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Bank & Quotation Section
Railway Earnings Section
VOL. 98
•
:11r
INCLUDING
r tit
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, APRIL 18 1914
gite Thronicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2547
Week muffle April Ii.
Clearings at
1914.
1913.
Inc.or
Dec.
1912.
1911.
$
Chicago
289,694,304 303,311,470 -4.5 280,570,695 266,624,909
for One Year
$10 00
Cincinnati
25,600,500
25,591,700 +0.03
for Six Months
28,746,250
26,351,500
6 00
Cleveland
24,852,714
24,139,253
+2.9
European Subscription (including postage)
22,632,305
23,675,191
13 00
Detroit
26,248,281
23,026,615 +14.0
European Subscription biX months(including postage)
22,027,244
19,058,774
7 50
Milwaukee
14,938,072
15,196,798 -1.7
Annual Subscription in London (including postage)
13,336,305
13,005,467
£2 14s. Indianapolis _ _ _
7,230,079
8,041,714 -10.1
7,578,615
Six Months Subscription in London (including postage)
8,885,701
RI lie. Columbus
6,360,600
6,978,100 -8.9
Canadian Subscription (including postage)
6,718,900
6,154,400
$11 50
Toledo
5,898,936
4,918,738 +19.9
4,793,152
4,934,204
Peoria
Subscription includes following Supplements3,418,622
3,286,243 +4.0
3,061,378
3,158,648
Grand
3,123,252
3,290,792 -5.1
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) DaytonRapids_ _ _
3,140,727
2,698,559
2,796,794
1,590,394 +75.8
RALLWAY EARNINGS(monthly)
2,389,720
ELECTRIC RAILWAY(3 tunes yearly)
2,324,343
Evansville
1,434,763
1,040,737 +37.9
STATE AND CITY (semi-annually) BARKERS'CoNVENTIoK (yearly)
1,354,170
1,306,225
Kalamazoo
641,094
792,583 -19.0
815,493
694,313
Springfield, Ill_ _
1,156,417
1,169,148 -1.1
Terms of Advertising-Per Inch Space
1,161,528
1,165,335
Fort Wayne_ _ _
1,294,044
1,245,049 +3.9
985,397
1,038,643
Transient matter per inch space(14 agate Lnes)
1,650,791
$4 20 Canton
1,521,491
+8.5
1,395,260
1,201,530
Two Mouths
(8 Limon)
1,650,746
22 00 Youngstown
1,761,482 -6.3
1,585,465
1,216,702
29 00 Lexington
753,762
819,392 -8.1
Standing Business Cards Pa
1,165,754
1,025,880
r(
2,e
1ohggh8
1,180,597
50 00 Rockford
996,202 +18.5
991,894
878,693
Twelve Months(52 times)
1,895,000
87 00 Akron
1,618,000 +17.1
1,831,000
739,000
(=cm:to OFFICI-G00. M.Shepherd,51$ Monadnock Dia ,k;Tel.Harrison 4011 Quincy
782,472
857,951 -8.7
660,129
647,038
LONDON or/nog-Edwards .5i, Smith,1 Drapers'
Springfield,0
792,936
650,745 +21.9
602,775
Gardens, E. C.
597,201
South Bend
626,016
821,081 -23.8
610,597
575,402
WILLIAM B. DANA COMPANY,Publishers,
Bloomington__ _ _
591,806
703,551 -15.9
618,796
580,270
Decatur
447,157
427,388 +4.6
P.O.Box 958. Front. Pine and Depeyster SM, New York.
546,781
432,432
Mansfield
600,109
424,646 +41.3
523,474
517,794
551,633
516,742 +6.8
427,708
Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville
416,674
Jackson
444,372
500,000 -11.2
475,000
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold
426,529
315,017
324,139 -2.8
253,666
vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the G. Dana. Jacksonville, Ill_
289,232
Company. Lansing
380,000
400,000 -5.0
410,000
400,000
Lima
440,000
400,000 -10.0
386,533
381,835
Owensboro
551,100
449,962
+22.7
449,968
450,000
CLEARING-HOUSE RETURNS.
Ann Arbor
275,000
186,307
+47.6
208,323
174,650
The following table, made up by telegraph, Ste., indicates that the total Adrian
50,887
62,572 -18.7
44,076
47,526
bank clearings of all tact clearing houses of the United States for the week
Tot. Mid.West 428,667,873 437,260,983 -2.0 412,499,060
ending to-day have been $3,590,770,281, against $3,027.450,717 last week
392,024,609
and $3,363,520,991 the correspond ng week last year.
San Francisco_ _ _
49,892,211
48,259,159 +3.4
47,077,339
46,135,841
Los Anglees
22,940,054
26,263,277 -12.7
21,858,680
19,248,052
Clearings-Returns by Telegraph.
Seattle
12,311,228
13,148,565 -6.4
Per
12,600,107
11,909,535
Portland
Week ending April 18.
14,709,338
1914.
11,000,000 +33.7
1913.
Cent.
12,655,240
11,937,691
Salt Lake City
5,539,306
6,113,396 -9.4
7,714,912
5,518,582
New York
.6,216,446
$1,737,062,205 $1,596,801,052
4,029,685 +29.4
5,219,373
+8.8 Spokane
4,642,264
Boston
2,175,562
144,659,522
2,852,559 -23.7
142,946,427
+1.2 Tacoma
3,768,537
3,355,868
Oakland
Philadelphia
3,777,706
148,968,051
3,912,700 -3.5
139,721,615
+6.6
3,622,387
3,163,405
Baltimore
2,215,536
32,917,144
2,016,947 +9.9
32,598,013
+1.0 Sacramento
1,606,389
1,520,400
Chicago
2,201,675
288,454,343
3,073,013 -28.4
274,505,402
+5.1 San Diego
2,767,014
1,931,561
St. Louis
Pasadena
968,173
1,284,222 -24.6
74,310,385
74,216,965
+0.1
857,959
1,000,347
New Orleans
Fresno
1,053,921
16,194,292
1,051,918 +0.2
15,229,066
775,000
+6.3 Stockton
751,943
1,084,758
867,258 +25.0
763,448
730,871
Seven cities, five days
San Jose
563,183
$2,442,565,942 $2,276,018,540
711,098 -20.8
+7.3
569,484
460,528
Other cities, live days
North Yakima
402,674
598,698,742
426,603 -5.6
580,406,218
+3.2 Reno
534,047
559,345270,093
248,042 +8.9
406,933
268,446
Total all cities, five days
$3,041,264,684 $2,856,424,758
Pacific
125,321,864
Total
125,258,442
+6.5
+0.05
122,796,849 113,170,679
All cities, one day
555,505,597
507,096,233
+9.5
Kansas City___ _
48,781,977
51,380,934
ern'
11 .01na 011. 1171"
51,141,403
EA AOR 77O2Sl CI RAI .9fl•(101
50,391,107
J-5 0
Minneapolis
20,106,465
__
21,323,231 ---5.7
22,451,481
17,139,167
Omaha
16,299,872
The full details for the week covered by the above will be given
16,153,024 1-0.9
14,126,454
14,010,436next
St. Paul
8,126,924
Saturday. We cannot furnish them to-day, clearings being made
8,825,795 ---7.9
11,117,634
9,667,976
by the Denver
7,955,485
clearing houses at noon on Saturday, and hence in the above theup
9,098,138
---12.5
8,682,638
8,428,815,
last day St. Joseph
6,793,124
of the week has to be in all cases estimated, as we go to press Friday
7,561,813 ---10.1
8,885,543
7,239,491
night. Des Moines
We present below detailed figures for the week ending with Saturday
5,824,569
5,402,710 4-7.8
4,640,902
3,954,896
Sioux City
noon, April 11, for four years:
3,385,867
2,947,197 4-14.9
3,032,336
2,358,904
Wichita
3,319,000
3,477,973 --4.5
3,210,925
3,309,574
Duluth
2,756,607
2,731,785 4-0.9
2,512,120
2,112,736
Week ending April 11.
Lincoln
1,996,726
1,773,728 4-12.6
1,696,529
1,646,075
_ s atDavenport
1,842,587
1,809,027 1-1.9
1,459,724
1,247,296
Topeka
Inc. or
1,939,991
1,718,644
4-12.9
1,603,599
1,678,150
1914.
Cedar Rapidst _
1913.
Dec.
1912.
1,831,859
1911.
1,942,533 --,5.7
1,679,430
1,269,023
Fargo
1,309,055
548,434 4-138.7
898,255
945,488
Colorado Springs
$
$
%
557,985
$
$
607,174 ---8.2
818,968
598,065
New York
1,658,216,551 1,717,466,567
3.4 2,138,671,767 1,538,246,673 Pueblo
618,579
718,599 ---13.9
701,895
702,264
Philadelphia
155,434,695 154,464,641
+0.6 164,825,257 128,918,131 Fremont
341,063
278,634 4-22.6
299,414
252,235
Pittsburgh
45,855,106
58,633,354 -21.8
64,819,525
1,823,693
46,499,721 Waterloo
1,710,238 +6.6
1,460,734
Baltimore
1,103,166
33,058,730
37,349,353 -11.5
IIelena
37,118,641
893,773
31,522,156
1,192,425 ---25.0
869,542
Buffalo
949,198
11,663,526
11,329,598 +2.9
9,657,538
378,930
10,089,228 Billings
409,638 ---7.5
362,853
Washington
115.138
7,771,451
8,484,876 -8.4
8,361,463
475,000
7,659,082 Aberdeen
359,387 -1-32.2
476,583
Albany
312,293
5,628,419
5,418,625 +3.9
Hastings
5,819,589
171,414
5,630,392
226,674 ---24.4
220,250
Rochester
4,786,729
173,781
4,946,796 -3.2
4,796,811
3,992,320
Tot.
oth.West.
137,533,605
142,175,734 -3.3 142,349,212 129,605,234
Scranton
3,370,425
3,218,697 +4.7
2,707,539
2,525,810
2,800,938
Syracuse
3,008,994 -6.9
2,389,694
2,341,551 St. Louis
75,946,759
77,372,128 -1.8
1,811,299
Reading
2,015,837 -10.1
76,281,576
74,972,393
2,265,653
1,867,567
New
Orleans_
14,071,415
_
_
_
17,193,148 -18.2
1,730,703
Wilmington
1,759,510 -1.7
22,674,232
14,860,139
1,805,157
1,494,030 Louisville
13,345,592
12,582,831
1,583,355
Wilkes-Barre
1,397,879 +13.3
+6.1
15,030,953
12,903,137
1,394,023
1,409,645 Houston
8,000,000
8,747,528
2,207,943
2,052,778 +7.5
Wheeling
-8.5
1,872,914
1,791,181 Galveston
9,539,000
9,274,500 +2.9
Trenton
1,720,575 -5.5
1,626,219
8,470,000
6,870,500
1,944,662
1,702,739 Richmond
8,347,200
7,942,846 +5.1
Lancaster
2,222,401 -6.2
2,085,123
8,657,528
2,024,557
7,307,519
1,101,054 Fort Worth
6,927,066
7,901,697 -12.3
York
1,259,647
1,358,598
1,121,803 +12.3
6,269,558
5,844,713
960,554
Atlanta
16,226,654
13,660,306 +18.8
Erie
1,142,073 -23.2
877,666
14,155,690
963,500
12,542,833
872,063 Memphis
6,737,659
Binghamton
7,203,766
-6.5
832,300
726,400 +14.6
8,239,689
5,824,643
611,100
560,600 Savannah
4,723,282
Greensburg
3,908,352 +20.9
525,000
552,117 -4.9
5,190,774
4,867,194
671,953
504,374 Nashville
7,200,000
Chester
7,62.473 -6.3
528,671
5,725,659
700,180 -24.6
590,820
4,016,996
473,283 Norfolk
4,026,831
Altoona
4,011,083
513,593
+0.4
511,704 +0.4
3,520,438
2,952,423.
561,509
433,583 Birmingham _ - 3,885,856
Montclair
3,707,958 +4.8
359,981
2,580,057
363,476 -1.0
2,531,792
Chattanooga___ _
2,368,636
2,615,060 -9.4
2,431,140
1,961,574
Augusta
2,199,645
Total Middle_ 1,944,528,100 2,020,608,534 -3.8 2,455,292,270
1,947,047 +12.9
2,491,392
2,047,958
1,790,685,737 Jacksonville _ _
3,243,515
3,861,600 -16.0
3,500,000
2,816,117
Little
Rock
2,644,292
153,991,119 155,628,327 -1.1 179,925,921
2,308,284 +14.6
Boston
2,071,410
1,931,221
148,874,658 Knoxville
1,701,525
6,810,300
1,598,609 +6.4
Providence
7,978,000 -14.6
2,282,771
8,829,600
1,560,997
8,795,000 Charleston
2,138,485
4,719,229
1,735,036 +23.2
Hartford
1,840,000
4,982,591 -5.3
5,684,094
1,692,155
Mobile
4,258,636
1,464,786
2,877,602
New Haven
1,329,532 +10.1
3,309,436 -13.1
1,350,000
3,286,782
1,260,053
2,867,662 Oklahoma
2,327,000
2,759,208
Springfield
1,625,663 +43.2
2,624,991 +5.1
1,780,000
2,343,707
2,874,673
2,333,964 Macon'
3,941,968
Worcester
3,283,424 +20.8
2,509,648
2,674,050 -6.2
3,900,000
3,250,566
2,709,881
2,502,237
Austin
3,797,972
Portland
3,247,956
1,906,068
+22.5
2,097,713 -9.1
2,690,350
2,342,948
2,229,850
1,933,849 Vicksburg
822,736
281,971
1,255,638
Fall River
+0.3
1,382,739 -9.2
317,040
307,406
1,161,273
1,131,699 Meridian
330,000
1,160,694
350,000 -5.7
New Bedford...
1,090,434 +6.4
320,000
300,000
1,303,850
1,176,976 Jackson
537,777
Lowell
455,845
787,368
+18.0
567,402 +38.8
513,000
490,000
551,248
574,151
Tulsa
1,827,932
Holyoke
1,073,685
701,042
+70.2
612,618 +14.5
736,981
745,007
677,202
552,922 Muskogee
852.007
Bangor
804,662 +5.9
503,768
535,166 -5.9
897,562
755,843
487,084
443,C14,
Total Southern 211,417,591 206,467,878 +2.4
_
203,917,800
M., 1.0,12/17n.
179,284,833
_
lin nal nal
152 4112 457
--I n
onn 791 ASS
171( AKA R.70
Total all
3,527y152m3.116,474,1501 -2.9 3,546 576,649 2,780,231,67
0Note.-For Canadian clearings see "Commercial and Miscellaneous
Outside New Y'k 1,.614.166.1.399.007.583 -2.1
News."
1,407,904,882 1,241,984,997
g3=31
1192
THE CHRONICLE[VOL.xcvm
fact the language is so all-inclusive as to give the
fullest scope to all the activities of farmers' and labor
OUR RAIL TRAY EARNINGS ISSUE.
confederations. It provides, it will be observed,
April
We send to our subscribers to-day the
"that nothing contained in the anti-trust laws shall
number of our "Railway Earnings" Section. In this
be construed to forbid the existence and operation
publication we give the figures of earnings and exof * labor, * agricultural * * organizations * * *
penses for the latest month of every operating steam
y or associations, * * or to forbid or restrain individual
railroad in the United States required to file monthl
members of such orders or associations from carrying
returns with the Inter-State Commerce Commission
out the legitimate objects of such associations."
at Washington.
The reader should note that as to the orders or assoThis Earnings Supplement also contains the comciation themselves no limitations or restraints are
panies' own statement where these differ from the
imposed. They are given exemption without limit.
Commerce returns or give fixed charges in addition
They have absolute license to do anything they
to earnings, or where they have a fiscal year different
please and need have no fear of the consequences.
from the June 30 year, as is the case with the New
It is only"the individual members of such orders or
York Central Lines, the Pennsylvania RR., and
associations" who are limited in their separate acothers.
tivities to "carrying out the legitimate objects of
such associations."
THE FINANCIAL SITUATION.
There is room for differences of opinion as to what
While there are many features of the Anti-Trust constitute "legitimate objects," but it is well known
and Trade Commission bills introduced in Congress that the controlling purpose of agricultural associathe present week towards which the, business public tions is to raise the price of farm products and the
might be inclined to adopt a tolerant attitude,notwith- chief aim of labor organizations is to increase wages
standing they do not meet its approbation, there is and to decrease working hours. Whether these can
one provision which will most positively not be ac- properly be considered "legitimate objects" from the
ceptable and certainly should be most vigorously standpoint of the public welfare might be open to
opposed. It is a provision repugnant to all ideas of question, but it is plainly the purpose of the legislafairness and justice. We have reference to the pro- lature that they should be, for both labor associations
vision deliberately inserted in the "Bill to supple- and farmers' organizations have been demanding exment existing laws against unlawful restraints and emption on that very ground. They feel quite safe
monopolies," and apparently having the approval as it is, owing to the numerous votes they possess.
of the President, which propose& to exempt labor This has been sufficient so far to protect them from
unions and agricultural associations from the opera- the consequences supposed to follow a violation of
tion of the Sherman Anti-Trust Law and to shield these statutes, but they are nevertheless in dread
them from the consequences of violating its provi- lest some day there be a fearless executive who
sions. Now that this exemption feature is found in will show no favors towards any class and then they
the bill, it is plain that there is really a two-fold ob- will be in danger of prosecution. To forestall any
ject in the enactment of this "supplementary" such possibility, they are seeking to have themselves
anti-trust legislation: first, to strengthen the scope declared privileged classes, free to transgress the law
and operation of the Anti-Trust Law as to offenders and free from liability for its penalties.
in general, and, secondly (it would not be surprising
While the activities of the individual members must
if to the legislator this were more important than the be confined to "legitimate objects," the organizations
first), to specifically remove the laboring and the themselves,as already stated,are not circumscribed in
farming classes from all liability for violation of its that way. The language as to them is simply that
requirements:
"nothing contained in the anti-trust laws" is to "be
The exemption provision which it is now proposed construed to forbid" their "existence and operation."
to insert is contained in Section 6 of the bill. It is In other words, neither their "existence" nor their
very broad and comprehensive. The fact that a "operation" is to be interfered with. Accordingly,
separate section has been inserted, all by itself, to they would appear to be free to proceed just as they
attain the object in view is very significant as to like. They can go ahead and in the most highwhat is in the minds of the framers of the law and handed fashion raise prices, limit production, curtail
how determined they are in that regard. The sec- work or take other measures to promote the object
tion is very short, but the language is all-embracing. in view. While the manufacturer and merchant is
In full it is as follows:
forbidden to restrain trade or establish monopolies,
g classes are left wholly
"Sec. 6. That nothing contained in the anti-trust the farmer and the laborin
e no restraint.
practic
and
ce
the
need
existen
forbid
and
undisturbed
laws shall be construed to
of having either labor
favor
in
argue
would
one
operation of fraternal, labor, consumers, agricultural
No
or horticultural organizations, orders or associations organizations or agricultural associations forbidden
operating under the lodge system, instituted for the or declared illegal. Both are capable of great good
purposes of mutual help, and not having capital
their activities are confined within legitimate
stock or conducted for profit, or to forbid or restrain if
different ways they can be made
individual members of such orders or associations bounds. In many
their members and be employed
to
such
helpful
of
ly
ate
objects
mutual
from carrying out the legitim
ts and the prosperity of their
interes
the
e
advanc
tions."
to
associa
without being in the least detriIt must be admitted that this provision has been particular spheres
welfare. But these bodies
very cleverly drawn. "Labor" and "agricultural" mental to the general
same limitations and rethe
to
are mixed with "fraternal" and "horticultural" should be subject
If they act inimically
classes.
other
all
associations and with "orders operating under the strictions as
do any of the things
they
if
,
welfare
general
the
to
lodge system" in such a way as to disarm suspicion
Law, they should
Trust
Antithe
under
en
forbidd
proto
simply
is
and convey the idea that the object
other offenders.
as
same
the
tect mutual benefit organizations. As a matter of be brought to book
APR. 18 1914]
THE CHRONICLE
1193
Under the exemption, however, it is proposed to crease counted as a gain in net, the latter would still
confer upon them it will be absolutely impossible be $8,000,000 short of what they were in the corresto call them to account for any misdoing of the ponding month last year,when net was by no means
kind mentioned, no matter how flagrant in character. ample and the credit of the railroads was already
The farming classes might come to an agreement to seriously impaired. In using these general figures
limit production or withhold supplies to such an we are proceeding on the general assumption that all
extent as to produce famine or they might engage in the railroads in the United States will ultimately get
operations to promote corners,and yet, as the Anti- a five per cent advance in rates. Up to the present
Trust laws are not to be construed to forbid their time only the Eastern roads have put in a request for
"existence and operation", they would be wholly higher rates. On these the loss in gross in February
within their rights and fully protected under the law. was $13,828,133, or 13.87%. A five per cent inEven Samuel Untermyer, speaking at Chicago on crease in rates would yield less than $5,000,000 addiWednesday before the Western Economic Society tional earnings, whereas the loss in the net for the
and the second national conference on Marketing month on these lines reaches $12,672,120.
In these circumstances it is not surprising to find
and Farm Credits, took occasion to declare that the
farmers' attitude is "unjust, inconsistent and un- even Samuel Untermyer making a strenuous plea on
wise." "The injustice and inconsistency of the behalf of the railroads. In his speech in Chicago,
farmers' attitude consist," he said, "in his insistence already alluded to, he pleaded earnestly on behalf
on denying to every other industry the right of co- of the roads as follows. Coming from such a
operation to restrict competition whilst he insists source, his remarks are doubly entitled to weight.
upon exemption for his own occupation,and is seek- Those representing the railroads have said nothing
ing to punish as crimes when committed,by others that sets out the situation in a more convincing and
acts which when perpetrated by him are not considered conclusive fashion:
"The railroads are facing a grave crisis—far greater
as inimical to the public welfare."
we realize. There is no exaggeration in the
than
labor
the
organizations, all the methods now
As to
resorted to by them to enforce their demands would statements of their officers to the Inter-State Commerce Commission nor is there any foundation for
be made legal by the language of the exemption sec- the suspicion that the wholesale discharge of men is
tion. The closed shop, the ostracism of non-union part of a spectacular play to influence public opinion.
labor, the boycott, and the other well-known labor The figures of reduced business, neglected improveunion devices for hurting outsiders would become ments and increased expenses speak for themselves.
legitimate, and those injured would have absolutely They are appalling. There must be prompt relief.
"Concede, if you please, that some of the railroads
no way of defending themselves or of getting redress.
have
been brought to their present plight through
Is not that a dangerous prospect, and should not the mismanagement, dishonesty, exploitation, or what
whole community rise in protest against it? The not. By all means punish the guilty if you can,
President may "demand" such legislation and may reach them and let Congress see to it that the misbe determined to hold Congress in session through the deeds of the, past are rendered impossible in thefuture,
whole of another summer unless he gets it and Con- but do not paralyze the industries of the country by
gress remains a willing instrument in his hands, but denying the roads the opportunity to live and meet
responsibilities. The public interest demands
he should be given to understand that the business theirthey
be afforded a basis of earnings on which to
that
community is in no frame of mind to be trifled with finance their money requirements for equipment
on such a grave and important issue where so much and improvements.
is at stake.
This plea is not made primarily out of sympathy
for the plight of the stockholders. If they have perIn the railroad world it is becoming palpably evi- mitted their properties to be exploited and misdent that the Eastern railroads made a mistake in managed, it is right that they and not the public
pay the penalty if they were alone concerned.
asking for an advance of only 5% in freight rates. should
But it is the public that suffers from inefficient and
It is taken for granted now that the Inter-State dangerous operation and from the inability to meet
Commerce Commission will not refuse to grant this transportation requirements.
advance, since the evidence is so overwhelming in
One cannot but sympathize with the impatience
favor of the carriers. But the railroads are suffering and resentment of the people, but the pendulum of
such frightful losses in revenues that it is becoming public opinion and official mistrust has swung too
more and more manifest each day that this small in- far against the roads. This is no time for reprisals.
Some of the roads are tottering on the verge of bankcrease will not suffice to restore their credit and re- ruptcy.
Maturing obligations must be re-financed
trieve the losses in net income which they are ex- and vast sums are needed for replacements and imperiencing by reason of their inability to curtail ex- provements. They cannot be had under existing
penses. Western roads, profiting by this experience conditions.
In the meantime testimony is piling up going to
of the Eastern lines, have it in mind (if current reports are to be believed) to ask for an increase of 10%. show that even in those instances where there have
How far short 5% increase will fall of meeting the been serious faults of management and the properties
contraction in net income is evident from our com- are supposed to be suffering as the result of official
pilation of the gross and net earnings of United States misdeeds, unfortunate general conditions, common to
railroads for the month of February, which we give the whole railroad system of the country, have really
to-day on subsequent pages.
been the most potent influence in the collapse of the
The loss in gross for the month proves to have properties. The numerous investigations with which
been $23,823,138, or 10.22%. A five per cent in- the country is plagued on every side are [doing
crease would, therefore, mean only half this amount, at least this much good, namely that they are bringor a little over $11,000,000. But net earnings have ing out the truth as to many controversies: andlin
actually fallen off $19,895,047, or over 33. 1-3%. so doing are presenting many things in a new light,
Hence, if the carriers were allowed to make a five quite different from what public criticism hadiled
per cent increase in gross, and the whole of this in- the community to suppose they were.
1194
THE CHRONICLE
For instance, until recently it was charged that the
New York New Haven & Hartford RR. Co. owed its
difficulties in no small degree to the way its finances
had been handled,it being intimated that the bankers
who conducted the financial negotiations of the company for so many years had been allowed to make
enormous profits for themselves and that they
thrived while the company itself went to ruin. But
in refutation of this charge, J. P. Morgan & Co. at
the beginning of last month made public a statement
which they had compiled, setting out the results of
their connection with the New York New Haven &
Hartford RR. financing. This statement showed
that in the twenty years from 1894 to 1914, during
which the firm took part in the handling of securities of the company and its subordinate properties,
in aggregate amount of $333,082,803, they realized
profits of only $350,265, or at the average rate of
only $17,500 per year.
This week Howard Elliott, the Chairman of the
company, for the intelligent guidance of the shareholders who are to vote next week on the proposed
agreement with the Attorney-General of the United
States, has given out a lengthy and illumining
statement dealing with the company's affairs and
the causes of its troubles. It is generally assumed
that the company's reverses must be attributed entirely to the unwise policy of expansion pursued under the management of President Mellen. Certainly, if the late management had not embarked in
so many outside ventures, its position to-day would
be vastly stronger. And yet, admitting this, Mr.
Elliott's figures make it manifest that the New Haven
property, like all other railroad systems in the United
States, has been largely the victim of general circumstances.
For instance, take the question of wages. Mr.
Elliott tells us that if the same rates of pay had been
in effect in 1913 as in 1903, the total pay-roll for the
year would have been approximately $7,200,000
less. This means, of course, that net earnings in
that event would have been $7,200,000 larger. At
the same time freight rates have declined during the
ten years. Mr. Elliott's calculations show that the
increase in wages and the decline in freight rates
alone make a difference of over $9,000,000 per annum in income, equal to 6% on $150,000,000 of
capital, which is about the amount of the stock in
the hands of the public at present. With net earnings reduced in a sum equal to 6% on the outstanding
capital of the company by the causes mentioned, is
it surprising that the company has been obliged to
suspend dividends?
But this is not the only loss sustained by the company from causes beyond the control of the management. The Federal nine-hour law, the ash-pan law,
the safety-applicances law, the boiler-inspection law,
and the full-crew law, it is stated, have increased the
expenses of the company nearly $200,000 per year.
The cost of accounting ten years ago was $190,000 per
year. At the present time it is about $500,000 per
year. While the increase in business, we are told,
has had its effect on the accounting cost, part of the
increase is due to the accounting requirements of the
Inter-State Commerce and State commissions. Moreover, the Act of Congress requiring a physical valuation of railways will increase the expenses of the company about $60,000 per year for several years.
On the New Haven road over half the earnings
come from the passenger business, which only pays
[Voh. xcvm.
ordinary operating expenses. Yet the Public Service Commission of New York recently ordered substantial reductions in the very low commutation
rates between New York suburban points and New
York City. The New York Supreme Court set
aside this order, but the Legislature which has just
adjourned passed an Act making the same reductions. Then the company is underpaid for the
carriage of mail and parcel post. The Government
is paying only about $725,000 per annum, whereas
the road ought to receive at least double that amount.
Altogether New Haven affairs are presented in a
new light, and Chairman Elliott has rendered an important service in bringing out the facts so plainly.
He has also presented an unanswerable argument in
favor of letting the railroads make a moderate advance in transportation rates as part compensation
for the losses which they have sustained through no
fault of their own.
Another crisis in the Mexican situation has arisen
and apparently has not yet been surmounted.
It leaves in its train, however, distinct intimation
that a more aggressive policy has finally been adopted
by President Wilson. Provisional President Huerta,
if he is the shrewd man of affairs that he is usually
credited with being, has learned from the occurrences
of the week that the patience of Washington can no
longer be presumed upon to prevent immediate
redress for wanton attacks on American citizens and
indignities to American officials or American interests of any kind. On Thursday of last week a launch
from the United States gunboat Dolphin, carrying
the paymaster and a small detachment of marines,
put in at Iturbide bridge at Tampico to purchase a
supply of gasoline. All were in uniform, but unarmed, and the launch flew the American flag. The
paymaster and his men were arrested by a detachment of Mexican Federals, were paraded through the
streets and held for a time under detention. Rear
Admiral Mayo made vigorous representations to
the authorities and the men were released, Gen.
Ignacio Zaragosa expressing to Rear Admiral Mayo
his regret. Admiral Mayo considered this insufficient, and asked for a formal apology,the punishment
of Col. Hinojosa, who ordered the arrest, and a salute of 21 guns to the American flag within twentyfour hours. The matter was immediately brought
to the attention of the American Charge d'Affairs
by the Mexican Foreign Office in Mexico City. The
latter asked that Admiral Mayo's demands be modified. Mr. O'Shaughnessy at once called the seriousness of the affair to the attention of President
Huerta, who stated that, since it was reported that
the American flag was flying from the launch, a
full investigation would be ordered. Should the
investigation develop further responsibility on the
part of Col. Hinojosa, he would be punished by competent authorities. The delay in firing the salute
increased the seriousness of the situation, and after
a Cabinet meeting on Tuesday, Secretary Daniels
ordered a general concentration of the Atlantic fleet
at Tampico to enforce the demand of Rear Admiral
Mayo that the flag be saluted by the Huerta commander. On Wednesday an official statement was
issued at Washington declaring that the unpleasant
incident at Tampico was not the only reason for the
President's demand for formal apology. The statement in full follows:
APR. 18 1914.]
THE CHRONICLE
1195
In discussions in official circles in Washington of the pres- Velasco, then at Parras, sixty miles south, that they
ent Mexican situation, the following points have been very were in danger of being surrounded. Velasco, by
much dwelt upon:
forced marches, succeeded in joining them on
It has been pointed out that, in considering the present
somewhat delicate situation in Mexico, the unpleasant inci- April 10 at Benevides Junction, a few miles from San
dent at Tampico must not be thought of alone. For some Pedro. Later the troops of Generals Argumedo
time past the de facto Government of Mexico has seemed to and Campo came up and the rebel garrison at San
think mere apologies sufficient when the rights of American Pedro was driven out on April 11. That night Villa
citizens or the dignity of the Government of the United States
with 5,000 re-enforcements arrived and began an
were involved, and has apparently made no attempt at
either reparation or the effective correction of the serious immediate attack, which culminated in the flight of
the Federals.
derelictions of its civil and military officers.
Immediately after the incident at Tampico, an orderly
from one of the ships of the United States in the harbor of
There have been few important developments in
Vera Cruz, who had been sent ashore to the post office for
political situation in the United Kingdom.
the
the ship's mail, and who was in uniform, and who had the
official mail bag on his back, was arrested and put into jail by Premier Asquith on Tuesday received an enthusiastic
the local authorities. He was subsequently released and ovation on his return to the House of Commons after
a nominal punishment inflicted upon the officer who had his re-election on his acceptance of the position of
arrested him; but it was significant that an orderly from the Secretary of State for War. At Bradford on the same
fleet of the United States was picked out from the many day a
resolution instructing Labor Members of Parpersons constantly going ashore on various errands from the
liament
to act independently of the Liberal Party
representing
harbor,
several
the
nations.
in
ships
various
Most serious of all, the officials in charge of the telegraph was adopted by 233 votes to 78 at the closing session
office at Mexico City presumed to withhold an official dispatch of the annual conference of the Independent Labor
of the Government of the United States to its Embassy at
Party. The resolution also denounced "Cabinet
Mexico City until it should have been sent to the censor
rule
which involves the suppression of the rights of
and his permission received to deliver it, and gave the dispatch into the hands of the Charge d'Affaires of the United the private Member adequately to voice the policy
States only upon his personal and emphatic demand, he hav- of his party, besides making impossible the free
ing in the meantime learned through other channels that a consideration of proposals which have not received
dispatch had been sent him which he had not received.
the Cabinet hallmark." This rule was declared
It cannot but strike any one who has watched the course
of events in Mexico as significant that untoward incidents "inimical to good government." In conclusion the
such as these have not occurred in any case where representa- resolution invites members of the Parliamentary
tives of other governments were concerned, but only in Labor Party to vote on all issues brought before the
dealings with the representatives of the United States, Parliament only in accordance with the principles
and that there has been no occasion for other governments
for which the party stands. It was pointed out that
to call attention to such matters or to ask for apologies.
These repeated offenses against the rights and dignity the forty Labor Members in the House of Commons
of the United States, offenses not duplicated with regard to might have been in a position at any time to make
the representatives of other governments, have necessarily precarious the life of the Government.
made the impression that the Government of the United States
The labor situation in England as well as the
was singled out for manifestations of
and contempt.
financial
and commercial conditions appear to be
The authorities of the State Department feel confident that
when the seriousness and the cumulative effect of these inci- improving. Of the 138,000 Yorkshire miners who
dents is made evident 'to the Government of Mexico, that are on strike,38,000 voted on Wednesday on the
Government will see the propriety and the necessity of giv- question of continuing the strike or resuming work.
ing such evidences of its desire to repudiate and correct these
Against 27,000 in favor of abandoning the fight there
things as will be not only satisfactory to the Government of
11,000 in favor of continuing. It is expected
were
the United States but also an evidence to the rest of the
that all the miners will resume work at an early date.
world of an entire change of attitude.
There can be no loss to the dignity of the de facto Govern- Labor on the Home railways, however, will pass
ment in Mexico in recognizing in the fullest degree the claims through a difficult position between now and autumn,
of a great sovereign Government to its respect.
though it is hoped that real trouble will be averted.
The President was informed by the American
Charge d'Affairs that Huerta would order the salute. Advance cables from Shanghai state that another
on condition that a return salute be fired by an revolt is threatened in China. Feverish excitement
American vessel. As this was in accordance with exists in official quarters at Nanking. The regular
naval usage President Wilson made no objection to troops at Sianfu, capital of the Province of Shen-si,
the condition. However, Huerta yesterday began to are said to have mutinied and are believed to be in
haggle stillfurther and demanded that the salute should league with the brigand White Wolf. Indications of
be fired simultaneously. This demand was refused. grave unrest are reported from Wu Chang in Canton.
The military operations in Mexico this week cen- Six provinces are said to be affected and the Southern
tred around San Pedro de las Colinas, in Coahuila. rebels are reported to be relying on receiving aid
Practically the full forces in the north of rebels and from the Japanese. The Chinese Government offiFederals were engaged, and the battle is described cials in Shanghai on Wednesday arrested a number of
as the bloodiest of the revolution. The Federal loss revolutionaries who had come from Japan. They
is reported to have been 3,500 men in killed, wounded were charged with spreading sedition among the regand prisoners. The Federal troops were surrounded ular troops. At the same time documents were
on three sides, but the remnants of the army finally seized alleged to be signed by Dr. Sun Yat-Sen,
escaped to the north, which was left open by the non- formerly Provisional President. These documents
arrival of troops assigned to that position, and fi- are reported to contain instructions for the widenally turned east in the general direction of Monterey. spread uprising and the massacre of officials this
The presence of Gen. Velasco, who evacuated Tor- month. The new Constitution for China proposed
reon on April 2, at San Pedro, was a surprise to Gen. by the Commissioners entrusted with the task of preVilla, who learned from the prisoners that when the paring it gives the President autocratic powers.
Federal Generals De Moure and Maas were driven The Commissioners decided to recommend the folfrom San Pedro last week, they sent word to Gen. lowing changes:
1196
THE CHRONICLE
[VOL. xcvm.
e.--,
First—The provisional Constitution is to be abolished. Second—The President is to be invested with
supreme control. Third—A new Parliament will be
created with limited powers. It will not appoint
Cabinet Ministers or diplomats abroad. Fourth—
A Privy Council is to be formed. Fifth—The
Premiership shall be abolished and a Secretary of
State appointed. Sixth—The Cabinet is to be responsible to the President. Seventh—The President
is to have exclusive control of national finances,
and during a national crisis may issue decrees independently.
Count Shigenobu Okuma,former Foreign Minister,
on Wednesday completed the formation of the new
Japanese Cabinet, to succeed that headed by Count
Gombei Yamamoto, which resigned recently as a
result of the naval scandals over the receipt of
illegal commissions. The new Premier is frequently
spoken of as the "Grand Old Man of Japan." He
was born 76 years ago, is a Samurai, of the Saga clan,
and for nearly half a century has been in the public
service. As Foreign Minister, he undertook the
task of speedy revision, but in so doing excited
much factional animosity and became the victim
of a bomb-thrower's fury, as a result of which he
lost a leg. Thereafter he served in several Cabinet positions, but at the end of 1898 retired from office and from the official leadership of the National
Party, which had been developed from the Progressives. While by no means a jingo, he is particularly
resolute in maintaining what he believes to be the
rights of his country and its citizens. On this account he may be considered an important factor
in the controversy involving the rights of Japanese
in California. A commercial treaty between Japan
and Bolivia was signed at La Paz, Bolivia, this week.
London, and in fact all European centres, are still,
according to latest cable dispatches, feeling the effects of the Easter holidays. Business at the British
centre, so far as the financial markets are concerned,
has not yet resumed normal conditions. Underwriters who have entered into arrangements to bring
out a number of colonial and other important issues
have not thus far considered the time opportune for
such flotations. Thus, the week has been exceedingly dull from all points of view. The insistent demand of the Continent for gold has rather upset
monetary calculations, and has, for the present at
any rate, caused a revision of opinion among important banking interests of London, which were confident a short time ago that the English money supplies would soon become so oppressive that a reduction in the Bank of England's discount minimum was assured. Day-to-day money, it is true,
continues extremely easy, funds being available in
instances at
of 1%. A somewhat similar indication is contained in the prevailing rates of discounts in Lombard Street, short bills being quoted
4%,which is without change for the week,
still at 13
while long bills have been advanced to 2 1-16@23/
8%,
as against VA% a week ago. Russia at Tuesday's
weekly disposal of Cape gold in London obtained
£370,000 of the £620,000 offered, the remainder being taken for account of India.
The fact that a general election is now apparently
in sight for the United Kingdom is not unlikely to
cause some hesitancy in financial affairs, though
cable accounts agree that British trade is continuing
to show remarkable activity. The cut in Canadian
railway rates appears to have adversely affected
Canadian securities as a whole in the British market.
The coal strike in the Westphalian district of Germany, too, is causing some nervousness in British
coal circles, since it is feared that the collapse of the
Westphalian syndicate, which is a possibility that
already seems in sight, would seriously affect
prices in the foreign market of British coal owners.
London bankers take a more serious view of the new
Mexican crisis than is entertained at home here.
New issues announced in London this week of
an international character are a Montreal loan of
1.,500,000 432 per cents and a New Zealand loan
of £3,000,000. These loans have been underwritten, but have not been offered for public subscription as yet. An Edmonton (Canada) 5% loan was
offered at 98, and a Nova Scotia issue of £750,000
4%
1 per cents is offered at 99. The Underground
1 2% notes
Electric has placed £700,000 three-year 4/
at 98%. There are intimations of an approaching
large India loan.
British Consols, as reported by cable last evening,
closed at 75%, which compares with 763 on Thursday of last week (Friday, Good Friday, then being
a holiday on the London Stock Exchange). This
decline• may be considered representative of the
general investment market. The London & Northwestern Ry. closed at 1323', against 133 a week ago;
2, against 1163, and
Great Western finished at 1153/
the Great Eastern was quoted at the close without
net change at 51. State funds, too, showed substantial declines in instances, Bulgarian 6s last evening
finished at 101, against 102 a week ago, and Greek
Monopoly 4s without change at 52, as also did Servian 4s at 783/2. Chinese 5s also are IA point lower
1,
at 101. Russian 4s closed 3/2 point higher at 874
while Japanese 5s are % higher at 773. German
Imperial 3s remain at 77. Money in London closed
at 4
7 @1/70, against 13®13,/2% a week ago.
The Paris markets merit little comment beyond the
fact that they are awaiting the result of the national
elections which are to be held a week from tomorrow (Sunday, April 26). It is considered probable by usually well-informed correspondents that
the holiday spirit will continue at the French centre
until after that important national event has passed,
and a definite idea has thus been gained of the
fiscal conditions that must be counted upon in the
future. The attendance even of the professionals on
the Paris Bourse has been particularly light during
the week, and press accounts agree that the few whc.
were present preferred taking profits resulting from
the recent moderate advance in prices with a view
of avoiding the carry-over. The settlement which
began on Wednesday furnished a suggestive index
of how completely speculators are out of the market.
The contango rate was only 1%%, which indicated
the pressure of money for short commitments and
how completely stagnant the general situation in the
security market actually is. The French Treasury
has borrowed 100,000,000 francs for six months at
23/2%. This is taken to indicate a decision for
a new national loan at the end of that period.
Bulgaria has refused to accede to the conditions imposed by French banks for an advance of 300,000,000
francs to that country if Russia would guarantee the
loan. Premier Doumergue has signed an agreement
approving a new 800,000,000-franc loan to Turkey,
France in return to obtain railroad concessions in
Asia Minor and also at Jaffa and Jerusalem. We
APR. 18 1914.1
THE CHRONICLE
1197
referred to this loan in our review of the French situ- the ground that the prospectus issued by the company
ation in last week's "Chronicle." Part of the loan in March for $60,000,000 of new stock contained
(450,000,000 francs) will be offered on April 25 at no mention of the case pending for the reduction of
933, and the French banks, from the proceeds, will Western freights. The petitioner declared that such
be relieved of the Turkish Treasury notes they now a suppression of information would debar any
hold. There appears to have been some misconcep- German company from further listings. The Comtion,as a result of the meagre.accounts cabled follow- mittee did not indicate what action it would take in
ing the adjournment of Parliament on April 4,of the the matter. In passing, it appears fair to remark,
fiscal conditions existing in France. As we stated last that the Canadian Pacific management were themweek, the Chamber for the first time in the history of selves probably quite as much surprised at the
the Republic adjourned before an election without vot- Canadian Railway Commission's ruling as were any
ing the budget. Both Chambers managed to rush outsiders. The so-called metallurgical and also
through just, before adjournment, however, provi- the colliery issues have been under pressure, the
sional grants to meet the May and June expenditures. former owing to a further lowering of prices on the
Usually calm political experts in Paris argue that Belgium iron market and the reduction of export
the highly complicated and unsatisfactory ending of prices on German iron products, while the latter is
Parliament will tell heavily against the unified ascribable to the crisis in Westphalian coal districts.
radical party at the polls. It is calculated, for French bankers have been discounting in the German
instance, that the present Government combination market, which is a new experience in recent financial
will lose 60 seats, some of which may go to the history. Money in Berlin closed at 2 8%, against
7 3% a week ago.
extreme Socialists, but the bulk to the Moderate- 2/
There have been no alterations reported this week
Republican Fusion of the Centre—the BriandBarthou combine. In asking for his provisional in the discounts of the official European banks.
grants, M. Renoult, the new Minister of Finance, In London sixty-day bills in the open market closed
stated that his immediate requirements were 172,- week, at 1%%, which is without net change for the
000,000 francs and as a precautionary measure while long bills closed at 2 1-16@23/
8% against
he also asked for authority to issue 100,000,000 francs 1/
7 3% on Thursday of last week. In Paris the
of short-term treasury bonds above the statutory private bank rate is 38 lower at 24
5 % and Berlimit. The provisional bill reduced immediately lin is without change at 2%%. Vienna remains
the stamp duty on foreign State funds from 3 to 2%, at 398%; Brussels at 3N%, and Amsterdan at
while other foreign securities remain on their pre- 2 15-16%. Official rates at the leading foreign
vious level of 2%. Furthermore the Chamber centres are : London 3%, Paris 33/2%, Berlin 4%,
maintained the immunity from taxation of the Rente Vienna 4%, Brussels 4%, Amsterdam 3
coupon in the fiscal schemes floated—the point on
which the Barthou Cabinet was overthrown. The
The Bank of England's return this week is rather
proposals authorized in the emergency bills merely better than the statements of the last few weeks.
carry over until the new Parliament assembles in It shows an incEease in the gold coin and bullion
June, when such important matters as the national holdings of £209,624, while the total reserve increased
loan, the embargo on the issue of foreign loans, the £657,000. The proportion of reserve to liabilities
tax of 4% on foreign securities, the new stamp and increased during the week to 41.99% from 40.36%,
income duties and the taxing of French rentes will and compares with 47.88% one year ago. Public
be taken up for definite action. In the meantime, deposits were further reduced £393,000 and other
.according to conservative Paris correspondents, the deposits suffered a contraction of £473,000. Loans
big financial interests intend that this new fiscal at the Bank (other securities) were paid off to the
legislation shall be publicly discussed, its prejudicial extent of £1,520,000 net. Threadneedle Street now
effects on the nation's credit clearly demonstrated holds in bullion £36,237,767, which compares with
and an amending law imperatively insisted on. £37,922,106 in 1913 and £37,817,240 in 1912. The
French rentes closed at 86.673/2 francs, against reserve aggregates £25,663,000, against £27,928,891
86.72 francs on Thursday of last week. Gold is one year ago and £27,638,020 in 1912. Public de•becoming scarce in mercantile circles in Paris and posits are well ahead of last year, amounting to
sterling exchange at the French centre is now very £19,238,00 , which compares with £15,810,624 at
-close to the gold-import point. It is reported from this date a year ago and £18,997,109 in 1912. Other
Paris that negotiations are in progress on behalf of deposits aggregate £41,960,000, against £42,439,289
the:Bank of France for the transfer of a considerable in 1913 and £41,868,562 in the year preceding.
amount of gold from New York beginning next week. The loan account is £41,980,000, against £35,We learn, however, that there is slight probability of 097,048 last year and £36,747,117 the year preceding.
the outward movement beginning at such an early Our special correspondent furnishes the following
date. Money in Paris closed at 3%, which is with- details by cab e of the gold movement into and out
out quotable change from the figure of a week ago.
of the Bank for the Bank week : Imports, £87,000from Brazil; exports, £150,000 (of which £50,000 to
In Berlin, the feature this week has been the re- Java and £100,000 not stated), and receipts of
newed ease in the money situation. But this does £273,000 net from the interior of Great Britain.
not:appear to have favorably influenced the market
for securities. The reduction in Canadian freight
An increase of 11,041,000 francs in its gold and a
rates which was announced last week has con- decrease of 2,018,000 francs in silver are reported
tinued to influence sales of Canadian Pacific. On this week by the Bank of France. A contraction of
Thursday, according to a press dispatch from Berlin, 21,325,000 francs is shown by the circulation statee.,,banker representing many members of the Berlin ment, while discounts matured, net, to the extent
Bourse applied to the Listing Committee to exclude of 120,925,000 francs. Treasury deposits were reany further listings of Canadian Pacific stock on duced 2,650,000 francs and advances declined 16,
1198
THE CHRONICLE
150,000 francs. There was an increase in general deposits of 6,450,000 francs. The Bank now holds
3,639,327,000 francs in gold, which compares with
3,249,975,000 francs one year ago and 3,224,575,000
francs in 1912. Outstanding circulation is given at
5,921,938,000 francs, against 5,729,764,495 francs
one year ago and 5,307,931,260 francs in 1912. General deposits aggregate 553,678,000 francs, against
563,946,327 francs in 1913 and 688,677,902 francs in
1912. The discounts are well below last year's figures; they stand at 1,420,827,000 francs and compare
with 1,704,078,440 francs in 1913 and 1,182,193,711
francs in 1912. The silver stock is 620,763,000
francs. One year ago it was 602,100,000 francs and
two years ago 807,900,000 francs.
The weekly statement of the Imperial Bank of
Germany showed an increase of 37,988,000 marks in
gold and of 63,104,000 marks in total cash,including
gold. There was a contraction of 180,603,000 marks
in note circulation, of 36,378,000 marks in Treasury
bills and of 197,625,000 in discounts. Loans increased 12,139,000 marks and deposits increased
18,435,000 marks. The total cash holdings now
amount to 1,639,376,000 marks, against 1,264,820,000 marks one year ago and 1,223,640,000 marks in
1912. Combining loans and discounts, NNT have a
total of 1,020,911,000 marks, which compares with
1,386,440,000 marks in 1913 and 1,278,900,000 marks
in 1912. The circulation totals 2,037,028,000 marks
against 1,939,640,000 marks at this date a year ago
and 1,737,940,000 marks in 1912.
In local money circles additional evidence of the
absolute redundance of funds has been contained in
the fact that substantial demands on the capital
market and also suggestions of future demands have
failed in the slightest degree to affect money rates.
In fact, near-by maturities are available at fractional concessions for the week,while call money rates
seem to be definitely pegged at 19@2%, and are
without fluctuation. Among the capital demands of
the week has been the $25,000,000 offering of New
York Central & Hudson River 432% refunding and
improvement mortgage bonds by Messrs. J. P. Morgan & Co. and their associates, the First National
Bank and the National City Bank. In addition,
Messrs. Morgan & Co. have privately sold $15,000,000 of these bonds, making $40,000,000 in all. The
offering of the $65,000,000 4% gold bonds by the
City of New York was an additional demand. Full
details of the offering are contained on another
page in this week's "Chronicle"; the total subscriptions were $193,187,350. As, however, the bidders
were obliged to deposit only 2% of the amount of
their bids the large subscription did not exert a
noticeable influence in money circles. It is understood that about $12,000,000 of the issue has been
sold abroad, leaving $53,000,000 to be sold by the
banking syndicate, headed by Kuhn, Loeb & Co. and
William A. Read & Co., which was the successful
bidder at 101.45, and is now re-selling the bonds at
102.10% and accrued interest, to yield 4.15%. A
demand for some $25,000,000 is in sight in the form
of a proposed sale of 432% bonds by the Chicago
Milwaukee & St. Paul Ry. This is under consideration by the St. Paul board, but has not yet been
definitely decided on. The American Telephone &
Telegraph Co. has arranged to sell through bankers
in the respective localities $30,000,000 two-year 5%
[VoL. icvm.
coupon notes of subsidiary companies endorsed by
the parent company. Thus it will be seen that the
demand for capital is proving quite active. A new
demand, too, that will soon appear will be in the
form of the subscriptions of the national banks of the
country to the stock of the new Federal reserve
banks. How this will work out may be gathered
from the specific instance of the National City Bank,
which on Tuesday voted to take 30,000 shares at
$100 a share; this will require $3,000,000,though only
half of it probably will be paid up, the remainder
being subject to call by the Government. Of the
$1,500,000, however, $500,000 will be paid as soon
as the reserve system is in a position to receive subscriptions, another $500,000 will be payable three
months thereafter, and the remaining $500,000 six
months thereafter. When it is considered that all
the national banks which have agreed to join the
Reserve System will, in proportion, be called upon
for similar subscriptions, it becomes evident that
quite a shifting of funds in the money markets
of the country must take place. How soon the new
Federal Reserve System can get into practical working order it is difficult to say. The vital element,
namely the personnel of the Federal Reserve Board,
has not yet been determined on, or at any rate has not
been announced by President Wilson. It is hardly
likely that the System can be put into practical
operation earlier than the autumn, and Secretary
McAdoo, in a statement a short time ago, definitely
said that in the event of delay over the crop-moving
period, the experiment of depositing Government
funds in the national banks throughout the agricultural sections that was tried last year will be repeated.
One of the most striking indications of the current
over-supply of funds was the objection of some of the
large New York banks to receiving on deposit from
the city the proceeds of the $65,000,000 bond sale.
The City Chamberlain had proposed to deposit large
amounts in various banks. The First National, to
which $5,000,000 was offered, declined the deposit,
the National Bank of Commerce, to which $12,000,000 was tendered, took only $6,000,000, and the
Hanover National, to which $4,000,000 was allotted,
was willing to take only $500,000. None of these
banks, it should be explained, had been a regular
city depositary since Chamberlain Bruere put into
operation on Feb. 1 his plan for increasing interest
on city balances. Before that date the regular rate
on such balances was 2%, regardless of money
market conditions. Mr. Bruere sent out letters
asking for higher interest, and some banks agreed
to pay 23/ and even 3%; but most of the large banks
declined to pay more than the old figure of 2%. As
call money is now ranging between 1% and 2% and
as the deposits of the proceeds of the bonds must
necessarily be considered in the nature of call loans,
subject to immediate withdrawal, it is obvious that
the banks would undertake a direct loss in paying
the 2% rate. Furthermore, they have no incentive
to take the funds as a part of the city's banking accounts, as the inactive accounts of the municipality
have been transferred to those banks that are willing
to pay the higher rates of interest.
Last Saturday's bank statement suggested the
return to circulation of the April 1 payments. The
loans of the Clearing House banks and trust companies
showed a loss of $10,059,000 and deposits a curtailment of $5,837,000. Meanwhile there was an increase in cash of $7,451,000, and as the reserve re-
APR. 18 1914.1
THE CHRONICLE
1199
quirements had declined $828,450 as a result of the has been no evidence of unusual speculation in sterllower deposit item, there was ancrease in the surplus ing exchange in the local market
above requirements of $8,279,450, making the total
Demand sterling in Paris closed at 25.16 francs
$18,732,950, which compares with $14,904,450 one after touching 25.14 francs earlier in the week.
year ago and $14,977,20G two years ago. The cash A week ago it closed at 25.16 francs. In Berlin
in the vaults of the banks increased $8,625,000; that London checks finished at 20.45 marks, against
in the vaults of the trust companies decreased $1,- 20.453' marks a week ago. Sterling checks in
174,000; and the trust companies' cash in banks de- Amsterdam, as reported by cable last evening, closed
creased $6,916,000.
at 12.08U guilders, comparing with 12.073/2 guilders
Referring to call money rates in detail, it may be on Thursday of last week. Berlin exchange in Paris
stated that 2% was the highest and 13
4% the lowest closed yesterday at 123.023/
2francs,against 123.023/
every day this week. On Monday and Tuesday francs a week ago. Mexican exchange on London
19'% was the renewal basis. This was advanced finished at is 2Wid. against is. 3Vid. a week ago.
New York closed at 330, against
to 1 8% on Wednesday and 2% on Thursday, Mexican exchange in'
while on Friday it was reduced to 1%%. For 310 a week ago.
Compared with Friday of
time money 23/2% was the closing quotation for change on Saturday was firmerlast week sterling exfor demand and cable
sixty days (against 23.002%% a week ago), 23/ transfers, which advanced to 4 8680@4 8690 and
@2%% for ninety days (against 2%%), 2%@ 4 87@4 8710, respectively; sixty days remained un3% for four months (unchanged), 2%@3% for changed at 4 85@4 8510. On Monday trading was
five months (unchanged) and 3@33% for six extremely limited, largely on account of the observmonths (against 3%). Commercial paper con- ance of Easter Monday as a holiday in London,
tinues in lighter supply than demand. Really high- which served to restrict business here; after a firm
opening, weakness set in, with the range unchanged
grade notes are scarce and there does not appear at
4 8680@4 8690 for demand and 4 87@4 8710 for
much probability, in view of the concededly reac- cable transfers; sixty days declined to 4 8490@4 8505.
tionary tendency in trade, for improvement in the Rates fluctuated irregularly on Tuesday, but within
near future. Closing quotations remain at 332® narrow limits; the day's quotations were still 4 87
3%7
0 for sixty and ninety days endorsed bills re- @4 8710 for cable transfers, 4 8680@4 8690 for
ceivable and for four to six months' names of choice demand and 4 8490@4 8505 for sixty days. On
character. Other names less favorably known con- Wednesday sterling continued dull and almost nominal; the opening was lower, but later the tone steadtinue at 4@414%.
ied on a stiffening in English discounts; demand was
still quoted at 4 8680@4 8690, cable transfers at
With a sharp advance in discounts for long bills 4 87@4 8710 and sixty days at 4 8490@4 8505. Inin Lombard Street the market for sterling exchange creasing firmness in discount rates in London caused
has ruled firm, though not active throughout the an advance of about 10 points on Thursday, to
4 8690@4 87 for demand, 4 8710@4 8720 for cable
week. Supplies of produce and commercial bills transfers
and 4 85@4 8510 for sixty days. On Friare unusually light and money is so abundant and day the market ruled firm. Closing quotations were
cheap here that there is slight incentive to draw 4 85@4 8525 for sixty days, 4 8695@4 8705 for
finance bills. The continued active demand for demand and 4 8715@4 8725 for cable transfers.
gold for the Continent precludes any reduction in the Commercial on banks closed at 4 83%@4 843/
2,
Bank of England rate for the present. Reports documents for payment finished at 4 843'@4 84%
cabled from Paris, where sterling exchange has and seven-day grain bills at 4 86@4 863/s. Cotton
for payment closed at 4 84@4 843.1, grain for payruled close to the gold-import point, state that nego- ment at 4843/
%.
2 @,4 843
tiations are understood to be under way on behalf of
the Bank of France for a resumption of gold importaThe New York Clearing-House banks, in their
tions from New York. There are quite a number of operations with interior banking institutions, have
cross currents in the foreign exchange situation at gained $5,483,000 net in cash as a rseult of the curthe moment. In the first place foreign buyers are rency movements for the week ending April 17.
credited with purchasing about $12,000,000 of the Their receipts from the interior have aggregated
$14,789,000, while the shipments
new New York City bond issue that was offered this $9,306,000. Adding the Sub-Treasuryhave reached
operations,
week. On the other hand, the proceeds of the which occasioned a loss of $2,770,000, the combined
bonds will be used to take up short-term notes of result of the flow of money into and out of the New
the City, which have been favorites among London York banks for the week appears to have been a gain
bankers and other financial interests. In the same of $2,713,000, as follows: .
way a considerable amount of the new New York
Week ending April 17.
Into
Out of
Na Change its
Banks.
Banks.
Bank Holdings.
Central bonds will undoubtedly be placed abroad
Banks interior movement
314,789,000
39,306,000 Gain 35,483,000
while on April 21 $20,000,000 in notes of the same Sub-Treasury operations
20,294,000
23,064,000 Loss 2,770,000
335,083,000 332,370,000 Gain 32,713,000
company mature. A considerable part of these Total
notes is held in London, so that in effect there will
The following table indicates the amount of bullion
merely be the transfer of money from one pocket to in the principal European banks.
another. The broad view that is prevailing in sterlApril 16 1914.
April 17 1913.
ing exchange circles at this centre is that the demand Banks of
Gold. •
Slicer.
Total.
Gold.
Silver.
Total.
for funds promises to be more active abroad than at
England__ 36,237,787
30,237,767 37,922,106
home and the prospects therefore favor a steady Frahm_
37,922,106
_ 145,533,440 24,826,800 170,360,240 129,979,160 24,083,760 154,062,920
Germany _ 65,533,350 16,500,000 82,033,350 48,797,200 14,444,
63,241,650
market for sterling exchange The movement of Russia
___ 178,339,000 7,244,000 185,583,000 158,034,000 7,400 110 165,434,000
Aus.-Hun. 52,124,000 12,218,000 64,342,000 50,168,00 10,492,110 60,660,000
securities being equally balanced, it does not seem Spain
___ 20,326,000 28,542,0001 48,868,000 17,945,000 29,880,
47,825,000
45,760,000 3,130,000 48,890,000 46,666,000 4,049,000 50,715,000
to enter into consideration at the moment, so far as Italy
Neth'Iand 13,331,009
793,000 14,124,000 13,544,00
729,100 14,273,100
Nat. Belg. 8,840,667 4,420,333 13,251,000 7,610,667 3,805,333 11,416,000
Stock Exchange transactions are concerned. The Sweden
5,790,000
5,790,000 5,719,000
5,719,000
6,792,000
6,792,000 6,878,000
6,878,000
Bank of England's statement wats rather more favor- Switeland
Norway _ _ 2,448,000
2,448,000 2,137,000
2,137,000
able than the returns of recent weeks, though Thread- Tot. week 581,055,224 97,674,133678,729,357525,400,133 94,883,643620,283,776
needle Street gained only £209,624 in gold. There Prey.week 578,390,560 07,371,813675,762,373522,088,336 94,362,803616,451,139
1200
THE CHRONICLE
[VOL. xcvm.
the law thereupon proceeds to exempt from its prohibitory terms the forming and holding of subsidiary
THE NEW "TRUST BILL" PROPOSALS.
corporations by an industrial company, or the
the
The sequence of events this week, in regard to
acquisition of stock in an independent connecting
been
has
so-called "supplementary trust legislation",
somewhat singular. At the opening of the week it line by a railway company "when the effect is not
was declared at Washington, on what appeared to to eliminate or lessen competition," or when, in the
be:the best Congressional authority, that opinion in case of the railways, "there is no substantial comCongress had become decided to the effect that the petition," and it excepts such property rights as may
plans of further legislation on these matters ought have been "heretofore legally acquired"—though,
to be, and would be, postponed to another session. again retreating from this last position in the case
This news was received with manifest approval in of stockholding relations which may "constitute
business circles, and with hardly less approval at violations of the Anti-Trust Laws."
There is something j.ust a little bewildering in this.
Washington itself.
Among business men throughout the country, the The exemptions are well enough in themselves; but
feeling was strongly voiced that, with financial and it is hard to see how they add anything to what
industrial affairs in their present sensitive condition, already stands in the law as interpreted by the
further debate and controversy over these very deli- courts. The interlocking directorate clauses show
cate problems could not be other than an aggravating little except similar fear, by the authors of the bill,
influence. Among Congressmen, it was recognized that its provisions might make trouble for perfectly
that the plans for such legislation had already been legitimate and beneficial industry. No one shall,
deadlocked in committee, because of the difficulty after two years, be director or officer in two or more
of even drafting workable measures; that the radical banking institutions under the laws of the United
element in the country had itself shown no sign of States; but this is to apply only when one of those
insistence on the legislation; that other and urgent institutions has resources of more than $2,500,000,
questions now pending in Congress were so numer- and, in the case of banking institutions in the same
ous that,in order properly to consider the complicated locality, shall not apply in cities or towns of less than
corporation measures, the session would probably 100,000 population. Here is an obvious recognition
have to be extended through the trying summer of the protest of business men in smaller towns,
months. To this were added other and more press- who knew that the full prohibitions of the bill would
ing considerations. The protests against such legis- prevent the forming of competent managements
lation at this time,by the business constituents of for institutions in such places. But no recognition
Congressmen, was one. The impending Congression- seems to have been made of the case of smaller upal elections, and the knowledge of the legislators town or suburban banks and trust companies, whose
that a late beginning of their personal campaign perfectly legitimate business requirements draw into
for re-election would be a heavy handicap (which their directorates officers of the larger down-town
increased trade reaction, aggravated by the "trust institutions.
Throughout the bill, as drafted, there are similar
bill" debate, would certainly not remove), was a
traces of prohibitory regulations which the authors of
still more potent influence.
did
not
agree
however,
measure apparently do not dare to make either
with
Conthe
President,
The
gress. On Monday, he gave it as his own positive comprehensive or consistent. Even in the section
opinion that the trust bills must be enacted at this which endeavors to deal with the much discussed
session. Next day, the Chairman of the House question of labor combinations as affected by the
Judiciary Committee gave out the draft of a bill Anti-Trust Law, it is provided that the law shall
whose provisions were to cover such very miscel- not be so construed as to "forbid the existence and
laneous matters as holding companies, interlocking operation" of labor organizations; nor to forbid
directorates, relation of labor unions to the Anti- "carrying out the legitimate object of 8uoh organizaTrust Law, injunction orders by the courts, con- tions". This is exceedingly broad and, as indicated
tempt proceedings and discrimination in prices for in our article on "The Financial Situation", would
their products by manufacturing companies. The appear to give the unions the license to do almost
bill proposed is necessarily very long; it contains anything, but in the last analysis only the courts can
21 separate sections and it is full of exemptions and decide what are the "legitimate objects" of the
exceptions, whose scope would invite almost un- unions. And even if the bill were not highly oblimited debate. On general principles, it would jectionable in some of its essential features,the tossing
properly open the field for a full session's delibera- of it into the Congressional arena, at this particular
juncture in the political and financial situation,
tions.
problems
included in would be entirely unwise.
With so great a variety of
For ourselves, we greatly doubt if such a measure,
this bill—each with its own particular group of legal
and financial complications,and with the questions with or without amendments, can find its way into
created by the numerous exemptions as difficult in the statute books this session. The President's
themselves as the general provisions of the bill itself— power of forcing Congress to take action on a given
itlis not easy even to pass judgment on its merits bill is very great, as the history of the Banking and
or:demerits as a whole. The bill bears on its face evi- Currency Bill made plain. But the demand for enactdence of the stumbling blocksencountered by the com- ment of legislation on that question was strong and
mittee:in considering such legislation. No corpora- nation-wide. It was a question if Congressmen
tion is to acquire control of one or more other corpora- would be enthusiastically greeted by their constitutions, "where the effect of such acquisition is to ents, had they reported, on returning home, that
eliminate or lessen competition." But this is merely they had refused to stay in session and debate the
to reiterate the general purposes of the existing Anti- bill. Nothing of the sort is true of this present
Trust Law; and, like that law, it throws back on the measure. Not only have the people at large made
rts the determination of actual restraint. But no insistent demand for it, but a strong probability
APR. 18 1914.]
THE CHRONICLE
exists that if it were forced through,and business depression increased at the same time, the individual
Congressman's constituency would express at the
polls some inferences unpleasant to him and to the
party.
The one fact which this week's incidents make
clear beyond dispute is that, while "supplementary
legislation" of some sort might conceivably clear
up and benefit the Anti-Trust Law uncertainties,
a plan for that legislation raises questions ofsuch
complexity that no hasty consideration of them can
have good results. The end of the longest virtually
continuous session in the country's history, with
other legislation absorbing the time of Congress,
and with Congress itself exhausted over its protracted
labors and irritated at their further prolongation,
is scarcely an ideal moment to settle the complicated
questions rightly.
1201
sider it still an open question, yet this clear division
into three departments, co-operative although independent,is essential to democracy,it is democracy.
We may not care for democracy: the country may
conceivably decide to deliberately abandon it as outworn; what should make us stop and think is the
certainty that in disregarding and effacing this
fundamental part of democratic substance, we are
departing from democracy, and are doing it not by
deliberation, but by an insidious habit which has
obtained such hold that each fresh instance of perversion is accepted as in the regular course.
Concerning the bills themselves, we have indicated
in the preceding article that they are as well adapted
to the needs of the times as acids and hot coals are
to the healing of open wounds. Industry, transportation, distribution, trade, investment—all that
comprises the country in any substantial sense—
craves rest; only clamorous agitators and the poliPRESIDENTIAL LEGISLATION.
ticians, who always mistake the surface for the
As a matter aside from the character of the addi- depths, desire to go on framing statutory withes.
tional restrictive bills presented in the House of
The protests by such broad-minded and slow-movRepresentatives on Tuesday, we call attention once ing organizations as the New York Chamber of Commore to something which has almost ceased to be merce are an indication of the desire for a rest, and
even incidentally mentioned: the sinister fact that here is a striking piece of evidence in a circular issued
these bills as well as others are admittedly Executive by the "Massachusetts Alliance of Manufacturers'
measures of legislation. Washington dispatches con- and Employers' Associations." This is not an
outcerning them contain these expressions: "Important cry against tariff reduction; it confines itself to
State
changes in the Administration's program of anti- action. "Give manufacturers a rest (it says),
sotrust legislation are proposed in a bill . . . By cial uplifters and agitators a necessary vacation,
and
direction of President Wilson, the anti-trust program the rest of us time to get acquainted with the
mulheretofore made up offour tentative bills is embodied in titude of laws showered upon us in recent years."
one measure. . . . If action is to be had in the Massachusetts, these men declare, is halting and
Senate, the session will be prolonged until early fall; driving out her industries and "the greatest problem
despite this, the President is determined upon ac- confronting Massachusetts to-day is to retain
the
tion. . . . By direction of the President, industries now within her borders." As examples,
Chairman Clayton and his associates decided to they cite 61 things which a manufacturer
"must"
abandon the tentative bill that sought to define the and 40 things which he "must not" do, the law
in
terms 'monopoly' and 'monopolization,"' &c.
each instance being referred to by year and title.
While this precise language has not been officially These men do not condemn the requirements
used or authorized, it is undeniably a fair statement broadly; they say "some of them are undoubtedly
of the situation and of the Administrative attitude. good, some unnecessary, and some totally indefensiBut it is the duty and province of the Executive to ble." What they ask is a halt in the constrictive
execute existing laws, as well as to recommend new process, and we note that of the 101
actions comones or changes; it is neither his duty nor his province manded or forbidden, 67 come under the
laws of
to "make" laws or to draft them, or to have a "pol- 1912 or 1913 and 54 under laws of 1913.
icy" which involves or turns upon shaping them,
Legislatures and Congress are moving on the same
or to use patronage and personal influence to force road, impelled by executives who mistake destructhem into or through Congress. To speak point- tion for progress. Mr. Wilson's sincerity and good
edly though colloquially, one end of Pennsylvania intentions are not doubtful, but he errs in imaginAvenue is his; the other belongs to Congress. We ing that on him lies the duty and in him is the wisfind this in the Constitution, where it is the one un- dom for correcting every ill and reconstructing
the
mistakable feature. On many other matters (that country to suit a rhetorical uplift
scheme. He can
of inter-State commerce, for example), the old docu- read his duty—and his limitations also—in the
Conment uses very general terms, the framers appar- stitution, a document which he has studied as a hisently recognizing their inability to foresee the growth torian and should not forget as a President.
of the country and therefore not assuming to bind
it closely; but upon the separation of functions into BUILDING OPERATIONS FIRST QUARTER OF
legislative, executive and judicial, they could see,
1914.
and they made this so distinct and clear-cut in terms
With the advent of spring the comparative quietthat nobody has tried to mistake it or to interpret ness, if not to say dulness, in building lines that had
its meaning. It is at once the most distince and most been a feature for a number of months has been
fundamental piece of work in the document.
followed by a considerable measure of activity in
Nor does this raise any question of treating the many sections of the country. In January and
Constitution as sacrosanct, or of deeming its fram- February of the current year the amount of work
ers so superhuman that their work must not be ap- arranged for was noticeably less than in either
proached, much less changed. They undertook to 1913 or 1912, but under the permits issued in March
lay the foundations of a democracy, and did so. in the various cities an expenditure is contemplated
Whether a democracy is the best and final basis of greater than for the same period of any year since
government is not now up for discussion; but con- 1910, and this notwithstanding a continued check
12(M
THE CHRONICLE
to:operations in Greater New York—or, more exactly
speaking, in Manhattan and Bronx Boroughs—
and curtailment of operations at Newark, Philadelphia and .Los Angeles, and a number of other,
but less prominent, cities, where much activity was
noted last year. The satisfactory March result
serves to bring the total of intended outlay for the
first quarter of 1914 up to near the high mark set
by:the January-March aggregate of last year for the
municipalities outside of Greater New York.
The number of cities making reports for March
is 146, of which 82 show increases, and the total
estimated cost of the construction called for by
the contracts entered into is placed at $85,179,316,
against $81,376,616 a year ago. The gain over 1912
is-slightly less and the decline from 1910 reaches some
8 million dollars. For Greater New York the comparison is between $16,536,354 this year, $18,113,268
in 1913 and $27,159,988 in 1912, with the bulk of
the loss in each instance in Manhattan; Brooklyn
and Queens show up better in 1914 than a year ago.
The cities outside of New York (145 in all)furnish
for the month a total of $68,642,962, against $63,263,348 in 1913 and $54,576,744 in 1912.
The New England division, consisting of 20 municipalities, makes a more favorable showing for the
first quarter of the current year than for 1913, the
combined operations having been $18,711,488, against
$15,958,483. Boston is conspicuous in the matter of
gain. In the Middle group (Greater New York
excluded), 35 cities are included and at only 7
(Pittsburgh, Washington and Albany among them)
is greater activity recorded than in 1913. On the
other .hand, Philadelphia, Buffalo, Baltimore, Newark, Syracuse, Rochester, Jersey City, Utica and
Elizabeth report more or less notable decrease. As
a result the aggregate of all is but $29,852,508,
against $33,785,900 a year ago and $28,311,590 in
1912.
The Middle West did exceptionally well in the three
months last year and even better in 1914, notwithstanding an easing up in work at Chicago. The
aggregate for the 28 cities constituting the group is
$46,926,666, against $44,414,869 in 1913 and only
$28,069,725 in 1912. Dayton was in the midst of
a phenomenal building boom at the time the disastrous flood struck the city last year, nearly 4 million dollars of construction work having been ar-'
ranged for in the three months; the permits for the
same period this year call for an outlay of less than
half-a-million. The exhibit for 28 municipalities
at the South the current quarter is notably poorer
than for last year. The total is $14,885,005 and
compares with $18,569,918 and $16,008,412 one and
two years ago.
A quite notable falling off is reported in most of
the cities on the Pacific Slope and this is but partially overcome by increased outlay at San Francisco
and Tacoma. The total for the 12 cities included is
only $21,632,866, against $23,871,398 in 1913, with
the 1912 result still heavier at $24,042,082. The
"Other Western" division, represented by 22 cities,
gives an aggregate quite a little better than in either
1913 or 1912—$18,926,021, contrasting with $15,907,137 and $15,505,294. Kansas City, Mo.,Minneapolis and St. Paul report a decided spurt in building construction. St. Louis, Duluth and Kansas
City, Kan., furnish the only conspicuous decreases.
Combining the various groups, we have a total
prospective expenditure for the 145 cities of $150,
firm. 'coyly'
934,554 for the three months of 1914, against $152-,
507,705 in 1913 and $130,251,795 in 1912. Greater
New York's results for the corresponding periods
are $34,246,472 and $44,195,385 and $53,225,762;
and here we would note that the 1914 figures are
the smallest since 1908—the year of depression.
Finally, for the whole country (146 cities) the contracts entered into in the three months this year
contemplate the expenditure of $185,181,026, against
$196,703,090 in 1913 and $183,477,557 in 1912.
The check to building operations in Western
Canada noted earlier in the year continued in March,
but in Eastern sections greater activity than a year
ago is indicated by the returns at hand. In the
eastern portion of the Dominion ,in fact, the reports
for 27 cities cover an increase in expected outlay
for building of approximately half-a-million dollars,
but 12 Western cities collectively exhibit a decline
of over 13-i millions, making the general result
$9,107,091, against $9,992,384 a year ago. For
the three months of 1914 the Eastern total is $9,762,771,against $11,922,829; the Western $6,267,093,
against $10,954,197 and the aggregate of all (39
cities) $16,029,864, against $22,877,026 in 1913 and
$20,891,476 in 1912.
RUSSIA EXTENDING HER COTTON PRODUCTION.
Russia, according to a recent report from St.
Petersburg, is about to enter upon a scheme to largely
increase its production of cotton. In other words,
further development of the cotton-growing industry
in Turkestan is contemplated, this being part of
the plan of the Ministry of Agriculture for colonizing and cultivating new areas in the country's Asiatic
territory. Specifically, the reports at hand state
that the Ministerial Diet has opened discussion on
the bill regarding the colonization of the Golodnaja
Steppe in Samarkand Province. The proposition is
to vigorously push irrigation work in various districts of Turkestan over an area of 3,000,000 dessiatines (8,106,000 acres) at an outlay of over 700
million roubles ($360,500,000), with the ultimate
object of devoting much of the land to cotton,and
thus render the Empire independent of outside
sources for its supply of the raw material.
At the present time Turkestan produces annually
some 800,000 bales of 500-lbs. each, but this is
sufficient to meet only about half of the Russian
requirements. It is to be presumed that, from the
success attained in the past in that locality, the
carrying through of the scheme will more surely add
to the world's new supply than have the various
efforts made in Africa and elsewhere by Great
Britain, France and Germany. It is to be said,moreover, that with the constantly increasing demand for
cotton any help that Russia can offer will be welcomed, even though its plan take some time in
developing.
RAILROAD GROSS AND NET EARNINGS FOR
FEBRUARY.
It has been evident for some time that United
States railroads would make a very poor exhibit
of earnings for the month of February. The returns
of the separate roads as they kept coming in from
week to week since the latter part of March have
shown that large shrinkages in earnings, gross and
net, were proving the rule. Now, however, that we
have the totalifolalljthe roads,in the compilations
APR. 18 1914.)
THE CHRONICLE
which we present to-day, the extent of the loss disclosed is really startling in its magnitude. A large
falling off in gross was met—or could be met—with
only a small curtailment in expenses, leaving, therefore, an exceedingly heavy percentage of reduction in
the net. Stated in ,brief, the gross fell off no less
than $23,823,138, while expenses were reduced no
more than $3,928,091. Thus the loss in net reaches
$19,895,047. In ratio the decrease is 10.22% in
the gross and 33.41% in the net.
February (478 roam_
Miles of road
Gross earnings
Operating expenses
Net earnings
Inc.(+)or Dec.(—).
1914.
1913.
Amount.
%
244,925
242,928
+1,997 0.82
$209,233,005 $233,056,143 —$23,823,138 10.22
—3,928,091
2.27
173,503.131
169,575,040
$39,657,965
$59,553,012 —$19,895,047 33.41
1203
in gross of no less than $17,713,009, or 12.55%, and
a decrease in net of $8,764,602, or 2510%. 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. For recent years 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 country being always
unrepresented in the totals, owing to the refusal of
some of the roads in those days to give out monthly
figures for publication.
The depression in trade and last season's short
crops acount for the contraction in gross revenues.
Increased wages, full-crew laws and various other
legislative enactments and Governmental regulations
account for the inability to curtail expenses in a proportionate degree. Doubtless, also, the series of
snow-storms experienced here in the East the latter
half of February tended to keep expenses high, though
undue significance should not be given to this feature,
since in the first place it affected only a small part
of the mileage of the country,and in the second place
the same group of roads was distinguished for very
Gross Earnings.
Net Earnings.
heavy expenses in February 1913, so in the compari- Year.
Year
Year
Increase or
Year ,
Year
Increase or
son between the two years any special outlays the
Given.
Preceding.
Decrease.
Given.
Preceding. Decrease.
present year because of the snow-storms would not Feb.
$
$
$
1896-- 45,989,629 41,603,813 +4,385,816 13,003,324 10,827,770 +2,175,554
count for much. As an illustration, we may note 1897._
51,338,313 51,656,357
—318,014 15,311.914 14,095,623 +1,216,291
1898.— 59,070,798 51,904,681 +7,166,117 18,163,731 15,396,058 +2,767,673
that in February last year the Pennsylvania RR. 1899... 58,557,395 59,965,541 —1,408,146 15,538,962 18,626,170 —3,087,208
72,738,157 59,566,162 +13,171,995 21,637,135 15,650,437 +5,986,698
lines directly operated reported an expansion of 1900...
1901.... 86,357,583 78,722,604 +7,634,979 20,537,607 23,48.5,478 +3,052,129
1902... 89,028,687 84,859,745 +4,168,942 26,478,954 25,923,786
+555,168
$1,182,203 in gross earnings, but this was attended 1903._ 91,360,580 80,898,616 +10,461,964 24,115,381 23,153,394 +961,987
1904.... 99,543,306 96,130,791 +3,412,515 23,045,307 25,382,875 —2,337,568
by an augmentation in expenses of no less than 1905.... 95,184,283 98,487,843 —3,303,565 20,072,964 23,618,871 —3,545,907
1906... 120,728,671 95,625,938 +25,102,733 33,486,634 19,937,363 +13,549,271
$1,624,145, leaving, therefore, an actual decrease in 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 26,154,613 34,919,215 —8,764,602
1909.... 174,423,331 161,085,493 +13,338,338 49,194,760 37,311,587 +11,883,173
net of $441,942. The present year the Pennsylvania 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
Lines lost more than the whole amount of the 1012....
218,031,094 197,278,939 +20.752,155 57,411,107 49,135,958 +8,275.149
232,726,241 218,336,929 +14,389,312 59,461,341 57,458,572 +2,002,769
gain in gross made last year, they reporting a de- 1913._
1914... 209,233.005 233.056,143-23,823,138 39,657,965 59,553,012 —19,895,047
crease of $2,976,035, but expenses could be reduced
Note.—Includes for February, 130 roads in
124 in 1897, 136 in 1898, 125 in
no more than $1,100,071 notwithstanding last year's 1899, 123 in 1900, 131 in 1901, 117 in 1902, 1896,
106 in 1903, 104 in 1904. 98 in 1905,
1011n 1906,94 in 1907; in 1908 the returns were based on 151,580 miles of road: in
232,007; in 1910, 239,725; in 1911, 242,640: in 1912, 237,082; in 1913, 240,986;
large augmentation in the same; consequently there 1909,
In 1914, 244,925. Neither the Mexican roads nor the coal-mining operations of the
is a loss in net for the month in 1914 of $1,875,964 anthracite coal roads are included in any of these totals.
on top of the decrease in net of $441,942 in February
It is significant of the general falling off in gross
1913.
earnings that when the returns of the separate roads
The truth is, the results were not particularly good are examined, losses from last year are met with
in February last year, and, as a matter of fact, rising nearly everywhere, and among all the roads in the
expenses have been an unfavorable feature for several country there is only a single one where there is
years past. Our general summary for February 1913 an increase exceeding $100,000 in amount, namely
showed a gain of $14,389,312 in gross, but as this that of the Yazoo & Mississippi Valley road, which
was attended by an augmentation of $12,386,543 in presumably had a heavier cotton traffic the present
expenses, the addition to net was only $2,002,769. year. In like manner there are only two roads where
In February 1912 the roads had the advantage of an the increase in net exceeds $100,000, namely the road
extra day in the month (it being leap year), and already mentioned and the Chicago Milwaukee &
accordingly the gain in gross was large, reaching St. Paul. This last managed to turn a loss of
$20,752,155, but such was the increase in expenses $419,969 in gross into a gain of $117,664 in net. In
that only $8,275,149 of this gain in gross was carried this particular, however, the road referred to stands
forward as a gain in the net. In February 1911 the practically alone among large systems. Generally
roads sustained a loss in both gross and net—$3,456,- speaking, losses in gross have been attended with
863 in gross and $7,032,202 in net. In February1910 very little reduction in expenses and in not a few
the showing was satisfactory as far as gross was instances expenses have actually risen in face of losses
concerned, but rising expenditures ,were even then in the gross. It thus happens that the list of dea feature, and accordingly an expansion of $28,250,- creases in net is not only a very long one, but the
418 in gross receipts produced a gain in net of only amounts for the different roads are unusually large
$7,734,299. In February 1909, when the carriers and noteworthy.
were still retrenching on a large scale (owing to the
In a good many instances, too, these losses in net
policy inaugurated after the panic of 1907), a gain the present year follow pronounced losses last year.
of $13,338,338 in gross was attended by an augmen- We have already referred to the Pennsylvania RR.
tation of $11,883,173 in net. The year before (1908) as having been distinguished in that way, and among
there were losses of tremendous magnitude. Our other large systems the New York New Haven &
compilation for February 1908 recorded a decrease Hartford, the Boston & Maine,the Southern Pacific,
THE CHRONICLE
1204
the Northern Pacific, the Great Northern, the Louisville & Nashville and the Rock Island also belong in
the same category. In the following we show all
changes for the separate roads for amounts in excess
of $100,000, whether increases or decreases, and in
both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Decreases.
Increase.
$383,756
309,704
307,855
Pennsylvania
a$2,976,035 Central of New Jersey.._
265,833
Atch Topeka & Santa Fe 1,162,315 Elgin Joliet & Eastern...,
259.251
Lake Shore & Mich South 1,038,681 Wabash
222,230
Baltimore & Ohio
1,026,553 Pittsburgh & Lake Erie_
208,313
N Y Central & Hud Riv 6861,837 Colorado & Southern
191,841
809,395 Denver & Rio Grande_ _ _
Great Northern
190,397
Lehigh Valley
758,945 St Louis & San Fran_ _ _
187,200
699,607 Missouri Kansas & Texas
Philadelphia & Reading_
180,254
612,706 Northern Central
Chicago Burl & Quincy
179,397
608,724 Illinois Central
Erie
175,530
560.091 Virginian
Unipn Pacific
150,271
536,440 Chicago & Alton
Cleve Cin Chic & St L.._
&
147,873
523,178 N Y Chicago St Louis..
Southern Pacific
141,863
518,921 Internet & Great North..
Delaware & Hudson_ _ _ _
485,224 Pere Marquette
141,197
Boston & Maine
477,955 Hocking Valley
125,465
Rock Island
453,356 Atlantic Coast Line
125,204
N Y New Haven & !leaf
438,576 Cincin Ham & Dayton.._
116,374
Missouri Pacific
429,433 N Y Ontario & Western_
111,678
Chicago & North West
419,969 Bessemer & Lake Erie
106,315
Chicago Milw & St Paul_
398,444 Chicago & East Illinois
Chesapeake & Ohio
103,391
394,379 Phila Balt & Wash
Norfolk & Western
101,907
394,164
Michigan Central
389,565
Representing
49
Pacific
roads
Northern
in our compilation_ _521,794,570
386,978
Louisville & Nashville
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
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
Pennsylvania RR. reporting $1,675,282 decrease, the Pennsylvania
Company $690,361 loss and the P. C. C.& St. L. $610,392 loss. Including
all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $3,574,896.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
a loss of $3,434,059.
PRINCIPAL CHANGES IN NET EARNINGS IN FEBRUARY.
Yazoo & Mississippi Vail.
$137,462 Delaware Lack & West__
Decreases. Minneap St Paul & S S M
*Decreases.
Increases.
$248,694
$209,384 Boston & Maine
239,659
117,664 Southern
Minneap St Paul & S M
226,870
Atlantic Coast Line
225,292
Representing 2 roads in
$327,048 Missouri Pacific
221,218
our compilation_ ___
217,327
Decreases. Rock Island
Pennsylvania_
051,875,964 Elgin Joliet & Eastern__
208,012
198,225
N Y Central & Hud Riv_
6895,731 Wabash
193,526
Lake Shore& Mich South
801,826 Cincin Ham & Dayton_..
189,253
Erie
731,702 Illinois Central
187,772
708,382 Chicago & North West.,.,
Cleve Cin Chic & St L__
180,944
Baltimore & Ohio
690,067 Louisville & Nashville__
174,190
689,836 Pere Marquette
Great Northern
170,395
605,517 St Louis Southwestern
Philadelphia & Reading167,797
564,896 Northern Central
Lehigh Valley
157,291
534,011 Bessemer & Lake Erie
Atch Topeka & Santa Fe
148,810
522,370 Detroit Toledo & Ironton
St Louis & San Francisco
144,521
516,068 Denver & Rio Grande
Delaware & Hudson_ _ __
137,992
435,848 Virginian
Union Pacific
130,667
418,180 Chicago & East Illinois_ _
Chicago Burl & Quincy__
122,278
416,461 N Y Chicago & St Louis_
Western Maryland
408,328 Internet & Great North_
121,796
Central of New Jersey_
386,645 Phila Bait & Washington
110,341
Delaware Lack & West
108,252
344,780 N Y Ontario & Western..
N Y New Haven & Hartf
338,737 Hocking Valley
104,157
Chesapeake & Ohio
336,041 Mobile & Ohio
103,550
Michigan Central
319,078
Southern Pacific
Representing 49 roads
311,457
Norfolk & Western
in our compilation_ _517.562,712
271,958
Pittsburgh & Lake Erie_
Yazoo & Mississippi Vail.
Chicago Milw & St Paul_
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $1,324,728 decrease, the Pennsylvania Company $216,212 loss and the P. C. C.& St. L. $335,027 loss. Including all
lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $2.486.471.
b These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary, and controlled roads, like the
Michigan Central, the Lake Shore, the 'Big Four, the "Nickel Plate,"
&c. the whole going to form the New York Central System, the result is
a kiss of $3,392,719.
Still more striking evidence of the collectively
unfavorable character of the exhibits, both gross and
net, the present year, is furnished when the roads
are arranged in groups or divisions according to their
geographical location. In that case it is found that
every group has a loss in gross and also every group
a loss in net, and the percentages of loss in this last
instance are, with one or two exceptions, strikingly
large. Our summary by groups is as follows:
SUMMARY BY GROUPS,
Gross Earnings
1913,
Inc.(+)Or Dec.(-)
1914,
Section or Group-.
February-0,533,309
Group 1 (18 roads), New England__
Group 2(84 roads), East and Middle. 48,892,910
Group 3 (65 roads), Middle West.._.. 27,459,332
Groups 4 and 5(90 roads), Southern_ 31,425,501
Groups 6 and 7(27 roads), Northwest 45,083,166
Groups 8 and 9(98 roads), Southwest 34,448,184
Group 10(46 roads),Pacific Coast__ 12,390,603
Total (478 roads)
10,514,305
56,748,339
32,451,040
33,166,257
49,152,074
37,577,970
13,446,158
-980,996
-7,855,429
-4,991,708
-1,740,756
-4,068,908
-3,129,786
-1,055,555
9.31
13.84
15.30
5.25
8.28
8.35
7.85
200,233,005 233,056,143 -23,823,138 10.22
Net Earnings
1914.
1913.
Inc.(1-)orDec.(-)
$
$
$
%
-688,583 37.09
7,847 1,167,986 1,856,569
26,532 6,762,510 14,423,937 -7,661.427 53.11
25,851 2,119,647 6,441,757 -4,322,110 67.10
41,088 7,908,279 9,592,364 -1,684,085 17.55
67,097 10,547,070 13,181,697 -2,634,627 19.99
57,002 7,376,657 9,519,249 -2,142,592 22.51
17,511 3,775,816 4,537,439
-761,623 16.78
-Mileage-1913.
1914.
Group No. 1
Group No. 2
Group No. 3
7,771
26,753
25,924
Groups NOS. 4 and 5_ 41,288
Groups Nos.6 and 7- 67,461
Groups Nos. 8 and 9.._ 57,788
17,942
Group No. 10
Total
244,923 242,928 39,657,963 39,553,012 -19,895,047 33.41
xcvm
NOTE.-Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III, includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Gropes VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and /X. combined include all of Kansas, Oklahoma, Arkansas and
lndian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver, 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
through Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada. Utah
and Arizona and the western part of New Mexico.
HOW THE HIGH FRENCH TAXES BAR OUT
DESIRABLE SECURITIES.
We gladly make room for the following letter discussing the effects of the high French taxes on the introduction of foreign securities.
N. W. HALSEY & COMPANY
Geneve, April 3 1914.
The Editor, The Commercial & Financial Chronicle, New York:
Dear Sir: I have read with a great deal of interest your
news articles and also your editorials in your edition of
March 21st, in reference to the killing of Monsieur Gaston
Calmette, Editor of the Paris "Figaro," by Madame Caillaux, and especially to the political and social situation
which was the underlying cause.
Since your articles were written, we have had the Lucerne
letter of the mysterious Monsieur X., said to be the absconding financier Rochette himself. The astonishing statement in this letter is that M. Rochette was allowed to escape
from France, and his trial was postponed through the good
offices of Monsieur Caillaux, in order to bring about the
suppression of a book which was then said to be in press,
and which had been prepared by M. Rochette, showing that
in a period from 1890 to 1910 French investors had lost approximately $2,000,000,000 in securities which had been
brought into the French market. The book was further said
to have contained a list of all of these securities so introduced, with the introduction prices, the present markets, if
any, and the names of the introducing banks or firms. The
suppressed book was also said to contain the statement that
during the same period the securities which had been introduced by English and German bankers in their markets
had increased in value the equivalent of $3,300,000,000.
While, of course, the figures come to us only indirectly,
and while any verification is practically impossible without
great work, at the same time, as one who is comparatively
familiar with the various markets in question, it is my own
belief that there is more truth than fiction in these rumors.
This letter is written to you to draw your attention to
the economic unsoundness of the "droit de timbre," or right
of listing, which exists in practically all European countries,
but most heavily in France.
While I have no doubt that the insidious system of subsidizing the public newspapers, the maintenance of private
newspapers for the special purpose of aiding the publishers'
promotions, and the demoralizing system of the demarcheur
-or, so to speak, traveling booster-whose enthusiasm is
entirely graduated to the size of his commission, may have
played a large part in the introduction of bad securities to
France, it is none the less my opinion that the "droit de
timbre," or right of entrance and issuance, serves as an efficient barrier to keep out of France many of the investments
which would naturally be well received there, and which are
recognized the world over as safe and conservative.
As a matter of fact, the cost of a public issuance in France
with the commissions now varies from 6 to 10%. Except
under most extraordinary conditions, which, by the way,
have not existed for may years, there is not a sufficient
arbitrage in the value of money between England, Holland,
Germany and the United States on the one hand, and France
on the other, to admit of many of the investments which are
taken in the former markets being introduced in the latter,
except at a price exceeding the price of issuance in the markets
first named. The result, to my mind, is that France either
receives an inferior grade of securities, or else her investors,
in getting good investments,receive them at a higher price.
In either case it is the country which pays in the end.
My interests are especially in American securities. In
going through the stock exchange lists of the Bourse at
Paris, we find issues of the Chicago Milwaukee & St. Paul,
Am. 18 1914.1
THE CHRONICLE
1205
the Cleveland Cincinnati Chicago & St. Louis, the New York
In addressing the Senate on Monday on the financial conNew Haven & Hartford, the Central Pacific,and one or two dition of the railways
of the United States, and the results
other issues which are entitled to credit. These bonds all of Governmental
regulation,Senator CumminsofIowa charged
came to Paris in a period when money in France was approxi- that "there is in
progress the most comprehensive, energetic
mately 23/2%, and at the same time in America about 6%. and persistent
campaign I have ever witnessed to make the peoIn other words, owing to money conditions at the time these ple believe that the
effort of the Government to regulate railvarious issues were made, a sufficient difference in condi- ways, railway
rates and railway practices has resulted in distions existed.
•
mal, disastrous failure." While admitting that the railroads
On the other hand, there appear at regulatlintervals on are now experienc
ing
the Paris market—and I may also say disappear at equally argued that in this "a somewhat severe depression," he
partial suspension of activity which has
regular intervals—quotations of certain American securi- been witnessed
since last October, "the railroads suffer just
ties of which we never hear in America. In other words, as all other industrie
s suffer, and we must bear with patience
they are values of such decided inferiority that they can well the misfortune that
has fallen upon the whole country."
afford to Pay 10%, or in fact to pay any amount, to find a In part his remarks
were as follows:
market.
This campaign would make the people believe that
the Governmen
its
It is regrettable, but none the less quite easy to under- endeavor to protect the people has impoverished the transportationt in
companies; that it has driven them to the very verge
of
stand, that the average French investor does not know much that it has destroyed their
bankruptcy and ruin; .
credit and rendered them incapable of performabout conditions in other countries, since the nation is ing the service which commerce demands;
that it has outlawed them from
itself a self-contained unit,and ordinarily prudent and care- the confidence of capital and exiled them from the field of the investor.
I do not inquire
the campaign is being carried on to affect the
ful; but it is yet more to be regretted that under the paternal commission, for we whether
all feel that it cannot be swerved hairsbreadt
h from
protection of the French Treasury, unscrupulous bankers are its path of duty, but I do assert that the movers in this acampaign
are trying
to do an infinitely more objectionable thing.
They
are
not lacking in the French market to put forward these un- and mislead the judgment
trying to pervert ,
of the people. There
saleable and in many cases imaginative securities.
ceaseless and senseless clamor that the people ought to bean end of the
through their Government
During the last ten years I have known many French are intent upon inflicting an injury upon an instrumentality vital to their
welfare.
bankers of the better class and have had occasion to talk own
It is beyond doubt that the railroads are now
experiencing a somewhat
witlA them very often. While the great bankers of France severe depression. The volume of traffic
is greatly diminished compared
represent to my mind the height of conservatism and of good with one, two or three years ago. The dropession began about the
first of
October last and has grown with each month since that
financial judgment, there is another class of bankers in say
time. It suffices to
that for some reason people are not buying as much as
they
did;
manFrance who are inclined to ask first, How much is the profit? ufacturers are not producing as much as they did, and
consequently there
second, to consider whether the conditions are favorable for is not much to haul from one part of the country to another. There
is
probably more railroad equipment now idle because it cannot be
put to
a sale, and third, What is the security?
use than was ever idle before. I hope, and I may add, that it is my belief,
I am inclined to believe that what the Rochette letter that these distressing conditions will be temporary, and that speedily busicharges is more or less true, and I believe also that the whole ness will resume its normal conditions.
In this partial suspension of activity, the railroads suffer just as all
situation can lead to only two conclusions, one of which is that industries
other
suffer, and we must bear with patience the misfortune that has
the placing of an initial tax of a prohibitive size on the in- fallen upon the whole country. It cannot,
however, be claimed that railtroduction of securities serves only to dam out the best, road rates must shift with these passing fluctuations in trade,for that would
be the equivalent of insisting that, while the farmer and manufacturer
and
and second, that Government interference in financial mat- the
merchant must have their lean years and their fat years, the
railroads
ters brings about an artificial condition and ultimate loss. must be guaranteed that the capital which they
have employed shall at all
I further believe that such interference is, as a rule, incapable times receive the maximum award.
Referring
to
the
revenues
of
the
railroads
, Senator Cumand sometimes dishonest.
It is interesting to note that since your publication of mins presented a table in which ho sought to show that the
March 21st the new taxes have come into existence in France, net revenues of all the railroads of the United States reached
14,331,842 in 1913, as compared with $328,576,192 in
whereby the right to quotation has been brought to an average of 3% and the actual tax on the coupon afterwards to 1890, a net Increase of 147.80% thus occurring during the
5%. This action has brought about a feeling of nervousness interval. He declared that after deducting fixed charges of
as to the future, and a practical stoppage of business on the $394,000,000 from the net revenue for 1913, there remained
a balance of 8420,000,000 applibable for dividends, equivaParis Exchange, with declines on nearly all securities.
I may also add that the effect of the heavy taxation is to lent to 7% upon the capital of all the railway companies.
drive money out of France into England, Belgium and "I present these facts," he added,"for no other purpose than
Switzerland for investment, a condition which must in the to show the composite public judgment respecting a fair reend be of economic harm to the French nation. It is, of turn upon investments in railway properties, and to give us
course, hard enough to pay the increased tax on the coupons, a basis for further inquiry into the amount of net revenue
which is perhaps a just tax. It is, however, harder in the necessary in order to maintain the financial credit of the railend on the nation to be taxed as to the quality of their road companies."
In answer to the remarks of Senator Cummins, and those
investments.
Yours very truly,
of Senator Thomas of Colorado, who on Monday criticized
WILLIAM FOLEY.
the curtailments recently made by the roads, Ivy L. Lee of
the Pennsylvania RR., in addressing the Wilmington (Del.)
THE HEARINGS ON THE APPLICATION OF THE
Chamber of Commerce, on Tuesday said:
EASTERN ROADS FOR HIGHER RATES.
I wonder if you would have invited me to be here to-day had you
Confirming the announcement made last week, Chairman
known
of tho testimony
Senator Cummins before the Senate yesterday afterHarlan Of the Inter-State Commerce Commission gave out noon? It hardly of
seems fair that a speech of this kind should be made in
a statement on Monday last in which he indicates that argu- Congress. It is quite a fair speech to make,assuming that we also have a
ments on certain phases of the application of the Eastern chance to talk, but we had not. We have tried to bring to public attention
every salient fact we have presented to the Inter-State Commerce
Comroads for higher freight rates will be heard on April 27. mission. I think
public opinion is largely in favor of increased freight
These arguments will deal with two fundamental questions, rates.
It was charged by Senator Thomas of Colorado yesterday that
viz.:
the action
of
Do the present rates of transportation yield adequate revenues
to common carriers by railroads operating in official classification territory?
If not, what general course may carriers pursue to meet the situation?
It is understood that the second of the above questions
will not be given consideration until after the first has been
satisfactorily disposed of. In the statement of last Monday,
Commissioner Harlan says:
Pursuant to the announcement heretofore made, the Inter-S
tate Commission will hear arguments in these cases on April
27 1914, by which time
also all briefs touching the issues involved must be filed.
The argument will
embrace all the questions presented on the record. That
part of the record that deals with the financial condition and requirements of
the
and with the rate schedules under suspension in the proceeding carriers
is now
closed, except as to such exhibits as have been requested
of record, and except as to the replies from the carriers to the questions
touching their financial condition and requirements submitted by the
Commission in its
circular letter of December 20 1913.
It will be understood, however, that the record will not
be closed as to the
related matters involved in the inquiry instituted by the
Commission, until the replies of the carriers on those questions submitted
by the Commission
In its circular letters of Dec. 20 1913 and Feb. 26
1914 have been filed,
the investigations by the Commission in connection therewith
now approaching completion have been placed on record, and until the
hearings now in
contemplation upon these last mentioned matters have been
had.
some of the railroads in discharging men was predicated upon a
desire
deceive the Inter-State Commerce commission into thinking that there to
had
been an actual curtailment of their business. The facts are that the Pennsylvania Railroad for the month of February 1914 did almost exactly
the
same gross business it did in the same month of 1910. Its gross
earnings
were $2,000,000 loss than for February 1913. Is it conceivable that
a company which has for nearly 70 years prided itself upon its fair treatment
of
Its men should play fast and loose with the daily bread of the families
of
40,000 of its employees in order to effect the judgment of any tribunal?
The fact is that the railroads held off in a drastic reduction of their
forces
until the very last moment, hoping against hope that there would be
same
improvement in conditions which would render further retrenchme
nt unnecessary.
The railroads are not protesting against regulation by
commission.
Such regulation by commission, if efficient, prompt and impartial,
is helpful and in the interest both of the railroads and of the public.
What is
grinding the railroads down, however, is the fact that different
tribunals
settle questions of wages and rates; that States impose burdens
which the
railroads are unable to pay off through increased rates; that arbitrary
legislation such as two-cent fare laws have cut down revenues without
reference
to cost of service. What is needed more than anything else to improve
the
railroad conditions is the restoration of confidence in the good
intentions
of earnest men; a recognition of the fact that no more can be taken
out
of
tho railroad treasuries than is already there, and that it is quite
the interest of the people as it is of the railroad companies as much in
themselves
that the railraods should be able to command the capital with which
to
vide the facilities to take care of the growing business of the country. pro^
1206
THE CHRONICLE
[VOL. xcvm.
represented that it would do violence to them to be connected with a city to
the west, and claimed that their relations were mainly with Atlanta or cities
to the northeast. Of 44 banks in Florida 19 gave Atlanta as their first choice,
19 as their second choice and five as their third choice. Only five expressed
a first preference for New Orleans, and these were in the western corner;
four a second choice and 3 a third choice. No bank in Tennessee expressed
a first or second choice for New Orleans and only two a third choice, while
seven expressed a first choice for Atlanta. 14 a second choice and 13 a third
choice.
Generally speaking, the only banks which desired to be connected with
New Orleans and expressed a first preference for her were 25 of the 26 banks
reporting in Louisiana and 19 of the 32 in Mississippi. On a poll made
from the Comptroller's office of all banks expressing their preference as to
the location for a Federal reserve city, 124 expressed a first preference for
Atlanta, 232 for Dallas and only 52 for New Orleans. The views of the
bankers were supported by Chambers of Commerce, other business organizations and by many business men.
It will thus be seen that if the committee was to give weight to the views
of business men and bankers in the section of the country affected, to consider the opposition of the States of Texas, Alabama, Georgia, Florida and
Tennessee, and to be guided by economic considerations, It could not have
designated New Orleans as the location for a reserve bank to serve either
the western or the eastern part of the district that city asked for. The
course of business is not from the Atlantic seaboard toward New Orleans,
nor largely from the State of Texas to that city, and if Dallas and Atlanta
had been related to New Orleans, a better grounded complaint could and
would have been lodged by them against the committee's decision than that
made by New Orleans.
Some of the banking statistics which the committee had to consider throw
could
light on the problem. It should be borne in mind that the committee
banks. In
consider primarily only the statistics with reference to assenting
the
this section of the country, as in most others, the assenting banks were
and
national banks. In March, 1914. the capital stock and surplus, loans
cities
three
discounts and individual deposits of the national banks in the
named as shown by the sworn reports to the Comptroller of the Currency,
were as follows:
Loans and Individual
Capital and
deposits.
discounts.
surplus,
$8,600,000 $26,038,000 $24,348,000
Atlanta
5,900,000 18,622,000 18,551,000
Dallas
6,730,000 17,285,000 16,857,000
New Orleans
Even more significant are the statistics of growth from September 1904
to March 1914.
Capital and Surplus.
Mar. 1914.Per cent Increase.
Sept. 1904.
256
$2,410,000
$8,600,000
Atlanta
country
the
of
dividing
the
duty
120
committee
the
on
5,900,000
2,676,000
imposed
Congress
Dallas
location of New Orleans
8
6,730.000
6,250,000
into not less than eight not more than twelve districts and the
chosen.
be
to
Loans and Discounts.
a Federal reserve bank in each. Thirty seven cities asked
twenty-five
Necessarily
Increase.
twelve.
only
1914.
Mar.
most
Percent
at
select
Sept. 1904.
The committee could
152
$26,038,000
$10,329,000
cities had to be disappointed.
Atlanta
143
18,622,000
7,653,000
Following its policy declared at the very outset ,the committee refused Dallas
13
individuals
Decrease
or
17,285,000
cities
of
20,088,000
New Orleans
to be influenced by the purely local and selfish claims
exhaustive
after
Deposits.
Congress,
it
by
upon
imposed
Individual
duty
and discharged the
Mar. 1914. Percent Increase.
Sept. 1904.
Investigation and study of the entire country, with unbiased minds and ac145
y
$23,348,000
$9,931,000
cording to its best judgment. With so many conflicting,claims.somebod
Atlanta
159
the
gave
and
court
a
18,551,000
committee
the
7,157,000
had to judge. Congress constituted
Dallas
Decrease 13
16,857,000
19,425,000
Federal Reserve Board the power of review. Disappointed competitors New Orleans
time
the
prescribes.
at
should seek a remedy through the orderly processes the law
The loans and discounts in the national banks of New Orleans
banks of
Considerable comment has been occasioned by the failure of the com- of the report, March 4 1914, were less than those of the national
as
Orleans
New
with
Orleans,
New
by
suggested
mittee to create districts
either Atlanta or Dallas.
than
as
While the Committee could not figure on the resources of other
the location for a reserve bank; by Baltimore, with Baltimore the location
for a reserve bank; by Omaha, with Omaha as the location for a reserve assenting banks which are in this section, the national banks, the following
and
for
bank.
a
location
banks
the
reserve
as
State
Denver
bank, and by Denver, with
statistics of all reporting banks, including national banks,
was trust companies, as of June 4 1913, were rgarded as significant and were
The committee realized that the division of the country into districts
cities, given consideration:
far more important and complex than the designation of the reserve
and that the latter duty was subsidiary and relatively simple, waiving conAtlanta reported capital stock and surplus, $15,313,000, or $98 per
con- capita; Dallas, $9,997,000, or $108 per capita; and New Orleans, $20,the
In
the
districts
prestige.
arranging
or
pride
siderations of local
sideration of the character and growth of industry, trade and banking, no 532,000, or $60 per capita; individual deposits, per capita: Atlanta, $183.
less than the traditions, habits and common understandings of the people, Dallas, $269; New Orleans, $209.
The loans and discounts for all reporting banks for the three cities were
was much more intimately involved.
It became clear, in the hearings, that comparatively few people realized, as follows: Atlanta, $33,494,000. or $216 per capita; Dallas, $27,517,000
or seemed to realize, what the Act was intended to accomplish; what the or $299 por capita; New Orleans, $64,845,000, or $194 per capita.
The committee found that the total loans and discounts made by
nature and functions of the reserve banks were to be; and how little change
States
would occur in the ordinary financial relations of the communities, the national banks in the cities named in the thirteen Southern $19,Dallas,
on January 13, 1914, were as follows: Atlanta, $26,117,000;
business establishments and the individual banks.
by
made
loans
Critics of the decision of the committee reveal misunderstandings in these 123,000, and New Orleans, $19,477,000. While the total
United States on the
directions and either do not know, or appear not to know, that the Federal the national banks of Dallas throughout the entire
national banks of New
reserve banks are bankers' banks and not ordinary commercial banks; that date mentioned exceeded the loans made by the
they are to hold the reserves and to clear the checks of member banks, make Orleans.
of the Currency also
Comptroller
Special reports made under oath to the
re-discounts for them and engage in certain open-market operations. As a
the banks and trust
matter of fact, the ordinary everyday banking relations of the community, show that on February 14, 1914,the credit balances of
national banks of Dallas
of business men and of banks will not be greatly modified or altered. The companies in the thirteen Southern States with the
trust companies in
and
Purpose of the system is to remove artificiality,lpromote normal relations exceeded in amount the credit balances of all banks
Orleans.
and create better conditions under which everybody will transact business. these same States with the national banks of New
in connecIn view of the comparisons and criticisms from Now Orleans
Every city can continue to do business withlindividuals,firms or corporaand the omission
tions, within its own limits, or in its own region, or in any other part of the tion with the designation of Dallas, Atlanta and Richmond
is
table
instructive:
following
of New Orleans and Baltimore, the
Union or the world in which it has heretofore done business.
Reserves are to be held in a new way and in new places, so far as this Act National Bank Statistics for States of Texas, Virginia, Maryland, Georgia,
will
no
generally
be
confined
more
business
and
but
banking
them,
controls
Louisiana and Mississippi as of March 4 1914, according to sworn
within districts than heretofore, and it is simply misleading for any city
Reports Made to the Comptroller of the Currency.
afwill
be
Area, Pop. Cen.
city
injuriously
or individual to represent that the future of a
sq. miles.
Federal
reserve
Every
bank.
1910
a
secure
to
its
failure
of
fected by reason
265,780 3,896,542
city which has the foundation for prosperity and progress will continue to State of Texas, including Dallas
42,450 2,061,612
grow and expand, whether it has such a reserve bank or not, and well in- Virginia, including Richmond
12,210 1,295,346
formed bankers especially are aware of this.
Maryland, including Baltimore
its
will
throw
on
light
consider
to
had
59,475 2,609,121
the
committee
which
The facts
Georgia, including Atlanta
48,720
1,656,388
decision in reference to these cities.
Orleans
New
Louisiana, including
46,810 1,797,114
Mississippi
NEW ORLEANS CLAIMS.
and
Capital
Individual Loans and
New Orleans selected a district extending from New Mexico to the Atlandiscounts.
surplus.
deposits..
tic Ocean,including all of Texas, Louisiana, Mississippi, Alabama,Florida.
$76,785,584 $197,663,338 $215,114,326
State of Texas, inc. Dallas
Georgia and that part of Tennessee south of the Tennessee River.
107,410,063
90,887,858
It was represented by Texas that it would do great violence to her trade Virginia, including Richmond_ _ _ _ 29,732,696
91,326,942
28,267,420 83,217,376
to connect her with New Orleans. It was claimed, and evidence was sub- Maryland, including Baltimore_ _ _
61,852,579
51,382,061
24,479,735
Atlanta
with
or
her
including
was
own cities
Georgia,
mitted in support of the claim that her trade
34,804,354
32,000,521
12,128,866
with Kansas City and St. Louis. In a poll of the banks of Texas, made by Louisiana, incl. New Orleans
13,669,200
17,045,324
5,168,192
the Comptroller of the Currency, 212 banks expressed a first choice, 121 Mississippi
capital
item,
and
each
in
that
seen
be
will
From the above statement it
a second choice and 30 a third choice for Dallas. No bank in Texas exthe national banks of
pressed a first choice for New Orleans, with only four a second choice and surplus, individual deposits, and loans and discounts,
banks
of Marylargely surpass the national
44 a third choice. The whole State protested against being related to Virginia, including Richmond,
land, including Baltimore.
New Orleans.
of
the
State
Virginia
of
banks
national
the
of
and
surplus
The capital
The banks of Alabama generally desired to be connected either with
of the national banks of
Birmingham or Atlanta,only three expressing a first choice for New Orleans. are 60 per cent greater than the capital and surplus
cityjof
the
combined, including
The banks of Georgia desired to be connected with Atlanta, none expressing the States of Louisiana and Mississippi
discounts by the national banks of Vira first or second choice for New Orleans and only 12 a third choice. They New Orleans, while the loans and
THE NEW FEDERAL RESERVE DISTRICTS.
An answer to the complaints entered against the failure
of the Federal Reserve Bank Organization Committee to
name New Orleans, Baltimore, Omaha and Denver as Federal reserve centers has been made by the Committee in a
detailed statement issued on the 10th inst., in which some
of the factors serving to influence the Committee in its conclusions are presented. In its explanatory statement the
Committee states that it "refused to be influenced by the
purely local and selfish claims of cities or individuals, and
discharged the duty imposed upon it by Congress, after exhaustive investigation and study of the entire country with
unbiased minds, and according to its best judgment." It
is pointed out that "Congress constituted the Committee a
Court and gave the Federal Reserve Board the power to
review", and it is indicated that cities whose expectations
have been disappointed can "seek a remedy through the
orderly processes the law prescribes". Critics of the decision
of the Committee, says the statement, reveal misunderstandings and "do not know or appear not to know that the
Federal reserve banks are bankers' banks and not ordinary
commercial banks; that they are to hold the reserves and to
clear the checks of member banks, make re-discounts for them
and engage in certain open-market operations. As a matter
of fact, the ordinary every-day banking relations of the
community, of business men,and of banks will not be greatly
modified or altered. * * Banking and business generally will
no more be confined within districts than heretofore and it
is simply misleading for any city or individual to represent
that the future of a city will be injuriously affected by reason
of its failure to secure a Federal reserve bank". We give
below the statement in full as issued by the Committee.
APR. 18 19141
THE CHRONICLE
1207
ginia are more than three times as great as the loans and discounts
in the received general approval. Conditions relating
national banks of Louisiana including New Orleans.
to the Kansas City, Dallas
and Atlanta districts have been dealt with.
While the capital and surplus of the national banks of Georgia largely
exFor the territory from eastern Georgia to the
ceed the combined capital and surplus of the national
Pennsylva
nia line the combanks of the States mittee, after fully considering all the
facts, decided to create a district
of both Mississippi and Louisiana, the loans and discounts
made by the with the Federal reserve bank at Richmond.
national banks of Georgia exceed by $13,000,000 the
South Carolina and North
loans and discounts of Carolina had protested against being
connected with a bank to the south
all the national banks of Louisiana and Mississippi
combined,including the or west. They said that their course
of trade was northeast.
city of New Orleans.
It seemed undesirable to place a bank in the extreme
The capital and surplus of the national banks of
northeastern corner
Texas amount to four or at Baltimore, not only because
of its proximity to Philadelphia but
times as much as the capital and surplus of the national
banks of the States also because the industrial and banking relations
of Louisiana and Mississippi combined, and the individual
of the greater part of the
deposits in the district were more intimate with Richmond
national banks of Texas also amount to about four
than with either Washington or
times as much as the Baltimore. The States of Maryland
, Virginia, West Virginia, North and
individual deposits of all national banks in Louisiana
and Mississippi, the South Carolina and the District of Columbia
only States from which New Orleans received
had to be considered. North
as much as half a dozen votes Carolina, South Carolina and Virginia
as first choice for the location for a Federal reserve
preferred to be connected with Richbank.
mond; West Virginia was divided in its
preferences; Maryland and the
KANSAS CITY DISTRICT.
District of Columbia, of course, desired
Baltimore or Washington.
The region in the Middle and Far West presented
In the poll of banks made directly by the
problems of difficulty.
Comptroller's office, Richmond
Careful consideration was given to the claims
of Omaha, Lincoln, Denver received more first choice ballots than any other city in the
district-167.
and Kansas City, which conflicted in this
region. Denver asked for a against 128 for Baltimore, 35for Pittsburgh,28 for Columbia
, S. C., 37 for
district which included Idaho, Montana, Utah, Wyoming, Colorado,
New Cincinnati and 25for Washington,D.C. Of the remaining 21
votes, 19 were
Mexico and the eastern two-thirds of Arizona and Texas, Kansas
and Ne- for Charlotte,N.C.,and 2for New York. Leaving out
the States of Marybraska west of the 100th meridian, and the deadwood portion
of South land and Virginia, Richmond received from the rest
of the district three
Dakota. The district gave approximately the minimum capital provided times as many first
choice votes as were cast for Baltimore
.
by law. Of the territory included in this district Montana unanimously
District number five is composed of
the States of Maryland, Virginia,
requested to be connected with Minneapolis or Chicago, saying that she West Virginia (except
four counties), North and South Carolina,
and the
had little or no trade relations with Denver. Idaho desired to go to Port- District of Columbia.
These States have always been closely
bound toland or San Francisco; Arizona preferred San Francisco, and the greater gether, commercially
and financially, and their business dealings
are large
part of New Mexico asked for Kansas City. Western Texas, Kansas and and intimate. The reports
made to
Nebraska unanimously protested against going to Denver. Kansas de- March 4, 1914. by all the national the Comptroller of the Currency on
banks in each of these States show in
sired Kansas City; Nebraska preferred Omaha or Lincoln and Texas wanted every essential respect that the
business of the national banks of Virginia,
either a Texas city or Kansas City or St. Louis.
Including Richmond, is greater than the
business of the national banks of
In the poll of banks Denver received 136 first choice votes, of which 112 Maryland,including Baltimore, or
any other of the five States embraced
in
were from Colorado and 12 from Wyoming. With Montana, Idaho, district number five, as appears in
the following table:
Arizona, Texas, Kansas and Nebraska in opposition, it was clearly imposCapital,
sible to make a district with Denver as the location of a bank. Part of
surplus and
the territory asked to be assigned to San Francisco and the other part to
Loans
Total
undivided
Minneapolis or Kansas City.
and
individual
profits,
Omaha asked for a district embracing western Iowa, all
discounts.
deposits.
of Nebraska, Virginia
$33,544,631 $107,410,063 $90,887,858
part of South Dakota, part of Kansas, Colorado, Utah, Wyoming
, Idaho Maryland
31,390,057
and Montana. All but eight of the banks in South Dakota insisted
91,326,942 83.217,376
upon West Virginia
18,209,346
being connected with Minneapolis; Iowa desired to go to Chicago;
56.789,538 61,421,332
Kansas
North
Carolina
practically unaminously voted for Kansas City; Montana
13,527,086
44.051,03
3 36,051,154
protested against South Carolina
10,332.439
any other connection than Minneapolis or Chicago. The preference
28,860,456 23,330,916
s of District of Columbia
other
States
have
12,685,411
the
already been indicated.
26,253,432 29,520.053
Advocates of New Orleans have criticised the decision of
Of the 218 banks which expressed a first preference
the Organizafor Omaha 181 were
tion Committee and have given out comparative figures as
from Nebraska. The committee had to consider
to New Orleans.
the State of Oklahoma
Richmond and other cities which are incorrect and misleadin
and part of Missouri in connection with this region,
g. An analysis
and in District No. 10
and study of the actual figures will be found instructiv
497 banks expressed a first preference for Kansas City. Western
e and can lend no
Missouri, support
Oklahoma and Kansas and part of New Mexico
to the claims of New Orleans.
expecially asked for this
From the sworn special reports recently submitted to the
connection. Thirty-seven banks in Colorado gave
Comptroller
Kansas City as second
of the Currency, it appears that the national banks in
choice and 26 gave Omaha.
Richmond were
lending in the thirteen Southern States on January
It seemed impossible to serve the great section from
13 1914 more money
Kansas City to the
than was being loaned in those States by the national banks
mountains in any other way than by creating a district with Kansas
of any other
City city in the
country except New York. The total loans and discounts
as the headquarters, or to provide for the Northwestern section except
in
by the thirteen Southern
States by the four cities referred to are as follows:
creating a district with Minneapolis as headquarters. The only other
Richmond. $33,473,000; Baltimore, $6.891,000; New
thing that could have been done with Nebraska, under the conditions
Orleans, $19,477,000;
which Washington,
$915,000.
presented themselves was to relate her to Chicago, and this
seamed
The figures also show that in these portions of District
to be inadvisable in the circumstances. The Kansas City banks
No. 5, outside
serve of the States of
Virginia and Maryland, the Richmond national banks
a very distinctive territory, and will serve it more satisfactorily
are
than
St. Louis could have done. The relations of that territory on the whole lending twice as much money as all the national banks in Baltimore and
Washington tombined. They also show that, although
are much more largely with Kansas City than with any other city in
Richmond
is not
the a reserve city, the
Middle West with which it could have been connected. It will,
banks and trust companies in the thirteen Southern
of course, States had on
deposit in the national banks of Richmond on
be recognized, by those who are informed, that of the four cities
February 14
Kansas 1914 59,876,00
0, or slightly more than the banks of this section
City is the most dominant banking and business center.
had on
deposit in the city of Baltimore, and four times as much
The following statistics as of March, 1014, will
as they carried in
throw light on the situaWashington, although these two cities have long
tion:
enjoyed the benefits of
Capital and Loans and
Individual being reserve cities. That Southern banks should carry larger balances in
Richmond, where they could not be counted in their
surplus.
discounts.
deposits.
reserves, rather than
Kansas City
$11,660,000 $66,205,000 $40,415,000 in Baltimore or Washington, where they could be counted is
suggestive.
Omaha
The figures show that the capital and surplus of all reporting
6,570,000 32,848,000 27,258,000
banks—
Denver
7,545,000 28,022,000 34,124,000 national, State and savings and trust companies—per capita in Richmond
Lincoln
as of June 4 1913 was $131; in Baltimore, $85; in Washingt
1,330,000
6,066,000
4,439,000
on.S88,and
The statistics of growth during the nine years from
September 1904 to in New Orleans, $60, while the loans and discounts made by all banks and
March 1914 are significant:
trust companies in Richmond on the same date,amounted to $393
per capita,
against $190 in Washington, $213 in Baltimore and $194 in New
Capital and Surplus.
Orleans.
The amount of money which banks and trust companies in the
various
September,
March,
P.C. parts of the country carried on deposit with
Richmond—a non-reserve city
1904.
1014.
Inc. —on February 14 1914 amounted
$10,970,0
to
00,
Kansas City
nearly
or
twice as much
$3,900,000 611,660,000
199 as the balances carried by outside banks
with the national banks Of WashOmaha
3,880,000
6,570,000
69 ington, which on the same day amounted
Denver
$5,516,00
to
and
0,
one and a
3,325,000
7,545,000
127 half times as much as they carried
Lincoln
on the same day with the national banks
768,000
1,330,000
73 of New Orleans, a reserve city.
Loans and Discounts.
The statistics furnished the Organization Committee show that
on March
Kansas City
$35,508,000 $66,205,000
86 4 1914 the capital and surplus of the national banks of Richmond per
Omaha
16,218,000 32,848,000
capita amounted to more than twice as much as the capital
102
and surplus
Denver
14,146,000 28,022,000
98 per capita of the national banks of either Baltimore or Washington and
Lincoln
3,820,000
6,066,000
58 three and a half times as much as New Orleans, while the individual deposits of the national banks of Richmond amounted to
Individual Deposits.
$201 per capita.
against $86 for Washington and $76 for Baltimore and $50 for
Kansas City
$30,730,000 $40,415,000
New Orleans.
31
The loans and discounts in the national banks of Richmond on
Omaha
15,728,000 27,258,000
the same
73 date were reported at
Denver
$279 per capita, against $77 for Washington and $108
27,798,000 34,124,000
22
Baltimore and $51 for New Orleans.
for
Lincoln
3,283,000
4,439,000
35
Especially significant are the following statistics showing the
The loans and discounts of all reporting banks and trust
growth in
companies in capital
and surplus, loans and discounts and individual deposits of
Kansas City on June 4 1913 amounted to $91,688,000,
national
exceeding by banks in the three
about $7,000,000 the total loans and discounts of all banks and
cities named:
trust
companies in the cities of Omaha, Denver and Lincoln combined
.
Capital and Surplus.
The loans and discounts of the national banks alone in
Kansas City also
September,
exceeded the sum total of the loans and discounts of
larch,
P.C.
all national banks in
the cities of Omaha and Denver combined.
1904.
1914.
Inc
Richmond
The great preponderance in the movement of trade
53.115,000 $9,314.392
199
in district No. 10 Washington
is to the East. In order to place the Federal reserve
6,215.000 11,365,000
83
bank for that region Baltimore
18,262.000 19,205,000
in Denver it would have been necessary to disregard
5
these facts and the New Orleans
opposition and the earnest protests of banks—bo
6,250,000
6.730.000
8
th national and State-throughout the district.
Loans and Discounts.
Richmond
$12,946,000 $35,593,000
THE RICHMOND DISTRICT.
175
Washington
15.018.000 25.405,000
The committee named as cities for the location of Federal
69
reserve banks Baltimore
48,755,00
New York, Chicago, Philadelphia, St. Louis, Boston
0 60,312.000
23
and
20.088.000 17.285,000
In population these are the six largest cities in the United Cleveland. New Orleans
*13
States; their
geographical situation and all other considerations fully justified
Individua
l
Deposits.
their se'action.
Richmond
511.257.000 525.705,000
128
San Francisco and Minneapolis were the first choice of the
20,017.000 28,491,000
great majority Washington
42
of the national banks in their respective sections, and
Baltimore
40,910,000 42.553.000
their financial, in4
dustrial and commercial relations and other factors
New
Orleans
19,425.000 16,857.000
entitled them to be
*13
chosen. Their selection appears to have evoked no
criticism,but to have
* Decrease.
1208
THE CHRONICLE
In other words, the figures show that the national banks of Richmond
were lending ou March 4, 1914, twice as much money as all the national
banks in the city of New Orleans and 40 per cent more than all the national
banks of Washington.
In the original decision of the committee the various economic and other
factors which entered into and determined the committee's action were
enumerated and need not be repeated here. This statement is made for
the purpose of disclosing some of the details which influenced the corn.mittee's findings.
xcvnt.
