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-7,finandat.
r
INCLUDING
Bank & Oilotation Section
Railway F.:Ir:).•,r-s Svction
nailway ez 1 nd ustriai Section
Bankers' Convention Section
SATURDAY, APRIL 25 1914
VOL. 98
Wite Thranicle.
1914.
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BANK AND QUOTATION(monthly)RAIL
RAILWAY EA RN IN0s(monthly)
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CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Blc ,k;TeLHanison 40111.
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WILLIAM D. DANA COMPANY, Publishers,
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•'
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold
G. Dana.
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &C., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,424,976,295, against $3,630,683,725 last week
and $3,158,536,901 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending April 25.
Per
Ccnt.
1914.
1912.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,659,893,514
126,948,597
116,752,094
29,524,863
264,970,650
67,973,324
18,919,881
$1,492,330,412
140,651,491
128,723,717
29,301,219
244,008,450
66,884,833
13,540,088
-9.3
+0.8
+8.6
+1.6
+25.0
Seven cities, 5 day
Other elites, 5 days
$2,282,988,903
576,241,107
$2,115,438,210
525,462,394
+7.9
+9.7
Total all cities, 5 days
All cities, 1 day
$2,859,230,010
565,746,285
+11.2
$2,640,900,604
+8.3
517,636,297
+9.3
Total all cities for week
$3,424,976,295 $3,158,536,001
+8.4
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, April 18, for four years:
1Veek ending April 18.
Clearings at1914.
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Trenton
York
Lancaster
Erie
Binghamton
Altoona
Greensburg
Chester
Montclair
1913.
$
$
2,077,532,723 1,883,810,013
177,845,485 165,356,890
60,737,756
67,836,489
38,902,716
38,792,095
11,488,836
12,115,141
7,648,785
8,230,137
5,616,850
6,602,936
5,016,536
4,884,430
3,124,233
3,401,282
3,149,873
3,112,040
2,000,000
1,967,085
2,070,330
1,781,046
1,416,929
1,571,407
2,524,986
2,529,498
1,693,208
2,195,154
1,195,621
1,144,713
2,121,582
1,792,220
1,207,724
1,045,360
813,000
733,500
621,416
653,974
650,000
751,065
919,269
696,289
500,501
378,861
Total Middle- 2,409,305,802 2,210,909,047
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
Now Bedford
Lowell
Holyoke
Bangor
Tntn1 MATEr .C,
. e•
Inc. or
Dec.
1912.
1911.
%
$
$
+10.3 2,097,150,027 1,659,237,076
+7.6 156,382,121 160,638,149
-10.5
52,767,696
55,381,583
+0.3
36,509,152
33,259,327
-5.2
10,812,261
9,497,690
-7.1
7,821,065
7,006,557
14.9
5,961,518
5,817,321
+2.7
5,128,590
3,970,044
-8.1
2,613,379
2,980,422
+1.2
2,473,646
2,366,324
+1.7
1,767,243
1,920,791
+16.2
1,528,344
1,613,202
-9.9
1,377,120
1,366,073
+0.2
1,779,428
1,571,699
+29.7
1,680,152
2,074,693
+4.5
1,092,047
1,035,828
+18.5
1,686,256
1,041,745
+15.5
946,795
887,147
+10.9
607,500
522,700
5.0
604,524
603,921
13.9
625,000
610,929
+32.0
569,962
561,362
+32.2
+9.0 2,391,883,824 1,953,864,573
174,783,501
8,359,400
5,956,689
3,539,094
3,296,087
1,883,496
3,034,877
1,336,477
1,331,815
809,007
674,269
417,831
142,946,427
8,176,200
5,526,841
3,416,564
2,593,646
1,576,041
2,432,034
1,243,949
1,085,406
468,710
571,051
393,189
+22.1
+2.2
+7.8
+3.6
+27.1
+19.5
+24.8
+7.5
+22.7
+72.8
+18.1
+6.1
)82,164,466
9,077,200
6,085,151
3,082,445
2,608,010
1,776,179
3,195,725
1,069,265
1,031,120
538,097
518,917
422,473
146,154,816
7,172,700
4,563,648
3,056,537
2,041,997
1,786,600
2,040,129
923,583
924,462
556,491
559,029
414,569
one
1,7n .12f1 nno
_t OA IC
011 can rico
10/1 111A rill
A 00 KAI
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _
Columbus
Toledo
Peoria
Grand Rapids_
Dayton
Evansville
Kalamazoo
Springfield, Ill_ _
Fort Wayne __
Lexington
Rockford
Youngstown
_
Akron
Bloomington
Quincy
Decatur
Canton
South Bend
Springfield, Ohio
Jackson
Danville
Mansfield
Jacksonville, Ill_
Lima
Owensboro
Ann Arbor
Adrian
Lansing
Tot. Mid.West
Iro.or
Dec.
1913.
339,895,233 323,957,973
25,367,100
27,029,000
28,908,548
28,591,595
42,643,167
27,920,199
17,044,675
14,650,779
7,998,611
8,857,493
6,740,600
6,929,100
6,730,407
6,322,138
3,671,958
3,457,772
3,336,362
3,448,996
2,452,711
1,651,954
1,451,790
1,151,942
615,153
890,510
1,219,274
1,183,294
1,461,915
1,125,770
684,171
832,549
1,072,335
1,086,541
1,494,774
1,729,451
1,872,000
1,972,000
743,025
683,176
879,421
858,542
552,469
531,702
2,202,247
1,977,648
655,484
795,364
728,074
714,814
625,027
550,000
489,924
444,232
598,708
512,104
321,835
330,193
499,152
513,450
454,330
468,283
221,461
200,164
71,609
77,109
639,438
544,303
5047306,988 471,990,140
San Francisco__ 53,332,860
Los Angeles
25,886,929
Seattle
14,114,499
Portland
13,296,625
Salt Lake City
6,228,554
Spokane
4,803,778
Tacoma
2,188,307
Oakland
3,893,302
Sacramento
1,880,021
San Diego
2,512,615
Pasadena
991,381
Stockton
873,600
Fresno
999,377
593,022
San Jose
386,165
North Yakima_ _
Reno _,.
288,485
Total Pacific
-132,257,520
Kansas City_ _ _
Minneapolis
_
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Davenport
Topeka
Cedar Rapids__ _
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Billings
Aberdeen
Hastings
Total oth.West
NO. 2548
Week ending April 18.
Clearings al-
PUBLISHED WEEKLY.
Electric Railway Sectior.
State and City Sectico
52,581,400
27,484,828
13,088,061
14,358,691
4,951,207
4,869,603
2,867,003
4,020,398
1,751,231
2,895,910
1,130,229
903,171
1,047,469
607,859
429,720
272,736
133,268,516
1912.
1911.
+4.9 314,583,150 271,582,160
-6.1
29,162,700
27,051,350
+1.1
21,004,271
19,250,306
+52.7
22,390,824
18,096,043
+16.3
13,796,085
13,340,094
-9.7
8,425,915
7,698,515
-3.2
5,959,500
5,440,700
+6.4
4,581,068
4,477,939
+6.2
3,204,675
2,911,497
-3.2
3,249,238
2,741,664
+48.5
2,232,443
2,343,668
+28.0
1,215,576
1,209,914
-30.9
841,328
646,143
+3.0
1,298,055
951,276
+29.8
989,717
1,021,659
-17.8
857,064
1,024,772
-1.3
930,832
819,627
-13.6
1,432,233
1,041,968
-5.1
2,321,000
765,000
+8.8
685,400
561,489
+2.4
630,000
666,024
510,989
+5.0
402,374
+11.4
1,474,420
1,226,193
-17.6
570,399
536,004
+1.8
524,587
628,740
+13.6
607,694
536,354
+10.3
555,391
396,040
+16.8
509,518
463,040
-2.5
287,219
229,283
-2.8
421,261
464,614
-3.0
415,658
411,925
+10.6
149,763
158,402
-7.2
40,676
51,581
+17.5
450,000
400,000
+6.8 446,308,649 389,528,358
+1.4
53,187,464
-5.8
22,495,154
+7.8
11,862,433
-7.4
12,351,790
+25.8
7,888,173
-1.3
4,392,421
-23.7
2,971,390
-3.2
3,487,929
1,648,219
+7.5
-13.2
2,739,963
-13.0
958,274
-3.3
786,391
-4.6
750,000
-2.3
523,129
-10.0
336,681
+5.8
323,498
-0.8 126,702,909
48,006,658
18,793,103
9,981,484
12,635,385
7,755,088
4,294,063
3,197,426
3,005,875
1,359,260
1,705,000
971,410
689,874
706,489
.474,586
485,558
257,455
114,318,814
54,354,740
56,899,363 -4.5
52,319,052
49,835,421
25,226,688
22,267,526 +13.3
18,551,939
19,599,826
16,530,167
17,178,135 -3.8
16,681,485
12,646,680
11,782,318
9,790,889 +20.3
9,512,993
11,580,880
0,467,320
10,518,598 -10.0
8,590,349
8,979,958
6,928,935
8,159,938 -15.0
8,176,419
7,740,451
5,962,961
5,362,850 +11.2
5,005,084
4,323,206
3,310,498
2,974,748 +11.3
3,056,156
2,186,866
3,094,343
3,452,313 -10.4
3,237,260
3,389,782
3,217,548
3,072,726 +4.1
2,629,173
2,197,241
2,155,551
1,828,444 +17.9
1,688,575
1,288,654
2,045,043
1,548,746 +32.1
1,514,526
1,238,213
1,680,985
1,834,841 -8.4
1,699,431
1,719,294
1,650,000
1,494,684 +10.4
1,780,981
1,546,842
1,351,379
479,362 +182.0
823,355
795,130
655,017
622,573 +5.2
702,249
7(14,780
690,953
613,289 +12.7
584,675
763,661
303,699
262,104 +15.8
295,801
278,659
1,489,202
1,809,017 -17.7
1,300,000
1,093,958
1,050,246
1,210,517 -13.2
867,542
1,052,494
406,506
353,801 +14.9
324,791
113,624
450,000
402,944 +11.7
344,018
404,334
165,269
203,734 -18.9
201,839
146,023
153,979,968 152,333,142 +1.1 139,877,693 132,675,977
St. Louis
86,135,489
86,518,710
19,658,811
New °demi_ _
18,018,248
Louisville
13,982,878
12,665,353
Houston
7,400,000
8,543,747
Galveston
9,685,000
9,440,000
Richmond
8,717,753
7,988,957
Fort Worth
7,729,349
8,349,116
Atlanta
17,120,975
13,123,684
Memphis
8,035,225
7,565,612
Savannah
4,050,930
4,626,489
Nashville
7,639,054
7,488,992
Norfolk
4,076,370
4,112,706
Birmingham - _
3,329,270
3,097,913
Jacksonville _ _ _ _
4,031,113
3,932,276
Augusta
2,102,311
1,744,769
Chattanooga__ _
2,287,737
2,282,565
Knoxville
1,775,000
1,536,079
Mobile
1,329,287
1,298,493
Charleston
1,981,303
1,758,995
Little Rook
2,456,557
2,350,825
Oklahoma
2,223,216
1,689,298
Macon
3,837,879
3,131,461
Austin
1,944,770
2,112,095
Vicksburg
293,258
230,909
Meridian
427,161
414,575
Jackson
341,109
487,559
Tulsa
1,945,819
1,257,395
863,280
Muskogee
779,662
Total Southern 225,400,904 225,088,230
Total all
3,630,683,725 3:3617719,133,
Outside N. Y
1,553,1507997,1,480,179,120,
-0.4
80,794,434
76,235,904
18,822,864
+9.1
19,056,807
+10.4
14,440,726
13,710,658
-13.4
+2.6
8,819,000
6,763,000
+9.1
8,749,355
7,605,791
-7.4
6,448,740
5,170,601
+30.5
13,877,410
11,238,735
+6.2
7,130,314
6,457,258
-12.4
4,932,188
4,935,199
+20.2
5,179,547
4,276,972
-0.9
3,689,556
3,035,254
+7.5
3,132,536
3,194,199
+2.5
3,497,191
3,055,846
+20.5
2,594,559
1,991,360
+0.2
2,096,225
1,762,105
+15.6
1,922,837
1,760,061
+2.4
1,181,702
1,244,119
+12.7
1,993,178
1,593,406
+4.5
1,047,236
1,756,817
+31.6
1,513,268
1,187,421
+22.6
3,899,742
3,208,678
-7.9
1,511,426
1,014,034
+27.0
270,827
271,053
315,000
+3.0
309,000
-30.0
350,000
406,415
+54.7
891,148
697,586
+8.1
875,619
722,025
+0.1 200,816,628 182,757,364
+7.9 3,515,159,031 T,9339,647
+4.9 1,420,008,704 1,284,102,571
1268
THE CHRONICLE
xcvm.
Thus the beauties of the income tax will be exemplified for the benefit of those who rushed pellTHE FINANCIAL SITUATION.
Events have been moving with such rapidity since mell into sanctioning a Constitutional Amendment,
President Wilson on Monday read his message re- permanently fastening this tax upon the country's
garding Mexican affairs, and asked the approval of fiscal system. But what a commentary this will
Congress for his proposal to maintain the national furnish on the contention of those who urged that
dignity by chastising Dictator Huerta, that the prob- an income tax would be a tax only on the rich. No
lems connected with financing the huge undertaking doubt many of the advocates of the tax will grumble
upon which the Government has entered are already when they find that they are to be the victims of it;
looming large. Whether there is simply to be a block- but an appeal to their patriotism may reconcile them to
ade of the leading ports of entry, whether we are to their lot. Of course, also, they will be told that they
rest contented with the seizure of Vera Cruz and once have no cause for complaint inasmuch as the rich also
more resume the policy of "watchful waiting," or (for whom the deluded wage-earner was led to suppose
whether there is to be a military invasion of Northern it was exclusively intended) cannot escape the tax,
Mexico as well as Southern Mexico, the expense in and will have to pay an added rate as the amount of
any event will be heavy, and it is sure to be long the income increases.
It should not escape attention that the higher the
continued.
primary
rate of tax the more valuable becomes the
Means must be found for meeting this expense. A
tax-exempt
feature of railroad and other bonds where
undoubtedly
be
the
outlay
will
provided by
part of
the floating of new loans, and for this purpose the the company, by the terms of the bond or the proauthority to put out Panama Canal bonds will be visions of the mortgage securing the same, has
found very convenient. But borrowing is only a obligated itself to assume payment of the tax. When
temporary expedient. The cost of the war, or of the tax gets up to 5% the saving as between a bond
subduing Mr. Huerta, will in the main have to be where the holder himself has to pay the tax and a
met by increasing the revenues. How to provide bond where the company has agreed to pay it for
the increase is the troublesome problem. New him, will be very material, and the tax-exempt
stamp duties and the other customary war taxes are bonds should sell at substantially higher figures than
already being discussed. In addition there is an the others. Unfortunately, however, what is an
entirely new device, namely the income tax, which, advantage to the individual is a disadvantage to the
we may be sure, will not be overlooked—in fact, issuing company. By far the greater part of the
will be availed of to the utmost. As soon as Congress thousands of millions of dollars of bonds put out in
received Constitutional authority to levy an income recent years contain the tax clause under which the
tax, it quickly seized upon this new source of revenue. issuing company is called upon to assume the tax.
Accordingly, the income tax will be paid the present This is particularly true of railroad bonds. Thus
year for the first time by those subject to the pro- thee railroads, already burdened beyond endurance,
will be called upon to assume still another burden,
vision of the law enacted for the purpose.
entailing
further hardships. Even the present 1%
primary
rate
of
tax
the
on
present
At
incomes is
only 1%. What it will be next year, or the year fol- tax has been a new burden none too easily carried,
lowing, under the enormous outlays involved in though the railroads have made no outcry against it.
carrying out the Government's Mexican program, is When this initial rate is doubled or trebled or, maybe,
a matter of conjecture regarding which one man's raised to five-fold,then the onerous nature of the added
guess is as good as another. It is safe enough, how- burden should be apparent to every one. It really
ever, to say the rate will be raised, very likely to 2% seems as if there were no end to the troubles and
and to 3%, and it would not be surprising if in the trials of the railroads, in which •such prodigious
course of a few years,with the outlays in connection sums are invested.
with our Mexican involvement continued, the rate
Approaching the subject from the viewpoint of
should get up to 5%. In the leading European counbusiness, one of the largest and best-known of the
tries the rate is even higher than this.
Another change will inevitably follow, European casualty insurance companies of this city makes an
custom here also furnishing the precedent. In ad hominem reference to the struggle over railroad
other words, the minimum of exemption will be rates in the latest issue of its company paper. If
lowered. Instead of taxing only the excess above (says this company) we had for years back been con$4,000, the exemption limit will by degrees be re- tinually cutting down the commissions of our agents
duced, say, first to $2,500, then to $2,000 and finally and at the same time had been requiring them to pay
perhaps to $1,000, so that everything in excess of the more to their clerks and to hire more clerks even,
latter figure (which is barely $20 a week) will be though they insisted they already had all they needed;
liable to the tax. When this stage is reached—and and if our agents, after enduring this treatment for
with expenditures on the navy and the military on years, should compile figures showing indisputably
a huge scale, the time may come very quickly—and that, although they were writing a largely increased
the rate of the tax up to 5%,the recipient of a volume of business, their reduced rates of comsalary of $2,000 will be called upon to pay an income mission and the increased rate of expense left them
only a decreasing net return, and they were in a contax of $50 to the Government (5% on the excess
dition of doubt and struggle—"if all this were true,
of $1,000 over the minimum of exemption) and those
it would seem to us just about what is true of the
in receipt of an income of $3,000 will be called upon railroads and the public at the
present time."
to turn over to the Government annually the snug
Now a long unbroken habit of viewing a subject
little sum of $100 (5% on the excess of $2,000), from one fixed angle tends to make men
quite _inwhich is probably more than the annual real estate capable of seeing it in its entirety. Because a
railroad
taxes the same individuals will have to pay should is physically big, larger than any other human structhey own a little home of their own.
ture, men fall insensibly under that delusion of the
.A.rs. 25 1914.]
THE CHRONICLE
1269
senses which we have already pointed out, and come corresponding period of any earlier year,isindicated
to imagine that it is somehow relieved from the by the official results for March 1914. The gain,
financial limitations which bind natural persons. however, is wholly on the import side of the account,
It seems to be impossible, up to the present stage of the inflow of commodities having shown a very
the transportation problem, to make the public notable increase, whereas exports were nominally
generally take a realizing sense of what it means less than a year ago and some 18 million dollars
when net earnings decline while expenses increase below the high-water mark for March, established in
and because those increase. A few reckless rail- 1912. The import total is, in fact, with one excepway assailants dispute the figures; the general pub- tion (that of December last), the heaviest ever
lic goes along, placidly indifferent to them or vaguely recorded for a single month, and the large increase
guessing that corporations will somehow work finan- over last year has served to carry the total inflow for
the six months the new tariff has been in effect close
cial miracles if they have to.
The business of underwriting has its troubles, the up to the mark set in the like period of 1912-13—
worst of them being the attempts of legislatures to within 4 million dollars of it.
As regards exports, a considerable increase over
make their rates for them; but underwriters are far
less menaced than the carriers, because their expenses March last year, both in quantity and value, is.
have not been very seriously interfered with and they to be noted in cotton, in the latter nearly 20 million
have alternatives against rate dictation which the dollars, and moderate gains in mineral oils and
carriers are denied. But is there any other business cattle, sheep and hogs are reported. Breadstuffs
which is in the destructive position of having its shipments, however, fell off nearly one-half, the
schedules of wages periodically raised by an outside decline being largely in corn although wheat and
and uncontrollable pressure, of having also to take flour also went out less freely; the exports of proits share in the increased costs of living generally, visions, especially pork products, and lard and bacon
and yet of being denied the usual refuge of readjust- in particular, were also smaller and the outflow of
ing its own charges to meet its necessities? The man cotton-seed oil decreased. These various losses cut
who assails railroads, and the more numerous man down to approximately 10 million dollars the gain
whose only feeling about them is that he does not for all the articles for which advance figures are
"want" to pay any increased freight rate, may be issued and a drop of practically the same amount in
challenged to name one parallel case in the entire the value of the shipments of other commodities
range of production and trade; until he can do this, (manufactures, &c.) reduced to $187,314,170 the
he should hold his peace, for very shame.
aggregate merchandise exports for the month; that
It ought, therefore, to be illumining to have result compares with $187,426,711 in March 1913
the railway case transferred to another field, by a and no less than $205,411,462 in 1912, but largely
supposition. Anybody sees instantly that such a exceeds preceding years. For the nine months of
case as this company imagines as to underwriting the fiscal year 1913-14, the total of exports at $1,would be preposterously intolerable. Then let each 883,042,965 contrasts with $1,908,058,373 in 1912man who is hostile or indifferent as to the roads 1913, cotton showing a noteworthy gain, mineral oils
take the case home; how would he like to have the and provisions moderate increases and bread-stuffs
business in which his interests and subsistence are and "other commodities" quite important declines.
bound up placed between millstones in this way?
The merchandise imports for March 1914 were, as
Does he imagine that any business whatever can en- intimated above, exceptionally large for the time of
dure grinding indefinitely?
year, reaching $181,930,039, against only $155,The insurance company which has put the case so 445,498 a year ago and $157,577,038 in 1912; for the
patty goes farther and gives this excellent statement nine months since July 1 1913 they aggregate $1-,
of the alternatives:
397,727,313, against $1,401,864,183 in 1912-13,
"That our readers, or our finance committee, or the high record for the period, and exceed 1911-12
any sensible investor, should continue to buy rail- by 194 millions. Contrasted with 1912-13 the
road securities, under such conditions of legislation current nine months' import figures exhibits more or
and of public temper as have prevailed in recent less notable gains in breadstuffs, animals,
provisions,
years is not to be expected; but if they permanently raw and manufactured
silk,
fruits
and
nuts,
vegewithhold their capital from the railroads, one of
two things must happen—either the railroads will table oils, wool manufactures and paper, but more
cease to expand or even to properly care for the than offsetting declines in India rubber, coffee, art
business afforded by their existing facilities; or the works, sugar, hides and skins, raw cotton,diamonds
Government must supply the necessary capital and tin. The net result of the foreign trade for
through Governmental ownership and operation. March is an export balance of only $5,384,131,
The former arm of the alternative would mean ir- against $31,981,213 a year ago and
$47,834,424 in
reparable damage to the country; the latter arm, ir- 1912,
and the nine months' balance is $485,315,652,
reparable disaster."
against $506,214,190 and $507,443,175, respectively.
Here is a calm reference to the subject by an inIn connection with this foreign trade statement
surance company, because of the intimate relations we may note that the Bureau
of Foreign and Thmestie
between transportation and all other interests on Commerce of the United
States Department of
earth. He who does not concern himself about the Commerce has very recently
issued a publication,
case of the railroads because he does not see that "South America as an Export Field,"
that should
he has anything at stake should begin to revise his be of considerable aid to our
merchants and manuideas; for his inability to perceive it does not alter or facturers in encompassing trade
extension. Being
modify the fact that this is very closely and very intended as a basis of study
of the markets there,
much his own affair.
the publication gives a short survey of the geographical, economic and commercial features of the
A moderate expansion in the aggregate foreign countries of South America. The
principal departtrade of the United States, as compared with the ments of production in each country
are quite fully
1210
THE CHRONICLE
described and opportunities noted for furnishing
supplies for these industries. Transportation systems,present and prospective, are reviewed,and latest
available statistics of foreign commerce are given.
It is pointed out in the monograph that the lead of
England and Germany over the United States in the
trade of South America is chiefly due to the fact that
both have been on the ground and working for trade
for a very long time, whereas serious efforts to enter
. the markets have only been made by us within the
last four or five years. An important factor, too,
assisting Great Britain has been the very large
amount of British capital invested in South America,
while German thoroughness in matters of detail and
the German banks have been of very material service
to Germany.
IV0L. cvm.
bidden of cotton below the value of the minimum
grade fixed. He defended the future contract as an
aid to the producer, enabling him to obtain loans from
banks when cotton is offered as collateral. Loans,
he said, could not be easily obtained unless the person
offering the cotton as collateral had first hedged
himself with a future contract. Consequently, only
through the future cotton market is the borrower
able to obtain a loan upon good terms.
Events, this week, in regard to Mexico have, as
already stated, moved with startling rapidity.
Our marines have occupied Vera Cruz, which is the
nearest seaport to Mexico City,and press dispatches
from Washington assert that President Wilson is
about to ask Congress for authorization to call for
400,000 volunteers. Preparations on approximately
The Cotton Goods Association of New York, at its such a scale necessarily merit the interpretation that
they
second annual dinner held at the Hotel Biltmore on our own military authorities recognize that
Wilson
President
hand.
on
task
serious
Wednesday evening, brought together some fifty-five have a most
n for
leading representatives in the trade, and the ad- last week refused General Huerta's suggestio
Mexican
and
salute
ous
to
American
the
simultane
the
very
only
dresses that followed the banquet were not
onal
interesting but highlk instructive as well. All of the flags. The President insisted upon an unconditi
made
Mayo
of
the
demand
Admiral
with
e
complianc
more
none
and
attention,
careful
addresses received
General
so than that of Mr. Howard Ayers, of the China- on April 9 in a written communication to
American
after
of
the
ly
arrest
immediate
Japan Trading Co., on our commercial relations with Zaragoza
salute
China. Explaining why China was not taking great- bluejackets at Tampico. This called for a
Huerta,
On
Sunday
night
guns.
e
twenty-on
of
er quantities of cotton goods from the United States,
Mr. Ayers first referred to the recent political change obviously to gain time, offered new conditions, which
Monday President Wilson in
as one cause, but stated that the difficulty in doing were rejected, and on
joint session of the two
the
before
business there was more economic than anything else. person read
outlining the conmessage
a
Congress
He remarked that China has no real currency, and Houses of
plan to "use the
his
for
approval
asking
and
ditions
the
in
there are wide differences in money standards
such ways and
in
States
United
the
of
forces
purarmed
re,
Furthermo
various parts of the country.
to obtain from
necessary
chases being made in countries having gold standards, to such an extent as may be
fullest recogthe
adherents
and Chinese currency having been greatly debased General Huerta and his
Uyited
States,
the
of
dignity
since 1905, China's purchasing power has been de- nition of the rights and
unhappily
now
conditions
g
the
distressin
amidst
cidedly reduced. In fact, according to Mr. Ayers, even
the text of President
the Chinaman's five yards of cloth now cost about obtaining in Mexico." We print
t page and also
subsequen
a
on
message
Wilson's
said
Chinese
the
that
He
four times what it used to.
Houses of Contwo
the
by
s
adopted
resolution
the
afford
but
mills
cannot
our
from
really prefer cloth
in the
contained
to buy it. In conclusion Mr. Ayers voices the diffi- gress in response to the request
dishad
the
session
as
joint
soon
culty of suggesting a remedy for the complex situation message. As
37
to
337
a
by
of
vote
adopted
House
the
that exists, but advised the creation of commercial solved,
by
requested
the
approval
granting
resolution
a
attaches, one to be located permanently at each legaat 9:45 o'clock in the
tion. China presenting the greatest market in the Mr. Wilson. The. Senate
it. Senator Shively, acting
world for us, he advocated doing everything possible evening met to discuss
Relations Committee,
to secure free and unlimited entrance there, and this Chairman of the Foreign
ion, but Senator
considerat
e
asked for immediat
could be attained best through Government action.
a resolution of
that
ground
the
on
objected
Lodge
regular
course and
the
take
should
e
importanc
such
At the hearings on cotton exchanges before the
e.
Relations
Committe
Foreign
House Committee on Agriculture in Washington, be referred to the
until
12:10
recess
o'clock
a
which began on Wednesday and are expected to con- This was agreed to and
taken. The Committee drafted
tinue throughout the week, nothing of a specially Tuesday morning was
chief change from the House
the
,
antagonistic nature has thus far developed. On the a new resolution
n of individual refereliminatio
the
being
document
opening day but three witnesses were heard—Lewis
resolution was
Senate's
The
Huerta.
to
ence
E.
Fuller
Callaway
Parker of South Carolina and
House.
the
by
accepted
and
adopted
Frank
and
rers,
manufactu
of Georgia, both cotton
While the discussion was under way on Tuesday
B. Hayne, a member of the New York and New
noted, had occupied
Orleans exchanges—and they all advocated regulation American marines, as already
the
surrender of the city
for
demand
A
of the bodies but were opposed to legislation that Vera Cruz.
Fletcher,
through Consul
-Admiral
Rear
by
made
was
.
would destroy or impair their usefulness Later
the
The Consul
morning.
in
o'clock
9
at
Canada,
the
and
committee
before
Mr. Hayne again appeared
nt of Vera
commanda
Colonel Robert Thompson and John P. Hill of New called General Gustavo Maas,
demands,
the
presented
and
York were also witnesses. With minor changes they Crdz, by telephone
occupy
to
about
were
forces
States
favored the proposed regulatory measure—the Smith- saying the United
to
surrender
him
upon
called
He
town.
the
hold
Lever Bill. Mr. Hayne, in fact, contended that and
the Americans
with but minor alterations the bill could be made into in the name of humanity and to assist
replied that
Maao
General
order.
restoring
in
fixed
differopinion,
his
In
measure.
an excellent
and
was
impossible
ences should be done away with and delivery for- compliance with the demand
APR. 25 1914.]
TIIE CHRONICLE
asked the Consul for a personal parley. The Consul
replied that he had no instructions to grant a parley
and ended the conversation. He then called the
Jefe Politico (the Mayor) and the Customs Collector
by telephone and informed them of the prospective
landing and asked for their co-operation in the maintenance of peace. Neither could promise any assistance. The landing of the marines began shortly
before 11 o'clock and was practically without opposition. The urgency of the landing was because of
reports that the Hamburg-American Line steamship
"Ypiranga" was approaching the harbor, having on
board a large supply of rifles and ammunition for
the Federal troops. It now develops, according to
a statement authorized by the Hamburg-American
Line that the military supplies consisted of empty
shrapnel shells and empty ammunition chests, with
gun carriages for one battery of artillery.
On Wednesday Admiral Fletcher completed the
full occupation of Vera Cruz. An unexpected complication was a telegram from Gen. Carranza, head
of the Constitutionalist so-called Government,declaring that the "invasion of our territory and the
permanency of your forces in the port of Vera Cruz
are a violation of the rights that constitute our existence as a free and independent sovereignty and
will drag us into an unequal war * * * but
which until to-day we desired to avoid." This
statement was accepted to mean that the contest
cannot be, as desired by President W.lson, merely
one against Huerta, but must be against a united
Mexico. President Wilson at once issued a reply,
reiterating the desire and intention of the Government
to respect in every way possible the sovereignty and
independence of the people of Mexico. The Government, President Wilson said, "is now dealing with
Gen. Huerta in the territory he now controls. That
he does not rightfully control it does not alter the
• fact that he does control it. We are dealing, moreover, only with those whom he commands and those
who come to his support. With these we must deal.
They do not lawfully represent the people of Mexico.
In fact, we rejoice because our quarrel is not with the
Mexican people and we do not desire to dictate their
affairs. But we must enforce our rightful demands
upon those whom the existing authorities at the
place where we act do for the time being represent."
General Villa, who has gone to Juarez, takes a
more conciliatory stand than his chief. In an interview he stated that if he can prevent it the Constitutionalists will not make any war against the United
States. He added that he had not been consulted
in the drafting of the belligerent note transm'tted
to Secretary Bryan by Gen. Carranza. American
military authorities along the border are, not, however, disposed to place undue reliance on the good
faith of the bandit general. Every effort is being
made to send sufficient re-enforcements to the marines
at Vera Cruz, owing to the reports that Gen. Maas,
the Federal commandant, is returning with 20,000
men for a new attack. A declaration of war by Gen.
Huerta is believed to be.imminent, as his action in
breaking off diplomatic relations with Washington is
one that usually precedes such a declaration. The
American Charge d'Affaires, Mr. O'Shaughnessy, at
Mexico City was handed his passport on Thursday;
and Senor Algara, the Mexican Charge d'Affaires at
Washington, after requesting and receiving his passport from Secretary Bryan,, departed for Canada.
Unconfirmed reports last evening averred that Presi
1271
dent Huerta had decided to turn the office of President over to a member of his Cabinet and to himself
become Commander-in-Chief of the army and take
the field against our troops.
While the political situation in Great Britain is
much calmer than a few weeks ago, the fire regarding
Ulster is still smoldering. An evidence of the real
condition was contained in the bitterness and uproar
in the House of Commons on Tuesday when Bonar
Law, leader of the Opposition, demanded a judicial
inquiry into the naval and military movements
planned in view of the possibility of trouble in Ulster.
The demand was refused by Premier Asquith.
The Unionists charge that these movements constitute a plot to provoke an uprising in Ulster. They •
say that the provocation of such an uprising is the
real purpose of the recent mi itary movements.
Premier Asquith, in refusing the demand for an
inquiry, said ,that the charges were false and
challenged Mr. Law to make them in the House.
"If the Premier had nothing to be ashamed of",
Mr. Bonar Law asked, "why d d he object to have
the proof tested where the statements would be
taken under oath." After the two leaders had taken
turns in challenging each other to produce proofs,
Mr. Law said he would wait for the promised white
paper on the subject and would then determine on a
course of action.
Press advices cabled from Paris do not suggest
that the enthusiasm displayed over the visit of King
George and Queen . Mary to the French capital
has been up to expectations. The occasion for
the visit, which began on Tuesday and extended
over a period of three days, was the tenth anniversary of the entente cordiale between France and
Great ,Britain. Their majesties were the official
guests of the French Government. They crossed
the channel, accompanied by many officials, including Sir Edward Grey, the Foreign Secretary, from
Dover to Calais on board the Royal Yacht "Alexandra", which was convoyed by British and French
warships. Every preparation was made by both
g9vernments to render the visit significant politically and pleasant personally. The .main boulevards of Paris were decorated with garlands of evergreens and intertwined with flags of both nations,
and crowds of Parisians awaited from an early hour
the arrival of the Royal visitors. On Wednesday
evening the guests entertained President and Mme.
Poincare at a banquest at the British Embassy
before going to the opera to attend a gala performance. On Thursday they attended a race meeting
at Auteuil and in the evening a State banquet.
Political and financial circles have been severely
unsettled in Europe by the serious illness of the
Austrian Emperor Francis Joseph, who is suffering
from a deep-seated bronchitis. The Emperor is
84 years old and has ruled for 65 years. His health
is a matter of deep concern, since, it is feared, that
should his restraining influence be removed, it will
be difficult for his successor to control the undercurrent of antagonism that so frequently crops out
between Austria and Hungary.
General V. Marguex Bustillos, Secretary Of War
of Venezuela, was chosen last Suirday as Provisional
President, succeeding President Juanvicente Gomez,
who was made commander-in-chief of the army.
The special plenipotentiaries from the legislatures
1272
THE CHRONICLE
of the States of the Union met at the capital and
President Gomez retiring transmitted his powers to
them. It was stated that after a lapse of a
year General Gomez will again stand for the Presidency, as he will then have complied with the terms
of the Constitution, which does not allow a President
to serve two consecutive terms.
The present general strike of railroad men in
Italy, for which the Government has taken extensive
measures of precaution, has been abandoned. It
threatened to involve 115,000 employees and fears
that it would extend caused severe business losses
in Rome. American tourists, who left Rome for
fear of the labor troubles, numbered hundreds, while
thousands of others left the country. The cable
does not suggest the basis of settlement.
(VOL.
xcvm.
in London's financial circles. Of the £1,500,000
432% bonds offered by Montreal, 37% had to be
assumed by the underwriters. The Nova Scotia
loan of £760,000 43/2% bonds was subscribed to the
extent of 18% only, the remainder going to the underwriters. The Edmonton loan of £369,000, which
was a 5% issue offered at 98, was only subscribed
to the extent of 70%, which suggests how actively
Canadian issues are falling into disfavor. A $3,000,000 Kansas City Terminal Co. 4% issue at 931
4
was promptly over-subscribed, the subscription list
being closed almost immediately. Money in London closed at 13@13/2% for day-to-day funds,
7 of 1% a week ago. Meanwhich compares with 4
while discounts in Lombard Street have also advanced, short bills being quoted at the close at
2@23/s%, against 1%% a week ago, and long
bills at 23
4@2 7-16%, against 2 1-16®23/
8%. Under
these conditions and with its recent inability to
obtain a proportion of the weekly offerings of new
gold,the Bank of England is not at all likely to reduce
its discount rate in the near future. In fact, some
newspaper correspondents suggest that the next
move will be an advance in the rate.
British Consols as reported by cable last evening
closed at74%,which compared with 75% a week ago.
Corresponding declines are also indicated by other
of the high-grade home investments. London &
Northwestern Ry., for instance, finished at 1293,
against 1323 a week ago; Great Western closed at
113%, against 1153/2, and Great Eastern has declined
to 4932, against 51. State funds have been somewhat irregular. Japanese 4s, as reported by cable
%, against 773 a week
last evening, finished at 763
ago; Russian 4s are 1 point lower at 863/2; German
Imperial 3s, too, are 1 point lower at 76. Bulgarian
6s are 1 point higher at 102 and Greek Monopoly 4s
are without change at 52, as also are Servian 4s at
783/
2. Chinese 5s have declined to 1003 from 101.
The "City" in London seems to have taken more
of an alarmist's view of the Mexican outlook than
has been the case at home. It had particular reason
for disappointment in the fact that the Mexican Railway Co. directors decided to pass all dividends.
The company could have paid 2% on its preference
shares, but in view of the uncertain outlook (the line
runs from Vera Cruz to the City of Mexico) the management decided to pursue a policy of utmost caution. The general belief in London, according to
conservative cable correspondents, is that the conquest and ultimate pacification of Mexico is inevitable. But in the process there will be involved
an unlimited waste of capital with heavy loss of life.
In addition the markets there have been depressed
by the urgent demand for gold displayed by both
France and Russia and which in turn seems to have
been ascribed to the indefinite fears of international
complications. In this instance these fears appear
to have been predicated upon the news of the severe
illness of the Austrian Emperor Francis Joseph.
Fears of foreign complications were due to the belief
that when the old Emperor dies, whether this occurs
All press dispatches agree that financial conditions
in the immediate or remote future,it will be an exceed- in Paris are in a highly unsatisfactory condition.
ingly difficult matter for his successor to keep the Everything now seems to be awaiting the result of
dual Kingdom under adequate control. The extent to-morrow's (Sunday's) national elections. Advices
of the European demand for gold is indicated by the cabled from the French centre are remarkably modest
fact that after competitive bidding Russia obtained in their predictions of probable results. "Such stag£450,000 of the total offering of £900,000 by paying nation as exists on the Paris Bourse at the present
77s. 95Ad. per ounce or Ysd. premium over the time has not been equaled at any time in the memory
Mint price. This figure was the highest paid since of the oldest operators," is the way that one corresOctober 1909. Russia has recently been drawing pondent describes the situation. The formal visit
gold actively from Paris and the latter was an insist- of King George and Queen Mary of England to Paris
ent bidder at the London offering in order to reim- has, of course, constituted one curtailing influence,
burse itself for shipments to St. Petersburg repre- and, contrary to expectations, seems to have comsenting, it is understood, the proceeds of the Russian pletely failed to arouse enthusiasm. London was a
Railway loan recently placed at the French centre. seller of Mexican securities in Paris,but encountered
India secured the remaining £450,000 of the London an idle market incapable of absorbing the offerings.
offering, which is an unusually large amount for this This resulted in weakness which spread to all diviseason. Both Russia and France have greatly in- sions of the market, including diamond shares, and
creased their gold reserves during the recent years. especially Russian industrials. It appears that the
Advices cabled from Paris intimate that the Bank only department showing any degree of activity was
of France will begin drawing gold from New York in petroleum shares, the movement of which seemed
next week. Russia and India, it will be recalled, to have been transferred to Paris from London. The
were the successful bidders at last week's offering of trading in this respect was aided by reports ofimCape gold.
portant new producing wells having been discovered
The political situation in Britain seems to have in the oil fields of Roumania. The Turkish loan,
calmed down, all interests awaiting the appearance which is to be formally offered to-morrow (Saturday)
of the new Budget, which is, according to reports, to is conceded to have poor prospects. The Chairman
contain one or two new features of taxation. The of the Government Commission on Finance, M.
indifferent success of recent applications for new Aimon.d, has issued a statement explaining the procapital has been an added feature of discouragement posed method of balancing the budget. The Cham
A.PR. 25 1914.]
THE CHRONICLE
ber of Deputies,he says,has decided that the budget
deficit for 1914 should be arbitrarily placed at
175,000,000 francs, which must be met by sexennial
treasury bonds. When the new Chamber opens in
June the momentous question of the real deficit of
nearly one billion francs, the sum required to cover
expenditures for the large increase in military organization, will have again to be faced and settled. The
small deficit for 1914, it is explained, is "merely a
form of throwing dust in the eyes of erectors." The
big proposed loan of M. Barthou will again inevitably be brought to the fore. It is reported that the
heavy payments due at St. Petersburg at the end
of March were met principally through English banks
which made liberal advances on French bank bills
having Russian bills as collateral. This is a condition, it is argued, that explains the sharp declines
to 25.14 francs at that time in the English check
rate in Paris. Money in Paris closed at 23%,
against 3% a week ago.
In Berlin chief interest appears to be centred in
the final adjustment of the affairs of the unfortunate
Princes' Trust. The latest report is that the
Deutsche Bank has taken everything from Prince
zu Fuerstenberg, but will give him an annual allowance of 400,000 marks. The failure of the Trust is
ascribed very generally to the fact that the Princes
were not good business men, and also that they were
not good judges of men for the positions of managers
and administrators. The Trust's collapse has, it
is stated, wrecked the fortunes not only of Prince
Fuerstenberg, but also of Prince Christian Kraft zu
Hohenlohe. These fortunes combined are estimated
to have been 240,000,000 marks. The debts of
Prince Fuerstenberg are estimated at 100,000,000
marks, and the Deutsche Bank, it is reported, holds
mortgages on his land for 68,000,000 marks,while the
other debts of the prince amounted to 30,000,000
marks. •Reports were current that Russian banks
were withdrawing their funds from Berlin. Cable
inquiries forwarded by German bankers at this centre
as to the accuracy of these reports brought prompt
replies that they were without foundation and that
as a matter of fact Russian balances in Berlin had
been increased. Money in Berlin closed at 29/8%,
which is without change for the week.
Official European Bank rates remain without
.change from the figures current a week ago. In
London sixty-day bills in the open market closed at
2@23/s%, which compares with 191% a week ago,
while long bills finished at 29'012 7-16%,against
2 1-16@23/
8%. In Paris the Bank rate has been
advanced %% to 291%, while in Berlin the private
bank rate has been reduced %%,to 23/8%. Vienna
is IA% higher at 332%, Brussels remains at 3%%
and Amsterdam at 2 15-16%. Official rates at
the leading foreign centres are: London 3%; Paris
33/2%; Berlin 4%; Vienna 4%; Brussels 4%; Amsterdam 332%.
Still further progress towards strength is indicated
in the Bank of England's return this week. The gold
holdings increased £656,131, while the reserve
showed the satisfactory expansion of £1,048,000,
bringing the proportion of reserve to liabilities up to
43.62%, against 41.99% last week and 49.62% a
year ago. Th
- a decrease of £392,000 in note
in public deposits and of
rculation, of £434,
1273
£820,000 in loans (other securities). . Ordinary deposits increased £557,000. The Bank's bullion holdings amount to £36,893,898, which is smaller than for
the corresponding week in any period since 1910,
when the total was £35,736,927. In 1913 the holdings were given at £38,203,292, and in 1912 at
£39,489,031. The reserve also is smaller than for
the corresponding week of any year since 1910. It
stands at £26,711,000. One year ago it was £28,218,387 and two years ago £29,299,196. Loans are
also in excess of earlier years. They amount to
£41,160,000. One year ago the total was only
£33,559,254 and in 1912 £34,834,310. Our special
correspondent furnishes the following details by
cable of the gold movement into and out of the Bank
for the Bank week: Imports, £103,000 from Brazil;
exports, £50,000 to Java, and receipts of £603,000
net from the interior of Great Britain.
The current return of the Bank of France shows
an increase of 5,553,000 francs in gold and of 7,681,000 francs in silver. There was a decrease of
116,875,000 francs in note circulation and of 1,900,000 francs in Treasury deposits,while general deposits
increased 132,475,000 francs and discounts were increased 4,625,000 francs. The Bank now holds
3,644,880,000 francs in gold, against 3,249,900,000
francs one year ago and 3,240,100,000 francs in 1912.
The silver stock aggregates 628,444,000 francs. In
1913 it was 598,925,000 francs and in 1912 808,250,000 francs. Outstanding circulation, notwithstanding this week's contraction, is 5,805,063,000 francs,
which compares with 5,610,047,940 francs in 1913
and 5,232,484,820 francs in 1912. General deposits
are reported at 686,153,000 francs, against 638,605,300 francs one year ago and 637,967,518 francs in
1912. The discounts aggregate 1,425,452,000 francs.
At this date last year they were 1,704,498,755 francs
and in 1912 1,161,184,971 francs.
There has been a sudden change from extreme ease
to distinct firmness in the local money situation.
This has been the natural concomitant of the week's
spectacular events in Mexico. American occupation
of Mexican soil has, not unnaturally, been interpreted
as the beginning of war. President Wilson does not
so regard it, but in this respect banking interests do
not agree with him, and are, in consequence, showing
a distinct disposition to husband their loanable funds.
The change in the money situation may be regarded
decidedly more pronounced than would specifically
be suggested by the fractional advances that have
taken place in money rates and commercial paper
discounts. A week ago funds were available for
almost any purpose; to-day bankers are considering
the uses for which proceeds of loans are intended.
The basis of renewed conservatism is, of course, the
prospective demands upon the capital market which
will be necessary to provide the "sinews of war" for
the naval and military operations in Mexico. It is
believed that a highly conservative estimate of expenditures for this purpose, if and when the war
passes into the full-grown practical stage, will be
$1,000,000 per day. Some estimates are much
higher. In any event it will be necessary for the
Government to appeal to the money market. For
practical purposes the form in which the funds are
to be drawn is largely immaterial. Washington advices are suggesting an increase in the income tax
and a narrowing of the exemption basis. This, as
1274
THE CHRONICLE
we have repeatedly shown in the "Chronicle," will
always be an attractive form of raising funds now
that the tax has once been introduced into our
system of revenue. Next, it is expected there will be
recourse to stamp taxes similar to those in force
during the Spanish-American War of 1898. Then
there may be the re-imposition of customs duties on
sugar and tea, and finally coffee may be called upon
to provide its quota of customs revenue. But in
addition to these forms, there can be no question
that recourse will be necessary to a large issue of
bonds or treasury notes. Some important bankers
who are in close touch with the investment situation
will, if their advice be asked, suggest a 3%special
issue of bonds in order that an encouraging subscription may be assured. Such an issue would command
a substantial premium and be heavily over-subscribed. Meanwhile, should the Government decide
to undertake short-term financing, Treasury bills
would, it is predicted, find an enthusiastic reception
on a 3% basis. There would undoubtedly be a very
substantial foreign demand for such notes which
would serve to bring gold into the country. The
Treasury is already authorized to issue Panama Canal
3% bonds. It is evident, therefore, that Government requirements are to furnish a substantial drain
upon the money and capital markets of the near
future, and lenders, as we have already intimated,
are adjusting their supplies of loanable funds accordingly. There are additional demands in sight
on the capital market aside from those of the Government. The Chicago Milwaukee & St. Paul has filed
formal application with the Illinois Public Utilities
Commission for authority to issue $30,000,000
general and refunding mortgage bonds. It is officially stated that the St. Paul is not in immediate
need of the money, but if bond market conditions
become favorable, advantage will be taken of the
opportunity. J. P. Morgan & Co. have arranged a
syndicate to underwrite $60,000,000 New York New
Haven & Hartford notes, but as the proceeds are to
be used to meet note maturities of May and July
aggregating $54,000,000, the amount of new money
required is hardly an important influence in the
money situation.
Last Saturday's bank statement showed an increase of $28,264,000 in the aggregate loans of the
Clearing-House banks and trust companies. This,
it is understood, was due in large measure to the financing of the New York City loan and other contemporaneous applications for capital. Deposits
showed an expansion of $36,631,000 and the cash on
hand increased $9,633,000. As, however, the larger
deposits called for $6,687,550 addition to the reserve, the cash surplus above requirements increased
only $2,945,450 and the total stands at $21,678,400,
which compares with $19,085,850 a year ago and $19,819,000 two years ago. The banks alone reported
an increase of $8,380,000 cash in vaults and the trust
companies an increase of $1,253,000 cash in vaults
but a decrease of $9,429,000 of cash in banks.
Call money rates remained pegged at 1%@2%
throughout the week until Friday, when the range
was reduced to 13/2@1%%, while 19'70 has been
the ruling rate each day. For time money 3%
was the closing quotation for sixty days (against
23/2% a week ago), 3% for ninety days (against
23/2@2%67
0), 331% for four months (against 2%@
3%), 33j% for five months (against 2%@3%), and
33/2% for six months (against 3@31
/
1%). Commer
[VoL.xcvm
cial paper continues in light supply, but the demand
which was so active last week has virtually been
withdrawn at the old figures, and discount rates
closed at fractional advances. Closing figures are
3U@4% for sixty and ninety-day's endorsed bills
receivable and for four to six months' names of
choice character. Other names less favorably known
require 43@4%%.
Sterling exchange has risen sharply and it is conceded that exportations of gold are clearly in sight
unless home exigencies resulting from the complications in Mexico should result in arbitrary pressure
to discourage the movement. Advices cabled from
Paris assert that the Bank of France will begin importations of the precious metal from New York
next week. Paris was a keen bidder for Cape gold
at the London auction this week and offered a substantial premium for the precious metal, though
was finally outbid by Russia. This suggests, therefore, that the Bank of France will be quite willing to
make the usual concessions to secure the metal on
this side, even is, as a pure 'exchange transaction,
trans-Atlantic shipments are not entirely justified.
Heretofore the demand for gold and the firmness of
rates have been on the other side of the Atlantic.
The sensational developments in respect to the Mexican situation, however, have suddenly changed the
outlook for money on this side, and if the present
threatening war conditions should be fulfilled, it
will be an over-night experience that, instead of our
market constituting a source of relief for Europe, we
shall be seeking the return of gold to this side. It
is believed that if the Treasury Department should
decide to supply its immediate needs by an issue of
3% short-term Treasury bills, such securities would
be accorded a favorable reception abroad, and would
for all practical purposes be paid for in gold. Reports were current late in the week that the Treasury Department had already intimated to large international bankers here the undesirability of exporting gold, owing to the crisis that had arisen.
Careful inquiry, however, failed to find any evidence
of direct or indirect action in this respect. The foreign exchanges are still under the normal influences of
day-to-day market conditions. The supply of produce bills has not unnaturally become more restricted.
The tendency of war with Mexico on such a large
scale as now, unfortunately, appears probable will
be to interfere with exports of food products, owing
to the necessities of the military and naval commissary departments. As a broad proposition, it may
be considered that any reduction in the Bank of
England rate is now out of the question for some time
in the future. Some correspondents suggest, in
fact, that the next move will be an advance. Meanwhile, the better demand and higher rates for money
at home will prove a counteractive influence on
this side. The large increase in importations that
seems finally to be developing under the new tariff
conditions will, of course, require payment. For
the month of March, as already has been shown in
the "Chronicle," the movement of foreign goods into
this country registered an increase of $26,000,000
over the corresponding month of 1913, while the exports were without important change and the excess of exports over imports was only $5,300,000, an
unusually small amount. London has been quite an
active seller of securities on balance in the arbitrage
dealings between that centre and New York this week.
APIt. 25
1914.1
THE CHRONICLE
1275
April 24 1913.
April 23 1914.
Demand sterling in Paris closed at 25.16 francs, Banks of
Silver.
Total.
Silver.
Total.
Gold.
Gold.
which compares with 25.15 francs a week ago. In
£
Berlin the London check finished 20.463/
2 marks, England_ _ 36,893,898
38,203,292
36,893,898 38,203,292
_ _ 145,755,560 25,134,040 170,889,600 129,996,400, 23,956,600 153,953,000
against 20.45 marks last week. Sterling exchange in France
Germany _ 65,533,350 16,000,000 81,533,350, 50,296,250 15,015,500 65,311,750
_ 178,339,000 7,244,000 185,583,000158,451,000 7,388,000 165,839,000
Amsterdam, as reported by cable last evening, closed Russia
Aus.-Hun. 52,144,000 12,203,000 64,347,000 50,184,000, 10,588,000 60,772,000
Spain __ _ 20,387,000 28,704,000 49,091,000 17,997,000' 29,992,000 47,939,000
12.08%
at 12.09% guilders, against
guilders on Fri- Italy
45,760,000 3,130,000 48,890,000 46,666,0001 4,049,000 50,715,000
Neth'Iands 13,373,000
715,900 14,088,900 13,545,000,
756,700 14,301,700
day of last week. Berlin exchange in Paris finished Nat.
I3e1g. 8,855,333 4,427,667 13,283,000 7,752,000' 3,876,00 11,628,000
Sweden _ _ 5,790,000
5,790,000
5,719,000
yesterday at 122.90 francs, against 123.023' francs Switz'land 6,799,000
6,881,000
5,71906 i
6,881,000
Norway _
2,448,0031 2,137,0001
2,137,000
2,448,000
a week ago. Mexican exchange, nwing to the deTot. week 582,078,1411 97,558,607 679,636,748527,827,942' 95,621,800623449,742
velopment of hostilities, is not accurately quotable, Prey.week 581,055,22 97,674,133'678,729,357 525,400,1331 94,883,643620:283,776
though it nominally remains in New York at about
330, which was the closing figure a week ago.
Compared with Friday of last week, sterling exTHE WAR WITH MEXICO.
change on Saturday was unchanged, with demand
The one fact,generally recognized.in the extraordistill quoted at 4 8695@4 8705, cable transfers at nary situation which has been created by our capture
4 8715®4 8725 and sixty days at 4 85@4 8525. On of Vera Cruz, after the landing of American troops,
Monday, trading was dull and lifeless; following the firing on parts of the city by our war ships, and
weakness at the opening, a firmer tone rdled toward some loss of life among both Mexicans and Americans,
the close, though the range of quotations for demand is that the United States has engaged in war with
and cable transfers remained at 4 8695@4 8705 and Mexico. This fact, indeed, the logic of events has
4 8715@4 8725,respectively; sixty days advanced to made incontestable. President Wilson's expression
4 8510@4.8535. Higher discounts at London in- of the hope, in his address to Congress on Monday,
duced firmness and an advance of 10 points on that "war is not now in question," and that "this
Tuesday, to 4 8705@4 8715 for demand and 4 8725@ Government
in no circumstances be forced into
4 8735 for cable transfers, while sixty days moved war with the people of Mexico," does not alter the
up to 4 8535@4 8550; the volume of transactions stubborn rea.ities. The theory of the President
was larger, while heavy selling of American stocks that Mexico, "if we are to accept the tests of its own
by London served to further strengthen exchange Constitution, has no government;" that,inferentially,
rates. On Wednesday demand sterling reached the we cannot be fighting the Mexican Government;
highest level touched since March 1913, mainly on that General Huerta "has set up his power * * *
the increasing firmness in English discounts, light without rights and by methods for which there can
supplies of commercial bills and short covering, be no justification," and that therefore,"if armed conadvancing to 4 8730(4)4 8740 and cable transfers to flict should unhappily come," it would be one di4 8755@4 8765; sixty days remained unchanged at rected against "only General Huerta and those who
4 8535@4 8550. Further hardening of discounts adhere to him"—these contentions may be correct
in London, together with continued selling of stocks enough in principle, but they leave the position of
by foreigners and light offerings of commercial bills affairs exactly where it was before; American troops
brought about another advance on Thursday; demand seizing a Mexican city and fighting with armed
went as high as 4 8740@4 8750 and cable transfers Mexican soldiers in the streets.
to 4 8765@4 8775; sixty days, however, ruled withIt is in the light of these remorseless facts that
out change at 4 8535@4 8550. On Friday the the situation must be judged. What has occurred
market ruled strong, with additional advances for is certainly not that somewhat meaningless expedidemand bills and cable transfers. Closing quotations ent, known to diplomacy as a "pacific blockade.'
were 4 8535@4 8550 for sixty days, 4 8750@4 8760 Our action has, as the lawyers point out, some unfor demand and 4 8775@4 8785 for cable transfers. doubted analogy with the seizure of custom houses
Commercial on banks closed at 4 84@4 84k, docu- in Nicaragua by the English during 1895 and in
2@4 85% and a Turkish city by the French in 1901, as a means
ments for payment finished at 4 843/
86%.
863/2@4
Cotton for of enforcing claims for damages against the respective
seven-day grain bills at 4
payment closed at 4 843/
2@4 84%,grain for payment governments. But in neither of those instances
at 4 85@4 8531.
was there denial of the existence and authority of
the government itself.
The denial of that fact, in the present instance,
The New York Clearing-House banks, in their
operations with interior banking institutions, have has forced our Government to the theory of war on
gained $7,286,000 net in cash as a result of the cur- an individual. For this theory the only formal
rency movements for the week ending April 24. precedent which has yet been cited is the attitude of
Their receipts from the interior have aggregated $13,- the Allies towards Napoleon, after his return from
796,000, while the shipments have reached $6,510,- Elba in 1815, his re-occupation of Paris, and his
000. Adding the Sub-Treasury operations, which resumption of authority over the French army.
occasioned a loss of $5,763,000, the combined result The Allies on that occasion declared specifically
of the flow of money into and out of the New York that they were not at war with France; from which
banks for the week appears to have been a gain of it followed that the Waterloo campaign, as they
conceived it, was fought against an individual usurp$1,523,000, as follows:
er. Yet, even this famous precedent fails to fit the
Out of
Into
present case, because a King of France, who had
Week ending April 24.
Net Change in
Banks.
Banks.
Bank Hoidings.
peaceably
ruled the country after Napoleon's first
313,796,000
86,510,000 Gain $7,286,000
Banks' interior movement
19,555,000
Sub-Treasury operations
25,318,000 Loss 5,763,000 abdication, had been and still was recognized by the
$33,351,000 $31,828,000 Gain $1,523,000 Allies as the legitimate head of the French GovernTotal
ment, and was in fact co-operating with the forces
The following table indicates the amount of bullion arrayed against Napoleon. We are not now recogin the principal European banks.
nizing, and could not recognize, even the so-called
1276
THE CHRONICLE
Constitutionalist chieftains in the north of Mexico
as representing the legitimate government of the
country.
It is precisely this abnormal and unusual character
of the ground assigned for the action of our fleet that
surrounds the situation with so bewildering confusion. We shall not lay stress on the fact that
the specific pretext for the orders to the fleet should
have been, not a question of outrages on life or
property to be abated, but of punctilio in the form
of apology which our Government insisted on.
That this is the most unfortunate of circumstances,
so far as regards the causes of this war which will
be assigned in later history and in the view of
the Mexicans themselves, would be impossible to
deny. Other causes and motives will supersede it,
as the episode continues; but the trivial pretext will
unhappily remain on record, precisely as the dispute
between two rival churches for "control of the Holy
Places" stands on the record, to the bewilderment
of present-day students of history, as the primary
pretext for the Crimean War between Russia on one
side and England, France, Italy and Turkey on the
other.
On this consideration, however, we do not propose
to insist, further than to point out, what the most
inexperienced observer must have recognized, the
illogical position created by first denying a governmental status to General Huerta, by next demanding
the form of apology which governments concede, and
by finally seizing Mexican territory as a means of
exacting, not a money indemnity, but a particular
form of salute. It is difficult to doubt that this
extraordinary situation was a direct result of our
Administration's previous policy towards Mexico.
Our readers are aware that we have heartily endorsed
the President's refusal to recognize formally the
Huerta Government. But we have also frankly and
frequently stated our opinion that, in laying a permanent proscription on Huerta as an individual, in
warning him, by no means indirectly, not to stand
for election to the Presidency, and therefore in
declaring him, under all circumstances, to •be a
political outlaw, our Government was creating a
situation full of pitfalls for itself. What may be
called the diplomacy of the present crisis is, we fear,
the natural outcome of that policy.
Under all the circumstances, the course of this
unhappy contest, in the immediate or in the longer
future, is much more difficult than usual to foresee
It is surrounded by a score of complications. It is
impossible even to say whether the incidents of the
next few days will make it possible for the United
States forces to limit their activities to the original
purpose of holding the Mexican ports pending action
by Huerta. On the one hand, the well-established
strategy of war may be invoked as an argument for
an advance from Vera Cruz on Mexico City, as soon
as sufficient troops have reached the seaport, with
a view to the destruction or capture of Huerta's
army and the occupation of his capital. If this is
war, that is the logical objective. But, on the other
hand,the declaration of Carranza,the Constitutionali.st leader in the north, calling upon our Government
"to suspend the hostile acts already initiated, ordering your forces to evacuate all places which they
hold in their power in the port of Vera Cruz, and to
formulate before the Constitutionalist government,
which I represent as constitutional Governor of
the State of Coahuila and First Chief of the Con
[VoL. xcvm.
stitutionalist army, the demand on the part of the
United States", throws a wholly new problem into
the controversy.
It will doubtless be said, this declaration by
the insurgent leader was prompted by his instinctive
knowledge that he could not depend upon retaining
his prestige, even in the North of Mexico, if it should
appear that he looked with favor on the invasion
of Mexico's southern territory by the United States.
Later advices appeared to indicate that General
Villa, his colleague and nominally his subordinate,
had repudiated Carranza's position. But the manifesto, none the less, would appear to involve either
a dispute which might greatly extend the area
of conflict, or else action which would not only
amount to the recognizing of Carranza as the
legitimate head of the Mexican Government, but
to the subordinating of our own Government,
in whatever further measures it might take, to
Carranza and Villa—the very kind of situation which
was guarded against with the utmost care at the
beginning of our war with Cuba in 1898.
The extremely perplexine questions which arise
from this part of the problem have been abundantly
illustrated by the difficulty which the Senatefound in
framing its resolutions approving the President's
general action. The House declared the President
to be justified in using the Government's troops "to
enforce the demand made upon Victorian°. Huerta";
the Senate restricted this to a declaration that
employment of our armed forces by the President
was justified "to enforce his demand for unequivocal
amends for certain affronts and indignities committed against the United States." The second'
of these declarations named no individual; it made
general reference to all grievances; yet, to Senators
as experienced in foreign affairs as Mr. Root and
Mr. Lodge, even this appeared not to meet the
situation. Mr. Lodge offered a substitute preamble,
setting forth the state of anarchy which existed in
Mexico, and the outrages on persons and property
of American citizens as the ground for our Government's action; and Mr. Root, in his forcible speech
of Wednesday, declared that, without such declaration, the resolutions would "omit the real object
which forms the justification for action—the only
justification for action." Mr. Lodge's amendment
was defeated, and it may be that its defeat was best,
since that preamble would plainly have been aimed
as much at the northern insurgent leaders as at
Huerta, and because it is no time to multiply our
enemies in Mexico. Yet the incident forcibly illustrated the ambiguous nature of our Government's
position.
Whether anything can be inferred from the action of
the Stock Exchange during the present week is doubtful. The Stock Exchange's attitude, at the very beginning of a conflict of this sort, is nothing like an invariable forecast of the course of events. Financial
markets have at times greatly misjudged the probabilities when war broke out—as they did, for instance, at
the beginning of the Franco-Prussian war, of our
own Civil War and of England's Transvaal contest.
Nevertheless, the absence of any such demoralizing
break in prices as is commonly associated with a
"war market" would, at least, indicate that trained
and conservative opinion does not yet see unmistakable grounds for expecting a long, destructive
and costly conflict. How such a result is to be
averted, it remains for the next developments to•
APR. 25 1914.1
THE CHRONICLE
1277
Consequently, business, then, is to be understood,
in its main characteristics, as an individual, economic
activity chiefly in affecting and determining legitimate negotiations. In these negotiations the contracting parties stand in a two-fold relation to each
other. It can be said that business is a transaction
for and against other people. Business friends are,
as the common saying goes, friends and foes at the
same time; half show themselves helpers; half contend
againgt all the rules of the game, with alert holding
THE PLACE AND FUNCTION OF PERSONALITY back or a bluffing urgency, with wide sweeping
IN BUSINESS.
diversions, and a scanty regard for others.
Mr. J. P. Morgan's unqualified affirmation, before
Strictly speaking, business in the narrower sense
the Congressional Commission, of the superior is a service both of the producer and the consumer,
place he was accustomed to assign to character as securing the best prices for the goods of the one and
a basis of financial credit, touched upon only one meeting the needs of the other as economically as
phase of a far larger subject, the role of personality possible. If business is in this way at once a working
for and against individuals in making legitimate
in all business transactions.
This is the theme of the Annual Rectorial Address bargains, then the manner of the intermediary's
delivered at the Advanced School of Commerce, of carrying through the transaction, and its results,
the Merchants of Berlin, on the occasion of the fete depend, primarily upon the kind of man he is.
of the Emperor's birthday. It was delivered this
In the transaction of business, capital flows so
year by Dr. Hellauer, the professor oc Commercial readily and changes its particular form so easily
Science. In a series of highly technical addresses that, in comparison, the connected element of
this theme is unique. The distinguished speaker, personality has a larger place than it has in connecthe line of whose argument we proceed to give, tion with fixed capital engaged in production.
discusses, first, the extent to which, in the nature Personality in business enterprises, those in which
of the case, personality enters into purely commercial personality and capital are united in every transaffairs; and then the importance of its recognition action, therefore has power to work more authoritaand cultivation, if one would succeed in the markets tively, and in its action to determine results in far
of the world.
higher degree, than has capital. The especial sphere
He calls attention to the fact that personality of personality is very apparent in the Board of Trade
affects business, especially in its organization, its or the exchange, where the mental state of the
technique, and its particular results. He uses traders has such immediate and widespread effect.
"business" in that large sense in which it denotes a At times it is quite the controlling influence. In fact,
transaction between possessors of different goods personality has often determined, in every phase
who strive to acquire in exchange goods which for of business; from its inception onward, whether it
one reason or another they value above those with shall be wholesale or retail, domestic or foreign,
which they would part; which we may,perhaps,more employing only one's own or accumulated capital,
strictly term "commercial business", or, more simply, carried on single-handed, or as incorporated, &c.,
"business", as distinct from speculation. This &c.
definition excludes not only the two-fold transacIn short, the interaction of personalities constition of the dealer who buys, on the one side,only to tutes business and determines its results. A clear
sell at aprofit on the other—business in the narrower apprehension of the strength or weakness of those with
sense—but also such trading as producers and con- whom he comes in contact must in a good business
sumers are called to do.
, man grow by experience into a thorough knowledge
No economic transaction is so completely affected of men. Business can in this sense be regarded as an
and conditioned by personality, and at the same art to be practiced in the use of personality—that of
time so free from actual restriction, as is this business oneself or of other people. The personal elements
of commerce. In production a man is confronted make themselves peculiarly felt when it comes to
at the outset by a technical problem. Technical the question of undertaking business in a foreign
relations, before those of every other sort, condition land, where one has to consider, in addition to the
the organization of production, including often even questions that present themselves to him in domestic
the size of the undertaking, and that as well outside trade, whether he has the courage, the taste, the
as within, the principles of economics. In trade, adaptiveness, the force, the patience, which are neceson the other hand, a man is very little dependent sary for success under conditions in which he is to
upon technical relations, and the more highly-devel- leave behind all the accustomed advantages he might
oped has become the technique of the transfer of enjoy at home. In these circumstances personality
goods and that of their care and keeping, so much gathers up into itself not only the qualities with
geater is the freedom the dealer has obtained from which one is endowed by nature, but also those he has
mere physical elements. He unites to the differ- acquired by special training and without which he is
ence in the value of goods a something purely per- sure to find himself sadly deficient.
sonal in order to equalize these differences through
It is the possession of this ability that has enabled
some act of exchange; that is, on the one hand, the German merchant in the past ten years to push
through a wise foresight, a thing not physical, and his export trade till it has distanced that of France
on the other hand, though not always, through a and disturbed the foundations of that of England.
somewhat technical but generally simple precedence He to-day has the largest house in French Indoin securing the bodily delivery of the goods, ultim- China, is strongly established in Madagascar, plays
ately united to carrying them in stock for a certan an ever-increasing part in French West Africa, and
time.
has well settled himself, though under the necessity
determine. Even our Mexican war o 1846 lasted
nearly two years before the ending of hositilities,
and England's Boer War dragged on more than two
years and a half. In the present case, the immediate
consideration, doubtless, is the extent to which the
Huerta government can maintain its own position,
when cut off from its outside supplies of arms and
from the public revenues collected at its seaports.
1278
THE CHRONICLE
of using French dummy representatives, in Algeria.
The Englishman, who has long been the aristocrat
in the control of the markets of the world, can no
longer hope to hold that position unless he is willing
to adopt the painstaking methods of his German
competitor; to gain information by personal investigation, to study the necessities and tastes of other
peoples, and to extend credits as far as may be—
• all of which he has hitherto neglected and regarded
as unworthy. For this reason, the Germans are
pressing England hard in her own great colonies; and
in her newer and smaller ones, as East Africa, are
excelling her, especially in international business.
•Even in the English home centres, as in Liverpool,
the Germans have secured a leading position.
Japan, for example, is restricted in the development of her foreign business by the lack of a moral
standard, which is indispensable. The possession
of this gives English merchants their pre-eminence.
In international trade, people believe that, though
they may pay a higher price, they will get honester
goods from them, and in the long run will fare better than in dealing with other foreigners. In this,
• coupled with their abundance of capital and their
mastery of technique in its employment in the business of the world the English have their controlling
position to-day.
In many a difference in the organization of various
businesses the personality of the organizer appears,
. as one lays more stress upon compactness of system,
closeness of control and compulsory harnessing of the
service of employees, than does another. The appreciation of the value of organization and the ability
to create it, which depend in a special degree upon
discipline and established character, is of peculiar
value in this day of trade combinations, where one is
often called upon to renounce individual occupation
and find his opportunity in the greater organization.
The Germans, who have so long been regarded as
a race of thinkers, poets and dreamers, have wakened
to the worth of a life devoted to commercial affairs,
not only as a means to an end—that of increasing
happiness by the accumulation of property—but as
in itself a sufficient satisfaction. The aim of the Berlin School is to secure the development of this personality, a development as valuable to the individual
as to the nation. It aims at producing business men
• sound in morals, energetic in trade, bold, yet conservative in enterprise, shrewd in the conflict of interests, and thus fitted to be victors in the battlefield
of world-wide business; and in this to be as profitable
to themselves as to their country.
The address is valuable as showing the extent to
which advanced commercial education is now carried
in Germany, and the kind of competition which confronts our business men when they plan to enter the
open markets of the world.
STOCKHOLDERS' RIGHTS TO PRIVACY.
A correspondent calls attention to a practice by
some persons of tendering for sale to investment
houses copied lists of addresses of stockholders in
various corporations. In some States the law empowers a stockholder to examine or even copy the
names offellow stockholders,the Object being presumably that stockholders may be able to get into touch
with one another for protective purposes. Our
correspondent, however, raises the question of what
legal rights are possessed by "these traffickers in
[VoL. xovm.
financial personalities," and he justly deems the
practice of offering such lists for sale to be worthy
of statutory prohibition.
Whoever has any kind of merchandise to dispose
of must expend labor and money in some manner for
discovering his possible customers. Many try to
avoid the cost of advertising in the public prints by
sending out printed circulars or simulated personal
letters to individual addresses; they must get these
by some means, and a sort of business has been
undertaken by persons who compile lists—sometimes by trades, sometimes by districts supposed to
be occupied by well-to-do persons, telephone and
"who's who" directories being largely used. Then
purchasers of these lists of supposed possibilities
are sought. So long as names of stockholders are
not kept subject to close restrictions, it might be
impracticable to distinguish such lists from any
others, in the practical enforcement of such a law
as is suggested; yet the objections to the practice
of peddling stockholder's names are not overstated.
The stockholder's right to privacy as to his own
affairs is infringed, a right which ought to be, yet
no longer is, treated as fundamental. The Income
Tax Law, with its appraent assumption that every
person having an income above the exemption line
is prima facie dishonest as to all public obligations
has gone far towards the extreme of invading privacy,
and now has discovered a further step, for the
Treasury is demanding of every corporation a list
of officers and employees beyond the deadline of
exemption, with a statement of compensation to
each, and the names also of shareholders.
Further, as our correspondent suggests, the practice he condemns tends to react injuriously upon all
legitimate investment business in stocks, because
of the disgust which may be caused in the minds of
possible buyers by receiving circulars from dealers
who have bought these lists:
Some protection of privacy ought to be furnished.
The encroachments upon personal rights, especially
in case of persons who are guilty of owning some
accumulated property, have been pushed quite too
far. Every radical and interfering step is alleged
to be for the general welfare, to which the individual
is to be deemed subordinate. But the whole is
not greater than the sum of the parts. The welfare
of the mass cannot be attained by sacrificing the
persons who compose it. The general prosperity
which all profess to desire cannot be furthered by
penalizing those who have succeeded in obtaining it
for themselves. Confiscation operates once; then
its inevitable tendency is to lessen the total. More
industry and thrift and better protection for both
are a far wiser reliance than harsh language and all
attempts to readjust things by force.
THE COLORADO STRIKE AND THE RIGHT
TO LABOR.
The accounts which come about battle and war on
a small scale from the disturbed mining section of
Colorado would appear more startling if they were
not projected against a background of war which
cannot be definitely measured; yet they are serious.
Nearly fifty persons, many of them women and
children, appear to have perished in the encounter
between the strikers and the State troops, a fire in the
camp of tents or other flimsy structures being the
direct cause. The stories are conflicting, but the
charge that the camp was wantonly set on fire by
APR. 25 1914.1
THE CHRONICLE
1279
the troops is wholly improbable, as is the charge while he does not attempt to add to the general fund of
that they began the shooting ,unless forced to do so information concerning German banking methods and
he gives a resume of the work performed by the
for their own safety; among a mob of rioters with facilities,
great Teutonic financial institutions in an easily assimilable
arms in their hands there are sure to be some whose form.
eagerness for blows becomes uncontrollable.
After discussing at some length the workings of the ReichsIt is a deplorable conflict, and it involves come of bank, especially as regards the issuance of currency, he
the most innocent and helpless, as always. On which concludes that "experience has shown that in fairly normal
times the mechanism acts perfectly well, and even in times
side the shooting began is of small consequence. of
storm and stress no serious difficulties in the system itself
The Colorado mining law was certainly very largely have so far come to light."
•
shaped by organized labor, and undoubtedly gives
His account of the relations between the banks and the
miners ample protection for any real rights, so far merchants of the Fatherland, however, will perhaps be most
as any law can do so. The head of the United Mine keenly appreciated by the average reader. For example he
tells us that the prosperity of Mannheim and Hamburg is
Workers of America himself declares that the law in large measure
due to the liberal issuance of commercial
covers five of the seven demands: "the right to credits by the great German banks and declares that "notbelong to a labor union, to receive their pay in lawful withstanding occasional losses, which can hardly be avoided
money semi-monthly, to employ check-weighmen, in the credit business, the bankers themselves also greatly
by their business policy."
to abolish the truck store and trade where they benefited
The presence of bank directors on the boards of leading
eight-hour
establish
the
work day." industrial concerns has also, he
please, and to
believes, contributed much
In addition, he says, the miners "are asking an in- to the upbuilding of confidence in the securities offered by
crease of wages relatively competitive with wages these corporations. At the same time he does not lose sight
of the stringent company laws and the fact that the Stock
of mine-workers in other districts."
Exchange
regulations demand a searching investigation of
The right to belong to a labor union has never
all new securities offered for listing by a quasi-official body
disputed
been
anywhere. The right to strike has whose findings "give a clear indication
as to the merit or
never been disputed, for it is a natural right. The demerit of the security proposed for introduction."
This,
right to force other men to join a union is disputed. together with the outspoken criticism of the press, he says,
The right to work is as natural and inalienable as is apt to create an atmosphere of confidence and trust in
the right to quit work; it is this right which unionism industrial stocks.
He is careful to point out, however, that a system
assails. This present struggle in Colorado mining which
may be satisfactory to Germany might be quite unis a half-year old; it began, and it continues, in the workable under the different conditions existing in other
familiar attempt of unionism to force labor into the countries.
unions and to prevent others from taking the places
AMERICAN RAILROAD ECONOMICS. By A. M. Sakolski,
of strikers. This is the Alpha and Omega of it: the
Ph. D. The Macmillan Company, New York. Price
undertaking of organized labor to control all labor
$1 25.
The growing interest in the statistics of railroad operations
and to compel the closed shop. Other alleged grievances are either without foundation in fact or are and earnings and the misuse to which official figures have
y been put, through failure to fully understand their
insignificant and transient (being easy to arrange frequentl
real significance, has led Dr. Sakolski to publish this textamicably) in contrast with the determination of book for investors and students.
agitators to foment strikes and then make strikes
"Uniformity of statistics," he says, "does not admit of an
actual and final comparison of one railway with another,
impregnable by force.
or
War is justifiable, and brings compensation for its the operations of one period with another period, nor do
'averages' covering an endless variety of lines and systems
cost, only when it does something to advance jus- form a wholly
reliable basis
judging results."
tice and human rights. As Mr. Rockefeller declared, It is necessary, he pointsfor
out, to take into account the
several weeks ago, a genuine principle is at stake in relative proportions of terminal work, the nature of the
Colorado. It is the same principle of liberty against 'traffic, the length of the haul and other similar features if
the irresponsible control of a privileged class which the real significance of the statistics available is to be appreciated.
has been assailed and has been weakly surrendered
Having in mind these considerations, he
at some
to a mere temporizing policy so often and in so many length: (1) Data relating to the character discusses
of transportation
places. The battle for this principle is yet to be facilities; (2) data measuring efficiency and economy of
fought and won, and there can be no peace until it is. operation; (3) data measuring revenues, expenses and net
earnings; (4) data measuring the capital investment in reTo establish the supremacy of law and the right of lation
to the corporate resources and liabilities.
individual labor will be worth the cost.
If railroad critics, private and official, would weigh
BOOK NOTICES.
THE EVOLUTION OF GERMAN BANKING. By Leopold Joseph, Manager Swiss Bank Verein, London. Charles
& Edwin Layton,56 Farringdon St.,London. Price 3s 6d.
In this series of four lectures delivered before the London
School of Economics and Political Science, Mr. Joseph,
Manager of the London branch of the Swiss Bank Verein,
has undertaken a brief sketch of the development of German
trade and industry during the last hundred years and of the
institutions which have been created to finance it.
One paper is devoted to a description of the various land
banks, mortgage banks, co-operative societies and savings
banks; in another he recounts the functions of the Reichsbank and the Seehandlung, while in a third he discusses the
intimate relations existing between commerce and the
Deutsche Bank, the Commerz & Disconto Bank,and the
other great institutions whose branches now operate in almost
every German city of consequence.
The passage of our own currency bill and the consequent
inauguration of a new financial era in our own country
makes the appearance of Mr. Joseph's book most timely, fo,
the
figures they juggle with in the nicely attuned scale
Dr.
Sakolski has prepared for them,half the present
railroad
troubles would quickly right themselves. For
example,
besides drawing attention to such obvious matters
as the
size and importance of "feeders" and terminals he tells
the
student to examine the grade, the quality and life of the
ties,
the weight of the rails used on different sections of the
line,
the need for and economic value of costly improvem
ents,
such as new tunnels and cut-offs and in fact the whole
host
of petty details whose solution makes up the life
work of a
railroad executive.
Only by the proper appreciation of all such details,
he
says, can a fair estimate of the road's condition be
formed
(and, therefore, inferentially, of the investment value of
its
securities). Even so apparently simple a, matter as capitalization, he finds, as others have done, beset with
difficulty and points out that the Inter-State CommerceCommis
sion in 1911 put the capitalization per mile of road
of the
Atchison System at $84,000, whereas it should have
been
nearer to $56,000. In this instance the error arose from
ignoring the subsidiary lines. In summing up, however,
he
provides a rule to guide the student when he says: "It is
the
relative burden of the annual charge for the use of capital;
1280
TIIE CHRONICLE
which is a better index to comparative capitalization than
the nominal amount of outstanding securities."
Incidentally he deals in passing with some of the criticisms
which have been made of railroad managers for so-called
stock-watering in selling new issues at less than prevailing
market prices, pointing out that the market price is for small
lots and furthermore that market value is enhanced by the
granting of subscription rights. The real test of new capital
Issues, he thinks, should be the probable earning power of
the improvements to be effected, while the form of the issue
must be determined by prevailing market conditions.
[VOL. xovni.
In most cases, Mr. Babson laments, the desire for knowledge only comes after the school days are over and the pupil
commences work. "Hence," he declares, "an economic
system must provide for combining work and study."
"Briefly, therefore, the schedule for this third period
should be somewhat as follows:
Hours—
Studying in school
Working for wages
Playing at games
Sleeping and eating
Age
e dig!
.
Aige
A2
1ee
14. 1:5
iv.1.
25
.
5 5 5 5 4 3 2' 1
0
4 4 4 4 5 6 7 7 8
3 3 3 4 4 4 4 6 6
12 12 12 11 11 11 11 10 10
"The above schedule provides for a minimum of study and
a maximum of work, designed to train the children of the
working classes to think more. The following schedule proTHE FUTURE OF THE WORKING CLASSES. ECONOMIC vides for a minimum of work and a maximum of study, deFACTS FOR EMPLOYERS AND WAGE EARNERS. By Roger signed to train the children of the wealthy classes to work
should come
W.Babson, Babson Statistical Organization,6 Congress more. All children, whatever their condition,
within these two limits.
Street, Boston. Price 50c.
Mr. Babson's little pamphlet is an earnest plea for the
more efficient education of the mass of the people. Only
by increasing their efficiency, he says, can the working classes
ever hope to obtain a larger proportion of the world's wealth.
Higher wages due to strikes are always, he declares, followed
by an increase in the cost of living, which at least offsets the
temporary gain. Sooner or later, he believes, this fact will
be apparent to the people themselves, who will then seize
control of the schools and inaugurate a new era of more
widely diffused prosperity.
The material comfort of the workers is, however, the least
of the benefits Mr. Babson foresees accruing to the nation
which first accepts his suggestion. To his mind, supremacy
in commerce, war and the peaceful arts are all contingent
upon the relative efficiency of the individual workers. So
that, indeed, the very life of the nation rests upon its schools.
In support of this theory, he points to the rapid growth of
Germany's power in the councils of the world, and says:
"The idea that Germany has any intentions of invading
England or France I believe to be entirely erroneous. The
gist of the whole matter is that the Emperor of Germany
has been busy developing an efficient people, while the governments of England and France have been engaged in other
matters. The Emperor to-day is worrying about the German educational system, while France and England are consuming their vitality worrying about war."
Germany's schools, he explains, have trained the people
to put more into life, to teach those who "have" to give up
and sacrifice and those who "have not" to acquire, whereas
the educational system of France has developed a love of
wealth, comfort and pleasure and that of England has increased the consuming powers of the people without correspondingly increasing their producing powers.
The writer had a striking example of Mr. Babson's meaning while traveling in England a couple of years ago. A fellow passenger, an official in one of the iron-workers' unions,
was discussing the relative efficiency of British and German
gunmakers. When German artisans came over from Essen,
he said, they could always find employment in English armament works, because at Essen itself more and better work
was turned out per unit of labor than in any factory in Great
Britain. Asked to assign a reason, he replied at once that
the German worked with his head while the Englishman only
used his hands.
Mr. Babson would so revolutionize the schools that all
workers would be adequately trained in the use of head, hands
and heart. In short, he would supersede "schooling" by
"education" (the leading forth of all faculties).
Under his system, the child would enter the kindergarten
as at present, and for the first few years would have his attention directed to the development of such qualities as honesty, reverence and consideration for others. At the age
of nine, he would be judged, not by his knowledge, but by
his habits, before passing into the second stage of his educational career, which would continue till he was 14. During
this period, Mr. Babson would have the instructors lay particular stress upon the development of moral courage, selfcontrol and allied traits; but he would also insist upon hard
study, hard play and hard work, "real work for which the
parents could be paid." There should, he thinks, be four
hours' study per day, two hours' work and two hours' play.
Graduation from this second period he would make dependent upon how the work was performed.
The third period should have as its purpose, he says, the
development "in the scholars of a desire and hunger for such
character and intelligence as will make them most prosperous."
Age Age Age Age Age Age Age Age Age
21.
Hours—
'
0
' 1
3 2
4 '
5 '
5 '
5 '
5 '
Compulsory study at school___
- 4 4 4 3 3 3 2 2 2
Compulsory work for wages
2 2 4 5 6
1
0 0 0
Compulsory school or work
3 3 3 4 4 5 5 6 6
Free for play, study or work
12 12 12 11 11 11 11 10 10
Sleeping and eating
In this way, Mr. Babson believes, the nation's potential
efficiency would be raised to the-highest attainable level, but
he realizes that potential efficiency and productive efficiency
are two different things, and that, as he puts it, "one of the
greatest handicaps of all classes to-day is that 90% of the
people have entered their present employment blindly and by
chance, irrespective of their fitness or opportunities. Of
course, the law of supply and demand is continually correcting these errors; but this readjusting causes most of the
world's disappointments and losses. Some day the schools
of the nation will be organized into a great reporting bureau
on employment opportunities and trade conditions, directing the youths of the nation—so far as their qualifications
warrant—into the lines of work which then offer the greatest
opportunity. Only by such a system will each worker receive the greatest income possible for himself, and also the
greatest benefit possible from the labors of all, thus continually increasing production and yet avoiding over-production
in any single line."
There is nothing very new in all this. Mr. Babson is
merely putting into fresh words an idea as old as the civilized
world; but in these days, when so much is heard of the conservation of natural resources, it is refreshing to find an economist laying such stress on the need for conserving human
energy and human happiness, for after all, national wealth
is of value only as it increases the well-being of the people who
make up that nation, and real enjoyment of material things
can come only with health—physical and intellectual;
can come only, that is, to a thoroughly efficient,self-confident, manly people, trained both to produce and enjoy,
whose faculties are developed all along the line, till work and
play become an equal pleasure.
Still, in saying this, it does not follow that one
necessarily endorses the details of the scholastic course
Mr. Babson outlines. For, while there can be no doubt that
the schools of all nations can be made vastly more valuable
by so amending the curriculum as to embrace every side of
a child's character, yet many will deny the wisdom, for example, of youthful work for wages, with its attendant
danger of the creation of "money lust." Educational progress, during the last decade especially, has been along the
general lines on which Mr. Babson insists, and if his interesting booklet hastens development along lines already established, it will have fulfilled its mission and proven the wisdom of its publication.
OPERATION OF THE NEW BANK ACT. By Thomas Conway Jr., Ph.D., and Ernest Minor Patterson, Ph.D.
Of the Wharton School of Finance and Commerce, University of Pennsylvania. 430 pages; 12mo. Cloth
bound. Published by the J. B. Lippincott Co., 227
South Sixth Street, Philadelphia. Price $2 net; postage 14c.
This is a timely book. Such questions as the following
are answered, not in general statements, but by a careful
analysis based on all of the facts now available. What are
the advantages and disadvantages to each class of national
banks in joining the system? Under what conditions is„,it
expedient for State banks and trust companies to become
members? What will be the effect upon the business of
reserve city banks? What will be the effect of the new system
upon the New York banks and upon the stock market?
What changes will the law make in the methods.,commonly
Ariz. 25 1914.1
TIIE CHRONICLE
employed by business men in financing their businesses?
What effect will the new regulations concerning the clearing
of checks and drafts have upon the profits and the methods
of the banks in handling this• business? Will it be good
business to re-discount? Courses open to national banks with
regard to their circulation. Effwt of the new reserve requirements on the savings department. Business possibilities in the opportunity to national banks to loan on farm
lands and do a trust business.
The book is not a mere repetition, codification or cross
index of the Act itself, but a critical study of its aims and of
the effect that it will have upon each class of bank in this
country and upon the business public.
1281
and his adherents the fullest recognition of the rights and
dignity of the United States". The House of Representatives
took immediate action toward sanctioning the request of
the President in the adoption on the 20th, by a vote of 337
to 37, of the following resolution:
House Joint resolution (No.
justifying the employment by the
President of the armed forces of251)
the United States in enforcing certain
demands against Victoriano Huerta:
Resolved, by the Senate and House of Representatives in
Congress assembled, that the President of the United
is justified in the employment of armed forces of the United StatesStates
to
enforce
the
demands
made
upon Victoriano Huerta for unequivocal amends to the Government of
the
United States for affronts and indignities committed against this Government by General Huerta and his representatives.
A substitute for the House resolution was offered to the
Senate by the latter's Committee on Foreign Relations, the
substitute eliminating all mention of General Huerta, and
MODERN BANKING METHODS: TELLERS AND BOOKKEEP- reading as follows:
In view of the facts presented by the President of the United States
ERS. By George 0. Bordwell. Published by The
in
address delivered to the Congress in joint
Hicks-Judd Company,51-65 First Street, San Francisco. his
on the 20th day of
April 1914, with regard to certain affronts session
and
indignities
committed
volume
octavo
of
122
Whoever takes up a thin
pages, by against the United States in Mexico, Be it
Resolved, by the Senate and House of Representatives of the
Mr. George 0. Bordwell, Chief Clerk of the First National
United
States of America,in Congress assembled, That the President
Bank of San Francisco, and notes merely the main line of the
justified in
employment of the armed forces of the United States tois enforce
Methods,"
Banking
may
the title, "Modern
think he has demand for uneluivocal amends for certain affronts and indignities his
comdiscovered a misnomer and has also made a mistake, if he is mitted against the United States; be it further
Resolved, That the United States disclaims any hostility to the Mexican
seeking a treatise on the principles of banking, as 'reduced people
or any purpose to make war upon them.
to practice under the conditions of business as it is now
The Senate remained in session until 12:30 Tuesday morncarried on. For this monograph does not even remotely ing, the
21st, without concluding its consideration of either
touch upon questions of currency, of the foundations of
finance, and of disposing of the credit facilities of a bank the substitute or an amendment thereto offered by Senator
Lodge, which would have changed the preamble to read:
among its customers, nor does it discuss theories and public
That the state of unrestrained violence and anarchy which exists in
services of banking. The complete title explains the nar- Mexico, the numerous unchecked and unpunished murders of American
rower yet important purpose: the subject treated is modern citizens and the spoliation of their property in that country, the impossibility ofsecuring protection or redress by diplomatic methods in the absence
banking methods "as applied to the tellers and bookkeepers." of lawful and effective
authority, the inability of Mexico to discharge its
Only the machinery which performs the work is the subject international obligations, the unprovoked indignities Inflicted upon the
Flag and the uniform of the United States by the armed forces in occupaconsidered; the tellers, whose number and variety in a large tion
of large parts of Mexican territory, have become intolerable,
bank is greater than the layman would imagine; the books
That the self-respect and dignity of the United States
and the duty to
and bookkeepers; the records and tally sheets and blotters; protect its citizens and its international rights require that such a course
be followed in Mexico by our Government as to compel respect and observthe exchanges, taking that word in the literal sense; the let- ance
of its rights.
ters of credit; the transfers per mail, draft and wire; the
The Lodge amendment was rejected during Tuesday's
collections, in town and from great distances; all that may be session prolonged until Wednesday morning;
it was defeated
classed as the tools of daily handling, including adding- at 2:37 a. m. Wednesday by a vote of
47 to 36. Other
machines, is treated of. The little bank where one person amendments likewise failed and at
3:25 a. m. the Senate
has several functions is dismissed with a mere mention and passed the resolution of the Foreign
Relations Committee
is distinguished from the large institutions to which the work by a vote of 72 to 13. The
House
concurred
in the Senate
refers. The purpose of the book is to exhibit proved meth- resolution on Wednesday
and it was signed by President
ods of doing a large business rapidly, with the least friction Wilson in the early afternoon of
that day.
and the fewest errors to be detected, and reducing to the
The adoption of the resolution by the Senate took place
minimum the checking of one piece of work by another, after the seizure of Vera Cruz by
the
doing this through elimination of opportunity for error. This occurred before noon on TuesdayUnited States marines.
and was done to preAccuracy and ease, which are a large part of efficiency when vent the landing at that port of a
supposed consignment of
united, are the aim. An appendix of 22 pages gives the ammunition for the Huerta Government,
carried by a
"general instructions to bookkeepers" as used in the bank German vessel. Without waiting for Congress
to act,the
author
is
the
connected.
which
with
As he remarks, "at President decided upon the occupation of the city
preliminary
first glance it would appear rather severe to require strict to the arrival of the steamer. According to
advices from
adherence to such a mass of details"; yet harmony and effi- Hamburg, Germany, yesterday (the 24th),
the Hamburgciency are doubtless promoted by written instructions, and American Line has authorized
the publication of a statement
it is perfectly certain that a well-planned method and a strict declaring that the military
supplies on board the vessel
adherence to it are prime conditions of accomplishing any (the "Ypiranga") consisted
of empty shrapnel shells and
work correctly and with the maximum of ease.
empty ammunition chests, with gun carriages for one batThe little treatise has been wrought out with care, and tery of artillery.
covers only what has been well tried. If some other instiWe print below President Wilson's message on Mexico
tution may choose to follow other modes in some minor delivered to Congress
detail, all may profit by this excellent study of how one Gentlemen of the Congress: on Monday:
important bank conducts its internal processes.
It is my duty to call your attention to a situation which has arisen in
our dealings with General Victoriano Huerta at Mexico City which calls for
THE THEORY OF DEBIT AND CREDIT IN ACCOUNTING. By action, and to ask your advice and co-operation in acting upon it. On
9th of April a Paymaster of the U. S. "Dolphin" landed at the IturRobert Gardner McClung. Morgan Mills & Co., 6 the
bide bridge landing at Tampico with a whaleboat and a boat's crew to
Beacon St., Boston. Price $1.
take off certain supplies needed by his ship, and while engaged in loadMr. McClung's little book, produced primarily for the ing the boat was arrested by an officer and squad of men of the army of
General
Huerta. Neither the Paymaster nor any one of the boat's crew was
use of "business schools," describes in simple terms the armed. Two of the
men were in the boat when the arrest took place, and
basis for the debit and credit side of a legder, with especial were obliged to leave it and submit to be taken into custody, notwithstanding
the
fact
that
the boat carried, both at her bow and at her stern.
reference to impersonal accounts, which he says really relate the flag
of the United States. The officer who made the arrest was proin each instance to a particular person—either the pro- ceeding up one of the streets of
the town with his prisoners when met
prietor, the manager or some third person. "Property ac- by an officer of higher authority, who ordered him to return to the landing
orders,
await
and
and
within
an
hour and a half from the time of the
counts," he states, might as well be called "agency" or"manarrest orders were received from
commander of the Huertista forces
agerial accounts," while such accounts as "capital," "sur- at Tampico for the release of thethe
Paymaster and his men. The release
plus," "expense" and "profit and loss" represent, not the was followed by apologies from the commander, and later by an expression of regret by General Huerta himself. General Huerta urged that
agent, but the principal or proprietor.
martial law obtained at the time at Tampico; that orders had been issued
that no one should be allowed to land at the Iturbide bridge, and that
our
sailors had no right to land there. Our naval commanders at the
THE PRESIDENT'S MESSAGE ON MEXICO AND THE
port had not been notified of any such prohibition, and, even if they had
EVENTS CONNECTED THEREWITH.
been, the only justifiable course open to the local authorities would have
The Mexican situation reached a crisis on Monday,the been to request the Paymaster and his crew to withdraw and to lodge
protest with the commanding officer of the fleet. Admiral Mayo rea
20th inst., when President Wilson,in a message personally garded
the arrest as so serious an affront that he was not satisfied with
read before Congress, asked its approval for the use of armed the apologies offered, but demanded that the flag of the United States
be
saluted
with special ceremony by the military commander of the port.
forces of the United States "in such ways and to such an
The
incident
cannot
be
regarded
as
a
trivial
one,
especially
as
two
of
the
extent as may be necessary to obtain from General Huerta men arrested were taken from the boat itself—that is say,
to
from the
1282
THE CIIRONICLE
territory of the United States; but had it stood by itself, it might have
been attributed to the ignorance or arrogance of a single officer. Unfortunately, it was not an isolated case. A series of incidents has recently
occurred which cannot but create the impression that the representatives
of General Huerta were willing to go out of their way to show disregard
for the dignity and rights of this Government, and felt perfectly safe in
doing what thoy pleased, making free to show in many ways their irritation
and contempt. A few days after the incident at Tampico an orderly from
the U. S. "Minnesota" was arrested at Vera Cruz while ashore in uniform
to obtain the ship's mail, and was for a time thrown into jail. An official
dispatch from this Government to its embassy at Mexico City was withheld by the authorities of the telegraphic service until peremptorily demanded by our Charge d'Affaires in person. So far a I can learn, such wrongs
and annoyances have been suffered to occur only against representatives of
the United States. I have heard of no complaints from other governments of similar treatment. Subsequent explanations and formal apologies did not and could not alter the popular impression, which it is possible it had been the object of the IluertIsta authorities to create, that
the Government or the United States was being singled out, and might be
singled out with impunity, for slights and affronts in retaliation for its
refusal to recognize the pretensions of General Huerta to be regarded as the
Constitutional Provisional President of the Republic of Mexico.
The manifest danger of such a situation was that such offenses might
grow from bad to worse until something happened of so grass and intolerable a sort as to lead directly and inevitably to armed conflict. It
was necessary that the apologies of General Huerta and his representatives
should go much further, that they should be such as to attract the attention of the whole population to their significance, and such as to impress
upon General Iluerta himself the necessity of seeing to it that no further
occasion for explanations and professed regrets should arise. I, therefore,
felt it my duty to sustain Admiral Mayo in the whole of his demand and
to insist that the flag of the United States should be saluted in such a way
as to indicate a new spirit and attitude on the part of the HuertLstas.
Such a salute General Huerta has refused, and I have come to ask your
approval and support in the course I now purpose to pursue.
This Government can, I earnestly hope, in no circumstances be forced
Into war with the people of Mexico. Mexico is torn by civil strife. If we
are to accept the tests of its own Constitution, it has no Government.
General Huerta has set his power up in the City of Mexico, such as it is,
without right and by methods for which there can be no justification.
Only part of the country is under his control. If armed conflict should
unhappily come as a result of his attitude of personal resentment toward this
Government, u e should be fighting only General Huerta and those who
adhere to him and give him their support, and our object would be only
to restore to the people of the distracted republic the opportunity to set
up again their own laws and their own government.
But I earnestly hope that war is not now in question. I believe that I
speak for the American people when I say that we do not desire to control in any degree the affairs of our sister republic. Our feelings for the
people of Mexico is one of deep and genuine friendship, and everything
that we have so far done or refrained from doing has proceeded from our
desire to help them, not to hinder or embarrass them. We would not
wish even to exercise the good offices of friendship without their welcome
and consent.
The people of Mexico are entitled to settle their own domestic affairs in
their own way, and we sincerely desire to respect their right. The present
situation need have none of the grave complications of interference if we
deal with it promptly,firmly, and wisely.
No doubt I could do what is necessary in the circumstances to enforce
respect for our Government without recourse to the Congress and yet not
exceed my Constitutional powers as President; but I do not wish to act
In a matter possibly of so grave consequence except in close conference
and co-operation with both the Senate and House. I therefore come to
ask your approval that I should use the armed forces of the United States
in such ways and to such an extent as may be necessary to obtain from
General Huerta and his adherents the fullest recognition of the rights and
dignity of the United States, even amid the distressing conditions now
unhappily obtaining in Mexico.
There can in what we do be no thought of aggression or of selfish aggrandizement. We seek to maintain the dignity and authority of the
United States only because we wish always to keep our groat influence
unimpaired for the uses of liberty, both in the United States and wherever
e's-e it may be employed for the benefit of mankind.
xcvm.
The American Government did not agree with that idea, but insisted
upon Rear Admiral Mayo's request, giving assurances that, according to
International practice, the salute would be returned by American cannon
after the salute to the American flag. This was not accepted by President
Huerta, who insisted upon his proposition.
Then the American Government determined that pourpariers be brought
to an end by the final decision of President Huerta within a term which
expired at 6 o'clock to-night, announcing that if by that time he had not
agreed to the salute of the American flag as requested, the affair would be
presented to the American Congress for decision.
The Mexican Government, believing that the salute in question was of
no importance unless previously and formally agreed upon by both parties,
proposed the signing of a protocol, and the Minister of Foreign Affairs
presented last night a draft of such protocol to the American Charge
d'Affaires, Nelson O'Shaughnessy.
O'Shaughnessy answered that he must consult his Government; that
he would advise the Minister of the nature of this answer, and this afternoon he communicated to the Minister the fact that his Government did
not accept the idea of a signature of any protocol whatever, but wanted an
unconditional salute of the American flag. This the Mexican Government
refused, feeling it had done all possible, in view of the friendly understanding between the two governments, and believing the acceptance
of such an imposition would be equivalent to yielding by Mexico to humiliation. The Mexican Government is confident that the civiliged world will
find its conduct has been wise and temperate; that it has observed all the
requirements of international law, and that the refusal to yield further is
Inspired only by a regard for its honor and dignity.
The draft of the protocol by Mexico, refused signature by the United
States,follows:
With a view of putting an end to the lamentable incident which occurred
on the 9th inst. at Port Tampico, caused by the detention of nine men and
one American officer; considering that such marines were immediately put
at liberty by Gen. Zarago;a, commander of Port Tampico, and that said
officer presented an apology to Rear Admiral Mayo, commander of the
American squadron in thos3 waters; that afterward, when the President of
the Republic of Mexico became advised of the facts, he expressed regret
through the Office of Foreign Relations for tho incident and ordered that
a full investigation be made to the end that the guilty might be punished
If any be found guilty; and finally that the action in question was due to
the zealousness of a subaltern, which might be regarded as excusable if it
is taken into consideration that the marines when detained had gone ashore
In uniform without permission of the military authorities,the port being
at the moment not only in a state of war but under attack by rebels, the
Charge d'Affaires of the United States and the Minister of Foreign Relations
of Mexico,acting in their official capacities, agree as follows:
First—That the Mexican Government, inspired by a desire of showing
the good-will It feels toward the people of the United States and acting in
the same manner wherein the United States has done in similar cases,
binds itself that the American flag be saluted at Tampico by twenty-one
guns from the Mexican shore batteries or a Mexican warship in those
waters.
Second—That the cannon referred to in the preceding article shall be
fired at the moment when the American flag shall be hoisted to a masthead
on the Mexican shore.
Third—That the Government of the United States binds itself to salute
the Mexican flag immediately following the salute by the Mexicans to the
American flag, with twenty-ono guns of the man-of-war Dolphin,or of
any other battleship at anchor in those waters.
Fourth—The guns to which the preceding articles refer shall be fired at
the moment when the Mexican flag shall be hoisted to the top of a mast
of the aforesaid man-of-war or of any other warship in those waters, and
to this end both contracting parties attach their signature.
In seeking to assure foreigners in Mexico of their safety
Gen. Huerta in an announcement to the Associated Press on
the 20th inst. said:
Gen. Huerta offers all guaranties to foreigners, Americans Included,
who may remain in Mexico, and he will improve this opportunity to show
the world that his Government and Mexico are moral and civilised.
I desire to make it plain to the American people that, according to the
official report from the commander at Pcrt Tampico, received by the Mexican Government, there was no flag in the boat which landed, and whose
crew was detained. I fear that President Wilson has been misinformed on
this point, and that he will inform the American Congress that the boa
carried the flag.
In fact, the American flag has nothing to do with the case, and I desire
the American people fully to understand this.
A statement setting out the position of the Huerta, Government was issued at Mexico City on Sunday night,and
appeared on Monday on the same date as President Wilson's
Principal among Wednesday's developments in the
message, by Senor Portillo y Rojas, Minister of Foreign Mexican
imbroglio included the delivery to Nelson O'ShaughAffairs. This statement, as given in the "Times," we print nessy,
the American Charge d'Affairs at Mexico, of his passherewith:
ports, and the request by General Venustiano Carranza, the
On the 9th of the present month, between 11 and noon, a boat without
Constitutionalist Governor of the State of Coahuila and' First
an American flag and with nine marines and one officer landed at a point
Army, for the withdrawal of
called the beach of Iturbide in Tampico. Col, Raymond Hinojosa, who Chief" of the Constitutionalist
has charge of defending that point, detained the marines and officer and con- the American forces. On Thursday, A. Algara R. de
ducted them to the presence of the General who had command of the fort,
Terreros, Charge d'Affaires of Mexico, was recalled. GenIgnacio Morelos Zaragoza. It should be remembered that at this time the
addressed to G. C. Carothers,
port not only was under military control, but was withstanding an attack eral Carranza, in his message
by rebels.
former American consular agent at Torreon, who is with
Gen. Zaragoza immediately and without oven investigating the case
Carranza, at Chihuahua, declares the invasion of Mexican terput the marines and the officer at liberty, placed Hinojosa in prison, and
sent an apology to Rear Admiral Mayo, the commander of the American ritory by the United States and the landing of American forces
fleet.
in the Port of Vera Cruz to be "a violation of the rights that
We thought the incident was closed, but unfortunately this was not so,
existence as a free and independent sovereignty
because Mayo sent to him some time afterward an ultimatum wherein he constitute our
asked that a second apology be presented to him by the staff of the chief and will drag us into an unequal war which until to-day we
of the fort, Gen. Zaragota; that the American flag be hoisted at a public desired to avoid." In full Gen. Carranza says:
place in Tampico and saluted by twenty-one guns, and, besides the severe
exsic
ay
sM
:o, April 22.
all this be
rorl
done within twentypunishment of Hinojosa, stipulating that
four hours.
The time was later extended when diplomatic pourparlers were begun
between the Sub-Secretary of Foreign Affairs in Mexico, the Minister
being absent at that date, and continued until now.
The President of Mexico, when informed of the case, ordered another
Investigation of the facts and the punishment of the guilty officer if it
were proved he was blameworthy. He also authorized the Minister of
Foreign Affairs to express regret on account of the incident. When he became aware that the American Government supported the request of
Rear Admiral Mayo relative to a salute of the American flag,which had
not been insulted, he proposed to show his good-will toward the American
people, though he did not think that such a request was just, proposing that
the flags of the two nations be hoisted and saluted reciprocally And simultaneously.
fCam
answered Stattoestheeonmstessatl
ToInUnit
:
of State Bryan, which was
message of Mr. Secretary
you, please transmit to the said Mr. Bryan
through
communicated to me
the following note addressed to Mr. President Wilson :
Awaiting the action of the American Senate on Your Excellency's message directed to said body, caused by the lamentable incident which
occurred between a crow in a whale boat of the cruiser "Dolphin" and the
soldiers of the usurper Huerta, certain acts of hostility have been executed
by the naval forces under command of Admiral Fletcher at the port of Vera
Cruz, and in face of this violation of national sovoreignity which the
Constitutionalist Government did not expect from a Government that
had reiterated its desire to maintain peace with the Mexican people, It
comply with the duty of elevated patriotism in directing this note to you
with a view to exhausting all honorable means before two friendly nations
sever the pacific relations that still unite them.
APE. 25 1914.)
THE CHRONICLE
1283
And the Mexican Nation, the real people of Mexico,have not recognized
as its Executive a man who had pretended to launch a blemish on its national THE NEW STATE BANKING LAW AS APPLIED TO
integrity, drowning in blood its free institutions. Consequently, the acts
PRIVATE BANKERS AND SAVINGS BANKS.
of the usurper Huerta and his accomplices do not signify legitimate acts
Important legislation affecting private bankers is embodied
of sovereignity; they do not constitute real public functions of interior
and exterior relations, and much less do they represent the sentiments in the newly-enacted bill codifying the
banking laws of New
of the Mexican Nation, which are of co-fraternity toward the American
York State, which, as noted last week, was signed by Gov.
people. The lack of representative character of General Victoriano
Huerta, as concerning the relations of Mexico with the United States, as Glynn on the 16th inst. Below we give some of the essenwith the Argentine Republic, Chile, Brazil and Cuba, had been clearly tial provisions of the private
banking regulations, indicating
established with justifiable attitude of these nations, who have refused to
recognize the usurper, in this way lending a valuable moral support to the those to whom it is intended to apply, the exemptions, the
reserve requirements of those governed by the provisions,
noble cause I represent.
The usurped title of the President of the Republic cannot invest General &c.:
Huerta with the right to receive a demand for reparation on the part of the
SEC. 150.—Scope of Article.—The provisions of this article, except as
United States, nor the right to grant a satisfaction as due.
hereinafter further limited, shall apply to every private banker engaged in
Victoriano Huerta is a culprit who is amenable to the Constitutionalist the business of private banking in any city
of the State.
Government, to-day the only one under the abnormal circumstances of
1. Who makes use of any office sign bearing thereon the word "bank,'
our nation, which represents the national sovereignity in accord with "banker," "banking," or any derivative
or compound of the word "bank,"
Article 128 of the Political Constitution of Mexico.
or any words in a foreign language having the same or similar meanings,
The illegal acts committed by the usurper Huerta and his partisans and or who makes use of any exterior sign
bearing thereon any such word or
those which they may yet perpetrate, be they of an international character, words or any words whatever
to indicate to the general public that such
as those which recently occurred at the port of Tampico, or of a domestic person is engaged in the business
of a private banker; or
character, shall be tried and punished with inflexibility and promptness
2. Who pays or credits interest, or pays, credits or gives any bonus
or
by the tribunals of the Constitutionalist Government.
gratuity or anything of value, except on certificates of deposit actually
Tho individual acts of Victoriano Huerta never will be sufficient to involve outstanding at the time this
Act takes effect, to any depositor on a deposit
the Mexican Nation in a disastrous war with the United States, because balance of (a) less than five
hundred dollars, if such private banker is enthere is no solidarity whatsoever between the so-called Government of gaged in business in a city of the
first class, or (b) less than three hundred
Victoriano Huerta and the Mexican Nation, for the fundamental reason dollars, if such private banker is
engaged in business in a city of the second
that he is not the legitimate organ of our national sovereignty.
class, or (c) less than two hundred dollars, if such private banker
is engaged
Moreover, the invasion of our territory and the permancy of your forces in business in a city of the third class; or
in the Port of Vera Cruz are a violation of the rights that constitute our
3. Who receives money on deposit for safekeeping or for
transmission
existence as a free and independent sovereignty and will drag us into an to others or for any other purpose in such
sums that the average of the sepaunequal war with the dignity but which until to-day we desired to avoid.
rate deposits so received by such private banker
In the face of the real situation through which Mexico traverses weak, ing any twelve successive months, or for such since April 1 1914, or durperiod, if less than twelve
more so than ever after three years of bloody strife, and compared with months, that such private banker
has been engaged in such business. exthe formidable power of the American nation, and considering the acts clusive of dividend checks, coupons or
other small collection items collected
committed at Vera Cruz as acts highly offensive to the dignity and indeby such private banker for customers in the ordinary course of business, Is
pendence of Mexico and contrary to your reiterated declarations of not
(a) less than five hundred dollars, if such private banker is engaged in such
desiring to sever the state of peace and friendship with the Mexican Nation,
business in a city of the first class having a population of over one million,
and in contradiction also with the resolution of the American Senate which
or (b) less than throe hundred dollars, if engaged in business in any other
has just declared that the United States does not assume against the
city of the first class, or (c) less than two hundred dollars, if engaged in busiMexican people, neither do they propose to levy war against it; conness in any city of the second class, or (d) less than one hundred dollars, if
sidering also that the hostile acts already accomplished exceed those
engaged in such business in any city of the third class.
exacted by equity for the desired end, which may be considered as satisfied,
SEC. 155.—Segregation of investments of capital and deposits o private
It not being, on the other part, the usurper, who in all cases should have
banker; title to be taken in descriptive name.—All securities, property and
the right to constitute a reparation, linter pret the sentiment of a great
the evidences of title thereto. in which the permanent capital of and the
majority of the Mexican people, which is so jealous of its rights and redeposits with any such private banker have been invested shall be segrespectful of foreign rights.
gated and kept separate and apart from all other property and assets of such
I invite you solely to suspend the hostile acts already initiated, ordering private
banker.
your forces to evacuate all places which they hold in their power in the
All deeds, mortgages, assignments and contracts and agreements report of Vera Cruz and to formulate before the Constitutionalist Govern- ceived, taken, or
entered into by any such private bank r, in connection
ment, which I represent as Constitutionalist Governor of the State of with such banking business,
shall be rec ived, taken or entered into in the
Coahuila and First Chief of the Constitutionalist army, the demand on
name of uch private banker with the addition of the descriptive name
the part of the United States for the acts which originated at the port of • "private
banker" or "private bankers."
Tampico, in the security that the demand will be considered in a spirit
SEC 160.—Conditions en Wing pri ate banker to certain exemptions and
of elevated justice and conciliation.
extent
of
such
ex riptions.—Any such private banker who has claimed the
The Constitutionalist Governor of the State of Coahuila and First Chief
right in his verified certificate to engage in business under the provisions
of the Constitutionalist Army,
of this section, and any such private banker authorized by the SuperintendV. CARRANZA.
ent to engage in such business, may submit to the Superintendent an
The above message was sent in answer to one received affidavit executed in duplicate and verified in the same manner as such
upon a form to be furnished by tha Superintendent containing
through Mr. Carothers by General Carranza from Secretary acertificate,
statement as follows:
of State Bryan in which the latter said:
1. If such private banker is engaged in business as a private banker in
Please see General Carranza and make known to him the President's a city of the third class that such private banker has permanently invested
position. The President does not desire any resolution that could be in this State in his banking business immediately preceding the date of such
construed as authorizing him to engage in war. All he asks and all that affidavit a capital of at least twenty-five thousand dollars over and above
would be given is a resolution declaring that he is justified in using the all his liabilities as such private banker; or
2. If Such private banker is engaged in business as a private banker in a
armed forces to compel redress of specific indignity. He has been careful
to distinguish between General Huerta and his supporters on the one side city of the second class, that such private banker has permanently invested
in
this State in his banking bus ness immediately preceding the date of such
and the rest of the Mexican people on the other side.
He has reiterated his friendship for the Mexican people and his desire for affidavit, a capital of fifty thousand dollars over and above all his liabilities
them to establish for themselves a constitutional government. The taking as such private banker; or
3. If such private banker is engaged in business as a private banker in a
of the custom house at Vera Cruz was made necessary by Huerta's refusal
to make proper reparation for the arrest of American sailors. The Con- city of the first class:
(a) That such private banker has permanently invested in this State in
stitutionalists are reported in the newspapers as standing aloof from the
controversy. This is a very proper attitude and we hope that they will his banking business a capital of at least one hundred thousand dollars
over and above all his liabilities as such private banker, if such banker is
not misunderstand the President's position or misconstrue his acts.
engaged in business in such a city with a population of over one million; and
at leas seventy-five thousand dollars over and above all such liabilities,
if
The Volunteer Army Bill, designed to put war volunteer such banker is engaged in business in any other such city.
