78 11.63-.64,11.77-.78 11.76-.771 11.70-.71
1
11.67-.75 11.60-.68/11.67-.77 11.74-.761 11.68-.73
11.75-.76 11.61-.621 11.76-.77 11.75-.761 11.68-.69
1
111.68
11.78 -111.71-.73
11.76-.77 11.63-.64 11.77-.78 11.76-.77 11.69-.70
Firm. Steady. 1 Steady. Quiet, Steady.
Steady. Steady. Very sty. Steady. Steady.
THE CHRONICLE
A PR. 11 1914 1
1175
AT THE INTERIOR TOWNS the movement-that is,
Dallas, Tex.-There has been rain on one day the past
the receipts for the week since Sept. 1, the shipments for week to the extent of fifty-eight hundredths of an inch. The
week
and
the
stocks
to-night,
the
and the same items for the thermometer has ranged from 30 to 54, averaging 42.
corresponding period of the previous year-is set out in
Palestine, Tex.-We have had no rain the past week. The
detail below.
thermometer has ranged from 34 to 62, averaging 48.
San Antonio, Tex.-We have had rain on one day of the
Movement to April 10 1914.
Movement to April 11 1913.
past week, the rainfall reaching one inch and ninety hundredths.
The thermometer has ranged from 34 to 58,
Totcns.
Receipts.
Ship- Stocks
Receipts.
ship- Stocks
ments. Apr.
ments. Apr.
averaging 46.
1Veek. Season. Week.
Week. Season, Week.
10.
11.
Taylor, Tex.-There has been rain on one day the past
Ala., Eufaula__
150
22,299
42
313 1,700
20,932
52, 6,263 week, to the extent of one hundredth of an inch. The
Montgomery 693 150,483 3,873 16,117 1,207 150,912 2,763 22,831
thermometer has ranged from 32 to 62, averaging 47.
Selma
015 122,078 2,220 8,395
859 5,191
181 116,139
Ark., Helena
New Orleans, La.-Dry all the week. Average thermome59 64,594
325 11,000
89
41,287
199 9,390
Little Rock.... 1,1(10 180,005 4,084 48,522 1,344 176,431 1,610 32,294
ter 65.
Ga., Albany_
27,388
100 2,300
23,938
25
55 1,750
Athens
Shreveport, La.-Rain has fallen on one day of the week,
--1-,i'ifi 113,371 3,090 15,217 1,455 103,918 1,700 17,444
Atlanta
580 219,525 1,836 11,168 1,160 154,306
818 14,716 the rainfall reaching fourteen hundredths of an inch.
The
Augusta
2,669 356,028 6,595 51,000 3,461 322,971 6,539i 60,439
Columbus _
414
78,179 1,546 10,849
73,559 1,895, 23,194 thermometer has ranged from 43 to 81.
332
Macon
26
44,386
36,031
2071 11,945
100
Vicksburg,
71
739
Miss.
-There
has been rain on two days during
Rome
241
55,943
343 49,810
350, 8,424
125 5,943
La., Shreveport
776 187,482 4,604 28,252 1,314 139,362 2,523 5,865 the week, the rainfall being one inch. Lowest thermometer
Miss.,Colutnb,.
25,975
8 37,200
670; 1,752 38, highest 81, average 59.
368 2,000
118
Greenville
194
84,923 2,271 9,933
72 47,519 3,0161 1,964
Memphis, Tenn.-Rain has fallen on two days of the week,
Greenwood
667 139,294 2,263 17,281
800 12,000
300 108,237
Meridian
63,328 1,501 13,190 the rainfall reaching fifty-eight hundredths of an inch. The
596
637
31,198 1,491 6,387
Natchez
18,030
58 1,450 thermometer has
21
797 3,240
19,576
ranged from 37 to 75, averaging 53.
Vicksburg137 28,762
865 1,741
2'70
33,314
243 4,690
Mobile, Ala.-No injury to planted seed is believed to
22,416
Yazoo City
577 3,699
71
111 7,000
40,624
Mo.,St. Louts_ --------- 489,812 11,424 33,439 8,275 502,468 7,844 30,979 have resulted from
the cold wave. There has been rain on
9,633
20
N.C., Raleigh_
150
256
326
125
103
13,497
472 28,155 two days the past week to the extent of five hundredths of
0., Cincinnati_ 4,000 202,600 5,133 17,000 3,60• 199,029
30,194
1
611
35 an inch. The thermometer
Okla., Hugo__ _ ______
37,136
399
has averaged 64, ranging from
124
18,924
9 2,515
142,
13,423
S.C., Greenw'd
Tenn.,Memplil
7,682 1,056,745 17,879 110,5721 7,052 766,341 15,428 111,792 40 to 79.
121
1,005,
7,159
24
476
10,796
407
Nashville ___
Selma, Ala.-We have had rain on two days of the week,
65
246 1,200'
17,291
17,082
125 1,240
Tex., Brenham • 100
7811
43,907
490 49,401 1,709
Clarksville_ _
460 the precipitation reaching eighty-five hundredths of an inch.
1,000 97,449 1,361 3,500 1,655 128,190 1,200 4,800 The thermometer has averaged 58, the
Dallas
highest being 83 and
32,952 1,312
288
450
95 44,731
Honey Grove_
181 1,201
21,493 2,619,315 32,703 123,647 23,801 3,007,973 23,995 107,170 the lowest 32.
Houston
Paris
1,8281 113,829 2,118 3,708 1,308 149,41
Madison, Fla.-It has sprinkled on one day. The ther1,791 3,370
Total, 33 towns 59,3726,762,084110,667 557,392 57,9776,838,910 78,327547,991 mometer has ranged from 45 to 79, averaging 67.
Savannah, Ga.-We have had rain on three days of the
OVERLAND MOVEMENT FOR WEEK AND SINCE SEPT 1.
week, the precipitation reaching twenty-eight hundredths of
----1913-14----1912-13April 10Since
Since an inch.
ShippedWeek.
Sept. 1.
Week.
Sept. 1.
Charleston, S. C.-Rain has fallen on three days during the
Via St. Louis
11,414 462,561
7,844
475,424
Via Cairo _
4,561 174,207
---- 218.252 week, the precipitation reaching twenty-six hundredths of an
Via Rock Island
150
6,088
_--18,914 inth. The thermometer has averaged 59, ranging from
Via Louisville
1.225 105,161
475
69.361 43 to 74.
Via Cincinnati
2,804 107,473
965 119,216
Via Virginia points
Charlotte, N. C.-There has been rain during the week to
1,249 130,786
961 113.908
Via other routes, &c
3,098 340,428
12,482 .313,380 the extent of fifty-one hundredths of an inch. The therTotal gross overland
24,501 1,326,704
22,727 1,328,455 mometer has averaged 52, ranging from 35 to 70.
Deduct ShipmentsOverland to N. Y.. Boston, &c.... 1,434 108.637
632 121.866
WORLD'S SUPPLY AND TAKINGS OF COTTON.-Between interior towns
3,982 129,659
6,273 107,760
Inland, &c.,from South
3,315
102,021
892
77,478
Total to be deducted
8,731
340,917
7,797
307.104
Leaving total net overland *
15,770
985,787
14,930 1,021,351
* Including movement by rail to Canada.
--1913-14-In Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
Receipts at ports to Apr. 10
97,022 9,403,703
Net overland to Apr. 10
15,770
985,787
Southern consumption to Apr. 10_ 60,000 1,910,000
1912-13
Since
Week.
Sept. 1.
95,205 8,800,425
14,930 1,021,351
58,000 1,792,000
Total marketed
Interior stocks in excess
172,792 12,299,490 168,135 11,613,776
*51,295
442,878 *20,350
450,955
Came into sight during week_ _ _121,497
147,785
Total in sight April 10
12,742,368
12,064,731
Northern spin's takings to Apr. 10 45,892 2,086,052
15,934 2,143,274
* Decrease during week.
Movement into sight in previous years:
Week1912-April
1911-April
1910-April
1909-April
12
14
15
16
Bales.
192,795
77.628
102,781
143,604
Since Sept. 11911-12-April 12
1910-11-April 14
1909-10-April 15
1908-09-April 16
Bales.
14,042,827
10,760,291
0.312.969
12,011.781
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
_____
Closing Quotations for Middling Cotton onSaturday, Monday.: Tuesday. 1Ved'day. Thursd'y. Friday.
Galveston
13 1-16 13 1-16 '13%
13%
13%
New Orleans.._ _ 13 1-16 13 1-16 13 3-16 13 3-16 13 3-16
Mobile _
12 13-16 12 13-16 12 13-16 12 13-16 12 13-16
Savannah
13 3-16 13 3-16 13%
13%
13
Charleston
13 1-16 13 1-16 13 1-16 13%
13
Wilmington.._
13
13 1-16 13%
13
Norfolk
13
13%
13%
13
HOLIBaltimore
13
13%
13%
13
13%
DAY.
Philadelphia _ _ _ 13. 5
13.65
13.65
0
13.65
Augusta
13
13%
13
13
13
Memphis _
13
131
13
13
13
13,8
St. Louis
13
13
13
13,
13
Houston
13
13
13 -16 13
12%
Little Rock._
12%
12%
12%
12%
Week ending
April 10.
13.4
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
reports to us this evening from the South indicate that the
weather has been much colder during the week, with the
temperature below the freezing point in a number of localities. No injury to planted seed is reported. The rainfall
has been light on the whole.
Galveston, Tex.-Weather during week has been much
colder. Temperatures now rising. Prospects for crop at
this time good. Large acreage in Southwest Texas will not
be in cultivation this year, due to recent flood. There has
been rain on one day of the past week, the rainfall being four
hundredths of an inch. The thermometer ranged from 50
to 73, averaging 62.
Abilene, Tex.-There has been rain on two days the past
week, the rainfall reaching three hundredths of an inch. The
thermometer, has ranged from 26 to 46, averaging 36.
Cotton Takings.
Week and Season.
1913-14.
Week.
1912-13.
Season. I
Week.
Season.
Visible supply April 3
5,715,578
5,126,927
Visible supply Sept. 1
2,055,351
2,135.485
American in sight to April 10-- 121,497 12,742,368 147,785 12.064,731
Bombay receipts to April 9
102,000 2,583,000
70,000 1,872,000
Other India ship'ts to Apr. 9..
21,000
315,000
19,000
224.000
Alexandria receipts to April 8....
7.000
988,000
4,000
983.000
Othersupply to April 8 *
8,000
243,000
5,000
239.000
Total supply
5,975,075 18,926,719 5,372,712 17,518,216
DeductVisible supply April 10
5,649,820 5,649.820 4,988,039 4,988,039
Total takings to April 10 a
325,255 13,276,899 384,673 12,530,177
Of which American
247,255 10,080.899 247.673 9.879,177
Of which other
78.000 3.196.000 137,000 2.651.000
* Embraces receipts In Europe from Brazil. Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
1,910,000 bales in 1913-14 and 1,792,000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 11,366.899 bales in 1913-14 and 10.738,177 bales in
1912-13, of which 8,170,899 bales and 8,087,177 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1913-14.
1912-13.
1911-12.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
April 9.
Receipts atBombay
Exports
from-
102,000 2,583,000 70,000 1,872.000 62,00011,765.000
For the TVeek.
Since September 1.
Great Cann- Japan I
Great
Britain. WM. &Clmtnal Total. Britain.
Bombay1913-14__
1912-13...
1911-12__
Calcutta1913-14_
1912-13_
1911-12__
Madras1913-14__
1912-13....
1911-12__
All others1913-14_
1912-13_ _
1911-12_
Total all1913-14._
1912-13_
1911-12_
33.000 7,0001 46,000
5,000 65,000 71,000
4,000 75,000 79,000
1,000
1,000
ContiJapan
nent. &China.
Total.
30,000 626,000 707,000 1,363,000
16,000 216,000 610,000 842,000
5,000 175,000 825,000 805,000
1,000
1,000
2,000
1,000
2,000
3,000
2,000
11,000
10,000
10,000
30,000
11,000
2,500
43,000
24,000
14,500
1,666
5,000
4,000
2,000
28,000
18,00
6,000
1,00
1.000
34,000
22,000
80
7,800
1,666
19,000
9,000
8,000
1,000 20,000
7,000 16,000
8,000
6,000 52,000 9,000 67,000
1,000 16,000 73,000 90,000
____ 13,000 75,000 88,000
20,000 205,000
10,000 111,000
5,000
62.000
13,00
238,000
57,000 178,000
16,700 83,700
57,000 870,000 751,0001,678,000
33,000 355,000 678,0001,066,000
14,000 252,000 645,000 911,000
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday.._ _
Monday _ _ _
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Total_
Futures
Market
Closed.
uiet, 10 pts. adv.._ Firm
Wet. 10 pts. dec _ _ _ Steady
utet
Firm
Wet
Very steady__ _
uiet, 5 pts. dec__ Steady
HOLI DAY
SALES.
Spot. Contect Total.
1176
THE CHRONICLE
ALEXANDRIA RECEIPTS AND SHIPMENTS.
[Yob. %MM.
The prices of futures at Liverpool for each day are given
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus: 6 95 means 6 95-100d.
below.
Alexandria, Egypt,
April 8.
1913-14.
1912-13.
1911-12.
55.000
7.412,972
26,000
7,369.187
35,000
7,092,433
This! Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
To Liverpool
2,000 176.919 2,750 179,526
To Manchester
6.500 186.563'
_ 182,358
To Continent and India._ 18,000 336,521 10,250 317,495
To America
5,500 59.797 3.750 110,799
167.386
5-,866 194,366
7,700 292,785
3,800 83.472
Receipts (cantars)Thls week
Since Sept. 1
Ecports (bales)
-
Total exports
32.000 759.800 16.750 790,178 17,000 738,009
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
55,000 cantars and the foreign shipments 32,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
steady for both yarns and shii:tings. The demand for both
give the prices for to-day below
yarn and cloth is good.
and leave those for previous weeks of this and last year for
comparison:
Saturday, Monday, Tuesday. 1Ved'day. Thursday.' Friday.
Apr. 4
to
Apr. 10. 123.1 1254 1234 4 1234 4 1234 4 1234 4 12341 4
pan• p.m• p.m• p.m p.m• p.m• p.m• p-in• p.m• pan- p.m p.m.
April --------6
Apr.-May __-_ 6
Nfay-June ____ 6
June-July ____ 6
July-Aug. ____ 6
Aug.-Sept. ____ 6
Sept.-Oct. ____ 6
Oct.-Nov. __ 6
Nov.-Dec. ____ 6
Dec.-Jan. ____ 6
Jan.-Feb.__ 6
Feb.-Mar.
6
Mar.-Apr.
__ 6
Apr.-May
d.
d. i d.
d.
d.
d.
d. d. d. d.
d.
95 96 91 9344 96 02 98 9934 9934
86 8634 8134 84 8644 93 8934 91 91
85 8534 8044 83 8534 9154 8734 89 89
773'4 78 7334 7534 78 83 7844 8034 80
73 7344 69 71 7344 7854 74 7514 75
59 5944 5534 5734 5934 65 6034 6134 61
HOLT4134 4234 38 40 42 4534 4234 44 4344 DAY
3234 3334 2934 31 33 36 333.4 35 34
26 27 23 2434 2654 2954 27 2854 2754
2444 2534 2144 23 25 28 2534 2634 26
2454 25% 2144 23 25 28 2554 26% 26
25 26 22 2334 2554 2854 26 27 2634
2534 2644 2234 24 26 ,29 2644 2734 27
I
We
AGRICULTURAL DEPARTMENT REPORT.
-The reof the Agricultural Department showing the condition
port
1914.
32s Cop
Twist.
k3
10%16 1
i0%6 1
Oife
954
9%
9%
10%
104 6
10% 6
10% e
0
88
64
0
011 2
@112
0548.811
0 011
044 011
()mon
1
0
1
1
0% 0 10% 6 1 @112
9% 0 10% 6 13488 11 3
7.00 10
7.08 10
of winter grain on April 1 was issued on April 7 as follows:
834 lbs. Shirt- Corn
ings, common
to finest.
Upi's
323 Cop
Twist.
d. s. d.
s. d. d. d.
d. s. d.
d.
Feb
20
27
Mar
5
13
20
27
Apr.
3
1913.
854 lbs. Shirt- Coen
(5L78, common Mid.'
to finest.
Upi's
s. d. d.
@ 103.8 6 3348811 6
0 103.8 6 3%011 6
6.99 954 ® 1054 6
7.02 054 0 1034 6
7.08 10
0 11 6
7.11 1034 0 1134 6
3%011
3 011
3 011
3 011
6.77
6.89
6
6
6
6
6 81
6.S6
8.91
8 94
7.26 10% 0 11% 6 3 011 6
7.36 10%88 11% 6 3 011 6
6.96
6.95
The Crop Reporting Board of the Bureau of Statistics (Agricultural
Forecasts), United States Department of Agriculture, estimates, from the
reports of correspondents and agents of the Bureau, that the average condition of winter wheat on April 1 was 95.6% of a normal, against 91.6 on
April 1 1913, 80.6 on April 1 1912 and 85.7, the average condition for the
past ten years on April 1. There was a decline in condition from Dec. 1
1913 to April 1 1914 of 1.6 points, as compared with an average decline in
the past ten years of 3.5 points between these dates.
The average condition of rye on April 1 was 91.3% of a normal, against
89.3 on April 11913, 87.9 on April 1 1912 and 89.2 the average condition
for the past ten years on April 1.
Comparisons for winter wheat and rye States follow, condition figures
representing per cent of normal.
-As shown on a previous page, the
SHIPPING NEWS.
WINTER WHEAT.
RYE.
exports of cotton from the United States the past week have
Condition.
The shipments in detail, as made
Price
Condition.
cached 77,379 bales.
April 1.
STATE
up from mail and telegraphic returns, are as follows:
April 1.
OR
April 1.
Total bales.
Dec.
Dec.
DIVISION.
ORIC-To Liverpool-April 8-Baltic, 403 upland. 175
EW
10-yr 1
10-yr 1
578
Peruvian
1914.1913. as. 1913.1914.1913.1914.1913. as. 1913.
125
'1 o Havre-April 8-Plutarch. 125
800
'1 o Bremen-April 8-Seydlitz,800
o Hamburg-April 3-Pennsylvania. 58_Apr1l 8-Kaiserin
Vermont
%
%
%
%
Augusta Victoria. 100
158 Massachusetts __ _
94
92
98
300 Connecticut
To Antwerp-April 3-Vaderland, 300
96
98
96
94
50 New York
To Rotterdam-April 3-Uranium, 50
90
97
91
94
97 101
98
91
88
95
100 New Jersey
92
96
To Barcelona-April 6-Costante. 100
96
91
97 100
95
90
91
97
90
97
95
To Genoa-April 3-Hamburg. 950___April 6-Regina
94
95 101
Pennsylvania ___ _ 93
96
88
97
1,094
d'Italia, 144
250
To Piraeus-April 4-Themistoeles, 250
Nor. Atl. Div_ _ 93.3 95.4 88.1 97.1 95.5100.9 93.6 94.1 90.0 96.9
217 Delaware
96
91
96
90
To Japan-April 3-City of Norwich, 217
99
97
95
90
98
91
200 Maryland
95
91
91
97
To China-April 3-Cit3r of Norwich, 200
95 100
95
96
89
93
6,349 Virginia
97
89
GALVESTON-To Liverpool-April 3-Inkula, 6,349
94
95
95 101 106
95
97
89
7.265 West Virginia..
94
88
., To Bremen-April 8-Thistledhu, 7.265
91
93
94
95 101 104
91
86
3.682 North Carolina
97
90
L To Antwerp-April 4-Wray Castle, 3.682
92
92
92
95 112 118
95
91
46268 South Carolina__ _ 89
97
88
To Ghent-April 4-Wray Castle, 4,628
90
89
89
88
95 116 124
5.286 Georgia
To Barcelona-April 4-Lucia, 5,286
90
93
92
92
92 122 122
91
88
91
3.665
To Trieste-April 4-Lucia, 3,665
4,500
To Japan-April 7-St. Patrick.4,500
So. Atl. Div
93.2 95.7 88.8 94.8103.3 106.7 93.0 93.3 90.4 96.3
9
2.
.8
00
10
0 Ohio
NEW ORLEANS-To Liverpool-April 6-Statesman. 9000
97
92
84
93
99
96
91
80
99
96
bi To Hamburg-April 3-Alster, 2.810
Indiana
96
92
87
97
81
98
91
97
97
91
1.760
-Virgil.
1.760
8
4, To Antwerp-April
Illinois
90
97
90
97
94
84
99
88
98
93
375 Michigan
' To Barcelona-April 3-Pio IX., 375
87
96
84
95
92
99
91
86
92
83
3,547 Wisconsin
MOBILE-To Hamburg-April 7-Arcturus. 3,547
86
90
94
82
82
87
88
92
96
85
3.004
3,004
9-Hermion.
SAVANNAH-To Havre-April
3.653
To Bremen-April 7-Farley. 3,653
N. Con. East
96.4 90.6 82.0 98.2 90.4 94.7 90.6 88.2 88.6 96.2
3.668 Minnesota
To Hamburg-April 7-Farley, 3.668
83
_ -.._ - 92
83
76
89
93
88
82
29 Iowa
To Rotterdam-April 3-Zaandijk, 29
79
79
93
95
90- 89- 96
92
04
97
859 Missouri
CHARLESTON-To Liverpool-April 8-Southfield,859
9898
93
85
89
99
2,038 North Dakota.._ _
NORFOLK-To Liverpool-April 8-North Point, 2.038
1,278 South Dakota_
IN
To Hamburg-April 2-Dortmund, 1.278
bi-- -- 79
73
If- -__---: 1._:_-: -86
1,315 Nebraska
BOSTON-To Liverpool-April 4-Winifredian, 1,315
90
92
90
86
74
75
92- 89- 86
93
600 Kansas
To Manchester-April 4-Caledonian. 600
99
92
86
95
78
80
85 100
90
96
201
To Yarmouth-Mar. 30-Prince George, 201
896
BALTIMO It F.-To Liverpool-Mar. 28-Swanmore, 896
N. Con. West.._ 95.6 91.1 85.9 96.3 80.4 73.9 89.6 84.7 88.0 91.9
SAN FRANCISCO-To Japan-April 4-Korea, 2,615.._ _ April 7
99
85
89
94
92
85
98
98 103
Kentucky
96
2,965 Tennessee
Siberia. 350
97
88
89
93
93
88
96 101 107
97
134 Alabama
PORT TOWNSEND-To Japan-April 7-Aki Maru, 134
89 '95
91
93
94
89
92 119 106 .91
_ 89
-._ -- -_-__ - -_-_ - -_ -Mississippi
95
89
87
91
77.379 Texas
Total
86- 79- 19-1
8-1
88
81 102
95
_- 93
92
Oklahoma
LIVERPOOL.
-By cable from Liverpool we have the Arkansas
following statement of the week's sales, stocks, &c., at that
South Central_ _ 95792.3 83.7 101.0 91.7 89.7 93.6 90.3 86.1 98.6
port:
95
95
96
65
91
71
Montana
93
_ __ _ 91
93
Mar. 20. Mar. 27. Aprz 3. April 8. Wyoming
98
96
94
91
97
86
93
____ 97
94
46.000 Colorado
64.000
46.000
58,000
Sales of the week
89
92
93
88
78
77
94 -___ 91
94
5,000 New Mexico
2.000
1,000
Of which speculators took__
5.000
79
72
____ _--- ---- - --94
80
____ 98
1,000 Arizona
3,000
1.000
Of which exporters took
96 109 101
96
95
33.000 Utah
47,000
Sales. American
45,000
36,000
97 98
93
72
96
99
95
___ 96
73
1,000 Nevada
6.000
11.000
Actual export
17,000
99
90 101-_- - -_-_ - -_-_ 95
95
50.000 Idaho
91.000
Forwarded
94.000
89.000
97- 94- 98- 9668
73
97
94
97
98
1,214.000
1.241.000
1,194.000 1,249.000
97
94
Total stock
96
Fin 100
80
93
94
92
Washington
97
Of which American
957.000 1,012.000 1.014.000 971.000 Oregon
97 100
94
98
79
86
93 100
102
90
22,000 California
93.000
96.000 149.000
92 100
Total imports of the week
85
95 100
97
88 100
72
95
1,000
62.000 127,000
77.000
F. Of which American
255.000 222.000 188.000 204.000
Amount afloat
Far Wesiern_- 97.0 90.4 92.3 95.3 78.4 77.5 96.3 92.7 94.2 97.8
L_ Of which American
209.000 179.000 134,000 155.000
AA A Al A 85.7 97.2 84.2 79.1 91.3 89.3 89.2 95.3
The tone of the Liverpool market for spots and futures United States___
each day of the past week and the daily closing prices of
spot cotton have been as follows:
izr. ias. a a a96 a
g? r2i gg, gl
84 8.3
R7 8 P 1R 2
L.:,.
Spot.
Saturday.
Fair
Market, 1
business
12:15
doing.
P. M.
-
Monday.
Tuesday. Wednesday. Thursday.
Good
demand.
Fair
business
doing.
Good
demand.
Mid.Upl'ds
7.29
7.32
7.29
7.38
7.36
10,000
2,000
10,000
1,000
14,000
1,000
8,000
500
8,000
500
Steady
Steady
Steady
Futures.
Steady
Market { unch. to 1 203 pts. unch. to 4 205 pts.
pt. dec.
advance.
pt. dec. advance.
opened
Market,
t, 4
P. M.
Firm
Barely st'y Very ste'dy Barely st'y
35405
34883
405 pts.
30454
nt, ,,.itr
AdvAn.e.
n,.; dine.
Quiet
10144
pts. adv.
Steady
540154
E R4 N I5.3724g M
BREADSTUFFS.
Friday.
Friday Night, April 10 1914.
Fair
business
doing.
Sales
Spec.&exp.
RI
HOLTDAY.
•
Flour has continued quiet. Prices have shown, on the
whole, little or no change. On Tuesday the election holiday
at Chicago, Toledo and Kansas City naturally had the effect
of making trade, if anything, duller than ever. It is said
that some of the Western mills have shaded prices, but
most mills have maintained previous quotations. Buyers
have been inclined to reduce their bids, owing to the favorable outlook for the winter-wheat crop and some depression
at times in
the wheat market.
APR. 111914.]
1177
THE CHRONICLE
Wheat has shown more or less depression, owing to the
very favorable outlook for the winter-wheat crop. The
Government report on April 7th was distinctly bearish. It
is figured to indicate a crop of winter-wheat of 600,000,000
bushels, against 523,561,000 bushels last year and 399,919,000 bushels in 1913. The winter-wheat plant wintered
unusually well and it is not believed that the ten-year average
of abandonment has ocurred this year. The condition on
April 1st was 95.6% of normal, which is 9.9 points better
than the average on April 1st for the last ten years. In
fact the condition on April 1st, according to the Government
report, is close to the highest ever known. This report
caused lower prices in New York and Minneapolis, but on
Tuesday, the day it was issued, the boards of trade were
closed at Chicago, Kansas City and Toledo, owing to the
elections in those cities. The statistics for the week, too,
were considered rather bearish. In fact the world's supply
of wheat increased during the week 652,000 bushels, against
a decrease in the same week last year of 527,000 bushels.
The export trade, too, has been very moderate. Some business was done last Saturday with Portugal, it is true, amounting to 184,000 bushels of No. 2 hard winter, but since then
export business has been noticeably sluggish. Crop reports
have been favorable from England, Southern Russia, Roumania, Bulgaria, Hungary and Italy. From Australia also
the weather reports have been favorable. In the United
Provinces of Italy there have been good rains. On the other
hand, the world's shipments were small by comparison with
those of last year. The total last week was 11,040,000
bushels, against 10,832,000 in the previous week and 15,488,000 in the same week last year. Offerings of wheat in
the United Kingdom and Germany are small. In Germany
wet weather has delayed seeding of the spring-wheat. In
Russia spring sowing is also backward. It has been too wet
in Bulgaria and Roumania. Hungary has been a good buyer
of foreign wheat to supply home requirements,as its stocks
are down to practically nothing. Portugal has been importing foreign wheat on a large scale, as its supplies are very
small. An official decree has authorized the importation
into Portugal of 1,600,000 bushels of wheat additional. In
France the winter-wheat condition is 70%, against 72% last
year; spring-wheat, 72%, against 76% last year. In Australia farm stocks are said to be very small. On Thursday
prices were firmer, owing partly to cold weather in the Southwest. To-day, Good Friday, the exchanges in this country
are closed.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
Sat.