They tell us that Baltimore was ineligible because too close to Philadelphia, but Philadelphia was not too close to New York, and that Baltimore
was on the edge of the district, an objection which did not apply to New
York, Philadelphia, Kansas City or San Francisco. Furthermore, they
state that Richmond banks have loaned $33,000,000 to the South as against
$6,000,000 loaned by Baltimore banks in the same region. The Baltimore
figures are those of the national banks alone, and do not include loans in
Baltimore and the State of Maryland, whereas the total loans of all the national banks in Richmond is only $35,000,000,so they plainly included their
local business loans and probably included State banks and trust companies.
They are curiously silent about the hundreds of millions of dollars of loans
in the shape of credits extended by Baltimore merchants, regarding which
they questioned us so closely.
An important mass meeting of the citizens of Baltimore was
held last Wednesday night, when a vigorous protest was enThe principal address made at the meeting was delivered
tered against the action of the Reserve Bank Organization
Omer F. Herschey, an attorney, who represented the
by
Committee in iailing to locate a reserve bank in Baltimore,
interests of the city. In part he said:
and making that city subsidiary to Richmond by placing it business
The Organization Committee has included Maryland, one-half of West
in the district of which Richmond is the centre. Resolutions Virginia, the District of Columbia and North and South Carolina in one
is a small, though well conceived
petitioning the Organization Board to reopen that part of district, known as Region No. 5. This
division. Its business and banking habits and traditions, and the normal
its proceedings in which its judgment was given against customary
lines of its trade and commerce are well defined and co-ordinated
Baltimore were adopted, and the committee which called and all move northward along certain obvious lines of least resistance.
With
region
the
itself Baltimore finds no fault.
the meeting of protest was continued, with instructions to
Having defined the region, the Committee's next duty was to locate the
do everything in its power to give effect to the resolutions. bank.
In their official apology they say this was "a purely subsidiary and
• •
These resolutions are 'as follows:
relatively simple" matter. Let me show you how simple It was in Region
Whereas, The banking and othotybuSinesS interests of the'City of Balamore,having learned with great surprise and profound regret that the board
charged with the duty,' under the provisions of the Federal Atoserve Act,
of dividing the country int(*) reserve distriCts and designating in each district a city to bb the seat of a'Federal reserve bank, has thought it.proper
Co deny such designation to the City of Baltimore, by far the most important banking, commercial and manufacturing centre in District No. 5 as
outlined, and has so designated the City of Richmond, Va., a city of onofifth of its importance both in population and commercial supremacy.
Therefore.Be it Resolved, That On behalf of the City of Baltimore and its
manifold and great business activities, this mass meeting hereby registers
this, its formal protest, against the injustice and wrong done by the Federal
Organization.Board in,those premises., and respectfully petitions the board
to reopen that part of its proceedings.in which judgment was given against
Baltimore for further hearings and action, and for the following reasons:
1. That the decision aciverso to the claims of Baltimore was not warranted
•
by the evidence prosented.in the case.
2. That as evidenced by official announcement in the premises,the pOintS
upon which sthe Organization,Board relied in giving its judgment were of
relatively minor, if not of trivial, importance,
• •
3. That. controlling. stress was.laid. upon banking statistics: when the
figures employed were largely those of national banks only, and not those
of banking as a whole.
4. That apparently no importance,,whatever was .attached to figures
referring to ,trado..and commerce, and its movement, either in volume of
value,although the law plainly suggests, if it does not explicitly direct, that •
the board shouldhave.given•first consideration to such movement of.trade
•• .
and commer,ce and the consequent flow of exchange.
5. That it violates a prime rule of business to force any city of greatly
superior size and importance to clear its business through a much smaller
community,and especially so when the general trend of commerce and business from essentially all parts of District No. 5 Is to the northeast and to
its largest business.centre at.a seaport..
•
•
••
6. Aga for,ntany other reasons which can.be urged.
Resolved,,That. falling ,to.obtain such re-hearing at the hands of the OrFederal
Reserve
Board upon
the
to
made
be
ganization Doard, that appeal
its appointment as provided,in.the Act.
Resolved, That Senators and .Representatives in the Congress from this
State be respectfully urged to employ all proper methods at their command
to secure a review of the decision made by.the Organization Board and to
otherwise in such manner as,they may deem wise to have justice done the
•
•
.• •
chief city of their State and of District No'. 5. • •
Resolvel, That the committee which called this meeting of protest, which
committee repre.sents the trade interests of the City of Baltimore, be continued, with power to add to its ,number and with, instructions from this
meeting to do everything within its power to give effect to these resolutions.
Charles B. Falconer, President
. • of 'the Merchants''and
Manufacturers',' Association; Rufus M. Gibbs, President of
the Board of Trade:, Eugene Blackford, President of the
Chamber of CoMmereV,''and Robert'J. Beacham secretary
of the Merchants' and Manufacturers' Association, comprised the ,executive committee in charge of the meeting;
Waldo NeWebtaber, President Of the'National' Exchange
Bank of Baltimore and President of the Baltimore ClearingHouse Association,' was 'Chairman of the Bankers' Committee. eIalnes
PreAon,M4Or of the city, presided, and
Governor Phillips Lee Goldsborough was'one of the speakers
of the evening.' Mayor 'Preston 'in his opening reniarks
stated: '
No. 5. At one end of the district, whore its trade and commerce, its
finances and credits converge, was an old city with a population of 700.000:
on its western boundary, in the shadow of a sentimental past, was a newly
awakened city with a population of 130,000. The one with total banking
resources of $296,853,000, the other $71,000,000. The one doing a total
manufacturing and merchandising business of over $800,000,000, the other
$180,000,000. The one having a total aggregate assessed property
$700,000,000, the other $120,000,000. The one spending $2,000,000 on its
schools, the other $350,000. The one having the fourth largest seaport in
the country, the other having no port at all. The one being the city
where throbs the financial heart of Region No. 5, and where its commercial
and industrial life centres, and where the greatest good of the greatest
number and the greatest needs and convenience of all can best be served.
Remember one thing. This meeting of protest does not spring from any
spirit of envy or disappointment. We are not attacking Virginia or Richmond. State lines cut no figure In this matter. There is as much of the
blood of old Virginia in Baltimore to-day as there is in Richmond. Our
affections are still stronger south of the Potomac than they are north of it.
Our money helped to build Richmond. We take as much joy and pride
in her prosperity as we do in our own. What we are trying to do before it is
too late is to rectify a mistake.
Now,let me analyze as briefly as I can these Richmond statistics, which
the Committee in their five-thousand-word defense say were so convincing
and which Mr. Carter Glass says are so absolutely conclusive. Richmond,
they say, loaned $33,000,000 through this region, against $6,000,000 by
Baltimore. That looks impressive. They de not tell us, however, that
these Richmond loans and discounts cover its entire banking field, Including
Richmond itself and thirteen Southern States. To make the comparison
fair all of Baltimore's loans should also be included and not only the few
recorded bank loans in this region. Had they done this the true figures for
Baltimore would have been on June 4 1913, $118,912,252.
To create the impression that Richmond dominates this region, they
allege that the resources of the national banks of Virginia, including Richmond,largely surpass the national banks of Maryland,including Baltimore..
The relative banking facilities of different political units are absolutely
unrelated facts. But even so, the right figures are overwhelmingly in
Baltimore's favor. The total banking resources of Maryland are $390,795,512; those of Virginia $244,414,891. That is tosay, Maryland's bank
resources are $146,480,621 greater than those of Virginia, including Richmond.
Now, if you compare by cities, Richmond shows up oven worse. Her
total banking resources of all kinds are $71,000,000, Baltimore's $296,858,616. The total resources of Baltimore banks alone are $52,000,000 greater
than the resources of all the banks of the entire State of Virginia and
$225,000,000 greater than those of Richmond.
But fundamentally, these bank figures have nothing to do with the case
except to indicate the customary course of trade and commerce. Certainly, the test by which a proper regional bank site must be determined is
not one of banks at all. The region and the bank should all be located
where the inexorable logic of the situation, the needs of commerce and
business, and the best interests of the public indicate. In this the Committee has failed not only in region No. 5 but elsewhere.
Think of skipping every seaport on the Atlantic south of Philadelphia; of
bank
not giving a single Southern seaport a bank. Imagine the Richmond
ignoring
establishing foreign branches, as the Act contemplates. Think of
brief
there
Richmond
this
the most obvious commercial facts. Why, in
regional business is
are 57 pages of statistics to prove that the trend of
shall now move the
all toward Baltimore. The Committee has decided it
• other way.
here on page 27
Why,
Richmond.
Certainly it will never move toward
they tell the Committee that the region they claim to dominate(exclusive
involving a trading
of Maryland) produces staple articles of commerce
business,
business of approximately $5,000,000,000. And of all this
another part
Richmond says, it is the commercial centre. Lot us see. In
$5,000,000,000
of this unanswerable document we are told that out of this
and $100,000,000
of business Richmond does $80,000,000 in merchandising
this
$5.000,000,000
of
little
in manufacturing. Of course it does very
natural highway
'of business because most of it moves northward along the
of commerce, and not westward along provincial byways.
banking resources
How could Richmond handle it, with admitted total
much of the great
(national, State and private) of only $71,000,000? How
phosphate, the great trucking, the great oyster and fisheries, the great
cotton, coal and other interests and indUstries, ever touch Richmond at
all? And yet most of this business converges in Baltimore and finances
through Baltimore. Why,last year $152,000,000 of exports and imports
went through Baltimore via IIampton Roads.
I am here to preside over this meeting to communicate the protest of our
citizens, far and wide throughout the city, against the selection of Richmond and against, the,omission ,of. Baltimore,-of Baltimore, with its, hundreds of millions, with its ,billions, of business, with. Its $2,000,000,000 of
clearances per year, as against $430,000,000 for Richmond, with its vast
business interests, with its export trade, with its great railroad terminals,
with its great shipping advantages, with its great situation on the Atlantic
seacoast. In the interest of the South, in the interest of Baltimore itself
as well as the interest of Maryland, we are here to raise our voices in protest against theinjustice and to impress upon our friends in Washington,
who will constitute the Federal Reserve body and will have the final determination of this.subject—to impress upon them that we intend to appeal
vigorously from the action of the committee—to the action of the Reserve
Numerous telegrams were read at the meeting from those
Board—so that Baltimore's claims may be fairly considered either in these-kind
lection of a regional bank for Baltimore or for some other position in the in sympathy with the Baltimore movement, one of this
enforcement of the National,Banking Act, which Baltimore's position in, 'having been received from M. B. Trezevant, General Manthis country jusltfies.
of Commerce who has
ager of the New Orleans ASsoelation
Mr. Newcomber in referring to the selections made by'the taken an active part in the protest against the failure to
Organization Committee stated that had it merely decided name New Orleans as a reserve bank centre. In his message
not to locate a bank at Baltimore, and justified its action by to the Baltimore protestants Mr. Trezevant said:
evidence on the lines laid down in the law, no protest would
New Orleans Association, of Commerce sends greetings to Baltimore
Merchants' Sc Manufacturers' Association and citizens of Baltimore
have been made by Baltimore. "But," he added:
APR. 18 1914.)
THE CHRONICLE
generally, assembled in mass-meeting Wednesday night for the purpose
of protesting against action of Reserve Bank Organization Committee in
omitting Baltimore from the list of regional bank cities. We believe that
as great an injustice has been done Baltimore as has been done New Orleans.
We are utterly unable to comprehend the reason for these illogical discriminations and we have not been enlightened by the defenses made by
the Organization Committee in the public press.
We are answering their apology for the omission of New Orleans to-day
This apology we found so full of a continuation of misstatements, errors
and half-truths that we had no difficulty in laying them bare. Milwaukee
has joined with us for a militant and aggressive fight and a committee of
New Orleans bankers will be in Washington Monday, the 20th, to confer
with Louisiana Congressional delegation on the next steps to be taken. By
aggressive co-operative activity in this matter we feel certain that an issue
can be forced winch will cause the correction of the blunders which have
been made.
1209
Resolved, That the Organization Committee of the Federal Reserve
Board be, and it is hereby directed to send to the Senate copies of all briefs
and written arguments made by each city applying to the Organization
Committee for the location of a Federal reserve bank, together with the
poll of the banks and the reasons relied upon by the Organization Committee in fixing the boundaries of the reserve districts and locating the reserve
cities.
In the House on the 15th inst. Representative Moss of
West Virginia submitted a resolution requesting the Organization Committee to transmit to Congress the record of the
poll of banks indicating their choice for banking centres.
Mr. Moss in offering his reason for the resolution stated that
he understood that the poll was not followed in the Cleveland district, where a majority of the banks expressed a
The following resolution adopted by the Baltimore Clear- preference for
Pittsburgh.
ing-House Association was likewise read at the meeting:
Resolved, That this Association desires to unite in the protest to be
The notice issued last week by the Secretary of the Organentered in the premises by the combined business interests of the city of
ization Committee, M. C. Elliott, calling upon the banks
Baltimore at a meeting called for the purpose, it being understood that in
connection with such protest it is proposed to appeal to the Federal Organi- which have signified their intention of becoming members
zation Board, and if necessary later to the Federal Reserve Board when of the Federal reserve
system to send in their subscriptions,
organized, to re-open the situation in District No. 5 for the purpose of further discussion of the claim of Baltimore City to be designated as a seat has been taken by some institutions as a requirement to
make a stock payment. To clear up any misunderstanding
of a Federal reserve bank.
in the matter, the Organization Committee on the 13th
A protest in opposition to the inclusion of a part of Wiscon- inst. issued the following
further statement in which it
sin in the district of which Minneapolis is the centre is points out that it is not
its purpose to call for the payment of
voiced in a resolution adopted at Milwaukee on the 10th inst. subscriptions
until the details of the organization are more
at a meeting of directors of the Merchants'& Manufacturers' nearly
completed and banks are ready to be placed in operaAssociation held in conjunction with members of the Milwaukee Clearing-House Association and the Wisconsin tion:
The Federal Reserve Act provides that when the Organization Committee
Bankers' Association. We give the resolution herewith:
shall have designated the cities in which Federal reserve banks are to be or-
Resolved, That we, the board of directors of the Merchants' & Manu- ganized, and fixed the geographical limits of the Federal reserve districts.
facturers' Association of Milwaukee, Wis., strenuously protest against a every national banking association within that district shall be required
division of territory which attaches Wisconsin and the upper peninsula within thirty days after notice from the Organization Committee to subof Michigan to the city of Minneapolis, believing suchla division to be at scribe to the capital stock of such Federal reserve bank in a sum equal to
once illogical, harmful and contrary to the terms of the Currency Act; and 6% of the paid-up capital stock and surplus of such bank, one-sixth of the
that we earnestly petition the Federal Reserve Board for a re-consideration subscription to be payable on call of the Organization 6lommittee or of the
of the apportionment to the end that the said territory be attached to the Federal Reserve Board, one-sixth within three months and one-sixth within
Chicago reserve district.
six months thereafter, and the remainder of the subscription, or any part
Elting() Elmore, a member of the board of the Merchants' thereof, shall be subject to call when deemed necessary by the Federal Reserve Board,said payments to be in gold or gold certificates.
& Manufacturers' Association, in discussing the movement
In compliance with this provision, the Secretary of the Organization Comwhich has been undertaken in Milwaukee, is quoted as mittee has notified all banks which have signified their intention to become
members
of the system to send in their subscriptions to stock, which nosaying:
tice accompanied notice from the Comptroller enclosing the form of sub"The first step we will take will be to get the necessary data and facts in
scription to be executed.
concrete order to present to the Reserve Board when it is appointed at
A largo number of banks have interpreted this notice to subscribe as a
Washington. That the business trend of the State and the upper peninsula
call for the payment of the first installment of such subscription,and
of Michigan is centred toward Milwaukee and Chicago is apparent, but a checks and
currency are being received by the Committee.
solution as to making up the deficit caused by the withdrawal of $800,000
It is not the purpose of the Committee,however,to call for the payment
capital accredited to this section, and thereby bringing the Minneapolis
of subscriptions until the details of the organization are more nearly combank under the $4,000.000 limit, will be the chief difficulty the Committee
pleted and banks are ready to be placed in operation.
will have to contend with."
Accordingly, all such cash payments are being returned promptly and
the banks will probably be circularized immediately in order that it may be
Thirty banks of Northern Michigan have forwarded a pro- made clear that notice to subscribe does not constitute
a call for the paytest to Washington against their assignment to the Ninth ment of such subscription.
District, of which Minneapolis is the centre, and have asked
The Executive Committee of the New Jersey Bankers'
that they be included in the Seventh District, the head- Association, at a meeting on Thursday
adopted resolutions
quarters of which is at Chicago.
protesting against the arrangement whereby the banks of
New Jersey are assigned to the Philadelphia district. Its
The Oklahoma banks, which have been assigned to the action followed the presentation to it of a report
made by
Dallas reserve district, are also protesting against the deci- the Banking and Currency Committee of the
Association
sion of the Organization Committee, and, it is stated, have taking exception to the action of the Federal Reserve
Bank
announced their intention to appeal to the Reserve Board to Organization Committee; the Banking and Currency
Comhave the arrangement changed so that the entire State of mittee has been authorized by the Executive Committee
to
Oklahoma may be included in the Kansas City district.
prepare briefs on the subject for submission to the Federal
Reserve Board at Washington. It was announced a week
In a resolution of the Omaha Clearing-House Association, ago that,in answer to the protest lodged with Secretary of
the
a review is asked of the decision of the Organization Com- Treasury McAdoo in behalf of the New Jersey banks
by the
mittee in so far as it relates to the inclusion of Nebraska and Congressional representatives of that State, it was
made
Wyoming in the Kansas City district. The resolution states clear that there was no intention on the part of the
Organize,
that "unless, after that review, Omaha be made a reserve tion Committee to change its arrangement, the
only recourse
city, we respectfully request that, in order to conform to thus open being a petition to the
Federal Reserve Board.
the requirement of the Federal Reserve Act, the States of The contention of the Organization
Committee that the
Nebraska and Wyoming be transferred from the Kansas City New York district would be too
large if Northern New Jersey
district to that of Chicago, where our business naturally were included in it has been taken up by Walter
M. Van
goes and where our interests will be effectively served."
Deusen, Cashier of the National Newark Banking Co. of
Newark, and Chairman of the Banking and Currency ComAt Denver on tho 7th inst. the Governors of seven States, mittee of the New Jersey Bankers' Association.
There are
delegates to the Western Governors' Conference, went on about 125 national banks in the northern
section of New
record as favoring the passage of a law by Congress creating Jersey which have signified their intention
of joining the
two additional Federal reserve banks—one for the Rocky Federal reserve system and have expressed
a preference for
Mountain States, situated probably in Denver, and another alliance with the New York district. Mr.
Van Deusen has
for the Northwest, probably to be situated in either Seattle computed the capital of these institutions and places
the
or Portland. The action was taken on motion of Gov. figures at about $30,000,000. The 6% to the capital
cf the
Ernest Lister of Washington, and was concurred in by Goys. Reserve Bank which each institution is rquired to subscribe
Tasker L. Oddie, Nevada; Joseph M. Carey, Wyoming; would add, he figures, only $1,800,000 to the capital
of the
Oswald West, Oregon; John M. Haines, Idaho; William New York bank, making it about $22,487,000, and
reduce
Spry, Utah, and E. M. Ammons, Colorado.
the capital of the Philadelphia bank to $11,193,000. Mr.
Van Deusen points out that,even as it is, New York will be
The resolution introduced by Senator Hitchcock on the much larger than any of the other districts. Adding
less
8th inst., calling upon the Organization Committee to fur- than 8% to its capital would not make sufficient
diffrence,
nish to the Senate all the documents upon which its conclu- he maintains, to warrant the sacrifice of Northern
New Jersey
sions in selecting the reserve cities were based, was passed by banks.
the Senate on.thell4thiinst. Welprintithe resolution below:
1210
THE CHRONICLE
The Pittsburgh bankers have taken steps toward declaring
their opposition to their alliance with the Cleveland district.
At a meeting on the 9th inst. pf the Executive Committee
of Group 8 of the Pennsylvania Bankers' Association, which
includes Pittsburgh and the surrounding territory, it was
decided to appoint a committee of three to go to Washington
with a view to securing a hearing as to why Pittsburgh was
not chosen as a reserve bank centre, or why it was not included in the Philadelphia district.
THE LATEST TRADE AND TRUST PROPOSALS IN
CONGRESS.
That President Wilson still holds to his program for the
enactment of trust legislation at the present session was
again made apparent this week, following reports that, except for the passage of the bill creating an Inter-State Trade
Commission, action on the pending legislation was likely to
be postponed. After a conference with the President on
Monday, Chairman Henry D. Clayton of the House Judiciary Committee, stated that "there is to be no curtailment
of the Administration program—the President told us that
he would insist on the enactment of the anti-trust legislation he has recommended, and during the present session."
New bills were this week offered in the House of Representatives to supplant some of those previously introduced, in
accordance with the original recommendations for trust reforms made in President Wilson's message of last January:
Representative Clayton of the Judiciary Committee offered on Tuesday (the 14th) a general bill intended to supplement existing laws against unlawful restraints and monopolies, his new legislation embodying the tentative bills
which had been drawn to cover trade relations, holding companies and interlocking directorates. In addition the present bill also contains several new features]which were not embraced in the trust bills heretofore proposed; these newly incorporated provisions relate to the issuance of restraining
orders in labor disputes and a trial by jury in contempt proceedings. Legislation of this character was carried in two
bills introduced by Representative Clayton in 1912 and
passed at that sessioniby the House. An important feature
of the newly drafted bill is its provision (Section 6) dealing
with labor unions, under which it is stipulated that "nothing
contained in the Anti-Trust Laws shall be construed to forbid the existence and operation of fraternal, labor, consumers', agricultural or horticultural organizations, orders or
associations operating under the lodge system, instituted
for the purpose of mutual help, and not having capital stock,
of conducted for profit, Gr to forbid or restrain individual
members of such orders or associations from carrying out
the legitimate objects of such associations."
The provisions dealing with interlocking directorates prohibit a person from serving as director, officer or employee
of more than one bank or trust company organized under the
laws of the United States, when either has deposits, capital,
surplus and undivided profits aggregating more than $2,500,000; and no private banker or person who is a director
in any bank or trust company organized and operating under
State laws having deposits, capital, surplus and undivided
profits aggregating more than $2,500,000 is eligible as a
director in any Federal bank. Furthermore, no bank or
trust company organized under Federal laws in a city or town
of more than 100,000 inhabitants would be permitted to have
as director, officer or employee any private banker, director
or other officer or employee of any other bank located in the
same place. The newly drafted bill as introduced by Representative Clayton on Tuesday is as follows:
[VOL. xcvm.
different sections or communities with the purpose or intent to thereby
Injure or destroy the business of a competitor, either of such purchaser or
the seller, shall be deemed guilty of a misdemeanor, and upon conviction
thereof shall be punished by a fine not exceeding $5,000 or imprisonment
not exceeding one year, or both, in the discretion of the Court. Corporations shall be deemed persons within the meaning of this section, and when
any corporation shall be guilty of a violation of this section the offense,
shall be deemed to be also that of the Individual directors or other officers or
employees of such corporation ordering or doing the prohibited act, and
upon conviction they shall be punished as provided in this section; provided,
that nothing herein contained shall prevent discrimination in price between
purchasers of commodities on account of differences in the grade, quality
or quantity of the commodity sold, or that makes only due allowance for
difference in the cost of transportation; and provided further, that nothing
herein contained shall prevent persons engaged in selling goods, wares,
or merchandise in commerce, from selecting their • own customers. It
shall be unlawful for the owner or operator of any mine engaged in selling
its product commerce to refuse arbitrarily to sell the same to a responsible
ble person,firm, or corporation who applies to purchase.
Sec. 3. That any person engaged in commerce, who shall lease or make
a sale of goods, wares, merchandise, machinery,supplies, or other commodities, or fix a price charged therefor, or discount from, or rebate upon such
price, on the condition or understanding that the lessee or purchaser thereof
shall not use or deal in the goods, wares, merchandise, machinery, supplies,
or other commodities of a competitor or competitors of the lessor or seller,
shall be deemed guilty of a misdemeanor, and upon conviction thereof shall
be punished by fine not exceeding $5,000, or by imprisonment not exceeding one year, or both, in the discretion of the court. Corporations
shall be deemed persons within the meaning of this section, and when any
corporation shall be guilty of a violation of this section, the offense shall
be deemed to be also that of the individual directors or other officers or
employes of such corporations ordering or doing the prohibited Acts, and
upon conviction they shall be punished as provided in this section.
Sec. 4. That any person, copartnership, association, or corporation,
which shall be injured in his or its business or partnership by any person,
copartnership, association, or corporation, by reason of any thing forbidden
by Section 2 or Section 3 of this act, may sue therefore in any District
Court of the United States in the district in which the defendant resides,
or is found, without respect to the amount in the controversy, and shall
recover threefold the damages by him or it sustained, and the cost of suit,
including a reasonable attorney's fee.
Sec. 5. That whenever in any suit or proceeding in equity, brought by
or on behalf of the United States under any of the anti-trust laws, there
shall have been rendered a final judgment or decree to the effect that a
defendant has or has not entered into a contract combination in the form
of trust or otherwise, or conspiracy, in restraint of trade or
commerce, or has or has not monopolized, or attempted to monopolize.
or combine with any person or persons to monopolize, any part of
commerce, in violation of any of the anti-trust laws, said judgment
or decree shall to the full extent to which such judgment or decree would
constitute in any other proceedings an estoppel as between the Government
and such defendant, constitute in favor of or against such defendant conclusive evidence of the same facts, and be conclusive as to the same issues
of law in favor of or against any other party in any action or proceeding
• brought under or involving the provisions of any of the anti-trust laws.
Whenever any suit or proceeding in equity is brought by or on behalf of
the United States, under any of the anti-trust laws, the statute of limitations in respect of each and every private right of action, arising under
such anti-trust laws, and based, in whole or in part, on any matter complained of in said suit or proceeding in equity, shall be suspended during
the pendency of such suit or proceeding in equity.
Labor Unions and Agricultural Associations Exempted.
Sec. 6. That nothing contained In the anti-trust laws shall be construed
to forbid the existence and operation of fraternal, labor, consumers, agricultural, or horticultural organizations; orders or associations operating
under the lodge system, instituted for the purposes of mutual help, and
not having capital stock or conducted for profit, or to forbid or restrain
individual members of such orders or associations from carrying out the
legitimate objects of such associations.
Sec. 7. That no corporation engaged in commerce shall acquire, directly
or indirectly, the whole, or any part, of the stock or other share capital
of another corporation engaged also in commerce, where the effect of such
acquisition is to eliminate or lessen competition between the corporation
whose stock is so acquired and the corporation making the acquisition, or
to create a monopoly of any line of trade in any section or community.
No corporation shall acquire directly or indirectly the whole or any
part of the stock or other share capital of two or more corporations engaged
in commerce, where the effect of such acquisition, or the use of such stock,
by the voting or granting of proxies or otherwise, is to eliminate or lessen
competition between such corporations, or any of them, whose stock or
other share capital is so acquired, or to create a monopoly of any line of
trade in any section or community.
This section shall not apply to corporations purchasing such stock solely
for investment, and not using the same by voting or otherwise to bring
about, or in attempting to bring about, the lessening of competition. Nor
shall anything contained in this section prevent a corporation engaged in
commerce from causing the formation of subsidiary corporations for the
actual carrying on of their immediate lawful business, or the natural and
thereof, or from owning and holding all, or a part of
A:Bill to Supplement Existing Laws Against Unlawful Restraints and legitimate branches
the stock of such subsidiary corporations, when the effect of such formation
Monopolies, and for Other Purposes.
is not to eliminate or lessen competition.
BeLit enacted by the Senate and House of Representatives of the United States
Nothing contained in this section shall be held to affect or impair any
of America in Congress assembled:
right heretofore legally acquired: Provided, that nothing in this paragraph
That "anti-trust laws," as used herein, include the Act entitled "an Act shall make legal stockholding relations between corporations when, and
to protect trade and commerce against unlawful restraints and monopolies," under such circumstances, such relations constitute violations of the antiapproved July second, eighteen hundred and ninety, section seventy-three trust law.
to seventy-seven inclusive, of an Act entitled "an Act to reduce taxation,
Nor shall anything herein contained be construed to prohibit any railto provide revenue for the Government, and for other purposes," of August road corporation from aiding in the construction of branch or short line
twenty-seventh, eighteen hundred and ninety-four, and an Act entitled "an railroads so located as to become feeders to the main line of the company
Act,to amend sections seventy-three and seventy-six" of the Act of August so aiding in such construction or from acquiring or owning all or any part
twenty-seventh, eighteen hundred and ninety-four, entitled "an Act to of the stock of such branch line, not to prevent any railroad corporation
reduce taxation, to provide revenue for the Government, and for other from acquiring and owning all or any part of the stock of a branch or short
purposes," approved February twelfth, nineteen hundred and thirteen line railroad constructed by an independent company where there is no
and also this Act.
substantial competition between the company owning the branch line so
"Commerce," as used herein, means trade or commerce among the constructed and the company owning the main line acquiring the property
several States and with foreign nations, or between the District of Columbia or an interest therein, nor to prevent any railroad company from extending
or any Territory of the United States and any State, Territory, or foreign any of its lines.
nation, or within the District of Columbia or any Territory of the United
A violation of this section shall be deemed a misdemeanor, and shall be
States.
punishable by a fine not exceeding $5,000 or by imprisonment not exceeding
Section 2. That any person engaged in commerce who shall discrim- one year, or both, in the discretion of the court, and any violation by a
inate in price between different pur "lasers of commodities In the same or corporation shall be deemed to be also the offense of its individual officers
APR. 18 1914.]
THE CHRONICLE
or directors, ordering, doing, or participating in the prohibited Act, and
upon conviction they shall be punished as herein provided.
Prohibition against Interlocking Directorates.
Sec. 8. That from and after two years from the date of the approval
of this Act, no person who is engaged as an individual, or who is a member
of a partnership, or is a director or other officer of a corporation that is
engaged in the business in whole or in part of producing or selling equipment, materials or supplies to or iu the construction or maintenance
of railroads, or other common car iers engaged in commerce, shall act
as a director or other officer or employee of any common carrier engaged
in commerce, to which he, or such partnership or corporation, sells or
leases directly or indirectly equipment materials or supplies, or for which
he, or such partnership or corporation, directly or indirectly, is engaged
in the work of construction or maintenance; and after the expiration
of said period, no person who is engaged as an individual, or who is
a member of a partnership, or is a director,. or other officer of a corporation which is engged in the conduct of a bank or trust company, shall
act as a director, or other officer or employee of any such common carrier,
for which he, or such partnership, or bank, or trust company, acts,
either separately or in connection with others, as agents in the disposal
of, or is interested in the underwriting of, or from which he or such partnership, or bank or trust company, purchases, either separately, or in
connection with others, issues or parts of issues of securities of such common
carrier.
Thatfrom and after two years from the date of the approval of this Act no
person shall at the same time be a director or other officer or employee of
more than one bank, banking association, or trust company organized and
operating under the laws of the United States, either of which has deposits,
capital, surplus, and undivided profits aggregating more than $2,500,000;
and no private banker, or person who is a director in any bank or trust
company, organized and operating under the laws of a State, having deposits, capital, surplus, and undivided profits aggregating more than
$2,500,000, shall be eligible to be a director in any bank or banking association organized and operating under the laws of the United States. .
No bank, banking association, or trust company organized and doing
business under the laws of the United States in any city or town of more
than one hundred thousand inhabitants shall have as a director or other
officer or employee any private banker or any director or other officer or
employee of any other bank, banking association, or trust company located
in the same place.
That from and after two years from the date of the approval of this act
no person at the same time shall be a director in any two or more corporations engaged in whole or part in commerce other than common carriers,
subject to the act to regulate commerce approved February fourth, eighteen hundred and eighty-seven, if such corporations are or shall have been
theretofore by virtue of their business and location of operation, competitors, so that an elimination of competition by agreement between them
would constitute a violation of any of the provisions of any of the antitrust laws.
That any person who shall violate any of the provisions of this section
shall be guilty of a misdemeanor and shall be punished by a fine of $100
a day for each day of the continuance of such violation, or by imprisonment
for such period as the court may designate, not exceeding one year, or by
both, in the discretion of the court.
Sec. 9. That any suit, action or proceeding under the anti-trust laws
against a corporation may be brought not only in the judicial district whereof
it is an inhabitant, but also in any district wherein it may be found.
Sec. 10. That subpoenas for witnesses who are required to attend a
court of the United States in any judicial district in any case, civil or
criminal, arising under the Federal anti-trust laws, may run into any other
district.
Sec. 11. That whenever a corporation shall be guilty of the violation
of any of the provisions of the anti-trust laws, the offense shall be deemed
to be also that of the individual directors, officers and agents of such
corporations authorizing, ordering or doing any of such prohibited acts, and
upon conviction thereof they shall be deemed guilty of a misdemeanor and
punished by a fine not exceeding $5,000 or imprisonment not exceeding
one year, or by both said punishments in the discretion of the Court.
Issuance of Restraining Orders.
Sec. 12. That the several district courts of the United States are hereby
Invested with jurisdiction to prevent and restrain violations of this Act;
and it shall be the duty of the several District Attorneys of the United
States in their respective districts, under the direction of the AttorneyGeneral, to institute proceedings in equity to prevent and restrain such violations. Such proceedings may be by way of petition, setting forth the
case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of
such petition, the Court shall proceed as soon as may be to the hearing and
determination of the case; and pending such petition ani before final decree
the Court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises. Whenever it shall appear
to the Court before which any such proceeding may be pending that the
ends of justice require that other parties should be brought before the
Court, the Court may cause them to be summoned whether they reside in
the district in which the Court is held or not, and subpoenas to that end
may be served in any district by the Marshal thereof.
Sec. 13. That any person, firm, corporation or association shall be entitled to sue for and have injunctive relief, in any court of the United States
having jurisdiction over the parties, against threatened loss or damage by
a violation of the anti-trust laws, when and under the same conditions and
principles as injunctive relief against threatened conduct that will cause loss
or damage is granted by courts of equity, under the rules governing such
proceedings, and upon the execution of proper bond against damages for
an injunction improvidently granted,and a showing that the danger of
irreparable loss or damage is immediate, a preliminary injunction may issue:
provited, that nothing herein contained shall be construed to entitle any
person, firm, corporation or association, except the United States, to bring
suit in equity for injunctive relief against any common carrier, subject to
the provisions of the Act to regulate commrece, approved Feb. 4 1887, in
respect of any matter subject to the regulations, supervision, or other
jurisdiction of the Inter-State Commerce Commission.
Sec. 14. That no injunction whether interlocutory or permanent, in
cases other than those described in Section 266 of an Act entitled "An Act
to codify, revise and amend the laws relating to the judiciary," approved
March 3 1911, shall be issued without previous notice and an opportunity
to be heard on behalf of the parties to be enjoined, which notice, together
with a copy of the bill of complaint or other pleading upon which the application for such injunction will be based, shall be served upon the parties
sought to be enjoined a reasonable time in advance of such application.
But if it shall appear to the satisfaction of the Court or Judge that immediate
and irreparable injury is likely to ensue to property or a property right of the
complainant, and that the giving of notice of the application or the delay
Incident thereto would probably'permit the doing of thelactlsought to be re'trainedibefore7noticer,could.lbe erved jorAhearing had thereon, the Court
1211
or Judge may, in his discretion, issue a temporary restraining order without notice. Every such order shall be indorsed with the date and hour of
issuance, shall be forthwith entered of record, shall define the injury, and
state why it is irreparable, and why the order was granted without notice,
and shall by its terms expire within Such time after entry, not to exceed ten
days,as the Court or Judge may fix, unless within the time so fixed the order
is extended or renewed for a like period, after notice to those previously
served, if any, and for good cause shown and the reasons for such extension
shall be entered of record, and Section 263 of the Act entitled "An Act to
codify, revise and amend the laws relating to the judiciary," approved
March 3 1911, is hereby repealed.
Sec. 15. That no restraining order or interlocutory order of injunction
shall issue, except upon the giving of security by the applicant in such sum
as the Court or Judge may deem proper, conditioned upon the payment of
such costs and damages as may be incurred or suffered by any party who
may be found to have been wrongfully enjoined or restrained thereby.
Sec. 16. That every order of injunction or restraining order shall set
forth the reasons for the issuance of the same, shall be specified in terms.
and shall describe in reasonable detail, and not be reference to the bill of
complaint or other documents, the act or acts sought to be restrained, and
shall be binding only upon the parties to the suit, their agents, servants
employees and attorneys, or those in active concert with them, and who
shall, by personal service or otherwise, have received actual notice of the
same.
Sec. 17. That no restraining order or injunction shall be granted by any
Court of the United States, or a Judge or the Judges thereof, in any case
between an employer and employees, or between employers and employees,
or between employees, or between persons employed and persons seeking
employment, involving, or growing out of a dispute ?concerning terms
or conditions of employment, unless necessary to prevent irreparable
injury to property, or to a property right, of the party making the application for which injury there is no adequate remedy at law, and such
property or property right must be described with particularity in the
application, which must be in writing and sworn to by the applicant or by
his agent or attorney.
And no such restraining order or injunction shall prohibit any person or
persons from terminating any relation of employment, or from ceasing
to perform any work or labor, or from recommending, advising or persuading others by peaceful means so to do, or from attending at or near a
house or place where any person resides or works or carries on a business
or happens to be for the purpose of peacefully obtaining or communicating information, or of peacefully persuading any person to work or to abstain from working; or from ceasing to patronize or to employ any party
to such dispute; or from recommending, advising or persuading others by
peaceful means to do so; or from paying or giving to, or withholding from,
any person engaged in such dispute, any strike benefits, or other moneys
or things of value; or from peaceably assembling at any place in a lawful
manner and for lawful purposes; or from doing any act or thing which
might lawfully be done in the absence of such dispute by any party thereto.
Sec. 18. That any person who shall wilfully disobey any lawful writ, process, order, rule, decree, or command of any district court of the United
States by doing any Act or thing therein, or thereby forbidden to be done
by him, if theAct or thing so done by him be ofsuch a character as to constitute also a criminal offense under any statute of the United States, or at
common law, shall be proceeded against for his said contempt as hereinafter
provided.
Sec. 19. That whenever it shall be made to appear to any district court
or Judge thereof, or to any Judge therein sitting, by the return of a proper
officer on lawful process, or upon the affidavit of some credible person,
or by information filed by any District Attorney, that there is reasonable
ground to believe that any person has been guilty of such contempt, the
Court or Judge thereof, or any Judge therein sitting, may issue a rule requiring the said person so charged to show cause upon a day certain why
he should not be punished therefor, which rule, together with a copy of the
affidavit or information, shall be served upon the person charged with
sufficient promptness to enable him to prepare for and make return to the
order at the time fixed therein. If upon or by such return, in the judgment
of the Court, the alleged contempt be not sufficiently purged, a trial shall
be directed at a time and place fixed by the Court; Provided, however,
that if the accused, being a natural person, fail or refuse to make return to
the rule to show cause, an attachment may issue against his person to compel an answer, and in case of his continued failure or refusal, or if, for any
reason, it be impracticable to dispose of the matter on the return day,
he may be required to give reasonable bail for his attendance at the trial
and his submission to the final judgment of the Court. Where the accused
person is a body corporate, an attachment for the sequestration of its property may be issued upon like refusal or failure to answer.
In all cases within the purview of this Act such trial may be by the
Court or, upon demand of the accused, by a jury; in which latter event, the
Court may impanel a jury from the jurors then in attendance, or the
Court or the Judge thereof in chambers may cause a sufficient number of
jurors to be selected and summoned as provided by law, to attend at the
time and place of trial, at which time a jury shall be selected and impaneled
as upon a trial for misdemeanor, and such trial shall conform, as near as
may be, to the practice in criminal cases prosecuted by indictment or upon
information.
If the accused be found guilty, judgment shall be entered accordingly, prescribing the punishment, either by fine or imprisonment, or both 1
in the discretion of the Court. Such fine shall be paid to the United States
or to the complainant or other party injured by the act constituting the
contempt, or may, where more than one is so damaged, be divided or apportioned among them as the Court may direct; but in no case shall thel
fine to be paid to the United States exceed, in case the accused is a natura
person, the sum of 31,000, nor shall such imprisonment exceed the term of
six months.
Sec. 20. That the evidence taken upon the trial of any person so accused
may be preserved by bill of exceptions, and any judgment or conviction
may be reviewed upon writ of error in all respects as now provided by law
in criminal cases, and may be affirmed, reversed or modified as justice may
require. Upon the granting of such writ of error, execution of judgment
shall be stayed, and the accused,if thereby sentenced to imprisonment,shall
be admitted to bail in such reasonable sum as may be required by the Court,
or by any Justice or any Judge of any District Court of the United States.
Sec. 21. That nothing herein contained shall be construed to relate
to contempts committed in the presence of the Court, or so near thereto
as to obstruct the administration of justice,nor to contempts committed in
disobedience of any lawful writ, process, order, rule, decree or command
entered in any suit or action brought or prosecuted in the name of or on behalf of the United States, but the same and all other cases of contempt not
specifically embraced within Section 18 of this Act may be punished in
conformity to the usages at law and equity now prevailing.
Sec. 22. That no proceeding for contempt shall be instituted against
any person unless begun within one year from:the date of the act complained
1212
THE CHRONICLE
of; nor shall any such proceeding be a bar to any criminal prosecution for
the same act or acts; but nothing herein contained shall affect any proceedings in contempt pending at the time of the passage of this Act.
There was also introduced this week by Representative
Covington of the Inter-State and Foreign Commerce Committee a revised draft of the bill creating an Inter-State
Trade Commission. The bill differs but little from the
original Covington bill made public last month and given in
full in these columns March 21. The principal change is
contained in an amendment which provides that in any equity
suit brought at the instance of the Attorney-General under
the Anti-Trust Law the Court may, on the consideration of
the testimony, refer the suit to the Trade Commission to
ascertain and report an appropriate form of decree and that
upon such report exceptions may be filed. The court may
adopt or reject the Trade Commission report in whole or in
part. We print below the modified bill indicating in italics
the new matter, and showing in brackets the matter embodied in the bill as introduced last month, but which has
been omitted in the latest bill.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That a Commission is hereby created
and established, to be known as the Inter-State Trade Commission (herenafter referred to as the Commission), which shall be composed of three
commissioners, who shall be appointed by the President, by and with the
advice and consent of the Senate. Not more than two of the commissioners
shall be members of the same political party. The first commissioners
appointed shall continue in office for terms of two, four and six years,
respectively,from the date of the taking effect of this Act, the term of each
to be designated by the President; but their successors shall be appointed
for terms of six years, except that any person chosen to fill a vacancy shall
be appointed only for the unexpired term of the commissioner whom he
shall succeed. The Commission shall choose a Chairman from its own
membership. No commissioner shall engage in any other business, vocation or employment. Any commissioner may be removed by the President
for inefficiency, neglect of duty or malfeasance in office. A vacancy in
the Commission shall not impair the right of the remaining commissioners
to exercise all the powers of the Commission
The Commission shall have an official seal, which shall be judicially
noticed.
Sec. 2. That each commissioner shall receive a salary of $10,000 a year.
payable in the same manner as the salaries of the judges of the courts
of the United States. The Commission shall appoint a sectetary, who
shall receive a salary of $5,000 a year, payable in like manner, and it shall
have authority to employ and fix the compensation of such other officials,
clerks and employees as it may find necessary for the proper preformance
of its duties and as may be from time to time appropriated for by Congress.
Until otherwise provided by law, the Commission may rent suitable offices for its use.
All of the expenses of the Commission, including all necessary expenses
for transportation incurred by the commissioners or by their employees
under their orders, in making any investigation, or upon official business
in any other places than in the City of Washington, shall be allowed and
paid on the presentation of itemized vouchers therefore approved by the
Commission.
Witnesses summoned before the Commission shall be paid the same fees
and mileage that are paid witnesses in the courts of the United States.
The auditor for the State and other departments shall receive and examine all accounts of expenditures of the Commission.
Sec. 3. That upon the organization of the Commission and election of
Its Chairman all the existing powers, authority and duties of the Bureau
of Corporations and of the Commissioner of Corporations conferred upon
them by the Act entitled "An Act to establish the Department of Commerce
and Labor," approved Feb. 14, 1903. and all amendments thereto, and also
those conferred upon them by resolutions of the United States Senate
passed on March 1 1913, on May 27 1913 and on June 18 1913, shall be
vested in the Commission.
All clerks and employees of the said Bureau shall be transferred to and
become clerks and employees of the Commission at their present grade
and salaries. All records, papers and property of the said Bureau shall
become records, papers and property of the Commission, and all unexpended funds and appropriations for the use and maintenance of the said
Bureau shall become funds and appropriations available to be expended
by the Commission in the exercise of the powers, authority and duties
conferred on it by this Act.
That the Bureau of Corporations and the offices of Commissioner of
Corporations and Deputy Commissioner of Corporations are, upon the
organization of the Commission and the election of its Chairman,abolished,
and their powers, authority and duties shall be exercised by the Commission
free from the direction or control of the Secretary of Commerce.
The information obtained by the Commission in the exercise of the powers.
authority and duties conferred upon it by this section may be made public,
In the discretion of the Commission.
Sec. 4. That the principal office of the Commission shall be in the City
of Washington, where its general sessions shall be held; but whenever the
Interest of the public may be promoted, or delay or expense prevented,
the Commission may hold special sessions in any part of the United States.
The Commission may, by one or more of its members, or by such officers
as it may designate, prosecute any inquiry necessary to its duties in any
part of the United States.
Sec. 5. That, with the exception of the secretary and a clerk to each
commissioner, all employees of the Commission shall be a part of the classified civil service, and shall enter the service under such rules and regulations as may be prescribed by the Commission and by the Civil Service
Commission.
Sec. 6. That the words defined in this section shall have the following
meaning when found in this Act, to wit:
"Commerce" means such commerce as Congress has the power to regulate under the Constitution.
"Corporation" means a body incorporated under law, and also jointstock associations and all other associations having shares of capital or
capital stock or organized to carry on business with a view to profit.
"Capital" means the stocks and bonds issued and the surplus owned by
a corporation.
"Anti-trust Acts" means the Act entitled "An Act to protect trade and
ommerce against unlawfulrestraints and monopolies." approved July 2 1890
[VOL. acvm.
also the sections 73 to 77, inclusive, of an Act entitled "An Act to'reduce
taxation, to provide revenue for the Government and for other purposes."
approved Aug. 27 1894; and also the Act entitled "An Act to amend Sections 73 and 76 of the Act of Aug. 27 1894, entitled 'A'n Act to reduce
taxation, to provide revenue for the Government and for other purposes,"
approved Feb. 12 1913.
"Acts to regulate commerce" means the Act entitled "An Act to regulate
commerce," approved Feb. 14 1887, and all amendments thereto.
"Documentary evidence" means all documents, papers and correspond
once in existence at and after the passage of this Act.
Sec. 7. That the several departments and bureaus of the Government
when directed by the President shall furnish the Commission, upon its
request, all records, papers and information in their possession relating to
any corporation subject to any of the provisions of this Act; and shall
detail from time to time such officials and employees to the Commission
as he may direct.
Sec. 8. That the Commission may from time to time make rules and regulations and classifications of corporations for the purpose of carrying out
the provisions of this Act.
The Commission may from time to time employ such special attorneys
and experts as it may find necessary for the conduct of its work or for
proper representation of the public interest in investigations made by it;
and the expenses of such employment shall be paid out of the appropriation for the Commission.
Any member of the Commission may administer oaths and affirmations
and sign subpoenas.
The Commission may also order testimony to be taken by deposition
in any proceeding or investigation pending under this Act. Such depositions may be taken before any official authorized to take depositions by
the Acts to regulate commerce.
Upon the application of the Attorney-General of the United States, at
the request of the Commission, the district courts of the United States
shall have jurisdiction to issue writs of mandamus commanding any person
or corporation to comply with the provisions of this Act or any order of the
Commission made in pursuance thereof.
Sec. 9. That every corporation engaged in commerce, excepting corporations subject to the Acts to regulate commerce, which by itself or with
one or more other corporations owned, operated, controlled or organized
in conjunction with it so as to constitute substantially a business unit, has
a capital of not less than $5,000,000, or having a less capital, belongs to
a class of corporations which the Commission may designate, shall furnish
to the Commission annually such information, statements and recordsof
Its organization, bondholders and stockholders and financial condition,
and also such information, statements and records of its relation to other
corporations, and its business and practices while engaged in commerce,
as the Commission shall require, and to enable it the better to carry out
the purposes of this Act, the Commission may prescribe as near as may
be a uniform system of annual reports. The said annual reports shall contain all the required information and statistics for the period of twelve
months ending with the fiscal year of each corporation's report, and they
shall be made out under oath or otherwise$ in the discretion of the Commission and filed with the Commission at its office in Washington within three
months after the close of the year for which the report is made, unless additional time be granted in any case by the Commission. The Commission
may also require such special reports as it may deem advisable.
If any corporation subject to this section of this Act shall fall to make
and file said annual reports within the time above specified or within
the time extended by the Commission for making and filing the same, or
shall fail to make and file any special report within the time fixed by the
order of the Commission,such corporation shall forfeit to the United States
the sum of $100 for each and every day it shall continue in default in making
or filing said annual or special reports. Said forfeitures shall be recovered
in the manner provided for the recovery or forfeitures under the provisions
of the Act to regulate commerce.
Sec. 10. That upon the direction of tho President, the Attorney-General
or either House or Congress, the Commission shall investigate and report
the facts relating to any alleged violations of the anti-trust Acts by any
corporation. The report of the Commission may include recommendations
for readjustment of business in order that the corporation investigated may
thereafter maintain its organization, management and conduct of business
In accordance with law. Reports made after investigation under this section may be made public in the discretion of the Commission.
For the purpose of prosecuting any investigation or proceeding authorized
by this section the Commission, or its duly authorized agent or agents,
shall at all reasonable times have access to, for the purpose of examination,
and the right to copy any'documentary evidence of any corporation being
Investigated or proceeded against.
Sec. 11. That when in the course of any investigation made under
this Act the Commission shall obtain information concerning any unfair
competition or practice in commerce not necessarily constituting a violation of law by the corporation investigated, it shall make rePort thereof
to the President, to aid him in making recommendations to Congress for
legislation in relation to the regulation of commerce, and the information
so obtained and the report thereof shall be made public (only upon the
direction of the President] by the Commission.
Sec. 12. That in any suit in equity brought by or under the direction
of the Attorney-General, as provided In the Anti-trust Acts, the Court
may upon the conclusion of the testimony therein, if it shall be then of opinion
that the complainant is entitled to relief refer said suit to the Commission
[any question relating to the relief to be granted or any proposed decree therein, whereupon the Commission shall investigate the matters referred to it and shall make a full report of its investigation to
the court] to ascertain and report an appropriate form of decree therein; and
upon the coming in of such report such exceptions may be filed and such proceedings had in relation thereto as upon the report of a master in other eguity causes,
but the court may adopt or reject such report in whole or in part and enter such
decree as the nature of the case may in its judgment require.
Sec. 13. That wherever a final decree has been entered against any defendant corporation in any suit brought by the United States to prevent
and restrain any violation of the anti-trust Acts, the Commission shall
have power, and it shall be its duty, upon its own initiative or upon the
application of the Attorney-General, to make investigation of the manner
in which the decree has been or is being carried out. It shall transmit
to the Attorney-General a report embodying its findings as a result of any
such investigation, and the report shall be made public in the discretion of the
Commission.
Sec. 14. That any person who shall wilfully make any false entry or
statement In any report required to be made under this Act shall be deemed
guilty of a misdemeanor, and upon conviction shall be subject to a fine
of not more than $5,000, or to imprisonment for not more than three years,
or both fine and imprisonment.
Sec. 15. That any [person] officer or employee of the Commission who
shall make public any information obtained by the Commission without
Its authority or as directed by a court shall be deemed guilty of a misdr
APR. 18 1914.]
THE CHRONICLE
meaner, and, upon conviction thereof, shall be punished by a fine not
exceeding $5,000 or by imprisonment not exceeding one year, or by a fine
and imprisonment, in the discretion of the court.
Sec. 16. That for the purposes of this Act and in aid of its powers of investigation herein granted the Commission shall have and exercise the same
powers conferred upon the Inter-State Commerce Commission in the Acts
to regulate commerce to subpoena and compel the attendance and testimony of witnesses and the production of documentary evidence, and to
administer oaths. All the requirements, obligations, liabilities and immunities imposed or conferred by said Acts to regulate commerce, and
by the Act in relation to testimony before the Inter-State Commerce Commission, approved Feb. 11 1893, and the Act defining immunity, approved
June 13 1906, shall apply to witnesses, testimony and documentary evidence before the Commission.
Sec. 17. That the Commission shall on or before the first day of December in each year make a report, which shall be transmitted to Congress.
This report shall contain such facts and statistics collected by the Commission,[the publication of which shall not violate the Provisions of
this Act] as may be considered of value in the determination of questions
connected with the conduct of commerce by corporations, excepting corporations subject to the Acts to regulate commerce, including an abstract
of the annual and special reports of corporations made to the Commission
under Section 9 of this act: Provided that no trade secrects or private lists of
customers shall be embraced in any such abstract. The report shall also include [together with] such recommendations as to additional legislation
as the Commission may deem necessary. The Commission may also from
time to time publish such additional reports or bulletins of facts and statistics relating to corporations engaged in commerce as may be deemed
useful and do not violate the provisions of this Act.
Sec. 18. That nothing contained in this Act shall be construed to prevent or interfere with the Attorney-General in enforcing the provisions of
the Anti-Trust Acts or the Acts to regulate commerce.
A majority report on the modified bill was made public by
Representative Covington on Tuesday as follows:
"The Commission has in no sense been empowered to make terms with
monopoly or in any way to assume control of business. Such matters are
ofa most delicate,complex and doubtful nature,and their advocates seemed
all too desirous that theGovernmentshould make itselfinitially responsible for
corporate activities conceived perhaps with such subtlety that the dangers to
the public might develop only after sad experience. There has been no attempt to deal with the question of maintenance of fixed prices. The Commission has been given no power to pass orders in any way regulating production. It has not been clothed with authority to make a declaration
as to the innocuousness of any particular corporation or agreement,
even
If coupled with the right to revoke such order in the future.
"All those problems are interwoven with the industrial business of
the
country in such a way as to be effectively legislated upon, if at all, only
after the most exhaustive investigation by trained experts. The hearings
before the Senate Committee on Interstate Commerce of a year and
a
half ago and the hearings before this committee during the pendency of
the
present bill did not produce any information which would warrant an attempt at an intelligent and sound legislation upon them.
' "It must be remembered that this Commission enters a new field of governmental activity. The history of the Inter-State Commerce Commission is
conclusive evidence that the best legislation regarding many of the problems to come before the Interstate Trade Commission will be produced
from time to time as the result of the reports of the Commission after
exhaustive inquiries and investigations. No one can foretell the extent
to which the complex interstate business of a great country like the United
States may require, alike for the benefit of the business man and for the
protection of the public, new legislation in the form of Federal regulations,
but such legislation should come by a sound process of evolution.
Even
the control of the railways in this country by the Interstate
Commerce
Commission affords no complete parallel to administrative control
of the
industrial corporations of the country by a Federal commission.
It is
largely the experience of the independent commission itself that will
afford
Congress the accurate information necessary to give to the country from
time to time the additional legislation which may be needed.
"The whole theory of the creation of the commission has been to make it
an efficient and useful independent body, concerned with the maintenance
of proper supervisory relations of the Federal Government over industrial
corporations engaged in Inter-State commerce.
"Those facts which ought to be the common property and the common knowledge of American business men are for the first time to be
gathered and controlled as to their publicity by an independent commission. Powers of investigation, safeguarded by proper constitutional
limitations, are taken from a now subordinate department under the control
of the Executive and given to this non-partisan body. Where publicity
through reports and investigations to promote beneficent legislation are
alike in effect to develop better business practices, the existing administrative machinery of the Federal law is fortified by an independent commission which will perform a work in aid of the courts not now
authorized
anywhere in the Government.
"Having regard for the singular success which the Interstate
Commerce
Commission has had upon the relation of the railroads to the
public,independently of the direct power it has exercised to regulate rates and practices,
it would seem that the country may rightfully feel that the interstate
trade commission will perform services that will be of inestimable advantage
to the business and the future of the country."
A referendum vote-on the Inter-State Trade Commission
Bill was initiated by the Chamber of Commerce of the
United States on Tuesday last. It goes to the 543 commercial organizations in 47 States, constituent members of the
national chamber, and the votes of these organizations, when
recorded, will be made public, and will represent the view
of the/national chamber with reference to the proposed
Commission. The referendum is based on the report of a
special committee; appointed in response to a resolution
passed by the recent annual meeting of the Chamber in
Washington. The committee is composed of two business
men: Guy E. Tripp, Chairman of the Board of Directors
of the Westinghouse Electric & Manufacturing Co. of New
York, and Wm. L. Saunders, President of the IngersollRand Co. of New York City; two economists: President
Charles R. Van use of the University of Wisconsin, and
Professor Henry R. Seager, of Columbia University, and
1213
former President of the American Association for Labor
Legislation; two lawyers: Charles F. Mathewson, of the
firm of Krauthoff, Harmon & Mathewson, of New York
City, and George F. Rublee, of Washington,former member
of the law firm of Spooner & Cotton, of New York City;
R. G. Rhett, President of the People's National Bank of
Charleston, acted as Chairman. The seven definite recommendations to be rejected or supported by the members
whose views are sought are:
1. That there be created an Inter-State Trade Commission of at least five
members, appointed by the President and confirmed by the Senate, not
more than a mere majority of whom shall be of the same political party.
2. That jurisdiction of the Commission in conducting investigation
extend to all corporations engaged in inter-State or foreign commerce.
except such as are amenable to the Inter-State Commerce Commission.
(It has not been judicially determined whether or not banks are engaged in
inter-State commerce, but it is not understood to be the purpose of the
bill creating an Inter-State Trade Commission to include banks among the
corporations placed within the Jurisdiction of the Commission.)
3. That the Commission should not now be given authority to advise
applicants concerning the legality of proposed contracts,combinations, &c.,
under the Sherman Act.
4. That the annual reports of corporations, if required, should at the
outset be confined to those of the larger corporations (say, to those having
capital resources of $5,000,000 or more,or to those having an annual income
of $2,500,000), and to such other classes of corporations as the Commission
may officially determine.
5. That in the annual reports made to the Commission, corporations
ought not to be required to disclose trade processes,shop costs, classification
of sales and profits among particular articles, names of customers, or
other like private information.
6. That the publication of facts obtained by the Commission be:confined
to such as are to the public interest.
7. That Congress should direct the Commission to investigate and report
to Congress at the earliest practicable date on the advisability of amending
the Sherman Act to allow a greater degree of co-operation in the conduct,
and for the protection, of the foreign tade.
"The President's Trust Program" was discussed by former
U. S. Attorney-General George W. Wickersham at Rochester
on the 11th inst. Mr. Wickersham analyzed the antitrust legislation which has been introduced in Congress since
the President's Message of last January, and particularly
the Inter-State Trade Commission bill of last month, which
he characterized as "the latest expression of a mania for
investigation, which has occupied the legislative mind to
such an extent as apparently to exclude all constructive
thought." He declared that "the amount of information
elicited by investigating committees would fill libraries,
but the number of constructive suggestions of sane legislation measurably adapted to reach the evils which have been
ascertained could be printed in one small volume." According to Mr. Wickersham there is a widespread feeling
that some more constructive program is demanded than that
recommended by the President and now under consideration
in Congress, which has led the New York Chamber of
Commerce and other bodies to demand that the whole program be defeired to a later session of Congress in order that
what should be finally determined upon might be the product
of mature judgment and likely to inure to the benefit and
not to the disadvantage of the interests of the people. Mr.
Wickersham pointed out that a national industrial commission would be most useful, first, in assisting in the disintegration of unlawful combinations found by the courts to
exist in violation of the Sherman law,thus relieving the Department of Justice and the courts of the burden cast upon
them by requiring the enforcement of the law without any
legislative guidance as to the method of its enforcement
after a decree is pronounced; second, that through such a
commission protection might be afforded to parties to contracts, consolidations or mergers, who were willing to submit them to such a commission, with a frank statement of
all the surrounding facts, such submission to protect the
parties to the agreement from liability for criminal prosecution, unless and until they should fail, upon notice from
the commission that such agreements, &c., violated the law,
to take steps to cancel the same, and, third, to entertain
and decide in a summary way complaints of violations of
the anti-trust law and make orders which if complied with
by those against whom they are directed, would relieve from
the penalties of the anti-trust Act. Mr. Wickersham also
added:
It is worthy of serious consideration whether cr not, with respect to new
co-operative business organizations, including those resulting from the disintegration,pursuant to decree, of unlawful combinations heretofore formed,
it would not operate in the public interest to have some administrative body,
following the analogy of the Panama Canal Act, clothed with power to
investigate and determine whether or not the public interest might not
justify the continuance of organizations and co-operative arrangements
which, although theoretically constituting an undue restraint of potential
competition, yet actually are operating to the advantage of the public.
It is the study of affirmative constructive measures of this character which
is demanded at the present time, and not the multiplication of additional
prohibitions to those already on the statute books, and which have proved
effective and susceptible of enforcement.
1214
THE CHRONICLE
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[CONCLUDING ARTICLE.)
We complete this week our series of articles classifying the
bonds of United States railroads so as to show which issues
contain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind.
A complete index to the steam railroads whose securities
have previously been classified will be found in our issue of
Feb. 14, page 490, and a full index to the electric railway and
public utility securities in our issue of March 21, page 875.
In our issues of March 21 and 28 we classified the bonds of
a largo number of industrial properties, an index to the former
being on page 875 and of the latter on page 965.
We now give,firstly, 27 additional steam roads, as follows:
Atlantic & Western Ry.
Baltimore & Ohio Chicago Terminal RR.
Bennettsville & Cheraw RR.
Butte Anaconda de Pacific Ry.
Carolina de Northwestern Ry.
Central of Georgia Ry. (correction).
Central Vermont Ry.
Dayton Lebanon de Cincinnati RR. &
Terminal Co.
Gainesville Midland Ry.
Georgia Southern & Florida Ry.
Great Southern RR.
Green Bay & Western RR. (correction).
Hawklnsville de Florida Southern Ry.
Hudson de Manhattan RR.
Hudson Companies.
Indian Creek Valley Ry.
Jacksonville Terminal Ry.
La Crosse & Southeastern RI,
.
Marion & Rye Valley Ry.
Middletown & Unionville RR.
Mineral Point & Northern Ry.
Missouri Pacific Ry. (correction).
Mutual Terminal Co. of Buffalo.
Nevada Central RR.
Peoria Ry. Terminal.
Richmond Fredericksburg & Potom. RR.
St. Louis & O'Falion Ry.
Tacoma Eastern RR.
Union Terminal Ry. of Dallas.
Williamsport & North Branch RR.
And,lastly, the following 13 additional electric railways:
Buffalo Southern Ry.
Middle West Utilities Co.
Butte Electric Ry.
Pacific Electric Ry. Co.
Carbon Transit Co.
Providence & Fall River Street RS,
.
Cleveland Southwestern de Colum. Ry. Schenectady Ry. Co.
Coast Counties Gas •Sc El. Co.
Southern Traction Co.
Ithaca Street Ry.
Texas Traction Co.
Kansas City Western Ry.
STEAM RAILROADS.
ATLANTIC & WESTERN RAILWAY. •
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($1.500,000)
M-N May 1 1952
$300,000
BALTIMORE & OHIO CHICAGO TERMINAL RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
City of Chicago purchase money mtge.5s..M-N May 1 1938 *$650,000
First mortgage 4s ($50,000.000)
A-0 April 1 1960 a28,000,000
Chicago & Great Western first mtge. 5s__J-D
June 1 1936
b394,000
* A municipal bond and therefore tax-free. a All owned by Baltimore
& Ohio RR. b Free of United States taxes.
BENNETTSVILLE & CHERAW RAILROAD.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g
J-J
Jan. 1 1941
First mortgage 5s
$150,000
BUTTE ANACONDA & PACIFIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58($5,000,000 Feb. 1 1914) F-A
Feb. 1 1944 *$3,000,000
* Free of all taxes except Federal income tax.
CAROLINA & NORTHWESTERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($2,500,000)
J-J
July 1 1953 $1,700,000
Caldwell & Northern first mtge. 58
J-D
June 1 1957
543,000
CENTRAL OF GEORGIA RAILWAY.
[Correction.)
Issued without Reference to Taxes.
The Central Railroad & Banking Co. collateral trust 5s, due May 1 1937,
were included in the official list of the company furnished to us some time
ago under the classification of "bonds containing the so-called tax-free
covenants," and were accordingly shown in the list of bonds given in
the "Chronicle" of Dec. 13 1913, page 1700, among bonds "Issued with
tax-exemption clauses."
The company, under date of Feb. 24, instructed the Guaranty Trust Co.
of New York and The Citizens' & Southern Bank of Savannah, Ga., at
which places interest is paid on the bonds, as follows:
"In the hurry of preparations for 'deductions at the source' under the
income tax law, we authorized you to treat as tax-free the coupons of the
Collateral Trust bonds of the Central Railroad & Banking Co.of Georgia.
May and November,paid by you for our account,and in accordance with
our instructions no deductions were made fron these bonds in payment of
the November coupons. Now that we have had time to consider the matter, we are advised by counsel that these bonds contain no covenant which
prohibits the debtor from deducting the amount of the normal tax in payment of these coupons when required by the Income Tax Law and the
regulations of the Treasury Department, and that the debtor is under no
obligation to pay this amount for account of the coupon holders. You
will, therefore, hereafter please treat these bonds as containing no tax-free
covenant and make the deduction of 1% in all cases required by the Treasury
regulations."
An official advises us as follows: "The bonds have a clause which might
be described as a tax-exemption clause, but we are advised by counsel that
the language of the clause does not affect the income tax and the deductions
required by law. The bonds are not 'issued 'without reference to taxes,'
but the reference to taxes therein is not a reference to the income tax now
imposed by law."
We find, upon examination, that the bond contains the following provision: "The principal and interest of this bond are payable without deduction for any tax or taxes now imposed or hereafter to be imposed thereon,
either by the laws of the United States or of the State of Georgia, which the
said company is or may be required by said laws, or any of them, to retain
therefrom, it being hereby provided that the said Railroad & Banking Co.
shall pay the same."
We have also examined the mortgages at hand which secure a number
of other bond issues stated in our list of Dec. 13 1913 (page 1700) to contain tax-exemption clauses. The provision in these mortgages is as
follows: "The principal and interest of this bond are payable without
deduction for any tax or assessment which the Railway Co. may be required
to pay thereon, or to retain therefrom under or by reason of any present
or future law, the Railway Co. hereby agreeing to pay all such taxes and
assessments."
[VOL.
CENTRAL VERMONT RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 4s ($12,000,000)
Q-F
May l. 1920*$10 732,000
Equipment trust 5s (due $49,000 s.-a.)
k`-A
To Feb.1921
'784 000
Cent. Vt. Transp. equip. trust 5s, Ser. A M-N15To May1921
187,000
Equipment trust 58, Series B
M-N To May 1922
833,000
New London Northern first mortgage 4s J-J
July 1 1940
1,500,000
* The listing statement prepared for the New York Stock
states that principal and interest are payable without deduction forExchange
any taxes
Imposed by the United States, or any State, county or munIcipality,or
of
the Dominion of Canada, which the railway may be required to pay or retain.
DAYTON LEBANON & CINCINNATI RAILROAD & TERMINAL CO.
Issued with Tax-Exemption Clause.
Int, Maturity Date. Outstand'g.
M-S Mar. 1 1934 *$300,000
20-year 6% gold bonds(March 1914)
* The company "hereby binds itself and agrees to hold the owner of this
bond harmless on account of any income tax assessed and paid on account
hereof, under and by virtue of the now existing laws of the United,States."
GAINESVILLE MIDLAND RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1935
First mortgage 55 ($1,000,000)
$661,000
A-0 Oct. 1 1916
6% notes
325,000
GEORGIA SOUTHERN & FLORIDA RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($4,000,000)
July 1 1945 $3,838,000
J-J
First consol. mtge. 4s ($10,000,000)
2,000,000
July 1 1952
J-J
Equip. tr. 4s Ser.0(due $25,000 s.-a.)..M-5 Mar. 15 1920
300,000
Equipment trust 4s,Series D (due $21,000 or $22,000 semi-ann.)
361,000
..F-A
To Aug. 1922
GREAT SOUTHERN RAILROAD.
Issued with Tax-Exemption Clause,
Int. Maturity Date. Outstand'y•
($5,000,000)
mortgage
5s
J-J
First
$590,000
July 1 1928
GREEN BAY & WESTERN RAILROAD.
[Correction.)
Issued without Reference to Taxes.
The Class A and Class B income debentures were shown in the list in
the "Chronicle" of Dec. 27 1913, page 1863, as containing clauses providing
that the payment of principal and interest of the debentures shall be free
from deduction for taxes. The statement was based upon official information, which was nevertheless erroneous, as the indenture under which
both classes of debentures are issued has no provision for freedom from
taxation of either class of security. The company, therefore, has not
assumed and does not pay the normal Federal income tax on the debentures
where the holder is taxable.
HAWKINSVILLE & FLORIDA SOUTHERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 April 1 1952
$586,000
First mortgage 58
M-S Sept. 1 1937
577,500
Gulf Line Ity. first mortgage 5s
Secured 6% notes
HUDSON COMPANIES.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
F-A
Aug. 1 1918 $1,500,000
HUDSON & MANHATTAN RAILROAD.
Issued with Tax-Exemption Clause,
Int. Maturity Date. Outstand'g.
$944,000
First mortgage 43.4s
F-A
Feb. 1 1957
First lien and ref. mtge. 58($65,000,000) F-A
Feb. 1 1957 36,563,000
Adjustment income mortgage(up to 5%)_ _A-0
Feb. 1 1957 33,574,000
N. Y.& Jersey first mortgage 5s
F-A
5,000,000
Feb. 1 1932
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Equip. trust 58, Ser. A rue $46,000
_M-S To Mar.1919 $460,000
Equip. trust 5s,Ser. B due $25,000 s.-a. _A-0
To Oct.1920
325,000
Equip. trust 5s, Ser. C due $21,000 s.-a. _F-A
To Aug.1921
315,000
INDIAN CREEK VALLEY RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'y•
$265,000
J-D
June 1 1927
First mortgage 6s
JACKSONVILLE TERMINAL RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'e.
$500,000
July 1 1939
J-J
First mortgage 5s
LA CROSSE & SOUTHEASTERN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
A-0 Oct. 1 1944
$300,000
FirstfmortgageTEs ($1,000,000)
MARION & RYE VALLEY RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$175,000
J-J
July 1 1922
First mortgage 68
MIDDLETOWN & UNIONVILLE RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1933 *$200,000
First mortgage 6s.
*250,000
Adjustment mtge. 6s, non-cum. income M-N Nov. 1 1933
* Free of all taxes except Federal income tax.
MINERAL POINT &- NORTHERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Uirst mortgage 58
M-N May 1 1925
$450,000
MISSOURI PACIFIC RAILWAY CO.
[Correction.)
Issued with Tax-Exemption Clause,
The Trust 58 due Jan. 1 1917 were shown in the list given in the "Chronicle" of Nov. 22 1913, page 1469, among bonds "issued without reference
to taxes." This statement was based upon official information. We are
now informed, however, that while the original mortgage did not contain
a provision that the principal and interest should be free from deductions
for taxes, the official overlooked the fact that a provision to that effect
was inserted in a supplemental mortgage, which governs the matter.
MUTUAL TERMINAL CO. OF BUFFALO.
Issued with Tax-Exemption Clause.
Mt. Maturity Date. Outstand'g.
J-Jj July 1 1924 $2,934,000
First mortgage 4s
MR.18 1914.1
THE CHRONICLE
1215
NEVADA CENTRAL RAILROAD.
Issued without Reference to Taxes.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Pac.
Elec.
Co.
1st
mtge.
J-J
58
Jan. 1 1942 $8,449,000
Int. Maturity Date. Outstand'g.
Los Ang.& Pas.Elec. Ry. lst M.5s
J-J
1,000,000
Jan. 1 1928
First mortgage non-cum. income 5s
J-J
$750,000 Pas.
July 2 1938
& Mt. Lowe 1st M.4s
600,000
J-D
June 1 1930
Cal. Pacific Ry. 1st mtge. 5s
J-J
480,000
July 1 1941
PEORIA RAILWAY TERMINAL.
Los Angeles Pac.RR. 1st mtge. 58
J-D
10,000
June 101928
First con. mortgage 5s
Issued with Tax-Exemption Clause.
1,465,000
A-0 April 1 1931
First & ref. mortgage 58
3,451,000
M-S Sept. 1 1943
Int. Maturity Date. Outstand'g. Los
Ang.
Her.
B.& Red. 1st M.58
74,000
M-N May 1 1942
First mortgage 4s
J-J
Jan. 1 1937
$944,000 Los Ang. Pac. Co.
gen. consol. mtge. 5sJ-J
1,273,000
Jan. 2 1946
First ref. mtge. Ois ($2,000,000)
J-D
1,500,000 Los Ang. & Radon.
Dec. 1 1941
1st mtge. 5s
J-J
500,000
Jan.15 1932
Riverside & Arl. 1st mtge.4s
F-A14 Aug.14 1919
200,000
RICHMOND FREDERICKSBURG & POTOMAC RAILROAD.
San Bern. Val. Tr. 1st mtge. 58
A-0 Oct. 1 1931
44,000
First & ref. mtge. 58
833,000
M-S Sept. 1 1933
Issued with Tax-Exemption Clause.
Redlands St. Ry. 1st mtge. 6s
F-A
50,000
Aug. 1 1919
First mortgage 5s
Int. Maturity Date. Outstand'g.
M-S Sept. 1 1931
27,000
Consolidated mortgage 43is
$500,000 Redlands Cent. Ry. 1st mtge. 58
A-0
Apr. 1 1940
J-J
110,000
July 1 1937
General mortgage 33,is
2,680,000
A-0 Apr. 1 1943
PROVIDENCE & FALL RIVER STREET RAILWAY.
ST. LOUIS & O'FALLON RAILWAY.
Issued without Reference to Taxes.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First
mortgage
5s
Outstand'g.
J-J
July 1 1921
Int. Maturity Date.
$165,000
*$300,000
Second mortgage 5s
1928
M-S
SCHENECTADY RAILWAY CO.
* Free of all United States taxes.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Issued without Reference to Taxes.
First
mortgage
43
,
6
s
M-S Sept. 1. 1941 $2,000,000
Outstand'g.
Int. Maturity Date.
M-N May 1 1953 *1,000,000
$203,000 Consol. mtge. 4)is ($7,500,000)
1922
First mortgage 5s
A-0
*Assumed by the Schenectady Illuminating Co.
TACOMA EASTERN RAILROAD.
SOUTHERN TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
J4
Jan.
1
1923
$884.000
($1,500,000)
First mortgage 59
Int. Maturity Date. Outstand'g.
First mortgage 5s ($10,000,000)
J-D
June 1 1942 $6,000,000
Second mortgage
UNION TERMINAL RY. OF DALLAS.
J-D
June 1 1942
500,000
Issued with Tax-Exemption Clause.
TEXAS TRACTION CO.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
A-0
April 1 1942 *$2,000,000
First mortgage 5s
Int. Maturity Date. Outstanding
* Free of all taxes except Federal income tax.
First mortgage 5s
J-J
Jan. 1 1937 $2,000,000
Second mortgage 8s
A-0 April 1 1916
400,000
WILLIAMSPORT & NORTH BRANCH RAILROAD.
Den.& Sher. 1st mtge. 5s
J-J
July 1 1927
260,000
Second mortgage 6s
A-0 April 1 1916
185,000
Issued with Tax-Exemption:Clause.
Int. Maturity Date. Outstand'g.
First mortgage 43s
J-J
July 1 1931
$545,000
ELECTRIC RAILWAYS.
BUFFALO SOUTHERN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g,
First mortgage 58 ($2,000,000)
A-015 Oct. 15 1934
$600,000
BUTTE ELECTRIC RAILWAY.
Mr. J. H. Anderson, Sec. and Treas. of this company, informs us that
the company "assumed the normal income tax of 1% which it is required
to withhold at the source from payment of interest on its bonds."
CARBON TRANSIT COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
F-A
Aug. 1 1933
$150,000
second mortgage 5s ($100,000)
J-D
June 1 1940
27,000
CLEVELAND SOUTHWESTERN & COLUMBUS RY.
We have been informed by Mr. J. 0. Wilson, Sec. and Treas. of this
company, that the company "intends to pay the normal income tax
on all interest coupons for which it is liable with the exception of the Ohio
,
Central Traction Co. 1st mtge. 5s ($150,000 outstanding), due in 1919.'
COAST COUNTIES GAS & ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g,
F-A
Coast Counties L.& P. 1st mtge. 58
Aug. 1 1946
$980,000
Big Creek Lt. & P. 1st mtge.4s
320,000
Ba Bonito Lt. & Pow. 1st mtge. 6s
150,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstan'gd;
F-A
Feb. 1 1935
$639,000
Union Trac, Co. 1st mtge. 58
ITHACA STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g,
J-J
July 1 1922
First mortgage 6s
$175,000
J-J
July 1 1957
Oonsol. mortgage 59
475,000
J-J
July 1 1922
second mortgage 6s
75,000
J-D
June 1 1922
Cayuga Lake Elec. 1st mtge.(3s
25,000
KANSAS CITY WESTERN RY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First ref. mtge. 5s ($5,000,000)
M-S Sept. 1 1925 *$1,650,000
* We are advised that under the provision of mortgage the company "Is
required to absorb income tax on coupon collections."
MIDDLE WEST UTILITIES CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g,
J-D
Collateral notes (6%)
June 1 1916 $3,500,000
Twin State G.&E. 1st ref. M.4%s (1906)_A-0 Oct. 1 1926
1,040,000
M-S Sept. 1 1925
Dover Gas Light consol. mtge. 58
150,000
Hoosick Palls Ilium. mtge 58
1935
75,500
mtge.
5s
Hoosick Falls Elec. Co. Co.
1930
65,000
Bennington Elec. Co. mtge. 4 M s
1935
98,500
INCOME TAX REGULATIONS AND DECISIONS.
The section of the Income Tax Law exempting religious
and other organizations from the payment of the tax is also
intended to relieve such organizations from every obligation
or requirement imposed upon withholding agents under the
law. The following is the decision in the matter made by
the Treasury Department:
RELIGIOUS AND OTHER ORGANIZATIONS EXEMPT FROM TAX
RELIEVED OP REQUIREMENTS APPLYING TO
WITHHOLDING AGENTS.
(T. D. 1967.)
Income Tax.
Organizations, &c., exempted by the first proviso of paragraph 0 of Sorption 2 of the Act of Oct. 3 1913 from payment of the income tax, are not
subject to the provisiqns of the Income Tax Law as withholding agents.
TREASURY DEPARTMENT.
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
Washington,D.C., March 25 1914.
To Collectors of Internal Revenue:
This office is in receipt of several communications relative to the duty as
withholding agents of religious corporations and other organizations which
are specifically enumerated in the first proviso of paragraph 0 of Section 2
of the Act of Oct. 3 1913.
The language of said proviso is as follows:
That nothing in this section shall apply to labor, agricultural,or horticultural organizations, or to mutual savings banks not having a capital
stock represented by shares, or to fraternal beneficiary societies, orders, or
associations operating under the lodge system or for the exclusive benefit
of the members of a fraternity itself, operating under the lodge system, and
providing for the payment of life, sick, accident and other benefits to the
members of such societies, orders or associations and dependents of such
members; nor to domestic building and loan associations; nor to cemetery
companies, organized and operated exclusively for the mutual benefit of
their members; nor to any corporation or association organized and operated
exclusively for religious, charitable, scientific, or educational purposes, no
part of the net income of which inures to the benefit of any private stockholder or individual; nor to business leagues; nor to chambers of commerce
or boards of trade not organized for profit or no part of the net income of
which inures to the benefit of the private stockholder or individual; nor to
any civic league or organization not organized for profit but operated exclusively for the promotion of social welfare.
You are therefore advised that the words "this section" are held to refer
to and mean the whole of Section 2 of the Act of Oct. 3 1913, which section
comprises the Income Tax Law, and that the words "nothing in this section shall apply to" were intended to relieve such organizations, &c., as
properly come within the classifications referred to in the proviso quoted,
not only from the payment of an income tax, but from every obligation or
requirement Imposed by any or all of the provisions of said section upon
withholding agents.
ROBERT WILLIAMS JR.,
Acting Commissioner of Internal Revenue.
Approved:
W. G. McADOO, Secretary of the Treasury.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Twin States G.& E. 1st & ref. mtge. 5s
AN ENGLISH PARISH CHURCH SEEKING AID.-The followOct. 1 1953 *$630,000
Convert, gold notes(5%)
A-0 Oct. 1 1916
500,000 ing comes to
us from a highly esteemed correspondent on
United G. & El. mtge. 5s
Sett. 1 1917
250,000
Brattleboro Gas Lt. mtge.5sFe . 2 1923
73,000 the other side:
Bennington Wat. P.& Lt. mtge. 5s
1923
64,000
Mortgage 5s
Noblesse oblige. Many visitors from the United States motor through
1929
12,500
the village and past the ancient church of Honey, which are situate amid
*Held as collateral for the notes duo Oct. 11916.
the
picturesque scenery of Surrey, half way between London and Brighton.
remaining
As to the
mortgages on the various properties controlled by
the Middle West Utilities Co., we have been informed "that the policy of Several descendants of William Brown, 1563-1613, whose wives andfchilthe company is to pay the income tax whether the mortgage provides for dren's names are recorded in a genealogical tablet in the church, became
it or not." This of course has reference also to the bonds listed just above clergymen in the United
States. Thus the parish of Holley has given
under the head "Issued without reference to taxes."
of its children for the service of the American Church, and the present
Vicar appeals to any chivalrous American who believes in recompenselto
PACIFIC ELECTRIC RAILWAY CO.
assist the village by subscribing $1,000, the expense of warming the church
Issued with Tax-Exemption Clause.
efficiently.
A tablet to the memory of the donor would be placed inithe
Int. Maturity Date. Ont,tand'g,
First ref. mtge. 5s ($100,000,000)
M-S Sept. 1 1961 $25,373,000 church to commemorate the kindly gift. Address the Vicar, honey, SurLosliAngeles Pac. Co. 1st ref. M.4s
J-J
Jan. 1 1950 8,323.000 rey England.
1216
THE CHRONICLE
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only 35 shares of bank stock were sold at the Stock Ex,change this week and no sales were made at auction. No
trust company stocks were sold.
Shares. BANKS—New York. Low. High. Close.
35_Commerce, Nat. Bank of__ 173
173
173
Last previous sale.
April 1914— 175
The bill drawn by the Van Tuyl Commission revising the
banking laws of New York State was signed by Governor
Glynn on the 16th inst. The bill was passed by the Legislature on March 25. The Commission was created under a
law passed a year ago following a recommendation for its
appointment by Governor Sulzer's Commission of Inquiry,
which at the instance of the Governor had conducted an
investigation into the affairs of the failed Union Bank of
Brooklyn Borough, and suggested that a revision of the
banking laws of the State be undertaken. The report of the
Banking Commission was presented to the Governor and the
Legislature on February 25 1914. In signing the bill codifying the laws, Governor Glynn on Thursday said:
[VOL. xcvm.
acted, and the true or real full name or names of the person or persons conducting or transacting the same, with the post office address or addresses
of said person or persons, unless the party so certifying be a corporation, in
which event it shall set forth its said principal office or place of business and
when and where incorporated. Said certificate shall be executed and duly
acknowledged by the person or persons so conducting or intending to conduct said business or by the President or Secretary of the corporation,
as the case may be.
In the event of a change in the persons composing such firm,company or
association, or of the address of any such person, firm, company, association or corporation, or termination of such business or relationship, a like
certificate setling forth the facts with respect to such change or termination
shall within ten days thereafter be filed in the office of the Comptroller.
Any such person, firm, company, association or corporation who shall
fail to comply with the provisions of this section shall be guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not less than
one hundred dollars nor more than five hundred dollars or be imprisoned
for not more than six months or by both such fine and imprisonment, in
the discretion of the Court.
A bill creating a Department of Markets in New York
City was vetoed by Mayor Mitchel on the 14th inst. The
bill provided for the creation, by a Market Commission of five
members, of wholesale terminal markets of not less than one
in each of the five boroughs, the markets to be served by
railroad spurs. The passage of the bill was an outgrowth
of the recommendation of the Commission appointed by the
late Mayor Gaynor to inquire into market conditions, with
a view to working out a solution for the distribution of foodstuffs at a low cost. In setting out his reasons for vetoing
the bill Mayor Mitchell said:
In my opinion, New York now has the best banking law of any State in
the Union. This measure radically revises the banking laws, and for the
first time places private bankers under the jurisdiction of the Superintendent ofBanks. Under the new statute,also,State banks and trust companies
are enabled to become members of the Federal Reserve Bank to be located
in New York City, and in many respects the State laws are made to conform with recent Federal banking legislation; credit unions and a land bank
may be formed to assist farmers in obtaining loans, small loan brokers
I disapprove this bill with the greatest reluctance. There is great merit
are placed under more strict supervision and to the Superintenced.nt of
in the solution it proposes for a settlement of the market problem and the
Banks is given broader powers to investigate violations of the laws.
reduction of the unnecessarily high cost of food. But some
consequent
The Governor also stated that although there were proopposition to the measure having developed in
Board of Estimate, it
visions in the new law permitting the formation of a land bank; • was agreed that the bill would be drawn in suchthe
form as to be permissive
they were not so broad as those contained in his Land Bank and not mandatory.
Should this measure be amended, which I hope will be done at an early
Bill, which failed of passage. He announced his intention
there are certain defects of substance in the present draft that should
of signing the companion bill designed to provide for the date,
be corrected. The more important of these I now call to attention of the
formation of co-operative credit unions, although that feature draftsman,so they may be eliminated from the final draft.
In Section 1166F the Board of Estimate and Apportionment, with the
also was taken care of in part in the Van Tuyl bill.
approval of the Mayor, is authorized to grant connecting spurs from any
Another statement given out at Albany with regard to the railroad
operating "main line tracks". This language might be construed
Van Tuyl bill, having particular reference to its provisions to apply only to railroads baying main line tracks in the city at this time,
and thereby create monopolies of service.
affecting private bankers, said :
Section 1166G of the proposed bill gives the market board power to make
By signing the new banking law to-day, Governor Glynn has provided
traffic in and about terminal and other markets." I am
the remedy for the evils which have heretofore existed in the management rules "regulating
provision is too broad, and that it would conflict with the Police
of private banks. The new law will prevent the recurrence of any such afraid this
regulations. The word "about" would be almost
traffic
Department's
financial disater as the Siegel failure. From to-day the depositors who
conflict of jurisdiction.
trust their money to private bankers will have the assurance that it is safely certain to cause a
•
invested. Furthermore, the thousands of people who are accustomed to
place their small savings with private institutions will have the same proA statement defending the stand of President Wilson in
tection from the State which has been given to depositors in savings banks.
The Van Tuyl bill regulates the investment of funds of private institu- seeking the repeal of the canal tolls exemption clause has
tions, and in this way protects the savings of hard-working people, whose
money in the past has often been invested improperly, with disastrous been made the present week by Secretary of State William
results. It is Governor Glynn's opinion that no measure passed by the J. Bryan. His statement, as given to the press, and made
Legislature of 1014 will protect the Interests of so many people as the use of in his own publication, "The Commoner," in part is
private bank section of the new banking law.
A separate bill regulating private bankers had been on its
way to final passage during the closing days of the Legislature
in March,but,inasmuch similar provisions were embodied in
the general bill, action on the separate measure (or Pollock
Private Banking Bill as it was known) was suspended when
it became apparent that the Van Tuyl measure would go
through. The reserve requirements under the newly enacted
law were given in these columns March 28. In our issue of
April4 we indicated how deposits are defined and what deductions are permitted in the computation of reserves.
Gov. Glynn has signed a bill amending the stock transfer
tax law of New York State, in so far as it relates to the requirement that every person, firm, company, association
or corporation shall register with the State Comptroller their
place of business and the time and place of incorporation.
The provisions requiring such registration were originally
passed last year, and went into effect on July 1 1913, as set
out in our issue of July 5 1913. We give below the newly
enacted measure, showing in brackets the matter which has
been omitted and in italics the new features; it is understood
that it is the purpose of the new bill to correct the defect
which had existed in the original bill through its neglect to
specifically cover all foreign corporations in the State:
Section 275-a. REGISTRATION;PENALTY FOR FAILURE. Every
person, firm, company, association or corporation engaged in whole or in
part in the making or negotiating of sales, agreements to sell, deliveries or
transfers of shares or certificates of stock, or conducting or transacting a
stock brokerage business, and every stock association, company or corporation which shall maintain a principal office or place of business within the
State or which shall keep or cause to be kept within the State of Now York
a place for the sale, transfer or delivery of its stock, shall within ten days
after the amendment to this section [this Act] shall take effect, if such certificate shall not have been theretofore filed, or if at the time this Act shall take
effect, not engaged in such business or maintaining such principal office or
place of business or such a place for the sale or transfer of its stock, within
ten days after engaging in such business or after establishing such principal
office or place of business or such a place for the sale or transfer of its stock,
as the case may be,file in the office of the Comptroller a certificate setting
forth the name under which such business is, or is to be, conducted or trans-
as follows:
"There are three facts to be considered—facts which the friends of free
tolls have refused to discuss. First, that there was another plank in the
platform, or rather another clau.se, which was practically a part of the same
plank which contained the free tolls declaration. This clause had to do
with the encouragement of the merchant marine, and reads:
"'We believe in fostering by Constitutional regulation of commerce, the
growth of a merchant marine, which shall develop and strengthen the commercial ties which bind us to our sister republics of the South, but without
imposing additional burdens upon the people and without bounties or
subsidies from the public treasury.'
"The merchant marine includes all the ships belonging to American
citizens, and it will be seen that the Democratic Party expressed a deep
interest in the upbuilding of the merchant marine, and yet, notwithstanding
the importance of the subject and the anxious concern felt by the party for
the rehabilitation of the merchant marine, it specifically declared against
bounties and subsidies as a means of aiding the merchant marine.
"But while the friends of free tolls are able to overlook the plank above
quoted, with its clear and ringing declaration against subsidies and bounties, they regard as sacred the following linos in which the party indorsed
free tolls:
"'We favor the exemption from toll of American ships engaged in
coastwise trade passing through the Canal.'
"Second, but even if the platform had not contained within itself a complete refutation of the position taken by the advocates of free tolls, the
President would have been justified in the position that ho took by the
changed conditions which confronted him.
"Such a change has taken place since the Baltimore platform was adopted.
Had the Democrats in convention assembled been confronted by the
condition which now exist and had they known what those now know who
voted for repeal, no such plank would over have been placed in the platform.
"Even if the plank had not been contradicted by another plank in the
platform; even if it had not concealed a subsidy policy repugnant to
Democratic principles and history; even if it had not rebuked the Democrats in Congress; even if conditions had not changed, still, dealing with
an international question, it should be taken as the expression of a wish
rather than as the expression of a determination, for no nation can afford
to purchase a small advantage in tho face of a universal protest.
"If a nation desires to array itself against the world, it should be sure
that the thing which it is to gain is worth what it costs.
"The President, knowing that every commercial nation except our own
construes the treaty as a pledge of equal treatment, would have been
recreant to his trust had he failed to point out to the American people that
our diplomatic relations would be seriously disturbed by the carrying out
of the free tolls policy.
"The Chief Executive speaks for the nation in international affairs,
and it is only fair to assume that he speaks advisedly when he declares
that intercourse with other nations is seriously embarrassed by the free
tolls lawlwhichlhe seeks:to]ropeal.
....
wade ...I
Ant. 18 1914.1
THE CHRONICLE
At the hearings this week on the tolls-exemption clause
before the Senate Committee on Inter-Oceanic Canals, Henry
White,former Secretary of the Embassy at London, and who
participated in the negotiations leading up to the HayPauncefote Treaty, was a witness. In discussing these
negotiations before the Committee, Mr. White is .quoted in
the "Journal of Commerce" as saying:
There was no suggestion that the eoastwise vessels of the United States
should be exempted from the payment of tolls or treated in any way different from other vessels. The question, in fact, never arose and was never
discussed. I am sure that the understanding was all ships of all nations
should be treated alike. Lord Salisbury insisted upon this, and I so cabled
to Mr. Hay.
1217
.
and interest on demand loans monthly, instead of quarterly.
Heretofore, it is stated, the bulk of interest on time loans has
been collected at maturity. The change is made to conform
with the regulations governing the new Federal reserve banks.
A bill taxing transfers of stock in Massachusetts at the rate
of two cents on each $100 of face value or fraction thereof
was ordered favorably reported by the Committee on Taxation on the 8th inst. The proposed legislation follows the
Stock Transfer Tax Law of New York,
The Assistant Attorney-General at New York has been
directed by the Treasury Department to file an application
with the United States Court of Customs Appeal for a review of the decision of the Board of General Appraisers,
under which it was held that certain wood pulp and paper
imported from Canada is entitled to free entry under the
only .provision of the Canadian Reciprocity Act which is
operative. The information is contained in the official
Bulletin of the Government—"Treasury Decisions," as
follows:
In one of three bills which he describes as "the trinity
of his labors while in the Senate," introduced in the Senate
on the 13th inst., Senator J. H. Lewis of Illinois proposes
to abolish the Inter-State Commerce Commission and to
create a new commission of twenty-one members for interState commerce and industry. This commission he would
divide into three branches, creating three sub-commissions
of seven members each, one branch to have inter-State
commerce and transportation, railways and steamships; one
(T. D. 34308).
WOOD PULP AND PAPER FROM QUEBEC.
to have jurisdiction over banking and finance, and the third Appeal directed
from decision of the Board of United States General
Apover factories and inter-State manufactures and interpraisers of Feb. 26 1914, Abstract 34940(T. D.34219),
that certain wood
shipments of manufactured merchandise. The commissions
pulp and paper imported from Canada were entitled to
free entry under
Section 2, Act of July 26 1911.
would be empowered to regulate and supervise the rates
Treasury Department, March 25 1914.
charged for the carrying or selling certain inter-State merSir: The Department is in receipt of your letter of the 16th inst. relative
chandise and commerce, and supervising the wages and com- to the decision of the Board of United States General Appraisers dated
pensation to be paid workmen engaged in the different Feb. 26 1914, Abstract 34940 (T. D. 34219). that certain wood pulp and
paper imported from Canada were entitled to free entry under Section
enterprises supervised. , With the creation of the
commis- of the Act of July 26 1911.
sions he suggests, Senator Lewis would abolish, in addition
In view of the importance of the issue, you are hereby requested to
file..
to the Inter-State Commerce Commission, the new Federal in the name of the Secretary of the Treasury, an application with the
United States Court of Customs Appeals for a review of the said
decision.
Reserve Board and the Bureau of Corporations. Another in accordance with the provisions of
Subsection 29 of Section 28 of the
of the bills submitted by him seeks to empower the United Tariff Act of Aug. 5 1909.
Respectfully,
WM. P. MALBURN, Assistant Secretary.
States to take over and lease to private interests all interAssistant Attorney-General, New York.
State railroads; while the third would authorize the Government to build 100 ships in American waters, to be chartered
The bill regulating trading in cotton futures and providing
in any part of the world as Government merchant marine,
for the standardization of "upland" and "gulf" cottons
and to be an adjunct to the navy in time of war.
separately was passed by the United States Senate on March
27. In line, however, with a motion to reconsider the votes
The refusal of banks to accept certified checks offered in by which the bill was
passed, entered shortly after the paspayment of internal revenue taxes, where indorsed "without sage by Senator
Kenyon, consideration of it was resumed
recourse" by an internal revenue collector, has resulted in on the 28th ult.
long enough to eliminate Section 6, which,
the issuance of instructions by Commissioner Osborn that according
to Senator Kenyon!s understanding, would have
such qualified endorsement is unnecessary. Notice to this legalized cotton
pools and exactly what the United States
effect is given as following under Treasury Decision 1963:
Supreme Court condemned in the case against Patten and
ACCEPTANCE OF CERTIFIED CHECKS IN
PAYMENT OF
others associated with him in the so-called cotton pool case.
INTERNAL REVENUE TAXES.
After the provision in question was stricken out the bill was
Treasury Department, Office of Commissioner of Internal
Revenue,
Washington, D. C., March 18 1914.
passed in its amended shape by the Senate. The bill proSir: This office is in receipt of your letter of the 16th instant in refervides that no person connected with an exchange shall send
certified
checks offered in payment of internal-revenue
ence to
taxes and
to the refusal of your depository to accept such checks where you indorse through the mails matter promoting enforcement of a future
the same "without recourse."
delivery contract, unless the exchange requires all such
In reply you are informed that such qualified endorsement is unnecestransactions to comply with certain conditions, among them
sary, and that any instructions on Forms 17. 21 and 647 contrary
to this
view are hereby rescinded.
that contracts must provide for delivery within Department
In this connection attention is called to the Act of March 2 1911
(P. 108. of Agriculture standards. To use the mail or the telegraph
Comp., 1911), respecting such checks not duly paid by the bank certifying
lines to send out Cotton Exchange quotations is also forRespectfully,
to the same.
bidden unless the exchange adopts the specified contracts;
W. II. OSBORN, Commissioner of Internal Revenue.
Collector First District, Brooklyn, N. Y.
the sending of such matter through the mails is made a misdemeanor,punishable by a fine not to exceed $5000,or by one
The practice of discounting commercial paper instead of year's
imprisonment. Another provision of the bill requires
collecting interest on the same at maturity was begun by
that if the cotton sold is middling and the delivery is of anthe members of the Spokane Clearing-House Association on
the 1st inst. in accordance with the following resolution, other grade the commercial difference in value between the
grade delivered and the grade sold must be paid. In its
adopted on March 31:
final form the bill reads as follows:
Whereas, The provisions of the now Currency Law render
time
paper
necessary in order that members may derive full benefit of
discount privileges; and,
Whereas, Under the provisions of the Currency Law interest on
paper
presented for discount must be paid in advance; and,
Whereas, It is already in most parts of the country the prevailing
practice to discount customers' paper; now,therefore, be it
Resolved, That the undersigned agree that on and after April 1 they
will
discount their customers' commercial paper instead of collecting
interest
on same at maturity, as is now the prevailing local custom; and
the undersigned further agree that, in case it is found necessary to draw
any notes
on demand,interest on same will, so far as possible, be collected
monthly.
Under another resolution adopted by the Association, the
members are directed as far as possible to request firms and
corporations seeking accommodation to furnish, with their
individual statements, reports by some recognized and reputable accountant; such reports to have been made after a
thorough examination, and at regular periods, during the
past two or three years previous to the time when such accommodation is sought.
•
Under a ruling likewise put into operation by the Seattle
Clearing-House Association on April 1, all banks belonging
to it are required to collect interest on time loans in advance
AN ACT TO. REGULATE TRADING IN COTTON FUTURES AND
PROVIDE FOR THE STANDARDIZATION OF "UPLAND" AND
"GULF" COTTONS SEPARATELY.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress Assembled:
Sec. 1. That no person,firm,joint-stock company,society,association,or
corporation, their managers or officers, who are members of any exchange,
society, corporation, or association in which or through which any contract or contracts for the future delivery of cotton are made shall send
through the United States mail any letter, document, pamphlet, or
other matter in the promotion or furtherance of the making or enforcing
of such contract or contracts unless such exchange, society, corporation or
association shall require all such contracts for future delivery of cotton
to
comply with the following conditions:
That such contract shall specify the number of bales of cotton involved
in the contract,the price per pound of middling cotton,hereinafter called the
basis grade,at which the cotton is contracted to be bought or sold, the date
of the purchase or sale, and the month in which the contract is to be fulfilled or settled, and provide that the cotton therein mentioned or dealt
with shall be within the grade limits fixed by the Secretary of Agriculture,
to wit, within the limits of middling fair and good ordinary, inclusive, of
Government standards, and no other grade or grades, and provide that in
the settlement of such contract by the actual delivery of the cotton other
than the basis grade, the difference above or below the contract price
which shall be paid for such grades shall be determined as hereinafter
provided.
That for the purposes of this paragraph-the differences above or below
the contract price which shall be paid for grades above or below the basis
1218
THE CHRONICLE
grade, in the settlement of a contract for the future delivery of cotton by
the actual delivery of the cotton involved therein, shall be determined by
the actual commercial differences in value thereof, established by bona fide
sales of spot cotton of the same grades, respectively, made in the course of
actual trade, upon the sixth business day prior to the settlement of the
contract, in the market where the future transaction involved takes place
and is consummated; and in the event that there be no bona fide spot
market in which spot sales are made from day to day, at or in the place
in which such future transaction takes place, then, and in that case, the
said average differences in value is the spot markets at five places designated by the Secretary of Agriculture, as the said average differences were
established by the sales of spot cotton of the same grade, respectively, in
such five markets upon the sixth business day prior to the settlement of
the contract: Provided, that for the purposes of this paragraph such values
in the said spot markets be based upon the standards for grades of cotton
fixed by the Secretary of Agriculture. That for the purposes of this paragraph the only markets which shall be considered bona fide spot markets
shall be such as are designated by the Secretary of Agriculture. That in
determining, pursuant to the provisions of this paragraph, what markets
are bona fide spot markets, the Secretary of Agriculture is directed to consider only markets in which spot cotton is sold in such volume and under
such conditions as customarily to reflect accurately the price of middling
cotton and the differences between the prices or values of middling cotton
and other grades of cotton for which standards shall have been established
by the Secretary of Agriculture.
That such contract shall further provide that each bale of cotton tendered
for delivery shall be separately marked and tagged before date of delivery,
and the date of Its arrival and classification indicated thereon, and that
no cotton which has been certified for a longer period than one year can be
tendered or delivered.
Such contract mustfurther provide that no pro forma tender can be made,
but actual delivery of classified cotton shall be made on the day named
for delivery in the contract.
Sec. 2. That it shall be the duty of the Secretary of Agriculture to standardize the grades of"upland"and "gulf"cottons separately;and such grades
as are established for both "upland" and "gulf" cottons shall not include
cotton below good ordinary or above middling fair. It shall be the duty
of the Secretary of Agriculture also to standardize according to grades,
stains and tinges.
Sec. 3. That in case long-staple cottons are bought or sold for future
delivery the length of the staple shall be designated in the contract, and
the cotton shall be, when delivered, as of the grade and length of staple
designated in the contract.
Sec. 4. That no person or corporation shall send through the mails or
over the telegraph wires any price lists of sales of cotton in any cotton exchange engaged in selling futures which does not use a contract for future
delivery of cotton in accordance with the provisions of this Act.
Sec. 5. That no person whose evidence is deemed material by the officer
prosecuting on behalf of the United States shall withhold his testimony
because of complicity by him in any violation of this statute, but any such
person so required to give evidence as a witness shall be exempt from prosecution in any court of the United States for the particular offense in connection with the prosecution whereof such testimony was given.
Sec. 6. That whoever shall send any letter, paper, publication, or
package, or matter of any kind through the mails of the United States
contrary to the provisions of this Act shall be deemed guilty of a misdemeanor, and, upon conviction thereof shall be punished by a fine not
exceeding $5,000, or by imprisonment not exceeding one year, or by both
such fine and imprisonment.
The eliminated section read as follows:
It is hereby declared to be legal for any number of men or corporations
to agree to purchase lint cotton and to further stipulate that the same is
not to be sold by or through a cotton exchange which is engaged in selling
futures.
acvm.
Washington, D. C., but were dismissed by the House Judiciary Committee on March 10 as "uncorroborated."
Although the annual convention of the American Institute of Banking does not take place until the fall, the program committee is already able to announce a tentative program. This alert committee consists of H. P. May, Assistant Cashier of the City National Bank of Dallas; R. S.
Hecht, Trust Officer of the Hibernia Bank & Trust Co. of
New Orleans, and T. R. Durham, Assistant Cashier of the
Chattanooga Savings Bank of Chattanooga, Tenn. The
convention is to be held in Dallas on Sept. 22, 23 and 24,
and the purpose in announcing the plans relative thereto thus
early is to give the banking interests an idea of the nature of
the program, with a view to influencing those who had not
planned to attend to make the trip and to enable them to
arrange their summer vacation plans accordingly. While
none of the speakers at the convention has yet been announced, the topics of discussion will be: "The Federal Reserve Bank," "Rural Credits," "One Year's Operation of the
Income Tax," "Effect of the Federal Reserve Bank Act on
the Commercial Paper and Bond Business," and "The Problem of National River Control." There will also be a symposium on "The New South," and a debate on "Resolved,
That Government Ownership of the Telephone and Telegraph Lines would be for the best interests of the country";
a Western chapter will take the affirmative side and an Eastern chapter will treat the resolution negatively. The elaborate social features planned consist of an afternoon and evening entertainment on Tuesday Sept. 21 by the Dallas chapter, including an open-air barbecue and bronchia busting
exhibition, cabaret and dancing; an entertainment by the
Dallas chapter on the evening of the 23rd, an automobile
ride on the 24th, followed by a dinner and reception; there
will also be a dance at the Country Club. After the adlournment of the convention, a three-days' trip through
Texas will be arranged, for which exceptionally low rates will
be granted, and which will enable the delegates to form an
excellent idea of the history, resources and development of
the State. The route for this trip will be as follows: Friday,
Sept. 25, visit to Fort Worth and Waco; Saturday, Sept. 26,
San Antonio; Sunday, Sept. 27, Houston and Galveston.
From Galveston delegates can return either by boat to the
East or by train to any section of the country, reaching home
about Oct. 1.
In "Lippincott's Magazine" for April, Dr. Edward Sherwood Mead, a financial expert, attempts a simple and lucid
explanation of the new Federal Bank Act and its operation.
In this and two succeeding articles he proposes to show how
President Wilson and his advisers effected something which
would not have been deemed possible five years ago—to
bring all the national banks into one system and put that
system in charge of the large banking interests, which,he
claims, are controlled by the only men with sufficient training, intelligence and experience to administer it.
The Judiciary Committee of the House of Representatives
decided on the 23d ult. to make a preliminary inquiry into
the official conduct of Daniel Thew Wright, an Associate
Justice of the Supreme Court of the District of Columbia.
On the 21st ult. Justice Wright was charged in the House
by Representative Page with being guilty of high crimes and
misdemeanors. A resolution asking that the Committee on
the Judiciary be directed to inquire and report whether
A bill reducing the tax on bank stock to 1%, or about
action by the House was necessary respecting Justice Wright's
alleged official misconduct was introduced by Representa- one-half the old rate, passed by the Maryland Legislature
tive Park and was referred to the Judiciary Committee. We before its adjournment on the 6th inst., was signed by Gov.
Goldsborough on April 13. The bill passed the Senate on
print the resolution herewith:
Resolved, That the Committee on the Judiciary be directed to inquire April 3 and the House on the 6th. It is stated in the Baltiand report whether the action of this House is necessary concerning the more "American" that, when the defeat of the bill seemed
alleged official misconduct of Daniel Thew Wright; whether he has accepted
sentiment in its favor was suddenly
favors from lawyers appearing before him; whether he has permitted counsel imminent in the Senate, a
for a street railway company to endorse his notes while said counsel was and unexpectedly created by the report that Baltimore lost
retained in business and causes before his court; whether he has performed its petition for a regional reserve bank because of what was
the services of lawyer and accepted a fee during his tenure of judicial ofbank stock. Those working
fice, in violation of the statutes of the United States; whether he has col- said to be the excessive tax on
lected and wrongfully appropriated other people's money; whether he has in behalf of the passage of the bill to reduce the tax are said
purposely changed the record in order to prevent reversal of causes wherein to have claimed that, with the decrease in the rate, there
he presided; whether ho has borne deadly weapons in violation of the law
the deposits of Balwhether he is guilty of judicial misconduct in the trial of a writ of habeas would be an addition of $20,000,000 to
corpus to an extent which provoked a reviewing court of the District of timore banks, and that, furthermore, under the more faColumbia to justly characterize the trial as a "travesty of justice"; whether
vorable conditions arising from the lower tax, Baltimore
he has arbitrarily revoked, without legal right, an order of a judge of concurrent jurisdiction, appointing three receivers, so as to favor his freind by would be enabled to enter into competition with banks of
appointing him sole receiver; whether he is morally and temperamentally other cities, like Pittsburgh, Philadelphia, Cleveland and
unfit to hold Judicial office, and whether he has been guilty of various other
York, in making loans. Under the newly-enacted bill,
acts of personal and Judicial misconduct for which he should be impeached. New
That this Committee is hereby authorized and empowered to send for the bank stock will be assessed on a valuation which is fixed
persons and papers, to administer oaths, to employ, if necessary, an addi- as the aggregate of the capital, surplus and undivided profits,
tional clerk and stenographer, and to appoint and send a sub-committee
irrespective of the residence of the
whenever and wherever necessary to take testimony for the use of said sub- at a uniform rate of 1%,
stockholders.
committee.
That the sub-committee shall have the same power in respect to obtainng testimony as is herein given to the said Committee on the Judiciary;
and the Speaker shall have authority to sign and the Clerk to attest subpoenas for any witness or witnesses.
That the expenses incurred in this investigation shall be paid out of the
contingent fund of the House.
A negotiable-instruments Act became effective in South
Carolina on March 25. It passed the General Assembly on
March 4. According to the "Journal of the American
Bankers' Association," South Carolina is the forty-seventh
Prior to Representative Park's accusations, charges against State which has passed the law.
Justice Wright were made by W. H. Cooper, a banker of
APR. 18 1914.)
THE CHRONICLE
A bill providing for the creation of a banking department
in Mississippi was signed by Gov. Brewer on March 9.
The measure, known as the Kyle bill, was passed by the State
Senate on Jan. 29. Amendments to the bill as it passed the
House on Feb. 11 sent the bill to conference, and both
branches of the Legislature subsequently agreed to the conferees' report. The new law provides for the establishment
of a bank deposit guarantee system which is to go into operation on May 1 1915. It also contains a clause under which
candidates for the position of bank examiners will be subject
to election. The new Commission must consist of an attorney to be named by the Attorney-General, a banker to be
appointed by the Governor and an expert accountant to be
named by the Auditor. Judge N. C. Hill has been named
as the legal member, Lewis E. Crook is the accountant
selected, and W.P. Holland, President of the Planters' Bank
of Clarksdale, is the banker chosen to serve on the Commission.
While stating that he considered the new legislation a
splendid law in some respects, Gov. Brewer,in approving the
bill, pointed out some features to which he took exception,
as follows:
1219
likewise. Several other trust companies will take definite
action later if the money market does not improve. Several
companies are taking new business at a reduction of of
1%,
but continuing the old interest rate on old business for the
present.
George C. Van Tuyl Jr. formally resigned as New York
State Superintendent of Banks on Wednesday and was immediately elected President of the Metropolitan Trust Co.
of New York City. Shortly after Superintendent Van Tuyl
sent his resignation to Governor Glynn, he received notice
from the trust company that he had been elected a director,
and had afterward been chosen as President of the institution. Superintendent Van Tuyl immediately assumed his
duties as President of the Metropolitan Trust Co. Mr.
Van
Tuyl was appointed Superintendent of Banks by Governor
Dix .in 1911 and assumed his duties on May 23 1911,
so
that his term covered a full period of three years, lacking
a
little over a month. The term of office of Eugene Lamb
Richards of New York, the new Superintendent of
Banks,
does not begin until May 9 next, as Mr. Richards has
numerous personal affairs to dispose of before assuming
his
In the first place, under the bill the bank examiners are absolutely czars duties, it is expected that First
Deputy Superintendent of
as far as the bank is concerned and have the power to place any bank, Banks
George
I.
Skinner will be the Acting Head of the
solvent or insolvent, in liquidation in the State if, in their opinion, it ought
to be done. I therefore recommend that you pass a separate statute pro- Department until that time.
examiners
should
undertake to liquidate any bank,
'riding that if the bank
The Metropolitan Trust Co., of which Mr. Van
Tuyl
and the officers of the bank should not desire to have it liquidated,that they
should be permitted to go in and file with the bank examiners a good and becomes President, was established in 1881, and is located
solvent bond for 25% greater than all their liabilities, and obtain an in- at No. 49 Wall St., in the heart of the New
York financial
junction to prevent their liquidation, as under the provisions of this law district.
The aggregate resources are $30,000,000. For
it would be possible for the bank examiners to liquidate a perfectly solvent
many years the President of the institution was General
bank.
Among other things the last clause of the first paragraph of Sec. 6 of Brayton Ives. He retired some time
ago on account of illthe Act provides: "If the said examiner upon a hearing shall be found to
health. Strong financial interests are represented with the
have violated any of the provisions of this Act, or shall be found for any
reason to be unfit or disqualified to hold the office of bank examiner,he may, new President on the board of directors of the Metropoliin the discretion of the Board,be removed by it." This clause in my opinion tan Trust Co.
is clearly in violation of the Constitution, as the Constitution provides
Mr. Van Tuyl was born in Albany, where he rose in the
how an officer may be removed,and this section should be so amended
as to
conform to the Constitution.
oanking business from the position of messenger to that of
Section 29 of the Act among other things provides: "No corporation ex- President of
the Albany Trust Co. He entered the National
cept a national bank or postal savings bank shall carry on a banking
business except in compliance with this Act." In my opinion those banks Exchange Bank, Albany, as messenger, in 1888, and served
that were chartered between 1882 and the adoption of the Constitution of In all capacities. He was made paying teller in 1893. He
1890 that are granted irrevocable charters cannot be required to guarantee resigned from the National
Exchange Bank in 1900 to betheir deposits, and that therefore that portion of the law that imposes
double liability upon their stockholders is violative of their charter rights come Secretary and Treasurer of the Albany Trust Co. He
and would be void, and it looks as though the State were acting in bad was elected Vice-President of the Albany Trust Co. in 1906
faith with them, and while I thing the courts will correct this, at the same and President of the same
company in 1908. He served ihi
time I wanted to keep the record straight that the Executive Department
this capacity until appointed Superintendent of Banks of
has called attention to this feature.
There is another feature of the bill that makes the bank examiners elect- the State of New York in May 1911. At
the time of acceptive. I do not think there is anything that could be done to introduce a
ing the position of Superintendent of Banks he was associated
more pernicious influence into Mississippi politics than in making a bank
examiner elective. But in view of the fact that this would not be operative with the following institutions: President, Albany Trust Co.;
until after the next general election,and relying upon the wisdom of the director, First National Bank,
Albany; director, First NaLegislature to correct thisfeature at the proper time,I do not refuse to sign
tional Bank, Ravena; director, Niagara Falls Trust Co.,
this magnificent law on account of this feature of it.
Niagara Falls; trustee, Albany Exchange Savings Bank;
An application for a pardon on behalf of eighteen of the director, Mutual Fire Insurance Co., Albany.
members of the International Association of Bridge & Structural Iron Workers, convicted in the dynamite conspiracy
The Lincoln Trust Co. of this city will move next Monday
cases, was filed with the Department of Justice at Washing- into its own home, a handsome building running
through
ton on March 17. The petition is said to allege unfair- from 204 Fifth Ave. to 1124 Broadway, and devoted entirely
ness on the part of Judge Anderson during the trial at In- to the purposes of the company. It will be one of the
very
dianapolis in his refusal to grant certain exceptions; the de- few financial institutions in the district between Union
Square
livery by him of long speeches tending to show the guilt of and Central Park owning the premises they occupy and
it
the defendants; and it is furthermore contended that he in- assures the permanency of the location of the Lincoln Trust
timidated and ridiculed counsel and witnesses for the de- Co. in the heart of the district it serves and within two
doors
fence.
of the location it has occupied for several years. Since the
present management took charge in 1908 the company has
Judge O'Brien of the Circuit Court at Houghton, Mich., about doubled
its deposits to $12,307,750 and its total assets
on March 23 denied a motion to quash the indictment re- to $14,039,47
5. The new building presents a front of
turned in January by the grand jury at Houghton, Mich., Indiana
limestone on both Fifth Ave. and Broadway, each
against Charles H. Moyer, President of the Western Federafront possessing large windows extending the height of two
tion of Miners, and thirty-seven other members of the or- floors.
This arrangement supplies such natural light that
ganization. The indictment grew out of the strikes in the
banking
the
force will seldom be compelled to resort to artiMichigan copper mining districts.
ficial illumination, although the offices are supplied with
It is announced that under a change made in the by-laws the modern system of indirect lighting, while an effective sysof the Los Angeles Clearing-House Association, savings banks tem of ventilation adds to the comfort of the workers.
and trust companies are permitted to become members of the The building is of fire-proof construction of steel and conassociation; heretofore their clearings were made through crete and the offices are equipped with every up-to-date
member banks in the association, which comprised only the convenience for the transaction of business. The interior
is simple but harmonious in all appointments, being treated
national institutions.
to produce the effect of Botticini marble, Caen stone and
A readjustment of the interest rates paid to depositors natural-finish bronze. There are three stories to the new
on fixed and other deposits has been put into force this week structure. The top floor is devoted to the bookkeeping
deby some of the city's large trust companies. This is the partment, storage vaults, locker rooms and ample toilet
natural result when the money market is overburdened with facilities. On the second floor are the rooms for
meetings of
loanable funds and low rates prevail for idle money. the directors and various committees. On the first
floor
The old and conservative New York Life Insurance & Trust are the banking offices, with furniture of special
steel
Co. announced last Saturday that it would reduce the rate equipment and every facility for the convenienc
e of clerks
deposits
on all
from 3 to 23%. The Farmers' Loan & Trust, and customers. A balcony running around the
room serves
the United States Trust and the Bankers Trust have done for the desk room of the officers,
correspondence depart"!
1220
THE CHRONICLE
ment, &c., overlooking on the Fifth Ave. side the spacious
extent of Madison Square. The banking room is supplied
with the dictaphone on the system of interior telephone
service and every other modern facility. Below the first
floor are extensive and well-equipped safe deposit vaults.
The officers of the Lincoln Trust Co. are Alexander S. Webb,
President; Abram M. Hyatt and Owen Ward, Vice-Presidents; Horace F. Poor, Vice-President and Treasurer;
Frederic P. Davis, Secretary, and Breckenridge Carroll,
Assistant Treasurer. The executive committee consists of
Louis Stern, of Stern Bros., Chairman; Abram M. Hyatt;
B.Aymar Sands, of Bowers & Sands; W.De Lancey Kountze,
of Kountze Bros.; Isaac N. Seligman, of J.& W.Seligman &
Co.; George Leask, of George Leask & Co.; Alexander S.
Webb and C. Morton Whitman, of Clarence Whitman &
Co. The board of directors numbers twenty-six and includes
many prominent bankers, merchants and real estate men
not included in the executive committee.
[Vol, xcvni.
the bank to membership, a conference between representatives of the bank and the Treasury Department was held on
the 10th inst. relative to the reorganization plans, and this
week the opening date was definitely set. The institution
closed its doors on July 7 1913. Under the plan of rehabilitation it is to have a capital of $4,000,000, 75% of which
will be owned by the depositors and 25% by those who were
already stockholders. The banks will also have a surplus
of $1,000,000. Before reorganization the institution had a
capital of $3,400,000. Lawrence E. Sands, President of the
National Exchange Bank of Wheeling, W. Va., has been
elected President of the reorganized Pittsburgh institution.
David B. Lyman,formerly President of the Chicago Title
& Trust Co. of Chicago, and a director of the institution at
the time of his death, died suddenly on the 8th inst. Mr.
Lyman served in the presidency from 1895 to 1901. He
was seventy-four years of age.
Hans Winterfeldt, formerly of Speyer & Co., has been
Frederick Weyerhaeuser of St. Paul, reported to be the
elected managing director of the National Bank fur Deutsch- largest owner of timber lands in the country, died
land of Berlin.
at Pasadena, Cal., on the 4th inst. The various corporations in which he was interested are credited with conThe old-time banking firm of Blake Brothers & Co., which trolling 30,000,000 acres of timber lands, valued as high as
was founded in 1850, has moved its New York offices from $1,500,000,000. According to the St. Paul "Journal," he
50 Exchange Place to the Bank of America Building, corner was a heavy owner in the following organizations and at
of Wall and William Sts. The new offices are more attract- some time or other President of nearly all: Mississippi River
ive and larger in every way and have the benefit of daylight Boom & Logging Co., Potlatch Lumber Co., Weyerhaueser
with outside air on the two street sides. The firm has had Timber Co., Weyerhaeuser Syndicate, Chippewa Lumber &
to move on several occasions during its long existence to Boom Co., Cloquet Lumber Co., Tacoma Lumber Co.,
make way for building improvements. At one time it was Little Falls Lumber Co., Mississippi River Logging Co.,
located in Chauncey Lane, an old forgotten passage way run- Northland Pine Co., Pine Tree Lumber Co., Musser-Sauntry
ning through from Wall Street to Exchange Place, between Co.,St. Croix Lumber Co.,Shell Lake Lumber Co.,Northern
Broad and William St. The firm was the first tenant in Wisconsin Lumber Co., Chippewa Valley Lumber Co.,
the old Stevens Building, 18 Wall St., then one of the newest Bonners Ferry Lumber Co., Superior Timber Co., Weyerof the modern type of office buildings to be erected in. this haeuser & Denckmann, Weyerhaeuser & Rutledge Lumber
city, which was recently superseded by the new Bankers Co., Duluth & Northeast Ry., Mesabe Southern Ry.,
Trust Building,and later Blake Brothers & Co. had to move Atwood Lumber Co., Rutledge Lumber Co., Nebagamon
out of 5 Nassau St. to make way for the present Hanover Lumber Co. At the time of the consolidation in 1912 of the
Bank Building. One of the firm's earliest addresses was National German-American Bank of St. Paul with the
54 William St., so at no time in the last sixty-four years has Merchants' National, Mr. Weyerhaeuser was Vice-President
this old concern been situated more than one square from the of the first-named institution, and he entered the managefinancial thoroughfare of America.
ment of the consolidated institution in a similar capacity.
Mr. Weyerhaeuser was in his eightieth year.
Schedules in bankruptcy of H.B. Hollins & Co. of 15 Wall
Street, which failed on Nov. 13 last, were filed on Mar. 31.
A merger of the National Reserve Bank and the Nationa
The liabilities are placed at $5,834,643, of which $4,837,618 Bank of the Republic of Kansas City, Mo., was effected
are secured, $738,377 are unsecured, $257,254 is due on on the 11th inst. under the name of the National Reserve
notes which ought to be paid by others, and $1,394 represents Bank. The National Bank of the Republic, organized in
unpaid wages. The nominal assets are given as $6,829,128, 1907 as successor to the American National Bank, had a
consisting of stocks and bonds, $6,137,636, of which a good capital of $500,000 and deposits on March 4 of $3,947,261.
part is worthless; notes and bills of exchange, $270,840; ac- The National Reserve Bank was established in 1910 and
counts, $257,365; claims, $135,370; cash in banks, $27,419; took over at the time of its organization the Central National
cash on hand,$147, and office furniture, $357. Some of the Bank; it has a capital of $1,200,000, no change having been
larger secured creditors are the Chase National Bank' made in the amount with the consolidation just effected; its
$951,980; W. K. Vanderbilt, $546,596; Estate of J. P. Mor- deposits on March 4 amounted to $7,276,337. John T. M.
gan,$309,850; Hanover National Bank,$351,485; the Metro- Johnston, President of the National Reserve Bank, is Chairpolitan Trust Co., $277,341; National Bank of Commerce, man of the Board of the consolidated bank. William Hut$204,767; the First National Bank, $175,340; the Inter- tig, who was at the head of the National Bank of the Repubnational Banking Corporation, London, $158,739; J. P. lic, is President of the new National Reserve Bank; the other
Morgan & Co., $100,233, &c.
officials are: C. B. McCluskey, Amos Gipson, C. B. Gray,
John C. Knorpp, J. H. Berkshire, F. G. Robinson, W. E.
The plans for the merger of the Federal Safe Deposit Co. Halsell and Willis Wood, Vice-Presidents; J. L. Johnston,
of this city into the Corn Exchange Safe Deposit Co. were Cashier; H. E. Huttig, W. G. Catron, Herritt Jeffries,
ratified by the respective stockholders on Mar. 25 and sub- E. H. Gregg and W. R. Coulson, Assistant Cashiers.
sequently approved by Superintendent Van Tuyl. The
stockholders of the Corn Exchange Safe Deposit Co. also
Edward B.Pryor has been elected to succeed the late John
authorized the issuance of $100,000 of new capital, thus H. McCluney as President of the State National Bank of
raising the amount from $200,000 to $300,000.
St. Louis. Mr. Pryor, who has been a director of the bank
for eight years, is receiver of the Wabash RR. and ViceA map showing the boundaries of the new Federal Reserve President of the board of directors of the road.
districts has been issued by the Fourth National Bank of
this city. It ought to prove very useful to every one in bankThe stockholders of the Bank of Bremen at St. Louis will
ing circles. We presume copies can be obtained by apply- hold a special meeting on May 20 to act on the question of
ing to the officials of the bank.
ncreasing the capital from $100,000 to $200,000.
An article on "The Federal Reserve Act," by W. M.
William B. Baker has been elected Cashier of the Park
Bank of Baltimore, succeeding H. P. Smith, who resigned Martin, of the Mississippi Valley Trust Co. of St. Louis, is
on March 31. Mr. Baker had previously been Assistant the subject of a special number of the company's publication issued under the title of "Service." The article is illusCashier.
trated with portraits of all the Secretaries of the United
It is planned to reopen the First -Second National Bank of States Treasury. The magazine will be sent to all those inPittsburgh on April 27. Following the action of the Pitts- terested who may apply for it.
••••• •••
••
•••
burgh Clearing House on the 8th inst. in voting to reinstate
APR. 18 1914.1
THE CHRONICLE
The Standard Bank of Canada (head office Toronto) has
declared a dividend for the current quarter ending April 30
1914 of 314%,being at the rate of 13% per annum upon the
paid-up capital stock of the bank. It is payable on and after
the 1st of May to shareholders of record as of the 23d of
April 1914.
1221
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of January, February, March and
April 1914.
Jan.1 1914. Feb. 1 1914. Mar.
.1 1014. Apr, 1 1914.
Holdings in Sub-Treasuries$
$
$
$
.