(b) That such applicant will not pay or credit or advertise to pay or
forces on an equal footing with the regular army, was passed credit any interest or pay, credit or give any bonus or gratuity
whatever
by the Senate on the 20th inst. without debate. The bill or anything of value to any depositor on a deposit balance with such
private
had passed the House on Dec. 3 last. Some differences be- banker of less than five hund ed dollars, if such applicant is engaged in
business in such a city with a population of over one million, or less than
tween the two made the legislation the subject of conference three hundred dollars, if engaged in business in any other
such city.
and the conference bill as agreed to by the conferees on the
(c) That the average of the separate deposits received by such private
23d was passed yesterday by the House and Senate. It is banker, since April first, nineteen hundred and fourteen, or during the
twelve months immediately
the date of such affidavit, for safereported that the radical changes in existing law made by the keeping, for transmission, orpreceding
for any o her purpose, exclusive of dividend
bill are that it changes the period of volunteer enlistment checks, coupons or other small collec ion items collected by such private
banker for customers in the ordinary course of business, is three hundred
from two years to a period equal to the enlistment of regulars dollars
or more, if such applicant is engaged
business in such a city with
(three years); that it provides for the appointment of regi- a population of over a million or two hundredindollars
or more if engaged in
mental and company officers by the President instead of by business in any other such city.
however, tha subdivisions b and c of this section shall not apply
the Governors of the several States and Territories, and that toProvided,
certificates of deposit actually outstanding at the time this Act takes
it increases the number of regular officers to be assigned to effect.
After the date upon which the Superintendent has accepted and filed in
the raw troops. It is furthermore stated that except for the
his office such affidavit of any private banker, and until the first day of
fact that the volunteer army would be disbanded immediately January
next succeeding, the subsequent sections of this article
not
by Presidential action at the close of hostilities which led apply to such private banker, but such banker shall be subject toshall
the proto its organization, there would be little difference between visions of the sections of Article 2 of this chapter applicable to such private
it and the regular standing army. The bill carries a total bankers.
Every private banker who has submitted an affidavit which has been
appropriation of approximately $100,000,000.
duly accepted and filed by the Superintendent, and who seeks to continue
A resolution appropriating $500,000 for use in transporting or to engage in business as a private banker under the provisions of this section after the first day of January succeeding such filing by the SuperinAmerican citizens from Mexico to the United States was tendent,
shall submit to the Superintendent during the month of
passed by the House on Wednesday and by the Senate on preceding such first day of January and annually thereafter duringNovember
the same
an
month,
affidavit containing a statement as above specified, verified as of
Thursday. It was passed in response to a request made by
a date within such month. In the event of the failure of such private
the President in a message to Congress on the 22nd.
banker so to do, or of the refusal of the Superintendent to accept and file
1284
THE CHRONICLE
aid affidavit, such private banker shall cease to transact business as a
Private banker until the Superintendent shall have issued to him and filed
in his office an authorization certificate as required by this article.
SEC. 166.—Reserves against deposits of private bankers amenable to he law.
Every such private banker shall maintain total reserves against his aggregate demand deposits, as follows:
1. Fifteen per centum of such deposits if such private banker is engaged
in business as a private banker in a city of the first class.
2. Ten per centum of such deposits if such private banker is engaged in
business as a private banker in any other city.
At least one-tenth of such total reserves shall consist of reserves on hand
and the remainder thereof shall consist of reserves on deposit subject to
call in any State bank, national banking association or trust company.
If any such private banker shall fail to maintain his total reserves in the
manner required by this section, he shall be liable for, and shall pay, the
assessment or assessments provided for in Sec. 30 of this chapter.
SEC. 170.—Reports required by Superintendent; penalty for failure to make.
Within ten days after service upon him of the notice provided for by Section
42 of this article, every such private banker shall make a written report to
the Superintendent of Banks, which report shall be in the form and shall
contain the matters prescribed by the Superintendent and shall specifically
state the items of permanent capital, deposits, specie and cash items,
public securities and private securities, real estate and real securities and
such other items as may be necessary to inform the public as to his financial
condition and solvency or which the Superintendent may deem proper to
include therein, and shall also state the amount of deposits with him,
the payment of which in case of insolvency is preferred by law or otherwise
over other depositors. It shall state in detail the particular assets in which
the permanent capital of such private banker is invested. Every such
report shall be verified by the oath of such private banker and of each member of a partnership or an unincorporated association of private bankers
to the effect that the report is true and correct in all respects to the best
of the knowledge and belief of such banker or bankers and that the usual
business of such banker has been transacted at the location stated in the
certificate required by Section 151 of this article, and not elsewhere. In
case of the disability or unavoidable absence of a member of a partnership
or unincorporated association, such report may be verified by the other
members; but the verification shall contain a statement of the reason for
the failure of any member to sign and verify such report. After the 31st
day of December 1918, every such report shall within thirty days after
it shall have been filed with the Superintendent be published by such
private banker in one newspaper of the place where such private banker
Is engaged in business, or if no newspaper is published there, in the newspaper published nearest to such place.
Every such private banker shall also make such other special reports to
the Superintendent as he may from time to time require in such form and
on such dates as may be prescribed by the Superintendent, which reports
shall, if required by the Superintendent, be verified in such form as he
may prescribe.
If any such private banker shall fail to make any report required by this
section on or before the date designated for the making thereof or shall
fail to include therein any matter required by thejSuperintendent, such
private banker shall forfeit to the people of the State the sum of one hundred dollars for every day that such report shall be delayed or withheld
and for every day that it shall fail to report any such omitted matter, unless
the Superintendent, as pro‘
the time therefor shall have been extended by
vided by Section 49 of this chapter.
SEC. 172.—Violations of this article prohibited; penalty imposed.—No individual, partnership or unincorporated.iassociation to which this chapter
is applicable shall, after the thirty-first day of July, nineteen hundred and
fourteen, engage in or continue in business in any city as a private banker
unless the Superintendent of Banks shall have issued an authorization
certificate to him or them and shall have filed such certificate in his office,
or shall have accepted and filed in his office the affidavit submitted by such
private banker or bankers under the provisions of Section 160 of this article.
Any individual, partnership or unincorporated association violating the
provisions of this section shall forfeit to the people of the State the sum of
two hundred dollars for every day agfter the aforesaid date that such
individual, partnership or unincorporated association shall engage in or
o ontinue in business as such private banker or bankers.
Section 30, referred to in Section 166 above, reads as
follows:
SEC. 30.—Assessments for encroachments on reserves against deposits.
If any bank, trust company or private or individual banker to which this
chapter is applicable shall not maintain the total reserves required by this
chapter, the Superintendent shall levy an assessment upon it during such
period as any encroachment upon its total reserves amounting to 1% or
more of its aggregate demand deposits shall continue,at the following rates:
1. At the rate of 6% per annum upon any such encroachment not exceeding 2% of such deposits.
2. At the rate of 8% per annum upon any additional encroachment in
excess of 2% and not exceeding 3% of such deposits.
3. At the rate of 10% per annum upon any additional encroachment in
excess of 3% and not exceeding 4% of such deposits.
4. At the rate of 12% per annum upon any additional encroachment
thereon.
Equally important are the features of the new law which
deal with the creation and maiiatainence of a guaranty fund
by savings banks of the State. The guaranty fund requirements serve to make more stringent the already rigid regulations affecting this class of institutions in the Empire State.
Below we print the principal sections of the law governing
the guaranty fund.
SEC. 234.—Initial Guaranty Fund; Agreement of Incorporators to contribute; Bond.—Before any savings bank hereafter organized shall be authorized to do business in this State, Its incorporators shall create a guaranty
fund for the protection of its depositors against losses upon its investments,
whether arising from depreciation in the market value of its securities or
otherwise.
1. Such guaranty fund shall consist of payments in cash made by the
original incorporators and of sums credited thereto from the earnings of
the savings bank, as hereinafter required.
2. The incorporators shall deposit to the credit of such savings bank
In cash as an initial guaranty fund at least five thousand dollars. They
shall also enter into such agreement or undertaking with the Superintendent
of Banks, as trustee, for the depositors with the savings bank as he may
require, to make such further contributions In cash to the guaranty fund of
such savings bank as may be necessary to maintain the solvency of the
savings bank and to render it safe for It to continue business. Such agreement or undertaking to an amount approved by the Superintendent of
Banks shall be secured by a surety bond executed by a domestic or foreign
corporation authorized by the Superintendent of Insurance to transact
within this State the business of surety, and shall be filed in the banking
[VOL. xcvm.
Departmentl[Suchiagreement or undertaking and such surety bond need
not be made or furnished unless the Superintendent of Banks shall require
3.same.
the
Prior to the liquidation of any such savings bank, such guaranty
fund shall not be in any manner encroached upon,except for losses and the
repayment of contributions made by incorporators or trustees as hereinafter
provided, until it exceeds twenty-five per centum of the amount due
depositors.
The amounts contributed to such guaranty fund by the incorporators
or trustees shall not constitute a liability of the savings bank, except as
hereinafter provided, and any losses sustained by the savings bank in
excess of that portion of the guaranty fund created from earnings may be
charged against such contributions pro rata.
SEC.235.—Expense Fund; Agreement of Incorporators to Contribute; Bond.
—Before any savings bank hereafter organized shall be authorized to do
business in this State, its incorporators shall create an expense fund from
which the expense of organizing such savings bank and its operating expenses may be paid until such time as its earnings are sufficient to pay its
operating expenses in addition to such dividends as may be declared and
credited to its depositors from its earnings.
The incorporators shall deposit to the credit of such savings bank in
cash as an expense fund the sum of five thousand dollars. They shall also
enter into such an agreement or undertaking with the Superintendent of
Banks, as trustee for the depositors, with the savings bank as she may
require, to make such further contributions in cash to the expense fund of
such savings bank as may be necessary to pay its operating expenses until
such time as it can pay them from its earnings in addition to such dividends
as may be declared and credited to its depositors. Such agreement or
undertaking, to an amount approved by the Superintendent of Banks,shall
be secured by a surety bond executed by a domestic or foreign corporation
authorized by the Superintendent of Insurance to transact within this State
the business of surety, and shall be filed in the Banking Department.
Such agreement or undertaking and such surety bond need not be made or
furnished unless the Superintendent of Banks shall require the same.
The amounts contributed to the expense fund of such savings bank by
the incorporators or trustees shall not constitute a liability of such savings
bank, except as hereinafter provided.
SEC.236.—Return of Initial Guaranty Fund and Expense Fund.-1. Contributions made by the incorporators or trustees to the expense fund may
be repaid pro rata to the contributors from that portion of the guaranty
fund created from earnings, whenever such payments will not reduce the
guaranty fund below five per centum of the total amount duo depositors.
In case of the liquidation of the savings bank before such contributions to
the expense fund have been repaid, any contributions to the expense fund
remaining unexpended after the payment of the expenses of liquidation may
be repaid to the contributors pro rata.
2. Whenever the contributions of the incorporators or trustees to the
expense fund of such savings bank have been returned to them, the contributions made to the guaranty fund by incorporators or trustees may be
returned to them pro rata from that portion of the guaranty fund created
from the earnings of the savings bank, provided that such re-payments will
not reduce the earned portion of the guaranty fund of such savings bank below five per centum of the amount due depositors. In case of the liquidation
fund have been
of the savings bank before such contributions to the guaranty
repaid, any portion of such contributions not needed for the payment of
and the refull
the expenses of liquidation and the payment of depositors in
payment of contributions to the expense fund may be repaid to the contributors pro rata.
SEC. 252.—Guaranty Fund.—The surplus of every savings bank at the
time this Act takes effect, the contributions of its incorporators or trustees
under the provisions of Sec.234 of this Article,and the sums credited thereto
from its net earnings under the provisions of Sec. 255 of this article, shall
constitute a guaranty fund for the security of its depositors and shall be
held to meet any contingency or loss in its business from depreciation o
its securities or otherwise, and for no other purpose except as provided in
Sec. 236 and sub-division 5 of Sec. 256 of this article.
SEC. 253.—Amount of guaranty fund; how determined. 1. To determine
the amount of theguaranty fund of a savings bank its total liabilities duo
and accrued, its undivided profits and its net earnings since the last declaration of dividends shall be subtracted from its total assets. The value of
its assets for the purpose of this calculation shall be stated as follows:
(a) Its interest-bearing stocks, bonds, or other obligations shall not be
valued above the estimated market value thereof as last determined by
the Superintendent of Banks.
(b) The value of its real estate shall not in any event be estimated above
cost, and if such real estate has been acquired by foreclosure, judgment or
decree, the value of such real estate so acquired shall not be estimated
above its actual cash value as determined by written appraisal signed by
filed with it.
at least three trustees of such savings bank and
disallowed by the Super(c) Such assets shall be excluded as have been
owing to it which
intendent of Banks or its trustees, and also any debts
upon which no interest
and
prosecution
shall have remained due without
which a judgment has
shall have been paid for more than one year, or on
for more than two
been recovered which shall have remained unsatisfied
by such savings
application
upon
years, unless the Superintendent of Banks,
be carried as an
may]
debts
such
which
at
bank,shall have fixed a valuation
mortgage upon real estate,
asset, or unless such debts aro secured by first
cash
value of such
actual
in which latter case they may be carried at the
signed by at least three
real estate as determined by written appraisal
trustees of such savings bank and filed with it.
savings bank at the close of
2. The amount of the guaranty fund of a
adding to the guaranty fund at
any dividend period may be determined by
the estimated market value
in
appreciation
the beginning of such period any
thereof by the Superintendent
of its securities resulting from a re-valuation
previously charged to it, and any
of Banks, the sums recovered on items
on account of assets
amounts allowed by the Superintendent of Banks
deducting therefrom all losses
and
it,
to
previously disallowed and charged
sustained by the savings bank during such period. In the computation of
losses all items shall be included which have been disallowed by its board
of trustees or by the Superintendent of Banks, together with any depreciation in the value of its securities below their estimated market value
as last fixed by the Superintendent of Banks, and all debts owing to it
upon which no interest shall have been paid for one year or on which
judgment has been recovered which shall have remained unsatisfied for two
years, unless the Superintendent of Banks, upon the application of the savings bank,shall have fixed a value at which such debts may be allowed or
unless such debts are secured by first mortgage upon real estate, in either
the value
of which events only the amount by which such debts exceed
allowed by the Superintendent of Banks or the cash value of the real estate
securing them as determined by written appraisal signed by at least three
trustees of such savings bank and filed with it, need be so deducted.
SEC. 255.—Deductions from net earnings for guaranty fund.—If at the
close of any dividend period the guaranty fund of any savings bank be
less than 10 per centum of the amount due to depositors, there shall be de-
APR. 25 19144
TIIE CHRONICLE
ducted from its net earnings for such period and credited to its guaranty
fund 5 per centum of its net earnings during the year 1914; 6 per centum
during tile year 1915; 7 per centum during the year 1916; 8 per centum during the year 1917; 9.per centum during the year 1918; 10 per centum during
the year 1919, and 10 per centum during any year thereafter in which a
dividend shall be declared or so much of said percentages as will not compel
It to reduce its dividend to depositors below the rate of 3% per cen tn.» :
annum. The amount of net earnings remaining after such
the guaranty fund and its undivided profits shall be available for the
declaration of dividends for such period.
While the trustees of a savings bank are paying its expenses or any portion thereof, the amounts to be credited to its guaranty fund shall be computed at the same percentages upon the total dividends credited to its depositors instead of upon its net earnings.
Another new feature of the New York banking law is the
incorporation of a provision which permits the pensioning
of savings bank employees after thirty years of service. A
bill embodying legislation of this sort was passed last year,
but was vetoed by Gov. Sulzer, who, while he characterized
its object as commendable, deemed it improper, without the
authorization of the depositors, to use their money for such
a purpose. Ho suggested that if there were sufficient employees in the savings banks of the State interested in establishing a pension fund, that the insurance laws of the State
would permit them to organize as a membership association
and by mutual contribution to accomplish the purpose sought
in the bill. The provision governing pensions under the new
law reads as follows:
SEC. 271.—Pensions.---A savings bank may, In the discretion of its
board of trustees, retire any officer, clerk or other employee who shall have
served the bank for a period of thirty years or more,or who shall have served
the bank for a period of twenty years or more, and shall have become
physically or mentally incapacitated for his position, or who shall have
served the bank for a period of twenty years or more and shall have attained
the age of sixty years. Any person retired from service pursuant to this
section may be paid in equal monthly installments at the rate of not exceeding two per cent= of his average annual salary for the three years immediately preceding his retirement, for each year of service in the bank, but
the maximum annual amount paid shall in no case exceed sixty per centum
of such average annual salary.
DIFFERING PLANS REGARDING RURAL CREDIT
LEGISLATION.
A resolution in which Congress is asked to use great caution in enacting rural credit legislation was adopted on the
17th inst. at the Second Annual Conference in Chicago on
Marketing and Farm Credits. According to the Chicago
"Record-Herald," the conference in its resolution expressed
the fear that the legislative relief planned may be frustrated at
the start by a law which protects neither the borrower nor the
lender. The conference also called upon Congress to modify
the Sherman Law to the end that reasonable and proper
protection and regulation be extended to co-operative farm
organizations, its declarations in this respect being as follows:
Whereas the Sherman Act as it is now construed is a serious menace to
prograss of organization and confederation, and whereas the farmers and
the other co-operative organizations do not wish to be law-breakers, neither
do they wish for special exemptions of any kind; and whereas they wish
legislation which will not hinder or forbid such legitimate organization and
which will prevent unfair practices by all organizations as well as protect
such organizations from unfair discrimination and practices directed by
great or small combinations of dealers; therefore, be it
Resolved, That this conference hereby demand from Congress legislation
which will properly modify the existing Sherman law to the end that this
proper and reasonable protection and regulation be extended]to co-operative
organizations, whether they be of consumers or producers, and to the end
that such organization be fully protected and encouraged thereby.
A rural credit bill embodying the views of the Administration is expected to be offered shortly following the conclusion
of the joint hearings on the subject which have been held before the sub-committees of the Committees on Banking and
Currency of the Senate and House. A bill for land mortgage
banks was introduced in January by Senator Fletcher and
Congressman Moss, both of whom were members of the
American Commission on Agricultural Co-operation and
the United States Commission, which latter was appointed
by the President and authorized by an Act approved March 4
1913, "to investigate and study in European countries cooperative land mortgage banks, co-operative rural credit
unions and similar organizations and institutions devoting
their attention to the promotion of agriculture and the betterment of rural conditions." The seven members comprising the United States Commission were all members of the
American Commission, which was made up of sixty-eight
members, the remaining sixty-one representing the various
States and Canada. The American Commission was divided in its views,and minority and majority reports in the
matter were presented. A distinct difference between the
bill introduced by Senator Fletcher for land mortgage banks
and the kind recommended by the minority of the American
Commission lies in the fact that the minority purposes to
mobilize and concentrate the credits of the unit land mortgage banks somewhat after the plan of the Federal Reserve
banks. Under the provisions of the Fletcher bill any ten
persons can organize a separate and independent bank with
1285
a mimimum capital of $10,000, with a fixed ratio between
that capital and the volume of land bank bonds which the
bank may issue, and with an area of operation as wide as
the State in which they are organized. In offering the bill the
United States Commission stated that one of the great questions which confronted it was as to whether it should recommend a central bank, which alone should issue land bank
bonds based on mortgages guaranteed by local institutions
and forwarded to the central bank. It was urged that a
single bank of issue having a large capital and alone emitting
land bank bonds would create a confidence in the investing
public which would tend to improve the market for mortgage
loans, which would standardize the farm bond as an invest-.
ment, and which would in many ways redound to the interest of the farmer. The Commission also said:
The plan of creating a number of small banks, limited in their operations
to subdivisions of the State, controlled and operated by local people,
paying restricted dividends and ultimately becoming mutualized, was
worked out in detail and carefully considered. The plan of having these
institutions guarantee the mortgage loans made in the community and of
forwarding them through a State institution owned by these small local
institutions (and which in turn would guarantee such mortgages) up to a
national institution which alone should issue land bank bonds, was fully
considered. The advantages and disadvantages of such a plan were
thought to be worthy of such serious consideration that a bill outlining this
method and providing for every detail of the operation of such banks in
connection with mortgage credit was drawn up and fully discussed.
But after a most careful consideration of this suggested plan the Commission was convinced that this was not the best system. Recognizing the
public sentiment which seems to exist against a central institution in any
banking proposition, and yet feeling that the matter merited the fullest
consideration on its merits, the Commission gave to it the most careful'
study. As a result it became convinced that the system outlined in the.
bill which it had formulated possessed advantages which a central bank
would not possess and encouraged competitive banking to an extent that
would not be possible under a bill providing for a central institution. As
against the central bank idea,the bill suggested by the Commission affords
competitive banking. It is based to a large extent on the plan of our
national banking system, changed as the Commission deemed wise to overcome the difficulties which had heretofore been shown to attach to the'
national banking plan.
A full consideration of the many phases of the problem.
convinced the Commission that the proper method of meeting the various conditions was to authorize competitive
banking and to permit a given number of men in any state
to organize a banking institution with power to act within
that State and subject to Federal control—mainly in the
way of supervision and an enforcement of regulations—so
as to prevent the misuse of the powers granted.
On the other hand,in submitting its suggestions the minority report held that "no small local unit institution could
have sufficient strength to place its securities in the market
so as to command the best rates of interest, if indeed it could
find any market at all for its securities." It therefore "proposed to federate a considerable number of such locals in a
given State by organizing a central body in some commercial
centre of their State. This is to be done somewhat similar
to the plan of federating the short-term credit societies
throughout Europe in that these locals are to own and control the central and not the central to own and control the
locals. In the latter case the control and management
would be taken out of the hands of the farming communities
and put into the hands of the city financiers, whereas in the
plan proposed the rural communities would retain control,
so as to insure against exploitation at the hands of outside
interests."
The report of the minority was dilated upon at the hearings before the sub-committees at Washington on March 10
by Gordon Jones, President of the United States National
Bank of Denver, a member of the American Commission
and the only banker joining in the minority report. Mr.
Jones incidentally pointed out at the hearing that he believed
that he was the first banker who suggested, in considering the
revision of our banking laws, the idea of regional banks.
In arguing at that time against a central bank, Mr. Jones
stated that he would prefer a chain of reservoirs, that, instead of providing one big central "reservoir," the country be
divided into districts so that each district could have its own
"reservoir." As indicating the bearing which this had on
his idea as to land mortgage banks, he said:
In that, you will see, was advanced the identical idea that is suggested at
this time in the establishment of land mortgage banks under our mincrity
plan. Now, the Fletcher-Moss bill has built up a vast number of little
units. Every community which can raise $10,000 can have its own little
land mortgage bank. We should ask ourselves: "Would it be wiso to subdivide the country into such a largo number of units, without some plan of
mobilization?" After years of experience, it has been found necessary to
mobilize the credits of our unit commercial banks to provide strength to
the system. Should we not profit by that experience? Why establish a
lot of units without the ability to give the best service? The minority report of the American Commission, therefore, Mr. Chairman, while accepting of the unit bank idea, would federate those units and not leave them to
struggle alone. We would provide State centrals,serving in somewhat similar capacity as the regional reserve banks are to do toward the commercial
banks. * * *
1286
THE CHRONICLE
[Vox,. xcvn
Now, the statement has been made here by both Mr. Moss and Dr. there must be no prior lien; property must be located in the same Federal
Coulter that competition is what you want. And I will say to you that no reserve district as the bank making the loan; the amount of the loan must
bank outside of the federation could compete with the banks in the federa- not exceed 50% of the actual value of the property upon which it is secured;
tion. I am firm in my opinion that federated banks would reach a broader the loan must not be for a period of longer than five years; the total of such
and better market,from my own experience in my own State. Located as loans by any bank must not exceed one-third of its time deposits, and must
I am in the financial centre of the State, I realize that if the farmers under- in no case exceed one-fourth of the capital and surplus of the bank.
In order that the examiner may readily classify real estate loans held by
take to organize little rural banks, scattered throughout the State, with
$10,000 capital here and $15,000 capital there, they can not come into Den- a bank at the date of his examination, a statement signed by the officers,
ver and sell their securities upon any basis that would be of any benefit to making the loan, and having knowledge of the facts upon which it is based,
the borrower. I doubt if they could be sold at all. They would not be must be attached to each note, certifying in detail, as of the date of the loan,
that the requirements of law have been duly reserved.
known in the cities; they would not be known to the investors.
But bring the securities of a federation of banks throughout the entire
That the bankers of Northern New Jersey will be obliged
State, 10,25,50 or 100,or whatever the number may be;let it be known that to await the appointment of the Federal
Reserve Board bethey are federated and a proportion from each is behind a land-mortgage
bond issue, and in Denver is the centralized federation; and especially fore proceeding further in their opposition to being included
if, in addition to the capital furnished by the banks throughout the country, in the Philadelphia district, was made evident on Monday,
an additional founders' capital has been put up by some of our well-known
following a conference between Comptroller Williams and
business men, such as each one of you can name in your own home town;
that such men have taken this founders' capital in order to assist the enter- a New Jersey Congessional delegation. The Comptroller is
prise and give it additional capital and to re-check the securities sentin, said to have informed his callers that, by advice of counsel,
there is no question but what a home market within and without the State
the Federal Reserve Board Organization Committee had decan be built up for the bonds issued against the diversified mortgages.
With regard to the manner in which the small banks would
take stock in the central bank, Mr. Jones suggested that
the plan of tile Federal reserve bank system, where the member banks are required to invest part of their capital and surplus in the regional banks, be followed. Continuing, he
said:
That becomes a permanent investment, and by building up a federation
each bank would put part of its capital into a centralized institution, which
alone should have the bond-issuing power.
And may I mention here that another argument for this federation, organizing from the outside toward the centre, is to keep the control of the
land-mortgage banks back in the country? Under this Fletcher-Moss bill,
gentlemen, I do not believe that we will have any small banks, or, if so, that
they could long survive. There is no maximum limitation, mind you, as
to capital. It would result, therefore, in the establishment of a number of
large banks.
And where would be the control of those large banks? Still in the
hands of the money lender; still in the hands of the man who wants to get
the highest rate of interest possible out of the farmer; in the cities, reaching
out into the agricultural sections through their agencies.
But accept the proposed plan of the minority—which might be considered an amendment to the report of the United States Commission—in
this respect, and we keep the control right back in the country. The unit
banks, all federated, would therefore control the central institution and
would control its policy. It can not .be taken in the interest of the unit
banks, in turn owned by the farmers.
I would limit the amount of founders' shares in proportion to capitalization, so that the amount could not get where the control could get away
from the unit banks, or members,as they might be termed. Should you accept the founders' share plan along with the member banks, we would
reach, as I said a moment ago, a broader market, and the law of supply and
demand would operate to furnish a cheaper rate of interest.
cided it could not revise or alter any of the boundaries or
areas of the various districts once the committee's plan had
been filed and that any requests for changes would have to
be made before the Reserve Board. Similarly, the Baltimore interests who have entered opposition to the arrangements of the Organization Committee, after a conference
with the Maryland Congressmen this week indicated their
intention to file their petition with the Federal Board. The
New Orleans interests, which had planned to visit Washington on the 20th inst. to confer with the Louisiana Congressional delegates with regard to its protest, likewise put off
their trip for the time being, inasmuch as they have been advised by their Louisiana representatives that nothing is to be
gained by a trip to Washington at this time.
A new bankers' organization composed of Essex County
interests, formed in Newark on the 16th inst., adopted resolutions following its formation, protesting against the assignment of Essex County to any district other than New
York. The organization has been created for the purpose
of promoting the general welfare of the banking institutions
of the county, the interchange and discussion of ideas relating to banking in general and to the banks of Essex County
in particular. The officers of the new organization are:
President, David H. Merritt, President of the National Newark Banking Co.; Vice-President, John D. Everitt, President
of the Orange National Bank, and Thomas W.Stephens,
President of the Bank of Montclair; Treasurer, Frederick
T. Shoyer, Cashier of the Irvington National Bank, and Secretary, Rufus Keisler Jr., Secretary and Treasurer of the
Ironbound Trust Co. of Newark. In addition to taking
action on the question of the Federal reserve district, it
also voiced its opposition to the provision in the Clayton
Anti-Trust bill which prohibits any one from serving as director, officer or employee of more than one bank organized
under the Federal statutes which. has aggregate deposits
capital, surplus and undivided profits of more than $2,500,000, and the further provision which makes ineligible as
director in a Federal bank any private banker or person who
is a director in any bank or trust company organized under
the State laws having deposits, capital, surplus and undivided
profits aggregating more than $2,500,000.
Another Jersey organization which has.gone on record as
opposed to the assignment to Philadelphia of the banks in
its locality is the Passaic Board of Trade. Resolutions to
this effect were passed by it on the 20th inst.
INCOME TAX REGULATIONS AND DECISIONS.
Steps were this week taken by Internal Revenue Commissioner W. H. Osborn at the direction of Secretary of the
Treasury McAdoo to uncover any evasions of income tax
payments. The Commissioner has undertaken to secure
from corporations, joint-stock companies or associations
and insurance companies information relative to their stockholders and dividend payments, and to this end has mailed
to all such organizations in the United States blank forms
prepared for the purpose of securing complete data relative
to the total amount of common and preferred stock of each
corporation outstanding Dec. 31 1913, the par value per
share, the dates and rates of dividend payments made
during the calendar year 1913, the names and addresses of
all holders of such common and preferred stock outstanding
Dec. 31 1913, the number of shares held by each shareholder on the date named, and the aggregate amount of
dividends paid or credited to each shareholder during the
period from March 1 to Dec. 31 1913. Each company is
also requested to furnish a list of all officers and employees
A reply to the explanation made by the Organization Comto whom a salary or compensation in any form whatever mittee relative to its decision in determining the reserve diswas paid to an amount of $2,500 (exemption for 1913) or tricts has been drafted by Sol Wexler, President of the Whitmore for services rendered from March 1 to Dec. 31 1913. ney-Central National Bank of New Orleans. Mr. Wexler
says in part:
The apology offered by the Organization Committee of the Federal ReTHE NEW FEDERAL RESERVE DISTRICTS.
serve banks for its discrimination against New Orleans in favor of Atlanta
conditions
Dallas undoubtedly calls for a reply. The apology is prefaced by the
under
and
Notification of the
which national banks
that "Critics of the committee's decision reveal misunderstandother than those in central reserve cities, may make loans statement
ing, and either do not know, or appear not to know, that the Federal reon real estate in accordance with the authority conferred un- serve banks are bankers' banks."
It can hardly be claimed that bankers who are contributing the capital
der the Federal Reserve Act, was issued this week by Compand deposits of the Federal reserve system are not fully aware that the retroller of the Currency John Skelton Williams. The ad- gional
banks are bankers' banks, and not ordinary commercial banks.
vices are contained in a letter reading as follows:
It is their very knowledge of this fact that makes them so indignant over the
You are advised that Section 24 of the Federal Reserve Act provides that:
"Any national banking association not situated in a central reserve city
may make loans secured by improved and unencumbered farm land, situated within its Federal reserve district, but no such loan shall be made for
a longer time than five years, nor for an amount exceeding fifty per centum
of the actual value of the property offered as security. Any such bank may
make such loans in an aggregate sum equal to twenty-five per centum of its
capital and surplus, or to one-third of its time deposits, and such banks may
continue hereafter as heretofore to receive time deposits and to pay interest
on the same."
National banks may, therefore, now legally make loans secured by real
illtate, provided they conform to the requirements of the law,including the
following: Real estate security must be farm land; it must be improved;
uneconomic and political districting of the country, and the statement that
they are ignorant of the working of such a bank is a gratuitous reflection
upon their intelligence and experience. We do not feel that the unfair
discrimination against New Orleans can injure us materially. Our position is too strong to be affected. The branch that will be established at
New Orleans will do more business if the system is properly handled than
will the parent institution at Atlanta; but in Louisiana we will have the
unique situation of a branch of two different regional banks serving the
identical territory; one sending its items and transacting its business in the
direction of the far West, with which it has not the slightest relation, when
one branch located at New Orleans could and would serve the entire territory. The very fact that it is a bankers' bank and not one dealing with
the business of the country direct is the paramount reason why there sh ould
APR. 25 1914.1
THE CHRONICLE
have been the fewest number of regional banks, and all of these should have
bees located on trade routes. Therefore, a bank should have been established at New Orleans for the territory west of it and immediately close by;
east of it, one at Baltimore for the territory south; and one at St. Louis for
the territory south and west of it; and one at Cincinnati for the territory of
which it is the centre, and so on. This has been observed to some extent
In the Minneapolis and Chicago territories and fully in the San Francisco
territory, but in no other.
In basing figures upon national banks only, the committee does this
section and every other section a great injustice. There were in 1913,
according to page 46 of the Comptroller's Report of 1913, under the heading
of "Banking Power of the United States", 29,254 banks in the United
States having a capital and surplus of $4,448,729,221 and deposits of
$18,010,731,188. Of these, 7,473 were national banks, or only about 28%
having a capital and surplus of $2,045,667,547, or less than 50%, and
deposits of $6,021,848,465, or about 30%. In other words, these gentlemen composing the Organization Committee, admit that in basing their
calculations they have ignored the business and importance of 18,520
banking institutions, having $2,403,021,674 of capital and surplus, more
than 50% of the whole banking capital of the country, $11,928,882,723
of deposits, 65% of the deposits of the whole country. In fact, they have
Ignored total resources of State banks, &c., of the stupendous sum of
$14,491,904,397. Has it anywhere been stated that this system is created
solely to handle the business now passing through national banks? Have
not the privileges of the system been extended to State banks and trust
companies? Was not the hope and desire expressed and reiterated that the
establishment of this Federal reserve system might lead to a more uniform
and homogenous system of banks? Then why attempt to deceive and
mislead tho public by furnishing figures in defense of your lack of patriotism
and of your unwarranted infraction of the spirit and letter of the Jaw by
furnishing figures of a comparatively small part of the banking business
transacted in a particular region or district?
Statistics have been furnished in defense of the selection of Atlanta and
Dallas, taking national bank figures only, but taking the total banking
resources of State and national banks, they are,in round figures, as follows,
as of date January:
Capital and Surplus.
Atlanta
$15,000,000
Dallas
9,000,000
Now Orleans
20,000,000
Deposits.
$33,000,000
Atlanta
32,000,000
Dallas
94,000,000
Now Orleans
Total Resources.
Atlanta
$48,000,000
Dallas
41,000,000
*Now Orleans
114,000,000
*The above does not include building and loan associations in New Orleans
having total resources of $12,000,000 and doing a quasi-banking business.
The figures as to loans and discounts as of date Jan. 1 1914, are as
follows :
Atlanta
$34,221,000
Dallas
26,298,000
New Orleans
66,690,000
Mention has also been made of the slow growth of New Orleans over a
period of years, which figures are equally as deceptive as those of resources,
the correct figures being as follows:
Figures taken from returns made clearing-house by all banks about
September 1 of each year:
Loans.
Year.
Deposits.
$38,935,500 $47,837,300
1904
49,530,100
1905
59,188,700
62,660,400
65,248,600
1906
68,654,900
1907
73,774,800
56,920,500
65,981,600
1908
56,873,000
73,347,600
1909
62,604,700
76,490,500
1910
62,040,000
88,113,400
1911
67,183,700
86,145,500
1912
66,471,900 80,809,500
1913
An increase in ten years of $27,536,400 in loans and of deposits of $32,972,200, the increase of deposits being practically equal to the total present
deposits of both Atlanta and Dallas and an increase in the loans and
discounts during the same period of $3,000,000 more than the present total
loans and discounts of Dallas, and only $7,000,000 less than the total
present loans and discounts of Atlanta; or, briefly stated, the increase in
New Orleans in desposits, loans and discounts, since 1904, is practically
equal to the present volume of these items in both cities.
The point is made that but few banks in Texas, Alabama and Georgia
expressed a choice for New Orleans; but according to the statement of•the
committee some did. But I defy them to cite a single instance of a bank
in either Louisiana or Mississippi expressing a desire or even a willingness,
first, second or third choice, for either Dallas or Atlanta.
1287
2. That an appeal be made to the Federal Reserve Board, when
organized, to take such action, and, failing in this,
3. To appeal to the Congress of the United States for an investigation
of the whole matter, with a view to ascertaining the causes which led to
the selection of the cities named, and with the further view of having
New Orleans designated as a city for the location of one of the Federal
reserve banks.
Be it further Resolved, That copies of this resolution be forwarded to
the President of the United States, to the Reserve Bank Organization
Committee, to the members of Congress from Louisiana, to the Governor
of the State of Louisiana, and to the various chambers of commerce and
similar organizations in the State of Louisiana, and to the public press.
Resolutions in which a protest is likewise lodged against
the omission of New Orleans as a reserve centre were adopted
at the annual convention in Shreveport on the 15th inst. of
the Louisiana Bankers' Association as follows:
"Whereas,the Federal Reserve Act constitutes the Secretary of the Treasury, the Secretary of Agriculture and the Comptroller of the Currency a
Reserve Bank Organization Committee, for the purpose of locating the
Federal reserve banks and outlining the Federal reserve districts; and
"Whereas, That Act expressly provided that the Federal reserve cities
and the Federal reserve districts should be apportioned with due regard
to the convenience and customary course of business within the United
States and foreign countries; and
"Whereas,The said Organization Committee has failed to name the City
of New Orleans as a reserve centre, notwithstanding the fact that it is the
metropolis of the South, the second port in the United States, the largest
manufacturing centre in the South, with a population of nearly 390,000,
with banking resources of $105,000,000; with bona fide clearings of $1.000,000,000, and, further, that they have divided our State, apportioning
one section to the Atlanta reserve district and the other to the Dallas
reserve district, thereby seriously disturbing the banking relations of the
State; and
"Whereas, The Organization Committee, in making the selections of
reserve cities, has failed to give sufficient consideration to the future
growth and importance of the City of New Orleans, which, with the opening
of the Panama Canal, gives that city abundant promise of being one
of the foremost ports of the world; in fact, it is beyond the scope of human
Intelligence to forecast the importance of this great Canal upon the future
of the nearest United States port, viz.: the City of New Orleans; and,
"Whereas, Atlanta and Dallas, being inland cities, can hope for no
uch future as is assured New Orleans; Now,
"Therefore, this Convention earnestly urges the Federal Reserve Board
to seriously re-consider the selections made by the Organization Committee,
and it consider New Orleans as a reserve Centre, not only from its past and
present importance, but also upon the vast importance that the City
of New Orleans will assume in the world's affairs of the future; and
"As the high personnel that will constitute the membership of the Federal
Reserve Board justifies this Convention in the belief that if any errors
have been made in designating the reserve centres by the Organization
Committee, the statesmanship that will be represented by the membership
of the Board will suggest a correction of these errors; and that in making
this appeal to the Federal Reserve Board to re-consider the selection made
of reserve cities, with especial regard to the omission of New Orleans from
the number of cities designated by the Organization Committee, this
Convention urges that the Board consider New Orleans's claims upon the
showing that will be made by that city, if granted the opportunity to be
heard, irrespective of any pride of opinion in the selections already made
by the Organization Committee; Now, Therefore, Be It
"Resolved, That the selections of Reserve cities made by the Organization
Committee should be subject to a revision by the Federal Reserve Board,
and that the grave error made by the said Organization Committee in
omitting New Orleans as a Federal reserve city be corrected, and in this
way justice be done to the City of New Orleans and the State of Louisiana.
And, Be It Further
"Resolved,That a copy of these resolutions be sent to the President of the
United States and to the members of the Federal Reserve Board upon its
organization, and to the Senators and Congressmen fromlLouisiana."
A further resolution, passed at the meeting, states that
"In view of the fact that Shreveport has been placed in the district for
which Dallas has been designated as the regional reserve bank, therefore,
unless some change is made in these locations, getting New Orleans a
regional reserve bank, we believe that it will largely subserve the large
commercial and banking business located in Louisiana and East Texas,
which is tributary, and to which Shreveport is the trade and banking
centre, that a branch of the regional reserve bank at Dallas be established
at Shreveport; and further, that Louisiana be given a representation on
the Board of Regional Reserve Bank located at Dallas."
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Seventeen shares of bank stock were sold at the Stock ExThe Louisiana State Chamber of Commerce, at a meeting change this week and no sales were made at auction. Of
in New Orleans on April 15, adopted resolutions endorsing trust company stock, one lot of six shares was sold at auction.
Low. High. Close. Last previous sale.
the action of the citizens of New Orleans in entering a protest Shares. BANK—New York.
Nat. Bank of_
170
April 1914— 173
173
170
against the failure to name the city as a Federal reserve *17 Commerce,
TRUST COMPANY—Brooklyn.
centre; the resolution urges an appeal to the Federal Reserve
Nassau Trust Co
130
130
130
Nov. 1913— 130
Board, or in the event of the failure of this proceeding, an
* Sold at the Stock Exchange.
appeal to Congress. Below is the resolution:
Whereas, the the Federal Reserve Bank Organization Committee has
Deplorable conditions have existed during the past week:in
seen fit to omit New Orleans as one of the cities for the location of a Federal
the coal-mining regions of Southern Colorado; in addition
reserve bank; and
Whereas, The city of Now Orleans, as the financial, commercial and to a property loss said to exceed $1,000,000, battles which
industrial metropolis of the South for the handling of every business in the have been waged between the State militiamen and striking
customary course of trade in this territory, is entitled by every right to the
miners have cost the lives of a number of men, women and
possession of such a bank; and
Whereas, the citizens of New Orleans, in mass meeting assembled on children, the dead being variously estimated at from 29 to
April 4, objected to the action of the Reserve Bank Organization Com- 45. The principal trouble has centred in the Ludlow Dismittee, and pointed out in detail the claims advanced by New Orleans for
trict on the property of the Colorado Fuel & Iron Co.,
the location of such bank;
Therefore be it resolved, That the Louisiana State Chamber of Commerce, controlled by the Rockefeller interests. The Ludlow and
a body organized to represent and promote the commercial and general wel- other coal camps have been burned to the ground, and in
fare of the State of Louisiana, through its Board of Directors assembled at
New Orleans this 15th day of April 1914, unequivocally indorses the action all, the riots are reported to have left nothing but the
of the mass meeting of the citizens of New Orleans in respect to the business smoking ruins of eight coal properties in the Southern coal
reasons advanced and urges:
fields from Delagua to Rouse. The conflagration (whether
1. A re-arrangement of the location of these banks on the part of the
Reserve Bank Organization Committee, and the inclusion of New Orleans, accidental or deliberate, appears not to be determined)
and, failing in this,
started at the Ludlow camp on Monday, and after
1288
THE CHRONICLE
[VOL. xcvm.
three days of almost continuous fighting, appeals for Federal
troops were made to Washington on the 22d by Mayor Dunleavy of Trinidad. The following statement bearing on the
disturbances was issued by Lieutenant-Governor Stephen R.
Fitzgerald of Colordao on Thursday:
orders and want them badly, and you know, as business men, what we do
when we want orders and want them badly. We quote prices right down
to rock bottom, so we can sell. That's what they're doing—England and
Germany. Then why aren't they selling goods in America? And why
aren't they competing, as might be expected, with us abroad? With factories crying for orders and idle in England and Germany, why are the mills
of Now England, and all of them, working full time? There's a reason,
"My investigation of the riots near Trinidad has disclosed the most all right. The tide works the other way.
And the greatest fear abroad
terrible conditions—conditions which have never been equaled in this or right now is that America will at last wake up to
her opportunities. They
any other State, not even West Virginia. Even granting all of the strikers' know over there—know far better than we do—that we are able when we
claims concerning the actions of the militia, it is not justifiable that the wake up.
strikers themselves should murder women and children as they have done
And the reason why we can outdo the English or German or any other
to-day, and are doing, nor for them to burn and destroy hundreds of foreign manufacturer every time we go in to dolt? Our highly paid Amerithousands of dollars' worth of property.
can mechanic, well led and well equipped, produces goods, better goods,
"They have no justification for murdering men whose only offense is that at a less labor cost per unit than any other in the world. And now that we
they are seeking to earn a living without a permit from the United Mine have grown so vastly in our business abroad, the further growth—which
Workers of America.
has phenomenal possibilities—depends on whether we believe in ourselves
"The trouble was started by the strikers killing a non-union man whose or not.
only offense was in walking to his work without their permission. They
waylaid him and shot him down, riddling his body with bullets. There
On Thursday,in addressing the Industrial Club at Chicago,
was no excuse, no reason, no justification for the precipitation of a civil war.
And that is a situation which I will not tolerate so long as I am connected Mr. Redfield expressed the hope that a decision in the freightIn any official manner with the State of Colorado. It is terrible to contemrate case would be reached with the least possible delay, and
plate this merciless slaughter, and it must end."
John P. White, President of the United Mine Workers
of America, in a telegram to the New York "Times" from
Kansas City on the 22d, in discussing the grievances of the
strikers, says:
supplemented this with the statement that "justice and
common sense require any truthful man to concede that
when the worst is said respecting our railway managers,
it is none the less true that they have so wrought as to give
America the lowest freight rates in the world." In undertaking a general view of business conditions he said:
The coal miners of Colorado are striking for the fulfilment of laws now
on the statute books of that State. Five of the seven demands are fully
covered by the statutes, namely: The right to belong to a labor union,
"Let us view the business situation. We are free from the terrors of
to receive their pay in lawful money semi-monthly, to employ check- an inflexible currency.
We are becoming free from those who mistakenly
weighmen, to abolish the truck store and trade where they please, and to thought it would be long
profitable to monopolize. We are readjusting
establish the eight-hour work-day. In addition to this they 'are asking ourselves upon an altered
economic basis. Speculation is not rife. Our
an increase in wages relatively competitive with wages of mine-workers merchants are not overstocked.
Our competing power was never as strong
in other districts.
as now. Such dulness as there was has been in part the bringer of a higher
They have bocci persecuted for years, and deprived of their Constitu- efficiency into our factories.
tional rights. A subsidized State militia and paid gunmen have subjected
"'Ah,' but one says, 'this fear of business legislation.' I have already
them to every form of brutality and insult. The State of Colorado has hinted at the fact that this legislation, if it had been desired to have it
spend nearly one million dollars to aid the coal companies to drive the hasty or rash, might well have been enacted long ago.
miners back to the mines, and a vacillating Governor has directed the use
"But I confess to amusement at learning in some quarters that business
of the militia in such a manner and way as to bring discredit and disgrace does not demand further legislation, for therein business shows that sense
upon the State. Scores of men, women and children have been murdered of detachment from the general weal which has been
its bane.
by militia and gunmen,and it ill becomes us as a nation to speak of outrages
"It may well be that the public demands that which business does not
in Mexico, where our Federal Government has now intervened, while the
seek. The point is both that business must remember that its voice is not
men, women and children of Colorado are being ruthlessly murdered and
the only one that is to be heard.
constitutional government and the liberties it should bespeak cast aside.
"But it is true that our whole outlook is affected by the absence from
our markets of our largest purchasers and our largest employers. I say
absence,
meaning that our railroad companies are sharply economizing
In a speech before the Columbus (Ohio) Chamber of because, as
they claim, their revenues in relation to their necessary expenCommerce on Tuesday, William C. Redfield, Secretary of ditures are such that they can not do otherwise.
think
I
am justified as a business man in saying that I earnestly hope
"I
the Department of Commerce, entered into a denunciation
the decision in the freight rate case will be reached with the least possible
of the "half truths ,exaggerations and misshapen statements" delay.
which he declared stalk over the land, affecting the progress
"It must in fairness be admitted that the railway men of to-day are
is still going on.
of economic changes to new conditions. Mr. Redfield,in suffering for the sins of the fathers. Democratization 'little
fellows' day
'big fellows' are ceasing to own the railways,and the
soliciting co-operation in the work to prevent the continued The
by day are coming back to take their place.
scientific
management
use of "mental gymnastics" on the part of those who control
so-called
advocate
of
"I remember that the leading
the most scientific
public crtiicism, is said to have made the prediction that if told me that to put a modern indistry of large size upon
basis would mean five years of continuous work, and I suspect at least
the truth were restored to general use "the commerce of the this time is necessary for the same work upon a great railway.
country would soon find its pathway free for further and
"Meanwhile justice and common sense require any truthful man to
it is
larger progress". In the course of his remarks he made the concede that when the worst is said respecting our railway managers,
none the less true that they have so wrought as to give America the lowest
following declarations :
freight rates in the world.
Men have seriously written and spoken about certain suggested measures
"I hope, and believe, that the day of opposition is giving way to the day
relating to business as Administration bills when the measures were not of comprehension, and that we shall turn ere long from the industrial and
Administration bills at all, never took final form and have long ceased to transportation contests which have so engrossed us to other questions
exist. The facts were plain. The purely tentative nature of the proposed of equal or greater importance."
measures was known. None of them reached the form of being a perfected
draft of an approved measure, yet how much bother they made and what
Under a ruling of the Inter-State Commerce Commission,
a dust was kicked up about them.
Then there has been a fine piece of frenzied fancy to the effect that Secre- made known on the 18th inst., railroads may continue their
tary Redfield has asked for an appropriation of$400,000 to find out what was
July 1, provided they apply
the matter with the United States. This has reached the dignity of being interest in water lines after
the basis of a pamphlet, but save in the lurid laxity of unlicensed men- to the Commission for such continuance. Under the Panama
tality it has no existence in fact. One wonders what the result would be Canal Act of 1912 railroads are prohibited after July 1 from
If some of those who conduct public criticism were suddenly to become
they do or may compete,
candid. Just think what a shock would occur if the whole truth were to owning any water line with which
be made clear.
but jurisdiction is conferred on the Inter-State Commerce
We hear, for example, of the importations of iron and steel on both our Commission to determine questions of fact as to the compecoasts, and men who like, perchance, to save the mental labor involved
and the Commission
in the test of competition evince their absence of industrial courago•by being tition or possibility of competition
mther;pessimistic in the press concerning these importations. They will may extend the time during which such service may continue
tell you that 47,000,000 pounds of iron and steel of various kinds have boon
to be operated. It is stated that it has been evident to the
imported into the United States in the eight months ending with February.
This% sounds portentous, but the unsaid part of It is that this is about Commission for weeks that it would be physically unable
23,000 net tons or at the rate for the entire period of less than half a day's to pass upon all the applications by July 1. It probably
work.for;the United States Steel Corporation. It must of course be a
will take several months to hear and determine the many
threatening matter to have so very largo a proportion of our iron and steel
output aslthis imported. Does one recall correctly that our manufacture proceedings which have been instituted, and in the meantime
of pig iron alone aggregates about 29,000,000 of tons a year. This must be no change in the general situation will take place.
seriously threatened by the importation in two-thirds of a year of 23,000
tons of all sorts. I tremble, gentlemen, for the delicacy of a business that
In a statement made by George B. Caldwell of Chicago,
is so easily upset as this. I had rather imagined that our iron and steel
industry was established on more stable foundations.
President of the Investment Bankers' Association of America,
One important thing we have found out, is that our methods
meeting of the Board of
of doing business are not always right. We must learn in America that in connection with the quarterly
there are(things in which we are backward and not a progressive people. Governors at Cincinnati yesterday, he said:
We haven't learned sufficiently the value of self-criticism. Another thing
"The Investment Bankers' Association is whole-heartedly in sympathy
we must cultivate is greater business courage. It makes me tired to be with the aim of the so-called 'blue sky' laws. This aim is to put a stop
taught the gospel of industrial fear—that we can't do the things wo are to the selling of fraudulent securities, to destroy the 'fly-by-night' dealers in
doing daily. Why, gentlemen, there are hundreds and hundreds of fac- oil and mining stocks, and to reduce to the minimum of approved business
tories in this:country for whom orders are waiting all over the globe, if honesty the 'get-rich-quick' opportunities that have robbed the people
those factories will:only go and look for the orders. There is business which of untold millions.
we are not getting but which we can have merely for the asking—in the far
"Our members have more to gain from good laws directed to this end
corners-of thetworld. While our exports have grown by the millions than any other class in the community; in fact, one of the chief purposes
during the:1ast:10 years, we haven't begun to find all the places where of our Association in its inception in 1912 was 'to protect against loss by
American7goods—American completed manufactures—can be sold.
crime or through irresponsible dealers in investment securities, and to
Then we talk about depression. I tell you the so-called depression in surround the offerings of its members with greater safeguards.'
this country right now is a joke compared with that in England and Ger"We had, however, hardly! got into the harness to work out an effective
many. They've been having a serious depression for a year. They want policy, before the:country was deluged with literature advocating the
1
Arn. 25 1914.]
THE CHRONICLE
so-called Kansas 'blue sky' law. No attention whatever was paid to the
real difficulties of the subject. The Kansas law was said to have worked.
It read well on the surface, though upon analysis it was a crazy-quilt
cure-all impossible of operation. In 1913 this law, with various changes,
was rushed through a number of legislatures, with little thought and less
regard for its practical enforcement. The Kansas law was directed and in
some ways suited to the regulation of wildcat promotion concerns promising
100 to 1,000 per cent profit, and concerns creating and selling various form
of accumulative bonds and stocks against promotion and investment
properties acquired for that purpose. Had the law been confined to these
concerns, no one would have questioned it. It might not have proved an
unmixed blessing, but it.would have been workable, and have affected a
relatively unimportant and perhaps undesirable business. But it was
not so confined. Every business firm and corporation raising money for
its legitimate needs was included within its terms,and subjected to prohibitive
regulation. It could not borrow money without applying to a State
officer for investigation and approval, nor if he thought it insolvent or its
plan of business or proposed contracts unfair or unjust. As the Court has
held, it required the State to approve not only the security, but to price at
which it was sold.
' "There is not, I believe, a State in the country, outside, possibly of
Maine, Wisconsin and Ohio, in which the 'blue sky' laws that have been
enacted have been found capable of enforcement; and this for the very
simple reason that their provisions are so drastic and unworkable that the
officials charged with their enforcement have tried, in one way or another,
to waive the provisions of the law. This attempted waiver by the State
officials does not always help the investment dealer. In Michigan. every
violation of the law is made a felony; and in Iowa, every dealer is required
to give a bond in the sum of five thousand dollars, conditioned upon a strict
compliance with the law. The present State officials cannot bind their
successors; nor can they, in the face of possible political attack, Justify
their present course. The result was that the Investment Bankers' Association, whose first object it was to further effective action against fraud, was
compelled to take the lead in attacking the chief laws that had boon enacted
with this ostensible object. It has not been a pleasant task, nor an easy
one, nor is it finished. But we are beginning to see daylight, and to get
back to the job of helping sound legislation. Our counsel, Caldwell.
Masslich & Reed, who have conducted this litigation, were originally
retained to work out a legislative policy. We know now what is impossible,
and can begin to figure on what is possible. Every objection that our
counsel have made against the Kansas type of law has so far been sustained,
and this in itself must, we believe, be accepted as Justifying the unpleasant
task that was thrust upon us. I hope it will influence others to join
with us, or at least ac.;ept our co-operation in working out an honest and
workable policy. That is now the object for which the Association and its
counsel are working and to that end Robert R. Reed, of our counsel, is
giving a great deal of study to this subject, with the idea of working our for
the Association bills that, if passed, will be legal and helpful and that the
Association can well afford to support."
According to advices from Washington on the 7th inst., it is
not probable that action will be taken under the Sherman
Anti-Trust Act against packers of Argentine beef unless
agents of the Department of Justice uncover new evidence
bearing on the alleged control by the so-called American
"Beef Trust" of beef imported into the United States from
the Argentine Republic. It is stated that the investigation
of the contracts which American packers have for refrigerating
space on steamships plying between Argentina and the United
States has failed to show anything unusual or in contravention of the Anti-Trust Act. It is furthermore said that
so far as the Department agents have discovered, the American packers exercised only the ordinary business caution in
making these contracts for refrigerating space on steamships
and have not made themselves liable to prosecution. It was
the first idea of the Department that the American companies
had monopolized the steamship refrigerating space and that
an anti-trust suit could be hinged upon this.
The American Bankers' Association is now distributing,
by express, charges prepaid, to all of its members, the new
Cipher Code of 1914, which will become operative on May 15
1914. A special committee was appointed at the meeting
of the Executive Council at Briarcliff, May 1913, to prepare
and have distributed to members a new code. This committee consisted of James M. Donald, Chairman Board of
Directors Hanover National Bank, New York; Chairman;
J. R. Washburn, Assistant Cashier Continental & Commercial National Bank, Chicago, Ill.; A. H. Titus, Assistant
Cashier National City Bank, New York; A. C. Andrews,
Assistant Cashier Chase National Bank, New York. The
first code issued by the Association was distributed in 1905
as a result of a resolution offered in 1904 by F. F. Blossom,
Cashier of the Central National Bank, Peoria, Ill. The
second code was issued in 1908, and that edition having
become exhausted, the Executive Council authorized a new
code. The code should be carefully guarded, as it is important that its contents be confidential. It is to be used
only between members.
A resolution in which appreciation is expressed of the
services of James B. Mabon as President of the Stock
Exchange was adopted by the Board of Governors at its
regular meeting on Wednesday. Mr. Mabon, who has been
President of the Exchange for two years, will retire at the
annual meeting in May; he is a candidate for membership
3n the Governing Committee to serve for four years. In
1289
commending his services the resolution of the Governors
says:
During his administration the Exchange was confronted with proposed
laws, both State and national, which were a serious menace to it. His de-:
termination to properly protect the interests of the Stock Exchange became a task requiring the exercise of exceptional care and discretion.
President Mabon never faltered, and we record with pride and grateful
appreciation that he was equal to every demand made upon him.
Resolved. That on retiring from the high position he has so ably filled.
the members of the Governing Committee tender to him this expression of
their personal regard, their confidence and admiration.
The candidate for President of the Exchange on both the
regular and independent ticket is H. G. S. Noble, a member
of the firm of De Coppet & Doremu.s.
At a meeting of the Philadelphia Chapter, American Institute of Banking, held on March 27, William S. Evans was
unanimously endorsed as candidate for President of the Institute on the ticket to be voted at Dallas in September.
The institute has now approximately 15,000 members and
Philadelphia ranks fourth in its membership and third in the
number of its certificate holders, but has never held any
office in the association. Mr. Evans has been in the banking business for sixteen years, and is well known to bankers
all over the United States. He is a member of the Philadelphia Bar and entitled to practice law in all the State and
county courts, but prefers to confine himself to the banking
business, and is associated with Henry & West, private bankers at 1417 Chestnut St.
The institution of proceedings to test the constitutionality
of the newly enacted Now Jersey law imposing a tax on the
capital, surplus and undivided profits of banks and trust
companies was authorized by the Executive Committee of the
New Jersey Bankers' Association on the 17th inst. The
passage of the new law was noted in this department April 4.
The bankers, it is stated, will contend that it is unconstitutional for three reasons, viz.: that it originated in the
Senate, whereas the constitution provides that all Acts_
designed to obtain revenue must first be passed by the
Assembly; that it violates a provision of the constitution
which says that all property must be uniformly assessed, and
that it puts bank stock in a special class.
The conviction last June of Alexander Scott, editor of a
Socialist paper in Passaic, is set aside in an opinion of the new
Jersey Supreme Court handed down on the 20th inst. by.
Justice Kalisch. The editor was convicted by a jury in the
Quarter Sessions Court at Paterson of a high misdemeanor in
publishing an editorial "inciting hostility to the Government," and was sentenced to an indeterminate prison term
of from one to fifteen years, and to pay a fine of $250. The
article was an outgrowth of the silk weavers' strike at
Paterson. The statute under which Scott was indicted was
passed in 1902 after the assassination of President McKinley;
it provides that "any person who shall, in.public or private,
by speech, writing, printing or by any other mode or means,
advocate the subversion and destruction by force of any and
all government, or attempt by speech, writing, printing or in
any other way whatsoever to incite or abet, promote or
encourage hostility or opposition to any and all government,
shall be guilty of a high misdemeanor." It was contended
by the State that the police officers of Paterson were a part
of the Government, and in his editorial attacking them
Scott incited to violence and ridicule within the meaning of
the law. The Newark "News" states that the broad grounds
upon which the conviction was set aside was that the indictment failed to charge any crime under the Crimes Act.
Justice Kalisch, it says, "pointed out that the statutes
resulted from feverish and political excitement caused by the
assassination of McKinley,and remarked that in interpreting
the Act the Court would pay due regard to the condition
and circumstances existing at the time it was brought into
light in order to get at its true meaning and purpose. 'We
must not lose sight of the fact that the great danger in
enacting statutes under the stress of great public excitement
and pressure is that such legislation is very apt to reflect
the crude and undigested sentiment of a public upheaval at
the cost of encroachments on Constitutional rights.'"
N. W. Halsey & Co. of 49 Wall St., New York, are now
distributing among the banks, trust companies and other
financial institutions, its map, especially engraved for them,
showing the Federal reserve bank districts and cities, to
which reference was made in these columns April 11. A
copy of the map in wall, pocket or desk editions may be had
1290
THE CHRONICLE
(VOL. swan.
upon application. The firm states that it has already mailed
over 10,000 of the wall maps to the principal banks throughout the Eastern, Middle West and Western States.
—4-A meeting for the purpose of organizing the Farm Mortgage
Bankers' Association of America is to be held in New York
at the Hotel Astor on May 7 and 8. W.D.Hord of 32 Broadway is Secretary of the Committee on Preliminary Organization.
H. Mackenzie, the New York agent for the Anglo-South
American Bank, Ltd.,60 Wall St., this city, has retired from
active affairs after fifty-two years service in the banking
business. Mr. Mackenzie will live in Canada with his son,
who owns a big farm there. John Cone and F. C. Harding
have been appointed joint agents to succeed Mr. Mackenzie. Mr. Cone has been twenty-five years with the
Anglo-South American Bank and Mr. Harding fourteen
years.
The members of the Van Tuyl Banking Commission
which drafted the newly eancted banking law of New York,
were the guests at a dinner given by Frank M. Patterson,
Vice-Chairman of the Commission, at the Hotel Knickerbocker in this city last Saturday night. Mr. Patterson
stated at the dinner that in Massachusetts, Vermont and
Connecticut commissions had been appointed to study the
New York law with a view to the adoption of its regulations
in those States.
William S. Dwyer, Assistant Cashier of the First National
Bank of Hartford, Conn., which he had served for forty-two
years, died on the 16th inst. at the age of fifty-seven years.
George C. Van Tuyl Jr., who last week resigned as New
York State Superintendent of Banks to take the Presidency
of the Metropolitan Trust Co. of this city, was presented last
Saturday with an elaborate glass and silver service by his
former associates in the Banking Department.
In honor of his fiftieth anniversary as an employee of the
American Exchange National Bank of this city, a dinner was
tendered to A. K. De Guiscard, Assistant Cashier of the inititution, on the 20th inst. Of those present, numbering over
two hundred, there were six in addition to Mr. De Guiscard
who have served the bank for periods ranging from twentyone to forty-nine years; these six are Vice-President Edward
Burns, who has a record of forty-nine years; President Lewis
L. Clarke, twenty-five years; Vice-President Walter H.
Bennett, twenty-eight years; Vice-President George C.
Haigh, twenty-one years; Cashier Arthur P. Lee, twentynine years; and Assistant Cashier Elbert A. Bennett, twentyfour years.
An assignment was made on the 21st inst. by Gay & Sturgis, members of the Boston and New York stock exchanges.
The assignment was made to Frederick B. Greenhalge of
Boston. The members of the firm are Harry H. Gay, the
Boston Stock Exchange member; Irving J. Sturgis, the New
York Stock Exchange member, and R. Linzee Hall. In a
statement concerning the firm's embarrassment, Mr. Gay
says: "The situation is caused by the long depression in the
stock market and commitments in outside securities." The
firm is understood to have specialized in Lake Superior copper securities.
Harry L. Bradley has been elected Treasurer of the Springfield Safe Deposit & Trust Co. of Springfield, Mass., to
take the place made vacant by the promotion of George H.
Kemater, who was made Vice-President in January. Mr.
.Bradley leaves the Hampden National Bank of Westfield,
Mass., of which ho has been Cashier and with which he had
been identified for twenty-three years. Irving S. Pulcifer,
Assistant Treasurer of the Springfield Safe Deposit &
Trust Co., has been made Trust Officer of the company.
The Bath Trust Co. of Bath, Me., receiver of the People's
Safe Deposit & Savings Bank, which failed in December
1910, last month petitioned the Court for authority to pay a
third dividend of 16 2-3% in liquidation on April 8, making a
Charles F. Mathewson has been elected a director of the total distribution to date of 83 1-3% on the amount of $741,Columbia-Knickerbocker Trust Co. of this city. The United 672 87 allowed by the commissioners.
States District Court has appointed the Columbia-Knickerbocker Trust Co. a legal depository for bankruptcy funds. •Action on the question of increasing the capital of
the new
Broad Street Bank of Philadelphia from $50,000 to $150,000
The Coal & Iron National Bank of this city has just com- will be taken by the stockholders on June 15. The bank
pleted the first ten years of its existence, having commenced began business on March 16.
business on April 11 1904. The development of the institution is the subject of a circular issued to the depositors
A notice to the effect that, "owing to the illness of Robert
with the completion of its first decade. Organized with a C. Hall, it is impossible
to continue his business," was posted
capital of $300,000, the bank has found it necessary from on the door
of his offices in
time to time to increase the amount. At the present time Mr. Hall is a member of the Pittsburgh on the 1st inst.
Pittsburgh Stock Exchange.
it has a capital of $1,000,000 and surplus and profits of
$586,000. In addition to a part of the capital, all of the surThe Union National Bank of Pittsburgh announces plans
plus and profits have been earned, and the bank has besides
whereby
its capital is to be increased from $600,000 to $2,paid dividends aggregating $392,500. Under the March 4
statement the deposits were $7,675,141, while the aggre- 000,000. It is the purpose to offer to the stockholders, pro
gate resources amounted to $9,658,480. The officers of the rata, 4,000 new shares at par, and to secure the additional
bank are John T. Sproull, President; David Taylor and Alli- 81,000,000 to be put into capital by the declaration of a stock
son Dodd, Vice-Presidents; Addison H. Day, Cashier, and dividend of 100%. With its new capital of $2,000,000, the
bank will have a surplus of $4,000,000. The stockholders
H. J. Dorgeloh, Assistant Cashier.
are to meet on May 25 to pass on the proposal. The bank
pays dividends of 40% on its stock.
The Broadway branch of the Chelsea Exchange Bank of
this city has been sold and will be operated as a separate
David Robison Jr., Chairman of the board of the Ohio
institution by new interests, when a charter applied for under
Toledo, died at the ago of eightythe name of the Broadway Central Bank is secured. Frank Savings Bank & Trust Co.of
The institution was established
four
years
inst.
on
the
15th
Williams,now Vice-President of the Chelsea Exchange Bank,
associates in 1897, and he served in
by
Mr.
Robison
his
and
will be its President. A full list of the officers and directors
will be announced later in the month after the first meeting the presidency until 1905, when he became Chairman of the
board, his son, James J. Robison, succeeding him as Presiof the stockholders •is held.
dent. Mr. Robison was also well known in railroad circles;
he had at one time served as receiver of the Toledo & Ohio
The directors of the United States Mortgage & Trust Co., Central RR., was interested in the construction of
the Toledo
this city, have elected R. L. Cerero, Assistant Secretary, Muskegon & Saginaw RR. (which was sold
to the Grand
succeeding Victor Ehrlicher, resigned.
Trunk By.), and with his sons built the Robison lines of
street railway in Toledo.
The Corn Exchange Bank of this city plans to open a new
branch at 126 East 86th St., near the corner of Lexington
The Central Trust Co. of Illinois has issued a new edition
Ave. This will be the thirty-third branch which the insti- of its charts which show the growth and changes in the State,
tution has started in Greater New York. The bank has national and private banks, individually, in Chicago. A
inaugurated a bonus plan whereby the employees will re- compilation of this sort, for the period from 1896 to 1912, was
ceive a vacation fund to defray the expenses of their summer gotten out by the institution during the latter part of 1912.
vacations, which are obligatory. Married employees are The new edition covers the period from 1896 to 1913, into be paid $100 and unmarried employees $50 each.
clusive. Figures of capital, surplus and profits and deposits
are shown for each institution during the separate years, and
APR. 25 1914.]
THE CHRONICLE
details are also furnished of the mergers which have taken
place during the seventeen years. There is •also submitted
a table indicating the growth and development of the banking
business as it relates to institutions engaged within the limits
of the city of Chicago, but outside the loop or downtown
financial district, viz.:
Capital,surplus and profits, Oct. 1913422,108,300 Deposits, $117,515,400
!:
91,672,300
June 1912 14,973.300
Increase.. $7.135,000 Increase
Total number of banks October 1913.
Number of banks June 1912.
$25,843,100
69
43
1291
stead of carrying this vast wealth through the streets, its
removal to the new offices was effected through a hole
made in the wall between the bank building and that of the
trust company. The bank will occupy the quarters in which
it is now domiciled for about a year or until its own building
is ready. The plans with respect thereto were referred to in
these columns onWarch 29 1913. In its present temporary
quarters the bank has 13,000 square feet of space, or about
3,000 more than in the building it has just vacated.
More than $200,000 of Richmond bank stock and other
securities were sold at auction on the 8th inst. by Davenport
& Co. on the Richmond Real Estate Exchange. The most
striking feature of the sale, according to the Richmond
"Times-Dispatch," was the purchase of the stock of two
26 Richmond
Total..
trust companies at record prices. A block of the
Virginia Trust Co. stock went at $175 a share, the highest
The organization has been undertaken of the Guarantee mark yet reached by that stock, while shares in the Old
Bank & Trust Co. of Chicago with a capital of $750,000 and Dominion Trust Co. were sold at $213, a new top price.
a surplus of $250,000. Permission to organize it was granted
A list of the sales of bank stocks is given herewith:
by State Auditor Brady on the 10th inst. One of the prin- 47 shares American National Bank, at $202 a share.
R.
C.
Keller,
is
who
movement
will
5 Shares American National Bank, at $205 a share.
retire on
cipals in the
First National Bank,at $258 a share.
May 1 as Vice-President and Cashier of the Colonial Trust & 122 shares
75 shares First National Bank, at $259 a share.
Savings Bank of Chicago. Those interested with him in 50 shares Union Bank of Richmond. at $340 a share.
the project are Medi11 McCormick; William B. Austin; 218 shares National State & City Bank, at $200 75 to $201 75 a share.
George T. Buckingham, of the law firm of Buckingham, 18 shares Virginia Trust Co., at $175 a share.
10 shares Planters' National Bank, at $825 a share.
Defrees & Eaton; former United States Senator A. J. 50
shares Old Dominion Trust Co., at $213 a share.
Hopkins, and John A. Gauger.
26
Increase
New institutions opened for business June 1912 to October 1913,inclusive:
20
State banks..
6
National banks
A permit to organize the Celtic Trust & Savings Bank
of Chicago has been issued by the State Auditor of Public
Accounts. It is proposed to organize the institution with
a capital of $1,000,000 and a surplus of $250,000, through
the sale of the stock at $125 per share. Those interested
in the organization of the bank are:J. P.O'Malley, President
of the People's National Bank of Perry, Iowa; J. J. O'Malley, President of the Bayard Savings Bank of Bayard, Iowa;
W. D. Moore, Cashier of the City National Bank of Omaha;
T. D. Sexton, President of the National Stone Company,
and C. G. O'Malley.
The Edgewater State Bank of Chicago began business on
the 11th inst. as successor to the Edgewater Bank. As a
State bank it has a capital of $200,000 and a surplus of
$50,000. The officers are: O. F. Paisley, President; J. T.
Paisley and W. W. Paisley, Vice-Presidents; John Orchard,
Cashier; and 0. F. Miller, Assistant Cashier.
The Auburn Bank of Chicago has also been changed to a
State institution under the name of the Auburn State Bank
with a capital of $200,000 and surplus of $50,000. T. F.
McFarland is President; M. P. Bransfield, Vice-President
and Cashier, and William J. Cline, Assistant Cashier.
Noah Harding, Vice-President of the Fort Worth National
Bank of Fort Worth, died of heart failure while riding in
an automobile at Houston on the 12th inst. He was seventyeight years of age. His son, R. E. Harding, is Assistant
Cashier of the Fort Worth National.
To-day, April 25, marks the thirtieth anniversary of the
First National Bank of Birmingham. Greetings to the
friends of the institution, expressing appreciation of their
patronage and support, have been issued in commemoration
of the event, and a distinctWe appearance is lent to the card
by the country's emblems, the flag and the eagle, printed in
colors, which adorn it. As successor to the National Bank
of Birmingham, which was chartered in 1872, the life of the
First National has been coincident with that of Birmingham.
The management states that with the combined capital and
surplus of $3,000,000 and large undivided profits, modern
equipment, careful management and courteous treatment
it hopes to merit, through the service it is prepared to render,
the continued confidence and support of the public.
outtariq TomintrcialEnglislig.exus
English Financial Markets—Per Cable.
The daily closing quotations for securities, &o., at London,
by cable, have been as follows the past week:
The directors of the National City Bank of Chicago as reported
London,
April
24.
Sat.
recently authorized the transfer of $250,000 from undivided
ending
Mon.
Tues.
Wed. Thurs.
Frt.
Week
d 28 13-16 2634
26 15-16 26 15-16 26 15-16 26 15-16
per oz
profits to surplus, making the latter $750,000. The undi- Silver,
75%
75 9-16 75 5-16 74 15-16 7334
d Consols, 234 per cents__ 75%
75 13-16 75 11-16 75%
75%
75
vided profits of the bank on March 4 were $330,627.
73%
d For account
Action toward the transfer of $500,000 from the undivided
profits account to the surplus of the Harris Trust 86 Savings
Bank of Chicago was also recently taken by its directors.
As a result surplus is increased to $2,000,000 while the
undivided profits stand at $658,813.
The proposed consolidation of the Old Detroit National
Bank and the First National Bank of Detroit, referred to in
these columns Feb. 28, was ratified by the stockholders of the
two banks on April 7. The resultant institution is to be
known as the First & Old Detroit National Bank and is to
have a capital of $5,000,000, surplus of $2,500,000 and undivided profits of $210,000. Its aggregate resources will exceed $50,000,000. The arrangement of officers has not yet
been perfected.
Pending the erection of its new structure, the First National Bank of Minneapolis has moved into temporary quarters in the Minneapolis Trust Co.'s new building. The
removal of the bank's effects had been gradually taking place
during the past few months, and was finally concluded on
March 29, when four tons of gold coin, four tons of silver
and a large quantity of bank notes were transferred to the
temporary home of the bank. In all, $32,000,000 of cash,
securities and credits were transferred, the securities and
credits representing about 283/i millions of the total. In
86.65
d French Rentes(in Paris) fr. 86.6234 86.75
7534
74%
Amalgamated Copper Co..... 75%
68
68
Am. Smelt. & Refining Co
6534
7
7
b Anaconda Mining Co
63-4
9734
9734
Atch. Topeka & Santa Fe— 98
10234
10234
10234
Preferred
9034
90
Baltimore & Ohio
9034
83
83
83
Preferred
204%
205%
20434
Canadian Pacific
53
54
Chesapeake & Ohio
5334
1234
12
1234
Chicago Great Western
101
10034
Chicago Milw.& St. Paul..-101
12
12
1234
Denver & Rio Grande
20
Preferred
2034
2034
29
28%
Erie
2734
First preferred
4534
4334
4534
37
38
Second preferred
3834
125
12234
Great Northern, preferred 125
113
113
113
Illinois Central
138%
Louisville dr Nashville
13834
13834
16
Missouri Kansas de Texas
1534
1554
40
40
Preferred
3834
Missouri Pacific
1934
2034
1934
1234
pref....
Nat. RR.of Mez., 2d
1134
1134
90
8934
N. Y. Cent. dc Hud. River 8934
27
27
2634
N.Y. Ont.& Western
105
106
105%
Norfolk & Western
91
91
Preferred
11234
112%
NTorthern Pacific
110%
56
56
a Penuivilmnia
5634
83%
83
a Reading corninnY
8234
45
a First preferreri
4534
4534
46
46
__—
a Second preferred
%
Rock Island3
A
91%
Southern Nellie
44
Southern Railway._ ______ 21%
2134
2434
82
Preferred
8134
8234
Union Pacific
157%
15734
15634
8434
8434
Preferred843-4
5934
U.S. Steel Corporation_ . 59%
5834'
111i
Preferred _
112
non
w,th,4,1.
34
n
%
547
Preferred%
Extended 4s
5Vil
r;13'
86.5734 86.4734 86.35
753-4
7334
7534
674
66
5934
634
6%
63-4
9634
97%
9734
10234
10234
10234
9034
8934
9034
83
83
83
20234
200%
196
5434
54
53
12
12
12
10034
10034
9934
12
12
1234
22
22
2034
28
2634
2834
44
4234
4334
37
36
37
12334
124
12334
112
112
11034
138
137
138
1534
15%
15
37
3734
3834
2034
20
2034
1034
1034
954
9034
9034
9034
2534
2634
27
104
10534
105
91
91
91
111%
110%
11134
56
56
56
8234
8234
8234
45
45
45
453-4
4534
4534
3%
3%
3
9234
923-4
9034
2434
2334
2434
80
81
8034
1543-4
156%
15531
84
8434
84
593'
58
583-4
11134
111
11134
1
n
X
,li
4%
4 11
56%
55
5534
a Price per share. 1 £ alerting. c Ex- ril%triend. dQuotatIons here giver are flat prices.
1292
EvoL.
THE CHRONICLE
Commercial anaMiscellantons' .ews
Name of Company.
Per
When
Cent.. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
2
May 2 April 15 to May 3
National Banks.—The following information regarding American Malt Corp., preferred
$1.24 May 1 Holders of rec. April 14
American
Malting
national banks is from the office of the Comptroller of the American Utilities,
1N May 11 Holders of rec. Apr. 300
pref. (guar.)
1
May 1 April 21 to May 3
Currency, Treasury Department:
Baltimore Brick, preferred
4
May 1 Apr. 25 to May I
Bergner & Engel Brewing, preferred
APPLICATIONS TO CONVERT APPROVED.
4
May 15 Holders of reo. May 8
Bond & Mortgage Guarantee (quar.)___ _
The Farmers' & Merchants' Bank of Benton Harbor, Mich., int-O—
"
F
134 May 1 April 26 to April 30
lro Brill, J. G., preferred (guar.)
Farmers' & Merchants' National Bank of Benton Harbor." Capital, British Columbia Packers' Assoc.,com.dcpf. 334 May 21 May 10 to May 20
1
May 1 Holders of rec. April 25
Brown Shoe, Inc., common (quay.)
$125.000.
Preferred (guar.)
134 May I Holders of rec. April 25
The Commercial Trust & Savings Bank of Great Falls, Mont., into
$1.25 May 15 Holders of rec. May 1
common (guar.) (No. 3)
Burns
"The Commercial National Bank of Great Falls." Capital, $200,000.
$1.75 May 1 Holders of rec. April 15
(quay.) (No. 5)
Preferred
Bros.,
The Bank of Commerce cInc.) of Roanoke, Va., into "The American
Cambria Steel (guar.)
134 May 15 Holders of rec. April 30a
National Bank of Roanoke.
Capital, $100,000.
The People's State Bank of Daytona, Fla., into "The First National Canada Cement,Ltd., pref.(qu.)(No.17) 134 May 16 May 1 to May 10
134 April 25 Holders of rec. Mar. 31a
Canadian Car & Foundry, pref.(quar.)_
Bank of Daytona.' Capital, $50.000
1
May 15 Holders of rec. Apr1130
The Security State Bank of •Isanti„Minn., into "The First National Canadian Converters (guar.)
May 19 Holders of rec. May 11
Central States Elec. Corp., com.(gu.)(No.2) I
Bank of Isanti.' Capital, $25,000.
1
April 27 Apr. 16 to
April 28
Chicago Pneumatic Tool (guar.)
CHARTERS ISSUED TO NATIONAL BANKS APRIL 9 TO 15,
34 May 1 Holders of rec. April 150
Cities Service, corn. & pref.(monthly)
134 May 1 Holders of roe. April 230
10,507—The First National Bank of Lanesboro, Minn. Capital, $25,000. Claflin (H. B.) Co., first pref. (quar.)_
1% May 1 Holders of rec. April 23a
John T. Aske, Pres.; H. T. Aske, Cashier. (Conversion of the
Second preferred (quay.)
May I Holders of rec. April 200
State Bank of Lanesboro, Minn.)
Cluett, Peabody & Co., Inc., corn.(guar.) 1
2
May 1 Holders of roe. April 15a
10,508—The First National Bank of Russellville, Term. Capital, $25,000. Commonwealth Edison (guar.)
134 April 30 Holders of rec. April 250
O. J. Fuller, Pres.; Jos, II. Dean, Cashier. (Conversion of the Consolidation Coal (guar.)
134 April 30 Holders of rec. April 15a
Citizens' Bank of Russellville, Tenn.)
Cuyahoga Telephone, pref.(guar.)
34 April 30 Holders of rec. April On
10,509—The First National Bank of Rhome, Tex. Capital, $25,000. Distilling Co. of America, pref. (quar.)
2
May 15 Holders of rec. Apr. 3061
W. T. Waggoner, Pres.; 0. E. Martin, Cashier. (Succeeds the Dominion Bridge, Ltd. (guar.)
First Bank of Rhome, Tex.)
Dornin. Steel Corp.,Ltd.,pf(qu.)(No.9). 135 May 1 April 16 to May 1
April 26
10,510—The National Bank of Hudson, Wis. Capital, $50,000. F. J. duPont(E.I.)deNemoursPowd.,pf.(quar.) 1)4 April 25 April 16 to
3
May 1 (folders of rec. April 15
Carr, Pres.; B. C. Bunker, Cashier. (Conversion of the Bank of Edison Elec. Ill. of Boo.(qu.)(No. 100)_ _
Hudson, Wis.)
Edison Elec. Ilium. of Brockton (No. 53) $4 May I Holders of reo. April 180
10,511—The Farmers' National Bank of Colfax, Wash. Capital,$100,000. Electrical Seeur. Corp., pref. (quar.)_ _ _ _
134 May I Holders of ree. April 254
P. B. Stravens, Pres.; W. R. Anderson, Cashier. (Conversion of Elec. Bond & Share, pref. (qu.)(No. 36). 1% May 1 April 23 to May 1
the Farmers' State Bank of Colfax, Wash.)
134 May I April 18 to Apr1130
Emerson-Brantingham, pref. (guar.)_ _ _ _
10,512—The First National Bank of Punta Gorda, Fla. Cpaital, $25,000. Eureka Pipe Line
May I IIolders of roe. April 15a
8
D. L. Skipper, Pres.; W. R. De Loach, Cashier. (Conversion of Fall River Gas Works (guar.)(No. 78)_
$3 May 1 Holders of rec. April 184
the Merchants' Bank of Punta Gorda, Fla.)
134 April 30 Holders of rec. April 280
Federal Sugar Refining, prof. (quar.)___ _
10,513—The Merchants'& Planters' National Bank of Ada,Okla. Capital, Ft. Worth Pow.& Lt., pt. (qu.)(No. 11) 13( May I April 23 to April 30
1% May I Holders of rec. Apr. 24
350.000, C. H. Rives, Pres.; H.P. Reich, Cashier. (Conversion Gait (Robert) Co., preferred (guar.)
of the Merchants' & Planters' State Bank of Ada, Okla.)
General Asphalt, pref. (guar.) (No. 28)..... 134 June 3 Holders of rec. April 28
134 June 1 Holders of rec. May 20a
General
(guar.)
Chemical,
common
INSOLVENT NATIONAL BANK.
Motors. preferred
314 May 1 Holders of rec. April 6a
3,943—The First National Bank of London, Ky., was placed in the hands General
30e April 30 Holders of rec. Mar. 31a
Goldfield Consolidated Mines
of a receiver on April 9 1914.
1)4 July 1 Holders of rec. June 19
Goodrich (B. F.), preferred (guar.)
650. April 25 Holders of rec. April 20a
Homestake Mining (monthly)(No. 473)..
HoughtonCo. Elec. Lt., com. (No. 18). 6234e. May 1 Holders of roe. April lea
DIVIDENDS.
75e. May 1 Holders of rec. April 16a
Preferred (No. 23)
Illinois Northern Utilities, pref. (quar.)- - 1% May 1 Holders of rec. April 20a
The following shows all the dividends announced for the Ilium.
dr Power Seeurs., pf. (qu.)(No. 7) 134 May 15 Holders of rec. April 30
$4
May 15 Holders of rec. April 24
future by large or important corporations.
Indiana Pipe Line (quay.)
5
April 30 Holders of rec. April 150
Ingersoll-Rand, common (annual)
Dividends announced this week are printed in italics.
3
May 1 April 16 to April 30
International Banking Corporation
intern.IIary.Co.ofN.J.,pref.(guar.)(No.29 134 Juno 1 Holders of rec. May 9
Intern. Harvester Corp.,pref.(quar.)(No.5) 134 Juno 1 Holders of rec. May
Per
When
Books Closed,
234 June I May 15 to June 1
Name of Company.
International
Nickel, common (quar.)__ _
Cent. Payable.
Days Inclusive.
134 May 1 April 14 to May I
Preferred (quay.)
May 19 Holders of rec. May 9
Internat. Smelting ,t Refin. (qu.) (No. 20) 2
Railroads (Steam).
4
May 15 Holders of rec. May 54
pref
Chem.,
Ateh. Topeka & Santa Fe, corn.(guar.)._
Intern.
Smokel.
Powd.
dv
134 Juno 1 Holders of rec. April 30a
500 May 1 Holders of ree. April 23
Island Creek Coal, common (guar.)
Atlantic Coat Line RR., preferred
2% May 11 Apr1130 to May 10
134 May 1 Holders of roe. April 150
Central RR. of N. J. (guar.)
2
May 1 Holders of rec. April 17a Kansas City Stock Yds. of Me., pf.(MO
135 May 1 Holders of rec. April 150
Elmira & IVilltamsport, common
Kansas City Stock Yds. of Mo.(guar.)._
2.26 May 1 April 21 to April 30
Kayser (Julius) Sr Co., 1st Sr 2d pref.(qu.) 1N May 1 Holders of rec. April 200
Georgia Southern & Fla., 1st& 2d pre!_ _
2% May 8 Apr. 25 to May 8
May 2 Holders of rec. April 30
3
Kellogg Switchboard (t Supply (guar.)_ _
Grand Trunk, guaranteed
2
May 14 Apr. 4 to Apr. 29
$1.50 May 1 Holders of rec. April 21a
Keystone Telephone, preferred
First and second preference
2% May 14 Apr. 4 to Apr. 29
o 30April 30
A April 30 April 21moty
La Belle Iron Works, com. (guar.)
Third preference
2% May 14 Apr. 4 to Apr. 29
134 June 1
Great Northern (guar.)
IN May 1 Holders of rec. April 8a Lackawanna Steel, pref. (guar.)
Holders
of
ree.
Apr. 30
May
29
$1
Nashua & Lowell
4% May 1 Holders of rec. April 15a Lehigh Coal & Nov. (guar.) (No. 142)....
IN May 1 April 16 to May 1
Norfolk & Western,adj. pref.(guar.)._ _
I
May 19 Holders of roe. April 30n Loose-Wiles Biscuit, 2d pref. (quar.)
Holders of rec. April 15a
May
1
h
12
3i
Lowell
Elec.
Lt.
Norfolk dr Western, com.(guar.)
Corp.
(qu.)
(No.
72). 14 June 19 Holders of roe. May 29a
May 1 Holders of roe. April 15aNorthern Pacific (guar.)
1N May 1 Holders of rec. April 9a Massachusetts Gas Cos., common (guar.)
50e. May 15 Holders of rec. May in
Pennsylvania (guar.)
75e. May 29 Holders of rec. May in Miami Copper Co.(guar.)(No.9)
15 Holders of roe. Apr. 30
May
234
(No.
52)
Montreal
Light,
Ht.
(qu.)
& Pow.
Pitts. Cin. Chic. dr St. Louis, corn. (qu.)_
N April 25 Holders of rec. April 15a
134 May 1 Holders of rec. April 23a
__
Preferred (guar.)
1
April 25 Holders of roe. April 15n Municipal Service, preferred (quar.j_
134 May 15 May 5 to May 15
Reading Company, common (guar.). _
2
May 14 Holders of rec. April 27a National Carbon, preferred (quar.)---134 June 15 May 23 to May 26
Reading Company,first pref. (guar.)..._
1
June 11 Holders of rec. May 26a National Lead, preferred (guar.)
334 May 1 Holders of rec. April 23
Newton (G. B.) Coal 1st preferred
Seaboard Air Line, preferred (guar.)
May 15 May 6 to May 14
1
134 July 1 Holders of rec. June 15
North American Co.(guar.)(No.41)-- Union Pacific, common (special)
33
July Is Mar. 3 to Mar. 22
$1 April 30 Holders of rec. April ha
Osceola Consolidated Mining (guar.)- —
Street and Electric Railways
135 May 1 April 25 to May 1
American Railways, pref. (guar.)
134 May 15 Holders of rec. April 30a Pacific Coast Co., common (quay.)
1N May 1 April 25 to May 1
First preferred (guar.)
Bangor Railway & Electric, corn.(No. 1)
J. May 1 Holders of rec. April 20
134 may 1 Apr1125 to May 1
S,cond preferred (guar.)
Brazilian Tr., Lt. & P., ordinary (quar.)_
134 May 20 Holders of rec. April 30
134 May 1 holders of rec. April 23
Cape Breton Elec. Co., Ltd., corn.(No.9) $3
May 1 Holders of rec. April 2la Pacific Power & Light, pf. (qu.) (No. 15) 1
May 15 Holders of rec. May 5
Penmans
Limited,
common
(guar.)
Preferred (No. 16)
$3
May 1 Holders of rec. April 21a
135 May 1 Holders of rec. April 21
Columbus Ry.,Pow. dt L.,common
Preferred (gurtr.)134 May 1 Holders of rec. April 18
1
Apr. 28 Holders of rec. Apr. 20
Penn Central Light & Power, pref. (guar.)Preferred B
134 May 1 Holders of rec. April 18
May 25 Holders of rec. May 2a
2
Commonw. Power, Ry. dr Lt.,com. (qu.) 1
May 1 Holders of rec. April 17a People's Gas Light & Coke (guar.)
131 April 25 Holders of rec. April 15a
Preferred (guar.)
I% May I Holders of rec. April 17a Pittsburgh Coal, pref. (gnar.)
In may 1 April 24 to
April 30
Connecticut Ry. & Light,com. & pref.(qu.) I
Portland (Ore.) Gas Sr Coke, pref. (guar.)
May 15 May 1 to May 15
N Juno 10 May 21 to June 9
Cumberland Co. Pow. & Lt., pref. (qu.)_
1% May 1 Holders of rec. April 18a Pressed Steel Car,common (guar.)(No. 21)
134 May 20 AprI130 to May 19
Preferred (guar.) (No. 61)
Easton (Pa.) Consolidated Electric Co_ _
2t
May 1 Holders of rec. April 2n
15
May
Holders of rec. April 30a
4
Procter & Gamble, com. (guar.)
East St. L. dc Sub. Co., Pref. (qu.) (N0.1)- 134 May 1 Holders of rec. April 22
134 May 1 Holders of rec. Apr. 15a
Public Service of Nor. III., com.((Marl- Grand Rapids Ry., pref. (guar.)(No. 54) 134 May 1 Holders of rec. April 15
135 may 1 Holders of rec. Apr. 15a
Preferred (guar.)
Havana Electric Ry., Light & Power,corn 2% May 16 April 19 to May 21
May 15 Holders of rec. April 30
2
Pullman Company (guar.) (No. 189)
3
Preferred.
May 16 April 39 to May 21
1)4 May 29 Holders of rec. May in
Quaker Oats, preferred (guar.)
Illinois Traction, common (guar.)
% May 15 Holders of rec. May 5
131 May 15 Holders of rec. April 30a
Jacksonville Trae., corn.(qu.)(No. 13).._
IN May 1 Holders of rec. April 16n Sears, Roebuck Sr Co.. common (guar.)
May 15 FIolders of rec. May 8a
Preferred (guar.) (No. 13)
1% May I Holders of rec. April len Silversmiths Company (guar.)
134 May 15 Holders of rec. Ayr. 30
Lehigh Valley Transit, preferred
1
May 11 Holders of rec. April 30a Southern adiI. Edison, con.(qu.)(No. 17) 3
May 29 May 12 to
May 31
Standard Oil (Indiana) (guar.)
Lewiston Aug.& Watery., pref.(quar.)_
1% May 1 Holders of rec. April 15
3
May 29 May 12 to
May 31
Extra
Milwaukee El. Ry. & Lt., pref. (guar.)._
1;i April 30 Holders of roc. April 20a
of rec. April 15
May
1
Holders
134
Taylor-Wharton iron Sr Steel, pref. (rel.) 1n may 1 Holders of rec.
Montreal TramwaY3 (guar.)
2% May 1 Holders of rec. April 15
April 24
Texas
Power
&
Light,
pref.
8)..
Ohio Traction, preferred (guar.)
(qu.)
(No.
May
1 Holders of rec. Apr. 25n
134
April 25 Holders of rec. April 16
1
Philadelphia Co., corn. (qu.)(No. 130)
134 May 1 Holders of rec. April la Trenton Potteries, non-cum., pref.(qu.). 1
May 1 Holders of rec. April 240
6% cumulative pref.(No. 3)
3
May 1 Holders of rec. April In United Cigar Mfrs., common (quar.)---- 1
Ntoly
ders1 of tro
ee. M
may 2
12
5a
1 1 Jmuanye 151 Ho
Public Service Invest., pf. (qu.)(No. 20) $1.50 May 1 Holders of rec. April 18n United Cigar Mfrs., preferred (guar.)___ _
Tin. Cigar Stores of Am ,com.(qu.)(No.6)
Railways Company General (guar.)
1
May 1 April 21 to April 30
Holders
of rec. April 240
1
May
2
Sierra Pacific El. Co.. prof. (flu.)(No. 19) 134 MAY 1 Holders of rec. April 15a United Dry 00019 Coo., common (guar.)
y1 rAip
orkille2
r3
1 of troec. April.
ay
3104a
$31.50 IN‘tio
Tol. Bowl. Gr.& Sou. Tr., pref.(guar.)
United Electric Securities, preferred
13( May 1 April 21 to April 30
Union Street Ry., New Bedford (guar.).- 2
May 1 Holders of rec. April Ifin U. S. Bobbin ,4 Shuttle, common
134 may 1 April 21 to April 30
Preferred (guar.)
Washington-Va. By., common
1)4 May 1 April 24 to May 1
131 May 1 Holders of rec. April 21a
U.S. Realty Sr Improvement (quay.)..
Preferred
23,6 May 1 Arril 24 to May 1
134 April 30 Holders of rec. April 150
West Penn Rys., pref. (guar.) (No. 34)_
U. S. Rubber, common (guar.)
134 May 1 'mil 25 to May 1
April 30 Holders of roe. April 15a
2
First preferred (guar.)
Banks
IN April 30 Holders of rec. April 15a
Second
American Exchange National
preferred
(guar.)
5
May 1 Holders of rec. April 21
3
May
15 Holders of rec. May So
Vacuum 011
Bowery (guar.)
3
May 1 April 24 to April 30
May 15 Holders of rec. April 30a
4
Warwick Iron & Steel
Extra
3
May 1 April 28 to April 30
1
April 30 Holders of rec. Mar. 310
(qu.).
Westinghoirse
Elec.
Mfg.,
corn.
Sr
Chemical National (bl-monthly)
234 May 1 April 26 to April 30
1)4 may 1 Holders of roe. April 22
White IT. G.) Co., pref. (guar.)(No. 44). 135
City, National
5
May 1 April 24 to April 30
may 1 Holders of rec. April 21
Corn Exchange (guar.)
willys-Overtand Co., common (quar.)--,
4
May 1 Holders of rec. April 30
June 1 Apr1130 to May 20
lA
(No.
8)
Woolworth
(guar.)
Germania
(F.
W.),
com.
10
May 1 Holders of rec. April 20
Extra
2% May 1 Holders of rec. April 20
Pacific (guar.)
2
May 1 April 22 to April 30
a Transfer books not closed for this dividend. b Less British income tax. d CorTrust Companies.
rection. e Payable In stock. !Payable in common stock. g Payable in scrip.
Astor (guar.)
2
May 1 Holders of rec. April 28a h On account of accumulated dividends. s A distribution of Batto. Sr Ohio stock to
Broadway (guar.)
134 May 1 April 22 to April 30
be made, viz., $12 par value of B. Sr 0. pref. and $22 60 par value R.& 0.common
Farmers' Loan & Trust (guar.)
12% May I April 25 to April 30
for each share of Union Pacific common stock held, payment of said extra dividends.
Hamilton, Brooklyn (guar.)
3
May 1 Holders of rec. April 25a both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation.
Kings County, Brooklyn (guar.)
4
May 1 April 26 to April 30
On amount paid in, $25 per share.
Nassau, Brooklyn (guar.)
2
May 1 Holders of rec. April 27a
Miscellaneous.
Amalgamated Copper (guar.)
1N May 25 Holders of rec. April 25a
—E. M.Farnsworth & Co., Boston, are offering Northern
American Bank Note, common (guar.).._
1
may 15 Holders of rec. May In
American Cigar, common (quar.)
1% May 1 Holders of rec. April 15a Mississippi River Power Co. 1st M. 5% bonds. Compare
American District Teleg. of N. J. (guar.) I
April 29 Holders of rec. April 17
V. 96, p. 1428.
Amer. Gas Sr Elec., pt. (qu.)(No. 29)__ _
1;4 may 1 Holders of rec. April 21
3
American Glue,common
May 1 April 20 to
May 2
—S. H. P. Pell & Co., Now York, have recently issued a
Amer. Graphophone. pf. (gut.)(No. 64). _
134 May 15 Holders of rec. May 1
circular on Hercules Powder Co.common and preferred stook.
American Light & Traction. corn.(Qum.) 234 May I April 16 to April 30
Common (payable in common stock)_ - 234/ May 1 April 16 to April 30
—H. A. Kahler & Co., have moved to new offices on the
Preferred (guar.)
1% May 1 April 16 to April 511)
9th floor of 135 Broadway, this city.
APR. 25 1914.1
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.
100 Stamford (Conn.) Mfg.
Co., $25 each'
$50 per sh.
6 Glastonb'y Knit'g Co.$1,000 lot
6 Nassau Trust Co., Bklyn_130
177,500 Aztec Petroleum Co., Si
each
•
$500 lot
50 The Sydenham Corp'n_550 lot
1 N. Y. Law Institute
$80
6 F. W. Wurster & Co
75
Bonds.
Per cent.
$263 83 A. D. Matthews Sons,
bond
$32 lot
$4,000 Mt. Royal Cemetery 8%
ctf., 1920
$106 lot
$1,000 Kensico Cemetery ctf. 1956.$40
$4,000 Jay C. Wempie Co. deben.
68, 1918; J. & J
$200 lot
By Messrs. Francis Henshaw & Co., Boston:
Shares.
5 Lowell Bleachery
$ per oh. Shares.
$ per sh
125 i 3 Wamsutta Mills, New Bedford__123
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares.
Shares.
180
205
5 North Attleboro Gas Co
15 National Union Dank
2 Manchester Trac., L. & P. Co-1373
3 Harvard Tr. Co., Cambridge _ _175
8 International Text Book Co__ -1173
50 Bigelow Carpet Co
1673
144
5 American Glue Co., pref
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
35 ShelbySpringHingeCo.,com. 65
120 Amer. Wat.-Wks. AC Guar.
Co., coin., ctf. of deposit_ 10
15 New Gas Light Co., Janesv_ 3031
285 Ajax Lead Coating Co., $10
13/i
each
1,500 California Mining Corp'n,
$12 lot
corn., $25 each
200 Electric Vehicle Equip. Co-$1 lot
100 Altoona & Phila. Connect.
$6 lot
RR., $50 each
50 Raystown Branch Coal Co.,
$12 lot
$50 each
35,941 Clear Crk. Min. & Pow.Co.,
$108 lot
$1 each
100 War Eagle Cons. Mm.,pref.,
5
$50 each
100 War Eagle Cons. Mln.,com_ 3
1,000 Sonora Coal & Land Co.,$10
each
$14 lot
100 St. Nicholas 011 Co.,$3ea.$6 lot
200 Daizell Petrol. Co.,$2 ea_ _ _57 lot
100 Trolley Elec. Vehicle Co.,
corn., $50 each
$10 lot
1 Third National Bank
256 ki
100 Amer. Gas de El.,pf.,$50 ea_ 453.
6 Centennial Nat. Bank_ 275-275 q
10 Bank of North America_ _278-280
26 Farm.& Mech. Nat.Ilk _140-140%
$ per oh.
Shares.
3 Girard National Bank
345
16 Southwark National Bank 142
10 Quaker City Nat. Bank _ _ _ _ 115
4 Phila.Bourse, com.,$50 each 4
25 Comml. Nat. Bank, in lin_ _31 lot
10 Arasapha Mfg.Co., Chester. 52%
1 Penn. Co. for Insur., &c_ _ _625
4 Phila. Trust., S.D.& I.Co_.710
10 People's Tr. Co.,$50 ea__45-47%
50 West End Trust Co
170
I Fire Assn. of Phil., $50 ea_ 346._
20 Green & Coates Sts.Paas.Ry1203
3 Philadelphia Bourse, pref. 18
1 Fourth Street Nat. Bank___290
1 Reliance Insurance Co
71
75 German Theatre Realty Co.,
$10 each
5
Bonds.
uer cent.
$1,000 Atlantic City Elec. Co., ref.
5s, 1938
963
$1,500 Nor. Springfield Water Co.
5s, 1928
903-90J.
$7,000 Isabella-Connells. Coke Co.
Ist 5s, 1939
10
$10,600 Temple College of Phila.5s,
1928
40
$1,000 War Eagle Cons. Min. 85,
$18lot
1918
$2,000 Springfield Wat.Co.58,1926_ 9031
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh. Shares.
$ per sh.
3 Maryland Trust Co., corn
looq 50 Pacific & Atlantic Telegraph,
2 Maryland Trust Co., pref
$25 each
11431
66%
25 Real Estate Trust Co., pref.__ 84
3 Phila. Life Ins. Co.,$10 each- 103
Canadian Bank Clearings.-The clearings for the week
ending April 18 at Canadian cities, in comparison with the
week of 1913, shows a decrease in the aggregate of 20.4%.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William_ _
New Westminster
Medicine Hat
Total Canada.
1913.
Dec.
1912.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p.-836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s orniued.
Capital. Surplus.
S
52,763,953
42,349,186
28,512,471
• 13,037,489
8,308,633
3,100,858
2,068,138
2,917,979
1,828,981
1,757,543
4,840,690
2,519,283
4,179,709
1,973,117
542,058
•679,889
2,167,030
637,617
1,236,415
595,893
30,892,048
35,559,443
16,860,892
8.051,428
3,681,446
2,067,548
1,314,459
2,475,965
1,318,730
1,190,617
3,140,327
2,315,408
2,106,902
1,283,041
486,928
405,671
787,633
452,507
876,068
172,285,862 -20.4
173,421,017
115,347,047
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 18. 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:
$
Specie. Legals. Net Depos- ItoAverage. Average. its, Aver, serve.
s
s
s
%
Totals,average 132,550,0 212,716,8 1500,955,0 343,878,0 66,770,0 1561,485,0 26.2
Actual figures April 18-
1505,352,0 344,148,0 68,781,0 1567,489,0 26.3
I
Week
Capital. Surplus.
ending
April 18.
On Dep.
Net
Surplus. Loans. Specie. Legals. toithC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
$
$
$
3
Averages.
$
$
:
1,561,465,0
132,550,0212,718,81,500,955,31343,878,0 66,776,0
Banks_
Trust cos_ 46,250,0 97,557,0 811,280, 62,242,0 6,543,0 85,363,1 452,831,0
Total_ __ 178,800,0310,273,8 2,112,235,0406,120.0 73,319,0 85,363,02,014,096,0
Actual.
1,567,489,0
Banks_
1,505,352,0344,148,0 68,781,0
Trust cos
625,383,0 63,897,0 7,129,0 78,931,0 468,029,0
Total.
2,130,735,0407,845,01 75,910,0 78,931,02,035,618,0
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 18.
State Banks.
Trust Co..
State Banks.
Trust Cos.
in
outside of
in
outside of
Greater N. Y. Greater N. F. Greater N. Y. Greater N. Y.
Capital as of March 2___
S
23,137,400
$
67,900,000
$
$
$
$
$
%
Brooklyn
3,741,5 24,411,0 2,174,0
722,0 3,922,0 19,353,0 15.0+18.8
14,801,0 121,811,0 14,025,0
Bankers
320,0 22,237,0 95,314,0 15.0+18.9
U.S. Mtg.& T 4,412,0 37,599,0 4,060,0
399,0 8,265,0 29,701,0 15.0+17.0
1,349,9 19,812,0 2,210,0
Astor
16,0 3,152,0 13,997,0 15.9+17.9
Title Gu.& Tr. 11,736,1 32,970,0 2,209,0
975,0 4,057,0 20,796,0 15.3+16.1
24,266,5 182,897,0 17,770,0 1,083,0 22,564,0 123,399,0 15.2+15.4
Guaranty
1,352,4 7,350,0
640,0
Fidelity
243,0
899,0 5,657,0 15.6+12.1
Lawy. T. L&T 5,544,3 18,999,0 1,506,0
410,0 1,906,0 12,446,0 15.3+13.2
Col.-Knicker_ - 7.351,6 47,281,0 5,451,0
590,0 4,489,0 40,016,0 15.0+10.0
1,572,6 16,193,0 1,876,0
People's
367,0 2,433,0 14,828,0 15.1+13.8
12,020,0 45,580,0 4,365,0
New York
373,0 6,432,0 31,521,0 15.0+16.9
Franklin
1,228,4 10,350,0
950,0
123,0 2,025,0 6,699,0 16.1+21.9
Lincoln
547,5 10,453,0 1,220,0
217,0 1,135,0 9,316,0 15.4+10.8
Metropolitan.- 6,794,3 24,202,0 2,452,0
49,0 2,033,0 16,653,0 15.0+10.8
838,9 13,372,0 1,334,0
656,0 1,814,0 12,937,0 15.3+12.2
Broadway__
Surplus as of March 2.__
39,457,000
Totals, average 97,557,0 811,280,0 62,242,0 6,543,0 85,363,0 452,631,0 15.1+15.8
P. C. reserve to deposits_
Percentage last week
Actua 'figures April 18 025,383,0 63,697,0 7,129,0 78,931,0 408,029,0 15.1+14.4
$
New
__
2,000,0 4,325,4 23,678,0 5,153,0
957,0 22,672,0 26,9
Manhattan
York_-Co 2,050,0 4,914,6 41,475,0 10,896,0 1,531,0 48,575,0 25.5
Merchants'___
2,000,0 2,190,0 21,935,0 4,644,0 1,182,0 22,532,0 25.8
Mech &Meta s 6,000,0 8,854,2 61,095,0 12,372,0 2,592,0 59,214,0 25.2
America
1,500,0 6,323,2 25,451,0 4,700,0 1,596,0 24,792,0 25.3
City
25,000,0 33,141,8 202,364,0 45,249,0 4,308,0 194,787,0 25.4
Chemical
3,000,0 7,715,5 29,667,0 4,595,0 2,256,0 26,222,0 26.1
Merchants' Ex 1,000,0
751,5
8,151,0 1,881,0
7,860,0 26.8
228,0
Butch.& Drov
300,0
114,5
1,951,0
450,0
56,0
1,875,0 27.0
Greenwich
500,0 1,133,8
9,635,0 2,676,0
215,0 10,981,0 26.3
American Ex. 5,000,0 4,759,8 53,696,0 13,098,0 2,612,0 57,375,0 27.3
Commerce
25,000,0 16,939,5 146,117,0 25,542,0 8,266,0 129,270,0 26.1
Pacific
500,0 1,007,2
5,008,0
684,0
687,0
4,785,0 28.8
Chat.& Phen_
2,250,0 1,404,0 21,340,0 3,905,0 1,781,0 22,452,0 25.3
People's
200,0
464,3
2,133,0
409,0
2,193,0 25.3
147,0
Hanover
3,000,0 15,003,1 81,837,0 25,592,0 3,443,0 98,195,0 29.5
Ctizens' Cent. 2,550,0 2,444,5 23,453,0 5,227,0
609,0 22,856,0 25.5
Nassau
1,000,0
411,5 10,217,0 2,268,0
890,0 11,660,0 27.0
Market & Fult 1,000,0 1,962,4
9,198,0 1,347,0
9,084,0 25.6
984,0
Metropolitan _
2,000,0 1,868,9 11,210,0 2,534,0
277,0 11,005,0 25.5
CornExchange 3,500,0 8,868,2 6 ,831,0 15,969,0 3,228,0 77,076,0 25.0
Imp.& Trad_
1,500,0 7,851,7 27,485,0 4,069,0 2,774,0 25,530,0 26.8
Park
5,000,0 14,490,9 98,318,0 24,405,0 2,621,0 104,883,0 25.8
East River
250,0
57,8
1,515,0
317,0
115,0
1,765,0 24.4
Fourth
3,000,0 3,676,9 28,587,0 7,119,0 2,170,0 34,650,0 26.8
1,000,0 2,846,0 14,060,0 3,138,0
Second
128,0 12,942,0 25.2
899,0 121,702,0 25.4
First
10,000,0 23,374,8 127,056,0 30,118,0
4,000,0 3,528,0 40,791,0 8,332,0 2,431,0 42,391,0 25.3
Irving
Bowery
83,0
3,448,0 25.5
250,0
790,3
3,257,0
797,0
8,628,0 1,900,0
950,0
9,633,0 29.5
N.Y.County_
500,0 1,922,2
689,7
4,186,0
758,0
218,0
3,959,0 24.6
German-Amer.
750,0
Chase
5,000,0 10,153,3 106,916,0 31,332,0 4,773,0 127,570,0 28.3
Fifth Avenue_
100,0 2,241,9 13,869,0 2,799,0 1,178,0 15,574,0 25.5
German Exch.
200,0
822,5
3,339,0
563,0
417,0
3,875,0 25.2
Germania200,0 1,040,9
4,944,0 1,116,0
254,0
5,591,0 24.5
Lincoln
1,000,0 1,766,8 15,018,0 3,772,0
925,0 16,090,0 29.1
Garfield
1,000,0 1,296,0
9,688,0 2,405,0
292,0 10,218,0 28.3
Fifth
250,0
500,6
4,289,0 25.0
3,982,0
828,0
247,0
Metropolis_
1,000,0 2,229,0 12,636,0 2,065,0 1,150,0 12,671,0 25.3
West Side
200,0
915,4
3,876,0
921,0
305,0
4,786,0 25.5
1,000,0 2,616,1 27,058,0 6,508,0 2,418,0 32,405,0 27.5
Seaboard
Liberty
1,000,0 2,828,0 26,880,0 6,211,0 1,310,0 30,124,0 25.0
N. Y.Prod.Ex
1,000,0
955,0
9,427,0 2,422,0
336,0 10,829,0 25.4
1,000,0
State
425,6 18,455,0 6,077,0
434,0 24,468,0 28.8
Security
1,000,0
348,5 11,656,0 2,155,0 1,300,0 13,901,0 24.8
1,000,0
578,5
6,601,0
979,0
Coal & Iron
853,0
6,588,0 24.7
9,271,0 2,026,0
Union Exch.. 1,000,0 1,001,0
350,0
9,268,0 25.8
200,0
7,054,0 24.8
Nassau, Bklyn 1,000,0 1,171,5
8,106,0 1,555,0
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
Loans.
Average.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
55,956,631 -24.3
42,361,393
40,574,356
41,500,000 -2.2
25,581,704 -25.1
19,177,338
7,298,654
13,114,117 -4.4
3,707,670
3,946,098 --8.I
2,459,001
2,958,314 -16.9
1,752,789
1,904,971 --8.0
3,038,712
3,630,364 --16.3
1,216,705
1,646,617 --28.1
1,601,181
1,954,336 --18.1
3,270,223
4,539,776 --27.9
2,309,467
3,821,566 --39.6
3,920,536 --27.3
2,849,183
2,275,125 --35.1
1,376,590
600,150 --31.5
411,606
456,170 --32.9
306,104
1,953,040 --44.0
1,093,095
598,575 --14.0
509,203
1,180,240 --33.1
789,927
747,332 --21.6
588,783
676,120 --45.1
371,449
343,910 Not included In total
137,061,409
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000,000;
Lawyers'Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker,$2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway. $1,500,000; total, $46,250,000.
Circulation.-On the basis of averages, circulation of national banks in the Clearing'
House amounted to $41,858,000 and according to actual figures was $42,186,000.
Week ending April 18.
Clearings at
1914.
1293
$
*10,528,000
$
*10,250,000
164,517,300
*14,028,915
*11,341,302
Loans and inveStments_. 323,724,100 1,077,070,300
-701,200 +4,520,100
Change from last week_
127,914,800
+787,900
182,588,900
+711,900
138,128,600
+673,600
193,946,900
-446,400
27,232,300
-124,000
27,856,200
-941,200
Specie
Change from last week_
65,554,300
-1,004,400
118,903,700
-1,523,700
Legal-tender & bk. notes..
Change from last week_
18,410,100
-978,900
9,944,300
+760,500
Deposits
Change from last week_
384,547,400 1,241,847,100
-794,200 +4,615,400
Reserve on deposits
Change from last week_
109,479,300
+61,800
29.4%
29.3%
139,928,200
-350,700
17.1%
17.2%
21.3%
21.5%
15.5%
16.0%
+ Increase over last week. -Decrease from last week. * As of Dec.9 1913.
xeviu
THE CHRONICLE
1294
Reports of Clearing Non-Member Banks.-The followThe Banking Department also undertakes to present
separate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in the Greater New York, not in the Clearing- banks for the week ending April 18, based on average daily
House. Those 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 Clearing
Loans,
House banks and trust companies. In addition, we have
Legal
On
Disc'ts
Tender Deposit
combined each corresponding item in the two statements,
CapiBut.
Banks.
and
Specie, and
with
Net
tel.
plus.
IncestBank
C.-H. Deposits.
thus affording an aggregate for the whole of the banks and
tnents.
Notes. Banks.
trust companies in the Greater New York.
$
$
New York City.
$
$
$
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended April 18-
Clear.-House Clear.-House State Banks and Total of all
Members. Trust Cos. Not Banks & Trust
Members.
Average. in C.-H. Aver. Cos. Average.
ActualFigures
a
$
iNational
March
State
March
Surplus
Capitol
banks
4 and
banks
2____
I
178,800,000
178,800,000
310,273,800
310,273,800
Loans and investments__ 2,130,735,000 2,112,235,000
Change from last week +28,264,000
+822,001
$
28,837,400 207,637,400
73,378,30
383,652,100
555,008,5002,667,213,500
+5,111,600 +5,933,600
Deposits
2,035,518,000 2,014,096,000 a577,071,3002,591,167,300
Change from last week +36,631,000 +7,363,000
+4,015,800 +11,378,800
Specie
Change from last week
407,845,000
+5,241,000
406,120,000
+4,933,000
Legal tenders
Change from last week
75,910,003
+4,392,000
73,319,000
+3,760,000
18,434,001
-155,100
Banks: cash in vault_,...
Ratio to deposits
412,929,000
26.31%
410,654,000
26.29%
13,047,500 423,701,500
13.57%
64,648,100 470,768,100
-1,256,100 +3,676,900
81,753,000
+3,604,900
Manhattan and Bronx.
369,8 1,548,0 150,0
Washington Heights_ 100,0
118,5 1,726,0 415,0
Battery Park Nat_ __ 200,0
501,9 6,106,0 558,0
500,0
Century
712,9 6,873,0 1,045,0
400,0
Colonial
697,0 6,292,0 715,0
300,0
Columbia
48,0
189,8 1,164,0
200,0
Fidelity
491,4 5,422,0 588,0
200,0
Mutual
329,8 3,391,0 404,0
200,0
New Netherland
108,9 1,830,0 216,0
200,0
Twenty-third Ward
525,5 4,596,0 452,0
100,0
Yorkville
Brooklyn686,4 3,677,0 395,0
300,0
First National
966,3 5,601,0 716,0
252,0
Manufacturers' Nat
527,5 10,181,0 1,264,0
1,000,0
Mechanics'
590,2 4,646,0 532,0
300,0
National City
190,3 2,782,0 182,0
200,0
North Side
Jersey City.
