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finatiriat
The
O1fl1fli1f(Itl Ijrcitude
.w
INCLUDING
Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, APRIL 17 1915
VOL. 100
gixt Throxidt.
1915.
Terms of Subscription-Payable in Advance
For One Year
$10 00
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Months
For
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Subscription includes following SupplementsB %NE AND QUOTATION (monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 times yearly) •
STATE AND CITY (serni•annua y) BANKERS' CONVENTION (yearly)
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CHICAGO OFFICE-Geo. M.Shepherd,513 Monadnock Block;Tel.Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM. B. DANA COMPANY,Publishers,
P.O.Box 958. Front, Pine and Depeyster Ste., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,600,881,314, against $3,264,306,309 last week
and $3,624,183,725 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending April 17.
1915.
1914.
Per
Cent.
New i York
Boston
Philadelphia
Baltimore
Chicago
St. Louts
New.,Orleans
$1,771,909,007
145,235,641
132,073,670
28,548,568
272,063,634
70,572,747
17,360,462
$1,737,062,205
144,659,522
148,968,051
32,917,144
288,454,343
74,310,385
16,194,292
+2.0
+0.4
-11.3
-13.3
-5.7
-5.0
+7.2
Seven cities, 5 days
Other cities, 5 days
$2,437,763,729
557,843,267
$2,442,565,942
602,017,481
-0.2
-7.3
Total all cities, 5 days
All cities, 1 day
$2,995,606,996
605,274,318
$3,044,583,423
579,600,302
-1.6
+4.4
32.600.SS1.214
88A24 ian
-_n a
Alf Ina h.. t17aalr
_ _ _
79A
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
0.. We present below detailed figures for the week ending with Saturday
noon, April 10, for four years:
Week ending April 10.
_____
1915.
1914.
$
$
1,874,225,404 1,658,216,551
New York
Philadelphia _ -- 156,014,159 155,434,695
45,855,106
51,823,907
Pittsburgh
33,058,730
34,896,373
Baltimore
11,663,526
11,834,584
Buffalo
8,607,567
7,771,451
Washington
5,628,449
5,296,096
Albany
4,786,729
4,584,310
Rochester
3,370,425
3,423,680
Scranton
2,800,938
2,884,014
Syracuse
1,811,299
Reading
2,414,000
1,730,703
Wilmington
2,025,443
Wilke8-13arre____
1,589,917
1,583,355
2,207,943
1,663,000
Wheeling
1,626,219
1,844,299
Trenton
2,085,123
3,042,676
Lancaster
1,259,647
1,337,481
York
877,666
994,589
Erie
832,300
710,200
Binghamton __668,048
732,086
Greensburg
528,671
• 650,894
Chester
513,593
500,000
Altoona
359,981
354,923
Montclair
Inc.or
Dec.
1913.
1912.
$
%
$
+13.0 1,717,466,567 2,138,671,767
+0.4 154,464,641 164,825,257
+13.0
58,633,354
64,819,525
+5.6
37,349,353
37,118,641
+1.0
11,329,598
9,657,538
+10.8
8,484,876
8,361,463
-5.9
5,418,625
5,819,589
-4.2
4,946,796
4,796,811
+1.6
3,218,697
2,767,539
+3.0
3,008,994
2,389,694
+33.3
2,015,837
2,265,653
+17.0
1,759,510
1,805,157
+0.4
1,397,879
1,394,023
-24.6
2,052,778
1,872,914
+13.4
1,720,875
1,944,662
+45.9
2,222,401
2,024,557
+9.4
1,121,803
1,358,598
+13.3
1,142,073
963,500
-14.7
726,400
611,100
+9.6
552,117
671,953
+23.1
590,820
700,180
-2.6
511,704
561,509
-1.4
363.476
Total Middle- 2,171,489,602 1,944,671,148 +11.7 2,020,608,534 2,455,292,270
Boston
Providence
Hartford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford...
Lowell
Holyoke
Bangor
IN
Tot. New Eng.
155,991,614
7,160,000
7,741,772
3,590,534
2,705,777
2,344,361
1,855,863
1,398,119
1,081,380
743,174
675,002
564,471
153,991,119
0,810,300
4,719,229
2,877,602
2,759,208
2,509,648
1,906,068
1,255,638
1,160,694
787,368
701,042
503,768
+1.3
+5.1
+64.0
+24.8
-2.0
-6.6
-2.7
+11.4
-6.8
-0.5
-3.7
+12.0
155,628,327
7,978,000
4,982,591
3,309,436
2,624,991
2,674,050
2,097,713
1,382,739
1,000,434
567,402
612,618
535,166
179,925,921
8,829,600
5,684,094
3,286,782
2,874,673
2,709,881
2,229,850
1,161,273
1,303,850
551,248
677,202
487,084
185.852,067
179,981,684
+3.3
183,483,467
209,721,458
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
NO. 2599
Week ending April 10.
Clearings at-
PU8L.181-IED WEEKLY.
,,......, n11
Electric Railway Section
State and City Section
1914.
lux. or
Dec.
1913.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Evansville
Kalamazoo
Springfield, III
Fort Wayne_ __
Canton
Youngstown ___.
Lexington
Rockford
Akron
Quincy
Springfield, 0.._
South Bend
Bloomington.._
Decatur
Mansfield
Danville
Jackson
Jacksonville, Ill_
Lansing
Lima
Owensboro
Ann Arbor
Adrian
Tot.Mid.West.
$
$
288,366,840 289,694,304
26,280,950
25,600,500
31,123,136
24,852,714
22,847,087
26,248,281
15,477,663
14,938,072
7,661,554
7,230,079
7,000,000
6,360,600
6,077,944
5,898,936
3,418,622
2,907,404
3,123,252
2,790,063
2,796,794
2,349,801
1,144,468
1,434,763
612,213"
641,094
1,417,168
1,156,417
1,294,044
1,292,483
2,500,000
1,650,791
1,627,106
1,650,746
753,762
813,040
1,027,211
1,180,597
1,846,000
1,895,000
971,093
782,472
852,241
792,936
717,731
626,016
706,705
591,806
475,000
447,167
663,323
600,109
600,000
551,633
442,073
444,372
433,585
315,017
350.000
380,000
400,000
440,000
299,850
551,100
255,511
217,220
57,707
50,887
432,382,950 428,610,093
San FranciscoLos Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
Batt Diego
Pasadena
Fresno
Stockton
San Jose
North Yakima
Reno
Long Beach
Total Pacific
46,664,192
49,892,211 -6.5
48,259,159
19,878,221
22,940,054 -13.3
26,263,277
10,856,183
12,311,228 -11.8
13,148,566
11,376,193
14,709,338 -15.9
11,000,000
5,539,306 +16.6
6,113,396
6,457,850
3,555,733
5,216,446 -31.8
4,029,685
1,887,181
2,175,562 -13.2
2,852,559
3,461,276
3,777,706 -7.8
3,912,700
1,922,257
2,215,536 -13.2
2,016,947
1,821,687
2,201,675 -17.3
3,073,013
923,860
1,284,222
968,173 -4.6
991,229
1,053,921 -5.9
1,051,918
1,121,708
1,084,758 +3.4
867,258
575,000
563,183 +2.1
711,098
667,004
402,674 +65.8
426,603
280,000
270,093 +3.7
248,042
528,974 Not included in total
112,459,574 125,321,864 -10.3 125,258,442
Kansas City-- -Minneapolis _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Davenport
Topeka
Cedar Rapids...
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Billings
Aberdeen
Hastings
Tot.0th. West.
68,827,480
20,643,667
17,482,126
11,156,432
8,131,120
7,917,213
48,781,977 +41.1
20,106,465 +2.7
16,299,872 +7.3
8,126,924 +37.3
7,950,485 +2.2
6,793,124 +16.6
K nAix n77
n 42,
,A. .,I
3,093,611
3,330,463
3,221,040
2,102,283
1,594,096
1,546,881
1,867,760
1,359,026
614,410
392,270
417,937
1,986,153
1,208,897
471,601
525,000
206,989
164,043,432
3,385,867
3,319,000
2,758,667
1,996,726
1,842,587
1,939,991
1,831,859
1,309,055
557,985
618,579
341,063
1,823,693
893,773
378,930
475.000
171,414
137,533,605
73,475,014
75,946,759
St. Louis
19,040,002
14,071,415
New Orleans..._
11,108,655
13,345,592
Louisville
7,104,856
8,000,000
Houston
4,661,068
3,349,000
Galveston
8,846,078
8,347,200
Richmond
6,548,913
6,927,066
Fort Worth
13,297,636
16,226,654
Atlanta
8,066,479
6,737,659
Memphis
4,723,282
4,812,586
Savannah
6,911,526
6,418,946
Nashville
3,910,246
Norfolk
4,026,831
2,703,528
3,885,856
_
Birmingham
2,200,268
2,368,636
Chattanooga....
1,509,085
2,199,645
Augusta
3,500,000
3,243,515
Jacksonville.
2,644,292
2,381,673
Little Rock
1,701,535
1,844,009
Knoxville
2,087,416
2,138,485
Charleston
1,464,786
1,099,479
Mobile
2,327,000
2,358,764
Oklahoma
3,941,968
2,890,146
Macon
3,979,972
5,240,999
Austin
282,736
335,697
Vicksburg
537,777
383,858
Jackson
1,827,923
1,152,408
Tulsa
852,007
608,317
Muskogee,
Total Southern 198,078,684 204,116.537
3,264,306,309 2,020,234,931
Total all
Outside N. Y. 1,390,080,905 1,302,018,380
1912.
%
/I
$
-0.5 303,311,470 280,570,695
+2.7
25,591,700
28,746,250
+25.2
24,139,253
22,632,305
-12.9
23,026,615
22,027.244
+3.6
15,196,798
13,336,305
+6.0
8,041,714
7,578,615
+10.1
6,978,100
6,718,900
+3.0
4,918,738
4,793,152
-14.9
3,286,243
3,061,378
-10.7
3,290,792
3,140,727
-16.0
1,590,394
2,389,702
-20.2
1,040,737
1,354.170
-4.5
792,583
815,493
1,169,148
+22.6
1,161,528
-0.1
985,397
1,245,049
1,521,491
+51.4
1,395,260
1,761,482
-1.4
1,585,465
1,165,754
819,392
+8.0
-12.9
991,894
996,202
-25.9
1,618,000
1,831.000
+24.2
660,129
857,951
+0.8
602,775
650,745
+14.5
610,597
821,081
+19.4
618,796
703,551
+6.2
546,781
427,386
+10.5
523,474
424,646
+8.7
427,708
516,742
-0.5
500,000
475,000
+37.4
253,666
324,139
-7.9
410,000
400,000
-9.0
386,633
400,000
-4.5
449,968
449,962
+15.8
208,323
186,307
+13.4
44,076
62,572
+0.9 437,260,983 412,499,060
.4-9 1
-8.6
+0.3
+16.9
+5.3
-13.5
-20.3
+2.0
+3.8
+10.2
-36.5
+22.3
+8.9
+35.2
+24.5
+10.5
+20.5
+19.3
51,360,934
21,323,231
16,153,024
8,825,795
9,096,138
7.561,813
a 409 710
2,947,197
3,477,973
2,731,785
1,773,726
1,809,027
1,718,644
1,942,533
548,434
607,174
718,599
278,634
1,710,238
1,192,425
409,638
359,387
226,674
142,175 734
47,077,339
21,858,680
12,600,107
12,655,240
7,714,912
5,219,373
3,768,537
3,622,387
1,606,389
2,767,014
857,959
775,000
763,448
569,484
534,047
406,933
122,796,849
51,141,403
22,451,481
14,126,454
11,117,634
8,682,638
8,885,543
et fun am
3,032,336
3,210,925
2,512,120
1,696,529
1,459,724
1,603,599
1,679,430
898,255
818,968
701,895
299,414
1,460,734
869,542
362,853
476.583
220,250
142 349 212
-3.3
76,281,576
77,372,128
22,674,232
+35.3
17,193,148
-16.8
12,582,831
15,030,953
-11.2
8,747,528
+39.2
3,470,000
3,274.500
8,657,528
+6.0
7,942,846
-5.5
6,269,558
7,901,697
-18.1
14,155,690
13,660,306
+19.7
8,239,689
7,203,766
5,190,774
+1.9
3,908,352
5,725,659
7,682,473
+7.5
-2.9
3,520,438
4,011,083
-30.4
2,580,057
3,709,958
-7.1
2,431,140
2,615,060
-31.4
2,491,392
1,947,047
3,500,000
3,861,600
+7.9
2,071,410
-.9.9
2,308,284
+8.4
2,282,771
1,598,609
-2.4
1,840,000
1,735,036
-24.9
1,350,000
1,329,532
+13.6
1,780,000
1,625,663
3,263,424
3,900,000
-26.7
+31.7
2,690,350
3,247,956
281,971
+18.7
317,040
-28.7
513,000
455,845
736,981
-36.9
1,073,685
+28.6
1,804,662
897,562
-3.0 200,117,878 198,597,800
+8.1 3,110,124,150 3,541,256,649
+6.8 1,$93,657.583 1,402,584,882
1290
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the April
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steamrailroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines,the Pennsylvania RR.and others.
THE FINANCIAL SITUATION.
The most unfortunate feature connected with the
controversy that has arisen between the officials of
the Riggs National Bank of Washington, D. C., and
the Treasury Department at Washington, and which
has now been carried to the courts, is that it is fraught
with peril to the new Federal Reserve banking system. Anything that acts to drive banks out of the
national organization weakens to that extent the
Federal Reserve system. Let the impression gain
ground that doubt exists as to whether national banks
can count upon absolutely fair and proper treatment
at the hands of Government officials, and many
national institutions will begin to consider whether
they ought to retain their Federal charters and
whether it would not be better to draw out of the
national system and organize under State laws. The
litigation instituted by the Riggs National Bank
raises that very question. The bank charges that it
has been the victim of oppressive acts on the part of
the Secretary of the Treasury and the Comptroller
of the Currency, and finds it impossible to obtain
relief except by recourse to the courts.
Even if we do not accept these allegations, the
effect is damaging nevertheless in merely raising
suggestions of that kind. President Edwin G. Merrill of the Union Trust Co. of this city, in arguing at
Albany last week before the Legislature against
granting trust functions to the national banks, made
a very pat remark when, in speaking of the new
Federal Reserve System, he said that the system
"has not yet demonstrated either perfection or infallibility." He might have gone a step further and
have asserted that it has not yet demonstrated its
success. In our estimation, the critical period for the
Federal Reserve System will come two and a half
years hence when the country banks and the banks at
the ordinary reserve cities will have to transfer the
whole of their cash reserves (except such as they
are allowed to retain in their own vaults) to the
Federal Reserve banks, and will no longer be able,
as now, to keep part of such reserve with the member banks at the large financial centres. When that
time arrives the inducement for the large national
banks to retain their national charters and thereby
remain constituents of the Federal Reserve System
will be measurably reduced.
Had these large national banks failed to enter the
Federal Reserve System in the first instance, they
would at once have lost the reserve deposits of their
correspondent banks throughout the country. This,
of course, they could not afford to do. Thus they
were under practical compulsion to enter the Federal
[Vora. 100.
Reserve System. But as soon as the time arrives
when none of the deposits which they hold for the
country banks or for the banks in the ordinary
reserve cities can count as reserve, national banks
will possess no advantage over State banking institutions in competing for such of the deposits as the outof-town institutions must keep in any event at the
financial centres in the ordinary course of their
business. The question of conversion from the national system to the State system might then receive
serious consideration. Of course if any of the big
national banks withdrew from the national system
they would lose the re-discounting facilities which
the Federal System offers. It may be doubted,
however, if this alone would hold them in the system
if other conditions were unfavorable.
The success of the Federal Reserve System depends altogether upon its retention of the large national institutions with their enormous deposit lines.
These large institutions supply the bulk of the capital
and the bulk of the deposits of the Federal Reserve
banks. Let these withdraw and the Federal Reserve
System would be reduced to such diminutive proportions that it would no longer constitute an effective
agency for the
purposes for
which it
was organized. The system would then either collapse or have to be abandoned. As indicating the
part played by New York City, for example, in sustaining the system by reason of the magnitude of the
national banks here., it is a significant fact that the
New York Clearing-House institutions last Saturday actually held more gold than all the twelve Federal Reserve banks combined, even after the New
York national banks had denuded themselves of the
large amount of gold which they have had to transfer
to the keeping of the Federal Reserve Bank of New
York. In other words, the gold holdings of our
Clearing-House institutions last Saturday aggregated $243,927,000, while at the same date the twelve
Federal Reserve banks had aggregate gold holdings
of $239,540,000, including $95,378,000 gold belonging to the Federal Reserve Bank of New York and
taken out of the vaults of the Clearing-House institutions.
What would happen, therefore, should the large
financial institutions here be forced out of the national system, against their will, and should the same
thing happen at a few other points, like Chicago,
Boston, Philadelphia and St. Louis, must be plain to
the simplest observer. It behooves the Federal Reserve Board, therefore, to see to it that the Federal
Reserve System is so conducted that not the slightest
occasion shall arise for the withdrawal of any member
banks from the system. The Secretary of the Treasury and the Comptroller of the Currency, who exercise such a dominant influence in the Federal Reserve
Board, have an independent obligation of their own
to observe in seeing to it that no supervisory acts of
theirs shall become so repugnant that bank officials
will feel it their duty to maintain the functions of
their institutions outside national laws, no matter
what the advantages of the Federal Reserve System.
We say all this without any intention of taking
sides in the controversy between the Riggs National
Bank and the Federal Government. We reject
altogether the suggestion that the Treasury Department acted out of revenge or wanted to settle personal scores. This would mean an abuse of Government authority and the prostitution of public office
to private ends of which we believe Comptroller.
APR. 17 1915.1
THE CHRONICLE
Williams and SecretaryEMcAdoo wholly incapable.
At the same time, it is undeniable that the Treasury
Department under the present Administration has
gone further in exercising powers of surveillance
over the financial institutions under its care than has
ever previously been attempted in the somewhat
over half a century during which the national banking
system has been in existence. The reason for this,
however, in our belief is to be sought, not in any
spirit of vindictiveness or any feeling of personal
hostility on the part of the Treasury incumbents, but
in the policy which the Administration and Congress
have pursued with reference to the country's large
moneyed interests.
It has been the view of the President,and the view
of Congress as well, that the large financial institutions were a menace to the country, and all the acts
of both have been prompted by considerations growing out of that notion. The Congressional investigation of the so-called Money Trust was conducted with
that idea in mind; President Wilson has given expression to the same view over and over again, and
the Federal Reserve Banking System was designed
with the express purpose of placing control of the
resources of the country's money institutions in the
hands of a Federal Board largely dominated by Government officials. The President has often referred
to the money interests as having "played the game,"
and every member of the Government, from the
highest to the lowest, has entertained the notion that
these money interests had been guilty of desperately
wicked acts in the past. In an endeavor to ferret
out these acts of villainy, the Treasury Department
has pried into the most intimate and private affairs
of the banking institutions with the purpose of laying
bare supposed acts of rascality, the search being
conducted in a relentless fashion, no institution and
no class of transactions being immune from the
process of inquisition. Looked at in this way, the
motives are seen not to be open to question, but what
we have said indicates that the policy may be carried
too far, inviting indirect dangers fraught, as already
said, with great peril to the new banking system
created for the express purpose of holding the
money power in subjection.
One development in connection with the operations
of the Federal Reserve banks is beginning to attract
some attention. It is commonly supposed that the
re-discounting facilities offered to member banks by
these Federal Reserve or regional banks are being
availed of to only a limited extent. Speaking generally, that is true, for the regional banks in the big
cities do not show a very large amount of discounting or loans. On the other hand, it is
pointed out in last Saturday's circular of the
Manufacturers' National Information Bureau
that the regional banks of Richmond and Atlanta
show an extremely large amount of discounting and
loans, both in comparison with the total discounts and
loans of the twelve regional banks and in proportion
to their holdings of gold and other forms of money.
The circular referred to deals with the figures of
April 3, but in our present remarks we shall use for
illustration the figures for a week later—that is, for
April 10. Richmond and Atlanta show for April 10
over 34% of the total amount of bills discounted.
Richmond has a larger amount of loans and discounts
than any other of the Federal Reserve banks,rnot
1291
excepting New York, and Atlanta's total does not fall
far behind that of Richmond. Comparing the
amount of loans and discounts with the amount of
gold and currency, we find that New York, with
$116,156,000 of gold and other cash, shows loans and
discounts of only $5,842,000, and Chicago, with
money holdings of $34,631,000, has loans and discounts of no more than $2,379,000. St. Louis, with
$11,210,000 in money, has the trifling amount of
$685,000 of loans and discounts. On the other
hand, Atlanta, with $5,849,000 of money, has discounts and loans of $5,407,000, and Richmond, with
$8,838,000 of money, has $6,810,000 of loans and
discounts.
Other comparisons yield like results. New York,
with $128,683,000 of Reserve deposits, has only
$5,842,000 of loans and discounts, while Richmond,
with $7,489,000 of Reserve deposits, has $6,810,000
of loans, and Atlanta, with $5,561,000 of Reserve
deposits, has $5,407,000 of loans and discounts, as
we have already seen. Dallas is another point that
shows relatively large loans and discounts, though
not quite to the same extent as Atlanta and Richmond. With $8,395,000 of money on hand and $7,153,000 of reserve deposits, Dallas has loans and discounts of $4,106,000.
It appears, too, that these three points, namely
Richmond, Atlanta and Dallas, are the only ones having any Federal Reserve notes out not in process of
retirement. The twelve Federal Reserve banks
combined had a gross liability at the end of last week
for Federal Reserve notes of 44,828,000, but against
this there was $34,379,000 of gold and lawful money
in hands of Federal Reserve agents for retirement of
• outstanding notes, leaving a net liability upon outstanding notes of $10,449,000, and of this Richmond
is responsible for $4,650,000, Atlanta for $3,940,000
and Dallas for $1,859,000. While these figures are
significant, they afford thus far no ground for uneasiness. On account of the low price of cotton,
Southern banks have had to extend greater accommodations than usual to their clients, and accordingly
have found it necessary to call on the Federal Reserve
banks in their respective districts for aid.
The fact that the Southern banks have been hard
pressed is also evident from other circumstances.
The Comptroller of the Currency on April 3 gave out
a statement showing that of the emergency currency
under the Aldrich-Vreeland law issued upon the outbreak of war in Europe to an aggregate of $382,505,795, all except $15,181,955 had been retired.
The significant part of this statement for our present
purpose is that nearly the whole of this emergency
currency still outstanding is found in.the Southern
States, Texas alone having 30% of it, North Carolina
9%, South Carolina 8%, Louisiana and Alabama
each 5%, Florida, Virginia and Kentucky each 4%
and Tennessee about 2%. The Manufacturers'
circular referred to above does not seem to regard the
loaned-up condition of the Federal Reserve banks
at Richmond and Atlanta with unqualified approval,
for after saying that it is not officially known whether
the Federal Reserve Board "approves of the activity
of the Richmond and Atlanta institutions," it naively
adds, "but there has been no suggestion to any other
regional bank that this kind of activity is desirable
at the present time."
The director of the Manufacturers' National Information Bureau also dwells on the conservatism
of the big banks and financial institutions at the pres-
1292
THE CIIRONICLE
ent time and makes the following pregnant comment
in endorsement of this policy:
"There is an excellent reason for the conservatism
of the big banks, and that reason is thefeeling among
financiers who are familiar with world affairs that it
is impossible at this time to forecast what will be the
effect on the world of the awful war now being waged
in Europe. It is easy enough to congratulate ourselves on the wonderful change in the trade balance,
and on the fact that we have absolutely discounted
the sale of our securities by Europe; but, it must be
remembered that a financial situation confronts the
world which must be met when the war closes, and
without precedent or rule to guide anyone as to its
ultimate effect. For this reason the big bankers of
the United States are holding themselves in a position
where their resources will always be available, where
their commitments will be of only the highest character, and where they will be able to meet practically
any development, expected or unexpected. The
knowledge of this preparedness of the great bankers
of the country is a buttress to the confidence of the
whole United States, and, at the same time, it eliminates from consideration those who, either in official
or unofficial positions, make big business and big
banking targets for criticism."
The Transvaal return of gold production for
March 1915, as cabled this week, furnishes clear
evidence of further improvement in the situation
there as regards the yield of the precious, metal, and,
inferentially, a more satisfactory status of the labor
force in the mines. As judged by the per diem
output of gold, in fact, conditions were better in
March than in any preceding month since May
1913, and distinctly so as compared with the like
period a year ago. Briefly, the average daily production of the mines for the month was 24,320 fine
ounces, against 24,150 fine ounces in February,
22,155 fine ounces in March 1914 and 25,502 fine
ounces in March 1913; and the aggregate yield
753,935 fine ounces, as compared with 686,801 fine
ounces in 1914 and 790,552 fine ounces two years
ago. With the progress recently making in getting
back to a normal working of the mines, it seems safe
to assume that the year will give a good account
of itself. For the first quarter the output totals
2,145,140 fine ounces, against but 1,964,815 fine
ounces in 1914 and 2,314,064 fine ounces in 1913.
Later on,comparison with the last-named year will
be with contracted figures, as a result of the labor
trouble, which had then become operative. It is
reasonably certain then, barring unforeseen developments, that the current year will furnish an aggregate second only to 1912 and only moderately
below it.
The dyestuffs situation in this country, as a result
of the war in Europe, was one of the main topics of
discussion at the nineteenth annual convention of the
American Cotton Manufacturers' Convention, held
at Memphis, Tenn., on Tuesday and Wednesday of
the current week. It was the theme of E. C. Klipstein of New York, who read a paper on the "Condition of the Present Dyestuffs Situation." Starting
with the statement that at the outbreak of the war
there was a two-months' supply in the United States,
and that from Aug. 1 to the close of December importations were practically normal, he pointed out
that there was still a two-months' supply on Jan. 1.
Since that date, however, the inflow has been decreasing and the reserve supply gradually disappearing: From this time forward importations will prac
loo.
tically cease and it is only a matter of weeks, therefore, until the textile industries will be brought face
to face with a real famine in coal-tar dyes. Citing
the steps that other countries (England, France,
Russia, Japan, &c.) have taken to overcome the difficulties of the dyestuffs situation, owing to inability
to secure supplies from Germany, Mr. Klipstein
averred that there are four factories in the United
States capable of producing a limited number of
dyes, but they must depend for a part of their raw material on Germany, and are, therefore, very much restricted in production.
Answering the query as to why the United States,
England and France, each with an abundant supply
of raw material, do not make their own coal-tar dyes,
the speaker said the difficulty lies with the patent
laws of all three countries, these having furnished
Germany the means of monopolizing the business.
To change this condition, all three countries must
change their patent laws. Blaming the various
tariffs largely for the anomalous condition as far as it
concerns the United States, Mr. Klipstein stated that
the present, or Underwood-Simmons, law is the most
favorable to the general development of the coal-tar
dye industry ever passed, and the natural inference
from this is that only a change in the patent laws is
necessary to enable development to be carried on
here.
It is to be noted here that advices from Washington on Wednesday were to the effect that the State
Department is taking up with the German Government the last step necessary to supply our textile
manufacturers two cargoes of dyestuffs bought and
paid for prior to March 1, the British Government
having already agreed to their dispatch through
Rotterdam under certain conditions. Their receipt
will, of course, furnish some relief.
Military operations in the various theatres of the
great war are apparently progressing on a scale that
in a short time will bring the conflict to a higher point
of tension than has heretofore been reached. What
this means in the further loss of human life can be best
appreciated by a review of authoritative figures that
have within the last week become available. An
estimate from Paris covering losses up to Feb. 15
gives the number of French killed in action as 150,000,
wounded 245,000, prisoners 300,000, disabled 25,000,
permanently disabled 30,000. The remarkable proportion of killed to wounded appears a striking feature of this report. Figures received by cable from
Berlin place the total Prussian losses to date at
1,164,427. Five new Prussian casualty lists, containing 31,336 names, were issued in Berlin on Monday. The British casualties from the beginning of
the war until April 11 total 139,347, according to a
statement by Harold J. Tennant, Parliamentary
Under Secretary for War, on Thursday in response to
a question in the House of Commons. Berlin advices
claim that on April 1 812,808 prisoners of war were
being held in Germany-10,175 officers and 802,633
men. The number of prisoners by nationality is
given as follows: French, 3,868 officers and 238,496
men; Russian, 5,140 officers and 504,210 men; Belgians, 647 officers and 39,620 men; British, 520 officers and 20,307 men. The "Matin" newspaper of
Paris gives the extent of the Allies' front, based on
careful calculations of the space occupied by the different armies, as follows: French troops, 544 miles;
English troops, 31M miles; Belgian trcops, 171
4miles;
APR. 17 1915.]
THE CHRONICLE
1293
Russian troops, 857 miles; Servian and Montenegrin I frequently conveyed to him through different persons.
armies, 219 miles.
He had, he said, received no formal communication
on this .subject. When asked whether the United
There has been a recrudescence of peace rumors in States had recently learned officially or unofficially
the press cable dispatches this week. A special dis- of the terms upon which the belligerents might be
patch from Petrograd to the London'Daily Mail" on ready to make peace, the President said, regretfully,
Thursday declared that the correspondent, after that there had been no basis whatever so far as he
several days spent in careful inquiries, was able to knew for the rumors to that effect.
state confidently that no direct approach has been
made by Austria to Russia on the subject of condiOn Sunday last the German Ambassador at Washtions of peace. The Austrian Government, so far ington furnished for publication to the newspaper
as is known in official circles in Petrograd, has not associations the text of a note or memorandum he
taken any part in advancing even a suggestion that it had written to the State Department complaining
desires to end the war. The only suggestion, ac- that while the United States had failed to maintain
cording to the correspondent, comes from Rome, and its right to export foodstuffs to Germany, American
has been made by the Pope, apparently at the instiga- manufacturers were permitted to continue shipping
tion of private persons in the Dual Monarchy. It munitions of war in unlimited quantities to Great
is in the nature of an inquiry whether, supposing Britain and her Allies. The memorandum declares
Austria were willing, Russia would negotiate with a that "if the American people desire to observe true
view to peace. The only reply possible was given by neutrality they will find means to stop the exclusive
the Russian Government, according to the corre- exportation of arms to one side or at least to use this
spondent, namely:"If Austria desires peace she must export trade as a means to uphold the legitimate
ask the Allied Powers for their conditions, which will trade ,with Germany, especially the trade in foodthen be considered and communicated to her." A stuffs." Furthermore, the Ambassador informed the
cable correspondent in Budapest under Thursday's United States,that, contrary to the real spirit of neudate, after quoting a number of extracts from news- trality, an enormous new industry in war materials
papers published in that city, showing clearly that of every kind is being built up in this country, and
the subject of peace is one of popular discussion, says: that this is "supplying only Germany's enemies, a
"I believe that all this peace talk is going on systemat- fact which is in no way modified by the purely theoically with the knowledge and approval of the Hun- retical willingness to furnish Germany as well if it
garian Government. I have no definite ground for were possible." The text of the memorandum is
saying this, but indirectly there are a dozen reasons published on another page. It is stated semi-offione can bring up in support of the theory. The first cially that the publication of the memorandum must
and most weighty is that the Hungarian press is en- be regarded as the culminating incident of a series of
tirely in the hands of the Government, and pro- communications, statements and other activities
nouncedly Government organs like "Az Est" are the considered questionable, if not actually improper,
ones that lead the campaign." A usually well in- and lacking in the respect due this Government.
formed London correspondent states that the view is
becoming general at the British centre that an early
The German converted cruiser Kronprinz Wilhelm,
ending of the conflict may now be safely discounted. which slipped out of New York Harbor on Aug. 3,
This view, he says, seems to be based upon the con- ostensibly destined for her home port, Bremen,
viction that Germany is becoming war-weary and arrived at Newport News on Sunday and asked perthat Austria has already become exhausted. English mission to obtain fuel and provisions. The Kronstatesmen, however, whose views have been quoted prinz has been raiding commerce since she left port
by cable, are not hopeful of an early peace, on the here and has sunk 14 merchantmen, of which 9 were
ground that a drawn war would settle nothing. It British, 4 French and 1 Norwegian. The value of
would not mean peace, but merely a truce, or rather these ships and their cargoes is estimated by the
an armistice, during which each side would strive officers of the Kronprinz at $7,000,000. It is beto strengthen its forces for the renewal of the struggle lieved that the steamer will intern for the war,
which would in the long run be far more exhausting following the example of the Prinz Eitel Friedrich,
and more disastrous to the world than a fight to the which did so last week after a similar raiding advenfinish now. A speech by the French Premier, M. ture.
Viviani, at the opening of the Department Council of
Creuse on Monday, has attracted considerable atThe British Parliament re-assembled on Wednestention as an unofficial declaration of the terms of day. Neil Primerose, Under-Secretary of Foreign
peace that will be required. "We are certain of vic- Affairs, on behalf of the Foreign Office, replied to a
tories—the victory of justice," said M. Viviani. question whether cotton was to be placed on the con"We want Europe free, Belgium liberated, our lost traband list, that, after careful cons.deration, it had
provinces restored, Prussian militarism crushed, since been found that the military advantages to be gained
the peace of the world is irreconcilable with its san- by declaring cotton contraband were insufficient to
guinary whims. We shall accomplish this task with render such a step expedient. At the opening sesour Allies."
sion the House of Commons sat for only thirty-five
minutes, and the expected statement of the Ministers
Some reports have been current recently that on the question of liquor prohibition, the acceleration
President Wilson was quietly working in favor of of the output of munitions and the general progress
peace negotiations. Commenting on a published of the war were postponed until later sessions.
statement of Pope Benedict that the latter had indicated a desire to support any move the United States
As to the week's military operations, they have
might make for peace, President Wilson on Tuesday not been distinctly conclusive for either side. The
declared that intimations of this character had been Russians, although now faced by much larger forces
1294
THE CHRONICLE
than they were at the beginning of the battle in the
Carpathians three months ago, are apparently continuing their efforts to force the Austro-German
armies completely out of the Carpathians and open
the way to Hungary. Having successfully taken the
Western passes, they are now bending their energies
in an attempt to capture the Uzsok Pass and the
heights to the northwest of that pass. The Austrians
insist that recent fighting has been in their favor.
In the Woevre section the French have revived their
offensive and at several points claim to have added
materially to the ground previously gained, which
would bring them a step nearer their main objective,
namely, the removal of the German wedge which
bends their line back to St. Mihiel. In the Argonne,
in Alsace, and in the region of the Somme,the French
declare they have also made some progress, though
this is in direct contradiction of the Berlin official
reports. Latest cables state that the German navy
is preparing for a battle and that a large fleet has
already put to sea for that purpose. The cables also
report that a Zeppelin raid on London is one of the
early probabilities. They yesterday bombarded
towns within 30 miles of the British capital.
General Victoriano Huerta, former Mexican Dictator, arrived here on Monday evening on the
Spanish Line steamer Antonio Lopez from Spain.
He declared that the reason for his visit to the
United States was "for the purpose of pleasure and
travel," with, perhaps, "a little personal business
and also some family business." He was required
to sign an affidavit that he did not expect to stay
more than thirty days in the United States. On
Thursday the Ex-Dictator gave out for publication
a long statement declaring that he didn't kill President Madero, though he admitted knowing the identity of the murderers. The Carranza agency at
Washington announces that General Villa had been
decisively defeated at Celaya, General Obregon
having captured 8,000 men of Villa's army and
estimated that he had slain a similar number.
An interesting change in the British Government's
plan of war finance is contained in the news officially
promulgated by the Treasury Department this week,
that from now on Treasury issues will be made at
specific rates of interest and will not be subject to
competitive tenders. There will be an unlimited
issue of such bills. The Bank of England, acting
on behalf of the Treasury, has been empowered to
offer the bills daily for either three,six or nine months,
according to the requirements of the purchaser,
the bills to bear a fixed rate of interest to be determined from time to time by the Treasury. It is
understood that this new departure is part of a plan
to control the English money situation, with a view
of regulating the foreign exchanges, especially New
York exchange. In other words, the Treasury may
feel inclined, by encouraging large specific purchases of the bills, to increase temporarily or permanently the interest rates for the purpose of reducing redundant supplies of funds. On Tuesday
the tenders to the final offering of £15,000,000 for
competitive tenders amounted to £44,316,000. The
average discount rate of allotment was 3W1%, as
compared with 33%, at which a similar issue was
placed last week. The current rates offered by the
0 for
Bank under the new arrangement are 2%7
three months' bills, 3 8% for six months and 39%
[VOL. 100.
for nine months. The Bank seems already to have
secured a firmer hold on the London money market.
While the rate for day to day funds has not been
1@13/
/
advanced from 11
2%, private discounts have
been marked up in Lombard Street to 2% for
sixty day and 3% for ninety day bills.
Cable correspondents report a renewal on a
moderate scale of the optimism that was current
a few weeks ago in relation to peace prospects.
It is true that definite basis is not contained in the
press cables to account for this improved sentiment.
Nevertheless, quotations on the English market have
furnished a rather practical demonstration that it
does in fact exist. It is not unlikely, however, that
the spectacular activity and strength in the New
York market has been a contributing factor to the
better feeling in London. The American section
of the London market seems to have responded very
freely to the advices from New York. One newspaper correspondent on Saturday last described the
American section of the London Stock Exchange
as "blazing". On Monday there were 357 separate
transactions in the American group, not including
64 in Canadian Pacifies; on Tuesday the figures were
254 and 56, respectively; on Wednesday 318 and 75;
on Thursday 243 and 44, and on Friday 273 and 43.
The defeat of General Villa in Mexico was responsible
for an improved demand for Mexican Railway
shares. Rubber shares continued firm. Argentine railroad stocks were under pressure, as a result
of the offering (with the approval of the British
Treasury) of £2,000,000 Central Argentine Railway
Limited 5% five-year notes at 98. Subscriptions to the proposed British dye scheme, known as
the British Dyes Company, are coming in with fair
degree of activity, about 650,000 shares having thus
far been subscribed for out of the million shares
offered. George Macauley Booth, who was appointed recently by Lord Kirchener to head the
War Secretary's Munitions Committee, has been
elected a director of the Bank of England to take the
place of the late Charles H. Goschen.
Cable advices from Paris have reported a quiet
but steady market throughout the week. There is
no Paris market of any kind for American securities
at present. The Coulisse is not. open and it is explained that the official Bourse is restricted to a few
necessary operations, with last July's settlement
still to be liquidated by both departments of the
market. An official French crop report places the
condition of wheat in that country on April 1 at
72%, against 70% last year, and of oats at 67,
compared with 65%. No reference is made to the
acreage. Premier Viviani has reassured a deputation of Senators and Deputies from the North of
France, concerning the provisioning of the invaded
districts. Many of the inhabitants who have returned to their homes in those sections possess only
the paper money issued by local chambers of commerce, which is not valid outside the districts in
which it is issued. The Premier promised that
such paper would be exchanged for Bank bills.
French rentes closed at 72.00 francs for cash, which
compares with 72.60 francs a week ago.
Official bank rates at the leading European centres
continue at 5% in London, Paris, Berlin and Amsterdam and 532% in Vienna. In London private dis-.
APR. 17 1915.1
THE CHRONICLE
counts are quoted at 29'% for short and 3% for long
bills. No private bank rates of discount have
this week been received so far as we have been able
to learn from the Continental centres.
1295
ted with payments on account of the loan. The
Bank's gold stands at 2,344,485,000 marks, comparing with 1,272,679,000 marks in 1914 and 936,235,000 marks the year preceding. Note circulation
aggregates 5,379,521,000 marks and compares with
The current return of the Bank of England is more 2,217,652,000 marks in 1914 and
2,133,220,000
satisfactory, since it showed an increase of £1,560,958 marks in 1913.
in gold and of £1,916,000 in the total reserve, note
circulation having been reduced £355,000. Public
There is little definite change to be noted in the
deposits were reduced £1,113,000, other deposits in- general money
situation. The increased demand increased £5,320,000, Government securities increased cidental to the
sudden burst of activity on the Stock
£3,254,000 and other securities (loans) showed a Exchange has, not
unnaturally, encouraged a spirit
contraction of £951,000. The gold stock now of greater
independence on the part of lenders.
amounts to £55,311,986, against £36,237,767 one year Nevertheless,
quotations for call rates have not exago and £37,922,106 in 1913. The reserve totals ceeded 23/2% this week,
while 2% has been the
£39,175,000, against £25,663,347 one year ago and minimum. Time money
rates are about Y
i% higher
£27,928,891 the year preceding. The proportion of for the week. The
demand for funds, however,
reserve to liabilities is now 18.91%, against 18.36% apparently has not
developed sufficient strength to
last week and 42% a year ago. Our special corres- have become a direct
cause of the higher figures,
pondent furnishes the following details by cable of which seem to represent almost
exclusively the attithe gold movement into and out of the Bank for the tude of lenders. Thus far slight,
if any, improveBank week: Inflow, £3,110,000 (of which £1,764,000 ment appears evident in mercantile
or industrial cirbar gold and £616,000 foreign coin bought in the cles in the requirements for funds
to be used in
open market and £730,000 released from miscellane- ordinary routine channels of business
activities. The
ous accounts); outflow, £1,549,000 (of which £616,- banks still are surfeited with supplies
of loanable
000 earmarked Argentina, £500,000 to miscellaneous funds. Last Saturday's bank
statement (the actual
destinations, £10,000 foreign coin sold and £423,000 figures, as distinct
from the averages) showed a denet sent to the interior of Great Britain). We add a crease of the nominal
sum of $43,100 in the surtabular statement comparing for the last five years plus above requirements,
the surplus itself standing
the different items in the Bank of England return:
at $148,214,940, which compares with $18,732,950
DANK OF ENGLAND'S COMPARATIVE STATEMENT.
a year ago, when the old form of statement was in
1915.
1914.
1913.
1912.
1011.
April 14. April 15. April 16. April 17. April. 19. operation.
The loan item indicated a decrease of
.£
Circulation
34,586,000 29,024,420 28,443,215 28,629,220 28,083,365 $5,221,000, net deposits were reduced $18,482,000
Public deposits
104,156,000 19,237,777 15,810,624 18,997,109 17,642,058
and net time deposits increased $7,819,000. ReOther deposits
102,969,000 41,860,950 42,439,289 41,868,562 38,564,202
Government securities
47,860,000 11,150,770 13,032,727 14,280,713 14,971,344 serves in "own vaults" decreased $237,000,to $391,Other securities
137,813,000 41,980,587 35,097,048 36,747,117 32,171,097
Reserve notes and coin_ 39,175,000 25,663,347 27,928,891 27,638,020 26,839,066 896,000, which included $319,658,000 in specie.
Coin and bullion
55,311,986 36,237,767 37,922,106 37,817,240 36,472,431 Reserves
in Federal Reserve banks increased $244,Proportion of reserve to
liabilities
18.91%. 41.99%
47.93%
45.39%
47.72% 000,to $118,920,000, while reserves in other deposiBank rate
5%
3%
3%
4%
358%
taries decreased $2,987,000, to $32,055,000.
Referring to money rates in detail, demand loans
The Bank of France this week also reports a gain in
its gold—of 2,399,000 francs—and a decrease of have this week covered a range of 2@.2%, against
516,000 francs in silver. Note circulation shows an 1%@23/2% a week ago. The ruling rate until Friday
expansion of 149,961,000 francs, but other leading alternated between 231 and 23/2%, renewals being
items are decreases, including 10,194,000 francs in at the higher figure on Monday and Wednesday and at
treasury deposits, 27,924,000 francs in general de- the lower on Tuesday and Thursday. Friday's renewal
posits, 5,082,000 francs in bills discounted and basis was 2%. On Monday the extreme figures were
339,000 francs in the Bank's advances. The gold 234@23/2%; on Tuesday 2@23/2%; Wednesday 231@,
2%.
holdings of the Bank are now 4,630,857,000 francs, 23/2%; Thursday 2@2%, and Friday 2©23/
against 4,251,067,000 francs in 1914 and 3,851,775,- Time money quotations at the close were 2%% for
000 in 1913. Note circulation has again recorded a sixty days (against 23/2@2Y4% a week ago); 3% for
new high level, amounting to 11,422,727,000 francs, ninety days(against 2%@3%);331%for four months
against 5,943,263,000 francs in 1914 and 5,757,257,- (unchanged); 33'i@332% for five months (unchanged); 33/2% for six months (against 33-i@33/2%).
000 francs in 1913.
About Yi%should be added to these figures where the
The weekly statement of the Imperial Bank of collateral is composed exclusively of industrial securiGermany registered a further gain of 9,891,000 marks ties. Commercial paper discounts are rather firmer in
in gold and of 47,790,000 marks in the "cash" item, tone, most business being at 331%, while the closing
which includes Imperial and Loan Bank notes and range was 33/2@4% for sixty and ninety-day endorsed
notes of other banks in addition to coin and bullion. bills receivable and forfour to six months'single names
The very large decrease of 2,518,880,000 marks is of choice character. A week ago the range was
reported in discounts, with the explanation that the 3/
1 1@3%% and a fortnight ago 33i@
Names
item includes Treasury bills, the contraction being not so well known require 43@43/2%. The discount
due to payments on the war loan, which have reached rates at the Federal Reserve Bank in New York are
4,100,000,000 marks. Notwithstanding the heavy without change at 4% for thirty to ninety days and
payments on the war loan, the Loan Banks have in- 5% (for agricultural bills, of which none have as yet
creased their own loans only 44,000,000 marks, which been purchased) above ninety days.
suggests that the payments have been made as a rule
from cash on hand. The Bank's deposits also
In sterling exchange the market seems to have setshowed the sensational decline of 2,149,305,000 tled down into a waiting attitude until definite
armarks, this change, too, being undoubtedly connec- ragements for British Government financing in
this
1296
THE CHRONICLE
centre are reported. Thus far there has been no announcement of any formal British credit having been
arranged with bankers here. Press accounts suggest an indisposition on the part of the British Treasury to become a party to such an arrangement, and
it is significant that an alternate plan is now under
consideration by international bankers, namely that
a syndicate of American banks and bankers purchase
English short-term Treasury bills and renew them,
if necessary, from time to time. This would amount
to the same thing for all practical purposes as a credit
and would aid in the restriction of gold importations
into this country, which seems to be the main consideration. One reason for the change in policy in
issuing British Treasury bills at specific rates without
competitive tenders is, as we explain elsewhere,
to give the Bank of England a better control over
the English money situation and, in turn, over its
gold supply. That some prompt action for control is
necessary is indicated by the announcement made on
Thursday of an engagement of $7,000,000 in gold from
Ottawa to New York, consigned to the Lazard Freres
agents in this country of the Bank of France. This
gold, it is understood, is to be deposited on behalf
of the French Government here to be used as needed
for the purchase of supplies connected with the war.
Other gold engagements of the week have included
one of $500,000 on Monday and another of $750,000
on Tuesday, both for prompt shipment from Japan to
the International Banking Corporation at this centre.
An importation of $400,000 in gold was received by
the Guaranty Trust Co. yesterday from Holland.
There has been a considerable increase this week reported in the sales of American securities by foreign
holders, following the more attractive prices at which
such securities could be sold as a result of the outburst
of strength on the Stock Exchange. Low rates of
sterling and Continental exchange offer added inducement for sales, since dollars under such circumstances can purchase correspondingly larger amounts
of pounds, francs, marks, &c., than when such exchange rates are normal. Nevertheless, the demand
for remittances of the proceeds of sales has not made
itself felt appreciably in the foreign exchanges, a
feature which provides added evidence of the pressure
that is being exercised at the present time. An additional factor which is being taken into consideration
by foreign exchange experts is the decision of the British Government to suspend, for the present at least,
its further purchases of wheat. This, of course,
leaves the wheat export situation again in the hands
of private interests, and may become an important
factor in restricting the export movement. On the
other hand, the formal decision of the British Government this week not to declare cotton contraband
of war promises increased amounts of exchange in
the form of cotton bills. Secretary Redfield's weekly
statement of the apparent trade balance (based on the
returns of 13 customs districts which ordinarily
handle 85 to 88% of our foreign trade) is $17,679,267
for the week ending April 10, which compares with
$21,621,000 for the preceding week. While the
full figures for March are not yet complete, the Department of Commerce has made public a statement
this week showing an apparent balance of trade in
favor of the United States of approximately $600,000,000 for the four months ending with March.
This balance, the statement says, has grown at an average of $150,000,000 a month during the last four
months.
[vol.. ma
The Continental exchanges, as has been the case
with sterling, have indicated few important changes.
Paris checks closed at 5 32%, which shows a decline of % for the week, while cable transfers finished
at 5 31%, against 5 319'. Bankers' sight drafts on
Berlin are 8214, against 823' a week ago, and cable
transfers are 823, against 82 5-16. Swiss exchange,
bankers' sight, closed 5 33, against 5
and bankers' cables at 5 32, against 5 369. The check rate
on Amsterdam was 39 5-16, against 3932, and cable
transfers are 39 7-16, against 39 7-16. Italian lires
closed at 578%for bankers'sight and 578Y
1 for cables,
against 5 79 and 5 78, respectively, on Friday of last
week. In Paris the London check rate closed at
25.55, against 25.55 a week ago.
Compared with Friday of last week, sterling exchange on Saturday was practically unchanged, with
4, cable transfers •
demand quoted at 4 79%@4 797
at 4 8034@4 80 3-16 and sixty days at 4 76%@4 77.
On Monday large supplies of commercial bills, coupled with a restricted inquiry, as well as easier discounts in London, served to bring about weakness in
exchange rates; demand declined to 4 793'@479 7-16,
cable transfers to 4 79 7-16@4 79 13-16 and sixty
days to 4 7614@4 76%. European selling of American stocks induced some firmness on Tuesday, although this was lost in part later in the day; the range
%@4 79% for deshowed but slight changes at 4 791
mand, 4 79%@4 79 13-16 for cable transfers and
4 763/@4 76% for sixty days. On Wednesday the
market was quiet but firm, with fractional advances,
to 4 79 5-16@4 799/b for demand and 4 79 11-16®
4 79% for cable transfers; sixty days remained unchanged at 4 76M@4 76%;firmer English discounts,
together with continued selling of Americans for foreign account, were the chief factors. The announcement on Thursday of a large importation of gold from
Ottawa exercised a further steadying influence, and
demand moved up to 4 79%@4793A and cable transfers to 4 79 11-16@4 79 13-16; sixty days was still
quoted at 4 76M@4 76%; before the close a partial
reaction set in, due to increased commercial offerings.
On Friday the market ruled irregular and easier.
Closing quotations were 4 7614@4 76% for sixty
days, 4 79 3-16@4 79 5-16 for demand and 4 7932@
4 79 11-16 for cable transfers. Commercial on banks
nominal, documents for payment nominal. Sevenday grain bills at 4 7814@4 78%. Cotton for payment nominal, grain for payment nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $4,843,000 net in cash as a result of the currency movements for the week ending April 16.
Their receipts from the interior have aggregated
$9,241,000, while the shipments have reached $4,398,000. Adding the Sub-Treasury operations and
the gold imports, which together occasioned a gain
of $7,357,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a gain of $12,200,000,
as follows:
Week ending April 16.
Banks' Interior movement
Sub Treas. oper. and gold imports
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$9,241,000
25,882,000
$4,398,000 Gain $4,843,000
18,525.000 Gain 7,357,000
$35,123,000
$22,923,000 Gain $12,200,000
The following table indicates the amount of bullion
in the principal European banks:
APR. 17 1915.]
THE CHRONICLE
1297
papers, might have kept it flying, throughout the
war."
z
Mr. Withers admits, as every one must do, the
Englana_ _ 55,311,985
36,237,767
55,311,986 333,237,767
France_
170,134,609 15,099,600 185,234,200 145,533,440 24,326,811170,380,240 urgent necessity
for protecting those international
Germany _ 117,370,959 2,200,000 119,570.950 65,533,350 15,834.6O3 81,367.050
Russia _ _ _ 170,791,030 5,417,000 176,208,090 178,339,030 7,244,00 185,583,090 banking
houses whose maturing London liabilities
AU.-Hunc 51,578,001 12,140,005 63,718,000 52,124,00 12,218,000 64,342,003
Spain _ _ _ _ 23,856,003 21,345,003 51,291,009 20,326,000 28,542,001 48,868,010
Italy
50,509,009 2,570,000 53,070,000 45,760,000 3,130,000 48,890,000 were enormous in amount but were covered only by
793,000 14,124,000
Netherrds 21.099,099
163,900 21,267,90 13,331,000
Nat.13el4d 15,949,090
600,000 15.940,000 8,840,667 4,420,333 13,261,000 funds owed to them by Continental bankers, remit5,790,00
6,294.00
5,790,000
Sweien _ _ 6,231,010
6,792,000
6,792,000 tance from whom was made impossible . by war.
9,635,70
SwItz'law! 9.6'15,701
3,081,000 2,448,00
Norway _ _ 3,031,099
2,448,000
There was also to be considered the critical position
Tot. week 693,012,236 67.540,500 765,572,736 581,055,2241 97,008,733678,063,957
Prey. week 696,380,468 67.638,140764,018,508 578,390,560 96,835,313675,225,873 of the bill brokers, or middlemen, who were carrying
C July 30. d Sept. 21.
bills of exchange placed in the same position; not to
mention Stock Exchange brokers, whose loans on
collateral at the London joint-stock banks could not
LONDON AND ITS "EMERGENCY
be met if called.
EXPEDIENTS."
Had all these houses been compelled to face an
Even in well-informed business circles, many of immediate demand from their London crdeitors,
the quite unprecedented financial expedients with bankruptcies on a very large scale must certainly
which the British Exchequer and the Londpn bank- have ensued. This would not only have started the
ing community met the war crisis of last summer war with London's home and international prestige
still seem to be largely surrounded with mystery. gravely impaired, but the English market's economic
Everyone understands why the Stock Exchange confidence and power would have been so greatly
shut down; at London the action was primarily weakened as to create the most serious difficulty
designed to prevent unloading, in. overwhelming in financing the war expenses. Mr. Withers obquantity and at a disastrous decline of prices, of serves: "It was not a pleasant situation, but did it
securities held in the markets of the enemy. But need a banking moratorium to mend it? . .
the British Government's issue of a special emergency I only question whether a banking moratorium was
currency, put out without a gold reserve and reach- necessary in order to suggest that, if such a state
ing eventually 08,000,000; the enormous guaran- of things should occur again, thOse who have to meet
ties by the Bank of England of uncollectible debts it might try other measures first."
of London international bankers; and, more parAs regards the.enormous guaranty of bankers'loans
ticularly, the question why a general moratorium by the Bank of England, Mr.Withers believes this to
should have been declared in London; and whether. have been wholly warranted, from the standpoint of
it was really necessary—on all these questions the Bank, by the Government's own guaranty of the
financial and economic judgment is still to a certain Bank of England "from any loss it may incur in
extent suspended. Back of those particular per- discountir g bills of exchange, either home or foreign,
plexities as to policies stands the question as to the bank or trade, accepted prior to Aug. 4." The
extraordinary alternation of a rise in our rate of Bank is further protected first by the right of disexchange on London, during August, to heights crimination as to the bills which it will accept; secwholly unprecedented in financial history, and the ond, by the great strength of the b -Inks and acceptsubsequent fall in the same exchange rate, during ing houses on whom most of the bills were drawn;
the present year, to a level lower than any reached and, third, by the rate of re-discount on such bills,
since sterling in 1874 began to be quoted in its which was placed 2% over the banking rate, making
present form.
the actual interest burden 7%. Concerning the
These questions have been frankly and clearly Government's guaranty of the Bank's enormous
dealt with, from the London point of view, by Mr. loans in the same connection, Mr. Withers admits
Hartley Withers, lately financial editor of the London that this was a heavy liability for the State to as"Times" and the London "Morning Post", then sume. But he adds that "there is little reason to
connected with the London house of Seligman, and fear that the taxpayer will be called upon to any exvery recently appointed the British Exchequer's tent that he will feel appreciably, in consequence
special adviser on money market conditions, to of this guaranty," his chief reason for that opinion
succeed Sir George Paish, who returns to his private being the character of the bankers whose loans are
business. In his lately published book, "War and thus re-discounted.
Lombard Street", Mr. Withers does not by any
It will, in fact, be admitted that this unusual guarmeans endorse unqualifiedly the financial measures anty expedient has thus far worked well—though it
adopted by the British Government. As regards must be observed that our own country's situation
the moratorium—which is likely hereafter to be a regarding gold supplies in 1914, and the Bank of
crux of controversy in economic discussion—he England's command of the Transvaal gold output
cautiously admits that "if there was an error, it since the war began, has enabled the Bank to maintain
was in the right direction; it was better to make a reserve against these enormously increased liatoo sure than not to make sure enough." But, he bilities such as might not under ordinary circumadds this rather striking comment :"The belief that, stances have been possible. Even with these forwhatever happened, English banking must and tunate circumstances, the Bank's ratio of reserve to
would, on any day when it is open for business, hand liabilities has declined during the present month to
out legal-tender currency to any one who had a 18%,which, except for last August, when it went
claim on it, was a thing worth cherishing, a flag to 145
4%, is the lowest since 1866, and which, it
that it was worth while to keep flying till the last hardly need be said, is far below the traditional 40%
possible moment. An extended Bank Holiday "minimum of safety." But the point will necespendng the provision of new currency, accompanied sarily be raised, whether the situation could not have
by the appeals that were made to the public by been dealt with through this Bank financing so as
prominent men of both parties, and by the news- wholly to have avoided a moratorium. As we have
April 15 1915.
April 16 1911.
Banks of
Gold.
Silver.
Total.
Gold.
I
Silver.
Total.
1298
THE CHRONICLE
seen, Mr. Withers guardedly admits the necessity
which existed last August for instantaneous action,
and on this ground excuses many questionable expedients. Yet it is equally true that the moratorium
at London was a heavy blow at England's prestige
as a world financial centre. It will probably feel
the effects of it long after the war is over.
The issue of a special emergency currency under
Government auspices raises other questions. Mr.
Withers evidently leans in favor rather of the suspension of the Bank Act, which in fact was authorized
by Parliament during August, but refused by the
Bank. Through that expedient additional currency
might have been provided in the form of Bank of
England note issues without gold cover. We are
ourselves inclined to think that the Bank was rightin
refusing that expedient. The result of the suspension
of the Bank Act in the Napoleonic wars was depreciation in the Bank of England note, a premium on
gold, and very adverse rates on foreign exchange—
in other words, exactly the position in which Germany is today involved through adopting precisely
similar expedients. Yet the alternative was unpleasant.
What actually happened, every one knows. The
special emergency currency was at first not covered
at all by gold reserves, and was in form and language
originally indistinguishable from plain fiat money.
Mr. Withers says guardedly that "in principle there
is no objection to such issues under due regulation and
restriction. If the Government provides coined curtency, why not paper—as long as it is convertible on
demand into gold, as this currency is?" But he
quickly recognizes the danger of such a principle.
Government notes, he is careful to point out, carry
special temptations with them. "Already," he remarks, "I have come across proposals that the Government should make use of it for lending inconvertible paper money to local bodies, without interest,
to be used in works devised to meet unemployment
owing to the war. Our gld friend the assignat is
still the ideal form of currency in the eyes of many reformers."
Mr. Withers makes the highly interesting comment
that the gravest evil in the situation of last August
was the Government's inability to provide such
currency instantaneously. A supply of one pound
and 10-shilling notes ought, he thinks, to have been
already in existence, and he states that he personally
has "good authority for stating that bankers had
long ago represented to the powers that be that a
store of emergency currency would be needed if
England were involved in a great war." This is not
the less interesting from the fact that our own position at the outbreak of the war, as a result of the
Aldrich-Vreeland Act of 1908, was precisely what
Mr. Withers wishes the situation in London might
have been. As the matter now stands, however,
financial London has met the situation created
through its emergency note issue by establishing a
special reserve against outstanding currency notes
in gold drawn from the Bank of England's own
reserves. This special reserve, which now amounts
to upwards of £27,000,000, wholly accounts for the
decrease of £19,800,000 gold in the Bank's own
holdings since the middle of last November. The
notes are now covered in gold approximately to 75%,
and they should in the end be wholly covered. They
provide in this way a notable contrast to Germany's
darlehenskassenscheine, which are not covered at
vol.. 100.
all in specie, and whose issue up to $750,000,000 has
been authorized.
In his review of the international situation, Mr.
Withers does not deal with the very extraordinary
reversal of conditions which has occurred in the
United States. He wrote, indeed, just before the
dramatic turn in the situation came, at the opening
of this present year—heralded by the sudden and
huge expansion of this country's exports and by the
violent movement of the foreign exchanges. The
abnormally high midsummer and autumn rates of
sterling exchange, at New • York and at all other
foreign markets, he readily explains on the ground
that Lombard Street, confronted with the August
crisis, started to call in its outlying capital from the
outside world. It had the credits, readily available,
but the outside world was unable to make payment.
All but New York had recourse to a moratorium of
their own, and Mr. Withers guardedly intimates
that at New York what was virtually a moratorium
went into force, for the time, by general consensus of
the financial district, a conclusion, however, which
cannot be accepted,even in a qualified form, considering the liberal way in which we exported gold to
Canada for British account at a time when Europe
was withholding enormous sums of money from
us through general recourse to moratorium decrees.
This was why sterling in August reached such
extravagantly high figures. The gradual return of
rates to a normal level in the autumn, we now can
see, was due in no small measure to the fact that the
British Exchequer and the Bank of England had,
through their internal expedients, safeguarded the
London credit situation so that the wholesale and
instantaneous recall of its capital from abroad no
longer seemed necessary. The subsequent circumstances—our unprecedented grain exports, the sudden revival of our export trade in cotton and the
quite unexpectedly heavy orders for war material—
are familiar to every one; they explain the downward
movement of the foreign exchanges at New York.
Of all this Mr. Withers could take no note; its sudden
occurrence came after he had written.
Indeed, his remark on New York's international
position is that the crisis was "the chance of a century" for New York to get the coveted place as the
world's financial centre, but that "New York would
not take it," because our market "feared to use its
gold." As to this, it is to be said that the United
States must be considered to have used its gold
pretty freely after all, bearing in mind that in the
five months from Aug. 1 1914 to Dec. 31 1914 we
exported $102,337,026 gold (gross)and $93,908,671
gold(net)to Canada. This, too, was after very heavy
shipments of the metal to Europe in the first seven
months of 1914. For the full calendar year 1914
the gross exports of gold from the United States
to foreign countries aggregated no less than $222,616,156 gross and $165,228,415 net. One wonders
what would have been the position of the Bank of
England except for this "use" of our gold. Whatever
reluctance existed to parting with more of the metal
than was absolutely necessary was based entirely
on a feeling that if the gold once passed into the
possession of the Bank of England,we would have
difficulty in getting any of it back, no matter how
strongly the foreign exchanges might turn in our
favor—a feeling which subsequent events have certainly not shown to have been ill-founded.
Ant. 17 19151
THE CHRONICLE
It was almostimmediately after so shrewd and wellplaced an observer had penned the above words
that the British Government imposed a veto on the
floating of new foreign loans in the English market,
and that the London banking community was openly
recognizing that, for the period of war at any rate,
New York would take London's place as the "world'
centre" of finance. This is a striking instance of
the dramatic swiftness with which financial events
have moved in the past eight months.
HOW THE BUSINESS MAN COULD AID
GOVERNMENT.
Talking to a newspaper man lately, on the occasion
of his own retiring from business, having acquired a
fortune and the exact age of 50, the head of a large
corporation (George J. Whelan of the United Cigar
Stores Co. of America) expressed his belief that the
"big business" men in the country, those who are
leaders in mercantile and industrial affairs, could be
made of inestimable value in administering the Government. "Why shouldn't President Wilson (asked
this man) have a council of successful business men,
whose expert advice he may ask at any time? Why
isn't a man like Mr. Frick, for instance, as much
interested in legislation as any. Congressman ?"
The answer to the question why he "shouldn't" is
that he should. The President could ask the aid
of such men at any time upon any public matter,
and they would be most glad to tell him what observation and experience have shown them. But the
unhappy fact is that he has thus far not only declined to consult them but has turned from and
flouted them when they have appealed to him not
to follow out certain lines he had taken up. He has
declared again and again that all business troubles
were in the fears of business men and has intimated
that when they differ from himself they do not know
what they are talking about. Speaking in Indianapolis, he openly assailed as mere obstructionists some
Senators who opposed (and finally succeeded in
shelving) his scheme of purchasing ships. When
railway managers and even commercial bodies have
appealed to the public they have been called quasiconspirators, and have been accused of trying to
force the hand of Government and Congress. During
most of the last regular session business vainly sought
to influence Mr. Wilson to desist from or move more
carefully in the program he had conceived as "constructive" legislation, but only those could get his
ear who agreed with and applauded him.
Perhaps it has not been enough noticed how little
the commercial sections of the country have seemed
to count in Congress, and how many of the most
radical pieces of work have been openly engineered
by men from the far interior. For example, the
income tax bore the name of a Congressman from
the interior of Tennessee; the ship-purchase bill was
fathered by a Congressman from Missouri, far from
salt water; the Clayton bill bore the name of a Congressman from Alabama; the Moon bill for fixing the
pay of the railroads for carrying the mails came in
like manner from Tennessee. Postmaster Burleson,
now almost fiercely opposing the roads in that matter, comes from Texas, and Congressman Lewis, the
most earnest advocate of Government ownership of
the telegraph and telephone, comes from Maryland.
It is not supposable that the selection of advocates
was made with reference to the character of each
measure; it was largely in the make-up of committees,
1299
and the composition of those has long been determined rather more by the desire to satisfy sections
and individuals and to solidify the hold of the party
in power than because of experience and fitness in
respect to the subjects that naturally come before
each committee. So this may be deemed a part of
political incidents or accidents; yet it is surely more
than mere coincidence that these radical and extraordinary measures have come from the rural sections.
We use that term in no offensive sense, but only -as
suggesting how little the great commercial sections
and centres of the country have apparently had to do
with these measures,and how completely they have
been disregarded in this sweeping legislation.
Undoubtedly, Mr. Frick, or Mr. J. J. Hill, or Mr.
Howard Elliott, or any of a hundred other men of
large proved constructive ability, is "as much interested in legislation as any Congressman." But for
many years the business man kept aloof from participation in public affairs: He did not always
vote, partly because he thought he had not the time,
partly because he became disgusted and disheartened.
The fable of the trees and the bramble, told in the
ninth chapter of the Book of Judges, is so pertinent
that it seems to have as much prophecy for our own
day as it could have been applicable to the time of
writing it. Now we have come to a stage where
Government not only sits upon the shoulders of the
people, as a heavy load to be borne, but hampers and
almost throttles the bearer. "Knowledge of the
business affairs of the country," said Mr. Root to
the Philadelphia Union League, "has actually disqualified (i. e., has been assumed to disqualify) men
from taking any part in the control of the Government over business." He grieves to see business
failing and men out of work, "but all that is nothing
compared with the danger that the people of the
United States shall become subservient to power
and that our love for independence and individual
effort shall be suppressed and killed. So long as we
maintain our love for individualism, nothing can
prevail against it; but lose it, and chaos will follow."
There are encouraging indications that business
men are at last beginning to arouse and to get together in defense of real public welfare.
ANOTHER DANBURY HATTERS' CASE.
The Federation of Labor, which stands as guarantor behind the individual judgment debtors in the
famous Loewe case has not quite ceased what seem
to be hopeless efforts to escape paying the judgment,
now amounting, with costs, to about $292,000; but
this is resting at present, pending a unionists' meeting to be held in May. Meanwhile it will be of
interest to consider another case, in which the right
to sell labor has been upheld, after a long struggle.
After running for several years as union shops and
using the union label, most of the shops in and near
Danbury decided, early in 1909, to become "open"
and reject the label. The strike which was immediately ordered by the United Hatters closed
these shops for about six months, when they surrendered, agreeing to become closed and to resume
the label as such. Dominick Connors, a plaintiff
in this case, was a skilled worker on stiff hats, and
went out with his fellow unionists when the strike
was ordered. He duly returned with them also,
but when demand was made on him by the defendant
Connolly (the local union's secretary and treasurer)
and by the defendant Neese (a fellow workman of
1300
THE CHRONICLE
[voL. um.
Connors and collector of assessments in the shop) measure. The field of labor was substantially
to work at
for the amount of an assessment levied by. the na- monopolized. The door of opportunity
in this great
hatter
any
to
open
not
was
his
trade
tional association, Connors replied by presenting hive of industry, save only to a very few, except by
a demand of his own. Under the by-laws of the the route of the union. To the plaintiff and other
United Hatters, he was entitled to a weekly benefit skilled hand workmen it was absolutely shut unless
of $7 during the strike and as this amounted to more they consented to take up a line of work not the most
than the assessment, he claimed the right of offset. advantageous to themselves and to which they were
Without hearing or notice, the local union dropped not accustomed."
Appeal remains open to the defendants for the
him from its membership toll and this automatically
Septemusual time, but that seems hopeless in the present
expelled him from the United Hatters. On
as
bench
his
to
of the Loewe case. These two cases arose
went
he
situation
ber 21 in that year (1909)
and
theirs
left
the
line of conduct, and are both in defense
same
shop
in
the
in
others
the
but
usual,
threatened to strike. He retired, returned on of the right of contract as against an organized
another day, and the disturbance was renewed, attack under the pretense of protecting the interests
whereupon he was discharged and never re-employed. of labor. The union does not rest with attempting
He found a place in one of the two independent to be helpful to the individual through combination
shops, but the work there was not that in which he in many important respects (as it has the power to
was expert and he could not earn good wages at it; be), and with urging him to come in; it undertakes
to drive him in, professedly for his own good. Since
so he had to leave Danbury.
The suit which he brought in consequence of'this it cannot control the man without controlling the
boycott was tried first in Danbury, in a "union" master, it undertakes to control both; the closed
atmosphere, and lost by a jury verdict; it was taken shop is essential to this control, and the open shop
to the Connecticut Supreme Court, and on April 17 breaks a link in it.
There might be a trade and a town where an
1913 Was sent back for a new trial. Removal of the
case was obtained because of local prejudice, and it independent employer could find enough competent
has just been tried again before a jury in the Su- and independent workers; then boycotting his
perior Court in Bridgeport, which awarded the product is resorted to, as in the Loewe case, and if
plucky fighter a verdict of $1,100 and affirmed a the employer canno tmarket his product, liberty of
principle as effectively as if a large amount were hiring labor is reached and denied. So, in the one
case, the labor market and the sales market were
involved.
The facts in the case were established beyond restricted for the employer; in the other, the employdispute before the State Supreme Court. The ment market was closed for the employee. The
defendants pleaded that.their conduct was directed smaller case is the complement of the famous one,
towards betterment of their condition as workers and both will stand as setting needed barriers to the
The Court admitted the lawfulness of this purpose tyranny of organized labor.
and the rightfulness of combining for concerted
BUILDING OPERATIONS FIRST QUARTER
action; "they were entitled to advance their interests
OF 1915.
in that way and their efforts in combination were
trades industry of the
building
the
extent
some
To
not illegal for the mere reason that they may have
felt
the stimulus of the
recently
has
States
United
resulted in harm to the conflicting interests of others."
been
recently
animating merhas
that
feeling
better
"are
not
human
activities
that
The law recognizes
circles of the country, and
industrial
and
cantile
not,
in
his
may
one
that
circumscribed
so
to be
adjournment of Congress on
efforts to advance his own interests, either himself particularly since the
of spring there is a
advent
the
With
4.
March
or in co-operation with others, do anything from
in
building construction
activity
in
increase
natural
which another may suffer". But there are bounds
been
no exception to the
has
year
this
and
work,
in the use of means, and the authorities are agreed
it
has
sections
not been so widesome
in
If
rule.
is
one
agreement
the
(said the Court) "that where
the
years,
is that
explanation
most
which takes in an entire industry of any considerable spread as in
have
inculcated
ultra-concircumstances
exceptional
proportions in a community so that it operates in
as, for instance, at the
that community to prevent or to seriously deter servatism in these sections,
prices for cotton have
lower
much
the
where
South,
craftsmen from working at their craft or workmen
cause.
Taking
the country as a
restricting
been
a
without
conditions
obtaining work under'favorable
work arranged for in January
of
amount
the
whole,
policy."
public
to
is
it
contrary
union,
joining a
the current year was quite a little
The right to pursue a lawful calling unmolested is and February of
and, under,the contracts entered
1914,
in
than
less
"a sacred right of citizenship, nothing more or less
the
various cities, the expenditure
in
March
into
in
than the sacred right of labor." Such a condition
also
smaller, but the loss is to be
is
contemplated
"is a serious menace to the craftsman or workingman
in the territory west of the
and
South
the
at
found
of
does
right
choice,
free
his
of
who, in the exercise
of the country as a unit
the
remainder
Mississippi,
not wish to join a union." As to the effect:
furnishing a total approximately the same as a year
"It is idle to contend,and defendant's counsel does, ago. For the first quarter of 1915 the total intended
not venture to contend, that, under such conditions,
a workingman lives and acts in an atmosphere of outlay is, of course, the smallest in a number of years
freedom, that he is under no compulsion or coercion —in fact, since 1908.
In all, 164 cities make reports for March, of which
from others in the pursuit of his lawful vocation,
and that there is preserved to him the boasted free- 71 show increases, and the estimated cost of the
dom of a free people in that most important of all buildings to be constructed under the permits issued is
departments of life wherein he gains the means to placed at $76,640,576, against $87,464,612 a year
support or elevate in the social scale himself and ago, or a decline of 12.4%. The loss from 1913
is
his family.
reaches
but
less,
20
million
slightly
approximately
not
only
the
seeds
t'lat
apparent
equally
It is
but the fruit of monopoly were I resent, in striking dollars as compared with 1910. For Greater New
Art?.
17 1915.1
THE CHRONICLE
1301
York the contrast is between $14,389,479 this year, New York of $130,787,740 for the three month of
$16,536,354 in 1914 and $18,113,268 in 1913. 1915, this comparing with $155,870,815 in 1914 and
Brooklyn, Bronx and Richmond boroughs show up a little larger total in 1913. Greater New York's
better than a year ago, but in Manhattan there is a results are $39,039,803 and $34,246,472 and $44,drop of nearly 3 millions and Queens 1 million. 195,385, and, finally, for the whole country (164
The municipalities outside of New York (163 in cities) the three months' building contracts this year
number) give for the month an aggregate of $62,- contemplate the expenditure of $169,827,543, against
251,097, against $70,928,258 and $65,423,278, re- $190,117,287 in 1914 and some 200 millions in 1913.
The check to building operations in Canada noted
spectively, with notable decreases from 1914 exhibited at San Francisco, Los Angeles, Kansas City, in preceding months continued in March in almost all
Minneapolis, St. Paul, Atlanta, Dallas, Albany, sections of the Dominion, practical inertia having
Washington and Grand Rapids, and very satisfactory occurred in some instances. As marking the effect
gains at Baltimore, Detroit, Hartford, Milwaukee, on this industry of trade depression and the war, we
have merely to cite the contemplated outlay in
Newark, New Haven, Syracuse and Toledo.
For the first quarter of the current year the New Winnipeg of only $78,400 for the three months this
England section, represented in our compilation by year, against $2,829,500 in 1914; in Vancouver
25 cities, makes a little more favorable exhibit $271,037, against $1,039,438; in Edmonton $67,950
than for 1914, the aggregate approximate cost of and $599,375; Toronto, $779,281 and $4,598,605;
operations being $20,942,274, against $19,576,171. and Ottawa, $128,525 and $637,450. In the eastern
Hartford, New Haven, Springfield, Lawrence, Med- portion of the country reports from 22 cities show a
ford and Salem are conspicuous in the matter of gain, decrease of 4 million dollars in March, as contrasted
and the most notable losses are at Worcester and with 1914, while 13 Western cities combined exhibit
Somerville. In the Middle division (Greater New a decline of 2% millions, making the general result
York excluded) 40 cities are included, and at 24 for the month $1,233,752, against $7,866,890. For
(Philadelphia, Baltimore, Rochester, Syracuse, Jerl the three months of 1915 the Eastern total is $2,492,sey City, Schenectady, Erie and Hoboken among 607, against $9,072,271; the Western, $179,389,
them) greater activity than a year ago is recorded. against $5,422,545; and the aggregate of all (35
Pittsburgh, Washington, Albany, and some of the cities), $2,971,996, against $14,494,816, or a declinp
smaller municipalities, on the other hand, report de- of 79.5%.
creases of rather large magnitude, and as a result the
total of all is only a little greater than in 1914— RAILROAD GROSS AND NET EARNINGS FOR
FEBRUARY.
$31,010,372, against $30,379,149.
Our compilation of the gross and net earnings of
The Middle West collectively made a high record in
the three months of 1914, despite a marked drop in United States railroads for the month of February
construction work at Dayton and less activity at is very notable for one thing, namely that it shows
Chicago, and it is not strange, therefore, that the that• curtailment of the expense accounts has been
current year's three-months' total should show a carried so far that the reductions in that respect more
somewhat noticeable decline. The aggregate for the than suffice to offset the losses in gross earnings,
28 cities composing the group is $41,733,025, against leaving, therefore, a substantial gain in the net. It
7,003,511. Gains worthy of mention this year must not be supposed that the cutting down of the
have been at Cincinnati, Evansville, Springfield expenses represents an actual saving to that extent.
(Ill.) and Toledo, but a considerable let-up is observ- It may be admitted that the figures indicate that railable at Detroit, Grand Rapids, Peoria and Columbus,. road managers are getting better control of their exand moderate declines have occurred at Chicago, pense accounts and that they are still developing
Milwaukee and Indianapolis. The South, as we have operating efficiency, a task in which they were aided
already remarked, has been hard hit by the decline during February of the present year by the very mild
in cotton, and this is reflected by the contraction in weather prevailing; but in the main it is fair to asbuilding operations. The contemplated expenditure sume that the curtailment of outlays represents the
at 33 municipalities for the quarter of 1915 is only deferral until better times of expenditures for renewals
$9,741,781, against $16,586,826 a year ago. Only 4 and maintenance which would be made now did cirof the 33 cities exhibit gains over last year—Galves- cumstances permit.
The loss in gross for Febrgary is not large, being
ton and Charlotte among them.
The situation on the Pacific Slope has been rela- only $1,303,286, or but 61-100 of 1%, but that foltively poorer than at the South thus far this year. lows from the fact that comparison is with heavily
We have returns from 14 cities, in which losses are reduced totals a year ago. With only $1,303,286 dequite general, and of large proportions at San crease in gross, expenses were reduced no less than
Francisco, Los Angeles, Seattle and Portland, with $13,285,563, producing, hence, a gain in net in the
the total of all but $13,094,834, against $22,896,612 substantial sum of $11,982,277, or 30.51%. While
in 1914. In the "Other Western" group, represented on its face the result is thus quite satisfactory, it
by 23 cities, the comparison, as in the case of the loses much of its significance when we note how poor.
Middle West, is with very full figures a year ago, the showing was a year ago. At that time, owing to
operations at Kansas City, Minneapolis, St. Paul the depression in trade and the previous season's
and several of the smaller municipalities having then short crops, together with increased wages, full-crew
been exceptionally heavy. The towns already spe- laws and various other legislative enactments and
cifically mentioned, and several others, including Governmental regulations, a.large falling off in gross
Denver and Duluth, stand out prominently with was met—or could be met—with only a small curlosses this year,fully explaining a grand total of only tailment of expenses, leaving, therefore, an exceedingly heavy percentage of reduction in the net.
$14,265,464, against $19,428,546.
Combining the various sections, we have an aggre- Stated in brief, gross at that time fells off no less than
gate prospective outlay for the 163 cities outside of $23,823,138, while expenses were reduced no more
10
•
THE CHRONICLE
1302
[VOL. 100.
than $3,928,091. Thus the loss in net then reached country being always unrepresented in the totals,
the huge sum of $19,895,047. In ratio the decrease owing to the refusal of some of the roads in those days
then was 10.22% in the gross and 33.41% in the net. to give out monthly figures for publication.
If, therefore, we combine the results for the two years,
Net Earnings.
Gross Earnings.
we find a heavy reduction in both gross and net as Year.
Increase or
Year
Year
Increase o;
Year
Year
Preceding. Decrease.
Given.
Decrease.
Preceding.
Given.
compared with 1913. In other words, gross is now
Feb.
for this one month $25,126,424 lower than two years 1898._
_ 45,989,629 41,603,813 +4,385,816 13,003,324 10,827,770 +2,175,554
-318,014 15,311,914 14,095,623 +1,216,291
_ _ _ 51,338,343 51,656,357
ago ($1,303,286 loss in 1915 plus $23,823,138 loss 1897
1898___ 59,070,798 51,901,681 +7,166,117 18,163,731 15,396,058 +2,767,673
-1,403,146 15,538,962 18,626,170 -3,037,208
59,965,541
58,557,395
in 1914), while the net is $7,912,770 lower ($11,982,- 1900.__ 72,738,157 59,566,162 +13,171,995 21,637,135 15,650,437 +5,986,698
86,357,583 78,722,604 +7,634,979 26,537,607 23,485,478 +3,052,120
277 gain in 1915, reducing to that extent the loss of 1901___
+555,168
1902___ 89,028,687 84,859,745 +4,168,942 26,478,954 25,923,786
+961,987
1903___ 91,360,580 80,898,616 +10,461,964 24,115,381 23,153,394
$19,895,047 in net sustained in 1914).
1904_ _ _ 99,543,303 96,130,791 +3,412,515 23,045,307 25,382,875 -2,337,568
Inc.(+)or Dec.(-). 1905_ _ - 95,184,283 98,487,848 -3,303,565 20,072,064 23,618,871 -3,545,907
33,486,634 19,937,363 +13,549,271
1905_ _ _ 120,728,671 95,625,938
February (173 roads)Miles of road
Gross earnings
Operating expenses
Net earnings
Amount.
1914.
1915.
+3,349
242,837
246,186
$210,330,681 3212,163,967 -$1,303,286
172,889,191 -13,285,563
159,603,623
$51,257,053
%
1.38
0.61
7.68
$39,274,776 +811,982,277 30.51
Candor compels the statement that not only is the
comparison with poor results last year, but the showing has not been particularly good in February for a
considerable time past. Rising expenses have been
an unfavorable feature for many years. We have
just indicated how much smaller both gross and net
are as compared with February 1913. The question,
therefore, arises as to the nature of the showing in
that year. The answer is that in that and preceding
years rising expenses had kept the growth in net within
a very moderate compass. Our general summary for
February 1913 showed a gain of $14,389,312 in gross,
but as this was attended by an augmentation of
$12,386,543 in expenses, the addition to net was only
$2,002,769. In February 1912 the roads had the advantage of an extra day in the month (it being leap
year), and accordingly the gain in gross was large,
reaching $20,752,155, but such was the increase in
expenses that only $8,275,149 of this gain in gross was
carried forward as a gain in the net. In February
1911 the roads sustained a loss in both gross and net$3,456,863 in gross and $7,032,202 in net. In February 1910 the showing was satisfactory as far as
gross was concerned, but rising expenditures were
even then a feature, and accordingly an expansion of
$28,250,418 in gross receipts produced a gain in net
of only $7,734,299. In February 1909, when the
carriers were still retrenching on a large scale (owing
to the policy inaugurated after the panic of 1907),
a gain of $13,338,338 in gross was attended by an
augmentation of $11,883,173 in net. The year before (1908) there were losses of tremendous magnitude. Our compilation for February 1908 recorded
a decrease in gross of no less than $17,713,009, or
12.55%, and a decrease in net of $8,764,602, or
25.10%. Even this was merely the falling off as
registered by the roads contributing returns to our
tables. On account of the generally poor character
of the exhibits, some quite important roads withheld
their figures at that time, and our tables covered only
151,580 miles of road, whereas the total railroad mileage was in the neighborhood of 230,000 miles. We
estimated at the time that for the whole railroad system of the country the loss in gross as compared with
the year preceding must have reached $26,000,000
and the loss in net $13,000,000. In 1907, too, our
February statement showed a loss in net, though
gross earnings then were still recording moderate
gains. Thus steadily rising expenses have been a
feature for a long period .of time.
In the following we give the February totals back
to 1896. We use, for 1911, for 1910 and for 1909, the
Inter-State Commerce totals, but for preceding years
we give the results just as registered by our own tables
each year-a portion of the railroad mileage of the
+25,102,733
1907_ _ _ 123,920,810 115,123,660 +8,797,150 30,669,082 32,319,683 -1,650,601
1908.._.. 123,389,288 141,102,297 -17,713,009 26,151,613 34,919,215 -8,764,602
1909_ _ 174,423,831 161,085,493 +13,338,338 49,194,760 37,311,587 +11,883,173
1910_ 202,825,380 174,574,962 +28,250,418 56,976,253 49,241,954 +7,734,299
1911__- 199,035,257 202,492,120 -3,456,863 49,888,584 56,920,786 -7,032,202
1912_ 218,031,094 197,278,939 +20,752,155 57,411,107 49,135,958 +8,275,149
1913._ 232,726,241 218,336,929 +14,389,312 59,461,341 57,458,572 +2,002,769
1914_ _ 209,233,005 233,056,143 -23,823,138 39,657,965 59,553,012 -19,895,047
1915__ 210,860,681 212,163,987 -1,303,286 51,257,053 39,274,776 +11,982,277
Note.-Includes for February, 130 roads in 1896, 124 in 1897, 136 In 1898, 125 in
1899, 123 in 1900, 131 in 1901, 117 in 1902, 106 in 1903, 104 in 1904, 98 in 1905,
101 in 19C8,94 In 1907; in 1908 the returns were based on 151580 miles of road; in
1909, 232,007: in 1910. 239,725: In 1911, 242,640; in 1912, 237,082; in 1913, 240,986.
in 1914, 244,925; in 1915, 216,186. Neither the Mexican roads nor the coal-mining
operations of the anthracite coal roads are included in any of these totals.
In the case of the exhibits of the separate roads, the
part played by reductions in expenses in 1915 is very
manifest, the effect having been to convert many a
loss in gross into a gain in net. Increases in the gross
are not altogether lacking, but they are confined
mainly to roads in the Southwest and other sections
where there was a sharp contrast between the abundant harvest of the late season and the poor harvest
of the previous season, while in the net the gains are
both large and numerous. Here again satisfaction
over the improvement disclosed is tempered by the
fact that results in the previous year for February.
were generally very poor. In our review of the figures for February 1914, we pointed out that losses
were met with nearly everywhere and among all the
roads in the country there was only a single one with
a gain in gross exceeding $100,000 in amount, namely
the Yazoo & Mississippi Valley, and only two roads
where the increase in net exceeded $100,000, namely
the Yazoo & Mississippi Valley and the Milwaukee &
St. Paul. For 1915, now, the situation is the precise
reverse of that of 1914, and instead of general losses
we have general gains. The New York Central
(consolidated property) has $273,207 increase in
gross and $1,093,848 increase in net. Adding the
various auxiliary and controlled roads, the whole going to form the New York Central System, the result
is a gain of $254,284 in gross and of $1,809,326 in net.
In 1914 this system showed $3,434,059 loss in gross
and $3,392,719 loss in net. The Pennsylvania, on
the lines directly operated east and west of Pittsburgh, this time has $139,141 decrease in gross with
$633,598 increase in net. Last year the Pennsylvania lines reported a loss of $2,976,035 in gross and
of $1,875,964 in net.
Reduced expenses are the feature nearly everywhere the present year, even where there has been
some gain in gross. The Erie has $393,775 gain in
gross, which, through reduced expenses, has been
swelled to $610,315 gain in net. The Baltimore &
Ohio has only $41,071 increase in gross but $1,007,043 increase in net, while the New Haven, with only
$23,197 gain. in gross, has $694,607 gain in net, and
the Boston & Maine, with $154,270 increase in gross,
has $496,188 increase in net. The Atchison and the
Rock Island have large gains in both gross and netthe former $1,066,946 in gross and $744,000 in net,
and the Rock Island $627,401 in gross and $577,237
in net. The.Milwaukee & St. Paul, it happens, has
APR. 17
1915.]
THE CHRONICLE
1303
NOTE.-Group I. Includes all of the New England States.
*225,783 gain in gross but $12,002 loss in net. On Group
//. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey. Delaware and Maryland, and
converted
has
the other hand, the Northern Pacific
the extreme northern portion of West Virginia.
Group III.
all of Ohio and Indiana: all of Michigan except the northern
$210,720 loss in gross into $456,945 gain in net and peninsula, andincludes
that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
the Southern Pacific $363,239 loss in gross into $318,- Groups IV. and V. combined include the Southern States south of the Ohio and
of the Mississippi River.
654 gain in net. The Great Northern has $55,679 eastGroups
VI. and V//. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
increase in gross and $758,037 increase in net.
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
Nebraska, together with Colorado north of a line parallel to the State line
Southern roads as a rule have fallen behind in both and
Passing through Denver.
and
gross and net. Thus, the Louisville & Nashville Groups VIII. and IX. combined include all of Kansas. Oklahoma, Arkansassouth
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado
loses $603,881 in gross and $234,372 in net; the South- of
Denvei the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State
ern Ry. $692,600 in gross and $174,370 in net; the through
Santa Fe and east of a line running from Santa Fe to El Paso.
X. Includes all of Washington, Oregon, Idaho, California. Nevada. Utah
Atlantic Coast Line $581,568 in gross and $179,873 in andGroup
Arizona and the western part of New Mexico.
net, and the Seaboard Air Line $409,781 in gross and
$177,077 in net. In the following we show all
changes for the separate roads for amounts in excess MAGNITUDE AND STABILITY OF ELECTRIC
of $100,000, whether increases or decreases, and in
RAILWAY EARNINGS.
both gross and net.
The tabulations we present to-day showing the
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Decreases' gross and net earnings of the electric railways of the
Increases.
$581,568
Atch Topeka,& S Fe_ _ _ _ $1,066,946 Atlantic Coast Line
409,781 United States for the late calendar year afford new
627,401 Seaboard Air Line
Rock Island
363,239
Lehigh Valley
476,464 Southern Pacific
338,182 evidence supporting the conclusions expressed by
Missouri Kansas & Texas
461,200 Union Pacific
301,313
Erie
393,775 Pittsburgh & Lake Erie__
243,948 us in previous annual reviews of these electric railway
Chesapeake & Oho
333,259 Illinois Central
210,720
New York Central
b273,207 Northern Pacific
195,520 earnings; in other words the electric roads, made
Chicago Milw & St Paul225,783 Denver & Rio Grande_ _ _
193,710
191,194 Central of Georgia
Pere Marquette
181,951 up so. largely of urban, suburban and interurban
161,062 Cinc New On & Tex Pac
Colorado & Southern_ _ _
170,154
160,797 Nash Chatt & St Louis
Cleve Cinc Chic & St L_ 165,749 properties, belong in a class wholly by themselves
154,270 Wheeling & Lake Erie__ _
Boston & Maine
156.156
153,557 Elgin Joliet & Eastern.._
Del Lack & Western..
153,350 distinct from that of the steam railroads and are not
150,591 El Paso & SouthwesternMinn St Paul & S S M
142,770
134,272 Chicago & Eastern Ill__ _
Wabash
141,961
107,790 St Louis Southwestern....
Chicago & Alton
a139,141 amenable to the same set of influences. If ever there
103,453 Pennsylvania
Ft Worth & Denver City
132,571
100,300 Mobile & Ohio
Michigan Central
124,471 was a year of unfavorable conditions, 1914 was such
Philadelphia & Reading..
Central of New Jersey
119,525
Representing 18 roads
108,417 a year. The outbreak of the great European war,
in our compilation__ $5,275,321 Trinity & Brazos ValleyDecreases.
with the disastrous train of events following in its
Representing 23 roads
$692,600
Southern Railway
in our compilation_ - $5,870,678
603,881
Louisville & Nashville
and the complete dislocation and disorganizawake
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
of
tion
all the ordinary means of financial intercourse
the
the
combined
have
we
show
total
any
for
system,
returns do not
separate roads so as to make the results conform as nearly as possible to
between the nations, would have been sufficient in
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the itself to stamp the year as an exceptionally adverse
Pennsylvania ER. reporting $221,829 increase, the Pennsylvania Company
$272,027 loss and the P. C. C. & St. L. $88,943 loss. Including all lines one. As it was, however, trade and business were
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a loss of $91,391.
thoroughly had, with mercantile and financial activb Those figures cover merely the operations of the Now York Central
itself. Including the various auxiliary and controlled toads,• like the ity contracting in every direction, long before the
Michigan Central, the "Big Four," the:Mick° Plate," Ste., the whole
going to form the New York Central System, the result is a gain of war broke out and dealt our industries a final blow.
$254,284.
PRINCIPAL CHANGES IN NET EARNINGS IN .FEBRUARY.
• The result of this state of things was strongly
Increases.
Increases.
$137,147 and sharply reflected in the case of the earnings of
b$1,093,848 Michigan Central
New York Central
119,345
1,007,043 Norfolk & Western
Baltimore & Ohio
118,370 the steam railroads. The statistics for these steam
758,037 Chicago Ind & Louisv_
Great Northern
117,983
744,000 Bangor & Aroostook..___
Atchison Topeka & S Fe..
117,276 roads, presented in our issue of March 13, showed a
694,607 Texas & Pacific
N Y N H & Hartford_ _
107,446
a633,598 Delaware Lack & West.._
Pennsylvania
103,336 falling off in the gross earnings of no less than $208,610,315 Mobile & Ohio
Erie
577,237
Rock Island
Representing 30 roads
535,747
Cloy Cinc Chic & St L
178,035, or 655%, and a contraction in the net
in our compilation_ _$12,035,346
496,188
Boston & Maine
477,097
Missouri Kansas & Texas
or 8.39%. In
Decreases. earnings in amount of $75,925,113,
456,945
Northern l'acific
$234,372
421,232 Louisville & Nashville__
Western Maryland
of the
showing
this
to
unfavorable
contrast
striking
Line
Atlantic
Coast
179,873
411,740
St Louis & San Fran-177,077
327,949 Seaboard Air Line
Pere Marquette
322,924 Southern Railway
174,370 steam roads, the electric railways, according to the
Lehigh Valley
320,636 Union Pacific
163,374
Chesapeake & Ohio
318,654 Pittsburgh & Lake Erie..
108,408 statements we now submit, more than held their
Southern Pacific
228,272 Wheeling & Lake Erie.._ _
107,905
Minn St Paul & S S M
&
Paso
El
213,193
Southwestern..
106,633 own as regards gross and nearly so as regards net.
Detroit Toledo & Iront
198,763
Wabash
Representing 8 roads
196,174
Chicago & North West..That is to say, in a year full of inauspicious events
in our compilation.... $1,252,012
170,244
Chicago & Alton
and
circumstances, as far as the mercantile and
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the financial world is concerned, these electric railway
Pennsylvania RR. reporting $249,195 increase, the Pennsylvania Company
$212,775 gain and the I'. C. C. & St. L. $171.628 gain. Including all lines properties, treating them as a whole, have suffered
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $871,977.
practically no reduction of their revenues, even
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the though the uninterrupted growth and expansion of
Michigan Central, the "Big Four," tho "Nickel Plate," &c., the whole
going to form the New York Central System, the result is a gain of previous years had brought the 1913 totals to high
31,809,326.
Arranging the roads in groups, or geographical figures.
divisions, it is found that six out of the seven diviAdded importance to the good showing made is
sions show improved net, while as regards the gross given by the circumstance that, aside from the bad
only three of the groups are able to record improved situation in trade and financial circles, with the
totals. Our summary by groups is as follows:
enforced idleness resulting therefrom, and which
SUMMARY BY GROUPS.
Gross Earnings
naturally would tend to restrict local travel, the
1914. Inc.(÷)or Dec.(-).
1915.
Section or Group.
$
Februaryrailways were confronted by an adverse
electric
3.02
+291,995
0,663,170
Group 1(18 roads), New England.... 0,955,165
53,899,989 +1,015,872 1.88 development peculiar to themselves. We have
Group 2(85 roads), East & Middle.. 54,915,861
-54,172 0.23
23,410,441
Group 3(64 roads), Middle West_ _ _ 23,356,269
31,703,727 -3,425,420 10.80 reference to the sudden springing up of the jitney
Groups 4 & 5(93 roads), Southern.._ 28,278,307
-56,649 0.12
45,871,108
Groups6 7(76 roads), Northwest_ 45,814,468
5.62
34,286,837 +1,927,271
Groups 8 & 9(88 roads), Southwest_ 36,214,108
to the electric roads. This
7.52 busses as competitors
13,328,695 -1,002,192
Group 10(49 roads),Pacific Coast.._ 12,320,503
competition not previously
of
element
new
a
is
0.61
210,860.681 212,103,967 -1,303,280
Total (473 roads)
-Mileagehas to be reckoned with.
now
Net Earnings
which
but
existing,
1915. 1914.
1915.
1914. Inc. (-I-) or Dec.(-).
$
has the element of
competition
new
this
Whether
7,831 7,823 2,684,956 1,189,038 +1,495,808 125.80
Group No. 1
29,393 28,691 11,066,965 7,038,933 +3,978,032 56.11 permanency in it, whether it attained its full developGroup No. 2
23,254 23,202 3,796,758 1,427,027 +2,309,131 105.95
Group No. 3
-620,694 7.88 ment in 1914, or whether it was merely in its incipiGroups Nos. 4 & 5.... 11,326 40,929 7,278,842 7,899,530
Groups Nos.6 & 7___ 68,973 67,961 12,575,564 10,499,398 +2,076,166 19.78
Groups Nos. 8 & 9..__ se,923 56,873 10,059,314 7,384,812 +2,674,502 36.20 ency, remains for the future to determine.
The
+0,272 0.25
18,486 18,358 3,794,654 3,785,382
Group No. 10
its
whatever
that,
is
occasion
this
on
moment
of
fact
240,180 242,837 51,257,053 39,274,776 +11,932,277 30.51
Total
&
1304
THE CHRONICLE
influence, earnings of these electric railways during
1914—always speaking of them as a whole— were
maintained at the full level of the previous year in
face of a condition of widespread distress and a state
of unemployment which towards the end of the year
reached an extreme rarely witnessed in the past.
• This is not to say that the jitney busses have not
made inroads for the time being upon the traffic
of particular roads. In the smaller places the jitney
is well constituted to do damage and take away
business from the trolley lines. They are not
limited to particular streets or routes, can start anywhere and stop anywhere, are not burdened with
heavy outlay for track or for roadbed,have no taxes
or other heavy local charges to pay and are not under
the necessity of employing or conforming to any
standard or type of conveyance.
As a matter of fact, any old rattletrap in the shape
of a motor car answers for the purpose and anyone
having such a car is at liberty to undertake to carry
passengers at the same fare as the trolleys. By
reason of the absolute absence of handicaps of any
kind, the owners of these jitneys have been able to
do, in many instances, a lucrative business, stories
being current of the drivers of these jitneys making
$10 to $15 a day at some of the smaller places.
Report has it, too, that as a result of the encroachments of the jitneys, the trolley systems in some important places in the South have been losing $1,000
a day. The novelty of the thing, doubtless, has had
much to do with the growth in the use of the jitney,
and when this novelty wears off and the jitney is
subjected to the same regulation as the trolley, with
a corresponding increase in the cost of running them,
their potency as active competitors for local travel
with the trolley will be very greatly reduced. As a
matter of fact, a special committee of the American
Electric Railway Association recently submitted a
report saying that when even the simplest and the
least onerous of burdens of regulations, such as the
demand for a proper license fee, and the giving of an
accident bond, are required, the jitney cannot exist.
It must be admitted that the jitneys might at many
points be so organized through uniformity of control
or management as to become a permanent factor in
the competition with the trolleys, but through such
organization it would be necessary for them to compete more nearly on even terms with the trolley,
thereby decreasing their power for harm.
Whatever the eventual outcome, the matter of
importance now is that the influence of the jitney,
along with trade depression and wide unemployment,
has not been sufficient to diminish the 1914 revenues
of the electric railways of the United States, con:sidered as a whole, from the high level attained the
previous year. Returns we have received from
270 roads, covering the greater part of the electric
railway mileage of the country, and with aggregate
gross earnings close to $500,000,000, afford conclusive proof of the truth of this statement. Actually
the roads referred to earned in the aggregate somewhat more in the calendar year 1914 than in the
corresponding twelve months of 1913. As far as
the separate roads are concerned decreases are not
lacking, and,as a matter of fact, out of the 270 roads
represented,120 have failed quite to equal their 1913
revenues,but exceptin thefew instances where special
local causes have been operative, the falling off has
been light and has been more than counterbalanced
by gains on other roads. In the grand aggregate,
[vol.. 100.
therefore, gross earnings for 1914 are found to be
above those for 1913, the comparison being between
$487,412,007 and $483,923,118, giving an increase
of $3,488,889, or 0.72%. As already noted, in the
case of the steam railroads of the United States,
gross earnings for 1914 fell $208,178,035 behind
those for the calendar year 1913, being a loss of
6.55%.
In the net earnings, too, these electric railways were
able to do nearly as well as in the previous year. In
the grand aggregate, the net for 1914 proves to have
been $185,476,614, against $186,566,064, leaving
a decrease, to be sure, but hardly more than nominal
in amount—only 0.58%. In the case of the steam
railroads, on the other hand, there was a loss in net
earnings in the large sum of $75,925,113, or 8.39%.
It should also be remembered that the steam roads
likewise suffered a large decrease in net in the previous
year—a decrease of no less than $33,487,100, notwithstanding a gain in gross in that year in tho large
sum of $142,521,797. Accordingly, we would seem
warranted in repeating our statement of the previous
year, namely, that the burden of a rising operating
cost does not seem to be bearing so heavily upon the
electric lines as it has been bearing upon the steam
transportation systems. As stated last year, broad
generalizations in this regard can easily be made too
sweeping, and as applied to any particular systems
of electric lines it is possible that they will be found
faulty if the attempt is made to give them too rigid
an application. Yet it is undeniably true that the
electric railways, as a whole, are doing better by far
than the steam railroads, also treated as a whole.
There are exceptions of steam railroads which are able
to make quite satisfactory returns at a time when
other steam roads with almost absolute uniformity
are disclosing a poor and very discouraging record.
There are also exceptions of electric railways having
poor exhibits while the generality of such roads is
doing exceptionally well. But this in no way invalidates general conclusions based upon the grand
totals, which tell with absolute reliability the experience of each group of properties and furnish statistical evidence of the results for each. In such grand
totals inequalities as between different lines, due, it
may be, to special circumstances and conditions, are
leveled and disappear.
It should be borne in mind that, in showing generally favorable results as to both gross and net, the
experience of the electric roads is not confined to the
latest year alone, or even to the last two or three
years. The truth is,there has not been a single recent
year where there has not been improvement in gross
and net earnings alike (barring the trifling loss in net
now disclosed), and the ratios of gain for the two have
been pretty closely in accord as a rule.
Our tabulations, now extending back a full decade,
clearly establish the fact that the record of the electric roads is decidedly more even than that of the
steam roads, and that the tendency is in the direction of constant growth, this tendency being only
partially abated even in periods of adverse conditions
such as experienced during 1914. In seeking the
causes of the relatively better results for the electric
railways, it is of course obvious that local circumstances and local environment are all important in the
business of the electric roads, whereas in the case of
the steam roads general conditions are the governing
factor. The growth of population and the development of local territory insure a steady addition to
APR. 171915.]
1305
THE CHRONICLE
ROADS REPORTING GROSS ONLY.
the traffic of the electric roads. With the steam
Increase. Decrease.
1913.
1914.
Roads.
roads, however, many other factors come into play.
$
$
apt
are
Gross earnings reported
In other words, the revenues of these latter
below (270 roads)
487,1.007 483,923,118 10,036,261 6,547.372
160,098
year,
5,247,331
American
_
_
to
5,407,429
Co.._
Railways
year
from
to fluctuate more or less sharply
416,101
Boston Elevated Ry
17,995,254 17,579,153
3,626
81,397
Buffalo Southern Ry
85,023
a crop failure or business depression sending them Buffalo
6.527
44,242
& Williamsv Elec_
37.715
115.890
Cincinnati Traction Co..__ _ 5,280.674 5.164.784
bringing
conditions
these
of
reversal
a
and
down
4,893
23,825
18,932
3,146
ut
VIUm
lildP'fr= LNor-'
87,480
90,626
quick recovery. In sharp contrast with this, the mive
16.521
p
radn & WW
231,444
247,965
neMhaTsgrLt
1,240
52.733
51,493
course of the earnings of electric railways is generally Morris County Traction
27,711
282,402
310,113
5,502
Easton & Wash
Northamp
188,880
183,378
occasional
the
-barring
upward, as already noted
St Albans & Swanton Trac
1,130
33,777
34,907
5.596
121,319
126,915
experience of an individual road or company affected PorgigsZrviTir tt Southern..
3,138
172,285
175,423
by special circumstances or conditions-and the in- Total (284 roads)
517,457,854 513,234,17010,789,218 6.565,534
4.223,684
Net increase (0.82%)
fluence of any but a very disastrous crop failure or
While the 14 roads in the foregoing have furpanicky trade conditions is not likely to be very seriously felt. Of course, if the jitneys should come in as nished only exhibits of the gross, it seems safe enough
a new element in competition, and their influence in their case to arrive at an approximation of the net
should extend all over the country instead of being by taking expenses for the two years at the same
confined to the smaller and the moderate-sized cities, ratios to gross earnings as are found in the case
conclusions in this respect might have to be modified of the roads which have furnished reports of both
in some measure, but this is taking a far look into the gross and'net-61.95% in 1914 and 61.45% in 1913.
future and as yet no sufficient ground for uneasiness We make the computation, of course, only in the case
of the total of the whole 14 roads. Obviously, it
exists.
all
the
for
would not be safe to apply such an arbitrary rule as
Our table in detail, showing the figures
this
of
the
end
at
any particular road. Adopting that method,
regards
given
separate roads included, is
annual
reviews,
are
able
we
preceding
to combine the two classes of roads and
of
case
article. As in the
we have sought to procure returns for the last two' get complete results as to both gross and net, as is
calendar years from all the street and electric tail- done in the following:
Net
Gross
ways in the country. The success attending our Calendar
Decrease.
1913.
1914.
Increase. •
1913.
1914.
$
Year$
$
themselves.
efforts can be judged from the tables
270 roads_ _487,412,007 483,923,118 3,488,889 185,476,614 186,566,064 1,089,450
electric
with
dealing
compilation
Manifestly, any
14 roads__ 30,045,847 29,311,052 734,795 .11,432,445 .11,299,411 a133,034
railways is made up in considerable part of street 284 roads...517,457,854 513,234,170 4,223,684 196,909,059 197,865,475 956,416
railways, since these latter are now practically all *For these roads the net is merely an approximation, no figures having been
by the companies.
operated with electricity as motive power. And yet furnished
a Increase.
the tables include many other electric roads, for elecIt will thus be seen that the aggregate of the net
tric lines connecting various suburbs have become on the foregoing basis for the whole 284 roads
quite common, and there are also numerous electric reaches $196,909,059 in 1914, against $197,865,475
interurban roads of large magnitude.
in 1913, giving a decrease of $956,416, or only, oneWe may repeat what we have said in previous half of one per cent.
yearly reviews,that the task of obtaining these figures
The totals given all relate, as already stated, to
for the twelve months of the calendar year is not al- roads which have favored us with statements for the
together easy. Where companies furnish monthly calendar year, or whose figures we have been able to
returns, it is of course not difficult to make up the *make up for that period of twelve months. In order
figures. But the number of electric railways supply- to carry the investigation a step further, we have
ing monthly returns is still exceedingly meagre-not- thought it best, as in previous years, to furnish an inwithstanding that, with the increase of the capital dication of what the totals would amount to if we
invested in these properties, the policy of secrecy in took into account the roads whose figures are availtheir affairs which formerly prevailed so widely has able for other periods, and particularly for the fiscal
in large measure given way to more enlightened year ending June 30. In the summary we now furmethods. Another obstacle in obtaining statements nish we start with the total of gross and net for the
for the calendar year is that the fiscal year of the com- calendar years 1914 and 1913, as given above, and
panies in a great many cases does not correspond then add the earnings of all the roads for which we
with the calendar year. State boards or commissions have returns for the twelve months ending June 30.
require returns of street railways in the case of a few The two combined make a very comprehensive agonly of the States, and where the requirement exists gregate, as follows:
Net
Gross
the fiscal year is not as a rule identical with the calen1913.
1914.
1913.
1914.
$
dar year. In Massachusetts the annual statements,
For cal. years as above (284 rds.).517,457,854 513,234,170 196,909,059 197,865,475
formerly for the twelve months ending Sept. 30, are For
years end. June 30 (48 roads) 35,637,610 35,062,350 14,111,029 14,280,928
in
and
now made to cover the year ending June 30,
553,035,464 548,296,520 211,020,088 212,146,403
Grand total (332 roads)
the case of New York, Connecticut, Pennsylvania, Increase (-I-) or decrease(-)- (0.87%) +4,798,944 (0.53%) -1,126,315
The total of the gross earnings (comprising 332
Ohio, Maine, and a few of the minor New England
States, the fiscal year likewise ends with June 30. roads) for 1914 is $553,095,464, and for 1913 $548,Outside of the States mentioned, very little of an 296,520, an increase of $4,798,944, or 0.87%.
official character concerning street and electric rail- Aggregate net earnings are $211,020,088, against
$212,146,403, a decrease of $1,126,315, or 0.53%.
ways can be obtained from public documents.
of
To guard against misleading the reader, we wish to
returns
which
roads
have
furnished
Besides the
what we have said in previous annual rereiterate
roads
have
other
14
net
earnings,
and
gross
both
favored us with comparative figures of gross alone. views of the earnings of these electric railways,
Adding these on, the number of roads is increased namely that this is not an attempt to indicate the
to 284 and the total of the gross raised to $517,457,- aggregate of the gross and net earnings of all the
854 in 1914 and $513,234,170 in 1913 The increase street and electric railway undertakings in the United
States. It is simply making use of all the figures
in this case is $4,223,684, or 0.82%
-
1306
THE CHRONICLE
that have been placed at our disposal, or which are
available. Large though the totals in our final summary are, they fall considerably short of recording
the entire earnings of electric railways in the United
States. The minor roads not represented would not
swell the amount to any great extent, but it happens
that a few large companies are also missing,because
no data concerning their income could be obtained.
Among these may be mentioned the Denver Tramway Co., the Kansas City Railway & Light Co., the
Los Angeles Railway Corporation, the Toledo Railways & Light Co. and the West Penn Traction &
Water Power Co. Even with these roads and many
minor ones missing, our total of the gross for 1914, it
will be observed, is over $553,000,000 and the total
of the net over $211,000,000.
Of course, many of the electric railways furnish
electricity for lighting and power purposes, besides
being engaged in the railway business, and the earnings from that source form part of their total income.
On the other hand, in a number of cases the earnings
from lighting and other sources have been separated
from the street railway income, and the latter alone is
included in our table. This is true, for instance, of
the Public Service Corporation of New Jersey, where
we take simply the results from the operation of the
railway properties; it is also true of the Philadelphia
Company (of Pittsburgh), the New Orleans Railway
& Light Co., the Little Rock Railway & Electric
Co., the Knoxville Railway & Light Co., the Union
Railway, Gas & Electric Co., and some others.
We have been making up these annual compilations continuously for ten years now, and to show
how constant and uninterrupted the increase has been
from year to year and how the totals have been growing in magnitude, we furnish the following summary
of the comparative totals of gross and net for each of
the years back 6- 1 1905.
Period1905 compared
1906
"
1907
"
1908
1909
1910
1911
1912
1913
1914
GROSS EARNINGS.
Current
Previous
Year.
Year.
with 1904__$306,067,145 $281,608,936
" 1905_- 300,567,453 269,595,551
" 1906- 306,266,315 280,139,044
" 1907_ - 351,402,164 348,137,240
" 1908-- 374,305,027 345,006.370
" 1909- 435,461,232 405,010,045
" 1910-- 455,746,306 428,631,259
" 1911_ - 486,225,094 457,146,070
" 1912-- 529,997,522 500,252,430
" 1913.... 553,095,464 548,296,520
Per
Increase.
Cent.
$24,458,209 8.68
30,971,902 11.49
26,127,271
9.33
3,264,924 0.94
29,298,657
7.49
30,451,187 7.51
27,115,047 6.33
29,079,024 6.36
29,745,092 5.94
4,798,944 0.87
[Vol,. 100.
NET EARNINGS.
Current
Previous
Per
PeriodYear.
Year.
Increase.
Cent.
1905 compared with 1004-$130,884,923 $118,221,741 $12,663,182 10.71
1906
"
" 1905_- 126,580,195 114,024,076 12,556,119 11.01
"
1907
1906-- 126,002,304 121,050,703
4,951,601
4.09
1908
1907-- 142,262,417 141,144,213
1,118,204 0.79
1909
1908..- 160,394,765 140,647,906 19,746,859 14.03
1910
1909.... 178,037,379 167,100,351 10,937,028 6.54
1911
1910.... 186,001,439 175,527,542 10,473,897 5.96
1912
1911_- 194,309,873 179,915,760 14,394,113 8.00
1913
1912--,204,422,429 193,393,045 11,029,384
5.70
1914
1913__ 211,020,088 212,146,403 *1,126,315 0.53
*Decrease.
61
16
t.
1,1
44
It will be observed that, while in the first year our
final total showed aggregate gross of only $306,067,145, the aggregate for 1914 reaches $553,095,464.
The net now is $211,020,088, whereas in 1905 it was
$130,884,923. Of course, to some extent our exhibit is more comprehensive now. In the main, however, the increase is due to the growth of traffic and
revenues in the interval. It will be noted that
each and every one of the ten years shows some increase in both gross and net earnings (barring a small
loss in net in 1914), that even 1908-the year following the panic-proved no exception, though the
increase then was relatively small, and that the total
of the gain in gross for the whole ten years, taking the
aggregate of the increase for the separate years,
amounts to no less than $235,310,257. In 1908 we
found that in the smaller localities, where the activities of the population are bound up in some one
branch or division of trade, there were instances
where the throwing into idleness of the greater part
of this population had served to restrict travel over
street and electric railways, and diminished their
earnings, and in a very few minor instances there had
been an approach to almost utter collapse. On the
other hand, in most of the larger cities, where population is dense and where there is much accumulated
wealth, and where trade activity is not exclusively
dependent upon a single industry or a single group of
industries, electric railway earnings had held up
The same rule still holds
remarkably well.
good.
The following is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net for the
last two calendar years:
ELECTRIC RAILWAY GROSS AND NET EARNINGS FOR CALENDAR YEAR.
•
GROSS.
ROADS.
1914.
Albany Southern Railroad Co_a
Allentown & Reading Traction Co
Arkansas Valley Railway, Light & Power Co_a
Ashtabula Rapid Transit Co_b
Atlantic City & Shore RR Cob
Atlantic Coast Electric Railway
Atlantic Shore Railway (Sanford, AIe.)_b
Auburn & Syracuse Electric RR b
Augusta-Aiken Railway & Electric Corporation_a
Aurora Elgin & Chicago Railroad
Austin Street Railway_b
Bangor Railway & Electric Co_a
Baton Rouge Electric Co_ a
Bay State Street Railway_b
Benton Harbor-St. Joe Railway & Light Co
Berkshire Street Railway a
Biddeford & Saco Railroad_b
Birmingham Railway, Light & Power Co_a_
Binghamton Railway_b
Blue Hill Street Railway_a
Brockton & Plymouth Street Itallway_a
Brooklyn Rapid TransitBrooklyn Heights Railroad Co_a
Brooklyn Queens County & Suburban Railroad_a
Coney Island & Brooklyn Railroad_a
Coney Island & Gravesend Railway_a
Nassau Electric Railroad Co_a
New York Consolidated Railroad_a
South Brooklyn Railway Co_ a
Bucks County Interurban Ry_b
Buffalo & Lake Erie Traction Co_b
Buffalo Lockport & Rochester Ry_b
Butte Electric Railway _b
California Street Cable_ b
Capital Traction (Washington)_b
Carbon Transit Cob
Carolina Power & Light Co_a
Central Illinois Public Service Cob
1913.
$
510.720
189,856
1,158,451
86,487
q223,111
428,763
360,137
459,289
675,174
2,024,376
262,069
777,752
178,825
, 9.717,788
440,006
977,152
71,032
3,217,826
498,327
94,791
121,756
S
499,912
189,732
1,142,187
83,176
q246,814
437,856
373,914
475,497
659,642
2,030,351
258,405
764,085
163,128
9,629,357
396,936
1,003,625
72,725
3,214,338
445,508
95,656
124,403
8,525,234
1,618,747
1,693,589
70,201
5,111,194
8,781,367
1,091,761
200,230
1,221,973
435,488
505,577
446.919
2,255,993
65,347
618,689
46.288
8,836,706
1,621,701
1.668,762
66.712
4,980,061
8,364,064
790,639
203,807
1,244,338
399,805
546,213
473,789
2,310,166
51,637
525,213
54.094
NET.
Increase. Decrease.
$
10,808
124
16,264
3,311
15,532
3,664
13,667
15,697
88,431
43,070
3,488
52,819
24,827
3,489
122,133
417,303
301,122
35,683
13,710
93,476
1914.
1913.
Increase. Decrease.
$$
$
$
113,265
146,826
13,561
68.536
74,627
6,091
423,989
470,290
46,301
26,758
26,880
122
23,703
9117,443
q147,910
30,467
9,093
179,810
201,073
21,263
13,777
70,904
00,694
19,790
16,208
129,081
146,362
17,281
318,405
296,119
22,286
5,975
c704,094
c772,760
68,666
109,640
110,937
1,297
402,533
417,573
15,040
64,546
60,747
3,799
3,285,954 3,228,331
57,623
157,231
140,353
16,878
26,473
96,593
100.978
4,385
1,693
19,594
10,073
29,667
1,177,781 1,134,079
43,702
176,854
138,265
38,589
865
26,379
2,508
28,887
2,647
20,007
5,669
25,676
311,472 3,082,188 3,241,441
159,253
2,954
504,789
486,828
17,961
551,834
5,747
557,581
12,266
1,285
13,551
1,454,466 1,514.618 --------60,152
3,505,737 3,283,375
222;1
413,945
251,190
162,755
3,577
47,432
24,633
72,065
22,415
316,725
16,730
333,455
151,279
48,052
103,227
40.636 def.58.055
69.063
11,008
26,870
212,030
15,230
227,260
54,173 1,105,800 1,130,897
25,097
20,835
17,481
3,354
205,855
190,655
15,200
7.806
1.634
5.668
4.334
APR. 17 1915.]
THE CHRONICLE
1307
GROSS.
NET.
ROADS.
1914.
Chambersburg & Gettysburg Electric By
Chattanooga Railway & Light Co_a
Chambersburg Greencastle & Waynesboro Street Ry
Chautauqua Traction Cob
Chicago & Interurban Traction Co-b
Chicago & Milwaukee Electric ItR_a
Chicago Surface Lines_a
Chicago South Bend & Northern Indiana Railroad_b_
Choctaw Railway & Lighting Co_a
Cincinnati & Columbus Traction Co_b
Citizens' Traction Co. (Oil City, Pa.)
Claremont Railway & Lighting Co_a
Cleveland & Eastern Traction Co_a
Cleveland Painesville & Ashtabula Railroad_a
Cleveland Painesville & Eastern Railroad_a
Cleveland Railway CompAny_b
Cleveland Southwestern & Columbus Railway _b
Cleveland Youngstown & Eastern Railway Co_rt
Columbia Railway, Gas & Electric Co_a
Columbus Delaware & Marion Ity_b
Columbus (Ga.) Electric Co_a
Columbus New Albany & Johnstown Traction_b
Columbus (Ohio) Railway, Power & Light Co_a
Connecticut Company_a
Cortland County Traction Co
Dallas Electric Corporation _ a
Dayton Covington & Piqua Traction Co_b
Dayton & Troy Electric Railway_b
Des Moines City Railway Co..a
Detroit United Railway Co_b
Dover Somersworth & Rochester Street Ry_b
Du Bois Electric & Traction Cob
Duluth-Superior Traction..b
Eastern Pennsylvania Railways Cob
Eastern Texas Electric Co_ a
Eastern Wisconsin Railway & Light Cob
Easton Consolidated Electric Co_a
East St. Louis & Suburban Co_a
Elmira Water, Light & Railroad Co_a
El Paso Electric CO-ft
Empire United Railways, Inc_ b
Evansvillo Suburban & Newburgh Ry_b
Fairmount Park Transportation Co
Fargo & Moorhead Street Railway_a
Federal Light & Traction Co. and subsidiary cos_a
Fort Smith Light & Traction Co_a.
Fort Wayne & Northern Indiana Traction Co- b
Fort Wayne & Springfield Railway_a
Frankford Tacony & Holmosburg Street Railway_a___ _
Freeport Railway & Light Co
Galesburg & Kewanee Electric Ry-b
Galveston-Houston Electric Co_a
Geneva Seneca Falls & Auburn RR_b
Georgia Railway & Power Co. (combined companies)_a_
Grand Rapids Holland & Chicago Rya
Grand Rapids Railway Co a
Gulfport & Mississippi Coast Traction Co
Hanover & McShorrystown Street Rya
Harrisburg Railways Co
Hartford & Springfield Street Rallway_a
Helena Light & Railway Cob
Houghton County Traction _ a
Hudson Valley Railway Co_b
Illinois Traction Co_ a
Indianapolis & Louisville Traction Rya
Indiana Railways & Light Cob
Interboro Rapid Transit Co.(New York) a
International Traction Co. (Buffalo, N Y) b
Inter-State Consolidated Street Railway_b
Interurban Railway Co. (Des Moines)_a
Iowa Railway & Light Co_a
Ironwood & Bessemer By. & Light Co_a
Jackson (Miss.) Light & Traction Co_a
Jackson (Tonn.) Railway & Light Co_a
Jacksonville Traction Co_ a
Jamestown Street Rallway_b
Johnstown Traction Co_a
Joplin & Pittsburgh Railway Cob
Kansas City Clay County & St. Joseph Ry_b
Kansas City Western Ry_b
Key West Electric Co_ a
Kingston Consolidated Railroad..b
Knoxville Ry. & Lt. Co.(Ry. Dept. only) b
Lake Shore Electric Railway_ a
Lehigh Valley Transit Co_b
Lewiston Augusta & Waterville Street Ry_ a
Lewistown & Reedsville Electric Railway_a
Little Rock By.& Elec. Co.(Ry. Dept. only)_b
Long Island Electric Railway-a
Lorain Street Railroad Co_a
Louisville Railway Cob
Macon Railway & Light Co_a
Manchester Trac., Lt. & P. Co. and sub. cos_ a
Mansfield By., Light & Power Cob
Marquette County Gas & Electric Cob
Massachusetts Northeastern Street Railway Cob
Memphis Street Railway_a
Mesaba Railway_a
- Michigan United Traction_a
Middlesex & Boston Street Rallway_a
Milford Attleborough & Woonsocket Street Railway_b_ _
Milwaukee Electric Railway & Light Co a
Milwaukee Light, Heat & Traction Co_a
Milwaukee Northern Ry_b
Missouri & Kansas Interurban By
Mobile Light & Railroad Co_a
Monongahela Valley Traction Co b
Montgomery Light & Traction Co_a
Montoursville Passenger Ry_a
Morris County Traction Co_b
Nashville Railway & Light Co_a
New Jersey & Penna. Traction Co.(Princeton Div.)_b_ _
New Orleans By. & Lt. Co.(Ry. Dept. only)_b
New York & Long Island Traction Co-a
New York & North Moro Traction Co_b
New York & Queens County By-a
New York Railways-a
New York & Stamford Ry_a
New York State Railways_ a
New York Westchester & Boston By..a
North Carolina Public Service Cob
Northern Electric Railway_b
Northern Ohio Traction & Light Co_ a
Northern Texas Electric Co a
Northwestern Ohio Railway & Power Co_a
Northwestern Pennsylvania Railway.b
Ocean Electric Railway (Long Island)-a
Ohio Electric Railway Co_b
Oklahoma Railway_b
Omaha & Council Bluffs Street Railway_a
Ontario Light & Traction Co_a
Oregon Electric Rallway_b
Ottumwa Railway & Light Co_a
Pacific Electric Railway-b
Paducah Traction & Light Co_a
Pascagoula Street Railway & Power Co_a
Pennsylvania & Ohio Railway Cob
Pensacola Electric Co_a
Petaluma, & Santa Rosa Railway b
1913.
Increase. Decrease.
1914.
1913.
Increase. Decrease.
S.
$
$
36,141
39,237
3,096
def.232
def.2,045
1,085,096 1,204,928
119,832
385,373
487,303
121,891
121,980
5,252
72,586
67,334
184,163
192.159
7,99
86
9
46,203
30,744
15,459
0290,371
o293,011
2,640
o151,477
0155,597
937,981
958,661
20,680
282,553
10,416
292,969
u31,966,048 u31,630,957
335,091
u12,076,773 u11,632,583
444,190
807,930
868,733
60,803
335,633
388,276
208,792
234,165
25:0
2 39
78
3
84,777
81,896
9,881
118,253
116,155
1112
26,647
371,165
362,955
8,210
141,788
116,279
25,509
38,869
33,863
5,006
3,550
4,720
211,559
203.816
7,743
71,176
75,004
138,749
143,106
4,357
42,314
35,840
6,474
425,923
404,492
21,431
183,840
191,257
7,692,343 7,149,789
542,554
1,812,667 1,752,494
60,173
1,255,284 1,255,236
48
498,263
2,414
495,849
115,659
113,860
1,799
21,002
29,118
721,594
764,840
43.246
340,524
333,547
6,977
452,051
27,128
479,179
182.687
176,481
6,206
608,636
72,970
681,606
383,271
69,288
313,983
43,621
43,295
326
11,111
13,099
62,844
3,066,298 3,003,454
1,179,552 1,063,934
115,618
7,995,450 8,653,943
2,244,294 2,398,298
81,322
79.590
8,974
25,827
15,378
2,208,878 2,193,500
921,219
913,443
7,776
150,486
1,637
152,123
53,920
56,696
298,514
296,289
2,225
86,004
96,433
64,380
1,306,664
1,371,044
436,328
396,033
40,295
12,240,004 12,723,828
-74834 3,537,344 4,029,598
112,244
111,756
488
24,096
29,927
100,968
5,684
106,652
27,388
20,970
6,418
29,650
1,313,564 1,283,914
553,572
535,750
17,822
812,001
11,594
823,595
338,884
355,5E9
d440.442
d673,095
232.653
d271,163
d169,950
320,418
332,723
12,305
142,627
129,704
f476,777
1468,508
8,269
f128,073
1126,437
1:636
2,623,827 2,700,966
77,139 1,007,613 1.096,563
1,109,059 1,015,052
94,007'
1442,789
1396,328
56,461
886,880
1,041,792
154,912
466,321
408,521
57,800
1,377,568 1,458,534
80,969
464.369
580,801
126,121
124,794
1,327
44,007
99,250
p125,662
p132,710
7,048
p52,467
p57,326
121,106
122,818
1,712
46,271
48,881
2,416,960 2,372,174
44,786
918,276
928,940
492,397
572,959
200,819
80,562
170,967
1,831,914 1,828,106
3,808
771,070
11,628
759,442
52,282
53,389
1,167
4,270
2,155
2,115
139,580
144,421
4,841
6,019
46,617
40,598
181,957
163,375
18,582
71,808
48,698
23,110
73,287
84,548
11,261
13,880
18,190
2,424,119 2,373,065
51,054
92,569
1,113,261
1,020,692
97,272
103,065
9,207
5,793
39,350
30,193
6,341,184 5,350,995
990,189
2,583,110 2,227,227
355,883
338,474
336,429
2,045
100,954
4,435
96,519
1,286,568 1,301,403
14,83'
456,931
497,796
269,134
256,433
12,701
15,990
112,419
96,429
92,812
96,397
3,585
41,353
43,621
991,872
993,929
2,057
156,215
195,403
225,457
227,658
2,201
60,512
70,086
315,862
327,163
11,301
127,092
6.009
121,083
296,853
276,633
20,220
97,776
116.593
846,440
857,063
10,623
326,434
335,496
8,245,307 7,932.302
313,005
3,256,506 3.279,642
134,522
142,951
8,429
46,487
50,631
434,721
407,127
27,594
249,977
231,328
18,649
33,786.643 32,760,151 1,026,492
18,783,961 17,596,848 1,187,113
6.760,580 6,694,443
3,158,780 2,996,383
66,137
162,397i
200,471
1£4,171
38,117
6.300
40,875
340,604
331,264
8.340
90,867
95,827
1,205;144 1,011,099
476,383
194,045
420,888
55,495,
k240,954
k201,164
39,790
16,394:
k136.004
k119,610
290,291
290,486
1,592;
195
h92,010
h90,418
119,234
109,578
9,656
6,6311
59,113
52,482
679,622
715,255
35,633
6,167'
247,200
241,033
356,156
274,827
81,329
78.371
37,785
40,586
e671,553
e665,517
6,036
e295,325
e322,040
576,618
m445,216
131,402 m172,855
255,035
n421,468
626.643
205,175
304,174
n216,621
87,553
204,358
314,609
20,151
95,122
102,330
142,958
132,952
10,706
45,598
57,383
158,408
4.066
55.358
154,342
46,998
8,360
554,254
517,475
36,779
223,154
254,439
1,120,328 1,119,312
1.016
416,677
448,707
1,986,624 1,932,307
0930,781
g869,014
54,317
61,767
676,922
247.839
209.113
675,554
1,368
5
18
87,095
14
2:8
00
10
4
13,750
13,750
24,919
590,346
299,026
292.636
4,463
245,999
17,290
245,152
7,689
847
173.086
196.048
78,731
23,862
E6,621
3,166,482 3,226,276
59.794 1,369,818 1,377,757
455,522
448,359
4,866
95,150
7,163
100,016
1,332,849 1,073,981
78,436
258,868
458,935
537,371
247,053
235,727
11,326
19,018
88,677
69,659
158,007
154,101
3,906
11,534
53,172
64,706
696,099
699,735
6,032
3.636
158,211
164,243
1,998,913 1,998,364
549
57,250
759.348
702,098
o231,483
0249,000
18,417
096,579
o109,747
1,801,697 1,826,355
1,940
24,1 -•
732,434
730,494
1,007,218
971,900
35,318
201,574
253.626
114,803
116,732
1,929
38,018
41,208
6,005,496 6,016,916
11,420 1,773,071 1,810,482
1,403,668 1,443,251
50,417
547,706
554,345
34/1,090
353,612
5,522
185,429
178,106
7,323
107,125
99,502
41,473
7,623
40,180
581,353
623,680
42,327
251,405
216,947
968.389
960,261
613,549
8,128
552,665
396,695
407,237
10,542
100,578
•6,103
106,681
30,193
16,109
5,136
14.084
626
5,762
310,114
282,403
27,711
12,308
98,046
85,738
2,240,308 2,207,246
33,062
19,757
887,984
868,227
75,913
69,482
6,431
10
25,579
25.569
4,398,507 4,4(11.152
95,089
2,645 2.057,087 1,961,999
416,226
75,311
412,657
3,569
48,972
26,339
164,807
169,758
4.951
49.901
58,139
1,359,707 1,385,391
25,684
78,370
183,111
13,497,143 14,202,963
705,820 3,645,780 4,575,307
376,137
374,394
85,292
1,743
6,803
78,489
7,595,002 7,796,228
--2-0-1,22 02.497,769 g2.445,036
52,733420,787
374,925
45,862
107,983
def104,445 def212,428
488,629
456,562
32,1)6'7
225,844
23,384
202,460
826,654
919,561
92,907
132,843
281,653
3,636,085 3,284,533 --3-5-1-,88
1,398,656 1,264,879
133,777
2,071,098 2,132,200
052,259
61,102
919,861
256,227
244,846
11,381
71,647
72,056
361,701
373,620
106.387
83,145
11.919
154,109
160,663
6,554
15,222
49,932
65,154
3,853,512 3,812,033
41,479
1,701,028 1,752,040
740,448
660,799
79,649
337,095
256,505
80,590
2,966.214 2,996,631
30,417 1,124,856 1,180,830
53,981
54,285
14,702
15,606
304
1,054,994 1,214,814
413,916
159,821
308,377
324,929
320,685
145.802
4,244
290
145.512
9,133,286 9.467,823
334,537 2,814,473 2,926,087
303,514
296,565
6,957
109,431
102,474
6,949
69,750
74,590
1,208
4,840
17,378
16,170
123,247
124,329
1,082
44,890
51.691
264,840
103,020
285,758
20,918
95,048
298,224
303,645
5.421
84.440
101,023
-9,41
- M
3
1,813
101,930
4,120
52.643
26,535
1.170
3,828
7,417
8.116
1.988
-1-1f421
2,776
10,429
-140
16,705
88,950
116,432
5,243
4,859
2,610
10,664
29.852
4,310
40,865
2,268
39,188
9
'
574
18,817
9,062
23,136
4,144
2,758
4,960
26,724
82.180
7,208
11,785
31,285
32,030
38,726
6,390
9,601
22,110
7.939
13,168
52,052
3,190
37,411
6,639
1.293
34,458
60,884
8,338
104,741
929,527
148,810
32,398
409
23,242
51,012
55,974
904
105,539
111,614
6,801
7,972
16,583
[VOL. 100.
THE CHRONICLE
1308
NET.
GROSS.
ROADS.
1914.
1913.
Increase.
Decrease.
1914.
1913.
Increase. Decrease.
$
$
$
'$
$
$
Philadelphia Company r33,825
3,415,362 3,449,187
76,959
Pittsburgh Railways Co_ a
11,900,263 11,823,304
21.636
115,848
94,212
Beaver Valley Traction Co_a
339,464
4,636
344,100
11,569
11,468
23,037
Pittsburgh & Beaver Street Railway Co_a
45,651
5,968
51,619
8,679
82,694
74,015
Philadelphia Railways Cob
100,157
755
99,402
86,106
Philadelphia Rapid Transit Co_a
279,196 9,899,468 9,985,574
23,961,390 24,240,586
32,843
219,133
251,976
Philadelphia & West Chester Traction Co_b
439,918
51,795
491,713
24,316
157,082
181,398
Philadelphia & Western Railway_ b
358,644
23,779
382,423
28,596
222,836
194,240
Pittsburgh Harmony Butler & Newcastle Rallway_b_- _
546,302
553,755
7,453
714
12,207
Plattsburgh Traction Co_b
11,493
31,340
1,832
33,172
.