HoltStandards
cts_4454-45 4434-45 4434-45 4434-45 4434-45
No. 2 white
45-4554 45-4534 45-4534 45-4531 45-4534
day.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5 Holi- 3931 3854 HoliMay delivery in elevator
cts_ 3854 39%
July delivery in elevator
3954 3954 day. 3954 3854 day.
Sept. delivery in elevator
3831 38%
3831 3754
The following are closing quotations:
FLOUR.
$3 20 $3 40 Spring clears
$4 10 $425
4 90 5 10 Kansas straights,sacks.. 4 25 4 40
4 45 4 65 Kansas Clears,sacks._ 3 75 4 10
4 00 4 30 City patents
5 95 6 35
4 55 4 80 Rye flour
3 20 3 80
4 25 4 55 Graham flour.
3 80 4 50
GRAIN.
Wheat,per bushel-f.o. b.
Corn,per bushelcts.
N.Spring, No.1
7931
31 0034 No 2 mixed.
N.Spring, No.2
No. 2 yellow.
99
79@)79%
Red winter, No. 2
No. 3 yellow.
1 05
7731
Argentina in bags._
Hard winter, No.2,arrive 1 0051
65@7734
Rye, per bushelOats, per bushel, newcts.
New York
Standards..44 045
6834070
Western.
No. 2, white
6931
45@4554
No. 3, white
60
44®4434 Barley-Malting
Winter, low grades...,,,
Winter patents
Winter straights
Winter clears
Spring patents
Spring straights.
The statements of the movement of breadstuffs to markel
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Chicago ____
Milwaukee Duluth
Minneapolis
Toledo
Detroit
Cleveland .._
St. Louis._ _
Peoria
Kansas City
Omaha
Flour.
Wheat,
Corn.
Oats.
Barley.
Rye.
bbls.196Ibs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
211,000
44,000
10,000
15,000
54,000
45,000
258,000
93,000
250,000
2,369,000
26,000
18,000
9,000
419,000
23,000
253,000
156,000
859,000
204,000
173,000
50,000
28,000
46,000
452,000
223,000
1,011,000
848,000
1,546,000
298,000
24,000
256,000
34,000
43,000
60,000
423,000
164,000
320,000
397,000
417,000
262,000
29,000
280,000
2,000
71,000
76,000
6,000
67,000
1,000
2,000
38,000
143,000
1,000
6,000
10,000
Tot. wk. '14
379,000 3,874,000 3,894,00' 3,565,000 1,173,000 238,000
314,000 3,579,000 2,356,000 2,681,000 1,509,000 187,000
Same wk.'13
246,608 2,313,191 2,141,298 3,096,593 460,862
Same wk.'12
75,954
Since Aug. 1
1913-14 .._ 15,044,000 244,918,000 175,427,000 170,640,000 74,027,000 20477000
12,840,520 209,325,966 174,129,228 182,531,688 83,498,330 14446642
1912-13
1911-12
8.816.071 110.803.781 148.790.334 112.081.891 56.291.103 7.204.280
Total receipts of flour and grain at the seaboard ports for
the week ended Apr. 4 1914 follow:
Flour,
Wheat,
Corn,
Oats, Barley,
Rye,
bbls.
bush,
Receipts atbush. bush
bush.
bush.
207,000
221,000
15,000
289,000 14,000 11,000
New York
146,000
Boston
40,000
18,000
58,000 37,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Portland, Me
157,000
11,000
3,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Philadelphia
277,000
34,000
59,000
279,000
5,000
1,000
No. 2 red in elevator
cts_103% 10334 103% 103% 103% Holl- Baltimore
49,000
34,000
31,000
78,000
105,000
May delivery in elevator
103% 994 9931 994, 99% day. New Orleans*
119,000
77,000
85,000
45,000
9631 951 944 9534 9551
July delivery in elevator
222,000
Newport News__ _
1,000
3
94%
Sept. delivery in elevator
94
9354 9354 94
41,000
Galveston
4,000
4,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Mobile
1.000
11,000
Sat. Mon. Tues. Wed. Thurs. Fri.
1,000
10,000
Montreal
3,000
47,000 44,000
cts_ 9131 9054 Holi- 9051 9054 Holi- St. John
394,000
May delivery in elevator
33,000
873
4 8634 day. 861,4 8654 day.
July delivery in elevator
87
8634
Sept. delivery in elevator
8651 86%
Total week 1914__ 494,000 1,613000
193,000
800,000 103,000 117,000
Jan. 1 1914_5,875,000 28,715,000 8,192,000 10,474,000 3092,000 863,000
Indian corn has not changed very much, although the Since
310,000 1,952,000 1,143,000
Week 1913
835,000 456,000 61,000
trading at times has been on a liberal scale and prices have Since Jan. 11913 5,853,000 36,964,000 36,629,000 14,195,000
8,530,000 922.000
*Receipts do not include grain passing through New Orleans for foreign port
been firmer. According to common rumor.James A.Patten
lading.
of
bills
through
on
has been buying May corn. The
receipts have continued
The exports from the several seaboard ports for the week
small and under the circumstances reports of liberal purin the annexed statement:
chases of Argentine corn for America have had compara- ending Apr. 4 are shown
Corn, Flour,
Wheat,
Oats,
Rye, Barley,
Peas,
tively little effect. Yet it is said that free offerings are
bush.
bbls.
bush,
bush.
bush,
Exports frombush.
bush.
7,707 88,859
82,294 16,748. 20,036 1,341
162,333
being made of Argentina corn all along the coast from the New York
11,000
Me_ _ _. 157,000
3,000
St. Lawrence to Texas. The bullish features have been the Portland,
9,527
257,052
Boston
24,949 5,740
71,102
small supply of corn available for prompt domestic use and Philadelphia
303,916
112,000
14,000 10,806
Baltimore
the urgent demand from interior States. The Missouri New
595,000
Orleans__ 240,151
43,434
810,000
500
April report showed a supply only one-third of that of last Newport News__ 221,000
Galveston
162,000
3,475
been
very
fair.
has
Chicago
demand
at
year. The cash
Mobile
1,000
38,003
The shorts have been covering pretty freely. Still there Pensacola, Fla..
11,000
394,416
32,550
seems to be no very aggressive speculation for a rise in corn. St. John
The price is already some 130. higher than a year ago, while
Total week___2,028,868
65,141 276,822 107,838 22,488 23,036 2,151
3,178,243 1,989,898 121,264 248,400 64,365 447,210 2,385
supplies are certainly but little under those of this time in Week 1913
The destination of these exports for the week and since
1913, so far as the visible stocks are concerned. Chicago
elevator people have bought a large cargo of Argentine corn- July 1 1913 is as below:
-Flour-----Wheat
---Corn-240,000 bushels-to arrive at Montreal, which may go to
Since
Since
Chicago or to New England points. Milder weather and
IVeck
July 1
Week
July 1
Week
July 1
4.
1913. April 4.
1913. April 4.
lighter feeding are expected in the near future. The short Exportsfor week and April
1913.
bbls.
bbis.
bush,
since July 1 tobush,
bush.
bush.
interest has been reduced. On Thursday prices advanced, United
Kingdom_163,714 4,334,505 1,006,393 74,534,119
631,451
41,994 2,159,959 1,007,780 74,236,753
then reacted on realizing of profits. Cash sales at Chicago Continent
8,000
752,556
10,601 1,112,139
& Cent. Amer 33,543 949,993
2,256
358,775
are rather large. To-day, Good Friday, the New York and So.
33,821 1,335,521
West 'Indies
2,750
89,837
51,810 1,463,008
79,091
Western exchanges are closed, as also the foreign boards.
Brit. No. Am. CoLs_
3,075
9,092
1,344
468,997
33,481
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Other countries__ _ _ 3,750 240,431
Sat. Mon. Tues. Wed. Thurs. Fri.
9,099,500
276,822
Total
2,028,868
150241,845
65,141
3,248,363
cts_
79
79
mixed
No. 2
7851 7931 7951 H'day Total 1912-13
121,264 8,633,052 3,178,243 127228,296 1,989,898 34,761,396
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
The world's shipments of wheat and corn for the week
cts 6831 6851 Holi- 6931 6854 Holi- ending Apr.4 1914 and since July 1 1913 and
May delivery in elevator
1912 are shown
July delivery in elevator
6831 68% day. 685's 6854 day.
Sept. delivery in elevator
in the following:
6854
68
6854 6831
Oats have been firmer, but have fluctuated within very
Wheat.
Corn.
narrow limits and have been devoid of striking features.
Wet weather has prevailed over much of the oats belt at the
1913-14.
Exports.
1912-13.
1913-14.
1912-13.
West, and there is considerable delay in seeding, so much so
Since
Week
Since
TVeek
Since
Since
that farmers in some sections have become somewhat uneasy.
Apr. 4.
July 1.
July 1.
Apr. 4.
July 1.
July 1.
Under the circumstances, the shorts have been at times
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
rather liberal buyers, especially of May,and there is no doubt North Amer. 3,088,000
218,486,000 194,374,000 40,000 1,689,000 33,021,000
3,128,000 121,418,000 82,669,000 510,000 11,797,000 7,919,000
that the tone on the whole has been firm, even if not aggres- Russia
_ _ _ 1,632,000 46,274,000 46,247,000 816,000 23,223,000 11,264,000
sively so. The receipts at Chicago of late have been small. Danube
Argentina _ _ 1,232,000 33,766,000 93,078,000 1,063,000 132,987,000 172,188,000
At the same time, visible supplies in America are close to Australia- 1,864,000 50,554,000 32,868,000
48,000 26,040,000 45,004,000
India
39,000,000 bushels, as against 26,149,000 a year ago and 0th.
countr's 48,000 6,622,000 6,452,000
26,573,000 two years ago. The cash demand, too, has been
Total ____ 11040000 503,160,000 500,692,000 2,429,000 169,696,000_224,392,000
comparatively small. On Thursday prices were firmer at
first, but they receded later, with the cash demand poor.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
To-day, Good Friday, the exchanges were closed.
1178
THE CHRONICLE
Wheat.
United
Kingdom. Continent.
Bushels.
Bushels.
Corn.
Total.
Bushels.
United
Kingdom, Continent.
Bushels.
Bushels.
New York to April 4-
Total.
Bushels.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
[VOL. xovxu.
-----1913---------1914----Since
Since
Week. Jan. 1.
Week. Jan. 1.
371
80
642
47
265
49
1.017
5
19,137
25,292
4,671
363
6,480
4,380
417
353
9,084
4,265-77
3,125
8,507
821
943
16,233
11,970
641
197
885
48
347
6,774
4.694
287
920
15,361
800
16,056
2,556
21.748
467
17,368
49,804,000
April 4 1914
6,240,000
Mar.28 1914... 27,748,000 20,544,000 48,292,000 1,878,000 3,630,000 5,508,000
April 5 1913. 26,072,000 33,840,000 59,912,000 4,182,000 7,242,000 11,424,000
April6 1912_ 33,450,000 20,360,000 53,840,050 3,961,000 6,460,000 10,421,000 Mexico
America
The visible supply of grain, comprising the stocks in CentralAmerica
granary at principal points of accumulation at lake and South
Other countries
seaboard ports Apr. 4 1914 was as follows:
Total
5.688 99M34
8,204 94,817
UNITED STATES GRAIN STOCKS.
The value of these New York exports since Jan. 1 has been
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley, $7,357,803 in 1914, against $7,172,680 in 1913.
In Thousandsbush. bush, bush, bush, bush, bush, bush. bush.
Business in the local cotton goods market has been quiet
New York
64 750
262 206
64
15
38 .119 during the week, many buyers
having returned home for
Roston
12
33 700
9
23
4
69
1
Philadelphia
133 344 117 259
20
over the Easter holidays, while cool weather has also reBaltimore
69 191 .._ 202 ---i
330 314
stricted spring buying. Business so far in spring and summer
35565 111 ---- ---- --New Orleans
111
59
Galveston
wash goods is far below normal, and
predict that
1,071 100 802 "885 1,07$8
Buffalo
68 after Easter is over retailers will havejobbers
189
to make extensive
1,492
afloat
411 2,091
"
1,264 354
79
916 204"ail' 357 ____
Toledo
preparations to meet the consumptive demand. Such buy3
223
313
Detroit
62 --__
25
ing as has taken place has been confined to small spot deliv5,110
Chicago
9,995 3,566 ___ 237 -186
70
afloat
1,309
eries. Commission houses report difficulty in getting buy-128
Milwaukee
177 -iii „ -85
12,863___ 388 1,691 2-,i55 318 510 111 ers interested in future requirements, owing to the latter beDuluth
1,472 1,215
ing closely restrained in their operations by the heads of their
" afloat
226
275
19,837
224 1,77:te
Minneapolis
-TIRI 1,015
houses, on account of the uncertain political and financial
407 953
St. Louis
59329
39
situation. Among out-of-town retailers, stocks of novelties,
5,966
Kansas City
1,532 810
---106
Peoria
210 892
3
wash dress and staple cotton goods are reported to be abIndianapolis
850
143
84
normally low for this time of the year. As a result,it is
1,875 1,232
Omaha
633
-88
58
feared that jobbers have not made adequate preparations to
Total April 4 1914...51,862 3,286 18.812 19.223 5,744 1,447 4,206 721
Total Mar. 28 1914_53,634 3,155 19,754 19,860 5,869 1,439 4,388 686 meet the demand when the rush for goods on short delivery
Total April 5 1913-.56,771 3,717 19,726 12,254 768 912 2,635 340 begins. Buyers are constantly testing prices by making atCANADIAN GRAIN STOCKS.
tractive offers of business at prices slightly under market
Canadian Bonded Canadian Bonded Canadian Bonded quotations,
but so far no weakness has developed. Gray
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush, bush. bush. bush, bush. bush. goods, 38-inch standard, are quoted unchanged at 53c. to
In Thousands12 289
257 ____
Montreal
20 474
Ft.William&Pt.Artkur_12,943
5%c.
5,766
4.083 ____
2,514
" afloat
-WOOLEN GOODS.-In woolens and worsteds, the situa_
_
2,689
Canadian
4,440
Other
tion is unchanged. Road salesmen representing garment and
Total April 4 1914 19,942
12 13.009 ____20 474
clothing manufacturers are sending in encouraging reports
Total Mar,28 1914..19,257
12 12,346 ........
21 431
demand for fall is all that can be expected,considering the
Total April 5 1913-.26,005
20 10,256
53 ____ and
advances wbich have been made in prices since the opening,
SUMMARY.
Bonded
Bonded
Bonded and the close competition from foreign-made fabrics. A
Wheat. Wheat, Corn. Oats. Oats. Rye. Barley. Barley. feature of the dress-goods market is the
increasing demand for
bush, bush, bush, bush. bush. bush, bush. bush.
Its Thousands-American
51,862 3,286 18,812 19.223 5,744 1,447 4,206 721 broadcloths. Supplies of these are likely to prove short be19,942
___
Canadian
12 13,009
20 474 ____ fore the season is over, but buyers are little concerned, feelTotal April 4 1914_71,804 3,286 18,824 32,232 5,744 1,467 4,680 721 ing that they will be able to get what they peed from importMar.
28
1914..74,277 3,155 19.766 32,206 5,869 1,460 4,819 686
Total
if domestic factors cannot meet their demands. ImTotal April 5 1913 82,776 3,717 19.746 22,510 768 912 2,688 340 ers
ported lines of woolens and worsteds are reported in good request and are causing domestic manufacturers much concern,
THE DRY GOODS TRADE.
as the cost of raw material here is advancing to such levels
that it is making it difficult to compete with foreign lines.
New York, Friday Night, April 10 1914.
FOREIGN DRY GOODS.-Demand for spring and sumDry goods merchants continue optimistic of the future,
despite the numerous reports of general business depression. mer dress linens is improving and the volume of pales so far
They base their predictions upon the abnormally low condi- is satisfactory. Traveling men report that retailers ii. the
tion of merchant stocks in every quarter, which, with the West and South have as yet done very little in dress linens
normal consumption during the remainder of the year, would for the spring and summer, although having laid in large
undoubtedly bear them out. There is, however, one devel- stocks of cotton, silk and silk mixtures, in which they expect
opment in the business situation since the first of the year to do a good business. This will undoubtedly affect the
which it seems has not been sufficiently taken into consider- consumption of linens, except in the cheaper grades, but
ation, and that is the generally poor employment of labor, latter-day styles are such that linen fabrics do not meet rewhich, if continued, will seriously affect the consumption of quirements. There is, however, sufficient demand to take
merchandise. There has been heavy laying off of hands in care of present production, and were linens as popular now
all the large industries, particularly among the railroads, and as they have been in the past, present importations would not
in the latter case no improvement is expected until the Inter- meet the demand by 50%. Demand for household goods is
State Commerce Commission hands down its decision in the steady and distribution normal for this time of year. The
hearing for a 5% increase in Eastern freight rates. This is shirt-waist trade continues to take good supplies of linens
not expected before mid-summer, and will come too late to suitable for their purposes. Influenced by strong advices
materially benefit business during the current year. The from Calcutta, the local market for burlaps has developed a
outlook for labor is, therefore, poor for the greater part of the firmer undertone, with a considerable improvement in the
current year, and this will no doubt seriously restrict con- inquiry and a better business passing. Light-weights are
sumption of staple dry goods. Under these circumstances, quoted at 4.75c. and heavy-weights at 5.75c. Owing to the
the low rate of production and scarcity of stocks would, if Easter holidays, the Calcutta market closes Friday and Satanything, be beneficial to the trade, although the loss of busi- urday of this week and will be closed on Monday of next week.
ness and trade stagnation would be injurious to manufac- Importations & Warehouse Withdrawals of Dry Goods.
for the Week and Since Jan. 1,
turers, who have already suffered large loss of profits through Imports Entered for ConsumptionWeek
Ending
the reduction in the tariff. The one encouraging feature in
Since Jan. 1 1914.
Apri 4 1914.
Pkgs.
Va ue.
Va ue.
Pkgs.
the situation is the possibility of good crops, and upon this
$
$
ofdepends largely the extent of business improvement which can Manufactures
25.872 7,606.339
336.649
1.206
Wool
855,962 57,802 16.000,405
be expected. At present, purchases are confined to imme3.449
Cotton
22,087 10.672,369
827.024
1.792
Silk
diate and near-by requirements, with both manufacturers and
384.972 24,364
5,943,505
1.439
Flax
57.190 5,521,085
distributers uncertain about making. commitments any dis316.718
3,201
Miscellaneous
tance ahead. Prices are firmly maintained, and manufac11.087 2,731,325 187,315 45,743,703
Total 1914
turers state that, while they are receiving good inquiries
10,534 2.547.891 162.181 37,958,953
Total 1913
for goods a shade under market quotations, they cannot see
Warehouse Withdrawals Thrown Upon the Market.
of
Manufactures
their way clear to accept such business in view of the firm
88.443
18.375 4,826,273
Wool
342
861
and advancing raw-material situation. Conditions in the
209.407
12,647 3,319,660
Cotton
124,289
4,187
229
Silk
1,858,359
export trade are unchanged. There are numerous offers of
108.943
444
7,604
Flax
1,819,663
business at prices an eighth to a quarter cent under asking
133.537 40.222 2,278,547
5,051
Miscellaneous
prices, but little new business is reported as having been
664.619 83,035 14,102,502
6.927
Total withdrawals
•
placed. There are conflicting rumors of further sales of Entered
11.087 2,731.325 187.315 45,743.703
for consumption
Pepperell drills to India for deliveries running through the
18.014 3,395,944 270,350 59,846,205
Total marketed 1914
summer. There has been some business done, but the
15,022 3.054,738 223,285 46.359.340
Total marketed 1913
amount is not definitely known. The price has, however,
Imports Entered for Warehouse During Same Period.
been again placed at 8c., and this has checked any further Manufactures ofWool819
9,511
199.671
2,800,623
demand from that quarter. No further business has been
11,499
807
Cotton
3,162.176
224,912
done with China and stocks in that market are reported to
3,798
363
Silk
189.929
1,707,477
kx
480
be plentiful.
22.318
Miscellaneous
595
2,85,887
0
DOMESTIC COTTON GOODS.-The exports of cotton
859,189
58.232 11.542,932
Total
3,064
goods from this port for the week ending April 4 were 5,688 Entered forr consumption
11,087 2.731,325 187.315 45,743,703
packages, valued at $476,622, their destination being to the
Total
imports
1914
14.151 3,590.514 245,547 57,286,635
points specified in the tables below:
Total imports 1913
14,108 3,287,395 241,694 46.709.624
1.82:217
THE CHRONICLE
APR. 11 1914.)
STATE MID CITY
DEfitirrittiEtlis
News Items.
1179
8,000 votes. In 1912 the pluralities over the Socialist candidates were larger than this, being 12,904 in the case of the
Mayor, 13,532 for the Treasurer and 13,585 for the Comptroller.
Four bond propositions were also voted upon, and of these
two, the $250,000 harbor-impt. and $60,000 public-bath
issues, carried, while the $350,000 Wright Street bridge and
$250,000 central police station issues, were defeated, according to early returns.
Multnomah County (P 0. Portland) Ore.—Bridge
Bond Issue Attacked.—Suit has been instituted to determine
the constitutionality of the Acts authorizing the issuance of
the $1,250,000 bridge bonds voted last November.
Municipal Bonds as Security for Postal Savings Deposits.—Regulations Eliminating Special Assessment Bonds
as Security for Deposits Held Not to Apply to Bonds Supported
by a General Tax Limited in Amount.—See item under Shreveport, La., below.
New Jersey —Legialsture Adjourns.—The New Jersey
Legislature completed its 1914 session Thursday afternoon
(April 9).
New York State.—Question of Holding Constitutional
Convention Carries.—The election held throughout the State
last Tuesday (April 7) resulted in favor of the question of
holding a convention for the purpose of revising the State
Constitution. It was at first reported that the proposition
had carried by a majority of 50,000 votes, but later in the
week it was learned that this majority will be much smaller,
probably not over 10,000, as the returns from the rural
sections of the State indicate much opposition to the convention. In Greater New York the vote, it is stated, was
80,000 "for" to 24,000 "azainst."
Shreveport, La.—Improvement Bonds Legal as Security for
Postal Savings Deposits.—Under date of April 4, C. G. Rives,
Superintendent of Accounts and Finances, writes us, in part,
as follows:
Buffalo, N. Y.—Commission Charter Bill Signed by
Governor.—Governor Glynn on April 8 signed the bill passed
by the Legislature over Mayor Fuhrman's veto pr..viding
for the submission to the voters next November of a new
charter embodying the commission form of government.
Canadian Government Municipal and Corporation
Bonds.—The Dominion Securities Corporation, Ltd.,
head office, 26 King Street East, Toronto, is distributing
its quarterly bold list. The list affords a wide range of
securities and gives a complete description of each issue
offered, together with a statement of the assets and liabilities of the place or corporation issuing the same. These
facts are conveniently arranged on perforated pages, which
are printed on one side only.
Chicago Ill.—Election Results.—At the election held in
this city on Tuesday last (April 7) the voters decided a number of questions of public policy besides electing new Aldermen. It was the first opportunity afforded Chicago women
to exercise their right of suffrage in local matters and of
the total vote of 487,283 cast for aldermame candidates
the women cast 162,961. The Republicans polled
158,304 votes, against 67,859 in 1912, Democrats 183,611
against 120,209 in 1912, Progressives 50,808, against 144,392
in 1912 and Socialists 40,055, against 49,559 in 1912. The
returns also show that 73% of the women registered went to
the polls, while 72% of the men voted. .
Probably the most important question of public policy
was the plan for a comprehensive system of rapid transit
subways for passenger transportation within the city limits
the total cost of which was estimated at $130,000,000.
(V. 98, p. 155, also V. 97, p. 1732, 1425). This proposition
failed to carry, there being a large majority of votes against it.
The second question of public policy on the ballot, that of
"Our city last year issued a $101,500
%
bond issue,
home rule, carried, it is stated, by a narrow margin running forty years in serial form. We have beenimprovement
unable to sell these bonds
par, the law prohibiting us taking any less.
at
Briefly, the question was whether the administration
I noted a neighboring city selling 434% bonds at a premium
should present a bill at the next session of the Legislature and'Recently
I asked a friend of ours in Chicago to give me some reasons why we
while the others sold at a premium, and one
amending the public utilities Act to provide for the city's could not sell our bonds at par
of the reasons given was: 'The City of Shreveport bonds, being payable
supervision over utilities operated within its corporate limits. from
a limited tax, are under late rulings of the Attorney-General's office.
legal to secure postal-savings deposits." I at once took this matter up
.Of the six bond propositions voted upon, all but one met not
with Messrs. Dillon, Thomson & Clay, No. 195 Broadway, New York,
with defeat. The issue, which was approved, was one of and
asked that they take the matter up with the Government with a view
$350,000 for bathing-beach improvements. The defeated of correcting what we believe to be a wrong interpretation and am glad
to
say
the matter has been cleared up."
improvements,
loans were $1,000,000 for fire-department
The letter which Mr. Rives received from Dillon, Thomson
$2,500,000 for police-department improvements, $470,000
for health department improvements, $380,000 to pay judg- & Clay is re-printed below:
"New York, March 24 1914.
ments against city for personal injury claims and $4,000,000 "Hon.C.G. Rives,Commissioner of
Accounts and Finance, Shreveport,La.:
for the completion of the Cook County hospital.
"'Dear Sir.—Shreveport, Louisiana. Improvement bonds, $101,500 00.
"'Referring to our letter to you, dated March 17, we enclose herewith
The referendum on the Act passed by the last Legislature
of a letter we have received from the Hon. W. H. Lamar, Assistant
amending the Municipal Court Act so as to abolish the copy
Attorney-General of the United States. date March 20th, in which the
jurisdiction of grand juries over all felony cases, except Assistant Attorney-General advises us as to the proper construction of
Section 8-A of the regulations of the board of trustees of the postal savings
murder and treason, resulted in a majority of about 100,000 system,
and from which it will appear that the language of Section 8-A is
not intended to exclude bonds such as the Shreveport issue above referred
votes against.
deposits.
The proposed four-year terms for Aldermen, City Treas- to, for the purpose of securi.tmvpeorsytatl sringisirs
urer and City Clerk also lost.
"
THtOMSON & CLAY.'"
A vote was also taken April 7 on the questions of annexing
The letter written by the Assistant Attorney-General on
Cicero and Morgan Park. The plan to annex Cicero carried this subject is as follows:
in Chicago by a majority of 60,000 votes but was defeated
"'Washington, March 20 1914.
in the town itself by 2,049. Morgan Park annexation passed "'Messrs. Dillon, Thomson & Clay, Attorneys at Law, New York City:
Third Assistant Postmaster-General has referred to
in Chicago by 50,000 votes but will not be decided by the me"`Gentlemen.—The
your letter of the 17th inst. embodying an inquiry as to the purpose
village itself until April 21.
and construction of Section 8-A of the regulations recently adopted by the
of trustees of the postal-savings system.
Clarksburg, Harrison County, W. Va.—Bridge Bonds board
"'Recognizing your interest, in common with that of other firms of
who pass upon the validity of bonds which are being offered from
attorneys
.
states
newspaper
that
the
local
validity
of
the
Upheld.—A
to time as security for postal-savings deposits, in the conditions under
$110,000 5% gold coupon bridge bonds recently sold to the time
which such bonds may be held to be legally acceptable for the purpose. I
in replying fully to your communication.
Empire National Bank of Clarksburg (V.98, p. 705) has been take pleasure
"The question presented by you may thus be stated:
upheld by the State Supreme Court.