100,0 1,404,8 4,071,0 291,0
First National
832,4 3,089,0 212,0
Hudson County Nat_ 250,0
445,2 2,389,0 100,0
Third National
200,0
Hoboken.
220,0
First National
684,7 4,791,0 281,0
125,0
Second National
292,1 3,769,0 201,0
70,826,000
68,785,001
Aggre'te money holdings..
Change from last week
483,755,000
+9,633,000
479,439,000
+8,693,001
73,082,100 552,521,100
-1,411,200 +7,281,800
Money on deposit with
other bks. dc trust cos_
Change from last week
78,931,000
-9,429,000
85,363,000
-6,878,001
23,518,901 108,881,000
+1,607,900 -5,270,100
Total reserve
Change from last week
562,686,000
+204,000
504,802,001
+1,815,001
96,601,000 661,403,000
+196,701 +2,011,700
Surplus CASH reserveBanks (above 25%)
Trust cos.(above 15%)
21,056,750
621,650
20,287,751
890,351
Dry goods
General merchandise
Total
Change from last week
21,678,400
+2,045,450
21,178,101
+7,566,351
Total
Since Jan. 1.
Dry goods
General merchandise
% of cash reserves of trus t cos15.13%
Cash In vault
14.43%
Cash on dep. with bks_
Total
29.56%
15.19%
15.86%
16.11%
1.80%
31.05%
17.91%
We omit two ciphers in all these figures.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
April
April
Arrll
14____
21_-__
28....
7____
14____
21._
284____
11____
18____
$
2,554,957,2
2,568,018,1
2,585,828,8
2,611,813,8
2,612,165,4
2,608,857,7
2,615,558,6
2,617,521,8
2,661,309,9
2,667,243,5
$
2,455,557,8
2,463,093,5
2,476,147,2
2,495,699,7
2,500,101,3
2,513,013,3
2,525,197,4
2,564,167,2
2,579,788,5
2,591,167,3
$
454,687,4
455,339,7
453,630,2
449,590,5
452,059,1
458,571,5
460,028,5
462,991,8
467,091,2
470,768,1
Legals.
$
88,610,2
87,429,5
84,403,0
81,736,4
82,187,2
81,219,5
83,884,2
80,807,1
78,148,1
81,753,0
Boston.
Feb. 28_
Mar. 7_
Mar. 14.
Mar. 21_
Mar. 28_
April 4..
April 11_
April 18_
Phila.
Feb. 28
Mar. 7_
Mar. 14_
Mar. 21_
Mar. 28_
April 4_
April 11_
April 18_
Loans.
Specie.
60,735,0
60,735,0
60,735.0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
230,657,0
229,750,0
227,148,0
224,850,0
226,138,0
230,411,0
231,484,0
234,196,0
24,708,0
24,865,0
26,195,0
27,119,0
26,811,0
25,538,0
26,324,0
27,363,0
$
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
552,521,1
103,684,3
103,884,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
392,332,0
396,079,0
398,872,0
400,380,0
401,949,0
40:1,746,0
401,526,0
402,189,0
Legals. Deposits.
a
3,608,0
3,611,0
3,807,0
3,513,0
3,519,0
3,682,0
3,939,0
4,154,0
115,383,0
111,456,0
107,614,0
105,296,0
103.429,0
105,978,0
105,901,0
111,713,0
$
657,488,9
650,993,5
639,481,8
630,182,0
631,828,7
642,291,0
653,053,3
653.803,5
659,391,2
661,403.0
Circulation.
Clearings
266,871,0
268,992,0
268,597,0
267,046,0
266,713,0
277,344,0
279,052,0
295,600,0
9,748,0
9,889,0
10,099.0
10,100,0
10,042,0
10,073,0
10,093,0
10,121,0
129,379,8
167,502,9
154,824,9
157,529,5
146,724,0
191,773,3
153,991,1
174.783,5
*462,726,0
*454,725,0
*452,331,0
*451,854,0
*449,851,0
*460,387,0
*465,330,0
*468,615,0
11,440,0
11,455,0
11,471,0
11,432,0
11,411,0
11,418,0
11,421,0
11,453,0
167,073,8
183,903,8
145,027,8
149,144,7
142,424,3
191,212,0
155,434,7
177,845,5
a Includes Government depos ts and the item "duo to other banks." At Boston
Government deposits amounted to $1,672,000 on April 18, against $1,620,000 on
April 11.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on April 18 as $15,180,000.
1914.
For Week.
1,718,0
1,473,0
1913.
$3,475,158
20,882,328
$2,792,100
16,351,559
1911.
1912.
$2,288,864
19,443,340
$2,415,911
13,496,611
$24,357,186 $19,143,659 521,732,204 $15,912,522
$64,064,101 $51,606,339 $48,603,881 $49,326,722
264,011,883 271,382,591 273,534,268 224,613,296
$328,075,984 $322,988,930 $322,138,149 $273,940,018
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 18 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.
1914.
1912.
1911.
For the week
Previously reported
$16,043,511 $18,580,264 $18,294,537 $20,044,484
303,452,572 288,646,195 250,075,354 226,707,113
Total 16 weeks
$319,496,083 $307,226,459 5268,369,891 5246,751,597
The following table shows the exports and imports of
specie at the port of Now York for the week ending April 18
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
Tot Money Entire Res
Holdings. onDeposil
We omit two ciphers (00) in all these figures.
Capital
and
Surplus.
610,0
544,0
71,0
60,0
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
Banks.
2,895,0
1,591,0
1,411,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 18; also
totals since the beginning of the first week in January:
Total 16 weeks
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Specie.
252,0 3,084,0
56,0
607,0
136,0
586,0
FOREIGN IMPORTS AT NEW YORK,
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:
Deposits.
52,0
675,0 3,037,0
84,0
752,0 5,087,0
632,0 1,787,0 12,148,0
107,0
922,0 4,565,0
220,0
320,0 2,897,0
128,810,600
+ Increase over last week. -Decrease from last week.
a The3e are the deposits after eliminating the item "Duo from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $668,007,100, an increase of $5,434,800 over last week. In
the case of the Clearing-House members,the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Loans and
Week Ended- Investments
1 256 0
19130
' '
6,245,
0
6,992,0
7,336,0
1,009,0
5,653,0
3,407,0
1,984,0
5,006,0
5,847,0 10,665,4 83,944,0 8,765,0 4,205,0 15,457,0 77,713,0
5,847,0 10,665,4 84,256,0 8,682,0 4,380,0 14,623,0 77,983,0
5,847,0 10,665,4 84,552,0 8,472,0 3,908,0 15,574,0 78,016,0
Totals April 18
Totals April 11
Totals April 4
Trust cos.; cash In vault..
60,034,601
$
$
86,0
433,0
55,0
129,0
487,0
839,0
201,0 1,192,0
587,0
696,0
129,0
150,0
402,0
774,0
133,0
204,0
107,0
270,0
348,0
883,0
Exports.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$10,000
625
Since Jan. 1
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$3,860
759,173
1,105,120
328,112
104,125
7,394
118,373
19,189
$395,875 $9,086,245
117,200 1,623,464
4,278
23,400
Imports.
Week.
$16,066,949
$10,625 518,363,479
25,100 17,225,679
411,998 20,518,089
Total 1914
Total 1913
Total 1912
Total 1914
Total 1913
Total 1912
Week.
183,645
89,696
1,114,850
$540,753 $12,097,900
1,279,393 16,563,805
911,134 15,484,256
Since Jan. 1
$13,675
84,638
952
811,130
702,045
1,245,753
584,859
$148,816 $3,443,052
316,905 5,223,849
421,692 6,837,433
PA
RR
$8,788
7,774
15,817
3448
13,507
132,491 1,928,776
858
844,388
520,178
4,093
$137,890 $3,339,228
137,146 3,074,788
259,585 3,537,400
Of the above imports for the week in 1914, $4,215 were
American gold coin and $658 American silver coin.
Vauting and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds,
Spencer Trask & Co.
63 EXCHANGE PLACE-NEW YORK
Boston
Chicago
Albany
THE CHRONICLE
APR. 25 19144
Vanliers' i azetk.
Wall Street, Friday Nip/it, April 24 1914.
The Money Market and Financial Situation.-The
startling developments of the week could, of course, lead to
but one result in banking and financial circles generally,
and especially in the security markets. The effect has,
however, been much less drastic 'than might have been expect9d and.is conclusive evidence that either our present
relations with Mexico have been anticipated and largely
discounted, or that the public does not yet realize the magnitude and possibilities of the situation. In London and also
on the Continent the matter seems to be regarded more
gravely.
Although largely overshadowed by the sudden plunge of
the nation into war, there are other matters which must
necessarily have had a more or less depressing influence.
First of all in importance is the deplorable state of affairs in
Colorado as a result of the miners' strike. The .details of
the situation there are too well known to need mention here.
In comparison with the foregoing,all other matters.affecting business in Wall Street seem too trivial to mention.
They include reports of a further curtailment of iron and steel
products and official consideration of wage reduction--Ta
statement showing that the number of idle freight cars increased 73,000 during the first half of April, against a nominal increase a year ago, when the total number was only
about one-quarter what it now is; the suspension of dividends
on Missouri Kansas & Texas preferred stock; a substantial
decline in the price of Government and other bonds,and an
advance in foreign exchange to near the gold-export point.
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 M @13
470.
Commercial paper on Friday quoted 3%@4% for sixty to
ninety-day endorsements and prime four to six months'
single names and 43 @4%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £656,131 and the percentage of reserve
to liabilities was 43.62, against 41.99 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 5,553,000 francs
gold and 7,681,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
April 18.
Differences
from
previous week.
1913.
Averages for
week ending
April 19.
1912.
Averages for
week ending
April 20.
$
$
Capital
132,550,000
133,650,000 135,150,000
Surplus
212,716,800
206,866,000 199,918,500
Loans and discounts... _ 1,500,955,000 Dec. 8,205,000 1,325,418,000 1,378,917,000
Circulation
41,858,000 Inc.
279,000
46,333,000
48,275,000
Net deposits
1,561,465,000 Inc.
222,000 1,323,877,000 1,405,122,000
Specie
343,878,000 Inc. 5,277,000 274,500,000 291,291,000
Legal-tenders
66,776,000 Inc. 3,292,000
74,345,000
76,654,000
Reserve held
25% of deposits
Surplus reserve
410,654,000 Inc. 8,569,000
390,366,250 Inc.
55,500
348,845,000
330,969,250
367,945,000
351,280,500
20,287,750 Inc. 8,513,500
17,875,750
16,664,500
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
1295
The bond market has been more active this week in all departments on a selling movement which carried every class
dealt in to a lower level. Government 2s sold 13 points
lower than the last previous sale, New York State 43s declined from 1099' to 108k, and of a list of 25 active railway
and miscellaneous issues 20 are lower and 5 unchanged from
last week's closing prices.
Some of the local traction bonds showed an especial lack
of strength and several railway bonds declined a point or more.
United State Bonds.-Sales of Government bonds at the
Board include $12,000 3s coup. at 101, $1,000 Panama 3s
reg. at 102% and $20,000 2s reg. at 96% to 97. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.-The stock market has been weak coincidently with other departments,
although in many cases the declines recorded have not been
abnormal. Sales for European account added to the volume
of business and were a prominent factor in the trend of the
market, especially to-day, when Canadian Pacific lost 5%,
points and every issue dealt in declined. Previously, however, not all stocks yielded to the downward movement, and
at least two prominent railway issues close higher than last
week. On the other hand, Canadian Pacific has declined
nearly 12 points and Union Pacific and Southern Paeifio
between 3 and 4 points.
Several industrial issues have been conspicuously weak,
on the political situation. Mexican Petroleum is down almost 9 points, Smelting & Refining 7 and Amalgamated Copper 4. The Texas Company occupies a unique position m
an advance of 1 point.
For daily volume of business see page 1303.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending April 24. for
1Veek.
Adams Express
Am Brake Shoe & Fdy
Preferred
Am Coal Products
Preferred
American Express
Batopilas Mining
Brunswick Terminal_ _ _ _
Butterick
Canada Southern
Cent & So Am Teleg_ __ _
Colo Fuel & Iron, pref.._
Colorado & Southern...-.
Detroit Edison
Duluth So Sh de Ati_
Preferred
Federal Min & Sm,pref.
Gen Chemical,
pref.deb B_
Green Bay & W,
Heime(OW)
Homestake Mining
K C FtS &M,prof
Lackawanna Steel
Laclede Gas(St Louis)
__ _
Mexican Petrol, pref.
Mont Ward & Co, pref
N Y Air I3rake
N Y Chic & St Louis_ _ _ _
Nor Ohio Trac & Light
Pacific Tel de Tel, pref
Pittsburgh Steel, pref_ _ _
Sears, Roebuck dr Co, pf
Texas Pacific Land Tr
United Dry Goods
Preferred
U S Indus Alcohol
Preferred
Virginia Iron, Coal & C..
Virginia Ry & Power_ _ _
Wells, Fargo & Co
West Maryland. met_
Range for Week.
Lowest.
Highest.
Range since Jan.'..
Lowest.
122 9734 Apr 22 9934 Apr 21 91
100 8734 Apr 20 8734 Apr 20 8734
100 13634 Apr 20 13634 Apr 20 12934
20 82 Apr 22 8334 Apr 20 82
loo 10234 Apr 22 10234 Apr 22 102
137 100 Apr 21 10034 Apr 22 100
600 $34 Apr 24 334 Apr 24 334
100 634 Apr 20 634 Apr 20 634
100 2634 Apr 24 2634 Apr 24 26
200 60 Apr 20 6034 Apr 20 60
10107 Apr 21107 Apr 21 103
100140 Apr 18 140 Apr 18 140
200 2134 Apr 21 2334 Apr 23 20
40113 Apr 21 113 Apr 21 113
10 4 Apr 21 4 Apr 21 4
100 9 Apr 20 9 Apr 20 9
330 3134 Apr 20 3634 Apr 20 3134
200 10834 Apr 21 109 Apr 2110734
3 1134 Apr 21 1134 Apr 21 1134
.200 159 Apr 24 160 Apr 22 159
8 119 Apr 18 119 Apr 18 114
112 74 Apr 22 74 Apr 22 6534
100 32 Apr 20 32 Apr 20 32
100 96 Apr 20 96 Apr 20 95
210 74 Apr 24 75 Apr 24 74
10 111 Apr 21 111 Apr 21 110
250 6034 Apr 22 62 Apr 23 6034
100 38 Apr 23 36 Apr 23 36
100 59 Apr 21 59 Apr 211 59
20 8834 Apr 21 8834 Apr 211 8634
300 84 Apr 24 87 Apr 22 84
2512434 Apr 22 12434 Apr 22 12234
100 99 Apr 21 99 Apr 21 99
100 88 Apr 18 88 Apr 18 88
30 95 Apr 24 95 Apr 24 9434
100 20 Apr 20 20 Apr 20 20
100 83 Apr 24 83 Apr 24 81
100 45 Apr 20 45 Apr 20 40
100 5034 Apr 23 5034 Apr 23 5034
100 90 Apr 21 90 Apr 21 8034
100 50 Anr 21 50 Anr 21 50
Highest,
Feb 110
Apr 9734
Jan 14634
Jan 863.4
Jan 106
Jan 11034
Apr $134
Apr 834
Jan 29
Apr 6134
Jan 109%
Apr 140
Mar 2834
Apr 113
Apr 6
Apr 11
Apr 43
Feb 109
Ap 1434
Apr 65
Jan 2234
Jan 7434
AD 40
Jan 01
Apr 87
Feb 111
Apr 69
Mar 45
Jan 62
Jan 9034
Apr 93
Jan 12434
Jan 99
Apr 91
Mar 10034
Apr 20
Jan 8534
Jan 52
Apr 52
Feb 94
Apr 58
Mar
Feb
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Apr
Jan
Apr
Feb
Jan
Jan
Apr
Jan
Feb
Mar
Apr
Jan
Feb
Feb
Apr
Jan
Jan
Jan
Apr
Feb
mar
Jan
Jan
Feb
Apr
Jan
Mar
Apr
Mar
Jan
Foreign Exchange.-Sterling exchange has ruled firm
during the week as a result of the higher discounts abroad
and the active Continental demand for gold. There have
Outside Market.-Standard Oil securities on the "curb"
as yet been no exports of gold reported, but engagements for this week suffered severe declines though later recovering
coming
the
during
week
expected
Paris are
unless conditions somewhat. The market throughout was heavy with busiat home should suddenly change.
ness very dull towards the close. Ohio Oil, the most active
To-day's (Friday's) actual rates for sterling exchange were 4 8535® of the Standard Oil
issues, sold down from $175 to $150 and
4 8550 for 60 days, 4 8750®4 8760 for cheques and 4 8775®4 8785 for
cables. Commercial on banks 4 84®4 8434 and documents for payment up to $172 and at $169 finally. Prairie Oil & Gas was con4 8434@4 8534. Cotton for payment 4 8434 ®4 8434 and grain for pay- spicuous for a drop of 53 points to 370, recovered all the loss
ment 4 8504 8534.
The posted rates for sterling, as quoted by a representative house, were and closed to-day at 407. South Penn Oil broke from 315
not changed during the week until Thursday, when they advanced Xc. to to 267, recovered to 299 and ends the week at 294. Standard
4 86 for 60 days and 4 88 for sight and continued at these higher figures.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 183 less Oil (California) fell from 300 to 273, sold up to 298 and at
1-32(4)5 1834 for long and 6 15 %less 3-32®5 15%.less 1-16 for short. 290 at the close to-day. Standard Oil (Indiana) from 455
Germany bankers marks were 94%094 15-16 for long:and 95 5-16 less 3-64
@95 5-16 less 1-64 for short. Amsterdam bankers' guilders were 40 5-16 went down to 410, then up to 465, the final figure to-day
less 1-32@40 5-16 for short.
being 452. A quarterly dividend of 3% and 3% extra
Exchange at Paris on London, 25f. 16c.; week'srange,2f.163,
6c.high and
25f. 14c. low. Exchange at Berlin on London,20m.4634pf.; week' range, was announced this week. Standard Oil (Kansas) dropped
from 472 to 417 and recovered to 435. Standard Oil (Ken20m. 4734pf. high and 20m. 4534pf. low.
The range for foreign exchange for the week follows:
tucky) declined from 268 to 240 and rallied to 255 finally.
Sixty Days.
Sterling, ActualCables.
Cheques.
Standard Oil of N.J. lost 19 points to 385 and sold up to 400.
nigh for the week..__4 8550
4 8785
4 8760
Low for the week..__4 85
4 8695
4 8715
In industrials United Cigar Stores corn. sold down from 93
Paris Bankers' Francsto 863, ex-rights, and closed to-day at 87. Tobacco
High for the week..__ 5 1834
5 1534 less 1-16 5 1534
Low for the week.._ _5 1834 less 3-32 5 1634 less 3-32 5 104 less 1-64
Products, pref., lost a point to 82 and ends the week at 823i•
Germany Bankers' MarksHigh for the week..__ 94 15-16
95
53
5:16 less 1-64 95% less 1-32 United Profit Sharing was off from 5 to 3% with the close
Low for the week..__ 94 13-16
to-day at 3%. Riker-Hegeman Corp. moved down from
9534
Guilders
Amsterdam Bankers'
93' to 83/i and up finally to 8%. Maxwell Motors were
High for tho week..__ 40 1-16
40 5-16
4034 less 3-32
Low for the week__ 40 1-16 less 1-16 40 5-16 less 1-16 40 5-16
firm, the corn. advancing a point to 9 and reacting to 83i•
Domestic Exchange.-Chicago,10e. per $1,000 premium. Boston,par. The 1st pref. rose from 333/i to 36 and ends the week at 343/g •
St. Louis, 10c. per $1,000 premium bid and 20c. premium asked. San
Francisco, 10c. per $1,000 premium. St. Paul 50c. per $1,000 premium. The 2d pref. improved from 12 to 13% and closed to-day at
Montreal, 31%c. per $1,000 discount. Minneapolis, 50c. per $1,000 123/2. Bonds were dull.
Canadian Pacific 6% notes
premium. Cincinnati, Sc. per $1,000 premium.
weakened from 104% to 1043/s. N. Y. City 41%s, `w."
State and Railroad Bonds.-Sales of State bonds at the eased off from 101 15-16 to 101% and sold finally at 101.A.
board include $1,579,000 New York 432s at 1083/ to 109%, Mining shares were dull and lower. Braden Copper
sold
$99,000 N. Y. Canal 432s at 1083' to 1093; $17,000 N. Y. down from 83/i to 7% and at 73' finally. Greene Cananea
Canal 4s, 1962, at 1013/i to 101%; $1,000 N. Y. Canal 4s, lost 9 points to 26. Kerr Lake fell from 43% to 3 15-16 and
reg., 1961, at 1013, and $123,000 Virginia 6s deferred trust ends the week at 4 1-16.
receipts at 583' to 60k.•
Outside quotations will be found on page 1303.
1296
New York Stock Exchange-Stock Record, Wally, Weekly and Yearly
Pot recoe
OCCUPYING TWO PAGES
Wes during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Aprit 18
Monday
Aptli 20
Tuesday
April 21
Wednesday
April 22
Thursday
April 23
Friday
Aprit 24
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Week.
Shares.
Range since Jan. 1.
On basis of 100-share lots.
Lowest,
Railroads
95
9434 9514 9318 0458 7,550 Atchison Topeka & S F__
9538 0534 9518 9512 9478 9538 95
Do pref
400
*9978 100
100 100
100 100
*0978 10014 100 100
100 100
400 Atlantic Coast Line RR_
120 120 .119 120
.
120 122
120 120
11912 11912 *110 120
11,225 Baltimore & Ohio
8812 8714 88
8778 884 8758 8814 8778 8858 8818 8812 88
Do pref
550
8012 8041
8012 81
81
-4,8033 8112 *8012 8112 18653 8058 81
8912 9,900 Brooklyn Rapid Transit_
9012 007;.,, 8013 9038 8,14 (A:
2958 0014 8912 8973 89
19918 200
19834 20013 19858 20033 19458 19912 19333 19618 18812 19212 151,800 Canadian Pacific
Central of New Jersey__ _
*298 310 *300 320 .298 320 *500 '325 .300 320 *298 320
53
51
52
13,800 Chesapeake & Ohio
5213 5314 52
5112 5134 5158 5238 5134 53
12
1133 113g 1,010 Chicago(it West tr ctfs
12
1184 1133 1138 .11
12
11114 1114 11
775
Do pref trust ctfs
31
30
3018
13018 3018 .30
3018 31
*3112 32
31
31
95
9714 18,645 Chicago Milw & St Paul_
.9712 9838 974 0818 9718 9812 974 9814 9714 98
Do pref
13473 13478 .131 13612 .131 135
300
•131 139 *131 13712 135 135
1,000 Chicago& :North Western
•131 13212 13112 13112 13012 13012 1304 13013 130 13012 12978 130
De wet'
.
170 160 .170 180 .170 180 *170 180 .170 180 .170 178
Cleve Cin Chic & St L
32
*28
32 .26
32 .24
422
32 .24
32 .26
2138
Do pref
60
56
86
*51
57 .51
400
*51
80
6514 5514 .51
58
140 14914 1454 14812 147 147
14934 14934 .14812 152
146 14734 1,700 Delaware & Hudson__.._
550 Delaware Lack & West
395 395 .39613 400 8395 400 .395 400 305 395
395 397
*1134 14 ' 111
*1114 12
/
4 1112 *1114 1212 *11
1234 *1114 1212
200 Denver & Rio Grande
22
19121958 1958 20 *10
*IN 22 .20
Do pref
22 .19
22
505
2712 2818 2612 2818 2658 2758 274 2778 2612 2758 2613 2672. 55,500 Erie
Do 1st preferred
4334 4334 4234 4312 4218 4234 4314 4312 4178 43
4013 4112 6,900
Do 2d preferred
36
*36
3712 36
36
36
400
*35
37
3512 3512 .34
36
12133 122
11012 12158 11958 12114 12038 12118 12012 12138 11918 12038 16,600 Great Northern firer
Iron Ore properties3212 3212 32
324 3114 3214 3112 3134 3112 3153 2934 3114 5,900
110 11012 110 110 .108 11012 *10813 112
10838 10833 10712 10818 1,400 Illinois Central
1412 1412 144 1414 1418 1438 1334 1418 14
141s 1312 1358 4,024 Interboro-Metrop v t ctf_
61
Do prof
61
60
8034 6014 6012 59/
5912 6,000
1
4 6012 5934 604 69
24
24
24
24
2412 2434 2312 2358 2,400 Kansas City Southern
2378 24 .24
25
Do pref
.56
80 *56
69 .5678 60
50
59 .57
59
300
59
59
Lake Erie & Western
*5
7
.5
7
.5
7
.5
7
.5
7
.5
7
Do pref
.1112 18 .11
10
*1112 18 .11
18 .1118 18 .11
18
13412 13714 13333 13612 13214 135
13278 13434 66,000 Lehigh Valley
13212 13434 13354 135
'134
13312
.134 136 .134 136
13412 13412 135 13514 .13334 13534
850 Louisville & Nashville
113073 13078 .131 133
13112 13112 13114 13114
13118 13118 .131 133
229 Manhattan Elevated
12
12
13 *__ 13
*111
/
4 13 .10
13
110 Minneapolis & St Louis
13 .10
Do pref
.25
32 .25
32 .25
32
42 .25
31 .25
32 .25
122 122 .120 124
120 120
11814 11812 1,050 Minn St P & S S Marie
120 121 .121 124
15
5
Do pref
•133 145 .133 145 *130 145 .135 145 *133 14
1538 1588 15
1
*13
14
512 14
1512 1533 16
14
578 4,900 Missouri Nan & Texas
..-2
1414 1514 1434
•38
41
Do preferred
3714 3814 374 3714 3614 3712 3558 3612 3512 3534 2,600
1853 204 1853 2034 19
2014 I038 20
1034 204 1914 1958 49,700 Missouri Pacific
Nat Rys of.Mex 1st pref..
•28
33 .28
33 .28
33 •25
03
*24
34 .24
33
•11
12 .114 1212 .1034 114 1038 1034 1014 1012
Do 2d preferred
1,400
978 10
8714 8818 874 8778 8758 8834 8818 8812 8812 89
8758 8838 15,550 N Y Central & 11 R
6812 6912 6833 6958 6838 6912 68
69
6838 6834 .653.1 6812 32,225 N Y N H & Hartford
26
26
26
2618 20
26
2514 2538 1,800 N Y Ontario & Western_
2814 2614 2534 26
103 103
102 10278 10178 103
10114 10258 10134 102
10112 10134 7,650 Norfolk & Western
90
.87
00 .87
90 .87
100
Do adjustment prof
90
8858 8858 *8612 00 .85
10834 10973 10734 109
19,630 Northern Pacific
10734 10914 10818 10914 1084 10014 107 108
10914 10934 10812 10978 109 11018 10854 10078 10038 10934 10853 10912 21,125 Pennsylvania
Pittsb Cin Chic & St L
*7814 8212 *7812 8212 .7814 8212 .7814 8212 .7814 8212 .7814 8212
*94 100 *90 100
Do preferred
•94 100 *94 100 *94 100 .90
99
161 16218 15958 16218 15934 16134 16038 16134 16118 16214 16058 16114 285,500 Reading
8812 *88
8812 .88
1st preferred
*88
89
*88
*88
89
8912 *88
8812
188
88
2d preferred
8812 8813 *87/
1
4 90 *8713 90
*8712 90
150
*87/
1
4 90
8/
1
4 34 •814 312 13
338 338
34 1,110 Rock Island Company
318 314
338 338
51,2 5112 *514 512
5
518 514
514
512 _ 512
572
Do preferred
514 2,800
2
212 *2
2/
1
4
212 213 *2
212
200 St Louis & San Francisco
*218 258
2/
1
41 218
Do 1st preferred
: *8
14
14
*3
13
*8
13
.8
14
*8
.9
14
200
Do 2d preferred
*313 4
: *4
434
334 4
.334 434 *34 412 *312 4
/
4 2114 *20
1 *2112 2212 21
21
3120
2212 211
2212 *20
22
300 St Louis Southwestern--61 *__ 61 *---- 60 •____5912
Do preferred
61 •
.
IS
1912 19
1912 1812 19
194 "iiEs 1878 -His 19
1,850 Seaboard Air Line
19
5213 511
/
4 511
/
4 5173 52/
Do preferred
, 5334 5334 5173 534 51
1
4 52/
1
4 53 r 4,250
7 901
025 Southern Pacific Co
t 91
9158 8914 9112 8918 905s 897,1 9034
3 801
_ 9712 9712 ----------------300 Certificates (wh. iss.)_
24
2438
2334 -2278
("ii- IV "ilia ifi-4 Ws 24-12
5- 1238 9,100 Southern v tr ctfs stmpd7013 7058 78
79 .7778 7914 7812 7812 7712 7812 2,100
', 80 80
Do preferred do
1412 1412 *14
15
1514 1413 1418 141
*14
..• 15
15
700 Texas & Pacific
/
4 1412
4038
41
40
4112
4012
40
40
1 42
42
4034 39
40
4,890 Third Avenue(N Y)
.7
10
.7
9
10
.8
9
1014 .7
100 Toledo St L & Western
1014
10
i *9
1914 1938 .1713 20 .1713 20
Do preferred
r *1778 20 .1778 20
300
1712 1712
103 103 1103 103
201 Twin City Rapid Transit
*10312 105 *10313 105 *10312 105 .103 105
' 15234 15418 15158 15414 15134 15358 15218 15358 15238 15358 15012 152 196,650 Union Pacific
83
82
82
400
Do preferred
83
8212 8212 .82
' *8214 823.1 8212 8212 .82
*141
/
4 18
15
1518
*1412 18
600 United Rys Investment _
1612 *1412 18
, *1612 1812 15
42 .41
42
1,400
42
4318 4212 4312 42
Do preferred
44
4412 *42
; *42
78
*78 1
78 1,600 Wabash
1
1
1
1
78
78
.
54
78
4
4
1,200
4
418 .378 414 *378 4
414 414 .378 414
Do preferred
2614 2612 2538 2578 2514 2512 2514 2514 3,300 Western Maryland
29
29
2718 28
4
.3
700 Wheeling & Lake Erie353 358 *312 4
*334 414
378 378
358 354
I
16
13
14
*14
16
*14
18
*14
959
Do 1st preferred..14
16
*14
18
7
200
Do 2d preferred
8
.4
7
.4
.6
8
8
613 .4
.6
0
40 .30
40
400 Wisconsin Central
40 I 40
1.040
41
40
40
40
40 .39
•
Industrial and Miscell.
2634 26
2658 2818 2058 2534 2612 2458 2512 33,800 tiAlaska Gold Min Par $10
. 28/
1
4 2678 26
420 Allis Chal Mfg v t c
:. 972 10
*934 10
038 023
*932 11
10
10
*948 10
42
4112 4112 4112 4112 .4114 43
4114 4112
700
Do preferred v t c
4214 42
42
7318 7418 7318 744 26058 71 147,600 Amalgamated Copper
7234 7358 7238 7334 7214 74
8012 52
5178 .50
50
1,100 American Agricul Chem..
51
54
52
52
50
51
54
05 .90
95
9312 9312 *92
95
05 .92
100) Do preferred
*03
05
*93
22
2214 *21
2114 2114 2112 2112 2034 21
2,200.American Beet Sugar-......
2214 2214 21
____ 70
Do preferred
*6312 7312 .8312 7312 *6312 731 *6312 7312 *6313 70
2338
2438
2353
2412
26
133,715
Anertcan Can
244 2334 2578
2514 2278 2518
24
88
88
8714 8812 4,Ce0. Do preferred
80
8833 8073 8734 8814 80
\ 8913 90
49
49
49
4834 49
4612 4818 5,900 American Car & Foundry
. 4912 4034 4814 4912 48
100( Do preferred
*115 11712 *11512 1174 *115 1171 *11412 11713 *116 11712 117 117
3512 *
3512
12nerican Cities
___ ___ _ *___ 851 *-_- 35
*__ 35
6034 61
833
Do preferred
67
6012 6012 6034 6034
6114 6114 6113 6118 *61
3913 3978 3913 3918 38
1,500 American Cotton Oil
.
30
4034 3934 393
40
*4012 43
98
*95
Do preferred
98
*95
97
.9512 97 •95
97 .95
97 .95
4
4
412
414 414 ,34
412
200 American Hide & Leather
412 .4
*4
412 .4
1
4 2114 1934 1934 1,160
Do preferred
*2114 23
2114 2114 2114 2114 2114 2114 20/
2812 2812 2914 2734 2812 8,400 American Ice Securities....
28
; 28/
1
4 29
28
2838 2818 29
100 American Linseed
*91g1012 *912 1014 *91
/
4 1014 *913 1014 *912 1014
933 938
*27/
1
4 2812 271g 2714 *253, 28
'200
Do preferred
1
4 80
*211, 30 *27/
*271, 30
30
28
28
1,050 American Locomotive.-3013 121g12 11%12 3034 3034 30
3013 3034 29
9612 97
505
97/
1
4 9778 *97 100
Do preferred
9833 9838 •97 100 *9
*412
7
/
1
4
*6
8
American Malt Corp.-8
*5
*8
8
712
*5
*6
8
47
*42
48
48 *42
*41
Do preferred
042
48
48
43 *44
*43
83
*80 83 *79
*80
81
Amer Smelters See prof D
84
84
*80
84 *81
*82
8314 6414 8334 66
66
6572 6614 64
6012 6514 5814 6033 28,325 Amer Smelting & Refin'g
1
4 98
99
1,915
Do preferred
/
4 10112 1011,10114 10034 10084 100 100/
*10134 10214 1011
159 159 *158 160 *158 160
800 American Snuff
160/
1
4 160/
1
4 15713 180 *157 160
Range for Previous
Year 1913.
Highest.
Lowest.
9318 Apr 24 10008 Jan 23
9712Jan 13 10158 Feb 0
116 Jan 3 126 Jan 23
8714 Apr 21 9838 Jan 26
7734Jan 9 8333 Jan 29
8712Jan 3 9414 MO 6
18812 Apr 24 22012 Feb 4
310 Jan 12 310 Jan 12
5034 Men 10 68 Jan 22
11 Apr 21 1412 Jan 21
2712Jan 7 3338 M eh 31
95 Apr 24 10718 Feb 4
13478 Apr 22 143 Feb 6
128 Jan 3 13678 Feb 14
170 Jan 5 180 Jan 24
25 Apr 13 40 Jan 5
55 Apr 22 70 Feb 9
14512 Apr 22 15012 Feb 4
388 Jan 6 405 Jan 27
1012 Feb 25 1914 Jan 31
1912 Apr 17 3118Feb 4
/
4 Apr 24 321 Jan 23
261
4012 Apr 24 4034 Jan 27
35 Jan 2 404 Jan 23
11918 Apr 24 13434 Feb 4
2934 Apr 24 3914 Jan 19
107 Jan 7 115 Jan 26
1312 Apr 24 1638Jan 24
58121101 7 63 Jan 24
2312 Apr 24 2738 Jan 31
58 Jan 12 62 Jan 24
612 Feb 23
9 Jan 23
17 Apr 4 2112Jan 28
13214 Apr 21 15614 Jan 23
13312 Apr 24 1411
/
4 Jan 19
128 Jan 5 •133 Feb 7
12 Apr 18 1614Jan 31
30 Apr 14 3512Jan 22
1184 Apr 24 137 Feb 5
140 Apr 9 145 Feb 2
1414 Apr 22 24 Jan 26
3512 Apr 24 60 Jan 30
1812 Apr 17 30 Jan 27
30 .*an 19 34 Feb 6
978 Apr 24 14 Jan 26
88/
1
4 Apr 16 9653 Jan 31
6514 mch 4 78 Jan 2
2514 Apr 24 3138Jan 23
9938Jan 9 10534Feb 4
1
4 Apr 22
85 Jan 7 88/
107 Apr 24 11812 Feb 4
10812 Apr 20 11512 Jan 31
70 Mch25 91 Feb 4
9534 Apr 1 101 Mch25
1
4Apr 20 17214 Jan 22
159/
8712Jan 8 89 Mc'n19
8813 Apr 21 03 Jan 28
3 Apr 9 1638Jan 23
5 Apr 9 25 Jan 16
2 Apt 7
538.lan 15
1013 Apr 1 1712Jan 13
93 Jan 26
334 AP1'20
20 Mch30 2614 Jan 26
57 Jan 8 65'g Jan 26
1634 Jan 2 2234 Feb 5
4534 Jan 2 58 Feb 4
8734 Apr 24 9913 Jan 23
9455Jan 2 10513Jan 31
284 Feb 4
22/
1
4Jan
75 Jan Z; 8514 Feb 4
1313 Jan 6 1734 Apr 1
39 Apr 24 453g Jan 13
9 Apr 20 1214 Jan 24
1712 Apr 24 23 Jan 26
103 Apr 13 10812 Jan 19
15013 Apr 24 16453 Jan 31
82 Apr 24 86 Feb 4
15 Apr 20 2334 Feb 6
3812Jan 14 4914 Mch24
84 Apr 8
433 Jan 23
4 Ara 13 13 Jan 23
2514 Apr 23 35 Jan 22
353 Feb 24
638Jan 7
13 Apr 24 21 Jan 23
6 Apr 21 11 Jan 24
40 Apr 16 48 Feb 4
52034 Jan 9
88 Jan 6
4114 Apr 24
36933 Apr 24
4734.1an 2
91 Jan 8
20 Mch 5
68 Mch 11
2273 Apr 20
671
/
4 Apr 24
47,/
1
4-ken
114 Jan '13
35/
1
4 Apr 9
60 Jan 5
3712Jan 8
9412Jan 15
4 Apr 16
1934 Apr 24
24 Jan 3
953 Apr 24
1
4 Apr 23
27/
28 Apr 24
96 Jan 6
7 Jan 13
42 Jan 3
82 Mch 12
5814 Apr 24
98 Apr 24
15712 Apr 20
Highest.
0014 Nov
96 J'ly 10214 Jan
112 J'ne 1331
/
4 Jan
9033 J'ne 110
06313 j
J an
7714 J'ne 88 Jan
r8334 J'ne 924 May
204 Dec 26634 Jan
275 J'ne 362 Jan
5113 J'iy
80 Jan
1013 J'ne
171
/
4 Jan
23 J'ne 35 Jgn
9614 Nov 11614 Jan
13112 Nov 145 Jan
x123 Dee 138 Jan
1711
/
4 Nov
Jan
341
/
4 Aug 1184
5 Jan
n
9414 Jan
60 Oct
9434
14712 J'ne 167 Jan
380 Dec 445 Jan
-333 J'ne
2313 Jan
23 J'ne
41 Jan
2014 Joe
3212 Jan
3312 J'ne
4912 Jan
284 J'ne
41 Jan
11513 J'ne 13
62
8333 Jan
2512 J'ne
10234 Dec
8
08
1!
7'38351 j.JJFaaa
Febeb
J'ne
Jan
1
4
12/
45 J'ne
J'iy
211
/
4 J'ne
62 Jan
36 J'ne 112426:11
7 May
35 Jan
16 Nov
14114 J'ne
12014 J'ne 14214 Jan
/
4 Feb
177 J'ne 1321
2314 Jan
12 Joe
47 Jan
30 Dec
an
4014
2
11514 J'ne 115
131 Nov
2913 Jan
1813 J 111
52 J'ne 106348142
2114 Deo
31 Dec
8/
1
4 Dec
Jan
90/
1
4 Dec
6533 Dec 113
2
2549
7937
:
:
13
2J
jla
jalacn
nnh
1
4 Jan
25/
1
4 J'ne
33/
98 J'ne
8014 Aug 87 Feb
10134 J'ne 1221
/
4 Jan
106 Dec
7713 Dec 123
0484 j
Jan
100 J'ne 1109 Sep
1511
/
4 J'ne 1711
/
4 Deo
8213 Oct
9213 Apr
84 J'ne 05 Apr
/
4 Oct
2475 Feb
111
1712 Oct
4434 Jan
234 J'ne
Jan
J'ne
19359
13
512 J'ne 29 Jan
20 Deo
5614 Dec
3
7
20
0553$
1
14
1s
jj
Aaa
el3:2
1
1412 Joe 4
38 J'ne
10
112JAate
83 Nov 18
hi2
88/
1
4 Nov 99's Sep
1912 .1'ne
72 J'ne
9
2
899
6623
S
2:13 S
104 J'ne 16
J
J:. aaa
a
aeul
nna
a
n
1
4 Sep
43/
1
4 J'ne
27/
13 Jan
713 J'ly
294 Jan
1514 J'ne
10113.J'ne 100 Sep
13734 J'ne
791
/
4 J'ne
16 J'ne
Jan
30 J'ne
2 J'ne
6/
1
4 rly
13
7:21
6
28/
1
4 Dec
46 Jan
3/
1
4 Oct
13 J'ne
5/
1
4 Deo
404 J'ne
323 Apr 17 $18 Nov
733 Dec
1414 Feb 20
40 Nov
49 Jan 26
7812 Feb 4 61/
1
4 J'ne
414 Sep
5912 Mch19
9713 Jan 23
90 Nov
1934 J'ne
281g Jan 22
65 Oct
7314 Jan 26
351g Jan 27
21 J'ne
96 Jan 24 /8012 J'ne
3812 J'ne
5312 Feb 4
118 Mch 9 108 J'ne
331
/
4 J'iy
364 Jan 26
68 Jan 28
6014 J'ne
4612 Feb 9
3312 J'no
9738 Mei]30
9212 Sep
514 Feb 6
312 J'iy
2534 Feb 6
151
/
4 J'ne
3234 Feb 20
17 J'ne
1153Jan 23
6/
1
4 J'ne
3184 Jan 16
20 Oct
3714 Jan 31
27 J'ne
10211 Mch25
94 Oct
9l Jan 26
514 Oct
5013Jan 24
4172 Oct
85 Jan 19
7912 J'ne
711
/
4 Feb 4
581
/
4 J'ne
105 Jan 27
97 J'ne
172 Jan 31 150 J'iy
$2
518848
1:
::0
jjjAaahot
pnlinr
9 Boo
4312 Deo
8
89
569
0
712 :
S
jjmaa
e°an
45067182
Jan
17
28
912 J
Ja
an
18
1r .1
MacnIt
4834 Jan
9
2
257
8678:
344 jj
FA
MaaepInby
121
/
4 Nov
33/
1
4 Nov
4412 Jan
10634 Jan
13 in
0112 Jan
83 Jan
7414 Jan
107 Feb
193 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banka
New York
America 1
-Amer Exch
Battery Park
Boweryll Bronx Borol
Bronx Nat
Bryant Parkl
Butch & Dr
Century ¶_
Ckase
Bid
Ask
505
210
120
425
225
175
150
120
185
885
880
215
135
2-13.6
190
116195
595
Bid
Ask
Bank,
Chat & Phen. 173 178
145
Chelsea Ext. 135
Chemical - 415 425
Citizens' Can 175 180
345 355
City
Coal & Iron.. 150 160
450
Colonial 1
Columblal- 300 325
Commerce
t170 t173
Corn Ezell If_ 313 318
85 105
Cosinopor n
75
East River- 60
Bid Ask
Banks
Fidelity..__ 185 176
Fifth Ave 1-4500
Fitth
300 335
First
885 9(1)
182 187
Fourth
Garfield -- 210 230
Germ-Amer 1 130 140
German Ex 1 375 425
GermaniaI-- 480475
Gotham
190
Greenwloh
270 285
Hanover ---- 650
Banks
Harriman
Imp & TradIrving
Liberty
Lincoln
Manhattan 1
Nlart & FultMeth dc Met
Mereh Excel_
Merchants'_ _
Metropolis
Metroporn I
Bid
275
505
175
600
310
320
240
227
165
170
300
175
Ask
290
520
181
615
325
330
250
233
ffi"
310
185
Banks
Mutual 1 Nassau
New NethlNew York Co
New York_
Pacific) 1-Park
People's 'I
Prod Exch 1Pahl
Reserve
Bid
300
165
210
850
370
225
364
230
164
200
100
4*5
fib."
225
875
380
250
369
250
170
230
105
Banks
Seaboard-Second
Security ¶....
Sherman -State1
2341 Ward1Union Exch.
Unit Stated Wash 11'te
W each Av11_
Nem Side I.
Yorkville 'V
214
410
390
100
ficr
130
145
SOO
275
160
450
Ask
435
425
120
135
200
140
153 '
fir
475
550
1
•Bid And asked r,
isles on this day. 3 Ex-rights. I Less than 100 glans.
State beaks. a &x-div. al rights. b Ncer itoa. / 111x 34% same. IMP
813 11,11016).0 slits SIVA, CUtlet 1 nasalizes% paid. a 9t as 211744, asks! Ibis prise. 4Ias-div. ;
ISal• as Stook 4gsklas...14,:
paid.
New York Stock Record-Concluded-Page 2
APit. 25 1914.]
Poi* kiiinid
at
STOCKS-IIIGHEST AND LOWEST SALE PRICES.
Saturday
April 13
Monday
April 20
Tuesday
April 21
1297
sites during the week of stocks usually inactive, see secoqI page oreccling
1Vednesda
April 22
Thursday
April 23
Friday
April 24
Sales of
STOCKS
NEW YORK STOCK
the
Week
EXCHANGE
Shares.
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Precious
Year 1913.
Lowest.
Highest.
Industrial & /disc (Con)
105 .103 105 *103 105 *103 105 .103 105 *103 105
Amer Snuff pref(new)_ _ _
998 Jan9 104 Feb 20 100 J'ne 105 Jan
:1012 .2913 :3012 30
300 Amer Steel Found (new)_
4012 Feb
3014 .29
28 Jan 6 :3712 Feb 16
30
30
30 .29
25 J'ne
31
10014 100 10011 100 100
997, 1)ec Its Jan
10014 10012 *100 101
97 Moll 12 10978 Jan 24
9934 10014 2,900 American Sugar Refining
110
110 110 .109 111 *109 111
Do
preferred
215
10778 Ifch 31 11378Jan 7 11018 Inc 116's (all
11014 110% 511012 11012
12014 11973 12014 120 12012 11934 12012 11978 12038 11934 1204 4,810 Amer Telephone & Teleg 11718 Jan 2 12414 Jan 30 110 Dec 140 Jan
220
227 227
800 American Tobacco
227 227
225 Apr 24 256 Alch 23 200 J'ac 29434 Jan
22513 22518 220 226
225 225
10
10
51, •10412 104 *10512 104
300 Preferred, new
10134Jan 7 10614 Feb 20
10578 10578 .10512 106
90 J'ly 106, Jan
106 106
•15
100 American Woolen
1714 .15
1711 •15
1714 .15
1412 Dec
1714
2313 Sep
204Jan 28
1714 •15
638
76
Do preferred
76
7512 7512 .75
h 4
7
12'
212 Itch
7612 75
74 May 82 Sep
83 Jan 26
751s .74% 7612 7478 75
.12
Amer
13
440
Writing
.12
1212
10
15
14
.10
13
•10
15
.12
Paper pref
10 Apr 22 1733Jan 23
1178 Nov
32% Jan
5,535 aAnaconda Cop Par $25 3212 Apr 24 3814 Feb 3
34
344 334 3334 33
3358 1334 3334 3318 3318 3212 33
307; J'ne
4112 Jan
.10
100 Assets Realization
18 .10
20
1412 Apr 23 2973 Jan 8
1412 1412 •1212 20
*1213 20
*1212 20
22 Dec 120 Jan
4812 484 43
700 13aldwin Locomotive_ _ _ _
46
45
46
45
33:2 Jan
48
364 Dec
46
47
.46
47
38's Jan 7 5213 Alch 5
108 103 .108 109 .10712 10853 10818 10818 108 103 *107 108
300 Do preferred
102'2 Jan 16 10812 Itch 23 .1 0014 J'ne 10512 J'ne
3818 394 39
2012 Jan 5 4434 Itch 11
4014 3913 394 3834 3914 3973 4014 3712 3878 9,100 Bethlehem Steel
25 J ne
41,2 Jan
Do preferred
400
.8212 85
83
*83
68 Jan 10 86 Itch 11
8414 .83
8414 8414 8414 8318 8313 83
6214 J'ne
74 Aug
500 Brooklyn Union Gas__ _ _ 121 Jan 5 130 Jan 24 1,0 Oct 13713 Jan
124 124
*12512 128
125 12512 12414 12414 .124 128 .124 127
1,920 California Petrol v t ctfs_
21
19
23
21
21
23
20
22
21
224 2134 22
18 Jan 2 3058 Feb 6
16 Aug
561, Feb
Do preferred
825
59
6012 59
60
*61
505,Jan2 68 AIch20
65
*60
64
5914 60
63
45 J'ly
86 Jan
505 Case(21)Thresh M pftrcfs 8012 Apr 23 9513Jan 16
82
8012 8012 182
814 83
*8312 864 .824 85
9014 Dec 103% Feb
3432 3514 34
Leather
3434 10,100 Centralpr
r
-3478 3533 3312 3513 3114 3514 3412 35
257s Jun 14 364 111c1123
17 J'ne
30,8 Feb
Do
947 Jan 6 1014 Itch 4 r88 J'ne
004 .98 100
09
199
09
.0812 100
9914 9914 99
99
9714 Mch
5 den o Copper___Par $5 3712Jan 9 44 Feb 4
3712 3913 13,0
9
520
4014 405s 3912 4014 394 40
3912 3978 394 40
308 J'ne
4758 Jan
Cluett,Peabody & Co,Inc 6812 Feb 25 70 Feb 13
.66
.66
69
69
69
.66
69
.66
69
6912 *66
*08
300_ Do preferred
10114 Apr 22 1(1412 Fe, 14
*10114 10212 *10113 10212 .10112 10213 10114 10133 103 103 .10114 103
.28
3012 2712 28
29
1,400 Colorado Fuel & Iron__ _
2838 2338 2833 284 29
29
29
2712 Apr 24 3412 Feb 5
2412 J'ne
4112 Feb
130 130
700 Consolidated Gas (N V). 129 Apr 20 13912 Jan 24 12513 J'ne 14218 Jan
12912 12912
*12913 131
129 129,2 *13812 131 .128 131
1
o
eD
rn
C
D
eroe
l
2,900
814
i
,
r
o
rce
dfo
812
818 833
8
uecrpr
ts
reedfRefining_
814
853 858
818 818
8,4 8 4
738 J'ne
17.8 Jan
734 Mo1125 13 Jan 28
60 11Ich25 72 Jan 29
63
6213 63
1,370
6113 J'ne
624 6233 6258 6314 6318 6338 6312 6313 163
7914 Jan
9434 .92
.92
9434 .92
95
9112 Dec 100,8 Jan
9134Jan 2 9934 Feb 3
9434
*92
0134 .9124 9434 •92
3,480
14
1
.1334
8
137
1334
1484
1414
Distillers' Securities Corp
14
15
1334 Apr 20 2012 Itch 4
1588 134 15 4
1414
934 J'ne
31,
, Jan
143 143
143 14318 143 143
142 142
2,474 General Electric
Jan
144 141
14314 144
15058 Feb 20 12934 J'ne 137 Jan
78
78
78
75
794 80
704 77
134738
794 78
78
0
7612 3,635 Gen Motors vot tr ctfs
an 3 8233 Apr 13
25 May
40 Aug
9118
.9014
91
011
8912
0012 9012
904
Do pref v t ctfs
9134 9134 9 34 02
77,8
1,650
10
70 May
15
7 95 Feb 1!)
20
8134 Sep
odr
o icphreC
2758 28,4 2614 2784 2634 264 2613 2718 2613 2658 25
feorred
26
Jan
5,900 GOD
1513 Nov
(B 1')
2878 Apr 17
68 Jan
90 .88
90
*8812 90
8912 1384 89,2 .88
.88
797 Jan 2 01 Feb 3
7334 Nov 10514 Jan
.8812 00
8213
53
53
534 524
53
6,410 dGuggenh Ex lor Par $25 $443 Jan 8 25712 Apr 2
53
614 5212 4912 50
53
4034 Ply
53 13 Jan
1612 1634
1612 17
17
17
1634 17
17
17
16
1612 5,310 dInsp'n Con Cop Par $20 $1518 Jan 10 51812 Mch24
338 1)cc
20% Jan
10124 10214 10214 10214 10212 10212 101 102
10234 10234 10234 103
2,200 Internet Harvester of N J I 1004Jan 3 11112 Jan 22
90 J'ne 11112 Sep
116
*115_
.115
•115 116
•115 116 *115 116 .115 116
Do preferred
11312 Jan 3 11813 Itch 4 111 May 116 Oct
*100 10312 .102 10312 .100 101" 110012 10012 .100 103
teo
9512 J'ne 11014 Sep
rnap
trielfaerrIrre
100 10078
ed
ster Corp_ 1004Jan 3 11124 Jan 22
450 InD
*11412 116 .114 116 .11412 ____ .114 116 .114 116 .114 116
Jan
11712 Feb 13 111 May 11434 Sep
.238 3
.233 3
.233 3
.283 3
lot Mer Marine stk tr ctfs 112
384 Jan 27
.233 3
273 J'ne
Feb 6
4% Jan
.232
3
4
4
7
3
9
*934 1014
*934 104
953 958 .912 104
Do pref stk tr ctfs_ _ _
812 Feb 10
1912 Jan
1212 J'ne
*012 1014 .912 1012
1514 Jan 30
9
812 *3
.8
0 International Paper
612 Oct
75s 8
758 Apr 21
104 Feb 2
1252Jan
772 8
*712 812 .713 812
3412
3312
$3
*3412 35
35
.34
3218 Oct
3312 Apr 20 41 Jan 31
.34
36
86
4812 . an
.34
800 Do preferred
36
.6 3 9
.613 8
'WI 8
Internet Steam Pump_ _ _
6'5 Jan 9
44 Dec
.612 8
91s Jan 20
.612 812 0612 8
1812 Jan
*15
25 .15
25
.15
Do preferred
1572 Dec
25 •____ 25
19 Jan 2 29 Jan 19
.15
25
25
70 Jan
300 Kayser & Co (Jullus)
.87
89
.86
01
89
90
77 Dec
80 Jan 19 91 NIch14
8914 8914 .8814 9012 .86
89
94 Feb
*106 110 *104 10834 .106 109 .105 109 •104 109 .104 10884
ot(tre
sf
erred____ 106 111c1112 10812 Apr 1 10612 Oct 110 Jan
)
•95 100
95
95
.94
.94
95
•94
9412 94
81 Jan 6 105 Feb 25
94
96
58 J'ne
83 Sep
300 Kresge Co
Do preferred
*10214 103,2 .10214 105 .10214 105 *10214 105 *10214 105 *10214 105
auni 16
19
19
3 105 Nich 3
13,J,
97 J'ne 102 Jan
100 Ligg
•218 222
Do
218 213
ettp&
reA
fe
220 •____ 220 .200 220 .210 220
iryreed
rs Tobacco 218 Apr 20 231 Itch 1 195 J'ue 235 Itch
*11412 114 *11413 116
•11413
116
116
.11412
116
.11413 116
118 Alch18 10612 J'IY 11612 Jan
600 Loose-Wiles Bis tr co ctfs 2978 Apr 24 38 Jan 26
3214 32% .3214 3428 3214 3214 .321 3414 304 3214 294 3012
21 Joe
3978 J .n
.101 102 *__
101 101
.99 102 *100 102
2
1s
dt pprf
102 .101 103
reee
frere
89 Aug 105 Jan
100
rrd
ed___ _ 101 Apr 22 105 Mch16
Do
95
595
.0214
99
.02
924 924 *9214 99
99
*9214 99
89 Jan 2 95 Jan 24
84 J'ly
95 Jan
110 Lorillard Co (P)
•165 180 .167 180 .167 180 .16712 180 •16713 179 .16713 179
166 Jan 20 190 Apr 7 r150 J'ne 200 Jas..
Do preferred
0113 114 •113 114 5114 114 .113 114 .113 114 5114 114
mn
i 6
16
15
2 11514 Mch14 103 J'ne 117 Feb
04, Ja
62
330 Ma
Dco
85
.8014 84
ka ypre
85 .80
82 •____ 80
ef
oena
7558 J'iy
85 .80
.81
rrpea
87 Jan
77 Jan 12 8738 Feb 20
dnies _ _ - _
7014 694 6938 .68
70 .67
6912 6812 6812
6933 694 .67
62 Dec
69 Apr
70 Jan 27
*5112 60 .5912 61
.5712 6012 :
100 Magolle
0
57
7 16
0
65 Oct
pp
re
nfretrrirte
60 .57
57 A 1ch31 6914Jan 17
0
0:2
2 .57
(3012
er Stores_
7678 Jan
7
10012
2
97
9778
.97
.97 100
.9613 10012
9712 J'ne 10512Jan
*9713 1001
974 Apr 21 10134 Feb :1
6318 5934 6212 6034 6413 6014 6213 5518 59
61
28,450 Mexican Petroleum
6:134 61
4612Jan 2 7312 Feb 9
4134 Nov
7314 Feb
23
23
23
23
23% 23% 2212 23,
2213 2284 2214 2284 2,325 4Miand Copper_ __/'ar $5 62134 Jan3 5241, Jan27
204 Joe
251 Jan
4712 47'2 .4714 4712 54714 4714 •47
4734 43
4724 47% 4718
4718 Apr 24 50 Mch26
340 Montana Power
*10112 10212 1102 103, 10112 10112 .10114 102 .101 102 .10114 101e4
Do preferred
10112 Apr 21 10212 Mch27
127
129 130'4 1274 12838 12712 128 .126 128
131 131
12614 12778 2,000 National Biscuit
122 Jan 6 139 Feb 3 104 J'ne 130 Sep
.
e12218 125 112218 125, *12218 125 .12378 125 •123 125
120, Do preferred
12378 12372
3 1234 Apr 24 116 J'no 12478 Jan
110
97
184 J an 18
4.10
1112 1013 10'8 1118 1113 *1014 1132 •1014 1112 1088 1038
300 Nat Enamerg & Stamp'g
9 J'ne
14 Feb 3
1914 Jan
87, *SO
Do preferred
87. *80
87 .80
*80
87
•70
87
.70
86 Mch 7 8673 Itch 10
7414 Oct
87
9214 Jan
National Lead,
46'2 .4312 4612 .4312 46% .45
4812 .43
*44
4012 45
44 Jan 3 52 Jan 261 43 Oct
4513
5614 Jan
010734 10813 10814 1084 .10712 10914 .10713 10914 •10713 109 *108 109
100 Do preferred
105 Jan 13 109 Feb 18 10(1 J'ne 108 Oct
14481 14
1412 1414 1414
1458 1424 14
1414 1438
1413 1414 5,025 dNevada Cons Cop Par $5 514 Apr 20 $1612 Jan 26
13 J ne
20 Jan
*7434 76,2 74
North
75, .73
75
74
574
American Co(new) 65 Jan 2 7914 Itch 14
•73
7612 724 73
1,300
8117 Jan
60 J'ne
2212 2212 2212 23'2 .2212 2312 2314 2358 .23
24
600 PacifIc Mail
.2212 24
29 Jan 21
18 J'ue
8112 Jan
310 Pacific Telep & Teleg_ _ _
28,
28
29
2434 2712 .204 28
•28
2
22
6;::!. Janar 19
.2612 29
4 31 Jan 24
.2612 28
22 Nov
48 Jan
122
.120
120'
120
2
.118
122
122
People's
5120 120
0 L & 0 (Chic)_ 11
Apr
0120
177
3 125 Jan 5 104 J'ne 129% Set)
918
720
2 JA
apn 24
11912 120
20
20
1978 20,
20
20
20% 2014 2018 2013 194 1958 1,900 Pittsburgh Coal
1412 J'ne
2312 Feb 4
24% Jan
8314 8874 8712 8712 8724 8734 83
89
Do preferred
155
4 9312 Feb 4
*33
26886734 aapi 2
73 J'ne
88
1,050
86
8634
95 Jan
41% 42
41
4113 4112 4012 41.8 4012 41
3,200 Pressed Steel Car
42
4512 Feb 2
40
1812 J'ne
86 Jan
4034
103% 1037 .103 101 .103 104 .103 104 .10212 104
Jan
•103 104
Do preferred
10514 Men 5
100
8312 Joe 101% Jan
Pub Serv Corp of N J
.112 11312 .112 113'2 .112 11312 .112 31312 *111 11312 .111 11312
x110
597
311124
114 Apr 7 105 Dec 118 Jan
0155 1561* 150 156 .155 15618 .155 1503 .155 15612 .155 156
100 Pullman Company
159 Jan 28 149 Sep 165 Jan
23318
2613 .2534 28
26
28
.26
26
2214 J'ur
23
2514 Jan 7 344 Feb 2
way SteelSpring
.26
2514 2512
000 Hallway
red
35 Jan
99 *____ 09 *-___ 09 ._
997 *90
904 J'ne IOU Jan
90 .00
JanjAtacnh 16
6
3 101 Feb 14
.90
9812
2013 20,8 2018 2078 2014 2034 204 2034 194 2013 12,186 dItayConsCopperPar$10 51734Jan 9 $2212 Apr 3
21
21
15 Joe
22 Jan
.2114 22
.21
22
22'8 22
22
282, Jan
2013 21
2214 2253 21
17 J'ne
2,650 Republic Iron & Steel__
1934 Jan 5 27 Jan 27
85 .82% 85
585
83
83
DO preferred
92% Sep
82
1,172
72 J'ne
8284 8234
8212 8212 82
80 Jan 2 9114 Men 11
712
612 61
14 Nov
614 614
64 64 .6
1,075 RomelY Co (51)
614 Apr 24 18 Jan 14
612 77
712
9214 Jan
7
.2034 23
21
211 2112 2034 2034
33 Dec
Do preferred
2114 21 8 21
23
1221
203 Al)r 24 41 Jan 13
600
5934 J rat
86
4314a 18
6
712 •17912 18712 180 131
22
600 Soars, Roebuck & Co_ _ _ _ 180 Apr 24 193 Feb 2 15434 J'ne 2132k Jan
0186 1871 18513 186 .180 18612 .12
30
*2612
.2612 30
.26
200 Sloss-Sheffield Steel & Ir_
30
30
35
25
134
25
:
6
23 J'ly
Apr 24 35 Jan 26
4512 J
25
2
3113 3412 .3413 37
36
.34
580 Standard Milling
351 3578 35
4011 Jan
32 Jan 7 3714111cl:24
31 Dee
8512
64
*e1
65 .6012 65
.61
.01
63
64
62
100 Do preferred
62
•61
62 Apr 24 66 Mch 6
5212 May (3678 Feb
30
3018
2912
30
31's
31
2912 30
2634 2812 3,095 Studebaker Corp (The)
3212 33
20 Jan 3 3614 Mcb31
15% Dec
36 Feb
35
85
85
85
85
185
84
87
•35
84
Do preferred
9314 Jan
83
83
550
87 Feb 6
6412 Nov
3218 3318 3234 33
3178 321
33
6,400 aTen nessee Cop_ _Par $25 87
33
Jan
5 $3684 Feb 11 r21154 J'ne
39l Jan
an 9
3333 3312 32% 33
30
178 j
139's
1394
14118
133
13314
14034
140 141
13858 13928 8,500 Texas Company (The)
138 140
128 Jan 3 14978 Itch 5
89 J'ne 13212 Doe
.75
81
83
81
80 .75
80
•79% 83
83
.75
200 Underwood Typewriter
83
80 Apr 16 33 Jan 31
78 J'ne
99% Jan
•103 -_ .103 ___- •103
.103_
*103
Do preferred
.103
8
Jan 16
2 113 Apr 15 104 *Ply 113 Jan
,8Ja
108
538 534
578 54
614
13
1614 614
538 -533 .514 6
1,430 Union Dag Sr. Paper
4 Nov
724 Jan
S's Jan 31
2113 2118 2153 2158 .2034 2212 .20% 22
•2034 25
.2012 2212
200 Do preferred
2118 Apr 20 3212 Feb 3
1812 Nov
418, Jan
•1114 1212 1188 1138 .1114 1212 .11
1212 *11
1313 1114 1114
104Jan 8 1312 Jan 23
300 US Cast Iron Pipe & Fdy
113', Jan
914 J'ne
.33
40
*38
45
*33
45
.38
40
•39
40
Do preferred
*38
40
3834 Apr 16 49 Feb 6
40 Dec
56'g Jan
76
.72
76
72
7214 7213 7212 (170
*72
76
38 Dec
.70
800 U 8 Express
75
416 Jan 7 87 Itch 10
66 Jan
61 •__ 60 •_ 61
61
63
*59
*59
62 *__ 60
100 U S Realty & Improv't_
494 Nov
54 Jan 7 6334 Itch 10
77 Jan
5413
4
5553
5312
57%
5684
563
57%
5713
.5412 5514 54
7,350 United States Rubber
55
51 Nov
5312 Apr 21 63 Mch 14
694 Apr
10113 10153 10012 10113 10014 101 *10014 10112 0958 1004
*10112 102
Do 1st preferred__ _ _ 10
1,300
J'ne 10924 Apr
12 J
Aapnr 22
09
658
1 10458Jan 14
5713 5314 5678 5.333 57
15838 5738 5812 5734 5853 15612 5712 376,563 United States Steel
5612 Apr 24 6714 Jan 31
494 J'ne
69% Jan
109
10334
1084
109
10813 10834 10838 10858 10714 108
109 109
Do preferred
4,170
1124 Jan 31 10212 J'ne 11024 Jan
55
5534 51
554 5414 547s 544 6472 5378 8173 8212 5313 21,800 dUtah Copper_Par $10 24878Jan 10 $5753 Apr 6
31/53 J'ne
60% Jan
29
2312 2.333 .18
29
.28
29
2858 2814 2814 2713 2813
000 Virginia-Carolina Chem_
2712 Apr 24 3476 Mc1120
22 J'ly
43% Jan
10013
103
10018 .100 101
300 Do preferred
100 100 •100 102
0100 103 .100
Jan
93 J'n, 114 Jan
10712 Mch 20
62
6113 6111
61
62
61
6014 61
61
61
61 14
4,100 Western Union Teleg
1'14
Jan 16
56
73
54% Dec
11 Ja
9
3 6678 Feb 16
75% Jr.n
7134 73
7213 7314 7112 721A
7218 7214 7112 7214 7134 73
5,660 Westinghouse El & Mfg_
031 Jan 3 784 Itch 16
5353 J'no
7914 Jan
119 119 .117 119 .117 119 .117 119
*1174 110 .11713 119
Do 1st preferred
100
1l51 Jan19 119 Feb 11 10713 J'ne 11984 Jan
99
97
99 .9714 99 .97
971
*97
9714 9714 9512 97
1,000 Woolworth (10 W)
81% rite 112 Jan
921g Jan 3 10314 Feb 5
*117 1174 11714 1171 *117 11758 •115 1175 •115 11758 .115 11758
100 Do preferred
, 11234 Jan 5 11873 Itch 6 109 J'ne 1151, 17-11
•103
.2912
9912
*10812
12014
*225
188
•104:2
5120
-ioa
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Dunks
Brooklyn
%1
Coney
lardst
Flatbuah
Greener)!nt
11111 J dell -.
Homestead
tianufacers.
Ikfeebaniee'l1Mont-auk 1]....
Nassau
Bid
260
110
150
SO
400
125
205
Ask
150
285
130
125
100
425
140
140
220
Banks
Bid
Brooklyn
Natlona City 273
North SIde 1 - 175
People's
145
Ask
285
200
155
reuse Co's
N Y City
Astor
360
13ankers' Tr_ 413
lrway Trust_ 150
370
420
155
Trust Co's Bid
N Y
Central Trust 1010
Col umblaKnickerboc 435
Commercial _
Empire
300
Equitable Tr. 410
Farm I. ds Tr 1100
210
Fideilty
275
Fulton
Ouaranty Tr. 547
Ask
1020
445
8.5
420
1130
220
300
554
Trust Co's
N Y City
}Judson
Law T I Jr 'Fr
Lincoln Trust
Nistropolitan
Mutual Alliance
Mal (Westcheater)-.
Bid
Ask
130
153
135
157
122
365
355
130
13.5
130
135
Ask
Trust Cot Btel
N Y City
N Y Life & Tr 975 1000
N Y Trust__. 500 605
Title Gu as Tr 400 410
TransaUantle 200
220
385
Union Trust_ 375
U 8 Mtg & Tr 410
420
United State, 1055 1070
140
West4haster
Trust Co's 1134
Brooklyn
Brooklyn Tr_ 465
135
Citizens' _
240
Franklin
ilamliton --- 270
102
Home
Klass County 570
N:Army
t130
285
People's
Queens Co
85
As.
;
480
140
255
280
113
295
1119
•lild and mtod priest no salei on this day. 5 LOSII than 100 (nixes. j Ez-righte. a 142,11v (!c rights. 6 Naw stock, 4 Quoted dollars per share.
t Sale 4
Itoik kixakange or at *notion thla week, s lift-stook dividend. 21 Banks marked with a paragraph (1) are State banks. s Az-dividead.
• -4
1298
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange nethod of quoting bonds was changed, and mutes are now a5-"and interesr--exceot tor income and ,tv tioca
i-8
Prize
BONDS
N. Y. STOCK EXCHANGEN'ttday
Week Ending April 24
44., April 24
Week's
Range or
Last Sate
.2
gl
.424
Ran'e
since
Jan. 1.
Ole
BONDS
N. Y. STOCK EXCHANGE 3
Week Ending April 24
Price
Irtdav
April 24
Week's
Rana or
Last Sale
818
Ash Lois
JIloI
Lou; 1110 Chesapeake & Ohio (Con.)1092 '1-S 93 04 03
General gold 45s
93
9634 0634
91 9334 9312 Feb '14
'411902 iF
Registered
93 99
81 Sale 81
4sn
14)30
Convertible 4 3.65
10214 10211
8214
Big Sandy 1st
1944 J-1)
101 10278
8(34 8513 Feb 13
Croa
ailglii1
v 4,e
lireyRiyst
11113 11212 (
g
stg
88u 4s_ _1045 J -D 83 85 8413 Feb '14
1940 J -J 9838 101 9612 Dec '13
11213 11314
8434 Jan '13
1946 J -J
Potts ('r.2:8‘. Br 1st 4s
8814 Mch'14
R& A i/,‘, 1st con g 4s
1089 J -J
8834 101 10212
.
)2 82
g4
82
2d cons.A gold 4s
j-N
j 85 00 90 Apr '14
80
9 MGreenbrier By 1st gu g 4s_119
94
Foreign Government.
601,
2 9512 98
Chic & Alton lilt ref g 3s_1941) A-0 6018 Sale 6013
9512
Argentine-Internal 5s of 1909_ M-8 5 9512 9634 9513
46
Railway 1st lien 334s
1950 J -J 45 48 45
Chinese alukuang) By 53 £____ J -D 1 8812 89 89 Apr '14 -_ 88 8912
Chic 11 & Q Denver Div 4s_1922 F-A 9914 100 9914 Mch'14
Imperial Japanese Government
4
85
88
17 86 0034
Illinois Div 334s
1940 J-4 85 Sale 84,
Sterling loan 4 Ms
1925 F-A I 86 Sale 86
8614 Aug 12
8814 14 8513 8912
Registered
3d Series 4 Ms
1925 J -J 1 847s 8518 854
9513
i4 9513 95
Illinois D 4s
•J4
J -iv
1931 J -J 1 7634 78 7914Mch'14
11 919
7813 80
Sterling loan 4s
93 J'ne'13
10014 19 99 10012
liw;istered
Republic of Cuba 6sexten debt_ M-8 110018 Sale 100
_
_ 10278 Apr '14
7
931 9412 Oct '13 -Iowa Div sink fund 58_1919
1949 F-A
1 9 A• -0 1E;
External loan 4 MsI--8512 87 874 Apr '14
9814 99:7 98 Meh'14
Sinking fund 48
86 90
Tokyo City loan of 1-9-12 be__ M-8 /
93
/1-O
N 9712 98 9734
78
3 77 85
7 JA
1
19
Nebraska E
192
U 8 of Mexico a f g 5s of...._1399 Q-J 1 77 Sale 77
Extension 43_0
95 -- 9638 Sep '12
1954 J -D 67 71 68 Mch'14 _
tiegistered
Gold 4s of 1004
68 68
14
Mcif
9814
99
-:These are p Pica on the b asts- of 15 to t
Southwestern Div 4s
Joint bonds. See Great North1
111--"
192 '
State and City Securities.
04
10138 288 100 102
1960 M-8 10074 Sale 10078
7.0
§ 9234 Sale 9234
General 4s
N Y City-4s
A1958 181
40
Chic & E Hirer& imp 4s g_1
44s Corporate stock .._1953 M-13 10312 Sale 10512 10634 73 10334 107
25
1 J J 3934 40 40
195
71 9512 08
93
1104 Apr '14
111 1959 81-N 9712 Sale 97I3
1st consol gold 6s
4% Corporate stock
1934
47111-4 99 Apr '14
9734
4 9512 98
4
General consol 1st 53
Corporate stock
1958 M-N 974 9778 9734
97 98 Feb '14
98
1 9534 08
4% Corporate stock
Registered
1957 M-N 974 08 98
Pur money 1st coal 5s
9 10338 107
New 4 Ms
:
1-A
141-4 --- 9712 0734 Feb '13
106
1957 M.-N 105 10534 1054
77 A'F'
19
332
11 904
New 43s
Registered
10134 Mch'14
10112 102
1917 81-N 1014
Chic & Ind C By 1st 53_ _1030 -J7
4 % Corporate stock_1957 M-N 10518 10512 10512 10614 11 10373 10712
.1 951 9713 66
73
4 % assessment bonds 1917 M-N ---- 102 102 Apr '14
10113 10212 Chic Great West 1st 4s_ __11359 M-S 71 Sale 71
3 % Corporate stock_1954 M-N ---- 87 8714
87',1
1 85 8738 Chic Ind & Louisv-Ref 6s_1947 J -J 118 11978 11812 Mcb'14
10112 Apr '14
_
_ 1034 Mch'14
N
State-4s
Refunding gold 5s
1947 J -J 1041,3
100 10112
1961 M-8
954 Apr 11
Canal Improvement 43
Refunding 4s Series C
1917 .1 -.1 81 9713 10112
1981 J-J 1014 ____ 10112 Apr '14
lud & Loulsv let gu 4s
1956 J-J 5,,,- gi 85 J'iy -12
Canal Improvement 4e.1962 J-3 10112 Sale 10112 10112
1 99 10113
8812 904 Aug 12
Canal Improvement 43-1960 J-J -..- ____ 10012 Mch'14
10012 10012 Chic Ind & Sou 50-year 4s_1956 J -J
104 Dec '11
10611 J-D
Canal Improvement 4 3s1964 J-J 1081-1 Sale 10812 10014 89 10734 10912 Chic 1.8 & East let 434s
_
10018 Apr '14
Highway Improy't 4 Ms_ _1963 M-S 10812 Sale 10812 109% 1688 10712 10973 ChicMil& St P termig 5s_1914 J -J
9434 Sale 9412
Giene
0434
'
glig
stoelrded
4s Series A___31989 J -J1
South Carolina 4 Ms 20-40_1933 J -J ---__ 10312 J'ly '10 _. ---- -eltlae 9-4 91 _
0212 Mcli'14
Registered
Virginia funded debt 2-33_19191 J-J 81 -_ 8434 Jan '14
8434 8434
e1989 J -J 80 821-4 82 Apr '14
6012 123 54 6018
3Ms Ser B
lis
gtoelrded
Os deferred Brown Bros etre__ _ ---- 68 69 5851
Grilleg
J-J
86
e1989
inch
Gen 434s Ser C
e 1989 J-J 1025 YaTO 10212 10313
Railroad.
9213
9212
1934 J -J 91 92
9 85 74.
25-yea
ea deben 4s
6734
A an Arbor let g 4s
h1095 Q-J 6312 644 67
ale 10014
s
1001,
10112
064 12( 93 9618
Convertible 4 Ms
(Itch Top & 8 Fe gen g 46_1995 A-0 957a Sale 9534
922
1 4
J --D
J 104 ___ _ 10238 Sep '13
95
9' 9212 0814
Chic & L Sup Div g 53_ 193
Re stored
1995 A-0 934 9512 94
105 ___ 10333 Nov '13
ale 87
8738 it 84 884
tilo
wR'lleyt D
Adjustment gold 4e
h19919 Nov 87
g 15ys53-1926
10413 1043; 10413 10412
C
Chilc
c &&
- ---86 Apr '14
Registered
h1995 Nov
86 88
0234 9312 9234
9234
8768 31*, 8438 8812 0 M & Puget 8d 1st gu 48_1949
Stamped
51595 M-N 8714 Sale 8714
/0034 Nov'13
31916 J-J 101 _
21 04 100
Dak & Grt Sou gold 5_
95
ony gold 48
1955 J -D 95 Sale 95
Apr '14
Dubuque Div lets f 68_11992201•J
, thy 4s issue of 1909_ _1955 J-D .___ _.. 9912 May'13
jj-ijj
.
1 10813 __ 10812
11213 -- 110 J'no'13
Far & Sou assum g 6s
954 BE -571T8098
' Cony 4s (Issue of 1910)_1960 J-D 9414 Sale 9414
1924 J-J 10212
10218 Jan '14
I 9972 10214
La Crosse & D 1st 5s
10-year gold 58
1917 J-D 10034 102 10012 10012
I919
"
Mcli'14
Wis & Minn Div g 5s
East Okla Div let g 4s-1928 M-8 95 96 0412 Mch'14 _. 9134 9413
1921 si'J 10312- 10334
10812 11234 10914 Mch'14
I 8614 9118
0112
914
Wis Vail Div 1st 6s
Short Line let 4s gold
19511 J-J 8912
10134 Alch '14
10133
j
J1.)
2
3
0
4
9
Apr
'14
_.
1
Mil
&
9812
___No
_
9814
1st
44s
Cal-Ariz lit & ref 4 Ms
8
ext.
811062
9714 9812
1034 J-1) 10133 -- 10118 Apr '14
10512 ___ 109 Mch'14
Cons extended 4Ms
' S Fe Pres & Ph let g 53-1942 81-S ---104 109
Chic & St Louis let 5s__..1915 ('J-'5 10113 1011; 10118 Jan '14
10113 10118 Chic & Nor West cons 7s 1915 (4 F 1024 1023-8 10213 1021s
1886-1926
8 -A 9514 -- 0412 MO'14
Extension
4s
9434 4/ 91
Atl Coast L 1st gold 4s___h1952 M-81 04 Sale 94
95
- 9448 Apr '14
9434 9512
N
A?948
277
6 mQ
F-I
-111,9
1886p
- --- 05 Jan '13 _.
Registered
Registered
h1952 81.-8
83
___.. 8234 8234
General gold 38
50-year unified 4s
195') J-D 9112 931-2 -----------.
)4
78'2 Jan '14
' Ala Mid 1st gu gold 5s._1928 M-N 10434 ____ 10434 Apr '14
Registered
10314 10434
9612
0612
0378
1 9373 9378
General 4s
1987 M-N 9612 9
, Bruns & W 1st gu gold 48..1938 J-J 93 --- 934
103
Sli
,
nk
ei
gniftefrued
nd 68____1879-1929 A-0 10814-- 108
l Charles & Say 1st gold 73_193 J-J 131
'13
Dec
10512
1073
001+
Sale
0012
91
4
21
1 L & N coil gold 48
M-N
01052
-87 95
10418
Sinking fund 5s.......1
-8 10418-- 10418
, Say F& W 1st gold 6s_..1934A-0 1104 ____ 12318 4'ner12 _. -1929 A15
879:1
1934 A-0 10612._ 4_ 1104 May 11 _
Registered
1879-1929 A-0 10314- 102 Oct '13
' 1st gold 5s
102
9734
/ 96 977
Debenture 5s
1921 A-0 101 ioi12 102
1311 Sp Oca & G gu g 48...._1918 J-J 9734 0818 9734
0174 & 90 923s
101 Dec '12
Registered
1921 A-0 .1013s
nail & Ohio prior 33s_..1925 J-J 9112 92 014
4
/41925 Q-J 894 9034 894 Apr '14
Sinking fund dob 53
8
, Registered
1933 M-N 10212 105 103 Apr '14
897s 00
10134 Apr '14
9438 31 9078 96
Registered
51948 A-0 94 9412 94
1933 M-N
Gold 4s
1 0078 94
0214
12112 Apr '14
From Elk & Alo V lat 6s 1933 A-0 5112
/11945 Q-J 9214 Sale 924
Registered
9013 Sep '09
_ 91 Sale 9034
Man Cl B dc N W let 3Ms 1941 J-J _
9178 191 9038 9434
1933
20-yr cony 4 Ms
J-J 10612 __ _ _ 112 Jan '12 _
Milw & S L 1st gu 3Ms
Pitts June 1st gold 6s___,.1922 --1941 J-J -.-1
Mil L 8 & West let g 6s 1921 M'S 10973-- 1663i Fec)-'1,
90 Apr '14 _: 135-4 90
P June & M Div 1st g 33-s1925 M-N 8914
E
As
xhti&
871k 87
anidmIl
PLE& W Va Sys ref 4s 1941 M-N 8612 ---111
82
28
9,
F
87
piva I
4-A
8 10612 ---- 1061a Men'14
fsgtogld88
21 843 8912
5!__ 1
ells 71 874 9112
1131,3 Feb '14
1134 _
Southw Div 1st gold 33s..1925 J -J 89 11034 91
11314 Mch'14
Mien Div 1st gold 621_1924 J-J 11312
Cent Ohio It 1st c g 4%3_1930 M-S 06 __ 100 Apr 13
9213
9313
Mil Spar& N W let gu 43_1947 M-8
:
Cl Lor & W con 1st g 5s 1933 A-0 10512 ____ 103 Nov'13
1917 M-18 igia -- 108 Mch'14
Northw Union 1st 7s g
Monon River 1st gu g 5s 1910 F-A 1004 __ 10214 J'no'12 _.
St L Peo& NW 1st gu 5s-1018 J,-J 10512 10411-2 104113 Apr '14
Ohio River Eli 1st g 53_1936 J-D 10412 __ 102 Nov '13
10635 Nov'13
1937 A-0 10134 10412 0833 Oct '13
G theral gold 58
Winona & St P let ext 7s..1916 J -4 10614
11322 Feb le
10418
Chir
,
s
eg
giostle
iroed
Pitts Cley & Tol 1st g 63_1922 A-0 10612
ck Isl & Pac 68-1917 J -.3 104 Sale 104
1917 J-J 104 106 10438 Mch'14
1917 J -J
Pitts & West 1st g 48
9634 Mch'14
96 0634
$74 Sale 8712
8778
1988 J-J
___ 91General gold 4s
Stat lel By let gu g 40_1943 J-D ---- ---J'ne'12
_
85 861 86
J-J
1927 J-J
Bolivia By 1st 5s,,.,
Registered
75
1934 A-0 74 Sale 73
Buffalo R & P gen g 5s__1937 M-S 10914 -_ 109 Apr '14 _
Refunding gold 45
108 1094
70 Sale 6934
7012
20-year debenture Ss
1932
Consol 43s
1967 M-N 10114 10414 10212 Mch'14
10212 10212
13434 J'ne'11
j-j
918
2 M-N
1998 A-0 90 _. 04 Jan '14 _
All & West 1st g 4s gu
Coll trust Series P 45
193
94 94
ai;
3314
364
S2002 M-N
Clear & Mah 1st gu g 58_1943 J-J 111 ___ 112 Apr '14 ..,-. 111 112
Chic it 1 & Pac lili 4
33713
3373
Roth & Pitts let gold 63_1921 F-A 1094 1101-2 110 Apr '14
2002 M-N ---Registered
1094 110
85
J'ly
'13
M-8
1922 J-D 111 ____ 111 Apr '14
4343_1934
Consol 1st g 8s
B
1 Ark & Louis 1st
11033 111
4 1033 10234 Apr '14
rianada Sou cons gu A 53_1962 A-0 10614 Salo 10614 10612 21 10334 10673
Bur C R & N-1st g 5s_ _1934 A-0 ioii
1962 A-0 --. _ _ 1067a Apr '14 _
Registered
U R I F& N W let gu5s_1921 A-0 103 100 103 Mch'14
10873 10873
994 -: 07 100
CarClinch&Ohlolst 30-yr5s1938 J-D 90 100 004
AI & St L 1st gu g 73,__1027 JD
99i May'13
Central of Oa let gold 5s_p1945 F-A 107 ____ 108 Feb '14
Choc Okla & G gen g 58_01919 J-J
108 108
_ 09 99 .Mcla'14
Consol gold 5s
1945 M-N 103 1914 1044 10411
Consol gold 53
102 105
923g Mch'14
926a
1N
A
11O
Registemi
1945 M-N --_ 10014 Mch'13 _
Keok & Des Moines 1st 56.1
3
2
92
5
19
_ 77 7813 Mob'14
Chatt Div pur mon g 4s 1951 J-D 864 90 87 Mch'14 .._: "isT 87
St Paul & K 0Sh L 1st 4 Ms'41 F-A
Mac & Nor Div let g 53-1946 J-J 1034 ___. 10714 Jan '12 ......
Chic St.!' AI & 0 con 63_1930 JD if6.1 4, 122 120 Mch'14
Mid Ga & All Div 5s
Cons es reduced to 334s....1930 J-D 8814 ---- 8914 Deo '12
1947 J-J 1034 ___ 10412 Apr '14 ..... Hsi;
1014 10211 102$4 Apr '14
Mobile Div 1st g 5s
1946 J-J 10434- 10934 May 11,.,.
Debenture Us
09en RR & II of Oa col g 53_1937 M-N 1004 101 10038 Mch'14 ..... 9934 10035
N11-N 1184 ---- 11812 Jan '14
Ch St P & Minn 1st g 68-1
93968
1918
; 114 118
Cent of N J gen'i gold 5s
1930 J-J 1184 ---- 1296g May-09
1987 J-J 11712 Sale 1174 1174
North Wisconsin 1st 65
1019 A-0 107 ---- 10713 10712
Registered
SIP & 8 City 1st g 6s
51987 Q-J 11612 11734 1163a Apr '14 _. 11334 1164
Am Dock & Imp gu 5s___1921 .1-J 10412 1051 10434 Apr '14
Superior Short L 1st 52 go1930 84-8
104 10434
85 Jaii".11
Leh & Bud R gen gu g 53-1920 J-J 102 103 100 J'ne'13
Chic T II & So'east 1st 5s...1960 J-D
.100 Apr '14
N Y & Long Br gong 48....1941 M-S 94 ___ 100l Jan '13 _
Chic& West Ind gen g 6s_q1932 Q-M idg
8313
8412
Cent Vermont 1st gu g 48-.61920 Q-F ---- $3 8214 Apr '14 _
Consol 50-year 4s
82 864
96 MO4'14
Chesapeake & 011ieCln 11 & D 2c1 gold 4 Ms
1952
37 jJ.:
'
1 93
Gen funding & impt 58-1929 J-J 99 100 9912
0913
1959 J -J
1st & refunding 48
9834 10014
J
let consol gold lis
1939 M-N 1074 Sale 10634 10714
1st guaranteed 4s
a 105 10778
99 10013 Mch'14
Registered
loan M-N 104 ____ 103 .1'A n .14
:
N
j
j
1 Nl
999
Cin D & I lst gu g 5s-1
194
193 103
U. S. Government.
U 8 2e consol registered__d1930 Q-J
d1930 Q-J
U 8 35 registered
4.1918 Q-F
U 111 38 coupon
€1918 Q-F
U 8 48 registered
1025 Q- F
U U 4s coupon
1925 Q-F
US Pan Canal 10-30-yr 28 k1936 Q-F
Er 8 Panama Canal 3s g
1961 Q-M
U X 28 consol coupon
High No
Bid
Ask Low
2€
97
9634 Sale 9634
97 9812 09 Mch'14
101 102 10214 Alch'14
12
101
101 Sale 101
10034 11034 11114 Apr '14 ..__
_ 1124 Feb '14
11012
97 __ _ 9512 J'ly '13
10214
1
101 102 10214
MISCELLANEOUS BONDS-Continued on Next
Street Railway
Brooklyn Rapid Tran g 5s..1945 A-0
let refund cony gold 4s......2002 J-J
6-year secured notes 5s...._1018 J-J
Bk City 1st con 53_1916-1941 J-J
Bk Q Co & S con gu g 53_1941 51-N
Ellyn Q Co & S 1st 5s-1941 J-J
Bklyn Un El let g 4-68--1960 F-A
Stamped guar 4-58
1950 F-A
Kings County El 1st g 43_1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elec guar fold 43_1951 J-J
Chicago Rwys 1st 53
1927 F-A
Conn Ity & L lst3cref 5g 434s'51 J-J
Stamped guar 4 Ms
1951 ,j-J
Vet United let eons g 4;0..1932 .1-J
Ft Smith Lt & Tr 1st g 58_1936 M-S
Grand Rapids By let g 58_1916 .1-D
Havana Elec consol g 5s
1952 F-A
;15
1,o:o
922 9812
9312 93)2
:Ai 12
84(4 85
83
82
90
14
15 4
65
013
9914
82
93
8515
90
6
55
712
9954
8514
9(3
1027* 1027s
96.$4 981
26 9434 98
-5;r4 9312
113
2 40 08
107
91:: 114
92:2
0_8
0::
5_34 1.0
.9
0_8
-5534 -91)
64
10
713
3012 L
13
8658
11
.-
1:3:.4
44.84
363731---35
90900.9---.0
229,01.,3445 11-11.0
i--1.199
0
9
1
080.0
6
80
8334
41 iOoR8 1031*
50
225
102I l041s
108 l081
16
02:
57 116
0
-3
2T:
a 102)
110
102¼10
°2
9
1::
53
9
88
412 8
98
413
88312
070 8
9
74
7841
2 108 1081
1 1041* 1O4i
--a 100)3
fa;
1013410134
itiir,
120 1214
1(3538 1-69-3
;
10614 1064
11313 11318
11314 11314
17 91 94
108 10814
10518 1061s
104 fg"
10441043e
18 84 8914
6
8
74::
880
87
113
108
183
1355 321k 63
10 337
5 16
5;4
1004 103
99 99
914 924
7812 80
118 120
ioi.103
11612 11012
jai.Xi;
85 W
.
106 1064
8318 87
93 98
la;rgis
Page.
Street Railway
103 Sale 1024 103
8334 116
8 9912 10312 Hud & Manhat 5s Ser A...1957 F-A 83 Sale 83
3018 3112 3012 Apr '14
874 884 834
1957
8878 28 8712 934
Adjust income 5s
994 Sale 994 100 233 9618 100
N Y & Jersey 1st 5.1......1932 F-A
10013 10212 10114 Mch'14
101 101114 Interboro-Metrop coil 4 34e_1956 A-0 7514 Sale 75
76's -itio
..- 99 98
93
98 98 Interboro Rapid Transit101 May'13
99 Sale 0878
1st & refunding Se
1966
99
140
10135 Sale 10112 101
4
9112
4 Manhat Ry(NY)cons g 43_1990 A-0 914 92 9133
-55;1611
102
10114
102
100 102
1990 A-0 9212 94 9218
Stamped tax-exempt
9218
9
84
Mch'14
*833483 84
Metropolitan Street Ry8412 843-4 8412 Apr '14
4
8234 8412
Bway & 7th Ay isle g 56.1943 J-D 10112 --- 102
102
791
_ 101 Apr '14
78 7978 7912
25 74 80
col & 9th AY let gu g 53_1093 M-S *1004
9814
984 9834 9814
a 9634 9914 Lox AT & P F let gu g 58_1993 1.4-S 100 101 101 Apr '14
10178 J'ne'12
94
Met W S El(Chic) let g 48..1938 F-A 83 .- 80 Mch'14
9312 98 9512 J'ne'13
Milw Elec Ry & Ltconsg5sl02C F-A 1024
- 10218 Apr '14
72 7134
7134
60 76hz
90 (14 91 Apr '13
Refunding & exten 4 6_1931 J -J
84 Jan '14
84 84
993a.- 102 Nov'12
Minneap St 1st cone g 5e-1019 J-J
014 lg. 99 Apr '14
90 99
Montreal Tramways let & ref
92 03 9212 Apr '14
9112 95
30-year 153 Ser A
1941 J -J 9712 9838 90 Apr '14
•No price Friday; latest Ibis week- 4Doe Amt. I This Mai. a Due June. A Due July. A Dim Aug. e Due Oot.
Lange
since
Jan. 1.
v Due Nev.
8134 9114
3013 39
775. 791*
984 9914
8918 92
887s 924
101 10214
100 101
984 101
80 80
102 102/
1
4
9714 99
ty Due Dee. 8 09810a eats.
APR. 25 1914.1
1299
New York Bond Record--Continued--Page 2
ill
BONDS
N. Y. STOOK SX0HANGZ it
Week Ending April 24
.a,
Pr104
friday
April 24
West's
Rasps or
Lass Mk
.:
0
*44
Range
since
Jan. 1.
BONDS
4
N. Y. STOOK EXCHANGE g4
112 q
Week Biding April 24
Pries
Friday
April 24
Weck4
,i
Rause org
Last Sale
s,
Range
since
Jan. 1.
1144
OW Ham & Day(Con.)Ow
Ask Lots
MO No. Low High
Ask Low
Hyli Ni.Low High St P M k M (Continued)()Find& Ft W lstgu4sg..1923 M-N ____ $S 11018'11
/
4 ____ 12114 Apr '14 _- 12114 12114
Mont C let gu g 631
1937 J -J 1241
Cin 1 k W 1st gu g 4s____1953 J-J --_ 73 86 Jan '14Registered
1937 J -J -_- ......._ 13614 MaY'06 ---- ---. 86- -83-Day& Alichlsteons43,
1st guar gold Is
3s_1931 J-J 96;---1937 J -J 10938 __ 10834 Feb '14 ---- 10634 107
_----- ---- -Ind Dec & W 1st g 5s____1935 J-J _....
Registered
---0
3- 97 NIch'14 --_ -97- 10
let guar gold 5s
Will & S F 1st gold 5s
1
4 _ _ _ _ ioils J'n-e-ii _ ________
___
1938 J-1) iag/
1935 J-J -_ ---- 10712 Hee '02 ____ __
__
Olive Cin C & St L gen 45....1993 J -D _. 82 8312 Mch'14 ..._ 83 -85
Gulf& 8!1st ref& t g5s_b11)52 J -J
- 4
89 92 90 Apr '14 __89911
20-yr deb 4j,is
83 8712
Registered
1952 J -J
1931 J-J 82 8434 83 Apr '14 _
Cairo Div 1st gold 45
58_191/ti J-,3 ____ 10012 9913
1939 J-J -- 86 8512 Apr '14 ____ 8512 8512 Hock Val 1st cons g 4 3,
9934 23 iii 101
emu %V & M Div 1st g 4s 1991 J -J 8014 8314 83 Feb '14 -- 83 83 II Registered
1999 J - J
97 -___ 9734Jan '14 _-__ 9652 9734
Col & 11 V 1st ext g 4s
St L Divlst coil tr g 44-1990 M-N 82 ____ 8412 Mch'14 -- 83 8514
1948 A-0 881
/
4 ____ 92 Apr '13
Col & Tol 1st ext 4s
1955 F-p, 8814 --__ 901
Registered
/
4 Mch'14 ---- 9012 -9112
1990 MN
8214 Mch'14 -_-_ 8214 8214
Hous Belt& Term 1st 5s
Spr & Col Div lstg4s
1937 J -J ____ ____ 10014 Dee '12
_
1940 M-S 82S4___ 85 Mch'14-_-_
1 Ilinois Centre' lit gold 414_1951 J -J
W W Val Div lstg 4s
97 9884 Apr '14 ..-- oir2 97
1940 J -J 8212 _._. 91 Apr '12 _--- ---------_
Cl St L& C consol 6s
_
1951 J-J --------190 Sep '11
2 10512 1054 I Registered
10534
1920 51-N 10534 ---- 10534
84 85 84
1st gold 4s
1951 J -J
54
1 -i4 -if
k1938 -F 9013 9212 91 Feb'14- 91 9 , 1st gold 3;s
___
82 -___ 8812 Feb '13 __ __ _
Registered... - 1951 J -J
Registered
k1936 -F 90 92 90 Mch'13 --__ ----- I
Extended 1st g 33O
1951 A-0 8112 __-- 9312 May'09 ---- __
Cin S & CI con 1st g 5s-1923 -J 10212-- _ 103/
1
4 Mch'14 __-- 103 10i1 i
Itegistered
1951 A-U 82
1
41003s
/
4 Mch'14 ---- 100/
000& 1 consol 73
.1001
1914 J -D 1001s lst gold Is sterling
1951 .4-S -_-- ____ get J y
.- _____ ____
-_-- - ---- ---Consol sinking fund 72_1914 JD ---- -- - ___
_ _
Itegistered
1951 ..-S
/
4 1-1-9-1
/
4
General consol gold 66_1934 J-J 118 11014 1105s Mch'14 -- 1191
Coll trust gold 4s
_
_....._ -----119
1952 4-0
.
s.
s'ir maiqi ___-_ 55 1iRegistered
1934 J-J
9514
____
___
---03
Registered
J'ly
_
Sep '12 __ _
Ind 11 & W let pref 4s.._1940 A-0 85 ---- 94
1952 A-0 -------1st ref 4s
1955 .q-N 93 ..... 9312
9312
1 T;o.i,
. -g4
0 Ind & W 1st pref 5s___/11938 (4-3 95 --___. ---- ---- ___- ---Purchased lines 33s
1 75 84
75
1952 J -J 8012 8314 82 Feb '14 -- 79 82
Peo k East 1st cot.4s
1940 A-0 _--- 75 75
L
N
0
&
30
23
2
23
Tex
23
-_-gold
1953 .4-N 88 9034 0012 Mch'14 --. 8912 91
20
45
1990 Apr
Income43
1812
1812
Registered
5 1412 1934
1614 10
1953 A-N - --- 9512 9424 Jan '11 -- ___ ___
Col Mid and 1st g 4s
11047 J -J
Cairo Bridge gold 4s
1950 J -D 90 __ 94/
1
4 J'ly '12 __ _
Trust Co. certfs. of deposit ___ „.,.- 15 1812 17 Feb '14 _ -- 17 17
Litchfield
911
/
J-J
4
93
3_1951
911
/
4
90
9112
891
/
4
11
6133 -_ 74 Feb '14._ ii- -74
Div 1st g
__Colorado & Sou 1st g 43
1920 F-A
Louisv Div & Term g 3;28 1953 J -J 75 84 81 May'13 _-__
8934
9 8912 9312
____
Refund k ext 4;is
1935 511-N 8912 Sale 8912
Registered
_ _-1953 J -J ---- ----83 Aug'12
Ft W & Den C 1st g 6'3_1921 J -D 10512 10634 10513 Mch'14 ---- 105 107
Middle
1221
Div
F-A 101 ____ 123 May'99 --- _ -reg Is
Conn k Pas Itivs let g 4s 1943 A-0
Omaha Div 1st g 3s
1951 F-A 711
/
4 ---- 7218 Feb '14 --71
Cuba RR 1st 50-yr 55 g _1952 J -J ---.100 May 10
. -721s
_St Louis Div & term g 35_1951 J -J 71 77 7512 lich'12 ...... __
11-N. _ el Lack & WesternMch'14
10118
100
11151
10014
Registered
---- 10014 1007s
J -J
2-'Morris & Essex Ist7s.-1914 MN
Gold 33s
1951 J -J 81 ---- fil2Seti'15 ____ __-- "-1915 J -D 1027 1031 103 Apr '14 ---- 10273 10314
1st conso. guar 7$
1951 J -J --------1011* Oct 'u9____ _ -- --_-1916 JD ---- ---- 103 Noy'13 ---Registered
Registered
-Spring Div 1st g 33.23
1951 J-J
7912
2000 J -D 84 ---_ 8512 Feb '14 -- 8512 85,2
7858 Alch'14 -1st ref gu g 33s
---_
____ iiis -7-838
1951 J-J
/
4 ---- 110 Mch'14 ---- 1081
Registered
/
4 110
1921 J -J 1091
N Y Lack & W 1st Ils
1931 F-A 9113-- iii- Fer)-'1,1 -_-_-__ -60" ii'
Western lines 1st g 4s
1923 F-A 10434 --- 10412Feb '14 ---- 10412 10412
Construction 5s
Registered
1951 F-A --- --- __
1923 M-N 9434 ---- 9434 Mell'14- 94$4 9434
Term k Improve 4s
---Belley & Car 1st 6s
1923 J -D -,-- ---- 11712 Ma-y-10 __ :7- -Warren let ref gu g 3%s-2000 F-A 8434.-- 10218 Feb '03 -Carb & Shaw 1st g 4s
"
/
4 Mch'14 ---- 1.684 iiii8-8
1932 M-8 8112 ---- 9412 J'iy '12
Del & Bud let Pa Div 7s...._1917 M-S 10814 _.-- 1081
Chic St L& N 0 g 5s
11151 J-D 108 --- 108 Mch'14 __ 'jai- for
.149 Aug 01 -,1917 M-S ---Registered
1951 J-D 108 111 114 Feb '11 _
99
10-yr cony deb 431
14 9733 9914
1916 J-D 99 Sale 09
Registered
1951 J-D 80/
1
4-- 90 Oct
Gold 33s
1st lien equip g 430
1922 J -J 100 101 100/
1
4 10058
1 0912 101
---- --- .....
__
1951 J-D . _ -_
1st 1 ref 4s
1943 M-N 96 9614 9614
Registered
9614
3 9312 9634
J
-D
84
-_--- -9211951
2 Aug
1
4 86 9,61
/
4
NIemph
8612 13 8412 861
Alb& Sus cony 33s
1946 A-0 85/
43
Div
1st
g
/
4
11151
J
-D
Bens k Saratoga 1st 7s
1
4 ---- 11512 Feb '14 ---- 115 11513
1921 M-N 115/
Registered
1931 M-S 9.i. ig1-2 Sig J'li'6
St L Sou let gu g 4s
Deny Is It Or let con g 4s.._1936 J-J 81/
1
4 Sale 81
8112 16 7014 86
1950 J -j 8713 90 8812 Mch'14 ____ 8gi2 /di
Consol gold 40
91 87 Meh'14- 87 9034 Ind Ili& la 1st g 4s
1936 J-J
Int
&
'improvement gold 118__1928 J-D -__. 90 9012Mch14 ---- 89 9212
Great Nor 1st g Gs_ 191* M-N 102 104 103 Mcle1.4 .-- 103 104
James Frank at Clear 1st 43 1950 JD
-- 9112 Meh'14 _--, 9112 92%
lit I refunding 5s
2 64 8314
1955 F-A
6314
1 62 74
691 -Sale 6912
an City Sou 151 gold 33_1950 A-0 ---6913
Rio Or June 1st jug 5s
h 8812 70
1939 J -D --------102 Dec '12
Rio Or So let gold 4s........1940 J-J - 70 6112 Apr '11 --1950 A-0 --------03 Oct 00
-__ L. Registered.
Guaranteed
Ref k impt 5s
Apr 1950 J -3 94 97 96 Apr '14 _.._ oiii, ggli
74 85 Lich '031......,
1940 J -J
Rio Or Weet let g 4s
4 ..
.......: 10
14
90
19041:: AP
1
4
prr:
8252
313 10
95
3/
1
4
13
1 79 8412 Kansas City Term 1st 4s__1960 J-J
1939 J -J 82 8253 82/
2%14 109451';
Mtge& col trust 4s A
1949 A-0 68 70 72 Meh'14 ---- 72 7214 [ alit) Erie dr W 1st g 5s___1937 J-J 99
1541 J-j ..-- 99 95 Jan 14 ___ 95 95
Utah Cent 1st gu g 4s-a1917 A-0 ---_ 00 Apr '14 --- 90 90 .11-4 2d gold Is
_
North Ohio let gu g 53_1945 A-0 ____ 991s 08 Mch '14 ---. 98 98
110 Sep '04 --_ _ _
Des Moi Un fly let g 5s.....1917 M-N --------_
/
4 Apr '14 __ 10014 10112
Del k Mack let lien g43,1995 J-D 84 ---- 84 Mch'14 ---- 13-2 ii Leh Vail N Y 1st gu g 440_1940 J -j 101 10112 1011
/
4 __-- 100 Dec'13 ___ _
Registered
1940 J-J *1001
Gold 4s
1995 J-D 62 ___ 82 Mch'14 -- 82 82
_ 96 97
/
4 Apr '14 ....
Lehigh Vail (Pa) cons g 48_2003(i-N 8913 _.„,_ 891
871.2 197
1
Dot My Tun-Ter Tun 40_1961 51-N --- 94 90 Mch'14
General cone 4hs
2003 M-N --, 994 991
105
9 10314 105
99'8 19 99 9918
/
4
Dul Alissabe & Nor gin 511_1941 J -J 10412 _ _ 103
111 Mch'14 s2 nos in
1
4 Apr '14 __ 10012 104
Leh V Ter My 1st gu g 55-1941 A-0 11112---Dui Sc Iron Range 1st 63-1937 A-0 10234 104 102/
1941 A-() ,-,.. ---- 11118 Dee '11 ....
Iteglsteregi
1937 A-0 *100 103 10612 Meh'08 ---Registered
1
4 Mch'14 --_- 104r411916 J-J 102 __ 104 Feb '11
64
Leh Val Coal Co 1st gu g 53_ 1933 J-J 1048* ---- 104/
2d 6s
1933 j-J 104 -105 Oct '13 --__ ____ ....
Registered
Du So Shore& At g 5s1937 J-J 10013 ____ 9914 Dec '13 ____ _
1933 j-J -.-----__ 110 Aug'12- "---: 1st int reduced to 43
Vigil] Jol & East 1st g 150_1941 M-N 10413
s Feb '14 7-7_ -firs -811
112
Jurrio 1st consol gold 7s_1920 51-S 112 11214 112
I iijig fa Leh & N Y 1st guar g 48_ 1943 M-S 88 ..-- .tig1-,
"1945 M-S ____ ___ ___
10112J'ne'llRegistereb
N Y& Erielatextg43_1947M-N 98
__
2d ext gold Us
1914 A-0 --.. ---- 10112 Feb '10
El(11 N let pref 135
1919 M-S 102
10212 Mch'14- 10212 10212
- -- 99/
Sd ext gold 4;is
1914 A-0
100 Mch'14 -- 100 100
1
4 Nov'13
1923 M-S 9978
Gold guar 53
.1'.?*
vf find,
4th ext gold 5s
1920 A-0 102/
1
4 _ 10258 Mch'14 ---- 102 10253 Long Isid let cons gold 5* h1931 (2-.1 Rif --- 10612 Mch'14 ---- ioott
.
92 --- 9614 A1c12'12 ____ _
h1931 ..2-J
1st consol gold 43
5th ext gold 4s
/
4
1928 J-D 941
100 Jan '12 - -9012 --,- 9112 Mch'14 --__ iiii2 -General gold 4s
rT Y L E & W 1st g fd 7s 1920 M-S --- 12034 109 AWL'13-1438 Jr
924
1922 hi-s 95 100 95 Mch'14 ____ 95 97 1
8534 16 -8253 WI;
Ferry gold 434s
Erie let con g 43 prior
/
4 85 8512
1996 J-J 831
1932 j-2
) 83 .__- 9914 Oct '06
Registered
Gold 4s
1996 J-J
83 83
8312 83 Jan '14 7213 73 72/
Unified gold 4s
lit consol gen lien g 48-1996 J-J
1949 M-S 85 88 8712Jan '14 ____ 88 -87
1
4
;
7312 15 7114 7614
Debenture gold 53
Registered
1934 J-1) --------101 Mcn'14 .... 10014 101
1998 J-J *
74 77 Apr '12
Guar ref gold 45
Penn cod tr g 4s
1949 #1-5 903 91 9173 Apr '14 _--- 89 92 '
1951 F-A 90 Sale 90
90
10 89 92
11149 Ni-S ---- ----95 Jun '11 ____
Registered
1953 A-0 72 Sale 74
50-year cony 4s A
74
13 72 7738
1953 A-0 70 72 7112
Series B
N Y B & MB 1st con g 53_1935 A-G 103 10613 10014 Jan '14 -- 10014 101
do
7134
8 7138 76
1927 M-S 101 -.10222 Jan '14 __-- 10213 1031
1916 J-D 1043*__
N Y & R 13 1st g 5s
Buff N Y & Erie 1st 7s
104 Nor13-/
4
Nor Sh 13 1st con g gu 58_81932 Q-J 10134 ...- 104 Apr '13 ___
Chic k Erie 1st gold 58_1982 M-N 10712-10758 Apr '14 --- 15
Clop & Mahon Vat g 53-1938 J-J 10313 108 103 Feb '14 __-- 103 5 103 Louisiana & Ark 1st g 53_1927 m-s __ _ 9012 9113 Feb '14 __ 672 9112
1111
s
1143
4
115
Apr
'14
122
69-1935
Dock
A-0
____
consol
g
__- 11112 115
Long
12212 Apr '14 .-- 12112 123
Louisv & Nash Gen 63
1930 J-13
110
193751-N 1095 ____ 110
Coal & itlt 1st cur gu 68_1922 M-N 101 10712 106 Dee '12 --Gold 5s
1 108 110
1940 J...1 95 Sale 05
9534 104 9214 9014
4
Dock & Imp 1st ext 5s
Unified gold 45
1943 J-J 10211 10334 10214 Apr '14 _- ilijii2 01
---------933
4
Mch'14
-J
1031
J
/
4
Aug
'12
10014
--1940
_
---- 93/
Registered
N Y & Green L gu g 55_1946 M-N
..
1
4 9334
/
4 -_-- 0514 Apr '14 ---- 105 10514
2
.
i2 19-1
Collateral trust gold 68-.1931 M-N 1951
NY Sus & W 1st ref 53_1937 J-J _ .-- 9712 97 Apr '14 ---_
1
4 Dec'13 _
1
4 -,-- 108/
Eli & Nash 1st g 65
- .10014 Dec '06 _1919 J -D 108/
1937 F-A 79
2d gold 4;6s
1013
10112
4
102
102
1
80
75
L Cin & Lex gold 4 As
11)31 54-N
1940 F-A -Apr '14 ---- 75 75
jot-is 102General gold Os
_
1930 j-J 116 11812 12014 Mch'13 __
1943 MN 10614 110 102 Jan '14 ---- 102 102
N 01 M let gold 68
Terminal 1st gold 5s
1111
/
4 lisar12 -1940 A-0 10214
N 0& M 2d gold 68
11130 J-J --------111 Feb '14 _ iii iii
Mid of N J 1st ext 5s
1942 J -D 95 96 98
96
3 9234 9812 Paducah& Mem di v 43_1946 F-A -------89 Feb '14 __. 89 89
Wilk 3c Ea 1st gu g 5s
Ey & Ind 1st con gu g 8s......1928 J-J 10015 110 106 May'12 ____ _
St Louis Div 1st gold 63_1921 hi-8 10914 109 10833 Feb '14
1083s 1081$
1921 J -J 105 __. 104 Dec.13 -__
2d gold Is
/
4 6932 Sep •11:
1980 M-el ---- 641
Evans & TI! 1st cons Gs
1942 A-0--- 99 99/
AM Knox &(In Div 43_1955 M-N 90 9058 9038
1
4 Dec '13 ---9038
1st general gold Us
6 -83 -907
;
Atl Knox & Nor 1st g 513_1945 J -0 108 ---- Ill Jan '13
- -Mt vereon 1st gold 63_1923 A-0 ---- -_ 108 Nov'11 ---- --___
1930 A-0 Render 13dge Isle f g 63_1931 M-s 10512 ---- 100 Jan '14 _ _ moo fog
95 J'ne 12 -- _
Mull Co Branch 1st g 5s
9014
91
'F'lorida 11; Coast 1st 4 3-s_..1059 J-D
Kentucky Cent gold 4
1987 j-.I
9014
-923
9014
. 9212 Apr '14 -- or -a1 8812 9014
1
4100 Jan '14 __ 100 100
l: ort St U 1)Co 1st g 4 3is _1941 J-J ---- --- 92 Aug'10 .--L& N it M & M 1st g 4101945 M-Ii 101 103/
1928 J-J 62 - 65 64 Feb '14 --- -6812 14 Ft W & Rio Or lit g 4s
L & N-South M joint 413_1952 J -j 85 Sale 85
85
8 83 85
eL4neat NorthernRegistered
_ ---- 95 Feb '05 ___
81052 -.3
Wu C B & Q coil trust 4s
1921 J -J 96/
1937 -A idiis 10514 10434 Apr '14 ____ joii4 l-as;
N Fla& S lst gu g 5s
1
4 Sale 9814
971s 315 9434 98
Registered h
6 9514 9754
9672
9678
1921?-J _
N&().13dge gen gu g 44is 1945 J -,j 9912 ---- 100 Mch'14
9912 100
lst & refunding 4 hs ser A 1961 -J 100;1011; 100/
Pens & Atl let gu g 6s
1921 F-A 1091s 110 10958 Feb '14 ____ 10858 10953
/
4
1
4 1001
8 100 10138
Registered
1061 -_ _ _--- ---- 96 J'119.13 ---- _ -_
1936 F-A 10634 -,-- 107 Mch'14 ___ 105/
8 & N Ala con gu g 5s
1
4 107
Mt Paul M & Man 43
1933 J---J 97 9914 98 Apr '14 ---- 9834 93
Gen cons gu 50.yr 5a 1963 A-0 __ __ 10412 10453 Apr '14 10412 105
let consol gold gs
1033 J-J 12134 __ 12114 Mch'14.- 11934 12114 L k Jeff Bdge Co jug 4s
1945 DA-s 8312 ---- 8312Mch'14:7: b3 85
Registered
1033 J-J 117 ____ 11712 Aug'13 ....vi annaltit-Sou tines 43_1936 51-/9 ------ _--- --._ _.. „...
Reduced to gold 440_1933 J -J 1031s __ 10314
_
10314
3 10014 1031-4 .-1-I ex Internet let con g 4s 1977 M.-S ---- 76 77 Meh.10
itertistered1933 J-J 99 _ 10884 J'ne'09 ---Stamped guaranteed
1977 1/1-5 --------79 Nov.10 _ -------Mont ext 1st gold 4s......-1937 J-1) 9658 -.:.. 9558 Apr 14 -. -93- -9558 ‘Iinn k St L lit gold 76-1927 J-D *113/
1
4 ---- 12412 Oct.12 -----------Registered
1937 J-D 94 -_ 9412 Apr '14.._ 94/
1
4 Ws PacificExt latgold 65-1921 A-0 10034 107 11018 Aug.11
Pacific ext guar 4s f.....„1940 J -.I 871__. 92/
1st consol geed 55
1
4 Mch'll.
193451-N ---- 9114 90 Apr.14 __ ji igi
IC Minn Nor Div lat g 48 1945 A-0 9334 983s 07 Sep '12 ----- --- -tand rerun(' gold 43
is
_ 61 61
1949 M-S 60 52 53 Apr '14
Mine Union let ir ss
flan 11.1 ..1c let n 3 at ern A. 10101 1..1
1922 J-.I lins.
iint.Jan .14. -- iint.