50,761
346,840
Portland (Me.) Railroad_a
8,526397,601
1,044,842 1,036,316
-41-6;144
3,009,288 3,425,432
Portland (Ore.) Railway, Light & Power Co_a
1
-4-50,5
--7
6,273,171 6,723,742
1,201
109,439
108,238
Portsmouth Street RR.& Light Co_b
259,750
321
260,071
5,446
64,089
Poughkeepsie City & Wappingers Falls Electric Ry_b_ _
69,535
497
199,486
_--,
199,983 173,519
Public Service Ry.(N. J.), incl. Pub. Service RR_b_ _
15,796,495 15,618,659
177,836 __...... 6.683.430 6,856,949
161,258
Puget Sound Traction, Light & Power Co a
162,626 3,443,966 3,605,224
8,450,974 8.613.600
47,083
991,948
Reading Transit & Light Co. (and affiliated cos.)_a_ _
56,787
1,039,031
2,178.927 2,122,140
58,745 _
Republic Railway & Light Co_a
1,212,451 1,153,706
35,766
3,033,436 2.997,670
1-70r.958
Rhode Island Co_a
5,333,495 5,3E18,759
55,264 1,419,670 1,590,608
72,458
Richmond Light & RR. Co_a
5,770
385,622
8,025 def64,433
391,392
378
Rome Railway & Light Co_ a
3,655
67,577
67,955
194,445
198,100
19,793
Rutland Railway, Light & Power Co_a
125,559
145,352
11,734
318,569
330,303
60,135
Saginaw-Bay City Railway_a
230,689
170,554
32,425
646,684
614,259
29,374
St. Joseph Railway, Light, Heat & Power Co_a
570,050
540,676
41,220
1,294,124 1,252,904
1,750
Sandusky Fremont & Southern_a
25,298
27,048
2,782
75,723
78.505
37,001
San Francisco Napa & Callstoga Ry_a
P21.198 vdef15,803
1,568
225,209
223,641
Savannah Electric Company_a
289,652
19,793 269,859
14,859
627,780
842.639
Schenectady Railway Company_ a
386,128
11-0-,195
496,321
89,199
1,304,304 1,393,503
190,980
13,677
Scioto Valley Traction Company..b
204,657
13,450
484,313
470.863
96,066
81,722
14,344
Seattle Renton & Southern Railway_b
32,401
267.711
300.112
62,236
269,800
Second Avenue (New York City)-a
207,564
124,693
917,935 1,042,628
113,566
98,014
15,552
Sheboygan Light, Power & Railway
21,720
286,159
307,879
54,968
291,824
346,792
Shore Line Electric Rallway_b
86,277
900,294
989,501
21,421
1,299
22,720
Slate Belt Electric Street Ry-b
9,414
83,196
92,610
812
92,618
93,430
903,183
Southern Michigan Rallway_b
2,255
205,438
16,263
84,469
100,732
Southern Wisconsin Rallway-b
13,845
259,240
273,085
62,900
292,862
229,962
Southwest Missouri Railroad_a
•
90.697
617,602
527.105
4,115
22.496
18,381
Southwestern Traction Company_a
8,239
65,309
57,070
52,581
598,943
546,362
Springfield (Massachusetts) Street Railway_b
r.297
2,154,715 2,160,012
2,240
16,287
14,047
Springfield (Vermont) Electric Railway_b
4,856
46.570
56,426
3,837
29,010
Springfield
25,173
Xenia Railway Company_a
85.906
78.690
7,218
17,513
129,804
Stark Electric Railroad
147,317
9,724
303,472
313,106
16,577
56,363
Staten Island Midland Rallway_a
72,940
9,656
312,152
321,808
2,530
24,761
Syracuse & South Bay Electric Railroad_b
27,291
90,109
85,461
4,648
603
54.384
Syracuse & Suburban Railroad_b
54,987
138,076
135,959
2,117
82,481 _
378,441
Tampa Electric Company_ a
460,922
136,060
844,940
981,000
1-6649
2,568,150
Terre Haute Indianapolis & Eastern Traction Cd_a
2,406,101
134,249
6,667,263 6,533,014
74,081
Texas Traction Company b
297,432
223,351
44,830
720,926
676,096
Third Avenue System (New York)
44,536
Belt Line Railway Corporation_a
186,719
142,183
18,007
764,681
746,674
84,189
Dry Dock East Broadway & Battery Rya
134,147
49,958
84,648
595.498
510,850
62,760
42d Street Manhattanville & St. Nicholas Ave_a
807,707
744,947
47,016
1,857,088 1,904,104
90,261
New York City Interborough Rya
108,841
199,102
46,973
619,156
666.129
18,642 Southern Boulevard Raliroad_a
53,452
34,810
12,774
211,093
. 223.867
,
162W
---Third Avenue Railway-a
140,183 1,476,590 1,639,232
3,943,475 4,083,658
41,553
Union Rallway-a
555,947
597.500
117,994
2,864,202 2,746,208
32,123
Westchester Electric Railway_a
100,176
132,299
13,148
591,739
604,887
36,518
Yonkers Railroad_a
138,731
175,249
21,031
700,719
721,750
4.360
Tidewater Power Company_a
189,018
184.658
10,353
455,695
466,048
1,660
Toledo Fostoria & Findlay Railway
93,011
94,671
6,469
208,702
215.171
19,27
Toledo & Indiana Railroad_b
68,712
87,984
1.990
223.082
225.072
Trenton Bristol & Philadelphia Street Railway_b
1,443
26,009
24,566
1,007
91,238
110,231
32,489
Trenton & Mercer County Traction Company_b
329,722
362,211
5,511
771,037
776,548
639
Troy & New England Railway_b
16,209
16,843
940
• 36,098
35,158
91,839
Twin City Rapid Transit (Minneapolis)_b
4,461,534 4,369,695
429,309
9,209,645 8,870,336
10,230
Union Electric Company in Iowa_ a
192,923
203,153
30,791
472,553
503,344
32,499
894,789
Union Ry., Gas & Elec. Co.(Railway Dept. only)_b__
862,295
55,403
1,894,191 1,949,594
38,069
881.754
919,823
Union Traction Company of Indiana_a
29,461
2,437,371
2,466,632
31,060
2,619.378 2,588,318
United Light & Railways Co. (subsidiary companies)
112,735 __ . _
6,166,959 6,054,224
8i
--4W15.
UnitedRailways Company of St. Louisa
2-51-,70 3,038,395 3,475,353
12,450,925 12,702,645
8,661
4,891,400 4,900,061
United Railways & Electric Cob
157,347
9,203,839 9,046,492
201,38(
942,562
741,182
United Traction Company (Albany)_b
47,272
2,409,351 2,546.623
13,771
204,278
190.505
Valley Railways (incl. United Electric Co.)_b
5,371
384,226
389,597
322
73.735
74,057
Vicksburg Light & Traction Company a
6,115
187,019
180,904
89,611
2,654,860 2,565,249
Virginia Railway & Power Company_113
132,124
5,169,633 5,037,509
5,502
18,883
13,380
Wallkill Transit Company_b
462
77,687
78,149
1,761
406
Warren Brookfield & Spencer Street Railway_b
2,167
3,336
51,200
47,864
26,07(
408,314
382,238
Washington Baltimore & Annapolis Electric Ry_b
15,001
---_831,940
616,939
67,432
2,460,972 2,528,405
Washington Railway & Electric Company
105,120
5,048,435 4,943,315
9,44E
Washington Water Power Company_a
1,613,828 1,623,276
61,773
2,970,920 2,909,147
31,685
280,485
Waterloo Cedar Falls & Northern Railway_b
312,170
81,912
493,079
574,991
2,20E
West Chester Kennett & Wilmington Electric Ry_b_ _
23,097
20,889
4,230
69.961
65,731
16,332
West Chester Street Railway Company_b
82,920
66,587
7,342
147,715
155,057
48,375
Westchester Street Railroad_a
def35,501
12,874
5,761
256,983
251,222
363
Western New York & Pennsylvania Traction_b
209,497
209,860
4,692
454,348
459,040- -___..--„„
Western Railways & Light Company_a
110,839
985,209
1,096.048
123,468
2,694,234 2,570,746
West Virginia Traction & Electric Company_a
32,990
417,797
4.50,787
51.959
850,794
902,753
8.86(
Wilkes-Barre Railways a
j63,990
/55.130
1,479,994 1,498,305
64.689
28,160
Wilmington & Philadelphia Tract!on ampany_a
/767,255
1739,095
45,946
11M52,385 11.697,631
4.542
Wisconsin Electric Railway Company b
74,656
70,114
197,934
5,411
203,345
19,10(
Wisconsin Gas & Electric Company_a
205,622
186,516
753,410
15,633
737,777
Wisconsin Public Service Company_ a
33,871
202,730
168,859
58,596
469,502
411,064
.
8,990
Wisconsin Traction, Light, Heat & Power Co_a
135,566
144,556
33.438
392,278
495,716
.
109.506
Worcester Consolidated Street Railway_b
876,030
985,536
841
2,758.679 2,757.838
.
18,837
York Railways Company (Nov.30 year)_a
312,996
331,833
29,483
797.162
796,645
.
11,598
106,967
Youngstown & Ohio River Railroad_b
118,565
13.354
266,312
279,666
7,190.59;
6,101,143
r I. Total (270 roads)
186,566,064
185,476,614
10,036.261
6,547,372
487,412,007 483,923,118
1,089,450
Net increase or decrease
3.486.889
(0.58%)
tn•-,• ;.v_I
$
$
a After deducting taxes. b Before deducting taxes. c For the first 8 months of the year net earnings were reported after deducting taxes, but
for the last four months net earnings were shown befcre deducting taxes. d Includes Beaumont Traction Co. from July 1 1913 and the Jefferson
County Traction Co. from Dec 15 1913. e December figures estimated in both years. f These are earnings of the Easton Transit Co., the operating
company. g After deducting depreciation. h After deducting insurance. I Includes Southern Pennsylvania Traction Co. j After deducting rentals.
k Figures cover years ending Sept. 30 1914 and 1913. 1 After including in expenditures the cost of rebuilding a bridge and piers and of new machinery
and equipment, &c., to the extent of about $40,000. m The decrease in earnings in 1914 is due to a strike which lasted 80 days. n These figures
represent but a partial year, the line between Kansis City and St. Joseph not having been placed in operation until May 5 1913. o For years ending
Feb. 28 1915 and 1914. 7, Figures cover years ending Oct. 311014 and 1913. q Includes other income (Atlantic Avenue Div,. &c.) amounting to $75,552 in 1914, against $84,384 in 1913. r The total earnings of the Philadelphia Co. for the calendar year, including gas, electric light, power and
street railway business, were in 1914, gross, $26.515,372; not after taxes, A9.563.946. In 1913. gross. $25.569.568; net, after taxes, $9,539.265.
I After deducting renewal and replacement reserve. u For years ending Jan. 31 1915 and 1914. For purposes of comparison we have combined the
results of the Chicago city By. and the Chicago Rys. Co. for the year ending Jan. 31 1914 and show them as above. v After deducting in 1914
$21,103 for Injuries and damages and $25,220 for depreciation on equipment. In 1913, $97,536 was deducted for injuries and damages.
cates of its important mortgage hanks have been sold to very large amounts
In the markets abroad, especially during the last decade.
The maintenance of a proper status of the country's foreign exchange
position was the constant care and consideration of the Government.
Largely for the purpose of strengthening the foreign exchange, the Monarchy
in 1912 sold about $25,000,000 Treasury bills in the United States. Onehalf of these hills were paid off before the war broke out, while the remainder,
which matured on Jan. 1 1915 wa.4. likewise redeemed, with the exception
of those securities in the possession of English and French capitalists. It
must he admitted that, generally speaking, Austria-Hungary, whose finanAustria entered the war financially much less strong than Germany. cial death has been so long and so frequently predicted si.lee the outbreak
Germany since many years has placed its Government debt within its own of the war, in a financirl way has behaved much better than was anticiborders, has furnished the capital for its ownindustries and, in addition, pated. This does not in any way mean that the country does not suffer
has gradually accumulated a number of foreign securities the sum total of terrioly from this war Calamity. On the contrary, one may rest assured
which is not insignificant and, although not now available-temporarily, that an unfavorable ending of the war for the Dual Monarchy will at the
at least-these investments later on will prove to be of great value. Aus- same timnmean the country's financial ruin.
tria, on the other hand, had to find a market abroad for a large part of its
Simultaneously with the outbreak of the war, all the provisions of the
own Government debt, uhich is a condition not dating from yesterday but Austro-Hungarian Bank were annulled. The publication of the weekly
for many years. Moreover, its municipal loahs and the mortgage certifi- Bank statements was suspended. It was decided to take this step because
THE FINANCIAL AND ECONOMIC POSITION OF
AUSTRIA-HUNGARY.
The "Nieuwe Rotterdamsche Courant" (Holland) continues to publish interesting reviews dealing with the financialiand economic position of the countries at war. In its
number of March 28 the condition of Austria-Hungary comes
in for treatment. In this article, the following is said in part:
APR. 17
1915.1
THE CHRONICLE
it was intended that the funds to finance this war would be furnished by the
banking institutions of the country, through the purchase of Treasury
bonds, which these banking institutions in turn would pledge with the
Austro-Hungarian Bank for advances to be made thereon. A nrratorium
was also the sequel of the beginning of hostilities.
After a while It was felt that it was undesirable to have the AustroHungarian Bank furnish the Government, directly or indirectly, the entire
war expenses. Encouraged by the tremendous success of the first Gorman
war loan, it was decided to open subscriptions in both Austria and Hungary
on, respectively. Treasury bonds and Government stock, and, according to
the German example, no limit was rlaced upon the amounts so to be offered to the public. It was officially announced that the Austro-Hungarian
Bank would advance funds on these new securities to the extent of 75% of
their face value. It is said that the result of this loan was better than expected. The subscriptions for the 53 % Six-Year Austrian Treasury bonds,
issued at 97H, totaled $427,000,000, while in Hungary. $234,000.000 6%
Five-Year Government stock, likewise issued at 97, was applied for,
making the total subscriptions $661,000,000. In how far this success can
be considered artificial, cannot be determined. We do not want to imply
by this remark our disbelief in the correctness of the published figures of
the aggregate subscriptions, but inasmuch as at the time of the subscription for these loans, the moratorium was modified to this extent, that bank
credits could be drawn upon fcr the purpose of subscribing to the new loan
only, it is impossible to ascertain in how far subscriptions were made with
the deliberate purpose of making available certain bank credits locked up
by the moratorium, through subscribing for the new Government issues
and subsequently by borrowing funds,putting up as collateral the bonds
so purchased.
No inkling of the extent of this practice can be had from the figures of the
loan institutions (Darlehenskasso). Thus far the facilities fo these institutions have been availed of to a surprisingly small extent. The record
figure of the accommodation given by these banks has been $11,700,000,
while at the present time the amount of loans outstainding is only $9,000,000. At the same time, we are at a loss—through the suspension of the
publication of the Bank statements—to get at the total amount advanced
by the Austro-Hungarian Bank on these new issues of Government securities. We are kept in the dark, therefore, regarding the extent of the burden the central institution is carrying. It is true that the Dual Monarchy
recently resorted to the placing of a loan of $60,000,000 in Germany, but
whether this was done to alleviate domestic strain or to ameliorate the condition of the foreign exchange market, at the same time to provide for the
payment of the many things now being purchased in Germany, we do not
knon
The fact that so far comparatively little use has been made of the "Dariohenskassen" is in itself no testimony of strength so long as the moratorium
is being maintained. The provisions about the issuance of "Dariehenskas.senscheine" in Austria are different from those promulgated in Germany.
While the German Imperial Bank can use these certificates as cover for
its own circulation, the Austro-Hungarian Bank does not possess this
privilege, but it can—for the computation of its reserve—deduct from its
own circulation the amount of Darlehenskassenscheine it owns.
It•is hard to say in how far economic life, outside of the circles of war
industries and the like, has again become normal. The fact that large
territory is occupied by the Russians and that its population, largely consisting of poor peasants, has fled to the interior, is certninly not conducive
to the creation of a re-establishment of somewhat normal conditions.
In more than one way, the financial condition of the Austrian Monarchy
was all but rosy in recent years. On account of the Balkan and other
policies, Austria-Hungary spent an increasingly large sum for military purposes. The expenditures of army and navy (tho Landstnrm not included)
in a few years have increased from $76,000,000 to $115,000,000 annually.
A casual study of tho finances of the Austro-Hungarian Monarchy discloses
a somewhat discouraging condition. Austria is one of those countries
whose foreign trade, year after year, shows an unfavorable balance, as will
be seen from the following figures:
1908
1909
1910
1911
1912
1913
1914 (11 months)
Imports.
$479,600,000
495,200,000
490.400,000
638,400,000
711,400,000
700,000,000
523,400,000
Exports. Import Balance.
$28,600,000
$451,000,000
31,400,000
463,800,000
86,600.000
483,800,000
480,800,000 • 157,600,000
540,600,000
164,800.000
596,800,000
103,200,000
378,200,000
145,200.000
On account of these continuously unfavorable trade balances, Austria
was compelled to send gold abroad in order to provide for the proper liquidation of its trade debts. As the country did not wish to denude itself of its
stock of gold, credits abroad were established through the placing of loans
in foreign countries. Not only that, Treasury bonds were sold in the United
States, but in addition repeated appeals have been made to tho money markets of Germany, Holland and elsewhere. The credit of the Dual Monarchy
was good and its financial difficulties were considered of a temporary nature. A good deal of confidence in the future of the country was also
shown, this latter having been accentuated by the existence of the country's
numerous natural resources, of which the rich oil fields in Galicia rank foremost. However, all this could not prevent the Government debt from increasing on a large scale. It amounted to $1,000,000,000 in 1862. and increased to $2,000,000,000 in 1909, and further to $2,500,000,000 in 1913.
The service of this debt at the present time requires about $98,650,000 annually. Since the outbreak of the war, a good many billions of kronen were
added to this huge total. It goes without saying that also in this country
the tax screw was turned closer and closer, the proceeds of taxes having
mounted by more than 200% in the last 50 years. True there has been
a greater prosperity of the people, but not in such degree as to justify the
large increase in taxes. The number of • failures in Austria-Hungary is
increasing. That the Balkan War in a way can be held responsible for this
unfavorable condition seems not unlikely, if it is noted that the total liabilities of alllfailures made during 1912 ($36,400,000) was more than the aggregate of the liabilities of all failures during 1909,1910 and 1911 together.
These circumstances forced the Government to avail itself of all possible
means for an increase of its resources and to this end it went even so far as
to threaten the insurance business with a State monopolization it the insurance companies operating within the Monarchy would not invest a
large pert of their resources to Government securities. This threat did
net fall to produce effects, as from the moment it was made long-term
Government bonds in increasingly large amounts found their way to the
strongboxes, not only of the domestic insurance companies, but also of those
foreign insurance companies operating in Austria-Hungary. During 1912
alone, in this manner, more than $22,000,000 90-year Government bonds
were taken up by these insurance companies. Although the Monarchy has
succeeded in lowering its abnormally high foreign exchange,for a long time,
nevertheless its foreign exchange quotations moved above gold parities.
At the present time money seems to be abundant in Austria-Hungary,
and it is not unlikely that this will actuate the powers that be to bring out
a second war loan at an early date.
1309
BILLS AMENDING "SEVEN SISTERS" LAWS VETOED.
Three bills amending the "Seven Sisters" laws enacted
by the New Jersey Legislature in 1913 were vetoed by
Governor Fielder on the 13th inst. All three of the bills
which the Governor disapproves were introduced by Senator
Read and were passed by the Legislature during the past few
weeks. While it has been contended that the general purpose of the proposed legislation was to bring the New Jersey
Acts into closer conformity with the Clayton anti-trust law
enacted last year by Congress, Governor Fielder contends
that their effect would be to
the present laws. In
his message vetoing the three measures, his reasons were
set out as follows:
"Senate No. 345.—The Act which this bill seeks to amend is one of a
series passed in 1913 for the purpose of putting an end to improper practices
which were possible under our corporation laws and which had earned for
New Jersey the title, 'Mother of Trusts.' This particular Act is the one
which defines a trust and provides a penalty for engaging in illegal combination or agreement.
"Under the law which this bill would amend, if the effect or result of a
combination or agreement between corporations is to create a monopoly, or
to increase the price of commodities, or to prevent competition, or to control
prices, such combination or agreement is illegal, and the corporation or
person can be indicted and punished. This bill proposes to write into the
law the words,'with the intent to substantially lessen competition or create
a monopoly,' and should I approve, the State would be compelled in
all legal proceedings to show that, notwithstanding that the things against
which we desire to guard, followed as a result of a combination or agreement, that it was the intention of the parties thereto that such results would
follow. The State would thus be required to prove the thoughts or state
of mind of the indicted persons."
"Senate No. 346.—The Act which this bill seeks to amend makes it
unlawful to discriminate between persons in the selling price of a commodity, or to render service at a lower rate to one person than to others.
Its intent is to prevent unfair competition, restriction of trade and secret
rebate or prices. This bill would make all these things lawful if done for
the purpose of meeting competitive prices. It would enable a large corporation to locate next to a small competitor and for the alleged purpose of
meeting competition, drop its prices just below those of the smaller dealer,
and if the latter attempted to meet these reductions, drop again and again
until the small concern succumbs."
"Senate No. 347.—The Act which this bill seeks to amend prohibits the
merger of corporations unless the Utility Commission in its discretion
consents. This bill requires that all mergers shall be permitted if not
unduly prejudicial to the interests of the parties concerned or to the public.
Permission to merge would not be sought unless the parties concerned
desired it, and as notice of the application is to be given only to the parties
concerned, the public will have no opportunity to show that the merger is
prejudicial to its interests.
"The law now provides that the directors of any company putting
through a merger without the consent of the Utility Commission, shall be
guilty of a misdemeanor and punished accordingly. This bill proposes to
strike out that provision and substitute for it the mild and quite obvious
remark that merger shall be void."
As reported in our issue of April 3, another of Senator
Read's bills amending the "Seven Sisters" Acts, was signed
by Governor Fielder on March 31. This newly enacted law
affects Section 51 of the Corporation Act which, under the
1913 legislation, was amended so as to prohibit corporations
organized under the laws of the State from holding the stock
or the indebtedness of other corporations. The law, under
the latest amendment, carries a provision to the effect that
the restrictions are not intended to prevent any corporation
created under the laws of the State "from purchasing the
stock, bonds, securities or evidences of indebtedness of any
other corporation or corporations of this or any other State
solely for investment and not using the same by voting or
otherwise to restrain trade or to bring out, or in attempting
to bring about, the substantial lessening of competition."
CANADA'S WAR TAX ACT EFFECTIVE APRIL 15.
Canada's Special War Revenue Act went into effect on
the 15th inst. The Act was passed at the recent session of
Parliament and received the Royal assent on the 8th inst.
Under the new measure a war tax postage stamp of one cent,
or a one-cent postage stamp in lieu thereof, will have to be
affixed to all letters and postcards before mailing. The
extra cent will not, however, have to be placed on circulars,
as a circular is not a letter within the meaning of the Post
Office Act. On checks and drafts and promissory notes
negotiated through a bank a two-cent stamp will have to
be affixed. An extra cent is imposed on telegrams. Purchasers of railway tickets will have to pay five cents extra
on all tickets costing over one dollar and up to five dollars,
and an additional five cents for each five dollars or part of
five dollars of the cost of the ticket. Druggists selling proprietary or patent medicines and perfumery costing twentyfive cents or less will have to affix a one-cent stamp to each
bottle or package sold. If the bottle or package costs more
than twenty-five cents, then one cent will have to be affixed
for each twenty-five cents or part of twenty-five cents of the
selling price. Special stamps will also have to be affixed
on wines and champagne. Heavy penalties are levied for
1 310
THE CHRONICLE
violation of these requirements, except in the case of the
war tax on letters and postcards. If the stamp is not
affixed to a letter or postcard, the letter or card goes to the
Dead Letter Office. While special inland revenue stamps
with the words "war tax" upon them have been prepared
in many centres, postage stamps will serve the purpose if
the war stamps are not readily available.
Along with the Special War Revenue Act there has also
been passed the Custom Tariff War Revenue Act, embodying important changes in the tariffs schedules of the Dominion. These measures, as indicated in a reference thereto
in our issue of Feb. 27, are designed to make up the deficiency in revenue receipts suffered through the war. The
tariff revision has resulted in the dropping from the free list
of a number of articles, which are now made subject to a duty.
Raw cotton, wool, leather and rubber are among the articles
which were heretofore on the free list, but are now taxed.
With.a few exceptions there is an all-round increase of 7M%
in the general and 5% in the British preferential tariff.
It is said to be the expectation of the Canadian manufacturers that the tariff will not undergo a downward revision
for three years at least.
FOREIGN COMMERCE OF FRANCE, FIRST TWO
MONTHS OF 1915.
Imports—
1915.
Articles of food
francs_ 265,428,000
Raw materials for manufac's— 347,469,000
241,606,000
Manufactured articles
1914.
Increase. Decrease.
313,465,000
48,037,000
962,918,000
615,449,000
235,629,000 5,977,000
francs.. 854,503,000 1,512,012,000 5,977,000 663,486,000
Totals
Decrease in 1915
francs_657,509,000
Exports—
francs_ 75,444,000
Articles of food
99,515,000
24,071,000
Raw materials for manufac's__ 86,647,000 292,292,000
205,645,0.00
Manufactured articles
194,910,000 510,442,000
315,532,000
Parcels Post(5)
27,836,000
89,521,000
61,685,000
Totals
Decrease in 1915
francs_ 384,837,000
991,770,000
606,933,000
francs_606,933,000
203,000 francs of which were for parcels containing silk tissue and ,silk floss.
The corresponding figure for 1914 was 6,565,000 francs.
PROVIDENCE MANUFACTURERS SENTENCED IN
OLEOMARGARINE CASES.
William J. Higgins and Jeremiah H. Hall, President and
Treasurer, respectively, of the New England Manufacturing
Co. of Providence, R. I., convicted of conspiracy to defraud
the Federal Government out of taxes amounting to $400,000
on artificially colored oleomarg.arine, were each sentenced to
one year and one day in prison, and to pay a fine of $1,000,
by Judge Arthur L. Brown in the U. S. District Court at
Providence on the 5th inst. The defendants, who had previously entered a plea of not guilty, pleaded guilty to the
indictment on the 1st inst. Another indictment charged
them with defrauding the Government out of $400,000, but
Special Assistant Attorney-General Robert W. Childs, in
addressing the Court on the 5th inst., said that, in his
opinion, it would satisfy the end of justice if the whole proposition were disposed of by sentence upon the conspiracy
indictment. In pronouncing sentence, Judge Brown indicated that it was based entirely upon the conspiracy indictment, which was the only matter before the Court, and
said: "It seems to me that this. is a case that calls for imprisonment and a fine. In view of the fact that a civil action
is possible, and also that there is another indictment pending,
it is difficult for me to compute the pecuniary benefit the Government should derive in the matter of taxes."
THE STOCK EXCHANGES.
There was a further considerable advance in the price of
New York Stock Exchange memberships this week, five having been posted for transfer, the consideration jumping from
$50,000 to $59,000 and then to $60,000. This last represents
an advance of $10,500 over the final transaction last week
and over $15,000 since the recent activity set in on the Exchange.
The following report made by the Special Committee to
the Governing Committee of the Philadelphia Stock Exchange at its meeting held on the 5th inst. was received, and
the committee, consisting of Isaac T. Starr, James D.
Winsor Jr., Charles H. Bean, Horace H. Lee and William
D. Grange, was discharged by the President with the thanks
of the Governing Committee for its most efficient work in
the interest of the Stock Exchange and its members.
The Special Committee appointed under resolution of the Governing
Committee adopted Aug. 3 1914, with full authority during the closing
of the Stock Exchange to decide all questions relating to the bt.siness o
[VOL. 100.
the Exchange and its members, and which, upon the opening of the Exchange on Nov. 30 1914, was continued with full authority until discharged by the President, beg to make the following report:
By its ruling made Aprll 1 1915, removing all minimum prices from New
York stocks, under which and previous rulings of the committee transactions may now be made in all securities dealt in on the Exchange without
price restriction, your committee has accomplished the purpose for which it
was appointed, and respectfully asks that it be discharged.
In making this, its final, report, the committee wishes to express to the
members of the Governing Committee and all members of the Exchange
its sincere thanks for the hearty co-operation, valuable assistance and encouragement accorded it at all times.
THE POOR FARMER—WHY HE SHOULD NOT BE
ASKED TO PAY HIGHER FREIGHT RATES.
At the hearing on the increased freight rates sought by
the roads in Western Trunk Line and Southwestern Tariff
Commission Territories, Henry Wallace of Des Moines,
editor of "Wallace's Farmer", took up the cause of the
farmer in opposition to the proposed increase. If we are to
believe Mr. Wallace, the farmer, so far from prospering
under the extraordinarily high level of values for his products, is one of the Earth's unfortunates. Pity the poor
farmer. From "Wallace's Farmer" of the 9th inst., we
take the following extract from Mr. Wallace's testimony at
the hearing:
This hearing is very largely a conflict between the transportation interests on the one hand and the agricultural interests on the other.
It is an attempt by the railroads to shift a considerable partof a burden,
caused to some degree by most unusual conditions,from their own shoulders
to the shoulders of the public, and permanently to fasten it there.
It Is an effort to secure an advance in rates which will yield to the roads,
even in unfavorable years, a higher rate of return than the farmer can
secure In the most favorable years, and a far higher rate than he can secure
In average years.
It is an effort to establish a principle that the railroads must have the
fostering care of the public, even at the expense of agriculture, upon which
our very existence as a nation depends.
A Chinese philosopher, long before the Christian era, said, in effect, that
the well-being of a nation is like a tree, of which agriculture is its root and
manufacturing its leaves and branches. If the root decay, the leaves and
branches fall and the tree is dead. This truth has been recognized and
voiced by the thinkers and statesmen of every succeeding century. But
we are here witnessing an effort to overstimulate the leaves and branches
at the expense of the life-giving root.
In the testimony and exhibits offered by carriers up to this time the
demand has been for a rate of 7% return on the value of their property,
represented both by stocks and bonds. At the initial stage there arises
this issue: What is a reasonable rate of return? This is not only a question
of law, but a question of fact as to what other lines of industry are able
to earn.
The value of the farm property of the United States, according to the
• 1910 Census, was $40,991,449,090.
The value of the railroad property was about $15,000,000,000.
The value of the farm property in Iowa is nearly $4,000,000,000. The
value of the railroad property in the same State is about $350,000,000, or
ess than 10% of the value of the farm property.
The railroads apparently wish to be permitted to advance their rates to a
point which will yield them 7 to 9% return on their stock, and are asking
the public to sustain them in this, on the theory that as they prosper so
the country prospers.
The farmers of Iowa are asked to bear a large part of these proposed
advances.
It is an established fact that a prosperous agriculture must underlie a
prosperous country. But the farmers of Iowa, with a cash investment ten
times as great as the railroad value in that State, are getting a return on
their investment of not more than 3%,and this with an allowance for their
own labor of less than $600 per annum.
Billions of dollars all over the Nation seek investment at from 2% to
5%. In 1913 the outstanding public debt represented by Government
bonds was almost $3,000,000,000. The prevailing rate was about 24%.
According to the National Monetary Commission, there were in 1909
$5.174,506,136 in the savings banks of the United States, and the average
rate of interest paid to the investors was 3.55%.
The bonds of well-managed railroads have sold readily at prices which
net the investor between 4 and 4%%. The stocks of good roads have sold
readily at prices which net the investor less than 6%.
The honest man who has trust funds to invest looks with suspicion upon
any proposition which offers more than 5%% return.
In the face of this deliberate judgment of the millions of people who have
money to invest, as to what is a reasonable rate of return; in tho face of this
acceptance of from 3 to 5%% as being a reasonable rate, the railroads come
before the country and ask that they be permitted to earn for their stockholders a rate of return almost twice as great.
In support of their request that they be permitted to advance their freight
rates, the railroads are presenting two general lines of argument:
First, that their revenues under the rates now in force are inadequate to
enable them to maintain their properties as they should be maintained,
pay their operating expenses, taxes, interest on their debt and bonds, and
secure for their stockholders a return o' 6 or 7% on their capital stock.
As to the merit of this line of argument (except as to the justice of the desired rate of return on the capital stock), the evidence submitted should
measure its value, and this evidence is being submitted directly to this
Commission.
Second, it is argued that because of the general business depression during
the past year there has been a marked decrease in their revenues, without
a proportionate decrease in their expenses, that interest rates on the money
they borrow have advanced, that their credit has suffered, and they find
It more difficult to float loans, and that, as a consequence, they are not able
to render the public the service which the public has a right to expect
of them.
Along this second general line the evidence has largely been submitted
by indirection. Both the news and advertising columns of the press of the
country have most adroitly been used in the effort to persuade the public
that the general business depression is in some considerable part duo to
the difficulties under which the railroads are laboring. That because of
lack of adequate revenue, and of the difficulties of borrowing advantageously, the railroads have been obliged to discontinue very largely the purchases of material, and that this resulted in throwing out of work thousa nds
APR. 17 1915]
THE CHRONICLE
of men employed in factories where such material is made. That for the
same reason the work on needed improvements has been discontinued, and
it has been necessary to reduce the number of men employed in the operating
departments, thereby adding to the army of the unemployed. That by
reason of these enforced economies the general business of the country has
been affected adversely.
By broad general assertions, wholly unsupported by dependable evidence,
the effort has been made to persuade the business public that if the railroads
should be permitted to advance their rates by an amount that would really
be insignificant to any individual, the clouds would be dissipated, the business skies would clear, the wheels would turn once more, and our winter of
discontent would be glorious summer. When business is in the dumps
business men welcome a possible remedy, and this shrewd plea of the railroads has met with a response from that class of the business public upon
which the burden of increased rates would not be likely to fall. Personal
letters and petitions signed by thousands of bankers, jobbers, retail merchants and others whose business permits them to shift the cost of freight
to others have gone forward by thousands to legislative bodies and railroad commissions. This apparent sentiment favorable to the advances
is not representative of Western thought and feeling. The producing classes
feel that this whole proceeding is an effort on the part of the carriers to
take an unfair advantage under very unusual conditions.
In all of this there has been a singular oversight of the welfare of our
large producing class, especially of the interest of the farmers and stockmen. It is admitted that the prosperity of the country is largely dependent
upon our great transportation system; that if the railroads are not permitted
to charge for their service rates which will enable them to maintain their
properties, meet their necessary expenses and furnish us an adequate
service, all will suffer. But to an extent even greater our material prosperity depends upon agriculture. It is the foundation upon which we have
built, and any attempt to shift a temporary burden, which has come, in
part at least, from a condition which is without precedent in the world's
history, from the railroads to the farmers, should be strenuously resisted,
not alone by the farmers but by the statesmen, public economists and the
broad-minded business men of the entire Nation. It is not sufficient to
consider only the extra charges involved in the proposed advances on
agricultural products. The indirect effect on the agriculture of the West
must be considered as well.
The farmers and the railroads are co-operators, if not indeed in a certain
sense partners, in the job of feeding the world. It is of the utmost importance that these two interests be treated fairly, and that they treat one
another fairly. If the railroad is necessary to the farmer, the farmer is
even more necessary to the railroad. Neither can prosper permanently
under modern conditions without the other. These two great interests
are naturally linked together; any calamity to the one must necessarily be
shared by the other. This condition is particularly true in Iowa, the leader
of the agricultural States, and from which the railroads draw so largely in
earnings.
Apparently the State of Iowa is agriculturally prosperous, and in some
respects it is. The high price of corn and oats, our chief grain crops, has
hurt rather than helped a large percentage of our farmers. The per cent
of the corn crop shipped out of the county where grown averaged about 24%
for the ten years prior to 1913. Of the largo crop for 1912 about 33% was
shipped out and of the 1913 crop 30% was shipped out. Corn has for some
time been selling at a price on the market which forbids it being fed to live
stock at a profit. The cattle feeders of Iowa bought their feeding steers
at from 6% to 7 cents a pound. With corn at prevailing prices, it costs
near to 14 cents to make a pound of gain; and they have been selling their
fat steers at about the price per pound they paid for them as feeders. The
result has been a loss on practically every steer fed in the State this winter.
Vast numbers of hogs are fattened in the State of Iowa. While it is
possible under the most skilful feeding to make a gain of ten pounds on a
bushel of corn, the average farmer does not as a rule make more than eight.
Therefore that portion of this corn fed to hogs,instead of bringing the market
price, brings him but 50 cents a bushel or less.
The disturbance in the labor market caused by the disorganized condition
of business generally has made unemployment more common in our cities
than ever before, and has prevented the farmer from getting the prices he
should for his meats. In short, the causes which have operated to depress
the business of the railroads have affected the farmer as well, and the suggestion that he should be taxed for increased freight rates to help out the
railroads is adding insult to injury. The farmer has an even better claim
than the railroads to the fostering care of the country. This claim has been
entirely overlooked. He is asked not only to look after himself in this time
of his deep trouble, but to be a good fellow and help out the railroads.
Now, oven in a normal year the Iowa farmer has not been able to secure
a fair return on his investment and a fair wage for his own labor. The
past five years have been comparatively prosperous ones for agriculture.
Prices have generally been good, and crop yields have been fairly satisfactory. But in none of those years has the average farmer made money if
he should charge a fair rate of interest on his actual investment in land,live
stock, machinery and working capital. I have prepared some evidence
to show the truth of this statement. If the farmer had had a series of fat
years, he could work through this time of trouble without undue worry,
and could help out the less fortunate, but he finds his own burdens heavy
enough without assuming burdens of others who are more able to bear
them.
(Here Mr. Wallace introduced exhibits prepared according to the Government methods to show that if the average farmer should charge interest
at the rate of 5% on his invested capital, and should deduct all of his necessary expenses, he would have, at the end of the year, not as much as $300
as labor income. There are thousands offarmers who do very much better,
but the figures are accurate as to the average.)
In the exhibits showing the farmers'rate of return which I have submitted
no allowance has been made for the depreciation in fertility of the farm
and. The farmers of the West have, in fact, been selling their farms in
their crops. If all of our grain crops should be shipped out of the State
each year. the value of the fertility thus lost would be not less than $150,000,000, or nearly $700 per quarter section farm. (See Bulletin No. 150,
Iowa Experiment Station, pages 95-96.) In fact, the loss is less than this
because of the large amount of grain and forage fed to live stock. But even
under our present system the loss of fertility per year per average farm is
between $300 and $400.
CLIFFORD THORNE SEEKS FINANCIAL HISTORY OF
ROADS IN WESTERN RATE CASES.
A statement in support of his request, made on the 8th
inst. at the hearing of the Western freight rate advances before Inter-State Commerce Commissioner Daniels in Chicago,
that the forty-one carriers seeking the increases be required
to present a complete exposition of their financial history,
1311
was filed this week by Clifford Thorne, Chairman of the Iowa
Railroad Commission,and Chairman of the special committee
representing sixteen Western State commissions opposing
the advances. In his petition of the 8th, Mr. Thorne asked
that the roads be required to file answers to thirty-six interrogatories, asking enlightenment as to the disposition of railroad revenues in recent years, and specific data on certain
operating costs. He said:
The information we are asking this Commission to require the carriers to
furnish is in the main similar to the data the Commission itself demanded
in the Eastern rate case. We consider it extremely important that the same
character of information be supplied in this investigation. One of the questions which varies from the Eastern request for information is: "State what
sums have been expended in raising the standard of your property or in
making improvements, additions or extensions, which have been charged
to operating expenses during each of the fiscal years from 1901 to 1904,
inclusive." Railway officials in taking the stand frankly admitted on
cross-examination that large sums of money for additions and betterments
had been so expended and charged to operating expenses, but the companies
so far have refused to state the amount of money so expended.
One of the questions asked for a list of all directors, officers
and employees who received salaries of $10,000 or more per
annum in the last year. Another read: "Give information
regarding payments made for influencing legislation, assisting political campaigns, special legal services, entertainment
of public officials and for influencing public opinion through
the press during the period 1907 to 1914, inclusive." On the
9th inst. protest against answering the questions was entered
on behalf of the roads by C. C. Wright, Chairman of the
Railroads' Rate Committee, who argued that the interrogatories do not properly belong in the present hearing, that they
are presented too late, and that they are unnecessary, as all
books and original records have been open to the shippers
throughout the hearing. Mr. Wright stated/that similar
questions had been put to the carriers in the Eastern rate
case, and these, he said, were not used despite great expense
in compiling and long delay to the hearing. Mr. Wright
contended that while the Eastern case was a general investigation, in which such interrogatories might have been permissible, no such condition exists in this case.
Mr. Thorne points out that he has used less than half of
the questions the Commission required the Eastern carriers
to answer,. and that the questions were not proposed before
this because the fitting time to do so was when the carriers
had rested their csae. Mr. Thorne's committee consider
that these questions."go to the very heart of the issues at
stake."
SLIGHT IMPROVEMENT IN IDLE CAR SHOWING.
The American Railway Association reports the number of
idle cars on April 1 as 313,421, as against 322,290 the first
of March, but comparing with only 141,525 on April 1 last
year. Below is the latest statement of the Association in
the matter:
THE AMERICAN RAILWAY ASSOCIATION.
Committee on Relations between Railroads.
New York, April 10 1915.
The Committee presents herewith Statistical Statement No. 3 giving a
summary of freight car surpluses and shortages for April 1 1915. with
comparisons.
April 1 1915
313,421
Total Surplus {Mar. 1 1915
322,290
April 1 1914
141,525
The surplus for March 1 1915, shown above, includes figures reported
since the issue of Statistical Statement No.2.
April 1 1915
348
Total Shortage{Mar. 1 1915
543
April 1 1914
2,013
The figures by classes of cars follow:
Classes—
Surplus.
Shortage.
Box
93,400
208
Flat
19,472
50
Coal and Gondola
145,069
33
Other
55,480
57
Total
313,421
348
ARTHUR HALE. Chairman.
HEARING ON THE EFFECT OF CUMMINS LAW
AFFECTING LIABILITY OF CARRIERS.
At a hearing before the Inter-State Commerce Commission
in Washington on the 10th inst., counsel for the railroads
and traffic experts for shipper's organization voiced their
opinions as to the changes which would result from the new
Cummins law intended to prohibit railroads from restricting
their liability in the carrying of freight. The Cummins
Act, which amends the Inter-State commerce law, was passed
in the closing days of the last Congress and signed by the
President on March 4. The bill seeks to do away with the
limited liability clause under which railroads have been
receiving live-stock shipments and to make the carriers liable
for the full value of shipments destroyed in transit.
Under the present bill of lading with limited liability, the
carriers undertake the transportation of (freight at the rates
now in effect, their tariffs, however, providing that where
1312
THE CHRONICLE
the shipper demands full liability there shall be an automatic
increase in the freight rate of 10%. The carriers contend
that when the Cummins amendment, prohibiting limitation
of liability, becomes effective on June 3, they may automatically increase their freight rates 10%. This contention is
not accepted by the representatives of the shippers, who
hold that the law intended merely to increase the liability
of the roads, without serving to effect an increase in freight
rates. It is understood that the Commission itself is not
entirely clear as to the effect of the new law, and the conference was called to determine whether there is a common
ground on which the railroads, the shippers and the Commission can satisfactorily adjust their views. After an all-day
discussion of the matter Commissioner Clark adjourned the
conference, but gave all parties permission to file briefs
before April 20. More than two hundred lawyers and traffic
men were present at the hearing. 0. E. Butterfield, of the
New York Central Lines, acting as attorney for the roads in
Official Classification Territory, suggested that the Cummins law be so construed that carriers might eliminate from
their bills of lading the clauses fixing liability for damage to
the invoice price of the shipments but retain the clause giving
value "at the place and time of shipment" as the basis for
damage claims. He proposed to amend the *uniform bill of
lading in accordance with this view prior to June 3, and
stated that the roads he represented would then not expect
any general freight rate increase.
"With respect to live stock, household goods, glassware,
paintings and a number of other commodities, whose sales
now rest upon some specification of value," Mr. Butterfield
said,"while it is the view of the carriers that notwithstanding
the Cummins law rates may still be made to rest upon value,
the new Act does impose the added liability upon the carriers
for which some increase in the normal rates should be permitted."
•
Lincoln Green, General Traffic Manager of the Southern
Railway, while contending that the railroads could automatically increase their rates 10% after June 3, said that
instead of such an increase the Southern proposed to make
such modification in its bills of lading as would result in a
5% increase on certain commodities, where the risk will increase with the full liability clause in operation. He estimated that about 30% of the Southern's entire freight traffic
would be affected by the increase.
Luther M. Walter, of the Corn Belt Meat Products Association, produced statistics to show that in the last few years
the annual claims paid by several Western railroads averaged
from 1 to 2% of their gross freight revenues. He pointed
out that insurance companies insure shipments of live stock
at 50 cents per car and argued that the most the railroads
could expect in the way of increased rates would be enough
to pay this insurance.
H. C. Barlow, Chairman of the Executive Committee of
the National Industrial League of Chicago, an organization
supported by 75,000 shippers, stated that under the limited
liability clause the railroads are now paying from 1% to
2% of their freight revenues in losses; he was not prepared
to admit that they would have to pay much more under the
Cummins law, and suggested that the fair thing to do is for
the carriers to go along for six months without asking for
higher rates, and then determine whether the increased liability has brought about greater costs, and whether higher
rates are warranted.
BRIEFS FILED PROTESTING AGAINST TARIFFS FOR
"SPOTTING" CARS.
The suspended tariffs, proposing charges for spotting
cars,are protested against as unreasonable, unduly preferential, unjustly discriminatory and in violation of the Act to
Regulate Commerce, in a brief filed on April 7 with the
Inter-State Commerce Commission. The brief is filed on
behalf of the Carnegie Steel Co., the American Bridge Co.,
the American Sheet & Tin Plate Co.,. the American Steel &
Wire Co. and the National Tube Co. While having particular bearing on the subsidiaries of the United States Steel
Corporation, the brief also deals with the effect of the proposed tariff changes on the iron and steel industry. A
charge of 5M cents a ton with a minimum of $2 per car, is
contemplated in the new tariffs, which are an outgrowth of
the first report of the Inter-State Commerce Commission in
the industrial railways case. The "Journal of Commerce"
says:
To show that the tiriffs discriminate against the iron and steel industry,
the brief calls attention to the fact that there are 7,189 industries at Junction
points of the Pennsylvania Co., not including the Panhandle. Of these
7,18 industries, it is said,the carriers have published spotting charges at
[VOL.
loo.
105 industries. Of these 105 industries, 95 are industries listed under the
caption, "Iron and steel, shippers of iron or steel, or receivers of iron and
steel," so that the result of the tariffs would be to place a spotting charge
on iron or steel industries or receivers of iron and steel on spur tracks
largely in excess of any other industry. So far as Pennsylvania lines east
of Pittsburgh are concerned, it is asserted, a similar analysis has not been
made; but at Trenton, N. J., of the large number of industries having spur
track connections, only two industries, both iron and steel, were included in
the spotting tariffs.
ADVANCES ON EASTERN ROADS SUSPENDED.
Advances in rates on live stock, fresh meats and packinghouse products from St. Louis, Chicago and other points
to New York City and other Eastern points proposed by the
Eastern railroads, were further suspended by the Inter-State
Commerce Commission on the 14th inst. from April 15 until
Oct. 15. These advances have been protested by the Western meat producers and the Commission has not yet completed its investigation into their reasonableness.
The Commission also suspended on the same date proposed
increased freight rates on grain and grain products from
Chicago and other points in Central Freight Association
territory to New York and Atlantic seaboard points. The
increases proposed by the carriers are 3-10 of a cent per
hundred pounds in grain and 2-10 of a cent per hundred
pounds on grain products. These increases are in addition
to the 5% increase allowed by the Commission in the advanced rate case. In making the 5% addition the carriers
increased the rate 7-10 of a cent on grain and 8-10 of a cent
on grain products.
UNIONS' ATTITUDE TOWARD MEMBERS FAVORING
FULL CREW REPEALS.
The course pursued by trainmen's unions in penalizing
members who express themselves in accord with measures
for the repeal of full crew laws or other legislation frowned
upon by the unions is anything but creditable to these organizations. As indicating the atittude of the unions toward
members holding views contrary to the organizations, we
submit the following observations from one acquainted with
the facts:
Railroad men are being intimidated, coerced and oven penalized by their
unions because they have exercised their rights as free American citizens to
urge their convictions with regard to the Full Crew—excess man crew—
Laws.
Since the Associated Railroads of Pennsylvania and New Jersey started
the open campaign for repeal of the arbitrary Full Crew Laws, full power
over the manning of all trains to be given simultaneously to the Public
Service Conunissions, there have been loudly made charges that employees
were being coerced and intimidated to support the proposition. These
charges have lacked basis. Not in a single case has such charge been
substantiated.
From the start the trainmen's organizations have used the methods
which they have charged to the railroads, and not only upon their members,
but also upon merchants and others. To begin with, a general threat went
out Jan. 21 over the signature of W. S. Stone, Grand Chief of the Brotherhood of Locomotive Engineers.
It was made in response to a letter from W. G. Lee, President of the
Brotherhood of Railroad Trainmen, who stated that some engineers in
Now Jersey were working to have the Full Crew Law repealed and that he
felt "some action should be taken to put a stop to the action of those men."
The action taken by Mr. Stone was direct. He served notice as follows:
"Members working against legislation of any of the other organizations
should be requested to discontinue doing so. and if they do not heed this
warning, they should be proceeded against for unbecoming conduct."
On Feb. 26, W.0 Lee, President of the Brotherhood of Railroad Trainmen, served a like brotherly warning to members of that organization.
Referring to petitions for repeal of the Full Crow Law, he advised that "our
members should positively refuse to sign any such petition," and added:
"The law provides that any member interfering in any way with legislabe expelled,
tive matters approved by the State legislative b) rd shill
and if any member knows of any member who has signed such petition he
should immediately ask him to withdraw his name, otherwise charges
will be preferred against him."
Charges have been so preferred in many cases and pressed. The club
which the railroad mon's unions hold over their membe s is loss of life insurance and sick and injury benefits. For instance, an engineer paying
$72 a year is insured for $4.509, the full amount being paid if he is killed
or loses an eye, an arm, a log, or is totally disabilitated. If ill, he gets
benefits of $40 a month for one year, $20 a month the second year and $10
a month thereafter. On different scales, life, injury and sick benefit insurance is provided for firemen, conductors and trainmen.
Only last week a freight conductor on the Coneinaugh Division of the
Pennsylvania RR., and a man who had been active in tho union, serving
on grievance committees, was expelled. This action was taken under
clause in the constitution of the Brotherhood of Railroad Trainmen as
follows:
"Any member of the Brotherhood using his influence to defeat any
action taken by a national legislative representative, or any action regularly
taken by legislative representatives in meeting assembled, or of legislative
boards under their proper authorities, shall, upon conviction thereof, be
expelled; and the charter of any lodge using its influence in like manner
may bo suspended or revoked by the President."
Many men who had signed petitions, believing the railroad proposition
right, were given the alternative of withdrawing their names or going on
trial before their lodges.
One Reading Ry. man has had charges preferred against him and been
summoned to make defense, his offense being only that he was present at
the legislative hearing in IIarrisburg.
In dozens of other cases charges have been preferred against union men in
train service. The lodges have generally not gone the extreme of expelling
the men. A Pennsylvania RR. conductor who advocated repeal of the
Full Crew Law before the United Business Men's Association of Philadelphia. was quickly called for union trial on the charge of "violation of
obligation."
APR. 17 1915.1
THE CHRONICLE
1313
and the opinion of Mr. Johnson, fully concurred in by that of Mr. CampTO RE—INTRODUCE UNIFORM BILL OF LADING
bell, was recently received. It shows that, in the opinion of these distinguished
MEASURE.
lawyers, there is absolutely no doubt as to the unconstitutionality
of the section in question, and they have accordingly been instructed to
The uniform bill of lading measure, which has been passed proceed as speedily as possible to test the entire
matter in so far as it relates,
by the Seante in the last two Congresses, but which has directly or remotely, to the assumption by national banks of trust company
powers.
always failed of passage in the House, will be again introIn
of this action, it is the earnest hope of the executive committee
duced in the next Congress, according to an announcement of theview
Trust Company Section that the further granting of trust company
made by its author, Senator Pomerene. He points out powers to national banks by the Federal Reserve Board will be suspended
that bills of lading annually issued represent consignments until a final adjudication of the points at issue shall have been arrived at.
of merchandise valued at $25,000,000,000, of which 99%
covers inter-State and foreign traffic. In announcing
In addition to Mr. McCarter's statement, we also annex
his intention to push the measure, the Senator said:
the full text of the opinion of Mr. Johnson as to the constiI will re-introduceithe bill,!and I think its prospect for enactment this tutionality
of the provision in question:
time is good. It is the result of five
or six years' work of the American
Bar Association's committee on uniform legislation, has been favored
generally by organizations of shippers, railroad men and bankers, and is in
tine with legislation enacted in eleven States, this bill differing only so as
to be adaptable to inter-State and foreign commerce.
TRUST COMPANY SECTION TO TEST GRANTING OF
• TRUST POWERS TO NATIONAL BANKS.
The determination of the Trust Company Section of the
American Bankers' Association to test the constitutionality
of the provision of the Federal Reserve Act (paragraph K,
Section 11), granting trust powers to national banks, was
formally made known in a statement issued on the 10th inst.
by Uzal H. McCarter, President of the Fidelity Trust Company of Newark and Chairman of the Executive Committee
of the Trust Company Section. Under a resolution adopted
by the committee, John G. Johnson of Philadelphia and
Henry M. Campbell of Detroit have been retained as
oounsel to institute the proceedings. Mr. Campbell is
acting as attorney for Michigan trust companies which
are opposing legislation in that State designed to give
national banks authority to serve in a trust capacity. The
resolution of the executive committee of the Trust Company Section calls for the appointment of a committee
of five to arrange the details in connection with the action,
this committee consisting of Mr. McCarter, Chairman;
Ralph W. Cutler of Hartford, John H. Mason of Philadelphia, John W.Platten of New York and E. D. Hulbert of
Chicago, Efforts to have the American Bankers' Association as an organization undertake a test of the provision
in question were made, but, according to Mr. McCarter's
statement in the premises, these efforts proved fruitless and
the Executive Committee of the Trusti,Company Section
decided to act on its own initiative. Mr. McCarter's statement is as follows:
To have the question as to the Constitutionality of Section 11, Par. K,of
the Federal Reserve Act settled as expeditiously as possible, in the interests
not only of the trust companies of the country but for the benefit of the general public doing business with banks, it has been decided by the executive
committee of the Trust Company Section of the AmericanlBankers' Association to have counsel test the matter in the Supreme Court of the United
States.
That course is the outcome of a meeting of the executive committee Of
the Trust Company Section, which was held at the offices of the American
Bankers' Association on March 31 last, wnen the question of trust powers
being granted to national banks under this section of the Reserve Act was
considered in all its phases and ramifications. It was reported at that time
to those present by the Chairman of the executive committee that every
possible effort had been made by him to have the American Bankers' Association, as an organization, undertake a test of the Constitutionality of
Section 2 of the Reserve Act. That course, it was explained, seemed to
have been made imperative because of the decision of the Federal Reserve
Board that it was no part of its duty to test any Constitutional questions
in regard to the law under which it was acting, that it must take the las as
it found it, and that, if the Act, or any part of it, was of doubtful Constitutionality, the initiative in any proceeding to determine the matter must,
of necessity, fall upon those who raised the question.
Having inlmindithat ruling, and acting upon the theory that it was of
as much importance to national banks as it was to trust companies to have
forever settled the Constitutional doubts so persistently raised in the
matter, the Chairman of the committee and others urged upon the Association the wisdom of it, as an organization, representing all classes of banks
undertaking the proper test of the matter before any national institution became engaged in trust business.
All our efforts along this line were, however, fruitless, and in order to
keep entirely out of the matter as an organization, the Association,
through its Administrative Council, directed the general counsel of the
organization not to furnish the executive committee or its officers with
any written opinion on the subject. This attitude on the part of the
general association having been thus clearly and definitely defined.
the members of the Trust Company Section executive committee, feeling
that the entire subject of corporate trusteeship was in jeopardy,and that the
interests of the trust companies of the country were adversely affected,
unanimously passed, after a complete discussion, the following resolution:
"Resolved, That John G. Johnson of Philadelphia and Henry M. Campbell of Detroit be retained as counsel to the executive committee of the
Trust Company Section of the American Bankers' Association, to test the
Constitutionality of Section H. Par. K, of the Federal Reserve Act, and
that a committee of five be appointed by the President of the Section to
arrange the details in connection therewith."
In accordance with resolution, the following committee was appointed:
Uzal H. McCarter, Chairman; Ralph W. Cutler of Hartford, Conn.;
John H. Mason of P,hiladelphia; John W.Platten of New York; and E. D.
Hulbert of Chicago.
That committee inunediately took steps to obtain upon the question at
issue the advice of counsel, retained in behalf of the executive committee,
I am asked to express my opinion as to whether with or without the assent
of the Legislature of any State a national bank specially permitted by the
Federal Reserve Board to act as trustee, executor, administrator or registrar of stocks and bonds may in such State act in either of those capacities
if such action be not in contravention of State law.
The supposed power of the Federal Reserve Board to grant to a national
bank power thus to act is to be found in Section 11(k) of the Federal Reserve Act in these words:
"(k) To grant, by special permit to national banks, applying therefor,
when not in contravention of State or local law, the right to act as trustee,
executor, administrator or registrar of stocks and bonds, under such rules
and regulations as the said Board may prescribe."
I think this provision may be construed as one in whica,so far as Congress
is concerned, the power is conferred upon national banks generally, applying therefor, if a special permit be granted.
I do not view this section as one vesting in the Federal Reserve Board
the power to confer the franchise; but simply as enabling it to determine
under what circumstances the power shall be exercised.
I am not clear that my interpretation of the section recited is not too
liberal, but I am disposed to accept it as the correct one.
In answering this question, certain points must be considered.
1. Is it within the power of Congress to confer upon a national bank
the power in question?
2. If the power can be conferred, who can object to its exercise?
3. Even if Congressicannot confer the power, may the State by express
legislation authorize the exercise of the same by a national bank within its
limits?
1. Is it within the:power:of Congress to confer upon a national bank the
power in question?
In my opinion, this question must be answered negatively. No express
power is conferred upon Congress to create corporations. Such creation
must be found in implication. The power must exist as a reasonable incident in the exercise of expressly granted powers.
The right to incorporateinational banks was found by the Supreme Court
in a necessity, properly and sufficiently, to exercise expressly granted
powers.
I do not believe it would be contended that it is within the power of
Congress to create corporations:simply for the purpose of doing the things
specified in this section.
I know of no express power which reasonably could be held to require.
or fairly to permit, anlincorporation for such purpose.
Does the matter stand differently by reason of the fact that a corporation (a national bank) legally created under ,Federal legislation has been
granted the powers under consideration?
Of course, the right to create a national bank carries with it the power
to confer upon such bank the doing of those things which are usually a
part of the business of banking. It does not necessarily follow because
at the date when the Supreme Court first decided in favor of the power
to create such bank:certain things were not usually done by banks that if,
at the present time, the doing of additional things has become an ordinary
part of a bank's powers, that a bank may not now be created with such
additional powers as usage and custom now sanetion.
It is very difficult to see how the doing of the things specified can in any
way promote a national bank's purposes or be incidental to a national
bank's ordinary powers, especially in view of the fact that the doing of
these things is essentially theldoing of something within each particular
State and is a local act.
In my opinion, at the present time there is no such custom or usage as
makes the doing of the things specified a necessary or ordinary or usual
part of a national bank's transactions.
In my opinion, Congress has no power to create a corporation for the
special purpose of acting as executor, trustee, registrar, &c., or to confer
upon the corporation which it has authority to create the power to do such
things and thus to intermeddle with matters pre-eminently those to be
transacted within the State for the benefit of its citizens.
If Congress has power to create a corporation for such purposes, the
situation of the trust estates taken charge of by national banks will be
anomalous. The bank as a Federal creature is subject to Federal and not
to State law. It is very necessary that from time to time the affairs of a
trustee corporation shall be subjected to examination and adverse criticism
by the parties interested in the trust estates and by the courts having
Jurisdiction of the same.
What power will the State courts have to investigate or in any way
control, supervise or prescribe the actions of a national bank or of its
officers?
The national bank must have a franchise which enables it to do the things
in question. Such franchise, I think, is one which is utterly beyond the
province of Congress to confer.
2. If the power can be conferred, who can object to its exercise?
(a) In the first place, I think it is within the power of the United States
to question the exercise by a national bank of such franchise. The fact
that legislation permits does not settle the matter if the legislation be
unconstitutional.
A nationak bank may be very seriously hampered in its operation by its
assumption of trust and other duties, foreign to its purpose.
(b) The stockholders of a national bank have a right to complain of any
act ultra vires. It may be that they will not find it to their interests to
oppose, but a minority stockholder sometimes opposes for other reasons
than those which should properly influence him. A holder of shares in a
national bank who contributed hislcapital in order that a banking business
might therewith be conducted may well object to the corporation being
exposed to liability in a line of business like that of acting as trustee or
executor. He would have probably the same right which would exist
in the stockholder of a corporation organized for the manufacture of silk
products to obtain an injunction against the manufacture of steel.
(c) Certainly, unless it expressly permits, the State in which the nationa
bank seeks to transact trust business may object thereto.
1314
THE CHRONICLE
(d) Lastly. Cestuis que trustent certainly, in the absence of approving
State legislation, may contest the right of a national bank to assume the
administration of property in which they are interested.
3. Even if Congress cannot confer the power, may the State by express
legislation authorize the exercise of the same by a national bank within
its limits?
In considering this question I am not:dealing with a matter in which there
is contravening State law. The lack of such contravention is made, by
the statute itself, a condition precedent to the'exercise of the power.
I do not think that under any circumstances a national bank could exercise trust functions within the State simply because there was no contravening law. The lack of power conferred by the Federal grant would
unquestionably require an express authorization by the State of its exercise.
I am dealing with the question of whether or not the State may expressly
confer the power upon a national bank to exercise within its limits the
office of trustee, executor or registrar.
It may seem at the first glance that the State, which may permit
foreign corporations to exercise within its limits their franchises and which
may permit individuals and associations of individuals to act as trustees
and executors, may expressly confer upon a national bank, though not
legally authorized to be a trustee or executor, the power to act as such.
I think, however, that it is only a superficial view which will concede
to the State such power.
The national bank, if I am right in the opinionn have heretofore expressed, has no Federal power to exercise the franchise. It is a corporation
not created with power to be a trustee or executor.
In what capacity will it act within the State?
Of course, a State may grant a franchise4but canlit"grant it to a national
bank if such bank is not a corporation of the State?
It is not a corporation of any State, so far as regards what it is doing.
The corporate immunity does not embrace the:act.which it is doing.
If a national bank fails in the discharge of itsiduty and loss ensue, the
cestuis que trustent will have no protection. The:bank may claim that an
act utlra vires by it done carries with it no liability. The persons who deal
with the corporation are bound to know the extent of its charter powers.
It is possible that all the stockholders of a national bank may be so
complicated with knowledge of its acting in the State:as trustee that the
corporation may be estopped from a defense; but this is problematical,
and those who deal with a corporation ought not toabesompelled to rest
upon an estoppel for an enforcement of their rights.
It has been held that a corporation can exercisents franchise extraterritorially, so far as may be permitted by the policy or.comity of another
State, and that by such consent it may transact therein business not ultra
vireo; but it has also been held that it cannot, byivirtuelof a grant of power
In one State, in another State exercise a franchise:noticonferred upon it by
the sovereign which creates it.
See Thompson on Corporations, 2d Ed., Vol. 5.'6627; Story's Conflict
of Laws, 8th Ed., Sec. 1061, Mayor of Knoxvillegvs. Africa, 77 Fed., 501;
Metropolitan Bank of New York vs. Godfrey, 23 Ill., 599;iDiamond Match
Co. vs. Powers, 51 Mach., 145. and Reif vs. Rundle,!103 U. S., 222.
I am therefore of the opinion not only that inithefgeneral provisions for
grant of trust powers within any State there must beinof.contravention of
the exercise of such power by a national bank; but that even if express
power be conferred on such bank so to act by theilegislation of a State,
the bank still is without such power.
In my opinion, the courts could refuse to appoint/national/banks as
trustees, even though requested by the parties inlinterest; could remove
them from such trusteeships, and would be obliged to restrainIthem at the
instance of those interested in trust property.
What would be more anomalous than the acting asltrusteelby a national
bank which had no legal power under its charter so to do:under a supposed
grant of power by the State?
Would the national bank be two corporations or ono?
Would it be amenable to.discipline by the State?
In conclusion, I refer to the existing legislation/in/Pennsylvania with
reference to the power now existing in a national bank/by/reason thereof
to act as trustee in Pennsylvania if permitted by the Federal]Reserve Board.
I think there are such provisions with regard to/corporation trustees
and executors as are in contravention of a power in alnationallbank to act.
In any event they are so inconsistent with actionslby/aDaational bank as
trustee within this Commonwealth that I think it wouldlbeiimpossible for
It to take such action under existing legislation.
It would seem to me that it would be to the lastidegreelinadvisable for
the State to grant the power and thus bring about (1)raconflictfas to the
legality of the grant and (2) a most anomalous condition of responsibility'
on the part of the trustee.
JOHN G.JOHNSON.
April 7 1915.
DENIAL THAT EXERCISE OF TRUST FUNCTIONS BY
• NATIONAL BANKS WILL LEAD TO CONFLICT
OF AUTHORITY.
A statement intended to correct the impressionithat the
exercise of trust powers by national banks will result in
serious conflict on State and Federal authority was issued
by the Federal Reserve Board on the 9th inst. The state•
ment says:
From recent articles and statements it appears that the impression has
been received in many quarters that where a national bank is permitted
by the Federal Reserve Board to act as trustee, executor or administrator,
the exercise of these powers will result in serious conflict of jurisdiction as
between the State courts and authorities and the Federal Government.
It is somewhat difficult to understand upon what the ordinary assumption is based. It is assumed both as a matter of law and as a matter of
policy that national banks exercising the powers referred to will be subject
to the State laws relating to the administration of trust estates just as
any other corporation which is permitted by State authority to exercise
these powers.
When such estates are administered under the jurisdiction of courts,the
national bank appointed by the court or named in the instrument creating
the trust will, of course, be subject to the orders and rules of such courts,
and there should not be any conflict of jurisdiction in so far as the administration of such estate is concerned.
It is unfortunate that a mistaken impression of the purpose and effect
of this provision of the Federal Reserve Act should result in creating a
seeming issue for which no real basis exists.
[VOL. 100.
RECENT STATE LEGISLATION ON TRUST POWERS.
From the "Journal of the American Bankers' Association"
for April we take the following:
The States of Indiana, South Dakota and Washington have passed laws
during the present year under which it would be lawful for national banks
to exercise fiduciary powers in the State. North Carolina, on the other
hand, has enacted contrary legislation.
In Indiana the Legislature has enacted the following:
banks.
A Bill for an Act granting fiduciary powers to duly organized
of the State of InSection 1. Be It Enacted by the General Assembly
banking
a
diana. That every person, firm or corporation transacting
Act to regulate
business subject to the provisions of an Act entitled, 'An partnerships
or
individuals,
by
and supervise the business of banking
unincorporated persons," approved March 8 1907; and every corporation
and
authorize
to
Act
"An
in
prescribed
as
business
banking
a
transacting
regulate the incorporation of banks of discount and deposit in the State
of Indiana, approved Feb.7 1873, and all Acts amendatory or supplemental
thereto, and every national bank coming within the United States Federal
Reserve Act, shall be empowered by this Act to accept and execute trusts
of any and every description which may be committed or transferred to
them, under the same rules and regulations as now govern like powers in
loan and trust companies. In case of any person, firm or corporation
transacting a banking business and accepting any trust under the provisions
of this Act, the president or cashier of such bank is authorized to receive
and execute the same in the name of the bank.
In South Dakota a bill was passed permitting both national and State
banks to act as trustee, executor, administrator or registrar of stocks and
bonds under such rules and regulations as the Federal Reserve Board may
prescribe.
In Washington the trust law of the State was amended so as to enable
national banks to do a trust business under the permission and regulation
of the new Federal Reserve Act.
The following is a bill to the contrary effect recently passed by the
Legislature of North Carolina:
Foreign Corporations_from Doing ff
A Bill to be entitled "An Act to Prohibit
the Use of the Word "Trust."
Fiduciary Business in this State and Limiting
do enact:
Carolina
North
The General Assembly of
the laws of any State other
Section 1. No corporation organized under
the laws of any foreign country,
than North Carolina or organized under
in this State as executor, administrator,
shall be eligible or entitled to qualifyof
any person domiciled in this State at
guardian or trustee under the will
the time of his death.
be hereafter chartered under the
Section 2. That no corporation shall
word "trust" as a part of its name, except
laws of North Carolina with theunder
supervision of the Corporation
the
and
to
reporting
corporations
name be so amended as to include the
Commission; nor shall any corporatebe
under such supervision.
word "trust" unless the corporation
association or corporation domiciled within
Section 3. No person, firm, except
only corporations reporting to and
the State of North Carolina,Corporation
Commission of this State, shall
the
of
supervision
under the
sign
as a trust company or in any way
any
forth
put
therein advertise and
business as a trust company, or use the
solicit or receive deposits or transactname
or title: Provided, that this Act
word "trust" as part of his or its
acting in any
shall not be held to prevent any individualofas such, from of
this section
any provision
violation
trust capacity as heretofore. Any
on
thereof,
and
the offender
conviction
misdemeanor
shal constitute a
for each offensa.
shall be fined in a sum not exceeding $500
Section 4. All laws and clauses of laws in conflict with this Act are
hereby repealed.
Section 5. That this Act shall be in force from and after its ratification.
Last year the Legislature of New York enacted a provision, as part
of the new Banking Law,restricting trust powers to State institutions, while
the State of Virginia passed an Act enabling national banks to exercise
trust functions.
LEGISLATION ENABLING STATE BANKS TO JOIN
FEDERAL RESERVE SYSTEM.
The following is likewise from the "Journal of the American
Bankers' Association":
The Legislatures in a number of Statedhaverpassed laws during the
present year empowering State institutions to become stockholders in the
Federal Reserve Banks. Information has been received of the passage
of such laws in the States of Delaware, Idaho, Kansas, Montana, North
Dakota, South Dakota and Washington.
CHECK COLLECTION SYSTEM FOR RICHMOND
FEDERAL RESERVE DISTRICT APPROVED.
A check collection system for the Richmond Federal
Reserve District has been approved by the Federal Reserve
Board. The plan calls only for intra-district collections,
and is not intended to supersede the exchange of checks
through the clearing houses. The Richmond Federal Reserve Bank will act only as collecting agent of the sending
bank. The bank is authorized to send such items for
payment direct to the bank on which they are drawn, or to
forward them for collection to any other agent at its discretion. Member banks which do not join the collection
system at the time of its inauguration may do so upon due
notice at a later date, and those who enter may retire upon
thirty days' notice. No exchange charge will be made nor
will any be paid by the Richmond Bank for a time, at least,
after the system has been approved by the member banks.
If a change is found necessary later, it will be imposed after
due notice and will not be retroactive. All items forwarded
to the Federal Reserve Bank of Richmond must be indorsed
without restriction to the bank's order with all prior indorsements guaranteed, and show on each side of the indorsement the American Bankers' Association transit_number in
prominent type.
PROPOSED COLLECTION SYSTEM OF PHILADELPHIA
FEDERAL RESERVE BANK.
A check collection system to apply within the Philadelphia
On the 12th inst. the Federal Reserve Board decided that Federal Reserve District, to be inaugurated ,by the Philapower to exercise the functions of executor, trustee, &c., will delphia Reserve Bank, is expected to be in operation!on
not be denied any properly qualified bank because of any June 1. It will be voluntary with the member banks:to
avail of the system. The banks have been asked to indicate
pending litigation against such bank.
Ant.17 1915.]
THE CHRONICLE
their attitude in the matter, with a view to ascertaining how
many will participate in the system. The new collection
plan will not be established until the canvass is completed.
We learn from the Philadelphia "Ledger" that under the
proposal national banks in the Philadelphia Reserve district, instead of sending checks and drafts drawn on other
banks to such banks directly or indirectly for collection will
mail them to the Reserve Bank, which will be empowered
to charge such items against the proper accounts and make
corresponding credits. Where items are collected through
clearing houses the intention is not to disturb such relations
at present. In sending in checks and drafts for collection
the banks are requested to separate them into two groups,
those on the banks in the Philadelphia Clearing House and
those on other banks in the district. The Reserve Bank
being a member of the Clearing House will turn the local
items through the Clearing House, as at present.
It is understood that no exchange charge will be made or
paid on collections, the arrangement being a reciprocal one
for the mutua benefit of all the banks.
1315
The bill has been amended to provide that no trust company operating
under its provisions, in case it becomes a law, shall accept such commercial
paper to exceed 10% of its total unimpaired capital and surplus from any
one individual or corporation
This bill evidently seeks to render it possible for trust companies in
New Jersey to accept commercial paper, whether on domestic or foreign
business, somewhat similarly to the revised banking law in New York,
which, with some further checks, has extended a like privilege to trust
companies in that State.
Both the New Jersey and the New York bills in question were probably
suggested by the provisions of the Reserve Act which permit national
banks to accept commercial paper drawn against imports and exports,
but which provision is modified by prescribing that no such total acceptances
by any one institution shall exceed the aggregate capital and surplus of the
bank in question.
It will be noted that the New York State law permits acceptance on both
foreign and domestic business, thus giving the trust companies there
a
much wider range than the national banks have.
Now, evidently, comes New Jersey with a measure to give trust companies here the right to make and deal in acceptances on some such broad
lines as those offered by the New York statute.
Little or no discussion appears to have taken place in the Legislature at
Trenton on House 547, and at this late day it may be a question, unless
plans are well laid, whether the measure will get through the Senate and
become a law. In any event it is easy to conjecture that New Jersey
trust companies might be greatly and properly pleased if the bill is passed.
NEW JERSEY LEGISLATURE PASSES, OVER GOVERNOR'S VETO, BILL REPEALING LAW PERMITTING
TRUST COMPANY BRANCHES.
The New Jersey bill repealing the Act which permits trust
companies to establish branches within the county in which
the parent institution is located has been passed by the
Legislature of that State over the veto of Gov. Fielder. As
indicated in these columns April 3, the Governor vetoed the
bill on March 30 and an attempt by the Senate to override
the bill failed on March 31. On the 5th inst., however,
the Senate voted, 12 to 6, to pass the bill over the veto, and
the House sustained the action of the Senate on the 12th
inst. by a vote of 41 to 14. The bill thus automatically
becomes a law.
In defending the action of the Governor in vetoing the bill,
CHICAGO CLEARING HOUSE COMMITTEE TO STUDY George M. LaMonte, State Commissioner of Banking and
Insurance, on the 1st inst. said:
COUNTRY CHECK COLLECTIONS.
My attention has been called to criticisms of Governor Fielder's veto of
David R. Forgan, as President of the Clearing House
bill permitting branch trust companies limited to the county in which
Association, has appointed a committee of representatives the
the head office is situated.
The provisions of the existing bill are exactly the same as those conof three national and two State banks in the association to
make a study of the present system of clearing the checks tained in the trust company Act for the original charter of an institution,
and provide that no branch of a trust company can be established unless
of country banks and to devise some means of meeting con- the trust company
puts up or has an amount of capital for each branch
ditions which may be created by the proposed new Federal equal to the amount.required by the existing law, namely $100,000, and no
branch can be granted unless the same is approved by the Commissioner
Reserve banking system of clearing intra-district checks at of
Banking and Insurance,
investigates each application, and is only
par. The committee consists of John R. Washburn of the authorized to grant the samewho
when it is clearly shown to him that the estabContinental & Commercial National Bank, John IF. Hagey lishment of such branch office will be of public service.
The Act as it stands permits a trust company in a populous portion
of a
of the First National Bank, F. A. Crandall of the National county
to give banking facilities to the people living in other sections of
the
City Bank, W.R.Dawes of the Central Trust Co. of Illinois, county who might not be able to maintain
an independent institution,or who
C. E. Estes of the Merchants' Loan & Trust Co. It is could not conveniently do business directly with the head office. It is
neither monopolistic in its inception nor in its intention, but its purpose
understood that there will be no change unless the Federal is
to grant banking facilities to people who would not otherwise have them
Reserve banks adopt free clearing. Mr. Forgan is quoted easily available.
What one has to consider is not how such a law affects one particular trust
as saying:
•
NEW YORK FEDERAL RESERVE BANK AND CHECK
COLLECTION SYSTEM.
The New York Federal Reserve Bank is understood to
have drafted plans for free check collections in the New
York District, but has not yet made public its proposals.
It had been expected the details would be announced following this week's meeting of the directors, but the information
has been withheld until later.
Plans for the admission of State banks into the Federal
Reserve system were considered at a conference on Wednesday between Governor Strong of the New York Federal
Reserve Bank and some of the officers of the city's national
banks. Nothing concerning the deliberations has been
divulged.
It is a complicated subject and we decided that discussion of it by the
Association was a waste of time. The committee will make a careful study
of the situation and report when ready.
company or group of trust company directors, but how it affects depositors
and borrowers generally. Trust companies exist for the public good and
should render the greatest amount of service possible to the greatest num
ber of people; consistent with good judgment.
One only has to study the Canadian banking system to become convinced
that branch trust companies properly administered and properly safeguarded are a positive boon to the public generally. The existing Act, in
my opinion, is democratic and sound, and if there be any monopolistic tendency,it comes from the opposition which has sprung up to the present
law
and not from thoso who favor its maintenance.
PROMOTIONS IN DALLAS FEDERAL RESERVE BANK.
Along with the election of Richard L. Van Zandt as
Governor of the Dallas Federal Reserve Bank,J. W.Hoopes,
has been made Vice-Governor. Mr. Van Zandt and Mr.
Hoopes had been Vice-Governor and Cashier respectively
ACTION BROUGHT BY RIGGS NATIONAL BANK
of the Dallas Reserve Bank since its organization. Mr.
Hoopes has been succeeded as Cashier by Lynn P. Talley,
AGAINST TREASURY OFFICIALS.
who retires with his induction to his new office, as Cashier
The differences between the Treasury Department and the
of the Lumbermen's National Bank of Houston.
Riggs National Bank of Washington, which for some time
have been in evidence, culminated this week in the instituNEW JERSEY BILL PROVIDING FOR TRUST COMPANY tion by the bank of proceedings in which Comptroller of the
ACCEPTANCES.
Currency John Skelton Williams and Secretary of the TreasThe following, calling attention to a bill in the New Jersey ury William G. McAdoo are made defendants. On the 12th
Legislature conferring authority on trust companies to accept inst. a temporary injunction sought by the bank was issued
for payment at a future date drafts drawn upon them by by Justice Walter I. McCoy in the Supreme Court of the
their customers, and also empowering the trust companies District of Columbia, restraining Messrs. McAdoo, Williams
to issue letters of credit authorizing the holders to draw and John Burke, Treasurer of the United States,from paying
upon the companies or their correspondents at sight or on into the Treasury $5,000 declared to be due the bank as intime, appears in the Newark "Evening News" of the 13th terest on $1,000,000 of Government bonds deposited with
the Comptroller against the institution's note circulation;
inst.:
One of the important financial bills before the New Jersey Legislature, this money was retained as penalty, at the
rate of $100 a day,
House 547, appears to have attracted little or no public attention thus far.
At this late hour it may be doubtful whether the measure, introduced for failure of the bank to make certain reports. The Court
by Assemblyman Wolverton of Camden and passed in the Assembly, required the defendants to show cause by the 16th inst.
will get through the Senate and be approved by the Governor.
(yesterday) why they should not be permanently enjoined
It is indefinitely but accurately described as "a bill concerning trust
companies." This may be appreciated when it is realized that it seeks from interfering with the business of the bank. In response
to confer the power on trust companies in New Jersey to accept for pay- to a motion entered in behalf of the Government and asment at a future date drafts drawn upon them by their customers, and to sented to by counsel
for the bank, Justice McCoy yesIssue letters of credit authorizing the holders thereof to draw drafts upon
trust companies or their correspondents, at sight or on time, not exceeding terday signed an order postponing until May 12 the hearing
one year, the Act to take effect immediately.
in the case; he also continued until the same date the tom
1316
HE CHRONICLE
[VOL. 100.
bank in the names of "Glover & Flather," and "Flather & Flather," and
were finally consolidated in the latter. We desire to make a statement
about these accounts.
The Rigs National Bank was organized in 1896 and took over the business of Riggs & Co., a private banking firm which had been in existence
since 1836. The latter firm loaned money freely on real estate, which it
had a right to do. It not only made such loans for the investment of its
own funds, but to supply its customers, and had an important clientele
which looked to it for investments. Then as now it was characteristic of
Washington banks that an unusual proportion of their deposits, as compared
with other cities of its size, were not commercial deposits, but belonged to
individuals who were not in active business. These patrons, living upon
salaries or other fixed incomes, would allow their deposits to accumulate
to a degree, and then convert them into securities, perhaps borrowing upon
these securities a part of the purchase price until payment in full could be
"defendants Williams and McAdoo have confederated, combined and con- made from future income.
pired so as to use and abuse and exceed the powers conferred on them by
When Riggs & Co. was converted into a national bank, this class of pathe laws of the United States as to impose upon said plaintiff bank unlawful, trons could not be accommodated in the same way as formerly, because a naexcessive and ruinous penalties, and entirely cut off the plaintiff from cer- tional bank may not make real estate loans. Not that there is anything distain very large bank deposits heretofore held by it, and greatly to injure creditable or against public policy in the making of real estate loans, but
said business, and that it is the purpose and intent of said defendants wil- the law does not permit the funds belonging to a national bank to be infully and maliciously to inflict irreparable injury on the plaintiff bank in vested or employed in that way. The bank, however, was naturally dedefiance of law and in violation of their official oaths, and wrongfully to sirous of providing accommodations for this class of customers, so as to resubject the plaintiff bank to their uncontrolled and arbitrary actions, which tain their bank accounts. At that time there were only six stockholders
are unauthorized by law."
of the Riggs National Bank, and a firm including five of them, known as
The following statement has been given out by the bank "Glover, Hyde, Johnston & Others," was organized to continue handling
the investment business. The sixth stockholder, E. Francis Riggs, preregarding the proceedings:
to join the real estate firm. This firm continued the real estate
The Riggs National Bank has been compelled to resort to the courts for ferred not
business upon its own capital, dividing the earnings among its members.
loan
relief from the arbitrary, unwarranted and unlawful exercise of official auThis situation continued until 1902, about which time there was a considthority by John Skelton Williams, Comptroller of the Currency.
of the bank stock, and to avoid the appearance that ofIt goes without saying that no bank ever seeks a controversy with the au- erable distribution
bank were dividing their attention between the bank and prithorities lawfully constituted to have supervision over it, or can afford to ficers of the
of Glover, Hyde, Johnston & Others was dissolved.
firm
the
business,
vate
have such a controversy over any proper exercise of official authority.
Glover and Flather, however, still desirous of serving their customBut when an official abuses the functions of a great office, exceeds its law- Messrs.
bank who looked to them for investments, continued in their inful powers, and uses the authority and opportunities of the position in a per- ers of the
capacity to make loans in quantities sufficient to supply this
sistent and evidently determined attempt to injure an institution com- dividual
and the commissions (all of which were paid by the borrowers)
mitted to his care,to drive business from it, to burden it with useless and ir- demand,
carried to the credit of a "commission account" on the books of the
relevant demands and unnecessary expense, to impose unjust and oppressive were
thus became the property of the bank. This practice was folfines, to force competent and trusted officers from the positions in which bank, and
until 1906, when a bank examiner suggested that, while there was
they have faithfully served the institution, there is an obligation, not only lowed
violation of law, the commission account gave that appearance,
•op behalf of the individuals who are personally assailed and the stockhold- no actual suggestion a new account was opened in the name of
Flather &
ers whose property rights are threatened, but on behalf of the public, which and at his
requires that resistance shall be made and that such abuse of official powers Flather.
fees earned by Messrs. Glover and Flather through their perBrokerage
shall be exposed.
membership on the Washington Stock Exchange were carried into the
This bank has never questioned the right of the Comptroller of the Cur- sonal
account until the firm of "Glover & Flather" was organized in
rency to make thorough inquiry into its condition, to have complete knowl- commission
with the suggestion of the bank examiners. All of the earnings
edge of all facts that have bearing upon its condition, and to exercise at all accordance
accounts were, however,from time to time transferred to the profit
times the authority which the law has placed with him for the regulation of in both
account of the bank or used for bank purposes.
the banking business and the protection of the public. The bank has not and loss
It will be seen that the officers were transacting on their personal rebeen in the position of refusing to do anything that the Comptroller said
and without the use of bank funds, certain business which the
sponsibility,
ought to be done with regard to its assets or its books. It has not been
allowed by law to transact, and were voluntarily giving the
refusing to charge off from its list of assets any particular items alleged to be bank was not
bank. There was no evasion of the law, however, for the essendoubtful, for the Comptroller has given no such directions, although he has fees to the
of the inhibition is that bank funds shall not be employed in
had the bank under almost constant scrutiny for nearly a year. Nor has tial feature
the bank disobeyed any instructions from him to change any of its methods such business.
In the course of his dragnet investigations, the Comptroller developed
of doing business,for he has given no such instructions.
of "Glover & Flather" and "Flather & Flather," and wanted
The break between the bank and the Comptroller of the Currency is not these accounts
explanation of them. It was given as above. Not finding anything
over the condition of the bank, or any matter affecting its assets or obliga- an
important to find fault with, the Comptroller made his attack
tions. The solvency of the institution is beyond all question. Its capital else more
seems to have conceived that he could convict these officers of
of $1,000,000 is backed by a surplus of $2,000,000, and both capital and sur- here. He
other of two offences, viz.: of doing business officially that was
plus are absolutely uninfpaired. Its deposits, notwithstanding the fact one or the
in which case he might be able to forfeit the charter of the bank,
vires,
that the Comptroller's unrelenting war on it, is well known in this commun- ultra
one particular instance passed into the "Glover & Flather"
ty, are greater, the Government deposits excepted, than they were when or of having in
of profit which the bank itself might have properly earned.
that attack upon it was inaugurated. Its position is so strong, in reason account an item
of profits made on a transaction in Government
consisted
and justice as well as in cash and sound assets, that it dares to come out This one item
the usual routine was followed and the profits reached
case
which
in
in the open and challenge the Comptroller to submit the legal questions be- bonds,
account of "Glover & Flather." In other words, he
tween them to the courts and the broad questions of policy and of ethics to the bank through the
thought he could make it appear either that the bank was doing business
the judgment of the public.
& Flather" were diverting legitimate earnings
"Glover
The Comptroller has had the Riggs National Bank constantly under his ultra vires, or that
attention during the last year. Two exhaustive examinations have been of the bank to their own pockets.
The complete history of these accounts is before the Comptroller of the
made in which the records of the bank from its organization in 1896 down
been examined by his representative. He has
to this time have been ransacked throughout. Much data was taken-away Currency. The books have
showing every check ever drawn on these acto be studied and made the basis of letters calling for a vast amount of ex- had an itemized statement
one dollar was over drawn from them for
not
that
knows
he
and
counts,
planation and statements in detail, of several special visits by examiners.
of Mr. Glover or Mr. Flather, or for any purpose other than
and of practically continuous correspondence throughout the year. It was the personal use
benefit of the bank. The profits of the transaction in Government
early apparent from the character of the information sought and from the tor the
which he attempts to make a great deal, were turned into the profit
tone and language of the Comptroller's letters, which were so intemperate bonds,of
fund of the bank on April 2 1908.
loss
and
and charged with virulence as to be wholly out of keeping with the proprieOn one occasion Mr. Glover supplied the collateral and an employee of
ties of official communications, that the purpose of the investigation was
which money was borrowed from the bank Ito
not to develop the present condition of the bank, or to strengthen the insti- the bank signed the note upon
a real estate loan temporarily until it could be transferred to customhandle
tution, or protect the interests of its stockholders or patrons, but to find
transaction, although Mr. Glover supplied the collateral and
something in its history that could be seized upon for the injury of the in- ers. In that
an employee of the bank signed the note, neither of them profited personally
stitution or as an excuse for action against its officers.
a single dollar. On two other occasions W. J. Flather and
of
extent
the
to
The attorney for the bank sent word through the examiner-In-charge that
furnished the collateral to secure notes made to the bank by
If the Comptroller would indicate any single practice pursued by the bank H. H. Flather
parties, the proceeds going to the Messrs. Flather. In all three of
that he desired to have discontinued, his directions would be followed if other
loans were amply secured, and there was no evasion of the
the practice in question was considered of even doubtful propriety. No these cases the
against excess loans, oven if Mr. Glover or the Messrs. Flather
response ever came. The board of directors, mystified by his conduct, so provision
the actual borrowers of the money. Nor was there any
unlike that of any normal official desirous of upbuilding the interests con- were considered
of the facts from bank examiners, asithe collateral showed to
fided to his care, addressed a letter to him, asking for an explanation of concealment
The Comptroller has chosen to call these loans
belonged.
certain vague charges contained in his letters, and saying that so far as their whom It
"concealed" loans, although they have neither the element of
Information went, the officers had answered his inquiries "fully, freely and "dummy" or irresponsibility which have
given these terms their opprofrankly," and seeking in good faith to know what they should do, in their evasion or of
significance. There is not now, nor has there been for some months
capacity as directors, to improve the methods of the bank. His reply was brious
Riggs
National
the
Bank
in
tolany officer of the bank, or
loan
any
past,
that "your artless inquiry is understood and appreciated."
officer was directly or indirectly interested.
His letters were so expressive of malignant purpose as to discourage any in which any
The very latest development in the case is a letter from the Comptroller
thope of satisfying him, and so offensive in language and insulting in their
itemized description of all the loans inIthe bank, with a view
insinuations as to warrant a refusal to make reply, long before that step was demanding an
determining, the letter says, how muchlcommercial paper the bank holds
to
taken. Every letter was required to be sworn to by all of the officers, the
re-discount with the Federal Reserve Bank of this disComptroller declaring that he would not accept the statement of any one that is eligible for
expresses the opinion that this bankidoes not carry as much paper
of them under oath. The officers were suddenly, and without opportunity trict. He
for re-discount as it should carry for its volume of deeligible
class
to refresh their memories from records, questioned about transactions of of the
already been mentioned in this statement, Washington is
years before, and if, after examination, they found their recollections to posits. As has
city, and there is not as:much borrowing here for commerhave been inaccurate in any particular, and they sought voluntarily to not a commercial
in other cities of this size, butithe Riggs National Bank has
make correction, they were accused of perjury. Every statement that cial purposes as
commercial
accounts, and we believe has as much high-class
of
share
full
its
could be distorted into the appearance of being inconsistent with some other
other banks in this city.IWhen it was impracticable
statement or fact was forthwith taken as proof of an attempt at deception. commercial paper as
paper of a class that the bank was willing to accept,
Finally, the conclusion was reached by the officers, directors and their at- to obtain commercial
investments in high-classilistedjbonds which could be readily
torneys that the situation was hopeless and unbearable,and notice was given it has made
cash.
into
converted
that the bank would stand upon its legal rights.
The Riggs National Bank has a high]appreciation of the facilities afThe entire investigation has developed nothing that the officers of the
position to use the system so
Riggs National Bank are not glad to submit to the judgment of any dispas- forded by the Federal Reserve system, and islin
sionate person who will examine the facts. The Comptroller's fury has far as it expects to find occasion to do so. It is a fact, however, that more
finally centred upon two accounts which have stood upon the books of the than one-half of the banks in the United States, including many that are
porary restraining order issued last Monday. In a statement issued on the 12th, Comptroller Williams says that
"the recent investigations of the affairs of the Riggs National
Bank disclosed irregularities and unlawful practices on the
part of certain officers of sufficient importance to merit their
reference to the Department of Justice, and that Department
engaged the services of Louis D. Brandeis of Boston some
weeks ago as special counsel in the case."
The bank's bill of complaint covers, it is stated, eighty-six
typewritten pages and contains thirty-seven specific allegations. It is alleged, according to the daily papers, that the—
APR. 17 19154
THE CHRONICLE
larger than this one, do not belong to the National Banking system or the
Federal Reserve system, and consequently are unable to use their facilities
at all. It does not necessarily follow, therefore, that because a bank is
not in position to use the Federal Reserve system that it is in an unsound
condition, and the law has never conferred upon the Comptroller of the Currency authority to require that any particular portion of the assets of a national bank shall be eligible for discount with a Federal Reserve bank. Furthermore, we have reason to believe that he is not attempting to use such authority generally, and we object to his attempt to apply such special rule
upon this bank. The ability of this bank to convert its assets and to pay
cash upon demand was sufficiently demonstrated in the summer and fall of
1914, when, in pursuance to the demands of the United States Government,
at the instance of the Comptroller of the Currency and Secretary of the
Treasury, and for the most part amid the panic and financial disorder occasioned by the outbreak of the European war,it paid off the sum of $1,200,000 of public deposits.
It is impossible within the limits to which this statement must be confined
to give any adequate idea of the burdens and vexations to which this bank
has been subjected during the last year by the Comptroller. His peremptory
demands for statements of various kinds, all made under a time limit and
with threats that fines would be imposed for delay, have necessitated the
constant employment of an extra clerical force. The bank has been discriminated against and embarrassed in its relations with its patrons by its
treatment in the transactions of routine business at the Comptroller's
office. It has been for years and is now the representative of a large number of national banks located in different parts of the country in their relations with the Comptroller's office. Other banks in this city perform similar
services for out-of-town banks, and so, also, do private firms. During the
last year when the Riggs National Bank has attempted to perform customary services of this character, It has been met at the Comptroller's office
with the statement that the banks interested should communicate with that
office direct.
Following the prudent policy pursued by many other national banks,
early in August 1914 the Riggs National Bank made inquiry at the Comptroller's office to learn how much currency printed from its plates was available for immediate use, in case it should desire to take out an additional
amount under the provisions of the Aldrich-Vreeland Act. This inquiry
precipitated a series of letters, offensive in tone and character, demanding
information and statements of various kinds, although he knew that if this
bank concluded to make application for currency under the Aldrich-Vreeand Act, upon any security other than public bonds,such application would
be made through the National Currency Association of Washington, D. C.,
and the collateral offered would be passed upon and accepted by that Association, which would then have guaranteed the application to the Comptroller.
It should be remembered that at the very time that the Comptroller was
thus questioning this bank's ability to take out emergency currency, he was
using his influence, notwithstanding the disturbed conditions of the time and
the danger of a general panic, to have public funds amounting in the aggregate to a very large sum peremptorily withdrawn from this bank.
There could be no more conclusive proof of the animus that has inspired
his entire course than is afforded by these actions, and in view of them the
reader will be able to judge how much sincerity there is in his professed anxety to protect the stockholders of this bank from its officers.
The outcome of this year of continuous assaults upon the bank has
been that on the 30th day of March, 1915, the Comptroller formally assessed a continuing fine of $100 per day against the bank and directed the
Treasurer of the United States to withhold the interest due on April 1 upon
the Government bonds of which the bank is the owner. The Riggs National Bank has responded by a petition for an injunction to restrain him
from unlawfully interfering with the bank.
The explanation of the course followed by him and by the Secretary o
the Treasury is believed to be correctly given in the bank's letter to the
Comptroller, dated March 9 1915, in which he was notified of the final determination of the bank to resist his unlawful demands.
CHARLES C. GLOVER, President.
M. E. AILES, Vice-President,
WM. J. FLATHER, Vice-President.
HENRY H. FLATHER, Cashier.
There was also made public at the same time the following
letter addressed by the officers of the bank to the Comptroller of the Currency on March 9:
March 9 1915.
Comptroller of the Currency, Washington, D. C.:
Sir—Your letter of Feb. 26 was duly received; but we have deferred our
answer because one of the officers whose signature it required was then out
of the city.
During the past nine months you have written more than forty letters
to this bank, and in almost every one of them you have insulted its officers
with some direct imputation against their veracity or with some insinuation against their integrity. Many of your questions were such as, under
the law, you had no right to ask, and such, therefore, as we could have
properly refused to answer; but we answered them in the expectation that
when you were fully advised about the affairs of this bank and the conduct
of its officers, your sense of official obligation would prevail over your
personal feeling, and restrain you from abusing the power of your great
office to gratify your personal resentment. Your last letter, however,
makes it manifest that tour forbearance has only invited your more persistent attacks, and we feel that we owe it to ourselves as well as to our stockholders to recall to your mind the events which convince us that your course
Is due to your personal hostility toward the officers of this bank.
On Dec. 3 1913 tile "Now York Tribune" published an article severely
criticizing you with respect to a certain transaction conducted by you as
Assistant Secretary of toe Treasury, and when another article of similar
import appeared in the same paper on the following day, C. C. Glover, the
President of this bank, received a request to call at the office of the Secretary of the Treasury. Mr. Glover promptly complied with that request,
though he had not the remotest idea of why it was made; and he had hardly
more than entered the Secretary's office when he was charged, in the
most offensive manner, with having inspired those publications. Mr.
Glover emphatically denied that charge, and the Secretary then declared that if he (Glover) was not himself responsible for those articles,
they were instigated by some of his associates in this bank. Mr. Glover
demanded to know who of his associates were supposed to be responsible,
and the Secretary named the Vice-Presidents, Mr. Flather and Mr. Ailes.
Thereupon, Mr. Glover replied that before accusing those gentlemen,the
Secretary of the Treasury should send for them and hear what they had to
say about the matter.
Accordingly, Messrs. Ailes and Flather were summoned to the Treasury Department, and there in your presence and the presence of Mr. Elliott the Secretary proceeded to question them about the newspaper articles. llo first questioned Mr. Flather, who declared that he had not been
connected with the articles in any way, and had not known anything of
them:until_his attention:was calle&to:them. Th Secretary then turned to
1317
Mr. Ailes and charged him with having instigated the articles. Mr. Ailes
asserted, distinctly and unequivocally, that he was in no way responsible for
them, but the Secretary grew increasingly violent in his denunciation, and
finally exclaimed, with an oath, that he would order Mr. Ailes out of his
office, and turning to Mr. Glover, said: "Mr. Glover, you know what
this means to the Riggs National Bank."
But notwithstanding the plain threat implied in this last expression, and
notwithstanding the grass impropriety of a public official calling private citizens into his office to examine and denounce them about a newspaper
criticism, we could not believe that a Secretary of the Treasury, or an Assistant Secretary of the Treasury, would abuse the power of his great office
n order to avenge himself for what he supposed to be a political offense
against him, and we had a right to expect that the disagreeable incident
was closed when we left the Secretary's office. But that we were not
to realize this just and reasonaole expectation was soon made apparent by
the following circumstances.
For many years it has been a habit with the Washington public to pay its
annual taxes during the last month in the year for which taxes are payable,
and the inevitable result of that was to create a stringency in the local
market at that time. In order to obviate that difficulty the Treas"
ury Department has made it a rule for the last eight or ten years to deposit in the banks of this'city, about the usual tax-paying time, a sum
equal to the amount which is then withdrawn for the purpose of paying
taxes, and the sum so deposited has been distributed among the banks.in
proportion to their individual deposits, the theory being that the withdrawals for tax-paying purposes would be approximately in the same proportion.
But when the deposit was made last year the Riggs National Bank was excluded from all participation in the fund. The fact that the usual deposit
was made with every national bank in Washington, except this, was a discrimination for which no reasonable excuse could be given; and that discrimination becomes the more apparent and the more unjust whea it is
remembered that about one-fifth of the taxes of the District of Columbia
are paid by our depositors, and that the money with which those taxes are
paid is drawn out of this bank.
When we found that our balik had thus been discriminated against, we
addressed, under date of May 6 1914, a polite note to the Secretary of the
Treasury asking his reasons for the discrimination. Under date of June 11
the Secretary of the Treasury made a rather curt answer to our letter addressed to him more than thirty days before, and in addition to what we
think were his wholly insufficient reasons for refusing to deposit any part
of the tax money with this bank, and as if to emphasize his unreasonable
hostility, he.told us that he intended "to withdraw all Government funds
from the Riggs National Bank."
In pursuance of this open declaration of war on this bank, the withdrawal of public funds from it was systematically inaugurated, and in a
very short time more than $1.200.000 were withdrawn. Such a withdrawal
would embarrass a strong bank in an ordinary time, and under the financial
conditions which then existed, a bank of less than exceptional strength
would have been seriously imperiled. In a period of stress, when some
banks were failing, and all banks were striving to husband their resources, no
reasonable depositor would have made an extraordinary, and certainly not
an unnecessary, demand upon any bank; and that this demand, both extraordinary and unnecessary,should have been made by the Government of
the United States, and by the very department of the Government charged
with the care and supervision of national banks, in a time of universal depression, verging on a panic, evidences to our mind a deliberate purpose to
wreck this bank if possible, and nothing else than this bank's unassailable
position defeated that purpose.
The Treasury Departmeot was not content to withdraw from this bank
the funds subject to its own control, but it insisted upon the withdrawal of
a large fund controlled by the War Department. While the Secretary of
the Treasury was withdrawing the public deposits from this bank, he was
pursuing a different policy toward another bank which is supposed to enjoy your special favor, although every report which it has made to your
office since you have been Comptroller of the Currency shows that it has
been violating that section of the National Bank Act which limits its right
to incur indebtedness; and the same reports show that on every statement
day its reserve was below the amount required by law.
It would extend this communication beyond a reasonable limit for us to
review the letters which have passed between your office and this bank,
because they cover more than four hundred printed pages. It will not be
amiss, however, to say that in this voluminous correspondence you have
not in a single instance ordered or requested this bank to discontinue any
business practice which it has followed, nor have you suggested the adoption of any new or different business method, notwithstanding the fact
that our Board of Directors by formal resolution invited your suggestion in
that regard. Your object throughout seems to have been to find matter for
complaint rather than for correction. Indeed, so eager have you been to
find some misconduct on the part of the officers of this bank that you have
called experts to assist you in that effort. You kept the regular bank
examiner for this district, with an assistant, employed in an examination of it from the 13th of November, 1914, to the 16th of January 1915:
and when that unprecedented examination disclosed nothing which would
support your attack, you brought an examiner from another district and
ordered him, in co-operation with your regular examiner, to conduct a
special examination of our officers, under oath.
Patience with us has ceased to be a virtue, and perhaps never was.
Hitherto, although sorely tried, we have by forbearance endeavored to
allay your passions and have continued to answer long beyond the time
when self-respect and the good opinion of others warranted a different
course. We recognize to the fullest extent your official right and your
official duty to give to this bank, as to all other banks under your jurisdiction, the most rigid supervision under the law; and we will in the future,
as we have in the past, make full reports and complete answers to all
lawful inquiries. But come what may we will not further submit to or
respond to inquiries that palpably transcend official properity or authority, and which violate the common rules of decency and self-respect.
Having submitted the foregoing, we now comply with your request with
respect to the destruction of the papers and records of this bank, and say
that neither since the first of May 1914, nor before that time, have any of
the books of record or account, or any portions thereof, or any correspondence, or reports or statements or vouchers or documents of this bank,
been destroyed, mutiliated or disposed of.
Not only as a matter of compliance with your demand, but also because
we desire that certain matters of fact in this communication shall be placed
beyond any doubt, we make oath to this letter.
As only the President and the two Vice-Presidents have cognizance of
all the facts herein stated, they alone subscribe.
Respectfully yours,
CHAS. C. GLOVER, President.
M. E. AILES, Vice-President.
WM. J. FLATHER, Vice-President.
Subscribed and sworn to before me this 9th day of March 1915.
' WM. H. DORSEY, Notary Public, D. C.
1318
THE CHRONICLE
A further statement was issued by the bank on Tuesday in
answer to that of Comptroller Williams; this supplementary
statement of the Riggs National Bank said: (we omit the
opening paragraphs dealing with the appointment of Louis D.
Brandeis as counsel):
In the Comptroller's next paragraph he characterizes as "temerity" the
course of the bank in appealing to a court of justice for protection against
this unlawful exercise of his authority, which is typical of the entire personal
and official attitude of Mr. Williams. The Comptroller declares that the
bank is solvent, but no one can read the balance of his statement without
knowing that he would never have made that admission except for the fact
that the bank is so absolutely solvent that the ingenuity of malice could not
suggest otherwise. But he attempts to take credit for this satisfactory
condition of the bank and for the safeguarding of its depositors by saying
that, if the methods and practices complained of had been permitted to
continue, the results would have been serious. All this he says in face
of the withdrawal of hundreds of thousands of dollars of public and other
deposits affected by and through him during the summer and autumn
of 1914, at a time when financial conditions were exceedingly uncertain in
this country because of the great war in Europe.
And he claims this credit in face of the fact that, although early in,the
controversy he was requested, first by the directors of the bank and then by
the attorneys of the bank, to specify the practices to which he objected,
he persistently refused or failed to do so, responding to such a request by
the board of directors. "Your artless inquiry is understood and appreciated", and making no response whatever to the request of the attorney of
the bank, transmitted through the National Bank Examiner.
The Comptroller complains that the bank is loaning more than $1,000,000
to women and adds that much of it is on highly speculative stocks. The
truth is that the $1,000,000 now loaned to women was secured by excellent
collateral, with a value of about $2,000,000. Descending into particulars,
we will say that, notwithstanding the fact that for nine months the Comptroller has been searching this bank for subjects of criticism and of possible
legal action,and although he hasin more than one communication referred to
these loans to women, he has ventured to criticize but one loan of that
class, and that the bank promptly reduced on its books by charging off a
portion of it, although the Comptroller did not so direct, and the collateral
behind this loan to-day is worth 30% more than the amount at which the
loan is carried on the books.
The Comptroller does himself no credit and his Department no credit by
criticizing this bank because it has loaned to women. We can see no reason why a woman of sufficient credit or with ample credit should not receive
accommodations at this bank;and the fact that such a large sum of money is
loaned to women is due to a condition peculiar to the City of Washington, of
which the Comptroller cannot possibly be ignorant, for we have heretofore
advised him of it. There is perhaps no city of its size in the world where
there are so many women with fortunes ranging from a moderate competence
to the millions, who, both in law and in morals, have a right to transact
their own business and make their own contracts. They seldom request
a loan without tendering ample collateral and this bank is not only glad
to accommodate them, but it cheerfully testifies that its losses on loans to
women have been negligible.
Another example of the Comptroller's effort to mislead the public can be
found in his statement that the stock brokerage business which certain
of the officers of the bank formerly conducted in their individual capacities
has tempted young men and women to ruin in speculation. The Comptroller knows, or at least ought to know, that such a charge is utterly
unfounded.
The Comptroller's unjust and determined efforts to create a false impression regarding "the policy and methods" of this bank are strikingly illustrated by his quotation from his letter of July 22 1914 of his comments on
a loan to a Washington business man,and his omission to accompany those
comments by the reply made by the bank on July 29 which was as follows:
is characteristic of your methods
"Your citation of the case of Mr.
throughout this entire correspondence. Mr.
was neither tempted nor
persuaded by any officer of this bank td buy the stock in question. On
the contrary, he was advised against its purchase. The fact that his
purchase turned out badly is a misfortune which he refused to contemplate
and for which he alone is responsible. Your malice consists in this, that
you are endeavoring to make the propriety of the business conducted in
the manner stated in this correspondence by the officers of this bank
depend upon the result of an investment voluntarily made by a customer
of the bank. This criterion has never been applied,either in law or morals,
even to the business of a broker, and it is apparent that you have for
ulterior purposes of your own used Mr.
's case, not as an illustration,
but as a fallacious and misleading argument."
A malicious representation in the Comptroller's statement to the public in
his reference to a loan to the Cashier. In order to create a general suspicion
that the officers of the bank have been in the habit of borrowing money on
speculative collateral, Mr. Williams selects one loan made to Henry II.
Flather. Cashier, and enumerates certain stocks which he describes as
'speculative.' The unfairness of his insinuations will become apparent
when we explain that, in addition to the stocks named by the Comptroller,
the loan was secured by other collateral, which he does not list, having a
ready market value of more than $57,000.
Likewise, he criticizes a loan to Vice-President Flather because among the
collateral by which that loan was secured were '415 shares of GreeneCananea Copper stocks.' The Comptroller omits to state that this loan
was also secured by other collateral as follows :Seventy-six shares American
Telephone & Telegraph stock, 130 shares Lanston Monotypo stock, 118
shares American Security & Trust Co. stock and 185 shares Washington
Railway & Electric Co. preferred stock.
If the Comptroller had been pursuing his investigations into the character
of collateral along other lines than those by which loans to officers were
secured he might have discovered in the collateral to a particular loan, otherwise well and adequately secured, $5,000 Georgia & Florida RR. Co.
bonds of little or no market value, of which road he was formerly the
President, and which bonds he was instrumental in marketing.
The fact is that the officers of this bank have never advised or encouraged
any person, man or woman, young or old, to speculate in stocks or to buy
stocks for investment, and the Comptroller's insinuation to the contrary is
a gross perversion of the truth, of which no officer of the Government ought
to be guilty with respect to any matter, and least of all should the Comptroller of the Currency be guilty of it for the purpose of injuring a bank in
the public estimation.
The brokerage business conducted by certain officers of the bank in their
individual capacity, they holding seats on the Washington Stock Exchange,
was discontinued by these officers early in the summer of 1914.
There was no provision of the National Bank Act forbidding an officer
of a bank to act as a broker on a stock exchange, but a Section of the Federal
Reserve Act possibly makes this course one of doubtful legality, and it was in
anticipation of the putting of that Act into full force and effect, which was
done on November 16 1914, that officers of the bank, prior to July 28 191 4
[VOL. 100.
discontinued the buying and selling of securities as brokers. It should
be borne in mind that the Washington Stock Exchange has among its
membership and has had for many years, many bank officers and directors,
and that, prior to the going into effect of the Federal Reserve Act on November 16 last, these officers and directors had the lawful right to earn commissions and to keep such commissions if they saw fit to do so. Those
officers of the Riggs National Bank who owned or held seats on the Stock
Exchange preferred to give to the Riggs National Bank their individual
earnings and did so. They had the right to do that, as, indeed, they had
the right to keep them or dispose of them in any other manner.
So, too, with respect to real estate commissions which these officers
earned. They had the right as individuals to earn those commissions, to
keep them, or otherwise dispose of them as they saw fit, and there was
no law which questioned this right until the provisions in the Federal Reserve Act to which reference is made as above. That they chose voluntarily to give their individual earnings in these two clases of business to the
bank, rather than keep them for themselves, cannot be questioned in law,
and certainly not from an ethical standpoint.
"
In a letter to the national banks, asking their moral support in the proceedings, the Riggs National says:
The Riggs National Bank is making this fight for every national bank in
the country. It is an attempt to defeat the gross usurpation of authority
by the Comptroller, and, if successful, will establish a precedent and barrier that will serve as a permanent protection to the banks in the future.
If, on the other hand, the bank is defeated in the courts, which it does not
anticipate, or if by means of the prestige and power of the Comptroller's
office, its business can be materially diminished, the occupant of that
position will be able to exercise despotic power in the future.
In this connection, it is worthy of note that in his first and only report
the present Comptroller of the Currency prayed Congress to confer on him
the authority to remove, at his discretion, any officer of a national bank,
and, without trial or judicial procedure, to fine personally any officer of a
national bank who disobeyed any regulation of the office of the Comptroller of the Currency.
Under the circumstances, the bank feels that it has a fair claim upon all
bankers, and particularly members of the national system, for their confidence, indorsement and moral support.
While close business relations are known to have long
existed between the Riggs National Bank and the National
City Bank of New York, Frank A. Vanderlip, President of
the latter, is authority for the statement that his bank is
not interested in the proceedings.
In apparent conflict with the statement of Comptroller
Williams on Monday that the Department of Justice had
some weeks ago engaged Louis D. Brandeis as special counsel
in the case', Attorney General Gregory early on Tuesday
was quoted as stating that Mr. Brandeis had not been retained by his Department to inquire into the alleged irregularities in the bank. Later in the day the following statement was issued by Mr. Gregory's Department, explaining
the seeming discrepancy :
The Department of Justice has employed Mr. Brandeis as special counsel
to assist in the defense of the injunction proceedings brought by the Riggs
National Bank. Up to the filing of the suit yesterday the Department of
Justice had not had before it for official consideration the controversies
between the Treasury Department and the Riggs National, Bank, but
knew in a general way that these existed and might result in some character
of litigation. The Department of Justice and the Treasury Department
are in accord and heartily co-operating in this suit.
REPLY BY TREASURY OFFICIALS TO ACTION
BROUGHT BY RIGGS NATIONAL BANK.
The statement of the Comptroller of the Currency, issued
on the 12th and referred to above, is printed below, together
with some of the documents pertinent to the proceedings
made public by the Comptroller at the same time:
I have not seen the bill filed by the complainants but have read the
extracts furnished the press.
The recent investigations of the affairs of the Riggs National Bank
disclosed irregularities and unlawful practices on the part of certain officers
of sufficient importance to merit their reference to the Department of Justice
and that Department engaged the services of Louis D. Brandeis, of Boston.
some weeks ago as special counsel in the case, and it is consistent with the
attitude of these officers to attempt by unwarranted and untrue statements
to place themselves and the bank in a position of martyrdom at the hands
of the Administration.
It is not the practice of this Department to discuss in the public press the
affairs of any national banking association, but since the officers in question have had the temerity to submit this matter to the court, this office
is prepared to show a condition of affairs in the management of this institution which fully warranted the action taken by this office. The bank is
solvent. The interests of the depositors have been safeguarded by the
actions of the Comptroller's Office, but if the methods and practices complained of had been permitted to continue, the results would have been
serious. The evidence will abundantly show that it has been necessary
for this office to seek to terminate the reprehensible practices of the officers
in question and their misuse of the powers delegated to them by the directors.
The penalty imposed for failure to make reports, the collection of which
penalty they seek to have enjoined, grows out of their unwillingness to disclose the true nature of the transactions engaged in.
The whole purpose of the Department has been to require the bank to
give up the unlawful and dangerous practices and methods which had been
in vogue for years past, and which had threatened alike the welfare and
security of both shareholders and depositors, and to require the bank to
conform to the plain requirements of the National Bank Act and to the
regulations of the office of the Comptroller of the Currency.
In view of the many false and misleading statements contained in the
announcement prepared for the press by the Riggs National Bank, and the
references of the bank to the letters which it has received from this office
during the past six or eight months, this office thinks it proper that the
public should be given further information as to the true contents and purport of this correspondence and therefore submits the following extracts
from three of the letters addressed to the Riggs National Bank by the
APR. 17 1915.]
THE CHRONICLE
.Conptroller of the Currency since July last and referred to in the statement
given out by the bank.
In its efforts to ascertain the real truth in regard to the operations and
affairs of the Riggs National Bank, letters were from time to time directed
to the bank from the office of the Comptroller of the Currency for information. These requests for data in various cases were refused, and on March
30th the Riggs National Bank was notified of the imposition of a penalty
of $5,000, under Section 5,213 of the United States Revised Statutes, for its
refusal to furnish information to the Comptroller's Office in regard to its
affairs.
On April 5th the Comptroller of the Currency addressed a letter to the
bank calling its attention to various false statements which had been made
by its officers under oath, and what are regarded as deliberate efforts to
deceive the Department, and notified the bank that "In view of the unsatisfactory and dangerous conditions which have come to light as the
result of the investigations of the bank by this office and the National Bank
Examiner; in view of the unreliability of the statements made by your
officers under oath or otherwise, and your long continued defiance of the
law and disregard for the instructions of this office, you are hereby notified
that the Comptroller of the Currency will, until further notice, refuse to
approve the Riggs National Bank as depositary for the reserves of Other
national banks."
Extract from Letter Addressed by the Comptroller of the Currency to the Riggs
National Bank, July 22 1914.
You are hereby admonished that this office strongly disapproves of the
policy and practice of having the President, Vice-President and Cashier
of a national bank conduct a brokerage shop, or business, within, and as a
part of the business of the national bank, buying and selling speculative
and "wildcat" stocks and other securities on commission and using the
bank as the agency for carrying, on margin, stocks and other securities thus
bought and sold and dealt in.
The books of your bank show that large sums of money are being loaned
on speculative securities to the officers of your bank and to its clerks and
employees, in these speculations. This office regards thislas a demoralizing example to the other employees of your bank.
In speaking of the loans made to the Cashier of your bank, aggregating
$63,500, you declare that these loans "were secured by high-class, marketable local and out-of-town stocks and bonds, having a market;value of
$70,000," although at to-day's prices they barely cover the loan.
Among the "high-class, marketable local and out-of-town stocks and
bonds," I note the following:
Market Value.
4
200 shares St. Louis & San Francisco preferred stock
1X
stock
preferred
RR.
Island
Rock
shards
100
1
100 shares Rock Island Railroad common stock
9
200 shares Missouri Pacific Railroad stock
18
stock
Copper
200 shares Inspiration Consolidated
734
350 shares Inter-Continental Rubber stock
Among the stocks securing the loans to your Assistant Cashier, which
I
collateral,"
Stock
Exchange
you approvingly refer to as "recognized
notice:
26
100 shares American Can
9
200 shares Missouri Pacific
of
$63,800
Vice-President/Flather
to
Among the stocks securing the loans
appear 415 shares of Greene Cananea Copper stock, &c.
Such securities as these I should hardly expect to findlinitheiloans of
conservative bank officers and their clerks, who should certainly be expected
to scrutinize with special care the collateral placed/upon/the loans which
they may require the bank, whose interests they have/swornIto`safeguard
and protect, to make to themselves.
It appears that for the sake of the commissions collected by your officers
in buying and selling bonds and stocks, youlhave]beenlexecuting orders for
women (including Treasury employees), young men, clerks, professional
and business men, who have been tempted to engage:through!you in stock
speculations which have proved in variousl cases costly rand/damaging,
If not ruinous. To facilitate these operations there is, it/appears, installed
in your bank a private telegraph line connecting you with% stock-brokerage
house in Now York, and two private telephone lines:connecting you with
two stock-brokerage offices in Washington.
The books of your bank showed at the date'of the last examination that
tv
-773177
nearly $1,000,000 of the funds of the bank were being loaned to go
or fifty women on stocks and other securities, many of them of a
speculative character, which had been bought for account of those women
by officers of your bank,and for which your officers had duly collected=r
"commissions." Some of those loans had sufficient margin, but otlieiTs
were but scantily securei. But few, if any, of these womenlhad any-grances with your bank upon which they mightlhave drawnito make good
shrinkages in their collateral, and as much of the collateral was of a slow
character, it is uncertain what the results would have been, or would be,
if it should have been necessary, or should be necessary, for you to call those
oans.
As an example of the evils which have resulted from the policy and methods pursued by your bank in this connection, I will cite the case of
who, it appears, purchased through you in January last—whether through
your active solicitation or otherwise Iram not informed-1,000 shares of
Rock Island preferred stock and 500 shares of Rock 'Island Ecommon stock,
at a cost of $26,987 50. Those stocks in the brief period of/six months have
shrivelled up so that to-day theylare worth/at {current dquotations scarcely
$2.000, showing a loss to your unfortunatelcustomer, including interset,
of more than $25,000.
The commission which you collected of $187 50, it seemsitolme, is no
compensation for the injury inflicted uponlyour unhappyjclient, who was,
as you presumably knew when you made the transaction for him, a man of
limited credit and moans, and in no condition to engage in such a speculation. Ho still owes you,I understand, approximately $20,000 on extremely
doubtful security. You inform me that he has given you/as further protection against the cost of the Rock Island stock, now valued at only $r2=,
:Company.
$16,000 of notes:of the
*
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* --sck
*
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I regret to have to inform you that this office has evidence which indicates that other statements recently submitted by youland other officers
•of your bank to this office, under oath, in%ddition toithelincorrect statements to which your attention has been specifically called in this letter, are
also untrue.
Should you or the other officers:of your bank desire to:review/and correct
statements which have been made to thislofficejbylyoursolf and other
officers of the Riggs National Bank in/connection1with these recent investigations, before this office takes action/in the premises, you aro requested to
notify me immediately, and to furnish, under oath, such corrections as you
may be prepared/to submit.
* 1
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m* sii* -.../T* 1 IR*
* Var*
FaYoularo instructed to havethis letter read to your/board of/directors at
•their next meeting and to send,coples,of it to those naembersiof the board
1319
who may not be present at the meeting, and to notify this office that these
instructions have been complied with.
Extract from Letter Addressed by the Comptroller of the Currency to the
Riggs National Bank on March 30 1915.
The investigations of the Bank Examiner had raised serious questions
as to whether or not your bank had collected the proper amount of interest
which it was entitled to receive from its officers on loans (large and small)
which had been made to those officers personally, sometimes directly on
notes signed by themselves and sometimes indirectly on "dummy" notes
signed by clerks of the Riggs National Bank, or of other banking instit
tions, or by outsiders, which said "dummy" loans were usually secured by
"collateral" provided by the officers of the Riggs National Bank.
It was believed to be desirable and important, in order to determine
the present true condition of the Riggs National Bank. and the sums of
money which the bank was rightfully entitled ,to and which it might not
have collected from its debtors, that these special reports should be furnished to the Comptroller's office within the time mentioned in the letter
aforesaid.
You acknowledged receipt of the letter from this office of Jan. 22 1915
under date of Feb. 1 1915, and refused to furnish the special reports called
for.
This office could not accept, as an excuse for your refusal, the claim
made in your letter that the large amount of money which the National
Bank Examiner found the Riggs National Bank lending to its own officers
at the time of his examination last summer, on both direct and indirect
or "dummy" loans, amounting to some hundreds of thousands of dollars,
had nearly all been paid. Their repayment did not dispose of unsettled
and important questions affecting the condition of your bank. It is instructive, though not reassuring, just here to point out that these payments
were largely made by transferring the loans of your officers to other national
banks and to some of the trust companies of the District. The reports
of National Bank Examiners to this office indicate that the money being
borrowed at a recent date from national banks, and from trust companies
of the District, by four of the senior and junior active officers of your bank
amounted to more than $750,000. These loans were all being carried by
banking institutions in which one or more of your officers were either
directors or employees and by two of the local trust companies, and were
secured mainly by stocks and bonds, many of the stocks decidedly speculative, such as Greene-Cananea Copper, Lanston Monotype, Nevada Consolidated Copper, Missouri Pacific Ry.. American Can common, Reading
common, B. & 0. common, United States Steel common, Pacific Gas &
Electric Co. common. Wabash 4s, Pacific Coast 2d preferred, United States
Rubber preferred,'Inter-Continental Rubber common, Pittsburgh Coal
preferred, Washington Railway & Electric, Seaboard Air Line preferred.
Southern Railway preferred, Utah Copper and Washington Utilities Co.
stock; and there were hypothecated in these loans nearly all of the stock of
the Riggs National Bank owned by the borrowing officers.
It should here be noted that in the opinion of this office no excuse has
ever been given for the action of your President in getting $86,500 of money
from the bank without the knowledge of its directors as to the real borrower on a note signed by the assistant paying teller of the bank (salary
$2,100) for use in one of his (C. C. Glover's) personal real estate deals or
transactions. The statement that the real estate notes arising from the
deal might be sold to a customer or customers of the bank and thus "accommodate" such customer does not relieve this "dummy" or concealed
loan or odium. The practice which appears to have been in vogue in your
bank for some years past for the officers or junior clerks of your bank to
borrow its funds, sometimes in their own name and sometimes in the name
of "dummies" and sometimes as "dummies" for others, on speculative
stocks and bonds, is unbusinesslike, sets a very bad example to the bank's
other employees, and is. in fact, thoroughly reprehensible and cannot be
too strongly condemned, notwithstanding the fact that your President, as
late as Jan. 111915, referring to the $86,500 of money borrowed by him
in the name of the paying teller of the bank, said, when being examined
under oath: "I did not see any reason why it should not be done in that
way"; and, again, on March 5 1915, after he had had opportunity of reflecting upon his conduct, made the following statement: "I did not consider
I was doing anything wrong." indicating an ethical standard which is not
consistent with the recognized conception of sound banking.
*
*
*
*
*
*
*
*
•
*
*
*
*
The suggestion you have offered that the Bank Examiner should, himself, get from your books the details as to your "dummy" or "concealed"
loans, I regret to say,can hardly be regarded as being offered in good faith,
in view of the testimony given under oath by different officers of your bank
that, in reporting "dummy" or concealed loans to the discount committee
and to the board of directors, the names of the real borrowers were not made
known—"as far as I know,they only knew the name of the person who gave
the note—the name of the person who gate the note." (Testimony of
Vice-Presilent Flather under oath Jan. 15 1915). and the subsequent testimony of your paying teller on March 5 1915 that there was nothing in the
books or records which would show positively which loans were "dummy"
oans, and that in order to select such loans from the records he would
"have to rely on memory."
The statement also made by the bank as to the interview at the Treasury
in December 1913 in connection v.ith the unwarranted and malicious attack
in a New York newspaper upon certain 'I reasury officials concerning the
action of the Departmeat in saving a local trust company from disaster
is misleading and grossly distorted. As a matter of fact, at the interview
referred to, the Vice-President of the Riggs National Bank confessed that
he had vised or approved as true, before their publication, the statements
shown to have been false, published in the New York newspaper. This
admission was made by Vice-President Mies of the Riggs National Bank
in the presence of the Secretary of the Treasurv.eMr. Elliott, Counsel, and
myself, President Glover and Vice-President Fiathers of the Riggs National
Bank being also present; ant it was after this admission that the Secretary
of the Treasury the same day, Dec.4 1913. gave out a statement to the press
in which he said: "The source of this publication is known to and thoroughly discredited by this Department."
GERMAN AMBASSADOR QUESTIONS NEUTRALITY
OF UNITED STATES.
Complaint that the United States is acting contrary to
the real spirit of neutrality through the building up of an
enormous industry in war materials of every kind which is
being supplied only to Germany's enemies, while it fails
to insist upon its right to pursue legitimate trade with Germany, particularly in the matter of foodstuffs, has been
made in a memorandum to the State Department from
Count von Bernstoff, the German Ambassador at Washington. The communication declares that "if the American
people desire to observe true neutrality, they will find means
to stop the exclusive exportation of arms to one side, or
at least to use this export trade as a means to upholdIthe lea
gitimate trade with Germany, especially the trade in food-
1320
THE CHRONICLE
stuffs." While the memorandum was not made public
until Sunday last, it is said to have been presented to the
State Department in a note dated the 4th inst. It is pointed
out that while nothing in the communication would indicate
that Count von Bernstorff presented the epistle at the instance of the German Government,it was understood that he
acted under instructions from the Berlin office. While in
New York on the 13th inst., Count von Bernstorff took occasion to say:
The communication was, of course, delivered by order of my Government, and it simply expressed the opinion of the German Government and
the opinion prevalent in the German nation. I was no more responsible
for this communication than to act as the messenger who delivered it. The
status of the communication is in no way changed by the fact of its having
been delivered as a memorandum of the Embassy.
The text of the memorandum is as follows:
[vol.. um.
Former United States Senator Nelson W. Aldrich died
in this city yesterday of apoplexy, following an attack of
indigestion which he suffered on Thursday. Up to the time
he retired in 1911 Mr. Aldrich had represented Rhode Island
in Congress for more than thirty years, practically all of
which he served as Senator. During the latter part of his
public career he was one of the most powerful figures in
Washington; he had also been an important factor in the
political organization of the Republican Party. Ex-Senator
Aldrich had devoted much attention to the problems of an
adequate currency system for the country;in 1903 he fathered
a bill intended to increase the elasticity of the currency.
He was also the joint author of the Aldrich-Vreeland Emergency Currency bill passed in 1908 and which provided for
the creation of a National Monetary Commission to reform
the currency system. He retired from the Senate in 1911
in order to devote himself to the work of this.Commission,
of which he was Chairman. Ex-Senator Aldrich was a
strong protectionist. He was closely connected with the
framing of the McKinley tariff which was drafted in 1889,
the Dingley tariff of 1897 and the Payne-Aldrich Tariff Act.
Mr. Aldrich was born in Foster, R. I., on Nov. 6 1841.
His political career began as a member of the Providence
Common Council, where he served two terms from 1869 to
1875, having been President of the Council from 1873 to
1875. He became a member of the Rhode Island House of
Representatives in 1876, and three years later was elected
to Congress. He was re-elected to Congress, but resigned
before completing his second term to accept election (in 1881)
as United States Senator. Ex-Senator Aldrich had many
business interests and was associated with Thomas F. Ryan
and the Guggenheims in the American Congo Co., which had
large rubber concessions. He was also interested in other
enterprises with his son-in-law, John D. Rockefeller Jr.
"The different British Orders in Council have altered the universally
recognized rules of international law in such a one-sided manner that they
arbitrarily suppress the trade of neutral countries with Germany. Already
prior to the last Order in Council the shipment of conditional contraband,
especially foodstuffs, to Germany was practically impossible. In fact,
prior to the protest which the American Government made in London on
Dec. 28 1914, not a single shipment of such goods for Germany had been
effected from the United States. Also, after the lodging of the protest
and as far as is known to the German Embassy, only one such shipment
has been attempted by an American shipper. Ship and cargo were immediately seized by the British and are still detained at a British port.
"As a pretext for this unwarranted action the British Government referred
to a decree of the German Federal Council concerning the wheat trade,
although this decree only covered wheat and flour and no other foodstuffs
although imported foodstuffs were especially exempt from this decree and
although the German Government had given all necessary guaranties to the
United States Government and had even proposed s special organization in
order to secure these foodstuffs for the exclusive consumption of the
civilian population.
"The seizure of an American ship under these circumstances was in contradiction with the recognized principles of international law. Nevertheless, the United States Government has not yet obtained the release
of the ship, nor has it, after eight months of war,succeeded in safeguarding
the legitimate American trade with Germany. Such a delay, especially
when the supply of foodstuffs is concerned, seems equivalent to complete
failure.
"It is, therefore, to be assumed that the United States Government has
accepted England's violations of international law.
From a personal communication received under date of
"Furthermore has to be considered the attitude of the Government of the April 9 from H. O. Davis, Director-General of the PanamaUnited States concerning the question of the exportation of war material.
California Exposition at San Diego, the following facts are
The Imperial Embassy hopes to agree with the Government of the United
regarding the Exposition:
States in assuming that with regard to the question of neutrality there is furnished us
I know you will be interested to learn that the Exposition is running along
not only the formal side to be considered, but also the spirit which
has a nice net profit to its credit. The net profit for March
and
shape
in fine
neutrality is enforced.
was $24,400 in round figures, and so far during April has averaged $1,500
"Conditions in the present war are different from those in any former a day. The attendance is increasing steadily, the average for the month of
wars. For this reason it is not justified to point at the fact that, perhaps, March being a trifle over 5.000 a day and from present indications the April
greater than that.
in former wars Germany furnished belligerents with war material, because attendance will be 40 to 50%
n those former cases the question was not whether any war material was
Everett
J. Sturges of New Milford,
of
nomination
The
to be furnished to the belligerents, but merely which one of the competing
countries would furnish it.
Connecticut, by Governor Holcomb to be State Bank Com"In the present war, with the exception of the United States, all the
has been approved by the Senate. Mr. Sturges'
countries capable of a noteworthy production of war materials are either missioner
at war themselves or completing their armaments, and have, accordingly, term, which is for four years, begins July 1. He will succeed
prohibited the exportation of war material. Therefore, the United States Fred.P. Holt, who resigned as:Bank Commissioner on Feb. 23
of America is the only country in a position to export war materiar—This
President of the City Bank & Trust Company of
fact ought to give a new meaning to the idea of neutrality, independent to become
of the formal law.
Hartford.
"Instead of that, and in contradiction with the real spirit of neutrality,
an enormous new industry of war materials of every kind is being built up in
An interesting fact in connection with the operation of the
the United States, inasmuch as not only the existing plants are kept busy
Plan of industrial loans and investments is the fixity
Morris
also
new
ones
are
continually founded.
and enlarged, but
"The international agreements for the protection of the right of neutrals of the figures indicating the average size of the loans. Up
originate in the necessity of protecting the existing industries of the neutral
to Oct. 31 1914 the total sum loaned was $6,137,541, the
countries. They were never intended to encourage the creation of entirely
49,759,and the average amount $123 35.
industries
in
neutral
States,
as,
for
instance, the new war industry in number of borrowers
new
the United States which supplies only one party of the belligerents.
By Nov. 30 the number of borrowers had increased to 52,100
"In reality the American industry is supplying only Germany's enemies, and the amount loaned to $6,420,780, the average being
a fact which is in no way modified by the purely theoretical willingness
$123 24. On Dec. 31 the total amount of loans had grown
to furnish Germany as well, if it were possible.
"If the American people desire to observe true neutrality, they will find to $6,776,767 and the number of borrowers to 54,974, the
means to stop the exclusive exportation of arms to one side, or at least to
Loans outstanding at the end of the
use this export trade as a means to uphold the legitimate trade with Ger- average being $123 27.
many, especially the trade in foodstuffs. This spirit of neutrality should year aggregated $3,139,455, the number of borrowers was
appear the more justified to the United States as it has been maintained
towards Mexico.
25,477 and the average loan $123 23. The average amount
"According to the declaration of a Congressman, made in the House
Committee for Foreign Relations Dec. 30 1914, President Wilson is quoted of money needed by American men or women without colas having said on Feb. 4 1914, when the embargo on arms for Mexico
lateral, but entitled to credit on character and earning cawas lifted:
"'We should stand for genuine neutrality, considering the surrounding pacity, as provided by the Morris Plan, is apparently a little
facts of the case.' * * * He then held in that case that because
Carranza had no ports, while Huerta had them and was able to import over $120. It will be observed that the increase in the numthese materials, that it was our duty as a nation to treat them (Carranza
and Iluerta) upon an equality if we wished to observe the true spirit of ber of loans made by the first fifteen Morris Plan companies
neutrality as compared with a mere paper neutrality.'
about 3,000 per month, and that the
"This conception of 'the true spirit of neutrality', if applied to the is now at the rate of
present case, would lead to an embargo on arms.
monthly increase in the total amount loaned is about $350,-
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Thirteen shares of bank stock were sold at the Stock Exchange this week and none at auction. In trust company
stocks the transactions, all auction sales, reach a total of
39 shares. Fifteen shares of Astor Trust Co. stock were
sold at 3643, an advance of 593/i points over the price
paid at the last previous public sale in July 1914.
She
York=LW.—High. Close.—Last.previous sale7
*10 American'Exchange Nat. Bk_214
214
214
Jan. 1915— 205
*3 Commerce, Nat. Bank of____167% 167% 167% April 1915— 165
TRUST COMPANIES—New York.
364% 36435 36434 July 1914— 305
15 Astor Trust Co
1 Farmers' Loan St Trust:Co_ _1110 1110 1110
Sept. 1913— 1131
8 Metropolitan Trust Co
407 407
407
April 1915— 4053
ION. Y. Life Ins. & Tr. Co__ _ _947
947 947
Mar. 1915— 10013
5 Union Trust Co
350
350 350
Mar. 1915— 346
*Sold at the Stock Exchange.
000.
Henry W.Poor, banker, and publisher of Poor's Manual of
Railroads, died at his home in this city on the 13th inst. Mr.
Poor was born in Bangor, Maine, in 1844, and came to New
York in 1865, following his graduation from Harvard in
that year. He started in the banking and stock brokerage
business as a member of the firm of H. V. & H. W. Poor.
Coincidently he began the publication of Poor's Manual of
Railroads. With the dissolution of his former banking firm,
Mr.Poor (in 1880)became a member:of the firm of Anthony,
Poor & Oliphant. The firm later became successively
Poor, Oliphant & Co.Poor, White &Co.,PoorA Greenough,
and in 1899 H. W. Poor & Co. The:latter was forced into
bankruptcy in December 1908.
APR. 17 1915.]
THE CHRONICLE
President George C. Van Tuyl Jr., of the Metropolitan
Trust Co., on Thursday celebrated the completion of his
first year as head of that institution. The members of the
office force extended to the President their hearty congratulations for the success which he has achieved in bringing
the company to the largest line of deposits and total assets
which has been attained at any time in the thirty-four years
of its history. Besides extending their congratulations they
presented Mr. Van Tuyl with a large jardiniere of American
Beauty roses. With the flowers was a note signed by
every employee of the trust company tendering their best
wishes for the future.
The acquisition of control of the Commonwealth Trust
Company of Buffalo, N. Y., by interests in the Bank of Buffalo, reported in these columns last week, followed the decision of E. 0. McNair, to retire from the presidency of the
trust company on account of ill-health. Elliott C. McDougal,
President of the Bank of Buffalo, and who succeeds Mr. McNair as head of the trust company,issued the following statement with regard to the purchase:
Some weeks ago the directors and leading stockholders of the Commonwealth Trust Company of Buffalo invited me to accept its presidency, on
account of tho ill-health of its former President, Mr. McNair, who desired
to resign. After carefully examining the trust company, I unhesitatingly
recommended to my a.ssaciates in the Bank of Buffalo the purchase of a
majority of its stock. Close association of the two institutions under one
single control materially strengthens the banking situation in Buffalo.
Arthur L. Kelley, a director in the Merchants' National
Bank of Providence and formerly Vice-President of the
Industrial Trust Co., died on the 7th inst. Mr. Kelley
was President of the Mechanical Fabric Co., the American
Card Clothing Co. and the Narragansett Electric Lighting
Co.; a director of the United States Rubber Co., the D.& W.
Fuse Co., the Blackstone, Merchants' and Rhode Island
Mutual Fire Insurance companies, Ashworth Brothers of
Pall River and the Providence Journal Co.
Ralph E. Parker has resigned as Treasurer of the Tremont
Trust Co. of Boston to return to his former work on the
Stock Exchange, with an office at 45 Milk Street. Mr.
Parker was formerly of the firm of Parker, Morse & Co.
•
William A. Law, heretofore First Vice-President of the
First National Bank of Philadelphia, has been elected
President, effective May 1, to succeed J. Tatnall Lea, who
desires to be relieved of the active duties connected with the
office. Mr. Law was President of the Merchants' National
Bank when it consolidated with the First National in July
1910; he had since been First Vice-President of the enlarged
bank.
1321
suffered in bad business ventures. Before his trial Baldwin
is said to have returned $3,000 of the stolen money to the
bank.
At the annual meeting of the stockholders of the Union
Trust Company of Baltimore on the 12th inst., Thomas
Goodwillie, General Manager of the Baltimore division of the
Standard Oil Company, and Howard E. Young, President
of the J. S. Young Company, were added to the board of directors.
It is announced that Assistant Attorney-General William
M.Fitch of Missouri has resigned to become an officer of the
Mississippi Valley Trust Co. Mr. Fitch will manage the
company's lately-organized farm-loan department, with particular attention to its field work and legal duties: From
1893 to 1896 he read law under the late Senator H. F. Simrail in the offices of Simrall & Trimble at Liberty, Mo. Mr.
Trimble is now Judge of the Kansas City Court of Appeals.
Mr. Fitch was admitted to the Clay County Bar in 1896 and
from that year until 1913, when appointed Assistant Attorney-General, he was actively engaged in legal practice in
DeKalb and neighboring counties of Northwest Missouri.
He has been actively engaged in the farm-loan and real estate
title business for over fifteen years, during which time he has
placed a large volume of loans for various investor clients on
Northwest Missouri farm lands. Mr. Fitch expects to alternate between St. Louis and Jefferson City until his State responsibilities can be turned over to a successor. After this
he will make his home and business headquarters in St.
Louis, but will spend a great part of his time in traveling over
the farm country of Missouri and other States in caring for
the business and needs of the new department of the Mississippi Valley Trust Company.
The Fourth National Bank of Atlanta celebrated its
twenty-fifth anniversary on the 2d inst. The institution
started business on April 2 1890 under the name of the
American Trust & Banking Co., which, beginning with a
capital of $500,000, took over the old Traders' bank, which
had a capital of $100,000. In 1896 the institution became
a national bank, vhanging its name to the Fourth National
Bank. James W. English, President of the bank, has been
connected with the institution in that capacity since its
organization. John K. Ottley, Vice-President of the bank,
has been with the bank since it was organized, advancing
from Assistant Cashier to his present position. Charles I.