Net. gold coin and bullion
262,442,831 216,069,924 213,874,463 226,993,774
Net sliver coin and bullion
15,212,627 27,044,203 34,906,667 36,317,538
DEBT STATEMENT OF MARCH 31 1914.
Net United States Treas. notes
4,947
7,916
6,765
8,841
Net legal-tender notes
6,640,146 11,544,256
The following statements of the public debt and Treasury Net
7,471,326
5,214,427
national bank notes
31,363,386 52,673,172 45,318,126 38,363,644
cash holdings of the United States are made up from official Net
fractional silver
14,036,410 18,057,610 19,293,038 20,295,772
figures issued March 311914. For statement of Feb. 28 1914, Minor coin, &c
1,559,050
2,071,052 2,439,556
2,317,602
see issue of March 28 1914, page 973; that of March 31 1913, Total cash in Sub-Treasuries_331,259,397 327,468,133 323,309,941r
329,511,598
Less gold reserve fund
see issue of April 26 1913, page 1203.
150,000,000 150,000,000 150,000,000 150,000,009'
INTEREST-BEARING DEBT MARCH 31 1914.
Cash balance in Sub-Treasuries..181,259,397
177,468,133 173,309,941 179,511,598
national
Cash
in
banks
Amount
Amount Outstanding
- To credit Treasurer
of U. S_ __ 85,202,390 76,708,569 86,728,385 55,642,322
Interest
Issued,
Registered, Coupon.
Total.
To credit disbursing officers__ 7,100,033
Title of LoanPayable.
7,992,720
7,357,114
7,397,859.
2s, Consols of 1930
Q.-J. 646,250,150 642,817,400 3,432,750 646,250,150
Total
38, Loan of 1908-18
92,302,428 84,701,289 74,085,499 63,040,181
Q.-F. •198,792,660 46,013,340 17,932,120 63,945,460
45, Loan of 1925
7,531,182 6,559,222 5,671,678
Q.-F, £162,315,400 101,211,250 17,278,650 118,489,900 Cash In Philippine Islands
5,632,374
2s, Pan. Canal Loan 1906.Q.-F. 54.631.980 54,609,080
22,900 54,631,980
Net cash in banks, Sub-Treas_281,093,007 268,728,644
2s, Pan. Canal Loan 1908,Q.-F, 30,000,000 29,678,920
321,080 30,000,000
253,067,118 248,184,153.
35, Pan. Canal Loan 1911.Q.-S. 50,000,000 39,888,000 10,112,000 50,000,000 Deduct current ilabilities_a
152,029,423 146,138,894 143,495,827 140,663,764 ,
2As,Post.Sav.bds.'11-'13.J.-J.
3,506,000 2,092,260
513,740
3,506,000
Balance
234a,Post.Say.bds. 1914-I.-J.
156,140
973,680
1,129,820
129,063,584
1,129,820 Nat:oast
bank redemption fund_ 17,209,266 122,589,750 109,571,291 107,520,389.
17,828,483 16,704,743 16,604,968.
Aggregate int.-bearing debt...1,146,626,010 918,183,930 49,769,330 967,953,310
Available cash balance
111,854,318 104,761,267 92,866,548 90,915,421
'
4 Of this original amount issued, $132,449,900 have been refunded into the 2%
a Chiefly "disbursing officers' balances." z
Consols of 1930 and $2,397,300 have been purchased for the sinking fund and
Includes $2,965,186 10 silver bullion.
canceled. x Of this original amount issued, $43,825,500 have been purchased for and $2,317,601 50 minor coin, &c., not included in statement "Stock
of Money."
the sinking fund and canceled.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Feb. 28.
Mar. 31.
Funded loan of 1891, continued at 2%,called May 18
1900, interest ceased Aug. 18 1900
Funded loan of 1891, matured Sept. 2 1918
Loan of 1904, matured Feb. 2 1904
Funded loan of 1907, matured July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
$4,000 00
23,650 00
13,050 00
681,550 00
13,370 00
$4,000 00
23,650 00
13,050 00
678,450 00
13,360 00
903,680 26
903,680 26
Aggregate debt on which interest has ceased since
maturity
$1,639,300 26 $1,636,190 26
DEBT BEARING NO INTEREST.
Feb. 28.
March 31.
United States notes
$346,681,016 00 $346,681,016 00
Old demand notes
53,152 50
53,152 50
National bank notes, redemption fund
16,704,743 50
16,604,968 50
Fractional currency, less $8,375,934 estimated
as
lost or destroyed
6,853,445 90
6,853,097 90
Aggregate debt bearing no interest
$370,292,357 90 $370,192,234 90
RECAPITULATION.
March 31 1914.
Feb. 28 1914.
Increase(+)or
Decrease (-).
Interest-bearing debt
$967,953,310 00 $967,953,310 00
Debt interest ceased
1,630,190 26
1,639,300 26
-$3,110 00
Debt bearing no interest
370,192,234 90 , 370,292,357 90
-100,123 00
Total gross debt
$1,339,781,735 16 $1,339,884,968 16 -$103,233 00
Cash balance in Treasury •.._
257,520,389 57
259,571,291 35 -2,050,901 78
Total net debt
$1,082,261,345 59 $1,080,313,676 81 +21,947,668 78
•Includes $150,000,000 reserve fund.
a Under the now form of statement adopted by the U. S. Treasury on
the item "national bank notes redemption fund" is not only Included in theJuly 1,
"debt
bearing no interest," but appears as a current liability in the Treasury
statement
of "cash assets and liabilities." In arriving at the total net debt,
therefore, and
to avoid duplication, the amount is eliminated as a current
liability, increasing
to that extent the cash balance in the Treasury.
The foregoing figures show a gross debt on March
of
$1,339,781,735 16 and a net debt (gross debt less net31
cash
in the Treasury) of $1,082,261,345.
TREASURY CASH AND DEMAND LIABILITIES.-The cash holdings of the Government as the items stood
March 31 are set out in the following:
ASSETS.
LIABILITIES.
Trust Fund HoldingsTrust Fund Liabilitiesi
Gold coin and bullion..1,142,471,960 00 Gold certificates
1,142,471,969 00
469,749,000 00 Silver certificates
Silver dollars
469,749,000 00
Silver dollars of 1890...
2,501,000 00 Treasury notes of 18902,501,000 00
Total trust fund
1,614,721,969 00
Total trust liabilities-1,614,721,969 00
Gent Fund HoldingsGen. Fund LiabilitiesIn Treasury OfficesIn Treasury Offices:
Gold coin
29,065,124 31
Dtsburs. officers' bal. 60,855,870 02
Gold certificates
47,928,650 00
Outstanding warrants
797,483 50
Standard sliver dollars 24,407,704 00
Outst'g Treas. checks.
4,891,578 14
Silver certificates_ _ _
8,944,558 00
Outst'g int. checks_ _
285,316 47
United States notes
5,214,427 00
P.0. Dept. balances. 11,891,259 89
Treasury notes of 1890
Postalsavings balances
8,841 00
1,483,019 50
Cert. checks on banks
439,314 24
Judicial officers' balNational bank notes_
38,363,644 08
ances, firc
7,720,189 73
Subsidiary silver coin. 20,295,772 46
National bank notes:
Fractional currency
400 16
Redemption fund
16,604,968 50
Minor coin
1,877,887 10
Nat. bank 5% fund_
21,769,997 79
Silver bullion
2,965,186 10
Assets of failed national banks
16,302,286 38
Tot.In Sub-Treasuries 179,511.598 45
Misc.(exchanges,&c.)
5,231,741 76
In Nat. Bank Depositories:
Credit Treas. of U.S. 55,642,321 77
Total
147,633,720 68
7,397,859 22 Subtract: checks not
Credit U.S.dis.officers
cleared
2,757,130 34
Total in banks_ _ _ _ 63,040,180 99
In Treas. Philippine Islands:
144,876,590
34
Credit Treas. U. S___
2,801,834 18 In Nat. Bank Devoe.:
Credit U.S.dis.officers
2,830,539 70
Judicial officers' balances, ece
7,397,859 22
Total in Philippines
Outstanding warrants
5,632,373 88
363,434 00
Total in banks_ ___
7,761,293 22
In Treas. PhilippinesDisburs. officers' bats.
2,830,539 70
Outstanding warrants
1,800,308 99
Total
4,630,848 69
Total liabli. against cash 157,268,732 25
Cash Bal. tt ReserveTotal cash reserve
240,915,421 07
Made up ofAvailable 90.915,421 07
and
Reserve Fund:
Reserve Fund HoldingsGold and
Gold coin and bullion_ 150,009,000 00
bull_150,000,000 00
Grand total
2,012,906,122 32
Grand total
2,012,006,122 32
IMPORTS AND EXPORTS FOR FEBRUARY.
The Bureau of Statistics at Washington has issued
statement of the country's foreign trade for February the
from it and previous statements we have prepared, and
the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases
omitted.)
MERCHANDISE.
Exports
Imports
1914.
1913.
1912.
1914.
1913.
1912.
January
204,071 $227,033 8202,446 $154,743 $163.063
3143,586.
February.... 173,808
193,997
198,844
149,937
149,914
134,188
March
187,427
205,412
155,446
157,577
April
199,813
179,300
146,194
162,571
May
194,607
175,380
133,724
155,698
June
163,405
138,234
131,246
131,031
July
160,991
148,885
139,062
148,667
August
187,909
167,845
137,652
154,757
September_
218,240
199,678
171,085
144,820
October
271.861
254,634
132,949
177,988
November
245,539
278,244
148,236
153,095
December 233,196
250,316
184,026
154,095
Total
$2,484,018 32,399,218
$1,792,596 $1,818,073
GOLD.
-ExpertsImports
1914.
1913.
1912.
1914.
1913.
1912.
January
86.914
$17,238
$1,915
810,451
86,210
$5,141
February.-9,079
12,373
10,589
3,209
5,357
2,937
March
18,077
7,454
4,381
4,336
April
3,010
1,817
4,014
3,893
May
12,467
4,451
4,561
3,347
June
.
569
7,171
3,387
5,611
July
8,654
7,265
7,859
3,748
August
1,195
2,498
5,804
5,577
September_
498
568
4,627
4,201
October
484
330
5,391
11,887
November_
6,663
2,710
7,041
4,474
December
10,573
657
5,073
11,397
Total
$91,790
1914.
$4.010
3,592
January
February....
March
April
May
June
July
August
September_
October
November --December Total
January __
February.
March__
April
May
June
July
August...
September
October
November
December.
Exports
1913.
$6,436
5,315
5,537
5,972
5,329
4,732
4,936
4,908
5,856
4,874
4,423
4,453
$47,425
SILVER.
$63,705
$66,549
1912.
$6,028
5,122
5,106
4,941
6,726
5,046
6,591
6,077
6,011
6,172
5,834
7,608
Imports
1913.
14,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,089
2,810
1912.
54,368
3,781
3,712
4,189
4,345
4,880
3,436
3,952
3,649
4,684
3,417
3,998
1914,
82,318
1,914
$62,776
$71,962
$35,867
$48,40
EXCESS OF EXPORTS OR IMPORTS.
Merchandise-- --Goid----Silver-----.
.
1914.
+$63,970
-1-858,i360 -93,537+211,028 +$1,692 1913.
+849;328
+23,871 +44,083 +64,656 +5,870 +7,016 +1,678 8+2,235
+2,834
+31,981 +47,835
+13,696
+2.353
+53.619 +16,729
-1,004
+3,164
+60,883 +19,682
+7,906
+2,236
+32,159
+7,203
-2,818
+2,367
+21,929
+218
+795
+2,317
+50,257 +13,088
-4,609
+1,507
+47,155 +54,858
-4,131
+2.758
+138,912 +76,646
-4,907
+2,336
+97,303 +125,149
-378
+1,334
+49,170 +96,221
+5,500
+1,648
Total.
+8691,422+5581,145
+ Exports. -Imports.
9+28,094
+826.909
Totals for merchandise, gold and silver for eight months:
Merchandise.
Eight
Months
(000s
omitted)
Exports.
Imports.
Excess
of
ExExports1 ports.
$
$
$
1013-14 1,695,618 1,217,68 477,926, 44,057
1912-13 1,720,632 i,246,399474,2331 43,639
1911-121,505,997 1,046,38 459,60P 36.436
1910-11 1,434,540 1,018,73 118,8041 10,607
71
1909-101,209,245 1,021,312 187,933, 78,14
1908-091,157,803 816,15 341,8501 44,424
I
f Excess of Imports.
Gold.
Silver.
Excess
of
Exports. Exports ports.
Excess
Imof
ports. Exports
3 1 $
49,455, f5,398
52,8511 f9,212
31,751 4,685
55,181 /44,574
20,146k 49,001
30,885 13,559
I
$
21,969 15,088
29,819 20,225
29,924 12.447
31,426 8,985
30,719 6,600
28,257 7,461
$
27,057
50,044
42,371
40,411,
37,319,
35,718'
I
Similar totals for the two months since January 1 for six
years make the following exhibit:
Merchandise.
Two
Months
(000s
omitted)
xcvm
THE CHRONICLE
1222
Exports.
1914... 377,88
1913_ 421,03
1912... 401,291
1911... 373,04
1910._ 269,01
282,76
1909..
ports.
Excess
of
ExExports ports.
304,680 73,200
312,977 108,053
277,775 623,516,
252,256 120 784
263,788 5,2311
222,231 60,5341
Gold.
Silver.
Excess
of
ExInsports. Exports ports.
Excess
of
Imports. Exports
$
I
15,993 13,560 2,333, 7,602
29,611 11,567 18,0441 11,751
12,504 8,078 4,426, 11,150
1,349 15,347 1'13,9981 10,104
9,100 5,19413,906 9,086
16,726 6,9971 9,7291 9,395
3,369
5,069
3,011
2,655
1,693
2,221
4,233
6,682
8,139
7.449
7,403
7,174
f Excess of imports.
ciliation on the (Wes given. The statement for April 1 1913
will be found in our issue of April 23 1913, page 1204.
Stock of Money Apr. 1 1914 -Money in CirculationIn United
Held in
April 1
April 1
States.
Treasury.d
1914.
1913.
$
$
$
$
1,927,179,218 179,065,124 605,642,125 607,135,473
Gold coin and bullion
Gold certificate. b
47,928,650 1,094,543,319 083,504,241
Standard silver dollars__ 565,772,263 24,407,794
71,615,469
72,286,177
Silver certificates_b
8,944,558 460,804,442 464,609,555
180,060,441 20,295,772 159,764,669 153,116,863
Subsidiary silver ___
2,501,000
Treasury notes of 1890
8,841
2,492,159
2,715,114
346,681,016
5,214,427 341,466,589 338,120,503
United States notes
752,050,299 38,363,644 713,686,655 718,411,021
National bank notes
3,774,244,237 324,228,810 3,450,015,427 3,339,898,947
Total
Population of the United States April 1 1914 estimated at 98,604,000; eirculatiox
IMPORTS AND EXPORTS OF GOLD AND SILVER AT per capita, $34 99.
d This statement of money held in the Treasury as assets of the Government
SAN FRANCISCO.
does not include deposits of public money in national bank depositories to the credit
The Collector of Customs at San Francisco has furnished of
the Treasurer of the United States, amounting to $55,642,321 77.
S For redemption of outstandtng certificates an exact equivalent in amount of the
us this week with the details of the imports and exports of
appropriate
kinds of money is held in the Treasury, and is not included in the acFebruary,
gold and silver through that port for the month of
count of money held as assets of the Government.
and we give them below in conjunction with the figures preGOVERNMENT REVENUE AND EXPENDITURES.
ceding, thus completing the results for the eight months of
-Through the courtesy of the Secretary of the Treasury, we
the fiscal year 1913-14.
are enabled to place before our readers to-day the details of
IMPORTS OF GOLD AND SILVER AT SAN FRI NCISCO.
Government receipts and disbursements for March and
the nine months of the years 1914 and 1913.
Gold.
Silver.
Months.
Coin.
1913-14.
July
August
September
October
November _ _ _
December
January
February
Bullion.
346,852
119,286
64,377
103,734
61,749
80,271
97,285
132,450
47,808
770
5,240
15,070
43,060
5,926
8.583
252,700
Total.
394.660
120,056
69,617
118,804
104,809
86,197
105,868
385,150
Total 8 mos_
379,147 1,006,004 1,385,161
8 mos.1912-13.
280,986 1,497,637 1,778,623
Coin.
2,700
1,967
5.254
Bullion.
353,644
105,439
348,458
257,808
65.942
120,534
87,405
35,505
Total.
356,344
105,439
350,425
257,808
65.942
120,534
92.659
35,505
9,921 1,374,735 1,384,656
366,954
410,197
777,151
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Silver.
Gold.
Months.
Coin.
1913-14.
July
August
September _
October
November _
December
January
February
Bullion.
1,390
800
Total.
1,390
800
1,200
1,200
457,050
457,050
Coin.
Bullion.
1,233,382
1,121,640
1,279,108
150
556,573
48,050 1,038,895
47,855
744,538
27,027
220
346,177
Total.
1,233,382
1,121.640
1,279.108
556,723
1,084,945
792,393
27.027
346,397
Total 8 mos..
1,390
459,050
460,440
123,302 6,318,313 6,441,615
8 mos.. 1912-13
4,015
105,950
109,965
7,150 7,535,672 7,542,822
Wonetarill(Commercial iZuglisiCkicius
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending April 17.
a
Silver, per oz
Consols, 234 per cents..___
d For account
4 French Rentes(In Paris) fr.
Amalgamated Copper Co
Am. Smelt. & Refining Co....
b Anaconda Mining Co
Atch. Topeka & Santa Fe__..
Preferred
Baltimore dv Ohio
Preferred
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Milw. & St.
Denver & Rio Grande
Preferred
Erie
First preferred
Second preferred
Great Northern, preferred.._
Illinois Central
Louisville & Nashville
Missouri Kansas & Texas
Preferred
Missouri Pacific
Nat. RR. of Nlex., 2d pref
N. Y. Cent. & Hud. River_
N.Y. Ont. Se Western
Norfolk & Western
Preferred
Northern Pacific
a Pennsylvania
a Reading Company
a First preferred
a Second preferred
Rock Island
Southern Pacific
Southern Railway
Preferred
Union Pacific
Preferred
U.S. Steel Corporation •
Preferred
Wabash
Preferred
Extended 4s
Tues.
Mon.
Wed, Thurs,
Sat.
Fri.
20 13-16 26 13-16 26 13-16 26 13-16 26 13-16 26 13-16
3
76
75 11-16 75%
7634
76 5-16 76 1-16 7534
75 13-16
86.80
86.55
86.6734 86.6734
76%
7534
7534
7634
7034
6934
69
6834
7%
7
7
7%
9934
9834
98%
98%
103
103
103
103
90%
91
91
91
8334
8334
83%
8334
205%
205%
205
206%
54%
5434
53%
54%
13
13
13
A
13
102%
101%
looli 10134
:14
1
1234
1234
12%
12%
0
2334
23
2234
24
2934
2934
29
29%
4634
46
455.4
45%
16
39
3834
38
3834
E.
126
125%
125
125%
113%
113
113
113
139
138
138
138
1634
1534
1634
1634
42
42
40
4034
25
25
2434
25
1234
11%
1134
12
9134
9134
91
9034
27%
2734
2734
2734
106%
106
106
106
91
91
91
91
11434
113%
113
113%
5
5634
56%
5634
56/
84%
84
83%
84
45%
45%
45%
45%
46
46
40
46
3%
3%
3%
334
9434
95
94%
94%
25%
243
4
2534
2534
82%
82
8334
82%
160%
161%
158%
159%
85
8534
8534
85
60%
60
6034
60%
112
113
112%
113
1
1
1
%
43%
48%
43%
4%
5534
5634
57
5534
2
a Price per share. b .£ sterling. c Ex-dividend. dQuotations here given are flat prices
ernrcux,ercial andMiscellantrins4.ems
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in/cir-
March 1914.
Receipts25,927,212 90
Customs
Internal RevenueOrdinary
23,908,302 67
Corp'n & income tax 1,008,432 91
3,959,942 33
Miscellaneous
March 1913. 9Mos.1913-14. 9Mos.1912-13
27,457,489 20 225,541,740 23 250,345,029 77
4 75
7:0
441
48 4
34
5
23,525,328 36 233,763,806 05 23119
5,103,809 22
992,642 63
4,744,623 38 39,675,559 82 41,132,675 72
Total
51,803,890 84 56,720,083 57 504,084,915 32 526,850,195 28
Pay Warrants Drawn9,918,596 87 10,007,363 92
LegtslatlyeEstablishm't 1,054,358 31 1.168,242 16
465,632 81
512,662 66
49,722 28
Executive Office
51,953 77
3,973,026 95
3,654,899 19
339,057 06
222,182 37
State Department..
Treasury Department3,760,310 10 3,681,901 85 32,931,908 00 33,796,259 52
Excl. Public Bidgs
1,263,998 59 1,456,571 51 10,699,107 20 13,785,412 94
Public Buildings
War Department-9,371,143 57 8,199,646 81 95,401,287 30 93,393,560 37
Military
1,659,801 46
172,953 35
1,702,120 90
175,961 11
Civilian
Rivers and Harbors_ 3,234,392 50 2,419,324 91 30,378,181 57 30,413,728 86
8,215,895 69
820,438 56 1,007,852 28
8,139,124 56
Department of Justice_
Post Office Dept.1,636,165 87
160,166 21
142,678 16
1,480,184 66
Excl. Postal service_
667,23094
212,54839
686 34
Postal deficiencies
Navy Department12,230,104 57 9,520,203 97 104,748,703 18 98,580,497 84
Naval
67,896 61
69,119 80
637,608 10
610,181 96
Civilian
Interior DepartmentExcluding Pensions
1,673,495 62 1,276,555 60 18,072,264 62 18,014,607 91
and Indians
14,981,684 01 15,441,020 40 130,201,821 95 127,651,179 91
Pensions
1,470,880 91 1,770,056 63 15,176,088 00 14,990,593 26
Indians
829,141 51 17,283,827 14 15,578,898 73
Dept. of Agriculture... 1,134,945 04
1,156,052 811 1,541,906 35( 8,917,815 591 11,638,041 38
Dept. of Commorce
2,884,540 57j
322,286 471
Department of Labor_
Independent offices and
2,329,769 62
312,62947
2,145,107 81
327,480 96
Commissions
943,17687 10,442,874 72 10,227,711 89
1,351,848 42
District of Columbia
46
17,155,403
16,754,390
46
632,42657
462,388
01
debt..
Int. on the public
Total pay warrants
55,406,827 15 51,173,967 33 531,669,466 20 514,205,290 48
drawn (net)
Public DebtBonds, notes and cer86,406 00
24,872 00
2,315 00
3,458 00
tificates retired
Panama CanalPay warrants issued.... 1,774,903 45 3,567,82074 27,923,978 58 31,068,222 37
Total public debt and
Pan. Canal disb'ta 1,778,361 45
3,570,135 74
27,948,850 58
31,154,628 37
Grand total disburse'ts 56,755,017 62 54,801,314 08 559,284,373 04 546,053,740 16
Net excess of all rec'ts.
Net excess of all disbtts 1,951,126 78
1,018,769 49
52,952,767 72
17,273,704 88
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for March 1913
will be found in our issue of April 26 1913, page 1204.
Bonds and Legal Tenders
on Deposit for
1913-14.
Bonds.
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
31 1914
28 1914
31 1914
31 1913
29 1913
31 1913
30 1913
30 1913
31 1913
30 1913
31 1913
30 1913
740,603,400
741,445,500
741,645,500
743,066,500
743,590,500
743,513,990
741,846,850
742,081,800
741,631,750
740,529,250
737,427,800
734,448,060
Legal
Tenders.
Circulation Afloat UnderLegal
Tenders,
Bonds.
16,605,018 735,445,281
16,658,993 736,509,838
17,828,533 736,104,233
17,209,316 740,633,645
17,481,906 739,677,5(35
18,835,933 740,063,776
20,563,626 738,467,068
21,690,081 740,029,948
20,790,783 738,502,408
22,092,856 737,065 950
21,539,251 733,754.815
22,032,083 731,044,591
Total.
16,605,018 752,050,299
16,658,993 753,168,831
17,828,533 754,022,766
17,209,316 757,842,961
17,481,906 757,159,471
18,835,933 758,899,709
20,563,626 759,030,694
21,690,081 761,720,029
20,790,783 759,293,191
22,092,856 759,157,900
21,539,251 755,294,066
22,032,083 753,076,674
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on March 31.
U. S. Bonds Held Mar. 31 to SecureBonds on Deposit
March 311914.
2%, U. S. Consols 01 1930
3%,U. S. loan of 1908-18
4%,U.S. loan 01 1925
2%, U. S. Panama of 1936
2%, U. S. Panama 01 1938
3%, U. S. Panama of 1961
3.65%, District of Columbia
4%,Philippine loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico loans
Various, Territory of Hawaii
Various, State, city, railroad, &o
Total
Bank
PublteDeposits
Circulation.
in Banks.
Total
Held.
$
603,275,600
21,212,000
34,365,300
52,832,860
28,917,640
$
13,740,350
4,728,800
3,806,700
1,283,500
574,000
15,082,400
958,000
5,788,000
918,000
10,000
2,075,000
2,093,000
21,456,774
$
617,015,950
25,940,800
38,172,000
54,116,360
29,491,640
15,082,400
958,000
5,788,000
918,000
10,000
2,075,000
2,093,000
21,456,774
740,603,400
72,514,524
817,117,924
APR. 181914.]
THE CHRONICLE
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Mar. 1 and
April 1, and their increase or decrease during the month
of March.
Name of Company.
1223
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Street and Electric Rys.(Concluded).
Jacksonville Tree., corn.(qu.)(No. 13)_ _
May 1 Holders of roe. April 18a
Preferred (guar.) (No. 13)
May 1 Holders of rec. April 18a
Lewiston
Augusta & Waterville, pf. (guar.)
May 1 Holders of rec. April 15
5753,168,831 Milwaukee
El.
Ry.& Lt., pref. (quar.)-April 30 Holders of rec. April 204
1,118,532 Montreal Tramways
(guar.)
Holders of rec. April 15
May
Philadelphia Co., corn.(qu.)(No. 130)_ _
Holders of rec. April la
Amount of bank notes afloat April 1 1914
May
5752,050,299
6% cumulative pref.(No. 3)
Legal-Tender NotesHolders of rec. April la
May
Service Invest. pref. (qu.)(No. 20).
Amount on deposit to redeem national bank notes March 1 1914
Holders of rec. April 18a
May
316,658,993 Public
RailwaysCompany
Net amount of bank notes retired In March
April 21 to April 30
May
53,975 Sierra Pacific El. General (guar.)
Co., pref.(qu.)(No. 19)
Holders of rec. April 15a
May
April 21 to April 30
Amount on deposit to redeem nation.ri bank notes April 1 1914.... 316,605.018 Toledo Bow!. Gr. & Sou. Tr., pref. (quasi_
May
Union Street Ry., New Bedford (guar.)._ _ _
Holders of rec. April 18a
May
Rys., pref. (guar.)
May
Holders of rec. April 24
FOREIGN TRADE OF NEW YORK-MONTHLY West Penn Trust
Companies.
Astor
(quar.)
STATEMENT.-In addition to the other tables given in Broadway (guar.)
2
Holders of rec. April 28a
May
April 22 to April 30
154 May
this department, made up from weekly returns, we give the Nassau, Brooklyn (guar.)
Holders of rec. April 27a
2
May
following figures for the full months, also issued by our AmalgamatedMiscellaneous.
Copper (guar.)
134 May 2 Holders of rec. April 25a
New York Custom House.
American Chicle, common (monthly)_ _
1
April 21 Holders of rec. April 14a
American Cigar, common (guar.)
134 May 1 Holders of roc. April 15a
American District Teleg. of N. J.(guar.)
April 2 Holders of reo. April 17
1
Customs Receipts.
Merchandise Movement to New York.
American Gas & Elec., pf. 0110 (No. 29).
134 May 1 Holders of rec. April 21
at New York.
AmericanGlue,common
May 1 April 20 to
May 2
Month.
3
Imports.
Exports.
American Graphophone, p1. (gu.) (No.64)
134 May 1 Holders of rec. May 1
American
Light
&
Traction,
corn.
(guar.)
234 May 1 April 16 to April 30
1912-13.
1913-14.
1912-13.
1913-14.
1913-14.
1912-13.
Common (payable in common stock)- - 2341 May 1 April 18 to Apri130
Preferred (guar.)
134 May 1 April 16 to April 30
$
$
$
American
pref. (quar.)
134 April 21 April 2 to April 21
July
79,578,90 85,764,89 68,009,103 66,670,27 18,501,705 18,180,492 American Locomotive.
Malt Corp., preferred
2
May
April 15 to May 3
August _ _ _ 78,844,08 88,569,09 77,577,210 72,500,822 19,864,108 18,322,736 American
Malting
$1.24 May 1 Holders of rec. April 14
September 95,367,23 84,440,22 74,475,934 73,336,565 18,365,385 17,936,175
Amer. Tobacco, common (special)
4) April 20 Holders of rec. April I
October _ _ 71,691,43 109,821,07 84,194,135 76,908,55 20,270,021 19,983,599 Binghamton
L., H. & Pow., conc. (gu.)71,626,106 82,931,311 14,751,254 16,430,392
34 April 11 Holders of rec. April la
November 79,923,99 85,700,2
Preferred (guar.)
134 April Ic Holders of rec. April la
December 103,447,90 94,190,03 82,061,629 78,460,992 14,863,057 16,406,794 Bond & Mortgage Guarantee
(guar.).
4
May 1 Holders of rec. May 8
January- - 82,330,51 92,838,63 72,872,302 83,086,109 18,643,013 18,769,817 Brown Shoe, Inc., common (guar.)
1
May 1 Holders of rec. April 25
February _ 85,328,96 88,490,08 64,934,63 74,536,674 13,023,06 18,158,304
Preferred
134 May 1 Holders of rec. April 25
March -_ - 101,655,99 89,456,04 72,798,453 84,214,736 17,964,600 17,476,298 Burns Bros.,(guar.)
common (guar.)(No. 3)
$1.25 May 15 Holders of rec. May 1
Preferred (guar.) (No. 5)
$1.75 May 1 Holders of rec. April 15
Total _ 778,169,03 815,070,37 668,549,50 I 692,646,02 154.246,3011161,664,007 Cambria
Steel (guar.)
134 May 1 Holders of rec.
304
Canada Cement, Ltd., pref. (qu.)(No. 17). 154 May 1 May 1 to April
May 10
Imports and exports of gold and silver for the 9 months:
Canadian Car & Foundry, pref.(guar.)._
134 April 25 Holders of rec. Mar. 81a
Canadian Converters, (guar.)
1
May 15 Holders of rec. April 30
Chicago Pneumatic Tool (guar.)
Gold Movement at New York.
1
April 27 Apr. 18 to
Silver-New York.
April 28
Cities Service, corn. & pref.(monthly)...
Month.
% May 1 Holders of rec. April 154
ClaflIn
first
(H.
Co.,
B.)
pref. (quar.)_ _ _
Imports.
Exports.
134 May 1 Holders of rec. April 23a
Imports.
Exports.
Second preferred (guar.)
lA May 1 Holders of rec. April 234
Cluett, Peabody & Co.,Inc.,corn.(guar.) I
1913-14.
1912-13.
May 1 Holders of rec. April 204
1913-14.
1912-13.
1913-14.
1912-13.
Commonwealth Edison (guar.)
2
May 1 Holders of rec. April 15a
Consol.
Ice,
Pittsburgh,
(guar.).
pref.
_
$
AprIl21
April 10 to April 20
$
134
$
$
2,627,04
July
1,838,48
8,510,514 4,858,18
134 AprIl31 Holders of rec. April 255
1,482,187 3,037.219 Consolidation Coal (guar.)
August_ _
2,645,03
2,376,89
47,500
134 April 31 Holders of rec. April 15a
38,80
1,743,737 3,733,182 Cuyahoga Telephone, pref.(guar.)
September 2,249,301 1,481,48
34 April 30 Holders of rec. April 94
35,35
404,852 1,134,439 4,464,910 Distilling Co. of America. pref. (guar.).October _ _ 3,117,77
8,799,43
85,10
186,998 1,029,730 4,235,476 Dominion Steel Corp., Ltd., pl.(qu.)(No.9) 134 May 1 April 16 to May 1
November 4,404,04
1,491,578
April 28
477,50
192,635 1,883,914 3,198,800 duPont(E.1.)deNemoursPowd.,pf.(auar.) 1g April 25 April 18 to
December
2,788,70
May 1 Holders of rec. April 15
6,748,64
290,746
347,970 1,311,470 3,514,872 Edison Elec. ill of Boston (qu.)(No. 100)..- 3
January._ 1,301,53
2,831,377 6,788,486 17,154,217 1,145,935 3,468,643 Edison Elec. Ilium, of Brockton (No. 53) $4 May 1 Holders of rec. April 184
February _
859,42
1,215,23
8,982,204 12,242,965
134 May 1 Holders of rec. April 25a
779,437 3,137,258 Electrical Secur. Corp., pref. (quar.)_ _ _
March
_ 1,254,36
2,080,33
2,582,06i 17,588,897 1,450,164 3,755,700 Elec. Bond de Share, pref. (qu.)(No. 38). 134 May 1 April 23 to May 1
Emerson-Brantingham, pref. (quar.)___
154 May 1 April 18 to April 30
Total
8
21,045,23 28,863,46 27,799.456 53,015,512 11,961,013 32,548,060 Eureka Pipe Line
May 1 Holders of rect. April 15a
Fall River Gas Works (guar.)(No. 78).- $3 May 1 Holders of rec. April 18a
Federal Sugar Refining, pref. (guar.)
134 April 31 Holders of rec. April 280
Pow. & Lt., pref. (qu.)(No. 11) 134 May 1 April 23 to April 30
National Banks.-The following information regarding Ft. 1Vorth
Chemical, corn. (guar.)
134 June 1 Holders of rec. May 20
national banks is from the office of the Comptroller of the General
General Motors, preferred
334 May 1 Holders of rec. April 84
Goldfield Consolidated Mines
Currency, Treasury Department:
30c, April 31 Holders of rec. Mar. 315
Harbison-Walker Refractories, pref.(qu.) 134 April 21 Holders of rec. April 10
Homestake Mining (monthly)(No.473). 65c. April 2 Holders of rec. April 20
APPLICATIONS TO CONVERT APPROVED.
Houghton Co. Elec. Lt., corn. (No. 18).. 62g c. May 1 Holders of rec. April 16a
The Bank of Aberdeen, Miss., into "The Aberdeen National Dank.
Preferred (No. 23)
75c. May 1 Holders of rec. April 16a
Capital, $50,000.
Illinois Northern Utilities,
(guar.)- 134 May 1 Holders of rec. April 204
The Citizens State Bank, Crosby, N. Dale., into"The Citizens' National Ilium. de Power &curs., pf.pref.
(qu.)(No. 7) 134 May 1. Holders of rec. April 30
Bank of Crosby." Capital, $25,000.
Indiana Pipe Line (guar.)
May 1 Holders of rec. April 24
$4
Ingersoll-Rand, common (annual)
April 31 Holders of rec. April 15a
5
CHARTERS ISSUED TO NATIONAL BANKS APRIL 2 TO 7.
International Banking Corporation
3
May 1 April 16 to April 30
10,503-The First National Bank of Heber, Cal. Capital, $25,000; International Nickel, common (quar.)..... 234
June 1 May 15 to June 1
Frank Beers, President; B. C. Beers, Cashier.
Preferred (guar.)
134 May 1 April 14 to May 1
10,504-The Franklin National Bank of Washington, D. 0. Capital, Intern. Smokel. Powd. de Chem., pref_ 4
May 15 Holders of rec. May 60
225,000. John B. Cochran, President; J. Fendall Cain, Island Creek Coal, common (guar.)
50e. May 1 Holders of rec. April 23
Cashier.
Kansas City Stock Yds. of Me., pf. (au.)
134 May I Holders of rec. April 15a
10,505-The Sorento National Bank, Sorento, Ill. Capital, $25,000. Kansas City Stock Yds. of Mo.(guar.)._
134 May 1 Holders of rec. April 154
John W. Beeson, President; J. F. Smith, Cashier. Succeeds Kayser (Julius) & Co.. 1st dr 2d pref.(qu.) 131
May 1 Holders of rec. April 204
The Bank of Sorento (private), Sorento, Ill.
Keystone Telephone, preferred
$1.50 May 1 Holders of rec. April 21
10,506-The Russell National Bank of Lewistown, Pa. Capital, $100,000. La Belie Iron Works, corn. (guar.)
g
April
30 April 21 to
April 30
George L. Russell. President; Samuel B. Russell, Cashier. La Rose Consol. Mines (guar.)
234 April 20 April 1 to April 17
(Succeeds William Russell & Son, Bankers, Lewistown, Pa.)
Lehigh Valley Coal Sales (guar.)
234 April 18 Holders of rec. April 9
Loose-Wiles Biscuit, 2d pref. (guar.)._ _
134 May 1 Aprli 18 to May 1
VOLUNTARY LIQUIDATIONS.
Lowell Elec. Lt. Corp.(qu.)(No.72)
2
May 1 Holders of rec. April 150
9,016-The First National Bank of Glen Ullin, N. Dak., March 10, 1914. Manning, Maxwell & Moore,Inc.(qu.).- 11,4 Mar. 31 Holders of rec. Mar. 31
Liquidating agent, Wm. Maas, Glen Ullin, N. Dale. Absorbed Massachusetts Gas Cos., common (guar.) 134 May 1 Holders of rec. April 154
Miami Copper Co.(guar.)(No. 9)
by The Farmers State Bank of Glen Ullin.
50c May 15 Holders of rec. May la
9.468-The State National Bank of Artesia, N. Mex., March 23 1914. Municipal Service, preferred (guar.)
134 May 1 Holders of rec. April 23
Consolidated with The First National Bank of Artesia. Liquid- National Carbon, preferred (quar.)
154 May 15 May 5 to May 15
National Lead, pref. (guar.)
ating agent, Albert Blake, Artesia, N. Mex.
154 June 15 May 23 to May 26
Nipissing Mines Co.(guar.)
April 20 Mar. 31 to April 17
5
North American Co.(guar.)(No.41)
131 July 111-folders of rec. June 15
Osceola Consolidated Mining (quar.)_ _ _ _
Si April 30 Holders of rec. April ha
DIVIDENDS.
Pacific Coast Co., common (guar.)
134 May 1 April 25 to May 1
First preferred (guar.)
The following shows all the dividends announced for the
134 May 1 Apri125 to May 1
Second preferred (guar.)
134 May 1 Apri125 to May 1
future by large or important corporations.
Pacific Power & Light, pref.(qu.)(No. 15) 134 May 1 Holders of rec. April 23
Penmans Limited, common (guar.)
1
May 15 Holders of rec. May 5
Dividends announced this week are printed in italics.
Preferred (guar.)
134 May 1 Holders of rec. April 21
People's Gas Light & Coke (guar.)
2
May 25 Holders of rec. May 2
Pittsburgh Coal, pref. (guar.)
Per
334 April 25 Holders of rec. April I5a
When
Books Closed.
Portland (Ore.) Gas & Coke, pf. (qu.)
Name of Company.
Cent. Payable.
Days Inclusive.
154 May I April 24 to April 30
Public Service of Nor. Ill., corn.(quar.)_ _
134 May 1 dHolders of rec. Apr.15a
Preferred (guar.)
Railroads (Steam).
134 May 1 dHolders of rec. Apr.15a
Atch. Topeka & Santa Fe, corn.(quar.)... 1 g June 1 Holders of rec. April 30a Quaker Oats, preferred (guar.)
134 May 29 Holders of rec. May la
Sears, Roebuck & Co., corn.(guar.)
Atlantic Coast Line RR., pref
2g May 11 Apr1130 to May 10
134 May 15 Holders of rec. April 30a
Central RR. of N. J. (guar.)
2
May 1 Holders of rec. April 17a Shawinigan Water dc Power (guar.)._ _ _
134 April 20 Holders of rec. April 7
Delaware Lack. dr. Western (guar.)
1
April 20 Holders of reo. April 3a Silversmiths Co. (guar.)
May
23
Taylor-Wharton Iron de Steel, pref. (qu.) 134 May 15
Grand Trunk, guaranteed
May 14 dApr. 4 to dApr.29
2
1 Holders or rec. April 15
Trenton Poueries, non-cum .pref. (guar.) _
First and second preference
1
April 25 Holders of rec. April 16
2g May 14 dApr. 4 to dApr.29
Union
Switch
Signal
&
Third preference
23 May 14 dApr. 4 to dApr.29
Corn.& pref. (payable in corn. stock)._ 33 1-3f April 20 Holders of rec. Mar. 31
Great Northern (guar.)
15( May 1 Holders of rec. April 8a
Nashua de Lowell
1
May I Holders of rec. Apri124
4% May 1 Holders of rec. April 15a United Cigar Mfrs., common (guar.)
Norfolk de Western, aril. pref.(quar.)
1
may 19 Holders of rec. April 30a Un. Cigar Stores of Am ,com.(qu.)(No.6) 1% May 15 May 1 to May 15
Northern Pacific (guar.)
May I Holders of rec. April 24a
1,4 May 1 Holders of ree. April 9a United Dry Goods Cos., common (guar.) 2
United Electric Securities, preferred
Pitts. CM.Chic.& St. Louis, com.(qu.).
$3.50 May I Holders of rec. April 14a
g April 25 Holders of rec. April 15a
Preferred (guar.)
1
April 25 Holders of rec. April 15a U. S. Realty & Improvement (guar.)
134 May 1 Holders of rec. April 2h
Reading Company, common (quar.)__ _ _ 2
134 April 30 Holders of rec. April 15a
May 14 Holders of rec. April 27a U. S. Rubber, common (guar.)
preferred
Reading Company,first preferred (quarj_ _
First
(quar.)
2
1
April 30 Holders of rec. April 15a
Juno 11 Holders of rec. May 26a
Second preferred (guar.)
Southern Railway, preferred
Ig April 30 Holders of rec. April 15a
234 April 24 Holders of rec. Mar. 28a
Vacuum 011
Union Pacific, common (special)
3
May 15 Holders of rec. May 5a
53
July is Mar. 3 to Mar.22
Warner(Chas.)Co. of Del.,1st&2d pf.(qu.)_
Street and Electric Railways.
April 23 Holders of rec. Mar.31
Westinghouse Elec. dr Mfg.. core. (au.).
Bangor Railway & Electric, corn.(No. 1)_ _
34 May 1 Holders of rec. April 20
April 30 Holders of rec. Mar. 310
White (J. G.) Co., pref. (guar.)(No. 44).._
Brazilian Tr., L. & Pow., ordinary (qu.)._
134 May 20 Holders of rec. April 30
134 May 1 Holders of rec. April 22
Willys-Overland
Co.,
common
Cape Breton Elec. Co., Ltd., corn.(No. 9).. $3
(guar.)--- 1;4 May 1 Holders of rec. April 21
May 1 Holders of rec. April 21a
Preferred (No. 16)
$3
May 1 Holders of rec. April 21a Woolworth (F. W.), corn.(guar.)(No.8) 134 June 1 April 30 to May 20
Commonwealth Power, Ry. & Lt.,carrs.(qu.) 1
May 1 Holders of rec. April 17a
Preferred (guar.)
134 May 1 Holders of rec. April 17a
a Transfer books not closed for this dividend. b Less British income tax.
CorCumberland Co. Pow. & Lt., pref. (guar.)_
rection. e Payable in stock. f Payable in common stock. ()Payable in dscrip.
134 May 1 Holders of rec. April 18
Denver & Northwestern Ry.(guar.)
1
April 10 Holders of rec. April 1
h On account of accumulated dividends. s A distribution of Balto.& Ohio stock
to
Easton (Pa.) Consolidated Electric Co__. 21
May 1 Holders of rec. April 2a be made, viz., $12 par value of B.& 0. pref. and $22 50 par value 13.
6c 0.common
GrandRapids Ry., pref.(qu.)(No.54)...- - 13j May 1 Holders of rec. April 15
for each share of Union Pacific common stock held, payment of said extra.dividends,
Havana Electric Ry.,Light de Power,corn 234 May 16 April 19 to May 21
both cash and stock, being postponed from Apr. 1 to July 1 on account of
Preferred
3
May 18 April 19 to May 21
8 On amount paid in, $25 per share. z Being a distribution ratably of litigation.
Blinois Traction, common (guar.)
g May 15 Holders of rec. May 5
Restricted B Deferred Ordinary shares of the Imperial Tobacco Co., Lt.360,729,
of Great
Britain and Ireland.
National Bank Notes-Total AfloatAmount afloat March 1 1914
Net amount retired during March
I
1224
THE CHRONICLE
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per Cent.
7 Aetna Ins. Co. of Hartford_343A
24,857 Brunswick Site Co.,$10eal
250 Fidelity Com'l & Trading
Co., corn., tr. ctfs
200 Fidel.C.&T.Co.,pf.tr.ctts.}$10,000
$62,355 Hotel Holding Co., 1st pf
6023. Guantanamo & West. RR.
1st pref. tr. ctfs
602% Guan. & W. RR., corn.
tr. ctfs
Shares.
Per Cent.
60 HYgela Dis. Wat. Co.,corn. 16
24 Westbury Terrace
$24 lot
Bonds.
Per Cent.
$10,500 Sumpwams Water Wks. Co.
1st 5s, 1925; J .& J
95-96
$55,000 Dover, Rockaway & P. 0.
Gas Co. of N.J. 2d 5s, 1922.$5,000 lot
$2,000 Long Acre Sq. Theatre Co.
1st 6s, Aug. 1913 coup. on._ _ _$500 lot
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.
290A
3 Merchants' National Bank
205
10 National Union Bank
5 Lockwood Co., Waterville, Me_ 97
103
11 Fremont dr Suffolk Mills
134%
21 Boston Belting Co
Shares.
$ per sh.
10 Lowell Gas Light Co., ex-div__270
1 Columbian Nat. Life Ins. Co..130
Bonds.
Per cent.
$1,000 Birmingham, Ala., Water
Co. as,
88%
By Messrs. Francis Henshaw & Co., Boston:
Shares.
10 Newmarket Mfg. Co
1 Lewis Wharf,$1,000 par
$ per sh.1Shares.
$ per sh.
95
10 Michigan Iron & Land Co.,
1276
Ltd., $1 each
25
By Messrs. Barnes & Lofland, Philadelphia:
$persh.
Shares.
50 CentralTrAr Sav.Co.,$50ea_ 60
30 Phila. Life Ins. Co., $10 ea_ 10
50 Keen-o-Phone Co., $10 each. 1%
500 Panama Mining dc M.L. Co.,
El each
El lot
1,500 JumboWonderMg.Co.,$lea.$4 lot
110 Sixth National Bank
203%
12 JohnB.StetsonCo.,com.375%-377%
6 Corn Exchange Nat. Bank_ 285%
135 Finance Co. of Pa., 1st pref_126
25 Finance Co. of Pa., 2d pref...110
5 Tenth National Bank
120
10 United Security L.I.&T.Co_ 141
20 Pennsylvania Fire Ins. Co...397
2 Harris. P. Mt. J. & L. RR.,
$50 each
924
7 Balt. & Phil. Steamboat Co.,
$20 each
25A
6 Bank of North America
280
14 Girard National Bank
350
10 Nat. Bk. of Germantown,
140
$50 each
30 West Phila. Bank, $50 each. 50
25 Continental-Equit. Tr. Co.,
$50 each
96
Shares.
$ per sh.
10 Franklin Trust Co., $50 each 54
6 Girard Trust Co
881
1 Hamilton Trust Co., $50 ea- 48
105 Mutual Trust Co., $50 each. 40
10 Pennsy. Co.for Ins., &c.635-636
5 People's Trust Co.,$50 each. 47%
1 Phil. Trust S. D.& I. Co_ _ _714
3 Real Est. Trust Co., pref... 85
1 West End Trust Co
170
3 Fire Assn. of Phila., $50 ea_ _342
25 Franklin F. Ins. Co.,$25 ea- 51
5 Insurance Co. of North
America, $10 each
22A
6 Phila. Life Ins. Co., $10 ea
10%
5 Geo. B. Newton Coal Co.,
2d pref
15
5 Internat. Ed.Publish'g, corn. 18A
12 Phila. Bourse, corn., $50 ea- 33j
300 Kimberly Cons. Mines,$1 ea. 70.
50 Herr Auto. Press Co.,$10 ea.$3 lot
Bonds.
Per cent.
$1,000 Borough of Media 33.0, 1929 923
$1,600 Springf. Cons. Wat.55, 1958 751(
$1,000 No.Spring. Wat. Co.5s,'28 90%
$2,000 Philadelphia City 310, 1931 93%
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
8 per sh. Bonds.
Per cent.
$1,000 No. Springfield Water 1st
10 Hornell Electric Co
95
5s, 1928
10 Commonwealth Bank of Balti90%
90A $100 Sunbury Hazleton & Wilkesmore, par $50
10 Securities Corp., gen. pref
Barre 1st 5s, 1928
85
101
46 Securities Corp., gen. common_ 25
Canadian Bank Clearings.-The clearings for the week
ending April 11 at Canadian cities, in comparison with the
same week of 1913 show a decrease in the aggregate of 9.8%.
Week ending April 11.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Total Canada
1914.
1913.
50,558,000
36,135,260
24,110,000
8,669,000
5,255,348
3,358,000
2,160,000
2,450,598
1,521,693
1,700,000
4,478,965
2,611,000
3,610,000
2,182,000
500,000
350,000
1,478,000
550,000
1,023,000
700,000
400,000
53,228,998
43,278,828
27,746,644
10,355,246
3,920,576
3,063,262
1,854,421
3,223,663
1,569,389
1,849,976
4,363,968
3,362,994
4,082,992
2,193,872
528,689
481,586
2,019,461
707,122
1,165,513
870,799
627,815
Not incl. in
40,326,125 50,011,305
---16.5 38,212,171 30,373,777
--13.1 22,647,909 19,005,749
--16.3 9,555,217 11,069,941
A-34.1 4,242,127 4,262,632
4-9.6 2,352,641 2,224,626
A-16.5 1,660;125 1,961,654
---24.0 2,800,324 2,135,735
--3.1 1,273,483 1,366,855
---8.1 1,393,915 1,389,107
+2.6 4,018,857 3,404,488
---22.3 3,832,941 2,955,782
---11.8 3,126,236 2,093,741
---0.5 1,694,013 1,209,300
---5.4
480,395
508,653
---27.3
503,609
541,399
---26.8 1,793,810
964,458
--22.2
422,364
487,891
---12.2
839,303
593,089
--19.6
453,950
---38.3
total.
153,800,862 170,495,812
-9.8 141,629,645 136,558,182
1912.
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers.
$10,000,000; United States Mortgage dr Trust, $2,000,000: Astor, $1,250,000; Tttio
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers'Title Insurance de Trust, $4,000,000: Columbia-Knickerbocker,$2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln,
000,000; Metropolitan, $2,000,000; Broadway. $1,500,000; total, $46,250,000. $1.-
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in an cases.
Banks.
003 omitted.
Bank of N. Y.
ManhattanCo.
Merchants'___
Mech. & MetAmerica
City
Chemical
Merchants'Ex.
Butch.&Drov.
Greenwich
Amer. Exch..
Commerce
Pacific
Chat. & Phen_
People's
Hanover
Citizens' Cent.
Nassau
Market& Fult.
Metropolitan.
Corn Exchange
Imp.& Traders
Park
East River_ _ _
Fourth
Second
First
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch..
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod Ex.
State
Security
Coal & Iron
Union Exch..
Nassau,Bklyn.
Capital. Surplus.
Loans.
Average.
Specie. Legal,. Net Depos- ReAverage. Average. its. Aver. serve.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
1,000,0
300,0
500,0
. 5,000.0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,500.0
1,500,0
5,000,0
250,0
3,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000.0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
$
23,357,0
41,100,0
21,785,0
63,535,0
26,376,0
209,117,0
29,267,0
7,981,0
1,940,0
9,838,0
49,648,0
145,974,0
5,102,0
20,742,0
2,157,0
84,360,0
23,385,0
10,334,0
9,374,0
1,1,493,0
64,740,0
27,234,0
95,123,0
1,514,0
28,054,0
13,882,0
133,518,0
41,705,0
3,284,0
8,797,0
4,113,0
103,996,0
13,974,0
3,386,0
4,898,0
14,913,0
9,897,0
3,997,0
12,662,0
3,925,0
27,820,0
26,935,0
9,431,0
18,643,0
11,427,0
6,858,0
9,409,0
8,160,0
$
4,472,0
11,569,0
4,857,0
13,404,0
4,858,0
44,484,0
4,195,0
1,652,0
311,0
2,650,0
10,939,0
25,210,0
588,0
4,089,0
407,0
22,466,0
5,321,0
2,018,0
1,458,0
2,739,0
15,604,0
4,285,0
23,350,0
279,0
7,892,0
3,176,0
30,600,0
9,028,0
789,0
1,500,0
770,0
30,690,0
3,128,0
562,0
1,183,0
2,978,0
2,739,0
715,0
2,126,0
934,0
8,863,0
6,993,0
2,441,0
5,849,0
2,300,0
997,0
1,974,0
1,566,0
1911.
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending April 11. The figures for the
separate banks and trust companies are the averages of
the daily results. In the case of the totals, actual figures
at the end of the week are also given:
$
1,032,0
1,514,0
1,160,0
2,594,0
1,659,0
3,802,0
2,203,0
215,0
58,0
210,0
2,372,0
6,873,0
656,0
1,728,0
148,0
2,016,0
611,0
871,0
940,0
289,0
4,288,0
2,824,0
2,596,0
116,0
2,366,0
130,0
1,642,0
2,376,0
74,0
750,0
219,0
4,100,0
992,0
393,0
255,0
782,0
271,0
251,0
1,227,0
304,0
2,418,0
879,0
306,0
418,0
1,238,0
774,0
350,0
194,0
$
21,735,0
48,725,0
22,410,0
62,806,0
25,944,0
200,349,0
25,391,0
7,490,0
1,727,0
11,149,0
50,991,0
127,543,0
4,753,0
21,984,0
2,297,0
96,127,0
22,893,0
11,507,0
9,331,0
11,514,0
76,532,0
25,558,0
100A59,0
1,729,0
35,095,0
12,817,0
129,439,0
43,963,0
3,409,0
9,011,0
3,861,0
123,482,0
15,847,0
3,801,0
5,611,0
15,060,0
10,702,0
4,189,0
12,847,0
4,849,0
33,319,0
30,548,0
10,80.5,0
24,414,0
13,769,0
7,012,0
9,368,0
7,083,0
%
25.9
26.8
25.9
25.4
25.1
24.1
25.1
25.0
21.3
25.7
28.1
25.1
28.1
28.5
24.1
25.4
25.9
25.1
25.6
28.2
25.9
27.8
25.8
22.8
29.2
25.7
25.0
25.9
25.3
25.0
25.5
28.1
25.9
25.1
25.6
25.0
28.1
23.0
28.0
25.5
27.2
25.7
25.4
25.6
25.6
25.2
24.8
24.8
Totals,average 132,550,0 212,716,8 1509,160,0 338,601,0 63,484,0 1561,243,0 26.7
1500,488,0 339,041,0 65,508,0 1555,560,0 26.0
i
1
Actual figures April 11_
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
•
Week
ending
Capital. Surplus.
April 11.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Total _.178,800,0 310,273,62,111,413,0 401,187,0 69,559,0 92,241,0 2,006,733,0
Actual.
1,555,560,0
1,500,488,0 339,041,0 65,508,0
Banks_
601,983,0 63,563,0 6,010,0 88,360,0 443,327,0
Trust cos_
12,102,471,0402,604,0 71,518,0 88,360,0 1.998,887,0
Total..
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
In the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
the
New York) and those for the rest of the State, as
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended April 11.
On Dep.
Net
Surplus. Loans. Specie. Legals. tathC.H. Deposits. Reserve,
Average. Average. Average. Banks. Average.
Loans.
Averages.
$
$
$
$
$
$
$
Banks.,.. 132,550,0 212,716,81,509,160,01338,601,0 63,484,0
1,561,243,0
Trust cos. 46,250,0 97,557,0 602,253,0 62,586,0 6,075,0 92,241,0 445,490,0
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
$
4,325,4
4,914,6
2,190,0
8,854,2
6,323,2
33,141,8
7,715,5
751,5
114,5
1,133,8
4,759,8
16,939,5
1,007,2
1,404,0
464,3
15,003,1
2,444,5
411,5
1,962,4
1,868,9
6,868,2
7,851,7
14,490,9
57,8
'3,676,9
2,846,0
23,374,8
3,528,0
790,3
1,922,2
689,7
10,153,3
2,241,9
822,5
1,040,9
1,766,8
1,296,0
500,6
2,229,0
915,4
2,616,1
2,828,0
955,0
425,6
348,5
578,5
1,001,0
1,171,5
Circulation.-On the basis of averages, circulation of national banks in the Clearing
House amounted to $41,579,000 and according to actual figures was $41,694,000.
Clearings atInc. or
Dec.
[VoL.
State Banks.
Trust Cos.
Trust Cos.
State Banks.
outside of
in
outside of
in
Y.
Greater
N. Y. Greater N. F.
N.
Greater
Y.
Greater N.
Capital as of March 2...
23,137,400
67,900,000
*10,528,000
*10,250,000
$
$
$
$
$
$
%
Brooklyn
3,741,5 24,132,0 2,143,0
714,0 3,952,0 19,022,0 15.0+17.1
Bankers
14,801,0 119,287,0 13,681,0
132,0 28,708,0 91,764,0 15.0+23.8
U.S Mtg.&Tr. 4,412,0 36,176,0 3,905,0
345,0 6,555,0 28,315,0 15.0+18.3
Astor
1,349,9 20,303,0 2,273,0
17,0 2,685,0 14,455,0 15.0+15.2
Title Gu.& Tr. 11,736,1 32,983,0 2,182,0
900,0 4,214,0 20,863,0 15.2+16.6
Guaranty
24,266,5 176,801,0 18,267,0 1,097,0 22,842,0 120,118,0 16.1+15.9
Fidelity
1,352,4 7,401,0
243,0 - 876,0 5,719,0 15.5+11.8
648,0
LawyersT.L&T 5,544,3 17,102,0 1,608,0
330,0 1,610,0 12,604,0 15.3+11.3
Col.-Knicker
7,361,6 47,618,0 5,472,0
590,0 4,613,0 40,260,0 15.0+10.2
People's
1,572,6 16,042,0 1,865,0
370,0 2,406,0 14.639,0 15.2+13.8
New York
12,020.0 45,750,0 4,533,0
221,0 6,977,0 31,701,0 15.0+18.0
Franklin
1,228,4 10,466,0
962,0
128.0 2,059,0 6,805,0 16.0+21.9
Lincoln
547,5 10,525,0 1,198,0
222,0 1,124,0 9,388,0 15.1+10.6
Metropolitan _ 8,794,3 24,246,0 2,512,0
13,0 1,918,0 16,833,0 15.0+10.1
838,9 13,421,0 1,337,0
Broadway....
663,0 1,702,0 13,004,0 15.3+11.5
Surplus as of March 2.,.
39,457,000
164,517,300
*14,028,915
*11,341,302
324,425,300 1,072,550,200
--1,800 +7,295,100
127,126,700
+788,500
181,877,000
Totals, average 97,557,0 602,253,0 82,586,0 6,075,0 92,241,0 445,490,0 15.4+17.1
Actual figures April 11 601,983,0 63,583,0 6,010,0 88,360,0 443,327,- 15.8+16.6
111-
Loans and investments__
Change from last week_
+1,056,500
Specie
Change from last week_
66,558,700
+693,600
120,427,400
+20,700
Legal-tender & bk. notes_
Change from last week_
19,389,000
+1,493,900
9,183,800
-591,200
Deposits
Change from last week.
385,341,600 1,237,231,700
+3,189,600 +6,396,800
137,455,000
+517,900
194,393,300
+2,236,600
Reserve on deposits
Change from last week.
109,417,500
+3,282,900
140,278,900
+189,100
27,356,300
--638,100
28,797,4011
+1,735,000
P. C. reserve to deposits_
Percentage last week
29.3%
28.6%
17.2%
17.3%
21.5%
21.9%
16.0%
-- 15.25r
+Increase over last week. -Decrease from last week. * As of Dec.9 1913.
APR. 181914.1
THE CHRONICLE
1225
The Banking Department also undertakes to present
Reports of Clearing Non-Member Banks.-The followseparate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in the Greater New York, not in the Clearing- banks for the week ending April 11, based on average daily
House. These figures are shown in the table below, as are results:
We omit two ciphers (00) in all these figures.
also the results (both actual and average) for the ClearingHouse banks and trust companies. In addition, we have
Loans,
Legal
On
combined each corresponding item in the two statements,
Disets
Tender Deposit
Banks.
CapiSurand
Specie. and
with
Net
thus affording an aggregate for the.whole of the banks and
tat.
plus. InvestBank
C.-H. Deposits.
ments.
Notes. Banks.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended April 11-
iNational
Capital
March
State
Surplus
March
banks
4 and
banks
2_ ___
Clear.-House Clear.-House State Banks and Total of all
Members.
Members. Trust Cos. Not Banks & Trust
Average. in C.-II. Aver. Cos. Average.
ActualFigures
$
$
28,837,400 207,637,400
178,800,000
178,800,000
310,273,800
310,273,800
73,378,300 383,652,100
Loans and investments_ _ 2,102,471,000 2,111,413,000
Change from last week -10,059,000 +8,066,000
549,896,9002,661,309,900
+5,722,100 +13,788,100
Deposits
1,998,887,000 2,006,733,000 a573,055,500,2,579,788,500
Change from last week -5,837,000 +8,642,000
+6,979,300 +15,621,300
New York City.
$
$
$
$
$
$
Manhattan and Bronx.
Washington Heights_ 100,0
369,8 1,536,0 155,0
81,0
418,0
Battery Park Nat___ 200,0
118,5 1,733,0 384,0
66,0
239,0
Century
500,0
501,9 6,199,0 557,0 472,0
582,0
Colonial
400,0
712,9 7,011,0 1,078,0 204,0 1,132,0
Columbia
300,0
697,0 6,336,0 680,0 563,0
584,0
Fidelity
200,0
189,8 1,174,0
49,0 130.0
195,0
Mutual
200,0
491.4 5,496,0 680,0 409,0
592,0
New Netherland
200,0
329,8 3,437,0 412,0 137,0
229,0
Twenty-third Ward
200,0
108,9 1,829,0 234,0 105,0
302,0
Yorkville
100,0
525,5 4,603,0 509,0 316,0
832,0
Brooklyn.
First National
'
300,0
686,4 3,708,0 383,0
44,0
683,0
Manufacturers' Nat
252,0
966,3 5,614,0 670,0
98,0
955,0
Mechanics'
1,000,0
527,5 10,118,0 1,219,0 700,0 1,854,0
National City
300,0
590,2 4,656,0 551,0 122,0
946,0
North Side
200,0
190,3 2,804,0 179,0 212,0
264,0
Jersey City.
First National
400,0 1,404,8 4,059,0 265,0 376,0 2,740,0
Hudson County Nat_ 250,0
832,4 3,113,0 201,0
72,0
636,0
Third National
200,0
445,2 2,391,0 107,0 146,0
451,0
Hoboken.
First National
220,0
684,7 4,772,0 266,0
66,0
545,0
Second National
125,0
292,1 3,667,0 203,0
61,0
544,0
Totals April 11
5,847,0 10,665,4 84,256,0 8,682,0 4,380,0 14,623,0
Totals April 4
5,847,0 10,665,4 84,552,0 8,472,0 3,908,0 15,574,0
Totals March 28
5,847,0 10,665,4 83,604,0 8,675,0 4,048,0 13,964,0
Specie
Change from last week
402,601,003
+4,824,000
401,187,000
+4,889,000
65,904,200 467,091,200
--789,600 +4,099,400
Legal-tenders
Change from last week
71,518,000
+2,627,000
69,559,000
-3,216,000
38,589,100
78,148,100
+557,000 -2,659,000
Banks: cash in vault__
Ratio to deposits
404,549,000
26.00%
402,085,000
26.75%
13,236,300 415,321,300
13.98%
Trust cos.: cash in vault..
69,573,000
68,681,000
61,257,000 129,918,000
Aggr'te money holdings_
Change from last week
474,122,000
+7,451,000
470,746,000
+1,673,000
- 74,493,300 545,239,$00
--232,600 +1,440,400
Money on depo•it with
other bks. & trust cos_
Change from last week
88,360,000
-6,916,000
92,241,000
+2,821,000
21,911,000
+1,326,400
Total reserve
Change from last week
562,482,000
+535,000
562,987,000
+4,494,000
96,404,300 659,391,300
+1,093,800 +5,587,800
Surplus CASH reserveBanks (above 25%)__ _
Trust cos.(above 15%)
15,659,000
3,073,950
11,774,250i
1,837,500
Dry Goods
General Merchandise
Total
Change from last week
18,732,950
+8,279,450
13,611,750
--571,80
Total
Since Jan, 1.
Dry Goods
General Merchandise
% of cash reserves of trus t cos.-Cash in vault
15.69%
Cash on dep. with bks_
16.61%
Total
32.30%
15.41%
17.15%
10.45%
1.70%
32.56%
18.15%
114,152,000
+4,147,400
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 two ciphers in all these figures.
3,064,C
5,020,0
12,101,0
4,613,0
2,907,0
2,867,0
1,635,0
1,434,0
1,711,0
1,362,0
77,983,0
78,016,0
77,903,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 11; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
Total 15 weeks
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $662,572,300, an increase of $4,131,700 last week. In the
case of the Clearing-House members, the deposits are "legal net deposits" both for
the average and the actual figures. b Includes bank notes.
$
1,248,0
1,980,0
6,323,0
7,169.0
7,204,0
1,107,0
5,729,0
3,471,0
2,000,C
5,038,(
1914.
•
1913.
$3,302,308
17,361,996
$2,104,615
13,915,231
1912.
1911.
53,312,979, $2,482,625
21,131,195, 14,426,076
$20,664,304 $16,019,846 $24,444,174i' $16,908,701
$60,588,9431 $48,814,239 546,315,017 $46,910,811
243,129,555 255,031,032 254,090,928, 211,116,685
5303,718,49815303,845,271 $300,405,945i $258,027,496
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 11 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
. 1914.
1913.
1912.
1911.
For the week
Previously reported
$18,594,934 $18,358,564 $18,468,989 $12,663,846
284,857,638 270,287,631 231,606,365 214,043,267
Total 15 weeks
$303,452,572 $288,646,195 $250,075,354 $226,707,113
The following table shows the exports and imports of
specie at the port of New York for the week ending April 11
and since Jan. 1 1914, and for the corresponding periods In
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Loans and
eek Ended- Investments
b.
b.
b.
b.
ar.
ar.
ar.
ar.
ril
oril
7„....
14____
21____
28____
7____
14____
21____
28____
4____
1t._ _
.S
2,547,657,3
2,554,957,2
2,568,018,1
2,585,828,8
2,611,813,8
2,612,105,4
2,608,857,7
2,615,558,6
2,647,521,8
2.661.309.9
Deposits.
Specie.
Legals.
$
2,464,083,8
2,455,557,8
2,463,093,5
2,470,147,2
2,495,699,7
2,500,101,3
2,513,043,3
2,525,197,4
2,564,167,2
2,579,788,5
$
451,830,9
454,687,4
455,3:39,7
453,530,2
449,590,5
452,059,1
458,571.5
460,028,5
462,991,8
467,091,2
$
88,077,1
88,610,2
87,429,5
84,463,0
81,736,4
82,187,2
81.249,5
83,884,2
80,807,1
78,148,1
Tot Money Entire Ra
Holdings. onDeposil
$
539,908,0
543,297,6
542.769,2
537,993,2
531,326,9
534,246,3
539,821,0
543,912,7
543,798,9
545,239,3
$
643,910,9
657,488.9
650,993,5
639,481,8
630,182,0
631,828,7
642,291,0
653,053,3
653,803,5
659,391.3
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two ciphert (00) in all these figures.
Banks.
Boston.
Feb. 2E
Feb. 28_
Mar. 7_
Mar. 14_
Mar. 2L
Mar. 28..
April 4..
April 1L
Phila.
Feb. 21..
Feb. 28.
Mar. 7_
Mar. 14_
Mar. 2E
Mar. 2S..
April 4_
April 1L
Capital
and
Surplus.
60,735,9
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
103,684,3
103,684,3
103,684,3
103,684,3
103,084,3
103,684,3
103,084,3
103,684,3
Loans.
Specie.
229,167,0
230,657,0
229,750,0
227,148,0
221,850,0
226,138,0
230.411,0
231,484,0
$
27,130,0
24,708,0
24,865,0
26,195,0
27,119,0
26,841,0
25,5:38,0
26,324,0
388,553,0
392,332,0
396,079,0
308,872,0
400,380,0
401,949,0
403,746,0
404,520,0
Legals. Deposits.
a
3,535,0
3,608,0
3,611,0
3,807,0
3,513,0
3,519,0
3,682,0
3,939,0
109,701,0
115,383,0
111.456,0
107,614,0
105,296,0
103.429,0
105.978,0
105,904,0
Circulation.
Clearingi
270,437,0
266,871,0
268,992,0
268,597,0
267,046,0
266,713,0
277,344,0
279,052,0
$
9,801,0
9,748,0
9,839,0
10,099.0
10,100,0
10,042,0
10.073,0
10,093,0
151,015,3
129,379,8
167,502,9
154,824,9
157,529,5
146,724,0
191,773,3
153,991,1
.454,576,0
.462,726,0
*454,725,0
*452,331,0
.451,851,0
*449,851,0
*460,387,0
*465,330,0
11,447,0
11,440,0
11,455,0
11,471,0
11,432,0
11,411,0
11,418,0
11,421,0
173,394,9
167,073,8
183,903,8
145,027,8
149,144,7
142,424,3
191,212,0
155,434,7
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $1,620,030 on April 11, against $1,605,000 on
April 4.
•"Deposits" now include the item "Exchanges for Clearing House," which
were
reported on April 11 as $19,273,000.
Exports.
Imports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$16,066,949
$17,000
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan. 1
749,173
1,105.120
328,112
103,500
$5,240
12,813
94,470
41,829
Since Jan.-1
$13,675
80,778
952
811,180
694,651
1,127,380
565,670
$17,000 $18,352,854
234,919 47,200,579
250,100 20,106,091
$154,352 $3,294,236
199,550 4,006,944
309,354 6,415,741
$832,289 58,690,370
37,000 1,506,264
$8,788
7,744
15,817
13,059
1,796,285
843,530
516,085
955
45,100
$4,717
41,586
52,932
26,766
179,367
89,696
1,091,450
$915,344 $11,557,147
1,281,253 15,284,412
706,589 14,573,122
$126,001 $3,201,338
114,277 2,937,642
52,172 3,277,815
Of the above imports for the week in 1914, $11,430 were
American gold coin and $536 American silver coin.
Nanking and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
tend American Municipal Bonds.
Spencer Trask & Co.
43 EXC11ANGE PLACE-NEW YORK
Albany
Boston
Chicago
[VOL. xcvm.
THE CHRONICLE
1226
Vaulters'
azettt.
Wall Street, Friday Night, April 17 1914.
The Money Market and Financial Situation.-The
security markets have been subjected this week to the adverse influence of a new and somewhat acute stage in the
Mexican situation. The occasion was taken advantage of
by operators on the short side of the stock market to temporarily depress prices, but otherwise has had no perceptible
effect in Wall Street. The market for bonds has continued
active and strong, the large new offerings of the New York
Central RR. and New York City having been favorably received. Other than the above, there is nothing new in the
general situation.
The results of railway operations and reports from the iron
and steel industry are of the same general tenor as for some
time past, and at this writing offer little or no incentive
to hopefulness. Moreover, the official determination to
have new laws enacted looking to a more complete Government control of business, and to extend the present session
of Congress for that purpose if need be, has had a depressing
influence. Almost no efforts are being put forth in the line
of new enterprise, but, on the other hand, old, long-established business in practically every branch is, as is well
known, in a languishing condition, partly because of this
official attitude. Some relief is hoped for from the year's
crops,and these are looked forward to with unusual interest
and solicitude.
Referring again to the Mexican episode, it seems quite
possible that the rather stirring events of the week will
define somewhat more clearly the relation of the two governments and facilitate future negotiations; should any be necessary.
The Bank of England's weekly statement, although substantially more favorable than that of last week, still showed
a lower percentage of reserve than the average at this season
for a series of years. In other particulars the financial situation, including money markets at home and abroad, is
practically unchanged.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1%@2%. Friday's rates on call were 1%@2%.
Commercial paper on Friday quoted 332@3%%0 for 60 to
90-day endorsements and prime 4 to 6 months' single names
and 4@43 % for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £209,624 and the percentage of reserve
to liabilities was 41.99, against 40.34 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 11,041,000 francs
gold and a decrease of 2,018,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.
1914.
Averages for
week ending
April 11.
Differences
from
previous week.
1913.
Averages for
week ending
April 12.
1912.
Averages for
week ending
April 13.
$
133,650,000 135,150,000
Capital
132,550,000
204,973,300 199,918,500
Surplus
212,716,800
Loans and discounts.._ _ 1,509,160,000 Inc. 6,977,000 1,331,238,000 1,391,394,006
175,000
48,331,000
40,394,000
Circulation
41,579,000 Dec.
Net deposits
1,561,243,000 Inc. 9,485,000 1,324,851,000 1,408,071,000
Specie
338,601,000 Inc. 4,060,000 269,671,000 282,889,000
75,894,000
Legal-tenders
63,484,000 Dec. 2,385,000
74,446,000
Reserve held
25% of deposits
402,085,000 Inc. 1,175,000
390,310,750 Inc. 2,371,250
344,117,000
331,212,750
358,783,000
352,017,750
11.774,250 Dec. 1,196,250
12,904,250
6,765,250
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trugt companies not reporting to the Clearing House, appear on
the second page preceding.
Surplus reserve
$151,000 N. Y. Canal 43's at 1099 to 1093,$15,000 N. Y.
Canal 4s, 1962, at 1013/2, $1,000 Palisade Park 4s at 101%
and $131,000 Va. 6s deferred trust reds. at 563/ to593/2.
The market for railway and industrial bonds has again
been active and the business reported at the Exchange,
averaging $1,850,000, par value, per day, has been fairly
well distributed. Prices, however, were not as well maintained as reported in the outside market this week, for of a
list of 25 active issues only two are fractionally higher and
three unchanged, while of the twenty which are lower, three
at least have declined between one and two points. The
latter include Am. Tel. & Tel., New York Railways and
Southern Pacifies. Rock Island 4s have been by far the most
active bonds and close with a net loss of % point.
United States Bonds.-Sales of Government bonds at
the Board include $16,500 4s reg. at 1113,$500 3s coup. at
1013
%,$10,000 Panama 3s reg. at 1013
4 and $10,000 2s reg.
at 98. For to-day's prices of all the different issues and for
yearly range see third page following.
Railroad and Miscellaneous Stock.-A persistently
urgent selling movement throughout the early part of the
week resulted in a largely increased volume of business and
substantially lower quotations. The movement continued
until a later hour on Thursday, at which time several important issues were at the lowest level of the year, including
Union Pacific, Northern Pacific, Great Northern, New York
Central, Lehigh Valley and a few of the industrial stocks.
There was, however, very little, if any, liquidating by actual
owners of stocks. The movement was, therefore, limited
by the extent to which Board-room traders were willing to
take risks, but the reaction which followed did not reach far
or continue long. To-day's market was decidedly weak,
following the lead of Missouri Pacific, which declined over
5 points on doubts of its ability to meet maturing obligations
and Lehigh Valley's drop of 63/i points to-day and of 11
points within the week on rumors of a reduction of its dividend rate. Few issues were able to resist this movement.
Almost the entire list closes substantially lower than last
night and a long list of active stocks is from 3 to 5 points
lower than a week ago.
Several industrials have fluctuated widely. United States
Steel declined 432 points on liberal offerings, some of which
suggested real liquidations. Tobacco covered a range of
nearly 13 points.
For daily volume of business see page 1236.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
1Veck ending April 17.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Mar
Feb 110
Adams Express
100 9834 April14 9834 April14 91
Jan 8634 Mar
Amer Coal Products_ _ _ _
100 8334 Aprill5 8334 Aprill5 82
Brunswick Terminal__ _ _
400 634 Aprt14 634 April14 634 April 834 Feb
Jan
Jan 29
Butterick
200 27 April13 27 April14 26
Jan 10934 Feb
Cent & So Am Teleg_ _ _
3105 Apri115105 Aprill5 103
Mar 2834 .Jan
Colorado & Southern_
100 22 April14 22 Apr1114 20
Comstock Tunnel
300 8c, April13 8c. Apr1113 6c. Jan 10c. Feb
Jan
DulS S & Atkin, pref.__
50 9 April16 9 April16 9 April 11
Jan
Federal Mg & Smelt,pref
50 37 April17 37 April17 3534 Jan 43
Gen Chemical, pref
67108% Apr111610834 AprI115 10734 Feb 10834 Feb
Mar
Havana Elec fly L & P..
10 80 Apr1114 80 Apr1114 80 April 84
Homestake Mining
100118 Apr1111118 Aprilll 114
Jan 12234 Mar
Iowa Central, pref
100 1334 AprI117 1334 Apr1117 1334 April 1334 April
K C Ft 5 & M, pref
110 7434 April14 7434 Apr1114 6534 Jan 7434 April
Laclede Gas (St Louls)_
100 97% Aprilll 9736 Aprilli 95
Feb
Jan 101
Long Island
100 3234 April16 3234 April16 28
Feb
Jan 36
Feb
300 76 April17 77 April14 76
Mexican Petrol, pref
Mar 87
Jan
N Y Air Brake
100 64 April14 64 April14 61
Jan 69
Jan
Mar 45
100 37 April14 37 April14 36
N Y Chic & St L
Jan
Mar 43
40 3034 April15 3034 April15 26
Norfolk Southern
Jan
200 534 Aprl115 534 April14 534 April 8
Peoria & Eastern
Feb
Pettibone-Mulliken
150 23 AprI113 23 April13 23 April 29
Feb
Jan 93
Pittsburgh Steel, pref.._
300 8834 AprI114 8934 April16 88
Sears, Roebuck de Co, pf
100124% AprI11712434 April17 12234 Jan 12434 Mar
Jan
Sloss-Sheffield S err, pref
100 8934 Apr1115 8934 April15 8934 April 92
Southern Pacific rights_ 39,900 1-64 April16 3-64 April14 1-64 April 11-16 Feb
Jan 5034 Feb
United Cigar Mfrs
150 48 April14 48 Apr1114 45
Jan
United Dry Goods
100 88 April16 88 Apr1116 88 April 91
Mar
Jan 52
Virginia Iron Coal & C
450 45 April14 4634 AprI113 40
Jan 52 April
Virginia fly & Power400 51 Apr1115 52 Aprll13 51
Mar
Wells. Faren RE Co
7 on AnrI117 90 Avril17 8034 Feb 94
Foreign Exchange.-The market for sterling exchange
Outside Market.-On a moderate volume of business
has ruled firm but not active during the week, the chief in- prices in the "curb" market this week, outside the Standard
London.
fluence being the firmer discounts in
Oil shares, gave way fractionally. The Oil shares were conTo-day's (Friday's) actual rates for sterling exchange wero 4 8504 8525
the more notefor 60 days, 4 869504 8705 for cheques and 4 871504 8725 for cables. spicuous for sharp declines generally. Among
Commercial on banks 4 833404 8434 and documents for payment 4 8434
worthy breaks were Prairie Oil & Gas with a drop from 480
4 8434. Cotton for payment 4 8404 8434 and grain for payment 4 8434
to 420, the close to-day being at 423. South Penn Oil at
The posted rates for sterling, as quoted by a representative house, were 307 shows a loss of over 60 points with a final recovery to
not changed during the week from 4 8534 for 60 days and 4 8734 for sight.
down from 480 to 440
To-day's (Friday's) actual rates for Paris banekrs'francs were 5 1834 less 315. Standard Oil (Indiana) went
3-3205 1834 less 1-16 for long and 5 1634 less 5-1605 1634 less 7-64 for and ended the week at 455. Standard Oil of N. J. declined
short. Germany bankers' marks were 94 13-16094% for long and from 420 to 403. Atlantic Refining fell from 645 to 620
95 3-16 less 1-16 ® 95 3-16 plus 1-32 for short. Amsterdam bankers' guildand was traded in to-day at 623. Ohio Oil sank from $189
ers were 40 5-16 less 1-16@40 5-16 less 1-32 for short.
Exchange at Paris on London, 25f. 16c.; week's range, 25f. 1634c. high to $175. Pierce Oil lost 17 points to 65, moved up to 90
and 251. 14c. low. Exchange at Berlin on London, 20m. 45pf.; week's
and back finally to 82. Solar Refining dropped from 330
range, 20m. 4634pf.iligh and 20m. 45pf. low.
The range for foreign exchange for the week follows:
to 310. United Cigar Stores corn. was weak, selling down
Cables.
Sixty Days.
Sterling, ActualCheques.
from 9432 to 923/2. Riker-Hegeman fluctuated between 9
High for the week_ A 8525
4 8725
4 8705
Low for the week__ A 8490
4 87
4 8680
and 93 and ends the week at 93'. Sterling Gum,"w."
Paris Bankers' Francs4. United
weakened from 7 to 6% and closed to-day at 63
High for the week___5 1834 less 1-32 5 1634 less 1-16 5 1634 plus 1-32
Profit Sharing was off from 53% to 4%,ending the week at 5.
Low for the week..--5 19%
5 16g less 1-32
5 16%
Germany Bankers MarksMaxwell Motors continue active, the 1st pref. declining from
7
High for the week__ - 944
95 5-16
9534
343
4 to 323/b and recovering to 333/y. An exceptionally
Low for the week__ _ 94 13-16
95 3-16
9534
Amsterdam Bankers' Guildersheavy business was transacted in the new N. Y. City 4
High for the week__ _ 40 1-16
40 5-16
4036 less 1-16
"w. 1.," the price going down from 101 15-16 to 101 13-16
40 5-16 less 1-16 40 5-16
Low for the week_ _ _ 40 plus 1-16
Domestic Exchange.-Chicago,par to 5c.discount per $1,000. Boston, and up to 102 3-16, with the close to-day back to 101 15-16.
par. St. Louis, 30c. per $1,000 premium. San Francisco, 20c. per $1,000 Mining stocks were quiet. Braden Copper advanced from
premium. St. Paul, 40c. per $1,000 premium. Montreal, 6234c. per
$1,000 premium. Minneapolis, 45c. per $1,000 premium. Cincinnati, 8% to 83/2, weakened to 8 and closed to-day at 83g. Greene-.
5c. per $1,000 premium.
Cananea sold down from 35% to 32. Nipissing rose from
State and Railroad Bonds.-Sales of State bonds at the 6% to 63
4 and closed to-day at 6%.
Board include $613,000 New York 432s at 1099/i to 1093/2,
Outside quotations will be found on page 1236.
New York-Stdok Bioliatige Stock Record, Daily:Weekly and Yearly
1227
OCCUPYING TWO PAGES
Por rece-rd ef sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 11
afWay
April 13
Tuesday
April 14
IVednesday
April 15
Thursday
AprU 16
Friday
April 17
STOCKS
Sales of
NEW YORK STOCK
the
EXCIIANGE
Week.
Shares.
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
9612 9834 9614 9658 0534 9614 9553 9614 9538 *578 96
9314Jan 3 10038Jan 23
5 Atchison Topeka & S F__
720
9014 Nov 10814 Jan
9618 6,50
9753 Jan 13 10158 Feb 9
10014 10014 10012 10012 100 100 110012 10012 100 10012 100 100
Do prof
98 J'ly 10214 Jan
122 122 *12113 123
12113 12158 18
28
1118
4 18
23
15
184 12038 12112 .120 122 . 1,500 Atlantic Coast Line RR_ 116 Jan 3 120 Jan 23 112 J'ne 13338 Jan
8914 8938 88
Baltimore
Ohio
&
8014 88
873
8
Mch
7 9838Jan 26
15,100
8812
9058 J'ne 10838 Jan
8753 8812 8818 89
7734 Jan 6 8338Jan 29
Do pref
*8058 8112 *8053 8112 08058 8112 08058 8112 *3058 8112 *8058 814
7714 J'ne
88 Jan
9178 92
8712Jan 3 9414 Niels 6 x8334
9178 92
9133 9178 -14
9138 9012 9114 10,700 Brooklyn Rapid Transit_
01
01
--34 90
9234 Mar
Canadian
Pacific
198 19918 19734 1994 19918 200
1973
ing8
4
Apr
13 22012 Feb 4 204 J'ne
90012 53
21
200
199 20012 . - 4 01014 62,650
Dec 26634 Jan
018 3
*305 325 .305 325 .305 320 *310 810 .300 310
10 Central of New Jersey...._ 310 Jan 12 310 Jan 12 276 J'ne 362 Jan
527e 53
5034 Mch 10 68 Jan 22
5234 5314 5214 5278 5114 5278 5114 5278
11,580500
5118 J'ly
80 Jan
Chicago
01213 1314 *1213 1334 *1213 1314 ---2
&es
CliteW
e
iC
Othtiroctfs _
ja
agpoea
1114 Mch 12 1412 Jan 24
191 ---2
191 *1112 1212 *5
5
13%
124
312
2
1018 J'ne
1778 Jan
•3113 32
Do prof trust ctfs_ _ _
2712Jan 7 3338 kich 31
1,580
39
2
9
37
3114 32
278 9
32
31
3012 31
23 J'ne
35 Jan
9914 10014 9
9534 Mch 7 1074 Feb 4
39
10,700 Chicago Milw & St Paul_
218 1030212 9858 9934 9734 9834 9714 9834
9634 Nov 11014 Jan
pref
Do
O131 140
13718225
137 atch 7 143 Feb 6 13113 Nov 145 Jan
13734 13734 0131 13734 .135 13712 *134 13734 013412
O132 134 0132 133
1,200 Chicago & North Western 128 Jan 3 1364 Feb 14 2123 Dee 138 Jap
13112 132
13134 132
132 132
132 132
Do pref
O170 180 *170 180 .170 180 .170 180 .170 180 *170 180
170 Jan 5 180 Jan 24 17118 Nov 1189 Jan
Cleve
Cm
n
Chic
&
St
L
100
25 Apr 13 40 Jan 5
32
35
022
32
25
022
25 .25
32
32 •22
3478 Aug
54 Jan
Do prof
58 Apr 11 70 Feb 9
58
200
60
5812 .51
051
60
60 .51
051
60 *51
60
60 Oct
9434 Jan
1,200 Delaware & Hudson
0150 152 *15014 152
14778 Mch 20 1591 Feb 4 14712 J'ne 167 Jan
10
50
,
0 4
1
,
5
15014 15012 150 15018 14912 150 *3
Delaware
Lack
300
&
West
388
.
39613 401 *39613 401
Jan 6 405 Jan 27 380 Dec 445 Jan
39612 397 *395 400 .395 400
1053 Feb 25 1914 Jan 31
•12
14
1213 1218 1212 1212 1118 1234 1,200 Denver & Rio Grande
*1112 14
14
012
..333 J'ne
234 Jan
Do pref
960
1912 Apr 17 3118Feb 4
*22
1912 22
2113 2112 .2134 25
24
022
24
022
24
23 J'ne
41 Jan
271,i Jan 3 3212 Jan 23
2812 2778 29
29,810 Erie
2913 2914 29
2014 J'ne
2914 284 2918 2778 2853 28
Jan
3213
Do 1st preferred
2,350
4273 Jan 3 4934 Jan 27
4438 444 4438 4414 45
4514 4514 4512 4512 4413 4478 44
3312 J'ne 4913 Jan
Do 2d preferred
*3513 3712 3712 3712 1,100
35 Jan 2 4014 Jan 23
*3513 38
3713 3712 3712 3712 *3012 38
2814 J'ne
41 Jan
Great
Northern
12238
122
1213
3
23,325
1217
pref
12112
3
12138
12234
Apr 16 13434 Feb 4 1154 J'ne 13258 Jan
12333 12412 12238 12414 12133 12238
Iron Oro properties
3211 3212 5,180
3038 Apr 14 3914 Jan 19
3038 3114 3034 3112 3112 32
32
3114 32
32
2512 J'ne
4114 Jan
1,027 Illinois Central
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
*11012 112
11012 11012 11014 11012 111014 11014 11014 11012 01104 111
1434
1478
1413
Interboro-Metro
3,100
1413
145
8
1434
1453
p v t ctf_
1412 Feb 25 1633 Jan 24
1434 1478 1434 1434 1423
1238 J'ne
1958 Jan
6034 6012 6112 5,240
61
60 6034 6058 6034 60
Do pref
5812 Mch 7 63 Jan 24
611861
61
45 J'ne
6538 Jan
24
2418 2418 1,700 Kansas City Southern._
4 2438 2412 24
24 Apr 16 2738 Jan 31
02434 2578 2433 2434 2413 24,
2138 J'ne
2838 J'ly'
*5513 59
60 .____ 5914 •-__ 00
Do
584 5878
prof
056
60
58 Jan 12 62 Jan 24
56 J'ne
6112 Jan
*5
*518 7
7
*513 7
*518 7
Lake Erie & Western_ .._.
*5
7
*5
7
9 Jan 23
612 Feb 28
7 May
1112 Feb
*11
18
18
012
*11
*11
18
19
011
Do prof
18
011
17 Apr 3 2112Jan 28
18
16 Nov
35 Jan
14413 14412 14373 14412 14313 14412 14178 144
13934 14238 134 141
97,200 Lehigh Valley
131 Apr 17 15014.ian 23 14114 J'ne 16838 Jan
13434 135
135 136
136 138
13434 135 0134 13512 13513 13534 1,650 Louisville & Nashville
13358 Jan 3 14178 Jan 19 12614 J'ne 14214 Jan
131 131
13158 13158 131 131
13118 13113 *131 133 *13118 133
802 Manhattan Elevated
128 Jan 5 133 Feb 7 17 J'ne 13253 Feb
•12
15
13
13 .12
16
012
16
*12
14
012
13
200 Minneapolis & St Louis.. 1212Jan 0 1614 Jan 31
12 J ne
2314 Jan
.
28
028
43
43
30
30 025
40
025
32
026
Do pref
32
30 Apr 14 3512 Jan 22
125
30 Dec
47 Jan
12212 12213 122 123
12113 12112 0120 124
12034 122 0121 124
925 Minn St P & S S Marie.. 12034 Apr 16 137 Feb 5 11514 J'ne 14214 Jan
•135 145 *135 145 *135 145 *134 145 0133 145 *133 145
Do pref
140 Apr 9 145 Feb 2 131 Nov 1150 Jan
1512 1558 1534 1578 1513 1534 15
1512 15
1514 1513 16
5,850 Missouri Kan & Texas.... 1434 Apr 9 24 Jan 26
1818 J'ne
2918 Jan
41134112 4114 4114 4013 41
3813 4012 39
39
038
46
Do preferred
384 Apr 15 60 Jan 30
1,100
6412 Apr
52 J'ne
2414 2458 24
2412 2334 2414 2334 2414 2314 2418 1813 24112 77,850 Missouri Pacific
1812
Apr
17
Jan
30
Dec
2114
27
4358 Jan
•28
35
028
33
028
33
028
33 .28
33 •28
Nat ltys of Mex 1st pref. 30 Jan 19 34 Feb 6
33
31
Dec
59 Mch
*10
1212 1112 1112 1114 1114 *II
1212 1113 1118 *1113 12
Do 2d preferred
10 Jan 6 14 Jan 20
400
834 Dec
Jan
2712
8913 8938 89
8958 8814 89
8812 89
8653 8858 8714 8814 30,900 N Y Central & II R
8653 Apr 10 9658Jan 31
9038 Dec 10934 Jan
6633 6753 664 6733 6638 67
6634 6778 6711 6858 6814 6912 27,951 N Y N H & Hartford
6558 Dee 12972 Jan
0514 Mat 4 78 Jan 2
•27
28
27
27
2634 2634 2658 2658 2612 2658 26
2634 1,500 N Y Ontario & Western_
26 Jan 7 3158Jan 23
254 J'ne 334 Jan
110312 10312 010313 10414 10318 1034 103 10314 10234 10314 113313 10312 2,675 Norfolk & Western
9958Jan 9 10534 Feb 4
98 J'ne 11313 Jan
•8714 90 .87
90
*87
Do adjustment pref_ _
90
087 90 •87
90
85 Jan 7 8813 Mch 12
87 Feb
8014 Aug
11114 11238 11112 112
10914 111
10934 11018 10833 110
10978 1104 -2-0688 Northern Pacific
10834 Apr 16 1184Feb 4 10134 J'ne 1224 Jan
11038 11012 110 11012 10978 11018 10934 11014 1094 11018 1094 11018 18,238 Pennsylvania
10858Jan 3 11513 Jan 31 106 Dec 12334 Jan •
8213 8212 •78
8212 07614 8212 .7814 8212 *7814 8212
85 , .77
100 Pittsb CM Chic & St L
70 Mch25 91 Feb 4
774 Dec 104 Jan
.
95 100
98
98 .95 100 .94 100 .94 100 .94 100
Do preferred
100
9534 Apr 1 101 Mch25 100 J'ne 1109 Sep
16434 16558 10431 16578 163 16514 163 164
162 16312 16218 10358 197,300 Reading
16134 Mch 9 17214 Jan 22 15138 J'ne 17134 Deo
088
90
8818 8818 .88
*88
89
100
89
1st preferred
088
89 .88
89
8712Jan 8 89 Mch19
8212 Oct
9212 Apr
00 .088
0112 90
90 .90
90
9058 •88
2d preferred
9058 088
90
8813 Apr 4 93 Jan 28
84 J'ne 95 Apr'
312 312
34 338
318
3
318 312
34 338
313 312 3,230 Rock Island Company
3 Apr 9 1638 Jan 23
1153 Oct
2473 Feb
513 514
612 512
514 512
554 513
514 513
5
512 4,450
Do preferred
5 Apr 9 25 Jan 16
1712 Oct
4434 Jan
214 214 .2
*2
0214 234
3
212 •2
211 •2
212
100 St Louis & San Francisco
2 Apt 7
8Jan
J'ne
53
15
234
1934 Jan
14
.8
14
.8
*9
14
.8
14
1018 1018 •8
Do 1st preferred
14
100
1013 Apr 1 1711 Jan 13
13 J'ne 59 Fits•
*5
.5
6
.4
512 *514 6
5
414 412
44 412
934 Jan 26
DO 2d preferred
418 Apr 17
700
512 J'ne 29 Jan
2212 022
.22
2213 22
22
021
2212 021
2212 021
100 St Louis Southwestern- 20 Mch30 2634Jan 26
2213
3512 Jan'
20 Dec
*. _ (S0
01
61 0_
61 •____ 61 •____ 61
Do preferred
57 Jan 8 6518 Jan 26
5614 Dec
75 Jan
i538 1934 1913 1912 *-io"
iir3 19
19
1912 1934 1034 2,000 Seaboard Air Lino
1634 Jar 2 2238 Feb 6
1412 J'ne 204 Apr
1491783 54
5418 5
p5434 8434 5434 55
5412 534 5414 54
Do preferred
4534Jan 2 58 Feb 4
5434 4,350
38 J'ne 4933 Sep
9313 94
924 9334 9134 9278 9112 924 9012 92
8818 Jan 3 9912 Jan 23
9113 9258 45,901 Southern Pacific Co
83 Nov 110 Jan t
---- -------Certificates (wh. iss.)_ 9458Jan 2 1054Jan 31
994 9912 ---- ---- 100 100
00
8814 Nov 9'312 Sep
*2514 2512 25 -2-51-4 2413 15 - 2414 2434 2334 2412 2418 244 8,400
Southern v tr ctfs stmpd- 2278Jan 3 2814 Feb 4
194 J'ne • 23* Jan
*794 8112 80
80
794 8012 794 80
80
80
Do preferred do
75 Jan 3 8514 Feb 4
80
1,300
80
72 J'ne 812 Mcli
01412 1513 15
15
1434 1434 0.1431 1512 •1434 1512 1358 1434 2,500 Texas & Pacific
1312Jan 5 1734 Apr 1
1014 J'ne 228 Jan
• 43 '43
4212 4234 4214 4212 424 4212 4158 4212 4178 4212 5,750 Third Avenue (II. Y)_._
4112Jan 29 4534 Jan 13
277/IJ'ne
4338 Sep
'9
1012 .9
101 .
101
.9
1014 .9
10
Toledo St L & Western..
918 Mch24 1214 Jan 24
.913 1014
71s Ply
13 Jan
015
20
01773 20. ........*1713 20
01734 20 •1778 20
Do preferred
18 Apr 8 23 Jan 26
1514 J'ne
2934 Jan
0104 106 *104 106 0104 1( - .10313 10513 01034 106 0104 10512
City Rapid Transit 10514 Jan 7 10812Jan 19 10118 J'ne 105 Sep
158 15813 15738 15858 15553 1574 15434 1564 15314 15514 15358 15518 177,000 Twin
Union Pacific
15314 Apr 16 18438Jan 31 13734 J'ne 152s4 Jan 1
8234 8234 .8213 8312 83
*82
83 .8238 83
83
8212 8212
Do preferred
450
8212Jan 6 86 Feb 4
9312 Jan
7934 J'ne
18
18
01714 19
1713 1712 17
17
•1613 17
17
500 United Rys Investment - 17 Apr 15 2334Feb 6
17
16 J'ne
3513 Jan
43
4312 424 43
41
4212 040
42
41
44
43
44
3,000
Do preferred
6318 Jan
30 J'ne
3812 Jan 14 494 Mch24
11
73 1
1
78 lls
73 11s
7s
1
3,150 Wabash
1
*78
458Jan 23
2 J'ne • 6 Anil
34 Apr 8
*414 434
438 438
414 433
44 414
414 414
438 438 1,100
Do preferred
414 Apr 8 13 Jan 23
618 J'ly
1718 Aug
02953 3112 02958 3112 .2953 3112 30
30
*2978 3018 205s 2958
200 Western Maryland,.
204 Apr 17 35 Jan 22
2878 Dec
40 Jan
44 418 .313 4
*334 414 *34 412 *334 414
Wheeling
4
200
4
& Lake Erie.,...
358 Feb 24
Oct
8Jan
63
7
8 Jan
4
3
3
'1618 •16
016
18 •16
18
18 .16
18
Do 1st preferred.... 1514 Mch 11 21 Jan 23
016
18
13 J'ne
28's Jan
*6
8
.6
*6
*6
8
9
06
8
Do 2d preferred
.6
8
558 Dec
61s Mch17 11 Jan 24
11 Jan
47
41 -41
--- •40
041
*41
47
44
40
41
*3978 41
1,000 Wisconsin Central
40 Apr 18 48 Fen 4
4015 4120
5812 Apt'
Industrial and Miscell.
24
2512 2558 2718 2634 28
244 2334 2438 2373 247
24
59,200 dAlaska Gold Min Par 310 92034 Jan 9 $28 Apr 17 818 Nov 52113 Oct
1018 1112 .10
12
*1112 12 .1115 12
10
10
1014 1014 2,100 Allis Chal Mfg v t c
8s Jan 6 1414 Feb 20
9 Dee
75s Dec
44
4312 *43
4412 43
4478 4478 44
043
4213 43
44
Do preferred v t c
750
424 Apr 17 49 Jan 26
40 Nov
4312 Dee
7334 7214 74
7338 7513 73
7
75
7514 76
7318 7438 135,995 Amalgamated Copper
7078Jan 9 7813 Feb 4
6158 J'ne
8012 Sep
5518 5518 55
*5518 56
55
5634 5634 5614 57
5434 5434
700 American Agricul Chem_
4734Jan 2 5912 Mch19
4114 Sep
57 Jan
9334 9334 .93
9412 9413 944 9414 *9334 95 .9334 95
95
Do preferred
300
91 Jan 8 9753 Jan 23
90 Nov
99 Jan
2212 2212 .22
2238 2238 2238 2258 224 2214 .2214 23
23
American Beet Sugar
20 Mch 5 281 Jan 22
1934 J'ne
5012 Jan
75
*6311 734 .6313 7313 *6312 7312 1,501
*85
731 *65
7312
Do preferred
68 Mch 11 7314 Jan 26
65 Oct
86 Mck
28
2858 28
2838 2734 2814 2753 2814 2713 28
25
2814 28,22f American Can
25 Apr 17 351g Jan 27
21 J'ne
4678 Jan
91
sot4 .
9218 .00
o't..13 1,320
92
9014 9012 8978 8J78 .89
9112 ....
Do preferred
89 Jan 3
Jan 24 18013 J'ne 12912Jan ,
50
5018 *4978 5078 4934 4972 4913 493g 4831 49
4958 4934 2,600 American Car & Foundry 4413 Jan 5 96
5313 Feb 4
364 J'ne
5638 Jan
11613 11612 0116 117
110 110 •115 118 011412 11712 *11312 117
220
Do preferred
114 Jan 28 118 !itch 9 108 J'ne 117 Mat
•____ 35 0_ ___ 35
krnerican Cities
3512 Apr 9 3634Jan 26
3314 J'iy
4834 Jan
-1-11 12-- -08
-Ii4 -di -iii-3 -83
1--4 -iliF4 lit; 6114 6114 6118 6118
800
Do preferred
60 Jan 5 68 Jan 28
6014 J'ne
.4212 4412 42
4212 41
7821 Jan
42
41
41
4012 4114 41
41
2,400 American Cotton Oil
3712 Jan 8 4611 Feb 9
*9515 99
3312 J'ne
5738 Jan
*9612 98
*0513 98
*9512 98
*9513 98
*954 98
Do preferred
941 Jan 15 9738 alch 30
9212 Sep
93 May
412 *4
*4
458 0418 452 .4
4
412
4
.4
412
200 American Ilide & Leather
4 Apr 16
512 Jan
312 J'IY
514 Feb 6
2114 2112 021
02114 23
*21
22
02114 23
22
2114 2114
Do preferred
400
2012 Feb 25 2534 Feb 6
2814 Feb
1518 J'ne
2933 2934 2913 2912 2812 2918 2814 2834 2812 294 2914 2914 6,400 American Ice Securities
24 Jan 3 3284 Feb 20
17 J'ne
2734 Apr
10101s 1038 1018 1018 .10
11
1018 1018 1018 1018 .10
11
600 American Linseed
10 Jan 8 1158Jan 28
678 J'ne
1218 Nov
0274 32
•28
32 •27
32 .2718 32
02713 32
02712 32
Do preferred
28 Mch 11 3134 Jan 16
20 Oct
3338 Nov
.32
*3212 31
34
3034 3034 3012 3114 1,700 American Locomotive......
3134 3212 3114 32
3012 Apr 17 3714 Jan 31
J'ne
27
Jan
4413
1001310012 10014 10014 100 1004 098 100
98
98
90
99
1,000
Do preferred
90 Jan
10213 Mch25
94 Oct 10634 Jan
•74 812 *713 9
0758 812
712 712 *5
8
*6
3
200 American Malt Corp--914 Jan 20
7 Jan 13
514 Oct
*43
13 Jan
49 .45
49 .44
043
48
48
48 .45
*44
48
Do
preferred
42 Jan 3 501s Jan 24
4178 Oct
•83
6112 Jan
85 .83
85
8:313 8312 •80
080 84
84
8253 8238
200 Amer Smelters See prof B 82 Mch 12 85 Jan 19
7912 JilO
6814 6814 6814 0812 6711 6814 6418 6678 6513 6638 66
86 Jazz'
6714 12,200 Amer Smelting & Refin'g 634 Jan 3 7118Feb
5812 J'ne
4
10253 10258 102 102
7434 Jan
10113 10134 10112 10112 *10112 10112 10134 10134
890
Do
preferred
0854 Jan 3 105 Jan 27
97 J'ne 107 Feb'
*161 165
162 162 .161 16212 0101 164
161 161 *160 162
300 American Snuff
160 Jan 2 172 Jan 31 150 J'ly 193 Jan:
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New Yon
America Y._
Amer Exch..
Battery Park
Boweryll___
Bro x Boma
Bronx Nat__
Bryant Pawl
Butch & Dr.
Ceetury 9....
Chase
Bid
Ask
Bid
Ark
Banks
Banks
Bid
Ask
Banks
Bid
Ask
Banks
81.41
Ast
Banks
BO
Asa j
Chat & Phen. 173 175 Fidel;tyl....... 165 175 Harriman .._ 275
290 Mutual.
'
- 300
--- Seaboard-- 410 438
565 580 Chelsea Exii.. 140 145 Fifth Ave'7.- 4500
_ _. Imp & 'Fred- 505 520 Nassau
175
185 Second
390 423)
214 220 Chemical ___ 415 425 Firth
300 325- Irving
178
183 New Neth1
210
225 Security 1___ 100
120
120 135 Citizens' Cen 175
180 First
885 895 Liberty
600 015 New York Co 850 875 Sherman ---. 133 '
425 . _ City
350 300 Fourth
180 187 Lincoln
310 325 New York370 380 Statel
fiti
_..;
225 260
160 Garfield __ 210 230 Manhattan 'I 320 330 Pacific
Coal & Iron_ 150
225
n
250 234 Ward 9
130
140
175
190 Colonial I
450
...... Germ-Amer 1 130 140 Mark & Full. 240 250 Park 9„
365 370 Union Exch 145 130 1
150
- Columbia ¶... 300 325 ceeman Ex 1 375 425 blech & Met_ 230
235 People's 1-__ 230 250 Unit SLItest 600
120
135
.Commerce t
.... Gormanial....
450 475
Merch Exch.3
1
165
7
___ ProdExch 1- 164
170
Wash Irts*f .
273
185 195 Corn Exch 1.. 313 318 Gotham
--.
190
_ ._ Merchants'
170
175
Publ iell
200 230 Weetch All_ 150
590 010 Coemoporn T, 85
173
105 Greenwich 1 270 23-5 Metropolis 9. 300 310
;
Reserve
100
105 West Side 1 - 450 475
Estia River_ 60
75 Ilanover --- 050
____ 5letroporn 1 175 185
Yorkville 1-- -- 600
•
•111d and asked prices: no sales on this day. t Bx-rights. 1 Leas than 100 shares.
State banks. a Ex-41 v. & cl;hts. 6 New 'took /Zs 24%
teals at 3300k ExehAnts or at auction this week. I First .nstalitnent pail.
assure 4111
n Sold at private 3a10 at tall price. s
; F-41 paid.
FRASER
Digitized for
New York Stock Record-Concluded-Page 2
1228
iVoL. =vim
Pot record of sales during the week of stocks usually inactive, see second page preceding
BTOCKS--HIGHEST AND LOWEST SALE PRICES.
Saturday
4pr4 11
.1=day
Aprii 13
Tuesday
April 14
Irednesday
April 15
Thursday
April 16
Friday
April 17
STOCKS
Sales of
NEW YORK STOOK
the
EXCHANGE
Week
Shares.
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Industrial & Misc (Con)
*10214 105 *103 105 .103 105 .103 104 .103 105 *103 105
Amer Snuff pref (new)__..
• *31
3012 3012 30
33
3172 2172 3012 31
750 Amer Steel Found (new)_
8012 .2912 30
•9984 1004 100 100
9932 100
9958 100
9934 9914 .100 10012 1,400 American Sugar Refining
111 111 *110 ____ 11018 11018 110 11018 10934 10934 110 110
800 Do preferred
120 1211 12032 1203 120 121
11934 12052 120 12012 12012 12078 5,500 Amer Telephone & Teleg
237 2371 233 23314 22914 23212 .227 232
22512 22734 229 230
2,400 American Tobacco
*105 106
10514 10514 *10414 10512 *10414 10512 .10434 10512 10512 10512
201 Preferred, new
' *1612 1712 *16
1712 .16
American Woolen
1712
1712 *15
1712 *15
174
4,747, 771 .747, 7714 *7472 7714 *1012
475
10 Do preferred
77
17812 7612 *754 7612
*12
15 •12
*12
15
15 .12
15 .12
Amer Writing Paper pref
15
*12
15
3472 3478 3412 343
337g 3434 3334 34
3312 34
3418 3414 7,625 aAnhconda Cop Par $25
*13
18
*13
*1212 18
18
*1212 18 .1212 18
Assets Realization
*1212 18
47
47
*4612 5013 .4714 5013 .45
504 4812 4612 47
400 Baldwin Locomotive__
47
108 108
10778 10778 •10712 108
10734 10734 10778 10778 108 108
GOO Do preferred
39
3812 3812 3782 3812 38
89
39
38
39
3914 4012 10,600 Bethlehem Steel
8234 8234 83
83 .8214 84
83
83
8212 83
1,600 Do preferred
8318 85
*126 128 *125 127
124 127 *124 12712 *12412 128
700 Brooklyn Union Gas___ _
126 126
23
24
24
23
24
23
23
23
23
2312 23
2414 2,900 California Petrol v t ctfs_
6412 6412 6214 64
*6412 651
16112 6112 62
62
825_ Do preferred
62
6314
8514 8514 .8212 8614 .8212 8814 *8212 8614
*8212 881 18612 861
105 uase(J1)ThreshMpftrcfs
3412 34
344 3452 3312 3538 3412 3533 344 3472 3434 3612 47,110 Central Leather
*9912 100
9912 a
99
9933 .99 100
99
99
*98 100
800 Do preferred
4112 411
41
4114 40
41
3934 4012 40 404 4058 4078 15,650 dChino Copper.. Par $5
*69
6912 69
*69
70
89 .68
6912 .68
69 .68
200 Cluett,Peabody & Co,Inc
69
*10114 104 *10114 104 •10114 103 *10114 103 .10114 103 .10114 103
Do preferred
3018 2834 30
30
31
30
2838 29
2814 29
29
2912 3,500 Colorado Fuel & lron
130 13012 *12812 1301 *129 131
*13112 133
130 130
130 13012 1,475 Consolidated Gas (N )()..
852 83
838 834
814 81
Products
rCe rrpreedfRefining..
833 888
813 838
84 83s 5,000
*6212 65
*6234 65
*6212 65
rn Preferred
83
83
6234 63
63
63
500
250000 C:Deroe
94 .9212 9314 9234 9234 *9112 95 .92
94
Deere
95
*02
95
18
17
17
1714 1632 1
16
18
1512 16
1512 1578 4,200 Distillers' Securities Corp
14514 14512 14512 14512 145 145 .14412 14534 144 14412 14434 14434 1,599 General Electric
7912 8238 7978 821
7812 79
81
81
8018 8178 8112 8218 8,580 Gen Motors vot tr ctfs_..
021*9212 9212 931
9214 93 .92
9212 92
9214 9214 9212 2,400 Do pref v t ctfs
2512 26
2534 26
28
2634 2612 2712 27
2814 2712 2873 17,200 Goodrich Co (B F)
8912 8712 871 .85
*85
8912 *8612 8912 .88
8912 .88
8,12 dGD
891212
4
)
g,eizilreferr
uo
Ex
5334 5334 5378 5138 5234 5333 5258 5318 5258 5284 63
h
plor Par $25
1714 1714 *1714 1734 17
1738 1714 1714 1718 1714 17
1718 3,253 dInsp'n Con Cop Par $20
10334 10378 10312 10358 10214 10338 10312 10312 10212 10212 10212 10312 1,788 Internet Harvester of N J
*115
___ .115 __ *115 ____'115 ____ .115 ____ .115 116
•1027g 104 4.10134 10312 10113 10134 *Hu 10313 101 iol '100oo 10312
rnai harvesterfI erred
300 InPeo
Corp..
_ .11414 _
.11414 __ •114 -___ *11434 ___. .114 116
Do preferred
3
212 21
o er Marine
212 212 *232 3
400 I ti2.M
resatprtk
232 253
eertf
.sc_t_113
.
114 *10
10
1112 .10
111 *10
1112 10
1012 *912 1112
VI
.812 9
*812 9
.812 9
812 812
812 *8
8
812
9 International
*36
87
37
*MS
teo
36
36
3612 35
.
1 38
rnaptrs
8534 3414 35
ef
terarm
edpump..„
700 inD
•634 8
*634 8
.634 9
.812 8
*612 8
*812 8
,*___ 25 •____ 25 •_ 25 .15
Do preferred
*15
25
25
25
*15
89 .87
i *87
88 .87
80 .87
91 .87
Kayser & Co (Julius)___
91 .87
91
110612 1061..106 109 *166 109 .106 109 *106 109 *106 110
3 Do 1st preferred.._.._
, 4.95 100 .95 100 .95 100 .95
971 •95 100 .95
Kresge Co (S 5)
9612
r 103 103 .10214 10318 *10214 105 *10214 105 .10214 105 .10214 10312
Do
ettP&
rem
ferr
y
100 Ligg
'215 225 *215 225 .218 224 .218 224 *218 224 :2112 //ti
Tobacco
obacco
11
10114 116 *114 116 .11412 116 .114 116 .11412 116
Do preferreededrs
•3214 3414 324 3214 .324 311 *3218 3414 .3218 3414 .3214 3414
200 Loosc-Wiles Bis tr co ctfs
1.101 103 *101 103 .101 103 .101 103 .101 103 *101 102
ar d )e
ed _ _ _ _
*9214 99 .9214 99
99
99 .94
1 *89
94 •94
preferred
*9214 99
L°III
*175 184 .175 184 *175 184 .175 184 .165 180 .167 180
i 114 114 .113 114 .113 114 .113 114 .113 114 .113 114
preferred
100
85 .80
85 .80
Mtic0
85 .80
kayprCaem
r, •82
85 .80
85 .8134 85
rrpea
dnies _.
-69
7014 169
7014 *68
69
i 694 691 .68
69 .67
70
274 ...D
60 60 •57
60
60 •57
*57
60
I- .57
60 *5714 60
100 may Department Stores..
*100 1011 *100 10314 9934 0034 0812 0912 *9712 10012 *9712 1001
400 Do preferred
6412 65
6514 6512 6273 6514 6012 6412 62
6412 6312 6514 10,400
preferred1)poerr
Petroleum_
.. ..iuar $5
2332 2332 231g 2314 2314 2333 2,050 11
• 2334 2334 2312 2334 2313 231
4812
4812 481
4812 .4814 4858 4814 4814
*4812 49 .4813 49
300
,
010134 10234 1021. 10213 102 102 .10134 10212 10178 10173 10134 10134
400
130 13014 130 130 112972 12912 130 130
r.131 1334 131 131
825 National Biscuit
12312 12312 123 123 *12218 125 §1221g 12218 •1224 125
t
01217g 125
212 Do preferred
.. 111, 1112 1112 1112 1114 1138 .10
12 .10
12 .10
D
t0
600 Na
Enp
arm
1112
efeel
Stamp's
*80
87 .80 87 .80
87
87 *80
87 .80
*80
preferred
87
4612
4812
.4814
*4614
4612 4614 4614 •44
4834
'
4834 4834
300 National Lead
4812
10812 10812 .107 10812 .10734 10812
400 DO preferred
10812 10812 *107 10914 107 107
15
15
1434 15
151g 1434 15
1514 1538 15
1434 15
0 500 dNevada Cons Cop Par $5
*7414 76
7554 7534 *7414 76
7534 7534
7534 76
'500 North American Co(new)
2212 2312 2234 231_ -iii2 ./i1-2 2318 2334 1,610 Pacific Mail
24
2512 24
C24
2912 .28
29
2912 2913 .2812 2912 *2812 291, .2812 291 .28
100 Pacific Telep & Teleg-120 12112 121114 12114 11978 121 *120 122
1,160 People's(I L & C (Chic).
122 122
122 122
2115 2012 201
2014 2012 20
2,650 Pittsburgh Coal
2112 .20
2014 .20
21
1520
0084 9078 897s 9078 *8734 8914 8734 8834 *8813 03
91
I 91
1,975 Do preferred
4134 4214 42
4212 4252 4173 421
e Steel Car
4214 3,3
42
42
r 4212 43
30
00
0 Pressed
10312 10312 .103 104 *103 104
D0preferred
0103 105 *10312 105 .103 104
Pub Serv Corp of N J.-10112 1131 *112 _-__ .....- 1131 *112 11312 .112 11312 .112 11312
1,000 Pullman Company
1551z 15558 156 156 .15512 15612 15518 156
..015513 156 *15512 157
2612 2658 .2612 2712 2612 2612 1,200 Rail))ay Steel Spring
*2712 2814 2712 2712 2612 271
99
490
9512 9313 94
8558 9558 *93
09
ao
y ce
preferred
99 .95
*95
D
300 d1,
rpepd
• 2134 2178 211g 2173 2012 2112 2033 2118 2034 2118 21
2114 15,850
erPar
2273 2134 2134 2214 2278 4,410 Republic Iron & Steel
2238 2234 2212 2273 2214 2212 22
3,100
83
84
8412
835
2
8
843
Do
83
8258
8178
8352
*8413 851
preferred
832
612 7
734 8
*714 9
612 7
71g 712 2,103 Rumely Co (M)
712 9
2214 2234 2178 2178 .2112 25
22
22
22
21
25
22
1,310 Do preferred
*185 188 .186 18712 188 136 1186 186 .186 18712 .186 18714
340 Sears, Roebuck & Co__ _ _
27
30 .2614 30
27
!• *26
32 .26
2614 2614 2634 2634
30 Sloss-Sheffield Steel & Jr..
3412 35
36
36 .35
3412 3412 *3434 38
37 •35
*35
300 Standard ,Milling
*8012 05 .6012 64 .61
64
61 .61
Do preferred
64 .61
64
*61
33
32
3212 3112 3258 32
; 32
3212 3332 32
32
3212 2,900 Studebaker Con)(The)
87
86 .85
86
87
8514 8514 8612 8612
'8587 .85
330 Do preferred
3434 3312 343: 3312 3312 3314 3312 3314 3334 3,700 dTennessee Cop--Par $25
34
. 3412 34
137 1401 137 138
135 13714 13712 141
1414 14212 140 141
12,000 Texas Company (Tile)....
85
80
85 .80
85 .80 • 85 .80
80 .7053 83
100 Underwood Typewriter_ _
, *80
200 Do preferred
*110 __ .110 ____ .110 __ 11272 113 .108
_ .108 _ _
658 634
612 --61-2
612 61
612 612 1,530 Union Bag & P:-..per
' 64 -612
612 634
22
22
2214 2214 2172 2112
2212 221
28
*21
28
, *21
600 Do preferred
1214 *1114 121 .1114 1212 1132 1112 *1114 1212
•10
1214 *10
200 US Cast Iron Pipe & Fdy
3834 3834 13912 3918
40 .3834 40
40
40 40
42
• .40
so
474 D
Extrreferred
es
U
.72
76
*7214 78 .72
76 .72
76
*72
76
78
*72
*59
62 .____ 63
62
63
63
63
62
*59
.63 64
200 U S Realty & Improv't-6033 5934 6033 s57
5734 5712 58
6014 CA
5752 5814 5,300 United States Rubber__
60
10378 104 210112 10178 10173 10173 *10113 102
1037g 104
010378 104
1,310 Do 1st preferred_...._
6914 6083 5773 5914 5773 5834 5712 5834 58
5918 506,760 United States Steel
• 6058 611
109 10934 .109 10958 •109 10934 109 10912 4,191
• 110 1101* 10934 110
Do preferred
5412 54
54
55
55
5614 26,270 dUtah topper.. _Par $10
5512 5534 6158 551
' 5551 56
2838 2812 2858 2858 29
3058 3034 2914 30
, 31
31
2914 3,915 Virginia-Carolina Chem_
10114 10212 101 1011 10038 10078 *100 102 *100 103
*10212 103
830 Do preferred
I 62
6112 6218 6114 62
6214 6234 6178 621
621
6138 6112 5,500 Western Union Teleg„ _ _
. 732, 74
7312 7344 7178 731
72
7258 7178 7212 7212 17
1312
758 6,830 Westinghouse El St Mfg_
118 119 .118 125 .11712 119 *11712 119 .11712 119
*117 118
200 Do 1st preferred--- _
, 97% 93
9612 961
99 .97
99 .97
971g .97
97
99
1,000 Woolworth (F W)
I*117 1175s •117 11758 •117 1175s •117 11758 •117 11752 *117
Do preferred
,e.
";iis -8- .238
r1 1;aoitern,aninac
1
•
Highest.
997k Jan 9 104 Feb 20
28 Jan 6 3712 Feb 16
97 Mel) 12 10978 Jan 24
10778Mch 31 11378Jan 7
11718Jan 2 12434 Jan 30
22512 Apr 16 256 Mch 23
10134 Jan 7 10614 Feb 20
1312 Mch 4 207* Jan 28
7212'Meh 4 83 Jan 26
133* Feb 16 1738Jan 23
3312 Apr 16 3814 Feb 3
16 Meh 11 2978 Jan 8
3812 Jan 7 5218 Mch 5
10212 Jan 16 10812 Mch 23
2912Jan 5 4134 Mch 11
63 Jan 10 86 Mch 11
121 Jan 5 130 Jan 24
18 Jan 2 3058 Feb 6
5058Jan 2 68 Mch20
82 Feb 19 9518 Jan 16
2578 Jan 14 3673 Mch23
947 Jan 6 10114111cl) 4
3712Jan 9 44 Feb 4
6812 Feb 25 70 Feb 13
10134 Apr 3 10412 Fe') 14
2814 Apr 16 3433 Feb 5
12912Jan 3 13912Jan 24
734 Meh25 13 Jan 28
80 Mch25 72 Jan 29
9134Jan 2 9934 Feb 3
1512 Apr 16 2012 Mch 4
140 Jan 3 1505s Feb 20
3738Jan 3 8238 Apr 13
77 Jan 5 95 Feb 19
1983Jan 17 2878 Apr 17
707 Jan 2 91 Feb 3
$4438Jan 8 85712 Apr 2
81518Jan 10 81812Nich24
10072Jan 3 11312.1an 22
11312 Jan 3 11812 Meh 4
10072Jan 3 11134Jan 22
11478 Jan 6 1171s Feb 13
333 Jan 27
214 Feb 9
812 Feb 10 1514 Jan :30
8 Apr 16 1078 Feb 2
3414 Apr 17 41 Jan 31
97 Jan 20
618Jan 9
19 Jan 2 29 Jan 19
80 Jan 19 91 8.lch14
106 Mel)12 10812 Apr 1
81 Jan 6 105 Feu 25
99 Jan 13 105 Mel) 3
21034Jan 5 231 WI) 1
11138Jan 6 118 111c1118
3158 bleb 12 38 Jan 26
103 Feb 26 105 Mehl°
89 Jan 2 05 Jan 24
166 Jan 20 100 Apr 7
110 Jan 6 11514 NIch14
77 Jan 12 8738 Feb 20
6518Jan '2 70 Jan 27
57 Mch31 (8934 Jan 17
9812 Apr 15 10134 Feb 9
4612Jan 2 7312 Feb 9
52134Jan 3 82414 Jan 27
4814 Apr 17 50 Mch26
10134 Apr 8 1021233ch27
122 Jan 6 139 Feb 3
11914 Jan 13 123'2 Feb 4
978 Jan 8 14 Feb 3
86 Mob 7 8678 Mch 10
44 Jan 3 52 Jan 26
105 Jan 13 109 Feb 18
5145 Jan 7 11612 Jan 26
65 Jan 2 7914
h
i2
14
1
2212 Apr 14 29 Jan
M
2612Jan 9 31 Jan 24
11978 Apr 16 125 Jan 5
1778Jan 3 2312 Feb 4
8612Jan 7 9313 Feb 4
2634 Jan 5 4512 Feb 2
9734Jan 15 10514 Mch
107 Jan 13 114 Apr 7
15112Jan 6 159 Jan 28
34
138 F
Fe.
lb 12
7 10
4
3144 Jan 6
05
x2
81734Jan 0
1934Jan 6
80 Jan 1
612 Apr 13
21 Apr 13
183 Jan 3
2614 Apr 16
32 Jan 7
6412 Mch19
20 Jan 3
70 Jan 5
83174 Jan 9
128 Jan 3
80 Apr 16
108 Jan 18
36
83
184 JAapnr 16
2
2172 Apr 17
1032Jan 8
46 Jan
54 Jan
s57 Apr
101 Feb
5712 Jan
106'4 Jan
84878Jan
28 Jan
9614 Jan
573 Jan
64 Jan
11518 Jan
9213 Jan
11234Jan
7
7
15
10
3
2
10
7
3
16
3
19
3
6
$2212 Apr 3
27 Jan 27
9114 Men 11
18 Jan 14
41 Jan 13
193 Feb 2
35 Jan 26
3714 Mch24
66 Mch 6
3614 Mch31
87 Feb 6
83634 Fen 11
14978 Mch 5
88 Jan 31
113 Apr 15
812 Jan 31
3212 Feb 3
1312 Jan 23
49 Feb 6
87 Mch 10
6334 Itch 10
63 Mch 14
10458 Jan 14
6714 Jan 31
11234 Jan 31
$5752 Apr 6
347s Mch20
10712 Mch 20
6678 Feb 16
7878 Mehl°
119 Feb 11
1034 Feb 5
11812 Merl 6
Range for Previous
Year 1913.
Lowest.
Highest.