R1117. RR Pah .12. _'''
AO
an
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
Street Railway
New On Ity & Lt gen 430-1935 J-J ---- 81 8534Feb '13
United Rya St L let g4s___1934 J-J 69/
1
4 71 70 Apr.14
Y ltys 1st R E & ref 46 1942 J-J
7634 Sale 7634
69 75 "Ftira
78
St Louis Transit gu 5s____1924 A-0 71 Sale 71
71
30-year adj Inc 5s----a1942 A-0 52/
1
4 Salo 527s
5812 1034 52/
1
4 United RRs San Fr s f 413_1927 A-0 5513 58 58 Apr'14
1
4 63/
N Y State Rya 1st eons 4;0.'62 M-N 89/
90
1
4 Sale 8934
15 87 90
Vi By & Pow 1st Ss rot 92_1934 J-J 917s 9212 927s Apr '14
Portland By 1st & ref 53-1930 14-N 99/
1
4 101 101 Jan '13
--- -Portland My Lt & Pow 1st
Gas and Electric Light
1942 F-A 91 941,1 02 Mch'14
33 ref cony f 5s
92 1001 Atlanta 0 L Co. lat g 6s-1947 J-D 10114 -- 1021: Dec'13
Portland Gen Elec 1st 50-1935 J -J 9812-105
Bklyn U Gas let con g 68...1945 M-N 10513 Sale 105
St Jos Ity L,II& P 1st g 55 1937 M-N 99
98 No-.
v '61-3
Buffalo Gas 1st g gs
1947 A-0
54 J'ne'13
8t Paul City Cab cons g 5254937 J-J 10114
10312 Feb '13
Columbus Gas let g 58.-1932 J-J ---1980 J-J 82 Sale 82
Third Ave 1st ref 48
8418 116 802 85
1)etrolt City Gas g
1923 J-J
61960 A-0 7778 Sale 77/
Adj Inc 5s
1
4
9533 Sep '0
7834 52 7624 8412 Det Gas Co.con 1st g 69
1918 F-A
-1937 J-J 109 Sale 109
Third Ave its' lit g 6e
1091s 12 1061
/
4 10912 Del Edison let coil tr 5s-1933 J-J Dili 5w; 10212 10238
'Fri-City By & Lt lit s f 5s-1923 A-0 95/
1
4 9714 973s
4 96 98
9738
Eq 0 L N I 1s1 eon g 53-.1932
KVA Oct '12
Undergr of London 4468-1933 J95
93 95 95
2 9412 98
100 Feb.13
Gas& Elec Berg Co cg 65-1949 J-1) 100"
1048
Income Se
87 881s 87
2 8434 9214 Or Rap0 L Co 1st g 5s
87
um. 100 Oct '00
1915 F-A
Union Mies? (Chic) let g 55_1945I-154
84 Oct '08
-Hudson Co Gas 1st g 55-1949 M-N 10214
1031s Mch'l
United It Inv 63 Pitts 1531920 PA-24 74 -- 71 J'ne'13
Kan City(Mo)Gas lug 53 1922 A-0
9184 92 Mch'14
•No pries Friday; latest bid and asked thi8 week. iDtieJii. •Due Feb. 4 Due April. h Deo Joky. IDee Aug. •DWI Os& a Opt an side.
TO
2 69
U
927s
10
_
6
7212
7153
6118
941s
1300
New York Bond Record-Continued-Page 3
[VOL. mom.
4
BONDSg-e
,
t
N. Y. STOCK EXCHANGE:
Week Ending April 24
... a.
Prtee
Fridete
April 24
Weeks
Range or
Last Sale
;`,
-...
ki,%
Range
since
Jan. 1.
BONDS
N. Y. STOCK r.XCHANGli, 2
t
Week Ending AprIl 24
H
Price
rriaau
A vril 24
Week's
Range or
Last Sale
g
Range
since
Jan. 1.
Minn & St Louts(Con.)High No. Low High N Y N If & Hartford (Con.)Bid
Ask Low
Rict
Ask tam
11101 No. Low High
1.3 ec N Y Air Line 1st 43_11/55 F-A ____ _
9913 Joe'12
Iowa Central 1st gold 5s_l 938 J-D --- 9134 92 Apr '14 ..._ 88 94
cent New Lug 1st gu 4s_1901 J -J
Refunding gold 4s _ ._1051 81-8 --_- 5178 5212 Apr '14 ........ 50 571:
- 82 81
Si" ;i"
'14
M StP&8ISM con g 4sin-tgu
Housatonic
Apr
....
it
5s_19z17
00
95
cones
9518
1106
0758 1‘
...1-1,
1 /6612
- 1938 J -J 9112 9514
A111;rh
:
,0
14
,
4
10638 10633
NY W'clies&II 131 sec 1 4jis '4G J -J
1st Chic Term Is f 4s
1941 N1-7v. -- --__ 9714 J'ne'12 ____ ___ ___ _
7112 '73 72
73
72 83
N 11 & Derby cons cy 5s1918 .1-N _ _ - _ _
M LI S& A 1st g 4s Int gu_1926 J -J ____ ___ 96 Nov'13
New England cons 5s-1045 J -J -- ____
9112
1 9112 91-12
Mississippi Central 1st 5s 1049 J -J 9112 ___ 0112
8818
2 8734 9178
COI1SGI 4s
Mo Hank Tex 1st gold 4s 1990 J -I) 8818 Sale 884
1945 J -J - - --- 1;612 51(.11-.1
g1990 F-A 6914 70 6914
6914
2d gold 46
Providence Secur deb 4,1_1957 M-N 55 ____ 55 Apr '14
1 6918 77
55 "ii"
N I' O& W ref let g 4s__I21092 .41-S 8312 85
1st eat gold 5s
1944 M-N __-- 9712 06 Mch'14 ---- 9512 99
20 8178 88
6414
I 6414 71
1st& refund 48
2004 M-S 6414 Sale 6414
Registered 35.000 only_alt)92 11-8 - - 1936 J -J -___ 7378 7414
98
821111 j
el eneral 4s
Gen sluicing fund 4 3/4s
N eh
7414
8:1
514
2
1 7414 85
8113 131:
Norfolk Sou 1st& ref A.5s_219
St Louis Div 1st ref g 48_2001 A-0--- 75 7814 Apr '13 --1
1 5
1 j
r-1A
) -9.2
-12 8
93
2 9234 Apr '14
92 0712
Dal& Wa lstgu g Os
100 Jan '14
1040 NI-N ---- ---- 9934 Dec '13 __ ..
Norf& Sou 1st gold 5s
100 100
1990 F-A ---- 8212 8212 Apr '14 ___
Kan C & l'ac 1st g4e
411 ;1t1-1; 1.(
17)
17148 ::_-_-_-- 119 Mch'14
821 1 8212 Norl & West gen gold 6s
193
1.1712 119
Mo K & E 1st gu g 5s
104
1942 A-0 --- 106 104
123 Jan 13
.
I 10314 10114
Improvement & ext g Os_ 11134
M K& Ok 1st guar 5s
1042 M-N ___ 100 9812Feb '14 -- 9812 9812
'14
,
1 14
8.2 Feb06
New River let gold Gs
118 fir
1932 A-0
'
M K& 'I' of T 1st gu g 58_1942 NI-S ---- 9538 95 Apr '14 --- 9434 954
6 94 96
N& W Ity lst cons g 4s_11196 A-0 119'8
U5 Sale.
Sher 811.9c So lit gu g 5s_ -1042 J -D -- -- 104 96 May'13
Registered
1906 A-0 ---- ---- 98 Jan '11
Texas& Okla lat gu g 5s_1943 31-S --__ 9778 9912Jan '14 ____ 5.1- -66i,
110
)1-v'
251.1ysea
t lr&Co
ge
nn
v g4s
4s_ _ _1944 J -J 8912 ---- 90 Apr '14 sl 8812 0134
Missouri Pac 1st cons g 8s.._1920 M-N 104 Sale 104
104
11 103 105
100 102 10314 Apr '14
101 10358
Trust gold 58 stamped_a1917 M-8 95 9512 9512
l0-20-year cony 4s
96
12 9458 9818
102 10312 Itch '14
101 10434
Registered
a1917 M-8 -- 9714 97 May'12
1.0134
10134 15 10058 1054
Convertible 4 A
338
22
it/
993
1 s
let collateral gold 56
.- Iit-2
Pocah O& 0 joint 4s
1920 F-A 90 94 94 Mch'14 ---- 51
88 9012
1941 J -D 87 88 88 Apr '14
_ _ ___ _
C 0& T 1st guar gold 5s.,_1922 J-J 103
Registered
10534 Jan '13
1920 F-A _ _ _ _ _ _
40-year gold loan 48
if
i ii -611; Sclo V & N E 1st gu g 4s1939 M-N 9314
5 58E3 .93r
1945 M-8 ig id ig
:
Sr
4
a.i.le
i
let & ref cony Si
6912 13 6612 775a Northern Pacific prisir I g 48 1997 Q.-.1
1959 M-5 671 72 68
61 9212 99
3d 7s extended at 4%
Registered
11)97
9
9953
1938 M-N ---- ----86 Jan '14 ---- 88 80
4:4
4
2 94la 954
9
994
53'1'41
General lien gold 35
Cent Br By 180 gu g 48
1919 F-A 8 1- 1 924 NIch'14 al 91 9238
68
10 644 6851
6712
a204 T
-i3"
65 68 6514 Apr '14
7
Cent Br U P 1st g 4s
Registered
1948 J-13 --------7712 Dec '13 -___
6514 67
81/12 _ ___ 90 Jan '14
St P..ul.Duluth Div g 4s..:2
47
6
Leroy & C V A L lst g 53_1926 J -J --------110 Meh'05 --__ _
199
90 90
100 10118 10012 Sep '13
I'ac It of Mo let 686 g 4s 1938 F-A 90 94 90 Mch'14 --.- OW .
.
91i. Dul Short L 1st gu 5s____1016 Nt21: A u11,1,21112
2.2 113
2 1 153
St P & N P gen gol I 63_11)23 F-A 1 10
Zd extended gold 58
1938 J -J 103 104 100 Jan '14 -.-- 100 100
1107a 11212
103
Registered certificates-1923
St 1. Jr NUS gen con g 53_1931 A-0 ---- 1021 103
2 101 105
107 Jan '12
95
514
St2d
Pa5u
sl & D .ititli 1st 5s__ 1931 T
Gen con stamp gu g 51-.1931 A-0 --------_ 103 Feb'14 -- 103 103
-4
;
F 10
4 _____..... 101 Mch 14
05
1.12
J-o
D 18
7A
Unified & ref gold 4s
19
96
18
Ws 75
li
7 12 764
1
1929 J -J
82
77
ioi" 1617
87 Feb '14
1929 J -J --- -- 804 Oot '12 __
1st consol gold 4s
Registered
87 87
1948
8112 Dec '13
Wash Cent let gold 4s
Ely & 0, Div lat g 4s
11/33 M-N '74 751-2 74
75
3 74 8134
TT
Dec
1
'13
li
_
_
...
11314
9212
-5Verdi ,.' I & W let g 5s1926
3
M-8
Mch'14
Nor
11i
Pac
Term Co 1st g 6E1_1933
1134 11314
_ 9112 9112 Apr '14
Mob & Ohio new gold 6_ 1927 J -D 1153-4 11714 11536 Apr '14 --__ iiii2 fig3-4 Oregon-Wash 1st & ref 43._
89 92
19611
.j
.
-j
)
j iOi 102 101 hIcti'14
11212
1st extension gold Gs__-_/11927 Q-J 11212 Sale 11212
7 11212 1121:, Pacific Coast Co 1st g 52_ -1949914 1034
1- ennsyl yenta RRGeneral gold 4s
1938 M-5 ---- 84 82 Mcil'14 __ 80 82
1923 MN 9734 ____ 97 Dec '13
1st real eat g 4s
llontgem Div 1st g 58-.1947 F-A 104 -_-_ 10614 Mch'14 --_- 10518 106,1
104 110 Mcla'12
1919 M-S
Consol gold 5s
St Louis Div Ss
1927 J -D 93 ---- 95 Dec'13 -_
1943 M-N 99 -__ 93 Dec '13
9138 ____ 8934 Jan '14 .....2 8814 8934
Consol gold 48
St L4!': Cairo guar g 48_
1931 J-J
Convertible
99 "252 "Fria
10714
leT ashvilleCh & St L lit-5.1928 A-0 107 -.10714
d gold 3;0-01915 JD 984 Sale 084
1 10512 10712
IN Jasper Branch lit g 6s1923 J-J 10934 --- 111 Jan '13 --__
9858 eh '14
01915 J -D
9813 9858
194881-N 101 1011k 197 l
McN1 4.1 W k Al lit 66_1917 J-J 1034 -_ 10334 Jan '14 ---- joai4 1,-Ea-,,
Aip,
Consol gold 4s
99 102
_
97
1942 M-S
Aileg Val gen guar g 4s
'14
1' Branch let Gs
9618 97
1917 J -J 10314 ____ 113 fly '04
91 Mch'14
D It It R & .13'ge 1st gu 4e1r36 F-A
Nat ilysofMex prlien 4;i61957 J -J ------- 61 Feb '14 -- ei- if 91 91
Phila. Balt & VI 1st g 4s
1943 M-N
1977 A-0 --------77 Feb '13 ---Guaranteed general 48
19
09
20: j
J 'alu
Sod Bay & Sou 1st g 53_1924 J -J
Y10
'
.10
13
3
Nat of Mex prior lien 430_1926 J-J '--- -___ 9678 Feb '13 _-------Sunbury & Lewis let g 43_1930 J -J 9
1st consol 48
1951 A-0 ---- 52 55 Aug'13
93
14
5 -_-_-_-_ .
11311-2 MtZi'
4912 51
.
15
N 0 Mob & Chic lit ref 53_1980 J -J
61
i 841 18. U N J RR & Can gen 48.._ 1944 M-S
N O& NE prior lien g 6s_p1915 A-0 1667-8 104 10112 Mclf 14 __ 101 10112 Pennsylvania Co10114
1921 J-J 10114 Sale 101
8 100 10112
bluer let g 4;.“
New Orle•anc Term let 4s 1953 J -J -., --__ 7912 May'13
_
102 10114Meh'14
8314 17 i3ii2
1921 J -J _
Registered
N Y Central & H R g 3 As_1997 J -J 823-4 Sale 8234
100 1014
8412 Apr '14
Guar 314s coil trust reg 1937 NI-S
1997 J -J ---- 8212 8134 Apr '14 ..
Registered
8412 88
8034 84
16
1, r.A
F-A
N 85 8514 8512 Alch'14
9134 23 86 9211
U
rruus
94
art3di
oacctr
oslIgturu
gs3
85 8518
1934 M-N 90 Sale 894
t3,i
Debenture gold 48
sesr_B 1,
974
Feb
'14
'12
--------93
May
__.
9712 974
1934 M-N .
Registered
83
Jan '14
-9
-851-9
8012 22 78 84
Guar 33is trust etre C
1942 J -D 98
83 83
Lab:el:111°re colig 3As
1993 F-A 79 8012 8012
Guar 33is trust ctfeD
8434 8434
1944 J-1.) 8434 --,- 8434 Apr '14
Registered
1993 F-A -,-- 804 80 Apr '14 --, 78$4 831:
94
04
944
937
Guar
,2
15-25
93 95
1931 A-0
-year g 4s
77
1 734 78
Mich Cent coil gold 330_1998 F-A MS 77 77
9312 Apr '14
Cin Leb & Nor go 4s g
93 9334
1942 M-N
Registered
1998 F-A 7312 75 7214 Mch'14 -_ 72 74
Cl & Mar let gu g 434s,_1935 MN 781.
47
-.7.- 110 Jan '05
Beech Creek lit gu g 42_1936 J -J 947s -- 9514 Apr '14 ---- 9514 953,
Ci & P gen gu g 4)is ser A 1942 J-J 103 ---- 1014 N ov'13
1938 J -J ---__ 99 May'll -- ___ ___.
Registered
Series B
1942 A-0 10234 -- 1004 J'iy '09
. 2d guar gold tis
1936 J-'J
Int reduced to 3 is
2 1.4
1948
Registered
A-N
O 851s -- 9114 Feb '12
8514 -- 9018 Oct '12
Series C 334:
i- Beech Cr Ext let g 33is-b1951 A-0 --- --- ------- ---- _
--"
Series D 3jis
1950 F-A 8514-- 844 Dec '13
1 Cart & Ad lat gu g 48__ 1981 J -D 8558 ---- 83 Oot '12 ...._ - - -Erie&
8514
1 Gouv& Oswelstgug 5s 1942 J-D 104 ---- -,2.
-.- 864 Sep '13
Pitts
gu
g
3 As 13-1040 J-J
,.- -- .-_--- --....-'12
11018J'iy
Series C
).•1 oh & Mal let gu g 48_1991 M-S 90 -_-_-_-_ :6:
1940 J -J 8534 --II
.
i i9
.
5
:
.. :
..9..
.
5:
_
t '02 -Gr It & I ex 1st gu g 4;0_1941 J-J 9612-- 9538 Deo '13
N J Junc It guar lit 48_1986 F-A 9114 ---- 105 Oct
Pitts Y& Ash 1st cons 53_1927 M-N 104
- 101 May'10
1986
t ed
R
Deo
12
---8712
9
___ -_-_--- ---234 103 1024 J'ne'12
3
Tol W V & 0 gu 4 36s A
-A
N 83
998
N Y & Harlem g 33is-......2000 M1931 J -J 9
1022* Nov '12
.... ...a
Series 13 4;0
1933 J -J
A-c.
N
00
27
0M
Registered
55_1
20
9512 Sep '13
'
18
02
17
18
-52
-Jan.-li ...---: 102 102
2 iOci" 1
Series C 48
10-3- 1014
M'S
N Y & Northern 1st 3
Jan '14
erC
10053 10184
ies
&Ii
St
gL
usgru 4;is A
i N Y& Pu 1st cons gu g 4s_1993 A-0 833 9178 92 Oct '13 ____ _.. -. PsC
1119444025
103 10213 Feb '14
10014 1021s
.
_
------------------- --o Nor& Mont let gu g 58_1916 A-0101 J'ne'11
1 Pine Creek reg guar 6s___1932 J -D
___
) ____ iiti fii
11
91; Ni.F14
t:44
Series 0 guar
9514 93 Mch'14
Series D 48 guar
93 93
R W & 0 con let ext 5s h11)22 A-0 1041s ---- 10418 Apr '14 -- 10212 1041,a
110 Apr '13
Series E 3As guar g
e1915 F-A 100 101 10014 Mch'14 --- 994 1001.
, Oswe & It 2d gu g 5s
9514 Jan '13
___.
iNg
___
-__
'10
10112
.......
104
J'no
F
gu
4s
g
Seriee
-11
M-N
y it W& 0 T It lstgu g 5s_1918
___.
___..
1/711Jan
__
13
1957 NI-N
Series G 4s guar
Rutland let con g 4 is___1941 J -J ------ 90 Apr '13
106 J'tio'13
. po
eoti
&t L
pe
11013
t'
21 Q
0
91:03
lun
leitsctogn6gs5s
. 62-2;:448
A-F
O -190
• Og & L Cham 1st gu 4511 1948 J-J -- 7578 80 Sep '13 ____ ____ ___,
106 Feb '13
I, Rut-Caned 1st gu K 4s1949 J-J --------92 J ne'09 -- _____,
.
01)21 M-N 87 90 89 Feb '14
2d gold 4 3•68
, It Lawr& Adir 1st g 53-1996 J -J 102 ____ 108 Sep '12 ....... ____ ___..86 80
---_ 23 54 Jan 13
Pere Marquette-Ref 4s-11995251
2d gold 6s
1996 A-0 - --- 11912 Men'12 ____ --- 45 40 Dec'13
Refunding guar 40
2 Utica & Bik Illy gu g 4s_1922 J -J 901-2 ....- 95 Dec'13 --_- _
JD
98 Oct '12
.
4 8578 Apr '14 _._ iiCh & W M 5s
1997 J -D 844 853
\ Lake Shore gold 33is
2
193
20
5A
j-.10
9512 "id 'Nis fa'
9512
8312 Meh'14 _
8312 85
Flint & PM g 63
Registered
1997 J-D 85
11/39 NI-N
7312
2 7312 90
7312
9314 43 894 93!
, Debenture gold 46
1st con.sol geld Os
1928 14-S 9214 Sale 9214
75
•
A-0
76
6 75 904
Pt Huron Div 1st g 5s_1931)
9238 66 8812 9231
1931 NI-N 9112 Sale 9112
, 25-yr gold 48
J
b -A
Sag Tus & H let gu g 48_19,31 j̀
Registered
1931 M-N „,..--- 907s
904
4 9078 907,
651* Mch'14
.
4
-1;
Philippine By 1st 30-yr s f 48 37
Ka A& U R let gu c 58_1938 J -J 1U5 ---- -,--,,- ---, -__ _
67i
. 1:
. 1-8798
1940 A-0 0
1
9
-815
5
11134 J -.I 107 ___ 10714
10714
:1:::
4 108 Apr '13
, Mahon CI RR let 5s
1 10714 1-07-1: Pi;te Sh & L E 1st g 5s
06
4712
11314 Noy'll
1943 J -J 19
103
lat consol gold 5s
Pitts & L Erie 2d g 54__11928 A-0 105 __ 105
2
105
9418
95 "ii 0233 ..
1997 J-J
Pitts McK & Y lat gu 63_11)32 J -J 11612 -___ 530's Jan '09 ____ -----. f)eading Co gen g 4s
0533
9412 Feb '14
1997 J-J
9412 9412
LI, Registered
_ 12314 Mch'12
1934 J -J 11458
2d guaranteed Is
9514 Apr '14
1951 A-0
Jersey Cent coil g 43
9312 90
NIcKeee& 13 V lat g 6s-1918 J -J 1°1tz ---- -----,.., ---- ---- 8 93
1951 J -J 011Aden City gu 4s ;
Michigan Centre. 5s -.1031 H-S 10414 ....„ 111 Jan '12 ___ ____
- •,..• t Jo & Or lel 1st g 48
8166'-1,-1
7512 7634
1947 J-J
lull Q.58 10312 - .119 J'ne'06 ..
.778172.
5Registered
Louis & San Francisco8712 --- 98 Apr '12
1040 J-J
' 45
112 Mch'14
J
-J
1931
General
110 112
87 Feb '14
11)40 J-J
;old
6s
Registered
.
87 If
1023
4
Apr
0
179
9447
3
14
37
'14
1
1931 J -J
General gold Os
, J L & S let gold 3 As_1951 M-S --------00 J'ne'08
100 10234
7814 Apr '14
••lt L & SF RR cons g 4s_191/6 J -J
1952 M-N 834 85 83's Mch'14 _ _ gars -8-3-1
7312 794
, lit gold 3jis
48 Apr '14
Gen 15-20-yr 5s
43 54
20-year debenture 4s
11)29 A-0 855s 87 8558 Apr '14 ..... 8378 87
48
4812
_-_Apr '14
i 9424 97
9512
927 6I-N
Tr Co certfs of deposit_ 1_48 5534
NY Chic& St L 1st g 41937 A-0 9512 9614 9512
93 Dec '13
11147 A-0
Southw Div let g 5s
1937 A-0 --- ---- 9712Jan '13 ..... .
Registered
•
78
1951 J -J 7734 Sale 7634
8814 8812 Apr '14
1931 Ni-N
Refunding g 4s
Debenture 4s
97 "Fr
far, Ii
8034 Meh'11
1951 JJ
West Shore lst 4s guar-2361 J-J
Registered
9334 Sale 9334
8 914 95
94
90 91 91
2361 J-J
flit;
K 0 Ft b & M con g 66-1938 .,,1- *1083"4"..";= 112 Apr '14
91
Registered
1C1 8934 92
7714 50 73 774
K U Vs S & NI Ry ref g 46-1938 A-0 7613 sItte 7012
N Y Cent Lines eq tr 4 34s 1922 J -J 98 ._ 10012 J'ly '11 _... __ -1036 A-0
774 J'ly 12
Registered
N Y New Haven & /dantA-0
05 Mch'14
Non-cony deben 46
95 95
11/55 J -J 76 78 7712
7712
1 75 8012
h.0 & M R & 13 1st gu 58.1929
1089 NJI-_!" "ii Sale 84
84 "io 84 88
1958 M-N 76 77 78
IS L S W 1st g 48 bd ctts
Non-cony 4s
76
2 78 81
75 8 68 75
70
1958 J -J
75 Mch'14
70 Sale 6912
75 75
ignoeldbo
4n
Cony debenture3 As
sci Ws-plebe
7212 Sale
72
724 15 72 7784
1948 J-J II() Sale 110
11034 19 105 1171
Cony debentureeSs
C2dongstil
D
14.4064-4, it-pc(Ilia. let A• 1954 PA-N __-2j
J-D
193
9812Jan '14
47
9911 Noir'12
9812 9812
Gray's Pt Ter let gu g 5s_1
kil 100
"
.._ _ ,
6475878
P-Es
T&
r
M SCELLANEOUS BONDS-Continued on Next Pa=e.
Gall and Electric Light
A-0 10414 10412 1044 Apr '14
Kings Co El L & P g
1997 A-0 113 11512 1144 Apr '14
Purchase money 6s
12458 113
1922 M-S
Convertible deb Gs
113
8814 --- 8814
Ed 1'.lIItIOkn 1st con g 4s_1939 J-J
8814
10138
10138 10158
Lac Gas L of St L 1st g 5s-e11/19
9934 10012 100
Ref and ext lat g 5e
11134
100
Milwaukee Gas L let 4a
1027 M-N 9052 91 91
91
Newark Con Gas g 58
1948 J -D 103 -- 10184 Jan '14
NYGEL 115cPg5s
1948 J-D 10438 Sale 1044 10438
Purchase money g 4s
11149 F-A 8534 Sale 8534
86
Ed El Ill 1st cons g 5s
1995 J -J •10612 10914 109
109
NY&Q.SIL & P 1st con g 56 1930 F-A 100 10018 101 Fob '14
141 Y & Rich Gas let g 5s
1921 M-N
-- 9212 J'ly '09
Pacific G & ElCo Cal G& E
Corp unifying& ref5s_1937 M-N 9334 Sale 9382
9334
Pad Pow & Mist& ref 20-yr
1030 F-A 90 Sale 90
9018
Is Internet Series
Pat& Passaic(S & ii 5s____1249 M-8 100 _-100 Jan '14
N,pries Friday; latest bid and asked. S DRO Jas. 8 Das Feb
Gas and Electric Light
Peo Gas & G let con g 68-1943 A-0
1947 NI-S
Refunding gold 58
1947 NI-S
2
Registered
Oh
1
& Cke let gu g 58_1937 J -J
4
ConG Co of011 let gti g 531936 J -D
Ind Nat Gas & 011 30-yr 58 '36 M-N
11
Mu Fuel Gas 1st gu g 5s-1947 31-N
Philadelphia Co cony 58.-1919 F-A
1922 M-N
20
Cone deben g 5s
9
,tan Gas & El cony s f 6a-1926 J -D
7
Syracuse Lighting let g 5s 1961 J-1)
1954 J -J
Syracuse L & P 56
Trenton 0 & E let g 5)-1949
Union Elec L & P 1st g 58-1932 NI-S
1933 M-N
22 955 9813
Ref & ext Si
Utica El L & P let g 56.-1950 J-J
1957 J -J
3 90 9018 Utica Gas k E ref 5s
1950 J -D
100 100
Westchester Dug g 58
102 10412
111 11412
113 11312
88 89
100 10134
9718 10058
8812 91
10134 10134
10134 105
83 87
108 109
101 101
---
11518 11554 1154 11512
tools
10038 10013
99 Sep '13
10312
1034
10538
Sale
10114
10114
10114
93 Meh'12
10034 _
10034
10034
95 Sep '13
0733 us 98 Apr '14
9014 8958
_
894
lot 100 Mch'14
8512 J'ne'12
100 Feb '01
too
1004 Apr '14
4'90
94 Noy'13
101
101 Mch'14
97 _
Med Dee '11
10238 10F2 10514
106
•Due Ida. g Des Imo. A Des July. •Des Oat. sr Des Key. I Option Ws.
1 114 11512
5 9834 1014
16678 cal;
6
2 y
51/
51r48 1.0
0
.64
112
- 16
0
813
0
8.1.3 10
-910
2g1i
6 :613:472
101,
106
APR. 25
1914.i
1301
New York Bond Record—Concluded—Page 4
011
BONDS
t
IC. Y. STOCK EXCHANGL.
Week Ending April 24
Price
Fridag
April 24
Range
since
Jan. 1.
Week's
Range or
Las, Sale
High No. Low High
Ma
Ask Low
84
82
79 8112 81
2 77
8 A & A Pass 1st gti g 4s- _ _1943 J -J
_ 104 Oct '09
$ F'& NP 1st sink ig 5s___1119 J -J
855ii 8514 Feb '14
Seaboard Air Line g 4s____11150 A-0 3 -8113
6 -i-33
85f2
8558
86 -Gold 4s stamped
1950 A-0 8558 86
_
Ite4istered
1950 A-0
-761-2 --66 7434 80
755s Sale 7558
o1949 FA
Ad:ustment Os
7514 12 74 781 1
Refunding 4s
11)59 A-0 74 Sale 74
1 84 8534
8538
Atl-Birm 30-yr 1st g 4:3_0933 M-8 85,4 -- 8533
85 8518
8512-- 8518 Mch'14
Car Cent 1st con g 4s_1049 J -J
.11 10314 Jan '13
Fla Cent & Pen 1st g 5s_ _1918 .1 - J 10034 loa
Nov'i2
104
1001.
8
10314
1st land gr ext g Is
1930 4 -4
10178 Feb '14
103;8
(30nso I gold 5s
'14
10
-65
1-71-)2
10
52
13142 1
Oa & Ala My 1st con 5s_o1
1945
943 .41:.1 10413 -- 104's Feb
Due '13
102
10134
__
_---Ga :'ar& No 1st gu g 5s-1929
"
---192 4 -J 10134 ---- 10114 Oct '13
Seal)& Roa lst 5s
Soutkern Pacific Co0078 28 90 04
9014
On),. 45 (Cent Pac coll)_1:1940 4 -D 9034 Sale 90
Feb '14 __1„
81 8
90
5 00
2
it •,gistered
86
854 Sale 85
1:1
20-year cony 4s
01W1 1S?
"
10012 1704 100 10358
100
Sale
10018
20-year cons, 5s
9418 15 9112 9412
934 0411 934
4o 1!:1
43
ent Pac 1st ref gu g 4s 19
CA
90 -- 94,2 J'ly '12
Registered
Apr
'14
9138
9138
1
12
:'-IA,
949 1
1920
Mort guar gold 3 es_k1
8712 Alell'14 --__-:
_
914 9
85
87
111'
;
Through St L 1st gu 4s..1954 A-0 8512-- 103 Al)" '14 _ _ _ 103 10334
-G II & 8 A M & P 1st 5..1931 M-N 1024
Apr
'14
10234
--'
1024
101
10112
-M-N
4311a V (J & N 1st gu g 5s_1924
10218 ---- 102 Sep '13
Hoes E & \V '1' 1st g 5s1933 M-N 1024
---- 103 Mcit1,1
1st guar 5s red
109 10012 101 Mch'14
--1J
h..11
Ii & 'I' 0 1st g Is lot gu1N1
9334 12 19
9334 Sale 9334
961:-13)3T4
2 11-9
961
5
Gen gold 45 int euar_ _1921 A-0 ____ 10314 108 Mch'14
108
Waco& N W div 1st e es 1930 M-N
(8
0
0
)
(;
1 21 2 10
10412 103 Mch'14
03a4
-J
J
1941
A ez N W 1st go g 58
10718
Apr
'14
1073
___4
—
-Morgan's La & T 1st 7s_1918 A-0 106 ____
10718 1\Ich'14 ---- 10718 10718
1920 J -J
1st gold 6s
_ 112 Feb '07
1938 A-0 106
No 01 Cal guar g 5s
10112
104
10112Mcil'14
Ore & Cal 1st guar g 5s 1027 J -J 104 ___. 10112 Nov 13
So Pac of Cal—Gu g 5s 1937 NI-F1 02 -- 9112 Sep '12
g_1927
J
-J
Se Pac Coast 1st gu 4s
1734 Feb '14
84.l 88
Sap Fran Terml 1st 48_1950 A-0 84 87
1 96 96
96
06 Sale 96
Tex & N 0 con gold 5s1943 J -J
37 8033 933.;
9158
923
9134
Sale
J-4
1955
So l'ac RR 1st rot 4
Southern10.5% 47 10214 106
1094 .1.- 4 105 Sale 105
1st consol g Os
100 Aug '13
11)94 J -J --sRegistered
7438 59 73
7614
Develop & gen 4s Ser A_1956 A-0 7313 Sale 7312
8014 8312
Mob & Ohio coil tr g 4s_1038 M-S 8234 834 83 Apr '14
10.111 Mch'14
11).1 10412
Mem Div 1st g 4;e-5,3_1996 J-J 10412 _
85,4 ig3-4 8473 Mch'14
13358 847s
1951 J -J
St Louis dtv 1st g 4s
1918 J -J 103 ---- 10514 Sep '12
Ala Con It 1st g Gs
88 Apr '14
88
8618 88
1948 J - J
Atl & Danv 1st g 4s
8214 Feb '12
1048 J -J
45
AU & Yad 1st g guar 4s_1049 A-0 16
Feb ii
cdi5-8
1016 J -J
OM & Greonv 1st Gs
105
i 10438 105
1930 4 -J 10513 ____ 105
E T Vis & (ia Div g 5s
108
2 10514 108
1956 M-N los ____ 108
Con let gold 5s
10518 J'ly '12
1038 1.1- 8
E Ten reor lien g 5s
_ 6413 May'13
11146 A-0
Ga Si i(Hand 1st 3s
10814 Mch'14
103 10812
1022 J -J 153112
Oa Pee My 1st g Gs
11012 Jan '14
109 11012
Knox & Ohio 1st (1 6s
1925 J - 3/ 110
10513 Nov 12
M 01) & Bir prior lien g 5s_1945 J -J 100
70 filch '13
1945 J -J
Mortgage gold 4s
101
101
1(11
102)2
10058 101
1915 J -J
Rich & Dan con 1.;
- 6s
10314 Feb '14
10314 10314
1027 A-0
Deb 55 stamped
__ 73 Sep 12
Rich & Meek 1st g 4e
1948 M-14
Mch'14
102
10114
10112
101 102
1919 M-N
So Car & Ga 1st g 5s
_ _ 112 Oct 06
Virginia Mid ser C 6s___ _1916 M-13 1013
---1034 Nov '12
1921 M-8 lin% Series D 4-5s
1926 M-S 10234 -- 102 Dec'13
Series E Gs
104 Mch '13
1131 al-8 10313 _
Series 10 Gs
10334
10334
1936 re-N 104 _
1 10212
General Is
104
104
to312 105
Va & So'w'n 1st gu 5s_2003 J -J .104 9112 11 9034 0234
1958 A-0 91 Sale 91
1st cons 50-year 5s
90 -- 92 J'ne'13
W 0 & W lit eY 1411 4s_1024 F-A 10014 ---- 10014 Apr '14
1914 J -J
100l3 fo-0-4
West N C 1st con g Os
9834 084
Spokane Internet 1st g 5s_11.155 J -J 06_ 1)534 Feb '14
eller A of St L 1st g 4 As_1939 A-0 100 1.5612 10(1 McIt14 ____ 100 1004
10714
1064
10613
10618
1 10334 1064
I- 1st con gold 5s_1894-1944 F-A
89 89 Apr '14
1953 J -J
Gen refund ..; f g 4s
8514 9012
-2 10312 101)4 Feb '14:2
. 10134 10134
St L M Hge Ter gu i• 6s 1930 A-0 )D10218
2000 J -D 102 Sale 102
4 9912 104
Tex .!'; l'ac 1st gold 5s
51 Nov 12
c"000 Alch 20 40
2d gold Inc Is
---9912 Apr '11
10311J -J
La Div II L 1st g Is
10612 Nov 04 ---W Min W & N W lst ge 55_1930 F-A
1935 J -J 1011)4 1Ol 10514 Apr '14
111334 1-05.14
Tol & 0 C 1st g 5s
1135 A-0 105 111553 101 Aug'13
Weeterp Div 1st g 5s
1935 4-D 101 - - 10112 Apr '14
1:4-1-2
General gold is
-8
112 1-8
Kan & M 1st gu g 4s__1990 A-0 8512 871, 87 Mch'14
1927 .1 -J ___ 98 9834 Apr '14
5s
20-year
2(1
9634 9834
_
_
83
85
Deo
'12
-4
1917 J
Vol P & W let gold 4s
if. 85 82 Feb '14
81'2 82
To'sz;.i.& W pr lien g 3).'s_11)25 .1-J
5234 13 52 60
1050 A-0 6218 5212 5218
60-year grild ,is
50 49 Mch 14 ___ 411
1017 F-A
50
Coll tr 4s g Ser A
8553 Mch '14
8514 8558
TA'limn & Buff 1st g 43--h1946 J -D 8512 - :: 10012 10134
& Del 1st con g 5s_1928 J -D 101 1513-4 10112 Apr '14 2
____
76
76
Apr
'14
1052 A-0
---- 74 76
3,-) lit refund t 48
Union Pacific9714 Sale 97,4
9778 71 9512 98
1st ME & land grant g 4s_1047 J -J
0612
-J
J
Apr
11147
'14
9512 0612
Registered
0134 120 90 934
11127 4 -J -6153-4 1Taie- 904
20-year conv 45
92008 M-8 9312 Salo 93,2
9458 14 91
05
1st & ref 48
92
933
8
9212
J-1)
93
3 914 04
Ore My & Nay ion g 48_1946
11013
1 10918 11034
Ore Short Line 1st g es_1022 F-A 11018 11012 11013
1046 J -J 1074 108 108 Me,11'14
1st consol •; Os
1054 103
9214 35 8914 94,4
1929 J -D 9013 Sale 0013
Guar refund 4s
Utah & Nor gold 55
1026 J -J 10214
- 11.18 May'll
1)114 ()V
1st extended 48
1033 J -J
-1;3— Ap-r-ia
Vandalia cons e 48 Ser
1955 F-A
V Consol 4s Series 13 A-1157 M-N
93 Meh'13
. 97 94 Oct '12
Vera Cruz & P 1st gu 4 es_1934 J-J
Virginian 1st 5s Series A _1062 M-N -9-614 Sale 9914
9934 52 972 1-6(11-2
10414 14 1014 105
soiu as
1939 g,...4e 10334 Sale 10334
i011:iits
'Watsli,
0634 97 97
97
1939 F-A
3 94 100
Debenture Series 11
--- 90 J'ne 12
11/39 J -J
1921 M-8
1st lien equip 8 fd g 5s
___ 00 08 Feb '14
1)8 98
1054
56 J -.J1 -75 Sale 75
75
1st lien 50-yr g term 4s_1
10 73 78
65
1st rot and ext g 48
63 65 54
86 5013 0114
Cent Trust Co ctfs
5512 Feb '14
50 IF:
53 Apr '14.— 50 5612
Do Stamped
U
BONDS
N. Y. STOCK EXCHANGE tt)
Week Ending April 24
Price
Friday
April 21
IVeels
Range or
Last Sale
.35
Range
since
Jan. 1.
High No, Low High
Ask Low
Bid
Wabash (Concluded)—
565g Jan '14 ____ 564 564
quit Trnit Co Jtfs
6112 23 46
5034 Sale 5034
57,4
Do Stamped
106 Nov.13 ___
Dot & Ch Ext 1st g 55_1941
Des Moth Div 1st g 4s— -1939 4-.I
72 ____ 80 Aug 12 ____ ---- ---71 Feb '14 ____ -7-1- -fiOm Div 1st g 3 31*
1941 A-0 65 69
T01.K; Oh Div 1st g 4s
1941 M-S 69 80 77 Mch'14 ____ 70 80
012 14
224
_ 18
10 elch'14 _5
Wab Pitts Term 1st g 43_1954 J -D --- 12
812 Sale 812
Cent and Old Col Tr Co certs_
9
1314
____
912
10
9121Sich'14
Columbia Tr Co ctfs
Col tr ctfs for Cent Tr ctfs
912 14,2
10
912Mch'14 _-_
7s Dec '13 ___
_
2d gold 4s
1954 1-15
Trust Co certfs
4 Apr '14 __-- —12 --1-1-4
78
12
80
4 s
Aeppr :11,
4 ____ 8114 84
Wash Terml 1st gu 3
334 _8_4 _ 10
88
-F---A. 0
__
1st 40-year guar 45
1945
8 -.7;1E8 -g-ci"
75
West Maryland 1st g 4s
744
1952 A -0 -___ 75
West N Y & Pa let g 5s
1937 4-4 _-__ 10458 10114 Apr '14 --__ 10212 10512
Gen gold 4s
82
75
1943
A-° ---- 76
3
74
6 Feb7607
5
_
Income Os
0.943 Nov
Wheeling & L E 1st g 3s___1926 A-0 -1)97-3 iji- 100 Apr '14 --_- i5O- iiii3:__ __ _
7112 N v :14
Wheel Div 1st gold 5s_ __1928:
705
0972571222 _o_i _ 0
is
J
,
F
.11---‘
Exten & Dept gold 3s_ _ _ _1930
Feb
: -51 WI
1st consol 4s
77
1949
Sale
20-year ogee) s t 5s
90
2 9
70
5 9
80
9
1022 4-4 (e) ___ 00
Winston-Salem S II 1st 4s_1960 4-4
86 8758 88 Feb 14 .--- 88
88
Wis Cent 50-yr 1st gen 4s_1949 J -J
21) 8538 8918
8758 Sale 874
88
Sup& Del cliv
8834 21 86
88,2
term 1st 4s'31( ei1-2, 8833 89
894
Manufacturing & Industrial
Am Ag ()nein 1st c 5s
11)28 A-0 10034 101 10034
10112
5 9734 102
Am Cot Oil ext 4 les ____p1915
90
8 (4-10 9858 99
99
2 96 99
Debenture Is
0312 Sale 025s
1931 ,vi-IN
9312
3 89 9338
Am !fide& L 1st s g 6s1
10313 ruc-.. 103
1 1 Al10313
5 101 10313
_ 199
Amer Ice Secur deb g 6 _1925 A-0 84 8712 88
88
4 7814 89
Am Smelt Securities s f 6s_
F-A 10314 Sale 1034
10178 44 10314 105
Am Spirits Mfg g Gs
1915 Al-S 04 9834 96 Mch'14 ____ 94 99
92 9312 93 Apr '14 __
Ant Thread 1st col tr 4s__ _ 1919 J -J
93 9312
12014 Fels '14 _-__ 11712 120,4
Am Tobacco 40-yr g Gs
1044 A-0
...___ 116 Oct '13
11(44 A0
Registered
Cold 4s
1951 F -A 9712 Sale 9712
97,2 — i -51 -tiir
954 J'ne '12
1951 F-A
Registered
__ __._ 69
6014
6958
Am Writg Paper 1st s f 5s_19111 J -J
65
78
13aldw Loco Works lit 5s_1040 M-N iiii _ _ _ _ 103 Mcli'14 -___ 102 103
9
e 8
99
912 Sale
4 9312 100
8
98
Beth' Steel 1st ext s 6s_ _ _1926 J-J
6
94
87
57 8138 881.3
1st & ref Os guar A
99
!
3 A
144 974 9934
m..
-1
)
N1 9812 Jale 9812
Cent Leather 2(4-year g 55_191
9712
1 9718 9712
___---- 9712
()onset Tobacco g 4s
Corn Prod Eel s(g 5s
9434 ___ 9444
9434
1 9312 9612
19"
51
1st 25-year s f 5s
9434 ____ 9453
9458
3 9112 9458
Cuban-Amer Sugar coll tr Gs 193
92 Apr '14 ___ 92 93
18
4 AU 86 95
Diatll Sec Cor cons' 1st g 55_1927 A-0 5834 Sale 57
60
37 60 68
it 1 du Pont Powder 4 yes_1936 JD 86
87 8634
8634
5 8634 8912
General Baking list 25-yr 65_11136 JD 10
00
5 elciho
.1_2 19
88
5:4
3 _96
'
51,4
2 -. ... . . . ..; 90 9014
Oen Electric deb g 3 yis. _1942 F -A 7812 7912 7913 Apr '14
77 8034
Debenture Is
2
180
09
0
514
038
3122 1
3805 189
Gen'l Motors 1st lien 6s_ _1
A-0 10114 Sale 10114
18
95
12
5 51-5
118
19
%2
Ill Steel deb 4 34s
1940 A-0 8814 Sale 88
Indiana Steel 1st Os
ill-N 101 10114 10138
10112 19 MN 1015a
Ingersoll-Rand 1st 5s_
193
55
2 4-4 190 ___ 100 Oct '13 _--- ---- -_ 41
lot Paper Co 1st con g 0_1918 F-A 10012 1013-4 10014,
10014
2 10014 1-03Consol cony a f g 53
78 79
7814
7814
3 78 844
1935 J -J
int St Pump 1st s f 52
6U
1 60 6712
1929 311.-S
95
9 Apr '14 ..— 0014 97
Lackaw Steel 1st g 5s
65 6
-5
-9
-- 0
1st con 5s Series A
7414 Apr '14 __ 70 7812
7014 74
5-year convertible 3s
Ad---U
S 97 975s 97
9714 13 9312 9812
29
5
3 iM
995
1
1
119
126
Liggett & Myers Tobac 7s_1944 A-0
19
8
5 120 1264
10
21%
24
113
55
101
2
1951 F-A 11024112 6le 10
Lorillard Co (P)7s
F
A
:
O
A 12
.5_
.1
6,
38
4 1261s
S0a012e2
125
9
18
9
10
58
6
10
25
0,4
10078
Mexican Petrol Ltd cnv 6s A11_'
97
95
1 91
994
5
24
1 A-0 95 Sale 95
1st lien & ref 613 series O 1921 A-0 05 9612 95
96
1 95 973s
Nat Enam & Stpg 1st Os 11329
Nat Starch 20-yr deb 55_1030:
,
.
J1-iN
D
J 8
99
2
34 -0
0
90
8
-0
5
-3-4 8
3
21,
0
8
90
3
2
5
1 8
911:
51 8
02
413
National Tube 1st 5s
12 9634 1004
34
N Y Air Brake 1st cony Gs_1
195
07
28
2 al-N 97 9812 97
2 97 997s
Railway Steel Spring—
Latrobe Plant lit s f 5s._1921 J-J
9712 9818 9734 Apr '14 __ 97 98,4
inter-ocean P 1st s f 53_ _1931 A-0
2-i _9_3_ _ 10
Repub 1.N.: 8 1st & col tr 58_1934 A-0 ii3:
92
3314
4 lle
'
pe
r :13
4 -_--- 91
934
9238 93.4 93
1(4-30-year 5s s 1
9312 -!;
, lii:
5 :5i0..1.1--U
" N
Standard Milling 1st 5s
8Ius 8112 Apr '14 __
39
14
94
84 2 89 3
The Texas Cu cony deb 6s_1931 J -J 111213 10278 102
10212 4
0038 106
Union Bag & Paper let 5s_1113 J -J
81) 90 Feb '13 _____ ---- --89 9114 Jan '13
Stamped
U Realty & I cony deb g 5s1_9
-J ___- 8134 82
'2
34
9 J -j
83 _!
1-i-_ .
-1 -2
.
8.1i4 -tT0
U 8 lied & Itefg 1st g Gs_1931 J -J ____ 20 20 Feb '11
0 20
U 8 Rubber 10-yr coll tr es_1918 J -I) 1024 ea,le 10258
10318 49 10134 104
U 8 Steel Corp—jcoup _41963 5,I-N 10238 Sale
10
0248 228 9973 10314
109221)48
10-130-yr 5slreg _1:1963 NI-N
Va-Car Chem 1st 15-yr 5s_11)23 J -13 95'4 91)34 9934
138 19
98
314
2
7 189
9634
West Electric 1st Os Dec 1922 J -J 10112 Sale 10112
10178 12 10018 10214
W estingliouse E &
s f 5s_1931 J -J
9512 Sale 9518
9538 70 8012 955s
10-year cull tr notes 5s_1917 A-0 .____ 99 09
18 9634 99
99
4..i3cell5ne0us
Adams Ex coil Lt. g 4s
1048
77
4
Armour & Co 1st real est4
'39
Sale 92
Buse ferininal 1st 4s
j.1.-O
S
D i9:2-_-_
1932 A
9
8
77
212
9
823'4 37
5
Consol Os
11155
Bidgs 5s guar tax ex
'
7114
2 ---i
113 Apr8
j-j
0 87
9
87
1060 A
9'2 8
98
1
Coin° Copper 1st eons( 6s_1921 J -J 150 170 166 Apr '14 __
Granby Cons AI S & P coin Gs A'28 M-N •10078 103 101
101
1
instill' Cons Cop 1st eonves 1922 ill-8 99 Sale 99
100
24
lot elercan Marine 435s_1922 A-0 51 Sale 51
52
35
Ant Navigation 1st s f 3s
1929 F-A *7312 ___ 73
73
2
Montana Power 1st Is A __if/43 J-J
1
1312
93:14 68
MorrLs & Co 1st s f 4les —1939 4 -J -------- 8874Jan '14 ____
Mtge Bond (N
J-,1
0 ,
4s set 2 1966 A
83
8 72: 0
80
3,2 A
stp
ary:13
4 __........
10-20-yr 5s series 3
111
95
32
1 F-A 77
N Y Does 50-Yr 1st g 4s-1
7934 78 elett14 ___
Niag Falls Pow 1st Os
1932 J -J 10112 ____ 10118 Mch'14 ..___
N lag Lock & 0 Pow 1st 5s_ _1954 el-N ____ 9234 92
92
1
Ontario Power N 10 1st 5s 1943 F-A
9412 95 954
9518
1
Ontario Transmission 5s
1945 ,A
t12
8 90 .aw 90
213 Apr '14 __-_
Pub iierv Corp N J can 5s_1959
904 30
Itayegins0opper 1st cony es1921 J -J 110 Sale 110
11214 18
Sierra & 8 11! Power 181 5s_1949 F-A ..._ 9312 9214 Feb '14 .....
Wash Water POW 1st es
11339 J -J
10312Jan '14 ____
7312 804
87
9;
1)
89831'
8
97
1
112
9
88
150 166
995s 10513
911, 10312
4712 61
7138 774
03 9412
8813 8812
83 83
------ ....
73 78
1014 1014
92 03
915a 05,S
9212 9213
10
88
7:2
2 19
17
114
9214 11214
1031/ 10312
MISCELLANEOUS BONDS—Concluded.
Coal & 11-011
Buff & Suse Iron s 1 5s--_1932 J-D
al.426 It-8
Debenture 5s
Col & 1 Co gen s f g Gs-1943 F-A
1010 ..1-N
Col Fuel gen es
Col Indus 1st & coil Is gu_1134 F-A
-Cons Ind Coal Me let 55_193.5 J-1)
Cons Coal of Aid Ist&rof 58 1960 J -D
-.Continental Coal let g 68_1952 F-A
Or Ely Coal& 0 1st g es_h1919 A-0
lst s f g 5s_1951 J -4
'lean & 11 0&
• Yocali Con Collier lets f 58_11157 .1 -4
ti, Rock hit& P let 5s 1955 4-4
1051 J -4
Wenn Coal gen 5s
Bean Div 1st consol es-1917 J -J
a1917 A-0
Temi Div let g Gs
el Cu 1st gu 813-• 1922 J -D
.1-4
Victor 'eel lab s 15s
Vn Item Coal&Coke 1st it 55 10
50
3 M-S
1 1'4
92 -- 92 Feb '14
80 85 80 Mch'14
9718
97 9812 974
105 _ _ _ - 10714 J'ne'12
7514
7412 Sale 7412
___ 74 73 Mch'14
8014 02 89 Mch'14
89 __-- 9913 Fob '14
---. 0812 1024 Apr '06
8912 ____ 93 Mch'14
8812 88 Apr '14
77 8112 77
77
1014 _
10112
10112
102 103 102 Apr '14
10178 103 102 Mch'14
101 _
10114 Mch '14
75 80 May'13
9213
92 93 024
_
92 92
80 80
9112 99
-'7,-11-2
73
89
9918
82
79
89
0918
-55- WI;
_ 84 8814
1 77 82
2 9718 10:118
10112 103
101 10212
10114 10114
i -F2r8 95
Telegraph & Telephone
Am Telep & Tel coil Sr 4s__1929 J-J
8812 8378 8334
894 10 85
81)7s
Convertible 43
1936 M-8 92 95
9334
9334
1 9334 9714
20-yr convertible 4 les
1933 i11-S 9778 Sale 9714
9818 133 0412 9924
Chicago Telephone 1st 5s 1923 J-D --_.-Commercial Cable 1st g 43_2397
834 -__- 8213 Ap-r-*-1,1
815s 82'3
Registered
2397
774 84
8312 Nov '11
_5.
672 ..swci
Cumb'd T & T 1st & gen 5s_11137 1
:
-J
jj
go,sale 9634
97
7
lieystone Telephone let 5s_ le 35 J -J
8911 ____ 8914 Mch'14 ____ 8914 804
Nletropol Tel&Tel let sf.as_1918 Sol-N 1004 103 10058 Apr '14 ____ 10041004
Mich State Telep lit 5s
1924 F-A
994 100
9934 Apr '14
9638 100
NY&NJ Telephone 55 g_11.120 M-N .10113 ____ 10314 May'11
N Y Telep lst& gene f 4 3.es 1939
9612 97
9612
9738 17 -55 'WI;
Pee Tel & Tel 1st Is
1937 -4 9753 Sale 9758
98
21 90 994
South Bell Tel& T lets f 5s 1941 -J
98 Sale 158
984
9 9718 100
West Union col tr cur 5s
1938 -J
08 Sale 9778
98
7 93 9812
Fd and real est g 4 ees
1950 1:1-N 9112 9278 9112
9112 26 8674 92/
1
2
Mut 110 Tel gu eat 5s
1941 M-N 99 ____ 104 .Pne '11 ___
Northwest Tel ett 4 les te_1934 J -J
87 __
93 Jan '18
-_
•No /ewe s riday; latest b10 sad asked. a Due Jas. 41Due Aerie slava Mar. g Due Juno. h Due July k Due Aug. o Duc Oct. p Das Nov
Due Doe. •01,4on 14191,
1302
CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Anrtl 18
,fonday
April 20
Tuesday
April 21
V ednesday
April 22
Thursday
April 23
Friday
April 21
Sales of
the
Week.
Shares.
STOCKS
CHICAGO STOOK
EXCHANGE
Rang. for Prerious
Ye (1913).
Range since Jan. 1.
Lowest.
Highest.
Lowest.
"nilrond
15 Apr 14 2934 Jan 31
Last Sale 15 • Apr'14
15
Chic City&C Ry ptsh corn
49 Mch 25 5512 Feb 2
45
Last Sale 49 IN T ar 1 i
Do pre(
Chicago Lie• Rye roru100 23 Jan 21 25 Jan 10
Last Sale 23
J,...,'!4
27
'2413 J'ne
D., pref
Jan'14
Last Salt 70
100 70 Jan 21 70 Jan 21
85
70 Ply
90
91
00
90 Jan 10 9814 Jan 24
.90
91
20 Ch.c 'Lys part ctl "1"___
88 Jan
27 Jan 8 35 Jan 16
1,584 C'hic Itys part elf "2".._
3112 2914 3012
311I 30
18 J'ae
6!
)
"3"___
12
Last
elf
Apr'14
Sale
part
Jan
14
20
812
Itys
Jan
Chic
7
513 J'ne
212 212 ----------25
212
Chic Itys p(irt ctf "1"..„
2 Jan 14
4 Jan 2
2 J'no
--Jan'14
Last Sale 17
22
kiansas City Ity /4 Lt_100 17 Jan 15 17 Jan 14
1614 J'ly
Last Sale 35 Apr'14
42
1)0 pref
100 35 Apr 8 35 Apr 8
3512 Nov
Last Sale 412 Feb'14
41s Jan 7
412
Streets W Stable C L_100
412 Jan 7
411 Dec
Last Sale 25 Feb'14
25
ref
1)0
25 Sep
100 25 Jan 26 25 Jan 26
fliscollaneous
25
25
.2312 24
*2313 24
.2312 24
.2313 24
*2312 24
2112 J'ne
100
25 Apr 13 347 Jan 23
5 American Can
.88
90
Last Sale 9234 Mar'14
.88
00 .88
90
90 .83
Do prof
100 89'2 Jan 2 9514 Jan 27 v 81 J'ne
400 400 .39913 400 .400
_ _ *400
- *395 40014
45 American Itadiator_100 399 Apr 16 440 Feb 16 400 Oct
•130 132 .130 132 .130 1-3i .130 iii
Last Sale 112- Apr'14
Do prof
100 128 Mch14 13412 Feb 6 125 Dec
.33
40 .33
40 .33
Last Sale 3912 Apr'14
40 .33
3812
Amer Shipbuil1ing_100 30 Jan 9 44 Jan 31
28 Nov
.76
81
.76
81
81
.76
80
80 .76
81
____ ___
78 Nov
10
Do prof
100 76 Jan 8 92 Feb 4
•120 121 .120 121 .11912 120 .11913 120
Last Sale 12112Feb'14
11034 Dec
Amer Telep & Teleg_100 118 Jan 2 124 Jan 28
•40
43
42
.41
.41
42
43
43
*41
43
.41
43
4912 Dec
10 Broth Fisheriel cons. 100 38 Feb 26 50l Jan 21
78
78
7812 .75
.77
.75
78
7812 .75
781.
7812 .75
7312 J'ne
841Jan 27
5
Do 1s1 pref
2
100 '1
.47
50 .47
50 .47
60 .47
50
Last Sale 50 Dec'1340 J'ly
Cal 14 Chic Cnnal le I) 100 -------------------_
55
5412 .5312 5412 5312 5378 .5112 52
5412 5512 54
55
472 Chic Pneumatic Tool_100 14712 J'ne
'e
51- Ian 2 6
*216 218
216 210 *212 218 .212 218 .212 216 .
216
5 Chicago Title & Trust 100 212 Jan 13 218 Mch17 200 Apr
*135 137
135 13514 135 135
13413 135 .134 135
---- -385 Commonw'th-Edison.100 133 Jan 26 140 Mehl(' u12412 Dec
.8
812 .8
812 .8
812 .8
Last Sale 12 Feb'14
812
Corn Prod Ref Co com100
8 J'ne
914Jan 9
13 Jan 31
Last Sale '7'7
Feb'13
Do prof
loo
77 Feb
;55" 111-1-4 ;55" 16-4 -5firs 9612 98 liff- 95 95 ____
17 Manion(' Match
100 911:Jan 2 102 Jan 21
90 Oct
.27
.27
28
28 .28
27
.20
Last Sale 2314 Mar'14
27
Goodrich (11.F.) gorn_100 2314 Mcn30 28 Feb 4
1512 Nov
9106 107 *106 107 .100 107 .106 107
10534 1058 ---- ---50 Hart Sher & Marx pf100 10012Jan 2 108 Mehl'.
94 Mcb
643) .6334 64
.6313 6412 64
.6334 64
6334 6334
591 Jan 9 70 Jan 8(
__
104 Ilinols Brick
100
58 Nov
__-- ---- ---- ---- --- -_-_
Last Sale 11(
)
- Fe-b-'1,-1
Internat Harvester Co100 109 Feb 4 111 Jan 21
100 J'ne
•
*i55_ .___
77 . _ 77 *
_ 77 .____ 77
Last Sale 7634 Aug'12
Knickerbocker lee pf_100
iii 128 *lig 138 .127 129 .126 130 .126 130
135
40 National Biscuit
100 12314 Jan 14 138 Feb 1
105 J'ne
.120 125 .120 125 *120 125 .120 125
Last Sale 12114Mar'14
Do pref
100 12114 Feb 16 12312 Feb 4
116 Dec
.1084 10912 10812 10812 10812 1084 10812 10812 10712 10712
204 National Carbon
100 J10512 Mch 12 161 Feb 1.1
113 J'ne
*11812 11912 .11813 11912 .11813 11912 .11813 11913
Last Sale 1193s Apr'14
Do prof
100 11514 Jan 27 120 Mehl'. 11111 J'17
*3834 394 .33
3912 .38
3913 .38
3912
Last Sale 3084 Apr'14
Pacific Gas lc El Co__100 35 Jan 9 472 Feb 11
33 Nov
•120 121 .120 121 .120 121
12014 12034 121 121
120 120
120 People's Gas L&Coke.100 120 Apr 24 125 Jan 1
104 J'ne
.78
7812.-- 78 •-_-- 78 .____ 78
Last Sale 78 Apr'14
Pub/terve( No Illoom 100 77 Jan 3 81 Mch 4
65
J'ly
.9813 99
98
98
.9613 99
.9812 99
064 9612 -------Do prof
15
100 9434Jan 21 100 Feb 7
8934 Dec
•__ 10 ....,_ 10 ...__ 10 .__ 10
Last Salt 12 Mar'14
['timely cornmon___100 12 /deb 23 1734 Jan 14
19 Aug
...._ 25 .__ 25 .___ 25 .___ 25
Last Sale 30 Mar'14
Do prof
100 30 Mch 23 4014 Jan 14
4012 Aug
•185 186
185 188
18512 186
18212 185
18018 18212 1794 18018 1,604 Sears-Roebuck com_100 17914 Apr 24 19312Jan 31
155 J'ne
•124 12434 .124 12434 .124 12434 .124 12434
Last Sale 12413 Apr'14
Do prof
100 122 Jan 14 1247s Feb 20
117 May
.32
34
.32
34 .29
30 .29
30
Last Sale 2812 Feb'14
Studebaker Corp com.100 2712 Feb 3 3034 Feb 1
1614 Nov
.85
87
.85
87
.85
87
.85
Last Sale 86 Feb'14
87
Do prof
100 83 Feb 3 88 Feb 4
66 Nov
106/3 10612 10614 10612 10614 10614 1064 10814 100 10618 10534 108
704 Swift & Co _ _ _
100 10434Jan 3 10712 Feb 27
101 J'ne
.235 245 .235 245 .235 245 .235 248
Last Sale 245 Apr'14
The Quaker Oats _______ 230 Jan 6 250 Mch21
195 J'ne
010612 107 .10613 107 .10612 107 .10613 107 .10613 107
10612 10634
Do _prof
70
100 102 Jan 6 107 Feb 2)
9S)34 J'ne
153 153
150 153
15012 15112 149 1504 1,285 Union Carbide 0o
15014 153
15112 153
100 14.0 Feb 9 15812Mch2,1 s142 Dec
_
_ ____
Last Sale 1.1s July'13
Unit I3ox Ed & P 00_100
1 Jan
_
57
57
5712 58
-- - -- *5713 58
210 U 3 Steel corn
100 57 Apr 20 674 Feb 1:
50 J'ne
*MI; 1123; 11212 1121: 11212 11234 1124 11212
11253 11218 -------145 Ward, Montg'y & Co pref 109 Jan 3 114 Mchll
1054 Feb
*3
412 .3
412 *3
Last Sale 4
412 *3
412
Apr'14
Western Stone
4 Apr 16
012 Jan 1,
100
9 J'ly
---- ---- ---- ---- ---- ---- ---- ---Last Sale 9134 May'18
Woolworth.corn
100
8714 Mch
*---......__
*20
•70
*90
32
*612
.218
.17
.37
.3
•-_
17 ..._....
____
47
27
.20
85
.70
91
.90
32
32
7
*613
212 .24
22
.17
42
.37
412 .3
25 .__
17 *__
___
47
27
.20
85 .70
91
.90
32
32
7
*613
212 .218
22
.17
42
.37
412 .3
25 .____
15 .__
45 .__
27 .20
85 .70
91
.90
3133
32
7
.613
213
212
.17
22
42 .37
412 .3
25 .____
Chicago Banks and Trust Companies
NAME.
Dividend Record
Capital Surp. et
Stock.t Profits t In
In (Per- Last Paid.
(00s om Wed.)
1912. 1913. tod.
% Btd. Ass,
Highest.
30 Jan
91 Jan
102 Jul
3314 Sep
9 Sep
438 Apr
37 Sep
38 Oct
912 Jan
45 M eh
464 Jan
12014 Jan
500 Feb
135 May
55 Jan
10313 Jan
13934 Jan
71 Jan
8914 Jan
55 Jan
554 Sep
221 Sep
155 Sep
161: Jan
77 Feb
11014 Feb
53 Feb
10012 Dec
784 Jan
115 Jan
130 Sep
123 Jan
137 Dec
118 Jan
63 Jan
130 Sep
85 Aug
10113 Jan
69 Feb
973s Feb
21414 Jan
12434 Feb
34 Feb
70 Nov
1077s Meb
280 Feb
10812 Feb
218 Noe
112 Feb
6834 Jan
111 Sep
1413 Jan
112 Jan
Dividend Record
NAME,
Capital Surp.
In
Stock. 1 Profits t
1912.
(00s em Wed.)
In
Per1913. iod.
Last Paid.
% 814. Ash.
Southwest Tr &
$200,0 435.1 Org. J uly 6 '12. V. v5, is. 18. 125 130
Standard Tr & Say 1,000,0
6 Q-M Mch.31.14,112 161 104
432,3
5toekmea's Tr & I
6
J-J Jan. '14, 3r145 150
6
53,1
200,0
American State_ '45200,0 $127,0
214 514wMch.31'14 112 184 137
Ualon Trust Co__ 1,200,0 1,687,6
&las Q 31 Mch.31'14,2
8
Calumet National
100,0
73,4 None
8 al- Jan '14, 8 225 250
WestladeTr&lay
140,2 8&24
12 Q-Zit Mch.31'14,3 ,350 875
400,0
Capital State_
21,8 Org. J an. 27 '13. V.911, p.1515 105 106
200,0
Woedlawn To & a
10
121.0
200,0
10
Q-J Apr. 14, 214 230
Contra' Mfg Dist_
31,5 Beg, b as.OM 7'12 V. 91,p. 944 158 160
250,0
Coat & Cora Nat- 21,500,0 11,220,9 10
1114 Q-J Apr.'14, 8 288 290
Own Each Nat__ 3,000,0 6,535,8 16
16&80 c1-4 Apr.'14, 4 404 407
Drexel State
6
6
Q-J Apr. '14. 114 222 _
m300,0
151,8
Drovers' National
394,7 10
750,0
Q-J Apr. '14, 210 250 260
10
Englewood Usti_
200,0
8
8
59,1
Q-J Apr. '14, 2 174 177
Mrst National__ 10,000,0 12,318,6 17
17 Q-M Mch31'14,414 423 425
BONDS
1214 10&34 Q-M Moh.31'14 212 353 356
248,1
DirstNatEnglew'd
150,0
ONICAGO STOOK
InterPrice
Week's
Yds
Range
Foreman Bros__ 1,000,0
525,5
Priv ate Ba nk
EXCHANGE
en
Friday
Range or
Sold
Since
Ft Dearborn Nat_ 2,000,0 1,010,9
8
Q-J Apr. '14, 2
8
Week Ending April 24
period April 24
Dist
Sale
1.
January
Nal:3W St State_
200,0
h29,8 Org. N OT 25 1912
126 128
EIlbornianBk Assn 2,000,0 1,254,7 Not pa bibbed -se cools(1)
(11)
BM
Ask Low
High No. Law
High
Elyds Park State_
55,0 Beg, b us Aug '12. V.96, p.273. 134 136
200,0
Am Tel & Tel ooll 4s____1929 J - J .._ .,_
91 Feb '13 ..-- __
Irving Park Nat100,0
15,9 Orga n. Feb '12; V. 94, p 465. 120 122
Armour & Co 4144
1939 J -D L._ 9272 927s Apr'14 ____
..
g893) -6
Easpar State__
400,0
224,7 10 10&54 J-J Jan. '14, 5 255
Auto Blee 1st M 64
1928 ---, 873
77
8214 Aprll'12 __
Lake View State_
200,0
8,5 --134 Q-J Apr '14, 114 107 112
Cal(les & Blunt/ A sells 1987 ).1-N $.... 97
961s
May
'12
-Lawndale State__
200,0
67,6
0 Q-M Mch.31'14, 2 270 273
Chicago City Ay Is
1927 F - A 100 Sale 100
1004 61 out, III Live Stk Ifsoli Nat 1,250,0
665,6 10&2s
._-12 Q-M Mch.31'14,3 250 '252
Chic City & Con Rye 1s-411927 A -0 t 81
234 82
Apr'14 __
511: gars
Mesh&Trad State
200,0
60,2 Beg. b us.Aug 28'1 2 V 96, I) 593 131 135
Chicago Kiev Ay Is
-'3
1914'3
L.84
9712
Feb'14
__
957: 93
Nat Bk of Repub_ 2,000,0 1,472,3
8
8
Q-J hich.31'14,2 208 210
Chia Pneu Tool 1s1 38..a1921'3 - J 104
9514 95
Apr '14 .... 9212 9814
National City__ 2,000,0
830,6
6
6
Q-J Apr.'14. 114 164 168
Chicago Rys is
1927 F - A
9814 Sale
984
9838 48 984 994
National Produce /250,0
125,7
6
6
Q-J Apr. '14, 114 195 205
Chia Rye Si
stria 'A" A -0 1....... 93
9233 Mae14 -- 91
94
North Ave State.
200,0
112,0
7
7
Q-J Apr.'14, 111 160 163
Chlo Rya le
series "B"'3 -D 179 Sale
70
1 784 8181
79
North Side St Say
20,2
200,0
6
6
Q-J iApr. '14, 114 131 136
Gale Itys 4s
sated "C" r - A:fl4
90
9534 Apr'14 ---- 9534 9534
North West State
79,6
300,0
6
7
Q-J Apr '14, 114 184 187
Chia Rys coil Si
1913 1 - A ---- 100 Jan '12 ---- - ..-Ogden Ave State_
200,0
0711,5 Org. N ay. 27 '12. V.95, a. 1944 104 105
Chia Ry Pr m M g 44.41927 J - J j 89 -71.
7014
7014 Mar'14 ---- 07
People4Stk Yds&
144,3 10
500,0
10
Q-J Apr. '14, 212 275 -Chia Ry Ad) Ins 41___41927 Mayl 5 5012 53
Apr'14 --- 46
644
53
Second Security-200,0
27,0 Beg. b 114 Nov 1'11 V.93. P.1235 -- --Chicago Telephone 54-1923 J -D 10014 Sale 100
40 9934 1014
1004
Seourity
400,0
181,7
715 Q-J Apr. '14, 2 246 249
8
974 98
Moro Gas Co ref G m 1932 J - '31 9712 98
974 hIch'14 ____
South ChloagoBay
285,8 .154,9
8.824 Q-J Apr.'14, 2 1210
8
Conamonw-Edleon 64-.1943 14- ft 102 Sale 10038
102
5 100.8 102
South Side State_
6
200,0
Q-J Apr. '14, 134 132 136
31,0
6
Commonw Elie 64.-01943 41- 16 1101 Sale 101
101
35 190.8 1014
State Bank °Wide 1,500,0 2,888,3 12
12
Q-J Apr. '14, 3 396 398
Cudahy Pack let M ile___1924 M-N 110013 102
10013
10053
9 994 100%
StateBank of Italy
200,0
g54,4 Beg. b us.Aug 19'l iv,95, p.523 127 131
Dia Match Con deb 64-1920
1105 106
10512 Apr'14 -- 104 1054
Stook Yard' Say_
250,0
253,9 10
15 Q-M Mch.31'14,4 350
(Jon Mot 6% lit L notm-1915 A -0
9934 April'12 ....-- __ ___.,
Union Ilk of Ohio_
500,0
184,4
6
6 M-N May 14, 3 178 151
Int Bar 3-yr 5% g notes-1915 F -• -..
---------- 99 July'13 ..-- ___. ___
Washingt'nPkNat
100,0
30,6
634 10&3e Q-J Apr. 14. 234 225 Inland Steel lit M g es-19'28
.... ..- 1051, Apr11'12 -- ..... ......
0entralTrCoof Ill 4,500,0 2,103,5
8
9
Q-J Apr,'14, 214 231 233
Kan City Ry & Lixht Co
Chime° City BAT
500,0
422,9 10&2e 12&1s J-J Jan.'14, 6 293 310
54
1913 11-N --------90 Oct '12 -- ---- ---.
Chicago klav B &T 1,000,0
275,8
6
8
Q-J Apr.'14. 114 140 142
Lake St El-let Eei
1928 J - J 8..... 70
75 Sep' 13 ---- --- --.
Chicago Title & Tr 5,600,0 12,880,9
8
854 Q-J Apr. '14, 214 212 218
Mete W Bide El 1st 44-1938 F - A 8 3,4 Sale
8314
17 771s -14
8314
Colonial Tr & Say 1,000,0
503,4 8&24
(o)
Q-J Apr.'14, 2
106 168
Extension g 44
1938'3 - J
79
79 Sale
7934 28 74
$04
Cont&ComTra8 3,000,0 1,879,1 Not pa blished -se o note (ID
Mll El Ay & Lt 1st g 63-1926 V - A ___- -__ 10478 Aprn'12 -- __ __.
(11)
Drovers Tr & Bay
250,0
192,9 10
10
Q-J Apr.'14, 214 285 -.
do
-... --- 95 Aprii.'12 ____ ___.
J
4144-1931
J
ref
&
ext
BIM Trust & Say 5,000,0 4,110,7 None None Q-M Deo30'11. 4
__.. .....
Morris & Co 4144
1939 J - J 1...... -89
8878 Feb'14 ....... gas: gg
ItDearbornTr&S
500,0
117,3 Bag, b us.Apr 3'11 V.92, p.929
Nat Tube let g is
_
1952 34-14 ....... ---- 10034 May'12 --- __
Franklin Tr & Bay
300,0
132,7
Q-J Mch 31'14,114
Nor Shore El let g 14.--1922 A -0
Jan'14 ...... 99 -99
99
Chreenebanm Son 1,500,0
820,0 "io" "id
Q-J Apr,'14, 214
do
_...... ....- 9814 Mar'14 ---- 98
lit & ref g 64-1940 A -0 -------951g
Gua(antee Tr 41,13
200,0
62,5
0
6
J-J Jan. '14 314 155 iii
Nor Sh Gas of lit lit ite--1937 r - A --- --- 9512 Sept'12 .. ...... Harris Tr & Say- 1,500,0 2,658,8 12 12&10e Q-J Apr '14, 3 450
North West El let ls...-11)11 52- 5 --3- ...-- 10014 Apr'14 --- 100141001;
Home Bank & Tr300,0
84,2 Beg, b us.Apr 10'1 1.V.92,p.1004 150 iii
N WC:IL & Coke Ce fve-1028 Q-51 19914 _-_....-- 100 Sep'13 .....
.
_ _
Illinois Tr & Say- 5,000,0 10,599,4 1()&4e 16&44 c Apr. '14, 4 470 480
Ogden Gas 54
95
1945 14-N:93 Sale
9572
i iii Iii
KatwoodTr&Sav
200,0
109,1 7&24
7
Q-J Apr '14, 134 190 195
Pion Gas L &0 1st 64-1943 A -0 -- _ 115126ept '12 ....., __ ,,
LaksViewTr&Sav
300,0
111,4
6
Q-J Apr '14, 114 178 181
6
Refunding gold Is
1947 IL- 8 10031 Sale 10014
10032
9 994 10014
LaSaneStTr&Sa• 1,000,0
343,6 Beg. b ns. Ma 7'10
103 110
Chia Gm L & 0 141 54-1937 J - J 110314 Sale 10314
10414
2 101 10014
Llbany Tr & Say_
275,0
7,9 Org.D cc. 6 '12.
170 180
Consum Cu let Is. -1936 J -D I 9975 - 10014 Meb 14 ---- 99 1011:
Market Tr & Say_
200,0
31,0 Org. 8 opt. 5 '12. V. 05, p 593 114 117
Mutual Fuel Use latie 1947 4.1-N j..... 10012
10018
Feb'14
-- 100 10011
MerentileTr&Say
250,0
58,0 Beg, b us.J'iy 1'12 V. 94, p 484 159 164
Pub fiery Co let ref g 54-1956
893
93 Apr'14 .....- 904 tali
93
Mershante L &Tr 3,t1,a),0 7.426,1
16
16
Q-J Apr.'14, 4 430 435
South Side Kiev 414e......1924 J - .1 941: Sale
941$
95
14 00
95
2 0,0
Michigan Ave Tr_
73,0
6
Q-J Apr.' 14, 114 134 136
Swift & Co let g Si
1014 J - '31100 ...... 1004 Mar'14 .... 100 10111
Mid-City TrAllav
5.,...
, 142.7 Com.b
.- _- us. Ap 10.1 1.V.92,p.1004 205 210
do
1st 3 f g 53.-1944 ........ $ 9658 Sale
911%
97
24
96
0714
Northern Tr Co.. 1,50o,,, 2,961.0
8
8 Q-M Mch.31'14,2 320 325
'Fri-City Sty & Lt soli
300,0
Nor-West Tr & S.
130.0
8
8
J-J Jan.'14, 6 275 280
trust liens (Is
1923 A -0-.. ---- 91114 Apill'12
Old Colony Tr &I3
200,0
58.3 Bag. b us..1'ne 111 V.92,0.1537 113 117
Union Else (Loop) 54----1945 A
65
79
75 Dec'1.
reople4 Tr & SAY
600,0
240,2
8 1111,t2e Q-J Apr.'14. 214 280 285
U VI Gypsum lit g 54-.1922 31-O.
I _. ....... 100 May'll -- -... ....
Pullman 'Pr & Say
300.0
284.2
i
8
Q-J Mch .31'14. 2 200
Western Elea Co 5,
1922 J - J 1...-- WI
9953Dee'13.... -.. ....
Sheridan Tr & SAT
47,5
200.0
a
6
Q-J Man 31'14,212 152 la
Note-Accrued interent tour,t be ,added to all Chlosuto on
•Bid and ask prices; no gales were made On MN day. t March 4 (close of businem) for national banks
and
paw Friday: latest price this week. i Sept. 1 1011. 1 Dividends not published; stook all acquired by the April 4 (opening of busbies) for State Institutions.
Continental & Commereial National Bank. a Due Dee. 01.
11 Due June. I Due Feb. d Due Jan. 1. •Extra dly. 3 New stock. 1 4% of this is extra. a Sales
reported
f Dimars paid Q.".2. with _eltril
payments Q.-17. $ Dec. 81 1913. •Ex 24% aeouraulated dividend. es Increase In capital to 4400,000 beginning April 18.
authortsed Sept. 344 a oast' My. of 75% being
of_1a
Pttoo
l
aonneation therewith. V.97. p. 1000, 576. s Exdiv. and ex-stoek dlv. 1' 14 assessroont paid.
•Paid 6% reg. and 154 extra en MB eairltid stock
and 1 % on new Gantt& $1.000.000. J Ex 50% stock Cilv. tn Capital to be Ins. to 3350,000. V.
93, p. 812. /Capital to be Moreased to $000.0001 sv% sub
, I to be declared in connection therewith. V.98. p. 1132. gJaa. 14 1914. 5 Apr. 21 1914.
Chicago Bond Record
iao 265
Jai iii
THE CHRONICLE
APR. 25 1914.3
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
April 24 1914.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•
•
Total
Bales at
New York Moak
Exchange.
Railroad,
Bonds.
State
Bonds.
U. B.
Bonds.
$864,500
3,053,500
2,401,000
2,909,000
1,066,500
2,170,500
$219,000
675,500
385,1)00
455,500
470,000
165,500
$11,000
22,000
2,040,789 2176,858,6351 $13,370,000 $2,3(30,500
$33,000
Shares.
Par Value.
199,384 217,180,650
387,329 33,289,600
351,129 30,774,5601
279,638 25,230,925
302,893 24,604,3001
520,416 45,776,600
Week ending APTU 241913.
1914.
Jan. 1 to April 24.
1913.
1914.
29,546,279
27,604,103
1,289,337
2,040,789
Stocks-No,shares237
4:0
50
40
9 $2,657,180,850
$176,856,635 $113,323,150 $2,430,23
Par value
$60,100
$1,800
$1,700
Bank shares, par
Bonds.
8338,000
2338,000
$11,000
$33,000
Government bonds-__
6,673,500
23,497,500
653,000
2,360,500
State bonds
184,015,000
0,963,000
243,254,500
13,370,000
RR. and misc. bonds
2191,026,500
$267,090,000
115,763,500 $10,627,000
Totalbonds
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
April 24 1914.
Unlisted
Shares. Shares.
Linea
Total
Listed
Shares.
Unlisted
Shares,
Bond
Sales.
15,738
18,176
19,517
23,541
4,297
$17,000
IIOLI DAY
12,738
15,800
10,089
35,200
13,077
19,500
13,288
26,500
4,210
5,479
4,110
4,007
2,091
5,152
3,320
5,109
4,919
3,004
2,581
8,092
$47,400
58,600
38,800
39,000
33,600
52,400
83,755
54,3391 $114,000
26,039
27,625
$269,800
6,783
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia,
Band
Sales.
Inactive and Unlisted Securities
All bond prices are now "and interest" except whore marf:ed •1"
Street Raliways-(Con.)
100
Ask United Lt & Rya com
100
1st preferred
28 preferred
100
New York City
26 United Rye of St LBleeek St & Ful Fy stk__100 21
100
Common
71
J-J 65
let mtge 4s 1950
100
Preferred
100
S'y dr 7th Ave elk
100
514 -- Wash Ry & El Co
00
18
-5
J-J 17
2d mtge Is 1914
100
Preferred
Broadway Surface RRJ-D
4s 1951
J-J 100 10212
lat Is 1924
10 West Penn Tr&Watrow 100
Cent Crosstown stock 100
100
Preferred
let mtge Os 1922....M-ft 156'
Electric. Gas & Power Co.
Christopher & 10th Ststk100 120
New York City
Dry Dock E 13 & BattJ-J
J-110 9812 10012 Cent 17n Gas be 1927
1st gold 5s 1032
F-A /30 85 •Kings Co El L & P Co 100
Scrip Bs 1914
100 280 310 New Amsterdam GasEighth Avenue stock
let cense! Is 1948
J-J
F-A 99 10012
Scrip 6. 1914
42d & Or St Fy stock-100 240 280 NY&ER Gas let Is'44 J-J
J-J
Consol 5e 1045
426 St M dr St N Ave
let Os ext at5% to'40 15-S 100 105 N Y & Q El L & Pow Co_100
Preferred
100
Ninth Avenue stock.__ 100 155 170
3 N Y & Richmond Gas. 100
Second Avenue stock. 100
23
28 North'n Un 1st be 1927-M-N
Consol bs 1948 etfs__F-A
sSixth Avenue stock..._100 113 121 Standard 0 L 1st ra '30 14-N
Other Cities.
J-J 8012 100
Sou Boulev Is 1945
98 Am Gas dr Elea corn
60
A-0 90
So For let S. 1019
Preferred
50
Tarry WP & Si bs '28 M-S 75 80
100
10 Am Lt & Tree coin
28 & 29th Sts Is'96 Ws A-0 / 7
Preferred
100
Twenty-third St stock-100 240 275
Amer
106
102
Power & Lt com 100
Union Ity 1st bs 1942..1-A
93
Preferred
100
Westchester let 54 '43..J-.1 90
60
Yonkers St RR be 1946-A-0 92 100 Bay State Gas
Buffalo City Gas stook_ 100
Cities Service Co corn
100
Brooklyn
100
Preferred
Allan Ave RR con Is'31A-0 10112 103
BB& W E Ea 1938-A-0 07 100 Columbia Gas & Elec-100
let Is 1927
J-J
10 108 171
Brooklyn City lilt
Bklyn ligts let Is 1941-A-0 101 103 Con Gas of N J be 1936-J4
100 00 100 Consumers' L H & PowConey lel & 13klyn
84
53 1938
J-D
J-J 82
let cons g 45 1948
83 Consumers Power (Minn)J-J 80
Con g 4s 1955
1st dr ref Is'29 opt'14M-N
• Brk C & N 5s 1039.._J-J 99 10012
Nassau Elea 1st 55 1044 A-0 102 104 Denver 0 & El Is 1049_81-N
Electric Bond Share prof 100
N Wmsburgh & Flatbush95 Elizabeth Gas Lt Co
100
lst 45s July 1941-F-A 02
J4 100 103 Essex & Hudson Gaa
100
Steinway is' 6e 1922
Gas & El Bergen Co.._100
Gr't
West Pow 5a 1946....74
Other Cities.
Hudson County Gas......100
Buff St Ry let coals'31F-A 10212
60)2 Indiana Lighting Co..-100
Com'w*Ith Pow Ry dc L 100 60
4s 1958 opt
F-A
Preferred
100 8012 81
03 Indianapolis Gas
100 00
50
s Conn fly & Ltg corn
lit g 15a 1052
70
100 02
A-0
e Preferred
0 Detroit United Ry.-100 6734 68 Jackson Gas Is g 1937._ A-0
23 e Laclede GasL(St Louis)100
Federal Light & Trac-100 21
e Preferred
73
100 70
100
Preferred
81 Madison Gas Os 1926_A-0
eHavana Elec Ry L & P 100 76
92 Narragan (Pray) El Co_ 50
100 86
e Preferred
J4 103 10312 Newark Gas 6s Apr '44-4.14
0 Loulav St 58 1930
--- Newark Cowed Gaa
100
New On Rya & Lt com_100
e Preferred
100 ____ 05 No Hud L H & P be 1938A-0
09 Pacific Gas & H corn
100
ON Y State Rya corn-_100
Preferred
60
100
eNor Ohio Tr & Lt com_100 57
100
Pub Sem! Cyrp of N J-See Stk E X list Pat & Pas One & Nice
Tr otfs 6% perpetual__ 10412 10514 St Joseph Gas Is 1937___J-J
No Jer St let 4s 1948 M-N 78 80 Standard Gas & El (Del) It)
Preferred
50
7412
Cons Tract of N J-_100 73
let to 1933
J-D 10234 10334 United Electric of N .11st g 4s 1949
J-D
New'k Pass Ity Is '30-14 105 106
United Gas & Elea Corp_100
Rapid 'Fran St Ity___100 230
Preferred
.
100
A-0 100
1st bs 1921
JO Bob & Pat is'49 SI-N 77
7734 Utah Securities Corp__ 100
6% notes Sep 15'22M&S15
So .1 Gas El & Trac-100 123 128
'es-S 9812 9914 Western Power com__10
Gu g Is 1953
Preferred
100
No Hud Co Ry Is 1928 J-1 10112 103
95
Western States Gas & HiExt 5s 1924
1st & ref g fa 1941 or/-7-D
Pat Ry con 61 1931-JD 110 .
Ferry C01111)0111C3
2d Os 1914 opt___A-0 100
18 N Y & H It Ferry stock..100
Republic Ry & Light.-100 16
M-N
100 09
71
let is 1022
Preferred
16 N Y & Hob tie May '46...J-D
Tennessee Ry L&P coin-100 15
71
100 70
Hob Fy 1st be 1046_ M-N
Preferred
J-J
16 NY4NJUI940
Toledo Tract L & P---100
60 10th & 23d Sts Ferry....._100
100
Preferred
J-D
__
let mtge Is 1919
Trent P & H U 1943---J-D
100
Union Ferry stock
M-N
1st 5s 1920
Street Railways
Bid
Sid
75
75
69
Ask
78
77
72
1114
39
8912
87
8212
18
62
10
3814
8712
8512
8112
57
10112 10312
121 123
10112
103
09
45
70
25
100
100
103
104
10112
55
80
3912
102
10112
*80
83
*47
49
340 343
106 108
63
6312
8112 83
*3s
12
3
312
88
90
73
75
1012
69
71
95
98
88
91
92
94
69812 100
325
128 fir
92
89
7912 801a
130 133
39
40
70
71
100
88
92
9712 100
00
96
0512
loo ioo
.88
122
94
95
38
8214
88
85
*714
*24
92
124
07
____
39
83
92
92
814
25
81
25
65
15
8312
15
63
82
30
70
16
8412
17
57
87
02
10
40
09
102
18
46
_
13, 20
40
48
28
35
97 100
1303
Telegraph and Telephone B‘cl Ask Indust and aliscell-(Con) Bta Ask
e Amer Teleg & Cable...100 55
59
American Surety
50 170 175
412
Central & South Amer_100 100 107
American Thread pref...-5
42
Comm'l Un Tel (N Y) 25 95 105
Amer Typefounders com.110
1)
00 40
98
96
Empire & Bay State Tel _100 60
70
Preferred
99
95
Franklin
50
Deb g 6s 1939
100 40
•Gold dc Stock Teleg..-100 115 125
34 1
Amer Writing Paper_ ___100
15
e Northwestern Teleg___50 112 115 Barney dr Smith Car corn 100 10
50
Pacific & Atlantic
100
Preferred
25 65 36614
o Pac Telep & Teleg pref-100 8712 9012 Bliss(E W)Co corn
50 oo
Southern & Atlantic
95
Preferred)
50 115 125
25 85
Short-Term Notes
100 285 290
Bond & Mtge Guar
Amal Copper Bs 1915_M-3 10034 101
Borden's Cond Milk com.100 112 11314
Amer Locomotive 531915 J-J 100 10012
Preferred
100 106 107
Is 1916
J4 100 10012 Braden Copper Mines ___5 *734 778
Is 1917
J4 100 10012 British Col Copper Co ___5 *112
Balto & Ohio Si 1914
51
J-J 1003a 10054 s Brown Shoe corn
100 45
13klyn Rap Tr-See N Y Stk Ex list.
95
e Preferred
100 83
Chea & Ohio 414e 1914__J-D 10018 10034 e Butterick Co
100 2612 28
Ches dr Ohio Is 1919_ J-D 9612 97 Casualty Co of America_100 100 115
ChicElev Rye 5s 1914
J-J 9814 9834 Celluloid Co
100 129 131
Erie Coll bsOct 1 1914_A-0 1003s 10034 City Investing Co
27
100 22
Coll be April 1 1915._ A-0 9974 10014
90
Preferred
100 85
512s Oct 1917
72
A-0 003a 9938 e Claflin (H B) Co com 100 70
Hocking Valley Is '14.51-N 10034 101
80
e 1st preferred
100 75
111 Cent 43,4s 1914____J-J 1001a 10012
85
e 2d preferred
100 75
Int & Gt Nor Is 1914...F-A
93 94 Cluett. Peabody dr Co-See Stk Ex list
Inter Harvester As '15-F-A 10012 10034 Consol Car Ileating
70
100 68
K C Ry & Lt 68 1912_111-S 87
36
91
Continental Can corn-100 31
Minn 481 L g Os 1916 F-A
9512 97
Preferred
100 8612 01
Mo Kan & Tex Sc 1915_111-N 93
95 e Crucible Steel com
100 14
Missouri Pacific As 1914_J-D 9412 9512
e Preferred
0012
100 89
.12
0 N Y C Linea leq 55 1914-22 b 4.65 4.55 Davis-Daly Copper Co___10
11s
45is Jan 1915-1925___J-J b 4.65 4.55 duPont(EI) de Nem Pow 100 130 133
4)-5e Jan 1915-1927_J4 b 4.65 4.55
e Preferred
100
10014 10034 Emerson-Brantingham_100 23
N Y Cent 412s 1915
28
Is Sept 15 1914
10034 10034
Preferr
80
erred
100 74
Is Nov 5 1914
10034 1_0_1_ Empire Steel & Iron corn 100 - _ 13
St L & S F be 1913 opt_J-D
15
25
e Federal Min & Smelt _1
es Sept 1 1914 opt___M-S
7
15
000
0
e Preferred
i1
(
-51-2
35
Seaboard Air L Itybs'16 M-S
37
932 10012 e General Chemical com_1°
South Pee Co 5s J'ne 15 1914 100014
0 ° 160 170
Pfril
ed
00
2314 aoeid
erc
reod.801
253
34 19
Southern Ry As 1916_ F-A 99
100 10812 10912
111-82
Is Mch 2 1917
83
112
98 k Hackensack Water Co-10
West Maryland be 1915..J-.1 94
t gei
ec scl9
b52 n
op1912
11ur
c0.
Weetingh'se El dr M Os 1915 10174 10214ls
:
J0
Hale0
-J 83
25
30
Railroads
Pyraef
uearrd100
75
10
8 Ha
e
100
e Chic & Alton cent
80
2
4
100 10812
Tobacco Co.._100
e Preferred
9
125 130
12
e Chic St P
Preferred
100
let g 5s June 1 1922 J-D / 64
67
e Preferred
100 135 150
24 Hecker-Jones-Jewell Milling
e Colo & South corn
100 22
99 101
e lot preferred
100
4636 Ho1bst
oke
6anL
e 28 preferred
192a2nd & Improhi-S
100 4538
ve't
a
5
let 5s Nov 1930
e Dul S Atl com____100
M-N 100
8
4
11 Hocking Val Products-_100
e Preferred
100
41
e N Y Chic & St L com...100 36
let g Is 1961
45
J4 38
e 1st preferred
100 92 100 0 Ingersoll-Rand com___100 125 135
e 2d preferred
e Preferred
80
100 95 105
100 66
6
a
Northern Securities Stubs-- 102 106 Intercontin Rub corn...100
Pitts Bess Sc Lake Erie.....50 *30
33 Internet Banking Go
100 95 100
61 InternationalNickel
Preferred
100 117 11712
60 *56
e Railroad Securities CoPreferred
109 104 107
3
78 International Salt
ln C etk tr etfo Ser A
4
100
51 ,
West Pao 1st In 1933__M-S 6112 6212
let g 5s 1951
A-0 1 49
P
l 12 International
.l5
Standard 011 Stocks
Per share
d tiona
w,8
1 Silver pref-100 110 120
1st
Anglo-American 011 new...
J-D 109 110
58
Eefining
100 600 605 Kelly Springfield Tire 100 50
Borne-Serymeer Co
Preferred
100 280 290
100 135 145
Buckeye Pipe Line Co...10 *135 140
80 1
Debenture 4s 1951
A-0 70
Chesebrough Mfg Cons..100 655 665 0 Lackawanna Steel
100 301 35
Colonial Oil
Lanston Monotype
100 100 110
100 8112 821g
Continental 011
100 208 212
Lawyers' Mtge Co
100 190 195 ;
Crescent Pipe Line Co___50 *49
52 Lehigh Val Coal Sales.....50 170 180 ,
Cumberland Pipe Line_ 100 50
55
Manhattan Shirt
100 40 60 I
Eureka Pipe Line Co
100 250 260
Preferred
100 Os 103
.78 1 ,
Galena-Signal 011 com__100 163 172
Manhattan Transit
20
Preferred
100 133 142
Marconi Wireless Tel of Am 5 •33, 4
Indiana Pipe Line Co_ _50 *x131 140 Mortgage Bond Co
100 93 102
40 0 National Surety
25 *38
National Transit Co
100 180 laa '
67 •
New York Transit Co_._ 100 260 270 0 New York Air Brake..100 60
105
0
110
New
6
20 ;
York Dock com_100
Northern Pipe Line Co..100
e Preferred
25 *105 170
26 •
Ohio Oil Co
100
85 N Y Mtge & Seourity
*75
100 145 150
Pierce 011 Corp
N Y Title Ins Co
70
100
Prairie Oil & Gas
100 405 410
20 .412 512
Solar Refining
100 290 300 N Y Transportation
Nilea-Bern-Pond com_100 58
65
Southern Pipe Line Co 100 214 220
*14
10
South Penn 011
100 285 290 Ohio Copper Co
ss
212 a
Sou West Pa Pipe Lines_100 140 145 e Ontario Sliver
100
Standard Oil (California)100 285 290 Otis Elevator corn
77
100 75
97
Stand Oil (Indiana) ____100 455 460
99
Preferred
100
27
Standard 011(Kansas) _100 415 430 e Pettibone-Mulliken Co 100 20
Stand 011 of Kentucky _100 250 260
99
e 1st preferred
100
*vs
10
Stand 011 of Nebraska 100 360 380 Pitpts
rebfuerg
rehdBrewIng
50
Stand 011 of N J (old)-100 1300
_
Stand Oil of N J
Pple
90
ttsp
10 395 400 epo
lu
frgec
hoS.
ete
oel pref_100
50 *23
Standard Oil subsidiaries
a
*900
100
Standard 011 of N Y_._.100 207 210
Preferred
100 -6-- 12
Standard 011 of Ohio- _100 380 400 Pratt & Whitney pref
100 99 103
100 130
Swan & Finch
100 180 200 Producers 011
Union Tank Line Co.... 100 75
78 Realty Assoo (Bklyn)-_100 105 112
Vacuum Oil
100 215 220 RemingtonTypewt'r com100 23
27
Washington 011
10 *44
48
2
1d
st preferred
98
100 96
Waters-Flame 011
100 3000
90
Royal Bak Powd corn-LIS 1:1 188
Tobacco Stocks
(See also Stock Exchange List)
Preferred
107
Amer Cigar corn
100 140 145 Safety Car Heat Sc Lt......12 1.(1212 107
Preferred
100 98 100 Seara,Roebuck&Co-SeeN Y Stk E x list
0 Preferred-See Chit, Stk Ex Iis t.
Amer Machine & Fdy 100 84
90
310 325
BrItIsh-American Tobac..£1 *2134 22 Singer Mfg Co
New stock
*2134 22 Standard Coupler com 12 25
33
Conley Foil
Preferred
100 270 200
100 105 111
e Ileime (Geo W) com-100 15712 160 Stewart-Warner Speedo'r100 55
58
100 10812 113
e Preferred
101
Preferred
9212
Johnson Tin FoildeMetal 100 125 175
dc Sons pref
Sulzberg
MacAndrews & Forbes..100 180 190 Tex
Texas & Pacific Coal_
100
Porto-Rican-Amer Tob_100 245 255 e Texas Pacifico Land Tr-111.1?)°
9612
0 192
4 10212
0(1
Reynolds(RJ)Tobacco_100 265 280 TonopahMin(Nev)--Se4Phlla Stk E x 1132
Tobacco Products corn._ 100 100 150 Trenton Potteries com_100
Preferred
100 8112 8212
Preferred new
100 46
86
14
e United Cigar Mfrs corn 100 x45
48 United Copper
100
is
e Preferred
2
.100 9814 103
6
Preferred
100
United Cigar Stores com.100 t/37
90
88 0 United Dry 000ds___100
100 110 115
e Preferred
Preferred
100 95 99
e Weyman-Bruton Co_ _100 215 300 U S Casualty
100 190 200
e Preferred
100 112 120 0 8 Envelope coat
100 133 138
Young (J 5) Co
P
Srle
effienrrir
reehd
edi
100 125 140
100 101 104
ng
Industrial&Miscellaneous
12
8
100
e Adams Express
100 9712 102
35
100 30
J-D / 76
90 95
Col tr g 4s 1947
77
1st g 5s 1019
100 88
74
70
Con g is 1929
Alliance Realty
92
41 e U S Indus Alcohol____100 10
Amer Bank Note com_---50 *39
80
e Preferred
50 *50
5212
Preferred
100 82
as
100 160 170 US Steel CorporationAmerican Book
100 140 143
Col f 5s Apr 1951 op 1911 113 11412
American Brass
Col s f Is Apr 1951 not opt 113 11412
American Chicle com_100 180 185
100 94
99
U S Tit Gil & Indem___100 40 50
Preferred
100 100 102 e Virginia Iron C & C.-100 42
4$
e American Express
e Wells Fargo & Co
100 891z 91
Am Graphophone corn-100 32
Westchester & Bronx Title
100
Preferred
100 165
128
& Mtge Guar
American Hardware_ -100
Amer Malting Os 1914 J-D 9934 10034 e Westiagh'se Ale Brake-50 .12512 126
100 35
45
WIliys-Overland com_100 6112 6211
Amer Press Aesoc'n
100 87 62
Preferred
Am Steel Fdy Os 1935-A-0 102
60
F-A 73
Deb 4s 1923
75
Worthington(11R)Co 1:31-1
New i:ook. a Ex.
',lam, a And accrued dividend. b Basis. k Listed on Stock Exchange but usually inactive. r Flat price. a Nominal. s Sale pries.
inaludes al, new stock timid-ads and aub3oriptiona. e Mate I on Stock Exchange but Infrequently dealt In; record 21 Wes
s fig-div. y Ex-r•ghts.
tl found on a eras 11128 page. 4 Ex-303% ttoc: dividend.
1304
BOSTON STOCK EXCHANGE-Stock Record.
•
STOCKS-HIGHEST AND LOW EST SALE PRICES.
Saturday
April 18
tfonday
April 20
.9558 9578
*100 10012
*18212 184
7912 80
160 160
4234 4312
• _ 245
7
•7
7
1014
}Wednesday
April 22
Thursday
April 23
Friday
April 24
52
51
5114 53
53
94
9412 94
9414
94
212 3
212 212
212 .
1812 .1812 1834
1812 1812
9934 10012
10052 110018 101
11012 11014 111
110 11014
12038 120 12038 11934 12014
Last Sale 15 Mar'14
-7E1-2 75 7634 75 7538 75 7518
61
83
63 .
61
61
.61
99
-55- IRT"
99
.612 8 -;81172
.612 8
8
8
1358 16
15
16
1513 1512 1334 1334 .
11
1134
11
1134 12
.11
10
10
24912 24912
24912 247 247
.249 250
143 14312 143 14312 143 14334 142 14314
100 100
*99 100
9912 100
100 100
8812 8834 88
8814 8712 8712
8812 88
.
91
92
9112 9112 9113 91112 .9112 92
21512 21512 *215 2157e 21512 21512 215 21534
3
3•
.234 3
.234 3
•234 3
2512
.
24
2812 27
27 .24
•
6714 *-- 6714
Last Sale 6813 Apr'14
wi5" 23 20 20 .20 22 *20 22
•40
Last Sale 67 Mar'14
60
68
.40
13512 136 •____ 13512 13512 13512 136 135
156 156
15512 15512 15518 15518 155 15518
1812 1812 •18
*18
1812 1812 1812
10614 10612 10682 10612 106 10612 10512 106
2912 2912 2934 2934 2912 2912 30
30
-_27
28
Last Sale 2814 Apr'14
.
•1
*1
138 •1
132 .1
122
157 158
15734 158
158 158
155 157
651j 56
6434 5512 54
5512 56
54
2858
2852
2812 2812 2812 2834 2812 2812
5738 5814 5712 5812 5734 5814 5638 6713
10812 1091, 10812 109
10814 10834 10714 10812
)liscellaneops
Amer AgrIcul Chern 100
Do pref
100
Amer Pneu Service... 50
Do pref
50
Amer Sugar Refin
100
Do pref
100
Amer Teiep & Teleg_100
American Woolen
100
Do pref
100
292
9 Amoskeag Manufacturing
Do pref
46
100 Atl Gulf & W 1 8 S L_100
Do prof
100
130
476 East Boston Land- 10
44 Edison Eiec Illum_100
100
427 General Electric
26 McElwain(W11)1st pf 100
570 MassachusettsGasCosl 00
Do pref
100
40
100
24 2.1-irgenthaler Lino
100 Mexican Telephone... 10
Mississippi Rio Pow_100
Do
pref
100
100
40 N E Cotton Yarn
Do pref
100
N
E Telephone
100
94
100
83 Pullman Co
12 Reece Button-Hole,,.. 10
100
296 Swift & Co
25
147 Torrington
Do pref
25
85 Union Copper L & M 25
100
928 United Fruit
3,371 Un Shoe Mach Corp_ 25
Do pref
25
294
S Steel Corp
100
6,944
Do prof
100
254
-iir,
i5-
i
[1
i
5TOC
BOSTON STOCK
EI:CHANGL
Last Sale 953.1 Apr'14
9514
Last Sale 10012 Apr'14
10032
179 180
180
180 180
7812
7812 *7812 79
79
160
160 160 .160 _ _
43
4112 4112 4112 42
Last Sale 245 Mar'14
246
Last Sale 7
1014
Apr'14
Last Sale 55 Apr'14
Last Sale 612 Nov'13
Last Sale 38 Mar'14
*37 lg- ;5i" 16Last Sale 160 Mar'14
.- 161 .
- 161
Last Sale 10412 Apr'14
•
*iii_ 105 .____ 105
Last Sale 185 Mar'14
185 .176
82 .
82
82
81
81
81 82 .
81
.120 ____ .119 122
122 122 .120
Last Sale 8873 Apr'14
89
.8612 89
*86
93
.
95
9538 9512 9512 9512 9512 9512
912 10
9
9
912 10
69 *---- 5812
5934 5934 68
6812 6912 68
6914 68
69
•105 110 .
Last Sale 108 Apr'14
105 110
5_ 160 *___ 157 *150 155 150 153
i•
20 20 20 .20 23 .20 23
•15314 15358 .15338 15334
Last Sale 15638 Apr'14
.8238 83 .
Last Sale 82
Apr'14
8212 83
.
130 135
130 130 .120 130
-6913 WY; 6914 70 68 68 .67 68
89
.
Last Sale 90 Apr'14
*--- 90
*53
9312
*212
19
100
110
120
5434 5424
94
94
.234 3
'
51812 19
9912 100
11012 11012
12012 12034
Sales of
the
;Week
Shares.
0
106
Atch Top & Santa Fe_1
Do pref
00
80 Boston & Albany-10
393 Soston Elevated
100
23 Boston & Lowell
100
386 Boston & Maine
Boston & Providence_10(
Boston Sulen•ban El Cos_
Do pref
Boston & Wore Elea 0
Do pref
Chic June ity & USY_100
Do pref
Connecticut Itiver_100
54 Fitchburg pref__
100
6 (la Sty & Elec stmpci_100
Do pref
100
240 :Naaine Central
100
100
476 Mass Electric Cos
Do pref stamped _100
53
N
Y
N
1L& Ilartford_100
2,473
Northern N II
100
100
6 Old Colony
Rutland,
pref
100
62
Union Pacific
100
Do prof
100
10 Vermont Is Mass
100
37 West End St
60
Do pref
50
*9518 9512 .95
•100 10012.
100
.____ 184
180
7812 79
7831
.160
160
4212 -43
42
•
_ 245 ...___
;i
1014 .7
;577- 39
•
161
•-___ 105
•175 185
82
.81
*120
.
.8634 89
95
9512
10
10
5912 60
69
6912
*105 110
•;E5_ 160
23
*154 15414
83
*82
*130 135
6912 6912
*-- 90
.
61
65
*99 100
*612 8
•15
1512
*11
1134
250 250
14418 145
.90 100
89
89
92
*91
21412 21412
•2
318
*23
2612
•-__.. 6714
.20
22
60
13512 13512
156 156
•18
1834
10614 10612
30
30
28
1
1
15714 158
5534 5534
2812 2812
5712 58
10918 10913
Tuesday
A prit 21
5412 53
9434 93
3
212
19
1812
100
100
11012 110
12012 11934
176
79
105
215
709
133
2,334
Range since Jan. 1.
On basis of 100-share lots.
Range I07 Previous
Year 1913.
Lowest.
Highest.
Lowest,
If Wheat,
9534 Apr 16
978 Jan 15
179 Apr 23
7812 Apr 21
155 Jan 2
35 Mel) 9
245 Alch26
7 Mch 2
55 Apr 13
097 Jan 26
10138 Feb 10
195 Jan 5
9112 Jan 16
179 Feb 9
55 Jan 12
'255 Jan 27
712 Feb 13
60 Jan 19
37 Jan 5
160 Nich23
10412 Apr 15
185 Jan 10
80 Jan 10
1202,: Feb 13
83 Jan 3
9078Jan 5
9 Apr 22
58 Apr 22
6514 Alch 4
105 Jan 17
150 Apr 24
20 Apr 21
15638 Apr 15
82 Apr 17
115 Jan 9
68 Apr 23
8712Jan S
0112 Oct
8534 J'IY
183 Dee
82 Nov
150 Dec
35 Dec
23812 Dec
7 Sep
5712 J'ne
5 Feb
3612 Dec
162 Sep
10112 J'ne
200 J'IY
58 Dec
.4115 Aug
8212 J'ly
91 Dec
1012 Dec
53 Dec
6534 Dec
Dec
ec
150
00 i
40 Jan 26
163 Jan 15
10612 Nich 11
200 Jan 24
03 Jan 28
122 Alch17
8878 Apr 6
99 Mch 28
14 Jan 23
6612 Jan 24
777 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8 • 25 Aug
16334Jan 31 13912 J'ne
8018 J'ne
85 Jan 5
130 Feb 5 105 Dec
6714 Dec
75 Jan 23
85 J'IY
95 Mc1112
10514 Jan
10138 Feb,
216 Jan
1 1414 Jan
205 Jan
97 Jan
290 Jan
1612 Oct
65 Men
714 Mch
45 Jan
166 Feb
107 bleb
260 Jan
122 Feb
126 Feb
88 Sep
110 Mch
1038 Feb
79 Feb
130 Jan
130 Feb
17612 Feb
34 Mch
16214 Jan
9012 Jan
150 Feb
8112 Feb
100 Jan
4714 Jan 2
91 Jan 3
212 Jan 27
17 Jan 2
9714 Mchll
108 Mch30
11718 Jan 3
14 Alch 4
7234 Men 4
60 Jan 21
98 Feb 24
5 Feb 19
1334 Apr 22
10 Jan 20
246 Jan 3
13912Jan 3
9912Jan 2
8712 Apr 24
00 Jan 3
21114 Jan 3
212 Apr 14
26 Apr 11
6712 Jan 19
20 Apr 0
66 Mc1110
133 Jan 3
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
27 Mch24
1 Apr 16
155 Apr 24
5334Feb 2
23 Jan 0
5638 Apr 24
10578Jan 5
5911 Nich19
9712 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Aleh 4
83 Jan 26
67 Feb 13
10014 Feb 11
Jan 23
1834 Jan 16
1412 Feb 11
265 Mel' 4
15012 Feb 20
102 Jan 23
9438 Feb 17
06 Mch 16
21634Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1014 Mali 31
10734 lien 51
3012 Apr 4
2912Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
67'4 Jan 31
11238Jan 26
67 Jan
9914 Jan
412 Jan
2334 Jan
11812 Jan
1714 Feb
14012 Jan
21 Apr
831/ Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
234 Dec 2994 Jan
130 J'ne 18834 Jan
95 May 104 Jan
87 Apr
9312 Jan
86 hie
11532 Mon
209 J'ne 220 Sep
3 Jan
312 Feb
30 Nov
4114 Sep
70 Dec
7012 Deo
17 Apr
50 Apr
6378 Apr
9112 Jan
121 Dec 180 Jan
149 Dec 1854 Jan
1412 Apr
18 Sep
101 J'ne 108 Men
26 Sep
2811 Jan ,
26 Sep
2814 Jan ,
33 J'ne
3 JIMA
147 J'ne 182 Jan
8514 Feb
4112 J'ue
2812 Feb
2628 J'ne
69 Jan
50 J'ne
10212 J'ne 111 Jan
41 Sep
8922 Dec
212 J'ne
16 Nov
9012 Dec
1o818 Dec
11014 Dec
1514 Dec
74 May
59 %lay
9224 J'iy
5 Jan
11)
) Jan
,no
14
Mining
I
6 Jan
1 May
*1
1
2 Jan 22
114
1
.1
114 •1
114 .1
1 Apr 14
114
25
P.
90 Adventure Con
532484
014 Jan
nt
285 285
23934 265
*285 300
245 247
250 265
-a
25 23984 Apr 22 300 Alch24 230 Nov 342
283 Ahmeek
/4814 J'ne
2578 2658 2618 2612 2534 2638 2478 2532 15,459 Alaska Gold
2638 2678
A
10 2012Jan 3 2778 Apr 17
•1
20
.15
1 ,3f, 1.4
114 *1
Jan
May
114
.99
1
Apr
23
134
214
Jan
.99 .99
Algomah
Mining__
.99
25
375
Joe
J:
291,2 j
4018 4013
3978 40
3814 3814 3712 3713 3612 37
4334 Feb 18
25 3412 Jan b
995 Allouez
F.)
4
Febb 30
74
8038 Sep
7338 7334
7214 74
73
62
6 278148
13 JanFc
ne
7318 74
r 24
170
7118 5,917 Amalgamated Copper 100 z70
A pr
16 Ap
1514 Dec
*1614 ____
1614 1634 1614 1614 16
16
435272
16
16
394 Am Zinc Lead & 8m_ 25
g
214 J'ne
512 Sep
414 412
*434
43, 478
414 434
472
413 414 2,515 Arizona Commercial_ 5
4 Jan 10 6,NICI1 4
E.
412 Feb 2
114 J'IY
212 278
.234 3
2
214
2
213
21,f, 2'/6
72
64 JO::
2 Apr 22
820 Bute-Balaklava Cop 10
.3
14
Joe
Feb
3338
3414 3412
8
3372
3
375
Butte&
323
3212
32
3112Jan
1814
Jan
4
323
Sup
33
3314
4
Cop
(Ltd)
10
6,005
a
66
6612
6434 66
6312 6478 6212 64
6112 6212 3,581 Calumet & Arizona
10 6112 Apr 24 7018 Alch25
416 420
416 416
*416 420
0 460 Feb 13
416 416
412 416
655 Jan
25 41140
89 Calumet & Hada
1634
1512 1512 15
15
*16
Jan
33
10
850
88::j
1612 1612 1512 16
D
J:
'e
iniee
4
17
8It JanJa n
25
235 Centennial
b 4
k:eb
4034 4034
10
3121.
3912 3934 .3938 40
9 4
3912 3958 38
3914
5 36
8 Jan 8
645 Chino Copper
4
Feb
pr 6
4A
3712 3712 3612 37
07
38
47
3712 3712
3612 3634 36
63 Jan
36
860 (7opperRange Con Co 100
.2
3 Feb 6
212
.2
212 .2
212 .
2
212
2
2
2 Apr 24
20
15 Daly-West
914 J'ne
1012 1014 1012 10
2 13 Jan 26
1038 11
1014 1012 10
3
16
022 JAapnr 28
5
418
2.
Jan
10
A
jaune
1,521 East Butte Cop Min_ 10 12
518 514
518
453 5
5
32
212 Dec
Speep°
728
9
414 412 1,30 Franklin
514 Jan
478 478
JSse np
25
7684 7812 75
Feb
7812 7978
7712 7513 7658 7434 76
7312Jan
9
Granby
Consolidated_100
7,741
31
32
3018
3112
Oct
33
3414
2
r 24
2834 3012 27
1722
3 Apr
28
100 2
2,499 Oreene-Cananea
14
15
1312 14
15
1614
1412 1412 1312 14
335 Hancock Consolidated 25
5
2
1
327
3380
271'72,44 J.2 .1NOMNi.
a
,.o
u
nn
4
atv
verey
•30
.30.30
--__
4220
22138 AFI leecbbi12444
6
3
51315
-__
959:3:484 jjjjjj
30
2812 Feb 16 3
Aiatap
a in?ir
30 .____ 30
10
15 Hadley Gold
8
Ja
en
b 20
•.30 .45 .1..30 .45
6112
2F
•.35 718
30liverli2
24
Last Sale .40 Apr'14
.