Ryan, Vice-President and Cashier of the Fourth National,
has not only been with the bank since its organization, but
was associated with its predecessor, the old Traders' Bank.
The Fourth National to-day has a capital of $600,000, surplus and profits of over $1,000,000, and deposits of close to
$7,000,000.
W. A. Obdyke, Vice-President and Treasurer of the Commercial Trust Co. of Philadelphia, will become associated
The Columbus Insurance & Banking Co. of Columbus,
with Drexel & Co. of that city about May 1. Mr. Obdyke
is the second official of the Commercial Trust to go with Miss., has made application to the Comptroller of the CurDrexel & Co. within the last few years, Horatio G. Lloyd rency to convert into the Columbus National Bank, the
having resigned as President of the trust company on Dec. 15 capital to be $100,000.
1909 to become a partner of the banking firm.
A new bank, to be known as the City National Bank, will
John H. Strawn was appointed permanent receiver on be established in Stockton, Cal. The application to organize
the 8th inst. of the failed First National Bank of Uniontown, was approved by the Comptroller of the Currency on
Pa., by the Comptroller of the Currency. As previously March 20. The new institution will have a capital of
stated in these columns, the First National closed its doors $100,000.
on Jan. 18. Mr. Strawn took up his new duties on the 15th
THE ENGLISH GOLD AND SILVER MARKETS.
inst., succeeding Sherrill Smith, who was temporary receiver.
reprint the following from the weekly circular of
on
—Wothe
announced
8th
inst.
Currency
The Comptroller of the
date of
that further irregularities and violations of law by the officers Samuel Montagu & Co. of London, written under
111915:
April
and
as
a
discovered,
result
been
had
National
First
the
of
GOLD.
an investigation has been started by the Department of
The following amount was received by the Bank of England:
gold.
bar
Mar. 31_ _ Z66,000 in
Justice. The State of Pennsylvania was reimbursed for
Withdrawals were made as under:
its deposit of ;.' 5,000 in the institution by the receipt of a
Mar. 26.- £55,000 in sovereigns set aside on account of Argentina.
do
do
do
do
27.... 80,000
check on Jan. 28 from the National Surety Co. of New York
do
do
do
do
29.... 20,000
for $45,159, the $159 representing interest on the funds.
W. A. Royston Jr. has been elected a Vice-President of the
Fidelity Title & Trust Co. of Pittsburgh. He had heretofore
been Assistant Secretary of the company.
John W. Baldwin, former teller of the Liberty National
Bank of Pittsburgh, was sentenced on March 31 to five years
in the Eastern Penitentiary. Baldwin was arrested last
December,following the discovery by Bank Examiner Cooper,
it is stated, of a shortage of $47,000. The former teller is
reported to have attempted to recover by speculation, losses
do
do
do
do
30__300,000
30...300,000 in sovereigns set aside on miscellaneous account.
do
do
do
do
31....700,000
3E A00,000 in sovereigns set aside on account of Argentina.
During the week the net reduction was £1,789,000.
It is stated on the authority of the Canadian Treasury that the Bank of
England holding at Ottawa is now about £18,000,000 in value, and that the
recent large receipts by New York from Canada only included about £3,600,000 out of the stock held on account of the Bank of England; the remainder was drawn from the stocks held by Canadian banks.
SILVER.
The tone has continued fairly good, although prices have been rather
erratic. The quotation dipped from 233rd. on the 26th ult. to 23,id. on
the 27th ult. After recovering to 23%d. by the 30th ult., another fall took
placel on this occasion to 2334d. A slight improvement ensued to-day and
1322
THE CHRONICLE
the price was quoted 23 9-16d., at which the market is quiet and steady.
The irregularity of prices is chiefly owing to an absence of continuity in
orders from the Indian Bazaars. The drop to 23 d. created a demand from
India, but orders began to fall off as the price rallied, and the proximity of
Easter did not improve matters. China has been a buyer intermittently,
and Continental orders have been again in evidence. An Indian currency
return for Mar. 22 gave details as follows, in lacs of rupees:
Notes in circulation
60,19
Reserve in silver coin
30,81
Gold coin and bullion
7,73
Gold in England
7,65
The stock in Bombay consists of 7,800 bars, as compared with 7,100 last
week. A shipment of 185,000 ozs. has been made from San Francisco to
Hongkong. During the month of March the movements of prices have
been more active than for several months past, and the inclination has been
toward a higher level. Statistics are appended:
Average price
23.708 cash
Highest price
24 5-16 cash
Lowest price
cash
23
The silver market will be closed on Saturday, the 3d inst. Quotations
for bar silver per ounce standard:
cash
No
Bank rate
Mar.26_ _ _ _23
5%
quotation
27_ _ _ _ 23/3
Bar gold per ounce standrad _ _ _ 778. 9d.
'
29____23%
"
fixed
French gold coin, per ounce
Nominal
"
for
U.S. A. gold coin per ounce__ _ Nominal
30- _ __23
forward
31____2315
"
delivery.
April I__ _ _23 9-16 "
Av.for week_ _23.593 cash
The quotation to-day for cash delivery is 3.1d. below that fixed a week ago.
New York City Banks and Trust Companies.
Banks
Bid
Ask
New York
America* ___ 555 570
Amer Exch._ t214
Battery Park 135 fig
Bowery•_--- 405
Bronx Boro*. 225 260
Bronx Nat - 160
Bryant Park* 150
Butch & Dr_ 135 145 Century* --- 165 175
Chese
570 590
Chath &Phen 178 182
Chelsea Ex'. 120 125
Chemical _ _ 395
Citizens Cent 165 1716"
City
388 395
Coal At Iron_ 145 153
Colonial*
450
Columbia*
300 315
Commerce
t16778
Corn Excho_ 305 310
Cosmopolltn• 80 100
East River
75
90
Fidelity*---- 140 155
Fifth Ave• 4250
Fifth
250 300
First
850
Garfield __ _ _ 190 210
Germ-Amer' 135 145
German Ex._ 385 410
Germania *- 425 475
Gotham
_ _ 190
Greenwich' _ 285 280
Hanover
625
Harriman
295
Imp & Traci_ 500 515
Irving
170 175
Liberty
590 610
Lincoln
310 330
Manhattan*. 315 325
Mark & Fult_ 235 245
•Banks marked with
Exchange this week.
Bank
Bid
Mech & Met_ 255
Merch Exch. 165
Merchants'_ _ 180
Metropolis* 300
ctropol'n• 160
Mutual
325
New Neth• _ 210
New York Co 725
New York... 375
Pacific*
200
Park
385
People's* __- 225
Prod Exch•-_ 157
Public*
Seaboard-- 375
Second
400
Security* --Sherman ....- fig State*
125
23d Ward._ 100
Union Exch. 133
Unit States'. 500
Wash II'ts*_ 275
Wes.teh Av.. 160
West Side'__ 400
Yorkville *
500
Ask
260
190
330
175
lig
825
385
220
325
fei
175
400
425
80
135
135
125
140
fig
450
575
Trust Co's
New York
Rid
Ask
Astor
t364l2
Bankers Tr_ _ 425 435
B'way Trust_ 144 150
Central Trutt 965 985
Columbia ___ 450 465
Commercial _
80
Empire
295 305
Equitable Tr 415
Farm L & Tr t1110
Fidelity
200 205
Fulton
280
Guaranty Tr 580 590
Hudson
125 135
Law Tit & Tr 113 118
Lincoln Trust 100 105
Metropolitan t407
Mutual Alliance
100 115
Mut'l (Westchester)_ _ _ 130 135
NYLite I&Tr t947
__
N Y Trust_ _ _ 580 590
Title Cu &'1 r 382 387
Tensatiantic 200 220
Union Trust_ t350
USMtg &Tr 395 410
United States 1035 1045
Westchester _ 140
----
Brooklyn.
Coney Isl'd*.
105
First
260 270
Flatbush
135 150
Brooklyn
Greenpoint
150 Brooklyn Tr_
hillside' _
105 120 Franklin -Homestead._ 80 100 Hamilton _ _
Mechanics* _ 130 140 Kings County
Montauk* _
105 Manufact'rsNassau
fig" 210
Citizens
National City 270 280 People a _ -.North Side*. 175 200 Queens Co__
People's
145 155
a VI are State banks. t Sale at auction
-
470
250
270
600
137
280
260
285
615
288
80
[Vol.. 100.
Mainmercial andMiscenantons ens
111111010WWW.V......
Breadstuffs Figures brought from page 1368.-The
statements 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 Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Corn.
Wheat.
1
Barley.
Oats.
Rye.
bbis.1961bs. bush. 60 Ns. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Chicago....
41,000
160,000
471,000
262,000
760,000 1,593,000
Milwaukee__
40,000
31,000
397,000
202,000
39,000
133,000
Duluth
6,000
22,000
255,000
608,000
Minneapolis.
255,000
267,000
227,000
782,000
28,000
Toledo
36,000
65,000
27,000
Detroit
4,000
24,000
25,000
23,000
Cleveland..
13,000
8,000
1,000
36,000
46,000
St. Louis...
60,000
201,000
26,000
4,000
443,000
454,000
Peoria
55,000
299,000
1,000
41,000
149,000
167,000
Kansas City.
223,000
249,000
113,000
Omaha
164,000
352,000
127,000
Tot. wk. '15
Same wk •'14
Same wk.'13
2,855,000
2,962,000
3,034,000
332,000
389,000
323,000
2,494,000
2,320,000
2,620,000
781,000
3,442,000
2,681,000
861,000
3,153,000 1,359,000
111.000
187.000
197.000
Since Aug. 1
1
1914-15... 14,673,000 333,254,000 193,542,000 222,012,000 74,601,000 18070,000
1913-14
15,090,000 239,387,000 175,399,000 169,286,000 74,173,000 20380000
1912-13... 12.898.394 295,821,777 174,727,363 182,962,462 84,632,506 14056,000
Total receipts of flour and grain at the seaboard ports for
the week ended April 10 1915 follow:
Wheat,
Flour,
bush.
Receipts atbbls.
New York
226,000 1,631,000
Boston
27,000
45,000
Portland, Me
18,000
282,000
Philadelphia
42,000
678,000
Baltimore
14,000
365,000
New Orleans'.... 51,000
835,000
Newport News_
121,000
Galveston
482,000
Mobile
14,000
Montreal
7,000
124,000
St. John
19,000
145,000
Port Arthur
220,000
Corn,
bush.
34,000
5,000
Oats,
bush.
692,000
29,000
296,000
10,000
932,000
984,000
54,000
48,000
449,000 1,701,000
32,000
2,000
Total week 1915._ 418,000 4,928,000 1,564,000
Since Jan. 1 1915_8,078,000 86,436,000 27,210,000
Week 1914
408,000 1,897,000
191,000
Since Jan. 1 1914..6,283,000 30,612,000 8,383,000
'Receipts do not include grain_ passing through
on through bills of lading.
4,000
157,000
Barley,
bush.
44,000
Rye.
bush.
9,000
43,000
2,000
58,000 214,000
84,000
11,000
1,000
3,865,000 241,000 225,000
36,613,000 4685,000 4828,000
719,000 551,000 102,000
11,193,000 3643,000 965,000
New Orleans for foreign ports
The exports from the several seaboard ports for the week
ending April 10 are shown in the annexed statement:
Wheat,
Corn, Flour,
Oats,
Rye, Barley,
bush.
Exportsfrombush.
bbls.
bush,
bush.
bush.
New York
1,612,102 440,036 227,047
58,251
3,244
Portland, Me_ _
282,000
18,000
43,000
Boston
361,232
200 10,925
1,600
526,000
9,000 10,000 235,000 45,000 54,000
Philadelphia
Baltimore
417,301 1,042,202 16,222 255,416
3,560 100,888
77,000 32,000
New Orleans_ _ _ _ 657,000
30,000
121,000 449,000
Newport News
1,701,000
84,000
Galveston
80,000
4,000
32,000 14,000
Mobile
19,000
St. John
145,000
1,000
Port Arthur
220,000
Total week
Week 1914
4,421,635 2,049,438 347,194
29,025 225,643
2,187,210
285,267 48,560 286,132
135,301 77,143 334,171
Peas.
bush.
7,820
7,825
225
The destination of these exports for the week and since
July 1 1914 is as below:
Flour
or at Stock
Week.
Exportsfor week & Apr.10.
since July 1 tobbls.
United Kingdom_ 78,446
Continent
215,620
So.& Cent. Amer. 10,074
West Indies
27,843
Brit.No.Am.Cols125
Other Countries
15,086
Wheat
Corn
Since
Since
Since
July 1.
Week.
July 1
Week
July 1
1914. Apr. 10.
1914. Apr. 10.
1914.
bbls.
bush.
bush.
bush.
bush.
4,298,608 1,002,240 102,015,983 227,857 2,509,920
4,891,827 3,412,725 149,250,618 1,657,199 23,673,889
1,222,030
2,905,149 108,902 1,237,669
6,250
1,237,536
40,235
12
54,065 1,715,881
64,763
11,436
200
240,080
408
550,290
1,215
27,11()
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, April 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of March. From this statement it appears that the
Total
347,194 11,755,724 4,421,635 254,762,273 2,049,438 29,175,905
aggregate of unfilled orders on March 31 was 4,255,749 tons, Tota11913-14 225,643 9,325,143 2,187,210 152,429,055 29,025 3,277,388
The world's shipments of wheat and corn for the week
recording a decrease of 89,622 tons from last month, when
the amount of outstanding orders was 4,345,371 tons. In the ending April 10 1915 and, since July 1 1914 and 1913 are
shown in the following:
following we give the comparisons with previous months:
Tons.
Mar. 31 1915_4,255,749
Feb 28 1915...4,345,371
Jan. 31 1915_4,248,571
Dec. 31 1914...3,836,643
Nov. 30 1914_3,324,592
Oct. 31 1914...3,461,097
Sept. 30 1914___3,787,667
Aug. 31 1914...4,213,331
July 31 1914_4,158,589
June 30 1914_4,032,857
May 31 1914...3,998,160
Apr. 30 1914_4,277,068
Mar. 31 1914_4,653,825
Feb. 28 1914...5,026,440
Jan. 31 1914...4,613,680
Dec. 31 1913...4,282,108
Nov. 30 1913...4,396,347
Oct. 31 1913__4,513,767
Sept. 30 1913_5.003,785
Tons.
Aug. 31 1913_5,223,468
July 31 1913_5,399,356
June 30 1913...5.807.317
May 31 1913_6,324,322
April 30 1913_6.978,762
Mar. 31 1913_7,468,956
Feb. 28 1913_7.656,714
Jan. 31 1913_7,827,368
Dee 31 1912_7.932.164
Nov. 30 1912_7,852,883
Oct. 31 1912_7,594,381
Sept. 30 1912_6,551,507
Aug. 31 1912_6.163,375
July 31 1912_5,957,079
June 30 1912_5,807.348
May 31 1912_5,750,983
April 30 1912__5.664,885
Mar. 31 1912.-5,304,841
Feb. 29 1912...5,454,200
Tons.
Mar. 31 1915__•229,910
Dec. 31 1914
160,160
Sept. 30 1914
166,344
June 30 1914
128,880
Mar. 31 1913
191,828
Dec. 31 1913
185,427
Sept. 30 1913
255,045
June 30 1913
436,675
Mar. 31 1913
623,816
Dec. 31
Sept. 30
June 30
Mar. 30
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Tons.
Jan. 31 1912_5,379,721
Dec. 31 1911_5,084,761
Nov. 30 1911_4,141,955
Oct. 31 1911...3,694,328
Sept. 30 1911__3.811.317
Aug. 31 1911_3,695.985
July 31 1911_3,584,085
June 30 1911_3,361.058
May 31 1911_3.113,187
April 30 1911_3,218.704
Mar. 31 1911_3,447,301
Feb. 28 1911_3,400,543
Jan. 31 1911_3,110.919
Dec. 31 1910_2,674,750
Nov. 30 1910...2,760,413
Oct. 31 1910...2,871.949
Sept. 30 1910_3,158.106
Aug. 31 1910_3.537,128
July 31 1910_3,970.931
Corn.
Wheat.
Exports.
1914-15.
Week.
April 10.
Since
July 1.
1913-14.
Since
July 1.
1914-15.
Week.
April 10.
Since
July 1.
1913-14.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 7,152,000 358,368,000 222,054,000 1,822,000 29,599,000 1,697,000
Russia
12,074,000 124,794,000
4,811,000 12,103,000
Danube
2,347,000 47,970,000
9,431,000 24,396,000.
Argentina
4,448,000 45,763,000 34,934,000 1,046,000 121,825,000 135,572,000
Australia_
8,996,000 52,098,000
India
40,000 18,360,000 26,232,000
0th.countr's
56,000 5,713,000 8,742,000
Total ____ 11696000 451,621,000 514,824.000 2,868,000 165,666,000 173,788,000
The quantity of wheat and corn afloat for Europe on dates
UNFILLED ORDERS OF LACKAWANNA STEEL CO. mentioned was as follows:
-The statement of the Lackawanna Steel Co. for the quarWheat.
Corn.
ter ending March 31 is given in our "Investment News DeUnited
United
Kingdom. Continent.1 Total.
Kingdom. Continent. Total.
partment" on a subsequent page. The unfilled orders of
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
that company are shown -below:
April 10 1915.
56,784,000
16,737,000
1912
1912
1912
1912
1911
1911
1911
1911
1910
Tons.
628,996 Sept. 30
589,977 June 30
564,990 Mar. 31
401,475 Dec. 31
289,971 Sept. 30
189,898 June 30
218,291 Mar. 31
244,561 Dec. 31
226,103
1910
1910
1910
1909
1909
1909
1909
1908
Tons.
261,931
379,836
43,232
467,533
408,862
384.984
291.560
205,236
*The tonnage booked since April 1 to April 14 was 67 249 tons. The production
of the Benzol plant has been sold for the remainder of the year.
April 3 1915_
59,320,000
18,369,000
April 11 1914_ 27,008,000 22,936,000 49,944,1)00 3,001,000 5,253,000 8,254,000
April 12 1913.. 27,576,000 36,464,000 64,040,000 3,375,000 6,996,000 10,371,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller_ofIthis
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED MARCH 30.
The Farmers' & Lumbermen's State Bank, Bonners' Ferry, Idaho,:into•
'The First National Bank of Bonners' Ferry.", Capital, $25,000.
The City Bank & Trust Co., Mobile, Ala.,_intol"The Natonal City
Bank of Mobile.' Capital, 1750.000.
EN Id
6.11111
AFIL
THE CHRONICLE
17 1915.]
1323
•
CHARTERS ISSUED TO NATIONAL BANKS MARCH 17 TO 30.
10,716-The First National Bank of Woodhull, Ill. Capital, $25,000.
John L. Woods, President; Lester A. Taylor, Cashier.
10,717-The First National Bank of Winters, Tex. Capital, $25,000.
Henry James, President; D. M. HiIlyard, Cashier. (Succeeds
the Winters Banking Co., Winters, Tex.)
10,718-The First National Bank of Fremont, Ind. Capital, $25,000.
Theo. McNaughton, President; J. R. Rhompson, Cashier. (Conversion of the People's State Bank of Fremont, Ind.)
10,719-The First National Bank of Rio Vista, Cal. Capital, $25,000.
A. J. McKinnon, President; W. L. Brown, Cashier.
VOLUNTARY LIQUIDATION.
7.449-The National Bank of North Bend, Neb., Oct. 5 1914. Succeeded
by the First State Bank of North Bend, which is acting as liquidating agent.
10,338-The Progressive National Bank of Summit, Miss., March 15 1915.
Liquidating agent, E. M. Cain, Summit, Miss. Succeeded by
the Progressive Bank of Summit.
7.784-The Silverton National Bank, Silverton, Colo., March 15 1915.
Liquidating agent, W. A. Smith, Silverton, Colo. Consolidated
with the First National Bank of Silverton, No. 2,930.
10,038-The City National Bank of Greeley, Colo., March 22 1915.
Liquidating agent, George D. Statier, Greeley, Colo. Consolidated with the Union National Bank of Greeley, No. 7,604.
10,154-The First National Bank of Iuka, Miss., March 29 1915. Liquidating agent, L. T. Gaines, Iuka, Miss. Succeeded by the Iuka
Guaranty Bank Iuka.
8,569-The National City Bank of Charleston, W. Va., March 31. 1915.
Liquidating committee, J. E. Robins, J. S. Hill and H. S. Moore,
Charleston, W. Va. Absorbed by the Charleston National Bank,
Charleston, W. Va., No. 3,236.
INSOLVENT NATIONAL BANK.
4,108-The Mercantile National Bank of Pueblo, Colo., was placed in
the hands of a receiver March 30 1915.
DESIGNATION OF RESERVE CITIES.
The Federal Reserve Board has designated Chattanooga, Tenn., as an
additional reserve city under the provisions of Section 11, paragraph E,of
the Federal Reserve Act, effective March 5 1915.
The Federal Reserve Board on March 22 1915 designated Nashville,
Tenn., as an additional reserve city under the provisions of Section 11, paragraph E,of the Federal Reserve Act.
Canadian Bank Clearings.-The clearings for the week
ending April 10 at Canadian cities, in comparison with the
same week in 1914, shows a decrease] in the aggregate of
25.4%.
Week ending April 10.
Clearings at1915.
Canada-Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1914.
$
S
36,4(15,589 50,558,053
33,815,717 36,135,260
16,896,774 24,110,918
3,894,653 8,669,309
3,938,317 5,255,346
2,540,008 3,358,139
1,650,718 2,160,537
2,788,116 2,450,598
1,251,068 1,521,693
1,824,237 1,855,518
2,570,326 4,478,965
1,113,394 2,534,308
1,816,016 3,610,751
1,257,494 2,182,493
542,284
520,575
451,455
300,152
720,006 1,478,325
456,668
685,250
708,375 1,023,865
458,940
738,790
241,500
456,466
207,889
416,459
440,110 Not in
in
Inc. or
Dec. I
% I
-27.8
-6.4
-29.9
-55.1
-25.1
-24.4
-23.6
+13.8
-17.7
-16.7
-42.6
-56.1
-49.1
-42.5
-4.0
-33.5
-51.3
-33.4
-30.8
-37.5
-47.1
-50.2
total.
1913.
1912.
$
$
40,326,125
53,228,998
43,278,826 38,212,171
27,746,644 22,647,909
10,355,246 9,555,217
3,920,576 4,242,127
3,003,262 2,352,641
1,854,421 1,660,425
3,223,663 2,800,324
1,569,389 1,273,463
1,849,976 1,393,915
4,363,968 4,018,657
3,362,994 3,832,941
4,082,992 3,126,236
2,193,872 1,694,013
480,395
528,689
481,586
503,609
2,019,461 1,793,810
422,364
707,122
1,165,513
839,303
870,799
453,950
627,815
115,436,532 154,674,782 -25.4 170,495,812 141,029,645
Auction Sales.-Among othei!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:
Per cent.
Shares. Stocks.
623
4 New Jersey Zinc
13 Washington Tr. Co., Corn
Exchange Bank certifs. _290
1 Farmers' Loan & Trust_ _ _1110
191
3 National Fuel Gas
28 Brooklyn Athenaeum de
60
Reading Room
400 Bonanza Chief G.M.41 ea.
$25
10 Empire Woolen Co
$3,000 Selma R. &D.RR. 2d 7s } lot.
364%
15 Astor Trust Co
1 N. Y. Society Library (ann.
$18
dues, $6)
1 Brooklyn Academy of Music 12
5 People's Nat. F.Ins.(Del.),
$15 per sh.
$25 each
10 D'dgeport (Ala.) Ld.& Imp.
$10 lot.
Co
5,000 Kerber Mg.& Dev.(Colo.),
$5 lot
$1 each
Shares. Stocks.
Per cent.
2 Cons. P.& Lt. of S.D.,preft$75
10 Cons.P.& Lt.of S.D.,com.
15 Porto Rican Am.Tob.,com _198
50 First Mtge. Guarantee Co__ 91
8 Metropolitan Trust
407
10 N. Y. Life Insur. & Trust._947
5 Union Trust
350
100 Denver Union Water, pref.,
trust receipts
SY,
Bonds.
Per cent.
$8,500 Atlan. Gas & Elec. 1st 5s,
1920, Dec. 1914 coupons on
10
1,000 United Lead deb. 5s, 1943... 753.
2,000 Cent. N. H.Power of Maine
certificate
$10 lot.
$270,000 Wash -Oregon Corp. 2d Os
1933, Oct. 1914 coupons on_.1500 lot.
$5,250 Jamaica Bay Mfg. 1st 6s,
1927, July 1914 coupons on._ _52,000
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
40 Pacific Mills
$ per sh.
$ per sh. I Shares. Stocks.
1173j l 100 The Lawton Mills Corporation.100
By Messrs. R. L. Day & Co., Boston:1
$ per sh.
Shares. Stocks.
125X
1 Boylston National Bank
26234
6 Old Colony Trust Co
18514
4 Great Falls Mfg
30 Pepperell Mfg., new stock_ _114-114X
2334
5 Salmon Falls Mfg
Shares. Stocks.
$ per sh
3 Wamsutta Mills(New Bedford).12014
39 American Felt, preferred
95
4 W.L. Douglas Shoe, preferred_ _101%
5 New Boston Music Hall
5
1 Boston Athenaeum,$300 par_ _32934
By Messrs. Barnes & Lofland, Philadelphia:
$ Per sh.
Shares. Stocks.
27 Ridge Ave. Bank,$50 each__ 50
3 West Phila. T.& Tr.,$50 ea.14234
10 Cumberland N. Bk.,Brieg'n_461
3 Fourth Street Nat. Bank_ _ _ _280X
27 People's Trust, $50 each.. 40
40 Cities Service Co., pref
5634
49
15 Cities Service Co.,common
100 Am. Gas & El., pref., $50 ea_ 48
_ _ 42
50 Delaware RR., $50 each....
6 Citizens' Trac.,Pitts.,550 ea- 5034
5 Broad Street Bank,$50 each. 60
4 Farm. & Mech. Nat. Bank_ -135 X
429
5 Philadelphia Nat.Bank
88034
1 Girard Trust Co
5 Fire Assn of Phila.,$50 ea_315-316
18 People's Nat. Fire Insurance,
$25 each
1534-1534
30 Phila. Life moor.,$10 each.. 10
15 Reliance Ins. Co., $50 ea-45-45X
Shares. Stocks.
$ per sh.
1 Phila. City Passenger RT._ _15034
20 131h& 15th Sts. Pass. Ry__ _230%
1,000 Pratt Food Co., $1 each_ _2.30-2 X
6 Philadelphia Bourse, cora_ _ _ 6
60 Tampa Gas Co
110
1 2d & 3d Streets Pass. Ry_ _ _ _230
Bonds.
Per cent.
$1,500 Oak Lane Water Co. 1st Os,
1919
100
$1,000 Doylestown Gas Co. 1st
5s, 1942
$1,550
$2,000 Ocean Co. Gas 1st 5s, 19401
lot
$3,000 So. Jersey Gas, Elec.& Tree.
1st 59, 1953
9834-99
$3,000 Lacombe Elec. Co. 1st 5s,
1921, guar
0334
$1,000 Denver Gas & El. gen.5s,'49 8934
$1,000 Board of Education in Wilmington. Del., 434s, 1930
100
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 Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe,corn.(quar.).. 1% June 1 Holders of rec. April 30a
Central RR. of New Jersey (quar.)
May 1 Holders of rec. April 16a
2
Delaware Lackawanna Sr Western (quar.) 2% April 20 Holders of rec. April 5a
Great Northern (quar.)
134 May 1 Holders of rec. April 7a
Interborough Rapid Transit (extra)
5
New York Central RR. (quar.)
134 May 1 April 2 to April 20
Norfolk & Western adj. pref. (quar.)May 19 Holders of rec. April 30a
1
Northern Pacific (quar.)
134 May 1 Holders of rec. April 12a
Reading Company, common (quar.)
May 13 Holders of rec. April 26a
Street and Electric Railways.
American Railways, preferred (guar.)
134 May 15 Holders of rec. April 30a
Aurora Elgin & Chic. RR., pref. (quar.). 134 May 1 Holders of rec. Mar. 23a
Brazilian Trac., Lt.& P.,Ltd., com.(qu.) 134 June 1 Holders of rec. April 30
Columbus Ry.,Pow. de Lt., cam.(guar.)__ _
134 May 1 Holders of rec. April 17
Preferred B (guar.)
May 1 Holders of rec. April 17
Com'wealth Pow., Ry.& L., cons. (qu.)_
May 1 Holders of rec. April 16a
Preferred (quar.)
134 May 1 Holders of rec. April 113a
Connecticut Ry.& Ltg., com.&Pf.(Quar.)
May 15 Holders of rec. May 1
Duluth-Superior Tree.. common (guar.). it
July 1 Holders of rec. June 15a
Grand Rapids Ry., Pref. (guar.)(No.58)_ _
13.4 May 1 Holders of rec. April 20
Havana Elec. Ry., L.& P., common._
2% May 15 April 25 to May 20
Preferred
3
May 15 April 25 to May 20
Jacksonville Trac., pref. (quar.)(No. 17) 1% May I Holders of rec. April lba
May
1
Lehigh Valley Transit
2
April 15 Holders of rec. April in
Manchester Trac., Light & Power (guar.)_ _
Milwaukee El. Ry.& Lt., pf.(qu.)(No.62) 134 April 30 Holders of rec. April 20a
Philadelphia Co., coin. (quar.)(No. 134) 1% May 1 Holders of rec. April 17a
May 1 Holders of rec. April in
3
6% preferred (No.5)
Pub. Serv. Invest., pref.,(qu.)(No.24).. $1.50 May 1 Holders of rec. April 16a
1% April 20 Holders of rec. April ba
Virginia Ry. & Power, common
Banks.
Pacific (guar.)
Trust Companies.
Broadway (quar.)
May 1 April 15
to
April 30
1% May 1 April 21
to
April 30
2
Miscellaneous.
% May 31 Holders of rec. April 24
Amalgamated Copper (guar.)
American Chicle, common (monthly).... 1
April 20 Holders of rec. April 15a
Amer. Gas & Elec., pref.(qu.)(No.33).. 134 May 1 Holders of rec. April 21
Amer. La France Fire Engine, Inc., corn_
1
May 15 Holders of rec. May 10a
Amer. Light & Trac., corn.(quar.)
234 May 1 April 16 to April 30
Common (payable in common stock)_ _
214f May 1 April 16 to Apri130
Preferred (quar.)
134 May 1 April 16 to ApriI30
American Locomotive, preferred (quar.)_
134 April 21 April 6 to April 21
American Malt Corp., pref.(No. 14)_ _ _ _
31 May 3 April 16 to May 2
American Malting, preferred
02e. May .1 Holders of rec. April 15
American Rolling Mill, common (guar.)._ 2
April 15 Holders of rec. April 6a
Preferred (guar.)
134 April 15 Holders of rec. April Oct
Brown Shoe, Inc., preferred (guar.)
134 May 1 Holders of rec. April 24a
Burns Bros., common (guar.)
114 May 15 Holders of rec. May 1
134 May 1 Holders of rec. April 16
Preferred (guar.) (No. 9)
1
April 26 April 16 to April 26
Chicago Pneumatic Tool (quar.)
May 1 Holders of rec. April 20a
Ciuett, Peabody & Co.,com.(qu.)(No.6) 1
2
May 1 Holders of rec. April 15a
Commonwealth Edison (quar.)
Consolidation Coal (guar.)
134 April 30 Holders of rec. April 24a
1
May 1 Holders of rec. April 26
De Long Hook & Eye (guar.)
% April 30 Holders of rec. April 9a
Distilling Co. of America, pref. (quar.)..
Dominion Steel Corp.,Ltd.,pf.(qu.)(No.13) 134 May 1 April 16 to May 1
du Pont (E.I.)de Nem.Powd.. ptd. (qu.) 134 Apr1126 Apr1116 to April 26
Eastman Kodak, eommon (extra)
June 1 Holders of rec. April 304
5
Edison Elec. Ill. of Boston (qu.)(No. 104)_ 3
May 1 Holders of rec. April 20
Edison Elec. Ill. of Brockton (No. 55)_ _ - $4
May 1 Holders of rec. April 15a
13.4 May 1 Holders of rec. April 24a
Electrical Securities Corp., pref. (quar.)_
April 15 Holders of rec. April 14
Electric Bond & Share, com.(qu.)(No. 24) 2
Preferred (guar.) (No. 40)
134 May 1 Holders of rec. April 21
Eureka Pipe Line (quar.)
May 1 Holders of rec. April 15
6
May 1 Holders of rec. April 17a
Fall River Gas Works (guar.) (No.82)_ _ _ _
3
Federal Sugar Refining, preferred (quar.).. 134 May 1 Holders of rec. April 29a
General Chemical, common (guar.)
134 June 1 Holders of rec. May 20
334 May 1 Holders of rec. April 14a
General Motors, preferred
Goldfield Consolidated Mines (quar.)_ _ _ 100. April 30 Holders of rec. Mar. 31a
Harbison-Walker Refrac., pref. (quar.)_ _
134 April 20 Holders of rec. April 10
Homestake Mining (monthly)(No.486)- 65e. April 26 Holders of rec. April 20a
Houghtop Co. Elec. Light, corn.(No. 20) 6234c. May 1 Holders of rec. April 15a
75c. May 1 Holders of rec. April 15a
Preferred (No. 25)
Illinois Northern Utilities, pref. (quar.)_
134 May 1 April 21 to Apri130
May 15 Holders of rec. April 24
$2
Indiana Pipe Line (quar.)
April 30 Holders of rec. April 154
5
Ingersoll-Rand, common (annual)
3
May 1 April 16 to Apri130
International Banking
International Nickel, preferred (guar.)._
134 May 1 April 14 to May 2
50c May 1 Holders of roe. April 23
Island Creek Coal, common (quar.)
Kayser(Jullus)& Co., 1st & 2d pref. (qu.) 134 May 1 Holders of rec. April 20a
Kelly-Sprinslield Tire, corn. (quar.)
134 May 1 Holders of rec. April 15
25c. June 15 Holders of rec. June in
Kerr Lake Mining (guar.)(No.39)
Keystone Telephone, preferred
$1.50 May 1 Holders of rec. April 20a
April 20 April 1 to April 18
1
La Rose Consolidated Mines(qum.)
$1.25 April 17 Holders of rec. April 8a
Lehigh Valley Coal Sales (quar.)
Lowell Elec. Lt. Corp. (quar.) (No. 76) $2 May 1 Holders of rec. April 17
Massachusetts Gas Cos.. corn. (guar.)._ $1.25 May 1 Holders of roe. April 15a
50c. May 15 Holders of rec. May in
Miami Copper (quar.)(No. 11)
5
April 20 April 1 to April 18
Nipissing Mines Co.(quar.)
Oklahoma Natural Gas (guar.)
134 April 20 Holders of rec. April 9
April 30 Holders of rec. Mar.30
$2
Osceola Consolidated Mining (guar.)
1
May 1 April 27 to May 1
Pacific Coast Co., common (guar.)
First preferred (quar.)
134 May 1 April 27 to May 1
1
May 1 April 27 to May 1
Second preferred (guar.)
1
May 15 Holders of rec. May 5
Penman's Limited, common (guar.)
Preferred (guar.)
134 May 1 Holders of rec. April 21
2
May 25 Holders of rec. May 3
People's Gas Light & Coke (guar.)
April 26 Holden of rec. April 20a
People's Natural Gas cfc Pipeage (quar.)... 2
134 April 26 Holders of rec. April 15a
Pittsburgh Coal, preferred (quar.)
134 May 1 Holders of rec. April 15a
Public Serv. of Nor. Ill., corn. (quar.)_ _ _
Preferred (quar.)
134 May 1 Holders of rec. April 15a
Quaker Oats, preferred (quar.)
134 May 29 Holders of rec. May is
134 May 15 Holders of rec. April 30a
Sears, Roebuck & Co., common (guar.)_ _ _ _
Sierra Pacific Elec. Co., pref. (qu.)(No.23) $1.50 May 1 Holders of rec. April 20a
4
May 15 Holders of rec. May 8
Thompson-Starrett Co., preferred
25
April 21 April 1 to April 7
Tonopah Mining of Nevada (quar.)
April 25 Holders of rec. April 15
1
Trenton Potteries, non-cum. pref. (guar.)._
1
May 1 Holders of rec. April 24a
United Cigar Mfrs., common (guar.)
Un. Cigar Stores of Am.,com.(qu)(No.10) 134 May 15 Apri130 to May 16
$3.50 May 1 Holders of rec. April 14a
United Electric Securities, preferred
134 April 30 Holders of rec. April 15a
U.S. Rubber, common (quar.)
2
April 30 Holders of rec. April 154
First preferred (quar.)
Second preferred (quar.)
134 April 30 Holders of rec. April 15a
May 15 Holders of rec. May in
3
Vacuum Oil
2
May 15 Holders of rec. May in
Extra
Warner (Chas.) Co. of Del.,1st,42d pf.(qu.) 134 April 22 Holders of rec. Mar.31
1Vashington (D. C.) Gas Light (quar.).... $1.20 May 1
April 30 Holders of rec. Mar.31a
Westinghouse Elec. & Mfg., corn.(guar.) 1
1Villys-Overiand, common (guar.)
134 May 1 Holders of rec. April 22
Common (payable in common stock).- -- 5/ May 1 Holders of rec. April 22
134 June 1 April 29 to May 29
1Voolworth (F. W.) Co., common (guar.)._
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. fPayable in common stock. g Payable in snrip.
h On account of accumulated dividends. 1 April dividend on common stock not to
be paid.
1324
THE CHRONICLE
[VOL. 100.
Imports and Exports for the Week.-The following are and since Jan. 1 1915, and for the corresponding periods in
the imports at New York for the week ending April 10; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
Exports.
For week
1915.
Dry Goods
General Merchandise
$2,109,964
15,030,037
Total
1914.
I
$3,302,308
17,361,996
1913.
$2304,615
13,915,231
1912.
$3,312,979
21,131,195
$17,140,001 $20,664,304 $16,019,846 $24,444,174
Since Jan. 1.
Dry Goods
General Merchandise
$36,266,850 $56,870,462 $44,986,625 $42,440,944
320,337.093 231,061,466 240,246,097 239,937,999
Total 14 weeks
$256,603,843 $287,931,928 $285,232,722 $282,378,943
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 10 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1915.
1914.
1913.
1912.
For the week
Previously reported
$26,400,015 $18,594,934 $18,358,564 $18,468,989
351,461,897 269,755,078 255,232,804, 211,332,568
Total 14 weeks
3377,861,912 $288,350,012 $273,591,368 $229,801,557
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Since
Jan. 1.
Week.
$1,782,858
6,000
$301,000 $2,192,550
$33,527
612,350
126,529
47,318
227,120
1,038,960
1,815,138
2,087,675
$301,000 $2,804,900
17,000 18,352,854
234,919 47,200,579
$207,374 $6,957,751
154,352 3,294,238
199,550 4,906,944
$644,095 $10,028,180
161,000 1,107,500
$755
2,078
201,064
220,055
$800
41,279
4,410
75,543
13,616
$1,007,059 $11,401,424
915,344 11,557,147
1,281,253 15,284,412
Total 1915
Total 1914
Total 1913
Since
Jan. 1.
60,385
301,720
787,598
355,930
$89,959 $1,508,466
126,001 3,201,338
114,277 2,937,642
The following table shows the exports and imports of
Of the above imports for the week in 1915,$14,327 were
specie at the port of New York for the week ending April 10, American gold coin and $966 American silver coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on April 10
The figures of total cash resources of the banks indicate an increase of 4.7 million dollars for the week, the larger gains under this head reported
by New York being offset by slight losses of cash at other banks. The gold reserves show an increase during the week of less than $400,000, New
York, Philadelphia and Boston reporting the largest gains in their gold holdings. The New York bank gained 5.2 million dollars in other cash
reserves, this item accounting largely for the more favorable showing of the aggregate cash resources.
Loans and discounts show an increase of about 1.6 million dollars for the week, San Francisco, New York and Dallas showing the largest
gains under this head. Of the total commercial paper held by the banks about 13 million dollars was represented by acceptances, which constituted 36.7% of the total loans and discounts, as against 34.1% at the end of the previous week. The New York bank reports holdings of this
class of paper amounting to about 5.5 million dollars, Boston about 1.6 million, Chicago about 1.5 million, Philadelphia, Cleveland and San Francisco about 1.2 million each, while smaller amounts are reported by three Western banks. The increase under the general head of investments is
made up almost exclusively of additional purchases of municipal and kindred warrants, Minneapolis being the only bank to report a small increase
In its holdings of U. S. bonds.
Deposits show but little change since the previous week, though New York and St. Louis report considerable decreases under this head. Federal Reserve Agents report a total of $46,026,000 of notes issued to the banks, an increase of $1,740,000 for the week. The gross amount of outstanding Federal Reserve notes reported by the banks shows a total of over forty million dollars, which is three million dollars in excess of the figure
reported at the end of the previous week. The net liability of the banks on account of their outstanding circulation is stated at $10,449,000.
The figures of the consolidated statement for the system as a whole are given below and in addition we present the
results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we show also the
separate figures for each of the twelve Federal Reserve banks.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS APRIL 9 1915.
RESOURCES
April 9 1915. Apr411-2'15. Mar. 26 1915.Mar. 19 1915./I1ar. 12 1915.Mar. 5 1915. Feb.26 1915. Feb. 19 1915. Feb.11-121
Gold coin and certificates
$239,540,000 $239,176,000 $242,168,000 $245.018,000 $246.999,000 $247.251.000 $248,909,000 $251,808,000 3259,256,000
Legal-tender-notes, sliver certificates and
subsidiary coin
23,292,000
29,085,000 29,887,000 22,117,000
30,018,000
21.603,000
25,627,000
23,098,000
21,650,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
$269,558,000 $264,803,000 $265,266,000 $266.668,000 $268,602,000 $270,543,000 3277.994,000 3281,605,000 $281,373,000
11,798,000
14,584,000
8,869,000
10,075,000
15,244,000
8,359,000
9,715,000
14,514,000
7,454.000
9,545,000
11,336,000
9,013,000
9,043,000
10,615,000
8,127,000
8,438,000
7.424.000
9,869,000
7.656,000
7,102,000
5,711,000
7,721,000
6.909,000
3,132,000
7,884,000
6,126,000
3,080,000
Total
$35,251,000 $33,678,000 $31,683,000 $29,894,000 $27,785,000 $25,731,000 $20,469,000 317,762,000 $17,090,000
17.417,000 15.314,000 15.546,000
Investments
20.107.000
22,751,000
22,299,000
20,478,000
21,579,000
21,572,000
Due from Fed. Res. banks: Items in transit..
8.088,000
5,659,000
7,162.000
2,766.000
4,462,000
5,352,000
10,289,000
5,573,000
6,551,000
All other resources
7,765,000
8,917,000
6,814.000
7,482,000
6,551,000
8,905,000
8,605,000
9,110,000
8,496,000
Total resources
$340,701,000 $339,674,000 $333.211,000 $333,181,000 $331,122,000 $330,357.000 3331,733,000 3326,454.000 3325,022,000
LIABILITIES.
Capital paid in
$36,165,000 336,123,000 $36,105,000 $36,119,000 $36,087,000 $36,082.000
Reserve deposits
294,042,000 293,954,000 288,217,000 288,575,000 288,031.000 287.883,000
Federal Reserve notes in circulation (net
liability)
al0,449,000 a9,597,000 a8.889,000
a7,004,000 .6.392,000
a8,487,000
All other liabilities
45,000
336,069,000 336,056,000 335.841,000
290.336,000 285,468,000 284.996,000
.5,328,000
a4,930,000
al,185,000
Total liabilities
$340,701,000 $339,674,000 3333.211,000 $333,181,000 3331,122,000 $330,357.000 3331,733,000 3326,454,000 3325,022,000
Gold reserve against net liabilities_b
80.1%
81.6%
83.1%
87.5%
88.6%
91.1%
85.3%
86.1%
84.3%
Cash reserve against net liabilities_b
90.2%
90.3%
91.0%
91.8%
97.0%
08.8%
94.2%
96.7%
92.7%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation_ b
99.7%
92.0%
92.6%
98.8%
92.0%
93.4%
95.5%
97.7%
94.0%
April 1915. April 1-2'15. Mar. 26 1915.Mar. 19 1915.31ar. 12 1915./tfar. 51915. Feb. 26 1915. Feb. 19 1915. Feb.11-1215.
(a) Federal Reserve notes: Gross liability__ 344,828,000 $43,376,000 $39,858,000 $36,846,000 333.965,000 1629.805,000 326,172,000 324,632,000 320.106.000
Deduct: Gold and lawful money in hands
of Federal Reserve Agents for retirement of outstanding notes
20,844.000 19,702,000 15,921,000
34,379,000
23,413,000
33,779,000
30,969.000
28,359,000
26,961,000
Net liability of Reserve Banks upon
outstanding notes
$10,449,000 $9,597,000
(b) After deduction of items in transit between Federal Reserve Banks, viz
$5,659,000 $10,289,000
18.889,000
$8,487,000
$7.001,000
$6,392,000
$5,328,000
84.930.000
$4,185,000
85,573,000
$6,551,000
$5,352,000
$7.162,000
38.088,000
12.766,000
$4,462.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APR.9 1915.
Boston. New York.
Phila.
Cleveland. Richmond. Atlanta. Chicago. St. Louis. Minneap. Kan. City. Dallas. San Fran.
RESOURCES.
8
3
$
$
$
$
s
s
$
3
$
$
Gold coin and certificates
15,252,000 95,373,000 14,353,000 16,210,000 8,809,000 4,887,000 34,298,000 10,121,000 8,010,000 10,433,000 7,708,000 14,048,000
Legal-tender notes, silver certiflcates and subsidiary coin__
1.183,000 20,778,000 3.678,000
5,000
706,000
29,009
962,000
583,00
333,000 1,036,000
687,000
8,000
Total
16,435,000 116,155,000 18,031,000 16,911,000 8,838,000 5,849,000 34,631,000 11,210,000 8,015,000 10,996,000 8,395,000 14,056,000
Bills discounted and loans
1,791,000 5,842,000 2,250,000 1,997,000 6,810,000 5,407,000 2,379,000
635,000
781,000
693,000 4,106,000 2,510,000
Investments
1,323,000 7,544,000 2,002,000 1,399,000
877,000 1,490,000
6,025,000
1,000
1,095,000
995,000
Due from other F.R. bks.-net_ 1,115,000 4,817,000 1,015,000
2,792,000 2,960,000
245,000
All other resources
371,000
991,000
621,000
198,000
317,000 2,63.5,000
349,000
373,000
18,000
470,000
727,000
412,000
Total resources
21,035,000 135,350,000 23,576,000 20,930,000 15,667,000 11,573,000 43,462,000 16,353,000 10,665,000 13,096,000 12,971,000 18,388,000
I
LIABILITIES.
Reserve deposits
17,818,000 128,683,000 19,418,000 16,922,000 7,849,000 5,561,000 44,054,000 14,492,000 8,983,000 10,352,000
Due to other F. R. bks.-net
1 920,000
880,000
472,000
47,000
Feral
ed
Reserve notes in circulation-net amount
4,650,000 3,940,000
Capital paid in
3,217,000 6,667,000 4,153,000 4,008,000 2,217,000 1,586,000 4,408,000 1,881,000 1,635,000, 1,864,000
All other liabilities
I
31,000
14,000
7,153,000 12,757,000
2,021,000 3,025,000
1,859,000
1,938,000 2,606,000
1
Total liabilitics
21 MA 000 1353a0.000 23 576 0011 ,,n 000 nnn 1c 1107 nnn ii c70 nnn
.
at12 nrin la 110 Ann In 0111 nnn 1,
4 n011 non 19 071 OM 15 055 nnn
Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending April 10. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are
also given. In order to furnish a comparison we have inserted the totals of actual condition for each of the three groups,
and also the grand aggregates, for the four preceding weeks.
THE CHRONICLE
Arn, 17 1915.]
1325
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARINGS HOUSE
Capital.
MEMBERS.
Week Ending
April 10 1915
(003 omitted.)
Loans,
Discounts.
Investmls,
ek c.
{Nat.BanksMar.41
StateBlcsIvIch.191
Net
Profits.
Members of Federal
Reserve Bank
$
$
Bank of N. Y. N.B.A. 2,000,0 4,609,3
4erchants' NA. Bank_
2,000.0 2,114,7
%.fech. & Metals Nat__
6,000,0 9,033,2
National City Bank__ 25,000,0 35,818,9
Chemical Nat. Bank... 3.000,0 7,902,8
776,9
merchants' Exch. Nat. 1,000,0
73,5
Nat. Butchers'& Drov_
300,0
Amer. Exch. Nat. Bank
5,000,0 5,123,8
National Bank of Corn. 25,000,0 17,558,5
Chatham & Phenix Nat. 2,250,0
1,437,6
Hanover National Bank
3,000,0 15,352,6
c5tizens' Central Nat__
2,550,0 2,489,6
Market & Fulton Nat__
1,000,0 2,000,9
Importers'&'Fraders'__
1.500,0 7,653,4
5,000,0 15,392,8
National Park Bank__
250,0
59,8
East River Nat. Bank__
1,000,0 3,119,9
Second National Bank_
First National Bank__ 10,000,0 22,491,3
4,000,0 3,797,4
Irving National Bank__
500,0
N. Y. County Nat. Bk.
1,418,3
Chase National Bank__
5,000,0 9,703,3
Lincoln National Bank_
1,000,0
1,888,1
Garfield National Bank
1,000,0 1,257,3
Fifth National Bank...
250,0
415,3
3eaboard NationalBank
1,000,0 2,809,6
Liberty National Bank. 1,000,0 2,896,0
Coal & Iron Nat. Bank_
1,000,0
043,4
Union Exchange Nat__
1,000,0
969,6
Nassau Nat, Brooklyn
1,000,0
1,126,0
Average.
$
30,742,0
25,693,0
96,331,0
222,388,0
33,113,0
10,194,0
2,049,0
65,817,0
161,260,0
26,057,0
96,748,0
25,095,0
8,814,0
29,162,0
110,486,0
2,024,0
15,616,0
121,660,0
50.198 0
9,802,0
129,519,0
15,355,0
8,554,0
4,329,0
30,424,0
30,428,0
6,805,0
9,570,0
8,706,0
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Notes
Notes
Reserve
(reserve
[not
Bank
for State counted
Notes
Instftuas
(not
tions). reserve). reserve).
Average. Average. Average. Average. Average. Average. Average. Average.
$
$
S
$
$
$
$
$
1,926,0
825,0 1,171,0
1,0
2,060,0
1,455,0
621,0 1,458,0
25,0
40,0 1,820,0
8,151,0
727,0 3,453,0
112,0
25,0 6,713,0
66,018,0 31,033,0 15,281,0
126,0
538,0 30,473,0
1,994,0
924,0
1,193,0
41,0
2,132,0
513,0
138,0
274,0
23,0
681,0
32,0
29,0
136,0
10,0
133,0
4,293,0
830,0 2,414,0
123,0
17,0 5,777,0
11,635,0 2,663,0 2,800,0
66,0
56,0 12,333,0
1,307,0
365,0 1,000,0
98,0
24,0
1,847,0
12,923,0
1,742,0 3,936,0
85,0
28,0 7,671,0
1,220,0
156,0 1,053,0
58,0
28,0 1,811,0
846,0
587,0
977,0
74,0
853,0
1,476,0 1,196,0
421,0
29,0
1,949,0
7,590,0 1,482,0 4,158,0
258,0
8,317,0
54,0
128,0
42,0
7,0
137,0 '
965,0
52,0
217,0
442,0
42,0 1,001,0
21,051,0
68,0
455,0 4,859,0
1,0 9,111,0
6 541 0 1 504,0 3,102,0
25,0
75,0 4,122,0
148,0
381,0
609,0
7,0
94,0
650,0
37,0
8,884,0 3,541,0 2,658,0
102,0 10,168,0
64,0
952,0
127,0 1,148,0
566,0
492,0
72,0
11,0
689,0
172,0
761,0
771,0
15,0
120,0
316,0
106,0
288,0
13,0 2,606,0
2,591,0
19,0
910,0
1,819,0
23,0
604,0
50,0 2,561,0
450,0 1,704,0
516,0
15,1
808,0
9,0
128,0
233,0
100,0
229,0
658,0
41,0
842,0
326,0
162,0
572,0
407,0
50,0
Totals, avge. for week 112,600,0 179,933,8 1,386,939,0 165,727,0 52,284,0 57,461,0
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan CoBank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank__
Corn Exchange Bank-.
Bowery Bank
German-American Bank
Fifth Avenue Bank....
German Exchange Bank
Germania Bank
Bank of Metropolis....
West Side Bank
N. Y. Produce Exch..State Bank
Security Bank
Totals,avge. for week_
1,386,979,0 166,198,0
1,388,061,0 166,126,0
1,382,247,0 164,406.0
1,386,407,0 149,743,0
1,385,257,0 142.990,0
n April 10
n April 3
n Mar.27
n Mar.20
n Mar.13
.
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1.000,0
1,500,0
1,000,0
4,882,4
6,194,1
1,162,3
995,3
453,9
1,894,2
7.225,4
765,1
691,1
2,296,2
812,9
1,012,7
2,137,0
698,8
929,4
472,4
301,3
16,450,0 32,924,5
40,165,0
30,416,0
10,139,0
5,050,0
2,150,0
11,999,0
71,621,0
3,522,0
4,680,0
14,890,0
3,595,0
5,813,0
12,943,0
4,442,0
11,235,0
17,789,0
10,223,0
Reserve
Excess
Net
due from
with
Legal
Reserve 'Demand
Depost- Deposi- Deposits.
tastes.
taries.
7,575,0
3,396,0
911,0
272,0
168,0
863,0
7,042,0
306,0
572,0
1,710,0
485,0
580,0
1,476,0
310,0
1,735,0
1,083,0
642,0
260,672,0 29,126,0
51,842,0
51,648,0
49,009,0
49,761,0
48,128.0
57,911,0
61,194,0
64,722,0
64,209,0
47.739,0
755,0
1,576,0
202,0
625,0
142,0
765,0
2,142,0
26,0
93,0
799,0
88,0
104,0
480,0
225,0
369,0
428,0
94,0
1,347,0
839,0
624,0
84,0
117,0
705,0
3,709,0
54,0
64,0
925,0
145,0
145,0
1,303,0
144,0
631,0
652,0
329,0
110,8
55,1
263,1
169,0
30,1
72,0
1,252,0
47,1
14,0
75,0
90,0
110,0
204,1
31,0
138,1
540,1
165,1
8,913,0 11,817,0
National
Bank
Net
CirculaTime
Deposits. lion.
Average. Average. Average.
$
$
S
800,0
910,0
28,251,0
1,933,0
25,153,0
93,075,0 2,817,0 5,000,0
635,0 3,563,0
300,503,0
449,0
129,0
28,040,0
496,0
79,0
9,518,0
1,551,0
50,0
170,0
937,0 3,840,0
64,548,0
21,0 3,885,0
145,040,0
402,0 1,199,0
25,492,0
305,0
104,549,0
21,630,0
1,223,0 1,655,0
9,071,0 __ ____
142,0
50,0
25,017,0
304,0 3,580,0
108,240,0
1,803,0
50,0
12,817,0
685,0
5,077,0
120,100,0
740,0
96,0
57,001,0
200,0
9,532,0
775,0
139,224,0
450,0
890,0
30,0
15,043,0
8,532,0
350,0
4,501,0
250,0
34,0
34,639,0
405,0
29,996,0
1,350,0
500,0
6,896,0
400,0
101,0
8,999,0
400,0
7,996,0
6,0
267,0
1,765,1
1,199,0 118,897,0
1.446,757,0 10,019,0 37,611,0
2,008,0
1,474,0
2,322,0
2,433,0
2.455.1
1,326,0 118,920,0
1,172,0 118,676,0
971,0 115,055,0
1,189,0 115,412,0
1,462.0 113,070,0
1,447,951,0 10,065,0 37,619,0
1,451,374,0 9,277,0 37,603,0
1,439,551,0 8,289,0 38,623,0
1,429.245,0 8,160.0 39.556.0
1,400,112.0 7,799.0 38,784,0
1,100,0
266,0
584,0 2,006,0
43,560,0
28,534,0
10,855,0
4,693,0
2,195,0
10,436,0
79,248,0
3,110,0
4,490,0
15,753,0
3,522,0
5,785,0
13,210,0
4,432,0
12,262,0
19,443,0
9,725,0
4,0
3,198,0
468,0
1.0
3,166,0
186,0
200,0
123,0
199,0
267,0
801,0
138,0
50,0
7,0
3,365,1
1,0
6,308,0 3,196,0
271,253,0
3,265,0
29,155,0
29,227,0
28,130,0
27,947,0
27,831.0
8,650,0
10,173,0
12,541,0
12,891,0
16,136,0
12,469,0
11,844,0
12,828,0
11,705,0
29,749,0
3,814,0
3,241,1
3,860,
3,543,0
'4,514.0
1,0
2,0
2,0
4,0
8,0
6,728,0
6,214,0
6,112,0
6,156,0
6,228,0
3,131,0
3,166,0
2,555,0
2,568,0
2,466,0
271,161,0
274,538,0
274.977,0
270,446,0
293,902,0
3,270,0
3,254,0
3,256,0
3,258,0
3,257,0
31,211,0
1,516,0
151,283,0 12,633,0
42,964,0 2,628,0
21,517,0 1,245,0
34,867,0
1,632,0
234,295,0 14,159,0
8,201,0
430,0
20,820,0 1,106,0
60,032,0 3,318,0
17,850,0
1,193,0
45,761,0 3,282,0
15,328,0
640,0
11,019,0
614,0
36,771,0 2,468,0
14,841,0
1,019,0
237,0
13,0
76,0
20,0
119,0
1,075,0
137,0
212,0
227,0
92,0
76,0
279,0
46,0
1,611,0
87,0
535,0
284,0
110,0
150,0
168,0
1,534,0
118,0
69,0
385,0
, 244,0
42,0
189,0
282,0
1,092,0
480,0
142,1
17,1
334,i
179,0
184,1
461,0
22,1
43,1
343,6
206,1
3,1
135,1
57,1
173,0
351,1
16,0
6,0
1,222,0
6,454,0
1,557,0
841,0
1,019,0
6,978,0
339,0
664,0
2,109,0
859,0
1,580,0
632,0
498,0
1,610,0
750,0
983,0
1,111,0
4,058,0
2,216,0
4,099,0
7,948,0
296,0
474,0
3,043,0
1,910,0
3,296,0
759,0
617,0
2,144,0
2,585,0
24,442,0
129,074,0
31,151,0
16,818,0
20,386,0
167,238,0
6,799,0
13,285,0
42,179,0
17,206,0
31,637,0
12,632,0
9,950,0
32,197,0
14,992,0
4,547,0
28,126,0
10,237,0
4,621,0
693,0
25,451,0
132,0
482,0
15,613,0
719,0
4,547,0
2,354,0
1,035,0
3,736,0
30,0
750,360,0 47,883,0
4,307,0
5,732,0
2,650,1
148,0 27,112,0 35,539,0
569,986,0 102,323,0
747,639,0
748,063,0
741,058,0
738,499,0
724,002.0
5,313,0
3.423,0
4,660,0
3,131,0
2,221.0
5,351,0
5,648,0
5,537,0
8,438,0
5,145.0
2,619,1
2,389,1
3,499,1
2,690,1
2,757.0
174,0
159,0
132,0
190,1
181.0
564,751,0
576,433,0
562,565,0
559,474,0
558,220.0
Grand Aggregate, avgo_ 175,300:0 3047078,4 2,397,971,0 242,736,0 65,504,0 75,010,0
+10,693,0 -328,0 -416,0-4,508,0
Comparison prey. week
6,015,1
-92,1
1,765,1
-276,1
1,348,0 152,317,0 38,735,0 2,287,996,0 115,607,0 37,611,0
+130,0+2.003,0-10.151.0 +1,644,0 +5,238,0 -511,0
Grand Aggregate,actual condition April 10_ 2,393,321,0 243,927,0 65,805,0 75,731,0
Comparison prey. week
-5,221,0 +1,351,0 +561,0-2,955,0
6,433,1
+803,0
2,008,0
+534,0
1,501,0 150,975,041,985,0 2,283,863,0 119,125,0 37,619,0
+168,0-2,743,0 +764,0 -18,482,0 +7,819,0
+16,0
Grand
Grand
Grand
Grand
Grand
Grand
5,630.6,
7,359,0'
6,239,0
6,271,0
6,576,0
6.808,0,
1,474,0
2,322,0,
2,433,0'
2,654,0
1,863,0
2.628.0
1,333,0 153,718,0 41,221,0 2,302,345,0 111,306,0
1,105,0 147,749,0 55,860,0 2.277,093,0 108,925,0
1,383,0 149,542,0 53.583,0 2,259,165,0 106,364.0
1,651,0 147.181,0 49,782,02,252,234,0 105,141.0
1,606,0 144,033,0 60,546,0 2,197,613,0 102,847,0
812.0 146.074.0 58.414.0'2.169.702.0 93.746.0
Totals, actual
Totals, actual
Totals, actual
Totals, actual
TotaLs, actual
conditio n April 10
conditio n April 3
condition Mar.27
conditio n Mar.20
conditio n Mar.13
Trust Companies
Not Ifembers of
Federal Reserve Bank.
Brooklyn Trust Co____
Bankers' Trust Co
U.S. M tg & Trust Co
Astor Trust Co
Title Guar.& Trust Co_
Gutranty Trust Co____
Fidelity Trust Co
Lawyers' Title & Trust_
Columbia Trust Co____
People's Trust Co
New York Trust Co___
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co_
Broadway Trust Co
Totals, avge. for week_
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Totals, actual
conditio
conditio
conditio
condltlo
conditio
Aggregate actual
Aggregate,actual
Aggregate.actual
Aggregate.actual
Aggergate,actual
Aggregate,actual
1,500,0
10,000,0
2,000,0
1,250,0
5,000,0
10,000,0
1,000,0
4,000.0
2,000,0
1,000,0
3,000,0
1,000,0
1,000,0
2,000,0
1,500,0
259,203,0
262,914,0
261,515,0
258,514,0
259,986,0
3,361,0
12,816,4
4,265,3
1,107,9
11,605,6
22,727,8
1,304,2
5,067,0
7,311,1
1,419,5
11,618,1
1,090,9
526,6
6,103,4
894,6
46,250.0 91,220,1
n April 10
n April 3
n Mar.27
n Mar.20
n Mar.13
condition
condition
condition
condition
condition
condition
April 3Mar. 27_
Mar. 20_
Mar. 13_
Mar. 6_
Feb. 27_
48,574,0
47,220,0
46.349,0
46,267,0
45,394.0
2.3997012,0 242,573,0
2,384,820,0 238,885,0
2,383,420,0 223,957,0
2,369,305.0 216,215,0
2,329,638,0 214,143,()
2,297,504,0 215,429,0
65,244,0
66,210.0
65,783,0
66,485,0
64,894,0
65.896.0
78,686,0
83,087.0
81,352,0
82,633,0
79,931,0
75.361.0
199.0
19,0
5,0
15,0
12,0
52,0
2,0
12,0
9,0
25,327,0 38,854,0
28,828,0 38,055,0
26,582,0 53,305,0
27,974.0 51,015,0
27,883,0 47.296,0
105,790,0
98,775,0
97,380,0
94,946,0
94,085.0
37,603,0
38.623,0
39.556,0
38,784,0
39,114,0
39.118.0
STATEMENTS OF RESERVE POSITION.
Averages.
Cash reserve Reserve in
in vault. depositaries.
Total
reserve.
•Reserve
required.
.
Surplus
reserve.
Inc. or dec.
from
Cash reserve Reserve in
previous wk. in vault. depositaries.
Actual Figures.
Total
reserve.
a Reserve
required.
Surplus
reserve.
Inc. or dec.
from
i previous wk.
Members Federal
$
$
$
$
Reserve Bank__ 275,472,000 118,897,000 394,369,000 200,917,210 133,451,790 -2,968,340 275,951,000 118,920,000 394,871,000 133,736,570 261,134,430I-2,196,260
53,221,000 6,308,000 59,529,000 48,825,540 10,703,460 -608,220 54,088,000 6,728,000 60,816,000
State Banks
12,007,020 48,808,980, +724,860
60,572,000 27,112,000 87,684,000 85,497,900 2,186,100
Trust companies
-78,550 61,857,000 25,327,000 87,184,000 2,471,350 84,712,6501+1,428,300
Total April 10._ 389,265,000 152,317,000 541,582,000 395,240,650 146,311,350 -3,655,110 391,896,000 150,975,000 542,871,000 148,214,940 394,656,0601 -43,100
Total April 3.. 394,639,000 150,314,000 544,953.000 394,956,540 149,996,460 +7,459,810 392,133,000 153,718,000 545,851,000 397,592,960 148,258,040.-1,617.720
TotalMar. 27 385,758,000 149,683,000 535,441,000 392,901,350 142,536,650 +8,405.510 395,541,000 147,749,000 543,290,000 393,414,240 149,875,760 + 10276 240
Total Mar. 20._ 374,908,000 147,993,000 522,901,000 338,769,860 134,131,140 +2.600,090,380.331,000 149,542,000 529,873,000 390,273,480 139,599,520'+9,859.990
Total Mar. 13..368,778,000 146,170,000 514,948,000 383,416,950 131,531,050 -2,584.690i 371,604,000 147,181,000 518,785,000 389,045,470 129,739,530, +145,790
TotalMar. 6 367,580,000 146,209,000 513,789,000 379,673,260 134,115,740 -2,690,040 365,547,000 144,033,000 509,580,000 379.986,260 129.593,740-5,167,960
Total Feb. 27 385,479,000 146,987,000 512,486,000 37 ,660,220 130,805,780 -1,692,9901 363,494,000 146,074,000 509,568,000 374,806,300 134,761,700 -2,412,750
This is the reserve required on Net Demand Deposits in the case of State Banks and Trust 'Compass es, but In the case of Members of the Federa (Reserve Bank
It Includes also the amount of reserve required on Net Time Deposits, which was as follows: April 10, $500,950; April 3, $452,850; March 27, $413,750; March
20.
$388,600; March 13, $398,100; March 6, 15400,000.
a This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank
It Includes also the amount of reserve required on Net Time Deposits, which was as follows: April 10, 5503,250; April 3, $463,850; March 27, $414,450; March 20, $408,000; March 13, $389,950; March 6, $399,050.
1326
THE CHRONICLE
[VOL. 100.
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
In New York City not in the Clearing House, and these are by the State Banking
Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whple State. The figures are compiled so as to distin.NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from guish between the results for New York City (Greater New
previous week. York) and those for the rest of the State, as per the
April 10.
following:
Loans and investments
$561,016,600 Inc.
$437,700
Gold
44,211,800 Inc.
520,100
For definitions and rules under which the various items
Currency andjbank notes
9,781,600 Dec.
94,200
Total deposits
675,458,100 Inc. 5,183,900 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts duo from reserve de
The provisions of the law governing the reserve requireis positaries and from other banks and trust corn
panics in New York City, and exchanges
574,700,400 Inc. 4,257,400 ments of State banking institutions were published
in the
Reserve on deposits
158,267,200 Inc.
2,065,300
Percentage of reserve, 29.4%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVES.
tions relating to calculating the amount of deposits and what
- -Trust Companies,
State Banks
Cash in vault
$10,858,300 11.44%
$43,135,100
9.74% deductions are permitted in the computation of the reserves
Deposits in banks and trust cos_ _ 15,326,800 16.16%
88,947,000 20.08%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$26,185,100
27.60%
$132,082,100 29.82%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended- Loans and
Investments
Jan. 16
Jan 23
Jan 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar.27
April 3
April 10
2,749.071,9
2,764.800,2
2,775,955,6
2,810,842,7
2,839,130,1
2,844,507,9
2,860.024,7
2.880.964,8
2,906,083,5
2,936,439,9
2,950.066,4
2,917.856,9
2,958,987,6
Demand
Deposits.
Specie.
Other
Money.
2,606,658,9
2,644.972.0
2,664,534.5
2.699.873,7
2,726,179,4
2.728.181,5
2,741,673,7
2.761,539,0
2,784,801,1
2,817,407,0
2,842,697,0
2,856,795,0
2,862,696,4
312,482,9
321,086,7
333,163,7
338,596,1
336.982,7
336,932,2
336,325,4
339,957,2
340,782,2
346,796,5
357,716,5
366,273,7
361,957,8
87,061,4
88.585,8
89.077,3
85,552,6
84.868,8
84,242,4
83,359,6
81,487,2
81,637,1
82,055,5
81,894,4
81,932,8
81,300,6
Capital as of Dec. 24_ _ _ _
$
24,550,000
$
67,300,000
Surplus as of Dec. 24_ _ __
39,269,500
151,327,000
13,749,700
11,225,000
336,882,900 1,205,080,200
-763,600 +8,643.500
133,297,800
+527,100
193,757,500
+444,200
Loans and investments__
Change from last week_
Total
Entire
Money Reserve on
Holdings. Deposits.
399.544,3
409,672,5
422,241,0
424,148,7
421,851,5
421,174,6
419,685,0
421,444,4
422,419,3
428,852,0
439,610,9
448,206,5
443,258,4
State Banks
Trust Cos.
Trust Cos.
State Banks
in
in
outside of
outside of
Greater N. 7. Greater N. 7. Greater N. 7. Greater N. 7.
Week ended April 10.
629,276,2
650,606,3
660,446,2
658.143,0
653,867,9
662,375,7
655,540.7
653,529,0
653,476,3
668,754,7
685,862,5
701,154,9
699,849,2
Gold
Change from last week_
39,919,300
-776,200
87,524,000
+1,763,600
Currency and bank notes_
Change from last week_
24,179,700
-81,400
16,213.400
-113,400
$
10,913,000
$
13,100,000
Deposits
Change from last week_
435,597,900 1,354,012,200
+956,700 -8,647,000
141,564,800
+1,078,600
205,765,400
+1,826.200
Reserve on deposits
Change from last week_
07,010,100 262,780,400
+108,400 -15,145,100
26,077,800
+387,000
30,726,700
+1,859,400
20.8%
20.6%
18.1%
17.2%
P. C. reserve to deposits_
Pereentaze last week....
27.4%
27.2%
25.3%
26.3%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing non
member institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
April 10 1915.
Loans,
Discounts,
Nat. banks March 41 Invest'[State banks Mar. 19f ments, citc.
Members of
Fedi Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
National City,Bklyn
First Nat., Jers.City
Hudson Co. N.J.C
First Nat.,IIeboken
Second Nat.,Hobok-
Legal
Tenders.
Gold.
State Banks
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash.Hgts.
600,000
Century Bank
400,000
Colonial Bank
Columbia Bank
300,000
200,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Ne, herland
100,000
Yorkville Bank
Mechanics', 13klyn
1,600,000
200,000
North Slde, Bklyn
369,500 1,873,000
467,200 7,773,000
767,300 7,412,000
648,900 6,656,000
184,100 1,134,000
472,700 5,260,000
268,600 3,445,000
509,600 5,370,000
792,000 16,866,000
180,400 3,102,000
847,000
644,000
594,000
88,000
410,000
295,000
392,000
99,000
533,000
144,000
358,000
768,000
184,000
21,000
09,000
190,000
93,000
11,000
56,000
73,000
80,000
108,000
44,000
25,000
184,000
391,000
248,000
26,000
149,000
142,000
215,000
585,000
110,000
3,900,000 4,660,300 58,891,000 3,271,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust,Bkln
Mechanics, Bayonne
Total
Grand aggregate___..
Comparison, prey.wk
Excess reserve,
Grand aggr'te Apr 3
Grand aggete NIar 27
Grand aggr'te Mar 20
Grand aggr'te Mar 13
Grand secrete Mar 6
Silver.
Excess
Due from
Reserve
DeposiRules.
Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
5
$
$
$
S
$
$
5
3,000 200,000
136,600 2,059,000
200,000
11,000
97,000
57,000
50,000
182,000
6,000 548,000
680,900 4,770,000 123,000
21,000
300,000
38,000 123,000
130,000
10,000 611,000
300,000
617,500 5,064,000 170,000
23,000
58,000 119,000
538,000 1 858,000
400,000 1,265,500 4,636,000 214,000 400,000
34,000
85,000
705,000
804,800 3,663,000 106,000
250,000
3,000 312,000
71,000
12,000
45,000
579,000
220,000
3,000 319,000
658,800 5,148,000
15,000
71,000
37,000
86,000
242,000
236,000
304,400 4,035,000
125,000
11,000
66,000
42,000
86,000
1,795,000 4,468,500 29,375,000
Total
Reserve
Nal.Bank Nat.Bank Federal
with
Notes[Re- Notes[Not Reserve
Legal
Bank
serve for Counted
Notes[Not Deposias
State Institutions] Reserve]. Reserve!. lanes.
Net
Capital. I Profits.
186,000
56,000
292,000
93,000
158,000
9,000
52,000
62,000
82,000
290,000
36,000
775,000 2,075,000 1,130,000
National
Net
Net
Bank
Demand
Time
CircuDeposits. Deposits. lation.
Average. Average. Average.
S
$
$
1,946,000
12,000 193,000
4,391,000
294,000
4,979,000
119,000
4,486,000
393,000
2,600,000
196,000
1,920,000 2,637,000 217,000
1,967,000 1,767,000
99,000
25,000 2,764,000 3,696,000 22,298,000 4,416,000 1,511,000
106,000
136,000 1,506,000
389,000 1,087,000 6,477,000 1,661,000
473,000
550,000 7,884,000
420,000
260,000 7,010,000
61,000
213,000 1,017,000
308,000
867,000 5,136,000 384,000
8,000 168,000
3,000 3,413,000 146,000
343,000
203,000 5,731,000
1,046,000 1,492,000 17,437,000 811,000
199,000
101,000 3,323,000
11,000
83,000
200,000
283,000
19,000 3,513,000 4,912,000 58,934,000 3,002,000
500,000 1,031,900 6,977,000
200.000
269,700 3,543,000
473,000
82,000
15,000
37,000
19,000
65,000
30,000
34,000
2,000
267,000 1,370,000 5,332,000 952,000
66,000
580,000 1,316,000 2,045,000
700,000 1,301,600 10,520,000
555,000
52,000
84,000
64,000
2,000
333,000 1,950,000 6,648,000 2,997,000
46,000 6,610,000 10,558,000 87,880,000 10415000 1,511,000
6,395,000 10,430,400 98,786,000 4,673,000 1,471,000 2,753,000 1,194,000 469,000
-1828000 +45,000 +81,000 +41,000 +79,000 +45,000 +10,000 +6,000 -614,000 +599,000 +58,000 +1,000
$144,250 Increase
36,000 6,604,000 11172000 87,281,000 10357000 1,510,000
6,245,000 10,430,400 100614 000 4,628,000 1,390,000 2,712,000 1,115,000 424,000
31,000 6,581,000 11,110,000 87.143,000 10235 000 1,511,000
6,145,000 10,449,600 98,139,000 4,660,000 1,575,000 2,782.000 1.071,000 470,000
28,000 6,591,000 12,063,000 87,428,000 9,387,000 1,521,000
6,145,000 10,449,600 97,522,000 4,791,000 1,337,000 2,688,000 1,071,000 516,000
20,000 6,364,000 10,344,000 87,209,000 8,556,000 1,516,000
6,145,000 10.380.600 96,874.000 4,793,000 1,294,000 2,741,000 1,058,000 574,000
20,000 7,322.0009,802.000 86.975.000 8.547.000 1.514.000
6.145.000 10.380.600 06.838.000 4.702.000 1.216.000 2.663.000 1.063.000 482,000
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00)s in all these figures.
BOSTON CLEARING-HOUSE MEMBERS.
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
Capital
and
Surplus.
Loans.
Reserve.
103.684,3
103,684,3
103,684,3
103,684,3
103.684,3
103.684.3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
$
394,5711,0
395,604,0
397,425,0
402,966,0
404,622,0
406,929,0
410,428,0
411,220,0
412,354,0
412,391,0
412,656,0
$
84,437,0
85,162,0
87,508,0
90,514,0
91,485,0
92.277,0
91,186,0
91,266,0
90,718,0
91,301,0
94,820,0
Deposits. Circulation.
a
Clearings
438,966,0
443.310,0
445.806,0
458,620,0
458,793.0
461,943,0
459,147.0
460,763,0
456,701,0
469,854.0
468,217,0
144,309,4
168.439,7
120,041,2
163,893,9
124.704,2
169.945,0
138,902,4
139,536,7
133,978,0
159,383,1
156,014,2
11,554,0
11,562,0
11,521.0
11.510,0
11.510,0
11,512,0
11,518,0
11,516,0
11.423,0
11,296,0
11,307,0
a Includes Government deposits and the item "due to other banks" (April 10,
$138,852.000): also "Exchanges for Clearing House" (April 10, 513.321,000). Due
from banks April 10. $52,250,000.
Change from
Apr. 10'15. precious week. API% 3' Mar.27 '15.
13.
$9,370,000 Inc.
Circulation
$3,000 $9,367,000 $9,365,000
Loans, disc'ts & investments.. 239,849,000 Inc. 1,796,000 238,053,000 236,257,000
Individual deposits, incLU S. 177,781,000 Dec. 2,573,000 180,354,000 182,008,000
94,996,000 Inc.
Due to banks
877,000 94,119,000 88,438,000
7,123,000 Inc.
Time deposits
414,000 6,709,000 7,170,000
Exchanges for Clear'g house. 12,538,000 Dec. 2,787,000 15,325,000 12,256,000
Duefrom other banks
25,595,000 Dec.
110,000 25,705,000 24,320,000
19,071,000 Dec.
Cash reserve
570,000 19,641,000 20,562,000
Reserve in Fed. Res've Bank 9,519,000 Dec.
412,000 9,931,000 9,413,000
37,962,000 Inc.
Reserve with other banks686,000 37,276,000 39,605,000
6,365,000 Dec.
Reserve excess in bank
012,000 6,977,000 8,010,000
Excess with reserve agents... 25,256,000 Inc.
644,000 24,612,000 27,053,000
3,166,000 Dec.
Excess with Fed. Res've 11'k_
433,000 3.599,000 3,137,000
Imports and Exports for the Week.-See second page
preceding.
APR. 17 1915.1
Vaulters' Gazette.
Wall Street, Friday Night, April 16 1915.
The Money Market and Financial Situation.—
Several items of more or less important news have attracted
wide attention this week, but they seem to have little or no
effect upon the security markets and the latter have, therefore, continued active and generally strong. Notwithstanding liberal sales for foreign account and heavy realizing,
all offerings have been readily absorbed by commission house
orders, said to have come largely from the outside.
The first item of news referred to was the now famous
note presented to the State Department at Washington by
the German Ambassador. The fact that this note was
quite unusual in tone and, moreover, that it was given to the
public before it could have had official consideration at the
State Department were matters which elicited wide comment. Next in order of time as well as importance was the
announcement of legal proceedings begun by the Riggs
National Bank of Washington against Treasury officials
and Cabinet officers. The allegations set forth in the complaint are, as every one now knows, of a sensational character and the finding of the Court in this case will be looked
for with a good deal of interest.
Of more immediate influence, however, in business circles,
here was the American Railway Association's report, showing that during the month of March the number of idle
freight cars decreased 8,600; the fact that the stock market
has continued buoyant throughout the week despite the
foreign liquidation mentioned above; the advance of $10,500
in the selling price of Stock Exchange seats within a few days
and announcement that arrangements have been made for
the shipment of $7,000,000 of gold from Ottawa for London
account to this market.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 2 to 23/2%. The
rate on Friday was 2@23/2%. Commercial paper closed at
3%@4% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names
4Y1@)4%%•
The Bank of England weekly statement on Thursday
showed an increase of £1,560,958 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
18.91, against 18.36 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13.
The Bank of France shows an increase of 2,399,000 francs
gold and a decrease of 516,000 francs silver.
Foreign Exchange.—Tho market for sterling exchange
this week has ruled exceedingly dull, with only minor changes in rates. There has been quite free selling of American.
securities on foreign account, but the demand for remittances of the proceeds has, apparently, been nullified by tfie
heavy offerings of commercial bills.
To-day's (Friday's) actual rates for sterling exchange were 4 76%0
/i for cheques and 4 79%®4 79 11-16
4 76% for sixty days,4 79 3-16©4 795
for cables. Commercial on banks nominal and documents for payment
nominal. Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal.
for long and 5 32% for short. Germany bankers' marks were nominal,
for long and 82% for short. Amsterdam bankers' guilders were 39% less
1-16 for short.
Exchange at Paris on London, 25.55 fr.; week's range 25.55 fr high and
25.57 ft's. low.
•
Exchange at Berlin on London not quotable.
The range for foreign. exchange for the week follows:
Cables.
Sixty Days.
Sterling Actual—
4 80 3-16
4 77
High for the week_
4 79 7-16
411'ei77961:
Low for the week__ _ 4 76%
Paris Bankers' Francs—
5 31%
5 31
High for the week
5 32%
5314
Low for the week_ _
Germany Bankers' Marks—
829-16
82%
High for tho week__ _
81 9-16
_
81 7-16
Low for the week_ _ _ _
Amsterdam Bankers' Guilders—
39 7-16 plus 1-16 39% plus 1-16
High for the week_
3
39 5-16
Low for the week ------39
Domestic Exchange.—Chicago, 5c. per $1,000 premium. Boston, par.
per $1,000
60c.
San
asked.
Francisco,
premium
5c.
St. Louis, par, bid and
premium. Montreal, 7.18% per $1,000 premium. Minneapolis, 30c.
per $1,000 premium. Cincinnati, par.
State and Railway Bonds.—Sales of State bonds at the
Board this week include $13,000 New York State 41/0,
1965, at 1043/2 to 1043/2, $6,000 Now York State 43's, at
1083% to 109; $1,000 New York Canal 43/2s ,at 1095/8;$10,000 Now York Canal 4s, reg., 1960, at 1003/8; $1,000 New
York State 4s, at 1003/2; $5,000 New York Canal 4s, 1961,
at 1013/2, and $11,000 Virginia 6s, def., trust receipts at
57 to 57%.
Transactions in railway and industrial bonds at the
Stock Exchange were considerably larger, being $21,217,000,
as against $16,080,000 last week. Prices, as a whole,
advanced, but gains were, in most cases, fractional.
While. sales, were heavy in a good many railroad issues,
Missouri Pacific 4s were the only ones that showed any
pronounced change in price. These securities advanced
33 points, on a, demand arising, perhaps, because of the
new controlling interest in the property. Convertible 5s
of the same company, however, fell away slightly from the
closing price of last week. From a list of twenty other
active railroad issues, 15 advanced and 5 declined, changes
in all cases being less than one point.
Industrial securities, on the other hand, offered more
changes in value, American Telephone & Telegraph cony.
432s advancing from 100 to 10234. Inspiration Consolidated Copper Cony. 6s of 1919 and 1922, again reflecting
the demand for copper metal to fill war orders, continued the
1327
THE CHRONICLE
movement noted during the past five weeks and closed
23/2 and 332 points respectively above last week's final
quotation.
Sales on a seller's 20-day option (s-20-f).representing,
presumably, selling on foreign account, have increased this
week, being $878,000, as against $631,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $1,000 3s, coup., at 101% and
$500 3s, reg., at 1013/2. For to-day's prices of all the different
issues and for weekly range, see third page following.
Railroad and Miscellaneous Stocks.—The stock market has continued unusually active and wide fluctuations in
several issues has again been a prominent feature. The
transactions have averaged over a million shares per day,
and,with few exceptions,a higher level of prices is the result
of the week's operations.
Saturday's market was characterized by a sharp decline
in the early trading, on a flood of offerings, but these were
soon absorbed and the previous upward movement resumed.
As is always the case in such a market, the changes from
strong to weak and vice versa, have been frequent.
Of the active railway list only 4 have, however, advanced
as much as 2 points, viz., St. Paul, Rock Island, Lehigh
Valley and New Haven, and 2 of this list, show a small
fractional decline, including Erie and Northern Pacific.
The industrial list has again, in many cases, been erratic,
Bethlehem Steel still leading the movement with a range of
43 points and a net gain of 23. New York Air Brake has
advanced 253/2 points, Mexican Petroleum 1031. American
Locomotive 28, Amalgamated Copper and Westinghouse
each
For daily volume of business see page 1336.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 16.
Adams Express
American Express
Amer Teleg & CableAssets Realization
Chicago de Alton
Cleveland & Pittsburgh..
Detroit Edison
Detroit United
Duluth S S & A, pref__ _
E I du Pont Powder,pref
Hocking Valley
Internat Steam Pump
Preferred
Kings Co Elec Lt & Pow
Lackawanna Steel
M St P & S S M l's'd line
Montg Ward & Co, pref.
Morris & Essex
Nashv Chatt & St Louis
Ontario Silver Mining
Pacific Coast Co
Peoria & Eastern
Pettibone-Mulliken
Philadelphia Co (Pittsb)
South Porto Rico Sugar_
Preferred
Tobacco Products, pref.
Union Pacific warrants_
United Dry Goods. pref.
U S Reduc & Rein, pref
Virginia Iron,Coal&Coke
Vulcan Detinning
WelLs, Fargo & Co
West Msrvland. met
Sales
for
Week.
Range for Week.
Lowest.
125 94%
210 95
145 60
360 6
200 9
25 159
10114
130 61
200 9
100 90%
300 112
3,390 1%
700 9
10 122
4,650 33
50 77%
100112
100 i68
350122%
3,875 2%
100 63
900 8%
5 16
1,330 77
600 46
100 9354
2,800100
314 30
300 60
750 134
600 44
30 7
650 97
600 37
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Anr
Highest.
10 96 Apr
15 95 Apr
12 60 Apr
14 9 Apr
10 9 Apr
15 159 Apr
16 114 Apr
15 61 Apr
14 10 Apr
14 90% Apr
15 118 Apr
ii 4 Apr
15 15 Apr
14 122 Apr
16 39 Apr
14 77% Apr
16 112 Apr
10 168 Apr
15 125 Apr
16 3% Apr
16 63 Apr
13 11 Apr
15 16 Apr
14 81 Apr
12 55 Apr
12 9354 Apr
16102% Apr
14 30 Apr
13 mg Apr
15 2% Apr
12 45 Apr
12 7 Apr
10100 Apr
14 40 Anr
Range since Jan. 1.
Lowest.
13 80
15 83
12 58
10 5
12 9
15 159
16 Ill%
15 52%
14 7
14 90%
10 112
16 1%
16 5
14 120%
10 28
14 75
16 112
10 166
15 121
16 2
16 83
15 4
15 15
10 71
14 40
12 89%
16 100
14 27%
15 48%
10 1
13 36%
12 5
14 7754
12 25
Highest.
Jan 96
Feb 95
Ma 60%
is. 9
Ap
9%
Apr 159
Feb 115%
Ap Si
Ja 10
Ap 91
Apr 118
4
Ap
Jan 15
Ma 122
Ja 39
Ma 7754
Ap 112%
Ma 168
Ap 126
Feb 334
Ap 67
Jan 11
M. 16
Ap 81
Feb 55
Feb 9354
Apr 102%
Feb 30
Jan 66%
Ap
254
Feb 45
Jan 7
Jan 100
Jan 4n
Apr
Jan
Apr
Apr
Jan
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
m._
Outside Market.—Speculation on the "curb" this week
continued brisk, with transactions well distributed. Prices
moved irregularly, with the .undertone firm. Internat.
Motors com. was active, the price on Saturday last jumping
up over 3 points to 163/2. During the week it reacted to 13,
% with the close tobut moved upward again, reaching 17,
day at 173/2. The pref. was also erratic, selling up 5 points
to 38, then dropping to 31, and advaincing again to 40, the
final figure to-day being 38. Kelly-Springfield Tire, after
an early gain from 139 to 1393/2, reacted to 136 and finished
to-day at 137. Electric Boat corn. dropped from 64 to 58
and recovered to 603/2. Houston Oil corn. sold up over 3
%. N. Y. Transporpoints to 163/ and ends the week at 153
tation displayed decided strength, advancing over 2 points
to 143/2 and easing off finally to 143/2. Corp. for stock of
Riker & Hegeman was off about half a point to 73%. Sterling Gum weakened from 33% to 3 and closed to-day at
3 1-16. Tobacco Products pref. moved up from 58 to 583/2,
then down to 57, with the closing figure to-day at 573'.
The pref. stock was listed on the Stock Exchange this week.
United Cigar Stores of Amer. corn. moved up a point to 112,
then broke to 101. It recovered to 110 and to-day sold at
106. The new com lost over half a point to 103/2 and closed
%. United Pfofit Sharing was prominent in.
to-day at 103
the trading, selling between 3% and 3% and at 3 7-16 finally. World Film declined from 43/2 to 33/2 and ends the
3
Standard Oil stock swere comparatively quiet.
week at 3%.
Continental Oil improved 4 points to 246, then fell to 233.
Indiana Pipe Line Standard Oil (California) moved irregularly between 297 and 302, with the close to-day at 299. Standard Oil (Indiana) rose 7 points to 424, reacted to 406, and
closed to-day at 408. Standard Oil of N.J. ranged between
399 and 404 and ends the week at 400. Standard Oil of
N. Y., after an early advance of 4 points to 200, dropped to
190 and recovered to-day to 192. Vacuum Oil moved up 2
points to 214 and down to 208, recovering finally to 210.
Mining stocks were without special feature.
Outside quotations will be found on page 1336.
1328
New York Stock Exchange---Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 10
Monday
April 12
Tuesday
. Aprft 13
Wednesday
April 14
Thursday
April 15
'
,
tido
April 16
-
Sales of
the
Week
Shzres.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Highest.
Lowest
Railroads
102 104
10214 103
10212 10312 10212 10312 10218 1031 102 10234 38,275 Atchison Topeka & Santa Fe.. 9212 Feb 24 104 Apr 10
99 • 99
9834 99
9834 99
9878 9914 99
1,455 Do pref
96 Jan 5 9078 Apr 9
99
99
99
41107 108
105 10814 112 11"
98 Mar 1 112 Apr 13
1,033 Atlantic Coast Line 11R____
110 110
110 110
103 109
7514 7612 7518 7618 7512 7678 7618 7714 7618 7614 7.578 7558 46,599 Baltimore & Ohio
6334 Feb 25 7714 Apr 14
7118 7012 71
71
7012 7034 7018 7034 7012 71
67 Feb 23 7314 Jan 20
7034 7114 4.559 Do pref
904 9118 90
9112 9018 91
8412 Jan 6 9212 Apr 15
9118 9178 9112 9213 9114 9214 20,2)0 Brooklyn Rapid Transit__
16758 18938 16712 16934 16812 17014 168 16978 16834 16912 27,550 Canadian Pacific
16834 170
515314 Mar 1 17014 Apr 14
*300 330 *300 330 *300 330 *300 325 *300 330 *300 328
Central of New Jersey
324 Jan 22 325 Jan 22
478 4534 4614 4558 468 4614 47
46
15,750 Chesapeake & Ohio,.40 Feb 23 4712 Apr 15
4614 4712 46
47
1258 1234 1238 1278 1258 1234 1212 1234 1214 1212 3,350 Chicago Great West tr ette....
1234 13
1014 Jan 4 13 Apr 10
3438 3512 3412 351
3413 3588 3413 3518 3418 3434 34
11,925
3558 Apr 13
Do pref trust et v.
3427 Jan 11
92
9234 9112 9214 9178 9312 9218 9338 9112 9414 93
9434 34,980 Chicago Mite & St Paid__
834 Feb 24 9434 Apr 16
12678 12678 12634 12634 12614 127 *12614 12714 12714 12714 *125 128
1,030 Do prof
123 Feb 25 130 Jan 22
129 129
12834 12938 12912 130
12978 130
1297 132
12914 13012 3,100 Chicago & North Western..,1 121 Mar 3 132 Apr 15
*165 185 *165 185 11165 175 *165 185 *165 175 *185 175
Do pref
*186 Feb 10 *175 Jan 30
3412 36
3418 36
3234 358 3438 3814 3534 3858 35% 3814 221,656 Chic Rock Island & Pacific_
1814 Mar 1
3838 Apr 15
*115 130 *115 130 *115 130 11115 130 *115 130 *115 130
Chicago St Paul M101)& Om
1114 Apr 8 §114 Apr 8
*125 150 *125 150 *125 150 *125 150 *125 150 *125 150
Do pref
32
*29
*29
32
*30
*29
32
32
31
100 Cleve Cin Chic & St Louis_
31
.31
39
121 Jali P, 31 Apr 9
•60
*60
65
65
*60
65
*60
63
1160
63
Do pref
5318 Fe(' 17 65 Apr 1
*6012 63
•317, 3212 31
31
3112 3112 *3012 3112 *3012 3112 83012 3112
20(.; Colorado & Southern
21 Mar15 32 Apr 8
*5312 55
54
54
*5312 54
5278 54
*53
55
10t, Do 1st prof
45 Jan 18 5414 Apr 5
*53
55
52
•45
*45
52
*45
52
52
*45
*47
52
37 Jun IS 4912 Apr 3
*47
50
Do 2d pref
151 151
15138 152
15178 152
151 151
150 151 *150 152
142 Jan 4 152 Jan 1)
1.500 Delaware & Hudson
42934 42934 42934 42934 *416 430 *416 430 *412 425 *418 425
206 Delaware Lack & Weatern.
399:•,, Jan 6 42934 Apr 10
.634 814 *714 1014 *714 9
4 Jan 12
*634 9
100 Denver & Rio Gran le
*712 834
8 Apr 8
738 758
1434 1434 1412 1434 1434 1434 1434 1434 *1412 15
6,5 Jan 7 15 NI ar31
1412 1412 1,056 Do pref
28
2878 2758 2838 2758 2834 28
l97 Feb 24 29 Apr 15
2858 2734 29
2818 2834 122,450 Erie
4412 4514 4354 4514 4412 4478 44
4514 4334 4514 44
3214 Feb 24 4514 Apr 10
19,200 Do 1st preferred
45
351, 351, 35
3514 3538 353, 35
35
35
3512 3558 357e
27 Feb 25 358 Apr 16
1,600 Do 28 preferred
1194 12014 11933 12014 11834 12058 11934 12012 11958 1208 11934 12118 26,018 Great Northern pre!
11234 Jan 2 12118 Apr 16
3618 3834 3614 39'.- 3912 4138 39
41
3918 4012 3834 4014 158,400 Iron Ore properties
2514 Jan 2 4138 Apr 13
109 1097 10838 10838 10812 109 *10812 109
102% Marll 110 Jan 22
10834 108%1,000 Illinois Central
1534 168 157 1618 16
1713 1712 1912 20
22 1654 ii- 277,075 Interboro-Metropolitan v tot? 1058Jan 16 22 Apr 15
8734 6834 667 684 68
7014 7334 7334 7538 7114 75 105,525 Do pref
70
49 Jan 19 753 Apr 15
2558 2618 25
2534 25
2512 25
25
2412 2514 25
2558 5,550 Kansas City Southern
2058 Feb 24 2618 Apr 10
59% 60
583,
59
59
59% 5912 5912 59
59
2,100 Do pref
*5812 5912
547k Feb 24 60 Apr 10
8
8
*712 812
834 *8
800 Lake Erie & Western
8
5 Jan 5
734 734
834 Apr 15
9
734 734
•19
21
*19
21
21
2112 2113 22
•19
21
500 Do pref
22
22
20 Apr 5 22 Apr 15
141 143
141 14212 141 14214 1413 14212 14114 1442
1 14234 144
20,280 Lehigh Valley
12914 Feb 24 14412 Apr 15
*30
35
*33
37
*30
38
37
*33
36
36
*30
37
100 Long Island
30 Jan 11 39 Jan 21i
12034 121
12012 12112 12114 12112 12012 122
121 121
121 12218 2,300 Louisville & Nashville
110 Mar 1 12218 Apr 16
•12518 129 *12518 12812 *125 129 *125 128 *125 129
_
__
-,-,- Manhattan Elevated
127 M ar31 128 Jan 20
1812 17
1614 1834 1814 17
1932Feb 15
1612 1058 *16
1013 Jan 11
17
-1614 -I-63-4 -------- Minneapolis & St Louis-*40
41
4012 4012 41
4112 *40
43
*40
43
4112 4112
550 Do pref..
25 Jan 18 49 Feb 15
119 1197 11912 11912 11914 11934 11912 11978 11934 12034 11934 12014 2.78
10 mine
pn StpP&
106 Jan 4 12014 Apr 15
ref 58 Marie
1128 128 *12512 128
128 130 .12813 132 *128 132 *130 132
210 Do
Jan 14 130 Apr 13
1314 137
13 - 1414
1312 145, 20,450 Missouri Kansas & Texas_
133 137s
1414 15
1312 1414
15 Apr 15
778 Jan 4
37
37
3713 3812 38
38% 3812 39
37
38
2,700 Do pref35
35
26 Jan 4 40 Apr 5
1414 15
1414 1678 1512 1612 1513 1638 1534 1655
1512 1614 122,700 Missouri Pacific
658 Jan 8 16% Apr 12
•14
20
*14
21
*14
21
*14
20
*16
20
*16
22
t eR
23 Jan 5 23 Jar, .,
N.ap
pref
*5
6
6
618 618 *5
6
7
415
400
758 *613 _ _ - 618 Apr 13
YB2cl
ofpN
reiTex,irm
ed 1st
48 Jan '23
87
8712 8832
88
8814 8912 8712 8914 8712 89
8712 88 7 20,955 NY Central & Hudson River
8112 Mar I 921,Jan '22
6112 63
6118 6214 6112 6238 6034 6218 61
6314 6234 8512 32,400 N Y N H & Ha-tford
43 Feb 25 6512 Apr 16
2812 2914 2814 29
2814 2838 27
2814 2734 25
3.474 N Y Ontario & Western
21
2134 Jan 8 2914 Apr 1
20
20
*1612 20
*1612 20
*1612 20
------- ------Norfolk Southern.
2.5 Feb 15 25 Feb
104 10412 *loli4 10412 10418 105
10438 105
10414 10478 .0:118 1f1; 4
Norfolk & Western
0912.1an -1 105 Apr 9
•85
89
*83
89
*83
89
*85
89
*85
89
*85
89
Do adjustment preferred. 85 Jan 27 8512 Jan 26
10834 110 510714 10812 10712 10952 108.7:, 10934 10813 1o958 10358 1o938 35,295 Northern Pacific_
9918 Feb 24 110 Apr 10
109 110
10812 10912 10858 10912 109 10914 109 110
17,305 Pennsylvania
10355 Feb 24 110 Apr 10
10014 110
.
68
78
*68
75
*68
72
*68
70
*88
70
*88
70
Pittsb On Chic & St Louis_ . 68 Mar15 72 Jut; 1,
*90 100
__ 105
*80 110
*80 110 *____ 110
*80 110
Do pref____
15112 153 *149% 15218 14958 152
15018 152
15018 15338 151 152% 284,500 Reading
1401s Feb 24 15378 Jan 22
•8058 90
*8058 90
*8058 90
*8058 90
*8058 90
*8058 90
let preferred
85 Mar s 8612.1an I 1
85
85
*82
8512 *82
83
*82
86
*82
86
200 2d preferred
85
85
80 Feb 23 8512 Feb 2
.12
%
112 • 1
118
72
78
1
4,500 Rock Island Company
12 M a r25
58
1 12 Apr 0
*58
%
1
112 2
1
1
112
1
114
1
118
1
1
15,650 Do pref
1
212 Apr 9
78 NI ar23
312 334
318 312
4
4
312 4
314 4
334 4,850 St Louis & San Francisco....
134Mar22
4 Apr 12
334
11
*8
11
12
12
*8
*8
*9
12
100 Do 1st preferred
10 Jan 25 1134 NI a r31
-Sic
7
714
7
7
7
7
*512 7
*(I
8 Mar31
750 Do 2d preferred
3 Jan Is
•16
18
18
18
*17
*17
18
*17
18
15 Feb 15 1778 Mar30
*17
18
St Louts Southwestern
•3512 3712 3612 3612 35
35
34
35
3412 3412 *3412 38
900 Do pref
33 11.1ar24 37 Jan 21
1512 16
1512 16
1512 16
1512 153
1514 1512 1518 1538 5,250 Seaboard Air Line
1614 Apr 8
11i4 Jan 4
4034 42
4014 4112 40
41
4014 41
41
4012 3934 40
4,400 Do pref
32 Feb 25 42 Apr 10
9112 938 9118 92
1 95
913 927
9112 921
811s Feb 5 9358 Apr 10
921 111147 Southern Pacific Co
10478 10478 ---- ---- ----- --- -------- -------100 Certificates (when Issued)..
947 Feb 20 10478 Apr 12
"iii4 16:1-2 1832 1914 1812 19
g 113-4
2 1 1.
8 i8i8 -ill- 18,410 Southern v tr ctfs stamped-. 1234 Feb 2.1
1938 Apr 9
60
6112 59
8112 61
5858 80
60
5812 59
5812 5834 4,476 Do
preferred
do -. 43 Feb 25 63 Jan 21,
1512 1512 1512 1618
1634 16
16
1672 1634 1678 16
1678 Apr 14
1672 5,600 Texas & Pacific
11 Jun 11
5314 5178 53
54% 5512 5412 58
5334 538 55
55
5755 48,160 Third Avenue (N Y)
35 Jan 2 58 Apr 15
*2
3
*2
*2
3
*2
3
*2
3
234 *2
3
213 Mur31
1 Jan 6
Toledo St Louis & western...
*612 712
7
7
7
*612 712
7
7
7
*612 712
500 Do pref
9%Jan 23
6 Jan 8
97
*97
97
98
9712 9712 9712 971p 98
98
*9712 9812
820 Twin City Rapid Transit
9558Feb 25 99l Jan 16
1298 13114 12918 13012 129 13112 13012 13238 13034 13238 13038 13134 241,500 Union Pacific
11534 Jan 2 13238 Apr 14
8034 8034 8078 81
80
81
8014 804 8012 81
80
8034 5.575 Do pref
z79 Mar I 8134 Feb 26
1213 14
1318 137
1314 1334 14
1414
1312 1312 1314 1314 5,000 United Railways Investment
3 Jan 5 1414 Jan 20
3214 3312 3234 3312 3212 34
3334 34
3312 3312 313 33
5,000 Do pref
2114 Mar15 35 Jan 19
138
112
112
lag
112
1% 1%
1%
112 1%
112 18, 4,900 Wabash
158Jan 22
12 Mar25
31
3
312
3
314
312
314 4
4
4
3,250 Do pref
355 4
138Feb 24
4 Apr 14
2618 2314 2612 2678 25
2614 2412 25
2314 24
4,625 Western Maryla914
2312 24
ndApr
13
Jan 4 2678
3
3
213 3
*212 3
*213 312
1,600
238 212
I5
2
2
Wheeling & Lake Erie
Jan 6
334 Jun 18
•10
15 .12
15
4112
15
*12
15
12
100 Do 1st preferred
12
*8
15
10 Mar24 18 Jan 18
412 412 *4
412 *312 412
412 *4
3
312
800 Do 2d preferred
2% Apr 16
2% 278
6 Jan Is
•35
3634 33
36
36
35
*33
38
3234 3312 3512 3512
400 Wisconsin Central
3058Feb 21 397 Jan 21
Range for Previous
Year 1914.
Lowest.
Highest.
8912 July 100% Jan
59612 Dec 10134 June
19918 Dec 126 Jan
67 Dec
98% Jan
69 Dec
8358 Jan
79 July 9414 Mar
153 Dec 2201 Feb
300 July 310 Jan
40 Dec
68 Jan
914 July 1514 June
25 July 4112 June
8434 Dec 10718 Feb
126 Dec 143 Feb
122 Dec 13678 Feb
170 Jan 180 Jan
33 June 33 June
125 May 13114 July
132 May 132 May
22 July 40 Jan
40 July 70 Feb
20 Mar 2812 Jan
3778 July 62 Jan
35 Mar
29 Dec
1384 Dec 151.1: 1.0)
388 Jan 400'4 Jul.'s
4 July
Ws .Iih
8 July 31'8 Feb
2018 July 3212 Jan
32 July 4914 Jan
2614 Jul) 40 ,Jan
11158 Dec 134', Feb
2212 July 3914 • n
10312 Dec 115 / D
1034 July
183.8 1.n
50 Dee
6538 1 a e
2014 July 2812 J • Y
4918 Dec
62 J 141
518 July9 Jan
17 Apr
211:Jai
118 July 15614 Ja ,
28 Jan
38 Fe)
125 Dec 1417,. Jan
133 Feb
128 Jan
918 July 16% Jan
2713 June 3513 Jan
101 Dec 137 Feb
130 June 145 Feb
24 Jan
818 Dee
60 Jan
26 Dec
30 Jan
7 Dee
34 Feb
30 Jan
14 Jan
5 Dee
77 July 9655 Jan
4938 July 78 Jan
31% Jan
1834 Dee
2518 July 43 Jan
9612 Dee 10578 July
90 Apr
85 Jan
9658 Dee 11812 Feb
10212 Dec 11513 Jan
6418 Jul) 91 Feb
95 June 101 Mar
137 July 17214 Jan
87 July 8938 June
93 Jan
z80 Dec
58 Dee
16% Jan
1 DOC
25 Jan
2 Apr
538 Jun
8 May
1712 Jan
214 Dec
934 Jan
17%July
2834 Jan
36 July 6518 Jan
2238 Feb
1014 Dec
58 Feb
4534 Jan
9913 Jan
81 Dee
9278 Dec 10612 June
14 Dec
2814 Feb
58 Dec
8514 Feb
II% Dec
1734 Apr
453
Jan
33 July
2 Dec
1214 Jan
454 Dec
23 Jan
9478 July 10S1 Jan
112 July 18438 Jan
7712 Dec
86 Feb
2334 Feb
712 Dec
22 July 49% Mar
458Jan
12 July
134 I)ec
13 Jan
35 Jan
1034 Dec
212 July
838 Jan
814 July 21 Jun
3 Dec
11 Jan
29% July 48 Feb
Industrial & Miscellaneous
3612 36
3612 36
3634 36
3612 36
3812 3714 3878 33,300 dAlaska Gold Mining_Par $10 $2618 Jan 7 $3878 Apr 16 $1912 July $2878 May
1418 1312 14 • 14
14
15
15
1414 Feb
14
734 Jan 12 1613 Apr 16
6 July
1434 1412 1612 46,935 Allis-Chalmers Mfg v t c
5312 51% 5214 5214 55
5112 54
321 July 49 Jan
5134 5212 5212 54% 14,655 Do preferred v t c
33 Feb 10 58 Apr 9
6918 6712 6912 6818 7218 7178 7418 7314 7518 74% 76 383,880 Amalgamated Copper
7818 Feb
4534 Dec
5058Feb 24 76 Apr 16
5212 52
4784 Jan
53
5378 5612 5434 56
5412 5412 6412 55
6,450 American Agricultural Chem. 48 Jan 4 5612 Apr 13
5913 Mar
9112 91
91
9114 9114 92
92
9014 Dec
1192
400 Dopref
93
9713 Jan
93
90 Mar27 03 Feb 18
93
46
47
4714 46% 4634 46
3314 Jan 6 4914 Apr 16
4634 4534 48% 4814 4914 27,700 American Beet Sugar
19 July 3313 Dec
87 *____ 87
4185
87
1185
87
86 May 80 Dec
87
*85
83 Feb 1 8634 M ar22
Do pref
87
*85
.91
9312 *90
*90 _ _ 1190
91
80 Apr
8714 Feb 21 c0214 Mar22
91
971! Feb
Amer Brake Shoe & Foundry
91
*90
•13312 136 *134
*133
_
100 Do pref
*133 14018 c136 136
1467 Feb
13212 M r25 13734 Jan 22 12912 Jan
3614 3614 3434 3612 -5-1i2 -3178 3434 3612 3514 3612 3878 3834 189,800 American Can
191.,July 3518 Jan
25 Feb 24 3834 Apr 16
9758 9812 9718 9312 9734 99
9812 99
9112Jan 5 09 Apr 13
80 July 96 Jan
7,000 Do pref
9812 9812 9812 99
49
5014 4814 49% 48
52
5018 50
52
4214 Dec
54% 55
5914 32,260 American Car & Foundry___. 40 Feb 23 5914 Apr 16
5312 Feb
•113 115 *11312 118
11512 11512 *11312 115
200 Do pref
-Feb 23 11512 Apr 15 112 July 111)78 Jul
112
*48
49
*46
50
*4612 1612 *4734 16- *47
50
5913July 88 Jan
American Cittes pref
4614 Apr 7 60 Jan 12
101 10112 10078 102
10078 10078 99 10012 99
2,102 American Coal Products
9912 "6
99
82 Jan 20 102 Apr 12 182 Jan 18612 Mar
110854 10834 *105 112 110812 10812 1107 10734 *107 109 §109 109
105 Do pref
1105 Jan 7 110958 Apr 6 1 102 Jan
107 July
49
50
4912 5212 51
5012 5112 51
52
5112 50
32 July 4812 Feb
5234 20,010 American Cotton Oil
39 Jan 4 5234 Apr 16
97% 97% *95
98
1195
1195
*9514 98
eeioan 8 9778 Apr 10
98
100 Do pref
98
98
*95
9358 J uue 97.18 Mar
614
6
6
618
618 638
618 6%
638 Apr 14
6
614
438Feb 19
514 Feb
314 July
618 6% 5,200 American Hide & Leather_
3014 3112 3012 31% 3112 3312 3338 3458 34% 35
1931Jan 5 37 Apr 16
22,800 Do prof
3413 37
17 July 2534 Feb
3114 3214 32
3234 32
3312 3312 3414 33
3418 ' 3212 3314 23,100 American Ice Securities
2058Jan 4 34% Apr 14
3234 Feb
1978
July
1114 1138 1034 1118 10% 1134 1158 12
1112 1134 11% 1318 14,310 American Linseed
ei4 Jan 2 1318 Apr 16
713 July 1158 Jan
3034 31
30
2914 3214 3112 3212 3214 3212 3212 3414 4,300 Do pref
30
24 Jan 5 3414 Apr 16
3134 Jun
24 Dec
3234 33% 3114 33
40
3314 35% 36
4134 4912 56
19 Mar 2 68 Apr 16
68 149,920 American Locomotive
20l July 3714 Jan
*89
94
*90
94
93
92
9338 94
92
95
99 10018 1,800 Do pref
75 Mar 6 10018 Apr 16
96 Jan 10212 Mar
*412 5
378
3%
412 4% *312 412
4
4
1,025 American Malt Corporation
8 Jan 22
914 Jan
414 Dee
378 API' 14
•____ 30
*28
2912 2912 26
28
26
30
26
3238
12 Mar3I
440 Do pref
4 80
A per 118
6 Ja
7
28
30 Dec
5018 Jan
•7612 7834 7812 7914 *7914 8012 8038 80% *7912 80 ;Aoi2. 85l
400 Amer Smelters Sec pref B
Apr 14
79% July
85 Ian
6958 7012 6918 70% 6918 7178 71% 73
7112 7334 72
73% 68,375 Amer Smelting dt Refining... 58 Jan 2 7334 Apr 15
5014 July 7113 Feb
105 105
105 105 §105 105
105 105% 10454 105
10412 10412 1,150 Do pref
100 Jan 4 10518 Apr 14
9712 Apr 105 Jan
•150 157 *150 160 *150 157 *150 157 *148 157 *150 156
American Snuff
144 Jan 16 155 Jan 29 148 Dec 172 Jan
•103 106
105 105 11105 109 *105 107 *105 107 *105 107
100 Do prof (new)
1065 July
103 Jan 19 106 Feb 1
9978 Jan
3212 33
32
3234 3134 3154 3113 3178 3112 3212 33
3,830 Amer Steel Foundry (new)
35
248 Mar 5 35 Apr 16
2712 July 3712 Feb
10878 109
10712 10878 108 10878 10812 10934 10812 10934 109 11138 16,927 American Sugar Refining.... 9912 Feb 24 11112Jan 29
97 Mar 10978 Jan
•112 11412 *112 115 *113 11412 *114 11412 114 11412 *113 11412
200 Do pref
109 Feb 5 11412Jan 29 10778 Mar 115 Dec
12038 12034 11934 12038 119% 12012 120 12058 12014 12278 122 12312 27,450 Amer Telephone & Telegraph _ 118 Jan 4 12312Apr 16 114 July 12414 Jan
230 23112 23034 23134 231 23134 *23013 231
230 231
232 233
2,530 American Tobacco
220 Jan 4 23484 Jan 29 215 Apr 256 Ma
*107 108
106% 10678 10634 10634 10612 10612 *106 1063a 107 107
400 Preferred,new
10314Jan 4 108 Mar 8 1015g Jan 109 Jun
18
1912 1119
1834 19
20
20
20% 2018 2014 2012 21
2,800 American Woolen
12 July 2078 Jan
1534 Mar 6 21 Apr 16
8212 82% *82
63
8214 8214 8212 82% 8278 8278 S1214 83
725 no nref _
7714 Feb 27 8434 Mar18
72% Mar 83 Jan
Bid and asked Prices; no sales on this day. 8 Ex-rights.
Lees than 100'hares a Ex-div. and rIghta. b New stock. c Certificates of depoeit. d Quoted dollars
OW share. e First Installment paid. x Ex-div. s Full paid.
3618
1278
51
6738
*5113
•90
45%
1329
New York Stock Record -Concluded-Page 2
For record of sates during the week of stocks usually inactive, see second Page preceding.
SToCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 10
M...nday
April 12
Thesday I Wednesday
April 13 I April 14
Thursday
April 15
Friday
April 16
S nes of
the
Week
Shares
-
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest.
Highest.
Range for Prate=
Year 1914.
Lowest.
Highest.
Industrial & Mise (Con)
38
33
3518 3414 3578 . 35
34
3638 3578 3678 3578 3672 106,250 dAnaconda Copper Par $25 $2434 Feb 24 $3678 Apr 15 $2414 Dec $3814 Feb
621,3 Mob
3812Jan
3834 3914 3834 391
40
2658 Mar 3 50 Apr 16
4114 4212 481
23300 Baldwin Locomotive
(
401
Do pref
__ *___ 101
101 102 - -------_
--- - *95 105 --------92 Mar 9 10312Jan 15 10212Jan 110 Jung
- 100
$114 Feb
$12 Apr
1
1-78 4,800 aBatopilas Mining___Par $20
1
13
$12 Feb 5 $178 Apr 16
;i2 f
*12 1
1
10758 112
4658 Dee
107 12512 123 155
131 13712 133 140 101,200 Bethlehem Steel
2912Ja12
128 145
4614 Jan 2 155 Apr 13
9138 Deo
10978 110
Do prof
107 108
111 111
68 Jan
108 11014 11012 112
111 111
7,000
91 Jan 2 113 Apr 8
625 Brooklyn Union Gas
*127 129 *127 129 *126 129
129 12958 129 12978 *129 130
118 Jan 5 12973 Apr 15 118 Dec 130 Jan
50 1311M8Wlek Term & It S
858Feb
*4
*5
612 *418 612 *418 613 15
5
612 *5
578Ju1y
6
6 Apr 6
414 Mar12
•28
2912 June
30
30
3214 32
30
*29
*28
30
30
30
3218 1,200 Butterick
26 Jan
27 Feb 4 3214 Apr 15
16
16
1512 16
30
58 Feb
15513 1612 1534' 1678 1612 19
Feb
Dec
1513
8
b
213
1814 2018 24,900 California Petroleum v t ctfs_
1
Apr
1234
4412 4434 4712 45
4314 4314 4312 44
42
44
44
60 July 68 Mob
4678 2,900
Do Oref
38 Apr 6 5434 Feb 8
*76
80
80 •7812 8314 *7712 8314 ____
80
___
200 Case (J 1) Thresh M pf tr Ws_
9518 Jan
8314 8314
77 Mar 1 13314 Apr 16 §77 Dec
3634 3734 3678 3834 38
3878 3758 3834 3814 -39
3858 3912 62,500 Central Leather
3814 Dec
2578 Jan
3258Feb 20 3912 Apr 16
103 103
103 103 §103 103
103 103
103 103
Do pref
103 1031
2,610
9473 Jan 104 July
10038Jan 7 104 Jan 27
•118 122 *120
___ *120
___ *120
__ *120
*120 -- ------Cent & Sou Amer Tel
*110 Jan 6 §118 Mar10 *103 Jan *10913 Feb
4012 4134 4012 -4158 41 -43
4278 -441-8 44 -45
4312 -45 6,600 dChino Copper
IPnacr.
3234Jan 6 45 Apr 15 $3112 Dec $44 Feb
Feb15
*50
*50
*50
60
60
*50
60
60
*50
Cluett, Peabody & Co.
60
70
*50
6812 Feb
60
101 101
100 100
101 101 *100 10112 100 100
Do pref
100 100
800
99 July 10412Feb
98 Jan 20 102 M ar15
3214 3358 3034 3278 3134 3238 3134 3278 3312 3412 3334 3612 35,660 Colorado Fuel & Iron
Feb
3412
uly
2012J
2134Jan 5 3612 Apr 16
12118 12212 12112 12412 124 12612 126 12738 12,800 Consolidated Gas (N Y
12112 122
12134 123
11334Jan 4 12738 Apr 16 11212 Dee 13912 Jan
62
6212 6114 6114 61
61
61
6338 6312 61
61
62
2,720 Continental Can
3712 June 4514 July
4014 Jan 4 6512 Apr 5
9412 9412 9412 9412 9412 9412 9412 9434 2,036 Do pref
96
*95
*95
96
84 July 9134July
8812Jan 5 97 Apr 6
1238 1318 1238 1358 1312 1414 1378 1412 14
1278 1314
1458 43,953 Corn Products Refining
1318 Jan
7 July
8 Jan 2 1458 Apr 16
7614 76
7418 7312 74
77
74
74
7634 7814 77
78
5,332
Do prof
5813July 72 Jan
65 Jan 5 7814 Apr 15
58
58
58
58
58
58
1,100 Cuban-American Sugar
*58
*55
60
60
5918 62
38 Jan 25 70 Apr 5
100
*92
96
9478 9473 *92
Do pre:
*92
95
95
*92
95
*92
95
90 Deo
90 Dec
93 Mar17 95 Mar24
*80
*8512 90
*85
87
90
200 Deere & Co pref
90
8634 8634 87
*85
90
9934 Feb
9134Jan
86 Apr 8 89 Feb 11
834 933
978 107s
938 1014
9,600 Distillers' Securities Corp._ _ _
9
912
914 91
1
91
512 Mar 2 1334Jan 25
11 July 2012 Mob
11
10
*912 12 *____ 15
*813 15
--- 1,300 Federal Mining & Smelting-.
12
12 - -----714 May 15 Jan
8 Mar24 12 Apr 15
*2612 31
*26
*25
31
*25
31
30
*22
800 Do pref
28
3112
30
20 Marls 3112 Apr 8
43 Jan
2858 Dec
•192 210 *197 197 11200 200
205 205
20212 205 *208 210
538 General Chemical
165 Jan 26 205 Apr 14 160 Apr 180 Jan
410758 10753 10712 10712 *107 10778 10712 19712 *107 108 *107 108
532 Do pref
106 Mar 1 10838Feb 10 10712 Feb 110 June
14912 14934 14914 14912 14958 15112 149 15014 149 15118 151 15214 11,285 General Electric
138 Mar 3 15214 Apr 16 13712 Dec 15058Feb
14514 150
141 14614 144 149
146 14814 14378 14612 143 14514 11,100 General Motors vot tr ctfs_ .. 82 Jan 2 150 Apr 10
3738Jan
99 May
104 104
104 10412 10414 10534 z102 10238 102 102
Do pref voting trust eds
3,325
10178 102
70 July 95 Feb
9038 Jan 4 10534".Apr 13
51
5112 5234 49
53
5014 5212 5012 5234 5158 63
5234 79,275 Goodrich Co (B F)
1958Jan
241* Jan 7 5334 Apr 9
2873 Apr
•101 103 *101 10314 *101 103 *101 102
10134 102
102 102
350
Do pref
95 Jan 14 10234 Apr 8
95 Dec
7978Jan
5634 5714 5578 567s 5578 5712 5712 5812 5712 5912 5812 5934 41,300 dGuggenheim Explor_Par $25 $4518 Jan 7 $5934 Apr 16 54012July $5712 Apr
*115 117 1116 11612 *11534 120 *11512 120 •11513 118 *11512 118
23 Homestake Mining
*114 Jan 8 1118 Jan 19 10934Juiy 112212 Mc11
2912 3018 2934 3012 2934 3114 3018 3118 2978 3078 2912 3014 98,000 dInepiration Con Cep_Par $20 $1658 Jan 2 $3114 Apr 13 $141,4 July $1914 Jul*
10112 103
98 102
10134 10178 *___ 102
101 101
100 10112 4,500 International Harvester of N J 9012 Mar 5 103 Apr 12
82 July 11312Jan
.111 116 *111 116 *114 116 *114 11.6 *114 116
___ ____ ___ _
Do pre!
112 Mar24 117 Jan 20 11313Jan 11873 Jul*
*76
80
83
80
*70
80
_ - - - ---- *70 -.-----------100 International Harvester Corp
82 Dec 11134Jan
55 Feb 20 80 Apr 10
*9678 103
100 10012 *9212 115
*_ ___ 115
__
Do pref
200
_ __ _
9012 Mar 6 114 Jan 14 11414 May 118 Jul*
958 934
9
934
912 1018 10
107
)Feb
63,July
1018 10
3,700 International Paper
10
934 10
8 Jan 8 1014 Apr 6
3518 3878 3812 39
41 Jan
3834 3834 3834 39
30 Dec
39
3938 3878 3958 3,250
Do prof
33 Feb 24 3958 Apr 16
*80
8412 *80
8412 *80
94 JUn4
85
80 Jan
*80
85
Kayser & Co (Julius
*80
*80
85
84
7712 Feb 20 83 Apr 9
*105 110 *107 110 *107 10912 *107 10912 *107 10912
Do let pref
107 Jan 13 10834 Mar25 106 Mch 10834 Ala*
•122 127
125 125
123 12412 *11934 125 *11934 125
81 Jan 105 Feb
12312 12312
600 Kresge Co (S 8)
99 Jan 18 12612 Apr 7
•10712 10312 *107 10812 108 108
10713 10812 109 109 .108 110
420
Do pref
99 Jan 105 Met
10514 Feb 15 109 Apr 15
99
09
100 103
3,000 Laclede Gas (St Louis
10318 106
10412 10512 105 105 *104 105
85 July 101 Feb
927 Jan 15 106 Apr 13
*222 225
22434 225 *22412 230
903 Liggett & Myers Tobacco
22514 22514 225 225
224 224
207 Jan 9 22514 Apr 14 20712 Dec 231 Mot
117 117 *11612 11718 *11612 11718 117 117
11718 11718 *11612 11712
300
Do prof
11334 Jan 5 11912 Jan 21 11132 Jan 11812 Jul*
700 Loose-Wiles Biscuit tr co ctfe_
2214 2214 2212 23
*22
22
22
24
22
22
23
22
26 Dec
38 Jan
16 Feb 17 31 Jan 11
*9734 08
Do let preferred
110
*9734 99
9734 9734 19734 9734 *9478 9734 *9473 99
86 Feb 20 10518 Jan 13 101 Apr 105 Met
61
*61
61
6208 *6112 65 .61
200
Do 2d preferred
6212 6212 _
_ __
__
9514 JIM
89 Jan
6013 Apr g 65 Marll
•165 180 *165 180 *165 180 *175 1-78
100 Lorillard Co (P)
175 175 *162 1-76
16512Jan 6 184 Mar 8 160 July 190 Apr
•113 117 *113 117 *113 11'7 *115 117 *115 117
100 Do pref
117 117
11214 Jan 6 118 Jan 19 110 Jan 11778 Jul*
*____ 79
7712 7712 *77
*7714 81
250 Mackay Companies
61 July 873s Feb
*8112 8112
7258Jan 11 7912 Apr 9
*6712 13918 *6713 69
*6712 -69
*6712 -69
68
68
70 Jan
6812 6878
400 Do pref
65's Jan
85 Feb 25 6934Jan 19
4812 4413 47
47
87,450 Maxwell Motor Inc tr Ws__
45
1514 Dec
5434 5312 58
1412 Dec
5634 5134 55
54
1514 Jan 6 55 Apr 14
8514 8178 8514 8212 8738 8512 8734 8412 8612 8234 85
85
431 Jan 2 8734 Apr 14
44 Dec
21,805
Do 1st pref etk tr We__
4112 Dec
3978 4034 3834 40
39
4334 4214 4378 4012 43
Do 2d pre/ stk tr ctfe____
1712 Dee
29,000
3934 41
17 Dec
18 Jan 6 4378 Apr 14
*44
49
4714 4714 45
45
*43
46
43
4514 4212 4212 1,350 May Department Stores
5112 June 6914 Jan
42 Apr 1 56 Mar 2
-- -- 97 *- - - - 99
-___ 99
95 *___ 95 *__ _ _ 99
95
1,000 Do pref
9712 June 10134 Feb
95 Apr 14 19812Mar15
74
7614 7234 7412 7334 7712 7512 80
80
7312 Feb
8338 8238 85 104,500 Mexican Petroleum
461z Jan
51 Jan 9 85 Apr 16
•76
7934 *78
7934 7912 80
7912 8018 8012 8318 80
2,300 Do pref_
82
67 May 57 Feb
67 Jan 15 8312 Apr 15
2438 2434 24
2412 2418 2458 2412 2578 2512 2834 2558 2612 52,955 dMiami Copper
Par $5 $1714 Jan 6 $2634 Apr 15 $1613 Dec $2433 Feb
5112 52
5134 5134 5112 5312 5178 53
5273./11D1
51
52
5034 52
3,530 Montana Power
41 Dec
42 Jan 4 5417 Mar29
100 101
101 101
101 101
102 102
102 103 *102 102
1,150 Do pref
99 Jan 29 103 Apr 15 101 Apr 10318 Juno
*120 125
12218 125
12278 12278 *12012 122
700 National Biscuit
122 122
122 122
116 Apr 3 132 Jan 22 120 July 139 Feb
*122 123
122 122
•122 124
121 121
300 Do pref'
121 121
12018 Feb 19 128 Feb 3 11914Jan 128 Jun,
7314 7314 74
76
7234 -73
.
72
73
7212 7212 1,840 National Cloak & Suit
73
72
68 M ar25 8013 Mar31
10234 10234 *102 104
10318 10318 10378 104 *10412 . _ 105 10618
___.
800 Do pref
10012 Mar25 10618 Apr 16
1438 15
1413 1518 1513 1633 1514 1534 15
9 July 14 Feb1618 12,700 Nat Enameling & Stamping...
15
1-6-38
9'3 Jan 4 1633 Apr 13
*78
*79
88
89
80
80
Do pre
*78
90
250
*79
89 .80
87
80 June 8678 Mel
79 Apr 1 8018 Mar241
6214 6438 8212 841s 6234 6438 8338 84
•
6734 33,720 National Lead
6314 6714 65
40 July 62 Jan
44 Jan 4 6734 Apr 16
10934 10934 10934 10934 10912 10978 *109 110
Do prof
1,000
109 10952 *109 110
10434Jan 4 10978 Apr 13 105 Jan 109 Feb
14
1433 14
1413 1412 15
1414
14
1512 27,005 aNevada Cons Cop___Par $5 $1134 Feb 24 $1512 Apr 16 $1014 July $1612 Jan
1434 1532
15
7038 7153 7218 7218 7112 7212 7113 72
15,390 New York Air Brake
71
81
98
85
58 July 69 Jan
561 Feb 26 96 Apr 16
*68
69
6614 6614 *36
7,400 North American Co (new)._
67
*6612 69
75
68
7212 73
64 Jan 19 75 Apr 16
641s July 7914 Mei
2114 2112 2158 2234 2234 2334 2314 2312 2314 2314 2234 23
4,100 Pacific Mail
18 Mar17 2334 Apr 13
j714 July 2
,,3
. Jan
2714 2714 28
28
28
30
3012 3112 3234 3812 39
3912 4,670 Pacific Telephone & Telegraph 2618Feb 11 3912 Apr 16
20 July oiJan
11978 11972 11958 11978 119 11918 119 120
119 120
120 12018 2,695 People's Gas Lt & C(Chic)._ 11718 Feb 24 12312 Apr 3 106 July 125 Jan
2418 2212 2358 2218 2218 22
2238 2214 2338 23
22
2312 Feb
2218 21,120 Pittsburgh Coal
1514 Jan 4 2418 Apr 13
15 Dec
95
9378 0414 9412 9578 95
9434 95
*93
9312 Feb
95
Do pref
79 Dec
93
8158Jan 4 9d Feb 10
9312 4,600
•60
*80
*60
*60
80
80
85
85
*60
85
Pittsburgh Steel pre:
93 Feb
82 Apr
*60
85
475 Feb 1 475 Feb 1
3414 3412 3414 3458 3414 3558 3534 3634 3658 3918 3934 43
17,700 Pressed Steel Car
46 Feb
2684 Jan
25 Mar 6 43 Apr 16
*92
*92
98
95
*91
*
98
95
*
95
94
94
200
9734 Jan 10614 Mel
Do pref
86 Mar10 10214Jan 25
----------104 104
------10512 10512
200 Public Service Corp of N J... 104 Apr 13 106 Jan 13 107 Jan 114 Apr
15518 15534 15538 15538 155 155 *154 15512 156 156
156 156
900 Pullman Company
15018 Mar12 156 Apr 16 150 Dec 159 Jan
58
58
58
58
12
12
38
3,100 Quicksilver Mining
12
278 Jan
12
38
17s Jan 12
12
:
1
7t, June
14 Ma r15
138
114
118
112
114
112
114
112
214 Jan 22
134 2
114
114 3,890 Do pref
4 Jan
112 June
34 Mar24
27
2612 27
26
2612 2612 2613 2912 2878 2934 3(118 3512 15,700 Railway Steel Spring
1934 July 8438 Feb
19 Mar 6 3512 Apr 16
*86
90
90
90
_ 90
90
8612 8612 *85
____
___
300 Do prof
88 Dec 101 Feb
87 Mar 3 90 Apr 15
2134 2234 2218 2288 2178 -23
22
2112 21
52,000 dRay Cons Copper_Par $10 $1514 Jan 2 /23 Apr 16 $15 Dec $2212 Apr
2138 2158 21
2658 2712 2618 2718 2434 Ma 2578 2678 26
2684 26
3412 55,810 Republic Iron & Steel
27 Jan
18 Dec
19 Feb 1 3412 Apr 16
84
8412 8414 85
8312 8438 84
83
83
84
8312 8814 3,850 Do pref
9114 Mel
75 Dec
72 Jan 30 8814 Apr 16
312 4
434
4
358 438
333 358
312 4
318 4
6,000 Rumely Co (M)
18 Jan
37s Dec
514 Apr 9
7
)Jan 22
10
12
834 9
9
8
9
812 1058
9
8
3,700
8
Do pref
41 Jan
2034 Apr
212Jan 20 16 Jan 5
14058 14053 140 140
139 13934 139 139
13912 140
13858 13912 , 2,250 Sears, Roebuck & Co
Mar17 20912 Feb 1 17014July 19712 Jul]
81313
4
•122 12412 12318 12318 *122 12412 *123 12412 *122 12413
___
100 Do pref
12138Jan 4 12512 Feb 19 120 Dec 12458 Jun
37
*34
3418 3512 3478 3534 36
37
34
36
3634 -42
5,300 Sloss-Sheffield Steel & Iron_
24 Jan 6 42 Apr 16
19'2 July 35 Jan
5514 5414 5414 54
5512 *54
55
5518 *54
*54
56
54
550 Standard Milling
45 Dec
4313 Feb 23 5538 Apr 6
32 Jan
*7078 70172 *69
7013 7078 *69
*69
71
71
*69
71
71
140
Do prof
87'z Dec
6912 Dec
68 Feb 17 73 M ar22
ean 67
67
6812 64
68
6478 8818 67
68
20 Jan
45,376 Studebaker Corporation (The) 353 Jan 2 6914 Apr 9
65
3613 Mol
68
101 10112 100 101
10012
100
100
*9912
100 100
100 100
92 Ma)
1,770 Do prof
70 Jan
91 Jan 2 10238 Apr 8
3212 3314 3238 3278 3158 3234 3258 3338 3258 3314 3234 3334 15,700 dTennessee Copper-Par $25 $2513 Feb 24 $3334 Apr 16 $2434 July $3614 Feb
13912 14013 13738 139
138 139 *136 140
139 140
141 141
2,700 Texas Company (The)
12334 Feb 24 144 Apr 9 112 July 14978 Mel
66
86
*88
*67--88
.68
68
68
81
*67
81
200 Underwood Typewriter
7314 June 88 Jan
55 Feb 18 68 Apr 13
*100 107 *100 107 *100 107 *100 1-07 *100 107 *100 107
Do pref
100 Mar1() 100 Mar10 103 Dec 113 Apr
7
7
*658 634
612
6
612 684
6
812
618 678 3,500 'Union Bag & Paper
834Feb
353 June
438Jan 4
714 Apr 6
' *25
30
*25
30
2812 2812 *2812 29
2812 2812 2812 29
800 Do pref
1814 July 3212 Feb
2514 Mar27 3078 Apr 6
*4612 4734 *4612 4712 4758 4758 48
49
4934 50
4934 4934 1,100 United Cigar Mfrs
5014 Feb
39 Dec
42 Jan 25 50 Apr 16
*10278 10412 *10278 10413 104 104
10412 10512 *103 106 *103 105
200 Do pref
99 June 10378 Feb
10214 Feb 1 105 Feb 11
•12
13 .10
15
15
*9
12
12
11
11
1234 1278
400 U S Cast Iron Pipe & Fdy
734 June 1312Jan
8 Jan 2 1218 Apr 16
42
43
43
43
45
45 .40
50
42
43
42
42
930 Do pref
3212 Mar 3 45 Apr 13
30 July 49 Feb
*61
65
70
*66
70
65
*67
70
*67
70
*68
100 U 8 Express
87 Mel
70
48 Jan
Feb 18 7314 Mar 9
*85
*27
30
27
*26
27
30
2714 2712 *27
30' *2134 30
20 Apr
300 U S Industrial Alcohol
15 Dec
15 Jan 27 2712 Apr 14
79
*77
79
79
*78
80
8014 8014 *79
8518Jan
80'2 80
8078 1,050 Do pref
70 Jan 26 8078 Apr 16
75 Dec
44 .41
44
47
*43
47
*41
47
*40
47
*38
45
100 U El Realty & Improvement
6334 Mc]
5112 Dec
38 Feb 11 60 Jan 12
741
74
72
7233 7334 7318 7434 x7214 74
7114
7034 7314 81,070 United States Rubber
4412 July 63 Mcl
5178Jan 2 7434 Apr 14
108 109
10858 109
10858 109
109 109 x107 10712 107 10712 3,228 Do let preferred
9518July 10458Jan
10138Feb 24 110 Apr 9
5512 58
5538 5634 5538 5734 5578 5738 5578 58
5634 5814 747,274 United States Steel
67',Jan
5814 Apr 16
1
Feb
38
48 Dec
10878 10912 10814 10834 10853 10878 10834 109
10834 10878 10858 10878 6,000 Do pref
x102 Feb 1 10912 Apr 9 10314 Dec 112's Jan
5914 64
5834 6012 5812 60
6312 6412 6414 6614 6434 6612 155,630 dUtah Copper
Par $10 $48122an 6 16612 Apr 16 $4538 Dec $5938 Jun,
2538 2578 2512 2658 2512 2612 2614 2658 2634 2714 2818 3034 4,700 VIrialb-Carolina Chemical-- 15 Jan 4 3034 Apr 16
3478 Mc]
17 Dec
*90
91
92
90
*90
91
91
91
9078 91
9214 9214
700 Do pref
96 May 10712 MCI
80 Jan 6 9214 Apr 16
6658 6514 6638 6518 66
66
6558 6738 6734 6838 6818 6914 32,690 Western Union Telegraph.... 57 Jan 2 6914 Apr 16
53s July 6678 Feb
79
77
7718
78
76
78
77
7934 7834 8213 84
89 121,790 Westinghouse Elee & Mfg
7912 Jul,
64 Jan
64 Feb 24 89 Apr 16
*120 125 *120 125 *120 125 *120 125 *120 125
___
_ ______
Do let preferred
117 Mar12 119 Mar10 1167s Jan 12412 Jun
129 132
127 130
132 134
12834 132
127 130
8,310 Willye-Overiand (The)
129 131
87 Feb 23 135 Apr 8
10112
10112
*101 10334 *101 10314
*10112 10218 10138 10112 10112 10112
400 Do pref
96 Feb 13 103 Apr 8
10918 11078 108 11112 107 108121 107 10812 14,210 Woolworth (F W)
10914 10978 109 110
89 July 10314 Feb
9014Jan 6 11112 Apr 14
sue
19n
*118 120
1103, 12012 119 119
1187* 110
6.130
Do pref
115 Jan 8 1201a Apr 14 11234Jan 11818 Mc
Bales
prices:
no
on
asked
this day*
• Bid and
Lees than 100 shares. 3 Ex-rights. a Ex-div. and rights. ONew stock. d Quoted dollars per share. a Ex-stock
dividend. s Ex-dividend.