100 J'ne
25 J'ne
9972 Dec
11012 J'ne
110 Dec
200 J'ae
96 J'iy
1412 Dec
74 May
1178 Nov
3078 J'ne
22 Dec
3612 Dee
(0014 J'ne
25 J'ne
6214 J'ne
120 Oct
16 Aug
45 J'iy
9014 Dec
17 J'ne
r88 J'ne
3038 J'ne
105 Jan
4012 Feb
118 Jan
11652 Jan
140 Jan
29434 Jan
1084 Jan
2312 Sep
82 Sep
3214 Jan
4113 Jan
120 Jan
531 Jan
10512 J'ne
411k Jan
74 Aug
13774 Jan
5612 Feb
86 Jan
10352 Feb
304 Feb
9714 bleb
4752 Jan
2412 J'ne
12518 J'ne
738 J'no
6112 J'ne
9112 Dec
934
12934 J'ne
25 May
70 May
151s NOV
7334 Nov
4034 J'iy
1372 DOC
96 J'ne
ill May
0512 J'ne
111 MsV
272 J'ne
1212 J'ne
612 Oct
3213 Oct
412 Dec
1572 Dec
77 Dec
10613 Oct
58 J'ne
97 J'ne
105 J'ne
10612 J'iy
21 J'ne
89 Aug
84 J'ly
r150 J'ne
103 J'ne
7558 J'ly
62 Dec
65 Out
0712 J'ne
4134 Nov
203s J'ne
4112 Feb
1423s Jan
174 Jan
7914 Jan
10012 Jan
2134 Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
633g Jan
2038 Jan
11112 Sep
116 Oct
11014 Sep
11434 Sep
458 Jan
1912 Jan
1258 Jan
4812 Jan
1812 Jan
70 Jan
04 Feb
110 Jan
83 Sep
102 Jan
235 Mall
11912 Jan
3978 J..n
105 Jan
05 Jan
200 Jas.
11/ Feb
87 Jan
69 Apr
7678 Jan
10512 Jan
7814 Feb
2612 Jan
104 J'ne
118 J'ne
9 J'ne
7414 Oct
43 Oct
IOU J'ne
13 J
60 J'ne
16 J'ne
22 Nov
104 J'ne
1412 J'ne
73 J'ne
1812 J'ne
.884 Joe
.05 Dco
1.9 Sep
2214 J'ne
9014 J'ne
15 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
• 15434 J'ne
23 J'iy
31 Dee
5212 May
1534 Dec
6412 Nov
22634 J'ne
89 J'ne
78 J'ne
1C4 J'ly
4 Nov
1812 Nov
94 J'ne
40 Dec
38 Dec
4934 Nov
51 NOV
118 J'ne
4978 J'ne
10212 J'ne
3958 J'ne
22 J'iy
93 J'ne
544 Dec
5:152 J'ne
10772 J'ne
8112 J'ne
109 J'ne
130 Sep
12412 Jan
1914 Jan
(1214 Jan
5614 Jan
108 Oct
20 Jan
8113 Jan
311 Jan
46 Jan
12934 Sep
2432 Jan
95 Jan
36 Jan
10112 Jan
118 Jan
165 Jan
35 Jan
100 Jan
22 Jan
2832 Jan
924 sop
9214 Jan
9934 Jan
2131k Jan
454 J.,
.n
404 Jan
6672 Feb
36 Feb
9314 Jan
3911Jan
13212 Dec
994 Jan
118 Jan
73g Jan
4134 Jan
1634 Jan
5634 Jan
66 Jan
77 Jan
6912 Apr
10934 Apr
694 Jan
11034 Jan
6032Jan
434 Jan
114 Jan
754 Jan
7914 Jan
11914 Jan
112 Jan
1151p Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks I Bid
Brooklyn
Coney Isi'd ¶ --First
270
Flatbush
l 110
GreenpoInt_ 150
Hillsidell____ _ __
Homestead
8-0
Manulact'rs I 400
Mechaniesi_ 125
Montauk 1].._
2-66Haman
I
Ask
Banks
Brooklyn
National City
North !Matti_
People's ___
150
285
130
_ .._
125
Trust Co's
100
426
N 1' City
140
Astor
140 Bankers' Tr_
220 B'way Trust_
Bid
Ask
273
175
145
283
200
155
380
420
150
370
430
155
Trust Co's Bid
N Y City
Central Trust 1010
ColumbiaKnickerboc 440
Commercial _ _
Empire
300
Equitable Tr 410
Farm L & Tr 1100
210
Fideilty
275
Fulton
Guaranty Tr 550
Ask
1020
450
85
315
420
1130
220
300
555
Trust Co's
N Y City
Hudson _ ....
Law T I &-Tr
Lincoln Trust
Metropolitan
Mutual Aillance
Mut'l (Westl:beater)
Bid
Ask
128
153
115
360
133
158
125
375
130
140
130
143
Trust Co's
N Y City •
N Y Life & Tr
N Y Trust__
Title Cu & Tr
Transatlantic
Unlou Trust_
U S Mtg & Tr
United States
Westchester _
Bid
Ask
975
590
410
200
375
410
1055
140
990
605
415
220
385
420
1070
--
Trust Co's Bid
Brooklyn
.3rooklyn Tr.. 470
Citizens' -.... 135
240
Franklin
_... 270
Ilatnliton_.
102
Rome
1{In01 County 570
125
Nassau
People's- 285
Queens Co ..- 85
Ash.
435
140;
255
280
112
fir
295
100
5
•Bid and asked prices; no sales on thls day.
Less than 100 shares. 5 Ex-rights. a Ex-ollv & riiht.s. Is New stook. d Quatal dotlrJ per share, t 8a1, at
Stook Exchange or at auction this week. s Ex-stook dividend.
Banks marked with a paragraph (11) are State bank.. 3 Ex-dividend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method
1229
quotino bonds was changed, and prices are now all-"and tnterest"-except for income and defaulted bonds.
iv
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 17
-.A.
Price
e'riday
AVrti 17
Week's
Range or
Last Sale
I
4
Ran'e
since
Jan. 1.
.111
BONDS
N. Y. STOCK BXCHANGE0
Week Ending April 17
-..a.
Prue
Yrtetay
April 17
Week's
Range or
Lan Sale
.1
e.
80
Range
since
Jtin. 1.
U. S. Government.
Ash 1440
High Na Low High Chesapeake & Ohio (Con.)id
As hew
High No, Low Higls
II S 2s cons.ol re3istered_d193 1 Q-J hid
970 984 98
08
General gold 45-is
10 98 9834
1992 M-S 9213 94 9212
93
17 9212 984
U S 2s aonsol coupon
d1930 Q-J
9734 9834 99 Mch'14
Registered
98 99
1992 -S 91 9334 931 Feb '14 __ 9312 934
U S 3s registered
11918 Q-F 10112 10214 10214 Mch'14
Convertible
10214
10214
43s
1930 F-A 8212 Sale 82
SA
83
7978 8612
U S 33 coupou
10112
10212
Q-8
11918
.
10278 Mch'14
Big Sandy 1st 4s
1112 10278
1944 J-D -__ 8614 8518 Feb 13 -- .._ _.
U lii 48 registered
1925 Q-F 111 11112 11114
11114 16 Ups 11212
Coal River Ity 1st gu 48_1945 J -D $3 85 8412 Feb '14 ---- 8414 -SS
U S 4$ coupon
1925 Q• F 111
112/8 Feb '14
Craig
Valley
11212 11314
1st g 5s
1040 J -J 9834 101 9012 Dec '13 --- __
_
U 8 Pan Canal 10-30-yr 2s 11936 Q-F 9734 ._ . 9512 J'iy '13
Potts Creek Br 1st
___
_1946 J -J .. ____ 84814 Jan'I -.
U S Panama Canal Is g
1961 Q-M 10112 10212 10134 10134 10 101- 1-0212
R& A Div 1st con g4s_43_:_1980 J-J
833-4 ____ 8814 Mch'i
88 -8-8sa
2d consol gold 4s
1989 J-J
82 85 8312 Fee '1
8512
Foreign Government.
Greenbrier Ity 1st gu g 4s_1040 M-N 85 90 90 Apr '1 -- . 8312 90
Argentine--internal 5s of 1909_ M-8 1 96 Sale 96
Chic & Alton UR ref 33_1949 A-0 6012 64 6012 Apr '1 --- 90
9618
8 9512 98
6012 67
Chinese (ilukuang) ity 5s X____ J -D 189 Sale 89
Railway 1st lien 3 s___ _19
89
27 88 8912
J -J 45 Sale 45
4712 29 45 554
Imperial Japanese Government
Chic B & Q Denver Div 4s_1922 F-A 9914 100 9914 Mc11.14 --9914 9934
Sterling loan 4 Is
Illinois Div ”is
1925 F-A 1 8818 Sale 884
8812 25 88 9034
1949 J -J
8412 85 847e
85
9 82 8514
2d Series 4%s
Registered.._,
87
1925 J -J 1 8614 87 865s
2 8638 8912
1949 J -J -- -- 8814 Aug'12 ..... __
Sterling loan 45
1931 J -J 1 77 7818 7914 Mch'14 --- 7812 80
Illinois Div 4s
1949 J -J 943- 9 3 9-514
951
8
Republic of Cuba 5serten d
Registered
debt_ M-S 1100 Sale 9934 10018 11 99 10012
1949 J-J ---- ---__ 93 J'ae.13 ---------External lean 43s_
Iowa Div sink fund 5s
1949 F-A t 91 9312 94120c1 '13 _ _ ___
1919 A-0 1031; -- 10274 Apr '14 --- 10274 1027
Tokyo City loan of 1-9-1/5s____ M-fl t 85 878 8712 Apr '14 -- 88 -110
Sinking fund 4s
1819 A-0 9814 991 98 Mei*.1 -- 964 984
U S of Mexico s f g 5s of_1899 Q-J I 76 80 80
80
8 80 85
Nebraska Extension 4s
1927 M-N 9754 9818 9738 Apr'1-- 9434 9734
Gold 48 of 1904
Registered
1954 J -D 6613 7012 68 Mch'14 ---- 68 68
1927 1161-N 95 ---- 9634 Sep '1 _
_I mere are p riCeS on the basis of 15 to t
Southwestern Div 4s
1921 Itf-g 99 ---- 984 Megi'l __ - 984 -9813
State and City Securities.
Joint bonds. See Great North
N Y City-4s
General 4s
1960 61-8 1014 Sale 10114 10112 714 100 102
1958 M-S 9378 Sale 0334
94
7' 9114 944
107 202 10334 107
Chic & le Hirer & imp 4s g_1955 J -J 41 Sale 41
4 k s Corporate stock
1063 M-S 10834 Sale 10634
41
3 41 68
98
73 9513 98
4
1st consul gold 6s
1959 M-N 98 Sale 9734
Corporate stock
1934 A-0 110 112 11134 Apr '1 -- 10714 1124
98
6 952 98
1958 M-N 9734 98 0778
General consol 1st 55
4% Corporate stock
1937 M-N 96 9934 99 Apr.1 .... 954 10012
Sale
98
974
98
98
105
MN
953
4
1957
Registered
4% Corporate stock
1937 M-14 -.. 98 93 Feb '1
- 98 98
1957 M-N 108l2 107 10334 107
Pur money 1st coal 63
7 103%107
ew 45.s
1942 FA ---- 971. 974 Feb '1'
New 4},es
103
17
1 107
212
Registered--- - - - - - - 1917 NI-N
1°14
-- -- --i067
107
-.14
._ 12 107
M/
1 7 hi
-N 100
ni,ciz:10
raetnetsgc
0 Corpoin
Chic & Ind 0 Ry 131.53.-1936 -J---J- 9514 97 99 Mch'l ___
!
9634 99
10178 102 10113 102
5 10113 10212 Chic Great West 1st
1959 M'S 73 Sale 7213
7418 59 70 754
1954 M-N 874 Sale 87
8738
8 85 8733 Chic Ind & Loulsy-Ref 63_1847
3 7: Corporate stock
-J 118 120 11812 Itch'14 ____ 118 11818
J
4s_10114
M-8
__
1961
10113
State
-4s
Apr
'14 ---- 100 1014
N
Refunding gold 53
1947 J -J 10418 _.10338 lick'1.____ 10312
Canal Improvement 4s__ _1961 J-J 10134____ 10112 Apr '14 --9718 10112
Refunding 4s Series 0.......191 J -J 81 --- 9538 Apr 11 ___ _ 103%
.._.
Canal Improvement 4s_ _ _1962 J-J 10112 10134 10113 1014 ii 99 10112
Ind & Loulsv 1st gu 45-1956 J-J
. 38 80 J'iy •1'
--..
Canal Improvement 43.._ _1980 J -J 10078 ___ 10012 Mch'14 --- 10012
10012 Chic Ind& Sou 50-year 44_1956 J -J
1 9014 Aug'12 ____ ____ ___
Canal Improvement 4 %s..1904 J-J 101136 Sale 10013 10912 151
Chic
L
S
1073
&
4
East
As...._1969
--10912
J-1)
-----204
-.
.
lst 4
Deo '11 ___
_ ___
Highway Improv't 4 is1963 M-S 10938 Sale 10938 10912 613
10712 10978 Chic Mil& St P term!g 54_ _1914 J -J 10018 ____ 1004 100
5 (001310014
Bouth Carolina 4;is 20-40_1933 J -J - - -- --10313 J'ly '10
Gen.
!gold 4s Series A-61989 J-J
9434 95 9414
12 92 9654
96
Virginia funded debt 2-33.._1991 J -.I 81 ____ 8434 Jan '14 .-__ -gii, -i,i3-4
Registered
61989 Q-J 91 84 9243301aq _
924 934
6s deferred Brown Bros Ws__ ---- 6812 Sale 6613
5912 131 54 60
Gen.
!gold 3%s Ser 11_41989 J -J
21 82
82
1 80 8334
e1989 J-JRegistered
-------- 86 J'ae'll _
Railroad. •
Gen 4 As Sec C
e 1989 J-J
ateae 10234 low
551
iiiis 10334
A an Arbor 1st g 4s
hl096 Q-J 65 70 05 Apr '14
25-year cleben 4s
65 74
1934 J-J
U214 Sale 9134
93 iosl 88 93
n tch Top & S Fe gen g 43_1995 A-0 9574 Sale 9534
90
62 93 96
Convertible 4)
,es
1832 J -D 10134 bale 101)34 101
120 100 103114
Registered
1995 A-0 9514 Sale 95
9213 9514
954
6
Chic
&
L
Sup
54_1921
Div g
J -J 104 -10238 Sep '1' --- -- ......
Adjustment gold 45
h1995 Nov
73 88 8734
8734
Chic & Mo Itiv Div 5s
1 84 8818
192 J-J 10.5 -_-- 10334 Nov 11
---- --Registered
h1995 Not ---- ----88
Chic & P W 1st g 5s
88
8 86 86
1921 J-J 10418 105 1044 104
10 10213 1044
Stamped
1l1995 M-N 8731 Sale 8734
88
82 8438 8813 CM & Puget 8d 1st gu 44_1949 J-J
9284 931- 934
931
10 89 97
Cony gold 45
964
9513
9012
-D
1955 J
Dak & Grt Sou gold 5, 1915 J-J 10088 __ 11.1934Nov '1,
9612
1 94 100
, Cony 4s issue of 1909
1955 J-D .,.. ,..... 9913 May'13 -.
___
Dubuque Div 1st s f 6s
192 i J -J 10512-- 1084
1081
1 108 1081
;
, Cony 4s (issue of 1910)
1900 .1-1) 9534 Sale 954
Far & Sou assum g 6s
9634 31 944 -9934
1924 J -J 1124 _ _ _ 110 J'ae l'
' 10-year gold 5s
Sale
101
101
102
1917 J-D
La Crosse & D 1st 5s
5 9978 10214
1919 J -J 10212.-... 1024 Jaa '1
1024
, East Okla Div 1st g 481_1928 M- El 954
9413Mch'14 ___ 9134 9412
Wis & Mimi Div g 53_ _ _1921 J -2 10314____ 10344 lich.1 _ 10218
10238 103%
Short Line 1st 4s gold
1958 J -J 914 934 9118
WI. Vali Div let Cs
9112
7 8614 9134
1920 J -J 10312 1123 10914 ilactel _ 1094 1094
: Cal-Ariz lst & ref 4 Ms_....1962 fd-S 9712 9834 984
9812
5 974 9813
Mil & No 1st eV, 43,
1934 J-D 1014 ____ 10134 Mehl ___ 9934 lease
6s
' S Fe Pres & Ph 1st g 5s_1942 M-S 1054 ---- 109 Mc.h.14 -- 104 109
Cons extended 4 yis
1934
JD
1014
_1014
Apr
'1
101 1014
Chic & St Louis 1st 6s
1915 M-S 1014 __. 10114 Jan '14 __ lops pays Chic & Nor West cons 74:_1915 Q F 102.8 10238 1024 1021
11 10214 102%
Atl Coast L 1st gold 4s-711952 M-S
1 91 94
95
12 91 95
Extension 44
1586-1926 F-A 9514 90 9413 Men .1
944 944
Registered
81952 M-8-------- 95 Jan '13 --Registered
1886-1928 F-A 9434 bade 941
95 95 ,
5
94
. 50-year unified 4s
1959 J-D----General gold 3hs
1118788-N 8213 831 - 8312
821.
2 SO 54',
4.1a blid 1st gu gold 5s„..1928 M-N 10414 __ 10434 Apr '14 ---- 10314 10434
Registered
p1987 14-F .82_,,,.. 7812 Jaa '14 ___ 754 73131
937
j____
Bruns & W 1st gu gold 48_1938 J-J
96 Aug'12
General 4s
1987 M-N 9513.
97 954
4 93 974
Charles & Say 1st gold 74_1930 J-J 131
Sinking fund 6s-___1879-1929 A-0 108 1031 10312 AM951
.1- 10813 1081s
65 gi II
0195288-N 914 917; 9134
L& N coil gold 4s
oil
Registered
1879-1920 A-0 107 --10512 Dee '1' _
Say IP& W 1st gold Os____1934 A-0 11912 ____ 12318,Pne'1 _-__ __ __
Sinking fund 53__1870-1929 A-0 1041g.... 10412W
-h
'
.
0;
1934 A-0 10613. _ 110% May'll
1st gold 5s
Registered
18711-1929 A-0 10314 ..,„.. 102 Oct '1' _-- 10441
__ __
ail Sp Oca 3; CI gu g 423_1918 J -J 9734 __ 9713
Debenture 5s
9778
4 96 9774
11821 A-0 10112 103 10214 Molel ---- 10012.
malt & Ohio prior 3343_1925 J -J 9134 917-8 9134
1037.
4
Registered
92
83 90 9234
1921
A-0
__
-101
Dec
'1
Le Registered
h1925 Q-J 8974
Sinking fund deb 55
8978
894
1 8978 90
1933 84-N 103 --- 103
103 -- 8 1024 1-031;
Gold 4$
h1948 A-0 942 Sale 944
Registered
9434 68 9074 96
1933 M-N 1014 ---- 1014 101
1
10134
Registered
10134
h1948 Q-J 934 9414 94 Apr '14 ---- 9078 94
Pram Elk & Mo V lit 6s 1933 A-0 12113 _-_ 12112 Apr '1
tO-yr cony 4 3ie
1933 -- - 9134 Sale 0134
Man G 15 & N W lst 3;is 1941 .4-3 ____ ____ 90,2 Sep . .-, 120 42113
92
'70 0038
---- ---.
has Junc 1st gold 6s..
1922 J ---J 10512.. _ 112 Jan '12 ___ ___ _9434
Milw & 8 L 1st gu 3As
1941 J-J
. June& M Div lst g 3101925 M-N 90 __ 90
90
M d L 8 & West hat g 6s_ _1921 M-S idiii ---- 1-1
2 8934 9-0.)63-4 Feii-i- -- 1093s 10213s
P L IC & W Va Sys ref 44_1941 M-N 87 Sale 87
Eat & imp. s f gold 5s_1929 F-A 10612 ---- Weis
8714 20 8413 8912
sick'1 __ 10613 1064
: Southw Div let gold 35423_1925 J -J 9114 Sale 9118
9114 10 8714 914
Ashland Div 1st g 8s
1925 A-8 11378 --__ 11316 Feb '1 -. 1134 1134
Cent Ohio It 1st c g 4)is_1930 M-S 99 -__ 100 Apr 13 ___ ___
Mien Div 1st gold 83 _,.1l824 J -J 11313 --- 1134 liCli'l __-11314 11314
. 01 Lor & W con 1st g 53_1933 A-0 10513 --__ 103 Nov.13 ---- ---- -Mil Spar& N W 1st gu 43_1947 M-S ____ 931, 18374
934
1 91 94
Monon River 1st gu g 5s....1919 F-A 10034-.10214 J'ne'12
Nortnw union lit 76 g_ _1917 M-16107¼ --- 108
Meh'I - 108 10814
Ohio River RR 1st g 5s_ 1936 J-D 1044-102 Nov.13
St L Peo& NW 1st gu 5 l98 J-J 105121081 - 10616
10616
10616
106%
1
General gold 5s
1937 A-0 10134 10412 985 Oct '13 ...- ___
Winona & St P 1st ext 74_1916 J-1.8 loess ____ 1984 Nov.13 _
_
_.
Pitts Clev & Tol 161, g 63_1922 A-0 10513 _
11312 Fab '12.....
-": Chicago Rocklin& l'ac 64_1917 J -J 10414 --- 1044
1944
1
10:1
7
4
105. Pitts & West 1st g 4s
1917 J -J 96 ...._ 964 Mch'14 ---- iiii-4 Ili%
Registered
1017 J-.) 104 100 1044 Melt'la ...„ 104341043$
Rat IslIty 1st gu g 00_1943 J-D ---- 91 J'ae'12 ---- ____
General gold 43
198. J-J
87,
4 16 84 8914
87148810 8713
Bolivia Ry 1st 5s___
1927 J-J
Registered
1988 J-J
85 ---- 88 Mch'14 ....„ 844 87
Buffalo R & P gen g 514-1937 M-S 10918._ 100
109
Refunding gold 4s
6 108 10914
1934 A-0 7312 sale 7313
744 37 72 81
1057M-N 103 - _ 10212 Mch'14 Cousol 4 s
20-year debenture 5s
10213 10212
1932 J-J
70 Sale 694
701 159 6814 804
1998 A-0 90 -... 94 Jan '14 --- 94 94
All & West 1st g 4s gu
Coll trust Series!' 451918 M-1\
........ 9434 J'ne'11 __
_ ...
Clear & Man 1st gu g 518_1943 J-J 112 Sale 112
Chic It I & Pac 18114s-----002 54-I4 5534 bale 3214
112
3 111 112
241 826 5324 -63
Roch & Pitts 1st gold 6s...1921 F-A 10833 11012 110
Registered
110
2 10912 110
2002 M-h -- -354
Apr
'1
.......
3514
Consul 1st g Os
JD
1922
R I Ark & Louis 1st 4;e4_1934 Ni-8 _ _ _ 83 85 J'iy '1' __ 514
111 -,- 111 Apr '14 -. 11034111
_
anada Sou cons gu A 513_1982 A-0 10612
1007
;10034 10678 26 10334 10678
Bur (..) It & N-lst g 5s_ _ 1934 A-U 1023-4 -,.... 19234 Apr '1 _-10234 102%
Registered
1962 A-0 ---- .. _ _ 1084
C RI F& N W 1st gu5s_1921 A-0 03 186 103 Ma:il
10678
6 10678 10674
10
J
4
1
0
3
CarClinch&Ohloist 30-yr5s1938 JD 9934 100 91/78
9978
3&StL1stgug7s
8 97 100
1927 J-D 1_ _ -- ---- --Central of Ga 1st gold 5s_p1945 P-A 10734 ____ 108 Feb '14 -- 108 108
ChocOkla&4geng53_01918 J-J fi /51i
i 342;i5 ____ __
_
Consol gold 5s
1945 M-N 104 105 10414
1048i
Consol gold 5s
8103 105
1952.1-N
__ 100 ge mewl ____ 09 -99 Registered
1945 M-N •..- -- 10318 10014 Mch.13 ...„ ___ -,Kook & Des aloines 1st 52.1923 A-0 ta) (84 8238 Alch'I
-- 9112 9234
Ohatt Div pur mon g 4s_1951 J-1) 8614 90 87 Mch'14 -. 85 -87
St Paul& K 0Sh L 1st 4 As'41 F-A _ _ _ 77 7812
Mee.1
__ 7812 go
Mac & Nor Div lst g 5s_1948 J-J 103% ---S 1°714 Jan '12
__
Chic 81 1' M & 0 con 6s
1930 J -D 1194 122 120 Meh'14..- 118 130
Mid Ga & Ati Div 5s
1947 J-J 10314._ 10412 Apr '14 ...-- loos iiiiii
Cons Os reduced to 3)-0_1930 J-1) 884 ---- 894 Dec
'12 ---- --- .....
Mobile Div 1st g 5s
1946 J-J 10434 - .10034 May 11
Debenture 59
1930
el-5
10238
103
102
19234
2 101 1-03
Con RR & II of Ga col g 5s_1937 61-N 10034 101 10034 Mch'14 .--- 9934 15038
on at P& mina let g 64_1918 44-N 11813
_... h10' Jan '1 __-- 11012 11013
Cent of N J gen'i gold 5s
1987 J -J 11712 -- 11712 118
12 114 118
North Wisconsin 1st 8s...._1830 J -J 1184 _-_- 1294 May
Registered
00 ---, ---- --,
h1987 Q-J 116 ___ 11638 Apr '14 ___ 11334 110%
St P & S City 1st g 6s
181i)
A-0
107
---- 10813 10141
Am Dock & imp gu 5s_ __1821 J-J 10412 1051-2 10434 Apr '14 __ 104
1 107 .
10831
Superior Short L 1st 53 gp1930 31-8
4
_ ____ __
Leh & Hud It gen gu g 5s-1820 J -J 102 103 100 J'ne'13 ---- ---- 1043
Chic '1' II & So'east 1st 59_1900 J -D -_._- 89 SS - Jam '14
...... 85 -85
N Y & Long Br gang 4s__1941 let-S 944 _ _ . 10012Jan '13 ____
-_-_- Chic& Vest Ind geu g 65_41932 4J-m 1057
;--- 106
106
13 100 1064
Cent Vermont 1st gu g 43-41020 Q-F 81 8312 8214
824
6 82 -861; Consol 50-year 4s
1852 J -J 8414 85 8413
851
8 5318 87
Chesapeake & OhioUlu Li & D 20 golu 4 yis
1937 2-2 93 954 cal Mch'14 ____ 93 98
Gen funding & impt 58-1929 J-J
100
99 100 100
1 9834 10014
1st & refunding 4s
19511
J
-J
lit consol gold 5s
1939 M-N 10634 10714 10634 107
22
105
1st
guaranteed 4s
10778
1938 J -J
Reurfat.narl
---- 14;
1 J.al.0 _.
10%0 M-N 1111.10
103 Jan '14
_ iii:4 ins
tlin 11 .4 1 lee isli xr fie
11141 :./1-N
Of
MM.RAMO..
inn,.. iiiiii:
-..
C
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
Street Railway
103 Sale 10213 10318 38 0012 10313 Bud & Manhat 53 Ser A__ 1957 F-A
8334 Sale gg
844 64 814 914
91
884 Sale 8813
120 8712 9314
Adjust income Is
1957
3013 33 3013
314j 11 3012 39
100 Sale 9973 100 270 9618 100
N Y & Jersey 1st 53
1932
99
10012 10212 10114 Mch'14
101 10134 Interboro-Metrop coil4 5,46_1956 A-0 7614 Sale "fis;
757
"113 753 "79-1;
---- 99 98 Apr '13
Interboro Rapid Transit-;_ 101 MaY'13
1st & refunding Is
1966 2-i 9874 Sale Ws
99 I167 9838 9914
idil2 Yale 1014 10112 18 -1315; 1o14 Manhat
ity(N Y)cons g 43_1990 A-0 91 -- 9134 Apr '141.,.... 894 92
10114 _ 10112 10112
No 10134 Stamped tax-exempt
1990 A-0 9213 94 9213
8874 9212
9241
82 _- 84 Mch'14
83 84
Metropolitan Street Ry8413 Sale 8412
8412
5
Bway & 7th Av 1st c g 58_1943 J-D 10112
8334 8412
10214 Apr '14
101
10314
78 797 80 Mch'14
74 80
Coll 9th Av 1st gu g 52_1993 N1-S 101
101 Apr '1
100 101 ,
984 981 0834
984
9634 8914
Lox Av & P 1 1st gu g 53_1993 M'S 101 Sale- 101
101
2 9838 101
94 ...„ 10178 Jul'12
Met W S El(Chic) 1st g 44_1938 F-P. 83
50 MEIV1
9313 98 9512 J'ne'13
Milw Eiec 1(y& Lt coma g 5s1920 F-A 10218 _ 10218
1021
1808°
02 10234'
72 731 7212
724 11 65."
Refunding & exten 4;46_1931 J-J
80 94 91 Apr '1
84 Jan '14
84 84
Nlinneap
51
1.8
54_1919
cons
g
99•38 -- 102 Noi'l
J-J
-9914 rod' 99
90
99 99
Montreal Tramways 1st .5: ref
---- 93 9212 Apr '14
9112 95
30-year Is Ser A_
1941 J -J 98 98% 90 Apr *14
974 99
•NO Prlee Friday; latest Itds week. 4 Due April, 4 Due May, I Due Jim:, A Due July, 8 Due Aug. 0
Due Oet, p Due Nov. S Das DS&
0.91494
Brooklyn Rapid 'Fran g 58_1945 A-0
144 refund cony gold 4s___2002 J-J
6-year secured notes Is..,..1918 J -J
Bk City let con 53_1916-1941 J -J
Bk Q Co & con gu g 5s__1941 61-N
Bklyn Q Co & S 1st 58-.1941 J -J
Bklyn Un 1111 1st ii 4-531-1950 F-A
Stamped guar 4-5s
1950 F-A
Rings County El 1st g 43_1949 F-A
,
Stamped guar 4s
1949 F-A
4s_1951 J -J
' Nassau Elec guar g
Chicago Rwys 1st 55
1927 F-A
Conn Ey & L lstdcref 5g 4 Hs'51 J-J
I Stamped guar 4)
1951 J-'
,es
1
et United 1st cons g 4%5_1932 J-J
6 Smith Lt 3: Tr lit g 5g1936 M-S
Grand Rapids ity 1st g 511_1916 J-1)
Havana Else consol g 5s 1952 F-A
1g
1230
New York Bond Record—Continued—Page 2
8,
.,."
BONDS
N. Y. STOCK EXCHANGE ili
Week Ending April 17
-is,
Price
Friday
April 17
Week's
Range or
Last Sale
4
gli!
4.4Q
Range
since
Jan. 1.
BONDS
4
3
N. Y. STOCK EXCHANGE g;
, Week -Ending April 17
•4 05
Price
Friday
April 17
•a
We:V.
Range orV?,
Last Sate
ce0
Rangs
since
Jan. 1.
Bid
Ask Lew
High No, Low Highs
Did
Htgh No Low High St 1' M & M (Continued)—
s ow
Bid
Chi Ham & Day (Con.)—
1937 J -J 122
12114 Apr '14 __ 12114 12114
Mont0 1st gu g 65
------88 Mch'Il .
()Find& Ft W lstgu 4sg_1923 k6
1937 J -J ---- ----13614 ma,y'06
Registered
Oln I & IV 1st gu g 43—__1953 J -J ---- 83 88 Jan '14 —_ 86 -86 1937 J -J 10812 --__ 10634 Feb '14 ....---- 10634 107
1st guar gold 5s
____
97 ---.. ____ . __ ._-- __
Day& Mich lstcons43641_1931 J -J
1937 4 -J
Registered
lnd Dec & W 1st g 5s____1935 J-J -- 9834 97 Mcli'14 -- 97- 100
1038 J-1) 1084 ____ 104li,j.n-0-.15 ::-- --- ---Will & 8 F 1st gold 5s
_
__
1935 J -J _--- -__ 10712 Dec '02
lit guar gold 5s
1
J -J
t2 90 Apr '14 ----: -g5- ill;
58-81952
Gulf&
1
S
85
1st
ref&
83
____
g
t
Mch'14
8312
—
82
—
J-1)
Cleve Cin 0& St L gen 4s 1993
J -J --------11952
8712
20 83
Registered
83
83 Sale 83
1931 J -J
20-yr deb 4 36s
99135830 9912 1001;--iL "OF iiif".
1939 J -4 ---- 86 8512 Apr '14 ____ 8512 8512 flock Val 1st cons g 430_1999 4 -J
Cairo Div 1st gold 4s
1999 J -J 97 ___ 9734Jan '14 ...._ 0658 9734
iI Registered
01n W & M Div 1st g 4s 1991 J -J 8014 8314 83 Feb '14 __ 83 83
_Col & II V 1st ext g 43___ 1948 A-0 884 ____ 92 Apr '13 _--___
1990 MN 82 ____ 8412 Mch'14 --- 83 8534
St L Divlst coil tr g 4s
-1955 F-A 8814 _-__ 9012 itch'14 ........ 9012 gm;
Col & Tol 1st eat 4s
8214 Mch'14 ____ 8214 8214
1990 M-N ___
Registered
Dec
10014
_
—
._
-,„
'12
-J
J
1937
_
85
85
5s_
Hens
&
Belt
___
Mch'14
Term
lit
Spr & Col Div lstg4s
1940 M-S 823-4 ____ 85
97
-6 -51i2 Vi.'
1 Illuois Central lst gold 48:1951 j-4 9012 971-4 96,14
91 Apr '12
1940 J -J 8212
W W Val Div 1st g 4s
1331 ..5-4 _--- ____ 1UU Sep '11 _ ..
1920 MN 10534 _ -_ 10534 Apr '14 _-- i0518 16E3-4 A- Registered
0I St L& C consol 6s
—
84 87 844 Oct '13 _-- ---- -1951 J -J
k1936 Q-F 9012 6212 91 Feb '14
1st gold 3364
91 91
1st gold 4s
1951 J -J _„.-- 8812 Feb '13 _____ _____::-....
k193 Q-F 90 92 90 Nice'13 Registered
-- 1951 A-0 8112 ---- 9312 May'09
E-1
gicl
•21een
3ttgled
Ist g 33,6s
Cin S & CI con 1st g 58___1923 J -J 10212._ 10314 Mch'14 ___- 103 10314
1951 A-O
10038 Mch'14
Registered
1914 J-D 10018
10038 1003s
0 C(3 & I consol 7s
1951 M-S ---- __ gi5 J'ly '09 _.-- _-- ::::
1st gold 3s sterling
Consol sinking fund 73....1914 JD
__
- ._ _
1951 A-S Registered
General consol gold 85_1934 J -J 118 ifiii-4 lid5gMch'-1:1 ---- 110E8 119-5;
1052 A-0 9-63- 17,i Of mcli•ii .... o5 -9-3_
Coll
trust gold 4s
1934 J-J
Registered
1952 :4-0 -------- 9514 Sep '12
F.ege2tered
Ind 11 & IV 1st pref 49_1940 A-0 85 90 94 J'ly '08
9312
8 8978 -94
.
1953 :4-44 93 94 9312
lit ref 15
0 Ind & IV 1st pref 5s_41938 Q-4 05
8018 8314 82 Feb 14 ____ 79 82
1952 .1 -J
8 ii, "t-TA%
75
1940 A-0 75 Sale iS
.et:1524.443ed linal 3 s
Peo & East 1st con 4s
1953 ;.:(....1 88 9034 9012 Mch'14 ___ 8912 91
L N 0.42 Tex gold 4s
23
8 23 gn
1990 Apr
23 Sale 23
Income 4s
1953 M-l' ---- 9512 9434 Jan '11 ____ _ - - -19 Apr '14 Registered
1412 1934
1614 19
Col Mid and 1st g 4s
1947 J -J
1950 J-i; 90 ._ _ 9478 J'ly '12
_•,,- ---Cairo Bridge gold 4s
Trust Co. certfs. of deposit--- 15 20 17 Feb '14 ---- 17
17
724 _— 74 Feb '14 ..--- 74 74
F-A 9118 9112 9118
Litchfield DIv 1st g 3s_ _1951 J -J
1929 -_9 00 93
9114
Colorado & Sou let g 4s
____
9014 23 90 9312
Louisv Div& Term g 33.;z4 1953 J -j 757s 84 81 May'13 ____
1935 81-N 90 9014 90
Refund & ext 4 36s
:—
1953 J -j ------- 83 Aug 12
Registered
1921 J -D 10512 10034 10512 Mch'14 --- 105 107
Ft IV & Den C 1st g 6s
1321 F-A 101 __ 1.23 May'99
Middle Div reg 5s
Clonn & Pas Rivs 1st g 4s 1943 A-0
'14
Feb
724
—_---ii8
713
-7-2-171
10
May
Omaha
Div
100
----------g
-J
J
1st
35
Cuba RR 1st 50-yr 58 g _1952
Mch'12
_—
7512
___
77
-71
J
-A
1951 ISt Louis Div & term g 3s_1
IA el Lack & Western—
Registered
Morris & Essex 1st7s
1914 M-N 10018 10118 10014 Mch'14 —.. 10014 10078
1951 j _5
- '15 ____ ____ _Sep
Gold 33s
1915 JD 103 10314 10278
4 10278 10314
103
1st conso. guar 7s
---- ____ 10118 Oct '99
-.1
J
1931
itegistered
103 Nov'13 __
1915 J -D
Registered
14/51 J -4 7913 ____ 7858 Mch'14 __ 7852 -7-888
ecelug Div 1st g 330
8512 Feb '14 ---- 854 e5.2
1st ref gu g 3 36s
2000 J -D of - _
1931 j-J ...7,- -14.s•glatered
N Y Lack & W 1st 6s
,
1921 J-J 10i)7e _-_-_-_ 110 Mch'14 __-_ ioste 110
- — -- -91--. 00
......
--,..
1951 10-4: 9112 ---. -di" Feb '14
10412.0 elp '14 ---- 10412 W.V. V7estern lines lit g 4s
Construction 58
1923 F-A OR.
1951 F-A ..-- ---- ---Registered
Term & Improve 4s
1923 81-f•si '54;4 ____ 9434 Mai'14 ____ 943,4 9484
—1
---151--..
y
Ma
J-D
11712
1923
__
_
Bellev
&
...„
'03
Feb
Car
10218
6s
1st
Warren 1st ref gu g 3362_2000 F-A 8334
1932 M-1) 811-2 ---- 94124'1y '12 _-_-_ ---- -Del k Dud 1st Pa Div 7s 1917 M-S 108'i_,,._ 10838 Mch'14 --. 1081-8 11838 Carb & Shaw 1st g 4s
1951 J-D 10858 ____ 108 Mch'14 __ 151 Ili
'
Chic St L& NO g 5s
149 Aug 01
1917 M-S--Registered
11)51 J -D *104 ____ 114 Feb '11 _
9914
9914 60 9738 994
Registered
a ii
10-yr cony deb 48
1916 J-D 987--1951 J -D 13038 ____ 90 Oct '09 .--_ ---__—
Gold 33,6s
1922 J -J IGO 1014 10012 Apr '14 _-„ 9912 101
lit lien equip g 43-641
1951 J-i) . ,
Registered
963/3 26 9312 9634
1943 M-N 9538 Sale 964
1st & ref 45
Munch Div 1st g 4s___ 1951 J-) 84- - - - - -01-2 Aui•U :::: ---- —
8612
7 844 8634
1946 A-0 8812 8658 8614
Alb & Sus cony 35,6s
---- -- ---1951 J -0 --- _
---Registered
1921 M-N 1154 _ _ 11513 Feb '14 ---, 115 11612
Rens & Saratoga 1st 7s
1931 M-S -„.. ()gig 98 J'ly '08
118£ bon 1st gu g 4s
30 7914 85
82
Deny & R Or 1st con g 48_1936 J-J 91h Sale 8112
J
J
1550
802
90
-T357, -gra
_
881:Meng
90..,
87
____
lad
JJI
Mch'14
III & la 1st g 4s
8:14 91 87
1936
Consol gold 4 3.6s
102
104.
5.1-N
103
a
Mch'14 ...-_-_ 103 104
1928 JD — -- 91 0012Mc1114 ___ 89 92.4 int Givat Nor 1,8,58_ _1949
Improvement gold 5s
--_- ---- 9112 Men'14 __, 9112 924
664 13 62 74
1955 FA -- 6612 66
lit & refunding 55
4--- 6938
1
O 89/
6938
i --D
ts h
°'5i0
2 6812 70
tt City Sou(
arbi
1131'1
Lirgrolldst3f_s 19
1939 4 -L) --------109 Dec '12
Rio Or 4 unc 1st gu g 5s
63
-_,...„..
Oct '00
A-0
-1930
- . R egistered.
1940 J -J —. 70 6112 Apr '11 ___ ____ __ -11
Rio Or 801st gold 4s
4 10
0612
01,6 19
15s
90
J -J 194
1950
0
19
0
12
1%
191
Apr
0T2 19
Mch
.3/
-0
&
Ref
'U8
1-2
4
1
;
impt
5s
85
74
-J
J
1940
Guaranteed
943____ 9458
9458 10 934 9518
8412 Kansas City Term 1st 4s__1060 J-J
8412 25 7g
1939 J -J 8212 Sale 8212
Rio Or West 1st g 4s
100
aLke Erie & W 1st g 5s-- 1937 J-J
1949 A-0 88 73 72 Mch'14 --._ 72 724
Mtge& col trust 4s A
95
-1941 J -J ---- 99 95 Jan '14.... 95
2d gold 5s
90
2 90 90
Utah Cent 1st gu g 4:a1917 A-0 90 Sale 90
994 98 Mc11'14 —„ 98 98
North Ohio 1st gu g 5s__1945 A-0 ---110 Sep '04 ____ _
Des Moi Un Ry 1st g 58_1917 M-N -.....
J -J 1014 Sale 1014 (14 10 10014 1014
Leh Vail N Y 1st gu g 06s:1940
__ 84 Mch'14---- ii W
Det & Mack lat lien g 48_1995 JD 84
1949 J -j.
10014 _...._ 10t) Dec'13
Mch'14___
82
82
Registered
82
82
J-D
1995
Gold 4s
8914
3 8712 19-2;
4s_2003 M-N 8914 ---- 8914
Det Riv Tun-Ter Tun 43,6s_1961 M-N ---- 96 96 Mch 14 --- 96 97- Lehigh Vail (l'a) cons g
991
0 99 994
2033 ril-N 993s Sale 993s
General cons 4s
_10314 Mch'14..—, 10314 1034
Dul Missabe & Nor gen 58_1941 J-J 1034
...... 111 NIch'I• __ 11052 III
4
1113
A-0
1941
1027
s
Lab
Ter
V
gu
1st
8
Ry
1
-g
104
1027
10012
103
4
i(533
A-0
1937
Dul & Iron Range 1st 5s
....... 11118 Dee '11 ___
5s-1941 A-0
Registered
1937 A-0 100 103 10612 Meti'08
Registered
__. wit,Mch'11 ____ iiiii.4 1-0-4-1;
194 Feb '11
1916 J -J 100
I..fh Val CoalCo 1st gu g 5s_ 1933 J -J icii Ed Cs
— 106 Oct '13 __ ___ __.
102
J-J
1933
Dec
994
'13
__
1001.8
Regtitered
1937 J-J
Du Bo Shore& At g 5s
_
_
JJ
11)33
'12
1411 Int reduced to 4s
Ulgin Jol & East 1st g 5s 1941 M-N 10412 ____ 110 Aug
1920 M-S 112 11(3 112 Apr '14 --- Hils fli Leh & N Y 1st guar g 45_ 1945 31-S lig ---- gills F96 ii ---- ligs fl8-1;
&irie 1st consol gold 7s
_
1945 1st-S
Registered
\N Y & Erie lst eat g 43_1947 M-N 96 ___ 10144140'11 .....
-10 __-_ ___- ---.
1914 A-0 --------10112 Fel,'
1919 81-S 102 _-- 10212 Mch'14 ---- 105i2 1-62-12 ,
121 0& N 1st pref 6s
2d ext gold 5s
- ---- 9971 Nov'13
1914 A-0
Gold guar 5s
100 Mch'14 ---- 100 100
1923 M-el 9978
3d ext gold 4 36s
jai _._ 10012 bach'14 ....... 113[3721-4i
A-0
Mch
Q-J
10258
let
181(1
14
1024
Long
cons
1920
5s..h1931
---- 102 1024
gold
_
4th ext gold 158
_
9012 ---96l yich'12
;11031 Q-J
100 Jan '22 -15t consol gold 48
1928 J-D 9414
8th ext gold 48
5
1143 J -D 41012 ____ 9112 Mch'14 __ 1:I1i's VA
_
04meres gold 4s
1 N Y L E & %V 1st g fd 78_1920 M •Z — -12034 109 Aug'13 ---Mch'14 __ 95 97
95
98
9414
iiii
'l'a,
ril-)6
6
1922
8544
4
1
/
85
sal,
Ferey
83.8
43s
gold
J-1
1936
• Erie 1st con g 4s prlor
1532 4-ji 83 .._. 9914 Oct 'I;
Gold 4s
11496 J-4 4-„.. 8312 83 Jan '14 ---- 83 Cl
t Registered
iiii
6 88 87'1 Jan '14 -_-__
744 15 7114 764
1944 .')i-d
Unified gold 4s
1996 J -J 7312 Sale 734
,.1 lit consol gen lien g 4s
......,
'12
Apr
1934 J -D --------101 Men'14 ..... 1004 101
77
74
Debenture
•-..,gold
15s
1996 J-J
( Registered
WA
1949 1`,1-S 91 ---- 0178 Apr '14 ...... 89
Guar ref gold 4s
907s 10 89 92
1951 F-A 96 9034 904
Penn cell tr g 4s
1949 M'S -------- 93 Jun '11
75
2 724 773s
Registered
1953 A-0 734 7412 734
i 110-year cony 45 A
Jan
10014
12
'14
.._
76
fif'
15154
A-0
3
713
18
5,.1935
4
733
Y
N
724
&
13
M
g
B 1st con
1953 A-0 72 73
Series B
t do
_
1927 51-5 101 --__ 10212 Jan '14 ____ 10212 1024
N Y & 11 13 1st g 5s
1916 J-D 1044 ---- 104 NOv'13 ---Buff N Y & Erie lit 7s
_
Nor Sh B let con g gu 53_01032 Q-J 10134 -____ - 104 Apr '13 .
Chic & Erie 1st gold 5s- 1982 M-N 1074 _-- 10758 Apr '14 -- 108E8 fiii
81-5 ---- 9012 9112 Feb '14 ..-_-_ 9112 9113
1927
&
5s—
g
1031
Louisiana
1st
Ark
2 108 103 Feb '14 ---- 103 103
1 Clev & Mahon Vat g 5s....1938 J-4
1930 J-1) 11118 11434 115 Apr '14 ___ 11112 115
Louisv & Nash Gen (3s
1935 A-0 122 _--- 1224 Apr 'I --- 12112 123
Long Dock consol g 6s
1937 NI-N 1095s ---- 108 Feb '14 . 108 108
Gold 5s
Coal & itli 1st cur gu 68_1922 Al-N 101 10712 106 Dec '12 ---- __ ___
95/8 ii5 9214 9614
1940 J -J 953 sale 9512
Unified gold 4s
1943 J -J 10212 10312 10214 Apr '14 ---- 10178 1024
• Dock & Imp 1st ext 5s
9334 9334
1940 J -J -------- -9334_ Mell'14 --Registered
1946 M-N 10014 --- 10312 Aug'12 ---N Y & Green L gu g 5s
10514 ....L
1931 Ni_44 1u514 ____ 054
.. liI
4
ili
65
s li0
Collateral
gold
trust
5s....
412
901s
---J-J
55_1937
--'14
Apr
97
9712
N Y Sus & W 1st ref
E 11 & Nash lst, g 6s
_10014 Duo '06 ---1937 F-A 74
2d gold 4 36s
4
3
1
:1
::::
O!'
c
n
e
Ic
D
3
.0
1
1
4
$
:1'
1
°8
W
I
11;
,1
-2
193
j1L Cin & Lex gold 4 3,641_ -1
1940 F-A ----83 75 Apr '14 ---- 75 75
General gold ISs
,
--- ---N 0& M 1st gold 6s
— 1930 J-J 118 11812 12014 Ilch'13
1943 M-N 10b14 110 102 Jan '14 ---- 102 102
Terminal 1st gold 5s
in. 111
1939 j...J ___- ---- 111 Feb i4._
N 0& M 2d gold 6s
1940 A-0 10214
_ 11112 May'12 Mid of N J 1st ext 5s
1946 F-A --------89 Feb '14 ......- 89 89
Paducah& Nlem dIv 4s
974
1942 J-D 96 9612 964
5 9234 9812
Wilk & Ea 1st gu g 5s
'14
Feb
m-8 10814 109 0838
10838 1084
St Louis Div let gold 6s 1921
Ev & Ind 1st con gu g 6s—.1926 J -J 1004 110 106 May'12 ---- ___ __
80 54..g _ - 6112 694 Sep 1
1,
2d gold 3s
1921 4 -J 105 —.104 Dec'13 ---- ___ ____
Evans & T II 1st cons 65
1)03. - -7 "it; 167;
.64 9058 904
1955 M-N 9
Atl Knox & Cin Div 4s
1942 A-0 ---- 99 994 Dec '13 ---- —. ---1st general gold Si
an ----------___. 111
Atl Knox & Nor 1st g 5s_1046 J-0 108 -Mt Vernon 1st gold 6s_1923 A-0 — 102 108 Nov 11 ---- __
_- 108 Jan '14 ..-9 Riff
Bender I3dge 1st s f g 6s...1931 NI-S 10012
__—
95 J'ne'12 ---, _
Still Co Branch lst g 58_1930 A-0 --_ 8812 9018
90 Apr '1
1987 4 -J 9014 914 100
924 10 ir 147
Kentucky Cent gold 4s
3- 9212
1.‘lorida E Coast lst 4 366_1959 J-D 92
11 __ 100 100
Jan
101 10312
M&
N&
4
L&
lstg
M
LI-•E;
%
194.
--36s
-..„
J-J
430_1941
.
92
—
---Aug'10
-3- ort St U D Co lstg
_ 1i0,5
854 84 Mch'14 :::
44,
80
3,8T4 1:06i
8i8
J -4 .86
10,,ij...,
Ft W & Rio Or let g 48........1928 J -J 02 85 84 Feb '14 ---- 6812 -04 '1 ,,& N-South NI joint 4s h195z
_ . -_-- 95 Fee 05
Registered
t LI reat Northern—
4!4
100
N
S
&
la
k
gu
1st
5s
g
'J C 13& Q coil trust 43_1921 J -J 9718 Sale 9718
08
944
9712 161
f‘Alp
crh:114 _ 9912100
;
4 7-1
7 11
35
'14
N & C Bdge gen gu g 43, 8 19
974 16 9514 9732
9712 97
1921 agq-J *..
Registered h
1921 F -A 10918 110 1094 Feb '1
Pens& Atl let gu g 6s
10011 0012 10012
6 100 1013!
1st& refunding 4 Xsser A 1981 J 10634 -_-- 107 Mehl. -. -- 10514 107
F-A
1936
N
Ala
&
S
5s
g
gu
con
---------9
----__
6,.
.
1961
J'ne'13 ---- -Registered
10458 - 1 10412 105
Gen cons gu 50.yr 5s_1963 A-0 10412 10434 1044
1933 .1-J 98 9914 98 Apr '14 - — 9634 -9-8St Paul M & Man 4s
1945 8143 8314---- 13312 NIch'14 ____ 83 85
1933 J-J 12134 ---- 12114 Mch'14 ---- 11934 12114 L& Jeff Bilge Co gu g 4s
1st consol gold 6s
_
•
------M-21
iines4s_1936
%/1
14.14—Sou
anna
J
1933
-J
._.11713
117
Aug'l ---- ---- --Registered
76 if mcli.16 :"."- ---- —
1 10014 1034 -•J-ex Intermit 1st con g 4s 1977 bil-i• ---10318
Reduced to gold 43,68_1933 J -J 1034 10336 1034
— -1977 81-g. -------- --79 Nov'10 ---•....•
---- -Stamped guaranteed
_ —
1933 J-J •99 ___ 10834 J'ne'09 ---Registered_
244 Ott '12 ___
---2
113
J-D
1927
70
dinn
gold
St
&
1st
L
1937 J-1) 9553 -__ 9558
9558
2 93 -9534
Mont ext 1st gold 4s
---_-_
7—
107
_10034
11018
'11
Aug
A-0
Pacific Ext 1st gold 63—...,1921
1937 J-D 94 ....„ 9412 Apr '14 __ 9418 944
Registered
-44
gi901 - i
1934 NI-N 90 Sale 90
1st consolgo.d 5s
1940 J -J 8714 .__ 9258 lictell
__ .....
Pacific ext guar 45 L
53
53
Sale
541
51
2
61
M-S
43.......1949
and
13t
gold
refund
E Nlinn Nor Div 1st g 4s 1948 A-0 9333 961-2 97 Sep '12
AO
Act
a '1
Ph
I-1
/
in,
•
Ins a_ •• t• •
V.,.
1022 .1-.1 11034 _ __ 1101,Jan '14 — 1101.11m
Minn Union 1st a iSs
iii,.._ iii,
ia
ti,2 1_0_5_.
MISCELLANEOUS BONDS---Contlnued on Next Page.
Street Railway
New On Ry & Lt gen 4 30_1035 J-J --- 81 8534 Feb '13 --- •
22
78
N Y Rys 1st R E & ref 4s 1942 j-J 78 Sale 7712
a1942 A-0 665s Sale 5014
5734 231
30-year mlj Inc Si
90
18
Y State Rys lit cons 4 362_'62 M-N 90 Sale 894
Portland Ity 1st & ref 5s___1930 NI-N 997s 101 101 Jan '13
Portland Ry Lt & Pow 1st
92 Mch'14
1942 F-A 92
& ref cony s f 5s
Portland Gen Else lit 5s-1935 J -J 9834 __
St Jos Ity L.H & P 1st g 59 1937 NI-N 9,1 -- 98 No-v-ii3
10312 Feb '13
St l'aul City Cab cons g 5s-1937 J -J 10114
8414 59
84 Sale 84
1960 J -J
Third Ave 1st ref 45
Adj Inc Sc
a1960 A-0 7812 7912 7834
7912 63
Third Ave Ity lit g 53...,..,1937 J -J 109 10934 10912 Apr '14
974 13
Tr -City Ity & Lt 1st s f 58-1923 A-0 964 9758 9712
944 95 944 Mch'14 •--.
Undergr of London 4368_193 J -J
2
88
- — 88
87
1948
_ Income 68
84 Oct '08
Union Kiev (Chic) 1st g 58_1945 V-15 Uralted Rys Inv 5.5 Pitts 1=1926 111-N 74 ---- 71 J'ne'13
Street Railway
____ United Rys St L 1st g 4s_1934 J-.4
-75- 794
St Louis Transit gu 5s____1924 A-0
5614 6312 United RRs San Fr s f 4s_1927 A-0
Va Ry & Pow 1st & ref 5s_1034 -J
87 90
70 Apr '14
7114 Mch 14
56
5534
9278 Apr '14
Gas and Electric Light
92 1001: Atlanta 0 L Co. 1st g 5s-1947 J-L 10114 - - 10212 Dec'13
Eklyn U Gas 1st con g 53_1945 11,1-N 1054 10512 10514 10538
54 'no'13
1947 A-C
Buffalo Gas 1st g 59
1932 -J
Columbus Gas 1st g 5s
-9858 Mci4-'11923 J -J
Detroit City Gas g 5s
-Ws lb
0552 Sep '0
7614 8412 Bet Gas Co.con 1st g 5s-1918 F-A
1933 J-J fat:103 10258 Apr '14
10612 10912 Del Edison 1st coll tr 5s
1064 Oct '12
98 98
Eq U L N Y 1st con g 5s.--1932 NI-13
100 Feb'13
944 96
Gas& Elec Berg Co c g 55_1949 J-1) 10112
101 100 Oct '09
8434 9214 Or Rap 0 L Co lit g 56-1915 F-A
Hudson Co Gas 1st g 5s___1949 M-N 103 ___ t9318 Mch '14
Kan City(Mo)Gas 1st g 531022 A-0 - — 02 92 Mch'14
• No pcloe Friday; latest bid and awned MD week. 4 Due Jan. • Dee Feb. d 11-1 inch. k Da. Juts,
69 7214
71 -__
56 Sale
917s 9212
1-Ine Awn. a Due Out,
Om on isle.
70
69
7 62
9278
2
7214
7212
714
814
9418
10233 106
'air,fa',
165" fa;
101'
91
103
92
APR. 18 1914.1
New York Bond Record—Continued—Page 3
BONDSP
Se
.riC4
N. Y. STOOK EXCHANGE i t
Friday
,...s. April 17
Week Ending April 17
Week's
Range or
Last Sale
.y"
ga
as A
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 17
gi
k
1231
Prue
Friday
April 17
1Veek's
Rang,: or
Lae: Sale
Range
since
Jan. 1.
814
Minn & St Louis(Con.)—
Ask Low
High No Low High N Y N 11 & Hartford (Con.)—
Bid
488 Low
Hioh No. Low High
Iowa Central 1st gold 532.1 038 J-D — 9134 91
13 & N Y Air Line 1st 4s_1055 F-A ------ 9912 J'ne'l'
92
7 88 04
Refunding gold 48
Cent New Rug 1st en 4s__1961 J -J 8112 83 .81 Mehl
1051 M-8 51 5212 5212 Apr '14 _
50 571,
M Eitr& 8SM con g 4sInt go 1938 J -J 95 100 95
Housatonic
li
10612._
cons g 5s___1937 M-N
9518 --5 90 95,S
106/
1
4 10658
106
i1
/
4
- 1-06
i1511
let Chic Term Is(4a
NY W'clies&B 1st ser 1 43s'46 J -J
1041 M-N - - — -- 974 J'ne'12 --__ --__ ____
73
7214
21
7214 83
M S 8 & A 1st g 4s int gu_1926 J -J ---. — 90 Nov'13 --- ____ ___
Nil & Derby cons ey 5s__I918 fa/1-N -------___ 107 Aug'0
--New England cons 5s____1945 J -J - — ---- —
MississippiCentral let 58_1949 J -J 9112 _-___ 9312 Mch'11
Consw 4s
Mo Kan & Tex 1st gold 4s 1090 J -D 884 8912 90
1945 J -J
90 --2 -8734 -91-7-- Ale-h-i
8
2d gold 4s
Providence Secur deb 4s 1957 M-N 55 Sale 55
/
4 77
5 591
g1990 F-A 694 Sale 6918
70
55
N Y O& NV ref Ist g 4s_ _0992 M-S 833
1st ext gold 53
84
8412
1944 NI-N ---- 98 00 Mch'14 ___ 9512 99
811
/
4 88
Registered $5,000 only_q1992 M-S
1st& refund 4s
/
4 Sale 65
2 65 71
6518
2004 NI-S 051
-G enera I4s
Oen sinking fund 4 36s
84
' 1055 j-D *--75
-------921381
5 '7434 85
2
1936 J-J — 7512 7434
j
I‘in
ceh:14
St Louis Div lst ref g 4s2001 A-0 ---- 73 7814 Apr '13 _—_ ______ Norfolk Sou 1st& ref A 58_1061 F-A 9212 94 9234
04
35 9
82
112 8
97
312;
Non & Sou 1st gold Is
Dal& Wa lstgu g 58
1941 M-N 10214 __ 100 Jan '14
9934 Dec '13 _
1940 M-N
100 100
Kan0& Pac 1st g 4s
1931 M-N 1197s
2 8214 8213 Norf & West gen gold Gs
__ 119 Mch'14
8212
1990 F-A ---- 8212 8212
;
-;
-7
-1.12 1-11-91:
Improvement
&
ext g Gs_1034 F-A 121 ___ 123 Jan 13
104
1 10314 10114
1942 A-0 104 106 101
Mo K & E 1st gu g 5s
New River Ist gold 6s
M K& Ok 1st guar 5s_ _1942 M-N ..-- 100 9812 Feb '14 -- 9812 9812
1932 A-0 11958 ____ 118 Feb '1.
111N & W liy ist cons g 4s 1996 A-0 05 96 9512' 9681liT
M li & T of'r lst gu g 53_1042 M-S ---- 96 9434
05
4 9434 9012
94 96
Registered
1996 A-0 *---- 95 1)8 Jan '11
Sher Oh & So 1st gu g 5s 1042 J -D -- 104 00 May'13
Div'l 1st l& gen g 4s
1944 J -j 8912 91 90
Texas& Okla lst gu g 53_1943 M-S ---- 9778 9912Jan '14___- 07 -69-12
00
igT2 -9134
10-25-year cony 4s
104
3 103 105
1932 J-D 103 101 10314 Apr '1
Missouri Pac Ist cons g 63 1020 11/1-N 104 10458 104
10-20-year cony 4s
1932 u-s 103 104 10312 4101'14
96
9 94/
1
4 0818
Trust gold 5s stamped_a1917 M-S 9512 Sale 0512
101 10
0
4
3
3
1
Convertible 4%s
1938 m-s 103 104 10312 1031
974 97 May'12 ___ ____
Registered
ii 18
0012
512
a1917 M-S
08
0/
1
4 10
Focal) C & ()joint 48_1941 J -D 87 89 88
let collateral gold 58
88
1020 F-A 93 94 04 lich'14 __._ 94 -9512
C C& T 1st guar gold 5s 1922 j-j 103 _.10534 Jan '1
Registered
1920 F-A
6612
.
567
8
6014
Selo V & N E 1st gu g 4s_1039 m-N 9314 94 93 Apr '14
6 i
40-year old loan 48
1945 M-S 86 Wale
ite
hgeirsntel:c
7212 13 6612 77/
ad
cific priJr I g 48 107
1
4 Sale 9558
1
4 Nori
953
9 Q-J 95/
9213 96
let & ref cony 5s
1059 M-S 0612 Sale 0012
____ 80 Jan '14 .-- 86 86
1997 Q-j ---- 945s 9458 Mch'14
3d 76 extended at 4% _ _ _1938 M-N
/
4
921
General lien gold 3s
s Mch'14 ___ 91
a2047 Q-F 68 6814 68
6814 42 -6
9154
4:
611i.s -6
068
5
3-ts:!
Y 1st gu g 4s_ _1919 F-A 8934 91 923
Br Ely
Registered
a2047 Q65 08 65,4
F 07
6514
6514
()entBr U P lstg 41
1948 J-D ---- --__ 7712 Dec '13
St P-ul-Duluth Div g4s_1996 J-D8912 — 90 Jan '14
Leroy & C V A I, 1st g 5s_1926 J -J ---- _ _ 110 Mel)'05
90 90
k N pLglesntggould5s
Short
10012 Sep '13
02
13
6
__ 19
6:
s
_ :
Pac R of Mo 1st ext g 4s.._1938 le-A 90 ____ 00 Mch'14 ___ 55 16
D
Stull)
112 Sale 112
112
4 iibis fic
1938 J -J 103 104 100 Jan '14 ___ 100 100
2d extended gold 5s
48 101 105
Sale 10314 104
Registered certificates 1923 Q-F 1104 _. 11538 Aug '11
St L Jr AI&8 gen con g 5s_1031 A-0 104
-'14 ....., 103 103
St Paul & D .luth 1st 53_1931 P-A 105l__.._ 107 Jan '12
Gen con stamp gu g 5s 1031 A-0 - — __ _ 103 Feb77
2d 58
6 '75 82
1029 J -J 75 Sale 75
1917 A -.0 10114 102 101 blch 14
101- 1-61-Unified & ref geld 43..
_
__
'12
Oct
807
8
—_
-,,,-1st
consol gold 4s
1920 J -J
8518 —. 87 Feb '14
Registered
87 87
7512
Wash Cent 1st gold 4s
3 i.
3 il-3-4
1033 M-N 75 Sale 75
48 Qj-_FAD
88
10
Riv & 0 Div lst g 4
:Dec'13 _ — _____
Nor Pac Term Co 1st g Gs_1933 J -3 iii4 ---:---V 1 & W 1st g 58_1926 M-S *93 - - __ 921
Verdi
11 lar4 1-1-31;
1813111
'
2 Aplecch:113
mon
& Ohio
now gold 0_1927 J -D 11513 ---_ 11638 Apr '14 __ 11312 1153-4 Oregon-Wash 1st &
ref 48_1961 j-j 904 91 014 Apr '14
...
:)
..2
89 .
Le
an
cins
ficyle
let extension gold Cs_ _/11927 Q-J 1114115 11212Mch'14 _- 11212 112,2 P
vo
aansia
t Co 1stg 5s. _1946 j-D 101 102 101 51ch '14
9914 1031g
1938151-S 82 84 82 Mch'14 ____ 80 82
General gold 4s
104
1064
—_
Mch'14 _ 1054106,4
1947 F-A
Montgom Div lstg5s
1st real est g 48
1923 m-N 9734 ____ 97 Dec '13
1927 J-0 93 _._ 05 Dec 13 _
St Louis Div 5s
Consol gold 58
1919 MS 10212 104 110 Mch'r
---- ---/
4 ____ 8934Jan '14 ___ 8814 8934
_1031 J-J 911
Consol gold 4s
St L & Cairo guarg
1043 M-N 99 --_7- 9n12, Deen
'
n13
10712
A-0
--- 10712 Apr '14 __ 10512 10712
M &shrine Ch & St L4s..lsttis 1928
Convertible gold 33.3.,_o1915 J -D 98% S.1,16 ..1
167
''.
IN Jasper Branch 1st g 6s1923 J-J 10934 --- 111 Jan '13
9858 Mch'14
1;
98
8/
4
-1
9
5814
2 -i
01915 J -D
Alai M W & Al 1st 6s
Consol gold 4s
1
4 10114
1917 J -J 10314 _._ 1O34 Jan '14 __ jai4 iiiii4
4 161.1-4 100/
99 102
1948 M-N Nel3Alleg Val gen guar g 4s
T & P Branch let 60
1917 J -J 10314 -___ 113 J'ly '04
1942 M-g 97 9712 07 Apr '1
96,2 97
D R R R & B'ge 1st gu 48 g '36 F-A 9113-- 91 Aleh'1
Nat Rys of Alex pr lien 4%s 1057 J -J ---- --- 01 Feb '14 __ iii- -if91 91
Phila Balt & IV lstg 48_1043 m-N 97 ---- 99,8 l'IY '13
Guaranteed general 43
1977 A-0 ---- ---- 77 Feb '13 __ ___ —_
-- --....
1924 j...1 ____ __ 102 Jan '03
Sod Bay & Sou 1st g 5s
'13 _
Nat of Alex prior lien 4313_1926 J -J - — ---- 9678 Feb'13—
_—- --- -_-......
Sunbury & Lewis 1st g 4s_1936 J -J 91's ---1st consol 48
1051 A-0 ---- 52 65 Aug
N 0 Mob & Chic 1st ref 53_1960 J -J 50 51 5014 Apr '14 ___ 85 -18U N J RR & Can gen 4s_ -1944 m-8 931s ---- i511-2 5,1117i7
1---- ---N O& N E prior lien g 6s_p1915 A-0 10078 10138 10112Mci1'14 ___ 101 10112 Pennsylvania Co-Guar 1st g 43is
New Orleans Term let 4s 1953 J -J
1921 .1-J 10118 ____ 10112 Apr '14
/
4
100 1011
z 8.383
114 --.4.
791 MaY.3
Registered
04
1114 Mch'14
Sale
13 -gift 84
N Y Central & II li g 3is_1997 J -J "if Yal
7 sai
l02e 10
00
411
01112
4
18
00
5 185
J .10
82
Guar 3s coll trust reg_1
25 8024 84
841
Registered
27
1M
j-S
19
1997 J -J 8112 8212 8134
93
8412 86
9212 87 86 924 (fuer 33,63 coil trust ser 13_1941 F-A
8512 Alch'I
Debenture gold 4s
1934 M-N 9178 Sale 9112
----May
'12
Trust
03
Co
971k
ctfs
Feb
'1
gu g 330
1916 M-N 9814 99
9712 9712
Registered
1934 M-N
Guar 3 hs trust ctfs C
8214 19 ig iiLake Shore coil g 3 As
1942 J -D 8512— 83 Jan '1
83 83
1993 F-A 79 80 82
8034 11 7834 83,s
Guar38trustctfsD.-1944 J-D 8434 -_— 841
/
4 Apr'1
1
4
8434 84/
1093 F-A -.._.-- 80 80
Registered
'14
76
764
70
Apr
--9 7314 78
Guar15-25-yearg48
1931 A-0 94 05
93 95
Mich Cent coil gold 3 s-1998 FA
CinLeb& Norgu43g
1942 5-N •-- 934 9312
1
4
1998 FA 73,2-- 7214 Alch'14 ___ 72 74
93 93/
Registered
931
Ci&Mar1stgug4g_1
103...101$N0v:1
935M-N964_
.110 Jan0
A
Beech Creek 1st gu g 48_1936 J -J 954 --- 9514 Apr '14 ---- 9514 9534
1030 J-J ---- ---- 99 May'll
Ol&Pgengug4sser19
—
Registered
A 42 J -J
Series 13
1042 A-0 10234.... 10934 J'iy '0
1936 J-J
...
2d guar gold 5s
Jut reduced to 33,is
1942 A-0 8518 ____ 9114 Feb '1
Registered
1936 J-J
Series
0
3%s
54-N
Oct
1948
'1
8514 — 9018
Beech Or Ext 1st g 330_51951 A-0
-Series D 3j.s
f050 F-A 8514 —...„ 8418 Dec '1
_:-. .._..
Cart & Ad 1st gu g 43_1981 J -D 85;.._ 88 Oct
____ ___ .... .--___
Erie& Pitts gu g 3 s B 1940 j-j 8614 ____ 861, Set) '1
Gonv Sc Oswelstgug 58_1942 J -D 104
Series
0
1040 J -j 8524.... 901
1
4 Jan '13
Mob & Mal let gu g 481991
....
—
/
4 J'ly '1
_
M-S 90 95 98/
Or R& lox 1st gu g 4jis_1941 J -J 9612.... 953s Deo'
-N J June IC guar let 48_1986 F-A 9114 --_ 105 Oct '02
1
Fitts Y & Ash 1st cons 53_1927 m-N 104 ____ LOU May'l
Registered
---- -- —. ...-----1986 F-A 89 -_-_ _—
To!
W
V
&
1031
0
j-j 98 —__ 10218 J'ne'1
gu 4 s A
N Y & Harlem g 33-58
2000 M-N 83 --_ 8'712 Dec '12 ___. ---- -Series B 4 As
1933 j-j 98 __ 102/
1
4 Nov '1'
Registered
2000 M-N 8212 86
Series 0 4s
1042 M-S 9234 ___ 9512 Sep '1
N Y & Northern 1st g 58-1927 A-0 10178 106 102 Jan '14 ---- 102 102
1940 A-0 10111Q3 10134Jan '1
P00& St L gu 4 As A
1
4 92 Oct '13
N Y& 1 u 1st cons gu g 43_1093 A-0 8334 91/
Series B guar
1942 A-0 10112 103 10212 Feb '14
_ -_ __
,.Nor& Mont lstgug 53_1916 A-0 ---- ---.
1.
4 _-___
Series 0 guar
1942 m-N -___ __ 106 J'no'1
Pine Creek reg guar 63_1032 j-D 116 -___ ii6 Feb'
Series D 4s guar
1945 M-N 93 9514 93 Mcll'l
1
4 10412
W & 0 con 1st ext 53..Ja1922 A-0 1044 --__ 10418 Apr '14 __ 102/
1949 F-A 8934 91 90 Apr '1
Series
B es 1
E
0g
3uAs
4aguar
Oswe & R 2d gu g 5se1915 F-A 100 101 10014 Mch'14
g
9912 10014
g
1953 J -D 924 ---- 954 Jan '1
li W & 0 T li 1st gu g 5s....1918 M-N 10112.... 104 J'ne'10
Series04s guar
1957 M-N 9214 -___ 971k Jan 1
Rutland ist con g 4 31s_ _1041 J -J ..-o.........-- 00 Apr '13 ...... ---- ---Sep '13
i
llek
&'
1932 A-0 10614 - — 106 J'ne'l
luil
lstsctognes5s
Og & L Chant 1st gu 48-g 1948 J - J
''' '" 02
80 J ne'09 _
—
____ ---- P0eo8&t
__ ---105 Feb '1
.
Rut-Canad 1st gu g 4s_1949 J -J -------2d gold 43is
St Lawr& Adir 1st g 53_1996 J -J 105 ---. 08 Sep '12 ____ ____ ____
89
1921 NJ-N
Pere Marquette—Ref43_1955 J-J ____ ____ 54 Jan '1
2d gold 6s
1096 A-0 -., ---- 11912 Ilich'12
Refunding guar 43
1955 j-j __ 45 40 Dee'
Utica & 131k Riv gu g 4s 1922 J -J 00;...... 95 Dec'13
Ch & W Al 5s
1
4
1
4 85/
Oct '1'
b1
85/
1
4
1921 Q
Lake Shore gold 33is
1 84 -862
1907 J -D 854 85/
J--D
F -ii- -44 - 98 Feb
1
951
954
Flint & P M g 6s
1920 A-0 954 Sale 89
9478 for
Registered
1997 J-D 8413 - -- 834 Mch'14 _ 8312 85
let consol gold 5s
1
4 9314
9314 111 89/
Debenture gold 48
1028 M-S 93,4 Sale 9214
Pt Huron Div 1st g 53_1939 A-0 7634 80 79 Apr '1
9238 127 8812 9238
1931 M-N 9218 Sale 9112
6
7i
5
8,
1r2 i
90:
4
25-yr gold 4s
Sag Tus & 11 Ist
1931 M-N ..„.,.. ---- 93 Oct '12 ____ _
31
9M
F-A
N ;
93
g 48_1
19
_0
. -i
73
Registered
78
54,--a
73,
,
-A
up
cii
r-.1
1-- ---- Philippine Ry lst 3gu
0-yr 8 f 48'37 j-j
ha A& G li lstgu c 53_1938 J -J 1U5 ---- ---1
—
i'
Pits Sh & L E 1st g 53
Mahon e'l RR 1st 58_1934 J -J 10512 ---- 1114 Me-11.
1940 A-0 108 ___ 108 Apr '1'
_.- ------ -1st consol gold 5s
1943 j-j 10612 _ 11314 Nov'll
Pitts & L Erie 2d g 5s__a1928 A-0 105 --.. 105 Apr '12 ___ __-gttC
er
ozen g 43
931
95 Sale 96
Pitts Mel( & Y 1st gu 63_1932 J -J 11612 -___ 130l Jan '00 _____
15g
,
12
5 I4
-- Realin
f51i
12314 Mcif12
4 9414 ---- 944 Feb '1
,11
4
19 .1
1934 J -J 114/
94 9
2d guaranteed Gs
Jersey Cent coil g 4s
195 A-0 94/
1
4 9514 954
AlcKees& B V 1st g 63-1918 J -J 1011.
951
934 90
ii7
-Jan
'
iii
—.
1044
City
Atlan
gu
4s
195
g
-j
9112
M-S
93
1931
Michigan Centre, 5s
,t Jo & Orr Isi 1st g 43
la1i331 Q-M 10312 — 119 J'ne'06
7518 7634 -iii-2 MeRegistered
Firs
t Louis& San Francisco—
1940 J -3 8712 --- 98 Apr '12
43
li'I/
___
'14
Feb
87
.-__
General gold 6s
194
37
1j
,1 -.1
J 1114 ---- 112 Mehl
1940
0417
18
212
J -J
Registered
17
13
--------90
J'ne'08
General gold 5s
1931 J -J10218 ____ 10234 Apr '1
J L & 8 1st gold 33-53_1951 M-S
1
4
100 102/
1st gold :13,
T8 -a; It L & 8 I? lilt cons g 48-1996 j-j 771
/
4 __ 7814 Apr '1
0
1952 M-N 834 85 8318 Mch'14 ___
1
4 Apr '14 .... 8378 87
20-year debenture 4s
Oen 15-20-yr 5s
1
4 87 85/
1927 M-N 4812 ....... 48
48
ii
1929 A-0 86/
42/
1
4 49 4812 Apr '1
N Y Chic& St L let g 48_1937 A-0 95 0614 95 Apr '14 _. 0434 97
Tr Co certfs of deposit---41 51/
1
4
Registered
1937 A-0 --------9712 Jan '13
1947 "A7-7
Southw Div 1st g 53
6 93 __ 93 Dec '1
Debenture 48
Refunding g 4s
1951 J -J 7634 Sale 7634
8412 if1931 M-N 85 8612 8612 Apr '14
71 -fit;
78,4
94
9 9112 95
West Shore 1st 43 guar_2361 j-J
04 Sale 9312
Registered
1951 J -J
8034 Melt'11
2361 j-J
Registered
914 9112 914
K() k't S & M con g 68...._1925 111-N Hi- -aie 112
91111
1 8934 92
112
iiiiii fill;
K 0 Ft8& Al Ry ref g 4s_1036 A-0 77 Sale 7638 771
If Y Cent Lines eq tr 4348 1922 J-J 98 -__ 10012 J'ly '11 __ __
73 ma
liejistered
N Y New Haven & Haat—
1936 A-0 -------- 7713 J'ly .1
'
1055 J -J 77/
1
4 80 7934 Apr '14 .... 75 8012
K C & M li & B 1st gu 58_1920 A-0 ----__ 96 Mch'l
Non-cony deben 48
MN
1956
'14
Feb
77
It
-_-80
L
SW
76 81
Non-cony 43
311 84/
1st g 48 bd ctfs-1989 M-N 13434 Sale 8434
1
4 88
86
1956 J -J 69 70 70
7034 12 68 75
Id g 4s Inc bond als___p1989 J -J
Cony debenture3 Ms
75 75
75 ---- 75 Mch'l
.1948 J-J 110 Sale 108/
1
4 110
4C1 105 1172t
Consol gold 43
Cony debenture 6s
1932 J -D 72 73/
73/s
1
4 73
21 73 7754
Harlan, 12-Pt(Maw 1.a 4,1_1954 M-N -_
9914 Nov'12 ____
Gray's Pt Ter lit gu g 5s_1947 J -0 _ ____ 982 Jan '1
9812 984
M SCELLANEOUS BONDS—Continued on Next Page.
-.
J
-----9912
.
,t2
!, , '00.
•
Ho of-
11
0...
.....
.....
Gas and Electric Light
I Kings Co ELL & P g 53__1937 A-0 10414 10412 10112 Apr '14
1 Purchase money Os
11412 11412
1997 A-0 511413
12458 11312 Apr '14
1922 M-8
, Convertible deb Os
' Ed EII1113ku lst cong 4s-1939 J-J 8814 ---- 8814 Apr '14
1011
/
4
:Lac Gas L of St L 1st g 5s_e1019 Q-F 1015s sale 10138
1934 A-0 100 10018 100
100
/ Refand ext 1st g 5s
90% 91 90/
Milwaukee Gas L 1st 43_1927
1
4
905s
1048 J -D 10334 -- 10134 Jan '14
Newark Con Gas g 5s
NYGELli&Pg 5s
/
4 10484
1048 .1-D 10414 10458 1041
8612
1949 F-A 8514 87 8614
Purchase money g 4s
' Ed El 111 1st cons g 53_1995 J -J ____ 10914 10812 Mch'14
NY&QIC1L & P 1st con g 5s 1930 F-A 100 10118 101 Feb '14
N Y & Rich Oas 1st g 53
9212 J'ly '09
1921 .111-N
Pacific CI& EiCo Cal G & E
Corp unifying& ref5s
1937 11/1-N 9334 94 94
94
PAC Pow Sc. Lt 1st& ref 20-yr
1030 F-A 00 9212 90
be Internal Series
90
1949 M-S 101 _
100 Jan '14
Pat& Passaic0& it 5s
• No plies Friday;fetal bld and asked. 4 DI14 Jan. 0 Due Feb
8
1
4
16
7
Gas and Electric Light
Pee Gas & 0 1st con g 6s___1943 A-0
Reflinding gold 53
1947 31-S
Registered
1947 M-S
Ch 0-L & Cke 1st gu g 58_1937 J -J
Con 0 Co of Oh lst gu 531936 J -D
led Nat Gas & 011 30-yr Os'36 M-N
Mu Fuel Gas 1st gu g 58_1947 11,1-N
Philadelphia Co cony 5s
1919 F-A
Cony deben g 58
1922 M-N
Stan Gas & El cony f 08....1024 J -D
Syracuse Lighting 1st g 5s 1951 J-D
1954 J -J
Syracuse L & P Is
Trenton 0 & 16 1st g 53
1949 .4-S
Union Eiec L & P 1st g 5s-1932
liel & ext 55
1933 M-N
9232 95/
1
4
Utica El L & P 1st g 58
1950 J -3
90 90
Utica Gas & E ref 5s
1057 J -J
1950 J -D
100 100
Westchester Leg g 5s
102 10412
111 11412
11312 11312
80 89
100 10134
9718 10062
8812 01
10134 10134
10134 105
83 87
100 10812
101 101
1154 11812 1154 1151
10012 Sale 10012 100
-- 99 Sep '1
103 — 1034 1031
10114
10114 Sale 1014
93 Mehl'
10012 Feb '1
1563;
____ 104 95 Sep '13
98
98 Sale 9734
901
8912 9014 9014
100 Mch'l
9912
8512 J'ne'I
100 Feb '01
10012
10012 Apr '14
90
04 Nov'13
_ 101 Mch'14
101
_ 10014 Dec '11
97
10258 10514 10434 Apr '14
C Duo May. y Due June. 5 Due July. •Date Oil. p Des Nov. • Option Ws.
...DM
/
4
2 114 1151
19 9814 10112
1 1017/78 1-6Fs
/
1 994 1011
4
-551-8 fah;
5 -liars IiiI 88 9218
100 10012
_ ._
H15781654
ioi" 1-611024 164;
1232
New York Bond Record—Concluded—Page 4
[VOL. xovni.
__.
5
N.
BONDS
Y. STOCK EXCHANGE li
Week Ending April 17
•es.
.
III A & A Pass 1st gu g 4s-__104.3 J-J
II le & N P 1st sink I g 5s___1019 J-J
Seaboard Air Line g 43____1950 A-0
Gold 411 stamped
1950 A-0
' Registered
1950 A-0
' Adjustment 5s
o1949 F-A
Refunding 4s
1959 A-0
4ti-BIrm 30-yr 1st g 4s__e1933 M-8
Oar Cent 1st con g 4s...,_1949 J-J
Fla Cent & Pen 1st g 55_1918 J -J
1st land gr ext g 55
1930 J-J
Consolgold 5s
1943 J-J
Oa & Ala R•y 1st con 5s_ -o1945 J -J
Ga Car & No 1st gu g 55_1929 J -.I
Scab & Roa lse5s
1926 J-J
Southern Pacific Co—
Gold 45 (Cent Pac coll)_k1949 J -D
Registered
k1949 J -D
20-year cony ds
01929 AI-8
20-year cony 5s
1934 J-D
Cent Pac 1st ref gu g 45_1049 F-A
Registereu
1049 F-A
Mort guar old 3 14,1_,..k1929 1 -D
• Through St L 1st gu 48_1054 A-0
ell It S A M & P let 5s..1931 M-N
, Gila V 0 & N 1st gu g 5s_1924 M-N
' nous E & W '1' 1st g 55_1933 M-N
! 1st guar 5s red
1933 M-N
H & T 0 1st g 5s hit gu1037 J -J
Gen gold 4s int guar
1921 A-0
Waco& N W div 1st g-js 1030 M-N
4I._& N W 1st gu p; 5s
1941 .1 -J
Morgan's La & T 1st 78_1918 A-0
1st gold Gs
1920 J -J
No of Cal guar g Os
1038 A-0
Ore & Cal 1st guar g 53_1927 J -J
: So Pac of Cal—Cu g 55_1937 NI-N
' So Pac Coast let gu 4s g_1027 .1-J
`. San Fran Tenni let 4s 1050 A-0
'Tex & NO con gold 551_1943 J-J
So Pac 1818 1st ref 4s
1955 J-J
lOuthern—
1904 J -J
lit consol g 5s
i Registered
1004 J -J
' Develop & gen 45 Ser A 1956 A-0
i Mob & Ohio coil tr g 413_1938 NI-S
t Mem Div let g 4 M-5s
1096 J-J
1951 J -J
• St Louis div 1st g 415
, Ala Cen R 1st g 6s
1018 J -J
• ALI & Dauv 1st g 4s
1948 J - J
' 2d 4s
1048 J-J
• All It Yad 1st g guar 45_1949 A-0
: Col & Greenv 1st 6s
1016 J-J
E T Va It Ga Div g 5s__,,193' J -J
, Coe 1st gold 5s
1916 M-N
' E Ten reor lien g 5s
1038 M-S
i Ga Midland 1st ss
1946 A-0
1022 J-J
i Ga Pac By 1st g 6s
• Knox It Ohio 1st g 6s
1925 J-J
Mob It Bir prior lien g 55_1945 J -J
1, Mortgage gold 48
11145 J-J
'Rich It Dan con g 6s
1915 J-J
1: Deb Os stamped
1927 A-()
Bich & Meek 1st g 4s
1948 M-N
So Car It Ga 1st g 5s1919 81-N
Virginia Mid ser 0 63-1016 M-S
. Series I) 4-5s
1921 M-S
', Series E 5s
1028 M-S
1031 88-8
; Series F 5s
193688-N
.,General Os
:
c Va & So'w'n 1st gu 5/4_2003 J-J
'
let cons 50-year 5s
1
1958 A-0
.-VV 0 It W 1st cy gu 4s
1924 F-A
1914 J -J
..West N 0 let con g Gs
7
,
okane Internet 1st g 55_ 1055 J -.I
er A 01St L let g 430_1939 A-0
lst con gold 58__1894-1944 lis-A
k Gen refund J f g 4s
195$ J-J
f St L M Ege Ter gu g 55_1930 A-0
rex & Pac 1st gold Os
2000 J -D
'2d gold inc Os
q2000 Mch
yLp, Div B L lgt g As
1031 J -J
0W Min W & N W 1st gu 55..193() F-A
101 It o 0 1st g 5s
1035 J - J
,t Western Div 1st g 5s
1035 A-0
,. General_ gold Os
1935 J-D
Kan & M 1st gu g 4s
1900 A-0
, 2d 20-year_
Os
1027 J -J
Foil' It w 1st gold 4s
1917 J -J
St L& NV pr lien g 3346_1925 J -4
r.1¢_0-year gold 4s
1950 A-0
1917 F-A
LC/oil tr 4s g Ser A
ror Ham & Buff 1st g 4s_h1948 J -D
Ister It Del 1st con g 5s_1028 J-D
kJ 1st refund g 4s
1952 A-0
ITnion Pacific—
• list BR It land grant g 4s_1947 J -J
1047 J -J
• Registered
1927 J -J
1 20-year cony 45
' 1st & ref 4s
02008 M-S
Ore By It Nay on g 4s1946 J -D
Ore Short Line 1st g 0s-1922 F-A
1846 J -J
1st consol • 5s
Guar refund 4s
1029 J -D
1926 J -J
Utah It Nor gold 5s
1st extended 45
1933 J -J
Vandal's cons g 45 Sec A_1955 F-A
V Consol 4s Series B_1957 IVI-N
Vera Cruz i'.r. I' 1st gu 43's_1934 J-J
1062 M-N
Virginian 1st 58 Series A
Wabash lit gold us
1939 61-N
7 T 2d gold 5s
1039 F-A
Debenture Series 11
1939 J -.1
,.1st lien equips Id g 5s
1921 M-S
1st lien 50-yr g term 4s_1954 J -J
1s8 rel and ext g 4s
1056 J-J
Cent Trust Co ctfs
------Do Stamped
1
poi
In
Price
Friday
drift,17
1Yeek's
Rangier
Lass Sale
Range
"
R
since
NI 41 Jan. 1.
Bid
Ask Lew
High Ne.
8234 Sale 8253
8234
104 Oct '09 -------------- -_--- 8514 Feb '14 ---;
86 Sale 8534
2
86
___
_
76;Sale 75
49
77
753s Sale 754
5
7512
8514 86 8534 Apr '14 --854 ____ 8513 Mch'14 -10038 ---- 103i Jan '13
1004 --. 104 Nov'12 _
10373 __-_ 1014 Feb '14
10353, 10618 1041k Feb '14 --10214 10334 102 Dee '13 ____
10134 __ 1014 Oct '13 .--
Law High
---- --_
8353 -8513
8312 86
7434
744
84
85
_
80
7814
8534
8513
10134 10178
10212 10513
__- --__
--- ---_
3
91
915a 16 90 94
---- --- -90_
Feb '14 _
90 90
87 259 864 92
84sale 8534
1004 Sale 10013 10034 2073 10013 10353
94 9412 9413
9438 49 9112 9412
90 ___ 9412 J'iy '12
9112 91371 9138 Apr '14 84 91 9112
8534 8712
84 ......- 874 Mch'14 _
103
i 103 10334
10258 ___ 103
1014 ____ 10234 Apr •14 __ 101 10234
1021$ ____ 102 Sep'13___
10213_ 103 Mch'14 ---- 10112 1(
- 1109 10914 109 Mch'14 -_-- 109 109
9334 94 94
94
5 9334 9512
Mch'14
---- 1084 108
---- 108 108
...,.. 10412 103 Mch'14 ---- 10112 103
1071s
1 10612 10734
10734 ---- 1074
106 ____ 1074 Mch'14 _-- 1071$ 1074
___
106 ,--- 112 Feb '07
10113 104 10113 Mch'14 --- 10112 if
104 ___ 10112 Nov'13 __
88 —_. 0112 Sep '12 __ _
84 87 8734 Feb '14 ____ gi,74 ii96 96
----- 96 Jan '14 __
9314 38 893,3 9834
113 &ale 03
BONDS
N. Y. STOCK EXCHANGE q
Z
Week Ending April 17
.
--, a.
Price
Friday
April 17
Week's
Range orE zi.
Lass Bale ,33 c",
Range
since
Jan. 1.
Wabash (Concluded)—
'id
Ask Low
High No, Low High
Eqult Tru.it Co Ws________ --___ 5658Jan '14
5653 5653
--0_
Stamped
5214 Sale 51
5213 68 46 5714
t & Ch Ext 1st g 55-1941 .1-J ____
106 Nov'18 ___
Des Moth Div 1st g 4s___1939 J -3 72 ..___ 80 Aug 12 --- --_-_—_-Om DIv 1st g 3%3
1941 A-0 65 6933 71 Feb '14 __ -71- -72 1941 -S
Tol & Ch Div 1st g 4s
77 Mch'14 ---- 70 80
___ ----10 Mch'14 ...... 10 12
Wab Pitts Term 1st g 4s 1954 J-1) ---Cent and Old Col Tr Co certs_
91-2 1013 10
10
10 912 1414
Columbia Tr Co ctfs__ _____ __-- ____ 10
013 Mch'14 _. 912 1314
Col tr ctfs for Cent Tr ars ......., -.,---- 10
912 Mch'14 ...... 912 1412
2d gold 4s
78 Dec '13
1054 J---.1.) -78
-12
73
12 Apr '14 ......._ ---i2 --11
.
4
..,, Trust Co certfs
84
wash Terml 1st gu 3;iii..__1.945 -F---A- 8334 ____ 84
12 8114 84
1st 40-year guar 4s
1945 F-A 93 ____ 100 Sep '12 ____ _
_74
.
.
7$ 104
7528
2 .A3.
3 .
95
37
M
N ayrylay
nd
a lo
st g 44=19
10
75
414 Apr7
'
514 ---7
West
112
-1
4 115
61;
97 82 Jan '14 ...-- 75 82
Gen gold 4s
1043 A-0 Feb 07
_
d1943 Nov --------34
Income 5s
100
loo
i ilio" fiii
1926 A-0 997
Wheeling_& L E 1st g 5s
_ _
Wheel Div 1st gold 5s :1928 J -J 96 ____ 954 Nov'13 —_
Exton It Impt gold 5s
1030 F-A 03 97 91 Feb14 ..--- 91 91
7714 12 75 80
RR 1st consol 4s
-1949 I-s 76 ---- 77
9512 _„_ 0534 Nov'13 _— __ _„
20-year equip 5 f 5s____1922 J-J
Winston-Salem e B 12242_1960 J -J 87 88 88 Feb '14 ---- 88 88
8814
8 8553 894
Wls Cent 50-yr 1st gen 4s_1049 J -.) 8814 Sale 8753
811D&Dul div It term 1st 45 '36 -N 8833 894 884 Apr '14 .-- 86 8938
-- --
Manufacturing & industrial
Am Ag Chem 1st c Os
1028 A-0
Am Out Oil ext 43s ____2,1915 Q-li
Debenture 5s
1931 -N
Am Hide & L 1st s r g 62
1919 -13
Amer Ice Secur deb g 6 _1025 A-0
Am Smelt Securities s f 614_1926 F-A
AmAm Spirits Mfg g Gs
1915 M-S
Am Thread 1st col tr 4s-1019 J-J
Am Tobacco 40-yr g 6s
1044 A-0
Registered
1944 A-0
Gold 4s
1051 F-A
Rergistered
1051 F-A
Am Writg Paper 1st s f 55_1919 J -J
10513 Sale 10512 10534 72 10214 106
Baidw Loco Works lit 53 1940 /11-N
...„.„. -___ 100 Aug•13 __ _
Beth Steel 1st ex t s f 5s
1026 J-J
1st & ref 5s guar A
7403 Sale 7414
7434 130 i'a- -•/81-4
11142 el-N
83
827s 84 83
1 804 8312 Cent Leather 20-year g 58_1925 A-0
10412 _-_ 10412 Mch'14 ..-- 104 10412 Consol Tobacco g 4s
1951 F-A
8514 853-4 844 Mch'14 ____ 8352 g478 Corn Prod Ref 8 f g 5s
1931M-N
1034 __ 10514 Sep '12
1st 25-year 5(Os
511-N
1034.
Cuban-Amer Sugar coll tr 631918 A-0
2 86ts 88
88
88
Distil Sec Cor cony 1st g 55_1927 A-0
— 8214 Fob '12 __ ____ __
--------_ _
: E I du Pont Powder 094_1936 J-D
---- ---- .....
_ 10133 Feb-'1102
_ ioiii kW% General Baking 1st25-yr 634_1936 JD
1044 1053; 1044 Apr '14 — 10433 10473 Gen Electric deb g 334s..._1942 F -A
108
108 ---- 108
2 10514 108
Debenture 53
1952181-S
_ Gen'i.Motors lit lien 65_1915 A-0
....- 10513 rly .12 ___
Ill Steel deb 4yis
---- ----6413 May'13 _
1940 A-0
10813 ___ 10814 Mch'14 al 108 10812 Indiana Steel lit Os
1o52181"N
110 -- 11012 Jan '14 _--- 109 11012 Ingersoll-Rand 1st 5s__ _q1935 J -J
100 ..-- 10812 Nov 12
_
Int Paper 00 1st con g 63 1918 F-A
Consol cony s f g 5s
--- --- 79 lich'13
1935 J-J
2 101 Apr '14 _- 10053 101
Int St Pump 1st s f 5s
101 10211929185-S
10314 1034 Lackaw Steel 1st g Si
1023 A-0
- .. — 1034Feb '14 _
_
1st con 55 Series A
-S
703__.,_ 73 Sep '12
195
5-year convertible 5s
101 .._ 10114 Mch'14 —__ 151 iiii
-S
191
___ ___ Liggett It Myers Tobac 78_1944(A-0
1015$ --- 112 Oct '01
55
1017s ...— 10334 Nov'12 ___
1951 F-A
10234 --- 102 Dec'13 __
Lorillard Co (1')7s
1044 A-0
10313 ____ 104 Mch'13 __
54
185113'1033$ ..... 10113 Feb '14__
1024 1044 Mexican Petrol Ltd cnv 6s A_'21 A-•
104 105; 104 Mch'14 __ 10312 105
1st lien Bc ref Os series 0_ _1921 A-0
_ 9034 9234 Nat Enam It Stpg 1st 5s-1929 J-D
9113 931 9214 Apr '14
Nat Starch 20-yr deb 5s
90 -- 92 J'ne'13 _
11)30 J -.I
_ _ 1004 1001
10088
lo 1551-2 fcio-3-2 National Tube 1st Os
19521181-N
96 — 9834Feb '1
9834 9834 N Y Air Brake lit cony 6s..1028 -N
994 101 100 Mch'14 _-__ 100 10033 Railway Steel Spring—
1064 10714 1084
1061
1 10334 10613
Latrobe Plant 1st s 1 55_1921 J-J
8713 89 89 Apr '14 __ 8514 9012
Inter-ocean P 1st s f 53_1931 A-0
102 10312 10134 Feb '14 __ 10134 10134 Repub I It S 1st It col tr 50.1934 A-0
1021s 103 10213 1024
10-30-year 55 s 1
1941 A-0
3 9912 104
20 40 51 Nov'12 ___ ____ ___ Standard Milling 1st 5s
1930 -N
The Texas Co cony deb 6s_1931 J-J
— - —..- 0912 Apr '11
: Union Bag It Paper 1st 5s_1930 J-J
........._ 10612 Nuv'04
Stamped
10514
10514 106 10514
1930 J -J
1 .
185i4 115-14
__ U S Realty & I cony deb g 58.'24 J-J
105 10532 101 Aug'13 _
10112 Sale 10112 10112
1931 J -J
6 Or 1-(11-12 US Red & Reg 1st g 6s
U S Rubber 10-yr coll tr 63_1918 J-D
8_
_54 87
_ _1 „87,_ Mch'14 --- 8513 87
1 0534 0834 LI' s Steel Corp—(coup _d1963 ,-N
0834
will 300.3 sa•4
-__.. 83 85 Dec '12
S 1 10-60-yr 531reg —d11)63 M-N
- - Va-Car Chem 1st 15-yr 5s..1923 J -D
81 ---- 82 Feb '14
-iii2 0
5213 63 5213
West Electric 1st 5s Dec 1922 J-J
5212 15 52 60
___56 49 Mch'14 __ 49 50
Westinghouse E It M $ f 5s_1931 J-J
10-year coil tr notes 5s...1017 A-0
851
;— 8553Mch'I.
8514 8558
10013 1013; 10112 10112
1 10012 10134
---- 76 76
76
1 74 70
Miscellaneous
Adams Ex coll Or g 4s
1948.,1-S
•
975$ Sale 9733
Armour It Co 1st real est43is '30 J-1)
9734 66 9512 98
95'2 9612 Bush Terminal 1st 45
0612 064 Apr '14
1052 A-0
Consol 5s
914 38 00 9333
914 Sale 9114
1955 J -3
9412 Salo 9414
Bldgs Os guar tax ex
1260 A-0
9412 24 91 05
Chino Copper 1st cony 6s 1921 J -J
0312 24 9134 04
9311 Sale 9338
11013 11034 11012 11012
2 1094 11034 OranbY Cons M S & Pcom Gs A'28 M-N
Inspir Cons Cop 1st conves 1922 M'S
10534 108
10734 108 103 Mch'14 _
9212 "ii 804 9414 Int Mercan Marine 4jig-1922 A-0
9214 Sale 9215
int Navigation 1st s f 511-1929 F-A
10214.__ .. 108 may•ii ____ ____
- Montana Power 1st 53 A_,,1943 J-J
9114 99
Morris It Co lets f 4)is
--- 93 Apr '13
1939 J -J
_
Mtge Bond(N Y)4s ser 2_1966 A-0
---—__ ----93 Mch'13 ------------____ 97 94 Oct '12 _
__
10-20-yr Os series 3
9913 9953 994
9934 ii 5'74 fo012 N Y Dock 50-yr 1st g 4s-1
19
95
32
1 Fj--Aj
1032 J-J
Niag Falls Pow 1st 5s
82 10153 105
104 Sale 10334 104
9634 97 9634
97
Niag Lock It 0 Pow 1st 5s 1954 M-N
9 94 100
___ _ ___ 90 J'ne'12
Ontario Power N I? 1st 5s_1943 F-A
--_- 99 98 Feb '14
Ontario Transmission 5s-1945 ,,A-N.
98 98
75 __ 78 itch '14 ___ 78 78
Pub Serv Corp N J gen 53_1959 A-0
54
56
16 5013 6114 ItayConsCopper 1st cons; 681921 J-J
554 Sale
------- 0512 Feb '14 -- 50 551, Sierra It S F l'ower 1st 58_1949 F-A
50 561, Wash Water Pow 1st 5s
1939 J-J
53 Apr '1
24
10034 Sale 10034 102
99
3
99 Sale 987s
9353 14
9312 9333 0312
1034 25
10212 10312 103
88
15
88 Sale 871s
105
9
1044 Sale 1044
95 99 98 Mch'14 .--93
1
9212 931 03
--_—___ 12014 Fels '14 -116 Oct '13
--------___ -- 98 Apr '14.—
--- ---- 9533.11.1e '12
70
4 70 70
3
601104 . __ 103 Mch'14 ._-9873 N-ov 984
9912 27
8714 Salo 87
8773 49
9933 182
99 Sale 99
__-- 974 Jan '13 __-9315 --- 934 Mch'14 __
943$ __ 9412
9412
2
-___ 05 92 Apr '14 ..—
60 Sale 60
6312 63
861$ 871 87
8714
6
8813 91 90 Mch'14 ---791
1
7813 791 7912
10473 Sale 10413 105
4
10112 Sale 10114
10134 161
89
8813 Sale 881a
35
10112 17
10134101s 1013$
100 ---_ 100 Oct '13 _--10014 10134 101 Apr '14 __78
10
78 Sale 78
63
20
61 Sale 81
96
6
— 951 95
7414 .10
4 75 7414
70198
6
97 97L 977a
4
12434 126 1281s 1264
1014 11
101 1011 100
1224 1261 12512 126
5
10013 101 10012 1007s 19
95 981 • 97
97
8
973$ 12
971. 97
-------- 94 Mch'14 --82 85 8153Feb '14 ..--26
9934 Sale 904 100
97
........ 97 97
2
9713 984 9734 Apr '14 ---931
5
9314 Sale 924
10273 - — 10234 Dec '13 ..
0334
9314 Sale 934
___- 11111 8012 Apr '14 __
10214 Sale 1015s
10338 124
--- 80 90 Feb '13
_ 39 914 Jan '1
82 84 83
83
10
---- 20 20 Feb '14 _
103 Sale 103
10314 30
110iy241,22
103
03:
1i 2873
..10.2_5s. _6_61.1e_
io
9633 97
10134 Sale
954 5510
086$ ----
9614
10134
954
984
9678
1014
954
99
7
12
53
0
9734 102
96 09
80 933s
101 1034
7814 89
10312 105
94 99
93 934
11712 12014
9'7 -98
___ .....
65 -78
102 103
9312 100
8138 884
9718 9934
9718 9711
9313 9613
9112 944
92 93
60 68
87 894
90 9014
77 8034
103 10512
9812 10134
8312 89
9858 1015s
- -...
151 fo3
78 8412
60 6712
9014 97
70 7812
9312 9812
120 12612
9834 102
1194 12612
9653 101
91. 97
95 973s
9112 94
815/ 824
9654 10012
97 097/1
_ I
97 v0'4
91 9314
_ _
.....
51 -Ai 1
8412 8912'
1003s 108 1
"1
- —.
-in% 19 1
20 20
10134 104 •
1090978
183314
9138 98
10018 10214
894 9538
9(354 99
3i2 2 734 8034
77 7734 774
934 38 8912 9313
921a Sale 925s
8713
1 8712 88
8713 Sale 8712
8912 91 91 Apr '14 _-. 91 91
88
8712 88 8713
3 87 8813
VW 170 150 Apr'11 ---- 150 166
104
4 9958 105i2
101 104 103
101
49 9634 1034
9973 —__ 994
53
03 4713 61
52 Sale 52
7312 11 7153 7712
7311 Sale 7312
9373 83 93 9412
9373 Sale 9334
8812Jan
'14 ____ 8812 8812
--,- ---83 --- 83 Apr '14 ____
_83 83
9
77
8 - _ 9912 may•I
iii5• 78 Mch'14 __ 78 78
101 ____ 1011s Mch'14 --__ 1011s 1014
9114 93 93 Feb '14 ---_ 93 93
9511 11 915$ 9512
94 951 95
*90 --- 924 Apr '14 ____ 9213 9212
901
904 Sale 904
24 8813 91
112 114 113
1141. 7 10713 11714
-- 931 9214 Feb '14 ___, 0214 9214
-------- 1084Jan '1 _111031. 1031$
MISCELLANEOUS BONDS—Concluded.
Coal & iron
Hull It Susq Iron s 1 5s____1032 J-D 92 ____ 92 Feb '14
( Debenture 5s
6/1926 M-S 80 85 80 Moll'14
.OoiFIt 100 gen s f g 5s-1943 F-A 97 9812 08 Mch'14_
e
.
I C01 Fuel gen Gs
1019 M-N 104 _ _ _ _ 10714 J'ne'12
001 indus 1st & coll 5s gu 1034 F-A 7514 764 76
77
Cons Ind Coal Me 1st 5s
1935 J -D ____ 74 73 Mch'14_,,
Cons Coal of Md Ist&rel 5s1950 J -D 89 92 89 Mch'14
Continental Coal 1st g 53_1952 F-A 91
99'8 Feb '14
Or My Coal& 0 lst g Gs_h1919 A-0 *---. 9813 10258 Apr '06
Kan&HC&Olstsfg 58_1051 J -J 90 ____ 93 Mch'14
Pocah Con Collier 1st s f 5s_1057 J -J
88
88 '15
St L Rock Mt& P 1st 5s-1955 J -J
77 794 8014 Mch'14
103 Apr '14
Tenn Coal gen Os
1951 J -J 1014
' 'Erni Div 1st consol 6s-1917 J-J 102 Sale 102
102
11
a1017 A-0 10173 103 102 Mch'14
, Tenn Div 1st g Gs
Cab C M Co 1st gu g 65_1922 J -D 101 ____ 10114 Mch'14
1053 J-J — 75 80 slay'13
Victor Fuel 1st s(Os
Va Iron Coal&Coke 1st g 5s 1949 M-S 9213 93 921s
9234
2
Telegraph & Telephone
8834 89 89
92
Am Telep & Tel coil tr 45_1929 J-J
8958 57 85 897s
Convertible 4s
1036 1-S 94 95 9634 Mcb'14 _--- 94 9714
80
20-yr convertible 43-s,,,10$3 M-S 9734 Sale 9713
99
994 126 9412 9034
_ii _ Chicago Telephone lit 55_1928 J-D
8212
_ 8212
8212 ---i 8138 821k
Commercial Cable lit g 4s-2397 Q-J
Registered
775a 84 331s Nov'II
2397 (.1-.1
73 79
97 Sale 97
"Lir, 9*14
80 89
Cumb'd T & T 1st & gen 5s_1937 J-J
9714
9013 0913 Keystone Telephone lit 531-1035 J-J 894
8014 Mch'14 -- 8914 8914
Iowa loos
MetropolTel&Tel 1st s 15s,.1915 M-N 10053 103 10053 Apr '14
9034 100
1924 F-A 9054 Sale 0058
9934
-oi- 'Iiii4 Mich State Telep 1st 5s
84 8814 N Y& NJ Telephone Os g_1020 -N 10112 _ _ _ 10314 May'll
NY Telep 1st& gen f 4;is 1939 Nt-ti 9714 Sale 97
9712 80
77 82
985
11 96 90%
98
1937 J-J 98 Sale 9734
9713 10313 Pac Tel & Tel 1st 5s
South Bell Tel& '1' lsts f 5s 1941 J-J
9834 16 971$ 100 1
10112 103
9814 931 9833
4 93 9812
101 10212 West Union col tr cur 5s___1938 J-J
981
— 08 0833
924 17 664 92%
10114 10114
Fd and real est g 4 Yis___1950 -N 9112 Sale 9113
Mut Un Tel gu ext 58-1041 -N 99 -- 104 J'ne'11 •
-9213 95
Northwest Tel gu 4%a g..1934 J-J
87 --.- 93 Jan '13
92
80
9114
_iii,_
-Op3-
•No price Friday; latest bld and asked. a Due Jan. d Due April. •Due May. g Duiqune. 11 Due July $DUSAUg, o Due Oot p Due Nov..Due Dee. s Option sale.
CHICAGO STOCK EXCHANGE —Stock Record.
STOCKS-111011E87' AND LOWEST SALE PRICES.
Saturday
April 11
16
49
27
85
01
32
7
212
15
-55" 35
•31, 414
25
•20
.70
.90
32
*612
.213
•
onday
April 13
*20
.70
9012
3173
*612
*213
.11
*:35
*312
.
2812 29
.28
9212 .91
*92
*388 400
400
•128 132
132
•33
40
*33
.
78
_
*711
•12112 122 .120
.40
46
.40
•75
80
78
4912 .47
•46
67
5712 *57
.3215 218
216
138 138
13734
•9
012 .9
16
49
27
85
91
3218
7
212
22
_
_-414
25
Tuesday
April 11
15
.20
.70
*90
3178
*612
214
*17
*37
*312
IVednesday
Apra 15
15
49
*20.
27
8.5
*70
*90
6'1
32
3134
*612
7
*213
211
.17
22
50
*37
*312
414
25
Thursday
April 16
Friday
April 17
16
15
15
49
Last Sale 49 Mar'14
27
Last Sale 23
Jan'14
85
Last Sale 70
Jan'14
91
90
*9013 91 .
91
32
32
32
32
32
Last Sale 617 Apr'14
7
*213
212
212 .213
212
Last Sale 17
Jan'14
22
37
.37
50
50
50 .
Last Sale 412 Feb'14
41 4
Last Sale 25 Feb'14
25
2812
2812 *2713 2812 *28
Last Sale 9234 Mar'14
91
399 39912 39912 400
13212
-- 132 132
;55" lir
40
*33
40
Last Sale 80 Mar'14
81
Last Sale 12112Feb'14
121
Apr'14
r,ast Sale 43
43
78
78
77
Last Sale 55- - -1)e-c-'1:-3
50
5514 5514
5514 *5512 67
218 .216 217 .210 218
138 135Last136
Feb'14
12
Sale
812
Last Sale 77 Feb'13
-58- -0-3-- -fW. 98
9513 9512
90
00
-6/ 93'
Last Sale 2314 Mar'14
'
26
2612 .
*1513 2612
2513 2617 *2512 261
Last Sale 106 Apr'14
•10534
.10534
.10534 ____ •106 197
0333 635s
*6313 64
6212 033
631
.6312 -6-i- '
163
Last Sale 110 Feb'14
Last Sale 7634 Aug'12
77
77
Last Sale 135 Mar'14
•130 135 *130 135 .130 135 .130 135
Last Sale 12114111ar'14
•120 125 *120 125 *1213 125 *120 125
10034 10914 109 10912
110 110
109 110 *1094 110
1164 11812 11933 11933
120 120 *11813 1197 113 119
*3912 40
.3713 3912
Last Sale 35i;
:3912 49
$ 912 40 .
121 121 .120 121
12018 122
1221s 12212 122 122
121 121
71
.73
7813 7812 78
*7812 79
79
79 .
.78
79
78
99
•____ 9012 99
9834 99
.93
99
*0613 99
.9613 99
•____ 15
15 •____ 10
10
Last Sale 12 Mar'14
30
*____ 30
25
Last Sale 30 Mar'14
18512 186
186 18734 186 187
18134 1801
18612 18612 18514 180
12412 12412 .124 1243.1 •124 1243 *124 12434 .124 12434 *124 12434
*32
32
31
32 .
34
31
.
.22
34
Last Sale 2812 Feb'14
8534 *85
87
•85
.86
8534 *85
87
Last Sale 86
Feb'14
10612 10612 10614 10612 10638 1061 101314 1061 10618 10014 10633 10033
'245 255 .235 245 .235 245 .235 245
Last Sale 245 Apr'14
10634 107
107 107
•10614 107
107 107
107 107
15612 158
156 156
155 157
155 150
155 155
154- fill,
Last Sale 118 July'13
5873 5874
11212 11234
112F2 1121 112)3
11213 11233
5
5
4
4
Last Sale 9151-I4a-y'14
2812 28
28
9112 .91
911
400
400 400
1321 13212 1321
3912 391
40
.76
81
81
121 .120 121
45
43
.40
78
78
78
*47
50
50
•57
58
571
216 .216 213
139 .137 13A
91
*3
81
.28
.90
.400
.132
*33
.76
120
*40
77
*47
5514
.216
*135
*8
Sales of
the
ll'eek.
Shares.
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest.
Chicago Banks and Trust Companies
NAME.
Capital Surp,
Stock.t Profits 1 In
1912.
(003 om itted.)
In
Per1913. tod.
Range since Jan. 1.
60 Chic City&C Ity ptsh corn
15 Apr 14
Do prof
49 Moll 25
Chicago Eley Itys com100 23 Jan 21
Do pref
100 70 Jan 21
60 Chic fly, part cti "l''___
90 Jan 10
715 Chic Itys part ctf
27 Jan 8
Chic Itys part ctf ":t"__ _
(114 Jan14
50 Chic Itys 1):.rt ctl "4"_ _ _
2 Jan 14
Kansas ('ity Ity & Lt _100
17 Jan 15
100
Do prof
241
35 Apr 8
Streets W Stable C L_100
412 Jan 7
iref
100
25 Jan 26
t1iscellaneous
10(, 28 Apr 14
10 American Cali
IOU
Do prof
8912 Jan 2
87 American Itacilator_160 399 Apr 16
100 128 Mchl4
Do prof
55
Shipbuilding__
_100
30 Jan 9
300 Amer
100 76 Jan 8
Do prof
Amer Telep & Teleg_ _100 118 Jan 2
Broth Fisheries corn 100 38 Feb 26
1)o 1st Tara
103
100
7512 Feb 26
Cal & Chic Canal & 1) 100
77 Chic Pneumatic Tool_ 100
51 Jan 2
5 Chicago Title & Trust 100 212 Jan 13
315 Commonw'th-Edison.100 133 Jan 26
Corn Prod Ref Co com100
9)4Jan 9
Do prof
100
203 Diamond Match
1130
9112Jan 2
Goodrich (B.F.) corn _1(;0 2314 Men 30
hart Shaft & Marx pf100 10012Jan 2
63 ['Blois Brick
100
5973Jan 9
Internal Harvester C0100 109 Feb 4
Knickerbocker Ice pf_100
National Biscuit
100 123)4 Jan 11
prof
Do
100 12114 Feb 16
265 National Carbon
100 .110513 Itch 12
29
Do prof
100 11514Jan 27
Pacific Gas & El Co....100
35 Jan 9
432 People's Gas L&Coke.100 12013 Apr 14
50 Pub Say of No III corn 100 77 Jan 3
20
Do pref
100 0434 Jan 21
Rumely common
100
12 Mch 23
Do pref
100 30 Mch 23
1,303 Scars-Roebuck com 100 181 Jan 3
30
Do pref
100 122 Jan 14
Studebaker Corp com.100 2712 Feb 3
Do prof
100 83 Feb 3
572 Swift & Co
100 10434Jan 3
The Quaker Oats Co_100 220 Jan 6
151
Do pref
100 102 Jan 6
911 Union Carbide Co
100 140 Feb 9
Unit Box Ild ic P (7o_100
110 U 14 Steel corn
575:Jan 3
100
249 Ward. Mentg'y & Co pref 109 Jan 3
220 Western Stone
100
4 Apr 16
Woolworth rem
100
NAME.
Dividend Record
Last Paid.
Bid. Ask.
1233
Ifighen.
2084 Jan 31
5512 Feb 2
'25 Jan 19
70 Jan 21
98)4 Jan 24
35 Jan 16
813 Jan 29
4 Jan 2
17 Jan 15
35 Apr 8
4 2 Jan 7
25 Jan 26
flange for Previous
Year (1913).
Lowest.
2412 J Ile, 30 Jan
91 Jan
70 J'ly
88 Jai. 102 J'ne
:3314 Sep
18 J ne
I/ Sep
512 J'tie
2 .i ne
4,
3 Apr
37 Sep
1614 J'ly
3512 Nov
38 Oct
438 Dec
912 Jan
25 Sep
45 Mch
3473 Jan23
2112 J ne
0524 Jan27 o 81 J'no
440 Feb 16 400 Oct
13412 Feb 0 125 Dec
44 Jan 31
28 Nov
92 Fel) 4
78 Nov
124 Jan 23 11034 Dec
5014 Jan21
4913 Dec
341, Jan 27
7313 J'ne
40 J'ly
60 Feb 13
4712 J'ne
218 Mch 17 200 Apr
140 Mch16 U12413 Dec
13 Jan 31
8 J'ne
77 Feb
102 Jan 26
90 Oct
20 Feb 4
1512 Nov
106 Atch17
94 . cli
70 Jan 30
53 Nov
111 Jan 22 100 J'ne
4612 Jan
12914 Jan
500 Feb
135 May
55 Jan
1031 3 Jan
13934 Jan
71 Jan
8973 Jan
55 Jan
5512 Sep
221 Sep
155 Sep
1613 Jan
77 Feb
11014 Feb
53 Feb
10012 Boo
7612 Jan
115 Jan
138 Feb 3 105 J'ne _ 130 Sep
12:112 Feb 4
116 I)ec 123 Jan
161 Feb 19
113 J'ne 137 Dec
120 Melt 17 11112 ..Ply
118 Jan
4712 Feb 12
33 Nov
63 Jan
125 Jan 5 104 J'ite) 130 Sep
81 Mch 4
65 J'ly
85 Aug
100 Feb 7
8934 Dec 10153 Jan
1731Jan 14
19 Augi 69 Feb.
403 Jan 14
4012 Aug
9738 Feb
19312 Jan 31
155 J'ne 21434 Jan
12473 Feb 20 117 May 12434 Feb
3034 Feb 5
1614 Nov
34 Feb
80 Feb 4
66 Nov
70 Nov
10713 Feb 27
101 J'ne 10773 Mob
250 Mch21
195 J'ne 280 Feb
107 Feb 28
9934 .)'ne 10812 Feb
1534 Mc1121 3 142 Dec 218 Nov
113 Feb
1 Jan
6712 Feb 13
6834 .lan
50 J'ne
114 Mch17 10512 Feb 111 Sep
613 Jan 14
1412 Jan
9 J'ly
8714 Met) 112 Jan
Dividend Record
Capital S p &
Stock. Profits I
In
Per- Last Paid.
14
(00s om Wed.)
1912. 1913. tad.
Southwest Tr & 8 $200,0
Standard Tr & Say 1,000,0
Stockmen's Tr & S
200,0
Unlon Truitt Co__ 1,200,0
Westfilde Tr&Say
400,0
Woodlawn Tr de 13
200,0
jlighen.
Bid. Ask.
D935,1 Org. J uly 6
V. 95, p. IS. 125 130
432,3 _
0-61 Mcb.31'14.112 163 166
53,1
6
J-J Jan. '14, 3 145 160
1,687,6
8&3e Q II 7%tch.31'14,2
8
140,2 8&2e
12
Nich.31'14,3 ,350 375 /
1
4
121,0
10
10
(2-2 Apr. 14, 234230
American State— sr 2200,0 $127,0
53413 - — _ 31c11.31'14 113 180 184
100.0
73,4 None
Calutnet National
An Jan '14, 8
200,0
Capital State____
920,6 Org, J an. 27 '13. V.95, p.1535 105 10)8
Central Mfg DIst.
250,0
31,5 Beg. b 311, Oct 712 V. 95.0. 044 159 161
Cont ic Com Nat_ 21,500,0 11,220,9
10
11
Q-J Apr. '14, 3 289 291
'Corn Each Nat__ 3,000,0 6,635,8
15
16&8y (.1-J Apr. '14, 4 405 4013
Drexel State
e1300,0
151,8
6
(1-.1 Apr. '14, 13.3 220
Drovers' National
750,0
394,7
10
(3-.1 Apr. '14, 234 250 260
10
,Englewood State_
200,0
59,1
8
8
Apr. '14, 2 174 177
First National
10,000,0 12,318,6
17
17 (3-1\1 NIch31'14,414 423 425
BONDS
!FIrstNatEnglew'd
150,0
248,1
1231 10&3e (3-NI NIch.31'14 212 353 356
CHICAGO STOCK
InterPrice
Ilreet's
Rang
Fereruan Bros
1,000,0
525,5
Priv ate I3a nk
EXCHANGE
en
Friday
Range or
Sold
Since
Ft Dearborn Nat_ 2,000,0 1,010,9
Q-J Apr. '14, 2
8
8
2513 255
Week Ending April 17
period April 17
Lan
Sale
January 1.
'Halated St State_
200,0
928,3 Org. N oy 25 1912
123 131
Hibernian Ilk Assn 2,000,0 1,254,7 Not pu blished —se note (11)
OD
Bid
Ask Low
No. Lots
11409
IIydo Park State_
55,0 Beg. b us Aug '12. V.95, p.273. 134 136
200,0
Am Tel & Tel coil 4s____1929 J - J
91 Feb '13
15,9 Orga n. Feb
Irving Park Nat.
100,0
p 465. 119 122
Armour & Co 4344
1939 J -D
9273 Apr'14
iiit 93
400,0
gaapar State
221,7
10 10&5e J-J Jan. '14, 6 250
Auto Else lit M
1928
8214 April'12
Lake View State_
200,0
13 Q-J Apr '14, 13.i 108 lIt
Cal Gas & KI unlf & ref 53 1937 ).1-N
064 May '1
200,0
67,6
Lawndale State
6 (.1-M alch.31.14, 2 269 273
Chicago City By Ii
1927 - A
6745
011g Sale
100
--777
1004
25 9914 IOC
665,6 1512-e
12 Q-111 Mch.31'14,3 250 255
Lire Stk Each Nat 1,250,0
Chic City & Con Rys 53.41927 A - 2
Apr'14
8: 853
82
:13_1 e_
99 112 s_13
811, 8573
200,0
60,2 1103. b tia.Aug 20'1
Mech&Trad State
V 415, e 593 131 135
Chicago May Ity 25
1914
J
J
Feb'14
0712
9573 98
Nat Ilk of IteDub- 2,000,0 1,472,3
8
8
(2-2 Itch.3114,2 203 210
chit) Pneu Tool let 63„a1021 J - J
95
95
9212 9514
National City.. 2,000,0
830,6
6
(3-2 Apr.'14, 134 105 170
Chicago it
53
1927 F -A
9812 Sale
9833
9812 21
9134 994
National Produce /250,0
125,7
6
6
(3-J Apr. '14, 134 195
Chlo Bye 5s
381159 'A" A -0 9 9314 93
0253 Nia,•'14
91
94
North Ave State_
112,0
200,0
43-2 Apr.'14, 134 160 163
7
7
C111e Rya 4s
series "II" J -I) 2 7913 Sale
7913
20 7813 8133
80
North Hide St Say
20,2
200,0
6
Q-J Apr. '14, 134 131 130
Chic By, 4s
series "C" F - A
9534
15 9534 9534
9531
North West State
79,6
300,0
6
7
Apr '14, 134 181 187
Chi" Itys colt Os
1913 F - A
100 Jan '12 _ —
Ogden Ave State_
gl1,5 Ors. N or. 27 '12. V. 95, p.1944 104 105
200,0
Chic Ity Pr no M g 45_31927 J 7014 Mar'14
07
reople'eStk Vds8t
144,3
10
500,0
10
Q-J Apr. '14, 213 275 —_
Chia By Adj Ice 41___31927 Mayl
6
53
94;
l
ace
53
16 45
6373
&wad Security
5414
27,0 ileg. b us Nov 1'11 V.93, p. 1235
200,0
Chicago Telephone 63_1923 J -D 094-10
-053:
10013
10053
2 0954 1014
1
S08
fiesarity
11
400,0
181,7
6
Apr. '14, 1
245 261
Cicero Gas Co ref 01 ns_1932 J - J
9712 Melf 14
_
lionth Chicago Say
9714 03
285,8 ;154,0
8&2e Q-J Apr. '14, 2 1210
8
Ooninionw-Edlaon 61
1943 si- 8:
0
1 10:4
7
1:12
10034
4 98
10073
17 10014 102
South Side State_
200,0
31,0
6
6
Q-J Apr. '14,
1:12 1313
Conimonw Elea 53_1/1943 6.4- Li 5101 1013
4 101
Mar'14
Seats Bank of Chic 1,500,0 2,888,3
10058 10114
12
12
(2-.1 Apr. '14, 3 396 400
Cudahy Paok lit M 63
1924 !d- N 210012 102
10012 Feb '14
*tab'Sank of Italy
9914 1004
054,4 Beg. b wi.Aug 19'1 2 V.96, p.322 128 132
200,0
Dis, Match Con deb 6s
1910
Sale 10512
10512
Stook Yards Say_
104 10513
250,0
10
258,9
15 (4-1,1 hich.31.14, 4 350
Gen Mot 6% 1s3 L notes_1915•9934
April'12
Union 13k of Chic_
184,4,
500,0
m-14 Noy'll. I
178 181
let
liar
1-yr
9%
g
notes_1915
r
A
99 July'13
WashIngt'nPkNat
100,0
30,6
Apr. 14. 234 225
6H 10&3e
Inland Steal 1st 2.4 g 6e_193S
10513 April'12
Central Tr Coot 111 4,500,0 2,103,5
8
(4-.) Apr.'14, 234 231 233
Kan City By & Light Co
Chleago City Biel'
500,0
422,9 10&'2e 12&le J-J Jan.'14, 6 300 810
66
IL
-N
1313
90 Oct '12
Chicago Say 13 &T 1,000,0
275,8
(.1-2 Apr.'14, 134 140 142
0
Lake St 101-1st 64
1928 J - J
.70 75 Sep' 13
Chlrogo Title & Tr 5,600,0 12,886,0
8
8K Q-J Apr. '14, 234 214 218
Metz W Side RI lit 41_19.33 - A
8333 Sale
8312
81
16 -iiis 84
Oolonial Tr & Say 1,000,0
603,4 8,123
(o)
0-2 Apr.'14, 2
166 167
J
Extension
g
J
44
1938
703 Sale
7912
80
41
Cent &ConiTr&S 3,000,0 1,879,1 Not pu blIshed -48 a note (l)
8013
74
Mil
By de Lt 1st g 53._1926 F - A
10174 April'12
250,0
192,9 10
Drovers 'Fr A Bay
10
0-2 Apr. '14, 14
de
ref & art 4.3is_1931 J - J
05 Aprir 12
Finn Trust & Say 5,000,0 4,110,7 None None Q-M Doe30'11,
Morris
de
J
Co
J
1939
44s
81)
2 83
837 Feb'14
117,3 Beg. b ua.Apr 3'l1 V.93, p.321
500,0
Ft DearbornTr&
-85;4 lir
Nat'rube lit g Sr
19.52 11-N
10014 alay'12
Franklin Tr de Sae
1:32,7
300,0
Q-J Melt31.14,114
Nor Shore ICI lit g 6s
1922 A -0
99
Jan'14
'ie. lir
Oreensbaurn Sons 1,500,0
326,9
"io" Q-J Apr. '14,
'234
do
1st
A
&
rof
2
-0
1940
53
9814 Mar'14
Ostrantre 'Fr de
93
200,0
951,5
0
J-J Jan. '14 314 132 135
934
Nor Sh Gas of Ill let 83._1237 F - A
9512 Sept '11
Merritt 'It' A Say
12&10e 0-) Apr '14, 3 450
12
1,500,0 2,653,8
Korth West El let 43
1911 1.1- 3
10014 Apr'14
Mons* Bank & Tr_
i55741507;
300,0
84.2 Beg. b us.A pr 10.1 1.V.92,p.1004 151 154
N
IV
(1
L
&
Coke
Co
51_1923 Q --11 1-567.4
100
Sop •I3
Illinois 'Fr & flay_ 5,000,0 10,599,4 16&4e 16&4e
Apr. 14, 4 470 480
Ogden Gas Si
1945 54 -14 2 94
95
Ironwood Tr &Say
95 Melf14
200,0
61 'VC
109,1 7&23
7
Apr '14, 134 100 135
Poop Gat I. & C lit Cis....1943 A 1154
Sept
Loans YlewTr&Ray
'12
300,0
Q-J Apr '14, 134 178 181
111,4
6
6
Refunding gold Is
1947 64110053 Sale 10013 10053 8
,LanallefitTriciday 1,000,0
r, foTii;
343,8 Bee. Is 111P. Ma 710
106 108
Chia Gas I. he (3 let. 61_1937 J - J 1103 1031, 103 Meh'14,
Liberty Tr & 0sv275,0
lin 10314
7.9 Org. I) cc. 6 12.
170 180
Comics
Gas
lit
9s
J -D
1926
9973
10034 Mb 14
Market Ti' & Ray_
200,0
99 1014
931,3 Om 8 opt.