"'Does the requirement that bonds, to be acceptable as security, shall be
the general obligations of the political divisions by or in behalf of which
Irvington, Essex County, N. J.—Commission Form of they
are issued, payable, either directly or ultimately, without restriction
Government Adopted.—The election held in this town April 7 or limitation, from the proceeds of taxes levied upon all the taxable
real
personal property within the territorial limits of such political divisions,
resulted, it is stated, in a vote of 787 to 702 in favor of the and
operate to exclude bonds of a city which are duly issued under an approAct
Walsh
providing
for a commis- priate statute or constitutional provision declaring that during the period
question of accepting the
In which any of the bonds are outstanding the municipal officers shall imsion form of government (V. 98, p. 1101).
pose and collect annually,in excess of all other taxes, a tax sufficient to pay
Lincoln, Mass.—Town Restrained from Issung Bonds.— the Interest and principal falling due each year, or to create
a sinking fund
to pay the principal of the debt, with the proviso that such special taxes
A Boston newspaper reports that the State Supreme Court on shall
not exceed a specified rate on the a-ssessed valuation of property in
April 1, on a petition by ten taxable citizens, hold that the such municipality, the tax being "without restriction or limitation as to time
long as the bonds are outstanding, although the rate per cent of the tax
town of Lincoln could not issue bonds for $6,000 to reimburse so
Is fixed and detrmined by the
or constitution."
it for sums appropriated in previous years for three exten- "'The primary purpose of thestatute
regulation is to eliminate as security bonds
which are payable solely from special assessments or a special fund, without
sions of the water system, authorized in town meeting the
possibility of ultimate recourse, if necessary, against the full or general
March 8 1913. The extensions of the water system were taxing
power of the municipality by or in behalf of which the bonds were
paid by taxation funds and it is held that no indebtedness is Issued, the bonds so designated to be excluded are described generally by
Dillon
in the fifth edition of his work on municipal corporations
Judge
justify
the
proposed loan and Section 893. as
contemplated or incurred to
follows:
the town cannot borrow money on an extension for which the
"'If the bonds express upon their face that they are issued pursuant to
a statute and payable by virtue thereof only from the proceeds of the special
payments have been made. The Court restrains the town fund
created by an assessment or otherwise,there is no liability upon the city
from issuing the bonds.
to pay the bonds out of its general funds or by virtue of its general power
of,taxation.
Maryland.—Legislature Adjourns.—The Maryland Legis"Bonds which are deemed to meet the requirements of the regulation in
this respect are thus described by the same eminent author:
lature adjourned late last Monday night (April 6).
"'But if the enabling Act does not in expressed terms limit the power of
the municipality to an issue of bonds which are payable only from the Milwaukee, Wis.—Result of City Election.—From the re- special
assessment or other designated fund, or if the municipality, besides
turns at hand, it appears that the city election hold hero haying power to issue bonds under a statute so limiting its liability, has also
power to Issue its general obligations, a bond which by its terms is the direct
April 7 resulted in a victory for practically the entire non- and
absolute promise of the municipality to pay a
sum of money
partisan slate. The Socialist party, as in 1912, made another with interest, and is not declared to be payable onlydefinite
from the fund, is the
obligation of the city payable from its general funds or general
strong attempt to regain control of the offices to which its general
power of taxation, although the bond also recites that it is issued to provide
candidates were elected in 1910, but its defeat was again for
the payment of the cost of an improvement, which cost is chargeable
benefited and is made a lien thereon.
brought about by p, fusion of the other political parties. The against the property
"'The
words, without restriction or limitation, as used in the regulation,
present Mayor, City Treasurer and City Comptroller sought are construed
to relate to the nature of the fund which is made available,
re-election on the non-partisan ticket, and they were opposed in the sense of its not being exclusive of other and genera' sources of payment, as would be the case if the bonds were made payable only from the
by the same Socialist condidates as in 1912. It is estimated proceeds
of the special fund. The words of the regulation are not construed
that each of the old officials received majorities of about to refer to the amount of the fund or the rate of tax applicable to the pay
1180
THE CHRONICLE
ment of the bonds. It is, of course, quite usual for the constitutions or
statutes of various States to limit the rate of tax which may be levied for a
specific purpose, or the maximum rate for all purposes. So long, however
as the bonds are not by their terms or by the provisions of the statute
limited or restricted to payment from a special fund or a special tax, but
are payable either directly or ultimately, if necessary, from general funds
or the proceeds of general taxation, they are not considered to be excluded
by the language of the regulation.
"'I am pleased to have this opportunity of setting forth the interpretation which this office has given the regulation cited, and trust the foregoing
explanation will enable your full understanding of its purpose. If any further question or comment suggests itself in this connection, I shall be glad
to give it careful consideration.
"'As a possible interest to your firm, I am forwarding under separate
cover copies of the annual report of this office for the fiscal year ended
June 30 1913, and of the regulations of the board of trustees of the postalsavings system.
"'Respectfully,
"'W. H. LAMAR,
"'Assistant Attorney-General.'"
Westmount, Que.-Tenders of Debentures Requested.Attention is called to the official notice among the advertisements on a subsequent page that the Sinking Fund Commissioners desire to purchase approximately $30,000 of municipal debentures-those issued by the City of Westmount
preferred.
Sealed offers, marked "Sinking Fund Commissioners of
Westmount," will be received at the offices of the Montreal
Trust Co. until 12 m.April 27.
A full description of bonds offered for sale is essential.
Delivery of the bonds to the commissioners must be made on
May 1 1914.
[VOL. xcvm.
Polk County 4% bonds, Nos. 53 to 63 inclusive, dated Oct. 2 1906, for
erecting court house, have been called and will be paid Feb. 18 1914. or
within 30 days.
Vernon County, Mo.,4A % refunding bonds, dated Sept. 11898 Nos. 35
to 40 incl.. for $1,000 each, have been called and will be paid Mar. 1'
1914.
Morgan County (P. 0. Versailles), Mo.-Bonds Called.Payment will be made on May 1 at the Franklin Bank of
St. Louis of refunding 5% bonds Nos.249,254,258,259,260,
261, 280, 283, 284, 285, 286, 287, 288, 314, 315, 316, 317,
318, 319, 320, 321, 322, 323, 324, 325, 326, 327, 328, 349,
350, 351, 352, 353, 355, 356, 357, 358, 359, 360, 361, 362,
363, 364, 365, 366, 367.
Palmer Lake, El Paso County, Colo.-Bond Call.Anne C. Judd, Town Treasurer, will redeem on April 20 at
her office in Palmer Lake the entire issue of $5,000 6% 10-15year (opt.) water bonds dated Dec. 1 1900. Denom. $500.
Sheboygan, Wis.-Bond Call.-Pavement impt. bonds
Nos. 1 to 27 incl., aggregating $13,300, and sewerage =pt.
bond No. 1 for $500, all bearing date of Mar. 15 1909, due
7 years after date, opt. after 5 years, which option has been
exercised by the city, were called for payment Mar. 14.
Spokane, Wash.-Bond Call.-The following special
impt. bonds have been called for payment at the City
Treasurer's office:
TO BE PAID MARCH 15.
Bonds Called up to Name and No.of Bonds Called up to
and Including.
Districtand Including.
St.,Sewer
Grade.
29
18th Avenue, 478
15 McClellan
7
18th Avenue, 537
Water Main.
Providence Ave., 477
TO BE PAID APRIL 1.
Bonds Called up
Name
Bonds Called up Name and No. of
is
of
.
to and Including4
to
District,
o and Including.
te.
District,
Cincinnati, Ohio.-Bond Calls.-The following 5% bonds
Sewer,
Grade.
are called for payment at the American Exchange Nat. Bank, Bernard St., 33
12 First Ward, 9
29
N. Y., or the Fifth-Third Nat. Bank, Cincinnati:
5 First Ward Ext., 11
23d Ave., 896
9
3 Fourth Ward, 4.8
On May 1-One hundred sidewalk bonds(village's portion)of the Village 13th Ave., 923
9
763
Hamilton
St.,
Sewer.
of Mt. Airy, annexed to Cincinnati, each $100, Nos. 1 to 100, incl., dated
3
6 16th Ave., 940
Alley, 427
May 1 1904, payable May 1 1924, redeemable May 11914.
5 25th and 26th Ave., 933
June 20-Twenty water-works bonds of the Village of Madisonville, Broadway Ave., 545
TO BE PAID APRIL 15.
annexed to Cincinnati each $500, Nos. 1 to 20, incl., dated June 20 1894
payable June 20 1924, redeemable June 20 1914.
Bonds Called up to
Bonds Called up to
and includ'g.
NameNameand includ'g.
•
Columbia, Mo.-Bond Call.-The following 4M% bonds
SewerGradewill be redeemed upon presentation to the City Treasurer, Cataldo St., 427_ _ -Alley, 533
15
15
3
Alley, 576
9
Jefferson St., 888-- Exchange Nat. Bank, Columbia, upon the dates specified:
1st Ward, 10
22
63
21st Ave., 99
$20,000 water and electric-light-plant bonds issued April 1 1904. Denom.
$1,000; Nos. 46 to 65 incl. Called for redemption April 1.
10,000 water and electric-light-plant bonds, issued Oct. 2 1905. Denom.
$1.000; Nos. 1 to 10 incl. Called for redemption April 2.
Name and No. of
District-
Bond Calls and Redemptions.
Bond Proposals and Negotiations this week
been as follows:
have
Denver School District No. 1 (P. 0. Denver), Colo.0. West Union), Ohio.-BONDS ALE.-On
Bond Call.-Payment will be made on May 1 at the offices
of the District Treasurer of the following bonds of former
school districts numbered 2, 7, 17 and 21, in the County of
Arapahoe, Colo.:
Bonds Nos. 71, 72 and 73 of the second issue of School District No. 2,
dated Aug. 1 1900 and in denomination of $1,000 each.
Bonds Nos. 14, 15, 16 and 17 of the second issue of School District No. 7,
dated Sept. 1 1902 and in denomination of $1,000 each.
Bonds Nos. 145 to 154, incl., of the first issue of School District No. 17,
dated Dec. 20 1897 and in denomination of $1,000 each.
Bonds Nos. 44, 45 and 46 of the first issue of School District No. 21,
dated Mar. 15 1898 and in denomination of $1,000 each.
El Paso County School District No. 12, (P. 0. Colorado Springs), Colo.-Bond Call.-Bonds numbered 5, 6
and 7, dated June 1 1906 for $1,000 each, were called for
payment at the office of the Co. Treas. on April 1.
Galveston Texas.-Bond Call.-Payment will be made
at the City Treasurer's office or at the National City Bank,
N. Y. on April 25 of "General Indebtedness Funding Bonds
' Nos. 149, 150, 151, 152, 153, 154, 155, 156, 157,
of 1895"
158, 159, 160, 161, 162, 163, 164, 165, 166, 167, 168, 169,
170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 182,
183, 184, 185, 186, 187, 188, 189, 190, 191, 193, 194, 195,
196, 197, 198, 199 and 200, each of said bonds being for the
sum of $1,000.
Hotchkiss, Delta County, Colo -Bond Call.-The
Town Treasurer, H. L. Vail, will redeem on April 15 at his
office in Hotchkiss the entire issue of $8,000 6% 10-15-year
(opt.) water bonds, Series "C." Dated April 15 1904 and
in the denomination of $1,000.
Lawrence County (P. 0. Deadwood), So. Dak.-Bond
Call.-Upon presentation at the Fourth Nat. Bank of N. Y.
or at the County Treasurer's office, the following 5% bonds
of the issue of July 1 1899 were called for payment on April 1.
Nos. 2, 21, 24, 27, 30, 33, 38, 39, 49, 50, 61, 63 and 67.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis, in
their quotation pamphlet dated March 16, include the following list of municipal bonds which have been calleG for
redemption:
Cape Girardeau County,Cape Girardeau Twp.4%% refund. bonds, Nos.
58, 59,63,65,66,67, 68, 69,71 and 72,for $1,000 each, dated April 2 1900
have been called and will be paid April 2 1914.
City of Charleston, Mississippi County, Mo., 5% Sewer Bond, No. 8
for $500, dated April 1 1900, has been called and will be paid April 1 1914.
City of Columbia, Boone County, Mo., 4%% water and light bonds,
Nos. 1 to 10 incl., and 46 to 65 incl., for $1,000 each, dated October 2 1905,
have been called and will be paid April 2 1914.
Cole County, Mo., 4% court house bonds, Nos. 81 to 93 incl., for $500
each, dated June 11896, have been called and will be paid June 11914.
Jackson County, Mo., School District of Kansas City 4% building bonds,
Nos. 1861 to 1895 incl.,for $1,000 each, dated July 2 1894, have been called
and will be paid Feb.6 1914.
Montgomery County, Mo., Wellsville School District No. 20-50-6 West
4for $500, dated Sept. 1 1903, has been
1,
86
eupitlidnIAbaorndi l;To1.
gesnazAnwnribb
Morgan County,
, Mo., 5% refund. bonds,Nos. 249.254,259,260, 261,
280, 283, 284, 285. 286, 287, 288, 314, 315, 316, 317, 318, 319, 320, 322,
323, 324, 325, 326, 327, 328, 349, 350, 351, 352, 353, 355, 356, 358. 359,
360, 361, 362, 363, 364, 365, 366, 367, for $500 each, dated May 1 1894,
have been called and will be paid on May 1 1914.
Perry County,Mo.,5% building bonds,dated April 1 1904,Series "A",
for $500 each, and Series "B" for $100 each, Nos."A" 44 to 50 incl., and
"B" 48 to 50 inclusive, have been called and will be paid April 11914,
ADAMS COUNTY (P.
April 4 the $85,500 5% 20-year refunding bonds (V. 98, p. 850) were
awarded to Sidney Spitzer & Co. of Toledo for $90,988 (106.418) and int.
Other bidders were:
Provident Savings Bank & Trust
Well, Roth & Co., Cincinnati.
Co., Cincinnati.
Tillotson & Wolcott Co., Cleveland.
Field, Longstreth & Richards, Chic. Spitzer, Rorick & Co.. Toledo.
National Bank, West Union.
First
Cleveland.
Otis & Co.,
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-PRICE PAID FOR
for the $100,000 4% 30-Yr.
paid
price
BONDS.-We are advised that the
juvenile home bonds awarded to the Allegheny Co. Sinking Fund Commission on April 1 (V. 98, p. 1102) was par and int. Denom. $5,000. Date
Jan. 1 1914. Int. J. & J.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND SALE.-On
Apr. 8 the two issues of 4A % gravel-road bonds, aggregating $47,200 (V.
98, p. 1012), were awarded, it is stated, to J. F. Wild & Co. of Indianapolis
for $47.595-equal to 100.841.
AMELIA, Clermont County, Ohio.-BOND SALE.-On April 4 the
$1,000 6% 4-year (aver.) electric-light bonds (V. 98, p. 940) were awarded
to M.S. Pond of Somerset at 102.20 and int. Other bids were:
$1,006
First National Bank, Barnesville
1,005
Bankers' Bond & Trust Co., Athens
1.005
Security Savings Bank & Trust Co., Toledo
OFFERING.
Y.
N.
-BOND
AMSTERDAM, Montgomery County,
Proposals will be received until 1 p. m. April 15 by John V. Smeallie, City
Treas., for $125,000 43 % 20-yr. reg. tax-free Mowhawk River bridgeconstr. bonds. Denom. $1,000. Date April 1 1914. Int. A. & 0. at
office of City Treas., or at any bank or trust company in N. Y. City. Cert.
check for 2% of bonds bid for, payable to City Treas., required. Bonded
debt (not incl. this issue) $1,165,350. Floating debt $126,750. Assess.
val. 1913 $13,525,381.
ANAHEIM SCHOOL DISTRICT (P. 0. Anaheim), Orange County,
Cal.-BOND ELECTION.-A vote will be taken on April 25, reports
state, on the question of issuing $5,000 bonds.
ANDOVER, Ashtabula County, Ohio.-BOND OFFERING.-Profor
posals will be received until 12 m. May 4 by R. R. Ellis, Vil. Clerk,
$500. Date
$9,500 5A % paving (village's portion) bonds. Donom.
$500
Due
Trustees.
Fund
Sinking
of
office
at
April 1 1914. Int. A.& 0.
yearly on Oct. 1 from 1915 to 1933 incl. Cert. check for 1% 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.
Bids must be unconditional
ARDOCK SCHOOL DISTRICT (P. 0. Ardock), Walsh County,
No. Dak.-BONDS VOTED.-The proposition to issue $5,800 bldg. bonds
carried by a vote of 68 to 16, reports state, at the election held Mar. 23.
ARNOLD, Westmoreland County,Pa.-BOND ELECTION.-An elec
tion will be held May 19, it is stated, to vote on the question of issuing
$30,000 bonds.
ATASCOSA COUNTY COMMON SCHOOL DISTRICT NO. 7, Tex.
-BONDS REGISTERED.-On Mar. 28 an issue of $6,000 5% 10-40-year
(opt.) school bonds was registered by the State Comptroller.
ATHENS, Athens County, Ohio.-BONDS AUTHORIZED.-An
ordinance was passed March 16 providing for the issuance of $3,660 5%
Grosvenor St. improvement (city's portion and assess.) bonds. Denom.
$366. Date March 1 1914. Int. M.& S. Due $366 yearly on Sept. 1 from
1915 to 1924 inclusive.
ATHENS, McMinn County, Tenn.-BOND ELECTION PROPOSED.
-An election will be held in the near future, reports state, to vote on the
question of issuing $30,000 funding and street-improvement bonds.
AUBURN, Androscoggin County, Me.-TEMPORARY LOAN.Reports state that a loan of $75,000 dated April 6 1914 and maturing Nov.15
1914 has been negotiated with Blake Bros. & Co. of Boston at 3.71% disc't.
AVALON, Los Angeles County, Cal.-BONDS DEFEATED.
According to reports, the propositions to issue $130,000 municipal water,
gas, electric-plant and sewer system bonds failed to carry at an election
held March 20.
BOND ELECTION PROPOSED.-Reports state that it is proposed to
call another election to vote on the question of issuing water bonds.
BASTROP COUNTY (P. 0. Bastrop), Tex.-BONDS DEFEATEDThe question or issuing $20,000 McDade Dist. road bonds failed to carry,
reports state, at the election recently held.
BONDS NOT SOLD.-Reports state that no sale was made on Mar. 30
of the $50.000 5% Road Dist. No. 1 bonds, offered on that day (V. 98, p.
1012). The bonds will be re-advertised at an early date.
-BOND ELECTION.
BATAVIA, Kane County, Ills.
-The election
to vote on the question of issuing the $4,500 fire-truck-purchase and $3,500
city-well for water supply bonds (V. 98, P. 705) will be held April 21, it is
stated.
BAY CITY SCHOOL DISTRICT, Orange County, Cal.
-An Issuo of $12,000 school-bldg. bonds was awarded in March to
the Crown City Nat. Bank of Pasadena for $12,050 (100.416) and int.
BEAVER SCHOOL DISTRICT(P.O. Beaver), Beaver County,Pa.-The question of issuing $65,000 school bonds was
defeated at the election held Feb. 14.
BEECHER, Will County, Ill.
-Reports state
that this town is considering the issuance of electric-plant-ext. bonds.
-ProBELL COUNTY (P. 0. Belton', Tex.
posals will be received until 10 a. m. April 21, it is stated, by W.E. Hall,
Co. Aud., for the $600,000 5% 203'-40-yr. (opt.) Road Dist. No. 5 bonds
voted Jan. 15 (V. 98, p. 320). Int. semi-ann. Cert. check for $15,000
required.
-The election held in Rogers Precinct No. 8 on
March 20 resulted, it is stated, in the defeat of the proposition to issue the
$300,000 road-improvement bonds (V. 98, p. 705). The vote was 567 to
302, a two-thirds majority being necessary to carry.
-Proposals
BELLEVUE, Huron County, Ohio.
will be received until 12 m. April 28 by Thos. M. Weaver, City Aud., for
$3,348 20 5% coupon Belle Ave.-impt. (assess.) bonds. Denom. $334 82.
Date Mar. 1 1914. Int. M. & S. Due $334 82 yearly on March 1 from
1915 to 1924 incl. Cert. check for 5% of bonds bid for, payable to City
Treas., required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
BELLINGHAM SCHOOL DISTRICT (P. 0. Bellingham), Whatcom
-Local papers state
County Wash.
that this district proposes to hold an election May 9 to vote on the issuance
of high-school-bldg. bonds.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
On April 10 the $450,000 5% 44-year (average) coupon taxable main
market road No.4 improvement (assessment) bonds(V.98, p. 850), offered
on April 7, were awarded to Seasongood & Mayer, Cincinnati, and E. H.
Rollins & Sons of Chicago on their joint bid for $458,590 (101.908) and int.
-The questions of
BELTON, Bell County, Tex.
issuing the $50,000 high-school-bldg., $10,000 school-bldg.-impt. and $30,000 bridge-constr. bonds (V. 98, P. 1012) carried, reports state, at the election held March 31.
BELVIDERE, Boone County, Ill.
-An election
will be held April 21, reports state, to submit to a vote the question of issuing $55,000 bridge bonds.
BENTON HARBOR, Berrien County, Mich.
-The questions of issuing $3,500 bridge and approximately
$9,000 Broadway paving bonds will be submitted to a vote at the April
election, it is stated.
BEREA VILLAGE SCHOOL DISTRICT (P. 0. Berea), Cuyahoga
County, Ohio.
-Proposals will be received until
12 m. May 6 by J. S. Simpson, Clerk of Bd. of Ed., for the $15,000 43 %
coupon building-completion bonds voted Mar.12(V.98, p. 1012). Denom.
$500. Date "day of sale" Int. A. & 0. at office of Dist. Treas. Due
$500 each six months from April 1 1920 to Oct. 1 1934 incl. Cert. check
on a bank other than the one making the bid,for 5% of bonds bid for,payable to Dist. Treas., required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
BESSEMER CITY, Gaston County, No. Caro.
-The Hanchett Bond Co. of Chicago is offering to investors $19,000 6_% 30-year water and sewer bonds. Denom. $500. Date
Jan. 11914. Int. J. & J. at Nat. Park Bank, N. Y. City. Total bonded
debt $55,000. Assessed val. $602,569. Act. val. $2,000,000.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-On April 6 the two issues of 4X% gravel-road bonds (V. 98, P. 1012)
were awarded, it is stated, to Breed, Elliott & Harrison of Indianapolis as
follows: $6,500 Shields road for 56,553-equal to 100.815, and $6,000
R.Ellsworth road for 56,052-equalto 100.866.
BLEDSOE COUNTY (P. 0. Pikeville), Tenn.
According to reports, this county on Mar. 28 voted in favor of the issuance
of $97,000 road bonds.
BLOOMFIELD, Davis County, Iowa.
-The
q_uestion of issuing $15,000 light-improvement bonds failed to carry at the
election held March 30. The vote was 113 "for" to 660 "against."
BLOOMFIELD TOWNSHIP (P. 0. North Bloomfield), Trumbull
%-year
County, Ohio.
-On April 6 the $30,000 5% 53
(aver.) coup. road bonds (V. 98, P. 1102) were awarded to Hayden,
Miller & Co. of Cleveland at 100.40. Denom. $500. Date April 1, 1914.
Int. A. & 0.
BOISE CITY, Ada County, Idaho.
-An election will be held May 7 to vote on the question of issuing not exceeding
$25,500 10-20-yr. (opt.) coup. impt. dist. No. 21 bonds. Denom. $1,000
each as near as practicable. Int. (not to exceed 6%) payable semi-ann.
BOONE, Boone County, Iowa.
-Proposals will
be received until April 15. it is stated, for the $20,000 water-works-ext•
bonds voted March 23(V. 98, p. 1012).
BOONE TOWNSHIP (P. 0. Hebron), Porter County, Ind.
-Proposals will be received until 2 p. m. Apr. 18 by Ernest
E. Dilley, Twp. Trustee, for $30.000 434% high-school-bldg. bonds. Denom.$1,000. Date Apr. 15 1914. Int. T.& J. Due part each six months
beginning July 1 1915.
-On April 2
BOSSIER PARISH (P. 0. Benton), La.
the $175,000 5% 1-40-year (ser.) coupon tax-free Road Dist. No. 1 bonds
(V. 98, p. 940) were awarded to G. W.& J. E. Piersal, Oklahoma City, at
par and int. There were three other bidders.
BRADDOCK SCHOOL DISTRICT (P. 0. Braddock), Allegheny
-The Mellon Nat. 13ank of Pittsburgh reCounty, Pa.
cently purchased $230,000 4 % coup. (with ririvilego of registration as to
principal) tax-free school bonds and are now offering the same to investors.
Denom. $1,000. Date Apr. 11914. Int. A.& O. Due as follows:
1931 $11,000
$2,000
1923 $7,000
1938
1915 $5,000
1932 13,000
2,000
1916 4,000
1924 8,000
1939
1917 6,000
3,000
1925 9,000
1933 12,000
1940
2,000
1918 6,000
1926 9,000
1934 14,000
1941
1919 7,000
1927 9,000
1935 14,000
3,000
1942
1920 6,000
1928 11,000
1936 14,000
4,000
1943
1921 7,000
1929 11,000
1937 15,000
4,000
1944
1922 8,000
1930
4,000
BRECKSVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Brecks-Proposals will
ville), Cuyahoga County, Ohio.
be received until 8 p. m. May 4 by B. W.Harris, Clerk of Board of Ed.,for
$25,000 5% coup. bldg. and equip. bonds. Denom. $500. Date day of
sale. Int. A.& O.at office of Dist. Treas. Due $500 on Apr. 1 and Oct. 1
1915, $1,000 each six months from Apr. 1 1916 to Oct. 1 1919 $1,500 each
six months from Apr. 1 1920 to Oct. 1 1923 incl. and $2,000 on Apr. 1 and
Oct. 1 1924. Cert. check on a bank other than the one making the bid for
10% of bonds bid for, payable to Dist. Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest.
BREWSTER, Stark County, Ohio.
-Reports state that a vote willbe taken in the near future on the question
of issuing $50.000 water-works and sanitary-sewer-construction bonds.
BROCKTON, Mass.
-Reports state that Blodget &
Co. of Boston were recently awarded an issue of $180,000 4% serial bonds
at 101.10. Other bidders were:
R. L. Day & Co., Boston_ ___101.01IBlake Bros. & Co., Boston___100.81
100.81 Estabrook & Co., Boston_ - _100.79
Curtis & Sanger, Boston
BUCYRUS, Crawford County, Ohio.
-On April 4
coupon
the $11,500 5%
sewage-disposal-plant-slte-purchase and construction bonds (V. 98. p. 851) were awarded to the Bucyrus City Bank,
Bucyrus, for $11,676 (101.53) and int. Other bids were:
Seasongood & Mayer,Cin.$11,662 50 Stacy & Braun, Toledo___$11,605 75
Weil, Roth & Co., Cin- ___ 11,653 00 Sec.S.B.& Tr.Co.,Toledo_ 11,590 00
Prov.Say.13k.&Tr.Co.,Cin. 11,650 65 Otis & Co., Cleveland__ __ 11,544 00
Tillotson & Wolc.Co..Clev. 11,643 75
-BOND
SALE.
BONDS DEFEATED.
-BONDS PROPOSED.
-BOND OFFERING.
BONDS DEFEATED.
-BOND OFFERING.
-BOND ELECTION PROPOSED.
-BOND SALE.-
-BONDS VOTED.
-BOND ELECTION.
-BOND ELECTION
PROPOSED.
-BOND OFFERING.
-BONDS OFFERED
BY BANKERS.
-BOND SALE.
-BONDS VOTED.-
-BONDS DEFEATED.
-BOND SALE.
-BOND ELECTION.
-BOND OFFERING.
-BOND
OFFERING.
-BOND SALE.
-BOND SALE.
1181
THE CHRONICLE
APR. 11 19144
-BOND OFFERING.
-BOND ELECTION PROPOSED.
-BOND SALE.
-BOND SALE.
CADES SCHOOL DISTRICT (P. 0. Cades), Williamsburg County,
So. Caro.
-The question of issuing $8,500 building
bonds carried, reports state, at the election held March 28 by a vote of
26 to none.
CALVERT,Robertson County, Tex.
-Local newspaper reports state that an election will be held in the near future to vote on the question of issuing $5,000 fireman's hall completion bds.
CAMBRIDGE SCHOOL DISTRICT (P. 0. Cambridge), Story
County, Iowa.
-The question of issuing $12,000 impt.
bonds carried, reports state, by a vote of 121 to 33 at an election recently
held.
CAMDEN, Camden County, N. .T.