;2
is
1330
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"—except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 16.
13
Week's
Range or
Last Sale
Price
Friday
April 16
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 16.
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
U. S. Government.
9814 Apr '15
984 99
9814 99,4
tr 8 28 consol registered___d1930 Q
9858 Feb '15
99
98
9814
d1930 Q
28 consol coupon
10112
10112 Apr '15
10113 10158
1:1 S Is registered
k1918 Q - F
1 10158 102
10158
10158
k1918 Q - F 10113
S 3s coupon
10912 110
1925 Q- F 10912 110 10912 Apr '15
II 13 4s registered
11034 11112
1925 Q- F 1104 ---- 11112 Apr '15
II 8 48 coupon
U S Pan Canal 10-30-yr 2s_k1936 Q - F 98 ____ 9513 July'13
i6153-4 102
1961 Q -M 10112 - - - - 10158 Apr '15
U S Panama Canal 38 g
too too
U S Philippine Island 4s_1914-34 Q -F ---- 100 100 Feb '15
Foreign Government
93 9914
Argentine—Internal 55 of 1909_ _ M- S 5---- 93 94 Mar'15
7934 88 July'14
Chinese(Hukuang Ry)-5s of '11 J -D 59612 96
1 -663-4
9614 23 -53;
Cuba—External debt 51 of 1904_ M- S 5 96
2 9014 94
9334
9334
1949 F- A 593 94
Exter dt bs of '14 ser A
8512 8512
1949 F- A 5- - - - 93 8512 M ar'15
External loan 434s
5 78 8412
7912 78
78
Japanese Govt—£ loan 435s 1925 F - A 5 77
4 7758 82
7812 ' 7812
1925 J - J 7834 86
Second series 434s
7612
7812 95 7378 7934
Do do "German'stamp"_
5---- 7513 7834 June'14
1931
Sterling loan 4s
7914 Apr '14
Mexico—Exter loan £ 58 ot 1899 Q- J 5--- 82
85 65 July'14
1954 J -D
Gold debt 4s of 1904
— 96
9513 Jan '15
9513 9513
Prov of Alberta—deb 435s_ _1924 F - A
82 Jan '15
82 82
Tokyo City-58 loan of 1912_ _ _ _ M- S 5- - - 78
:These are prices on the basis of $5fol
State and City Securitiet.
9978 70 99 10038
N Y City-45,1s
1960 M- 8 9978 Sale 9953
9978 58 99 10014
1964 M- S 9978 Sale 9958
4)is Corporate stock
13 10334 10518
4343 Corporate stock_..__1963 M- S 10434 Sale 10434 105
10 95 97
96
96
4% Corporate stock
1959 M- N 95,4 96
95
97
9514 Apr '15
4% Corporate stock
1958 M- N 9534 96
5 95 07
9512
9512
4% Corporate stock
1957 M- N 9534 96
95
98
96 Feb '15
4% Corporate stock
1956 M- N 954 96
13 1037s 105
Sale 10434
105
New 43513
1957 M- N 105
10034 10114
New 4348
1917 M- N 101 102 10114 Feb '15
104 105
1957 M- N 10434 105 10158 Apr '15
434% Corporate stock
10012 101
10034 Mar'15
434% Assessment bonds 1917 91- N 10114 _
4 84
86,8
874
8713
334% Corporate stock
1954 M - N 8614
1 997s 10012
1001s 10034 10013
10012
N Y State-48
1961 M 5 9973 10112
10113
Canal Improvement 48
1961 J - J 10112 Sale 10112
10018 Apr '15
100 10012
Canal Improvement 4e_ _ _1982 J - J 10018 _
10018
10018 10 9958 10012
Canal Improvement 4s__ A960 J - J 10014
1 10814 110
10918
Canal Improvement 4)56_1964 J - J 10918 i59-14 10918
10413 13 10418 10412
Canal Improvement 43,
1H-1965 J - J 10412 Sale 10418
109
6 1084 109
10834
109
Highway Improv't 4;58_1983 M8414 July'14
Virginia funded debt 2-313.._ -1991 J - J
56
58
57
(is deferred Brown Bros ctfs-5734 11 52 -60
Railroad.
51995 Q- J
Ann Arbor lat g 48
zxtch Top di (3 Fe gen g 4a..1995 A - 0
Registered
1995 A - 0
Adjustment gold 48
51995 Nov
Registered
51995 Nov
Stamped
h1995 M-N
Cony gold 4s
1955 J - D
Cony 4s issue of 1909
1955J -D
Cony 4s (issue of 1910)......1960 J -D
10-year gold Ea
1917 J -D
East Okla Div let g 4s
1928 M- S
Short Line 1st 45 gold __1958 J - J
Cal-Aris 1st dc ref 434s_....1962 Pal- 13
S Fe Pres di Ph 1st g bs
1942 MAt! Coast L 1st gold 4s____51952 M- S
50-year unified 4s
1959 J - D
Ala Mid 1st gu gold 58
1928 M- N
Bruns & W 1st gu gold 46_1938 J - J
Charles de Say 1st gold 78_1936 J - J
L & N coll gold 4s
01952 M-N
Say F & W 1st gold 88___1934 A -0
1st gold 55
1934 A -0
Sil Sp Oca & gu g 4s
1918 J - J
alt & Ohio prior 334s
1925 J - J
Registered
h1925 Q. J
Gold 4s
51948 A Registered
51948 Q - J
1933
20-yr cony 4348
1-71
1922 .
Pitts Juno 1st gold (is
P Juno & M Div 1st g 3358 1925 M- N
PLE&W Va Sys ref 4s_ A941 M- N
Southw Div let gold 3346_1925 J - .1
Cent Ohio R 1st o g 430 1930 MCl Lor
W con 1st g 5s 1933 A - 0
Monon River lot gu g 5s 1919 F - A
1936 J -D
Ohio River RR 1st g 5s
General gold 55
1937 A - 0
Pitts Clev & To! 1st g 6s 1922 A - 0
Pitts & West 1st g 48
1917J - J
Stet Isl Ry 1st gu g 4318 1943 J -D
Bolivia Ry 1st 5s
1927 J - J
Buffalo R & P gen g 58
1937 MConsol 4348
1957 IVI-N
All & West 1st g 48 gu
1998 A - 0
Clear & Mah 1st gu g 5s 1943 J - J
Hoch & Pitts 1st gold 68-1921 F - A
Consol 1st g 68
1922 J - D
Sou cons gu A 5s 1962 A - 0
Registered
1962 A -0
Car Clinch & Ohio 1st 30-yr 58'38 J -D
Central of Ga 1st gold 58---v1945 F - A
Consol gold 58
1945 M- N
Chatt Div pur money g 48 1951 J -D
Mao dr Nor Div 1st g 58_1946 J - J
1947.J - J
Mid Ga & Atl Div 58
Mobile Div 1st g 55
1946 J - J
Cen RR & B of Ga col g 58--1937 M-N
Cent of NJ gen'l gold 5s
1987 J - J
Registered
51987 Q - J
r-• Am Dock & Imp gu 55_1921 J -j
g Leh & Hud Riv gen gu g 581920 J - J
N Y & Long Br gen g 4s__1941 M- S
Cent Vermont 1st gu g 4s_ _e1920 Q - F
Obese & 0 fund & inapt 58_1929 J - J
let consol gold bs
1939 M-N
Registered
1939 M-N
ranada
60 -__ _
9438 Sale
8714 9378
85
4
7
60
60
296
0418
95
1
9212
9212
85 Apr '15 ---86 Mar'13
28
86143 - 8514
-if
86
ton, Sale 10178
10214 238
9913 May'13 - - -15134 15214 102
10234 250
101
Sale 101
10114 26
94 _
93 M a r'15
8758 8878 8734 Mar'15
9512 Apr '15
9534 98
9913 - -- 103 Feb '15
01
92 9014
9114 40
85 - — - 9214 July'14
104 10514 10512 June'14
9134 9212 924
7
9234
12412
__
8518 Sale 84
854 --55
118 122 115 Deo '14
10434 -- 11058 May'll
_
9712 Mar'15
9814 9114 ii34 9114
9158 15
8914 Mar'15
9014 Sale 8912
9012 35
8912 8878 Feb '15 ____
8612 Sale 8614
300
87
--- 112 Jan '12
104487
Sale 87
5
87
80 Sale 79
29
80
8814 89 884
89,2 43
_ 100 Apr '13
10312 10512 10313 Mar'15
10214 June'12
10534 June'14
99
_ _ _ 10433 May'14
11313 Feb '12
;ig
9634 Mar'14
91 June'12
10612 Mar'15 10114 Feb '15 9438 Feb '15
112 Apr '14
10718 Jan '15
11158 July'14
10212
10238
8
10678 Apr '14
_ 0812 9638 Feb '15
i( 414
10112 Mar'15
o t loi12 101 Apr '15
80 _ _ _ _ 86 Feb '15
10078
1074 Jan '12
10034
10014 M a r'15
10313
10934 May'll
9258
9214 9212 9238
3
11478 11514 11478
115
5
11414
11414 Mar'15 --10334 113414 10358 Mar'15
—
10018
_ 100 June'13
9434
_ 10013 Jan '13
68 Feb '15
*68 if 92 Mar'15
16338 10414 10333
7
10338
10512 June'14
102
iog34
101
891s 9414
10314 - - - 10712 108
10814 111
10212 Sale
59
91
91
81
664
9534
9213
8634
-513; -if 9238 10214
9238 10234
10014 10112
92 04
8658 89
9512 96
103 103
88 93
- --if
9313
84
873
9712
8918
8812
88
874
8212
9712
9212
8914
9112
8878
88
-if 88
78 84
874 9012
10212 10612
100 103
9438 943
107's 107'8
jiffs 105.1-2
0638 963s
10312 10412
101 10213
86
86
i0614 loth.;
9112 9258
11213 11514
112 '11414
10234 104
92 98
10214 10434
Price
Friday
April 16
Week's
Range or
Last Sale
12
Range
Since
Jan, 1.
High No. Low High
Bid
Ask Low
Chesapeake (lc Ohio (C0/1.)—
8818 45 8534 91
874
89
1992 WI- S 88
General gold 434s
934 Feb '14
1992 61- S
Registered
7638 Sale 7434
7638 202
Convertible 434s
1930 F - A
8
'13
67s -8
f3
6718
k
Big Sandy let 4s
1944 J -D - - -- 8712 8378 Jan '15 _ _
_ 821, 83 July'14
---Coal River Ry 1st gu 4s 1945 J -D
_ Nis Deo'13
---Craig Valley 1st g 5s
1940 J - J
---- -- 8434 Jan '13
1946 3 Potts Creek Br 1st 4s
8418
3 84
84l
R dc A Div 1st con g 4s
1989 J - J 8412 _ _ 84
77
77 Apr '15 ---- 77
_ 77
1989 J - J
2d consol gold 4s
90 Apr '14
Greenbrier Ry let gu g 48_1940 M- N
60
55
Apr
'15
5714
57
5812
Chic & Alton RR ref g 38
1949 A -0
3
49
718
38838 0
8 9
4713 Sale 45
4713
Railway 1st lien 335s
1950 J -- 99 Mar'15
Chic B & Q Denver Div 4s 1922 F - A
8412
8414
13
8114
9984
Sale
8312
Illinois Div 3348
1949 J - J
8614 Aug '12
Registered
1949 J - J 82 ___
8
9312 ii5- 9458
945s
Illinois Div 45
1949 J - J 9458 9478
93 June'13
-- 94
Registered
1949 J - J
21i
2 19
09
06
1;4
19
- 103 10213 M a r'15
Iowa Div sink fund 58
1919 A -0 10238
Sinking fund 45
- 99 Apr '15
1919 A -0 987s
3 9512 97
Nebraska Extension 4s
965fi
1927 M-N 9638 99,8 9658
9658 Sep '12
- - - -- —
Registered
1927 NI- N 95
Southwestern Div 48
- 9958 July'14
1921 M- S 9918
Joint bonds. See Great North
9214
9112 45 89
1958 M- S 9114 Sale 91
General 45
2 2012 29
Sale 23
23
Chic & E Ill ref di imp 4s g 1955 J -3 23
24 91 103
Sale 9812
99
1934 A -0 09
1st consol gold 6s
Sale 65
94 5118 75
66
1937 M- N 66
General consol 1st bs
51 - _ 64 Apr '15 ---_ 5213 64
1937 M- N
Registered
1942 F - A - _ 66 9734 Feb '13
- ---Pur money 1st coal 68
274 July'14
_
Chic di Ind C Ry 1st 58_1936 J - J if 33
7112 7213 7012
7118 52 -5813 -54
1959 MChic Great West 1st 4s
113
1 113 117
Chic Ind & Loulav—Ref 68-1947 J - .5 113 11312 113
1947 J - J 97 101 10358 Mar'14
Refunding gold 58
- - -'11
Apr
9558
1917 J - J
Refunding 48 Series C
86 July'12
Ind di Loulsv 1st gu 4s
1956 - J
8812 9014 Aug '12 —_Mc Ind di Sou 50-year 4s...1956 J - J
104 Dec '11
_
Chic L5& East 1st 4 Me
1969 I -D
Chicago Milwaukee & St Paul—
91
13 88
92
9034 9012
Gen'i gold 48 Series A __ _ _e1989 J - J 90
1 8912 8913
*8912 90
8912
8912
Registered
_
8
78
8318
4 8
90
01143
9012 6
Gen & ref Ser A 430
e20
14
9Q
A 0
.1 9012 Sale 8834
198
10258 882 1004 10278
10258 Sale 102
Gen ref cony ser B 5s
2014
80 7834 Apr '15
Gen'l gold 334s Ser 13..
e1989 J - J 79
10118 27 9938 10112
General 4)48 Ser C
61989 J - J 1014 Sale 100
8712 9018
25-year deben 4s
1934 J - J 8814 88,2 8812 Apr '15
975s -555 9313 9734
Convertible 434s
1932 J -D 9758 Sale 9612
__
,
1
0212 10213
Feb
'15
10212
10238
__
Chlo & L Sup Div g 58
1921 J - J
Chic Mo Riv Div 58
1926 J - J 10414 ICI5 10378 Apr '15 ____ 1 378 0433
16 10134 10338
10278
Chic & P W 1st g 56
1921 J - J 10234 103 10234
8834 17
CM dr Puget Sd 1st gu 43_1949 J - J 8834 Sale 8818
10
88
014 100
9038
_ 10038 Feb '15
Dak & Gil Sou gold bs_ _1916 J - J 10038
Dubuque Div let s f 65.„1920 J - J 10612 10734 10738 Feb '15 ____ 107 10758
Far de Sou assum g 68
1924 J - J 11018 -- 110 June'13
La Crosse & D 1st bs
1919 J - J 10158 10218 10218 Jan '14
icifs; 1015;
Wls dc Minn Div g 58
1921 J - J 10234 10312 10158 Jan '15
107 107
Win Vali Div 1st Os
1920 J - J 10658 10834 107 Feb '15
1001s 10078
Mil & No 1st ext 434s_.._1934.5 -D 9978 10034 10034 Mar'15
2 19
19
020138
02
012
13
Cons extended 434s
1934.5 - D 9913 ___ 10038 Mar'15
_ _ 924 Jan '15
Chic & Nor West Ext 4s 1886-1926 F - A 94
9433 July'14
1886-1926 F - A
Registered
8012
-i834 -if •
General gold 334s
1987 M- N 80 807s 8012
34s
7812 Jan '14
y1987 Q - F
Registered
9434
9412
5
9434
General 48
1987 M- N 92 _ _ _
92 933_ 88914
9
4 92 Apr '15
2
Stamped 48
_ 111
11218
3 109 11218
7 1V1- N 11214
General 55 interim ctfs__ _198
1987
10912 -- 10912 Mar'15 ____ 109 10913
Sinking fund 6s____1879-1929
1879-1929 A - 0 10812 -- 1054 Dec '13
Registered
10338 M ar'15
1-52;
7
1879-1929 A -0 10358
Sinking fund 58
102 Oct '13
1879-1929 A -0 101
Reg
Registered
10058 10113
1921 A -0 10114 ---- 10058 M ar'15
Debenture bs
1921 A - 0 99 --- 101 Dec '12
Registered
Regis
102 165.1933 M - N 10114- 102 Feb '15
Sinking fund deb 511
1
99 Mar'15
1933 M-N *
Registered
11734 Mar'15
117
9934 119
9914
Frem Elk & Mo V 1st 68_1933 A -0 1174
904 Sep '09
- - -- - - Man GB&NW let 3348_1941 J - J
- -- -- Milw & S L 1st gu ”58_1941 J - J
13
90858
igt; i(ig" Apr '15
,0
,
5
11582 1024
10
1921 M- S
Mil L S & West 1st g 6s
1929 F - A 10158 -- 10458 M a r'15
Ext & imp s f gold 58
- 1134 Feb '14
Ashland Div 1st g 68_1925 M- S 11114
11112
iff1-2 11118
1924 J - J 11112 ..61;le 11112
Mich Div 1st gold 6s
9038
Mil Spar & N W 1st gu 48_1947 M - S 9038 Sale 90
Northw Union let 78 g-1917 M- S 10458 --- 10733 May'14
105 --55 10234 106
St L Peo di N W 1st gu 5s_1918 J J 10458 105 1043.1
Winona & St P 1st ext 78_1916 J - D 10334 ---- 1064 July'14
. 10134 Apr '15
0134
- 100
021
:
Chicag
Reg
o is
Rtoc
ered
kI81 &Pao 6s-1917 J - J 102
10134 103 10134 Mar'15
Sale 8412
85
85
30 8134 85
73
J.
198
18
General gold 4s
--- 8414 8212
2 82 824
8212
1988 J
Registered
7114 Sale 6934
7114 334 6414 7178
Refunding gold 48
6534 Sale 6512
67
933 53 67
20-year debenture 58 t.... ________
---- 9434 June'll
Coll trust Series P 4s
---- ---- 18 Feb '15
-fi- 25
Chic R I di Pao RR 48
2134 Mar'15
1918 2513
---- - Trust Co certs of deposi
85 July'13
-R I Ark & Louts 1st 434s 1934
.92/1..
3
99 ---- 99 Mar'15
Bur C R N—let g 5s1934 A CRIF&NWlstgu5s.1921 A-0 ---- ---- 10078 May'14
---- --M & St L 1st gu g 78
7
15
13 9314 9912 -45;
7 1:
Choc Okla & CI gen g 5s_orgi)
1 5./19712
2 -97t3
- - - - 9712
Consol gold 5s
83 84
A -O *- -- 80 83 Feb '15
2 M-N
92
53
Keok di Des Moines 1st 58 19
Apr
'15
65
A
65
F
4358'41
St Paul & K C Sh L 1st
117
117
1 115
518 18
1930 -D 117 11734
18
734
Chic St P M & 0 con 6s
90 Jan '15
90 90
Cons (38 reduced to 3355-1930 J -D
100 10158 100 M a r'15
100 102
Debenture 58
11613
Jan
'14
PT 116s1164 — -- - -.
Ch St P & Minn 1st g 6s 122
12958 May'09
1930 I - J 1184
North Wisconsin 1st 6s
106 -1053 10512 Mar'15
_1919 A -0
teig1:t 10554
St P & S City 1st g
Superior Short L 1st 58 g..g1930 M- S
-ig- Jan
1960 J -D
Chic T H & So-east 1st 58
10638 -i lig - 10818
10638
Gbh,dr West Ind gen g 68_41932 Q -M
79 Apr '15
1952 J - J
80
Consol 50-year 45
77
96 Mar'14
1937 J - J
Cm II dc D 2d gold 4348
- - 1959 J - J
1st & refunding 48
8614 Joe '12
1959 J - J
let guaranteed 48
-
EN ial 14
MISCELLANEOUS BONDS—Continued on next page.
Street Railway
Brooklyn Rapid Tran g 58_1945 A -0
let refund cony gold 45_ _2002 J - J
6-year secured notes 5s_ _ _1918 J- J
Bk City let con 5s__1916-1941 J • J
Bk Q Co & S con gu g 58_ _1941 M-N
Bklyn Q Co & 5 1st 5s...._ _1941 J - J
Bklyn Un El let g 4-5s.._ _1950 F - A
Stamped guar 4-55
1950 F -A
Kings County El let g 48_1949 F - A
Stamped guar 4s
1949 F - A
Nassau Elec guar gold 48_1951 J - J
Chicago Rys let 5s
1927 F - A
Conn Ry & L 1st & ref g 434s 1951 .1 - J
Stamped guar 434s
1951 J - J
Dot United let cons g 4;0_1932 J - J
Ft Smith Lt & Tr let g 5e_ 1936 M- S
Grand Rapids Ry 1st g 58._1916 J -D
Havana Eleo consol g 5s
1952 F - A
10134 10212 10114
10134 14
—. 84
84 Apr '15 __
0934 9978 9934
997s 109
1(11)13 10112 10013
10013
2
---- 98 Apr '14
101 May'13
idol; 10-64 tools
10033 13
10014 10012 10058 Apr '15
8278 Sale 8278
8278
5
8212 ____ 8212 Jan '15
76 Feb '15
73
76
9534 Sale 9534
9534
3
10178 June'12
9614 June'14
'5 '7
7512 16
74
---- ---84 Jan '14
9913 ---- 100 June'14 --____ 91
92 Apr '14 ____
10014 10253
80 8512
9873 100
10014 101
100 10112
991210012
8213 83
8212 8212
76 78
9438 974
6534 79
----
_
Street Railway
Sale 74
75
219
Hud & Manhat 58 Ser A__1957 F - A 75
2678 Sale 2614
1957
Adjust income Ea
273s 350
100 - - 1932
N Y dc Jersey 1st 5s
-627
Interboro-Metrop coil 4340_1956 A -0 774 Sale -ff34
Interboro Rapid Transit198
1966 J - J 98
Sale 9778
98
1st & refunding 5s
23
Sale 8812
00
Manbat Ry(NY)cons g 48_1990 A -0 89
1
90
1990 A -0 90 Sale 90
Stamped tax-exempt
Metropolitan Street Ry-100 100 Apr '15
Bway & 7th Av let o g 5s_1943 J -D
98 Mar'15
Col dr 9th Av let gu g 5s_ _1993 M- S 99 100
Lox Av & P F 1st gu g 5s-1993 M- S 983
3 01 Apr '14
Met W S El(Chic) let g 48_ _1938 F - A --- -----80 Mar'14
1004 Dec '14
Milw Eleo Ry & Lt cons g 58 1926 F - A
9258 Feb '15
3 9
.1
9,
13
4
4 94
Refunding ar eaten 4348_1931
102 Nov'12
1919
Mtnneap St 1st cons g 58_
Montreal Tramways 1st & re
9413 Feb '15
95
1941 J - J 90
30-year 58 Rer A
74 7978
2614 294
7314 79
97 9838
88 91
8858 91
9978101
98 98
9253 9253
9418 9414
• No price Friday; latest this week. 4 Due April. e Due May. g Due June. 5 Due July. k Due Aug. o Due Oct. p Due Nov. 1 Due Dec. 8 0941en ear
"German stamped.
APR. 17 1915.1
t
BONDS
N. Y, STOOK EXCHANGE 11
..,0„,
Week Ending April 16
New York Bond Record—Continued—Page 2
Price
Friday
April 16
Week's
Range orgn
o,..
Last Sale
co r4
Range
Since
Jan. 1.
"
BONDS
N. Y, STOCK EXCHANGE iM
Week Ending April 16
0463
1331
Pricei
Week's
I
Range
41
Since
Friday
Range or
April 16
Last Sale
Po 05
Jan. 1.
Bid
Ask Low
On Ham & Day(Con.)—
High No. Low High St P M & M (Continued)—
High No. Low High
Bid
Ask Low
- 34 10012 Mar'14
Ohs D & I let gu g Si
1941 M-N
1937 J-J -------- 13614 May'06 --- ---- --....
Registered
0Find& Ft W 1st gu 4s g_1923 NI-N ---- ____ 88 Nich 11 _--- __
1st guar gold 5s
1 10514 10514
10514
1937 J - J 105 ......_ 10514,
Cin I & W lst gu g 4s
65 J'ly '14 ---1953 J-J
::::::
Registered
1937 J -J ____ _ _ ____
Will & S F 1st gold 5s
Day& Mich 1st cons4 30_1931 J-J -------- 9438 Dec'14 __-- ____ ___
1938 J-1) 10558 _-_-._ 10412 J'n-e-'15 Tr— --_-_- -.7:Green B&Wdeb ctfs A($100 par) Feb ___ 80 70
65 J'ly '14 _--- _
Ind Dec & W 1st g 5s
1935 J-J---20 -70 —7070
let guar gold 5s
1935 J-J ---- ----10712 Dec '02...._.. _-- -Debenture ctfs B ($100 par)__ Feb
111; 1278 1214
13 490 1012 13
7012 21 -09 .74
C3ulf& S 1 1st ref& t g5s__b1952 J -J
Cleve Cin 0& St L gen 4s 1993 J-D 70 Sale 70
83 8412 83 Mch'15 ---- 8212 88
_
- 8514 82 J'ne'14 ___
20-yr deb 4 340
1931 J-J
Registered
81952 J -J -_--_ -__ ---- ---- ---80 __-_ 81 Feb•15 ---- 81
81 'Jock Val 1st cons g 4 Ms__1999 J -J 94 941; 94
Cairo Div 1st gold 4s
1939 J -J
10 91
94
95
83 Feb '14 -- __ ___ I-.1- Registered
Cin W & M Div 1st g 40...1991 J-J ---- 76
1999 J -J ___ __ 974 Jan '14 _--- -_-- ---Col& II V 1st ext g 4s
1990 M-N -__- 80 83 Dec'14
St L Divlst coil tr g 4s
851k
Jan '15 -- 8512 8512
1948 A-0
1- --------8214
____
-____
Mch'14
Col & Tol 1st ext 4s
1990 M-N
Registered
__
1955 F-A -------9012 J'ne'14 -- _-__ -Bons Belt& Term 1st 5s......1937 J -J ._::- 9118 9312 Feb '15 ---- 93 9312
1940 NI-S -----85 Mch'14 __-§pr & Col Div lstg 4s
f llinois Central 1st gold 48_1951 J-J
73 ___ 91 Apr '12 ---1040 J-J
W W Val Div lat g 4s
9718 Ply '14 ..-- _--- ---1
-1- Registered
1920 M-N 73 ____ 10534 Apr '14 ---01 St L& 0 consol 6s
1951 J-J -------- 100 Sep '11 _--_-lst gold 3348
k1936 Q-F 89 ____ 90 Feb '15 ---- 90 90
1st gold 4s
1951 J - J
8118 ---- 7834 Jan '15 ---- 783
; '7834
k1936 Q-F 88 ____ 87 Mch'15---- 87
Registered
87
Registered
1951 J-J
--- -__ 8812 Feb '13 __-- ___ ---Extended 1st g 3348
Cln S & 01 con 1st g 5s-__1923 J-J 101 102 103 May'14..—
1951 A-0 -81 ____ 7814 Dec'14
00 C & 1 gen con g 6s ....1934 J-J 108 ___.. 10534 J'iy '14 -- ___ __ _ _
Registered
1951 A-0 --- ___- _ __ - ____ __-_
1st gold 3s sterling
1934 J -J ----___
Registered
1951 ni-s
- ' ' _..- _----1940 A-0 77 -_--- 9_4 J'ly '08 :_:
Ind 13 & W 1st pref 4s
Registered
1951 M-S -------------------__ _
. ____ ____
___
Coll trust gold 4s
0Ind& Wlstpref5s___d1938Q-J ---1952 A-0 8558 ____ 8534
8534 11 85 8714
1940 A-0 60 6378 621k Apr '15 -- 6212 65
Registered
Peo & East 1st co L 4s
1952 A-0 ____
9514 Sep '12 -___ ____
25 30
1st ref 4s
2312 Feb '15 -, 21
1990 Apr
1955 M-N 8634 8'7 8634
Income 4s
2312
8678 13 -8538 8'712
Purchased lines 33.4s
Cleve Short L 1st gu 412E1_1961 A-0 9312 Sale 9312
9312
2 91
1952 J-J ---_- _
9334
82 Feb '14 --. ____ -__L N 0& Tex gold 4s
1612 18
17 Apr '15 -- 15
1947 J -J
Col Mid and 1st g 4s
1953 M-N 8314 8
17
. 33-4 8314
8314
2 8112 8638
_ 1612 20
1412 NIch'15 -- 1412 15
Registered
Trust Co. certfs. of deposit__
1953 M-N ---- 9512 84 May'14 ---- _ _ _ ___
Cairo Bridge gold 4s
Colorado& Sou 1st .4* 4s
1950 J-D
F-A 8934 90 8912
1929 _90
1
4 8518 9012
6 Apr '15---- 86
89
Litchfield Div 1st g 3s_1951 J-J --------Refund & est 4 34s
1935 M-N 84 Sale 84
--__ 74 Feb '14-- __ ....84
9 8112 85
Louisv Div& Term g 3Hs 1953 J-J
Ft W & Den 0 1st g 6s
1921 J-D 1013 10212 10134 Apr '15 ---- 100 10234
7'71-2 '79
7712 Mch'15 ---- 77 7712
Conn & Pas Rivs 1st g 48_1943 A-0 -------- -------- ---- - ---- - Registered
1953 J -J ----..— 83 Aug'12 ---- _ _____
Middle Div reg 5s
23 May'99 ---Cuba RR 1st 50-yr 5s g _1952 J -J ---- 1001 100 May'10 ---1921 F-A
_
Omaha Div 1st g 38
---- --__
1951 F-A ---------73
el Lack & WesternMch'15...... 68
73
7512 Mch'12 --_ _ _ _
St Louis Div & term g 3E3_1951 J -J ___
_
'-' M & Es 1st con gu 70_1915 J -D 10038 ____ 10038 Mch'15 ---- 10058 101
Gold 33s
7' 8- ---- 80
.1951 J -J
so
i ii S-6
1915 J -D ---103 Nov'13 ---,
Registered
----10118
--Oct
-J
1951 J
'99 ---- ____ ____
85
Registered
85
1st ref gu g 3 348
3 84
85
2000 JD 85
N Y Lack & W 1st 6s
Spring Div 1st g 334s
77 ---- 78% 5101'14 ---- ___ _—
1951 J-J
1921 J -J 10814 ---_ 10814 Apr '15 --- 10714 109
Western lines 1st g 48
1951 F-A 8518 88 91 Feb '14 -.... ____ ____
1923 F-A 10214 104 10412 Feu '14 ---- ____ ___ _
Construction 5s
95 9558 9512 Metz'15 ---- 9514 9512
1951 F-A
Term & Improve 4s
Registered
1923 eil-N
_ iff12 Nitt-i.io
1923 J-D
Bellev & Car 1st 60
Warren 1st ref gu g 334s 2000 F-A 82 8514 10218 Feb '03 ---_
Carb & Shaw 1st g 4s
----9412 J'ly '12 _
Del & II ud 1st Pa Div 7s
1932 M-S ---- ....
1917 M-S 1055 1081 1088 NIch'14 ---- ____ _ _ _
_ _
10914
_
Chic St L& N 0 g 5s
3 108 1097.
1951 J -D 10914 ---- 10914
1917 M-S ---- --- - 149 Aug'01 Registered
l;
7 ale 9978
9978 53 66 9-67-8
1916 j-D
1951 J-D ---- ----114 Feb '11
Registered
10-yr cony deb 4s
Gold 3 340
1951 J-D ____ ____ 90 Oct '09 ___
1922 J -J 10012 10134 10012 Mch'15 ---- 99 10012
lit lien equip g 4348
9414 76 92 96
1943 ,vi-N 94 9414 9414
Registered
1951 J-D ___-___
let & ref 4s
8358
Joint 1st ref 5s ser A
9978
100
7 9812 100
2 8312 8434
4 ___1963 J-D ___ 9931946 A-0 8312 84 8312
Alb & Sus cony 330
Memph Div 1st g 4s
; 8834 8612 Mch'15 _— 81312 Ms
Rens & Saratoga 1st 78_1921 M-N 112 .___ 1133s Jan 15 ---- 11338 11338
1951 J-D 861
7512 47 7314 78
7512 Sale 7458
Registered
Deny & R Or 1st con g 48_19313 J -J
__-. ---- ____ -1951 J -D __ _ _ _ __
St L Sou 1st gu g 40
_ ___
8134 8234 83 Apr '15 32 8114 83
1931 M-S -..- 9512 98 J'ly '08 _ _
1936 J -J
Consol gold 4 348
Ind Ill & la 1st g 48
8
.612 851
7 7712 80
- ____ 8.518 Feb '15 ____ i
79
1928 J D 79 Sale 79
1950 J -J 8512
Improvement gold 5s
int & Great Nor 1st g 6s
4712
48
18 38
48
1955 F -A 471 48
1919 M-N 9912 102 9912 Apr '15 _-- 98 100
let & refunding 5s
_ _ _ James Frank & Clear 1st 4s 1959
_
--__
'12
----109
Dec
---9012
-D
89
6
95
1939
J
8812
9012
5s
gu
g
R10 Or June 1st
k an City Sou 1st gold 38 1950 A-0
6712 15 6738 69
6712 Sale 6712
J-1)_Rio Or So 1st gold 4s........1940 J -J --------6112 Apr '11 ---I--V Registered.
_ _
1950 A-0 __ 69 63 Oct 'ot ____
1040 J J —. 40 85 Mch'08 ---Guaranteed
'73
74
Sale
74
-j
Ref & inlet 58
1939
J
9
gill,
7012
9112 10
-ii
Apr 1950 J-J
91 9112 9112
Rio Or West lst g 48
58
70
58
Mch'15 ---- 58
Kansas City Term lst 4s___1960 J-J 90 91
9014
9112
2 90
59
93
Mtge& col trust 4s A1949 A-0
_ f ake Erie & W 1st g 58_1937 J-J ____ 92 95 Mch'15 ---- 95
_
9818
Utah Cent 1st gu g 4s_a1917 A-0 --------90 Apr '14 ____
I-4 2d gold 5s
1941 J -J ____ 9114 9434 May'14 ____ ___ ____
Des Mol Un By 1st g 58._1917 N1-N --------100 Mch'15---- loci 100
North Ohio 1st gu g 5s
113_
10018 98 Mch '14 ___
1945 A-0
80
Det& Mack lst lien g 43_1995 J -D 80 ---- 80 Jan '15 ---- 80
Leh Vail N Y 1st gu g 4348_1940 J -J 1003-4 ____ 10138
10138
1995 J -D 78 80 82 J'ly '14 --__
3 9934
Gold 4s
D1
95 9334 J'ly '14 --Registered
1940 J -J
9712 10014 99
Deb My Tun-Ter Tun 4 348_1961 M
1 99 10038
99
8 j645-8 Lehigh Vali (Pa) cons g 48_20031M-N 88 ____ 87 Feb '15 _--- 87 87
-J 10412 105 10438 Apr '15 ---- 164-,2Dul Missabe & Not gen 50_1941 J-N-General cons 4 3is
9858
Du & Iron Range 1st 58_1937 A -0 985 sale 988
.2003 M-N 981z..._ 9714 Mch'15 ---- 9714 9714
5 9858 101
Leh V Ter By 1st gu g 50_1941 A-0 10814 ---_ 10618 Feb '15 ---- 10534 10618
1937 A-0 ---- ----10612 Mch'08 ---- _ _
Registered
-- ---11118 Dec '11
Registered
2d 8s
1916 J-J --------104 Feb '11 ---1941 A-0
Leh Val Coal Co lstzu g 5E3_1933 J-J -102 1041 10414 Feb '15 ____ 16.114 10414
Dui So Shore& At g 5s
1937 J-J --------101 J'ly '14
Registered
pigin Jol & East 1st g 58_1941 M-N 10012 103 10412 Feb '15 --, 41412 itig
1933 J-J 100 ____ 105 Oct '13 —_ ____ ____
1st int reduced to 48
1933 J -J 100 _ . _-1920 M-S 10914 110 10612
Lurie 1st consol gold 7s
10612
3 10612 11012
---- ---- ---- ---_ Leh & N Y 1st guar g 4s_1945 M-S 843
7 881 Feb '14 __ _ _ _ _ _ _ _
N Y & Erie 1st ext g 48_1947 M-N 0112 _-..- 9712 J'ne'14 -_-__ -------_
10138 1.5 kid ioil, Registered
2d ext gold 5s
1945 M-S ---------------,1919 M-S 1018_._ 10138
3d ext gold 43s
1923 M-S 9878 loo 9834 Apr '15
9814 9914 Long Isld 1st cons gold 58_h1931 Q-J 10312 105 104 Mch15 ---- 10334 10418
1st consol gold 40
10214 ---h1931 Q-J 89 --- 9614 Mch'12
1020 A-0 10214 sale 10214
4th ext gold 55
5 10014 10214
General gold 48
1928 J-D 90 ---- 9358 May'14 _—
8514
5th eat gold 4s
I 86. 8761938 J -D 85 8512 8514
8
_
Ferry gold 43s
1922 M-S 94 --__ 9514 May'14
N Y L E & W 1st g fd 78_1920 M-S ---- ---- 11012 J'ne'14
82 83 82
8212
8 g614
Gold 4s
_ ___
- -i41-2
1996 J -J
1932 J-D_ - _- _ __ 9914 Oct '06 __-_ __
Erie 1st con g 4s prior
1996
j_j
_
,._ 80 83 Jan '14 --Unified gold 4s
Registered
1949 M-S 85 86 85 1'31ch'15 __-- 85 85
70 701 7014
71
33 66
71
Debenture gold 5s
1st consol gen lien g 40._1996 J-J
95's Jan '15 _-_- 9518 9538
1934 J-D 95 101
- 77 Apr '12
1996 J-J -------8488 12 8312 8612
Guar ref gold 4s
Registered
1949 M-S 8438 Sale 8438
-8714 8714 Apr '15 --8714 8814
___
1951 F-A -95 Jan '11 -__
Registered
Penn coil tr g 4s
1949 M-S ___
1953 A-0 65 Sale 65
NY B& MB 1st con g 50_1935 A-0.1001-4 ---- 100 Feb '15 --- 100 10618
50-year cony 4s A
6534 i; 60 66
69
Sale
6814
A-0
_
1953
6914 129 6312 6914
NY&RB lstg 5s
Series B
1927 M-S .98 _ _ 10212Jan '14 ____
do
10258
Nor Sh B 1st con g gu 50_01932 Q-J ___- 101 102 J'ly '14
Buff N Y & Erie 1st 7E3_1916 J-D 10212 10258 10258
3 10212 103
104
_ ___
1 10112 10412 Louisiana & Ark 1st g 5s
1927 M-S ---- ---- 9112 Feb '14 ___
Chic & Erie 1st gold 58_1982 M-N 10314 105 104
98 -__- 101 Feb '15 ___- 101 101
Loulsv & Nash Gen 6s
1930 J-D 11114 113 111 Mch'15 ---, Ho' 115
Clev & Mahon Val g 50-1938 J -J
Gold 58
Long Dock consol g 6s_1935 A-0 120's---- 122% May'14 --1937 M-N 107 10734 10634
10634
1 10614 107
-Unified gold 4s
9414
37 91
Coal & RR 1st cur gu 68_1922 MN ---- 103 106 Dec '12
94
1940 J-J 933 Sale 9314
_ _ __
2 166 Dock & Imp 1st eat 5s-1943 J-J 10258 103 10212 Mch'15 -- iiRegistered
1940 J-J --------95 J'ne 14 __
10312 Aug '12 _--- _
Collateral trust gold 5s
N Y & Green L gu g 53_,...1946 M-N 98
1931 131-N 101r8 ____ 10314 Jan '15 ---10314 16314
1937 J -J 93 Sale 9012
___
E 11 & Nash 1st g 6s
93
N Y Sus & W 1st ref 5s
4 cia- -15i 1919 J-D 10434 ---- 1083s May'14 ___
1937 F-A ---- 85 10014 Dec '06 ---- _
L Cin & Lax gold 43.4s__1931 M-N 9918 10012 10258 J'ly '14 ___
____
2d gold 4 348
1940 F-A ---- 86 70 Mch'15 ---- -70
N 0& M 1st gold 6s
General gold 5s
75
1930 J-J 11434 11512 1133a Jan '15 ___ Hit; 11338
N 0& M 2d gold 60
1943 M-N 08 ---- 102 Jan '14
Terminal 1st gold 58
7 108 Feb '15 ---- 108 108
1930 J-J
7
-_ --- ---1940 A-0 10212 ---- 11112 May - 12
Paducah & Mezn city 4s
Mid of NJ 1st ext 5s
1946 F-A ---- ---- 84 Dec'14
1942 J -D 86113 88 86 Apr '15 ---- 86-- -116St Louis Div 1st gold 60_1921 M-S 1004 __-_ 107 Apr '15 ---- 10614 lOns
Wilk & Ea 1st gu g 5s
--------108
May'12
2d gold Is
1980 M-S 5912 _-__ 61 Mch'15 ---- 60 65
Ey & Ind 1st con gu g 6s.,_1926 J -J
Atl Knox & Cin Div 4s
1Cvans & T H 18t cons 6E4_1021 J-J 8712 90 87 Apr '15 -.1955 M-N ____ 8758 8712 Mch'15 ---- 8512 8812
1042 A-0 ---- 59 9958 Dec '13 ..--Atl Knox & Nor 1st g 58 1946 J-D 102 ____ Ill Jan '13 ___
1st general gold 5s
--------108
Noy'll
Bender Bdge 1st s f g 60_1931 M-S 105 -__ 105 Ylch'15 ____ 105 105
Mt'Vernon 1st gold 68_1923 A-0
_
J'ne'12
Kentucky Cent gold 4s
Sull Co Branch lst g 58_1930 A-0 --------95
1987 J-J 8712 9014 8712
8712
1 86 8734
0_1959 J-D ---- 89 8812 Apr '15 ---L& N& M& M lstg 43481945 M-S 9912 _-__ 101 May'14___ _
___
Viorida E Coast 1st
L& N-South M Joint 4s 1952 J -J '78 80 78 131ch'15 ____ ii 80
-I
,ort St U D Co 1st g 4 .03 _1941 J-J ---- ---- 92 Aug'10 ___ _ _
Ft W & Rio Or 1st g 4s
Registered
_ _____
434__ 1928 J-J 60 54 62 Apr '14
h1952 Q-J __ __ 95 Feb '05
(
-2.reat Northern—
N Fla & S 1st gu g 5s
1937 F-A 1025s_,,.,_ 106 J'ly '14 _--- _ _ __ _
961 Sale 9614
9612 225 9478 0634
N& 0 Bdge gen gu g 4 348 1945 J -J
v-8 0 13 & Q coil trust 48_1921 J -J
9612 _ -- 97 Dec '14
1921 (-J ---- ----9618 Apr '15 __
Pens & All 1st gu g 6s
Registered h
9458 9638
1921 F -A 10784 10911 108 Mch'15 ---- 10712 10852
i 9658 101
9918
1st & refunding 4 Us ser A 1961 J-J 9812 9878 9878
S & N Ala con gu g 5s-_1936 F-A 10318 -___ 10518 Feb '15 ___ 10518 10518
J'ne'13
Gen cons gu 50-yr 5s 1963 A-0 10014 ---- 10058 Mch'15 --__ 9912 102
Registered
1961-1933 ,j--j 9412 95 95
95
i -6i34 -65 - L& Jeff Bdge Co gu g 48
St Paul M& Man 4s
_ _ ___
1945 M-S ___ 83 8312Mch'14 __
1st consol gold 68
1033 J -J 12018 ---- 119% Apr '15 -___ 11712 120
‘ia
ex
nila
n'
e
trIt
n—
1933
j_j
__ ____ 11712 Aug'13 ___
Registered
: at81.741:*c
:
tion s
g4t1M rt l
__ "
_ -ii - McIT'115:::- ---: --::
a l ::-- ---- 10058
Reduced to gold 4348_1033 J -J 10034
10058
4 jof12
1 'I:661Stamped guaranteed
1977 11,1-S ....... -_-_ 79 Nov.10
1933 J -J --.. ---- 10884 J'ne'09
Registered__ ___
vIinn & St L 1st gold 78........1927 J-D ____ ____ 11112 Mch'15____ 11112 11112
37 Salt 9378
Mont ext 1st gold 4s
1937 J-D
9378
Pacific Ext 1st gold 6s
4 -Iii- -ii 19E1 A-0 100 --.._ 110l8 Aug 11 _-- _
1937 J-1) --------9412 Apr '14
Registered
6214
1st consolgo,d 5s
1934 M-N 86 90 85 Mch'15 —_ 85
Pacific ext guar 4s L._1940 J -J -------- 9258 Mch'11.
1st and refund gold 4s
1949 M-S
5 40 60
57
1 57
E Minn Nor Div 1st g 48-1948 A-0 8918 ---- 95 May'14 .--- ---- - - - Des M & Pt D lst gu 4s....1935 J -J -------___ 60 Feb '15 --- 60 60
1922 J -J 10758
11012.1an '14
Minn Union 1st g 6s
Iowa Central 1st gold 58_1938 J-D 8818 Sale 8818
1 84
881zi
9014
1937 J -J 12012 12212
---- 120 Mch'15 ____ ii( - li01-2
Mont0 lst gti g 6s
55
Refunding gold 4s_1951 M-S 5319 Sale 5319
36 35 60
MISCELLANEOUS BONDS—Continued on Next Pa -0
n
igi,
iii; -667;
--------91
Street Railway
Street Railway
New On By & Lt gen 4 340_1935 J -J ---- 80 78 Feb '15
78
United itys St L 1st g 48._1934 J-J
78
65 6934 Dec'14
7214 Salo 72
7212 173 707s 7278
St Louis Transit gu 5s____1924 A-0 5912 65 593 Mch'15
NY itys 1st It E& ref 4s 1942 J -J
a1042 A-0 5114 -,40 5014
5112 284 50
5538 United Rita San Fr s f 48_1927 A-0 4412 Sale 4412
30-year adj Inc 58
46
30.'62
NI-N
-- 85 84 Mclf15
84
Vs By & Pow 1st & ref 58_1934 J -J ---- 9018 8912 Mch'15
84
N Y State Rya lst cons 4
9(312
9918 Feb '15
Portland By 1st & ref 50_1930 M-N
9918 9918
(las and Electric Light
Atlanta
L Co. 1st g 58_1947 J-D 102 __
Portland By Lt & Pow 1st
10112 May'14
1942 F -A 82 8878 92 Mch'14
10312
Bklyn U Gas 1st con g 5s__1945 M-N 10312 104 10314
& ref cony s f 5s
l'ne'13
Portland Gen Eiec 1st 50_1935 J -J 9914 ---Buffalo Gas 1st g 5s
1947 A-0
_
M-N
97
____
98 N
Columbus Gas 1st g 5s
1932 J-J
97 Feb '15
St Jos ity L, II & P 1st g 58 1937
10312 Feb '13
Consol Gas cony 68 when issued
St Paul City Cab cons g 50_1937 J -J '10312
z(aiJ 11414 116
1060 J -J
8178 Sale 8112
82
32 7958 8258 i)etrolt City Gas g 5s
Third Ave 1st ref 4s
99 100 100 Mch'15
1923
a1960 A-0 7838 Sale 7734
Det Gas Co.con 1st g 5s
9558 Sep '08
Adj Inc 5s
7858 75 7538 82
1918 F-A
10512 10612 Del Edison 1st coil tr 5s
Third Ave y 1st g 58 _-__1937 J -J 106 107 106
106
103
1933 J- J 103 gii(T 10234
10612 Oct 12
Tr -City By & Lt 1st s f 58_1923 A-0 9638 Sale 9614
9714 EqG L N 'V 1st con g 5s
S 10013
1932
9612 23 95
9612 rly '14
Gas & Rlec Berg Co e g 50_1949 J-D 98 ___ 100 Feb '13
Undergr of London 4 348_1933 J -'
1948
65 90 8712 J'ly '14
100 Oct '09
Or Rap 0 L Co 1st g 5s
Income 6s
1915 F-A
---- 84 Oct '08
103 Mch'15
Union Elev (Chic) 1st g 50-1549 -A---151
Hudson Co Ch., let g 50_1949 M-N 10134
United flys ley 5r= Pitt. 1801926 44
71 l'ne'13
---Kan City(Mo)Gas lit g Si 1922 A-0
91 92 Mch 14
•No prise Friday; latest bid and asked this week. a Due Jan. c Due Feb. d Due April. h Due July. k Due Aug. 0 Due Oct. S Option sale.
593 59s
11 4412 5538
8912 89%
1641-2
,,)97 W97
390 10958 116
49 103
9912 100
5
10138 103
idi1-4
1332
New York Bond Record—Continued—Page 3
g'3
Price
BONDS
Week'sL." I
N. Y. STOCK
EXCHANGE
t
Rlnoe or I e o I
Friday
16o
Week Ending April
-m a.
April 16
Last Sale
cot4 1
Range
Since
Jan. 1.
BONDS
N, Y. STOCK EXCHANGE
Week Ending April 16
[VOL. 100.
Week's
Range or
Last Sale
Prue
Friday
April 16
Eta
Ask Low
High No 1 1 Low High N Y N 11 & Hartford (Con.)—
M StPASSM con g 4sintgu 1938 J - J
Cent New Eng 1st gu 4s....1961 J -J
9114 Sale 9114
9134'
3, 90 93
lst Chic Term Is f 4s
1941 M-N -. - ..... 9714 J'ne'12,----,
Housatonic R cons g 59_1937 M-N
M S S & A 1st g 4s int gu_1926 J -J 96 9612 96 1'oy'13 — -1
NY W'clies&13 lstser I 4%s'46 J -J
__ _ _
Mississippi Central lst 5s 1949 J -J
N H& Derby cons cy 5s__1918 M-N
8658 ____ 91 .rly •141.._
____
MO Kan & Tex lstgoid 4s 1990 J-D 7934 Sale 7914
New England cons 5s___1945 J -J
7978 36_IF_-75
*1 1
2d gold 49
01990 F-A 6212 Sale 6212
Consoi 4s
21, 53 63
63
1945 J -J
1st ext gold 5s
I'rovi deInvt
Nyosc
1944 M-N ---- 8778 88
,
57 Mi-N
ce
reSeicsutrgs
s
9
4 89 89
88
deb -1,: ,
1st& refund 4s
2004 M-S 56 Sale 5572
5 49 5638
56
Gen sinking fund 4 54s
G
1936 J-J ---- 6912 7012
Registered
red $5.000 only-01192 NI-S
7012
1 6912 74
St Louis Div 1st ref g 49_2001 A-0
1 6412 601s Feb '15 ---- 6018 6012
1955 J -D
Dal& Wa 1st gu g 5s
1940 M-N -------9934 Dec '13 --.4orfolk Sou 1st& ref A Is....1961 F-A
Kan 0& Pac 1st g 4s
80
78 .Ply '14
1990 F-A
Norf& Sou 1st gold 5s
1941 M-IN
Mo K & E 1st gu g 5s
1942 A-0 9514 102 9612 Mch'15 ---- 8612 9612 Norl & Vest gen gold 69_1931 M-N
M K& Ok 1st guar 5s
1942 M-N 85 --- 8512 Mch'15 -___ 8513 88
Improvement& ext g 69_1934 F-A
M K& T of T 1st gu g 59_1942 NI-S
21
New River 1st gold 6s__ 1932 A-0
3- 88 Mch'15 --- 8778 89
Sher Sti & So 1st gu g 59_1942 JD --------__ 96 stay'13 ____
_ .
NA Wily lstconsg 49_1996 A-0
Texas& Okla 1st gu g 59_1943 NI-S--- 90 991s Jan '14 --__
Registered
1996 A-0
Missouri Pee 1st cons g 6s 1920 M-N 1011-2 Sale 10034
10112 30
Div'11st l& gen g 4s
1944 J -J
Trust gold 5s stamped__a1917 MS -' 9412 96 9412
10-25-year cony 4s
9412
1 8934 9638
97 May'12
Registered
a1917 \1-S 1— _
10-20-year cony 4s
23
32
2 NI-D
S
1st collateral gold Is
1920 F-A -4 911- 212
- 921,3
9218
Convertible 4;is _____ . 1938 NI-S
6 8818 9218
_ -..,..7 ___ ____
Registered
1920 F-A I---- -- -- __ _
Pocah 0 & C joint 4s
1941 J -D
10-year gold loan 4s
1945 M-S 5314 5334 50
C C & T 1st guar gold 59 1922 J-3
5334 201 3734
- 5334
1st & ref cony 5s
1959 M-S 46 Sale 46
4714 196 38 4972
Solo V & N E 1st gu g 49_1939 al-IS
3d 7s extended at 4%
1938 M-N --------78 Jan '15_.,.,.. 78 78
Northern PacifiJ prior 1 g 4s 1997 Q- J
Cent Br Ity 1st gu g 49_1919 F-A ---- 9212 85 Feb '15 ---- 85 85
1997 Q-J
Registered
Cent Br U P 1st g 45
7712 Dec '13 --1948 J-D
75
General lien gold 39
a2047 Q-F
Leroy & 0 V AL 1-4 g 59_1926 J -J
_ _ 110 Mei]'05
a2047
Registered
Pae it of 10 1st ext g 4s 1938 F-A :_-_8634 Sale 8634
8718 24 86 8712
St P..ul-Duluth Div g 4s_1996 -D
2d extended gold a,__1938 J-J97 _-__ 9712 J'ly '14 --Dui Short L 1st gil 5s__1916 M-S
d t L 1r Ni&S gen con g 59_1931 A-0 ,: 9812 Sale 9812
11 9734 10112
99
St P & N P gen goi , 69_1923 FA
Gen con stamp gu g 5s 1931 A-0 ..— 99 102 J'ly '14___ _ i_
_
Registered certiflea yes_ _1923 Q- F
Unified & ref gold 49
ii St2d
9 f
67
1929 J-J 67 Sale 67
P,
au
sl A D luth 1st 59_1931 FA
Registered
1929 J -J ---------808 Oct '12-1017 A-0
Itiv & 0 Div 1st g 4s
2 66 69
67
1933 M-N .--.- 67 6614
1st consol geld 49
1968 J -1)
V erdi % I & W 1st g 59-1926 M-S --- 89 9212 Dec '13 ____
Woras1ac
pCT
g68_1
_19
en
ertino
ist g
gold
o
948 j
Q.
1
Mob & Ohio new gold 6s1927 J-D 111 112 11012 311012
1 Hip-2 li.1
34- - N
1st extension gold 6s____h1927 Q-J 105 112 11212 Apr '14 —__ __ Oregon-Wash 1st & rel 49_1961 JJ
General gold 49
- ---- 72 Mch'15 -- ii- ij Pacific Coast Co 1st e 59 _1946 JD
1938 M-S
- --__ 10414 J'ly '14
Nlontgom Div 1st g 5s
-5-oceoonnnnsssoollgg
1947 F-A 10138
y00illtdd1t45ssl9t g 4s
13
911-s
N
192
St Louis Div 5s
1927 J -D —.... ---- 95 Dec '13 .....
St L & Cairo guar g 49
1931 J-J 86— 87 Jan '15___ 87 87
MashvilleCh & St L 1st 5s1928 A-0 10512 1053-4 10512 Apr '15 ---. 10412 106%
Convertible gold 33.6a_o1
N
J -D
5M
13
194
10612._. 111 Jan '13 ---L I Jasper Branch 1stz 091923 J -J
_,
Registered
NIcNI NI W & Al 19.43t-1917 J-J 101 --__ 1034 Jan '14
Consol gold 4s
+917 J -J 101 ____ 113 J'ly '04
T & P Branch 1st Gs
Con-sol 412s when issued_199
6
10
9
5M
—
j:ND
94
Nat RysofNlex prlien 4s1057 J -J --- 60 58 J'ne'14
Alleg Val gen guar g 49
1942 M-S
__ -_ -_ _ _
Guaranteed general 49_1977 A-0 --------77 Feb '13
D It R R & B'ge 1st gu 4s g'36 F-A
Nat of NI ex prior lien 4;49_ 1026 J -J —.. 84 96% Feb '13 —. _ _
Piffle Balt& W 1st g 49_1943 M-N
1st consol 4s
-- -- —
1951 A-0 --------50 Apr '14
Sod Bay & Sou 1st g 5s2924 J -J
NO Mob & Chic 1st ref 59_1960 .1-J
40 -- 38 Mch'15 ---- iii, -iiSunbury & Lewis 1st g 49_1936 J -J
N O& NE prior lien g Os_p1915 A-0 ....— 104 101 J'ne'14
U NJ ERA Can gen 49_1944 M-S
,--- 794 May'13
New Orleant Term 1st 4s 1953 J-J
Pennsylvania Co-10013 Sale 100%
10058 2165 1N Y Cen RR deb Os wh 199.1935 _ _ --_604 io13-4
Guar 1st g 4 3-is
1921 J -J
8814 104 8714 8814
Ref & imp 45s "A"___ _2013 Alb 8814 Sale 88
Registered
1021 J -J
N Y Central & H It g 33.s..1997 J -J 8012 Sale 7912
8012 17 79 8134
Guar 33-is coll trust reg 1937 M-S
Registered
1997 J -J .777 7934 7512 Feb '15 ---, 7512 7814
Guar 3}is coil trust ser B_1941 F-A
8512 16 84 88
Debenture gold 4s
1934 M-N 8514 Sale 843
Trust Co ctfsgu g 3;is
1916 M-N
1934 m-N ____ ___ 89% rne'14
Registered
Guar 3iiii trust ctfs C
1942 J -D
Lake Shore coll g 3 As
7234 10
1998 F-A 721 723- 7214
Guar 3;is trust ctfs D
1944 JD
ii' Registered
- 7613 J'ne'14 ____
Guar 15-25-year g 4s
1998 -A -------1931 A-0
_
79 Dee '14 ___ _
J P M& Co ctfs of dep.___ ---------80
__
Cin Leb & Nor gu 49g
1942 M-N
4 is
ale 71
7138 34 iiiMich Cent coil gold 3 .513..1998 F-A
71
CI & Mar 1st gu g 4 A9_1935 M-N
Registered
1998 F-A 6912 7412 6912 Apr '15 ____ 6912 6913 ()I& Pgengug 43isser A 1942 J-J
Beech Creek 1st gu g 49_1936 J -J 9178 ---- 9514 Apr '14 ---Series It
1942 A-0
Registered
8812 --- 99 Marll ---Int reduced to 33.49_1942 A-0
1936 J -J
2d guar geld 5s
Series 0 31,
1948 M-N
69
Registered
1936 J -J ,
- --- - -- Series D 3 s
---- ---deech Cr Ext 1st g 3 •s_b1951 A-0 vo ---- - ----------.
__
Erie A Pitts gu g 33is B 194
30
9 FJ-A
J
88
Cart A Ad 1st gu g 4s__1981 J -D ,
-----Oct'
Series C
12 ---- _
-- - Gouy & Oswe 1st gu g 5s 1942 J-D 1i9 ---Or R & I ex 1st gu g 4 is 119401
-,-. ----94
--J
_
9012J'ne
- '14
M-N
Pitts Y & Ash 1st cons 59_1927 3j
Mch & Mal 1st gu g 49...._1991 N1-S 85 ---- -.7,N J June R guar 1st 49_1986 F-A 8638 ---_ 86 Jan '15 ........ ii- -g6Tol W V & 0 gu 4s A-1931 J -J
N Y & Harlem e 3 1,19 _ 2000 M-N -. - ---- 8712 Dee '12
1933 J -J
Series B 4 9
N Y & Northern 1st g 5s 1927 A-0 10314 .---- 10112 Mch'15 —.- jo.if,1017;
Series C 4s
1942 M-S
N Y& Pu 1st cons gu 4 49_1993 A-0 82 89 92 Oct '13
P0 CA St LguOisA1940 A-0
Nor& Mont lstgu g 5s
19113 A-0- ---- -,,... „— ---.
-1942 A-0
Series B guar
116 Feb '1:1 ___.
1.1214
— - -- 1932 J -D --__
Pine Creek reg guar 69
Series C guar
1942 M-N
R W& 0 con 1st ext 59_/11922 A-0 10234 10378 103 Apr '15
Series D 4s guar
1945 NI-N
°ewe& It 2d gu g 5s
e1015 F-A -___ ---- 10018 Mch'15 __. 10018 10012
Series E 3
1949 F-A
guar g
R W & 01' it lstgu g 59_1918 M-N 10114 .--_ 104 J'ne'10 ___ _ _
Series F gu 4s g
1953 J-D
Rutland 1st con g 43.s_,_1941 J -J _ .--. 90 Apr '13 ._-. _ - - - --Series0 4s guar
1957 M-N
71) Feb '15 ---- iti - "id Og & L Charn lat gu 49g 1948 J- 3 ._ 71
0 St L & P 1st con g 59
1932 A-0
nut-Canad 1st go g 4s....1949 J -.I -----92 J 00 09 _
Peo A Pek Un 1st g 6s
1921 Q-F
dt Lawr & Adir 1st g 58_1996 J - J — _ _ 101 101 Mch'15 ----101 101
2d gold 41.s
2d gold Gs
1996 A-0 --------11912 Nlch '12
Pere Marquette—Ref 49.219
92
55
1M
J -N
-J
955
97
Feb
---'15 ---, ifi
Utica A Bik Ely gu g 4s1922 3 -J
Refunding guar 49
1955 J - J
83
Lake Shore gold 34s1997 J -D 83 Sale 8212
6 82 8414
Ch & W NI 5s
1921 J-D
Registered
1997 J-D 811----. 82 Mch'15 __, 82 82
PM
Flint &
g Os
1920 A-0
Co ebenture gold 49
9212 ii 90 93
1928 NI S 92 Sale 92
1st consol geld 5s
1939 M-N
25-yr gold 4s
1931 M-N 9118 Sale 9118
Pt Huron Div 1st g 5s 1939 A-0
9134 43 8934 9214
Registered
1931 M-N --_ ---- 91% J'ne 114
Sag Tus & It 1st gu g 4s 1931 F-A
Ka A& CI It 1st gu c 59_1938 J -J -----------_------ „ ---- Philippine Ity 1st 30-yr 9 f 49'37 J -J
Nlahon 0'1 RR 1st 5s1934 J -J 10312 --- 10714 A pr '14
Phts Sh A L E 1st g 5s
1940 A-0
eitts& L Erie 2d g 59_2,1928 A-0 103 --- 103 Jan '15 _-- j6i - ilrii - 1st consol
gold 5s
1n
943
77 -3
J -I
J
Pitts alcli & Y lstgu 69_1032 J -J 11114 .--- 13018 Jan '09 _.
eading Co gen g 49
D
2d guaranteed Cs
1934 J -J 11014.--- 12314 Mch'12 .
- - — -IA, Registered
NIcKees& 11 V 1st g 69_1918 J -J 100 ---- .„....
___ ....... __
Jersey Cent coil g 4s
1951 A-0
Michigan Centre. 5s
1931 M-S 10218 ---- 10514 3'ne'14 ____--Atian City gu 4s g
1951 J-J
1931 Q-M 10118 .--. 10312 May'14_. .-- - - -Registered
tJo & Cir Isl 1st g 49
1047 J-J
49
1940 J -J -___ ----98 Apr •12 -t Louis& San Fran gen 691931 J -J
Registered
1940 J -J ------87 Feb '14 ---.
— ---General gold 5s
1931 J -J
.1 L& S Ist gold 3 iis
11)51 NI-S --.... ---. 90 J'ne'08 _-- _
3t L & S F RR cons g 49_1996 J -J
1st gold 3;is
1952 41-N 8012 ---- 81 Feb '15 - -Gen 15-20-yr 5s
1027 M-N
20-year debenture 48_1929 A-0 80 81 81
Tr Jo certfs of deposit---- ---8112
r? 7814 8134
N Y 011ie& St L 1st g 49_1937 A-0 925 Sale 925
9258
do
Stamped_ --1 92 9334
Registered
1937 A-0 --- --- 9234 J'ly '14_—
Southw Div 1st g 59.-1947 -gI5
Debenture 48
82 De
A per .
._ 9
77 _8_2
1931 M-N
;15
4 _I::: -8
-2
-1-8
;
- 3Refunding g4,9
8 -9
1951 J-J
9113
West Shore 1st 4s guar
2361 J-J
Registered
1951 J-J
Registered
2361 J-3 8878 8914 89
Trust Co ctfs of deposi
-89
1 8714 8934
N Y Connect 1st gu 43is A_1953 F-A 9412 ---- 94l Feb '15 ---- 9413 9412
do
Stamped---- --N Y New haven .Sc !leaf—
1C 0 Ft S & NI con g 69_1928 611-7N
Non-conv deben 4s
75 77 71 Mch'15 __--, 71 75
1955 3-J
K0 Ft S & M Ry ref g 49_1936 A-0
Non-cony 4s
1956 M-N
751 ---- 75
K 0& M BA B 1st gu 59_1929 A-0
75
4 70 75
Cony debentuve3;is
1956 J-J
675---6614 Apr '15 ____ 6113 663t St L S W 1st g 4s bd ctfs
1989 NI-N
Cony debenture 69
1948 J-3 110 Sale 10812
110
2d g 4s Inc bond ctfs____p1989 J-3
38 101 11011
Harlem R-Pt Ches 1st 49_1954 M-N 89 ---- 9914 Ney'12
_
1932 J-D
()ousel gold 49
BA NY Air Line lst49_105a 1r-A
__ ---.. 9912 J'ne'12 .....
Gray's Pt Ter 1st gii e 59-1947 J-D
,% .2
-------.
Y-F
ss
Range
Since
Jan. 1.
High No. Low IN)
Ask Low
81 Mch'14
10512 _ 10514 Mch'15
iai- 10514
7514 Sale 75
7514 37 6618 75%
100 _ _ . 107 Aug 09
Bra
02!
991; mull'12
9
56
1,8 Apr8'15
55 5812
4 7818 8258
7512 -id
90
212 JAp
-7
nre'115
-9 8
''
---- 80 94 J.ne 14
1 101 102
101
101 Sale 101
1 11738 11738
11738 Sale 11138
1173
11858 11912 119 Feb '15
119 119
---- 119 120 J'ly '14
9212 79 -9t1 94 92 Sale 9214
94 Al ay'14
_
8812 8912
Apr '15
-8f1-2 8813
103 104 10312
10334 11 98% 10334
103 104 10218 Apr '15
9934 10218
10414 Sale 10312
10414 75 101 10414
8818 8834 8814
8834 12 8734 9014
101 12 10258 10554 Jan '13
8618 91 90 Mch'15
90 90
9212 Sale 92%
9278 383 8834 9318
6
12
-134 A pr'
,
51i5
8
8834 92
349 62 6518
---- 64 63 Nich'15
6112 63
90 Jan •14
10012 Sep '13
11012 Apr '15
8
10911 if11153 a ag •11
102 Feb '15
102 ioi10014 Jan '15
19014 INN
87 Feb '14
89
8112 Deo '13
111 1)138 ill Nich'15
Hi- Hu;
___ 517
8612 Apr '15
8312 88
9512 98 9512 Apr '15
94 9814
9612 9734 061 Mch'15
9612 97
102 Nlay•14
9713 981k
97 ____ 9712 Feb '15
10018 109 9938 low
100 Sale 100
9918J 'ne'14 — .
4 97 98$4
9738
978 •ale 97
104 Sale 1037
104,8 272 10314 1047s
1 93% 94
1;358
93% 9414 93%
9212-- 91 Mch'14
— -9918 Ply '13
_
102 Jan '03
90 9884 9824
*98,2 ---- 984 Feb '15
8s12
,
9413e4
100% 102 10112 Apr '15
100
100 ____ 100
84 _— 8412 Apr '14
8412 Mch'15
8412 86
99
9814.11y '14
8314 ____ 83 Feb '15
83 ____ 84 Ply 14
9212 9312 9212 Feb '15
8514 _
9312 Apr '14
9618 --__ 98 May'14
10138 Nov'13
101
101 _ —. 10934 J'ly '09
9114 Feb '12
8412 ___
8313 __ 9018 Oct '12
8312 ..__ 8418 Deo '13
8312 ____ 8014 May'14
8312 ____ 90123'1y '12
9514 973 100 Feb '15
10134 _ 109 May'10
9713 ...„ 99 J'ly '14
9812J ne 14
9712
88 __- _ 93123'1y '14
10018 -- 101 Feb '15
10018 10034 10038 Apr '15
10112 Feb '15
93%
9334 948 9358
9012 -- 9118 Apr '15
9334
- 9514 Jan '14
9334 -- 97l Jan 13
10612 May'14
10338
138 10114 May'14
_
89 Feb '14
25 May'14
20
40 Dec'13
1012
70 — - 73 May'14
9912 102 90 Mch'15
71 ---- 68 Mch'15
65 Sich'15
60
83
jl May'14
60 63
10812
10812
- 10812
100%
10058 101 100
75 J'ly '14
50%
_ _ 50 49
50
___ 55 49
4712
____ 51 4712
93 Dec '13
66 7112 7012 Apr '15
8034 Mch 11
•_
*66 ____ 7112 Apr '15
6612
67
107 10812 1075 Apr '15
7258
7212 73 7212
- - 95 Mch'14
75 7512 75
75,2
- 65 55 Feb '15
66 . 63 61
62
9815 Jan '14
.—
83
-941;
—
_
__--__
100 - 100
99
1011,
9912 1011,
10112 1ot12
9338 9338
90 9118
— -—
_
_
—
90 90
6512 69
65 65
-6E -
10812 May'14
11314 aloy'll
-6,1 Ktie 9312 9418
--- 9312 92 Apr '15
9234
9234 Sale 9234
--
100 10238
100 100
- -8412 8413
------9t' 947j
9012 93
91 9234
3 1081k 1081j
2 99 101
4 35 -511-2
36 3212 51
1 3212 49
-_
6312 7112
6112 7112
20 6014 68
107 110
7 69 7312
13 75
55
5 56
"id 55
62
111SCELLANEOUS BONDS—Continue" on Ne'e' Prt•-•:e.
Oils and Electric Light
Kings k.Jo EiL & t' g 3s___1937 A-0 104 ---- 104
10414
10284 10414
Purchase money 6s
113 Apr '15
1997 A-0 112
113 113
Convertible deb 68
115 Feb '15
1925 M-S 11578
115 115
Ed E )111 13kn 1st con g 49_1939 -J
87% 88 87%
8778
2 8778 88
Lac Gas L of St L 1st c 5s_e1919
10034 101 10034 Apr '15 --- 10014 101
itel and ext 1st g 5s
1934 4-0 100 Sale 100
100
2 97 101
Milwaukee Gas L 1st 49_1927 M-N 9118 9114 9114 Apr '15
9018 9112
Newark Con Gas g 5s
1948 J -D 10112 ---- 10124 Jan '14
NYOEL II & P g 5s
10212
1948 7 -D 102 10258 102
10114 1e31-8
Purchase money g4s
1949 F-A 84 Sale 82%
84
8 8212 85%
Ed El I11 1st cons g 59__1995 -J 10418 -- 109 J'ly '14
NY&QEIL & P lstcong 591930 F-A 9914 100 9914
9952 ---7
7 -661-4 -6658
N Y & Rich Gas 1st g 59._1921 Ni-N
9212 J'ly '09
---Pacific & El Co Cal G & E
93
Corp anifying & ref5s
1937 NI-N 93 9314 93
17 91 0338
Pac P rw & Lt1st& ref 20-yr
91 Feb '15
Is Internet Series
1930 F-A 8812
8812 91
1949 M-S 9913 --- 100 Jan '14
Pa t Passaic GA E 58
-a
Due
asked.
Jan.
and
3 Due Feb. e Due May.
• No price Friday; latest bid
Gas:aid Electric Light
11413
Peo Gas& C 1st con g 6s___1943 A-0 11412
11412
11412
5
Refunding gold Is
1947 M-S 100 101 10034
101
1947 M-S
_ 99 Sep '13
Registered
15114 idiOh
& Cke 1st gu g 59_1937 J -J 101 10213 10212 Apr '15
3
5 1110108 100
01:
14
Con 000 of()h 1st cog 591936 J -D 9978 10014 10014 Apr '15
23
93 hIch'12
Ind Nat Gas St 01130-yi 59'36 NI- N
i56- 100
Mu Fuel Gas 1st gu g 5s 1947 NI-N 16F
8 1661-2 100 Jan '15
95 95
95 Feb.15
Philadelphia Co cony 59-1919 F-A ___ 89
9684 J'ne'14
1922
Cony deben g 5s
_ - 91
-88;
1 -ell;
Stan Gas A El cony f 69_1926 J -D gii18- 881k Jan '15
_
Syracuse Lighting 1st g 59_1951 J -D 99 ifki 100 Mch'14
8512 J'ne'12
1954 J -J
Syracuse L & P 5s
80 -_ 10112 J'ne'14
Trenton 0& E 1st g
M-S 9914
ioiUnion Elec L & P 1st g 59_1932 M-S 98 1.01.2 99 Mch'15
89 90
Ref & eat 5s
193$ M-N 88 90 89 Mch'15
10214 Mch'15
96 10214
Utica El L & P 1st g 59......_1950 J-J *10214
10014 Dec '11
1957 J -J
Utica Gas & E ref 58
11521; toils
1950 J-D Hit;103 10278 Apr '15
Westchester Ltg g be
g Due June. 3 Due July. 0 Due Oct. p Due Nov. 5 Option sale.
APR. 17 1915.]
BONDS
I -ill
N. Y. STOCK EXCHANGE 2 b
...i cy
Week Ending April 16
1333
New York Bond Record—Concluded—Page 4
Price
Friday
April 16
Week's
Range Or
Last Sale
;
gl
co
Range
'ince
lo n 1.
Nigh No. Low Iligh
Ask Low
Bil
4 73 80
7338
7338 Sale 7312
8 A& A Pass 1st gu g 43-__1943 J-J
__ 100 Apr '15 ---- 9914 10014
8 F St N P let sink kg 5s---1019 J-J 10014
'14
Dec
75
82
7812
A-0
Seaboard Air Line g 4s........1950
6 78 8312
1050 A-0 80 Sale 80
Gold 4s stamped
_8°14 -- ._ _
___
1950 A-0 -_
Registered
6712 95 593; 7134
o1949 F-A 67 Sale 6658
Adjustment 5s
70
10 66
70
1959 A-0 70 Sale 70
Refunding 4s
Atl-Birm 30-yr 1st g 4s__e1933 M-S 8134 83 82 Jan '15 ____ si 82
1949 J-J 8452 ---- 8514 Mch'15 ---- 841 8514
Car Cent 1st con g 4s
___
Fla Cent & Pen 1st g 5s-1918 J-J 1003s ---- 10314 Jan '13 _....
1930 J -3 10034 --- 104 Nov'12
1st land gr ext g 55
1 10078 101
10078
1943 J-J 10072 ____ 10078
Consolgold 5s
Ga & Ala ity 1st con 5s__o1945 J -J 102 ____ 102% Mch'16 ---- 1001210252
Ga Car & No 1st gu g 5s 1929 J-J 102 ____ 10214 Mch'15 ---- 1001 10214
1026 J-J 10112 ---- 10112 Mch'15 ---- 1011 10112
Seab & Roa 1st 5s
tbuthern Pacific Co—
8512 49 813 8614
JD 85 Sale 8438
coll)-k1049
Gold 4s (Cent l'ac
k1049 J-D -..—_-- 90 Feb '14
Registered
8312 335 8018 8334
01929 M-8 827; Sale 8238
20-year cony 4s
100 668 951 100
1934 J-D 9938 Sale 9938
20-year cony 5s
8812 331 86 90
(lent Pac 1st ref gu g 4s 1949 F-A 8812 Sale 8778
1949 F-A -....- ___ 8812 Sfeh'15 --__ 8612 8612
Registered
'15 ---- 8712 89
Apr
--8814
88;
-12
1
.
%s_k1929
Mort guar gold 3
2 85 87
8512
Through St L 1st gu 4s-1954 A-0 85 8512 8512
10212
G H & S A M & P 1st 5s_1931 M-N 100 ___ 102 Mch'15 -- 102
10234 Apr '14 ---- . _
Gila V G & N 1st gu g 53_1024 M-N .99
nous E & W T 1st g 5s1933 M-N --- 102 103 Jan '15 ---- 103 103
- -1033 M-N 9812 101 l0412J'iy '14 —..
1st guar 5s red
H & T 0 let 4 55 int gu_1037 J -J 108 10978 106 Apr '15 32 100 108
1921 A-0 91 96 95l Jan '15 ____ g3 9512
Gen gold 4s Int guar
Waco& N W div 1st g Os 1930 M-N 108 __ _ _ 108 Mch '14 ..... _
1041 J -J WO 103 10212 Apr '15--- 10.3 1621-2
A & N W 1st gu g Is
107.2 J'iy '14 ..... _
Morgan's La & T 1st 7s 1918 A-0 ---- — — 10614
J'iy '14 ..-__ ._
1920 J -J 10232 ---1st gold Os
112 Feb '07 ....
1038 A-0 ..,...
No of Calguar g 55
10014 32 991 10112
10012
4
-1001
8
1003-J
J
5s...1927
g
guar
Ore & Cal 1st
So Pac of Cal—Go g 5s-1937 M-N 10512 ---- 10112 Nov 13 —. ___
---- 9112 Sep '12
Su Pac Coast 1st gu 4s g_1937 J -J 9018
8134 82 -ii3 8252
San Fran Tenni 1st 4s_1050 A-0 811 Sale 81
_
Tex & N 0 con gold 5s...1943 J-J ---- ----96 Apr '14 .......
243 -81511 89
87
8658 "'ale 8338
1055 J-J
So Pac RR 1st ref 4s
9938 81 981 101
Southern-1st cons g 5s 1994 J -J 9938 Sale 9918
1994 J -J -- -. 9812 100 Aug'13
Registered
6712 107 -62,4 69
Develop & gen 4s Ser A 1956 A-0 6712 Sale 6634
Mob & Ohio coil tr g 4s1938 M-S ---- 7112 72 Apr '15 ---- 72 76
991 1 10011 9978 Apr '15 ---- 983 9972
Mom Div 1st g 4 14-5s
1996 J-J
1951 J -J 8034 83 8014 Mch'15 ____ 801 8014
St Louis div 1st g 48
1018 J -J -.... — 10434J ne'll --Ala Cen R 1st g 6s
Ala Gt Sou 1st cons A 5s 1943 J -D 95 9312 9934 May'14
1948 J -J 831 85 85i3 Jan '15 — 861 8518
Atl & Danv 151 g 4s
1948 J -J --------8214 Feb '12
2d 49
Atl & Yad 1st g guar 4s1949 A-0 --------7514 Dec '14 --- ___
1916 J-J --------10018 J'ly '14
Col & Groonv 1st 6s
1930 J -J 1023 ---- 106 J'ne'14 --- _
E 1' Va & Ga Div q• 5s
7 103',
104/2
1956 M-N 10334— 10132
Con 1st gold 58
1938 M-8 .— 1007;10312 J'ly '1i .._
E Ten reor lien g 5s
8412 May'13 .......
1946 A-0 ____ 65
Ga Midland 1st 3s
1922 J -J 107 10734 10634 Apr '15 .--- 106 10634
Ga Pac Ity 1st g 8s
Knox & Ohio 1st g 6s__1925 J -J 106 ---- 11018 May'14 ___ ._ _
Mob & hr prior lien g 5s_1945 J -J 10072 — - 1054 Nov 12 --__ _
1945 J-J -- -- 841 79 Meh'13
Mortgage gold 4s
. 10078 J'iy '11 ____ 1915 J-J -------Rich & Dan con g 6s
1 10i3 10234
10234
1927 A-0 10233 --- 10234
Deb Is startped
_R_
Sep 12 ___
-------73
M-N
1948
ich & Meck 1st g 4s
101
6 WO 101
1919 M-N 101 ____ 10052
So Car & Ga 1st g 5s
____ 10014 ‘fch'15 .-- 1001 10014
191.6 M-8
Virginia Mid ser C 5s
. ----10334 Nov 12 _._
1021 M-8 ---Series D 4-5s
1026 M-S 10112 ...._ 102 Dee'13 __ _ _
Series 5 5s
_ 104 Mch 13 .._— _ __1931 M-S l0238
Series F 5s
1936 M-N 10238._ __ 103 Nich'1: ___ 102
General 5s
Va & So'w'n 1st gu 5s 2003 J -J 100 10078 101 Nieh'1.5 ---- 100 101
let cons 50-year 58_1958 A-0 83 89 8412 Dec '14 __ ___
1924 F-A ----- 92 .1'ne'13
W 0 & W 1st cY go 4s
Spokane Internet 1st g 5s_1955 J-J --__ 98 984 rne'll
A-0 ---- 091s 9913 Mch'15 ____ gii 9912
40_1939
g
1st
L
St
of
Tier A
L 1st con ,gold 5s___1894-1944 F-A 101 104 101 Mch'15 --- 1003 102
8334 Mch'15 __-- 83 8334
1.
1953 J-J
Gen refund s f g 4s
St M Bge Ter gu ;5s 1930 A-0 ---- ----100 +rich '15 .--- 100 100
3 64 96
9478
2000 .1-D ---- 9152 9412
Tex & Pac 1st g rid 5s
q2000 Mch ._ 40 51 Nov 12 ____ _
2d gold Inc 5s
._
14
Slay
95
90
---J-J
1931
La Div B L 1st g 5s
. . 1064 Nov 04_.._
W Min W & N W 1st gu 513_1930 F-A
1935 J-J 1021- 1031 101 Mch'15 _--- 101 103
Tol & 0 C 1st g Is
--- -_ 101 Aug'13 _ --- —
---A-0
1935
Western Div 1st g 5s
1935 J-D --. 10112 10112 Apr '14
General gold Is
80 86 Mch'15 ..-- 86 8612
85
A-0
1990
4s
g
gu
1st
M
Kan &
9534
1 951 96
1927 J-J -------9534
2d 20-year 5s
65
10 631 68
1917 J -J 63 85 6318
Tol P & W 1st gold 4s
76
78
—
-J
78
J
76 78
6
3%8_1925
g
lien
pr
W
Tol St L&
55 50 Apr '15---- 421 5018
1950 A-0 51
50-year gold 4s
43 J'ne'14
__
1917 F-A - - ._ 50
Coll tr 4s g Ser A
821 8712
8212 Mch'15 ___
Tor Ham & Buff 1st g 4s_ _h 1946 J -D 8212 85 101
101
3 100 101
r'rlster & Del 1st con g 5s_1928 J-D 100 101
1052 A-0 74 —__ 74 Meh'15 ..--, 74 74
U 1st refund ,r Is
9531 143 943 9718
1047 J - J 953s sale 9514
Union Pacific 1st g 4s
1 93 95
9412
1047 J -J 04 9412 9412
Registered
91 Sale 9012
85 884 91
91
1927 J -J
-year cony 45
20
884 9034
141
Sale
9012
8978
9058
M-S
g2008
1st & ref 4s
9014 15 88 91
Ore Ry & Nay ,on g 4s_1948 J-D 9014 91 90
10912 11 1071; 10912
Ore Short Line let g 6s__1922 F-A 10312 10914 10831
10319
3 103 105
1946 J -J 10312 -.ale 10312
1st consol • 55
9038 38 87i, 917s
1929 J -0 901 1 Sale go
Guar remit] 4s
_
__
108
May'll
-10212
J
J
1926
5s
gold
Nor
&
Utah
-•
3____ .—
1933 J -J
1st extended 4s
Vandalla cons 4 4s Ser A.1955 F-A --------93 Apr '13 --__ _
--------9214
—
.._
May'14
M-N
1957
11
Series
4s
Consol
•
_
- - ....
Vera Cruz & l' 1st gu 4 1,0_1034 J -J -- 97 94 Oct '12 --.
9614 22 654 9918
Virginian 1st 53 Series A _1962 M-N 98 Niie 96
10018 22 97 10078
1939 M-N 100 10012 9978
‘Xjabash 1st gold 5s
90
86
Sale
2
90
1939 F-A 90
9138
•• 2d gold Is
1039 J -J --------90 J'ne'12 __
Debenture Series 13
1921 M-S ____ 90 8978 NIch'15____ .iiii 89
1st lien equip s fd g 5s
65
— 75 Apr '14 .--- -- - •
let lien 50-yr g term 4s_1054 J-J
2312 Sale 2812
2912 73 223, 34
1058 J -J
1st ref and ext g 48
22 Mch'15 ..... 22 22
Cent Trust Co ctfs
2212 Apr '15 ._. 2011 2212
Do Stamped244 Mch'15 ____ 23 2412
Equit Trust Co 3fs
25 ‘
1ale 213i
26
144 19 30
Do Stamped
L
-'
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 16
Price
Friday
April 16
Week's
Range or
Last Sale
Zc53
Range
Since
Jan,1.
Ilioh No. Low ,rtql
Wabash (Concluded)—
Bid
Ask Low
Det &
99 100
Ext 1st g 5s___1941
9914 ____ 100 Apr '15
Dee Moin Div 1st g 4s___1939 J -J
.80g Aug'12
Om Div 1st g 3
59 -i614
1941 A-0
- 60 59 Mch'15
Tol & Ch Div 1st g 4s
1941 M-S
6812 MO'15
66 7234
1 13 Wab Pitts Term 1st g 4s 1954 J-D
6 Feb '15
834
6
Cent and Old Col Tr Co certs- -9
82 Sale 712
812 68 8
Columbia Tr Co ctfs
7 J'iy '14
8
-712
Col tr ctfs for Cent Tr ctfs 5 7
8
77s 712
2d gold 4s
1054 -1-15
52 I
1 Feb '15
78
58
8
2
2
2
Trust On certfs
5
1
58
,
7
Wash Terml 1st gu 3 Wr___1945 F-A
8134 8134
8134 Mch'15
1st 40-year guar 4s
1945 F-A 51r2
65 Mch'15
65 65
West Maryland 1st g 4s_1952 A-0 6934 Sale 6934
7012 11 54 7112
West N Y & Pa 1st g 58-1037 J - J 102 10212 10212
2 101 10272
10212
Gen gold 4s
6 75 7812
1943 A-0 76
79
7643
7614
Income 5s
d1943 Nov
- 35 34 Feb '07
Wheeling & L E 1st g 58_19213 A-0 ido
100 Mch'15
66- 100
Wheel Div 1st gold 5s__1928 J -J 9512 Nov'13
Eaten & Inure gold 5s____1930 F-A
92 91 Feb '14
[111 1st consol 48
6512
1949 11,1-S 65
65
8 65 653k
20-year equip s f 5s
1922 J -J
90 Apr 14
Winston-Salem B 1st Is_ 1960 J -J 84 __ 84 Apr '15
84 84
Wis Cent 50-yr 1st gen 4s 1949 J - J
8612
7 8434 87
863s 8-7- 8638
Siw& Du I div & term 1st 45 '36 -12-N 85 8514 85 Mch'15
8412 8514
Manufacturing & Industrial
Am Ag Chem 1st c 58
1925 A-0
1924 F-A
Cony deben 5
Am Cot Oil ext 4s __photo 1.2-F
1931 .v1-N
Debenture 58
Am Hide & Lists f g 6s
1919 M-S
1925 A-0
Amer Ice Occur deb g
Am Smelt Securities i 88_1926 F-A
1915
Am Spirits Mfg g
Thread 1st col tr 4s.._1919 .\1-SAm J -J
1944 A-0
1-m Tobacco 40-yr g is
1944 A-0
Registered
Gold 4s
1951 F-A
1951 F-A
Itogistered
Am Writg Paper 1st s (5s_1919 J -J
Baldw Loco Works 1st 5s 1940 M-N
13oth Steel 1st ext s 5s
1926 J -J
1st & ref Is guar A
1942
Cent Leather 20-year g 5s_1925 A-0
Cense! Tobacco g 4s
1951 F -A
Corn Prod [bets f 5s__1931 M-N
18t 25-years f Is
1934
Cuban-Amer Sugar coll tr 6s 1918 A-0
Distil Sec Cor cony 1st g 5s-1927 A-0
E I du Pont Powder 4 yis_ 1936 J -D
J -D
General Baking 1st 25-yr
Gen Electric deb g 31,68. _1942 F -A
1952 M-13
Debenture 5s
Goal Motors 1st lien 69_191.5 A-0
Ill Steel deb 4
1940 A-0
1952 M-N
Indiana Steel 1st 5s
Ingersoll-Rand 1st 5s_ _ _41935 J -J
(et Paper Co 1st con g 6s_1918 FA
1935 J-J
Consol cony s f g 5s
Int St Pump lets(5s
1929 MS
1923 A-0
Lackaw Steel 1st g 5s
1st con 5s Series A
1950 M-S
Liggett & Myers Tobac 7s_1944 A-0
5s
1931 F-A
1944 A-0
Lorillard Co(P)7s
58
1951 F-A
Mexican Petrol Ltd env 68 A_'21 A-0
1st lien & ref Os series0 1921 A-0
Nat Enam & Stpg 1st 5s_1929 J -D
Nat Starch 20-yr deb 5s
1930 J -J
1952 M-N
National'rube 1st 5s
N Y Air Brake 1st cony Os_1928 M-N
RailwaySteel Spring—
Latrobe Plant 1st s f 53_1921 J-J
Inter-ocean P 1st s f 5s 1931 A-0
Repub I & 8 10-30-yr 58 s f_1940 A-0
1930 M-N
Standard Milling 1st 5s
The Texas Co cony deb 68_1931 J-J
Union Bag & Paper 1st 58_1930 J -J
1930 J-J
Stamped
US Realty & I cony deb g 5s_'24 J -J
U 8 Red & Refg 1st g 6s
1931 J -J
U Rubber 10-yr coil tr 6s_1918 JD
U 8 Steel Corp—Jcoup —41963 M-N
f 10-60-yr 581reg ___d1963 M-N
Va-Oar Chern 1st 15-yr 5E1_1923 J -D
West Electric 1st 5s Dec 1922 J -J
Westinghouse ESt Msf 53-1931 J -J
10-year coll tr notes 5s 1917 A-0
,,iiscellaneous
Adams Ex coil tr g 4s
Alaska Gold M deb 6s A
8 41-6
925
194
'39
Armour & Co 1st real est4
Bush Terminal 1st 4s
1952 A-0
1956 J -J
Cons& 5e
1980 A-0
Bidgs Is guar tax ex
Granby Cons M S & P corn 65 A'28 M-N
[mak Cons Cop 1st conv8s 1922 M-8
1919 J-J
5-year cony deb 6s
Int Nieman Marine 4 10_1922 A-0
Certificates of deposit
Int Navigation 1st s 5s---1929 F-A
Montana Power 1st Is A —1943 J-J
Morris & Co isle f 4 W3 ----1939
‘Itge Bond (N Y)4s ser 2 _1966 A-0
1932 J -J
10-20-yr Os series 3
1951 F-A
N Y Dock 50-yr 1st g 4s
1032 J -J
Niag Falls l'ow 1st 58
N lag Lock at 0 Pow 1st ,5s_1954 NI-N
1st 5s_1943 F-A
Ontario Power N
1945 vl-N
Ontario Transmission 5s
Pub Serv Corp N J gen 5s...1959 A-0
ItayConsCopper 1st cony 681921 J -J
1 Power 1st 53_1949 F-A
'
Sierra & S F
1939 J -J
Wash Water Pow 1st 5s
10012 10172
92 Sale
_
10032
9332 9334
10234 103
88 8834
105 Sale
92 95
10112
11
102
92
8
92
10032
10032 13
9
9334
4
93,
28
103
10234
88
8
89
10432
105
5
9212 Apr '15 ---94 .1'ne'14
120 Mch'15
12134 May'14
97 Apr '15 __-94 J 110 14 __
6514 70 66 Apr '15 ._ 10034
2
101
10034
10012 38
10012 Sale 10018
8912 373
8834 Sale 8834
6878 '411C 985s
125
99
93 98 6734 Jan '15
95 98 9514 Mch't5
5
9312
9312 `We 93
1
93 Sale 98
93
5312 165
5112 Sale 8012
8838 Sale 88
8819 30
—
8712 rly '14 —...
75 76
7434 Apr '15
102 104 10312
4
10312
7
10114 1.tie 10114
10114
11
81
84 Sale 8378
9334 32
991s Sale 9918
100 _ 100 Oct '13 -10014 10012 10014
10012
6
9
7934 Sale 7934
80
8
40 50 43
45
3
91
90 91 91
691z 70 69
19
70
12312 10
12338 Sale 12333
8
10034 38
10034 Sale 100,
12278 16
12214 12234 12238
10014 28
100 Sale 9934
30
103
103 Sale 100
102
8
102 Sale 102
26
93
9234 9312 9234
8312 _
85 Apr '15 --_.
3
98 987/1 9838
9812
97
7
97 98 9512
95 977s 96 Mch'15 .___
9112
6
9014 9112 9114
4
9352 Sale 93
9352
9112 9112 Apr '15 __
91
100
117
100 Sale 9912
75 80 75 Mch'15__
75 -- 9114 Jan '13
7434
7434
5
74 75
20 Jan '15 ___-- 33
10252 28
10258 Sale 10212
10172 471
10178 Sale 1011.
10212 11
10112
-_
2
9414
9358 94 9114
10112
7
10114 Sale 101
9714 104
9612 Sale 9314
6634 31
9934 Sale 6612
1
72
72 Sale 72
62
135
135 Sale 130
26
92
92 Sale, 9134
8514 87 8514 Apr '15
2
86
86 91 8519
4
8512
85 8512 85
10034 116
10012 101 100
126 1189
125 Sale 123
290
126
12438 Sale 12314
12
42
42 Sale 42
42
21
42 Sale 40
3838 ____ 3714 Apr '15
13
92
92 Sale 9134
90 8813 Jan '14
83 Apr '14
100 J'iy '14
7934 Dec '14
75
71
10114 10072 Apr '15
90 93 8912 Mch'15
93 9412 94 Mch'15
__ 88 90 Feb '15
8812 12
gg 834 8712
147
116
116 Sale 11214
92.4 Feb '14
9812._ 10312 Jan '14
9978 10238
92 92
9914 10012
9212 94
10012 10314
80 89
10352 105.4
9212 9212
120
1297
9518
-bi- -66 -
10034 101
9812 101
851s 8912
9678 9912
9724 -9734
9434 9714
92 9438
95 98
4614 56
84 894
7434 747
102 105
10034 10112
8278 87
99 10012
100 10112
791z 82
38 50
89 91
65 71
122 12412
9978 102
12134 124
99,2 102
9512 103
95 102
92 9314
84 85
95 997s
90 97
9514 9612
90 93
9012 9334
8812 6112
9712 100
75 75
68 "ii"
20 20
10112 10238
991310252
9934 10214
89 9512
1001210134
8978 9714
9814 9934
70 73
118 135
9012 93
85 8634
86 90
83 86%
98 101
97 126
9434 126
304 42
3312 42
38 57
8834 9212
._
_
160.7-2 101
8912 9114
94 955s
90 90
8658 8914
103 116
MISCELLANEOUS B3NDS—Concluded
Telegraph & I elephone
Coal & Iron
8812 65 87 894
8832 Sale 8734
coll tr 4s__1929 J -J
92 Ply '14
Duff & Susry Icor s f 5s____1932 J-D 89 .
- Am Telep & Tel
94l
1 9134 96
1938 M- S 9414 954 9114
4s
Convertible
a1026
80
NIly
J
'14
80
Debenture Os
9914
1430 96 10272
10272
.1-13
_1033
qs
4
10214
Sale
convertible
20-yr
2 87 90
89
Col b'& 1 Uo gen s g 53-1943 F-A 85 92 89
1 9832 99
9834
7412 25 70 744 Cent Dist Tel 1st 30-yr 58_1943 J -D 9352 9834 9334
Col Indus 1st & eon 5s gu_1934 F -A 7418 Sale 7112
8814 Joe 14 ___
75
Commercial Cable 1st g 4s_2397
73 Mch•14
Uons Ind Coal M e 1st 5s___1935 J -D
79 Apr '14
•397
75 84
Registered
8814 8812
8814
881 1
Cone Coal of Md lst&r 4f Is 950 J-D
97
16 9.5
9713
95 964 9612
Cumb'd & T 1st& gen 59_1937 J -J
_ 99,8 Feb 14
89 _
Continental Coal let g 5s_1952 F-A
8918 Dec '14 .___
Keystone Telephone 1st 5s_1035 J -J
Or Ely Coal& 0 1st g Os_h1919 A-0 90 95 10258 Apr '06
10012 Mch'15
106" 1063-4
4
MetropolTel&Tel lets f 53..1918 M-N itiF
93 Meh 14
Kan & liO&O 1st s g 5s-1951 J -J 9014
2832 g 2832 9852 2 9714 99
Mich State Telep 1st 59__1924 F-A
2 87 88
88
Pocah Con Collier 1st s(5s_1957 J -J 8812 8814 88
.
_
101 Dec '14 ____
N Y& NJ Telephone 5s T..1920 M-N
82
75 82
82
St L Rock M t& P 1st 5s-1955 J -J
97
78 9412 97
.7-1 97 Sale 9612
7 ‘4
939
75 8134 N Y Telep 1st& gen s f 4 4s 103
83 8134 Apr '15
81
Trust Co. ctfs of dep
9672 67 9434 9772
P 9634 Sale 984
ee Tel & Tel 1st 5s
100 10114
1951 J -j 9978 101 10072 Apr '15
Tenn Coat gen 5s
9772 53 964 99
9734 Sale 9732
10014 10134 South Bell Tel& T Ists(Is 1941 J-J
Birm Div 1st consol 68-1917 J-J 10111 10134 1013.1 Apr '15
6 96 9712
97
98 07 97
10014 10178 West Union col tr cur 53_1938 j-J
A-0 10114 10134 l0172 Meh'15
Tenn Div let g
2 13812 93
9212
1950 34-N 9212 93 9212
Fd and real est g 4 Sis
101 Dec '14
Cah C Al Co 1 st go g 6s 1922 J -D 10312
l'ne•lt
104
VI-N
5s__1941
(In
ext
gu
Tel
Mut
.1.
_
'14
Apr
84
1953
73
Victor Fuel 1st 8 f Se
-9612 -964
904 Nrch'15 _
Northwest Tel gu 44s g_19$4 J-3
18 84 88
85
82 85 85
Va Iron Coal&flok..10 iS. 1040
o Due Oct. p Due Nov. g Due Dec. 8 Option sale.
•No price Fri lay: latest bld and alkel. a Due J-tn. cl Due April. s Due May. g Due June. 5 Due July. k Due Aug.
•
BOSTON STOCK EXCHANGE-Stock RecordSeeBaro
__
age
1334
SHARE PR10ES-NOT PER CENTUM PRICES.
Balioday
Ap'1110
104
*99 4
1
.
84
+121
33 4
O231
.
*40
F2
:ioi r2
•150
66
•I14
"8512
*94
_
*44
62
*Thi.17
*13012
*iii65
_
104
100
186
84
125
34
Monday
April 12
10238
9914
*183
84
125
3312
*231
Tuesday
April 13
10238
9914
185
84
125
34
Wednesday
April 14
Thursday
April 15
Friday
April 16
*10212 10278 10212 10212 *10212 103
*9834 9914 *9834 9914 9914 9912
184 184
185 185 *____ 185
184 184
84
84
8418 8412 85
85
8514 84
125 125
125 125 *125 126
125 126
34
36
34
35
3414 35
3414 35
*231
_ - *231
Last Sale 231 Mar'15
iii *____ 16 *____ iii *____ _10-- Last
Sale 10 Mar'15
Last Sale 56 Mar'15
Last Sale 612 Nov'13
4
_---- "iii2 WI; " 5- -ii- i4912 -;:: *43
159 *
159 •
159 *
15813
Last-Sale 158 Mar'16
„- *Thii2 ....„- *iiiii2 „- *iiiii2
Last sale 104 Apr'15
1-54
154 154
150
*154 161
154 1-54 *153 16
-U *154
66
70
70
68
69
*68
69
68
68
-6f;117
115 115
115 115
115 115 *115 117
87
*86
87
*8612 8712 *86
87
Last Sale
-Ap-r-i1:5
96
*94
96
.94
96
__ _ __
Last Sale 9318 Apr'15
7t2 4.718
712
7
718
7
7
7
7
7
Vs
45
43
4412 44
44
43
43
43
4212 4314 43
6212 6138 62
6112 6212 6134 6214 6012 634 6212 64
*9612 100
-,-97
97
96
95
- -_ -_ -_ *151
_- - *151 154 *151- 154 Last Sale 157 Apr'15
-20
*18 -20
*19
20
20
20
•1812 20
1307, 13014 13014 *130 13012 131 13112 *130 13012 i51Last Sale 80 Mar'15
- ---- -- --- - - -- - -- 127
--- *121
128
*122 127 *121 127 *121 127
123 123
65
6412 6412 65
65
65
6538 65
66
6512 66
87
87
87
*85
8612 86
86
86
--
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
170 Atch Topeka & Santa Fe__ 100
13 Do pref
100
13 Boston & Albany
100
254 Boston Elevated
100
81 Boston & Lowell
100
1,620 Boston dr Maine
100
Boston & Providence __100
Boston Suburban Elea Cos__ Do pref
Boston & Wore Electric Cos_
55 Do pref
Chic June Ry & 17 S Y___100
Do pref
16 Connecticut River
100
54 Fitchburg pref
100
16 Georgia Ry & Elec etmpd_100
Do prof
100
Maine Central
100
400 Mass Electric Cos
100
325 Do pref stamped
100
3,930 N YNH& Hartford
100
15 Northern New Hampehire_100
100
Old Colony
100 Rutland. pref
100
295 Union Pacific
100
100
Do pref
8 Vermont& Massachu5ett8.100
659 West End Street
50
18 Do pref
50
Miscellaneous
56
54
56
56
56
53
5512 1,037 Amer Agricul Chemical___ 100
9213 93
92
92
9212 9212 9312
839 Do pref
100
3
234 3
3
3
3
3
1,068 Amer Pneumatic Service
50
1712
1714 18
1712 18
18
18
1,040 Do pref
5
109
109 10912 10858 10934 109 111
1,071 Amer Sugar Refining
100
114
114 114
11312 114
114 114
325 Do pref
100
12014 120 12058 12014 12278 122 12314 9,695 Amer Telep dr Teleg
100
20
*19
--- *19
21
20
100 American Woolen
100
8212 8112 -82
82 -83
8318
83
855 Do
100
ref
64
*6212 64
65
65
65
65
399 Amoskeag Manufacturing.--101 *100 - Last Sale 100 Apr'15
Do pref
6
6 -6"
6 6
42 At! Gulf & W I S S Lines 100
1312 14
14
1412 1412 1412 15
391
100
Do prof
1234
1212 1278
1214 1212
12
1218
1,825 East Boston Land
10
242
24114 242
24114 24134 24134 24314
1,587 Edison Electric Illum
100
151
149 15014 149 151
15034 152
100
1,125 General Electric
10212 *10112 103 *10112 - -- 10034 10034
85 McElwain(W 1.1) 1st prat _100
8012 81
81
380 -8012 8012 81
1,040 Massachusetts Gas Cos
100
87
87
87
87
87
87
86
106 Do pref
100
180 *177 __-_
Last Sale 173 Apr'15
Mergenthaler Linotype..100
Sale
July'14
3
Last
Mexican Telephone
10
12 Mar'15
Mississippi River Power_ _100
;5 i". 16- ;3712 16- ;3712 16- ;571"2 16- .asIt gactile 35
Felp'15
Do pre
100
... 20 *_ 20 *
20 *__ __ 20
20
20
--10 New Eng Cotton Yarn_
100
•- 35 *---- 35 •____ 35 *__ 35
35
35
-_-_
10 Do pref
100
12 134 12934 12912 12912 12912 12912 129 129
129 129
72 New England Telephone 100
15 1 155
155 155 *155 156
15412 155
15512 15512 155 1E6.405 Pullman Company
100
*1 02 17
1612 1634
1612 1612 *1614 17
*1613 17
80 Reece Button-Hole
10
11) 110
10912 110
10912 10912 10912 10912 109 10912 i6514 16.9-12
216 Swift & Co
100
*2 134 2934 *2914 2934 *2914 30
30
30
30
30
28
28
305
Torrington
25
*2 1
29
*2712 29
*27
28
*2812 29
*28
30
28
28
9 Do pref
25
•114
114
112
114
*11,1
138
*118
138
114
135
114
112 2,800 Union Copper L & M
25
13)12 13112 130 13112 13012 13112 132 13514 133 13413 13334
2,430
13412
United
100
Fruit
6 112 6378 6358 6418 6312 6458 .6358 6412 6312
6318 64
12,632 United Shoe Mach Corp
25
2 ;58 2858 2812 2858 2858 2834 2858 2834 2834 6414
2834 2834
2834
504 Do pref
25
5i
58
5534 5658 5512 5712 56
5714 56
58
12,723
567
58
8
Corporation__
U
100
S
Steel
02
109
10612 10834 10812 109
*10
109 109 *10834 ---52 Do prof
100
•5112 52
52
53
5312
91
91
9012 91
9012
218 212
212 234 *234
1612 17
1612 1712 *17
10812 109
108 109
10734
114 114
114 114
11312
11978 12034 11912 12014 11912
*1
17
+16
17
*18
81
8212 81
82
82
*61
63
6212 63
*6214
*10
101 *100
_--- *100
_ -7
7
*5
1
1-3
13
13
12
12
1 ,
12
13
1214
23
23934 240 24112 24012
14 1 14912 150 150
149
10 . 102
10112 10112 *10112
81
8
80
81
8014
8' 87
*86
87
86
*17 1 176 *175 ---- *176
Range Since Jan. 1.
Lowest.
Highest.
100.
Rangefor Previous
Year 1914.
Lowest.
Highest.
9254 Feb 23
97 Jan 15
170 Mar 5
82 Mar22
109 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
50 Jan 8
104 Apr 10
8814 Nov
9912 Apr 15
9738 Jan
198 Jan 12 175 Nov
96 Jan 5
77 May
126 Apr 16 150 Dec
3614 Apr 3
3012 July
231 Mar27 225 May
10 Ma r24
7 Mar
56 Mar23
50 July
100 July
10138 Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
60 Jan
39 Jan 20
157 Feb 13
103 Jan 12
140 Feb 25
51 Feb 9
115 Apr 8
8534 Apr 9
92 Mar 4
7 Jan 22
4212 Apr 15
43 Feb 25
90 Mar 9
14312 Jan 2
15 Mar17
11612 Jan 4
7934 Marl 1
105 Feb 9
6412 Apr 12
85 Jan 4
43 Apr 13
158 Mar 9
105 Jan 22
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
98 Jan 21
812 Jan 7
56 Jan 6
64 Apr 16
97 Apr 13
157 Apr 9
2014 Jan 2
13112 Apr 14
80s Feb 11
123 Apr 16
7213 Jan 25
9312Feb 4
35 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
90711 Jan
9 Apr
54 Dec
4978 July
100 May
140 July
19 May
11034 Nov
82 Apr
115 Jan
65 Nov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
8878 Apr
09 Mar
14 Jan
6612 Jan
7778 Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
05 Mar
48 Jan 5
8712 Mar25
134 NIar17
1612 Mar23
100 Feb 24
109 Feb 5
116 Jan 4
1612 Apr 6
77 Feb 5
591s Jan 20
98 Jan 19
4 Feb 24
978 M ar12
914 Feb 24
233 Apr 3
13814 Feb 26
100's Jan 16
78 Apr 8
8513 Apr 9
154 Feb 8
56 Apr 13
9312 Apr 16
3 Apr 14
1912Jan 9
11112Jan 29
11434 Jan 29
12314 Apr 16
21 Apr 16
8412 Mar12
65 Apr 15
101 Feb 6
7 Apr 12
15 Apr 8
1314 Apr 5
260 Jan 22
152 Apr 16
104 M a r29
86 Jan 7
9212Jan 28
200 Jan 4
4714 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
108 Mar
112 Nov
14 Mar
7234 Mar
5712 Dec
9734 June
5 Feb
12 Jan 15
35 Feb 23
20 Apr 15
35 Apr 15
129 Apr 6
150 Feb 24
16'2 Feb 25
10434 Jan 4
28 Mar 8
26 M a r25
.95Jan 18
110 Feb 25
53 Feb 25
28 Mar27
38 Feb 1
10214 Jan 27
1214 Feb 8
4612 Jan 26
20 Apr 15
35 Apr 15
143 Jan 29
156 Apr 16
18'4 Jan 2
11012 Apr 5
30 Jan 16
28 Apr 6
112 Apr 16
1351.2 Apr 5
6458 Apr 13
2913 Jan 8
58 Apr 15
109 Jan 18
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
10012 June
9 Jan
1634 Jan
1412 Feb
265 Mar
15012 Feb
102 Jan
9438 Feb
96 Mar
21634 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
2018 July
10734 Mar
31 May
2912 Jan
2 Feb
173 Feb
6134 June
304 July
6714 Jan
11232Jan
1313 May
912 Dec
234 Nov
137 Dec
9812 Nov
7614 Nov
85 Nov
200 Dec
214 May
18 July
55 June
20 Apr
38 Dec
128 Nov
148 Dee
16 Jan
10112 Nov
27 Feb
27 Mar
.95 Dec
z113 Dec
5214 Dec
28 Jan
48 Dee
10314 Dec
Mining
238
238
238
238
238 238
2
214
2
214
995 Adventure Con
234 Mar27
I Jan 22
25
1 Apr
2 Jan
335 335 *335 345
340 340
340 345
38 Ahmeek
25 240 Jan 25 345 Apr 15 23934 Apr 300 Mar
36
3658 3578 3658 36
3612 36
381: -i'F/4 -38-1-4 18,165 Alaska Gold
Jan
3812
6
Apr 15
10
2614
19 July
2834 May
278
3
234 3
214
23,
314
3
4
2
234
258
2,565
338
Algomah
Apr
10
Feb
9
25
.45
Mining
.4,
71..
Alt.
,4,7
A71.
A*I12 Dee
134 Jan
Au
A*1.
. A117,
,
25 3512 Jan 5 4978 Apr 15
4334 Feb
34'2 Jan
18
6734 694
7134 74
7338 7518 7413 7578 14,0•18Amalgamated Coppe r__ _ _ 100 5038 Feb 24 7578 Apr 16
49 Dec
7814 Feb
2978 3078 2934 3014 2978 3114 3078 3178 3112 3314 53,175 Amer Zinc,
Lead & Smelt_ 25 1634Jan 4 3314 Apr 16
1214 Nov
2138 Jan
5
518
5
6
578 6
578 618
578 618 28,065 Arisona Commercial
6
314 Jan 4
618 Apr 15
212 Nov
Of. Mar
234
234
3
3
3
318
3
1,135 Butte-Balaklava Copper
312
314 312
10
312 Apr 15
2 Jan 16
1 Nov
418 Feb
47
4758 4678 4712 47
5112 53
61,363
5212
55
5514
10 3534Jan 4 5514 Apr 15
Butte & Sup Cop (Ltd)
24 Nov
4034 May
6312 6434 6314 6512 65
6534 65
66
6434 6613 3,902 Calumet & Arizona
10 5112 Feb 23 6612 Apr 16
53 Dec
7018 Mar
470 480
473 485
485 490
490 498
518 Calumet & Hada
498 500
25
500
350
Jan
4
Apr
16
350 Dec 460 Feb
20
20
1934 1934
1958 20
1912 20
22
1,775 Centennial
20
25
15 Jan 12 22 Apr 16
14 Jan
10 Feb
4012 4112 41
4278 43
212 44
334 .
43
414 4434 4414 45
2,561 Chino Copper
3278 Jan 6 45 Apr 16
3014 Dee
4312 Feb
52
53
5178 5312 53
54
53
5434 6312 55
18,4
24
50
2
Copper
Cons
100
13
Jan
55
Co..._Co
Apr 16
30
29 Dec
4034 Feb
278
3
____
Daly-West
213 3
20
178 Jan 21
3 Apr 12
113 Nov
1212 - 1218 1212 12
12
3 Feb
1212 1214 -1-i1-2
1214 1418 17,745 East Butte Copper Min
10
812 Jan 5 1418 Apr 16
8 Dec
13 Jan
858 834
812 834
814 938
878 912
6,760 Franklin
914 11
25
412 Feb 5 11 Apr 16
2
Nov
• 7612 7818 77
77s Apr
7912 78
7914 78
7912 76
7819 3,7.7 Granby Consolidated
100 58 Jan 7 7912 Apr 15
60 Dec
91 Feb
30
3012 30
3012 30
3214
3134 3212 3112 3212 3,227 Greene-Cananea
100 2314 Feb 1 3212 Apr 15
2114 Apr
1412 1514
4238 Feb
14
_1_4_3_4 4458. _1_4_1_2
14
1418
143
1,636
14
Hancock Consolidated
1514 Apr 5
25 11 Jan IS
11 Dec
22 Feb
*2658 2812 *2658
*2658 - - -- *2658 - - - 95 Redley Gold
10 2658 Apr 9 293.j Jan 19
28 July 30 Mar
.70 .80 *.75 .90 *.75
8' 4..75 .90 *.75 .90
600 Helvetia Copper
25
.25 Mar 2
.95 Mar29
.25 June
12 Jan
614 614
634 634
634 634
612 612
1,000
Indiana Mining
614 634
25
712 M ar30
214 Jan 21
3 Apr
612 Feb
44
4412 4412 4412 44
45
*4412 45
998 Island Creek Coal
45
46
1 41 Mar18 47'2 Jan 16
4412 Dec
5014 June:
*87
88
87
87
88
88
88
*8713 89
881
37 Do pref
13
Jan
90
8512
5
I
Jan
81 June 8913 June.
2512 2412 2512 2518 2578
25
2614 2712 24
77
18
2 2.
112 51:459702
errRL
oaykaele Copper
25 1713 Jan 11 2812 Apr 16
16 Dec
24 Feb
478
478
478 4%
478 5
5
5
Kerr
378 Mar
618 July
212 278
*238 258
214 212
214 25
,4 n14
234
1,350 Keweenaw Copper
25
5
Jan
44
2iv
j
a
In
ar17
8
5
34 F b 9
218 May 4% Feb
6
10
1012 10
1012 1038 11
11
5,291
1112
1234
*1212
Lake Copper Co
1212 Mar29
25
512Jan 27
434 Nov
512 612
1012 Jan
512 512 *512 578
588 558
53, 612 2,345 La Salle Copper
25
612 Apr 16
318Jan 7
31,f, Dec
512 Feb
234 3
3
314
314 314
314
314 314 •__ _ _
415 Mason Valley Mines
314 Apr 13
5
1 Marll
114 Dee
4 Jan
834 914
9
934
912 912
9
1012 9,210 Massachusetts Consol
93s
9
1012 Apr 16
25
3 Jan 11
2 Mar ,54 mar
52 512
512 512
514 6
514 512
3,545 Mayflower
514
Mar29
5
,
2
612
Marl
25
1
4
334
June
0 Jan
2412 2434 2414 2434 2412 25
2538 2658 2512 27
1,095 Miami Copper
1634Jan 2 27 Apr 16
5
1634 Dec
2418 Feb
1;f. 114
1
1
14
1 1/
1
*114
112
112
112
330 Michigan
178 Mar27
25
.60 Mar 1
.50 July
114 Feb
66
68
6612 68
6712 6818 6712 6834 6878 70
2,924 Mohawk
70.
Apr
15
Jan
16
25
4614
39
Apr
14
4913 Dec
1414
14
14
14
1414
1434 1518
1,093 Nevada
1514
15
24
FebF
15
73
14,p
15
16
t
10 Dec
1658
7
Dec
718
712
711
714
7
73
4
73
8
75
8
12,340 New Arcadlan
72
Apr
Consolid
Copperated5
25 14
1512
5 Feb
178 Jan
614 638
712Jan
614 638
618 618
618 614
6
614 2,200 Nipissing Mines
67s Mar29
5
S's Feb 3
5 July
818 Feb
3012 3134 3034 3212 32
3312 33
3334 3238 34
29,014 North Butte
2214
Apr
16
Jan 25 34
15
1934 Dec
278 3
3
3034 Feb
3
234 278
218
212
1,205 North Lake_
212 234
25
378 Mar31
1 Jan 28
.95 Apr
258 Jan
138
138
14
1
158
158
158 .113
134
225 011bway Mining
.50 Mar 4
25
178 Mar30
34 Apr
512 --53-4
2 Jan
518 558
512
512
514
512
514
512
1,745
512
35
6
Old Colony
Jan 4
25
6 Mar29
5012 50
50
258
Nov
5
5012 49
Feb•
50
4978 5014 50
5018 50
5112
1,937 Old Dominion Co
25 3812 Mar 8 5112 Apr 16
76
77
44 Dec
7512 7712 76
54 Feb
77
77
7712 7612 7912 79
1,351 Osceola
80
25 64 Jan 28 80 Apr 16
1518 1512 1512 1638
64 Dec
84 Feb
1534 1614
1512 16
1534 1614
8,602
16
8
163
pond Creek Coal
10 12 Jan 7
1638Jan 21
1234 Dee
7412 76
75
2078 Jan
7512 74
7512 75
7634 75
79
78
7914 2,398 Quincy
25 50 Jun 16 7914 Apr 16
2112 2158 2118 2112 214 2134 2178 2238 2238 2234 2212
5178 Dec
68 Feb
2278 2,560 Ray Consolidated Copper_ 10 1534Jan 7 2278 Apr 16
5012 51
50
15 Dec
2212 Apr
53
52
5234 53
5412 5514 5612 55
3,824
57
St Mary's Mineral Land
25 28 Jan 4 57 Apr 16
134
134
28 Dec
1'A 1%
40 Feb
PS
134
138
134
131
178
2
2SAIS 43:024500
ano
Fne Gold & Copper_ 10
1 Mar17 V/f• Apr 16
714
712
738 734
1 Jan
214 Jan
758 814
812 834
834 914
834 913
Shannon
10
4 Jan 15
912 Apr 16
27
27
4 Nov
27
2712 27
712 Feb
2712 2714 2838 2758 2734 28
29
1,231 Shattuck-Arizona
10 1834 Jan5 29 Apr 16
+.25 .30 *.25 .30 *.25 .35
18 Dec
2934 Feb
.30 .30
.27 .30__.
332 342
_1_800
4.300 s
So
5
u
u
p
t
e
.10
hU
rio
Utah
r
M
Feb
&
8
4
.35
Mar31
.10
3214 3214 3113 32
June
.23 Feb
3112 3134 3112 32
3134 3378
25 22'a Jan 6 3412 Apr 16
22 Nov
158
32 Feb
134
158
134
158
2
178
2
178
2
218 5,205 superior & Boston Copper_ 10
2
1 Mar 3
218 Apr 16
114 Nov 2% Jan
3634 37
36
3634 35
3618 3558 36
3512 3712 3712 3812 1.665 Tamarack
25
25
Jan
4
39
Mar29
2412 Dee
412 434
43 Feb
412 458
4,2 458
458 434
413 434
468 47, 1,170 TrinitY
25
238 Feb 11
5 Apr 7
51 Jan
.38 .40
231 Nov
.40 .48
.47 .58
.60 .63
.55 .60
.50 .50 9,450 Tuolumne Copper
I
.20 Jan 2
.63 Apr 14
.23 Dec
2634 2718 27
.85 Mar
2734 27
29
2858 2913 29
2912 29
3218
12,310
u
s
smelt,
Rena
&
Min
50
20
Feb
25
3218
Apr
16
2414 Dec
44
441z 44
4412 44
4312 Feb
45
4514 4558 4514 4513 4518 4512 2,442 Do pref
50 38 Jan 15 4558 Apr 14
338 37
,f,
4012 Apr
338
312
4878 Feb
314
312
34
312
338 312
338
312 3,800 Utah-Apex Mining
5
2 Jan 2
355 Apr 5
114 Nov
1014 1012
1012 1034
258 Feb
1012 1078
1078 1114
1078 1112 11
1138 3,095 Utah Consolidated
5
914 Feb 26
1178 Mar23
834 Jan
5834 6014
14 Feb
59
60
5912 64.
6312 6434 6414 6614 65
6614
4,639
Utah
Copper Co
10 4834 Jan 6 6614 Apr 15
4518
Nov
•1782A
59
L ,
2
June.
2;4", •134 2
178
2
21
4
218
2
3
1
3:530105
v1etoria
25
I Feb 26
3 Apr 16
1 Mar e2% Mar
*234 314
234 234
3
314 *234 3
3
3
3
3
Winona
25
154 Jan IS
314 Mar29
178 Dee
49
4912 49
478 Feb
50
49
49
4934 4934 49
50
5414
50
1,723
Wolverine
25 32 Jan 6 5414 Apr 16
.99
30 Dec
.99
.99
4734 Feb
1
.90 1
.95
134 4..95
.99
.96 .98 2.195 Wyandott
25
.50 Mar 3
1 Apr 3
.30 June
114 Jan
•Bid and asked prices. • Assessment paid. b Ex-stock
dividend. h Ex-rights. a Ex-dividend and tights. s Hnstamped. o 2(.1 paid. ro Halt paid.
!38 212
33 5 335
33
3612
3
338
AOS.
4a
6738 69
3036 31
5
538
*2%
4714 49
6412 6514
480 480
20
2034
4034 4134
5214 5334
+212 3
1238 1234
812 9
7712 78
3018 3012
15
15
2658 2658
.75 .90
612 718
44
44
*8714 88
25
2534
478 478
258 278
1012 1034
512 6
•3
834
512 6
2434 25
*114
158
6712 6812
1334 1418
7
714
638 638
2934 307s
314
312
278
THE CHRONICLE
Am 17 1915.]
Outside Exchanges-Record Transactions
Boston Bond Record.-Complete record of transactions
In bonds at Boston Stock Exchange Apr. 10 to Apr. 16, incl.
Friday
Bond.
Salesfor
Week's
Week.
Range.
Low. High. Shares.
Am Agri° Chem 1st 55 1928
101
1924
Cony deben 55
91
Am Tel & Tel 4s
1929 8834 88
20-year cony 4345-.1933 102
99%
Am Zinc L43. S 65_ _ _ _1915
119
At G & W I SS 5s
1959 65
6234
Gt Nor-C B & Q 45..1921
96%
New Eng Teleph 55....1932
10034
Pond Creek Coal 65..1923
98
Western Tel & Tel 55.1932 96
9534
101%
91
88%
10234
119
66
9634
101%
98
96
$2,000
1,600
14,000
22,100
3.000
48,325
9,000
16,000
2,500
21,000
Range since Jan. 1.
Low.
High.
9934 Jan 10134 Feb
91 April 91 April
Jan
8634 Jan 89
95% Jan 102% Apri
98
Feb 120 Mar
Jan 66 April
60
Jan 96% Jan
95
9934 Jan 10134 Feb
Jan
95
Jan 98
Jan
94% Mar 97
Philadelphia Stock Exchange.-The record of transactions at the Philadelphia Stock Exchange from April 10 to
April 16, both inclusive, compiled from the official sales lists,
is given below. Prices for stocks are all dollars per share, not
per cent. For bonds the quotations are per cent of par value.
Stocks.
Salesfor
Week's
Week.
Range.
Friday
Par. Sales. Low. High. Shares.
10
Alliance Insurance
American Gas of N J__100
50
American Railways
100
Preferred
Baldwin Locomotive_ -100 49%
100
Preferred
50 43
Cambria Iron
50 49
Cambria Steel_
Consol Trae of N J____100
Elee Storage Battery_ _100 50%
100 2734
General Asphalt
100
Preferred
Hunt& Broad Top,pref _50
21%
Insurance Co of N A.
Keystone Telephone.._50 1434
60 65%
Preferred
5%
Lake Superior Corp__ _100
50 7634
Lehigh Navigation
50 71%
Lehigh Valley
50
Lehigh Val Transit
50
Preferred
50
Norristown
50 8434
Northern Central
50 85%
Penn Salt Mfg
50 54%
Pennsylvania
Pennsyl Steel, pref _ _100 60
Philadelphia Co (Pitts),50 z3834
Prof (cumulative 6%)50
Philadelphia Electric_2234 24%
Phil Rap Tr vot tr rcts_50 1035
Philadelphia Traction..50
50 75%
Reading
434
Tono-Belmont Develop_ _1
1
7
Tonopah Mining
50 36
Union Traction
100 223
United Cos of NJ
United Gas Impt ' 50 8434
United Ry & Elec (Bait) 50
S Steel Corporation_100 57
10
934
Warwick Iron & S
100
Welsbach Co
50
8
York Railways
ScripCambria Steel scrip._1916 98
1917 9651
do
Philadelphia Co scrip-1918
BondsAmer Gas & Elee 55_ _2007
2007 86
do small
Baldwin Locom let 55 1940 102
Bethlehem Steel pm 681998
1st & refund 5s_...1942
ChocOk & Gulf gen 55_1919
1952
Consol 55
Elec & Peo tr ctfs 4s_ _1945 77
1945
do small
Frank Tacony & H 55_ ___ -----Harwood Electric 65_ _1942
Inter-State Rya coll 45 1943 60
James F& Clear let 45 1959
Keystone Tel 1st 55..1935
Lake Super Corp 55..1924
Leh C & Nav gen 4345 1924
1954 99%
Consol 4345
Lehigh Val gen cons 452003
Gen consol 434s_ _ _ _2003 9834
Lehigh Val Coal 1st 55 1933
1933
Registered 55
Leh Val Transit 1st 55 1935 10235
Market St Elev 1st 45_1955
Penn RR temp Ufa 434s.. 10434
People's Pass tr ctfs 45 1943
Philadelphia Co 1st 5s 1949
Cons & coil tr 55_ _ _1951
Phil Electric tr etfs 55.1948
1948
do smal
1950 79%
Trust certfs 4s
1950
do small
1997
Reading gen 45
1951
J-C collat 45
Spanish Am Iron 65..1927 101%
Standard G & E (15._ _1926 89%
United Rye g tr ctf 4s_1949 7431
United Rye Invest 55_1926
1930
Welsbach Co 55
Range since Jan. 1.
Low.
High.
51 1531 Jan
1634 Mar
1834 16%
Feb
Jan 104
65 100
10234 10234
Jan
Mar 36
287 30
33
32
Jan
Feb 101
41 100
100 100
Apr
Feb 50
2,130 30
40
50
Mar 10334 Jan
168 90
100 10034
Mar
41 4134 Mar 43
43
43
Apr
Feb SO
10,381 41
47
50
Apr
Jan 74
25 72
74
74
51% 1,108 4734 Jan 5134 Apr
50
Jan
Mar 32
1,130 24
26% 2734
Mar 68% Jan
544 60
6634 6734
Mar
5
14
834 Apr 14
14
Jan
Jan 22
96 21
2134 2134
165 1334 Jan
1534 Feb
14%
14
Jan 65% Apr
381 61
65%
65
Apr
934 Jan
5
21,550
5
6
Apr
441 7334 Apr 77
75% 77
Apr
556 65
Jan 72
7034 72
16
174 1334 Jan 1634 Mar
1631
31
3134
845 26% Mar 3134 Apr
Apr
145 145
1 14134 Jan 145
Feb
Apr 86
8434 8434
190 84
Jan
85
Mar 90
8534
317 80
54% 54'34 2,165 51% Feb 5434 Apr
Jan
Mar 63
200 50
59
61
Apr
895 29% Mar 40
z3834 40
Mar 4034 Apr
435 32
40
4034
23% 24% 3,911 2334 Jan 2434 Feb
934 Mar 11% Mar
2,968
10% 11
Mar 79% Jan
50 76
77)4 7731
767
4 1,616 70% Feb .76% Jan
75
3% Feb
5% Mar
434 534 8,412
6% Feb
7% Jan
7
7% 2,430
Mar 3934 Jan
1,752 34
35% 3634
Mar 225
4 220
Feb
223 223
8434 2,168 80% Jan 87% Mar
84
Apr 25
25
Apr
25
25
Apr
Feb 58
47,702 38
5534 58
9% Feb 10
Jan
315
934 934
Mar 35
20 35
Mar
35
35
Mar
7
834 Apr
90
8
831
9736 98
9634 97
9234 9234
1,603
1.204
350
8634
86
102
11634
89
97%
97
77
82
73
96
60
90
94
30
10234
99%
8835
9834
104
10334
10234
92%
10434
8035
96
82
10134
102
79%
8034
9334
92%
101%
89%
7434
66
9034
$9,000
2,700
1,000
1,000
4,000
1,000
3,000
19,000
900
2,000
5,000
19,000
4,000
3,000
4,000
1,000
29,000
12,000
1,000
7,000
1,000
3,000
3,000
58,000
3,000
1,000
14,000
34,000
1,900
10,000
800
11,000
1,000
5,000
3,000
4,000
47,000
1,000
8534
8534
102
11634
89
97%
97
7634
80
73
96
60
90
9334
30.
10234
99%
88
9834
103%
103%
102%
92
104
8034
96
81
101
10134
7934
80
9334
92%
101
88%
7434
65
9034
95
95
80
Feb
Feb
Feb
85
85
10034
115%
87%
95%
9334
76%
80
65
95
5734
90
90
30
102
97%
87
97
103
103%
102
92
10334
80
95
70
100%
101
77%
79
9135
9034
100%
8834
73
55
89
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Apr
Jan
Apr
Apr
Jan
Apr
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Apr
Jan
Apr
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Mar
Jan
Apr
98
Jan
97
9234 Apr
8634
86
102
117
89
97,
4
97
79
82
73
99
60
9034
9434
45
10234
99%
8834
98%
104%
103%
10234
9334
105
83
97
82
10234
10234
80
80%
95
93%
101%
89%
7434
66
91%
Feb
Apr
Jan
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Apr
Feb
Feb
Jan
Apr
Feb
Apr
Apr
Jan
Apr
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Jan
Apr
Apr
Mar
z Ex dividend.
Pittsburgh Stock Exchange.-Following sales were reported April 10 to April 16, both inclusive.
Bond.
Independent Brewing 65, 1955-April 12, $1,000 at 5034; April 13, $2,000 at 50;
April 16, $1,000 at 91.
Pittsburgh Brewing 65, 1949-April 12, $2,000 at 55; April 13, 310,000 at 53; April
14, $2,000 at 52; April 15, $7,000 at 50405131; April 16, $7,000 at 52.
Pittsburgh Coal deb. 5s, 1931-April 10, $2,000 at 9434; April 14, $7,000 at 950
- 9534.
Union Natural Gas 65, 1919-April 10, $2,000 at ung.
1335
Stocks.
Amalgamated Copper (par 3100)-April 14, 25 at 7234.
American Sewer Pipe (par $100)-April 10, 140 at 20; April 12, 120 at 205402034;
April 13,690 at 2034 02134; April 14,305 at 2134 024; April 15, 235 at 22310
23; April 16, 25 at 2254.
American Window Glass, preferred (par $100)-April 13, 20 at 109; April 14, 20 at
10955110; April 16, 25 at 111.
Brooklyn Rapid Transit (par 3100)-April 14. 20 at 9134.
Caney River Gas (par 825)-April 13, 10 at $2434.
Columbia Gas & Electric (par 3100)-April 10-200 at 934; April 12, 10 at 1034;
April 14, 130 at 10; April 15, 40 at 10; April 16. 1.215 at 1001035.
Crucible Steel, common (par 8100)-April 10.250 at 1534E015H: April 12, 1,050 at
1534 01634; April 13,785 at 16540163-4; April 14,570 at 153401634;Apr11154
605 at 153-1 016; April 16. 3,300 at 1534018.
Preferred (par 8100)-April 12, 50 at 82; April 13, 25 at 81408134; April 14.
115 at 8134082: April 15, 535 at 8134558134; April 16, 715 at 8134 083.
Elk County Natural Gas-April 10, 50 at $103; April 12, 70 at $10234 0103; April
13, 140 at 3102%03103; April 14, 125 at 102%0103%; April 15, 175 at 10334
010335; April 16, 117 at 3103340104.
Harbison Walker Refractories, preferred (par 8100)-April 13, 115 at 98; April 14.
30 at 98.
Indepemdent Brewing,common (par $50)-April 12,25 at 3334; April 13,10 at 3334.
Preferred (par 350)-April 10, 125 at 31701734; April 13,50 at $1734; April 14,
50 at $18: April 16, 60 at $17314
La Belle Iron Works, common (par $100)-April 10, 50 at 2934; April 12, 100 at
2934; April 14,50 at 2934; April 15,63 at 2934.
Lone Star Gas(par 3100)-April 10, 20 at 102; April 14, 191 at 1020105; April 15.
20 at 107; April 16, 15 at 106.
Manufacturers' Light & Heat (par 350)-April 12, 305 at $4734554734; April 13,
59 at $47%; April 14,95 at 34734 04734; April 15,60 at $4794 047%;April 16,
115 at 3473404734 •
National Fireproofing, common.(par $50)--Correction.-April 9 last week should
read 60 at 3551 0534. April 10, 50 at 3534; April 12, 125 at $53455534;
April 13, 15 at 3534; April 144 195 at 359405H•
Preferred (par 850)-April 10,' 135 at 32051021; April 12, 60 at $20345521;
April 13, 40 at $2102134; April 14, 90 at $21.
Ohio Fuel Oil (par 81)-April 12, 10 at $1334; April 14, 96 at $1334; April 16, 75
at $1334.
Ohio Fuel Supply (par 825)-April 12,49 at 34034; April 13, 10 at $4034; April 14.
65 at $4004034; April 15, 250 at 340; April 16, 155 at $40.
Oklahoma Natural Gas (par $100)-April 14, 20 at 60; April 15, 30 at 60; April 16.
10 at 60.
Pittsburgh Brewing,common (par 850)-ADM 10,40 at $434; April 13,90 at $43455
4%; April 14, 15 at $434; April 15, 85 at 34%; April 16, 70 at $5.
Preferred (par 350)-April 12,10 at 31734; April 13,50 at 317; Apr1114, 40 at $17;
April 15, 115 at $17.
Pittsburgh Coal, common (par 3100)-April 10, 135 at 2234 @2234: April 12,610 at
2234 ©2334; April 13.350 at 2334(52354; April 15, 20 at 23; April 16, 130 at
2234 02234.
Preferred (par 3100)-April 15, 40 at 9494; April 16, 50 at 9354.
Pittsburgh Oil & Gas (par 3100)-April 12,60 at 534; April 15, 210 at 6.
Pittsburgh Plate Glass (par 3100)-April 10,60 at 104010434; April 13, 11 at 104;
April 14, 13 at 10434; April 15, 15 at 105.
Pure Oil, common (par 85)-April 10, 488 at $15; April 12, 3,430 at 31501534;
April 13,55 at $1554; April 14,860 at 31501554; April 15,305 at $15; Aprill6,
1,270 at 3143401534.
San Toy Mining (par 81)-April 12, 3,000 at 9 cts.; April 14, 7,100 at 9 cts.;
April 15, 2,000 at 9 eta.; April 16, 6,200 at 9 eta.
Union Natural Gas (par $100)-April 10, 25 at 131; April 12, 11 at 131; April 13.
20 at 131; April 15, 25 at 13134.
Union Switch & Signal, common (par $50)-April 13, 42 at $99; April 15, 150 at
896097; April 16, 102 at 39634 097.
United States Steel Corporation, common (par 3100)-April 10, 95 at 55% @5731;
April 12, 10 at 55%; April 13, 70 at 5534057; April 14, 30 at 5705734;
April 15, 20 at 5705734; April 16, 10 at 5734
Westinghouse Air Brake (par 350)-April 10, 45 at 3120; April 12, 39 at 311951055
120; April 13, 100 at $120; April 14, 480 at $12034 ©12134; April 15, 240 at
$1220123; April 16, 977 at $12434 0130.
Westinghouse Elec. & Mfg., common (par 850)-ADM 10, 150 at $383403834 ;
April 13, 140 at $38341539; April 14, 205 at $3934553934; April 16, 600 at
$4204334.
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from April 10
to April 16, both inclusive.
Salesfor
"Week's
Week.
Range.
Friday
Sales. Low. High. Shares.
Par.
Stocks.
Atlan Coast Line RR_ _100
Bait Electric prof
50
Commercial Credit_ ___100
Cons G E L& Pow_ _ _ 100 107%
Preferred
100
Consolidation Coal__ 100 95
6
Cosden & Co
100
20
Elkhorn Fuel
50
Fairmont Gas
Houston 011 trust ctfs_100 16
Preferred trust ctfs_ _100 5934
50
Northern Central
Penna Wat & Power-100 6834
50 25
United Ry & Elec
Wash B & Annap pref 50
5
334
Wayland 011 & Gas
Bond.
Anacostia & Potom 58 1949
Atlanta Consol St 55..1939
Atl C L cony deb 45_ _1939
Bait Electric stpd 55_ _1947 99
Bait Sp P & C 4303..1953
Brunswick dc West 45
Carolina Central 45..1949
Chatles Con Ry G&E 55'99
Coal & Iron 1st 55_ _ .._ 1920
Consol Gas gen 430.1954
Consol GE & P 4345_1935
99%
Notes
99%
Notes, small
Consol Coal refund 5s 1950 88%
1923
Convertible 65
1918 95
Elkhorn Fuel 55
Fair & ClarksTrac 55_1938
Georgia & Ala cons 53 1945
Ga Car & Nor 1st 55_1929 10234
1945
Ga Sou & Fla 55
G-B-S Brewing let 45_1951 20
1951
Stamped 4s
Jacksonville Gas 55_ _1931
1931 9834
Md Elec Ry let 55
Maryland Steel 55_1922
Milw El Ry & Lt 4345 1931
Minn & St Louis 45
M St & St PC Joint 551928
Mt V-W C D at of deposit 3734
N 0 Mob & C let 5s__1960 41
N N & Old Pt 1st 55_1938
Norf & Ports Trac 55_1936
1949
Norf Ry & Lt 5s
1940
Penna W & P 55
Portland Ry ref 5s...1930 97%
Saab & Roanoke 55_1928
1941
South Bound 55
United Ry & E 48..1949 81%
1949 61%
Income 4s
1936
Funding 55
small
1936 84
do
1916
Notes 5s
Va-Md 5th series 55 em '26
Range since Jan. 1.