12. V. 96, 0. 593 114 117
Metal
Fuel
(lea
lit Ss 1247 64-N 110012
MerentileTr&Say
1001s Feb'14
250,0
100 1004
38,0 Bes. b us.J'ly 1'13 V. 94, p. 484 160 165
Pub Sery Co lot tel 2 63_1966
93 Sale
Mershants' I.& Tr, 3,000,0 7,426,1
93
10 9013 93/
93
Q-J Apr. '14, 4 430 425
1
4
16
10
Soath Side Elev 4 149_1924
943s Sale
9414
9434
Itlehlgan Ave 'Fr_
200,0
90
73,0
95
Q-J Apr.' 14, 114 133 135
5
Swift
&
Co
let
2
51
1914
2100
10013 Mar'14
600,0
1.11d-City Tr & Say
100 1014
142,7 Corn ,b us. Ap 101 1.V.92,p.1004 205 210
do
let s f g Is,...1944
Sale
974
97
1,500,0 2,961,0
Northern 'Fr Co
42
9714
90
9714
8 Q-M Mch.31'14,2 320 325
Trl-City Sty & Lt eon
300,0
Nor-West Ti' & S.
130,0
8
J-J Jan.'14, 6 368 272
8
trust lien s f Is
1922
9814 April'12
Old Colony 'Fr &
200,0
58,3 Beg. b um.raer 1 11 V.92, p.1537 114 117
Union Elea (Loop) 5s
1945
66
--'13
Doe
7$
People's Tr & Say
500,0
246,2
9123
8
41e 0-2 Apr. '14, 234 280 245
U it Gypsum let g is
1922
100 145712
lhillas an Tr & Bay
800,0
284,2
8
O-J Mch .3114,2 200
Weaters Klee CO Ss
1922
102
991
/
4 Dec'13
Sheridan Tr & May
200,0
47,5
3
13
(2,1 Itch 31'14.21 152 156
Ne(e--Acerued Interest nms
added to .411 Chiefs'
,prim 5.
• Bid and a* prices; no sales were made on this day. t March 4 (close
of busine.se) tor national banks and April 4 (opening of butane's) for
State Institutions. 2 WI
Wee Friday; latest price this week. I Sept. 1 1911. li Dividends not
published:
stook
all
acauired
by
tho
Continental
& Commercial National Bank. a Liu' Dee. ol.'
lo Due •'WC. 4 Due Feb. d Due Jan. 1. e Extra elly. k New stock. 1 4% of thir le extra. a Sales renorteel
beginning Aprtl 18. f Divs.are paid Q.-J. with extra
,payments (2 -F. 1 Dec. 31 1913. ,Ex 24% accumulated dividend.
es Increase in capital to $400,000 authorised Rapt. 24, a cash dly.
[
eonneello, It prewlth.
of 75% being paid IA
V.97. p. 1000, 674. a Ex-dly. and ex-etoek dly. ti 14 assensment
paid.
a Paid 0% reg. and 134 extra on old capital Mock of 11000.000,
bad 1341; • , 11V capital $1.000.000.
j Fe 50% etock My. In Capital to be lug. to $350,000.
Y. 98, p. 812. /Capital to be increased to 1300.000; •20%
Olyttiond I
-, .re-1 In coanectlen therowIth. V. 98. 1).
oast'
1132, 0Jall. 14 1014.
i
'
Chicago Bond Record
1109
1234
BOSTON STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
aaturgay
April 11
•Ifondly
April 13
Tuesday
April 14
59812 9831 9638 9638 *96
*100 10012 *10014 10058 *100
187 187
187 187 *____
80
8034 *80
__
80
•140 170 *160 fio *160
41
41
41
41
41
•....., 246 *__ 246 *___
*7
1014 .7
1014 .7
-- ....-- -
Wednesday
April 15
Thursday
April 16
Friday
April 17
9614 *9558 9578 9534 9534 10534 96
Last Sale 10012 Apr'14
10014 *100 10014
182 18212
18612 185 185 *____ 184
80
8012 80
81
8012 80
80
Last Sale 160 Apr'14
*160
-41-14 42 -44 - 4212 4312 4211 43
Last Sale 245 Mar'14
246 *___. 246
7
*7
7
1014
1014
1014 *7
55
-- 55
L- ast-Sele 612 Nov'13
Last Sale 38 Mar'14
Si"
;5/'
Last Sale 160 Mar'14
_
___ NI
_
._161
'
1
- 12 lair2 1114.13 *-___ 105 *____ 105
•-__105 .*____ 105 ._-_-__
- - 10iLast Sale 185 Mar'14
*185
.185
___ .175 185 *175 185
81
81
81
81
81
*80 -82 .80 -82
*80
81
81
_ .120 122 .120 122
'120___ _ 12112 12112 *120 122 .120
Last Sale Ws Apr'14
*8612 88
*8614 -i6
*8612 89
*8612 89
95
95
95
- *95
05
98
95
95
96
96
11
*95-11
1111
11
11
11
1114 1114
1114 1114
11
5912 5912 5912 60,
60
61
61
61
61 *--- 6012 60
6658 6712 6612 6714 6613 67
6634 6758 6712 6834 6814 691,
•105 110
106 106 *100 110 *105 110 *105 110 .105 110
...___ 155 *_ 160 •____ 180 *____ 160
156 157 .
160
Last Sale 24 -Apr'14
*20
24
.20
23
*20
23 .20
23
11158 15811 *15712 15734 *15534 156
15638 15638 *15433 15434 *15353 154
*8212 8314 .8258 8314 .83
*8234 8312 82
82
8312 *8234 83
130 133
130 130 *____ 130
130 130
- .130 135
7012 70
6912 6-9-12 70
70
70
70
6912 70
6912 6912 *130•901.2 91
*9018 91
9014 *__ 00
9018 00
9018 9018 90
Sales of
the
tVeelc
Shares
OCK-,
BOSTON STOCki.
EXCHANGE
Itzilro:- cis
& Santa Fe_lOt
15 Atch
101
tio pref
10(
83 Boston & Albany
100
351 i3oston Elevated
101
Boston & Lowell
100
280 Boston & Maine
Boston & Providence_101
2 Bostor Suburban Et Cos_
Do pref
49
Boston & Wore Elec Ii )s_
Do pref
Chic June Ity & U8Y_100
Do prof
25
Connecticut River__ _ 100
_100
45 Fitchburg prof__ _
Ry & Elec stmpd_ 100
100
1)o pref
101
100
220 ;aine Central
415 Mass Electric Cos_100
pref stamped _100
129
Y N II & Hartford_100
3,693
100
1 Northern N 11
100
42 Old ('010117Rutland, prof
100
100
10 Union Pacific
Do pref
100
16
85 Vermont & Mass
100
87 West End St
50
Do prof
147
50
L.1iscell:Ineous
122 Amer Agricul Chem_100
*5612 57
55
5434 5514 *5412 5512
5512 5612 5514 5512 55
Do prof
0412 95
9412 94
100
660
9412 94
9412 04
9414
9412 9412 94
Last
Amer I'neu Service
5212 3
Sale 234 Apr'14
50
*258 3
5263 234
.234 3
Do pref
19
*1812 1912 .19
*1812 19
30
50
1912 19
*1813 1912 19
19
9912 100
100 100
10014 10014 9934 100
100
255 Amer Sugar Refin
9934 100
100 100
110
110
Do pref
100
11012 111
392
1103t 11034
11034 11114 11012 11118 110 111
12058 12173 12014 12078 120 12034 11973 12058 12014 12073 12038 12078 3,694 Amer Telep & Teleg_100
American Woolen _ _ 100
Last Sale 15 Mar'14
--------------___
----76
Do pref
100
• 76
76
7614 7614
158
76
76
76
7513 76
65
19 Amoskeag Manufacturing
63 .61
65
63
65
•63
65
*63
---- ---- *63
Do pref
14
*99 100
599 100
99
*90 100
*99 100
99
9914 0914
AU G'ulf & W 1 8 L_100
8
612 612
*612 8
*6
8
*6
*612 8
.9
8
15
15
5 Do pref
*15
100
*14
15 .14
15 +1._ 1512 *___ 15
1512
*1112 1114 •11
105 East Boston Land
11
11
•11
1134 *11
11
10
1134 11
1134
250
250
241 Ntilson }Ace illum_100
250 250
25534 256
255 25512 254 255 x251 251
14412 14478
352 General Electric
14534 148
100
145 14534 14412 14518 145 14514 144 145
10078 10078 10078 10078 *10012 101
70 MeElwain(WII)lst pt 100
10078 10078 •99 100
9912 100
224 niassachusettsGasCos100
91
9114 9014 9014 9012 9034 :8934 8934 8934 8934 8934 8934
92
92
92
Do pref
93
92
101;
300
93
9312 93
92
*9314 9414 93
44 Morgenthaler Lino
100
021414 21434 21434 21434 21434 21434 .21414 21434 214 21434 *21434 116
318 .2
212 212 .2
50 Mexican Telephone
.258 31$ 4252 313
3
10
*2
312
20 Mississippi Riv Pow_100
25
25 •
2612.__ 2613 *--- 2612 *---- 2612 __ ____
_
_ _
84
Do
pre
100
6813 6813 6812 6813 6812 6812 •___ 6812 •_,.,.. 68
15 N E Cotton Yarn
100
0_ _ _ 24 •
24 .___ 24 *-- 24
20
20
20
.
.
1
Last Sale 67 Mar'14
Do pref
100
•-___ 68 •__ 60
60 •___.. 60
135 135
100
30 N 16 Telephone
135 136
13612 13612 •____ 136 *___--- 136 .130 136
156 156
15512 156
100
68 Pullman Co
156 156
•155 156 .155 156
155 156
1834 *18
1834 .18
10
35 Reece Button-Hole
1812 1812 18
1812
1834 •18
18 .18
100
204 Swift & Co
10614 10614 106 10614 10614 10658 10614 10612 10638 10612 10614 10612
*2914 30 .2912 30
25
84 Torrington
2938 2978 2913 2912 2914 2914 *2914 30
Do pref
25
3
.27
28 ._ _ 30 *. - 28
2814 2814 •---- 28 s_ _ 28
138
138 :i
200 Union Copper L & M 25
133 ;i
151 1 1 ix, *1
138 ;i
*1
888 United Fruit
100
16212 163
162 16212 15914 16134 15612 15912 15712 15812 158 159
5534 5614 5534 5578 5512 5558 5514 5512 5514 5534 1,640 Un Shoe Mach Corp_ 25
56
56
362 Do pref
2818 2838 2812 2812 2833 2832 2814 2838 2838 2812 2812 2812
26
5938 5778 5812 5753 5812 5812 4878 16,450 U 8 Steel Corp
0034 6112 5012 6012 58
100
241
Do pref
10912 109581 109 10914 10914 10912 10918 10018
*110 11032 10912 110
100
•114
113
118
114
285 285 .290 300
2334 24181 2378 2438
,
1 .1!,(a 138
114
114
4
4178 4178 .42
7513 7512
75'1 76
1614 1634
101614 1634
413 412
, 453 434
: 3
3
3
3
3413 3473 31
3412
6713 6812 6712 6778
_ 416 420
.416
1678 1678 *1612 17
4113 42
41
41
37
3712 3713 3734
. *214 212
214
214
11
1078 11
11
• 573 6
534 6
8712 8734 8513 87
37
37
3638 37
1713 1712 1714 1712
.30
_ _ *30
•.25 .40 *.30 .45
418
418
4
4
.43
4912 4813 49
8512 8512 *8512 8612
•19
1912 •19
1912
413 412
*433 413
352 353
352 352
4,713 734 .712 8
472 478
•444 5
338
•3
338 *3
418
418
*334 414
*514 512
. 514 514
2414
*2314 2358 .24
*34
1
.3, 1
4312 4312 4331 4334
15
1513 1512 15
433 412
•412 434
633 638
6?
635
27
2714 2712 27
178
173
•112
178
*113 2
112
112
414 413
413 412
50
50
51
•50
79
79
79
79
18
18
1818 1814
61
61
61
61
2112 2134
2172 22
*3612 37
3612 3512
178 2
2
2
572 573
634 578
52512 26
•25
26
.16 .16
.16 .16
2914 2934
30
30
2
2
21
/
2
351
31
35
34
312
312 *313 4
•.60 .65 •.60 .65
3813 3831 3714 33
4752 4734 4713 4713
*134 178 *1% 2
1078 1078
11
11
5512 551
*5513 56
.99 1 if
1
1
313 353
312 358
45
45
4412 45
•.60 .85 •.60 .85
*Bid and asked prices.
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest,
9534 Apr 16
9733 Jan15
182 Apr 17
80 Apr 3
155 Jan 2
35 Meh
245 Mch26
7 Itch 2
55 Apr 13
9973 Jan 26
10133 Feb 10
195 Jan 5
0112 Jan 16
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
37 Jan 5
160 Mch 23
10412 Apr 15
185 Jan 10
80 Jan 10
120110 Feb 13
83 Jan 3
903 Jan 5
11 Feb 14
5912 Apr 16
6514 Mch 4
105 Jan 17
152 Jan 10
22 Me1128
15638 Apr 15
82 Apr 17
115 Jan. 9
6812 Jan 3
8712Jan 8
40 Jan 26
163 Jan 15
10612 Mch 11
200 Jan 24
93 Jan 28
122 Alch17
8878 Apr 6
99 Mch 28
14 Jan 23
6612 Jan 24
7773Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
163:84 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch 12
.1112 Oct 10614 Jan
10133 Feb
9534 XIV
133 Dec 215 Jan
82 Nov 11414 Jan
150 Dec 205 Jan
Dee
97 Jan
23812 lice
5,90 Jan
7 Sep
1613(Jet
6713 J'nv
65 Men
5 tech
71, NIch
3612 Dee
45 Jan
162 Sep 160 Feb
10112 J'ne 107 Mch
200 Jly 260 Jan
IS Dec 122 Feb
15 Atm 126 Feb
88 Sep
8212 J„'IV
9
i)ec 110 Men
1038 Feb
. 1012 Dec
7, Feb
63 1)ec
6554 Dec 130 Jan
10) Dee 130 Feb
150 Dec 17612 Feb
25 Aug
fl Mch.
13912 J'ne 16214 Jan
1)1)17 Jan
3018 J'ne
105 Dec 150 Feb
8112 Feb
6714 Dec
85 J'Iv 100 Jan
42
71142j
Jan 22
7
91 Jan 3
5914 NIch10
97l Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Mel) 4
33 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 16
1412 Feb 11
265 Mel) 4
15012 Feb 20
102 Jan 23
0433 Feb 17
96 Mch 16
21634 Fob 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1914 Melt 31
10734 Men 0
3012 Apr
2912 Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
6714Jan 31
11232Jan 26
41 Sep
8912 Dec
212 J'ne
16 Not
9912 Dec
10818 Dee
11014 Dcc
15)4 Dec
74 May
59 May
9234 J'ly
5 Jan
10 Jab
9 J'ne
234 Dec
130 J'ne
p5 May
87 Apr
86 J'ne
209 XIII)
3 Jan
30 Nov
70 Dec
17 Apr
6378 Apr
127 Dec
149 Dec
1412 Apr
101 J'ne
26 Sep
26 Sep
34 J'ne
147 J'ne
4112.rbe
2638 Xne
50 J'ne
10212 J'ne
17 Jan 2
0714 Mch 11
108 Mch30
11718Jan 3
14 Mch 4
7234 Mch 4
60 Jan 21
98 Feb 24
6 Feb 19
1434 Apr 8
10 Jan 20
246 Jan 3
13912Jan 3
9912 Jan 2
8912 Jan 2
90 Jan 2
21114Jan 3
1
Apr 14
212 A
25
6712 Jan 19
20 Apr 9
66 Mehl()
133 Jan 3
151 Jan 7
16 Jan 7
10412.1an 3
27 Feb 24
27 Mch24
1 Apr 15
15612 Apr 15
5334 Feb 2
28 Jan 9
5712 Jan 3
10578 Jan 6
57 Jan
9914 Jan
412 Jan
233. Jan
11812 Jan
11714 Feb
14012 Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
288l Jan
18634 Jan
104 Jan
9313 Jan
9558 Men
220 Sep
312 Feb
4114 Sep
7012 Dec
so Apr
9113 Jan
160 Jan
i651 Jan
18 Sep
108 Mel:
2813 Jan
2814 Jan
2 Jan
182 Jan
6534 Feb
2813 Feb ,
69 Jan
111 Jan
Mining
113 118 .1
114
8 Jan
1 Apr 14
2 Jan 22
114
.1
1 May
MC Adventure Con
1
25
1
_
52 Ahrneek
290 200 *290 300 .285 300
25 270 Jan 7 300 Mch24 230 Nov 330 Jan
7.
8
2718
2
.
6
.
8
2438 Oct
7 27
40,002 Alaska Gold
44834 J'ne
2378 2458 2418 2512 2512
10 2012J an 3 2778 Apr 17
‘,
,1:X4 232
1 Jan 21
1!
214 Jan
,f6 1A6
100 Algomah Mining
112 *113
*113
134Jan 20 .15 May
25
_
._138 :
4214 Jan
2
2
2
630 Allouex
2912 J'ne
25 3412Jan 8 4334 Feb 18
7312 7518 7314 7378 7214 7353 7314 7412 10,679 Amalgamated Copper 100 71 Jan 9 7814 Feb 4
8032 SOP
62 J'ne
16 Apr 6 2138Jan 30
1514 Dec
3278 Feb
335 Am Zinc Lead & Sm_ 25
*1614 1634 1614 11314 1614 1612 *1614 1634
4%, 412
4 Jan 10 6%, Mch 4
412 434 3,002 Arizona Commercial_ 5
414
4% 414
414
512 Sep
214 J'ne
27s Apr 15
418 Feb 2
278 2% *234 3
135 Blete-lialaklava Cop 10
6 Oct
3
3
*234 3
114
'HY
35
184 J'ne
3412 3534 6,697 Butte& Sup Cop(Ltd) 10 31I2Jan 3 3758 Feb 14
46 Jan
3378 3412 3414 3412 34
6512 6612 6614 67
5612 J'ne
721. Jan
6653 6714 6613 67
2,800 Calumet & Arizona
10 6212 Jan 10 7013 alch25
417 417 .416 420
420 420
415 416
44 Calumet & Ilecla
25 410 Jan 9 460 Fen 13 388 Dec 555 Jan
1614 1612 1634
19 Feb 4
1612 16
1612 1612 *16
10 J'ne
150 Centennial
18 Jan
25 14 Jan 9
4034 4034 4034 1,131 Chino Copper
3934 4012 40
3014 J'ne
4018 41
47 Jam
5 38 Jan 0 4312 Feb 4
3712 37
699 Copperltange Con Co 100 36 Jan 8 4034 Feb 4
32 Deo
63 Jan
3714
3734 3812 3712 3712 37
21t Jan 5
212 *2
3 Feb
2 Sep
4 Jan
212 *2
214 214 .2
85 Daly-West
212
20
1058 1058 1034 1034
014 J'ne
1518 Jan
11
11
598 East Butte Cop Min_ 10 1052 Apr 16 13 Jan 26
1034 11
538 512
778 Apr 6
212 Jan b
9 Jan
212 Dec
514 512
512 558
513 538 2,224 Franklin
25
7814 Sep
51 J'ne
8418 7614 82
79
84
86
7918 82
14,174 Granby Consolidated_100 7312Jan 9 91 Feb 4
Feb 4
3412 35
3613 Aug
2758 Oct
36
36
35
35
3613 37
870 Greene-Cananea
100 2934Jan 3 423 Feb
4
1512 16
26 Jan
1512 Apr 16 22
12 Nov
1613 17
1512 16
1634 17
675 Hancock Consolidated 25
Last Sale 30
2812 Fob 16 30 5101124
35 Apr
2778 Jan
Apr'14
.30 -__ .30
II edley Gold
10
14 May
12Jan 8
34 Jan
Last Sale .40 Apr'14
.30 Mch24
•.35 .45 41.30 --.i8
Helvetia Copper
25
3 Oct
17 Jan
613 Feb 20
334 334 *313 4
312 NIch31
.334 4 48
4
4
200 Indiana Mining.
25
511 Jan
48
4414 J'ne
46 Mch
4934 Apr 9
*4712 4§
48
48
48
48
435 Island Creek Coal
1
871r Jan
86
86
84 Jan 14 8812 Mc1121
79 J'ly
.8534 8614 8512 86
8512 8512
69
Do prof
1
16 J'ne
3378Jan
18 Men 30 24 Feb 4
1813 1812 1812 1812 18
1814
235 Isle Royale Copper
1812 19
25
4% Nov
412 412
378 Mch28 5/
28 Jan
1 4 Jan 20
413 412
47
4 412
41
4 412
410 Kerr Lake
5
Aug
18
333 Feb
Feb
214
314
Jan
314
4%
10
3%, 338
338 33
25
3
4
570 Keweenaw Copper
713 712
2613 Jan
5 Nov
612 Mch 30 1012 Jan 16
712 8
135 Lake Copper Co
712 71
25
4l Jan 2
514 Jan
314 J'ne
*472 5
i2 Feb 14
434 5
*484 5
413(
279 La Salle Copper
25
318 NOA
338
101 Jan
4 Jan 16
3 Mch12
•3
31
53
314 *3
3
825 Mason Valley Mines- 6
2 Mch 7 8414 Apr 7
134 Nov
512„Jan
334 334
*334 4
*334 4
245 Mass Consol
25
313 334
514 514
5 Nov
1114 Jan
9 Jan 28
5 Mch27
518 518
512
518 513 .5
Mayflower
320
25
J'ne
16
*2318
233
8
'2014
2613
Feb
2134
2418
Jan
Jan
5
•23
2313
2338 2338 2313 2312
5
80 Miami Copper
12 Dec
Last Sale .80 Apr'14
114 Feb 18
2 Apr
.80 Apr 1
•84
1
Michigan
25
*34
1
33 Nov
66 Jan
4312 4312
4314 433 04212 4312 *4314 44
260 Mohawk
25 42 Jan 8 46 Jan 23
4
1934 Jan
1478 15
13 J'ne
1478 1478
15
15
15
15
510 Nevada Consolidated., 5 1434Jan 8 1658 Feb
213 Jan
12 J'ne
41
/
4 41
/
4
658Mch12
178Jan 14
412 1,360 Now Arcadian Copper 25
414
4
4
4
438
912 Mch
612 612
714 Nov
22
Jan
x5
52
813
Meh30
634
6% 613
612 61
638
5
634
Nipissing
Mines
26
4
26
26
3412
Feb
Jan
Apr
3034
213
4
J'ne
15
2614 2612 2,558 North Butte
26
2614 27
2614
15
112
113
214 Jan
114 Mch23
258 Feb 4 .99 Stay
112
112 11, .1
113 112
155 North Lake
25
112 *1
•1
314 Jan
12 J'ne
112 •1
.90Jan 14
.1
2 Jan 23
112
112
100 Ojibway Mining
25
3 Apr
414 433
234 Mch 30 5%,Jan 28
M8 Jan
413 412 1,370 Old Colony
418
414 *418 412
25
5012 *40
4
50
58 Jan
4134 J'ne
50
4978
50
50
50
270 Old Dominion Co
25 48 Mch13 54 Feb 4
79
6714 Dec 107 Jan
*77
73 Jan 14 84 Feb
77
79
78
*77
*77
79
09
Osceola
25
1712 1712 1734
15 J'ne
2314 Jan
1712 1734 17
1734 18
870 Pond Creek Coal
10 17 Mch27 2078Jan 22
59
5214 Dec
80 Jan
59
59
61
60
110 Quincy
5933 5944 59
25 5712 Mch30 68 Feb 5
2078 21
1514 J'ne
1734 Jan 10 2212 Apr 6
22 Jan
2138 2138
2058 21
21
21
880
Ray
Consol
Copper
10
36
35
30 Nov
48 Jan
36
30
36
36
69 St Mary's Min Land., 25 32 Jan 3 40 Feb 25
1%
1%
112Jan 7
214 Jan 27
1 J'ne
1";itis
31/, Aug
476 Santa Fe Gold & Cop.. 10
173 172 •178 2
*512
534 .513 524
Mch28
5 Dec
712 Feb 16
133 Jan
230 Shannon
534 534
552 5%
10
25
21 Feb
25
2512 25
26
31 Sep
580 Shattuck-Atizona
25
2514 25
10 25 Apr 14 2934 Feb 4
15 Aug .35 Jan
•16 Mch20
.20 .20 •.16 .25
.23 Feb 9
675
•.17 .20
South
Utah
M
&
S
5
29
29
29
29 W4012 Jan
21 Nov
29
635 Superior
29
29
26 257 Jan 3 32 Feb 14
212
2
e438 Feb
2
2 2 1,300 Superior & Boston Cop 10 2812Jan
2 Apr 6 2% Jan 23
2
2
1%,Jan
2
3212 3312 33
9 43 Feb 28
34
38 Jan
83
845 Tamarack
21 J'ne
3414 3412 34
25
.312
4
312 313
6 Jan
312 312
23
512Jan
Mch27
70
312
May
3
313 312
Trinity
25
.65 •.50 .66
111k Jan
-43 Mch 7
100 Tuolumne Copper
.86 Mch19 .50 Dec
.60 .60 •.50 .60 •.60 37
1
4:813 Jan
87
J'ne
37
2,221 U S Smelt Ref St Min., 50 " Apr 16 4313 Feb 4
3713 3734 3714 3712 37
34
473s 4712 47:8
4612,jan 9 4373 Feb 6
6o Jan
J'ly
856
4513
4712 4712 4712 4712 4712
De
pref
50
Last Sal 213 Apr'14
274 Sep
258 Feb 6
Da May
•113
118 .1% 2
Utah-Apex Mining__ 5
134 Jan 27
114 Jan
1034 1034
714 May
1013 1012 1013 1012 *1012 11
491 Utah Consolidated_ 5 ,
834 Jan 6 14 Feb 13
54
5514 5512
do Jan
5414 5438 51
55
168 Utah Copper Co
912Jan 10 5778 Apr 6
55
40 J'ne
10'
21
/
4 21s
2 Jan
4 234
21
/
1%1 134 a13 218
920 Victoria
1 Melt 2 C2'3 Apr 15 .90 J'ne
25
13
05
4it
313
$4 Sep
5314 834
312 358
21.Jan 8
695 Winona
478 Feb 25
352 334
43
4314 43
43
4312 42
43
216 Wolverine
3914 Nov 76 Jan
43
- Apr 16 4734 Feb 20
25
Lcut Sate .70 Apr'14
14Jan
•.60 .85 •.60 .85
Wvandott
25
.70 Mch27
114Jan 24 .40 J'ne
e Assessment paid. tfi 18x-stock dividend. A Ex-r ghta. a Ex-dividend and rights. a Uartaraped. r 28 paid. to Halt paid,
APR. 18
1235
Boston Bond Record
1914.1
Price
Friday
April 17
BONDS
BOSTON STOCK EXCHANGE t
Week 13nding April 17
Week's
Range or
Last Sale
Week's
Rams or
Last Sale
Price
Friday
April 17
BONDS
BOSTON STOCK EXCHANGE
Week Ending Aprli 17
Rance
Since
Jan, 1
g
HIP No. Low II lod.
Bid
AM Low
General Motors lit 5-yr 65_1915 A-0
WIN Apr '13
Am Agricul (Them 1st 5s___1028 A -C
89 Sale 89
8958 41 84 89, 0t Nor C 13 & Q coil tr 4s__1921 J -J
Am Teton & Tel -oil tr 4s__1929 .1-J
Registered 4s
1921
Convertible 4s
1936 TO_ 10338 Mcli'13
Houston Elec 1st s f gen 55_1925 V-j
-A
20-year cony 43-62
1931
9778
9918 23
1917 A-C
La Falls & Sioux (71st 7s
Am Welt Paper lsts f 55 g_11)10
6938 Mch '14
6938 72
Ran C(An & Spr 1st 5s_1925 A-0
100 Mch'14
km Zinc L & 8 deb Os
100 104
101, M-N
itch Top & 8 Le gen g s 1995 A -0
'14
9318 95'4 Ran 0 Ft Scott & Mem 6s 1928 M-N
06
9512A)'
K (7 Ft S & M ity ref 48 gu _1936 A-C
87 Mch'14
Adjustment g 4s____July 1905 Nov
853s 87
1934 M-S
Ran C M & 1) gen 4s
Stamped
8414 Aug '13
July 1995 M-N
Assented income 58
1934 M-S
50-year cony 4s
9478 Jan '14
947
) 9.17
1055 J -D
10-year cony Oil
10014 Dec '13
1917 J -D
-- Ran 0 & Silty Sz lir lit 5s_1929 A-0
Marq l(ough & Out lit 68_1925 A-0
Atl Gut & W 1 SS Lines 58_1059 J -J
65
66
7 6312 68
Mass Gas 4s
1929 J -J
Bos & Corb lit cony s f 63_1923 M-N
50 May'13
Debm 4
1)ec 1931 J -J
8312 83':
Boston Eley 3 -'r g 49
84 -8-612 8312 Jan '14
1935 511-N
1917 J -J
Boston Ss Lowe I 4s
10014 lich'01)
---- Mich Telephone 1st 5s
1016 J -J
1951 J -J
_ Miss River Power 1st 5s
____
Bost n & Maine 43.6s
10412 Oct
1944 J -J
New Eng Cotton Yarn 5s 1929 F-A
95 Feb '12
Plain 4s
1942 F-A
1915 A-0
1653-4 ioil• New Eng Teleph 55
Our & Mo Riv cons (Is
1913 J -J 101 __ _ 10034 Mch'14
1032 A-0
58
Butte El & Pow let 54
1951 J -D
10414 104), New River (The) cony 5s1934 J - J
Cedar Rap & Mn lily lit 73 1916 M-N
104I4 Feb '14
82 857, N YNH&H con deb 3;is_1956 J -J
8212
Cent Vermt 1st g 45._ _May 1920 Q-F 8214 83 8212
Cony deb 6s
1948 J -J
111)3 Oct '07
0 B & Q Iowa Div 1st 53_1019 A -0
11)22 F-A
978 97' Oreg Sh Line 1st g 6s
9778 Mch'14
Iowa Div let 4s
1010 A-0
Pond Creek Coal lit 65 _ _1923 J
99 99
98 -___ 90 Mch'14
Denver Exten As
1922 F-A
9514 965 Puget Sd Elec Ry 1st 5s___ _1932 F-A
9658Feb '14
Nebraska Exten 45
1927 M-N
Repub Valley 1st s 6 6s_ _1919 J -J
99 ____ 9812 Dec '12
B&SWef 48
1921 81-S
8334 833, Savannah Elec 1st cons 5s1952 J -J
8334 Mch'14
Illinois Div 3 3.s
1049 J -J
Seattle Elec 1st g 53
1030 F-A
2 Sale 10012 10052 13 0834 1005,
Chia Jct Ry & Stk Yds 5s 1915 J-J 10611919 M-N
8112 5 81 84 Shannon-Ariz lit Gs g
Coll trust refunding g 45_194C A-0 8112 8212 8112
1929 J -J
----- Terre Haute Elec g 5s
107 J'ne'13
Ch Milw & 86 1' Dub D 65_1920 J -J
Torrington 1st g 5s
1918 51-S
- _ 11358Feb '11
Oh M & St P Wis V (By as 1920 J -J
Union Pac lilt St Id gr g 45_1947 J -J
65 65
Oh & No Mich let gu 58_1931 M-N 59 68 65 Apr '14
20-year cony 4s
1927 J -J
88 92
1921 J -D 80 82 88 Mch'14
Chic & W Mich gen 59
9312 9312 United Fruit gen s 64;45_1923 J -J
9312 Itch '14
Concord & Mont cons 45_1920 J-1) 9312
Debenture 4363
1925 J -J
1949 A-0 85 95 05 Mch '13
Copper Range lit 15s
U 8 Steel Co 10-60-yr 55 Apr1963 M-N
10014 Aug'12
Cudahy Pack (The) lstg 5 1924 M-N
West End Street Ry 4s
1915 F-A
92 fly '13
1926 A-0
Current River lit 54
Gold 4s
1914 M-8
61
-i1•3
1946 A-0 84 68 1161
Del Or Rap & W lit 4s
Gold debenture 4s
1916 M-N
99 9912 9918 Ant '14
9738 9951
Dominion Coal lit s i' 58_1940
Gold 4s
1917 F-A
1927 M95 Oct '12
,
Fitchburg 4s_
Western Teleph & Tel 5s_ 1932 J -J
12012 121
121 Mell'11
Fremt Elk St Mo V 1st 65_1933 A-0 12114
1933 A-0
Wisconsin Cent 1st gen 4s 1949 J -J
122 Mch'12
Unstamped lit as
1)5 .34
Ask Low
Ma
10113 10P8 100)Mch'14
97
971/1 Sale 971s
967
)---- 9714 Apr '14
____
ii Apr'o.
__ 80 92 Feb I:
1113
11134
11134
7453 Mch'14
85 ____ 80 Apr '14
____ 74
75 Apr '14
-___ 9512 96 Mch'14
115 J'ne'08
97 ____ 9714
9714
9534
9534 Sale 9534
9878 Mch'14
8.314
8314
80
80
i
100 Feb '1
1003, an 10012 100.3.1
75 Mch'14
7078 Mch'l
11138 Nich'14
1095s Jan '14
100
102
88 Jan '14
103 Jan '11
7014 Dee 'In
10114 ---- 10114 Apr '1
95 Sale 95
95
97 Apr '0
100 100 Mcti'l
---- 97121‘.1ch14
9012111de 1
---9618
_ 96
96
95 98 95
951
10212 103 103 Apr '14
99 Feb '1
9978 Feb '14
98s Jan '14
9633 Nov'1
_ 98 9713
981
• 9353 Feb '1
NOTH.—Buyer pays accrued Interest In addition to the purchase price tor all Boston bonds. • No price Friday; latest bld and asked.
Rang
since
Jan. 1
Low IRA
10058 100
9434 9753
9458 9714
108)112
74
85
75
96
7514
86
80
9634
9514 9714
93 9534
9878 987s
81
8534
75 83
9978100
1001g 10134
75 80
6878 75
11138 117
10958 1095s
100 10712
88 88
—-
idci 10114
92 95
1-66- 1009712 9712
9012 9012
9358 96
92 9514
10078103
98 99
9978 997s
9858 9853
_63
.34 _663;
Flat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NOT PER CHNTUM PRICES
Saturday
April 11
Monday
April 13
10412 10412 *___
*111 112 *111
•1412
•1412
•____ 56
125
*__ 127
•19
•1912
*5412 -- *5414
203 20112 2634
Tuesday
Apra 14
10412 10413
11112
1413
•---125 •124
•19
---2612 2014
;5712 3734
49
49
*3712 3734
5112 5112
*3913 40
. 7814 7812
1113 1112
*2012 21
8112
*81
• 725
/
8725,f8
*1814 1812
32
32
5514 5538
41
4114
*Ws 2614
1658 1658
132%82'3f.,
' 634 634
4314 4314
8338 833s
8113 5i1
39
39
7813 7812
•1114 12
*2012 21
81
81
7212
72
1814 1814
32
32
5514 5538
*4034 41,4
2618 2618
1614 1634
882%
/
821
6!-fe 6%3
•4314 4312
8314 8312
4834 4834
Wednesday
April 15
10412 *104
11112 112
1412 •14
5712
126
-id-
;6-
2614
65
20
65
2614
Sale;
ACTIVE STOCXS
of the
Week (For Bonds and Inactive
Stocks see below)
Shares
Friday
April 17
10412
*111
14
•50
*124
•19
*54
2612
10412
11212
14
54
125
20
2612
37
*37
3714
37
4812 4812 4734 4812
*1114 1113
,lois -5-63-4 50 5058
-1164 -5-67-2'
39 39 3834 3834 38 3836
7813 7812 .7711 7812 *78 7812
1112 1112 *1114 1112
*1114 12
•2013 21
.20
2034
2034 *20
8013 8078 80
80
8012 8034
71
7178 70
71
671s 7012
1818 1818 18
18
1734 1734
3158 3158 3114 311
/
3112 3112
54% 5518 5134 55'
54%551A
.4034 4114 4078 407s *4013 41
2578 26
2553 2534 2553 2578
16
1614
1413 1584
1434 1534
81.*81% 8114 8158 8114 804
612 612
•6 • 6/6
612 612
4254 4234 42
4234 42313 43
831,2 8313 831s
83
83
83
3734 3734 *3713 3734
48
4812 4812
48
-isi- 6114
39 39
7812 7812
•111, 12
*2013
81
7134
18
*3113
55
.4034
26
.1613
8114
613
43
83
PHILADELPHIA
Inactive Stocks
Amer Gas of N J
10
American Milling
100
Amer Rys pref
50
Cambria Iron
Central Coal & Ooko_100
100
Preferred
Consol Trac of N J
100
Harwood Electric
100
Huntington & B'F..— 50
l'referred
50
Insurance Co of N A
10
Inter Sm Pow & Chem 50
Kentucky Securitles..-100
Keystone Telep, pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
Minehlil & Schuyl H
50
100
Nat Gas Elise Lt & 1
100
Preferred
50
North Pennsylvania
Pennsy receipts 530 paid_
50
Pennsylvania Salt
100
Pennsylvania Steel
100
Preferred
Phila Co(Pitts)5% prt 50
6% cumulative pref. 50
Phila German & Norris 50
Phila Traction
50
Railways General
10
Tonopah Belmont Dev 1
100
United Cos of N J
United Trac Pitts pref 50
Virginia Ity & Power 100
100
Preferred
•
Warwick Iron & S';eel_ 10
Wash'ton-VaRy (new) 100
100
•
Preferred
100
, Welsbach Co
• West Jersey & Sea Sh_ 50
50
Weetmoreland Coal
100
Wilkes Gas & Elec
50
;York Railway
50
Preferred
21
81
72
18
32
55',.(8
4114
2618
17
8212
65s
4314
83
Bid
AM
Bid
PHILADELPHIA
Bonds
Prices are all "and
interest"
Alt & L V Elec 4;45.33F-A
Am Gas & Elec 5s '07_F-A
Am liq's Ss 1917
A-0
AU 0 Gas isle f ISs '60 J-J
iserg&EBrew lstes'21 J-J
Bethleh S't1 68 1998_Q-11'
Ch Ok & 0 gen 58 1019 J-J
Con Trac of N J let 58 '33
_
2214 Del Co Rys tr ctfs 45'49J-J
22
Edison Elec 55 1940 A-0
Mac & Peoples Tr tr Ws_
5634 5714 Fr Tac & 11 1st Si '40_J-J
(len Asphalt 5s 1916_111-8
18
19 liarw Elec 1s6 Gs1942 M-8
Interstate 45 1943
1'-A
57
59
5934 Kentucky Tra&T 59'51F-A
55 ____ Keystone Tel Si 1935__J-J
82 ____ Lake Sup Corp Inc 55'24 0
92 ____ Lehigh Nay 43s 24_Q-F
Cons 4).is interim etfi w I
10313 10412 Leh V
let 55 g 1033_J-.1
Leh V ext 4s 1st 1948-J-D
64 67
_J-D
Consol as 1923
38 40
Consol 4 Ms 1023__J-I)
4312 44
Annuity Gs
J-D
_
Gen cons 48 2003__M-N
8014 8034 Leh V Tran eon 48 '35 J-D
854 — 1st sorter] A 48 1935_M-S
712 758
1st series 13 55 1935 M-8
22612 _ _ MarketStEl lit 48'558.1-N
-—
_ NatLI1&P serB 55 '10 J-J
New Con Gas 5s 1948_J-D
N Y Ph & No let 45'39 J-J
1012 1034
Income 4s 1939___M-N
45 Penn Steel 1st 5s'17_M-N
70 People's 'Fr tr ctfs 45_1043
37 39 1' Co lst&coll tr 55'49M-3
5112 $212
Con & coil tr 5s'51 M-N
6012 6112 Phil Eke gold tr ctfs_A-0
Trust ctfs 48 1949__J-J
16.- P Ic E gen NI 5s it '20_A-0
3212 3312 Gen M 4sg 192n A-0
i0112
72 1
10112 102
4218 43
——
—
7314 ------
_ •Bid and asked: no isle' on this day
105
112
Thursday
April 16
145
206
820
01
3
1,868
Baltimore
Con Gas El L & Pow_100
Do
prof
100
Houston Oil tr ctfs
100
Do
pref tr ctfs_100
Northern Central
50
Seaboard Air Line
100
Do
pref
100
United Ry & Electric.. 50
Philadelphia
American Cement
50
50
55 American Railways
50
2,412 Cambria Steel
Electric Co of America 10
1,053 Elec Btorage Wattery_l00
100
510 Ger. Asphalt
Do
pref
100
420
240 Keystone Telephone_ 50
Lake Superior Corp 100
50
517 Leh 0 & Nay tr ctfs
50
1,185 Lehigh Valley
105 Lehigh Valley Transit 50
pref
50
Do
380
50
4,309 Pennsylvania Rli
50
162 Philadel Co (PIttsb)
2,788 Philadelphia Electil_ 25
50
9,367 Phil& R T vot tr ctfs
50
5,117 Reading
853 Tonopah Mining__.._ 1
50
3,926 Union Traction
50
1,068 United Gas
AM
PHILADELPHIA
Ph St Read 2d Is 1933 A-0
Ex hop M 4s 1947..A-0
Terminal 5s g 1941 Q-F
__ P W & B col tr 48 '21__J-J
-8
.E3-4 86 Read Trac lit Cs '33__J-J
Hoch Sty & L con Si '54J-J
84)ar1sh-Am Ir 6s '27__J-J
So,n'd Gas & El 68'26 J-D
iii_ Stand S511 Wks lst5s'28 J-J
U Trac Ind gen 55 '19-J-J
103-1-4 _-_______ un Rys tr ctfs 45 '49 _J-J
United Rya Inv 1st coil tr
iais f Is 1925
M-N
_8_2_ _ --)i; W• elsbach 8 658 1030__J-D
Wll-B G&E con 55 '55_J-J
9812 - --- Y• ork Rys lit Si 1037_J-D
10
53
9 i6
BALTIMORE
5t1.4
14
Inactive Stocks
91%3 -611: Atlan Coast L (Conn)_100
Canton Co—.,
100
Consolidation Coal
100
ii
-- i
-22 __:
_.0_
_ Georgia Sou & Ifla__-_100
:
let preferred
100
2d preferred
100
Brewing
100
lir - - -- 0• -n-8
Bonds
_
igiPrices are all "and
interost"
91512
- 9034
Balt City 3 it; 1930
J-J
43 1954-1955___Various
5s 1916
M-N
9514 Anacostia & Potom Si A-0
....._ ____ Atl C'st cony deb 48-51-N
All Coast L(Ct)ctfs 5s J-D
--__
____
5-20-yr 4s 1925
J-J
...... -B 8 P & C lst 4 ,,s '53 F-A
Ball Trac 1st 55 '29_M-N
No Bait Div 58 1942J-D
-5
.
3E1-2
loi- 10112 Cent IL), cons Si '32_5I-N
Ext & Imp 5s 1932 8.1-8
9078 91
102 10212 Chas City Ry 1st 55'2; J-J
8114 8112 Chas 14 0 & El 5s '99MS
10314 __ City & Sub lit 5,1922 J-D
City,'"zSub (Was) 1st 55 '48
4gs-dividend. I $15 paid.
I 131734 pal&
11,2212 paLd.
Range Since Jan. 1
I owes.'
Highest
Range for Previous
Year (1913)
ip)WeS1
103 Feb 14 108 Jan 20 101 J'ne
109 Jan 3 114 Mch 10 101 J'ne
1312 Jan 3 1911 Feb 2 1213 Dec
56 Apr 6 60 Jan 19 5612 J'iv
115 Jan 22 127 Apr 8 10612 Dec
1734 Jan 6 22 Feb 5 1412 J'ne
40 Jan 2 5512 Feb 9 4112 J'ly
241 Jan 7 2714 Mch 6 23 Jan
37 Apr 16
4734 Jan 9
11 Jan 15
46'z Jan 6
3812 Jan 9
7434 Jan 5
11 Jan 3
21 Jan 8
80 Apr 16
6712 Apr 17
1734 Apr 17
3012 Jan 3
5438 Jan 3
39 Jan 6
255s Apr 16
1412 Apr 16
8118 Mch 12
6 Mch
42 Mch 27
8234 Jan 5
Bid
Ask
Highest
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2753 Apr
2 Feb
2 Feb
3912 Feb 14 37 J'ne 54912 Feb
5358 Jan
5134 Jan 21 41 J no
1218 Jan
1114 Jan 27 1114 J'ly
5414 Jan
5512 Feb 2 4213 J'ne
4273 Feb
4213 Feb 10 33 J'ne
78 May:
82 Feb 10 7038 J'ne
934 J'ne
1312 May
1312 Jan 15
2314 Jan 31 21 Dee
3l1 Jan
9312 Jan
8434 Jan 22 81 J'ne
1
7818 Jan 24 7053 J'ne 84,4Jan
2378 Mal.
2053 Feb 4 1534 Jan
3712N1ch I
34 Jan 29 2912 J'ne
Dec 61% Jan,
5734 Jan 31 53
4634 Feb 6 37 J'ne
60 Jan
2714 Feb 19 112012 J'ne 112613 Deo
2018 Jan 15 18 Nov
28's Jan
8613 Jan 23 7558 J'ne 85% Den
712 Jan 14
4 J'ly
7X, Deo
47 Jan 15 4134 Nov
5113 Jan
80 Jan 28 8034 J'ne
9112 Feb
BALTIMORE
Coal & Oily let 5s '19A-0
0814 -6.83-4 Coal & I Ry let 53'20 F-A
113 Col & Grnv 1st Gs 1916 J-J
Consol Gas 58 1939__J-D
A-0
(Jen .,*is 1954
10112Cons(1 E & P 43is '35 J-J
102 Consol Coal Si 1950 J-D
92 Fair & Cl Tr 1st 5s '38 A-0
(la & Ala 1st con Si '45 J-J
Ga Car&N let sag '29 J-J
75 78 Georgia P 1st Os 192Z__J-J
Ga So & Fla 1st Si '45_J-J
0-B-S Brew 3-4s '51..M-8
88
Houston Oil div ctfs_F-A
Knoxv Trac 1st Si '28 A-0
Maconlly&Lt 1st 55.53J-J
Md Elec liy lit 5s '31 A-0
Memphis St let Si
Monon V Trac 5s '42 J-D
12812
Mt Vet Cot Duck 1st 5s__
cm NptN & o P 1st 5s'38M-N
19
53
0 _._
N & A Terml Si '29 M-8
Nor&Port Tr 1st 55'36 J-D
25
88
Norf It y & L 5s'49__M-N
78
North (lent 454s 1925 A-0
12 1
Series A Is 1926____J-J
Series 13 Si 1926____J-J
Pitt On 'Frac is 1097__J-J
Poto Val 1st 5s 1941___J-J
9213
Say Fla & West 5s '34 A-0
99-Seab Air L 4s 1950_A-0
I01130414___
--- Seab & Roan 55 1926_J-J
1(033i
9
)9:4:
South Bound 1st 5s_,A-0
U El Uzi' lit 4 Yis'29M-N
100 ____ Un lip & El 1st 4s '49 111-8
Income 4s 1949_J-D
93 ___
Funding 5s 1936 J-D
951? 9612
Cony notes Si 1914 J-J
105
Va Mit1.3d sor Gs '10.1%1-S
104 ____
4th set 3-4-65 1921 54-8
104 ____
5th series 58 1926 M-S
102 __ Va (State) 35 new '32_J-J
9217 94
Fund debt 2-3s 1091 J-J
West If 0 con Os 1914_J-J
102
101 loll; Wil & Weld 55 103S,.,._3-J
Bid
AM
92 94
98
9913
102
10512
9414 95
384 8834
8912 90
101 10112
10412 105
103 10313
108
10334
27
26
78
102
96
98
9812 99
95 90
32
97
92
8712
97
101
106
106
33
9812
91
88
98
103
104
85,2
104
105
9233
8314
841s
80
100
101
102
103
100
106
86
93
8312
_87
1236
THE CHRONICLE
[VOL. acvni.
Volume of Business at Stock Exchanges
Telegraph and Telephone B.d Ask 1 Indust and eliscell-(Con) BUZ Ask
e Amer Tele.; & Cable_100 55
59
American Surety
50 170 176 I
e Central & South Amer.100 105 107
American Thread pref____5 *312 413
TRANSACTIONS AT THE NEW YORK STOOK EXCHANGE
email Un Tel (N Y)___25 95 105 lamer rypefounclers com.100 0
40
1
1
40
212
Enitere Ac Bay State Tel.100 60
DAILY, WEEKLY AND YEARLY.
70 , Preferred
100
Franklin
100 411 • 50 I Deb it Os 1939
M-N
e Gold & Stock Teleg.-100 115 125
Amer Writing Paper___
Stocks.
Railroad,
e Northwestern Telog--50 112 115 i Barney & Smith Car corn 100 95
1034 9
19
1
Week ending
6
114'
c..
Slate
Pacific & Atlantic
U. S.
25 60
70
Preferred
60
100 40
APril 17 1914.
Shares.
Par Value. I
Bonds.
Bonds,
Bonds.
e Pac Telep & Teleg pref_100 88
9012 Bliss(E W)Co corn
90
50
Southern & Atlantic
95 I
25 85
errred)
l
ttg
60
Saturday
120,523 510.970,300' $1,503,500
$42,500
Short Term Notes
Bond St
e Guar
185
15 2
100 2
Monday
243,942 22,274,400
1,396,500
174,000
Amal Copper 5s 1015__M
10034 101 'Borden's Cond Milk com.10
Tuesday
534.895 47,117,510
2,454,600
146,500 $26,500 Ame. Locomotive 531915 J-J 100 l0012
Preferred
11
:1
2 15
100 1
0
91r
Wednesday
4
309,450 20,501,325
1,090,000
848,500
Is 1916
10,500
10014 British Col Copper Co...
100
J-J
T.hnreelay
420,263 35,700,050
1,808,000
485,000
54 1917
Jel 9912 10014 Brown Shoe corn
*8
100 4
1'8 52
134
Friday ___
403,082 36,464,700
1,735,000
Ballo & Ohio 58 1914_ _J-.1 10014 10012
412,000
Preferred
100 9112 96
Bkiyn Rap Tr-See N Y Stk Ex list.. e Butteriek Co
Total
2,032,155 5179,028.28.5 510,977,500 $2,108,500 $37,000 Ches & Ohio 4
1914_3-13 1001s 1003a Casualty Co of America_1
00
100
3
812 12
0)) 12
18
5
1
Ches dr Ohio 58 1919___ J-D 0612 • 97 Celluloid Co
100
Sates at
ChicElev Rye 5s 1914_J-J 9812 99 City Investing Co
Week cruftng April 17.
Jan. 1 to April 17.
100 24
28
New York Stock
Erie Coll 5sOct 1 1914_A-0 10012 10034
Preferred
100 85
90
Exchange.
Coll 58 April 1 1915_A-0 9978 1001s e Claflin (H B) Co com_10
1914.
1913.
1914.
70
72
1913.
5123 0:1 1917
e 1st preferred
A-0 9934 100
80
100 75
Stocks-No. eluires___
Hocking
2,032,1551
1,438,997
Valley 51 '14_36-N 10034 101
25,563,314
e 20 preferred
85
100 75
28,256,942
5479,028,28615123,0425,200 52,253,377,914 52,543,857,500 111 Cent 4349 1914_.__J-J 10014 10012 Cluctt. Peabody dic Co-See Stklex list
Par value
Bank shares, par
37,200
13,500
31
$235,900
7
36
0
100 68
$53,300 Int & tit Nor 5s 1914-F-A 904 0612 Consul Car ileating
Bonds.
Inter Harvester 58 '15_F-A 10038 10034 Continental Can oors-10
Government hends
537.000
521,000
Preferred
91
$305,000 '
100
$327,000 K C Ry & Lt Os 1912_.,M-S/ 87
State bonds
2,108,5091
88
390,000
14
03
1 70
9
..1
98 e Crucible Steel corn.._.100 • 01
1_
21,137,000
6,020,500 Alinn & St L g fis 1916 F-A 96
RR.and raise. beads
10,977,lOOj 10,924,000
e Preferred
229,884,500 ' 174,052,000 Mo Kan & Tex 53 1915..51.N 93 95
100
Missouri Pacific 55 1914_J-D ,13512 9612 Davis-Daly Copper Co___10
813,123.000 $11,341,000
Total beads
$251,326,500
0
.
0
6152 4.55 duPont(EI) de Nem Pow 100 130 13313
$180,399,500 •N Y 0 Lines Eq fe 1914-22 014
43e5 Jan 1915-1925-J-J b 14
e Preferred
0
.
0
035
4 4.55
100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
4des Jan 1915-1027-J4 b 4.65 4.55 Emerson-13rantingham-1
100
EXCHANGES.
N Y Cent -1128 1915 -01-N 1004 10038
-74
Preferred
8-- 80
54 Sept 15 1914
10034 Empire Steel & Iron corn 10
00
59 Nov 5 1914
15
Bente*
101
•
Preferred
Philadelphia,
St L & S F 5s 1013 opt_J-1)
Week *Wisp
e Federal Mitt & Smelt _10
00
(is Sept 1 1914 opt.....01-S
LAsie4 Unlisted
April 17 1914.
_4
1_35
2_
.
Bond
e Preferred
Listed
Unlisted
Bond
Seaboard Air L Ity58'16 M-5 ido- iacit; 0 General Cheralcal cein_100
Aare& Shares.
Sales.
171
Shares. .Shares.
Sales.
South Pao Cola J'ne 151014 1004 10012
25lOSxe Preferred
100
Southern
Saturday
Ry 55 191d_ F-A 9934 100 Goldfield Consol NI
7,003
3,467
$20,100
2,036
10 *133 112
4,891
$38,400
53 Mch 2 1917
Monday
15,591
5,379
01-82 995s 9934 k Hackensack Water Co47,100
2,361
13,108
39,900 West Maryland
Tuesday
19,414
55 1915_3-J 95
7,986
24,300
88
9712
let it 411 1952 op 1912--Jei 83
6,502
15,903
49,500
Westingh's
Wednesday..-.
e El & 54 Os 1915 10178 10214 halet &
15,057
10,432
30
27,000
4,894
preK
felrirbod
10,131
urn corn-10000 25
129,900
Thursday
Railroads
13,878
80
18,195
75
14,500
11,962
10,608
120,200 e Chic
Friday
11,743
100
19,095
812 10
30,100
20 preferred
11,367
100 75 .80
7,013
75,900
re&
ferAre
l1don elm
100 13
18
2
4
Havana Tobacco C0
100
Total
125 130
82,776
64,554 5163,100
9
16
Preferred
39,122
61,654 5453,800
100
e Preferred
Chic8t
M &()m----1
10
N
0 135 150
1st g 543 June 1 1922.-1-1) /64 Colo & South corn
100 21
24 Ilecker-Jonee-Jewell Milling
•1st preferred
4612
100 45
1st 08 1922
81-8 99 101
e 20 preferred
• 100 30
40 Hoboken faxed & Improvel
& All oom
4 ' 5
let
100
Se
Nov
All bond prices are new "and Interest" except where marLed • I"
1930
M-N
e •ulPrSefeS
Preferred
100
9
11
Hocking Val Producte_100
4
5
eN Y Chia & St L earn...100 38
45
151 g Se 1961
Street Railways-(Con.)
39
43
BUS Ask
J-J
e
let
preferred
Street Railways
100 02 100 e Ingersoll-Rand com__ 100 110 _Bid Ark United Lt & Rys m113_100 71
76
20 preferred
80
e Preferred
100 66
1st preferred
100 75
100 92
76
Northern Securities Stubs_ 102 106 Intercontin Rub corn
New York City
20 preferred
7
8
100
100
73
PltptreeB
reerss
red& Lake Erie-50 *31
Bleeek St & Ful Fy Stk_.iOOI 21
34 Internal Banking Co____100 05 100
28 United Rys of St
let mtge es 1950
68 International Nickel
•62
.14 63
71
Common
100 120 122
100 10
1112 e Railroad Securities
B'y .Se 7th Ave stk
Co
Preferred
so
lOOj 173 185
I Preferred
100 10712 10313
100 3712 385s
III C stk tr ctfs 5er A
20 moo es 1914
J-J 10014
- 78 International Salt
Wash ity & El Co
3
4
100
100 88
89
West Pao 1st 59 1033__M-S 61
Broadway Surface RR1st g 5s 1951
63
51
A-0 *49
Preferred
100 86
8612
Standard
Oil
Stocks
Per
Internatio
let 561924
share
nal Silver pref_109 110 120 '
„In! 100 1021
4s 1051
J-D 8214 83
Anglo-American 011 new_
Cent Crosstown stock-100
1st as 1943
*1634 17
10 West Penn Tr&WatPow 100
J-D 109 110
18
Atiantio Refining
100 610 620' Internal Smelt & itefg__100 106 110
1st mtge Os 1922_ _M-N
5; Preferred
62
Borne-Soryrnser Co
100 285 300 Kelly Springfield Tire __100 '60
Christopher & 10th St-ink100 120 135 Electric. Gas & Power 100
68_
Cos
Buckeye
Pipe Line Co___60 .139 144
Preferred
Dry Dock E 19 & !eats:F100 135 145 •
New York City
lat gold 53 1932
Debenture 4s 1951-A-0 71
76
J-D 9812 100121 Cent Un Gas 54; 1927_ ...1-.1 101 10312 Cheriebrough Mfg Cons_100 655 665
Colonial
011
e
30
100
Scrip be 1914
Lackawan
100
33
115
na Steel
100
F-A / 26
32 ie Kings Co El LAP Co..100 122 123
Continental On
Eighth Avenue stoek_100 280 310 New Amsterdam GasLanston elonotype
100 225 235
83
100 80
Crescent Pipe Line Co_50 .50
Lawyers' Mtge Co
Scrip 6s 1914
55
F-A I 99 1001
100 192 196
let coneol Se 1948
J-J 10214
Cumberland Pipe Line 100 50
620 &(Sr St ley stock-100 240 280 NY dcERGati 1st 53'44 J-J 103 103
Lehigh
Val Coal Sales_50 175 185
55
10412
Eureka
Pipe
100 258 263
420 St lel & St N Ave
Manhattan Shirt
100 40 60
Consol 55 1946
J-J 99 10112 Galena-SignalLine Co
Oil com._100 165 170
Preferred
1st 68 °it at 5% to'40_M-S 100 105 N Y & Q El LA Pow Co-100 45
100 99 103
55
Preferred
100 135 140 • Manhattan Transit
Ninth Avenue snack_. 100 155 170
•75 1!
20
Preferred
100 70
80
Indiana
Pipe Line Co..._50 .138 143
Mortgage Bond Co
Second Avenue ineack..__100 -_-- 3 N Y & Richmond Gas,,.. 100 25
100 97 102
3912
25 .
38
40 e National Surety
Consol 54 1948 ctfs_F-A
28 North'n Un let 5e 1027..M-N 9912 10113 National Transit Co
100 180 185
23
New York Transit Co-100 265 275 e New York Air Brake _100 62 65
(Sixth Avenue stook-_100 113 121 Standard Gi L 1st Se '30 kl-N 100
10112 Northern Plpe Line 00.-100 110
Sou lioulev lin 1945
115 e New York Dock corn_ 100
J-J 891x 100
5
Otew
20
Ohio Oil Co
So Fer 1st 54 1019
25 .174 173 '
C Preferred
_ 26
08 Am Gas & Eleo com
A-0 90
100
60 .85
88
Pierce 011 Corp
Tarry WP & Si Se '23_1`,4-8 / 75
*75
81)
Preferred
85 N Y Mtge & Security...100 HE 150
5 048
60
Prairie
011 & Gas
28& 29th Ste 68 '96 etre A-0 / 7
100 421 426
10 Am in & Tree corn
N Y Title Ins Co
100 x350 362
72
100 Solar Refining
Twenty-third St stock 100 24(1 275
100 305 315
N Y Transportation
Preferred
100 x106 107
20 .412 512
Southern Pipe Line Co__100 220 230
Union Ry let 6s 1942 F-A 102
_ Amer Power & Lt corn.,.,100 6412 66
Niles-13em-Pond corn...JOU 60 66
South
Penn
Oil
310 316 Ohio Copper Co
Westchester 1st Is '4.3...1-1 110
93
Preferred
.404
es
100 81
10
83
Sou West Pa Pipe Lines_1(
10
003 140 150 e Ontario Silver
Yonkers St RR. Is 1946_A-01 92 100 Bay State Gag
212 8
60
.38
100
Standard Oil (California) 100 297 302 Otis
Buffalo City Gas stock 100
Elevator corn
3
75
77
100
812 Stand 011 (Indiana)
100 450 455
Brooklyn
Preferred
Cities Service Co com_100 90
92
99
100 07
Standard Oil(Kansas) -100 465 470 e
Allan Ave RR con $0'31A-0 10112 103
Preferred
Pettibone-Mulliken Co 100 • 20
100 7412 7612
2512
B 13 & W K Si 1933.-A-0 95
61st preferred
09 Columbia Gas & Elec.._100 1032. 1011 Stand Oil of Kentucky 100 265 275
883
4
100
99
Stand
011
Nebraeks
of
_100 370 390 Pittsburgh Brewing
Brooklyn City RR__
1 z108 173
lst 5s 1927
.1-3 69
50 •1014 1012
71
Stand 011 of N J (old)-100 1350
Bkiyn Ilgta 1st Is 1941A-0
Preferred
101 103 Con ass of N J Is 1936_14 95
---26
50 *25
Stand 011 of N J
100 403 408 e Pittsburgh Steel pref...100
Coney Is! & Bklyn
100 90 100 Consumers' L 11 & Pow91
Standard Oil subsidiaries- .950
1st cone g 48 1948
Pope Mfg Co corn
Is 1938
J-J 82
84
100
.I-D 98
Standard Oil of N Y
Con g 4s 1955
213 216
83 Consumers Power (Minn)J-J 80
Preferred
9
12
100
Standard Oil of Ohlo......100 405 415 Pratt & Whitney
Brk C & N os 1939_J-1 99 1001
& ref be '29 opt'14M-N 89
pref. 100 99 103
91
Swan & Finch
100 190 200 Producers 011
Nassau Elec 1st 53 1944 A-0 102 104 Denver 0 & El Is 1949.111-N 92
100 130
04
Union Tank Line Co....._100 8.5
N NV msburgh & FlatbushElectric Bond Share prof 100 a9812 100
89 Realty Asaoe (Bklyn)„ 100 105 1.1-2
Vacuum Oil
100 223 226
let 43es July 1941-F-A
RemInstorieypewt'r cona100 23
05 Elizabeth Gas Lt Co-_100
92
27
Washington 011
10 *45
Steinway Is' Os 1022___,.J- 100 103 Essex & Hudson Gas.-100 325
let preferred
60
98
100 96
132 135
Waters-Pierce 011
100
3200
20 preferred
90
Gas & El Bergen 00
100 88
_100 89
92
Tobacco
Stocks
Other Cities.
Royal Bak Powd corn___100 183 183
(Jet West Pow Si 1946J-J
82
(See also Stock Exchange List)
Buff St Ity 1st con Is '31F-A 10112 103 Hudson County tias--100 81
Preferred
100 10512 10612
130
Amer Cigar corn
100 140 145 Safety Car ileat & Lt_100 104 107
COM'W'Itil POW Ity & L..100 ZOO
rep, indituaft Lighting Co..-100 39 133
40
Preferred
100
Preferred
98 101 Sears,Roebuck&Co-SeeN Y Stk F x list
100 2801) 81
4s 1953 opt
F-A 70
71
Amer
Machine & Fdy 100 83
•Conn Ry & Ltg oom
•Preferred-See Ohio Stk Ex lie t.
90
63 Indlanapolie Gas
100 60
50 100
British-American Tobac_el *2214 2212 Singer Mfg Co
*Preferred
100 810 325 •
100 62
let g Is 1952
70
A-0 88 92
New stock
Detroit United Ry
'0'2214 221e Standard Coupler con3_100 25
100
33
70 Jackson Gam 58 g 1937-A-0 9712 100
Conley
Foil
100 270 290
Federal Light & Trac
105 111
Preferred
100 20
100
23 eLacledeGasL(St Louls)100 96
98
e Heinle ((leo W) com_100 160 105 Stewart-Warner Speedo'rI00 65
Preferred
100 69
68
72
e Preferred
100 9512
C Preferred
100
eIlavana Floc Ry L & P 100 x77
10811 117
Preferred
100 98 100
81 leladleon Gas 6.5 1926_ A-0 100 106
Johnson Tin Foll&Metal 100 125 175 Sulzberger
C Preferred
9213
100 287
& Sons pref....100 92
92 Nairn= (Prove El Co.. 50 *88
93
MacAndrews & Forbes, 100 180 190 Texas & Pacific Coal_ 100 05 100
I Louisv St 5211930
J-3 103 20314 Newark Gam fis Apr '44_Q-J 122 124
Porto-Rica
n-Amer
Tob-100
New Orl Rye & Lt cone_100
235 250 e Texas Pacific Land Tr...100 0(1!) 1021g
Newark Cornet Gas
_
94
100
97
Reynolds
(It J) Tobacco.100 265 280 TonopahMin(Nev)-SesPbila Stk E x list
, .e Preferred
100 --_ - 65 No Bud L 11 & P ee 1938A-0 95
Tobacco Products corn 100 100 150 Trenton Potteries
ON Y State Itys com___100 61
4
6
corn. 100
72 Pacific Gas & E corn
100 3812 3913
Preferred
•
eNor Ohio Tr & Lt corn _100 59
100 8212 8312
Preferred new
100 43
35
62
Preferred
8212
•
United
Cigar Mfrs corn 100 481s 49
Pub Serv Cyrp of N J-Bee Stk
12
a.
United
100
Copper
list Pat & Plus G & Ele..-1
0 8
1
0
8
4
3
a
s
8
1
1'
92
C Preferred
100 100 103
Tr Ws 6% perpetual__ _ 10412 roete St Joseph Gas be 1937-J-J 85
Preferred
2
100
6 l
92
United Cigar Stores com.100 925s 93 e United Dry Goods--100 88
No Jer St 1st 45 1948 M--N
78 80 Standard Gas & El (Del) 60 *8
90
9
Preferred
Cons Tract A N J
100 115 118
C Preferred
1
100 95
73
Preferred
741
99
50 *2534 2634 • Weyman-Bruton Co_ _100
1st 5s 1933
215 300 U S Casualty
J-D 10212 1031 United Electric of NJ100 190 200
•Preferred
100 112 120
New'k Pass Ity Sc '30_J-J 10412
U 8 Envelope corn
100 134 138 .
1st g 4s 1949
J-D 8112 8211 Young (2 8) Co
100
Rapid Tran St Ity
_ United Gas *Elea CorD 10
Preferred
100 2311
100 101 10313
3$12 Industrial&Miscellaneous 125 140
0 32
let Se 1921
U 8 Finishing
A-0 100
Preferred
100 10
13
100 68
70
• Adams Express
100 97 102
J C Hob & Pat 45'49 M-N
781 Utah Securities Corp__ 100 17
77
Preferred
100 80
35
1712
Col
tr
g
4. 1947
J-D
So J Gas El & Trac
7712
76
1st g 51 1919
100 123 123
6% notes Sep 15'22M&515 8414 85
J-J 90
96 .
Alliance Realty
100 88
Gu g 5a 1953
92
M. 99 100 Western Power com
Con
g
1929
Is
J-J
70
74
100 1511 17
Amer Bank Note corn.. 50 *40
No Bud Co Ry Se 1928 3-.1 10112 103
42 e U 6 Indus Alcohol---100 20
Preferred
33
100 65
68
Preferred
50 *50
Eat 6s 1924
•Preferred
5211
r/I-N
06
Western States Gee & El100 82
85
American Book
, Pat Ry con Si 1931....J-D 110 - __
100 160 170 U 8 Steel Corporation1st ee ref g be 1941 op....1-0 87
Amerioan
92
Braes
100
t'
Id Oa 1914 opt
142 146
A-0 100
Col elSe Apr 1951 op 1911 113 1141e
Ferry Companies
American Chicle eom--100 190 193
I Republic Ry & LIght_10
Col a f 58 Apr 1951 not op 113 114311
16
18 N Y & E It Ferry stock_100 10
Preferred
18
100 04
Preferred
99
U 8 Tit Go & Indem_..100 40
100 70. 72
lst 5s 1922
50 ,
M-N 40
• American Express
46
Teaseseee Ry LAP oon3-100 1012 17 N Y & Hob Si May '46....J-D
100 100 102 e VIreinia Iron C * 0_100 42
421
99
Am Uraphophone corn 100
Preferred
33 • Wells Fargo & Co
100 71
72
Bob Fy let 58 1946_ 11A-N 102
8934 92
1
Preferred
Toledo Tract L & P
100
100 14
72
Westcheste
17 NY.14143 Se 1946
r at Bronx Ti
.1-3 98
American Hardware_ -100
Preferred
100 128
& Mtge Guar
100 165 -ee•
60 10th & 224 Sts Ferry--100 13
20
Amer Malting Is 1914....1-11 9934 10034 e Westingh's
Trent P & H M 1943-J-D 94
1st mum 55 1919
e Air Brake-50 •1213
3-0 40 48
Amer Press Assoc'n _ -100
35
llys-Overl
65
and com_l
Union Ferry stock
j
100 28
32
Am Steel Fdy 6e 1935.A-0 102
WiPreferred
100 89
93
lit be 1920
MN 97 100
Deb 4.1923
F-A 73
Worthington(HR)CO pf 1
76
66
60
•ihare. a And accrued dividend. b Basis. 1 Listed on Stock
Exchange but tut:ally
,ca, I Ex-div, y Ex-r ghte.
New ;took. 5 Rite
Included an new stook dividends and subsoriptions,inactive. / Flat price. e NOMIaal. 8 Sale price.
s
11
on Stook Exchange but infrequently dealt In; record of trams
be found on a preceding page. A Ex-800% steel dividend.
•
•
•
Inactive and Unlisted Securities
APR. 18 19144
THE CHRONICLE
1237
Xnuesttnent and Saitroad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return
ean 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
r.
jut; 1 to Latest Date.
Previous
Year.
Previous
Year.
Current
Year.
Ala N O& Tex PacN 0 & Nor East.. March....__ 319,912 348,316 3,080,719 2,941,012
Ala & Vicksburg.. March....-- 144,9401 165,264 1,436,905 1,428,989
'licks Shrev &Pac March....._ 155,713 158,420 1,408,959 1,324,767
Ann Arbor
4th wkMar
59,336l 61,760 1,755,172 1,720,170
Atch Topeka & 8 Fe February _ 7,885,0409,047,304 74,332,735 79,974,553
Atlanta Birm & AtI February___
February272,741 250,491 2,393,218 2,182,604
Atlantic Coast Line
3,325,247 3,360,451 23,894,671 23.594,040
Chariest & IV Car VCaruary _ 157,415 164,534 1,408,061 1,261,970
Lou Fiend & St L February - 100,482
828,923
916,107
07,452
g Baltimore & Ohio_ February _ 6,336,317 7,362,870 66,286,442 68,216,212
13 & 0 Ch Ter 1314 February__ 100,228 121.040 1,121.172 1,203.286
Bangor & Aroostook February _ 248,868 20o,689 2,346,833 2,015,214.
Bessemer & L Erie.. February__ 259,026 365,341 5,888,349 5,860.522
8W,474
800,384
79,510 105,154
Birmingham South_ Fooruary _
Boston &
February__ 3.011,401 3,496,714 31,868,458 32,886,119
Buff lt och & Pitts 26 wk Apr 165,087 200,102 8,9:38,560 8,647,193
February- 17/.655 197.357 1,802.824 1.636.446
Buffalo & Susn
Canadian Northern. 1st wk Apr 371,000 392,600 18,164,700 17,230,200
1st wk Apr 2,237,000 2,623,000 102331551 106541483
Canadian Pacific
Central of Georgia_ February _ 1,150,109 1,099,354 9,932,0/O 9,571,937
Central of Now J or_ February: 2,102,639 2/14,845 21,174,298 21,982,363
Cent New England_ February__ 246,588 :465,197 2,484,350 2,480,846
Central Vermont__ Vedruary _ 245,921 289,823 2,681,150 2.793,555
Ches & Ohio Linos_ 2(1 wt.-. Apr 687,893 501,945 28,727,937 27,511,633
Chicago & Alton..__ 1st wk Apr 234,614 273,225 11.332,484 12,001,570
Chic wit.' & Quincy ..ehruary _ (3,422,1399 7,035,29d 64,497.936 35,372,143
I Chic & East ill__ _ February__ 1,227,028 1,330.420 10.987.149 11,098,702
p Chic Great West.. 1st wk Apr 252,940 218,901 11.332,387 10,831,917
Chic Ind & Louisv.. 1st wk Apr 119,839 120,762 5,371,738 5,256,309
Chic Milw & St P.1 February__ 6,144.423 6,564.392 62.404,195 64,350.302
Chic Mil& Pugs
'Chic & North West February _ 6,226.499 6,658,696 58,980,697 53.808,202
Whir StPaul M & 0 February _ 1,278,832 1,250,054 12,549,008 11,879.838
Chic Terre H & S E February _ 181.256 141,823 1,503,024 1,341,886
Cin Ham & Dayton February _ 632,952 749,326 6,756,062 7,088,545
Colorado Midland_ February__ 105,571 108.489 1,244.685 1,361,110
b Colorado & South tat wk Apr 218,172 252,188 10,581,900 11,860,802
Cornwall
February...
13,104
161,533
123,589
19,626
Cornwall & Loban'n February__
206.333283,300
19,620
35,950
Cuba Railroad
February__ 488.121 465,147 3,139,875 2,874,421
Delaware Az Hudson oe'natary 1,425,991 1,914,913 15,598,487 10,333,154
Del Lack & West.. _ February__ 2,512,256 2,896,011 26.833,574 27,485.176
Deny & Rio Grande 1st wk Apr 380,000 420,600 18,346,025 19,260.383
Western Pacific 1st wk Apr
91,600 134,800 4,767,792 4.747,389
Denver & Salt Lake 1st wk Apr
889,273
905,280
22,365
16,758
Detroit Tol & Iront oebruarv _
60,051 120,430 1,010.953 1,170,356
Detroit & Mackinac 1st wk Apr
25,742
937.486
924.856
22,627
put & Iron Range February__ 117.971 108,087 4,971,772 4,755,096
Duluth So Sh & Atl 1st wk Apr
60,377 2,673,726 2,563.06/
61,013
Elgin Joliet & East February _ 751,082 1,016,915 7,824,341 8.756.098
El Paso & Sou West February__ 709,401 743.916 5,882,489 5,731.914
Erie
February... 3,990,169 4,606,683 40.965.058 42,261.584
Florida East Coast_ February__ 618,565 663,934 3,188,311 3.083,183
.Fonda Johns& Glov February _
61,831
67,239
653,358
657,576
•Georgia Railroad... February__ 255,231 255,814 2,303,962 2,085,814
Grand Trunk Pac _ _ 4th wkMar 152,681 129,113 5,437.874
Grand Trunk Syst.. 1st wk Apr 1,041,10 1,024,125 42,195,563 42,249,509
Grand Trk West.. 4th wkMar 196.2 1 191,960 5,372,622 5,461,859
. Det Or & Milw 4th wkMar
61,8 9
58,311 1,895.042 1,858,785
.- Canada Atlantic.. 4th wkMar
62,967
62.115 1.747.641 1.811,759
Great North System March ___ 5,161,646 5,475,696 58,177,046 58,760,649
Gulf & Ship Island_ February__ 135,520 174,894 1,379,811 1.379,829
February ., 372,150 497,615 5,109.879 5,207,394
Rocking Valley
Illinois Central_ _ _ _ Mardi ___ 5,839,126 5,259,856 50,955,418 49,213.374
Internat & Grt Nor 1st wk Apr 141.000 156.000 8,058,000 9.130.451
a Interoceanlc Mex.. 1st wk'Apr 201,831 179,884 7,587,927 6,786,476
Kanawha & Mich February _ 192,482 233,319 2,159,579 2,200,792
Kansas City Son. February _ 837,559 806,278 7,210,643 7,210,763
Lehigh & New Eng_ February__ 125,830 121,678 1,266,947 1,171,708
February 2,312,385 3,071,329 26,270,293 29,010,622
Lehigh Valley
Louisiana & Arkan_ February__ 137,886 135,682 1,163,168 1,119,928
s Louisville & Nash 1st wk Apr 1,085,830 991,930 46,976.677 45,859,093
17.141
16,321
Macon & BIrm'ham March-124.32027,562
February813,525 824,670 7,763.666 7153,740
Maine Central
34.040
31:492
Maryland & Penna. February _
354,756
37,218
a Mexican Railways 3d wk Mar 211,400 189,300 7,118,300 6,291,800
17,929
12,165
329,499
let wk Apr
657,213
Mineral Range
186,741
180,359 7,570,085 7,709.736
Minn & St Louis__ 1 1st wk Apr
Iowa Central...
.
lsi wk Apr 552,709 622,216 23,307,000 24.784,022
Minn StP & 8 S
80,588
80,326
693,954
699,573
Mississinni Central. February__
u Mo Kan & Texas. 1st wk Apr 506,158 517,671 25,230,091 25,778,099
Missouri Pacific 1st wk Apr 1,018,000 1.087,000 40.930.057 ,655.419
Nash,
/ Chatt & St L February _ 1,010,693 1,100,271 8,635,987 ,860,959
a Nat Rys of Mex.t. 1st wk Apr 597,248 861,997 28,283,776 47.460,633
6.655
8,603
315.864
282,066
Nevada-Cla-Oregon 1st wk Apr
New Orl Great Nor_ February__ 141,011 156,634 1,275,760 1.145.825
eN Y C & Hud fly_ February__ 6,307.879 7,048.757 65,477,100 65,215,535
Boston & Albany February__ 1,081,625 1,202,583 11,313,695 11.308,442
Lake Shore & M February__ 3,599,963 4,638,644 36,481,924 38,755.439
n Lake Erie & W_ February__ 377,875 464,521 3,870,067 4,129.369
Chic Ind & South February__ 311,319 352,010 2,931,935 1.959,740
Michigan Central February__ 2,287,187 2.681,350 23.138.077 23,157.095
Clay 00 & St Li February-- 2.413.077 2,949.517 24.741.188 25,911.484
Peoria& Eastern'
99,451 1.020,318
998,199
92,103
Cincinnati North. February-Pitts & Lake Erie February... 1,233,397 1,455,627 12,001,501 13.149.563
N Y Chic & St L. February- 879;779 1,027,651 8,065.648 .64411
Tot & Ohio Cent.. February__ 339,076 395.071 3,905,325 ,763, 2
Tot all lines above February__ 18923280 22316382 193036777 80924 9
11
AGGREGATES
Current
Year.
Previous
Year.
or
Latest Cross Earnings.
ROADS.
Week or
Month.
Current !Previous
Year.
Year.
July 1 to Latrst Dale
Current
Year.
Previous
Year
I
N 0 Mobile & Chic.. February.... 163,206. 191,025 1,503.912 1,670.394
N Y N st & liartf_ _ February__ 4,510,302 4,929,729 44,556,389 47.017,546
N Y Ont & West_ _ _ February__ 551,014. 665,671 6,075,060 6,426730
susq & West__ February__ 272,302 298,465 2,603.477 2.482.650
N
Norfolk Southern.. February.... 323,228 341,486 2,790,371 2,713,017
ilori'otis & Wo3cora _
wa.try__ 3,017,251'.3,411,632 29,835,621 29,374,140
Northern Pacific... February _ 4,221,760 .1,611,320
47,720,549 49,567.380
Northwestern Par, February__ 208.342 230.605 2.503,993 2.497,353
Pacific Coast Co.._ _ February.... 468.832, 572,130 5,032,412 5,362.142
Pennsylvania RR
February,,. 12043179 13718462 1217811270 120987633
ualt Uil
_ _ February__
15,122
218,914
249.400
14.735
Cu nberiand Vail ebruary_ _ 262.452 287.502
2.343.884 2.324.759
Mir; Island
February_ _
677,147 8,300,198 7.673.258
Maryrd Del & Va February.. 685.978;
5.516
110,838
8.634
110,135
NY Phila & Nor( February_ _ 239.6931 267,813
2.528,228 2,411,589
Northern Central February__ 832,74111,012,995 8,887,497 8,895.566
Phila Bait &Wash February__ 1,405,1051.507.012 13,810,810
W Jersey & Seash February.. 311,3741 340.588 4.408.539 13,919.897
4,404.709
Pennsylvania co... FebruarY-- 3.636,830 4027,191 42.490,231 44,820.240
Grand Rap & Ind February_ _ 357.7641 382,846 3,774.0943.753.240
Pitts C C & St L_ February_ _ 2,821,826 3.432,218 29,176.992 30,612.291
Vandalla
February.. 806.8831 870,712 7.834.506 7.749,815
Total LinesEast Pitts & E. February.. 16514983.18734921 171602771 171736513
West Pitts & E February.. 7,795.226 9,186,451 84,916,463 88.498.517
All East & West_ February.. 24310209 27921373 256519236 260235034
Pere Marquette_ _ _ February.._ 1.103,371'1,244,568 11.191,001 11,909,609
Reading GoPhila & Reading_ February__ 3,295.109:4.040,873 32,713,873 34,921,297
Coal & Iron Go February_ _ 2,461.062 2,887.265 21,398,132 29.664.144
Total both cos_ _ _ February_ _ 5,75617116,928,138 54,112,005 64.585.441
Rich Fred & Potom February.. 241.4:48 241,684 1,8 7, 77 1,859,722
Rio Grande Junc_ _ .Tanuary _65,421
667,118
76,189
742,091
Rio Grande South_ _ 1st wk Apr
8,728
10.600
512,014
503,826
Rock Island Lines.. February_ _ 4,718,488 5,196.444 46,536,657 48,816,117
Rutland
February - 233.560 239,218 2,535,938 2,503,742
St Jos & Grand tsi_ February.. 113.109 100,419 1,105,057 1,079,799
St L Iron Mt Az Sou February.. 2,493,398 2,691,743 22,775,641 23,301.387
St L Rocky Mt Az P February__ 186.213 200,606 1.665.155 1.488,748
St Louis St San Fran February.. 3,273,353 3,463,750 31,251.593 31,458.842
St Louis Southw._
1st wk Apr 227.000 237,000 10,347,687 10.576.513
San Pod L A & H L. February.. 744,746 797,570 6,912,822 6,818,163
Seaboard Air Line.. 1st wk Apr 621,126 60_,5 249 19,622,305 18,969,871
Southern Pacific
February _ 9,850,724 10453543 93,670,217 96,871.344
Southern Railway_ _ 1st wk Apr 1,372.722 1,292,434 54,471,263 53,411.437
Mobile & Ohio.. 1st wk Apr 220,550 187.403 9,935,257 9,436.504
Cin N 0 & Tex P 1st wk Apr 198,159
82.546 8,388,045 7,982,801
Ala Great South.. 1st wk Apr
84,370
74,358 4,213,910 3,995,350
Georgia Sou & Fla 1st wk Apr
45,903
48,799 2,042,051 2.013,114
Spok Port'& Seattle February _ 307,347 337,107 3,361,851 3,634,527
Tenn Ala & Georgia let wk Apr
2,704
71,706
2,931
104,927
Tennessee Central_ February_ _ 122.485 130,791 1.142,364 1.114,839
Texas & Pacific_ _ _ _ 1st wk Apr 298,704 297,398 14,908,919 14,472,952
Tidewater & West_ February__
6.113
56.230
8.315
70.212
Toledo Poor & West 1st wk Apr
17,087
16,862 1,025,241 1,076.264
Toledo St L & West 1st wk Apr
81.041
79,964 3,571,800 3,283.371'
Union Pacific Syst_ February - 5,909,571 6,474,882 64,294,706 64,793,3901
Virginia & So West._ February__ 137,365 145,116 1.308,411 1,189.382
Virginian
February _ 388,999 573.197 4,536,718 4,083,823
Wabash
March __- 2,486,084 2,439,766 23.120,2511 24,074.628
Western Maryland_ February-- 567.910 576,896 5,541.807 5.018,335
Wheel & Lake Erie._ March__ 717.553 464.031 6,228.750 5,945,375
Wrightsv & Tennille February.
29,794
251,552
26,188
212,055
Yazoo & Miss Vail. March __- 1,016,753 1,039,608 9,955,581 8.523,798
Various Fiscal Years.
Period,
Jan 1
Delaware & Hudson
N Y Central & Hudson River_e_ Jan 1
Jan 1
Boston & Albany.
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Cin Chic & St Louis.... Jan 1
Jan 1
Olneinnatl Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Total all lines
Jan 1
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan 1
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Delaw & Virginia. Jan 1
N Y Philadelphia & Norfolk. Jan 1
Northern Central
Jan 1
Phila Balt Ss Washington.... Jan 3.
Jan
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana... Jan 1
Jan 1
Pitts On Chic & St Louis
Jan 1
Vandal's
Total lines-East Pitta & frit, Jan 1
-West Pitts & Erie Jan 1
-All lines E & W... Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
ggszessesgassseggegsgggssnsssg
'Latest :ross Earnings.
t.0ADS.
Current
Year.
Previous
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
28 3,193,746 4,025,094
28 13.426,930 14.768.267
28 2,321,798 2,529,998
28 7.574,359 9,517,736
811.680
28
943,301
28
666,912
749,718
28 4,831,329 5.582.736
28 5,122.415 5.968,622
28
198.643
196.308
28 2,352.411 3,057.881
28 1,847,825 2.145,327
717,856
819,379
28
28 39,872,158 46,279.271
28 25,032,867 28,410,150
29,081
32,221
28
567.703
533.941
28
28 1.468,755 1.404,669
28
14.502
17.501
508,464
28
541,544
28 1.824,605 2.061.452
28 2,972,748 3,142.453
649,469 9,300
69:539
291
28
28 7.777,503
813.688
773.384
28
28 6,104,804 7.266.591
28 1.709.978 1,820.818
28 35.170.191 38.828. 12
Feb 28 16.729,4;8 19.638.5'79
Feb 2851.899, iI 58.468, 92
Jan 31
139.449
170.055
Feb 28
494.9601 508,507
,
GROSS EARNINGS-Weekly and Monthly.
Increase or
Decrease.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Mileage. Cur. Yr. Prey. Yr.
3
$ ...,
$
$
$
37
roads
Jan
19,434,434
week
June
...._
227.142
230,074
17,913.504
-1,520,930 7.88
259.703,994 242.830,546 +16,873,448 6.95
4th
July
206,084 203.773 235.849.764 223,813,526 +12.036.238 5.31I
1st week Feb 39 roads __ 11.942.759 12,863.664 ..4205 7-16
August _
219,492 216.709 259.835,029 255,493.023 +4.342.006 1.50
26 week Feb 39 roads).... 11,700,915 12,798,605 -1.097,690
reads).....
13.344.139
36
Feb
September__242,097
239,050
11.896,262
285,050.042 275,244.811 +9,805.231 3.57
-1,447,877 13:12
3d week
October
243,090 240.886 299,19,006 300,476,017 -1,281,011 0.4$
4th week Feb 40 roads)..... 12.677.952 14,487,059 -1.809,107 11.49
November 243.745 241.452 269,22 .882 278.364,475 -9,143,593 3
let week Mar 39 roasts)..... 12.041.222 13,077,596 -1.030.374 7.92
roads
__
40
_
December
254.21 ,891 268.224,878-12.005.787 al
-243.322
241,180
13.598,993
Mar
-615.241
4.51
12,983,752
26 week
January.-.243.732 241.469 233,073,834 249,958.641 -16.884.807 6.
12,973,662 13,624,563
-050, 1
ad week Mar 39 roads
February_.244.925 242,928 209,233.005 233,056,143 -23,823,138 10.
:
17.940.163 18,161,250
4th week Mar 39 roads
March
92.405 90.774 70.785.610 72.976.974. -2.191.364 3.k
12,582.203 12,611,264
week Apr (38 roads)
-21.087let -20,061 4.78ii
a Mexican currency. b Doss not include earnings of Colorado Sprino & Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York k
Ottawa, the Si. Lawrence k Adirondack and the Ottawa & New York 147., the latter of which. being a Canadian road. doe. not make returns Ito the
Inter-State Commerce Commission. I Includes Evansville .t Terre Haute and Evansville Sc Indiana RR. g Includes the Cleveland Lorain Sc Wheeling
a
n Includesthe Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Infly. in both
clude.' Louisville Az Atlantic and the Frankfort Sc Cincinnati. t Includes the Mexican International. u Includes the Texas Central In both years and
the NVichita Falls Lines in 1912. beginning Nov. 1. tr Include, not only operating revenues, but also all other receipts. s Includes St. Louis Iron Mona,tab; :'.. Pouthern, s(O /IQ 10/3/ff inclucig tba_ktealcan roads la_6117 Of(MX WOO.
•Weekly Summaries.
*Monthly Summaries.
.1.238
THE CHRONICLE
[VoL. Ito-sun
EXPRESS COMPANIES.
-Month ofDecember- -July 1 to Dec. 311913.
1912.
1912.
1913.
Western Express Co.S
$
$
$
Gross receipts from operation
118,251
134,212
747,830
684,230
Express privileges-Dr
65,612
71,288
374,479
391,535
Total operating revenues..
52,639
62,923
309,751
356,295
Increase. Decrease.
First week of April.
1913.
1914.
Total operating expenses........
52,133
54,774
309.397
290,011
Net operating revenue.... _ _
505
8.149
354
66.283
10,012
74,358
Alabama Great Southern
84,370
taxes..
of
annual
One-twelfth
705
1,610
4,628
4,661
57,071
209,102
Buffalo Rochester & Pittsburgh
152,031
21,600
392,600
Canadian Northern
371,000
Operating income
Loss199
6,538 Loss4,274
60,622
386,00)
2,237,000 2,623,000
Canadian Pacific
326.895 358,334
685,229
Chespaeake & Ohio
38,611 ELECTRIC RAILWAY AND TRACTION COMPANIES.
273,225
234,614
Chicago & Alton
218,901
34,039
252,940
Chicago Great Western
923
120,762
119,839
Chicago Ind & Louisville
Jan. 1 to latest date.
Latest Gross Earnings.
82,546 115,613
198,159
Clue New Orl & Texas Pacific_ _
Name of
34,016
252,188
218,172
Colorado & Southern
Current , Previous Current
Previous
Week or
Road.
40,600
420,600
380,000
Denver & Rio Grande
Year.
Year.
Year. 1 Year.
Month.
134,800
91,600
43,200
Western Pacific
22,365
16,758
5,607
Denver & Salt Lake
25,742
22,627
3,115
$
1
$
Detroit & Mackinac
811,995
382,145 368.187
773,278
American Rys Co_ __ February
61,013
60,377
636
Duluth South Shore & Atl
64,027
68,053
March ___
23,195 25,674
45,903
48,799
Georgia Southern & Florida.. _ _ _
2,896 Atlantic Shore
273,107
263,961
127.623 123,383
cAur Elgin & Chic By February
Grand Trunk of Canada
57.347
54.385
121.034
113,178
February
_
Bangor
By
&
Electric
1,041,360 1,024,125
Grand Trunk Western
17,235
28,768
13,748 11,835
25,262
Baton Rouge Elec Co February _
Detroit Gr Hay & Milw_ _
64,786 70,582
64,786
70,582
Belt L RyCorp(NYC) January __
Canada Atlantic
63,668
143,438
67,870
136,172
February__
Northern__
_
_
Berkshire
Street
By..
141,000
Great
156,000
Internat &
15,000
Brazilian Trac, L & P February _ 1882.4171,821715 3,899,947 3,734,670
1,085,830
Louisville & Nashville
991,930
93,900
6,849
13.119
14,722
5,786
12,165
5,764 Brock & Plym St By.. February_
17.929
Mineral Range
Bklyn Rap Tran Syst December 2092.454 2005,538 24,901.949 24,353,298
Minneapolis & St Louts
186,741
6,382
180,359
55,083
57,976
25,285 26,141
Cape Breton Elec Co February _
Iowa Central
187.897
184,511
88,664 88.878
69,507 Chattanooga By & Lt February _
Minneapolis St Paul & S S M.._
622,216
552,709
53.626
52,643
peb
uruary
24,812 24.548
11,513 Cleve Painesv & East F
Missouri Kansas & Texas
506,158
517,671
172,820
176,981
Missouri Pacific
69,000 Cleve Southw & Col..
1,018,000 1,087,000
96,213
109,495
Columbua(Ga) El Co February
53,510 45,690
Mobile & Ohio
33,147
187,403
220,550
182,449
Com'th Pow,Ity&Lt February _ a256,180 114,143 a537,252
Nevada-California-Oregon
8,603
6,655
1,948
1,874 Coney bird & Bklyn_ December
10,600
116.016 111,529 1,668,761 1,590,039 ,
Rio Grande Southern
8,726
February.... 535,364 538.739 1,127,188 1,130.198
237,000
St Louis Southwestern
10,000 Connecticut Co
227,000
611.745
564.389
Consum Pow (Mich).. February _ 293,677 265,840
605,249
Seaboard Air Line
621.126
15,877
329,911
352,965
Cumb Co(Me)P & L February__ 168,456 157,324
1,372.722 1,292,434
Southern Railway
80,288
February _ 183.066 163,242
334,057
384,137
2,704
2,931
227 Dallas Electric Co
Tennessee Alabama & Georgia.._
Detroit United Lines 1st wk Apr 213,893 228,227 2,899,407 3,079,584
298,704
297.398
1,306
Texas & Pacific
DDEB& Bat(roe). January - _
48.477
16,862
225
17,087
46,839 48.477
46,839
Toledo Peoria & Western
179,386
196,424
1,077
93,544 86,030
Duluth-Superior Trac February _
81,041
79,964
Toledo St Louis & Western_ _
213,628
231,944
East St Louis & Sub.. January __ 231,944 213,628
89.664 75.298
156,220
12,582,203 12,611,204 778,741 807,802 El Paso Electric Co_ _ February _
182,377
Total (38 roads)
153,831
29,061 42d St M & St N Ave January __ 166.457 153,831
166,457
Net decrease (0.23%)
328.388
Galv-Houston El Co_ February _ 175,051 158.773
372,327
Mexican rds. (not incl. in total)96,747 93,550
201,831, 179,884
198,113
Grand Rapids Ry Co February__
21,947
199,332
Interoconaic of Mexico
..
_
_
_
79,016 77,972
220,948
597,248
861,997
264,749 Harrisburg Railways March
231,249
National Railways of Mexico
Havana El By. L & P
789,142
Railway Dept.._ _ _ Wk Apr 12 53,132 52,268
800,075
Net Earnings Monthly to Latest Mass.-Ls our "Rail- Honolulu
Rapid 'Fran
50.425 48.420
November
562.978
512,387
& Laud Co
tisy Earnings' Section or Supplement, which accompanies
20,946 22,111
43,083
46,490
Houghton Co Tr Co_ February _
to-day's issue of the "Chronicle", we give the Februaryfigures of bHudson
938,331
913,387
& Manhat.. February .. 451.276 438.487
February _ 644,909 615,177 1,361,988 1,283,011
earnings of all steam railroads which /lac& it a practice to issue Illinois Traction...... _ February
_ 2768,498 2600.261 5.702.368 5.503,605
interboro Rap Tran_
monthly returns or are required to do so by the Inter-State Jacksonville
56,778 49.555
119,323
99,378
Trac Co. February _
11.751
22,896
23,697
Commerce Commission. The reader is referred to that Sugple- key West Electric_ _ _ February _ 11.110 89,200
90.021
February
..
195,510
Ry..
190,192
Elec
Shore
Lake
ment for full details regarding the February results for all the Lehigh Valley Transit February 120,212 114,165 248,877
240,032
84,853
39,554 41,349
86,301
separate companies.
Lewis Aug & Watery February _
245,152
220,900
16.745 15,411
Island Electric_ December
In the following NVO give all statements that have come in Long
258.613
260.390
Louisville Railway.._ January __ 258,613 260.390
Idle present week covering a later or a different period from Milw Billy & Lt Co_ February _ 501,267 465,508 1.029,922 986,718
228,849
191,911
la, Ht & Tr Co February _ 110.509 95,462
that to which the issue of the "Railway Earnings" Section Milw
148,307
134,384
69,801 65,748
Monongahela Val Tr February,;_
is devoted. We also add the returns of the industrial com- Nashville Ry & Light December 197,893 189,038 2,207,245 2,074,990
53.178
46.915
53,178 46,915
N Y City Interboro_ _ January - _
panies received this week.
391,999
412,657
31,230 28,819
December
Y & Long Island
-Grins Earnings--Net Earnings
- N
164,283
154,228
December
11.771
.
12,755
Shore
N
Y
North
&
Previous
Current
Current
Previous
108,787 104,607 1,385,391 1,331.318
N Y & Queens Co.__ December
Year.
Year.
Year.
Year.
Roads.
New York Railways- February _ 951.832 1046.502 2,117.690 2,207,315
$
$
$
S
43,944
55.016
N Y Westchest & Bos February.... 25.708 21,075
7,660
7,211
1,755
2,336 N Y & Stamford Ry_ February__
20,684
42,319
44,106
Bellefonte Central b.. _ _ _Mar
19,731
21,208
19,885
3,545
4,741 Northam Easton & W December
184.479
Jan 1 to Mar 31
183,366
15,210 14,520
518,966
460,036
101,796
1,846
10,426 Nor Ohio Trac & Lt.. February _ 248.006 222,570
Tol Poor & Western b_ _Mar 103,007
299,831
:329,069
1,008,154 1,059,404
46,673
214,150 North Texas Elec Lt February _ 155,976 142,784
July 1 to Mar 31
January
_Pennsylv
Ry
Northw
25,730
25.166
25.730
25.166
464,031
259,333
26,742 Ocean Electric (L I)_ December
Wheeling & Lake Erie b Mar 717,553
5,559
5.426
142,020
154,109
6,228,750 5,945,375 1,984,729 1,830,180 Paducah Tr & Lt Co_ February _
July 1 to Mar 31
26,244 24,372
51.914
51,038
22,287 22.506
Pensacola Electric Co February _
45.988
48,823
INDUSTRIAL COMPANIES.
Phila Rap Trans Co.. February _ 1779,009 1775,158 3.785.532 3.777,225
-Gross Earnings--Net Earnings
- Port(Ore)RyL&PCo_ February__ 538,236 530,071 1,120,846 1,083,669
Previous
Current
Current
Previous
64,123 64.487
February.._
Portland (Me) RR
136,282
135,987
Year.
Year.
Year.
Year.
Companies.
PugetSound Tr,L&P February__ 691,464 655,734 1,445,499 1,357,374
$
$
492.949
472.753
Republic Ry & Light February - 234,071 228.413
762,393
763,347
486,308
251,172
214,882 Rhode Island Co........ February.... 358.331 360,273
Amer Power & Lt a_ _ _ _Feb 516,745
5,992,965 5,404,321 2,756,597 2,404,482 %Joseph(Mt)) RY.Lt.
Mar 1 to Feb 28
103,806
106,168
323,635
306,865
March
Power
Co_
___
&
Heat
Amer Tel & Tel and assoc cos111,613
37,928 37,713
114,132
36,476,470 34,425,357 9,807,133 9,802,062 Santiago El Lt & Tr, March...... 66,654
Jan 1 to Feb 28
62,404
139,115
130..
148
0
196
1
Savannah Electric Co February _
989,209
Amer Tel & Tel Co79,336 82,922 1,042,628
Second Avenue (rec)_ December
11,564,003 11,216,243 10,232,431 9,997,740 Southern Boulevard.. January __
17,228
Jan 1 to Mar 31
17,228 14,081
160,515
130,513
136,523
Mar 348,447
337,138
130,644 Tampa Electric Co February _ 80,357 62,356
Cities Service Co
344.706
326.444
January __ 344,706 326.444
457,021 1,130,539
1,154,465
Jan 1 to Mar 31
439,867 Third Avenue
963,117
434,380
906,841
461.274
February....
Street
By......
Toronto
37,523
77,677
16,725
def6,477 Twin City Rap Tran_ 1st wk Apr 171,564 164,018 2,339,168 2,193,879
Dayton Power & Light....Mar
181,730
246,242
104,103
Jan 1 to Mar 31
88,120
nderground Elec RY of London 463,137
Mar 546,741
231,733
Detroit Edison a
202,598
London Bloc Ry_ Wk April 4 £14,080 £14,0/30 £204,860 £202,350
1,703,402 1,431,128
758,922
Jan 1 to Mar 31
658,263
Metropolitan Dist_ Wk April 4 £12,927 £13,307 E185,397 £184,242
London Gen Bus... Wk April 4 £61,913 £57,576 £771,720 £764,356
103,450
_Mar
108,386
53,975
49,885
Keystone Telephone a_
209,083 1.9
209.083 201.749
21
2 503
749
310,363
323,644
163,112
152,011 Union Ry Co of NYC January __ 917,891
Jan 1 to Mar 31
924,368 1,958,181
ru
United Rys of St L Febary__
53,826
67,561
96,816
New Eng Pow Cos a.......Mar
33,705 Virginia By & Power.. February _ 387.169 378.505
828.992
78
40
8..8
80
07
5
162.5
48.67
03
57,840 90,360
7
734.413
190,926
Pacific Gas & Electric_ _ _Feb 1,442,538 1,347,296
603,187 Wash Balto & Annap March ___
9
iaenbtriaa
60
73
3,035,285 2,794,711 1,546,802 1,239,091 Westchester Electric_ .F
2..9
14
Jan 1 to Feb 28
urryy..
...... 4
4
14
0;6
80
051
32.422
32,055
Westchester St BR....
431.665
402,547
Western Rys & Light February.._ 201,925 191.247
a Not earnings here given are after deducting taxes.
74,361
74,361 63,158
63,158
Wisconsin Gas & Elec January __
b Net earnings here given are before deducting taxes.
55.560
55,566 28,486
Yonkers Rama& January __
28.486
195,509
64,716 61,469
Interest Charges and Surplus.
178,091
York Railways_ _ _ _ _ March __ _ _
17.185
38.358
18,092
&
Ohio..
February
35,327
Youngstown
_
Rentals,
ac.-Bal.
of
-Int.,
Net Earns.
- Youngstown & South February__
24,386
11,832 10,931
22,668
Previous
Current
Current
Previous
Year.
Year.
Year.
Roads.
Year.
stock acquired May 11913. b Repreonal
addit
earnings
on
the
a
Includes
$
$
$
$
sents income from all sources. c These figures are for consolidated co.
240
1,520
235
Mar
Bellefonte Central
2,096
720
2,840
705
Jan 1 to Mar 31
4,022
Electric Railway Net Earnings.-7-The following table
24,243 xdef20,048 xdef3,808
25,894
-Toledo Peor & West.. _ _ _Mar
218,421xdef135,877
227,208
July 1 to Mar 31
x45,218 gives the returns of ELECTRIC railway gross and net
earnings reported this week:
INDUSTRIAL COMPANIES.
--Net Earnings
-Gross Earnings
-Int., Rentals, &c.- -Bal. of Net Earns.Previous
Previous
Current
Current
Previous
Current
Current
Previous
Year.
Year.
Roads.
Year.
Year.
Year.
Year.
Year.
Companies.
Year.
$
$
$
$
$
6,266
Atlantic Shore Ry_b_ ....Mar
23,195
25,674
2,676
Amer Tel & Tel and assoc cos1,251
64,027
Jan 1 to Mar 31
68,053
10.941
Jan 1 to Feb 28
2,984,156 2,749,241 6,822,977 7,052,821
92,474
Columbus(0) Ry P & L aFeb 246,540
Amer Tel & Tel Co-192,551
Jan 1 to Feb 28
518,566
2,048,669 1,811,630 8,184,762 8,186,109
Jan 1 to Mar 31
176,706
Consumers Pow (Mich)a Feb 293,677
265,840
139,288
Mat
29,167
307,971
Cities Service Co
130,644
354,060
Jan
1
to
Feb
28
611,745
564,389
303,923
9,994 L043,038
87,500
Jan 1 to Mar 31
429,873
53.606
Cumb Co (Me)P & L a_Feb
168.456
157,324
62,925
___Mar
25,128
25,159
28,847
Keystone Telephone_
24,726
Jan 1 to Feb 28
118,384
352.965
329.911
133,907
75,937
84,764
78,348
Jan 1 to Mar 31
76,074
34,109
Grand
Rapids
Ry
96,747
93.550
37,002
22,082
29,455
38,105
Mar
New Eng Pow Cos
11,623
71,551
Jan 1 to Feb 28
199,332
198.113
81,634
Harrisburg Rys
Mar
14,163
77,972
79,016
9,835
x After allowing for other income received.
Jan 1 to Mar 31
231,249
220.94$
35,854
29,812
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnigns for the first week
of April. The table covers 38 roads and shows 0.23% decrease in the aggregate under the same week last year.
APR. 18 1914.1
THE CHRONICLE
1239
-Gross Earnings
-Net Earnings-(7) An Estimated Increase of$2,162,100 in Fixed Charges, Rentals, &c.
Current
Previous
Previous
Currc...:
Rentals
$387.100 Dos. & Alb. agreement_ _ _ _ $103,100
Year.
• Year.
Year.
Year.
Miscellaneous taxes
10,600 Int. on loans (increase of
$
$
S
Boston Holding Co.(dueto6% notes)
1,008,000
Portl'cl(Ore)Ry L&P a_ Feb 538,238
282,714
530,071
278,247
diva.from Boa.& Me.) 615,500 Miscell. offset_ _$49,000
no
Jan 1 to Feb 28
1,120,846 1,083,669
566,103 N. Y. West. & Boa. guar__ 86,200
583,571
Puget Sd Tr Lt & Pow_ a.Feb 691,464
655,734
285,696
246,182
The increase in rentals is due large y to the constantly increasing investJan 1 to Fob 23
1,445,499 1,357.374
605,096
509,908 ment in the Grand Central passenger terminal at New 'York. In 1903 our
St Joseph Ry L Ti & P a Mar
106,168 . 103,806
46,372
48,157 payment for entrance to N. Y. City and for the use of the passenger termiJan 1 to Mar 31
323,635
306,865
137,729 nal was $1,038,182. For the year ending June 30 1913 it was $2,983,969,
148,420
or about 30c. for each passenger. The cost will be more for year 1913-14.
United Lt & Rys(sub cos)Increases in Rates of Pay.-Ph company's reports to the I. S. C. CommisMar 1 to Feb 23
6.132,719 5,433,738 2,384,196 2,246,976
sion for three periods five years apart show as follows (on June 30):
York Railways Co_ b__ _Mar
64,716 • 61,469
28,020
28,995
1903.1908.
1913.
Inc.
Dec 1 to Mar 31
267,118
111,998 Men employed June 30_ _ _ _No_31,028
243,219
119,558
31,735
34,521 11
a Net earnings here given are after deducting taxes.
Total compensation
$19,659,087 $23,876,652 $28,151,433 43
b Net earnings here given are before deducting taxes.
Avge yrly. wage (J'ne 30 basis)
$
During the year ending June 30 191$4t
633
he increases52
will
in rates of pay
y29%
have increased the total pay roll about $800,000 over the previous year.
Interest Charges and Surplus.
The greater part of these pay-roil increases have been the result of awards
under
the
Federal
Arbitration Acts. If the same rates of pay had been
-Int., Rentals, &c. -Bat. of Net Earns.Previous
in effect in 1913 as in 1903 the total pay-roll for the year would have been
Current
Previous
Current
tiovu
e
isiaab
lesL
Year.
sebgy
Roads.
Year.
Year.
Year.
,200 0
s0
h0
tActs and Requirements.-The Federal nine-hour
$
$
$7the
Co1umbus(0)Ry P & L_ _Feb
48,594
43,880
pan law, the safety appliances law, the boiler inspection law law.
fullthe
and
Jan 1 to Feb 28
104,900
crew law have increased the expenses of the company nearly $200,000 per
87,651
Consumers Pow (Mich) Feb
73,104 year. The annual cost of accounting $190,000, 10 years ago, is at present
103,977
66,184
72,729
Jan 1 to Feb 28
176,086 about $500,000, due partly to the accounting requirements of the commis209,465
127,837
144,594
recent Federal Valuation Act will increase our expenses about
•Cumb'land Co(Me)P&L Feb
def9,859
6,211 sions. The
56,714
63,465
per year for several years.
def8,657
113,447
Jan 1 to Feb 28
20,460 $60,000
127,041
Electrification.-The electrification of the road between New York and
20,447
•Grand Rapids Ry
14,821
22,181
New Haven has been very costly, and until the work Is completed and full
13,662
Feb
29,557
44,274
52,077 electric service is in operation, any possible economies
Jan 1 to Feb 28
27,277
cannot be realized.
152,509
103,367
174.880
130.205 Any further electrification must be postponed because of lack of capital.
Porti'd(Ore)Ry L & P_ _Feb
305,530
235,409
348,162
260,573 (An official statement dated April 8 expresses the belief that by Juno 1 1914
Jan 1 to Feb 28
electric
freight,
pa.ssenger
and
switching
service
will
be
established between
148,364
152,925
132,771
97,817 New York and Now Haven, the extent
Puget Sd Tr Lt & Pow._ _ Feb
of this service being dependent upon
305,542
294,378
299,554
215,529 the electrical output of the power
Jan 1 to Feb 28
house at Cos Cob, Conn.-Ed.]
20,320
21,133
26,052
Freight and Passenger Rates.-While the company, has had
28,024
St Joseph Ry L & P___ _Mar
to add con60,717
61,368
87,703
Jan 1 to Mar 31
77,361 stantly, to its capital investment and to increase its operating expenses,
the freight rates, on the whole, have remained stationary or have decreased.
United Lt & Rys (sub cos)In
years
ten
there
been
has
a
reduction
1,226,893
of
69-1,000 of a cent in the average
1,128,069 1,157,303 1,118,907
. Mar 1 to Feb 28
rate received for hauling 2,000 lbs. one mile. This
small sum,applied
Mar
York Railways Co
21,783
21,211
7,212
6,809 to the freight business for the year ending June very
1913, would have inDec 1 to Mar 31
86,243
84,532
33,315
27,367 creased freight earnings $1,800.000. The increase30
in wages and decline in
z After allowing for other income received.
freight rates alone make a difference of over $9,000,000 a year in income,
equal to 6% on $150,000.000 of capital. (On June 30 1913 $180,017,000
of cap. stock had been issued, but $22,899,100 of this was in the treasury.]
Considering the railroads of the country as one system,two tons of freight
are carried for each pa.ssenger, but on the New Haven only one-third of a
ton is carried for each passenger. During the eight months ending Feb. 28
1914 our earnings from passenger trains were 50.6%. and from freight
49.4% of the revenue from transportation; and while the average cost (inAnnual Reports.-An index to annual reports of steam cluding
taxes) of running all trains one mile was $2 12, the revenue per pasrailroads, street railways and miscellaneous companies which senger train
mile was $1 90 and per freight train mile $4 17. Our passentrain mileage, moreover, is about double thefreight train mileage. The
have been published during the preceding month will be ger
passenger train mile revenue is also adversely affected by the large proporgiven on the last Saturday of each month. This index does tion of "commutation" and "trip" tickets passengers,'which comprise 43%
not include reports in the issue of the "Chronicle" in which of the total passengers and yield only 13.6% of the total passenger revenue.
as a whole, the passenger train service just about pays its
it is published. The latest index will be found in the issue ingTaken
expenses, but does nci, eontribute anything directly to taxes andoperatinterest. Our average revenue per passenger per mile is only 1.77 cents, and
of March 28. The next will appear in that of April 25.
average receipts per nassenger only 32 cents, due to the large traffic in
suburban territory at from one-half cent to one cent per mile. At the same
time the expenses of this commutation traffic are particularly heavy,
New York New Haven & Hartford RR.
account of the very burdensome cost of the passenger terminals both on
at
New York and Boston. Notwithstanding the extremely low commuta(Special Report by Chairman Elliott, Dated April 11 1914.)
tion rates, some of the public authorities seek to reduce them still further.
Mail and Parcel Post.-For the carriage of mall and for other services
In view of the questions to be voted upon by the stock- performed for the P.0. Department, the IT. S. Government is now paying
holders on April 21 1914, particularly the proposed agree- about $725,000 per annum, including $21,000
for parcel post. This is 9%
than the payments made for the mail service during the four-year
ment with the U. S. authorities, for which the directors less
period ending June 30 1909, when the parcel post was not in operation.
A
unanimously ask approval, Chairman Howard Elliott has study by chartered accountants made three years ago indicated that $1,was approximately the sum to which the company was entitled
submitted substantially the following statement, not only 400.000
carrying
the mail. histead, it was receiving about half that
for
and
about this agreement, but also as to the general situation:
since then the parcel post has been added, with no correspondingsum,
increase
Compliance With Suggestions in Special Report of I. S. C. Commission. In pay, on account of which the railroad is receiving at least $700,000 per
year less than It is fairly entitled to for carrying mall and parcel post
Aiming to conform to the suggestions made by the 1. S.
Commission in In addition the railroad suffers
further loss in its express earnings, because
June 1913 (V.07, P. 117), the directors have:(1) ChangedC.
the management of the effect of the parcel post a
and the lower rates prescribed by the 1. S.
by making Hoard Elliott and James H. Hu.stis Chairman
of
the
board
and President, respectively, coming in Sept. 11913. (2) Selected John B. C. Commission (effective Feb. 1 1914) on the business of the express cos.
Grounds for Encouragement.-In
Kerr, Sept. 18 1913, as President of the N. Y. Ontario
the estimate of the financial
Ry. Co. results for the current fiscal year, considering
three things must be borne in mine: (1)
(3) Selected L. S. Storrs, Dec. 24 1913, as President & Western
the Connecticut The estimate is thought to be
conservative.
Trolley Co. (4) Selected A. E. Potter, Dec. 27 1913,of
(2)
The position of the comas President of the
Rhode Island trolley company,
. (5) Canceled on Feb. 1 1914 the so-called pany with respect to the decrease in net revenue is not peculiar; all other
RR. in Eastern territory have suffered a decline in its revenue, with many
'"traffic agreement' with the New York Central in regard to the
Boston
&
Albany (V. 98, n. 154). (6) Caused withdrawal, Jan. 24 1914, by the New increases in expenses which are beyond the control of the management.
(3) The extraordinary combination of adverse circumstances heretofore
Haven Company from the board and management of Boston
& Maine.
by the company is not likely to be repeated. (4) The road is a
Pending Investigations.-On Feb. 7 1914 a resolution was passed in the suffered
great property,'serving an active, prosperous people and many,industries,
U. S. Senate requesting the I. S. C. Commission to make a further investiand,
with
gation of the company's financial transactions, with a view to ascertaining thorities, theconfidence restored, with help from State and Federal auresults should be much better.
what became of the funds of the company invested in various enterprises
Comparative Results for Seven Months Ending Jan. 31 1914 and 1913.
and corporations, and whether such funds can be recovered on behalf of
the stockholders (V. 98, p. 496). The company has given full information (1) Per cent of operating revenue. (2) Decrease (%) in net oper. income.
to the Commission, with the request that they report promptly.
This Co. N.Y.C. PAR. B.&0. Erie. Pcnna.BA41.0.&1V. L. 1st
Rules for Safety, &c.-In view of the North Haven and other serious ac- 1. Op. exp.'1914_76.7 80.9 67.1
76.2 75.1
78.5 83.5 75.6 76.5
cidents, the new management at once put into effect revised rules, and on
& taxes_11913.70.8 76.5 60.4 72.9 68.6 76.5 80.4 69.1
75.2
2. Dee.In net inc..26.9
Oct. 18 an amicable adjustment was reached with the employees.
19.3 22.4 13.9 22.3
8.0 16.7 24.6
17.5
Agreement with Department of Justice.-On Dec. 13 the Department of
Immediate Financial Situation.-In July 1913, the Mass, law having
been amended so as to permit the issue of bonds to an amount equal to Justice expressed its wish that the New Haven should part with all its stocktwice the capital stock, the directors, in order to fund the floating debt holdings in the Boston & Maine and with all steamboat and trolley holdand for purchase of steel passenger cars and other improvements,authorized ings, cancel the arrangement as to the Boston & Albany, and permit the
an issue of $67,552,000 6% convertible debentures (V. 97. p. 237, 444. 521, New England RR. Co. to become an independent system.
595, 729, 1116, 1209, 1504). The Mass. Supreme Court, however,
A counter proposition was made, and on Jan. 10 1914 substantially the
on following
Jan. 9 1914 decided that the law did not permit the issue of
"memorandum outline of solution of New England Transconvertible into stock. To-day, therefore, the company must debentures
portation
problem" was agreed to (V. 98, P. 236):
prepare
to
meet notes maturing prior to July 26 1914 of nearly $54.000,000, of which
1. The securities (stock, bonds and obligations)
of the Boston Railroad
the most important are the 6% notes of Nov. 18 1913, amounting with
Holding
Co., now belonging to the N. Y. N. H. & H. RR.
Co.. are to be
and disct. May 18 1914 to $46,550,000 (V. 97, P. 1504; V. 98, p. 236). int. put in the hands of liquidators or trustees, with direction
to dispose of all
stocks of the Boston & Maine RR.
Estimated Results for Year 1013-14.-The general business conditions
in
2. The N. Y. N. H. & H. RR. Co. shall dispose of all stock and other
New England. and particularly on its railroads, have been most unsatisobligations held by it in all leased lines of the Boston & Maine RR.
factory, resulting in large decreases in both gross and net earnings.
For
3. The agreement with the N. Y. Central & Hudson River RR. Co.
the eliLlit months ending Feb. 28 1914 there is a decrease in ow net income
of $4,35,479, compared with the previous year, after allowing for oper. for the operation of the lines of the Boston & Albany is to be canceled.
4. The company shall dispose of all stock and other obligations held by it
expenses, taxes, interest, rentals and other fired charges. Based on the
re- in Merch. & Miners' Transp. Co., Eastern
sults for two-thirds of the year, an estimate has been made for the year
SS. Corp. and Maine SS. Co.
end5. The company shall dispose of
ing Juno 30 1914 which indicates that for this period there will be only
stock and other obligations held by it
a In the New England SS. Co. and all
small surplus after paying fixed charges.
the Hartford & New York Transportation
time
within
Co.
the
and in the manner to be agreed upon, except in
Reasons for Decrease in Income.-(1) Heavy decrease in earnings
due to so far as its petition under the Panama Canal Act may be granted.
general business conditions. (2) Increase in transportation
expenses due
6. Thu question of the disposition of wharves and terminal facilities acto increased wages, to heavy damage claims and outlays arising
from
acacquisition
quired in the
of various boat lines to be settled hereafter.
cidents in 1913, to increasing demands for service and to
weather
7. The company shall dispose of its interest in the New York & Stamford
conditions. (3) Increase in maintenance of way expenses severe
to some in- Westchester Street trolley system, Connecticut trolley
crease in wages, to work deferred early in 1913 and to moredue
system, Rhode Islwork
upon
im- and trolley system and Massachusetts trolley system.
proved signals, all of which are necessary for safety. (4) Increase in mainFinally. on March 21., the agreement on which the shareholders will vote
tenance oeguipment expenses due to increased rates of pay, to an additional
April
21
on
was
reached,
as
outlined
in
the statement prepared by the Atannual charge to operating expenses of $500,000 for depreciation to heavy torney-General (see this
outline, V. 98. p. 1000, 10721.
repairs on freight cars purchased in 1906, 1907 and 1008, and to deferred
General Conclusions.-If the financial plans of the company had not
work on electrical equipment.
failed,
general
if
business
and
the
earnings
had not shown such
(6) Decrease in revenue from outside operations due almost
to ing decreases, and if there had been a general friendly sentimentdiscouragthe transfer of the parlor and sleeping car service to the Pullman entirely
and feelCompany, ing of confidence throughout New England towards the
In order to provide immediately steel parlor and sleeping
company, the dicar equipment rectors might have been justified in contesting
the Government's right to
without the necessity,for a large investment therein. All parlor and sleeping cars are now of all-steel or steel-underframe construction, and practically insist upon the dissolution demanded.
Under the conditions, however, confronting the company, the directors
all coaches in the through N. Y.-Boston trains are steel (V.
p. 10201. felt that a lawsuit, with attacks which would, without doubt, have
Isu(6) Decrease in other income due to a decrease in or cessation97.
followed
of dividends from other sources, would have resulted in a receivership
of the property.
from the N. Y. Ont.& Western (V.96, TO. 1773)from the trolleys,
and from The directors have felt that it was their duty to the stockholders
the steamships (compare V. 97, p. 1110), as these companies are
and to the
affected
people
of
England
New
to do everything within reason to avoid this, beadversely by the same causes that affect the New haven Company; also
to lieving that the results of a receivership would be disastrous not only
a smaller amount of interest on bank balances, due to smaller
to the
sumson de- properties of the company, but to the welfare of New England.
kessik.
p(Siel344'lli statement of earnings for 8 mos. ending Feb.
28 1914.
To-day no improvements are being made except those absolutely necessary for safety, and work already authorized is stopped or postponed where
Roads..
ANNUAL REPORTS.
1240
THE CHRONICLE
[Vora. xcvm.
ever possible. Service is being curtailed as much as possible and every
economy consistent with safety, and service is being pushed.
in round figures, the properties under discussion represent upon the company's books more than $135,000,000 of value. The report of the I. S. C.
Commission on June 20 1913 said, in regard to the outside properties:
"They are for the most part of substantial value and in many instances are
a kind of property the value of which should improve. Thefinancial condition of the company calls for careful consideration and prudent action,
but gives no occasion for hysteria." (V. 97, p. 117.)
Your directors, therefore, hope that, with reasonable time, the assets
of the company can be preserved, the earning power restored, the physical
condition improved and the company made, what it should be,a great and
useful servant of New England,a paying property to its owners.
The security holders of the New Haven and its associated companies
(as now constituted) number at least 60,000 and the employees about 90,000; with those dependent upon them, they represent more than 600,000
people, or about one-eleventh of the population of New England, and their
rights and interests should be considered carefully by representatives in
legislative halls and executive positions.-V.98, p. 1157, 1072
completed. The city and State have paid a portion of the amount due on
account of these eliminations.
Woodside-Winfield Cut-Off.-This improvement will take the greater
part of 1914 for its completion, as it involves the elimination of 11 heavilytraveled grade crossings and eliminates a bad curvature. When completed,
there will be no highway crossings at grade between Pennsylvania Station
and Jamaica. The city agreed to contribute toward the cost.
Grade Crossings at Other Points.-Further progress was made in eliminating grade crossings at 13 other points, the most important being at Great
River, Oakdale, Eastport and Water Mill. The work of eliminating crossings at Bushwick Junction was undertaken during the year and property*
was purchased for a similar purpose in Queens along the main line. lint!?
the differences in connection with the grade line through Hollis and Queens
are definitely settled, actual construction work cannot proceed.
Crossing gates were installed at a number of crossings in Greater New
York and crossings were closed by elimination and watchmen taken off at
19 points. Work is now under way which will eliminate 33 more of these
public crossings; 30% of all crossings is now either over or under grade, but
much remains to be done in this direction.
Telephone Lines.-The company now has a complete telephone system
for dispatching trains and other purposes.
Long Island Railroad.
Maintenance.-There were 180 tons of new steel rails and 231,806 ties
used for renewals and 1,994 tons of new rail, 1,443 tons of second-hand rail
(Thirty-second Annual Report-Year ended Dec. 311913.)
and 37,321 ties used in the construction of additional tracks and sidings.
Wages.-Your companyjoined with other companies in submitting the
President Ralph Peters, N. Y., Mar.4 1914, wrote in subst:
of firemen, conductors and trainmen for increased wages to the
Results.-The passenger revenue increased 7.85%, which is about the demands
Board
of Arbitrators. Awards were made which advanced our scale of
normal increase due to general growth. The freight revenue, however, wages considerably,
and the expenses of 1914 will show the combined redecreased 3.32%, due to general depression and to the discontinuance of sults of these wage increases,
the limitation of working conditions and other
road-building. The total operating revenues of both rail lines and auxil- necessary
in wages of other departments.
adjustments
iary operations decreased 873,326, or 0.54%, principally due to the new
contract with Adams Express Co., effective June 1 1913, for the conduct
OPERATING STATISTICS.
of the express business on our lines. Since that date, the gross revenues
1911.
1912.
1910.1
Operations1913.
from the express business have been excluded from tho revenues derived Miles
399
399
399,
operated
398
from auxiliary operations and has appeared as a separate item, amounting Tons carried, No
3,996,717
4,268,313
3,814,201)
4,147,072
[including
express
$437,832
rental
for
rights,
held
to
railroad property
100,879,731 97,476,131 92,951,742
Tons
one
mile,
No
93,255,726
under lease, &c.). The net financial results to this company are equally Rate per ton per mile.. _ _ 3.569 cts.
3.343 cts.
3.335 cts.
3.406 cts.
as satisfactory as when we conducted the express business and improved Passengers
No.. 40,606,183 37,319,812 33,867,228 30,978,615
(through) service has been provided to the public. The contract embraces Passengers carried,
551,886,082 508,531,804 459,799,314
1
mile,
No_
_593,599,966
milk and newspaper, &c., as well as express proper.
1.374 cts.
1.358 cts.
Rate per pass. per mile.. 1.330 cts.
1.326 cts.
Mail Transportation.-The results from toe 1913 weighing of the mails Pass. per train mile,
92.22
91.42
101.46
No.
109.40
will increase our revenues from this source about $8,000 per year for the Tons per train,
159,08
156.25
163.04
No
154.77
four-year period beginning July 1 1913. Every effort is being made to
Induce the P. 0. Department to compensate us adequately for the service
INCOME ACCOUNT.
performed. We carry mail on 286 trains daily and furnish mail apartment
1910.