-Proposals
will be received until8 p. m.April 27 by David Jester, Chairman of Finance
Committee, for the $125,000 43i% 20-year coupon or reg. paving bonds
authorized by the City Council on Feb.26(V.98,P.705). Denom.$1,000.
Date June 1 1914. Int. J. & D. at office of City Treas. Cert. check on
a national bank for 2% of bonds bid for, payable to City Treas. required.
Bonds to be delivered and paid for on or beofore June 1. Official circular
states that there is no controversy or litigation pending or threatened concerning the validity, of the above bonds, the corporate existence of boundaries of the municipality, or the title of the present officers to their respective offices, and that the city has never defaulted in the payment of
any of its obligations or the payment of interest when due. Total bonded
debt (not inch this issue), $5,512,450, Floating debt $115,000. Assess.
val. 1913 $59,714,371.
CANTON, Ohio.
-The bidders and premiums offered
for the 20 issues of 5X% bonds, aggregating 5187,050, sold on April 6
(V. 98, p. 851), were as follows:
No. 1
36,8501No. 6_ _ _ 37,400 I No. 11_ _311,400 No. 16_ _ _..$3,300
No. 2
4,500 No. ?____ 8,900 No. 12__-- 5,900 No. 17____ 3,800
No. 3
19,900 No. 8____19,900 No. 13__12,000 No. 18__.... 2,100
No. 4
22,300 No. 9____ 4,900 No. 14_..__ 4,200 No. 19..__- 400
No. 5
5,900 No. 10_- 5,100 No. 15___ - 3,900 No. 20____34.400
Seasongood & Mayer, Cincinnati-Entire issue, except No. 9. Total
amount bid on $182,150; total premium offered $5,681.
Field, Longstreth & Richards and the Provident Savings & Trust Co.,
Cincinnati:
No. 1____$428 00No.
I
5..-.._3137 00 No. 9,- _ $26 00 No. 13..__$208 00
No. 2___
_
267 00 No. 6....__ 184 00 No. 10_ -- 32 00 No. 14___ 192 00
No. 3____ 411 00 No. 7____ 212 00 No. 11___ 128 00 No. 20_,- 745 00
No. 4___- 498 00 No.8____ 574 00 No. 12_ _ _ 126 00
Total amount b d on 173,550; total premium offered $4,168.
Stacy & Braun Toledo:
No. 1_,--$550 54 No. 6,-5244 91 No. 11___$173 39 No. 16..__ $90 38
No. 2_..__ 361 67 No. 7..-.. 274 12 No. 12___ 201 14 No. 17___ 78 62
No. 3..__- 539 50 No. 8--- 640 23 No. 13___ 237 84 No. 18___ 42 21
No. 4____ 568 79 No, 9___ 65 90 No. 14__, 267 33 No. 19„-- 17 66
No. 5_ _ _ _ 214 40 No. 10___ 73 08 No. 15___ 90 69 No. 20- _ - 925 65
Total amount b d on $187,050; total premium offered $5,658 05.
Spitzer, Rorick & Co., Toledo-Entire issue. Total amount bid on
$187,050; total premium offered 54,758 06.
C. E. Denison & Co., Cleveland:
e
)
jNo. 13,--$322 80
No. 1..___$601 80INo. 3,-5607 30 No. 8..__$808 8(
No. 2__..
_395 30 No. 4 _- 701 60INo. 11- 234 60
$3,672 20.
Total amount bid on $96,850; total premium offer
Hayden, Miller & Co., Cleveland-Entire issue. Total amount bid on
$187,050; total premium offered $5,798.
First National Bank, Cleveland*
No, 1.._$253 10 No. 6.._4108 10 No. 11___ $67 90 No. 16,.... $39 40
No, 2____ 166 20 No, 7- 108 10 No. 12___ 90 90 No. 17...... 31 80
No. 3____ 210 40 No. 8..__ 306 10 No. 13_ 104 40 No. 18___ 30 05
No. 4___- 262 40 No. 9___ 20 10 No. 14___ 122 60 No. 19___ 13 60
No. 5__-- 90 90 No. 10___ 24 90 No. 15.._ 31 90 No. 20..__ 352 60
Total amount bid on $187,050; tote premium offered 2,445 45.
H. L. Day & Co.,Boston:
No. 1____$639 79 No. 6..__$323 38 No. 11___$280 44 No. 16___$125 07
No. 2__ 420 30 No. 7___ 362 23 No. 12___ 264 91 No. 17___ 117 42
No. 3____ 708 44 No. 8_.... 907 44 No. 13.._.. 379 20 No. 18___ 89 67
No. 4..___ 793 88 No. 9___ 105 35 No, 14,.... 318 78 No. 19___ 28 00
No.5__ 269 04 No. 10___ 115 26 No. 15___ 120 51 No. 20__1,217 76
Total amount b d on $187,050; total premium offered $7,586 87.
Breed, Elliott & Harrison, Cincinnati-Entire issue. Total amount bid
on $187,050; total premium offered $5,631 08.
Breed, Elliott & Harrison, Cincinnati:
No. 3,..--$553 14 No. 4___$621 01 No. 8_1750 1%No. 11-.4195 12
I No.. _ .. 268 75 No. 20___ 969 59
Total amount bid on $119,900;
tota premium offered $ ,357 83.
13Bonds were awarded to R. L. Day & Co.. Boston.
CANTON CITY SCHOOL DISTRICT (P. 0. Canton), Stark
County, Ohio.-BOND SALE.-On Apr. 8 the $225,000 5% 40-year sitepurchase and impt. bonds (V. 98, p. 1013) were awarded toC. E. Denison
& Co., Cleveland, and Well, Roth & Co. of Cincinnati jointly for
$248,205-equal to 110.313+. Other bids were:
Dime Savings Bank, Canton
$245,300 00
243,566 50
Tillotson & Wolcott Co., Cleveland
242,600 00
Hayden, Miller & Co.. Clev., and Seasongood & Mayer,Chic
Field, Longstreth & Richards, Cin., Provident Say. Bank &
241,987 50
Trust Co., Chic., and Stacy & Braun, Toledo
241,301 16
Sidney Spitzer & Co., Toledo
Minn.
Carlton),
-BOND
SALE.
-On
(P.
0.
CARLTON COUNTY
Apr. 7 the $65,000 5% State rural highway bonds (V. 98, p. 941) were
awarded to the Minnesota Loan & Trust Co. of Minneapolis for $65,655
-equal to 101.007. Denom. $500 to $1,000. Date Apr. 1 1914. D ue
one-tenth yearly.
CENTRALIA, Lewis County, Wash.-BONDS VOTED.-The question of issuing the $118,892 10-20-year (opt.) funding bonds, at not exceeding 5% int.(V. 98, p. 851), carried at the election held April 1 by a vote of
630 to 365.
CERES HIGH SCHOOL DISTRICT, Stanislaus County,Calif.BOND OFFERING.-Further details are at hand relative to the offering
on April 14 of the $35,000 5% school bonds (V.98, p. 1102)• Proposals
for these bonds will be received until 10 a. m. on that day by H. Benson.
Clerk of Bd. of Sups. (P. 0. Modesto). Denom. $1,000. Int. ann. on
April 14. Due $1,000 on April 14 1919, 1920 and 1921 and 52000 yearly
on April 14 from 1922 to 1937 incl. Cert. check on a California bank for
10% of amount of bid, payable to Chairman of Bd. of Sups., required.
CHARLOTTE, Monroe County, N. Y.-BONDS VOTED.-The questions of issuing the following bonds at not exceeding 5% interest carried at
the election held Mar. 17: $12.000 village-hall and lock-up, $3,000 watermains-extension, $10,300 sewer-construction, $35,000 Beach Ave. paving
(assess.) and Beach Ave. sewer-impt. bonds at not exceeding $9,500.
Due beginning 1915.
CHEHALIS COUNTY SCHOOL DISTRICT NO. 101, Wash.
BOND SALE STOPPED-NEW ELECTION.-The sale of 520,000 6%
bonds, which was to have taken place April 4, was stopped, we are informed,
ll8
e.
ction ballots having been held illegal. A new election was held
tAhperie
-BONDS VOTED.
-BOND ELECTION PROPOSED.
-BONDS VOTED.
-BOND OFFERING.
-BOND SALE.
CHEROKEE COUNTY (P. 0. Gaffney), So. Caro.-BOND SALE.
The Security Trust Co. of Spartanburg was recently awarded an issue of
it
is
&
int.
bonds,
stated,
for
50
(100.528)
refunding
$52,027
20-year
$52,000
CHICAGO, Ill.-BIDS.-The other bids received for the $700,000
harbor-construction, $750,000 general corporate bridge and $238,000
bathing-beach 4% gold bonds, the sale of which was reported in last week's
"Chronicle", were:
Amount Bid For. Price Bid Rate price
Bidder.
First Trust & Say. Bank Chicago For all the bonds $1,669,972 16 98.932
Harris Trust & Say. Bk..
Cont.& Com.Tr.& 8.Bk.
1,667,407 00 98.78
Chicago
"
Union Trust Co
Kean, Taylor & Co
State Bank of Chicago_ „I
98.70
White, Weld & Co., Chicago
1,665,380-80 98.66
"""
"
Curtis & Sanger, Chicago
1,664,536 80 98.61
"
"""
Lee, Higginson & Co., Chicago
""" "
1,663,692 80 98.56
Estabrook & Co., Chicago
For Bathing Beach Bonds,
R.M.Grant & Co., Chicago
only, Par and Interest, less 98.543
$3,467 66.
Chicago For all the bonds 1,659,659 00 98.32
A. B. Leach & Co
N. W.Halsey & Co
BOND SALES OVER COUNTER.-Of the $1,880,000 4% gold general
corporate bonds being offered at par and interest "over the counter."
/4
1182
THE CHRONICLE
$1,113.000 had been sold up to and including March 31, according to newspaper reports. This makes a total of $50,000 sold since our last report.
(V. 98, P. 779.)
RESULT OF BOND ELECTION.-See news item under "Chicago"
on a preceding page.
CINCINNATI, Ohio.-BOND ELECTION PROPOSED.-Reports state
that th(questions of issuing $241,000 deficiency and approximately $1.000,000 street-impt. bonds will be submitted to a vote at the June election.
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND SALE.-On
April 4 the $14,700 434% gravel-road bonds (V. 98, p. 1013) were awarded
to Gavin L. Payne & Co. of Indianapolis for $14,818 (100.802) and int.
Other bids were:
J. F. Wild & Co.. Indianapolis
$14,811 00
Fletcher-American National Bank, Indianapolis
14,785 50
Breed, Elliott& Harrison, Indianapolis
14,781 00
Miller & Co., Indianapolis
14,775 00
E. F. Parr & Co., Chicago
Denom. $735. Date Mar. 2 1914. Int. M. & N. Due $735 eachsix
months from May 15 1915 to Nov. 15 1924, inclusive.
CLAYTON GRADED SCHOOL DISTRICT (P. 0. Clayton), Johnston County, No. Caro.-BONDS OFFERED BY BANKERS.-The
Hanchett Bond Co. of Chicago is offering to investors $25,000 5% 30-year
building bonds. Denom. $1,000. Date Jan. 1 1914. Int. J. & J. at
Clayton Banking Co., Clayton. Bonded debt this issue. Assessed val.
$1,482.105. Total val. (est.) $2,500,000. These bonds were offered on
March 12. See V. 98,p. 780.
CLEVELAND, Ohio.-BOND SALE.-The following bids were received
for the four issues of 5% coup or reg. street-impt. assess. bonds offered on
April 6(V. 98, p.780):
$192,000
$30,000
$18,000
$760,000
1M yrs.
Av. 3 yrs. Av. 3 yrs.
Av.2Allr•
Otis & Co
Seasongood & Mayer
*$773,908 00*$195,513 60 $30,141 00*318,225 00
Curtis & Sanger
United Banking & Say. Co.
*30,228 00 18,217 80
Kountze Bros
Harris, Forbes & Co_ __ _ } 773,543 20 195,421 44 30,096 00 18,160 20
Estabrook & Co
Hayden, Miller & Co__ _ 758,664 00 194,188 80 30,153 00 18,162 00
First Trust & Savings CO_ 763,193 00 192,807 00 30,000 00 18,000 00
C.E. Denison&Co
194,422 00 30,115 00 18,192 00
* Successful bids.
COAL TOWNSHIP (P. 0. Shamokin), Northumberland County,
Pa.-BOND OFFERING.-Proposals will be received until 7 p. m. Apr. 21
by Levi N. Werntz, Sec. & Town Clerk, for $110,000 4% coup. bonds.
Denom. (70) 31.000, (60) $500, (100) $100. Date May 1 1914. Int. M.
& N. at Market St. Nat. Bank, Shamokin. Due May 1 1944, subject to
call $20,000 after 5 and 10 yrs., $30,000 after 15 and 20 years and $10,000
after 25 years. Bidders are requested to file bids for each optional series,
designating each, and in addition thereto may file a bid for entire issue.
Cert. check for $200 (if bid is less than $10,000), or for $500 (if over $10,000) required. Bidders filing bids for the different optional periods or
any part thereof, together with a bid for the entire issue, are required to file
only one check for $500. Bonds to be delivered and paid for on or before
May 15. Purchaser to pay accrued interest.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
COFFEE COUNTY (P. 0. Manchester), Tenn.-NO ACTION YET
TAKEN.-Wo are advised that no action has yet been taken looking towards the calling of the election to vote on the question of issuing the $200,000
road bonds (V. 98. p. 628).
COLLINSVILLE, Rogers County, Okla.-BONDS TO BE OFFERED
SHORTLY.-This city will offer for sale about May 1 $4,000 6% 25-year
city-hall-ext. and impt. bonds. Date May 11914. Int. M.& N at fiscal
agency of Oklahoma in N. Y. City and if discontinued then at office of
State Treas. Official circular states that there is no controversy or litigation pending or threatened affecting this issue, that the interest on all
previous issues has been paid promptly and that no previous issue has ever
been contested. Total bonded debt $163.832.
COLUMBIA, Maury County, Tenn.-BOND ELECTION.-An election will be held April 15 to submit to a vote the question of issuing $75,000
coupon school bonds.
COLUMBIA COUNTY (P. 0. St. Helens), Ore.-BIDS.--The other
bids received for the $350.000 5% 13 1-3-year (aver.) coupon road bonds
awarded on April 1 to the Portland Trust & Say. Bank, Portland, for
$365.555 (101.543) and int.(V.98, p. 1103) were:
Sidney Spitzer & Co., Toledo
*8366,156
H. A. Kahler & Co., New York
I 364,950
Breed, Elliott & Harrison, Cincinnati
Lumbermen's Trust Co., Portland
Mayer, Deppe & Walter, Cincinnati
Continental & Commercial Trust & Say. Bankj
Chicago 364,788
Union Trust Co
Wells & Dickey Co., Minneapolis
R. M. Grant & Co., Chicago
364,212
0. W. McNear & Co., Chicago
N.W.Halsey & Co_ _
A. B. Leach & Co _ _I Chicago
353,240
E. H. Rollins & Co__
Well, Roth,5
& Co. Cincinnati
5
916
State Bank of Rainer, Rainer, Ore. ($5,000 5-year)
ea
3
162
01.
L. Sonneiand Rainer, Ore. ($100 10-year)
102
E. McVey, Columbia City, Ore. ($2,000 15-year)
100.125
Chapman. Mills & Co.,
Yard, Otis & Taylor,}Chicago-Deferred Delivery, not considered.
Central Trust Co. of Ill.
Farson, Son & Co., Chicago-Deferred Delivery, not considered.
*This bid appears to be higher than that of the purchaser's, but is so
given by the County Clerk.
COLUMBUS, Ga.-BOND ELECTION PROPOSED.-Local newspaper
reports state that this city is contemplating calling an election to submit
to the voters the question of issuing about $50,000 fair-building bonds.
COLUMBUS, Johnson County, Mo.-BONDS VOTED.-Atthe election held March 31 the question of issuing $10,000 interurban-line-aid
bonds carried, It is stated.
COLUMBUS, Stillwater County, Mont.-BOND OFFERING.-Proposals will be received until 8 p.m. to-day (April 11). reports state by
Geo. A. Westover, Town Clerk, for $30,000 6% water bonds. Certified
check for $1,000 required. A similar issue of bonds was offered on March 31
(V.98, p. 780).
COLUMBUS, Ohio.-BOND ELECTION.-The question of issuing
$150,000 work-house-erection bonds will be submitteoi at the election on
May 5.
COLIMA COUNTY (P. 0. Colusa), Calif.-BOND OFFERING.
Proposals will be received until Apr. 25, repoprts state,for the $60,000 Hall
of Records and $140,000 bridge and culverts bonds voted Mar. 17 (V. 98,
p. 1013).
COMAL COUNTY (P. 0. New Braunfels), Tex.-BONDS AUTHORIZED.-According to newspaper reports the Commrs. Court recently
authorized the issuance of $18,500 additional road bonds.1 misentgor,
CONCORD TOWNSHIP SCHOOL DISTRICT (P.-0." Urbana),
Champaign County, Ohio.-BIDS.--The other bids received for the
$25,000 5% 7-year (aver.) building and equip bonds awarded on April 1
to Stacy & Braun of Toledo for $25,155 42 (1.00.625) and int. (V. 98, p.
1103) were:
New First Nat.Bk., Col__$25,150 00 Seasongood & Mayer. Cin.$25,055 00
Well, Roth & Co., Cin___ 25,127 50 Hanchett Bond Co., Chic. 25,037 00
Champ.Nat.Bk.,Urbana_ 25.080 00 Spitzer,Rorick & Co., Tol. 25,028 50
Otis & Co., Cleveland ____ 26,065 00 First Nat. Bk., St.Paris_ 25,000 00
CONVERSEXCOUNTY HIGH SCHOOL
OFFERING.-Proposals will be received until 3 p. m. April 25 by W. F.
Mecum, Sec. of Bd. of School Trustees (P. 0. Douglas). for $45,000 5%%
7-25-year (opt.) coup. tax-free site-purchase, constr. and equip. bonds.
Auth. Sec. 2066, Wyo. Stat., 1910. also election held Mar. 14. which resulted in a vote of 275 to 78. Denom. $500. Date Apr. 1 1914. Int.
DISTRICT, Wyo.-BOND
[VOL. xavin.
A. & 0. at office of County Tresaurer. Cert. cheek for $250, payable to
Jas. C. Shaw, Pres., required. Bonded debt (not incl. this issue),$23,500.
No floating debt. Assess. val. 1913. $4,481,975.
COOK COUNTY (P. 0. Chicago), Ill.-HOSPITAL BONDS DEFEATED.-See news item under "Chicago" on a preceding page.
CORONA, Riverside County, Calif.-BOND SALE.-During March
$34.675 5% 3-40-year (ser.) street-impt. bonds dated Jan. 1 1912 were
purchased at par and int. by the State Board of Control for State Compensation Insurance Fund.
CORYDON, Harrison County, Ind.-BOND SALE.-On April 3 the
33,000 43 % graded-school-building bonds (V. 98, p. 941) were awarded
to the Fletcher-American National Bank of Indianapolis at 101.40. Denom.
$500. Date March 6 1914. Int. M. & S. Due $500 each six months
from March 6 1919 to Sept. 6 1921. inclusive.
COSHOCTON CITY SCHOOL DISTRICT (P. 0. Coshocton),
Coshocton County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 25 by T. H. Wheeler, Clerk of Board of Education.
for $20,000 4 % school-improvement and equipment bonds. Denom.
$500. Date June 1 1914. Int. M. & S. at Commercial National Bank,
Coshocton. Due $500 on March 1 and Sept. 1 1916, $2,000 each six
months from March 1 1917 to Sept. 1 1924, inclusive, and $3,000 on
March 1 and Sept. 11925. Certified check for 5% of bonds bid for, payable to District Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
COVINGTON COUNTY (P. 0. Collins), Miss.-BONDS PROPOSED.
-Reports state that a bond issue of $15,000 will be ordered for graveling
roads in Seminary District.
CUMBERLAND, Allegany County, Md.-BOND ELECTION PROPOSED.-Reports state that an election will probably be held to vote on
the question of issuina St150 000 street-paving bonds.
CUNNINGHAM SCHOOL DISTRICT (P. 0. Cunningham), Lamar
County, Tex.-BONDS VOTED.-At a recent election this district voted
In favor of the issuance of $5.000 bldg. bonds, it is stated.
DADE COUNTY (P. 0. Trenton), Oa.-BONDS VOTED.-Reports
state that the question of issuing the $60,000 road-construction bonds
(V• 98, P• 407) carried at the election held March 25.
DALLAS, Polk County, Ore.-BOND ELECTION.-The questions
of issuing $7,500 sewer-system-reconstr. and $5,000 Rowell Tract purchase
bonds will be submitted to a vote on May 26, it is stated.
DALLAS COUNTY (P. 0. Dallas), Tex.-BOND OFFERING.
Further details are at hand relative to the offering on April 25 of the
3125.000 5% 10-40-year (opt.) gold Dallas-Oak Cliff viaduct-paving and
bridge-construction bonds (V. 98, p. 1103). Proposals for these bonds
will be received until 11 a. m. on that day by the County Commissioners,
Chas. E. Gross, County Auditor. Denomination $1,000. Date Feb. 10
1914. Int. ann. on April 10 at Chase Nat. Bank, N. Y., or at State Treas.,
Austin. These bonds will be certified as to genuineness by the Dallas
Trust & Savings Bank of Dallas and their legality approved by Dillon,
Thompson & Clay of N. Y.. whose opinion will be furnished purchaser.
Official circular states that there is no controversy or litigation pending or
threatened affecting these bonds and that this county has never defaulted
in the payment of interest or principal on its bonded indebtedness.
DANVILLE, Vermilion County, Ills.-BOND ELECTION.-An election will be held Apr. 21, reports state, to submit to a vote the question of
issuing $150,000 bridge-construction bonds.
DAYTONA, Volusia County, Fla.-BOND OFFERING.-Proposals
will be received until 2 p. m. May 5 by E. M. Condit, Secretary Board of
Public Works, for $125,000 of an issue of $175,000 5% 40-year gold coup.
sewerage and drainage bonds. Authority vote of 162 to 68 at the election
held March 24 (V. 98, p. 1103). Denom. (100) $500, (75) 31,000. Date
July 1 1914. Int. J. & J. in Daytona or at U. S. Mtge. & Tr. Co., N. Y.
Certified check for 2% of proposed purchase price, payable to above Secretary, required. Bids must be unconditional Official circular states
that there is no controversy or !litigation pending or threatening the corporate existence or the boundaries of this municipality or the title of its
present officials to thier respective offices, or the validity of these bonds
or any other outstanding bonds, that no previous issue of bonds has ever
been contested, and that there has never been any default in either principal
or interest. Total bonded debt (incl. this issue), $273,500; floating debt.
$6,766. Assessed val., 1914, $2,129,955: real (approx.), $6,389,745.
DELAWARE, Delaware County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 1 by F. D. King, City Auditor.
for the following 5% semi-annual bonds:
$9,300 judgment bonds. Denom. (18) 3500. (1) $300. Date March 1
1914. Due $300 March 1 1917 and $1,000 yearly on March 1
from 1918 to 1926 inclusive.
3,000 Lake St. paving (city's portion) bonds. Denom. $300. Date
May 1 1914. Due $300 yearly on Sept. 1 from 1915 to 1924 incl.
28,000 Lake St. paving (assess.) bonds. Denom. $500. Date May 1
1914. Due $3.000 yearly on March 1 from 1916 to 1923 incl. and
$2,000 on March 1 1924 and 1925.
300 Van Deman Ave. sanitary-sewer-construction (city's portion)
bonds. Denom.$100. Date March 11914. Due $100 on March 1
1915, 1916 and 1917.
800 Van Doman Ave. sanitary-sewer-construction (assess.) bonds.
Denom. $160. Date March 1 1914. Due $160 yearly on March 1
from 1915 to 1919 inclusive.
DE LAND, Volusia County, Fla.-BOND ELECTION PROPOSED.
Reports state that petitions are being circulated calling for an election to be
held to submit to a vote the questions of issuing $25,000 refunding, $30,000
water-works-improvement, $45,000 storm-water-drainage, $5,000 relayingshell, $75,000 paving and $15,000 municipal-property-improvement
bonds (V. 98, p. 1013).
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BOND OFFERING.Proposals will be received until 12 m. April 18 by Jas. 0. Beckley, Supt.
Public Instruction,for the f-Ilowing 5% 30-year coupon school-bldg. bonds:
$25,000 Wauchula Special Tax School District No. 5 bonds. Auth. vote
of 117 to 7 at an election held Sept. 13. Date Jan. 1 1914.
25,000 Avon Park Special Tax School District No. 3 coupon bonds voted
Dec. 30 (V. 98, p. 321). Date Feb. 1 1914.
Denom. $1,000. Interest semi-annually at office of County Treasurer.
Certified check for 2% of bonds bid for required. Official circular states
that there Is no controversy or litigation pending or threatening the existence
or boundaries of any of the above districts or the title of the present officers
to their respective offices or the validity of these bonds. Bonds will be
validated and furnished complete to successful bidder. These bondswere
advertised to be sold on Feb. 14 (V. 98, p. 407), but all bids receivedwere
rejected.
DIAGONAL SCHOOL DISTRICT (P. 0. Diagonal), Ringgold
County, Iowa.-BOND OFFERING.-Reports state that proposals will
be received until 12 m. April 15 by S. R. Overholser, Secy a Board of
Education, for $20,000 93i-year (average) schoot bonds. Certified check
for $1,000 required.
DIXON UNION HIGH SCHOOL DISTRICT (P. 0. Dixon), Solano
County, Calif.-BOND ELECTION PROPOSED.-Reports state that
preparations are being made to call an election to vote on the question of
issuing $60,000 high-school-bldg. bonds.
DOUGLAS SCHOOL DISTRICT (P. 0. Douglas), Knox County,
111.-BONDS PROPOSED.-Local newspaper reports state that this district is contemplating the issuance of site-purchase and constr. bonds.
DOVER SCHOOL DISTRICT (P. 0. Canal Dover), Tuscarawas
County, Ohio.-BOND ELECTION -Reports state that an election will
be held April 21 to submit to a vote *the proposition to issue$130,000 high
school-building bonds.
DRAIN, Douglas County, Oreg.-BOND ELECTION.-An election
will be held April 21 to vote on the question of issuing $15,000 6% 20-Year
electric-light bonds. Denom. $500.
DRESDEN, Weakley County, Tenn.-BOND SALE.-Reports state
that the $27,000 6% 20-year refunding municipal water-works and electriclight'bonds offered in January (V. 98, p. 321) have been disposed of.
DRUMRIGHT, Creek County, Okla.-BONDS VOTED.-The question of issuing water-works bonds carried at the election held March 211by
a vote of 65 to 2.
DUNDEE (P. 0. Omaha), Douglas County, Neb.-BOND SALE.The State of Nebraska purchased during March $10,000 5%% 5-15-Year
(opt.) paving bonds on a 5% basis. Date Dec. 1 1913.
APR. 11 1914.1
THE CHRONICLE
D17NNELLON, Middlesex County, N. J.-BOND SALE.-On April 6
the $20,000 4 % 23-year (ay.) gold coup. or reg. Joint-sewerage-system
bonds (V. 98, p. 1103) were awarded to Kissel, Kinnicutt & Co. of N. Y.
at 101.513 and int. There were no other bidders.
DUNNELLON SCHOOL DISTRICT (P. 0. Dunnellon), Middlesex
County, N. J.-BIDS.-The other bids received for the $26,000 5%
school bonds awarded on March 31 to Outwater & Wells of Jersey City at
102.21 and interest(V. 98, D. 1103) were:
R. M. Grant & Co., N. Y_101.745111arris, Forbes & Co. N. Y__101.33
Morris Co.S. B., Morrist'n_ _101.40 I First Nat. Bank. Dunnellon--101
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BOND ELECTION
PROPOSED.-According to local papers this county proposes to hold an
election to submit to the voters the proposition to issue $1,000,000 school
bonds.