Low.
High.
107
44
168
10734
114
95
6
2034
25
1634
5934
8434
68%
2534
32
334
20
5
34
690
152
1,044
1,920
1,807
441
4,750
2,853
424
180
2,475
10
1,303
107 April
Jan
43
Mar
155
10234 Jan
10634 Jan
92
Jan
5
Jan
17 April
Feb
25
10
Mar
54
Jan
83
Jan
68
Feb
24
Feb
3134 Jan
251 April
107 April
4451 Feb
168 April
10734 Jan
Mar
115
9534 Jan
6 April
2034 AVM
2534 Mar
1634 April
5934 April
8534 Jan
6834 April
27
Mar
32 April
451 Jan
10054 10034
10334 10334
8634 8794
99
99
96
96
92% 92%
8534 8534
9434 9434
9654 9634
9334 9334
8834 89
99% 100
99% 100
88% 88%
10034 10034
95
95
9934 9934
10234 102%
102% 10234
10234 1023-4
20
20
20
20
9134 9134
9834 9834
953,4 9534
923,4 9234
57
57
10134 101%
3734
35
40
4134
97
97
83
8334
97
97
91
92
9734 9734
10194 10131
10534 10534
81
8134
6134 61%
84
84
84
8494
10034 100%
10134 10135
$4,000
1,000
13,000
5,000
2,000
1,000
2,000
1,000
1,000
7,000
22,000
45,500
1,900
8,000
16,000
1.000
6,000
3,000
7,000
4,000
7,500
2,000
2,000
15,000
1,000
1,000
2,000
2,000
34,000
25,000
2,000
2,000
1,000
6,000
6,000
1,000
1,000
46,000
63,000
1,000
1,400
2,000
200
99% Jan
10234 Mar
Jan
85
9634 Jan
95
Jan
9234 Aptil
84
Jan
93
Jan
9454 Jan
93
Jan
87
Jan
9834 Mar
983-4 Mar
863-4 Jan
99% Mar
92% Jan
9834 Jan
1005
% Jan
101
Jan
10134 Jan
20 April
20 April
9035 Jan
9654 Jan
9594 April
9234 Jan
57 April
10034 Jan
Jan
35
Jan
33
Jan
95
81
Feb
9534 Jan
88
Jan
9734 April
10134 Mar
105)4 April
81 Aprll
5934 Mar
83% Mar
84
Mar
100
Jan
10151 April
10034 April
10334 Feb
8794 April
9914 Feb
Jan
97
92% April
8534 April
Jan
95
9634 Mar
Jan
94
89 April
100 April
100 April
91
Jan
10051 Feb
9551 Mar
100
Jan
10234 April
10234 April
10234 Feb
Jan
23
2236 Jan
9134 Mar
9834 Jan
953,4 April
9251 Jan
57 April
102
Jan
Fe
40
4134 April
97
Feb
843( Jan
9734 April
92 April
9934 Jan
Jan
102
10534 April
82
Jan
63
Jan
87
Jan
8754 Jan
100H April
10134 April
107
44
168
10634
112
92
534
17
2451
12H
54
84
68
25
32
2%
THE CIIRONICLE
1336
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Apr. 10 to Apr. 16,
both incl., compiled from the official sales lists, is as follows:
Range since Jon. 1.
Salesfor
Week's
Week.
Fridal
Range.
Par. Sales. row. High, Shares.
Stocks.
0=00MC0C,
-.....,h0.1.0M0WWWCOhM ,
-,MMNN ,
-,
-,MCChTMWh
vt,64,,...eqc*p
M
'MM
M
h
Low.
High.
W
NM
2634
373
r13034
26
674
30
6834
5
20
45%
88
23
1
205
136
90
24%
105
60
96
20%
314
834
120
119%
414
116%
75
230
103
4
9
aI3134
121
484
104%
14434
38%
1104
Jan
Apr
Feb
Apr
Apr
Feb
Mar
Mar
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Feb
Jan
3534
390
132
32
71
41
80
8
29
594
93
3134
3
213
14034
98
514
1124
65
10134
30
334
8%
1254
1404
49
123%
87
250
1044
434
9
215
126
70
1104
165
571i
114
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Mar
Apr
Jan
Apr
Mar
Jan
Apr
Feb
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Apr
Jan
Mar
Apr
Mar
Jan
Apr
Mar
91
88
9734
70
943-4
74
40%
994
100
10114
74
864
92
9934
1014
87%
88
94%
Jan
Apr
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jan
924
88
99
73
97
77%
44
101
102
102
77
88%
9434
10134
102
91
90
9644
Feb
Apr
Feb
Mar
Feb
Mar
• Jan
Jan
Jan
Jan
Feb
Apr
Mar
Mar
Ain'
Apr
Apr
Feb
Qc,
2"§8008c0080§0C
00 000 0 00
4.1o0,0
cgq°
.
American Can
10(
3534 35%
American Radiator_ _ _ _10(
373 375
Preferred
10(
132 132
Amer Shipbuilding_ _ _ _10( 32
20
32
Preferred
IOC
71
6734 71
Booth Fisheries, com 10(
39)4 41
Preferred
10(
78)4 80
Chic City& C Ry ptsh corn_
7
8
Preferred
274 29
Chic Pneumatic Tool_ _10( • 56
51
59;4
Chic Rys part ctf "1"
88
894
Chic Rys part ctf "2"
21
26
Chic Rys part ctf "4"
14
114
Chicago Title & Trust_ 10C
210 212
Commonwealth-Edison 10C
136 1404
Diamond Match
100 95% 94
954
Goodrich (B F), com_ 10C
514 51q
Hart Shaft & Marx, PI- IOC
110 110
Illinois Brick
100
64
65
Internat Harv of N J_100
1014 1014
Kansas City By & Lt..100 22
22
24%
Lindsay Light
334 3%
Preferred
84 8%
National Biscuit
100
12534 1254
National Carbon
100
137 1404
Pacific Gas & Elec Co_ _100
4714 49
People's Gas Lt & Coke 100 120
119)4 120 y
Pub Ser of No III, com-100
86
844
Quaker Oats Co
100
245 250
Preferred
100
103 104%
Rurnely, common_ ., _ _ _100
4
4
Preferred
100
9
9
Sears-Roebtick, com__ _100 139% 1384 14034
Preferred
100 125
1234 125
Stewart War Speed com 100 63
65
70
Swift & Co
100 109% 100 lln
Union Carbide Co
100 164
160 165
U S Steel, common_ _ _ _ 100
57% 574
Ward, Mongt'y & Co, pref
111)4113)4
Bond:Argtour & Co 445_ _ _ 1939
91% 91%
Allah Fisheries 81 63_1926
88
88
Chicago City Ry 53_ _1927 98
97% 98
Chic City& Con Rys5s 1927
72
70
Chicago Rys 53
1927 95% 95% 95%
Chic Rys 4s, series "B"..
764 764
Chic Ry ad,' Inc 45_1927
424 43%
Chicago Telephone 55_1923 100% 10034 100%
Comraonw-Edlson 55_1943 100% 100 1014
Dia MatchIcon deb 13s _ 1920
102 102
Metr W Side El 1st 55_1938 7534 74% 753'
Morris & Co 445_ __ _1939
87)4 87%
Ogden Gas 5s
1945 944 94% 944
Peo Gas L & C ref g 58 1947
10034 101
Chic Gas L & C 1st 53'37 102
1014 102
Pub Ser Co 1st ref g 5s 1956
90
91
South Side Elev 443_1924 89% 88% AO
Swift & Co 1st g 55_ _ _1944 96
96
1113
a Ex 50% stock dividend. z Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
April 16 1915.
Shares.
Railroad,
Par Value.
810,771 $72,018,450
882,008 78,566,675
1,057,289 91,514,400
1,024,164 87,132,900
1,206,677 104,851,450
1,074,173 94,990,925
Saturday
Monday
Tuesday
Wednesday
Thursday
'Friday
Total
Sales at
New York Stock
Exchange.
Bonds.
State, Hun.
& Foreign
U.S.
Bonds.
Bonds.
$2,765,500
3,480,000
3,381,500
3,531,500
3,981,000
4,077,500
$13,000
95,000
67,000
34,000
49,000
46,000
$1,000
500
6,055,082 $529,344,800 $21,217,000
$354,000
$1,500
Week ending April 16.
1915.
1914.
Jan. 1 to April 16.
1914.
1915.
Stocks-No. shares__ _
6,055,082
2,032,155
25,563,314
27,983,235
Par value
$529,344,800 $179,928,285 $2,429,328,540 $2,253,377,914
Bank shares, par
$1,300
$3,500
$235,900
$89,800
Bands.
Government bonds__ _
$1,500
$305,000
$37,000
$410,500
mun.,&c.,bonds
354,000
State,
21,137,000
2,108,500
6,351,000
RR.and misc. bonds_ 21,217,000 10,977,500
229,884,500
199,168,500
Total bonds
$21,572,500 $13,123,000
$251,328,500
$203,930,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
April 16 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. iBond Sales. Shares. Bond Sales.
49,992
55,749
73,802
103,451
103,517
107,403
$23,000
21,500
41,400
12,500
26,600
8,425
493,914
5133,425
18,056
$65,300
16,791 _ 68,202
19,462
51,562
19,291
65,750
26,032
53,749
28,711
34,925
123,343
8339,488
3,393
2,914
3,197
3,254
4,494
1,988
517,200
88,500
110,400
40,000
85,600
74,700
19,210
$416,400
Inactive and Unlisted Securities
All bond
interest" except
prices are "and
Standard Oil Stocks-Pc'Share
Par Bid. AA
Anglo-Amer Oil new..
•1758 1734
Atlantic Refining
100 570 575
Borne-Scrymser Co
100 270 280
Buckeye Pipe Line Co
50.109 111
Chesebrough Mfg Cons_ _100 720 750
Colonial 011
100 120 130
Continental 011
100 232 235
Crescent Pipe Line Co_
50 4.37 39
Cumberland Pipe Line__ _100 45 48
Eureka Pipe Line Co__ 100 222 226
Galena-Signal 011 com
100 138 142
Preferred
100 159 161
Illinois Pipe Line
136 138
Indiana Pipe Line Co____ 50 102 104
National Transit Co
25 "31 32
New York Transit CO. 100 211 214
Norttlern Pipe Line Co.._ LOO 92 94
Ohlo 011 Co
25'142 143
Pierce 011 (new)
25 •1412 15
where marked "f
Stand 011 Stks ((Janet)- Per sh are
Par Bid. Ask.
Prairie Oil & Gas
10 258 261
Prairie Pipe Line
142 144
Solar Refining
101 237 212
Southern Pipe Line Co 100 208 211
South Penn Oil
lii 272 276
Southwest Pa Pipe LInes.100 110 113
Standard Oil (California) 10 298 301
Standard Oil (Indiana)..10 405 410
Standard 011 (Kansas) ...l0l 350 355
Standard 011of Kentucky100 250 235
Standard Oil of Nebra5ka100 320 330
Standard 01101 New Jer_10 399 402
Standard OilofNewY'rkJOi 190 192
Standard 011 of Ohlo
100 428 432
Swan & Finch
100 120 125
Union Tank Line Co__ _100 82 81
Vacuum 011 100 203 211
Wamillnwton 011
10 .35 38
Bonds.
Pierce Oil Corp cons Is 1924 80 83
Tobacco Stocks-Pet Share
Par Bta. AL!
American Cigar common.100 113 116
100 99 101
Preferred
Amer Machine & Fdry_ _100 70 75
British-Amer Tobac ord. £1 '1714 1734
£1 •1814 1834
Ordinary. bearer
100 300 320
Conley Foil
Johnson Tin Foil dc Met.100 130 140
MacAndrewa & Forbes..100 195 205
Porto Rican-Amer Tob 100 190 200
190 200
6% scrip
Reynolds(R J) Tobacco_100 300 310
Preferred
118 120
Tobacco Products corn,. 100 55 59
Preferred-Sec Stock Ex. list.
United Cigar Stores corn.100 106 110
Preferred
100 110 120
United Cigar Stores(new) 10 "1038 1034
Young (JS) Co
100 155 185
Short Term Notes-Per Cent.
Wori. 100.
Elec, Gas & Power CORPar Bid. Ask.
Am Gas & Elec corn
50 .89 91
Preferred
50 "48 49
Am Lt & Trac common_100 x314 318
100 x107 109
Preferred
Amer Power & Lt corn...100 6112 83
10
Preferred
8112 83
Amer Public Utilities com100 30 34
Preferred
100 65 68
100 52 56
Cities Service Co coin
Preferred
100 58 60
912 1012
Columbia Gas & Elec.._100
-J-J 71 7134
1st 55. 1927
Consumers Power(Minn)
1st & ref 55 1929 . _M&
8912 9012
Flee Bond A Share pref_ 100 9312 00
Great West Pow 55 1946 J&J 7912 81
Indiana Lighting Co____ 100 39
F-A 69 71
48, 1958 optic nal
Northern StatesPowercom 101 25 26
100 81 83
Preferred
Pacific Gas & E corn_...10I 47 4812
82 84
10
Preferred
72 75
South Calif Edison eom_10
100 89 9112
Preferred
6
*5
Standard Gas & El (Del). 5
2212
5 *21
Preferred
United Gas & Flee Clorp.100 20 21
1st preferred.
100 60 63
2d preferred
22
100 21
Utah Secwities Corp.._ 100 1312 1412
6% notes-See Short-Term Notes
Western Power common.10( 14
16
Preferred
101 60 61
I
Amer Lccomotive 55.'15 _J-J 10014 10012
55, July 1916__J-J 100 10012
59, July 1917.___._J-J 9912 10014
10118
Am 'l'ob 6% scrip. Sep 1 '15
Am T & T Sub Cos 5s. 1916. 100% 10034
Anaconda Copper 5s'17.M-8 9034 9978
Ball & Ohio 445, 1915__J-111 10018 10014
BethSteel5s.J'ne 1 1 15 J-D 1 1 10018 10038
Ches & Ohio 5s 1919 ._ _J-D 9178 9214
Chic Elev Ry 58. 1916- --1--1 9512 97
Chic & t'S Ind 59, 1915_ _M-S 10018 10058
Consul Gas 68, June 25 'IS..6311% 2.5(1
Consum Pow 6s, 1917_111&N 9712 99
Erie RR 55, Oct 1 1915_A-0 10034 101
Industrial
99 9914
5stitp.
r%lipr1019
1
5
and Miscellaneou•
116
917_ _A-0 9538 9858
General Rubber 4 145,'15.J-J 10018 10038 Adams Exp cm tr h4s 47J-D '70 7112
85
Bar fly & Pt Ch 55.'13 M-N 100 10018 Alliance Realty
Hocking Valley Os,'15_M-N 101 10114 Amer Bank Note corn_ . 5 *33 35
78
512 50
15
90 "4
Preferred
lot Bury 53. heb15 '18.F-A 9938 995s
40
5 170
00 116
10
Lake Sh & Mich So,J'ne'15. 6314% 2.50 American Book_
110
10038 10058 American Brass
5s Sept 1915
0 10
58
1 162
10058 1007s American Chicle corn__ 111
5s Dec 1015
93
Preferred
Minn Gen El 63, 1917_J&D 100 10012
100
00 0
70
3 76
New Eng Nay 641, 1917-M-N 96 9712 Am Graphoplione corn 1
95
Preferred
N Y C & IT 1111,
100 10
ardware__ 100 116 119
18 kinLictzo
0078
tn19I1I7
44s, May 1 1915
10038 10058 Amer Malting Os 1914
55, Sept 15 1915
J. D 9612 99
55, Oct 1 1915_ ... _. A-0 10058
.50 125 150
NYNH& H 58, 1915_M-N 100 10018 American Surety
Amer
9934 100
dfotinders com _100 36 39
eryrpee
bs, May 1 1916
012et
pr T
10014
100 87 89
Pat G E 58, Dec 15 1915
112
1
Pub Per Corp N .1 l's,'16 M-8 100 10014 Amer Writing Paper__ -100
50 225 250
9958 9978 Bliss(E W) Co corn
Schwarz & Sulzb
0
tboard A [.55. 19 I(1__M-s 9934 100.18
Preferred
10
50 2
18
40
5 290
Southern By 55, 1016_ F-A 991! 99‘8 Bond & Mtge Guar
M-82 98 9812 Borden's Cond Milk com_100 110 11113
58, Mar 2 1917
106
Sulz&Sonsro Os.J'nel '16M-8 9988 9978
Preferred
UnTypew 53,J5n15 '16 J-J1.5 961. 98 13raden Copper Mines
838
1051 101'514
8
100 60 62
United Frult6s.Mayl '1751-N 10118 ,0112 Burns Bros, corn
9812
104
Preferred
Gold notes 58 1918_ _M-N 9814
2 c
A-0 98 18000Cectisit,iilom
Casualty Co of America_100
Utah Co Its, 1917
10010
00
1
Co
100 136 142
UtahSecurCorp 65,'22M-S15 7934
City Investing Co
1001 15 20
Preferreu
_100 70 80
New York City Notes100 60 63
Consol Car Heating
10078 101
Duvis-Daly Copper Co_ __10 *112 134
Os, Sept 1 1915
10212 10234 du Pont (E I) de Nemour
68, Scot 1 1916
10112
10414
336 340
Powder
1
6s, Sept 1 1917
10
88 91
Preferred
Per CI. Bast, Emerson-Brantingham 1001 16
RR. EquipmentsBid. Ask •
Preferred
1001 50
.4
4.55 4..
455
5 Goldfield Consol Mines_ _ -1 •1N
Baltimore & Ohio 4145
142 a
Havana Tobacco Co_ _ 100
Buff Roch & Pittsburgh 43it 4.60
4.60
100
5 10
Preferred
Equipment 48..
5.25 5.05
let g 55 June 1 1922..J-DI/54
Caro Clinchf de Ohio 53_
5.00 4.80 Intercontinenel Rub corn 1001
714 734
Central of Georgia 5$.___
10
5.00 4.80 Internat flanking Co
98 103
Equipment 4)4s
-..-- 6
International Nickel
A11
.
10
00 11
1260
26
341 127
Chicago & Alton 45
10412
Preferred
Chicago & Eastern Illinois Sr --__ 8
24
International Salt
6
Equipment 44s.
5.00 4.80
let g 5s 1951
/ 4)4s._..
5612
Chic Ind & Louis,
17
012 115
1-0_131 1900
4.75 4.60 International Silver pref_..1.7
Chic St L & N 0 58
4.50 4.35
108
1st Its 1948
Chicago & NW 4
10012
6.50 5.50
Deb Os 1933
Chicago R I dr Pas 414s..._
5.00 4.75 Kelly Springfield Tire.. 101) 136 137
Colorado Js Southern be_
5.00 4.90
100' 84 85
1st preferred
Erie 53.
5.0e 4.00
100 136 140
2d preferred
Equipment 444s
5 00 4.90 K
ngve
5 .4% 4%
i‘INolniontiy
%itte
uienr8rto
Equipment 49
4.85 1.70
100
Hocking Valley 4s
4.35 4.70 La Rose Consol Mines
10t5
)
,1 18%
'
17
Equip 59
'Re
192
4.60 4.40 Lawyers' Mtge Co
Illinois Central 55
4.55 4.45 Lehigh Val Coal Safes-bgl 170 172
449
4.00
1
Transit
*3
4
Nfanhattan
2
5.10
Kanawha & Michigan 4145
.
.
00
5,
234
4.55 4.35 Marconi Wireless of Am.1
Louisville & Nashville 5a
1;0255 115
4.75 4.60 Mortgage Bond Co
Minn St P&SSM 4 tis. _
100 160 170
5.75 5.20 National Surety
Missouri Kansa•& Texas 58
6.00 5.25 N Y Mtge & Security...101) 130 137
MIlsouri Pacific 55
10l 50 57
5.00 4.80 N Y Title Ins Co
Mobile & Ohio 55
5.00 4 80 NIONS1111; Mines
638
Equipment 443
4.90 4.75 Ohio Copper Co
New York Central Lines 5e.
38
10
1051 7
*6.
1.1148 73
5.00 4.90 Otis Elevator corn
Equipment 44s
4.70
Preferred
100
4.90
89 91
N Y Ontario & West 445..
50 "478
4.50 4.411 Pittsburgh Brewing
Norfolk & Western 4)4s..
Preferred
4.50 4.40
'1612 1712
Equipment 45
0
c1I
rs,320
Rrea
o(litnyceA
00°1
Pennsylvania RR 449
. 4.40 4.25 P
0
105
4.40 4.25
-97 1EEquipment 4s
81.6
Remington Ty
(p
rekwi'
11.1nt)
Pere Marnuette 55
6
Common
100 10 12
Equipment 414e
1st preferred
5._10 0
4.90
1001
St Louts Iron Mt & Sou 513_
2d preferred
100 5
St LOUIS & San Francisco
38
5 6
42
5
- .4:40 4.80 Riker & Hege'n (Corp for stk) 4134 778
Seaboard Air Line 55
5.00 4.80 Royal Bak Powd corn
100 150 160
Equipment 4145
4.50
4.60
Preferred
Southern Pacific Co 4348.,
1
10114 102
4.80 4.60 Safety Car Heat & Lt._ _ 100 99 101
SouthernRailway 4445
Singer Mfg Co
100, 22
Toledo & Ohio Central 4a..
35
0 233
35
Standard Coupler corn.. 100
Preferred
Railroads100, 100 _ _
Sterling Gum
318
51 •3
18 % Stewart-Warner Speedrer 100, 67 70
New York Central "rights"
35
Preferred
West Pao 1st 58, 193:s_ _ M-S 133
100 101 103
Sulzberger & Sons pref. _100 .
87
338
14 83
812
Texas & Pacific Coal_ _ _ _100 140 _--Street RailwaysPar 814 Ask. Tonopah Extension Min_ _1
5338 334,
United Profit Sharing
Coin'w'Ith Pow Ry & L__ 100 x52 54
100 x31 83 U S Casualty
100 190 210
Preferred
10
00
0i 1
1 35
Federal Llaht & Traction 100 15
00 140
18 U S Envelope corn
100 59 63
Preferred
Preferred
102
Republic Ry & Light_ _100 19 21 U S Finishing
10
1001
0
.100 71 74
Preferred
30
4 35
Preferred
8
9
Tennessee Ry L & P com_100
1st g 59 1919
il 81
Preferred
100 33 36
Con g 55 1929
United Lt & Rys corn. _100 50 53 U S Tit On & Indem_ 10
30 50
70
2 74
2 WA
1st preferred
estm
chte,
gsete
orua
&r Bronx Tit!
100 0
2d preferred
100 165 180
100
Wash R y & 1(1 00
100 9034 9112 Willys Overland see Stock
Preferred
100 8518 8612
Exchange List
8114.... Worthington (H R) Corn48. 1951
J-1
west Penn Tr & Wat Pow 100
100 45 50
pany pref
PrA:orrpel
OS '93
1011
--- - Yukon Mari
27,
•Per share. a And accrued dividend.
3 Sale price, sEx-dividend. p Ea-right,.
bawds.
Flat Msg. alloinitsal,
1337
THE CHRONICLE
APR. 171915.]
inxtestuunt an Alai"roma intellign.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
Ala N 0& Tex PacN 0 & Nor East_ March...... 310,344 319,912 2,684,507 3,080,719
Ala & Vicksburg_ March..._ 122,639 144,940 1,152,175 1,436,905
Vicks Sluev & P. March __ 108,860 155,713 1,060,192 1,403,959
41,490 1,780,775 1,797,272
45,486
1st wk Apr
Ann Arbor
Atch Top & San Fe. February__ 8,956,290 7,885.040 78,879.770 74,332,735
Atlanta Birm & At! February__ 197,624 272,761 1.785,831 2,393,338
889,250
99,434
793,464
95,225
Atlanta & West Pt_ February__
Atlantic Coast Line February _ 2,681,611 3,235,247 20,332,310 23,894,671
Charlest & W Car February _ 131,513 157,415 1,166,605 1,408.061
922,800
947.597
Lou Rend & St L February__ 107,415 101,180
p Baltimore & Ohio.. February _ 6,469,049 6,432,584 60,093,755 67,495,845
B &0 Ch Ter RR February__ 116,289 103,435 1,055,205 1,150,728
Bangor & Aroostook February - 341,951 248,868 2,381,740 2,346,833
Bessemer & L Erie_ February__ 202,979 262,020 5,660,084 5,907,243
807,474
574,090
79,510
59,576
Birmingham South_ February__
Boston & Maine__ _ February__ 3,210,802 3,056,532 31,185,821 32,388.347
Buff Roch & Pittsb_ 1st wk Apr 159,607 153,125 7,326,398 8,810,632
998,181 1,222,381
Buffalo & Susq RR_ February__ 115,391 137,448
Canadian Northern 1st wk Apr 335.700 371,000 13,737,100 18,164,700
Canadian Pacific 1st wk Apr 1,766,000 2,2'7,000 78,248,831 102331551
Central of Georgia_ February__ 964,228 1,157,938 8,300,639 10,007,288
Cent of New Jersey February__ 2,048,224 2,219,819 21,177,023 22,362,450
Cent New England_ February__ 288,723 247,272 2,515,051 2,488,347
Central Vermont February__ 272,568 248,503 2,532,188 2,708,340
Ches & Ohio Lines.. 1st wk Apr 712,649 720,325 29,378,182 28,688,837
1st wk Apr 240,273 235,953 11,070,514 11,333,081
Chicago & Alton_
Chic Burl & Quincy February... 6,504,847 6,484,474 63,361,665 65,055,257
(Chicago & East Ill_ February__ 1,092,446 1,235,216 9,896,305 11,046,182
p Chic Great West_ 1st wk Apr 232,170 255,372 10,859.126 11,226,528
Chic Ind & Louisv_ 1st wk Apr 133,177 121,449 5,014,309 5,379,099
Chic Milw & St P..1 February _ 6.472.696 6,246,913 61.958.881 63,659,624
ChicMil & Pug8
oChic & North West February__ 6.408,128 6,309,223 57,677,799 59,774,679
Chicago Pea & St L February _ 114,630 119,160 1,119,881 1,119,349
oChic St P M & Om February-- 1,373,303 1,301,99.4 12,597,226 12.779,020
Chic Terre H & S E February _ 169,608 182,021 1,531,468 1,508,954
On Ham & Dayton February__ 651,364 632,952 6,494,293 6,756,062
Colorado Midland_ February__ 103,832 106,016 1,271,883 1,253,709
bColorado & South_ 1st wk Apr 220,017 219,333 11,244.537 10,605.029
123,588
86,870
13,104
9,988
February__
Cornwall
199,314
206,333
19,620
20,284
Cornwall& Lebanon February__
February__ 522,587 488,122 3,073,936 3,139,875
Cuba Railroad
Delaware & Hudson February__ 1,435,522 1,437.758 14,941,806 15,688,145
Del Lack & Western February... 2,890,449 2,736,893 28,585,788 29,227,127
Deny & Rio Grande 1st wk Apr 375,300 386,500 16,958,981 18,689,065
Western Pacific February__ 334,626 398,725 3,734,053 4,371,983
28,100
905,734
22,365 1,303,416
Denver & Salt Lake 1st wk Apr
60,051 1,279,140 1,010,953
Detroit Tol & Iront February__ 109,749
25,742
829,088
924,856
21,398
Detroit & Mackinac let wk Apr
Det & Tol Shore L.February__ 128,479 126,380 1,008,950 1,092,338
Dul & Iron Range.._ February__ 112,857 117,555 2,930,468 5,028,522
61,013 2,236,718 2,731,071
Duluth So Sh & Atl 1st wk Apr
51,222
Elgin Joliet & East_ February _ 594,926 751,082 5,403,049 7,824,341
El Paso & Sou West February__ 557,752 711,102 4,996,041 5,900,999
February__ 4,384,694 3,990,919 40,176,693 40,971,059
Erie
Florida East Coast.. February _ 598.498 627,737 3,220,626 3,220,946
653,358
578,838
57,712
61,831
Fonda Johns & Glov February__
Georgia Railroad... February__ 206,708 255,231 1,942,143 2,303,982
Grand Trunk Pac 4th wkMar 115,832 152,681 3,964,267 5,437,877
Grand Trunk Syst_ 1st wk Apr 1,008,320 1,041,360 38,270,481 42,195,563
Grand Trunk Ry 4th wkMar 1,208,356 1,204,527 30,079,301 34,057,868
Grand Trk West.. 4th wkMar 180,844 196,281 5,412,639 5,372,622
57.717
61,839 1,946,946 1,895,033
Det Or II & Milw 4th wkMar
Great North System March.... 4,642,189 5,415,042 52,583,111 59,520,130
Gulf & Ship Island_ February__ 116,303 135,520 1,075,171 1.379,823
February__ 362,569 372,149 4,303,129 5,109,878
Hocking Valley
Illinois Central_ _ _ _ March ___ 5,027,502 5,928,408 47,659,856 51,044,700
Internat & Grt Nor February__ 728,627 687,646 6,403,721 7.194,640
Kanawha & Mich_ February__ 200,256 192,483 1,987,105 2,159,983
Kansas City South_ February _ 736,477 835,416 6,813,404 7,191.781
Lehigh & New Eng. February _ 135.426 125,830 1,660,166 1,266,947
February _ 2,910,302 2,433,838 28,031,045 27,926,643
Lehigh Valley
Louisiana & Arkan_ February__ 130,921 137,886 1,138,337 1,163,168
Louisiana By & Nay February__ 160,474 137,866 1,322,167 1,344,881
sLoulsv & Nashville 1st wk Apr 968,100 1,102,085 40,060,956 47,341,656
8,040
13,087
95,721
107,190
Macon & Birm'ham February__
February__ 855,575 816,432 7,602,416 7,876,446
Maine Central
32,981
31,492
345,782
354,756
Maryland & Penna. February _
90,318 119,534 1,078,634 1,262,158
Midland Valley_ _ _ _ March ___
16,033
329,499
12,165
621,197
1st wk Apr
Mineral Range..
Minn & St Louis..) 1st wk Apr 192,651 187,100 8,010,572 7,595,911
Iowa Central_ __
Minn St P&SSM_ 1st wk Apr 493,985 552.709 22,021,612 23,307,000
56,370
80.588
699,573
578,966
Mississippi Central_ February__
U Mo Nan & Texas_ 1st wk Apr 591,422 524,378 26,131,907 25,622.199
z Missouri Pacific... 1st wk Apr 1,051,000 1,023,000 45,703,678 47,195,219
Nashv Chatt & St L February__ 849,618 1,010.693 7,361,415 8,635,987
9,077
5,896
285,370
289,778
Nevada-Calif-Ore.. 1st wk Apr
New On Great Nor_ February__ 118.731 141,165 1,058,742 1.276,631
10872325 10609,976 101241681 108959059
e New York Central February
Boston & Albany February _ 1,124,695 1,113,648 10,801,674 11,668,934
n Lake Erie & W_ February _ 443,617 377.875 3,797,897 3,870.067
Michigan Central February _ 2,431,294 2.330,995 22,200,309 23,596,984
Clev CC & St L1
Peoria & Eastern' February _ 2,597,324 2,436,526 24,181,737 24,995,311
92,103 1,052,049 1,020,322
Cincinnati North. February _ 109,906
Pitts & Lake Erie February _ 935,644 1,236,956 9,430,170 12,033,690
N Y Chic & St L. February _ 849,740 882,781 7,528,043 8,100.588
Tol & Ohio Cent_ February _ 323,066, 340,201 3.552,189 4,016,226
Tot all lines above February _ 19687611119421061 183785747 198261177
Week or
Month.
Current
Year.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Previous
Year.
Current
Year.
Previous
Year.
N 0 Mobile & Chic_ February__ 134,077 163,335 1,194,458 1,505,124
NYNH & Hartf__ February _ 4,590.966 4.567,770 42.408,061 45,064,758
N Y Ont & West___ February.._ 545.854 567,710 6,119,878 6.233,401
N Y Susq & West__ February... 302.130 271,552 2.542,789 2,597.477
Norfork Southern__ February... 298,580 323,229 2,551.318 2,790,372
Norfolk & Western_ February _ 2,934,664 3.030,010 27,414,833 29.948,811
Northern Pacific___ February__ 4.125,077 4.335,798 43,731,488 49.101,051
Northwestern Pac_ February.._ 177,855 208.342 2,428,128 2,503,993
Pacific Coast Co..__ January
409,813 496,621 3.856.826 4,563.579
:Pennsylvania RR_. February... 12687673 13298961 121817754 133532588
Bait Ches & Atl_ February..
59.984
877,677
55,654
872,053
Cumberland Vail. February__ 201,022 263,798 1,933,752 2,353,585
February.. 755.355 716.522 8,850,594 8,605.400
Long Island
Maryl'd Del & Va February__
48,772
43,913
672.158
656.797
N Y Phila & Nonf February__ 249,190 239,693 2,446,980 2,528.227
Phil Bait & Wash February__ 1,380,913 1,405,105 13,356.830 13,810,811
Seash
February... 362,303 322,107 4.476.964 4,525,925
W Jersey &
Pennsylvania Co.... February.. 3.424,767 3.666,019 35,360,536 42,973,459
Grand Rap & Ind February.._ 376,328 357,764 3,612,830 3,787,571
Pitts C C & St L- February__ 2,734,491 2,844,956 25,621,688 29,240,002
February__ 806,061 816,136 7,479.467 7,854,662
Vandalia
Total linesEast Ms & Erie February.. 15969515 16541 151 157918080 171907138
West Pitts & Erie February__ 7,449.913 7,799.254 73,032,984 84.924,349
All East & West_ February__ 23419429 24340407 230951 066 256831 491
Pere Marquette
February__ 1,326.870 1,135,677 12.085,670 11,510.585
Reading coPhila & Reading.. February.._ 3,263,742 3,421,816 31,034,286 34,034,163
Coal & Iron Co February__ 1,890.585 2,461,062 20,267,064 21,398,132
Tota, both cos.__ February... 5,154,327 5,882.878 51.301.350 55,432,295
Rich Fred & Potom February__ 230,343 241,466 1.797,763 1.857,594
667,118
671.594
65,421
58,189
Rio Grande Junc__ _ January __
512,014
427,206
8,726
Rio Grande South_ _ 1st wk Apr
7,969
Rock Island Lines February__ 5,377.289 4,749.323 49,321,296 46.854,454
February _ 225.039 234,604 2,313,706 2,544.875
Rutland
St Jos & Grand Isl. February__
95,140 113.109 1.048,283 1,107,121
St L Brownsv & M_ February__ 181.825 236,267 1,497,252 1.733,303
St L Iron Mt & Sou February.- 2,321,844 2,507,095 20,540,208 22,851.495
St L Rocky Mt & P February__ 210,514 186,213 1,939,188 1,665,155
St Louis & San Fran February _ 3,292,604 3,273,353 29,212.063 31,251,593
St Louis Southwest_ 1st wk Apr 190,000 226,000 8,418,344 10,377,782
San Ped L A & S L.. February_
658,226 757,036 6,018,525 7,042,343
Seaboard Air Line.._ February__ 1,763,624 2,173,404 13,845,985 16.687.713
Southern Pacific_ _ _ February _ 9,477.024 9.850.724 86,235.935 93.670,217
Southern Railway.. 1st wk Apr 1,195,665 1,413,916 48,404,097 55,509,529
Mobile & Ohio_ _ _ 1st wk Apr 195,899 227.529 8.385,888 9,973.372
Cin N 0 & Tex P 1st wk Apr 163.063 198,159 7,207,635 8.443,444
- Ala Great South_ 1st wk Apr
74,294
84,370 3,626,861 4,238,129
45,164 1,747,333 2,043,070
oorgia Sou & Fla 1st wk Apr
39,319
Spok Port & Seattle February__ 274,726 311,478 3,095,449 3,413,835
52,435
70,228
2,397
1,783
Tenn Ala & Georgia 4th wk Mar
985,568 1,142,364
Tennessee Central_ February__ 107.964 122,485
Texas & Pacific_ _ _ _ 1st wk Apr 307,901 306,341 14,229,608 15,073.679
56,230
53,626
6,113
4,788
Tidewater & West_ February__
930,215 1,026,885
17,087
Toledo Pear & West 1st wk Apr
14,042
25,935 3.559,796 3,590,580
Toledo St L & West 1st wk Apr
89,530
764.137 1.782,381
Trinity & Brazos V. February.._
75.502 183,919
Union Pacific Syst_ February - 5,571,389 5,909,571 60,492,889 64,294,797
Virginia & Sou West February__ 126,758 137,365 1.248,168 1,308,411
Virginian
February__ 439,625 388,999 4.005,087 5,536,718
March_ ___ 2,347,476 2,477,586 22,038,226 23,244,384
Wabash
Western Maryland_ 4th wk Mar 261,454 219,180 6,193,304 6,202,431
Wheel & Lake Erie_ February__ 337,229 502,978 3,518,203 5,525,931
251,552
193.701
29,794
21,005
Wrightsv & Terminer February__
Yazoo & Miss Vail.. March ___ 953,399 1.047,921 8.977.437 9,986.749
Jan
Buffalo & Susq RR
Jan
Delaware & Hudson
Jan
Erie
Jan
New York Centrale
Jan
Boston & Albany
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve Cinc Chic & St Louis_ Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
N Y Susq & Western
Jan
:Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw & Virginia Jan
N Y Philadelphia & Norfolk_ Jan
Phila Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cinc Chic & St Louis
Jan
Vandalia
Total lines-East Pitts & Erie Jan
-WestPitts & Erie Jan
-All Lines E & W_ Jan
•
Dec
Rio Grande Junction
Jan
Rutland
*Monthly Summaries.
Current
Year.
Period.
Various Fiscal Years.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
'Weekly Summaries.
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
gggsggssgesegggasaggsggsgmggs
Latest Gross Earnings.
ROADS.
Current
Year.
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Previous
Year.
28
227.808
292,704
28 3,021,162 3.216,521
28 8,959,985 8,422.100
28 22,732,187 22,515,777
28 2,368,681 2,395.972
880,389
28
811,680
28 4,997.630 4,928,214
28 5,399,892 5.173,580
218,177
198,644
28
28 1,828,382 2,359,906
28 1,795,974 1,854,122
720,242
677,513
28
28 40,898,825 40.958,137
617.746
28
636,760
28 26,305,553 28,351,091
123,149
28
125,084
28
536,586.
415,161
28 1,585,512 1,535,189
28
101,923
99.887
28
496.771
508,467
28 2,818.194 2.972,748
28
720.695
672,477
28 6,923,827 7.837.090
28
763,615
773.399
28 5,649.269 6,156,647
28 1.663,580 1,730,134
28 33.028,564 35,222.280
28 15,214,309 16,737,358
28 48,242,874 51,959,638
139,449
31
130,076
28
497,02
467,661
1
Previous
Year.
Increase or
Decrease.
%
$
$
Mileage. Cur. Yr. Prey. Yr.
$
$
$
222,001 219.691 230,751,850 241,107.727 -10,355.877 4.30
June
4th week Jan (37 roads)____ 14,111.845 17,112,484 -2.950.636 17.28
3.67
261.803.011
231.639
-9.571.763
roads)..___
235,407
252,231,248
July
(35
10.067.722
11.16
11,332.852
-1.265,130
let week Feb
240,831 237,159 269,593.446 280,919,858 -11.326.412 4.03
August
-297.119 2.66
2nd week Feb (36 roads)..... 10.871.529 11.168.648
September.._ 242.386 238,698 272,992,901 285.850,745 -12.857,844 4.50
-574,391 5,04
3d week Feb (36 roads _ ___ 10,825.811 11,400,202
October_ _ _244,917 241,093 269,325.2(32 298,066.118 -28.740.856 9.64
-775.152 6.51
4th week Feb (37 roads)..... 11,119,689 11,894,841
November 246.497 242.849 240.235.841 272,882.181 -32.646.340 11.96
let week Mar (34 roads).... 10,301,377 11,375,997 -1,074,620 9.44
December -246.807 243,242 232,598,369 258.285,270 -25,686,901 9.94
2d week Mar (35 roads).... 10,730,658 12,306,444 -1,575,786 12.80
January
246,959 243,559 220.282,196 236,880,747 -16,598,551 7.01
3d week Mar (36 roads)..... 10,682,708 12,351,434 -1.668,726 13.51
February _ _ _246,18(1 242,837 210,860,681 212,163,967 -1,303,286 0.61
-826,445 4.13
4th week Mar (36 roads -__ 16,453,891 17,280,336
88.283 87.420 61.939.361 69.020.631 -7.081.270 10.27
March
-989.580 8.31
let week April (25 roads).... 10,926,188 11.915.768
b Does not include earnings of Colorado Springs & Cripple Creek District By. e Includes the Lake Shore & Mich. So.. the Chicago Ind. & So..
New
the
York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of
the Dunkirk Allegheny Valley & Pitts.,
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evans& Wheeling By. in both years. n Includes the Northern Ohio RE. p Includes earnings of Mason
Lorain
Cleveland
Includes
g
HR.
ville & Indiana
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas
Central and the Wichita Falls Lines. o Includes not only operating revenues, but also all other receipts. z Includes St. Louis Eros Mountain &
Southern. a Includes the Northern Central beginning July 1 1914. * We no longer include the Mexican roads in any of our totals.
1338
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of April. The table covers 35 roads and shows 8.31%
decrease in the aggregate under the same week last year.
[VOL. 100.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Chattanooga Ry & Lt January __ 81,330 99.233
81,330
99,233
Cleve Painesv & East February _ 25,260 24,813
52,972
53,627
Cleve Southw & Col.. February _ 83,791 82,929
177.105
176,981
$
$
Columbus(Ga) El Co February _ 55,777 53,510
116,544
109.495
Alabama Great Southern
74,294
84,370
10,076 Colum (0) Ry,P & L. January __ 274.752 272.026
274.752
272,026
Ann Arbor
45,486
41,490
3,996
gComwthPow,Ry&L February _ 1140,832 1133.879 2.382.734 2,362.456
Buffalo Rochester & Pittsburgh
153,125
159,607
6,482
February _ 556 153 535.364 1.160.616 1.127.188
Connecticut Co
Canadian Northern
371,000
335,700
35,300 Consum Pow (Mich).. January _ _ 328,920 318,067
328,920
318,067
Canadian Pacific
1,766,000 2,237.000
471,000 Cumb Co(Me)P & L January _ _ 194,212 184,509
194.212
184,509
Chesapeake & Ohio
720,325
712,649
7,676 Dallas Electric Co__ _ February _ 149,396 183.066
384,137
328.750
Chicago & Alton
235,953
240,273
4,320
Detroit United Lines February _ 892,495 841,584 1,848,769 1,791,886
Chicago Great Western
255,372
232,170
23,202 DDEB& Bat(Rec) December _ 41,288 48,223
510,850
595.498
Chicago Indianapolis & Louisv_
133.177
121,449
11,728
Duluth-Superior Trac February _ 90,591 92,523
194.413
189,695
Chic New On & Texas Pacific__
198,159
163,063
35,096 East St Louis & Sub_
206,162
231,944
January __ 206.162 231,944
Colorado & Southern
220,017
219,333
684
Eastern
Texas
Elec__
101.935
February
_
105,052
50.038
48,408
Denver & Rio Grande
375,300
386,500
11,200 El Paso Electric Co.._ February _ 79,240 89.664
182,377
171,642
Denver & Salt Lake
28,100
22,365
5,735
42d St M & St N Ave December.. 160,648 160.963 1,875,088 1.904,104
Detroit & Mackinac
21,398
25.742
4,344 Galv-Hous Elec
Co.._
February
_
310.940
148,941
372,328
175,051
Duluth South Shore & Atlantic
51,222
61,013
9,791 Grand Rapids By Co January __ 104.728
104,728
102,585
102,585
Georgia Southern & Florida_-_45,164
39,319
5,845 Harrisburg Railways.. March _ _ _
228,127
230,789
79,016 77,106
Grand Trunk of Canada
•
Havana El By,L & P
Grand Trunk Western
1,008,320 1,041,360
33,040
(Railway
Dept)___
Apr
11
Wk
746,524
51,274 53.132
800,075
Detroit Grand Hay & Milw_
Honolulu B T & Land February _ 49,836 54,888
96,556
104,888
Canada Atlantic
Houghton Co Tr Co.. February _ 18,765 20,946
43,083
38.781
Louisville & Nashville
968,100 1,102,085
133,985 brIudson & Manhat_ February _ 444,422
917,614
938,331
451,276
Mineral Range
16.033
12,165
3,868
Traction_
February
_
_
_
_
Illinois
875.405
1,787,724
1,842,600
847,184
Minneapolis & St Louis
1
192,651
187,100
5,551
Interboro Rap 'rran_ February _ 2707,690 2768.498 5,586,422 5,702,367
Iowa Central
Jacksonville Trac Co February _
103,282
56,778
119,323
Minneapolis St Paul & S S M__
493,985
552,709
58,724 Keokuk Electric____ February _ 48,521
18,250 18,756
38.733
39,950
Missouri Kansas & Texas
591,422
524,378
67,044
Key West Electric___ February _
9,206 11.110
19,354
22,896
Missouri Pacific
1,051,000 1,023,000
28,000
Lake Shore Elec Ry_ February _ 89,201 90,021
187,837
195,510
Mobile & Ohio
195,899
227,529
31,630 Lehigh Valley Transit January.... 150,720 141,175
150,720
141.175
Nevada-California-Oregon
5,896
9,077
3,181 Lewist Aug & Watery January _ _ 49,527 45,299
49,527
45,299
Rio Grande Southern
7,969
8,726
757 Long Island Electric.. December _
16,459 16,745
245.999
245,152
St Louis Southwestern
190,000
226,000
36,000 Louisville Railway.... February _ 222.767 236.672
466,158
495.287
Southern Railway
1,195,665 1,413,916
218,251 Milw El Ry & Lt Co.. February _ 486.608 501.267 1,023,087
1,029,922
Texas & Pacific
307,901
306,341
1,560
Milw Lt,
220,766
& Tr Co February _ 106.200 110,509
229,849
Toledo Peoria & Western
14,042
17,087
3,045 Nashville Ht
197.278
Ry & Light January __ 197.278 197,893
197,893
Toledo St Louis & Western....
89,530
85,935
3,595
NY City Interboro__ December
57,733 54,578
666,129
619,156
416,226
31,230
31,649
Y
&
Long
December..
N
Island__
412,657
Total (35 roads)
10,926,188 11,915,768 142,563 1,1,32,143 N Y & North Shore__ December.. 12,453 12,755
169,035
164,283
N Y & Queens Co.._.. December.. 105,211 108,787 1,359,707 1,385.391
New York Railways.. January __ 1093,703 1165,858 1,093,703 1,165,858
N Y & Stamford Rys February _ 21,129 19,731
44,200
42,319
Net Earnings Monthly to Latest Dates.-In our "Rail- N
Y Westchest & Bos February
67,701
55.014
32,206 25,708
way Earnings" Section or Supplement, which accompanies Northampton Trac__
183.378
188,880
December
13,690 15,210
Nor Ohio Trac & Lt. February _ 260,451 248.006
541,290
518,967
to-day's issue of the "Chronicle", we give the February figures North
265,972
Electric February _ 121,300 155,975
329,068
of earnings of all steam railroads which make it a practice to NorthwTexas
Pennsylv Ry February _ 24,516 23,610
49,975
48,776
Ocean Electric (L I)_ December_
160,663
154,109
5,559
5,107
issue monthly returns or are required to do so by the Inter-State Paducah
Tr & Lt Co_ February _ 23,986 26,244
51,914
50,059
Commerce Commission. The reader is referred to that Supple- Pensacola Electric Co February _ 19,989 22,287
40,221
45.988
ment for full details regarding the February results for all the Phila Rap Transit__ February _ 1833,778 1779,010 3,832,173 3,785,537
(Ore)Ry.L&PCo.
_
January
Port
582,610
489,713
489,713
582,610
separate companies.
Portland (Me) RR__ January -- 73.370 72,159
72,159
73,370
In the following we give all statements that have come in Puget Sound Tr Lt&P February _ 591,692 691,464 1,262,577 1,445,499
Ry
December
Republic
&
Light
3,033.436
276,879
2,997,670
295,137
the present week covering a later or a different period from Rhode Island Co_ _ _ _ February _
753,821
762,393
358,331
that to which the issue of the "Railway Earnings" Section Richmond Lt & RR_ December.. 358,756
391,392
27,573 26,904
385,622
Ry,Lt.
is devoted. We also add the returns of the industrial com- StJoseph(Mo)
Heat & Power Co.. March ___ 106,233 106,168
329,860
323,635
panies received this week.
Santiago El Lt & Tr.. February _ 36.073 35,638
76,253
73,139
Savannah Electric Co February _ 64,995 66.654
135,585
139,115
-Gross Earnings- -Net Earnings
- Second
Ave (Rec)__ December.. 68,303 79,336
917,935 1,042,628
Previous
Current
Current
Previous
Boulevard.. December _
17,496 18,082
223,867
211.093
Roads.
Year.
Year.
Year.
Year. Southern
Staten Isl Midland.... December.. 20,040 20,257
321,808
312,152
Tampa Electric Co.._ February - 82,890 80,357
168,250
160,515
Grand Tunk of CanadaDecember _ 330,462 358,368 3,943,475 4,083,658
Third. Avenue
Grand Trunk Ry_ _ __Feb 2,624,017 2,896,541
414,139
February _ 440,313 471,273
408,299 - Toronto Street Rv_
911,539
973,116
Jan 1 to Feb 28
4,845,088 5,480,166
641,404
772,069 Twin City Rap Tran 1st wk Apr 179,637 171,564 2,436,448 2,331,584
Grand Trunk Western.Feb 521,689
483,730 def37,472 def41,852 Union Ry Co of N Y C December.. 219.564 221,163 2.864,202 2.746,208
Jan 1 to Feb 28
1,081,336 1,038,754 def66,671 def29,199 Virginia Ry & Power_ March _ _ _ 399,491 415,399 1,228,076 1,244,389
55,941 57,690
55,941
Bait & Annap_ January
57,690
Det Gr Hay & Milw_ _Feb 178,590
163,261 def34,065 def53,531 Wash
December
Westchester
45,376 44,600
604,887
591,739
Jan 1 to Feb 28
370,573
353,541 def61,317 def76,890 Westchester Electric_
16,080 14,909
St RR.._ February
33,474
32,422
Tol Peoria & Western_ b_Mar
104,652 def2,266
93,550
3,225 Western Rys & Light December 245,807 237.170 2,694,234 2,570,746
July 1 to Mar 31
916,174 1.009,799
721.750
72,275
48,052 Yonkers Railroad.. December _ 60.463 59,314
700,719
March _ _ _ 63,502 64,716
York Railways
191,600
195.509
INDUSTRIAL COMPANIES.
Youngstown & Ohio.. February _ 22,409 19,256
44,939
40,917
11,441 11,832
24,017
-Gross Earnings--Net Earnings
24,389
- Youngstown & South February _
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milreis. g Includes constituent
$
American Tel & Tel Cocompanies.
Jan 1 to Mar 31
11,594.494 11,564,003 10,276,696 10,233,431
American Tel & Tel and Associated CosJan 1 to Feb 28
37,732,280 26,476,470 10,384,667 9,807,133
Electric Railway Net Earnings.-The following table
Keystone Telephone_ a_Mar 112,458
108,386
55,271
53,975 gives the returns of ELECTRIC railway gross and net
Jan 1 to Mar 31
331,063
323,644
164,670
163,112 earnings reported this
week:
a Not earnings here given are after deducting taxes.
-Gross Earnings
-Net Earnings-b Net earnings here given are before deducting taxes.
Current
Previous
Previous
Current
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.- Brazilian Trac, Lt & P_Feb c5,797,500 c5,785,027 c3,346,140 c3,181,540
Jan
1
to
c11,793,690c11,979.254
Feb
c6,760,330
28
c6.803,237
Current
Previous
Previous
Current
Roads.
Harrisburg Railways_ __Mar
Year.
77,106
14,163
79,016
Year.
8,866
Year.
Year.
Jan 1 to Mar 31
35,472
230,789
228,127
$
31,493
$
$
$
Toledo Peoria & West_ _Mar
847,184
875,405
349,462
26.396
25,518 xdef24,663 zdef19,966 Illinois Traction_ a _ _ _ _Feb
332,534
July 1 to Mar 31
Jan 1 to Feb 28
1,842,600 1,787,724
749,746
234,374
226,83`zzdef137,847zdef135,795
737,113
New York Railways_a_Jan 1,003,703 1.165,858
292,935
320,830
INDUSTRIAL COMPANIES.
7,905,165 8,341,012 2,259,739 2,489,076
July 1 to Jan 31
-Int., Rentals, &c.- -Bat, of Net Earns.
- Pacific Gas & ElectCurrent
Previous
Current
Previous
4,749,327 4,342,576 2,458,602 2,104,615
Jan 1 to Mar 31
Companies.
Year.
Year.
Year.
Year.
Puget Sound Tr,L& P a Feb
591,692
691,464
206,249
$
$
285,696
$
$
1,262,577 1,445,499
American Tel & Tel CoJan 1 to Feb 28
455,484
605,096
Jan 1 to Mar 31
1,876,606 2,148,670 8,400.090 8,184,762 Virginia By & Pow b___Mar 399,491
415,399
196,602
218,612
3,860,783 3,863,509 2,001,917 2,007,533
American Tel & Tel and Associated CosJuly 1 to Mar 31
Jan 1 to Feb 28
3,196,216 2,984,156 7,188,451 6,822,977 York Railivays_b
63.502
64,716
Mar
27,184
28,995
Keystone Telephone_ __ _Mar
262,189
Dec 1 to Mar 31
267,118
26,389
25,128
28,882
28,847
122,774
119,558
Jan 1 to Mar 31
79,112
78,348
84,764
85,558
a Not earnings hero given are after deducting taxes.
x After allowing for other income received.
b Net earnings here given are before deducting taxes.
c Earnings now given in mitre's.
First Week of April.
1915.
1914.
S
Increase. Decrease.
$
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
American Rys Co..__ March _ _ _ 408.879 415,528 1,231,183 1,227,794
Atlantic Shore Ry___ February _
20,961 18.835
42.861
40,832
cAur Elgin & Chic Ry February.!.. 130,652 133.794
274,797
286,555
Bangor Ry & Electric January __ 65.330 63,687
65.330
63,687
Baton Rouge Elec Co February _
13,906 13,748
29,540
28,768
BeltLRyCorp(NYC) December _ 65,516 66,821
746,674
764,681
Berkshire Street By...February _ 62.068
132.431
143.438
Brazilian Trac, L & P February _ 1579750015788027111793,690 111979,254
Brock & Plym St Ry_ February _
6,226
5,785
13.688
13.118
Bklyn Rap Tran Syst December_ 2150.306 2208.470 27.145.924 26.570.710
Cape Breton Elec Co February - 23.349 25.285
52.493
55.083
Interest Charges and Surplus.
Jan. 1 to latest date.
Roads.
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
New York Railways...._ _Jan 285,953
277,286
x51,379
x73,924
July 1 to Jan 31
2,002,264 1,937.312 x537,806 z778,089
Pacific Gas & ElectJan 1 to Mar 31
1,067,273 1,071.166 x1,462,643 x1,131,811
Puget Sound Tr, Lt & P_Feb 159,766
46,484
152,925
132,771
Jan 1 to Feb 28
314,882
305,542
140.603
299,554
Virginia By & Power__ _Mar 138,037
134,542
z65,021
x89,665
July 1 to Mar 31
1,225,584 1,208,990 x836,154 x863.061
York Railways
Mar
22,154
21,783
5,030
7,212
Dec 1 to Mar 31
88,036
86,243
34,738
33,315
x After allowing for other income received13121
A.171915.]
THE CHRONICLE
1339
BALANCE SHEET DEC. 31.
New York Street Railways.
1914.
1913.
1913.
1914.
-Gross Earnings--Net Earnings
$
Liabilities$
AssetsPrevious
Current
Previous
Current
27,478,125
stock_
29,915,725
Preferred
151,821,634
&
Road
equip't155,199,779
Year.
Year.
Year.
Year.
Roads.
Common stock_ 37,595,661 37,173.060
Improve'ts since
464,147 Stock for cony.
June 30 1907_
583,018
350,930 c191,863 c193,213 Inv.in affil.cos.:
Hudson & Manhattan_a_Dec 337,969
of out. secur.
3,751,949 3,743,714 2,052.729 2,017,824
520,739
97,839
Jan 1 to Dec 31
of constit. cos.
Stocks
706,814 3,238,664
1,046,571
Bonds
150,000 Funded debt__ _ 64,106,000 64,371,000
Interboro R T (Sub)_a_ _Dec 1,663,714 1,636,767 1,073,436 10,232,866
9,075,185
7,578,341
obligs
tr.
Equip.
11,389,931
_
993,476
_
17,032,733
Advances__
879,303
17,928,854
Jan 1 to Dec 31
478,828
143,779 Traffic, &c.,bal. 1,595,144
177,600
656,411 Other invest'ts_
561,733
Interboro R T (Elev)_a_Dec 1,336,561 1,308,962
Cash
2,248,392 2,408,366 Accts. & wages_ 1,872,150 1,982,591
15,857,790 15,727,421 7,394,028 7,363,985 Special
Jan 1 o Doc 31
109,731
37,102
I.,&o
Matured
deposits.
2,945,677
27,590
1,702,931 Loans & bills rec
808,139
687,270
Total Interbor R T_a_Dec 3,000,364 3,035,729 1,635,168 17,596,848
148,353 Unmatured diva
556,015
33,786.643 32,760,151 18,783,961
718,731
729,889
Jan 1 to Dec 31
Traffic, drc.,bal. 2,036,844
858,518 Accr. int., &c__
746,564 Agents& conduc
625,880 6,281,432
678,972
856,516 Miscellaneous_ _
593,026
Brooklyn Rap Tran _a_ _Dec 2,150,306 2,208,470
1,336,476 1,253,579
27,145,924 26,570,710 9,602,597 9,421,935 Materials&supp. 2,974,710 3,330,629 Taxes
Jan 1 to. Dec 31
2,189,352
3,190,823
_
Miscellaneous_
2,151,243
Deprec.
(equip.)
1,371,998
393,740
267.024
New York Railways_ a_ _Dec 1,131,229 1,197,935
405,302
Deferred accts._
293,312
86,633 Def'd, &c..accts
86,646
13,497,143 14,202,963 3,645,780 4,575,307 Secs.
'Jan 1 to Dec 31
unpledged
prop.
*Add'ns.to
421,800
15,330 Otis. unadj.aects
13,700
66,821
65,516
Dec
Belt Linea
since June 30
921,457
2,162,833
186,719
142,183
764,681
746,674
Jan 1 to Dec 31
9,718,939 9,718,939
1907
16,737
Funded debt re11,278
79,336
68,303
Dec
Second Ave_a
8,562,094 7,678,789
269,800
tired
*
207,564
1,042,628
917,935
Dec
31
Jan 1 to
69.978
78,515
Sinking fund._ _
136,725
125,999
358,368
Dec 330,462
Third Ave_a
and
loss
1.121,277 1,087,523
Profit
1,639,232
3,943,475 4,083,658 1,476,590
Jan 1 to Dec 31
4,759
4,412
48.223
41,288
Total
Total
169,142.437 171,401,021
169,142,437 171.401.021
Dry Dock E B & Batt_a_Dec
134,147
49,958
595,498
510,850
Jan 1 to Dec 31
*Through income and surplus.-V 100, p. 1259, 475.
55,510
71,067
160,963
42d St Man & St N Av_a Dec 160,648
807,707
744,947
1,875,088 1,904,104
Jan 1 to Dec 31
Delaware & Hudson Company.
10,527
17,043
54,578
57,733
N Y City Interbor_a__ _Dec
(Report for Fiscal Year ending Dec. 31 1914.)
108,841
199,102
619,156
666,129
Jan 1 to Dec 31
5,787
1,482
18,082
17,496
Southern Boulevard_a_ _Dec
On subsequent pages will be found extended extracts from
34,810
53,452
Jan 1 to Dec 31
211,093
223,867
of President Loree. Below we give the usual
65,775 the remarks
50,937
221,163
Union Ry of NY City_a_Dec 219,564
597,500 comparative tables for several years:
555,947
Jan 1 to Dec 31
2,864,202 2,746,208
6,672
7,552
44,600
45,376
Westchester Electric_a__ Dec
OPERATIONS AND FISCAL RESULTS.
132,299
100,176
591,739
Jan 1 to Dec 31
604,887
1913.
1911.
1912.
1914.
7,685 Miles operated
16,591
904
59,314
904
904
60,463
Dec
'Yonkers_a
175,249
138.731
700,719
721,750
Jan 1 to Dec 31
Equipment447
466
452
491
def3.850 Locomotives
16,745 def3,014
16,459
Long Island Electric_a__Dec
464
470
470
464
17,290 Passenger cars
7,689
245,152
245,999
Jan 1 to Dec 31
20,257
19,246
19,930
19,072
Freight cars
1,016
3,783
31,230
31,649
_Dec
NY & Long Isl Trac_a_
621
585
544
617
cars
Company
26,339
75.311
412,657
416.226
Jan 1 to Dec 31
Operations3,120 Pass. carried earn. rev
7,969,010
2,782
12,755
12,453
8,238,700 9,029,260 7,949,524
NY & North Shore_a_Dec
30.254 No.of pass. carried 1 m_137,899,884 157.021,628 149,603,911 145.444,536
42,218
164,283
169,035
Jan 1 to Dec 31
2.04 cts.
2.02 cts.
2.05 cts.
7,965 Av. rects. per pass. p. m. 2.09 cts.
def6,416
108,787
N Y & Queens Co _a_ __Dec 105,211
31.0514
$1.0805
$1.1236
$1.0522
183,111 Pass. earns, per train m_
78,370
1,359,707 1,385,391
Jan 1 to Dec 3119,319,161 19,887,973
20,469,752
19,731.377
rev.
freight
carried
Tons
def1,889 def1,715 Tons fgt. cared 1 mile_2732.125,564.3034262,414 2827572,37.1 2610337,372
5,559
5,107
Ocean Electric (L I)_a__Dec
49,932
65,154
154,109
160,663
0.68 cts.
Jan 1 to Dec 31
Av.rects. per ton per m_ 0.690 cts. 0.663 cts. 0.662 cts.
33.3261
26,904 def1,698 def5,341 Fgt. earns, per train mile
33.5992
$3.578
27,573
Richmond Lt & RR_a_ _Dec
8,025 def64,433 Av. No. tons fgt. in train
46'7.09
502.18
385,622
542.56
518.06
391,392
Jan 1 to Dec 31
7,170,553 6,438,555 7,280,939
4,733 Anthracite coal produced 7,400,695
1,465
20,257
20,040
Staten Isl Midland_a_ _ _Dec
9,295,307
8,009,596
8,911,989
coal
9,211,397
Anthracite
carried_
56,363
72,940
312,152
321,808
Jan 1 to Dec 31
Bituminous coal carried 2,052,181
2,406,953 2,494,643 2,095,052
a Net earnings hero given are after deducting taxes.
RR. Earnings from$10,844,093 $11,436,960 310,346,095 39.847,193
Coal freight traffic
c Other inc. amounted to $89,273 in Dec. 1914, against $85,861 in 1913.
8,053,788
8,794,429 • 8,476,851
Mdse. freight traffic... 8,153,086
2,946,665 3,277,929 3,076,507 3,019,230
Passenger traffic
235,339
305,119
334,280
324,725
Express traffic
ANNUAL REPORTS
119,446
119,350
121,793
137,374
Transportation of mails_
146,917
156,085
188,104
189.085
Miscellaneous sources
821,421,817
$22,480,103
earnings
$22,595,028
$24,153,495
Gross
steam
of
reports
annual
to
index
Annual Reports.-An
Expensesrailroads, street railways and miscellaneous companies which Maint. of way & struc_ - $1,670,364 $1,787,614 31,940,352 $1,488,757
Maint. of equipment__ _ 3,649.672 3,753,963 3,230,742 3,060,739
have been published during the preceding month will be Traffic
250,285
289,754
305,966
314,327
expenses
given on the last Saturday of each month. This index will Conducting transport'n_ 8,602,636 8*584,722 7,979,041 7,414,072
544,307
626,889
778,042
811,453
expenses
in
which
General
"Chronicle"
the
of
issue
the
in
not include reports
$15,048,452 315,210,307 314.066.779 312,758,160
Total expenses
it is published. The latest index will be found in the issue Net
earns. from ()peen_ 37,546.576 $8,943,188 38,413,324 $8,663,657
(59.56)
(62.57)
(62.97)
of March 27. The next will appear in that of April 24.
(66.60)
P.c. of expense to earns.
INCOME ACCOUNT.
Pittsburgh Cincinnati Chicago & St. Louis Ry.
1911.
1912.
1913.
1914.
Coal Department$15,517.042 316,045,308 313,397,557 813,355,014
Gross receipts
(Report for Fiscal Year ending Dec. 31 1914.)
14,553,053 14,748.616 12,811,520 13,238,304
Gross expenses
The report is given at length on subsequent pages. Below
$116,710
$586,037
$963,989 $1,296,692
Net earnings
141,011
355,093
495,000
323,102
Taxes
are comparative data for several years.
Operating income.. sur.$640,887 sur.$801,692sur.$230,944 def.$24.301
OPERATIONS AND FISCAL RESULTS-ALL LINES DIRECTLY
Department
OPERATED.
Railroad
$22,595,028 $24,153,495 $22,480,103 $21,421,817
Gross earnings
1911.
1912.
1913.
1914.
15,048,452 15,210,307 14,066,779 12,758,160
1,467 Operating expenses
1,472
1,472
1,472
Miles operated
Net earns. from oper_ 37,546,576 $8,943.188 38,413,324 $8,663,657
Operations562,409
623,107 • 600.944
671.119
11,930,387
11,802,720
11,349,865
12,001,886
•
carried
Taxes
Passengers
Pass. carried 1 mile_ _ _ _423,990,807 458,639,646 424,741,280 434,049,309
$6,875,457 $8,320,081 $7,812,380 38,101,248
Operating income
1.846 cts.
1.919 cts.
1.909 cts.
Rate per pass. per mile_ 1.935 cts.
Other IncomeFreight (tons) carried... 36,344,642 42,522,695 42,352,038 36,093,370 Hire of equipment
3150,503
399,596
3213,752
$70,987
4,265,725 Divs.& int.(Coal Dept.}
Freight (tons) 1 mile_a_ 4,184,408 5,101,322 5,328,907
792,924
308,520
386,734
717.069
Rate per ton per mile__ _ 0.629 cts. 0.599 cts. 0.580 cts. 0.614 cts. Divs.& int.(RR.Dept. 1,006,156
1,167,020
1,154,196
1,121.997
15.627
57,473
27,655
26,468
Misc.income(RR.Dept.
a Three ciphers (000) omitted.
71.646
79,056
67,995
Misc. income (general)_
90,115
EARNINGS FOR FOUR YEARS.
$1,755,162
$2,141,399
$1,818,133
Total
other
the
figures
been
inaccurate,
having
income
$1,910,795
Is
marked
(*Comparison of items so
income
$9,427,139 $10,939,906 310,184,723 $9,832,109
somewhat changed in later years; the final results, however, remain un- Gross
Deductionsfrom Incomechanged.]
31,997,771 32,020,228 $2,034,257 $2,022,926
Rentals
1911.
1913.
1912.
914.
Revenues8,762
8,698
8,662
9,734
$26,316,970 330,577,525*330,934,305*326,183,508 Taxes (general)
Freight revenue
1,087,160
1,108,160
&
M.
1st
ref.
on
Int.
1,108,160
bds.
1,223,435
8,014,013
8,803,455
8,107,059
8,203,173
Passenger revenue
350,000
350,000
350,000
_
_
350,000
M.
1st
bonds_
on
Int.
1,247,132
1,217,428
1,174,694
1,247,161
Mail revenue
558,926
558,920
558,920
558,920
1,411,448 Int.on D.& H.deb.bds.
1,483,175
1,451,202
1,207,885
Express revenue
436,455
436.288
435,039
433,935
1,756,025
1,633,366
1,438,780 Int.onlstlienequip.bds.
Other transport'n rev... 1,538,723
20,000
12,000
4,000
739,235
*255,052 Int. on equip. deb. bds_
*303,457
625,488
Non-transport'n rev_
75,000
75.000
75,000
75,000
Int. on divisional bonds_
35.199
95,310
205,161
170,481
discount_
&
int.
General
82*$38,549,933
_$39,139,400
$44,576,843*343,604,0
Total operating rev_
$4,819,276 34,765.170 $4,678,633 $4,594,428
Total deductions
ExpensesMaint. of way & struct_ $5,215,070 $7,664,329 $5,980,691 $4,832,012 Netinc.carr.togen.p.&1. 34,607.863 $6,174,736 $5,506,090 35,237,681
7,050,822 Divs. on stock (9%)__ _ 3,825,270 3,825,270 3,825,270 3,825,270
Maint. of equipment__ _ 7,699,967 9,406,237 8,252,981
898,666
828,006
822,637
801,247
Traffc expenses
Bal., surplus for year. $782,593 $2,349,466 $1,680,820 31,412,411
Transportation expenses 14,927,438 17,458.616 15,777,440 14,002,850
1,312,310
*843,845
*793,073
General, &c., expenses_ 1,366,875
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
Operating expenses_ _330,010,597 836,740,158*331,682,963*827,501,394
$
Assets$7,836,6854
39
111,921,119*311,048,5
Net operating revenue.._ $9,128,803
__
42,503,000
42,503,000
stock
Capital
owned
coal
Unmined
*9,549
10,837
Outside oper., net def.
and controlled 14,667,663 15,943,915 Bonds (see "Ry.
1,816,150
1,604,222
1,916,796
1,569,892
Taxes
& Ind." See.). 62,320,000 57,920,000
Advances on un1,460
Uncollectiblo
354,279 Loans payable.. 3,018,534 4,500,000
301,827
mined coal.._
805,713 int., diva., &c.,
785,575
_
_
estate_
Real
$6,020
$7,210,547
*39,467,810
,535*310,307,349
income._
Operating
1,401,971 1,407,988
accrued
$489,213
$400,692
$400,597 Road & equip.
$455,097
Joint facilities rents_ _
D.& H. Co__ 68,995,852 67,175,113 int., diva. and
263,822
349,424
*498,162
*404,608
Miscellaneous rents,&c_
bonds due,not
Canad'n lines. 6,464,030 6,464,030
227,143
222,261
yet collected_
5,931
4,936
equip't_
37,875,061 $6,859,172*$11,260,608*$10,273,015 Marine
Gross income
277,798
135,066
Coal dept.equIp. 1,356,144 1,338,400 Accrued taxes
Deductreserve
Special
&
Coal-handling
*31,291,022
$1,054,302
_
$1,174,850
*31,353,568
_
_
Lease of other roads_
10,073
10,408
accounts
fund
63,968
68,086
plants
storage
587,351
704,378
523,303
730,096
Hire of equipt.. balance
& bonds_228,102,890 28,100,594 Audited vouch.
363,862
362,412
339,141 Stocks
368,034
Joint facilities rents..._
2,940,797
2,799,549
pay-rolls.
and
1,646,654
1,968.246
Cash
2,729,508
2.963,365 2,904,903
2,701,318 Fire lnsur. fund.
Bond interest
472,740
417,6-15 Other accounts
391,043
126,869
Other interest
638,977
476,610
payable
10,073
10,408
funds.
2,638
19,919
19,562 Spec. res.
13,785
Separately oper. cos__ _ Add'ris to prop1,705,235
f'd.
1,909,061
trust
Equip.
*90,332
57,107
73,526
*105018
Miscellaneous
to
prior
erty
deposits.
b1,055,378
Special
880,520
548,430
856,629
765,645
Sinking, &c., fund
June 30 1907
on hand_ 2,717,942 3,300,997
Preferred dividends_(4%)1,099,441(5)1,373,890(5)1,373,819(5)1,373,785 Supp.
6,839,487 6,839,487
through Inc
& accts.rec. 4,534,927 3,810,661
Common dividends_ _(% %)278,804(5)1,858,652(5)1,858,650(5)1,821,200 Bills
18,153,210
725,164
645,866 Adv., new lines_ 5,034,519 4,275,293 Profit and loss 18,773,318
Principal of car trusts
649,238
1,400,000
Additions & betterments
138,500,204 135,418,471
Total
138,500,204 135,418,471
Total
a The total par value of stocks owned in 1914 was $27.327,074, against
Total deductions...... $7,819,729 $9,461.650*311,197,636*310.081,932
;Balance, sur. or deficit_sur.$55,332df$2,602,478 sur.$62,972sur.$191,083 327.365.874 in 1913 (value as per balance sheet in 1914, 323,378.094; Par
1340
THE CHRONICLE
value of bonds, $4,950,716 in 1914 and 1913 (value as per balance
The list of securities owned remains substantially the same as thatsheet).
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 Wilkes-Barre 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. 1st M.($281,000)•
b Includes $1,045,354 unexpended balance from proceeds of bonds deposited with trustee to defray cost of authorized additions and betterments
STOCKS OWNED, TOTAL PAR VALUE $27,327,074 (TOTAL VALUE
AS PER BALANCE SHEET $23,378,094).
Name of Security-Par Value.
Name of Security-Par Value.'
Chat.& Lake Placid Ry.,pret..$3,000,000 Plattsburgh Traction Co
$100,000
do common
75,000 Schenectady Railway Co
Rensselaer & Saratoga RR__ 800,000 Troy & New England Ry- _ _ 2,050,000
179,980
Albany & Susquehanna RR__ 450,000 Chat. Ore & Iron Co., 1st pref. 360,800
Greenwich & Johnsonville Ry_ 225,000
do 2d pref
319,850
Quebec Mont.& Southern Ry_ 1,000,000
do common
1,250,000
Napierville Junction Ry
600,000 Champlain Transport'n Co_ x..
95,450
Cooperstown & Charl. Val.RR
45,000 Troy Union Railroad Co..x_7,500
Champlain Transport'n Co_52,050 Hudson Coal Co
3,500,000
Delaware & Hudson Co
400 Wilkes-Barre Connecting RR_
50,000
United Traction Co
12,499,600 Miscellaneous stocks
656,444
Northern N. Y. Develop. Co_
10,000
x Held under lease of Rens.& Sar. RR.
Also owns $4,950,716 bonds, valued at par, viz.: Albany & Sus. R.R.
1st M.,$3,556,000; Troy & New Eng. Ry., $160,000: Fort William Henry
Hotel Co. income debentures, $272,000, 1st M.,$45,000; Bluff Point Land
Improvement income debentures, $250,000, 1st M., $28,000; Chateaugay
Ore & Iron Co. 1st M.,$337,000; Champlain Transportation Co.,$250,000;
Plattsburgh Trac. 1st M., $24,000; Carbondale Gas Co. 1st M.,
$8,000;
Lake George Steamboat Co. 2d income deb., $20,000,
and bonds and
mortgages on real estate, $716.-V. 100, p. 53.
[VOL.
loo.
Traffic.-The Hudson & Manhattan RR. handled in 1914 59,900,257
passengers, or about 53.53% of the competitive traffic across the
Hudson
River. Independent traffic experts have stated the ultimate capacity
of the present Hudson Tunnel system as 150,000,000 passengers a year.
Total Competitive Traffic of Hudson Talus and Perry Lines. (Three on omitted.)
1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914.
Ferries, est_ _ _ _95,566 91,482 84,951 65,763 58,019 56,765 54.137 51,987
Co.'s tubes.... _(not op.) 10,585 26,205 49,088 56,708 58,079 59,434 59.901
P. c. of total_
.00 10.37 23.57 42.74 49.43 50.57 52.33 53.53
GROSS AND NET RAILROAD EARNINGS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
Gross earnings
$3,750,950 $3,743,713 $3,630,061 $3,044,756
Net earnings
2,303,611
2,288,687
2,321,856
1,857,632
EARNINGS, &C., OF HUDSON TERM. BLDGS. FOR CAL. YEARS.
1914.
1913.
1912.
1911.
$1,684,196 $1,673,765 $1,634,746 $1,541,163
39,476
39,389
34,301
32,490
Total revenues
$1,723,672 $1,713,154 $1,669,047 $1,573,654
Maint. of struc. & plant_ $100,441
$115,847
$82,863
$65,225
Expenses of operation_
309,033
306,050
300,997
269,948
General expenses
77,624
87,361
88,581
66,187
Gross rentals
Miscellaneous revenues
Total expenses
$487,098
$509,258
$472,440
$401,360
Net operating revenue_ _$1,236,574
$1,196,607 $1,172,294
Assum.leases in oth.bldgs $17,137 $1,203,896
$15,139
$16,034
$16,998
Deprec. of bldgs. & plant.
36,864
33,792
10,000
40,002
Taxes
225,493
234,210
224,203
202,631
Net income
$957,080
$920,755
$946,370
$912,663
-V. 100, p. 812, 397.
New York New Haven & Hartford Railroad.
Hudson & Manhattan RR.
(Financial Statement by President Elliott on April 8 1915.)
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Howard Elliott in the address delivered at Norwich,
The remarks of President Wilbur C. Fisk are given at
length on a subsequent page; also the comparative income Conn., on April 8, in part said substantially:
Dissolution of System.-You will recall that the U.S. Government thought
account for the years ending Dec. 31 1914 and 1913, the that
the company was acting contrary to law in holding the Boston & Maine
balance sheet of Dec. 31 1914 and the profit and loss account and various trolley properties. On Oct. 17 1914 an adjustment was reached
with the Department of Justice under which some of these properties were
for the year ending Dec. 31 1914. Below we show the gross put in the hands of trustees for management and sale, and others were
to
and net earnings of the company for four years and the be sold, but the management was left with the New Haven until the sale.
The steamship lines on the Sound are held subject to the ruling of the
operations of the Hudson Terminal.
I.-S. C. Commission, which has the power either to permit us to keep them
The company is distributing with the annual report the or to order them sold. This makes a very serious change in the general
of the New Haven system, and a severe dislocation of that charsupplement to the bulletin published in March 1915 by the structure
acter is a great
on the property,under which it has staggered someAmerican Museum of Safety, at the company's request, what and from strain
which it must necessarily recover quite slowly. Whether
it was lawful or wise to have attempted to make a unified transportation
giving its brief in the contest for the Anthony N. Brady system
for New England is not now the question. The action taken was
award for the year ending June 30 1914 to the company that under laws
as then interpreted and enforced-and in the spirit of expansion
consolidation that was in the air of the whole U.S.from 1903 to 1907.
had done most to conserve the safety and health of the public and
New Capital.-The owners of the New Haven property in the period
and its employees. This, the Museum states, will be a, from June 30 1903 to Dec. 31 1914, in their work of making a piece of
practical demonstration of the painstaking care of the com- transportation machinery, raised much new capital. There were many
transactions between the various companies, but the actual cash or exchange
pany in making safe its transportation facilities.
values obtained by the owners of the property,including the New England
Harvey Fisk & Sons,62 Cedar St., New York,in a 45-page Navigation Co., during the period July 1 1903 to Dec. 31 1914 was
from
sale or exchange of stock, bonds, notes and from miscellaneous sources.
Illustrated pamphlet regarding the company, "its property, $398,300,000.
This amount was expended as below:
finances, and securities," say in part (compare map on page
Amount Expended from July 1 1903 to Dec. 31 1914 for Development.
On the N. Y. N. H.& Hartford RR.,including improvements,
67 of "Railway & Industrial Section"):
additions, terminals, electrification
Tunnel System.-The Hudson & Manhattan RR. affords to Newark.
Jersey City and Hoboken, and to the commuters and other passengers
of
the Pennsylvania, Erie, New York Susquehanna & Western and
Delaware
Lackawanna & Western railroads direct connection with downtown New
York and with the uptown shopping district. Before the tunnels were
constructed it was necessary to land from ferry-boats at the water-front
a long distance from places of business or other destinations.
The railroad property consists of 15.8 miles of tunnel or subway track,
1.3 miles of surface track (steam line leased track), 2.5 miles of yard track,
12 subway stations, 226 cars, 1 power-house (18,000 k.w. capacity) and
three substations. The under-river section of each of the tunnels is about
one mile long. There are two tunnel systems, each with two parallel
tunnels, built of massive iron segments.of enromous strength, grouted on
the outside with cement, and, in parts, internally lined with concrete.
Portionsin N.Y.and in Jersey City are of reinforced concrete. The tunnels
are built through the soil and solid rock from 20 to 40 ft. below the bottom
of the river. The water does not touch the tunnels at any point. The
ventilation is perfect. Each tunnel carries a single track and the trains
are operated in one direction only in each tunnel, thus acting as a piston
for driving the air out in front and drawing in a sufficient supply from the
rear. Powerful fans are also used. The temperature is always about 70
degrees, winter and summer.
The motive power employed is the most modern application of electricity
by the third-rail system, while the signaling and interlocking systems are
electric and electro-pneumatic, permitting the maximum service with the
highest degree of safety. The main power house is located in Jersey City,
the building and the machinery being of the most approved design. The
three sub-stations for the conversion of the electric current from 11,000
volts alternating to 650 volts of direct current are located, one in Jersey
City and two in New York.
Depots-The Hudson Terminal.-All of the company's depots are convenient, roomy, well lighted and well ventilated. In New Jersey they are
located at intersecting centres of the Public Service By. Co.'s network of
trolley lines covering the metropolitan district of New Jersey, which has
a population of some 2,000,000.
The company's uptown terminal at Broadway 6th Ave. and 33d St.,
New York, affords facilities for close connection with the 6th Ave. elevated
railroad and the several surface car systems and omnibuses passing these
points. Here there will also be direct underground connection with
express station of the Broadway-Brooklyn subway of the Brooklyn an
Rapid
Transit Co. (New York Municipal Railway Co.), affording direct connection with trains for all places to be reached by this system with its network
of lines radiating to Long Island points, such as Brooklyn, East New York,
Williamsburg, Astoria, Corona and Flushing. The 33d St. Terminal is
one block east of the Pennsylvania Station and from the Interborough's
new West Side line building under 7th Ave.
iw The downtown terminal in New York City is known as the Hudson Terminal. So far:as passenger traffic is concerned this terminal is said to be
the "busiest spot on earth," as over 30,000,000 passengers are handled
through it annually, from a daily average of about 858 trains. The Hudson Terminal is not only an important railroad terminal, being virtually
the downtown distributing terminal for the passenger traffic of the Pennsylvania RR. and a large part of that of the Erie RR., New York Susquehanna & Western RR. and the Delaware Lackawanna & Western RR.,
and with a capacity to handle easily and smoothly three times the present
traffic, but it is also one of the largest office buildings in New York City.
This structure comprises twin office buildings 22 stories in height, with
a rentable area of 877,900 sq. ft. These buildings are very popular with
tenants and are always well rented. The estimated resident population
during business hours is 10,000 people. The station, 40 ft. below the
surface of the street, contains five tracks and six platforms so arranged
-the trains load and unload from separate platforms. The platformsthat
are
370 ft. long accommodating trains of eight cars.
PA The capacity of the track floor and concourse is such that the business
from an additional pair of tunnels could be handled with perfect ease.
When the new subway lines are completed, about two years hence, down
Church St. and Greenwich St., the Hudson Terminal will be right between
them. The passenger concourse of the Hudson Terminal will open directly
on the platform of the Brooklyn Rapid Transit main line Broadway subway in Church St. and will be connected by a short passageway with the
Interborough West Side subway on Greenwich St. The concourse will
also shortly be connected by an underground passageway with the present
Interborough subway at Broadway, which will be the East Side line. The
West Side elevated lines pass on either side of the building, the 6th Ave.
line being directly connected from the third floor. Here, then, we have
converging six great arteries of travel, with lines radiating to every part of
the_Metropolitan:district, serving a population of about 6,1000,000 people.
and equipment; also including investment in (a) Harlem River & Portchester,
(b) N. Y. Westchester & Boston and (c) N. Y. Connecting
By.,which are part of the New York terminals of N.H.road $224,200,000
For the N. Y. Ontario & Western and Rutland RR
15,600,000
For the gas and water-power companies
3,700,000
For miscellaneous properties
2,100,000
For corporate purposes
3.400,000
Total
$249,000,000
For the various water lines which may have to be sold by
order of the I.-S. C. Commission
$18,300,000
For Boston & Maine and leased lines
30,500,000
For trolley properties
100,500,000
Total that may have to be sold
$149,300,000
Grand total
$398,300,000
Outstanding Capitalization-New Haven Road and Allied Companies for
which it is Responsible.
(Incl. Harlem Riv. & Port., N. Y. W.& -B. and 34 of N. Y. Connect. By.)
July 1 1903. Dec. 311914. Increase.
Stock
$69,901,100 $157,117,900
$87.216,800
Bonds
4,364,000
85,715,000
81,351,000
Debentures
160.058,200
10,185,300
149,872,900
Short-term notes
51,921,000
51,921,000
$84,450,400 $454,812,100 $370,361,700
Total (At Par Islue)
Some of these securities were sold for more than par value and there was
some cash received from sales of miscel. properties (raising the total to
the aforesaid $398,300,000).
On July 1 1903 the company's capital stock was selling at $200 or better
a share, showing $70,000,000 more value in the estimation of the public
than was shown on the books. Add the new capital expended for additions
and we obtain these results:
Capital 1903 (at par)_ $84,450,000 Cap. 1903, going prices_$155,000.000
Added to property
394,900,000 Added to property
394.900,000
$479,350,000
Total
Present capitalization_ _ _454,812,100
Total
$549,900,000
454,812,100
Balance, surplus
$24,537,900
$95,087,900
Assume the smaller figure ($479,350,000) as present value for the sake of
the argument; the fixed obligations are $297,694,200, leaving $181,655,800
additional for the stock, &c. If we assume the larger figure of value,
there is $252,205,800 additional for the stock,&c.
The I.-S. 0. Commission estimate in its report of July 11 1914 that the
owners and managers have wasted and lost in unwise work and investments between $60,000,000 and $90,000,000. No one can tell exactly
about this until actual sales are made under the Federal decree, but it is
hardly fair to fix the loss at a time of world-wide dislocation of business,
strain on capital, depression and uncertainty about the New England
transportation business. On June 20 1913 the same Commission said that
the outside properties "are for the most part of substantial value and in
many instances are a kind of property the value of which should improve."
If we deduct the suggested possible loss of $60,000,000 from the two figures
of estimated value, we have $419,350.000 in one case and $489,900,000 in
the other, which amounts exceed all debts by $121,655,800 and$192205,800.
Company Solvent.-Consider the road and its terminal properties apart
from its outside properties and the properties that may be sold, and the
figures are as follows:
Value based on par of capital, 1903
$84,450.000
Added to the New Haven RR.and terminals since that date.... 224,200,000
Total system proper
$308,650,000
Bonds and debt of the New Haven Navigation Co. and Harlem
River & Port Chester, N.Y. W.& 13. and N. Y. Connecting 297,694,200
Balance,surplus
$10,955,800
Outside properties as listed
170,700,000
Grand total
$181,655,800
to represent excess for debts and stock.
Assume $60,000,000 loss, and this is reduced to $121,655.800. Assume
$90,000,000, and the figure is $91.655,800. But if you admit, as I think
is fair, that the value of the New Haven RR. alone is to-day understated
on its books, as much as it was in 1903, you can fairly add $70,000,000
APR. 17
of the
to offset the losses, whatever they may turn out to be, when the salegreater
various properties is made, which would make the balance for the $161,and
case
one
in
protection of the debts and the stock $191,655,800
655,800 in the other.
The figures seem to prove conclusively that the road is absolutely solvent
with much more value than its debts; that there is a great equity because
to-day
of its location and ability to servo New England; that it is earning
in
In spite of all the difficulties surrounding it and the heavy decreases
gross earnings, its fixed charges, although by a margin too narrow for the
good of the road as a servant of New England.
Improved Physical Condition and Greater &nice Made Possible by Aforesaid Expenditures.
1902-03. Increase.
1913-14.
Year ending June 3063,714,199 36.89'
87,183,541
Revenue passengers carried
Revenue passengers carried 1 mile_ _1,600,476.736 1,114,313,020 43.6%
18,283.733 36.7%
24,996,838
Tons of revenue freight carried
Tons of rev, freight carried 1 mile_ _2,294.783,942 1,627,858,848 41.09'
259,228,926 11.19
288,110,270
Miles run by cars
6.2 0
23,147,909
24,548,429
Miles run by locomotives
40,791
17,260 136.3%
Units of rolling stock
5,200 188.4%
15,000
Cost of passenger coach
Dead weight per pass. nauled in steel
826 lbs. 80.1%
1,488 lbs.
coach,compared with wooden coach
$46.932,332 43.2%
$67,229,219
Revenue from operation
36,110,428 45.9%
52.702,306
Operating expenses and taxes
$10,821,904 34.2%
$14,526,913
Net income from operation
Nearly 60 cts. of every dollar of expense goes directly to the payment
of wages of men, the vast majority of whom live in New England.
The Pennsylvania and the New Haven are building jointly the New York
Connecting RR., which will connect the New Haven with Long Island. and
by means of the Pennsylvania tunnel dye direct connection with the Pennsylvania passenger station in New York, and form an alternate route to,
from and through New York and Brooklyn for New England business.
The road and appurtenances will probably cost $35,000,000 before it Is
completed, but with the growth that is coming to the United States, New
York. Brooklyn and to New England, what will be its value as an instrument of commerce 10, 15 or 25 years from now?
The New York Westchester & Boston Ry. has been most costly, but,
looking ahead a few years, this entrance to the City of New York through
this road will be of great value in facilitating business between New England points and that city by taking some of the local short-haul business
off the main line, which at times is overtaxed.
Credit and Legislation.-Tho credit of the road has been weakened by
Ii Pre events of the last few years; by national and world-wide conditions
held rea fecting all business, and for which the New Haven cannot be
In
sponsible; also by local conditions for which it was in part at fault.
fact, until its credit is improved, very many of the things that the public
$100,ask for cannot be granted. It is not difficult to point out where
years for
000,000 could oe spent oa the Now Haven road in the next ten company
additions and betterments. This expenditure would enable the furnish
to handle the increased business, which is bound to come, and to
a better quality of transportation. The volume of business increased 40%
in the 1 ast ten years. In an effort to obtain a platform upon which to
place the New Haven financial structure, the company has asked to have
the laws of Conn.. Mass. and R. I. amended in certain particulars so that
the laws of these States will be in harmony. See V. 100, p. 1258, and
item on a following page.
Passenger Train Earnings.-Recently the New Haven has been permitted
to make several increases in passenger rates. Out of the 2,000 to 2,500
trains run every day, more than half fail to make the average cost of running without taking any account of maintenance or overhead charges,
notwithstanding that during the past year the company has discontinued
many of the poorer-paying trains.
Mail Pay.-There is little doubt but that the New Haven is underpaid
31,000,000 a year for service and facilities in connection with mail and parcel
post matter. Under the decision of Justice Hughes it is to be hoped that
steps can be ta.f en that will result in the Governntent's paying a reasonable
price for carryi ng the mails and parcel post.
Outlook.-Recent results are more encouraging. For February every
property except two, in which the New Haven Co. is interested, showed an
increase in net returns over 1914(V. 100, p. 1258). The estimated earnings
for March show that the New Haven and the Central New England rail
lines were better by $34,000. the steamship lines increased $30,000 and the
trolley properties increased $10,000, compared with March 1914. This
Increase in gross is distinctly encouraging and with somewhat greater
efficiency and economy than a year ago there should be an increase in the
net for the month of March. At the close of the fiscal year, June 30 next,
something will be received from some of the subordinate properties which
will add to the final surplus. The company will without any doubt fully
earn its fixed charges in spite of great losses in gross earnings and have a
small balance over for payment of debts and improvements. See also sale
of notes for refunding on a subsequent page, and compare V. 100, p.
1258, 1168.
Erie Railroad.
(20th Report-Half-Year ended Dec. 31 1914.)
Pres. Underwood, N. Y., April 13, wrote in substance:
New Fiscal Year, (U.-The fiscal year has been changed so as to end
Dec. 31 instead of June 30. This report, therefore, covers the operations
for the six months ended Dec. 31 1914, and to provide for more accurate
comparisons the figures for the six months ended Dec. 31 1913 have been
re-stated to conform as nearly as passible to the revised classifications prescribed by the I.-S. C. Commission, effective July 1 1914.
Additions and Betterments to Road and Equipment.-Such expendituras
aggregated $1,932,245, viz.: (a) charged to capital, road, $868,726. and
equipment, $311,755; (b) To income, net, $751,765.
Six locomotives, one all-steel combined pa.ssonger-baggage car, four
steel underframe parlor cars, seven steel suburban coaches, 200 drop-end
gondola cars and 600 hopper-bottom gondola cars were added.
Collateral Notes.-The amount of collateral notes outstanding Dec. 31
1914 was $34,050,000. maturing a.s follows: $6,000.000 March 1 1915.
$10,000,000 April 1 1915, $4,550,000 Oct. 1 1915 (V. 99, p. 816), and
$13,500.000 April 1 1917. From the proceeds of the sales, (see below),
of $13,400,000 bonds and of $10,000,0'0 1-year 5% collateral notes issued
April 1 1915 (V. 100, p. 981, 1167), notes for 36,000,000 maturing March
1915, and $10,000,000 maturing April 11915, have been paid, $4,550,000
has been deposited with the trustee for the retirement of notes due Oct. I
1915, and the balance applied toward reimbursement of amounts expended
from current funds for improvement purposes.
Financing-Merger.-Effective Jan. 1 1915, the Erie & Jersey RR. Co.
Increased the interest rate on its $7,400,000 1st M. bonds due July 11955,
from 4% to 6%, and the Genesee River R1t. Co. similarly increased the
Interest rate on its $6,000,000 1st M. bonds, due July 1 1957. Both of
these issues were owned by this company, having been acquired in settlement for cash advanced for construction purposes and were pledged as
security for the payment of short-term notes. The increased interest rate
made possible a sale of these bonds on favorable terms. From proceeds of
the sale and of $10.000,000 1-year 5% collateral notes issued April 11915.
notes for $6,000,000, maturing March 11915, and $10.000,000, maturing
April 11915. have been paid, $4,550,000 has been deposited with the trustee
for the retirement of notes due Oct. 11915, and the ialance applied toward
reimbursement of amounts expended from current funds for improvement
purposes. The Erie & Jersey RR. Co. and the Genesee River RR. Co.
have been merged into the Erie RR. Co.(V. 100, P. 555, 641,981, 1167.)
A new "Refunding and Improvement Mortgage" providing for the refunding of all the company's outstanding obligations, and also providing
new money for improvements has been proposed and is receiving attention.
Equipment Trusts.-Equipment trusts 4A% "BB" for $900,000, due finally Aug.11924, were made during the six months,covering: 6 steam locomotives, 800 gondola cars, 7 steel suburban coaches, 1 steel combined
passenger-baggage car and 4 steel underframe parlor cars. Total equipment trusts paid during the Year, $1,620,491.
Rates.-The re-hearing granted by the I.-S. C. Commission in the 5%
advanced freight rate case mentioned in the last report resulted in a decision favorable to the carriers and will provide a material addition to revenue.
Express.-A new contract was made with Wells Fargo & Co., effective
July 1 1914, under the terms of which the company's revenues from transportation of express will be increased.
Directors.-To fill vacancies, Mitchell D. Follansbee of Chicago and
Robert W. Pomeroy of Buffalo were elected directors on Oct. 13 1914.
Hon Elbert H. Gary resigned as director Oct. 28 1914.
1341
THE CHRONICLE
1915.1
[Compare also in V. 100, p. 481, official summary of comparative statistics and physical changes in the property from 1901 to 1914.1
INCOME ACCOUNT FOR SIX
1914.
1913.
Revenue$
$
Merchandise
14,921,180 14,509,123
Coal
8.582,229 8,444,394
Passenger
5,856,982 5,265,312
Mall
225,542
228,633
Express
808,595
877,655
Milk __
489,398
471,366
Water line
256,758
301,003
1,294,989 1,232,527
Miscellaneous
MOS. ENDING DEC. 31 1914.
1914.
1913.
Expensesmaint. of way,&c_ 4,412,908 3,832,721
MaInt. of equipl. 6,187,774 6,895,823
671,906
789,762
Traffic
Transportation__ A2,209,848 11,554,052
756,440
Miscellaneous_ __ _ 920,847
Total oper. exp_24,521,139 23,710,942
8,027,819 7,505,766
Net earnings
661,780
Taxes (railway)-- 1,016,457
13,930
Uncollectibles
Total oper. rev_32,548,958 31,216,708
Operat'g income 7,011,362 6,830,056
Other income-Income from funded securs., $275,657; div., 396,042; Joint
tacit. rents, 2335,935: other rents, &c., $326,176; income from un1.257,326
funded securities, 2223,516: total
8,087,382
Total operating income for the 6 mos. ending Dec. 31 1914
Deduct-Rents for leased roads,$1,117,477; Joint facility rents, $365,408;
1,971,490
other rents, $488,605; total
Int. on bonds & notes, 24,511,585; int. on equip. obligations, &c., 2418,5,344.391
910; int. on unfunded debt,$344,169; misc.,$39,726; total
Appropriations (1) for sinking, &c.,funds,$403,949; (2) for Investment in
1,155.714
total
$751,765;
property,
physical
$384,213
Balance, deficit, for 6 mos. ending Dec. 31 1914
BALANCE SHEETS DEC. 31 1914 AND JUNE 30 1914
1913.
1914.
Dec. 31 '11. June 30'14.
AssetsRoad & equip't_322,107,932 320,652,013 let pref. stock__ 47,892,400 47,892,400
2d pref. stock__ 16,000,000 16.000,000
Improv'ts since
Common stock-112,378,900 112,378.900
476,327
June 30 1907_
Long term debt:
Inv. In affil.cos.:
Equip. oblig's 16,496,966 17,217,457
64,940,673 64,889,243
Stocks
Mtge. bonds-186,110,900 166,110,900
47,870,933 47,799,572
Bonds
850,550
Col. tr. bonds 37,699,500 37,699,500
850,550
Notes
Col. tr. notes- 23,500,000 28,050,000
Advances_ _ _ _ 9,716,321 9,610,768
1,103,066
Misc. Wig's_ 1,037,176
321,739
173,409
Other invest'ts_
Loans&bills pay. 10,560,000 6,010.000
Misc, physical
21,320 Traffic,&c.,bal- 1,659,015 1,941,935
21,320
property, &c_
7,082,282 6,296,162 Audited accts.&
Sinking funds
5,521,839 4,374,591
wages
5,412,875 6,293,551
Cash
251,201 Matur.Int.,&c- 2,132,720 2,151,936
Special deposits. 1,375,655
786,691 1,053,686 Accr. int., &c..- 2,694,896 2,709,741
Traffic, &c., bal.
284,096
205,755
Agts.& conduc_ 1,283,385 1,351,572 Miscellaneous_ 244.999
190,137
35,301 Def'd liabilities15,251
Loans & bills rec
Materials &supp 4,637,867 5,566,269 Accrued deprec.
195,267 (equipment) - 8,794,129 8,062,300
201,802
Int. & diva. rec.
266.472
253,503
Miscellaneous_ _ 3,341.322 3,276,006 Otis. unadJ.accts
51,461 Add'ns to prop.
38,701
Deferred chgesthrough inc.&
Securs. Issued or
5,529,102 4,777,337
surplus
assum-pldgd
26,824,000 26,824,000 Sink,fund reser. 6,997,846 6,593,896
bonds
286,940 Profit and loss_ _•31,785,662 31,818,916
206,019
UnadJust. accts.
61,821
77,131
Prepaid mt.,&c..
Total
497,440,446 495,688,442
Total
497,440,446 495,688,442
*After adding miscellaneous (net) items aggregating 3350,959.-V. 100, p. 1167.
Western Railroad Company.
(28th Annual Report Year ended Dec. 31 1914.)
President Alfred H. Smith, N. Y., says in substance:
The'Lake Erie &
Results.-The total operating revenues for the year were 35,602,771. a
decrease of $331,872. The freight revenue was $4,511,572, a decrease of
$212,575, which was due to the general depression in business. The total
expenses of operation were 34,453.856, a decrease of $397,624. Deductions
from gross income increased $57,870, due chiefly to excess of foreign freight
cars on this line, producing an increase in hire of freight cars of $56,742.
partly offset by areduction in "rent for locomotives" of $26,090, accounted
for by the purchase of new locomotives. The deficit for the year was
3227,873, an increase in deficit of $11,812. Rail renewals 1.76 miles of
main track with 80-pound rail.
Additions. &c.-The charges to capital account aggregated $203,404.
incl. $103.136 for rolling stock.
OPERATING STATISTICS.
1912.
1911.
1913.
1914.
Operations906
906
886
Miles operated Dec. 31906
1.791,218
1,698.638
1.700,813
1,474,622
Passengers carried
Passengers one mile_ _ _ 42,885.584 48.225,751 46,344,711 54,839.142
1.63 cts.
1.87 cts.
1.83 cts.
1.84 cts.
Rate per pass. per mile_
$0.77
$0.77
$0.80
Earns, per pass. train m.
$0.77
4.991,361
5,472.630
5,611,434
*Freight (tons) carried_ 5,408.286
*Freight (tons) one mile.687,234.692 728.097413 708,773,446 663,954,830
Rate per ton per mile_ ..- 0.656 cts. 0.648 cts. 0.656 cts. 0.636 cts.
$2.19
$2.36
$2.43
Earns, per(gist. train m_
$2.32
$6,118
36.448
$6,553
Earns, per mile of road_
$6,187
344.92
359.02
374.83
353.82
Av. train-load (rev.)tons.
* Revenue freight only.
EARNINGS, CHARGES, &C.
1911.
1912.
1913.
1914.
Earnings$44,511,573 $4,724,148
Freight
880.9671 35,839.630 $5,420.821
787,746
Passenger
276,502
257,549
Mail,express and miscel.
53,026
45.903
Other than transportat'n
Total oper. revenue.- $5,602,771 $5,934,643 $5,839,630 $5,420.821
Expenses$955,321
Maint. way & structures $785,010
1,232,591
1,030,424
Maint. of equipment..
165,978 $4,459.366 34.295,621
159,612
Traffic expenses
2,353,033
Transportation expenses 2,335,132
144,557
143,678
General expenses
Total expenses
$4,453,856 $4,851,480 $4,459.366 $4,295,621
(79.24)
(81.75)
76.36)
Per cent exp. to earns_ __
(79.49)
$1,148,915 $1,083,163 $1,380,264 31,125.200
Net operating revenue
971
Uncollectibles
231.532
238,867
257,779
280,541
Taxes accrued
$893,668
119,471
Operating income.._
Rents,interest, &c
3867.403
123,474
$825.384 $1,141,397
113,037
119,435
Gross corp.income_ .._
Rent leased roads
Hire of equipment, &c_ _
Interest on bonds
Other interest
Additions & betterments
$990,877
3125.000
454,246
543,750
95,754
$944,819 $1.254,434 $1.013,139
$125,000
$125,000
$125.000
240,819
274,466
396,805
543,750
543,750
543,750
115,794
98,537
95,324
209,442
Total deductions.__.. 31,218,750 $1,160,880 $1,251,195 $1,025,363
sur$3.239 def$12,224
def$227.873 def3216,061
Balance
* Comparisons of those items marked (*) are inaccurate, the figures haybeen changed in later years, the results, however. remain!unchanged.
1342
THE CHRONICLE
[VOL. 100.
GENERAL BALANCE SHEET DECEMBER 31.
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
1914.
1913.
1914.
Assets1913.
Liabilities$
$
$
Assets$
$
$
Liabilities-(Cone.) 3
Road & equip't_ _36,347,572 36,191,876 Common stock__ _11,840,000 11,840,000 Road & equip't__ _60,403,164
$
59,849,465 Equipment trusts..
61,756
Invest.In Mill. cos. 254,2691 254,802 Preferred stock_ _ _11,840,000 11,840,000 Securities
123,512
pledged.
10
10
Mortgages
544,928
Other Investments
559,928
27,000f
Mortgage bonds..A0,875,000 10,875,000 Other investments
3,760
3,760 Non-negot.debt to
Cash
597,141
530,201 Loans,&C.,bills pay. 1,679,075 1,679,075 Cash
258,305
268,032
affiliated cos.__ 9,866,589 9,357,446
Material & supp
488,008
655,754 Vouchers & wages. 962,873 1,005,406 Miscellaneous_ .... _ 379,920
367,120 Accounts payable_12,338,824 10,338,482
Agts.& conduc. &
Miscel. accts. payDeficit
a12,121,504 10,244,790 Matured interest_ 258,120
oth. accts. rec
267,855
239,133
412,722
able
178,334
264,333
Unmat'd interest.. 100,000
Miscellaneous....... 136,697
100,000
41,677 Matured interest_ 275,175
276,275
Total
73,166,663 70,733,177 Taxes accrued,&c..
48,773
Other dent debit
51,082
Accr. taxes& miscl. 358,737
254,055
Depreo'n (road)__
4,330
items
5,590
2,455
118,051 Deprec. (equipt.).. 144,986
Liabilities$
do
$
(equipment)
375,588
prefit and loss.. _ _ .. 465,076
361,526
232,232 Add. to prop., Inc.
Capital stock _ ......19,972,756 19,972,756
since June 30 07 403,171
403,171 Funded debt
29,595,000 29,595,000 Total
73,166,663 70,733,177
a After deducting $4,113,046 for appropriated surplus, consisting of
Total
38,557,351 38,437,315 Total
38,557,351 38,437,315 additions
to property since June 30 1907 through income, $4,051,290, and
-V. 100, p. 1078.
appropriated surplus not specifically invested,$61,756.-V. 100,
p. 1259.
Washington Baltimore & Annapolis Electric Railroad.
Western New York & Pennsylvania Railway.
(Report for Fiscal Year ending Dec. 31 1914.)
(21st Annual Report-Year ending Dec. 31 1914.)
Pres. George T. Bishop, Baltimore, says in substance:
Although
a decrease of $15,001 is shown in earnings from passenger
Pres. Jno. P. Green, Phila., April 5 1915, wrote in subst.: traffic, general
business in reality
Results.-Total operating revenues show a decrease of about $741,000,
decreases of over $728,000 in freight and $75,000 in
business having been offset in part by an increase of about $98.000passenger
other transportation
revenue (milk and switching). Operating expensesinwere
reduced nearly
$880,000, through enforced economies, the smaller traffic
and, to
some extent, by the saving in operation due to the use late inhandled
of the improved line between Oil City and Buffalo, via Brocton, as 1914
your principal
freight route between those cities.
While maintenance of way and structures expenses increased about $100,000, due to larger outlays for ballast, ties, rails, and other track
and for the removal of snow and ice, maintenance of equipment material,
expenses
decreased almost $480,000, by reason of smaller expenditures for repairs
to
locomotives and freight and passenger cars and for freight-ca
r
renewals.
The largest decrease was in transportation expenses, due
to the
reduction in train, yard and fuel expenses consequent uponprincipally
the heavy reduction of 898,954 tons in your freight traffic. This reduction in tonnage,being
6.54%, was supplemented by a reduction in tonnage mileage of 11.87%.
As the result of the savings in operating expenses, the railway operating
income increased $130,000 On the other hand,deductions increased $228.000, the increase in hire of equipment being due to a greater proportion of
the traffic being carried in equipment of other roads; while the increase In
interest on unfunded debt is due to the enlargement of that debt to meet defficits and make improvements. The net result for the year was a deficit
of $1,875,896, an increase of $94,000 compared with 1913. In addition
there was expended for betterments to road and equipment,
hereinafter
described, the sum of $664,561, making the total deficit $2,540,457,
which
was charged against profit and loss.
Traffic Arrangement.-To shorten the haul and avoid the heavy grades
on its own lines and those of the Buffalo & Susquehanna
Co., with
which it was formerly affiliated, the Buffalo & SusquehannaRy.
RR.
has
since April 1 1914 routed its coal and coke traffic to and through Co.
Buffalo
over the Pennsylvania RR. lines from Driftwood to Emporium, Pa.,
and
thence over your lines. Under this arrangement your company will, under
normal business conditions, realize a substantial increase in mineral traffic.
Unification.-Following the policy of unifying your system,
have
been taken for the acquisition by your company of the corporatesteps
property,
rights and franchises of the Penn.& Rochester, RR.(Hinsdale to Rochester.
98 miles) and the Rochester New York & Penn. RR.(a 2 1-3-mile branch
of the P. & R.), all of whose stock is owned and whose lines are leased.
Improvements.-The work of revising the grades and alignment between
011 City and Buffalo, via Brocton (V. 99, p. 404) was completed late in
1914, and this line is now your principal freight route between Pittsburgh
and Buffalo, and fully justifies the anticipated saving in time and cost of
operation during the short time it has been in use. This revision included
the reconstruction of the Pioneer Branch south of Titusville, the improvement at Tryonville, the radical change of line between a point south of
Glynden and a point south of Corry, and the construction of an additional
track from Corry to Lovell. The additional track parallels that
of the Pennsylvania RR. Co. between the latter points, and a reciprocal agreement
has
been made between the'two companies for the operation and use of their
respective tracks as a double-track railroad.
There still remains to be constructed jointly with the Pennsylvania RR.
Co. a bridge at Oil City to replace the"1r" now used at that point, in order
fully to realize the advantages of the new route to Buffalo.
The road expenditures aggregated (net) 3773,067. Credits on account
of equipment retired amounted (net) to $219,368, making the net
increase
in road and equipment $553,699.
Of the foregoing improvements, there was charged against Income, representing mainly resonstruction of Pioneer Branch ($130,602) and change of
line and grades (notably south of Glynden to Lovell, $316,091),
local track
changes and extensions, increased weight of rails and track material,
improvement of roadway, bridges, trestles and structures, and for equipment
Improvements, a total of $664,561, which, together with car trust principal
charged out in advance, amounting to $61,756, make up the increase in the
off-setting item in your balance sheet of additions to property since June 30
1907 through income, $726,317.
The amounts necessary to meet the deficit for the year and provide for
improvements were advanced, as heretofore, by Pennsylvania RR.,lessee.
OPERATIONS AND FISCAL RESULTS.
1914.
1913.
1912.
1911.
Miles of road operated__
. 665
658
650
650
OperationsPassengers carried
2,065,100 2,131,153 2,014,047
1,982,620
Passengers carried 1 mile 61.569,206 65,123,301 59,575,687 59,386,472
Rate per pass. per mile_ 2.099 cts. 2.100 cts. 2.073 cts. 2.055 cts.
Freight (tons) carried
12.854,133 13.753,087 12,410.480 10,307,122
Freight (tons) car'd 1 m.1463282,977 1660441,506 1540265,586 1221376,113
Rate per ton per mile..
0.535 cts. 0.512 cts. 0.508 cts. 0.500 cts.
Avge. train-load (tons)_
567
536
550
456
Earns, per pass. train m. 108.4 cts. 107.1 cts.
102.2 cts.
100.1 cts.
Earns, rev. fr't train m.. 303.7 cts. 281.6 cts. 272.5 cts. 235.3 cts.
Gross revenue per mile..
$14,407
$15,683
$14,542
$12,107
EarningsPassenger
1,285.821
1,361,117
1,228,964
1,215,006
Freight
7,606,549 8,335,068 7,683,099 6,180,733
Mail, express, &c
682,416
619,611
538,082
474,228
Total earnings
ExpensesMaint. of way, &c
Maint. of equipment
Traffic
Transportation
General
9,574,786 10,315,796
9,450,146
7,869,967
1,711,277
2,397,493
150,138
4,440,982
253,290
1,608,239
2,876,337
176,068
4,935,815
235,673
1,335,411
2,263,421
161,918
4,107,273
212,136
1,231,456
1,974,379
152,815
3,520.332
180,379
Total
8,953,180
Taxes
225,638
P.c.exp.&taxes to earns..
(95.86)
9,832,132
217,948
(97.42)
8,080,159
211,674
(87.74)
7,059,361
185,629
(92.06)
Net earnings
Joint facilities, rents.._ Miscellaneous rents, &c..
395,968
14,495
23,511
265,716
17,197
17,045
1,158,314
14,548
21.242
624,977
15,152
23,118
Gross income
DeductHire of equip., bal
Joint facilities, rents_ _
Miscellaneous rents.._ _ _
Bond interest
Other interest
Additions & betterm'ts_
433,974
299,958
1,194,104
663,248
543,659
128,335
44,979
923,775
669,122
664,561
452,386
110,8711
42,776j
926,883
548,938
1.499,852
318,494
98,002
326,773
101,588
931,587
516,433
222,728
940,649
445,616
137,297
2,087,244
893.140
1.961,923
1,288,675
Total deductions
Balance, deficit
2,974,431
2,540,457
3,581,706
3,281,748
increased
that amount. In March
1913 earnings on passenger traffic resulting about
from the inauguration of President Wilson exceeded 330,000, for which there
no corresponding item in
1914. The increase in expenses was occasionedwas
by an advance in the wages
and charges to depreciation on equipment ordered
for
all lines by the I. S.0.
Commission and additional expenditures necessary for
maintenance. The
increase in auxiliary revenue was from the sale of power
to the Annapolis
Public Utilities Co., and non-operating income from dividends
on stock of
Annapolis Public Utilities Co.
SUMMARY OF OPERATIONS.
1914.
1913.
1912.
Passengers carried
1,794,672
1,781,089
1.703.409
Total car miles
2,414,932 2,371.925 2,181,617
Gross operating revenue
$816.939
$831,940
$778,287
Operating expenses
449,626
423,626
388,956
Net operating income
Other income
$367,313
27,996
$408,314
10.896
$389,331
6,306
Gross income
Interest, taxes, &c
Preferred dividends (6%)
$395,309
$293,581
87,345
$419.210
$289.590
87,395
$395,637
$271,537
87,600
Net income
$14,383
$42,225
336,500
BALANCE SHEET DECEMBER 31.
1913.
1914.
1914.
1913.
AssetsLiabilities$
$
$
$
Road & equipment....9,496,347 9,405,786 Preferred stock
1,455,550 1,455,450
1,000 Common stock
1,000
Stk. Term. R.E.Co_
3,000,000 3,000,000
Stk. Annap.P.U.Co. 172,200 117,400 Funded debt
4,938,000 5,000,000
31,694
Advances
Wages, &c
23,920
54,318
70,322
9,261 Notes, &c., payable.. 65,000 115,000
Cash
- 217,000 Int., &c., accrued.... 82,510
Co.'s bonds in treas_
83,916
15,085)
1
Misc. accts. recelv
Reserves
*126,343
75,653
Materials & supplies. 21,609 208,809 Miscellaneous
20,431
335
Disc.on fund.d3,&e_ 83,613J
Profit and loss
160,116 174,584
9,959,256
9,871,870
Total
Total
9,871,870 9,959,255
* Includes in 1914 accrued depreciation, $76,975, and operating reserves,
349,367.-V. 100, p. 557.
Underground Electric Railways Co. of London, Ltd.
(Report for Fiscal Year ending Dec. 31 1914.)
Chairman Sir Edgar Speyer, London,Feb. 18, wrote in sub:
Results.-The income from investments and other sources amounted to
£684,626, an increase of £54,809, or 8.70%. The earnings of some of the
companies in which your company is largely interested have been adversely
affected by the war,and also by an increase in wages and cost of material.
Government War Measures.-The business of the Metropolitan District
Ry. Co. was necessarily disturbed by the outbreak of the European war in
August last, and on Aug. 4 the control of its railway, in common with other
railways in Great Britain, was taken over by the Government. An agreement was also reached as to the basis on which the compensation payable
by the Government is to be ascertained and divided between the companies.
The London General Omnibus Co. has had to hand over for war purposes
a large number of omnibuses, motor lorries, garages, its training school at
Chelsea and the use of its repair shops. The terms of payment are still the
subject of negotiation with the Government.
Financing.-Bofore the war began the London Electric Ry. and the City
& South London Ry. companies were well forward with their preparations
for proceeding with the extensions and improvements authorized by Parliament in 1913, involving large capital expenditure. As the conditions of
the money market were then not favorable to capital issues by these companies, your company bought from them, under agreement of April 28
1914, £463.000 and £412,000 of their respective debenture stocks, and issued
£700,000 of its own 44% three-year notes secured thereby (V. 98, p. 1394).
Your companY has sold to the London General Omnibus Co. (a) the assets of the Metropolitan Steam Omnibus Co., Ltd., acquired during 1914.
(b) the assets purchased in 1913 from the New Central Omnibus Co., Ltd.
We have acquired the following additional shares and stocks: 45,000
ordinary £10 shares in London General Omnibus Co.; £500,000 deferred
partic. income stock of Associated Equipment Co.; 242 ordinary £10 shares
in Wimbledon & Sutton By. Co.; £100,000 debentures and 150,000 ordinary E1 shares (being the total amounts authorized) in Union Surplus Lands
Co., Ltd. (formed to acquire the lands and buildings owned by your company prior to its conversion into a security-holding company).
Additions.-The extension of the London Electric By. from
northerly was opened Jan. 31 1915 to Kilburn Park Station andPaddington
on Feb. 11
1915 to Queen's Park Station of London & N. W. By. Another extension
was opened April 6 1914 from Charing Cross (Strand) to the Embankment,
affording a convenient exchange between the Hampstead & Highgate, the
Bakerloo and the District Railways. Escalators have been installed at
the Oxford Circus and Baker St. stations.
Financial and other arrangements were made for enlarging the tunnels
of the City & South London By. and for connecting that railway with
London El. By. at Camden Town;in view of the war, plan has been postponed.
Additional omnibuses were acquired by the London General Omnibus Co.
and new garages built early in 1914, but the total number of each
our
service has been substantially reduced by the requirements of theinWar
Office and Admiralty.
Equipment
Co. is making additions to its factory and
The Associated
equipment which will afford facilities for a much larger output.
Parliamentary Bills.-The Metropolitan District Ry. Co. is promoting a
bill to permit it to issue £300,000 in debentures or debenture stock for improvements at IIammersmith and to enter into agreements with the Wimbledon & Sutton Ry. Co.
Balance Sheet.-The balance of £45,170 on revenue account Dec. 31
has, in consequence of the changes in the constitution of the company, 1913
been
applied in reduction of the item "commission and discount on issue of
bonds." The item of stocks and shares stands in the books at £14,520.891
14s. 6d., details being given below.
Shares, &c., Owned Dec. 31 1914, Total Par £19,294,040, Carried as
£14,520.891.
Pledged
Free Assets
Ord.Stk.Pref. Stk. Deb. Ord. Stk. Pref. Stk. Deb.
London Elec. Ry_7,900,020 450,466 463.000 1,062,830 200,247 218,427
Met. Dist. Ry_ _ _1,781,500 1,560.000 (E90,000 is ist prof.)
Lend. Un. Tram..
15,000
Lon.& Sub. Trac 420,734
76,885
323,590 75,101
Lond. Gen. Omn-1,600,480
City & So. L. Ry_1,460,360
412,000
Union Const. Co..
980
Metrop. By. Co..
20,000
Assoc Equip. Co.
1,000,000(% def.ine.stk.)
APR. 17 1915.]
•
1343
THE CHRONICLE
GENERAL BALANCE SHEET AS OF JAN. 31.
As to offering of £350,000 "A"5% debenture stock of London & Subur.
1914.
1915.
1914.
1915.
Trac. Co., see V. 98,p. 1246. V. 99, p. 271. For dividends of London
Assets$
United Tramways,see V.98, p. 1073.1
100,000
100,000
stock....__
Capital
Road,equip.,&c_ 93,971,463 91,241,253
Passengers Carried and Pass. Receipts (incl. Omnibuses last 2 Years).
Treasury secure. 1,395,596 1,614,447 Bonds (see "Elec.
86,450,611
89,185,611
Section)..
1914.
1913.
By."
1912.
in
Consols
escrow
1911.
1910.
(000 omitted). 1908. 1909.
Old secure. exch.
for underlying
146,993 161,979 169,443 182,616 674,087 830,137 Not
Pass. No
1,980
1,980
under plan_ _ _ _
1,980
securities
1,980
Pass. receipts_ £1,089 £1,182 £1,237 £1,326 £4,050 £4,983 availle.
First M.gold 5s_
500,000 Pur. mon. M.bds 4,073,000 4,073,000
500,000
Cash
6,548,780 5,565,669 Adjust. inc. bds_ 2,500,000 2,500,000
REVENUE ACCOUNT, YEAR ENDING DEC. 31 1913.
Accts. receivable.
156,308 Current liabilities 1,797,518 2,004,183
17,727
-Years end. Dec. 31- -Half Yrs. end. Dec. 31- Prepaid accounts
10,417
43,604 Int.,taxes & sink.
1911.
1912.
1913.
fund accrued__ 2,043,129 1,805,772
Inc. from treas1914.
£110.631
£279,220
£629,817
£684,626
ury securities....
22,763 Reserve for dam35,974
Income from invest.,&c_
45,918
2,211,703 1,980,042
ages, &c
Net, power house
230,434
568,996
Surplus
£279,220, £156,549
£629,817
£684,626
Total receipts
£3,281
£3,889
£8,974
£10.796
102,481,937 99,146,023
Total
102,481,937 99,146,023 Total
General expenses
870
-V. 100, p. 1256, 1078.
Commis., disc. & exp__ _
97,764
41,336
84,489
89,349
Int. on bonds, &c
Int. on 1st cum. inc.
Sloss-Sheffield Steel & Iron Co.
38,190
76,380
76,380
deb. stock
21,085
Interest on notes
for Fiscal Year ending Nov. 30 1914.)
(Report
26,830
37,031
Ry
Guar. Cent. Lond.
b52,333
a195,485
a390,970
a411,543
The
of President J. C. Maben for the late fiscal
report
Int. on income bonds
619
Rents, &c
£154,867
£278,900
£587,643
Total expenditures_ _ _ /646,184
£1,682
£320
£42,174
£38,442
Balance, surplus
a At rate of6% per annum. b At rate of2% per annum.
BALANCE SHEET DECEMBER 31.
1912.
1913.
1914.
Assets£14,520,892*£13,593,696*£13,502.622
Stocks and shares
474,000
474.000
bonds..
x428,830
lien
prior
Corn. & disc. on 5%
y18,800
86,800
Loans and mortgages
260,073 . 285,544
Interest and dividends receivable_ __ _
378.079
321,292
60,542
Sundry debtors and debit balances...30,774
Notes due
220,015
165,787
_
220,696
_
_
&c_
hand,
on
and
bankers
Cash at
E15,577,833 £14,859,119 £14,605,490
Total
Liabilities£5,000,000 £5,000,000 £5.000.000
Share capital issued
57.524
57,524
59,949
"A" ordinary shares
1,730,000
1,806,000
1,832,400
4% bonds of 1933
6.330,050 6,136,050 6,136,050
6V income bonds
1.273,000
1,273,000
1,273,000
6 cum. debenture stock
700,000
4% 3-yr. secured notes (1917)
14,161
Unclaimed int. and dividends
172,246
264,548
36,741
Sundry creditors, credit balance
43.152
45,469
Interest payable on 4 % bonds
38,190
38,190
38,190
Interest payable on debenture stock..
195.485
195.485
Interest payable on income bonds.._ _ z209,431
2,996
45,170
38,442
Credit revenue account
£15,577,833 /14,859,119 £14,605.490
* Includes other property. x Less £45,170 written off. y Includes
mortgages only. z Includes income tax in 1914.-V.100,P. 1080,643.
Total
Chicago Railways Co.
(Report for Fiscal Year ending Jan. 31 1915.)
year, with the balance sheet and income account, will be
found at length on a subsequent page. The usual comparative tables for several years follow:
EARNINGS, EXPENSES AND CHARGES.
1914.
1913.
1912.
$453,962
Profits on pig*
$327.467
$509,093
Profits on coal after de92,781
102,685
74,756
ducting for deprec'n__
125,612
164,391
108.507
Profits on coke
Rents, royalties, stores &
243.674
219.630
242,388
miscellaneous, &c_ _ _ _
15,292
14,298
14,475
Divs. on treas. stocks,&c.
1911.
8284.350
79,469
122.151
233.855
13,685
$733,510
Total
Deduct general expense
acct., taxes & licenses.
$843,605
$994,076
$871.329
143,466
105,610
108,074
118,861
Net profit
Bond interest
7% dividends on pref_ --
$700.139
$210,000
469,000
$888,466
$210,000
469,000
$763.255
$210,000
469,000
$614.649
$210,000
469,000
sur$21.139 sur$209,466 surS84.255 def $64,359
Balance for year
$3,357,553 $3,336,414 $3,126,948 $3,042,692
Surplus Nov. 30
* After deducting for deprec. on coal and iron ore and 35c. per ton profi
on coke manufactured and in previous years 25c. per ton on iron for extra
ordinary repairs and renewals.
BALANCE SHEET NOVEMBER 30.
1913.
1914.
1913.
1914.
Liabilities$
Resources--Property account..22,618,138 22,473,647 Preferred stock __ 6,700,000 6,700,000
400,306 Common stock.... 10,000,000 10,000,000
Stocks and bonds_ 397,007
Sloss Iron & Steel
Supplies raw & fin2,000,000 2,000,000
711,703 Co.6s
ished materials. 1,509,728
74,521 Sloss Iron & Steel
70,006
Stock in co's stores
244,320 Co.4)4% bonds 2,000,000 2,000,000
Treasury securities 244,320
502,690
Accounts payable.. 488,511
Cash, bills and ac500,000
1,339,145
counts receivle.. 890,655 1,035,880 Bills payable
73,411
46,710
6,181
6,029 Pay-rolls
Insurance & taxes..
3,357,553 3,336,413
Profit and loss
Extraorcl. repair &
166,108
renewal account 195,884
RESULTS ON ALL CHICAGO SURFACE LINES.
191445.
25,931,919 25,112,514
Year ended Jan. 3125,112,514 Total
Total_ _ _
Gross earns.,$31,966,048;oper. exp.,$19,889,275; residue rects.$12,076,773 -V. 100,-p-.-b-0265.,931,919
4,951,477
South Side lines, 41%
Brooklyn Union Gas Company.
$7,125,296
Chicago Railways, 59%
(Report for Fiscal Year ending Dec. 31 1914.)
Chicago Railways Co.'s joint account, arising from transactions
55,106
1
1914
Feb.
affecting accounts prior to
$7.180,402
Total
RESULTS FOR YEAR END. JAN.31-JOINT ACCOUNT WITH CITY
Note.-SInce the unification ordinance went into effect Feb. 1 1914, no
made with previous years. We
proper comparison of the results can bethe
total amount available under
show below, however, the application of
the ordinance during the year 1914-15. as compared with the net earnings
years.
in previous
1912-13.
1913-14.
1911-12.
1914-15.
$7,180,402 $7,302,911 $6,348,275 $5,043,394
Balance
3,778,449
3,549,018
3,928,580
4,116.762
val.
of
5%
Deduct int. at
$3,063,640 $3,374,331 $2,569,826 $1.494,376
Net income
Division of Net Income$ 821,907
To City of Chic (55%)- $1,685,002 $1,855,882 $1,413,404
672,469
1,156,422
1,518,449
To Chic. Rys. Co.(45%) 1,378,638
NON-PARTNERSHIP ACCOUNT.
1911-12.
1912-13.
191344.
1914-15.
$672,469
$1,156.422
Co.'s proportion of inc__ $1,378,638 $1,518,449
3,778,449 3,549,018
3,928,580
Int. on val. of property.. 4,116,762
125,877
122,775
161,735
118,231
balances....
Int. on bank
54,042
92,534
90,653
93,478
Int. on treas. securities_
25,785
Int. on bonds and coll.._
2,457
175,000
840
income...
Miscellaneous
$5,877,241 $5,149,139 $4,429,648
Total gross income-- $5,706,165
$2,478,944 $2,297,750 $2,180,267
Int. accr. on 1st M.bds- $2,617,750
1,218,792
1,830,572
1,817,919
Cense'. M.bonds......- 1,818,452
396,900
24,900
_notes_
&c.,
Collat.,
162,920
162,920
162,920
162,920
Purch. mon. M.bds_ _
1,144
1,122
Current liabilities_ _
250,000
250,000
250,000
250,000
accrued
reserve
Sink. fd.
*16,436
Federal income tax_ _ _ _
118,401
157,296
123,446
120,574
Corp. exp. & adjustm'ts
Total deductions____ $4,989,004 $4,880,854 $4,674,063 $4,328,424
Net for income int., &c.
$101,224
$717,161
$475,076
$996,387
(see below)
* Arises from the fact that the company covenants to pay the interest
on all its bonded debt free from any tax.
PROFIT AND LOSS ACCOUNT FOR TWO YEARS.
1912-13.
1913-14.
1914-15.
$306,515
$435,511
$230,433
Surplus beginning of year
475,076
996,387
717.161
Net income for year
$781,591
$1,431,898
$947,594
Total
a103,080
100.000
100,000
Deduct-Adjust. inc. interest
Divs. on partic. ctfs. No. 1 (paid
incl.
compensation
1914),
Aug. 1
243,000
852,865
278,600
and exp. of depositories
Divs, on partic. ctfs. No. 2 ($2 per
248,600
1914)
share paid Feb. 10
$435,511
$230,433
$568,995
Total surplus end of year
311012 (net).
a For 13 months ending Jan.
An initial dividend of $4 was paid Nov. 15 1908 on Series 1 participation
None
certificates. On Sept. 1 1909 38 was paid on Series 1 certificates.
$6; May, $6; July. $6;
to Oct. 1912, when $6 was paid. In Feb. 1913,
all
of
arrears.
payment
full
being
$8,
Aug.,
$4;
Feb.,
1914.
In
$4.
Aug.,
In Feb. 1915 payments were deferred. In Feb. 1914 initial div. of $2 per
share was paid on Series 2.
Note.-There has accrued and same is payable May 1 1915 out of the
above surplus tho interest on the adjustment income bonds for the year
ended Jan. 311915, amounting to $100,000.
The Public Service Commission, First District, has made
public the income account and balance sheet (subject to
revision) for the calendar year 1914.
OPERATIONS.
1911.
1912.
1913.
1914.
x Saks of Gas8,3f5,563
7,919,198
Commercial lighting..._ 8,887,703 8.470,401
343,132
343.880
341,180
341,172
Prepaid gas
186,170
187,217
179,029
194.741
Municipal lighting
882.044
988,306
1.086,053
To other corporations_.. 1,201,269
9,404,151
9,841,219
10,086,803
10,544,885
Total sales
93,383
63.779
131,711
185.927
Rent and miscellaneous..
9.934,602
9,467.930
Total s:per. revenues.. 10,730,812 10.218,514
Expenses3.309,946
___ 4.648,332 4,642,056 3,822,547
egeensesProduction E
1.912,021
1.932,506
2,006,334
Dist.. repairs & gen. exp. 2,144,614
1.262,152
1,312.828
1,351,528
General amortization...... 1,435,571
6,484.119
7,067,881
7.999,918
Total operating exp__ 8,228,517
502,529
527,320
584,976
532.377
Taxes
46,598
43,650
37,174
51,022
Uncollectible bills
7,033,246
7,638,851
8,622,068
8.811,916
deductions
Total rev.
2,295,750 2,434,684
1,596,446
1.918.896
Operating income
177.552
182,503
205,074
208,293
Non-operating income
2,478,253 2,612,236
1,801,520
2,127.189
Total income
Deduct809,771
810,494
811,439
819,661
Interest
12,363
13,029
14,119
12,146
Rents
(7)1.259,895
(8)1.439,880
(8)1,439,920
(8%)1.439,920
Dividends
2,271.727 2,265,478 2,263,403 2,082,029
Total
def.144,538 def.463,958 sur.214,850 sur.530,207
Balance,sur. or def
lighting at
x Sales of gas in 1914 include 11,014,024 cu. ft. commercial
80c.; 426.466,000 cu. ft. gas prepaid at 80c.; 259,706,000 cu. ft. municipal
lighting at 75c., and controlled gas corporations as follows (1,000 cu. ft. at
50c.): Flatbush Gas Co., 852.480; Newtown Gas Co.. 898,451; Woodhaven
Gas Light Co., 296,270,• Jamaica Gas Lt. Co., 207,137, and Richmond
Hill & Queens Co. Gas Lt. Co., 148,199.
MISCELLANEOUS INFORMATION AS OF DEC. 31.
1912.
1913.
1914.
361.845
381.199
391,251
consumers
No. of
12,649
12,858
12,519
Street lamps
960.28
966.78
984.00
Miles of pipe lines
29
27
27
No. of holders
31,723
31,057
31,057
Holder capacity (1.000 cubic feet)_ _ _
70.100
70,100
71,100
Daily capac. of mfg. plants(M.cu.ft.)
BALANCE SHEET DEC. 31.
1914.
1913.
1913.
1914.
Liabilities$
1
$
AssetsFixed capital__ _ _831,743,181 32,371,479 Capital stock _ _ _ _ 17,999,000 17,999,000
15,000,000 15,001,000
Adv.to assoc. cos_ 3,976,291 3,629,910 Funded debt
advances
Free investments_ b2,627,010 1,740,018 Working
32,112
6,841
due assoc. cos
1,722,1761 2,252,076
Cash
Taxes accrued........ 1,569,186 1,316,103
75,9091
Special deposits.._
843,126
861,900
&c..
int.,
Unmat'd
1,214,587
Material & supp 1,063,515
894,662 Other curr. liabil_ 1,490,050 1,670,701
Miscell's assets.... _ c899,976
38,835
740,603 Reserves
800,333
Suspense,&c
Corporate surplus.d5.942.578 5,981,293
42,908,390 42,843,335
Total
42,908_,390 42,843,335
Total
a After deducting $9,277.390 for accrued amortization.
advances.
on
intere$t
Includes
b
City of New
c Miscellaneous assets in 1914 include accounts receivable,
assets, $208,390.
York, $60.8.98, and consumers. $630,698; other current
312.
1260,
-V.
P.
100,
adjustments,
surplus
$105,823
d After adding
1344
THE CHRONICLE
Atlantic Gulf & West Indies Steamship Lines, N. Y.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Henry R. Mallory, N. Y., April 10, wrote in subst.:
[VOL. 100.
Eastman Kodak Co. (of N. J.), Rochester, N. Y.
(Report for Fiscal Year ending Dec. 31 1914.)
COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT.
The European war, which broke out late in July, was immediately felt
1914.
1913.
1912.
1911.
in the operation of this company, and the earnings of our subsidiaries have Net profits
*311,313,012 $14,162,436 313,999,047 $11,649,263
suffered from it and from the unprecedented situation prevailing in Mexico. Divs. paid
and accruedCoastwise shipments of cotton, lumber and naval stores were materOn pref. stock (6%).... $369,942
$369,942
$369,942
$369,942
ially curtailed, as were the shipments southbound, owing to the low price
On com. stock
7,810,620 7,807,958
5,859,840
7,804.905
of those commodities. The continued demoralization of affairs in Mexico
Per cent
(40%)
(40%)
(40%)
(30%)
caused a partial suspension of service to its ports, and almost a discon1,000,000
tinuance of shipments.. Since Jan. 1 1915 shipments to and from the Reserve for contingenc's
South have been moving more freely, but there is no noticeable change in
Total
$6,229,782 $9,180,562 $8,177,900 $8,174,847
business with Mexico. Business to and from Porto Rico showed improve$5,083,230 $4,981,874 $5,821,147 $3,474,416
ment and conditions surrounding this service are now more nearly normal Surplus
than for several years.
* After providing for possible war losses in 1914.
Early in the war our steamers were in demand for European service, and
we chartered several at remunerative rates; the net earnings therefrom are COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB.
COS.).
shown in part in 1914, but the profits from many will be included in 1915.
1914.
1913.
1914.
The recent attitude taken by the Allies has made it less desirable business.
1913.
Assets3
$
LiabilitiesCharterers of SS. Lorenzo paid us promptly her full value in cash, which
was deposited with the mortgage trustee, and in December we contracted Rea. est.,bidgs.,&e.16 J68,927134,982,989 Common stock-19,532,800 19,532,800
Preferred stock ___ 6,165,700 6,165,700
for a new steamer to take her place on the Porto Rico Line, deliverable Goodwill, pat.,&c..