1911.
Lines directly oper.1912.
1913.
cars on 38 daily trains, and also extra help at terminals and messenger ser- Freight
$3,327,769 $3,435,643 $3,257,477 $3,099,183
vice at many points to insure good mail service. The total compensation Passenger
6,225,532
6,781,421
7,814,299
7,245,388
to be received on the re-weighing basis is only about one-third of what Other transport'n rev
145,977
181,530
210,344
127,914
your company should receive under present conditions. No special allow- Non-transport'n revenue
264,464
253,373
366,788
333,705
ance has been made to pay for handling the parcel post, which has greatly Express
437,832
Increased the weights of mail and also adversely affected express traffic. Mall
43,960
43,949
47,706
44,006
Traffic.-The passenger mileage increased 41,713,884, or 7.56%, while
the passenger train mileage decreased 13,452 miles. The freight ton mileTotal oper. revenue_ _$12,204,738 $11,186,656 $10,517,751 $9,779,116
age decreased 7,624,005 ton miles, or 7.55%;freight train mileage 2.61%.
Operating expensesThe passenger traffic, so far as it relates to train mileage and car mileage,
showed satisfactory results. The new business created by the electrical Maint, of way & struc__ $1,595,393 $1,469,757
_
1,420.702
1,296.05318g2
3 A9:81tMain.
operations to the terminal at Fiatbush Ave.,and particularly the new route Traffic of equipment_
190,297
expenses
181,071
160,156
181,023
furnished through the Pennsylvania tunnels and station, is very satisfac4,429,614
4,925,936
Transportation
5,319,294
4.809,318
tory. The number of passengers handled by your company in and out of General
330,703
282,144
254,261
277,707
the Pennsylvania Terminal was in 1911 6,224,429; In 1912, 7,753,958 and
In 1913, 9,619,071, but although the service has been a groat convenience
Operating expenses_ - $8,847,163 $8,134,045 $7,903,779 $7,420,607
to the public it-has materially increased your expenses, particularly as it
$3,357,575 $3,052,611 $2,613,972 $2,358,501)
opor. revenue
diverted considerable traffic from the 34th St. ferry. With the large number Net
646,983
97,510
695,003
753,787
Outside
oper.-net *
located
in
Long
manufacturing
industries
Island
of
City, the continued serious decline in ferry earnings should be arrested.
Total not revenue_ _ $3,455,085 $3,699,594 $3,308,975 $3,112,296
The freight traffic should naturally increase with the population on the Taxes
683,074
607,117
555,753
762,864
Island, but the company is not being adequately compensated for the
amount invested In freight facilities or for the public service rendered,
$2,692,221 $3,016,520 $2,701,858 $2,556,543
Operating income_
and therefore it is very essential as well as equitable that the increase of
5% in freight rates, which is now being considered by the I. S. C. CommisINCOME ACCOUNT.
sion, should be granted to increase your freight revenues.
1911.
1912.
1913.
Operating Expenses and Taxes.-Chiefly on account of the transfer of the
$2,692,221 $3,016,520 $2,701,858
Operating
income
express service on June 1 1913, expenses of "auxiliary operations" were reOther incomeduced $541,934. Expenses of rail operations, excluding taxes, increased Joint
$350,241
$365,864
$359,635
facilities rents, &c
$713.118, or 7.7%, and including taxes, increased $792,908, or 8.2%. Unfunded
*185,939
*443,814
securities and accounts__ _
370,681
The increase in cost of operation is due to wage increase, higher prices paid
for bituminous and anthracite coal, the greater expense of maintaining
43,238,038
Gross
*$3,826,198
income
$3,422,537
of
improvement
proceeding,
and
amount
work
higher
largo
with
a
traffic
1911.
Deduct1912.
1913.
costs for renewals and repairs of equipment. Expenses were also increased
$590,301
$605,636
$674,887
by charges on account of Federal valuation of your property; increased as- Lease of other roads
113,763
sessments by N.Y. City account ofsewer and street improvements in subur- Hire of equipment balance
63,796
92,812
300,001)
415,807
362,625
ban sections; extra trainmen employed as required by the Full Crew Law; Joint facilities rents
256,526
orders of the P. S. Commission; opening the new terminal at Jamaica, and Miscellaneous rents
293,663
294,503
2,309,209
2,455,257
2,465,040
the new electrical operation on the Port Washington branch. It was also Bond interest
*96,546
necessary to make larger outlays for maintenance of way and structures Other interest
434,340
*283,414
29,651)
and for equipment repairs to promote greater safety and efficiency. Taxes Miscellaneous
33,756
33,874
amounted to $762,864, an increase of $79,790, largely due to settlement of
Total deductions
disputes involving franchise taxes, which had been long in litigation.
$4,400,522 *$4,108,888 *$3,695,995
Income, Additions and Deductions.-Additions to income from other Balance, deficit
$977,985
$457,956
$282,690
sources aggregated $730,316, a decrease of $79,362, principally duo to reNote.-The items marked * having been changed in 1912 for purposes
duction of advances made to subsidiary companies. "Interest, general ac- of comparison with 1913 figures, the comparison of those items with 1911
and
represents
$150,925,
count," increased
interest paid on funds ad- are inaccurate. The final results, however, remain unchanged.
vanced by the Pennsylvania RR. Co. to carry on construction work durGENERAL BALANCE SHEET DEC.31.
ing the year and on other unfunded debts. Rents increased $53,182,
taxes
on
the
in
increase
caused by an
Pennsylvania Station and tunnels.
1912.
1913.
1912.
1913.
Net Revenue.-After providing for the interest on funded and other debt,
AssetsLiabilities$
and all other charges, Including advances to the Montauk Steamboat Co., Road & equip__ _a67,975,596 63,587,950 Capital stock
_12,000,000 12,000,000
$32,319,
the
result
for
the
year shows a deficit of $977,- Scours. of proprieLtd., amounting to
55,418,654 55,416,654
Funded debt
985, compared with a deficit of $282,690 in 1912. In reviewing the results
tary,
COS.Equip. trusts__ _ 2,722,000 3,022,000
for 1913, it is necessary to keep in mind that your property has,in that year
Stocks, pledged_ 175,860
175,886 Real estate mtges_ 2,005,018 1,970,913
and previous years, been undergoing a complete physical transformation.
Bonds, pledged- 981,317
981,317 Construction and
The general balance sheets show that approximately $50,000,000 have been
91,840
91,840
equipment
926,234
Stocks, unpledg. 928,235
added to the cost of the road and equipment since 1900. This vast expendiBonds, unpledg.
42,279 Loans & bills pay_14,141,286 8,721,860
45,029
ture was imperatively needed to place your lines in condition to handle the Securs. Issued or as721,345
Traffic, &c., Ws_ 712,495
Increased volume of traffic and give the public the benefit of a modern
sumed-pledged 951,238
951,238 Vouchers & wages 980,712 1,113,531
36,770
transportation system and equipment.
29,209
34,393
34,215 Matured interestMarketable seem_
Additions and Betterments.-These aggregate (net)$4,634,064, notably for Miscell. Invest'ts_ b841,290
649,030
841,540 Miscel. accounts_ - 547,408
Bay Ridge improvement and elimination of Brooklyn grade crossings, Cash
Mat.Mtge.,bonded
738,842
490,749
1,000
$668.148; electrification, $414,242; Jamaica improvement, $1,476,865; Loans & bills rec_ _ 4,645,759 5,197,582 & sec.debt unp'd
1,000
North Side division improvement, $355,702; Woodside-Winfield cut-off Material & suppl's 1,272,201 1,101,834 Unmatured int
677,827
683,403
(main line improvement),$219,407;elimination of grade crossings,$157,202: Miscall. accounts_ 1,618,356 1,806,593 Taxes accrued........ 100,110
96,814
equipment, $792,503; real estate, $779,337. The right-of-way purchased Unmatur.int., &c_
1,580
2,343
67,552
12,457 Def. credit itemsfor changes of line on the Manhattan Beach or Bay Ridge line through Temporary advs.- 2,509,881 2,594,556
East New York hill and between Woodside and Winfield, on your main Oth.def.deb. items
15,380
79,250
line, and for additions to right-of-way where grade-crossing elimination Prop. aband'd c
235,899
321,440
work is proceeding through Flushing, Bushwick Junction Queens, Jamaica, Leasehold estates_ 1,200,000 1,350,000
&c., have been transferred to your company and explains the increase in Profit and loss.d. 6,200,966 4,105,060
this last item. (Among the credit items appear express equipment sold,
$226,631: equipment sold and retired, $155,709.)
89,435,600 84,399,948
Total
Total
89,435,600 84,399,948
Atlantic Avenue Trolley.-The proposed disposition of the trolley on the
avenue by agreement with the Brooklyn Rapid Transit Co. has not been
After deducting reserve for accrued depreciation, $1,071,384.
a
consummated, as the city has not yot granted afranchisefor Its operation.
b Includes physical property,$30,000,and securities-pledged,$414,500,
Bay Ridge Improvement.-The tunnel section of this improvement between and unpledged, $396,790.
Atlantic Ave. and Central Ave. and the filling in between streets and
Chargeable to operating expenses.
c
bridges of the section between Central Ave. and Fresh Pond Junction, red After deducting $250,000 for additions to property since June 30 1907
suiting In the elimination of four grade crossings, was continued during the through income.-V.98, p. 912, 690, 236.
year, and this important work will continue during 1914. It is planned to
•
have this completed, including the yard, float bridges, &c., at Bay Ridge,
about the time the New York Connecting RR. is finished, and connection
Pittsburgh & Lake Erie Railroad.
made with your company at Fresh Pond Junction. The expenditures
during the year amounted to $668,148, chargeable to your company. The
(35th Annual Report-Year ending Dec. 31 1913.)
city has made substantial payments for its proportion of the cost of work
already done,leaving but a small amount in dispute.
V.-Pres. James M.Schoonmaker, Pittsburgh, says in sub.:
Jamaica Improvement.-The new station and platforms at Jamaica were
Results.-The total operating revenues were $19.597,919, an increaseof
put in service on March 9 1913, and very little expense is necessary to finish
the entire project. This improvement removed many of the operating $1,435,800. Freight revenue was $17,059,475, an increase of $1,142,346.
difficulties with which your company has had to contend. It facilitates, The revenue freight carried amounted to 35359,444 tons, an increase of
with increased safety, the movement of trains and passengers, reduces to a 2,987,332 tons. Products of mines show an increase of 2,933,417 tons, of
minimum the duplication of train mileage between Jamaica and Long which bituminous coal increased 1,416,365 tons, coke 643,483 tons, ores
Island City, provides headquarters for your operating and maintenance 489.308 tons, and other products of mines 384,261 tons. Manufactured
forces and eliminates nine actively used crossings and adds six other new articles show a decrease of 97,077 tons. The rate on iron ore from Lake
streets passing under the tracks at various points,which were greatly needed ports to the Pittsburgh and Connellsville districts was reduced during
in the rapidly growing territory. Jumpovers were also constructed which August by order of the I. S. C. Commission 8 cts. per ton, decreasing
the revenues derived from carrying that commodity.
facilitates train movement and increases safety.
The increase in maintenance of way and structures was duo partly to the
1 North Side Division.-The electrification to Port Washington was put in
operation in October. The work of eliminating grade crossings was nearly flood of March 1913, which caused an expenditure for repairs of $93,778.
:2,t
APR, 18 19141
THE CHRONICLE
Taxes.-Taxes accrued amounted to $662,085, an increase of $289,297,
mostly due to the increased rate per share paid for taxes on capitalstock
to the Commonwealth of Pennsylvania, the result of a compromise settlement made on an appeal to the Dauphin County Courts in connection with
the assessment of the 1910 taxes.
Dividends.-The balance for the year, after payment of two dividends
aggregating 10%, was $3,834,936. An extra dividend of $2 50 (5%) per
share was declared out of the accumulated free surplus, payable Mar.31 '13.
lat'Changes in Property Accounts.-These during the year were:
Additions, betterments. &c
$1,094,104
New freight car equipment purchased
244
:43
45
3
Equipment received under Equipment Trust of 19134,4
476
Credit, accrued depreciation
113-91,?fft
New Lines.-The extensions of the Monongahela RR.(V. 97, p. 237) to
the Pa.-W. Va.line and of the Buckhannon& Northern It ft.(V. 92, p. 874)
from a connection with the Monongahela RR. at the Pennsylvania State
line, to Rivesville, W. Va., will be completed during 1914.
The Pittsb. Chartiers & Youghiogheny By. (jointly owned with Pitts.
Ctn. Chic. & St. L.) is building from a point near Van Emman's station,
Washington Co., Pa., to near the village of Eighty-four, Washington Co.,
Pa., to connect with Chat-tiers Southern By., owned jointly by the Pitts.
Cin. Chic. & St. L. By., the B. & 0. RR. and your company. The Chartiers Southern By.is under construction to connect with the Greene County
RR., to reach the coal properties of that section.
The construction of the Lake Erie & Eastern RR., extending from
Struthers, 0., through Youngstown, and owned jointly by the Mahoning
Coal RR.Co. and the Pitts. & Lake Erie RR. Co., will progress during the
coming year; and, contingent upon the revival of industry in that region,
may be brought to completion about Dec. 1. This construction will enable
the Lake Shore & Mich. So. Ry. Co. and the Pitts. & Lake Erie RR. Co.
to establish a satisfactory through lino from Pittsburgh to Cleveland, via.
the Lake Erie & Pittsburgh RR.,and also to roach the industries in Youngstown directly over system lines rails.
Eguipment.-Out of $24,000,000 of certificates authorized under the
N. Y. Central Lines Equipment Trust of 1913 there were issued during
the year an aggregate of$15,494,000. The cost of the equipment thereunder
to be assigned to this company is about $4,424,435 and our pro rata amount
of certificates representing not to exceed 90% of the cost,is $3,981,991,
causing an increase of $120,007 in our deductions from income.'
1500 self-clearing stool coke cars purchased and 2,000 self-clearing steel
hopper cars and 1,600 low side composite steel gondola cars, leaseil under
the New York Central Lines Equipment Trust of 1913, were delivered
during the year. Ten four-wheel caboose cars were built at the company's
shops and Si! cars of various classes were sold, destroyed or transferred to
comnany service, the net increase in freight car equipment being 3,299 cars.1
Stock.-There were purchased during the year $105,750 stock of the
Pitts. McK.& Youghiogheny RR. Co.
1241
Washington (D. C.) Railway & Electric Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Clarence P. King, Washington, Feb. 2, wrote in sub.
Underground Electrical Conduit System.-To preserve the beauty of the
capital, our company installed this system of operation, although it is the
most expensive in the world, not alone to install, but to operate and maintain. Now York followed, and even now, after more than 20 years of successful operation, those two are the only American cities using the underground system,all others being deterred by the immense physical and financial difficulties involved. [Mr. King gives a detail account of the process
by which the company was formed and its advantages to the public.]
Capital Outlay for Additions, New Equipment, &c.-Net expenditure by
the railways, $249,820: by Potomac Electric Power Co., $235,952.
Funded Debt.-No additional bonds were issued. Washington By. &
Electric Co. sold $423,000 Consol. M. 4s and Potomac Electric Power Co.
sold $100,000 Consol. M. 5s, all previously issued. On Oct. 1 1914 $1.000,000 Columbia By. Co. bonds will mature; Washington Ry. & El. Co.
Consol. 4s are reserved to retire same. .
Maintenance.-The amounts disbursed or set aside for maintenance and
depreciation of railway and lighting equipment, including way and structures were: 1909, $690,901; 1910, $729,632; 1911, $717,379; 1912, $740.501; 1913, $804,570.
Transportation.-The passengers carried in .1913 numbered 85,982,161,
including 20,003,412 free transfers. Average fare per pay passenger.
4.301 cts.; average for all passengers carried, 3.269 cts.,including transfers.
Total car mileage, 10,771,952 miles.
Additions, &c.-The Eckington car house has been enlarged to a total
capacity of 81 cars.
Congress having authorized an extension along McComb St. and Massachusetts Ave. to the District line, passing the American University, specifications have been prepared and the work is under way.
New rails wore installed on the Georgetown division (underground trolley) westward from Dupont Circle via P St. to Wisconsin Ave., and return
via Dumbarton Ave. and 28th St. Also on Upshur St. (Brightwood division) between Georgia Ave. and 81h St. 97-lb. rail was substituted for
83-lb. in one case and in the other 79 for 48-1b. Coincident with general
track renewal and repair, 4,012 sq. yds. of asphalt pavement in track space
was replaced with scoria block.
Plans are now being prepared for now and extensive shops with the best
modern equipment.
Potomac Electric Power Co.-This company has shown a satisfactory
growth during the year, while in the last 13 years the increase of connected
road was from 270,080 to 1,080,000 16 c. p. equivalents; and number of
meters installed from 2,953 to 22,483. The number of street lamps, both
arc and incandescent, in service at the end of the year, was 7,327,compared
with 6,927 on Dec. 311912: total connected load, 53,253 k. w. an increase
RESULTS FOR CALENDAR YEARS.
102,046.
of 4,355k. w.; total equivalent in 16 c. p., 1,080,000,increase'
1913.
1912.
1911.
1910.
ENTIRE SYSTEM FOR CALENDAR YEARS.
224
Miles operated
223
215
191
1913.
1912.
1911.
1910.
35.359,444 32,372,112 27,513,466 31,378,435
Tons(revenue)freight
65,978,749 63.537,190 60,314,248
Company's freight
2,907,078
3,083,608
2,835,720
2.601,101 Paying passengers
4.305 cts.
4.316 cts.
Revenue tons 1 mile_ _ 2,278,471,828 2030299,504 1731562,693 2006824,483
average fare.... 4.301 cts.
do
20,003,412 20.424,051 20,995,292
Company freight 1 mile_106,588,644 141,892,959 127,539,836 82,738,435 Free transfers.
Bituminous coal
3.269 cts. 3.221 cts. 3.164 cts.
11:0
12,393,909 10,977.544 10,508,182
5,257,622693
181:18
858
0 Total average fare
$1,943,315 $4,648,328 $4,336,519 $4,123,560
Coke
Gross earnings
,996,649
6,353,166
Ores
3,295,352
2,151,829
4,237,433
2,528,224! 2,190,611
4,726,741
4,585,341 Operating expenses_ _ _I 2,669,972
Stone, sand, &c
1,919,396
210,781
2,674,195
I
219,593
3,040,888
1,992,025 Taxes
Passengers carried,•,070 4,586,773
4,435,156
4,807,794
Passengers 1 mile
$2,273,343 $2.120,104 $1,926,315 $1,760,950
Net earnings
:08
96,895,584 87,960.892 88,413,477 92,822
12
56
5
Earns, per ton per mile_ 0.749 cts. 0.784 cts
10,222
13,233
Miscellaneous income
16,152
23,311
1,300
Ton load (all)
1,244
1,282
Total
$81,503
Gross earnings per mile..
$87.440
$71,067
$2,283,565 $2,133,337 $1,942,467 $1,781,261
$89,164
DeductINCOME ACCOUNT.
Interest
$1,104,576 $1,087,336 $1,077,666 $1,056,439
Miscellaneous
20,271
22,339
1913.
13,893
13,179
1912.
1911.
1910.
$
$
$
$
EarningsTotal
$1,126,915 51,107,607 $1,091,560 $1,069,618
17,059,475 15,917,129 13,318,145 15,011,437
Freight
1,825,219
$850,908
, $1.156,650 $1,025,730
$714,643
1,600,398
1,520,074
1,584,880 Surplus
Passenger
(54.39)
(55.57)
(57.30)
527,226
(54.01)
Mail, express, &c
476,830
339,430
369,808 P.c. of op.exp. to earns.
425,000
425,000
425,000
425,000
185,999
Other than transport'n_
167,761
80,911
86,572 Div. on pref. stock(5%)
Div. on common stock (610422,500(4%)260,000(2%)130,000(2%)130.000
Total oper. revenue
19,597,919 18,162,118 15,308,560 17,052,697
Surplus
$309,150
$340,730
$295,908
$159,643
ExpensesThe surplus income after providing for fixed charges was $1,156,650.
Maint. of way & struc
1,997,816
1,842,930 • 1,698,465
1,977,521
Maint. of equipment__ _ 3,554,354
2,699,293
2,109,277
1,529,326 Deducting dividends paid by the Wash. By. & Elec. Co., $847,500, there
Traffic expenses
173,714
162,537
178,492
184,224 was a balance of $309,150. Deducting distribution to conductors and moplan. $30.082; depreciation on equipment
Transportation expenses 4,758,703
4,155,352
3,683,362
3,981,563 tormen under profit-sharing
295,847
General expenses
348,217
287,238
273,432 (railways), $81,174; removal of abandoned tracks, $1,047; charged off,
account Glen Echo Park, $2,000; charged off account adjustment of taxes
9,155,959
7,956,834
Total expenses
10.832,804
7,946,066 prior to Jan. 11913, $4.543; $92,320 sinking fund requirements, Potomac
(50.41)
(51.08)
P.c. exp. to earnings,._..
(55.28)
(46.60) Electric Power Co., $14,430; loss due to abandonment of street lighting
9,006,159
7,351,726
Net rev. rail operations.. 8,765,115
9,106,631 equipment Potomac Elec. Power Co. and uncollectible accounts Pot. El.
6,286
4,719
3,889
Deficit, outside oper
5,627 Pow. Co., $2,705,leaving balance to credit of profit and loss, $80,849.
BALANCE SHEET OF WASHINGTON RY. & ELECTRIC CO.
8,999,873
7,347,837
Not operating revenue 8,760,396
9,101,004
1913.
372,788
1912.
1913.
1912.
357,389
Taxes accrued
662,086
321,376
LiabilitiesAssetsOperating income..
8,098,310 8,627,085 6,990,448
8,779,628 Cost of property.. _32,026,963 31,835,097 Preferred stock_ _ 8,500,000 8,500,060
389,346
853,965 Common stock.._ - 6,500,000 6,500,0111
Hire of equipment
Co.'s stk.&cons.4s 431,005
475,436
209,595.
352,105
425,442
Funded debt a -16,471,350 16,471,483
Interest on loans, &c__ _
174,650
299,224 Potomac Electric
25-4s:3let:
Power Co. loan_ 200,000
200,000 Accounts payable.. 121,460
9,368,536
8,999,188
Bills pay.(sub.cos.)
Gross corporate Inc
7.374,693
9,078,852 Wash. Woodside &
Accrued interest_ 123,287
For. Glen By.&
121,877
Deduct8,000
54,741
45,341
Pow. Co.6% bds.
Accrued taxes.. _
538,658
538,525
522,886
Rentals leased lines__ _
543,690 Materials
& suppl97,466
101,883 Matured interest_
55,495
220,000
220,000
Interest on bonds
220,000
220,000 Accts.rec.sub.
cos..
74,066
40,757 Deprec. reserve.. _
518,2911
167,082
Int. on equip. certfs_ _
89,902
77,480 Reserve for damAccts. receiv.,mis.
595,867
Improvements &
1,494,117
4,864,091 Prepaid
Insurance.
12,450
4,328
ages & renewals
34,284
Hire of equipment
108,474 Disct. on
oblig'ns_
143,067
79,862 Miscellaneous_ _ _ _
113
1,286,919
Joint facilities, rents,&c. 1,239,711
533,246
16,781 Cash
337,558
339,250
Profit
&
loss.surp.
1,067,577
*1,032,51
2,998,800
2,998,800
*Dividends (10%)
2,520,000
2,100.000 Special dep., &c....
61,255
8,158
5.164,251
6,044,244
Total deductions...
5,290,249
7,853,036 Miscellaneous........
3,834,937
4,324,292
Balance,surplus
2,084,444
1,225,816
33,489,890 33,532,623
Total
Total
33,489,890 33,532,623
* Also $20 (40%) extra dividend paid from accumulated surplus Feb. 1
* After deducting $64,209 depreciation on equipment; 32,000 charged off
1910; $12 50(25%) March 31 1911; $6 (12%) March 1912, and $2 50(5%) account of Glen Echo Park; $1,753 charged off account of adjustment of
Feb. 26 1913-see below.
taxes prior to Jan. 11913, and $22,432 distribution to conductors and motormen under profit-sharing plan.
GENERAL BALANCE SHEET DEC. 31.
a The funded debt, $16,471,350, as above, includes $937,950 Washington By. & Elec. consol. 4s in the treasury, there being $9,704,400 of these
1912.
1913.
1913.
1912.
bonds in the hands of the public. The debt of the company also includes
LiabilitiesAssasthe bonds of the former Columbia By. Co., the Metropolitan RR. Co.
Road & equIpl_a34,834,1;81 29,232,076 Capital stock __ _ _29,983,000 29,988,000 and the Anacostia & Potomac River RR.
Premium on stock
P. McK.& Y., Ace.,
The total funded debt of the system, incl. the debt of the controlled cos.
285
equip. & bett'ts_ 5,282,563 8,725,287 sold
285 ($8,479,000), is $24,950,350. See page 130 of "Elec. Ry." Section.
939,880 Funded debt
Adv. to other cos_ 1,201,933
7,981,992 4,000,000
Note.-The net income of the whole system for 1913, as shown above in
Stk prop.,&c.,cos. 3,506,246 3,370,721 Vouchers & wages 558,245 1,172,416 the income account was $1,156.650, of which $183,695 was applied diBonds
do __
100,875 I.oans & bills pay_
10,950
75,000
75,000 rectly by the subsidiary companies without passing through the profit and
Bills rec. do __ 2,867,434 2,598,127 Traffic bals. payle 397,872
567,285 loss account of the Washington By. & Elec. Co.-V.98, p. 1074.
Other Investmentsb4,568,638 4,568,638 Int. accrued, &c.. _
85,000
85,000
Material&supplles 1,852,187 1,531,672 Dividends declared 1,499,400 1,499,400
United Railways & Electric Co. of Baltimore.
Cash
2,828,711 2,529,916 Taxes accrued
3,000
Loans & bills rec'le
79,269 2,001,269 Sundry accts. pay.. 718,350
852,380
(Fifteenth Annual Report-Year ended Dec. 31 1913.)
Traffic bal. reedy.. E90,461
498,739 Def.credit items_
11,385
16,558
Agents & conduc_ 407,217
373,363 Reserves
Pres. Wm. A. House, Baltimore, April 8 1914, wrote in
261,812
Miscell. accounts_ 1,646,945 1,954,819 Additions from insubst. (compare map on page 12 of "El. Ry. Section"):
Accrint.,divs.,&c.
92,460 come since 1907Results
-The increase in gross earnings was $475,003, or 5.5%:
27,284
4,499
Other advances.._
P.& L.E. RR_ _ 2,818,933 2,818,933 Increase in1913.
operating expenses $277,555, or 7.2%, and decrease in fixed
535,201
P.McK.&Y.RR,
Oth.deLdeb.items 238,440
8,725,287 charges $16,947, or .589',. For maintenance of way, structures and equipProfit di loss_ ..c15,543,985 9,256,998 ment, there was spent $873,516. which, with the $530,225 (nearly 6% of
earnings) credited to depreciation reserve, makes a total of $1,403,741.
59,943,259 59,057,541
Total
Total
59,943,259 59,057,541 gross
The average earnings per car mile were 29.95 cts., an increase of 87
hundredths cents; cost of service (exclusive of depreciation, &c.) was 13.73
a After deducting $392,077 reserve for accrued depreciation in 1913.
b Little Kanawha syndicate, $4,385,866; Greene County RR. syndi- cts., an increase of 60 hundredths of one cent. Revenue passengers
cate, $125,000; real estate not used in operation of road, $57,772.
numbered 182,180,767, increase 9,947,426; transfers 74,634,030, an inc After adding profit from operation of P. McK. & Y. RR. from July 1 crease of 5,289,202, about 41% of the paying passengers taking transfers.
1907 to Dec. 311911, $4,362,643, and deducting extra dividend of $2 50
Dividend Increase.-For 12 years after the consolidation, your company,
per share (5%)declared Feb. 26 1913, $1,499,400: additional tax on capital declared no dividend on its common stock, its surplus earnings being exstock State of Pennsylvania 1910 and 1911, $293,323; discount, commis- pended on the property. During the past 14 years about $20,440,000
sions and expenses N. Y. Central Lines Equipment Trust certificates
has been applied to improvements. In 1912 the property being in fine
1913,$115,571,and adjustment ofsundry accounts,$2,299.-V.98, p.1072. physical condition and free from floating debt, and wages of employees
1242
[VOL. xcvm.
THE CHRONICLE
having been increased, the company began paying dividends on the common stock [distributing 14% in May and 1 % in Nov.). In April 1913
a dividend of $1 per share [2%1 was paid on the common shares; in June a
dividend of 50 cts. per share [1%1 and in Sept. another dividend of 50 cts.
[1%1, amounting to 4% for the year (V. 96, P. 1841). In 1913 we paid
both the interest on a large part of the convertible notes and the accrued
dividend on the common stock into which those notes were converted.
This duplication of payments was special to 1913.
Finances.-The company has no floating debt and as of Dec. 31 1913
its current assets were $2,844,913 in excess of current liabilities, there being
in the treasury $448,913 cash, $450,000 notes of Baltimore Sparrows Point
& Chesapeake Ry. Co. and $100,000 notes of Bait. Halethorpe & Eikridge
Ry. Co.; also $2,165,000 of the company's own First Cons. 4s, &c.
There are $4,000,000 1st M,5% bonds of Maryland Electric Railways Co.
in escrow, available for certain capital expenditures under mortgage.
During 1913 $1,817,000 consols pledged as collateral for the 3-year notes
were released when the latter were converted into common stock. We
sold $541,0(10 of these 4% bonds(V.97,p. 1824), the proceeds being applied
to the purchase of 60 double-truck, semi-convertible P-A-Y-E cars, new
machinery for power stations and track construction.
Up to Jan. 2 1914, when the option of exchange terminated, $2,730,600
out of a total of $3,125,000 of the convertible notes had undergone
conversion, and there are now listed on the Baltimore and Philadelphia
Stock Exchanges and outstanding $20,461,200 of the common stock.
Total Taxes and Public Charges in 1913.-These aggregated $1,065,168,
an increase of $72,772.
Wages.-On May 1 1913 motormen,conductors and employees of several
departments received an advance in wages.
Bond Interest.-By exchange of stock for convertible notes we reduced
our bond interest in 1913 $83,655.
Income Tax on Bonds.-The board has authorized the payment of coupons on all of its bonds without deduction for the Federal income tax,
the right being reserved, however, to change this policy as experience
may indicate to be advisable.
Extensions.-In response to a request from residents of Northeast Baltimore, double tracks were laid on East Monument St., between Washington
and Chester streets, and a second track on Monument St., between Chester
St. and Patterson Park Ave., enabling us to operate the Monument St.
line to the eastern city limits, beginning Dec. 14 1913.
During 1913 we were granted authority to lay double tracks on Callow
Ave. between North Ave. and a point 125 ft. south of Park Terrace, thence
eastwardly over a 30-ft. right-of-way, at right angles to Callow Ave., to
the west side of Park Ave. The filling in of the Shallow Creek trestle
on Bay Shore line has progressed favorably and is about 50% completed.
Cars.-Sixty double-truck semi-convertible cars of the P-A-Y-E type were
purchased and placed in service during the year on the Edmondson Ave.Monument St. lino. Five of our lines are now equipped with the P-A-Y-E
type of car.
,
OPERATIONS AND FISCAL RESULTS.'
•
- •ti-*r'1.!ritrirp&r,.,:,;:•:Efe 1913.- • -,•le 1912.
1910.
-$.•4 1.911.
Car miles
30,203,185 29,472,537 28,698,339 27,911,573
Revenue passengers_ _ _182,180,767 172,233,341 161,467,727 154,928,785
Transfers
74,634,030 69,344,828 64,643,636 60,789,807
Rev,from transport'n_ _";:: 8,912,986
8,454,02713 8,025,758
Rev, other than trans_
133,506 '• 117.4621
7,687,895
Total revenue
9,046,492
8,571,489
ExpensesMaint. of way & structs.
456,033
432,528
Maint. of equipment _ _
417,482
411,386
Traffic expenses,
Conducting transport'n_ 2,557,69
5
2,339,3091
General SE miscellaneous • 706,499
676,296
7,687,895
8,025,758
330,920
426,925
2,181,488
BALANCE SHEET DEC. 31.
1913.
1912.
AssetsLiabilitiesReal est.,b1dgs.,&011,414,199 11,411,955 Preferred stock__
BohanInvest. in
Common stock.non Dredg. Co_ 210,387
Funded debt
Miscell. Invest'ts_a1,339,181 1,173,044 Bills payable
Inventories
1,323,122 1,580,552 Accts. payable..
Bills & accts. rec.
Insurance fund...
(less reserve)... 1,752,351 1,775,751 Surplus
Cash in banks,&c. 207,904
161,090
Miscellaneous....
64,759
86,311
1913.
$
2,000,000
9,764,000
2,093,000
200,000
514,976
272,560
1,467,367
1912.
VP
2,000,000
9,764,000
2,197,000
250,000
541,181
270,674
1,165,843
Total
16,311.903 16,188,703
Total
18,311,903 18,188,7035
*Real estate, bldgs., &c., in 1913 inculde real estate bldgs., plant and machinery a
$4,595,324; city and outside real estate, 86,419,281, and improvements and fixture
in leased properties, $399,613. a Includes in 1913 investments in and advance
to sub. cos., 8670,343. and stocks and bonds of other cos., $668,838.-V.04, p. 566
Western Union Telegraph Company.
(Report for Fiscal Year ending Dec. 31 1913.)
The remarks of former President Vail, who retired this
week, will be found at length on subsequent pages. The
comparative income account and balance sheets for several
years were given in the "Chronicle" last week on p. 1153.
Sulzberger & Sons Co. (including Subsidiaries).
(Report for Fiscal Year ending Sept. 27 1913.)
PROFIT AND IOSS ACCOUNT.
1912-13. 1911-12.
1912-13. 1911-12.
Tot.surp. beg. year_3,566,886 2,941,278 Pref. dive. (7%)____ 700,000 700,000
Increase during year.1,364,245 1,325,608 Tot. surp. end year_4,231,131 3,568,886
BALANCE SHEET.
Sept.27'13. Sept.23'12.
Sep1.27'13. Sept.28'12.
AssetsProperty
25,478,719 25,074,780 Common stock_ _20,000,000 20,000,000
Invest. in sub.cos_ 6,272,652 6,157,057 Preferred stock_ _ _10,000,000 10,000,000
Mdse.on hand,&c. 9,929,845 9,701,041 Debenture notes__ 9,300,000 9,844,000
Accts.& bills rec. 6,621,988 5,954,806 Accr. int, on notes 110,833
121,880
Mtgs. & inv. sees_ 268,214
197,608 Divg. pay. Oct. E 175,000
175,000
Cash
3,025,347 2,452,592 Bills pay.,domestic
Prepaid insurance,
and foreign__ 6,851,882 4,986,123
Interest, &c_ _ _ 391,141
395,569 Accounts payable_ 1,519,079 1,240,483
Surplus
4,231,132 3,560,887
51,987,906 49,934,353
Total
-V.98, p. 1160.
Total
51,987,906 49,934,353
Marconi Wireless Telegraph Co. of America.
(Report for Eleven Months ending Dec. 31 1913.)
Secretary John Bottomley says in substance:
•
287,033
413,725
2,141,753 ' Results.-The accounts herewith are in accordance with the amendment
to the by-laws made up for 11 months ending Dec. 31 1913.
The balance sheet shows a surplus of $178,251, and in connection there741,760
759,385
with the directors desire to point out that it was necessary during the year
Total oper. expenses_.., 4,146,431
3,868,876
3,681,093
3,601,896 to make extraordinary expenditures to a total of $60,000, owing to: (1)
Net earnings
4,900,061
4,702,613
4,344,665
4,085,999 The dismantling of sundry ship and land stations, the latter of which were
Other income
6.945
2,640
5.515
2,490 found to be unnecessary,after tho consolidation of the property,of your company and the defunct United Wireless Co. (2) Increased ship and main4,907,006
4,708,128
4,347,305
4,088,489 tenance expenses necessary to bring ship stations up to the standard
DeductionsFen required by the Government. (3) Largely increased expenses on account
Interest on bonds
2,050,305
2,133,959
2,095,775
2,043,830 of stock transfers, caused by the issuance of the new stock. (4) Disturbed
Park and other taxes__ _
866,229
796,076
725,559
705,292 labor conditions on the Pacific Coast.
Rentals
A number of large orders unfilled, both on private contracts and contracts
7,735
8,052
7,658
7,567
Interest and discount_
with the United States Govt., remained open Dec. 31. These, while
137
1,909
Int. on car trust certfs
4,812
3,062
30,300
44,937 showing a profit, could not be properly taken into the account. Since
Jan. 1 the majority of the orders have been filled and profitsassurod for 1914.
Total
2,927,468
2,944,415
2,859,686
New Stations, &c.-The erection of the high-power long-distance stations
2,801,635
Balance
1,763,713
1,979,538
1,487,619
1,286,854 we hope will be completed early in the summer. [See "Iron Age" of N. Y.
Md. El. Rys. M.sk. fd_
60,000
60,000
60,000
60,000 for Oct. 23 1913.1 As to the Pacific stations, everything seems favorable to
Written off for extraord.
our being able to start service with Honolulu prior to June 1. The Imperial
expenditures subj. to
Japanese high-power station which is to work in connection with our
final distribution by
Honolulu high-power station is not yet completed and we are unable to
board of directors_ __ _
450,944
864,049 learn the exact date when this station will be ready for business.
Eating. disc. on securs_ _
38,056
37,950
Nothing much has been done in regard to our proposed Philippine station
Depreciation
530,226
428,574
because of many obstacles which have been placed in the way of our securing
Int. on income bonds &
rights and concessions. A bill, however, has just been passed by the Philippref. dividends
560,000
560,000
pine Assembly, granting us the right to erect a high-power station which
560,000
Common dividends_ _ _(4%)791,362(3%)463,050
will work with Honolulu, Japan and China, and we hope that at an early
date this will receive the approval of the War and Navy Departments,
None
Bal.,surplus for year.
214,032
416,675
362,805 enabling us to proceed with the work.
Land has been purchased at Chatham, Mass., for a transmitting station
BALANCE SHEET DEC. 31.
and at Marion, Mass., for a receiving station for high-power work with
1912.
• 1013.
1913.
1012..1 Norway,
. The Norwegian Govt. station also is now under way.
Liabilities-Assets'
Satisfactory arrangements have been completed with the Western Union
Common stock_ _ _20,414,200 15,870,000 Telegraph Co. under which connection will be made between its main operCost of road, equip70,541,45067,806,484 Pref.stock
ment, &c
24,000
24,000 ating rooms in New York, San Francisco, Boston, &c., and our new highBonds (see "Elec.
Investments-bds.
power stations in New Jersey, California and Massachusetts for direct and
Ry. Section") 42,002,900 42,458,000 expeditious exchange of traffic. [The following was given out officially
122,577
122,577
and stocks
2d M.Income 4s..13,076,000 13,970,000 Jan. 27: "This agreement will give the Postal Tel. Cable Co. competiCos.' bds. In treas.8,000 Accounts payable_ 105,199
8,000
Cent.Ry.con3.5s
102,014 tion west of San Francisco. At present the Western Union has no Pacific
888,050 Accrued interest
U.R.&E.cons.4s 2,165,000
535,307
580,912 cable, so that all business must be turned over to the Postal in San FranCash
448,013
485,595 Accrued taxes_ _ _ _ 151,705
152,053 cisco. The result is that return business generally, goes over the Postal's
Accts. receivable. 101,309
87,049 Miscellaneous _
40,492
16,374 laud lines, too, from San Francisco east. We shall carry the Western
Notes receivable
827,183
622,801 Deferred liabilities z4,581,074 4,481,516 Union's cablegrams west of San Francisco for one-third the cable rate.)
Supplies and coal- 827,231
314,598 Surplus
1,019,024 1,038,775
Inasmuch as weshall.be in competition with all the other cable companies
Deferred assets_ y8,503,249 8,343,499
for trans-Atlantic business, we have perfected a business-getting organization
and shall have representatives located in New York, Chicago, New Orleans
Total
82,849,901 78,670,644
Total
82,840,901 78,679,644 and San Francisco to keep the public informed of our superior facilities and
reduced rates.
y "Deferred assets" embrace real estate, buildings, machinery, cars,
The tendency of governments everywhere to enforce and enlarge wireless
equipment, &c., Maryland Elec. Rys. (per contra), $4,000,000; equipment regulations, making it obligatory for all ocean and lake-going craft to be
purchased (ad interim) through Fidelity Trust Co., $26,250; income bond equipped with wireless, increases the demand for our equipment. In the
coupons held by Maryland Trust Co., trustee, against funding bonds under very severe storms on the Great Lakes last season no losses occurred where
funding agreement dated July 25 1906, $3,920,000; Mercantile Trust & De- ships were equipped with wireless.
posit Co,. trustee, 1%% sinking fund, Maryland Electric Ry. 5s, $262,350;
During the recent snow-storm in the vicinity of New York,which played
paving commission (suspense), $58,260; miscellaneous, $241,389.
havoc with all overhead systems of wires, one railroad [the D. L.&
z "Deferred liabilities" include: Accident reserve, $106,912; car trust -Ed.), which is equipped with wireless apparatus, was able to run its
Series A, $35,000; Maryland Electric Ry. bonds, obligations under agree- trains without cessation or delay. We were able to extend aid to other
ment to purchase the leased property for an amount equal to principal of railroads, giving them service with New York, Philadelphia and Baltimore.
bonds at maturity, $4,000,000; sinking fund for retirement of Maryland Thus the value of wireless on trains as an auxiliary service in time of storm
Electric Ry. bonds, $277,350; reserve for depreciation, $79,786 (after de- is now generally recognized,and as a result we have had many inquiries
ducting $499,898 expended); city paving (suspense), $58,260; other mis- from railroad officials,and we expect to build up a substantial business in
cellaneous items, $23,766.-V. 98, p. 1158, 525.
train wireless.
Wireless as a means of communication in rough and undeveloped countries
to construct several high'"rT Tr': is also recognized. In Alaska we are arranging
r55:71.4741 Pabst Brewing Co., Milwaukee.7'i.
power stations along the coast and in the interior, and steel has already been
(Report for Fiscal Year ending Dec. 31 1913.) !
shipped for stations to be constructed at Ketchikan and Juneau for commerbusiness with Seattle and Astoria, Wash. The prospects are good.
r The income account for the year ending Dec. 31 1913, cialWe
are in negotiation with the Cuban Government to take over and
several wireless stations which that Government
together with the balance sheet of Dec.31,are given at length operate on a joint basis
maintaining independently.
has
been
on a subsequent page.
Decision.-We are gratified to be able to report a favorable decision by
p, Below we give the usual comparative tables: .*:.•:7.1
Judge Van Vechten Veeder of the U. S. District Court in our suit against
the National Electric Signaling Co. for infringement of patents, by which
fINCOME ACCOUNT DEC. 31.
VP4
the validity of all three patents on which the suit was brought is fully sus•
f5.
•
:6-71,14i" k'7:-• • '' 1913.
21
1012.
1913.
1912.
tained. By this decision Mr. Marconi is now for the second time officially
Int, on bonds, &c_ $108,415 $102,861 recognized in this country as the inventor who made commercial wireless
Net profit, after
Federal corp. tax_
providing fords8,150
5,136 telegraphy a possibility. This decision as It stands to-day will have a farPref. div. (7%)-- 140,000
preen, exp. and
140,000 reaching effect on competing wireless companies. (V. 98, p. 916; V. 97,
all other losses_ $900,605 $567,068 Corn. div. (434%) 439,380 (6)585,840 p. 1508.) [The opinion is discussed at some length in the "Electrical
Divs. and int, on
World" of March 28 1914.-Ed.1
loans & invest.&
[At a meeting of Wireless Liquidating Co.(V. 97, p. 1220), it was voted
inkwell. profits_
89,924
96,858
to liquidate the company following the distribution of American Marconi
common stock for Wireless Liquidating stock at rate of 28 shares of the
Bal., sur. or def.S.$301,519 D.$176,845 former for 65 of the latter.)
Gross income__ [$097,463 i',$656,092
-
THE CHRONICLE
APR. 181914.]
RESULTS FOR 11 MOS.END.DEC. 31 1913 AND YEAR END. JAN. 31
1913 AND 1912.
11 Mos.end.-Years ending Jan. 31Dec. 13'13.
1912.
1913.
Gross earnings
$55,794
$177,914
$170,695
Other income
213,373
161,548
Total income
$391,287
$55,794
$332,243
Net, after taxes
$211,484
$28,254
$242,235
Depreciation
33,233
11,261
30,989
Balance, surplus (see not
$16,993
$178,251
$211,246
Note.-An initial dividend of 2% was paid Aug. 1 1913, calling for $188,041.
BALANCE SHEET DEC. 31 AND JAN. 31 1913.
Dec.31'13. Jan.31'13
Dec.31 '13 Jan.31'13
Assets$
Assets (Continued)
$
$
$
Real est., bidgs.,&e2,250,6485
Miscellaneous
278,477 309,684
Plant, mach. & tools 75,061 806,487
Materials & supplies 407,371J
9,919,948 9,866,443
Total
Pats., good-will, &c_2,741,539 2,691,215
Investments & loans
Liabilities(at cost)
a2,829,543 2,632,848 Capital stock
9,402,070 9,402,070
Cash in banks and on
44,032
Reserves
hand
303,184 195,857
67,312 308,491 Miscellaneous
Certits. of deposit.... 720,000 775,000 Surplus
214,694 224,484
Collateral loans ____ 550,000 2,320.000
Accrued interest_
9,919,948 9,866,443
Total
22,718
1243
Atlanta Birmingham & Atlantic RR.-Deposits.-Over
80% of the receivers' certificates have already been deposited
under the reorganization plan (see V. 98, p. 1070). The
properties are to be sold on April 22,23 and 24,and immediate
action on the part of the remaining holders is urged in order
to insure the success of the scheme.
The committee has extended until April 18 the time for (1) the deposit
of the receivers' certificates with the Columbia-Knick. Tr. Co., 60 Broad..
way; (2) for the filing of subscriptions by the holders of the other participating securities, for the stock of the new company at Bankers Trust Co.
16 Wall St., N. Y., or Old Colony Trust Co., Boston, depositaries. It its
understood that two-thirds of all the security holders, including the holders of the joint notes and terminal bonds, have assented to the plan and
subscribed for their allotment of new stock. . See terms in V. 98. p. 1070.
1091, 1067.
Atlantic Coast Line RR.-Holders of Unified 4s of 1909
Offered Even Exchange for New General Unified 4s Till
Dec. 1 1914.-Secretary H. L. Borden in circular of April 14
says in substance (see also adv. on another page):
The company, has closed its Unified 4% gold mortgage dated Nov. 16
1909, and no additional issue of bonds can be made thereunder. The new
General Unified Mortgage is practically similar to the closed mortgage in
terms and authorized amount, except that bonds issued under
instead of being limited to a maximum interest rate of 4%, can besame
issued in
a Investments and loans (at cost) on Dec. 31 1913 include railway bonds series bearing different rates not exceeding,6%,as
may be fixed by the board.
and notes, $1,832,608; municipal bonds and notes, $400,000; State notes, Series "A," bearing 43,6% interest from June 1 1914,
authorized.
$300,000; foreign government bonds, $195,625; bankers' time collateral and $30,847,000 of the said series are hereby offeredhasinbeen
exchange, par
for par, on or before Dec. 1 1914, to the holders of the $30,847,000
loans, $99,840; and shares of other companies, $1,470.-V. 98, p. 916.
of 4%
bonds of 1909, these last including $21,330,000 in the treasury of Atlantic
Coast Line RR. Co. and $3,008,000 in treasury
Ingersoll-Rand Company.
the Atlantic Coast Line
Co., all of which will be exchanged for the newof
bonds. As the new "A"
(Report for Fiscal Year ending Dec. 31 1913.)
bonds will bear interest at 4%% from June 11914,
if the exchange be made
before June 1, the interest for $20, due June 1 1914, upon
STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31.
each bond surrendered
will
be
paid
in
cash
when
exchange is made. The exchange of
1912.
1911.
1910.
1913.
bonds must be made at the U. S. Trust Co. of N. Y. 45 Wall St., which is
$2,154,008
$1,470,730
_42,017,900
$1,645,144
Earns, before chg. depr_
the corporate trustee
the new mortgage, and will now issue temporary
486,357
461,743
x595,712
415,316 receipts, exchangeableofon
Depreciation
and after July 15 1914, for permanent bonds
See also V. 98, D. 1154.
_$1,422,188
$1,667,651
year_
for
earnings
$1,008,987 $1,229,828
Net
354,600
Special div. in mfg. co_
Augusta-Aiken Ry. & Electric Corp.-Earnings.Calendar
Gross
Net(after Int.on
Other
Pf.Div. Balance,
$1,422,188 $2 022,251 $1 008,987 $1,229,828
Total net income
YearEarnings. Taxes). Sink.Fds. Interest.
(6%). Surplus.
$100,000
Interest on bonds
4100,000
4100,000
$100,000 1913
$725,073 $321,989 $55,000 $150,170 $90,000 $26.819
Div. on pref. stock,69
151,518
151,518
151,518
287,988 1912
293,153
662,591
55,000
138,211
90,000
9,942
Div.on corn. stock,5%
Y423,470
338,705
z329,515
263,720 -V.98. p. 688, 154.
Special reserve for patents and licenses
5,000
5,000
Bangor
(Me.)
5,000
Railway
& Electric Co.-First Common
15,000
Spec. res. for inventories
300,000 Dividend.-An initial dividend of IA of 1% has been declared
Net surplus for year__ _ $742,200 $1,427,028
on
the
$2,000,000
common
stock, payable May 1 to holders
$422,954
$263,120
x After deducting depreciation set up as reserve against capital assts,
depreciation applied directly to reduction of capital assets,
219.891.
y There was also paid a stock dividend of 25% ($1,693,875) on common
• stock May 1913.
z There was also paid a stock dividend of 25% ($1,318,625) on the
common stock in Oct. 1911.
BALANCE SHEET DECEMBER 31.
1913.
1912.
1912.
1913.
AssetsLiabilitiesReal estate
178,393 Preferred stock.. _ _ 2,525,500 2,525,500
177,733
Water supply_ _ _ _ 156,403
150,403 Common stock_ _ _ 8,469,400 6,593,125
Buildings
2,056,957 1,795,672 First mtge. gold
bonds
3,493,791 2,952,097
Machinery
2,000,000 2,000,000
629,619 Accounts payable.. 567,259
Tools and jigs_ _ _ 819,199
657,711
Patterns and dies_ 258,208
220,297 Bills payable
626,000
Drawings
158,011
141,968 Bond interest acFurniture & fist's_ 191,351
148,811
crued
50,000
50,000
Pat'ts, licenses,&c. 655,000
650,000 Pref. stock diviInvest's in mfg.cos
dend Jan. 1_ _ _ _
75,759
75,759
and treas. secur. 1,607,450 1,535,745 Depreciation re
Materials, &c_
5,280,606 4,530,656
serve
2,350,101 1,974,280
Accts. receivable. 2,222,312 2,380,704 Patent and license
Bills receivable_
279,220
234,508
reserve
655,000
650,000
Marketable securs. 1,181,334 1,364,996 Special inventory
Agents' cash bal. _
38,071
39,404
reserve
730,412
800,000
Cash at bank_ .._ _ 984,495
730,115 Surplus
a1,517,603 2,384,513
Def. chges. to Inc_
8,893
12,500
375,821, and
I
Total
19,567,034 17,710,888
Total
19,567,034 17,710,888
a The total surpluses as above are the amounts before deducting the
dividends on the common stock declared payable in April next following
the close of the respective years-see above.-V. 98, p. 1075.
Kelly-Springfield Tire Co., Jersey City, N. J.
(Report for Fiscal Year ending Dec. 31 1913.)
RESULTS FOR TIIE YEAR ENDING DECEMBER 31 1913.
$1,264,568 Other income
Gross profit
$43.376
Operating and adminis716,190
Total net income
trative expense
$591,755
Int. on notes & accounts_ _ _ 32,211
Net operating income__ $548,378
*Total net profit
$559,544
* This does not include profit on goods sold and not delivered. Compare
report for 1912 under former name of Consolidated Rubber Tire Co., V • 96,
p. 1366.
CONSOL. BALANCE SHEET DEC. 31 1913 (INCL. SUBSIDIARIES).
Assets ($9.835.061)Liabilities ($9,835,061)
Plant accounts & patents,
Preferred stock
$1,149,500
trade marks, good will,
Common stock
4,000,000
&c
$7,888,618 Accounts payable
17,939
Cash and cash Items
145,734 Reserve accounts
352,785
Notes & accts. receivable_
535.122 Accrued charges
14,037
Prepaid charges
33,979 Stock of subsidiary
500
Inventories at factory cost 1,231.608 Debenture bonds cos__- 2,850,500
Surplus
1,449,800
-V. 98, 1)• 157,
GENERAL INVESTMENT NEWS.
of record April 20.-V. 93, p. 1724.
Bituminous Coal Roads.-Status of Negotiations,
William Green, Secretary-Treasurer of the United Mine Workers of
America, announced at the Indianapolis headquarters on April 15 that
unofficial returns received there from the referendum vote taken among the
union soft coal miners throughout the country the day before indicate approval by a large majority of the recommendation of the policy committee
that the miners remain at work pending the settlement by districts of new
wage scale agreements with the operators. The Pittsburgh district, where
disaffection over the action of the committee had been most pronounced,
supported the recommendations of the committee by a vote of 4 to 1.
The official returns which are coming in will remain sealed until April 21.
While the vote is being counted,little work, It is stated, will be done by
the men anywhere. In the Pittsbrugh district less than 10,000 miners
were at work this week out of 45,000. While some operators are anxious
to get started on Lake coal shipments, many mines are still well stocked
with coal and are not urging the men to return.
Suit has been filed by the Rail & River Coal Co. to enjoin the State Industrial Commission from investigating mine conditions under the (Ohio)
Green Anti-Screen Law. An injunction, it IS said, would practically deny
the constitutionality of the law.-V.98, p. 1154, 1070.
- Boston & Lowell RR.-New Director.-
Philip Dexter who owns some 2,200 shares as trustee or personally, has
been elected a director to succeed Geo. A. Gardner. T. Jefferson Coolidge
has also resigned as a director but his successor has not been chosen .
Mr. Dexter, it is reported, is seeking from the Boston & Maine a separate
accounting to indicate how much the leased line contributes in operating
revenues.-V. 98, p. 234.
Boston & Maine RR.-Important Rate Decision.-The
New Hampshire Supreme Court on April 13 by a vote of
3 to 2 rendered a decision which is expected to clear up the
question as to the meaning and scope of the so-called raterestrictive statutes of 1883 and 1889 and end the litigation
which has been going on in the State for six or eight years.
General Solicitor Edgar J. Rich says in substance: "It has been the
contention of the railroad that the restrictive statutes of 1883 and 1889
applied to increases in rates as a whole, and not to increases in individual
rates. Since 1889 the road has increased many individual rates in New
Hampshire, but has decreased vastly, more than it has increased. Therefore, the total amount of money collected from shippers and passengers is
much less to-day than in 1889. when the last restrictive statute was passed.
Computations show thet the decreases in freight rates amount to pretty
nearly $500,000 more than the increases, and in passenger rates there has
probably been a net decrease of substantially the same amount. This
does not show that the New Hampshire rates can be increased $1,000,000
per annum, but it is possible now to increase rates without getting the consent of the Legislature.
"The deep significance of this is that the Public Service Commission
hereafter will be untrammeled by restrictive statutes and can deal justly
and fairly with the railroad to the extent indicated. The New Hampshire
Commission has a thorough knowledge of the rate situation and is disposed
to deal fairly with the road. Last June the New Hampshire Court deckled
that the restrictive statutes were not applicable to inter-Staterates. This
decision supplements the former decision and removes for all practical
purposes a rigid barrier to rate increases, leaving the adjustment of rates
to the intelligence and fairness of a public commission. This is undoubtedly
a final disposition of the case, because the Supreme Court of the United
States is bound by the interpretation of a State statute put upon it by the
State Supreme Court."-V. 98, p. 1155, 1070.
Calumet & South Chicago Ry.-Bonds.-The Merchants' Loan & Trust Co., Chicago, is placing at 95 and int.
RAILROADS, INCLUDING ELECTRIC ROADS.
1st M.5% gold bonds of 1908, due Feb. 1 1927, of which $5,Ann Arbor RR.-Notes Sold.-A syndicate of New York 175,000 are now out. A circular shows:
Earnings for year ended Jan. 31 1914, net from operation. $429.681:
bankers has, it is reported, purchased $750,000 2-year 6% other
income, 857,424; total net income, 8487,106; annual interest charge
notes which were authorized on April 14 by the Michigan on 85,175.000
first mortgage bonds,8258.750. As some of these bonds were
during this period, the actual interest amounted to 8232,986.
and Ohio RR. commissions. The proceeds will be used to notA out
first mortgage on 106 miles of track, &c., operated by Chicago City Ry.
pay off a like amount of notes due May 1.-V.98,p.1154,303. Co., the managements being identical. The franchise, which runs until
1927,and Is substantially the same as those of Chicago City Ry. Co. and
Arkansas Southeastern RR.-Receivership.-Referring Chicago
Rys. Co., fixes the valuation on this property as over $5.000,000
to statement published last week we now have the following: in excess of the amount of the 1st M. bonds, and provides for the payment
of 55% ofsurplus earnings to the city, after allowing
The Security Trust Co. of Detroit, as trustee for bondholders, instituted
foreclosure proceedings against the company in the U. S. District Court
at Shreveport, La., on March 2, and thereupon A. E. Green (Treasurer of
said trust company), D. F. McCullough and J. W. McKee were appointed
receivers and are now in possession and operating the road. Subsequently
in ancillary proceedings at St. Louis, A. E. Green was appointed receiver
by the U. S. District Court there. The St. Louis proceedings were instituted for the purpose of getting possession of the private car Olga, against
which attachments had been levied. Upon appointment of the receiver,
possession of the car was surrendered.-V.98, p. 1154.
5% on capital invested.
The issue of 1st M. bonds is limited to the cost of rehabilitation, improvements and additions, as certified under ordinance.-V.98, p. 1070.
Central of Georgia Ry.-New Officer.-Charles H.
Markham, who resigned as President and has been succeeded by William A. Winburn, with headquarters at Savannah,
has been made Chairman of the Board, a new position, with
office at 135 East 11th Place, Chicago.-V.98,p. 1155,1452.
1244
THE CHRONICLE
r
Chicago City Railway Co.—New Bonds.—The Merchants' Loan & Tr. Co., Chicago, is offering at par and int. a
block of the 1st M. 5s of 1907, due Feb. 1 1927, of which
there are now out $30,450,000. The company has paid regular]dividends since 1870. Compare V. 98, p. 911, 905.
Chicago Milwaukee & St. Paul Ry.—Decision.—The
U. S. Supreme Court on April 12 affirmed the judgment of
the Iowa Supreme Court sustaining an order of the State
P. S. Commission against the company, involving thereshipment of coal carried over the road from Eastern points
and trans-shipped at Davenport, Ia., a distributing point.
The Commission made a rate on the coal from Davenport to local points
within the State. The company resisted the order, contending that the
shipment was an Inter-State transaction because the coal had not been
removed from the cars in which it had been carried from the East after
reaching Davenport before being re-billed to the local points in Iowa. The
State Supreme Court issued a mandatory order directing the road to obey
the order of the Commission and carry the coal between the two Iowa
points for the rate fixed by the Commission.
No Bond Issue at Present.—It was reported this week
that negotiations were pending for the sale of a block, possibly $25,000,000 or $30,000,000, of the new general and refunding 43/2% bonds.
President Earling at the conclusion of a special meeting of the directors
on Thursday is quoted as saying that no definite action had been taken on
the matter and that he did not know when a decision _would be reached.
It is generally supposed that steps will be taken in the near future to float
a new bond issue to meet the company's requirements for new capital and
obligations maturing during the coming slum-nen—V. 98, p• 838. 689.
Cities Service Co., New York.—New Stock Authorized.—
The stockholders voted April 7 to increase the authorized capital stock
from $50,000,000, divided into $30,000,000 pref. and $20,000,000 corn., to
$65,000,000, divided into $40,000,000 pref. and $25,000,000 coin. stock.—
V. 98, p. 1070.
Colusa & Hamilton RR.—Lease.—
The Cal. RR. Commission on March 17 approved the proposal of the
Southern Pacific RR. Co. to assign its 5-year lease of this property to the
southern Pacific Co. It is said the line will be extended 61 miles, from
Hamilton to Harrington.
Connecticut Company.—Trustees Chosen.—
See Now York Now Haven & Hartford RR. below.—V. 98, p. 999.
Denver & Rio. Grande RR.—Trackage,
See U.S. Smelt. Ref. & Min. Co. under Reports above.—V. 97, p. 811.
Denver Tramway Co.—Underlying Bonds Called.—
Forty-eight 1st M. 5% gold bonds of the Denver Tramway Power Co.
for payment at 105 and.int. on May 11 at International Trust Co., Denver.
—V. 98, p. 1156.
Detroit River Tunnel Co.—Bonds Sold.—William A.
Read & Co. have purchased and re-sold to private investors
$2,000,000 Detroit Terminal & Tunnel 1st M. 50-yr. 43%
bonds, due May 1 1961, guaranteed, prin. and int., by the
Michigan Central RR., which are part of an issue of $30,0)0,000, $18,000,000 being now out.—V. 98, p. 1156, 911.
Fort Wayne & Northern Indiana Traction Co.—Earns.
On inquiry, we learn that the item of charges shown last week included for
191.3 interest on bonds, $510,893; interest on floatine debt, $18,531, and
taxes, $57,339 (total $586,763); while the estimated amount, $586.837, for
1914, was made up as follows: Interest on outstanding bonds. $512,394;
interest on $1,200.000 new 6% notes, $72,000: interest on floating debt,
$2,443. Compare V. 98. p. 1156.
Grand Trunk Pacific Ry.—Completion of Line.—The
last mile of the main line between Winnipeg, Man., and
Prince Rupert, 1,746 miles, was completed on April 7 at a
point 371 m. east of Prince Rupert and 1,375 m. from
Winnipeg.
The formal opening will take place shortly and it is expected that regular
through train service will be begun soon thereafter.—V. 98, p. 522, 73.
[VOL. xcvnr.
receivers' certificates and notes; preferential claims, about $550,000; the
proportion of the sale price attributable to the non-depositing bondholders;
the costs, charges and expenses of the bondholders' committee of the foreclosure, and the whole interest on the present note issue. The surplus from
the present note issue and the unissued notes will be available to improve the
permanent way and for improvements tofacilitate the handling of traffic, Sm.
Until the foreclosure sale is completed and the railroad vested in the new
company which will issue the notes, subscribers for the same must look
exclusively to the security of the $18,970.138 1st M. bonds of the present
company deposited with the committee, there being undeposited in the
hands of the public only about $2,438,862 of the total bond issue. The
members of the bondholders' committee are not to be personally liable for
the amount subscribed or interst thereon, but the proceeds will be retained
by the trustees to make such of the payments above mentioned under the
direction of the committee as may be necessary to enable the notes to be
secured by the pledge of all the securities representing the ownership of the
725 miles of railroad in the United States,on which there has been expended,
including equipment, $19,500,000.
When the receivership is definitely terminated, the committee intend to
publish a plan of reorganization and invite its adoption by the bondholders
of the existing company, but it is not proposed at present to reorganize
the company's properties in Mexico. Out of the first moneys receivable
under any such plan, sufficient will be retained to re-pay the present note
issue at par, and the intention of the committee is to give noteholders a
preferential right to an allotment of any prior lien bonds contemplated
and to allow security-holders holding these notes to tender their notes in
payment of any privileges and assessments under the plan.
The line in the United States has recently been completed to Alpine and
is now in operation from Wichita, Kan., to Alpine, Tex., 737 miles (including trackage rights over 12 miles), and at Alpine connects with the Southern
Pacific RR. Access to Kansas City is now obtained over other companies'
lines but the committee intends In the plan to make provision for the completion of the line from Wichita to Kansas City,a distance of 207.99miles,
of which 54 have been graded.
The gross earnings in the United States for the year ended June 30 1913
amounted to $1,898,968, but this affords no indication of the future earning
capacity, as the lino was operated in disjointed sections by receivers.
Estimate by Experts Kendrick and Coverdale of Earnings of Line from Kansas
City to Alpine.
5th Year.
4th Year.
1st Year.
2d Year.
3d Year.
Gross
$5,370,000 $5,800,000 $6,216,000 $6,682,000 $7,217,000
1,880,000
1,738,000
Net
1.290.000 1,450,000 1,690,000
—V. 98, p. 763, 453.
Kansas City Terminal Ry.—Additional Bonds Offered.—
J. P. Morgan & Co. New York; Lee, Iiigginson & Co., New
York, Boston and dhicago, and the Illinois Trhst & Savings
Bank, Chicago,are offering, at 933/ and int., yielding 4.33%,
an additional 83,000,000 1st M.4% 50-year gold bonds dated
1910, making $33,094,000 outstanding.
Total Auth. Issue, $50,000,000 (Trustee, Illinois Trust & Sat). Bk., Chicago).
00
0
,0
00
64
7,
69
6,,0
$33
Outstanding (including bonds now offered)
Pledged to secure £1,000,000 sterling notes (V. 97, p. 49)..
Reserved to retire, par for par, all 1st M.6% bonds of Kansas
7:570390:000000
2,500,000
City Belt By. Co., due July 1 1916
Reserved for construction, equipment, additions and impts__ _
of
about
188
miles of main and inThe present plans include a total
dustrial railroad tracks, four local freight stations, passenger, freight and
switching yards, roundhouses and shops, as well as the union passenger station, the whole to cost it is estimated. (including real estate) over
$40,000,000. Construction is progressing satisfactorily and it is expected
that the passenger station and its approaches will be ready for use
during 1914. Compare V. 96, p. 135; V. 97, p. 49.
Lake Shore & Michigan Sou. Ry.—Consolidation Plan.—
See New York Central & Hudson River RR. below.
Mortgage to Secure Debentures of 1903 and 1906.—The
shareholders will vote June 16 on consenting to the execution
of a mortgage by the company to secure the payment of its
$50,000,000 25-year 4% gold bonds of 1903 and $50,000,000
25-year 4% bonds of 1906. Sec. Dwight W. Pardee says:
The indentures under which these bonds of 1903 and 1906, aggregating
$100,000,000, were issued provide that the company will not make any new
mortgage upon its railroad without also thereby including therein every
bond issued under said indentures equally and ratably with every bond
Issued under and secured by any such mortgage. The board of directors
has authorized the execution of a mortgage securing those bonds upon Its
railroad and franchises and upon its leasehold interests in the Erie & Kalamazoo RR. the Detroit Monroe & Toledo RR. the Northern Central
Michigan R11.,
' tho Kalamazoo & White Pigeon Till. and the Swan Creek
!Sy. and upon such other property, if any, of the company as may be
described in said mortgage. (See closing paragraphs of N. Y. Central
plan in V. 96. p. 1424).—V. 98, p. 1080, 1066.
Hollidaysburg Bedford & Cumberland RR.—Guaranteed Bonds Offered.—Colgate, Parker & Co., N. Y., and Edward Lowber Stokes, Phila., are offering at 94 and int.,
Lehigh Valley RR.—New Director.—Wm. P. Clyde of
yielding about 4.32%, $1,073,000 1st M.4% gold bonds.
N. Y. has been elected a director to succeed Charles Steele
Unconditionally guaranteed by endorsement by the Pennsylvania RR.
Co., both as to principal and interest. Dated July 1 1911 and due July 1 of J. P. Morgan & Co., who resigned.
1951. Par $1,000.c*. Interest J. & J. Trustee, Commercial Trust Co.,
Philadelphia. Free of Penn. State tax, and company also proposes to pay
interest without deduction for normal Federal income tax. A first mortgage on 80.87 miles of road. The Pennsylvania RR, owns the entire
capital stock and the road will be acquired by that company and become a
portion of its system, according to the resolutions passed March 1914
(V. 98, p. 696). No more of these bonds will be issued prior to the asquisition by the Pennsylvania RR. Co. and none can be made thereafter
as tho company will have ceased to exist.
Mr. Clyde also becomes a member of the executive and finance committee.—V. 98, p. 912, 763.
Extracts from Statement to the Bondholders by Aforesaid Bankers,
While the reorganization of the property in the United States, with provision for the completion of the railway to Kansas City and terminals at
that point, will involve the raising of some 315,000,000, the issue of the
$5,500,000 of notes above mentioned will provide sufficient funds to end
at an early day the costly receivership and place the railway in a position
to be operated to better advantage than heretofore. The entire issue
represents an indebtedness of less than $8,000 a mile on the completed
mileage now in operation in the United States, with the e mipment thereof.
If the notes run to maturity, they will yield a return of 73(% , and considerable more if (as seems most probable) redeemed within a year or less.
Condensed Prospectus Issued by Reorganization Committee.
Notes.—Theso will be issued by the new company to be formed as within
stated and they will here
-payable at par and int. on April 30 1916, and the
whole may be redeemed previously, at par and int., at any time on 60 days'
notice, either at the London office, in sterling at 48. 1 jid. to the $ (equal to
£206 55.), or in N. Y. at Colum.-Knick. Tr. Co., in currency. Interest
payable April 30 and Oct. 31. Trustee for note-holders, Trustees, Executors & Securities Ins. Corp., Ltd., London, and Col.-Knick. Tr. Co., N. Y.
The amount required to meet the interest on the notes for the entire
period of two years will be held by the trustees.
The committee has recently obtained a decree of foreclosure and desires
an Immediate sale thereunder, and thereby the termination of the costly
receivership. The present note issue is being made to provide for the
6,0
40
50:0
000
Sinking fund improvement bonds
Five year 5% notes (this issue)
miles
are
643
which
owned
of
and 563 miles
Operates 1,206 miles of road,
are operated under leases, the latter embracing 496 miles held under 999year leases and practically owned. There is no mortgage on 321 miles of
Bangor
and
other
principal points in
main lino extending from Portland to
Maine,and no mortgase may be placed thereon without including this issue.
For the year ending June 30 1913 the company earned a surplus of $1,118.funds.
Interest charges on these
544 after meeting rentals and sinking
notes will require $300,000 per year, but as $2,000,000 4% notes were reinterest
charges
in
increase
will be only $220,000.
1914,
the
net
April
1
tired
Maine Central RR.—Notes Sold.—It was announced on
April 11 that the company had sold to Lee, Higginson & Co.
and Kidder, Peabody & Co. $6,000,000 5-year 5% gold notes
dated May 1 1914. The notes were offered at 99 with int.
adjustment and were all sold on April 14, $2,000,000 of them
Jackson (Miss.) Light & Traction Co.—Bonds.—The being placed in Maine. Further particulars follow:
Chicago Savings Bank & Trust Co. is offering at 97 and int.,
Notes due May 1 1919 but callable as a whole, but not in part, on any
Denominations $1,000. $5,000 and $10,000
yielding over 5.4%, a block of the original issue of $700,000 interest date at 102 and int.(M.
& N.) payable in Boston and Portland.
Principal and interest
(c*).
1st M.5s of 1912, due April 1 1922. See V.94, p. 1566.
on its franchises
The company agrees that it will not issue any new mortgage
notes or any notes given in renewal
issue
as
long
as
this
property
or
Ry.—Note
Kansas City Mexico & Orient
Offering.—The thereof shall be outstanding and of
unpaid without including them in such
mortgage indebtedness.
Columbia-Knickerbocker Trust Co. and Chas. D. Barney & mortgage on the same basis of security as the other
The purpose of the issue is to provide fluids for refunding $2,000,000
Co., New York, offered privately at 973'2 on April 15 Maine
Central notes which matured April 1 1914 and a $3,000,000 Maine
(preferentially to the company's bondholders) a portion of the Central note due May 11914, and for additions to property.
present issue of $5,500,000 6% 2-year coupon gold notes
n.around 98 (includua
ottigd
qiz
ta l
and
.aPi
stock, paying 6% p. aC
brought out by the reorganization committee, of which Lord Capital
$24,774,141
ing $9,948,067 issued at par in 1913)
owned
Monson is Chairman, and forming part of an authorized Mtge.
linos
6,206,500
branch
miles
of
bonds on 322
7.841,500
Mtge. bonds on 424 miles leased
issue of $6,000,000. Circulars show:
12,520,738
Guaranteed stocks of' leased companies
Control(64%) of Capital Stock Now Held by Maine Railways
Co.—Pres.McDonald in circular of April 11 says in substance:
In accordance with the votes of the stockholders March 31, Maine Railways Companies, composed of Charles 0. Bancroft, Morris McDonald
and Harry M. Verrill, as trustees, on April 1 purchased from the Boston &
Maine RR. its total holdinss of Maine Central RR.Co. stock ($15,960.100)
—64% of the total—at 95)(%,amounting to $15,202,000. This stock was
thereupon pledged to Fidelity Tru.st Co. of Portland, as trustee, to secure
an issue of Maine Railways Companies(see that title below) five-year 5%
notes, amounting to $12,202,000. These notes were delivered on April 1
to Boston & Maine RR. in payment of $12,202,000 of the purchase price of
APR. 18 1914.]
THE CHRONICLE
the stock and the capital of Maine Railways Companies ($3,000,000) in
payment of the balance. The whole arrangement was planned for the sole
purpose of removing the Maine Central RR. Co. from foreign control.
Whatever profits arise from it will pass automatically into the treasury of the
road. Unless the RR. Co.should hold a special meeting prior to Oct. 1914,
our annual meeting will be the first occasion upon which the local control
will be actually exercised in voting.
Ultimately, the citizens of the State should be allowed to acquire a majority interest. so that they may control the future development of the
property. The road ought to earn and pay dividends at the rate of 6%
upon its present captial stock, which represents cash for its face amount
paid into the treasury. All that the management asks is just treatment.
Compare V. 98, p. 1071. 912.
Maine Railways Companies.—Description of Notes.—The
5% notes to be issued by the Maine Railways Companies will
be limited to $12,202,000, will be dated April 1 1914 and will
mature April 1 1919. See also Maine Central RR. above.
—V. 98, p. 912.
Mesaba (Electric) Ry.—Bonds Offered.—Graham & Co.
and W. H. Newbold's Son & Co., both of Philadelphia,
are placing at 94 and in, yielding over 53'%, the unsold
portion of the initial issue of $1,100,000 1st M.
sinking fund 5% gold bonds, dated March 1 1912 and due
March 1 1932, but redeemable as a whole on any interest
date, or by lot for sinking fund, at 105 and int. Par $1,000*.
Interest M. & S. Authorized, $2,500,000; outstanding,
$1,100,000. American Trust Co., Boston, trustee.
Digest of Statement by Pres. Oscar Mitchell, April 8 1914.
Bonds.—Free of normal Federal income tax and Pennsylvania holders
will be reimbursed for the four mills Penn. State tax. The remaining
$1,400,000 bonds can be issued at not over 80% of value of new property
or securities acquired, but only when annual net earnings are double the
interest charges, including bonds proposed. A 1st M. On entire property.
Annual sinking fund of 2h % of bonds outstanding begins Jan. 1 1917
and should retire by 1932 about 60% of present outstanding bonds.
Property.-35 miles of electric railway connecting directly and without
competition the towns of Hibbing, Chisholm, Buhl, Mountain Iron, Virginia, Eveleth and Gilbert, and intermediate communities of Genoa, Kinross, Kinney, Lucknow and Sharon of the so-called Messabe Iron Oro
Range of Minnesota, serving an all-year average population of more than
50,000. Incorporated under steam railroad laws of Minnesota. About
80%, or 28 miles, of the road is on private right-of-way (subject to mineral
reservation); balance, franchises extending 25 years from 1911 and 1912.
The properties of the company are all in first-class physical condition, the
roadbed is of standard steam railroad construction; power house, rolling
stock and other equipment are entirely modern and ample for the company's
requirements. The company has an advantageous contract for its supply of
fuel. The management of the company is conservative and efficient and
under a supplemental agreement it is required that an annual charge of
at least 15% of gross earnings is to be made for maintenance of co's property.
Capital Stock.—Equity is represented by the outstanding stock, viz.•.
$550,000 7% non-cumulative pref. (total auth. $1,250,000) and $1,575.000
common (total auth. $2,500,000).
.began in Mar.'13.)
Earningsfor First 11 Mos.to Jan. 31 1914 (Complete Oper.
Gross earnings
$50,437
$232,591 I Interest on bonds
Net (after taxes)
$102,595ISurplus
$52,158
—V. 98, p. 1157; V. 94, p. 1317.
Missouri Kansas & Texas Ry.—Dividend Prospects.—
In view of the decrease in earnings, there has been much gossip as to the probability that the semi-annual dividend on
the $13,000,000 4% non-cum. pref. stock usually paid on
May 10 will be either omitted or reduced.
1245
Digest of Letter from Pres. A. H. Smith, New York, April 15 1914
ds.—The $40,000,000 refunding and improvement, Series "A" 4%%
gold bonds which you have purchased are secured by the Ref. & Impt.
Mtge. dated Oct. 1 1913. to the Guaranty Trust Co. of N. Y., trustee.
All of the bonds secured by this mortgage will mature Oct. 1 2013. Series
"A" bonds are redeemable at 110 and int. on any interest date,on 3 months'
notice. Counsel reports that these bonds are a legal investment for
savings banks and trustees in N. Y., Conn., N. H. and R. I. The mortgage-recording tax imposed by N. Y. State has been paid and these bonds
are therefore exempt from personal taxation in N. Y. State. [Denom.
* $500 and $1,000; r* $1,000 and multiples. Also see V. 98, rt. 387.1
The P. S. Commission of N. Y., 2d Dist., and the P. U. Commission of
New Jersey, have authorized the present issuance of not to exceed $70,000,000 4 % Ref.& Impt. M.bonds. As the proceeds of this $70,000,000
is to be used to meet maturing obligations, the annual interest charges will
not be increased.
It is the purpose, through this mortgage, to provide means for future
financing Insofar as met by issuance of bonds. Bonds may be issued from
time to time to retire outstanding prior liens, so that the bonded debt
may be gradually unified. The mortgage authorizes the issuance of bonds
to an amount which, after adding the outstanding prior debt and deducting
the amount of bonds reserved for refunding, shall never exceed three times
the outstanding capital stock. This provision limits the present authorized
amount to S676.743.300, of which $297,211,400 are reserved to refund
underlying bonds. If the amount of outstanding capital stock (now
$225,581,150) is increased, the authorized issue under the mortgage is
thereby automatically increased: but when the amount of bonds outstanding
under the mortgage reaches $500,000,000, additional bonds may not be
issued (except for refunding) unless expressly authorized by a majority vote
at a stockholders' meeting, and then only for not exceeding 80% of the cost
of work done or property acquired. Furthermore, of the total amount of
bonds at any time outstanding, not more than one-third may have been
used in the acquisition of bonds or stocks of other companies.
Property Covered.—These bonds are secured (1) by direct general mortgage, subject to $296,611,400 underlying bonds, on the 1,827.66 miles of
line owned in fee, having a total track--exclusive of sidings—of3,198.18
miles; (2) by Pledge of the leasehold interests in the West Shore, N. Y.&
IIarlem, Beech Creek, Troy & Greenbush, Beech Creek Extension, New
Jersey Junction, Geneva Corning & Southern and Wallkill Valley railroads,
aggregating 1,191.61 miles of line owned with a total track—exclusive of
sidings—of 1,843.19 miles, subject to outstanding underlying obligations
amounting in the aggregate to $80,664.000; grand total, including leaseholds, 3,019.27 miles of line, having a total track of 5,041.37 miles,subject
to $377,275,400 prior obligations, of which $6,000,000 are now held unissued in the treasury of the N. Y. Central.
The main line from New York to Buffalo is four-tracked throughout,
except for about 50 miles of double-track line between New York and
Albany—and including the ownership of the double-tracked West Shore RR.
the N. Y. Central has practically a six-track road through N. Y. State.
Net Debt per Mile.—The company's Lake Shore Collateral 33 % bonds
and Michigan Central Collateral 3;4% bonds are secured not only by its
new Consolidation Mortgage, but also by specific pledge of all the capital
stock which the company owns in these integral parts of its system. This
stock, on the basis both of market value and income return, exceeds in value
by a large margin the outstanding $109,914,400 Collat. 3As. and these two
bond issues may therefore be fairly eliminated in calculating the underlying
debt per mile. Account should also be taken of the expenditure by the
N. Y. Central of over $45,000,000 on the Grand Central Terminal property
in N. Y. City, which in a few years is expected to be self-supporting. Offsetting these two items, amounting to about $155,000,000, against the
underlying debt ($296,611,400) upon the 1,827.66 miles of line owned in
fee, the weight of prior debt, supported by the mileage subject to the Ref.
and Impt. Mtge. would amount to only $77.500 per mile of line and
$44,260 per mile of track. Forthermore, the present inventory value of the
company's rolling stock, exclusive of that covered by equipment trust
bonds outstanding, is over $84,000,000.
Income and Fixed Charges of the Company for the Last Five-Year Period.
1909.
1910.
1911.
Gross earnipgs..
$109,082,717 $120,145,842 $125,393,616
Gross corporate income..
$35,742,357 $36,459,120 $40,592.181
Interest, rentals, &c
22,046.936
22,170,448
25.287,732
Net corporate income
$13.695,420 $14,288,672 $15,304,449
The estimated gross earnings for March were $159,437 less than last year,
1912.
1913.
5-Year Avge
making the total decrease since July 1 last $536,495. The crop outlook is
$133,359,692 $139,352,878 $125.466,949
excellent and the company is expecting the usual heavy live-stock movement Gross earnings.
Gross corporate income.
$40.890,960 $39,338.754 $38.604.675
this spring.
27,011,122
26,095,195
24,522,283
President Schaff is quoted: "The dividend on the preferred stock willbe Interest, rentals, &c
considered on April 22. Thus far it has not been discussed either formally
Net corporate income
313,879837 313,243,558 $14,082,387
or informally by the board of directors."—V. 98, p. 1157, 999.
In addition to the foregoing, the undistributed
of the Lake Shore
Missouri Pacific Ry.—Fall in Price of Stock—Maturing & Mich. Sou. alone, to which the N. Y. Central isprofits
entitled have averaged
per annum during the last five years; adding which, the average
Notes.—The price of the company's stock on the N. Y. Stock $5,115,648
corporate income of the N. Y. Central, as above, would be increased
Exchange fell yesterday on sale of 65,000 shares from 243' gross
to over 1X times fixed charges.
Dividends—Equity.—Since incorporation in 1869 the company has paid
to 183/2, closing at 18%. The secured gold notes were also dividends
of at least 4% per annum, and since 1900 not less than 5% per
very weak on the curb. "Evening Post" April 17 said: annum. The
equity for the bonds is further shown by the fact that since
President B. F. Bush was in Wall Street to-day and repeated his asser- 1900 the company has sold to its own stockholders nearly $122,000,000
tion that the $25,000,000 notes which mature June 1 would be taken care of. of capital stock at 100 to 125, realizing in cash in excess of $126,000,000.
He further said that negotiations with the Guaranty Trust Co. for financing
New Directors.—llarold S. Vanderbilt, Ogden Mills and
the maturing notes had been broken off, and that it was not hoped that at
this late day, and under existing market conditions, long-term bonds [of Robert S. Lovett have been elected directors to succeed
Southern
Iron
Mt.
&
Ry.]
could
be
Louis
been
sold,
as
had
expected. J. Pierpont Morgan and Geo. S. Bowdoin, both deceased,
the St.
He added, however, that arrangements for taking care of the notes temand L. C. Ledyard, who resigned.
porarily would be made next week.
banking
firm
the
of
which
head
represents
the
Missouri
James Speyer,
Mr. Lovett represents the stock holdings of the Union Pacific, which
Pacific, also stated that the $25,000,000 maturing notes would be provided since the death of E. II. Harriman has had no representative on the board.
for. Mr. Speyer said that all interests connected with the property were
Judge Lovett says: "As is well known,the Union Pacific has a substantial
He
pointed
notes.
out
that
the collateral under interest in the stock of the New York Central and through the extra diviopposed to default on the
the notes was'more than enough to secure the holders.—V. 98, p. 913.
dend distribution decided upon some months ago it has practically divested
itself of its interest in Baltimore & Ohio. It is natural, therefore, that I
New York Central & Hudson River RR.—Consolidation should
go to the board where we have the larger interest."—V. 98,p. 1157.
Plan Approved by Over 75% of Company's $90,578,400 Lake
Shore Collateral 3%s—Option of Exchange Consolidation M.
48 Terminates.—Notice was given April 11 that the holders
of more than 75% in amount of all the outstanding N. Y.
Central & Hudson River RR. Co.'s 3%% gold bonds, Lake
Shore collateral, had consented to the consolidation of the
company and the Lake Shore & Michigan Southern Ry.Co.,
and that the offer to consenting holders of the privilege of
exchanging, following consolidation, their 33/2% bonds for
4% mortgage bonds, as set forth in letter dated May 14 1913,
is withdrawn as to holders of such bonds who had not prior
to April 11 1914, given their consent to consolidation.
(See V. 96, p. 1424; V. 98, p. 387).
The directors of the two companies will now draw up an agreement for
consolidation, which will fix an equitable ratio for the exchange of the shares
of the Now York Central & the Lake Shore for the stock of the consolidated
company. This agreement will be submitted for approval by the holders
of two-thirds of the stock of the two companies named an by the railroad
commissions of the States through which the two railroads run.
Sale of New Bonds.—J. P. Morgan & Co. recently bought
$40,000,000 of the new 100-year 432% Refunding and Improvement Mortgage bonds, taking from the company an
option good for six months upon an additional $30,000,000
bonds; and after withdrawing and selling privately $15,000,000 bonds formed a sundicate on the remaining $25,000,000,
carrying with it the ptoportion of the option bonds. The
sale of these $70,000,000 bonds will, it is stated, finance the
company's requirements for the current year.
The block of $25,000,000 bonds is offered at 953
4 and
int. (yielding 4.70% income) by J. P. Morgan & Co., First
National Bank and National City Bank by adv. on another
page.
New York Connecting RR.—Bonds Sold.—The P. S.
Commission on April 14 authorized the company to issue
$5,000,000 additional 1st M. 43'% gold bonds, making the
amount outstanding $16,000,000. J. P. Morgan & Co. and
Kuhn, Loeb & Co., who purchased the previous issue (V.97,
p. 1504), have also taken the new block and are selling them
at 98 and interest.—V. 98, p. 1072.
N. Y. New Haven & Hartford RR.—Official Statement.
See "Annual Reports" on a preceding page.
Trustees for Trolley Properties.—Attorney-General Ma
Reynolds on April 14 announced the following trustees for
the controlled trolley lines to serve "in case the suggested
adjustment of the New Haven transportation problem is
carried out", until the stock holdings therein are sold,as
they must be, by July 1919(see Reports and V. 98,p. 1000.)
Connecticut Company—Judge Walter C.Noyes of New London, William
Waldo Hyde of Hartford, Lyman B. Brainerd of Hartford, George E. Hill
of Bridgeport and Charles Cheney of South Manchester.
Rhode Island Company—Rathbone Gardner, Thomas Francis Green,
John C.Ames,John P. Farnsworth and Chas. C. Mumford,all of Providence.
Ex-President Mellen Acquitted.—Judge Tuttle at Bridgeport, Conn., on April 14 on the recommendation of the State
Attorney-General, dismissed for lack of evidence the charge
of manslaughter against former President Charles S. Mellen,
which was returned as a result of the wreck of the Springfield
express at Westport, October 2 1912.
Mr. Mellen had been out on bail since his arrest in May 1913 on a bench
warrant. Judge Tuttle says: "In a trial it would have been the duty of
the State to prove the duty of the accused, the violation by the accused
of that duty and that negligence gross in character had taken place. It ia
this last phase which is hard to prove."—V. 98, p. 1000, 1072, 1157.
1246
THE CHRONICLE
Northern Central Ry.-Bill Signed.-Gov. Goldsborough of Maryland on April 13 signed the bill (which while
general in its character and following the lines of similar
laws in other States) would validate the 40% stock dividend
forming a feature of the proposed new lease arrangement.
Compare V. 98, p. 1157, 604, 616.
Northern Texas Electric Co.-Bonds.The bond offering noted last week discloses the fact that the Northern
Texas Traction Co. has created, subject to its outstanding issue of $2,500,000 1st M.5s, an issue of participating mortgage bonds, of which the entire
outstanding amount ($2,024,000) has been deposited as part collateral for
the Northern Texas Electric Co. notes. The total authorized issue of
these notes is $10,000,000, viz. $3,063,000 now outstanding, $62,000 canceled by sinking fund, $2,500,600 reserved to retire the aforesaid $2,500,000 (not $1,500,000) 1st M.5s of the Traction Co., and $4,375,000 for further improvements,extensions, &c.-V.98, p. 1157.
Northwestern Pennsylvania Ry.-New President.George A. Gaston has been elected President to succeed
H. W. Thornton, who resigned.-V.98, p. 237, 74.
Pacific Gas & Electric Co.-Notes Offered.-Harris,
Forbes & Co. and N. W. Halsey & Co. are offering at par
and interest the remaining $2,000,000 of the authorized
issue of $7,000,000 one-y.ear 5% gold notes, due March 25
1915. The proceeds derived from the sale of the notes will
be used for general purposes, construction work,&c. ComKl.
re offering of original $5,000,000 issue, V. 98, p. 839.
Gross
Net (after
Bond Int., Pref. Divs.
Balance.
Earnings.
YrTaxes.) Disct., eec.
(6%).for Common.
1913----$15,8690$6,871.130 $4,148,086 $600,000 $2.123,044
1912 --- 14,744,651
600,000
3.696,814
6,313,490
2.016.676
Dividends of 2ji% (the amount paid in 1913) on the $32,109,300 common stock outstanding at last accounts (having been increased from $31.998,759 on Dec. 31 1912) would call for $802,732, leaving a balance of
$1,320,312 in 1913. In 1912 $1.520,435(5%) was paid on common,leaving $496,241.-V. 98. p. 913.839.
Pennsylvania Railroad.-Guaranteed Bonds.See Hollidaysburg Bedford & Cumb. RR. Co. above.-V. 98, p. 840.
Philadelphia & Baltimore Central.-Listed in Phila.--
The Phila. Stock Exchange has listed the $2,200,000 1st M. 4% gold
bonds, due Nov. 1 1951. See V. 98, p. 305. 388.
Pittsburgh & Butler Street Ry.-New Bonds.-The
stockholders will vote on June 12 on increasing the indebtedness of the company from 82,000,000 to $4,000,000, and the
issuance of bonds therefor.-V.84, p. 1552.
Pittsburgh Cincinnati Chicago & St. Louis Ry.-New
Director.-T. De Witt Cuyler has been elected a director to
serve until April 1916, to succeed Joseph Wood, who resigned.-V. 98, p. 1087, 1065.
Portland (Ore.) Railway, Light & Power Co.-Sale of
$5,000,000 Notes.-E. W. Clark &
hila., announce the
sale at 99M and int., yielding about
Co.,'532%, of $5,000,000
one-year 5% gold notes,dated May 1 1914,due May 1 1915.
[VOL. xavni.
each and one turbine unit of 3,750 h. p. Sub-stations at Avoca and
Plains, Pa. Equipment: 2 electric freight locomotives, 4 motor box cars,
1 motor work car,30 passenger cars,37 freight cars. Total cost of propertY.
$7,000,000; total bonded debt, $4,000,000. Serves an estimated population of 410,000, growing rapidly.
1913.
1912.1913. 1912.
Total gross earns_$652,952 $607,2711Present int. chgo_$210,000 $210,000
Net, after taxes__ 292,029 256,465 Balance, surplus_ 82,029
46,466
Voting Trust, &c.-The common stock will be held for 5 years by three
voting trustees, to be appointed, one by Westinghouse Elec. & Mfg. Co,
one by Senator William C. Sproul, of Chester, Pa., and one by Bioren 8c
Co.,Phila. [Ford, Bacon & Davis in charge of oper.]-V. 98, p. 1,158.
Springfield (O.) Railway.-Bonds for Refunding.-The
P. U. Commission of Ohio on April 8 approved the plan to
issue $1,244,000 1st M. 5s to refund an issue of the same
amount made in 1913; also $143,200 6% pref. stock for betterments and improvements.-V. 98, p. 612.
Underground Electric Rys. of London.-Offering of
Sub-Company's Debenture Stock.-The International Financial
Society, Ltd., London, E.C., having acquired the entire
authorized £350,000 "A"5% debenture stock of the London
& Suburban Traction Co., Ltd., offered the same on or about
March 19,and authorized Parr's Bank, Ltd.,as bankers, to
receive applications therefor at 92%. An adv. shows:
Due April 15 1934, but callable at par (a) for 2%% cum. sinking fund
beginning April 11914; (b) all or part after Oct. 15 1918. Int. A.& 0. 15.
Secured 13y a trust deed, Union Commercial Investment Co., Ltd. trustee,
% 1st M. debenture
containing a specific first charge on (a) £350,000
stock, part of a total issue of £550,000 like debenture stock secured by a
trust deed, dated Feb. 5 1913, of which total issue £180.733 has already
been issued and E19,267 is at present held in reserve; and (b) the fully-paid
shares in the South Metropolitan Electric Tramways & Lighting Co., Ltd.,
and the Gearless Motor Omnibus Co.,Ltd. When the "A" debenture
stock now offered is from time to time redeemed and canceled, a proportionate nominal amount of the 1st M. debentures pledged will be released.
The London & Suburban Traction Co., Ltd (share capital issued and
fully paid, in £1 shares: 5% cum. pref. shares, £1,596,072; ordinary shares,
£1,841,854) was incorporated in Nov. 1912 (V. 95, p. 1609). and has
acquired the undermentioned shares, thus uniting the interests named:
Amounts held (Paid-up Value) and
Same so
Amount
Pledged
Portion Thereof Pledged for 1st M. Deb.StockHeld,
Metrop. Elec. Tram., Ltd.,5% cum. pref., par £L__ 451,900 439,800
do
ordinary shares, par £1
462,566 458,865
Tramways (M.E.T.) Omnibus Co., Ltd., 200,000 ordinary shares of £1 each, is. paid
10,000
10,000
Lon. Un. Tram., Ltd.,5% cum. pf. shs. (for £10 each)1,212.790 1,201,550
ordinary shares. £10 each
do
979,350 977,400
South Metrop. Elec. Tramways & Lighting Co., Ltd.,
6% cum. pref. shares, par £1
168,246
Ordinary shares, par
181,190
Gearless Motor Omnibus Co., Ltd., ord. shs., par £1.-12,490
Total paid-up value of shares held
3,478,532 3,087,615
Results for 1913, the First Year of the Company's Existence (Subject to Audit)
Income available for debenture service
£103,260
Int. upon £180,733 issued 4 % 1st M.deb. stock for 1913
8,095
Available for int. and s.fd. (total £26,250) of"A"deb .stock £95,155
The omnibus fleet of the Tramways(M. E. T.) Omnibus Co., Ltd., was
not in full service until Aug. 1913. The present issue is made for the purpose of paying temporary loans.-V. 98, p. 906, 914.
These notes are secured by deposit of the entire issue of $5,000,000 of the
1st M. sinking fund 30-year gold bonds of Mt. Hood Ry. & Power Co.,
due in 1937; and of the entire capital stock (excepting only directors
shares) of the Mt. Hood Co. The bonds named constitute a first lien on
Union Pacific RR.-Explanation of Dividend Policy.the water-power,electric-light, power and street railway properties formerly
owned by the Mt. Hood By. & Power Co., which are situated in the Judge Lovett on Tuesday issued the following statement:
territory adjacent to Portland, Ore.
There seems to persist some misunderstanding respecting the dividend
The Portland Ry., Lt. & Power Co., whose direct obligation these notes
are, is paying dividends at the rate of 4% on its $25,000,000 capital stock, policy of the company. When the extra dividend was declared last Januwhich is 75% pald, leaving $6,250,000 which can be assessed on the stock. ary, it was distinctly stated that, as the stockholders would receive a return
The company reports earnings for the year ended Feb. 28 1914, showing a of 2.01% per annum from the Baltimore & Ohio stock and cash certificates,
balance applicable to the interest on thsee notes of over six times the the U. P. regular dividend would be reduced to 8% per annum.
While the actual payment of the extra dividend has been postponed,owing
amount necessary to pay the same. Compare V. 98, p. 1000, 690.
to litigation, the condition remains the same, that when the extra dividend
Is paid, it will be to stockholders of record March 1 and will carry with it
Rhode Island Company.-Trustees Chosen.all dividends paid on Baltimore & Ohio stock after April 1 and interest
See New York New haven & Hartford RR. above.-V. 98, p. 1001.
earned from that date on the cash part of the dividend. As the stockRockland Thomaston & Camden Street Ry.-Pur- holders will thus eventually receive the
accretions, it is manifestly proper
that the next regular dividend on the common stock of this company
chased.-Maynard S. Bird & Co., investment bankers, Port- should
be at the rate of 8% per annum.
land, Me., and Hugh J. Chisholm, owner of the Rumford
The next semi-annual dividend of the Baltimore & Ohio will be payable
Sept. 1 and will cover a period from March 1. It is hoped that before that
Falls Light & Water Co. and Rumford Falls Power Co., have date,
pending litigation will be disposed of.
purchased control of this property.
Of course if the payment of the extra dividend should be permanently
Wm. T. Cobb, of Rockland, Me., has been made President, it Is under- enioined, I should expect the Union Pacific to pay its stockholders the
stood temporarily, and N. J. Neall, Consulting Electrical Engineer of Bos- difference between the 8% and 10% rates, since in that case it would retain
ton, is Managing Engineer. The purpose is to develop the property on the cash and Baltimore & Ohio stock which,through its extra dividend, it
modern lines. No new securities at present. The purchase, it is stated, has undertaken to distribute.
includes the holdings of G. E. Macomber and P. V. Hill.-V.74, P. 95.
San Francisco-Oakland Terminal Rys.-Bonds.-The
shareholders voted April 7 to authorize, subject to the approval of the California State RR. Commission, an issue of
not exceeding $35,000,000 "First and Refunding" M. 5s.
Of the new issue,$20,000,000, it is stated, will be set aside for refunding
the old bonds; the remainder will be available wholly or largely for extensions and improvements. See V. 98, P. 913.
Scranton & Wilkes-Barre Traction Corporation.Bonds Offered.-Bioren & Co., Phila., are offering, at 96 and
int., yielding about 63/2% income (subject to approval of
their counsel) $1,000,000 collateral trust 6% sinking fund
gold bonds dated April 1 1914 and due April 1 1934, but
red. on any int. date at par and int. Par $1,000 (c*). Int.
A. & 0. Total auth. and out, $1,000,000. Guaranty
Trust Co. of N. Y. trustee. A circular shows:
Incorporated in Virginia and owns the entire $1,850,000 capital stock
and all the $5,000,000 1st M.5s of the Lackawanna & Wyoming Valley RR.
Capitalization of the Scranton & iVilkes-Barre Traction Corp.
Coll. trust 5s, due 1951 (p. 124,"El. Ry.Sec.") cum.s.fd.should
retire $400,000 by 1934
$3,000,000
Collateral trust 6s, due 1934 Offered herewith)
1,000,000
Pref. stock-divs. 6% to 1917 and 7% thereafter. Authorized
[as recently reduced from $1,250,000], $1,000,000; outstanding 700,000
Common stock: Authorized [as recently reduced from $3,000,000]
$1,500,000; outstanding
1,500,000
These bonds are a direct obligation of the corporation, secured, subject
to the $3,000,000 prior lien collat. 55, on all the bonds and stock of the
Lackawanna ex Wyoming Valley RR. above mentioned. Cum.sink. fund,
1916 to 1933, should retire $350000 of the issue. Company agrees to
reimburse holders for Pennsylvania State tax.
Property.-A high-speed third-rail electric line built by the Westinghouse
Interests in 1904 and now operating daily 75 trains each way between
Scranton and Wilkes-Barre and 60 between Scranton and Dunmore, Pa.,
handling inter-State freight as well as a large passenger traffic, &c.
Owns 22.63 miles of first track, 20.74 miles of second track and 7.28 miles
of yard track and sidings, a total of over 50 miles, including a 1-mile tunnel.
Built on private right-of-way between Scranton, Pittston and WilkesBarre, with a 3-mile extension to Dunmore, Pa. Main road double track
with 90-lb. rail, stone ballast, steel bridges. Freight and passenger ter_
minals centrally located in Scranton (about 100 acres), Pittston and Wilkes_
Barre. Fireproof power-house at Scranton, two engine units of 2,000 h. p.
Appeal.-The appeal of the Equitable Life Assurance
Society from the decision of Justice Greenbaum denying a
motion for an injunction to prevent the payment of the extra
dividend is expected to be heard by the Appellate Division of
the Supreme Court shortly.-V. 98, p. 1073, 914.
United Railroads of San Francisco.-Earnings.See United Railways Investment Co.-V.98, p. 1171.
Car Trusts.-E. H. Rollins & Sons and Union Trust Co. of
San Francisco have applied to the Cal. RR. Commission for
authority to execute a car equipment trust agreement to
cover the purchase of 65 cars at an aggregate cost, it is
stated, of $365,000.-V. 98, p. 1074, 840.
Washington Baltimore & Annapolis Electric RR.
Interest,
Other
Net
Pref. Div. Balance,
Calendar
Gross
(6%).
Year- Earnings. Revenue. Income. Taxes,&c.
Surplus.
1913
$831,940 $408,314 $10,896 $289,590 abt.$87,327 $42,293
6,306
389,331
271,537 abt. 87,327
1912
778,287
36,723
-V.98, p. 840. 454.
West End Street Railway, Boston.-Common Stock at
Auction.-Notice is given that 5,600 shares of $50 (total
$280,000) of new common stock will be sold at auction by
Francis Henshaw & Co. 97 Milk St., Boston, April 23 1914,
' the par and div.-V.98,p.691,612.
at 11 a. m.,at not less than
Westchester Street RR.-Decision.-The Court of Appeals at Albany on March 18 modified the order of the Appellate Division of the Supremo Court which reversed the decision of the P. S. Commission authorizing the company to
issue $434,000 stock to acquire the Tarrytown White Plains
& Mamaroneck Ry.
The last-named was purchased by the N.Y.New Haven & Hartford RR.
The company asked permission to issue $912,023 stock to the N. Y. New
Haven & IIartford for the property. Under the modification either party
may present further testimony relating to the question of value. The
Westchester Street RR. Co. on March 30 filed motion for re-argument,
and this motion is still pending.-V.94. P. 1765.
AP1t. 181914.)
THE CHRONICLE
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Dock Co., New York.-Bonds Offered.-
The bankers who in October 1910 (V. 91,
872) placed the original
$750,000 American Dock & Trust Co. 1st M.P.
5s of 1910 are offering an
additional lot of these bonds at 95 and int., making
outstanding $900,000
of the authorized $1.000,000. A circular shows:
Tax-exempt in N. Y. State and free from normal
tax.
Property.-Property consists of (a) 30 acres of water income
at Tompkinsville, Staten Island, N.Y.City,including riparian rightsfront
purchased in 1902.
Street frontage 370 ft., water frontage 946 ft. at bulkhead
and 1,000 ft.
at pierhead line, with 40 ft. water on pier line; (b) 5 covered
piers, are
350,000 sq. ft.; (c) 30 warehouses, area 8,000,000 cu. ft. of storage
space
(d) 6,500 It. standard gauge railroad track connecting
all piers and wareb.ouses, &c. Appraised value of property July 1910 over
$1,750,000, since
which date about $500,000 of new improvements have been added.
Earnings for Years ending Aug. 31 (as Certified by Accountants).
1909-10. 1910-11. 1911-12. 1912-13.
Gross
$216,323 $185,452 $166,724 $194,356
Net (after ta es) applic. to bd. int
86,598 104,603
149,530 107,507
Net earnings for six months ended Feb. 28 1914 applicable to bond interest were at the rate of about $120,000 per annum;
interest on $900,000
bonds, $45.000. The piers are now all rented (excepting the smallest one)
for a term of years. The rentals alone considerably exceed the bond int.
The Federal Govt. has recently extended the pier-head line and we are
now seeking the additional riparian rights, which will permit of extending
our piers to a maximum length of 1,000 ft. each. [The company's name
was changed to Am. Dock Co. some months ago.] See also V. 91,p.1027.
American Locomotive Co.-Circular.-
Isaac M. Cate, of Baltimore, a stockholder, who has previously made
two ineffective attacks upon the management, has issued a circular to the
stockholders renewing his charges. See V. 98, p. 994, 914.
American Telephone & Telegraph Co.-Sale of Subsidiary Co. Notes.-It is understood that a syndicate composed of J. P. Morgan, Kuhn, Loeb and Baring Brothers,
besides Kidder, Peabody & Co. in Boston, are offering privately $30,000,000 2-year 5% notes of six subsidiary companies, mainly to investors local to the subsidiary companies,
which have issued the notes, the localities including Chicago,
St. Louis, Louisville, &c. A portion of these notes may later
be made available for the New York market. The notes are
dated, part April 1 and part April 15, with interest payable
semi-annually and in denomination of $1,000.
1247
Cleveland Telephone Co.-Sale of Notes.-
See American Telephone & Telegraph Co. above.-V.95, p. 892.
Cumberland Telephone & Teleg. Co.-Sale of Notes.-
See American Telephone & Telegraph Co. above.-V.98, p. 239.
Delaware Lack. & West. Coal Co.-Earnings.-
Calendar
Coal
Net
Other
Balance,
Dividends
Year.
Sales.
Revenue. Income.
Surplus.
Paid.
1913
$38,376,486 $1,798,714 5298,067 (30%)S1,977,210 $119,571
1912
115939,399,909 2,371,087 273,246
(i0%)659,070 1,985,283
-V.98,P.
Empire Land Co. of New Jersey.-Bonds Called.-
One hundred (3100.000) 1st M.20-year 6% gold bonds dated June 1 1903
for payment at 105 and int. on June 1 at Girard Trust Co.,
trustee. Payment will be made at 105 and accrued interest toPhiladelphia,
date of payment if presented any time prior to June 1.
(E. & T.) Fairbanks & Co.-Dividend Omitted.-
The directors have decided to omit the quarterly dividend of 1%,usually
paid on March 15,on the$2,500,000 stock,on account
of business conditions.
Recent Dividend Record
Cent).
1893. '94. '95. '96. '97. '98. '99. 1900-05. (Per
06. '07. '08. '09. '10. '11-'13
6
5 4
1
0 3 3.1 4 yiy. 4.6 3.6 5 3 5
4 yly.
-V.98, p. 158. 75.
General Chemical Co., New York.-Quarterly Earnings.
March 31
Net
QuarterProfits.
1913-14
$652,271
1912-13
616,029
-V. 98. p. 450.
Insurance
Reserve.
$15,000
15,000
Pref.Divs.
(13.i%)
.
$206,250
200,920
Corn.Divs.
(1 %)
.
$162,870
147,640
Balance
Surplus.
$268,151
252,469
General Railway Signal Co.,
Rochester, N. Y.The stockholders will vote on April 27 on increasing
the authorized stock
from 55,000,000 to $10,000,000. The present
stock issues consist of $2.000,000 pref. stock and $3,000,000 common,all out.
-V.98, p. 998,526.
Gillette Safety Razor Co.-Earnings.-
Net earnings for 3 months ending March 31 were $306,920,
against
$277,245 for same period last year, an increase of 529.675.-V.
98, p. 307.
(J. B.) Greenhut Co., Inc., New York.-New Name.
Greenhut Siegel-Cooper Co.-New Name.
-
See Greenhut-Siegel-Cooper Co. below.
Justice Davis in the Supreme Court in this city on April 14 made an order
authorizing the company on and after May 18 to assume the name J. B.
The notes include: Iowa Telephone Co., $2,500,000; Cumberland Tele- Greenhut Co., formerly Greenhut Siegel-Cooper Co., Inc.-V.92. p. 728.
phone & Telegraph Co., 56,000,000; Nebraska Telephone Co.,
Hawaiian Commercial & Sugar Co.-Earnings.Missouri & Kansas Telephone Co., $7,500,000; Northwestern$4,000,000;
Telephone Calendar
Exchange Co. (sold in London), $7,500,000; Cleveland Telephone
Net Profits Other Net Total Net Dividends
Balance.
Co.(not
Yearon Sugar. Profits.
yet authorized by the Commission),$2,500,000.
Profits.
Paid.
Sur. or Def.
The sale of the notes is in line with the policy announced by President 1913
$794,746 584,673 $879,419 $960,000 def.$80,581
Vail at the annual meeting of the American T. & T. Co. of raising funds 1912
2,123,702
52,889 2,176,591 1,600,000 sur.576,591
this year and next on direct borrowing by the subsidiary companies.
A -V. 96, p. 1632.
large part of the prcceeds, it is understood, will go into the treasury of the
Hercules Powder Co., Wilmington, Del.-About $5,American Co. to repay advances made by the American Co.-V. 98, p.
1074, 1001.
400,000 of the $6,500,000 Income Bonds Assent-New Offer.-
American Tobacco Co.-Sales to Independent Jobbers-. Treasurer Geo. H. Markell announces as of April 11:
The American Tobacco Co. on Apr. 15 sent out a circular letter notifying independent jobbers in the district between Trenton,N.J., on the south,
and Stamford, Conn.(known as the Metropolitan district), that it will sell
its products to them direct on the same ,terms as to the Metropolitan
Tobacco Co. The P. Lorillard Co. took the same step on Apr. 14, the
Liggett & Myers Co. did so about 2 years ago, and the R. J. Reynolds Co.
has adopted the open market policy within a few days.
Complaints have recently been made to the Department of Justice
that the old companies of the American Co. as existing before the disintegration have continued to monopolize the trade in this district, through
unfair trade practices, and conferences have been carried on for some time
with the view of avoiding a new suit by the Government on the ground of
alleged violation of the terms of the decision of the U. S. Supreme Court
in May 1911 (V. 92, P. 1501). The course adopted will, it is hoped, satisfy the Government.-V.98, p. 832,841, 525.
American Utilities Co., Philadelphia.-On 7% Basis.-
A quarterly dividend (No. 9) of 1%% has been declared on the 5600,000
pref. stock, payable May 10. The stock, which formerly received
1 %
quarterly, became entitled to cumulative dividends at 7% from Feb. 1914.
-V. 94, p. 1766.
American Water Works & Guarantee Co., Pittsburgh.
-Sold.-At the sale in Pittsburgh on April 15 the property
was bid in by H. H. Pierce, acting for the reorganization
committee,for $1,250,000. See reorg. plan, V.98,p.914, 1074.
American Zinc, Lead & Smelting Co.-Earnings.Calendar
Int.on
Net
Balance,
YearEarnings. Bonds, &c.
Dividends.
en
Surp. or Def
$77,418
1913.
Loss$91,656
(2%)$85,600
def.$254,674
37,965
1912
400,300
(8%0)294,880
sur. 67 455
There was transferred in 1913 to special reserve fund $49,957 for additions
and betterments to properties, against $65,702 in 1912, making a total loss
charged against surplus of 5304,631, against a profit of $1,753 carried to
surplus in 1912.-V. 96, p. 1841.
More than the necessary two-thirds of the income bonds has been deposited with the Guaranty Trust Co. of N. Y.,so that stock will be issued
in accordance with the offer of Jan. 31 1914. Delay can be
avoided by
sending the deposit receipts to the trust company before May
15 1914,
so that stock certificates can be issued on that date.
on the
temporary receipts will cease on May 15 and subscribers Interest
not receive
dividends until in possession of regular stock certificate. will
All
of
the
common stock offered and about 51,000 shares of pref. will be issued. Almost
exactly' one-sh.th of the Income bonds will remain outstanding.
Our funded debt is now so small that no difficulty will be encountered in
carink for it at maturity, and,therefore, we expect to make no special effort
to retire these bonds before they mature. However, upon surrender of
each 51,000 income 6% gold bond at our main office, we will issue therefor
nine shares of pref. stock with cash adjustment of accrued interest and
quarterly dividend. This offer however is subject to withdrawal without notice. See also V. 98, p. 240, 307, 390, 683.
Idaho-Oregon Light & Power Co.-Receiver's Certificate'
Judge Dietrich in the U. S. District Court at Boise on April 12 authorized
the sale of $250,000 receiver's certificates to provide for the completion of
the Oxbow plant on the Snake River.-V.98, p. 1075, 613.
Iowa Telephone Co.-Sale of Notes.-
See American Telephone & Telegraph Co. above.-V.90, p. 1105.
Interlake Steamship Co., Cleveland.-Earnings.--
For 9 months ending Dec. 311913, earnings from operations, 51,155,313;
interest received from banks and discount, 526.146; total, $1,181,459;
vessel
depreciation, $250,000; interest paid on bonds,$180,000; discount on bonds
sold, organization expenses, &c., $186,027; dividends paid Oct. 1 1913 and
Jan. 2 1914, 5231,380; balance, surplus, 5334,052.-V. 97, p. 890.
Kansas City Stock Yards Co.-Ouster Suit.-
Attorney-General Dawson of Kansas on April 9filed in the State Supreme
Court at Topeka, Kan., an ouster suit against the company to prevent it
from assuming the duties and performing the service of a transportation,
connecting or terminal railway, and charging railroads for the use of the
tracks within the stock yards.
Associated Oil Co.-Earnings.-For calendar year:
The company is incorporated in Missouri and licensed in Kansas to
and operate stock yards and do other things necessary for the
Net (after
Interest on Depreciation
Calendar
Balance, "maintain
conduct of the business." There is no specific provision for performing
Maint.,&c.).
YearBonds.
Reserve.
Surplus.
any transportation service and the ouster suit is brought to determine
$4,470,736
1913
$784.254
$1,924,070
$1,822,412
whether the company has the right to do switching work for the roads in
3,992,128
1912
933,157
1,828,526
1,230,445 getting
cars of stock to and from the yards.
-V. 97. p. 730.
Tho company has put into effect a schedule of$2 a car for switching cars
Buckeye Powder Co.-New Trial Denied.in or out of the yards when the stock yards company furnishes its own
Judge Rellstab in the U. S. District Court on April 11 denied a
motive power. When the railroads furnish the power the charge is 75 cents
for a new trial of the suit against the du Pont do Nemours Powder motion
Co. in a car for the use of the 6 miles of track in the yards. The rates went into
which the jury recently rendered a verdict of "no cause of action."
effect
on April 9 and the railroad companies at once tried to get the shippers
V. 98, p. 692.
of live stock to pay the additional charge. That was refused and the
Kansas
Live Stock Exchange notified, by circular, all the regular
Calumet & Arizona Mining Co.-Combined Earnings, shippers City
and commission men doing business in the yards not to pay the
swftchinct charge. The stock yards company demands that the railroads
Including Superior & Pittsburgh Copper Co.absorb the switching charges.-V. 98, p. 158.
Expenses,
Calendar
Total
Net
Exp. at Out- Balance.
Incl.Taxes. Earnings. side Prop.
Income.
YearKelly-Springfield Tire Co., N. Y.-Plan to Exchange
Surplus*
1913
-$9,181,996 $4,960,528 $4,221,468 $146.830 $4,074,638
Present Debenture 4s for First Pref. Stock and 78% Accumu1912
4,547,973
9,131,968
4,583,995
43,112
4,540,883
The Calumet & Arizona Mining Co. paid dividends in 1913 aggregating lated Pref. Dividends for 7% Second Pref. Stock.
53.059,209. The company owned March 2 1914
of the $14,Theshareholders,it is understood, will vote May4 on the changes necessary
997,920 Superior dc Pittsburgh Copper Co.stock. $14,026,530
The
of dividends to carry out the following
paid on the last-named stock does not appear. It amount
plan,
provided
sufficient
bondholders
assent:
is
expected
that a Retire the $2,850,500 4% income debentures
majority of the stock of the Superior & Pittsburgh Copper Co. will
by issuing therefor 6% cum.
be pref. stock, $ for 5, thus increasing the outstanding
exchanged for Calumet & Arizona Mining Co. stock at
6% pref. stock from
an
early
date
and
$1,149,500 to $4,000,000 (the total auth. Issue); (b) Refund the 7854% acsteps may be taken for the dissolution of that company.-V.92, p.
1544.
cumulated divs. upon the 69' pref. stock by the issuance of
7%
Calumet & Hecla Mining Co.-Strike Off.cum. 2d pref. stock,such stock to be convertible, at the option5902,357
of holder, at
The workers in the Michigan copper mine district who have been on any time before July 1 1924 for common stock. The
common stock is now
strike since July 23 on April 13 voted to call off the strike. The strikers $4,000,000 and it would be increased to permit of such conversion.
The
waive recognition of the union, practically all of their other demands bonds were originally issued in exchange for 6% pref. stock and the present
having, it is stated, been complied with, including better working
plan would turn them back into 6% pref. Compare annual report on a preceding
tions, an 8-hour day and a minimum daily wage of $3. Therecondipage.
-V.
98,
p.
455,
158.
originally about 13,000 mon involved in the strike, but this has beenwere
cut
S. S. Kresge Co.(5 and 10 Cent Stores).-Sales.down lately to about 6,000 through the return of many to work and the
1914-March-1913.
Inc. I 1914-3 Mos.-1913.
removal of others from the district.-V. 98, p. 692, 29.
Inc.
$1,139,983
$1,032,017
$107,966153,035,976
32,565,107 5470,869
Chino Copper Co.-Earnings.-V. 98, p. 842.
rNet
Gross
Other
Int.
Dividends
Balance,
Liggett & Myers Tobacco Co.-Stock Increase.Calendar Receipts. Props.
Inc. Chgs.,&c.
Paid.
Surplus.
The stockholders voted on April 15 to increase the capital stock from
Year$
1913
7,621,419 3,190,293 137,533 93,793 (45%0)1.919,070 1,314.964 $36,880,200 to $44,256.300, by adding $7,376,100 pref. stock (par $100).
making the latter $22,759,000. Bee report V. 98, p. 837, 842, 916.
1912..
4,344,262 2,212,169 125,133 160,397
There were produced in 1913 50,511,661 lbs. of copper, against2,176,905
Mineral Point Electric Light.-Successor Co.27,776,088 lbs. in 1912.-V. 98, P. 915, 526.
See Mineral Point Public Service Co. below.-V.8,p. 899.
THE CHRONICLE
1248
Minneapolis Gas Light Co.-Compromise.-
Judge Leary on Aril 8 signed an order by consent of the company and
the city attorney fixing the price of gas at an average of 77.46 cents for the
five-year period beginning Nov. 8 1913. This Is a reduction of 7.54 cents
from the old 80-cent rate. Up to April 1 1914 the rate will be 70 cents as
originally demanded by the city, then for 21 months 80 cents and for 34
months 77 cents. At the end of the five-year period a new adjustment will
be made.
A concession was made by the city in reducing the minimum candle-power
from 18 to 15. The company's attorneys showed that since the 70-cent
rate ordinance was adopted by the council in July last the price of oil had
gone up and increased the cost of gas production by 8 cents per 1,000 cu. ft.
This increase would have been an important point in the court hearing on
the validity of the 70-cent rate. It was also shown that certain improvements of the plant to allow the making of coal gas in place of water gas would
be necessary on account of the high price of oil, and that with a 70-cent rate
It would be impossible to negotiate the necessary loans.-V.97, p. 1429.
xevux.
I of the unsecured creditors but disallowed those of the secured, acquitted
Messrs. Read, Van Brunt and Gardiner of any bad faith, but held that the
property when purchased by the company had been overvalued and that
they were liable for the unsecured claims under the laws of Missouri, which
provide that if the actual value of a property is less than the amount of
stock issued, the original stockholders are liable. A special master is to
be appointed to ascertain the amount of liability, which is not to exceed
st.16ty
h wab
dointerest.
rand
$225.
under the deficiency Judgment, the stockholders,
In regard to
the Court held, were protected against a claim by a clause in the mortgage,
which he found was not contrary to public policy and was not a fraud on
the bondholders. Only the 3 directors named above are held to be liable
for any cialms.-V. 91, p. 1332.
Missouri & Kansas Telephone Co.-Sale of Notes.-
See American Telephone & Telegraph Co. above.-V.95, p. 180.
Mount Vernon-Woodberry Cotton Duck Co.-Trustee.
Under the agreement referred to last week, the management of the propran,* was turned over directly to the mortgage trustee itself, the Continental
Trust Co. of Bait. Mr. Lemmon, while of counsel in the proceedings, did
ot, we learn, represent the trustee In this matter. See V.98, p. 1159, 766.
The Newcomer committee on April 15 announced that it held more than
a mAjority of the 1st M.5% bonds and was anxious to obtain large addin amounts for mutual protection. The mills arc now being operated
by representatives of this committee.
Touching the report that the commitsee had arranged to borrow $2,500,000 in New York as working capital, the Baltimore "Sun" on April 17 said:
"The committee has only arranged to borrow as needed against the goods
In course of manufacture and it will be paid back as fast as the Reeds
are produced and sold. This is under an order of the Court which permits
the committee to borrow. It is said that as much as $2,500,000 may never
be needed and that certainly no such amount will be outstanding at any
one time. The Court re9uires these notes to be paid as fast as the funds
come into the committees hands."-V. 98, p. 1159.
National Biscuit Co.-Decision.----
Ray Consolidated Copper Co.-Earnings.Dividends-•
Bond,
Net Op. Other
Gross
Balance,
Paid.
Inc. &c.,Int.
Surtlus.
Revenue. Revenue.
Cal.
$
$
$
$
Year.
$
2g:2
04
2
89
66
1913....7,899.721 2,497,219 377.097 199.123 (113(%)1,631,504 1:9
1912....5,475,565 1,814,206 296,755 181.699
There were produced in 1913 52,341,029 lbs. of copper, against 34,674.275 In 1912.-V. 98, p. 1004.
Reece Button-Hole Machine Co., Boston.-Extra Div.
An extra dividend of 2%. along with the regular quarterly distribution of
3%,has been declared on the $1.000,000 stock, payable April 15 to holders
of record April 4. Regular quarterly payments of 3% were paid from April
1912 to Jan. 1914, but without any extras.
Dividend Record (Per cent) Beginning with 1906.
1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913.
4.1,3;2ex.
94
12 Jan.,3:1A
8 8& 2 ext. 11
8
8
8
8
Earnings.-
Dividends.
Net
Total
CalendarGross
Paid.
13ear19Y
Earnings. Expenses. Earnings.
' $948,519 $526,335 $422,184 (12%3120,000
110.000
(11%)
1912
894.274 452,298 441,976
-V. 96, p. 866.
Balance,
Surplus.
$302,184
331,970
Riordon Pulp & Paper Co., Ltd.-Earnings.- Balance;
Preferred
Net
Appro.
Bond
Calendar
191Year-
Dividends. Surplus.
Earnings. priation. Interest.
The U. S. Circuit Court of Appeals on April 14 affirmed the decision of
9 866.499 83
43
27
2
6:0
20
00
228
$2
960:6
the lower Court which in 1912 held invalid a patent for paper cartons with 1912
ends,
Frank
Peters,
obtained
by
M.
interlocking
waxed paper linings and
e
:20a27t83
3x86198m
8pro
ap
2:e88
th
1 37
)
:
124
7
6
The amount of the "appropriation" ($866,499 in 19
a former officer of the National Biscuit Co., for want of novelty and in- profit
the 5 months ending May 31 1912 appropriated to meet adiustvention. The case was filed in 1905 against the Chicago Biscuit Co. The ments for
of logs, &c., and is deducted from the profits
inventories
physical
on
Biscuit & Cracker Manufacturers' Assn., representing independent conDec. 31 1912.-V. 96, p. 1093.
cerns,filed a brief maintaining that the patent was void.-V.98,p.766,519. for the year ending
Nebraska Telephone Co.-Sale of Notes.-
Silversmiths Co., New York.-:Dividend Reduced.-
A quarterly dividend of 1% has been declared on the $8,000,000
stockpayable May 15, comparing with 1M % quarterly from May 16 1910
to Feb.b 15 1914 inclusive.
Nevada Consolidated Copper Co.-Earnings.Previous Dividend Record (Per Cent).
Other
Balance,
Net
Dividends.
Gross
Calendar
1914.
1911.
1910.
1912.
1913.
1909.
1908.
Surp. or Def. 1907.
Income.
(30%).
Earnings.
Year- Revenue.
Feb., 134
6
6
6
53i
4%
43i
4
1913_ ___$10.225,493 $2,013,444 $1,470,443 83.998,913 def.$515,026
p.
96,
1154.
-V.
3,998,865 sur. 824,974
1,541.920
3,281,919
1912.._ __ 10,598,150
Dividends as above include yearly a payment of 50 cents per share(10%)
Southern California Edison Co.-Application.or $999,728 on Dec. 31. which are charged to surplus account by the comNewspaper ad-vices state that the company has applied to the Cal. RR.
pany but are shown above for the sake of simplicity.-V.97. P. 1588.
Comm.for authority to sell $3,000,000 common stock at 825i under confor extensions and additions in 1914. The
N. Y. Title Insurance Co.-New Prest.-Div. Omitted. tract with under-writers
asked to authorize the sale of the stock at 823i under conHarry Adams Kohler has been elected President of the company and also Commission isunderwriting
-V.98, p. 614, 456.
syndicate.
tract
an
with
of the New York Mortgage & Security Co., to succeed Clinton R. James,
who resigned. The directors have decided to omit the usual quarterly diviSteel Co. of Canada, Ltd.-Earnings.-For Cal. Year.15,
% on the 83,000,000 stock, which would be payable April
dend of
Pref.
Balance.
Bond, &c.,
Net
on account of the depression In the real estate market. The company's Calendar
Divs.(7%). Surplus.
Interest.
Profits.
name was changed last year from Title Insur. Co. of N. Y.-V.80, p. 1062. 191Y3ea
$511,031
$454,741
$480,000
$1,445,772
.r476,972
454,741
465,327
1,397,040
19 ..98, p. 1005.
_42
Nipissing Mines Co.-Government Suit Abandoned.An officer on Thursday announced that the Government has decided to
Officers.
-New
abandon the suit against the company to collect a 1% tax on production,
Co.
Taylor-Wharton Iron & Steel
which was to come up for argument before the U. S. Supreme Court on
of the
A. E. Bode,formerly a Vice-President, has been elected Chairman
Monday next. The U. S. District Court and the U. S. Circuit Court of
a newly created position. W. L. Wright succeeds Mr. Bone as a
Appeals rendered decisions in favor of the company. The dropping of the Board,
835.
p.