3
Helvetia Copper
25
.312 4
312 312
334 334
3
3
235 Indiana Mining
25
48
48
4414 J'nu
*4712 48
47
47
24612 47
46 mch 6 4934 Alm 9
47
98 Island Creek Coal
1
7
132
9
561:124482 JJJ
JNNLI4a,,
'coo:
Ir
e:::
*85
86,2
427K:
•85ts 8814
8514 8514 8514 *8514 86
13
2 JA
J
Napon
n
i
Do pref
86
1 84 Jan 14 8812 Al01121
10
1812 1812
1818 1812 1734 18
17
17
17
17
340 Isle Royale Copper
25
412 412
418 418
418 438
0
Ja
eu
b 24
418 418
28
3 6
2 %F
13
772 A
A1Pcri12
4
4174 1,812 Kerr Lake
5
318 314
Le
n
b
1
6
8
*3
3'/
5
2
:
44
J
A
3
3
3
apnr 2
i42
10
1K
3/
1
4 Feb
3
3
10
4 4
3I
725 Keweenaw Copper
25
712 712
6
612 718
614
612 612
514 612 1,374 Lake Copper Co
25
*434 5
4511 434
434 434
612Feb 14
412 412
414 414
418Jan 2
246 La Salle Copper
25
31g
NO*
3
3
16
10
2
7
8
234
Jan
81
1: Jan
3
.25
8
234
3
4
234 Apr 23
*214 234
140 Mason Valley Mines_ I
*313 4
312 358
353 358
2 Meh 7 0414 Apr 7
312 312
312 312
805 Mass Consol
25
5 Nov
16
5
54
51i
1 Jan
9 Jan 28
5
6
6
5
*434 514
432 412
438 Apr 24
965 Mayflower
25
•23
2314
2214 2212 2258 2258 •2238 2278 23
2612 Jan
23
5 2134 J au 5 2418 Feb 16
55 Miami Copper
.34 1
4.34 1
i,, 21438
1:: FobJancb
*34
1
*34 1
1 4466
prr
r 2221
,
l
kpp
.85 .85
34.
0480,A
15 Michigan
25
43
41
4212 39
43
41
4014 41
40
40
834 Mohawk
25
*1452 1478
14
1418 1412 1438 1438 •14
14
1414
170 Nevada Consolidated_ 5
434 5
12 J'ne
212 „Ian
43.4
513
178 Jan 14
434 512
5
5
554
534 8,425 New Arcadian Copper 25
ac
ni12
12
714 Nov
Jl
912 mob
8% A
.638 652
6
614
6
614 612
x532111ch30
6if. 638 *614 5
610 Nipissing Mines
5
26
2618
2514 2512 2434 2512 25
2134 J'ne
25
2334 25
3411 Jail
4,481 North Butte
15 2334 Apr 24 3034 Feb 4
113 112
•114 124
253 Feb 4 .9912 jil.riael
*11,s
112
118 118
118
114
112 Apr 22
155 North Lake
25
3
23
14 Jan
*12 1
•1
112
1
1
34 Apr 22
34
54
300 Ojibway Mining
25
3
4,(, 438
n 28
647
3
4
4
418 43
,4
378 4 -334 334 1,623 Old Colony
134 J
IA
Apr 108
234 Alen 30
88J
73a an
25
49
Febnb 24524
49
49
49
,4
0873 JF',Feb
48
47111 4712
2224
7 5
6284
483s 4712 48
ppr
rrr 244
Ap
1700
7112 AAA
57
435 Old Dominion Co
25 4
7612 7612
72
76
72
7378 72
7234 7012 72
714
23
Jan
•17
1634 1712 1634 17
1734
1838 1034 16
15 J'ne
1612 1,052 Pond Creek Coal
10
2
6814 Jan
5812 5812
57
5852 57
57 .57
68
57
57
6214 Dec
135 Quincy
25
80 Jan
21
2134
2012 2058 2014 2012 2012 2078 20
2212
Apr
1734Jan
10
6
20
1514
J'no
786 Ray Cousol Copper
10
22 Jan
*33
35
*33
35
3314 3314 33
33
31
30
1 Nov
3112
.e 3
196 St Mary's Min Land_ 25 31 Apr 24 40 Feb 25
4
1 3%12
.1% 2
173 2
2
2
178 2
Jan
134
134 1,450 santa Fe Gold 64 Cop_ 10
512 583
512 517
'e
b
512 534
l
,
2
2
1
7
6
*513 534
5
1
2
j
A
a
p
7
2
4
1
:
u
r
2
7
1
220,
hannon
5
512 612
DecD
e
c
10
Jan
*2412 25
Feb
23
25
22
2334 2234 23
2034
4
22
2212 2212 1,369 Shattuck-Atizona
21 Feb
10 22 Apr
31 Sep
.15 .17
•.17 .25
.16 .17
.16 .16 4%14 .16 2,000 south Utah M
.15 Apr 22
.23 Feb 9 .13.5
.4 j
Aaung .35 Jan
5
•28
27
28
2758 28
26
2812
27
2512 2512
890 Superior
21 Nov
25 2512 Apr 24 32 Feb 14
44012 Jan
2
2
112
134
134
178
11
/
4 112
t2j
Jya
a
en
n
u 238
223
l4, Ds 2,125 Superior & Boston Cop 10
2r
A pr 24 4
3 may
e483$
*3212 33
3112 30
3178 32
31
30
30
3112
31(1,f:Jan 9
315 Tamarack
21 J'ne
25 2812
38 Jan
318 31,
4
4
312 312
314 312
31
/
6
795 Trinity
25
Jan
'%50 .60
•.50 .75 '1%50 .60
Last Sale .60 Apr'14
%1114
9
ch
r 27
1,‘46
3 t
21
4
3
8,5
Tuolumne Copper_
2 NA1p
.3
1
J.
50 D,o
29
.4,3
nce
43
3513
2 J:
ii
3714
37
3634 3634 3512 3634 2912 3434 30
31
5,562 U S Smelt Ref & Min_ 50
48
43
4634 4714 4514 4612 4012 45
41
Feb
4312 4,518 Do pref
4p2
4878
6
Apr
23
50
4512.11y
*112 178
112
112
112 112 1,120 Utah-Apex Alining_ 6
*113 134
112 134
112 Apr 22
258 Feb 5
14 May 6275
0 j
Sa
e;
11
11
10
012 912 2,037 Utah Consolidated.... 5
1014
10
1018 10
10
Feb 13
714 May
1114 Jan
5514 5514
5414 5412 5112 5414 5414 5438 53
53
438 Utah Copper Co
9st4
2j
J an 10
6 517472
16
10 48
3
40 J'ne
60 Jan
2
2
2
2
134
134 .2
*134 218
212
Apr
306 Victoria
15 .90 J'ne
25
1 Alch 2 8218
2 Jan
313 312
314 314
3
312 334
31 1
725 Winona
314 314
'5
*41
43
.40
43
39
4012 3834 3012 38
53852
451 Wolverine
6
8 448
7734 Feb 20
212j
Aapnr 24
392
25 38
14 S
76
4li PiLli
a
Neopv
.86
•.60
..60
.80
*AO
.80
.62
.70
..60
.85
150 Wvandott
114Jan 24 .40 J'ne
.62 Apr 23
..
25
DiJilm
.Bid sad asked prices. 4 Assessment void. 0 Ex-*toek dividend. 4 Ex-agate. a Ex-divldend
and rights. 3 Unatampod. •2d paid. to Hall paid.
2
ex,Jan
1305
Boston Bond Record
APE. 25 1914.1
DOND5
ROSTON STOCK EXCHA SQL lt ts
Week I:tiding April 24
Price
Friday
April 24
Week's
Range or
Last Sale
Range
Since
Jan, 1
E
BONDS
BOSTON STOCK EXCHANGE
Week Ending April 24
H
Price
Prides
April 24
Week's
Range or
Last Sate
Range
since
Jan.1
a?,4
: High
Ask Lots
Hot No. Low High
Ask Low
High No Lot
Pia
1003s 100
General Motors 1st 5-yr 68_1915 A-0 10114 10132 1003851ch'14
1.1934 Apr '13
12 11434 '9752
8872 Sale 8834
97
9612 9612 9612
8914 --0 84s 89. Ort Nor() B & Q con tr 4s...1921 J Registered 4s
10338 NIch'13
1921
965,3 2 9458 9714„.
9572 ---- 9658
-3 ---9712 9731 98 Apr '14
95 993; Houston Elec 1st s f gen 5s..1925 -A
117 Apr '08
6938 Mch '14
6932 72 La Falls & Sioux C 1st 71_1917 A-0
Kan (7 Clin & Spr 1st 53_1925 A-0
100 Mch'14
80 92 Feb 13
100 104
012 957, Kan C Ft Scott & Mem 6s_1928
2 111 11144 Apr '14
1107-5E1-; 9)3 9512 An:'14
10859112
11(7 Ft S & M By ref 4s 'u_1936 A-0
7458 Mch'14
7459 7514
853s 87
87 Mch'14
fan 0 M dr B gen 43
85 86
1934 FR- S
85 ____ 88 Apr '14
8414 Aug'13
Assented income 5s
9478Jan '14
1934
75 80
9478 944
S ____ 75
75 Apr '14
4
98
10014 Dec '13
9512 96 Mch'14
---- -- Ran 0 & M By & lir 1st 53_1929 A-0
Marq Bough & Ont let Gs 1925 A-0
6312 68
115 J'ne'08
65
65 Sale 61
963514 -i1Mass Gas 45s
oei2 _
97
60 May'13
-6
4
97
1929 J -J
____ 951 0513
Debon 4 Yis
-33'1; -331:2 93 9534
84
8312Jan '14
9512
Dec 1831 08785Ich'14
10014 Meh'01,1
- 'Itch Telephone 1st 5s
1917 J -J
0872 987s
10417 Oct 'os
11 81 8534
83
82 Sale 8213
1051 J -J
- Miss River Power 1st 5s
Nen, Eng Cotton Yarn 53_1920 F-A
95 Feb '12
2 75 83
80
80 85 80
16'63; 16i-12. New Eng Teleph 5s
9978100
10034 Mch'14
idf1915 A-0 100 ____ 100 Feb '14
5s
10078 11 10012 10134
10072 Sale 10012
1932
104410414 New River (The) cony 53_1934 A-0
10414 Feb '14
75 80
J -J
-_-- 75 Mch'14
82 854 N Y Nil Ztr. 11 con deb 3 Yis_1056 J-3 -------- 7078 Alch'14
821.1 8212 8212 Apr '14
6878 75
Cony deb Gs
1103 Oct '07
11138117
1948 J
11138 Alch'14
1)77
977
Oreg Oh Line 1st g 63
109581095s
11)954 Jan '14
1922 F-A
_ - 9778 Mch'14
99 99 Pond Creek Coal let Is __ _1923 J-1) 100 - Sale 10012
100 10712
101
98 ---- 99 Mch'14
0514 0659 l'uget &I Elec liy 1st 5s
065s Fob '14
1032 F-A
88 83
88 Jan '14
---Repub Valley 1st 3 f 6s
99 -- 1)812 Dec '12
1919 J -J
103 Jan '11
8334 Mch'14
834 8359 Savannah Elec let cons 5s 1952 J -J
7014 Deo '1(1
10058 10 0834 1004 Seattle Elec 1st g Si
1501;-- 10012
101l4
1930 F-A
100
1011) Apr '14
81 84 Shannon-Ariz 1st 6s g
8112 8212 8113 Apr '14
1919 31-N
95
92 95
9412
95
107 J'ne'13
----- Terre Haute Elec g Is
1929 J -J
97 Apr '07
11358Feb '11
____
Torrington let g 5s
1918 "1-S
100 Mch'14
100"
100Union Pac lilt & Id gr g 4s_1947 J -J
53 68 65 Apr '14
65 65
6712 9712
9712 Mch 14
20-year cony 4s
88 92
77 80 88 Mch'14
1927 J -J
9012 9012
9012 Mch'14
9312 9312 United Fruit gen s f 4 3-s,,.,1923 J -J
9312-- 931251ch '14
His _
96 Apr '14
0338 96
85 95 95 Mch '13
Debenture 43.s
1925 J -J
95 9558 95 Apr '14
02 9514
10014 Aug'12
10078103
---• U S Steel Co 10-60-yr Is Apr1963 M-N 10214 10234 103 Apr '14
West End Street By 4s
92 J'ly '13
1915 F-A
9914
9914
98 9914
62 68 1161 Apr '14
Gold 4341s
997 Fob '14
tOi - 78
1914 ,4-8
9978 997s
00 100 9918 Apr '14
Gold debenture 4s
9738 9952
1916 M-N
93's Jan '14
0853 9858
Gold 4s
05 Oct '12
1917 F-A
9631 Nov'13
Western Teleph & Tel 5s
12012 121
12114 ---- 121 Mch'11
1932 J -J
97 Sale 967s
0334 -0
.
9714
63".
2
Wisconsin Cent 1st gen 4s_ 1940 J -J
122 Mch'12
0358 Feb '12
Bid
Am Agricul Chem lit 56_1028 A-0
Am 'reiep & Tel soil tr 4s_1929 -J
1931
Convertible 4s
20-year cony 43.e
1938
Am Writ Paper lst s f 5s g_191t1
Arn 'Zinc L & deb 6s
IlL M-N
Ateh 'rop & 1l e gen g 3_1905 A -0
Adjultment 4s__July 1905 Nov
Stamped
July 10115 M-N
50-year cony 43
1915 J-1)
10-year cony 5s
1017 J -I)
At! Cluf & W 1 SC Lines Is_1950 J -J
.13os & Corb lit cony if 63_1923 VI-N
Boston Illey 3 -yr g 4s
1935 M-N
1916 J -J
Boston & Lowe'l 4s
Bostan & Maine 4 Ye4 s
1941. J -J
1942 F-A
nein is
fur & Mo Rly CODS 63
1913 J -J
Butte El & Pow 1st 5s
1951 J-1)
Cedar Rap & Mo fly 1st 7s 1016 81-N
Cent Verna let g 45_.,.May 1920 Q-F
C 13 de Q Iowa Div 1st 53_1019 A-0
1919 A-0
Iowa Div let 4,
1922 F-A
Denver Exten 4s
1027 '.1-N
Nebraska Exton 4s
1921 M- S
B & W s f 4s
1040 J -J
Illinois Div 3 Yis
Chic Jct By & Stk Y dr 53 1915 J -J
Coll trust refunding g 4s_194C A-0
Ch Mliw & St P Dub D 63_1920 J -J
Ch M & St P Wis V div 6s 1920 J -J
1931 M-N
Cb & No Mich 1st gu 5s
1921 J -D
Chic & W Mich gen 5s
Concord & Mont cons 48_1926 J-1)
1949 A-0
Copper Range 1st 5s
Cudahy Pack (The) lstg 5 1024 P.1-N
1026 A-0
Current River let 53
1946 A-0
Del Or Hap & W 1st 4s
Dominion Coal let s t 53_1940 M-N
1927 84-8
Fitchburg 4s
'Trona Elk & Mo V 1st 6,4_1933 A-0
1033 A-0
Unstamped let
V
--
--6
NOTE.-Buyer Days accrued Interest In addition to the purunase price for all Boston bonds. • No pries Friday; latest bid and asked. 11 Flat pries.
Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
SHARE PRICES-NUT PER CENTUAI PRICES
Saturday
April 18
Monday
April 20
101 101 .10334
112 112 *111
*1312
_ •I312
•50
•_... 56
12314
121
•;i6
•1812
*5358 -543-4 5212
2612 2658 2012
I
10412
112
14
57
121
Tuesday
April 21
Thursday
April 23
56 *____ 116 s____ 56
12412 12212 12212
*1831
'1834
•10
0
*5213
___ •5234
5212 '1122912 522612 2658 2(112 265s 2612 2658
47
3734 3759
4634 4714
38
47
3734 37.34
4634 47
50
-Lo- 16- 50 -E633 .3713 33
*3714 38
*77
7758 78
78
7712
7734 77
78
7814 78
1112 1112 •1012 11
*1012 11
•1012 11
*1114 12
*1912 2014
.1912 20
1912 1912 1912 1012
1978 20
80
7914 7978 80
80
8004 8012 Ms 801s 80
4 6714 67
6712 (3712 6634 6772 6652 6714 667
6712
17
1712 1712 17
17
1712 1712
17
1714 1734
31
31
31
8112 3112 31
3012 3012 3032 3032
/4 55
54;4 55
54%54% 54;4 5472 541
54% 5472
3912 40
*3912 4014 39
40
40
39
3812 3834
2512 2558 2512 2512 2512 2512 2558 2558 2512 2558
1434 1512
15
15
15
15
1478 15
1472 15
,4 8034 8091.
8013.(480% 8018 8012 8018 8012 804807
6
032 612
6/4 if6
612 612
6/
6 VA *64 6IX4
4212 4212 4212 4212 4212 4212 4234 4234
4212 4212
8314 83
8332 83
83
83
83
83
8212 8212
PHILADELPHIA
Friday
April 24
10114 1.0414 104 104 101 104 *103 104
*110
*110 112 *11034 11112
1212 1212 *1212 1314
1212 1212
-1212 13
;5i" 1;- ;5i"
47 47 47
50" 1611 7163., 16- -4934
3734 3734 '3712 37,
4 *371
47
Wednesday
April 22
Bid
Ask
•51
12212
•1814
•52
2614
55
12212
19
2812
3734 3734
4012 4678
.11
1112
4934 4934
37
37
*7634 77
1012 1034
*19
1912
793s 7972
6634 6712
17
17
3014 3012
5432 543,4',
3812 3812
2512 2512
1412 1472
801
/
4 80
'
8
612 6,12
.4212 43
821s 8212
PHILADELPHIA
Bid
Sales
ACTIVE STOC:<S
of the
lireek (For Ponds and Inactive
Stocks see below)
Shares.
56
31
895
47
--56
1,331
Baltimore
Con Gas El L & Pow_100
Do
100
pref
Houston Oil tr ctfs
100
Do
pre! tr ctfs_100
Northern Central
60
Seaboard Air Line
100
Do
pref
100
United By & Electric_ 50
ind .ske(14 no lalOS OD 11114 day,
Lowest
Ask
PHILADELPHIA
sEx.dividend. I $16 paid. 4 817A paid.
¶22ls paid.
Highest
Range for Preettras
Year (1913)
L.iwest
103 Feb 14 108 Jan 26 101 J'ne
109 Jan 3 114 Mch 10 101 J'ne
1212 Apr 21
1912 Feb 2 1212 Dee
56 Apr 6 60 Jan 10 5612 J'iv
115 Jan 22 127 Apr 8 10612 Dec
l75 Jan6 22 Feb 6 1412 J'ne
48 Jan 2 5512 Feb 9 4112 J'ly
2412 Jan 7 2714 Melt 6 23 Jan
Philadelphia
50
American Cement_
50
37 Apr 18
73 American Railways
50
4812 Apr 24
1,382 Cambria Steel
Electric Co of America 10
11 Jan 15
461 Jan 5
041 Elec Storage Battery_100
180 Gen Asphalt
100
36l Jan I)
7424 Jan5
Do
pref
350
100
125 Keystone Telephone_ 50
1012 Apr 21
410 Lake Superior Corp 100
1912 Apr 22
406 Leh (1 & Nay tr ctfs
50
7914 Apr 22
50 66'4 Apr 22
689 Lehigh Valley
17 Apr 21
1,390 Lehigh Valley Transit 50
Do
pref
50
3014 Apr 24
340
50 543,4 Apr 20
2,854 Pennsylvania BR
Philadel
Co
(l'ittsb)
50
3812 Apr 23
570
2512 Apr 18
3,306 Philadelphia Elect11_ 25
50
1412 Apr 16
vot tr ctfs
2,740 Phila
50
Heading
80;4 Apr 24
3,512
1
6 Mch 6
392 Tonopah Mining
50
42 Men 27
170 Union Traction
50
8.259 Apr 24
1,453 United Gas Inapt
Inactive Stocks
Bonds
Ph & Road 2d 5s 1033 A-0
Prices are all "and
Amer Gas of N J
Ex Imp NI 44 1947_A-0
10
American 1'4111111g
interest"
Terminal Si g 1911 Q-F
Amer Es's prof
100 -idi- joi - Alt & L V Elec 43.63'33F-A ---P W & li col tr 4s '21__J-J
Am Gas & Flee 5s '07_F-A 8534 -86 Read Trac let 63 '33 J-J
Cambria Iron
50 4212
tisa liys Is 1917-_--A-()
Central Coal Coke_ _1 00
Hoch By & Leon Is '543-2
All() Gas lit s f 5s 'CO J-J
100
Preferred
Spanish-Am Zr 6s'27J-J
_ lierg&Ellrew lst6s'21 J-J
100 7314
Consol Trac of N J
Stan'd Gas & El 6s'26 J-I)
Bethleh S't1 8s 1908_Q-F
Harwood Electric___ _100
117 Stand SU W.(s lst5s'28 J-.:
Ch Ok & G gen 5s 1019 J-J .
Huntington & 13 'l'.,_.., 50
a.3_,,
. . 7_7.... (1 Trac Ind gen 53 '10-J-J
50 __ ()on Trac of N J 1st Is '33
l'referred
Un Hys tr ctfs 43 '49 _J-J
10 22
2218 Del Co Hys tr ctfs 4s'49J-J --__
Insurance Co of N A
United Hys by let coil tr
Inter Sni Pow & Chem 50
- Edison Bloc 5s 1946__A-0
51-N
s f 5s 1926
_
or, -iii,Kentucky SecurItles_100
(Stec & Peoples 'rr tr ctfs_
, Welsbach a f 5s 1930__J-D
Keystone Telep, prof_ 50 5514 5014 Fr Tac & 11 1st 55 '40_J-J
WII-B G&E' con Is '55_J-J
Keystone Watch Case 100
Gen Asphalt Is 1016.1M-13 9834 ---- York Rys 1st 53 1937_J-D
Lit Brothers
10
Harw Bloc 1st Is 1942 51-8 103 '1(531 8
Little Schuylkill
50
Interstate 4s 1943_1e-A
58
5812
BALTIMORE'.
Minehill & Schuyl 11_ 50
_
KentuckyTra&T 55'51F-A
Inactive Stocks
Nat Gas Elise Lt & P 100 60 65 Keystone Tel 5s 1935 __J-J 91 -9114 Allan Coast L (Conn)_100
l'referred
100 80 85 Lake Sup Corp inc 53'24 0
100
_ 70_
_ _ Canton Co
North Pennsylvania
Lehigh Nay 4 Y4s '24-Q-F
50 0212
Consolidation Coal
100
Pennsy receipts S:10 paid_
Cons 4 yis interim ctfs w ._9_9_1_3
Georgia Sou & Fia
100
Pennsylvania Salt
50 1651-2 0312
1 - Leh V 01st Is g 1933-1-J
100
1st preferred
Pennsylvania Steel
__ Leh V ext 45 1st 1043.3-1)
100
2d preferred
100
Preferred
J-D Ill
100 51 -55
Consol 65 1923_
0-B-S Brewing
100
Phila Co(Pitts)5% prt 50 36
Consol 43-is 1023.-J-1)
33
Bonds
6% cumulative prof 50 4214 43
Annuity 65
J-D 15E
3f
11-2
Prices are all "and
01 - 10
Phila German & Norris 50 140
Gen cons 4s 2003_51-N
inters["
Phila Traction
50 8012 81 Loh V Tran con 4s '35 J-I) -_--__
Bait City 3 yis 1930
J-J
____
Railways General
10
834
1st series A 4s 1935_ 51-£1
4s 1954-1055___ Various
Tonopah Belmont Dev 1
1st series 13 5s 1935 M-S
718
51-N
Si 1916
United Cos of N .1
100
MaritetStEl 1st 4s'5551-N
-951-4 Auacostia & Potom 5s A-0
United Trac Pitts prof 50
NatLII&P serli 5s 'IU J-J
Atl C'st cony deb 4s_51-N
Virginia liy & Power_100
New Con Gas 55 1048_J-D
All Coast L(Ct)ctfs Is J-D
100
Preferred
NY Ph & No 1st ,Is'39
5-20-yr 4s 1925
2-3
Warwick Iron & S.eel _ 1(
Income 4s 1930___ M-N
B S P & l' lst 4 Yis '53 F-A
45 Penn Steel 1st Is'17_M-N
Wash'ton-Va Hy (new) 100
Bait Trac 1st 5s '29_51-N
100
70 People's Tr tr ctfs 4s_1943
Preferred
8512
No Balt Div 5s 1942J-D
__
100
Welsbach Co
Co Ist&coll tr 5s'49M-S 101 - 10112 Cent By cons Is '32_M-N
West Jersey & Sea Sh_ 50
52
Con & coil tr 5s'51 5I-N 00 91
Ext & Imp 5s 1932 111-5
6112 Phil Bloc gold tr ctfs_A-0 102 10212 Chas City By 1st 5s'2.. J-J
Westmoreland (7oal._ 50 61
Wilkes Gas & Elec____100
Trus'.; ctfs is 1949__J-J
8014 8012 ()has By G & El Is '99MS
York Railway
& E gen 51 Is 1 '20_A-0 10314 ____ City & Sub 1st Is 1922 J-D
30
12.
938 10
Gen NI 4s g 1920
''referred
50
3212 3312
A-0
City&Sub (Was) 1st 5,'48
•
Range Since Jan. 1
Bid
Ask
Highest
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2752 Apr
2 Feb
2 Feb
3912 Feb 14 37 J'ne 54913 Feb
5l3 Jan 21 41 J ne
5338 Jan
1114 Jan 27 1114 J'ly
1211 Jan
5512 Feb 2 4212 J'ne
5414 Jan
4212 Feb 10 33 J'ne
4278 Feb
82 Feb 10 7032 J'ne
78 May
131$ Jan 15
1312 May
934 J'ne
3172 Jan
2314 Jan 31 21 Dee
9312 Jan
8434 Jan 22 81 J'no
7818 Jan 24 7038 J'ne 841,4 .1ati
2058 Feb 4 1534 Jan
2373 Itch
34 Jan 29 2912 J'ne
3712 deli
573k Jan 31 6314 Dec 61% Jan
4634 Feb 6 37 J'ne
50 Jan
2714 Feb 19 12012 J'ne 11,261s Dee
201s Jan 15 18 Nov
2812 Jan
8618 Jan 23 7552 J'ne
853.4 Dee
4 Xis
714 Deo
7'2 Jan 14
47 Jan 15 4134 Nov
5113 Jan
86 Jan 28 8034 J'ne
0112 Feb
BALTimo:tE
Coal & 0 By lit 5s'19A-0
0814 ___ Coal & I fly 1st 53'20 F-A
1121-2 Col & Grnv 1st (Si 1915 J-J
Consol Gras Is 1839__J-D
A-0
uon 4jis 1954
Cons
E & P 43.s '35 .74
Coal 5s 1950J-D
10112-2 10214
1:6511
Fair & CI Tr 1st Is'38 A-0
(la & Ala 1st Ion 5s '45 J-J
(la Car&N 1st s g '29 ..-J
---_ 75 Georgia!' 1st 6s 1922__J-J
Ga So & Fla 1st Is '45_J-J
7312 7414 0-11-8 Brew 3-4s '51_31-8
83 ____ Houston 011 div ctfs F-A
Kuoxv Trac let Is'28 A-0
Macon:ty&Lt let 58'53J-J
Md Elec liy 181 Is '31 A-()
Memphis St 1st 53
Monon V Trac 5s '42 J-D
127 12712
Ver Cot Duck lit Si,..,
150
NptN & 0 1' let 53'3851-N
93 94 N & A Term! Si '20...M-8
25 __
or&Port Tr 1st 53'36 J-D
---Nor!fly & 1. 5s '49__M-N
05
75 ---- North Cent 434s 1925 A-0
12
:eries A Is 1025____J-J
Series 11 Is 1926..--J-J
Pitt Un Trac Is 1097__J-J
Poto Val let Is 1941___J-J
92 ____ Say Fla & West Is '34 A-0
Scab Air L 4s 1950
98
A-0
10112 1013-4 Scab & Roan Is 1925__J-J
4011111 Bound 1st 5s_A-0
0934
94 U El L&P lst 4 Yis'29M-N
9912
Un Hy& El 1st 4s
M-S
9184 93
Income 4s 1949
J-D
Funding Is 1036 J-D
_ .2
9512 _06_1
10412
Cony notes 5s 1914 J-J
105 ____ Va Mid 3d ser 6s '16_M-S
4th ser
104 __
s 1921 51-8
10
04
5th series 58 1926-M-S
212
102
__ Va (State) 33 new''32_J-J
Fund debt 2-3s 1991 J-J
93 9334
___ West :r C con Is 191 I_J-.1
101 10112 Wil & Weld 51; 1335___J-J
Bid
An
92 91
98 99
10134
10512
9412 9454
88 8352
89
90
101
104
103 10334
10712
104
25
78
idi
95
07
9831 9914
9412 96
35
36
_
_8712 83
07 9714
101
100
106
103
104
85
10334
104
92
8312
6412
64
8612
9972
101
102
104
86
82
10014
106
--
1306
THE CHRONICLE
[VOL. xavm.
all
linvestmtut and !Railroad $txteitigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page
Latest Gross Earnings.
ItOADS.
Week or
Month.
Current
Year.
Latest Gross Earnings.
Ju.y 1 to Latest Date.
Provious
Year.
Current
Year.
Previous
Year.
Ala N 0& Tex Pacs
.
$
$
NO & Nor East- March.-- 319,912 348,316 3,080,719 2,941,012
Ala & Vicksburg... March__ 144,940 165.264 1.436,905 1,428,989
Vicks Shrev &Pac March__ .. 155.713 158.420 1.408.959 1,324,767
Ann Arbo:
28 wk Air
43,160
41.896 1,838.909 1,805,019
Atch Topeka & S Fe February .. 7,885,040 9,047,304 74,332,735 79,974,553
Atlanta Birm & At! February - 272.741 250.491 2,393,218 2,182,604
Atlantic Coast Line February.... 3,235,247 3,360,451 23,894,671 23,594,040
Chariest & W Car February - 157,415 164.534 1.408.061 1,261,970
Lou Ilend & St L February _ 103,482
97,452
916,107
828,923
y Baltimore & Ohio_ February _ 6,336,317 7,362,870 66,286,442 68,216,212
B &0 Ch Ter ItR February_ 100,228 121,040 1,121,172 1,203.286
Bangor & Aroostook February _ 248,868 205,680 2,346,833 2,015,214
Bessemer & L Erie_ February__ 259,026 365,341 5,888,349 5,860,522
Birmingham South_ February _
79,510 105,154
800,384
807,474
February... 3,011,491 3.496,714 31,868,458 32,886,119
Boston & Maine
Buff Roch Sc Pitts 3d wk Ar 155,120 209,102 9,113,689 8,856,295
February... 177,655 199,357 1,602,824 1,636,446
Buffalo & SUSq
Canadian Northern 28 wk Ar 367,400 398,600 18,532,100 17,628,800
Canadian Pacific 2d wk Apr 2.234.000 2.645.000 104665551 109186483
Central of Georgia_ February _ 1,150,109 1,099,354 9,932,075 9,571,937
Central of New Jer_ February _ 2,102,639 2,414,845 21,174,298 21,982,363
Dent New England_ February__ 246,588 255,197 2,484,350 2.480,846
Central Vermont.... February .. 245.921 286,823 2,681,150 2,790.555
Claes & Ohio Lines_ 2d wk Apr 687,893 501.945 28,727,937 27,541,683
Chicago & Alton__ 2d wk Apr 236.721 264,224 11,569,205 12,265,794
Chic Burl & Quincy February - 6,422,590 7,035,296 64,497,936 65,372,143
r Ohic & East!!!... February__ 1,227,028 1.330,420 10,987,149 11,098,702
p Chic Great West.. 2d wk Apr 287,217 263,485 11,419,604 11,095,402
Chic Ind & Loulsv.. 2d wk Apr 121,984 169,496 5,493,722 5,425,805
Ohio Milw & St P.'( February__ 6,144,423 8,584,392 62,404,195 64,350,302
0181c Milk PugSf
;Chic 58 North West February _ 8,228,499 6,658.696 58,980,697 68,808,202
;Chic StPaul M & 0 February - 1,278,832 1,250,054 12,549,008 11,879,838
Chic Terre H & SE February _ 181,256 141,823 1,503,024 1,341,886
(31n Ham & Dayton March ...... 784,484 678,611 7,540,546 7.767,156
Colorado Midland_ February.. 105,571 108.489 1,244,685 1.361,110
I' Colorado & South 28 wk Ar 219,587 252.633 10,801,487 12,113.495
Cornwall
February...
161,533
13.104
19,626
123,589
19,620
Cornwall & Leban'n February_
35,950
283,300
206,333
Cuba Railroad
February.... 488,121 465,147 3,139,875 2,874.421
Delaware & Hudson February - 1,425,991 1,944,913 15.598,487 16,333,154
Del Lack & West February.._ 2.512,256 2,896,011 26,833.574 27,485.176
Deny & Rio Grande 28 wk Apr 382,300 408,300 18.728,325 19,668,688
Western Pacific.... 28 wk API'
97.800 118,100 4.865,592 4,865.489
Denver & Salt. Lake 28 wk Apr
23.750
17,929
907,202
929,030
Detroit Tol & Trent I,'ebruarY 60,051 120,430 1,010,953 1,170,356
26,447
Detroit & Mackinac 28 wk Apr
25,817
963,303
951,303
Dul Sc Iron Range February-- 117.971 108.087 4,971,772 4,755,090
Duluth So Sh Sc At! 2d wk Apr
65.895
60.855 2,729,621 2,623,922
East
Elgin Joliet Sc
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 4406,843 40.965,058 42,261,584
Florida East Coast.. February__ 618,565 663,934 3,188,311 3,1)83,183
657,576
Fonda Johns& Glov February 653,358
67.239
61.831
Georgia Railroad February.... 255,231 255,814 2,303.962 2,085,814
Grand Trunk Pac 1st wk Apr 115,448 113,545 5,553,322
Grand Trunk Syst.. 2d wk Apr 1,025,515 1.057.639 43,221,078 43,307.148
, Grand Trk West_ 28 wk Apr 148.097 154.934 5,663,844 5,763,728
50,047
45,400 1,992,138 1.948,587
'De Gr H & Milw_ 2d wk Apr
Canada Atlantic_ 2d wk Apr
45,467
46,046 1,835,578 1,899,852
Great North System Nlarch ...... 5,161,646 5,475,696 58,177,046 58,766,649
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
Hocking Valley
Illinois Central... .. March.. 5,839,126 5,259,856 50,955,418 19,213,374
- 28 wk Pr 157.000 183.000 8,215,053 9,293,451
Internet Sc Grt Nor
a Interoceanic Mex.. 28 wk Apr 221,756 185,079 7.809.683 6,971.555
Kanawha Sc Mich... February _ 192,482 233,319 2,159,579 2,200,792
March..... 980.970 891,434 8,191,613 8,102,197
ansas City Sou
high & New Eng_ February... 125,830 121.678 1.266,947 1,171,708
Lehigh Valley.-- March...... 3.000,130 2,963,284 29.270,424 31,973,907
uLslana & Arkan- February-- 137.886 135,682 1,163,168 1,119,928
Louisville Sc Nash 2d wk Apr 1.084,410 1,127,285 48,061,087 46,986,378
17.141
18,321
124,329
127,562
Macon Sc Birm'ham March__
February.. 813.525 824,670 7,763,666 7,553,740
eine Central
31,492
34.040
354,756
Maryland Sc l'enna_ February _
337,218
a Mexican Railways 2d wk Apr 232,330 195,600 7.887,400 6,912,900
18.414
12,412
Mineral Range
675,632
341,911
28 wk Apr
Minn Sc St Louls__I 2d wk Apr 183,511 178,586 7,753,596 7,888,322
Iowa Central_ __ f
Minn St P & 8 S M.. 28 wk Apr 541,601 601,967 23.848,601 25,385,989
80,588
80,326
693,954
699,573
rvIlasles1Poi Central_ February....
U Mo Kan Sc Texas.. 2d. wk Apr 496,203 510.121 25.726,294 26,288,220
t Missouri Pacific 28 wk Apr 1,030,000 1,075,000 47,980,691 49,731.286
Neb.,Chatt & St L February _ 1,010,693 1,100,271 8,635,987 8,869,959
a Nat Rys of Mex..t 28 wk Apr 692,169 964,936 28,975,945 48,425,569
7,564
Nevada-Cal-Oregon 2d wk Apr
8,624
324,488
289,630
New Or!Great Nor. February... 141,011 156,634 1,275,780 1,145.825
8N Y 0 Sc Hutt lily_ February__ 0,307,879 7.048,757 65,477,100 65,215.535
Boston Sc Albany February__ 1,081.625 1,202,583 11,313,695 11.308,442
Lake Shore & MS February__ 3,599,963 4.638.644 36,481,924 38,755.430
n Lake Erie & W. February.._ 377.875 464,521 3,870.067 4,129,369
Chic Ind & South February__ 311,319 352,610 2,931,935 2,959,746
Michigan Central February-. 2.287.187 2,681,350 23,138,077 23,257,095
Clev ()0 Sc St Li February__ 2.413.077 2,949.517 24.741.188 25,911.464
Peoria& Eastern'
Cincinnati North. February...
99,451 1,020.318
998,199
92.103
Pitts Sc Lake Erie February__ 1,233,397 1.455.627 12.001,502 13,149,563
N Y Chic Sc St L._ February- 879,779 1.027.651 8,065,648 8,644.291
To! Sc Ohio Cent_ February__ 339,076 395,671 3,995,325 3,763.342
Tot all lines aboveFebruary- 18923280 22316382 193036777 198092479
L
ROADS.
Week or
Month.
Current
Year.
July 1 to Latcst Date
Previous
Year.
Current
Year.
Previous
Year.
S
.,
N 0 Mobile AC Chic_ February_ 183.206 191,025 1.503.912 1.670,3941
NY N H & Hartf__ February..., 4,510,302 4,929,729 44,556,389 47.017.548
NY Ont & West__ February__ 551,014 665,671 6,075,060 6.420,730
N Y Susq & West.._ February__ 272,302 298,465 2,603.477 2,482,650
Norfolk Southern.._ February- 323,228 341,486 2.790,371 2,713,017
Norfolk & Western_ February.... 3,017,253 3,411.632 29,835,621 29,374,140
Northern Pacific_ _ February _ 4,221,760 4,611,320 47,720,549 49,567,380
Northwestern Pac. 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
Fennsylvanla RR... February... 12043179 13718462 121780270 120987633
249,400
14,735
Balt()hos & Ad_
218,914
15,122
Vail... February__
Cumberland
February.._ 262.452 287,502 2,343.884 2,324,759
Long Island
February__ 685,978 677,147 8.300,198 7,673,258
110.838
8,634
Maryl'd Del & Va February....
110.135
5,516
NY Phila & Nod February__ 239,693 267,813 2,528,228 2,411,589
Northern Central February__ 832,741 1,012,995 8,887,497 _8,895.560
Phila. Bali &Wash February_ 1,405,105 1,507,012 13,810,810 13.919,897
W Jersey & Seash February... 311,374 340,588 4.408,539 4,404,709
Pennsylvania Co
February... 3,636,830 4,327.191 42,490,231 44,820,240
Grand Rap & Ind February-- 367.764 382,846 3,774,094 3.753,240
Pitts 00 & St L. February__ 2,821,826 3.432,218 29,176,992 30,612.291
Vendetta
February__ 806,883 870,712 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 CoPhila & Reading_ February.._ 3,295,109 4,040,873 32,713,873 34,921,297
Coal & Iron (Jo February__ 2.461.062 2,887.265 21,398,132 29,664,144
Total both cos
February... 5,756.171 6,928,138 54,112,005 64,585,441
Rich Fred & Potom February__ 241,438 241,684 1,857,477 1,850,722
742,091
Rio Grande Juno January __
85,421
667,118
76,189
517,093
Rio Grande South 28 wk Apr
10.120
522,134
13,266
Rock Island Lines February... 4,718,488 5.198.444 46,536,657 48,816,117
February _ 233,560 239,248 2,535,988 2,503,742
Rutland
St Jos & Grand Isl.. February.._ 113,109 100,419 1,105,057 1,079.799
St L Iron Mt & Sou February__ 2,496,398 2,691,743 22,776,641 23,301,387
St L Rocky Mt & P February__ 186.213 200,606 1,665,155 1,488,748
St Louis & San Fran February_ 3,273,353 3,463,750 31,251.593 31,458,842
St Louis Southw
2d wk Apr 205.000 214.000 10,552,687 10,790.513
San P&L LA & 8 L. February... 744,746 797,570 6,912,822 6,818,163
542,826 534,052 20,165,131 19,503,923
Seaboard Air Line 2d wk Ar
Southern Pacific_ _ _ February _ 9,850,724 10453543 93,670,217 98,871,344
Southern Railway... 28 wk Apr 1.326,572 1,288,418 55,797,835 54,699,855
Mobile & Ohio..... 2d wk Apr 210,642 132,892 10,145,899 9,569,396
Cin N 0& Tex 1_ 2d wk Apr 195.9$9 128.337 8,584,034 8,109,138
89,952 4,304,146 4.085,302
90,236
Ala Great South.. 2d wk Apr
48,799 2.090.760 2,061,913
48,709
Georgia Sou & Fla 28 wk Apr
Seek Ford & Seattle February _ 307,347 337,11)7 3,361,851 3,634,527
107,853
73.511
Tenn Ala & Georgia 28 wk Apr
2,931
1,805
Tennessee Central. February... 122.485 130,791 1,142,364 1,114,839
Texas & Pacific_ _ 2d wk Ar 316,103 309,446 15,225,022 14,782.397
70.212
Tidewater & West. February...,
56.230
6,113
8,315
Toledo Peor Sc West 28 wk Apr
17,762 1.045,145 1,094,020
19,904
Toledo St L & West 2d wk Apr
$1,493
94.232 3.653,293 3,377,803
Union Pacific Syst_ February _ 5,909,571 6.474,882 64,294,796 64.793.390
Virginia ,38 So West_ February... 137.365 145,116 1,308,411 1,189,382
Virginian
February _ 388,999 573,197 4,536,718 4,063,823
Wabash
March ___ 2,486,084 2,439,766 28,120,256 24,074,628
Western Maryland.. February.... 567,910 576,896 5,541,807 5,018,335
Wheel Sc Lake Erie.. March...__ 717.553 464,031 6,228,750 5,945,370
Wrightsv & Tennille February _
212,055
29,794
251,552
26,188
Yazoo Sc MISS Vett_ March ___ 1.016,753 1.039,608 9,955,581 8,523,798
Various Fiscal Years.
Psriod,
Delaware Sc Hudson
Tan
NY Central & Hudson River_e_ Jan
Jan
Boston Sc Albany.
Lake Shore Sc Michigan South Jan
Lake Erie Sc Western_n
Jan
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis
Cincinnati Northern
Jan
Jan
Pittsburgh Sc Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan
Jan
Cumberland Valley
Jan
Long Island
Maryland Delaw Sc Virginia_ Jan
N Y Philadelphia Sc Norfolk. Jan
Jan
Northern Central
Phila }Jett Sc Washington.... Jan
Jan
West Jersey Sc Seashore
Jan
Pennsylvania Company
Grand Rapids Sc Indiana... Jan
Jan
Pitts Ole Chic Sc St Louis
Jab
Vendetta
Total lines-East Pitts Sc Erie Jan
-West Pitts Sc Erie Jan
-All lines E Sc W..... Jan
Rio Grande Junction
Dec
Jan
Rutland
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Current
Year.
Previous ,
Year. '..,
S
$
28 3,193,746 4,025,094
28 13,426,930 14,768,267
28 2.321,798 2,529,996
28 7,574,359 9,517.736
943,301
811,680
28
749,718
666.912
28
28 4,831,329 5.582.736
28 5,122,415 5,968,622
196,308
198,643
28
28 2,352,411 3.057.881
28 1,847,825 2,145.327
819,379
717,856
28
28 39,872,158 46,279,271
28 25,832,867 28.410,150
29.081
28
32,221
533,941
567,703
28
28 1,488,755 1.404,669
14,502
17,501
28
508.464
541.544
28
28 1,824,605 2.061,482
28 2,972.748 3.142.453
700,29i
649.469
28
28 7.777,503 9.369.539
813.68
28
773.384
28 6,104,804 7,366,59
28 1,709,978 1.820.81
28 35,170,191 38.828.41
28 16,729,468 19,638,57
28 51,899,660 58,466.99
139.449
170,05
31
494,960
508,50
28
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curren'
Year.
Previous
Increase or
Year.
Decrease.
%
$
$
Yr.
Prev.
It
Yr.
Cur.
Mileage.
$
S
3
-920,905 7.16
June
1st week Feb (39 roads).___ 11,942,759 12,863,664
230,074 227,242 259,703,994 242,830,546 +16,873,448 0.91
July
2d week Feb (39 roads)..___ 11,700,915 12,798,605 -1,097,690 8.58
208,084 203,773 235,849,764 223.813,526 +12.036,238 LB
August
Bd week Feb (36 roads)._ 11,896,262 13.34-1.139 -1,447,877 10.85
919.492 216,709 259.835.029 255.493.023 +4,342.008 1.50
4th week Feb (40 roads)..._.. 12.677,952 14,487,059 -1.809,107 12.49
September 242.097 239,050 285,050,042 275,244.811 +9.805,231 3.57
18t week Mar 139 roads)...._ 12,041,222 13,077,596 -1.036.374 7.92
October
243,690 240,886 299,195,006 300,476,017 -1,281.011 0.4
-615,241 4.51
2d week Mar 40 roads)..... 12,983,752 13,598.993
November_213.745 241,452 269.220,882 278,364,478 -9,143,593 3.34
-650,901 4.78
December 243,322 241,180 254,218,891 268,224,6781-12,005,787 4.6
gd week Mar 39 roads).....12,973,662 13,624,563
4th week Mar 39 roads)._ 17,940,163 18.161,250
-221,087 1.20
January
243,732 241,469 233,073,834 249.958,641!-16,884.S07 6.7
-29,061 0.23
1st week Apr (38 roads)____ 12,582,203 12,611,264
February_ - _244,925 242,928 209,233,005 233,056,1431-23,823.138 10
nd %rook Am. (30 roads)
12.536.858 12.090.105
-453.249 3.49
March
92.405 00.774 70.785.810 72.978.97 -2.191.364 3.01
a Mexican currency. b Does not include earnings of Colorado Springs Sc Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York h
34ilteo
.1140
tawa. the St. Lawrence Sc Adirondack and the Ottawa Sc New York Ry., the latter of which, being a Canadian road, does not make returt,
ter-Stato Commerce Commission. f IncludesEvansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain &
y. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City Sc Fort Dodge and Wisconsin Minnesota & Pacific. S
eludes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. 8 Includes the Mexican International. u Includes the Teem Oestral in both Yews_ an.
the Wichita Falls Lines in 191% beginning Nov. 1. o Includes not only operating revenues, but also all other receipts. z Includes St. Louislr09 MOW)*
tale Sc 69utllarn,_22_1Y0 usUfausar-inclutlittbv Mialcansoults in any sat ouLtslitlit.
•Weekly Summaries.
r
%
*Monthly Summaries.
AP1t. 25
THE CHRONICLE
1614.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of April. The table covers 39 roads and shows 3.49%
decrease in the aggregate under the same week last year.
Second week of April.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Chic New On & Texas Pacific_ _
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl
Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Or Hay & Milw_ _
Canada Atlantic
Internat & Great Northern_
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa. Central
Minneapolis St Paul & S S M
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Lino
Southern Railway
Tennessee Alabama & Georgia..
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis &Western _ _ _ _
1914.
1913.
89,952
90,236
41,896
43,160
209,102
165,087
398,600
367,400
2.234,000 2,645,000
501,945
687,893
264,224
236,721
263,485
287,217
169,496
121,984
126,337
195,989
252,633
219,587
382,300
408,300
118,100
97,800
23,750
17,929
26,447
25,817
60,855
55,895
48,799
48,709
Increase. Decrease.
$
284
1,264
27,503
23,732
47,512
33,046
26,000
20,300
5,821
630
4,960
90
157,000
163,000
1,084,410 1,127,285
12,412
18,414
6,000
42,875
6,002
4,925
60,366
13,918
45,000
77,750
8,774
38,154
1,060
3,146
9.000
1,126
6,657
2,142
12,739
425,733
878,982
453,249
36,677
36,700
272,767
-Gross Earnings
--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
Cin Ham & Dayton_ b_ _Mar 784,484
678,611
20,966
8,641
July 1 to Mar 31
7,540,546 7,767,156
744,104 1,784,333
Kansas City South_ b_ _ _Mar 980,970
891,434
347,001
296,899
8,191,613 8,102,197 3,058,258 3,090,470
July 1 to Mar 31
Mar 3,000,130 2,963,284
Lehigh Valley_ b
684,349
656,106
29,270,424 31,973,907 8,340,983 10,459,769
July 1 to Mar 31
Roads.
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Cleveland Elect Ill_a_ _ _Mar 384,984
1,207,357
Jan 1 to Mar 31
68,165
Ft Worth Pow & Lt _a_ _Mar
728,785
Apr 1 to Mar 31
Kansas Gas & Elect_ a_ _Mar 107,612
1,075,620
Apr 1 to Mar 31
gMexican Lt & Power.._Mar 889,848
2,587,760
Jan 1 to Mar 31
62,060
__Feb
gMexican Tel &
749,290
Tel_28
Mar 1 to Feb
47,605
MtWhitney Pow&Elec a Mar
591,440
Apr 1 to Mar 31
Northern States Pow a_Mar 3,962,033
99,939
Pacific Pow & Light_a_ _Mar
1,307,305
Apr 1 to Mar 31
Portland Gas & Coke_a_Mar 102,870
1,285,064
Apr 1 to Mar 31
Southwest Pow & Lt_a_Mar 205,895
2,382,962
Apr 1 to Mar 31
Texas Pow & Light_a_ _Mar 114,567
1,276,997
Apr 1 to Mar 31
333,668
179,937
153,875
1,050,481
600,893
521,660
47,389
35,909
30,419
541,230
425,661
277,981
95,663
34,295
31,781
946,008
389,867
323,882
724,556
620,612
501,528
2,270,430 1,857,986 1,662,787
62,890
33,597
37,300
716,741
373,049
384,609
37,481
24,700
17,889
457,615
319,940
248,425
2,043,398
94,397
48,564
38,569
1,259,462
652,292
611,034
102,986
48,359
48,902
1,205,766
657,750
595,463
167,433
85,962
70,057
2,015.019 1,084,559
879,585
83,902
33,622
25,015
1,044,033
454,493
417,053
a Net earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g Those results are in Mexican currency.
Interest Charges and Surplus.
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Current
Previous
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
II
Cleveland Elect Ill
Mar a37,285
a36,904
142,652
116,971
Jan 1 to Mar 31
al10,132 al10,271
490,761
411,388
Ft Worth Pow & Light_ _Mar
7,019
9,795
26,114
23,400
Apr 1 to Mar 31
90,153
65,978
335,508
212,003
Kansas Gas & Elect.. __Mar
14,860
14,923
19,435
16,858
Apr 1 to Mar 31
176,690
162,515
213,177
161,367
Mt Whitney Pow & El_ _Mar
11,400
9,125
13,300
8,764
Apr 1 to Mar 31
121,360
99,500
198,580
148,925
Northern States Power_Mar 1,232,109
811,289
Pacific Power & Light_ _Mar
30,979
26,735
17,585
11,834
Apr 1 to Mar 31
357,523
295,436
294,769
315,598
Portland Gas & Coke__ _Mar
23,512
19,555
24,847
29,347
Apr 1 to Mar 31
264,337
212,048
393,413
383,415
Texas Power & Lght_ _ _Mar
26,041
13,056
7,581
11,959
Apr 1 to Mar 31
251,639
125,392
202,854
291,661
a Includes preferred stock dividend and amortization of bond discount.
x After allowing for other income received.
1,166,925 9,822,511 11,158,788
1,298,969 8,736,952 9,612.540
Net operating revenue_ ___ -44,754 -132,043 1,085,558
One-twelfth of annual taxes_
33,000
228,000
30,000
-77.754 -162,043
857,558
1,546,248
210,000
1.336,248
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
69,652
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
Companies.
Total operating revenues.. 1,083,474
Total operating expenses__ _ 1,128,229
185,948
32,124
12,536,856 12,990,105
Total (39 roads)
Net decrease (3.49%)
Mexican roads (not included in total)
Interoceanic of Mexico
221,756
185,079
232,300
Mexican Railway
195,600
National Railways of Mexico
692,169
964,936
EXPRESS COMPANIES.
-Month of January- -July 1 to Jan. 3119313.
13.
1914.
193
1914.
Wells Fargo & Co.$
$
Gross receipts from over-- 2,209,150 2,285,939 19,377,111 21,492,690
Express privileges-Dr
1.125.676 1,119.013 9,554,600 10,333,902
Operating income
44,015
31,200
411,000
1,025,515 1,057,639
183.511
178,586
601,967
541,601
496,203
510,121
1,030,000 1,075.000
210,642
132,892
8,624
7,564
13,266
10,120
214,000
205,000
542,826
534,052
1,326,572 1,288,418
1,805
2,931
316,103
309,446
19,904
17,762
94,232
81,493
1307
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
t
$
American Rys Co__ _ March ___ 41,279 399,797 1,2247,274 1,173,075
Atlantic Shore Ry __ March..___
23,195 25,674
64,027
68,053
cAur Elgin & Chic Ry
__ 148,019 141,502
421,126
405,463
Bangor By & Electric February
March- _ 57,347 54,385
113,178
121,034
Baton Rouge Elec Co February _
13,748 11,835
25.262
28,768
Belt LRyCorp(NYC) January -_ 64,786 70,582
64.780
70.582
Berkshire Street Ry_ February__ 67,870 63,668
143,438
136,172
Brazilian Trac, L & P March.._.._ 1982,977 1977,297 5,882,924 5,711,967
Brock & Plym St Ry_ February _
5,786
6,849
14.722
13.119
Bklyn Rap Tran Syst December 2092,454 2005,538 24,901,949 24,353.298
Cape Breton Elec Co February _ 25,285 26,141
55,083
57,976
Chattanooga By & Lt February _ 88,664 88,878
187.897
184,511
Cleve Painesv & East
__ 30,310 27,981
83,937
80,624
March- _ 82,929 81,277
Cleve Southw & Col.. February
176,981
172,820
Columbus(Ga)El Co February _ 53,510 45,690
109,495
96.213
Comw'thPow,Ry&Lt March...__ a242,732 121,122 a779,984
403,571
Coney IsI'd & Bklyn_ December 116,016 111,529 1,668,761 1,590,039
Connecticut Co
February__ 535,364 538,739 1,127.188 1.130.198
Consum Pow (Mich)_ February _ 293,677 265.840
611,745
564,389
Ctunb Co(Me)P & L February__ 168,456 157,324
352,965
329,911
Dallas Electric Co_
February .. 183,066 163,242
384,137
334,057
Detroit United Lines 2d wk Apr 225,842 226,648 3,125,240 3,306,233
DDEB& Bat (ree)_ January .._ 46,839 48.477
46,839
48,477
Duluth-Superior Trac March __ _ 108.110 99,276
304,535
278,662
East St Louis & Sub_ January _- 231.944 213.628
231,.944
213.628
El Paso Electric Co February _ 89,664 75,298
182,377
156,220
42d St M & St N Ave January -- 166,457 153.831
166,457
153.831
Galy-Houston El Co_ February _ 175,051 158,773
372.327
328,388
Grand Rapids By Co February__ 96,747 93,550
199,332
198,113
Harrisburg Railways March ...._. 79,016 77,972
231,249
220,948
Havana El By,L & P
Railway Dept._
Wk Apr 19 53,043 52,451
853,118
841,593
Flonolulu Rapid Tran
November
& Land Co
50.425 48.420
512,387
562,978
Houghton Co Tr Co.. February _ 20,946 22,111
46,490
43,083
blludson & Manhat.. February .. 451,276 438.487
913,387
938,331
Illinois Traction._ _ _ February _ 644,909 615,177 1,361,988 1.283,011
Interboro Rap Tran_ March ___ 3129,766 2958,105 8,832,134 8,461,710
Jacksonville Trac Co. February _ 56,778 49,555
99,378
119,323
Key West Electric_.._ February _
11,110 11,751
23,697
22,896
Lake Shore Elec By.. February .. 90.021 89,200
190,192
195,510
Lehigh Transit Valley March _ ___ 127,713 134,065
374,097
376,590
Lewis Aug & Watery February _ 39.554 41,349
86,301
84,853
Long Island Electric.. December
16,745 15,411
245,152
220,900
Louisville Railway January __ 258,613 260.390
260.390
258,613
Milw El By & Lt Co.. March __ 508,469 515,540 1,538,391 1,502,258
Milw Lt lit & Tr Co.. March ___ 111,427 102,799
294,710
341.276
Monongahela Val Tr_ March _ ___ 77,506 71,997
206,381
225,813
Nashville By & Light February _ 173,144 171,332
357,331
360,975
N Y City Interboro.._ January_ 53,178 46.915
53,178
46,915
N Y & Long Island
December
31,230 28,819
412,657
391,999
NY & North Shore.._ December
12,755 11,771
154.228
164,283
N Y & Queens Co...... December 108,787 104,607 1,385,391 1,331,318
New York Railway._ February _ 951.832 1046.502 2,117,690 2,207,315
N Y Westchest & Hos February__ 25.708 21,075
43,944
55,016
N Y & Stamford Ry_ February__
19,731 20,684
44.106
42,319
Nor Ohio Trac & Lt_ February _ 248,006 222,570
518,966
460,036
North Texas Elec Lt_ February _ 155,976 142,784
329,069
299,831
Northw Pennsylv By January __
25.166 25.730
25,730
25,166
Ocean Electric (L 1)_ December
5,559
142,020
154,109
5,426
Paducah Tr & Lt Co_ February _
26,244 24.372
51,038
51,914
Pensacola Electric Co February _
22,287 22,506
48.823
45,988
Phila Rap Trans Co_ March __ _ 1919,518 2009,442 5,735,050 5,786,667
Port(Ore)RyL&PCo_ February.._ 538,236 530,071 1,120,846 1,083,669
Portland (Me) RR February._ 64,123 64.487
136,282
135,987
PugetSound Tr,L&P February.... 691,464 655.734 1,445,499 1,357,374
Republic By & Light March ___ 250,182 255,177
743,131
727.930
Rhode Island Co_ _ _ _ February__ 358.331 360,273
763,347
762,393
StJoseph(Mo)Ry.1.t.
Heat & Power Co_ March -__ 106.168 103,806
323,635
306,865
Santiago El Lt & Tr_ March....... 37,928 37,713
111,613
114,132
Savannah Electric Co February _ 68,654 82,404
139,115
130,196
Second Avenue (ree)_ December
79,336 82,922 1,042,628
989,209
Southern Boulevard_ January __
17.228 14,081
17,228
14.081
Tampa Electric Co.... February _ 80.357 62,356
160,515
130.513
Third Avenue
January __ 344,706 326,444
344,706
326.444
Toronto Street By..... February... 461.274 434.380
906.841
963.117
Twin City Rap Tran_ 2d wk Apr 178,370 161,236 2.512,538 2,355,115
Underground Elec Ry of London London Elec By.. _ Wk Apr 11 £13,305 £14,385 £218,165 £216,735
Metropolitan Dist_ Wk Apr 11 £12,696 .C13,273 £198,093 £197,515
London Gen Bus_ _ Wk Apr 11 £60,629 £55,109 £832,349 £819,465
Union Ry Co of NYC January __ 209.083 201.749
201.740
209,083
United Rys of St L.._ February__ 917,891 924,368 1,958.181 1.921.563
Virginia Ry & Power_ March........ 415,399 396,443 1,244,391 1,185,250
Wash Balto & Annap March ___ 57,840 90,360
168,607
190,926
Westchester Electric_ January __ 42,573 40,805
42,573
40.805
Westchester St RR February.... 14,909 14,601
32.422
32,055
Western Rys & Light February.._ 201,925 191,247
431,665
402,547
Wisconsin Gas & Elec January __
74.361 63,158
74,361
63.158
Yonkers Railroad_
January __ 55,566 28,486
55.566
28.486
York Railways_
March ____ 64,716 61,469
195,509
178,091
Youngstown & Ohio_ February _
18,092 17,185
38,358
35.327
Vntintretnwn
Ar Annth Peatrimry
11 029
IA 0.11
9,1 252A
99 RAQ
a Includes earnings on the additional stock acquired May 1 1913. b Represents income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
$
Aurora Elgin & Chic a...Mar 148,019
141,502
49,526
49,408
July 1 to Mar 31
1.520,206 1,455.949
553,208
595,709
Brazilian Tr.L & Pow_ _Mar 1,982,977 1,977,297 1.135,164 1,068,637
Jan 1 to Mar 31
5,882.924 5,711,967 3.350,042 3,064,135
Clove Painesv & East_ a_Mar
30,310
27,981
14,156
12,767
Jan 1 to Mar 31
83.937
80,624
34,756
32,820
Commonw P,Ry&Lt_a_Mar *242,732
121.122 *233,328
115.055
Jan 1 to Mar 31
*779,984
403,571 *749,641
Duluth-Superior Trac.b.Mar 108,110
99,276
46,483
34,408
Jan 1 to Mar 31
304,535
278,662
116,646
96,883
Interborough R T_a_ _ _ _Mar 3,129,766 2,958,105 1,814,872 1,618,179
July 1 to Mar 31
24,831,587 24,198,879 13,604,637 12,715,201
Lehigh Valley Trans_b_Mar 127,713
134.065
54,169
63,351
Jan 1 to Mar 31
376,590
374,097
166.935
170,525
Roads.
THE CHRONICLE
1308
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
$
$
3
606,411
307,786
(Mexico Tramways..__ _Mar 617,654
327,644
Jan 1 to Mar 31
856,080
765,753
1,750,819 1,497,407
Milw Elec Ry & Lt a_ __Mar 508,469
515,540
133,716
140,811
Jan 1 to Mar 31
1,538,391 1,502,258
422,527
405,561
Milw Lt Ht & Trac a_ - _Mar 111,427
102,799
35,127
32,078
Jan 1 to Mar 31
294.710
107,563
89,324
341,276
Monongahela Val Tr_b_Mar
77,506
48,600
47,353
71,997
Jan 1 to Mar 31
225,813
206,381
139,164
135.111
Nashville By & Light_ b_Feb 173,144
171,332
82,728
66,252
Jan 1 to Pb 782
360,975
357,331
144,725
174,106
790,174
Phfla Rapid Transit_ ___Mar 1,949,518 2,009,442
761,927
July 1 to Mar 31
17,974,593 17,712,792 7,352,020 7,074,078
Republic By & Lt, including
82,087
Subsidiary cos
a Mar 250,182
102,651
255,177
267,948
Jan 1 to Mar 31
303,837
743,131
727,930
210,278
197,019
Virginia By & Power_b_Mar 415,399
396,443
July 1 to Mar 31
3,863.509 3,629,162 1,932,533 1.815,241
20,517
54,601
90,360
Wash Bait & Annap_ b_ _Mar
57,840
190,926
59.692
89,528
168.607
Jan 1 to Mar 31
*Incluia. eamings on the additional stocks acquired May 1 1913.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
Roads.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
Aurora Elgin & Chicago.Mar
36,351
32,341
17,129
13,175
July 1 to Mar 31
309,698
289,327
243,510
306,378
Cleve Painesv & East__ _Mar
11,167
10,421
2,989
2,346
Jan 1 to Mar 31
1,699
32,784
31,121
1,971
Commonw P,Ry & Lt__Mar
108,283
171,233
6,771
62,095
363,884
Jan 1 to Mar 31
573,019
20.313
176,622
9.210
Duluth-Superior Trac__Mar
20,835
25,648
25,198
23,658
73,224
40,655
Jan 1 to Mar 31
75,991
925,793 x952,609 x738,810
Interborough Rap Tran_Mar 912,523
8,392,464 8,274,812 x5,676,407 x4,757,304
July 1 to Mar 31
46,070
def3.260
57,429
17,281
Lehigh Valley Transit_ _Mar
136,121
168,210
def1,275
34,404
Jan 1 to Mar .31
62,127
x68,373
71,489
Mar
x77,888
Milw Elec Ry & Lt
213,791
181,567 x223,216 x227,757
Jan 1 to Mar 31
Mar
53,798
50,846
x26,729
x26,777
Milw Lt Ht & Trac
153,976
163,175
x79,090
Jan 1 to Mar 31
x70,518
25.236
24,106
Monongahela Vail Trac_Mar
23,364
23,247
76,348
72,310
Jan 1 to Mar 31
62,816
62,801
59,058
57,161
Nashville By & Light_ __Feb
7,194
25,567
119,697
115,940
Jan 1 to Feb 28
25,028
58,166
765,092 def41,017
Philadelphia Rap Tran_Mar 802,944
25,082
7,204,019 6,862,519
July 1 to Mar 31
148,001
211,559
Republic By & Light, incl
Mar
43,704
46,302
35,785
Subsidiary cos
58,946
131,555
137,944
Jan 1 to Mar 31
129,955
172,281
126,525
Virginia By & Power_ _ _Mar 134,542
z81,332
x78,003
1,208,990 1,117,232 x788,061 x762,508
July I to Mar 31
24,652
24,978 xdef2,019
Wash Bait & Annapolis_Mar
x30,194
Jan 1 to Mar 31
72,868
z19,642
71,555 xelef6,553
z After allowing for other income received.
Roads.
ANNUAL REPORTS.
Annual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies w!lich have been published since March 28.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Page.
Railroad-Atlanta Birmingham de Atlantic RR.
(Expert and Receiver's Report
1067, 1091
March 20)
Baltimore Chesapeake & Atl. Ry___ 999
Chicago Indiana & Southern RR__ _1070
1070
Cincinnati Northern RR
Clevel Cin. Chic.& St. L. Ry_1066, 1085
1071
Cumberland Valley RR
1150, 1168
Delaware & Hudson Co
1067
Green Bay & Western RR
Hudson & Manhattan RR_ __1067, 1093
1071
Lake Erie & Western RR
Lake Shore & Mich. So. By._1066, 1080
1210
Long Island RR
Maryland Delaware & Virginia By. 999
1066, 1083
Michigan Central RR
N.Y. Cent (ic Hud. Rlv. RR_1065, 1077
N. Y. New Haven & Hartford RR_ _1239
Pitts. Cin. Chic. & St. L. Ry_1085, 1087
1210
Pittsburgh & Lake Erie RR
1073
Toledo & Ohio Central By
993
Vandalla RR
Western N. Y. & Pennsylvania Ry_1153
Electric RailwaysAugusta-Alken By. de Elec. Corp_ _1243
Chicago-Milwaukee Electric RR_ _1155
1071
Eastern Pennsylvania Rys
Eastern Wisconsin Ry. & Light Co_ 999
Ft. Wayne & Nor. Ind. Trac. Co_ _1071
Public Service Corp. of N. J_1161, 1151
Puget Sound Trac., Lt. & Pow. Co_1157
Santiago Elec. Light & Traction Co_1157
1158
United Gas & Electric Corp
1074
United RRs. of San Francisco
United Rys.& Elec. Co., Baltimore_1211
United Rys. Investment Co..1151, 1170
Wash. Bait. & Annapolis Elec. RR_1246
Washington (D.C.) By.& Elec. Co_1211
1001
Wisconsin Electric RY
Industrials(6
mos.
ending
Adams Express Co.
1153
Dec. 31)
American Gas Co., Philadelphia_....1069
American Pneumatic Service CO.....l074
American Power & Light Co
1158
American Smelt. & Ref. Co., N. Y_ 993
American Zinc Lead & Smelting Co_1247
996
Assets Realization Co
Associated Oil Co
1247
British Columbia Packers' Assn__ _1074
1159
Bush Terminal Co., New York
Calumet & Arizona Mining Co
1247
998
Canada Cement Co., Ltd
Canadian Westinghouse Co., Ltd..1075
(J I.) Case Threshing Machine Co,
1152
Racine, Wis
Central & South Amer. Teleg. Co_ _1002
Central Coal & Coke Co., Kan. City 997
1217
Chino Copper Co
Citizens' Gas Co. of Indianapolis...1159
Columbia Gas & Elec. Co., Cinc
995
Industrials (Concluded)Page.
Consolidation Coal Co., Baltimore_ 997
Consumers' Co., Chicago (101i mos.
ending Dec. 31)
998
Corn Products Refining Co
996
Cuyahoga Telephone Co
1002
Delaware Lack. & West. Coal Co_ _1217
Dunlop Tire & Rubber Goods Co.,
Montreal
1002
East Butte Copper Mining Co
1159
Eastman Kodak Co., Rochester_ _1153
Electric Storage Battery Co., Phila. 998
Federal Mining & Smelting Co
1075
General Chemical Co., New York_ _1247
General By. Signal Co., Rochester_ 998
Goldfield Consolidated Mines Co._ _1075
Great Northern Iron Ore Properties_1159
Hawaiian Commercial & Sugar Co_1217
Imperial Tobacco Co
1003
Ingersoll-Rand Co., New York
1243
Island Creek Coal Co
1159
Kelly-Springfield Tire Co., Jer, City 1243
Loose-Wiles Biscuit Co., New York_1069
Marconi Wireless Telegraph Co. of
America (11 mos. end. Dec. 31)..1242
May Department Stores Co., N. Y. 993
Mexican Telegraph Co
1003
McCall Corporation, New York_ .._ _1068
Miami Copper Co
1159
National Lead Co
994
Nevada Consolidated Copper Co__ _1218
New York Transportation Co
1160
Niagara Lockport & Ont. Pow. Co_1003
Old Dominion Copper Mining &
Smelting Co., N. J
1075
1075
Oro Electric Corporation
Pabst Brewing Co., Milw_ __ _1242, 1251
Pacific Light & Pow. Corp., Los A.1248
Phelps, Dodge & Co., New York_ _1067
Philadelphia Electric Co
1154
Pocahontas Cons. Collieries Co.,Inc.1248
1248
Ray Consolidated Copper Co
Reece Button-Hole Mach. Co.,Bost.1248
Riordon Pulp & Paper Co., Ltd_ _ _ _1248
Rubber Goods Mfg. Co
1160
(M.) Rumely Co., La Porte, Ind__ _1152
Sawyer-Massey Co., Hamilton, Ont_1004
Sloss-Sheffield Steel & Iron Co.1151, 1166
Standard Gas & Elec. Co., Chicago_ 1160
Standard 011 Co. of Indiana (balance
sheet Dec. 31)
1076
Steel Co. of Canada, Ltd
1248
Sulzberger & Sons Co
1242
Tonopah-Belmont Development Co_1248
Tri-State Telephone & Telegraph
Co., Minneapolis
1248
Union Bag & Paper Co., Now York_ 995
Union Oil Co. of California
1153
United Cigar Mfrs. Co., N. Y
998
United Cigar Stores Co. of America_1248
1160
Utah Consolidated Mining Co
Western Electric Co
997
Western Union Tel, Co_1153, 1242, 1249
VOL.1
=val.
Lake Erie & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1913.)
Senior V.-Pres. Alfred H.Smith, N. Y., says in substance:
Results.-The total operating revenues were $5,934,643, an increase of
$95,013. Freight revenue increased $62,114, due to a heavier movement
of nearly all commodities, particularly anthracite and bituminous coal,
lumber and manufactured articles.
The passenger revenue was $880,967, an increase of $12,099. The revenue from interline and excursion business showed a substantial increase,
while revenue from local business showed a decrease due to increased
electric line competition on the Ft. Wayne Cin. & Louisville Division.
The cost of maintenance of way and structures increased $106,267, including $41,428 due to floods in March and April. Maintenance of equipment increased $177,630, principally for heavier repairs.
Deductions from gross income increased $119,127, owing to heavier
charges for hire of equipment caused partially by increase in per diem rate
from 30c. to 45c. per day, and partially by depletion of owned equipment
on account of retirements which are largely involuntary, owing to the
weakness and advanced age of cars destroyed. The deficit for the year,
after deductions from gross income, was $216,061.
Additions and Betterments.-Amount charged to capital account$353,094.
The improvements to roadway and track included. 1 mile of main track
renewed with 90-1b. rail; 39.17 miles main track were renewed with 80-lb.
rail; 10.66 miles main track were renewed with 75-lb. rail; 17.27 miles main
track ballasted with stone; 61.9 miles main track ballasted and surfaced
with gravel; 47 miles of roadbed were widened to conform with standard.
Three new steel bridges and 22 permanent culverts replaced wooden
trestles. The separation of grades between highway and main track of
Indianapolis and Michigan City divisions south of Noblesville, which was
ordered by the Indiana P. U. Commission, was nearly completed. New
automatic signals were installed between Indianapolis, Indiana and Tipton,
Ind., 37.51 miles of single track.
Wages.-The decision of an arbitration board on Nov. 10 1913 increased
the wages of conductors and trainmen employed by this company 7.2%.
or approximately $31,000 per annum.
OPERATING STATISTICS.
1910.
1911.
Operations1913.
1912.
886
886
Miles operated Dec. 31._
'906
906
1,753,290
1,791,218
Passengers carried
1,700,813
1,698,638
Passengers one mile_ _
48,225,751 46,344,711 54,839,142 55,939,499
1.57 cts.
Rate per pass. per mile_
1.83 cts.
1.87 cts.
1.63 cts.
$0.76
Earns, per pass. train m.
$0.80
$0.77
$0.77
4,938,818
*Freight (tons) carried_ 5,611,434
5,472,630 4,991,361
*Freight(tons) one mile.728,097,413 708,773,446 663,954,830 661,394,292
Rate per ton per mile_ _ _ 0.648 cts. 0.656 cts. 0.636 cts. 0.656 cts.
Earns. per fght. train m.
$2.28
$2.36
$2.43
$2.19
Earns, per mile of road_
36.221
$6,448
$6,553
$6,118
347.64
Av.train-load(rev.) tons
359.02
344.92
374.83
* Revenue freight only.
EARNINGS, CHARGES, &C.
1910.
1913.
1912.
1911.
Earnings$4.714,681 $4,652,567 $4,220,989 $4,339,196
Freight
875,763
880,967
868,868
895.433
Passenger
280,429
262,395
Mall, express and misc.. 285,969
267,289
37,766
53,026
37,110
35,972
Other than transportat'n
Total oper. revenue.._35,934,643 $5,839,630 $5,420,821 $5,513,326
Expenses$847,667
$841,728
$869,039
Maint. way & structures_ $953,934
1,054,620
996,600
1,032,747
Maint. of equipment..,.. 1,232,251
153,598
142,245
178,762
165,979
Traffic expenses
2,164,413 2,076,035
2,278,296
Transportation expenses_ 2,352,576
139,282
140,510
136,538
General expenses
146,740
Total expenses
$4,851,480 $4,459,366 $4,295,621 $4,297,093
(77.94)
(79.24)
Per cent exp. to earns_ _ _
(76.36)
(81.75)
Net operating revenue_..$1,083,163 $1,380,264 $1,125,200 $1,216,233
224,482
231,532
Taxes accrued
257,779
238,867
Operating income
Rents,interest,&c
3825,384 $1,141,397
113,037
119,435
$893,668
119,471
$991,751
108,063
Gross corp. income_ _ _ $944,819 $1,254,434 $1,013,139 $1,099,814
Deduct$127,891
$133,194
3131,215
$132,517
Rentals leased line
244,858
388,612
268,251
233,302
Hire of equip., rents, &c_
551,525
543,750
543,750
Interest on bonds, &c__ _
543,750
98,537
.64,585
95,324
Other interest
115,794
209,442
136,764
Additions St betterments_
$1,160,880 $1,251,195 $1,025,363 $1,125,623
Total deductions
def.3216,061 sur.$3,239 def.$12,224 def.$25,809
Balance
GENERAL BALANCE SHEET DECEMBER 31.
1912.
1913.
1912.
1913.
AssetsRoad & equip't_ _a36,191,876 36,053,230
192,50°
Securities owned__
187,506
26,899
Oth.physical prop.
Advances to con62,998
trolled, &c., cos.
87,296
701,557
Cash
530,201
508,497
Material & supp
655,751
Traffic and other
340,107
neetq. receivable 412,722
47,766
Miscellaneous_
41,677
Other def'd debit
87,863
118,051
items
Total
38,205,083 38,001,224
LiabilittesCommon stock.._11,840,000
Preferred stock._ _11,840,000
Vfortgage bonds_ _10,875,000
1,679,075
Bills payable
Vouchers & wages. 1,005,406
Misc. accts. pay284,333
able
278,275
Matured interest_
Accr. taxes & miscl 254,055
Add. to prop., inc.
since June 30'07 403,171
Profit and loss_ -deb.232,232
Total
11,840,000
11,840,000
10,875,000
1,679,075
628,729
253,557
275,900
210,268
403,171
deb.4,473
38,205,083 38,001,224
a After deducting equipment replacement fund, $499,177, and $73,946
accrued depreciation reserve.-V. 98, p. 1071.
Toledo & Ohio Central Railway.
(Report for Fiscal Year ending Dec. 311913.)
Senior V.-Pres. Alfred H. Smith says in substance:
Results.-The total operating revenues were $6,017,094, an increase of
The increase in tonnage
$654,076. Freight revenue increased $586,954. increase
miscellaneous
carried was 1,013,396 tons. There was a slight being inincoal
and coke
commodities, the principal increases, however,
mills
from
4.33
to 4.10 mills.
mile
per
ton
receipts
per
reducing
the
tonnage,
Expenses of maintenance of way department were heavily increased by
to tracks and structures
the disastrous flood in March 1913,causing damagesevere
being in the city
at various points estimated at 3115,000, the most
of Columbus. Increase in maintenance of equipment expenses was due to
heavy retirements and engine and car repairs. In the heavy increase in
transportation expenses is reflected the increased wages of trainmen due to
various arbitration awards. While there was an increase of about 10% in
revenues, the increase in cost of transportation expenses was over 17%.
Deductions from gross income increased $220,405 due to hire of equipment balance, increased interest on funded and other indebtedness,and increased loss in operation of Zanesville & Western By.
The not corporate income, $441,227, was carried to profit and loss.
uipment.-Out of $24,000,000 of certificates authorized under the
N. . Central Lines Equipment Trust of 1913 there were issued during the
year an aggregate of $15,494,000. The cost of the equipment to be assigned
to this company in connection therewith is about 31,253,487, and its pro
rata amount of certificates representing not to exceed 90% of the cost is
$1,128,138, embracing 1,000 gondola cars and 3 switching locomotives.
Improvements, &c.-During the year the length of side tracks was increased approximately 72,000 lineal feet; 163,205 main track, 83,941 side
track and 120 sets of switch ties were used for renewals, of which approximately 25% were creosoted. 2,439 tons of 90-1b. and 5,973 tons of 80-lb.
new open-hearth rails were laid in the track. A now standard steel girder
bridge was constructed over the Blanchard River at Findlay, 0.; 659 feet
of timber trestles were replaced with concrete structures and filled. Total
number of lineal feet of timber trestles still in main track, 8,065. 43,000
THE CHRONICLE
APR. 25 1914.1
1309
purchase of the three heavy consolidated type engines which were put into
service in January 1913, which resulted in a decrease of 32.573, or 5%
freight-train miles, and in addition to this there was a decrease in steam
passenger-train miles.
Capitalization.-The funded debt increased $250,000 by the certification
of the Improvement and Extension M. bonds to reimburse the treasury
for betterments. Treasury bonds of this issue unsold 11.250,000.
The serial note issue due May 1 1913 was paid off and a new serial 1-year
6% loan of $653,000 notes (par $1,000) was negotiated, secured by a pledge
of $1,250,000 Improvement and Extension M. bonds with the Empire
Trust Co.(of N.Y.),trustee (see V.96, p. 1088,1295; V.98, p. 1154, 1243).
Taxes.-These have increased abnormally since '11, passage of theGalMdse. braith Act
in Michigan in 1905.
& Misc.
Additions and Betterments.-The expenditures for additions and hetter147,328 ments charged
this account during the year were 84,334 , and extra128.193 ordinary repairsto
and improvements out of current income were '136,410.
132,441
128,351
OPERATIONS AND FISCAL RESULTS.
-cubic yards of crushed stone ballast and 16.100 yards of gravel ballast was
distributed over 31 miles of track. The viaduct at South High St., Columbus, is open for traffic, the grade crossing being permanently closed. The
separation of grades at Parsons Ave. is progressing. The tracks have been
lowered 8 ft. and the viaduct to carry street is about 25% completed.
Additions and betterments of road for the year cost (net) $600,241, the
leading items being: Bridges, trestles and culverts,$37,746; increased
weight of rail, $40,136: ballast, $55,462; sidings and spur tracks, $85,316:
terminal yards, $38,585; elimination of grade crossings, $244,608.
CLASSIFIED TONNAGE.
Agri- --Products of- Manu- Bituminous Ores,
culture. Animals. Forests. factures.
Coal. Coke,&c.
1913.. _483,016 71,518 211.913 665,694 6,319,095 845,037
1912_ _423,077 75,088 226,116 662,230 5,392,013 823,488
1911- _405,960 64,925 232,097 643.168 4,874.460 570,435
1910-.316,234 49,013 240,728 550,044 5,213,962 627.060
TRAFFIC STATISTICS.
1912.
1913.
443
443
1911.
443
1910.
444
Miles operated
Op.:ration:1,266,689
1.109.206
1.223,094
No.passengers carried__ 1,157,804
Pass. carried one mile__ 36.494.637 34.337.799 39,999,635 39,244,542
1.612 cts.
1.592 cts.
1.799 cts.
Rev, per pass. per mile_ 1.775 eta.
7.125,392
7.730,205 6.923,486
8,743.601
Tons moved (revenue)_
Tons moved 1 mile (rev51230348555 1028863434 931.938,059 957,635,714
Rev, per ton per mile__ 0.410 cts. 0.433 cts. 0.437 cts. 0.438 cts.
538
555
563
652
Avge. train-load (tons).
$0.82
$0.84
$0.86
Earn, per pass. train m$0.91
$2.35
$2.44
$2.43
$2.68
Earn, per fgt. train mile
$11,458
$11,210
$12,110
$13,587
•Gross earnings per mile_
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
Note.-The items marked a having been changed in 1911 for purposes
of comparison with 1912 figures, the comparisons of those items with 1910
figures are inaccurate.
1912.
1913.
1910.
1911.
$5,043,102 $4,456,148 $4,069,352 $4,190,235
Freight revenue
647,688
632,715
617,674
636,685
Passenger revenue
182,193
150,272
175,129
149,608
Mail, express, &c
114,067
116,764
83,001
Other than transportat'n 144.111
Total oper. revenues_ _$6,017,094 $5,363,018 $4,938,646 $5,089,986
Maint. of way & struc__ -31,039,140
$780,896
$680,600
$839,280
Maint. of equipment.... 1,172,911
1,006,229
a766,759
a901,253
Traffic expenses
94,235
76,980
84,751
78,065
Transportation
2,255,241
1,914,093
1,628,364
1,720,563
General
117.598
108,388
89.111
101,074
Total
$4,679,125 $3,886,585 a$3,646,922 a$3,242,881
Net operating revenue_ _ ..31,337,989 $1,476,433 a$1,291,724 a$1,847,105
,Outisde oper.-net deficit
8,397
8,016
8,581
Taxes accrued
258,487
252,577
246,237
202,780
1909-10.
1(11-12.
1910-11.
19H-13.
tile; era'ed
292
292
292
292
carried
841,422
1.146,539 1.089,353
949.902
Pass, carried one mile
_0,i. 9,644 31,367,512 28,787.790 26,850,309
Rate per pass. per mile. 1. ctq
1.74 eta.
1.70 cts.
1.72 cts.
Pass. earns, per train m _ 82 22 eta
77.02 cts. 96.24 cts. 95.43 cts.
Tons carried (revenue,. 1.977.900
1,737,184
1,775,291
1,945,977
Tons carr'd 1 en. (rev.)-279,587,372 274,971,595 2 3,802.696 250,223.316
Rate per ton per mile.,.,'. 0.495 cts. 0.526 cts. 0.566 cts. 0.505 eta.
Fgt.earns, per train mile
2.37
$2.34
$2.47
2.35
Gross earnings per mile_
$6,359
$6,628
.7.101
,7.264
Avge. tons per train mile
480
463
437
447
Operating RevenuesFreight
$1,381,716 31,447,07. $1,323,944 $1,264,661
Passenger
549,655
467,430
541,173
490,488
Mail, express, ace
141,326
120,184
132,137
124,068
Total
$2,072,697 52,120,384 $1,934,616 $1,856,159
Operating ExpensesMaint. way & structures $295,141
$238,049
$298,306
$259,444
Maint. of equipment
259,188
236,678
246,453
245,415
Traffic expenses
49,640
50,442
46,981
48,581
Transportation expenses
743,899
800,711
666,734
642,806
General expenses
87,215
93,568
64,222
85,194
Total
$1,435,083 $1,419,448 $1,305,368 $1,298,768
P. c. expenses to earns
(69.24)
(66.94)
(67.47)
(69.97)
Net operating revenue
$637,614
$700,936
$629,248
$557,391
Outside oper.(net), def.
8,944
7,679
31,041
8,186
Not revenue
Taxes
$628,670
167,159
$693,257
167,827
$621,062
167,827
$526,350
147,967
Operating income_
Other income
$461,511
*53,644
$525,430
51,226
$453,236
52,838
$378,383
72,775
Grossincome
$506,074
$515,155
$576,656
$451,158
DeductOperating income
1638,241
$10,741
$15,932
$52,634
$1,071,084 $1,215,840 a$1,036,906 41,644,325 Hire of equipment
Interest on bonds
280,000
280,000
280,000
280,000
Other IncomeInt. on equip. notes,&c_
52,187
78,131
92,263
28.232
Hire of equipment
$11,741
$83,438 Appropriations & res'ves
$70,548
5,997
Dividends, interest, &c.... $205,967
a174,363
187,462
a151,743
Total
$388,195
$396,372
$342,928
$366,863
Gross corp. income_ _ _ _31,277,051 11,473,850 a$1,223,010 a$1,879.506 Balance,deductions
surplus
$163,146
$180,284
$126,960
$84,295
DeductHire of equipment
$156,321
* Other income includes in 1912-13:Joint facilities,$49,887; interest from
$395,000
395,000
Interest on bonds
$395,000
$395,000 securities and accounts, $1,036; miscellaneous, $2,721.
86,485
Int. on equipment trusts_
50.840
60,760
65,607
55,521
37,945
Other interest
16,342
9,000
GENERAL BALANCE SHEET JUNE 30.
86,784
Deficit of Z.& W. Ry_ _ _
82,032
78,319
34,037
1913.
1913.
1912.
Miscellaneous rents,&c_ _
1912.
55,713
49,602
a63,374
a45,277
AssetsLiabilities-Preferred dividend
(5)185,070 (5)185,070(7%)277.605
Road & equip't__a17,140,259 17,052,807 Preferred stock__ _ 4,000,000 4,000,000
Common dividend
(5)292,315 (5)292,315(73)438,472 Sec.
issued or asAdditions & betterments..
Common stock._ _ 3,250,000 3,250,000
131,829
632,256
sumed-pledged 1,250,000 1,000,000 Mortgage bonds__ 7,000,000 8,000,000
33,566
123,738 Coll, trust notes__ 653,000
600,000
Total deductions
$835,824 $1.092,801 a$1,223,010 a$1,897,254 Other securities __
92,968
88,439 Equipment notes_ 945,000 1,005,000
Balance, surp. or def_ _sur.$441,227sur.3381,046
def.$17,748 Cash
Remit. in transit_
89,790
91,631 Impt.& ext. bonds 1,250,000
Materials & supp_ 142,887
173,912 Loans & bills pay_
72,750
120,000
BALANCE SHEET DECEMBER 31.
Adv.(D.T.&I.Ry.)
1
220,200 Vouchers & wages. 384,288
299,140
1913.
Jackson Ann Arbor
1912.
1913.
1912.
Miscell. liabilities_
62,291
53,050
Asses& Chicago bonds
Liabilities7,000
7,000 Interest matured &
Road & equip't__z23,558,576 21,868,221 Stock,common__ _ 6,500,000 6,500,000 Miscellaneous_ _ 205,862
233,846
accrued
98,586
102,460
Secur. of affil.,&c.,
Stock, preferred_ _ 3,708,000 3,708,000 Cash for purchase
Taxes accrued_ _ _ _
52,608
52,546
cos. unpledged_ 2,556,840 2,515,991 Bonds (see "Ry• &
of new equipm't
759
759 Traffic bals., &c_
5,653
Secs, held in treas. 838,300
888,300 Ind." Section)_ - 8,500,000 8,500,000 Oth.det.deb.items
45,807
184,539 Def. credit items_
25
20.268
10,643
0th. perm:invest_
10,643 Car trusts
2,044,138 1,124,000
Profit
_b1,220,108
and
loss_
1,688,997
_
Marketable bonds. 250,000
250,000 Loans & bills pay_ 1,500,000
600,000
Materials & supp_ 473,909
386,055 Vouchers& wages- 803,268
Total
10,008,899 19,176,871
698,677
Total
19,008,899 19,176,871
746,861
Cash
719,798 Nliscell. accounts_ 257,930
231,741
Loans & bills rec.. 345,367
376,400 8. &V.deficit_
a After deducting reserve for accrued depreciation, $136.341.
920,366
836,837
Agents & conduc.. 171,750
80,356 Accrued Int., divs.
b After adding sundry adjustments, &c., aggregating $10,446, in 1913.
Traffic, &c., bah_ 111,108
117,262 and rents
100,142
529,374 and deducting advances to Detroit Toledo & Ironton Ry., $220,199: and
547,791 Def'd credit items.
Miscell. accounts_ 593,771
25,377
25,163 interest on that amount,$45,364; unextinguished discount on secnrities.
Approp'd surplus_y1,332,583 1,332,583 861,388; sundry adjustments recommended by chartered accountants,
Accrued 8. & W.
653,333 Profit and loss__ _ _z4,830,948 4,430,124 $211,266, and other misc. items amounting to $94,921.-V. 98, p. 1243.
Ry. bond int_ _ _ 733,333
102,352
91,294
Def. debit items
Total
30,531,752 28,516,500
Total
30,531,75.1 28,516,500
x After deducting $204,137 for replacement fund and $614,152for accrued
depreciation. y Appropriated surplus represents additions to property
since June 30 1907 through income. z After adding $40,403 for sundry
adjustments, net.-V. 98, p. 1073.
Ann Arbor Railroad.
(Sixteenth Annual Report-Year ended June 30 1913.)
Pres. Newman Erb, N. Y., Oct. 1 1913, wrote in substance:
Puget Sound Traction, Light & Power Co., Seattle, &c.
(Report for Fiscal Year ending Dec. 31 1913.)
The Stone & Webster Management Association, reports:
Results.-The gross earnings showed an increase of 3.6% over 1912,
which, in view of business conditions in the Pacific Northwest during 1913.
Is very gratifying. Operating expensesincreased 2%,while taxes showed an
increase of 25.6%,due to greatly increased tax rates brought about by many
public improvements,some of which will ultimately benefit the companies.
In spite of this large increase in taxes, net earnings show an increase of
1.8% over 1912 and 4.2% over 1911.
Improvements.-In the Light and Power Department the important additions were: 55,000-volt transmission line from Snoqualmie Falls to Everett,
to carry additional power into Everett and serve intermediate points:
additional extensions out of Bellingham and Tacoma; distributing systems
In Bothell and Telt purchased; a largo number of short-line extensions.
In the Railway Department a considerable amount of paving was done as
required by ordinance and franchise; this paving entailed in many cases
the reconstruction of the road-bed and laying of heavier rail: 20 new passenger cars were purchased and 5 new box cars for freight service.
Outtook.-The year 1914 opens with business sentiment much more hopeful in the Northwest than it was during 1913, although no great activity
in general business is looked for until well into the year. While the lumber
industry was very quiet during 1913, better results are expected for 1914,
as many large orders have been placed by the railroads for spring and summer delivery. Wholesalers are looking forward to a healthy volume of
trade with Alaska and the retail business is expected to be better than for
some years past, owing in part to the arrival in Puget Sound cities of a
large number of people from Northwest Canada and the Middle West.
Already the railway dept. earnings are showing large increases over the
early part of 1913. We expect gratifying light and power results.
RESULTS FOR YEARS ENDING DEC. 31.
1912.
1913.
1913.
1912.
Railway dept _ _ _ _35,950,788 $5,599,130 Net earnings
$3,605,224 $3,541,549
Light & pow.dept. 2,244,705 2,177,543 DeductGas department__
55,741 Interest charges_31,311,436 $1,752,375
57,443
Steam-heat dept.._ 315,712
299,589 Bond sink. funds_ 251,583
223,875
Other earnings__ _
44,954
131,845 Prof. divs_ _ _ _(6%)641,542(4 .6)428,193
Common div__(470)742,253 (3)549,301
Total earnings-$8,613,600 $8,313,848 By subsidiary comOper. expenses_ _ _$4,266,978 $4,182,035
panies other than
Taxes
741,398
590,264 P.S.T.L.&PCo.
300,293
Results.-In the reports filed with the I.-S. C.
this year's
earnings were charged with certain switching billsCommission,
and other items which
should have been deducted in the previous fiscal year amounting to $32,634.
In the same way the following items which should have been charged out
against operatng cost in the previous year were added to operating cost as
follows: Fuel and shop stock adjustment,rails and ties put in track previous
year, but not charged,locomotive fuel used but not charged,total,$25,044.
With these adjustments in this and last year's figures, the actual condition
for the present fiscal year shows a net increase $90,414 over year 1912.
I. Owing to a very material decrease in the sugar-beet, bean and potato
crops due to unfavorable weather conditions, the gross operating revenues
were $2,084,696, or a decrease of $23,688. Revenue from freight traffic
was $1,393,716. a decrease of $41,358, or 2.88%, due to handling an increase of 31,923 tons of freight, 4,615,777 tons one mile. The average
freight rate fell from .52c. to .49c., due to increase in tonnage of low-class
commodities handled. Revenue from passenger traffic shows an increase
of$14,573,or 2.28%. The number of revenue passengers carried,including
passengers carried on motor cars,increased 57.186, or 5%,while the passengers carried one mile decreased 1,227,868, or 4%, which was offset by an
increase of.001c. per passenger mile. Income from other sources increased
$54,465, principally due to an increase of $47,971 in hire of equipment.
Motor car service was operated between Toledo and Cadillac, and handled
443,531 passengers, or an increase of 91,282. Approximately 76% of the
freight tonnage of your line was in "through" business during the past year,
which illustrated the car ferry factor in our business.
Expenditures for maintenance of way and structures were $283,038, an
increase .of $44,144, or 18.48% duo principally to application of more
cross ties, more labor expended on your track, and general repairs to
bridges, buildings, crossings and fences. There was placed in track during
the year 144,886 cross ties as compared with 110,816 in previous year
227,447 tie plates, mostly under the 80 and 85-lb. rais, were applied during
the year; 7.37 miles of new 85- lb. rail was laid; 8.2 miles of main track was
ballasted with gravel and cinders. The cost of conducting transportation
was $749,987, a decrease of $55,510 or 6.89%. secured by an increase of
Total
7.3% in the average train-load, which to a large extent was due to the Net earnings
$5,008,376 $4,772,299
Total deduc'ns.$3,446,814 $3,254,037
$3,605,224 $3,541,549 Balance,surplus__ $158,410 $287,512
I 310
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.
1912.
1913.
AssetsLiabilities$
Property of conCommon stock _a _ 18,557,925
stituent cos_ _ _ _72,411,729 70,921,847 Preferred stock_x-12,276,567
Mat'ls and supplies 600,500
534,094 Pref.stk. receipts_
Investment secur_ 104,525
104,525 Pt. stk.subsc'd for 1,400,400
Advance paym'ts37,878
170,929 Non-int. receiptsNotes receivable__ 504,875
444,543
Coin. stock_z__ 1,554,660
Accts. receivable- 775,419
812,803 Pref.stock _z_ _ _ 1,115,200
Sinking fund inSub. cos. stock__ _
46,700
vestments
y1,321,290 1,157,050 Bonds (see "Elec.
Pacific Trac. bds_ 500,000
100,000 Ry. Section")_ _29,106,000
Coupon notes..
500,000
500,000 Coupon notes_ _ __ 8,000,000
Suspense
105,788
102,399 Notes payable_
500,000
Subscription to preAccounts payable_ 352,650
ferred stock_ _ _ _ 1,400,400
" not due- 1,664,159
Funds in escrow
3,634
9,918 Suspense
69,281
Cash
2,248,294 2,497,270 Bond sink. funds_ 1,984,972
Spec. and replacement reserves__ 3,052,696
Reserves and surp. 833,122
Total
80,514,332 77,355,378
Total
1912.
$
18,556,005
9,832,033
922,200
1,544,670
1,106,800
85,600
29,235,000
8,000,000
404,722
1,583,736
103,021
1,702,747
3,533,550
745,294
80,514,332 77,355,378
z Includes scrip and fractional receipts. y Sinking fund investments in 1913
Include 5810,000 Seattle Elec. Co. 1st M. bonds and $326,000 consolidated M.
bonds and $74,000 Seattle Ry. 1st M. bonds, all held in sinking fund, uncanceied.
z Exchangeable at par for stock certfs. by Jan. 15 1916.-V.98, p. 1157.
New Orleans Railway & Light Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Chairman Hugh McCloskey April 13 1914 wrote in subst.:
[VOL. xcvm.
Expenses were higher in 1913, owiag to an increase in wages of employees in the transportation department, the conducting of an active
new business campaign in the liehting department, which resulted in a handsome increase in electric light and power sales, and the generation of a
much larger output of current to take care of new customers, which necessitated the use of the steam plant for a greater part of the time, the available
water power supply from the city canal having been used to capacity.
Bonds.-During the year $164,000 additional 5% sinking fund gold bonds
were authenticated by the trustee and placed in the treasury to cover cost
of additions, betterments and extensions made previous to July 31 1913.
Dividends.-During the year there was paid from surplus net earnings
6% in dividends on the cum. pref. stock.
Additions, &c.-In addition to the usual liberal expenditures for maintenance, $94,321 was expended for construction work, of which over half was
tor connecting and serving new customers in the electric department, $11,873 was for an addition to the switchboard in connection with the hydroelectric power from the Georgia-Carolina Power Co.,and over $10,000 was
for track work, new waiting stations, &c., on the interurban line.
Georgia-Carolina Power Co.-The new hydro-electric development of this
subsidiary was formally dedicated on Feb. 17 1914, and is now in partial
operation (V. 98, p. 692). The dam and power house are located on the
Savannah River near the mouth of Stevens Creek, and span the river,
making a barrier 2,700 ft. long, thus forming a lake 14 miles in length, covering 4,000 acres. The spillway is 2,000 ft. long with a largo factor of
safety. Five units of something less than 3,000 h.p. each are now being
Installed, which will give a total capacity of about 14,000 h.p. and ample
space has been provided for 5 additional units,which will afford an ultimate
capacity of 28,000 h.p. Current is generated at 2,300 volts, and after
being raised to 44,000 volts is transmitted over a line builtiwith modern
steel towers, provided with a double circuit of 3 wires each, to the city of
Augusta. Another transmission line is being constructed from Augusta
to Aiken through Horse Creek Valley, in order to furnish current to cotton
mills,large power custcmers and our own substations on the interurban line.
[As to the $1,590,000 guaranteed bonds of the Power Co. brought out in
London in July 1913, see V. 97, p. 119.1
INCOME ACCOUNT FOR YEAR ENDED DEC. 31.
Deductions (con.)- 1913. 1912.
1913. 1912.
$
Int. on Aug.-Aiken Ry.
Gross earns.(all sources)725,073 602,591
& El. Corp. sk, hi. 5s..147,555 137,844
367
Oper. exp., incl. taxes_ _403,084 369,438 Int. on floating debt_ .._ _ 2,816
Pref. dividends (6%)._ _ 90,000 90,000
Net earnings
321,989 293,153
Int. on Aug. Ry. & El
295,171 283,211
Total deductions
Co. 1st M. 5s
50,000 50,000
Sk.fd. Aug.R.& El Co 5.000 5,000 Balance, surplus
26,818 9,942
CONSOLIDATED BALANCE SHEET DEC. 31.
1012.
1913.
1912.
1913.
AssetsLiabilities-$
$
Prop. plants, franCommon stock__ 2,250,000 2,250,000
chises, Ste
11,523,165 8,137,950 Preferred stock__.2,250,000 1,600,000
Bonded debt
Aug.-Alk. Ry. &
6,664,000 4,000,000
200,000 Bills payable
El. Corp. 53._ _ 164,000
75,000
159,927
Mat'ls & supplies_
55,478 Accounts payable_
45,694
88,598
45,521
Miscellaneous _..._
Accts. & bills rec.
19,541
28,490
88,871 Reserves
(less reserve)....73,720
365,221
348,525
17,041 Surplus
Cash on hand,&c..
61,461
257.231 .:: 265,365
Unamortized debt
discount, &c.._
68,700
8,974
Miscellaneous_ _ _ _
19,557
47,664
Sink. fund
55,148
Results.-Gross operating revenue increased $266,285, or 4.027a; net
operating revenue increased $86,260, or 2.69%; net income decreased U22,273, or 12.28%.
The decrease in the net income is due entirely to the increase in taxes.
the Board of Taxation having increased our assessment approximately
$3,500,000, or 20%. On the same basis of taxation as 1912, our net income
would have shown an increase of approximately $40,000, which is very
gratifying in view of the increased cost of operation, due to greater cost of
materials and wages, and increased amount set aside to cover renewals and
replacements, all of which amounted to $180,025.
The charges for maintenance during the year amounted to $814,401, an
Increase of $32,639, or 4.1%, and we have also expended $225,231 for renewals and replacements, of which $180,813 was charged to operating expenses(maintenance accounts) and $44,418 against the depreciation reserve.
Capital Expenditures.-There was expended for construction and betterments $685,658, viz.: Railway roadway and line, $210,951; electric line system and accessories, $123,051; gas distribution system and accessories,
$158,190; plant equipment, $23,563; rolling stock and misc. equipment,
$22,904; buildings and structures, $105,852; engineering, etc., $41,146.
Finances.-During the year we sold to Bertron, Griscom & Co. $2,500,0006% 3-year debenture notes (V. 96, p. 1489), the proceeds of which were
used to repay loans of $1,400,000, effected through the local banks in 1912,
and to cover expenditures made for construction, improvements and betterments year 1913. The balance is on special deposit with the trustee,
to oe used for future capital expenditures.
STATISTICS.
1913.
1912.
1911.
1910.
12,011,444 8,555,978
Revenue mileage
12,011,444 8,555,978 Total
Total
19,815„363 19,529,116 19,277,904 19,021,429
Pass. carried (revenue)_ 87,038,951 84,855,983 82,524,955 80,408,085 -V. 98, p. 1243.
Transfers redeemed (No.)22,373,512 21,048,666 20,095.581 19,246,906
General Electric Company.
COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC.31.
1912.
1913.
(Report for Year ending Dec. 31 1913.)
1911.
Railway dent
$4,401,152 $4,295,027 $4,179,873
The full report for the year ending Dec. 31 1913 is pubElectric department
1,335,186
1,182,497
1,244,042
Gas department
973,092 lished on subsequent pages. Following are comparative
1,089,078
1,158,095
Total
Railway department
Electric department
Gas department
$6,894,433 $6,628,147 $6,335,462
$2,542,886 $2,450,917 $2,478,745
608,046
551,915
566.254
449,450
417.524
374,650
statements with earlier periods compiled for the "Chronicle":
INCOME ACCOUNT DEC.31.
1910.
1911.
1913.
1912.
Receipts$106,477,439 $89,182,186 $70,383,854 $71,478,558
Sales
Total
$3,600,382 $3,420,356 $3,419,649 Cost of sales
96,207,833 81,074,192 62,460,557 63,134,602
Net operating revenue
$3,294,051 $3,207,791 $2,915,813
Profit from sales
810,269,606 $8,107,994 $7,923,297 $8,343,956
Taxes
$724,535
$560,981
$535,340 Profit on securitiessold_1
$78,651
$
240,010
Uncollectible consumers' accounts.._ _
6,661
5,010
5,190 Increase in value of se1
4 $2, 69,349
curities of cos.owned- $1,036,000
126,376
$2,562,855 $2,641,800 $2,375,283 Interest
Net operating income
& discount,royOutside operations
11,791
10,464
14,454
alties & sundry profits 1,478,721
1,292,224
1,358,8601 3,150,480
Miscellaneous income
34,760
31,110
29,703 Income from securities_ 1,281,463
1,241,257
1,285,278J
Total
314,065,790
$13,110,824
$10,933,821 $11,573,087
Gross income
$2,609,408 $2,683,374 $2,419.440
DeductInterest on funded debt
$1,630,731 $1,569,973 $1,564,373
$371,015
Other interest charges
$717,395
52,181
44,050
12,616 Interest on debentures_ $576,432 *$532,087
Divs. on minority stocks leased cos.._
4,107
4,130
4,130 Disct. on deb. issued in
37,439
1912 (balance)
Amort. of funded debt, disc. & exp..
23,375
39,971
37,883
394,040
Taxes on non-oper. land and impts
16,559
16,785
16,785 Disc't & exp.on note iss.
5,806,344
5,214,368
8,149,204 6,213,174
Miscellaneous
4,926
. 8,897 Dividends paid (8%)
9,473
Div. on stock of other affiliated comSurplus
14,900-375 $6,365,563 $4,756.462 35,641.324
panies owned by others
4,770
3,960
3O60 Add surplus taken over
Preferred dividends (57)
499,690
499,690
499,750
from Fort Wayne and
Common dividends (1
300,000
300,000
1,240,725
Sprague companies_
Burp.from previous year 12,031,145 29,019,892 23,022,706 17,381,382
Total deductions
$2,536,339 $2,488,031 $2,147,494
Total
316;939.826 $35;385,455 $29,019,894 $23,022,706
Balance, surplus
$73,069
$195,343
$271,946 Stock
23,354,310
dividend (30%)....
CONSOLIDATED BALANCE SHEET DEC. 31.
Surplus Dec. 31
$16,939,820 $12,031,145 $29,019,893 $23,022.706
1912.
1913.
1913.
1012.
Assets* Includes discount on new debenture issue in 1912.
Preferred stock. _10,000,000 10,000,000
Property, plant,
franchises, &o.66,905,651 66,221,197 Common stock__ _20,000,000 20,000,000
CONSOLIDATED BALANCE SHEET DEC. 31.
Securities owned__
11,605 Stocks of sub. cos_ 217,300
19,525
219,300
1910.
1911.
1912.
1913.
Materials & suppl_ 449,995
386,658 Gen. mtge. 43,5s_ _17,544,000 17,544,000
$
$
Assets$
$
Cash in banks,&c. 377,157
699,824 Ref. & gen.1.1‘1.5s. 3,581,000 3,681,000
1
1
1
Patents, franchises, &c_
1
Bills receivable_ _ - 386,982
382,765 3-year 6% debs_ _ 2,500,000
19,538,922
15,516,314
24,556,111
Manufacturing
plants__
29,427,168
Acc'ts receivable.._ 547,320
455,593 Funded debt of
(other than
Int., &c., reedy...
5,125
4,413 subsidiary cos_ 11,750,900 11,809,900 Real estate
245,719
448,094
1,575,447
1,058,387
mfg. plants)
Spec'l deposits for
Bills payable
1,400,000 Stocks
a25,964,317 23,325,070 28,707,843 23,666,833
coup., div., &c. 388,511
315,393 Int.,dlv., &c.,due 1,017,035
940,025 Cash and bonds
14,844,210 13,507,225 17,898,709 14,912,400
Sinking funds.... _ _ 247,972
219,544 Accounts payable- 645,676
604,695 Notes
acc'ts receiv'le_b26,210,459 26,950,245 19,084,106 19,047,459
Prepaid insur.,&c.
42,171
37,871 Int., divs.,& rents
95,540
84,097 Work &
399,708
589,789
686,481
2,012,514
in progress
Temporary advan. 269,962
254,008 Miscellaneous....23,126
37,028
2,891,761
2,923,483
from sub. cos
6,817,563 4,099,063
Discount, &c., on
Deprec'n reserve- 901,987
946,005 Due
2,805,077
Copper-mining invost'ts
bonds sold
1,136,393 Reserve for bad
(other
Other susp. items_ 539,961
187,487 debts. &c
103,818
93,729 Furn. & fixtures
3
3
1
2
than in factories)
New equip. & betInventories(Factorles
31,697,056 31,851,690 22,709,581 24,546,961
term.to lessor cos. 313,454
313,453
Con.& local offices,&c. 4,010,538 4,090,623 3,352,930 3,249,316
a1,436,406 2,739,519
Surplus
367,473
1,300,506
Consignments
2,083,145
263,664
Total
70,180,332 70,312,751
70,180,332 70,312,751
Total
Total assets
144,125,360 131,942,464 115,399,131 107,767,077
Liabilitiesa After deducting unamortized funded debt, discount and expense
101,381,200 101,202,000 77,335,200 65.179,600
written off, $1,113,018; discount and expense issuing 3-year 6% debentures, Common stock
35,000
38,000
16,000
40,000
$176,753, and sundry items aggregating $49,170, and adding sundry items 5% coup. deb.of 1892._
3 % coupon debentures 2,047,000 2,047,000 2,047,000 2,047,000
aggregating $12,846.
211,000
coup.
deb.
of
721,000 12,875,000
1907
5%
88,500
The stocks owned on Dec. 31 1913 amounted to $21,180,500.-V. 98, 5% coup. deb.of 1912.._ 10,000,000 10,000,000
p. 523.
197,544
Accrued int, on debens_
83,665
197,016
33,014
(paid Apr.6 1914) 8,000,000
Augusta-Aiken Railway & Electric Corp. of So. Carolina Notes
2,796,230
4,140,700 4,305,173
Accounts payable
2,846,657
173,405
Accrued taxes
265,445
302,134
207,044
(Report for Fiscal Year ending Dec. 31 1913.)
245,819
Adv. pay'ts on contracts
257,336
279,561
147,153
1.303,592
1,555,294
2,027,472
1,1545,654
Pres. Franklin Q. Brown, N. Y., March 1, wrote in subst.: Dividend payable Jan
16,939,820 12,031,145 29,019,893 23,022,706
Res/Ms.-Compared with 1912, gross earnings show an increase of $62,- Surplus
,482, or 9.4%; operating expenses and taxes increased $33,646, or 9.1%; net
Total
liabilities
144,125,360
131,942,464 115,399,131 107,767,017
earnings increased $28,836, or 9.8%while the surplus was greater by $16.877, or 16.9%. Gross electric earnings increased $46,299, or 18.9%, with
a Stocks and bonds,$25,964,317 in 1913, consist of $17,574,844 stocks of
in increase n expenses of $22,051, or 23.4%. Gross railway earnings in- sub.
cos. and $8,389,473 stocks and bonds of public utility and other comcreased $18,862, or 5.4%; expenses, $8,192, or 4.2%.
panies. b See a subsequent:page.-V. 98, p. 1075.
%)
APR. 25 1914
THE CHRONICLE
Allis-Chalmers Manufacturing Co., Milwaukee, Wis.
(Report for the Period ending Dec. 31 1913.)
The report of President Otto H. Falk, covering the period
from the commencement of business on April 16 last to
Dec. 31 is given at length on subsequent pages. The report
contains the consolidated profits and loss account and balance sheet of the Allis-Chalmers Mfg. Co. and Bullock
Electric Mfg. Co'. As explained in the report, arrangements
have been completed since April 16 1913 for the substitution
of bonds of the Bullock Electric Mfg. Co. for the pref.
stock of that co. Compare V. 98, p. 526.-V. 98, p.840.
1311
Remington Typewriter Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. John Walter Earle, March 19, wrote in substance:
We submit herewith our first general consolidated balance sheet, this
having been made possible by the reorganization which took place early
in 1913. The present figures eliminate all inter-trading between the
American company and all foreign subsidiary companies, thus transferring
to their respective asset accounts certain items which have heretofore shown
as accounts receivable, and stocks and bonds of other corporations. Considerable saving has been made in the cost of conducting the sales departments, but excessive price competition has offset the saving. The introduction of new models has widened our market and the prospects for 1914
are most encouraging.
INCOME ACCOUNT.
1913.
1910.
1911.
1912.
Net earnings
$1,751,987 $1,765,475 $1,722,573 $1.471,461
DeductThe United Gas Improvement Company, Philadelphia. Interest (net)..
$132,174
$134,227
$263.092
$181,134
Pepreciation of plant..
249,243
259.702
274.801
208.524
(32d Annual Report-Year ended Dec. 31 1913.)
Net profits
$1.214,094 $1,324,639 $1,339,103 $1.130,763
First pref. divs. (7%)..- $280,000
$280,000
$280,000
$280,000
Pres. Samuel T. Bodine says in substance:
Second pref. divs.(8%)..
400,000
400.000
400.000
400,000
100.000
Results.-The net profits were $7,471,107, of which $4,440,236 were paid Common divs. (1%)..
in dividends, $790,500 invested in sinking funds to retire at end of lease the
Balance,surplus..
$659,103
$644,639
*$434,094
$450.763
investment in the Philadelphia Gas Works and $2,240,371 carried to
BALANCE SHEET AS OF DEC. 31.
undivided profit account.
Assets1911.
1912.
1913.
shows
insales
during
1912
with
1913
during
The comparison of sales
Plants, pats..trade-mks.& good-will..$17.088.096 $16,607,625 $16.500.418
creases, as follows: (a) City of Philadelphia, 2.84%;(b) Properties outside Second preferred stock in treasury..__
1,000.000
1.000,000
of Phila.: manufactured gas, 5.84%; natural gas, 19.97%; electric, 13.30%. Stocks and bonds in other companies_ 1,000,000
2.232,821
2,232,820
19.743
The Treasurer's statement shows a decrease in net profits of leased works Inventory of mats.,sup.. maths., &c.. 6,494,963
1.485.733
1,961,559
and receipts from investments in stocks and bonds of $1,032,342, as Accounts receivable
5.760,291
4,429,895 6,741,228
compared with 1912. This was mainly due to a great advance in the cost Cash in banks and on hand
211,313
285,378
673,201
in
the
the
payments
cu.
ft.
to
1,000
per
of gas oil and an increase of 5 cents
Taxes, insur.. &c., paid in
advance
272,553
62.834
36,015
_
city of Philadelphia out of receipts from gas sold to private consumers, of
Total
retains
but
cu.
80
ft.
cts.
per
1,000
1913
$27,253,411
1.
$29,978,451
Jan.
$28,864,625
since
company
which this
Liabilities
sale
of
a
part
from
the
profit
of
$1,060,806
We were able to offset this by a
First preferred stock.
of our holdings of certain securities acquired 13 years ago. From the sale 2d pref. stock (outstdg.,$5.000,000).. $4,000,000 $4,000,000 $4,000,000
6.000,000 6.000.000 6,000,000
of the balance of said securities we have, in 1914, made an additional profit Common
stock..10.000,000 10,000,000 10.000,000
of $2,172,812, which will appear in next year's report.
& bds. ofsub.cos. not held (par)
65,257
Extensions, &c., in 1914.-The estimated expenditures for 1914, for Stks.
notes
4,200.000 3.755,000
2,705,000
extensions and improvements by the various leased works and companies in Short-term
payable
424.287
178,984
113.861
which we own a ma ority of the stock, aggregate $4,845,490, of which Accounts
170,000
$1,592,089 will be expended on the Philadelphia Gas Works. Provision Dividend payable Jan. 2 1914
Accrued charges
115.068
121.215
107,018
has been made to meet these requirements.
Sundry reserves
167,573
234,255
400,000
Surplus
*4,836,265 4,572,171
INCOME ACCOUNT CALENDAR YEARS.
3.927,532
Earnings from1912.
1913.
Total
1911.
1910.
$29,978,451 $28,864,625 $27,253.411
Leased works & invest's_ $7,314,968 $8,347,310 $7,945,047 $7,878,064
* After deducting the quarterly dividends on the prof. stocks ($170,000)
Sales of securities
1,060,806
paid Jan. 2 1914. the four payments made during the year having been
Interest received (net)
177,999
206,207
168,180 charged against earnings as shown above.-V.98, p. 1076. 917.
255,049
Construction contracts_
18,252
65,487
57,963
Sales of store-room mat'l
13,382
7,570
13,619
16,291
Otis Elevator Co., New York.