BONDS NOT TO BE OFFERED AT PRESENT.-We are advised under
date of April 7 that the $150,000 5% 30-year gold coupon site-purchase and
armory-construction bonds (V. 98, p. 321) will not be offered for sale at
present, as it has been decided that it will be advisable to have them
passed upon by the Supreme Court. These bonds were validated by the
Circuit Court on Dec. 29 (V. 08. p. 175)•
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East Cleve
land), Cuyahoga County, Ohio.-BOND SALE.-On April 4 the
$38,000 5% 20-year Shaw fligh-School completion and equipment bonds
(V. 98, p. 942) were awarded to Stacy & Braun of Toledo at 106.61. Other
bids were:
Hayden,Miller&Co.,Clev_$40.318 001Prov. S.B.& Tr. Co.,Cin.$40,002 60
Well, Roth & Co., Cin_ __ 40.306 60 New First National Bank,
38,481 00
Columbus
Seasongood & Mayer,Cin. 40.015 00
ECTOR COUNTY (P. 0. Odessa), Tex.-BOND ELECTION PROPOSED.-Reports state that a petition is being circulated calling for an
election to vote on the question of isusing $50,000 road-constr. bonds.
EDGECOMBE COUNTY (P. 0. Tarboro), No. Caro.-BONDS
OFFERED BY BANKERS.-The Hanchett Bond Co. of Chicago is offering
to investors $20,000 bridge and $20,000 road district 5% bonds. Denom.
$1,000. Date Jan. 1 1914. Int. J. & J. at Hanover Nat. Bank, N. Y.
City. Due $2,000 of each issue yearly on Jan. 1 from 1919 to 1928, inclusive. These bonds were offered by the county on Feb. 23(see V.98, p.466).
EDWARDS COUNTY COMMON SCHOOL DISTRICT NO. 12, Tex.
-BONDS REGISTERED.-The State Comptroller registered an issue of
$500 5% 10-20-year (opt.) school bonds on Mar. 28.
ELDON SCHOOL DISTRICT (P. 0. Eldon), Miller County, Mo.PRICE PAID FOR BONDS.-The price paid for the $18,500 4% 5-20-year
(opt.) high-school-building bonds awarded on March 18 to the Mercantile
Trust Co. of St. Louis (V. 98, p. 1103) was $17,039-equal to 92.108.
Denom. $500. Date Aptil 1 1914. Interest A. & 0.
ELKHART COUNTY (P. 0. Goshen), Ind.-BOND SALE.-On
April 6 the $6,500 4si% 6-year (ay.) highway-improvement bonds (V. 98,
1013) were awarded to J.F. Wild & Co. of Indianapolis for $6,547 15
.00.725) and interest. 0,her bids were:
E. F. Parr & Co., Chicago_$6,533 80
Breed, Elliott & Harrison,
lndiananolis
$6,540 00 Fletcher-Am.Nat.Bk.,Ind_ 6,532 75
Gavin L.Payne & Co.,Ind. 6,540 00 Salem Bank, Goshen
6,530 00
ELKINS, Surrey County, No. Caro.-BOND ELECTION PROPOSED.
-According to reports, an election will be called soon to vote on the proposition to issue water-works-system bonds.
EL MONTE, Los Angeles County, Calif.-BOND SALE.-On Apr. 3
the $26,250 6% water bonds were awarded to the State of California for
$26,7E0 tqual to 101.904. Other bids were:
Wm
$26,667 50
Staats Co., Los Angeles
26,515 00
G. C.
.islymyer & Co., San Francisco
26,325 00
Torrance, Marshall & Co., Los Angeles
26,275 00
First National Bank, El Monte
50. Date Apr. 31914. Int. A. & 0. Due $750
,
Denom. $500 and $
yrly. Apr. 1 from 1919 to 1953, incl.
FAIRFIELD TOWNSHIP (P. 0. North Fairfield), Huron County,
Ohio.-BOND SALE.-We are now advised that the $40,000 5% coupon
road-improvement bonds offered on Feb. 24 (V. 98, p. 706) were awarded
on that day to the New First National Bank of Columbus at 101.65 and
blank bonds. Using newspaper reports, we first stated that the award
of the above bonds had been deferred.
FANNIN COUNTY (P. 0. Bonham), Texas.-BOND ELECTION
PROPOSED.-Reports state that this county is circulating a petition calling for an election to vote on the question of issuing good roads bonds.
FARRELL SCHOOL DISTRICT (P. 0. Farrell), Mercer County,
Pa.-BOND SALE.-On Apr. 8 the $55,000 43 % 17-year (aver.) tax-free
site-purchase and constr. bonds dated Apr. 1 1914 (V. 98, p• 1103)were
awarded to the Mellon Nat. Bank of Pittsburgh.
FINDLAY, Hancock County, Ohio.-BOND SALE.-On April 6 the
two issues of 5% sewer bonds, aggregating $8,269 (V. 98, p. 942), were
awarded to the Provident Say. Bank & Trust Co.of Cincinnati for $8,365 74
-equal to 101.169. Other bids were:
$5,110
$3,159
Crystal Ave. So. Park Add.
Both
Bonds.
Bonds.
Issues.
Seasongood & Mayer, Cincinnati_ ..$5,163 00
$3,192 00
Field, Longstreth & Richards, Cinc__ 5,126 00
3,163 00
Spitzer, Rorick & Co., Toledo
$8,321 50
Otis & Co., Cleveland
8,314 00
Ohio.
-BOND
SALE.-On April 3 the
FOREST, Hardin County,
three issues of 5% bonds, aggregating $1,000 (V. 98. p. 942) were awarded
as follows:
$500 1 ,i-year (average) sewer (2 issues) bonds to Hardin County Bank Co.
of Forest at 100.5.
500 10-year refunding bonds to V. Q. Stauffer of Forest at 102.
FOSTORIA, Seneca County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. April 14 by J. H. Morton, City Auditor, for
$8,600 5% street-improvement (city's portion) bonds. Denom. (I) $600,
Date March 1 1914. Int. M. & S. at any bank in Fostoria.
(16)
$600 March 1 1915. $500 each six months from March 1 1916 to
Due $500.
Sept. 1 1921, inclusive, and $500 on Sept. 1 1922, 1923, 1924 and 1925.
Certified check for 10% of bonds bid for, payable to City Treasurer, required. Bonds to be delivered and paid for within 10 days from time of
award. Official circular states that there is no litigation pending and that
all principal and interest for the past ten years has been paid when due.
Bonded debt (including this issue). $723,742. Floating debt, $377.752.
BOND ELECTION PROPOSED-Reports state that a petition is being
circulated calling for an election to vote on the proposition to issue$7.000
armory-site-purchase bonds.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND SALE.
On Apr. 8 the $6,000 5% 6-year Walker road impt. bonds (V. 98, p. 942)
were awarded to the Ohio Nat. Bank, Columbus. at 102.40 and int. Other
bids were:
Seasongood & Mayer, Cin.$6,12g 50 I Mayer,Deppe&Walter,Cin. --$6,077
Citizens' Tr. & S. Bk., Col. 6,090 00INew First Nat. Bk., Colum__ 6,013
FULTON CO. SCHOOL DIST. NO. 141, Ills.-BOND OFFERING.
Proposals will be received until 8 p. m. Apr. 16 by E. C. Miles, Clerk of
Bd. of Ed. (P. 0. Lewistown), for $27,500 5% bldg. bonds. Auth. vote
of 368 to 140 at the election held Mar. 17. Denom. $1,000. Int. ann. at
Lewistown Nat. Bank, Lewistown. Due $1,000 yearly for 19 years and
$8,500 in 20 years, beginning one year after date. Cert. check for $500.
payable to "Board of Education," required. The purchaser is to look after
the printing and furnishing of bonds and the necessary proceedings and steps
Incidental to their issuance. The district has no other indebtedness.
GIBSON COUNTY (P. O. Princeton), Ind.-BOND AWARD DEFERRED.-The oni,V bid received for the $6,300 5% Sumners drainagesystem bonds offered on April 2(V. 98,1o. 942) was par, it is stated, offered
by the Fletcher-American Nat. Bank of Indianapolis. The award is being
held up pending a ruling from the State Board of Accounts, since the law
requires that the bonds bring par. In this instance the bid does not -xielude the accrued interest from date of the bonds, February 11 1914, until
t.me of delivery, about July 1.
GLADWIN COUNTY (P. 0. Gladwin), Mich.-BOND ELECTION
PROPOSED.-The quesiton of issuing $75.000 road bonds will, reports
state, be submitted to a vote at the April election.
GLENS FALLS, Warren County, N.Y.-BONDSDEFEATED.-The
question of issuing $25,000 fire-house bonds failed to carry at the election
held Mar. 17.
11
1183
GOLD HILL, Jackson County, Ore.-BONDS NOT YET SOLD.We are advised by the City Recorder, under date of April 1, that no sale
has yet been made of the $25,000 6%, 25-year water bonds offered without
success on Nov. 3 (V. 98. p. 321). He further states that it is not likely
that the bonds will be re-offered.
GOODNOE HILLS IRRIGATION DISTRICT (P. 0. Goodnoe
Hills), Klickitat County, Wash.-BONDS NOT SOLD.-No bids were
received on March 24 for the $20,000 6% semi-annual bonds offered on
that day.
GRANDVILLE, Kent County Mich.-BOND OFFERING.-This village is offering for sale the $12,000 53'
0 water-works bonds voted Mar. 9
(V. 98, p. 942). Denom. $1,000. Date Apr. 1 1914. Int. A. & 0.
Due from Apr. 1 1924 to Apr. 1 1934 incl. L. E. Taylor is Village Clerk.
GRATTON SCHOOL DISTRICT, StanisIaus County, Cal.-BOND
OFFERING.-Proposals will be received until 10 a. m. April 14 by H.
Benson, Clerk of Board of Supervisors (P. 0. Modesto), for $5,500 69'
school bonds. Denom. 11500. Interest annually on April 14. Due $500
yearly on April 14 from 1919 to 1929, inclusive. Certified check on a
California bank for 10% of bid, payable to Chairman Board of Super
visors, required.
GREENE COUNTY (P. 0. Xenia), Ohio.-BOND SALE.-On April 6
the $2,850 6% Harbine Mill Dam bonds were awarded, it is stated, to the
First Nat. Bank of Osborn for $2,875 50 (100.894) and int. Denom. (2)
$1,000, (2) $250, (2) $175. Date March 14 1914. Int. M. & S. at the
County Treasurer's office. Due $1,425 March 14 1915 and 1916.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 21 by T. C. White,
County Auditor, for $4.000 5% coup. infirmary bonds. Denom. $1.000.
Date April 25 1914. Int. A. & 0.in Cambridge. Due $1,000 yearly from
2 to 5 years in
Certified check for $200, payable to County Treasurer,
required. Bonds to be delivered and paid for within 10 days from time a
award. Purchaser to pay accrued interest. Bonded debt (not incl. this
Issue) Aug.311913,$5,000;floating debt $6,000. Assess. val. $36,000,000
HAMILTON COUNTY SCHOOL DISTRICT NO. 91, Neb.-BOND
SALE.-An issue of $12,000 5% 5-20-year (opt.) school-house bonds was
purchased by the State of Nebraska during March on a 434% basis.
HAMTRAMCK TOWNSHIP SCHOOL DISTRICT NO. 7, Wayne
County, Mich.-BONDS OFFERED BY BANKERS.-The Hanchett Bond
Co. of Chicago is offering to investors $16,000 5_%0 15-year tax-free building
and equipment bonds. Denom. $500. Date March 15 1914. Int. M &
S. at People's State Bank, Detroit. Bonded debt, this issue. Assessed
value for taxation, $201,800; total value (estimated), $800,000.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BIDS.-The following
Is a correct list of the other bids received for the six issues of 5% road
Improvement bonds, aggregating $67,000, awarded on March 31 to Stacy &
Braun of Toledo for $68,217 72 (101.816) and interest (V. 98. p. 1103):
Davies-Bertram Co., Cin_$68.191 00 Pros'. S.B.& Tr.Co.,Cin_ $68,019 70
68,003 80
Hayden,Miller&Co..Clev_ 68,140 00 Well, Roth & Co., Cin_
Spitzer, Rorick & Co.,Tol. 68,068 00 Otis & Co., Cleveland_ ___ 67,994 00
Seasongood & Mayer,Cin_ 68,036 00 Sidney Spitzer & Co., Toi_ 67,844 30
The list of bids reported in last week's "Chronicle" was furnished us by the
Board of County Commissioners. The above list was furnished by the
Auditor.
HARDWICK, Caledonia County, Vt.-BONDS NOT YET SOLD.
The Village Treasurer advises us that up to March 28 no sale had yet been
made of the $56,000 49' 5-20-year (opt.) coupon tax-exemption electriclight bonds offered by this village in November (V. 98, P. 322)•
HARRIS COUNTY-HOUSTON SHIP CHANNEL NAVIGATION
DISTRICT, Tex.-BONDS REGISTERED.-The $250,000 5% 40-year
dredge-boat bonds voted Dec. 6 (V. 97, p. 1921) were registered by the
State Comptroller on March 9. Denom. $1,000. Date Feb. 9 1914.
HARTFORD, Hartford County, Conn.-BONDS PROPOSED.
Local newspaper reports state that this city is contemplating the issuance
of $2,000,000 water bonds.
HASTINGS, Adams County, Neb.-BONDS DEFEATED.-The
question of issuing the $50,000 434% 10-20-year (opt.) coupon municipalbuilding-construction bonds (V_. 98, v. 629) was defeated at the election
held March 12 by a vote of 572 "for' to 750 "against.
HAY COUNTY (P. 0. San Marcos), Texas.-BOND ELECTION.
-It is reported that the proposition to issue road bonds will be submitted to a vqte of the people on April 25.
HICKSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Hicksville),
Defiance County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. April 23 by 0. P. Bevington, Clerk of District, for $4.000 5%
coup. sanitary-toilet-construction bonds. Auth. vote of 132 to 24 at the
election held Feb. 26 (V. 98, p. 629). Denom.$500. Date March 15 1914
Int. M.& S. at office of Village Treasurer. Due $500 yearly on March 15
from 1915 to 1922 incl. Certified check, bank certificate or N. Y. draft
for 5%, of bonds bid for, payable to G. C. Maxwell, District Treasurer, required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest. Bonded debt (not incl. this
issue), $24.700: no floating debt. Assessed valuation, $2,028,000.
HILL COUNTY (P. 0. Hillsboro), Tex.-BONDS REGISTERED.
The State Comptroller registered on March 23 the $250,000 5% 25-40-year
(opt.) Road Dist. No. 1 bonds offered without success on Jan. 5 (V.
98, p. 252).
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.-BONDS OFFERED BY BANKERS.-Farson, Son & Co. of Chicago and New York
are offering to investors $23,000 6% Board of Public Instruction funding
bonds. Denom. $1,000. Date Feb. 3 1914. Int. F. & A. at office of
County Treasurer or at office of Farson, Son & Co.. N. Y. Due on Feb. 1
as follows: $7,000 in 1924, 313,000 1925, $2,000 1927 and $1,000 in 1929.
Total indebtedness of county (including this issue). $531,500. Assessed
value 1913. $17.918,216: real value (estimated). $50,000,000.
HUBBARD, Trumbull County, Ohio.-BOND SALE.-On April 6
the $5,000 5% 1034-year (ay.) coup. water-works bonds (V. 98. p. 943),
were awarded to Seasongood & Mayer of Cincinnati at 100.92 and int.
The Hanchett Bond Co. of Chicago bid $5,076. This bid appears to be
higher than that of the purchasers, but is so given by the Village Clerk.
HUDSON SCHOOL DISTRICT (P. 0. Hudson), Summit County,
Ohio.-BOND ELECTION.-An election will be held May 4,reports state.
to vote on the question of issuing $60,000 school bonds.
HUNT COUNTY (P. 0. Greenville), Tex.-DESCRIPTION OF
BONDS.-The County Auditor advises us that the $400,000 road bonds
voted Jan. 10 (V. 98, p. 322) bear interest at the rate of 5%„payable annually on Mar. 20. Denom.$1,000. Date Mar. 20 1914. Due Man 20
1954, opt. 1-40 any year. Newspaper reports stated thesebonds were
voted Dec. 27.
INGRAM SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
County, Pa.-BOND ELECTION.-An election will be held May 2, reports state, to vote on the question of issuing $115,000 building bonds.
IRONWOOD SCHOOL DISTRICT (P. 0. Ironwood), Gobebic
County, Mich.-BOND ELECTION.-An election will be held April 15
to vote on the proposition to issue the $21,000 building bonds (V. 97, P•
1526). Date June 1 1914. Interest semi-annually at Gogebic National
Bank, Ironwood. Due June 11920.
JACKSON, Jackson County, Mich.-BOND ELECTION PROPOSED.-An election will be held in the near future, reports state, to vote
on the question of issuing bonds.
JAMES CITY COUNTY (P. 0. Williamsburg), Va.-NO ACTION
YET TAKEN.-We are advised that no action has yet been taken toward
the calling of the election to vote on the question of issuing the $25,000
Stonehouse and Powhatan School District bonds (V. 98, p. 252)•
JEFFERSON COUNTY (P. 0. Monticello), Fla.-BONDS OFFERED
BY BANKERS.-Farson, Son & Co. of Chicago and New York are offering
to investors $12,000 69' Board of Public Instruction funding bonds.
Denom. $1,000. Date Feb. 6 1914. Int. M. & N. at office of County
Treasurer or at Farson, Son & Co., N. Y. City. Due $2,000 yearly in
May 1 from 1918 to 1923. inclusive. Bonded debt, this issue only ($20.000). Assessed value 1913, $2,410,000: real value (est.). $7.500.000.
JEFFERSON DAVIS PARISH (P.O.Jennings), La.-BOND ELECTION.-Local newspaper reports state that an election will be held June 2
to vote on the proposition to issue $125,000 court-house and jail-coustr.
bonds.
JOHNS CONSOLIDATED SCHOOL DISTRICT, Rankin County,
Miss.-BONDS OFFERED BY BANKERS.-The Hanchett Bond Co. of
1184
THE CHRONICLE
Chicago is offering to investors $10,000 6%, 20-yr. building and equipment
bonds. Denom. $500. Date Jan. 1 1914. Int. J. & J. at First Nat.
Bank, Chicago. Total debt, this issue. Assessed val. $200,000. Total
val. $500,000.
JOLIET, Ills.-BOND ELECTION.-An election will be held April 21
to vote on the questions of issuing the following 5% coup. bonds:
$85,000 judgment bonds. Due $4,000 yearly on May 1 from 1915 to
'1929 incl. and $5,000 yearly on May 1 from 1930 to 1934 incl.
60,500 water-works-equip. bonds. Due $3,000 yearly on May 1 from
1915 to 1933 incl. and $3,500 May 1 1934.
11,000 street-department-incinerator bonds. Due $500 yearly on May 1
from 1915 to 1932 incl. and $1,000 on May 1 1933 and 1934.
13,500 fire-department-equipment bonds. Due $500 yearly on May 1
from 1915 to 1927 incl. and $1,000 yearly on May 1 from 1928
to 1934 inclusive.
Denom. $500. Date May 1 1914. Interest M.& N.
KANSAS.-BOND SALES -During the month of March the following
issues of bonds, aggregating $52,965 97, were purchased by the State of
Kansas at par:
Date.
Due.
Amount.
Place Issuing Bds. Rate. Purpose.
5M Paving Jana° 1914 Jan. 1 1915-24
$6,265 97 Bonner Springs
Refund. Feb. 2 1914 Feb.2 1924
5
8,000 00 Great Bend
Tp.Hall Oct. 1 1913 Oct. 1 1923
700 00 Iowa Tp., Rooks Co_6
Bldg.
Jan. 1 1914 July 1 1915-29
*20,000 00 Lamed, Bd. of Ed_ _ _5
Bldg.
1,000 00 OsageCo.S.D.No.33_5
Jan.31 1914 Jan. 1 1916-19
5
Water Feb. 1 1914 Feb.1 1929
7,000 00 Pleasanton
Bldg.
10,000 00 Wilson Co.S. D.17 5
Jan. 1 1914 Jan. 11915-19
All of the above bonds are subject to call on any interest-paying period.
* The sale of these bonds was previously reported in the "Chronicle."
KAUFMAN Kaufman County, Tex.-BONDS NOT YET ISSUED.The City Cleric advises us that the issue of 5% 15-40-year (opt.) paving
bonds voted Jan. 13 (V. 98, p. 322) have not yet been issued. Denom.
$500. Int. J. & J.
KEARNEY, Buffalo County, Neb.-BOND OFFERING.-This city
is offering to local investors $12,500 paving bonds in the denomination of
$100, it is stated.
KEENE, Cheshire County, N. H.-BONDS TO BE SOLD LOCALLY.
The City Clerk advises us under date of April 4 that the 824.0004% paving
bonds recently authorized will be taken by local investors.
KENTFIELD SCHOOL DISTRICT(P.O. Kentfield), Mann County
Calif.-BOND ELECTION.-An election will be held May 2 to vote on the
proposition to issue $17,000 5% building bonds. This same proposition
was defeated at the election held March 14.
KEOKUK, Lee County, Iowa.-BONDS DEFEATED.-The prop°
sition to issue $50,000sewer bonds failed to carry,it is stated, at the election
held March 30. The vote was 1,528 "for" and 2,012 "against."
KIMBERLY SCHOOL DISTRICT (P. 0. Kimberly), Twin Falls
County, Idaho.-BONDS DEFEATED.-The question of issuing $20,000
school-building bonds failed to carry, it is reported, at an election held
March 21. The vote was 153 to 81, a two-thirds majority being necessary
to carry.
KING COUNTY SCHOOL DISTRICT NO. 97, Wash.-BOND OFFERING.-Proposals will be relayed until 10 a. m. April 18 by W. H.
Hanna, County Treasurer (P. 0. Seattle), for $4,000 1-5-year (opt.)
coupon construction and equipment bonds. Authority election held
March 7. Denom. $500. Interest (rate not to exceed 6%), annually
at office of County Treasurer or at fiscal agency of State of Washington
in New York. Certified check or draft for 17 of bonds bid for, payable
to County Treasurer, required, except with bid
State of Washington.
Bonds to be ready for delivery May 1. Bonded debt, $2,000. Outstanding warrants $1,077. Assessed value, $1,045,614.
LA FAYETTE PARISH (P. 0. La Fayette), La.-BOND ELECTION
PROPOSED.-It is stated that an election will be held in the near future
tmvote on the proposition to issue $100,000 court-house and jail-constr.
bonds.
LAKE COUNTY (P. 0. Painesville), Ohio.-BOND SALES.-The
following bids were received for the two issues of 436% road-improvement
bonds offered on April 6 (V. 98, p. 943):
$68,000
$50,000
Both
9Y,-year (ay.)
10-year (ay.)
Issues.
South Ridge Bds. Lake River Bds.
Stacy & Braun, Toledo
*368,095 20
$50.042 00
Seasongood & Mayer, Cinc
*50,065 00
68,089 00
Hayden, Miller & Co. Clev
50,056 00
68,075 00
Otis & Co., Cleveland
'
68,015 00
50,012 00
Well, Roth & Co., Cinc
$118,012 50
* Successful bids.
LA MESA, LEMON GROVE AND SPRING VALLEY IRRIGATION
DISTRICT (P. 0. La Mesa), Calif.-BOND ELECTION PROPOSED.
We are advised that petitions are being circulated calling for an election
to vote on the question of issuing $1,232,500 536% or 6% gold coupon taxfree water-system bonds. Int. J. & J. in La Mesa. Due in 20 to 40 years.
No bonded or floating debt.
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND SALE.-On
April 4 the $21,200 434% gravel-road bonds (V. 98, p 1014) were awarded
to Gavin L. Payne & Co. of Indianapolis for $21,51:9 (101.471) and int.
Other bids were:
Fletcher-American Nat. Bank, Indianapolis
$21,459 50
Breed, Elliott & Harrison, Indianapolis
21,425 00
E. F. Parr & Co., Chicago
21,371 72
J. F. Wild & Co., Indianapolis
21,340 00
Meyer-Kiser Bank, Indianapolis21,315 5
We are not advised as to the $3,200
% gravel road bonds also offered
on April 4(V. 98, p. 1014.)
LA SALLE, La Salle County, Ill.-BOND ELECTION.-An eiection
will be held April 21, reports state, to vote on the proposition to issue
$40,000 sewer-system-construction bonds.
LAWRENCE COUNTY (P. 0. Bedford),"Ind.-BOND SALE.-On
April 6 the $3,000 436% 536-year (ay.) gravel-road bonds, dated Dec. 15
1913 (V. 98, p. 1014), were awarded to E. F. Parr & Co. of Chicago at
100.50 and interest. Other bids were:
Breed Elliott & Harrison,
Fletcher-Am.Nat.Bk.,Ind_$3,005 50
Indianapolis
$3,010 00 Gavin L.Payne &Co.,Ind_ 3,00200
J.' F. Wild & Co., Indpls
3,009 80 J.0. Fountain
3,001 00
LEWISNURGH, Tenn.-BOND ELECTION.-An election will be held
May 9, it is stated, to vote on the question of issuing $20,000 street-impt.
bonds.
LEWISTON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Lewiston), Nez Perce County, Idaho.-BOND OFFERING.-Proposals
will be received until 8 p. m.Apr. 14 by E. W.Wing, Clerk,for the $25,000
10-20-year (opt.) coup. manual arts bldg. impt. bonds at not exceeding
57 int., voted Mar. 16 (V. 98, p. 1014). Denom. $1,000. Date Apr. 1
19.
14 Int. payable in Lewiston. Cert. check on a Lewiston bank for $1,000 required. There is no litigation threatened or pending. The legality
of former bond issues have been approved by the Supreme Court of Idaho.
The district has never defaulted in payment of principal or interest on any
bonds. Bidder to furnish blank bonds.
LEWISTOWN, Fergus County,Mont.-BOND OFFERING.-Reports
state that proposals will be received until 10 a. m. May 11 by H.L. Fitton,
City Clerk,for the $90,000 5% water-works-system-ext. bonds voted March
23(V. 98, p. 1104). Cert. check for 10% required.
LIBERTY SCHOOL DISTRICT (P.. 0. Church Hill), Trumnuil
County, Ohio.-BOND ELECTION.-An election will be held April 14
Wisubmit to a vote the proposition to issue $60,000 school bonds.
LIBERTY TOWNSHIP (P. 0. Marengo), Crawford County,'Ind.BOND OFFERING.-Bids will be received until 1 p. m. April 18 by Clark
Sloan, Twp. Trustee, for $3,000 436% school-bldg. bonds. Denom. $100.
Int. semi-annual.
LINCOLN, Neb.-BOND SALE.-On March 31 the paving assess. and
refunding bonds (V. 98, p. 943) were awarded to Nelson C. Brock of Lincolntas follows:
$48,000 refunding bonds as 436s for $48,386 (100.804) and int.
171,580 paving assess. bonds as 5s for $173,169 (100.926) and int.
Purchaser to furnish blank bonds.
LINCOLN COUNTY SCHOOL DISTRICZNO.8,(P. 0. Big Piney),
Wyo.-BONDS AWARDED .-The bid of par submitted by the State of
Wyoming for the $10,000 6% 103,6-year (aver.) school bonds offered on
Feb. 16 (V. 98, p. 781) was accepted on that day. Denom. $500. Date
Jan. 1,1914. Int. J. & J.1, Due in from 6 to 15 years.
[VoL. xcvm.
LINCOLN SCHOOL DISTRICT (P. 0. Lincoln), Logan County,
Ill.-BONDS DEFEATED.-The question of issuing $40,000 building
bonds failed to carry, reports state, at the election held March 24. Vote
was 598 "for" to 674 "against."
LINDSAY, Tulare County, Calif.-BOND ELECTION PROPOSED.
Reports state that an election will be held this month to vote on the proposition to issue $25,000 fire-dept.-impt. bonds.
LOUISBURG TOWNSHIP (P. 0. Louisburg), Franklin County,
No. Caro.-BONDS OFFERED BY BANKERS.-The Hanchett Bond Co.
of Chicago is offering to investors $40,000 536% road bonds. Denom.
$1,000. Date Feb. 20 1914. Int. F. & A. at Chase Nat. Bank, N. Y.
Due Jan. 1 1944. Total debt (incl. this issue) $80,000. Assess. val.
$1,798,678. Total val. (est.) $5,000,000.
LOWELL, Mass.-TEMPORARY LOAN.-A loan of $200,000 maturing
Dec. 1 1914 was negotiated with Bond & Goodwin of Boston at3.70% discount on March 6.