1
Oct. 1915. SS. Carib of the Clyde Line was sold in Jan. 1915. SS. Segu- Welfare I'd assets_ 1,061,152 1,042,746 Accounts payable.. 1,561,228 1,568,706
10,178,696 10,522,591 Pref. div. Jan. I__
ranca and Vigilancia of the Ward Line were sold early in 1915, and it is Supplies
92,486
92,485
Com.div. Jan. 1_ _ 488,320
our intention to invest the proceeds in a freight ship for that company. Accounts and bills
488,320
receivable (net). 3,486,817 3,443,386 Welfare fund red__ 1,061,152 1,042,746
The Ward Line still contemplates banding a freight and passenger steamer
for its Havaaa service, and expects to close a contract for her in the near Bonds and s8ocks_z1,344,243 1,399,414 Depree'n reserve
y3,403,318
9,566,160 8,278,161 Other reserves_ _ _y1,363,942 5,096,624
future. SS. Denver, of the Mallory Line was lost at sea March 23 1915, Cash
Surplus
but all hands were saved. She was fully insured, and to replace her we Interest, insurance
z11,774,458 22,489,310
210,722
&c., prepaid_ _ _ 234,091
at once contracted for a steamer of the same type as the Neches and Me-.
dina, which were added to the Mallory Line fleet in 1914, and have proven
42,040,086 59,880,009 Total
Total
thoroughly satisfactory.
42,040.086 59.880,009
At Dec. 31 1914 these last named ships had been fully paid for in cash,
x Market value Dec. 311914, $1,366,910. y Reserves for depreciation,
and in Jan. of this year bonds were drawn down and placed in the treasury.
The Carolina Terminal Co.'s property at Charleston, S. C., fully com- &c., in 1914 are deducted from assets; in 1913 they were included among
pleted and in operation, is equal to any terminal property on the Atlantic liabilities. z After deducting $15,798,081 reserve required in addition to
or Gulf coasts. The Wilmington (N. C.) terminals have also been com- previous reserves and appropriations to offset entire book value of goodwill and patents.-V. 100, p. 1261.
pleted, and their operation is productive of a saving to our steamers.
The financial condition of this corporation, also of all subsidiary companies, has never been so favorable as at the present time, and the outlook
Philadelphia (Pa.) Electric Co.
for business is fairly good.
(15th Annual Report-Year ended Dec. 311914.)
INCOME ACCOUNT YEAR ENDING DEC. 31.
•
1913.
1914.
1912.
1911.
Pres. Joseph B. McCall, April 14, reported in substance:
Divs.from sub. cos.,&c. $1,195,530
$914,144
$743,428
$887,807
Int. on investments,&c_
300,047
279,565
Comparative Earnings.-The gross earnings were $8,160,025, against
262.702
167,277
Total
$1,495,577 $1,193,709 $1.006,130 $1,055,084 $7,815,615 in 1913; net income was $1,978,979, against $1,928,243. Cash
dividends during the year amounted to 31,574,308, contrasting with $1.Deductleaving a surplus for the year of $404,670, comparing with
Interest on bonds
$650.000
$650,000
$650,000
$650,000 180,815 in 1913,
$747,428. It will be noted that the dividend requirements were $393,493
Int. on bonds assumed
and guaranteed
49,150
52,250
55,350
58,450 greater than in 1913.
The increase in the number of consumers during the year was 7,706 and
Other interest and taxes
10.843
2,513
5,017
5.934
Marine insurance
44,073
42,612
43,617
42,109 in the connected load 382,248 50-watt lamps.
Extensions and Improvements.-The extension of the Christian St. Station
Sundry expenses,
_
28,523
4,039
6,858
2,883
Depr. on marine equip..
&c_.62,500
62,500
62,500
62,500 (V. 98, p. 1154) and the installation of two additional units, one of 40,000
Depr. on investments
155,000
200,000 and one of 46.000 electrical horsepower is progressing rapidly, and will be
finished in time to provide ample capacity for the winter demands of 1915Total deductions _-__ $845,089
$968,914
$823,342 $1,021,876 1916. We purchased during the year several parcels of real
estate.
Surplus for year
$650.488
$224,795
$182,788
$33,208
Keystone Conduits.-With a view to extending its underground system,
The foregoing income account does not take into consideration the unyour c mpany has ,subject to the approval of the Penn. P. S. Commission,
divided surplus earnings of the subsidiary companies.
agreed with the Keystone Telephone Co. for the use of all of unused
ducts in their conduit system not needed for their own business for a period
BALANCE SHEET OF PARENT HOLDING COMPANY.
of 21 years, with renewal privileges of two prelods!of 15 years each. The
Assets1913.
1914.
1912.
rental price to be paid is 4 cents per duct foot per annum-the minimum
Sub. co. stocks,&c.,acquired in exch.342,299,872 $42.299,872 $42,299,872 rental
for the first year being $25,000, with an ascending scale of annual
Marine equipment
1.250.000
1,250,000
1,250,000 minimum rentals for seven years until the sum of $100.000 is reached, which
Invest,in bonds,stocks & other secur.
thereafter
shall be the annual minimum rental for the first two periods.
subsequently acquired, not pledged 1,085,142
1,080,035
1.059.841
Under this agreement your company has the right to purchase these ducts
Notes and accounts receivable
1,451,041
965,033
923,474 at the expiration of either of the first two periods, the price to be fixed by
Unexpired insurance
1,952
3,103 arbitration. If, for any reason, the purchase cannot be made, your comAccrued interest
16,910
16,100
pany will have the option of extending the lease for a further 15 years at an
Cash to meet Jan. coupons
335,525
339,400
342,475 annual minimum rental of $125,000(V. 100, p. 737).
Cash in banks
263,705
145,729
30,810
Unification.-Having in mind the future demands for service, your manTotal
$46,702,195 $46,098,121 $45,909,575 agement has had under consideration for some time a plan to further unify
Liabilitiesits Philadelphia companies. With this purpose in view, we have employed
Common stock
$14,997.000 $14,997,000 $14,997,000 D. C. & Wm. B. Jackson of Boston, engineers, to make a complete invenPreferred stock
J 14,996.400 14,996,400 14,996,400 tory and appraisal of your various properties. This work of great magniFifty-year 5% coll, trust gold bonds_ 12,469,000 12,562,000 12,623,000 tude will be completed as rapidly as possible.
Bonds assumed and guaranteed
952,000
1,014,000
1,076.000
RESULTS FOR CALENDAR YEARS.
Accounts payable
6,297
Accrued interest
1912.
1913.
335,525
1914.
1911.
339,400
342,475
Reserve for depreciation, &c
• 52,085
45,127
59,791
498,335
Dec.31
392,171
consumers
38,651
of
304,438 No.
Surplus
2,447,638
1,797,150
1,570,263 Connected load Dec. 31
3,127,456
2,839,884
3,509,704
equivalent).
2,479,903
-watt
(50
Total
$46,702.195 $446,098,121 $445.909.575
Gross income, all cos_ _ _ $8,160,025 $7,815,615 $7,051,497 $6,494,757
Subsidiary Companies, Comprising Clyde SS. Co., Mallory SS. Co., Oper. exp., taxes, fixed
charges and deprec'n_ $6,181,046 $5,887,372 $5,385,308 $5,086,025
N. Y.& Cuba Mail SS. Co., N. Y.& Porto Rico SS. Co.and Sub. Cos.
Div. (on amt. paid in)_(7)1,574,308*(6%)1180815 (6)974,669 (6)899,724
CONSOLIDATED INCOME ACCOUNT OF AFORESAID SUBSIDIARIES FOR CALENDAR YEARS.
Total deductions..___ $7,755,354 $7,068,187 $6.359,977 35.985,749
$747,428
$404,671
$691,520
Surplus
$509,007
1913.
1914.
1912.
1911.
revenue
Operating
$17,145,454 $19,407,140 $18,026,357 $16,139,302
per share paid Dec. 11913, calling
50
of
$1
dividend
stock
extra
*
Also
Operating expenses
14,700,826 16,400,912 15,731,964 14.034,112 for
$1,499,265.
Net income
$2,444,628 $3,006,228 $2,294,394 $2,105.190
BALANCE SHEET DEC. 31.
Other income
409.702
335,576
270,876
612,795
1913.
1911.
1913.
1914.
Gross income
$2,854,330 $3,341,804 $2,565,270 $2,717,985
$
Assets$
Bank interest
887,417
911,250
940,700
966,729 Subs.to cap.stock. 2,498,175 2,498,175 Cap.stock(amount
Int. on notes, &c
19,100 called Dec. 31)-22,488,975 22,488,975
17.794
5,846
3,095
17,995 Installments
1,555
Rentals and miscel
801,455
683,309
659,861
1,056,516 1,721.836 Amount subject to
Cash
Depreciation
assessment
204,316
15,631
198.666
2,498,775 2,498,775
895,828 Charter & organ
15,631
Dividends
1,200,000
920,000
760,000
880,000 Stocks misc. cos_a36,891,770 36,890,095 Land Title & Trust
Co. (trustee)-15,014,142 15,014,142
Phila. Elec. gold 4s 1,396,565 1,396,565
Balance
def.3256.652sur.3622.733sur.$201.614 def.342.567 Accts. receivable. 1,130,862
776,291 Accounts payable
821,749
818,454
815,775 Notes payable
702,550
1,000,000
Supplies
450,000
CONSOLIDATED BALANCE SHEET DEC. 31.
46,191 Accrued items_ - 417,401
18,762
paym'ts
Advanced
347,275
Assets1914.
1913.
1912.
403 Accts.pay.own cos.
403
Miscellaneous
1,495,364
Marine equip., term. prop., equities
Profit and loss.... _ 1,471,747 1,067,077
in terminals, terminal and transfer
equipment, good-will.(ran., &c_-_348,472.858 $46,974,665 $74,270,086
43,712,789 44,180,062 Total
43,712,789 44,180,062
Total
Inv.pledgedundermtgs.,oth.sec.,&c. 2,210.193 2.122,844
1,781,637
Inventories
141,804
145,498
a Securities in treasury include, among others: Stocks (No. shit/To144,660
Elec.
Phila.
Co.,240;Penn, Mfg., Lt.& Pow.
342,114
Notes and accounts receivable
339,645
437,433 The Phila. Elec. Co., 169,985;
Agents' balances
716,820
875,900
949,456 Co., 979.89; Beacon Light Co., 12,387.5; The Kensington Elec. Co., 6,264:
Ships' accidents & gen. aver. claims_
245,622
224,002
344,420 The Penn Elec. Light Co., 225,913; Electrical Testing Laboratories, 3.090;
106,013
Claims in suspense, less reserve
126,447
108,510 Delaware Co. Elec. Co., common. 7,500, and pref., 2.495,594, and PhilaUnexpired iasurance. &c
183,827
238.202 delphia Electric Co. 4s, $2,015,000.
132,761
Marketable stocks and bonds
65,368
The following items appear on the books of the subsidiary companies:
39.858
39,858
Accrued int. on bonds in treasury..
39,121
Assets-Miscellaneous stocks of companies owned by subsidiary com55,512
60.933
247,175
Cash for coupons due Jan. 1
250,675
239,675 panies deposited and used as a basis of issue of gold certfs. 5s, 313,262,360;
Cash in banks and on hand
430,858
Liabilities-Edison Electric Light Co. gold trust certificate 5s, 31,994,300;
676,15.3
551.930
Miscellaneous
44,283
59,954
10.711 Phila. Elec. gold trust cert. 5s,311,268,060.-V. 100, p. 1172. 737.
Def. chgs, to oper.; open voyage acct.
664,499
767,817
864.634
Total
$53,910,555 $52,791,729 $80,042.145
Rubber Goods Manufacturing Co., New York.
LiabilitiesCap. stock issued (of which 327.696,600 owned in 1914 by Atl. Gulf &
(16th Annual Report-Year ended Dec. 31 1914.)
$28,000,000 $28,000,000 $56,000,000
West Indies SS. Lines)
15,399,000 15,644,000 15,598,000
Bonded debt
Elisha S. Williams, April 8 1915, wrote in substance:
Pres.
Bonded debt of underlying co:
Two considerations materially affected our sales for the year 1914. The
150,000
U. S.& Porto Rico Nav. Co. 1st bs
150,000
150,000
level of tire prices, which reduced the amount of sales,
1,761,791
Notes and accounts payable
1,154,036
1,701,820 first was the lower number
of tires sold was in excess of the previous year.
384,425
Accrued interest on leonded debt..
404,992
408,425 although the total
general business depression due to the European war.
the
was
second
The
262,190
Other current liabilities
243,894
168.001
business in mechanical and miscellaneous lines, these
Def. creel. to oper.:open voyage accts. 1,027,134
904.884
1,011,093 This affected our
to general railroad and industrial conditions.
5.872,370 4,979,206 4,178,538 ines being very sensitivereduction
Reserve for depreciation, &c
in our sales, our total profits were only
Notwithstanding the
*1,053,645
Surplus
1,310.717
826,268
less than in 1913, owing to our policy of increasing efficiency and
slightly
Total
$53,910,555 $52,791,729 $80,042.145 reducing expenses. In the tire department, as we have made very great
in the selling expenses and- have adopted a policy of concentration
* After deducting $420 sundry net debits pertaining to previous years. decreases
of factory production by which all casings will be made at Hartford and
There are also contingent liabilities on guaranty of $575,000 Clyde SS. Detroit only and all motorcycle and bicycle tires are concentrated in InTerm. Co. bonds and $680.000 Carolina Term. Co. bonds.-V.98, p. 1314. dianapolis. A subsidiary of the U. S. Rubber Co.; see V. 100. p. 808.
CONSOLIDATED INCOME STATEMENT FOR YEAR END. DEC. 31.
Rubber Goods Manufacturing Co. and Subsidiary Companies.
1911.
1912.
1913.
1914.
Net sales (but see text)_Not stated. $35,640,365 $36,147,332 $34,587,269
Earnings subsid. cos._.. $2,804,626 $3,198,5981
998,4551 $2,885,885 $3,607,896
610,205
Bond, &c., interest_ _ _ _
Income from invest's_
$2,194,421 • $2,200,143 $2,885,885 $3,607,896
100,000
100,000
291,672
141,669
Total net income__...$2,336,090 $2,491,815 $2,985,885 $3,707,896
$206,899
$221,397
$114,007
$94,273
Expenses home office_ _ _
51,854
48,597
Federal income tax 1914
$2,193,220 $2,325,954 $2,764,488 $3,500,997
Net profits
$2,143,984 $2,462,518 $2,280,601 $2,159,762
Dividends
46,543
Deprec. on pats., &c_ _ _
15,817
" 15,874
Res. for redemp. of bds_ Cr.377,296
Balance
Surplus reserve
sur.$426,532 df.$152,381 sr.$468,014sr.$1,294,692
407,654
Balance, sur. or def_sur.3426,532 df.$152,381 sr.$468,014sr.$1,702,346
6,558,531
8,728,891
8,260,877
Prey. sur. & wkg. cap_ - 8,576,510
Surplus & wkg. cap-.. $9,003,042 $8,576,510 $8,728,891 $8,260,877
Dividends include amounts paid minority interests in sub. cos. ($233,467
in 1914, against $43,750 in one company in 1913)•
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
Rubber Goods Manufacturing Co. and Subsidiary Companies.
1914.
1913.
1913.
1914.
Assets$
Liabilities -$
$
Plants and investPreferred stock __ _10,351,400 10,351,400
ments
33,132,454 31,908,176 Common stock __ _16,941,700 18,941,700
Manufact'd goods
Cap.stk.sub. cos_ 3,537,500 1,337,500
and materials 7,479,803 8,109,177 Bonds oiMechl.R.
Cash
Co. and N Y.
3,115,153 3,086,754
953,000
Belt.& Pack.Co 852,500
Bills and accounts
7,283,172 9,958,321 Bills & accts. pay_ 7,783,533 8,846,748
receivable
382,298
384,031 Sink,fund for bds.
Securities owned
384,031
Accts.pay.G.R.Co. 2,813,746 5,938,105
Stock in General
141,579
155,175
1,866,700 1,666,700 Reserves
Rubber Co__
422,541 Fixed sur.(sub.cos) 2,499,219 2,499,219
446,703
Sinking fund cash
9,003,042 8,578,510
432,357 Surplus
429,794
Miscellaneous_
53,937,815 55,968,057
Total
53,937,815 55,968,057
Total
Note.-ContIngent liabilities for certain guaranties which are offset by
corresponding contingent assets are not inculded.-V. 98, p. 1534'
Standard Chain Co.
(Report for Year ending Dec. 31 1914.)
RESULTS FOR CALENDAR YEARS.
1911.
1914.
1913.
1912.
Net income after bond int. & doprec_*393,190 $130,044 $119,717 $43,205
20,628
20,628
20,628
Dividends on preferred stock (4%)..20.423
Balance, surplus
$62,762 $109,416
$99,089 $22.577
*After allowing $25,000 for depreciation in 1914, 1913 and 1912, and
$103,000 in 1911.
BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
$
Assets3
3
509,700 515,700
Cost of property__ _1,397,970 1.550,605 Preferred stock
280,471 284,871
Common stock
lstM.bonds pledged
47,000 First mortgage bonds 389,000 451,000
for notes payable_
Notes & accts. payle 544,014 524,989
John C. Schmidt,
11,654
16,488
*6,400 Accrued charges.. _
trustee co.'s stock_
5,710
19.913 Miscellaneous
16,805
Deferred charges_ _ _ 17,943
66,027
36,631 Reserve for deprec'n
Cash
150,000
of plant & equip't.
Accts. & notes recely 359,458 304,517
512,653 464,743
Materials & supplies. 422,931 448,405 Surplus
2,284,327 2,413,501
Total
2,264,327 2,413,501
Total
*At par.
Contingent liability on notes receivable discount Dec. 31 1914, $21,360.
-V. 98. p. 761.
Southern California Edison Co.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. John B. Miller, Los Angeles, Feb. 25 wrote in subst:
Earnings.-Condltions seemed fairly normal during the early spring,
but a little later several notable failures, both in England and the U. S.,
led us to curtail expenditures for all purposes, including new business, to
the lowest point consistent with safety and public duty. At the same time
we had begun to benefit from the heavy expenditures during the last few
years, so that, notwithstanding the disturbed and depressed conditions, we
were able to show a most gratifying increase in net earnings.
Regular dividends wore paid at the rate of 5% for the first quarter and
thereafter at 6% per annum on preferred, and on common at 6% for the
entire year (V. 98, p. 1243). The reserve and surplus funds, including
reserve for accrued depreciation, reserve for liability insurance, reserve for
can deuncollectible bills and surplus, were increased by $444,534.
pend upon the earnings for 1915 making at le ist as good a showing in comparison with 1914 as figures for 1914 compare with those of 1913.
Data from V.-Pres. & Gen. Man. W. A. Brackenridge, Feb. 24 1915.
Proposed Extensions.--The contemplated addition at Kern River No. 1
hydraulic plant of 5,009 h. p. in generating capacity has boon deferred.
A second water-power plant of 40.000 h. p.. "Kern River No. 3," is contemplated when financial and operating conditions will permit.
Electric Plans of City of Los Angcles.-The acqueduct, for which the city
voted $23.030,000 bonds in 1907, has been partly completed, and a small
quantity of water therefrom is now being used In some parts of the city.
In 1910 $3,500,000 bowls were voted to develop water power ori ho accededuct, the power to be disposed of to the electric companies operating in the
city. In May 1914 $6,500,000 city bonds were authorize I for the completion of the power plant and acquisition or constraction of a distributing
system in the City of Los Angeles, with the official statement that the proceeds would be devoted to the acquisition of an existing system rather than
the construction of a new system by the city. However, none of these
bonds has been sold, and consequently no progress has since been made on
the construction of the power plant. The city officials as a preliminary
step have asked the State Railroad Commission to in Ike an appraisal ,now
in progress, of the distributing syatem of this company, with aview to purchase by the city or acquisition by eminent domain proceedings of that portion lying within the limits of the City of Los Angeles. Inasmuch as the law
provides that Just compensation shall be made for all property taken, the
assumption seems justified that this compensation will insl ode all values as
a going concern in addition to that found by inventory.
Franchise Rights.-During the year the U. S. Supreme Court rendered a
decision with reference to the rights of holders of constitutional franchises,
which decision secures to this company in perpetuity a blanket franchise
over all of the streets within the limits of any incorporated cities in which
the company was operating prior to Oct. 10 1911 (V.98, p. 1618. 1541)•
Net Addition to Plants and Properties During Year (Net), $1,597,862.
Add'ns and betterments...3592,6781 Bath house at Santa Barb'a_$25,438
Extending distrib. systems_ 986.1641 Watepow. dev. in Kern Co_ _163.355
Rebildlng distribating lines 121,83515 ecure. of other corporations.103,149
Less--Credit to intangible capital for discount on securities heretofore charged this account but now transferred to "Unainortized
discount on securities and expense" under "deferred charges"--399,837
Bonds sold during the year on account of now construction expenditures,
$2,117,000 ($604,000 beink treasury bonds;) bonds retired through sinking
fund, $121,000; net increase in outstanding bonds, $1.392,000. [V. 98.
p. 456; V. 99, p. 1533; V. 103, p. 145, 10084
1345
THE CHRONICLE
APR. 17 1915.]
Data from General Agent S. M. Kennedy, Feb. 23 1915.
The property of the Downey Light, Power & Water Co. was acquired
(for $30,000 bonds), thereby adding to the system about 500 consumers.
The general reduction in rates for lighting and power services put in effect
on March 1 1914 was followed by an added consumption of energy supplied
through lighting meters, but owing to the depressed industrial conditions,
there has been no corresponding increase for power purposes.
Business.-On Dec. 31 1914 the company and its subsidiaries had a total
of 143,886 consumers, being an increase of 14,553 for the year. Agreements were also closed during 1914 for service to 1,778 new power customers, aggregating a total of 26,258 h. p. The combined additional connected
load contracted during 1914 amounts to a total of 47,007 k. w. In the gas
dept, 5,313 contracts were signed for service to 6,757 additional appliances.
[Treasurer W. L. Percey adds: "On Dec. 31 the remainder of construction expenditures for 1914 amounted to $313,547, which will, in due course,
be drawn from the special trust fund, in accordance with the provisions of
our general mortgage, and the proceeds used in retiring floating debt."]
COMPARATIVE INSTALLATION RECORD DEC. 31-INCOME
ACCOUNT CALENDAR YEARS.
Installation Dec. 31- 1914.
1911.
1912.
1913.
Incandescents (50-watt
equivalent)
1,240,861
1,799,762
1,436,617
1,634,185
Meters-Electric
108,439
80,995
66,398
96,851
Gas
14,748
11,623
9,318
13,532
Motors, number
8,606
6,452
5,077
7,485
136,284
Horse-power
94,478
72,441
118,610
2,056
Arcs (all)
2,496
2,162
2.649
Gross earnings
$4,855,141 $4,779,280 $4,337,441 $3,738,165
Operating expenses.._ _ 2,332.164
2,329,085
1,835,885
2,430,291
32.522.977 $2,348,989 $2,008,355 31.902,280
Not earnings
Deduct-Int. & amort'n_ $892,010
$813,969
$708,796 . $624,829
700,000
700,000
650,000
Reserve for deprec n_
650.000
(54)230,000(5%)200,000(57
0)200,000(57
0)200,000
Prof. dividend
Common dividends_(6%)624,000(5%)420,000(5%)420.000(5%)371,250
Total deductions_ _ _ _ $2,446,010 $2,133,969 31,978.796 $1,846,079
$76.967
$215,020
$29,559
$56,201
Balance, surplus
COMPARATIVE BALANCE SHEET DEC. 31.
1911.
1913.
1913.
1914.
Liabilities$
Assets3,
Plants & property.32,198,372 30,600,509 Common stock...10,400,000 10,400,000
Treasury bonds... 518,000 1,122,000 Preferred stock... 4,000,000 4,000,000
16,980,000 15,588,000
Bonds
Common stock sale
10,000
15,000
307,581 Bonds called
1913-14
332,000
332,000
Cash
402,361
413,449 Debentures
Bills receivable_ _ _ 424,802
460,968 Notes payable_ _ _ _ 2,050,500 2,273,200
358,484
Accts. receivable_ 555,758
611,878 Accounts payable_ 210,032
Due from sub. cos.
92,052
90,554
99,744
215,250 Sundry deposits
Material Zit sumo_ _ 519,482
70,392
66,445
631,865 Accrued interest
Sinking fund
5,115
15,013
250,371
70,379 Accrued taxes_ _ _ _
Unamort.dIset. on
Scrip dividend
150,000
funded debt.... 1,287,591
649,542 Res've for deprec_ 2,142,749 1,712,255
Prepaid ins.&taxes
26,065
11,084
6,903 RC3've for liab. ins.
14,764
Prepaid interest..
17,799
12,358 Reserve for uncolSundry prepaid ac13,711
lectible bills__ __
15,000
counts
249,254
148,878 Profit and loss__ _ 230,942
221,872
Total
36,549,599 35,251,565
Total
36,549,599 35,251,565
The foregoing balance sheet and income statement do not include the
operations of Long Beach Consolidated Gas Co. nor Santa Barabra Gas
& Electric Co., controlled by this company.-V.100. D. 1098, 145.
United Cigar Stores Co. of America.
(Report for Fiscal Year ending Dec. 31 1914.)
'Treasurer George Wattley says:
"The statement does net include the surplus of subsidiary companies which WAS
not declared by way of dividends."
INCOME ACCOUNT FOR THE YEARS ENDING DEC. 31.
1911.
1914.
1913.
1913.
Common dive_ _ _01,629,720.51,493,910
Divs., &c., reeely.
(less charges).._32,241,784 $2,171,516 Balance, surplus__ $295,174 $360,716
Pref. diva. (7%)-- $316,890 $316,890 a6%. *5).6%.
BALANCE SHEET DECEMBER 31.
1914.
1914.
1913.
1913.
Liabiitties-Assets$
Common stock _ _ _27,162,000 27,162,030
Stocks and bonds
In other cos__ ..29,995,34l 29,995,341 Preferred stock... 4,527,000 4,527,000
Accounts payable,
Cash and demand
provisions, &c__
35,405
33,156
loans (secured). 2,133,588 1,828,001
1,743,442 1,443,263
Adv. to sub. cos__ 1,230,000 1,340,000 Surplus
99,960
Short-term notes__
9,329
6,703
Accts.receivable_ _
33,455,593 33,172,674
Total
100, p. 1263, 1173.
Total
33,485,598 33,172,674
United States Smelting, Refining & Mining Co., Boston.
(9th Annual Report-Year ending Dec. 311914.)
Pres. William G. Sharp, March 10, wrote in substance:
Results.-The European war created a business disturbance which affected
all our departments. In August it became necessary materially to
restrict the output of copper at the Mammoth Mine. and this, coupled
with the fall in the price of copoer to 11c., substantially interfered with
the earnings of this property. The coal operations of the Utah Company
were also materially affected.
During the latter part of the year tha profits were also substantially
affected by a drop in the price of silver to a nem' low level, the average
for the last thee months being below 50 cents. Profits were also adversely
affected by the lower prices of lead.
In April our American staff had to leave Pachuca. The Mexican staff
continued operations, but on a basis that sufficed only to keep the mines
unwatered, maintain the property and conduct exploration without
yielding profit. The American staff returned late in September, but has
had much difficulty in obtaining supplies. The daily output slowly intons in December. At this date
creased from about 400 tons to
(March 10) production has reached 1,400 tons a day; our capacity is 2,000
tons. We cannot forecast Mexican conditions, but if operations can
continue upon the present scale, the Pachuca properties will make substantial not earnings during 1915, even if silver remains at 48 cents. At no time
has there WM any property damage or interference with year employees.
[No dividends have been paid o m the common stock since the quarterly
distribution of 1%% in July 15 1914. V. 100, p. 11734
Production.-The metals produced in 1914, including metals from
custom ores and the production in Mexico; also the percentage of the total
value of the output re iresentei by the value of each metal, and the average
prices at which metals were sold in 1913, were as follows:
-Total Production----Average Price1914.
1)14.
1913.
Copper ._17,946.659 lbs. 20,239,973 lbs. 30.13401 per lb. 30.15433 per lb.
Lead _ _ _ _64,443,260 lbs. 58,116,501 lbs. .03827 per lb. .01395 per lb.
Silver... 9,936,237 ozs. 13,089,708 ozs. .55561 per oz. .6)303 per lb.
148.372 ozs.
124,719 ozs.
Gold ____
The tonnage of ores produced from Centennial-Eureka, Mammoth,
Gold Road and Bingham Mines, and in Mexico, was 1,011,532 tons, of
which the values of the metal contents were in the proportion of 32%
copper, 5% lead, 37% silver and 26% gold.
Capital Expenditures 1914.-These aggregated $778,620 (less credits
$316,048). net, $462,572, inciading :
$197,499
Investment in stocks and bonds of coal companies in Utah
165,336
Investment in stocks of other companies
340,522
Additions to plant in the United States and in Mexico
75,263
Mine properties and other charges to capital account
Current Assets.-On Dec. 31 1914 current assets aggregated $13,965,084,
including cash, $1,255,940; notes receivable (including $3,312,262 loaned to
5n
1346
THE CHRONICLE
the Utah Company and its subsidiaries), $4,360,151; accounts receivable,
$1,162,956; metals in transit, in process and on hand, $4,472,246; ores,
matte and by-products, $1,252,012; and supplies, fuel and timber, $1,461,779. Deducting current liabilities, $3,722,456 (including $1,600,000
notes payable, which on March 10 1915 had been reduced to $800,000,
the excess of current assets over current liabilities is $10,242,629.
Total Number of Shareholders.-Preferred, 8,660; common 2,846.
Coal Properties Outlook.-The Utah Company, whose entire capital stock
we own, and to which belong practically all your coal interests and all your
railroads serving them, had invested to Dec. 31 1914, from the proceeds
of the $10,000,000 notes sold in April, 1912, $8,374,856 in stocks and
bonds of coal companies in Utah and in securities of the Utah Railway Co.
(V. 99, p. 1529). There remains still unexpended of said proceeds,
$1,453,144. In addition to the amount invested by the Utah Company,
the United States Smelting Refining & Mining Co. has invested $807.786
in stocks and bonds of these coal companies and has loaned the Utah
Company and its subsidiary companies $3,312,262 for construction, equipment and other requirements. In 1914 500 steel coal cars were purchased
by the Utah Company (see United States Fuel Co. in V. 100, p. 1173).
Construction, equipment and development work at the coal mines were
practically completed by Dec. 31 and the new railroad as well as the
'wenches to the mines and the side tracks came into operation, on Nov. 1
1914. Your coal properties are, therefore, thoroughly equipped,and have
ample capacity for a large increase in output. They are now on a regular
operating basis. In 1912 they produced 620,788 tons; in 1913, 869,522
tons, increase 40%. In 1914, owing to large additional contracts, it was
expected the production would be well over 1,000,000 tons, but owing to the
war , the output was only 703,936 tons, a decrease of 19%.
If the coal output for 1915 should be equal to that for 1914 the
coal properties and railroads should earn as early as this within $100,000
of fixed charges on an output of 703,000 tons. We may look forward in
the not distant future, under normal business conditions, to a coal production of 1,500,000 tons and at present costs and selling prices should earn
thereon all fixed charges and at least 6% upon our entire coal investments.
As your railroad investment was only made to get your coal to market
an operating and trackage agreement was entered into with the Denver &
Rio Grande RR. effective Nov. 11914, by which they assume the operation of your railroad property, utilizing those portions parallel to their own
tracks as a second track, paying your company a satisfactory compensation. (V. 98, p. 1312.)
To simplify the corporate organization, steps have been taken to dissolve
the U. S. Mining Co. and the U. S. Lime Co. Under the new arrangement
the Bingham Mines and the lime quarries are owned and operated by the
United States Smelting Co., all the stock of which is owned by the United
States Smelting Ref. & Mining Co.; and the various stocks in subsidiary
companies formerly held by the United States Mining Co. are now held
directly by your company.
Extracts from Report of V.-Pres. in Charge of Operation.
At the Bingham Mines the new ore developed was sufficient to maintain
the ore reserves existing on the first of the year. There were no important
new ore bodies found in the Niagara Mine, in which we holds a majority
Interest. Ore extracted,92,287 tons of lead ores and 101,655 tons of copper.
The shipments from the Centennial-Eureak Mining Co. mines show a further decline both in tonnage and grade. The amount extracted was 58,365
tons. Development work failed to disclose any new ore chutes. Work is
being continued on various promising leads. On Bullion Beck and Champion Mining Co.s property development work showed no important
results; the ore produced did not quite cover the expenses on the property.
The shipments by the Mammoth Copper Mining Co.amounted to 235,146
tons, which were more than replaced by new finds. In Section 29 small
bodies of very rich ore were found. A new tunnel was run for economic
extraction and also for further development. Work on Sec. 29 will be
resumed next spring in case the copper market warrants it.
The mines of the Gold Road Msnes Co. produced 107,846 tons. Much
development work was done and some profitable ore was found,butin
general the values have continued low.
No change has taken place in the Richmond-Eureka Mines. They continue idle because of unsatisfactory freight rates for transportation.
The results of the development work at the Real del Monte y Pachuca
Mines in Mexico have been most gratifying. All of the eight mines in
active operation have maintained or increased their ore reserves. Some
ore chutes have been opened up of importance, both in size and promise.
OPERATIONS AND EARNINGS OF ALL COMPANIES FOR YEAR
(Incl. Custom
-P.C. in ValueOres).
1914.
1913.
1914. 1913.1912.
1912.
Copper, 1bs___17,946,659 .20,239,973 21,152,620
18.8 21.81
18.9
Lead, lbs
64,443,260 58,116,504 56,385,769
18.9
15.3 15.38
Silver, oz
9,936.237 13,089.708 12,059,829
42.1
47.3 45.29
Gold, oz
124,719
20.1
140,183
148,372
18.6 17.52
Average Price1911.
1912.
1913.
1914.
Copper, lb
80.16237
30.13404
30.12459
80.15433
Lead, lb
0.04428
0.04529
0.04396
0.03827
Silver. ozs
0.52815
0.61291
0.60503
0.55564
Net earns, after repairs_ $2,932,519 $4,555,122 $5,497,965 $3,961,103
Deprec. & reserve funds.
1,120,690
1,265,000
969,536
666,878
Admin.& legal expenses.
Profit for year
t2,265,641 $3,585,586 $4,232,965 $2,840,413
Additional reserve
$235,000
Prof. dividends(7%)
1,702,144
1,702,120
1,702,221
1,702,120
Common dividends(3%)
526,671 (6)1,053,322 (5)877,763 (4)702,549
[VOL. 100.
BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
Assets$
Liabilities$
$
$
Fixed capital
36,466,814 36,134,705 First pref. stock.... 2,500,000 2,500,000
Cash
55,345
115,742 Common stock- _ _10,000,000 10,000,000
Other curr. assets_ 1,133,899 1,068,616 Funded debt
22,425,000 22,425,000
Investments
746,180 Current liabilities. 2,368,165 2,137,039
756,657
Material & supp
348,283
371,004 Renewals & conMisc. temp. debits
142,581
2,880
tingency reserve 1,707,1711 1,558,747
Corporate deficit_ *342,032
41,958 Other reserves__ __
105,575J
Total
39,105,910 38,620,786
Total
39,105,910 38,620,786
*After adding misc. credits aggregating $1,573 and deducting $136,877
credited to "corporate surplus" and charged to accrued amortization from
1911 to 1913, inclusive, representing the difference between the amount
of estimated repairs, reversed during 1914, as indicated in company's
letter to the Commission dated Sept. 8 1914.-V. 100, p. 1173, 146.
Homestake Mining Co., San Francisco and New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Edward H. Clark of N. Y. has succeeded as President the
late James R. Haggin.. Supt. Richard Blackstone, Lead,
So. Dak., Dec. 31 1914, wrote in substance:
Operations have been normal. Average number of employees, 2,350.
Principal betterments for the year, central boiler plant of six 600 h. p.
boilers; electric generating station, maximum capacity 4,000 k. V. a.;
compound condensing steam hoist, designed to handle two 6-ton skips from
a maximum depth of 4,000 ft.; condensing air compressor, capacity 3,000
Cu. ft. free air; recreation building, containing theatre, seating capacity
1,000; library, swimming pool, gymnasium, &c., opened Aug. 311914.
The B.& M.shaft was sunk from the 1,550-ft. level to the 1,700-ft. level,
and the Golden Star shaft from the 1,250-ft. level to the 1,400-ft. level;
17,809 ft. of drifting was done. The ore reserves in the mine are large and
represent many years' supply to the present crushing capacity, and we are
now saving 94% of the values.
RESULTS FROM OPERATIONS.
1912.
1913.
1914.
Tons of gold ore milled
1,528,923
1,540,961
1,587,774
Avge. proceeds per ton
34.317
$4.015
33.880
Total proceeds of bars
$6,160,161 $6,186,652 $6,600,953
Income from foundry, supplies, &c
189,944
132,716
148,561
Total income
$6,308,722 $6,319,368 $6,790,897
DeductOperating and general expenses
$4,059,050 $3,771,459 $3,944,933
Ellison shaft
81,088
87,867
109,973
Property purchase
151,567
79,704
30,896
Steam-electric power plant
81,263
Construction and surveys
232,930
124,326
111,128
Taxes
112,491
258,962
115,391
Dividends paid
(8.8%)2,210,208(8.8)2146225 (6)1,310,400
Total deductions
Balance, surplus or deficit
Surplus brought forward
36,839,374 $6,347,078 $5,833,409
def.$530,652 def.27,710 sur.$957,488
498,470
1,428,248
1,455,958
Total surplus
$897,596 $1,428,248 $1,455,958
BALANCE SHEET JANUARY 1.
1915.
1914.
1914.
1915.
AssetsLiabilUies3
$
*Property acet-.25,116,000 25,116,000 Capital stock__25,116,000 25,116,000
Balance in banks- 1,088,530 1,635,503 Outstand'g drafts_ 483,336
520,995
Balance with Sup't
18,661
43,432 Unclaimed dive_ _ _
5,815
5,128
Bullion in transit_ 280,889
278,123 Profit and loss._ 897,596 1,428,248
Total
26,502,060 27,071,058
26,502,060 27,071,058
Total
*Property account consists of mines, hoisting works, stamp mills, minding plant, cyanide plants, compressor plants, pumping plants, electriclighting and power plants, timber lands, assay-office, buildings, refining
plant, machine shop, foundry, water rights, franchises, &c., &c.-V. 100.
p. 815.
The Butterick Company.
(Report for Fiscal Year ending Dec. 31 1914.)
Profits
Div. on Ridgway stock
INCOME ACCOUNT.
1914.
1911.
1912.
1913.
1910.
$499,104 $516,593 $461,748 $695,296 $559,002
86,814
44,120
Net income
Dividends paid
$499,104 $516,593 $461,748 $739,416 $645,816
439,416 439,416 439,416 439,416 438,026
Balance,surplus
Balance,surplus
$59,688 $77,177 $22,332 $300,000 $207,790
$830,120 $1,418,082
$36,749
$435,744
BALANCE SHEET DEC. 31.
CONSOLIDATED BALANCE SHEAT DEC. 31, INCLUDING SUBSIDIARY COMPANIES EXCEPT UTAH COMPANY.
1914.
1913.
1913.
1914.
AssetsLiabilities1914.
$
1913.
1914.
1913.
Real est. & Impts. 1,762,422 1,826,155 Capital stock .... _ 14,647,200 14,647,200
Liabilities-Assets710,000
Cost of properties_45,956,057 45,403,484 Common stock___ 17,553,838 17,553,788 Machinery de plant 1,724,181 1,715,360 Mortgages payable 578,000
300,000
400,000
Shares held for exPreferred stock_ _ _24,313,725 24,313,725 Pat.,good-will,&c_ 9,788,055 9,786,085 Bills payable
Cash
184,937
160,896
311,467 Accounts payable_ 215,139
change of stocks
Stock of sub. cos.
600,000
140,800
138,800 Federal Co. bonds 480,000
of other cos__ _ _ 138,687
not owned (par) 1,029,699 1,031,324 Bonds owned
1,350
Stocks owned_ .._ 127,209
127,209 Reserves and deDef. chges. to oper 623,272
284,248 5% notes due June 1
1,167,439 1,089,483
Ores and matte_ __ 1,252,012 1,011,113
preciation
4,000,000 4,000,000 Ridg.Co.stk.purch. 2,647,200 2,647,200
1918
Accts. receivable. 1,880,394 1,797,148 Surplus
1,748,690 1,689,002
Supplies, fuel and
Current accts. and
287,449
timber
221,505
1,461,779 1,392,273
accrued pay-roll 600,178
750,656 Paper in stock
Mdse. manufact'd
Metals In transit
Notes payable._ _ _ 1,600,000
and in process.._ 719,852
and in process 4,472,246 3,148,897 Dividends Jan. 15. 425,556
649,713
688,890
Notes receivable 4,360,151 2,231,178 Depreciation funds 5,279,547 4,655,072
Total
19,236,468 19,220,622
Accts. receivable_ 1,162,956 1,796,897 Miscellaneous_ ___*1,382,946 *1,342,789
Total
19,236,468 19,220,622
Cash
1,255,940 3,455,647 Profit and loss__ _ 4,515,592 4,478,843
The Ridgway Co., the greater part of whose stock is owned, had outstanding Dec. 31 1914 31,000,000 stock and $500,000 bonds. The loss for
Total
60,681,080 58,815,087
Total
60,681,080 58,815,037 the year 1914 was $39,548, against $5,526 in 1913.-V. 100, p. 903.
* Miscellaneous liabilities in 1914-14 include drafts in transit, $349,048,
reserve for freight, &c., $747,674 and undivided surp. applicable to stocks
of sub. cos. not held by U. S. Sm. Ref. & Min. Co., 3266,224.-V. 100,
p. 1173.
Westchester Lighting Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The Public Service Commission, Second District, reports:
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1914.
1912.
1913.
Electric operations
$1,205,531 $1,145,737 $1,073,209
Gas operations
1,868,144
1,782,042
1,828,668
Operating Expenses, Taxes, &c.
Electric operations
Gas operations
$3,073,675 $2,974,405 $2,855,251
$666,265
1,492,004
$662,235
1,489,004
$606,676
1,357,414
Total expenses
Net earnings
Other income
$2,158,269 $2.151,239 $1,964,090
$915,406
$891,161
$823,166
56,441
48,002
51,314
Gross income
Bond interest
Other interest
$971,848
$1,021,250
115,368
$874,480
$971,250
91,968
$939,163
$920,250
57,339
Total deductions
Balance, deficit
$1,136,618 $1,063,218
$164,770
$188,738
$977,589
$38,426
National Candy Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec. 31 1913.)
-Dividends(7%)Net
Common
Balance,
Earnings. 1st Pref. 2d Pref.
Surplus.
Dividend.
$216,033 • $70,000 8118,951
sur.$27,082
70,000
461,292
118,951
sur.272,341
70,000
168,255
118,951
def. 20,696
70,000
190,416
118,951 (1%)352,946 def. 51,481
267,845
70,000
118,951 (2%)105,894 def. 27,000
BALANCE SHEET DEC. 31.
1914.
1913.
1913.
1914.
AssetsLiabilities-3
3
s
Cash
172,689
108,999 First pref. stock__ 1,000,000 1,000,000
Raw materials
432,948
509,786 Second pref. stock 1,699,300 1,699,300
M fd mdse &supp. 592,702
595,592 Common stock__ - 6,000,000 6,000,000
Accts.& notes rec_ 910,377 1,115,122 A
135,447
Biciclsoupnats
70,783
yatalevable.
Clinton Sugar Ref.
941,865 1,071,310
Co. stock
1,323,274 1,270,306 Surplus
1,004,721 *977,639
2d pref.stk. porch.
33,900
33,900
Mach.,trade-mks.,
pat. rights, &c_ 7,259,779 7,250,000
Year1914
1913
1912
1911
1910
Total
10,725,669 10.883.705
Total
10,725,669 10,883,705
There is in addition to the above assets $705,400 of common stock, ful I
paid and non-assessable, owned by the company and standing in the name
of F. D. Seward, trustee.-Y. 98, p. 687.
APR. 17 1915.]
THE CHRONICLE
Consumers Company (Ice and Coal), Chicago.
(2d Annual Report-Year ending Dec. 31 1914.)
President Fred. W. Upham says in substance:
The gross sales for the year show a decrease of $512,053. In the six
months ending June 30 there was an increase of $196,182, so that the entire
decrease occurred in the last six months, due to the cessation of all track
elevation, the practical suspension of all building operations, the shutting
down of factories, the universal lack of employment, and the brick strike
lasting almost four months. Nevertheless the pref. dividends have been
maintained and earned and the net (surplus) earnings of $184,313 applicable
to common stock were carried to surplus account. Economies planned,
as shown last year, have brought about this result.
[In August 1914 the company sold its Hydrox department(which handled
water and ice cream) at its book value, $122,300.
REPORT OF COMMITTEE ON APPRAISAL OF PROPERTY, PLAN
AND EQUIPMENT AS OF DEC. 31 1914.
Land, $4,245,558; buildings, $4,057,002; leaseholds, $430,000; water
rights and ice-cutting privileges, $988,000; machinery, equipment and
tools, $1,371,702; railroad tracks and cars, $371,997; horses, wagons,
harness, auto trucks and automobiles, $872,320; total, $12,336,579.
Add: good-will, $2,500.000. Grand total of foregoing items (see balance
sheet below), $14,836,579. Committee: W. J. Louderback, Seymour
Morris, Frank C. Letts, and F. S. Peabody.
INCOME ACCOUNT.
Year end. Feb.20'13to
Year end. Feb.20'13 to
Dec. 31'14 Dec. 31'13
Deductions (con.)Dec.31 '14 Dec. 31 '13
Gross proft from
Int. K. I. bonds__ $207,275 $179,052
sales
$3,901,487 $3.461,733
do serial debs_
87,500
52,500
Teaming,&a.,cost 1,340,224 1,269,762
do loans
59,735
54,495
Oper.& adm.exp_ 1,097,580
944,173 Preferred diva_
277,161
237,280
Net profits _81,463,683 $1,247,798
Repairs, depr.,
_-&c.*1588,503 *1496,118
Total deduc'ns..$1,279,369 $1,094,445
Advertising
59,191
75.000 Balance,surplus- $184,314 $153,353
* Includes amounts expended for repairs and for depreciation of horses
and motor trucks and reserves for coal inventory adjusts. and ice shrinkage.
BALANCE SHEETS DEC. 31.
1914.
1913.
$
$
AssetsLand, buildings,
leaseholds, &c.x12,336,580114,815,892
Goodwill
2,500,000f
K.I.Ist Mmn treas. 200,000
200,000
Sic.fd.(K.I.lstM.) 210,752
153,004
21,000
Investments
21,000
Cash
435,239
381,811
Notes & accounts
2,298,170 2,482,008
receivable
1,543,742 1,707,009
Inventories
Discount on deben141,667
131,667
ture bonds
69,646
92,026
Miscellaneous_ - _ _
Total
19,715,748 20,026,365
1914.
Total
1913.
$
Preferred stock__ _ 3,948,800
Common stock. _ 6,000,000
5,950,000
Funded debt
Real estate purch.
def. notes
47,500
Notes payable--__ 052,755
Accounts payable_ 1,402,904
Accrued int.(K.I.
first mtge.)_ _ _ _
106,950
Other accr.int.,&c. 103,332
Pref. div. Aug. 20
to Dec. 31
09,817
Mdse. coupons
45,309
Reserves
630,664
Surplus
337,667
3,948,800
6,000,000
6,000,000
1,353,050
1,563,248
107,975
104,263
99,072
60,681
635,922
153,354
19,715,748 20,026,365
x Includes in 1914: land, $4,245,558; buildings, $4,057,002; leaseholds,
$430.000; water rights and ice-cutting privileges, $988,000; machinery,
equipment and tools, $1,371,702; railroad tracks and cars, $371,997; horses,
wagons, harness, auto trucks and automobiles, $872.320.-V. 100, p. 645.
Elk Horn Fuel Co., Incorporated.
(Report for Fiscal Year ending Dec. 311914.)
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1914.
Earnings (all sources)
$434,320 Net income to surplus_ _ _ _ $221,087
Expenses
14,733 Surplus Dec. 31 1913-- 1,179,780
Interest on 1st M. notes_ _ _ 198,500
Total
$1,400,867
Preferred dividends
340,720
Net income to surplus_ _ _$221,087 Surplus Dec. 31 1914_ __ _$1,060,147
COMBINED GENERAL BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
Real est.&coal I'ds 25,197,462 23,482,104 Common stock...19,000,000
Plant & equIpl_a_
800,000
Preferred stock... 7,000,000
*Stocks of 0th. cos 7,298,390 7,298,390 1st M.notes(V.96,
Notes E.II.M.Cor. 2,475,000
p. 1427)
3,970,000
Adv. to sub. cos__
35,312 Note issue
39,007
2,475,000
Def. debit items_
20,083 Min.F.Co.stock 1,200,000
Cash
244,550
81,814 do 1st M.bds_ 1,200,000
Demand loans_
335,031 Unpaid vouchers_
47,193
Accr. divs.oth.cos.
Pay-rolls
43,715
Accr, int. on notes
paid Jan. 31 '15.
37,042
Treasury stock_ _ _ b315,016
Accounts payable_
994
18,590 Bills payable
Supplies, &e
341,298
7,186 Dividend Jan. 15_
0,001
Miscellaneous__
87,500
Surplus
1,060,147
Taal
36,419,174 31,278,560
Total
$
19,000,000
7,000,090
3,970,000
80,896
12,294
33,083
2,506
1,170,780
36,419,174 31,278,560
* Include 43,715 shares Consolidation Coal Co., 12,000 shares Mineral
Fuel Co., 7,879 shares Beaver Creek Consol. Coal Co., 1,800 shares Tennis
Coal Co.,500 shares York Coal & Coke Co. a Leased by Mineral Fuel Co.
to Elk Horn Mining Corp. b Consists of 5,470 shares pref. and 3,624 com.
stock.-V. 100, P. 1081.
Elk Horn Mining Corporation.
(Report for Fiscal Year ending Dec. 31 1914.)
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1914.
Earnings (all sources)
$663,562 Net earns, from operations_$223,675
Oper. exp., taxes, depr. &c_ 439.887 Interest charges
159,783
Net earnings from oper.
_ _3223,675
Balance, surplus
$63,892
BALANCE SHEET DEC. 31 19 4 (Total Each Side, $3,844,692).
Plant and equipment_ _ _ _82,015,327 Payments received on subMineral Fuel Co. bonds__
scriptions for capital
725,000
Prepaid interest, &c
87,084
stock
$1,240,800
Caste on hand, &c
194,499 Note issue
2,475,000
Mdse. stock on hand
126,584 Unpaid vouchers
42,188
Mater.& supplies on hand 235,728 Pay-rolls
9,458
94,393 Accounts payable
Coal on hand
5,146
358,855 Accrued royalty on leases_
Bills, &c., receivable
8,208
Unexpired insur. premium
7,222 Surplus
63,892
-V. 100, p. 1081.
Naumkeag Steam Cotton Co., Salem, Mass.
(Balance Sheet Nov. 28 1914.)
1913.
1914.
1914.
1913.
Asses$
$
Real estate & mach_ 533,583 1,500,000 Capital
1,500,000 1,500,000
Danvers bleachery„ 250,000 250,000 Guaranty account
100,000 100,000
Cash
268,959 219,550 Depreciation account 105,000
195,892 692,493 Improvement acc't__ 100,000 100,000
Bills receivable
Notes and accounts
Notes receivable...2,838,154
payable
Manufactured goods 102,702 218,388
1,243,932 1,325,000
81,234 Interest on loans
Stock in process_ _ _
25,125
5,839
Cotton
107,310 1,140,491 Profit and loss
1,304,269 1,116,164
44,847
Fuel & misc. supplies 31,476
Total
4,353,201 4,147,003
-V. 100, p. 313.
Total
4,353,201 4,147,003
1347
Kelly-Springfield Tire Co., Jersey City, N. J.
(Report for Fiscal Year ending Dec. 31 1914.)
1913.
1914.
1914.
1913.
Gross profits
$1,264,568 $2,203,762 Other income ---- $43,376
$41,874
Oper. & administrative expenses 716,190 1,014,016 Total net income- $591,755 $1,231,620
Int.on notes&accts
16,476
32,211
Net oper. income- $548,378 $1,189,746
Net income
4559,544 $1,215,144
Int. on income deb. bonds,$124,820; deb. s. f., $124,820; total.. $249,640
Sinking fund of 2% on 6% first preferred stock
75,164
Four quar. divs. on 1st pref. stock, 6%, incl. one quar. div.
($17,243) on the old pref. stock
186,302
Three quar. divs.(5(%)on the new 2d pref. stock
47,628
One quar. div. of 1%% on common stock
60,000
Balance, surplus, for the year ending Dec. 31 1914
$596,410
Total surplus carried forward from the previous year
1,449,800
Total surplus Dec. 31 1914, before deducting add'l charges
$2,046,210
Deduct-Accum. div. of 78%% on 6% pref. stock paid by the
issue of 7% cum. cony. 2d pref. stock per plan V.98, p. 1319.. 902,358
Misc. debit adjustments (net) deducted from surplus
9,213
Total surplus Dec. 31 1914 (as per balance sheet)
$1,134,639
x This does not include profit on goods sold and not delivered.
BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
Plant accts. dc pat1st pref. stock_ _ _ _
ents,goodwill,&c 7,692,175 7,888.618 2d pref. stock_ _ _ _
145,734 Common stock_ _ _
380,415
Cash
Deb. sinking fund 115,574
Accounts payable_
Notes & accts. rec. 513,289
535,122 Reserve accounts.
Deferred charges_
33,979 Accrued charges__
28,336
Inventories (cost). 1,795,365 1,231,608 Stock of sub. cos _
Int. & diva. pay'le
Sinking fund
Debenture bonds_
Surplus
Total
10,525,154 9;835,061
Total
3,758,200 .1,149,500
907,200
4,000,000 4,000,000
61,100
17,939
352,785
49,428
14,037
500
b143,049
.201,538
270,000 2,850,500
1,134,639 1,449,800
10,525,154
9,835,061
a This is the old pref. stock. b Includes 1%% on 1st pref.. $56,373, and
1Y,% on 2d pref., $15,876, due Jan. 2 1915, and 1%% on corn. stock due
Feb. 1 1915, $60.000, and 4% on income debenture bonds outstanding, due
April 11915,$10,800. c Includes $75,165 sinking fond for 6% pref. stock
and $126,374 for 4% income debenture bonds.-V. 100, p. 559, 313.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Northern Ry.-Purchase by Government.-President Wilson announced on April 10 that the Government had
decided to buy the road ,which extends from Seward, Alaska,
northward 71 miles to Turnagain Arm, as the nucleus of the
system to be constructed in the Territory of Alaska under
the Federal law signed Mar. 12 1914. See items on "Legislafive,Banking and Financial News," V.98,p.809,658,359.The
purchase price is $1,150,000, free of all lions, of which $500,000 to be paid July 1 1910 and remainder on July 1 1916.
The route selected is known as the Sushitna route, extending from Seward,
on Resurrection Bay, to Fairbanks, on the Tanana River, 471 miles, and
including the Alaska Northern Ry. From Turnagain Arm the route is to
be extended through the Sushitna Valley and across Broad Pass to the
Tanana River and to Fairbanks. A branch is to be built from Matanuska
Jct. into the Matanuska coal field, 38 miles. The road is to be built with
its base at Ship Creek on Cooks Inlet and from this point it is expected that
the Matanuska coal will be shipped during the greater part of the year.
The estimated cost of the system is $26,800,000. The law provides for a
system of not more than 1,000 miles, to cost not over $35,000.000. The
plan does not contemplate the purchase of the Copper River & Northwestern Ry., which, it is understood, the Morgan-Guggenheim interests offered
to sell at an appraised valuation to be made.-V.96, p. 1771,
American Railways Co., Philadelphia.-Earnings.
-
Gross
Preferred
Net (after Bond
Period
Common
Bal.,
Income. Taxes, &c.) Interest. Dividends. Dividends. Sure.
Ending:
6 mos. end. • $
Dec. 3114 520,509 502.478 187,765 (3%)70,000 (2%)184.615 60.097
Year end.
J'ne 30'14 1,036,361 1.000,868 407,039 (7)140,000 (6) 402,789 51.040
After deducting $20,625 amortization of debt discount for the 6 months
ending Dec. 311914, the surplus was $39,472. Total surplus Dec. 31 1914
was $781,745.-V. 99, p. 1450.
Arkansas & Memphis Ry., Bridge & Terminal Co.Bonds.-The directors on Apr. 12, it is reported, authorized
an issue of 87,500,000 bonds to complete the construction of
the bridge. The bonds are to be used presumably as collateral for $5,000,000 3-year 6% notes which were reported
as having been sold in Jan. last.-V. 100, p. 138.
Auburn & Syracuse Electric Ry.-Strike.The strike which tied up both city and suburban traffic was called off
April 12.-V. 100, p. 555.
Canadian Northern Ry.-No Div. on Income Debentures.
-There being no surplus available, owing to trade conditions,
the company has omitted the usual semi-annual declaration
on the £5,136,979 income charge 5% convertible debenture
stock from the earnings of the 6 months ending Dec. 31 1914,
which would be payable, if declared, May 2. The full 23/2
was disbursed semi-annually to Nov. 1914, inclusive.V. 100, p. 1167, 641.
Canadian Pacific Ry.-Line Cornpleted.-The line of the
Kettle Valley Ry., which is leased and whose stock is owned,
will be completed by June 1.
The line extends from Midway, B. C., to Merritt. about 270 miles, with
Coquihalla branch, 523 miles. Regmar service will begin June 1, when
the new summer schedule becomes effective on the main line. The bridge
over the Fraser River near Hope, which connects the main line of the
Canadian Pacific RR. with the new Hope Mountain line, has been completed and rails have been laid across the river as far as the crossing ofthe
Canadian Northern Ry. Compare V. 95. p. 551; V. 99, p. 543.-V.
100, p. 811, 472.
Charleston & Western Carolina Ry.-Income Bonds All
Retired by Exchange.-Exchange was completed April 13 1915
of $2,380,000 of First Consol. Mortgage Series "A" 50-year
bonds of 1914, maturing Jan. 1 1964, for the $2,380,000
Income Mortgage bonds of 1896; said income bonds have been
canceled and the income mortgage will be released of record
at the earliest date possible.
1348
THE CHRONICLE
The First Consol. Mortgage Series "A" bonds bear interest at the rate
of 2% per annum until Jan. 1 1916, and at the rate of 3% per annum until
Jan. 1 1919 and at the rate of 4% per annum until Jan. 1 1924; thereafter, until maturity, at the rate of 5% per annum. See V. 98, 13.
1315, 838.
Chicago Burlington & Quincy RR.—Decision.—
The U. S. Supreme Court on April 12 in a suit against the Wisconsin RR.
Commission held unconstitutional a Wisconsin law requiring that twb trains
in each direction be stopped daily in towns of 200 population on lines
operating four or more trains daily through such towns.—V .100, p. 36.
Chicago Rock Island & Pacific Ry.—Directors.---The
annual meeting was held on Monday after Judge Carpenter
in the U.S. District Court at Chicago on Saturday last denied
the injunction asked for in the suit brought by three minority
stockholders to restrain the holding of the meeting. The
Sheldon proxy committee, representing a majority Oa 3,700,000) of the $74,877,200 capital stock, elected three of
their four nominees for positions on the board by the following vote: Charles Hayden, Boston, 437,934; Wm. J.
Matheson, N. Y., 437,702, and W.Emlen Roosevelt, N. Y.,
437,702. The Amster interests held proxies for $15,000,000
stock and by cumulative voting elected N. L. Amster of
Boston, the forth director, by a vote of 605,168.
It was officially stated following the meeting that Timothy S. Williams
[VOL. 100.
Trunk Pacific that it should operate the Lake Superior branch. Should
the Grand Trunk Pacific eventually take over the Transcontinental, the
Government lease authorized by the bill, it is stated, "will fall to the
ground."—V. 100, p. 1256, 642.
Interborough-Metropolitan Co.--Dividend Prospects.—
The board of directors yesterday appointed a special committee to report next week on the disposition to be made by
the company of its current surplus earnings. From July
1906 to July 1907 1M% was paid quarterly on the $45,740,000 5% cum. pref. stock, but no disbursement has beenmade
since. Reports have recently been current that payments
would be resumed shortly. See Interborough Rapid Transit Co. below.—V. 100, p. 555, 140.
Interborough Rapid Transit Co.—Tax Decision.—The
U. S. Supreme Court on April 12 affirmed the decision of the
N. Y. Court of Appeals, which held valid that portion of the
yearly franchise taxes based upon the subway earnings.
The taxes have been paid to the State under protest for a number of years
during the pendency of the litigation, so that it will not be necessary to
take the amount from the treasury at the present time. The yearly sum
Involved, it is stated, is not large enough to make an appreciable difference
in the net revenue. Judge Holmes wrote the opinion. The company
claimed that under the contract with the city it is exempt from all taxes.
The Court says: The Court of Appeals observed that the exemption was
of New York, who received 437,202 votes—insufficient for election—would from taxation in respect of the person's or corporation's interest under the
be made a director at an early date through the resignation of one of the contract. * * * The right to be a corporation, even when the corporation was created and was expected to be created to carry out the purposes of
present directors.
Board as now constituted: F. L. Hine, Arthur Curtiss James, Ogden the Act, was not an interest under the contract, but only a very great conMills, T. M. Schumacher, Wm. H. Moore, Goo. G. McMurtry, James venience for acquiring and using that interest. For these reasons the Court
McLean, W. Emlen Roosevelt, Wm. J. Matheson, of New York; H. U. of Appeals held that that right might be taxed. The construction of the
Mudge,James II. Moore, Chicago, and Charles Hayden and N.L. Amster, statute by the Court of Appeals, although not conclusive upon its meaning
Boston. All of the old officers have been re-elected except E. S. Moore, as a contract, Is entitled to great deference and respect. As a literal inwho declined re-election as Vice-President. Charles Hayden and W. J. terpretation, it is undeniably correct, and we should not feel warranted in
Matheson have been made members of the executive committee to succeed overruling it because of a certain perfume of general exemption. We must
E.S. Moore and Roberts Walker. Compare V. 100, p. 1256, 1167,473,396. accept the words used in the strict sense."
5% Extra.—An extra div.of5% was declared yesterday on.
Cleveland & Pittsburgh RR.—Listed.—The New York
Stock Exchange has listed $1,182,550 additional special the $35,000,000 stock to holders of record. An extra disguaranteed betterment stock, making the total amount listed bursement of the same amount was made in Jan. last.
No formal statement was issued, but it was said that the declaration of
$15,742,950. The new stock represents impts.for year 1913.
two extra dividends equal in amount to the regular dividends of 10% per
Details of $1,182,574 Improvements in 1913.
Right of way and station
Stations, bldgs. & fixtures.._ $74,179
grounds. track elev., &c_ _5303,870 Dock and wharf property__ 64,628
Freight cars,.
Second, third and fourth
240,493
tracks, storage yards and
Passenger cars
82,919
track elevation
411,164 Miscellaneous
5,321
—V. 99, p. 47.
Cleveland Southwestern & Columbus Ry.—Extension
of Bonds.—Hayden, Miller & Co., Cleveland, have arranged
to extend for 5 years the 8200,000 underlying Cleveland
& Elyria Ry. 1st M.20-year 6s, due May 1.
annum was well within the earning power of the company.
Previous Dividend Record (Per Cent).
1915.
'04. '05. '06. '07 to July '11. Oct. '11. '12. '13. 1914.
10 10 10 23,6,2A,—,
9 yearly
2A
Regular_ 2 8Y1 83,5
2 July, 5 Jan. 5
1
5
Extra _.__ _
'
229.
Extra i% in 1112 was from profits of Construction Co.—V. 100, p.
Kansas City Clinton & Springfield Ry.—Default.—
The receivers of the St. Louis & San Francisco RR. were
directed by the Court not to pay the April interest on the
$3,274,000 1st M.5s of 1885. The bondholders' committee,
E. V. R. Thayer, Boston, Secretary, Feb. 27 said:
Holders will receive through Hayden, Miller & Co. cash upon maturity'
If default is made on April 1, long and expensive litigation must ensue
If they desire new bonds, they can have them if any
the new issue shall
then seem improbable that resumption of interremain in the hands of the investment bankers. It is understood the new and. in any event, it would
est
or recognition of the rights of the bondholders would be obtained prior
bonds will be 6s and will be sold at par. The entire transaction is subject
part of, the reorganization of the St. Louis & San Franto the approval of the Ohio State P. U. Commission.—V. 100, p. 1167,473, to, or except as acommittee
then represented $2,111,000 of the $3,274,000
cisco RR. The
Copper River & Northwestern Ry.—Not Sold.—
bonds. No expense is incurred by depositing bonds above a possible
assessment not exceeding 1%. Depositaries, Old Colony Trust Co.,
See Alaska Northern By. above.—V. 100, p. 53.
Boston, and Bankers Trust Co., N. Y. For the year ending June 30 1914,
Denver & Rio Grande RR.—Trackage, &c.—
after payment of interest ($163,700) on the bonds, the earnings showed
See U. S. Smelt. Ref. & Mining Co. under "Reports" above.—V. 100, a deficit of $112022. The interest is guaranteed by the Kansas City Fort
p. 1078, 811.
Scott & Memphis, which company is controlled by stock ownership by the
bankrupt St. L. & San Fran.—V. 100, p. 901.
Denver Tramway Power Co.—Called Bonds.—
Forty-seven ($47,000) first mtge. 5% improvement bonds dated 1903
have been drawn for redemption (at par and interest) on May 6 at the
International Trust Co. of 'Denver, Colo.
Des Moines (Ia.) City Ry.—Default on Refunding Bonds.— Harris, Forbes & Co., New York, Mar. 27, wrote in subst.:
We are advised that the company will be unable to pay the sinking fund
and let orest due April 1 next on its Refunding 5% bonds.
The present condition of the company is due primarily, we believe, to
the fact that it has been absolutely necessary to make very material expenditures for improvements and additions at the same time that the
franchise litigation and negotiations have been in progress. Under the
circumstances the company could not sell bonds to reimburse it for the
Improvements and additions and consequently there is a floating debt of
about $1,200,000, payment of which has been demanded. The condition
of the physical property, however, is satisfactory,and the equipment is of
sufficient capacity to take care of the constantly increasing business.
During past years the gross earnings have shown a steady growth and
economies have been effected by improvements to the property and efficient management. Earnings for the calendar year 1914 were: Gross,
$1,371,044; net (after taxes), $436,328; bond interest, $141,610; available
for interest on floating debt, depreciation, &c., $294,718.
The company, in our opinion, is conservatively capitalized, considering
the value of its physical property and its earning capacity. Its obligations
now outstanding are reported to us by the company: Des Moines City
Ry. Co. Ref. Ss, $2,408.000; underlying bonds, $491,000; bills payable,
$1.202,914; total, $4,101,914, less bonds deposited to secure its notes.
$160,000; net debt, $3,941,914.
The Illinois Trust & Savings Bank, as trustee, has instituted proceedings
n the U. S. District Court for the purpose of establishing in the Federal
courts the contention that the franchise mortgage to secure your bonds is
still in full force and is perpetual in its terms. We anticipate that a bond
holders' committee will be organized in the very near future.
Digest of Statement by Pres. Emil G.Schmidt, Des Moines, Mar.26'15.
For some years the company has been in litigation with the city of Des
Wines in connection with its franchise rights, and the Supreme Court
of Iowa rendered, about two years ago, a decision to the effect that our
franchise was not perpetual, as claimed by the company. but had in reality
expired (V. 96. p. 947). The company was given until March 22 1915 to
secure a new franchise, which was later extended by the Iowa Supreme
Court only to June 22 1915. We have exercised every possible effort during
the past two years to obtain a new franchise, but without success, and although we still operate the property and have made very material expenditures for improvements and additions, we have no reasonable assurance
that we shall be able, in the near future, to obtain a new franchise acceptable to us.
We have spent on the property upwards of $1,400.000 recently, for which
no bonds have been issued, and owing to the inability of the company to
effect a satisfactory settlement of the franchise difficulties, the holders of
our notes have made pressing demands for payment of same, with which
we are, under the circumstances, unable to comply. Compare V. 100,
p. 308, 54.
Grand Trunk Pacific Ry.—Operation of Lake Superior
Branch.—The Canadian Senate on Monday passed a bill
authorizing the Government to acquire by lease or otherwise
the Lake Superior branch from a point on the main line to
Fort Williams, which was built and is owned by the company, so that it may be operated by the Government in
connection with the main line from Winnipeg to'Moncton,
built by the Government.
Tho Government leader stated that in order to operate the main line
advantageously the Government would have to acquire by lease or otherwise the Lake Superior branch, so that grain may be carried from Winnipeg to the head of the lakes. If the Government should operate the
National Transcontinental Ry., it would also be in the interest of the Grand
Lehigh Valley Transit Co.—New Director.—
E. G. Orace, a director of the Bethlehem Steel Corporation, has been
elected a director to succeed Charles M. Schwab, who resigned.—V. 100,
p. 227, 229. 236, 140.
Long Island RR.—Penn. RR. Ticket Re-elected.—At the
annual meeting on April 13 the old board was re-elected by
a vote of 170,406 shares, of which 135,878 shares were the
holdings of the Penna. RR. Co. and 34,528 were shares belonging to minority holders. The opposition interests
voted 25,317 shares.
L. Laflin Kellogg, representing the Dick Bros. & Co. interests, protested
against the re-election of the representatives of the Penna. RR. Co., and
Introduced a resolution that a committee of minority stockholders investigate the affairs of the road and procure an accounting of all expenditures,
&c., during past ten years. This resolution was referred to the incoming
board for action. Mr. Kellogg said their clients would press their suit and
also oppose the plan to increase the capital stock from $12,000,000 to
$45,000,000. See V. 100, P. 308, 398, 982, 1074, 1257.
Los Angeles Railway Corp.—Bonds.—
This corporation has applied to tho Cal. RR. Commission for authority to
issue $250.000 1st and refunding bonds to refund a like amount of 1st M.6s
duo May 1 1915.—V. 100, p. 982, 901.
Missouri Kansas & Texas Ry.—Comprehensive Financial
Plan Proposed—In Meantime Note Extension.—A circular
signed by Chairman Frank Trumbull and Pres. C. E. Schaff
at N. Y. on April 14 states that the plans for the readjustment of the company's financial position have been under
consideration, and it is hoped to present such a plan to the
shareholders at an early date.
In the meantime the company asks for an extension of the
$19,000,000 2-year 5% Secured Gold Notes due May 1 1915
for one year, viz., until May 11916, with interest at 6% per
annum (instead of 5%), payable semi-annually M. & N.,
the extended notes to be redeemable in whole or in part at
101 and int. at any time on 30 days' notice. Holders of
more than a majority in amount of the notes have already
agreed to the extension. Deposits may be made at the
Central Tr. Co. on or before April 26. See adv. on another
page.
Further Data from Official Circular Dated April 14.
The officers and tweeters, in conference with holders of largo amounts
of the above notes, have been considering plans for the readjustment of
the company's financial position in connection with the approaching maturity of the notes, and the directors have appointed a committee of their
number consisting of Horace E. Andrews, Geo.W. Davison, Lewis B. Frarklin, A. J. Miller and Frank Trumbull to perfect without delay a plan for
•
presentation to the stockholders.
The present emergency is not duo to lack of earning power, as the property is showing increases both in gross and net earnings and a surplus over
all fixed chi•rges (see below), but is due to the maturing at an unfavor ible
time of this large amount of capital obligations. Any plan necessarily
involves action by the stockholders in order to provide for the paymant
of the notes and the consequent protection of their interest in the property.
It has been impossible to work out a definite plan in thne for submi .sion
to the stockholders at their recent annual meeting, as a large proportion
of the stock is held abroad and foreign holders could not be consulted in time.
The committee is proceeding diligently and hopes to make an ann )unce-
APR. 17 1915.j
THE CHRONICLE
1349
meat at an early date. The plans under consideration contemplate an 000. The greater part of this stock was sold at par or over. Besides.
Issue to be offered to stockholders of securities carrying a contingent charge since Tan. 1900 over $114,000,000 from income has been invested in the
or of pref. stock, which latter has only become practicable through the en- property.
(g) Is the conversion privilege valuable? We believe it is. The N. Y.
actment by the Kansas Legislature of an Act shortly to become effective
Central has paid dividends of not less than 4% a year regularly since 1869,
authorizing such issues upon consent of the holders of 75% of the stock.
In the meantime the company, in the interest both of the noteholders and It should share in the benefits which will come with any return of genand stockholders, is obliged to ask for an extension of the notes and has eral prosperity. (Compare V. 100, p. 556, 643,813, 901, 1079, 1258.)
therefore entered into an agreement dated April 14 1915 with Central Trust
New York New Haven & Hartford RR.—Notes Offered.
Co. of N. Y., as trustee, providing for the extension for one year, viz., until
May 1 1916 of these notes; with interest at the rate of 6% per annum.
P. Morgan & Co., the First National Bank and the NaInstead of 5% per annum, payable semi-annually, Nov. 1 and May 1, the ----J.
extended notes to be redeemable in whole or in part at 101 and int, at any tional City Bank, New York, and Kidder, Peabody &Co.,
notice.
days'
time upon 30
and Lee, Higginson & Co., Boston, offered on April 14 at
Noteholders may become parties to such extension agreement by deposit4%,and have wholly
ing their notes with the coupons due May 1 1915, attached, with Central 993t and int., yielding slightly over 53
other
any
or
City,
Y.
N.
St.,
Wall
54
depositary,
as
Y.,
N.
Trust Co. of
sold, $27,000,000 one-year 5% collateral gold notes dated
depositary designated by Central Trust Co. of N. Y.
On the agreement becoming effective, the railway company will pay to May 1 1915 and due May 1 1916, but red. at option of comthe holders of receipts on presentation on or after May 1 1915 at the office pany, on and after Nov. 1 1915, at 1003/i and int. on 60
of the depositary the installment of interest payable on that date, such payment being noted on the receipts. In case the agreement shall not become "days notice. Interest M. & N. in New York and Boston.
effective, the holders of receipts will be entitled to the return of the notes, Denom.$1,000, $5,000 and $10,000 (c). Trustees, Bankers
with the coupon payable May 1 1915 attached.
Trust Co. of N. Y. and Union & New Haven Trust Co. of
Income Account.—For 9 mos.ended Mar.31 (Mar.'15 est.) New Haven. A letter from Pres. Elliott shows:
1914.
1915.
1914.
1915.
Operating in$
Operating revcome
7,086,313 5,603,665
25,540.485 25,097,821
enuos
287,576
Oper. expens_17,465,882 18,346,554 Deduc'es (net) 399,839
Taxes accrued. 988,290 1,147,602 Int.(excl. s.f.)_ 4,827,039 4,718,897
597.191
Net income_ 1,859.435
Oper. Inc_ -- 7,086.313 5,603,665
The net income for year ended June 30 1914 was $539,227, against
$2,316,985 for year 1912-13.
Pres. C. E. Schaff was quoted on April 15 as saying: "Crop condition
are excellent in the whole territory covered by the railway. The grain
crops in Texas and Oklahoma will be matured in seven or eight weeks and
are expected to be large because of excellent conditions and increased acreage. The grain outlook in Kansas is also good. Most of the cotton produced during the last season has been moved, but spot cotton sold yesterday at Houston at 9.70c. and the outlook for the coming season, both as to
production and price, is excellent. A substantial increase in gross earnings for April is expected. The increase for the first week was about
12%, and the same percentage was reported for March. During the year
ended June 30 1914 there were not only unusual droughts but also the most
disastrous floods in Texas in 70 years. Early in the present fiscal year
the European war began and had a disastrous effect on the price of cotton."
—V. 1011, p. 1257, 1168.
Lewis B. Franklin and A. J. Miller have been elected directors to succeed II. E. IIuntington and E. B. Stevens, who resigned.
Missouri Pacific Ry.—Extension of Notes.—In circular of
April 10, addressed to holders of extended 3-year 6% secured gold notes due June 1 1915, B. F. Bush, Pres. and
Chairman, says in substance (see also adv., &e., in last
week's "Chronicle," p. x and 1258):
The new board of directors elected by the stockholders at their recent
annual meeting are seeking, through a special committee, thoroughly to
acquaint themselves with the company's condition and needs, with a view
to the preparation and submission to the security-holders of a comprehensive financial plan which will adequately provide for the future and enable the Missouri Pacific System fully to take advantage of its strong
position in the rapidly developing territory which it serves.
Manifestly no such plan can be perfected and consummated by June 1
next, when $24,845,000 Extended 3-year 6% Secured Gold Notes mature.
Noteholders are accordingly requested to extend their notes for a period
of one year upon the collateral by which they are now secured (V. 100, .p
1258), and at the reto of interest (6%) which they now bear. A cash commission of Si of 1% upon the face value of the notes will be paid to noteholders upon the extension becoming operative.
An agreement providing for the extension has been executed by the company and lodged with the Union Trust Co. of N. Y., the trustee under the
agreement securing the notes. This agreement (copies of which may be
obtained from the trustee or from the company at its offices in New York
and St. Louis) provides as follows: (a) The withdrawal of pledged collateral
upon the substitution of other collateral as provided in Article IX of the
original trust indenture is not permitted and the rates for the withdrawal of
collateral for cash deposited with the trustee shall be the rates heretofore
fixed by, or pursuant to, that indenture (see V. 100, p. 1258). (b) Until
payment of the extended notes, the St. Louis Iron Mt. & So. By. Co. shall
not be permitted to issue additional bonds, notes or other obligations, except to provide for taxes, equipment and equipment obligations, terminal
commitments and current operations. (c) The extended notes are to be
subject to redemption on the first day of any month, upon 4 weeks' published notice, at 101 and int. (d) The extension shall become binding only
when declared operative by resolution of the board or executive committee.
For all notes deposited subject to the extension agreement, with the•
June 1 1915 interest coupon attached, the Union Trust Co. of N. Y., or
other depositaries which may be designated by it, will issue transferable
certificates of deposit entitling the holder to receive, without expense: (1)
upon the extension becoming operative, an equal principal amount of the
extended notes (with now interest coupons attached), together with check
for the interest due Juno 1 1915, and for the cash commission of Si of 1%;
or (2) in case the extension shall not become operative, the return of deposited notes with the Juno 1 1915 coupon.
Noteholders are urged, in their own interest as well as in that of the property jsromptly to deposit their notes. so that the directors may be in a
position to proceed with their plans for strengthening the financial position
of the company. See list of collateral, &c., in V. 100, p. 1253.
Nashville (Tenn.)• Traction Co.—Sale of Stock.—The
Nashville "Banner" of April 10 gives credence to the report
that the Detroit interests have sold their control.
Pres. W. 0. Parmer on April 7, while disclaiming any knowledge of a
change in control, was quoted as saying that some of the stock had been
sold in Philadelphia by one of the holders who was hurt financially by the
war. Mr. Parmer further said that the company will have cars in operation by May 1, and will also push construction on all of its various lines.
—V. 99. P. 1366.
New York Central Railroad.—Status and Outlook—
New Convertible Debentures.—Harvey Fisk & Sons, 62 Cedar
St., New York, have issued a circular regarding the new
20-year convertible debenture 6s, saying in subst.:
For the first time in its history the New York Central offers to its stockholders the opportunity to subscribe to a convertible bond. Shall the
opportunity be availed of? We believe it should,for the following reasons:
(a) Improvements of an almost revolutionary character, entered into
nearly 15 years ago, have been about completed, enabling the road to give
an ideal service in the great competition. These include the Grand Central
Terminal at New York City, a model of its kind; the electrical equipment
through New York City and up the Hudson River; new depots, now freight
terminal facilities, steel passenger and freight cars, additional tracks.
heavier rails, electrical and other safety devices.
(b) The road has the only water-level route between N. Y. and Chicago.
(c) It serves what is perhaps the most densely populated section of the
United States. It is one of the three greatest bituminous coal carriers. It
Is the greatest grain-carrier from the West to the seaboard. Its passenger
business is of enormous volume.
(a) It owns over 21% of the stock of the Reading Co., the greatest of
the anthracite properties.
(e) The sale of these convertiole debenture bonds (underwritten) completes the financing of what might be called the modernization era in the
company's history. The average interest rate upon the bonded debt is at
present only 4.17%. and upon its equipment trust certificates 4.61%.
Debt per mile of road owned, leased and operated, $141,854; per mile of
track,only $58,909.
(f) On the basis of 1914 business, the interest on the convertible debenture Os was earned 234 times, and on the basis of the average surplus earnings of the consolidated companies during the past six years over 334 times.
(g) Backlof theselbonds is:the capital stock, aggregating about $250,000.-
Those notes are to be secured by pledge of the following collateral (this
collateral may be withdrawn at the valuation shown.(which is at or below
present prices) such valuation aggregating $40,273,442:
(1) Stock of Leased Lines—
:Total
Pledged. —Withdrawal—
Dividends Guaranteed—Par.
Issued.
Price.
Old Colony RR. Co.7% stock_ _$9.813,200 150 $14,719,800 $22,294,000
Prov. & Worc. RR. Co. 10% stk.. 955,100 200
3,500,000
1,910,200
Bos. & Prov. RR.Corp. 10% stk_ 524,600 230
1,206,580
4.000.000
Prov. Warren & Bristol RR. Co.
486.700 120
584,040
874,600
Worc. RR.8% pf. stk_ 97,100 150
&ck
Norwich
wicshto
%
145,650
3,000,000
(2) Stock and Bonds of StockControlled Properties—
29,166,200
26
N Y. Ont.& West. Ry.Co
7,582,172 58,117,982
Eng. 1st M.4% bonds.
f
Cent.
1,500.000
1.125,000 12,012,000
75
Harlem & Port Chester 5%debs.*13,000.000 100 13,000,000 13,000,000
[The total amounts issued as here shown were supplied by Editor.]
* No additional mortgage shall be put upon property without paying off
these debentures or creating for them a prefarential lien thereunder.
The five roads first named are leased to the company and the dividends
guaranteed as part of the rentals paid. The payment of these rentals is
essential to the use by the New Haven of some of the most valuable parts
of the mileage which it operates. The debt of these leased lines represents
a very small part of the value of the various properties, one of them having
no funded deist at all.
The Central New England First 4s cover, as a first mortgage,a large
part of the Poughkeepsie Bridge route, over which a substantial part of the
coal handled by the New Haven system moves into New England. The
Harlem River & Port Chester Debenture 5s constitute, in effect, a second
mortgage (or charge) on the Harlem River & Port Chester property, the
extremely valuable freight terminals of the company in the City of New
York, subject to an existing first mortgage of $15,000.000. In 1910 the
IIarlem River & Port Chester property was appraised by Prof. George F.
Swain at $41,222.191, since which time the capital expenditures made
thereon have been $3,363.943. [See V. 98. P. 1537.1
The collateral may be withdrawn at the above prices provided an amount
of cash equal to the withdrawal value is deposited with the trustee. All
sums of money received by the trustee applicable to the purchase or redemption of the notes are to be used for their purchase at prices not exceeding
10034 and int., or to their redemption at that price.
New .York Railways.—Income Interest—Statement by
Minority Directors.—The new directors elected last December, in circular dated at New York, Arpil 9, and addressed
to the holders of Adjustment Income bonds,say in substance:
The board of experts, appointed pursuant to the provisions of the Adjustment Mortgage to determine the net income for the half-year ending
Dec. 31 1914, has reported that the amount payable as interest on the
bonds for that period is $541.791, yielding $17 69 per $1.000 bond. This
makes the distribution per bond for the year 1914 $30 57.
The undersigned directors sought to increase the net income for the last
half of 1914 from two sources: first, from the general replacement reserve;
and, second, from the accident and damage reserve. The board as a whole
agreed that the replacement reserve, being larger than necessary, application should be made to the Public Service Commission to modify their
order, so that the reserve from Jan. 1 1912 should be 20% of the passenger
revenues only. The accumulation of the difference since Jan. 1 1912
between 20% of the gross operating revenues and 20% of the passenger
revenues, amounting on Jan. 1 1915 to about $275.000, could then be entered in income and paid to the bondholders. The Commission entertained the proposition, but the State began its investigation of the Commission itself, and it has not been possible since to get any ruling on the question. Favorable action on this matter would have added 9-10 of 1% to
the dividend for the last half of 1914.
As a result of negotiations with Pres. Shonts, the net income for the last
6 months of 1914, after certain adjustments in damage reserve had been
made, was to be fixed at 5650,855,equal to $21 25 per $1,000 bond. At tho
same time it was agreed on behalf of the N. Y. Life Ins. Co. that its suit
against the company should be discontinued. It seemed to them and to
the undersigned that this compromise was better than litigation, particularly as it carried with it an understanding with a majority of the board
that the petition for the return of the excess moneys in the replacement
reserve should be pushed to a conclusion, and the damage reserve hereafter
should be adjusted each six months to bring it down to the basis of the
actual experience of the company as quickly as possible. The damage reserve from Jan. 1 1912 to Jan. 1 1914 was on basis of 8% of the passenger
revenues, and for 1914 734%•
Those reservations had been filed with the P. S. Commission for the
period from Jan. 1 1912 to July 1 1914. Consequently, however willing
the majority of the board might have been to readjust the damage reserve,
it was impossible to do more than was permitted by the statute limiting the
time within which damage suits may be filed, this statute then running
against the first half of 1912. together with what the board might be willing
to do with the reserve for the last half of 1914, which had not been filed
with tho Commission. Taking advantage of these two points, readjustments were made,as stated, so that the income named above was arrived at.
These adjustments were voted by the board with the distinct understanding
that the litigation was to be dismissed.
John C. Cobb of Boston voted against the resolution which in effect dedared the net income to be $650,855. and at the same time stated that he
believed If the Now York Life's suit was dismissed, another would be instituted at once, in which case he was advised by counsel that the question
of personal liability of the directors who signed such statement of net income would become very vital. Whether the statement as perpared was
In harmony with the indenture will be a matter of opinion until passed on
by the courts, but the undersigned refused to sign the statement after receiving Mr. Cobb's statement, because they did not think it their duty as
your representatives to become defendants in a suit where the question of
personal liability had been raised. G. B. Leighton of Boston has intervened in the suit which the New York Life has dropped and the litigation
will presumably go on to a conclusion. The N. Y. Life Ins. Co., having
Incurred heavy expense, felt justified in accepting a reasonable compromise and dismissing its suit. The dividend for the year 1914 is 53 56 per
bond loss than it would have been had the compromise been carried through.
Whether the board will push with the P. S. Commission the question of
the excess money in the general replacement reserve or not, it is impossible
for us to say, although the undersigned will urge it. Until the litigation is
carried to a conclusion, the undersigned cannot be expected to sign any
statement of not income, and the dividend at the end of each six months'
period will hereafter be fixed by a board of experts, as it was in both the
half-year periods of '1914.
[Signed: Darwin P. Kingsley, Francis L. Leland, Frank S. Witherbee
and Henry 011esheimer, directors on behalf of the holders of 5% income
bonds.] Compare V. 100, p. 1079, 734
1350
THE CHRONICLE
Km.
NorthwesternlElevated RR., Chicago.-Bonds Sold.- debenture mortgage bonds for preferred and common stock
and Refunding M.bonds under the plan (V.83, p. 437,626).
The Court, instead of affirming the individual judgment awarded by the,
Pacific Gas & Electric Co.-New Directors-Divs., &c.
lower court on April 3 1914 (V. 98, p. 1158), amends the judgment of that
The $12,500,000 1st M. 5% bonds having all been sold, the syndicate
which offered the same has been dissolved. Compare V. 100, p. 1079, 399.
J. A. McCandless of San Francisco has been elected a director to succeed Court by substituting therefor the direction that
judgment be entered
J.E.Gladstone, who resigned. An executive committee has been appointed adjudging that the defendants Edward
Jeffery, Winslow S. Pierce and
appointed consisting of Frank G. Drum (President.), Frank B. Anderson, George J. Gould being the defendants T.
who were members of the
John A. Britton (Vice-Pros, and Gen. Mgr.), C. 0. G. Miller and A. F. board which initiated and consummatedserved
the plan of exchange (under
Hockenbeamer (2d Vice-Pros. and Treas.).
plan. V. 83, p. 437, 626), account to the Wabash RR. for such damagethe
as
President Drum announced at the annual meeting that definite announce- It has sustained by reason of their acts. The
says that "it appearing
ment regarding dividends on the common stock would be made not later that upon such accounting the amount of suca Court
damage would be $4,044,894,
than May 1.
the aggregate of the sums paid as interest on the bonds issued to refund
the debenture bonds under the illegal plan in question (viz., the coupons
Earnings.-For 3 months ending March 31:
from Jan. 1907 to July 1911, both inclusive), with interest thereon, which
Three
Net
Gross
Other
Bond Int. 1-yr. Bd.Dig. Balance,
up to Oct.15 1913,for the respective dates of payment,amounted to $1,188,Mos. Earnings. Earnings. Income. Interest. Notes. & Exp. Surplus.
1915..$4,749,327 $2,458,602 $71,314 $950,932 $116,341 $36,9o8 $1,425,685 915, making in all the sum of 55,133,809 with further interest on said sum
1914.. 4,342,565 2,104,615 98,362 959,107 112,059 36,913 1,094,898 from said date, it is adjudged and decreed that in lieu of further accounting
the three defendants named shall pay to the defendant Wabpsh RR. the
Cash balance March 31 1915, $3,600,000.-V. 100, p. 1259, 1168.
sum of $5,133,809, with interest from Oct. 15 1913 to the date of said
Portland (Ore.) Railway, Light & Power Co.-Refund- payment."
The Court finds that the issuance of preferred stock under the plan vioing Notes.-E. W. Clark & Co. Philadelphia, are offering
lated the constitution of Missouri, which provides that "no corporation shall
2-year 5% coupon gold notes dated May 1 1915 and due issue
oreferred stock without the consent of all the stockholders; also that
May 1 1917, but red. at par and int. on 60 days' notice. Total the exchange of debenture bonds under the plan is Illegal under the laws of
Missouri, Illinois and Michigan "as providing for a fictitious increase of the
issue, $5,000,000. Interest M. & N. Denom. $1,000, stock," being issued for other than money, labor or property in violation
$5,000 and $10,000. Guaranty Trust Co., N. Y., trustee. of the laws of Missouri, Illinois and Michigan. The Court says that
under
the plan "for a total of $28,744,000 debenture bonds, a total of $51,271,940
A circular shows:
securities was issued" for which no consideration was received by the
These notes (issued to refund $5,000,000 5% one-year notes due May 1 new
Wabash RR. other than the debenture bonds. About one-half of the
1915-V. 98, p. 1317) are secured by deposit of the entire issue of $5,000,000 Refunding
M. bonds, it is stated, being invalid and illegally issued, are sub1st M. sinking fund 30-year gold bonds of the Mount Hood Railway &
foreclose the mortgage.-V.100,p.903, 735.
Power Co., due 1937; and of the entire capital stock (excepting only di- ject to that defense in a suit to
rectors shares) of the Mount Hood Co. The bonds so pledged constitute
Washington (D. C.) Ry & Electric Co.-Authorized.a first lien on the water power, electric light, power and railway properties
The P. U. Commission has authorized the issuance of $353.000 6%
formerly owned by the Mount Hood Railway & Power Co. Those proper- debenture bonds dated Jan. 2 1915 and due Jan. 2 1925, to be sold at the
ties consist of a hydro-electric plant on Bull Run River, about 20 miles highest price obtainable, to pay for improvements. The Commission says
from Portland, with an installed capacity of 15,000 h.p. and capable of an that certain information which it will consider in acting on the application
ultimate development of 30,000 h.p.; a steam station in the city of Portland to issue $487,000 bonds will not be available before the completion
of 3,300 h.p. capacity, transmission lines to Portland and surrounding terri- valuation of the property, now in progress.-V. 100, p. 1251, 644. of the
tory and a railway 21 miles in length extending from the power station on
Bull Run River to a connection with the lines of the Portland By., Lt. &
Washington Utilities Co.-Notes Offered.-The Fidelity
Power Co., a short distance from Portland. This road runs through a Trust Co. of Baltimore, the trustee for the issue, is offering
rich agricultural section and does a genreal freight and passenger business.
The Portland Ry., Lt. & Power Co., whose direct obligation these notes at 99 and int. to net over 6%, one-year 5% collateral trust
are, operates 307 miles of track, of which 299 miles are owned, and does an gold notes dated May 1 1915 and due May 1 1916, but red,
electric light and power business in Portland and several neighboring cities.
It also owns valuable water powers developing 60,000 h.p. and steam sta- at par and int. on any interest date on 30 days' notice.
tions having a capacity of 30,000 h.p.
Total auth., $1,500,000. Interest Q.-F. Denom. $1,000.
The Portland By., Lt. & Pow. Co. has outstanding $25,000.000 capital
stock, which is 75% paid,leaving $6,250,000 which can be assessed on stock. A circular dated April 12 shows:
Secured by deposit of 27,500 shares of common stock of the Washington
Earnings of Portland Railway, Light & Power Co. for Cal. Year • 1914.
Co., which has paid dividends since 1909 (present rate
Gross earnings, $6,273,171; net after taxes
$3,009,288 Railway & Electric
The stock so pledged has a market value of more than $2,420,000,
7%).
Interest, rentals, amortization of bond discount, &c
1,922,678
market around $88 a share: it is pledged at the rate of $54 50
5% interest on $5,000,000 notes
250.000 having a firm
per share. The Washington Railway & Electric Co. owns and controls the
Balance available for renewals, depreciation, dividends, &c__ $836,610 major portion of the street railways in the City of Washington, D. 0., and
adjacent territory, comprising about 162 miles of track. See annual report
-V. 99, p. 749.
for 1914 in V. 100, p. 1251.
Rensselaer & Saratoga RR.-Suit Over Lease.See Delaware & Hudson Co. report on a subsequent page.-V.83, p. 380. Digest ofiliStatement by Pres. Norman Grey, Washington, D. C.,
March 27 1915.
Organization.-The company was formed in 1911 as a holding company
Riverside (Cal.) Rialto & Pacific RR.-Sold.This road, or the control thereof, has, it is reported been taken over by for the securities of the street railways ,interurban and other properties, in
and about Washington, D. C. Its authorized capitalization is $50.000,000
the Pacific Electric Ry.-V. 100, p. 557.
common stock, of which there are 54,680 shares outstanding, par $100 per
Spokane Portland & Seattle Ry.-To Sell Boat Line.share. The issued stock netted the treasury about $1,500.000.
Assets of the Company-Amount and Valuation.
The I. S. Commerce Commission on April 10 decided adversely to the
company its application under Section 10 of the Panama Canal Act, to be Washington Ry. & El. Co.. 27,500 shares of common stock
($2,750,000 out of $6,500,000 outstanding], now paying diviallowed to retain the ownership and control of The Dalles Portland & Asdends at the rate of 7% per annum. Pledged to secure these
toria Navigation Co. and directed it to relinquish the same on or before
notes. Market value over
June 1. The Commission found that there is competition between the
$2,420,0^0
North Bank road and the navigation company on business between Port- Washington Ry. & El., 353 shares common stock additional
32,000
land and all points along the Columbia River as far as Grand Dalles, and Braddock Lt. & Power Co., 150 shares of stock valued at
20,000
Power
&
By.
Falls
Great
Co.,
6,000
Washington
shares, par
&
that under railroad ownership the steamship company has been able to
prevent river competition betwebn Portland and The Dallas, except as to
Nominal
$50($300,350 outstanding in March 1914)
one boat now operating, and has rendered unprofitable the operation of an Washington-Virginia By.Co. 5,751 shares common stock ($575,Independent steamer on the lower river. The operation of the navigation
100 out of $1,378,300 out; see V.98, p. 6911, valued at
298,000
company by the petitioner, it is stated, is not in the interest of the public, Wash.-Va. Ry. Co. pref. stock, 2,820 shares par $100 (3282.000
out of $1, 00,000 issued), valued at
and continued ownership or control of the navigation company by the pe176,000
titioner will exclude, prevent or reduce competition by water. The PortTotal assets--------------------------------------------$2,946,000
land Chamber of Commerce and commercial organizations at other points
along the river protested against the continued ownership of the navigaThe company also has on hand about $43,000 in cash; bills payable,
tion company by the railroad.-V.98, p. 74.
$30.000. We covenant not to distribute more than 2% per annum on the
stock, during the life of the notes, and will make no distribution of the unSpringfield (Mass.) Street Ry.-Strike.pledged assets to the stockholders.
The strike which tied up both city and interurban trolley lines for two
Earnings.-The not annual income of the company at the present time is
days was declared off April 1.-V. 99. p. 1675.
$222,872;interest on notes,$75,000; leaving surplus of 3147,871.
Toledo St. Louis & Western RR.-Application WithBalance Sheet March 15 1915 (Total Each Side $7,132,235)•
$4,088,159 I Ca ital stock
account
$5,468,000
drawn.-The receiver has withdrawn his application of the Property
2,957,523 Bil s payable
Securities owned
30,000
8,001 One-year notes
U. S. District Court for permission to borrow $600,000 to Divs. receivable, accrued..
1,500,000
22,440 Surplus
Bills & acc'ts receivable__
42,450
make possible the transfer of the Ohio Terminal from Delphos Cash
43,042 Undivided profits
91,785
to Decatur, Ind. and other improvements, owing to objec- Interest prepaid
13,070
Directors.-Clarence F. Normont, I res. Nat. Bank of Washington, D. C.;
tions of Judge Killitts, who recently made a trip of inspection
Pres. West Jersey Trust Co., Camden, N. J.; Frederick H.
Norman
Grey,
over the lines and who is said to have objected. An amended Treat, V.-Pres. Wayne (Pa.) Title & Trust Co.; John F. Wilkins, director
petition will, it is reported, be filed.
Nat. Metropolitan Bank, Washington, D. C.' Gardner L. Boothe, Pres.
'A. Spalding, Washington;
Bank of Alexandria, Va.•, Charles
First
Iiisted.-The New York Stock Exchange has authorized W. W.Nat.
Spaid (W.B. Hibbs & Co.). Compare V.98, p. 1539.
to be listed Empire Trust Co. of New York certificates of
deposit on notice of issuance in exchange for an equal amount
of the $10,000,000 pref. stock and $10,000,000 common
stock.-V. 100, p. 1259, 1080.
Union Station Co. of Chicago.-Bonds.-A press report says in substance:
The National City Bank,N.Y..represents the Ch.Mil.& St.Paul, the
First Nat.the C. B.& Q. and Kuhn, Loeb & Co. the Pennsylvania (Pan
Handle and Fort Wayne lines) in the financing. The Chicago members of
the banking syndicate are the Illinois Trust, the Continental & Commercial
Trust, the First Trust, the Union Trust, &c. A director says: "We are still
working on the financial plan and hope to have it perfected for formal
action by the directors May 4. The amount of the mortgage has been left
blank until the engineers finish their detailed report.My impression is
that the amount will be $50.000,000 50-year 43-s of $1,000 each. Authorization by the Illinois P. U. Commission will be requested following
the approval of the plan by the board.-V.99, p. 895, 540, 200.
United Rys. & Elec. Co. of Balt.-Earns.-Director.-
Wheeling & Lake Erie RR.-No Sale.-No bid was received on April 16, the time set for the foreclosure sale,
under the decree entered Jan. 6 last reducing the upset price
to $18,500,000. The road was offered on Sept. 25 1914, but
no bids were received, the former upset price of $20,000,000
being too high. Compare V. 100, p. 813; V. 99, p. 1750,
896, 469.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Amer. District Telegraph Co. of New Jersey.-Earns.-
Calendar
Gross
Income.
Year.
$2,517,682
1914
2,391.818
1913
-V. 98, p. 1687.
Oper. Exp.,
Deprec., &c.
31,808,729
1,734,445
Bond
Interest.
$13,572
14,789
Dividends
(4%)
3398,562
398,556
Balance,
Surplus.
$296,819
244,028
Co.,
Cal.Yr. Gross.
American Rolling Mill
Net.
Other Inc. Chgs.,&c. Extraord. Bal., Sur.
Middletown, Ohio.-New
1914_$9,203,839 $4,891,400 $24,721 $3,030,327 $37,950 $1,847,843 6% Gold Notes.-An adv. offering the new notes
reports:
1913.... 9.046,492 4,900,061
6,945 2,987,468 37,950 1,881,5813
Dated April 1 1915. Denom. $500 and $1,000. Interest A. & 0. in
From the surpluses as above in 1914 and 1913 there were deducted income bond interest and pref. dividends of 4% each, amounting to $560,000. Chicago. Continental & Commercial Trust & Savings Bank, Chicago,
Dividends on common stock which.wore paid in 1914(4%)call for $818.448 trustee. Due $500,000 Apr. 11917,$750,000 Apr. 11918, $750,000 Apr. 1
and in 1913 for $791,362, leaving a balance of $469,395 in 1914, against 1919, 3500,000 Apr. 1 1020. The proceeds will be applied immediately
to the payment of- notes payable, and in addition will furnish new working
$530,225 in 1913.
In accordance with the announcement recently made (V. 100, p. 982), capital of about $400,000 to moot the growing needs. Net quick assets to
J. E. Aldred was on Wednesday formally elected a director to succeed the amount of 140% of the notes outstanding must be kept on hand at all
times, and no mortgage indebtedness can be incurred during the life of these
Francis E. Waters.-V. 100, p. 982.
notes. Total assets, $13,685,478; not earnings for the past five years,
United Traction Co., Albany, &C.-Cap. Expenditures. $3,036.588;
average net earnings for past two years 5% times the interest
See Delaware & Hudson Co. report on a subsequent page.-V.100, p.310. charges on these notes. Operating at only 80% capacity, the company
earn (not) $1,240.000 per annum-enough to place it entirely out of
would
Wabash RR.-Decision.-The Appellate Division of the debt within the life of this issue. See V. 100, p. 1259, 1169.
Supreme Court on April 9 unanimously decided in favor of
the plaintiff the suit brought by James Pollitz in Jan. 1907,
which has since been pending in the Federal and State
courts, to restrain the company from exchanging any more
American Straw Board Co., Akron, 0.-Debentures.-
The $1,000.000 debenture 6s dated 1913 mature, we learn in 1938, thus
making them 25-year bonds, as shown by the original plan published in the
"Chronicle," and not 15-year bonds, as recently reported on authority
Compare V. 100, p. 1080.
APR. 17 1915.]
THE CHRONICLE
American Telephone & Telegraph Co.-Inquiry Discontinued.:-The I.-S. Commerce Commission yesterday announced that the investigation into the history, financial
operations, rates, rules, regulations and practices of telephone and telegraph companies, begun by it on Jan. 13 1913,
has been dismissed.
The preliminary work progressed until Jan. 11914, when it was discontinued, as the Department of Justice had effected an agreement with the
American Teleph. & Teleg. Co. in the anti-trust proceedings, which accomplished much of what was sought to be accomplished by the Commission's order of investigation. Since then the Commission has informally
disposed of the individual complaints which had been received and consolidated with the general investigation. Then, too, the Commission
states, its jurisdiction over telegraph and telephone carriers is limited and
the investigation would involve the expenditure of a large sum of money,
with no apparent results to justify the same. If there are individula complaints they may be presented and prosecuted formally with more expedition
and satisfaction and with very much less expense. Furthermore, the valuation of telegraph and telephone properties has only been begun and this fact
had a bearing on the action of the Commission.-V. 100, p. 1169, 994, 976.
Assets Realization Co., New York.-New Officers.G. M. P. Murphy, formerly Vice-President, has been elected President
to succeed Ira M.Cobe,and Edwin A.Potter Jr. and C. A. Marshall vicepresidents to succeed Mr. Murphy and Campbell Carrington.-V. 100, p.
476, 311.
1351
1898, which mortgage has been adopted by and is a mortgage of said Commonwealth Edison Co., these bonds standing upon an equality with all of
the bonds previously issued thereunder, being, in the opinion of counsel,
as a first lien on the entire property. The capitalization, including these
$8,000,000 bonds, is:
Capital stock
$45.838,936
8,000,000
Commonwealth Electric Co. 1st M.5s
Commonwealth Edison Co. 1st M.5s (incl. this issue)
32,000,000
The $8,000.000 bonds now sold have been issued with the approval of the
Illinois P. U. Commission as follows: $6,901,000 to reimburse the treasury
for capital expenditures heretofore made out of net earnings and $1,099,000
for construction and improvements under way.
Additional bonds may be issued for only 75% of the cost of permanent
improvements and new property. The value of the property, excluding
any allowance for franchises or good-will, is in my judgment in excess of the
total capitalization as represented by both stock and bonds.
Income Account (*Equal to Over 27g Times Interest on $40,000,000 1st M.)
(Calendar Years)
1912.
1914.
1913.
Operating revenue
$19.060,196 $16,838,744 $15,361,650
Net earnings (after taxes)
$5,559,290 $5,436,401 $4,834,883
Other income
203,347
217,763
261,526
Total income
Interest on bonds
*55.777,053 $5,697,027 $5,038,230
1,600,000
1,600,000
1,600,000
Surplus available for divs., &c_..$4,177,053 $4,097,927 $3,438,230
Di vidends have been paid since 1889 without interruption by the corn"
and its predecessor. Since the consolidation in 1907: 1908, 5%;
pany
Associated Oil Co. of San Fr. and N. Y.-Earnings.- 1909, 53.4%;
1910, 6%; 1911, 634%; 1912, 7%; 1913, 73.4%; 1914 and
Net
Bond, &c., DepreciaCalendar
Dividends
Balance, since, 8%.
Income.
Interest.
Yeartion.
Paid.
Surplus.
Property.-Serves the entire city of Chicago (population over 2.500.000)
$4,249,041 $931,514 $2,052,774 (3%)$1,200,000 $64,753 practically without competition, with electric current for lighting and
1914
1913
4,559,389
812,907
1,924,070 (3%) 1,200,000 622,412 power. Has over 250.030 customers (increasing 30.090 to 40,099 annually),
-V.99, p. 1530.
including all of the street and elevated railway systems, many mercantile
and manufacturing establishments, office buildings, apartments, hotels
Atlantic Gas & Electric Co.-Plan.-The committee of and
residences. Its has nine modern generating stations with an aggregate
holders of First Lien Sinking Fund gold bonds, Series A generating capacity of about 500,000 electrical h.p. and 48 sub-stations.
Connected business Dec. 31 1914 (exclusive of electrical emergency supplied
and B, dated Oct. 7 1914, announce the adoption of a plan to other public service corporations) equivalent to 11,211.196 standard
16-c.p. lamps. Franchise granted in 1897 extends to 1947, and covers
of reorganization dated April 1 1915.
the entire city of Chicago. See V. 100. p. 730, 736, 904.
Committee: Charles H. Sabin, Chairman; W. H. Bennett, Frank B.
Newell and H. H. Pond, with Wm. C. Bradley as Secretary and Spooner &
Covington & Cincinnati Bridge Co.-New Bonds.-The
Cotton, counsel. Further deposits will be received at the Guaranty Trust
Co. until and including April V 1915, on express approval in writing of the shareholders of this highway and trolley bridge company will
discretion
of
the
committee,
and
subject
the
only
in
but
thereafter
plan,
vote at the office in Covington April 28 on making a new issue
to such terms as it may prescribe. See V. 100, p. 231, 983, 1169.
of $600,000 5% mortgage bonds of $500 each to provide for
paying and redeeming the present outstanding 1st M. 4s
of 1895, due July 1 1915 (about $300,000) and for extending
the present bridge structure in Cincinnati from 2d St. to
3d St. in order to protect the Ohio appraoch to the bridge
Brown Corporation, Portland and La Tuque, P. Q.- against flood and for other purposes.
British Columbia Copper Co.-Earnings.-
DiviBalance,
Calendar Proceeds MetalOperating Custom Ore
dends.
Sur. or Def.
Year- Shipments,&c.Expenses. Purch.,&c.
def.$39,765
$911,355 $788,685 $162,435
1914
368,500 (3%) 88,756 sur. 23,141
1.,004,695 1,424,298
1913
Total surplus Dec. 31 1914 was $23,530.-V. 98, p. 1847.
This company, whose bonds and property were described last week, was
incorporated as Quebec & St. Maurice Industrial Co. in 1906 under laws of
Canada, and in June 1912 passed under control of the Berlin Mills interests.
Total auth. capital stock in $100 shares, common, $10,000,000; pref. 6%
cum. non-voting pref. (red. any time at par), $2,000,000. Outstanding
common, $1.500,000; pref., $1,700,000. Bonds as shown last week.
Pres., H. J. Brown; Sec.-Treas., O. B. Brown. See also V. 100, p. 1260.
Brunswick Terminal & Railway Securities Co.
Sidney Aronstein has been elected President to succeed T. D. Rhodes,
who resigned, as he expects to be absent from the city for some months,
and as director in polace of D. M. Minzesheimer. who also resigned. William Homan and W. G. Edinburg became Vice-President and Secretary and
Treasurer, respectively.-V. 100, p. 644.
Chino Copper Co.-Earnings.-Gross
Dividends
Cal.
Net
Other Interest.
Balance,
Year. Receipts.
Profits. Income. Clips. &c.
Paid.
Surplus.
1914_$7,247.197 $3,074,823 $179,588 $31,832 (50%)$2,169.065 $1,053,514
1913_ 7,621,419 3,190,293 137,533 93,793 (45%)1,919,070 1,314,964
There were produced in 1914 53,999,928 lbs. of refined copper (net),
against 50.511.661 lbs. In 1913.-V. 100. D. 558.
City Electric Co. of San Francisco.See Western Power Co. below.
At a recent hearing before the Cal. RR. Commission on an application to
issue $426,000 5% 30-year bonds to reimburse the treasury for expenditures
for additions and betterments, and also to amend the first mortgage so that
the bonds can be issued for only 75% of betterments,the company,it is said,
reported that of its authorized issue of $5,000,000 bonds, $2,512,000 had
been issued. Of the latter amount $1,979,000 bonds were in the hands of
the public and $533,000 bonds pledged to secure a note covering a loan of
$600,000 made to the company by the Great Western Power Co. Electricity is purchased from the last-named company at lc. delivered at the
Folsom St. sub-station. Of the earnings, 20%, it was stated, is derived
from sale of railway power, the company having a contract with the United
Railroads expiring in two years. but subject to renewal.-V. 100, p. 57.
To be dated July 11915, maturing July 1 1935 (interest payable J. & J.)
and to be secured by mortgage upon all of the property, rights, tolls, in
come and franchises. A. Clifford Shinkle is Pres. and Charles H. Fisk
Sec. (See also V. 80. p. 996.)-V. 83, p. 1523.
Dayton(0.)Power & Light Co.-Pref. Stock.-Parmelee
& Co., N. Y., are offering a block of the 6% cum. pref.
(p. & d.) stock at 90 and div., to yield 6.60%. Par $100.
Subject to redemption at 110 and accrued div. at option
of co. Divs. Q.-J.15.
Digest of Letter from President P. M.Tait, March 27 1915.
An Ohio corp. owning the entire electric lighting and power business in
the cities of Dayton, Xenia, Piqua, Wilmington, 0., &c.
Capitalization Dec. 311914.
Stock ($3,053,000 is pref.) $5,359,5001DaytonLtg.Co.1stRef.5s.$2,447,000
1st Ref. 5s(V.99. p. 819)_
857.000(Dayton El. Co. 1st M.5s_
380.000
Property.-Two modern electric generating plaits, one on 3d St.. rated
capacity 10,000 h.p., and on 4th St., 6,300 h.p.; total, 16,300 h.p. Distrisystem:
In
bution
centre of city underground conduits, 30.3 trench miles,
equivalent to 264 duct miles; outlying districts, overhead wires, about
774.31 miles. Franchises without burdensome restrictions, and in opinion
counsel
of
unlimited as to time.
Cal. Years 1905 to 1914 and Year ending Feb. 28 1915. (* Due to flood.)
1905.
1909.
1911.
1913.
1914. 1914-15.
Gross earnings_ _$162,113 $402,859 $623.534 $734,770 $945,564 $965,439
Net earnings_ _ _ $85,535 $169,734 5277,336*5290,728 $417,413 $437,004
Add-Non-operating revenues, $11,097; total income
$448,101
Deduct-Interest on funded debt, $182,638, and notes, $10,793;
sinking fund, $15,000; miscellaneous, $18
208,449
Dividends on preferred stock
120,019
Balance, surplus for year
Comparative Balance Sheet of Dec. 311914.
1014.
1913.
1914.
LiabilitiesAssetsCommon stock_3,051,000
Property invest2,306,500
ment
9,120,669 8,646,702 Pref. stock
Securities owned 206.850 356.600 Bonded debt_ _ _3,684,000
Current assets.. 498,801 191,373 Current liabil's_ 297,668
Accrued Habit's_ 185,730
Materials & sup63,259
plies
51,858
57,717 Other liabilities_
Miscellaneous
26,882 136,899 Prof. & loss sur_ 314,903
$119,632
1913.
Columbia Gas & Electric Co.-Earnings.Net
Other
C.G.&E. Oth.Int.
Gross
Calendar
Balance,
3.501,000
Year- Earnings. Earnings. Income. BondInt. Rentals,&c. Surplus.
1,687.250
$5,851,537 $31735195470864 $674,954 $2,578,138 $391,291
1914
3,574,000
5,497,960 2,923,316 471.584 589,823 2,585,956 219,121
1913
344.208
Other income as above consists of divs. received from the stocks owned
107.828
of the East Ohio Gas Co. and the net results of the Kentucky properties.
50,290
Gas
&
Elec. bonds as above ($674,954 in 1914)
Accrued interest on the Col.
122,715
includes $516,240 on 1st M. 5% bonds, $123,262 on 5% gold debentures
against
interest,
other
$499,225,
$61,600
and.
$28,998, respecand $35,452
Total
9,905.060 9,389,291
Total
9,905.060 9.389.291
tively, in 1913. Other accrued interest, rentals, &c., $2,578,138 in 1914,
Territory.-Population
Dayton, 1910 Census, 116.577. Present estiincludes $1,788,552 accrued rentals to Cincinnati Gas & Electric Co., mate, 132,000. Cities ofof
Xenia,
Piqua,
Wilmington
and 17 other towns
accrued
rentals
to
1913;
Cin.
in
Gas
Transportation Co.,
against $1,788,552
villages, 48,000; total served about 180,000. Will serve 9 other comincluding sinking fund requirements, $708,305, and accrued interest, &c., and
munities as soon as pole lines can be erected. Total population of territory
of the Union Gas & Elec. Co., $81,281, against $718,208 and $79,498, availaole within 25 miles of Dayton,
including that city, about 350,000.
respectively, in 1913.
Bank clearings in Dayton in year 1914,3115,479,339.
From the surpluses as above there was deducted yearly $95,005 for sinkControl and Management.-F. M. Tait. Pres.; E. P. Matthews, Adam
ing fund payments (C. G. & E. Co.), leaving $296,287 in 1914, against Schantz, William
Stroop, V.-Pres.; L. K. Funkhouser. Sec. & Treas.; J. P.
$124.116 in 1913.-V. 99, p. 611.
Breen, A. J. Conover, Maurice Costello. F. T. Huffman, H. C. Kiefaber,
Commonwealth Edison Co., Chicago.-Sale of Bonds- H. E. Talbott and Charles Wuichet.-V. 100, p. 477.
$7,000,000 Notes Retired.-A syndicate of leading Chicago
De Long Hook & Eye Co.-Regular Dividend.The regular quarterly dividend of 1% has been declared, payable May 1.
and New York. banks and bankers offered for subscription
record April 26. Owing to the change in the quarterly divito
holders
yesterday at par and int., yielding 5% (see adv. on another dend datesof
to Feb., May, Aug. and Nov. 1, instead of Jan.. Apr.. July and
page), $8,000,000 of the company's first mortgage 5% gold Oct. 1, action was last month defererd to the April meeting of the board.
bonds of 1908, due June 1 1943, but callable at 110 and int. Compare V. 100, p. 1081.
on or after Sept. 1 1918 upon 40 days' notice. By 10:30
Distillers Securities Corporation, N. Y.-Status.a. m. the bonds had been largely oversubscribed and sub- See. T. H. Wentworth in circular of April 10 says in subst.:
scriptions were still coming in for liberal amounts. This
Agitation.-The recent agitation for country-wide prohibition has led to
requests for information concerning this movement and its
makes 832,000,000 of the issue outstanding, ranking equally numerous
probable effect upon the position of the company.
$8,000,000
Commonwealth
the
with
Electric Co. 1st 5s
Status.-This company has outstanding $30,843,400 capital stock and
$14,093,000 of 5% collateral trust bonds, held respectively by some 3,400
(secured by the same mortgage) as a first lien on the entire stockholders
and 1,500 bondholders. The annual report of June 30 1914
property. The company assumes the payment of the Fed- (V.99, p. 813)
showed net current assets of $10,477,106, irrespective of the
value of plants, real estate and good-will; the quick assets alone (exclusive
eral normal income tax.
real estate, plants and machinery) give the bonds an attributable value
It also is announced that $7,000,000 notes issued to pay of
of about 70. On June 30 1914 the liability for bank loans and loans from
for the $20,000,000 common stock of the Chicago Elevated associated companies was $5,446,626; on April 10 1915 it amounts to $4,003,636. being a decrease of $1,442,941.
Railways have been retired (V. 100, p. 730).
The combined earnings of the companies for the year ending June 30 1914
The syndicate offering the bonds includes: Banks-Illinois Trust, were $701,864 after the deduction of all fixed charges. The net earnings
Continental & Commercial Trust, First Trust, Northern Trust, Merchants' for the six months period ending Dec. 31, a period of great depression,
Loan and Harris Trust & Savings Bank,Chicago; National City, New York. were after deducting all such charges, only $26.519 less than in 1913.
Banking firms-Lee, Iligginson & Co., N. W. Halsey & Co., Russell,
The distilleries, warehouses, rectifying and distributing houses and real
este te owned oy the operating companies, are situated in N. Y. City, BosBrewster & Co. and Spencer Trask & Co.
Digest of Statement by Pres. Samuel Insull, Chicago, April 10 1915. ton, Baltimore, Philadelphia, Cincinnati, Chicago, Peoria and Pexin, Ill.;
Bonds.-These bonds are issued under the mortgage given by the Com- Louisville and other points in Kentucky; Terre Haute, Omaha, and in
monwealth Electric Co. to the Northern Trust Co., trustee, dated June 1 West Virginia. The distributing agencies cover the entire country.
THE CHRONICLE
1352
[voL. 100.
Effect of Prohibition.-Several States, notably Maine, Kansas and GeorIngersoll-Rand Co., New York.-Bonds Called.gia, have been working for some years under prohibition laws. Other
Four hundred and sixteen ($416,000) 57 1st M.gold bonds dated Jan. 1
States have recently adopted prohibition amendments. The records of the 1906 for payment at 105 and interest on July 1, at the office of the comfor
first three named States show that the consumption of distilled spirits
pany, 11 Broadway, N. Y. City.-V. 100. p. 1167.
me licinal and other purposes have shown but slight diminution per capita
under those where beverage is unrestricted. The annual records of the
Inspiration Consolidated Copper Co.-Bonds, &c.Internal Revenue Commissioner also indicate that the consumption in
the United States, including so-called "dry" territory, is maintained at Eugene Meyer Jr. & Co., N. Y., have issued a circular recomabout the same figure. The records of the principal producing States, mending the 1st M.convertible 6% bonds of 1912, due Mar. 1
(Ky. Pa. and Md.) for the 6 months' period ending Dec. 31 1914 show that
gallons were tax-paid and withdrawn for consumption, a de- 1922. Auth. and outstanding, $6,000,000; also the deben'
20,615.878
crease of but 175,211 gallons for the corresponding period of 1913,notwith- ture convertible 6% bonds of 1914, due July 1 1919. Auth.
standing the depression in business. In addition to the distilled spirit industry your companies have a very large interest in profitable enterprises and outstanding, $4,500,000. See V. 100, p. 1082, 559.
whose product is and can in no way be affected by prohiPition laws.
Island Creek Coal Co.-New Director.Effcct on Federal Budget.-The annual revenue to the United States and
Stephen L. Bartlett has been elected a director to succeed John F. Alford.
to the States and municipalities from this industry is, in round figures, -V.
100, p. 1171.
receives
between
Government
$240,$350,000.000, of which the Federal
000,000 and $250,000.000. The suppression of the beverage trade will
Keystone Watch Case Co., Philadelphia.-Sale.impose upon the Federal Government an annual charge estimated at over
The stockholders will veto on May 18 on authorizing the sale either to
$500.000,000 for the support of an army of inspectors and police. In order the Sloan & Chace Mfg. Co., Ltd.. of N. J.. or to the Riverside Metal Co..
to effect national prohibition it will be necessary to amend the Federal of N. J., of its property in Newark, at a price and on terms to be approved
Constitution. Such a result, if conceivable, could not be effected in many by the President or a Vice-Pres. and'the Secretary; and also on selling the
years. The experience of the 14 States that have tried and abandoned pro- company's property in East Orange to the Riverside co.-V.100,p.313,144.
hibition confirm the belief that the temperate use of alcoholic beverages
can be promoted only by sound laws regulating its control and distribution.
Lackawanna Steel Co.-Quarterly Statement.-The com-V. 100, p. 814.
Fairmont(W. Va.) Gas Co.-Stock Redemption.The company will on May 20 redeem 380 shares of its pref. stock at lowest
price tendered to Treas. Walton Miller, Fairmont, up to noon April 28.
-V. 100, P. 559' Galena Signal Oil Co.-Balance Sheet Dec.31.1911.
1913.
1914.
1913.
AssetsLiabilities8
s
$
$
Plants, contracts
Preferred stock___ 2,000,000 2,000,000
& trade-marks__ 7,804,095 9,456,592 Common stock_ __12,000,000 12,000,000
Inventory
1,824,092 1,762,119 Accounts payable_ 1,786,298 2,185,486
Notes & accounts
*570,095
Surplus
926,015
receivable, &c_ _16,728,206 J 5,348,637
1 544,154
Cash
Total
16,356,393 17,111,501
Total
16,356,393 17,111,501
* The surplus was charged during the year with losses accrued prior to
1914, amounting to $338,449.-V. 98, p. 916.
General Asphalt Co. Phila.-Debentures Offered.
Elkins, Morris & Co., Phila., offered last week at 100 and
int, the unsold portion of their block of $2,000,000 6% Sinking Fund Gold Debentures.
Dated April 1 1915 and due April 1 1925, but callable, all or part at par
and int. Interest A.& 0. Denom. $1,000 and $500 c*. Trustee Fidelity
Trust Co., Phila. Pa. State tax refunded.
Data from President Arthur W. Sewall, Philadelphia, Mar. 3 1915.
A sinking fund of at least 10% of the net earnings will be devoted to the
cancellation of these bonds. The debentures will also become immediately
due should the company create or suffer any mortgage upon any of its
property or that of its subsidiaries.
Company incorporated May 19 1903 and owns all of the stock of the following important operating and supply companies, namely: Barber Asphalt
Paving Co., New Trinidad Lake Asphalt Co., Ltd., New York & Bermudez
Co., Trinidad Lake Petroleum Co., Ltd., Uintah Railway Co., and other
assets. Through its subsidiaries it operates, under lease from British Govt.,
the Pitch Lake in Trinidad. It also owns and operates Bermudez Pitch
Lake in Venezuela, large asphalt deposits in Utah and Colorado, with 67
miles of railroad connecting the mines with the Denver & Rio Grande RR.
at Mack, Colo., and extensive oil fields in Trinidad and Venezuela. It also
owns oil and asphalt refineries at Maurer, N. J., and Brighton, Trinidad;
a manufacturing plant at Madison, Ill., and numerous paving and other
plants in New York, Chicago, Philadelphia, New Orleans, Buffalo, St.
Louis, Kansas City, Des Moines, Seattle and elsewhere.
Has outstanding 5% cum. pref. stock, $13,140,000: common stock, $9,861,000. The debentures of the New Trinidad Lake Asphalt Co. Ltd.,
reduced from $1,749,395 Feb. 1 1904 to $1,228,990, will 'hereafter'
be the
only outstanding bonds or debentures of this company, or of any of its subsidiaries, other than these $2,000,000 6% debentures. The annual interest
and sinking fund charges upon the New Trinidad Lake Asphalt debentures
is $140.650, which sum has been deducted 'before stating our net profits.
The total net profits available for interest upon debentures for the 10
years from Feb. 1 1904 to Feb. 1 1914 showed a yearly average of $864,551
after all charges and adjustments.depreciation,maintenance,general expense,
interest and sinking funds, other than interest on debentures now refunded.
There has also been deducted a total sum of $1,570,238, averaging $157,024
per annum,for excess cost of maintaining pavements under guaranty, which
charge has, in our published reports, been made agatnst surplus.-V. 100,
p. 1171, 815.
bined earnings of the company and subsidiaries for the three
months ending March 31 were:
Total
Int. on lids. Sk. Fd. & DepreciaThree
Balance,
and Notes. Exhaustion. lion, &c.
Mos.- Income.
Sur. or Def.
$425,782
$32.505
1915...,_ $96,909
def.$565,758
$204,380
437,424
36,860
1914 _ ___ 236,046
206,968
def. 448,206
437,479
107,668
1913. _ A ,603.515
315,878
sur. 742,520
The unfilled orders on hand on March 31 1915 were 229,901 gross tons,
against 191,828 in 1914 and 623,816 in 1913 and 401,475 in 1912. The
tonnage booked since April 1 to April 14 was 67,249 tons. The production of the Benzol plant has been sold for the balance of the year.-V.
100, p. 904. 908.
Laurentide Co., Montreal, Can.-Financing.--
Officials of the company have, it is reported, announced the completion
of arrangements for financing the final work on the company's 90,000 h.p.
development at Grand Mere. On what basis the financing was done has
not been disclosed.-V.99, p. 898.
Lone Star Gas Co., Fort Worth, Tex..-ExtraDividend
An extra dividend of 1 % has been declared on the $4,000,000 stock
in addition to the usual quarterly dividend of 134%, the rate in effect
since April 1912. Compare V. 99, 13. 410; V. 98. p. 1532, 1464.
Merchants' Power Co., Memphis.-Possible Sale.See "Memphis" in "State and City" Department.
Mexican Petroleum Co.-New Director.Edward L. Dohony Jr. has been elected a director to succeed W. J.
Maloney, who resigned.-V. 99, p. 1134.
Miami (Ariz.) Copper Co. (of Del.), N. Y.-Earnings.
Net
7'olal
Other Bd.,&c., Depre- Dividend Balance,
Sur. or Def
Paid.
Calendar Sales. Earnings. Inc. Int. dation.
Year$
1914 ____4,389,026 1,362,630 57,750 53,564 135,278 a1,120,375 sur111,163
1913 _,.5,049,807 1,534,685 47,500 52,913 223,874 b1,491,989 def186,591
a 30% in 1914; b 40% in 1913.-V. 100, p..1262, 144.
Midwest Oil Co., Denver, Colo.-No Dividend.-
The directors have decided to omit the usual quarterly dividend of 2%
on the $4,000,000 common stock, paid in April, owing to the prevailing low
price of crude oil. Dividends at this rate were begun in Jan. 1914.
The company has appealed to the U. S. Supreme Court for a rehearing
of the case in which the Court on Feb. 23 last sustained the validity of
former President Taft's withdrawal in 1912 from public entry of mineral
lands in the Rocky Mountain and Pacific Coast States. The company
claims that the Court failed to decide the controlling question as to the
original power of the President to withdraw public lands, in the absence
of statutory authority. Compare V. 100, p. 737.
Minnesota Electric Light & Power Co., Bemidji, &c.,
Minn.-Bonds Offered.-Stanwood, Taylor & Co., Chicago,
and Edwin R. Cooper & Co., Duluth, are offering, at par and
int., 8300,000 closed 1st M.6% sinking fund gold bonds.
Denom. $100, $500 and $1,000 c*. Int. M.& N.at Continental & Commercial Trust & Say. Bank, Chicago, trustees (with Frank H. Jones).
Dated May 11915, due May 1 1935. $3,000 redeemable annually, at par
in numerical order, May 1 1918 to and incl. May 1 1934. Callable on any
interest date at 103 and int.
Digest of Letter from Pres. C. S. Rogers, Duluth, April 1 1915.
General Chemical Co., New York.-Quarterly Earnings.
Incorp. in Minnesota. Owns and operates a hydro-electric plant of 1.500
Net
Insurance Pf. Divs. Corn. Divs. Deprecia- Balance,
Mar. 31.
miles east of Bemidji, on the Mississippi River, and an
Quarter. Profits.
Fund. (1).i%)• (13i%).
lion.
Surplus. h. P. located 10station
at Bemidji, Minn. Ten miles above the dam are
1914-15 _$1,007,920 $80,000 $228.124 $171,006 $200,000 $328,790 auxiliary steam
I miles long and 334 miles wide, and Lake Irving, 3
Bemidji,
Lake
located
652,271
15,000
206,250
1913-14._
162,870
100,000
168,151 miles long and
134 miles wide,serving as reservoirs. Owns private right-of-V. 100, p. 904, 645.
way, 100 ft. wide and 7 miles long,from dam to city of Nymore. Property
successful operation since 1899. Serves city of Bemidji and town of
General Petroleum Co., San Francisco.-Stock Deal.- in
Nymore, as well as surrounding territory, a total population of about
See Union 011 Co. below.
10.000. Franchise pronounced unlimited as to time in the major portion of
hoirdijziea
d.
ndo
Nuytsm
taonrd
e:
Earnings.-As reported for 10 months ended Oct. 31 19,14: Bemidji. Has favorable long-time rate contracts withABuetm
Capitlzon
Earnings (a) Including General Pipe Line (b) Excluding that Company.
$500,000 $100.000
Both Cos. Gen.Pet.only. Preferred 7% cumulative
1,000,000
300,000
Net profit from oil at wells
$743,868
$743,868 Common
300,000
300,000
Net profit from marketing sales
616,142
24,854 First mortgage 6% serial 20-year
2,000.000
100,000
Marine earnings
22,668
22,667 First & Refunding Mortgage6% 25-year gold bonds
Gross,
$66.139;
net
1914:
Miscellaneous earnings
(after
calendar
year
taxes),
20,767
20,767
Earnings.-For
$35,103; annual interest on $300,000 1st M.6% bonds, $18,000; balance
Total
$1,403,445
$812,156 for junior charges, $17,103.
secured,
in
the
opinion
are
of
bonds
counsel,
b
Non-operating expenses
M.
$6,484
$6,484
Bonds.-These 1st
Administration
171,945
171,945 first lien on: (1) Water power, plant, &c.; (2) Right-of-way and high-powe
Interest on notes and accounts
16,454
14,494 transmission lines from clam to city of Bemidji; (3) Steam plant in Bemidji,
Liability Insurance
9,843 distributing system,including city of Bemidji,town of Nymore and adjacent
9,843
Taxes
76,475
36,474 territory. Cumulative annual sinking fund, $3,000, will retire about $95,_,
Abandoned property
23,007 000 of the issue by maturity.
23,007
Followed by an authorized issue of $2,000,000 First and Ref. M. bonds,
Income applicable to fixed charges
$1,099,237
$549,909 of which 8100,000 of the bonds have been issued. Additional bonds on this
Annual income on above basis would be
$1,319,124
$659,890 First & Ref. Mtge. can only be issued at 80% of the value of extensions and
Deduct interest on General Pipe Line 6% bonds
240.000f Omitting 1 improvements and the acquiring of additional properties.
8% dividends on General Pipe Line stock
160,0001 these
Business Field.-BernIdj1 is surrounded by splendid timber and prosperous farms and there are several towns within a few miles of Bemidji to
Balance available for General Petroleum bonds.. $919,124
$659,890 which we intend to supply light and current. The Great Northern has
Equal to6% on
$15,318,740 $10,998,170 recently built a depot in Bemidji costing approximately $40,000 and the
Depreciation here has not been taken into account. Andrew Weir, it is Soo Line one costing $30,000. The Northern Pacific and the Minneapolis
stated, does not intend to sever his connection with the property. The Red Lake & Manitoba also servo Bemidji. [Successor of Warfield Electric
question of taking part in the proposed large merger, it is understood, is Co. of Bemidji and Beltrami Electric Light & Power Co.-Ed.]
still pending.-V. 99, p. 1531. 1370.
Goodrich Transit Co.-Bonds Sold.Kean, Taylor & Co. and the Second Ward Savings Bank of Milwaukee
have purchased $500,000 1st M.3-year 6% gold bonds, dated Apr. 1. which
will be offered shortly. The bonds will be redeemable at 101 and interest
on 30 days' notice. Denominations. $100, $500 and $1,000 each. Value
of fleet, including new freight vessel to be built, is said to be about $2,000,000.-V. 82, p. 1104.
Great Western Power Co.-Allied Companies.See Western Power Co. below and City Electric Co. of San Francisco
above.-V. 100, p. 736, 645.
Missouri Public Utilities Co.-Holding Company.-
See United States Public Service Co. below.-V. 99. p. 410.
Mount Whitney Power & Electric Co.-Authorized.-
The Cal. RR. Commission on March 22 authorized tho company to issue
$238,000 6% bonds at not less than 95 on account of extensions and additions.-V. 99, p. 1533.
National Lead Co.-New Officer.-
Fred. R. Fortmeyer has been elected Treasurer to succeed M. D. Cole.
who resigned.-V. 100, p. 897.
National Steel Car Co., Ltd., Canada.-Earnings.-
Hawaiian Sugar Co., Makakaweli,Kauai.-Earnings. Nov. 30
Other
Total
Repairs Depre. of I:talance,
Net
Dividends. Bal.,Sur.orDef. Pro,. Sur. Total Sur.
Cal. Year. All Earns.
Year- Earnings. Income. & Renew Plant, &c. Sur. or Def. Surplus.
1914
836,689 $33,000 def.$76,369 $80,785
$821,484 11(219)$630,000 sur.$191,484 $275,128 $466,612 1914
def.$6,680$7,irio
sur.236,052
86,074
sur.157,154 157,154
1913
407,153 (15%) 450.000 def. 42,847
317,975
275,128 1913
-V.99, p. 1835.
-V.99, p.340.
APE. 17 1915.1
THE CHRONICLE
Nevada Consolidated Copper Co.-Earnings.Balance,
Other
Dividends
Net
Calendar
Gross
Deficit.
Paid.
Earnings.
Income.
Year- Revenue.
1914_ _ _ _$7,052,499 $716,977 $1,046,044 (22 )$2,249,389 $486,368
515.026
1,470,443
(40) 3,998,913
1913...-10,225,493 2,013,444
Dividends as above include in 1914 the three payments of 734% each
(37% cts. per share) and in 1913 four payments of the same amount and an
extra dividend of 50 cts. per share (10%) on Dec. 311913, which the company charges against profit and loss, but is shown above for the sake of
simplicity.-V. 100, p. 816, 559.
New York Edison Co.-Rate Reduction.-
The company gives notice by advertisement that beginning May 1 the
maximum rate in Manhattan and all but a small section of the Bronx will
be reduced from 10 to 8 cents a k.w. hour, not, however, including the
supply of incandescent lamps or the care of arc lamps. Reductions will
also be made in wholesale schedules, still further lessening the cost of light
and power for largo buildings and manufacturing purposes. The aggregate of these reductions, it is stated.is approximately $2,500,000. The cost
of incandescent lamps, now included under the retail schedules, and of
maintaining sub-meters, in all amounting to about $700,000, brings the
final reduction to customers down to about $1,800,000. "Free renewal"
Incandescent lamps and the care of arc lamps will be provided at one-half
cent a k.w. hour, based upon the monthly lighting lbills. Incandescent
lamps will also be sold at cost, as at present, as a matter of public convenience. Under the new rates, sub-metering will not be continued. The
present reductions, however, it is stated, so greatly lessen the margin between the wholesale and retail schedules, that this change in meter arrangemonts should cause no inconvenience to customers.-V. 100, p. 1254,
984, 905.
New York Mills.-Sale.-
1353
weld mills), 1 Bessemer steel plant (capacity 2 10-ton converters), 1 openhearth steel works (consisting of 10 60-ton furnaces), cold-drawing works,
bolt, nut, spike and turnbuckle factories, 1,776 beehive coke ovens, 68
Koppers' by-product coke ovens, also approximately 1,650 tenements and
stores, coal and iron railways, locomotives and equipment, lake vessels
and 3,160 acres of land contiguous to manufacturing plants.
Annual Capacity-In Tons.
Pig Iron. Steel Ingots. Finish.Prod. Iron Ore.
Coal.
Limestone.
1,195,000 1,160,000
150,000
1,000,000 2,500,000 1,500,000
Manufactured products: Merchant steel and iron bars, light structural
and agricultural shapes, sheared plates, standard and hand spikes, bolts,
nuts, turnbuckles, cold-drawn bars, tubular products,J3essemer and openhearth billets and sheet bars, foundry, Bessemer and basic pig iron.
Net Earns. Applicable to Int.-June 30 Yr. 1907 to 1910-Cal. Yrs. '11 to '14.
'06-07 34,193,4081'08-'09 $2.042,82511911 __$2,618,31311913
'07-'08 2,408.7201'09-'10 3,325,52211912 __ 3,060,51711914 __ 1,869,074
The approximate average net earnings during the past 8J4 years were
$2,945,941, or more than three times the annual interest of $891,700 on
these $17.834,000 bonds issued, although during most of this period prices
of all steel products were very low and much of the new equipment recently
installed was not operative. Notwitstanding the intervening period of
depression and low prices, the increase in avergae net earnings during.the
8-year period ending Dec. 31 1914, as compared with the 6-year period
ending .June 30 1906 has been over $1,000,000 per annum. See also annual
report at length in V. 100, p. 550, 561.