Rental of offices
2,524
1,600
2,700
2,700
Rentals of bldgs., Broad
(Report for Fiscal Year ending Dec. 311913.)
& Arch Sts. to cos. in
Pres. W. D. Baldwin, March 11, wrote in substance:
which co.is stockholder
31,298
31,480
33,207
44,439
Results.-Owing to the decline in building operations throughout the
Total earnings
$8,613,194 $8,615,070 $8,308,348 $8,159,530 country during the year 1913, especially the latter part of the year, our
Deduct expensesvolume of business for 1913 is about 157 below the high mark of 1912.
$383,776
$378,760
$375,720 although with the large number of uncompleted contracts carried over from
State and Federal taxes.. $408,895
495.818
496,366
496.460 1912 it has produced the profit shown in the financial statement.
Salaries & traveling exp.
489,030
Additions.-We have erected a very complete steel foundry at Buffalo,
Cost oper. bldg. Broad
56,058
47,263
56,029
49,469 an extension to the works at Quincy and a structural iron shop on our
& Arch streets
18,888
32,560
22,608
20,247 property in Harrison. Further investments also have been made in foreign
Cost of litigation
140,307
155,573
138,581 countries, strengthening and enlarging the company's interests, which are
135,391
General & miscellaneous
regarded as very promising.
$1,142,087 $1,090,379 $1,084,856 $1,080,477
Total expenses
Outlook.-While the outlook for a return of an increased volume of busi$7,471,107 $7,524,691 $7,223,492 $7,079,053 ness is not expecially reassuring at this time, and competition is very keen,
Net earnings
Dividends paid (8%)
4,440,236 4,440,236 4,440,236 *4,338,872 yet we feel that the company is in position to meet all legitimate comSink.fds. to retire Phila.
petition and maintain its prestige.
Gas Wks.investment..
Dividends.-Out of the earnings of last year's business the directors have
774,500
790,500
725,500
740,500
declared the usual pref. dividends and have declared a quarterly dividend
Bal. to undiv. protacct.$2,240,371 $2,309,955 $2,042,756 $2,014,681 of 1M % on the common stock, payable April 15 1914, and have reserved
from the past earnings a fund sufficient to provide for the declaration
* There was also paid March 1 1910 a special div. of 10% in non-interest- of subsequent 1M % quarterly dividends on the common stock during the
current year.
bearing scrip, calling for $5,046,080. (V. 89. P. 1546, 1600)•
RESULTS FOR CALENDAR YEARS.
BALANCE SHEET DECEMBER 31.
1913.
1912.
1911.
1910.
Net
earns..
after
all
chgs .1
1912.
1912.
1913.
1913.
repairs and renewals..}$1,157.395{ $1,282,195 $1,082,116 $1,157.372
AssetsLiabilities$
Investat cost:price71,241,454.69,679,587 Capital stock __ _ _55,502,950 55,502,950 Depreciation
152,868
151,019
191.124
18,142 Taxes accrued_ _ _ _ 374,091
Construe. contract 203,536
350,000
Balance
Real est.,Phila.,&c. 1,129,758 1,014,085 Due companies in
$1,157,395 $1,129,327
$966,248
$931,097
Deduct5,626,773 5,792,771
which we are
Cash
973,141 shareholders __ _ 289,042
$390.000
Accts.& bills reels 822,813
$389,808
$381.109
304,730 Pref. dividends(6%)
$385,975
Sundry creditors.. _ 166,929
Coupons & guar.
113,157 Common dividends.....(5%)318,765(4%)255.012(4%)255,012(4%)255.012
796,971 Undivided profits_27,172,100 24,931,729 Reserve for pension disdiv. accrued_ _ _ 814,644
ability, &c., account_
122,869
143,134
75,000
Supplies
100,000
Reserved for depreciaSink, fund securs_ 3,523,000 2,805,000
tion and contingencies
321,247
146,000
180,000
200.000
83,505,112 81,202,566 Total
83,505,112 81,202,566
Total
Surplus
$52,383
$238,507
$110,110
$130.126
-V. 98, p. 693.
Previous surplus
2.479,152 2,240,645
2,130,535 2.000.409
Delaware Lackawanna & Western Coal Co.
Total surplus
$2,531,535 $2,479,152 $2,240.645 $2.130,535
GENERAL BALANCE SHEET DEC. 31.
(Report for Fiscal Year ending Dec. 31 1913.)
1913.
1912.
1913.
1912.
Assets$
Liabilities(Con.)- $
York,
New
Loomis,
April
8,
says:
President
Plant account_ _ __13,518,423 12,512,670 Notes payable_ ___ 910,000
650,000
Government
instituted
a
suit
in
the
U.S.
the
Court
against
1913
In Feb.
Cash
789,891
674,963 Accounts payable.. 959,257 1,458,188
the company and the Lackawanna RR. Co. to enjoin our purchase and sale Notes receivable
319,510
266,928 Prof. dividends__
97,500
97,500
ofits coal upon the ground that the formation of this company was a legal Accts. receivable_ 3,568,530 3,424,850 Common diva_ _ _ _ 382,480
318,727
device to avoid the prohibitions of the so-called Commodities Act forbid- Inventories
3,363,383
4,599,456
Reserve
for
&pen
ding the transportation by a railroad company of its own coal. The suit
& contingencies 100,000
has been determined by the Court, the judges unanimously holding that
Total
21,559,737 21,478,867 Reserve for penthe formation and management of the company is in all respects in compliLiabilitiession,&c., acct__ 159,915
100,000
ance with the law. Compare D. L.& W.RR.item, V.98,P. 1155.
Capital (preferred) 6,500,000 6,500,000 Surplus
2,531,535 2,479,152
Capital (common) 6,375,300 6,375,300
INCOME ACCOUNT
Accr'd int, on deb_
43,750
1913,
1912.
1911.
Debentures
1910.
3,500,000 3,500,000 Total
21,559,737 21,478.867
$
-V.98, p. 917.
38,376,486 39,399,909 39,865,493 38,668,250
Coal sales
ExpensesUnited States Smelting Refining & Mining Co., Boston.
Cost of coal and transp_ 35,016,582 35,528,139 36,683,321 35,716,405
1,291,446
(Eighth Annual Report-Year ending Dec. 31 1913.)
Handling and selling.- 1,291,397
1,285,759
1,307,825
146,443
94,989
Rental trestles, &c
138,718
129,746
Pres. William G. Sharp, March 25, wrote in substance:
114,248
123,350
Taxes and general
127,313
81,021
Earnings.-The earnings of all companies, after charging cost of producTotal expenses
36,577,772 37,028,822 38,235,111 37,234,997 tion, selling expenses and repairs, but before providing for depreciation.
Profit from operation
1.798,714 2,371,087
1,630,382
1,433,253 aggregated $4,555,122 [contrasting with $5.497,965 in 1912); deducting
Interest,&c..received
273,246
298,067
165,278
109,363 depreciation, improvement and reserve. $969,536 (against $1,265,000 in
19121, makes the profit for the year 1913 $3,585,586 [compared with
in 1912]. After
Total net profit
ing the usual 7% ($1.702,144) in dividends
2,644,333
2,096,781
1,795,660
1,542,616 $4,232,965
Dividends
(30)1,977,210 (10)659,070 (10)659,070 (10)659,070 on the pref. stock and 6% $1,053,322) on the common [contrasting with
5% or $877,763 in 1912), the total undistributed surplus as per balance
is $4.478,842 [being an increase of $830,120 for the year].
Balance, surplus
1,985,263
119,571
1.136,590
883,546 sheet
The metals produced in 1913, including metals from custom ores
the
BALANCE SHEET DEC.31.
production in Mexico; also the percentage of the total value of theand
represented by the value of each metal, and the average prices atoutput
1913.
1912.
1913.
1912.
which
metals were sold in 1913 were as follows:
Ass IsLiabilities$
$
$
Metal157,341 Cap.stk.(issued)_ 6,590,700 6,590,700
L'd,trestles & blgs. 175,048
Total Production. Per Cent.
Average Price.
11,720
Furniture & fberes
11,730 Accrued rentals__
35,922
20,239.973 lbs.
37,783 Copper
18.8
$0.15433 per lb.
3,555,496 1,416,280 Acols payable.. 3,188,131 3,108,776 Lead
Coal on hand
58,116,504 lbs.
15.3
.04396 per lb.
3,355,163
Silver
agents.._
4,317,351 Res.scat (depree.) 198,883
Due from
13.089.708 °as.
164,169
47.3%
.60503 per oz.
434,306 Past-due dividends
Bills receivable_ _ _ 478,488
401
332 Gold
148,372 ozs.
18.6%
24,532
21,191 Div. pay. Jan. 15_ 164,768
Acc'ts receivable..
164,768
The tonnage of ores
from Centennial-Eureka, Mammoth, Gold
7,120,708 8,191,018 Profit and loss__ 4,617,054 4,498,383 Road, and the Unitedproduced
Cash
States Mines at Bingham, and in Mexico, was
75,694
75,694
Stocks in treas.._
1,294,934 tons, of which the values of the metal contents were in the proportion of 29% copper,4% lead, 46% silver and 21% gold
14,790,849 14,624,911
Total
Total
14,796,849 14,624,911
Capital Expenditures, 1913.-The charges to capital account for construc-V.98. p.1247, lug.
tion and other additions to property and investment in 1913 were:
Invest..
1312
THE CHRONICLE
meat in stocks and bonds of coal and allied companies in Utah, $19,250:
investment in stocks of other mining companies,$99,668; additions to plant
in the U. S. and in Mexico, $310,596; mine properties and other charges
to capital $218,217; total, $647,731; less credits,$296,665; net, $351,066.
Current Assets and Liabilities.-The liabilities from one company to
another are eliminated in the consolidated balance sheet from both liabilities and assets. The net current assets of all companies are $10,507,119
[against $9,013,409 on Dec. 311912.1
Stockholders.-Pref., 8,702; common, 2.674: total. 11,376 [increase 5741.
Utah Company.-Thls new company (V. 96, p. 1154) is not merged in
the cense!. balance sheet, but all its capital stock is owned by your company. The Utah Company- issued $10,000,000 of 6% notes due in April
1917, guaranteed as to principal and interest by the U.S. Smelting Refining
& Mining Co.(V. 94, p. 1124, 1191; V. 95, p. 1126; V. 97, p. 600). The
proceeds of these notes have been invested to the amount of $6,765,695 in
stocks and bonds of coal companies in Utah and in securities of the Utah
Ry. Co., leaving 33,062,305 still unexpended at Jan. 1 1914.
In addition to the amount so invested,,the U. S. Smelting Refining &
Mining Co. has invested $592,825 in stocks and bonds of these coal companies and has loaned to the Utah Company and its subsidiary companies
$1.759,992 for construction and equipment and other requirements.
In 1913 the coal properties in Utah produced 869,522 tons of coal, an
increase of 40% over 1912. The profits of these coal companies earned
on their capital stocks held by the Utah Company and U. S. Smelting Refining & Mining Co. were equivalent to 4.35% on the investment after
providing fixed charges and interest on money borrowed by the subsidiary
companies for construction and equipment. With the completion of this
construction and equipment and with the increased capacity and adequate
railroad facilities, these coat properties should show greatly increased
earnings.
Utah Railway Co.-This company, all the securities of which are owned
by the Utah Company, is building the railroad to provide adequate outlet
for coal from the Castle Valley field, and has entered into satisfactory arrangements with the Denver & Rio Grande RR. Co. to avoid unnecessary
paralleling of tracks. Operating and trackage agreements give the Utah
Ry. trackage rights over the Denver & Rio Grande Co.'s new double tracks
(with reduced grades) from Castle Gate, near the foot of the mountains
on the east, over Soldier's Summit to Thistle, near the foot of these mountains on the west, and may save the Utah Company the building of 52 miles
of expensive mountain road. The agreements also give the two companies
trackage rights over each other's roads between Thistle and Provo, the two
to be operated as a double-track road between those points. It is expected
that the eastern end of the Utah Ry.from Black Hawk to Castle Gate. and
the western end from Thistle to Provo, will be completed and go into operation under these agreements in the early autumn of 1914.
Data from Fred. G.Lyon,V-Pres.in charge of Operation, Bost. Mar.25
1. United States Mining Co. and Its Subordinate Companies.
Bingham Mines.-The new ore practically maintained the old reserves.
Output 78,165 tons of lead ores and 123,757 tons of copper ores.
At the Niagara mine (controlled) a small amount of low-grade copper ore
was extracted and extensive development work was inaugurated.
Centennial-Eureka Mine.-VIgorous work on both lower and upper levels
disclosed considerable new ore, but the grade continued to decline as for
some years past. Much of the developed ore is not of commercial grade.
Production 100.442 tons. Exploration below the water level is proposed.
In the property'of the Bullion Beck & Champion Mining Co.(controlled)
disclosures were not sufficient to pay all the cost of exploration.
Mammoth Copper Mining Co.-Exploration work was continued on a still
larger scale and the new ore bodies not only replaced the 259,105 tons extracted, but materially increased the mine's reserve. Ore was found beyond the old limits and at greater depth. It may be found advisable to
start a new lower tunnel. On Section 29 further work led to the discovery
of an ore body having the appearance of a fissure vein. A winze is being
sunk and at a depth of 60 feet still shows ore. All the ore in Section 29 is
of high grade, carrying copper values equal to the best found in the Mammoth mine, and silver and gold values much in excess of any found in
the Mammoth mine. The prospects are encouraging.
(2) Other Properties.
At the mine of the Gold Road Mines Co. there was extracted 103,628 tons
of ore of low grade, leaving only a small margin of profit. Development
work is in progress in search of a better grade of ore and it may be best to
sink the shaft 300 ft. In order to explore the vein at greater depth.
The Needles Mining & Smelling Co.-The main supply of ore was from
the Tennessee mine (operated under lease and bond) above the 900-foot
level on which a good tonnage was developed of a grade to yield a fair profit.
Better results would have been accomplished had not the prices of lead
and zinc been so very low. Preparations are now being made to sink
an interior shaft from the 900-foot level.
The Richmond-Eureka mines continue idle, the high freight rates preventing operation.
The Real del Monte y Pachuca Mines and Mills in Mexico operated without interruption on a tonnage which rose from 36.000 tons per month at
the end of 1912 to 50,000 tons at the end of 1913. Additions in progress
at the mill will make possible a still higher record and lower costs. The
ore reserves have been materially increased in all of the eight mines now
being operated. Some new territory has been purchased on which it is
intended immediately to sink a shaft.
Report of Exploration Department by V.-Pres. Sidney J. Jennings,
Boston, March 25 1914.
Of the 614 properties offered to us 490 were rejected after an office
examination of data submitted and on 24 properties a complete sampling
and examination were undertaken. As a result three groups of claims
were bought. (1) The Last Chance group of claims adjoining our property
In Bingham, Utah. (2) La Reunion group of claims connecting our
Real del Monte and Pachuca properties in Mexico. (3) Spread Eagle
group of claims in Shasta County, Cal. Only a small amount of prospecting has been done on this group, but the gossan outcrop is so large and
promising that it warrants a large amount of prospecting work.
We also have long-time options to purchase two other properties located
In Alaska and California and exploration work is steadily progressing.
OPERATIONS AND EARNINGS OF ALL COMPANIES FOR YEAR.
-P. C. in Value(Incl. Custom
1913. 1912. 1911.
Ores).
1912.
1911.
1913.
18.8 21.81 21.48
Copper. lbs _20,239,973 21,152,620 22,199,141
15.3 15.38 16.81
Lead, lbs -58,116,504 56,385.769 49,022,791
Silver, oz ____13,089.708 12,059,829 10.285,150
47.3 45.29 42.72
Gold, oz
18.6 17.52 18.99
140.183
118,703
148,372
1910.
Average Price1913.
1912.
1911.
30.12828
Copper, lb
30.16237
30.15433
30.12459
0.04478
Lead, lb
0.04396
0.04529
0.04428
0.54003
Silver. ozs,
0.61291
0.53815
0.60503
Net earns, after repairs.. $4,555.122 $5,497,965 $3,961,103 $3,738,541
1,067.069
Deprec. & reserve funds
1,265,000
1,120,690
969,536
187,154
Admin. & legal expenses
Profit for yeae.
33,585.581 $4,232,965 $2,840,413 $2,484.318
$339
$852
Divs. on minority stock
$235,000
Additional reserve..___
1,701.701
1,702,120
1.702,120
Pref. dividends (7%5..__ 1.702,144
Common dividends--(6%)1,053.322(5%)877,763(4%)702,210(4%)702.100
$79,665
Balance,surplus_ _ _ _
$830,120 $1,418,082
$435,744
CONSOLIDATED BALANCE SHEET DEC. 31, INCLUDING SUBSIDIARY COMPANIES EXCEPT UTAH COMPANY.
1912.
1012.
1913.
1913.
Liabilities$
AssetsCost of properties.46,493,484 46,142,418 Common stock,.,17,553,788 17,653,788
Preferred stock__ _24,313,725 24,313,725
Shares held for exStock of sub. cos.
change of stocks
2,288
not owned (par) 1,031,324 1,032,887
1,350
of other cos___
501,762 5% notes duo Aug.
Def. chges. to oper 284,248
1 1914
4,000,000 4,000,000
Ores and matte__ 1,011,113 1,018,788
Current accts. and
Supplies, fuel and
691,060
1,392,273 1,322,628
accrued pay-roil 750,656
timber
229,307
Notes payable_
Metals in transit
688,859
and in process 3,148,897 3,601,193 Dividends Jan. 15 688,890
944,948 Depreciation funds 4,655,072 3,895,665
Notes receivable 2,231,178
Accts. receivable.. 1,796.897 1,288,587 Miscellaneous_ ___.1,342,789 1,110.380
3,455,647 3,341,781 Profit and loss__ 4;478,843 3,648,722
Cash
Total
58,815,087 57,164,302
58,815,087 57,164,392
Total
* Miscellaneous liabilities in 1913 include drafts in transit. $352.093, reserve for freight, &c., 3737,246, and undivided surp. applicable to stocks of
sub. cos. not held by U. S. Sm.Ref. dr Min. Co.,3253,450.-V.96. p. 1154.
[VoL.
Bush Terminal Co., South Brooklyn, New York City._
[Including Bush Terminal Buildings Co.]
(Report for Fiscal 'Year ended Dec. 31 1913.)
Pres. Irving T. Bush, N. Y., April 3 1914, wrote:
In the annual statement for 1912 I stated "it is probable that the incomefor 1913 will be somewhat better than for 1912, and a decided improvement
is expected for 1914, when a number of leases become operative." The
net income for 1913 was $32,783 better than for 19'12 and I believe the.
above prediction for 1914 will be fulfilled.
INCOME ACCOUNT FOR FISCAL YEARS ENDING DEC. 31.
1912.
1913.
1911.
1910.
Gross earns,from storage,
&e., and net income
from RR. department..$1.192,375 $1,166,822 $1,213,982 $1,331,873•
Operating expense
371,370
362,597
364,394
357.707
Net earnings.
Other income
$821,005
226,416
$804,225
200,516
3849.588
170,723
Total net income.._ _ _ _31.047,421 31,004,741 $1,020,311
DeductInterest on bonds.
$458,491
3459,842
$457,160
Taxes
224.050
228,912
235,277
3974,166,
16.663.
3990,829
3458,013.
104,441
Surplus for the year.. _._ $354,984
$322,200
$331,557
$428,375
Preferred dividenus__ (6%)$138,000 (6)3133,000 (6)381,667 (5)375,000
200,000
Common dividends (4%) 200,000
200,000
140,000.
Balance, sur.
. or def_ _sur.316,984 *def.$10,800 sur.$49,890sur.$213.375Note.-The dividends as above are charged directly against the earnings.
of the several years for the sake of simplicity, instead of against profit and
loss surplus, as in the pamphlet reports.
* The surplus for 1913, as above, was $16,984; adding the accumulated
surplus Dec. 311912. $898.139, and miscellaneous adjustments, $126,680,
and deducting sinking fund, $31,385, depreciation and extraordinary repairs, $50,000, bad debts and claims, $10,000, and miscellaneous, 319,855,
leaves total surplus Dec. 311913, as per balance sheet. $930,563.
GENERAL BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
AssetsLiabilities$
$
Property
89,178,150 9,023,570 Preferred stock _ _ _ 2,300,000
Construction exp. 317,524
321,633 Common stock., _ 5,000,000
Stocks of subsid'y
First mortgage 4s. 3,121,000
cos. &good-will. 7,322,660 7,302,550 Consol. mtge. 5s_ _ 6,629,000
Adv.to B.T. RE_ 300,000
320,000 Accounts payable_ 578,252
do B.T.B. Co... 100,000
170,000 Bills payable
472,100
Bonds owned
422,100
Com,div.(pd.Jan.) 100,000
Cash & accts. rec.. 924,771
782,290 PI. div.(paid Jan.)
69,000
Cos. & individuals 832,248
691,878 13ond int. accrued_ 198,910
Inventory
87,131
23,968 Miscellaneous.. _
51,954
Accr. stor. & labor
62,316
98,059 Sink,fund reserve. 243,895
Due from agts.,dat 118,629
118,688 Profit and loss___ 930,563
Miscellaneous....
29,265
31,624
1912.
2,300,000
5,000,000
3,156,000
6,629,000
276,894
100,000
69,000
199,125
43,593
212,510
898,139
Total
19,694,674 18,834,261
Total
19,694,674 13,884,261
a Property includes real estate, $1.777,300; improvements, $6,690,441;
Y.
and
fixtures,
N.
Brooklyn,$14,387.
equipment,$696.022; furniture and
EARNINGS OF BUSH TERM.BUILDINGS CO.FOR CALENDAR YEARS
Int. on
Other
Rentals
Net
Calendar
Taxes
Balance,
Received. Earnings.
Paid. Income. Bonds.
Surplus.
Year1913
$830,017 $567,882 $103,652 $4,774 $312,794 $156,210
255,376
127,640
1912
9,160
71,771
680,419
445.627
1911.........
171,797
6,191
23,039
51,017
435,496
239,662
88,893
1910.
20.943
642
258,903
135,586
26.392
-V. 98, p. 1159.
Great Northern Iron Ore Properties.
(Seventh Annual Report-Year ended Dec. 31 1913.)
The trustees, St. Paul, Mar. 25, wrote in substance:
Business.-The previous reports have made clear the distinction between
the business of the trust proper and the business which the trustees care for
as "agents" of "the companies" whose stocks they hold. (V. 94, p. 556.1
Trustees' Assets.-These, other than the stocks held in trust and a small
amount of bills receivable, are now wholly in cash, the items of interest and
dividends receivable appearing on the balance sheet of Dec. 31 having
been collected since that date. The trustees still hold their cash for the
purpose of financing the requirements of "the companies" in connection
with the development of the properties made necessary by the termination
at the end of 1914 of the lease of the Great Western Mining Co. (V. 94,
p. 556; V. 96,P. 1554.)
"The Companies."-The agents receive all income of "the companies"
and pay all their liabilities. All operations on the Mesabi Range of any of
"the companies" are as a matter of convenience conducted in the name of
the Arthur Iron Mining Co., one of the proprietary organizations.
Development Work.-Work of development of mines in lands surrendered
by the Great Western Mining Co. as of March 1 1912, referred to in the
report for 1012, has proceeded satisfactorily during 1913. Stripping is still
in progress at the Dunwoody mine, located in Section 27-58-20. The contract which was let in July 1912 provides for the removal of about 5,000,000
yards of surface material by July 1 1915, which, with the removal of an
additional 2,500,000 yards, not yet contracted, will make available for
steam-shovel mining some 8,000,000 tons of iron ore. To Dec. 31 1913
3,033,470 yards had been removed, being approximately 60% of the yardage contracted, the remainder tobe.removed by July 1 1915. In accordance with the contract, the stripping has been so arranged that a working
body of ore will be exposed about Aug. 1 1914.
The Dean-Itasca mine, heretofore referred to as the Whiteside mine,
will probably be in condition to produce ore in 1914,as provided in the strip
ping contract. The amount of stripping contracted is 3,000,000 yards
to be completed by July 1 1915. This, with the removal of an additional
1,250,000 yards not yet contracted, will uncover about 5,500,000 tons of
the ore in this property. At the end of 1913 1,841,000 yards of surface
material had been moved.
At the Smith mine, SW34, of NW yi of Section 2-57-21, stripping has been
practically completed. Approximately 449,240 cubie yards of material
were removed, making available for steam-shovel about 600,000 tons.
of SecIn the fall of 1913 work was commenced on a shaft in the SE
tion 16, T. 56, R. 23, and on the construction of mine location buildings,
a power plant, camps, blacksmith shop and dry house, which work is nearly
completed. This shaft will serve principally in connection with draining
the ore body in the 11111 Annex mine in Section 16-56-23, which it is expected
will ultimately bp stripped.
The cost of stripping operations and other mine development work, done
as above, is included in the item "mine development" (or $1,057,360,
against $3,818,078 in 1912) among the disbursements for the year.
New Lease.-In August 1913 a mining lease was executed in favor of
Butler Brothers of St. Paul on lands in Sections 6 and 7, 56-22, and Section 1-56-23, under which the ore properties are to receive, at their election,
either 30% of the price the ore is sold for by the lessee, less freight, marine
Insurance and selling commission, or 30% of the ore produced by the lessee,
the quality of which will be taken into account and the tonnage adjusted
on a 13esls of iron units, determined by analysis. The minimum to be produced under this lease is 25,000 tons in each of the years 1914 and 1915.
50,000 tons in each of the years 1916 and 1917 and 100,000 annually thereafter. The lessee is required to erect a washing plant for the concentration
of the sandy ores in the property, of a capacity to produce at least 100,000
tons of concentrated ore in the year 1916 and each year thereafter. This
lease comprises 2,127,563 tons of ore by last report of Tax Commission.
Lease Surrendered.-Notice has been given the Northwestern Improvement
Co. of intention tosurrender on Jan. 1 1915 the lands held under lease
from it. This is a leasehold of the second class. Under the terms of the
contract earlier surrender could not be made.
THE CHRONICLE
APR. 25 19111.J
STOCKS HELD BY TRUSTEES AND BALANCES DUE TO AND FROM THEM
AS AGENTS.
Total
Par
Trustees
Due to
Due from
Proprietary CompaniesStock.
Shares.
Hold.
Prop. Cos. Prop. Cos.
$750,000 $1,000 $750,000 $4,124,008
West Missabe Land Co
81,209,166
Arthur Iron Mining Co
50,000
100
50,000
22,447
Fillmore Iron Mining Co_ _ _ _ 50,000
100
50,000
18,217
Harrison Iron Mining Co..__ 50,000
100
50,000
Jackson Iron Mining Co_ __ _ 50,000
450,984
100
50,000
Polk Iron Mining Co
50,000
3,262,557
100
50,000
Tyler Iron Mining Co
50,000
100
50,000
883,659
3,254,433
Van Buren Iron Mining Co__
500
100
500
North Star Iron Co
11,189
648,800
100 587,900
Leonard Iron Mining Co.__ _ _ 200,000
19,155
100,000
100
Nibiwa Iron Co
99,531
1313
ONTARIO POWER CO. AND ONTARIO TRANSMISSION CO.INCOME
ACCOUNT [Eliminating Inter-Company Payments).
1912. •
1910.
1913.
1911.
Sale of power
$773,498
*31,489,466 *$1,229,995
$925,628
Government rental_ _ _ _
51,597
66,471
79,376
57.576
Gross earnings
Operating expenses_
$1,410,090 $1,163,524
194,773
171,434
$868,052
148,395
$721,901
136.100
Net earnings
Other receipts
$1,215,317
68.526
$992,090
22,286
$719,657
14,629
$585,801
22,161
Total net income... _ $1,283,843
31,283,843 $1,014,377
Int. Ont.Pow.Co. 1st 5.s $421,216
$377,008
Ont. Transm. Co.lst 5s
92,306
95,934
Ont. P. Co. deb. 6s__
179,622
178,525
LEASEHOLDS.
AND
ESTIMATED ORE CONTENTS OF LANDS OWNED
Ont.Pow.Co. notes 6s
60,000
Dividends
(5%)463,000(13()119,588
(a) Estimates by Great 1Vertern Mining Co. Jan. 1 as to Properties Leased to It (Tons)1912.
1911.
1913.
Tot. int. and divs_ _
$1,218,675
$768,524
105,624,071 110,823,803 108,058,756
In lands owned in tee
$65,168
$245,853
105,341,673 100 744,785 108 236,283 Surplus
In leaseholds of the first class
.$734,286
$341,408
88,818
180.000
$607,962
$264,257
76,192
180,000
$610,226
$124,060
$520,449
$87,513
In leaseholds of the second class
103,119,045
106,826,190
106,085,632
Total under lease to Great West. Mg. Co.314,084,789 327,394,778 322,380,671
(b) In Mines Covered by the "Old Leases"85,704,722
Records of State Tax Commission May 1-. 97,364,365 102,626,995
* After deducting purchased power,$69,661 in 1913 and $3,674 in 1912.
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.
1912.
1913.
AssetsLiabilities411,449,154 430,021,773 408,085,393 Property dr plant..25,824,675 23,523,424 Ont.Pow. Co.stk. 9,868,000
Grand total
Stks., bds., &c.,
Ont. Tr. Co. stk. 1,000,000
SHIPMENTS AND REVENUE.
of other cos__ _ _ 1,872,836
16,300 Ont.Pow.Co lst5s 9,783,000
12,804
13,770 Ont. Tr. Co. 1st 5s 1,902,000
-Under "Old Leases"- -Under Great Western Mining Co. Lease- Prepaid insurance
Average Royalty,
Minimum Cash
271,003
Tons
223,094 Ont. P. Co. deb.6s 2,965,000
Tons
Average Revenue
Roy.Acc't. Acc'ts dr bills rec_
469,350
472,463 0.P.Co.6% notes 2,000,000
Mined.
Royalty. Received. Shipped. Royalty. inel.Freight.
Contingent assets_
15,822
16,720 Bills & acc'ts pay_
47,922
1907_2,902,880 13.9940c. $406,229 137,270 8.838726 $225,020
1,006 +81,325,551 Bills receiv.-disc.
508 1.180295
Accr. int.,tax.,&e. 369,287
1908..1,294,976 19.15480. 248,050
(see contra)
41,621 .792687
32,995 +2,027,289
56,880
Disc, bills rec. (see
1909_2,964,051 14.9664c. 443,611
643
+806,366 Miscellaneous_ _ _
443
contra)
56,880
1910_2,993,893 15.2002c. 455,079 2,046,970 .853830 2,964,758
Reserves _
16,442
1911..1,758,182 17.3525c. 305,089 5,344,078 .945308 8,747,281 -1,466,053
Profit
515,482
1912_2,509,706 14.4919c. 363,704 7,435,051 1.186650 9,820,133 -2,693,153
+16,440
1913_2,752,924 14.89910. 410,161 5,221,987 1.283936 9,372,068
Total
payments
28,524,013
011908,
1909
and
1910,
aggregating
24,266,213
royalty
Total
28,524,013
The deficiency minimum
$4,159,206, were completely absorbed by mining operations of 1911 and 1912. The -V. 98, p. 391.
Item "Royalty, incl. Freight," in 1913 includes: Royalty on 59.6211% iron, 39,359,iron,
$12,633; total in income account $9,372,068. Niagara Lockport & Ontario Power Co.,
435; royalty on less than 49%
TRUSTEES' STATEMENT OF RECEIPTS AND DISBURSEMENTS.
1913.
1912.
1911.
1910.
Dividends from$1,450,000 $1,000,000
Allouez Bay Dock Co
100,000
100,000
Dui. Sup. & West. Terminal Co_
300,000
West MLssabe Land Co
2,105,000
5795,000
835,000
Leonard Iron Mining Co
305,000
223,402
252,707
270,434
North Star Iron Co
Jackson, Polk, Tyler Min. Cos
390,000
Total dividends received
Interest, &c
$1,018,402 $2,637,797 $2,365,434 $2,105,000
115,487
66,355
12,005
6,479
Total receipts
$1,133,889 $2,704,152 82,377,439 $2,111,479
Expenses
$73,144
$73,172
$88,197
$67,627
Distributions on trust certificates* 750,000
750,030
750,000
2,250,000
Balance for period
Balance brought forward
Total surplus Dec. 31
sur$310,745surS1880,980sur$1539,242 def$206,148
1,572,073
3,453,053
32,831
238,979
$3,783,798 83,453,053 $1,572,073
$32,831
*In 1913, 500.; 1912, 50c.; in 1911, 50c.; in 1910,81 50; in 1909,51; in 1908,51.
Note.-The capital stock of the Allouez Bay Dock Co. and the Duluth-Superior
&Western Terminal Co. is owned by the Lake Superior Co., Ltd., but by vote of the
shareholders of that co. their diva. are turned over to the trustees. See V.94, p. 347.
RESULTS OF MINING, &c., OPERATIONS.
1913.
Revenue1912.
1911.
1910.
$410,161
$363,704
"Old leases"
$305,089
$455,079
9,372,068
9,820,133 8,747,281
Great Western lease
2,964,758
Deficiency mining royalty
806,366
489,942
57,687
16,738
20,067
Miscellaneous
Total
DeductionsSundry expenses
Taxes
Interest
Royalties-Mining State
Other leases
Advance royalties
Sargent Land Co
Freight, ore
Mine development
Perfecting titles
Dividends paid-Trustees
To others
$10,272,171 $10,241,524 $9,069,108 $4,246,270
$47,819
631,251
13,344
2,253,479
243,083
706,860
2,659,917
1,057,360
1,018,402
818,142
$56,683
392,667
13,740
2,931,279
243,1501
706,860f
3,818,078
300,361
121,183
1,087,797
861,187
$30,962
9,081
45,841
12,400
1,999,810
723,120
$51,939
5,782
51,524
12,830
332,590
658,104
3,648,776
1,185,193
1,265,434
333,014
730,000
142,500
89,449,657 $10,532,986 38,068,438 83,170,462
Total
$822,514 def$291,462 $1,000,670 31,075,808
Balance, surplus
Note.-The revenue from Great Western lease in 1912 and 1911 is shown alter
deducting the amounts ($2,693,153 and $1,466,053, respectively) which were required to cover the deficiency minimum royalty payments, now wholly absorbed,
for the years 1908, 1909 and 1910.
BALANCE SHEETS DEC. 31.
Trustees' Statement.
Agents' Statement.
1912.
1913.
Assets-;
1913.
Assets1912.
$3,670,901 $2,671,054 Due from pro. cos.$4,504,263 $3,106,111
Cash
814,260 Est. unpd. taxes.. 665,000
A. B. D. Co. notes
388,110
70,000
Investment occurs.
Dividends reedy_
96,000
96,000
2, .,'.'.
N. -.oh dr accts.
Interest accrued
• ..!eivable
*3,592,260 2,566,487
Liabilities
$3,763,883 $3.61.'2,41;
Total
Due propriet. cos.$8,841,083 $6,156,708
LiabilitiesAdv. royalty rec'd
Unpaid divs. and
$49,364
from G.W.Min.
accts. payable
$84
Co.for 1913agst.
UndLstrib. Income
which shipments
Dec. 31
3,763,799 3,453,053
will be made in'14 /8,440
Total
$3,763,883 $3,502,417
$25,,`: 7.52.3 2e.,(50,709
Totals
*The greater part of the accounts receivable and accounts payable We:,
In Jan. 1914.-V. 98, p. 1159.
The Ontario Power Co. of Niagara Falls.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. J. J. Albright, Buffalo, Feb. 13 1914, wrote in subst.:
Business.-The business shows a very decided increase over 1912.
Number of Kilowatt Hours Generated (000: omitted).
1908.
1909.
1907.
1910.
1911.
1912.
1913.
60,837
139,816 226,744 310,736 382,180 510,965 639.081
Contracts.-The power generated is sold under contract as follows:
(a) Through the Ontario Hydro-Electric Power Commission, to 45 municipalities, while 5 more, we are advised, will be added by April 1. (b) To
distributing companies, manufacturers, electro-metallurgfcal and other
industries at Niagara Falls, Ont., and the territory adjacent to the Welland
Canal. (c) To Niagara Lockport & Ontario Power Co. of N. Y., which distributes it as far east as Syracuse and Oswego and south from Lockport to
West Seneca and westerly to Dunkirk and Erie, Pa.
Capacity.-When our report for 1912 was issued, we had 10 generators
Installed, with a rated capacity of 117,000 h. p. During 1913 and on Jan.
28 1914 we completed the installation of four additional units of 13,000
h. p.each.
Dividends.-The earnings justified us in paying four quarterly dividends
during the year of 1X % each, making a total of 5%.
1912.
8,798,000
1,000,000
8,795,000
1,935,000
2,985,000
9,772
280,945
17,140
445,355
24,266,213
Buffalo, N. Y.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, signed by Pres. Francis V. Greene and Sec.
H. E. Nichols, on Feb. 28, says in substance:
Growth.-On Nov. 10 1913 the company's load reached a maximum
of 72,053 h. p. The average daily transmission in 1913 was over 62,800 h.p.
as compared with 53,885 12. p. in 1912. Gross earnings increased 9.8%
and net earnings 10.8% over 1912. Almost all our business is with large
consumers under long-term contracts.
Additional Power Supply.-Referenee was made in the last annual report
(V. 96, p. 1019) to the provision which has been made for an additional
supply of power from a hydraulic plant to be constructed on the Salmon
River, and two auxiliary steam plants at Lyons and Auburn, N. Y., which
were acquired in Nov. 1912. Upon the completion of the Salmon River
plant it will not be necessary to maintain either of these steam plants
constantly in commission, but they will be started up when the load requires it. The initial development of 15,000 h. p. from the Salmon River
plant (V. 95, p. 1043) will be available about April 11914. It is expected
that the second development of 15.000 h. p. will beavailable byJuly 11914.
[As to offering of one-year 6% collateral notes (total issue $900,000) in
Oct. 1913, see V. 97, pi 954. As to operation of new plant see a following
page.1
RESULTS FOR CALENDAR YEARS.
1913.
1912.
1911.
1910.
1909.
K.w.hours
delivered270,320,004 230,899,434 193,864,268 177,722,627 159,008,298
II. P. sold_
64,528
57,144
48,493
44.834
38,131
Total rects. 31.560,997 31,329,643 $1,123,723 $1,051,522
$863,774
Gross Inc__
$709,634
$644,781
$587,322
$555,634
$448,513
Net income $477,986
$432,451
$381,231
$351,521
$251,956
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
1912.
1911.
Sales of electric power
$1,518,622 $1,306,232 $1,100,744
Cost of power
*851,363
684,863
536,401
Gross earnings
$667,259
$621,369
$564,343
Net earnings (after operating exp.)
500,823
454,730
401,231
Other income
42,375
23,412
22,979
Gross income
$543,198
$478,142
$424,210
Taxes, rents, &c
$65,212
$45,691
$42,979
Interest on 1st mortgage bonds
x250,000
250,000
250,000
Interest on notes
10,830
41,667
100,000
Int. on L.& A. steam plant purchase.
45,619
Sinking fund payments
70,244
55,147
49,653
Balance,surplus,or deficit
sur$101,293 stir 85,637 def$18,422
*Includes in 1913 power purchased, $757,376, and power produced,
$93987, including $9,554 for depreciation. x Includes interest on bonds
in sinking fund ($11,473 in 1913.)
GENERAL BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
AssetsLiabilities-$
Property de plant_ 11,294,029 11,201,831 lst pref. stock_ _ _ _ 2,700,000
Sinking fund cash.
539
596 2d pref. stock_ _ _ _ 2,000,000
Advance to Erie
Common stock__ 1,230,000
Constr. Co_
781,816
First mtge. bonds. 4,692,000
Investments
a760,000
760,000 1-year 6% secured
71,122
Working assets_ _ _
102,909
notes
765,000
Current assets_ _ _ 257,788
296,536 Accrued liabilities.
64,771
45,197 bConstr, pur. plants 774,375
Cash for construe.
507
44,548 Current liabilities. 521,089
Contingent assets.
8,099 Unearned int.. dre.
Notes reedy. disc.
4,939
2,206
Reserves
265,102
Disc. notes reedy.
4,939
Profit and loss_ _ _
183,045
Total
13,202,527 12,427,929
Total
2,700,000
2,000,000
1,230,000
4,779,000
50,376
815,675
315,412
3,213
355,417
8,099
170,736
13,202,527 12,427,929
a Includes $700,000 Salmon River Power Co. stock and $60,000 Niagara
Iv Erie Power Co. stock. b Contract of purchase of Lyons and Auburn
scoam plants.
Tit,company has a contingent liability as guarantor, both as to principal
and interest, of 50% of the 1st M.5% 30-year gold bonds of the Niagara &
Erie Power Co., of which there were $542,000 outstanding at Dec. 31 1913,
and of 50% of the annual sinking fund payments to be mad. by (Aim
company, commencing Jan. 1 1916; also as guarantor both as to prmetpu:
and interest of the 1st M.5% gold bonds of the Salmon River Power Co.• of
which there was $2,200,000 outstanding at Dec. 31 1913.-V. 98, p. 1603.
Spring Valley Water Co., San Francisco.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. W. B. Bourn, San Fran., Mar. 23, wrote in subst.:
Contingent Fund.-To be conservative a "contingent liability fund" has
been created which will until the decision of the rate cases, equal the 15%
collected under injunction. For this fund there was utilized the amount
heretofore credited to the contingent and liability fund and an additional
amount from the surplus fund. In view, however, of the remote contingency of any liability resulting from the revenues collected under injunction,
we believe this fund will ultimately be transferred to the surplus fund.
Business.-The number of connections on Jan. 1 1914 was 63,016, a
gain of 2,397. By a pitometer survey and a rigid system of house-to-house
inspection, the consumption of water was kept down to a daily average of
1314
xcvm.
THE CHRONICLE
39,674,404 gallons, being a daily increase of 549,424 gallons over 1912.
About 50% of the quantity of water daily delivered is metered.
Calaveras Dam.-Conditions having arisen under which it seemed advisable to consider the best type of dam to build, William Mulholland of
Los Angeles was asked to consider the project with F. C. Herrmann, our
Chief Engineer, and submitted plans calling for the erection of a hydraulic
fill dam, which, considering all the questions involved-foundation, earthquake conditions,impermeability, &c.-is incomparably the best and safest
type. The board on May 23 1913 resolved to proceed immediately with
the erection of this dam. By working two shifts all necessary preliminary
work was completed so that the unusually high floods of the winter have
been cared for without any damage whatever to the structure. With
the completion of the Calaveras dam (V. 97, p. 1290) and the installation
of additional conduits to San Francisco, the city of San Francisco may feel
secure for many years to come regarding its water supply. The winter's
rainfall has been ideal for the perfecting of all data relative to stream flow.
Suits.-On Dec. 31 1913 a condemnation suit was commenced by the
city of San Francisco to acquire the greater portion of the property owned
by your company. The rate cases have been set for trial on May 4 and it
is hoped the trial of the condemnation case will follow soon after.
The directors have engaged Leonard Metcalf of Boston Allen Hazen
of N. Y. and G. G. Anderson of Denver to act with our advisory engineers
in all matters pertaining
the preparation and presentation of the rate and
condemnation suits.
. 98. P. 76.)
[As to sale of $1,000,000 2-year 53 % notes and increase in annual
dividend rate from 2% to 2A %,see V. 98, p. 76; V. 97, p. 1754, 1296.1
INCOME ACCOUNT FOR CALENDAR YEARS.
1912.
1911.
1913.
Earnings1910.
$3,217,278 $3,064,375 $2,891,337 $2,788,448
Water sales
98,791
Rents
108,606
74,807
58,463
Suburban Co. collection
33,715
20,430
14,059
18,502
31,983
Interest
23,992
Miscellaneous
9,098
11,783
13,133
9,558
Gross earnings
$3,400,680 $3,195,379 $2,993,336 $2,898,963
Operating expenses_ _ _ _
805,611
779,521
664,959
719,116
Net earnings
$2,595,069 $2,415,858 $2,328,377 $2,179,847
DeductTaxes
$445,213
$418,310
$392,228
$362,851
Interest on bonds
714,360
714,360
714,360
714,360
Other interest
41,944
6,979
Depreciation,&c
260:000
260,000
260,
260,000
Contingent & liab.fund_
387,547
240,000
240,000
170,
Dividends
(2 %)595,000(2%)560,000(2%)560,000(2%)560,000
Miscellaneous
1,030
3,340
18,098
Total deductions ___ - $2,465,185 $2,237,954 $2,173,567 $2,085,309
Balance,surplus
$154,810
$177,904
$129,884
$94,538
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
AssetsLiabilities$
$
$
Capital stock_ _ _ _28,000,000 28,000,000
Real Estate, Water
Stock assessment_ 840,000
rights, rights of
840,000
a65,608,857 64,060,361 General mortgage
way, &c
Gen. M.Bonds .b3,418,000 3,128,000 4% bonds
21,277,000 20,987,000
42,825
Bills & accts. rec.
30,180 2-yr. 5l% notes_ 1,000,000
329,874 Current liabilities.. 942,326 1,658,304
Mat'l, supp., &a__ 336,909
77,804 Deprec., &c.,fund 2,324,923 2,267,150
Consumers' accts77,385
Unamort, disc't,
Contingent and lia&c., on notes__
23,677
bility fund
1,703,401
790,000
32,646 Capital surplus_c_14,890,264 14,573,274
Cash
129,819
Special deposit unSurplus net rev
d362,960
758,930
1,703,401 1,315,853
der injunction
BALANCE SHEET OF PARENT HOLDING COMPANY.
1913.
1911.
1912.
Assets$
$
$
Sub-co.stocks,&c.,acquired in exch. 42,299,872 42,299,872 42,988,987
Marine equipment
1,250,000
1,250,000
1,250,000
Invest.in bonds,stocks 84 other secur.
subsequently acquired, not pledged 1,080,035
727,341
1,059,841
Notes and accounts receivable
965,033
923,474
500,276
Unexpired insurance
1,952
3,103
3,079
Accrued interest
16,100
Cash to meet Jan. coupons
339,400
342,475
345,275
Cash in banks
145,729
30,810
47,693
Total
46,098,121 45,909,575 45,862,651
LiabilitiesCommon stock
14,997,000 14,997,000 14,997,000
Preferred stock
14,996,400 14,996,400 14,996,400
Fifty-year 5% coll, trust gold bonds_ 12,562,000 12,623,000 12,997,000
1,014,000
Bonds guaranteed
1,076,000
1,138,000
Accrued interest
339,400
342,475
345,275
Reserve for depreciation
392,171
304,438
62,500
Surplus
*1,797,150
1,570,263
1,326,476
Total
46,098,121
* After adding $2,092 sundry credits.
45,909,575 45,862,651
Subsidiary Companies, Comprising Clyde SS. Co., Mallory SS. Co.,
N. Y. Se Cuba Mail SS. Co., N. Y. & Porto Rico SS. Co. and Sub. Cos.
CONSOLIDATED INCOME ACCOUNT OF AFORESAID SUBSIDIARIES FOR CALENDAR YEARS.
1911.
1910.
1912.
1913.
Operating revenue
$19,407,140 $18,026,357 $16,139,302 $15,777,423
Operating expenses_ _ _ _ 16,400,912 15,731,964 14,034,112 13,237,050
Net income
Other income
$3,006,228 $2,294,394 $2,105,190 $2,540,373
612,795
627,459
270,876
335,576
Gross income
$3,341,804 $2,565,270 $2,717,985 $3,167,832
DeductBond interest
$982,404
$966,729
$940,700
$911,250
Int. on notes payable_ _ _
50,421
17,995
5,846
3,095
Rentals and miscellan's_
683,309
659,861
Depreciation
1,271,520
198,666
895,828
Dividends
920,000
1,130,000
880,000
760,000
Balance
sur .$622,733sur .$201,614 def.$42,567def.$266,513
CONSOLIDATED BALANCE SHEET DECEMBER 31,
1913.
1911.
1912.
Assets$
$
$
Marine equip., term. prop., equities
in terminals, terminal and transfer
equipment, good-will, fran., &c__ - 46,074,665 74,270,086 73,413,188
Inv. pledged under mtgs.,oth.sec.&c. 2,122,844
3,419,900
1,781,637
Inventories
145,496
144,660
139,756
Notes and accounts receivable
339,645
437,433
459,452
Agents' balances
875,900
949,456
1,059,958
224,002
Ships'accidents & gen. aver. claims
344,420
253,256
126,447
Claims in suspense,less reserve
108,510
75,735
132,761
Unexpired insurance, &c
238,202
221,443
39,858
Marketable stocks and bonds
39,858
94,577
55,512
Accr'd interest on bonds in treasury
60,933
55,925
250,675
Cash for coupons due Jan. 1
239,675
295,550
676,153
551,930
Cash in banks and on hand
349,791
59.954
10,711
Miscellaneous
14,853
767,817
864,634
Def.chgs. to oper.,open voyage acc't
629,194
Total
71,340,874 69,874,718
Total
71,340,874 69,874,718
a After deducting $231,628 for sales of property;, removals of equipment,
&c. b Includes in 1913$2,890,0001n treasury (against $1,708,000 in 1912),
of which 1,429 bonds pledged and $528,000 to be received for capital expenditures incurred prior to Dec. 31 1913. c Arising from re-valuation
Total
52,791,729 80,042,145 80,482,578
of capital assets. d After deducting $525,853 for amount transferred to
Liabilitiescontingent liability fund.-V.98, 13• 76.
Cap.stock issued (of which $27,695,500 owned in 1913 by Atl. Gulf &
Atlantic Gulf & West Indies SS. Lines, New York.
28,000,000 56,000,000 56,000,000
West Indies SS.Lines)
15,644,000 15,598,000 17,440,000
Bonded debt
(Report for Fiscal Year ending Dec. 31 1913.)
Bonded debt of underlying cos.:
150,000
150,000
164,000
U.S.& Porto Rico Nay.Co. 1st 54_
Pres. Henry R. Mallory April 11 1914 wrote in substance:
1,701,820
1,558,971
1,154,036
and accounts payable
Results.-This corporation's income account shows surplus for the year Notes
450,512
404,992
408,425
on
bonded
debt_
_
_
_
Accrued
interest
of $224,795, an increase over 1912 of $42,007.
168,001
109,987
243,894
current liabilities
Marine Equipment.-During 1912 the book value of this item was re- Othercred.
1,011,093
869,631
to oper.:open voyage acc'ts
904,884
duced and the excess transferred to good-will. The values arrived at were Def.
4,178,538
3,581,667
Reserve for depreciation, &c
4,979,206
passed upon by practical men and in some cases altered to appraisal values. Surplus
307,810
a1,310,717
826,268
Reduction in Stock of Subsidiary Companies.-The shareholders of the
several companies at the last annual meeting voted to reduce the par value
Total
52,791,729 80,042,145 80,482,578
of the capital stock of each from $100 to $50 per share, thus cutting the
par value of the capital stock of the Clyde Steamship Co., Mallory SS. Co.,
a After adding $138,284 sundry net credits pertaining to previous years.
New York & Cuba Mail SS. Co. and New York & Porto Rico SS. Co.from
There are also contingent liabilities on guaranty of $595,000 Clyde SS.
an aggregate of $56,000,000 to $28,000,000 [the present share capital of the Terminal Co. bonds and $499,000
Carolina Terminal Co. bonds.-V. 98.
companies named following such decrease is $7,000,000, $7,000,000, 310,- P. 764.
000,0W and $4,000000, respectively.-Ed.1. This step reduced the value
of good-will, bringing same more nearly in accordance with the actual
value of the assets.
U. S. Industrial Alcohol Co.
The subsidiary companies have done a good business, with an increase
in operating revenue of $1,380,782 and of $776,534 in gross income. Sur(Report
for
Fiscal Year ending Dec. 31 1913.)
shows
an
$1,542,733,
increase
of
year,
plus for the
$581,119 over 1912.
Continuance of disturbed conditions in Mexico has affected the revenues of
Pres. Frederic M. Harrison, says in substance:
the Ward Line, but its steamship.service has been maintained to the ports
of that Republic with profit. The passenger service of the Porto Rico
In some departments, due to abnormal trade conditions, lower prices
Line was improved during the year,and a further improvement was made in prevailed, with a resultant decrease in not profits. The volume of business,
it during March of this year, with noticeable increase in patronage. Appli- however, has been satisfactory, and the utilization thereof in new fields
cation of new sugar tariff and unusual competition for freights has affected has stimulated a demand for our products which indicates substantial futhe earnings of this line somewhat. Normal conditions have prevailed ture expansion. Attention is directed to the fact that five quarterly diviin the operation of the Mallory Line, and nearly for the Clyde Line.
dends have been deducted from the year's net earnings in order that the
Steamships.-The Lenape of Clyde Line went into service Jan. 1913and amount of the quarterly dividend on pref. stock declared in Dec., payable
is very popular with the public, and has proven thoroughly satisfactory.
Jan. 15, shall not, as heretofore, be included in the surplus at the close of
The new steamer Osceola is in successful operation on the St. Johns River. the fiscal term.
Florida. Two new steamships of about 9,000 tons each, contracted for
Our company has continued its policy of maintaining in excellent operin August 1913, are in course of construction for the Mallory Line,at New- ating cond4ion and, wherever possible, increasing, the efficiency and caport News. They will be of good speed,large cargo carriers, with economi- pacity of ftst,nlants. Since the close of the fiscal year covered by the above
cal appliances for handling cargo,and ready for service in Sept. or Oct. 1914. report, to-wk on Jan. 9 1914, one of the distilleries of your company and
The steamship Carolina of Porto Rico Line, after the installation of new en- its associated denaturing warehouse, situated at New Orleans La. (adegines, boilers, &c., went into service March 1914, having been materially quately insur6d1, were destroyed by fire. However, by gratifying co-operincreased in speed, economical operation and cargo carrying. Progress is ation on the part of our other plants, commercial operations have proceeded
being made with the plans for a new passenger steamer for the Ward Line, without interrupstio.i.
which will be superior to any owned by our several lines.
Terminals.-The Carolina Terminal Company's property at Charleston,
INCOME ACCOUNT FOR YEAE ENDING DEC. 31.
S. C., has suffered delays in constructive development incident to a fire
1911.
1912.
1910.
1913.
on the premises, but they will be fully completed in May next. These
$863,599
terminals,superior to any in Charleston,are being built for the Clyde Line's Profits from all sources_ $1,006,774 $1,437,522 $1,308,399
166,221
99,933
104,293
49,188
exclusive use, and are the equal of any at South Atlantic or Gulf ports. Repairs, maint. & depr_
96,757
99,585
94,094
71,993
(V.95, p. 1610, 1748.) Terminal property at Wilmington, N. C. has been Insurancs and taxes__ _ _
152,793
206,136
156,029
Admin. & other exp__ _ _
78,341
purchased and it will be improved at once with modern docks and sheds.
420,000
420,000
420,000
Outlook.-Since Jan. 1 1914 business conditions have not been as good and Pref. dividends (7%)__
420,000
the outlook for the immediate future is not as promising as last year.
$601,751
Balance,surplus___- $232,358
$482,745
$244,077
INCOME ACCOUNT YEAR ENDING DEC. 31.
BALANCE SHEET DEC. 31.
•
1913.1912.
1911.
1912.
1913.
1913.
1912.
LiabilitiesAssets$
$
from
sub-companies
Dividends
914,144
743,428
887,807
Interest on investments, &c
279,565
262,702
167,277 Properties owned_16,826,899 16,408,032 Common stock_ -.12,000,000 12,000,000
674,111 Preferred stock__
609,158
6,000,000
Cash
Total
1,006,130
1,193,709
1,055,084 Acc'ts & bills rec. 3,553,527 3,998,247 Acc'ts & bills pay_ 6,000,000
282,740
*361,954
DeductPref. div. Jan.1914 105,000
material,
650,000
650,000
Interest on bonds
650,000 Mdse.,
593,404
1,400.000
877,652
(cost)
Rep.Dist11.7%
1,300,000
bds
&c.
55,350
Int. on bonds assumed and guaranteed
52,250
58,450 Unexpled Ins.,&c.
36,684
18,554 Surplus
2,136,966 2,009,608
5,017
2,513
Other interest and taxes
5,934
43,617
Marine insurance
42,612
42,109
Total
21,903,920
21,903,920
Total
21,692,348
21,692,348
6,855
4,039
Sundry expenses, &c
2,883
62,500
Depreciation on marine equipment_ _
62,500
62,500
and
($361,954)
deducts
the
accounts
bills
payable
and
company
*
The
Depreciation on investments
155,000
200,000 $282,740, respectively, in 1913 and 1912, and in 1912 also $105,000 reserve
Total deductions
968,914
823,342
1,021,876 for dividend No. 29 on pref. stock, paid Jan. 15 1914, from the total of
Surplus for year
224,795
182,788
33,208 current assets ($5,077,021 and 35,284,316. respectively), showing the same
The foregoing income account does not take into consideration the un- as a net asset ($4,610,067 in 1913 and $5,001',575 in 1912), and omitting
divided surplus earnings of the subsidiary companies.
the item from the other side of the account as allballity.-V. 98,P. 528.
APR. 25 1914.1
THE CHRONICLE
United Cigar Stores Co. of America.
(Report for Fiscal Year ending Dec. 31 1913.)
George Wattley, Treasurer, April 17, says:
1315
Central New England Ry.-Bonds Authorized.-The
P. S. Commission on Wednesday granted permission to issue
$3,000,0004% 50-year 1st M. bonds to be sold at not less
than 833 to retire floating debt and for impts.-V.97, p.666.
Central Ry. of Canada.-Project Revived-New Bonds.The company and the contractor for the bond issue authorized Parr's Bank, Ltd., as their bankers, and Dent,
Palmer & Co. to receive subscriptions in London April 6 to 8
at £90 per £100 bonds for £1,225,000 of an issue of £2,600,000
new 1st M.5% bonds. The adv. says in substance:
At the end of the year the operating companies had fully equipped and
doing business 36 stores in addition to those maintained at the end of the
previous year. Cash on hand and secured demand loans showed an increase
of $758,019. The sales increased $2,856,859. In view of the general
business conditions we consider this increase in sales due to our old policy
of putting back into the business a large part of our earnings. The statement does not include the surplus of subsidiary companies which was not
declared out by way of dividends.
INCOME ACCOUNT FOR THE YEAR ENDING DEC. 31 1913.
Divs. & int. reedy. (less elsgs.)$2,171,516 I Common dividends (541 %)--$1,493,910
To be a first mtge. on the railway, about 343 miles now being constructed
$360,716 between Montreal and Midland on Georgian
Preferred dividends (7%)-- _ $316,890 I Balance, surplus
Bay,and 95 nines of branches
(partly constructed) total,438 miles, and equipment;on all land grant subBALANCE SHEET DEC. 31..
sidies in respect of the mortgaged property and (for security of interest
1913.
1912.
only) on all cash subsidies or bonuses received or to be received from the
1912.
Assets1913.
$
$
LiabilitiesGovt. of Canada or the provinces of Ontario and Quebec; also on the entire
Stocks and bonds
$
$
in other co's__ _29,995,341 29,095,341 Common stock ..27,162,000 27,162,000 capital stock of Carillon Sr Grenville, Ottawa Valley and Ottawa River Ry.
4,527,000
4,527,000
stock..
_
_
Preferred
companies, and the Ottawa River Nay. Co., and on 95% of the capital
Cash and demand
stock of Central Counties Ry. Co, which companies, in addition to portions
loans (secured). 1,823,004 1,069,985 Accounts payable,
26,282 of said railway own other assets
35,406
provisions, &c__
and franchises which, with exception of 38
Adv. to sub. co's_ 1,340,000
1,448,268 1,087,552 miles belonging to Central Counties Ry. Co., are unencumbered.
1,718,000 Surplus
Bills receivable_ _ _
Of the present issue (£2,600,000), £500,000 have been offered to the
19,508
9,329
Accts. receivable_
holders of the old outstanding bonds, and will be applied in redemption
33,172,674 32,802,834 thereof(V. 98, p. 72; V.97,p. 1662, 728, 175),and £4,252,500,equivalent
Total
_ _ _33,172,674 32,802,834
Total
at $4 86 to £875,000, have been reserved for offer in N. Y. and Montreal,
-V. 28. p. 1248.
and the remaining £1,225,000 are now offered, of which E400,000 have been
applied for. hit .Q.-J. in London, Montreal and N. Y. at 4 86 to £.
Kansas City Breweries Co.
Par £25, £100 anti £200; $100, $500 and $1,000. Principal due Jan. 1
1964, but red, at 105 at company's option on or after July 1 1920, or, if
(Report for Fiscal Year ending Dec. 31 1913.)
paid on reorganization or amalgamation or from land sales. Trustee.
RESULTS FOR CALENDAR YEARS.
City Safe Deposit & Agency Co., Ltd., London. The Acts relating to the
1911.
1912.
1910.
1913.
company limit the issue of bonds to $30,000 per mile constructed or under
314,600
338,332
329,096 contract to be constructed or purchased. The amount received from the
326,784
Barrels sold
$2,587,005 $2,452,558 $2,613,449 $2,547,712 sale of the bonds after payment thereout of existing obligations (under
Total income
£30,000) will be applied to construction, purchase of roiling stock, &c.
Purchases and expenses- $2,161,813 $2,123,679 $2,186,473 $2,111,409 The
purpose for which the bonds are issued, and the prospects of the rail79,109
84,581
81,696
82,274
Depreciation
198,480
198.480
198,480
198.593 way,are in statement by the President which accompanies this prospectus.
Interest on bonds
A contract dated March 27 1913 provides for the completion of the
25,000
25,000
25,000
25,000
Sinking fund
87,960
87,960 main line from Montreal to Midland by Dec. 31 1915, with branches,th
Div.on pref. stock(6%)
cost plus 10%, except for bridge over Ottawa River at Hawesbury, weree
Total deductions_ _ _ _ $2,466,989 $2,426,268 $2,582,494 $2,505,236 for the present the bridge subsidized by the Govt. will be used. Gradintse
326,290
Balance,surplus for year $120,016
$30,955
$42,476 on main line will not exceed 4-10 of 1% eastward. In addition to grain and
other through traffic, the management expect a large local traffic. Capital
BALANCE SHEET DEC. 31.
stock auth., $7,000,000; issued, $2,328,500. The Canadian Govt. has
1913.
1912.
1913.
1912. ,
already voted, on certain section of the line, the usual subsidy. A further
$
LiabilitiesAssetsgrant to cover the remainder of the line between Montreal and Midland has
Brewery plants,&c. a6,056,765 6,568,887 Common stock
1,557,000 1,557,000 been applied for at $6,400 per mile.
fixtures_
4,006 Preferred stock
Furniture &
1,466,000 1,466,000
[The Canadian Government having put out a statement declaring that
First mtge. bonds_ _c3,005,000 3,059,000 there had been no decision to grant subsidies to the road,the company issued
Outside real estate,
150,842 123,334 Acc'ts payable, acagencies, &c
a circular giving applicants for bonds an opportunity to withdraw. At the
(cost)
19,430
19,430
crued taxes
332,422 331,846 same time the company reiterated its belief that the usual Dominion
$0 1st M. bds.
Mat'ls, sup.,mtgs.,&e.791,931 715,604 Total surplus
356,941 776,925 subsidy would be granted, and called attention to the Canadian and
b19,085
Cash
24,088 Sinking fund reserve 320,690 264,577 English legal opinion that the railway is entitled to a land grant from the
Ontario Govt.to the extent of the Montreal & Ottawa line, built in Onatrio.]
Total
7,038,053 7,455,348
7,038,053 7,455,348
Total
Directors.-Hon. William Owens, Montreal (Pres.); O. N. Armstrong,
Pres. Montreal Central Terminal Co.,London (V.-Pres.); W.D.Hogg,K.0.,
a Brewery plants, properties and good-will include value prior to 1906. Ottawa, (V.-Pres.); Henry W. Raphael (Treas.); J. Douglas Wells (Sec.);
$5,743,634; additions and improvements, 1906. $226,599; 1907, $285,879: Lt.-Col. A.E.Labelle and F. S. Maclennan, K.C.,all of Montreal; J. A.C.
1908. $258.006; 1909, $195.015; 1910. 3180,345: 1911, $256.503; 1912, Ethier, K.0., M.P. St. Scholastique; John Drummond. Midland, Ont.;
197,754; 1913, $85,568; total, $6,658,461; less depreciation reserve, London Committee,
'
with controlling voice as to construction expenditures,
601,696; bal.. $6,056,765. b Includes $10,471 sinking fund reserves and and with voting power on a majority of stock until two successive years'
8,614 general funds. c After deducting $303,000 bonds in sinking fund Interest has been earned on bonds: Sir Thomas H. C. Troubridge, Bart.:
-V.98,p. 527.
Thos. Carmichael, of Dent, Palmer & Co.; A. L. Cohen. Head office.
103, St. Francis Xavier St., Montreal; London office, 363 Winchester
House.-V. 98. p. 1155. 72.
/
GENERAL INVESTMENT NEWS.
Charleston & Western Carolina Ry.-Details of Bonds.
-The new first consol. mortgage to the Safe Deposit &
RAILROADS, INCLUDING ELECTRIC ROADS.
Trust Co. of Baltimore, as trustee, is made to secure not
Ann Arbor RR.-Notes Sold.-A syndicate headed by exceeding $10,000,000 50-year bonds due Jan. 1 1964, viz:
A bonds issuable at once to retire the $2.380,000 income
F. J. Lisman & Co. have purchased the $750,000 2-year 6% Series
bdnds dated Oct. 1 1896 (the interest rate thereon to be 2%
notes (total issue limited to $1,000,000) which were authoryearly for the first 2 years, tor the next 3at 3%,for the next 5at
ited on April 14 by the Michigan and Ohio RR.Commissions. 4% and thereafter at 5% per annum)
$2,380,000
The notes are dated May 1; int. payable semi-an., May and Nov. 1, at
Empire Tr. Co., trustee. Denom. $1,000 each.-V.98, p. 1243, 1154.
Arkansas Louisiana & Gulf Ry.-Foreclosure Sale.The U. S. District Court has ordered the foreclosure sale of
the road. Upset price $200,000.-V. 96, p. 1627.
Atlanta Birmingham & Atlantic RR.-Sales Adjourned.
-The foreclosure sales of the properties of the company,
Alabama Terminal RR. and Georgia Terminal Co., which
were to have taken place on April 22, 23 and 24, have been
postponed until Monday next.-V. 98, p. 1243, 1091.
Bituminous Coal Roads.-Vote Against Strike.A press dispatch from Indianapolis late yesterday afternoon states that
the bituminous coal miners in Western Pennsylvania, West Virginia, Ohio,
Indiana and Illinois voted at the referendum overwhelmingly to approve
the recommendation of the policy committee that the miners remain at
work pending the settlement by districts of new wage agreements in place
of those which expired on March 31. As heretofore stated, a large number
of miners have been out, notably in Pennsylvania and Ohio.- V. 93,
p. 1243, 1154.
Buffalo Rochester & Pittsburgh Ry.-Listed.-The
New York Stock Exchange has listed the $1,400,000 consol.
M.4
bonds, due 1957, which were recently sold (V. 98,
p. 1155, 1070), making the total listed to date $8,712,000.
Reserved to bear interest at not to exceed the lawful rate of
South Carolina-(a)Issuable from time to time to retire $ for $
the $2,720,000 1st 5s of 1896. and $600,000 Augusta Terminal 6s
3,320,000
(b) For additions, betterments, extensions or equipment
4,300,000
-v.98,p. 838.
Chicago & Alton RR.-Application.-The Missouri P.S.
Commission on Apr. 20 heard the application for authority
to issue $491,000 additional gen. M. 6% bonds; also, it is
reported, to take over some of the auxiliary roads in Missouri
which have been owned bu the company but treated as separate properties.-V. 98, p..838, 452.
Chicago Burlington & Quincy RR.-Listed.-The New
York Stock Exchange has authorized to be listed $9,000,000
general M. 4% bonds prior to July 1 1915 on notice of exchange at par for underlying bonds in accordance with the
mortgage, making the total to be listed $70,000,000.
Earnings.-For 6 months ending Dec. 31:
Dividends. s
Fixed
tr
ac
SixGross
ae
Net (after
Charges.
(4%).
Earnings.
Taxes).
Months2
$51,064,084 817.381,773 54,752,029 $4,433,564 $8,196,180
1913
50.713,685 18,379,151
-V. 98, p. 999. 911.
Chicago Milwaukee & St. Paul Ry.-Authorized.-The
company has applied to the Illinois P. U. Commission for
authority to issue $30,000,000 General Refunding Mortgage
Cape Breton Electric Co., Ltd., Sydney, N. S.-Stock. bonds which were recently authorized by the Wisconsin RR.
The shareholders will vote May 5 on increasing the authorized capital Commission (V. 98, p. 73). The application may be heard
stock from $1,:375,000 ($250,000 pref. and $1,125,000 common) to 51,625,- on April 28.
Of the bonds, 5319,000 were used to refund 50% of equipment bonds paid
anti canceled by the sinking fund and the remainder fcr construction and
improvements.-V. 98. p. 1155, 1070.
000, by raising the auth. pref. (6% non-cum.) from $250,000 to $500,000,
to provide for extensions, &c.-V.98, p. 688.
The petition states 85,000,000 will be expended for the elevation of tracks
on the Bloomingdale and Evanston branches within the city limits of Chi-
Cape Girardeau & Northern Ry.-Receivership.-J. W. cago, work on which is expected to be begun as soon as the bonds have been
of. Several million dollars are to be spent on th enlargement of
Fristoe, President of the T. J. Moss Tie Co., has, it is re- disposed
the Chicago terminal freight yards. Nearly 100 miles of new tracks will be
ported, been appointed receiver on petition of Giboney laid
and extra safety precautions in the yards established. Double tracks
Houck, son of Louis Houck, who built and formerly owned are to be laid at various points on the system,this being considered the most
the roads which were consolidated under the present name. important matter for which the money is to be used.
Savings Bank Investments.-V. 98, p. 522.
See "New York State" in "State & City" Dept.-V.98. p. 1244, 838.
Central Electric Ry., Kansas City, Mo.-Interest PayCleveland Painesville & Eastern Electric RR.-Notes.
ment-Eitension.--The committee representing the holders
The Ohio P. U. Commission on April 17 sustained the issuing of $54,000
Ref. & Ext. Mtge. 5s on account of betterments in 1913.-V. 98,
of the bonds deposited under the agreement dated March 10 40-year
1914 announces, by adv. on another page, that it has ar- p. 522.
Cleveland Ry.-Subscriptions.-The company early this
ranged for the payment at the office of the Equitable Trust
Co. of New York of the interest due May 1 1914 on said bds. month announced that of the 82,141,000 of stock recently
The committee also announces that a number of holders of the bonds, offered to stockholders, about $2,000,000 was subscribed.
who for various reasons have been unable to deposit within the time
The stockholders have the right to pay one-half April 1 and one-half
originally fixed by the committee, having expressed a desire to avail them- Ju y 1, but majority elected to pay in full on April 1. Up to April 1, Secselves of the privileges of the agreement, the committee will, for the present, retary Davies announced that checks for $1,500,000 had been received.
permit further deposits to be made, such permission, however, being The company paid off in that week $1,230,000floating debt on which 5 and
subject to withdrawal without nOtice.-V. 98, p. 838.
6% interest was paid.-V.98, p. 689,610.
1316
THE CHRONTCLE
Cleveland Short Line Ry.-Listed.-The New York
Stock Exchange has listed $11,800,000 1st M. 43'% guaranteed bonds, due 1961.-V. 98, p. 689, 452.
Columbus ,(O.) Ry., Power & Light Co.-First Dividends.-Initial dividends of 13% each have been declared
on the pref. stock series "B" and common stock, both payable May 1 to holders of record April 18.-V.98, p. 839,452.
Denver & Rio Grande RR.-Trackage, &c.See U.S. Smelt. Ref.& Min. Co. under Reports above.-V.97, p. 811.
Detroit Toledo & Ironton RR.-Equipment Notes.-The
Ohio P. U. Commission on April 17 authorized the issue of
$250,0006% equipment notes to pay the Central Locomotive
& Car Co. of Chicago for the rebuilding in 1913 of 1,763
wooden cars. The N. Y. Trust Co. will be trustee for issue.
The notes have been sold privately at par in large blocks for Individual
investment. They are dated April 15 1914 and mature $25,000 each on
April 15 and Oct. 15 1915 and $50,000 each on April 15 and Oct. 15 1916
and 1917. Denominations $5,000 each.-V.98. p. 911, 763.
Grand Rapids & Indiana Ry.-Earnings.Operating Net (after
Other
Total
Balance,
Revenue.
Calendar YearTaxes). Income. Deductions Surplus.
1913
35,580.232 $755,940 $51,834 $750,484 $57,290
1912
5,435.270
913.731
53,228
755,887 211,072
Of the balance, surplus, as above in 1913 ($57,290), $2,205 was used to
pay a portion of the principal of equipment trust obligaticns, and the
remainder, $55,085, was appropriated for additions and betterments.
V. 98. p. 1071.
[VoL. xovni.
000,000 432% 100-year refunding and Improvement Mortgage bonds recently offered, about $30,000,000 had been
placed in the hands of investors. The bankers state that
they will not exercise immediately the six months' option
on the remaining $30,000,000 under option.-V. 98, p. 1245.
From the proceeds of the sale the company is paying off
the $21,000,000 1-year 5% notes which matured on April 21.
Finance Committee.-The new finance committee is:
Wm. K. Vanderbilt, Geo. F. Baker, Wm.
Wm. K. Vanderbilt Jr.
Rockefeller, R. S. Lovett and
Bill Vetoed.-Governor Glynn on April 24 vetoed the bill
passed at the recent session of the Legislature prohibiting
the company and the N. Y. New Haven & Hartford. RR.from
charging their present schedule of commutation rates between the Grand Central Terminal in N. Y. City and points
in Westchester and requiring them to reduce their schedules
to certain maximums specified in orders of the P. S. Commission dated Jan. 31 1913.
Governor Glynn says that it is sought to review the decision of the
Appellate Division before him rather than before the Court of Appeals,
where the question is now pending, and that "legislation, however meritorious, frankly intended to forestall a decision by that Court is wholly
uniustifiable."-V. 98, p. 1245. 1145.
New York Connecting RR.-Additional Bonds.-The
company recently sold to J. P. Morgan & Co. and Kuhn,
Loeb & Co. an additional block of $5,000,000 of 1st M.
4%s of 1913, due Aug. 1953, making $16,000,000 of the
Hocking Valley Ry.-Decision.The U. S. Supreme Court on April 20 affirmed the decision of the lower issue outstanding. Guaranteed, by endorsement, as to both
Court, which imposed a fine on the company of $42,000 for violation of the
Elkins Law in extending credit to the Sunday Creek (coal) Co., instead of principal and interest, jointly and severally, by the Pennsylrequiring a cash settlement as in the case of other shippers. The Sunday vania RR. Co. and the New York New Haven & Hartford
Creek Co. was fined $20,000. The indictments were found in Nov. 1910. RR. Co.
Half of the $5,000,000 having been sold, the reThis, it was held, was illegal discrimination, and amounted to the giving
maining $2,500,000 are offered at 98 and int., yielding over
and taking of rebates. Compare V.91, p. 1253; V. 91, p. 1626.
The U. S. Circuit Court of Appeals rendered its decision on Feb. 3 last.
The indictment against the road contained 23 counts, of which the de- 4.60% on the investment. See full particulars in V. 97,
fendant decided not to contest 10. There were 9 counts against the coal p. 1504.-V. 98, p. 1245, 1072.
company.-V. 98, p. 912, 453.
New York New Haven & Hartford RR.-Plan Approved.
Indiana Harbor Belt RR. Co.-Earnings.-The shareholders on April 21 voted to authorize the manCalendar
Net (after Other
Total
Bond
Other
Balance, agement (a) to proceed with the proposed agreement with this
Revenues. Taxes).
Inc.
at. Int..&c. Sur. or Def.
Year$3,303,809 $730,969 586,405 5291,000 5755,991 def.$232.620 U. S. authorities; ballots cast in favor, 958,346 shares, op1913
2,936,136 816,658 74,427 281,500 597.533 5ur. 12,052. posed 700. See V. 98, p. 1000, 1072,
1912
1239. (b) To reduce
-V. 93, p. 164.
the number of directors from 27
not less than 15 and not
Kansas City Ry. & Light Co.-Interest Payment, &c.- more than 23; in favor 958,420,to
opposed 30.
See Central Electric Ry. of Kansas City above.-V. 98. p. 839. 690.
Earnings.-Chairman Elliott on April 22 was quoted:
Kansas City Terminal Ry.-All Sold.indicate
March
for
Preliminary figures
that net revenue before taxes
The $3,000,000 additional 4s bought by Lee, Higginson & Co_ J. P. shows an increase of about $100,000. This is the first
evidence of any imMorgan & Co., the Illinois Trust & Savings Bank. Chicago, and offered by
them last week at 934 and int. have all been sold. A large part of this
ssue was sold in the London market.
'
See V. 98, p. 1244.
Mexican Ry., Ltd.-Preferred Dividends Omitted.-The
directors have decided not to pay dividends on the £2,254,100
8% first preference and £1,011,960 second 6% pref. shares
for the half-year ending Dec. 31 last.
provement in earnings. The result was duo to careful operation. If gross
earnings can be sustained, better earnings will result for the next threee
months. Gross increased $50,000 In the first two weeks of April.
(Pres. L. S. Storrs of the Connecticut Company Is reported as saying that
March earnings compared with those of a year ai,o fully as badly as did
those of February, but that April will show an increase In net, and for the
year to end June 30 the Connecticut Company expects to do a little better
in earnings than in 1912-13, when it paid 3i4% dividends to the New Haven,
which owned its entire $40,000,000 stock.]
On Nov. 6 1913 payments at the full rates of 4% and 3% respectively
were made, also a half-yearly distribution of 13% on the £2,254,720
ordinary shares. Compare V. 97, p. 1286.
Proposed Financing.-Negotiations are pending and it is
expected will be completed shortly for the financing of the
Minneapolis & St. Louis RR.-Listed.-The N. Y. company's early cash requirements by the sale of $20,000,000
Stock Exchange has listed $3,690,000 Refunding and Exten- New Haven one-year 5% collateral notes, $20,000,000 Harlem River & Port Chester RR. one-year 5% notes and $20,sion M. 5% 50-year bonds, Series A, due 1960.
000,000 New England Navigation Co. 3-year 6% notes.
Earnings.-For the 7 months ending Jan. 31:
The bankers taking part in the negotiations are understood to be J. P.
Other
Gross
Taxes
Net
Seven
Int.,Ren- Balance,
the National City Bank, Kidder,
Mos.- Earnings. Earnings. Income. Accrued. tals,&c. Surplus. Morgan & Co., the First National Bank,
& Co. It is also proposed to include
1913-14_35,835,098 $1,802,223 $680,113 $252,979 $2,073,725 8155,632 Peabody & Co. and Lee, Higginson bankers
who last fall agreed to underin
the
those
syndicate
underwriting
1912-13_ _ _ 5,978,79ii 1,917,583
203,296
write the $67,552,000 of convertible debentures, the issue of which was
-V.98, p. 1072, 913.
abandoned, owing to a decision of the Mass. Court holding the convertible
Minneapolis St. Paul & Sault Ste. Marie Ry.-Listed. feature Illegal.
The company will thus be enabled to meet notes maturing prior to July 26
-The New York Stock Exchange has listed $4,638,000 First 1914
of nearly $54,000,000, of which the most important are the 6% notes
Consolidated M. guaranteed 4% bonds, due 1938, making of Nov. 18 1913, amounting with int. and discount May 18 1914 to $46,550,000(V. 97, p. 1504; V. 98, p. 236), and have a balance of about $5,000,the total listed to date $56,863,000.
090 for other needs, thus taking care of all requirements for the present year.
Purposes for which $4,638,000 Bonds were Issued.
The security for the notes of the Now Haven 5% notes, the New England
Issued in exchange for a like amount of M.S. S. M.& A. 1st M bds. $68,000 Navigation Co. and the Harlem River & Port Chester RR. Is said to be
To construct 228.5 miles of road extending from Fordville,
excellent. The securities of the Now England Navigation Co. treasury
Walsh Co., N. D., to Drake, in McIIenry Co., N. D., 131.15
aggregate, it is stated, $84,000,000. The security holdings of the New
N. D. to Whitehall,
Haven, part of which at least will be pledged for its new notes, were shown
miles, and from Ambrose, Divide
Sheridan Co., Mont., a distance ofCo.,
in V. 97, p. 1021. See also V. 98, p. 1239, 1245.
also extensions
85.78 m.;'
from Range Jct. in Crow Wing Co., Minn., to Riverton in
Bill Vetoed.-See New York Central & Hudson River RIt.
Crow Wing Co., Minn., 3.36 m., and from Iron Hub in Crow
Wing Co., Minn., to Iron Mountain in Crow Wing Co., Minn.,
above.
8.21 miles
4,570,000
Sale of Merchants' & Miners' Transportation Stock.-See
-V. 98, p. 453.
r Missouri Kansas & Texas Ry.-Dividend Omitted.-The
directors on Wednesday decided not to pay the usual semiannual dividend on the $13,000,000 4% non-cumulative
pref. stock. From 1906 to Nov. 1913. regular payments of
2% half-yearly were made. Compare V. 98, p. 1245, 1157.
it The following statement has been issued:
that co. under "Industrials" below.-V.98, p. 1245, 1239.
Northwestern Pacific RR.-Bonds.--The Cal. RR.Commission on April 16 sanctioned the sale to the Southern Pacific
Co. of an additional $5,534,000 4Y2% First and Ref. M.
gold bonds at not less than 95 ($5,257,300) on account of
the following expenditures:
The directors decided after careful consideration that it would not be Proposed completion of line from Willits to Shively
$1,803,913
prudent under present conditions to declare at this time a dividend on the Purchase of new equipment (15 locomotives, 44 passonger-train
pref. stock. The extensive drought of last July and August in Kansas,
cars, 416 freight cars, 11 electric motor cars and trailers, gasnOklahoma and Texas exerted a very adverse effect upon earnings, and beline motor cars and trailers), total---------- 1,236,700
sides this, severe floods in Texas in November and December, which sur- Retirement of outstanding bonds of the gel River Sz Eureka KY.._
313,000
passed the record of 70 years, seriously interrupted traffic and greatly in- To pay the interest on construction bonds
696,500
creased cost of operation and expenditures for repairs. The present crop Reimbursement of moneys expended from income of new conoutlook in company's territory is excellent.
struction subsequent to March 31 1909
497,079
Reimbursement of money actually expended from income for
Fr' Equipment Notes.-The company is asking for tenders for
additions and betterments- _ - -,-- -------- --- -709,935
"Railway Age Gazette" of N. Y. for April 10 had a 41i-column article
the purchase of about $800,000 equipment trust certificates
the difficult construction of the 103 miles of line from Willits to
to be issued in about a month to pay for equipment ordered. regarding
Shively, which will complete the 280-mile line from Tiburon (6% miles
by ferry from San Francisco) northerly to Eureka and Trinidad, Cal.
-V.98, p. 1245, 1157.
-V.98, A. 1000.
Missouri
Gulf Ry.-Receivers'
Oklahoma &
Certificates.
Pennsylvania RR.-89,602 Shareholders; Increase for
-The receivers have, it is reported, been in conference with
the attorney for the bondholders' committee, John R. Dos Twelve Months, 12,756.-An official statement shows:
just completed show that the Pennsylvania RR. Co. had
Passos, and have determined to issue receivers' certificates onCompilations
April 1 exactly 89.602 shareholders, the largest number to date, and an
for the rehabilitation of the road at the earliest possible increase in the same of 12,756, coincident with a decrease In the average
holdings from 118.13 to 111.44 shares, compared with April 1 1913. The
moment.-V. 97, p. 1823.
number of women shareholders is 43,158-more than 48% of the totalNew Orleans Texas & Mexico RR.-Proposed Equip- and an increase of 6,017 over April 1 1913.-V. 98, p. 1246, 840.
ment Trust.-The protective committee will meet late next
Pere Marquette RR.-Request.-Maitland,Copppll & Co.,
week to vote on making a car trust for about $1,200,000.
52 William St., N. Y., request holders of the following bonds
The New York Trust Co., as trustee under the mortgage of 1910, has to communicate with them:
filed an amended and supplemental bill of complaint, in which the St. Louis
&_San Francisco RR.is made a party.-V.97, p. 1663.
3
Flint & Pere Marquette RR. 1st M. bonds of 1920; 1st consol. M. bonds
of 1939 and Port Huron Division 1st M.bonds of 1939.
New York Central & Hudson River RR.-Sale of
Receivers' Certificates Paid.-The $605,000 2-year 43 reds.-It was announced on Tuesday that of the $40,- ceivers' certificates due April 23 which were issued for the
APR. 25 1914.]
THE CHRONICLE
payment of taxes are being paid off at the Guaranty Trust
Co. New certificates will, it is stated, shortly be issued in
their place.-V. 98, p. 1157, 1072.
Pittsburgh & Butler Street Ry.-New Securities.Vice-President Charles C. Tennis, Pittsburgh, writes:
It is proposed to put out two issues of bonds as follows:
General mortgage 5% bonds due 1936
Income bonds, due 1936
8o
90
90:t8w
ng
1155190
The capital stock is $1,750.000 and there are at present outstan
first mortgage bond issues, due in 1936, as follows:
$1,500,000
B.
Street
Railway
P.&
Co. 55
Butler Passenger Railway Co 5s
There will be no general offering of these bonds, and of course the heal
decision of the question rests wi i he sockiiol lees on June 12.
The system now Includes Pittsburgh & Butler Street Ry. Co., Butler
Passenger Ry. Co.. Butler County Light Co. and United Power & Light
Co. Otfice, 542 Penn Ave., cor. bixth st., Pittsourgh.-V. 98, p. 1246.
Portland (Ore.) Ry., Light & Power Co.-Bonds Sold.The $1,064,000 First and Ref. M. 5% bonds which Lee,
Higginson & Co. and Drexel & Co. recently bought from the
company and offered at 93% and int. have all been sold,
a large part being sold in London. A letter from Chairman
C. M. Clark, dated March 23, shows (compare map, &c.,
on pages 109 and 110 of "Electric Railway Section"):
1317
The Commission on April 17 awarded the contract for Section No. 1
of Route.o.jjof the Whitehall St. subway, Manhattan, to Booth & Flinn.
Ltd., the lowest bidder, for $2,059,182. It connects the Broadway subway with the proposed East River tunnel to Montague St., Brooklyn, and
extends from Trinity Pl. and Morris St. mainly through Whitehall St. to
South St. On April 22 the contract was awarded to the Rapid Transit
Subway Construction Co. for $2,121,077 for Sec. No. 1 of routes 4 and 38
of the Seventh Ave., Manhattan, subway, extending from Battery Pl. to
Vesey St. Bids are to be opened on May 22 for 2 tunnels to Brooklyn,
one from Whitehall St., Manhattan, to Montague St., Brooklyn, to be
operated as part of the Brooklyn Rapid Transit system, connecting the
Broadway subway in Manhattan with the Fourth Ave. in Brooklyn and
the other to be operated by the Interborough Rapid Transit Co. from Old
Slip, Manhattan, to Clark St., Brooklyn, connecting the Seventh Ave.
subway, Manhattan, with the existing Brooklyn subway.-V.98,p.913,840
Rutland RR.-Report.-For calendar years:
Calendar Operating
Balance,
Net (after
Other
Fixed
Year- Revenues.
Surplus.
Income.
Taxes).
Charges.
1913
$270,407
$3,752,774
$664,089
$160,452
$554,134
1912
3,612,521
290.946
99,880
546,833
737,898
The surpluses in both years were used for add'ns & impts.-V.98. p. 238.
St. Louis & San Francisco RR.-Receivers' Certificates.
-Judge Sanborn in the Federal Court at St. Paul, Minn.,
will hear to-day the application for authority to issue $3,000,000 one-year 6% certificates to pay the interest due
May 1 on the $69,524,000 general lien 5s, amounting to
$1,738,100, car trusts and later interest payments.
$25,000,000
The Issue, it is reported, has been approved by the protective commitCapital stock issued (of which 75% paid In)
bds.) 17,064,000 tees for the refunding 4% and general lien bonds, but is opposed by the
First & Ref. M.5% bonds, due 1942 (incl. these $1,064,000
underlying
and
1930,
due
5s,
stockholders'committee. If the issue is approved, banking interests headed
M.
Ref.
Portland Ry. Co. 1st &
by Speyer & Co. have agreed to take the entire amount.- V. 98, p. 1001.
issues (incl. $349,000 in sinking fund) closed
Portland Gen. Elec. Co. 1st M. 5s, due 1935 (closed)
5,000,000
Savannah & Northwestern Ry.-New Name-Acquisi(see below)
Two-year 5% (secured) notes, due May 1 1914will
company
reimburse
the
tion, &c.-On March 26 1914 the name of the Brinson Ry.
The proceeds of $964,000 of these bonds
since Jan. 1 1912
In part for expenditures for additions and improvements
expenditures, and the re- Co. was changed to Savannah & Northwestern Ry., a cerat not exceeding $80 in bonds for each $100 ofunderlying
bonds matured tificate to this effect being issued by the Secretary of State
maining $100,000 were issued to retire $100,000
631.
p.
V.
94,
Compare
1914.
1
March
as above will at Atlanta, Ga. On the same date the company reduced
debt
total
$39,964,000
funded
the
Interest charges on
require $1,986,170. Net earnings for 1913 were $3,425,421, or 1.7 times its capital stock from $1,500,000, (of which $500,000 was
this amount. Rental charge only about $47,000.
Operates 306.2 miles of track, of which 195.8 miles are city lines and 110.4 pref. and $1,000,000 common) to $1,000,000 common stock,
miles interurban, and does an electric-light and power business in Portland the par value of single shares still remaining $100.
and adjacent cities. Has 10 generating plants, of which 5 are steam staOn Aug. 1 1913 $1,250,000 collateral trust convertible
tions with a total capacity of about 30,025 h.p., and 5.are hydro-electric
6% 2-year gold notes were authorized and issued (V. 97, p.
plants with a total capacity of 57,480 h.p.; total 87,505 h.p.
Steady and Rapid Growth of Business as shown by Annual Figures.
594) and $500,000 of the same were exchanged for the pref.
1907.1910.
1912.
All but a small portion
carried
Passengers
60,115,222 88,310,850 94,308,398 941,9
013
63 8 stock, thereby retiring the same.
s
a4,
Light & pow. custom'rs_
12,294
42,063 of the balance has been sold through Wm. Morris Imbrie
26,413
38,415
Production electricity,
agent for the railway, and applied for purposes
k.w. hours
72,849,141 120,703,715 169,609,004 184,200,820 & Co., fiscal
76,3%
Generated by water
82.7% specified by the RR. Commission of Georgia. The follow84.4%
88.6%
3:888:888
Notes Offered.-E. W. Clark & Co., Philadelphia, are of- ing particulars are furnished:
Purposes for which Proceeds of Note Issue Have Been Used.
fering the new 1-year 5% coupon gold notes due May 1 1915 1. To pay
off and discharge obligations incurred in the construcat 99% and int., yielding about 5%%. A circular reports:
tion of the extension of the road from Waynesboro to St. Clair.
Dated May 11914. Total issue, $5,000,000. Par $1,000, $5,000 and
$10,000. Red. at 100 and int. on 60 days' notice. Interest M. & N.
Guaranty Trust Co., N. Y. City, trustee. To be secured by deposit of the
entire issue of cap. stock (except directors'shares) and all of the $5,000,000
1st M. gold bonds of Mount Hood Ry. & Power Co., due in 1937; these last
being a first lien on hydro-electric plant on Bull Run River, about 20 miles
from Portland, installed capacity 15,000 h.p., a steam station in Portland
3,300 h.p. capacity, transmission lines to Portland, &c., and a 21-mile
railway doing a general freight and passenger business from connection with
the lines of Portland Ry., Lt. & Power Co., thro,Kh a rich aqricultural
section. [This note issue will replace the $5,000,000 issue due May 1 1914.1
Earnings of Portland Ry., Lt. ct P. Co.for the 12 mos. ended Feb. 28, 1914.
Gross earnings
$6,760,9191Bond Interest, &c
$1,801,234
Net, after taxes
3,442,900'Interest on these notes_ _ _
250,000
Balance, surplus equal to over 5 times above note interest-31,391,666
-V. 98, p. 1246, 1000.
Portsmouth (0.) Street RR,. & Light Co.-Securities
Authorized.-The P. U. Comm. of Ohio has authorized the
company to issue $250,000 6% pref. stock and $500,000 6%
20-year mortgage bonds at not less than par.
The proceeds will be used (a) to reimburse the treasury for additions, extensions and improvements, (b) to extend and equip Ohio Valley Traction
Co.'s line from Sclotoville to Ironton, 0., 22 miles. $400.000; (c) to retire
present bonds of Portsmouth Street RR.& Light Co.,$75,000;(d) to double
miles of Its line, $50.000; (e) to repay borrowed
track and change 2
money, $18,000; (f) to construct subway in Portsmouth under tracks of
Norfolk & Western Ry.,$17,500;(g) new car house. $25.000.-V.97. p.445.
Public Service Corporation of New Jersey.-Listed.The New York Stock Exchange has listed $7,000,000 additional general M.5% sinking fund 50-year bonds, due 1959,
making the total listed to date $37,000,000.
The proceeds cover various plant extensions and betterments, additional
mains, meters, &c.,for Public Service Gas Co., track extensions and betterments, new bridges, additional equipment, real estate, &c., for Public
Service Ry. Co.•, new generating stations, additional transmission and distribution lines, &c., for Public Service Electric Co., during 1913, and for
other corporate purposes. The balance will be used for similar purposes
during 1914.-V. 98, p. 1151, 1161, 1072.
Rapid Transit in New York City.-Contracts.-
The P.S. Commission on March 31 awarded the contract for the construction of Section 1-A of Route 12 to the Cranford Co., the lowest bidder,
for $2,225.279. The section will be a six-track subway in Flatbush Ave.
from a point south of St. Marks Ave. to the Plaza north of Prospect Park,
where the road will divide into two branches. Four tracks will be a continuation of the present subway connecting with the Eastern Parkway
line
and will be operated by the Interborough Rapid Transit Co.; and two tracks
will be operated by the Brooklyn Rapid Transit Co., which will connect the
Fourth Ave. subway at Fulton St. with the Brighton Beach RR.
The Commission on March 31 adopted plans for the section of the
Broadway (Manhattan) subway from 26th to 38th Sts. and under Greeley
and Herald squares. Bids were opened on April 24. It Ls to be a fourtrack subway with an express station at 34th St. and a local station at 28th
St., to be completed within 32 months. The express station will have entrances to Macy's and Sak's stores, the Hotel McAlpin and the Marbridge
Building. The line will cross over the proposed extension of the Hudson
& Manhattan RR. tubes to the Grand Central Station.
The Brooklyn Rapid Transit Co., which (through the New York Municipal Ry. Corporation will operate the subway)
will try to arrange a free
transfer system with the Hudson & Manhattan RR.
The Commission on March 25 approved the plans for the third-tracking
of the Third Avenue Elevated RR. in Manhattan and the Bronx. Work
was begun at Chatham Square at once by the T. A. Gillespie Co., who,
'with the Terry & Tench Co. and Snare & Triest Co., have the contract
for the construction of the additional tracks on all the elevated roads
operated by the Interborough Rapid Transit Co.
The Court of Appeals on March 17 affirmed the order of the lower court
granting a peremptory mandamus to compel the chief engineer of the Commission to pass upon the claim of the Rapid Transit Subway Co. for
$3,420,023 for extra work performed in the construction of the original
subway. The engineer refused to pass upon the claim and "the writ commands him to perform a duty enjoined upon him by the express terms of a
contract which has the force of a public statute."
The Board of Estimate on April 3 accepted the deed to the Steinway tunnel from the Interborough Rapid Transit Co. and approved the contract
whereby the Interborough Company is to equip the tube for temporary
operation within 9 months at a cost to the city of $383,910.
a distance of 12 miles
$200,000
2. To pay off and retire eiuipment trusts obligations incurred in •
the purchase of equipment
112.086
3. To pay off floating dent of the company
150,000
4. To reduce graaes and widen cuts and fills; to replace approximately 11 miles of 56 and 60-lb. rail with 70-lb. rail; to purchase 100 box cars: to provide new side tracks, coal chute,
water tanks and new motive power
287,914
Purchase.-On April 6 1914 the company closed a contract with the Great
Eastern Lumber Co. for the purchase of 3.56 miles of railway, with spur
connecting the Atlantic Coast Line ti mile; also rights of way and a tract
of land having a water front of 900 ft. on the Savannah River and running
back about 1,000 ft.; also 5.8 acres at Newtonville. The company therefore now has. in addition to its exceptionally desirable city terminal property, a water terminal permitting direct shipments of cotton, &c., by water.
Work Done.and Improvements Made on Ry.from Mar. 1 1913 to Mar. 11914.
(a) New cross ties, 37,973; surfaced by section forces, 579,424 ft. of
track; new and old rail. 85,515 ft., and ditched, 123,175 ft. of tracks. (b)
6 miles of 70-lb. rail laid between Elmore and St. Clair and connection
made with Georgia & Florida Ry.; 5' miles of 70-lb. rail laid between Eureka Springs and Whitehall, replacing old and lighter rail. (c) Filled in 50)
ft. of large trestle just south of Sardis; three temporary trestles filled.
(d) One-half mile of track connecting with the Central of Georgia built
at Waynesboro, affording a second connection with the Central Ry.. the
other being at Savannah. (e) 20 new sidings built, amounting to
9,784 ft. (f) At Mill Haven tracks completely overhauled, 35 and 40-lb.
rail replaced with 56-1b. rail. (0) 28 trestles thoroughly repaired. (h) Extensive repairs made on 8 stations; five additional stations built. (i) New
water tank with gasoline motor at Waynesboro; water tank at Savannah
supplied by electric motor. U) New coal chute placed under constructthin at Newtonville, 9 miles from Savannah.
(k) Five locomotives overhauled and put in first-class condition. One
additional road engine and one switch engine purchased; also 191 36-ft.
ears, viz. 100 flat cars with latest safety appliances; 50 new box cars and 5
new stock cars, the box and stock cars being 60,000 lbs. capacity; also 8-section lever cars and 4 section push cars.
Earnings.-Gross earnings for the 12 months ending Feb. 28 1914 were
$220,840, compared with $169,037 for the previous 12 mos.-V. 98, p. 1157.
Tucson Phoenix & Tidewater RR.-Bonds Authorized.The company, which was incorporated in Arizona on Mar. 17
with $3,000,000 authorized stock, in $100 shares, was on April
10 granted permission by the Arizona Corporation Commission to issue $2,400,000 each of stock and bonds to construct
the proposed line from Tucson northwesterly to Phoeniz,
Ariz., 120 miles.
The company is authorized under its articles of incorporation to extend
its line to any other point or points in Arizona, either from Tucson or Phoenix, to the southern boundary, or from Phoenix to the northern or the western boundary, or from Phoenix or Tucson to the eastern boundary and
build any branches or spurs that may be deemed necessary. The
road will extend from the present terminus at Tucson of the El Paso &
Southwestern, which is controlled by Phelps, Dodge & Co., to a junction
with the Atchison Topeka & Santa Fe at Phoenix. James S. Douglas,
son of Dr. James Douglas, head of El Paso & Southwestern system, is one
of the incorporators, but the two properties are, it is stated, entirely
distinct. The report is denied that it has been determined to push the
road west to the coast as an extension of the El Paso & Southwestern
and Chicago R. I. & Pacific systems.
West End Street Ry., Boston.-New Bonds.-The company has sold to Estabrook & Co.$539,000(of the $600,000)
new 30-yr. 5s, which are being offered at 106 and int.
These bonds, like the $2,000,000 recently sold (V. 98, p. 691), are dated
March 2 1914 and will mature March 1 1944, interest M.& S. in Boston.
Par $1,000 c&r.
Sale of $280,000 Stock at Auction at 1323-1 to 136.
The 5,600 new common shares of $50 each (guaranteed 7% p. a. under
lease to Boston Elevated) were sold on April 24 in 18 lots at prices ranging
from $66.125 to $68 and div. per share, 4,775 shares going to George S.
Baldwin and associates.-V. 98, p. 1246, 691.
West Penn Traction Co.-Notes Sold.-Subject to the
completion of legal formalities, a syndicate headed by A.B.
Leach & Co., N. Y., and the Continental Commercial
Trust & Savings Bank, Chicago, has purchased $6,000,000
3-year 6% tax-exempt notes of the West Penn Traction Co.,
1318
TI-1E CHRONICLE
[VOL. KOVIII.
each note secured by $1,250 West Penn Traction Co. 1st M. produces at a profit, materials utilized in the manufacture of chewing
bonds. Of the proceeds of the notes, at least ,000,000,it gum.-V.98, p. 1002.
Brooklyn Union Gas Co.-P. S. Commission reports:
is stated, will be used for improvements and new construcOperating Net (after
Other
Int. &
tion. As only $900 of bonds can be issued for every $1,000 Calendar
DiviBalance'
Year- Revenue.
Taxes). Income. Rentals.
dends. Sur.orDef.
spent on the property, it follows that with every $720 so 1913
$10,218,514 $1,595,447 $205,073$825,558 $1,439,920
def$463,958
9,934,602 2,295,750 182.503 823,523
spent from the proceeds of the notes the company must sup- 1912
Total gas sales in 1913, 13,443,085 M.cu. ft.-V.1,439,880 sur 214,850
97, p. 1506.
ply from other sources $280. The control of the company
Brown Shoe Co., St. Louis.-Stock.-The N. Y. Stock
held by the West Penn Traction & Water Power Co.
The sale of the notes was conditioned upon the procuring by the West Exchange has listed $3,900,000 7% pref. and $6,000,000 corn.
Penn Traction Co. of a valid and binding agreement on the part of the
Earnings.-For period from Oct. 15 1912 to Oct. 31 1913:
West Penn Traction & Water Power Co. (the holding company) that
while any of the notes are outstanding the management of the'West Penn Net sales, $12,368,626; income from and sale of securities, $28,043; total
Traction Co.shall be placed in the hands of officers and directors satisfactory Deduct$12,395,669
Operating expenses, administrative expenses, &c
to the bankers, and the bankers, through the syndicate managers, are to
$11,361,221
have such representation on the board of directors of the company, includ- Interest paid, $188,109: depreciation ($136,8751, viz.: On real
estate,
$13,340;
$36,804;
machinery,
lasts,
$86,731;
ing, if desired, a majority of the executive committee, as will enable these
total__ _
324,984
bankers to effectually supervise the expenditures of the note issue. Certain
Net profits
of the notes of the Hydro-Electric Co. (V. 97, p. 1736, 1586) will be ex$710,464
Not
profits
for
the
year
ending
1912,
Oct.
after
15
adjustment of interest
changed on some basis for the new notes.
The following is pronounced substantially correct: "Serves a territory due to new capital, $580,460; in 1910-11, $583,128.-V. 97, p. 1735.
of about 2,500 sq. miles, including Wheeling, W. Va., within a radius of
Canadian
(Dunsmuir),
Collieries
Ltd., Toronto.70 miles of Pittsburgh, one of the most rapidly growing and densely settled
Holders of 1st M.5% bonds or 1910 voted in London recently to postpone
parts of the United States, with a population of over 900,000 exclusive of
Pittsburgh. Operates 314.43 miles of street railway, 15 power plants, the date for the commencement of the sinking fund from March 31 1914 to
29 sub-stations and 314.13 miles of transmission and distribution lines March 31 1919 by supplemental trust deed or otherwise. D.D. Mann and
utilized in the generation and distribution of electricity. The net earnings A. D. Davidson are two of the directors.
The directors in a circular said in brief: A strike broko out in Sept. 1912,
for 1913 were $2,073,956; total fixed charges ahead of the notes, including
Interest on bonds in hands of the public of the same issue as those plegdod and speedily involved the whole of our mines, both in the Comox and the
to secure the notes, $1,251.329; balance applicable to $360,000 interest Wellington fields, extending in 1913 to all of the colliery companies on Vancouver Island, accompanied by great violence and rioting. Of recent
charges on $6,000,000 6% notes, $822,627."
months the men have been returning to work, but while the output of the
Directors.-The following have been elected to the board: Comox field
has for some time been about what it was before the strike,
Guy E. Tripp, Chairman of Westinghouse Electric & Mfg. Co.: in the southern-Ladysmith-field the output it still small. In both areas
Samuel Instill, Pres. of Commonwealth Edison Co., Chicago; J. D. Morti- disturbed conditions still cause high working costs. This strike.extending
mer,Pres. of North American Co.: William B. Schiller, Pres. National Tube over nearly 18 months,has necessitated our meeting standing charges for
Co.; J. B. Finley, Pres. Colonial Steel Co. and director Union Trust
the past year to a large extent out of working capital, and has also caused
Co., serious
Pittsburgh; A. H. Wiggin,Pres. Chase Nat. Bank, N.Y.; H. Hobart
delay in carrying through the scheme of development. The sum
Pres. American Water Works & Electric Co.; Henry Russell Platt, Porter, of about £600,000 was provided at organization
to nay for these extensions
attorney; and to provide working
George T. Wood, banker, Loulsville.-V. 98, p. 1074.
capital, but a further £300,000 will probably be
to complete all the necessary works. This sum certain large shareWest Penn Traction & Water Power Co.-Sub.Co.Notes required
holders are willing to find as and when required,
on certain conditions,one
See West Penn Traction Co. above.-V. 98, p. 914. 683.
being that the holders of 1st M. bonds agree to the postponement
until
March 31 1919 of the sinking fund (minimum payment £40,000), no dividend to be paid on any of the share capital until the sinking
payments
fund
are resumed.-V.92, P. 953•
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Bank Note Co., N. Y.-Dividend Reduced.
A quarterly dividend of 1% has been declared on the $4,495,805 common stock, payable May 15 to holders of record May 1, comparing with
1%% quarterly from Feb. 1913 to Feb. 1914.
Previous Dividend Record (Per Cent).
1906.'07-'11.
1912
1913
1914.
2 4 yrly. Feb.& May, 1; Aug. & Nov., 134% ext. 6(1% qu.). Feb.. 1%
An official statement says: "In view of the decline in business for the first
3 months of the year, the directors have deemed it prudent to reduce the
dividend on the common stock to 1% for this quarter, although the volume
of orders on hand and unfilled indicates good business for the balance of
the year.-V.98,P.159.
American Book Co.-New Officers.-.-.
N(1,0u1s M. Dillman, managing director at Chicago, has been elected
President to succeed Henry T. Ambrose, who has been made Chairman of
the board. John Arthur Greene has been appointed Secretary and agency
chief to succeed the late Gilman H. Tuck. Courtlandt Barnes and Robert S. Baldwin,of New York,and Clifford Shinkle of Cincinnati have been
elected directors to fill vacancies in the board.-V.95, P. 44.
American Hide & Leather Co.-Earnings.-*Net
Bond
3 Months ending
Sinking
Int. on
Balance for
Earnings. Interest.
March 31Fund.
S.F.Bds.
Period.
$147,245
1914
$78,975 $37,500
$48,900 def. $18,130
1913
45.043
82,590
37,500
45,285 def. 120,332
Nine Months$652,536 $241,425 $112,500 $142,200 sur.$156,411
1913-14
254,880
112,500
1912-13
792,911
128,745 stir. 296,786
* After charging replacements and renewals and interest on loans. Net
current assets March 31 1914, $9,267,849.
Pres. Theodore S. Haight and Treas. George A. Hill say that the statement for the 3 and 9 months ending March 31 1914 has been prepared on
the same accounting basis as the annual statement of June 30 1913, and
finished leather has been taken at the same prices.-V.98, p. 306.
American Smelting & Refining Co.-Statement.--
Daniel Guggenheim,in reply to questions by stockholders with regard to
the closing of the Mexican plants, states that he has no apprehension regarding the ability of the company to pay dividends on it g stocks even
should all the earnings from Mexican plants cease. In the expenditures
which have been made to extend its business, the management has given
preference to investments in the United States over those in Mexico. be
Roving that the temporary uncertainty in that country made it wise to exercise this choice. The result has been that during 1913 the earnings, after
exc uding all income from Mexican business, showed that the company
more than earned the dividends on both the preferred and common stocks.
The receipts of ores in the United States by the smelters so far this year
has been in excess of the previous record for many years. The company
has also accumulated a surplus in excess of $18,000,000.-V.98,13• 993.
American Telephone & Telegraph Co.-Sale of Subsidiary Co. Notes.-The group which purchased the 2-year
5% notes of subsidiary companies referred to last week have
re-sold the notes of 5 of the companies, aggregating $27,500,000.
Cleveland papers say that it is proposed to increase the issue of the
Cleveland Telephone Co. from $2,500,000 (as originally contemplated)
to $4,000,000,an application to do so having been made to the Ohio I'. U.
Commission. This will make the total amount of notes of the 6 subsidiaries disposed of $31,500,000.
The notes were placed largely outside of New York and New England,
a large part going to England. Of the Cleveland Co. notes. about $3,250,000 will be used to refund existing obligations, and about $750,000 to cover
current improvements and extensions, including the season's program for
placing wires underground.
Missouri & Kansas Telephone Note Offering.-See that
company below.-V. 98, p. 1247, 1074.
Autosales Gum & Chocolate Co., N. Y.-Sale of Chewing
Gum Properties.-Pres. Eddy,N.Y.,April 18, wrote in subst:
Canadian Consolidated Rubber Co.-New Directors.
Vice-President T. H. Rieder has also been chosen Gen. Mgr. in charge
of operations. The board of directors having been increased
to 15, R. B.
Jamieson has been elected a director. Walter Binmore, Treas., and
R. B.
Jamieson, Gen. Sales Mgr., have been elected directors to succeed W.
A.
Allan and Shirley Ogilvie.-V. 97, p. 518.
Cape Cod & New York Canal Co.-Construction.-
The sluiceway connecting Cape Cod and Buzzard's Bay was cut through
on Tuesday, and it is expected that the canal will be officially
on
July 4 for vessels drawing not over 12 feet, saving 70 miles foropened
coastwise
shipping. Larger draught will follow.-V.95. P. 620.
Car Lighting & Power Co., N. Y.-Call of 1%, or 25
Cents per $25 Share on Stock, Making Same $24 50 Paid Up.Holders of shares of capital stock, par value $25 each, of which $24 25
has been paid, and further installments amounting in the aggregate to 75c.
per share (3%) still remain to be called, are notified by circular of April 10
that the directors on March 25 resolved that a call of 25c. per share be
made, payable at the office of No. 5 Nassau St., N. Y. City, on or before
Aug. 1 1914. Shareholders who anticipate payments not later than June 1
will be allowed a discount at rate of 6% per annum from day of payment
up to and including July 311914. In case of failure to pay the installment
the officers are to sell the delinquent shares or interests therein.
Digest of Statement by Pres. Isaac L. Rice, New York, April 10 1914.
The object of this call is to provide additional working capital for our
subsidiary The Clothel Co., formerly known as the Railway & Stationary.
Refrigerating Co. This concern was organized in 1901, principally to furnish mechanical railway refrigeration. We soon found it impossible, how
ever, to make headway, owing to the enormous investments in ice refrigeration, so that although still convinced that the former method must eventually supplant the latter in the transportation business, we were compelled
to abandon the field temporarily. Other fields of refrigeration were also
gradually closed to us, as the cost of manufacturing our apparatus, based on
ethyl chloride as a refrigerant, proved, until quite recently, prohibitive
wherever it came into competition with ammonia, so that we found ourselves restricted to refrigeration on yachts and a few other special installations where safety and comfort are more important factors than cast. We
therefore reduced expenses to the lowest point and waited.
_ A study of the question of cooling powder magazines on war vessels
obtained for us an order in respect thereto for the amidship group of magazines on a battleship. The demonstration proved a complete success, the
temperature in the magazines being reduced to an average of 70 degrees F.,
under the severest tests in tropical waters. As the entire system was novel.
we obtained patents thereon in the United States, and have appliectfor
patents in England, Franco, Holland, Germany, Russia, Austria-Hungary
Italy, Spain and Japan.
Thus encouraged we purchased a new boring machine and developed
certain improvements on our rotary compressor, with the result that our
engineers now inform us that our cost of manufacture has been reduced to
the point where we can compete on equal, if not superior, terms on all forms
of refrigerating machinery in small units. They advise us, furthermore,
that the improvement in our rotary compressor secures for us a commercial
outlet entirely independent of the refrigerating business. [Total auth.
stock, $8,000,000; par, $25; issued 200,942 shares.1-V. 88. p. 750.
Central Leather Co.-Earnings for Quarter:
1913.
Results for 3 mos. end. Mar. 311912.
1914.
Total net earnings, all properties
$2,806,710 $2,525,656 $2,316,670
Less exp. & losses all cos., incl. int.
748,149
on outst'g obll.ations (except bonds) 874,053
775,866
$1,932,657 $1,777,501 $1,540,804
3.412
5,277
11,857
$1,937,934 $1,780,913 $1,552,661
Total
$459.552 $494,802
Deduct-Interest on bonds
$499,752
582,732
Preferred dividend payable April 4.. 582,732
582,732
Add income from investments
$703,379
Surplus for quarter
$470,177
• $895,650
Total surplus March 31 1914, $7,333,478.
Total net earnings are stated after deducting operating expenses,including
those for repairs and maintenance, approximately $290,840 for the quarter
ending March 31 1914.-V. 98, p. 684.
Cincinnati Gas & Electric Co.-Official Data.-
The directors have disposed of the company's chewing gum plants, tradeIn view of a recent letter sent to th stockholders by a protective commarks, &c., and a certain proportion of the materials on hand as of April 15 mittee, of which J. Evans Lippincott is Chairman, asking proxies
for
1914 to the Sterling Gum Co., Inc., a corporation organized (see below) Samuel Assur, as director, the board of directors on April 18 made a statewith an anti]. capital of $6,000,000, of which $5,800,000 has been issued.
ment, saying in substance:
about
indirectly,
company
will
own,
directly or
one-third of the
Your
"The present directors are large permanent owners of the stock, repreoutstanding capital stock of the Sterling Gum Co. Arrangements have senting more than 20,000 shares ($2,000,000). The protective
committee
been made for the sale of a portion of the stock received, and it is antici- is composed of four men, only one of whom appears by the books to be the
pated that a substantial amount of bonds can be retired with proceeds. owner of stock. Your directors have insisted and will continue to insist
This new company, organized and controlled by Percival S. Hill and his upon all the terms of the lease being complied with. No schem eoffinancing
associates, having abundant working capital and managed by men of a new electric plant has ever been prevented by said committee.
recognized ability in the distribution of merchandise, should yield us a
"All capital stock delivered by this board to the lessee was sold prior to
larger and quicker profit than would have been the case had this transfer 1912, in accordance with provisions of the lease, and was delivered at a
not been made. Contracts have been entered into with the Sterling Gum price of 85 in payment for additions, and not for renewals or repairs. No
Co. for supplying chewing gum for use in vending machines.
further issues have been contemplated. You are strongly urged to sign
Your company will now be able to make heavy reductions in the adminis- only the regular
for the annual meeting May 4 or to attend the
trative charges and concentrate Its attention upon the further development meeting and voteproxy
your stock personally.'
of its automatic vending business, which in the aggregate has always
[In a later letter
protective committee states that it, too, represents
shown excellent returns. The company will also retain its Greene & Fish over $2,000,000 ofthe
the capital stock, including a large number of small
candy plant in Boston, which will be useful for supplying the machines holdings, and therefore should have a representative
on the board.] See
which vend confections. It still retains the Keystone Trading Co., which V. 97, P. 240.
APR. 25 1914.]