On Apr. 8 the $200,000 loan dated Apr. 10 and due Dec. 30 1914 was
awarded to F. S. Moseley & Co. of Boston at 3.49% discount and $1 65
premium.
LOWER MERION TOWNSHIP SCHOOL DISTRICT (P. 0. Ardmore), Montgomery County, Pa.-BONDS PROPOSED.-The Secretary
advises us that this district is contemplating the issuance of $90,000 bonds.
LUCAS COUNTY (P. 0. Toeldo), Ohio.-BOND SALE.-On April 3
the $15,000 5% 4 2-3-year (aver.) Children's Home-impt. bonds (V. 98,
p. 853) were awarded to Stacy & Braun of Toledo for $15,266 23-equal
to 101.774. Other bids were:
$15,247 50
Tillotson & Wolcott Co., Cleveland
*15,241 50
Provident Say. Bank & Trust Co., Cincinnati
15,212 00
Seasongood & Mayer, Cincinnati
*Conditional bid.
LUDLOW SCHOOL DISTRICT (P. 0. Ludlow), Kenton County,
Ky.-NO BOND ELECTION.-Reports state that the City Council has
refused the request of the Board of Education asking for an election to vote
on the question of issuing the $30,000 (not $20,000 as first reported) building bonds (V. 98, p. 1015.)
MADISON COUNTY (P. 0. Wampsville), N. Y.-BOND SALE.On April 7 the $75.000 436% 8-year (aver.) gold reg. tax-free alms-housebuilding bonds offered on April 1 (V. 98, p. 782) were awarded to Lee,
Higginson & Co. of N. Y. and the First Nat. Bank of Earlville, at their
joint bid of 101.55 and int. Other bids were:
101.00
Harris, Forbes & Co., N. Y101.42 Adams & Co., N Y
Isaac W. Sherrill, Pough'sle_ _101.30 Equitable Trust Co., N. Y..100.0884
Parson, Son & Co., N. Y__-_101.18 Spitzer, Rorick & Co., N.Y_100.015
Remick. Hodges & Co., N.Y.101.093 Oneida Say. Bk., Oneida_ _100.00
MANTUA TOWNSHIP SCHOOL DISTRICT (P. 0. Mantua),
Portage County, Ohio.-BOND SALE.-On April 1 the $25,000 5%
1434-year (aver.) building bonds (V. 98,
944) were awarded to Sidney
Spitzer & Co. of Toledo for $25,402 50 (101.61)
and int. Other bids were:
p.
Stacy .Sc Braun, Toledo_ -$25,322 45 I New First Nat. Bk., Col_$25,160 00
Otis & Co., Cleveland_ - 25,285 00 Spitzer, Rorick & Co,
25,133 50
Well. Roth & Co., Cin--- 25.269 00
Toledo
MARENGO SCHOOL DISTRICT (P. 0. Marengo), Crawford
County, Ind.-BOND OFFERING.-Proposals will be received until
2 p. m. April 18 by W. J. Hawkins, Treasurer, for $3,360 436% building
bonds. Denom. $168. Due during 20 years.
MARGATE CITY (P. 0. Atlantic City), Atlantic County, N. J.
BONDS AUTHORIZED.-The City Commissioners recently authorized an
Issue of $12,000 fire-department bonds, it is stated.
MARION, Marion County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Apr. 29 by Harry E. Mason, City Aud. for
$6,312 50 5% ditch-constr. (city's portion) bonds. Denom. (12) i500.
(1) $312 50. Date Mar. 11914. Int. M.& S. Due $500 yearly on Mar.
1 from 1915 to 1927 incl and $312 50 on Mar. 1 1928. Cert. check for ;350,
payable to City Treasurer, required.
MARION COUNTY (P. 0. Indianapolis), Ind.-BOND ELECTION
PROPOSED.-According to reports, a petition asking the County Commissioners to call an election to vote on the question of issuing Washington
Township road-Improvement bonds was filed on March 25.
MASSENA, St. Lawrence County, N. Y.-BOND SALE.-The
following bids were received for the $31,250 1736-year (average) and
$18,000 1-30-year (serial) highway bonds offered on April 7(V.98, p. 1104).
Home Savings Bank, Albany$31,250 issue at the rate of 4.39% at par.
$18,000 issue at the rate of 4.38% at par.
Adams & Co., New York$31,250 issue at rate of 4.40% and premium of $45 00.
$18,000 issue at rate of 4.40% and premium of $25 00.
Lee, Higginson & Co., New York:
$31,250 issue at rate of 4.40% at 100.02.
$18,000 issue at rate of 4.40% at 100.01.
First National Bank, MassenaBoth issues at the rate of 436% and premium of $100 00.
John J. Hart, AlbanyBoth issues at rate of 4.57 and premium par plus .273.
Spitzer, Rorick & Co., New York CityBoth issues at rate of 4.60% and premium of $50 00.
Farson, Son & Co., New York$31,250 issue at rate of 4.60% and pay 1003‘ and accrued interest.
$18,000 issue at rate of 4.60% and pay 1003i and accrued interest.
Harris, Forbes & Co., New YorkBoth issues at rate of 4.65% and pay 100.152.
Fort Edward National Bank, Fort EdwardBoth issues at the rate of 4.45% and premium of $45 00.
John H. Watkins, New YorkBoth issues at rate of 4.45% and pay premium of $3247 00
Massena Banking Co., Massena$31,250 issue at rate of 43/i% and premium of $27 00.
$18.000 issue at rate of 494% and premium of $7 00.
Both issues were awarded to the Massena Banking Co.
MEMPHIS SCHOOL DISTRICT (P. 0. Memphis), Tenn.-BIDS
REJECTED.-All bids received for the $40,000 436% 20-year coupon school
bonds offered on April 1 (V. 98, p. 944) were rejected, reports state.
MERIDIAN, Lauderdale County, Miss.-BOND ELECTION.-Anelection will be held April 24, it is stated, to vote on the Questions of issuing
360.000 school-building-improvement(V. 98, p. 1015) and $14,000 refunding bonds.
MERRILL, Lincoln County, Wis.-BONDS VOTED.-The proposition to issue $75,000 Minneapolis Merrill & Marinette Ry. aid bonds
carried it is stated, at the election held March 30 by a vote of 1,378 to 32.
MIAMI COUNTY (P. 0. Peru), Ind.-BOND SALE.-On April 4 the
$47,500 4% 10-year (aver.) bridge bonds (V. 98, p. 631) were awarded to
the Indiana Trust Co. of Indianapolis for $48,042 (101.141) and int. Other
bids were:
First Nat. Bk., Peru_ _ _ _347,800 0013. F. Wild & Co., Ind'Ils_347,713 00
Gavin L.Payne & Co.,Ind. 47,726 50 I Flet.-Amer.Nat.Bk.,Ind_ 47,655 00
MIDDLESEX COUNTY (P. 0. Cambridge), Mass.-TEMPORARY
LOAN.-On April 4 a loan of $100,000, due Nov. 6 1914, was negotiated
with P.S. Moseley & Co. of Boston at 3.49% discount. Other bids were:
Maiden Savings Bank, Malden, 3.74% discount.
Loring, Tolman & Tupper, Boston, 3.58% discount.
Curtis & Sanger, Boston,3.59% discount and $1 25 premium.
MIDDLETOWN, Butler County, Ohio.-BOND SALE.-On April`2
the three issues of 5% street-improvement (assessment) bonds, aggregating
363.279 64 (V. 98, p. 782) were awarded to the Merchants' National Bank
of Middletown for $64,282 14-equal to 101.584. Other bids were:
Cleveland _*$64,354 64 Spitzer,Rorick&Co.,Tol $63,787 64
Otis &
Prov. S.Co.,
B.& Tr. Co.,Cin. 64,096 53 Seasongood & Mayer,Cin. 63,71964
Tillotson & Wolcott Co.,
Cleveland
64,038 99
* This bid did not contain proper amount of certified check.
MILTON, Umatilla County, Ore.-VOTE.-We are advised that the
vote cast at the election held March 25, which resulted in favor of the issuance of the $18,000 5% water and light bonds (V.98, p. 1104) was 127 to 58,
and not as previously reported. Due in 1934. The bonds will be sold at
private sale.
MILWAUKEE, Wis.-RESULT OF BOND ELECTION.-See news item
under "Milwaukee" on a preceding page.
APR. 111914]
THE CHRONICLE
MINNESOTA.-BOND SALES.-During the month of March the follows
leg fourteen issues of 4% bonds, aggregating $39,600, were
purchased by
the State at par:
Name of Place.
Purpose.Amount.Date.
$1,200-Becker County S. D. No.96
School
Mar.20 1914
1,500-_Be1trami County S. D.No.104
School
Mar.20 1914
2,000_ _Clearwater County S. D.No.68
School
Mar.31 1914
1,500--Crow Wing County S. D. No. 107
School
Mar.
20 1914
4,000_ _Henning, Otter Tail County
Municipal Mar.31 1914
1,800--Jackson County S. D. No.87
• School
Mar.31 1914
2,000....Lincoln County S. D.No.74
School
Mar.31 1914
14,000-Otter Tail County S.D.No.21
School
Mar. 31 1914
1,000_ _Otter Tail County S. D.No.158
School
Mar.31 1914
1,000_ _Red Lake County S. D.No.9
School
1,000--Rice County S. .No. 1
School
Mar.31 1914
5,600_ _Rock County Jud. Ditch District No.2_ _Ditch
Mar.31 1914
2,000.._Round Lake, Mahnomen County
Municipal Mar. 31 1914
1,000_ _Wright County S. D. No. 107
School
Mar. 20 1914
MINOA UNION FREE SCHOOL DISTRICT NO. 2 (P.O. Manlius)
Onondaga County, N. Y.-BOND SALE.-On April 7 the $35,000 5%
18%-year (aver.) school bonds (V. 98, p. 1104) were awarded to Adams &
Co. of N. Y. at 106.55 and int.. Other bids wore:
Lee, Higginson & Co., New York
$37,187 57
Isaac W. Sherrill, Poughkeepsie
37,159 50
Trust & Deposit Co., Onondaga
36,522 50
Spitzer, Rorick & Co., New York
36,459 50
MOBILE, Mobile County, Ala.-BOND OFFERING.-Proposals will
be received until 12 m. May 4 by the Board of Commrs., Pat. J. Lyons,
Mayor, for $62,000 5% paving bonds, series "L". Denom. $1,000. Date
June 1 1914. Int. J. & D. Due in 10 years. subject to call at 1013 and
accrued int. Cert, check for 2% of amount bid required.
MODESTO IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus
County, Calif.-BONDS VOTED.-The question of issuing the $500,000
main-canal-enlargement and $110,000 canal-impt. bonds (V. 98, p.
1015)
carried, reports state, at the election held March 31.
MONROE, Walton County, Ga.-BONDS VOTED.-The question of
issuing $19,000 5% 20 to 30-year (serial) bonds carried at the election held
April 2 by a vote of 140 to 3.
MONROE COUNTY (P. 0. Bloomington), Ind.-BIDS.--The other
bids received for the $4,150 4%_% 6-year (average) highway-improvement
bonds awarded on March 25 to J. F. Wild & Co. of Indianapolis for $4,181
(100.746) and interest (V. 98, p. 1015) were:
Fletcher-Amer. N. Bk. Ind_..$4,181(Breed, Elliott & Harrison, InGavin L.Payne & Co.,
'
Ind_ __ 4,170 I dianapolis
$4,170
Denom. $207 50. Date Nov. 17 1913. Interest M.& N.
MONTAGUE,Siskiyou County, Calif.-BOND SALE.-On March 30
the $25,000 6% 12%-year (aver.) gold coupon water-works bonds (V. 98,
p. 1015) were awarded to V. E. Warrens at 102.404 and int. Other bidders
were:
Calif. Nat. Bk. Slacramento.$25,150 G. G. Blymyer& Co.,San Fr.$25,001
Control
State Board of'
25,0501
All bids include accrued interest.
MT AIRY, Carroll County, Md.-BONDS PROPOSED.-Local newspaper reports state that this place is contemplating the issuance of $86,000
water-works bonds.
1185
NORWALK CITY SCHOOL DISTRICT (P. 0. Norwalk), Huron
County, Ohio.-BOND SALE.-On April 4 the $8,000 5% 6 1-6-year
(aver.) coupon League St. school-addition bonds (V. 98, p. 1016) were
awarded to Weil, Roth & Co.of Cin.for $116 50(101.456) and int. Other
bids were:
A E. Aub & Co.. Cin
$8,105 00 Security Say. Bank & Trust
Seasongood & Mayer, Cm.. 8,093 00
Co., Toledo
$8,076 00
Stacy & Braun, Toledo_
8,085 37 Otis & Co., Cleveland
8,042 00
NORWOOD SCHOOL DISTRICT (P. 0. Norwood), Hamilton
County, Ohio.-BOND ELECTION.-An election to vote on the question
of issuing $120.000 Marion St. school-completion bonds will be held
April 18, reports state.
NUTWOOD DRAINAGE AND LEVEE DISTRICT, Jersey and
Greene Counties, Ills.-BONDS OFFERED BY
.
Son & Co. of New York and Chicago are offering to BANKERS.-Farson
investors $33,000 6%
bonds. Denom.$500. Date March 1 1914. Int.
on July 1 at State
Bk.of Chicago. Due part yearly from July 1 1915 to ann.
July 1 1923 incl. Total
bonded debt, incl, this issue, $276,000.
OAKLAND, Cal.-BOND ELECTION.-An election will be held
May 5, it is stated, to vote on the questions of issuing
$80,000 Clawson
school and about $500,000 auditorium-completion bonds.
OAK PARK SCHOOL DISTRICT (P. 0. Oak Park), Cook County,
Ill.-BOND OFFERING.-It is reported that proposals will be received
until April 24 by W.H.Hatch, Dist. Clerk, for $89,000
434% school bonds.
OAKWOOD (P. 0. Knoxville), Tenn.-BONDS VOTED.-By a vote
of 167 to 64, the questions of issuing the $20,000 school-house and $30,000
municipal-impt. bonds (V. 98, p. 1016) carried, reports state, at the election held Mar. 31.
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Boone County, Iowa.
-BONDS DEFEATED.-The proposition to issue $35.000 school bonds
was defeated at the election held Mar. 27 by a vote of 75 "for" to 226
"against."
ORANGE, Essex County, N. J.-BONDS PROPOSED.-On April 3
the City Council authorized the City Council to draw an ordinance providing for the issuance of $18,500 motor fire-apparatus-purchase bonds.
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND SALE.-On April 7
the $4,640 454% 6-year (aver.) tax-free gravel-road bonds (V. 98, p. 1105)
were awarded to Gavin L.Payne & Co. of Indianapolis for $4,678 (100.818)
and int. Other bids were:
Breed, Elliott & Harrison, Indianapolis
$4,665
Fletcher-American National Bank, Indianapolis
46630
50
0
J. P. Wild & Co., Indianapolis
4,657 00
Denomination $232. Date April 7 1914. Int. M.& N.
ORANGE SCHOOL DISTRICT, Orange County, Calif.-BOND
SALE.-Con March 24 $50.000 5% bldg. bonds were awarded
to Torrance.
Marshall & Co. of San Francisco at 100.73. Denom. $1,000.
Date
April 11914. Int. A. & 0.
PAINESVILLE, Lake County, Ohio.-BOND SALE.-On April 6 the
$30,000 5% 40-Year coupon water-purification-works bonds (V. 98, p.
1016) were awarded to Hayden, Miller & Co. of Cleveland at 107.34.
Other bids were:
Western German Bank,Cin.$2,143 50 Prov. S.& Tr. Co., Cin. _$1,545 00
Stacy & Braun, Toledo_ ___ 2,052 00 Otis & Co., Cleveland
1,503 00
Seasongood & Mayer, Cin.. 1,930 00 First Nat. Bank, Cleve
1,028 60
MOUNT MORRIS, Livingston County, N. Y.-DESCRIPTION OF Well, Roth &
Co., Cin____ 1,827 50 Hoehler,Cummings&PrudBONDS.-The $50,000 reg. water-works bonds awarded to Parson, Son
Mayer,Deppe& Walter,Cin 1,612 50
den, Toledo
1,023 00
& Co.of N.Y.on March 12(V.98, p.853) as 4.40s are in the denomination Field, Longstreth
& RichSidney Spitzer & Co.,Tol
936 00
of $1,000 and bear date of April 11914. Int. A. & 0. in N. Y. exchange.
ards, Cincinnati
1,587
Spitzer,
00
Rorick
&
Co.,
Tol_
702 00
Due $2,000 yearly on Oct. 1 from 1917 to 1941 incl. Total bonded debt
PARAGOULD PAVING DISTRICT NO. 1 (P. 0. Paragould),
(incl. this issue) $99,500. Assessed val. $1,037,416. Act. val. (est.),
Greene
County,
-BOND
Ark.
SALE.
-On
Mar.
31
the
$100,000
20-year
$1,800,000. The above firm is now offering these bonds to investors.
bonds (V. 98. p. 1016) were awarded,
MT. PLEASANT, Isabella County, Mich.-BOND ELECTION PRO- & Co. of St. Louis at 97.35 for 534s. reports state, to Wm. R. Compton
POSED.-Reports state that an election will be held inIthe near future to
COUNTY
PARK
(P. 0. Livingston), Mont.-BOND OFFERING.
vote on the question of issuing city-hall-building bonds.
Proposals (sealed or verbal) will be received until 2 p. m. May 16 by John
MULLINS, Marion County, So. Caro.-BOND OFFERING.-Pro- O'Leary, County
Clerk, for the $35,000 5% 15-20-year (opt.) refunding
posals will be received until May 1 by W. M. McIntyre, Town Clerk, for bonds.
Denom.
Date July 1 1914. Int. J. & J. at office of
$60,000 5% 20-40-yr. (opt.) water-works and sewerage bonds. Int. F.&A. County Treas., or$1,000.
at some bank in N. Y. City, at option of purchaser.
at place to be fixed. A deposit of $500 required. These bonds have been Cert. check for $500,
payable to Frank Beteg'. Chairman, required.
validated by the State Legislature. There is no question of any kind as
PASADENA SCHOOL DISTRICT (P. 0. Pasadena), Los Angeles
to validity. Total bonded debt (incl. this issue), $66,000. ASSOSS. val.
1913, $447,000. These bonds were offered without success on Oct. 6. See County, Cal.-BOND ELECTION PROPOSED.-Local newspaper reports
state that this district is contemplating calling an election to submit to the
V. 98, p. 409.
voters the question of issuing $25,000 deficiency bonds.
MURRAY SCHOOL DISTRICT (P. 0. Murray), Salt Lake County,
PASSAGRILLE, Pinbllas County, Fla.-BOND SALE.-On Mar. 20
Utah.-BOND SALE.-The $30.000 5% coupon tax-free Hillcrest school
five issues of 6% 30-year tax-free bonds aggregating $11,000 (V. 98,
the
improvement bonds voted Feb. 10 (V. 98. p. 631) were disposed of and issued on March 1. Int. semi-annual. Due in 1934, subject to call after p. 854), were awarded to the American Bank & Tr. Co. of St. Petersburg
at 95 and int. There were no other bidders.
March 1 1924.
PECOS COUNTY (P. 0. Fort Stockton), Texas.-BOND OFFERING
NASHVILLE, Tenn.-BONDS PROPOSED.-This city is
the issuance of $100,000 negro high-school bonds, it is stated. considering -Proposals will be received until April 25 by Howell Johnson, Co. Judge.
NAVARRO COUNTY (P. 0. Corsicana), Tex.-BOND SALE.-On for the $85,000 6%_10-40-year (opt.) coupon road impt. bonds voted Dec.15
April 3 the $400,000 5% 20-40-year (opt.) Road Dist. No. 1 bonds offered (V. 98, p. 87). Denom. $1,000. Int. ann. on April 10 at Chase Nat.
without success on Feb. 2(V. 98, p. 853) were awarded, is stated, toJohn Bank, N. Y. City. Cert. bank check for $1,000 required. Total bonded
debt (incl. this issue) $166,000. Taxable val. 1913 $8,077,100.
A. Thompson, President of the Corsicana Nat. Bank,itCorsicana,
at par
and interest.
PELHAM MANOR, Westchester County, N. Y.-BONDS TO BE
NEEDLES SCHOOL DISTRICT (P. 0. Needles), San Bernardino OFFERED SHORTLY.-The Village Clerk advises us that this village will
shortly
offer for sale an issue of $20,000 paving bonds voted March 17.
County, Cal.-BONDS DEFEATED.-The question of issuing $33,000
PERRY TOWNSHIP, Marion County, Ind.-BOND SALE.-On
bonds was defeated at an election held March 25 by a vote of 277"for"
to April
6 an issue of $20,000 4% school bonds was awarded to Breed, Elliott
188 "against." A two-thirds majority was necessary to authorize.
NEVADA COUNTY (P. 0. Prescott), Ark.-BOND ELECTION PRO- & Harrison of Indianapolis at 100.1325, it is stated.
PERTH AMBOY, Middlesex County, N. .-BONDS AUTHORIZED.
POSED.-This county is contemplating calling an election to submit to a
-The Board of Aldermen on April 6 authorized the issuance of $115,000
vote the question of issuing road-bldg. bonds.
school
and $103,000 harbor-improvement bonds.
NEWARK,N. J.-TEMPORARY LOAN.-On April 8 a loan of $155,000
PHENIX CITY (P. 0. Columbus), Muscogee County, Ga.-BOND
was awarded at 3.30% int, as follows: $77,500 to Solomon Bros. & Hutzler
ELECTION
PROPOSED.-Local newspaper reports state that an election
of New York and $77,500 to H. Lee Anstey of New York.
will shortly be held to submit to a vote the question of issuing $15,000
NEWCASTLE SCHOOL DISTRICT (P. 0. Newcastle), Placer water-works
-system-exten
sion bonds.
County, Calif.-BONDS DEFEATED.-At a recent election the propo_
PITTSBURG COUNTY (P. 0. McAlester), Okla.-DESCRIPTION
sition to issue $30,000 grammar-school-building bonds failed to carry, re
ports state, by a vote of 85 "for" to 70 "against". A two-thirds majority OF BONDS.-The $21,275 6% warrant funding bonds awarded on Jan. 1
1914 to R. J. Edwards of Oklahoma City at 101 and interest (V. 98. 1:0.
was necessary to authorize.
NEW HAMPTON SCHOOL DISTRICT (P. 0. New Hampton), 1016) are in the denom. of(21) $1.000 and (1)$275, and dated Jan. 1 1934.
Harrison County, Mo.-BONDS VOTED.-The question of issuing $6,90() Interest J. & J. Due Jan. 1 1934.
PITTSFORD, Monroe County,N.Y.-BOND OFFERING.-Proposals
improvement bonds carried, it is stated, at the election recently held by
will be received until 8 p. m. April 18 by Henry Stahel.. Vii. Prost., for
vote of 137 to 25.
NEW HAVEN TOWNSHIP (P. 0. Chicago Junction), Huron Coun- $6,000 reg.reservoir bonds at not exceeding 5% int. Authority election held
ty, Ohio.-BOND OFFERING.-Bids will be received until 12 m. April 29, March 17. Denom.$500. Date May 1 1914. Int. ann.on Sept.1 atsome
banking house in Rochester. Due $500 yearly on Sept. 1 from 1918 to
reports state, by D. F. Dorsen, Twp. Clerk, for $20,000 5% 8-year (aver.)
1929 incl. Cert. check for $200, payable to VII. Prest., required. Bonds
road bonds. Int. semi-ann. Cert. check for $500 required.
to
be furnished by the purchaser, the form to be approved by the Vil.
NEWMARKET SCHOOL DISTRICT (P. 0. Newmarket), Taylor Board
of Trustees. Bonded debt $20,000. Assess val. 1913, $788,000.
County, Iowa.-BONDS DEFEATED.-The proposition to issue' building
POLX,
Polk County, Neb.-BOND SALE.-The State of Nebraska
bonds failed to carry, it is reported, at the election held March 31. The
purchased during the month of March at par $3,000
% 5-20-year (opt.)
vote was 145 "for" to 160 "against."
light bonds. Date Jan. 2 1914.
NORTHFIELD, Rice County, Minn.-BONDS DEFEATED.-At the
PORTAGE TOWNSHIP SCHOOL DISTRICT (P. 0. Akron),
election held Mar. 27, this city defeated the proposition to issue armory Summit County, Ohio.-BOND
SALE.-On April 7 the $32,0005
bonds, it is stated.
3(-year (average) coupon school bonds (V. 98, p. 1106) were awarded to
NORTHAMPTON HEIGHTS (P. 0. So. Bethlehem), Northamp- P. H. Rose, Cleveland, for $32.865 (102.703) and int. Other bids
were:
ton County, Pa.-BOND OFFERING.-Proposals are asked by Stover Seasongood & Mayer,Cin.$32.380 00 Otis & Co., Cleveland..---$32,176
00
Nicholas, Chairman of Finance Committee, until about April 14 at 8 p. ni. Well, Roth & Co., Cin___ 32,377 00 Hoehler. Cummings &
(time extended from April 7) for $30,000 434% 15-30-vr. (opt.)
Hanchett Bond Co.,Chic_ 32,377 00
Prudden, Toledo
coup.
32,167
tax00
free street-1mA. bonds (V. 98, p. 1105). Denom. 3500. Date May 1 Stacy & Braun, Toledo_ _ _ 32,348 64 Spitzer, Rorick & Co., Tol
32,106150
1914. Int. M. & N. at Northampton Heights. No deposit required. Hayden,Miller&Co.,Clev_ 32,224 00
Bonded debt (incl. this issue), $64,000; no floating debt.
PORTERSVILLE, Tulare County, Cal.-BONDS TO BE OFFERED
Assess.
val.
$1,733,448.
,SHORTLY.-Local newspaper dispatches state that this city will shortly
NORWALK, Fairfield County, Conn.-BOND OFFERING.-Pro- offer for sale the $15,000 5% additional-pump-plant bonds voted
Feb. 24
posals will be received until 8 p. m. April 22 by LeRoy Montgomery, (V. 98, p. 783).
PORTOLA SCHOOL DISTRICT, Plumas County, Calif.-BOND
Secretary of Bridge Construction Committee, for $100,000 43,
1% 40-year SALE.-The State Board of Control purchased at par
and int. for benefit
coupon or registered improvement bonds. Denom. $1,000. Date Jan. 15 of
State School Fund $4,500 6% school bonds, dated May 7 1913. during
1914. Int. J. & J. at U. S. Mortgage & Trust Co., N. Y. City. Certified March.
check for 2% of bonds bid for, payable to City Treasurer, required. These
PORTSMOUTH, Rockingham County, N. H.-BOND OFFERING.
bonds will be certified as to genuineness by the U.S. Mortgage & Trust Co. Proposals will be received until 11 a. m. April 15 by Geo. J. Murray, City
Auditor,
for $40,000 4% coupon refunding sewer bonds. Denom. (30)
and their legality approved by Hawkins, Delafield & Longfellow of N. Yi!
(20) $500. Date May 11914. Int. M.& N. at First National
City, and a duplicate original of their opinion will be furnished to the $1,000,
Bank, Boston. Due $2,000 yearly on May 1 from 1915 to 1934, inclusive.
purchaser.
These bonds will be certified as to genuineness by the above bank and
their
legality approved by Storey, Thorndike. Palmer & Dodge of Boston,
The official notice of this bond offering will befound among the advertisements
whose opinion will be furnished purchaser. Bonds will be delivered_to_the
elsewhere in this Department.
purchaser on May 1 at above bank.
[VOL. xcvni.
THE CHRONICLE
1186
4 from 1915
- Int. M.& S. at Vil. Treasury. Due $2,750 yearly on Marchwater
.
bonds.
PORT TAMPA CITY, Hillsboro County, Fla.-BOND OFFERINGmpt.
to 1918 incl. Total bonded debt $49,000, including $38,000
municipal-i
These
Proposals will be received until May 4 for $17,000
$2,500,000.
val.
Total
for
taxation
val,
$1,059.490.
Assessed
bonds. Authority vote of 30 to 1 at the election held March 23. Due in bonds
were offered on March 4. See V.98, p. 468.
1934.
-Pro.
OFFERING
-BOND
N.
J.