Vice-President.
98.
-V.
suit will, it is stated, mean between $70,000 and $80,000 to the company.
Compare V. 98, p. 241.
Belmont Development Co.-Earnings.208n.
Tonopah
Balance
Dipviadiedn.ds
Net
Tot.Exp..
Gross
Northwestern Telephone Exchange Co.-Sale of Notes. Feb.
Sur. or DV.
inc Adj. Earnings.
YearEarnings.
See American Telephone & Telegraph Co. above.-V.84, p. 1056.
8
def$31,6
(110%31,650.000
$1,618,362
1912-13 ___$2,095,125 $476,763
1911-12 ___ 1,835,091 261,174 1,573.917 (100%)1,500,000 sur 73,917
Otis Steel Co., Cleveland.-Listed in London.1547.
p.
95,
was
81,729,537.-V.
The
total
1913
28
surplus
Feb.
The London Stock Exchange has listed the $3,000,000 1st M.5% sinking
fund gold bonds (V. 96, p. 950).-V. 98, p. 1160, 766.
Tri-State Telephone & Telegraph Co., Minneapolis,
See American Telephone & Telegraph Co. above.-V.96, p. 557.
Pacific Light & Power Corp., Los Angeles.-Earnings. &c.-Income Statement.-For year ending Dec. 31:
Other Bond.&c., • Other
Net
Gross
Balance,
Calendar
Int. Deduc'ns. Surplus.
Earnings. Earnings. Income.
Year$2,716,516 $1,279,323 $135,545 $512,786 $140,879 $761,202
1913
2,446,579 1,113,024 100,313 480,512 113,689 619,136
1012
-V. 98, p. 527.
Pennsylvania Steel Co.-Dividend Omitted.-The directors have decided to omit the dividend on the $20,560,800 7%
non-cum. pref. stock, which would be payable May 10. In
Nov. last 23/2% was paid. Compare V.96, p. 1233.-V. 98,
p. 614, 456.
Pierce Oil Corporation.-Earnings for Year 1913.The earnings of the Pierce Oil Corporation. Waters-Pierce Oil Co., and
Pierce-Fordyce 011 Assn., for 1913, as certified by Price, Waterhouse &
Co. were:
Profits, $2,952,012, less exchange losses in converting Mexican
silver into gold at current rates (less than the official rate of
50 cents per peso) and remitting gold to the United States.
$2,636,298
$315,714: balance
Reserve for difference between official rate of 50c. and current
rate at Dec. 31 1913 of approximately 37c. on not assets.
336,004
subject to fluctuations in Mexican exchange
2,300,294
Balance available for interest, dividends, &c
This balance is exclusive of depreciation and also of appreciation of
properties, the physical assets having been re-stated on the books as at
Dec. 31 1913 at appraised values more than substantiating the proviou
book values.
Of the $2,952,012 net earnings. 82,239.216, it is stated, was earned in
the U. S. divLsion and $712,095 in the Mexican division.-V.98, p. 842.
Total
Net (after Int. on Pf.Divs. Corn.Divs. Balance,
Calendar
Income. Taxes &c).lids.,&c. (6%)
(6%). Surplus.
Year$1,577,867 $735,522
' $103,226 -$3a1,709---- $270,588
1913
1,476,570 690,598 140.449 124,668 160,223 275,258
1912
From the surplus as above there was deducted $150,000 yearly for reserve for renewals and construction and in 1913 $20,588 for miscellaneous
reserves, against $25,258 in 1912, leaving $100,000 yearly, which was carried to surplus account.-V. 97,p. 517.
Union Bag & Paper Co., New York.-Committee.-
At the annual meeting on April 14 It was voted that a committee be
's SainyasnciVhceonmdeiteignnga--1 report
s :.itApianir6
otigatItehre
ittpLingtsettotawsets
a then IT;ragain meet to act on the
journed until June 16, when stoc;holders willRieger
that Guy
report of the investigating committee. Pres. wouldannounced
form the committee.
Morrison Walker,August Heckscher and himself
14 to 15, GuyMorrison
The board of directors having been increased from
J. A. Kimberly Jr.
Walker was elected to fill the office created. V.-Pres.
was elected to the board to fill a vacancy. See V.98, p. 995.
Union Oil Co. of California.-Stock.-The "Financial
News" of Los Angeles on March 28 1914 said:
The directors have instructed the Treasurer to dispose of the unsold shares
The number of
of stock of the company which are held in the treasury.
has been soiling
shares unsold is 187,072. At the price at which the stock
share,
the sale should
per
$70
around
on the Los Angeles Stock Exchange,
given for the sale of
give the company about $13,095,040. No reason is V.
98, P. 1160, 1153.
the treasury stock by officials of the company. See
Union Switch & Signal Co.-New Officer.-
Pittsburgh Coal Co.-Bonds Called.-
Walter D. Uptegraff has been elected V.-Prest. to succeed Colonel II. G.
Prout, who was made President in place of the late George Westinghouse.
-V. 98, p. 917. 910.
Pocahontas Consolidated Collieries Co., Inc.-Earns.
Common
B
ce,
Preferred
Receipts.
Dividends.
Less Charges. Dividends.
Cal. Year32,171,516 (7%)$316,890 (53.5%)$1,493,910 $360,716
1913
-V. 98, p. 165.
One hundred and twenty ($120,000) 1st M. 20-year 5.4% sinking fund
gold bonds of the Pittsburgh Coal, Dock & Wharf Co., dated Nov. 1 1909,
for payment at 102A and int., on May 1 at Union Trust Co., Pittsburgh.
-V.98, p. 835.
United Cigar Stores Co. of America.-Earnings.s7aarius.
Bal.,
Gross
Net
Bond S.F.,L'n Pf.Div. Common
United States Realty & Improvement Co.-Contracts.
Surp.
Earns.
Int. Int.,&c. (6%). Dividend.
Earns.
Cal.
The board has, it is stated, approved over $15,000.000 of new contracts
$
$
Yr.$
for
19131,793,694 1,472,215 289,939 149,977 162,780 (6?)271,200 598,320 which the company has taken over during the last 60 days, $4,000,000 the
construction contracts of
1912__ _1,211,376 916,459 289,234 135,367 164,451 (4°)180,800 146,60'7 subway work in this city and the remainder
Philadelphia.
Washington,
Detroit
and
Michigan,
for
Fuller
In
A.
Co.
gen$237,373
George
deductec
was
there
surplus
1913
as
From the
above in
-V. 98, p. 242.
eral plant depreciation, leaving $360,947.-V. 96, p. 950.
Irrigation Co.-Bonds.-
United Teleg., Telep. & Elec. Co. of Illinois.-Suit.--
Pueblo-Rocky Ford
The Chicago Title & Trust Co. and another, as assignee of claims, on
There were sold at auction April 8 at 30 (V. 98, p. 1157) $50,000 1st M.
courts to recover $80,001 from the
coll. trust 6% gold bonds with July 1912 coupons attached, represented by March 24 brought suit in the New Jersey
estate of Edward F. C. Young under the Illinois statutes making a stockcertf. of deposit issued by the Chic. Title & Trust Co.-V.91, p. 876.
holder liable for the debts of a corporation.-V.93, p. 1480.
Randolph Macon Coal Co.-Decision.-
Virginia-Carolina Chemical Co.-Meeting May 12.-
Judge Mayer, in the U. S. District Court in this city on April 16,
The shareholders will meet May 12 to vote (a) on increasing the prof.
handed down a decision in the action brought by Byron F. Babbitt, as stock by $10,000,000;(b) on making an issue of $10,000,000 6% debentures,
trustee in bankruptcy of the company, against William A. Read, the estate of which $5,000,000, having been underwritten, will shortly be offered to
of
&
Coal
the
President
Mexican
of James T. Gardiner, W.T. Van Brunt,
the shareholders at par. This $5,000,000 will be "convertible into said
Coke Co. and others. Mr. Babbitt brought suit to collect claims which pref. stock at the rate of $110 face amount of debent tires for each share of
amounted' to $2,376,041 with interest for '7 years. This included a defic- $100 of said stock." See V.98, p. 1172.
by
Trust
the
brought
Central
iency judgment for $2,149,729 in a suit
Co. of N. Y.as trustee under the mortgage. The Court allowed the claim
For other Investment News see Dago 1251.
1249
THE CHRONICLE
Am.18 1914.1
geporrts anti Pornuunts.
PUBLISHED AS ADVERI.LMENTS.
THE WESTERN UNION TELEGRAPH COMPANY
Incorporated.
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1913.
APPROVED BY THE EXECUTIVE COMMITTEE AND ORDERED TO BE SUBMITTED.
Deduct—
To Stockholders—
Operating Expenses, including rent of Leased Lines, Re42,327,121 27
construction, Repairs, Taxes,&c
A report was submitted to the stockholders at their
meeting on October 8 1913, covering the period from July 1
Balance
$3,456,391 31
Add—
1912 to Juno 30 1913,and it was then stated that, owing to
from Loans and Investments, including Rentals
the fiscal year having been changed to conform with the Income
1,115,755 18
from Real Estate
calendar year, a report would be submitted to the stock$4,572,146 49
holders at the annual meeting in April 1914 for the year
Deduct—
Interest on Bonds of the Western Union Telegraph Company 1,337,229 12
ended December 31 1913.
Herewith follows a balance sheet as of December 31 1913
Balance transferred to Surplus Account
$3,234,917 37
and an income account for the year edned that date, with a
certificate attached from the same firm of independent
PROPERTY ACCOUNT.
auditors employed in 1910.
The additions in the year ended December 31 1913 amount
$3,761,496; namely, for—
to
1913.
31
DECEMBER
BALANCE SHEET
ASSETS.
Property Account—
Telegraph Lines and Equipment, including
properties controlled by stock ownership
or held under perpetual leases and merged
$131,834,591 84
in the Western Union System
7,770.225 88
Real Estate
108,943 42
Patents
Amount recoverable on the expiration of
long-term lease in respect of obligations
1,180,000 00
assumed thereunder
$140,893,761 14
Other Securities Owned—
Stock of Telegraph, Cable and Other Allied
Companies operated under term leases
(not including securities held as Lessee)_ $5,885,917 26'
Stock of Telegraph, Cable and Other Allied
Companies not leased
4,880,093 95
Miscellaneous Investments
348,682 40
Purchase Money Notes and Obligations
6,000,000 00
17,114,693 61
Inventories of Material and Supplies
1,960,174 01
Current Assets—
Bills and Accounts Receivable, including
Managers'and Superintendents' balances,
&c.(less Reserve for Doubtful Accounts). $6,657,849 04
Cash on Special Deposit
3,000,000 00
Treasurer's balances, including Cash at
Banks at New York and outside deposi2,278,948 39
tories and in transit
11,936,79743
141,797 33
Sinking Fund (Cash and Securities)
$172,047,223 52
Total
LIABILITIES.
$99,817,100 00
30,341 04
Capital Stock Issued
Less—Held in Treasury
$99,786,758 96
Capital Stock of Subsidiary Companies
not owned by the Western Union Telegraph Company (par value):
Companies controlled by perpetual
leases
$3,432,825 00
Companies controlled by stock
ownership
446,150 00
3,878,975 00
Funded Debt—
Bonds of the Western Union Telegraph Co.
% Funding and Real Estate Mortgage
$20,000,000 00
50-Year Gold Bonds, 1950
Collateral 5% Trust Bonds 1938
8,745,000 00
Bonds of Subsidiary Companies assumed or guaranteed by the Western Union
$7,000,000 00
Telegraph Co
Less—Held in Treasury_ _ _ 3,143,000 00
3,857,000 00
32,602,000 00
$136,267,733 96
Total Capital Liabilities
Current Liabilities—
$3,403,285 20
Accounts Payable
477,281 23
Accrued Taxes (estimated)
Interest and Guaranteed Dividends accrued
231,798 31
on Bonds and Stocks
Unpaid Dividends (including Dividend of
783,157 98
$748,071, payable January 15 1914)
4,895,522 72
Deferred Non-Interest Bearing Liabilities, in respect of proceeds of sales of securities and other properties held under
lease for terms expiring in 1981 and 2010 from companies
in which the Western Union Telegraph Company has,
for the most part, a controlling interest, payable only on
12,881,242 95
the termination of the leases
Reserves—
$1,676,926 10
For Maintenance of Cables
2,168,084 22
For Reconstruction Land Lines
1,000,000 00
For Employees' Benefit Fund
4,845,010 32
3.451,921 72
Surplus Reserved
$9,463,120 23
Surplus—At December 31 1912
3,234,917 37
Add: Balance from Income Account_
Deduct: Dividends paid and declared.
Total
9,705,791 85
$172,047,223 52
INCOME ACCOUNT THE YEAR ENDED DEC.31 1913.
$2,104,891
1.575,726
Less extinguishment of patent values
$3,770,617
9,121
$3.761.496
There have been added to the land line plant 623 miles
of poles and 18,458 miles of wire, consisting of an increase
of 25,797 miles of copper wire and a decrease of 7,339 miles
of iron wire. The Company now has 25,060 independent
and joint offices. Considerable work has been performed
during the past year in improving and rehabilitating offices,
moving them to more desirable locations, and closing others
which were not remunerative.
Of the total additions to real estate $1,293,855 was expended on the New York office building construction referred
to in previous reports. The balance expended for real estate,
amounting to $281,871, has been spent in needed improvements for the cable service.
OTHER SECURITIES OWNED.
The total of these assets has decreased $2,521,316, which
is principally accounted for by the payment during the year
of three notes aggregating $2,500,000. The other changes
in the value of securities owned are represented by some minor
purchases of the shares of allied telegraph companies and the
writing down, in book value, of the shares owned in the
American Telegraph & Cable Company, pursuant to the
resolution of January 2 1913, which was referred to in the
last annual report.
MATERIALS AND SUPPLIES.
Inventories were taken of all materials and supplies in the
field and warehouses as of November 30 1913, and the
amount shown in the balance sheet is the cost value thereof,
less adequate reserves to provide for any depreciation in
values.
CURRENT ASSETS.
Included among the current assets is cash on special
deposit, amounting to $3.000,000, which represents a shortterm loan at 53/i per cent. The total of bills and accounts
receivable has been reduced during this year by $348,398
as compared with the corresponding amount at December 31
1912.
The litigation between the American Speaking Telephone
Company et al and the American Bell Telephone Company
on the contract of November 10 1879, was finally concluded
in the latter part of 1913, in favor of the former company,
and the Western Union Company received, as dividend, the
sum of $3,230,545 on the shares of the American Speaking
Telephone Company, which it owned and held as lessee of
the Gold and Stock Telegraph Company. This dividend
represented deferred income, or a profit to your Company,
cumulating over a period of years, and was credited to surplus reserved and not to income for the year. Surplus reserved, amounting to $3,451,921 and stated on the liability
side of the balance sheet, is made up as under:
Dividend received December 17 1913 from American Speaking
Telephone Co
$3,230.545
228.425
Reserve for contingencies, transferred to surplus reserved
Less reduction in book value American Speaking Telephone Co.
shares owned by Western Union Co
$12,698,037 60
2,992,245 75
CERTIFICATE OF INDEPENDENT AUDITORS,
pigWo-have examined the books of The Western Union Telegraph Company
ending December 31 1913, and we certify that, in our opinion,
year
the
for
the above balance sheet sets forth the true financial position of the company
at that date, and the relative income account is a correct statement of the
results of the operations for the year.
PRICE, WATERHOUSE & CO.
March 25 1914.
Gross Telegraph and Cable Earnings
Miscellaneous Earnings
IT”,
,4
kTotsl Earnings
Land line and ocean cable construction and equipment
Real estate
$44,847,775 10
935.737 48
$45,783,512 58
$3,458,970
7,049
93,451,921
CAPITAL STOCK OF SUBSIDIARY COMPANIES.
The capital liability in respect to the above has slightly
decreased, owing to the purchase of a few shares of leased
companies.
RESERVES.
The reserves for maintenance of cables and reconstruction
of land lines together show a small decrease of $60,822 at
the close of the year, after charging the respective reserves
with replacements of plant.
INCOME ACCOUNT.
It has been thought advisable to re-clasify the income
account for the year ended December 31 1913 so as to
treat amounts paid other lines for the transmission of mes-
1250
THE CHRONICLE
sages and refunds made in connection with servies rendered,
aggregating $1,110,517, as deductions from total earnings,
rather than as expenses, which has been the practice heretofore.
The total earnings for the year, amounting to $45,783,512,
have increased $1,720,271, or 3.9 per cent over the total
earnings for the year ended December 31 1912, andthe total
operating expenses, inlcuding rent of leased lines, reconstruction, taxes, &c., have increased $1,738,021, or 4.2 per cent.
After allowing for interest on funded debt, the balance of
Income account transferred to surplus was $3,234,917, from
which was deducted dividends paid and declared at the rate
of 3 per cent per annum on the capital stock, leaving a net
addition to surplus of $242,671. The policy of charging operating expenses with betterments to the lines and improvements made to equipment and offices was generaly continued
during the past year.
GENERAL.
Many inquiries have been made as to the prospects of the
Company, either under any possible purchase by or competition of the Government, or as a going concern operating
independently of the American Telephone & Telegraph
Company.
The relations between the Anerican Telephone & Telegraph Company and your Company have always remained
the same as between two entirely independent companies.
The organizations of the two companies were entirely distinct and independent and, with the exception of the President and a minority of the Directors, had no officers in
common. All contracts and operating arrangements were
such as two independent companies could enter into under
the interpretations of the existing laws, and the commercial
interests of each company were carefully guarded, so that
the so-called divorce of the two companies is being accomplished with very little confusion.
As to the Government purchase or operation of the telegraphs: The property of the Company cannot be taken without
just compensation, that is, a full and proper equivalent for
the property taken must be returned to the owners. In
such a case, the shareholders should receive, as a minimum,
far in, excess of the present market value of the shares.
The other alternative which has been advanced, to take
over the long-distance telephone lines and enter into competition with the existing telegraph lines for the purpose of
destroying their business, is not only of so questionable a
eharacter as to be repudiated when its full significance is
realized, but is so utterly impossible and unworkable from a
practical point of view as to make it negligible. The owners
of the securities of the Western Union may rest quietly and
not be scared into the sacrifice of their property. Headline
prophecies should be read and regarded in the light of the
results which have followed the headline prophecies of the
past.
The technical department of the Company. has been at
work in connection with that of the Bell System in the development of what might be termed mechanical transmission;and
there is now in daily use rapid transmission apparatus which
nearly, if not quite, quadruples the most effective yet devised, and is giving great results on the trunk lines where
there is a concentrated business between large places. There
is nothing as yet and not likely to be !anything which will
supersede the old key transmission of a scattered business
distributed to many points on a local line.
The following extracts from a statement made in January
1914 are given as showing the substantial position of your
Company;
"Immediately after the2American Telephone & Telegraph
Company acquired its interest, the Western Union directors
had a thorough examination of the plant made, and a
thorough investigation of its position from every standpoint.
It was found that though the earnings had been impaired,
its outstanding capital was well represented by property,
but not all of it was in as good condition as it should be.
"The probable earnings of the future were carefully gone
into and it was estimated that the 3 per cent dividend could
be continued and a very considerably increased amount put
into maintenance, improvement, renovation and reconstruction; also that the operating organization should be strengthened, wages improved, and operating conditions bettered.
"It was thought that these improvements and renovations
could be completed in from five to seven years from that time.
"This policy was adopted: Substantially all surplus over
and above the 3 per cent dividend was set aside for these
purposes. The amount so set aside was distributed over
different quarters in different amounts, so that no three
months' period should show either a deficit or any considerable surplus over dividends. This has been fully set out in
the annual reports to the shareholders.
"The results of the working for the three years ending
October 31 1913, as compared with the three years ending
June 30 1910, are as follows:
Gross cable and land lines revenue
3125,190.000
It. An increase of
38.805.000 or 45%
Wages paid, not including cable maintenance,
I, construction or reconstruction wages
48.000,000
r An increase of
16,566,000 or over 50%
Construction, excluding real estate
3,791,000
p. An increase of
360,000 or 10.5%
Amount set aside out of earnings for mainte6 nance, improvement, renovation and reconstruction
s
4Z.n
ruicnter
ioenase of
8.200,000 or nearly 57%
* Of this amount 32,660.000 is unexpended and carried in reserve for
these purposes.
I VoL.xcvm.
Of the.amount expended for maintenance, renovation,
reconstruction, $2,847,000 could properly have been charged
to construction, and will have to be so charged under the
present accounting regulations.of the Inter-State
Commission, which are now in effect, beginningCommerce
with the
current year. This will, if conditions remain unchanged,
increase the divisible surplus by that amount during the
continuance of the abnormal expenditures.
"It is es
ated that these abnormal expenditures will be
completed
2,M to 3 years, when.the property of the company will be in good going condition and can be so maintained by normal expenditures.
"The benefits of the work that has been done under this
policy are beginning to be realized in the improvement of
the spirit and feeling on the part of employees towards the
company and in efficiency and economy of operation.
"If these benefits continue under existing conditions, based
on experience of the last three months of 1913,. it is expected
that at least $1,000,000 a year will be saved in operation.
"The financial condition of Western Union was never better.
It has liquid assets in cash, demand and time bills receivable,
less current liabilities of some $15,000,000, sufficient to take
care of all construction demands for some years to come, if
the surplus revenue is not adequate for that purpose.
"Unless conditions change very much for the worse, the
shareholders of Western Union are on the eve of getting some
return for their patient waiting, and this return should be
continuous and increasing.
"Whatever decrease there has been in the Western Union
revenue from private line leases has come from the discpntinuance of leasing lines to those who put them to questionable uses and to the fact that in case of a general interruption the Western Union was compelled, when such lines
were restored, to use them for its commercial business and
thus deprive the lessees of their use for a time.
"The telegraph business had been carried on entirely on the
basis of immediate transmission and delivery. This naturally called for operating staff and facilities equal to the
peaks of normal demands, and it naturally followed that
there were considerable intervals when this operating force
and these facilities were idle. New services, not requiring
immediate transmission and delivery, were gradually introduced to fill in these idle intervals, with beneficial results
both to the public and to the company. .
"The new services,in spite of adverse criticism and charges
of unfair competition from some quarters, have been revenueproducing and profitable, and of great benefit to the public,
and have not, in any way, affected adversely theregular
business at regular rates. These were introduced in spite
of the belief on the part of many that they would largely
affect the long-line telephone business.
"The results have demonstrated that there is a field for
them; that with equally available facilities for both,the telephone and telegraph are not competitive, but each has its
own distinctive field. If telephone and telegraph facilities
are equally available, the public will use that which is best
adapted for the particular purposes for.which it is used. In
case of unequally available facilities, it will use one or the
other as an alternative."
Respectfully submitted,
THEO. N. VAIL, President.
ADDENDUM.
New York, April 15 1914.
The stockholders, at their meeting on the 8th instant,
approved amendments to the By-Laws, so as to provide:
That the affairs of the Company shall be managed by a
Board of twenty-one (21) instead of thirty (30) Directors.
That seven (7) of the Directors, including the President,
shall constitute an Executive Committee, with provision that
four (4) members of the Executive Committee shall constitute a quorum of said Committee, and that if a quorum be
not present at any meeting, the member or members of the
Committee present may adjourn the meeting until a later
day or hour, and a minute of such adjournment shall be entered on the records by the Secretary; or the member or members present, whether constituting a quorum or not, at his
or their option, shall have the power to appoint a substitute or substitutes from the members of the Board of Directors to act during the temporary absence of any member
or members of the Committee.
WM. H. BAKER, Secretary.
BOARD OF DIRECTORS, EXECUTIVE COMMITTEE
AND OFFICERS FOR THE ENSUING YEAR.
DIRECTORS.
Edwin G. Merrill,
Henry W. DeFomst,
Oliver Ames,
William Vincent Astor, Chauncey M. Depew, Percy A. Rockefeller,
Wiliiam H. Baker,
William Fahnestock,
Jacob H.Schiff,
Mortimer L. Schiff,
Henry A. Bishop,
Edwin Gould,
Joseph J. Slocum,
Newcomb Carlton,
George J. Gould,
James
Hubbard,
Robert C. Clowry,
Thomas H.
Stillman,
William H. Truesdale.
Henry P. Davison,
Robert S. Lovett,
EXECUTIVE COMMITTEE.
William H. Baker,
Mortimer L. Schiff,
Henry P. Davison,
Henry A. Bishop,
Thomas H. Hubbard,
Newcomb Carlton,
Robert S. Lovett.
GENERAL OFFICERS.
Newcomb Carlton, President, N. Y. E. YAGallaher, Comptroller, N. Y.
G. W. E. Atkins, Vice-Pros., N. Y. H. W. Ladd, Auditor, Now York.
Belvidere Brooks, Vice-Pres., N.Y. J.C. Willever, U.S. Cable Mgr.,N.Y
A. R. Brewer, Treasurer. N. Y.
John F. Dillon, Consult. Coxing, N.Y
Lewis Dresdner, Asst.- Treas., N. Y. Rush Taggart, General Coun'i, N.Y.
Wm.II. Baker, Secretary. N. Y.
Geo. H. Fearons, Gen. Attor , N. Y.
F. W.Lienau, Asst. Sec., N. Y.
A.T.Benedict, Asst. Gen. Att.. N.Y.
1251
THE CHRONICLE
APR. 18 1914.1
PABST BREWING COMPANY
ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1913.
INCOME ACCOUNT FOR THE YEAR ENDING DECEMBER 31 1913.
Not Profit from Operation, after providing for Depreciation and all other losses and expenses
Dividends and Interest on Loans and Investments and Miscellaneous Profits
Together
Deduct—Interest on Bonds,etc ___________________________________________
Federal Income Tax _________________________________
___
___
Balarice, Net Profit for the year, carried to Balance Sheet
$900,605 34
96,857 88
____
$997,463 22
$108,415 01
8,149 60 116,564 61
$880,898 61
BALANCE SHEET DECEMBER 31 1913.
ASSETS.
Capital Assets—
Real Estate, Buildings, Plant & Machinery
City and Outside Real Estate
Improvements and Fixtures on Leased Properties
LIABILITIES.
Capital Stock7% Cumulative Preferred Stock-20,000
Shares of $100 00 each
$2.000,000 00
Common Stock-100,000
Shares of $100 00 each____$10,000.000 00
$11,414,198 45
Less 2,360 Shares in Treasury
Total Capital Assets
236,000 00
9,764.000 00
• 1,24763
Cash in Hands of Sinking Fund Trustees
$11,764,000 Of,
$3,000,000 00
210,387 24 4% First Mortgage Gold Bonds
Investment in and Advances to Bohannon Dredging Co
Less Redeemed and Canceled
942.000 00
Miscellaneous Investments—
2,058,000 00
Mortgage Payable
Investments in and Advances to Subsidiary
35,000 00
$670,343 18
Companies
Total Capital Liabilities
668,837 91
Stocks and Bonds of Other Companies
$13,857,000 00
1,339,181 09 Current Liabilities—
Current Assets—
Bills Payable
$200.000 00
Inventories
$1,323,122 02
Accounts Payable
514.976 14
Bills and Accounts Receivable (less reserves) 1,752,351 15
714,970 14
Insurance
Fund
Cash in Banks and on Hand
207,904 24
272,560 04
3,283,377.41 Surplus—Balance at December 31 1912
$1,165,847 89
Deferred Charges to Profit and Loss
Add Profit for the year ending
63,51086
December 31 1913, as per
Income Accounts attached__
$880,898 61
Less Dividends paid
579,380 00
301,518 61
1,467,366 50
$4.595,324 30
6,419,261 00
399,613 15
$16,311,902 68
316,311,902 68
We have examined the books and accounts of the Pabst Brewing Company for the year ending December 31 1913, and we certify that, in our opinion
the above Balance Sheet is properly drawn up and shows the true financial position of the Company at that date, and that the relative Income Accoun
is correct.
(Signed) PRICE. WATERHOUSE & CO.,
Chicago, April 6 1914.
Certified Public Accountants.
Walpole (Mass.) Tire & Rubber Co.—Sale May 11.—
The property is advertised to be sold by the receivers at Walpole on May
11. Upset price for property as a whole or as aggregate bids of separate
Parcels. $1,150,000. See V. 98, p. 1172, 933.
Western Union Telegraph Co.—Report.—See"Reports".
New President, &c.—Newcomb Carlton was on Wednesday
elected President to succeed Theodore N. Vail, who resigned.
Other officers chosen were:
Vice-Presidents, G. W.E. Atkins, Belvidere Brooks; Secretary, William
H. Baker; Treasurer, A. R. Brewer.
New Executive Committee—William H. Baker, Henry Bishop Newcomb Carlton, Henry T. Davison, Thomas H. Hubbard, Robert S.'Lovett
and Mortimer L. Scldff. Resolutions of thanks to the retiring President
Theodore N. Vail, were passed.
The board adopted resolutions expressing its
appreciation of the
benefits the company has derived from Mr. Vail'shigh
administration and as a
member of the directorate.
Earnings.—For 2 months ending Feb. 28:
1914.
1913.1914.
1913.
Tot. oper. rev.$6,754,712 $6,896,2021Net(aft.taxes)$1,247,336 $1,241,886
The following statement has been issued: "In view of the change in cluefication of accounts prescribed by the Inter-State Commerce Commission
effective Jan. 1 1914, the directors have decided that this statement and
future quarterly statements submitted to the stockholders at the time
dividend checks are forwarded shall show the latest available results of
actual operations, and that the practice of submitting partly estimated
quarterly earnings shall hereafter be discontinued. An annual report for
the 12 months ended June 30 1913 was forwarded to stockholders in
October 1913 and an annual report for the fiscal year ended Dec.31 1913.
was forwarded in April 1914."—V. 98, p. 1172, 1153, 1076.
—The "Finance Forum—Public Utility Section" had the
pleasure last Monday night of listening to Thomas N. McCarter, President of the Public Service Corporation of New
Jersey. Mr. McCarter discoursed on "The Future of Public Utilities." The address was favorably commented upon.
At next Monday evening's session, Samuel Insull, President
Commonwealth Edison Co. of Chicago, will speak on "Centralization of. Power Supply," and C. A. Coffin, Chairman
of board of directors of the General Electric Co., will preside.
—Harper & Turner, investment bankers, 1001-1012 Stock
Exchange Iildg., Philadelphia, are in the market to buy
Pennsylvania.& Mahoning Valley Ry. Co. 1st and refunding
5s, Metropolitan Electric, Reading, Pa., 1st mortgage 5s,
Standard Steel Works 1st mortgage 5s, Lehigh Valley Transit
Co. 1st mortgage 4s, Citizens' Light, Heat & Power,Johnstonw, Pa., 1st mortgage 5s,and Easton Consolidated Electric Co. collateral trust 5s. See the bankers' advertisement
in our advertising columns to-day.
—The formation of a partnership under the firm name of
Thomson, Fenn & Co., to deal in bonds, stocks and local
securities at 10 Central Row, Hartford, is announced by
James L. Thomson and Hart C. Fenn.
WAN
aktita
—John Nickerson Jr. an investment banker of St. Louis
has had his engineering department
and New York City, '
draw up, chiefly as an aid to bond purchasers, a series of
tables or charts, based on the unit system, and covering the
operations of gas companies, electric-light and power companies, hydro-electric power, and urban and inter-urban
traction companies. Most of the cities on the charts have
more than 50,000 population.
—The chart just issued by the Merchants' Loan & Trust
Co. of Chicago, showing the Federal Reserve Districts and
Federal reserve cities in a shape uniform in size with the text
of the Federal Reserve Act, which the institution sent to its
correspondents several months ago, is naturally meeting
with favorable comment, owing to its convenient form and
the statistical information which it furnishes for ready reference.
—Kuhn,Loeb & Co. and Wm. A. Read & Co. of this city
are advertising elsewhere in the "Chronicle" to-day their
joint offering of $65,000,000 City of New York 43.4% interchangeable bonds, due March 1 1964. These bonds are
offered, subject to previous sale and change in price, at
102.10% and accrued interest, to yield 4.15%. See the
advertisement for general particulars.
—Charles E. Doyle, formerly with Elijah Woodward &
Co., 43 Exchange Place, and Arnold R. Hanson, until lately
St., have formed a coof Hanson & Didrichsen, 34 Pine St.
partnership under the firm name of
& Doyle at.
30 Broad St., this city. The new firm will specialize in
Detroit securities and transact a general brokerage business
in stocks and bonds.•
—The April circular of Hornblower & Weeks, 42 Broadway, this city, describes a selected list of investments
yielding from 5 to 6% and will be sent to any one on request.
Address Mr. Crane, manager bond department.
—Mr. J. Stuart Auchincloss has withdrawn from N. W.
Halsey & Co. Mr. F. Monroe Dyer, who has been associated with Messrs. Halsey & Co. for over ten years, has succeeded Mr. Auchincloss as manager of the sales department.
—John Nickerson Jr. of St. Louis, Mo., announces the
opening of a branch office at 60 Broadway, this city, for the
purpose of conducting a general bond and investment business.
—On and after April 131914,Blake Bros.& Co. will occupy
their new offices at 44 Wall Street, New York City. Telephone 2431 John.
—S. H. Pell & Co., 37 Wall St. and 43 Exchange Place,
have just issued a new circular on the Atlas Powder Co.
WoL. Kam,.
THE CHRONICLE
1252
Pact Tannitertial
Times.
COMMERCYAL EPITOME.
COTTON.
Friday Night, April 17 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
103,419 bales, against 101,022 bales last week and 108,998
bales the previous week, making the total receipts since
Sept. 1 1913 9,511,122 bales, against 8,889,520 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 621,602 bales.
Friday Night, April 17th 1914.
Recent bad weather has had a tendency with other things
to reduce transactions to a small volume. The season in
the cotton belt is late. Not a few commodities have declined. The coal trade is dull and the condition of the
textile industries is not altogether satisfactory. The depression in the stock market coincident with the Mexican crisis
has not been without its effect. Wholesale trade and the
Wed. Thurs. Fri.
Mon. Tues.
Sat.
Total.
big industries of the country are rather slow. On the other
hand, however, money continues easy and it is more or less Galveston_____ 3,625 7,432 8,434 7,404 5,586 3,289 36,310
411
197
Texas City
---920
312
significant that the bond market has been rather brisk. Port
Arthur
Also, the outlook for the winter-wheat crop continues to be Aransas
468
468
Pass, &c
906 5.779 8,876 7,087 2,927 2,293 27,868
good. The consumption of cotton is on a very large scale, New Orleans....._.
1,367
6,703
795
330
Mobile
2,093
1,582
536
and with warmer weather cotton planting has been more Pensacola
103
103
active at the South, where there seems to be an intention to. Jacksonville,&c.
4,398 4,889 2,509 1,336 1,346 14,478
Increase the acreage to perhaps the largest area on record. Savannah
300
300
Brunswick
The wool trade is active at firm prices, higher indeed than a Charleston ____..
111
387 3,190
218
749
212 1,513
322
635
592 2,649
398
354
348
Wilmington
year ago. Within a day or two, with better weather there Norfolk
582 1,307
620 4,944
715
1,433
287
have been some signs of improvement in the Southern and N'port News. &c
3,884 3,884
85
85
New York
Western trade.
70
287
66
--559
136
LARD has been quiet. Prime Western 10.70e. showing Boston
98A
958
Baltimore
..
a decline; refined for the Continent 11.050., South American Philadelphia
11.60e. and Brazil 12.60c. Lard futures have been more or Totals this week.. 6.050 22.889 28.441 18.627 13.285 16.147 103.419
less depressed, reflecting the slowness of the cash trade.
Besides, stocks are believed to be large. To-day prices deThe following shows the week s total receipts, the total
clined. There was heavy liquidation at Chicago. Packers since Sept. 1 1913 and the stocks to-night, compared with
bought rather freely at the lower prices.
last year:
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
cts.10.50
May delivery
..10.80
July delivery
September delivery_ 10.87
Tues.
Mon.
Wed. Thurs.
Fri.
10.17
10.47% 10.3234 10.20
10.50
10.50
10.37
10.65
10.37
10.80
10.87
10.70
10.52
10.82
10.55
1913-14.
Receipts to
April 17.
Stock.
1912-13.
This Since Sep This Since Sep
Week. 11913. Week. 1 1912.
1914. 1 1913.
PORK on the spot has been quiet; mess $22 75@$23,
dear $19 75@$21 50, family $25@$27. Beef quiet but Galveston
36,310 3,108.609 24.792 3.640.271 241,4881 193,513
418 660,120
6,809
920 464,757
19.554
steady; mess $18@$19, packet $19@$20, family $20@$22, Texas City
40,245
___-_ . 123,980
Arthur..
extra India mess $28@$30. Cut meats quiet; pickled hams, Port
388 122.708
468 120,564
Aransas Pass,&c.
10@20 lbs., 13%@1431c.; Pickled bellies, 6@12 lbs., 143/i New Orleans..___ 27,868 1,684,286 24,246 1,281.590 153,054 97,452
31,783
_ 6,703 391,684 4,942 195.413
13.916
Mobile......
@153c. Butter quiet; creamery extras 25@,25 Mc. Cheese Pensacola..
__ 147,468
---- 113,782
------quiet; State, whole milk, held, as to quality, 143/2@190. Jacksonville, &c..
28,375
14,191
103
181
1,440
68,596
14,478 1,705,369 16,405 1,175.766
74,710
Savannah
Eggs quiet; fresh gathered, extras, 20IA @210.
290,350 2,050 225.525
3,000
300
5.933
Brunswick
and
dull
more or less de- Charleston______ 3,190 414,372 2,204 292,524 10,379 .29,324
COFFEE on the spot has been
110
pressed with No. 7 Rio 8%c., fair to good Cucuta 12%@ Georgetown __
26,321
2,649 391,391 5.153 333,397
16.409
__
shown
also
Bra- Wilmington.
have
weakness.
131/0. Coffee futures
37,788
4,944 521,607 6,593 488,405
51.441
Norfolk.
98.295
327
zilian offers, despite some decrease in the receipts, have N'port News,&c.. 3,884 111,806
121,988
13,659
93
5,915
131,655
85
York
latterly been at easier quotations. The Brazilian rate of New
11,339
9.215
42.506
237
15,260
559
Boston
3,699
6.656
64,817
7,323 1.247
exchange has declined. Some hedging against stocks is Baltimore..
5,597
3.282
2.461
____
---------1,741
___
Philadelphia
is
There
a
to
project
penalize
interests.
trade
by
being done
Totals....103,419 0.511.122 89.095 8.889.520 722.022 654,500
Rio coffee in the deliveries on contracts here. Some aim
to put the trading ultimately on a Santos basis. To-day
In order that comparison may be made with otheryears,
prices advanced. European and Santos cables were steady
we give below the totals at leading ports for six seasons:
or slightly better. Closing prices were as follows:
April
May
June
July
8.82@8.84
8.52(148.54 August
8.57I8.58 September _.8.91@8.92
8.64i8.668.99 9.01
8.74t8.76 November _ 9.06(1J8_
December ___9.14 9.15
January ____9.20 9.22
February ___9.27 9.29
March
9.33@9.34
OILS.-Linseed quiet but firm; city, raw, 54@55c.;
boiled, 55©56c.; Calcutta, raw, 70c. Cocoanut quiet but
firm; Cochin 10%@11c., Ceylon 9%@10c. Olive quiet at
1@8Mc. Palm is light
/
83@85c. Castor easier; No. 2 81
4@80. Cod quiet but firm;
supply and firm; Lagos 73
domestic 38c. Corn firmer on increased demand but prices
not quotably changed from 6.45@6.50e.
PETROLEUM.-Refined firm; barrels 8.75@9.75c.; bulk
5.25@6.25c.; cases 11.25@12.25c. Crude weak; Pennsylvania, dark $2 40; second-sand $2 40; Tiona $2 40; Mercer
Black $1 90; Cabell $1 97; New Castle $1 90; Corning $1 75;
Wooster $1 91; North Lima $1 49; South Lima $1 44;
Indiana $1 34; Princeton $1 40; Somerset, 32-degrees and
above,$1 35; Ragland 70c.; Illinois, above 30-degrees, $1 45;
2@,
Kansas and Oklahoma 80c. Spirits of turpentine 463/
47c. Common to good strained rosin.$4 10.
SUGAR.-Raw more active and firmer; centrifugal, 96degrees test, 2.98e.; molasses, 89-degrees test, 2.33c. The
visible supply in the world is 3,960,000 tons, against 3,770,000 tons a year ago. Refined in moderate demand and
steady at 3.75@3.90o. for granulated.
TOBACCO has been quiet but steady, particularly for
the better grades of both 'binder and filler. Stocks are only
moderate. In a word, there is a very general disposition to
trade within very conservative bounds. .Manufacturers
hesitate to purchase freely at the present basis of prices, and
on the other hand, unless there is a noteworthy increase in
crops, packers lean to the opinion that.no very great change
in prices is probable. Some interest is manifested in newcrop Sumatra, but after all it cannot be said that the sales
are of more than moderate volume. Cuban leaf has been
steady but slow.
COPPER has been quiet and more or less depressed,
though latterly the London market has shown rather more
steadiness. But trade seems to halt in this country. Lake
1.4%©14%c., electrolytic 144@l4Mc.. Tin on the spot
has been weaker, coincident with a decline in London and
increased offerings here; spot has been down to 360. here,
later rallying to 36.20c. Lead 3.80c. and spelter 5.200.
Pig iron has been quiet and devoid of interesting features.
No. 2 Eastern $14@$14 25, No. 2 Southern $10 75@$11,
Birmingham. In structural iron and steel some slight
improvement is reported.
Receipts at-
1914.
1913.
1912.
Galveston
Texaseity,&c
New Orleans
Mobile...._ _ -Savannah
13runwsick.._ _
Charleston,&c
Wilmington_ _
Norfolk..........
N'port N.,&c
All others__ - _
36.310
1,388
27.868
6.703
14,478
300
3,190
2.649
4,944
3.884
1,705
24,792
806
24.246
4.942
16.405
2.050
2,204
5.153
6,593
327
1.577
28.804
11,918
16,282
2,940
19.346
Total this wk.
103.419
89.095
105.319
1911. I
1910.
20,306
26,368
13,522
795
9.356
1,000,
4331
1,065
3,251
21,880
500
8,613
1,750
2.565
1,111
13,469
2,013
4,716
10,691
1,382
7,227
1909.
40,349
3,847
29,192
5,126
24,772
1,816
7,573
3,215
18,436
10,187
496
1,457
51,544
83,829
137,077
Since Sept. 1._ 9.511.122 8.889.520 10948564 7.980.139 6.657.477 8.947,302
The exports for the week ending this evening reach a total
of 95,792 bales, of which 22,567 were to Great Britain,
1,212, to France and 72,013 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Week ending April 17 1914.
Exported toExports
from-
ContiGreat
Britain. France. nenac. Total.
From Sept. 1 1913 to April 17 1914.
Exported toContiFrance. ncnt ctc. Total.
961,10 302,778 1,231,458 2,495,339
26,88: 80,896 452,966
345,18
25,309 26.849
1,541
8,168 38,352
30,184
772,851 169,66 497,644 1,440,164
67,17' 131,350 307,184
108,056
55,743 147,468
45,65, 46,071
189,92 231,274 696.7981,117,997
22,954 152,009 254,605
70,64
5,031 181,434 302,747
116,28
73,02.. 98,544 171,897 343,465
39,231
83,061 122,202
369
369
121,05, 18,027 179,721 318,800
62,08
8A10 70,492
43,550
10,120 87,122 140,797
32,39#
10,825 43,215
31
313
174,662 174,662
75,705 75,705
Great
BIllairi.
____ 32,521 32,521
____
3alveston__
____
____
___ _
rexas City__
__
____
____
Pt. Arthur_
tr.Pass4c_
gewOrlean 16,20' 1,212 7,146 24,464
__ _ _ 4,577 6,636
VIoblio _._ _ 2,05
-_-_
Pensacola__
-#
-8
-7-8-# 13,7
___- _ 15,
3avannah__
------- Brunswick ____
____
__ __
- _
-___
Dharleston-____
_ _
_
Wilmington
___-___
_ _
gorfolk
__
____
g'p't New
5,iili
4
gew York_
151 1,722
__
Boston ____ 1,571
.._ _ 7,153 8,75
Baltimore__ 1,59
20$ 1,28.
__
Philadel'a__ 1,081
___,
___
____
____
Detroit __
717
71
--__
____
Ian Fran__
1
-_-_
---Pt.Towns'd
Total__ 22,567 1,21 72,01 95,7923,022.66
-i-o.-
998,537 3,852,581 7,873,781
6: 55.21 122,36 o 3,183,382 929,92 r 3,340,7127.454,023
75 bale,
Note.-New York exports since Sept. 1 include 9,537 bales Peruvian,
Brazilian, 27 bales West Indian to Liverpool and 6 bales West Indian to Havre.
rot. '12-'1
67,077
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.
APR. 181914.1
THE CHRONICLE
On Shipboard, Not Cleared forGreat
GerApr. 17 at- Britain. France. many.
New Orleans_ _ 5,094 1.040 9,086
Galveston _ _ 16.675
29,583
Savannah __
4.000
Charleston..__ _
Mobile
13-,ofio 5-.11971 7.726
Norfolk
New York
450
-566 -866
Other ports
3,000
4,000
Total 1914
42,299 6,944
Total 1913.._ 48,646 7.600 50,895
Total 1912.... 54,422 21,848 28,904
28,097
Other CoastForeign wise.
Total.
1253
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Leaving
Stock.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 11. April 13. April 14. April 15. April 16. April 17. Week.
AprilRange ___
---12.72-.91
12.72-.91
Closing.._
12.84-.94 12.62-.67 12.61-.72 12.56-.66 12.64-.74--150 26,560
May19,923 19,923
Range --_
12.62-.68 12.40-.68 12.31-.42 12.37-.48 12.43-.55 12.31-.68
1.615
2,550
Closing..___
12.64-.65 12.42-.43 12.41-.42 12.46-.47 12.54-.55--500
7,500
JuneRange ____
12.29-.36
12.29-.36
29,079 27,538 156,755 565,267
Closing--12.53-.58 12.35-.38 12.36-.38 12.40-.42:12.49-.52--33,860 25,970 144,980 509,520 July
27,858 20,804.153,029 575,795
Range -12.35-.41
12.26-.42 12.20-.30 12.25-.361 12.30-.39 12.20-.41
Closing..___
Speculation in cotton for future delivery has been on a
12.37-.37 12.28-.29 12.29-.30 12.33-.34 12.38-.39--moderate scale only and prices have continued to show a August
Range ____
12.12-.20 12.03-.17 11.96-.07 12.01-.11 12.08-.15 11.96-.2(
Closing___ _
good deal of irregularity within comparatively moderate
12.13-.14 12.03-.04 12.05-.07 12.09-.11 12.14-.15--bounds. Latterly there has been rather more steadiness September
Range
ROLI- --- 11.70-.76 11.63 -1i.74-.75---11.63-.7(
Closing.._
_
after a recent drop of 50 points in May and a smaller decline
DAY. 11.72-.75 11.65-.67 11.73-.75 11.74-.76 11.76-.78--in other months. Certain large trade interests have been October
Range ____
11.61-.68 11.52-.66 11.49-60 11.55-.66 11.59-.67 11.49-.61
buyers of May and July. May has been rather scarce. The
_
11.62 - 11.53-.54 11.59-.60 11.62-.63 11.64-.65--stock here is of excellent quality and is increasing but slowly. December
Range ____
11.60-.69 11.50-.65 11.47-.56 11.52-.62 11.56-.63 11.47-.61
It is remarked that even under the stimulus of the recent
11.60-.61 11.52-.53 11.55-.56 11.60-.61 11.60-.61--premium of 80 points on March the stock here increased only January
Range __
11.56-.58 11.43-.58 11.41-.49 11.46-.54 11.50-.56 11.41-.58
about 18,000 bales, whereas the general expectation had been
Closing..__
11.54-.56 11.45-.46 11.48-.49 11.52-.53 11.53-.54-that it would increase much more than this. A story has March
Range _11.45-.46 11.52-.54 11.52-.56 11.45-.50
been in circulation, too, that some South Carolina mills
Closing. __
..,
.4,
7
12,760
14,519
423 28,403
6,742 67,519
300 4,300
124.651
173,969
64,296
10,379
5,223
17,865
119,438
49,446
-
Anil GO
GA
11
r9
Kg- -- --
holding May contracts here were going to draw some 10,000
VISIBLE SUPPLY OF COTTON to-night, made
bales from the New York stock. It is pointed out, moreover, upTHE
by cable and telegraph, is as follows. Foreignasstocks,
that the rejections in the New York stock are not regarded as well
as
the afloat, are this week's returns, and consequently
with indifference by the mills, and that they are of such a
quality that none of this cotton is obtainable at under 10 all foreign figures are brought down to Thursday evening.
cents. Also the New York parity is still far below that of the But to make the total the complete figures for to-night
South-so much so that few are looking for any material (Friday), we add the item of exports from the United States,
in it the exports of Friday only.
increase in the supply here unless prices move up to a more including
April 171914.
1913.
1912.
attractive level. Another thing which has attracted atten- Stock
1911.
at Liverpool
bales.1,206,000 1,220,000 1,340,000 1,085,000
tion is the statement of the consumption in March by the Stock at London
5,000
5,000
3,000
6,000
Stock
at
Manchester
92,000
76.000 111,000 100,000
Census Bureau on the 14th inst. The total was 493,774
bales in March, against 455,239 bales in February and
Total Great Britain
1,303,000 1,301,000 1,454.000 1,191,000
Stock at Hamburg
17,000
462,455 in March last year, and the stock in manufacturing Stock
14,000
7,000
7,000
at Bremen
561,000 471,000 656,000 244,000
establishments 1,704,439 bales, against 1,838,468 at the Stock at
Havre
376,000 341,000 333.000 296.000
Stock
at
Marseilles
same time last year. .The first weekly Government report Stock at
3,000
3,000
4,000
2,000
Barcelona
29,000
30.000
22,000
22.000
on the weather for the season stated in substance that recent
Stock at Genoa
36,000
24,000
53,000
54,000
Stock
at
Trieste_
conditions were abnormally cold, with considerable rain. In
48.000
29,000
13,000
9.000
North Carolina field work is one to two weeks late. In
Total Continental stocks
1,070,000 912,000 1.088,000 634.000
some other parts of the belt it is said to be behind. The
Total European stocks
2,373,000
2,542,000 1.825,000
weather reports, too, begin to cut considerable figure in the India
cotton afloat for Europe...... 215,000 2,213.000
89,000
91,000 149.000
daily trading. In the near future they will do even more so. Amer. cotton afloat for Europe.... 319,565
311.796
611,871 207.419
Egypt,Brazil,&c.,aflt.for Europe.. 60.000
37.000
36,000
23.000
Texas complains of the recent cold and wet weather and also Stock
in Alexandria, Egypt
272,000 211,000 210,000 191.000
to some extent of the quality of the seed. Liverpool's spot Stock in Bombay, India
1,048,000 861,000 688,000 601.000
Stock in U.S. ports
722,022
654.500
sales have been at times large. Last Wednesday they were Stock in U. S. Interior towns__
728,824 441,019
515,200 509,734 343,349 404,098
14,000 bales. Large spot interests have been buying more U. R. exports to-day
13.954
23,167
36,211
2.758
or less May and July, notably of May, when it got down to
Total visible supply
5.538.741 4,910.197 5.287,255 3,844.294
only 11 and 12 points over July as contrasted with a preOf the above, totals of American
and other descriptions are as follows:
Americanmium of 38 points only a short time ago. There has also Liverpool
bales.. 966,000 1,031,000 1.224,000 953,000
been some buying of new-crop months at the current dis- Manchesterstock
stock
64,000
50,000
79.000
82,000
stock
counts on the chance that something may happen to the crop. Continental
986,000 879,000 1,057.000 589.000
American afloat for Europe
319.565
311,796
611.871
207,419
On the other hand, May has recently dropped $2 50 a bale U.
S. port stocks
722,022 654,500 728.824 441,019
and its premium over July,has shrunk to about one-third of U.S. interior stocks
515,200 509.734 343,349 404,098
13,954
what it was last week. On the whole, too, the weekly U.S.exports to-day
23,167
36,211
2,758
Government report on the weather was not quite so bad
Total American
3,585,741 3,459,197 4,080.255 2,679.294
East
Indian,
Brazil,
&c.
as many had feared it would be. The influence of a decline Liverpool stock
240,000 189,000 116.000 132,000
in the stock market at one time and also of the Mexican London stock
5,000
5,000
3,000
6,000
Manchester
stock
crisis has been plain enough. Besides, cotton goods have in Continental stock
28,000
26,000
32,000
18,000
85,000
33,000
31,000
45,000
some cases been dull and rather depressed. Wall Street and India afloat for Europe
215,000
89,000
91,000 149,000
Egypt, Brazil, &c.. afloat
the South and commission houses generally have from time Stock
60,000
37,000
36,000
23,000
in Alexandria, Egypt
272,000 211,000 210.000 191,000
to time been good sellers. The short interest was greatly Stock
in Bombay, India
1,048.000 861,000 688.000 601,000
reduced on the recent big advance. Many are now awaiting
Total East India, &c
1,953,000 1,451,000 1,207,000 1,165,000
events rather than trading heavily on either side of the
Total American
3,538,741 3,459,197 4,080,255 2.679.294
.market. To-day prices advanced, especially on May conTotal visiole supply
5.538.741 4,910,197 5.287.255 3,844.294
tracts, which were in small supply. A forecast of unsettled Middling
Upland,Liverpool
7.30d.
6.91d.
6.62d.
8.10d.
...weather over the belt and lower temperatures west of the Middling Upland, New -York_ _ _ _ 13.10c.
12.25c.
11.80c.
15.00c.
Egypt, Good Brown, Liverpool
9.70. 10.55d. 10 3-16d. 10 13-16d.
Mississippi had some effect. But Liverpool spot sales, which Peruvian,
Rough Good,Liverpool 9.00d.
9.90d.
9.10d. 11.25d.
on Thursday were only 8,000 bales, fell to 6,000 bales to-day. Broach, Fine, Liverpool
630. 6 9-16d.
6d. 7 9-16d.
65-16d. 6 9-16d. 5 15-16d. 7 7-16d.
Some 1,200 bales have arrived from Liverpool. Consider- Tinnevelly, Good, Liverpool
Continenta
l
imports
for
past
week
have
been
174,000
able of it is said to have been rejected by the Inspection
bales.
The above figures for 1914 show a decrease from last week
Bureau. Spot cotton closed at 13.10c. for middling uplands,
of 111,079 bales, a gain of 628,544 bales over 1913, an excess
showing a decline for the week of 25 points.
The official quotation for middling upland cotton in the of 251,486 bales over 1912and a gain of 1,694,447 bales over
1911.
New York market each day for the past week has been:
NEW ORLEANS CONTRACT MARKET.
il'April 11 to April 17Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
H. 13.35
13.10
13.10
13.10
13.10
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Apr. 17 for each of the past 32 years have been as follows:
1914..c_____13.10 1906..c._-_-11.90 1898..c_____
1913
12.40 1905
7.85 1897.
1912
11.80 1904
14.40 1896.
1911
14.85 1903
10.40
1895.
1910
15.25 1902..
9.38 1894..
1909
10.75 1901..
8.31 1893.
1908..
9.90 1900..
9.88 1892.
11.10 1899.
1907..
6.31 1891.-
6.3111890..c..___..11.75
7.44 11889..
10.75
7 94 1888..
9.75
6.88 1887
10.62
7.56 1886
9.25
7.94 1885
11.00
7.12 1884
11.88
8.94 1883
10.19
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday...._
Monday --•Tuesday _Wednesady..
Thursday __
Friday _
Futures
Market
Closed.
HOLI DAY.
ulot
uiet 25 pts dee
Wet
uiet
ulet
Total....__
Steady
Steady
Steady
Steady
Steady
SALES.
Spot. Conlect Total.
Saturday, Monday, Tuesday, lired'day, Thursd'y, Friday,
Apr.11. Apr.13. Apr.14. Apr.15. Apr.16. Apr.17.
AprilRange
Closing
MayRange
Closing
JulyRange
Closing
AlfaustClosing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
ios
Ing
ToneSpot
Options
12.65-.68 12.53 - 12.56 - 12.64 - 12.67 12.75-.79 12.60-.80 12.59-.66 12.64-.75 12.71-.80
12.75-.76 12.63-.64 12.66-.137 12.74-.75 12.77-.78
12.65-.71 12.56-.72 12.45-.61 12.57-.67 12.61-.70
12.66-.67 12.57-.58 12.61-.62 12.64-.65 12.67-.68
HOLT- 12.39-.48 12.29-.38 12.26-.28---12.39 DAY. 12.33-.40 12.26 -12.32 - 12.35-.37 12.37-.39
11.63-.70 11.56-.69 11.52-.61 11.57-.65 11.60-.67
11.64-.65 11.57-.58 11.61-.62 11.63-.64 11.63-.64
11.61-.63 11.55-.66 11.48-.54 11.59-.61 11.58-.63
11.61-.62 11.53-.55 11.57-.59 11.60-.61 11.60-.61
11.50
11.63-.64 11.56-.57 11.59-.61 11.61-.62 11.62-.63
11.66-.75 11.64 11.66-.67 11.66-.67
Steady. Quiet.
Quiet.
Quiet. Steady'.
Steady. Steady. Steady. Steady. Ouiet.
(VOL. acvm.
THE CHRONICLE
1254
WEATHER REPORTS BY TELEGRAPH.-Our teleAT THE INTERIOR TOWNS the movement-that is, the
receipts for the week and since Sept. 1, the shipments for graphic reports from the South this evening denote that the
the week and the stocks to-night, and the same items for the weather has been favorable on the whole at the South during
corresponding period of the previous year-is set out in the week, and in consequence farm
work and planting that
detail below.
had been hindered by the cold spell have progressed very
well. Reports from Texas indicate very little damage to
Movement to April 17 1914.
Movement to April 18 1913.
the plant from the recent low temperature.
Ship- Stocks
Towns.
Receipts.
Ship- Stocks
Receipts.
ments. Apr.
mews. Apr.
Galveston, Tex.-Very little damage has been done to plants
18.
Week. Season. Week.
Week. Season. Week.
11.
now up in Texas by recent cold spell. Rainfall has been
337 5,969 light but indications are for more rain. It has rained on one
20,975
43
Ala.,Eufaula__
30 22,233
67 1,605
468 151.380 1,376 21,923
Montgomery..
834 151,317 2,584 14,367
890 4,718 day of the week, the precipitation being seventy-six hun417 116,556
Selma
438 122,516 1,756 7,077
122 dredths of an inch. Average thermometer 63, highest 74,
41,405 9,386
118
16 64,774 1,546 9,510
Ark., Helena
Little Rock
1,581 181.891 2,091 47.859 1,282 177,713 1,437 32,139
137 1,616 lowest 52.
23,941
3
100 2,200
Ga., Albany__ 27,388
___ _
602 104,520 1,736 16,310
Athens
450 113.821 1,150 14,517
Abilene, Tex.-We have had no rain the past week. The
155,309 3.824 11,895
_, 1,778 221.379 1,650 11,022 1,00
Atlanta
highest being 64 and the
2,207 358,233 8,229 42.908 1,752 324,723 5,430 56,761 thermometer has averaged 48, the
Augusta
73,734 2,360 21,009 lowest 32.
17.
925 10,149
400 78,654
Columbus _
64
700
36,095
188
61
11,821
22 44,408
Macon
Dallas, Tex.-There has been rain on one day during the
254
200 5,960
50,064
550 8,128
56,160
168
Rome
774 140,13
1,443 5,198 week, the rainfall being one hundredth of an inch. Lowest
La.,Shreveporl 1,132 188,881 3,523 25,885
1,554
481
7!
26,054
35 37,320
56 1,775
MLss.,Columb's
48, highest 64, average 56.
159 85,082 1,616 8.476 1.561
49.080 3,271
Greenville
254 thermometer
251 108,487 1,250 11.000
472 139,766 1,458 16.295
Palestine, Tex.-Rain has fallen on one lay of the week,
Greenwood
31,604 1,011 5,782
632
406
53,960 3,037 10,785 the rainfall reaching one hundredth of an inch. Minimum
Meridian .....
255 3,011
19,591
15
10
60 1A00
Natchez
18,040
942 3,891
33,507
yieksburg
143
101
590 1,257 thermometer 50, highest 64, average 57.
28,868
40,624 1,965 4,621
____
.___
237 3A62
22,418
Yazoo City_
San Antonio, Tex.-There has been rain on one day, the
8,200 510,666 6,558 32,621
Mo.,St. Louis_ 8,871 498,683 8,985 33,32
13.721
97
225
438 past week, the rainfall reaching two hundredths of an inch.
250
75
9,890
257
N.C..Raleigh_
0., Cincinnati_ 3,881 209,083 2,585 19,890 3,183 202,212 3,278 28,060 Lowest thermometer 44, highest 62, average 53.
37,136
26
15
Okla., Hugo_
20
25_. 30,194
Taylor, Tex.-There has been rain on one day of the past
__
13,423
__ __
31 2,698
142
S.C., Greenw d
-i14
19,138
Tenn.,Memphis 9,1401,067,093 18,343 99,161 6,658 772,999 14,269 104,181 week and the rainfall has been twenty-six hundredths of an
393
88
7,179
103
10,884
Nashville......
251
20
842
from 44 to 64.
40
80 1,200 inch. Thermometer has averaged 54, ranging
43
Tex., Brenham
17,122
91 1,223
17,309
428
32
New Orleans, La.-It has rained on four days during the
43,907
___
Clarksville.... _
200 49,601
600
381
4,500
801 128,990 1,10
Dallas
639 97,640 1.321 2,500
reaching thirty-six hundredths of an inch.
394
988 week, the rainfall
44,912
181
200
2438
200 33,142
Honey Grove_
Houston
20,2202,639,535 27,503116.364 18,1863,206,159 21,693 103,663 Average thermometer 67.
3,009
750
149,807
389
84813,300
114,229
Paris
600
Shreveport, La.-We have had rain on two days during the
Total. 33 towns 54.2656.820.63a 92.457515.200 47.7216.866.631 85,978509,734 week, the precipitation being forty-eight hundredths of an
inch. The thermometer has averaged 64, the highest being
The above totals show that the interior stocks have de- 88 and the lowest 40.
creased during the week 38,192 bales and are to-night 5,466
Vicksburg, Miss.-There has been rain on one day the
bales more than at the same time last year. The receipts at past
week, to the extent of forty-one hundredths of an inch.
all towns have been 6,544 bales more than the same week The thermometer has averaged 61, ranging from 40 to 85.
last year.
Memphis, Tenn.-The weather is favorable for farm work,
OVERLAND MOVEMENT FOR THE WEEK AND which is progressing rapidly. We have had rain on two days
the
a
showing
below
give
statement
-We
1.
SEPT.
SINCE
during the week, to the extent of on inch and eight hunoverland movement for the week and since Sept. 1, as made dredths. Average thermometer 55, highest 84, lowest 37.
up from telegraphic reports Friday night. The results for the
Mobile, Ala.-With favorable weather planting is going
week and since Sept. 1 in the last two years are as follows:
on rapidly. There has been rain on four days the past week,
----1912-13---- the rainfall reaching seventy-eight hundredths of an inch.
----1913-14---Since
Since
April 17Sept. 1. The thermometer has averaged 64, ranging from 39 to 78.
Sept. 1.
Week.
Week.
Shipped6,558 481,982
8,985 471,546
Via St. Louis
Selma, Ala.-There has been rain on three days the past
700 174.907218,252
Via Cairo
fifteen hup.dredths.
19,433 week, the rainfall reaching one inch and
- 19
50
6.138
Via Rock Island
:
606
69.967 The thermometer has ranged from 36 to 81, averaging 59
1,205 106,366
Via Louisville
303
119,519
109,957
2.484
Via Cincinnati
Madison, Fla.-We have had showers on two days during
3,528 117,436
1,346 132.132
Via Virginia points
16.948 330.328 the week. The thermometer has averaged 66, ranging from
2,418 342.846
Via other routes.&c
28.462 1,356,917 52 to 82.
17.188 1,343,892
Total gross overland
Savannah, Ga.-We have had rain on two days of the past
Deduct Shipments110.239
1,602
1,577 123,443
&c.._
Overland to N. Y.. Boston,
thirty-seven hundredths of an inch.
4,107 133.766
3,298 111,058 week,the rainfall reaching
Between interior towns
999
6,020 108.641
78,477 The thermometer has ranged from 43 to 79, averaging 64.
Inland, &c.. from South
Charleston, S. C.-We have had rain on one day of the week,
11,729 352,646
5,874 312,978
Total to be deducted
the precipitation being two inches and thirty hundredths.
5,459 991,246
22,588 1,043,939 Average thermometer 65, highest 78, lowest 51.
Leaving total net overland*
Charlotte, N. C.-Rain has fallen during the week to the
* Including movement by rail to Canada.
and seven hundredths. The thermomeThe foregoing shows the week's net overland movement extent of two inches
has been 5,459 bales, against 22,588 bales for the week last ter has ranged from 41 to 73, averaging 57.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
ear, and that for the season to date the aggregate net overThe following brief but comprehensive statement indicates
and exhibits a decrease from a year ago of 52,693 bales.
at a glance the world's supply of cotton for the week and
-----1913-14
1912-13
Since
Since since Sept. 1 for the last two seasons, from.all sources from
/n Sight and Spinners'
Sept. 1.
Week.
Week.
Sept. 1.
Takings.
the takings, or amounts
Receipts at ports to April 17____103,419 9,511,122 89.095 8,889,520 which statistics are obtainable; also
5,459
991,246
22,588 1,043.939 gone out of sight, for the like period.
Net overland to April 17
Southern consumption to April 17 60,000
1,970,000
168.878 12,472,368
*38.192
400,686
Total marketed
Interior stocks in excess
59,000
1,851,000
170,683 11,784,459
412,698
*38,257
Came into sight during week_-130.686132,426
1i,-ffogi
127397i57
Total in sight April 17
North'n spinn's takings to April 17 28,250 2,114,302
15,395 2,158,669
* Decrease during week.
Movement into sight in previous years:
Since Sept. 1-
Bales.
Week-
142,854
82,680
112,417
144.713
1912-April 20
1911-April 21
1910-April 22
1909-April 23
1911-12-April
1910-11-April
190910-April
l908-09----April
20
21
22
23
Closing Quo ations for Middling Cotton on-
Galveston
New Orleans_
Mobile
Savannah
Charleston _
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock..
Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
1334
13 3-16
12 13-16
13
13
HOLI- 13
DAY. 13
13.
13. 0
1334
13
13
13
12%
13
133-16
12,
1334
1334
13
13
12,
13
13
13
13 1-16
12%
13%
13
13
13 1-16
12"
13
1334
13
13
13. 5
13
13
13,
12%
1234
13
1334
13.35
13
1354
13.35
131
13
13
12'
12,
13
13Si
13.35
1334
13%
13%
12%
1234
3
13 4,
13
12%
12%
lowest and closing quotations for leading contracts in the New
Orleans cotton market for the past week have been as follows:
1912-13.
1913-14.
Week.
Season.
Week.
Season.
4.988,039
5.649.820
Visible supply April 10
2.055,351
Visible supply Sept. 1..
130.686 12.873.054 132.426 12,197,157
American in sight to April 17..
72,000 1,944.000
Bombay receipts to April 16 .__ 127,000 2.710,000
11,000
330,000
235,000
15,000
Other India ship'ts to April 16...
2.000
985.000
991,000
6.000
Alexandria receipts to April 15..
6.000
245.000
248,000
5,000
Other supply to April 15*
Bales.
14,185,681
10,842,971
9,425,386
12,156 491
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 ending
April 17.
Cotton Takings.
Week and Season.
Total supply.
Deduct-
5.933,506 19,210,405 5.211.465 17,741.642
5.538,741 5,538,741 4.910.197 4,910.197
Visible supply April 17
Total takings to April 17..a.._ _ 391,765 13.671.664 301,268 12,831,445
248.705 10.329.664 224.268 10,103.445
Of which American.
77.000 2,728.000
146,000 3,342.000
Of which other..
*Embraces receipts in Europe from Brazil. Smyrna. West Indies, &c.
a This total embraces the estimated consumption by Southern mills.
1,970,000 bales in 1913-14 and 1.851.000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners. 11.701.664 bales in 1913-14 and 10,980.445 bales in
1912-13. of which 8.359.664 bales and 8.252.445 bales American.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 15.
Receipts (cantars)This week.
Since Sept. 1..
Ecports (bales)-
To Liverpool
To Manchester..
To Continent &
To America.
Total exports
1913-14.
1912-13.
1911-12.
40,000
7.455.474
18,000
7,387.266
30,000
7,122,433
This Since
Week. Sept. I.
This
Since
This Since
Week. Sept. 1. Week. Sept. 1.
500 179.954
4.250 186.608
7.500 324.958
600 111.478
2.250 62.0801
1,750 178.646
186.597
4666 340.643
5,000 172,380
'TAO HMI
4,000 87.472
8.000 767.9661112.850 802.998 16,000 754.009
APR. 18 1914.1
THE CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for the three years have been as follows:
Spot.
Saturday.
1255
Monday.
Market,
12:15
P.M.
Mid.Uprds
1912-13.
April 16.
Receipts 418-
Weelc.
Bombay
1911-12.
1912-13.
Since
Sept. 1.
Week.
Since
Sept. 1.
Week.
Since
Sept. 1.
127,000 2,710,000 72,000 1,944,000 81,000 1,816,000
For the Week.
Exports
from-
Since September 1.
Conti- Japan
Great
Brigaiti. sent. &Chi , Total. Britain.
Great
Bombay--. 3,000 41,000 57,000101.000
1913-14.._
1912-13
----- 19,000 27,000 46,000
1911-12... 1,000 13,000 16,000 30,000
Calcutta1913-14._
______
____
____
1912-13.. 1.000
__ 1,000 1,0C10
1911-12___
Madras_____ _
1913-14__
_ ____
1912-13_ _
---_
__- -___
1911-12 .
All others__ 15.000
__ 15,000
1013-141912-13...
-- .. 7,000 3-,00i 10,000
____ 8,000
1911-12__
-_-___ 8,000
Total all1913-14._
1912-13._
1011-19
3 000 58,000 57,000118,000
____ 27,000 30,000 57,000
1.000 19.000 16,000 36,000
ContiJapan
scent. &China.
Total.
33,000 887.000 784,0001,464,000
16,000 235,000 837,000 888,000
6,000 188,000 641,000 835,000
2.000
3,000
2,000
11,000
11,000
10,000
30,000
11,000
2,500
43,000
25,000
14,500
5,000
4,000
2,000
28.000
18,000
5,000
1,000
34,000
22,000
7,800
800
20,000 220,000
10,000 118,000
5,000 68,000
13,000 253,000
6,000 188,00
16,700 89,700
60,000 926,000 808,0001,794,000
33,000 382.000 708,0001,12:3,000
15.000 271,000 661,000 947,000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues steady for both yarns and shirtings. Spinners are
considered to be well under contract. We give the prices
for to-day below and leave those for previous weeks of this
and last year for comparison:
1914.
325 Cop
Twist.
d.
Feb
27
Mar
6
13
20
27
Apr.
3
10
17
84 lbs. Shirt- Coils
ing:, common
to finest.
Upl's
d. o. d.
• 10% 8 1
914‘.
94
94
954
1913.
0
0
0
0
32: Cop
Twist.
ad. d. Id.
011 2
106 04011
104 6 0 0ll
104 6 04 011
1054 6 044011
1
0
1
1
94 0 104 6 1 011 2
944 0 104 8 134(a 11 3
94 0 10448 1446111 3
7.0810
1
8.99 944
7.02 94
7.08 10
7.111044
894 lbs. Shin- Corn
ings, common Mid
to finest.
Upl's
d. s. d.
s. d. d.
1044 6 334011 6
6.89
104 6
104 8
11 6
114 6
344011
3 011
3 011 6
$ 011 6
8.81
6.95
6.91
8 94
7.26 10.,
11% 6 3 011 6
7.36 10.
8 3 0116
7.30 l04: tè 1i44', 6 24011 5
6.96
695
6.91
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 95,792 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
7'olal bales.
NEW YORK-To Liverpool-April 15-Laurentic, 18 upland 28
Peruvian
46
To Bremen-April 15-George Washington.736
736
To Hamburg-April 11-President Lincoln, 152
152
To St. Petersburg-April 14-Dwinsk 200
200
To Barcelona-April 4-Corcovada, 700
700
To Genoa-April 10-Konig Albert, 2,855___April 16Moltke, 100
To Naples-April 10--Konig Albert, 500__ _April 16-Moltke, 2,955
250
750
To Venice-April 13-Argentina, 274
274
GALVESTON-To Bremen-Apr. 10-8'1 Stephen, 11,668
April 11-Breslau. 8.375
20,043
To Barcelona-April 11-l'io IX., 2,893
2,893
To Genoa-April 11-111'iemonte, 7,766; Posillipo, 1.819
9.585
NEW ORLEANS-To Liverpool-April 13-Crispin, 2,904
April 15-Colonlan, 1,263
4,167
To Glasgow-April 11-Domira. 450
450
To Manchester-April 15-Scythian, 2.589
2,589
To Belfast--April 16-Itathlin Head. 9,000
9,000
To Havre-April 11-M issi.s.sippl, 1,212
1,212
To Antwerp-April 13-Thyria, 242
242
To Barcelona-April 15-Clara 1,553
1.553
To Trieste- April 13-Campania. 500
600
To Venice-April 13-Campania. 3,483
3,483
To Genoa-April 13-11 Piemonte. 1.248
1,248
To Port Barrios-April 11-Coppename,87___ April 15-Marowyne, 33
120
MOBILE-To Liverpool-April 15-Novian, 2,059
2.059
To Bremen-April 10-Welsh Prince, 4.577
4,577
SAVANNAH-To Bremen-April 16-Alfred Nobel, 5,107
To hamburg-April 15-Weissenfelde. 2,719_- _April 16- 5,107
Alfred Nobel, 2,709
5,428
To St. Petorsburg-April 15-Fridiand. 645
645
• To Japan-April 14-St. Patrick, 2,600
2,600
BOSTON-To Liverpool-April 10-Sagamore,
1,171
Hull-April
15-Toronto, 400
To
400
To Yarmouth-April 11-Prince George, 151
151
BALTIMORE-To Liverpool-April 13-V edamore. 1,599
1,599
To Bremen-April 8-Main, 4.300_ _ April 15-Cassol, 2,853
PHILADELI'll IA-To Manchester-April 14-Manchester Mari- 7,153
ner, 1.086
1,086
To Naples-April 9-Ancona, 200
200
SAN FRANCISCO-To Japan-April 13-Chlyo Meru, 717
717
PORT TOWNSEND-To Japan-April 14-Panama Marti, 1___ _
1
Total
95,702
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total Imports of the week
Of which American
Amount afloat
Of which American
Mar.27. April 3. April 8. April 17.
46,000
64.000
46,000
47,000
1,000
2.000
5,000
3,000
3,000
1,000
1,000
1 ,000
36.000
47,000
33.000
35,000
6,000
11,000
1,000
14.000
89,000
91,000
50,000
99.000
1.249.000 1,241,000 1,214,000 1,206,000
1,012,000 1,014,000 971,000 966.000
149.000
93,000
22.000
105,000
127,000
77.000
1,000
72,000
222.000
188,000 204,000
179,000
179,000 134,000.112,000
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:
Sales
Spee.ecexp
HOLIDAY.
HOLIDAY.
Tuesday. Wednesday, Thurdsay.
Friday.
Fair
business
doing.
Quiet.
Good
demand.
Fair
business
doing.
7.31
7.27
7.28
7.30
10.600
1.000
14,000
1,500
8,000
500
8,000
500
Futures. {
Market
opened
Steady at Quiet at
Quiet at Quiet unch.
405 pm
to ;4 pt.
43.406
13402
decline.
pts. dec. pm. adv. advance.
Market, 1
4
P.M. 1
Quiet at
40544
Pt.. dec.
Steady at
30434
Pt.. dec.
Steady at
Steady
203 pts. unch. to
advance. 234 pta.adv
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100th:.
Thus, 6 95 means 6 95-100d.
Apr. 11. Saturday, Monday, Tuesday. Wededay. Thursday. Friday.
to
Apr. 17. 124 124 124 4
124
4 124 4 124 4 124
p.m. p.m. p.m. p.m. p.m. Pm.p.m p.m• p.m• p.m. p.m. 4
P.m.
d.
d.
April ____
Apr.-May
May-June
June-July
July-Aug_
Aug.-Sep.. HOLTSep.-Oct.
DAY.
Oct.-Nov..
Nov.-Dec
Dec.-Jan..
Jan -Feb..
Feb.-Mar.
Mar.-Apr.
d.
d.
d.
d.
d.
d.
cf.
d.
d. d.
6 954 954 91 91 92 93 934 9534
6.87
8644 8294 8294 8344 844 85 864
6 85 844 804 804 8144 824 83 844
6 76 7544 704 71
7144 73 73 7444
6 71
70 6544 66 67 684 69 70
HOLI- 6 57 56 51 94 52 534 55 55 56
DAY. 6 394 38 334 34 354 37 364 37
6 30 284 24. 244 26 2744 27 2734
6 234422 1174 18 194 21 2014 21
6 22 2054 16
1644 18 194419 19
6 22 2094 16
1644 18 1954 19 19
6 224 21 117 174 19 209420 20
623 21 4 174 18 199421 204 21
BREADSTUFFS.
Friday Night, April 17 1914.
Flour has continued quiet for the most part and it cannot
be said that prices have shown any general change. The
truth is that the market is still in an unsettled and unsatisfactory condition. Now and then it is said that the tone is
somewhat steadier when wheat shows rather more firmness.
But it does not seem to hold. Buyers very evidently adhere to the policy pursued for so many months past of
purchasing to supply merely their immediate wants. Under
the circumstances it seems difficult to bring about any
material or permanent advance in prices. The total production last week at Minneapolis, Duluth and Milwaukee
was 363,210 barrels, against 338,015 barrels on the previous
week and 314,100 barrels last year.
Wheat has been irregular and though at times rather
stronger it has shown no material advance latterly-in fact
declining. The shadow of a big winter-wheat crop has been
over the market. May, it is true, has exhibited strength
which has attracted general attention. At a premium over
July of some 6 cents a bushel there has been a good deal of
buying by shorts and straddlers at Chicago, although it is
true that on any upturn increasing selling orders have been
encountered. The distant months have been more or less
braced by the occasional exhibitions of strength in May
and also by reports of the presence of green bugs and Hessian fly in parts of the belt, together with assertions that
the weather in the Northwest has been too dry. It
is a fact, moreover, that the receipts at the Northwest
have latterly fallen off sharply. The other day they
were only about half what they were on the corresponding
day last year. Then, too, there has been a noticeable decrease in the world's visible supply. Last week it fell off
3,260,000 bushels, against a decrease in the same week last
year of less than half this quantity, or 1,234,000 bushels.
The world's stock is now stated at 184,100,000 bushels, or
about 16,000,000 bushels smaller than at this time last year
and the year before. Moreover, the world's shipments are
running well behind those of last year. This has happened
for two weeks in succession. In the previous week they
showed a decrease of over 5,000,000 bushels as compared
with the same time last year. Last week the total was
11,664,000 bushels, against 15,104,000 bushels in the
same week last year. Reports of green bugs have come
mostly from Brown County, Kansas. On the other hand,
it is not believed that much, if any, damage has been caused
by the insects mentioned. It is said, too, that an excellent
start has been made in seeding the spring-wheat crop in
Minnesota and the Dakotas. Then, although the world's
shipments were certainly small, as compared with those of
last year, they were some 620,000 bushels larger than in the
previous week. It is pointed out, too, that the total weekly
shipments to Europe are pretty close to its weekly requirements, which are placed at about 12,000,000 bushels.
Favorable crop reports are being received from Great
Britain, South Russia and generally from Southeastern
Europe. In India the weather has been favorable. Still,
the firmness of May and the fact that world's stocks are
smaller than those of last year have not been without their
influence.
The smallness of supplies from India and
Argentina is still a noteworthy factor. Wheat is firmly held
by East India holders. The weather has been too cool and
wet in France. Offerings of wheat in Hungary are small and
the same may be said of Germany, where, by the way, the
weather has been rather unfavorable for the winter wheat
and also for sowing spring wheat. It is true that with the
full re-opening of navigation in Russia and on the Danube,
and in this country, larger shipments are likely; but,on the
1256
[VOL. xcvm.
THE CHRONICLE
other hand, the small movement from Argentina, India, and,
it may be added, Australia,is expected to offset,in a measure
at any rate, increased shipments from other sources of supply. To-day prices advanced somewhat,owing to complaints
of dry weather in Oklahoma, Kansas and Nebraska. The
world's shipments for the present week are estimated at
only 8,800,000 bushels, against 14,544,000 last year.
of February,and March.and outdoor work was delayed as well. The severe
cold of the 9th and 10th caused some damage, but the loss is probably much
less than would ordinarily have been experienced, due to the backward state
of vegetation. The soil is very generally well supplied with moisture due
to good rains in February and March.
Over the Atlantic Coast districts from Virginia northward freezing
weather occurred, but the damage appears to have been slight. Good rains
occurred, especially in the northern portions, but farm work is generally
delayed and vegetation is backward.
In the Rocky Mountain region the week was cold and stormy with conDAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. siderable snow. Vegetation is backward, farm work is delayed and some
damage to fruit is reported from the southern portions.
Sat. Mon. Tues. Wed. Thurs. Fri.
Over the Pacific Coast States the weather was favorable to all interests,
No. 2 red in elevator
cts_1033 103% 103% 103% 101
101
the season is well advanced, the ground is moist to a good depth, and the
May delivery in elevator
100% 1003i 1003 100% 100% 100% supply
of water is sufficient.
July delivery in elevator
95% 9534 95% 953
95
95%
September delivery in
_ 94
935,5 93% 93
93
EXPORTS OF WHEAT AND FLOUR FROM UNITED
DAILY CLOSING PRICES
elevator__OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
STATES PORTS.-We give below a compilation showing the
May delivery in elevator
cts 91% 91% 923' 92
91% 92
exports of wheat and flour from United States ports during
July delivery in elevator
87
86M 86% 86, 86 % 863
September delivery in elevator_
the month of February and the eight months of the fiscal
86% 86
86% 86 4 85% 86
Indian corn has also been irregular but on the whole inclined to be lower. Cash markets have been quiet, weakness
in oats has affected corn to some extent, the weather has been
favorable for farm work, the statistics have favored bears
rather than bulls, and,finally, Argentina corn has been offered
at the lowest price thus far quoted. In Oklahoma, it seems,
it has been offered at several cents under the domestic corn.
Last week too the American supply decreased only 1,305,000
bushels, or not quite half the decrease in the same week last
year, when it was 2,711,000 bushels. The American visible
stock is 20,500,000 bushels, against 19,800,000 a year ago
and 14,800,000 two years ago. Some confusion has been
created by the commencement of trading in new and oldstyle corn for July; September and December delivery
through the adoption by the Chicago Board of Trade of a
rule that on and after July 1 Government standards shall
be employed at Chicago in the grading of corn. Hereafter,
therefore, traders will specify on all corn orders whether
they are for old or new grades. This of course does not apply
to the May option. To-day prices broke rather sharply
at first but rallied later, closing, however, noticeably lower
for the day, despite reports of cash sales of 500,000 bushels
at Chicago and 200,000 at Omaha.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts. 783
783
78% 78
77
76
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery inelevator
cts_ 68% 67% 671 68% 66% 65%
July delivery in elevator
67% 663
66, 664 65% 65 A
September delivery
67% 66
66
65% 64% 6434
years 1913-14 and 1912-13.
February 1914.
8 Months 1913-14.
8 Months 1912-13.
Wheat,
Bushels.
Wheat,
Bushels.
Ports.
Flour,
Barrels.
Wheat,
Bushels.
11=.
Flour,
Barrels.
18,370,693 2,761,388 19,360,018 2,543,776
555.870 3,154,564
10,951,742
727,974
562,261 5,420,903
819,887
4,883,588
198,733 1,115,355
3,871,491
53,049
319,454
136,360
168,732
524,766
809,121 9,827,328
563,456
8,965,497
624,877
616,545 11,745,215
8,967,858
350,899
597,667 6,877,059
6,399,283
4,096,011 1,693,388 4,651,363 1,600,794
291,815
4,270
216,475
2,559
10,845
581,000
60,431
2,301,123
55,148
123,510 4,461,881
15,903 2,286,890
New York____ 1,720,877
Maryland _ _
498,627
Philadelphia __
144,000
Massachusetts
Other Atlantic
23,945
New Orleans_
704,840
Other Gulf...376,960
Oregon
322,570
Washington_ - _
155,880
San Francisco_
1,615
Chicago
Other border
1,063
257,839
25,465
37,019
7,878
19,627
70,521
59,025
8,238
252,865
32,076
786,458 71,621,501 8,331,749 67,518,410 7,817,252
Total all__ __ 3,950,377
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.19818s. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48I8s. bu.56 lbs.
255,000
520,000 1,217,000
Chicago _ 41,000
207,000
332,000
112,000
121,000
270,000
51,000
Milwaukee..45,000
192,000
Duluth
190,000
17,000
2,000
6,000
78,000
192.000
1,677,000
Minneapolis.
264,000
74,000
28,000
11,000
Toledo
27,000
35,000
36,000
Detzolt
10,000
8,000
48,000
41.000
2,000
12,000
1,000
Cleveland 18,000
342,000
221,000
6,000
St. Louts
1,000
61,000
347,000
158,000
256,000
63,000
13,000
Peoria
21,000
50,000
185,000
675,000
186,000
wansa.s City.
213,000
346,000
116,000
Omaha
Oats have sagged more or less in sympathy with other
grain, though,like the markets for corn and wheat, this
one has also shown more or less irregularity. Minneapolis
it is said, expects to ship 500,000 bushels to Chicago. That Tot. wk.'14 389,000 2,962,000 2,320,000 2,681,000 861,000 187,000
1,359,000 197,000
was undoubtedly something of a damper. In fact, heavy Same wk.'13 323,000 3,034,000 2,620,000 3,153,000
68,150
475,459
2,133,022
selling has brought about a new low level of prices. The Same wk.'12 267,258 1,745,181 1,602,502
decline might have gone further but for large buying by Since Aug. 1
1913-14_ 15,433,000 247,880,000 177,747,000 173,321,000 74,888,000 20664000
shorts. The cash demand has been slow. The weather on
1912-13
13,163,520 212,359,966 176,749,228 185,684,688 84,857,330 14643642
1911-12
9_053.329 112.545.962 150.392.926 114.214.913 57.766.582 7,272,430
the whole has been favorable for seeding and this work is
now pretty general throughout the Central West. The crop
Total receipts of flour and grain at the seaboard ports for
movement, however, is light. The stock of American has
Apr. 11 1914 follow:
decreased within a week 2,857,000 bushels, as against a de- the week ended Flour,
Wheat,
Corn,
Oats, Barley,
Rye.
crease in the same week last year of only 1,044,000 bushels.
Receipts albush,
bush,
bush.
bbis.
bush.
bush.
162,000
466,000
20,000
253,000
10,000
5,000
Yet it is a fact that with the visible supply of American oats New York
Boston
39,000
13,000
3,000
86,000
2,000
2,000
some 36,000,000 bushels,the total is fully 11,000,000 bushels Portland,
Me
13,000
441,000
226,000
40,000
149,000
larger than a year ago and 10,000,000 bushels more than at Philadelphia
30,000
217,000
1,000
33,000
31,000
52,000
59,000
93,000
this time in 1912. To-day prices were steady. It is stated, Baltimore
52,000
103,000
71,000
New Orleans .__
66,000
2,000
2,000
2,000
231,000
however, that Texas people who bought 300,000 bushels Newport News_
6,000,
Norfolk
2,000
at Omaha have re-sold the grain. But shorts were covering. Galveston
1,000
6,000
60,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Wed.
Sat.
Mon.
Thurs.
Fri.
Standards cts_43% ©44 43%044 43044
43044 43%044 433044
No. 2 white_ _44044% 44044% 440443 440443 4404434 44©44
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
May delivery in elevator
cts 38% 37g 37g 3731 37
37
July delivery in elevator
6 37
35,4 371/s 373,
37% 37
September delivery in elevator
3734 36g 36
3614 35% 35
The following are closing quotations:
FLOUR.
Winter, low grades____$3 20 $3 40 Spring clears
$4 10 $4 25
Winter patents
4 90
5 10 Kansas straights,sacks.. 4 25 4 40
Winter straights.
4 65 Kanas Clears,sacks
4 45
3 75
4 10
Winter clears.
4 30 City patents
4 00
5 95 6 35
Spring patents
4 70 it ye flour.
4 50
3 20
3 80
Spring straights..
3 80
4 25 4 55 Graham flour..
4 50
GRAIN.
cts.
Wheat,per bushel-f.o.b.
Corn,per bushelN.Spring, No. 1
$1 01
No. 2 mixed.
76
N.Spring, No.2
1 00
No. 2 yellow..
75,i@76
Red winter, No. 2
No. 3 yellow..
1 054
731407414
Hard winter. No.2,arrive 1 013
Argentina in bags..
66©74
Oats, per bushel, newcts.
Rye, per bushelStandards
4314@44
New York..
68%070
No. 2, white..
Western..
61;46
444414
No. 3, white..
60
43®4314 Barley-Malting
Mobile
Montreal
St. John
Halifax
13,000
11,000
42,000
1,000
11,000
360,000
32,000
5,000
1,000
32,000 307,000
3,000
719,000
191,000
Total week 1914_ 408,000 1,897,000
Since Jan. 1 1914_6,283,000 30,612,000 8,383,000 11,193,000
577,000
491,000
401,000 1,495,000
Week 1913
Since Jan. 1 1013_6,254,000 38,459,000 37,120,000 14,772,000
551,000 102,000
3643,000 965,000
662,000 68,000
9192,000 990,000
a Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Apr. 11 are shown in the annexed statement:
Exports fromNew York
Wheat,
bush.
299,968
Corn, Flour,
bids.
I bush.
Poerland, Me.._ _ _ 441,000
Boston
98,188
Philadelphia
167,916
Baltimore
169,138
388,000
New Orleans
231,000
Newport News
Mobile
360,000
St. John, N. B
32,000
Halifax
Norfolk
5,443 82,896
13,000
52 11,142
8,898
4,207
8,530
2,000 48,000
2,000
5,000 13,000
42,000
500,000
6,000 2,000
Total week___2,187,210
29,025 225,643
Oats,
bush.
78,600
31,650
25,051
Rye, Barley,
bush.
bush.
84,103
226,000
21,068
Peas,
bush.
225
77,143
100
3,000
135,301
77,143 334,171
94,007 55,795 556,248
225
6,348
2,923,669 1,304,267 341,078
WEATHER BULLETIN FOR WEEK ENDING APRIL Week 1913
The destination of these exports for the week and since
13.-The general summary of the weather bulletin issued
by the Department of Agriculture for the week ending July 1 1913 is as below:
Wheat-----CornFlour
April 13 is as follows:
Since
Since
Sine
The past week was unseasonably cold over all portions of the country
from the Rocky Mountains eastward; in fact, this condition has prevailed
very generally over the same districts since early in February. As a consequence, the season is more or less late and the progress of vegetation has
been materially delayed. Over the Far Western districts conditions have
been reversed, and the season is now well advanced.
Over the winter-wheat-growing States the continued cold weather has
not been unfavorable to the growth of the wheat plant, and it is reported
as being in excellent condition, with sufficient moisture in the soil for present needs, save in the western portions of Kansas and Nebraska, where rain
is now needed. Warm weather also is needed in all portions of the district.
In the spring-wheat belt the season is backward, the freezing weather
Interfering with field work and the starting of vegetation. There has been
less precipitation than usual since the 1st of March, and it is probable the
soil is somewhat lacking in moisture.
Over the cotton belt the cold weather of the past week still further retarded the progress of vegetation already late from the unfavorable weather
July 1
Week
Week
July
Week
July 1
1913. April 11.
1913.
1913• April 11.
Exportsfor zceek and Apr.11.
bush.
bush.
bush.
bush.
Ills•
since July 1 toIbis.
637,451
75,528,927
994,808
6,000
4,431,292
United Kingdom__ _ 96,787
53,319 2,213,278 1,188,402 75,425,155
Continent
4,000 1,116,139
Sou. & Cent. Amer_ 37,733 987,726
89,837
10,31 1,47,3,
2
4
36,215 1,371,736
West Indies
80,366
Brit. Nor. Am. Cols. 1,275
34,291
810
268,907
314 240,745
Other Countries_ _ _
1:312 AT,;(011
Total
Total 1912-13
29,025 3,277,388
225,643 9,325,143 2,187,210 152429,055
341,078 8,974,130 2,923,669 130151,965 1,304,267 36,065,663
The world's shipments of wheat and corn for the week
ending Apr. 11 1914 and since July. 1 1913 and 1912 are shown
in the following:
APR. 18 1914.1
THE CHRONICLE
Wheat. •
Exports.
1913-14.
Week
April 11.
North Amer
Russia
Danube.. _ _
Argentina___
Australia__ _
India
Oth.countr's
Total
.Since
July 1.
Corn.
1912-13.
Since
July 1.
1913-14.
Week
April 11.
Since
„hay 1.
1912-13.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
3,568,000 222,054,000 199,070,000
8,000 1,697,000 34,143,000
3,376,000 124,794,000 84,261,000 306,000 12,103,000
8,038,000
1,696,000 47,970,000 46,999,000 1,173,000 24,396,000 11,434,000
1,168,000 34,934,000 99,174,000 2,585,000 135,572,000 172,902,000
1,544,000 52,098,000 34,516,000
192,000 26,232,000 45,284,000
120,000 6,742,000 6,492,000
11664000 514,824,000 515,796,000 4,072,000 173,768,000 226,517.000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels.
Bushels.
Bushels.
April 11 1914__ 27,008,000 22,936,000 49,944,000
April 41914..., 27,744,000 22,096,000 40,840,000
April 12 1913__ 27,576,000 36,464,000 64,040,000
April 13 1912._ 32,384,000 21,640,000 54,024,000
United
Kingdom. Continent.
Bushels.
3,001,000
1,913,000
3,315,000
3,519,000
Total.
Bushels. Bushels.
5,253,000 8,254,000
4,307,000 6,220,000
6,996,000 10,371,000
6,273,000 9,792,000
1257
prices an eighth to a quarter cent under the market, and
which manufacturers are not willing to accept. Exports so
far this year are far below normal and, with prices continuing
firm, no improvement is looked for.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending April 11 were 6,793
packages, valued at $506,105, their destination being to the
points specified in the table below:
New York to April 11Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
---1914-----1913--Since
SInc,
Week. Jan. 1.
Week. Jan. 1.
M
706
33
404
63
1,080
11
276
1,008
26,30019,137
4,380
---6
6.486
4,265
1,818
10,902
120
3,245
1,181
9,688
995
17,228
12,804
834
13
210
102
987
417
7,191
541
5,235
3,387
18,748
1,313
17,369
726
22,474
3,100
20,468
6,793
105,827
8,939
103.756
The value of these New York exports since Jan. 1 has been
$7,863,908 in 1914, against $7,857,815 in 1913.
Staple cottons are quiet and steady with moderate busiThe visible supply of grain, comprising the stocks in ness passing from day to day for spot and anear-by delivery
granary at principal points of accumulation at lake and Much business is offered for both domestic and export ac-.
count at prices slightly under those asked, but in view of the'
seaboard ports Apr. 11 1913 was as follows:
UNITED STATES GRAIN STOCKS.
uncertain raw material situation manufacturers are not
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded acceptin
g, particularly as the deliveries asked run well into
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barter. Barley,
In Thousandsbush. bush, bush, bush, bush, bush, bush. bush. the fall. Many manufacturers are well
covered through the
New York
266
157
46
722
33
10
38
88 summer, and as merchant stocks of staple
Boston
14
goods are known
704
12
9
23
3
62
Philadelphia
to be low,there is no disposition to force business. Sheetings
221
433
107
288
43
Baltimore
302
271
63
185 - _ _ - -258 ---i
and drills are in a strohg position, but more business would
New Orleans
163
68
79
Galveston
be welcomed by makers of cotton duck. Some forward con129
29
___
Buffalo
938694 ii
lila "iio
i
68 tracts were placed on print cloths during the week at slight
afloat
1,246
411 ____
--i5
1,264
concessions, but it is believed they were closed more to enToledo
872
"io8 316 __
3 -_-Detroit
224
360
courage demand than through any weakness in the market.
56 ____
24
Chicago
4,757
9,200 8,179 -___
227 -543 .
Trade in wash dress goods has improved slightly during the
"
afloat
70
1,309
Milwaukee
134
week, but it is stated that retailers have far from covered
146 -iii -_-_-: -8ii -.1i5
Duluth
12,993 1-,iiii
38fi 1.'707 2,259
318
ii
their requirements. With any improvement in the weather
"
afloat
1,472
226
.
.
6
9
2397:3645_
Minneapolis
jobbers
19,900
-iiii
and commission men expect large sales of wash
1-,iiiii
---- "46
St. Louis
627
377
829 ---28
Gray goods, 38-inch standard, are quoted at Oic. togoods.
Kansas City
5,558
1,637
5%c.
784
Peoria
WOOLE
93
N GOODS.-Dress goods manufacturers report
100
839 -___
Indianapolis
- -- 165
720
81 --- a
better
demand
for fall, as well as quite a little late spring
Omaha
____ 1,809 1,271 - _ _ _
Wi --8i
business. Broadcloths are proving very popular for
the fall
Total April 11 1914_50,801 2,850 17,546 18,748 3,464 1,452 4,223
season,
and
both
domestic
333
and imported lines have sold well.
Total April 4 1914__51,862 3,286 18,812 19,223 5,744 1,447 4,206
721
There
are
some
complain
ts of poor demand for crepes for
Total April 12 1913_55,457 3,698 17,419 11,549
832 2,613
847
380
next heavyweight season, but handlers of these goods the
CANADIAN GRAIN STOCKS.
are
Canadian Bonded
Canadian Bonded
Canadian Bonded slow to admit of their declining popularity. In
men's wear
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. a fair duplicat
ing
business
In Thousandsis
being done for fall, despite the
bush. bush. bush. bush. bush. bush, bush. bush.
Montreal
251 -....
272
11
recent advances in prices, and the market is very firm on all
20
744 _
Ft.William&PLArthur.14,000
____ 6,405
lines.
Some
agents
are
"
turning
afloat
their attention to the spring
4,083 ___- -.._ 2,514
Other Canadian
3,516
____
---- 5,907
season of 1915, and sales have been reported for this season
out
of
stocks
carried
over
from
this
Total April 11 1914_21,850 _
spring. Less complaint
11 15,098
20
744 ____
Total April 4 1914_19,942 ---is heard of the competition of foreign lines, and it is generally
12 13,009
20
474 ___
Total April 12 1913_.25,761
____
19 10,476
101 ____ understood that a better business has been
done than was
SUMMARY.
anticipated.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
FQREI
GN
DRY
Rye.
GOODS.
Barley.
-Dress
Barley.
linens
are passing
In Thousandsbush, bush, bush, bush, bush, bush, bush.
American
50,801 2,850 17,546 18,748 3,464 1,452 4,223 bush. quietly with buyers awaiting warmer weather. Road sales333 men
Canadian
21,850 __
state that retailers are poorly covered and that a heavy
11 15,098 ____
20
744
late demand can be expected. In view of this, jobbers are
Total April 11 1914_72,651 2,850
33,846 3,464 1,472 4,967
333 warning the more
Total April 4 1914_71,804 3,286 17,557
18,824 32,232 5,744 1,467 4,680
prominent retailers to lay in their stocks
721
Total April 12 1913 81,218 3,698 17,438 22,025
847
832 2.714
380 early in order to secure prompt deliveries. Ramies are
selling well but retailers are not enlarging upon their stocks
THE DRY GOODS TRADE.
of ratines. Household goods are in steady request, with
no
New York, Friday Night, April 17 1914.
accumulation of stocks. Trading in burlaps during the week
Dry goods markets have been quiet during the week, cool has been more active at firm prices, in sympath
y
with
higher
and stormy weather having served to restrict business. advices from Calcutta. Lightweights are quoted at 4.80c.
Jobbers reported a spotted demand,with store trade poor, and heavyweights at 5.80@5.85c.
but look for improvement as the weather becomes more
Importations & Warehouse Withdrawals of Dry Goods.
seasonable. Buyers are arriving from various sections
of
The importations and warehouse withdrawals of dry goods
the country with a view to placing their summer requirements but are very conservative in their operations. Retail at this port for the week ending April 11 1914 and since
buying for spring and summer account is very late this sea- Jan. 1 1914, and for the corresponding periods.of last year,
were as follows:
son, and sales so far are below normal. It is felt, however
that buyers cannot delay much longer if they expect to, imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
obtain the deliveries they will want. The price
April 11 1914.
Since Jan. 1 1914.
continues firm with no disposition to force sales by asituation
Pkgs.
Value.
Pkgs.
Value.
concesManufactures of$
sion in prices, although much business is offered at prices
t
Wool
1,782
420,208
27,654
8,026,547
Cotton
slightly under the market. Retailers reported good Easter
3,803
932,552
61,605
16,932,957
Silk
1,674
628,035
23,761 11.300,404
sales and are now expected to turn their attention more
Flax
1,761
376,346
26,125
6,319,851
fully to their summer needs. Much of the hesitancy among
Miscellaneous
3,735
268,945
60,925
5,790,030
buyers is attributed to the restrictions placed upon them by
Total 1914
12,755 2.626,086 200,070 48,369,789
their superiors, although they are also influenced by the
Total 1913
7,958 1,600,925 170,139 39,559,878
reports of trade depression in other industries. Among
Warehouse Withdrawals Thrown Upon the Market.
res of
manufacturers sentiment is not optimisti although there Manufactu
Wool
552
139,151
is little complaint regarding the absence ofc,business
18,927
4,965,424
Cotton
689
184,546
13,336
3.504,206
ward account. The uncertain future course of raw for forSilk
201
102.446
4,388
1,960,805
Flax
prices is of most concern to them, and at present material
426
92,861
8,030
1,912,524
Miscellaneous
prices they
2,759
142,184
42,981
2.420,731
are not anxious to book much business very far
ahead.
Total withdrawals
Production is still restricted to actual demands,
4,627
661.188
87,662 14,763,690
as there Entered for consumption
12,755 2,626,086 200,070 48,369,789
is no accumulation of mill stocks, manufacturersand
look for at
Total marketed 1914
17,382 3,287,274 287,732 63,133,479
least a continuance of present values. Manufact
Total marketed 1913
urers of
15,063 2,092,239 238,348 48,451.579
dress goods and suitings are already heavily booked
Imports Entered for Warehouse During Same Period.
with Manufactu
business that means very little profit, and in some cases
res of
Wool
335
113,154
loss, while on the other hand clothiers and cutters-up
9,846
2,913,777
Cotton
are
804
236.086
12,303
3,398,261
seeking lower prices, encouraged in their demands
Silk
282
103,511
4,080
by
1,810,988
the
Flax
presence in the market of extensive lines of attractive im633
• 150,475
8,719
2,008,452
Miscellaneous
2,806
72,996
28,144
2,087,676
ported fabrics which can be had upon short notice. Under
Total
these circumstances business is held in abeyance and consists
4,860
676,222
63,092 12,219.154
12,755 2,626,086 200,070 48,369.789
mostly of small amounts for near-by delivery. Export busi- Entered for consumption
ness is quiet with the exception of inquiries for
Total imports 1914
17,615
3,302.308 263,162 60,588,943
goods at
Total imports 1913
11.008 2,104,615 252,702 48.814,23
9
THE CHRONICLE
1258
STATE MID CITY
Dtiv*TIVIENT.
News Items.
Elgin, Bastrop County, Tex.-Commission Form of
Government Defeated.-The question of establishing the commission form of government failed to carry, it is reported, at
the election held April 7.
Green Bay, Wis.-Voters Favor Purchase of Water Plant.The election held April 7 resulted in favor of purchasing the
local water-system. V. 98, p. 626.
Hawaii.-Bonds to be Offered Shortly.-It is thought probable that within sixty days the Hawaiian Government will
have received the necessary authority at Washington to offer
for sale about $1,500,000 4% bonds. By interpretation of
the U. S. Supreme Court decision referred to elsewhere in
this department, these bonds are now recognized as exempt
from all taxes throughout the United States.
Minnesota.-Municipal Territorial Bonds Not Taxable as
Part of Assets of Savings Banks.-See item below under
"Teritorial Bonds Exempt From Taxation."
New York City.-Bond Sale.-For result of bond offering on Wednesday (April 15)see item under"New York City"
on a subsequent page.
Mayor Signs Bill Permitting Issuance of Corporate Stock
Notes In Anticipation of Tax Collections.-The bill to permit
the issuance of corporate stock notes in anticipation of tax
collections, given in full in the "Chronicle" of April 4, page
1101, has been signed by Mayor Mitchell and sent to the
Governor.
New York State.-Extra Session of Legislature.-The State
Legislature will convene in extra session at 8:30 p. m. May 4
The Governor's proclamation calling the special session is as
follows:
STATE OF NEW YORK.
Executive Chamber.
Albany.
PROCLAMATION.
Pursuant to the power -vested in me by Section 4 of Article IV of the
Constitution, I hereby convene the Legislature in extraordinary session
at the Capitol in the City of Albany on Monday, May 4 1914, at half
past eight o'clock, post meridian.
In reconvening the Legislature, I wish to call to its attention again the
predominant importance of the subject of.the State's finances. In my
annual message I purposely devoted myself exclusively to that subject
and
and I wish to urge each member of the Legislature to give immediate
continuous personal consideration to the present condition of the State's
by its various
finances, its sinking funds and the appropriations needed
will
departments, so that, when the Legislature reconvenes, each member
discussion of this imbe fully prepared to take an intelligent part in theinvolving
the State's
portant subject. At regular sessions questions
of the legislators, financial
finances are ordinarily considered by only a few what
is known as a "short
legislation frequently passing each house upon
at a regular session.where each
roll call." This, perhaps, is unavoidable
by
his constituents, but
legislation
important
with
entrusted
legislator is
for each member
at this extraordinary session there will be opportunity
this single subject,
of the Legislature to give his exclusive consideration to
the appropriaupon
compromise
tripartisan
mere
a
for
and I shall ask not
tion bill and the supply bill, but for a thoughtful consideration of the
broad questions underlying the State's financial policy and theadoption
years to come, will be sufficient
of a comprehensive plan which, for many
assured credit.
to establish the State upon a basis ofto
the failure of the Legislature at its
It is to be regretted that, owing
measures, I am compelled
regular session to pass indispensable financial
The Legislature during its closing
to call this extraordinary session.
to me for approhours passed over six hundred and fifty bills and sent them
have been made to me to
provat or disapproval; and over fifty requestsfifty
subjects for legislation,
ubmit to the Legislature at this extra session
many laws,
which the proponents claim to be of importance. We have too
In urging the
and in recent years we have had too protracted sessions.
Legislature, therefore, to concentrate its consideration upon the question
legislation, at this
of State finance, I state also my own resolve to confine Legislature,
at this
extra session, strictly to that subject; to submit to the
extra session, no proposition except upon this single subject; and to do all
session.
effective
short,
a
about
bring
n my power to
Given under my hand and the Privy Seal of the State at the Capitol in
the City of Albany, this eleventh day of April in the year of our Lord,
one thousand nine hundred and fourteen.
MARTIN II. GLYNN.
(Signed)
By the Governor:
FRANK A. TIERNEY,
Secretary to the Governor.
[VOL.
and acquiesced in all that had been done subsequent to and in pursuance of
the order of the Court. This would seem to be a ratification of the whole
proceeding.
Sioux Falls School District, So. Dak.-Bond Issue Upheld by Circuit Court.-The Circuit Court has decided in favor
of the district the suit brought to enjoin the $175,000 schoolbuilding and $7,000 athletic grounds bonds (V. 98, p. 850).
The case will be taken to the Supreme Court.
Territorial Bonds Exempt From Taxation.--The
United States Supreme Court on February 24 decided that
a State may not tax bonds issued by municipalities in the
Indian Territory and in the Territory of Oklahoma as property in the hands of the holders. The decision was upon a,
writ of error bringing under review a judgment of the Minnesota Supreme Court affirming the judgment of the District
Court for Hennepin County in favor of the State in proceedings to collect taxes assessed against the Farmer's & Mechanic's Savings Bank of Minneapolis. The U.S.Supreme Court
reverses the lower courts and sustains the bank's contention
that about $700,000 bonds issued by municipalities in Okla,
homa and Indian Territories should have been omitted from
the list of its personal assets for the reason that bonds of this
character are not taxable by the State. The syllabus of the
highest Court's opinion is as follows:
Taxation-Federal Agency-Bonds of Territorial Municipalities1. A State may not tax bonds issued by municipalities in the Indian
Territory and in the Territory of Oklahoma as property In the hands of the
holders, since this would be to tax the performance of a governmental
function by an instrumentality and agency of the Federal Government;
although the bonds may not have been guaranteed either by the United
States or by the central government of the Territory.
Taxation-Federal Agency-Bonds of Territorial Municipality-Effect of
Admission of State.
2. The admission of Oklahoma to the Union under the enabling Actof
June 16 1906 (34 Stat. at L. 267. Chap. 3335) did not operate to deprive
the holdersof bonds Issued by municipalities in the Indian Territory and
the Territory of Oklahoma of the exemption from State taxation which
they enjoyed as holders of obligations of an agency of the Federal Government, even conceding that an obligation to pay the bonds was assumed
by the new State.
Taxation-Savings Bank Surplus-Bonds of Territorial Municipalities.
3. A State,in taxing as credits the surplus of a savings bank, ascertained
by deducting from its assets the amount of its deposits and other accounts
payable, must leave out of the computation of its assets bonds issued by
Territorial municipalities which are exempt from taxation as the obligations of an agency of the Federal Government.
Constitutional Law-Equal Protection of the Laws-Taxation of Savings
Banks-Classification.
4. Requiring savings banks to include in the computation of their assets
for taxation notes secured by mortgages upon Minnesota real estate upon
which the registration tax has been paid, as is done by Minn. Laws 1907,
Chap. 328, which at the same time relieves mortgages upon such real •
the registration tax,
estate when otherwise owned from all taxation except of
the laws clause of
cannot be deemed to contravene the equal protection
U. S. Constitution, 14th Amend., in view of the privileges respecting
Laws 1905, Chap. 839,
taxation enjoyed by savings banks under Minn.
accorded to no other person or corporation subject to taxation.
Bond Proposals and Negotiations this week
have been as follows:
ABILENE SCHOOL DISTRICT (P. 0. Abilene), Dickinson County,
an elecKan.-BOND ELECTION PROPOSED.-There is talk of holding
tion to vote on the question of issuing $50,000 high-school bonds.
-Bids.
OFFERING
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND
will be received until 3 p. m. April 23, it is stated, by W. J. Archbold.
Due
bonds.
improvement
roadfor
%
325.200
County Treasurer,
each six months for 10 years.
NO.
0.
1
(P.
ADAMS TOWNSHIP SPECIAL SCHOOL DISTRICT
Cambridge), Guernsey County, Ohio.-BOND SALE.-On April 7
and
se,
%-year
building
(aver.)
site-purcha
coupon
%
the $1,500
equipment bonds (V. 08, p. 940) were awarded, it is stated, to the State
Bank of Buffalo. Ohio,for $1,517 50-equal to 101.166.
ALAMEDA COUNTY (P. 0. Oakland), Calif.-BOND OFFERING.Proposals will be received until 10 a. m. April 27 by John P. Cook, Clerk
Board of County Supervisors, it is stated, for $200,000 4% highway bonds.
Certified check for 10% required.
N. Y.-BOND OFFERING.
ALBANY COUNTY (P. 0. Albany),
m. April 27 by Isaac La Grange, County
Proposals will be received until 12court-hous
e
and
-construction
equipment
%
4
Treasurer, for $300,000
bonds. Int. semi-annual. Due $100,000 on May 1 1936. 1937 and 1938.
These bonds are part of an issue of $700,000.
OF BOND ELECTION.
ALBION, Calhoun County, Mich.-RESULT
the $55,000 paving bonds(V.98,
-Reports state that the question of issuing
the proposition to issue
while
6,
April
p. 1101) carried at the election held
the $7,000 park bonds was defeated.
0.
Alexandria), Rapides
(P.
ALEXANDRIA SCHOOL DISTRICT
Orange, N. J.-Commission Government Approved.-An
5% high-schoolLa.-BOND SALE.-On April 6 the $125,000
were awarded, it is
1102)
P.
98,
election held April 14 resulted in favor of the commission Parish,
(V.
bonds
construction and equipment
Banic & Trust Co. of Now Orleans and Cutter, May
plan of government. The vote is reported as 1,855 to 1,612. stated, to the Hibernia$128,537
57-equal to 102,830.
Co. of Chicago for
Pottsville, Pa.-Charter Declared Valid.-The validity & ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND OFFERING.by
Judge
11
April
upheld
10 a. m. April 22 by J. Herman Bueter.
was
Pottsville
until
of
of the city charter
Proposals will be received
% bonds dated April 25 1914:
County Treasurer, for the following 43i
Kunkel in the Dauphin County Court. At the November $6.160
road bonds. Denom. $308. Duo in 10 years.
Twp.
Marion
should
borough
$352. Due in 10 years.
Denom.
the
that
decided
bonds.
voters
the
1910 election
7,040 Pleasant Twp.road
$752. Due in 10 Years.
Marlon Twp. road bonds. Denom.
become a third-class city. The new government was at- 15.040
bonds.
$348. Due in 20 years.
Denom.
road
1
No.
Twp.
Springfield
tacked on the ground that the petitioners for the special 13,920
18.720 Springfield Twp. No. 2 road bonds. Denom. $468. Due in 20 years.
22
NO.
(P. 0. Allendale),
DISTRICT
SCHOOL
election on the question of becoming a city had secured the
ALLENDALE
-BOND SALE.-On Apr. 15 the $15.000
Barnwell Counts, So. Caro.
order for the election from the Quarter Sessions Court in- coup,
school bonds (V.98. p. 940) were awarded to H
tax-free
reg.
or
stead of from the Borough Council. It was contended that Holtz & Co. of Chicago for $15,017 (100.113) and int.
N. J.
SALE.-On
the proceeding was under an Act of 1907 which was nulliALLENHURST, Monmouth County, bonds-BOND
offered on March 28April 4 the $12,000 5% beach-improvement
fied by a later Act of the same session requiring that order- .(V.
awarded to Kean, Taylor & Co. of N. Y. at 100.80.
were
1012)
p.
98,
Int. semi-annual. Duo May 11944,
for election shall be issued by the Council. Judge Kunkel Denom.$1,000. Date May 11914.
subject to call any interest date after May 1 1934.
said, in part:
-BOND SALE.-The $21,600 5%
Ohio.
County,
ALLIANCE, Stark
The sum of the whole matter seems to us to be this:The Legislature of
P. 530) were awarded on that
10 1905. In two particulars:
refunding bonds offered on March 14 (V. 98,
1907 intended to amend the Act of April
at 105.34 and int. Denom.(1)
Cleveland
of
Co.
&
the
for
Denison
order
and
E.
to
C.
day
the
election;
First-In respect to the origin of
3600,(42)$500. Date March 101914. Int. M.& S. Due March 101930.
Second-In respect to the manner of voting and the form of the ballots.
Mich,It accomplished this object, not by one enactment embracing both
ALMONT TOWNSHIP (P. 0. Almont), Lapeer County,
$60,000 highway-improvement
amendments, but by the two independent statutes of April 15 and May 28 BONDS VOTED.-The question of issuing
by the former bonds carried, reports state, by a vote of 208 to 40at the election held Apr.6.
1907. It is true that this object was at first accomplished
but afterward the amendstatute, for it contained both amendments,
AMSTERDAM, Montgomery County, N. Y.-BOND SALE.-On
ment relating to the manner of voting was enacted by means of the latter April 15 the $125.000 44% 20-year reg. tax-free Mohawk River bridgeconstruction we have adopted
statute in somewhat different form. By thethe
bonds (V. 98. p. 1180) were awarded to Adams & Co. of
construction
rule
to
that
Acts
two
where
conformity
in
effect is given to both Acts,
Y. at 104.87. Other bids were:
relating to the same subject matter are passed at the same legislative N.
Kean, Taylor & Co. N. Y.104.588 Barbour & Co., New York__103.762
session.they are to be construed together, if possible, so as to give effect Montg. Co. Tr. Co.,.Amst'm 104.57 Equitable Trust Co., N. Y....103.638
to each.
Bros., New York_ _104.192 Spitzer. Bolick & Co., N.Y...103.57
Besides what we have said, it appears by the answer to the suggestion Kountze
N.Y----103.487
Amst'm City Nat.Bk.,Amst_104.15 Farson Son & Co.,
for the writ that the Borough Council joined in the application to the Estabrook
104.057 Lee, H gginson & Co., N. Y-103.401
& Co., N Y
the
borough
incorporating
issued
were
which
Governor for the letters patent
& Co.,
Salomon
William
103.943
N.Y
Co.,
&
Rhoades
into a city of the third class, with knowledge that the order submitting the W. N. Color & Co., N. Y_ _ _103.887
103.389
Now York
qualified elm103.34
question to the people had been issued on the petition of 100 had
J. R. Magoffin, N.Y
Y..103.834
N.
Co.,
&
Forbes
Harris.
the
been
held
election
that
and
Sessions,
ten by the Court of Quarter
Y
N.
103.30
Adams,
&
Folsom
N.Y-103.793
&
Co.,
Hodges
Remick,
in pursuance thereto. Thus the Borough Council recognized the election
APR. 18 1914.1
THE CHRONICLE
1259
AMBLER SCHOOL DISTRICT (P.
0. Ambler), Montgomery Coun- coupon
ty, Pr.-BOND OFFERING.-Propo
road-inset, bonds (V. 98, p. 941) were
will be received until .April 20, Now First
awarded, it is stated, to the
it is stated, by F. C. Weber, Secy. sals
Nat.Bank of Columbus at 100.67
of District, for $12,000 434%
5.
school
bonds.
CADIZ VILLAGE SCHOOL
DISTR
ICT
(P. 0. Cadiz), Harri
ANACONDA SCHOOL DISTRICT NO.
County, Ohio.-BOND SALE.
-On April 4 the $3,0005% 9-year(averason
-The issuance of $60,000 bonds was ratifie 10, Mont.-BONDS VOTED. coupon school fundin
ge)
g bonds (V. 98. p. 1013) were
d April 4 by a vote of 277 to 93, mercial Nat.
according to local papers.
awarded to the ComBank, Coshocton, for $3,041
(101.366) and interest.
ANAHEIM SCHOOL DISTRICT
CALE
XICO
UNION HIGH SCHOOL DISTRICT, Imperi
(P. 0. Anaheim), Orange County, Calif.
Oalif.-BONDS VOTED.-The
-BOND
ION.-According to reports an electio al County,
school-building-impt. and groundquestion of issuing $15,000 Broadway April 23 to voteELECT
n will be held
on the question of issuing
-impt. bonds carried, reports state, at bonds,
$85,000 building bonds. These
the election recently held.
if authorized, are to take
the place of the $50,000 issue awarded on
Feb. 16 to Wilson, Cranmer
ARGENDA SCHOOL DISTRICT,
&
Co,
of
Denver (V. 98, p. 779) but which
Tulare County, Calif.-BOND
were subsequently refused
SALE.-On April 6 the $4,000
because of a technical error found
6% building bonds (V. 98,
in the proceed850) were ings.
awarded to G. 0. Blymyer
Co. of San Francisco at 100.02p.
Denom
5.
$250. Date April 6 1914. &
.
CAMD
EN,
Bento
n County, Tenn.-BOND OFFER
Int. ann. In April. Due $250 yearly April 6
from 1918 to 1925 incl. and $500
will
ING.
-Proposals
be received until 1 p. m. May
yearly April 6 from 1926 to 1929 incl.
6 by A. J. Utley, Town
$20,000 5% 20-year school
er, for the
bonds voted March 20 (V. 98.Record
ARLINGTON, Calhoun County, Ga.July
1
1914.
p.
1913).
Date
Int.
J.& J. Cert. check for $500
BOND SALE.-J.B. McCrary
Co. of Atlanta recently purcha
required.
sed $16,000 5% coup. sewerage-system
CANON CITY, Fremont
installation bonds authorized
Count
y,
Ohio.
by
vote
-BON
of
113
city
will
D
OFFER
to
5
at
offer
an
electio
ING.
at privat
-This
n held Nov. 20
1913. Denom. $1,000. Date Jan.
1 1914. Int. J. & J. at the Hanover steel-viaduct-constructioensale the $30,000 6% Viaduct Impt. Dist. No. 1
Nat. Bank, N. Y. Due
bonds voted
$1,000 yearly from 1924 to 1939 incl. Bonded one-fifth yearly
14 (V. 98, p. 941). Due
after 10 years, subject toMarch
debt, incl. this issue, $38,00
call
True
0.
after
value
1924.
1913 (est.). $1,000,000.
Assessed valuation, $650.000.
CANTREL SCHOOL DISTR
ICT(P.O. Central), Van Buren Count
Iowa.-BONDS VOTED.
ATHENS, McMinn County, Tenn.-BON OFFER
y
-An issue of $14,00 school-bu
D
ING.-Proposals stated, has been author
ilding bonds, it is
will be received until 1 p. m. May 11 by
ized by a vote of 145 to 087.
the Mayor and City Recorder for
CHAMPAIGN COUNTY SCHO
$30.000 5% 30-year funding and inapt. bonds. Auth.electio
OL DISTRICT NO. 40,
n held April 7. OFFERING.-Proposals will be
-BOND
Certified check for $500, including N. Y. exchan
received until 5 p. m. April Ill.
Heyer, Clerk of District
ge, required.
18 by Wm.
Directors (P. 0. Fisher
The official notice of this bond offering will be found among
bonds
),
at
for
not
$14,00
exceed
0
ing
buildrig
5%
the advertise- on May
interest payable annually. Due
1 from 1917 to 1926,
ments elsewhere in this Department.
$1.400 yearly
inclusive. A draft for $500, payabl
Clerk, required.
e to above
ATMORE, Escambia County, Ala.-BOND SALE.-An
issue of $20,000 5% 25-year coup. water-works bonds, authorized
CHAT
OGA, Tenn.
by vote of 58 to This city TANO
DS TO BR OFFER
will shortly offer for-BON
35 at an election held Nov. 25 1913, was recently purcha
SHORTLY.
sale $50.000 434% 30-year ED
sed by J. B.
McCrary Co. of Atlanta. Denom. $500. Date Jan.
paving bonds.
CHEBOYGAN COUNTY
2 1914. Int. J. &
J. at the Hanover Nat. Bank, N. Y. Total bonded debt,
(P.
0. Cheboygan), Mich.-BONDS
VOTED
.
-The
questi
includ
on
ing
of
this share) bonds
issuing the $75.000 trunkissue, $33,000. True value (est.) $813,563; assess. val.
line road (county's
(Y. 98. p. 628) carried
1913, $438.150.
, reports state, at the
April 6.
BARNESVILLE, Belmont County, Ohio.-BOND1 OFFER
election held
ING.
Proposals will be received until 12 m. May 11 by
CHER
RYVALE SCHOOL
F. Waldo Mlles, Vii.
DISTRICT, Kan.-BONDS VOTED
Clerk, for $1,891 39 6% Warren Ave. paving (assess
An election held April
.)
bonds.
.
7
Denom
.
resulte
d,
(9)$200.(1) $91 39. Date Feb. 16 1914. Int.
& A. Due $200 yearly $40.000 high-school-building bonds.it is stated, in favor of the issuance of
from 1 to 9 years.incl. and $01 39 in 10 years.F.Cert.
CHICAGO, Ill.-RESULT OF
bonds bid for, payable to Vii. Treas., required. Bonds check for 5% of
BOND ELECTION.-We
to be delivered and vised that the election held
paid for within 10 days from time of award. Purcha
7 resulted in favor of the are now adser to pay accrued int.
issue $470,000 health-deparApril
propositions to
tment-building and $350,0
BARNESVILLE SCHOOL DISTRICT
bonds.
00 bathing-beach
while
(P.
the
0.
questi
Barnes
ons
ville) Clay
of
County, Minn.-BOND OFFER
$2,500,000 policeedept. bldg.,
fire-dept.-bldg. and $380,0issuing
-Reports state that bids ,will
$1,000,000
received until 7:30 p .m. Apr. 25 ING.
00
be
judgm
ent
fundin
g bonds
Early returns indicated, as stated
by E. Aiunodt, Dist. Clerk, for $55,00
with defeat.
434% 15-year school bonds. Int.
last week,that the $350,0met
0 issue was
semi-ann. Cert. check for $500 re00 bathing-beach
the only one to carry.
quired.
The bonds approved will be issued
in denominations of $500 each,
BASTROP COUNTY (P. 0. Bastro
dated July 11014, each bearin
to be
p), Tex.-BOND SALE.-On Jan.
g 4% int., evidenced by
April 4 the $50,000 5% Road Dist.
coupons payable
1 and July 1. The health-dept.
No. 1 bridge and road constr. bonds
bonds
offered without success on Mar.
will become due $25.000 /Tad,'
Jan.
1
1917
to
1932
30
incl.
(V.
and
98,
p.
$70,000 Jan. 1
1180) were purcha
ports state, by Judge Sluder of San
while the bathing-bmch
Antonio for a bond company. sed, re- bonds mature $20.000 yearly Jan.11917 to1932.1933
incl.,and $30,000Jan. 11933.
BELL COUNTY (P. 0. Belton),
CHRISTIAN COUNTY (P. 0.
Tex.-BOND OFFERING.-Further
details are at hand relative to
Ozark)
,
Mo.BOND SALE.-On
April
8
the
the offering on April 21 of the
0 10-20-year (opt.) court-house bonds
registered tax-free Road Distric
$600,000 5% were awarde$75,00
(V. 98. n. 1102)
t No. 5 bonds (V. 98. p. 1181).
to H. T. Holtz & Co. of Chicag
for these bonds will be receive
o at par for 414s. Denom
Proposals $500. DatedJune
.
d
until
1 1914.
10 a. in. on that day by the Commissioners' Court, W.E. Hall, Count
y Auditor. Authority Chap. 2, Art.
CINCINNATI SCHOOL DISTRICT
Revised Civil Statutes of Texas.