THE CHRONICLE
Citizens' Cotton Oil Co.-Decree.By agreement with the Attorney-General of Texas, a decree was entered
on April 18 in the 26th District Court,in the suit of the State against the
company,the Farmers' Gin Co.and the Lancaster Gin Co.,all of Lancaster,
Dallas Co. Two of the defendants, the Citizens' Co. and the Lancaster
Co., entered pleas of guilty to the charges of violation of the anti-trust
statutes and were fined $1,000. Tho Farmers' Co. pleaded not guilty, but
under the judgment is also perpetually enjoined from further carrying out
any combination to fix tho price of cotton-seed at Lancaster or at any other
point in the State. The same character of judgment was entered in another
suit against Ashcroft & Sons and 4 other cotton gin concerns operating at
Rogers, Bell Co. Tex.; these 5 defendants were fined $600.
The State originally asked for forfeiture of charters and penalties ranging
from $50 to $1,500 per day during the season of 1913, alleging that the companies named formed a combination to fix the price of cotton seed at Lancaster during that time. *.it uniform price was paid for cotton seed during
the season by the concerns named.
Cleveland Telephone Co.-Note Issue $4,000,000.See American Telephone & Telegraph Co. above.-V.98, P. 1247.
Columbus (0.) Gas & Fuel Co.-Acquisition.-On April
1, with the approval of the Ohio P. S. Commission, substantially the following changes were made:
1319
In that five-year period there was charged off on patent account, $523,034, and for depreciation of equipment, materials,
&c., $121,637, or a total of
$644,671
No dividends were paid on the common stock from organization, Julyl
1904, until Dec. 31 1913. The additional capital which the increasing
business has required has been entirely provided from net earnings applicable to dividends on the common stock. Increasing business will necessarily
require larger capital. It seems probable that the earnings will suffice to
provide for future dividends and for the re trim; of no bonded debt
prior to its maturity, and, if not otherwise disposed of, for the additional
capital that may be required. But, as the net surplus, constituting in
considerable part its working capital, has been created by the non-payment
of dividends on its common stock, it would seem reasonable to declare and
pay stock dividends to the holders of the common stuck from time to time
as the board may deem prudent, to the end that such holders may ultimately receive suitable returns on their investment for the period during
which no common stock dividends were paid. Such stock dividends will
not impair the cash working capital, but will simply reduce the book surplus
and correspondingly increase issued capital stock. If additional cash capital shall be required beyond accumulated net returns, the board will have
avail tbln for saln, primarily to its own stocktril inrs, tne unissued stock.
The directors believe that,in connection with the payment of dividends on
the common stock, provision should be made,as far as may be expedient,
for the retirement of the outstanding 1st M. bonds, and to that end have
called or payment on July 1 next of approximately one-tenth ot the bond
issue. See V. 98, p. 998, 1247.
(1) Columbus Gas & Fuel Co. took over directly from the Ohio Fuel
Supply Co. the latter's local business, including about 10,500 meters in
Granby Consolidated Mining, Smelting & Power Co.,
Columbus and its suburbs, Worthington, Linden Heights, Marble Cliff,
Ltd.-To Authorize Loans.Grand View Heights, Clintonville, Milo, Grogan and Bexley.
stockholdings
Ohio
of
the
the
purchased
Co.
Fuel
Columbus
011
&
(2)
The stockholders will vote on May 13 on authorizing the directors to
Fuel Supply Co. in the Federal Gas & Fuel Co.,giving control of 11,000 raise, borrow and secure
the re-payment of moneys as required from time
additional meters in and about Columbus, thus raising the total number of to time, provided that the
total amount owing by the company in respect
meters served directly and indirectly by the Columbus Gas & Fuel Co. of moneys raised or borrowed,
otherwise than by issue of its shares or First
from about 30.000 to 51,500.
M.6% gold bonds,shall not at any time exceed s3,Oo0,000.-V
.98,p.390.70.
(3) The Columbus Gas & Fuel Co. sold to the Ohio Fuel Supply Co.
plants and business in several country towns in the neighborhood of Colum- X
Haverhillass. as g t o.
-bus, notably Pickerington, Thurston, Grove City, Lock and North
T
Withdrawn.ppea
The company has withdrawn its appeal from the order of the Mass. Gas
Baltimore; also all its field lines and gas acreage in Licking, Knox, Fairfield
and Hocking counties, retaining, however, all oil rights in these fields.
and Electric Light Commission, directing the establishment
of an 80-cent
rate, and has abandoned the suit brought against the board in
(4) Columbus Gas 8z Fuel Co. entered into a contract with the Ohio Court.
the Federal
The extra 5 cents per 1,000 Cu. ft. received from customers
• Fuel Supply Co. by which the latter agrees to deliver to the former an adesince
Feb.
will
1
natural
1913
be
to
meet
gas
all
rebated.
needs
prices
at
starting
at 15 cts.
Compare V. 97, p. 889, 525.
quate volume of
per 1,000for gas the first year, 16 cts. the second, 163i cts. the third,17 cts.
the fourth, 1734 cts. the fifth, 18 cts. for the succeeding five years and
International
Salt Co., New York.-Earnings.after ton years fixed 20 cts. per 1,000 Cu. ft. It is further provided that the
Feb. 28. YearColumbus Co. may erect an artificial gas plant to supply fuel at any time Net earnings of subsidiary cos_ _ 1913-14. 1912-13. 1911-12. 1910-11.
$664,647 $519,134 $588,807
' that the supply of the Ohio Company is not adequate. The gas in the Bond interest and miscellaneous__$665,478
371,188
367,588
411,101
526,790
200,000 acres of lands in West Virginia owned by the Columbus Co. will
be held in reserve and not developed under present circumstances.
V. 96, p. 1363.
$293,290 $297,059 $108,033
$62,017
The properties purchased by the Columbus Gas & Fuel Co. require the
payment of $1,150,000, while those of the Ohio Fuel Supply Co. amount
International Smelting & Refining Co., N. Y.-Sale.to $680,000, leaving a balance to be paid by the Columbus Co. of $470,000.
The latter has paid $100,000 of this and will pay the remainder on Jan. 1 The shareholders will vote May.26 (a) on selling the entire
1915, according to contract. No special financing was required at once.
property to the Anaconda Copper Mining Co.; (b) on disIn addition to the foregoing the subsidiary Columbus Oil & Fuel Co.
recently contracted, it is understood, to purchase all the outstanding solving the corporation.
securitles-$420,000 stock and $400,000 1st M.6% bonds-of the SpringThe $10,000,000 stock, of which about $4,300,000 is owned by the Unite.
field (0.) Gas Co. (V. 84, p. 1372), a company with some 11,000 natural Metals Selling Co. a concern controlled by the Amalgamated Copper
Co.,
gas consumers and 2,000 artificial gas consumers.
will be exchanged'
for stock of the last-named company's subsidiary, the
The Columbus Oil & Fuel Co. in January last acquired extensive Anaconda Copper Mining Co., on the basis of 3.3 shares (par $25 each;
oil and gas interests in Boone Co.and neighboring counties in West Va., total $82 50) of the Anaconda for each $103 share of the International.
embracing, it is said, 200,000 acres with, it is estimated, 50,000,000 Cu. ft.
Digest of Circular Signed by Sec. J. W. Allen, April 21 1914.
of gas and contracts for same.-V. 98, p. 389.
Recent legislation in New Jersey has greatly restricted the powers of this
company, especially in respect to its right to acquire and hold the securities
Consolidated Connellsville Coke Co.-Bonds Called.- of other companies, and it will be difficult to extend the present operations
Seven 1st M. 15-year 6% sinking fund gold bonds, dated Dec. 1 1910, of the company or to finance subsidiary
companies that would practically
for payment at 105 and int. on June 1 at Union Trust Co., Pittsburgh.
need to be organized to conduct now operations.
The cotnpany has done a satisfactory business Since its incorporation, the
Consolidated Film & Supply Co.-Agreed Judgment.- most
profitable part of which has been conducted by a subsidiary company.
A judgment was entered by consent of the Attorney-General of Texas the Raritan Copper Works, operating copper
in New Jersey.
and the company on April 18 in the 26th District Court at Austin, Tex., At present nearly one-half the business of these refineries
works is furnished by the
against the company, whose general offices are at Wilmington, Del., and Anaconda Copper Mining Co. under contracts having
about 2IA years to run.
William II. Swanson Film Co. of Denver, both with Texas headquarters
The copper smelting plant at Tooele, Utah, has not been as profitable as
at El Paso. Under the agreement no forfeiture of permits was asked, was expected, for the reason that the competition between the smelting
but each company was penalized in the sum of $1,500 and an injunction companies in that field for copper
and concentrates has been VerY
issued perpetually restraining them from continuing to carry out the pro- keen, and it has been impossible toores
obtain sufficient tonnage on a satisvisions of the agreement, which was alleged by the State to be in violation factory basi4 to operate the plant to its full capacity.
We have erected a
of the anti-trust laws. The defendants are also perpetually enjoined from lead smelling plant at Tooele, with five modern blast furnaces,
and starting
making any agreements with each other in the future or with any other with two furnaces, the business developed so rapidly that three
other furperson, film company or corporation to violate any of the provisions of the naces were added as quickly as possible, full operation beginning
only a
anti-trust statutes.
few months ago, by which time a very considerable stock of lead ore bad
accumulated.
been
Our subsidiary also, the International Lead Refining
Corporation for Riker & Hegeman Stock.-Sales.Co. of Indiana, has built a modern lead
at East Chicago, Ind., with
Sales of the Riker & !legman Co. for the first half of April, it is stated a capacity of about double our presentrefinery
output of lead bullion.
increased 16% compared with last year. This rate of increase would mean
We have also taken the contract to smelt copper concentrates to be proclose to $17,500,000 for the full year,sales for 1913 having been $15,000,000. duced by the Inspiration Consolidated Copper Co. in Arizona and have
January sales, it is said,increased 20% over a year ago.-V.98, p. 157.
therefore begun the construction of a copper smelter at Miami, Ariz.
The total expenditures on the construction of the lead smelting plant at
(Wm.) Cramp & Sons Ship & Engine Building Co,- Tooele,
Utah, the purchase of lead ores now In stock at that plant, the conThe U. S. Supreme Court on April 13 affirmed the judgment of the U. S. struction of the lead refinery plant at East Chicago, and
the money necesfavor
of
Court
Appeals
in
of
the
Circuit
Marino Turbine Co. and Curtis sary.to carry the metals in process, has resulted in an indebtedness of about
Marine Turbine Co., holding that the company had infringed their ptaent $9,000,000, to which it will be necessary to add about $2,500,000 to comin the installation of turbine engines in torpedo destroyers for the U. S. plete the smelting plant in Arizona. It is generally agreed that present
Navy.-V.98, it• 613.
conditions are not favorable for financing these requirements by a stock issue.
After an independent appraisal the Anaconda Copper Mining Co. has
Dayton (0.) Breweries Co.-No Dividend.offered to purchase the property, good-will, &c., agreeing to assume all
Secretary and Treasurer Wehner is quoted as saying that no April divi- indebtedness, liabilities and contracts, to meet all expenses of sale and transends have been declared on the $1,249,125 6% non-cumulative pref. stock. fer and to pay $10,392,709 54 as the purchase price as of Feb. 28 1914,
The next meeting will take place on the second Tuesday of May, but it is said price, however, to be modified in case of any substantial change in the
condition of the company and its subsidiaries prior to transfer. Provided,
not considered likely that a dividend will then be declared.-V.98, p.613.
that the International Co. shall have the right to declare a dividend out
Dayton (Tenn.) Coal & Iron Co.-Decision.of its surplus earnings of an amount not to exceed $200,000 at any time
According to newspaper reports Chancellor Allen on April 18 at Dayton, prior to the transfer herein provided for.
The Anaconda Co. will at any time within 30 days from the date(May 26)
Tenn., hold illegal and void the $500,000 10-year bonds issued about 10
years ago. The decision if sustained would leave the entire assets to satisfy of the authorization of such sale,issue its capital stock in exchange for the
the claims of creditors who hold general claims amounting, it is stated, to capital stock of the International Co. on the basis of 3.3 shares of the
Anaconda Co. for each share of the International Co. on deposit of the
about $1,000,000 and enable the company to be reorganized.
The property was controlled by Watson & Co. of Scotland, Peter Donald- latter with J. W. Allen, Treasurer of the International Co., at 42 Broadson being the head of the concern. The bonds are held by banks in Scot- way, N. Y. City. Or, if the shareholders of the International Co. prefer
land and the Commercial Bank of Scotland. About a year ago Watson & to wait for a distribution of the cash assets, they will be entitled to receive
Co. failed. Shortly thereafter bankruptcy proceedings were instituted a distributive portion of cash assets when such distribution is finally
against the company by creditors to satisfy claims amounting to about made.-V. 97, p. 1736.
$1,000,000. The Central Trust Co. of New York as mortgage trustee
International Steam Pump Co., N. Y.-Omission of
filed a cross bill seeking to enforce a claim of prior right. The mortgage
securing the bonds, It is stated, was held "to be fraudulent and made for Dividend on Pref. Stock of Sub. Co.-Exchange,
ctc., Proposed.
the purpose of securing the company from such an emergency as occurred
(Henry R.) Worthington Co. below.-V.98. p. 390.
See
when the failure of Watson & Co. came."
El Paso Gas & Electric Co.-Bonds Called.All of the outstanding $500,000 general M. 30-year 6% gold bonds, due
Dec. 15 1934, have been called for payment at 105 and mt. on Dec. 15 at
Central Trust Co., Illinois -V. 97, p. 953.
Kelly-Springfield Tire Co., N. Y.-Plan.-Pres, Van H.
Cartmell, in circular of April 18 [as supplemented by proposed amendment to articles of incorp.] says in substance:
Upon the request of the holders of a majority of all classes of thesecurities,
the directors have prepared, and now recommend, the retirement of the
outstanding $2,850,500 4% income debenture bonds and the taking up
of the 785.5% accrued dividends upon the $1,149,500 outstanding 6% cum.
pref. stock in connection with an increase in the authorized issue of stock to
General Railway Signal Co., Rochester, N. Y.-In- $10,299,000,
all in $100 shares, as follows:
crease of Capital Stock.-The shareholders will vote April 27 6% cum. pref. (p. & d.) stock; increased from 31,149,500, divs.
on this amount to date from June 1 1899; on remainder from
on increasing the authorized capital stock from $5,000,000
1 1914.
$4,239,200
($3,000,000 common and $2,000,000 prof., all out) to $10,- 7%April
cum. 2d pref. stock.
1,029,900
000,000, also on the question what portion of any of the Common stock [increased from $4,000,000
5,029,900
Appropriate provisions are to be incorporated in the certificate of incor"
new stock shall be pref. stock.
poration: (a) To create a sinking fund, amounting to 2% per annum [of
Digest of Circular Signed by Sec. Clarence H. Littell, April 6.
the largest amount of 6% pref. at any time out for the gradual retirement
On Dec. 311908,after paying $60,000 in pref. dividends from the
of all of the 6% cum. prof. stock. (The certificate of incorporation will
net surplus was
$2,218 provide for the maintenance of this sinking fund beginning on or before
On Dec. 311913, after providing fcr the pref. dividends at 6%
July 1 1915 as a "special surplus account" out of the surplus or net profits
Per annum from organ! Wien to Dec. 31 1913 (the pref. diviarising from the business after all accumulated dividends on the 69 pref.
dends for the 5 years ending Dec.31 1913 aggregating $660,000),
shall have been paid and before paying any dividends on 2d pref., any
and for one 1'A c7'o dividend on the common stock, payable Jan.
deficiency to meet said 2% to be met out of subsequent earnings. (b) To
1 1914, the surplus amounted to $1,213,990, and in addition,
render all or any portion of said 6% cum. pref. stock subject to redemption
the reserve amounted to $328,801, or a total of
$1,542,791 [and cancellation at any time after July 1 1917 at $110 per share, with
Fore River Shipbuilding Co.-President Resigns.-
F. T. Bowles has resigned as President because of the recent change of
control to the Bethlehem Steel Corp.-V. 98, p. 239.
1320
THE CHRONICLE
accrued dividends. (c) To prohibit any mortgage upon the property without the consent of 75% of the 6% cum. pref. stock. (d) To prohibit the
increase of 6% cum. pref. stock beyond $4,239,200. (c) To make the 7%
cum. 2d pref. stock convertible into common stock, at option of holders
thereof, at any time within 10 years after July 11914, and for that purpose
to reserve 10,299 shares of the common stock. (f) To assure cumulative
voting for all classes of stock. At all elections for directors each stockholder to be entitled to as many votes as shall equal the number of his
shares of all classes of stock, multiplied by the number of directors to be
elected, and may cast all of such votes for a single director or may distribute
them among the number to be voted for or any two or more of them, as
said stockholder may see fit.
Options to Be Offered to Holders of Present Stock and Debentures.
(1) All stockholders of record of all classes as of May 6 1914 wilt have
the privilege to subscribe and pay for on or before May 26 1914 at par
($100 per share) pro rata in accordance with their respective holdings of
record (a) $3,089,700 6% pref. stock and (b) $1,029,900 7% 2d pref.
(2) Holders of the 4% income debenture bonds will have the right until
3 p. m.May 15 to surrender the said bonds and to receive therefor 6% cum.
pref. stock on the basis of one share of said stock of the par value of $100
(with the right to accumulated dividends thereon from April 1 1914) for
each $100 of income debenture bonds. If. however, the stockholders shall
exercise the privileges of subscription given to them above, to subscribe
for the said 6% cum. pref. stock to such an extent that there shall not
remain a sufficient amount of said 6% pref. stock for said purpose, then
the difference shall be paid in cash, and in that event 6% pref, stock and
cash shall be delivered pro rata on above basis, on surrender of bonds.
The present accumulated pref. dividends (78X %)to be paid by delivery
of an appropriate amount of said new 7% cum. 2d pref. stock at par ($100
per share). If, however, the stockholders shall exercise the aforesaid
privilege to subscribe for $1,029,900 of said 2d pref. stock to such an
extent that there shall not remain a sufficient amount of said 2d pref.stock
for the full payment or said dividends. said 2d pref. stock and cash shall be
delivered to the holders of the present issue of pref. stock, pro rata, so that
said 2d pref. stock, at par, and cash. shall together equal accumulated divs.
The plan as herein set forth to retire the debentures, and to pay said
accumulated pref. dividends, is not to become operative unless the deposit
of debenture bonds, now requested, with the Bankers Trust Co., 16 Wall
St., under depositary agreement of April 15, shall be
[A. M. Polack & Co., 25 Broad St., N. Y., have issued a circular criticising the plan as unnecessarily increasing the charges ahead
of the common
suficent.
stock from $297,010, of which only $68.970 is cumulative, to $411,229,
all cumulative.
Dividend Record of Income Bonds,as Reported by A. M.Polack & Co.
1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913.
3
1X
1X
None 3
2
3
2
3
4
4
4
-V.98, p. 1247, 1243.
Lalance & Grosjean Mfg. Co., N. Y.-Bonds Called.-
Sixteen 1st M. 20-year 6% gold bonds, dated May 11907, were called
and paid on May 1 at 105 and int. at Brooklyn Trust Co., 177 Montague
St., Brooklyn, N. Y.-V. 96, p. 1301.
Landers, Frary & Clark, Inc., New Britain, Conn.-
A certificatewas filed in Conn.on April 9 increasing the total outstanding
capital from $2,000,000 to $4,000,000, par $25. Among the directors
are Francis R. Cooley, Lucius A. Barbour, Henry C. Judd. See V. 98,
n• 693.
[VOL. xovni.
The firm reports: Company operates in Kansas and Western Missouri,
and on Dec. 31 1913 its physical properties were valued at over $21,750,000.
Net earnings for 1913, after deducting interest on amount of present outstanding indebtedness, were $709,740, or nearly twice the amount necessary
to _pay the interest of these notes. Bonded debt at present only $492,300;
$830,100 bonds retired since Jan. 1 1913. Over 99% of stock
owned by
Am.Tel.& Tel. Co. See V. 98. p. 1248.
Muskogee Gas 86 Electric Co.-Earnings.Cross
Net
March 31
Year1914
1913
(after Other
Bond
Prof.
Balance,
Earnings.
Taxes). Income. Interest,
Divs, SurpIus.
.._55l5,543 $218,223
55,508 $70.470 5100,331 $52,930
209.119
528.331
8.969
72,122
99,288
46,678
National Brick Co. of Laprairie, Ltpdre
.T
errE
edarningS.Bond
Feb. 28.
Net (after
Balance.
YearTaxes,&c.). Intere,t.
Dividends.
Surplus.
$139,146
1913-14
$258,977
(5%)$100.000
$19,831
126,767
1912-13
381,963
(1 X %)25.000
230.196
Bond interest in 1912-13 includes final dividends on old Laprairie stock,
$36,570.-V. 97. p. 518.
New England Cotton Yarn Co.-Dividend Omitted.The directors have decided to omit the usual quarterly dividend on the
$2,000,000 6% non-cumulative pref. stock. Payments were made at the
full rate of 13,6% quarterly from Nov. 1 1905 to Feb. 1914, inclusive.
A circular says: "At a meeting of tho directors held April 21 it was
voted not to pay the pref. dividend, as the same had not been earned. The
directors are of the opinion that the best interest of the stockholders, for
the present at least, demands that earnings be spent in the betterment of
plant rather than in the payMent of dividends. It is expected that with
improved trade conditions the payment of pref. stock dividends will be resumed.'-V.97, p. 1502.
New River Lumber Co., Cincinnati, 0.-Bonds Called.
Thirty-nine ($39,000) 1st M. 20-year 6% gold bonds have been drawn
for payment at $1.050 per bond on June 1 at the Columbia-Knickerbocker
Trust Co., N. Y.-V.91, p. 1331.
Niagara Falls Power Co.-Earnings.-For cal. year:
Calendar
Gross
Net
Balance.
OtherInt.,Taxes, • Divs.
Earns.
YearEarns.
.
S
6t0
n6p,14 3
6$
&c.
$2,742,192 $2,201,927 $116,058 $1,247,876 $4(861T°,6)1.
1913
1912
2.497.196 2,032,099 148.564 1,252,806 460,616 467,242
-V. 97, p. 1289.
7
Niagara Lockport & Ontario Power Co.-See Reports.
Pres. Francis V. Greene, Buffalo, April 21, wrote in subst.
The initial development of 15,000 h. p. from the Salmon River plant was
put into commercial service during the early part of the present month, and
has since been continuously delivering power with a daily peak load of
between 19,000 and 20.000 h. p.
Rapid progress is being made in the installation of the second development of 15,000 h. p., all of the machinery having been delivered in the
power house.-V.98, p. 1003.
Nipissing Mines Co.-Earnings.-For years end. Dec.31:
Total.
Other
Divs. Paid
Divs. from
Calendar
Balance,
Income. Expenses.
(30%).
N.ItT.Co.
YearLogansport (Ind.) Home Telephone Co.-Bonds Called. 1913
$31,757
$125
......_ _$1,830,000
$1,800,000
def.$1.632
• Three bonds of $1.000 each, 3 of $500 each and 16 of $100 each were 1912
35,054
56
____ 1,842,500
1,800,000
S
su
urr.m
7D
,5ef
01
.
paid on April 10 at the Logansport Loan & Trust Co.
Net income of the Nipissing Mining Co. for the year 1913 was $2,756,612
(against $2,896,990 in 1912); other income,$47,481 (against $50,375); total
Magnolia Petroleum Co.-New ;Rock.income, $2,804,093. From this was deducted the cost of mining and all
The shareholders on April 12 voted to increase the authorized capital other expenses, $1,158,986 (against $865,655). and dividends, as above
stock by $4,900,000. In January last the outstanding stock was $2,450,000 stated, $1,830,000, leaving a balance. deficit,of $184,892(against a surplus
but subsequently a stock dividend of 100% was reported (unofficially), the of $239.210). The total accumulated surplus Dec. 31 1913, as per balance
net earnings from 1913 being given as $1,800,000.
sheet, was $1,259,061.-V. 98, p. 1248.
Pres. John Sealy, of Hutchings, Sealy & Co., at Galveston, on April 12
North Butte Mining Co.-Earnings.said: "This increase has been authorized for the purpose of providing the
DirtNet
Balance,
Total
Total
means and credit necessary to build a refinery at Fort Worth, and provide Calendar
dends.
Earnings.
Surplus.
Expenses.
Income.
Yearother facilities required for handling the crude oil produced in the Healdton
$5,182,674 $3.744,897 $1,437,777 $820.000 $617,777
field in a large way, building up a market for the same,and generally for 1913
697,000
1,670,719
973,719
3,441,603
5,120,322
the purpose of meeting the business demands of the company, present and 1912
Total surplus Dec. 311913. $3,418,556.-V. 97, p. 518.
future. One-fourth of the increase will be offered for subscription at
present and the remainder will be held in the treasury. See V. 93,/3. 159.
Called.
-Bonds
Co.
Manufacturing
Patchogue
[The Magnolia Co.'s refinery, it is rumored, will cost nearly $1,000.000.
Twenty-five ($25.000) 1st M. 15-year sinking fund gold bonds at $1.059
The Magnolia Pipe Line Co. was incorporated late in 1913 with $500 stock
to build an 8-inch pipe line from near Bowie, Tex., to new Oklahoma fields per bond on May 1 at Columbia-Knickerbocker Trust Co., trustee, N. Y.
between Ardmore and Duncan, about 100 miles, as a nucleus of system -V. 81, p. 1726.
ultimately to extend to Cushing and Tulsa fields of Northern Oklahoma.
People's Water Co., Oakland, Cal.-Option.Magnolia Petroleum Co. has pipe line from Sabine Pass northward to oil
President Frank C. Ravens on April 17 delivered an option representing
fields at Electra, Tex., and new Oklahoma line, it is said, will connect with
this near Bowie, extending northward into Oklahoma, with branch 29 miles over two-thirds ($13,349.200) of the stock, which permits the proposed
Metropolitan Water District to purchase all of the property of the company,
long to oil field near Addison. Okla.] See V. 98, p. 159, 153.
that, in the opinion of the State Railroad Commission, is necessary for
Marconi Wireless Telegraph Co. of Am.-Director. supplying said district with water, at a price to be fixed by the Commission
in accordance with the provisions of the Public Utilities Act. The option
J. Van Vechten Olcott has been elected to fill a vacancy.
runs for 45 days from April 13. If the voters of the seven municipalities
The directors recently decided not to declare a dividend. Last year 2% involved ratify the formation of the district, the option will
be automatically
was paid. The company has about 6200,000 surplus, and the board believes extended until Jan. 1 1915. Should the deal not be completed
at this
against
conserved
be
The
contingencies.
this should
new high-power time, and all parties concerned "are working in good faith," the option will
stations are to be opened in the near future, and while theso are expected be extended for an additional 30 days. The election is to be held on June 2.
to add to income ultimately, they may not be self-sustaining for the first The option has been deposited in the Oakland Bank for Savings.-V.98,
few months or a year.-V.98, D. 1242.
P. 917, 693.
Massachusetts Gas Companies, Boston.-Earnings of
Controlled Companies.-Net earnings of the subsidiary companies for March and the nine months ending March 31:
Pure Oil Co., Phila.-Dividend of Subsidiary.-
Advices from Tulsa Okla., state that the directors of the Quaker Oil
Co., a subsidiary of the company, recently declared a cash dividend of
500%. The ompany has attained a large production of crude oil on its
March
9 Mos. end. Mar. 31- Richards lease in the Cushing field, where it now has 4 producing wells.
1914.
1913.
1914.
1913.
Boston Consolidated Gas.._ _ $126,375 $132,726 $970,090 $1,113,126 -V.98, p. 836, 693.
57,924
New England Gas & Coke.._ _
73,040
595,138
611,485
Queens County Water Co.-Bill Vetoed.36,821
New England Coal & Coke_ _
37,864
135,394
215,478
Governor Glynn on April 19 vetoed the so-called Maier-Foley bill which
4,343
Newton & Watertown Gas Lt
7.047
35,930
63,513 was passed by the Legislature, providing that no water-works corporation
East Boston Gas
3,085
4,026
51,288
70,049 or municipality should thereafter supply with water or extend its distributCitizens' Co. of Quincy
718 def.1.194
17,024
18,030 ing mains to supply territory already supplied by the existing water-works
Federal Coal & Coke
920
2,164
54.604
14,091 system of a water-works corporation or municipality until the Conservation
Boston Towboat
1,622
3.911
24,124
43,304 Commission shall have certified that public convenience and necessity require such supply of extension.
Total
$231,808 $259,584 $1,883,592 $2,149,076
The bill was supported by the private water companies in Queens County,
Increase in Gas Output.
but was opposed by the city authorities on the ground that the State would
water supply and prevent New York
Boston Consolidated Gas Co.
4.78%
3.64%
3.43%
5.427 be able to interfere with the Catskill
City from furnishing the Catskill supply to residents of Queens Borough,
East Boston Gas
10.54%
9.55%
9.192
13.34
operate. Governor Glynn in his
36.59%
Citizens' Co.of Quincy
4.58%
19.01%
22.82 0 where the private water companies
would seem to be an extreme measure, indeed,
Newton & Watertown
12.31%
8.45%
9.71%
12.13% memorandum states: "It
discharging a well-recognized
from
municipality
which
a
would
prohibit
-V.98, p. 308, 159.
governmental function without the consent of a State board, for the reason
to a greater or lesser extent by a
Merchants' & Miners' Transportation Co.-Sale.- that such function was being performed
The Mercantile Trust & Deposit Co. of Baltimore on Apr. 18 announced private corporation organized under laws permitting competition and under
that arrangements for the deal by which it and its associates had secured franchises which were in no sense exclusive."-V.92, p. 1114.
control of the company through the purchase of the interest held by the
Sharon (Pa.) Water Works Co.-Bond Payment.New York New Haven & Hartford RR.through the New England NavigaAll of the $250,000 bonds dated June 1 1900 will be paid at par and int.
gation Co., had been completed.
at
the
Union Trust Co., N. Y., on June 1, when interest will cease.
trustee
The Safe Deposit & Trust Co. of Baltimore, as
under the voting
trust agreement of 1907, about 2 weeks since sent a letter to the holders of
Standard Oil Co. of Indiana.-3% Extra.the voting trust certificates, requesting them to sign consents to dissolve
the same. The trust can be terminated on consent of 75% of the deposited
A quarterly dividend of 3% and 3% extra has been declared on the
shares. The letter states: "The purchase is conditioned upon the dissolu- $30,000,000 stock payable May 29 to holders of record May 11, comparing
tion of the voting trust and delivery of certificates of stock,and as the pur- with 3% and 4% on Feb. 28, 3% and 9% on Nov. 29 last, 3% and 4%
pose for which the trust was created will cease to ex at upon the consumma- extra on Aug. 30, 3% and 3% extra on May 31 and 3% and 47
0_ extra on
tion of the purchase, there appears to be no reason why the stockholder Feb. 28 1913, 3% and 77
0 extra on Nov. 30 1912 and 3% (without any
should not surrender their voting trust certificates and receive back their extra) on 'Aug. 31 1912.-V. 98, p. 1076, 1005.
i..,,tis.litealliantaliithsord
certificates of stock.-V.98, p. 1159, 1075.
Miami Copper Co.-New Director.George D. Hopkins of Wilmington, Del., has been elected a director to
succeed Ralph C. Lupton, who retired.-V.98, p. 1159.
Missouri & Kansas Telephone Co.-Notes.-
-Dividends.Stark-Tuscarawas Brevieries'Co., ohfo.-2
A dividend of 1% has been declared on the $627,000 6% non-corn. pref.
stock, payable May 11 to holders of record May 1, being the same amount
as on Jan. 5 last, the first payment since 1907, when 1% was paid quarterly
in Jan., April, July and October -V.98, p.693.
Smith, Moore & Co., St. Louis, are offering locally at 993 and int. a
Steel Co. of Canada, Ltd., Hamilton, Ont.-Bonds.block of the $7,500,000 two-year 5% coupon gold notes dated Apr. 15 1914.
Royal Securities Corp., Ltd., Montreal, &c., offered April41'6Nto1124
due Apr. 15 1916. Int. in N. Y., A. & 0. 15. Par $1,000. Guaranteed at 925.6 and int. the unsold balance ($350,000) of their block off$850,009
prin. and int. by Amer. Telep. & Teleg. Co.
6% 1st M. andicoll.ttrust_bonds, due/Julyil 1940.
APR. 25 1914.1
THE CHRONICLE
Condensed Extracts from Statement by Pres. C. S. Wilcox, March 4.
Capitalization (Including Bonds Now Offered).
6% 1st M. and coll, trust bonds (V. 91, p. 157), authorized,
$10,000,000; issued, incl. 3500000 reserved to retire $500,000
bonds of Montreal Rolling Mills Co
$8,850,000
Convertible promissory notes, due July 1 1915, 1916, 1917
1,200,000
7% cumulative pref. stock, auth., $10,000,000; issued
6,496,300
Ordinary stock, authorized, $15,000,000; issued
11,500,000
Products—Pig iron, open-hearth steel, billets, wire rods, bar iron and
steel, and shapes, forgings, locomotive and car axles, track spikes, bolts,
nuts, rivets, horse shoes, wrought-iron pipe and fittings, wire and cut nails,
tacks, wood and all other kinds of screws, iron, steel, brass, copper and
bronze wire and various products thereof.
The present issue replaces working capital used for improvements and
extensions including the new blooming mill and wire rod and bar mill, and
the extensive additions to open-hearth department, &c., put in operation
during the past year.
Fixed assets, $12,811,707; net current assets Dec. 31 1913 and proceeds
of this issue, $5,497,579; total, $18,309,287. Company has paid regularly
quarterly dividends at 7% per annum on its $6,496,300 of pref. stock for
the last 3% years.—V. 98, p. 1248, 1005.
Sterling Gum Co., N. Y.—Officers, &c.—
Directors: Franklin V. Canning (Pres.), Leo Michaels (V.-Pres.), T. N.
Word (Treas.), Al. J. Seligsberg, Jonathan H. Holmes, C. D. Smithers and
Oscar Gubeiman. The Secretary is W. B. Shearman.
See also Autosales Gum & Chocolate Co. above.—V. 98, p. 1076.
Sunday Creek Co., Ohio.—Decision.—
See Hocking Valley Ry. under "Railroads" above.—V.98, p. 917.
Superior Colliery Co., N. Y.—Consolidation, &c.—
The shareholders will vote April 29 (1) on merging the Superior Development Co. and Superior Colliery Co.; (2) on an agreement adding to
the First Adjustment Mortgage dated Sept. 25 1912 a provision in Article
V. in furtherance thereof by allowing the redemption of the bonds after
advertisement and tender, at less than par; also authorizing the establishment of a fund as working capital. George T. Maxwell,Sec., 15 Broad St.,
New York. (V. 95, p. 116, 364, 1688.)—V. 97, p. 669.
Tonopah Mining Co.—Earnings.—Year ending Feb. 28:
Dividends
Exhaastion Balaw!,
Net
Year end. Gross Value
Paid.
pFeb.28. Ore Shipped. Earnings.
of Ore. Surp. or Def.
1914 ____32,918,417 $1.504,882 (130%)31,301,000
sur.3204.882
1913-- 3,144,173 1,467,709 (160%) 1,600.000 $274,443 def. 406.734
—V. 98, p. 309.
Earnings for Quarter ending Feb. 28 1914.—
The net income for the quarter ending Feb. 28 was $317,720, against
$410,660, $309,360 and $356,189 for the quarters ending Nov. 30, Au'. 30
and May 311913. On Feb. 28 there was cash on hand, $251,017; other
quick assets were: Bonds,$1,135,885; certificates of deposit,$25.000; loans
on collateral, $515,000. Deducting quarterly dividend payable April 21
1914, $250,000, leaves $1,676,902.—V. 98, p. 309.
Twin Falls North Side Land & Water Co.—Deposits.—
Of the outstanding bonds of this company, the Twin Falls Oakley Land
& Water Co., the Twin Falls Salmon River Land & Water Co. and the
Sacramento Valley Irrigation Co., over 83%, it is announced, has been
deposited with The Safe Deposit & Trust Co. of Pittsburgh, as depositary
under protective agreement of the Edwards committee, dated Oct. 23 1912,
and amended March 16 1914. The time for deposit will expire May 16 1914.
A. C. Robinson, Vice-Pres. Commonwealth Trust Co., Pittsburgh, Pa., is
now a member and Vice-Chairman of the committee.—V. 97,. P. 1120;
V. 98, p. 917.
Twin Lakes Land & Irrigation Co.—Receivership Suit.—
In the U. S. District Court at Boise, Idaho, on Apr. 17 Judge Dietrich
issued an order in the case of Keller against the company, to show cause at
the Moscow term why a receiver should not be appointed to take charge
of its property. The complaint is for foreclosure of a trust deed m .do to
the Colonial Trust & Savings Bank, involving, it is said, $99,500.
Union Oil Co. of California.—Notes.—Torrance, Marshall & Co., Los Angeles and San Francisco, are offering, at
prices to yield about 51/%,the unsold portion of the new and
final offering ($1,000,000) of collateral trust serial gold notes
dated May 1 1913, making the entire $4,000,000 issue outstanding. A circular dated April 1914 shows:
Capitalization (as officially reported)—
Authorized. Outstanding.
Capital stock
$50,000,000 $31,292,800
Bonded debt (First lien 5s. due 1931)
5,730,000
Collateral trust notes dated May 1 1913 (V. 96, 20,000,000
p. 1368: V. 97, p. 449)
4,000,000
4.000,000
Guaranteed bonds of subsidiary companies
4,603,000
See annual report, &c., in V. 98. p. 1153, 1160, 1248.
Sale of Treasury Stock.—A press report announces the sale
1321
An issue of debentures or other evidences of indebtedness to be limited
under the terms of a debenture agreement to a total cf $10,000,000, of
which not to exceed $5,000,000 shall be presently issued.
The debentures presently to be issued will be known as 10-year 6% sinking fund convertible gold debentures,. due 10 years from date interest
payable semi-annually April 15 and Oct. 15; both principal and interest to
be payable in U. S. gold coin of the present standard in N. Y. City. All or
any part of the $5,000.000 debentures will be callable for redemption on
any interest date alter two years from their date and on or before Oct. 15
1922. at 102% and accrued interest, and thereafter at par and accx. int.,
and any debentures to be callable at the rates aforesaid in any amounts for
the benefit of the sinking fund. Said $5,000,000 debentures will also be
convertible, upon reasonable notice to be spedi led therein, on any interest
date up to Oct. 15 1922, at option of holder, into paid-up pref. stock at
the rate of $110 of debentures for each share of pret. stock of $100 par;
interest and dividends to be adjusted as of the date of conversion.
If any debentures shall be alied for redemption, the same will cease to
be convertible unless notice of intention to convert the same upon
next
interest payment date shall be given in writing within 10 days afterthe
the last
publication of the call for redemption, in which case notice of intenticn to
redeem the same shall not be operative with respect to the debentures as
to which such notice shall have been given, unless the holders thereof shall
fail to present. the same for conversion rmrseant to said notice.
The $5,000.000 of debentures not presently to be issued will be of like
tenor with the debentures above mentioned, except that, in the discretion
of the board, at the time of issue, they may be made convertible into pref.
stock at the same or a higher rate than $110 of debentures for each $100
share of pref. stock.
Digest of Circular Signed by Pres. S. T. Morgan, Richmond, April 1.
The directors have for some time had under consideration the advisability of providing additional fixed working capital, the increase in output
having been continuous and substantial, but the amount of new working
capital failing to keep pace with this new development. While the gross
turnover for the fiscal year ending June 30 1914 is estimated at $59,000,000,
contrasting with $31,623,000 for the fiscal year 1905 (an increase of $27.377,000, or 86%), the increase of working capital since June 15 1905 has
been only 36.608,196. or 53%,as follows:
Net amount received from sales of 1st M. bonds and pref. stock,
$15,576,615; less $7,700,000 bonds retired and canceled (coll.
trust bonds,$6,500.000; 1st M. bonds,$1,200.000)$7,876,615
Earnings for eight years (those for 1913-14 not included, but
pected to be larger than for last fiscal year), after charging exoff
,
expenditures of39,232.716 for maintenance
21.997,615
Total surplus earnings and net proceeds of bonds and stock_ _329,874.230
Deduct—Expended for permanent impts. and investments...,. 7,248,217
Dividends paid June 1905 to May 31 1913 (on pref. stock.
$11,800,000; on common stock, $3,917,816)
Bonds paid & canceled through sink.fd.since June 30 1913— 15.717,816
300.000
Balance, increase of working capital (equal to 53%)
36,608,196
Our products are sold largely on long-term credits, and their payment
must await the maturity of the crops for which they are used. It is obvious, therefore, that the large increase in annual turnover necessitates corresponding increase of working capital. The directors believe that some
provision of a permanent character should now be made, through which the
floating debt will be substantially reduced and the company rendered less
dependent upon the uncertainties of money markets.
To this end they
urge the authorization by the holders of the necessary two-thirds
of each class of stock of an issue of $10,000,000 6% debenture notes. $5,000,000 to be issued immediately and the remaining 35.000,000 in no event
under two years, and then only if financial requirements make it desirable.
The debentures will be offered ratably to the holders of both pref. and common stock at par, and any portion not subscribed for will be taken by the
underwriters. The proceeds will be used only for reduction of the floating
debt, as there is no present purpose to expand.
Of these debentures, 2% will be retired annually, and as we now annually retire 6300,000 1st M. bonds, the total retirement of fixed indebtedness will exceed $400,000 per annum for the next several years.
There is a rapid increase in the consumption of fertilizers in all of the territory in which we operate, and if your comapny progresses as it should;
its cash capital requirements cannot be wholly supplied through accumulated earnings. Ifsuch course were adopted, the resumption of dividends
upon the common stock would be longer delayed.—V. 98, p. 1248, 1172.
Waterbury (Conn.) Gaslight Co.—Lease Ends.—
The 20-year lease of this pronertv to the United Gas Improvement Co.
ofPhila. having expired on April 1 the company itself resumed possession,at
the same time paying $850,000 in cash to the United Gas Improvement Co.
to cover the amount spent during the lease for improvements and.additions
The company is owned by the Frousatonic Power Co., a subsidiary of the
N. Y. N. It. & Hartford RR. The lease provided
interest on the $65.000 1st M.5s due April 1 1954 and for dividends atfor
8,
7 per ann.(Q.-J.) on
$390,000 stock. Annual sales in 1913 about 366,893000 cu. ft.
at 31 10
number of consumers, 12,700.
(Henry R.) Worthington, N. Y.—Pref. Dividend Omitted
—Proposed Offer of Exchange by International Steam Pump Co.
of the $15,000,000 treasury stock referred to last week to —Pres. L. P. Feustman, N.Y.,in circular of Apr. 20,says:
Your directors have concluded that the semi-annual dividend upon the
Andrew Weir and R.`-Tilden Smith, capitalists and ship- M2,000,0001
pref. stock, ordinarily payable May 1, should not now be deowners, of Liverpool, Eng., at a price reported as 85, pay- clared. The report of independent chartered accountants shows
the dividend to have been earned, but after a careful consideration of operating
able, it is said, in the securities of the new English holding conditions,
funded and floating debt, financial requirements and the uncompany.—V. 98, p. 1248.
certainty attending general business conditions, the conclusion was reached
a reasonable conservatism requires that your company should, for the
U. S. Bobbin & Shuttle Co.—Common Divs. Resumed.— that
present, conserve its cash for working capital, and that, accordingly, the
A dividend of 1% has been declared on the $850,000 common stock, pay- dividend should not now be declared. The directors trust that
stockable May 1 to holders of record April 20, being the first payment since May holder will not exaggerate the imoort of this action or under ratethe
the value
and Feb. 1911, when 13% each were paid.
of the stock or the eessihilitv of an eor1,- resnmntion in the navment of
regular
pref.
dividends.
The
pref. stock is cumulative, so that all arrears
Annual Dividend Record of Common Stock (Co. Organized Aug. 2 1899).
of dividends thereon must be paid before any dividend on the common.
1901. 1902 to 1904.
1907.
1906.
1905.
1908.
1910. 1911.
It may also be proper to state that the International Steam Pump Co.
6%
6% yearly
4%
5%
5%
IA%
1%
which
holds
3%
almost
all
cf
the
[85,500.0001 commcn stock of your company,
—V.97, p. 1582.
is considering plans for the unification of the operating departments
the
United States Reduction & Refining Co.—Earnings.— varieus properties in which it is interested, with resulting economies. ofThis
attractive
to
lead
an
may
offer of exchange of securities to the pref. stockCalendar
7'otal
Net
Rip. Taxes,
*Bond
Balance,
of Henry R. Worthington, and to the security holders of other assoYear—
Income. Maint ,&c.
Income.
Interest.
Surplus. holderscompanies,
who meanwhile should not lese sight of the intrinsic
1913
$124,776
$34.404
$150,180
$90,600
• 834,176 ciated
value of their holdings. When these plans are definitely formed, they will
1912
182,190
137,816
44,374
91.500
46,316
* Does not include interest on bonds in sinking fund.—V. 96, P. 1626.
be promptly laid before you.—V. 89. p. 415.
Utah Copper Co.—Earnings.—For calendar years:
Cal.
Operating Net (after
Bond
Other
DiviBalance,
Year— Revenue. Taxes, &c. Income. Interest. deeds.
Surplus.
1913-.317,797,564 $6,303,223 $2,270,200 360,318 $4,747,710 $3,765,395
1912— 15,345,953 6,307,243 2,222.563 80,532 4.729,747 3,719.525
Other income includes yearly dividends from Nevada Consol. Copper Co. amounting to $2,176,000. Sales in 1913 include
lbs. of copper at 14.976 cts. (against 91.366.337 lbs. at 15.939113,942,834
cts.);
121,244 oz. gold at $20 (against 34,255,765 oz. at $20) and 285,589
oz. silver
at 52.6 cts. (against 311.391 oz. at 60.0 cts.).
William Loon Jr. and W. 1 iinekle smith have been elected directors to
succeed Thomas W. Lamont and Daniel Guggenheim,
who resigned.
—V. 98, p. 457.
—The Stock Exchange firm of Mann, Bill & Ware, who
have been prominent for many years in the loan market,
have decided to establish a foreign exchange department.
F. Borgemeister, formerly manager of the foreign department of the National Bank of Commerce, has entered their
office to act as manager of this new department. The idea
is a departure for money brokerage firms and indicates a
developing interest in the broader and more international
phases of the money market which Wall Street expects after
Utah-Idaho Sugar Co.—Divid6.ids.—
the new Currency Bill is put into active operation. There
A dividend of 1 &•1% has been announced for the past quarter. Hereafter,
are periods during the year when liquid money is in much
it is stated, no definite rate will be paid from year to year because
the
growing uncertainties of the trade. The rate formerly paid wasof10%
better demand in Europe than it is in New York, and other
annually.—V. 93, p. 729.
periods when the reverse obtains, and it is believed the firm
Utah Securities Corporation Co., N. Y.—Notes Purch. can operate successfully in both markets through an active
The average price paid by tho trustee for the 67,008,000
ar 6% foreign department working hand in hand with its local
notes recently purchased on tenders was $84.881 and int., while10-ye
the average
price, including Interest, was 85.61. Compare V. 98, p. 1160, 528.
brokerage eqdipment.
Virginia-Carolina Chemical Co.—New Securities.—The
—E. W. Clark & Co. of Philadelphia are associated in the
circular calling a shareholders' meeting for May 12 to au- management of successful public utility companies serving
thorize the new securities gives substantially the following a population of 2,351,000. The gross earnings for the year
particulars regarding the new debentures, modifying in some ended Dec. 31 1913 of these companies were $33,167,700
respects the information already furnished:
and the net earnings $14,391,386.
THE CHRONICLE
1322
[VoL. xcvin
• anti parliaments.
8i,eports
PUBLISHED AS ADVERIL,iMENTS.
ALL1S-CHALMERS MANUFACTURING COMPANY
FIRST ANNUAL REPORT—FOR THE FISCAL PERIOD ENDED DECEMBER 31 1913.
At the close of the year, December 31 1913, the unfilled
orders on hand amounted to $3,358,684 79.
During the fiscal period (83/i months), the net profits
were $755,124 73, after charging to operating expenses for
maintenance, repairs and up-keep of the property,
$473,747 08, for depreciation on buildings, plant and
machinery $274,475 06, and for standard development
$148,388 46.
There has been a marked decline in volume of business
each month since August 1 1913, in sympathy with a general
recession of business throughout the country.
In order to effect economies and improve efficiency of
operations, Chicago Works (No. 2) whose principal line of
manufacture was Mining, Crushing and'Cement machinery,
was closed during the fiscal period covered by this report,and
the operations transferred to Milwaukee. This transfer
necessitated the building of a new Boiler Shop, which is now
in operation at Milwaukee. By resolution of the Board of
Directors, the value of the real estate, plant and machinery
of the Chicago Works (No. 2) was decreased by the sum of
$750,000, as representing the difference in value between the
plant as a going concern and the estimated amount to be
realized thereon when sold. This amount was charged to
CONSOLIDATED PROFIT AND LOSS ACC JUNT.
Patents, Patterns, Drawings, Franchises, Development and
APRIL 16 TO DECEMBER 31 1913 (8A M^ rfris)•
Good Will Account, and the balance to Real Estate and
23
$11,127,621
Sales Billed
Property not required for operations.
Cost,including Depreciation and Development Expenditures 9,503.472 31
The plants engaged in manufacturing operations are in
$1,624.148 92 good condition at present and of ample capacity to handle
Fqctory Profit
Deduct—Selling, Publicity, Administrative and General
1,017,552 80 a much larger volume of business, and with the changes and
Expenses
economies that have been effected in the various depart$606,596 12
Net Manufacturing Profit
ments throughout the organization there is every prospect,
Other Income—
148,528 61 with the revival of business, that the Allis-Chalmers ManuInterest on Investments, Bank Balances, Discounts, &c
substantial profits.
$755,124 73 facturing Company will earn
Net Profit
During the fiscal period there has been invested in marketable securities the sum of $1,862,038 07, which,together with
ALLIS-CHALMERS MANUFACTURING CO.
other securities previously acquired of $240,050, gives a total
THE BULLOCK ELECTRIC MANUFACTURING CO. of $2,102,088 07, the details of which are shown in schedule
attached to this report.
CONSOLIDATED BALANCE SIIEET DECEMBER 311913.
An agreement has been consummated whereby the preferASSETS.
red stock of The Bullock Electric Manufacturing Company is
Property Account—
to be exchanged for first mortgage 6% bonds of that comReal Estate, Buildings, Plant, Machinery,
Tools and Furniture and Fixtures (less
pany at the rate of $80 in bonds for $100 of preferred stock
Depreciation)
$11,366,271 38
and the payment of the accrued and past-due dividends on
Real Estate and Property not required for
915,303 61
operations (as valued by the Company)
the preferred stock of The Bullock Electric Manufacturing
Patents, Patterns, Drawings, Franchises,
Company to January 1 1914, amounting to 732%. After
19,761,730 76
Development and Good Will
$32,043,305 75 this exchange is completed the Allis-Chalmers ManufacturAllis-Chalmers Mfg. Co. Voting Trust Certificates—
ing Company, which now owns all the common stock,
Certificates representing 6,505 shares of Preferred and 2,292
except Directors' qualifying shares, will be the sole stockshares of Common Stock held in escrow by Central Trust
holder of The Bullock Electric Manufacturing Company.
Company of New York under Option Agreement for sale to
Otto H. Falk and Associates (subject to the approval of a
The Allis-Chalmers Manufacturing Company has agreed with
majority of the holders of Voting Trust Certificates for
the holders of the preferred stock to purchase at any time
Preferred and Common Stock of Allis-Chalmers Manu406,135 50 on or before February 1 1915 all or any part of such bonds
facturing Company and of its stockholders)—at cost
as may be tendered at 95% and accrued interest.
Current Assets—
The Board of Directors carefully considered the question
Notes and Accounts Receivable (less reserve)_ $4,972,467 65
Inventories of Work in Process, Manufactured
of the declaration of a dividend on the preferred stock out
Stock, Raw Materials and Supplies (less
of the surplus profits of $755,124 73, but in view of the
advance payments on contracts In process)_ 4,889.171 12
Sundry Marketable Securities (as listed on
present depressed conditions concluded to adopt the con2,102,088 07
page 10 of pamphlet report)
servative policy and defer taking action thereon until such
1,274,423 98
Cash
13,238,150 82 time as current profits and future prospects would justify
Deferred Charges—.
a reasonable assurance of the continuance of dividend pay22,124 61
Unexpired Insurance Premiums
meats.
$45,709,716 68
In view of misleading statements appearing in recent
newspaper
publications regarding a suit brought by the
LIABILITIES.
holders of twenty-two bonds of Allis-Chalmers Company,
Capital Stock of Allis-Chalmers Mfg.Co.—
816,500,000 00
Preferred Stock Issued
the Board of Directors deemed it proper to state that Allis26,000,000 00
Common Stock Issued
Company is the owner of all of the
42,500,000 00 Chalmers Manufacturing
$11,148,000 (par value) bonds of Allis-Chalmers Company,
Capital Stock of The Bullock Electric Mfg.Co.—
except $38,000 (par value) of such bonds. The amount
Preferred Stock Issued
$1,170,000 00
Common Stock Issued
$1,500,000 00
involved in the suit is very small, and the claims of the holders
Less—Owned by Allis-Chalmers
• of the particular twenty-two bonds were presented in the
Mfg Co
1.499,400 00
600 00
United States District Court, Eastern District of Wisconsin,
1,170,600 00 in connection with the reorganization proceedings of AllisCurrent Liabilities—
Chalmers Company, wherein the rights of the bondholders
Accounts Payable
$319,003 28
Allowance for Erection and Completion of
were determined and no importance therefore should be
407,137 13
Contracts
attached to this suit.
173,194 55
Pay Roll Accrued
143,166 11
Taxes Accrued
The annual meeting of the Allis-Chalmers Manufacturing
1,042,501 07 Company will be held at its principal office at Wilmington,
Reserves—
Delaware, on May 7 1914.
For Possible Losses on Contracts assumed on
purchase of Allis-Chalmers Company
The books and accounts of the company have been audited
Properties
8116.47588
by Messrs. Price, Waterhouse & Company, Chartered
For Losses on Receivables assumed as at
April 16 1913, and other contingencies__ _
Accountants, and their certificate is appended.[In pamhplet.]
125,015 00
241,490 88
Profit and Loss Account—
By order of the Board of Directors,
Net Profit for the Fiscal Period April 16 to December 31 1913
755,124 73
OTTO H. FALK,
$45,709,716 68
President.
Milwaukee, Wis., April 6 1914.
To the Stockholders and Holders of Voting Trust Certificates
of Allis-Chalmers Manufacturing Company :
The Board of Directors submits herewith the Consolidated
Profit and Loss Account of Allis-Chalmers Manufacturing
Company and The Bullock Electric Manufacturing Company for the fiscal period April 16 to December 31 1913, and
Balance Sheet as of December 311913.
The company commenced business on April 16 1913. It
was organized under the general laws of the State of Delaware
on March 15 1913, acquired the property of Allis-Chalmers
Company, including the entire issue (except Directors'
qualifying shares) of the common stock of The Bullock
lectric Manufacturing Company of Cincinnati, Ohio, and
issued therefor its preferred and common stock in accordance
with a Plan and Agreement of reorganization of Allis-Chalmers Company dated March 18 1912. Since April 16 1913
negotiations have been completed for the substitution of
bonds of The Bullock Electric Manufacturing Company for
the entire issue of preferred capital shares of that company,
as explained subsequently in this report.
APR. 25 I914-i
TIIE CHRONICLE
1323
GENERAL ELECTRIC COMPANY
TWENTY-SECOND ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1913.
Sphenectady, N. Y., April 20 1914.
pany has no other. note payabl ii3r is there any paper
To the Stockholders of the General Electric Company—
outstanding bearing its endorsement.
The certificate of Messrs. Marwick, Mitchell, Peat &
In the year 1913 the business of your Company exceeded
in volume the record of any previous year.
Company, chartered accountants, attesting the correctness
of the published balance sheet and profit and loss statement
The value of orders received was
$111,819,142 00
The amount of sales billed was
106,477,438 76 will be found on next page.
At the meeting of the Board of Directors held June 13 1913,
The net results were:
Profits from sales
$10,269.605 45 the undersigned, having served as President of your ComIncome from other sources
3,796,184 43 pany since its organization in 1892, was elected
Chairman of
the senior Vice-President,
$14,065,789 88 the Board. Mr. E. W:Rice
Less interest and discount on debentures and
whose term of service has beenJr.,
of equal length with my own,
notes payable
$1,007,910 69
and who has intimate familiarity with the important interests
Dividends paid
8,149,204 55
of
the
9,157,115 24
Company, was elected to the Presidency.
In no year in the history of your Company have the memCarried to surplus account
$4,908,674 64
bers of the administrative, engineering, manufacturing and
commercial organizations performed more effective and
The tendency toward an increase in the number of orders capable service
than in the year which has just closed, and it
and a reduction in their average value has continued during is
a pleasure to the executive officers to acknowledge their
the past year, more than 600,000 orders having been re- invaluable
aid.
ceived. This feature of the business, together with increased
By order of the Board of Directors.
competition, has caused an unavoidable addition to the
C. A. COFFIN,
expense of securing and filling orders.
Chairman of the Board.
The number of employees of your Company, engaged in
factories, offices and subsidiary companies, at December 31
1913, exceeded 65,000.
CONDENSED PROFIT AND LOSS ACCOUNT
As heretofore, the expenditure for the purchase of patents,
December 311913.
Sales billed
for applications and licenses under patents and for miscel- Less—Cost
$106,477,438 76.
of sales, including all operating, maintenance
laneous expenses in connection therewith, amounting to
and depreciation charges
96,207,833 31
$662,925 40 for the year, has been charged to income account,
$10,269,605 45
and the patent account is carried at $1.
Interest and discount, royalties and sundry
profits
Stocks and bonds are carried at a valuation of $25,964,$1,478,721 64
from securities owned
1,281,462 79
316 94, of which $17,574,843 79 represents stocks of sub- Income
Increase in value of securities of companies
,389,473 15 the stocks and bonds
sidiary companies and
owned, due to additions to the surplus
of
those
companies
1,036,000 00
of public utility and other companies.
The current accounts and notes receivable have been
$3,796,184 43
Less—Interest
on debenture
carefully reviewed and conservatively valued, abundant
bonds
$576,432 10
provision having been made for possible losses, and are Balance
of discount on debenture
bonds
issued in 1912
carried at $26,210,458 94. The rapid growth of your sub37,438 82
and expenses on note
sidiary companies has required substantial advances during Discount
issue
394,039 77
the year to provide additional facilities and for increased
1,007,910 69
2,788,273 74
working capital. The total amount due from these companies is now $6,817,563 44, making the aggregate balances
$13,057,879 19Dividends paid
8,149,204 55
of all accounts and notes receivable $33,028,022 38.
During the year additional manufacturing floor space to
Not Surplus for the year
54.908,674 64
January 1 1913
the amount of 1,740,000 square feet was provided, the growth Surplus at:
12,031,144 86
of the manufacturing plants being indicated by the following
Surplus at December 31 1913
$16,939,819 50
table :
Sguare feet.
7,000,000 1911
7.180,000 1912
8,530,000 1913
1908
1909
1910
Sguare feet.
9,770,000
12,160,000
13.900,000
The expenditures during the year for additions and improvements to manufacturing plants aggregated $11,373,118 10 and the amount written off was $6,502,060 40.
On January 31 1893 the book value of the Schenectady.
Lynn and Harrison plants was
$3,958,528 21
During the twenty-one fiscal years to December 31 1913
expenditures have been made, including the cost of the
Pittsfield, Erie, Fort Wayne, Sprague and National Lamp
plants, aggregating
69,314,629 88
Total
Written off during the twenty-one years
$73,273,158 09
43,845,989 80
Book value of above plants at December 31 1913
$29,427,168 29
A summary of the changes in manufacturing plants account
since the last annual report is as follows:
Net book value
Additions
Jan. 1 1913. during wear.
Written
off.
Net book value
Dec. 31 1913.
CONDENSED BALANCE SHEET.
December 311913.
ASSETS.
Patents, franchises and good-will
$100
Cash
14,844,210 14
Stocks and bonds
*525,964,316 94
Notes and accounts receivable
*26,210,458 94
Due from subsidiary companies
6,817,563 44
Installation work in progress
2,012,514 35
561,004,853 67
Merchandise inventories—
At factories
$31,697,055 53
At district offices, in transit, &c
4,010,538 45
Consignments
2,083,144 79
37,700,738 77
Manufacturing plants (including all lands,
buildings and machinery)
529,427,168 29
Real estate, buildings, warehouses, &c.
(other than manufacturing plants)
1,058,386 49
Furniture and appliances (other than in
factories)
2 00
98,795,592 44
30,485,556 7$
$144,125.360 36
Real estate and
buildings
15,379,122 73 5,440,956 09 2,053,785 01 18,766,293 81
* See foregoing paragraph.
Machinery
9,176,985 86 5,115,882 44 3,631,995 82 10,660,872 48
Patterns
1 00
124,850 82 124,850 82
1 00
LIABILITIES.
Shop equipment,
Debenture bondsvehicles, turni5% series of 1892
516,000 00
turo and office
"
1902
3%"
2,047,000 00
appliances
100 • 691,428 75 691,42875
1907
1 00
88,500 00
5% " " 1912
10.000,000 00
Total
24.556.110 59 11,373.118 10 6.502.060 40 29.427.168 29
$12.151,500 00
Notes payable, due April 16 1914
$8,000,000 00
The capital stock of your company outstanding on January
Accounts payable
2,846,656 88
1 1913 amounted ta
$101,202,000 00 Accrued taxes
302,133 88
During the year additional stock was issued—
Advance payments on contracts
279,561 47
Upon conversion of debentures of 1892
20,000 00 Accrued interest on debentures
197,016 63
Upon conversion of debentures of 1907
159,200 00 Dividend payable January 15 1914
2,027.472 00
13,652,840 86
Total capital stock issued
Capital
stock
issued
101,381,200 00Reserve against $16,000 debentures of 1892, convertible$101,381,200 00 Surplus—
at 120
At January 1 1913
13,333 33
512,031,144 86
Reserve against $88,500 debentures of 1907, convertible
Added during year
4,908,674 64
at par
88,500 00
16,939,819'50'
Unissued and unappropriated
3,516,966 67
$144,125.360
36
authorized
capital stock
Total
$105,000,000 00
MARWICK,MITCHELL.PEAT & COMPANY.
Quarterly dividends at the rate of 8% per annum have
Chartered Accountants.
during
the year.
been paid
In July 1913 an issue of '•,000,000 of nine-months' notes
maturing April 16 1914 was sold at a discount rate of 614%
per annum, for the. purpose of meeting demands due to a
large increase in business during the first half of the year and
other burdens incident to the very unsettled financial conditions then existing. Money was deposited for the payment
of these notes at maturity, out of current funds. The Com
79 Wall Street, New York, April 10 1914.
To the Board of Directors of the General Electric Company,
30 Church Street, New York.
Dear Sirs—We have examined the books and accounts`of
the General Electric Company for the year ended December
31 1913, and hereby certify that the Condensed Profit and
Loss Account and Balance Sheet appearing on pages49-1 not
1324
THE CHRONICLE
this report are in accordance with the books and, in
our opinion, correctly record the results of the operations
of the Company for the year and the condition of its affairs
as at December 31 1913.
We have verified the cash and securities by actual count
and inspection or by certificates which we have obtained from
the depositaries. Thp valuations at which the stocks and
bonds are carried are conservative and have been aoproved
by a comitteee of the Board of Directors.
The notes and accounts receivable are shown in the Balance
Sheet at their realizable value, due provision having been
made for possible losses through bad and doubtful debts.
Certified inventories of work in progress, merchandise,
materials and supplies have been submitted to us and we have
satisfied ourselves that these inventories have been taken in
a careful manner, that they have been valued at or below
cost price, and that full allowance has been made for old or
inactive stocks. Provision has also been made for possible
allowances or additional expenditures on recently completed
contracts and on installation wcr:c in progrcss.
All expenditures capitalized in the Property and Plant
accounts during the year were properly so chargeable as
representing additions or improvements and ample provision
has been made in the operating accounts for repairs,renewals
and depreciation.
Yours truly,
The Tommercial
[VOL.
%CV fll
winteS.
COMMERCIAL EPITOME.
Friday Night, April 24 1914.
More seasonable.weather has caused a larger retail trade.
The outlook for the winter-wheat crop is in the main favorable, and it is also a fact that bank clearings show a distinct
increase as contrasted with the corresponding weeks of last
year and the year before. On the other hand, the number of
Idle freight cars in this country increased during the first
two weeks of April more than 73,000. The war or threatened war with Mexico has caused not only a noteworthy
decline in securities but also more or less unsettlement in
trade generally, which was already on a very conservative
basis. Iron and steel have continued dull at gradually declining prices. The coal trade is very quiet and the situation
in Colorado, where troops have had to be called out to quell
riotous strikers, complicates the situation in the bituminous
industry. At the same time cotton and grain have advanced,
partly owing to the idea that a war with Mexico will cause
increased consumption of these commodities.
LARD has been in moderate demand; prime Western
10.55c.; refined to Continent 10.80c.; South America 11.60c.,
Brazil in ke;s 12.60c. Lard futures have at times reacted,
but of late have rallied with grain and partly on good buying
MARWICK,MITCHELL,PEAT & COMPANY.
byshorts, despite lower prices for hogs, the receipts of
•however, have been on the whole, smaller than a
-Boissevain & Co., 24 Broad St., N. Y., are sending to which,
ago. To-day prices declined on selling by packers.
their friends a very convenient income-tax ledger containing year
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
17 pages ruled to permit the recording of (1) Amounts reFri.
Wed. Thurs.
Sat. • Mon. Tues.
10.123' 10.05
May delivery____..cts..10.25
10.20
10.25
10.00
ceived as salary, professional fees and trade profits, mortgage July
10.22
10.30
delivery.
10.373
10.45
10.25
10.20
interest, notes, rents, &c., partnership profits, corporation September delivery
10.47% 10.37
10.6234 10.4234 10.37X 10.57
interest,foreign income,fiduciaries, other taxable income and
PORK on the spot has been firm; mess $23@$23 25;
dividends; also exemptions claimed at source and untaxable clear $19 75@$21 50, family $25 ®$27. Beef quiet but
income. The several items, when necessary, are divided into steady; mess $18@$19, packet $19@$20, family $20@$22,
"taxed at source" and "not taxed at source." (2) Deduc- extra India mess $28@$30. Cut meats quiet and steady;
tions accounts, including separately, interest, taxes, losses, pickled hams, 10®20-lbs. 13%C)14 Mc.; pickled bellies,
bad debts, depreciation, personal expenses, and (3) Record 6@12-lbs., 14 @.15%c. '
Butter, quiet; creamery extras
of amounts received from securities.
25@25Y2c. Cheese quiet, State, whole milk, as to quality,
the
price
to
net
investor
-At a
4.60%, N. W. Halsey & 133/2 ®190. Eggs firmer; fresh gathered, extras, 21A ®22c.
Co., N. Y., Chic. and San Fran.; Wm. R. Compton Co. of
COFFEE has been in rather light demand and easier;
and
Louis
Chic.,
N. Y., St.
and the Inter-State Trust & No. 7 Rio, 8%c.; fair to good Cucuta 123/2 ®13c. Coffee
New
Orleans
Co.
of
are
offering,
subject
to
prior
Banking
futures have fluctuated within comparatively moderate
sale, $3,000,000 State of Louisiana Port Commission Serial bounds, at one time being rather easier but latterly more
5% bonds, payable April 1 1920 to 1954. Bonds are tax- steady, owing to bull support. The possibility is discussed
exempt in the State of Louisiana and exempt from income of a duty on coffee if the Mexican war should be prolonged,
tax. All the investment particulars appear in to-day's ad- but it is hardly considered probable that such an unpopular
vertisement elsewhere in the "Chronicle."
measure would be resorted to. Meantime, European prices
-E.H. Rollins & Sons of Boston, N. Y., Phila., Chicago, have been steadier. Receipts at Sao Paulo have continued
Denver, San Francisco, Los Angeles and London, are offer- liberal most of the time. Santos receipts have decreased
ing for investment in our advertising department to-day within a day or two, however. To-day prices were irregular,
$2,240,000 City of Los Angeles, Cal., 414% harbor bonds. closing with little net change. Closing prices were as follows:
8.490,8.51 August ..____8.37(08.39 December..__9.1019.11
These bonds, due $64,000 per annum May 1 1918 to 1952, April.
May
8.51(08.52 September ....8.85@8.86 January ____9.16 9.17
will yield 4.375%,are stated to be a legal investment for N.Y. June
8.60(08.62 October....___8.94(08.95 February ......9.22 9.24
9.29(09.31
8.69(08.70 November _9.02©9.04 March
and New England savings banks, and free from Federal July
income tax. Complete circular on request.
PETROLEUM.-Refined steady; barrels 8.75@9.75c.,
-A description of the financial market conditions in war bulk 5.25@6.25c., cases 11.25@12.25c. Crude easier;
times is offered in a special edition of the "Fortnightly Re- Pennsylvania dark, $2 20; second sand, $2 20; Tiona, $2 20;
view," issued by William P. Bonbright & Co. This special Mercer black, $1 71; Cabell, $1 77; New Castle, $1 70;
edition presents a brief survey of the effects of war on the Corning, $1 35; Wooster, $1 81; North Lima, $1 44; South
markets at New York and London in the last half century, Lima, $1 30; Indiana, $1 34; Princeton, $1 30; Somerset,
more particularly during the Franco-Prussian War, the Span- 32 degrees and above, $1 25; Ragland, 65c.; Illinois, above
is-American War, the Boer War, the Russo-Japanese War 30 degrees, $1 30; Kansas and Oklahoma, 85c. Spirits of
turpentine 463c. Common to good strained rosin $4 10.
and the Balkan wars of 1912-13.
OILS.-Linseed quiet but steady; city raw 54@55c.;
-N. W. Halsey & Co., 49 Wall St., this city, announce
raw, 70c. Cocoanut firm; Cochin
that the firm's specially engraved map of the United States boiled 55@56c; Calcutta,
%@10c. Olive in fair demand at 85c.
showing the boundaries of. the reserve bank districts and 109©11c., Ceylon 93
Palm in light supply and
designating the reserve cities, is now ready for distribution Castor steady at 83@8 quiet but steady; domestic firm;
38c.
3 @73c. Cod
and can be had on request. Apply to the bankers nearest Lagos 7%
Corn firmer at 6.55@6.60c.
American or foreign offices for a copy.
SUGAR in good demand and higher; centrifugal, 96-"Municipal Ownership of Public Utilities", the address degrees test, 3.01c.; molasses, 89-degrees test, 2.36c. Redelivered by Arthur Williams of the Edison Co., March 23, ceipts at Atlantic ports for the week were 57,333 tons,
before the "Finance Forum-Public Utility Section", has against 93,072 last week and 36,654 in the same week last
been reprinted. The West Side Young Men's Christian year. Meltings were estimated at 45,000 tons, against
Association, 318 West 57th St., will favor any of our readers 40,000 tons in the same week last year. The stocks were
desiring a copy.
258,334 tons, against 246,001 tons last week and 254,393
-Many New Yorkers and friends of John D. Herlihy, the last year. Refined quiet but firmer at 3.85c. for granulated.
well-known police inspector, and identified with the force
TOBACCO has been quiet but steady. Buyers show a
for over 37 years, will be interested to learn that he has disposition to buy on a very small scale as long as prices
joined forces with H. F. McConnell & Co., dealers in the are so steady. The consumption seems to have decreased
public utility securities market, 25 Pine St., this city.
especially of cigars. On the other hand, holders are en-Blodget & Co. and Merrill, Oldham & Co. of Boston are couraged by the fact that the supply of the better grades of
jointly offering in our advertising columns to-day a new loan binder are undeniably small. Sumatra, like American
of $775,000 Salt Lake City, Utah, 43% coupon bonds due tobacco, meets with only a small sale. In fact, there is a
1934, at 102.66 and interest, yielding about 4.30%. See the very general disposition to trade on a very conservative
scale in all descriptions.
advertisement for the security features.
COPPER has been quiet and weaker; the London market
-Ashley & Co., 61 Broadway, this city, are offering by
and also depressed; Lake here on the
advertisement to-day the balance of their Kane Falls Elec- has been less activeelectrolytic
l43c. Spot tin here 35c.,
,®14%c.;
tric Co. first mtge. 5% bonds, to net 6%, subject to prior spot 143
The London market has been
sale. The firm has recently moved from 111 Broadway to showing a further decline.
more active at lower prices. Lead here 3.80c.; spelter 5c.
their present address,61 Broadway.
Iron and steel trade is unsatisfactory. Sharper competition
-Foster & Adams, 2 Wall Street, recently issued a digest has caused lower prices for plates, bars, shapes, pipe and
of facts regarding New York Central-Lake Shore & Michi- sheets. Pig iron has continued dull in all parts of the
gan Southern collateral 33' % bonds.
United States, though there has been an inquiry for three
-Wm. Morris Imbrie & Co. of 45 Broadway, this city, or four thousand tons for export to Russia; prices have been
announce the removal of their offices to the Adams Express largely nominal; No. 2 Eastern $14@$14 25; No. 2 Southern
Bdilding, at 61 Broadway.
Birmingham $10 50@$10 75.
APR. 25 1914.1
THE CHRONICLE
COTTON.
1325
On Shipboard. Not Cleared for-
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
83,172 bales, against 103,419 bales last week and 101,022
bales the previous week, making the total receipts since
Sept. 1 1913 9,594,294 bales, against 8,970,717 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 623,577 bales.
Friday Night, Apr. 24
Great
I GerLeaving
Other Coast- I
Britain. France. many. !Foreign' wise. I Tota . Stock.
•
ile,'" orleans_ _
4,057
143 4,170 5,891
210 14,774 122,627
Galveston _ _ _ _ 6,703 5,806 27,626 16.241 6,486 62,868 165,278
Savannah
70,102
400
400
Charleston
9,437
Mobile
4,813
608 9,537
4,347
15,051
93
Norfolk
353
18,933 19,289
15.707
New York__ __
500
300
800 1,200
2,800 121.831
Other ports_ _ _
2,000
3.000
48,527
5,000
Tota11914__ 18,433 6,857 45,433 23,335 26,119 120,182 557.906
Total 1913._ 57,507 11.449 38,407 40,271 24,183 172.617 492,607
Total 1912. 56,359 14,601 32,536 29,536
17,906 150.941 562.934
Apr.24 ut-
Speculation in cotton for future delivery has been more
active at an advance. The rise was due to reports of unfavorable weather in various parts of the belt, notably in the Southwest; the firmness of Liverpool quotations, where the spot
sales of late have been from 10,000 to 12,000 bales, and finally
25-,'741
3,919 a fear that the war with Mexico may cause some falling off
in the acreage, especially in Texas. It is believed that the
129
12,620 supply of labor in Texas might be reduced if hostilities should
400 be prolonged, as many
Mexicans are employed in the cotton
930
3,334 culture of that State. Moreover, Europe has been buying
4.179 here,, taking the new-crop months at
the current discounts.
3,765 The
idea was that Europe deemed it advisable to buy those
200
241 months at present prices as a precaution against
future
760 contingencies growing
out of the war with Mexico
else
possibly unfavorable weather developments later on.or The
83,172 Continent has been buying
in Liverpool and also here.
The following shows the week s total receipts, the total Large spot interests have also been prominent in the buying
at
New
York,
to
say
nothing of well-known Wall Street
since Sept. 1 1913 and the stocks to-night, compared with
people who for some time past have been identified with the
• last year:
bull side. Bulls argue that the world's consumption of
American cotton this year is likely to reach 15,000,000 bales
1913-14.
I
1912-.13.
I
Stock.
and that next season it may easily exceed that quantity, so
Receipts to
This 'Since Sep! This Since Sep
April 24.
that a crop is needed during the coming season of fully
IVeek. 1 1913. Week. I 11912. I 1914.
1913.
16,000,000 bales. At the same time they point out that there
Galveston
26,65513,133,264 26,912 3,667,183 228,146 194,747 is no certainty that such a crop will be
raised. Many of the
Texas City
291 465,0511
683 660,803
6,936
16,898 advices from the South take the ground that
Port Arthur
the season is
40,245
_1 123,556
Aransas Pass, &c.
102,355 1,367 121,233
one
to
two
Nreeks
late
and
that
in parts of Texas some reNew Orleans _
25-,745 1,690,032 18,625 1,300,215 137,401 100,620 planting
is
necessary.
These
Mobile
reports are received every
3,919 395,603 1,502 196,915
19,398
14,603
Pensacola
147,468 1,700 115,482
1,700 season, but just now they seem to have more weight with
Jacksonville, &c_
129
28,703
__J
14,241:
181
1,296
some.
It
is
argued
that
if
war
is at all prolonged, there is
Savannah
12,620 1,717,939 13,557 1,189,539
70,502
75,603 likely
Brunswick
to be an advance in both raw and manufactured
400 290,750 2,350 227,875
5,800
8,156
Charleston
930 415,302 1,555' 294,079
9,487
29,427 cotton. That is what occurred at the time of the Spanish
Georgetown
110
Wilmington
3,334 391,725 2:264 335,661
19,607
18,673 war. When hostilities broke out in 1898 between Spain and
Norfolk
4,179 525,784 5,730 494,135
31,995
49,873 the United States, it is true there was at first some depression
Newp't News,&c. 3,765 115,571 2,563 100,858
in cotton, but later on came an advance. It is urged that
Now York
200
6,115
15
13,674 124,631 134,077
Boston
241
15,501
549
43,055
11,078
8,650 war at this time would ultimately lead to large sales of
Baltimore
760
88,083 1,652
66,469
4,974
6,063
duck, khaki uniforms and tents, tarpaulins, &c., especially
Philadelphia
1,741
173
2,631
4.951
4,838
if the army should be greatly increased, as to many seems
Totals
83,172 9.594,291 81,197 8,970,717 678,0881 665,224 possible should
_
the war spread to Northern Mexico and
_
.
In order that comparison may be made with other years, take in the forces of Villa and Carranza. Meantime the
trade has to face the chances and uncertainties of the season.
we give below the totals at leading ports for six seasons:
The stock here is still small, i. e. about 84,000 bales of certificated cotton, and New York prices are still well below the
Receipts at- 1 1914.
1913. 1 1912.
1911.
1910.
1909.
parity of the South. On the other hand, the weather of
Galveston ___1
26,655
26,912
28,381
13,736
17,204
42,294 late has been on the whole somewhat more favorable. SpcuTexasCity,&c
2 .4
2,050
14,234
5,097
1,236 lation, though larger than recently, has not been very active.
New Orleans_
25,746
18,625
14,913
12,451
18,239
42,467 May, which
Mobile
3,919
a short time ago was 38 points over July,has
1,502.
2,342
1,581
758
5,336
Savannah
12,620
13,5571
17,086
8,598
9,170
24,188 latterly fallen to 6 points over July, though within a day or
Brunswick__ _
400
2,350;
3,100
357
380 two this premium
Charleston,&c
930
has been increased on the covering of
1.555
1,730
387
3,811
589
Wilmington
3,334
2,264
3,932
2,253
5,122 shorts. May tenders next week are expected to be large.
1,607
Norfolk
4,179
5,739
13,1:39
3,917
8,478
8,660
and
there
are
those
N'port N.,&c,
who
3,765
doubt whether war with Mexico will
2,563
512
1,330
All others_ _ I
4,089
5.100
2,289
3,394
2,227 have any serious effect on the cotton acreage or greatly
stimulate
trade.
They
believe
83,172
the area planted will be large
Total this wk.1
81,197 104,519
45,212
64,893 135,811
under the stimulus of present prices. To-clay prices adSince Sept. 1- 9,594,294 8,970,717 11053 113 8,025,351 6,722,370 9,083,113 vanced
for a time and then reacted, May in particular
The exports for the week ending this evening reach atotal acting weak. The week-end statistics were generally bullish
of 109,089 bales, of which 54,562 were to Great Britain, but profit-taking offset this fact. Middling uplands closed
10,541 to France and 43,896 to the rest of the Continent. at 13.25c., showing an advance for the week of 15 points.
The rates on and off middling,as established Nov.19 1913*
Below are the exports for the week and since Sept. 1 1913.
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Week ending April 241914.
From Sept. 1 1913 to April 24
Sat.
Mon.
Tues.
Wed.
Thurs.' Fri.
Galveston
4,812 3,122 6,259 4,784 5,181 2,467
Texas City
218
76
Port Arthur
Aran. Pass, &c
New Orleans_ _ _ _
1,657 5,797 4,683 5,161 4,672 3,773
184
Mobile
218 1,006
425 1,452
634
Pensacola
Jacksonville,&c_
129
Savannah
2,532 1,648 2,701 2,098 1,869 1,769
Brunswick
400
83
157
161
Charleston
95
179
252
403
568
605
Wilmington
53.4
573
_
651
759
Norfolk
513
565
368
831 1,143
N'port News, &c
3,765
New York
200
3
100
38
Boston
100
Baltimore...... -----------760
Philadelphia_ __ _ -----------751 12,864 13.3431 13,778 13,223 -15,289
Totals this week_ 11:6-
Tokt
26,655
294
1914.
Fair
44 1 75 on Middling
Bask Good mid. tinged _c Even
c
Exported toExported toStrict mid. fair__1.50 on Strict low middling.0.50 Ott Strict mid. tinged _0.20 off
Middling fair
1.30 on Low middling
1.25 off Middling tinged___0.40 off
Great
Great
ContiContiStrict good mid_0.90 on Strict good ord_..2.00 off Strict low mid.ting 1.25 of'
Britain. France.nent&c. Total. Britain. France. nem..rte. Total.
Good midlling___0.65 on Good ordinary_ _3.00 of Low mid, tinged. 3.00 off
Galveston__ 16,53
13,975 30,555 977,633 302,7781,245,4332,525,894 Strict middling_ ___0.32 on Strict g'd mid, ting.0.45 on Middling stained_ _1.25 of
Texas City_
*Reaffirmed Feb. 4 1914.
345,132 28,888 80,898 452,988
Pt. Arthur_
1,510
25,309 26,849
The official quotation for middling upland cotton in the
Ar.Pa,s1,&c_
30,184
8,163 38,352
NewOrlean 14,75. 1,360 21;55- 37,451 783,377 171,029 518,963
New York market each day for the past week has been:
1,478,374
Mobilo ____ 10,63
5,231
15,927 119,292 72,469 131,35 323,111
April 18 to April 21Sat. Mon. TU3S. Wall. Thurs. Fri.
Pensacola_ _
45,655 46,070 55,743 147,468 Middling uplands
13.10 13.10 13.10 13.15 13.25 13.25
Savannah_ _
6,789 196,714 231,274 696,635 1,124,673
Brunswick _
79,642 22,951 152,009 254,605
NEW
YORK
QUOTATIO
N FOR 32 YEARS.
Charleston.
116,233
5,030 181,434 302,747 1914_c
13.25 1906_c
11.65 1898_c
Wilmingto
6.44 1890_c
3,89
11.81
5,
5K
9,813 73,021 102,434 177,85 353,313 1913
12.00 1905
7.75 1897
Norfolk__ _ _ 2-.53
7.50 1889
10.94
20
2,852 41,833
83,261 125,144 1912
11.85 1904
14.00 1896
N'portNew
8.06 1888
9.75
369
369
1911
15.15
1903
10.50
York_
1895
44
6.94 1887
New
10.62
1,27
1,721 121,499 18,027 180,995 320,521 1910
15.15 1902
9.50 1894
Boston _ _ _ _
2,79
7.50
1886
9.25
15• 2,945 61,877
8,560
73,437 1909
10.70 1901
Baitimore__
8.38 1893
7.81 1885
10.88
43,559 10,125 87,122 140,797 1908
10.10 1900
9.81 1892
Philadelp'a.
7.38 1884
11.88
32,390
11,125 43,515 1907
11.25 1899
6.25 1831
8.88
Detroit _
1883
10.25
313
313
---San Fran_
-5i- -018
175,612 175,612
M RKET AND SALES AT NEW YORK.
___
Pt.Towns'd
5
53
75,855 75,855
54,05 10,511 43,89 109,089 3,078,038 1,009,078 3,896,749 7,893,915
Total_ _
Futures
SALES.
-Spot Market
Market
Tot. '12-'13 23,54
23,441 50,941 3.204,197 930,5293,368,451 7,507,177
C osed.
C osed.
Spot. Confect' Tots.
Note.-New York exports since Sept. 1 nclude 9,684 bales Peruvian, 75 bales Saturday__ _ Quiet
Weak
Brazilian, 27 bales %Vest Indian to Liverpoo and 6 bales West Indian to Havre.
Monday _ _ _ Quiet
Steady
Tuesday _ _ _ Quiet
Steady
In addition to above exports, our telegrams to-night also Wednesday._ Quiet 5 pts. adv._ Firm
50i
50
give us the following amounts of cotton on shipboard, not Thursday _ _ Steady 10 pts.adv_ _ Steady
Friday ____ Quiet,
Barely steady
cleared, at the p )rt3 na
We add similar
Exports
from-
New York.
figures for
Total
50 - _ _ - -•
60
xevrft
THE CHRONICLE
1326
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week since Sept. 1, the shipmentsfor
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Siturday, Monday, Tuesday, Wed'day. Thursd'y, Friday,
corresponding period of the previous year-is set out in
April 18. April 20. April 21. April 22. April 23. April 21. Week.
detail below.
April1
12.70
12.70 Range
Closing_ ___ 12.50-.60 12.57-.67 12.67-.72 12.76-.86 12.71-.82 12.60-.70
MayTowns.
Range
12.40-.55 12.38-.52 12.43-.52 12.53-.67 12.67-.77 12.60-.74 12.38-.77
Closing_ __ _ 12.40 - 12.46-47 12.52-.53 12.66-.67 12.71-.72 12.60-.61
Juno--- 12.73-.75 12.62-.75 Ala., Eufaula__
12.62
Range
Closing_ _
12.34-.36 12.42-.44 12.51-.53 12.68-.72 12.65-.68 12.05-.63
Montgomery _
JulySelma
Range
12.23-.39 12.21-.38 12.33-.44 12.43-.59 12.54-.66 12.51-.62 12.21-.66 Ark., Helena
Closing_
12.23-.26 12.31-.35 12.43-41 12.53-.59 12.55-.56 12.51-.52
Little Rock_ _
'luaus/Ga., Albany_ _ _
11.99-.14 11.95-.09 12.05-15 12.16-.38 12.34-.47 12.31-.43 11.95,47
Range
Athens
Closing
11.93-.99 12.07-.09 12.13-.15 12.37-.38 12.35-.36 12.32-.34
Atlanta
SeptemherAugusta
11.77-.88
11.77-38 11.80
Range
Columbus
Closing_
11.63-.65 11.70-.72 11.73-.75 1139-.90 11.81-.83 11.78-30
Macon
OctoberRome
Range
11.51-.63 11.48-.60 11.55-.63 11.61-.75 11.67-30 11.65-.74 11.43-.80 La.,Shreveport
Closing_.... 11.51-.53 11.53-.59 11.61-.62 11.75-.76 11.68-.69 11.65-.66
Miss.,Columb,s
Decens)erGreenville
11.45-.60 11.43-.55 11.53-.59 11.60-.71 11.64-.77 11.64-.73 11.43-.77
Range
Greenwood_
11.45-.45 11.54-.53 11.53-.59 11.73-.74 11.67-.68 11.644.65
Closing_
Meridian
JanuaryNatchez
11.47-.53 11.38-47 11.45-.53 11.55-.63 11.61-.72 11.64-.69 11.38-.72
Range
Vicksburg
11.39-.40 11.46-.47 11.52-.53 11.67-.68 11.63-.64 11.59-.60-Closing_
Yazoo City
MarchMo.,St. L01.113_
11.43 -11.40,49 11.50-.55 11.60-.70 11.77 - 11.71-7311.40-77 N.C., Raleigh_
Range
Closing..- 11.40-.42 11.43-.50 11.55-.57 11.72-.74 11.69-.70 11.65-.671- -- 0., Cincinnati_
Okla., Hugo_ - S.C., Greenw'd
THE VISIBLE SUPPLY OF COTTON to-night, as made Tenn.,Memphis
Nashville _ _ _ _
up by cable and telegraph, is as follows. Foreign stocks, Tex.,
Brenham
as well as the afloat, are this week's returns, and consequently Clarksville__ _
Dallas
all foreign figures are brought down to Thursday evening. Honey Grove_
Houston
But to make the total the complete figures for to-night Paris
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1913.
1912.
1914.
1911.
bales.1,202,000 1,186,000 1,369,000 1,034,000
5,000
5,000
3,000
7,000
90,000
79,000 110,000
95,000
April 24Stock at Liverpool
Stock at Lotion
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,297,000 1,270,000 1,482,000 1,136,000
17,000
14,000
7,000
7,000
536,000 471,000 700,000 323,000
384,000 326,000 324,000 291,000
3,000
2,000
4,000
2,000
33,000
28,000
24,000
22,000
36,000
28,000
53,000
54,000
47,000
26,000
13,000
9,000
Total Continental stocks
1,056.000
895,000 1,125,000
617,000
Total European stocks
2,353,000 2,165,000 2:607,000 1,753,000
India cotton afloat for Europe_
61,000 151,000
237,000
85,000
Amer. cotton afloat for Europe
277,423 275,999 476,825 197,125
22,000
Egypt,Brazil,&c.,afit.for Europe_
44,000
43,000
39,000
Stock in Alexandria, Egypt
261,000 207,000 198,000 185,000
Stock in Bombay, India
1,069,000 897,000 721,000 616,000
Stock in U. S. ports
678,088 665,224 713,875 431,744
Stock in U. S..interior towns_ _ _ _ 472,907 479,150 315,349 368,961
U. S. exports to-day
19,814
4,035
15,922
2,714
Total visible supply
5,411,232 4,817,408 5,152,971 3,727,544
Of the above, totals of American and other descriptions are as follows.
Americanbales_ 957,000 993,000 1,256,000 904,000
Liverpool stock
Manchester stock
59,000
56,000
83,000
80,000
Continental stock
967,000 860,000 1,094,000 573,000
277,423 275,999 476,825 197,125
American afloat for Europe
678,088 665,224 713,875 431,744
U.S. port stocks
472,907 479,150 315,349 368,961
U. S. interior stocks
19,814
4,035
U.S.exports to-day
15,922
2,714
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
3,431,232 3,333,408 3,954,971 2,557,544
245,000
5,000
31,000
89,000
237,000
43,000
261,000
1,069,000
193,000
5,000
23,000
35,000
85,000
39,000
207,000
897,000
113,000
3,000
27,000
31,000
61,000
44,000
198,000
721,000
130,000
7,000
15,000
44,000
151,000
22,000
185,000
616,000
1,980,000 1,484,000 1,198,000 1,170,000
3,431,232 3,333,408 3,954,971 2,557,544
5,411,232 4,817,408 5,152,971 3,727,544
Total visible supply
Middling Upland, Liverpool
7.36d.
6.77d.
6.565.
8.27d*'
Middling Upland, New York
13.25c.
11.85c.
11.75c.
15.35c.
Egypt, Good Brown, Liverpool
10.50d.
9.655.
10%d. 11.00d.
Peruvian, Rough Good, Liverpool 8.755.
9.90d.
9.10d.
11.255.
Broach, Fine, Liverpool
63id. 6 7-16d.
65.
7%5.
Tinnevelly, Good, Liverpool
6 5-165. 6 7-ilk!. 5 15-16d.
7%d.
Continental imports for past week have been 99,000 bales.
The above figures for 1914 show a decrease from last week
of 127,509 bales, a gain of 593,824 bales over 1913, an excess
of 258,261 bales over 1912 and a gain of 1,683,688 bales over
1911.
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 21.
Closing Quotations for Middling Cotton onSaturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
13
New Orleans_ _ _ 131-16
Mobile
12 13-16
1:3%
Savannah
Charleston _ _ _ _ 13%
Wilmington
Norfolk
13
Baltimore
1334
Philadelphia _ 13.35
•Augusta
Memphis
13P
i
St. Louis
Houston
127',
Little Rock_ - - - 12%
13
131-16 13 1-16
12 13-16 12 13-16
133
113331
13%
ii 1334
13.35
13%
113T4
12 7,',i
1234
1:1- • 1334
13.35
13%
13%
13%
1..1A.
13
13 1-16
l3
2;34
'
13%
13%
13
is
13.40
1:
3
1P
i
12%
1234
13 1-16
13%
12%
1334,
133.
13%
13
1334
13.50
1334
13%
13%
1234
1234
13 1-16
13%
12%
13%
13%
13%
13
13%
13.50
13-1
13%
13
12
12%
Movement to April 24 1914.
Movement to April 25 1913.
Ship- Stocks
Receipts.
Ship- Stocks
merits. Apr.
mcnts. Apr.
Week. I Season. I 1Veek. 24.
Week. I Season. Week. 25.
1
-41
, .i
,1 1,426
20 20,995
528 5,462
1,669 152,986 2,4871 13,549
372 151,572 1,384 20,911
789, 6,875
215 116,771
5871 123,103
786 4,147
66; 9,769
12 41,417
325: 65,099
11
132588 178,301 3,238 29,489
1,480' 183,371 2,5741 46,765
2521 1,945
17 23,958
75 1,558
_ _ __I 27,388
447 104,967 1,855 15,102
450 114,271 1,500, 13,4071
384 155,693
893 11,386
1,217 222,590 2,4911 9,7481
2,735 360,963 4,531 41,112, 1,201 325,921 4,392 53,570
199 73,933 1,800 19,408
607 79,261. 1,350 9,400
290 11,754
482,
223 36,318
230;
12 44,42:1
150 8,101
123 50,187
199 56,359 1,100 5,0591
191 140,327
597 4,790'
447 189,323 4,568 21,7691
43 26,097
338 1,430
34Si 1,525;
319 37,639
1 49,081
167
88
49 85,131
9191 7,6001
700 10,500
200 10.3,687
300 140,006 1,595 15,000
573 54,533 2,118 9,240
866 5,250
334 31,933
355 1,050
5 13,045
3,000
19,591
124 23,992
154 1,227
33,518
11
22,416
19 3,448
__
40,621
18' 4 603
6,:161
50,147
9,6731 30;116 10,363 521,029 10,275 32,709150
9,983
381
93
151
50
'208
1
13,875 3;849:il
-2
.0
3,603 212,686
19,644 1,672 203,884 1,829 27,903
30,194
15
2,698
19,138
.13,423
37136 - 25
-1;0
0.254
15,641 89,771 5,874 778,873 16,273 93,782'
322
74
1'07
7,182
13
0:8
3847
81
4
761
3
265 1,00017,361
175 1,100
17,187
65
100 49,701
400
28
200
43,007
500
553 98,193
600 4,500
889 2,164.
600 129,590
59 33,202
900
100
138
150
50 44,962
16,1802,655,715 28,916 103,628 17,354 3,223,513 22,105 93,912'
400 114,629
700 3,000
409 2,800
200 150,007
Receipts.
Total 33 towns' 44,5926,865,230 86,855472,907, 41,2126,907,843' 71,790479,151)
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
April 24ShippedVia St. Louis
Via Cairo
Via Rock Island_
Via Louisville
Via Cincinnati
..
Via Virginia
Via other routes, &c
Total gross overland
Deduct ShipmentsOverland to N. Y.,Boston, Sze
Between interior towns..
Inland. &c.,from South
----1913-14---Since
Week.
Sept. 1.
9,673 -181,219
4,574 a371,418
6,250
112
1,702 108,068
1,299 111,256
1,987 134,119
1,427 34-1,273
20,774 1,556,603
Total to be deducted__
-1912-13-Since
Week.
Sept. 1.
10,275 492.257
1,905 b285,157
700
20,133
1,881
71,846
516 120,035
4,589 122,025.
8,421 338.749
28.287 1,450,204
1,201
3,917
4,009
111,440
137,71:3
112,659
2,389
1,186
714
125,832'
112.224
79.191
9,157
361,803
4,289
317,267
23,998 1,132.937
Leaving total net overland*_ ..__11,617 1,191,800
* Including movement by rail to Canada.
a 191,937 bales a Wed as correction of movement since Sept. 1, previously
omitted from Illinois Central RR. weekly and monthly reports. 1) Revised.
The foregoing shows the week's net overland movement
has been 11,617 bales, against 23,998 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 61,863 bales.
-1913-14---Since
In Sight and Spinners'
Week.
Sept. 1.
Takings.
Receipts at ports to April 24_ _..__ 83,172 9,591,291
Net overland to April 24
11,617 1,191,800
South'n consumption to Apr. 24_ _ 60,000 2,030,01)0
1912 13
Since
Week.
Sept. 1.
81,197 8,970,717
23,998 1.132,937
59,000 1,910,000
151,789 12,819,091
358,393
*42,293
164,195 12.013,654
382,114
*30.584
Total marketed
Interior stocks in excess
133,611
Came into sight during week.._ Al2,493
12,395.768
Total in sight April 243,177,187
37,474 2,261,143
North'n spinn's takings to Apr. 24 28,835 2,335,074
* Decrease during week.
Movement into sight in previous years:
Week1912-April
1911-April
1910-April
1909-April
26
28
29
30
Bales.
157,199
71.506
98,296
152,805
Bales.
Since Sept. 1.14,342,880
1911-12-April 213
1910-I1-April 28____.-10.914,477
.. 9,523,682
1909-10-April 21)
1908-09-April 30_ ----12,309.299
NEW ORLEANS CONTRACT MARKET.
Saturday, Monday,' Tuesday,' Warday, Thursd'y, Friday,
April 18.1 April 20. April 21. April 22. April 23. April 24.
AprilRange
Closing
Mayflange
Closing
JulyRange
Closing
A itguslItange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
Tonet Options
12.56 -12.58 -12.59 -112.72 - 12.69 - 12.71 12.66-.78 12.61-.69 12.65-.711 12.70-.83 12.74-.87 12.75-.89
12.66-.67 12.67-.68 12.69-.70 12.82-.83 12.78-.79 12.81-1
•
1
12.55-.68 12.51-.53 12.57-.67 12.68-.80 12.73-.85 12.70-.84
12.56-.57 12.59-.60 12.65-.66 12.78-.79 12.76-.77 12.70-.71
12.-19-.52 12.54-.58 12.50-.56
12.25 - 12.22-.21, 12.33
12.25-.26 12.28 ---i12.35-.3; 12.49-.51 12.52 - 12.42-.45
1
-11.91-.93
11.70 -- 11.73 -111.80 -111.92 - 11.92-.03 11.86
1
1
11.51-.55 11.51-.61!11.57-.6611.67-.79 11.69-.83 11.66-.77
11.55-.56 1l.58-.591l.65-.66 11.77-.78 11.72-.73 11.66-.67
1
11.53-.59 11.51-.53 11.58-.62 11.63-.76 11.68-.80 11.64-.74
, 11.75-.76 11.69-.70 11.62-.63
11.52-.53 11.55-.56.11.62
631
11.53-.63- 11 49- 69 11.73-.76 11.67-.80 11.711,72
11.53-.51 11.56-.57111.63-.611 11.75-.76 11.69-.71 11.63-.64
11.73-.76
11.63-.64- 11.72-.83
11.58-.59 11.62-.63 11.69-.70 11.82-.83 11.73-.75 11.72-.73
s'n•v1v. Onto,. I Steady. StondY• Steady. Steady.
Elio% Steady. Steady. Firm. Steady. Steady.
APR. 25 1914.1
THE CHRONICLE
1327
New Orleans, La.—There has been rain on one day during
WEATHER REPORTS BY TELEGRAPH.—Advices to
us by telegraph from the South this evening are, in the main, week, to the extent of four inches and eighty hundredths.
of a favorable character. At a few points the precipitation The thermometer has ranged from 58 to 84, averaging 71.
Shreveport, La.—We have had rain on three days during
has been rather heavy, but quite generally the rainfall has
the week, to the extent of sixty hundredths of an inch.
been moderate or light. Planting has made good progress Average
thermometer 63, highest 82, lowest 42.
on the whole, and in a number of sections is well on toward
Columbus, Miss.—We have had rain on one day the past
completion, with some cotton up. Reports from Texas in- week, the rainfall being thirteen hundredths of an inch. The
.dicate that a great deal of new land has been put in cultiva- thermometer has averaged 67, the highest being 90 and the
lowest 44.
tion this year. •
Greenwood, Miss.—Rain has fallen on one day during the
Galveston, Tex.—Weather greater part of week has been
partly cloudy to cloudy, with occasional showers throughout week, the precipitation reaching one inch and twelve hunthe State. It is said that a great deal of new land has been dredths. The thermometer has averaged 65, ranging from
put into cultivation this year. Rain has fallen on three 40 to 89.
days during the week, the precipitation reaching one inch
Meridian, Miss.—There has been rain on one day during
and- fifty-five hundredths. The thermometer has ranged the week, to the extent of sixteen hundredths of an inch.
The thermometer has ranged from 44 to 88, averaging 66.
from 64 to 76, averaging 70.
Abilene, Tex.—We have had rain on two days during the
Vicksburg, Miss.—It has rained on one day of the week,
week. Minimum thermometer 48.
the precipitation being one inch and eleven hundredths.
Brenham, 7'ex.—It has rained on three days of the week, Average thermometer 67, highest 86, lowest 53.
the rainfall reaching one inch and twenty-six hundredths.
Mobile, Ala.—Fine weather. Seventy-five per cent of
The thermometer has averaged 66, ranging from 52 to 80.
crop planted and some up. It has rained on one day of the
Cuero,. Tex.—Wo have had a rainfall of sixty-four hun- week, the rainfall reaching seventy-seven hundredths of an
dredths of an inch during. the week, on five days. Mean inch. The thermometer has averaged 68, the highest being
thermometer 66, highest 84, lowest 48.
80 and the lowest 53.
Dallas, Tex.—We have had rain on four days during the
Montgomery, Ala.—The week's rainfall has been eighteen
week,the rain fall reaching eighty-four hundredths of an inch. hundredths of an inch, on
two days. The thermometer
Lowest thermometer 50.
Henrietta, Tex.—There has been rain on four days of the has averaged 67, ranging from 45 to 88.
Selma, Ala.—There has been rain on one day during the
week, to the extent of three inches and seventy-eight hundredths. The thermometer has averaged 66, the highest week, the rainfall being thirty hundredths of an inch. The
thermometer has ranged from 43 to 86, averaging 66.
being 88 and the lowest 44.
Huntsville, Tex.—There has been rain on one day of the
Livingston, Ala.—The week's rainfall has been twenty-two
week, to the extent of forty-two hundredths of an inch. hundredths of an inch, on one day. Average thermometer
The thermometer has averaged 62, ranging from 46 to 78.
64, highest 85 and lowest 43.
Kerrville, Tex.—It has rained on four days of the week, the
Albany, Ga.—We have had rain on one day during the
reaching
rainfall
ninety-six hundredths of an inch. The week, the precipitation being four hundredths of an inch.
thermometer has averaged 59, the highest being 80 and the The thermometer has averaged 69, the highest being 89
lowest 38.
and the lowest 49.
Lampasas, Tex.—There has been rain on three days during
Atlanta, Ga.—It has rained on one day of the week, the
week,
to
the
the extent of fifty-four hundredths of an inch. rainfall reaching fifty-nine hundredths of an inch.
The therThe thermometer has averaged 62, the highest being 84 mometer has averaged 59, ranging from
36 to 82.
and the lowest 40.
Augusta, Ga.—There has been rain on one day during the
Longview, Tex.—The week's rainfall has been eighty hunweek, to the extent of thirty-five hundredths of an inch.
dredths of an inch, on two days. The thermometer has The
thermometer has ranged from 40 to 85, averaging 62.
averaged 65, ranging from 48 to 82.
Savannah, Ga.—It has rained on one day of the week, the
Luling, Tex.—We have had rain on four days during the
week, the rainfall being ninety-six hundredths of an inch. rainfall reaching thirteen hundredths of an inch. Minimum thermometer 48, highest 83, average 67.
The thermometer has ranged from 48 to 84, averaging 66.
Madison, Fla.—We have had rain on one day the past
Nacogdoches, Tex.—The week's rainfall has been eighty-six
hundredths of an inch on one day. Average thermometer week, the rainfall being seven hundredths of an inch. The
thermometer
has averaged 69, the highest being 85 and the
62, highest 80 and lowest 44.
Palestine, Tex.-We have had rain on four days the past lowest 52.
Tallahassee, Fla.—It has rained on one day of the week,
week, the rainfall being eighty-four hundredths of an inch.
The thermometer has averaged 67, the highest • being 80 the rainfall reaching eighty-five hundredths of an inch.
The thermometer has averaged 67, ranging from 49 to 84.
and the lowest 54.
Charleston, S. C.—We have had rain on one day during the
Paris, Tex.—Rain has fallen on one day during the week,
the precipitation reaching six hundredths of an inch. The week, the rainfall being fifteen hundredths of an inch.
The thermometer has ranged from 47 to 80, averaging 63.
thermometer has averaged 63, ranging from 44 to 82.
Greenville, S. C.—The week's rainfall has been thirteen
San Antonio, Tex.—There has been rain on three days
during the week, to the extent of one inch and sixty-two hundredths of an inch, on one day. Average thermometer
hundredths. The thermometer has ranged from 52 to 82, 61, highest 86, lowest 36.
Greenwood, S. C.—We have had rain on one day of the
averaging 67.
Taylor, Tex.—Rain has fallen on three days during the week, the rainfall reaching eighteen hundredths of an inch.
week, to the extent of three inches. Minimum thermometer The thermometer has averaged 63, the highest being 89
and the lowest 38.
46.
Spartanburg, S. C.—We have had rain on one day of the
Ardmore, Okla.—There ha,s been rain on three days during
the week, the precipitation reaching one inch and sixty week, the rainfall reaching ten hundredths of an inch. The
hundredths. The thermometer has averaged 64, the highest thermometer has averaged 62,ranging from 37 to 88.
Charlotte, N. C.—There has been rain on one day during
being 82 and the lowest 45.
Holdenville, Okla.—We have had rain on two days of the the week, the rainfall being twenty-six hundredths of an inch.
past week, the rainfall being sixteen hundredths of an inch. •The thermometer has ranged from 41 to 81, averaging 61.
Goldsboro N. C.—Rain has fallen on two days during the
The thermometer has averaged 57, ranging from 40 to 75.
Marlow, Okla.—We have had rain on two days during the week, to the extent of one inch and one hundrdeth. Averweek,the rainfall being one inch and twenty-four hundredths. age thermometer 62, highest 81, lowest 44.
Raleigh, N. C.—We have had rain on two days of the past
The thermometer has ranged from 45 to 82, averaging 64.
Tulsa, Okla.—There has been rain on one day during the week, the rainfall being one inch and sixty hundredths.
week, the rainfall reaching thirty-one hundredths of an inch. The thermometer has averaged 62, the highest being 82
and the lowest 42.
Average thermometer 62, highest 84 and lowest 41.
Weldon, N. C.—We have had rain on two days of the past
Eldorado, Ark.—There has been rain on two days during
the week, the precipitation reaching eighty-three hundredths week, the rainfall being eighty-five hundredths of an inch.
of an inch. The thermometer has averaged 65, the highest The thermometer has averaged 63,ranging from 44 to 82.
Memphis, Tenn.—There has been rain on two days during
being 87 and the lowest 44.
Port Smith, Ark.—We have had rain on two days of the the week, to the extent of forty-six hundredths of an inch.
week, the rainfall reaching forty-six hundredths of an inch. The thermometer has ranged from 48 to 86, averaging 66.
Cotton planting is making good progress.
The thermometer has averaged 66, ranging from 44 to 88.
Dyersburg, Tenn.—It has rained on one day of the week,
Little Rock, Ark.—We have had rain on three days during
the week, the rainfall being seventy-nine hundredths of an the precipitation being fifteen hundredths of an inch. Averinch. The thermometer has ranged from 47 to 84, averaging age thermometer 61, highest 86, lowest 37.
Milan, Tenn.—There has been rain on one day during the
65.
Texarkana, Ark.--It has rained on two days of the week, week, the precipitation reaching thirty-six hundredths of an
the precipitation being one inch and eight hundredths. inch. The thermometer has averaged 65, the highest being
86 and the lowest 43.
Average thermometer 65, highest 89, lowest 42.
The following statement we have also received by teleAlexandria, La.—It has rained on two days of the week,
the rainfall reaching four inches and seventy-six hundredths. graph, showing the height of the rivers at the points named
The thermometer has averaged 65, the highest being 83 and at 8 a. m. of the dates given:
Apr. 24 1914. Apr. 25 1913.
the lowest 48.
Above zero of gauge..
19.9
New Orleans
15.5
_Above zero of gauge..
29.7
38.6
Lafayette, La.—It has rained on one day of the week, the Memphis
Above zero of gauge..
Nashville
21.7
10.2
rainfall reaching one inch and fifty-nine hundredths. The Shreveport
Above zero of gauge..
10.0
4.4
Above zero of gauge..
41.2
Vicksburg
51.9
thermometer has averaged 67, ranging from 51 to 84.
1328
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913-14.
1912-13.
Week. I Season.
Week.
Season.
Visible supply April 17
5,538,7411
4.910,197
Visible supply Sept. 1..
I 2,055,351
2,135.485
American in sight to April 24.
112,496 13,177,487 133,611 12,395,768
Bombayreceipts to April 23_ _.. 132,000 2,812,000
89.000 2,033,000
Other India ship'ts to April 23..
18,000
348,000
242,000
7,000
Alexandria receipts to April 22..
4,000
998,000
1,000
986,000
Other supply to April 22 *____
12,000
260,000
10,000
255,000
Total supply.
5,817,237119,680,838 5,150,808 18,047,253
DeductVisible supply to April 24
5,411,232, 5,411,232 4,817.408 4,817,408
Total takings to April 24..a
406,005 14,269,606 333.400 13.229.845
Of which American..
267,005 10,788,606 259.400 10,427,845
Of which other
139,000 3,481,000
74.000 2,802,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills.
2,030,000 bales in 1913-14 and 1,910,000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners. 12,239,606 bales in 1913-14 and 11,319,845 bales in
1912-13. of which 8.758.606 bales and 8.517,845 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1913-14.
April 23.
Receipts atWeek.
Bombay
1912-13.
Since
Sept. 1.1 Week.
Since
Sept. 1.
Since September 1.
Great Conti- Japan
Great
Britain. neat. &China Total. Britain.
Bombay1913-14_ _
1912-13._
1911-12__
Calcutta1913-14_ _
1912-13..
1911-12_
Madras1913-14._
1912-13..
1911-12_ _
All others1913-14._
1912-13_
1911-12..
Total all1913-14._
1912,13__
1911-12__
•
Week.
132,000 2,842,000 89,000 2,033,000 55,000 1,871,000
For the Week.
Exports
from-
1911-12.
Since
Sept. 1.
5,000 31,000 73,000,109,00
2,000 3,000 5,001 10,000
2,000 6,000
8,000
1,000
1,000
2,000
3,00
_
6-,50-
1,000
2,000 10,000
1,000 4,000
10,000
Japan
Contineat. &China.
Total.
33,000 693,000 837,000 1,573,000
18,000 238,000 642,000 898,000
8,000 194,000 641,000 843,000
4,000
1,000
8,000
2,000
3,000
2,000
12,000
12,000
14,00
33,000
11,000
8,500
47,000
20,000
24,500
1,000
5,000
4,000
2,000
29,000
18,000
3,000
1,000
35,000
22,000
5,800
1,00 13,000
1,000 6,000
4,00 14,000
7,000 43,000 77,003127,00
3,000 8,000 6,000 17,000
2,000 18,000 10,000 30,00
22,000 230,000
11,000 122,000
5,000 78,00
80
14,000 266,000
61,000 194,000
20,700 103,700
67,000 069,000 885,000 1,921,000
36,000 390,00 714,000 1,140,000
17,000 289,00,0 671,000 977,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 22.
Receipts (cantars)This week.
Since Sept. 1..
1913-14.
29,000
7.484.474
1912-13.
8,500
7,395,883
1911-12.
27,000
7,164,871
This Since
This I Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Exports (bales)-
To Liverpool..
4,000 182,616
To Manchester..
2,250 188,817
To Continent and India.. 6.250 316,893
To America
2,000 61,080
1,750 181,831
--__ 186.665
6,500 331,429
1,250 112,675
1.750 175,623
6,250 195.211
7,000 307.016
3,750 89,449
Total exports
14.500 782,466 9,500 812,600 18,750 767,299
Note.-A cantor is 99 lbs. Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. The demand for India
is good. We give the prices for to-day below and leave those
for previous weeks of this and last year for comparison:
[Vot. xcvm
Total bales.
MOBILE-To Liverpool-April 21-Crispin, 3,105
3,105
To Manchester-April 18-Scythian, 7,531
7,531
Havre-April
To
18-Birmingham, 5,291
5,291
SAVANNAH-To Liverpool-April 18-Southfleld, 2,372
2,372
To Manchester-April 18-Southfield, 4,417
4,417
WILMINGTON To Havre-April 17 Kassange, 3890
3,890
To Bremen-April 17-Kassange, 5.958
5,958
NORFOLK-To Liverpool-April 17, 1,200
1,200
To London-April 23-Perslana, 1,452
1,452
To Hamburg-April 18200_
200
BOSTON-To Liverpool-April 18-Devonian, 691__ _April 21
Arabic, 2,104
2,795
To Yarmouth-April 18-Prince George, 150
150
SAN FRANCISCO-To Janan-April 18-China, 948
948
PORT TOWNSEND-To Japan-April 21-Sado Maru, 53
53
Total
109,089
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
April 3. April 8. April 17. April 24.
Sales of the week
46.000
64,000
47,000
51,000
Of which speculators took___..
5,000
2,000
3,000
3.000
Of which exporters took
1,000
3,000
1,0001,000
Sales, American.
33,000
47,000
35,000
39,000
Actual export..
1.000
11,000
14,000
11,000
Forwarded....
50,000
99,000
91.000
83.000
Total stock.
1,241,000 1,214,000 1,206,000 1,202,000
Of which American
1,014,000 971,000 966,000 957,000
Total imports of the week
22,000 105,000
93,000
8),000
Of which American
1,000
72,000 . 57,000
77,000
Amount afloat
188,000 204,000 179,000 156,00a
Of which American
134,000 155,000 112,000 111,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, f
Dull
12:15 {
and
Moderate
P. M.
Depressed. demand.
Tuesday. Wednesday. Thursday.
Fair
business
doing,
Moderate
demand.
Good
demand.
Friday.
Good
demand.
Mid.Upl'd-
7.35
7.31
7.32
7.32
7.38
7.36
Sales
Spec.&exp.
4,000
300
7,000
500
10,000
1,000
7,000
700
12,000
1,000
12,000
1,000
Futures,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Market f 134(43 pts.3% ©4 pts. 24503 Pts. 1(4134 Pts. 334(4434
advance, advance. advance.c
opened . I advance, decline.
Quiet
1% pts.
decline.
Quiet, Barely sty.
Steady,
Market, (Barely sty. Quiet,
Quiet
4
{ 34143 pts. 43405 pts. 30434 Pts. 3402 pts. 4©534 pts. 134(42)
P. M.
fulvanen
donlInn.
advance, advance
advance. nth /inn
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 100ths.
Apr. 18
to
Apr. 24.
Thus: 6 98 means 6 98-100d.
Saturday, I Monday, Tuesday.' Wed'day.i Thursday. Friday.