RUTHERFORD, Bergen County,
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BONDS AWARDED
Boro. Clerk.
IN PART.-On April 6 two issues of 4%% 6-year (average) gravel-road posals will be received until 8 p. m. April 21 by F. A. Stedman,
bonds(V. 98, p. 1106) were awarded as follows to Breed, Elliott Zz Harrison for $200,000 4%% 30-year gold coupon or reg. funding bonds. Denom.
of Indianapolis:
$1,000. Date May 1 1914. Int. M. & N:at Rutherford Nat. Bank,
$13,620 Wm.D. Lovett et at road bonds for $13,757 55-equal to 101.009. Rutherford. Due May 1 1944. Cert. check on an incorporated bank or
3,000 T. S. Holton et at road bonds for 33,029-equal to 100.966.
and trust company for 2% of bonds bid for, payable to Frank P. Newman,
We are not advised as to the result of the $147 Brattain et al road
offered Bona. Collector, required. Purchaser to pay accrued interest. These
$138 50 Oliver Shonkweller road 4%% 6-year (average) bonds also
on April (I (V. 98, p. 1106)•
will be certified as to genuineness by the U. S. Mtge. & Tr. Co. and
ue) bonds
RANCHOS DE ATRISCO SCHOOL DISTRICT(P.O. Albuquerq6%
their validity approved by Hawkins, Delafield & Longfellow of N. Y. City.
43,000
28
March
-On
SALE.
D
N.
Mex.-BON
Barnallllo County,
for a duplicate original of whose opinion will be furnished to the purchaser.
school bonds were awarded, it is stated, to Keeler Bros. of Denver
The official notice of this bond offering will be found among the advertise$3.001 (100.033) and interest. Purchaser agreed to print bonds.
ments elsewhere in this Department.
.
OFFERING
-BOND
Y.
N.
RENSSELAER, Rensselaer County,
City
SACRAMENTO, Calif.-BONDS TO BE OFFERED SHORTLY.
Proposals will be received until 12 m. April 28 by T. C. Alexander,
Local newspaper dispatches state that the City Commission has ordered
Treas., for the following 4%% reg. bonds:
the sale of $113,000 municipal-street-lighting bonds.
$350.
(20)
$1,000,
$27.000 Washington Ave. impt. bonds. Denom. (20)
SAGINAW, Saginaw County, Mich.-BOND ELECTION.-In addiDue $1,350 yrly. on May 1 from 1915 to 1934 incl.
tion to voting on the question of issuing the $700,000 water-plant-construcyearly on
tion bonds on April 27 (V. 98, p. 854), the proposition to issue sidewalk11,000 Broadway paving bonds. Denom. $550. Due $550
improvement bonds at not exceeding $250,000 will also be submitted to the
May 1 from 1915 to 11934 incl.
Bank,Rensselaer voters.
Date May 1 1914. Int. M.& N.at Rensselaer County
ST. BERNARD PARISH (P. 0. St. Bernard), La.-BOND SALE.
Masslich & Reed
The legality of this issue will be examined by Caldwell.
-house-construction bonds were awarded,
the purchaser. On April 1 $85,000 5%, court
Co.
Bond
of N. Y. City, whose favorable opinion will be furnished to
Chicago
to
the
the advertise- reports state,
The official notice of this bond: offering twill be found among
ST. CLAIR COUNTY(P. 0. Port Huron), Mich.-BOND ELECTION
good-roads bonds will be
ments elsewhere in this department.
PROPOSED.-The question of issuing $500,000
to the voters at the April election, it is stated.
-On
submitted
VOTED.
-BONDS
Tenn.
Dayton),
RHEA COUNTY (P. 0.
Ohio.-BOND OFFERCanton),
ST. LAWRENCE COUNTY (P. 0.
Mar. 31 this county voted in favor of the issuance ofthe $250,000 pike-conApril 23 by Geo.M.Holmes,
ING.-Proposals will be received until 1 p. in.highway-im
struction bonds (V. 98, p. 1016), it is stated.
provementbonds.
reg.
or
coupon
Co. Treas., for $60,000 4%
1914.
RITTfdAN VILLAGE SCHOOL DISTRICT (P. 0. Rittman), Wayne Denom. not less than $100, nor more than $10,000. Date June 1incl.
bonds
on March 1 from 1925 to 1928
County, Ohio.-BOND SALE.-The $25,000 5%% coupon school Miller
yearly
$15,000
Due
S.
&
M.
Int.
to
Hayden,
awarded
been
have
945)
p.
98,
Bond
26
(V.
March
Joint
on
offered
ST. LOUIS, MO.-BOND ELECTION PROPOSED.-The
that an election
& Co. of Cleveland for $25,897 50 (103.59). Other bids were:
Committee has recommended to the Municipal Assembly of
bonds
issuing
Stacy & Braun, Toledo_ _$25,888 691Sid.Spitzer & Co., Toledo_325,770 00
question
25.642 80 be called for June 23 to submit to the voters the
Sec.Sav.B.& Tr.Co..Tol_ 25,826 001First Nat. Bk., Cleve
amounting to $9,700,000 for general municipal improvements.
ELECROCK ISLAND COUNTY (P. 0. Rock Island), Ills.-BOND
ST. PETERSBURG, Pinellas County, Fla.-BONDS VOTED.-By a
road bonds will, vote
TION PROPOSED.-The proposition to issue $1,000.000
of 140 to 60, the proposition to issue $148,000 municipal gas-plant
election.
November
coming
the
at
vote
a
to
reports state, be submitted
bonds carried, reports state, at a recent election.
PROELECTION
-BOND
Colo.
SALEM TOWNSHIP, Sedgewick County, Kan.-BOND ELECROCKY FORD, Otero County,
to vote on the TION PROPOSED.-Reports state that an election will be held soon to
POSED.-This city is contemplating calling an,election
te-purchase vote on the proposition to issue 315,000 site-purchase and building bonds.
cemetery-si
$10,000
and
refunding
315,000
issuing
of
questions
and fire-equipment bonds.
SANTA MONICA, Los Angeles County, Calif.-BOND ELECPlacer County, TIONS PROPOSED.-Reports state that elections will shortly be held to
ROSEVILLE SCHOOL DISTRICT (P. 0. Roseville),
held April 13, reports vote on the questions of issuing $150,000 auditorium and $200,000 fireCalif.-BOND ELECTION.-An election will behigh-school
and $20,000 department-improvement bonds.
state, to vote on the questions of issuing $45,000
grammar-school-bldg. bonds.
SAYBROOK, McLean County, 111.-BOND ELECTION.-An election
issuing the
OFFERED BY will be hold April 21, reports state, to vote on the question ofon
ROYAL OAK, Oakland County, Mich.-BONDS
March 6
is offering to investors $10,000 water-works bonds authorized by the Village Board
BANKERS.-The lianchett Bond Co. of Chicago
p.
946).
1914.
98,
(V.
4
March
Date
$250.
$11,000 6% tax-free sewer bonds. Denom.
NEW LOANS.
NEW LOANS.
T
INVESTMEN
A SAFEall Personal
Taxes and from the
$100,000
City of Norwalk, Connecticut,
Exempt from
Income Tax
FederalApril
15th, 1914
On
tit. Comptroller
will sell at his office in the Munisipal Building
THE CITY OF NEW YORK
$65,000,000
%
Gold Corporate Stock of The City of NewYork
Payable March 1st, 1964
Issued in Coupon or Registered Form
Interchangeable at will after Purchase
Coupon Interest Payable
AT OPTION OF HOLDER
in New York or London
The Greater New York Charter provides that bids may be made for
as small an amount as $10 and in multiples of $10.
Send bids in a sealed envelope, enclosed in another envelope addressed
to the Comptroller. A Deposit of Two Per Cent. of Par Value Must Accompany Bid. Such deposit must be in money or certified check upon a New
York State Bank or Trust Company, or any National Bank.
4% 40-Year Improvement Bonds
the Bridge
Sealed proposals will be received byand
City of
Construction Committee of the town 22,
1914, in
Norwalk until 8 P. M., on APRIL District
in
First
the
in
the Town Court Room
of
the City of Norwalk. Conn., for an issue
of
$100,000 Improvement Bonds of the City
.
Norwalk,Connecticut
Said bonds will be 100 in number, of the denomination of $1,000 each, dated January 15, 1914.
payable January 15, 1954, bearing interest at therate of 43( per centum per annum,payablesemi
July in
annually on the first days of January andinterest,
each year, except the last payment of
which shall be payable at the maturity of the
bonds, and will 'be coupon bonds, registerable at
the option of the holder either as to principal alone
or as to both principal and interest. Both principal and interest will be payable in lawful money
of the United States of America at the United
States Mortgage & Trust Compay, New York
City, N. Y.
All proposals should be addressed to Le Roy
Montgomery, Secretary of the Bridge Construcbe
tion Committee, Norwalk, Conn., and must
order of
accompanied by a certified check to the
for 2% of
the Treasurer of the City of Norwalk
check of
the par value of the bonds bid for, the
by the Comthe successful bidder to be retained
price of
purchase
the
upon
credited
and
mittee
the bonds, and the checks of all unsuccessful
bidders to be forthwith returned.
Said bonds will not be sold for less than par and
accrued interest.
any
The Committee reserves the right to reject
or all bids.
certified as
The bonds will be prepared and Mortgage
&
to genuineness by the United States
and their validity
Trust Company. New York City,
Delafield
will be approved by Messrs. Hawkins,
City, and
& Longfellow, Attorneys, of Now York
a duplicate original of their opinion will be furnished to the purchaser.
LE ROY MONTGOMERY,
Secretary.
Dated, April 4, 1914.
For fuller information see "City Record," published at Nos. 96 and 98
Reade Street, New York, or consult any Bank or Trust Company. Send
for descriptive circular to
WILLIAM A.PRENDERGAST,Comptroller,City of NewYork
Municipal Building, New York.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
F. WM. KRAFT
$40,000.00 GREENESVILLE COUNTY, VA.,
BONDS FOR SALE
WANTED
BANK & QUOTATION SECTION
Jan. 3rd, 1914, Issue)
Will Pay 20 Cents a Copy.
Bids accepted to noon, APRIL 22ND, 1914.
For information, apply to
COMMERCIAL & FINANCIAL CHBONIOLS
W. It. CATO, Agent,
138 Front Street, New York
No. Emporia, Va.
LAWYER.
in Examination
Specializing
of
Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG.;
CHICAGO, ILL.
APR. 11 1914.]
THE CHRONICLE
SCARSDALE FIRE DISTRICT (P.
Scarsdale), Westchester
County, N. Y.-BOND SALE.-On April 80.
the $10,00044-year (average)
fire bonds (V.98, p. 1106) were awarded to James
par for 4s. Adams & Co. of N. Y. bid $10,031 R. Magoffin of N.Y.at
for 6s.
SEATTLE, Wash.-BONDS OFFERED BY BANKER
S.-Carstens &
Earles, Inc., of Seattle are offering to investors
$54,000
6% tax-free municipal Dist. No. 2283 improvement bonds. Date
April 25 1914. Int.
ann. Due $5,400 yearly on April 25 from 1915 to(est.)
1924 incl.
SHEBOYGAN, Sheboygan County, Wis.-NO
BOND ELECTION.
Reports state that the question of issuing
$75,000
bonds will not be submitted to a vote of the people. city-hall constructin
SHEFFIELD, Franklin County, Iowa.-BOND
SALE.-On April 2
the $28,000 5% 20-year water-works and
bonds (V. 98,p. 1017)
awarded to Bolger, Mosser & NVillaman ofsewerage
Chicago
for
$28,484-equal to
101.728. Other bids were:
Chesley, Parsons SE Co., Chicago
$28,483
Geo. M. Bechtel & Co. Davenport
28,481
Denom. $500 and $1,600. Date May 1 1914. Int. M. &
N.
SHELBY, Richland County, Ohio.-BOND SALE.-On April
6 the
$4,000 5% 3-year (average) Mansfield Ave. sanitary sewer-construction
bonds (V. 98, p. 1106) were awarded to the First National Bank
of Shelby,
at 100.125 and int. No other bids.
SHELBY COUNTY (P. 0. Memphis), Tenn.-BONDS
D.
Local newspaper reports state that this county is contemplaPROPOSE
ting the issuance of $325,000 jail-construction bonds.
SHREVEPORT, La.-BOND ELECTION.-The election to vote to
the question of issuing the $1,000,000 municipal water plant conr'n
bonds
V. 98, p. 632) will be held April 15, it iss tated.
SIDNEY, Dawson County, Mont.-BOND SALE.-The $6,500 6%
5-10-year (opt.) general-impt. bonds offered without success on Jan. 5
(V• 98, P• 255), have been sold to the First Nat. Bank of Austin, Minn.,
at par and interest.
SIERRA MADRE, Los Angeles County, Calif.-BOND SALE.-An
Issue of $75.000 5% water-works bonds was purchased during the month of
March at par and int. by the State Board of Control for benefit of State
School Fund. Date Juno 1 1912. Due $3,000 yearly from 1929 to 1953
incl.
1187
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
SPRINGFIELD, Lane County,
-BOND OFFERING.-Bids will
be received until April 25, reports Ore.
state, by Herbert E. Walker, City
Recorder, for $61,132 376% improvem
ent bonds.
STANDISH SCHOOL DISTRICT (P. 0. Standish), Arena°
County
Mich.-BONDS VOTED.-The question
of issuing $20,000 high-schoolbuilding bonds carried, reports state,
by a vote of 76 to 29 at the election
held April 2.
STRUTHERS SCHOOL DISTRICT (P. 0. Struthers
), Mahoning
County, Ohio.-BOND SALE.-T
hls district has disposed of and issued
$7,000 5% tax-free coupon school-heating
and improvement bonds. Int.
A. & 0. at Struthers Say. & Bkg. Co., Struthers
. Due $1,000 yearly
Oct. 1 from 1938 to 1944 tad.
SUSSEX COUNTY(P.O. Newton), N.
-BOND SALE.-On April 6
the $42,000 4% 30-year road-improvementJ.
bonds (V. 98, p. 1107) were
awarded, it is stated, to local investors
for 342,386 15 (100.919) and int.
SWEETWATER, Nolan County, Tex.-DESCRI
PTION OF BONDS.
-The $320,000 5 % municipal
rection bonds awarded on
March 22 to the Commerce Trust water-plant-e
Co. of Kansas City, Mo., for $322,500
(100.781) and lithographing (V. 98,
1107), are in the denom. of $1,000.
and dated April 1 1914. Int. A. & p.
0. Due April 1 1954, subject to call
April 11934.
TACOMA, Wash.-BOND SALES.-During
the month of March this
city issued the following 6% special
improvement assessment bonds,aggregating $24,463 05.
Amount 1
District
Purpose!
Rate;
Dale:
Due
$2,013 55.Local Impt D No 891_Concre
te Sidewalks 6 Mar 9 1914 Mar 9 1919
8,452 50_Local Impt D No 865_ Grading&S
idewalks 6 Mar 9 1914 Mar 9 }919
246 25-Local Impt D No 4009
Paving
6 Mar 9 1914 Mar 9 1924
1,178 35_Local Impt D No 894-Grad'g &
Sidewalks 6 Mar 9 1914 Mar 9 1919
12,572 40_Local Impt D.No.845_
7 Mar. 20 1914 Mar. 20 1919
All of the above bonds are subject to call
part yearly.
TERRE HAUTE, Vigo County, Ind.-BONDS
TO BE SOLD LOCALLY.-According to local papers an
appropriation of $9,000 has been
made by the Firemen's Pension Fund to purchase
street-paving bonds, which
SLEEPY EYE, Brown County, Minn.-BONDS VOTED.-The will be floated soon by the city.
question of issuing the $35,000 4% sewerage and /drainage system constr.
TEXAS.-BONDS REGISTERED.-The following
bonds(V.98,p.1106)carried by a majority of 190 at the election held
5% bonds
7. Denom. (3) $1,000, (4) $2,000, (8) $3,000. Due $1,000 July 1 Apr. registered by the State Comptroller during the week ending April 4:were
Amount.
1919,
Place1920 and 1921, $2,000 July 1 1922, 1923, 1924 and 1925 and $3,000 yearly
Pur
ose.
Due.
Option.
$65,000 City of Waco
on July 1 from 1926 to 1933 incl.
Street- mprov't __ _30 years None
60,000 "
"
Public park
Ir SNOHOMISH, Snohomish County, Wash.-BONDS OFFERED
30
"
50,000
"
BY
"
Bridge & cuiverts_30 "
BANKERS.-The Hanchett Bond Co. of Chicago is
15,000 "
offering to investors
"
Storm sewer
$30,000 7% improvement bonds. Denom. $200.
30 "
Date March 1914.
10.000 City of Waco
Sanitary Sewer__ _ _30 "
Int. ann. at the City Treasury. Due $3,000 yearly
from
75,000 McKinney
Public-school-bldg_40 "
subject to call on any interest-paying date after 1 year. 1915 to 1924 incl.
20 years
75,000
Net bonded debt
"
$43,000. Assessed val. $1,177,235. Total val.
Street-improvem't_40 "
20 $3,500,000.
10,000 Galveston County
0. S. D. No. 10_ .._40 "
SOUTH ST. PAUL, Dakota County, Minn.
20
"
8,000
-BOND OFFERING.
C. S. D. No. 16_-40 "
20
Proposals will be ireceived until 4 p. m. May
7.000
Marshall
Public
park
4 by J. R. Stevenson, City
40
10
18,500 Rosenberg
Recorder, for $5,000 5% 20-yr. refunding
Water-works
40 $500 each year
bonds. Denom. $500 or $1,000
(to suit purchaser). Date June 1 1914. Int. semi-ann.
from 1916
11,500
Cert. check on a
Street-improvem't_40 $500 each year
responsible bank for 2% of bonds bid for,
payable to P. P. NVeins, City
from 1917
80,000 King County
Treas., required. These bonds are part of
Road
40
years 20 years
an issue of $105.000.
10,000 Town of Pecos
Water-works
40 "
20 "
S•
id
14
NEW LOANS.
NEW LOANS.
NEW LOANS.
44.00.0444,
04•414.4.4,
44
,
0•440M41441,
4
$1,075,000.00
$30,000
McLennan County, Texas
City of New Castle, Delaware,
Road District No. 2,
IMPROVEMENT BONDS
5% BONDS.
Sealed bids will be received by the Commissioners' Court of McLennan County, Texas, at
its office in Waco,on the 15TH DAY OF APRIL.
1914. for $1,075,000 Road District Improvement
bonds of Road District No. 2 of said County.
Bonds run forty years, with option to suit purchaser; bear interest at the rate of 5% per annum,
payable semi-annually; principal and interest
payable at place to suit purchaser; date of bonds
to suit purchaser; denomination $1,000.
Estimated value of taxable property within
district 3100,000,000. Assessed values
1913
$36;666,375. No other indebtedness. for
tion of district 65,000. Number of acresPopulaof land
within district, 256,000. District includes
city
of Waco, population 42,000. Railroad mileage
within district, 125; district being crossed by the
M.K.& T., H.& T. C., St. L.& S. W.. S.
A.&
A. P., Tex. Cent., and I. & G. N. railroads and
Southern Traction Company. Assessed value
of railroads per mile 124,000.
r Bonds will be sold to best bidder and will be
delivered in full on the approval of purchaser'
attorney, or on deferred deliveries, on termss
mutually agreed to between the purchaser and
the Commissioners' Court.
The Commissioners' Court reserves the right to
reject any and all bids.
Certified check for $10,000 on a Waco bank
will be required before bids are considered.
Full Information will be given upon application
to the undersigned.
GEO. N. DENTON,
County Judge,
McLennan County, Texas.
Proposals will be received until 8
P. M.,
TUESDAY, APRIL 21, 1914. for all or
any part
of Thirty Thousand Dollars of bonds to
be issued
upon the credit of the City of New Castle.
Delaware, under authority of Chapter 217,
27.
Laws of Delaware. Said bonds willVolume
be in the
name of the Mayor and Council of New
Castle,
will be dated and issued as of May 1. 1914.
bear interest from date at the rate of five will
per
centum per annum, payable semi-annually, and
will be in denominations of Five Hundred Dollars
each, numbered consecutively from 1 to 60, the
principal being payable at the expiration of thirty
years from their date, the City reserving the right
to redeem any or all of said bonds at par and
accrued interest at any interest period after the
expiration of five years from their date. Said
bonds will be delivered as soon after the award
as practicable, but not later than June 1, 1914,
the purchaser to pay accrued interest from
the
date of bonds to the time of delivery. All proposals must be accompanied by a certified check,
payable to the order of the Mayor and Council
of New Castle, for three per
of the
amount of bonds bid for. the samecentum
be forfeited
if the bidder fails to accept and payto
the bonds
awarded, the bonds to be settled forfor
delivery.
The right to reject any and all bids on
is reserved.
Address all bids to Theodore W.Cavender
. President of Council, New Castle, Delaware.
By order of City Council.
THEODORE W.CAVENDER,
President.
$100,000
$40,000
Flathead County, Montana, TOWN OF ASHLAND, VA.
REDEMPTION BONDS
fl'Notice is hereby given that sealed bids will be
received by the County Commissioners
of FlatheadkCounty, State of Montana, at
office
of the County Clerk and Recorder at the
Kalispell.
Montana, on MAY 4TH, 1914. AT 10.00
A.
M.,
for the sale of $100,000 00 bonds for the purpose
of redeeming an issue of $100,000
bonds. The
denomination of said bonds to be 00
$1,000
each,
payable in twenty years and redeemabl00
e in ten
years, and to bear interest at not to exceed
five
per cent (5%) per annum. Interest payable at
the'office of the County Treasurer of said County
on the first day of January and July of each year.
Bidslwill be opened at the office of County Commissioners of said County on Monday. May 4th,
1914 at 10:00 o'clock a. m. A certified
for five per cent of bid to accompany eachcheck
The Board reserves the right to reject any bid.
and
all bids. C5455.ft.4
p By order of the Board of County Commissioners of Flathead County, Montana.
By FRED S. PERRY,
County Clerk
CITY OF RENSSELAER,N.Y.
$27,000
43% Washington Avenue Improvement Bonds
$11,000
43% Broadway Paving Bonds
Rensselaer, N. Y., April 10, 1914.
Sealed bids will be received by the undersigned
at his office until the 28TH DAY OF APRIL,
1914, at 12 o'clock noon, for the purchase of
$27,000
% registered Washington Avenue
Improvement bonds of the City of Rensselaer,
New York, dated May 1, 1914, maturing serially
$1,350 (one bond of $1,000 and one bond of $350)
on May 1st of each of the years 1915 to 1934,
both inclusive, and $11,000
registered
Broadway Paving bonds of said City%
dated May 1,
1914, and maturing serially one bond of
$550
on May 1st of each of the years 1915 to 1934,
both inclusive. Principal of and semi-annual
interest (May 1st and November 1st) on all of
said bonds payable at the Rensselaer County
Bank
in the City of Rensselaer.
The legality of the issue will be examined by
Caldwell, Masslich & Reed of New York City,
whose favorable opinion will be furnished to the
purchaser.
For conditions of bidding and further information, address the undersigned.
T. C. ALEXANDER,
City Treasurer.
LEVICK & CO.
Foreign Exchange Brokers
56 Pine Street, New York
EVERYTHING IN FOREIGN EXCHANGE.
Orders Solicited and Correspondence Invited.
5% WATER AND SEWER BONDS
The Committee on Finance of the Town of
Ashland is instructed to advertise and receive
bids for the purchase of all or any portion of
Forty Thousand (140,000 00) Dollars Registered
or Coupon Five Per Cent Bonds having fifty years
to run (with option to the said Town to redeem
at any time after ten years), dated April 1,
and bearing interest from that date. The1914,
proceeds of said issue to be used for the purpose
of
constructing, purchasing or otherwise acquiring
a system of water works and sewerage to be owned
and operated by the Town.
The Bonds to be in denominations of $1.000.00
Bids for all or any part of said issue will be re-.
ceived at the office of the Town Treasurer till
noon of APRIL 15, 1914. A certified check for
2% of the amount of bid, payable to the order of
Treasurer Town of Ashland, must accompany all
bids.
The right to reject any and all bids is expressly
reserved by the Committee. For further information apply to W. L. Foy, Treasurer.
COMMITTEE ON FINANCE,
By SIJADOSWELL,Chairman.
GRAND dAPIOS
WE PURCHASE
Public Service Properties
which have established earnings.
Kelsey, Brewer & Co.
BANKERS
ENGINEERS-OPERATORS
Grand Rapids, Mich.
WE BUT AND SELL
Cntire issues of Public) Utility Securities
[Vol, icovin.
THE CHRONICLE
1188
l-improvement
-BOND ELECTION.-An The proposition to issue $175,000 5% 20-year high-schoo semi-annual.
THREE FORKS, Gallatin County, Mont.
vote on the question of issuing bonds will be submitted to a vote on April 24,it is stated. Int.
election will be held April 23,reports state, to
at not exceeding 5% int.
WALLINGFORD, New Haven County, Conn.-BOND SALE.-On
$45,000 10-20-year (opt.) water and sewer bonds
April 7 the $25,000 434% 15-30-year (opt.) street-pavement bonds (V. 98.
Denom. $500.
855) were awarded to Harris, Forbes & Co. of New York at 102.831
p.
Ind.-BOND OFFERTIPPECANOE COUNTY (P. 0. Lafayette), 24
by Geo. W.Baxter, and interest. Other bids were:
ING.-Proposals will be received until 2 p. m. Apr.
& Burr, Hartford102.8145IFarson, Son & Co., N. Y____101.817
Parkinson
Denom.
bridge
bonds.
St.
"Main
& Co., Bridgep_100.86
County Aud., for $68,000 434% coupon
Treas. office. Due $3,000 E. H. Rollins & Sons, Bos_102.37 f Hincks Bros.
$1,000. Date Jan.2 1914. Int. J.& D.at County
six
each
incl.
and
1923
$4,000
15
Dec.
to
15
1918
June
WANAMAKER SCHOOL DISTRICT (P. 0. Topeka), Shawnee
each six months from
of
3%
for
of
Check
Cert.
issuing 85,000 building
question
incl.
County, Kan.-BONDS VOTED.-The
months from June 15 1924 to Dec. 15 1927
28 (V. 98, p. 783)butafter bonds carried at the election held March 28 by a vote of 31 to 30.
bonds required. The bonds were sold on Feb.
made
been
a
had
that
mistake
discovered
it
was
the award had been made
WARREN TOWNSHIP, Marion County, Ind.-DESCRIPTION OF
In the publication calling for bids.
BONDS.-The $50,000 4% school bonds awarded to Breed, Elliott & Har-On April 6 rison of Indianapolis on March 27 at 100.066 and int. (V. 98, p.1107) are
URBANA, Champaign County, Ohio.-BOND ,SALE.
bonds tax-exempt and in the denomination of $500. Date March 27 1914. Int.
the $16,500 6% 4 Vi-year (average) street-paving (city's portion)
at M.& S. Due $3,000 yearly on March 27 from 1915 to 1919 incl. and $3.500
(V. 98, p. 855) were awarded to Hayden, Miller & Co. of Cleveland
incl. Total school debt $66,700.
yearly on March 27 from 1920 to 1929
105.20 and Interest. Other bids were:
50
$17,341
Cincinnati
val. $4,335,425. Real val. $9,000,000.
Breed, Elliott & Harrison,
17,317 55 Assessed
Warren), Trumbull County,
Stacy & Braun, Toledo
0.
(P.
T
17,253 00
WARREN SCHOOL DISTRIC
the $235,000 build.
Seasongood dr Mayer,Cincinnati
17,245 00 Ohio.-BONDS DEFEATED.-The question of issuing
A. E. Aub & Co., Cincinnati
98, p. 1019) failed to carry a
(V.
bonds
equipment
and
50
ase
17,242
hags, site-purch
"against."
Mayer, Deppe & Walter, Cincinnati
670
to
"for"
521
of
17,221 05 the election held March 31 by a vote
Cincinnati
Provident Savings Bank & Trust Co.,Toledo
17,221 00
Mich.-BONDS AWARDED INWAYNE COUNTY (P. 0. Detroit),$500,000
Security Savings Bank & Trust Co..
434% 12-year (average)
17,191 35 PART.
-Local papers state that of the
Field, Longstreth & Richards, Cincinnati
50
success on Feb. 16 (V. 98, p.