Rumford Falls (Me.) Power Co.-Bonds, &c.-Perry,
Coffin & Burr, Boston, are offering at 96 and int., General
Mortgage 432% gold bonds of 1909. A circular shows:
The shareholders will vote April 28 1915 on selling the entire property,
including lands, buildings, supplies, cash and bills and accounts receivable.
to New York Mills Corporation for $3,572,130, to be paid by delivery for
cancellation of•$3,572,130 notes of N. Y. Mills and by said N. Y. Mills
Corporation assuming all other outstanding debts and contracts. See
V. 100, p. 646.
Dated Dec. 1 1909; duo Dec. 1 1929, but red. on or after Dec. 1 1919 at
Denom. $1,000 c*. Interest J. & D. at State Street Trust
10() and in
Co., Boston, trustee.
Company (incorporated in Maine) owns and operates a hydro-electric
development of about 13,000 h.p. rated capacity, situated on the Androscoggin River at Rumford Falls, Me., at which point the river has an aggregate drop of 80 ft. within about a mile; also furnishes, in form of water from
New York Steam Co.-Earnings.•
Its canals, an additional 20,000 h.p. to large consumers. Plans ultimately
Cal. Year- Gross.
Other Inc. Bond Int.,&c. Bal., Sump. to build a. new and additional hydro-electric plant of some 32,000 h.p.
Net.
$54,888 capacity. The Androscoggin River has its source in the Rangeley Lakes,
$129,058
$44,078
1914
$139,863
$975,450
74,524 watch have an available storage capacity of 16,000.000,000 cu. ft.
129,075
42,579
1913
161,020
846,647
Capitalization-V.99, p.473.
Authorized. Outstand'a
Capitpl stock, 5% [Dar stated as $1001
$1,000,000 $1,000,000
Oklahoma Natural Gas Co.-Earnings.First M. 48 of 1905, due Oct. 1 1945 (call. at 105)- _ 1,000,000 1,000,000
Balance,
Dividends
Gas
Int. on
Oper.
Year end. Gross
Mortgage 434 , due Dec. 1 1929
General
2,000,000 1,300,000
Surplus.
Bonds.
(5%).
Feb. 28. Earns. Expenses. Pure/i.
These Bonds.-Secured, in Vie opinion of counsel, by a mortgage on the
$48,000 $200,000 $333,384 water-power development, franchises, and
$922,718 $233,915 $107,419
1915
almost
the
entire property,
234,163 subject only to $1,000,000 1st M. 4% bonds (and $200,000#
59,137
59,859
200,000
273,618
826,777
1914
bonds of
From the surplus as above in 1915, $333,384, there was deducted $124,665 the Rumford Light & Water Co., which area lien on a part ot ,,property);
and
in
1914),
also
in
suspense
$144.624
$11,596
(against
1915
for deprec.
deposit
with
the
trustee
of
also
by
the
7,500
shares
($750,000
o
he
$2,000,Items (against $1,539 in 1914), leaving $197,123 in 1915, against $88,000.- 000 outstanding Issue) of Portland & Rumford Falls Railway Co.
stock.
V. 100, P. 313.
Under a lease assumed by the Maine Central RR. Co. for 999 years, the
Portland
&
Rumford
Falls
Railway
Co.
stock
receives
8%
dividends.
Manufacturing
Co.-Bonds Called.Patchogue
the cash cost of
Twenty-five ($25,000) 1st M. 15-year sinking fund gold bonds at $1,050 The $700,000 escrow bonds may be issued only for 80% of
extensions and improvements, provided the annual net earnings are 1,‘
per bond on May 1 at Columbia Trust Co., trustee, N. Y.-V.98, p. 1320. times
the annual charge on all bonds outstanding, incl. those to be issued.
Year ending Dec. 31 1914.
'
Pacific Light & Power Corporation, Los Angeles.-- Gross earnings Earnings for
$355,1921Int. oi $2,300,000 bonds.._ $98,500
The company has applied to the Cal. RR. Commission for authority Net, after taxes
$258,0581Balance
$159,558
to enter into a collateral trust ragreement providing for the extension of
Business.-Supplies electricity for lighting and power in Rumford Falls
Its $2,338,000 collateral trust bonds of 1910(V. 97, p. 954) from July 1 1915 and vicinity, also water for power purposes to International Paper Co. and
to July 11917.
Oxford Paper Co. Its charter also permits a gas business and general enterA press report says that N. W. Halsey & Co. will purchase the extended prises which tend to promote the commercial progression of Rumfori Falls
notes.-V. 100. p. 1083.
and the development of the water power at this point. Rumford Falls is
a well-built community of some 7.000 inhabitants, situated about 70 miles
Pennsylvania Canal Co.-Sale.-the International
The property. including real estate and rights, were sold at foreclosure north of Portland. Here are located the large mills ofCo.
and Fort Hill
sale at Philadelphia on April 7 by Samuel T. Freeman & Co. The real Paper Co., Oxford Paper Co., Continental Paper Bag
estate, which consists of seven parcels,in Montgomery, Dauphin, Luzerne, Chemical Co.
Centre and Wyoming counties, was offered in lots, being purchased by three
Sopthern Sierras Power Co.-Bonds.different persons for an aggregate of $7,900.-V. 100, p. 559.
The Cal. RR. Commission on March 25 authorized the company to issue
Pennsylvania Coal & Coke Corporation.-Earnings.- $300,000 1st M.6% 25-year bonds, application for which was made some
Calendar
Other Miscellaneous Balance, time ago.-V. 99, p. 1752.
Net
Gross
Income. Deductions. Surplus.
YearSales.
Earnings.
Steel Co. of Canada, Ltd.-Earnings.-For cal. year:
$134,266
1914
$98,149
$4,091
$2,893,440
$40,208
Maint., Depr'n, Band,&c., Preferred
Balance,
Other income as above includes miscellaneous operation earnings, $29,134; Cal.
&c.
&c.
Interest.
Dividends.
Sur. or Def.
earnings from houses and miscellaneous sources and dividends from sub- Year. Profits.
1914__ $881,398 $341.587
$625,613 (334)3227.370 def.$313,172
sidiary companies, $41,873.-V. 98, p. 391.
1913..2,156.095 516,085 $194,238 480.000
(7) 454,741 sur. 511,031
Philadelphia Electric Co.-New Director-Report.-
Martin W. Bergen has been elected a director to succeed Edward D.
Poland, deceased. See "Annual Reports."-V. 100, P. 1172, 737.
Racine-Truscott-Shell Lake Boat Co.-Receiver.The Michigan Trust Co. of Grand Rapids has been appointed receiver
n foreclosure proceedings of a $250,000 mortgage. Soo V. 94, p. 1570.
Republic Iron & Steel Co.-Bonds Offered.-Blair & Co.
a limited amount
are offering at a price to yield about 5
of the 1st M. 10-30-year 5% sinking fund mortgage gold
bonds of 1910, due April 11949, but callable at 105 and int.:
Tennessee Copper Co.-Earnings.-For cal. year:
Total
Net
Int. on DepreRe- Balance
DirtCal.
Income. Bonds. elation.
dends.
serves. Surplus.
Year- Sales.
1914--$3,307,365 $810,893 $59,000 $100,000 (12)3600,000 $1.126 $50,767
1913_ _ 3,605,583 1,158,503 71,000 100,000 (9) 450.000 20,800 516.703
The total surplus, after deducting $7,437, amount transferred to reserve
for employees' insurance fund. was $1,908,207.-V. 100. p. 1098. 985.
Tobacco Products Corporation.-Listed.-
The N. Y. Stock Exchange has listed $6,808,500 7% sum. pref. stock
and has authorized $191,500 additional pref. stock to be listed on notice
of sale, making the total amount authorized to be listed $7,000,000.
Earnings.-For the 12 months ending Feb. 28 1915:
Digest of Statement by Chairman John A. Topping, N.Y., Apr. 2.1915
Bond Issue.-Authorized, $25,000,000; issued to date, $19,869,000; canInterest and dividends received, $786,564; expenses, $58,000; balanCe,.
celed for sinking fund. $2,035,000; balance outstanding (incl. present issue), net income, $728,564, against $657,394 for year ending Feb. 28 1914.
$17,834,000. The remaining bonds, $5,131,000, are reserved for expendi- Compare annual report for cal. year 1914, V. 100, p. 817.
tures to their face amount for the acquisition of additional property, incl.
Union Bag & Paper Co.-New Directors.stocks and bonds, or for improvements and betterments under the restricC. B. Sanders, C. B. Jaqua, H. T. Spencer, E. B. Murray an4AT. S.
tions set forth in the mortgage. [On Dec. 31 1914 $13,505,000 of these
bonds were outstanding and $1,564,000 had been canceled for the sinking Weathers have been elected directors to succeed Edgar G. Barrett, Wry M.
Walker, Chauncey Marshall (deceased) and John A. Kimberley Sr. and
fund. Compare V. 100, p. 550. 561; V. 90. p. 854.1
As all of the 1st M. bonds were called for redemption on Oct. 1 1914 Chauncey Keep, who resigned. E. B. Murray, who remains Secretary.
and have been paid off, except $5,000 bonds,for the retirement of which succeeds Mr. Kimberley as Vice-President.
President John S. Riegel says: "Business conditions since the first of this
funds are in the hands of the trustee, the release of the mortgage securing
such bonds has been filed. These 10-30-year 5% sinkhig fund M. gold year have been poor, but no worse than for the corresponding period of last
bonds are therefore an absolute 1st M. on all of the company's property, year. Sales of our product have been as large as they were at this time in
future and present, except as to $264,000 bonds on the property of the 1914, but they are still not satisfactory in volume-V. 100, p. 1160.' • _
Martin and Palos Coal companies. The estimated value of all the comUnion Oil Co.-Stock.-San Francisco "Chronicle" on
pany's property is over four times the total bonded debt. These bonds are
also secured by substantial stock interest in the following companies, which April 8 said:
are carried on the company's books at cost, viz., $943,586, the present
According to London advices received yesterday by a San Francisco
worth of which, however, is considerably in excess of the book value:
banks which discounted the Union 011 Co.'s drafts,
Potter Ore Co., General Water Co., Mahoning Ore Co., Union Ore Co., banker, the British
Antoine Ore Co., Republic Transportation Co. Lake Erie Limestone Co., drawn against Andrew Weir & Co. for $2,433.000, have accepted the comUnion Limestone Co., Cambria Steamship CO., Jefferson Powder Co., pany's stock at 85, and given a full release of all contingent liability.
In the balance sheet as of Dec. 31 1914 this sum appeared as a special
Republic Supply Co.
as a rather serious liability. At 85 the transaction will
Quick Assets.-The net quick assets of the company were,as of Dec. 31 item, and stood
the capital stock issue by approximately $2,861,350, or from
increase
$10,752,361,
and
aggregate
not
less
must
than
of
the
1914,
at all times
40%
$31,312,900 to $34,174,250.
face amount of these bonds from time to time outstanding.
It is reported on good authority that arrangements have been made
Properties.-The total property value of the company,including minerals,
manufacturing plants, net quick assets, etc., is estimated at $81,000,000. to turn over to the General Petroleum Co. stock of the Union Oil Co. at 85
the $933,333 paid to Lyman Stewart on the option to purchase
The replacement value of the company's real estate, furnaces, mills and to cover
control of Union Oil. This option was originally held by Robert
other fixed properties constituting its plants as of Dec. 31 1914 may be his
Watchorn,
who transferred it to E. J. De Sabla Jr. in behalf of General
estimated
at
the
last
conservatively
not less than $35,000,000. During
Co. When Andrew Weir entered into an agreement with Gen15 years there has been expended and charged to operations over $22,000,- Petroleum
eral Petroleum for a transfer of securities to General Petroleum Ltd., the
000 for depreciation, reconstruction and repairs, which suggests a high option
made over to him on his agreement to repay to(leneral Petroleum
standard of physical condition, and also that the replacement value is the costwas
of the option. Weir has failed to keep his part of the agreement.
below real value as a going concern.
the
option money will represent approximately $1,100.000 Union
At
85
Ownership of Coal and Ore Lands Assures Constant Supply of Raw Materials. Oil stock, having a present market value between $500.000 and $600,000.
As of Dec. 311914, the iron ore, coal and limestone reserves, all of which
On the other hand, General Petroleum Co. owes Weir for money advanced
are owned in fee, except the Northern Ore properties, which are largely about $1,600,000. Whether the Union Oil stock will be used in part liquileaseholds, have an estimated replacement value of $36,000,000, based dation of this debt is a subject on which no advices are at hand. The
money was to have been returned to General Petroleum regardless
on a royalty value of 55 cts. per ton for Northern Bessemer and nonBessemer iron ore, Southern non-Bessemer at 12M cts. per ton, Northern of any previous debts contracted by the company to Weir. but the paycoking coal at 15 cts. per ton and Southern coking coal at 10 cts. per ton. ments have not been made. In this situation, it is possible that General
total
value
of
all
average,
merchantable Minnesota iron ores Petroleum would not feel obligated to turn the stock over to Weir at 85
The estimated
in the ground, as fixed by the State Tax Commission, is $0.362 per ton, until the British capitalists had carried out his part of the agreement.
and the rate for taxation $0.156 per ton. Our mineral properties are V. 100, p. 1173. 89.
Michigan,
Alabama
and Pennsylvania.
located in Minnesota,
United States Printing Co. (N. J.).-Time Extended.Plants.-The principal manufacturing plants are located at Youngstown,
A large majority of the stockholders of the companies included in the pro0., but important operations are conducted at East Chicago and Muncie,
Ind. Moline, Ill., New Castle, Pa., and Birmingham, Ala., and include posed merger having deposited their stock, the committee has extended the
10 blast furnaces, 4 rolling-mill plants, 1 tube works (capacity 2 lap, 2 butt time for deposits until May 1 1915. See plan V. 100, p. 404.
1354
Union Tank Line Co., New York.-Earnings, &c.Net earnings for year
Dividends paid (5%)
1914.
1912.
1913.
$687,200 $1,203,229 $1,305,772
600,006
Balance
$87,194 $1,203,229 $1,305,772
Surplus or deficit carried forward_ _ _ sur.317,348 def.885,881def.2,191,653
Total surplus or deficit
sur.$404,542sur.$317,348 def.$885,881
Balance Sheet December 31.
1913.
1913.
1914.
1914.
AssetsLiabilities$
$
$
$
Tank car eq_*10,145,089 10,124,259 Capital stock_12,000,000 12,000,000
Real estate.. _ _
13,224
Accounts payMach.,tools,&c 407,541
able
82,148
380,126
62,614
Office furn're_
14,250
13,948 Surplus
404,542
317,348
Cash&invest__ 1,369,1971
Accts. receiv__
537.389j 1,861,629
Totals
[VoL: 100.
THE CHRONICLE
12,486,690 12,379,962
Totals
12,486,690 12,379,962
*After deducting $3,865,220 for depreciation.-V. 99, p. 1134.
United States Public Service Co.-Notes, &c.-John
Nickerson jr. and George H. Burr & Co. are offering at
par and int. 6% Collateral Lien gold notes, total amount
authorized (and issued), $1,200,000. See full description in
V. 100, p. 235. Unofficial data follow:
Incorpbrated in Delaware Jan. 30 1913 with $10,000,000 of auth. cap.
stock, as an ally of the Light & Development Co. of St. Louis (cap. stock
as inc. Jan. 30 1913, $1,500,000; V. 95, p. 622), and controls companies
operating properties as shown in V. 100, p. 235, notably: Cupples Station
Light, Heat & Power Co. of St. Louis; Danville (Ky.) Light, Power &
Traction Co.; Mitchell (S. D.) Power Co. (bonds, $160,000 1st M.20-year
6s, due Sept. 1 1929); Monmouth (Ill.) Public Service Co. (bonds is.sued
include about $600,000 consol. 5s of 1902, clue Oct. 1 1929; $154,000 Monmouth Gas & Elec. Co. 1st & Ref. M.5s, duo Oct. 1 1929, &c.; V.98, p. 159);
Oberlin (O.) Gas & Electric Co.(bonds, see V. 95, p. 1477); Paris (Ky.) Gas
& Electric Co., Ravenna (0.) Gas & El. Co., Missouri Public Utilities Co.
(V. 99, p. 410) &c.
The Missouri Public Utilities Co. was incorp. in Missouri in Jan. 1913
with $1,000,000 cap. stock as a consolidation of Cape Girardeau Water
Works, El. Lt. & Gas Co.(bonds. $150,000 1st 6s, due Jan.6 1923), Southeast Missouri Ice, Light & Power Co., ebb City & Carterville Water
Works Co.(bonds, $170.000 1st M.6s, due Jan. 11931),Poplar Bluff Light
& Power Co.,Sikeston Ice, Light & Power Co.and Dexter Electric plant,
and thus serves Cape Girardeau, Chaffee, Charleston, Dexter, Fornfelt,
Illmo, Morehouse, Poplar Bluff, Sikeston, Webb City and Carterville.
The Missouri Public Utilities Co. authorized an issue of $1,000,000 mortgage 20-year 5% gold bonds, due March 11933. interest M. & S. at Guaranty Trust Co., N. Y., trustee; denom. $1,000; callable on or after Mar. 1
1918 at 102M and int. Amount out at last accounts, $600,000. See also
V. 100, p. 235.
U. S. Realty & Improvement Co.-Earnings-No Div.-
11 Months
Total
Interest,
Net
Int. on
Dividends Balance,
ending
Income. Deprec.,&c. Income. Deb. Bds.
Paid.
Surplus.
March 31.
1915
2,687,038 1,266,604 1,420,434 546.792 (2 Yi )363,663 509,979
1914
3.081,024 1,216,160 1,864,864 546,792 (3%)6O6,105 711,967
No dividend has been declared on the $16,162,800 stock, payable May 1.
In Feb. 1915 1% was paid, but in Nov. 1914 the distribution was omitted.
ligrom Nov. 1909 to Aug. 1914 1 % was disbursed quarterly. There is
talk that payments will be made semi-annually and that a declaration will
be made 3 months hence. Compare V. 100, p. 235; V. 99, p. 1150.
United States Steel Corp.-Unfilled Orders March 31.-
See "Trade & Traffic Movements" on a previous page.-V. 100, p. 907,
975, 985. 986.
Utah Copper Co.-Earnings.-For calendar years:
Cal.
Operating Net (after.,Other
Bond
DiviBalance,
Year- Revenue. Taxes. &c. Income. Interest. dends.
Surplus.
1914 __$16,222,456 $5,992,163 $2,738,259 $51,931 $4,827,885 $3,850,606
1913__ 17,797,564 6,303,223 2,270,200 60,318 4,747,710 3,765,395
From the surplus as above there was deducted reserve for depreciation
of plant and equipment, $523,851 in 1914, against $507,712 in 1913, leaving
a balance of $3,326,755 in 1914, against $3,257,683.
Other income includes dividends from Nevada Consol. Copper Co..
$2,631,063 in 1914, against $2,176,000 in 1913. Sales in 1914 include
115,690,445 lbs. of copper at 13.26 cts. (against 113,942,834 lbs. at 14.98
cts.); 34,729 oz. gold at $20 (against 28,121 oz. at $20), and 325,351 oz.
silver at 55.54 cts. (against 285,589 oz. at 59.58 cts.).-V. 100, p. 560.
Utica Gas & Electric Co.-Bonds.-
The company on April 9 applied to the 2d District P. S. Commission for
authority to issue $2,500,000 capital stock and an additional $350,000 of
the $5,000,000 Refunding and Extension M. 5% 50-year gold bonds. See
V. 98, p, 1779; V. 99, p. 1916; V. 100. p. 738.
Western Power Co.-Refunding Notes Offered.-William
P. Bonbright & Co., Inc., N. Y., offered this week (see adv.
on another page) at 99 and int., yielding 63/2%, the unsold
portion of their $1,000,000 (closed) 2-year 6% collateral
trust gold notes dated March 1 1915, due March 11917, but
redeemable at 1003/ and int. on 90 days' notice. Denom.
$1,000, $500 and $100. Int. M.& S. at Bankers Trust Co.,
N. y.; trustee. It was announced on Thursday that the
enttreissue had been sold. A circular says in substance:
•
The company owns all of the stock ($27,500,000) except directors' qualifying shares, of Great Western Power Co., which owns substantially all of
the stock ($5,000,000) of City Electric Co. and all of the common stock
($5.000,000) except directors' shares, of California Electric Generating Co.
The§e,three subsidiaries of Western Power Co., operating under one management constitute the Great Western Power System, which owns and
operates extensive electric properties in Central California, serving the cities
of San Francisco and Oakland and a large number of other cities and towns
situated in ten counties. These properties comprise generating stations
with a present installed capacity of 113,000 h. p., of which 70,000 h. p. Is
hydro-electric and 43,000 h. p. is steam. The average monthly generation
for the period from Nov. 1 1914 to March 1 1915 has been upwards of
26,000,000 k. w. hours, and the average monthly distribution to consumers
during the same period has been upwards of 20,000,000 k. w. hours. The
number of customers is 17,000, an increase from 4,200 in Jan. 1912.
Capitalization.-This issue of notes, limited to $1,000,000, will provide
(with other available funds) for the payment of $1,250,000 of 2-year 6%
gold notes. due July 18 1915(V.97, p. 242). The company has outstanding
also pref. stock (6% cum.). $6,000,000; conunon stock, $14,670,000.
Collateral Security for This Issue of $1.000,000 of Notes.
$849,000 Great Western Power Co. 1st M. 5% sinking fund 40-year gold
bonds, due 1946.
$250,000 City Electric Co. 1st M.5% 30-year sinking fund gold bonds, due
1037,guar. as to prin. & int. by Great Western Power Co. by end.
thereon.
$600,000 California Elec. Generating Co.6% cum. pref. stock, guar. as to
divs. by Great Western Power Co. by endorsement thereon.
It is estimated that the present market value of the collateral security for
the notes is more than 30% in excess of par value of the notes secured.
Combined Earnings of Western Iow -r Co. and Sub-Cos.-12 Mos.end. Feb. 28.
Gross operating revenue.. _$2,698,565 Gross income
$2,186,145
Net (after taxes)
$1.858,167 Deduct-Bond disc., &c__
$94.631
Other income
Int. on funded debt_ _y1,365,900
x327,978
y1,365,900
Gross income
Not income
$2,186,145
z$725,614
Annual interest on this issue of $1,009.000 notes, due 1917
$60,000
x Includes $238.902 18 interest dutiag construction charged to capital
account and $89,075 in erest and dividends on bonds and guaranteed stock
of subsidiaries owned by Western Power Co., but offset by inclusion of both
Items in interest oa funded debt.
y Includes $150.000 guaranteed dividends upon $2,500,000 California
Electric Generating Co.6% pref. stock, but excludes $75,000 interest on the
$1,250,000 notes of Western Power Co., due 1915.
z Over twelve times annual interest charge on this issue of $1,000,000
Western Power Co. notes. due 1917.-V. 100, p. 647.
Western Union Telegraph Co.-Earnings.-New Direr
tor.-For 3 mos. ending March 31 (March 1915 estimated):
1915.
1914.
Total revenues
$11,485,215 $10,737,320
Deduct-Maint.,repairs and reserved for deprec'n- $1,766,114 $1,382,545
Other op. exp., incl. rent of leased lines & taxes_ 7,697,636
7,955,585
Interest on bonded debt
334,300
334,312
Net income
$1,687,165 $1,064,878
Donald G. Geddes has been elected a director to fill a vacancy.-V.
100, p. 1164, 1177.
Willys-Overland Co., Toledo, 0.-Stock Dividend.-
In addition to the usual quarterly cash dividend of 134%, an extra dividend of 5% has been declared on the $20,000,000 common stock. Both
dividends are payable May 1 to holders of record April 22. From Feb. 1913
to Feb. 1915, 1M % was paid quarterly in cash and in Aug. 1913 5% extra
in cash. See report for 6 mos. ending Dec. 31 1914 in V. 100, p. 1254, 560.
(F. W.)Woolworth Co.(5 & 10 Ct. Stores).-Div., &c.
A quarterly dividend of 1U % has been declared on the $50,000,000 common stock, payable June 1 to holders of record April 28. This compares
with 13i% quarterly from June 1 1913 to Mar. 1915 and 1% quarterly
from Sept. 1912 to Mar. 1913.
The directors have voted to retire 93500,000 of the pref. stock, reducing
the amount outstanding to $13,500,000.-V. 100, p. 1263, 907.
CURRENT NOTICE.
-The brokerage firm of Thompson, Towle & Co. of New Yo rk and
Boston will dissolve on the 30th inst., the partnership agreement expiring
by limitation on that date. William B. Thompson, head of the concern,
will retire from business. Walter H. Filor and David W. Smyth, who
are both partners in the present firm, together with Percy Bullard, who has
been associated with Thompson, Towle & Co., for five years, will form the
firm of Filer, Bullard & Smyth, with offices at 61 Broadway, tho partnership to become effective on May 1. This new house will take over the
business of the New York office of Thompson, Towle & Co. Joseph N.
Lovell, a member of the retiring firm, will form a new concern to be located
n Boston, under the name of Lovell & Co., with W. F. Pillsbury as a
general partner and George N. Towle of Thompson, Towle & Co., as a
special partner. This concern will take over the Springfield office of
Thompson, Towle & Co. and will have memberships in the New York,
Boston and Chicago Stock Exchanges. W. F. Bartholomew will enter
the Boston firm of Tucker, Hayes & Co., the new name of the firm to be
Tucker, Hayes & Bartholomew. This firm will take over the Boston
offices of Thompson, Towle & Co.
-In an advertisement elsewhere in the "Chronicle" to-day, Harvey Fisk
& Sons of this city advise the purchase of Hudson & Manhattan RR. first
ion and refunding mortgage 5% bonds, because they are well secured by
property values and an earning capacity much in excess of requirements
or interest. The firm states that these bonds are selling much below
parity with bonds of like character of companies doing similar business.
In the advertiwement the firm furnishes an interesting comparison as to
the income return at current market prices which may be made between
these bonds and similar issues of several other leading traction companies
in New York City, New Jersey, Baltimore and Washington, D. C. See
to-day's advertisement. Bond book "0-2," describing these bonds, will
be mailed free on application.
-Harvey Fisk & Sons, 62 Cedar St., this city, in response to numerous
nquiries about the Hudson & Manhattan RR., have prepared a 45-page
illustrated Hand Book on the property. finances and securities of the
company. The pictures descriptive of the property illustrate the construction of the tubes, the safety devices and the great Hudson Terminal
Building, through which 30,000,000 passengers pass annually. The maps
graphically show first the connecting subway linos in New York City;
second, the connecting steam railroads and trolley lines in New Jersey.
This little Hand Book is a complete encyclopedia of the Hudson & Manhattan RR. and is intended to answer every question put to Harvey Fisk
& Sons upon which investors have sought information. Free copy will be
mailed upon request. Ask for bond book "0-2."
-The New York Stock Exchange firm of Keech, Loew & Co. will dissolve on May 1. William Goadby Loew, who is a member of the Stock
Exchange, will retire as a member of the firm to form a new house to be
known as Loew & Co. Mr. Loew will transact a general brokerage business
with offices at 2 Wall Street. The other partners of Hooch, Loew & Co.,
namely, Frank B. Keech, I. C. McKeever, William P. Wainwright, C. H.
Wainwright, William G. Borland and Chas, C. West, will continue the
present business of the dissolving firm under the name of F. B. Keech &
Co. Charles N. Edge will be admitted as a new partner in the lastmentioned concern. F. B. Keech & Co. will retain the present office of the
old concern at 7 Wall Street.
-William P. Bonbright & Co., Inc., 14 Wall Street, this city, are issunig
a new circular entitled "Why Public Utilities pay the Best Rates to Investors While Affording Maximum Safety." The circular is a reprint of an
article on this subject in the "N. Y. Evening Post," Mar. 31 1915,
written by H.L. Bennet, the publicity manager of Wm.P. Bonbright & Co.
The circular offers an explanation of how one class of securities can pay equal
or higher rates than others, afford security and still sell at lower prices,
"qualities which have won the favor of investors for public utilities and have
become characteristic of these securities." Copies will be mailed to any
inquirer on request.
-We publish as a public utility feature in to-day's issue of the "Chronicle" our annual compilation of the gross and net earnings of electric
railways of the United States,and comment editorially upon the stability
and growth of electric railway revenues. The article and tables give in
groat detail the gross and net earnings of all the roads we could obtain
from original sources for the past two calendar years.
-Applications having been received in excess of the issue. Wm. P. Bonbright & Co., Incorporated, 14 Wall St., are advertising on another page,
as a matter of record only, the new $1,000,000 loan of the Western Power
Co. 6% collateral trust notes due March 1 1917. Price 99 and interest.
yielding 6%%. Circular "C-7" describes the offering,and-general details
appear in to-day's advertisement.
-John Nickerson Jr., St. Louis and New York, is issuing a series of
observations indicating the present position of the Pacific Gas & Electric
Co. witn reference to the first preferred stock.
-A. E. Fitkin & Co. have moved to larger quarters in the Washington
Life Building, 141 Broadway.
-Kean, Taylor & Co. of this city have announced the removal of their
offices from 30 Pine Street to 5 Nassau Street.
1355
THE CHRONICLE
APR. 17 1915.]
Alti.Torts and Ilatxunents.
THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
TWENTY-FIFTH ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 31 1914.
Pittsburgh, Pa., March 24th 1915.
To the Stockholders of the Pittsburgh Cincinnati Chicago 4:fc St. Louis Railway Company:
The Board of Directors herewith submit their report for the year ended December 31st 1914, with the data relating
to the lines embraced in your system necessary to give a clear understanding of their physical and financial condition.
The mileage of the lines directly operated by your Company is as follows:
tal
Comparison
Mileage
with1913.
Dec. 31 1914. Increase.
1,137.12
Road owned
Lines Operated Under ContractSteubenville Extension, Pennsylvania Railroad
Ohio Connecting Railway
Pittsburgh Wheeling & Kentucky Railroad
Little Miami Railroad
Englewood Connecting Railway
Chicago Indiana & Eastern Railway
1.18
9.07
28.02
194.87
2.34
43.02
278.50
56.57
Total mileage operated under contract
Road used jointly with other companies
1,472.19
Total
The Mileage of the Lines Operated Under Their Own Organizations is as followsCincinnati Lebanon & Northern Railway
Waynesburg & Washington Railroad
Pittsburgh Chartiers & Youghiogheny Railway
.07
45.73
28.16
20.72
94.61
Total
1,566.80
Total mileage directly operated and under their own organizations
.07
The statements give in detail the financial, operating, traffic and other statistics,for the lines directly operated,and
also the financial results of the other Railway Companies in which your Company is interested but which are operated
under their own organizations.
FOR THE YEAR ENDED
INCOME STATEMENT OF THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
DECEMBER 31ST 1914, COMPARED WITH THE YEAR 1913.
-Comparison with 1913-.Decrease.
Increase.
1914
Operating Income$4,260,554 78
46
$26,316,970
Freight
600,282 24
8,203,172 87
Passenger
$29,733 06
1,247,161 36
Mail
275,289 92
91
1,207,884
Express
Railway operating
217,302 10
1,538,722 57
All other transportation
Revenues
107,818 28
565,042 50
Incidental
6,002 12
60,52E 65
Joint facility-Credit
72 86
77 47
Joint facility-Debit
Railway operating
Expenses
85.437,443 52
839139,399 85
Total
$5,215,069 84
7,699,967 43
801,246 51
14,927,438 15
317,110 36
1,049,764 71
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
$128,490 20
86,729.560 90
30,010,597 00
Total
Net revenue from railway operations
.
$1,916,795 53
1,460 10
Railway tax accruals
Uncolloctible railway revenues
Railway operating income
(Joint facility rent income
Miscellaneous rent income
Dividend income
securities
Non-operating income _.. Income from funded
Income from unfunded securities and accounts
Miscellaneous income
$1 292,117 38
$9,128,802 85
$100.645 45
1,46040
1.918,255 63
$102,105 55
$7,210,547 22
$1,190.011 83
$88.520 58
$400,692 35
89,636 50
97,699 77
3,166 67
73,030 58
288 03
$2,523 99
Total deductions from gross income
Net income
Disposition of net income:
Income applied to sinking and other reserve funds
*Dividends of four per cent on preferred stock
*Dividend of three-fourths of one per cent on common stock
45,139 63
2,833 33
39,8$4 59
318 48
$174,122 62
664,513 90
Total non-operating income
Gross income _____________________________________________________________________________
$730,096 35
Hire of equipment-Debit balance
362.412 02
Joint facility rents
1,054,302 45
Rent for leased roads
48,548 37
Miscellaneous rents
732 28
Miscellaneous tax accruals
Deductions from
2,637 52
Separately operated properties-Loss
gross Income
2,963,365 49
Interest on funded debt
391,043 26
Interest on unfunded debt
7,826 45
Miscellaneous income charges
$2,449,258 97
1,706,269 24
97,419 17
2,531,177 84
88
73,925
, .
81,015.889 21
$7,875,061 12
825,718 66
732 28
•
58,462 76
264,174 33
5,560,964 19
$188,485 97
82.314,096 93
8827,403 24
i5:821 82
120,547 84
4,914 91
17,281 20
12,236 29
$23,891 25
$880,520 00
1,099,441 50
278,803 50
2,258,765 00
$55.331 93
Balance transferred to credit of Profit and Loss
Profit and Loss Statement.
' Amount to credit of Profit and Loss December 31st 1913
Balance of not income for the year
$1,087,522 90
55,331 93
$1,142,854 83
DeductSundry net debits during the year
Amount to credit of Profit and Loss December 31st 1914
*In 1913 dividends of 5% were paid on preferred and common stocks and charged to Profit and Loss
21,577 69
$1,121,277 14
1356
(vol.,. 100
THE CHRONICLE
GENERAL REMARKS.
INCOME STATEMENT.
The business conditions in the territory served by your
Lines, as well as other parts of the Country, were very
unsatisfactory during the year, the depression in trade becoming more pronounced in the latter months; the unsettling influence of the European War was, of course, a
serious factor ip ,the general situation, especially in its effect
on financial 'Problems and foreign trade; but the underlying
causes of the unsatisfactory railroad situation unfortunately
continue to operate as they did before the war, and so far
as your Lines are concerned, it is to these causes that the
poor showing for the year may be attributed, rather than
to the war.
There was a complete suspension of mining operations
for a long period in qeveral Ohio bituminous coal fields,
due primarily to new mining legislation in that State causing
differences between the operators and the miners regarding
new -wage scales, which still remain unsettled in what is
knownHas the No. 8 Coal District; the iron and steel industries were very much depressed, and consequently the traffic
offerings from these sources, which furnish• three-fourths
of yonr freight tonnage, were much below normal, while
the Expenses were burdened with the effects of arbitration
awards and wasteful legislation, the pressure for further
restrictive legislation still continuing,although with a somewhat,abated force.
The ,Income Statement shows that the total Operating
Revenues were $39,139,399 85, a decrease of $5,437,443 52,
or 12.20 per cent, as compared with the previous year, largely
in freight, altheiugh all the items show material reductions,
except mail; and, while the mail revenue increased $29,733 06, or 2.44, per cent, due partly to the adjustment of
pay for handling the parcel-post packages, this did not take
effect until July 1 1913, and only yielded increased pay in
six months of that year, as compared with the full year of
1914, and this increase was many times offset by the decrease
of $275,289 92, or 18.58 per cent, in express revenue, due
to the operation of the parcel post.and to the reduction in.
express rates ordered by the Inter-State Commerce Commission.
The total Operating Expenses amounted to $30,010,597,
a decrease of $6,729,560 90, or 18.32 per cent, of which
$2,449,258 97, was in Maintenance of Way and Structures,
partly due to•tthe extraordinarily large amounts expended in
the previous year in repairing the damages caused by the
floods in the spring of that year, $1,706,269 24 in Maintenance of Equipment, due chiefly to reduced charges for repairs
and retirements of locomotives and passenger and freight
cars, $97,419,17 in Traffic Expenses, $2,531,177 84 in
Transportation Expenses, due to reduction in station and
yard forces and supplies, and..in items affected by the reduction in passenger and freight-train mileage and $73,925 88
in Miscellaneous Operations, while there was an increase
of $128,490 20 in General Expenses, chiefly for liability insurance on account of personal injuries.
The total charges on account of Taxes were $1,916,795 53,
an ineiTease,of $100,645 45, or 5.54 per cent. Taxes, therefore, amounted to about five per cent upon your operating
revenue.
The Net Income for the year was $2,314,096 93, and was
only sufficient Ao provide for the sinking fund appropriation
of $880,520into-pay dividends upon the Preferred Stock at
the rate of four per cent per annum and upon the Common
Stock at the rate of three-fourths of one per cent, leaving a
balance of $55,331 93, which was transferred to the credit
of the Profit and Loss Account. It will, therefore, be seen
that your Company was unable to earn or pay a fair return
upotahe investment devoted to public service, or to properly
progitid for that elass of betterments, and improvements in
service, demanded by the public but which should'be met
by appropriations from current income.
Commission to allow an increase of five per cent on all interState freight rates. In the laatter part of the year this increase was granted and became effective upon a portion of
the freight traffic, but did not apply to coal and other
commodities constituting about fifty per cent of the tonnage
transported by your Company. While it was thus made
possible to increase the inter-State rates on a portion of the
tonnag, every many of the increases could not be made without interference with intra-State rates, permission to increase
which has not yet been granted.
TRAFFIC.
The total tonnage handled upon the Pittsburgh Cincinnati
Chicago & St. Louis Railway was 30,803,514, a decrease
of 5,857,591 tons, or 15.98 per cent, and. upon all lines directly operated was 36,344,642, a decrease of 6,178,053
tons, or 14.53 per cent. The tonnage mileage upon the
Pittsburgh Cincinnati Chicago & St. Louis Railway decreased 18.71 per cent and upon all lines directly operated
17.97 per cent. The reduction in freight-train mileage on all
lines was 22.43 per cent.
The total number of passengers carried by the Pittsburgh
Cincinnati Chicago 8.; St. Louis Railway was 9,837,105, a
decrease of 553,992 passengers, or 5.33 per cent, and upon
all lines directly operated 11,349,865, a decrease of 652,021
passengers, or 5.43 per cent. The passenger _mileage of the
Pittsburgh Cincinnati Chicago & St.. Louis Railway decreased 7.97 per cent, and of all lines directly operated 7.55
per cent. The passenger train mileage was also reduced
10.80 per cent.
CAPITAL STOCK AND FUNDED DEBT.
The amount of Capital Stock outstanding December 31
1914 was as follows:
Preferred (authorized
299,153 shares
Preferred, scrip
300,000 shares),
Common (authorized
375,956 shares
Common, scrip
450,000
$29,915,300 00
425 00
$29,915,725 00
shares)
$37,595,600 00
60 50
37,595,660 50
$67,511,385 50
FIVE PER CENT RATE CASE.
There was an increase of $2,437,600 in the Preferred
Stock, due to the issue and sale of 24,374 additional shares
at par to provide funds for additions and betterments, and
to the conversion of stocks of a constituent company, and
an increase of $422,600 in the Common Stock, due principally
to the sale and subsequent conversion of common stock of
the Chicago St. Louis & Pittsburgh Railroad Company,
heretofore held in your treasury. In addition to the amounts
of Preferred and Common Stocks issued,there was reserved
at December 31 1914, to retire outstanding stocks of constituent companies $97,839 03, making the aggregate Capital
Stock $67,609,224 53 out of a total of $75,000,000 authorized
in the Andes of Consolidation.
The amount of Consolidated Mortgage Bonds authorized
in the Articles of Consolidation is $75,000,000, and the
amount outstanding December 311914,including unmatured
funded debt of constitutent companies was $64,106,000, a
decrease of $265,000, due to the issue of $3,494,000 of Series
"J" Bonds and the redemption through the Sinking Fund of
$907,000 of Pittsburgh Cincinnati Chicago & St. Louis
Railway Company Consolidated Mortgage Bonds, and the
retirement at maturity on January 1 1914 of $2,852,000
Steubenville & Indiana Railroad Company First Mortgage
Bonds.
The issue and sale of the additional series of Consolidated
Mortgage Bonds, consisting of $3,494,000, designated Series
"J", dated May 1 1914, running for fifty years, and bearing
interest at four and one-half per cent, was made for the
purpose of providing funds for the payment of indebtedness
incurred for construction work, additional equipment and
other corporate purposes.
AkTi.well known, the revenues of the railroads in the
territory served by your Lines were inadequate to meet the
rising costs of the service furnished, the continual heavy
increases in taxes and the additional burdens necessary to
comply with State and Federal Governmental requirements
and. MI application was made to the Inter-State Commerce
,)0}1i
The following statement shows the status of the Car Trust
contracts at December 31 1914. Payments were made on
account of principal during the year amounting to $1,496,843 51, leaving a balance of $7,578,341 18, as shown in the
General Balance Sheet.
EQUIPMENT TRUSTS.
Cars.
Pennsylvania Steel Rolling Stock Trust, Series H. I and K
Pennsylvania Steel Freight Car Trust, Series A and B
Pennsylvania Steel Equipment Improvement Trust, Series D E and F
Union Trust Co.--,Pgh. sr Eastern Coal Co. Cars
PennsyivajiJa General Freight Equipment Trust, Series D. 0, and E, of 1910
Pennsylva ti'Cleneral Freight Equipment Trust, Series A, B,0 and D, of 1912
Pennsylvthila General Freight Equipment Trust, Series B,C, D.E,F and G,of 1913
Total
ROAD
AND EQUIPMENT EXPENDITURES.
,
As will be noted in the General Balance Sheet,the increased
investment in Road at the close of the year was $1,572,440 29,
and in Equipment $1,805,354 97. The charges were principally in connection with second track work on the Indianapolis Logansport & Cincinnati Divisions, track elevation
between 39th and 69th Streets, Chicago, between South and
Principal.
Paid to Dec.
31 1914.
Balance of
Cost Dec.
31 1914.
2,308 $2,169,974 36 $1,952,976 93 $216,997 43
1,692 1,615,638 00 1,454,074 20
161,563 80
1,524 1,693,620 12 1,524,258 11
169,362 01
800,000 00
800
600.000 00
200.000 00
648,029 72
1,500 1,620,074 28
972,044 56
3,000 3,238,420 00
647,684 00 2,590,736 00
2,500 3.630,708 20
363,070 82 3,267,637 38
Final Payment Due. '
May 1
Sept. 1
Jan. 1
May 1
May 1
June 1
April 1
1915
1915
1916
1916
1920
1922
1923
13.324 $14.768.434 96 $7.190.093 78 $7.578,341 18
Downey Streets, Indianapolis, and from Brooklyn to
Niagara Streets, Cincinnati; extension of 6.56 miles of the
Langeloth Branch, Pittsburgh Division, to reach new coal
fields near Patterson's Mill; additional yard and storage
tracks, and sidings at sundry places, extension of the eastward freight running track from "FR" Tower, west of Hanlin
to Dinsmore, Pittsburgh Division, automatic signals at
APR. 17 1915.1
1357
THE CIIRONICLE
Anderson, Indiana, enginehouse and shop facilities at 59th the payment under the guaranty of any larger proportion
Street, Chicago, freight house improvements at Indianapils, of the interest on these bonds than that which your use of
„Ian undergrade crossing at Pleasant Run Boulevard, Indian- the property bears to its total use by all lines.,
apolis, heavier and improved track materials, improvements
OWNED.
SECURITIES
to bridges, and for additional locomotives, passenger and
The securities owned by your Company at December 31
freight cars, and for equipment received for replacements.
An important item completed during the year was the grade 1914 were held at a valuation of $740,540 31. Your holdreduction work between Jordan and Summit, Ohio, in con- ings were increased during the year by the receipt of $306,500
nection with which 2.6 miles of main track were re-located of Special Betterments Stock from the Litt1b.Miami Railroad.
on new grade and 6.03 miles of second track constructed, Company in payment on the Betterment AeCount and decompleting the double track between Columbus and Brad- creased by the sale.of your holdings of Chicago St. Louis &
ford. The maximum grade was reduced from 1.14 per cent Pittsburgh Railroad Company, The Cincinnati Lebanon &
to 0.7 per cent and the tracks were elevated through Piqua, i Northern Railway Company, The Little Miami Railroad
eliminating all street and highway grade crossings. The Company Betterment and Vandalia Railroad Company
new brick passenger station at Piqua was also completed. Stocks and the Cincinnati & Muskingum Valley Railroad
The construction of second track on the Cincinnati Division Company First Mortgage Bonds.
from Alton to Glade Run, a distance of 7.59 miles,including
CONTROLLED AND AFFILIATED ROADS.
four undergrade street crossings, was finished and the double
The Waynesburg & Washington Railroad Company
track placed in service.
Substantial progress was made during the year on the showed a decrease in revenues and a slight increase in operwork of reconstructing as a double-track structure the Ohio ating expenses and taxes and a decreased net inaiine, but
Connecting Bridge, which connects your railway with the was able to pay the usual dividend.
The Cincinnati Lebanon & Northern Railway Company
Pittsburgh Fort Wayne & Chicago Railway at Pittsburgh.
This work was commenced in 1913 and should be com- showed a decrease in revenues and net income. A dividend
of three per cent was paid upon the capital stock.
pleted during the present year.
The Pittsburgh Chartiers & Youghiogheny Railway ComThe aggregate expenditures for Road and Equipment
and,
during the year, including amount expended on account of pany showed a decrease in its revenues and net incorne•
on account of temporarily using its surplus income fOr the
leased lines as stated below, were as follows :
extension of its line to a connection with the Chartiers
828.715 26
Right of way and real estate
was paid.
Second track Pittsb'h, Indianapolis and Cincinnati Divisions 459,037 56 Southern Railway, no dividend
Track elevation in Indianapolis anti Chicago
Additional yard tracks, sidings. &c
Interlockers and signal apparatus
Additional station and terminal facilitim
Branch Lino—Langeloth to Patterson Mills
Heavier and improved track material
Additions to and improvements of Bridges
Additions to and improvement of Equipment
Total
375,462 79
92,023 42
22,544 46
128,675 69
238,190 45
121,589 69
227,176 54
1,803,510 19
$3,497,016 05
SAVING FUND, RELIEF AND PENSION DEPARTMENTS.
Detailed statements showing the operations for the year
of the Employees' Saving Fund and the Relief and Pension
Departments are attached to this report.
GENERAL BALANCE SHEET.
The General Balance Sheet is hereto appended, together
Expenditures for Additions and Betterments on the Little with a list of the securities owned by the Company, and the
Miami Railroad, operated by your Company, under lease usual statistical statements giving the details of the operafor 99 years, not chargeable to the Betterment account of tions.
ORGANIZATION CHANGES, &C.
the Little Miami Railroad Company, under the lease, were
Following the resignation of Mr. Joseph Wood as First
$118,870 66 during the year,and appear in the General Balance Sheet under Investments as "Improvements on Leased Vice-President and Director, referred to in the last annual
report, effective February 1 1914, Mr. Thomas DeWitt
Railway Property."
The Statement of Betterment Account with the Little Cuyler wits elected a Director to succeed Mr'Wood, Mr.
J. J. Turner was elected First Vice-President, Mr. Edw. B.
Miami Railroad Company is as follows:
Taylor, Second Vice-President, Mr. D. T. McCabe, Third
02
$385,802
1913
31
December
Lessor,
by
Balance duo
Vice-President, Mr: G. L. Peck, Fourth Vice-President,
Charges during 1914—
Second track between Alton, Ohio, and Glade Run,
Mr. A. M. Schoyer, Resident Vice-President at Chicago,
30
$91,574
Ohio
and Mr. S. C. Scott was appointed Vice-Presidents' Assistant
91,064 44
Track elevation, Cincinnati, Ohio
698 35
Locomotives
and Mr. William Fleming, Assistant to the First Vice-Presi4,553 78
Additions and improvements at sundry places
187,890 87 dent.
Effective Feb. 1 1914, Mr. J. C. McCullough was ap$573,693 13
pointed Superintendent of the Pittsburgh Division, to sucReceived on account from Lessor Company under terms of
306,500 00 ceed Mr. W. C. Downing, resigned, and Mr. George LeBoulease
$267,193 13 tillier was appointed Superintendent of the Richmond DiviBalance due December 31 1914
sion to succeed Mr. McCullough.
Effective Feb. 16 1914, Mr. John J. Koch was appointed
AT
STATION
CIIICAGO,
ILLINOIS.
NEW UNION PASSENGER
Assistant Freight Traffic Manager, to succeed Mr. James P.
Your Company, jointly with.the Pennsylvania Company, Orr, retired under the pension regulations; Mr. John D.
the Chicago Burlington & Quincy Railroad Company and Couffer was appointed General Western Freight Agent to
the Chicago Milwaukee & St. Paul Railway Company has succeed Mr. J. E. Weller, resigned; Mr. E. R. Coleman was
made expenditures for the purchase of real estate in the appointed Division Freight Agent of the Cincinnati Division,
City of Chicago for a new Union Passenger Station, which it to succeed Mr. S. C. Mathews, resigned, and Mr. P. C.
is proposed to erect adjacent to the present Union Station, Sprague was appointed Division Freight Agent of the Richwhich has become inadequate to .rne.et the demands of the mond and Logansport Divisions, to succeed Mr. Coleman.
Effective Feb. 16 1914, Mr.J. C. Venning was appointed
traffic. The new station and facilities connected therewith
will be erected by the Union Station Company, a corporation General Ore and Coal Agent under the revised organization.
Effective March 1 1914, Mr. F. H. Buchanan was apof Illinois, in which your Company has a proprietary interest. The necessary ordinance rights were granted by the pointed Signal Engineer, to succeed Mr. W. McC. Grafton,
City of Chicago on March 23 1914 and were accepted by the deceased.
Effective April 1 1914, Mr. It. K. Rochester was apUnion Station Company on September 23rd last, under which
it is required that the work shall be commenced within six pointed Superintendent of the Logansport Division, to sucmonths from the latter date,and arrangements are being ceed Mr. F. J. Kron, resigned.
Effective May 11914, Mr. C.B. Heiserman was appointed
made for the financing and starting of the project.
General Counsel, to succeed Mr. J. J. Brooks, who died
JOINT GUARANTY OF INDIANAPOLIS UNION RAILWAY COM- suddenly on April 10 1914. Mr. Brooks had been in serPANY OBLIGATIONS.
vice over thirty-three years, and in direct charge of your Law
in pursuance of the power con- Department as General Counsel since April 1 1893.
Indianapolis,
The City of
Effective June 1 1914, Mr. E. H. Seneff was apminted
ferred upon it by law, has ordered the elevation of tracks of
the Indianapolis Union Railway. Company, in which your General Solicitor, to succeed Mr.C.B. Heiserman, promoted.
Effective June 11914, Mr. W. G. Phelps was appointed
Company has a two-fifths proprietary interest, and to provide funds for this purpose the necessary IT-arrangement Purchasing Agent, to succeed Mr. H.0.IIukill, retired under
and enlargement of the Union Stations facilities and for the pension regulations, and Mr. Chas. E. Walsh was apfuture capital expenditures, the Indianapolis Union Railway pointed Assistant Purchasing Agent to succeed Mr.Phelps.
Effective July 1 1914, Mr. R. S. Westerman was apCompany proposes to execute its General and Refunding
,Mortgage to secure an eventual issue of bonds in the total pointed Assistant Auditor of Ore and Coal Freight Receipts,
amount of $10,000,000, of which about $4,000,000 will have to succeed Mr. T. B. Stoakes, assigned to special duties.
to be issued to take care of the present undertaking. The , Since the close of the year your Company has Jo the serproprietary companies—the Pittsburgh Cincinnati Chicago vices of a valued officer through the death of Mr. Sidney B.
& St. Louis Railway Company, the Cleveland Cincinnati Liggett, who had served as Secretary of your Company and
Chicago & St. Louis Railway Company and the Vandalia its predecessor Companies since Feb. 1 1881. Mr. S. H.
Railroad Company—will by formal endorsement upon each Church was elected Secretary, effective Feb. 1 1915, and
Bond guarantee the payment of the princiapl and interest Mr. B. B. Young was appointed Assistant Secretary to sucof the bonds issued by the Indianapolis Union Railway ceed Mr. Church.
The Board acknowledges the faithful and efficient services
Company under this proposed mortgage. The contract for
the use of the facilities of the Indianapolis Union Railway rendered by the officers and employees during the year.
By order of the Board,
by seven companies, under which the interest on sums inSAMUEL REA,
vested in the property becomes.an operating charge against
cilPresident.
the tenants, gives ample protection to your company against
TIIE CHRONICLE
1358
[VOL. 100.
GENERAL BALANCE SHEET OF THE1PITTSBURGHECINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY DEC. 31 1914.
ASSETS.
LIABILITIES.
InvestmentsStockInvestment in Road and Equipment-Preferred
$29,915,725 00
Road
Common
$118,043,612 13
37,595,660 50
Equipment
Stock liability for conversion of outstand37,155,816 46
General expenditures
ing securities of constituent companies
97,839 03
350 13
$155,199,778 72
$67.609,224 53
Improvements on Leased Railway Property
Long-Term Debtsince June 30 1907Funded debt unmatured:
Road
Mortgage bonds$364,705 52
Equipment
218,312 85
P.C.C.& St.L.Ry.Co.Consolidated Mortgage Bonds:
Series "A" 43,6%, due Oct. 1 1940......$10,000,00000
583,018 37
Miscellaneous physical property
Series "B"
%, due April 1 1942___ 8,780,000 00
199 75
Investments in affiliated companiesSeries "C" 434%, due Nov.! 1942..__ 1,379,000 00
Stocks
$706,81431
Series "D" 4%, due Nov. 1 1945_ _ _ 4,892,000 00
Bonds
Series "E" 33.%, due Aug.! 1949...... 4.007,000 00
Advances
Series "F"
879,303 47
. due Dec. 1 1953-__ 9,927,000 00
Series "G" 49'. due Nov. 1 1957-- 9.587,000 00
1,586,117 78
Other investmentsSeries "H" 4 o, due Feb. 1 1960._ 2,909,000 00
Series "I" 43,67e, due Aug. 1 1963___ 7,000,000 00
Stocks
$33,726 00
Advances
143,660 00
Series "J" 43%, due May! 1964-_.. 3,494,000 00
Miscellaneous
14 00
177,400 00
$61,975,000 00
Current AssetsS. & I. RR. Co. 1st Mtg.(ext.) 5% reg.
Cash
bonds,matured Jan. 1. 1914
$2,248,391 60
Time drafts and deposits
37,650 43
C. St. L. & P. RR. Co., Con. Mtg. 5%
Special deposits
27,590 00
coupon bonds, due Oct. 1 1932
1,173,000 00
Loans and bills receivable
556,015 29
C. St. L. & P. RR. Co., Con. Mtg. 5%
Traffic and car service balances receivable_
registered bonds, due Oct. 1 1932
2,036,843 80
333,000 00
Net balance receivable from agents and
Chartiers Ry.Co.,1st Mtg.3%% bonds,
ticket receivers
due Oct. 1 1931
593,025 54
625,000 00
Miscellaneous accounts receivable
Equipment trust obligations
2,112,648 02
7,578,341 18
Material and supplies
4,974,710 32
71,684,341 18
Interest and dividends receivable
Current Liabilities248 66
Other current assets
Traffic and car service balances payable___ $1,595,143 92
695 53
1,872,149 58
10,587,819 19 Audited accounts and wages payable
Deferred AssetsMiscellaneous accounts payable
617,467 74
Working fund advances
Interest matured unpaid
25,390 00
$86,118 14
Other deferred assets
527 64
Dividends matured unpaid
11,712 07
86,645 78 Funded debt matured unpaid
Unadjusted Debits687.270 00
Unmatured dividends declared
Other unadjusted debits
$921,457 10
659,502 91
Unmatured interest accrued
Securities issued or assumed-unpledged
70,386 20
Unmatured rents accrued
8,412 23
921,457 10 Other current liabilities
5,547,434 65
Deferred LiabilitiesOther deferred liaoilities
75,433 87
Unadjusted CreditsTax liability
$1,336,476 10
Accrued depreciation-Equipment
3,190,823 26
Other unadjusted credits
217,878 23
4,745,177 59
• Corporate SurplusAdditions to property through income and
Tune
30
1907
surplus since
$9,718,938 97
Funded debt retired through income and
surplus
8,562,093 70
Sinking fund reserve
78,515 06
Total appropriated surplus
Profit and. Loss-Balance
$18,359,547 73
1,121,277 14
Total corporate surplus
Total
$169,142,436 69
19,480,824 87
Total
$169,142,436 69
INCOME STATEMENTS OF ALL CORPORATIONS FOR THE YEAR ENDED DECEMBER 31ST 1914.
Results of Operation by
Operating Company.
Mileage.
Lines Operated
Directly.
Financial Results to Respective Companies
Mentioned.
Operating
Rental
1
Expenses,
Due
Deductions
Including
ReNon'Operating Taxes and Operating spective Operfrom
Net
Gross
Income.
Revenues. Uncollecti- Income. Co's
Gross
ating Income.
ble Railway
Income.
from Income.
Revenue.
Op. Co.
Dividends.
Surplus
or
Deficit.
Increase+
or
Decrease.-
$
$
$
$
3
$
$
$
$
1,194.87 Pitts. Cin. Ch.&St. L. Ry. 33,9611,266 27,513,789 6,451,477
664,514 7,117,991 a4,803,894 2,314,096 1,378,245 5. 935,852 -550,841
4,157,364 3,595,992 561,372 780,084
220,283 559,800 b559,800
194.87 Little Miami RR
780,084
60,150 S. 71,199
505,885
369,778 136,106 136,106 25.745 161,851
30,502 131,349
28.02 Pitts. Wh.& Ky. RR
+44,799
140,000 D. 41,331 +155,718
388,784
296,562
92,222 92,222 92,402 184,624
98,669
9.07 Ohio Connecting Ry
85,955
35,261
S.
35,874
3,109
*613
+1,351
2.34 Englewood Connect. Ry
191
3,108
3,913
3,299
84,839
116,856 *32,017
D.61,553
43.02 Chic. Ind& Eastern Ry
+9,513
309 D.31,708
29,845 D.61,553
39,139,399 31,928,852 7,210,547
Total
Lines Operated Under Their
Own Organizations.
541,653
470,766
70,887
45.73 Cin. Lebanon & Nor. Ry
16,104
128,283
112,179
28.16'Waynesb. & Wash. RR_
212,351 106,808
319,159
20.72 Pitts. Char. & You. Ry....
1,472.19
49,084
13,099
5,956
119,971
29,203
112,765
I
72,942
2,109
35,730
47,029
27,095
77,034
45,000 S.
S.
S.
2,029
27,094
77,034
-32,065
+15,762
-72,910
795,296 193,799
94.61 Total
989,096
a Includes the deficit from operation of fixed rental road.
b Dividends guaranteed by the Pittsburgh Cincinnati Chicago & St. Louis Railway Company.
* Excess of operating expenses and taxes over operating revenue.
HUDSON AND MANHATTAN RAILROAD COMPANY
SIXTH ANNUAL REPORT-YEAR ENDED DECEMBER 31st 1914.
New York, April 3rd 1915.
To the Stockholders and Bondholders of Hudson and Manhattan
Railroad Company:
The President and Board of Directors submit the within
report of the operations of the company for the fiscal year
ending December 31st 1914.
For the purpose of comparison, in the following Condensed.
Comparative Statement of Income and in the detailed Income Account (Exhibit 2) the interest deductions for the
month of January 1913 are included as if the First Lien and
Refunding Mortgage and the Adjustment Income Mortgage
(both dated February 1st 1913) had been effective during
that month.
CONDENSED COMPARATIVE STATEMENT OF
INCOME.
12 Months
12 Months
Ended
Ended
Dec. 311914. Dec. 31 1913.
$3,750,950 43 $3,743,713 44
Gross revenue from railroad
Railroad operating expenses (including de1,698,544 74 1,716,332 81
preciation) and taxes
Railroad Income
$2,052,405 69 $2,027,380 63
12 Months
12 Months
Ended
Ended
Dec. 31 1914. Dec. 31 1913.
Terminal
Buildings
and
Gross revenue Hudson
other non-railroad sources
$1,805,426 11 $1,769,049 15
Operating expenses (including depreciation)
and taxes
779,527 77
799,304 89
Non-railroad Income
$1,025,898 34 $969,744 26
Gross income applicable to fixed charges___$3,078,304 03 $2,997,124 89
Income deductions other than bond interest__ 236,790 05
261,435 18
Net income applicable to bond interest____$2,841,513 98 $2,735,689 71
Deduct interest on N. Y. & J. 5s, First Mortgage 43is and First Lien and Refunding 5s._ 2,121,007 07 2.020,28418
Balance of net income for the period available for interest on Adjustment Income
Bonds (See Exhibit 3)
$720,506 91
$715,425 53
The balance sheet, income account, and various other
statements of accounts and statistics, showing the financial
condition of the company are hereinafter submitted. Da
The accounts of the company have been audited by Messrs.
Patterson, Teele and Dennis, Accountants and Auditors, and
their certificate is included herein.
APR. 171915.]
PHYSICAL CONDITION.
The structures, track, signaling devices, electrical equipment and rolling stock have been maintained at a high
standard of efficiency. Much study has been given to the
details of maintenance for the purpose ofreducing cost and promoting economyin operation,butin no case hasafalse economy
been practiced through the deferring of necessary repairs.
Material improvement has been effected in track alignment,
and extensive sections of concrete track construction have
been substituted for the ordinary form of crushed stone
ballasted track, thus greatly improving the conditions of
maintenance. Special attention has been given to care of
electric cables. An investigation of their condition and the
methods of maintenance was made by a board of consulting
engineers aided by the operating officers. This investigation was supplemented by one made by a committee of your
board of directors, and as a result of these, it is believed that
this equipment has been maintained, and now is, in the best
possible condition, and that nothing of known value has been
left undone. That the rolling stock has been kept in firstclass condition is evidenced by the fact that delays in operation due to car equipment failure have been practically
negligible.
TRAFFIC.
During the first seven months of the year 1914 the company's passenger traffic showed a consistent and satisfactory
normal increase of 2.6% over the same period of 1913,but,
owing to the depressed business conditions incident to the
European War,the last five months of 1914 showed a decrease
of 1.8% as compared with the same period of 1913, but by
the exercise of great care in expenditures the net income
of the company was not adversely affected. .The principal
loss in traffic was in that which under normal conditions
flows to and from Hoboken, where since August 1st there
has been a condition of almost complete stagnation because
of the internment of the North-German Lloyd and the
Hamburg-American steamships.
At midnight on February 25th 1915 seven full years of
train operation were completed, during which time 329,357,277 passengers were carried without the loss of a single life.
During the year 1914 there were no injuries to passengers,
except a few of minor nature.
ADDITIONAL FIRST LIEN BONDS ISSUED.
During the year 1914 $356,500 face value of First Lien
and Refunding Mortgage 5% Bonds were authorized by the
Public Service Commission for the First District of the State
of New York and the State Board of Public Utility Commissioners of New Jersey, for the purpose of reimbursing the
company's treasury for additional capital expenditures made
and approved by the Commissions. Such amount,$202,500
face value of bonds have been sold, and the proceeds applied
to such reimbursement. The balance of $154,000 of bonds
is retained in the company's treasury.
CAPITAL EXPENDITURES NOT YET REIMBURSED.
In addition to the capital expenditures referred to in the
foregoing, a further amount of $359,711.84 has been expended in the redemption of ear purchase certificates, in the
reduction of real estate mortgages payable and in improve
ments and betterments. This amount has also been approved by the engineers and accountants of the Public
Service Commission, but at the present writing application
has not been made to the Commissions for the authorization
of further bonds for the purpose of reimbursing the company's treasury. Therefore, in making comparison of the
conditions of working assets as hereinafter stated with the
similar figures as at December 31st 1913, and with working
liabilities, it should be borne in mind that your company's
treasury is entitled to reimbursement for said expenditures
in addition to the proceeds to be obtained from the sale of
$154,000 face value of First Lien Bonds now in the treasury.
HUDSON TERMINAL BUILDINGS.
Most careful attention has been given to the maintenance
and operation of these buildings, and it is a pleasure to report
an increase in the net income from this important part of
your property, amounting to $36,325.20. The buildings
continue to retain their popularity, which has not been decreased by the keen competition due to the erection of other
large buildings in the downtown district. As of December
31st 1914, the buildings were 99.8 per cent full.
It is again a pleasure to make acknowledgment of the
faithful and efficient services rendered by all of the officers
and employees of the company.
Respectfully submitted,
WILBUR C. FISK, President.
EXHIBIT NO. 1.
CONDENSED COMPARATIVE BALANCE SHEET AS OF DECEMBER 31ST 1914 AND DECEMBER 31ST 1913.
ASSETS.
December 311914.
December 31 1913.
$120,452,089 01
3120,243,786 25 Property accounts
826,344 60
650,572 28 Loss reserve for amortization
$119,593,213 97
$119,625,744 41
31,000 00 Investment (Tunnel Advertising Co.
stock)
Proceeds of sales of property released from
the lien of New York & Jersey Railroad
Company mortgage, deposited with
trustee of the mortgage
114,009 14
185,672 98 Amortization funds, deposited or invested
Bond discount and expense in process of
amortization
3,656,636 62
1359
THE CHRONICLE
31,000 00
*Working Assets31.117,484 62
$1,072,104 32 Current cash account
Cash deposited to pay matured coupons
27,537 35
(per contra)
190,582 14
233,264 13 Current accounts receivable
250,000 00 New York City Revenue 5% bonds
9,060 66
9,060 66 Deposits with public departments
33,242 19
26,946 94 Prepaid insurance, taxes, &c
176,840 97
201,789 62 Materials and supplies-less reserves_
1,86658
1,475 76 Accounts in suspense
$1,794,731 43
$1,556,614 51
Total working assets
$125,356,039 88
$125,345,354 04
* The Company's treasury is entitled to reimbursements for further
capital expenditures to the amount of 3359,711 84 and by the proceeds
to be obtained from the sale of $154,000 First Lien bonds now retained in
the treasury.
LIABILITIES AND CAPITAL.
December 31 1913.
December 31 1914.
$39,994,890 00 Common capital stock and scrip
$39,994,890 00
5,242,151 25 Preferred capital stock and scrip
5,242,151 25
Stocks held in reserve to redeem outstand12,908 75 ing securities of predecessor companies_
12,908 75
New York & Jersey Railroad Company
5,000,000 00 5% mortgage bonds
5,000,000 00
944,000 00 *First Mortgage 45% bonds
944,000 00
aFirst Lien and refunding mortgage 5%
bonds
36,562,633 66
36,765.133 66
33,102,000 00
33,102,000 00 Adjustment income mortgage bonds
1.125,50000
1,165.500 00 Real Estate mortgages
Car purchase obligations payable in in1,008,000 00
1,192,000 00 stallments to 1921
608,216 61
609,265 48 Readjustment reserve
Working Liabilities3182,646 56 Current accounts payable
Matured interest (per contra)
915,154 03 Accrued interest
13,119 03 Accrued taxes
17,845 91 Rentals received in advance
47,534 00 Temporary operating reserves
Undistributed interest, earned on adjust343,705 37
ment income bonds
$1,520,004 90
$125,345,354 04
Total working liabilities
$147,594 09
27,537 35
910.860 26
3,232 34
55,843 29
402,172 28
$1,553,239 61
$125,356,039 88
* The balance of the issue of old 4%% bonds ($66,204,000 00) is deposited with the trustees of the First Lien and Refunding Mortgage and the
Adjustment Income Mortgage in accordance with the terms thereof.
a In addition to the $36,765,133 66 First Lien and Refunding 5% bonds
outstanding in the hands of the public, there are retained in the Company's
treasury $154,000 par value of said bonds for the purpose of reimbursement
of the company's treasury for capital expenditures already made and approved by the Public Service Commission.
EXHIBIT NO. 2.
•
INCOME ACCOUNT FOR TWELVE MONTHS ENDED DEC.31 1914
COMPARED WITH TWELVE MONTHS ENDED DEC. 31 1913.
1914.
1913.
33,490.880 76
$3,478,084 18 Gross Revenue-Passenger Fares
Miscellaneous Revenue from Railroad Operations:
Advertising
$150,689 48
$162,732 15
Other Car and Station Privileges
66,803 89
65,334 27
3,618 79
Sale of Power
7,63227
10,949 45
Miscellaneous Transportation Revenue_ _ _ _
2,196 45
28,008 06
Other Miscellaneous Revenue
27,734 12
Total Miscellaneous Railroad Revenue_ __ $260,069 67
26
$265,629
_
Total Railroad Revenue
$3,750,950 43
33,743,713 44
Operating Expenses of Railroad:
Maintenance of Way and Struc-f Actual _ $216,849 04
$224,750 48
I Reserve
61,745 04
tures
56,599 62
JActuah
159,797 55
149,087 94
Maintenance of Equipment
63,271 92
57,999 26
iReserve
1,625 05
1,972 35 Traffic Expenses
786,358 35
Transportation Expenses
797,139 34
General Expenses
157,692 73
167,477 21
Total Operating Expenses of Railroad_ __$1,447,339 68
31,455.026 20
$2,303-;610 75
$2,288,687 24 Net Operating Revenue from Railroad
251,205 06
261,306 61 Taxes on Railroad Operating Properties
$2,052,405 69
$2,027,380 63 Net Income from Railroad Operation
Net Income from Hudson Terminal Buildings
$957,079 78
$920,754 58 (See Exhibit 13, pamphlet report)
40,190 84
_16,23553 Net Income from Other Real Estate Properties
$936,900 11 Total Net Income from Outside Operations,. _ _ $997,270 62
$2,964,370 74 Total Net Income from All Operating Sources43,049,676 31
28,627 72
32,754 15 Non-Opearting Income
$3,078,304 03
i2 .7997,124 89 Gross Income
Income Deductions Other than Bond Interest:
$54,266 67
363,466 67 Interest on Car Purchase Agreements
52,199 64
38,399 58 Interest on Real Estate Mortgages
55,729 08 Interest on Loans Payable
73,187 29
55,082 69 Rental Tracks, Yards and Terminals
36,894 84
37,530 84
Amortization of Debt Discount and Expense
11,862 32
19,605 61
Miscellaneous Deductions
$236,790-05
Deductions Prior to Bond Interest
$261,435 18
$2,841,513 98
$2,735,689 71 Net Income Applicable to Bond Interest
Deduct Bond Interest on N. Y. & J. 5s,
First Mortgage 4%s and First Lien Re2,121.007 07
funding 5s
*2,020,264 18
Balance of Net Income for the Period, Available for Interest on Adjustment Income
$720,506 91
$715,425 53 Bonds (See Exhibit 3)
* For the purpose of comparison, the interest deductions for the month
of January 1913 are included as if the First Lien and Refunding Mortgage
and the Adjustment Income Mortgage (both dated February 1st 1913) had
been effective during that month.
EXHIBIT NO. 3.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1914.
Balance available for distribution as interest on Adjustment
$343,705 37
Income Bonds, January 1st 1914
Earnings for twelve months ended December 31st 1914, applicable as interest on Adjustment Income Bonds (See Exhibit
720,506 91
No,2)
31,061,212 g8
Less installments of interest on Adjustment Income Bonds:
Earned during six months ended December 31st
1913, declared February 20th 1914 and paid
April 1st 1914, at the rate of $10 per $1,000
bond
$331.020 00
Earned during six months ended June 30th
1914, declared September 1st 1914 and paid
October 1st 1914,at the rate of$10 per $1,000
331,020 00
*bond
$662.040 09
Balance available for distribution as interest on Adjustment
3402.172 28
Income Bonds (See Exhibit No. 1)
Note.-Coupon No. 4, representing the interest on Adjustment Income
Bonds for the six mInths ended December 31st 1914, was declared on
March 1st 1915 and paid April 1st 1915, at the rate of $10 per 31,010 bond
3,656.448 76 (2% per annum), amounting to $331,020, leaving a balance of $71,152 28
carried forward to the next interest period.
6.1N
114,099 14
402,133 06
360
THE CHRONICLE
[VOL.
100.
THE DELAWARE & HUDSON COMPANY
EIGHTY-FIFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING DECEMBER 31 1914.
New York, N. Y., April 12 1915.
FINANCIAL.
To the Stockholders of The Delaware tfc Hudson Company:
CAPITAL STOCK AND FUNDED DEBT.
The President and the Board of Managers submit the folThe Capital Stock of The Delaware & Hudson Company
lowing statements of the affairs of the Company for the year
on Dec. 31 1914 was $12,503,000; no additional shares were
ended Dec. 31 1914:
The results from operation of the Coal Mining Department issued during the year.
The Debentures of 1914, originally amounting to $2,500,were:
000, have been reduced by payments of $200,000 per annum,
Coat Mined.
Year* Revenues.
x Expenses. Net Revenue •
were completely retired on Jan. 1 1914 by the payment of
and
7,400.695 tons $15,517,041 94 $14,553,052 94 $963,989 00
1914,_,
191WF__ _ _7,170,553 "
16,045,308 03 14,748,6i571 1,296,692 32 $100,000.
The Public Service Commission of New York, Second DisDeedase_
y230,142 "
$528,266 09
$195,562 77 $332,703 32
trict, on Oct.91913,as stated in the Annual Report for 1913,
* Excluding dividends received from stock of Coal Companies owned.
x Excluding taxes. 1/ Increas3.
authorized the issue of $1,500,000 First and Refunding MortThe results from operation of the Railroad Department gage Gold Bonds at 95 or better, this Company having apwere:
plied on March 26 1913 for authority to issue $5,000,000.
Percent of The full amount thus authorized was sold early in 1914 at
95;
Miles
Operating
x Operating
Net Operating Exp. to
Year- Oper.
Revenues.
Expenses.
Revenu,
Rev. The proceeds amounted to $4,275,000, of which $2,685,000
s.
1914so.--903.99 $22,595,028 50 $15,048,452 04 $7,543,576 46 66.60 was applied, as hereinafter noted, to
reduction of Floating
1913 • 903.09
24,153,494 73
15,210,306 85
8,943,187 88 62.97
Debt, and the remainder, $1,590,000, in accordance with the
Decrease _ _ _
$1,558,466 23
$16i,85481 $1,396,61142 *3.63 application to and authority from the Commission, to expenditures which were, at the date of the application, yet to be
x E?tcluding taxes. * Increase.
made for specific additions and betterments then in progress.
RAILROAD DEPARTMENT.
Accordingly, the latter amount was deposited with the FarmREVENUES AND EXPENSES.
ers Loan & Trust Company, as
Expenditures
The general distribution of the Operating Revenues and amounting to $627,616 02 out of thisTrustee.
fund
been made
of the Operating Expenses of the Railroad Department was and the deposit correspondingly reduced. have
The application
as follows:
is still under consideration by the Commission as to the $500,Increase (+)
'Revenues from000 not yet authorized.
1914.
1913.
Decreas (-)
Coal Freight Traffic
$10,844,092 56 $11,436,959 90 -3592,86734
Merchandise Freight Traffic (inclu
switching) 8,153,085 76
8,794,428 57
,
4341,342 81
Passenger Traffic
2,946,665 48
3,277,928 68
-331,263 20
Express Traffic
324,725 08
334,279 74
-9,554 66
Transportation of Mails
137,374 27
121,793 50
+15,58077
Miscellaneous Sources_ __ _
189,085 35
188,104 34
+981 01
Total Operat'g Revenues$22,595.028 50 $24,153,494 73 -31,553.466 23
Expenses for-Maintenance of Way and
Structures
$1,670,364 05 $1,787,613 86
Maintenance of Equipment 3,649,672 52
3,753,963 16
Traffic Expenses
314,327 01
305,965 69
Transportation Expenses
8,602,635 57
8,584,722 10
General Expenses
811,452 89
778,042 04
Total Oper. Expenses.._$15.048,452 04 $15,210,306 85
Net Revenue from Oper
-$117,249 81
--104,290 64
+8,331 32
+17,913 47
+33,410 85
FLOATING DEBT.
The Floating Debt of the Company was $3,018,533 51 on
Dec. 31 1914, a decrease of $1,481,466 49 during the year.
The amount on Dec. 31 1913, $4,500,000, was reduced to
$1,815,000 by the proceeds from $2,827,000 First and Refunding Mortgage Bonds, that portion of the issue of $4,500,003 previously referred to applicable to expenditures prior to
1914. Subsequently this debt•wa,s increased $1,203,533 51,
in part to finance temporarily !additions and betterments and
in part for advances to subsidiary companies (principally the
Wilkes-Barre Connecting Railroad Company), which will
hereafter be repaid.
-$161,854 81
SINKING FUNDS.
$7,546,576 46 $8,943,187 88 -$1,396,611 42
There was paid during the year to the Trustee under the
Percentage of Expenses
First and Refunding Mortgage the sum.of $311,440, being
to Revenues
66.60%
62.97%
+3.63%
one per cent of the par value of the First and Refunding
GENERAL INCOME ACCOUNT OF THE DELAWARE Mortgage Gold Bonds outstanding on June 1 1914, making
& HUDSON COMPANY, YEAR ENDED DEC. 31 the total paid to Dec. 31 1914 $1,484,990. In accordance)
1914 IN COMPARISON WITH YEAR ENDED with the terms of the trust agreement, this sum has been expended in additions and betterments to the property covered
DEC.31 1913.
COAL MINING DEPART1914.
1913.
by the mortgage.
Inc. or Dec.
MENT:
$
$
3
A summary of the operations of the Sinking Fund under the
Gross Revenues
15,517,041 94 16,045,308 03 --528,266 09
Expenses
Gross
14,553,052 94 14.748,615 71 -332,703 32 First Lien Equipment Trust Indenture from the date of its
Net Revenues
963,989 00 1,296,692 32 -195,562 77 creation to Dec. 31 1914 follows:
Taxes Accrued
Operating Income
Other IncomeDividends and Interest
323,102 21
495,000 00 - -171,897 79
640,886 79
801,692 32
-160,805 53
717,068 64
386,733 52
+330,335 12
Gross Income.Coal Dept.... _ 1,357,955 43
1,188,425 84
+169,529 59
RAILROAD DEPARTMENT:
Gross Operating Revenues_ _ _ _22.595,028 50
Gross Operating Expenses..__ _15.048,452 04
Net Operating Revenues
7,546.576 46
Taxe.s Accrued_ .
671,119 13
Operating Income
6,875,457 33
Other incomeHire of Equipment
70,987 13
Outside Operations
loss15.147,45
Dividends and Interest
1,006,156 29
Miscellaneous Items
41,615 01
Total Other Income
1,103,610 98
24,153.494 73 -1,558,466 23
15,210.306 85 -161,854 81
8,943,187 88 -1,396,611 42
623,107 27
+48,011 86
8,320,080 61 -1,444,623 28
213,752 30
142,765 17
loss26,667 42 -108811,519 97
1,121,996 84 -115,840 55
54.32220
-12,707 19
1,363,403 92
-259.792 94
9,683,484 53
Deductions from IncomeRentals
1,997,770 87 2,020,228 43
Interest on 1st & Refunding
Mortgage Bonds (1943)_ _ _ 1,223.434 99 1,108,160 00
Int. 40.1st M. Bonds (1917)
350,000 00
350,000 00
InUwal;Deb. Bonds (1916)- -- 558,920 00
558,920 00
Int. on 1st Lien Equipment
Bonds (1922)
433,935 00
435.038 63
Int. on Deb. Bonds (1914)4,000 00
Int. on Divisional Bonds_..
75.000 00
75,000 00
General Int. and Discount_ _ _ 170,430 92
205,160 92
Total Deductions
4,809,541 78 4,756,501 98
1.704.416 22
Gross Income Railroad Department
7.979,068 31
22,457 53
+115.274 99
-1,10363
-1.00000
-34,680 00
+53.033 80
Net Income Railroad Department
3,169,526 53 4,926.976 55 -1,757,450 02
GENERAL:
Miscellttitons Income:
Dividends and Interest on
Securities Owned
13,516 00
13,516 00
Rentals, Real Estate
25,895 51
31,814 21
-11,94370
General Int. and Discount
50,703 42
16,634 56
+34.068 86
Total Income
Taxes Accrued
Net Income General
90.114 93
9,734 33
67.994 77
8.661 56
+22,120.16
+1,072 Ii
80,380 60
59,333 21
+21.04730
Net Income Carried to General
Profit and Loss
4,607,862 56 6,174,735 60 -1,566,873 01
Pere n.e;
. e to Capital Stock_ f 10.84% on
14.53% on
•
142,503,000 00 42,503,000 00
ReceiptsAnnual payments to Trustee, years 1933 to
1914, bath inclusive, at $650,000 pm ye se__ __34,559,010 0")
Interest on cash balances and investments
2511.730 05
Total receipts
34,5,
80 730 05
DisbursementsEquipment acquire:I as follows:
102 locomotives
$2,433,461 28
5 milk cars
15,211 82
1 gas-electric car
25,217 46
1 Pintsch gas transport car
2,319 78
2 gasoline tank cars
1.94445
1 bridge-Ewer:tins car and
trailer
14.531 62
14,0)2 93
1 steam wrecKins crane
1 snowplow
5,040 4 t
23,014 42
22 cabooses
_ _32,531,772 15
Total equipment
-laThine hunlred fifty-seven (357) Tile
ware & Hudson Company Flest Lim Eq,sipment Bonds of 1922 nirch Ise' and retired
(including accrued interest)
362.896 77
Securities and cash in hands of Trustees
1,909,061 13
Total disbursements--------------------------------$4,806,730 05
6
In accordance With,the ordinance
7p
6asseldhonb
as M
eeany91899
and amended on May 10 191J,
accumulated during the year in the Coal Department Sinking Fund.
This has been applied to the purchase of coal lands in the
Wyoming region and to the reimbursement of the Treasury
for advances to The Schuylkill Coal & Iron Company and
the Shanferoke Coal Company for the a2iui3ition of similar
lands in the Schuylkill region.
DIVIDENDS.
On December 31191-4 a dividend for the year 1915 upon
the outstanding $12,503,000 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 stockholders of record on February 25
1915 and payable on March 20 1915.
Two and one-quarter (23) per cent upon the Capital
Stock, in favor only of stockholders of record on May 29
1915 and payable on June 211913.
APR. 17 1915.1
1361
TIIE CHRONICLE
Two and one-quarter (2%) per cent upon the Capital
Stock, in favor only of stockholders of record on August 28
1915 and payable on September 20 1915.
Two and one-quarter (2Yi) per cent upon the Capital
Stock, in favor only of stockholders of record on November 27 1915 and payable on December 20 1915.
COAL MINING DEPARTMENT.
During 1914 this Company mined 7,400,695 long tons of
anthracite, out of a total of 68,342,601, including output of
washeries, produced in the region. This is 230,142 long
tons more than in 1913, notwithstanding that early in 1914
severe storms interfered with operations to the extent of
about 200,000 tons reduction of output. The number of
breaker hours worked was 46,159, a decrease of 193.
The increases shown under General Expenses were caused
chiefly by the demands occasioned by the important cases
before the Inter-State Commerce Commission, by required
compilations of special information desired by that body
and by work undertaken in connection with the Federal
Valuation of railway property.
RAILWAY MAIL PAY.
The conditions under which the mails are carried over
the lines of this system continued to be unsatisfactory, as
they are generally throughout the United States. The
injustice of grossly inadquate returns for these services has
lately been accentuated by the extension of the parcel post,
on January 1 1914, to include fifty pound packages within
the first two zones and twenty pounds for longer distances.
This increase in the weights carried was not accompanied
by any increase in the payments to the railways although
RAILROAD DEPARTMENT.
it has resulted in diverting to the mails a large quantity of
express traffic for which the railways were formerly comOPERATING REVENUES.
pensated, under their -contracts with the express companies,
The decrease in Operating Revenues, as compared with and has, in a smaller degree, even encroached upon the
1913, was $1,558,466 23. The revenue from Coal traffic freight movement. Under the system of payment now in
decreased $592,867 34; the revenue from Merchandise traffic force the payments for the several mail routes operated by
decreased $641,342 81; the revenue from Passenger traffic this Company were fixed, against its protest, for a period
decreased $331,263 20, and the revenue from Miscellaneous of four years beginning with July 1 1913, in accordance with
sources increased $7,007 12.
a weighing conducted during the early months of 1913.
As the parcel post was then just inaugurated, had had little
OPERATING EXPENSES.
time for development, and the maximum weight carried
The decrease in Operating Expenses, as compared with the was eleven pounds, it follows that, unless the law is changed,
year 1913 was $161,854 81. Maintenance of Way and this Company will carry the parcel-post mail until July 1
Structures Expenses decreased $117,249 81; Maintenance of 1917 practically without compensation.
Equipment Expenses decreased $104,290 64; Traffic ExNo action in rectification of railway mail pay has been
penses increased $8,361 32; Transportation Expenses in- taken by Congress. The Joint Congressional Committee
General
Expenses
and
increased
$33,$17,913
47
creased
on Railway Mail Pay, of which former Senator Bourne is
410 85.
Chairman, after an investigation which lasted two years,
The ratio of Operating Expenses to Operating Revenues recommended a new basis of payment, which it stated, would
in 1914 was 66.60 per cent and compares with 62.97 in 1913. add approximately $3,000,000 per year to the mail pay of
CAUSES AFFECTING INCOME.
the railways, and the Committee said:
"We believe our suggested rates are certainly not too high
The report for 1913 contains a statement of the causes
then adversely affecting railway revenues and enhancing from a Governmental standpoint though they may be too
railway expenses. Many of these causes had then recently low from a railroad standpoint."
The Joint Committee also sustained the objections of the
been accentuated and estimates of their effect upon a whole
year's operations were given. Experience has demonstrated railways to quadrennial weighings, to free messenger service,
that these estimates were not excessive. All these causes and to free compartment cars for mail purposes. Notwere in full force during the year 1914. Moreover, the withstanding these facts, the House of Representatives
whole period was characterized by severe depression in the added a "rider", to the measure containing appropriations
general business of the country and, in the territory occupied for the postal service which, if it had become a law, would
by your lines, the weather conditions of the early months of have very materially reduced the mail pay, that the Joint
the year were exceptionally adverse, the cost of removing Committee had reported was already too low Fortunately,
snow and ice being approximately $83,000 greater than the the "rider" was not accepted by the Senate.
' In 1907, by an arbitrary executive Act which reversed the
previous year.
The increase in Transportation Expenses of $17,913 47, practice of forty years, the divisor used to determine the
• in the face of a considerable decline in traffic, is a direct "average daily weight" which is the basis of mail pay on
consequence of the conditions explained in last year's re- every railway was increased from 90 to 105, thus reducing
port, and which are not within the control of the manage- the resulting averages and greatly reducing the mail pay
of all companies. In a decision rendered on May 18 1914,
ment.
The so-called Full-Crew Law of the State of New York in Chicago & Alton Railroad vs. United States, the Court
.was in operation during the entire year, as compared with of Claims of the United States decided that this change was
but four months in 1913, and resulted in an increase in ex- one which the Postmaster General had authority to make.
penses of $77,080 33. During the whole year this statute Appeal from this decision is now pending in the Supreme
added $117,790 83 to the Transportation Expenses of the Court The steps necessary to protect the interests of this
Company. The total cost of compliance with the law, since Company, in case the principle of law involved should be
it became effective on September 1 1913 to the end of 1914, determined favorably to the railroads, have been taken.
INTER-STATE COMMERCE COMMISSION.
was $158,501 33. The cost for eleven roads, including the
principal lines in New York, during the first year that this
The Inter-State Commerce Commission's inquiry concernlaw was in force was $1,149,843 90. In view of this wholly ing rates, rules, regulations and practices in the transportaunnecessary expense,which does not in the slightest measure tion of Anthracite, begun in 1912, continued throughout the
contribute to safety, the President of the railways affected year. Taking testimony was concluded in October, and
have presented to the Governor and the Legislature a peti- briefs were filed and arguments heard during January 1915.
tion for repeal. Three bills, with that object in view, are No decision has yet been announced. In the advanced rate
pending. The cost of compliance with the so-called Full- case, hereinafter referred to, the Commission recognized
Crew Law of Pennsylvania aggregated $37,351 79, as com- the contention that the investment in property devoted to
pared with $40,194 49 for 1913. It is significant that the public use, rather than the par value of stocks and bonds,
people of Missouri, by a referendum vote, recently defeated must be the proper basis for computations intended to test
a similar Full-Crew Law by 324,085 votes against it to only the reasonableness of the returns derived from the services
159,593 in its favor. Attempts to enact similar statutes have rendered. This is obviously sound as earnings result from
failed in the legislatures of Colorado, Delaware, Virginia and the use of assets, earning power is that which gives value to.
Ohio and have been vetoed by Governor Foss of Massachu- assets. Property devoted to public use constitutes assets
setts and Governor Cruce of Oklahoma. A proposed stat- and should therefore be the basis of all computations conute of the same character was referred to the Railroad Com- cerning returns. Stocks and bonds are liabilities. For the
mission of Connecticut by the State Assembly and the for- purpose sof this inquiry the property accounts were re-stated,
mer, in a very strong opinion, condemned it both as to its as far as possible, so as to bring them into conformity with
theory and its consequences if enacted.
the present accounting system prescribed by the Inter-State
In the Report for 1913 reference was made to awards of Commerce Commission, and among the most significant
arbitrators granting increases in rates of pay and modified facts developed in connection with the anthracite inquiry
working conditions to locomotive angineers, effective on was that the combined net operating income (that is, the
May 11912; to locomotive firemen, effective on May 11913, balance left from gross receipts after paying operating exand to conductors and trainmen, effective on October 1 1913. penses and taxes) of all the railways serving the Anthracite
As the outcome of long negotiations with the engineers and region, for the year that ended with June 30 1914, amounted
firemen, relative to the meaning and application of the to only 5.06 per cent of the cost of their property devoted
awards, the Operating Expenses of 1914 include further al- to public use. Since the creation of the Commission there
lowance to them of $23,495 28 on account of services per- have been only nine years in which this ratio has exceeded
formed in 1912 and 1913, which is in addition to the increases seven per cent, while in nine years it fell below six per cent
in expenses for those years stated in former annual reports. and in two years it was only slightly above four per cent.
The award to the firemen, in effect during eight months of This rate of return upon property is lower than it ought to
1913 and the entire year 1914 resulted in a comparative be in the general public interest
increase in expenses of $11,666 12. The award to the conThe Annual Report for 1913 contains a statement of the
ductors and trainmen, in effect during three months of 1913 conditions which led this Company to participate in the
and the entire year 1914 resulted in a comparative increase general five per cent advance in freight rates which was
in expenses of $100,810 10. Increases in rates of pay were then under suspension by the Inter-State Commerce Comalso granted to other classes of employees.
mission. The effort to obtain a partial readjustment of
1362
THE CHRONICLE
tariff rates, in view of the added cost of producing railway
services, has at last been sanctioned, •as to some of the
changes attempted, by a majority of the Commission. A
majority of the Commission at first opposed most of the
changes, and an order canceling the new tariffs was issued,
over the dissent of two Commissioners, on July 29 1914.
Nevertheless, at that time the Commission said:
"In view of a tendency towards a diminishing net operating
income as shown by the facts described we are of opinion
that the net operating income of the railroads in official
classification territory, taken as a whole, is smaller than is
demanded in the interest of both the general public and the
railroads; and it is our duty and our purpose to aid, as far as
we legally may,in the solution of the problem as to the course
that the carriers may pursue to meet the situation." 31
I. C. C., pp. 351-384.
This proceeding was reopened by an order of the Commission, entered on September 19 1914, and further hearings
were granted, at which the carriers produced testimony
covering their operations during the period subsequent to
the former closing of the case, on May 29 1914, and relating
to the financial consequences of the European war. Concerning these data, the Commission said:
"These, figures serve to emphasize our previous finding
of the needs of carriers in official classification territory,
taken as a whole, for increased net revenue." 32 I. C. C.,
pp. 325-327.
The majority of the Commission concluded that these
conditions justified the proposed advances on all freight
traffic except (1) rail and lake traffic, (2) bituminous coal
and coke, (3) anthracite and iron ore, and (4) rates controlled by unexpired orders of the Commission. The commodities thus excluded form a very substantial part of the
traffic carried by the Delaware & Hudson Company. Estimates based on the traffic handled during the year that
ended with October 1914, excluding State traffic to which
the action of the Inter-State Commerce Commission does
not directly apply, show that in 1914 $13,851,634 of a total
revenue of $18,941,192 came from the excepted classes,
leaving $5,089,558 with reference to which rates have been
advanced. Assuming that the increase is exactly five per
cent, the additional revenue accruing to this Company
would be $254,478. This is equivalent to about one-fourth
of one per cent on the total cash invested in its property
devoted to public use. A subsequent order of the Commission, in recognition of the relationship of the rates to
and from various points and districts, gave permission to
increase certain rates a trifle more than five per cent where
necessary to preserve the relationships of the existing rate
structure. This, however, will not substantially increase
the additional revenue produced by the advance. The
tariffs providing for tile advance on inter-State traffic became effective on January 15 and February 23 1915.
In its opinion of July 29.1914, rendered in connection with
the original order canceling the proposed advances, the
Commission recommended to the carriers certain expedients
for increasing net revenues. Effort to apply these suggestions has been made and has in some instances resulted
in adverse action by State authorities. So far as they are
applicable to this Company, however, it is estimated that,
including the increase in the price of mileage tickets from two
to two and one-quarter cents per mile and the withdrawal
of round-trip passenger rates already in effect, they can be
made to produce approximately $130,000 per annum or
about one-eighth of one per cent upon the property of this
System devoted to public use.
The Federal valuation of railways in charge of the InterState Commerce Commission is proceeding slowly and the
great difficulties and tremendous expense, both to the
Government and to the railways are becoming increasingly
ap.parent. The estimates given to the Committee on Appropriations of the House of Representatives by the Director
of Valuations, in charge of the work of the Commission,
indicates a cost to the Government of from $18,000,000 to
$21,000,000 and a minimum time for the completion of the
task of not less than four years from July 1 1915. The same
authority indicates a cost to the railways greatly in excess of
the cost to the Government. He advised the Committee
that a particular road "which is poor and cannot afford it,
has been obliged to do a great deal of work and is laying out
a great deal of money", actually spending, for the purposes
The Financial Review for 1915, issued by the publishers
of the "Commercial and Financial Chronicle," is now ready
for distribution. It is an invaluable book (360 pages) for
reference throughout the year.
Some of the contents are as follows:
Retrospect of 1914, giving a comprehensive review of the business of that
year, with statistics in each department, financial and comidercial.
Bank Clearings in 1914, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange In each of the
past 20 years.
Securities listed on the New York Stock Exchange In 1914, with statistics for a series of years.
Call money rates daily in 1914.
Money rates by weeks for past three years on all classes of loans.
Weekly statements in 1914 for Banks and Trust Companies.
Crop statistics for a series of years.
Iron and Coal—Proditction for a series of years.
Gold and Silver—Production for a series of years and Monthly Range
of Price of Silver in London from 1837 to 1914, inclusive.
Building Operation Statistics. United States and Canada. comparison
for a series of years.
Comparative prices of Merchandlsa for a series of years.
Great Britain—Review of commercial and financial affairs, with comparative statistics.
[Vol-
100.
of the valuation, at the rate of "one hundred dollars a mile."
The estimates given when legislation providing for this work
was pending were about one-eighth of the amount, which is
now admitted as the expense to the Government alone.
It is probable that the work would never ha,vee benn authorized if Congress had been advised that the cost would even
approximate the amounts that are now certain to be required. A Presidents' Conference Committee, a Committee
of Engineers and a Committee of Financial History and
Accounts have been organized by the railways and are cooperating satisfactorily with the Valuation Board established
by the Commission. The latter has completed inventories
of four roads, none of them of the largest,'but valuations
have not yet been placed upon the different units of the
property embraced, much less upon any of these railways as
an entirety. This Company has found it desirable to undertake an examination of the records of its long existence and
a considerable amount of field work in order to protect its
interests in the valuation. This work is progressing satisfactorily.
The net changes in the property accounts on account of
Additions and Betterments to the Company's railroad during
the year amounted to $1,820,738 87.
GENERAL REMARKS.
On July 1 1914 the Workmen's Compensation law became
effective in the State of New York. It provides for death
benefits and compensation to employees during disability
due to injuries received in their employment. The extent
to which this Company's railway traffic is inter-State renders it unlikely that it will be materially affected. Suitable
provision has been made by the allied traction lines, hotels
and other companies affected whereby they have become
self-insurers, as provided under the Act, having made the
required deposits with the Commission as a guaranty of
compliance with the Act.
Public attention cannot be too forcibly directed to the
increasing difficulties under which the most solvent railways
must compete for the capital necessary for their continued
development to keep pace with the forward strides of general
industry. So far as this competition is with States and
municipalities, it has recently become more intense by reason of the advancing rates offered and the freedom of such
investments from the Federal income tax and the inquisitorial features attending its enforcement, while, so far as
it is with manufacturing or industrial corporations, the same
effect has sprung from the longer establishment and enhanced
stability of the issuing corporations. The public offerings
of State and municipal bonds, exclusive of those taken for
the sinking fund of New York City, increased from $143,590,868 in 1902 to $383,150,828 in 1912, and the aggregate
annual issue of such bonds paying four per cent or higher
increased during the same period from less than $60,000,000
to substantially $380,000,000. Not only do these issues
compete with those of railways for the share of the limited
investment fund reguired by the latter, but the augmented
governmental activities that they suggest tend to increase
the general burdens of taxation, of which so disproportionately largo a share is invariably imposed upon the railways. It is not surprising, therefore, that from 1902 to
1914 the annual taxes paid by American railways increased
from $54,465,437 to $150,371,100. Many, however, may
not have realized that in 1914 the various taxing authorities
demanded and collected $38 26 out of every $100 00 which
the railways had left out of their operating gross receipts
after the payment of wages, other operating expenses and
interest on indebtedness, as against $15 92 out of every
$100 00 in 1902, or that in the later year the railways paid
$2 39 in taxes for every dollar which they paid twelve years
earlier. Especially in view of the drain upon the world's
resources that is attending the great European war and
that is likely to continue long after that war has closed,
these facts ought to receive earnest thought. They indicate
a great necessity and a groat opportunity for unselfish, unprejudiced and constructive statesmanship.
By order of the Board of Managers,
L. F. LOREE,
President.
(Comparative statistics of operation, revenue, charges, &c., will
tra found under "Annual Reports on a previous page.)
Foreign Exchange—Daily Prices In New York in 1914.
Bank or England weekly stueintont,s
I. and the changes In the
Bank rate for a series of years: :Lisa money rates in Coatinental
Government Bonda—NIunthly Range since 1860 and Debt Statement for
each year since 1793.
State Bonds—Record of prices since 1860.
Foreign Government Securities—Range of Prices monthly on New York
dhaanng3 for
Stocknil
tea.respi
. Bonds and Stocks—Monthly Range. of
ti!vellayie
Railroad
Prices for five years in New York and for one year in Boston. Philadelphia
and Baltimore.
Exports and imports for a series of years
Stock Qnotations During period when Stook Exchange was closed.
Railroad and Industrial Dividend,. 1905-1914.
Doseription of Railroad and Industrial Securities, Record of Earnings,
Dividends, Railroad Construction. Total Mileage, Capitalization, Passenger
and Freight and other statistics for a series of years.
The price of the Review, bound in cloth, is $2 25. Parties
desiring ten or more copies can have their names stamped on
the covers, in gilt, at reduced prices. Publishers, William B.
Dana Co., 138 Front Street, New York. Copies may also
be had from Geo. M. Shepherd, 513 Monadnock Block,
Chicago; Edwards & Smith, 1 Drapers Gardens, London.
API?, 17 1915.1
1 363
THE CHRONICLE
SLOSS-SHEFFIELD STEEL & IRON COMPANY
FIFTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING NOVEMBER 30 1914.
PRESIDENT'S REPORT.
To the Stockholders of the Sloss-Sheffield Steel & Iron Co.The course of the iron market during the period covered by
your fiscal year was certainly very disappointing to all parties
interested, for, with the exception of a temporary spurt in the
demand for iron during the summer, there was a gradual decline both in demand and prices throughout the year, and
your fiscal year closed with the demand and prices the lowest
of the year. Hoping (and there seemed to be a reasonable
basis for the hope) that we would have an improved market
after the first effects of the war were spent, we delined to
meet the very low prices that were being made, in many
instances because of the financial necessities of the companies, and at the close of the fiscal year we had accumulated
over 147,000 tons of iron on our furnace yards. As no profit
on iron is credited until it is shipped, this accumulation of
iron reduced the profits for the year and caused us to create
a considerable floating debt. While the profits were not
satisfactory., they compare most favorably with many other
companies in the same line of business whose reports have
been published.
Your Board of Directors,believing that the full dividend
had been earned on the preferred stock for the year, and that
the stockholder was entitled to it, and at the same time wishing, as far as possible, to conserve its cash resources, owing
to the heavy accumulation of iron on its yards, directed that
the quarterly dividend of January 1915 be paid in scrip bearing six per cent interest, to be redeemed within one year from
the date of issue.
While the financial end of the business has been unsatisfactory, the physical operations of the Company show marked
improvement, especially in the production of iron and reduction in cost, which was most marked during the last half of
the year; while the cost of coal, iron ore and coke all showed
a reduction in cost.
Although the average furnace capacity in operation during
the year was considerably below the average for the last nine
years, the production of iron was the largest of any year
during that period, except one, during which year we were
working at practically full capacity throughout the year;
and the cost was very materially reduced.
Considerable of the improvement shown in the operations
of the Company can be traced to the large sums expended
during this and the previous year at some of the Company's
most important plants on improv meats, which were completed during the last fiscal year. The large amount spent
on improvements of your property, together with the accumulation of iron and an important accounts receivable, which,
for the present,is tied up and unavailable, must account for
the large floating debt, as shown on the annexed statement.
This debt will be liquidated very rapidly .as soon as iron
begins to move freely from our furnaces.
IRON ORE MINES.
The production of iron ore at your Sloss mines was increased 95,000 tons, following a substantial increase in 1913,
and the cost was reduced eight cents a ton.
Having no use for the ore, the Irondale mines were closed
down for the greater part of the year, so that the production
was reduced 69,000 tons, but the cost was also reduced
twenty cents a ton.
The washers at Russellville made an increase in output of
brown ore during the year of 83,000 tons, and the cost was
reduced twelve cents a ton. When the iron market justifies
it, and we can put in even a third furnace, it is our belief
that the cost may be still further considerably reduced.
The various stores of the company made a satisfactory
showing of earnings for the year; but the Company's rent
rolls show a decrease in income of over $7,000, due to some of
the coal and ore mines having been closed down and the
miners allowed free rent.
For the particulars of operation you are referred to the
statements annexed.
J. C. MABEN,President.
Birmingham, Ala., March 1915.
BALANCE SHEET.
SLOSS-SHEFFIELD STEEL & IRON COMPANY, FISCAL YEAR
ENDING NOVEMBER 30 1914.
RESOURCES.
$22,618,137 57
Property Account
244,320 11
Treasury Securities
397,007 07
Stocks and Bonds of other Companies
890,655 27
Cash, Bills and Accounts Receivable
Supplies. Raw and Finished Materials at cost
1,509,727 82
Stoc in Company's stores and warehouses, at cost
70,006 43
195,884 27
Extraordinary Repair and Renewal Accounts
6,180 60
Insurance and Taxes unexpired
$25,931,919 14
LIABILITIES.
Capital Stock, Preferred
Common
"
$6,700.000
10,000,000
$16,70 ,000 00
Sloss Iron & Steel CompanyMortgage 6% Bonds 1920
Mortgage43% Bonds 1918
$2,000,000
2,000,000
Current AccountsAccounts payable (current month)
Pay Rolls (current month) after deducting checks issued_ _ _ _
Bills Payable
Profit and Loss
4,000,000 00
488,511 18
46.709 41
1,339,145 15
3,357,553 40
$25,931,919 14
STATEMENT SHOWING EARNINGS.
SLOSS-SHEFFIELD STEEL & IRON COMPANY, FOR FISCAL
YEAR ENDING NOVEMBER 30 1914.
Profit on Pig Iron shippedAfter charges for depreciation on coal and iron ore and
thirty-five cents ($0 35) per ton profit on coke manu$327,467 39
factured
92,781 35
Profit on coal after charge,for depreciation
164,391 27
Profit on coke
80 43
Profit on ore sold
Rents (after deducting repairs), Royalties, Stores and other
243,593 43
revenues
15.291 70
Dividends on Treasury Stocks, &c
FURNACES.
At no time during the year were over four furnaces in
blast, and towards the close of the fiscal year, owing to the
large accumulation of iron on the Company's yards, two of the
$843,665 57
Deductionfour furnaces were blown out. The two furnaces in operation,
$3,384 05
General Expense not charged in Cost Sheets
however, are producing as much iron as was produced by Taxes
67,3,2 63
and License
45,709 48
three furnaces during the previous year. Of the idle fur- IntereA and Exchange
143,466 16
naces, two are now ready to be put into blast when the iron
$709.139 41
market justifies it; one is having its top lining repaired and
210,0 00
will-be ready in thirty days and another can be gotten ready Year's Bond Interest
$4.90,139 41
in sixty days. The seventh furnace will require a consider469,000 00
able expenditure of money and time to re-fit it. Notwith- Dividends Paid on Preferred Stock
standing the large amount of idle labor in the disctrict, both
$21,139 41
Surplus after Dividend
miners and furnace men, no reduction has been made in the
price of labor, so that no part of the reduction in cost at our
WORKING CAPITAL.
various plants is due to that.
NOVEMBER 30 1914.
$89.),655 27
COAL MINES.
Cash, Bills and Accounts Receivable
1,426.530 99
Finislnd Material on hand, at cost
and
Raw
Notwithstanding the increased capacity of your coal mines, Merchandise and Supplies in Company's stores and ware(cost)153,20326
houses
referred to in last year's annual report, coal is the only com6.180 60
and Taxes, unexpired
modity produced by the Company which shows a decrease in Insurance
513.750 00
Treasury Securities, Stocks and Bonds, at market value,._ _
output during the year-the decrease being about 42,000
$2.990,320 12
tons. This was due, howefver, entirely to the heavy curContraPayalle (curreni actailment of consumption by railroads, manufacturing plants, Pay Rolls and Accounts
counts), including accrued interest on bonds,
&c.-some of the railroads with which the company had
$535,220 59
unadjusted freights, supplies, .kc
1 339.145 15
yearly contracts having reduced their consumption to less Bills Payable
$1,874,365 74
than fifty per cent of the minimum amounts called for in
$1,115,954 38
their contracts with this company; so that some of the mines Balance Working Capital in business
have been entirely closed down and others have been working
about three days in a week. Notwithstanding this decrease COMPARATIVE STATEMENT SHOWING GROSS
in the output of coal, and the fact that no reduction was RECEIPTS, EXPENDITURES AND NET SURPLUS.
made in the pay of the laborers, the cost of coal was some- FOR YEARS ENDING NOVEMBER 30 1913 AND NOV. 30 1914.
1913.
1914.
what reduced, and the profit per ton was increased five cents.
$4,708,655 $5,326,554
Sales and Earnings
A very satisfactory reduction in the cost of coke was also Gross
3.947.328
4,305,723
Operating Expenses, Taxes, Maintenance, &c
in
depression
this trade the profits
made, and despite the
$761,327 $1 020,831
from this source show a gain of over $38,000.
210,000
210,000
Top
,to
Flat
at
which reference was Fixed Charges
The large coal washer
$810.831
$551,327
Balance
when
report,
the
hope
was
expressed
made in the last annual
132,365
61,188
Depreciation
that it would be in operation by June last, is WU in an in$678,466
$490,139
much
contractors
given
having
us
complete state, the
469,000
469,000
trouble. It is now expected that it will be in full operation Dividends
$209.466
121.139
Dividends
after
Surplus
April.
by the first of
1364
THE CHRONICLE
[VOL. loo.
PETROLEUM has been steady; refined in barrels
7.50@8.50c.; bulk 4@5c.; cases 10 ®11c. Naphtha, 73 to
76 degrees, in 100-gallon drums, 233/2c.; drums $8 50 extra.
Gasoline, 86 degrees, 26c.; 74 to 76 degrees, 22@24c.; 67
COMMERCIAL EPITOME
to 70 degrees, 22c. Crude prices have been steady. Toledo
Friday Night, April 16 1915.
advices
that very few completions are reported in the
A gradual expansion of trade continues. Sentiment is Central state
West. The weather is better, but operators are
more cheerful. Every one is beginning to realize what an slow in beginning new work. Prices are as follows:
incubus Congress was now that business is taking new heart Pennsylvania dark $1 35 Corning
83c Somerset, 32 deg__ 80c.
Second sand
1 35 Wooster
*110 Ragland
62c.
with that body out of the way. The weather has been better Tiona
86c. Illinois, above 30
1 35 North Lima
degrees
83c.
97 South Lima
84c.
for trade. A certain increase of confidence radiates from Cabell
Mercer black
97 Indiana
78c. Kansas and Oklaan active and rising stock market. Commercial paper sells New Castle
97 Princeton
homa
84c.
40c.
TOBACCO has been quiet but steady. Sumatra is firm,
more readily. Money is easy and more gold is coming from
Canada. Financial recovery from the effects of the war is but is not selling freely. The new samples are of satisquality, but they are held at high quotations. The
more rapid than the recovery in general trade, though re- factory
next inscription will be on April 23rd. There is a
busicovery is noticeable there also. Collections, while still slow, ness doing in Cuban leaf at firm prices. Domesticfair
tobacco
are better. Grain and cotton have advanced; so have many sells slowly, partly owing to the reduced consumption of
other commodities. Exports of wheat and corn continue cigars. On the other hand, manufacturers' supplies are
to far outrun those of last year. Great Britain has decided generally believed to be rather small. Wool is easier with
not to class cotton as contraband. Recent foreign purchases very large arrivals.
COPPER has advanced rather sharply. Lake has latterly
of iron and steel have been extensive. Sales of cotton goods
been quoted at 17 to 173/2 and electrolytic at 16%c. to.
are large at rising prices. Crop advices from the winter- 16Nc. London prices have
been steadily rising, partly on
wheat belt are generally favorable. War orders for various persistent speculation; copper shares have been rising.
articles are still large. Unemployment continues to decrease sharply in this country on big trading. The demand in this
and building operations are more active. Various other country has been evidently increasing. Tin has risen to
industries are busier. On the other hand, it is well to bear 56 cents, partly because shipments are hampered by reof the English Government to prevent tin shipin mind that the recovery in domestic trade is not rapid. strictions
ments to Germany or Austria. The price is 54c. now.
Failures are somewhat more numerous. Headlong stock A committee of the Metal Exchange has latterly been in
speculation is viewed with some misgivings in conservative Washington conferring with Sir Richard Crawford, special
circles. In the Far Northwest the lumber industry is still representative of the English Government, looking to some
depressed. Ocean freights remain scarce and dear. There modification of the restrictions whereby tin can be imported into the United States more readily. Lead 4.173c.;
is less talk of an early peace. But, as already intimated, the spelter
1030. New buying in steel is not so large as was
feeling is gradually becoming more cheerful in the United generally supposed. The consumption, it is true, is on a
States. The rise during the past week in the price of "seats" liberal scale. In the last six weeks export sales have increased
at the New York Stock Exchange, the New York Cotton very noticeably. Just now prices, on the whole, look
Exchange, the Coffee Exchange, &c., is believed to be a sign steadier than many had expected they would at this time.
and bars are at 1.20c, Pittsburgh, with sales
of the times, a sign that the country is emerging from one Plate shapes
on this basis of bars and shapes. Though it is true, that
of the gloomiest periods of its history into a better epoch.
also been made at 1.15c. and plates have
LARD has been in moderate demand; prime Western 10c., some sales have
at 1.100. Pittsburgh. Yet the feeling in the iron
refined for the Continent 10.80c., South America 11c., been sold undoubtedly
more hopeful. Better things are
Brazil 12c. Lard futures declined for a time and then rallied. trade is
on. No. 2 Southern iron $9 25 Birmingham.
Packers have been sellers, but the rise in wheat and rather expected later
stronger hog markets have not been without their effect.
Speculation, however,is not active. To-day prices advanced
COTTON
a little and then reacted. Milwaukee interests were said to
Friday Night, April 16, 1915.
be selling at Chicago.
THE MOVEMENT OF THE CROP,as indicated by our
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
telegrams from the South to-night, is given below. For the
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
week ending this evening the total receipts have reached
cts_10.27
Miy delivery
10.22
10.12
10.17
10.12
10.07
July delivery
10.57
10.50
10.37
10.42
10.37
181,379 bales, against 177,149 bales last week and 232,229
10.32
September delivery_ _ _ _10.82
10.72
10.62
10.67
10.62
10.60
bales the previous week, making the total receipts
PORK has been steady; mess $19@$22, clear $20@$22, Aug. 1 1914 9,393,313 bales, against 9,814,274 bales forsince
the
family $21(023. Beef, mess $18 50(4419, packet $19@$20, same period of 1913-14, showing a decrease since Aug. 1 1914
$20@$21,
extra India mess $33@$34. Cut meats un- of 417,901 bales.
family
changed; pickled hams, 10 to 20 lbs., 107
/
3@12c.; pickled bellbs.,
lies, 6 to 12
Mon. Tues.
12M©133/
Wed. Thurs. I Fri.
Sc. Butter, creamery extras
Sat.
Total.
Cheese,
@32c.
State whole milk held colored specials
31 M
9,049 6,781 17,037 7,322 9,764 8,178 58,131
Galveston
Eggs,
Yic.
fresh-ga
17@17
thered extras 23c.
4,351
Texas City
1.825 6.176
COFFEE has been quiet. But there has been no great Port Arthur_ _ _ _
_§,_, .
Pass, &c
894
pressure to sell May, and Brazilian markets have been Aransas
New Orleans.. _ _ _
3:1561 9-,071 11-,50 4:45i 5-,02-7 4,855 38,445
steady.
No.
7
Rio,
pretty
on the spot, 7%@77
278
169
454
230
239
4c.; No. 4 Mobile
15 1,385
Pensacola
Santos 10 ©10Mc.,fair to good Cucuta 103/
2 ©11c. Specu- Jacksonville,
-NO
-695
lation in futures lags. Other things attract more attention Savannah &c_ 3,429 4.059 7,146 4,518 3,499 3,085
25.736
_
8,000 8,000
for the time being. Rio exchange has been at 12 11-16d. Brunswick
Charleston
'MI'
2;716
,1'
843
,22
1
17,469
Receipts at primary points are liberal. To-day prices ad- Georgetown _ _ _ _ -815
-tiAi 2:446 ei,955
Wilmington --- -'igi
-8
62 1,294
- 8-8
vanced. Closing quotations for future were as follows:
Norfolk
2,710 4,703 2,131 1,810 1,290 1,371
The Tomutertial Times.
April
May
June
July
6.0116.03
6.01 6.03
6 08 6.10
7.1807.20
August
7.25@7.27 December _ _ _7.49 7.50
September _ 7.3i5_
January........7.54®7.55
October
7.40®7.41 February
_7.59 7.60
November _7.4507.46 March
7.6507.66
Newp't News,&c
New York
Boston
Baltimore
Philadelphia_ _ - _
14,024
----186
---1",480
--To
851
-166
1,674
:;;;
1,185
3,ig ' 414
1,307 6,653
3,147 3,147
54
84
6
21
---------SUGAR rallied to 4.89e. for centrigfugal, 93-degrees test
and 4.12c. for 89-degrees test molasses. Cost and freight 4c. Totals this week_ 24.884 28,888 40,474 24,075 22,689: 40.380 1R1.370
This was due partly to vigorous speculative buying of Cuban
The following shows the week's total receipts, the total
sugar; also Europe has bought more freely. Moreover, the
weather in Cuba has been unsettled and scattered rains have since Aug. 1 1914 and the stocks to-night, compared with
been reported. The trouble is, too, that this tends to re- last year:
tard receipts already much smaller than those of a yew-ago.
1914-15.
1913-14.
Stock.
It confirms many in the belief in a noteworthy decrease in
Receipts to
This Since Aug This Since Aug
the crop. Yet refiners have not been large buyers; quite
April 16.
11914.
I
Week.
1Veek.
11913.
1915.
1914.
the contrary. The arrivals at Atlantic ports have been large,
i. e., 113,138 tons, against 54,140 tons in the previous week, Galveston
58.131 3,679.045 36,310 3,337,835 405,175 241,488
491,147
6,176
920 466,449
City
6.809
93,072 last year and 48,804 in 1913. This brought about a TexasArthur
68.757
48,159
1
40,245
considerable increase in stocks. Sugar futures have ad- Port
50,166
5941
Aransas Pass,&c_
468 145,276
2,778
1,609,663
38,445
vanced. Refined has been in better foreign demand. Greece New Orleans _ _ _ _ 1,385., 152,299 27,868 1,670,792 361,781 153,054
Mobile
6,703 394,711
32,537
31.783
has been buying. Granulated 5.90c. To-day prices were Pensacola
1
65,194
147,468
999' 30,106
Jacksonville, &c_
lower.
103
28,883
181
468
25,736 1,637,551 14,478 1,720,076 138,716
Savannah
68,596
Closing quotations for sugar futures were as follows:
8,000 192,808
Brunswick
300 292,892
3,000
22,000
April
May
June
July
3.8413.86 August
4.0304.05 December _ _3.83 3.90
3.89 3.911September 4.084.09 January - _ _3.75 3.76
3.93 3.9410ctober
4.07®4.08 February
_3.7363.75
3.93(03.991November ..3.97©3.98
Charleston
Georgetown
W lmington
Norfolk
N'port News,&c_
New York
Boston
Baltimore
Philadelphia
7,4691 384,842
1,613
6,933 246,630
14,0241 520,771
3,2871 134.174
316' 17.454
6,6531 60,036
3,147
72,578
84,
2,077
3,190
416,189
89,654
10,379
2,649
4,944
3,884
85
559
958
391,703
527,659
112,862
5,941
15.823
88,729
1,741
57,148
70,035
26,321
37.788
OILS.-Linseed steady; City raw, American seed, 62c.;
179,492 121,988
boiled 63c.; Calcutta 70c. Cocoanut oil steady; Cochin
11,339
12,608
3.699
9,662
13@14c.- Ceylon 103
4@He.; olive 92 ©95c. Castor 9©
5.597
3,191
934c. Palm 11 @12c. for Lagos. Cod, domestic, 41 @42c.
181,379 9,396,313 103,419 9,814,274 1,454,002 722,022
Totals
Cottonseed oil easier at 6.60c. for winter and summer white.
Corn steady at 6.26(46.31c. Spirits of turpentine 483'c.
In order that comparison may be made with other years,
Common to good strained rosin $3 55.
we give below the totals at leading ports for six seasons:,
THE CHRONICLE
APR. 17 1915.1
1911.
1910.
1912.
1913.
1914.
1915.
58,131 36,310 24,792 28,804 20,306 26,368
806 11,918
6,770
1,388
38,445 27,868 24,246 16,282 13,522 21,880
500
795
2,940
4,942
1,385
6,703
8,613
9,356
25,736 14,478 16,405 19,346
1,000
1,750
2,050
300
8,000
433
2,565
2,013
2,204
3,190
7,469
1,111
1,065
4,716
5,153
2,649
6,933
3,251 13,469
6,593 10,691
4,944
14,024
1,382
327
3,287
3,884
7,573
1,816
7,227
1,577
11,199
1,705
89,095 105,319 51,544 83,829
Total this wk. 181,379 103,419
Since Aug. 1_ 9,396,313 9.814,274 9,128.120 11262898 8.151,668 6,760,109
Receipts at-1
Galveston _ _ _1
Texas City,&c
New Orleans.
Mobile
Savannah
Brunswick_ _ _
Charleston,&c
Wilmington.._
Norfolk
N'port N.,&c.
All others_ _ _ _
The exports for the week ending this evening reach a total
of 167,397 bales, of which 87,476 were to Great Britain,
1,403 to France and 78,518 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
Week ending April 16 1915.
Exported to-
From Aug. 1 1914 to April 16 1915.
Exported to-
Exports
Great
ContiGreat
Britain. France. nail. Total. Britain.
Galveston__ 31,815
Texas City_
Port Arthur
Ar. Pass,dm
NewOrleans 23,650
Mobile __ -- 9,366
Pensacola..
Savannah__ 13,780
Brunswick _
Charleston _
Wilmington 3,800
Norfolk____
New York
688
Boston __- 5,047
Baltimore...
Philadel'a._
Porti'd, Me.
San Fran__
Pt.Towns'd
PembinaTotal__ 87,476
Tot. '13 '14 22,567
22,114 53,929 1,082,545
100
370,771
1
42,872
16,513 39,513
____ 9,366
1.403
656,038
67.631
39,138
17,345 31,105 361,881
131,446
56,844
3,800 44,974
17,887
10,1615 12,491 50,469
63,015
56 5,103
36,062
28,805
1,167
581
581
11,409 11,409
France.
Continent.
Total.
255,349 1,214,774 2,552,668
37,962 408,733
400 43,272
618
618
120,600 434,658 1,211,296
837
68,468
25,50•
40
65,038
72,387 718,648 1,152,916
11,247
13,103 155,796
174,575 231,419
13,119
92,528 150,621
64,235
46,348
12,204 279,815 342,488
67,323
4,308
44,212
1,60
6,550
4,291
33,096
1,167
131,821 131,821
174,468 174,468
1,614
1,614
1,403 78,518 167,397 3,051,545 516,956 3,332,768 6,901,269
_- - -1,212 72,013 95,792 3,076,104 1,006,768 3,939,3328,022,204
Note.-New York exports since Aug. 1 include 6,714 bales Peruvian and 25 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico..
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forGreat
GerOther CoastApril 16 at- Britain. France. many. Foreign wise.
New Orleans..
Galveston _ _ _ _
Savannah ___ _
Charleston_ _ _ _
16,161 9,313
72,632 13,289
Mobile
13,8413
Norfolk
2,900
New York_ _ _ _
Other ports_ _ _ 6;666
25,856
23,446
6-,000
-166
--__
4,000
8,000
Total.
Leaving
Stock.
1,6231 52,953 308,828
4,500 113,867 291,308
1,800 1,800 136,916
___- 6,000 83,654
350! 14,096 18,441
27,300 30,200 39,835
____ 4,000
____ 14,000
175,492
162,612
100 67,302. 35,573 236,916 1,217,086
Total 1915 111,339 22,602
Total1914.. 42,299 6,944 50,895 29,079! 27,538 156,755 565,267
48,646 7,600 28,904 33,860 25,970 144,980 509,520
Total 1913
Speculation in cotton for future delivery has been on a fair
scale and new high records for this movement have been
reached. Peace talk early in the week had more or less effect.
Also, there was a good spot demand in Liverpool. The sales
there much of the time have been 10,000 to 12,000 bales a
day. Exports, moreover, have shown some signs of increasing. England gives up the idea of making cotton contraband. That is expected to result in a larger efflux of cotton
from this country in the present month than would otherwise
have been the case. The firmness of May attracted attention. Large spot interests have been steady buyers of May
and October during much of the week. Wall Street and
Western houses, as well as New Orleans, have bought more
or less persistently. Then the Census Bureau figures, showing the consumption during March, were unexpectedly large.
Moreover, the activity and strength of the stock market has
been a distinct and bracing influence. The first weekly
weather report issued by the Government this year showed
that the season nearly everywhere is behind, though
preparations for cotton planting are progressing, and some
cotton has been planted in the more southerly districts of the
belt. In Georgia the season is reported to be very backward and in the Carolinas two weeks late. Rain is needed
in Southern and Southwestern Texas as well as in Louisiana,
Alabama and Tennessee. But, on the other hand, the market has for brief spells acted rather tired after the recent very
marked advance. Southern holders, notably those in Alabama, have now and then sold futures on a largo scale.
Liverpool and the Continent have also sold here to some
extent. Of late, too, the weather has been better at the
South. Exports at times have been very small. Latterly
there has been less talk of peace. Meantime the New York
stock is rapidly increasing. It is now the largest at this time
1365
for many years past, reaching 179,492 bales. Latterly.the
Atlantic markets have been offering cotton here at 20 points
under May. It is now said to pay well to hedge in New York
against holdings at the South. Differences between New
York and Liverpool on May here and May-June there have
been only about 150 points. They ought to be,it is declared,
at least 250 points. The stock here is increasing so rapidly
that additional warehouses are being licensed. Not a few
believe that the New York stock is destined to reach very
large proportions in a few months, perhaps nearly double
what it is now. On Thursday an official of the National
Ginners' Association announced that the average decreae
in the acreage will not be over 14%. Many believe that the
rise has been too rapid and that it is bound to cause a larger
acreage and use of fertilizers than was expected some,time
ago when the price was nearly $10 a bale cheaper. Itis believed that $10 a bale makes a big difference to Southern
farmers, who have always raised cotton and understand raising that far better than they do anything else. But bullish
sentiment has predominated. To-day prices advanced.
though Liverpool sold freely. Wall Street houses, sold-out
bulls, and spot concerns here at the South were buying.
Forwardings from Liverpool to spinners for the week reached
133,000 bales, the largest in a long time. Manchester
however, reported that advancing prices were checking business. Spot cotton closed at 10.30c. for middling uplands,
showing an advance for the week of 30 points.
The following averages of the differences between grades,
as figured from the April 15 quotations of the nine markets,
designated by the Secretary of Agriculture, are the differences established for deliveries in the New York market on
April 22.
Middling fair
1.05 on
Strict good middling
0.79 on
Good middling
0.55 on
Strict middling
0.28 on
Strict low middling
0.46 off
Low middling
1.01 off
Strict good ordinary
1.61 off
Good ordinary
2.17 off
Strict good mid."yellow" tinged_0.39 on
Good middling "yellow" tinged.0.03 on
Strict middling "yellow" tinge<1.0.20 off
0.50 off
Middling "yellow" tinged
Strict low mid. "yellow" tinged_1.00 off
Low middling "yellow" tinged__1.62 off
0.84 off
Middling "blue" tinged
Strict low mid. "blue" tinged___1.23 of
Low middling "blue" tinged____1.80 off
1.16 of
Middling "stained"
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 10 to April 16Sat. Mon. Tues. Wed. Thurs, Fri.
Middling uplands
10.15 10.10 10.15 10.15 10.15 10.30
NEW YORK QUOTATIONS FOR '32 YEARS.
The quotations for middling upland at New York on
April 16 for each of the past 32 years have been as follows:
11.15 1899_c
6.12 1891_c
10.30 1907_c
8.94
1915_c
6.31 1890
11.80 1898
13.10 1906
11.75
1914
7.85 1897
7.44 1889
1913
12.40 1905
10.69
14.40 1896
7.94 1888
1912
11.70 1904
9.75
6.81 1887
1911'
10.50 1895
10.62
14.85 1903
9.31 1894
7.56 1886
1910
9.25
15.25 1902
8.31 1893
8.12 1885
1909
10.60 1901
11.00
7.12 1884
9.90 1900
11.94
1908
9.88 1892
MARKET AND SALES AT NEW YORK. •
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday__:_
Monday.
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures.
Market
Closed.
Steady, 15 pts. adv_ Steady
Quiet, 5 pts. dee_ _ _ Steady
Quiet. 5 pts. adv. Steady
Barely steady..
Quiet
Strong
Quiet
Steady, 15 pts.adv.. Steady
SALES.
Spot. Contr'ct Total.
'111
25
ill
25
136
136
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Total_
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 10. April 12. April 13. April 14. April 15. April 16.
AprilRange
Closing_
Week.
9.75 ------- 9.75 -9.73 - 9.64 - 9.73 - 9.65 - 9.80 - 9.90 ----
May9.82-.94 9.80-.96 9.71-.91 9.84-.97 9.85-.95 9.94-.07 9.71-.37
Range
9.87-.89 9.79-.80 9.88-.89 9.80-.82 9.95-.96 10.00-.02--Closing_ July10.13-.24 10.07-.27 10.04-.'21 10.09-.25 10.14-.25 10.23-.36 10.04-.36
Range
10.17-.18 10.11-.12 10.18-.19 10.09-.10 10.24-.2,5 10.28-.29--Closing_
August10.20
10.30-.31
10.20-.31
Range
Closing_ ___ 10.29-.31 10.24-.26 10.31-.33 10.23-.25 10.37-.39 10.41-.43--SeptemberRange
Closing.... 10.39-.41 10.34-.36 10.41-.43 10.33-.35 10.47-.49 10.51-.53--October10.52-.65 10.50-.69 10.44-.63 10.52-.68 10.54-.67 10.64-.77 10.44-.77
Range
10.56-.58 10.53-.54 10.60-.61 10.52-.53 10.66-.67 10.69-.70--Closing
December10.70-.83 10.71-.88 10.63-.80 10.71-.80 10.73-.85 10.83-.94 10.63-.94
Range
10.77-.78 10.72-.73 10.79-.80 10.72-.73 10.84-.85 10.87-.88--Closing_
January10.77-.88 10.76-.91 10.70-.85 10.77-.90 10.81-.89 10.86-.98 10.70-.98
Range
10.83-.84 10.79 .80 10.83 .84 10.77 .78 10.88 .89 10.89-.91--Closing
March10.97 .06 10.98 .09 10.90 -11.03 - 10.98 .07 11.07-.15 10.90-.15
Range
Olnaincr
lion 01 10 90 QR 11 Ill OR 10 05 07 line nit 11 05-An---
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.
1366
TIIE CIIRONICLE
April 16-Stock at Liverpool
Stock at London
Stock at Manchester
1915.
1914.
1913.
1912.
bales.1.538,000 1,206,000 1,220,000 1,340,000
22,000
5,000
5,000
3,000
127,000
92,000
76,000 111,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,687,000 1,303,000 1,301,000 1,454,000
*34,000
7,000
17,000
14,000
*552,000 561,000 471,000 656,000
231,000 376,000 341,000 333,000
19,000
3,000
3,000
4,000
43,000
29,000
30,000
22,000
606.000
36,000
24,000
53,000
29,000
13,000
*4,000
48,000
Total Continental stocks
1,489,000 1,070,000 912,000 1,088,000
Total European stocks
3,176,000 2,373,000 2,213,000 2,542,000
India cotton afloat for Europe
89,000
162,000 215,000
91,000
Amer. cotton afloat for Europe
668,603 319,565 311,796 611,871
Egypt, Brazil,&c.,afloat for Eur'pe 49,000
60,000
37,000
36,000
Stock in Alexandria, Egypt
229,000 272,000 211,000 210,000
Stock in Bombay, India
786,000 1,048,000 861,000 688,000
Stock in U. S. ports
1.454,002 722,022 654,500 728,824
Stock in U. S. interior towns__
834,222 515,200 509,734 343,349
U.S.exports to-day
23,945
13,954
23,167
36,211
Total visible supply
7,382,772 5,538,741 4,910,197 5,287,255
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stocks
bales_ 1,235.000 966,000 1,031,000 1,224,000
Manchester stock
98,000
64,000
50,000
79,000
Continental stock
*1,318,000 985,000 879,000 1,057,000
American afloat for Europe
668,603 319,565 311,796 611,871
U. S. port stocks
1,454,002 722,022 654,500 728,824
U. S. interior stocks
834,22 515,200 509,734 343,349
U. S. exports to-day
23,945
13,954
23,167
36,211
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Braxii, &c., afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
Total East India, &c
Total American
5,631,772 3,585,741 3,459,197 4,080,255
303,000 240,000
22,000
5,000
29,000
28,000
*171,000
85,000
162,000 215,000
49,000
60,000
229,000 272,000
786,000 1,048,000
189,000
5,000
26,000
33,000
89,000
37,000
211,000
861,000
116,000
3,000
32,000
31,000
91,000
36,000
210,000
688,000
1,751,000 1,953,000 1,451,000 1,207,000
5,631,772 3,538,741 3,459,197 4,080,255
Total visible supply
7,382,772 5,538,741 4,910,197 5.287,255
Middling Upland, Liverpool
5.75d.
7.30d.
6.91d.
6.62d.
Middling Upland, New York..
10.30c.
13.10c.
12.25c.
11.80c.
Egypt, Good Brown, Liverpool
8.75d.
9.70d. 10.55d. 10 3-16-1.
Peruvian, Rough Good, Liverpool
9.25d.
9.00d.
9.90d.
9.10d.
Broach, Fine, Liverpool
5.40d.
6%d. 6 9-16d.
6d.
Tinnevelly, Good, Liverpool
5.56d. 6 5-16d. 6 9-16d. 5 15-16d.
* Estimated.
[Vol,. 100.
The foregoing shows the week's net overland movement
this year has been 37,593 bales, against 11,459 bales for the
week last year, and that for the season to date the aggregate
net over-land exhibits a decrease from a year ago of
64,535 bales.
-1914-15
In Sight and Spinners'
Since
Takings.
Week.
Aug.• 1.
Receipts at ports to April 16____181,379 9,396,313
Net overland to April 16
37,593 1,120,455
Southern consumption to April 16 62,000 2,192,000
Total marketed
280,972 12,708,768
Interior stocks in excess
*43,050
714,083
Came into sight during week_ _237,922
Total in sight April 16
13,422,851
Nor.spinners' takings to April 16- 76,115 2,459,986
* Decrease during week.
-1913-14
Since
Week.
Aug. 1.
103,419 9,814,274
11,459 1,184,990
60,000 2,226,000
176,878 13,225,264
*38,192
371,732
136,686
----13,596,996
34,250 2,434,825
Movement into sight in previous years:
Week1913-April 18
1912-April 19
Bales. 1 Since Sept. 1132,426 1911-April 21
142,854 1910-April 22
Bales.
82,680
112,417
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.
Week eliding
April 16.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y.1 Friday.
9.60
9.65
9.60
9.70
9.75
9.80
9.37
9.37
9.37
9.31
9.37
9.43
9.00
9.00
9.00
9.00
9.00
9.06
934
934
9%
9%
"34
9
93
934®Yi 934©3‘ 934©34 9AON 934
934
934
934
94
934
93.1
9.13
9.13
9.25
9.25
9.13
9.25
9.,
9
9%
9%
9Mi
9%
10.40
10.40
10.40
10.40
10.35
10.55
9.25
9.25
9.13
9.13
9.25
9.25
9.13
I 9.13
9.13
9.13
9.13
9.13
93(?
9%
934
8
910
9.75
9.70
1-§-.Y.5
9.85
9.75
8.75
i 9.00
8.90
9.00
9.00
9.00
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
Continental imports for past week have been 102,000 bales. follows:
The above figures for 1915 show a decrease from last week
Saturday, Monday, Tuesday, Wed'day, Tlitirsd'u, Friday,
of 72,048 bales, a gain of 1,844,031 bales over 1914,an excess
April 10. April 12. April 13. April 14. April 15. April 16.
of 2,472,575 bales over 1913and again of 2,095,517 bales over
Anri
al1912.
,
AT THE INTERIOR TOWNS the movement-that is, IIIM:g
9.46-.48 9.37 - 9.42-.44 9.31-.34 9.50 - 9.72-.73
the receiptsfor the week and since Aug.1,the shipments for May
9.59-.65 9.54-.70 9.45-.62 9.46-.64 9.60-.71 9.65-.74
Range
the week and the stocks to-night, and the same items for the
Closing
9.66-.68 9.51-.55 9.62-.64 9.51-.54 9.70-.71 9.86-.88
corresponding period of the previous year-is set out in de- JuneRange
tail below.
9.80-.82 9.66-.68 9.78-.80 9.69-.71 9.82-.84 9.98-.99
Closing
Movement to April 16 1915.
Towns.
Receipts.
Week. Season.
Ship- Stocks
ments. April
Week. 16.
24,472
Ala., Eufaula__
109
533 8,940
Montgomery _ 1,42 196,455 2,R04 62,8811
1,502 130,799 1,92. 22,837
Selma
Ark., Helena_ 310 61,520 1,043 .8,462
Little Rock
1,423 200,215 5,843 31,3661
Ga., Albany__ _
22 31,815
826 10,690
441 115,01
Athens
1,001 19,224
Atlanta
2,052 177,592 2,106 16,428
Augusta
3,457 428,141 6,325 126,843
Columbus
95,629 2,175 36,574
Macon
39
36,969 1,505 7,7011
Rome
784
63,119
842 8,6711
La.,Shrevepor 2,082 151,251 2,603 43,6181
Miss.,Columbu•
197
31,249
507 4,0461
Greenville..._ _
72,603 1,559 8,93
434
Greenwood
867 132,147 2,413 12,236
Meridian __ -- 1,601 46,741
798 15,192
Natchez
101
21,484
676 4,500
Vicksburg_ _ _ _
180
37,494
683 7,596
__
Yazoo City
39,416
26 7,599
Mo.,5t. Louts_ 19,092 587,481 21 690 33,823
N.C., Raleigh..
719
11,868
715
388
0., Cincinnati.. 5,490 244,809 8,144 13,898
10,354
Okla., Hugo_
S.C., Greenw'd
23,930
501
814 7.500
Tenn ,Memphis 17,924 987,951 27,342 170,844
Nashville _ _ _
6,602
323
517 1,479
18,450
Tex., Brenham
389
310 1,136
Clarksville.....
46,134
329
908
521
1,24, 119,334 1,551 4,367,
Dallas
24,44434.
Honey Grove_
138
143
Houston
30,1183,237.868 45,611 133,444
Paris
69 115,789
577 1,7371
Movement to April 17 1914.
Receipts.
I Ship- Stocks
I menus. April
Week. Season. I Week. 17.