627. BOND SALE.-On
(P. 0. Cincinnati), Ohio.Denom
.
$1,000
. Date Feb 1 1914.
April 13 the $100.000 43(% 20-year coup.
Int. A. & 0. at Fourth Nat.
Bank, N. Y. City. Due In 40 years,
and impt. bonds (V. 98, p.
purchase
to call $15.000 yearly. Certifi
941) were awarded to the Central sitet Deposi
ed chock for $15.000, payable to W.S.subjec
Trust & Safe
t Co. and Tillotson & Wolcot
County Judge, required.
ShiP1), of
t Co. of Cincinnati. on their joint
Bonde
101.38
d
debt,
.
Other bids were:
bid
this issue; no floating debt.
Assessed value 1913. $14,000.000.
Mayer,Deppe&Walltin$100,685 00 Breed.
Elliott & HarBONDS VOTED.-On March 31 the
n Nat. Bank
Belton Precinct voted in favor of the Germa
rison,
Chi
issuance of $30,000 road bonds, it
Weil,
Bank,$
Roth
100,24
& Co.. C
0
is stated.
100.532 30 Fifth-Third Nat.
Atlas Nat. Bank,
BELMONT COUNTY
100,376 00
Cincinnati
0. St. Clairsville), Ohio.-BIDS.-The Prov.S.B.& Tr.Co.Cin___
100.155
other bids received for the (P.
ICin.- 100.270 00 Field, Longst
$450.000 5%4%-year (ay.) coup. taxabl
reth
&
Bright
Rich.
-Germ
. Bk..
e Main
Market Road No. 4 impt. assess. bonds awarde
ards. Cincinnati
d jointly on April 10 to
100,143
Seasongood & Mayer, Cincinnati. and
CLACKAMAS COUN
(P. 0. Oregon City), Ore.-BON
IC. H. Rollins & Sons, Chicago,
for TION PROPOSED.-RepoTY
$458,590 (101.908) and int. (V. 98. p. 1181)
D ELECrts
were:
state
that
a petition has been presented to
Ha den,Miller&Co.,Cle.$458,415 00 New York
the
Count
y
Court
asking
for
an election to be held May 15
Life Ins. Co ..$455,850 00 issuance
Til otson & Wolcott Co..
to vote on the
of $600,000 road bonds.
Spitzer, Rorick & Co.,
Cleveland
458.415 00
Toledo
CLARK COUNTY (P. 0. Spring
452.430 00
Well, Roth & Co., Cinc_ 458.235
00 New First Nat. Bk.. Col_ 452,25
, Ohio.-BOND SALE.--On
Field, Longstreth & Rich0 00 April 15 the $42,000 5% M-year field)bonds
*People's Savings Bank,
(V. 98, p. 1013) were
awarded to Stacy & Braun of Toledo
ards, Cincinnati
456,841 00
for
Martins Ferry
COUP.
$43.352 (103.219) and int. Other
bids were:
45,240
Otis & Co., Cleveland_ _ _ 456.763 50
00
* For $45,000.
Weil,
Roth
&
Co..
Cincin
__
BELTRAMI COUNTY (P. 0. Bande
50 I Parson, Son & Co. Chicago_$43,344
tte), Minn.-BOND OFFERING. Breed, Elliott & IIarrison,Ci_$43,3
-Reports state that E. C. Middle
n.43,347 New First Nat. Bank, Col__
42.945
CLAY. TOWNSHIP SCHOOL
until 4 p. m. April 30 for $35,00 ton,Deputy Co.Clerk, will receive bids
DISTRCT (P. 0. New Boston),
0
6%
-year
15
schoolbldg.
bonds. Cert. Scioto County, Ohio.-BOND SALE.
check for 5% required.
-On April 1 the $4,000 5% 634,year
(avera
ge)
coupon
BENTON COUNTY
Improvement bonds (V. 98, p. 851)
OL DISTRICT NO. 34, Wash.-BONI) awarded, it is stated, to schoolwere
OFFERING.-Proposals SCHO
the Ohio Valley Bank of Portsmouth
will
at 100.025.
Harper, Co. Treas. (P. 0. be received until 11 a. m. April 30 by Earl R.
CLEVELAND, Ohio.-BOND SALE.
Prosser), for $1,400 1-10-year (opt.) school
bonds. Int. (rate to be namt
-On April 13 the $1,300,000
water-works and $800,000 electri
in bid) payable ann. at office of Co.
c-light 434% -year coup. or reg. bonds
Treas. (V. 98, p.851) were
BERNALILLO COUNTY
awarde to Hayden, Miller35
& Co., Clevel
BOND SALE.-On April 6 theSCHOOL DISTRICT NO. 14, New Mex.- & Co., N. Y. and Merrill,d Oldha
Rhoades
m & Co., Boston, at theirand;
6% 10-20-year (opt.) building bonds 106.359. Other
joint bid of
(V• 98, P.940) were awarded to$4.000
bids
were:
E. Sweet & Co. of Denver at 101.and
hit. Purchaser to print bonds. Wm.
Other
bids
were:
Water
Causey, Foster & Co., Denver-$4
Light
50, int. and print bonds.
Harris, Forbes & Co., Kountze
Bonds.
Keeler Bros., Denver-$4,005 and .021
Bonds.
Bros. and Estabrook
bonds.
& Co. New York
C. H. Coffin, Chicago-$4.005 and bonds, less
$100.
$1,378,572 $844,352
Otis & Co., Cleveland. and Curtis & Sanger
Jas. N. Wright & Co., Denver-95.10 and
, Boston
1,367,470 841,520
• COCHISE COUNTY SCHOOL DISTR
BLUFFS, Scott County, Ills.-BONDS bonds.
ICT NO. 14, Ariz.-BOND
.-13y a vote of 332 to OFFERING.-Proposals
127, the propostion to issue $16.625 schoolVOTED
will
be
received until 11 a. m. May 4 by A.
-building bonds carried, it is Karger, Clerk
C.
stated, at the election held April 4.
of Board of Supervisors (P. 0. Tombstone),
for $5,500 6%
school bonds. Denom. $500. Int.
BONESTEEL SCHOOL DISTRICT (P. 0.
semi-ann. Due $500 yearly
from
to
17
years
Bonest
incl.
eel),
A
deposi
Grego
t of 10% of bid, payable to County Treasu 7
ry
County, So. Dak.-BOND SALE.-On March
rer.
26 the $16,500 5% 5-1.5- required.
year (opt.) building bonds (V.
ro. 850) were awarded to E. F. Parr
&
COLU
Co.
of Chicago at par and interest. 98.
SA
COUNTY (P. 0. Colusa), Cal.-BOND OFFER
Purchaser to furnish blank bonds. Denom
ING.
-Fur$200. Int. J. & J. Date July 1 1914.
. ther details are at hand relative to the offering on April
25 of the $60,000
Hall of Records and $140.000 bridge and
culverts 5% gold coupon
BOONE, Boone County Iowa.-BOND OFFER
bonds
98, p. 1182). Proposals for these bonds
ING.-Proposals' will (V.
will be received until 10 a. m.
be received until 7:30 p. m. April 22 (not
on that day by W. J. King, Clerk
April
15
as
first
report
Board
ed) by Otto Int. J.& D.at
of Supervisors. Denom. $1,000.
Rile, City Clerk, for the $20,000 434%
office
of
10-20-y
County Treasurer. Due $12.00
r. (opt.) tax-free waterworks bonds voted March 23 (V. 98. p. 1181).
on June 15.
Denom. $500. Int. semi- beginning 1915. Certified or cashier's check for 5% 0ofyearly
annual.
bid, payable to
above Clerk, required. Bonds to be
delivered and paid for within 30 days
after notice of acceptance
BRADFORD, DAR/CZ AND MIAM
of
Successful bidder shall
prepared
OFFERING.-Proposals will be receive I COUNTIES, Ohio.-BOND and printed the bonds awardebid.
d to him at his own expense.have
d until 12 in. May 8 by W.H. Moul, are part of an issue
These bonds
Vil. Clerk,for $2,000 434% electric-lightof $452,000 voted March 17.
bonds. Denom.$500. Date Assessed value, $14.15
Bonded debt, $452.000.
May 1 1914. Int. ann. Due $500 eachbill
0.781.
six months from Sept. 1 1921 to
March 11023 incl. Cert. check for 5% of
CONTINENTAL, Putnam County, Ohio.
bonds bid for, payable to Vii.
-BOND SALE.-On Mar.
Treas., required. Bonds to be deliver
24 the $7,000 6% 1034-year (aver.) refund
ed and paid for within 10 days
ing bonds
from
time of award. Purchaser to pay accrue
d interest. All bids must be un- awarded to Sidney Spitzer & Co. of Toledo at 106.193.(V. 98, p. 851) were
conditional.
CORPUS CHRISTI, Nueces Count
issue of $50,000 534% 20-40-year (opt.) y, Texas.-BOND SALE.-An
BREWSTER VILLAGE SCHOOL DIST
street-impt. bonds has been purRICT (P. 0. Brewster), chased by Sutherl
Stark County, Ohio.-BON
in. Gehde & Co., of Kansas City,
SALE.
D
-On
March
Mo., at par and int.
24
the
These
4-29-year (serial) taxable coupon buildin
bonds are now being offered
$13.000 5%
to investors.
g-Improvement bonds
940) were awarded to Spitzer
(V.
98,
p.
CRYS
TAL
.itorick & Co. ofToledo for $13,076, equal
FALLS,Iron County, Mich.-BONDS
100.584.
VOTED.-By a vote
to of 147 to 54, the propost
lion to issue $16,000 sewer bonds
carried at the elecBRIGHTON (P.O.
ter), Monroe County, N. Y.-BOND SALE tion held April 6.
-On March 27 $20,000Roches
water bonds of this town were awarde
DALLAS, Dallas County, Tex.-BON
Co. of N. Y. at 100.25 for 4.60s.
DS VOTED.-The question of
d to Adams & issuing the
$600,000 school and $50.000 sanitary sewer
Due $1,000 yearly April 1 from 1915 Denom. $1.000. Date April 1 1914 (V. 98. p. 1103)
to 1934 incl.
carried reports state, at the election held constr. bonds
Apr. 7. The
vote was 1,858 to 533 and 1,782 to
BROWNSVILLE, Haywood
630, respectively.
Count
y
Tenn.
-BON
D SALE.-On
April 8 the $12,000 water-plant bonds (V.
DALTON,Cheyenne County, Neb.,98,
BONDS VOTED.-The question
1012) were awarded to of issuing $8,000
Mayer, Deppe & Walter of Cincin
p.5 (103.291) and interest at the election held6% 20-year water-works bonds carried, reports state,
for 6s. Denom. $500. Date Maynati for 812.39
April 7 by a vote of 39 to 6. These bonds
1 1914. Due May 1 1944. sub
will be offered
call any time.
ect to for sale in about 10 or 14 days.
DARBY SCHOOL DISTRICT (P. 0.Darby
BRYAN, Brazos County, Tex.-BON
), Ravalli County, Mont.
issuing the $12,000 street-paving bonds DS VOTED.-The question of -BONDS VOTED.-On April 4 this district voted
in favor of the issuance
(V. 98, p. 320) carried, reports of building bonds, it is stated.
state, at the election held April 7.
DAYTON SCHOOL DISTRICT (P.
BUENA VISTA TOWNSHIP (P. 0.
0.
Dayton), Ohio.-BOND
Saginaw), Saginaw County OFFERING.-Proposals will be
Mich.-BONDS VOTED.-On
received until
m. April 30(time extended
issuance of $40,000 road bonds. April 6 this township voted in favor of the from April 16) by C. J. Schmidt, Clerk Board12of
5% school-property-purchase and improvemen Education, for $120.000
BUTLER TOWNSHIP (P.
Denom. $1,000. Date April 30 1914. Int. t bonds (V. 98, p. 1013)•
Salem R. F. D. No. 1), Colum
A. & 0. in New York. Due
County, Ohio.-BOND SALE.0.
biana $10,000 AprIl 30 1921 and
-On April3the $20,0005% 634-year
$10,000 yearly on April 30 from 1923 to 1933,
)aver. inclusive. Certified check on
a national bank or trust company for 5% of
1260
THE CHRONICLE
[VOL. SUV Ili.
G.
JOHNSON COUNTY (P. 0. Franklin), Ind.-BOND OFFERIN
Bonds to be
bonds bid for, payable to "Board of Education,"ofrequired. Bids
until 1 p. m. April 21 by Harry Bridges, Co.
be Proposals will be received
must
award.
time
from
days
30
within
for
paid
and
43
delivered
7 highway-impt. bonds:
Treas., for the following
unconditional.
R. M. Green et al h ghway-impt. bonds. Denom. $540. Date
- $10,800 April
OFFERING.
15 1914.
DEER WOOD, Crow Wing County, Minn.-BOND
0.
J.
by
4,740 Ragsdale et al highway-impt. bonds. Denom. $237. Date
Proposals will be received until 8 p. m. April 27, it is stated,
water-works and
Feb. 16 1914.
Hoge, Village Recorder, for $15,000 16-year (average)
Certified
al
bonds.
semi-annu
%
5%
Int. M.& N. Due one bond of each issue every six months.
$10,000 1434-year (average) sewer
check for 234% required.
ZOO, Mich.-BONDS VOTED.-A recent election resulted in
KALAMA
- favor of a proposition to issue $10,000 Main St. bridge bonds the vote beBE RE-SUBMITTED.
DES MOINES, Iowa.-WATER BONDS TO
bonds to purchase the Des reported as 3,150 to 1,877.
Local papers state that the question of issuing
at the primaries
-BOND OFFERING.
Moines Wtaer Co.'s plant win be re-submitted to the voters
KEENER TOWNSHIP, Jasper County, Ind.
this proposition received a vote of
relative to the offering on April 17 of the $11,975
in June. At the recent city electionwas
for the ssue Further details are at hand
,
however,
necessary
It
for
"against.'
be
these
will
to
Proposals
bonds
1014).
4,978
p.
"for"
98,
(V.
7.516
election, or 5% school-bldg. bonds on that day by Tunis Snip, Twp. Trustee (P. 0.
to receive a majority of the vote cast at the last previous city
received until 1 p. m.
1
Date
April
Int.
$975.
1914.
(1)
$1,000,
7.921 votes, to carry.
(11)
Denom.
r).
which Rensselae
yearly on June 1 from 1916 to
As already stated, the question of purchasing the water property,
question, annual. Due $975 June 1 1915 and $1,000
was submitted at the recent election along with the bonding
1926 inclusive.
Lee
carried. In this case the vote was 11,261 to 9.147. See V. 98. p. 1100.
Iowa.
0.
Keokuk),
(P.
KEOKUK SCHOOL DISTRICT to issue the $95,000County,
0 coup, flood$42,000 57
building bonds
DES MOINES, Iowa.-BOND SALE.-Thebeen
-The proposition
awarded to Chesley, -BONDS VOTED.
of
a
to
vote
7
by
1.618
April
held
election
the
protection bonds offered on March 25 have to
at
-equal
101.309. Denom. $500. (V. 98, p. 1014) carried
Parsons Co. of Des Moines for 342,550
Treausrer's office. Due on 1,467.
-BOND.
Wash.
183,
Date March 25 1914. Int. M.& S. at the City
NO.
T
DISTRIC
1916, $3,500 1917, $4.000 1918,
KING COUNTY SCHOOL
(opt.) coup. bldg. and equip,
March 25 as follows: $3,000 1915, $3,500and
1924.
SALE.-On April 6 the $9,000 10-20-year
1919 and 1920; $5,000 1921, 1922, 1923
943) were awarded to the State o'
bonds dated May 1 1914 (V. 98, p.were
5
April
-On
Pa.
-BOND
SALE.
County,
nna
other bidders.
Lackawa
no
E,
DUNMOR
W.Hal- Washington at par for 530. There
the $65.000 4%% coup. bonds(V.98, p. 1103) were awarded to N.
SCHOOL DISTRICT NO. 13,
KING COUNTY UNION HIGH $9,500
sey & Co. of N. Y. for $67,200 (103.384) and int. Other bids were:
2-20-year (opt.) coup. bldg.
$67,075 45 Wash.-BOND SALE.-On April 6 the
Harris, Forbes & Co., New York
P. 943) were awarded to the
67,025 00 and equip, bonds dated May 1 1914 (V. 98,were
no other bidders.
Newburger, Henderson & Loeb, Philadelphia
There
530.
66,630 00 State of Washington at par for
Merchants' Union Trust Co., Philadelphia
NDS VOTED.-The elec66,104 35
OD, St. Louis County, Mo.-BO
Wm. A. Read & Co., New York
KIRKWO
the proposition to issue
of
00
favor
in
65.981
tion held April 7 is said to have resultedbonds.
Traders' National Bank. Scranton.
the $15,000 city-hall, fire-house and jail
EDGEWOOD (P. 0. Pittsburgh), Allegheny County, Pa.-BONDS
Lake City), Wabasha
of
AWARDED IN PART.-DIspatches state that the Colonial Trust Co.
LAKE CITY SCHOOL DISTRICT (P. 0. election the proposition
Pittsburgh has purchased $85,000 of an issue of$100,0004%% site-purchase County, Minn.-BONDS VOTED.-At a recent
reports state.
carried,
to issue $10,000 school-improvement bonds
and school-constr. bonds voted Mar. 21 (V. 98, p. 1103)•
VOTED.-The proposiESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BOND SALE.-.0n
LANSING, Ingham County, Mich..-BONDS
bonds (V. 98, p. 1013) tion to issue $39,300 paving bonds carried by a vote of 4,367 to 3,122 at the
April 7 the $18,500 434% coupon tax-free funding
at election held April 6. These bonds are in the denom. of $100 and will be
were awarded. reports state, to Mayer, Deppe & Walter of Cincinnati
offered "over the counter."
96.08. Other bids were:
Cin
-BOND SALE.-The
A. J. Hood & Co., Detroit_ ---95.691Well, Roth & Co.,
LA PORTE COUNTY (P. 0. La Porte), Ind.
ar
h & Richards,
were awarded on April 4.
Prov, Say. Bk.& Tr. Co., Cin_95.00 Field, Longstret
$3,200 4.$% Cass road bonds (V. 98. p. 1184)
92.45
i
Cincinnat
94.11
92-equal to 100.81.
$3,225
for
of
Co.
Seasongood & Mayer, Cin
&
Chicago
Parr
F.
E.
to
stated.
is
130, it
n to issue $90,FAIRBURY TOWNSHIP HIGH SCHOOL DISTRICT NO.
LARNED, Kansas.-BONDS VOTED.-The propositio
-On April 10
at an election hold
carried
bonds
(P. 0. Fairbury), Livingston County, Ill.-BOND SALE.
power-plant
and
municipal-light
000
bonds
building
and
site-purchase
(aver.)
ear
10%-y
%
the $60,000 4%
Bank April 7, it is stated.
OFFERING.
dated April 1 1914 (V. 98. p. 1103) were awarded to the Fairbury
LAWRENCE COUNTY (P. 0. Ironton), Ohio.-BOND
by S. A
at 101 and int. Other bids were: lMatheny.Dixon & Co., Springf.99.50
-Proposals will be received until 10 a. m. May 6, it is stated,
5s
50
Co.,I102.
InterH.0.Speer & Sons
bonds.
10-year
5%
turnpike
$10,000
for
40
Wil'n,
Auditor,
&
Chic__99.
sser
430 Bolger,Mo
Bowman, County
99
P. Chicago
2%
for
required.
Harris Tr. & Say. Bk., Chic. _99.35 est semi-annual. Certified check
5s
1101
C1
John Nuveen & Co.,Chic{
$20,700
99.20
-The
SALE.
N.
Y.
-BOND
County,
97.55 430 A. B. Leach S Co., Chic
Broome
LESTERSHIRE,
on
Tr.& Say. Bk.,0hic_99.00 2-year
(aver.) coupon or reg. Main St. county-highway bonds offered
Harris Tr.& Say. Bk., ie_*100.22 Standard
Wm.R.Compton Co.,St.Louis..98.70 March 25 (V. 98. p. 630) have been awarded to the First Nat. Bank of
N.W.Halsey & Co., Chic_ _ _100
1
those
of
April
exception
the
The
with
dated
are
bids,
4.60s.
bonds
above
the
as
All
For partial payment.
Lestershire for $20,725 (100.12)
Indicated were for 434% bonds.
1914.
-The
-BOND
5,
Y.
N.
Mont.
T
NO.
VOTED.
County,
-BONDS
DISTRIC
FLATHEAD COUNTY SCHOOL
LITTLE FALLS, Herkimer
(opt.)• refunding bonds (V. 98, question
exceeding 5% interest
of issuing the $75,000 city-hall bonds at.not
SALE.-On March 12 the $20,000 10-20-yr.
0
Dtl of 756
byna
_
o vvoe
E o(3,5.
a Loan & Trust Co. of Minneapolis (V.
98, p. 1104) carried at the election held April 7
p. 629) were awarded to the MinnesotDate
0.
&
A.
Int.
1
April
1914.
Cal
at 101.125 and int. Denom.$500.
County.
Angeles
BEACH, Los
LONG
OTFERND
So.
Dak.-BO
e),
1
by
(Mobridg
B.
May
T
Harry
City
Riley,
m.
FLORA SCHOOL DISTRIC
received until 7:30 p.
stated, until 7 p. m. April 18 ny Proposals will be
ING.-Proposals will be received, it isschool
the following 5% gold coupon bonds.
bonds. Cert. check for *500 Clerk, foroutfall
but not sold on March 4
0. Clark, Dist. Treas., for $25,000 5%
sewer, Series No. 2, bonds offered$8,500
$340,000
yearly on Jan. 1
required.
(V. 98, p. 408). Denom. $500. Due
CL-This
OFFERIN
-BOND
inclusive.
Caro.
So.
1954.
County,
to
1915
York
from
FORT MILL,
4
(V. 98, p. 408).
March
on
sold
ks-system-installation
not
but
water-wor
5%
35,000 incinerator bonds offered
town will offer at private sale $15,000
Jan. 1 from 1915 to 1949.
cast at the election held April 3(V. 98,
Denom. $500. Due $1,000 yearly on
bonds. Authority vote of 53 to 11,circular
never
has
town
the
that
states
Official
N.
inclusive.
p. 1014). Int. M. &
bonds. Denom. $625. Due $1,250
or interest on any previous issue
50,000 Thirty-ninth Place pier
defaulted in the payment of any principal
to 1954, inclusive.
debt, $4,000; no floating
yearly on May 1 from 1915($50,000)
of bonds nor in any other manner. Total bonded
, which is dated May 1 1914.
issue
last
$325.000.
except
(about),
Date Jan. 1 1914,
debt. Assessed value
office of City Treasurer. Certified check on a
at
ally
14
semi-annu
SALE.
April
-On
-BOND
Interest
Ohio.
County,
Seneca
FOSTORIA,
to City Treasurer, required. Bonds
payable
bid,
of
0
57
for
bonds
bank
(city's
ent
portion)
California
street-Improvem
the $8,600 5% 5-year (ay.) to Well, Roth & Co. of Cincinnati at 101.31 to he delivered about June 1. Assessed valuation 1913. $29,170,797; actual
that there has never been any
V. 98. p. 1.183) were awarded
value, $53,341,594. Official circular states
Other bids were.
city's obligations, nor is there any
Stacy & Braun, Toledo_ ---$8,682 23 default in the payment of any of the
d concerning the validity of
Hanchett Bond Co., Chic_ ..$8,703 00
threatene
or
pending
Tillotson& WolcotWo.,Cle. 8,658 74 controversy or litigation
s of the municipality,or
Prov. S. B.& Tr. Co.. Cin_ 8,695 46
Spitzer & Co., Tol_ 8,657 65 these bonds, the corporate existence or boundarieoffices.
Seasongood & Mayer. Cin 8,692 00 Sidney
respective
their
to
officials
present
its
Co
&
of
title
the
Miller
Hayden,
Field, Longstreth & Rich8,610 00
Cleveland
8,688 56
SALE.-Reports
ards Cincinnati
LUCE COUNTY (P. 0. Newberry), Mich.-BOND
bonds offered on Mar.3
Otis & Co. of Cleveland also submitted a bid.
state that the $100,000 4 % 15-year tax-free road
of
Chicago.
Co.
VOTED.
&
Mich.
F.
-BONDS
Childs
County,
C.
to
Delta
sold
IP,
been
have
TOWNSH
542)
p.
98,
(V.
GARDEN
Newspaper reports from Escanaba state that this township has voted $25.McALESTER, Pittsburg County, Okla.-BOND OFFERING.-Pro000 bonds for highway purposes.
oner
, Mich.-BONDS VOTED.
posals will be received until 10 a. m. May 2 by Wallace Bond, Commissi
GLADWIN COUNTY (P. 0. Gladwin)
were authorized, it is stated, at an elec- of Finance, for $30,000 5% 25-year park bonds. Authority vote of 479 to
Road bonds amounting to $75,000"for"
Int.
"
to
11914.
806
May
"against.
Date
910
Denom.
$1,000.
tion held April 7 by a vote of
349 at the election held April 7.
-By a vote M. & N. at fiscal agency in N. Y. Certified check for $500, required.
GRANGER, Williamson County, Tex.-BONDS VOTED.
$15,000 sewer-construction bonds carried, Bonded debt (including this issue), $820,210; water debt, $325,000.
of 116 to 24 the question of issuing
d). $8.500,000.
reports state, at an election held April 7.
Assessed value, 1913, $6,480,347; real value (estimate the adeertisements
be found among
Bloomfield), Ind.-BOND SALE.-On
Official notice of this bond offering will
GREENE COUNTY (P. 0.Wollam
et al Jackson Twp. highway-const. elsewhere in this Department.
April 10 the $5,000 434% Geo.
it is stated, to Gavin L. Payne &
N. J.-BONDS PROPOSED.-According
and improvement bonds were awarded,
MADISON, Morris County, borough
Denom. $250. Date Oct. 15 1914. Int.
is contemplating the issuance of
Co. of Indianapolis at 100.53.months
local newspaper reports this-plant bonds.
to
15
1924
to
Nov.
1915
from
May
15
six
each
$250
Due
M.& N.
$55,000 joint sewerage-disposal
-BOND OFFERING.-Propoincl.
Iowa.
County,
MANILLA, Crawford
4 by C. A Sykei, Town Clerk
-BOND ELECTION.-A speit is stated, until May
GREENPORT, Suffolk County, N.itY.
is stated, to vote on the question sals will be received,
-light -nd power-plant bonds
21,
April
electric
for
called
been
has
(aver.)
-year
election
12
6%
cial
for $20,000
Mich.-BONDS VOTED.-By
bonds.
of issuing $25,000 paving
MANISTIQUE, Schoolcraft County,
Y.-BONDS TO BE OFFERED a vote of 678 to 145, the proposition to issue $35,000 gravity-main bonds
GROTON, Tompkins County, N. us
shortly
that this village will
carried at the election held April 6.
SHORTLY.-The Village Clerk advises
0. Marion), Marion
offer for sale $10,000 highway-impt. bonds.
MARION SCHOOL DISTRICT (P. of issuing the $250.000County,
building
received
be
ls
will
G.
-Proposa
OFFERIN
Ohio.-BONDS VOTED.-The question
-BOND
at the election held April 7.
stated,
HARRISBURG, Pa.
is
it
carried,
for
1104)
Finance,
of
&
Supt.
Accounts
bonds (V. 98, P.
ng
until 3 p. m. April 20 by Wm.L. Gorgas,
to
Boston
-Accordi
LOAN.
"A" to "J" incl. Denom. $1,000.
MASSACHUSETTS.-TEMPORARY
$140,000 4% coupon city bonds,SSeries
of Boston an additional
office of City Treas. Due series "A" papers this state recently sold to F.S. Moseley & Co.in
Date March 11914. Int. M.& at in
and
October
Novemmaturing
each
notes.
al
y
alphabetic order for $10,000
of about $4.000,000 temporar
$50.000 March 1 1919 and one. series
money borrowed within a few
or cash for 2% of bonds bid lot
This makes $7,000,000 of temporary
maturing annually thereafter Cert. check
Bonds will be delivered at City ber.
months.
for, payable to City Treas., required.Purchaser
to
pay accrued interest.
0. Bay City), Tex.-BONDS VOTED.Treas. office on or about May 15.
MATAGORDA COUNTY (P.Road
by above Superintendent. These
Dist. No. 6 and $35,000 Road Dist.
Bids must be made on forms furnished
of issuing $30,000
question
The
Y.
&
N.
of
Co.
Tr.
held Feb. 22.
Mtge.
S.
U.
by
ss
bonds will be certified as to genuinene G. Johnson, Esq., of Phila., whose No.7 bonds carried, reports state, at tho election
and their legality approved by John
County, Wyo.-BOND OFFERING._
.
the
purchaser
to
Carbon
furnished
be
E
BOW,
will
MEDICIN
thereof
opinion or duplicate
8 p m• May 4 by Jessie Edwards, Town
T NO. 6, Tex.-BOND Proposals will be received until
$3.800 sewer6% coupon bonds. Donom. $500
HARRIS COUNTY DRAINAGE DISTRIC
0 1-20- Clerk,for $8,200 water and
an issue of $79.000 57
of Town Treas. Due part each six
office
at
J.
OFFERING.-This district is offering for sale
&
J.
Int.
bonds were voted Oct. 12 and $1.000.
water and $500 on sower bonds, payayear (serial) drainage bonds, it is stated. These
months. Cert. check for $1,000 onrequired. Bonds to be delivered
about
1912.
ble to W.F. Shields, Town Treas.,
Ore.-BOND SALE.-On Apr.6 July 1
HOOD RIVER, Hood River County,
t. bonds, aggregating 310,Miss.-BOND ELECTION.-An
MERIDIAN, Lauderdale County,
the three issues of 6% 1-10-yr. (opt.) street-imp
to Geo. A. and J. A. McPherson of
on the question of issuing $14,905 79
805 36 (V. 98. p. 943) were awarded
election will be held April 24 to vote
were:
bonds at not exceeding 5% int. Denom.(14)
se
refunding
Portland at 101 and int. Other bids
schoolhou
coup.
Wright& Co.,Denv.$10,820 36
1914. Int. ann. on May 1 at City
Lumberm's Tr.Co.,Port'd.$10,861 55iJas.N.
(1) $905 79. Date May 1 $1.000
Tr.Co.,Kan.City. 10,805 36 $1,000,
yearly on May 1 from 1915
s office. Due
Hanchett Bond Co..Chic- 10,856 36 Fidelity
& Co., Chicago 10,805 36 Clerk and Treasurer'
1929.
1
May
79
$905
and
Inclusive
Union Trust Co.,Spokane, 10,855 361E. F. Parr
1928
to
36
10,842
_
•Co_
Tr
.&
Secur.Sav.Bk
OFFERING.-Proposols
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND
J.-BOND SATE7-"nre
T. Staley, County Auditar,
HUDSON COUNTY (P. 0. Jersey City), N.recently purchased at par will be received until 10 a. m. April 24 by M.
-emergency bonds:
flood
coupon
5%
Sinking Fund Commissioners of Hudson County
following
the
for
April 11914. Interest
Sept. 1 1913. Due
a $10,000 4% 30-year Belleville bridge bond. Date
$3,000 road bonds of an issue of $43,000. Dated
A. & 0.
Sept. 1 1916.
Date Sept. 1 1913. Due
V
of
$451.000.
Issue
an
of
bonds
-ProG.
bridge
OFFERIN
-BOND
JACKSONVILLE, Duval County, Fla. is stated, by Walter P. Cor- 80,000 on Sept. 1 as follows: $35,000 1918 and 1919 and $10,000 1920.
it
of County Auditor. Certiposals will be received until 3 p. m. May 20,
Denom. $500. Int. semi-annually at office
$1,500,000 434% dock
to County Auditor, required.
bett. Chairman of Port Commissioners, for the
Court. (V. 98, p. 1101.) fied check for 3% of bonds bid for, payable 10
days from time of award;
bonds recently validated by the State Supreme
within
for
paid
and
in installments Bonds to be delivered
be unconditional.
Denom. $1,000. Date Mar. 11913. Int. M.& S. Duo
purchaser to pay accrued interest. Bids must
nding Mar. 1 1943.
APR. 181914.]
THE CHRONICLE
1261
MILAM COUNTY (P. 0. Cameron), Tex.-BOND SALE.-Sutherlin,
Bidder.
Amount.
Rate.
Gehde & Co. of Kansas City, Mo., have purchased
and are now offering to J. J. Behan
investors the $100,000 5j% 22%-yr.
50 100
(opt.
aver.)
Road
Dist.
road
No.
6
L. Steinthal & Bro
bonds voted Fob. 22 (V. 98, p. 853). The price paid
5,000 101.6250
was 100.50 and int.
North McLean
4,000 101.015
MINNEAPOLIS, Minn.-CERTIFICATE SALE.-On April 13
the Seligman Brothers, London
1,987,000 100
$47,100 10%-year (aver.) Powderhorn Lake Park-impt
to 102
. certificates of in- Frank d'Orange
debtedness(V.98 p.1015) were awarded to R. M.Grant
200 103
& Co. of Chicago Sutro Brothers .St Co
for $47,410 (100.658)
1,000,001 100.64 to 101.52
' as 434s. The Minnesota Loan & Trust Co.and Wells Newburger, Henderson
& Loeb
& Dickey Co. of Minneapolis jointly bid $47,400 for 4%s.
1,000,000 100.75 to 101.15
Int. M.Sz N.
Anna M. Davis
800 101.073
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFER- Domenico Cinffini
3,000 102.50
Rose
Mrs.
INGS.-Proposals will be received until
Wilkes
250 101.40
10
m.
a.
April
21
the
by
County
Mrs. A. J. Robinson
Commissioners, Walter H. Aszling, Secretary, for $3,300
25,000 100.03
5% coup. Comer- Mellon National Bank, Pittsburgh
Ditch improvement bonds. Denom. $550. Date
_ _ _ _ 1,500,000 100.750 to 101.375
May
1914.
Int.
1
Gartenlau
b,
Harnickell & Joseph
M.& N. at office of County Treasurer. Due $550 yearly
150,000 100.92 to 101.26
on May 1 from
1916 to 1920. incl. Certified check on
25,0)0 101
solvent bank or trust company H. E. Raymons
M.Scheiner, Brooklyn
for $100, payable to County Auditor any
100 104
required. Bids must be uncondi- James
Auburn Trust Co., Auburn. N Y
tional. Bonds to be delivered and 'mid for on May 1.
5,000 100.750
Allan A. Ryan & Co
Proposals will be received by the County Commissio
100,000 101.20
Walter H. Joshua Velleman
Aszling, Secretary, until 10 a. m. April 29,for $15.000 5%ners,
25,000 100.25 to 101
coup. emergency Joseph L. Buttenweiser
bridge bonds. Denom. $1.000. Date May 1 1914. Int.
155,000 100.53 to 101.17
M. & N. at Dick Brothers & Co
office of County Treasurer. Due $2,000 yearly
5,000 100.1250
May
on
1
from
to
1915
Levinson
D.
E.
&
Co
1921 incl. and $1,000 May 1 1922. Certified check on any solvent bank
60,000 101.277
Jewish Workers' Alliance
or trust company for $250, payable to County Auditor,
5,000 101
required. Bonds C. A. Dawley
to be delivered and paid for on May 1. All bids must be unconditional.
2.500 101.50
Bank of America
1.000,000 101.04 to 102.10
MORGAN COUNTY (P. 0. Martinsville), Ind.-BOND SALE.-On J. A. Webber
500 101.50
April 10 the $9,600 43% 6-year (ay.) road-impt. bonds (V. 08, p.
Guaranty
Trust
Co.,
London
Branch__
50,000 101.625
were awarded to the First Nat. Bank of Martinsville at 101 and1104)
Orvis Brothers & Co
int.
3,000
100.50
Denom. $480. Interest M. & N.
Thos. L. Manson & Co
250,000 101.2813 to 101.7813
NATIONAL CITY, San Diego County, Calif.-BOND SALE.-On Joseph Schneider
2,000 101.50
Raymond,
Pynchon
April 7 the $10,000 6% 5%-yr. (aver.) gold park-impt. bonds (V. 98, p.
& Co
50,000 101.25 to 101.50
1105) were awarded to N. W. Halsey & Co. of San Francisco at 101.535 W.C. Langley & Co
300,000 100.75 to 101.375
A. G. Edwards & Sons
and mt. Other bids were:
50,000
1)0.1250 to 100.8750
Hartshorn
e
&
Wm. R. Staats Co. San Francisco
50,000 101.23 to 101.55
$10,116 60 C. E. MitchellBattelle
Stephens & Co., San Diego
500.000 101.11 to 101.56
10,040 00 A. B. Gaines Jr& Co
Torrance, Marshall & Co.. San Francisco
10,000 100.75
10,016 50 Mrs. Katherine Breitenbac
G. G. Blymyer & Co., San Francisco
h
100 101.55
10,001 00 L. H. Renig
NAVAJO COUNTY SCHOOL DISTRICTS (P. 0. Holbrook), Ariz. Bankers
2,000 100.50
Sec.
&
Inv.
Co..
Youngstown,0
-BOND OFFERING.-Proposals will be received until 4 p. m. May 4 Bright, Sears
200,000
100.8750 to 101.25
& Co., Boston
by W. H. Larson, Clerk Board of Supervisors, for the following 6% school McGraw, Blagden
30,000 101.6250
& Draper
bonds:
500,000 101.40
Sternberge
r,
Sinn
&
Co
$15,000 School District No.3 bonds. Denom.$1,000. Due $1,000 yearly Mary S.
25,000 101.17
Ward
on May 4 from 1915 to 1929 incl.
50 101.25
Cor. F. Donovan, Boston
5,000 School District No. 6 bonds. Denom. $1,250. Due part
5.000 100.8750 to 101.3750
Dr.
yearly
Marcus
Goodman
L.
beginning May 4 1917.
5,000
100.30
Arthur H. Delano, Brooklyn
2,500 School District No. 16 bonds. Denom. $500. Due
10 102
part yearly Barr & Sciuneltzer
beginning May 4 1917.
400,000 101.13 to 101.63
Chas.
C.
Harrison
Jr
Co.,
&
Phila_ _ _ _
Date May 4 1914. Int. ann. Cert. check for 5% of
200,000 101.14
bonds bid for re- Edward Lowber Stokes, Philadelphia...
quired.
500,000 101
to 101.3750
Herman Obertubessing
2,000 101.75
NEWARK SCHOOL DISTRICT (P. 0. Newark),
Coal
& Iron National Bank
Licking County,
250,000 100.41 to 101.461
Ohio.-BOND OFFERING.-Proposals will be
Security Bank of New York
received
until
12
m.
1,000
100
April
30
by S. W.Haight, Clerk of Board of Education,
for $20,000 5% building and Snalding & Close
250.000 100.75 to 101.625
equipment bonds. Auth. Sec. 7629
Gen. Code. Denom. $1,000. Date Albany City Savings Institution,Albany
100,000 101.75
April 30 1914. Int. A.& 0.at the District
& Burr
Treasurer'
s
office.
Due
500,000 100
$1,000 Parkinson
yearly April 30 from 1915 to 1934 incl. Bonds
to 100.071
W.
Heindenhe
to be delivered and paid for
imer
100 100.30
within 10 days after date of award.
Certified check for $300, payable to Fred. Schall
50 101.50
the Clerk Board of Education, required.
Edward
L.
Norton
A
Jr
similar
issue
of bonds was
10,000 100.63
awarded to Parson, Son & Co. of Chicago
McClure, Jones & Reed
on Feb. 17 (V. 98, p. 631)•
500,000 101.261 to 101.512
NEW CORDELL (P. 0. Cordell),
Freeman & Co
200,000 100.58 to 101.52
OFFERING.-Proposals will be receivedWashita County, Okla.-BOND Auburn Trust Co., Auburn, N Y
10,000 100
until 7:30 p. m. May 4 by J.Reid,
City Clerk, for $55,000 6%
F. Aran
40 102
10-25-year (opt.) water-works-ext. bowls. Thomas
Cert. check for 2% of proposal,
Seasongood & Haas
500,000 101.05
to City Clerk, required. Bonds A. A. Housman
arc offered subject to approval ofpayable
&
Co
7,500 100
the issue at an election to be held Aug. 25. L. F. Rothschild
Purchaser to furnish at own expense all legal advice,
& Co
510,000 101
to 101.68
forms, &c.,and furnish Mrs. Agnes Isaacs
blank bonds.
750 102.25
Philip Bachrach
3,000 100.50
NEWPORT, Ky.-MD.-The only bidder for the $50,000
Hyman
Well
150 100.20
coupon refunding bonds offered on April 13 (V. 98, P. 944) 4% 20-year Abraham
S. Witt
was Mayer,
500 102
Deppe & Walter of Cincinnati, who offered,
reports state, par and int., Salomon Brothers & Hutzler
2.000,000 100.313 to 101.415
less $1,240 for commission for selling bonds and
other expenses.
Ilayden, Stone & Co
10,000 100.75
NEWPORT, R. I.-TEMPORARY LOAN.-On AprIl 9 a
Wm.P.O'Connell, N.Bellingham.Mass
20 100
loan of National
$50,000, in anticipation of taxes, dated April 11 1914 and
Bank, Far Rockaway
30,000 101.50 to 102
was awarded to Aquidneck Nat. Bank, Newport, at duo Sept. 4 1914, Auburn Trust Co., Auburn, N Y
3.23% discount. Valentine
10,000 100.50
Other bids were:
Dietz
2,000 101
Discount.Discount, William B. Brown
20 102.25
Blake Bros. & Co., Boston__ _3.23% Bond
Gennaro Ippolito
& Goodwin, Boston_ _ _ _3.55
100 101.75
R. L. Day & Co.,
Lederer's Banking House
_ _3.36% Wm.A. Read & Co., Boston_*3
200 100.15 to 100.21
.63
Loring,Tolman& Tupper,
Boston_Herman Schulze
B08.3.45% Curtis & Sanger, Boston
2,000 101
3.69
* And $1 premium.
Commissioner of Street Cleaning, as
Treasurer and Trustee
NEW YORK CITY-BOND SALE.-City Comptrolle
75,000 101.10
r
Prenderga
Merchants
stat
'
Loan
&
2 p. m. on Wednesday (April 15) opened
Trust Co.. Chicago.. 1,200,000 100.531 to 100.97/
for the $65,000,000 43i% Estabrook & Co
corporate stock described in the "Chroniclbids
1,000,000 100.61 to 101.26
of April 4, page 1105. The Miliett, Roe & Hagen
award was made to Kuhn, Loeb & Co. and e"
1,000,000 101.219 to 101.369
Willim
A.
Read
&
Co.
Bolssevain
of
New
&
Co
York at their joint bid of 101.45 for "all or none"
1.000,000 100.87 to 101.36
-a
basis
of about 4.18%. Henry G. Schneider
The same firms offered par for "all or any
4,000 100.63 to 100.90
bids submitted for the entire issue. In all part." There were no other Merchants' Union Trust Co., Phila
200,000 100.3750
232
bidders
submitted
Ziefel
John
offers,
F.
totaling $193,187,350. The margin between the amount
1,500 100.50
of the syndicate bid Jessie Edna Flanigan, Rutland, Vt
and the aggregate of the highest offerings
100 100
of the individual bidders was Edward C. Hooker
very close, !ming only $2,387 63. The average
500 106
price
offered
by
147 indi- W.P. Johnson, Baltimore
vidual bidders was 101.446, or only 4
5,000 100
mills below the syndicate offer. Henry G. Rolston
The price realized by the city at
25,000
100.762 to 101.512
pares with 100.159 (4.49%) on Wednesday's sale-101.45 (4.18%)-com- The Public Bank
600,000 100.70 to 100.90
00 50-year 43s sold May 20 1913: Feuchtwanger, C. & Co
100.747 (4.2147) on $65,000,0$45,000,0
120,000 101.26 to 101.56
00 50-year Ols
May 7 1912: 100.90 Broadway Trust Co
(4.207%) on $60.000.000 50-year 43is sold Jan.sold
5,000 101.50
24 1911: 101.28 (4.155%) A. A. Hou.smann & Co
on $50,000,000 20-50-year (opt.) 4;is sold
100,000 101.10
on $12,500,000 50-year 48 sold Dec. 10 March 211910; 100.34 (3.98%) Fidelity Trust Co
100,000 101.10 to 101.55
100.71 (3.96%) on $38.- R. M. Grant & Co
000,000 50-year 4s sold June 8 1909: 101.571909:
500,000 101.123 to 101.567
on $10,000,000 50-year Meyer Vesell
4s sold March 2 1909 and 102.385 (3.89%)(3.93%)
20,000 101
to 101.50
on $12,000,000 50-year 4s sold Brooklyn
Trust Co
Nov. 23 1908. The official list of the bids received
1,000,000 101.06 to 101.46
for the bonds offered R. J. Kimball & Co
April 15 is as follows:
1,300,000 101.375 to 101.75
Empire
Trust
Co
1,000,000 101
Bidder.
Amount.
Boissevain & Co., for A. Boissevain &
Rate.
WI
Robert W. Daniel & Co
$700,000 101.10 to 101.51
CO., Amsterdam, Holland
634,000 100
to 101.11
National City Bank
Harris,
5,000,000
Winthrop
101.11
& Co
to 101.52
500,000 100.817 to 101.717
Mann, Bill & Ware
50,000 101.38
Hertzfeld & Stern
500,000 100.50 to 101.125
Mann, Bill & Ware
50,000 101.45
J. B. Farlee & Co
100,000 101.387 to 101.627
Redmond & Co
2,000,000 100.26 to 101.44
Stout & Co
625,000 101.125 to 101.625
Fisk & Robinson
1,500.000 101.281 to 101.781
Blake Brothers & Co
500,000 101.28 to 101.54
White, Weld & Co
L.
5,750,000
M.
Prince
&
101.411
Co
to
101.881
275,000 100.88 to 101.31
A. B. Leach & Co
Pyne, Kendall & Hollister
2,500,000 100.879
500,000 101.378 to 101.762
Ladenburg, Thalmann & Co
Bull & Eldredge
230,000 100.750 to 101.375
150,000 100.94 to 101.44
A. B. Leach & Co
The Greenwich Bank
2,500,000
100.679
100,000 100.625 to 100.913
A. B. Leach & Co
Andre Jacobi & Co
2,500,000 101.079
100,000
101.536
A. B. Leach & Co
W. R. Craig & Co
2,500,000 100.779
125,000 100.51 to 101.51
A. B. Leach & Co
Post Brothers & Co
2,500,000 101.279
20,000
101.375
Parson, Son & Co
Knauth, Nachod & Kuhne
100,000 100.877
500,000 101.137 to 101.343
Parson, Son & Co
James E. Murray
100,000 100.971
1,000 101.25
Parson, Son & Co
Dorus Healy, Hornell, N. Y
200,000 101.157
30,000 101.756
Parson, Son & Co
E. H. White, Dolgeville, N. Y
200,000 101.057
Parson, Son & Co
1.000
100.765
H. I. Nicholas & Co
100,000 101.257
Parson, Son & Co
122,000 100.51 to 101.51
Asiel & Co15,000
100,000 101.357
Farson, Son & Co
100.80
200,000 101.017
Goldman, Sachs & Co
15,000 101
Perry, Coffin & Burr
2,500,000 101.18 to 101.36
J. & W. Seligman & Co
100,000 101.26 to 101.725
11ornblowe
10,000,000
r
100.750
&
Weeks__
to 101.250
_ _...
William Salomon & Co
1250,000 101.04
7,000.000 101.09 tp 101.45
Hallgarten & Co
1250,000 101.25
Lee, Higginson & Co
5,250,000 101.026 to 101.59
Guaranty Trust Co
1.000.000 100.900 to 101.661
J.
R.
Williston
300,000
&
101.5304
Co
Guaranty Trust Co
100,000 101.50
Ralph W. Kenyon
50,000 101.75
5,000 100.51
J. S. Bache & Co
Eugene H. Paul
540,000 100.25 to 101.265
Kountze Brothers
31.000 100.102
Beverley
Bogert
2,000,000
100.542 to 101.142
& Co
150,000 100.913 to 101.271
Bernhard, Scholle & Co
Isaac Samuelson
1,125,000 100.762 to 101.543
8,000 100.50
Guaranty Trust Co
Gilbert Eliott & Co
20,000,000 101.0113 to
o 10
01.
1.8
76
2,000,000 100.25 to 101.74
50
13 Curtis
Harriman & Co
& Sanger
500,000 101
500,000 100.28 to 100.94
David Baum
Aaron Samuelson
25,000 100.40 to 100.60
3,000 101.01
Zimmermann & Forshay
Judson G. Wall & Sons
500,000 100.60 to 101
200,000 100.888 to 101.628
Dr.Jos. Lebenstein
Alexandre & Burnet
2,000 101.50
100,000 100.267 to 101.631
Bank of the United States
Bank of Suffolk Co.,Stony Brook, N.Y200.000 100.14 to 101.30
Joseph S. Marcus & Sons
10,000 101.03 to 101.58
New York Savings Bank, Brooklyn..
150,000 100.15 to 101.20
500,000 101.04 to 102
A. A. Housman & Co
Broadway Trust Co
100,000 100.750
130,000 100.75 to 101.56
F. Patterson
Paul Beardsley & Co
50 102.8750
100,000 101.018 to 101.628
The Holzman Silk Manufacturing Co
Merchants' Exchange National Bank_..
100,000 101.01
250,000 100.50 to 101.50
Elias Charlat
Fulton Trust Co
500 107
20,000 101.073
Dominic° Battistella
F. II. Smith & Co
150 102.50
100,000 101.0013 to 101.255
Joseph Robinson
George H. Burr & Co
20,000 100.10
200,000 100.009 to 101.009
Hyman Herskowitz
Pittsburgh Trust Co
10 150 (Price 0. K.)
250,000 101.056 to 101.256
THE CHRONICLE
1262
[VOL. xcvm.
stat
ORLAND, Glenn County, Calif.-BOND ELECTION.-Reports
Rate.
$15,000
that a vote will be taken on May 5 on the question of issuing
100.21 to 101.25
sewer bonds.
100.51 to 101.63
OSWEGATCHIE (P. 0. Ogdensburg), St. Lawrence County, N. Y.
100.10
-BOND SALE.-On April 1.1 the two issues of 43i% coup. bonds.
101.155 to 101.511
aggregating MINI( . 98. p. 1105), were awarded to Farson, on & Co.
101.40 to 101.65
100.01
101.077 to 101.377
OWATONNA SCHOOL DISTRICT NO. 1 (P. 0. Owatonna), Steele
101.26 to 101.61
County, Minn.-BOND SALE.-On April 7 the 820.000 5% site-purchase
101.25 to 101.60
bonds(V. 98, P. 1016) were awarded to Wells & Dickey Co. of Minneapolis
101.14 to 101.57
at 100.6625 and int. and furnish bonds.
100.61 to 101.11
Fla.-BOND
PALM BEACH COUNTY (P. O. West Palm Beach)
101.02 to 101.05
road and bridge Dist. No.2
SALE.-On April 7 the $45,000 5% 30-yr. coup.
at
96
and
int. John
101.59 to 101.89
Maule
P.
E.
to
awarded
bonds(V. 98. p. 945) were
101.071 to 101.511
Nuveen & Co. of Chicago bid $44,145 flat.
101.50 to 101.75
that
an
stated
election
papers
-Local
D.
BOND ELECTION PROPOSE
100.50
No.4 to vote on the question
has been called In Special Tax School District
101.01 to 101.50
Worth.
Lake
In
building
schoola
erect
to
bonds
of issuing $25.000
100.866 to 101.266
TO BE OFFERED
100.35 to 101.25
PASCO Franklin County, Wash.-BONDS
of April 12 that this city
100.3750 to 101.52
SHORTLY'.-The Mayor advises us under date 20
refunding bonds.
-year
100.84 to 100.97
will offer for sale in the near future $25,000
advertised to be sold
101.15 to 101.38
These bonds will take the place of the $38,500 issue
101.05
April 7 (V. 98, p. 468).
Y.-BOND SALE.-On
150,000 101.254
PEEKSKILL, Westchester County, N. awarded
to the Peekskill
2,500 101.60
April 14 $3,500 motor-fire-engine bonds were Date May 1 1914. Int.
Louis H. Amsler, Brooklyn
250,000 101.31 to 101.71
Bank at par for 4.90s. Denom. $500. 1925 incl.
Say.
Produce Exchange Bank
to
to
101.47
100.66
1919
250,000
from
1
May
M.& N. Due $500 yearly
W. N. Coler & Co
100,000 100.502
City), So. Dak.-BOND
Gude, Winmill & Co
PENNINGTON COUNTY (P. 0. Rapid
100,000 101.002
coup. bridge bonds
Gude, Winmill & Co
• SALE.-On April 10 the $44,000 5% 5%-year (aver.)
250,000
St. Paul for $44,450
101.21
0.J. Turner & Son
V.98, p. 945) were awarded to White, Grubbs & Co. of
250,000 101.26
were:
0. J. Turner & Son
bids
Other
int.
and
101.022
$44,221
100,000 100.78 to 101.27
Remick, Hodges & Co
H. Coffin, Chicago
to 101.501
44,203
100,000 101
William W. Cohen
Pennington County Bank, Rapid City
44,101
3,000 102.50
Grace F. Sharpe
Paul
St.
&
Co.,
0
Kalman
C.
44,050
101.07
2,000,000
Co
Trust
States
United
H. C. Speer & Sons Co., Chicago
44,022
2,400,000 100.252 to 101.127
Bond & Goodwin
,
Co
Chicago
&
Halsey
W.
N.
fees $490
25,000 101.511
att'ys
less
W. D. Moore & Co
Chicago
Co.,
Ulen &
$500
101.40
fees
500,000
att'ys
Cannon
less
&
Patten
Crawford,
First National Bank
500,000 100.600 to 101
less att'ys fees $870
Hamilton Trust Co
John Nuveen & Co., Chicago
100,000 101
received
Citizens' Trust Co., Brooklyn
be
will
PENSACOLA, Fla.-BOND OFFERING.-Proposals
300,000 101.50 to 101.75
Orinoka Mills
and belt
until 12 m. June 15, it is stated, for $400,000 4 Yi% 30-year dock
7,500 100.75 to 101.25
David Wood
railroad impt. bonds. Cert. check for 2% required.
300,000 101.378 to 101.927
Mutual Trust Co., Orange
s will be
101.75
to
-Proposal
G.
100.01
-BOND
17,500
OFFERIN
Ill.
County,
PEORIA, Peoria
John Muir & Co
City Comptroller, for
20,000 101.38
Halle & Steiglitz
received until 5 p. m. April 28 by J. J. Crowder,
to 3,207 at the
9,452
of
vote
50,000 101.38 to 101.64
Authority
bonds.
Judgment
%
i
,
4}
William R. Compton Co
$120,000
$1,000, (120) $500.
50,000 101
election held April 7 (V. 98, p. 1016). Denom. (60)
United States Savings Bank
Treasurer.
10,000 105.387
Date June 1 1914. Int. annually on June 1 at office of City for
John Nicholson
1% of
check
106.25
Certified
1915.
600
1
June
beginning
yearly
essy
Due
$12,000
T. F. O'Shaughn
circular
Official
required*.
Peoria."
otherwise
of
as
bonds bid for, payable to "City
Address of the above bidders. New York City, except
pending or threatened which would in any
litigation
no
is
there
that
states
designated.
and that the city has never defaulted
ent on a preceding way affect the validity of these bonds
BONDS OFFERED BY BANKERS.-In an advertisem
interest thereon. Total bonded debt
of this city, the successful in the payment of its bonds or Assessed value 1913, $22,965,950.
page Kuhn, Loeb & Co. and Wm. A. Read & Co.
$620,000.
issue),
this
bonds,
gold
(including
eable
% 50-year interchang
bidders for the city's $65,000,000
G.
yield 4.15%.
PERTH AMBOY, Middlesex County, N. J.-BOND OFFERIN
are offering the same to investors at 102.10 and accrued int., to
TO BE OFFERED Proposals will be received until 4 p. m. April 30 by Chas. K. Seaman, City
NICKERSON, Reno County, Kans.-BONDS
May 1 an issue of $31,000 Treasurer, for the following 4M % coupon or registered bonds authorized
SHORTLY.-This city will offer for sale about
Denom. $500. Int. F. & A by the Board of Aldermen on April 6 (V. 98. p. 1185):
5% coup. tax-free water and sewer bonds.
years. Bonded debt
Due $23,000 in 10. 20, 30.
at fiscal agency, Topeka. Duo not to exceed 30 val.
$115.000 school bonds. Date May 1 1914.
1913, $104,000.
(incl. this issue), $40,000; no floating debt. Assess.
40 and 50 years.
Niska0.
(P.
2
NO.
T
DISTRIC
$73,000, as it may be
SCHOOL
than
less
COMMON
not
MA
NISKAYU
103,000 (or such smaller amount, t. bonds. Date June 1 1914. Due
April 1 an issue
yuna), Schnectady County, N. Y.-BOND SALE.-On
decided to issue) harbor-imp
& Co. of N. Y. at
of $10,000 5% building bonds was awarded to Adams
June 1 1964.
office of City Treasurer.
par. Denom. $100. Date Jan. 1 1914. Int. ann. in Jan. Due $1,000
Denom. $1.000. Interest semi-annually at
yearly beginning January 1 1915.
bank or trust company for 2% of bonds bid
national
-Oh
a
on
SALE.
check
Certified
-BOND
Ohio.
,
Caldwell)
0.
(P.
certified as
NOBLE COUNTY
bonds (V. 98, la. 1105) for, payable to City Treasurer, required. These bonds will be
April 11 the $35,000 6% 9U-yr. (ay.) emergencyCo.
and their legality
of Cin. at 109.32.
were awarded to the Provident Say. Bank & Trust
to genuineness by the Columbia-Knickerbocker Trust Co.
opinion as
ELECwhose
Masslich & Reed of N. Y. City,
NORRIS SCHOOL DISTRICT, Kern County, Cal.-BOND
the question of approved by Caldwell.
purchaser. Purchaser to pay accrued interest.
TION.-On April 27 a vote will be taken, it is stated, on
furnished
be
will
to
legality
Amboy or at a place
issuing $8,000 6% bonds. Denom. $1,000.
School bonds to be delivered to purchaser at Perth
LOAN.-On Feb. 17 a loan
within the State of New Jersey;harbor
NORTHAMPTON, Mass.-TEMPORARYNov.
17 1914 was negotiated and date to be mutually agreed upon
maturing
and
1914
17
above trust company
Apr.
of
dated
office
$80,000
of
follow, plus $1.
bonds to be delivered at Perth Amboy or at
with Curtis & Sanger of Boston at 3.35% interest to
by the city. Total
in N. Y. City. Bids must be made on forms furnished
SALE.
-BOND
Pa.
Easton),
0.
(P.
; total water debt, $714,NORTHAMPTON COUNTY
r (aver.) coupon or reg. tax-free court- bonded debt (including these issues), $2,283,064
On April 10 the $60,000 4% 20-yeawere
awarded as follows: $30,000 at par 000. Assessed value 1913, $20,626,488.
house-impt. bonds (V. 98, p. 1105)
the advertiseat 100.125 to the
The official notice of this bond offering will be found among
to the Northampton Nat. Bank of Easton and $30,000
First Nat. Bank of Bethlehem.
ments elsewhere in this Department.
an adverG.-Proposals
PHOENIX, Aris.-BONDS OFFERED BY BANKERS.-In
NORTH LOUP, Valley County, Neb.-BOND OFFERIN
are offering
Village Clerk, for tisement
on a preceding page, E. H. Rollins of Chicagomunicipal
will be received until 12 m. April 20 by C. 0. Earnest,
imint.
at not exceeding 6%
investors $250.000 5% 20-40-year (opt.) funding and
the $10,000 coupon tax-free water and light bondsDate
April 1 1914. Int. to
provement bonds dated Jan. 11914.
voted March 9 (V. 98, p. 944). Denom. $100.
after
call
to
subject
-Proposals
A. & 0. at office of State Treasurer. Due in 1934,
PLAINFIELD, Union County, N. J.-BOND OFFERING.
Clerk, required.
5 years. Certified check for 2%, payable to above
until 8 p. m. May 4 by J. T. MacMurray, City Clerk, for
Bonded debt, this issue; no floating debt. Assessed value 1913, $101,690. will be received
Date
bonds.
system
sewerage
reg. joint
County, N. J.- $30,000 4M % gold coup. or
1 from 1917 to 1922
NORTH PLAINFIELD (P. 0. Plainfield), Union
8 p. m. Apr. 24 by April 1 1914. Int. A.& 0. Due $5.000 yearly on Apr.
BOND OFFERING.-Proposals will be received until
required.
coup. or reg. joint- incl. Cert. check for 2% of bonds bid for, payable to City Treas.,
C. M. Dolliver, Borough Clerk, for $30,000 434% gold
a
Apr. 11914. Int. A.& 0.
and paid for on or before 11 a. m. May 8, unless
sewerage-system bonds. Denom. $500. Date
Due $1,000 yearly on Apr. 1 Bonds to be delivered mutually agreed upon between purchaser and City
at Farmers' Loan & Trust Co.. N. Y. City.
t date shall be
incl.
subsequen
1934
to
1
Apr.
1925
on
from
yearly
$2,000
incl.,
Columbiaby the
from 1916 to 1924,
for 2% of bonds bid for, payable Treas. These bonds will be certified as to genuineness
and $1,000 on Apr. 1 1935. Cert. checkbonds
be certified as to gen- Knickerbocker Trust Co. and their validity approved by Hawkins, Delato Borough Collector, required. These Trustwill
apwill be furnished
validity
their
and
Co.
opinion
ocker
whose
-Knickerb
of
Columbia
duplicate
uineness by the
C., a duplicate origi- field & Longfellow of N.Y.C.,a
proved by Hawkins, Delafield & Longfellow of N. Y.
Purchasers to pay ac- to the purchaser.
the advertisenal of whose opinion will be furnished purchaser.
among
found
furnished by the Borough
The official notice of this bond offering will be
crued interest. Bids must be made on forms
bonds outstanding ments elsewhere in this Department.
Clerk. Bonded debt. $10,000. School District
.
County, Ind.$51,500. Assessed val., personal, $359,800; real estate. $3,985,150
PLEASANT TOWNSHIP (P. 0. Sweetser), Grant
98.
.-Thls town is BOND SALE.-The $30,000 5% 73i-year (average) school bonds (V.
NORTON, Wise County, Va.-BOND OFFERING
Indianapolis for
of
Co.
&
lid
V
F.
is
J.
Pepper
to
18
T.
M.
Feb.
on
bonds.
awarded
t.
were
p. 409)
offering for sale 85.000 5% 30-year street-imp
$31,776 50-equal to 105.921.
Mayor.
OFFERING.-ProPORTERSVILLE, Tulare County, Cal.-BOND 29 for the $15,000
-BONDS VOTED.
NUECES COUNTY (P. 0. Corpus Christi), Tex.
posals will be received, it is stated, until 8 p. m. April
P.
98.
(V.
631)
bonds
causeway
The proposition to issue the $165,000
1185).
p.
98,
(V.
bonds
plant
pumpadditional
5%
carried, reports state, at the election held March 14.
90 6% 1-10PORTLAND, Ore.-BOND SALE.-On April 7 $424,611
SALE.-On April 14 year (opt.) local impt. bonds dated Apr. 1 1914 were awarded to W. F.
OAK HARBOR, Ottawa County, Ohio.-BOND
were:
bids
p
Other
98,
(V.
944)
bonds
& Co. of Portland at 104.15.
the $16,000 5% 6-year (average) coupon electric-light
Amt. Price.
for $16,211 White
BidderA ftti. Price.
were awarded to the Mansfield Savings Bank, Mansfield,
Bidder5,000 103.51
$5,000 104.10
101.318) and interest. Other bids were: & Braun, Toledo
Tichner
Abe
$16,058
Portlandl 7,000 103.01
Bros.,
Morris
103.03
2,000
anc.hett Bond Co., Chic.....$16,177 Stacy
Portland_
&
Lewis,
Hall
16.037
Tol
102.51
Co.,
1100.000
&
Rorick
Spitzer,
16,166
_
_
_
103.92
Bank_
State
50,000
Oak Harbor
& Co., Clev_ 16,032 U.S. Nat. Bank, Port
Imp. 13d. S. 10_200,000
25,000 103.82
Tillotson & Wolcott Co.,Clev 16,144 Hayden, Miller
PrudSinking Fund_ -- 71,000
Was.
103.52
25,000
{
Well, Roth & Co., Cincinnati 16,083 Hoehler, Cummings &
Co__
Tr.
's
16,017 Lumbermen
100
den, Toledo
50,000 103.67 Adana Firemen's Relief
First Nat. Bank, Oak Harbor 16,080
16,010
Secur. S. B.* Tr. Co., Tol
& Pension Fd__ 10,000
1,000 103.80
Geo. W. Watt
y
103.76
30,000
Alleghen
,
OAKMONT SCHOOL DISTRICT (P. 0. Oakmont) until 7 p. m. Henry Teal,Portland.1
.. 20,000 103.60
County,Pa.-BOND OFFERING.-Proposals will be received
150,000 103.52
for $18.000 434%
April 20 by M. W. 13ottomfield, Treasurer of District,
1
April
N. H.-BOND SALE.-on
Date
PORTSMOUTH, Rockingham County,
coup. building and equipment bonds. Denom. $1,000.
bonds
in 1924, April
$6.000
Due
103i-year (aver.) coupon refunding sewer
Oakmont.
4%
Bank.
$40,000
Nat.
First
the
at
15
0.
&
A.
Int.
1914. 7
Oakmont
& Sons ,Boston, at 100.848
to
Rollins
payable
It.
bid,
E.
to
amount
of
were
2%
awarded
(V. 98, p. 1185)
1934 and 1944. Certified check for
only.
principal
to
and int. Other bids were:
Sch. Dist., required. These bonds may be registered as$6,270,387
46
.
100.739 f N.W.Harrls & Co.,Inc.,Boston.100.
Baker, Ayling & Co.
No floating debt. Assess. val. 1914. $5,015,510; est..
8z Co., Boston--100.05
A. B. Leach & Co., Boston_ _100.467 j N.W.Halsey
G.
OFFERIN
100
-BOND
N.
Y.
County,
Wilson
&
OGDENSBURG,St. Lawrence
Akin, City Merrill,Oldham & Co.,Boston.100.069 I Hayward
the $375,000 4%
Proposals will be received until 2 p. m. May 5 by James F.
1 1914.
PROVIDENCE, R. I.-BOND SALE.-On April 14 were awarded to
Treasurer, for 830.000 44% coup. bonds. Dated as of April
$5,000 30-year gold coupon or reg. sewer bonds (V. 98, p. 1016)
Due
exchange.
N.
Y.
in
Treasurer
joint bid of 100.15
Int. A. & 0. at office of City
their
at
Boston
of
Co.
&
national
Estabrook
a
and
Co.
on
&
yearly on June 1 from 1919 to 1924 incl. Certified check11„,;%gaglinA4,1 Blodget
were:
Bonds to be delivered May 1 1914. Other bids
bank or trust company for12% of bonds bid for required.1
5, of 1% commission for
N. W. Harris & Co., Inc., Boston. bid par, less ‘
.
OFFERING
-BOND
Fla.
Orlando),
0.
none.
(P.
or
"all
ORANGE COUNTY
none" of $50,000.
0.
M.
by
or
12
"all
May
m.
for
Taylor & Co., N. Y.. bid par
It is stated that proposals will be received until 12
the $600,000 5% Kean,
D ELECTION.
Overstreet, Chairman of Board of Commissioners, for
PULASKI COUNTY (P. 0. Somerset), Ky.-BON
Date
1679).
p.
97,
(V.
11
Nov.
voted
bonds
will, it is stated, be submitted
semi-annual 30-year road
for, The question of issuing 2300,900 road bonds
June 1 1914. Certified chock on a national bank for 1% of bonds bid
24.
April
on
to a vote
kau
required.
for FRASER
Bidder.
Eastman, Dillon & Co
H. E. Montgomery & Co
Walter G. Ellot, Richmond Hill
Merchants' National Bank
Kings County Trust Co
A. Lewisohn & Sons
George Reith
Hirsch, Lilienthal & Co
Lawyers' Title Insurance & Trust Co
E. A. Manice & Co
P. J. Goodhart & Co
Morgan & Bartlett
Horace Bunce Dean
Barbour & Co
J. V. B. Fair
Rosa Brock
Walter H.Cook
H.Content & Co
B.& S. Steiner
A. G. Edwards & Sons
Byer & Co
Robert Winthrop & Co
Low, Dixon & Co
Digitized
Amount.
600,000
100,000
5,000
500,000
1,000,000
200,000
250,000
250,000
500,000
200.000
250,000
200,000
300
100,000
25,000
50,000
100,000
250,000
100,000
60,000
50,000
650,000
550,000
APR. 18 1914.1
THE CHRONICLE
1263
RENSSELAER, Rensselaer Count
y, N. Y.-BOND OFFERING.
Proposals will be received until 12
SOUTH BETHLEHEM SCHOOL
m. April 28 by T. 0. Alexander. City
DISTRICT (P. 0. South BethleTreas., for the following 43, %
hem), Northampton Count
reg. bonds:
Board of this district is considey, Pa.-BONDS PROPOSED.-The School
$27,000 Washington Ave. impt.
ring the issuance of $50,000 school-building
bonds. Denom. (20) $1,000, (20) $350. bonds, it is stated.
Due $1,350 yearly on May 1
from 1915 to 1934 incl.
SPRINGFIELD, Lane County, Ore.
11,000 Broadway paving
-BOND SALE.-On March 28
bonds. Denom. $550. Duo $550 yearly
6% 10-year bridge
on $3,000
May 1 from 1915 to 1934 incl.
& Trust Co. of Toledo for bonds were awarded to the Security Say. Bank
$3,046 (101.533) and in
Date May 11914. Int.
blank
bonds.
Denom. $1,000. Date April 1 1914. Purchaser to furnish
M.& N.at Rensselaer County Bank, Rensselaer.
Int. A. & 0.
The legality of this issue
SPRINGFIELD TOWNSHIP
will be examined by Caldwell, Masslich & Reed Ohio.
(P.O.Petersburg), Mahoning Count
-BOND SALE.-The followi
of N. Y. City, whose favora
y,
ng bids were received for the $60,00
ble opinion will be furnLshed to the purchaser. 5% 14-year (ay.)
road-improvement bonds
Cert. check (or cash) on a
offered on April 11 (V.98,p.946)0:
national or State bank or trust company for 2% Sticy & Braun, Toledo__ -$61,2
33
of bonds bid for, payabl
Weil,
30
Roth
&
Co.,
Cincin-$60,612 50
e to City Treas., required. Bonds to be delivered Ifayden,Miller&Co.,Clev, 61,074 00 OtLs & Co..
Cleveland____ 60,540 00
at office of City Treas. on
Sidney Spitzer & Co.,Tol_
May 8 or as soon thereafter as can be completed.
New First Nat. Bk., Col_ 60,762 001 Spitzer, Rorick & Co.,
Bids must be conditional
60.760 001 Toledo
upon the favorable opinion of Caldwell, Mass60,351 50
STANTON, Stanton Count
lish & Reed. Present bonded
y, Neb.-BONDS VOTED.-At the elecdebt $310,500,floating debt $4,443. Assess. tion held Apr. 7 the proposi
val., real estate, (excl. of spec.
tion to issue the 87,0005%
sewer-constr. bonds
franchises), $4,874,821. Assess. val, spec. (V. 98, P• 1017) carried, it is
stated.
franchises, $860,410.
STATESVILLE, Iredell Count
y, No. Caro.-BOND ELECTION.
The official notice of this bond offerin
g will be found among the advertise- An election will be hold June 16. reports state,
question of issuing $25,00
to submit to a vote the
ments elsewhere in this Department.
0 school-building bonds.
STEELE CITY, Jefferson
RICHMOND SCHOOL DISTRICT, Contra Costa
County, Neb.-BONDS DEFEATED.
County, Cal.- The questio of
BOND SALE.-On April 6
issuing $2.000 town
the $75.000 57
0 1-30-year (serial) gold coupon or held April 7nby
registered tax-free buildin
a vote of 41 to 26. -hall bonds was defeated at the election
g bonds (V. 98, p. 1106) were awarded to the
First National Bank
STEGE SANITARY DISTR
of
Contra
Costa
County
Martin
at
ez
for
$75,90
8, BOND OFFERING.
equal to 101.201. Other bidders were:
ICT, Contr Costa County,
Cal.-Proposals will be receivea
Torrance,Marshall&Co.,S.F_
d until 8 p. m. April 29 by
Wm. F. Huber, Pres. of Sanita
Byrne & McDonnell
B.H.Rollins & Sons,San Fr..
$75,101 sowerry Board (P. 0. Rust),
system
for
75,1151
Accident Comm
the
$75.00
-constr
05•
uction
bonds (V.97. p. 1609).
75,000 (20) $250.
RIVERSIDE SCHOOL DISTRICT, Riverside Count
Denom. (140) $50O.
Date Jan. 1 1914. Int.
y, Calif.- Duo ono-twentieth
J. & J. at office of County
BOND SALE.-On April
Treasu
the
rer.
yearly
$50,00
8
bldg.
5%
0
bonds
beginn
ing
(V.
Jan.
98, p. 1017) interest.
1 1915. Purchaser to pay accrue
were awarded to the Continental
Commercial Trust & Saving
d
s Bank of
Chicago for $50,880 (101.76) and &
blank bonds. Other bids were:
STEUBENVILLE, Jefferson
Harris Tr. & S. Bk., Chic_ _$50,967N.
County, Ohio.-BOND SALE.-On
i
W.
Halsey
April
13
the
&
Co.,
$10,00
San
0
5% 4 1-6 year (ay.) waterA. B. Leach & Co., Chicago_ 50,765 Hoehler
Fr$50,535 Jan. 1 1913
main-ext. bonds dated
,Cummings & Prud(V. 98, p. 946) were
Wm. R. Staats Co.. San Fr_ 50,636
den, Toledo
at 100.65. Other bids Were:awarded to the New York Life Insurance
Torrance, Marshall&Co.,S.Fr.50,631 Farson
50,453 Co.
Hayden
,
Son
,Mille
&
r&Co.,
Co.,
Clev.$
10,062
Chicago.. 50,125
Denom. $500. Date Mar. 4 1914. Int. M.
Weil, Roth & Co.,
Stacy & Braun, Toledo_ __ 10,056 50
& S.
_$10,012 50
70 Provident Savings Cincin
ROANOKE, Randloph County, Ala.
Bank
Field, Longstreth & Rich-BOND SALE.-.J. B. McCra
Trust Co., Cincinnati & 10,007
Co. of Atlanta, recently purchased $20,00
ry
ards,
Cincinn
ati
00
10,029 00 Spitzer, Rorick & Co.,
construction bonds authorized by vote 0 5% 30-year sewerage-system- Mayer,Deppe&
Tol. 10,003 90
Walter,Cin. 10,026 00 Otis & Co.,
of 98 to 56 at an election
May 1 1913. Denom. $1,000
Cleveland__ 10,000 00
held
Date March 1 1914.
SUGARCREEK AND SHANESVILLE
the Hanover Nat. Bank, N. Y. . Bonde
Int.
M.
&
S.
VILLA
at
GE SCHOOL DISd debt, including
TRICT (P. 0. Sugarcreek), Tuscarawas Count
True val., est., $2,500,000; assess.
y, Ohio.-BOND SALE.
val., 1913. $954,954.this issue, $55,000. ___.()n April 10 the $23,00
0
15%-year (aver.) site-purchase, constr
ST. FRANCIS LEVEE DISTR
tion and equipment bonds534%
ICT (P. 0. Marion), Ark.
(V.
98,
NOT SOLD.-No sale was made
p.
1017)
were awarded, it is stated,uc-BONDS Sidney, Spitzer & Co. of
on April 10 of the $1,165
to
Toledo at 105.10.
tion of an is.sue of $1,500,000)
,000 (unsold por5%% levee bonds (V.
TAUN
TON,
offered on that day.
Mass.
-BON
D
OFFERING.-Proposals will be received
98, p• 1106) until
7:45
Denom. $500. Date Jan. 1
p. in. April 20 by Lewis A.
, City Treas., for $15,000 4%
1914. Int. J. & J. at the First
sewer bonds. Denom. $1.000. Hodges
Bank of Chicago.
National reg.
Date Dec. 1 1913. Int. J. &
Duo $1,000 yearly beginning Dec.
ST. PAUL, Minn.-BOND
11914. Purchaser to pay accrued int.D.
TEXAS.-BONDS REGISTERED.-The
year coupon water-works-extensSALE.-On April 8 the $50,000 43% 30following 5% bonds
ion bonds (V. 98, p. 1017) were
by the State
to Merrill, Oldham & Co.
l,iaComptr
omptrol
oller
ler during the week ending April 11: were regisawarded tered
Amount.
R. L. Day & Co., Boston of Boston at 105.789. Other bids were:
Purpose.
_ _ _ _105.44 B. II. Rollins & Sons,
Due. Option.
$2,000
_Yoak
_
Blake Bros. & Co., Boston
um
Chic
Incinerator
104.24
10 yrs. 5 yrs.
40,000_ _ Yoakum
Estabrook & Co. Chicag _ __105.40 Farson, Son & Co., Chicago_104.087
Street Improvement 40 "
o_ _ _105.13 Northwestern Tr. Co., St.
10 "
150,000 _ _Waco
Curtis & Sanger,'
P_103.
Public
87
Sch.
Bldg.
Chicago_ _ _ _105.02 I Iarris Trust &
30 "
None
Blodget & Co., Boston
S. B., Chic_ _103.856 125,000_ _Dallas County
Viaduct & Bridge
40 "
101.82 Wells & Dickey Co., Minn .J03.3
10 yrs.
2,000_ _San Augustine Co.C.S.D.No.
Geo. S. Ring, St. Paul
3
11
School
20
"
104.301Kissel, Kinnicutt & Co.,Chic.103
10 "
100,000_ _City Houston
Storm Sewer
.25
SAN BERNARDINO
ealcoh yrs
yr:
1.990_ _13011 County
SCHOOL DISTRICT, San Bernardino
Bridge Repair
County, Calif.-BOND HIGH
30 yrs.
1,990_ _Boll County
OFFERING.-Proposals will be
Bridge
Repair
receive
d
until
30 "
11 a• m• May 5 by Chas. Post, County Clerk, and
10
"
10,000_
_Mede
na
Co.
C.S.D.
No.9
School
ex-offi
cio Clerk to Board
of Supervisors (P. 0. San Bernar
40 "
10 "
35,000 Kieberg County
County Hospital
technic-high-school-building bondsdino), for the $250,000 5% gold poly- 125.000__ __Kleberg
40 "
10 "
County
voted March 19 (V. 98, p.
Court House & Jail
Denom. $1,000. Int. A.& 0. at office
40 "
1106)•
10
"
of
County
Treasu
THOMA
rer.
SVILLE, Thomas County, Ga.-BOND ELECT
Duo $5,000
yearly from 6 to 25 years incl. and $10,00
ION
PRO0 yearly from 26 to 40 years incl. POSED.-An ordinance has been introduced
Certified check or cash for $2,500, payable
in Council calling for an electo Chairman of Board of Super- tion to vote on the proposition to issue
visors, required. Bonds to be delivered and
$20,000 additional school bonds.
paid for within 20 days after
notice of acceptance of bid. Certified copies
SON, Shelby Count
Tex.-BONDS VOTED.-The questions
of abstract of proceedings of TINIP
will be furnished successful
issuing the $17,000 water-y,
bidder and twenty days allowed for examin
works
and
$10,000 sidewalks bonds (V. 98.
of same. Official advertisemen
ation
that there is no litigation or contro- p• 946) carried, reports state, at the election held April 7.
versy pending which affects thet states
corportate existence or bounda
TIPTON SCHOOL DISTRICT, Tulare
ries of the VOTED
district or the title of any official to his office
County, Calif.-BONDS
.-A recent election resulted, it is stated,
or the validity of these bonds.
No bonded debt. Assess. val. $5,648,275; true
in a vote of 117 to 10 in
favor of issuing $23,000 bonds.
val. (est.) $12,000,000.
SANDERS COUNTY (P. 0. Thompson
TOLEDO, Ohio.-BOND SALE.-On
Falls), Mont.-BOND OFFERING.-Proposals will be received until
April
15
the $98,000 434% 20year
coupon
grade
10 a. m. May 4 by Frank Foster,
-separation (city's portion bonds
County Clerk, for $38,000 coup. refund
dated Sept. 1 1913
bonds at not exceeding 5% int. (V. 98, p. 855) were awarded to Estabrook &)Co.
Denom. $1,000. Date not earlier than ing
of Boston for $102,557
(104.6
5)
and
interes
June
t.
11914.
Int. J. & J. at office
of County Treasurer. Duo in 20 years,
subject to call $10,000 in 5 and 10
TODD COUNTY
years and $18,000 in 15 years. Certifi
0. Elkton), Ky.-BOND ELECTION
ed check for $300, payable to POSED.-The election (P.
PRO"County of Sanders," required, except
to vote on the question of issuing
$190,000 road bonds
Commissioners of Montana. Bonds with bid from State Board of Land has been indefinitely postponed.
30 days after written notice of accept to be delivered and paid for within
TRENTON N. J.-BOND OFFERING.
ance of bid.
-Proposals will be received
SAN DIEGO, Cal.-BON SALE.
-Reports state that the bid of $718,- until 2 p. in. April 22 by H. E. Evans, City Treasurer, for $150,0
250 and accrued int. submitD
00 454%
10-year registered street-impt. bonds. Denom. $100
ted
Mar.
30
by
E.
IT.
Rollins
Angeles for the $705,000 5%
or multiples
& Sons of Los Date May 1 1914. Int. M. & N.
.
1-40-yr
at
. (serial) gel., municipal water-con- exchan
office of City Treasurer inthereof
servation bonds (V. 98, p. 1106)
N. Y.
ge.
Duo May 1 1924. Certified check on a nationa
has been accepted by the City Council.
l bank for
$3.000. payable to City Treasurer, require
SAN RAFAEL, Mann Count
d.
The
legality of this issue
y, Cal.-BOND SALE.-On
will be passed upon by IIawkins, Delafield & Longfellow
$150,000 5% 19-year
6 the opinion
of N. Y., whose
ge) improvement bonds (V. 98, p. April
will accompany the bonds on delivery. Official circula
1106)
awarded to Torrance,(avera
r states that
Marsha
& Co. of San Francisco for $150,4were
the city has never defaulted in payment of princip
equal to 100.311. The Harris ll
67
al
or
interest.
Trust & Savings Bank of Chicago bid
252. Denom. (70) $1,000, (80) $500,
$150,TUSC
OLA
COUN
TY
(P.
0.
Caro),
$100.
Mich.
(400)
-BONDS DEFEATED.
Date Dec. 1 1913. The questi
Int. J. & D.
on of issuing the $100,000 court-house-construc
tion bonds(V.98,
p. 326) was defeate at the electio
SANTA CRUZ HIGH SCHOOL DISTRICT,
n held April 6 by a vote of 1,380 "for"
Santa Cruz County, to 4,174 "against."d
Calif.-BOND SALE.-On April 9 the $160,0
00 5% 20%-year (ay.) gold
tax-free site-purchase and bldg. bonds (V.
UNION STAR SCHO
98, p. 1100) were
ICT (P. 0. Union Star), Dekalb
to Torrance, Marshall & Co. of San Francisco
coup,
d County, Mo.-BONDS OL DISTR
for $160,001 and int.awarde
.-On April 7 the voters authorized the
There issuance of $10,000 bldg.VOTED
were no other bidders.
bonds.
SANTA CRUZ SCHOOL DISTRICT, Santa
UNIONVILLE SCHOOL DISTRICT
Cruz County, Calif.(P. 0. Unionville), Putnam
BOND SALE.-On April 9 the $80,00 5%
20%-year (ay.) gold coup. County, Mo.-BONDS VOTED.-Recently this
site-purchase and bldg. bonds (V. 98, p.01106)
district voted to issue
$30,000 bldg. bonds, it is stated.
Marshall & Co. of San Francisco for $80,001 andwere awarded to Torrance,
int. There were no other
bidders.
UTICA, Oneida County, N. Y.-BON
AUTHO
DS
RIZED.-On Apri
15 the Common Council authorized the issuance of
SARGENT SCHOOL DISTRICT (P. 0.
$25,000 electric-subways
Sargent), Neb.-BOND constr. and $20,000 paving bonds,
ELECTION.-On Apr. 21 an electio
it is stated.
n will be hold, it is stated,
to vote on
the question of issuing school-house bonds.
VAN BUREN COUNTY (P.
Keosauqua), Iowa.-BONDS DEFEATED.-A proposition to issue0.
SCURRY COUNTY (P. 0. Gate City), Tex.-BON
$35,000 county home impt. bonds failed
DS VOTED.-By a to carry at an election held April
vote of 490 to 405, the proposition to issue the $50,00
7.
5%
0
road
and
bridge
bonds (V. 98, p. 854) carried at the election hold Apr.
VAN BUREN SCHOOL TOWNSHIP (P. 0. Morris
11. Duo Apr. 11
town), Shelby
1964, subject to call after 5 years.
County, Ind.-BOND OFFERING.
rts state that proposals will be
received until 10 a. m. April 27 by -Repo
SEATTLE, Wash.-BONDS TO BE OFFERED
SHORTLY.-Reports $16,000 434% 15-year school bonds. Chas. M. Jackson, Twp. Trustee, for
state that this city will shortly offer for sale
$300,000 water-mains-constr.
bonds voted Mar.4.
VENTNOR CITY (P. 0. Atlantic City), Atlant
ic County, N. J.BOND SALE.-On Apr. 15 the $25,00
SHELBY COUNTY (P. 0. Shelby
0 5% 50-year school bonds (V. 98.
ville), Ind.-BOND SALE.-On p. 1018) were awarde
April 8 the $3,260 4%% coupon
d to the Marine Trust Co. of Atlantic City
at 101.76
tax-fre
road-improveme
e
nt
and
$1. Other bids were:
p. 946) were awarded to J. F.
(V. 98,
Wild & Co. of Indianapolis for bonds
521) and interest. Other
$3,277 (100.- Ventnor City Nat. Bank__ _ _101.501Bull & Eldredge, New York__
bidders were:
100.27
We are advised that the following bonds were also dispose
Gavin L. Payne & Co., Ind_
d of on Apr. 15:
1E. F. Parr & Co., Chicago_$3,274 67 $75.000 5% 30-yr. sewer bondsdated Apr.
Breed ,E Mott&IIarrison.Ind_43,276
1 1914 to tke City Sinking Fund
_ 3.2751Fletcher-Am.N.Bk.,I
nd_ _ _ 3,267 50 at par and int.
SHERMAN TOWNSHIP (P. 0. Bellev
ue), Huron County, Ohio.- $25,000 5% 40-year park-impt.bondsdated Feb. 1 1914 to Bull & Eldredge
BOND SALE.-On April 15 the 515,00
0 5% 11 1-3-year (average) coupon of N.Y.at 100.27 and interest.
road district bonds (V. 98, p. 1017) were
awarde
VERMILION COUNTY (P. 0. Newport), Ind.-BON
Co., Bellevue, for $15,170 (101.133) and interesd to the Wright Banking
D SALE.-The
t. Other bids were:
$14,300 434% 6-year (average) Wm. Gouty
Hayden, Miller & Co., Clove.$15,165 Spitzer Roricic
et al highway-improvement
,
& Co., Tol_ _$15,081 bonds offered on March 23 (V.
New First Nat. Bank,(Mum 15.130
98, p.
were awarded on that day to
Otis
& Co., Cleveland
the Fletcher-American National Bank946)
Stacy & Braun. Toledo
15,077
Indiana
of
polis.
15,104
VICKSBURG, Miss.-BOND OFFERING.-Propo
SHIELDS SCHOOL DISTRICT (P. 0. Shields),
sals will be received
Morton County, until 5 p. in. May 4 by A.
No. Dak.-BONDS VOTED.-Accor
M. Paxton, City Clerk, for the $400,000 5%
ding to local newspaper dispatches
this:district recently voted in favor of the
water-wo
rks-construction bonds authorized during February by
issuance of $2,500 building bonds.
the Mayor
and Board of Commissioners (V. 98, p. 469).p ,Denom
SHILOH SCHOOL DISTRICT (P. 0.
Shiloh), Sumter Count
. 81,000. Date
So. Caro.-BONDS VOTED.-At
May 1 1914. Int. M.& N. at Amer. Exch. Nat. Bank,
y,
an
electio
held
n
in
this
district on April 4
N. Y. City. Due
$3,500 school-bldg. bonds were authorized,
$5.000 yearly for 19 years and $305,000 in 20 years. Cert.
it is stated, by a vote of 27
to 1.
chock for $5,000
SHREVEPORT, Caddo Parish, La.-BON
DS AWARDED IN PART. required. The legality of these bonds has been approved by Wood & Oak-Of the $101.500 4%% 1-40-year (ser.)
ley
of
Chicag
tax-fre
o.
e
publicimpt. bonds (V.98,
p. 1179),$7,000 has been disposed of. Bond No.
The official notice of this bond offering will be found
1 for $500 has been canceled,
caving $94,000 yet to be sold.
among the advertisements elsewhere in this Department.
THE CHRONICLE
1264
xeviii.
ton
WA'YNE SCHOOL TOWNSHIP (P. O. Mt. Etna), Hunting
S VOTED.
SALE.-On Apr. 8 the $15.500 4% school bonds
VICTORIA COUNTY (P. 0. Victoria), Tex.-BOND
5 bonds (V. 98. Lo• County, Ind.-BOND
Indianap
of
Co.
&
Wild
to
J.
F.
state,
reports
awarded,
The question of issuing the $125,000 Road Dist. No.
(V.08, p.946) were
709) carried, reports state, at the election held Mar. 18.
-equal to 100.161.
-We olis for $15,525
ED.
S
PROPOS
-BOND
Mass.
x
County,
Middlese
ELD,
WAKEFI
CT (P. 0. Webster Groves),
issuWEBSTER GROVES SCHOOL DISTRI
are advised by the Town Treasurer that this town is contemplating the
ND OFFERING.-Proposals will be received
St. Louis County, Mo.-BOstate,
ance of $200,000 high-school bonds.
F.
B.
Miller, Secretary of District,
by
reports
23,
April
SALE
m.
BOND
p.
,
until 8
WALLACE COUNTY (P. 0. Sharon Springs)ofKans.% 10-20-year (opt.) school bonds. Certified check for
Topeka has purchased for $50,000
-Newspaper reports state that John R. Mulvane
98,
24
(V.
Feb.
voted
bonds
n
$1.000
.
nstructio
required.
the $30,000 5% court-house-co
-On April 10 the
p.633.) Due $1,500 yearly.
WEIR, Choctaw County, Miss.-BOND SALE.
Tex.-BOND OFFER- $5,000 6% 10-19-year (serial) agricultural high-school-site-purchase bonds
WALLER COUNTY ROAD DISTRICT NO. 5,
Co.
ad). is offering for sale offered on April 7(V. 98, p. 1019) were awarded to H.C. Speer & Sons
ING.-J. D. Harvey, Co. Judge (P. 0. Hempste
d by the State Comp- of Chicago at 100.30. 0.11. Coffin of Chicago bid 100.10. Denom.$500,
the $15,000 5% 10-40-year (opt.) road bonds registere
12
Nov.
J.
$1,000. Date
Date July 1 1914. Int. J. &
troller on March 25 (Y. 98, p. 1107). ofDenom.
Co. Treas. Bonded debt, this
Md.-BOND SALE.-We are
1913. Int. ann. on April 10 at office
WESTERNPORT, Allegany County,
Issue. Assess. val. 1913 $1,171,609. (est.) $4,686,436.
impt. bonds have been awarded to local
DE- advised that $20,000 5% generalS
Int. M.& N. at the MerAWARD
Ohio.
-BOND
1911.
County,
1
l
May
Trumbul
Date
N,
WARRE
. Denom. $500.
of 5% bonds, aggregating investors
1 1941, subject to call
FERRED.-The bids received for the three Issues
Dep. Co. of Baltimore. Due May
, of which $70,000
on that day and cantile Tr. & These
$100,000
of
issue
an
of
part
are
bonds
$26,800 offered on April 15 (V. 98, p. 1018), were opened
May 1 1916.
See V.98, p. 1188.)
e.
Baltimor
of
Co.
ed.
&
same are being consider
sold to Nelson, Cook
recently
was
NG.
Weehawken), Hudson County,
WARRICK COUNTY (P. 0. Boonville), Ind.-BOND OFFERI
at 10 a. m.
nd
WEST NEW YORK(P.O.Station 3,
Wm. Putier, Co. Treas., will offer for sale at public auction
$5,750 4% 1-5-year ser.playgrou
road-impt. bonds. Denom. N.J.-BOND SALE.-On Apr. 14 the
April 27 an issue of $58,000 4 % tax-free
stated, to the Sinking Fund Comis
it
were awarded,
to
1915
1108)
p.
from
15
(V.98.
May
months
six
each
bonds
$2,900
Due
N.
&
M.
$725. Int.
missioners at par.
Nov. 15 1924 incl.
April
that the Town Council onbonds.
BONDS AUTHORIZED.-Reports state
SALE.-On
town-hall
WASHINGTON, Fayette County, 01110.-BOND
of $75,000 5% coup. or reg.
issuance
the
ed
ement
authoriz
14
street
-improv
)
coupon
(average
5%-7ear
5%
April 14 the $2,750
R. L. Denom. $1,000. Due $3,000 yearly.
bonds, dated Sept. 1 013 (V. 98, p. 946) were awarded to the
Ohio.-BOND OFFERING.-ProDollings Co. of Hamilton for $2,765 (100.545) and int. Morris Sharp &
WEST PARK, Cuyahoga County,
by Fred. Feuchter, Vii. Clerk.
Co. bid $2,762 50.
posals will be received until 12 m. May 16
Denom. $1,000. Date
(P. 0. Eaton), for $3,000 5% 30-year town-hall-impt. bonds.
the one
WASHINGTON TOWNSHIP SCHOOL DISTRICT 4-year
on a bank other thanrequired.
check
Cert.
6%
(average) April 15 1914. Int. A. & 0.
Vii. Treas.,
to
Preble County, Ohio.-BOND SALE.-The $3,750
bid for, payable
bonds
on
of
5%
for
awarded
bid,
the
were
award.
p.
7845
98,
of
(V.
making
7
on
time
March
offered
bonds
days from
coupon building
New Paris for $3,888 25, equal to Bonds to be delivered and paid for within 15
that day to the Farmers' Banking Co. ofDate
S. Purchaser to pay accrued interest.
&
M.
Int.
7
1914.
March
$750.
(1)
$500,
(6)
Denom.
103.686.
-BONDS VOTED.-On
WHITEWRIGHT, Grayson County, Tex. and $6,000 water-works
WATERBURY,Conn.-BOND OFFERING.-Proposals will be received
until 8 p. m. May 18, reports state, by the City Treas., for the following April 7 the questions of issuing $6,000 funding
bonds carried, it is stated.
4% bonds dated Jan. 1 1914:
-BOND
1924 to 1963 incl.
$400,000 police and fire bonds. Due $10,000 yearly from
CT NO. 78, Wash.
WHITMAN COUNTY SCHOOL DISTRI
100,000 school bonds. Due $5,000 yriy. from 1934 to 1953 incl.
(opt.) school-building and
April 7 an issue of $1,600 1-5-year
-On
SALE.
for 53is•
par
at
on
- equipment bonds was awarded to the State of Washingt
OFFERING.
WATERTOWN, Jefferson County, N. Y.-BOND
Waits, City Treas., Denom.(3) $500,(1) $100. Date June 1 1914. Int. ann. In June.
Proposals will be received until 12 m. April 21 by Frank
$500, $1,000
S NOT SOLD.
for $65,000 43 % 30-year reg. public-impt. bonds.at Denom.
office of City Treas.
WICKENBURG, Maricopa County, Ariz.-BOND
and $5,000. Date May 1 1914. Int. M. & N.
bonds offered on that
No sale was made on April 6 of the $9,900 6% water
Cert. check for $1,000, payable to City Treas., required.
- day.
NG.
als will be reWAYNE COUNTY (P. 0. Wooster), Ohio.-BOND OFFERI
County
WILMINGTON, Del.-BOND OFFERING.-Propos
Proposals will be received until 1 p. m. May 4 by Chas. Fehr,
City Treas., for $75,000
% ditch bonds:
ceived until 12 m. April 27 by James F. Price,
Auditor, for the following
or multiples thereof. Date
Denom.(1) $560,(2) $500.
$1,560 Canaan-Wayne Ditch No. 208 bonds.
% park sinking fund bonds: Denom. $50
Oct.
1917.
Due $560 April 1 1915 and $500 on April 1 1916 and(1)
& 0. Due $38,850 April 1 1937 and $36,150
A.
Int.
1914.
1
Due
Meay
$225.
(2) $250,
725 Sheets Ditch No. 196 bonds. Denom.April
bid for, payable to "Mayor and
.
1 1917.
1 1937. Cert. check for 2% of bonds
$250 on April 1 1915 and 1916 and $225
Denom. (1) $525, (2) $400. Council" required. Bonds to be delivered and paid for on or before 12 m.
1.325 Mill Creek Ditch No. 209 bonds.
1917.
Due $525 April 1 1915 and $400 April 1 1916 and bid
for required. May 11.
Certified check for 5% of bonds
Int. semi-annual.
NEW LOANS
NEW LOANS.
CITY OF RENSSELAER,N.Y.
$27,000
NEW LOANS.
00
$75,000.
$30,000.00
INGTON, DELAWARE,
CITY OF PLAIN FIELD, N. J. WILM
4%% Washington Avenue Improve- 43.% Joint Sewerage System Bonds.
ment Bonds
DAY
Notice is hereby given that on the 4TH
the Council
OF MAY.1914, at 8 o'clock P. M.,at
of
$11,000
Chamber, No. 149 North Avenue, in the City
Plainfield, N. J. the Common Council of said
sealed bids for the purchase of
43,6% Broadway Paving Bonds
City will receive'
SINKING FUND 43% LOAN
o'clock
Sealed bids will be received untilat12
the office
noon, MONDAY, APRIL 27, 1914,Delaware
,for
of the City Treasurer, Wilmington,
of
Seventy-Five Thousand Dollars ($75,000)and
Four
Fund
,
Sinking
Wilmington, Delaware
-Half Per Cent Bonds.
One
1914.
the following-described bonds of said city:
Said bonds will date from May 1, A. D.$50
Rensselaer, N. Y., April 10, 1914.
or
$30,000 Joint Sewer System Bonds, dated
will be issued in denominations of
Sealed bids will be received by the undersigned April 1, 1914, and maturing $5,000 annually on and
interest at the rate
bear
and
thereof,
multiples
APRIL.
OF
to
at his office until the 28TH DAY
1917
per
annum.
years
the
of
centum
each
per
in
April,
of
One-Half
day
1st
of Four and
$27,000 the
1914, at 12 o'clock, for the purchase of
bonds will be coupon payable semi-annually on October 1 and April 1
Improve- 1922, both inclusive. The the
holder of register- of each year, and will mature as follows:
4.4% registered Washington Avenue
bonds with the privilege to
as
or
ment Bonds of the City of Rensselaer, New York, ing
alone
principal
to
as
either
the same,
$38,850 on April 1, A. D. 1937.
dated May 1st, 1914, maturing serially $1,350
and will bear
336,150 on October 1, A. D. 1937.
on to both principal and interest,annum,
payable
y of an
(one bond of $1,000 and one bond of 8350) inper
%
434
of
rate
at
the
Interest
Said issue is being made under authorit
will Act
May 1st, of each of the years 1915 to 1934,
Delaually. Both principal and interest
of the General Assembly of the State of under
of
States
clusive, and $11,000 45,6% registered Broadway semi-ann
18, A. D. 1911 and
of the United
April
coin
gold
in
approved
payable
ware,
be
1914,
1st,
May
dated
and
of
Paving Bonds of said city,
weight
'
of
e
the
of
standard
ordinanc
an
present
the
of
of
y
America
authorit
and
and maturing serially, one bond of $550 on May. fineness.
Wilmington, passed April 9, A. D. 1914,
1st of each of the years 1915 to 1934 inclusive
be enclosed in a sealed approved April 9, A. D. 1914, and is to provide
should
proposals
All
(May
interest
ual
Principal of and the semi-ann
ay, City funds for the purchase and improvement of park
at envelope addressed to J. T. MacMurr
and November 1st) on all said bonds payable
Plainfield, N. J., and should be marked lands.
ied by a certithe Rensselaer County Bank in the City of Rens- Clerk,
"Proposals for Joint Sevierage
outside
the
upon
All proposals must be accompan
selaer, N. Y.
order of"THE MAYOR
by System Bonds."
fied check,payable to the
for two
GTON",
The legality of the ISS1.10 will be examined
the
of
WILMIN
value
par
the
of
OF
COUNCIL
A certified check for 2%
the AND
Caldwell, Masslich & Reed of New York dCity,
the bonds for which
bonds bid for, payable to the Treasurernyofeach
per centum of the amount of
the bidder
if
whose favorable opinion will be furnishe the City
forfeited
be
to
same
d, N. J., must accompa
the
of
Plainfiel
made,
bid is
purchaser.
No bid for less than par and accrued interest falls to accept and pay for the bonds awarded.
No bids at less than par and accrued interest bid.
will be required
will be accepted.
The successful bidder or bidders ,
with accrued
all bids.
will be accepted.
or
any
reject
to
is
reserved
right
The
to settle for the bonds awarded
to
at or before
as
Each bid must be accompanied by a certified
certified
1914,
and
D.
The bonds will be prepared
interest from May 1, A.
or trust
.
check upon a national or State bank
a-Knickerbocker 12 o'clock noon, Monday, May 11, A. D. 1914.
Columbi
the
by
ess
genuinen
of
City
the
of
r
reserved.
is
be
will
bids
company, payable to the Treasure
and
City,
all
York
or
any
New
of
reject
Trust Company
The right to
8,
Rensselaer, N. Y., or by cash, for an amount
May
HAN,
before
JOHN J. MONAG
delivered to the purchaser on or
nt
equal to two per cent of the par value of the bonds
ROBERT D. KEMP,Commissioners.
1914, at 11 o'clock A. M., unless a subseque
bid for, which check or cash deposit will be reSinking Fund
e date shall be mutually agreed upon between the
,
turned to the bidder, if unsuccessful; otherwis
Treasurer.
City
the
and
r
WELLER E. STOVER
purchase
forand
bid,
sum
the
of
applied to the payment
by
be
will
approved
bonds
the
of
E E. GRANTLAND.
validity
GEORG
The
liquidattorfeited to the City of Rensselaer, N. Y., ascomply
ow,
Longfell
&
,
Delafield
JAMES KANE,
Messrs. Hawkins
of
ated damages in case the bidder fails to
Finance Committee.
neys, of New York City, a duplicate original
with the terms of his bid.
e whose opinion will be furnished to the purchaser.
Bids must be conditional upon the favorabl
Dated April 7, 1914.
opinion of Caldwell, Masslich & Reed. The right
J. T. MAC MURRAY,
is reserved to reject any and all bids. Said bonds
City Clerk.
will be delivered to the purchaser on the 8th day
of May, 1914, or as soon thereafter as the bonds
TreasCity
of
the
office
can be completed, at the
urer of the City of Rensselaer, N. Y.
REDEMPTION BONDS
T. C. ALEXANDER,
that sealed bids will be
City Treasurer.
Notice is hereby given Commissi
oners of Flatreceived by the County Montana. at the office
STATEMENT.
of
State
County,
head
$310,500 00
at Kalispell,
Recorder
Present bonded debt
and
of the County Clerk
Legal for Savings Banks,
4,442 88
AT 10.00 A. M..
Floating debt
Montana, on MAY 4TH, 1914,
20,795 05
for
bonds
Cash in sinking fund
the purpose
00
Funds.
$100,000
and
Trust
Savings
of
Postal
for the sale
'The
Assessed valuation, real estate.
of redeeming an issue of $100.000 00 bonds.
exclusive of special franchises.. 4,874,821 00
SEND FOR LIST.
bonds to be $1,000 00 each.
said
of
tion
denomina
ten
in
le
redeemab
Assessed valuation, special franand
years
twenty
payable in
860,410 00
five
chises
CHICAGO years, and to bear interest at not to exceed
29 South La Salle St.,
Payable at
POPULATION (1910 Census), 10,711.
per cent (5%) per annum. Interest
said County
the office of the County Treasurer ofof each year.
on the first day of January and July
MUNICIPAL AND RAILROAD
of County ComBidslwill be opened at the office
May 4th.
missioners of said County on Monday.
A certified check
1914. at 10.00 o'clock a. m.
accompany each bid.
S
BOND
to
bid
of
cent
per
five
for
LIST ON APPLICATION.
The Board reserves the right to reject any and
BOSTON
*I STATE
Commissionorder of the Board of County
aliBbyidn
.
HO PINE amain% NE ,Ir YORK
ers of Flathead County, Montana
By FRED S. PERRY,
Ingalls Building
County Clerk
S
$100,000
County, Montana,
ead
Flath
Bolger,Mosser& Willaman
MUNICIPAL BONDS
BONDS
SEASONGOOD & MAYER
CINCINNATI
BLODGET & CO.
mum.
,iTATE, CITY & RAILROAD BOND
APR. 18 1914
THE CHRONICLE
1265
The official notice of this bond offering will be found
among the advertise-ments elsewhere in this Department.
• WINSTON-SALEM, Forsyth County, No. Caro.
ARMSTRONG, B. C.-DEBENTURES PROPOSED.-An issue of
-BOND ELECTION.-Reports state that an election
be hold June 23 to vote on the $6,000 debentures, it is stated. is being considered for a bathing tank.
propositions to issue $250,000 liquidatinwill
g indebtedness, $250,000 municipal
ARNPRIOR, Ont.-DEBENTURE OFFERING.-An issue
electric-light plant, $80,000 school, $50,000
of $5,500
sewerage-disposal, $50,000 debentures for water-works additions is being offered,
water-plant-improvement and $50,000
it is stated.
-improvement 30-year bonds
ASSINIBOIA RURAL MUNICIPALITY, Man.-DEBENTURE
at not exceeding 5% interest. Denom.street
$1,000. Date July 11914.
FERING.-Proposals will be received until 12 m. April 28 by Frank :OFWOODBURY, Gloucester CountyN. J.-BOND
Ness.
SALE.-Reports Clerk (P. 0. Kirkfield Park) for $88,779
state that $30,000
5% debentures. Due in 20 ann
% serial water bionds were recently disposed of as installments.
follows: $20,000 to the Merchants' Union Trust
Philadelph
Co.
of
ia and
BERLIN, Ont.-DEBENTURE
$10,000 being taken by the sinking fund.
G.-A block of $67,000 gasdepartment-additions debentures isOFFERIN
WOOD COUNTY, W. Va.-BOND ELECTION.-An
being offered for sale, according to
election has been reports.
called for May 7 to vote on the question
of
issuing
District
$40,000
Clay
BRITISH
road bonds.
COLUMBIA.-DESCRI
OF LOAN.-As previously
stated in these columns, subscriptionsPTION
were received until April I by the
• WOODRIDGE (P. 0. Rutherford), Bergen County, N. J.-BOND Canadian Bank of Commerce
in London for an issue of £1.500,000
SALE.-On April 15 the $20,000 5% 30-yr. coup.
registered
stock at 99. Only one-half of the issue was subscribed %
or reg. street-impt.
for
bonds (V. 98, p. 1108) were awardedto William Hoehl
of Woodridge at before the lists closed, but it was completely absorbed shortly after, the issue
105.125 and int: Other bids were:
selling at a premiumThe proceedsof the
loan are to be used for the reM.M.Freeman & Co., Phlla 102.8311R. M.Grant & Co., N. Y..--102.079 payment of outstanding treasury bills
and
for
the
public
purposes
of the
H.L. Crawford & Co., Phila.102.55 Kean, Taylor & Co., N. Y_ _102.03
Province. Repayable at par on the 1st
April 1941. Interest payable
Outwater & Wells, Jer. City_102.495
April 1 and Oct. I. Transferable without charge
and free of stamp duty.
Full six months' interest payable Oct.
11914.
. WORCESTER, Mass.-NOTE OFFERING.-According to reports the Outstandi
ng debt, excluding this issue and treasury bills
City Treas., will receive bids until 12m.to-day (April 18) for $100,000 notes
amounting to £310.000
In anticipation of taxes, dated April 21 1914 and maturing Oct. 16 1914.
£2,209,345
Sinking fund investments
£488,058
WYANDOTTE, Wayne County, Mich.-BONDS DEFEATED.- Net debt of the Province, per capita, in 1901 was $36.38.
Net
debt
of
the
Province, per capita, in 1913 was $17.
The propositions to issue the $29,000 electric-light-plant and $11,000
water-works-improvement bonds (V. 98, p. 947) failed to carry at the Population in 1901 was 179.500 and estimated at 525.000 in 1913.
election held April 6.
CARLETON COUNTY (P. 0.
Ont.-DEBENTURES PROPOSED.-There is talk of issuing Ottawa),
$20.000 debentures for extraordinary
YAKIMA COUNTY SCHOOL DISTRICT NO. 35(P. 0. Wapato), expenses
and construction work and $40,000 for
good roads. '
Wash.-BONDS VOTED.-At an election held April 8 the question of issuCARTWRIGHT, Man.-DEBENTURES PROPOSE
ing $27,000 building bonds carried, it is reported, by a vote of 137 to 1.
D.-Current expesnse debentures amounting to $6,000
are proposed by this municipality.
YOAKUM, Dewitt County, Tex.-BOND SALE.-On April 7 the It is stated.
$40,000 5% 20-40-year (opt.) street-improvement bonds (V. 98, P. 1108)
COMPTON
,
Que.-DEBENTURES PROPOSED.-This municipali
were purchased by Sutherlin, Gehde & Co. of Kansas City, Mo., at par and according to reports,
tye
is considering the issuance of $2,000 building
int. These bonds are now being offered to investors. Denom. $1,000. turD
debenes.
R
Date April 3 1914. Int. A. & 0. at the Yoakum State Bank or Yoakum
UMMONDSVILLE, Que.-DEBENTURES NOT
Nat. Bank, Yoakum. or at the State Treasurer's office, or at the IIanover
SOLD.-No sale
has yet been made of the $52,000 debentures
National Bank, N. Y.
offered on March 27.
EAST FLAMBORO,Ont.-DEBENTURESPROPOSE
ZANESVILLE, Muskingum County Ohio.-BOND
D.-Reports state
SALE.
that
-On
$12,500
high-schoo
l-building debentures are proposed by this munici11:011:y)0
ANyr1L16 thr0.
e1L5rfyalrO
d ytrti
)
(a;
,erijepark-purch. and impt. bonds pality.
(V. 98.
1019)
B. Denison & Co. of Cleveland
for
EASTVIEW, Ont.-DEBENTURE SALE.-Reports
(10;1.875) and int. Other.bids were:
that $35.000
New York Life Ins. Co
5% 30-year separate school debentures have been sold to state
331,2981 Brighton-German Bank, Cin.$31,1
J. B. A. Boudreau
17 of Ottawa.
Sidney Spitzer & Co., Tol
31,266(E. H. Rollins & Sons, Chic__ 31,100
Well, Roth & Co., Cincin_
31,212 Stacy & Braun, Toledo----ELKHORN,Man.-DEBENTURE SALE.-It is reported that
Amer. Trust & Say. Bank
this place
31,200 Field, Longstreth & Rich- 31,083 has disposed of $6,000 5% 15-installment
debentures to Geo. A. Stimson &
Spitzer, Rorick & Co. Tol
31,165
ards,
Cincinnati
Co.
of Toronto.
31,036
Seasongood & Mayer,Cin
' c__ 31,150 Hanchett Bond Co.,
Chicago 31,017
EMBRO, Ont.-DEBENTURE ELECTION.-The rate-payers on April
Prov. S. B.& T. Co., Cinc__ 31,131 Hayden, Miller
& Co.. Cloy_
24 will decide whether or not they are in favor of issuing $6,000
Otis & Co., Cleveland
31,130 People's Say. Bank, Zanesv_ 30,939
30-year
*6,000 hydro-electric-power-distribution debentures, it is stated.
* For $6,000.
FORD, Ont.-DEBENTURES PROPOSED.-Canadtan papers
ZEELAND, Ottawa County, Mich.-BONDS VOTED.
state
that on April 7 this city voted in favor of the issuance -Reports state that this town is considering issuing 828.000 town-hall-building debentures.
of $15.000 sewer• GRIMSBY, Ont.-DEBENTURE OFFERING.-Bids are
system bonds.
invited,
it is
said, for $10,000 drain-construction debentures
Canada. its Provinces and Municipalities.
p.
NEW LOANS.
NEW LOANS.
$400,000
$218,000
NEW LOANS.
City of Vicksburg, Mississippi City of Perth Amboy, N. J.
CITY OF WESTMOUNT
TENDERS FOR BONDS
6% Serial-20-Years
School and Harbor Improvement
Water-Works Construction Bonds.
Bonds.
Sealed offerings will be received by the underSALE
On MONDAY, MAY 4TH. 1914. at 5 o'clock
P. M., in the Council Chamber of the City Hall
in the City of Vicksburg, Mississippi,the Mayor
and Aldermen of tho City of Vicksburg will sell
to the highest and best bidder $400,000 of Vicksburg Water Works, Steel engraved, 20-years,
serial bonds,known as Water-Works Constructi
on
bonds, of the denomination of $1,000 each, dated
May 1st, 1914, 5 of said bonds maturing annually
for 19 years and the balance-20 years, bearing
interest at 5 per cent, payable semi-annually,
and payable at the American Exchange National
Bank of New York City, both the revenues of the
city and the water-works-plant being pledged as
security for their payment.
The right to reject any and all bids is reserved.
The legality of said bond issue has been approved and certified to by Charles B. Wood of
the firm of Wood & Oakley, attorneys, Chicago,
Illinois.
Sealed bids, with certified check accompanying
for 35,000, will be received by A. M. Paxton,
City Clerk, up to time of sale.
J. J. HAYES,
Mayor of the City of Vicksburg.
Tenders are invited for the following issues of
% bonds of the City of Westmount; delivery
to be made June 1st, 1914.
Authorized by
Date of Maturity. Amt. of issue.
By-law No. 282
1st May, 1928
$50,000
1st May, 1958
signed at his office in the City Hall, Perth Amboy, By-law No. 282
110,000
By-law
No.
283
1st May, 1928
N.
until four o'clock p. m., APRIL 30. 1914,
50,000
for J.,
1st May, 1928
$115,000 434% School Bonds, dated May 1, By-law No. 285
175,000
1914, maturing $23,000 each in 10, 20, 30,40 and
50 years, and $103,000 (or such smaller amount,
$385,OCO
Tenders must be enclosed in sealed envelopes
not less than $73,000, as it may be decided to
issue) 44% 50-year Harbor Improvement Bonds, plainly marked "Tenders for Bonds", and filed
with
the
undersigned not later than
dated June 1, 1914.
MONDAY.
Bonds will be issued with coupons, but may be THE 4TH DAY OF MAY. 1914.
The Council does not bind itself to accept the
registered.
The opinion of Messrs. Caldwell, Masslich & highest or any other tender.
ull particulars as to these issues may be had
Reed will be furnished by the City, and the bonds
will be engraved and certified in amounts of $1,000. upon application.
ARTHUR F. BELL,
Certified check for Two Per Cent of par value
Secretary-Treasurer.
of bonds bid for must accompany each bid, which
Westmount, Canada.
must be made on blank form which will be furnished by the undersigned.
CHARLES K. SEAMAN,
City Treasurer.
•
•
$30,000 McAlester, Oklahoma,
$30,000
5% PARK BONDS
ATHENS, TENNESSEE,
Sealed proposals will be received by the City
of McAlester,Okla.,until 10 A. M.,SATURDA
MAY 2, 1914, for the purchase of Thirty bondsY,
$1,000 each,dated May 1, 1914, maturing May of
I.
1939. Interest 5% payable semi-annually at
New York. Issued for park purposes.
Assessed valuation 38,480,347. Real valuation (est.) $8,500,000. Bonded debt, including
this issue, $820,210. Water debt $325,000.
Sinking Fund on hand $149,830 53.
Certified check required $500. Right reserved
to reject any or all bids.
WALLACE BOND,
Commissioner of Finance.
5% 30-YEAR BONDS
1914 ISSUE
NOW READY
THE FINANCIAL REVIEW
Until MAY 11TH. 1914,
1 o'clock P. M.,
the Mayor and Recorder of at
the
of Athens,
Tenn., will receive bids for the City
purchase of an
Issue of 330.000 of city bonds, to run
years and
30
bear 5 per cent interest-to take up floating
indebtedness and for improvement purposes.
Each
bid to be accompanied by New York exchange
for
$500 as guaranty of good faith.
320 PAGES
ISSUED ANNUALLY BY THE
Commercial & Financial Chronicle
TERMS.
Price of the Review, bound in cloth----$2.25
Parties desiring ten or more copies can
have their names stamped on the covers,
In gilt, at reduced prices.
Commercial •& Financial Chronicle
138 Front Street. New
York.
The Union Trust Company of New York has renewed
term of years its lease of the quarters occupied as a Branch for a
at the corner of Fifth Avenue and 38th Street. • This gives theOffice
Com-•
pany two permanent and well-equipped branches for its up-tow
business-the 38th Street Branch in the heart of the busy Fifthn
Avenue shopping district, and the Plaza Branch at Fifth Avenue
and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices of the Company are offered
to
depositors of either Branch or of the Main Office at 80
ay.
The Union Trust Safe Deposit Company, entirelyBroadw
owned by
the Union Trust Company, conducts modern safe deposit
vaults
at both Branches.
[VOL. xcvin.
THE CHRONICLE
1266
ST. PIERRE-AUX-LIENS SCHOOL COMMISSION, Que.-DEBENHAMILTON, Ont.-DEBENTURES PROPOSED.-According to re- TURES NOT SOLD.-No sale was made on March 24 of the $38,000
%
ports,this city is considering the issuance of $125.000 water-works-improve- school
debentures offered on that day (V.98, p. 949.)
ment debentures.
city-ha
and
.
-Park
PROPOSED
ENTURES
THOMAS,
Ont-DEB
ST.
adKAMLOOPS, B. C.-PURCHASER OF DEBENTURES.-We are
debenturesamounting to $12,000 are being considered by this city,it is stated
vised that the purchaser of the $15.000 6% hospital-aid debentures awarded
of
SANDWICH, Out.DEBENTURE SALE.-This town, it Is stated, has
on Jan. 31 at 95 (V. 98, p. 1109) was the Dominion Securities Corpn.
of
Toronto. Denom. $500. Date April 1 1914. Int. A.& 0. Due April 1 sold $30,000 534% 15-installment debentures to W.A. Mackenzie & Co.
nIA,
Toronto.
consent.
at
holders'
to
call
1934, subject
Ont.-DEBENTURE OFFERING.-Proposals will be received
KINCARDINE, Ont.-DEBENTURES PROPOSED.-Reports state
James Woods,Town Treas.,for $11,000 and $9,000
that the issuance of $46.000 local-improvement and $35,000 street-lighting until 6 p. m. April 24 by
% coupon debentures. Int. ann. on Dec. 31. Due
school and $5,000
debentures is pending.
1914 to 1923 incl.
from
31
Dec.
on
yearly
part
rebe
will
LINDSAY, Out.-DEBENTURE OFFERING.-Proposals
STRATFORD, Out.DEBENTURES PROPOSED.-It is reported that
ceived, it is stated, for $22,000 street and sewer debentures.
posal-plant, $10,000 Agricultural Parkgarbage-dis
$11,500
light,
$20.000
$23,000
LUMSDEN, Sask.-DEBENTURES PROPOSED.-An issue of
to improvement and $62,500 school-impt. debentures are contemplated by
electric debentures are be considered by this municipality, according
this municipality.
reports.
STRATHMORE, Alta.-DEBENTURE SALE.-According to reports
London
MONTREAL, Que.-NEW LOAN.-The Bank of Montreal in of the this town has sold $4,5006% debentures to Nay & James of Regina at 88.50.
is inviting subscriptions at par for £1,500,000 434% registered stock
o. A. Stimson 8s
STIMMERLAND, B. C.-DEBENTURE SALE.-Ge6%
City of Montreal.
20-year deben.-On April 22 Co. of Toronto have been awarded, it is stated. $20.900
NEW LISKEARD, Ont.-DEBENTURE ELECTION
the ratepayers by- tures at 95.
an election will be held for the purpose of submitting to
& James of
-Nay
SALE.
E
EBENTLR
debenon
Sask.-D
ain-extensi
,
SWIFT CURRENT
laws providing for the issuance of $5,860 6% water-m
at 100.119, accordRegina have purchased $100,000 6% 30-year debentures
tures.
reports.
newspaper
to
.-By-laws pro- ing
probably be held, It Is
NIAGANNILALLS, Ont.-DEBENTURE ELECTION
DEBENTURE ELECTION.-An election will
r and $50,000 street
viding for the issuance of $12,000 debentures as a bonus to the Dominion reported, to vote on the issuance of $41.000 storm-sewe
l society.
avicultiura
the
to
grant
$61000
a
on
also
Chain Co.,it is stated.
paving debentures:
state that the ratepayers
.-An issue of $4,547 50'
ORILL/A, Ont.-BONUS VOTED.-Reports
TILBURY, Ont.-DEBENTURES PROPOSED
them
to
and
loan
site
stated.
factory
is
It
10-acre
a
city,
Sons
this
&
by
Eaton
R.
proposed
voted to give J.
drainage debentures is
$50,000 for 20 years at 5%•
BENTURES AUTHORIZED.-Reports
WALLACEBURG, Ont.-DE
authorized on Mar. 30.
OFFERING.-An issue of
OXFORD COUNTY, Ont.-DEBENTURE
that $200.000 water-works debentures wereto issue $30,000 hydrostate
$19,000 road debentures is being offered, it is stated.
DEBENTURES PROPOSED.-A proposition
stated
is
it
ed,
ratecontemplat
the
.
20
-On
April
is
ELECTION
electric-station debentures
PICTON, Ont.-DEBENTURE
.-The issuance of
payers will vote, it is stated, on the issuance of $25,900 5% 10-year road
WATERLOO, Ont.-DEBENTURES PROPOSED
department is pending, it Is
debentures
$26,000 debentures for the gas and electric
is
reported
-It
.
stated.
PROPOSED
URES
Alta.
-DEBENT
PINCHER CREEK,
s will be
WESTMOUNT, Que.-DEBENTURE OFFERING.-Proposal
that this municipality has under consideration the Issuance of $4,000 deben$110,000.
tures.
received until May 4 by Arthur P. Bell, Secy.-Treas.,for $50,000,
except $110,000
POINTE CLAIRE, Que.-DEBENTURE ELECTION PROPOSED.
$50,000 and $175,000 4 Yi % debentures. Due May 1 1928,
Reports state that the ratepayers will be asked to vote on the question of issue, which matures May 1 1958. Delivery to be made June 1.
issuing $250.000 improvement debentures.
among the adfound
The official notice of this debenture offering will be
.-The
PORTAGE LA PRAIRIE, Man.-DEBENTURES PROPOSED
vertisements elsewhere in this Department.
is
-works
water
on
deficit
off
paying
for
issuance of $45,000 debentures
are
WETASKIWIN, Alta.-PRICE PAID FOR DEBENTURES.-We
talked of.
natural
that the price paid for the $31,0006% 20 annual installment
place, it is advised
(V. 98, p. 1109)
&
Toronto
McNeil
of
to
Young
awarded
PORT CREDIT, Ont.-DEBENTURE OFFERING.-Thls
debentures
gas
in April.
stated, is offering for sale $10,000 water-system debentures.
was 98.42. Denom. to suit purchaser. Interest annually
g to reports, $7,000 water.-This place, it is
DEBENTURES PROPOSED.-Accordin
PORT ROWAN, Ont.-DEBENTURES PROPOSED
.
by
this
considered
city.
debentures
drainage
being
works debentures are
stated, contemplates issuing $10.000
.-An election will be held
WILKIE, Ont.-DEBENTURE ELECTION
ELECTION.-An election will
REVELSTROKE, B. C.-DEBENTUREor
stated, to vote on the question of issuing
shall
debentures
not
$40,000
whether
this municipality April 20, it is
decide
in
to
said,
is
It
held,
shortly be
fire-apparatus debentures.
and
nt
improveme
t.
local
power-plan
and
6%
electric-light
$15.000
be issued for extensions to
TURES PROPOSED.-Propositions to Issue
WINDSOR, Out._DEBEN
.-Proposals
debentures
ST. HYACINTHE, Que.-DEBENTURE OFFERING
sidewalk, $13,000 park and $75,000 market-building
for
$50.000
Clerk,
$250,000
City
by
A.
Messier,
1
June
m.
p.
4
until
received
stated.
be
will
e under consideration. It is
5% debentures. Denom. $1,000. Int. M.& N. Due May 1 1954.
TRUST COMPANIES
BAKKERS TRUST COMPANY
CAPITAL, $10,000,000
SURPLUS, $10,000,000
ed and equipped to act in all fidu-
Company is authoriz
THISciaryment
capacities for individuals and corporations and seeks
as:
appoint
Trustee under Corporate Mortgages
Registrar of Stocks and Bonds
Coupon Agent
Transfer Agent
Executor or Trustee under Will
Trustee under Deed of Trust
Escrow Depositary
Custodian of Securities
The Officers will appreciate an opportunity to explain fully
the Company's facilities.
16 WALL STREET
MISCELLANEOUS
STONE & WEBSTER
SECURITIES OF
PUBLIC SERVICE CORPORATIONS
STONE & WEBSTER
CNGINEIRING CORPORATION
CONSTRUCTING ENGINEERS
STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET
NEW YORK
CHICAGO
NASSAU ST. FIRST NAT.BANK BLD&1
NEW YORK CITY
IRVING WHITEHOUSE CO., Inc,
INVESTMENT BONDS
8% First Mortg,zge Loans
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
nfermation on any Western Stocks or Bonds
furnished on request.
216-217-218 Dutton Bldg., Spokane, Wash.
PHILADELPHIA
Chartered 1836
F. WM. KRAFT
CAPITAL and SURPLUS,$10,000,000
Specializing in Examination of
E. B. Morris, President,
LAWYER.
Municipal and Corporation Bonds
1037-9 FIRST NATIONAI, BANK BLDG..
CHICAGO, ILL.
@FedFRASER