17,177
without
°fiord
bonds
Cincinnati
road
Co.,
&
Roth
Well,
coupon tax-free
$50,000 was made on
of
40
sale
17,135
The
of.
First National Bank, Cleveland
$100,000 has been disposed
Mational Bank of Detroit.
17,120 00 709),
Otis & Co., Cleveland
March 30 through Richard P.Joy of the First
00
17,119
NHarris County,
Athens
Bank,
Webster),
0.
T (P.
First National
WEBSTER SCHOOL DISTRIC
17,102 25
Hoehler, Cummings & Prudden, Toledo
election held March 28 the proposition to
17,044 00 Tex.-BONDS VOTED.-At the
vote of
unanimous
a
by
stated,
is
Sidney Spitzer & Co., Toledo
it
carried,
17,027 00 issue $12,000 building bonds
Hanchett Bond Co., Chicago
16,944 55 36 to none.
-Reports
M.S.Pond, Somerset
SALE.
D
Md.-BON
County,
WESTERNPORT, Alleghany
have purchased $70,000 5%
VALLEJO, Solano County, Cal.-BONDS AWARDED IN PART.
Nelson, Cook & Co. of Baltimore
sewers, street
(serial) 5%% state that(opt.)
Of the $100,000 1-20-year (serial) and $42,000 1-21-year
gold coupon tax-free water-works system,
-30-year
5
Int. M
$42,000
the
946),
p.
98.
31
(V.
March
on
bonds. Denom.$500. Date May 1 1911.
harbor-improvement bonds offered
Commercial Bank for $43,- paving and bridge
Calif.
County,
Angeles
issue was awarded on that day to the Vallejo
Los
T,
SCHOOL DISTRIC
BROOK
were:
WILLOW
issue
$42,000
the
for
bids
Other
ent bonds
-improvem
to
103.21.
348 20-equal
& Co.,S.Fr_ _ _$42,884 -BOND SALE.-On March 24 $10,000 6% building
Denom.$500.
Farson, Son & Co., Chic_ _$43.146 00 I Wm.R.Staats
105.16.
at
Angeles
Los
of
R.
Co.
Staats
Wm.
to
y & Co., San Fr__ 42,647 were awarded
E.H.Rollins&Sons,S.Fran. 42,995 40 N.W.Halse
Interest annual. Due $500 yearly.
Denom. $500. Date May 1 1914. ,Int. M. & N.
W. Va.-BOND
WOODSDALE (P. 0. Wheeling), Ohio. •County, that
), Ind.--73077)
Evansville
this town is
0.
(P.
VANDERBURGH COUNTY
N PROPOSED.-A Wheeling newspaper states
ELECTIO
at
sale
will offer for
n to issue fire
propositio
the
on
to
vote
OFFERING.-Carl Lauenstein, County Treasurer,
an
election
calling
ing
ove- contemplat
road-impr
Lane
Barwe
%
4
$14,400
1
May
m.
a.
10
at
public auction
department-maintenance bonds.
ment bonds. Denom. $720. Int. M. & N. Due $720 each six months
51, Wash.-BOND
YAKIMA COUNTY SCHOOL DISTRICT NO.
from May 15 1915 to Nov. 15 1924, inclusive.
18 by Jas. F
.-Proposals will be received until 10 a. m. April 1-5
-year opt.
Cal. OFFERING
,
County,
$3,500
for
Angeles
Los
Yakima),
T,
0.
North
(P.
DISTRIC
Treasurer
SCHOOL
HIGH
County
NUYS
AN
Wood,
int. Auth..
13,
April
6%
m.
2
p.
until
exceeding
not
at
received
bonds
be
coupon building and equipment
-BOND OFFERINO.-Proposals will
(P. 0. Los Angeles), for the election held March 7. Date day of sale, or first day of some month,
it is reported, by H. J. Leland, County Clerk bonds
voted Feb. 24 (V. 98, at option of purchaser. Int. annually at office of County Treasurer. No
$120.000 5 % 1-40-year (serial) high-school
1913 $378,bonded debt. Warrants outstanding $694. Assessed value
13. 783). Interest semi-annual. Certified check for 3% required.
N.-Reports state 220. Est. cash value $840,490.
VICTOR, Teller County, Colo.-BOND ELECTIOquestion
), Union
Marysville
0.
of issuing
YORK TOWNSHIP SCHOOL DISTRICT (P. to 137 the proposition
that an election will be held May 19 to vote on the
of 143
County, Ohio.-BONDS VOTED.-By a vote
state.
$160.000 6% funding bonds.
reports
carried,
p.
1019)
bonds
98,
(V.
building
0. to issue the $15,000
WALLA WALLA COUNTY SCHOOL DISTRICT NO. 1 (P.
- at the election held April 3.
N.
Walla Walla), Walla Walla County, Wash.-BOND ELECTIO
NEW LOANS.
NEW LOANS
$200,000
•
$105,000.00
Borough of Rutherford, New Jersey, CITY OF SOUTH ST. PAUL
Thirty-Year
13/2% Gold Funding Bonds
REFUNDING BONDS.
OFFICE OF THE CITY RECORDER OF THE
CITY OF SOUTH ST.PAUL,MINNESOTA.
April 8th, 1914.
Mayor
the
by
received
be
Sealed proposals will
Notice is hereby given that sealed proposals
d, New
of the City
Council
and Council of the Borough of Rutherfor
City
the
by
be
received
will
21st,
, at the office of the
Jersey, until 8 o'clock P. M., on APRIL
Bonds of of South St. Paul, Minnesota
1914, for an issue of $200,000 Funding
City Recorder of said City, until four o'clock
1914, for the
said Borough.
the p. m. on MONDAY, MAY 4TH,
Said bonds will be coupon bonds, with
less than Five Thousand
only, or whole or any part, not
and Five
privilege of registration as to principal
Hundred
of
One
Dollars,
00)
($5.000
at the option
as to both principal and interest, (200)
00) Dollars, of the refundin num- Thousand ($105.000
of the holder; will be two hundredeach,numbered
city authorized to be issued by
said
of
bonds
ing
$1,000
ber, of the denomination of
Council of said city by resolution apMay 1, 1914, the City
from I to 200. inclusive, dated interest
and said bonds will be
at the proved April 8th, 1914,
payable May 1, 1944, bearing semi-annua
at said time by said city to the highest
sold
lly
payable
therefor. Said
rate of 4;4% per annum,
or
bidders
e
bidder
responsibl
in each
on the first days of May and November
will be issued in denominations of either
will be payable bonds
year. Both principal and interest
00) Dollars or One Thousand
Five
($500
Hundred
erford,
Bank,Ruth
at the Rutherford National United States of ($1,000 00) Dollars each, at the option of the purNew Jersey, in gold coin of the of weight and chaser, and dated June 1st, 1914, and be payable
America of the present standard
in twenty (20) years from date, and will bear
cent (5%) per
fineness, or its equivalent in value.
Sted- interest at the rate of five per Said
bonds are
Proposals should be addressed to "F. A.
annum, payable semi-annually.
Jersey,"
New
d,
Rutherfor
refunding outof
man, Borough Clerk,
purpose
the
for
to
be
issued
outside
the
St. Paul.
South
and should be plainly marked on
of
City
the
of
bonds
standing
bids must
"Proposal for Funding Bonds". All
the total amount of
from Each proposal must state
for the
provide for the payment of accrued interest
offered
amount
total
the
for,
bid
bonds
of delivery.
the date of said bonds to the date
if any. Each procheck same, including the premium,
Each bid must be accompanied by a certified
be sealed, and addressed to the City
miist
posal
company,
trust
or
Paul, Minneupon an incorporated bank
of Recorder of the City of South St."Proposal
s for
to the order of Frank P. Newman, Collector
the envelope,
of the par sota, marked on proposal
the Borough of Rutherford, for 2% the
must be accompanied
each
and
Bonds,"
successof
check
payavalue of the bonds bid for, the
bank,
e
a
responsibl
on
check
a
certified
by
account
ful bidder to be retained by the Borough onand
City Treasurer, for a sum
the ble to P. P. Weins, centum
of the purchase price of said bonds,
of the par value of
equal to two (2) per
checks of unsuccessful bidders to be returned
a guaranty. The rieht to
as
for
bid
bonds
the
forthwith. The Council reserves the right to reject any and all bids is reserved by the City
reject any or all bids.
Council. Such bonds will be delivered to the
of the City ReThe bonds will be prepared and certified as to
& purchaser thereof at the office
genuineness by the United State Mortgage
St. Paul, Minnesota,
their corder at the City of South States,
at the option
Trust Company. of New York City, and
the United
or
in
elsewhere
Delafield
validity approved by Messrs. Hawkins,
Et of the purchaser.
& Longfellow, Attorneys, of New York City,
By Order of the City Council of the City of
furbe
will
opinion
of
whose
duplicate original
South St. Paul.
nished to the purchaser.
J. R. STEVENSON,
Dated, March 24th, 1914.
City Recorder.
A.
N,
F.
STEDMA
Borough Clerk.
City of Westmount, Canada
1914 ISSUE
MISCELLANEOUS.
STONE & WEBSTER
SECURITIES OF
PUBUCSERVICE CORPORATIONS
STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS
STONE & WEBSTER
MANAGEMENT ASSOCIATIOkt
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET
VEW VORIS
s NASSAU ST.
CHICAGO
PIRST NAT.BANK Ma
Bolger,Mosser& Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
NOW READY
SINKING FUND', COMMISSION
The Sinking Fund Commissioners of the City
of Westmount desire to purchase approximately
$30,000 00 of Municipal Debentures-those issued
by the City of Westmount preferred.
Sealed offers, marked "SINKING FUND
will
COMMISSIONERS OF WESTMOUNT,"
be received at the offices of the Montreal Trust
Company until noon on MONDAY, THE 27TH
OF APRIL, 1914.
A full description of bonds offered for sale is
essential. Delivery of the bonds to the Commissioners must be made on 1st of May, 1914.
ARTHUR F. BELL,
Secretary-Treasurer.
THE FINANCIAL REVIEW
820 PAGES
ISSUED ANNUALLY BY THE
Commercial & Financial Chronicle
138 Front Street; New York.
IRVING WHITEHOUSE CO., Inc.
INVESTMENT BONDS
8% First Mortgage Loans
nformation on any W estern Stocks or Bonds
furnished on request.
215-217-218 Hutton Bldg., Spokane, Wash.
APR. 11 1914.J
TIIE CHRONICLE
1189
Canada. its Provinces and Municipalities.
MELVILLE, Sask.-DEBENTURE OFFERING.-Proposals will be
received until 6 p. m. April 20 by Fred. H. Clarkso
n, Town Clerk, for
ABERTA SCHOOL DISTRICTS.-DEBENTUREWALE.-On Mar.
$13,000
31 sewerage 5water-works-extension, $9,000 street-grading and $48,626 07
ten issues of 7% school-building debentures, aggregating $11,400 issued
% 30-year installment coupon debentures. The sewerage deben,
by various school districts in Alberta were disposed of by the Education tures are the unsold portion of an issue of $82,000.
Department of that Province.
MONTREAL, Que.-DEBENTURE SALE.
April 3 the Board of
ASSINIBOIA, Man.-DEBENTURE ELECT
Control accepted the offer submitted by the -On
-The question of state,
of Montreal, reports
issuing $50,000 school debentures will be submitted ION.
for an issue of $7,300,000 40-year 434%Bank
to the voters on April 25, of
debentures at a net price
it is stated.
97.40.
BENITO CONSOLIDATED SCHOOL DISTRICT,
PARRY SOUND, Ont.-DEBENTURE ELECTION.-Newspaper
Man.-DEBENTURE SALE.-During the month of March
II. O'Hara & Co. of Toronto dispatches state that an election will be held April 27 to vote on the issuance
purchased $15,000 5% 20-installment-building
of
$46,000 local-improvement debentures.
debentures, dated March 1
1914.
PORT ALBERNI, B. C.-DEBENTURE SALE.
-The Treasurer adBRAMPTON, Ont.-DEBENTURE SALE.-On
March 30 the $20,000 vises us that this city recently sold $220,000 debentures.
% 13-year and $7,000
10-year debentures (V. 98, p. 1020) were
REGINA, Sask.-DEBENTURE ELECTION.
awarded to Gibson & Co. at5%
98.44 and interest.
ing $12,000 winter-fair-building-improvement and-The questions of issuCARLYLE,Sask.-DEBENTURE SALE.-Repor
exhibition -grounds and
ts state that this place $36.000 collegiate-institute-site purchas
has disposed of $30,0006% 30-year debentu
e debentures will be submitted to
res at 90.
the voters on April 23, it is stated.
CHAPLEAU, Ont.-DEBENTURE ELECTION.-It
is stated that an
ST. JEROME, Que.-DEBENTURE OFFERI
.election will be held April 20 to vote on the proposit
NG.-Proposals will be
ion to issue$18,0006% received until 7 p. m.
water-mains-ext. and completion debentures.
April 20 by E. Marchand, Town Clerk, for $115.00
0
5%
debentures. Denom. 81,000.
DAVIDSON, Sask.-DEBENTURE OFFERINO.-A. J. Roberts
Interest semi-annual. Due in 1962
and
1963.
on,
Town Treasurer, is offering for sale the followin
g 53,5% coupon tax-free
debentures (V. 98, p. 1020):
ST. PIERRE-AUX-LIENS SCHOOL COMMI
SSION, Que.-BONDS
$2,000 power debentures. Date Feb. 15 1914. Due Feb. 15 1934.
NOT SOLD.-Up to Apr. 9 no sale had
been made of the $38,000 43 %
2,300 hospital debentures. Date Oct. 1 1914. Due Oct. 11933.
school debentures offered on Mar.
24 (V. 98, p. 949)•
Denom. $100 and $500. Interest annually at Bank of British North
SAULT STE. MARIE, Ont.-DEBEN
America, Montreal, Toronto, Winnipeg or Davidson. Debenture debt
TURE SALE.-The Dominion
Securities Corporation of Toronto
<including these issues). $56,231; floating
recently purchased an issue of $230,000
debt. $6,000. Assessed value 5% debentu
res. Due in 15, 20 and 30 years.
1913. $510,000.
SHUNIAH, Ont.-DEBENTURE
EASTVIEW SEPARATE SCHOOL DISTRICT, Ont.-DEBENSALE.-An issue of $3,0886% 20-Yr.
TURES AUTHORIZED.-The Council on March 27 authorized a
pt. debentures dated April 1 1914
by-law local-im
was purchased by H. O'Hara Sr
Co. of Toronto during March.
providing for the issuance of $10,000 5% debentures, it is stated.
SYDNEY, N. S.-DEBENTURE
ESTEVAN, Sask.-DEBENTURE ELECTION.-An election will be
S
OFFER
ED BY BANKERS.
MacNeil
l & Young of
beld April 13, it is stated, to vote on the question of issuing $94,000 waterare offering to
reservoir and 131.1131ping Toronto
rs $106,000 5%
works and sewer debentures.
station extension debentuinvesto
res. Denom. $1,000.
Interest F. & A. Due Feb. 1 1944.
HAMILTON, Ont.-DEBENTURES TO BE ISSUED SHORTLY.-The
WINNIPEG, Man.-DESCRIPTION OF
City Treasurer advises us under date of April 3 that approximately $950,000
LOAN.-The proceed of the
£1,150,000 434% consolidated
435
, % 1-15-yr. local-impt. debentures will be issued in the near future.
ed stock recently issued in sLondon
are required for various necessaregister
ry public works and extensi
MACLEOD, Alta.-DEBENTURE SALE.-Local newspaper
ons. Redeemable
at
par Feb. 1 1963, with option to the city
reports
state that this place recently sold an issue of $13,500 school debentu
redeem at par on or
res after Feb. 1 1943, on giving six months' notice. toPrincipa
at 99.
l and interest
payable at the Bank of Montreal.47 Threadneedle
the holder's option,at par of exchange at the BankSt., London, E.C., or. at
MAISONNEUVE, Que.-DEBENTURE SALE.
of Montreal, Winnipeg.
-It is reported that an or other
additional issue of $225,000 5% debentures
office
where
the
stock
may
be
register for the time being. Inwas recently purchased by terest will
Hanson Bros. of Montreal. Due in 1953.
be payable half-yearly on Feb. 1 andedAug.
1, a full six months'
interest being payable Aug. 11914.
NEW LOANS.
$110,000
INSURANCE
ATLANT
IC MUTUAL INSURANCE COMPANY.
TOWNSHIP OF COAL, The Trustees, in conformi
ty with the Charter of the Company, submit the New York. January 22d. 1914.
followino statement of its affairs on Ps
of December, 1913,
The Company's business has been31st
confined to marine and inland transportation insurance.
Premiums on such risks from the let January, 1913, to the
31st December, 1913
Premiums on Policies not marked off 1st January, 1913
4Y% COUPON BONDS
$3,600,334 83
767.050 94
Total
Premium
s
----The Board of Township Commissioners for the
$4,367,385 77
Township of Coal in Northumberland County Premiums marked
off from January 1st, 1913, to December 31st; 1913
Pennsylvania, will receive sealed bids for an issue,
$3,712,602 51
of coupon bonds for One Hundred Ten Thousa
nd Interest on the investments of the Company received during the year..__
4110,000) Dollars, the tenor and terms of said
$308,410 46
Interest on Deposits in Banks and Trust Compani
es,
etc
bonds being as follows:
39.877
Heat received less Taxes and Expenses
94
Bonds shall be dated May 1, 1914, bear
130,212 32 478,509 72
in- Losses paid during
terest at the rate of four and one-hal (4(%)
the year
per
centum per annum payable May firstfand
$1,790,888 82
Less Salvages
Novem$233,482 06
ber first in each year.
Re-insurances
320,813 71
The first seventy bonds to be of One Thousa
Discount
nd
47 58 554,343 35
($1,000) Dollars each, the next sixty
bonds to be
of Five Hundred ($500) Dollars each and
the next
$1,236,544 97
One Hundred bonds to be of One
Returns of Premiums
Dollars each;said bonds to matureHundred ($100) Expense
s, including officers' salaries and clerks' compensa
$105,033 85
May 1, 1944.
The first twenty bonds amounti
tion,
statione
ry,
advertise
ments,
etc
ng to Twenty
Thousand ($20,000) Dollars to be redeema
650,942 08
ble at
the option of the Township at any
A dividend of Interest of Six per cent on the outstand
years, the next twenty bonds time after five
certificates of profits will be paid to the
amounting to thereof, or their legal represent
atives, on and after Tuesdaying
Twenty Thousand ($20,000) Dollars
holders
the third of February
outstanding certificates of the issue of 1908
after ten years, the next thirty bondsat any time legalThe
will be redeemed and paid tonext.
representatives, on and after Tuesday
the holders thereof; or theft
amounting
the
to Thirty'Thousand ($30,000) Dollars
third
of
February
next,
from
which date all interest thereon
The certificates to be produced
the time of payment
after fifteen years, the next sixty bondsat any time will cease
canceled.
A dividend of Forty per cent is declaredat
amounting
on the earned premiumsand
to Thirty Thousand ($30,000) Dollars at
of the Company for the year ending 31st
any time December, 1913, which are entitled to participate in dividend
after twenty years and the last
,
for
which,
upon
issued
application, certificates will be
on
and
Tuesday
after
the fifth of May next.
hundred bonds
amounting to Ten Thousand one
By order of the Board.
($10,000) Dollars
G. STANTON FLOYD-JONES, Secretar
at any time after twenty-five years.
y.
Both
tipal and interest payable at the Market prinTRUSTEES.
SAMUEL T. HUBBARD.
National Bank of Shamokin,Pennsylvania. Street JOHN N. BEACH,
ERNES
CHARL
T
ES
C.
BLISS,
DI.
PRATT.
THOMAS H. HUBBARD,
'
All bidders are requested to file bonds for
DALLAS B. PRATT.
each WALDRON P. BROWNI
LEWIS CASS LEDYARD,
optional series designating whether
ANTON A. RAVEM
five, ten, JOHN CLAFLIN
WILLIAM H.LEFFERTS,
fifteen, twenty or twenty-five years optiona
GEORGE C. CLARK,'
JOHN J. RIKER,
l
or
CHARL
ES
D.
any part thereof and in addition thereto may
LEVERI
CLEVELAND II. DODGE1 •
DOUGLAS ROBINSON;
file a CORNEL
GEORGE H. MACY,_CH/
bid for the entire issue.
WILLIAM .7. SCHIEF
IUS ELDERT,
NICHOLAS F. PALMDER1
A certified check for Two Hundred ($200) RICHARD H. EWARTi
'WILLIAM SLOANE. FEXIN
Dollars must be enclosed with all bids for bonds PHILIT A. S. FRANKLIN/
ADOLF
PAVENS
fEDT;
WILLIAM A. grREET
aggregating in amount not exceeding Ten Thous- HERBERT L. GRIGGS,
JAMES H.POST.
GEORGE E. TURNUR; ,E
sand ($10,000) Dollars and a certified check for ANSON W. HARD.
RICHARD H. WILLIAMS.
Five Hundred ($500) Dollars must be
A,
A,
RAVEN
,
inclosed
Presiden
with all bids aggregating in amount over
CORNELIUS ELDERT,t.Vice-President.
Ten
Thousand ($10,000) Dollars.
WALTER WOOD PARSONS, 25 Vice-President
,
Persons filing bids for the different optiona
CHARL
ES
E.
FAY;
3d Vice-President,
l
periods or any part thereof, togethe
r with a bid
ASSETS.
for the entire issue, are
United
LIABIL
States
require
ITIES.
to
file
d
only
and
one
State
of New York
certified check for Five Hundre
Estimated Losses and Losses Unsettled
Bonds
$670,000 00 In process of Adjustm
All checks to be returned to d ($500) Dollars. New York City and New
ent
the bidders assoon
York Trust
$1,806,024 00
•as their bids are refused
Premiums on Unterminated Risks
Companies and Bank Stocks
but
654,783 26
checks
successf
of
1.783
ul
700
00 Certificates of Profits and Interest Unbidders are to be held
and Bonds of Railroads
264;1,36 25
2,737 412 00
the delivery of the Stocks
paid
bonds and in the case ofuntil
Other
Securitie
s
the bidders failing to lift Special Deposits
282,520 00 Return Premiums Unpaid
the bonds on or before May
in Banks and Trust
108,786 90
Reserve
15th,
1914,
shall
for
Taxes
be
Companies
forfeited to the Board of
28,905 88
ioners
Real Estate cor. Wall and William Streets 1,000.000 00 Re-insurance Premiums
All successful bidders Commiss
221,485 06
Claims not Settled, including Compenmust pay the accumuand Exchange Place, containing offices 4.299,426
lated interest up to
04 sation, etc
the time of the delivery of the Real Estate on Staten Island
(held
bonds.
70,709 43
Certificates of Profits Ordered Redeeme
Provisions of Chapter 481,Laws ofunder
1887)
d;
All bids must be in
75,000 00
Withhel for Unpaid Premiums
Premium Notes
hands of the Secreta
22,556 09
475.727 45 Certificatesd""Profits
and Town Clerk before the
Outstand
7 p. m. APRIL 21, 1914.ry B us Receivable
ing
7,240,32
0 00
605,891 79
The Board reserves the right
in hands of European Bankers to
to reject any and Cash
all bids.
pay losses under policies payable
in
foreign countries
LEVI N. WERNTZ,
177,881
39
Cash in Bank
Secretary and Town Clerk.
6.36,465 49
Temporary Investments (payable JanuAbe L. Snyder, Solicitor.
ary and February. 1014)
Shamokin, Pa.
505,000 00
Loses
10,000 00
613,259,024 16
$10/A17,79687
Thus leaving a balance of
Accrued Interest on the 31st day of December, 1913,
$2,841.227 29
amounte
d
to
Rents due and accrued on the 31st day December.
$51,650 26
1913, amounted to
Re-Insurance due or accrued, In companiof
28,378 26
es authorized in New York, on
the 31st day of DecemberJ
1913. amounted to
B 0 NODS
Unexpired re-Insurance premiums on the 31st day of
166.830
00
Decembe
r,
1913,
amounted to
Note: The Insurance Department has egtimated the
55,903 22
of the Real Estate corner Wall and
60 STATE STREET, BOSTON
William Streets and Exchange Place in excess value
of the Book Value given above,
And toe property
ro
at
at Staten Island in excess of the
453
60:7
500
73 00
96
30 PINE STREET. NEIT YORK
The Market Value of Stocks. Bonds and other Securitie Book Value, at
s on the 31st day of December, 1918, exceeded the Company's valuation by
$49
1
:
2
6
2
68
8
:3
0
3
7
5
09
10
TEATS, CITY & RAILROAD BOND
n the balance would be
I On the basis of these Increased valuatio,
Northumberland County, Pa.,
BLODGET & CO.
A./
[VOL. xavin.
THE CHRONICLE
1190
gvust
Tormpantes.
ggngincevs.
CHARTERED 1853.
United States Trust Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits
- $2,000,000 00
- $14,103,810 00
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCI ERS
This Company acts as Executor, Administrator, Guardian, Trustee, Court 43 Exchange Place, - NEW YORE
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
Landoll.
San Francisco.
It holds, manages and invests money, securities and other property, real or Chicago.
Manila, Para, Buenos Aires, Santiago, ChM.
personal, for estates, corporations and individuals.
EDWARD W. SHELDON, President.
WILFRED J. WORCESTER, Secretary
WILLIAM M. CINGSLEY, Vice-President
CHARLES A. EDWARDS, 2d Asst. Secy.
Secretary
Asst.
PELL,
ON
WILLIAMS
TRUSTEES
Orioles D. Ronne
Alfred E. Foretell
JOHN A. STEWART, Chairman of the Board
TOT)
STEWART
WILLIAM
J.
GAGE
LYMAN
LLER
ROCKEFE
WILLIAM
OGDEN MILLS
PAYNE WHITNEY
ALEXANDER E. ORR
ENGINEERS
EGERTON L. WINTHROP
EDWARD W.SHELDON
WILLIAM D. SLOANE
CORNELIUS N. BLISS JR.
KEEP
Y
CHAUNCE
and ACTT:Muth, 01 au and
FRANK LYMAN
ns
Invertigatio
de
W.
FOREST
HENRY
GEORGE L. RIVES
JAMES STILLMAN
Electric Properties for Owners or Mandel
ROBERT I. GAMMELL
ARTHUR CURTISS JAMES
JOHN J. PHELPS
WILLIAM VINOENT ASTOR
Institutions.
WILLIAM M. KINGSLEY
LEWIS CASS LEDYARD
CHARLES FRED. HOFFMAN
NEW YORK CITV,
34 William St.,
FORSTALL AND ROBISON
MIII1MMILMSCId.
The Union Trust Company of New York offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
The Union Trust Company will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts. A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are Solicited.
UNION TRUST CO. OF NEW YORK, 80 Broadway
$8,300,000
Capital and Surplus
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alten 5. BMW
Alex. 0. Humphrey.
HUMPH REVS & MILLER,Ins
ENGINEERS
Power—Light—Gas
163 BROADWAY
•
•
•
NEW YOUllik
Mellon National Bank
Wining Xnentevs.
PITTSBURGH, PA.
8-26
H. M. CHANCE 4 CO.
3%
on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited
Resources over - $65,000,000
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA,1%.
11,,cgountants.
PARK,POTTER & COI
CERTIFIED PUBLIC' ACCOUNTANTS.
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
Chartered 1836
New York, Chicago, Cincinnati
London, England
and
Watertown. N. Y.. C. E. Scoville.
AUDITORS FOR FINANCIAL,INDUSTRIAB
AND MINING CORPORATIONS.
Enveetigations. Financial Statements.
PeriodicalAudita and At:counties.
CAPITAL and SURPLUS,$10,000,000
E. B. Morris, President.
AMERICAN MFG: COI
MANILA, SISAL AND JUTE
1914 ISSUE
NOW READY
THE FINANCIAL REVIEW
CORDAGE
Sales Officio:
Noble & West Sts., Brooklyn. N. Y.
350 PAGES
ISSUED ANNUALLY BY THE
H. D. Walbridge & Co.
Commercial & Financial Chronicle
14 Wail Street; New Yore
138 Front Street, NeW York.
Public Utility securities
4
@FedFRASER