301 22,635
834 156,144
438 125,718
16
64,774
1,581 182,274
28,425
450 113,894
1,778 221,718
2,207 362,202
401
78,914
22 44,475
168
56,472
1,132 189,372
35
37,321
159
85,126
472 139,766
406
32,158
15
19,591
143
33,545
40,676
8,871 505,175
97
14,004
3,881 214,699
37,136
13,875
9,140 1,071,774
88
10,89
43 22,994
2001 49,601
639
98,993
, 33,152
20,220 2,837,532
6001 114,229
67
2,584
1,756
1,546
2,091
III
1,151
1,651
8,229
925
61
200
3,523
481
1,616
1,458
1,011
255
942
1,965
8,985
225
2,585
26
1,605
14,367
7,077
9,510
47,859
2,200
14,517
11,022
42,908
10,149
700
5,960
25,885
1,554
8,476
16,295
5,782
3,000
3,891
4,621
33,325
250
19,890
25
142
18,343 99,161
251
842
01 1,223
381
600
1,321 2,500
288
200
27,503 116,364
848 3,300
Total. 33 towns 102.360 7.529.143 145.410834,2221 54.265'7.059.2571 02.457515.200
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1914-15--Since
Week. Aug. 1.
21,690 562,384
7,493 270,383
222
4,062
7,018 134,736
2,314
92,023
3,597 161,952
13,039 335,686
-1913-14--Since
Week. Aug. 1.
8,985 484,085
6,700 362,907
50
6,170
1,205 108,536
2,484 111,699
1,346 134,834
2,418 345,881
Total gross overland
55,373 1,561,226
Deduct shipmentsOverland to N. Y., Boston, &c_ _10,200 152,145
Between interior towns
4,398 164,994
Inland, &c., from South
3,182 123,632
23,188 1,554,112
April 16ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ezc
Total to be deducted
17,780
440,771
Leaving total net overland
37,593 1,120,455
* Including movement by rail to Canada.
1,602
4,107
6,020
112,234
136,987
119,901
11,729
369,122
11,459 1,184,990
JulyRange
Closing
AugustRange
Closing
SeCember-
Clos
nfneg
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options
9.82-.95 9.78-.99 9.74-.91 9.81-.95 9.85-.96 9.91-.05
9.92 - 9.78-.79 9.90-.91 9.81-.82 9.95-.96 10.06-.08
9.99-.01 9.86-.88 9.98-.99 9.89-.91 10.03-.05 10.30-.22
10.13-.15 101,2-.04 10.12-.14 10.03-.05 10.18-.20 10.33-.34
10.17-.30 10.16-.34 10.10-.25 10.16-.30 10.19-.32 10.26-.40
10.26-.27 10.15-.16 10.15-.26,10.16-.17 10.31-.32 10.41-.42
1
10.33-.35 10.20-.22 10.30-.32 10.22-.24 10.37-.39 10.51-.52
I
10.37-.47 10.32-.52 10.26-.42 10.33-.46 10.38-.46 10.43-.57
10.44-.45 10.31-.32 10.41-.42,10.32-.33 10.47-.48 10.61-.62
1
10.46-.52 10.44-.52 10.48-.52 10.42-.56 10.51-.58 10.55-.67
10.51-.52 10.40-.42 10.51-.52 10.42-.53 10.57-.58--Steady
Firm
Steady
Steads
Steady I Quiet
Steady Steady
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening denote that the
weather has been favorable as a rule at the South during the
week,and in consequence farm work and planting have made
better progress. Texas reports marked benefit from moisture.
Galveston, Tex.-Weather conditions have been favorable
for all growing crops. The rainfall has been quite general,
and plants which were beginning to feel the need of moisture
have been especially benefited. The lateness of spring has
retarded the growth of plants, but this will be offset under
normal weather conditions from now on. Rain has fallen
on two days of the week, the rainfall reaching two inches and
twenty-five hundredths. The thermometer has ranged from
60 to 70, averaging 65.
Abilene, Tex.-There has been no rain during the week.
The thermometer has ranged from 50 to 80, averaging 65.
Dallas, Tex.-We have had rain on one day of the week,
the rainfall, having reached twenty hundredths of an inch.
The thermometer has ranged from 54 to 80, averaging 67.
Palestine, Tex.-We have had rain on one day during the
week, the rainfall reaching fourteen hundredths of an inch.
The thermometer has ranged from 54 to 82, averaging 68.
San Antonio, Tex.-Rain has fallen on two days during the
week, the rainfall reaching forty-four hundredths of an inch.
The thermometer has ranged from 56 to 80, averaging 68.
Taylor, Tex.-We have had rain on one day during the
week, the rainfall reaching two hundredths of an inch.
Minimum thermometer 54.
New Orleans, La.-It has been dry all the week. Average
thermometer 71.
4
THE CHRONICLE
APR. 17 1915.]
Shreveport, La.-We have had rain on one day of the past
week, the rainfall being thirty hundredths of an inch. Minimum thermometer 54, highest 82.
Vicksburg, Miss.-We have had rain on one day of the
week, the rainfall reaching one inch and fifty-seven hundredths. The thermometer has ranged from 52 to 82,
averaging 66.
Mobile, Ala.-Planting active and large the past week.
We have had rain on one day the past week, the rainfall
being seven hundredths of an inch. Minimum thermometer
53, maximum 79, mean 67.
Selma, Ala.-We have had no rain the past week. Average thermometer 66.5, highest 83, lowest 45.
Madison, Fla.-Dry all the week. The thermometer has
averaged 67, the highest being 81 and the lowest 50.
Savannah, Ga.-There has been rain on one day the past
week, to the extent of eight hundredths of an inch. The
thermometer has averaged 66, ranging from 51 to 82.
Charlotte, N. C.-Rain has fallen on one day of the week,
the rainfall being sixteen hundredths of an inch. The
thermometer has averaged 61, ranging from 43 to 79.
Memphis, Tenn.-We have had rain on one day during the
week, the rainfall reaching forty-four hundredths of an inch.
Minimum thermometer 47, highest 76, average, 62.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913-14.
1914-15.
Week.
Season.
Season.
Week.
Visible supply April 9
5,649,820
7,454,820
Visible supply Aug. 1
2,581,551
3,176,816
American in sight to April 16.... 237,922 13,422,851 136,686 13,596,996
Bombay receipts to April 15_
b100,000 1,869,000 127,000 2,740,000
25,000
Other India shipm'ts to April 15 510,000
89,000
532,000
6,000
826.000
997,600
Alexandria receipts to April 14_ 516,000
55,000
Other supply to April 14 *
5,000
52,000
276,000
7,820,742 19,438,667 5,933.506 20,724,147
Total supply
DeductVisible supply April 16
7,382,772 7,382,772 5,538,741 5,538,741
Total takings to April 16_a___Of which American
Of which other
437,970 12,055,895
385,970 9,470,895
52,000 2,585,000
410,765 15,185,406
254,765,11,344,806
156,0001 3,840,600
-*Embraces receipts in Europe from Brazil, Smyrna, West Indies, 8i-c.
a This total embraces the estimated consumption by Southern mills
2,192,000 bales in 1914-15 and 2,226,000 bales in 1913-14-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 9,863,895 bales in 1914-15 and 12,959,406 bales in
1913-14, of which 7,278,895 bales and 9,118,806 bales American.
S Estimated.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay and the shipments for the week
ending March 25 and for the season from Aug. 1 for three
years have been as follows:
March 25.
Receipts atBombay
Exports
fromBombay1914-15_ _
1913-14_ _
1912-13- _
1914-15.
1913-14.
1912-13.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
105,000 1,584,000 129,000 2,390,000 90,000 1,778,000
For the Week.
3,000 15,000 53,000 71,000
2,000 17,000 20,000 39,000
1,000 2,000 59,00 62,0
Continent.
Japan
&China
NEW YORK COTTON EXCHANGE CLEARING
HOUSE.-Chartered.--A dispatch from Albany to-day states
that the New York Cotton Exchange Clearing Association
Inc., has been chartered with a nominal capital of $1,500.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 167,397 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Apr. 10-Cymric, 438 Peruvian;
Apr. 14-Arabic, 250 upland
688
To Havre-Apr. 10-Dalebank, 1,403
1,403
To Genoa-Apr. 10-Cretic, 1,700---Apr. 13-Re d'Italia,
1,800
3,500
To Naples-Apr. 10-Cretic. 2.000---Apr. 13-Re d'Italla, -1,500_ Apr. 14-Orseola, 2,200
5,700
To Vladivostock-Apr. 13-St. Ronald, 1,200
1.200
GALVESTON-To Liverpool-Apr. 10-Napierian, 13,040- -Apr. 14-Tactician, 18,775
31,815
To Gothenburg-Apr. 9-Heige,3,350
3,350
To Christiania-Apr. 9-Heige, 2,450
2,450
To Genoa-A r. 12-11 Piemonte, 16,314
16,314
TEXAS CITY- o Mexico-Apr.9-City of Tampico, 100
100
NEW ORLEANS-To Liverpool-Apr.15-Craftsman and Indore,
23,000
23,000
To Genoa-Apr. 10-Citta di Palermo, 8,667; San Giorgio,
5,682
14,349
To Naples-Apr. 10-San Giorgio, 1.564
1,564
To Port Barrios-Apr. 16-Maroiwijne, 600
600
MOBILE-To Liverpool-Apr. 12-Alexandrian, 9,366
9,366
SAVANNAH-To Liverpool-Apr. 10-Nat•cis, 4,143___Apr. 15- ,
Agenoria, 6,817; Marmion, 2.800
13,t60
To Rotterdam-Apr. 15-Kina, 17,345
17,345
WILMINGTON To Liverpool Apr. 15 Narcis, 3,800
3,800
BOSTON-To Liverpool-Apr. 8-Canadian. 5,047
5,047
To Yarmouth-Apr.5-Boston, 56
56
San Francisco-To Japan-Apr. 12-Persia, 581
581
SEATTLE-To Japan-Apr. 9-Awa Maru, 5,648
5,648
To Viadivostock-Apr. 10-11akashika Mare, 2,661
2,661
TACOMA-To Vladivostock-Apr. 10-Hakashika Maru, 3,100
3,100
Total
167,397
COTTON FREIGHTS.-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 2.00c., nominal; Manchester.
nominal; Havre, 3c..
nominal; Rotterdam, 2c.; Genoa, 1.50c.; Naples,
2.00c..
1.50c.; Leghorn, 1.50c.;
Venice, 2c.; Barcelona, direct, 2c.; Marseilles, 2c.• Piraeus, 1.75c.; SYra,
1.75c.; Kobe and Yokohama, 1.25c.; Shangahl, '
1.25c.; Bombay. 1.25c.;
Gothenburg, 2.25c.; Noorkoping, 2.50c.; Nykoping, 2.50c.; Malmo, 2.50c.:
Stockholm, 2.50c.; Bergen, 2.50c.; Christiana, 2.50c.
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at
that port:
Mar. 26. April 1. April 9. April 16.
43,000
Sales of the week
21,000
• 46,000
Of which speculators took ____
7,000
3,100
2,100
Of which exporters took
3,000
1,600
3,200
Sales, American
37,000
37,000
16,000
Actual export
17,000
11,000
23,000
10.000
For.warded
70,000 110.000 133,000
89,000
Total stock
1,467,000 1,459,000 1,518,000 1,538,000
Of which American
1,157,000 1,159,000 1,213,000 1,235,000
Total imports of the week
147,000
73,000 191,000 163,000
Of which American
121,000
70,000 160,000 147,000
Amount afloat
423,000 416,000 341,000
Of which American
373,000 365,000 304,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market,Fair
business
12:15 I Quiet.
doing,
P. M.
Since August 1.
Great Conti- Japan
Great
Britain. nent. &China Total. Britain.
1367
Total.
32,000 222,000 784,000 1,038,000
25,000 620,000 683,000 1,328,000
8,000 229,000 545,000 782,000
Good
demand,
Fair
business
doing.
Good
demand,
Good
demand.
Mid. upl'cis
5.68
5.75
5.65
5.77
5.70
5.75
6,000
800
8,000
1,000
10,000
2,000
10,000
2,000
12,000
3,000
8,000
2,000
Futures. Irregular, Quiet,
Market 1 7610 pts. 2834 pts.
opened f advance, advance.
Alexandria, Egypt,
March 24.
Exports (bales)-
Friday.
Sales
Spec.&exp.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Receipts (cantars)This week
Since Aug. 1
Tuesday. Wednesday. Thursday.
weak,
Strong, Quiet, gen. Quiet gen.
Ito 134
534@834 234(45 pts. 4 points
pts. dec. advance, decline.
pts. dec.
1914-15.
1913-14.
1912-13.
Market, I Very sty., Quiet,
Very sty., Irregular, Barely sty. Quiet unch.
4
1534 ©16% 363% pts. unch.to 134 unch.to254 %pt.dee.to to A pt.
P. M. I pts. adv. advance.
uts. adv. % pt. adv. advance.
pts. dee
94,000
5,728,870
50,000
7.340.072
28,000
7.324,023
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
7,000 160,342 4,750 178,169 2,000 177,506
To Manchester
125,452 10,000 183,813
183.104
To Continent and India.. 8,500 211,781 3,000 333,771 4,666 314,677
To America
14,750 121,809 4,250 55,397 2,500 107,531
Total exports
30,250 619,384 22,000 751,150 8,500 782,818
Note.-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
The prices are given in pence and 100th.,.
Thus: 5 62 means 5 62-100d.
Saturday. !Monday. Tuesday. Weerday. Thursday. Friday.
Apr. 10
to
Arr. 16. 1234 1234 I12% 4 125ii 4 12% 4 12% 4 1234 4
P.m. P.m. P.m. P.m. p.m. p.m. P.m. p.m,P.m. p.m. P.m. p.m.
d.
d.
d. d. d. I d. d. d. d.
May-June
5 6234 67 66 5634 6434 69 6534 62
June-July
6834 73 72 63347134 7534 7134 68
July-Aug_ ____ 5 76348034 79347134 79348334 7934 76
Oct.-Nov.
5 9034 95 9334 85 93 9734 9534 92
Jan.-Feb_ ___ 5 9834 03 ,0134 923400 043402 98
6 0334 0834107 98 0534 0934 07 03
Mar.-Apr.
d. d. d.
65346634 65M
72 74% 733f
7934 81 80
95349734 96
02
0134
07
065481
11D2
OTS
The statement shows that the receipts for the week ending March 24 were 94,000 cantars and the foreign shipments were 30,250 bales.
MANCHESTER MARKET.-Our report received by
BREADSTUFFS
cable to-night from Manchester states that the home trade
Friday Night, April 16 1915.
is cheerful. American yarns are firm, but quiet, and EgypFlour has been firm, with a somewhat better demand.
tian yarns are in poor demand. We give the prices for today below and leave those for previous weeks of this and last But there has been no real activity. Stocks in consumers'
hands, however, have become more or less reduced. At the
year for comparison:
Northwest sales have increased. At Kansas City they have
also been rather larger. At Chicago jobbing business has
1915.
1914.
been somewhat better: The demand has improved at St.
8I lbs. Sign- Corn
834 lbs. Sign- Cot'n Louis. Buyers have played a waiting game for a long time,
ings, common Mid.
32s Cop
32s Cop
ings, common Mid.
Upl's
to finest.
Twist.
Twist.
to finest.
Upl's and they now show rather more disposition to re-enter the
market a little more frequently. Besides, the firmness of
s. d. d. d.
d. s. d.
d.
dad.
s. d. d.
wheat has naturally had its logical effect. The total proMar
4.99 034
5
10,f,6 0%011 1
lB 8% 5 3%06 9
6.99 duction last week at Minneapolis, Duluth and Milwaukee
12 8
10% 6 0 611 0
834 5 3%00 9
7.02
5.171
5.27 9%
19 8% lB 8% 6 0 @7 6
10% 6 0%011 1
7.08 was 247,245 barrels, against 281,430 in the previous week and
26
5.48 9%
6 3 07 9
10% 6 034@11 I
7.11 363,210 last year.
Apr.
Wheat has advanced sharply, with not a little excitement.
5.62934
2 834 (4 931, 6 3 07 9
10% 6 1 011 2
7.26
5.52: 934
9 8%
10% 6 15i011 3
9% 6 3 07 9
7.36 It is contended that our exportable surplus is appraoching
16 8%
5.75 9%
0% 6 3 07 9
10% 6 1M011 3
7.30 extinction, if that point has not already been reached.
For-
1368
THE CHRONICLE
eign houses who had bought May freely in the past are looking for deliveries on their contracts. The buying of distant
futures has been a significant feature. America, it is now
contended, will dominate the world's wheat trade this year,
if not next season. Even if the war should end this year,
it is doubted whether Europe will be able greatly to reduce
its purchases of foreign wheat for some time thereafter.
Three of the world's big exporting countries are still shipping
wheat to importing countries. But the bulk of the exports
are from America. India can send little. Its supply is controlled by the British Government. Prices have got up very
near to the highest level of the season, partly upon covering
of shorts. At the same time export sales last Wednesday
were stated at 1,500,000 bushels, though part of this was sold,
it appears, the day before; some of it was Manitoba wheat.
Shorts, in frantic attempts to cover, ran up the price in a single day 8 to 10 cents a bushel. The world's wheat stock is
put at 165,000,000 bushels, or about 20,000,000 less than a
year ago and 35,000,000 less than at this time in 1913. At
the same time, there is an extraordinary pressure on surplusproducing countries for supplies, owing to the war in Europe,
which, of course, disorganizes agriculture to a greater or less
extent. It was officially announced the other day that
the British Government had ceased buying wheat, having secured enough for all requirements. But this, instead of having a depressing effect, had just the opposite influence. Everybody jumped to the conclusion
that there will be a scramble among other importing nations for the limited world's surplus remaining. At the same
time there were reports of damage to the Argentine crop.
Liverpool's prices have been advancing on a continued demand from importing countries and signs that it would increase. Russia has been offering very little wheat abroad.
Prices in East • India and Argentina have been firm. At
Buenos Aires there has been a good export demand,with large
recent purchases by Great Britain. In India the movement
is light. The native demand there will be large, as other
food supplies are lighter than usual. The rice crop in India
is estimated at only 95,000,000 cwt., against 117,000,000
cwt.last year. The decrease was due to insufficient rain. The
Portuguese Government has authorized the purchase of 4,000,000 bushels of foreign wheat with the import duty
practically removed. In Italy the demand from millers is
very large, with arrivals smaller. The Italian purchases
in Argentina have been large but shipment is difficult, owing
to the scarcity and dearness of ocean freights. In France
native supplies are scant. Though official reports as to
the crop outlook for winter-wheat are cheerful, private
advices point to a short crop of winter wheat and a disappointingly small showing of spring-wheat seeding. In
Austria food prices continue to advance and the outlook in
this respect is considered very serious, as stocks of all food
grain are understood to be very small. Bread riots continue in Austria. The idea of the bulls in this country
is that there is a world-wide shortage of old wheat and
there is bound to be a big demand for the next
crop. On the other hand, reports from England are
that the outlook for wheat is generally satisfactory,
with the acreage showing an increase of 10%, though it is
not denied that the sowing of spring wheat has been somewhat disappointing. Crop awl weather reports from
Germany are, in the main, favorable. The acreage planted
is said to be above the normal, and it is insisted that reports
of extreme shortage of grain in Germany have been exaggerated. In Russia the outlook for wheat and rye is generally
satisfactory. In Rumania crops are growing well. Crop
prospects in Hungary are said to be favorable, though it is
true that the acreage has been greatly reduced. Crop
prospects are good in Australia. But, as already intimated.
the opinion has favored higher prices. A Chicago authority
estimates the quantity of wheat available for export and
carry-over to the next season at 81,000,000 bushels, as
against )29,000,000 bushels a year ago. Deducting a
similar carry-over to that with which the season began, i. e.,
77,000,000 bushels, this would leave only 4,000,000 bushels
available on March 1st. And this is said to have been sold.
The unavoidable conclusion is that any further sales for
export will simply cut into the reserves. It is not denied
that the allowances for American reserves are liberal, but if
anything should happen to the winter-wheat crop the effect
on the wheat markets of the world can easily be imagined.
To-day prices advanced early and then reacted. Foreign
news was bullish. European opinion seems to favor present
prices.
[VOL. 100.
American visible supply last week was close to 3,500,000
bushels, as against a decrease in the same week last year of
only 1,300,000 bushels. More stress was laid on this fact
than on the further fact that the American visible supply is
32,600,000 bushels, or 12,000,000 bushels more than that
of a year ago, while prices of No.2 mixed corn here are nearly
6 cents a bushel higher than then. Corn has been strong
in Liverpool and also at Buenos Aires. Arrivals at Liverpool
have been smaller and there has been a good demand there.
The weather in Argentina has been reported unsettled. Today prices advanced. Argentina advices were bullish, and
Liverpool prices advanced sharply, spot corn there being
1 to 1 Yo. higher. The domestic demand at the West was
better. Country offerings were light. Exporters took 50,000 bushels.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts_ 84
8454 84
8554 8554 863
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 7334 7354 7254 74
7454 75'/
July delivery in elevator
76
76
7534 7654 7654 785'
September delivery in elevator_ _
7654 7354 7654 7654 7754 78YL
Oats have been stronger, partly in sympathy with wheat.
Export sales, it is true, have not been on the enormous scale
witnessed a while back. For all that, however, they have
been 100,000 to 200,000 bushels a day. Also there has been
a good deal of buying of May. at.Chicago, believed to be for
exporters on orders from Winnipeg. Certainly, Winnipeg
has reported a good export business. Country offerings in.
the meantime have been small. Oats clearances at the seaboard have been large. This fact has naturally had a bracing
effect. Exports from the seaboard for the week ending April
10 reached nearly 3,000,000 bushels, as against receipts of
2,000,000 bushels. Heavy sales were reported at Chicago
to go into store. But, on the other hand, the weather has
been favorable for seeding, and there has been no very pronounced advance. The visible supply in the United States
decreased for the week only 493,000 bushels, against a decrease in the same week ast year of 2,857,000 bushels. The
present available stock is 35,300,000, against 36,050,000
kast year and 25,100,000 at this time in 1913. To-day prices
were higher. The demand for July was good. Crop reports were more favorable, moreover.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
cts_ 63-6334
Standards
63
6334
63
63
63
No.2 white
6334-6334 6334 6334 6334 6334 64
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3 57A 56X; 5754 5654 57
cts 57%
May delivery in elevator
7 54%
3 5554 56
5454 54
July delivery in elevator
53%
4634 46
September delivery in elevator_
453/, 4654 4654 48
• The following are closing quotations:
GRAIN.
Corn, per bushel—
Cts.
Wheat, per bushel—f. o. b.
f. o. b.
No. 2 mixed
$1 7334
N. Spring, No. 1
86%
No.2 yellow
c. I. f.
N. Spring, No. 2
8654
No. 3 yellow
8454
1 6654
Red winter, No. 2
Argentina in bags
1 7234
Hard winter, No. 2
Rye, per bushel—
Cis.
Oats, per bushel, new—
New York
1 22
6334
Standard
Western
64
No. 2, white
Barley—Malting
62@63
83©90
No. 3. white
FLOUR.
Winter, low grades____$5 60 $6 00 Kansas straights,sacks-$7 20§37 45
2 00
7 35
7 50 Kansas clears, sacks___ 6 75
Winter patents
6 5
6 85
7 10 City patents
Winter straights
6 35 6 50 Rye flour
Winter clears
7 85 Buckwheat flour
Spring patents
7 50
Spring straights
6 25@ 6 50
7 10 7 35 Graham flour
Spring clears
675 7 00
For other tables usually given here, see page 1322.
WEATHER BULLETIN FOR THE WEEK ENDING
APRIL 12.—The general summary of the weather bulletin
issued by the Department of Agriculture for the week ending
April 12 is as follows:
The first few days of April brought to a close a period of unusually adverse weather that had prevailed during the greater part of March over
much of the country. Following the severe snow and rain storm that
moved along the Atlantic coast about the 3d and 4th, seasonable temperatures overspread all portions of the country, and the past week was warm
and favorable throughout,save in a few limited areas. As a result of muchneeded warmth, with occasional showers in districts where rain was most
needed, the agricultural outlook has greatly improved. Vegetation several
weeks late, especially over the Southern and Southeastern States, has made
rapid progress, while general farm work of all kinds has been much advanced, except in a few localities where the soil continues too wet. In
the corn and winter wheat districts wheat,rye and grass responded promptly
to improved weather, and these crops are reported in good condition,
especially in the States to the westward of the Mississippi and in the far
Northwest, while in the more eastern States where rain has been greatly
needed, showers during the last few days have much relieved the situation,
although more rain is still necessary for satisfactory growth. Preparations
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. for corn planting have progressed satisfactorily in the Central. Eastern
Sat. Mon. Tues. Wed. Thurs. Fri.
and Southern corn-growing States, but from Oklahoma northward there
No.2 red
cts_16434 16534 166
169% 168
16634 has been much delay on account of the wet condition of the soil. Some corn
May delivery in elevator
16134 162% 160% 16334 16234 16334 has been planted in the more Southern districts, and considerable replantJuly delivery in elevator
131% 131% 134
ing will be necessary in Texas. Weather conditions were generally favor137
140
131
able for seeding in the Southern portions and the far Northwest, where in
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. some
sections it has been practically completed. The soil continued too
Sat. Mon. Tues. Wed. Thurs. Fri.
wet, however, in portions of Nebraska, South Dakota and Minnesota,
May delivery in elevator
cts_15534 15754 156X 16034 161% 161
while
it
is too dry over much of North Dakota and Montana. In the South
July delivery in elevator
12334 12934 13054 13354 the season
12254 124
is nearly everywhere backward, as far as vegetation is concerned,
September delivery in elevator_ __ _110
11054 11054 115
11554 11754 although farm work is reported as well advanced in some sections. Prepaseed is being planted
Indian corn advanced, partly in response to the rise in rations for cotton planting are progerssing and somepast
week has greatly
the more southern districts. The warmth of the
wheat, though trading has not been on a very large scale. in
benefited the early truck crops in the South and they are reported as adto the early
Wheat has overshadowed everything else on the grain list. vancing rapidly. In the extreme South some damage occurred
during the cold weather of March, but it appears probable there will
Export sales of corn have not been large. At times the coun- fruit
be a fair crop of early peaches, while further north all fruit crops appear
try has offered more freely. Selling pressure has been promising so far. Favorable weather pervailed over the great ranges
of the West and Southwest, the soil is well supplied with moisture, the grass
noticed on such occasions. Some Western manufacturers and
alfalfa are reported as making satisfactory progress, and stock is in
have been buying less freely in St. Louis. But there is no good condition. In the Far Western States the outlook for fruit continues
promising,
especially in California, where danger from frost is practically
disguising the fact that rapidly decreasing stocks indicate
while in the other States of that section most early fruits are now
in these times a good consumption. The decrease in the over,
n bloom.
APR. 17 1915.]
•
THE CHRONICLE
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 10 1915 was as follows:
In ThousandsNew York
"
afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
"
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush, bush. bush. bush. bush. bush. bush.
479
57
998
260 *302
4,214 1,4'74
921
24
7
6
152
1
-46 -ioi -H4
31
36
523
67
496
1,134
105
46
874
196 1,465
936
____
171
337 ---2,606
1,875
15
25
3
165
28 1,402 1,065
1,560
1
___
227
277 ---416
48
20
213475
____ 10,794 11,261
19
1,130
583
4,433 1,618
488
534 -_ _
13
11 -372
256
11,948
205 1,977 3-,544 -- ..i
52 -707
6
1,229
258
334
8,769
880 2,061
101
343
359
101 1,093
4
37
1,321
2,286
472
21
85
215
--146
702
324
____
157
1,895
33
748
47
Total April 10 1915_38,239
Total Apr11 3 1915_ _39,323
Total April 11 1914_50,801
Total April 12 1913..55,457
2,162
2,224
2,850
3,698
29,451
32,877
17,546
17,419
26,357
310
27,284
193
18,748 3,464
11,549
847
*709
*796
1,452
832
2,967
2,946
4,223
2,613
64
64
333
380
* Including 20,000 bushels bonded.
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Ineat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousandsbush. bush, bush. bush. bush. bush. bush. bush.
Montreal
15
183 -_-_
328
113
764
Ft.William&PLArthur_10,703
"
afloat
309
Other Canadian
1,454
---- 1,004
15
____
113 5,383
183
..___
15
221
116 5,304
20
744
___
11 15,098
101
____
19 10,476
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
64
310 *709 2,967
38,239 2,162 29,451 26,357
113 5,383 ____
15
183 ......_
____
12,794
Total April 10 1915....12,794
Total April 3 1915 11,399
Total April 11 1914_ _21,850
Total April 12 1913-25,761
In Thousands,
American
Canadian
Total April 10. 1915_ _51,033
Total April 3 1915_ _50,722
Total April 11 1914_ _72,651
Total April 12 1913- _81,218
2,162
2,221
2,850
3,698
29,564
32,993
17,557
17,438
31,740
310
724
32,588
193 *811
33,846 3,464 1,472
22,025
847
832
3,150
3,167
4,967
2,714
64
64
333
380
* Including 20,000 bushels bonded at New York.
THE DRY GOODS TRADE
New York, Friday Night, April 16 1915:
Activity in drygoods circles continued unabated during
the week and the feeling that the country is on the eve of a
general improvement in business is daily becoming stronger.
Weather conditions have been ideal for the distribution of
seasonable merchandise, with the result that jobbers are receiving calls for goods which they did not expect to ship for
a week or so to come. Retailers, having experienced late seasons during the last two years, had bought sparingly this
season, but now,finding themselves confronted with an early
demand,are making urgent requests to jobbers for the prompt
shipment of all goods which they have under order. This is
most noticeable among distributers of light-weight underwear
and hosiery, who are receiving urgent calls from out-of-town
customers as well as from local buyers. Jobbers are not
well supplied with summer underwear, and are placing additional orders with agents and manufacturers, who at present
are busily engaged in turning ;out fall and winter lines Upward price revisions continue to take place on staple cotton
goods and some brands are reported to be running short in
the face of a good demand. Manufacturers and selling
agents have the market well in hand,and buyers who delayed
too long in covering their forward requirements are now compelled to pay full asking prices in order to get goods which
they are much in need of. The difficulty in securing desirable qualities of colored goods is becoming a serious one for
buyers, who have not given sufficient consideration to the
shortage of dyestuffs. Some relief is being experienced as a
result of the announcement that one or two cargoes of German.
dyes would shortly be available, coming by the way of neutral ports, as well as reports that the State Department was
successfully negotiating for the shipment of additional supplies in a like manner. It is generally believed, however,that
present high prices and difficulties in obtaining certain lines
of colored goods will continue while the war lasts. The
woolen goods trade is quieter, especially as concerns men's
wear. Manufacturers of ready-to-wear garments have not
covered their requirements as early or extensively as usual,
and are delaying their fall season as much as possible, probaply in expectation of a reaction in prices. Export business
has turned quiet, buyers not readily meeting the recent advances in prices. They claim that exceedingly high ocean
freight and insurance rates, as well as delay to shipments,
make it difficult to meet the prices asked by manufacturers.
Also, in many cases credit arrangements are requested that
manufacturers are unwilling to grant. Reports were current
during the week of additional sales of drills to India, but so
far remain unconfirmed.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending April 10 were 4,636
packages, valued at $327,950, their destination being to the
points specified in the table below:
New York to April 10Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
1369
-1914
Since
Week. Jan. 1.
64
693
63
1.080
1,008 26,300
4,380
-_ -_
4,265
3,153
18,698iRt
5,044
16,380
995
12,788
192
13
215
6,799
417
5,326
18,283
3,387
10,786
20,513
18,333
726
-1915----Since
Week. Jan. 1.
19,972
2,101
6,927
26
2,231
100
2
9,589
553
89
511
1,185
69
Total
4,636
109,909
6,793 102,038
The value of these New York exports since Jan. 1 has been
$6,744,240 in 1915, against $7,466,008 in 1914.
Manufacturers of staple cotton goods are still making revisions in their price lists and advances ranging from Mc.
to 234i. have been recorded on certain lines of wide sheetings.
The heaviest advance reported was in Wamsutta 10-4 goods,
which were marked up 2Mc., while 4-4 goods weer advanced
Cotresponding advances were made in other lines of
sheetings, bleached and brown goods, ranging from Mc. to
Ylc. Mills are reported to be well under order for three or
four months to come, and in view of the steadily advancing
cotton yarn prices, manufacturers are very firm in their prices
for future delivery. Jobbers in many cases report delays in.
arrivals from mills, stating that goods which were to be delivered the first of the month have not yet been received.
They report a steady call for wash goods and a pronounced
scarcity in all colored lines. A shortage of supplies is also
developing in the more prominent lines of staple goods. An
active demand is reported for print cloths. Buyers have
cleaned up spot supplies and are now bidding for goods for
late delivery. Many mills are sold six weeks to two months
ahead and are•asking advances of Yo. or more on goods for
delivery beyond that time. Gray goods, 38-inch. standard,
are quoted at 43c.
WOOLEN GOODS.-Trade in men's wear lines is reported to be quiet, with requests for samples backward.
Large clothing manufacturers are just starting their road
salesmen .and are seemingly in no hurry to open the new
heavy-weight season. Consequently, manufacturers have
not yet been called upon to any extent to furnish sample
pieces. While retail and tailors to the trade report gradual
improvement in business, dress goods factors state that demand is somewhat irregular. Broadcloths and other smoothfinished high-grade fabrics are being,well taken for fall and
winter, while the run on plaids and checks this spring is being carried through to the fall season. Shepherd checks continue to be a feature of the market and it is feared by many
agents that the demand is faddish and likely to be overdone,
as was the case in covert cloths this spring. Tweeds are being extensively taken for fall cloakings and suitings.
FOREIGN DRY GOODS.-Business in linens is fair, although greatly restricted by the high prices and scarcity of
goods. I.toad salesmen are sending in fair orders for linen
dress goods, but the demand is late and far below normal.
Improvement in the demand for household goods is due to
the preparations for the opening of summer hotels and some
filling-in orders on the part of retailers. Importers are working up quite a trade in substitutes, which are extensively
featured for towelings, huck goods, &c. Some importers
are already accepting orders for union goods and goods of allcotton structure to be turned out by foreign mills formerly
engaged exclusively in the manufacture of linens. While
there continues to be a good demand for burlaps and the
undertone is decidedly firm, business is restricted by the
scarcity of supplies, this being particularly true as regards
heavy-weights. Light-weights are quoted at 5.25c. and
heavy-weights 6.50c. to 6.60c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending April 10 1915 and since
Jan. 1 1915, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week
Week Ending
April 10 1915.
Value.
Pkgs.
Manufactures of117,659
Wool
409
460,774
Cotton
1,634
Silk
1,140
627,273
129,590
Flax
568
Miscellaneous
3,762
251,653
and Since Jan. 1.
Since Jan. 1 1915.
Pkgs.
Value.
10,724
32,612
15,116
12,450
43,120
2,8947,497
8,905,141
7,717,865
3,764,145
4.179,559
Total 1915
7,513 1,586.949 114,022 27,464,207
Total 1914
12,755 2,626,086 198,770 45,343,908
Warehouse Withdrawals Thrown Upon the Market.
Manufactures ofWool
277
87,656
5,964
1,931,324
8,776
2,661,192
Cotton
537
153,835
Silk
134,722
5,641
2,162,764
348
Flax
368
99,155
6,379
1,810,928
Miscellaneous
86,462 29,746
2,026,322
1,342
Total withdrawals
Entered for consumption
2,872
561,830 56,506 10,592,530
7,513 1,586,949 114,022 27,464,207
Total marketed 1915
10,385 2,148,779 170,528 38,056,737
Total marketed 1914
17,382 3,287,274 266,421 57,645,270
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
217
83,592
4,253
1,703,895
400
Cotton
114,853
7,911
2,256,806
Silk
248
105,364
3,978
1,600,457
Flax
410
128,440
5.283
1,629,148
Miscellaneous
864
90,766
22,832
1,612,337
Total
Entered for consumption
Total imports 1915
Total imports 1914
2,139
7,513
523,015 44,257 8,802,643
1,586,949 114,022 27,464,207
9,652 2,109,964 158,279 36,266,850
17,615 3,302.308 249,527 56,870,462
STATZ
[voL. 100
THE CHRONICLE
1370
ilVi)
CITY
1)Vriii3l
1
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipa,
bond issues put out during the month of March, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1277
of the "Chronicle" of April 10. Since then several belated
March returns have been received, changing the total for
the month to $65,666,704. The number of municipalities
issuing bonds was 272 and the number of separate issues 524.
MARCH BOND SALES.
Name.
Page.
Rate. Maturity. Amount. Price.
918- _Acquackanonk Twp., N. J.
(2 issues)
4
1945
$161,000 101.07
1108_ _Adams County, Ind
4
18,240 100.144
830.._Adams County, Ohio
5
17,500 102.04
1935
1017_ _Alleman Consol. Ind. S. D.,Ia. 5
1916-4925
20,000
918__Alliance, Ohio (2 issues)
5
37,800
1278_ _Almyra Sch. Dist., Ark
6
10,000
1920-1935
1278__Anderson, So. Car
5
83,000 102.53
1945
918_..Ansonia, Ohio
4,000 100.30
a1917
5
1186_ _Appleton, Wis
4
75,000 101.788
1933-1934
1017_ _Archbold, Ohio
5
7,000 100.757
1925
1186.._Ashdown, Ark.(2 issues)
84,000 96.50
6
918.. Asheville, No. Caro
50.000 101.232
1945
5
1186._ _Ashtabula Co.,Ohio(3 issues). 5
122,500 101.874
1108_ _Auburn, Neb
6
1916-1925
7,259
830 ..Augusta, Ga
1944
43
250,000 98.701
1108_ _Barberton, Ohio (3 issues)
23,425 100.22
5
1278_ _Bates Sch. Dist., Ark
•
6
1920-1935
10,000
4%
1108_ _Bath, N Y
a1933
40,000 100.809
1017_ _Beaver Twp., Ohio
5
a1919
12,000
1186...Bell County, Ky
5
a1933
250,000 102.07
1017_ _Bellevue, Ohio 5:o issues)
4% 1916-1925
13,753
830_ _I3erlin Rural S. ., Ohio
5%
a1921
22,000 101.885
1108_ _Bethany Heights, Neb
6 d1920-1935
2,500 100
1279_ _Big Spring Twp., Ohio
5
20,500 100.443
1279_ _Boise City, Idaho
6
1916-1925
23,885 101.201
..Breckenridge,
831..
Minn
5
1933
25,000 101.472
1187...Brockton, Mass
4
1920-1940 205,000 100
1374__Brookville School Dist., Ohio_ 5
10,000
a1931
918...Brunswick Twp., Ohio
5
44,000 100
1187_ _Buffalo, N.Y
4
1916
121,910 100.041
1279_ _Buffalo Creek D.D.2,No.Car. 6
1917-1926
5,900 100
918_ _Byesville Sch. Dist., Ohio......_ 6
5,000 102.11
a1918
1279_ _Caldwell, Texas
5
d1925-1955
12,000
1108...California
4
1,000,000
831....Campbell County, Tenn
1945
5
150,000
1279_ _Canal Dover, Ohio
38,500 100
831_ _Cape MaY.N.J
5
86,000 100
1945
1109__Cape May County, N. J
20,000
1109_ _Carroll County, nd
4%
14,400 100.118
a1921
918_ _Caruthers Un. H. S. D.,Cal 5
a1924
30,000 100.07
1109_ _Cass County, Minn
53
1921-1935
30,000 101.666
1109...Center Point, Iowa
6
1919-1924
3,000 100
1109__Chagrin Falls Twp., Ohio_ __ _ 5
6,000 100.198
a1919
1109_ _Charlotte, No. Caro
6
1916-1920
20,000 100
1017_ _Chattanooga,Tenn
6
11,998 101.728
1916-1919
1109__Chicago, Ill. (3 issues)
4
2,250,000 99.097
919__Chillicothe, Mo
a1926
5
135,000 103.041
1934
919_ _Chillicothe, Ohio
31,000
43'i
919_ _Chillicothe Sch. Dist., Ohio.... 4M d1921-1935
60,000
1187_ _Clatsop Co. S. D.No.2, Ore__ 6 d1925-1335
2,500
919__Cleveland, Ohio (6 issues)........ 4%
3,845.000
1109_ _Cliffside Park, N.J
5
84,000 102.178
a1925
1109_ _Clyde Park, Mont
6 d1925-1935
18,000 100
1187__Coatesville Sch. Dist., Pa....._ 4% 1916-1945 115,000 y101.78
1279...Cody Canal Irr. Dist., Wyo.. 6
1921-1925
50.000
1017__Connersville Sch. City,Ind.__ 4%
18,000 101.28
a1923
1188__000k Co. S. D. No. 152, Ill__ 4%
20,000 100.225
1109__Coshocton City S. D.,Ohio_ _ - 5
22,000 103.17
1017.....Craighead Co. Dr. D. 12, Ark_
75,000
1374_ _Craven Co.. No.Caro.(2 iss.)_ 5
35,000 100
1932-1947
1188...Cumberland,Md
4
150,000 100.38
a1919
831.._Danville, Ills
5
80,000 105.559
1017-..Dayton, Ohio
1936
5
40,300 108.77
1109_ _Delaware Co., Ind.(4 issues). 4%
a1921
31,840 100.10
1109_ _Delaware County, Ohio
5
19154925
80,000 101.718
1188__Delhi (T.), N. Y
100,000 100.41
43S
1018__Dravosburg, Pa
a1931
5
13,500 102.61
1109_ _Dresden, Tenn. (2 issues)_ _ _ _ 6
1935
27,000
1109....Earlham, Iowa
5% d1925-1935
8,000
1109_ _East Liverpool, Ohio
5
2,340 100
1018_ _East Rutherford, N.J.(2 iss.)_ 434
1945
43,500 101.45
1018.. _Edgewood, Pa
4% 1933-1945
30,000
101R__Edgewood S. D.,Pa
4% 19201945
75,000
1374_ _Edina School District, Mo____ 5 d1920-1935
15,000
832....Elizabeth Twp. S. D.,Ohio..__ 6
1920-1935
25,000 107.77
1188_ _Elmira, N. Y.(2 issues)
4%
a1933 1,500,000 102.79
919_ _El Nido Sch. Dist.. Calif
6
4,500 101.666
4%
1188_ _Englewood, N J
1935
84,000 102.97
1188....Erie County. Ohio (6 issues)._ 5
108,000 101.45
1109__Etna Two. Rural S. D., Ohio_ 6
a1924
30,000 106.128
1109_ _Etowah County, Ala
5
1945
200.000 98
919_Euclid, Ohio (3 issues)
5
21,350
919_ _Eucli(l, Ohio
5%
7,000} 102.328
1188_ _Everett, Mass
10,000 101.52
1945
4
1188_ _Ewen Sch. Dist., Mich
25,000
_Fairfax
832_
County, Va
50,000 101.05
5
1109...Fairfield, Ill
27,000
1916-1935
5
1109_Fall River, Mass.14 issues)
260,000 100.05
4
919_ _Fanwood Twp.S. D.,N.J
16,500 104.01
5
1280_ _Fargo,No. Dak
140,000 101.471
6
1018_ _Flint, Mich.(2 issues)
156.726
4%
532_ _Floyd County, Ind.(3 issues). 4%
37,120 100
1188_ _Fort Smith, Ark
5
28,000 97.517
a1926
1281_..Fostoria, Ohio
5
75,000 102.91
a1929
832.. _Fostoria Sch. Dist., Ohio
5
150.000 104.542
a1936
1188_ _Framingham, Mass
30,000 100.29
4
a1923
1188_ _Franklin County,Ohio(4 iss.)_ 5
156,000 100.93
1281_ _Freeport, Ohio
1,000 100.50
6
a1917
1110.. _Fremont, Ohio
4.000 100.375
5
1916-1919
1188_ _Fremont, Ohio (3 issues)
34,000
5
1110_Fullerton, Calif
36,000 107.75
6
a1935
532__Fulton County, Ohio (2 Iss.) 5
20,500 100.377
920_ _Fulton Co. S. D. No. 141,111.... 5
28,000 104.37
1018_ _Georgia
a1942 3,525,000 101.782
43
1110. _Girard, Ohio (2 issues)
7,500
5%
a1924
6,500 102.588
5
P 832_ _Glencoe, Ill
1281.. _Grand Junction, Tenn
1934
10,000
6
1110_ _Grand Prairie Twp.S. D.,Ohio 5
15,000 100.24
1281_ _Grant County, Ark
1916-1940 160,000
6
920.J/rant County, Ind
a1921
2,560 100
4%
832__Grant County, So. Dak
4% d1925-1935
75,000 100.68
1281_ _Greenfield Twp., Ohio
20,000
5
832_ _Greensboro, No.Caro
100,000 100.59
1944
5
1018__Green Twp., Ohio
40,000 y100.57
a1929
5
920 __Greenwich,Conn.(2 issues)
225,000 101.659
43
1019...Guilford Sch. Twp.,Ind
4,000 100.385
43
a1919
1189_ _Ham(len, N.Y d2 issues)
4%
43,000 100.14
1110...Hamilton Co., Tenn
1945
5
228.000 102.80
Page.
Name.
Rate. Maturity. Amount. Price.
1110__Hamilton Co., Tenn
1945
5
$125.000 104.17
1110....Hamilton Co., Tenn
1945
5
100,000 104.17
1189_ Hamlin Co., No. Dak
5
60,000 103.133
1930
1019__Hancock Co., Ohio (9 issues).- 5
99,500 101.184
1281.._Harbor Beach S. D.,Mich...-. 4
1922-1929
16,500 100.34
1281__Harrison Co., Ind
4
a1921
2,600 100.192
1281__Harrison Sch. Dist., Ark
10,000
1931-1940
6
1110-Harrisonville Two. S. D.,Ohio 5%
10,000 103.72
a1921
1019.._Harrisville Twp., Ohio
5
28,000 100
1110__Hartford, Conn
4
51,000
1110__Hawkinsville, Ga.(2 issues)
1934
5
35,000 100.50
1189_Hempstead (T.) U. F. S. No.
4% 1930-1939
8,000 y100.39
1281__Hent:y County, Ohio
25,000 102.108
5
1281__Henry County, Ohio
15,000 100.93
5
1281_Henry County, Ohio
21,700 100.52
5
920...Highland County, Ohio
a1916
21,000 100.279
5
920__Holgate, Ohio
1,000 103.50
1925
6
1019...Holyoke. Mass.(4 issues)
4
173,000 101.169
920.._Hood River, Ore
11,779 100.73
6 d19154924
1110__Hospers Ind. S. D.,Iowa
1921-1925
5
5,000 98
1282__Howard County.Ind.(4 issues) 41,4
30,220 100.016
1019__Hubbard Co., Minn
5A
8 6,000 100.761
832.._Hubbard Twp., Ohio
50,000 100.075
5
a1924
920....Hudson Co., N J
150,000 103.269
1944
434
1019.._Hull, Mass
45,000 100.547
1111__Huntington Beach S. D.. Cal._ 6
70,000 107.147
5 d1935-1945
1282_ Huntsville, Ala
40,000 y100
1189...Irondequoit Cora. S. D. No. 5,
N.Y
5
1916-1925
10,000 101.23
920__Irvington, N. J
434
80,000 103.50
1965
1111.._Ishpeming, Mich
30,000
1111__Jackson Sch. Two., Ind
434
a1921
5,000 100.431
1282_ _Jacksonville, Ohio (2 issues)._ 6
a1920
2,330 101.347
5
920.._Janesville, Wis
a1933
80,000 103.167
4
1019._Johnstown. Pa
12,000
1915-1924
5
920....Junction City, Ohio
17,000 101.869
d1925-1945
1111_ _Juniata, Pa
24,000 101.643
19154924
5
1189_ Keewatin, Minn
80,000
1930
4
100.000 98.16
921 Kennebec Water D., Me
30,000
1282_ _Kennett Sq. S D., Pa
434 1916-1944
90,000
5
1111 Kent, Ohio
31,500 101.349
1019 Kingston, N Y
434 1920-1922
30,000 102.893
1934
921 Knox County, Ind
434
125,000 104.05
1935
1111 Knox County, Tenn
5
15,000 100.433
a1922
1111 Kokomo, Ind
20,000 101.295
1916-1930
921 _Lag.ro Sch. Twp.,Ind
165,000 95
1282 _Lakeland, Fla. (3 issues)
5
150.000 105.741
1935
921 _Lakewood Sch D., Ohio
5
8,000 101.14
1925
5
1019 _La Porte Co., Ind
2,750 101.966
1111 _La Rue Vii. S. D., Ohio
a1920
6
50,000 101
5
1189 _Leavenworth, Kan
a1920
40,000 100
5
921 _Lee County, No. Caro
1955
9.000
1019 _Linngrove, Iowa
.
534 1920-1935
50,000 100
5
1282 _Livermore, Cal
1916-1955
3,300 102.159
6
1111_ Logan, Ohio
a1920
5
921_ _Logan County, Ohio
9,000 100.277
a1918
18,000 101.089
1376.. _London, Ohio (2 issues)
5
1 89....Lorain, Ohio
45,000 102.61
5
1282_ Lorain Sch. Dist., Ohio
25.000 102.76
al926
5
1019__Los Angeles City S. D., Cal_
53,000
1283__Lumberton, No Caro
20,000
1945
534
1019....Lynn, Mass (3 issues)
4
1916-1945 209,000 101.12
833_ Lyons, N. Y
a1934
97,000 100.13
434
833_ Lyons, N.•Y
4.60 a1931
91,000 100.342
1283_ McMinnville,Tenn
6
8.0001 100
1925
1283...McMinnville, Tenn
5
d1935-1045
20,0001
1189_ Madison, Wis
434 1916-1935 120.000 y101.178
1019_ _Madison Co., Ala.(2 iss.)
5
85,000 100.835
1935
1019....Malheur County, Ore
30,000 106.366
921_ Mantua, Ohio
1916-1925
6
12,829 100.974
1020_ Marengo, Ohio (2 issues)
8,598 102.756
6
1916-1920
5
921_ Marlon, Ohio
1916-1920
5
5,00014,0001 100.782
921_ Marion, Ohio
4.90 19204929
10,000
921_ _Marion, Ohio
a1918
2,200 100.227
1111_ Marion, Ohio
5
5,700 100.046
a1921
434
1111_ Marion County, Ind
51
4,000 100
1111_ Marion County, Ohio
01,500 100
a1921
4
1111_ Marshall County,Ind
a1922
6,000 101.796
5
1111_ Massillon, Ohio
a1924
8,600 102.317
1111_ _Massillon, Ohio
5
2,500 100
a1923
1376_ Maumee, Ohio
534
d1925-1955
25,000 100
1111_ _Maverick County.,Tex
5
36.000 103.65
a1928
1020_ Medina County, Ohio
5
15,000 100
921_ Miami County, Ohio
5 • 1916-1925
6,420 100.24
1189_ Miami County,Ind
4
3,420 100.292
1189_ _Miami County,Ind
1377_ Middletown, Ohio (2 issues). 5
34,237 101.15
100,000
1020._ Milam County Tex
1112_ Milwaukee, Wis
a1925
630,000 102.10
434
1283_ _Minnesota (15 issues)
70,950 100
4
1189_ Morganfield, Ky
17,291
1916-1925
6
Morrall
Vii. S. D., Ohio
1189_
37,000 100.115
1925
5
1189_ Morrow County, Ohio
5
14.000 101.292
1189_ Morrow County, Ohio
5
39,330 100.129
921_ Mount Blanchard, Ohio
10,00
a1925
5
101. 55
1020_ Mount Morris, N. Y.(2 iss.)_ 4
66,000 100
1113__Mount Vernon, N. Y
15,000 101.04
a1921
4
20,000 101.225
1283_ Muncie, Ind
a1930
1112.. Muscatine-Louisa Dr. D. No.
1918-1933 229,000
13, Iowa
6
2,500 100.50
a1919
1284....Muskingum Sch. Dist., Ohio
5
10,003
1917-1935
1112_ Navajo Co. S. D No. 2, Ariz 6
75,463
1377.. Nebraska (9 issues)
6,043
1924
5
1112_ Newark. Ohio
389,425 100.03
1020_ New Bedford, Mass.(5 issues) 4
2,500 100.364
a1919
1020.._New Boston, Ohio
5
260,000 100.759
1189_ New Britain, Conn.(2 iss.). -43c4 4
28,000 101.63
1925
434
1112_ Newburgh N. Y
9,450
1284_ New Lexington, Ohio (3 iss.)_ 534
1916-1934
47,500 103.84
5
1112_ Now Madrid Co., Mo
1965 22,000,0001 103.459
922. New York State
43
1945
5,000,000f
922_ New York State
431
1921
5,000 101.35
922_ Niles, Ohio
5
4
17,900 100
1284 North Dakota (6 issues)
5
1190.. Oconomowoc, Wls
15,000 102.68
1377.. Ogden, Utah
434
75,000 98.65
1935
5
1190_ Okolona, Miss
58,000 100
1916-1924
4
1112_ Oneonta, N. Y
8,954 100.176
4
1020.. _Orange County, Ind
9,250 100.27
a1922
5
1284....Orange Township, Ohio
8,000 100.0625
1920-1945 375,000 95.56
1190-Oregon City, Ore
5
1190_0wen County, Ind
a1920
3,814 100
434
a1934
1284_ _Owensmouth II. S. D., Cal..... 6
100,000 103.277
1020.._Paris, Ill. (2 issues)
5
90,000 103.516
1377__Paris, Tex
5 d19254965 125,000 100
200,000 101.031
1190_ _Parkersburg, W. Va
5
1925
923__Paulding Co., Ohlo'(9 issues) 5
177,800 101.422
7
1112_ _Payette Hts. Irr. D., Idaho_
53,000 100
1020.._Pennington Co., So. Dak
50,000 106.374
6
a1924
24,000 100.04
834_ _Penn -Van N.Y
4.65
a1920
10,000 y102.05
1112_ _Peoria Heights, Ill
6
a1920
24,000 101.903
1112_ _Perry County, Ohio
a1922
5
54,000 100.40
923_ _Perry Twp., Ohio
a1924
5
20,000
1190 ...Peru Twp., Ohio
1916-1934
5
180,000
1113 _Petersburg, Va.(2 issues)
1955
1190__Philadelphla Sch. Dist., Pa.__
1935 2,000,000 102.5979
12,500 101
1020 _Piscataway Twp.S. D., N.J_ 5
100,000 104.43
834 _Plainfield, N. j
a1956
434
30,000 100.13
1284_ _Pleasant Twp. Rur. S. D.,Ohlo 5
a1920
1020_ _Polk Co. Spec. Tax S. D. No.
15,000 92.506
1935
6. Fla
5
1020_ _Polk Co. Spec. Tax S. D. No.
15,000 96
1935
5
13, Fla
a1922
1020-Polk Twp., Ohio
50,000 100.642
5
0
AIR. 17 1915.]
THE CHRONICLE
Name.
Page.
Rate. Maturity. Amount. Price.
1190_ _Pontiac Un. S. D., Mich
4% 1916-1917 $25,000 100
1021.._Port Chester N. Y
25,000 101.31
1918
5
150,000 99.50
1190_ _Port of Astoria, Ore
5
1190_ _Posey County, Ind
4%
16,500 100.254
1190.. _Posey County, Ind
7,600 100.328
4%
1190..-Posey County, Ind
7,500 100.166
4%
1113_ _Princeton, Ills
16,000 102.10
5
a1920
1190....Putnam County,Ohio(3 issues) 5
15,900. 101.03
1190_ _Raleigh, No. Caro
57,000 104.612
1945
5
1113_ _Rapid City Sch. D.,So. Dak
75,000
1285_ _Rapides Parish, La
100,000 100.75
a1921
5
1113_ _Red Bank, N. J
a1927
23,500 101.25
4%
1021_ _Reeves County, Tex
5 a1935-1955 100,000 93
1021_ _Richland Co., Ohio(3 issues) 5
93,000 101.16
923__Richland Sch. D., W.Va
50,000 101
5
923_ _Richmond, Va
1949
4%
534,000 100.77
834_-Richmond Twp. Rd. D., Ohio.. 5
a1925
10,000 100.15
1021.._Ridgefield Twp., Ohio
a1926
5
7,000 100.1
1285....Ripley, Ohio
5
5,000 101.27
1021_ _Ripley Twp. Rd. D., Ohio
5
a1919
15,000 100.40
1285_ -Robertson County, Tex
5 d1925-1955 100,000 100
834.._Rochester, Minn
5
a1920
18,000 102.40
5
1113_ _Rockford, Ohio
a1923
7,500 100
923--Rock Island Co., Ill. (2 iss.) 4%
105,000 100.25
5
1191_ _Rockland (T.), N.Y
a1919
7,500 100
a1922
4
1285_-Rome, Ga
75,000 91.35
a1925
43
923_ _Roselle Park, N.J
70,000 100.714
6 d1925-1935
923_ _Roy Sch. D., N. Mex
3,000 95.40
1378.._Sacramento County Reclamation Dist. No. 1000, Cal__ _ 6
1942-1949 760,000 100
1191__St. Francis Levee D., Ark.
(2 issues)
6
465,000 y100.301
1921-St. Louis, l‘lo
43
2,750,000
1935
1378_ -St. Mary's, Ohio (5 issues)_.... 5
11,200 101.532
834....St. Mary's Sch. D., Ohio
5
50,000 103.815
1113-St.Paul, Minn
1925
4%
280,0001.
1113_ _St. Paul, Minn
4j
1945
200,000 101.80
1113_ -St. Paul, Minn
4%
197,000
1935
1113_ _Sadler Ind. S. D., Tex
10,000
1191__San Agnelo, Tex
5 d1924-1954
80.000 y100.187
923_ _Sanders Co., Mont
5
65,000 101.042
1285....San Diego, Cal
391,000
1113- _Sandusky,Ohio(2 issues)
76,800
43
1285....Sandusky County, Ohio
5
20,000 100
1919
923_ _Sandusky Twp. Rd. D., Ohio.. 5
16,000 100
1113_ _Scranton Ind. S. D.,Iowa---- 5
1924
36,000 100
1285_ _Seaside. Ore
6
1920-1940
45,000 y100
1285.. _Seattle, Wash.19 issues)
59,642
1021_ _Seneca Falls S. D., N.Y
5
3,500 100
1113_ _Shelby Co., Ind.(2 issues)._
14,220 100
43's
1191_ -Sheridan Co. S. D. No. 40,
Mont
6
4,000 100
1113_ _Sherman Twp.,Ohio
a1926
5
10,000 101.035
1113__Sioux Falls Ind. S. D.,So. Dak.5
175,000 105.108
1934
1113.._Somerville, Mass
102,000 100.288
4
1191_ _South Bend, Ind
1935
4
50,000 100.
835__South St. Paul, Minn
54,000 101.40
1935
5
924__Sparta Twp.S. D , N J
5
1916-1927
12,000
924.._Spencer Twp., Ohio
40,000 100
5
1378.._Spokano, Wash
1,048 100
6
924__Springfield, Ohio
5,366 101.229
5
924....Springfield, Ohio (2 issues)
40,100
1021_ _Springfield Twp. S. D.,Ohio.- 5
a1928
25,000 101.158
1021-Staceyvillo, Iowa
1919-1935
53
11,000 100
1288...Steubenville, Ohio
5
17,500 101.228
1286„Sugar Crook Twp.S. D., Ohio_ 5%
a1928
10,000 104.06
1286_ _Summit,So. Dak.(2 issues)
6 d1925-1935
13.000 100
1114__Swaledale Con. Ind. S. D., Ia.. 5
1917-1926
5,000 100
835_ _Switzerland Co.,Ind
4%
a1921
8,500 100.011
1286_ _Tacoma, Wash. (6 issues)
9,924
6
835_ _Tangipahoa Parish, La
50,000
1192_ _Tarentum, Pa
20,000 101.925
4%
1945
1192__Taunton, Mass.(2 issues)
4
35,000 100.298
1191_ _Texas
5
70,765
1114_ _Tiffin, Ohio
5
75,000 104.20
1286__Tillar School District, Ark........ 6
1925-1940
15,000
835-Tippecanoe. Ohio (2 issues)
5
11,133
925_ _Toledo, Ohio
4
1920
100.000 100.59
925....Toledo, Ohio
4
1925
45,000 101.44
1115_Tompkins County, N. Y
4
a1926
43.000 100
1286_ _Troy Township, Ohio
5
a1924
26,000 100.48
1192_.Tucson, Ariz. (7 issues)
5 d1935-1945 239,000 100.60
1022_ _Tuscarawas County, Ohio_.... 6
a1917
45,000 102.66
1022_.Uhrichsville, Ohio
5
a1919
20,000 100.53
1286__Union, So. Caro
5
d1935-1955
25,000 101.004
1286-University City S. D., Mo..... 43i
a1927
60,000 100.52
1115_Utica, N. Y
4% 1916-1931
5.469 x100
1379....Valley Co. S. D. No. 14, Mont. 5% d1925-1935
24,000 100.512
835__Vandalla Vii. S. D.,Ohio
5
a1922
7,000 102.50
1192_ _Vanderburg County, Ind
434
8,200 100
1115__Vanderburgh County, Ind_ _ -- 4%
a1921
12,000 100.041
1115_ _Walla Walla, Wash
6
1925
22,000 100.913
1287_ _Warren County, Ohio
4
1940
34,500 100.35
925_ _Washington County,Pa
434 1921-1934 120,000 101.56
926...West Baton Rouge Parish_ ,La._ 5
1916-1936
75,000 100
1116_ _Westchester County, N.Y
4
175,000 100.311
:t .6 .......
1116_ _Westchester County, N.Y
14,994 103.308
836_ _West Elkton S. D., Ohio
2,000 101.10
1023_ _West Park, Ohio (2 issues)
5
17,795 101.68
926__West Seneca, N Y
5
25,380 101.221
1287__Whelen School District, Ark.._ 6
1925-1945
10,000
1116__White Sulphur Spgs., W. Va__ 6
9,500 101.21
a1921
1287__White County, Ind
434
12,000
1116_ _Wichita Fails, Tex
5 d1925-1955
45,000
836_ _Wilkes-Barre, Pa
a1924
434
100,000 101.65
1287__Williford School Dist. Ark_.... 6
1920-1935
12,000
926_ _Williams County, Ohio
a1918
40,000 100.56
5
1116_ _Winchester, Mass.(3 issues) 4
27.000 101
926_ _Yakima, Co. S. D. 94, Wash
12,000 100
5 d1916-1935
926_ _Yankton Sch. Dist., So. Dak
a1923
100,004 y101.35
5
1023_ eYavapal County, Ariz
25(,,000 100
5
1117.._Youngstown School Dist.,Ohlo 434
200,000 101.358
1288_ _Yuma County, Ariz
a1942
500,000 100
5
1371
Page.
Name.
Rate. Maturity.
1110_ _Grant Co. S. D. No. 118,Wash. 5 d1916-1935
1111_ _Kanorado Sch. D.,Kan.(Jan.) 6
1916-1931
1379_ _Toledo, Ohio (Jan. 4 issues). 5
1379_ _Toledo, Ohio (13 issues)
5
1022.. _Tooele, Utah (January)
1917-1929
6
Amount. Price.
$15,000 100
9,000 100
10,8981 z100
,
64,000 100.375
All the above sales (except as indicated) are for February.
These additional February issues will make the total sales (not
including temporary loans) for that month $42,288,794.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
MARCH.
Page.
Name.
Rate. Maturity. Amount. Price.
1380-Alberta (7 issues)
1924
7
$8,550
1288_ _Assiniboa Rural Mun.,Man.. 5
413,000
1288_ _Aurora, Ont.(2 issues)
1935
8,000
534
1288_ _Beverly, Alta
6
75,0001 89
1935
1288_ Beverly, Alta
6
25,0001
1923
1023...Blenheim Twp., Ont
1916-1945
5
5.237
1193 _Bowmanville, Out
35,000
534 1916-1945
1117_ _Brampton, Ont
3.628
1117_ Brampton, Ont
10,000 100.63
534 1916-1935
1117_Calgary Sch. D., Alta
5
175,000
1955
1193.. _Canada Dominion of)
434 d1920-1925 25,000,000 99.50
1193_ _Carroll Consol. S. D. No. 868,
Man
5
8,000 85.937
1117__Collingwood, Out
5
1916-1945
7,000
1193_ _Dover TownshiptOnt
6
1916-1925
4,000
1193.._Dufresne S. D., Man
6
1916-1925
4,750
1024_ _Hochelaga Sch. Com.. Que_-- 5
375,000
1288_ _Humboldt, Sask
6
1925
6,5 7
1117...Joliette Sch. D., Que
534
40,000
1117__Kamloosp, B. C
6
82,000
1024....Kingston, Ont
534
84,000 103.27
1288_ Leduc, Alta
5,800
85.59
1193_ Mahone Bay, N. S
18,000
1193_ Maidstone Twp., Ont
6
1916-1925
2,247
6927.._Maissonneuve, Que
6
1917-1919 800,000
1193 Maissonneuve, Que
6
1918
100,000
6
927 Minnedosa, Man
1916-1935
3,500
90.228
1193_ _Miniota (Rural Mun.), Man.... 534
1935
7.000 101.242
1024 Mitchell, Out
5
30,000 99.376
1117__New Brunswick (Province of).. 5
1920
300,000 100
6
1288 New Liskeard, Ont
1930
2,500
1024__Niagara Falls, Ont
1916-1925
6
8,000 102.75
1117 _Oak Bay, B.0
534 19251:1935 141,000
927_ Oakville, Ont
1916-1945
10,000
6
927 Owen Sound, Ont 60,000
1935
6
1024 Petrolia, Ont
8,609 100.069
534 1916-1930
1117__Quebec City, Que
1920
5
2.125,000
97.079
1193_ _Regina. Sask
5
285,000
1024 _Richmond, B. 0
1954
5
5.000
1193_ _St. Catharines, Ont
5
120,000 97.33.
1935
1117__St. James, Man
5
400,000 89.30
927_ _St. Jerome, Que
5
105,000
1024.. _St. Laurent, Que
6
1955
300,000
1024_ _Saanich, B.0
5
1945
375,000
927....Sandwich, Ont
6
1925
55,000 100.871
927_Saskatchewan (Prov. of)
5
1918 2,500,000
1024__Saskatoon S. D.,Sask
6
1945
110,000
1024_ _Scarboro Twp., Oat
6
1916-1925
5,480 103.808
927_ _Stamford, Ont
6
1916-1924
8.000 102.75
1288_ _Sudbury, Ont
5
1916-1935
13,800
1024_ _Summerland, B. 0
7,000
1024.._Swift Current,Sask
15,000
1193__Tillbury East Twp., Ont
6
7,346
1288_ _Vancouver, B C
1925
434
1,118,947 87.31
927 _Victoria B. C
1925
434
250.000
1288 _Virden, Man
25,000
90.17
1024 _Walkerville, Ont
5
1916-1925
79,238
98.06
1193_ Wallace (Rural Mun.), Man.... 434 1916-1945
25.000
1024 Wetaskiwin, Alta
6
1916-1930
30.000
1024_ _Wynyard, Sask.(2 issues)___ 7
1921
3,000
Total debentures sold in March
$35,834,149
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
Name.
Rate. Maturity. Amount.
Price.
1023_Alberta, Provinc9 of(10 iss.)_ 8 '
$9,725
1023_ _Berlin, Ont
14,0001
534 1916-1925
1023....Berlin, Ont
1,200 99.099
534 1916-1925
1023_ _Berlin, Ont
5
1916-1945
15,265
1117_ _Mhnico, Ont
6
1925
2,493 100.361
1381_ _Saskatchewan Sch. Dists
12,000
1381_ _Saskatchewan S. D's (Jan.)_
96,350
All of the above sales (except as indicated) are for February. The additional February issues will make the total
sales of debentures for that month $20,055,539.
News Items.
Beaufort, No. Caro.-Commisgion Form of Government
Adopted.-It is stated that by a vote of 108 to 89,the question of establishing the commission form of government
with a city manager carried at an election held March 30.
Charlotte, No. Caro.-New Charter Defeated.-Reports
state that the new charter providing the city manager form
of government was defeated at an election held Mar. 30.
The vote was 913 "for" and 991 "against."
Colorado.-Legislature Adjourns.-The Colorado Legislature completed its 1914 session last Saturday night,April 10.
Commerce, Hunt County, Texas.-Commission Form
of Government Adopted.-Reports state that the election
Total bond sales for March 1915(272 municipalities,
held 'April 6 resulted in a vote of 158 to 75 in favor of the
covering 524 separate issues)
$65,666,704
establishing the commission form of government.
a Average date of maturity. d Subject to call in and after the earlier question of
year and mature in the later year. k Not including $22,801,614 of temDurango, Colo.-City Manager Plan of Government Carporary loans reported, and which do not belong in the list. x Taken 13," ries.
-On April 6 the voters adopted a charter amendment
sinking fund as an investment. y And other considerations.
providing for the "city manager plan" of government. Five
REVISED TOTALS FOR PREVIOUS MONTHS.
commissioners will be elected. These commissioners, who
The following items, included in our totals for previous will serve without pay, will hire a city manager. It is stated
months, should be eliminated from the same. We give the that this is the second city in Colorado to adopt the "city
page number of the issue of our paper in which the reasons manager plan," Montrose being the other.
for these eliminations may be found.
Kansas.-Inheritance-Tax Law.-Governor Capper on
Page.Name.
Amount. March 24 signed a bill providing for the taxation of in1280_ _Dayton, Ohio (February list)
$195,000 heritances.
1282_Ironton, Ohio (February list)
12,200
According to the Topeka "Capital" March 25, the law provides in brier
We have also learned of the following additional sales for that estates left by will, deed, grant orofgift
in contemplation of death shall
pay an inheritance tax to the State on the following conditions:
previous months:
Surviving husband or wife, lineal descendants or
ancestors,
Page.
Rate. Maturity. Amount, Price. children, lineal descendents of adopted children, the wife or widow adopted
Name.
of a son
1017__Bloomington S. D., Ill
4% 1926-1933 $160,000 101.52
or the hu.sband of a daughter of the deceased, are exempt from the pay1109_ _Carbon Co. S. D. No. 1, Wyo.
ment of the tax.
(January)
6
1921-1932
Brothers or sisters of the deceased are exempt up to $5,000. On amounts
12,000 105.13
1109.. _Charlottesville, Va. (3 iss.)
left them higher than the $5,000 exemption they must pay a tax of 3% on
(January)
5
1935
89,500 98.50
the first $25,000, 5% on tho next $25,000, 734% on the next $50,000, 10%
1017_Coloreta Sch. D Cal
6
1916-1925
1,060 100
on the next $100,000 and 1234% on everything over $500,000.
1375_ _Eastport, Mo. (January)
434 1925-1935
24,000
There is no exemption on other heirs. They pay a tax on the following
1018-Gooding County, Idaho
5
schedule: 5% on the first $25,000, 734% on the next $25,000, 10% on the
20,000 101.10
1372
THE CHRONICLE
[VOL. Mo.
next $50,00C1, 12%% from there up to $500,000, and 15% on all above the
half-million-dollar mark. Unpaid inheritance taxes are a lien on the property and draw interest at 6% if not paid within one year. The law applies
to all property in the State, whether owned by residents or non-residents.
The county keeps 5% of the tax and the balance goes to the general revenue
fund of the State.
that they had placed the values of property within the
county at only 50% of their true value, when in fact the law
requires that they should be assessed at their full value.
Because of the limit of a 5-mill tax the revenues derived from
the collection of the taxes were insufficient to pay the obliBlue-Sky Law Amended.—Another measure signed by the gations of said county, including two judgments recovered
Governor on March 24 makes a number of amendments to by the Falls City Construction
he larger judgment
the Kansas "Blue Sky Law." The "Topeka Capital" de- being for $106,020. The District
Co.,dourt refused to grant
scribes this new law as follows:
contention made by the officials that
The new law differentiates between standard and speculative securities. the writ because of the
It exempts standard securities almost entirely from the control of the State to do so would compel the payment by the property owners
Banking Department, and gives that Department much more power over in Monroe County of a State tax twice as high as the propspeculative securities.
erty owners in other counties in the State paid, in view of
Speculative securities, according to the new law, include the following:
Securities issued to promote enterprises promising gains in excess of the the fact that the properties in said counties were also only
ordinary returns usually returnable from enterprises of similar character.
assessed at 50% of their full value. Telegraphic advices
Securities for the sale of which a commission of more than 5% is offered.
Securities whose par value is determined rather by chance than by the just received by our informant announce that the higher
elements of safe investment.
Securities whose value depends upon future developments rather than Court has reversed the judgment of the lower Court and
on present tangible assets and conditions.
ordered the writ of mandamus to issue. F. Wm. Kraft
Securities of any enterprise which includes patents,formulas,good-will, or
intangible assets, or which proposes to issue the material part of its securi- of Chicago appeared as the attorney for the relator, Falls
City Construction Co.
ties in payment for these things.
Securities made or issued for the sale of unimproved land on deferred
payments or on the installment plan, where such lands are not within the
• Nebraska.—Legislature Adjourns.—The thirty-fourth sesState and where the value of the security depends on the promise of the sion of the Nebraska Legislature ended
April 13.
promoter to furnish irrigation, transportation, or similar improvements.
The law makes it unlawful to offer for sale any speculative securities
State.—Taxation
of
York
New
Debts.—ReferSecured
obtaining
a
State
Banking
Department. The Act
without
permit from the
specifies in detail what information must be furnished the State Depart- ence was made in these columns last week (V. 100, p. 1278)
ment, and means apparently all the information in the world bearing on to a bill introduced by Senator Ogden L. Mills, placing an anthe company and its securities. Investigation of the company and its
assets will be made at the cost of the company applying for permission to do nual tax on secured debts. The terms of this measure are
business in the State. These securities are exempt from the operation of more fully explained in a statement issued by Senator Mills
the new Blue Sky law:
"United States securities, those of any foreign government, any State, on April 11. The bill provides, the statement says:
Territory, county, city, township, district, or other taxing subdivision of
1. That the holder, including a corporation, joint stock company, asany State or Territory.
sociation, trustee, guardian or executor of a bond, note, debenture, certifi"Securities issued under permission of the Public Utilities Commission cate or other evidence of indebtedness which is payable one year or more
in
similar
boards
other
States.
of Kansas, or
from its date of issue, may pay to the State a registration tax of one-half of
"Securities of State or national banks, or trust or mortgage companies 1 per centum, provided, however, that on securities having less than five
dealing exclusively.in mortgages on farm or city real estate, building and years to run, the said registration tax shall be two-tenths of a mill on each
loan associations."
dollar for each year it has to run.
The Bank Commissioner is given power to make any examination he
2. That the holder of any securities so registered shall pay an annual tax
may deem necessary. Any person making any false statement to the Bank- of one and one-half mills on each dollar of the par value of said securities,
ing Department in regard to securities is liable to a fine or from $100 except that whore interest has not been paid the tax shall be based on the
to $5,000, or imprisonment for from one to five years in the penitentiary, market value of said securities.
or both.
3. That the holder of all so-called secured debts, as defined in the bill,
AnY Person or concern doing business in violation of the Act is liable to a • which have net been registered as above described, shall pay an annual
fine of not more than $5,000 or by confinement in the penitiary for from one tax of two cents on each dollar of the par value of the securities.
to seven years, or both. The law also provides that where the value of the
4. That there shall be certain exemptions: (a) Securities held as collateral
securities depends upon the development of mines, oil or gas wells, the to secure the payment of bonds, notes or other obligations taxable under
Board of Administration, on order from the Bank Commissioner, shall this article; (b) securities hold by an agent of a non-resident; (c) securities
cause the engineers of the Agricultural College or University4to make an held by charitable, educational, benevolent, &c., organizations.
examination and report to the Department.
5. That banks, banking associations, corporations, joint stock companies
and associations liable to an annual tax under Section 24 of Article IX of
to deduct from the annual tax of one and oneMortgage Tax Law.—Another measure passed at the recent the Tax Law shall be entitled paid
by them pursuant to Section 24 of Article
half mills the amount of taxes
session of the Legislature substitutes a registration fee in IX.
lieu of taxation of mortgages.
6. The bona fide dealers in bonds, notes or other obligations held by
for sale and not for investment shall be allowed to deduct from the
The new Act provides that before any mortgage of real property shall be them
value of such bonds, notes or other obligations the amount of money actureceived and filed for record on and after July 1 1915,there shall be paid to ally
borrowed
by them for purchasing or carrying such secured debts, and
the County Treasurer of the county in which such property, or a part shall only be taxed
on the balance.
thereof, is situated, a registration fee for each $100 and major fraction
7. That secured debts as defined in this article shall be free from all other
thereof, of the principal debt or obligation which is, or under any contin- taxation.
gency may be, secured by such mortgage, the sum of 15 cents per annum
That all secured debts registered prior to May 1 1915 shall continue
for the full term of the loan; provided, that nothing in this Act shall be con- to8.
be exempt from taxation, not only under this Act, but from all taxation
strued as requiring a registration fee of more than $5,000 on any one mort- In
State as provided in the original secured debts law.
the
gage of real property; and provided further, that mortgages given to build9. That every person, corporation and association subject to this tax
ing and loan associations as security for non-negotiable loans shall be ex- shall
make
an annual verified report to the Comptroller specifying: (a) the
of
the
tax
imposed
payment
by
the
this
empt from
Act. The owner or
amount of secured debts which have been registered as provided
holder of every such mortgage falling due after July 1 1915, which is not aggregate
amount of secured debts which have not been registered:
paid at maturity, shall within six months immediately after the maturity (b) the aggregate
are allowed.
of such mortgage pay to the County Treasurer of the county where it is (c) such exemptions as
recorded a renewal registration fee on the amount remaining unpaid for
A hearing on the Mills bill was held April 13 and at that
the time renewed or extended, if renewed or extended and if not renewed
or extended, then for one year. equal to the fee required for a mortgage, time there appeared a great many persons to oppose the
for the same amount and time, executed on the date of such maturity; and measure. The Investment Bankers' Association of America,
in case such mortgage is not renewed or extended and remains unpaid, then
Reed, issued a statement
at the expiration of the year for which the fee has been paid, a tee for the through its counsel, Mr. Robert R.
next year shall likewise be paid until such mortgage is paid in full; provided, which reads in part as follows:
that if an action is commenced in good faith for the foreclosure of any such
We suggest first, that the State impose an annual tax of not exceeding
mortgage, within six months after its maturity, and prosecuted without
mills on the face value of bonds and notes, and as it is unjust
unnecessary delay to final judgment, no such renewal registration fee shall one and a half
to tax a 3% bond at the same rate as a 6% bond, and as 13 mills on a dollar
be required. No fee shall be required in case a mortgage is given solely Is
6%,
a proviso should be added that the tax should not exceed
of
2%
%
for the purpose of correcting or perfecting a previously recorded mortgage,
% of the income paid on such security during the preceding year. If
or of providing additional security for the same indebtedness, where such 24
the security is in default, no tax should be imposed. These provisions, we
registration fee has been paid on the original mortgage.
should be the basis of the new law, but standing alone and involving
The registration fees herein provided shall be in addition to the fees submit,
an annual burden and an annual inquisitorial return, they would tend to
fixed by law for filing and recording such instruments.
securities
and the owners of securities out of the State and to keep
drive
When the real property covered by a mortgage is located partly within
and partly without this State, the State Tax Commission of Kansas shall them out.
determine what registration fee shall be paid, by determining the relative
We would therefore oppose a new law confined to these provisions. Comvalues of the mortgaged properties within and without the State, taking bined with an initial registration tax, as is now proposed, of 34 %,its effect
into consideration in so doing the amount of prior incumbrances upon such on security holdings would be far-reaching and disastrous. This registraproperty or any part thereof.
tion tax would have to be paid before next July, and before that time it is
All mortgages of real property executed after July 1 1915 upon which the reasonable to suppose that millions of taxable securities would be outside
registration fees have been paid as provided in this Act, as well as the debts of the taxing jurisdiction of the State.
and obligations which they were given to secure, and all mortgage-debenTo keep and bring securities into the State, we urge, in addition to the
ture notes or bonds, issued under existing statutes of the State, and regis- foregoing, the continuance of the present exemption feature of the law with
tered with the State Treasurer of the State of Kansas under such regulation one further change to make it produce more revenue to the State. In other
as he may see fit to make, said registration stating that the said mortgage- words, with this mandatory inquisitorial annual tax in operation, we would
debenture note or bond has been secured by a first mortgage that has been provide for the exemption of securities from its provisions by the payment of
registered according to the provisions of this Act and deposited with the a tax as now provided of % of 1%, but we would not ask that this exempsaid State Treasurer, and that said mortgage bears a rate of interest not tion be absolute, as at present, until the maturity of the debt, which might
to exceed 6% per annum and is a first lien against real estate in an amount be one hundred years. We would limit the exemption say to ten years.
not to exceed 50% of the appraised valuation of said real estate, and after
Such an arrangement would furnish a compelling inducement to the ishaving been so registered and a flat registration fee of 10 cents per $100 suer, seller, or present owner of a security to voluntarily pay the exemption
paid into the State Treasury, shall be exempt from taxation by the State, tax. Once paid, the owner would also have an inducement, a strong one,
counties, cities, townships, school districts, and other municipalities of to retain both the security and his residence in the State.
the State; but such exemption shall not apply to any mortgage which is
The State would collect this tax in large amounts, generally from the innot given in good faith to secure the debt therein described, but is given for vestment dealers selling the security. It would save the expense of collect
the purpose of securing exemption from taxation upon the indebtedness de- ing the tax, and it would save what is more important, the loss of the tax
scribed in the mortgage; and in such case any notes, bonds, or other obliga- resulting from an always possible change of ownership or change of resitions or indebtedness purporting to be so secured shall be subject to taxa- dence. It is far from certain that oven under normal conditions the State
would get more than five mills out of the average secured debt by an annual
tion the same as if such mortgage had not been given.
All mortgages of real property executed prior to July 1 1915 shall be taxa- tax.
There is only one further suggestion necessary to complete this proposal.
ble under the general tax laws of this State, provided that such mortgages
shall be exempt from taxation upon the payment by the holder thereof to The same plan should be made available to short-term securities. To do
the Treasurer of the proper county of the registration fees herein provided this a lower exemption tax is necessary. The owner of a 3-year note would
for mortgages executed on and after July 1 1915 upon the amount of the not pay %% to obtain an exemption from a one-and-a-half-mill tax. Even
debt thereby secured and remaining unpaid. Upon such payment the on a four-year note, the owner would not pay the tax unless he felt practiTreasurer shall endorse his receipt of such fees upon the original mortgage cally sure of retaining it and his residence for that period. The uncertainty
and a memorandum thereof shall be made by the Register of Deeds upon to the State of actually getting the tax is greatest on short-term obligations.
the margin of the record of the mortgage; provided further, that before They mature before their ownership is discovered. A similar inducement
the owner of any note secured by real estate mortgage, or contract giving is necessary to bring in a large revenue to the State on such obligations.
him a lien as security on real estate, executed prior to July 11915,shall avail This could be accomplished by providing as to securities of less than five
himself of the privileges of this Act, he must pay all taxes which should years for an exemption upon the payment in advance of a tax of one mill
have been paid by him on such note, mortgage or contract prior to said for each year until their maturity. We would not grant an exemption for
a less period than the life of the debt, except as to securities running longer
date, had the same been properly listed as required by law.
than ten years. We would thus have a complete and operative plan under
securities would pay the tax in advance and in a sense
Monroe County, Ark.—Levy on Full Value of Property which practically all State
would get the tax regardless of the future ownervoluntarily,
and the
Enforced by Mandamus.—We are informed that a decision ship of the security
or future residence of the owner, without any expense of
of interest to purchasers of municipal bonds has just been collection.
In addition to the annual returns on securities not exempted, we would
rendered by the Circuit Court of Appeals at St. Louis in the provide
a heavy penalty for the failure to pay the tax on such securities.
case of Falls City Construction Co. vs. Jimmerson et al. with full power to make Investigation where thought necessary, as under the
Income Tax Law.
This was a suit for mandamus brought against the assessing Federal
We
that the consensus of opinion among those qualified by experiauthorities of Monroe County, Ark., based upon the fact ence toadd
judge seems conclusive that an exemption tax of %%,as under the
4
APR. 17 1915.)
-
THE CHRONICLE
present law, is all that the traffic will stand, without driving and keeping
large numbers of securities out of the State. It is probably the maximum
amount which the large distributors of securities would be willing to pay
In order to give their offerings the advantage of being tax-exempt under the
laws of this State.
The State should amend the law to increase its revenue, not by raising the
rate, but by providing for a certain and continuing payment of the rate
already fixed. This it can do by the changes now proposed in the present
law.
We have not referred specifically to debts secured by mortgage on New
York real estate. We believe that they should be treated in all respects
as other debts, that short-term mortgages should be given the benefit of a
lower rate, and that the recording tax exemption should not extend beyond
the maturity of the debt. Wo believe that in this way, also, a larger an
more certain revenue on a more equitable basis will flow to the .State, than
under the law as it now operates.
On the day after the hearing (April 14), a now secured
debt tax bill was introduced by Senator Mills. In discussing
this new measure Senator Mill is quoted as saying:
At the hearing held yesterday, the almost unanimous opinion expressed by
those appearing before the committee was that it would be unwise to attempt
to enact so far-reaching a tax reform in the short time at our disposal. Under
these circumstances, we have decided not to press the original bill, but to introduce as a substitute a measure which provides that after May 1, and prior
to Oct. 1 of this year, the holder of any secured debt may pay a registration
tax of three-quarters of one per cont. All secured debts registered on which
this tax ha.s been paid shall be exempt for five years from the date of payment from all taxation. A committee of the Legislature should be appointed to thoroughly investigate and study the subject of taxation, afthr
the adjournment of the Legislature, and be prepared to report its conclusions to the Legislature on Jan. 1 1916.
Proposed Bond Issue for Grade Crossing Elimination.-A
bill has been introduced by Senator Wicks providing for the
submission to the voters at the general election in 1915 of
the question of issuing $25,000,000 50-year bonds at not
exceeding 4Y2% interest for the payment of the State's share
of the expense of eliminating railroad grade crossings in
the State of New York. To pay the principal and interest
of the bonds, the Act provides for a direct tax at the rate of
five one-thousandths of a mill annually on each dollar of
valuation for each $1,000,000 or fraction thereofin par value
of such bonds as are issued.
New Tax Commission Named.-On April 15 Gov. Whitman
signed the bill reorganizing the State Tax Commission and
at the same time sent to the Senate the nominations of these
men to make up the new Tax Commission: Ex-Senator Martin Saxe of New York, Walter H. Knapp of Canandaigua,
and ex-Senator Ralph W. Thomas of Hamilton, all Republicans. They succeed the three Democratic Tax Commissioners-Thomas F. Byrnes of Brooklyn, William H. Sullivan of Norwich and Joseph S. Schwab of New York. Mr.
Saxe's term is to expire on Jan. 1 1918, Mr. Knapp's in 1917
and Mr. Thomas's in 1916. The new Commissioners were
confirmed without opposition.
Bill Permitting Filing of Municipal Bonds as Security for
State Deposits.-Senate Bill No. 1038, introduced by Senator
Charles J. Hewitt, permits banks to file bonds issued by
municipalities in New York State, and approved by the State
Comptroller, as security for deposits of money belonging to
the State, as well as deposits by charitable and benevolent
institutions supported, in whole or in part, by the State.
The measure has already passed the Senate and is expected
to be reported favorably by the Rules Committee of the
Assembly next week. If the bill passes, State depositories
will have the choice of three forms of security-that is, surety
bonds, State bonds or municipal bonds. State bonds were
added by an amendment passed last year.
St. Johns, Ore.-Voters Favor Consolidation with Portland.
-At the regular city election in St. Johns on April 5 the question of consolidating with Portland carried, it is stated, by
a vote of 796 to 494. In Portland the question of annexation will be voted upon,it is expected, at the June election.
Purchase of Water Plant Defeated.-At the same election.
(April 5) the proposition to issue $130,000 bonds for the purchase of the plant of the St. Johns Water Works & Lighting
Co. was defeated. The vote on this question is reported as
146 "for" to 401 "against."
Springfield, Mo.-Election on Commission Form of Government.-An election will be held June 8, reports state, to
vote on the question of adopting the commission form of
government.
Tyler Smith County, Tex.-Commission Form of GovernmentAdopted
.-Roports state that the city charter pro'
viding for a commission form of government with the city
manager plan carried by a vote of 517 to 151 at the eleotion
held April 6.
Wilmington, No. Caro.-New Charter Defeated.-Local
papers state that the new charter providing the city manager
form of government failed to carry at the election held Mar.
30. The vote was 622 "for" and 1,053 "against."
Dewitt County, Tex.-Commission Form of
Yoakum'Adopted.-By a vote of 307 to 287, the question
Government
of establishing the commission form of government carried,
it is stated, at the election held April 1.
Bond Proposals and Negotiations this week
have been as follows:
ADAMS COUNTY (P. O. Decatur), Ind.-BOND OFFERING.-Bids
will be received by W. J. Archbold, Co. Treas., until 3 p. m. April 22 for
$10,080 4%% highway-impt. bonds, it is stated.
WPALBANY, Dougherty County, Ga.-BONDS VOTED.-The question
of issuing the $40,000 site-purchase, school-bldg. and equip. and $40,000
municipal auditorium erection and equipment 5% 30-year bonds (V. 100.
p. 1186), carried at the election held April 8. Tho vote was 471 to 6 and
466 to 11, respectively.
W ALEXANDER COUNTY (P. 0. Taylorsville), No. Car.-BOND
OFFERING.-Proposals will be received until 9 a. m. April 26 by W. A.
Barnett, Register of Deeds and Clerk to the Bd. of Commrs., for $150,000
1373
5% road-improvement bonds voted March 9. Separate bids will be rec0 ied on three series of bonds of $50,000 each. Denom. $1,000. Date
April 1 1915. Int. A. & 0. at the Importers' & Traders' Nat. Bank of
New York or such other bank as may be agreed upon by purchaser and
commissioners. Due $50,000 April 1 1945, 1950 and 1955. Cert. check
or bank draft for 2% of amount of bid required. The county has no indebtedness. Assess. val. 1914 $2,800,000. Total value of property (est.)
$8,400,000. Official advertisement states that there is no litigation pending or.threatening, affecting this issue of bonds and the legality of this issue
has not been questioned; also that the county has never deafulted in the
payment of either principal or interest of any inbebtedness.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
ALLEGANY COUNTY(P.O. Cumberland), Md.-BOND OFFERING.
-Bids will be received until 10 a. m. April 30 by Angus Ireland, Clerk of
Co. Commrs., for $30,000 5% 1-yr. coup. permanent road-impt. bonds.
Denom. $100. Date May 1 1915. Int. M.& N. at office of Co. Treas.
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), -Lehigh
County, Pa.-BONDS AUTHORIZED.-According
local newspaper
reports the School Board has authorized tho issuance ofto
$250,000 bldg. Nis.
ALMA, Bacon County, Ga.-BOND OFFERING.-Proposals will be
opened at 12 m. May 4 by W.L. Thompson, Mayor,for $15,000 5%
30-Yr•
water bonds. Int. annually. Cert. check for $500 required.
ANDERSON COUNTY (P. 0. Anderson), So. Car.-BONDS DEFEATED.-The proposition to issue the $750,000 5% 40-year road-impt.
bonds (V. 100, p. 1017) failed to carry at
, the election held March 30.
The vote was 250 "for'• and 2350 "against.'
ANDERSON COUNTY (P. 0. Clinton), Tenn.-BONDS AUTHORIZED.-Reports state that on April 6 the County Court authorized the
Issuance of $57,000 Clinch River bridge, $50,000 school-bldg. and $50,000
bridge and road-building bonds.
APPLETON SCHOOL DISTRICT (P. 0. Appleton), Swift
Minn.-BONDS DEFEATED.-The question of issuing $45,000County,
building
bonds failed to carry, it is stated, at an election held March 22.
ARDMORE, Fall River County, So. Dak.-BOND ELECTION.
An election will be held April 20 to decide whether or not this town shall
Issue $16,000 5% semi-annual coupon water bonds.
ASHLAND COUNTY (P. 0. Ashland), Ohio.-BOND OFFERING.
Bids will be received until 12 m. May 17 by II. C. Westover, Co. Aud.,for
$60,000 5% flood-emergency bonds, fifth series. Denom. $1,000. Date
Juno 1 1915. Int. M.& S. Due $3,000 each six months from Mar. 1 1916
to Sept. 1 1925 incl. Cert. check for $500, payable to above Aud.,
required. Bonds to be delivered and paid for within 10 days from timeof
award. Purchaser to pay accrued interest.
ATCHISON COUNTY DRAINAGE DISTRICT NO. 1, Kan.-BOND
OFFERING.-Bids will be received and opened at 2 p. in. May 1 at the
Muscotah State Bank, Muscotah, by the Board of Supers., A. D. Wilcox,
Sec.,for $63,521 736% bonds. Denom.(122) $500,(1) $300,(8) $200 and
(1) $621 73. Int. J. & J. Due $25,300 July 1 1920; $4,200 yearly July 1
from 1921 to 1928 incl. and $4,621 73 July 11929. Cert. check
for 5%
of amount of bid required. These bonds are a first lien upon practically
80,030 acres of farm land, of which substantially 90% is in cultivation at
present.
The official notice of this bond offering will be foUnd among the advertisements elsewhere in this Depsrtment.
AUBURN, Androscoggin County, Maine.-TEMPORARY LOAN.
On April 13 a loan of $150.000 dated April 15 1915 and issued in anticipation
of taxes, was negotiated with Bond & Goodwin of Boston at 3.44%
discount. Due $100,000 Nov. 4 1915 and $50,000 Nov. 18 1915.
Other bidders were:
First National Bank, Boston
3
3..4
45
7%
7 disc2unt
Blake Bros. & Co., Boston
64
Loring, Tohnan & Tupper, Boston
3.62
Cartis & Sanger, Boston
3.68%
AVON, Livingston County, N. Y.-BIDS.-The other bids received
for the $8,000 sewer-ext. bonds awarded to Geo. B. Gibbons & Co. of N.Y.
at 100.26 for 4.65s on Apr.8(V. 100, p. 1278) were as follows:
H. A. Kahler & Co., New York
100.271 for 4.70s
Union Trust Co., Rochester
100.000 for 4.75s
M. W. Greene, Rochester
100.000 for 5s
BALLARD COUNTY (P. 0. Wickliffe), Ky.-BOND OFFERING.
Bids will be received at once for an issue of 5% road and bridge-constr.
bonds authorized by vote of 2.049 to 732 at an election held Feb. 27. The
amount of bonds voted was $300.000, but the fiscal court has not definitely
decided whether it will sell the entire issue now or sell only $150,000 of the
bonds. Denom. $1,000. Int. semi-annually. Due $50,000 5. 10, 15,
20, 25 and 30 yrs. from date of bonds. Henry F. Turner is Co. Attorney.
BARABOO, Sauk County, Wis.-BONDS VOTED.-The question of
issuing $10,000 4i% East Street sewer-construction bonds carried
the
election held April 6. Denom. $500. Int. annually. Due $2.000 at
yearly
July 1 frem 1916 to 1920 incl.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND OFFERING.-It is stated that John W. Scheidt, Co. Treas., will receive bids
until 2 p. m. April 22 for $9,600 43% highway-impt. bonds.
BEMIDJI, Beltrami County, Minn.-BOND ELE?TION.-An election will be held April 20 to vote on the question of issuing to the State
of
Minnesota $55,000 general fund and $5,000 permanent impt.fund 4% bonds.
BIDDEFORD, York County, Maine.-BOND OFFERING.-It is
stated that the City Treas, will receive bids until 10 a. m. to-day (April 17)
for the following 4% bonds dated May 1 1915 :
$25,000 refunding bonds. Due May 1 1935.
50,000 street and sidewalk improvement bonds. Due $5,000 yearly from
1920 to 1929 incl.
BIRMINGHAM, Ala.-BGNDS VOTED.-The election held April 12
resulted in favor of the questions of issuing the $750,000 and
5%
30-year funding bonds (v. 100, p. 1187). The vote was 4,263$500,000
to 2,066 and
4,170 to 2,125, respectively.
BLACWFORD COUNTY (P. 0. Hartford City), Ind.-BONDS
REAWARDED.-Itepqrts state that J. P. Cronin has refused
to accept the
$1,800 5% Salamonie dredge bonds awarded to him on Apr. 3 at par and
int. (V. 100, p. 1279). and that the Hummer Construction Co., which had
the &Mg contract, has taken the bonds.
BLOOMFIELD, Knox County, Neb.-BOA-DS VOTED.-An election
held Apil 8 resulted, it is stated, in favor of the question of issuing $8,000
city-hall-erection bonds.
BLOOMFIELD TOWNSHIP (P. 0. North Bloomfield),
County, Ohio.-BOND SALE.-On April 12 the $39,000 5%Trumbull
14%-year
(aver.) road bonds (V. 100, p. 1108) were awarded to the Union Says. &
Trust Co. of Warren at par and int. Denom. $500. Int. A. & 0. Due
from 1924 to 1931.
BLOOMINGDALE TOWNSHIP SCHOOL DISTRICT NO. 10 (P. 0.
Bloomlngiale); Van Buren County, Mich.-BOvi)S NOT
SOLD.
NEW OFFERIAG.-No bids were received on April 10 for the $15,000
434%
building-improvement bonds offered on that day (V. t)r), p. 1187) .
New
at
bends
these
5%
for
bids
int. will be received until 3p. m. April 20. Date
June 11915. Int. J. & J. Due $1,090 yearly on July 1 trona 1916
to 1930
inceisive.
BLOUNT COUNTY (P. 0. Maryville), Tenn.-BOND SALE.-On
April 6 the $100,000 5% 2434-yr. (aver.) coup. pike road bends (V. 100.
p. 1108) were awarded, it is stated, to the Union Nat. Bank of Knoxville
for $103,315 50 (100.345) and printing of bonds.
BOOTHBAY HARBOR, Lincoln County, Maine.-BOND SALE.On April 1 $15.000 4% 20-year funding bonds were purchased by Burgess,
Lang & Co. of Boston. Denom.$1,009. Date April 11915. Int. A.& 0.
BRAZORIA COUNTY (P. 0. Angleton), Texas.-BOND SALE.
On April 7 $72,000 5347
0 Dist. No. 8 road-impt. bonds were awarded, it is
stated to the Southern Securities Co. of Houston and on the same date
% Clute Dist. No. 9 road-improvement bonds were awarded to
$38,060
E. A. Tobleman of Galveston.
BOND ELECTION.-The proposition to issue $20,000 road bonds in
Columbia Dist. will be submitted to a vote, it is stated, on April 18.
1374
THE CHRONICLE
w BRAZOS COUNTY (P. 0. Bryan), Tex.-BONDS DEFEATED.
The proposition to issue the $60,000 road bonds (V. 100, P. 749) failed to
carry, reports state, at the election held in Millican Precinct on March 3.
BROCTON, Chautauqua County, N. Y.-BOND SALE.-On April 0
the $20,000 14 A-year (aver.) reg. water-works-ext. bonds(V. 100, p. 1187)
were awarded to Isaac W. Sherrill Co. of Poughkeepsie at 104.67 and int.
for 5s-a basis of about 4.56%. Other bidders were:
104.53 for 5s
George B.Gibbons & Co., Now York
104.53 for 5s
H. A. Kehler & Co., New York
100.055 for 4.70s
W.R. Compton Co., New York
0.
(P.
Bridgeport), Belmont County, Ohio.-BOND
BROOKSIDE
OFFERING.-Bids will be received until 12 m. Apr. 23 by J. C. Curtis,
Vii. Clerk, for $3,000 5j% coup. taxable National road 'rept. bonds.
Denom. $500. Date Mar. 1 1915. Int. M. & S. Duo $500 yearly on
Cert. check for 10% ob bonds bid for, payaSept. 1 from 1925 to 1930
Inc'Bonds to be delivered and paid for within 10
ble to VII. Clerk, required.
days from time of award. Purchaser to pay accrued int. Bonded debt
(incl. this issue), $5,250: no floating debt. Assess. val. 1914, $300,000.
BROOKVILLE VILLAGE SCHOOL DISTRICT (P. 0. Brookville),
Montgomery County, Ohio.-BOND SALE.-The Fifth-Third Nat.
Bank of Cin. was awarded at 101.630 on Mar. 8 the $10,000 5% 16A-Yr.
(aver.) coup. school bonds(V. 100, p.831)-a basis of about 4.851%.
BROWN COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Horton),
Kans.-BOND SALE.-An issue of $70,000 5% school bonds has been
awarded to F. M.Wilson, Prost. of the First Nat. Bank of Horton at 102.
BUCKINGHAM, Buckingham County, Va.-BONDS NOT SOLD.
No sale was made on April 5 of the $10,000 5% 20-year coupon road bonds
offered on that day.
CALHOUN COUNTY (P. 0. Port Lavaca), Tex.-BONDS VOTED.The proposition to issue the $60,000 Road Dist. No. 1 road-constr. bonds
carried, it is stated, at an election held Apr. 1 by a vote of 165 to 45.
BONDS DEFEATED.-The election held April 10 resulted, It is stated,
In the defeat of the question of issuing $35,000 road bonds.
CAMDEN; Camden County, N. J.-BOND SALE.-On April 12 the
four issues of 4$% bonds, aggregating $170,000 (V. 100, p. 1187), were
awarded as follows :
$75,000 20-yr. fire bonds to Sidney Spitzer & Co. of N. Y. at 103.15-a
basis of about 4.27%.
10,000 20-yr. fire bonds to the Camden Safe Dep.& Ti'. Co. of Camden at
104.05-a basis of about 4.20%.
85,000 30-yr. water and park bonds to M. M. Freeman & Co. of Phila.
at 104.044-a basis of about 4.26%.
The other bidders are reported as follows:
For all Issues.
Sidney Spitzer & Co., N.Y.._103.55 Wm. A. Read & Co., N. Y_ _102.597
103.39 Harris, Forbes & Co., N.Y_ _102.191
Estabrook & Co., N Y
103.192 Geo. G. Gibbons & Co., N.Y.102.07
Kountze Bros., N. Y
A.B. Leach & Co.,Phila_ __ _102.90 Hornblower & Weeks, N. Y_102.03
N. W. Halsey & Co., N. Y....102.888
Montgomery, Clothier & Tyler of Phila., bid 103.8415 for the park and
water bonds and 102.9717 for the fire bonds.
Bioren & Co. of Philadelphia bid 102.56 for the fire bonds and 103.26
for the park and water bonds.
CAMDEN COUNTY (P. 0. Camden), N. J.-BONDS AUTHORIZED.
-It is stated that the County Freeholders on April 14 authorize the issuance of $13,000 bridge-construction bonds.
CAMERON, Milam County, Tex.-WARRANTS VOTED.-By a vote
of 208 to 44 the question of issuing $15,000 street-impt. warrants carried,
it is reported, at an election held April 8.
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.
Proposals will be considered until 2 p. m. April 22 by Wm. H. Lesh, Co.
Treas.,for the following 4A % highway-improvement bonds:
$4,000 Jacob F. Kuhn et al road bonds in Burlington Twp. Denom.$200.
L 6,200 John H. Childers et al road bonds in Tippecanoe Twp. Denom.
. 1915. Int. M.& N. Due one bond of each issue each six
16
Date At3r110
months from May 15 1916 to Nov. 15 1925 incl.
CASCADE, Cascade County, Mont.-BONDS DEFEATED.-The
election held April 5 resulted in the defeat of the question of issuing the
$3,500 10-20-yr. (opt.) city-hall-erection and fire-department-building
bonds at not exceeding 6% int. The vote was 75 "for" and 100 "against."
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.Bids will be received until 10 a. m. Apr. 26 by A. P. Flynn, County Aud.,
and D. A. Fryman, County Treas., for $3,468 42 5% Montgomery-Tucker
ditch bonds in Harrison and Bethlehem Townships. Denom. (9) $340,
(1) $408 42. Date July 1 1914. Int. semi-ann. Due $340 yearly on
July 1 from 1915 to 1923 incl. and $408 32 July 11924.
CASS COUNTY (P. 0. Walker), Minn.-BOND SALE.-On April 6
State rural highway bonds (V. 100,
the $300,000 5 % 10 -year (aver.)
p. 1109) were awarded to Wells & Dickey Co. of Minneapolis, C. O. Kalman & Co., St. Paul, and H. B. Wood for $305,000 (101.666) and int.
There were ten other bidders, next highest bid $4,950 premium.
CEDARHURST, Nassau County, N. Y.-BOND OFFERING.-131d
by Lewis M. Raisig, VII. Clerk, for
will be received until 8 p. m. Apr. 22 at
not exceeding 5% int. Denom.
36,000 gold reg. street-impt. bonds
at Bank of Long Island,. Far
1,000. Date Mar. 1 1915. Int. M. & 1S.
from 1916 to 1933 incl. Cert.
Mar.
on
yearly
$2,000
Due
Rockaway.
check on an incorporated bank or trust company for $1,000, payable to
Geo. W. Craft, required. Bonds to be delivered and paid for on May 1.
The proceedings for the issuance of these bonds have been under the direcopinion to the effect that these
tion of Geo. W. Foren, Esq., whose written
bonds are binding and legal obligations of the village will be delivered to
purchaser.
CHIPPEWA COUNTY (P. 0. Sault Ste. Marie), Mich.-BOND OFFERING.-Bids will be received by Herbert L. Parsille, County Clerk, until
3 p. m. June 18 for $150,000 15-year road-system bonds at not exceeding
Denom. $1,000. Date July 1 1915. Int. J. & J. at Chase
44% in
Nat. Bank, New York City. These bonds were authorized by a vote of
Official circular states that there
2,556 to 1,906 at the election held Apr. 5.
is no controversy or litigation pending or threatened, affecting the corportitle of its present officials
ate existence or the boundaries of said county,
of these bonds, that no previous
to their respective offices or the validity
and
contested,
that
the principal and interest
been
have
bonds
issues of
of ail bonds previously issued have always been promptly paid at maturity.
Total bonded debt (incl. this issue), $395,000: other indebtedness, 815,000.
Assess. val. 1914. $13.776.090: equalized, 317,474,257; true value of real
and personal property, $17,500,000.
CHOTEAU, Teton County, Mont.-BOND SALE.-On Apr. 5 the
$42,000 6V 10-15-year (opt.) coupon water-works bonds (V. 100, p. 919)
were awarded at public auction to James N. Wright & Co. of Denver at
101 and int. Other bids were:
*$42,510
John Nuveen & Co:, Chicago
42,273
J. R. Sutherlin & Co., Kansas City
42,000
Spitzer, Itorick & Co., Toledo
42,030
German-American Trust Co., Denver
'
but is so given
* This bid appears to be higher than that of the purceaser,
by the Town Clerk.
SALE.
-An
issue of
-BOND
Iowa.
County,
CHURDAN, Greene
$9,000 water-works-systom-completion bonds has been awarded to Schenk°
& Co. of Mason City.
CINCINNATI, Ohio.-BOND ewLE......ean April 14 teo 8 issues of 4 A %
bonds aggregating $727,500 (V. 100, p. 019) were awarded as follows, it is
stated:
e250,000 20-40-yr. (opt.) water-works-impt. bonds at 102.561-a basis of
to full maturity.
about 4.308% to optional date and about 4.36%
bonds at 104.031-a basis of about 4.289%.
,I,65,000 40-Yr• viaduct-constr.
about 4.308%.
.50,000 20-yr. viaduct bonds at 102.561-a basis of
at 102.591-a basis of about 4.306%.
: .50,000 20-yr. fire-dept. impt, bondsbonds
at 102.591-a basis of about
50,000 20-yr. police-station-impt.
4.306% •
bonds for $38,560 37-equal
portion)
(city's
street-impt.
37,500 20-yr.
to 102.827-a basis of about 4.292%.
100,000 20-yr. water-works-impt, bonds at 103.089-a basis of about
4.2727e.
25,000 30-yr. public-hail-constr. bonds at 104.289-a basis of about
4.24%.
The first six issues were awarded to P. J. Goodhart & Co. of Cincinnati
and the last two issues were awarded to Merrill, Oldham & Co. of Boston.
The other bidders are reported as follows:
(\TOL. 100.
Water Works
High Pressure
Public Hall
$25,000
$100,000
$250,000
Well, Roth & Co., Cincinnati
Atlas Nat. Bank, Cincinnati
P. J. Goodhart & Co., Cin____$25,860 25
$256,402 50
$102,531 00
Fifth-Third Nat. Bank, Cin___ 25,752 50
255,562 50
102,185 00
Breed, Elliott&Harrison, Cin.._
Prov. Says. Bk.& Tr. Co., Cin.
255,437 50
102,175 00
Western German Bank, Cin___ 25,585 00
H. A. Kehler Co., New York.._
Brighton German Bank, Cin_ _
103,089 00
Merrill, Oldham & Co., Boston 26,072 25
101,821 00
254,552 50
Harris, Forbes & Co., N. Y.. __'(25,645 25
Estabrook & Co., N. Y
Field, Richards & Co., Cin_ __
251,310 00
101,720 00
25,613 00
Wm. Salomon Co., N Y
Seasongood & Mayer, N. Y__._
102,050 00
255,225 00
Wm. A. Read & Co., N. Y..
25,742 50
Tillotson & Wolcott Co., Tol
Viaducts Fire Dept.PoliceDept. Sewers
Viaduct
$165,000 $50 000 $ 0 000 $50 000 $37,500
3
Well, Roth & Co
61,200,00
Atlas Nat. Bank
38,115 00
P. J. Goodhart & Co_171,651 15 51,280 50 51,295 50 51,295 50 38,460 37
Fifth-Third Nat. Bk.170,832 75 51,112 50 51,120 00 61,120 00 38,334 38
Breed,Elliott&Har'n
Prov•S.Bk.&Tr.Co_
West. German Bk_- 169,620 00 51,087 50 51,087 50 51,087 50 38,315 62
II. A. Kehler & Co_
Brighton GermanBk
Merrill, Oldham&Co
Harris, Forbes&Co_ 169,786 65 50,910 50 50,910 50 50,910 50 38,182 88
Estabrook &
Field, Richards&Co.
Wm.Salomon & Co. 166,782 00 50,265 00 50,265 00 50,265 00 37,695 00
Seasongood& Mayer.
Wm.A. Read & Co_ 170,874 00 51,045 00 51,055 00 51,055 00 38,283 75
Tillotson&Wolc't Co
CLARKSFIELD TOWNSHIP, Huron County, Ohio.-BOND OF.
FERING.-Bids will be received by E. E. Bowen, Twp. Clerk (P.0. Wakeman), until 12 m. April 30 for $5,000 6% coup. road-impt. bonds. Donom.
$500. Date April 11915. Int. A.& O.at Savings& Loan Banking Co.,New
London. Due $500 each six months from April 1 1916 to Oct. 1 1920 incl.
Cert. check on a bank other than the one making the bid,for 5% of bonds
bid for, payable to Twp. Clerk, required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
Bonded debt, exclusive of this issue $30,000. No floating debt. Assess.
val. 1914, $1,593,140.
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals
will be received by McClean Johnson, Co. Treas., until 10.30 a. m.
April 26 for the following 4- % highway-improvement bonds:
$8,600 James O. Bemis et al highway bonds in Lewis Twp. Denom. $430.
5,300 Isham A.Woods et al highway bonds in Van Buren Twp. Denom.
$265.
Date April 6 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl.
CLAY TOWNSHIP SCHOOL DISTRICT (P. 0. Wapakoneta),
Auglaize County, Ohio.-BONDS DEFEATED.-According to reports,
the question of issuing $50,000 school-building bonds was defeated at the
election recently held.
CLEVELAND, Ohio.-CERTIFICATES AUTHORIZED.-The City
Council on April 5 passed an ordinance providing for the issuance of $900,,000 4% deficiency certificates of indebtedness. Denom. $10,000. Date
April 15 1915. Int. payable at Amer. Exch. Nat. Bank, N. Y. Due
Sept. 11915.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
Ohio.-BOND ELECTION.-An election will be hold May 17. reports
state, to vote on the question of issuing park and boulevard bonds.
CLINT ON, Sampson County, No. Car.-BOND OFFERING.-Further details are at hand relative to the offering on April 27 of the $23,0e0
5% 30-year coupon taxable water and sewerage bonds (V, 100. p. 1109).
Proposals for these bonds will be received until 2 p. m. on that day by A.B.
Crumpler, Mayor. Denom. $500. Date Jan. 1 1915. Int. J. & J. at
place to suit purchaser. Cert, check for $500, payable to the "Town of
Clinton", required. Bonded debt, including this Issue, $63,000. No floating debt.
COLO, Story County, Iowa.-BONDS VOTED.-The election held
April 5 resulted, it is stated, in a vote of 99 to 30 in favor of the question of
issuing $18,000 water-system bonds.
CODINGTON COUNTY (P. 0. Watertown), So. Dak.-BONDS
VOTED.-The proposition to issue $25,000 poor-farm-purchase and equipment bonds carried, it is stated, at an election held April 8.
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND OFFERING.
Proposals will be received at any time by If. L. Davis, County Judge, for
the following 5% 20-40-year (opt.) good-roads bonds:
$375,000 Dist. No. 4 bonds voted Dec. 16 1913 (T. 97, p. 1920). Date
Feb. 2 1914. Assess. val. $7,032,452. Est. value, $20,00_ ,0 000.
200,000 Dist. No.8 bonds voted Feb. 21 1914(V.98, p. 706). Date May 1
1914. Assess. val. $2,806,760. Est. value $8,250,000.
90,000 Dist. No. 9 bonds (voted Feb. 21 1914. Date May 1 1914.
Assess. val. $715,190. Est. value $2,125,000.
Denom. $1,000. Int. semi-annually.
COLUMBUS, Ohio.-BOND SALE.-The Sinking Fund Trustees on
April 5 accepted, according to reports, $710,500 improvement bonds.
COVENTRY TOWNSHIP SCHOOL DISTRICT, Summit County,
Ohio.-BOND OFFERENG.-'-Proposals will be received until 12 m. April 19
by S. P. Marsh, Clerk Bd. of Ed. (P. 0. Barberton, It. re. D. No. 34),
for $6,000 5% school bonds. Denorn. $1,000. Int. A. & 0. at Central
Says. & Tr. Co., Akron. Due $1,000 yearly on Oct. 1 from 1916 to 1921
0 of bonds required. These bonds
incl. Cert. check for not loss than 57
were offered without success on July 7 1914 (V. 09, p. 1848).
0. Crafton), Allegheny Colin.
(P.
DISTRICT
SCHOOL
CRAFTON
ty, Pa.-BOND OFFERING.-Bids will be received until 6.30 . m.
April 19 by Louis F. Wentz, Secy. Bd. of School Directors, for $ 5,000
4 A % tax-free school bonds. Denom. $1,000. Date May 3 1915. Int.
M. & N. Due $8,000 in 1944 and $7,000 in 1945. Cert. check for $250
required.
CRAVEN COUNTY (P. 0. New Bern), No. Car.-PURCHASER OF
BONDS.-The purchaser of the $10,000 17-year and $25,000 32-year 5A%
funding bonds awarded on March 18 at par and interest (V. 100, • 1280)
was Sidney Spitzer & Co. of Toledo. Denom. $1.000. Date March 1
1915. Int. M.& S. at the 'Hanover Nat. Bank of New York.
CUSHING SCHOOL DISTRICT (P. 0. Cushing), Payne County,
Okla.-BONDS VOTED.-The question or issuing the $50,000 building
100, p. 1188) carried, reports state, at the election heirj April A.
bonds (V. 100
DAVIDSON COUNTY (P. O. Lexington), No. Caro.-BOND SALE.
-On April 5 tho $300,000 20-40-yr. (opt.) coup, road bonds(V. 100, p.1017)
were awarded to 'raffle, Forbes & Co. of Now York. The price is reported
as 5302,046 (100.682) for 5s. Donom. $1,000. Date May 1 1915. Int.
M.& N.
DAVIDSON COUNTY (P. 0. Nashville), Tenn.-BOND OFFERING.
-Sealed bids will be received and opened at 12 m. May 12 by W. M
Pollard, County Judge, for $100,000 10-30-yr. (opt.) bonds. Int. rate to
be named in bid. Cert. check for $200 required.
The official notice of this bond offering will be found among the advertisemelds els3where in this Department.
DAVIES3 COUNTY(P. 0. Washington),Ind.-BOND OFFERING.Bids will be received until 12 in. April 22 by John L. Clark, Co. Treas., for
0 coupon road bonds :
the following 4A 7
$3,303 Danner et at road bonds in Elmore Twp. Denom. $165.
9,680 Raney et al road bonds in Barr Twp. Denorn. $484.
I :3,120 Cosgrove et al road bonds in Barr 'rwp. Denom. $156.
. 8,480 "Mandalbaeh et al road bonds in washIngton Twp. Denomer.$424.
3,640 Peek et al road bonds in Veal° Twp. Denom. $182.
7,200 Freed et al road bonds in Madison Twp. Denom. $360.
. 6,040 Osborn et al road bonds in Madison Twp. Denom. $302.
3,500 Malone et al road bonds in Elmore Twp. Denom. $175.
APR. 17 1915.1
THE CHRONICLE
13'75
Date April 6 1915, except the last issue, which is dated March 2 1915' Electric Park, as a public recreation centre. The measure provides for
Int. M. & N.Due one bond of each issue each six months from May 15 a submission to the voters at the next general election the question whether
1916 to Nov. 15 1925 incl.
there shall be issuance of bonds to the extent of $500,000 for the purpose.
DAWSON COUNTY SCHOOL DISTRICT NO.7(P.O. Bloomfield),
EXCELSIOR SPRINGS SCHOOL DISTRICT (P. .0.-Excelsior
Mont.-BOND OFFERING.-Bids will be received until 6 p. m. April 26 Springs)
County, Mo.-BONDS VOTED.-An election held April 6
(to be opened April 28) by Mrs. Wm.F. Bojo, Clerk Board of Trustees, for resulted, itClay
is reported, in favor of the question of issuing $20,000 high-school
$1,200 8-10-yr. (opt.) coupon site-purchase and building bonds at not building bonds.
exceeding 6% int.
FAIRFIELD TOWNSHIP (P. 0. Adrian), Lenawee County, Mich.
DAYTON, Montgomery County, Ohio.-BOND SALE.-Dispatches
VOTED.-The question of issuing $75,000 road bonds carried,
state that Seasongood & Mayor of Cincinnati recently purchased an issue -BONDS
it is stated, at the election held April 5 by a vote of 277 to 146.
of $150,000
% water-works bonds for 3150,500-equal to 100.333.
FEDORA
SCHOOL DISTRICT (P. 0. Fedora), Miner County, So.
DAYTON, Rockingham County, Va.-BOND OFFERING.-ProVOTED.-By a vote of 87 to 28 the question of issuing $20,osals will be received until 12 m. April 26 by J. L. Fuqua, Mayor, for Dak.-BOND
531% building bonds carried at an election held April 10. The issue
24,500 5% 10-20-yr. (opt.) water, sewer and light bonds. Denom. $500. 000
will be offered for sale about May 10.
Date June 1 1915. Int. J. & D. Cert. check for $500 required.
FERGUS COUNTY
DISTRICT NO. 121, Mont.-BOND
DAYTON CITY SCHOOL DISTRICT (P. 0. Dayton), Ohio.
- OFFERING.-Proposals SCHOOL
will be received until 1 p. in. April 30 (not April 24
BOND OFFERING.-Proposals will be received until 12 m. May 13 by as
first reported), by A. C. Norris, Clerk Board of School Trustees P. 0.
C. J. Schmidt, Clerk Bd. of Ed., for $200,000 5% coupon school bonds. Smith),
for the $2,000 6% coupon site-purchase, building and equipment
Denom. $1,000. Date June 1 1915. Int.J. & D.at the Nat'l Park Bank, bonds (V.
100, p. 1280). Int. ann. May 1. Due in 10 years from date of
N. Y. City. Due $25,000 yearly on June 1 from 1931 to 1938 incl. Cert. bonds, optional
after five or seven years. All bids other than such as are
check on a solvent national bank or trust company, for 5% of bonds bid for, submitted
by the State Board of Land Commissioners of Montana must be
payable to the "Board of Ed.", required. Bonds to be delivered within 30 accompanied
by a cert. check for 5% of such bids, payable to the "District.'
days from date of sale. Bids must be unconditional.
FLINT, Genesee County, Mich.-BOND SALE.-On April 6 two
DEFIANCE, Defiance County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. May 10 by Virgil D. Weisenburger, City Aud., issues of 434% bonds aggregating $156,726 02 were awarded, reports state,
for $3,500 5% coup. sewer bonds. Denom. $500. Date May 10 1915. .to Otis & Co. of Cleveland at par. It is also stated that this bid carries
Int. M.& N. at office of City Aud. Due $500 yrly. on Mar. 1 from 1920 with it $350 for expense in preparing the bonds. These bonds were awarded
the First & Old Detroit Nat. Bank of Detroit on Mar. 12 (V. 100, p.
to 1926 incl. Cert. check for $350, payable to City Treas.required. to
Bonds to be delivered and paid for within 10 days from date' of award. 1018), but that sale was not consummated.
Purchaser to pay accrued int. and furnish at own expense said bonds and
FORT PIERCE, St. Lucie County, Fla.-WARRANT OFFERING.
coupons printed in due form and to be delivered to the Mayor within 10 Proposals will be received until 8 p. m. April 26 by H. B. Paxton, City
days from time of award. Bids must be unconditional.
Clerk and Treas., for $10,000 6% 10-yr. coup. street-impt. warrants.
DELHI INDEPENDENT SCHOOL DISTRICT (P. 0. Delhi), Dela- Auth. Chap. 6690, Laws Fla. Denom. $500. Date April 1 1915.
Int. A. & 0. at the City Treas. office or United States Mortgage & Trust
ware County, Iowa.-BOND SALE.-On April 3 an
issue
$15,000 5% Co., N. Y., at option of purchaser. Cert.
check for $100, payable to the
building and equipment bonds authorized by vote of 70 to 0of
an election City of Fort Pierce, required. Bonded debt,
incl. this issue, $125,000.
held on that day was awarded to Geo. M. Bechtel & Co. of at
Davenport at Floating debt, $8,000. Assess. val. 1914, $947,453.
par.
FREEBORN
COUNTY
(P.
0.
Albert
Lea),
Minn.-BOND SALE.
DELPHOS, Allen County, Ohio.-BOND OFFERING.-Bids will be
received until 12 m. May 12 by A. E. Weger, City Aud., for $25,463 56 On April 7 the $50,000 County Ditches Nos. 25 and 26 constr. bonds (V.
100, p. 1110) were awarded, it is stated, to the First Nat. Bank of Albert
5% Second St.-impt. (assess. and Ohio Elec. Ry. Co's. portion) bonds. Lea
at
100.05
as
4.95.
Auth. Sec. 3914 Gen. Code. Denom. (50) $500, (1) $463 56. Date
FREEDOM TOWNSHIP SCHOOL DISTRICT (P. 0. Freedom
April 11915. Int. A. & 0. Due $2,500 yearly on April 1 from 1916 to
1924 incl. and $2,963 56 April 1 1925. Cert. check for 5% of bonds bid Station), Portgae County, Ohio.-BOND OFFERING.-Bids will be
for, required. Bonds to be delivered and paid for within 10 days from time received until 7 p. in. April 30 by M.E. Parker, Clerk Board of Education,
for $22,000 5% building bonds. Denom. $500. Date May 1 1915. Int.
of award. Purchaser to pay accrued interest.
A.& 0. depository of said district. Due $500 each six monthsfrom Oct. 1
DIXON TOWNSHIP (P. 0. Dixon), Lee County, Ills.-BONDS 1917 to at
April 1 1939 incl. Certified check for $500, payable to Treasurer
VOTED.-At the election held Apr. 7 the question of issuing $82,000 high- of
Twp. School District, required.
way bonds carried, it is stated.
FREMONT INDEPENDENT SCHOOL DISTRICT (P 0. Fremont,)
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BOND SALE.
- Mahaska County, Iowa.-BOND SALE.-On
April 12 the $30,000 5%
On April 8 $7,500 5% 15X-year (aver.) road bonds were awarded to Baker, 8 1-5-year (aver.) building
bonds (V. 100, p. 1281) were awarded to Geo.
Watts & Co. of Bait. at 105.683-a basis of about 4.40%. Other bidders M.Bechtel & Co. of Davenport
at par and int., less $250. Other bids were:
were:
Bolger,
Mosser
&
Willaman,
Chicago-Par less
104.5911'0e & Davies, Bait
Hambleton & Co., Bait
102.84
Hanchett Bond Co., Chicago-Par less $557. $400.
Denom. $500. Date July 1 1915. Int. J. & J. Due $1,500 yearly on
Sidney Spitzer & Co., Toledo--Par less $1,000.
Jan. 1 from 1929 to 1933 incl.
GENOA,
County, Ohio.-BOND OFFERING.-Phillip
DRUMRIGHT, Creek County, Okla.-BOND ELECTION.-The Manner, VII.Ottawa
Clerk, will receive bids until 12 m. April 27, for $2,400 E.
question of issuing $35,000 water-works bonds will be submitted to a vote, 6-year refunding bonds.
6%
Auth. Sec. 3916 Gen. Code.
$100.
it is stated, on April 27.
Date Mar. 1 1915. Int. M.& S. Cert. check for 10% of Denom.
bonds bid for,
BONDS VOTED.-The question of issuing $20,000 sewerage-system payable to M. Faber, VII. Treas., required. Bonds
to be delivered and
bonds carried, it is stated, at a recent election.
paid for within 10 days from time of award. Purchaser to pay accrued
DYER Lake County, Ind.-BOND OFFERING.-Bids will be received Interest. Bonded debt (incl. this issue), $37,850. No floating debt.
Assess.
val.
$600,000.
until 1 p. in. April 21 by Wm. N. Gettler, Town Clerk, for $10,000
0
coupon water-works-construction bonds. Denom. $500. Date Mar.57
GLOUSTER VILLAGE SCHOOL DISTRICT (P. 0. Glouster),
5 Int. semi-ann. Due $500 each six months from July 10 1916 16
Athens County, Ohio.-BIDS.-The following were the other bids reto
Jan.
191'10 1926 incl. Cert. check for $500, payable to Town Clerk, required.
ceived on April 6 for the $25,000 5% 20%-yr. (aver.) coupon school bonds
EAST CLEVELAND, Cuyahoga County, Ohio.-BOND OFFERING. awarded to Hoehler, Ciummings & Prudden of Toledo on that day at
-Proposals will no received until 11 a. in. NIay 6 by E. L. Hickey, City 100.69 and int. (V. 100, p. 1281):
Brighton-German Bank Co. Cin., $25,317 50, but certified check was
Aud. for the following 5% bonds:
$34,500
as required.
' assess. bonds. Denom.(34) $1,000, (1) $500. Due Mar. 1 1920. not on an Athens County bank'
Sidney Spitzer & Co., Toledo, $25,000, less $200 for attorney's fees and
60,000 current-expense bonds. Denom. $1,000. Date April 1 1915.
other expenses.
Due April 1 1925.
1,800 Lee road-impt. (city's portion) bonds. Denom.(1) $300,(3) $500.
GRAND JUNCTION, Mesa County, Colo.-BOND SALE.-On
Date Mar. 11915. Due Apr. 11923.
April 7 the $21,000 6% paving and sidewalk construction
(V. 100.
4,325 Lee road-impt. bonds. Denom. (4) $1,000, (1) $325. Date p. 1188) were awarded to the German-American Trust Co.bonds
of Denver for
Mar. 1 1915. Due April 1 1925.
821,025-equal to S100.119. Other bids were:
Int. semi-ann. at Guardian Says. & Trust Co., Cleveland. Cert. check J. L. Oliver,'Grand Junction, $20,005.
on a Cuyahoga County bank for 10% of bonds bid for, payable to City Sweet, Causey, Foster & Co., Denver, 98.65 for first $15,000 only.
Treas., required. Bonds to be delivered and paid for within 10 days from James N. Wright &
Denver, par, less $392 50 for attorney's fee.
time a award. Purchaser to pay accrued interest.
Denom. $500. Date
Co.'May 1 1915. Int. M. & N. Due May 1 1927,
EAST LAKE (P. 0. Decatur), Dekalb County, Ga.-BOND ELEC- subject to call.
TION.-Reports state that a vote will be taken on May 6 on the question
GRANT, Perkins County, Neb.-BONDS VOTED.-A favorable vote
of issuing $8,000 site-purchase, school-bldg. and equipment*, $4,000 street was cast, it is stated, at the election held April 8,
on the question of issuing
and highway impt., $3,000 water-works-system-impt. and $15,000 sewer- $12,500 water-works and electric-light-system
bonds.
age and drainage system construction 53,6% 30-year bonds. Int. semi-ann
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City), Salt
Lake
EASTPORT, Washington County, Me.-BOND SALE.-An issue of County, Utah.-BOND ELECTION.-An election will be held
April 20 to
$24,000
% 10-20-year (sor.) school-bldg. bonds was awarded to Horn- vote on the question of issuing 3100,000 20-year school-building
bonds at
blower & Weeks of Boston on Jan. 25 on a 4.30% basis. Denom. $500. not exceeding 5% int.
Date Jan. 1 1915. Int. J. & J.
GREEN BAY, Brown County, Wisc.-BONDS VOTED.-The elecEAST RUTHERFORD SCHOOL DISTRICT (P. 0. Rutherford), tion held April 6 resulted, it is stated,
in favor of the questions of issuing
Bergen County, N. J.-BONDS AUTHORIZED.-This district has au- the $55.000 East River bridge-erection
and $5,000 Pleasant St. bridge buildthorized the issuance of $47,000 school bonds,and they may be issued within ing bonds (V. 100, p. 1188).
The vote was 2.074 to 1,326 and 1820 to
the next 60 days.
1523, espectively.
EAST WHITTIER SCHOOL DISTRICT (P. 0. Whittier), Los
GREENE COUNTY (P. 0. Bloomfield), Ind.-BOND SALE.-On
Angeles County, Cal.-BOND ELECTION.-The• question of issuing April 1 the four issues of 434% highway-improvement
bonds, aggregating
$18,000 bldg. bonds will be submitted to a vote, it is stated, on April 28.
$25,080 (V. 100, p. 1110). were disposed of at par, reports state.
EATON, Preblo County, Ohio.-BOND OFFERING.-131ds will be
GREENLEE COUNTY (P. 0. Clifton), Ariz,-BOND SALE.-On
received until 12 m. May 3 by Earl Dalrymple, Vii. Clerk, for the followirg April 5 the $150,000 6% 1-10-yr. (ser.),coupon road and bridge
bonds
6% bonds:
(V. 100, p. 1110) were awarded to Sweet, Causey, Foster & Co. of Denver
$5,000 fire-truck-purchase. Due $500 yearly on Sept. 115 from 1916 to atpar and ino,
t.erThe_following conditional bids were also received.
1925 incl.
Bolger,
bid liired
35,000 Main St.-impt. (assess.) bonds. Due part each six months from
rdultvtierisin:c%o
%!Iir=sCAifra 1
1),:e mt.
n
rci
i t
2
:
3107
March 15 1916 to Sept. 15 1920 incl.
Field. Richards & Co.,5
Cincinnati,
4
i
17,500 Cherry St.-impt. (assess.) bonds. Duo part each six months from
Provident Say. Bank & Trust Co., Cincinnati, $151,545, and int.
Mar. 15 1916 to Sept. 15 1920 incl.
Parson, Son & Co. Chicago, par (bid wired).
Denom. $500. Date Mar. 15 1915. Int. M. & S. Cert. check (withDenom. $500 and'
31,000. Date April 1 1915. Int. A. & 0. Due
out restrictive endorsements)for 5% of bonds bid for, payable to Vii. Treas., $1,500 yearly April 1 from 1916 to 1925
incl.
required. Bonds to be delivered and paid for within 10 days from time of
GREENVILLE,
Darke
County, Ohio.-BOND SALE.-On April 12
award. Purchaser to pay accrued interest.
the $5,309 65 5% 1-10-year coup. Washington Ave. impt. assess.
bones
EDINA SCHOOL DISTRICT (P. 0. Edina), Knox County Mo.- (V. 100, p. 1281) were awarded
to the Farmers' National Bank of Greens
BONDS OFFERED BY BANKERS.-Francis Bros. & Co. of St: Louis are ville at par and interest.
offering to investors $15,000 5% 5-20-year (opt.) coup. bonds.
Denom.
GREENVILLE COUNTY (P. 0. Greenville), So. Caro.-BOND OF$500. Date March 15 1915. Int. M.& S. Total bonded debt, incl. this FERING.
-Proposals will be received and opened at 12 m. May 10 by
issue, $21.500. Assess. val., $455,125; truo val., $1,200,000.
W. H. WillIman, Supervisor, for $60,000 court-house-erection,
ELGIN, Kane County, Ill.-BOND ELECTION.-According
jail-erection and $10,000 refunding Air Line Ry. aid 30-year coupon$30,000
to
rebonds,
ports, the election to vote on the question of issuing the $125,000
at not exceeding 5% int. Denom.$1,000. Date July 1 1915. Int. J.
& J.
bonds(V. 100, p. 751) will be held Apr. 20. Denom.(500) $100,light-plant
(150) $500 at some responsible bank in N. Y. City. Certified check on some bank in
Date Aug. 1 1915. Due part yearly beginning in 1919.
Greenville for $2,500, payable to the Supervisor, required. The approving
ELIZABETH, Union County, N. .T.-BOND SALE.-On
opinion of Storey, Thornelyke, Palmer & Dodge of Boston as to the legality
April 14 the of said bonds will be furnished.
$395,000 4Y5,% 40-year school bonds (V. 100, p. 1188) were awarded
to the
Fidelity Trust Co. of Newark and Clark, Dodge & Co. of Now
GUILFORD COUNTY (P. 0. Greensboro), No. Caro.-BOND
York at
their joint bid of $412,824 37 (104.5125) and int.-a basis of about 4.264%.
ELECTION.-Reports state that an election will be held June
Other bids follow:
the proposition to issue $250.000 court-house-erection bonds. 1 to vote on
A. B. Leach & Co. andl .
IJ. S. Rippe!, Newark_ _ _$402,426 00
HADDON HEIGHTS, Camden County, N. J.-BOND OFFERING.
John D. Everitt V3409,421 451 N.W.Halsey& Co.,N.Y.
402,011 25 Bids will be received until May 11 by Wm. J. Dallas,
Co., Now 'York_ _
Mayor, for $15,000
Nat. State Bank, Eliza% 30-yr. funding bonds, it is stated. Cert. check for 5% required.
N.Y. 405,503 05
Kean,Taylor& C'o.,"1".
beth (for $50,000)____ 50,500 00
HALFWAY SCHOOL DISTRICT (86. 0. Halfway), Baker County,
ESCANABA, Delta County, Mich.-BONDS VOTED.-Tho proposiOre.-BONDS TO BE OFFERED SHOR7'LY.-The
building bonds
tion to issue $80,000 sewer-systern-constr. bonds carried, it is stated.,
at voted in November (V. 99, p. 1694) will be offered for$5,000
sale in a month or so.
the election April 5.
HANCOCK COUNTY (P.O. Greenfield), Ind.-BOND OFFERING.
ESSEX COUNTY (P. 0. Lawrence), Mass.-TEMPORARY LOAN.
On April 16 a bridge loan of $30,000, maturing in 4 months, was negotiated, Bids will be received until 2 p. in. April 20 by Allen F. Cooper, Co. Treas.,
for $8,200 4 % Jos. M. Henry et al highway-impt. bonds. Denom.$410.
it is stated, with the Gloucester Safe Dep. & Tr. Co. at 2.89%
discount
Date
April
5
1915.
Int.
M.
& N. Due $410 each six months from May 15
plus 25 cents premium.
1916 to Nov. 15 1925 incl.
ESSEX COUNTY (P. 0. Newark), N. J.-PROPOSED BOND ISSUE
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND SALE.-On
FOR PUBLIC RECREATION CENTRE.-It is reported•in the press
April 2 the top issues of 5% coup, highway-improvement bonds, aggregatGov. Fielder on April 15 signed Assemblyman Berry's bill relating tothat
the ing $95,750 (V. 100, p. 1110). were awarded to Hoehler,
acquirement by Essex County of the Vallsburgh Amusement Park,formerly
Cummings &
Prudden of Toledo for $96,853 25, equal to 101.152, it is stated.
t
1376
THE CHRONICLE
[VOL. 100.
5% int. Date May 1 1915. Int. annual at the City Treas.
HASKINS VILLAGE SCHOOL DISTRICT (P. 0. Haskins), Wood exceeding
or at the State Treas. office. Due one-tenth yriy. May 1 from
County Ohio.-BONDS VOTED.-By a vote of 151 to 50 the preposition officeto
incl. Cert. check for 1% of bonds bid for, required.
1925,
at
1916
stated,
is
it
carried,
1110)
to issue the $35,000 building bonds(V. 110, p.
the election held March 31.
LITTLEFIELD SCHOOL DISTRICT (P. 0. Littlefield), Lamb
1,
- County, Texas.-BOND ELECTION.-An election will be held May
HILLSBORO, Hill
@FedFRASER