1234i
1234 11234 4 1234 4 1234 4 1234 4 1234 4
p.m. p.m•
p.m. Pam P.m pin. p.m. p.m. p.m. p.m.
d. I d. d. d. d. d. d. I d. d. d. d.
d.
April
---_ 6 9834 95 9334 96 9634 9634 9734 02 0134 9934 00
Apr.-May _ _ - _ 6 8934 86 8434 87 88 88 8834 93 9234 90 90
May-June
_ 6 8754 84 8234 85 86 86 87 9134 91 89 89
June-July
6 77 73 72 1434 7534 7534 7634 8134 813479 79
July-Aug6 7234 6834 6734 71 71 71 72 177 77 75 75
Aug.-Sept. ---- 6 58 5434 5334 56 57 57 58 6334 6334 6134 61
Sept.-Oct. ---- 6 38 35 3334 36 38 38 3934 45 45 43 43
Oct.-Nov. ---_ 6 28 25 2334 26 28 28 2934 35 35 33 33
Nov.-Dec.
6 2134 1834 17 1934 2134 22 2334 28% 2834 2634 26
Dec.-Jan.. _--- 6 20 17 1534 18 20 20 2154 26% 2634 2434 24
Jan.-Feb
6 20 17 .1534 18 20 20 2134 2634 2634 2434 21
Feb.-Mar.
6 21 18 1634 19 21 21 22 27 27 25 25
vfar.-Apr. _.._6 21341834 17 1934 2134 2134 22% 27% 2734 2544 2534
BREADSTUFFS.
Friday Night, April 24th, 1914.
Flour has continued quiet, but although buyers adhere
to the policy of buying from hand to mouth, the tone of
814 lbs. Shirt- Corn
834 lbs. Shirt- Corn late has been somewhat firmer in sympathy with a stronger
393 Cop
lags. common Mid.
32s Cop
tags, common Mid
demand
Twist.
Twig
Upi's
to finest.
to finest.
Upl's wheat market on the possibility of an increased
before long, growing out of the Mexican war. It would be
d.
d. s. d.
s. d. d. id.
dad.
s. d. d.
too much, however, to say that the Mexican situation has
Mar
1
10% 6 034011 1
6.99 9%
to 6 3%011 6
6 9%
6 81 as yet had any particular effect on the flour trade whatever
7.02 934
13
10% 6 3 011 6
88 10% 6 0 011 0
6.85 may be the ultimate outcome. Not a few of the mills,
20 9%
10% 6 045 1411 1
7.08 10
11 6 3 011 6
6.91
27 0% 88 1034 6 044011 1
11% 6 3 011
7.11103.4
8 94 indeed, regard the present situation as quite uncertain.
1
Apr.
The sales at Kansas City and St. Louis have been compara11% 6 3 011 6
3 9% 88 10% 6 1 011 2
7.26 10%
6.96
11% 6 3 011 6
7.36 10%
10 9% 88 10% 6 13414 11 3
6.95 tively small and at the Northwest business has been un11% 6 24011 5
17 914 88 10% 6 1%011 3
7.30 10%
6.01 satisfactory. At Chicago the mills are producing on a
11 6 2 ©11 4% 6.77
24 934
10% 6 2 (411234 7.36 10
liberal scale, it is said, while at the same time the sales are
SHIPPING NEWS.-As shown on a previous page, the of very moderate size. Some speculative inquiry has latterexports of cotton from the United States the past week have ly been noticed, however, and the closing is firm. The
reached 109,089 bales. The shipments in detail, as made total production last week at Minneapolis, Duluth and
up from mail and telegraphic returns, are as follows:
Milwaukee is 365,345 barrels, against 363,210 barrels in the
Total bales. previous week and 358,585 barrels last year.
NEW YORK-To Liverpool-April 22-Cedric, 200 upland, 147
Wheat has advanced, not only because of the outbreak of
,
Peruvian
347
To Hull-April 18-Toronto, 100
100 war with Mexico, but also because of complaints of dry
To Bremen-April 22-Bremen,92
92
and Kansas. Then the
To Barcelona-April 17-River Araxes, 100
100 weather in Nebraska, Oklahoma
To Genoa-April 17-Celtic, 249 ..April 20-Saxonia, 100
349 firmness at times of corn has not been without its influence.
To Naples-April 18-Cincinnati, 108__ _April 20-SaxFurthermore, the statistics have been more favorable to
onia, 100
208
To Piraeus-April 21-Athinal, 350
350 holders of wheat. The decrease in the world's supply of
To Japan-April 18-Royal Prince, 175
175 wheat,for instance, was 8,150,000 bushels, against a decrease
GALVESTON-To Liverpool-April 18-Justin, 10,076
10,076
To Manchester-April 20-Telesfora, 6,504
6,504 in the same time last year of only 1,191,000 bushels. The deTo Bremen-April 23-Frankby, 9,826
9,826 crease is largely in foreign wheat. The falling off in American
To Hamburg-April 17-Meltonian, 1,288
1,288
To Barcelona-April 18-Pimalaia, 1,594
1,594 supplies was 4,050,000 bushels, as against a decrease of 3,To Trieste-April18-Himalaia, 1,231
1,231 991,000 in the same week last year. The decrease in foreign
NEW ORLEANS-To Liverpool-April 21-Patrician, 14,753
14,753
To Havre-April 23-Virginie, 1,360
1,360 wheat, in other words, makes a much more bullish exhibit
To Bremen-April 24-Koln,8,500
8,500 than that of American. The total supply in Europe and
To Rotterdam-April 20-Gorredijk, 189....April 22-Frankbushels, in sharp
mere, 300
489 afloat for Europe actually fell off 4,100,000
To Antwerp-April 18-Camoens, 1,936-April 22-Frankcontrast with an increase in the same week last year of
mere. 600
2,536 2,800,000 bushels. As the case now stands, the world's
To Barcelona-April 20-Conde Wilfredo, 837
837
To Genoa-April 18-Posillipo. 2,214__ _April 23-Cerea.6,762 8,976 supply of wheat is stated at 176,000,000 bushels, or some
1914.
D
- ee COCO
1913.
ArR.25 1914.]
THE CHRONICLE
23,000,000 bushels less than a year ago and 26,000,000 less
than at this time in 1912. The world's shipments showed a,
noteworthy decrease, as may be inferred from the above figures. The total shipments last week, though somewhat
larger than the previous estimate-8,800,000 bushels-were
small enough to attract attention. They were only 9,792,000
bushels, against 11,664,000 in the previous week and 14,544,000 in the same week last year. Also, there have been
some reports of damage by Hessian flies in Ohio and Indiana.
At times, too, the weather has been cold enough to excite uneasiness. Liverpool people have laid stress on some apprehension in regard to the winter-wheat outlook in this country,
and also on the decrease in the Australian shipments, the
very small movement of Argentine wheat and also that of
East India. Also, the Mexican news has not been without
its influence in the English market. English grain merchants
are more or less nervous over the marked disparity between
the supplies at the present time in the Southern Hemisphere
and India and those of last year. Argentina, for instance,
shipped last week only 848,000 bushels, against no less than
5,864,000 in the same week last year. India shipped only
80,000 bushels, against 264,000 in the same week last year.
Australia exported only 928,000 bushels, against 1,544,000
in the previous week and 1,248,000 last year. If shipments
from Argentina, India and Australia continue as small as
they are at the present time, the English trade certainly does
not look for anything like a burdensome supply, especially as
a better demand is expected in the near future, following a
rather prolonged period of scanty buying. At the same time
the stocks at our Northwestern markets seem likely to be
heavily reduced this week, and the cash sale has been larger
for export, although the domestic trade has been rather slow.
On the advances, however, there has been considerable sellint, traceable in some degree to the declines at times in corn.
From most parts of Europe the crop reports have been favorable, and it is not generally believed that any serious damage has been done to the American crop. To-day prices declined; owing to the fall of needed rains in Nebraska and generally favorable crop reports. The abandoned acreage is
said to be the smallest on record.
DAILY CLOSING -PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red in elevator
.cts..104
104
104
105
1043% 105
May delivery in elevator,
100
100
1003% 1013% 101y 1013%
July delivery in elevator
963%
943% 943% 953% 963% 96
September delivery in elevator
93
923% 93h 94% 94'8 9434
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
% 913% 913% 933% 923% 9234
May delivery in elevator____cts.. 913
853% 854 8634 88
July delivery in elevator..
873% 873.1,
September delivery in elevator..
853% 85% 853% 87% 87
86%
1329
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
May delivery in elevator_ ___..cts.. 3634 3634 363%
July delivery in elevator..
3674 363% 37
September delivery in elevator..-- 3534 353% 353%
IN CHICAGO.
Wed. Thurs. Fri.
373%
373%
3634
373% 373
3734 3734
363% 3631
The following are closing quotations:
FLOUR.
Winter, low grades____33 20033 40 Spring clears
$4 i0®$4 25
Winter patents
4 900 5 10 Kansas straights,sacks.. 4 25, 4 40
Winter straights
4 45( 4 70 Kan,as Clears,sacks...._ 3 75
4 10
Winter clears.
4 00d 4 3.' City patents
5 95@ 6 35
Spring patents
4 50
4 80 Rye flour..
3 20® 3 80
Spring straights
Graham
4 25@ 4 55
flour
3 800 4 50
GRAIN.
Wheat,per bushel-f.o. b.
Corn, per bushelcts.
N.Spring. No. 1
31 02
No. 2 mixed.
7634
N.Spring. No.2
1 0134
No. 2 yellow.
76@7634
Red winter, No. 2
I (6
No. 3 yellow.
75
Hard winter. No.2. arrive 103
Argentina in bags..
6534068
Oats, per bushel, neweta.
Rye, per bushelStandards..43%044
New York
68%070
No. 2, white..
Western.
44044.4
683%
No. 3. white
43043% Barley-Malting
60(445
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 atChicago _ _ _
M waukee_ Duluth
Minneapolis
Toledo
Detroit
Cleveland _ _
St. Louls.._ _
Peoria
Kansas City
Omaha
Tot. wk.,'14
Same wk.'13
Same wk.'12
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 6011n. bush. 56 lbs. bush. 32 lbs. &ush.48lbs. bu.56 lbs.
183,000
242,000
524,000 1,379,000
308,000
62,000
40,000
69,000
70,000
201,000
174,000
26,000
202,000
25,000
3,000
12,000
818,000
124,000
163,000
164,000
51,000
23,000
78,000
13,000
2,000
8,000
10,000
11,000
37,000
22,000
47,000
12,000
21,000
257,000
61,000
290,000
386,000
26,000
1,000
17,000
48,000
155,000
134,000
69,000
7,000
192,000
387,000
167,000
95,000
416,000
125,000
354,000
323,000
280,155
1,980,000
2,694,000
1,576,669
2,041,000
1,867,000
1,620,070
2,677,000
744,000
3,334,000 1,319,000
2,338,278
513,325
161,00
188,000
65,046
Since Aug. 1
1913-14 __ 15,787,000 249,860,000 179,788,000 175,998,000 75,632,000 20825000
1912-13 -- 13,491,520 215,043,966 178,616,228 189,018,688 86,176,330 14831642
1911-12 __ 0 RAZ ARA 114 125531 152 012 00(1 115553 101 55 270 5577 "127 A7g
Total receipts of flour and grain at the seaboard ports for
the week ended April 18 1914 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans...._
Newport News_
Galveston
Mobile
Montreal
St. John
Halifax
Flour,
bbls.
152,000
31,000
2,000
46,000
31,000
68,000
Wheat,
bush.
293,000
4,000
373,000
74,000
289,000
243,000
80,000
44,000
Corn,
.
92
t,
u
0s0h0
1,000
17,000
50,000
66,000
Oats, Barley,
bush.
bush.
325,000 56,000
76,000
2,000
180,000 161,000
157,000
1,000
116,000
32,000
Rye,
bush.
8,000
1,000
47,000
Corn has been irregular, but at one time broke rather
6,000
3,000
8,000
sharply, last Monday, in fact, 1% cents. Cash corn was
16,000
1,000
22,000 91,000
dull and noticeably depressed, partly owing to Argentine
20,000
559,000
25,000
competition. Argentine corn was offered at one time as
low as 62 cents, cost freight and insurance, New York, Total week 1914.._ 369,000 1,985,000 240,000 902,000 311,000 56,000
Jan. 1 1914_6,652,000 32,597,000 8,623,000 12,095,000 3954,000 1021,000
June shipment. The weather of late has been favorable Since
Week 1913
464,000 1,499,000
568,000
630,000 178,000 49,000
and pasturage has naturally been benefited. These factors, Since
Jan. 1 1913-.6,718,000 39,958,000 37,688,000 15,402,000 9370,000 1039,000
in conjunction with the fact that Argentine corn has got to
*Receipts do not inclilde grain passing through New Orleans for foreign NM on
be reckoned with from now on in fixing prices in this country, through
bills of lading.
have certainly had at times at least a depressing influence.
The exports from the several seaboard ports for the week
Very prominent bulls at Chicago have sold heavily. It was
stated earlier in the week that a single dealer in Texas had ending April 18 are shown in the annexed statement:
Wheat,
Corn, Flour,
Oats,
Rye, Barley,
Peas,
canceled the purchase of 1,000,000 bushels at Kansas City.
bush.
bush.
Exports frontbbls.
bush,
bush.
bush.
bush.
This had a very noticeable effect in Chicago, in conjunction New York
226,433
7,650 100,759
53,162 8,785 19,972 8,145
Me..___ 373,000
1,500 180,000
161,000
with news from New York that Argentina was offering its Portland,
230,329
824
Boston
19,420
corn from Maine to the Rio Grande. It is said that one Philadelphia _ _ _ - 114,000
9,678 36,000
25,000
13,315
198,749
37,204 43,146
Baltimore
broker along in New York was offering 3,000,000 bushels New
18,000 34,000
Orleans_ _ _ _ 108,000
of Argentine corn in lots to suit at the lowest prices thus far Newport News
80,000
2,000
named this season. But within a day or two corn has Galveston
8,000 3,000
Mobile
shown more firmness on covering of shorts and reports of St.
2,000
559,000
John
a much better cash demand. Kansas City has done a larger Halifax
25,000
cash business. On a single day the sales in Chicago were
43,328 211,398 295,366 51,931 200,914
8,145
Total week__1,914,516
stated at anywhere from 300,000 to 500,000 bushels, and at Week 1913
1,723,253 1,205,044 291,775 195,741 95,105 285,358 4,544
bushels.
Receipts
are
small and there
Omaha 300,000
The destination of these exports for the week and since
may be no increase for a week or two. Meantime the short July 1 1913 is as below:
On
the
increased.
decline
one
interest has
operator covered
Corn
Flour
over 1,000,000 bushels. To-day prices declined, owing to
Since
Since
Since
Week
Week
Week
July 1
July 1
July 1
lower prices for wheat, a lessened cash demand and "long" Exports for week and Apr.
Apr. 18.
18.
1913. Apr. 18.
1913.
1913.
selling.
bbls.
bbls.
bush.
bush.
since July 1 tobush.
bush.
637,451
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. United Kingdom___ 65,966 4,497,258 1,186,286 76,715,213
79,204 2,292,482 713,130 76,138,285
Continent
763,086
Sat. Mon. Tues. Wed. Thurs. Fri.
32,019 1,019,745
& Cent. Amer
12,000 1,128,139
2,000
362,090
cts 75
No. 2 mixed
75
75
76
763% 763% So.
Indies
32,930 1,404,666
89,837
West
40,053
1,513,379
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
110
80,476
Brit. No. Am. Cols..
9,144
Sat. Mon. Tues. Wed. Thurs. Fri.
3,100
272,097
1,275
35,566
Other countries _ _ 1,169 241,914
May delivery in elevator..
cts.. 633% 6234 63
643% 653% 643'
July delivery in elevator
64
6234 633% 643/ 64% 643%
43,328 3,320,717
201,393 9,536,541 1,914,516 154343,571
Total
September delivery in elevator_..._ 633% 623% 6334 643k 643% 64% Total 1912-13
291,775 9,265,905 1,723,253 131875,218 1,205,044 37,270,708
Oats, like wheat. have advanced, not being influenced so
The world's shipments of wheat and corn for the week
much as usual by the fluctuations in corn. The sustaining
factors in oats have been unfavorable crop reports from the ending Apr.18 1914 and since July 1 1913 and 1912 are shown
Southwest, dry weather in some sections, reports that re- in the following:
seeding is necessary in parts of Illinois and of late that rain
Wheal,
Corn.
is needed over pretty much the whole belt in order to give
1913-14.
1913-14.
1912-13. I
1912-13.
Exports.
the crop a good start. Some of the winter-seeded oats acreage in the Southwest is said to have been winter killed.
Since
I Week
Since
Week
Since
Since
July 1. April 18. July 1.
April 18. July 1.
July 1.
Moreover, the cash demand which earlier in the week was
only fair, has latterly increased and cash prices therefore
Bushels. Bushels.
Bushels. I Bushels, Bushels.
Bushels,
1,697,000 35,223,000
have become stronger. The American visible supply of oats North Amer. 3,328,000 225,382,000 202,638,000
3,696,000 128,490,000 86 901,000 111,000 12,214,000 8,251,000
Russia
decreased 2,016,000 bushels, or some 400,000 bushels more Danube
_ _ _ _ 9i2,000j 48,882,000 47,910,000 1,080,000 25,476,000 11,834,000
than in the same time last year. To-day prices declined, Argentina _ _ 848,000 35,782,000105,033,000 4,412,000 139,984,000 174,390,000
923,000 53,023,000 35,764,000
Australia
owing to beneficial rains in the Central West.
80,000 26,312,000 45,548,000
India
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues.
Sat.
Wed. Thurs.
Fri.
cts 43-43% 43-433% 43-4334 4334-44 4334-44 4314-44
43%-44 43%-44 43%-44 44-4434 44-4434 44-4434
Standards
No. 2 white
0th. countr's
Total
6,742.0001
6,532,000
9,792,000 524,616,000 530,340,000 5,603,000 179,371,000 229,698,000
1330
THE CHRONICLE
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
April 18 1914_ _
April 11 1914_
April 19 1913_ _
Apri120 1912_ _
Corn.
Total.
Bushels.
Bushels.
Bushels,
25,544,000 21,168,000 46,712,000
27,008,000 22,936,000 49,944,000
26,200,000 39,848,000 66,048,000
32,832,000 23,016,000 55,848,000
United i
Kingdom. Continent.
Bushels. I
4,055,000,
3,001,000'
3,196,000'
3,171,000
Total.
Bushels.
Bushels.
7,319,000 11,374,000
5,253,000 8,254,000
7,761,000 10,957,000
6,630,000 ,801,000
IVOL xeviii
-----1914
New York to April 18Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
1913
Since
Since
Week. Jan. 1.
Week. Jan. 1.
19
725
420
15
27
1,107
276
26.300
19,137
____
361
4,741
__-_
6,486
300
___
10,902
351
3,596
4,565441
10,129
1,318
18.546
472
13.276
48
258
40
1.027
277
7,468
185
5,420
426
19,174
756
18,125
1,985 24,459
285
20,753
Total
5,112 110,939
The visible supply of grain, comprising the stocks in
2,195 105,951
The value of these New York exports since Jan 1 has
granary at principal points of accumulation at lake and
seaboard ports April 18 1914 was as follows:
been 1. ,326,956 in 1914, against '.:,014,481 in 1913.
Business in staple cotton goods continues quiet, with jobUNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded bers cautious about placing orders for forward delivery.
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. Commission merchants are in receipt of small orders for filling
In Thousandsbush. bush, bush, bush, bush, bush, bush. bush,
in purposes, but these are not sufficient to keep them busy.
New York
169
210
24
657
44
4
44
106
Boston
704
14
12
9
23 _
3
62 On the other hand, manufacturers are not making any parPhiladelphia
176
375
97
262
68
ticular effort to secure forward contracts, which they could
430
Baltimore
214
71
208 __
152
3
easily do by offering slight concessions. A firm cotton mar291
New Orleans
____
69
92 __ _ _
Galveston
189
14
ket and generally poor grade of staple, with the prospect
Buffalo
1,840
546 - a7i 1,078
io 451 "HO that the difficulties in Mexico will advance cotton prices
afloat
525
Toledo
744
207
still further later on, are deterring them from closing business
254
Detroit
192
316
58
21
very far ahead, even at full market prices. The situation
Chicago
4,556
8,023 7,514
239
307
afloat
"
70
gives every indication of producing a shortage of goods as the
1,529
Milwaukee
91
___
114 "168
-.
53 "Oa
season
progresses. In the first place, mills are not accumuDuluth
13,104 1,456
388 1,710 2,267
513 "139
318
lating stocks and are confining operations to actual boongs.
"
afloat
1,472
ki
226
275
Minneapolis
19,198
"iE 1",332 __
"56"i 996
Secondly,
jobbers have not made any very extensive prepaSt. Louis
530
313
606
__ _
27
29
rations
for
the
future
Kansas City
5,252
and are running along in more or less
1,451
704
____
Peoria
85
67
690 _ ___
of a:hand-to-mouth fashion, while retail stocks are known to
Indianapolis
168
575
75 - -- be
in
very
poor
condition
to meet any sudden improvement
Omaha
612
1,577 1,013
52
51
in demand. In cotton wash goods, the milder weather
Total April 18 1914_ A9,224 2,918 15,514 16,136 4,231 1,287 3,035
503 is causing
business to pick up, but jobbers state that sales
Total April 11 1914.50,801 2,850 17,546 18,748 3,464 1,452 4,223
333
Total April 19 1913_..52,995 3,881 12,353 10,435
724 2,631
874
970 so far are behind previous seasons and much remains to be
Total April 20 1912._46,160 8,293 10,586 11,993 3,830
440 done by retailers before
680 1,517
they are fully covered for the summer
CANADIAN GRAIN STOCKS.
season. Gray goods, 38-inch standard, are quoted 5Ac.
Canadian Bonded
Canadian Bonded
Canadian Bonded to 534c.
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
WOOLEN GOODS.-A fair business is being done in
/n Thousands-.
bush, bush, bush. bush, bush, bush, bush. bush.
Montreal
250
woolens and worsteds and prices are firmly maintained. The
9
209
____
14
743
Ft. William & Pt. Arth_14,871
7,120
heavy demand for broadcloths is the feature of the dress goods
afloat
"
4,083
_ _
2,514
• ____
__
Other Canadian
2,648 market, with business in other lines quiet. The adaptability
4,205
of broadcloths te. the new cape styles, which promise to be so
Total April 18 1014...21,852
9 14,048
14
743 - _ _ _
popular, is responsible for the heavy business being done.
Total April 11 1914_21,850
11 15,098
20
744
__ _
Total April 19 1913._26,435
17 10,278
57
__
Other lines of rougher fabrics have been offered for this purTotal April 20 1912_ _31,093
9 8,087
86
pose, but with less success. Importers of dress goods are
SUMMARY.
reported to be getting satisfactory returns on their lines, and
Bonded
Bonded
Bonded imported tweeds for
coats and suits are expected to do well
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush, bush. bush, bush. bush. bush, bush. bush. for the coming fall. Imported novelties are also receiving
American
49,224 2,918 15,514 16,136 4,231 1,287 3,035
503 attention from clothiers and tailors. Buyers of men's wear
Canadian
21,852
___
9 14,048
___
14
743 _
show considerable interest in the new samples for spring 1915
Total April 18 1914_71,076 2,918 15,523 30,184 4,231 1,301 3,778
503 and are doing much speculating regarding the values at which
Total April 11 1914 72,651 2,850 17,557 33,846 3,464 1,472 4,967
333 these will appear
on the market. Indications are for higher
Total April 19 1913_79,430 3,881 12,370 20,713
874
724 2,688
970
Total April 20 1912_ _77,253 8,293 10,595 20,080 3,830
680 1,603
440 prices than during the current spring. Jobbers report a
steady call for piece goods for fall, and re-orders of usual
volume are being received.
THE DRY GOODS TRADE.
FOREIGN DRY GOODS.-Demand for dress linens is
improving
as a result of the milder weather, but the goods
New York, Friday Night, April 24 1914.
most desired are in poor supply. Ramies are selling well,
Although dry goods markets are still quiet, the milder but ratines, with the exception of the finer grades, are not
weather has brought out a better demand for seasonable wanted by retailers. Some improvement in demand for
merchandise. Primary markets are reported to be moving plain and colored linens is noted
in rural sections the counvery slowly so far as new business is concerned, as buyers try, where women are turning back to the heavierofgoods,
oware only placing business to meet their immediate and near-by mg to their better wearing qualities. Novelties and special
requirements. On the other hand, manufacturers are not lines are also in good demand. Staple lines of household
over-stocked, and,in view of the firm raw-material situation, goods are quiet, but with no accumulation of stocks. The
are not attempting to force business. Inquiries for staple market for burlaps continues moderately active, with a fair
lines of dry goods are satisfactory, but at values lower than business passing at steady prices. Light-weights are quoted
those now prevailing, and wherever buyers are willing to at 4.75c. and heavy-weights at 5.80c.
place business for delivery running very far ahead, they are
asking prices which manufacturers cannot see their way Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
clear to accept. On all spot and near-by business, however,
buyers are compelled to pay full asking prices, and with the at this port for the week ending Apr. 18 1914 and since
exception of a few lines, the market presents a firm appear- Jan. 1 1914, and for the corresponding periods of last year,
ance. The prospects of an invasion of Mexico are causing were as follows:
for the Weak and Since Jan. 1.
agents handling heavy staple cottons to look forward to an Imports Entered for ConsumptionWeek
Ending
Since Jan. 11914.
April 18 1914.
active demand for their product from the Government, and
Pkgs.
Value.
Value.
ofPkgs.
as manufacturers of cotton duck are in need of new business Manufactures
28,908 $8,417,008
Wool
1,254 $390,461
Cotton
964,815 65,379 17,897,772
to keep up their present scale of operations, they are encour3,774
Silk
764,524 25,540 12,064,928
1,779
aged by the war talk. The Mexican situation is also having
Flax
27,433 6,648,288
328,437
1,308
a decidedly stimulating effect upon the cotton market, which
Miscellaneous
267,072 64,798 6,057,102
3,873
will work to restrain buying of finished material. Jobbers
Total 1914
11,988 2,715,309 212,058 61,085,098
report a better demand for spring and summer merchandise,
Total 1913
9,398 2,096,284 179,537 41,656,162
and state that stocks in the hands of retailers are at such low
Warehouse Withdrawals Thrown Upon the Market.
levels as to indicate a heavy demand and possible shortage Manufactures ofWool
174,683
19,602 5,140,107
075
of supplies later on. Mail orders from various sections of
Cotton
181,031
650
13,986 3,685,237
the country are improving, while a steady store trade is reSilk
95,169
194
4.582 2,055,974
Flax
91,350
422
8,452 2.003,874
ported in the local market. Buyers show considerable inMiscellaneous
106,373 45,534 2,527,104
2,553
terest in the extensive offerings of cotton wash dress fabrics,
Total withdrawals
648,606 92,156 15,412,296
4,494
but agents state that there is still much to be done by re- Entered
for consumption
11,988 2,715,309 212,058 51,085,098
tailers in these before they complete their summer requireTotal marketed 1914
16,482 3,363,915 304,214 66,497,394
ments.
Export business continues dull beyond small
Total marketed 1913
12,400 2,560,608 250,748 61,012,187
shipments against back orders, and a moderate new business
Imports Entered for Warehouse During Same Period.
with miscellaneous ports. Large ports, though well stocked, Manufactures
ofWool
3,158,405
are in the market with inquiries which range an eighth to a
1,025
10,871
244,628
Cotton
12,947 3,596,940
644
198,679
quarter cent under the market, and have so far proved unSilk
1,922,587
4,295
215
111,599
Flax
attractive to manufacturers.
9,316
2,146,955
597
138.503
Miscellaneous
28,304
2,154,116
160
66,440
DOMESTIC COTTON GOODS.-The exports of cotton
Total
goods from this port for the week ending Apr. 18 were 5,112 Entered
2,641
759,849 65,733 12,979,003
for consumption
11,988 2,715,309 212,058 51,085,098
packages, valued at $463,048, their destination being to the
Total imports 1914
points specified in the table below:
14,629 3,475,158 277,791 64,064,101
Total imports
1913
19,209 2,792,100 271,911
51,606,339
APR. 25
1914.1
TAT
/VITO
THE CHRONICLE
jiT
Dtrzimmtivi.
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipal bond
issues put out during the month of March, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 1100 of
the "Chronicle" of April 4. Since then several belated
March returns have been received, changing the total for
the month to $42,652,103. The number of municipalities
Issuing bonds was 331 and the number of separate issues 490.
Rate. Maturity. Amount. Price.
Page.
Name.
$68,000
850__Aberdeen, Wash
58,560 100.742
a1920
1012_ _Adams County,Ind.(10 issues) 4%
111,000 100.14
a1921
1012_ _Akron City Sch. Dist., Ohio._ _ 454
5 d1923-1953 1 16,000
940_ _Albany, Texas
1 2,000 x100
32,000 100.146
4% 1915-1922
850_ _Albion, N. Y
50,000 101.40
1934
5
1101_ _Alcorn County,Miss
21,600 105.34
1930
5
_Alliance,
1258_
Ohio
1915-1924
10,000 103.063
1102_ _Anne Arundel County, Md... 5
16,000
1924-1939
5
1259_ _Arlington, Ga
75,000 102.913
a1920
5
1102_ _Ashland County, Wis
a1919
11,631 100.103
5
850_Ashley, Ohio
80,000
1915-1924
5
850__Assumption Parish, La
20,000
1939
5
1259_ _Atmore, Ala
1942
250,000 101.075
1012_ _Augusta,Ga
12,000 100.416
1181__Bay City School District, Cal_
:1J5
4%-- 1934
107,000 102.418
779_ _Bayonne, N. J
5 d1934-1954 500,000 100.685
940_ _Beaumont. Texas
5
1924
2,500 100
1102_ _Belle Valley, Ohio
5
6,118 100.49
940._Bellevue. Ohio (2 issues)
5
a1919
3,598 100.305
940_ _Bellevue, Ohio
5
a1919
940_ _Bellevue, Ohio
1,409. 100.496
Mass
_Belmont,
455 1914-1943
940_
17.000 107.519
1102__Big Cold Water Drain. Dist.,
No.Caro
6
10,500
1012__Blue Earth Co., Minn.(2 iss.) 5
a1919
101,000 101.678
1334_ -Bogue Phalia Dr. Dist., Miss_ 6
1918-1933 300,000 100
5 d1919-1929
1259_ _Bonesteel S. D., So. Dak
16,500 y100
5
1918-1943
1259 _Brewster Village S. D., Ohio
13,000 100.584
850__Bridgeport Vii. S. D., Ohio_ _ _ 5
a1935
60,000 105.923
Y
N.
B
r
i
g
h
t
o
n
,
_
4.60
1259_
1915-1934
20,000 100.25
941_ _Brookfield Twp., Ohio
5
a1924
100.000 101.69
850__Brookhaven (Twp.) Union Free
Sch. Dist. No. 6, N. Y
50,000 101.645
43941_ _Bucyrus, Ohio
21,500 102.139
a1920
5
1012__Buffalo, N. Y.(5 issues)
663,816 105.79
4311)2_California
3,000,000 100.90
4
861__Camden County, N. J
454
65,000 103.789
1944
851__Cape Girardeau S. D., Mo
5 d1924-1934 125,000 104.029
30,000 100
851_ _Carlisle, Ky
5 d1919-1934
941..Carroll County, Ohio
15,000 101.55
a1919
5
70,000
1924
779_ _Cedar Ra ids Ind. S. D.,Iowa 45i
1924
5
10,000
851_ _Celina, Ohio
5
a1929
80,000 100.125
941_ _Celina, Ohio
6
1920-1939 152,500
1102_ _Centralia, Wash
4
1916-1032 700,000 99.135
1181_ _Chicago. Ill
1181__Chicago, III
4
1915-1931 750,0001 98.937
4
1915-1932 238,0001
1181 Chicago, Ill
4
1334_ _Chicago, Ill
37,00() 100
5
851_ _Chillicothe Sch. Dist., Mo
35,000 102.771
455 d1934-1954 450,000 104.29
941_ _Cincinnati, Ohio
434
941...Cincinnati, Ohio
1954
135,000 106.31
455
1013_ _Cincinnati, Ohio
1954
300,000 105.90
5
1934
400,000
779_ _Clatsop County, Ore
6
d1924-1939
780_ _Clay County, Miss
15,000 103.083
5
941_ _Clermont County. Ohio
50,000 102.06
455
1932
350,000 103.839
780_ _Cleveland, Ohio
780_ _Cleveland, Ohio
1934
454
700,000 104.089
1102_ _Cleve land, Ohio (9 issues)
434 Various. 2,072,000 Various
941_ _Cleveland Heights, 0.(10 iss.) 5104,769 101.30
-1:0-1-7- 1928
851_ _Codora School District, Cal_ -- 6
12,000 106.70
554
al916
941_ _Coldwater. Ohio
3,600 100
6
a1924
1259_ _Continental, Ohio
7,000 106.193
5
1182...Corona, Cal
1915-1952
34,675 100
454
N.
J
a1920
16,840 105.878
851-Crawford County,
4
1929
1013_ _Cumberland County, Me
25,000 102.359
5
1103_Dayton, Ohio (5 issues)
75,400
1915-1928
28,000 102.38
941_ -Deerfield School District, Mass 4
a1920
5
46,000 101.952
852-Defiance County, Ohio
13,220 100.773
a1919
455
1013_ _Delaw are County, Ind
a1920
12,000 100.951
454
1103_ _Delaware County, Ind
1929
5
260,000 106.54
852_ _Denver, Colo
5
1915-1924
1260__Des Moines, Iowa
42,000 101.309
1944
4
3,466,000 96.832
1335 __Detroit, Mich. (5 issues)
5 d1919-1939
15,000 100
1103_ _Dorchester, Neb
a1921
4,000 104.25
534
1013_ _Dover, Ohio
1031
27.000
6
1182_ _Dresden, Tenn
554 d1919-1929
10,000 5% basis
__
1915-1944
26,000 102.21
1183- _ Dunolleii School District, N.J. 5
1916-1919
6
1,895 101.269
1013-Dunkirk, Ohio
a1920
942__East Liverpool, Ohio
5,582
5
25,000 100.70
780_ _Edenton Graded S. D.,No.Car. 534
18,500 92.108
1183_ _Eldon School District, Mo____ 4 d1918-1934
a1920
454
942__Elmira, N. Y
65,000 101.25
1915-1927
4
1013_ _Essex County, Mass
50,000 102.10
1914-1933 200.000 102.20
4
1013_ _Everett, Mass
4.....-_
310,000 100.89
1013- _Fall River, Mass.(3 issues)
74176i6
942_ _Findlay, Ohio
5
9,800 102.05
1914-1923 147,5001 101.439
780_ _Fitchburg, Mass
4
780_ _Fitchburg, Mass
1914-1918
21,0001
4
1260_ _Flathead Co. S. D.No.5,Mont __ d1924-1934
20,000 101.125
10,000
942_ _Flomaton S. D., Ala
28,000 98.80
1934
5
1013_ _Florence, Neb
36,500 105.115
434
942_ _Franklin County, Ind
6
1915-1924
35,000 101.857
852_ _Fremont County,Iowa
5
a1929
200,000 102.18
852_ _Fresno City S. D.. Cal
5
16,000 100
852-Fulda S. D., Minn
91,000 101.641
942_ _Fulton County,0.(4 issues) 5
1335_ _Gallup School Dist., New Mex 53-i
7,500 100.093
----942_ _Galveston, Tex.(2 issues)____ 5
350,000 98.25
1944
852_ _Gastonia, No. Caro.(3 issues). 5
100,000 101.50
5
1014__Geneva, N. Y
1015-1930
8,000 103.50
6
1917-1934
852_ _Glenn Co. H.S. D.,Cal
50,000 108.052
942_ _Grand Rapids, Mich.(2 Issues) 43-I _____ __
180,000 100.875
a1929
45-i
942_ _Grand Rapids S. D., Mich_
106,500 102.206
1929
852_ _Greene County, No. Caro.-- 6
10,000 105
5
a1917
942_ _Greene County, Ohio
5
1943
942_ _Greene County, Tenn
203,f)(1 10(1.05
5
a1920
1103_ _Green Township, Ohio
5
1915-1919
8. _ _ reenv e,
6
a1924
1014_ _Greenwich, Ohio
6,500 107.323
5 d1934-1954
852_ _Greer, So. Caro.(3 issues)
67,000
942_ _Gustavus Township, Ohio_ _- - 530.000 101.016
5
-1-9-1-511024
942_ _Hamilton, Ohio
50,000 102.342
1183_ Hamilton Co.S. D.No.91,Nob 5 d1919-1934 12.000 454% basis
1103 _ _Hammels Sp.S.D.No. 11,0_ _ 5
1915-1934
10,000 101.25
1183_ _Hamtramck Twp. S. D. No.7.
5
1929
Mich..
16.000
_
1183_ _Hancock County,0.(6 issues). 5
67,000 101.816
6 d1924 1934
942_ _Hardin, Mont
30,000 98.033
a1920
1)04.._ Harrison County ,Ind.(2issues) 434
13,860 101.017
5
781_ _Harrison County, Ohio
a1919
30,000 102.17
4
943_ _Henning, Minn
2,000
1882 181):41)
1331
Page.
Name.
Rate. Maturity. Amount. Price.
943_ _Highland Park, Mich
434
450,000
852_ _Hillsborough County, Fla_ ___ 6
1916-1935
40,000 104.382
852__Hillsborough County, Fla.__. 6
1916-1925
5,000 100
852__Hillsborough County, Fla_ ___ 6
13,000 103.653
1915-1934
852__Holgate, Ohio (3 issues)
554
11,546 102.812
'943_ _Homerville Twp.,Ohio
28,000 101.63
1104_ _Howard County, Ind
45,5
a1920
3,800 100.684
943_ Hubbard Two.. Ohio
a1925
5
50,000 11101.30
943__Huntington Beach, Calif
a1932
554
35,000 100.60
1336_ _Hurtsboro, Ala
6
1924
24,000
1014_ _Imperial, Calif.(2 issues)
6
35,000 100
943_ _ Iowa
275,000
1014__Jackson County, Fla
5
1954
100.000 100.5
1014__Jackson County, Ind
434
a1919
2,560 100.527
1014_ _Jasper County,Ind.(2 iss.)
5
a1919
68.876 100
943_ _Jefferson County, Ohio
35,000 103.441
554
1184_ _Kansas (7 issues)
32,966 100
943_ _Kennedy Heights, Ohio
5
1914-1918
4,716 100
853_ _King County, Wash
5
1934
500,000 104.36
853_ _King County, Wash
7 d1919-1924 100.000
1014_ _King Co. S. D. No. 28, Wash_ 5 d1919-1934
20,000 100
943__King Co. S. D. No. "N."
Wash
5 d1916-1934
12,000 100
1014_ _Kingston, N. Y
45,5 1916-1919
36,500 100.743
943_ _Kirksville S. D.,Mo
5 d1919-1934
80,000 102.24
1104_ Koochiching County, Minn_
5
1919-1933 150,000
1104_ _La Grande, Ore
6 d1915-1924
47,393 102
943_ Lakewood, Ohio
1921-1929
5
36,000 104.242
943_ Lakewood, Ohio (7 issues)_
5&6
63,765 103.542
1104_ Lamar County
5 d1924-1954 100,000 100
781_ _Larchmont, N. Y
4.90 1919-1924
6001_ 100.473
781_ Larchmont, N Y
4.90 1919-1934
3,2001
943_ Larned S. D., Kan
5
1915-1934
40.000 100
943_ Lawrenceburg, Ind
434
1931
37,000 105.81
853_ Lawrence County, Ohio
5
1934
110,000 107.34
1104__Lebanon School Twp., Id... 434
1918-1930 25.000 103.349
853_ _Leesburg Twp. S. D., Ohio
54 1914-1919
2,500 100.50
1260_ _Lestershire. N Y
_
4.60 a1916
20,700 100.12
781_ Licking Couny, Ohio
5
a1920
30,000 104.62
1184_ Lincoln, Neb
434
48.000 y100.804
1184_ Lincoln, Neb
5
171,580 y100.926
943_ Lockland, Ohio
5
4.723 101.016
943_ Lockland, Ohio
5
26,595 101.373
1014_ _Logan County, Ohio
534
9.000 100
1104_ _Long Beach, Calif
200,000 100.347
1014__Louisville, Ky
1954
434
1.000,000 105.091
1104_Lynden Sch. Dist., Wash
5 d1915-1919
24,000 100 *I
4
781_ _Lynn, Mass
1915-1924
45,000
4
781_ _Lynn, Mass
1915-1924 100,000
4
781_ _Lynn, Mass
1915-1944
30,000
4
1915-1924
781_ _ Lynn, Mass
15,000
1104__Lysander, N Y
5
1917-1929
20,000 104.06
4%
1104_ _ cKeesport S. D., Pa
a1933
250.000 104.27
1015_ _Madeira, Ohio
6
1915-1919
1,044 100.574
944_ _Madison Co., Ohio (8 issues)__ 5
30,750 100.658
944_.Magnolia. Ohio
554
1,200 101.666
a1934
782_ _Manchester (T.) U. F. S. D.
No. 7, N. Y
4.65
a1929
40,000 100.512
1104_ _Mansfield, La (2 issues)
5
67,500 100.075
853_ _Maricopa Co.S. D.No.31,Ariz.6
1934
5,000 101.10
944_ _Maricopa Co. S. D.No. 10,Ariz.6
1934
12.000 102.625
853_ Massachusetts
4
1,225,000
944_ Mead, Neb
5 d1915-1934
3.000
1104_ _Melrose, Mass
4
1914-1933
10,000
1104_ _Melrose, Mass
4
1914-1923
10.000 101.09
_Melrose,
Mass
4
11-04_
1923
10,000
1104__Melrose, Mass
4
1914-1918
10,000
944__Menard County Corn. S. D.
No. 18, Tex
5 d1919-1934
1,000
914_ _Mercer County,W Va
5 d1924-1944 500,000 101.25
944_ _M esapotamia Two.,Ohio
5
60,000 101.71
1015._Milford N J
5
1916-1923
4,000
1015_ _Minneapolis, Minn.(9 issues)_ 4
1944
975,000
arl.
1015_ _Minneapolis, Minn
454 1915-1934
87,477 100.085
1185_ _Minnesota (14 issues)
4
39,600 100
1185_ _Monroe County,Ind
a1920
4,150 100.746
454
1185_ _Montague,Cal
6
a1926
25,000 102.404
853_ Montesano, Wash
8
14,000 100.65
853_ _Morg.anfield, Ky
6 d1919-1924
9,218 102
1015_ _Moultrie, Ga.(3 issues)
5
1944
59,000 102
853_ _Mount Morris, N Y
4.40 1917-1941
50.000 100.227
944_ _Mount Vernon, N Y
1920
42,000 101.11
434
1185- _Murray School District, Utah 5
d1924-1934
30,000
5
944_ _Muskingum County. Ohio_
a1920
100,000
6
944_ _Naglee School District, Cal
1917-1924
4.000 100
944_ _Nashville, Tenn
a1921
5
695,000 102.43
4
853_.New Bedford, Mass
1915-1929 117,100 101.58
a1922
1105_ _New London Township, Ohio_ 5
15,000 101.05
853_.New Madrid Co.,Mo.(2 iss.)_ 5
50.000 103.67
853_ _N ewton County, Ind
43-1
11.100 101.036
853_ _North Carolina
4
1953
300,000
1911
1338 _North Dakota (4 ks-13,
)
18,600
4
5
853_ _North Lima S. D.. Ohio
26,000 103.25
a1927
853_ _Norwood, Ohio
5
1915-1924
8,824 102.33
944_ _Norwood, Ohio
1915-1924
5
16.249 102.349
1181_ _Nutwood Dr.& Lev. Dist.,I11_ 6
1915-1923
33.000
853 _Olyphant, Pa
5
50.000 108.158
853 _Oneida, N. Y
454
3,984
945 _Ontario, Cal
5
1938-1952
27,000 100.53
853 _Orange County, Ind
5,040 100.416
434 1915-1924
1185_ _Orange School District, Cal.__ 5
50.000 100.73
1105 _Osborne, Pa
5
11,000
_Oshkosh,
Wis
1016
434
540,000 102.179
1016 _Ottawa, Ohio
7.000 106.192
853_ _Ottumwa, Iowa
5
1916-1925 100.000 102.41
County,
Ind. (2 issues)_ 434
1105_ _Owen
13.765
1105_ _Painesville School Dist., Ohio_ 5
a1922
8,000 101.80
1016_ _Palmetto, Fla. (3 issues)
6
1944
85.000 100.588
1016_ _Pangburn School Dist., Ark 6
1934
9.000 97
1339 __Paragould Pay. D.No. 1, Ark_ 554 1915-1929 100.000 97.35
945 _Paris, Idaho
554 d1924-1934
4.000 100.125
945_ _ Park Co. S. D. No. 4, Mont 5 d1924-1934
70,000 101.985
1185. _Passagrille, Fla. (5 issues)._ _ _ 6
1944
11,000
95
5
1105_ _Paulding County. Ohio
a1917
10.850 100.663
5
1105..Paulding County, Ohio
a1920
20,000 102.29
1105__Paulding County, Ohio
5
a1918
20.000 101.54
454
1105_ _ Penn Twp. S D., Pa
33,000
1016_ _Perry, MIch
15,000 96.166
434 1919-1933
854_ _Peru Township, Ohio
5
a1930
30,000 102.356
434
945_ _ Petersburg, Va
1954
200,000 100.10
1105_ _Pike County, Ind
a1920
5
14,028 100
783_ _Pittsylvania County, Va
5
1948
50.000 y102.35
1016_ _Pleasant Township, Ohio
5
1915-1925
20.000 100.255
1185_PoLk. Neb
534 d1919-1934
3.000 100
1339_ _Polk County, Tenn
a1928
5
24.000 101.67
945_ _Pomeroy Village S. D., Ohio 5
a1924
40,000 102.647
5
945_ _ Portage County, Ohio
32,500 101.86
854_ _Port Chester, N. Y
a1915
5
24,000 101.377
1016_ Portland, Ore
6
1924
112,925 104.09
1106_ _Port of Seattle, Wash.(2 iss.)_ 5
a1939
590.000 101.81
1106_ Port of Seattle, Wash.(2 iss.)_ 4
93
8.000 94.91
1185_ _ Portola School District, Cal 6.. .......4.500 100
434 -ci1624
854_ Pulaski County, Ind
12,700 100.797
Twp.,
_Pultney
Ohio
(2
1106_
issues). 5
al928
50.000 101.42
1330 __Ranches de Atr1sco S. D.,N.M. 6
d1921-1934
3,000 y100.033
945_ Raton, Now Max
5 d1933-1943 300,000
Richmond,
Cal
1106_ _
5
290,000 100
854_ _Richmond, Va
4
1918
1.500,000 92.149
1017_ Rittman, Ohio
554
a1920
37,814 102.93
854_ Roane County, Tenn
5
25,000 y101.50
854_.Roane County, Tenn
5
110,000 y100.227
1944
1263_ Roanoke, Va
5
20,000
1017_ _ Rochester, N. Y.(2 issues
1944
1,000,000 106.67
1106_.Rockaway School Dist., N. J. 434
a1926
30,000 100.3
854_ Rogers Ind. S. D., Tex
5 d1934-1954
30,000 100
1332
THE CHRONICLE
Page.
Name.
Maturity. Amount. Price.
Rate.
783_ _ Roseville Village S. D., Ohio.. 5
30,000 102.53
783__ Rossford School Dist., Ohio__ 535,000 101.075
945_..Roundup. Mont
6 61-9-2-8- 1934
60,000 104.416
1186__Royal Oak,Mich
6
1915-1918
11,000
- 1017._Saco, Maine
1939
4
50,000 102.279
854_ _Saginaw, Mich
4
a1917
10.000 z100
945_ _ St. Bernard, Ohio
1934
5
13,000 101.319
945_ _ St. Francis Levee Dist., Ark-- 5)4
1963
35,000
1017_ _St. Johns, Ore. (2 issues)
6
d1915-1924
6,282 y100
854_ _St. Joseph Sch. Dist., Mo
4)4 1919-1934
140,000 101.21
• 945_ _St. Paul, Kan
5 d1918-1933
2,000
99
854_ _St. Paul, Minn
347
854_ _St. Paul,Minn.(2 issues)_
4,546
945_ _St. Paul, Minn
6
76,000 100
1017_ _St. Paul,Minn
514
129,700 100
1017_ _St. Paul,Minn
414
1944
25,0001 103.319
1017_ _St. Paul,Minn
4
1916
10,000f
1017_ _St. Paul,Minn.(4 issues)
6
1,000,000
1106_ _Salem, Ore
5
1915-1924
30,000 v100.67
946_ _Salt Lake City, Utah
414
1934
775,000 100.395
1017_ _Sanford, Me
4
1924-1933
50,000 101.778
1106_ _San Francisco, Calif
414
755,000 100
1017„Santa Ana, Calif
1915-1954
63,0001 100.48
5
1017„Santa Ana, Calif
1915-1938
12,000j
1017_ _Santa Barbara, Calif
60,000 101.131
5
1017__Saybrook Twp. S. D., Ohio_ _ .. 5
1915-1924
10,000 100.30
854_ _Scarsdale. N Y
4.40
a1935
170,000 100.302
1187_ _Seattle, Wash
6
1915-1924
54,000
946__Sebring Sch. Dist.. Ohio
5
1918-1934
26,000 102.185
1106_ _Shamokin Sch. Dist., Pa
414 d1919-1944 150,000 101.395
1106_ _Sheliman. Ga
6
a1932
15,000 104.616
1187_ _ Sierra Madre, Calif
5
1929-1953
75,000 100
1187_ _ Snohomish, Wash
7
30,000
1263_ _Springfield. Ore
6
1924
3,000 y101.533
1107_ _Stark County,Ind
414
5,000 101.61
5
1106...Stark County, Ohio
al917
18,000 101.138
946_ _Stockton, Kan
11,000
946_ _Strasburg Vii. S. D., Ohio.. _
514
40,000 101.271
946_ _Strong City, Kan
2,500
1187_ _Struthers Sch. Dist., Ohio_ __ _ 5
1938-1944
7,000
855_ _Sumter County,So. Caro
1934
4j4
10,000 100
855._ Swarthmore, Pa.(2 issues)
4
33,000 103.815
1187__Sweetwater, Tex
514 d1934-1954 320,000 y100.781
• 1187_ _Tacoma, Wash.(5 issues)
6
24,463
946_ _Tamaqua Sch. Dist., Pa
414 d1924-1944
30,000 101.681
1105_ _Teaguo, Texas
5 d1924-1954,
1107_ _Terre Haute Sch. City, Ind_ _ _ 4'19-'24-'29&'34 100,000 100.527
946_ _Texas
73
10
:26
00
2 100
d1923-1953
I
946_ _Thompson (T.) U. P. S. D.
No. 1, N Y
414
48,000 100
1018...Toledo City Sch. Dist., Ohio__ 414
a1924
180,000 100.863
783_ _Troy, N. Y
414 1915-1954 350,000 104.541
1018_ _Trumbull County, Ohio
6,000 100.416
1107_ _Union Sch. Dist., Calif
6a1922
17,500 103.428
855_ _Urbana, Ohio
5
al932
48,000 105.80
Ohio
855_.Urbana.
51931
6,500 105.40
1018_ _Utica, N. Y.(2 issues)
41•4
a1917
33,614 100.791
1188_ _ Vallejo. Cal
.334 1915-1935
42,000 103.21
783_ _Van Buren Twp. S. D. No. 8.
Ohio
51<, 1915-1929
15,000 104.073
1018.._Vanderburg Co.,Ind.(2 iss.)
4
a1920
20,700 100.966
1263...Vermilion County, Ind
4
a1920
14,300
1018_ _Vermillion Co.,Ind.(2 issues).. 4 y
i
27,900 100.888
1107__Wabash County, Ind. (2 iss.), 414 1915-1924
15,300 100.797
855_ _Waco, Tex
51944
150,0001 104.67
855_ _Waco, Tex
5
1944
200,0001
783_ _Wake County, No. Caro
51944
225,000 104.329
855_ _Wakeman Township, Ohio_ _ _ _ 5
a1925
12,000 101.881
1107_ _Walker Township, Ind
4M
a1922
23,720 102.595
1188_ _Warren Township, Ind
4
1915-1929
50,000 100.066
946_ _Warsaw, N Y
4)4
22,000 100.53
856_ _Wasco Co. S. D.No. 12, Ore__ 5
d1924-1934 100,000 101.651
946_ _Washington County, Ind
a1920
414
22,240 101.059
1264_ _Washington Twp.S. D.,Ohio_ 6a1918
3,750 103.686
784_ _Wauseon. Ohio
5
a1919
7,055 100.999
1188_ _Wayne County, Mich
414
100.000
1019_ _West Asheville, No. Caro_ _ _ 5
1944
50,000 100
1188_ _Wcsternnort. Md
5
d1916-1914
70,000
947_ _Westfield, Mass
4
1915-1929
30,000 102.35
856_ _West Orange, N J
1942
414
100,000 101.678
1019_ _West View, Pa.(2 issues)..
414 1924-1944
62,000 102.443
_.
947_ _Whitmer S. D., Cal
''6
1915-1920
6,000 100.518
856_ _Whitesboro, N. Y
al917
5
1.113 100
1188_ _Willowbrook S. D., Cal
6
10,000 105.16
1019_ _Wilmington, Del
1936
414
55,000}
1019_ _Wilmington, Del
1936
50,000 104.592
4
1019...Wilmington, Del
1936-1937 150,000
5
1019__Wood County, W. Va
1934-1944
70,000 100.53
1019_ _Woonsocket, So. Dak
5
1934
20,000
99.25
1108_ _Yeadon, Pa
414
a1944
40,000 103.892
947_ _Yonkers, N. Y.(6 issues)
414
392,000 101.523
947_ _Youngstown S. D., Ohio
414
a1929
100,000 101.18
a
Total bond sales for March 1914 (331 municipalities
covering 490 separate issues)
k$42,652,103
a Average date of maturity. d Subject• to call in and after the earlier
year and mature in the latter year. k Not including $66,653,908 of temporary loans reported, and which do not belong in the list. z Taken by
sinking fund as an investment. y And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our total for previous
months should be eliminated from the same. We give
the page number of the issue of our paper in which the
reason for these eliminations may be found.
Page.
Name of Municipaiity.
1259_ _Calexico Union H. S. D. ,Cal. (February list)
851_ _Celina, Ohio (January list)
941_ _Claiborne County, Miss. (January list)
852_ _Defiance, Ohio (February list)
852_ _Grand Rapids, Mich. (2 issues, February fist)
944_ _Monroe County, Ind. (January list)
944....Muskingum County, Ohio (February list)
1261_ _Newark School District, Ohio (February list)
854...Rushville, Ind. (February list)
Amount.
10,000
10,000
8,000
180,000
4,150
100,000
20,000
20,000
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
1012_ _Aberdeen S. D.No. 5, Wash__ 534
1012_.Adams County, Ind.(3 issues) 414
940_ _Beloit U. S. D.No. 1, Wis____ 5
940_ _Berrien County, Mich
4
1181_ _Bessemer City, N. C.(Jan.) 6
940. Blue Creek Township,Ind_ _ _ _ 414
1102_ _Briscoe Co. S. D.No.48, Tex_ 5
941_ _Burley, Idaho (Jan.)
6
941_ _Clara City, Minn
6
941_ _Clay School District, W. Va__ 5
1182_ _Clayton Grad.S.D.,N.0.(Jan.)
9141_ _Cochise Co.S.D.No.22,Ariz___ 6.
851_ _Corvallis, Ore. (5 issues)
6
1013_ _Council Grove, Kan
5
941__Creek County, Okla
514
942_ Du Page Co. S. D.No. 58, Ill_ 5
1183__Edgecombe County, No. Caro.
FM
(2 issues)
5
i 852_ _Edgeworth,Pa
434
852_ _Eureka, Kans
534
1183__Fairfield Twp., Ohio
5
1013_ _ Farmers Irrigation Dist., Nob_ 6
1103_ _Gatosville, Texas (January) 5
Maturity.
1920-1934
a1920
Amount.
$86,000
13.760
32,000
10,000
1928
19,000
1944
6,300
a1920
1,500
d1924-1934
27,500
5,000
1915-1924
d1922-1932
15,000
25,000
.......10,000
d191-4--i023
26,694
23,000
1934
145,000
1915-1932
35,000
1919-1928
1919-1933
d1915-1924
1924-1933
40,000
15,000
43,287
40,000
76,500
25,000
Price.
100.908
103.571
100
101.65
100
100
100
100
101.65
100
100
(Vols. xcvi..
Page.
Name.
Rate.
Maturity.
1103_ Gloversville, N. Y
414
942_ _Hamilton County, Ind
a1920
434
942_ Hamilton County, Ind
a1920
434
942_ Hamilton County, Ind
414
a1920
942_ _Hardin County, Ohio
514
a1916
943_ _Hickman County, ICy
6
1183 _ _Hillsborough County, Fla_ _ _ _ 6
852__Indian Falls Sch. Dist., Calif_ 6
1923
943_ _Jackson County, Tenn
5
1944
1183_ _Jefferson County, Fla
6
1918-1923
1183_ _Johns Cons. S. D.,Miss.(Jan.) 6
1934
943_ _Jonesboro, Ark
6
1915-1924
1014_ _Lake View, Iowa
514 1919-1942
1184_ _Louisburg Twp., No. Caro_
514
1944
6
944....Milwaukee Ore. (Jan.)
d1915-1924
1015...Munising, Mich
1924-1929
5
1015_ _Nebraska (21 issues)
944_..Now Castle, Dela
5
1925-1929
853_ _North Carolina
1953
4
944_ _Norton S. D. No.80, So. Caro. 6
1933
945_ Petersburg, Va434
1954
1185_ _Pittsburg Co., Okla. (Jan.)_ _ _ 6
al
1262__Pleasant Twp , Ind.
19
92
34
5
2
1106_ Port Angeles, Wash
7
1016_ Pullman, Wash
d1915-1924
6
1106_.Rock Falls, Ili
5
1919-1921
854__Rooks Co. S. D. No. 31, Kan_ 5
1915-1922
854_ Rowland H.S. D., No. Caro__ 5
1916-1934
1106_ Sacramento, Calif
414
855_ Silverton, Ore. (Jan.)
d1915-1924
6
1106_ _SnohomishCo.S.D.305,Wash. 5
d1915-1934
855__Spokane Co. S. D. 135. Wash- 514 d1915-1934
855_ _Tacoma, Wash. (2 issues)_ ___ 6
946_ _Troup Ind. S. D., Texas
d1934-1954
5
855_..Van Buren, Ark
6
856_ _Waterloo Sch. Dist., Iowa_ _ __ 454
4
1928
947_ Wendell, No Caro
1944
5
947_ 'Worthington, Ohio
1939
5
1019_ _Yellowstone Co.S. D.6,Mont. 7
Amount.
1,800
5,600
3,720
1,800
75,850
2
53:0
70
50
Price.
100
100.401
100.268
100.5
100.52
100
3,000
100,000
20,000
10,000
19,500
12,000
40,000
7,100
23,000
190,750
5,000
222,500
3,000
100,000
21,275
30,000
12,800
30,000
8,000
800
20,000
200,600
9,000
40,000
4
9:4
80
40
7
100
100
100.128
101
102.365
100
100
101
101
105.921
100
100.781
100
100
100
100
19
9:0
000 y19
08
0 1_9
45,000
15,000
96.664
3,000 y100
5,000 100
All the above sales (except as indicated) are for February
These additional February issues will make the total sale
(not including temporary loans) for that month $36,212,452.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
MARCH.
Page.
Name.
iss.)!ate.
7
Maturity. Amount. Price.
1189_ _Alberta School Dists.(10
00
$211:4000
00
50
1.0
947_Assiniboia Rur. Mun., Man
5
1915-1921
947_ _Bas.sano,Alta
25,000
6
1934
1189_ _Benito Consol. S. D., Man_ _ _ 5
1915-1934
1020_ _Bow Island, Alta
20,000
1189_ _Brampton, Ont
98.44
200001
,
514
1927
1189_ Brampton, Ont
1924
1020_ Brandon, Man
5
477,090909f
1020_ Brandon, Man
934
5
11944
12,000
1020_ Brandon, Man
5
1953
145,000
1020_ _Brandon. Man
1911932
5
45,000
1108_ _Brantford Twp., Ont
6
5-1934
7.102 106.519
1265.._British Columbia
414
7,500.000
1108_ _Broadviow, Sask
6
1915-1934
25,000
1108_ _Bruce Two., Ont
1915-1923
73,639
5
98.04
1109_ _Calgary, Alta
2.243,177
1934
5
96.00
1020_ _Cardston, Alta
3
103:0
00
00 90
1189._Carlyle, Sask
1944
6
4,300
1109_ Carstairs, Alta
1929
6
14:000000
9
1020 Clifford Sch. Dist., Ont
514 1915-1944
857_ _Cornwall, Ont
5
948__Cornwall, Ont
4,669
1915-1934
6
948__Durban Con. S. D., Man_ _ _ _ 6
7,500
1915-1934
857_ _ Edmonton, Alta
2,136,000
94.11
1954
5
857_ _Elmira, Ont
5,000
948_ _Fort Garry 1R. M 1, Man...... 6
7,1061,:0020060001
9414
934
19115948_ _Fort Garry R. M. , Man_ _ _ _ 6
101.66
948_ -Fort Garry R. M. , Man_ _ _ _ 6
11992299
1,055
948_ _Fort Garry R. M.), Man_ _ _ _
15,000
1109_ _Gananoquo, Ont
11993231
1915-1934
857_ _Goose Lake Con. S. D.,114an__ g
5,500
1944
857_ _Gravenhurst,Ont8
,000
5%
948 Hamilton, Ont
500,000
1934
1109_ _Hamilton, Ont
4
243,000
1934
048_.Herbert, Sask. (3 issues)
21,500 100.25
7
1020 Kamsack, Sask
5,000
514 1915-1929
1020_ Kamsack, Sask
1915-1934
26,000
6
..
1020..Kamsack,
Sask
1915-1944 103,000
6
1109_ _Kaslo, B. C
15,000
1939
6
1020 Kelowna, B.0
5
1934&1939 109,000 84
1109_ _Kelowna, B.0
61934
16,000
857_ _Keoma R. M. No. 249, Alta_ 6
98.575
1915-1934
20,000
1109_ Lethbridge. Alta
5
23,000
1913
1189 _Macleod, Alta
99
13.500
1189 _Matssoneuve, Quo
5
225,000
1953
1020_ _Makaroff Con. S D., Sask
10,000
6
1915-1934
1020_ _Merritt, B. C
70,0001 96.383
6
1943
1020_ _Merritt, B. C
000j 97
18:
00
1,116921334
6
857_ _Minnedosa, Man
9
948_ _Montreal, Que., Long Pointe
Ward Cath. S. Corn
80,000
1953
514
948_ _Morris, Sask
1915-1934
5
&SP) 90.85
858_ _Neepawa, Man
1944
6
30,000 103.24
949_ _Petrolla, Ont
6
514 1915-1934
300,000 97
949_ _Point-aux-Trembles, Que
1954
1 8_2- - - _
26
200
0:000
1189. _Port Alberni. 13. 0 _
858_ _Port Coquitiam, B. C
5
41,312
93.81
1109..Port Hope, Ont
,34
944
4
414 1,116_1
30,000
96.16
949_ _Prince Edward Co., Out
26,000 100
853.._ Richmond
Hill, Ont1944
4,000 100
858..Richmond Hill, Ont
1934
18,000 100
1915-1044
949 St. Andrews R. M ., Man
6
132,000 94
919 _St. Pierre, Qua
534
277,000
949_ St. Vital, Man
54
3
193
6
1189- Sault Ste. Mario, On .
5
8
18
g
00
13
949_ _Scott, Sask
97
56
14&(I 19i5-1944 23
1189_ Shuniah, Ont
1934
5,000
949 Shenvoml(R.M.No.159),Sask. 6
1915-1931
4,000
1020_ Shoal Lake, Man
1915-1934
6
15,000 85.333
1915-1931
1020 _Shoal Lake, Man
5
36,000
1020_ _Steolton, Out
1934
514
200,000
1109_ _Sutherlin • Sask
1189-sydnev, N. S
1911
5
949.._Thorold, Ont.(5 issues)
1
1 114
4()
3 '
:,(4
2
'
0
8
)6
11
5&6
858_ _Tofioid, Alta
6
1020_ _Vancouver. B C
414'23,'28&'33 2,12
28
4:0
50
00
0
1109_ _Vernon, B. C
6
858„WalkervIlle, Ont
119,000
858_ _Wallace R. M., Man
414 1915-1914
25,0001 93.71
858_ _Wallace R.M.,Man
414 1915-1951
40,000J
858_ _Warner Con.S.D.. Alta
6
1944
35,000
1266_ _Wetaskiwin, Alta
6
1915-1931
31,000 98.42
858_ _Weyburn, Sask
514
1109_ _Winnipeg, Man
414
9 9 95.59
5,75
240
9,5000
9
Ril
Total debentures sold:in March
$21,491,678
ADDITIONAL SALES'OF DEBENTURES FOR FEB RUARY.
Price.
Page.
Name.
Rate. Maturity. Amount.
857_ _Dominion of Canada (9 issues)
$13,200
--0.,
15.000
1266...Kamloops, B.0
6
99
919__Sackville, N. B
8,000
1912
5
1109.. _Veregrin, Sask
92.173
2,300
1914-1921
7
The above sales are for February. These additional
February sales mako the total of debentures sold that month
$38,923,527.
APR. 25191c1
THE CHRONICLE
News Items.
Collingswood, N. J.-Commission Government Defeated.The question of establishing a commission form of government failed to carry at the election held April 21 by a vote
of 393 "for" to 421 "against."
Eufaula Barbour County, Ala.-Election on Commission Form'
of Government.-An election will be held April 27
to vote on the question of adopting the commission form of
government.
Goliad, Goliad County, Tex.-Election on Commission
Government.-An election will be held April 28, reports
state, to vote on the proposition to establish a commission
form of government.
New York State.-Bonds of the Chicago Milwaukee & St.
Paul Railway Co. Legal for Investments by Savings Banks of
this State.-In an opinion dated April 14 Attorney-General
Carmody holds that the 25-year 4% gold bonds of 1909 of
the Chicago Milwaukee & St. Paul Railway Co., maturing
July 1 1934, as provided in an indenture dated July 1 1909
between the railway company and the Farmers' Loan &
Trust Co., as trustee, the 4% 15-year European loan of 1910
debenture bonds, maturing June 1 1925, as provided in an
indenture dated June 1 1910 between the railway company
and the United States Mortgage & Trust Co. and William
Nelson Cromwell as trustees, and the 4%% Convertible Gold
bonds maturing June 1 1932, as provided in an indenture
dated June 1 1912 between the railway company and the
United States Trust Co. of New York, as trustee, all of which
bonds are secured by a general and refunding mortgage of
said railway company executed Nov. 1 1913, and by a supplemental indenture to said general and refunding mortgage
dated March 24 1914, are legal investments for the savings
banks of this State.
After stating the facts concerning the issuance of the bonds
and quoting in full subdivision "E" of Section 146 of the
Banking Law, the provisions of which are applicable, Mr.
Carmody says:
The said general and refunding mortgage is a mortgage executed for the
purpose of retiring all prior lien mortgage debts of the railway corporation,
and the bonds in question here are therefore secured by a refunding mortgage within the terms of the statute.
It is also provided in the supplemental indenture that the "total authorized issue of bonds * * * shall at all times be limited to an
amount which, together with all outstanding prior debts of the railway company, after deducting therefrom the bonds reserved under the provisions
of this indenture, to retire prior debts at maturity shall never at any time
exceed three times the then outstanding capital stock of the railway
company."
I am advised, and, subject to your examination am assuming, that the
railway company has compile:I with the other conditions specified in said
Section 149, subdivision "E" of the Banking Law in reference to the extent
of mileage, payments of principal, interest, dividends and gross earnings
and other conditions mentioned therein.
For the reasons stated, I am of the opinion that the bonds in question are
legal investments for the savings banks of this State.
Dated April 14 1914.
THOMAS CARMODY, Attorney-General.
To Hon. George 0. Van Tuyi Jr., State Superintendent of Banks,
Albany, N. Y.
Governor Vetoes Bill to Extend Secured-Debt Law.-The
Gillett Bill extending the secured-debt law so as to cover
bonds on property in two or more tax jurisdictions was recently vetoed by Governor Glynn. In his veto message
the Governor s.vs:
This bill proposes to extend the Secured-Debt Law to bonds secured by
mortgages, which cover property partly within and partly without the State,
and contains a number of other amendments which are meritorious. The
Secured-Debt Law related to bonds secured by mortgages of property without the State and provided that holders of such bonds,by paying to the
State the tax so created, could thereby make tax-exenipt any bonds on
which the tax was paid.
If the present bill followed the policy of the Secured-Debt Law and provided that the tax upon the bonds to which the law is now sought to be extended should be paid to the State, 1 should approve it without hesitation.
As the bill is framed, however, the tax would be paid partly to the State
and partly to the locality affected, so that the State would lose a substantial
portion of the tax; and I cannot approve such a departure from the settled
policy of the State.
Nor can I entertain the suggestion that I approve this bill and leave it to
a future Legislature to further amend the law. There are two objections to
such a course. There are now a number of corporations willing to comply
with a new law as soon as it is enacted, and if I should approve this bill, the
State would promptly lose a sum which might amount to over a million
dollars. Moreover, in view of the fact that the further amendment would
authorize the payment of moneys to the State which would then be accruing to countries, it is hardly to be expected that members of the Legislature, representing such localities, would pass any such amendment. I
therefore disapprove the bill.
Bond Proposals and Negotiations this week
have been as follows:
ACTON HIGH SCHOOL DISTRICT (P. 0. Acton Centre), Middle
sex County, Mass.-BONDS DEFEATED.-The question of issuing
$31,000 high-school-bldg. bonds failed to carry, reports state, at the election held April 13.
ADA, Hardin County, Ohio.-BOND SALE.-On April 21 the $5,000
5% 10-year Main St. paving bonds (V. 98. p. 1012) were awarded to the
Liberty Bank of Ada at 101;025 and int There were six other bidders.
ADAMSTON, Harrison County, W. Va.-BOND OFFERING.-Reports state that proposals will be received until 7:30 p. m. May 12 by J. C.
Garrett, Town Recorder, for $20,000 5% 31%-year water and sower bonds.
Int. semi-ann. Cert. check for 2% required.
AKRON, Ohio.-BONDS AUTHORIZED.-Ordinances were passed
on Mar.9 providing for the issuance of the following coup. bonds:
Z18,000 5% stroet-impt. (city's portion) bonds. Date Mar. 11914. Due
Mar. 1 1921.
90,000 4%% garbage and refuse disposal bonds. Date April 1 1914.
Due $5,000 yrly. on April I from 1919 to 1936 incl.
Denom. $1,000. Int. semi-ann. at Nat. Park Bank, N. Y. City.
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3, Colo.-BOND
ELECTION.-An election will he held April 28 to submit to a vote the
proposition to issue $19,500 coupon funding bonds.
ALBERTON SCHOOL DISTRICT (P. 0. Alberton), Missoula
County, Mont.-BONDS VOTED.-According to reports, this district at
a;recont election voted in favor of the issuance of $6,000 school-impt. bonds.
ALEXANDRIA COUNTY (P. 0. Rosslyn), Va.-BOND ELECTION
PROPOSED.-T he County Clerk advises us that the question of issuing
bonds will be submitted to the people of this county.
1333
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND SALE.-On
April 22 the five issues of 4%% 5U-year (average) gravel-road bonds,
aggregating $60,830 (V. 98, p. 1258), were awarded, reports state, to J. F.
Wild & Co. and the Fletcher-American National Bank of Indianapolis for
$61,481 50-equal to 100.988.
ALLEN COUNTY (P. 0. Iola), Kans.-BOND ELECTION.-The
question of issuing $20,000 Soldiers' and Sailors' Memorial Monumentconstruction bonds will be submitted to a vote at the November election.
ALTON, Madison County, Ill.-BOND ELECTION PROPOSED.
According to reports, an election will be held in the near future to submit
to a vote the question of issuing $150,000 city-ball-construction bonds.
AMBLER SCHOOL DISTRICT (P. 0. Ambler), Montgomery
County, Penn.-BOND SALE.-On April 20 the $12,000 4%7
0 reg.
tax-free building bonds(V.98,P. 1259) were awarded to Carstairs & Brown
of Phila. at 102.39. There were seven bidders, prices ranging from 100.27
to 102.39. Denom. $500. Date May 1 1914. Int. M. & N. Due
first bond Nov. 1 1915, last Nov. 1 1933.
AMERICUS, Sumter County, Ga.-BOND ELECTION.-An election
will be held April 29, it is stated,to vote on the question of issuing $10,000public improvement bonds.
ANDOVER, Ashtabula County, Ohio.-BOND OFFERINGS.-Proposals will be received until 12 m. May 18 by R. R. Ellis, Village Clerkfor
the following 5%% coupon street-improvement (assessment) bonds
$15,000 West Main St. bonds. Denom. $300. Due $1,500 yearly on
Oct. 1 from 1915 to 1924, inclusive.
1,400 Station St. bonds. Denom. $140. Due $140 yearly on Oct. 1
from 1915 to 1924, inclusive.
7,500 public square improvement bonds. Denom. $250. Due $750
yearly on Oct. 1 from 1915 to 1924, inclusive.
Date April 1 1914. Int. A. & 0. at office of Sinking Fund Trustees.
Certified check for 1% of bonds bid for, payable to Village Treasurer, required. Bonds to be delivered and paid for within 10 days from time
of award. Purchaser to pay accrued interest.
l'roposals will also be received until 12 m. May 11 by the Village Clerk
for $9,500 557 street-improvement (village's share) bonds. Denom.
$500. Date April 1 1914. Int. A.& 0.at office of Sinking Fund Trustees.
Due $500 yearly on Oct. 1 from 1915 to 1933, inclusive. Certified check
for 19' of bonds bid for, payable to Village Treasurer, required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest. Bids must be unconditional.
APOPKA, Orange County, Fla.-BOND ELECTION PROPOSED.
Reports state that this town proposes to hold an election to vote on the
issuance of electric light, city-hall, sidewalk and shade tree bonds.
ARGENTA STRREET IMPROVEMENT DISTRICT NO. 16, Ark.BOND OFFERING.-Proposals will be received until 10 a. m. May 2 for
an issue of $35,000 1-10-yr. bonds. Bids are requested on a basis of 5%,
% and 69' int. Int. payable semi-ann. Justin Matthews is Secretary
(P.0.Little Rock.)
ASBURY PARK, Monmouth County, N. J.-BONDS PROPOSED.According to reports, an issue of $195,000 funding bonds is beingcontemplated by this city.
ASHTABULA SCHOOL DISTRICT (P. 0. Ashtabula), Ashtabula
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. May 5 by Chas.E.Peck,Clerk of Board of Education,for the $175,000
5% high school bonds voted March 28 (V. 98, p. 1102). Denom. $1,000.
Date "day of sale." Int. A. & 0. at depositary of school monies. Due
$4,000 yearly from 1917 to 1927 incl.,$9,000 yearly from 1928 to 1936 incl.
and $10,000 yearly from 1937 to 1941 incl.
An unconditional certified
check on a national bank for $5,000 required. Bids must be unconditional.
ATLANTA, Ga.-BOND ELECTION.-An election will be held May 5
to vote on the question of issuing the $750.000 43 % gold coupon Grady
Hospital bonds (V. 93, p. 1102). Denom.(720) $1,000, (300) 3100. Int.
semi-annual. Due $25.000 yearly on July 1 from 1915 to 1944, inclusive.
ATLANTIC HIGHLANDS, Monmouth County, N. J.-BONDS
DEFEATED.-The question of issuing $20,000 borough-hall-construction
bonds failed to carry, reports state, at an election held April 14.
AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 1 by the Co. Commrs.,
F. W. Langhorst, Co. Aud., for $18,000 59' taxable J. H. Wright et al.
road-impt. (assess.) bonds. Denom. $1.000. Date May 1 1914. Int.
M.& S. at Co. Treas. office. Due $1,000 on Mar. 1 and Sept. 1 1915 and
$2,000 each six months from Mar. 1 1916 to Sept. 1 1919 incl. Cert check
for 29' of bonds bid for, payable to Co. Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purcha.ser topay
accrued interest. Bonded debt (incl. this issue), $283,850. No floating
debt. Assess. val. 1913, $44,296,135.
AUGUSTA, Ga.-BOND ELECTION.-According to local papers the
election to vote on the question of issuing the $750,000 levee-completion
bonds (V. 93, P. 850) will be held June 1.
AUGUSTA SCHOOL DISTRICT (P. 0. Augusts), Bracken
Ky.-BONDS DEFEATED.-The question a issuing $10,000County,
schoolimpt. bonds was defeated, reports state, at the recent election by a vote of
TIMORE, Md.
99tBlL
52
OFFERING.-Proposals will be reived
received
until 12 m. May 4 at the Mayor's offce for .the following 4% registered
stock, aggregating $7,000,000:
$500,000 conduit loan, redeemable Aug. 11902. Int. F. & A.
1,500,000 water loan, redeemable Dec. 1 1953. Int. J. & D.
1,000,000 paving loan, redeemable Aug. 1 1951. Int. F. & A.
500,000 annex-impt. loan, redeemable Aug. 1 1951. Int. F. & A.
3,500,000 new sewerage !rapt. loan, redeemable Aug. 11961. Int. F.& A.
Int. will be computed from the interest payment period next preceding
the date fixed for delivery of tile stock. A certified check on a clearinghouse bank or a certificate of deposit of a clearing-house bank,so endorsed,
or cash, for 2% of the amount of stock bid for, payable to the Mayor and
City Council, required. Richard Gwinn, City Register.
The of icial notice of this bond offering will be found among the advertisements elsewhere in this Department.
BARBERTON, Summit County, Ohio.-BOND OFFERING .Proposals will be received until 12 in. May 11 by Geo. M. Korns, City
And., for $20,000 5% electric transmission-works-construction bonds.
Denom. $500. Date May 1 1914. Int. M. & N. Due $1,000 yearly
on May 1 from 1915 to 1931 incl. Cert. check for 1% of bonds bid for
(but not less than $200), payable to City Treas. required. Bonds to be
delivered and paid for within 10 daysfrom time'
of award. Purchaser to
pay accrued interest. The city will furnish all bond blanks.
BARNESVILLE SCHOOL DISTRICT NO. 60 (P.O. Barnesville),
Clay County, Minn.-BOND OFFERING.-Additional information is at
hand relative to the offering to-day (April 25) of the $55,000 4 % 15-yr.
coupon taxable building bonds(V. 98, p. 1259). Proposals for these bonds
will be received until 7:30 p. m. on that day.by E. Waamodt, Clerk.
Denom. 31,000. Date Sept. 11914. Int. M.& S. Cert. check for 8.500,
payable to Clerk,
Bonded debt April 18 $15,000. No floating
debt. Assessed val.
required.
1913 $323,644.
BAY CITY, Bay County, Mich.-BOND ELECTION.-Reports state
that an election will be held April 27 to vote on the question of issuing
$700,000 consolidated pumping station and filtration plant and $126,000
sidewalk bonds.
BEAUMONT, Tex.-BOND ELECTION.-An election will be held
May 19, it is stated, to submit to a vote the question of issuing $175,000
Kirby Lumber Co. purchase and wharves-construction bonds.
BEDFORD TOWNSHIP (P. 0. Bedford), Cuyahoga County, Ohio.
-BOND OFFERING.-Proposals will be received until 12 m. May 22 by
E.J. Caskey,Twp.Clerk,for $12,000 5% highway-impt. bonds. Denom:
$500. Date April 1 1914. Int. A. & O. at office of Twp. Treas. Due
$500 each six months from April 1 1919 to Oct. 1 1930 incl. An unconditional cert. check on a bank other than the one making the bid, for 109'
of bonds bid for, payable to Twp. Treas., required. Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued
interest.
BEDFORD VILLAGE SCHOOL DISTRICT (P. 0. Bedford), Cuyahoga County, Ohio.-BOND ELECTION.-An election will be held
May 16 to submit to a vote the question of issuing $45,000 building and
equipment bonds.
1334
THE CHRONICLE
BELL COUNTY (P. 0. Belton), Tex.-BOND OFFERING.-Reports
state that bids will be received until 10 a. m. May 12 for the $105,000 5%
19-40-year (opt.) road precinct No. 2 bonds voted Mar. 7 (V. 98, p. 850).
Int. semi-ann. Cert. check for 5% required.
BELLEVILLE, St. Clair County, Ills.-BONDS DEFEATED.-The
proposition to issue the $50.000 park bonds (V. 98, p. 627) was defeated
at the election held April 7 by a vote of 1,317 "for" to 2,973 "against.
BELLEVUE (P. 0. Pittsburgh), Allegheny County, Pa.-BONDS
VOTED.-Local papers state that the election held April 14 resulted in
favor of the question of issuing $174,000 high-school- building bonds, the
vote being 316 to 292.
BELTRAMI COUNTY INDEPENDENT SCHOOL DISTRICT NO.
111, Wisc.-BOND OFFERING.-Further details are at hand relative to
the offering on April 30 of the $35,000 6% 15-year tax-free building and
equip. bonds (V. 98, p. 1259). Proposals for these bonds will be received
until 4 p. m. on that day by E. C. Middleton, Deputy Clerk (P. 0. Baudette). Denom. $500, or multiples thereof. Date May 1 1914. Int.
J. & J. Cert. check for 5% of bid, required. These bonds were authorized by a vote of 162 to 3 at an election held March 21. Total bonded
debt (incl. this issue). $49,000. No floating debt. Assessed val.1913
$234,939. Official circular states that there is no controversy or litigation
pending or threatened concerning the validity of these bonds, the corporate
existence or boundaries of the district or the title of thepresent officers to
their respective offices,and that there has never been any default or compromise in the payment of any of the bonds or other legal obligations of
this school district or of the Village of Baudette.
BEN AVON SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
County, Pa.-BONDS VOTED.-At a recent election this district voted
in favor of the issuance of $60,000 building and improvement bonds by a
vote of 135 to 85.
BENTON COUNTY (P. 0. Fowler), Ind.-BOND OFFERING.
Proposals will be received until 1 p. m. May 1 by W. H. Cheadle, County
Treasurer, for $30,380 4M % road-impt. bonds. Due each six months for
10 years.
BERCLAIR SCHOOL DISTRICT (P. 0. Berclair), Gonad County,
Tex.-BOND ELECTION PROPOSED.-Reports state that a petition is
being circulated calling for an election to vote on the question of issuing
$5,000 building bonds.
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda
County, Cal.-BOND ELECTION PROPOSED.-This district is contemplating calling an election to vote on the question of issuing $350,000
'minding bonds, it is stated.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.-BONDS AUTHORIZED.-On Apr. 16 the Board of Supervisors authorized the issuance of
$40,000 deficiency bonds, it is stated.
BETHEL, Pitt County, No. Caro.-NO ACTION YET TAKEN.-We are advised that no action has yet been taken looking towards the issuance of $5.000 6% 30-year light bonds recently voted.
BLACK RIVER TOWNSHIP- (P. 0. Angier), Harnett County
No Caro.-BOND ELECTION.-It is reported that an election will be
held June 10 to submit to a vote the question of issuing $25,000 road bonds
BLAINE COUNTY (P. 0. Illiley), Idaho.-BOND SALE.-The
following bids received for the $19.500 refunding bonds offered on April 15
(V. 98, p. 850) were rejected:
James N. Wright & Co. Denver-$19,907, int. and blank bonds for 5s
Farson, Son & Co., Chicago-$19,812 for 5s
McCoy & Co., Chicago-$19,731, Int, and blank bonds for 5s
Ferris & Hardgrove, Spokane-319.614, int. and blank bonds for 5s
Bolger, Mosser & Willaman, Chicago-$19,612,int. and blank bonds for 5s
0. FE. Coffin, Chicago-$19,600 and blank bonds for 5s
Central Savings Bank & Trust Co.-319,555 and interest for 5s
B. M. Grant & Co., Chicago-$18,777 50, int. and blank bonds for 5s
E. H. Rollins & Sons, Chicago-318.605 45, int. and blank bonds for 5s
Wm.R. Compton Co., Chicago-$20.237 10. int. and blank bonds for 55.4s
N. W. Halsey & Co., Chicago-$19,605, int. and blank bonds for 534s
John Nuveen & Co., Chicago-$15,056 and blank bonds for 554s
The Board of County Commissioners, after rejecting all tho above sealed
bids, called for auction bids for an 'sane of refunding bonds amounting to
$19,000.
The bid of $19,405. interest and blank bonds for 5s, offered by R. M.
Grant & Co. of Chicago was accepted. Denom. $1,000, $500 and $100.
Date July 1 1914. Int. J. & J. Due $1,900 yearly July 1 1924 to 1933,
inclusive.
BLUE BENCH IRRIGATION DISTRICT NO. 1 (P. 0. Duchesne)'
Wasatch County, Utah.-BONDS NOT SOLD.-No satisfactory bids
were received for the $30,000 6% coup. improvement first year's interest
and indebtedness bonds offered on March 28. Denom. $250. Date
Dec. 1 1913. Int. J. & D. at the County Treasurer's office. Due on
Dec. 1 as follows: $3,000 1924, $2,250 1925, $2,500 1926, $2,500 1927,
$2,750 1928, $3,000 1929, $3,500 1930, $4,000 1931. $4,500 1932 and
$3.000 1933.
BOGUE PHALIA DRAINAGE DISTRICT (P. 0. Greenville),
Washington County, Miss.-DESCRIPTION OF BONDS.-The $300,000
67 drainage bonds awarded on March 25 to the National City Bank of
Chicago at par and interest (V. 98, p. 1102) are in the denom. $500 and
dated Aug. 10 1913. Int. F. & A. Duo on Feb. 10 as follows: $12,000
1918, $20,000 1919, $21,000 1920 and $19,000 yearly from 1921 to 1933
incl. These bonds are the first to be disposed of, of an issue of $1,057.500.
The National City Bank has been granted an option to purchase the remainder ($757,500) of the ISSUe at par and int., whenever the Commissioners desire to sell the same, but not before Jan. 1 1915. The unsold
bonds bear 6% int. and in denom. of $500. Date Aug. 101913. int. F.&
A. Due on I-4'eb. 10 as follows: $30,000 1918, $51,500 1919, $52,000 1920
and $48.000 yearly from 1921 to 1933 inclusive.
BOONE TOWNSHIP (P. 0. Hebron), Porter County, Ind.-BOND
SALE.-On April 18 the $30,000 454% high-school-building bonds (V. 98,
. 1181) were awarded to J. F. Wild & Co. of Indianapolis for $30,728 50
102.428) and int. Other bids were:
letcher-American National Bank, Indianapolis
$30,687 50
30,645 00
Breed. Elliott & Harrison, Indianapolis
BOON VILLE SCHOOL DISTRICT (P. 0. Boonville), Cooper County, Mo.-BOND SALE.-On April 15 the $65,000 10-20-year (opt.) taxable coupon or reg. site-purchase building and equipt. bonds (V. 98. P•
1012) were awarded to the Mercantile Trust Co. of St. Louis as 5s for
$67,191 50 (103.371) and int. Other bids were:
Wm.R.Compton Co.,St.L.$66.820 00 N. W. Halsey & Co., Chic.366,020 00
J.R.Sutherlin & Co.,K.C. 66,510 50 E.II. Rollins & Sons,Chic. 65.962 00
Smith Moore & Co., St.L_ 66,391 00 Fidelity Tr.Co.,Kan City_ 65,877 50
Francis Bros., St. Louis__ 66.293 50i0. II. Coffin, Chicago.._ 65,656 00
Little & Hays, St. Louis_ 66,105'00 John Nuveen & Co., Chic. 65,651 00
H. T. Hotlz & Co., Chic_ 66,061 00 IC. W.McNear & Co.,Chic. 65,370 50
Kissel,Kinni'tt & Co.,Clhic. 66.040 001
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO.52, Tex.BONDS REGISTERED.-The State Comptroller registered on April 17
$3,000 5% 10-20-year (opt.) school bonds.
BOSWELL, Choctaw County, Okla.-BONDS VOTED.-According to
local newspaper dispatches, this place recently voted in favor of the issuance
of $36,000 water-works-system bonds.
BRISTOW, Creek County, Okla.-BOND ELECTION.-An election
will be held May 1, reports state, to vote on the question of issuing $16,000
sewer-system-extension bonds.
BROMLEY, Kenton County, Ky.-BOND OFFERING.-Proposals
will be received until May 4 by Goo. Pearce, Town Clerk, for $4,000 5%
water bonds. Denom. $100. Date May 1 1914. Int. ann. Due $2,,000
In 5 and 10 yrs. Cert. check for $50, payable to "Town of Bromley, required.
BUCYRUS, Crawford County, Ohio.-BIDS REJECTED.-The fellosing bids received for the $180,000 5% 19 1-3-year (average) coupon
municipal water-works bonds offered on April 17 (V. 98, p. 1012), were
rejected:
3186.075
Prov. S. B.& Tr. Co., Cin_$189,162 Otis & Co., Cleveland
iNew First Nat. Bank, Col
184.500
Field, Longstreth & Rich188,568 Spitzer, Rorick & Co., Tol_ 180,307
ards, Cincinnati
the
bids
is
of
that the
According to reports, the reason for the rejection
Council has employed a Toledo engineer to estimate the value of the local
water-works. His report will not be ready for months, and the city may
buy the plant instead of building one. If the engineer's estimate is too high
the bonds will be re-advertised.
1,
[VOL. XCVII1,
BlIRGETTSTOWN SCHOOL DISTRICT (P. 0. Burgettstown),
Washington County, Pa.-BOND ELECTION.-An election will be
held May 2,it is stated, to vote on the question of issuing $35,090 bldg. bds
CANADIAN, Hemphill County, Tex.-BONDS VOTED.-Loca
newspaper reports state that the question of issuing $4,000 water-works
bonds carried at an election held April 11.
CANTON, Stark County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m. May 18 by Emmett C. Brumbaugh, City Auditor
for the following 5% coupon bonds:
$100,000 sewage-treatment plant-construction bonds. Denom. $1,000.
Date Sept. 11913. Due Sept. 1 1953.
61,600 water-works and mains-extension bonds. Denom. (61) $1,000,
(1) $600. Date March 1 1914. Due March 1 1934.
Int. M. & S. Certified check on a Canton bank for 5% of bonds bid
for, payable to City Treasurer, required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
Certified copy of abstract showing the legality of the issues will be furnished
successful bidder.
CANTON SCHOOL DISTRICT (P. 0. Canton), Cherokee County,
Ga.-BOND ELECTION PROPOSED.-Local newspaper dispatches state
that an election will be held in the near future to vote on the question
of issuing $25,000 building bonds.
CANTON SCHOOL DISTRICT (P. 0. Canton), McPherson County,
Kans.-BONDS VOTED.-By a vote of 299 to 2, the proposition to issue
$20,000 bldg. bonds carried, reports state, at the election held Apr. 18.
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.
Proposals will be received until 3 p. m. April 30 by W. II. Lesh, County
Treasurer, for $6,200 434% John C. Kennedy et al. highway bonds.
Denom. $310. Date April 7 1914. Int. M. & N. Due $319 each
six months from May 15 1915 to Nov. 15 1924 inclusive.
CENTRALIA, Lewis County, Wash.-BOND OFFERING.-Bids will
be received until 2 p. m. Apr. 28, it is stated, by L. M.Lee, City Clerk, for
the $118,892 10-20-year (opt.) funding bonds at not exceeding 5% int.,
voted Apr. 1 (V. 98. p. 1181). Cert. check for 5% required.
CHARLESTON, W. Va.-BOND ELECTION PROPOSED.-Local
newspaper reports state that an election will be held in the near future to
vote on the question of issuing $465,000 paving and sewer bonds.
CHARLOTTE UNION SCHOOL DISTRICT (P. 0. Charlotte),
Eaton County, Mich.-BONDS VOTED.-By a vote of 168 to 30 the
proposition to issue the $35,000 building bonds (V.98, p. 1102) carried, it is
stated, at the election held April 15.
CHATHAM, Morris County, N. J.-BOND OFFERING.-Proposals
will be received until 8 p. m.May 8 by Pat. J. Reilly, Boro. Clerk, for $35,000 5% 20-year coup. water and light system ext. bonds. Denom. $1,000.
Dated as of May 8 1914. Int. semi-ann. Cert. check for 5% of bonds bid
for, payable to "Boro. of Chatham," required.
• The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
CHEHALIS, Lewis County, Wash.-BONDS OFFERED BY BANKERS.-The Northern Bond & Mtge. Co. of Seattle is offering to investors
an issue of $25,000 7% improvement bonds. Denom. $500. Date
(est.) Aug. 1 1914. Interest annual at City Treasury. Due $2,500 Yearly
from 1915 to 1924 incl., subject to call any interest-paying date.
CHELAN COUNTY SCHOOL DISTRICT NO. 41, Wash.-BOND
SALE.-On Apr. 18 an issue of 31.500 1-10-year (opt.) school bonds was
awarded to the State of Washington at par for 514s. Denom. $300. The
Spokane & Eastern Trust Co. of Spokane bid par for 6s.
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND
SALE.-On April 10 the two issues of 5% 5%-year (aver.) street-impt.
assess. bonds, aggregating $9,350 (V. 98, p. 1013) were awarded to the
First Nat. Bank of Cheviot for $9,446 25-equal to 101.028. Other bids
were:
Mayer,Deppe & Walt.,Cin .$9,420 13 I First Nat. Bank, Norwood_ _39,391
9,409 75ISeasongood & Mayer, Cin___ 9,390
Atlas Nat. Bank, Cin
CHICAGO Ills.-SALE OF BONDS OVER COUNTER DISCONTINUED.-We learn that the sale of $1,880,000 4% bonds over the counter at
Par was discontinued when $1,100,000 bad been sold, as that was all that
was needed for the present.-V.98, p. 1181.
CHICKAMAUGA, Walker County, Ga.-BOND OFFERING.-Proposals will be received until 11 a. m. May 11 by Tom W. Lee, Mayor, for
the $15,000 5% 30-year bonds voted March 7 (V. 98, p. 941). Certified
check for $250 required.
CHICKASAW COUNTY (P. 0. Houston), Miss.-BOND SALE.-On
Apr. 6 the $100,000 6% 25-year coup. tax-free road bonds (V. 98,P. 1102),
were awarded, reports state, to the First Nat. Bank of Okolona.
CHILLICOTHE, Livingston County, Mo.-BONDS DEFEATED.
Local newspaper reports state that at the election held April 4 the question
of issuing $100,000 4% water-plant-construction bonds failed to carry; a
two-thirds majority was necessary to authorize.
CHOUTEAU COUNTY (P. 0. Fort Benton), Mont.-BONDS DEFEATED.-The question of issuing $50,000 high-school-constr. bonds
failed to carry, reports state, at the election held Apr. 13.
CLAIBORNE COUNTY (P. 0. Port Gibson), Miss.-BOND SALE.
On April 6 the $10,000 5% 20-year coupon tax-free bridge-construction
bonds (V. 98, p. 1102) were awarded to the Hanchett Bond Co. of Chicago
at 101.17 and interest. Other bids were:
A.J. Hood & Co., Detroit_ _ _ _101.12 John Nuveen & Co., Chicago_100.20
100.00.
C. H. Coffin, Chicago
100.51 Men & Co. Chicago
H.C.Speer & Sons Co., Chic_100.50 Bolger, MOsser & Willaman,
98.00
II. T. Holtz & Co., Chlcago__100.2ll Chicago
BOND OFFERING.-Proposals will be received until 2 p. in. May 4
by B. H. Morehead, Chancery Clerk, for $40,000 5% 20-year funding
bonds. Denom. $1,000. Interest annually at Hanover National Bank,
N. Y. City. Certified check for 8500 required. All expenses of preparing
and delivering bonds will be paid by the county.
CLARK COUNTY (P. 0. Springfield), Ohlo.-BOND SALE.-On
Apr. 15 $30,000 5% highway-constr. bonds due 1924 were awarded, reports
state, to Well, Roth & Co. of Cincinnati at 102.33 and int.
CLARKSD ALE, Coahoma County, Miss.-BIDS REJECTED-NEW
OFFERING.-All bids received for the $60.000 5% 20-year coup. streetpaving bonds offered on April 16 were rejected. Bids were again asked for
until yesterday (April 27). Denom.$500. Date to be determined by City
Commissioners. Int. semi-ann. at such place as purchaser may elect.
CLINTON TOWNSHIP (P. 0. Clinton), Vermilion County, Ind.BOND OFFERING.-Proposals will be received until 10 a. m. May 2 by
Valzah Reeder, Township Trustee, for $11,000 454% school-house bonds.
Denom. (2) $500, (13) 31,000. Date May 2 1914. Int. M. & N. Due
$500 on May 2 1915 and 1916 and $1,000 yearly on May 2 from 1917
to 1929 inclusive.
COLESBURG SCHOOL DISTRICT (P. 0. Colesburg), Delaware
County,Iowa.-BOND SALE.-This district has sold the $10,000 building
bonds voted during March (V. 98, p. 941.)
COLUMBIA TOWNSHIP (P. 0. Columbia City), Whitney County,
Ind.-BOND OFFERING.-Proposals will be received between 1 and 4
p.m. May 2 by Chas. H. Orner, Twp. Trustee, for 34,500 6% School Dist.
No. 10 building bonds. Denom. $500. Due $500 yearly.
CONNEAUT, Ashtabula County, Ohio.-BOND SALE.-On Apr. 20
an issue of $8,500 8-year refunding bonds was purchased, it is stated, by
the Sinking Fund Trustees.
COPIAH COUNTY (P. 0. Hazlehurst), Miss.-BOND OFFERING.
Proposals will be received until 2 p. in. May 4 by B. Shelton, Chancery
Clerk, for $50,000 6% Supervisors' District No. 2 bonds. Interest semiannual. Certified check for 5% of amount of bid required.
CORPUS CHRISTI, Nueces County, Tex.-BONDS VOTED.-The
question of issuing $50,000 street-paving bonds carried, reports state, at an
election held April 20 by a vote of373 to 39. A similar issue of bonds was
reported sold to sutherlin, Gehde & Co. of Kansas City, Mo., In V. 98, P.
CRAWFORD COUNTY (P. 0. English), Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. May 5 by A. II. Flanigan, County
Treasurer, for $7.500 454% Cyrus Allen et al highway improvement bonds.
Denom. $375. Date May 5 1914. Int. M. & N. Due $375 each six
months from May 15 1915 to Nov. 15 1924. inclusive.
APR- 25 1914.]
THE CHRONICLE
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFERING.-Proposals will be received until 11 a. m. May 2 by E. G. Krause,
t'llerk of Bd. of Co..Commrs.,for the following 5% coupon Rockside Road
Improvementbonds:
'.12,100 00 assessment bonds. Denom. (1) $100, (24) $500. Due $100
Apr. 1 1915, $1,000 Apr. 11916; 1917,1918 and 1919, $1,500
on April 1 1920, 1921, 1922 and 1923 and $2,000 on April 1
1924.
60,002 50 county's portion bonds. Denom. (1) $1,002 50, (59) $1,000.
Due $1,002 50 April 1 1915, $3,000 each six months from
Oct. 1 1915 to Oct. 1 1923 incl. and $4,000 April 1 and Oct. 1
1924.
Date May 1 1914. Int. A. & 0. at office of Co. Treas. Cert. check on
a bank other than the one making the bid,for 1% of bonds bid for, payable
to Co. Treas., required. Bonds to be delivered and paid for within 10
days from time of award. Checks must be unconditional Purchaser to
pay accrued interest. Separate bids must be made for each issue.
CYNTHIANA SCHOOL DISTRICT (P. 0. Cynthiana), Harrison
County, Ky.-BOND ELECTION.-The City Council passed an ordinance
on April 14 calling for an election to be held July 7 to vote on the question
of issuing $15,000 building bonds.
DEER CREEK SCHOOL TOWNSHIP (P. 0. Young America), Cass
County, Ind.-BOND SALE.-On April 10 the $23,140 5% 8y-year
(ay.) school bonds (V. 98, p. 941) were awarded to J. F. Wild & Co. of
Indianapolis for $24,425 (105.553) and int. Other bids were:
$24,414 00
Fletcher-American National Bank, Indianapolis
24,260 00
Breed, Elliott & Harrison, Indianapolis
23,860 50
Hanchett Bond Co., Chicago
*23,370 00
Gavin L. Payne & Co., Indianapolis
* For 4% bonds.
• OFFERING.-Proposals will be received until 10 a. m. May 5 by Sam.
Hursh, Twp. Trustee,(P. 0. Young America). for $22,000 5% bldg. bands.
Denom. (15) $1.000, (14) $500. Date May 10 1914. Int. J. & J. Due
$500 on Jan. 10 and $1,000 on July 10 from Jan. 10 1915 to July 10 1928
incl. and $1,000 Jan. 10 1929. Cert. check for $500, payable to Twp.Trustee, required.
DEER LODGE COUNTY SCHOOL DISTRICT NO. 10, Mont.BOND OFFERINCL-Proposals will be received until 11 a. m. May 21
by the Bd. of School Trustees, E.J. Bowman, Chairman (P.0. Anaconda),
for $60,000 5% 10-20-yr. (opt.) coup. school bonds. Denom. $500 or
$1,000 to suit purchaser. Int. semi-ann. Cert. check for 5% of amount
of bid, payable to Co. Treas., required.
DEERWOOD, Crow Wing County, Minn.-BOND OFFERING.
Further details are at hand relative to the offering on April 27 of the following 5%% bonds (V. 98, p. 1260):
bonds.
water-works
Due
$1,000 yrly. from 10 to 16 yrs. incl.
$15,000
and $2,000 in 17, 18, 19 and 20 years.
10,000 sewer bonds. Due $1,000 yrly. from 10 to 19 yrs. incl.
Proposals for these bonds will be received until 8 p. m. on that day by
J. 0. Hage, VB. Clerk. These bonds were authorized at an election held
March 10. Denom. $1.000. Int. semi-ann. Cert. check for 2% of
bid, payable to "Village of Deerwood," required. Total bonded debt
(incl. these issues), $35,000; school bonds (not incl. in total debt), $16,200:
no floating debt. Official circular states that there is no controversy or
litigation pending or threatened affecting the corporate existence or the
boundaries of said municipality or the title of its present Metals to their
respective offices; that no previous issues of bonds have been contested,
and that there has never been any default in the payment of any of the
village obligations. Bonds may be registered.
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND OFFERING.
-Proposals will be received until 1 p. m. May 5 by W.V.Aldrich, Co. Aud.
for $100,000 5% coup. taxable flood-emergency bonds. Denom. $1,000.
Date Mar. 11914. Int. M.& S. at office of Co. Treas. Due $5,000 each
six months from Sept. 1 1914 to Mar. 1 1924 incl. Cert. check on a Delaware County bank (or cash) for $500 required. Bonds to be delivered and
paid for within 5 days from time of award. Purchaser to pay acrrued interest. Bonded debt (incl. this issue), $757,707. No floating debt.
Assess. val. 1913, $42,000,000.
DELTA, Fulton County, Ohio.-BOND SALE.-On Aprfl 6 the $35,000 5% 5%-year (ay.) Main St. improvement bonds (V. 98, p. 852) were
awarded, it is stated, to the Security Savings Bank & Trust Co. of Toledo
for $35,005 (100.014) and interest.
DETROIT Mich.-BOND OFFERING.-Proposals will be received
until 2 p. m. April 28 by the Board of Water Commissioners, H.S. Starkey,
Secretary, for $500,000 4% 30-year coup. tax-free water bonds. Denom.
$1,000. Date Mar. 1 1914. Int. M. & S. Certified check for not loss
than % of 1% of bonds bid for, payable to Board of Water Commissioners,
required. These bonds, in addition to six other issues, were disposed of on
March 16 on a commission basis (V. 98, p. 942). The sale of these water
bonds and also an issue of $475.000 library bonds was not consummated.
DIMMITT COUNTY COMMON SCHOOL DISTRICT NO. 1, Tex.
BOND SALE.-It is stated that the $40,000 5% 10-40-year (opt.) bonds
(V.98, p. 706) have been sold to the Commonwealth Trust Co. of Houston
at par and int.
DOVER, Cuyahoga County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 in. May 12 by Clifford Pease, Village Clerk, for
$2,000 5%% West Dover road-improvement bonds. Denom. $500. Date
April 11913. Int. M.& S. Due $500 yearly on Oct. 1 from 1919 to 1922,
inclusive. Certified check for $50, payable to Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
•
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. New Dover),
Union County, Ohio.-BOND SALE.-On April 10 an issue of $16,000
5% 5Y-year (ay.) building bonds was awarded, it is stated, to Charles
W. Southard, Cashier of the Commercial Savings Bank of Marysville, for
$10,363 70 (102.266) and interest.
DURHAM, Durham County, No. Caro.-BONDS VOTED.-The
question of issuing the $500,000 water-works-plant-purchase bonds (V. 98,
P. 706) carried, it is stated, at the election held April 21.
EAST LYNN TOWNSHIP HIGH SCHOOL DISTRICT, Vermilion.
and Iroquois Counties, Ill.-130ND OFFERING.-Proposals will be received until 8 p. in. to-day (April 25) by R. F. Van Doren, Sec. of Bd. of
Ed. (P. 0. East Lynn), for $12.500 5% bldg. bonds. Auth. vote of 152
to 129 at a recent election. Denom. $1.250. Int. ann. on April 1 at East
Lynn. Due $1,250 yrly. on April 1 from 1917 to 1926 incl.
EAST MILWAUKEE SCHOOL DISTRICT NO. 4 (P. 0. Milwaukee,
Station E, R. F. D. No.8), Milwaukee County, Wisc.-BOND SALE.On April 17 the $35,000 5% 1-5-year (ser.) bldg. bonds were awarded to the
Wisconsin Trust Co. of Milwaukee at 102.81 and blank bonds. Other bids:
Kissel,Kinnicutt&Co.,Chic_*$36,065 First Say. & Tr. Co. Milw_a$35,705
E. H. Rollins & Sons, Chic.. 36,014 Bolger, Mos.ser & Willaman,
Hanchett Bond Co., Chic_
35,876
Chicago
a35,561
Harris Tr.& 8.11k., Chicago a35,794 C. W. eNear & Co., Chtc_a35,075
* For semi-annual interest. a And blank bonds.
Denom. $1,000. Date May 1 1914. Int. ann. in May.
EASTON, Talbot County, Md.-BONDS AUTHORIZED.-AccordIng to reports, this city has been authorized to issue $30,000 municipal
electric-light-plant bonds.
EFFINGHAM, Atchison County, Kans.-BONDS VOTED.-On
April 14 the question of issuing $12,000 electric-light-plant-installation
bonds carried, it is stated.
ELKHART INDEPENDENT SCHOOL DISTRICT (P. 0. Elkhart),
Anderson County, Texas.-BONDS VOTED.-According to reports, an
election held April 4 resulted in a vote of 114 to 21 in favor of the question
of issuing $8,000 building bonds.
p EL PASO COUNTY (P. 0. El Paso), Tex.-BOND OFFERING.-Proposals will be received until 11 a. m. May 11 by Park W.Pittman, County
Clerk, for $360,000 5% 10-40-year (opt.) court-house and Jail bonds. Denom.$1,000. Int. send-ann. in N. Y. or Chicago. Cert. check for $3,600
required.
IF EMPORIA, Lyon County, V.:In.-BONDS DEFEATED.-Reports
state that the question of issuing $75,000 auditorium bonds failed to carry
atla, recent election.
FAIR GROVE CONSOLIDATED SCHOOL DISTRICT NO. 4 (P. 0.
Fair Grove), Greene County, Mo.-BONDS DEFEATED.-The questioupt issuing $10,000 bldg. bowls failed to carry at the election held Apr. 7.
1335
FALL CREEK TOWNSHIP (P. 0. Middletown), Henry County,
Ind.-BOND OFFERING.-Proposals will be received until 10 a. m.May 15
by Lafe Bell, Twp. Trustee, for $20,000 4%% school-house bonds, it is
rAi
ed
stat
LON SCHOOL DISTRICT (P. 0. Fallon), Churchill County,
Nev.-BONDS VOTED.-Reports state that this district recently voted
in favor of the issuance of $20,000 bldg. bonds.
FAYETTEVILLE, Lincoln County, Tenn.-BOND OFFERING.
Proposals will be received until 3 p. m. May 12 by J. M.Fulton, Mayor, or
Hiram Higgins, City Clerk, for $60.000 5% 10-20-yr. (opt.) coupon sewer
bonds. Authority election held April 4. Denom. $500. Date May 1
1914. Int. M. & N. Cert. check for $1,000 required. Bonded debt
$26,500.
FLANDREAU INDEPENDENT SCHOOL DISTRICT (P. 0. Flandreau), Moody County, So. Dak.-BOND OFFERING.-Proposals will
be received until 8 p. m. May 20 by Warren G. Cowles, Secy. Board of
Education,for $40,000 5% site-purchase and construction bonds. Denom.
$1.000. Date July 11914. Int. J. & J. at Flandreau in N. Y. exchange.
Due $2,000 yearly beginning 1 year after date. Certified check for $500.
payable to .Board of Education," required. Official circular states that
there is no controversy existing or litigation pending or threatened affecting
corporate existence, boundaries of said district or title of present members
of board of education to their respective offices or the validity of these
bonds; that the principal and interest of all bonds previously issued have
always been promptly paid when due and that no previous issue of bonds
has ever been contested.
FLINT, Genesee County, Mich.-BONDS VOTED.-The question of
issuing the $178,238 02 storm-water-sewer-constr. bonds (V. 98, p. 1013)
carried, it is stated, at the election held April 6.
FLOYD COUNTY (P. 0. New Albany), Ind.-BOND SALE.-On
Apr. 15 the two issues of 4%% 5y-year (aver.) gravel-road bonds (V. 98,
p. 1103) were awarded, it is stated, as follows:
$27,040 River Road bonds to Gavin L. Payne & Co. of Indianapolis for
$27,496 50, equal to 101.688.
4.000 Market St. bonds to J. F. Wild & Co.of Indianapolis at 101.41.
FORNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Forney),
Kaufman County, Tex.-BONDS REGISTERED.-An issue of $3,000 5%
20-40-year (opt.) school bonds was registered by the State Comptroller on
April 16.
FORT PLAIN, Montgomery County, N. Y.-BONDS DEFEATED.
The question of issuing $90,000 school site purchase and building bonds
failed to carry at the election held April 5 by a vote of 119 "for" to 430
"against."
FRANKLIN, Anderson County, Tex.-BONDS VOTED.-The question of issuing $17,500 water and light bonds carried, it is stated, by a vote
of 98 to 18 at an election held Apr. 14.
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND OFFERING.
-Proposals will be received until May 4 by Frank J. Geis, County Treasurer, it is stated, for $7,240 4%% gravel-road bonds.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND SALE.
On April 2 the four issues of 5% road-impt. bonds, aggregating $100,500
(V. 98, it• 942), were awarded as follows:
To Weil, Roth & Co., Cincinnati.
$62,500 3-year (ay.) Watt Road impt. bonds for $63,541-equal to 101.665.
19,000 4%-year (ay.) Kilgore Road impt. bonds for $19,341 70-equal
to 101.795.
To Citizens' Trust & Savings Bank, Columbus.
$9,000 2-year (ay.) Leppert Road impt. bonds for $9,180-equal to 100.20.
10,000 4%-year (ay.) flail Road impt. bonds at 101.91.
Other bids were:
Premium.
Premium.
Field. Longstreth & RichOhio Nat. Bank,Columbus $1,437 30
ards, Cincinnati
$1,627 15 Spitzer, Rorick & Co., Tol_ 1,229 50
Stacy & Braun, Toledo_ _ _ 1,595 08 Seasongood & Mayer, Ctn.. 1,185 00
Hayden, Miller & Co.,Clev. 1,580 00 Provident Savings Bank &
Otis & Co., Cleveland
Trust Co.. Cincinnati___ 1.13595
1,55000
Tillotson&WolcottCo..Cle_ 1.512 50 New First Nat. Bank, Col.. 373 50
BOND OFFERING.-Proposals wil be received until 10 a. m. April 30
by John Scott, Clerk Board of County Commissioners. for $13,000 &framed road impt. and $13,000 King Ave. raod impt., 5% bonds. Denom.
$500. Date May 1 1914. Int. M. & N. at County Treasury. Due
$6.500 of each issue on May 1 1919 and 1924. Certified check on a solvent national bank or trust company for 1% of bonds bid upon, payable
to Board of County Commissioners, required. Bonds will be ready for
delivery on day of sale. A complete transcript of proceedings had in each
of said road impts. will be furnished successful bidder at time of award
and a reasonable amount of time will be allowed purchaser for examination of said transcript.
FRANKLIN SCHOOL DISTRICT, Merced County, Calif.-BONDS
VOTED.-The question of issuing $4,500 6% building bonds carried by a
vote of 17 to 2 at an election held April 10. Denom. $500. Due $500
yearly from 1 to 9 years inclusive.
FRIDAY HARBOR, San Juan County, Wash.-BOND OFFERING.
-Proposals will be received until 6 p. m. April 28 by C. E. Hackett, Town
Treasurer, for $14,000 5-20-year (opt.) coupon water bonds at not exceeding
6% interest. Denom. $1,000. Interest semi-annually at office of Town
Treasurer or at some responsible banking house, corporation or municipality within the State of Washington.
FULTON COUNTY SCHOOL DISTRICT NO. 141 (P. 0. Lewistown), Ills.-BOND SALE.-On April 16 the $27.500 5% 13-year (aver.)
building bonds (V. 98, p. 1183) were awarded to the Harris Trust & Savings
Bank of Chicago for $28,677 75-equal to 104.282. Purchaser to furnish
blank bonds and pay attorneys' fees. Other bids were:
Bolger, Mosser & WillaA.B.Leach & Co.,Chic_ _$28,060 00
man, Chicago
$28,327 75 0. H. Coffin, Chicago__ 28,006 00
N. W.Halsey & Co.,Chic. 28,270 00 McCoy & Co.,Chicago___ 27,923 00
John Nuveen 4c Co., Chic.. 28,177 00 II. C. Speer & Sons Co.,
Hanchett Bond Co.. Chic.. 28,171 00
Chicago
*27,915 00
Natheny, Dixon & Co.,
C. W. McNear & Co.,
Chicago
Springfield
28,151 00
27,701 00
* This bid did not include a check as required.
Date May 1 1914. Int. ann. at the Harris Trust & Say. Bank. Due
$1,000 yearly May 1 from 1915 to 1933 incl. and $8,500 May 1 1934.
GADSDEN, Ala.-BOND ELECTION PROPOSED.-This city, according to local newspaaper reports, is contemplating calling an election to be
held May 11 to vote on the issuance for $100,000 steet-paving bonds.
GALESBURG, Knox County, Ill.-BONDS DEFEATED.-The
question of issuing the $75,000 water-works-system bonds (V. 98, p. 1103)
tailed to carry at the election held April 7. The vote was 3,218 "for" and
3,748 "against."
GALLUP SCHOOL DISTRICT (P. 0. Gallup), McKinley County,
N. Mex.-BOND SALE.-The $7,500 refunding bonds offered on March 9
(V. 98, p. 780) were awarded to Jas. N. Wright & Co. of Denver for $7,507
(100.093) for 5%s.
GARNER SCHOOL DISTRICT (P. 0. Garner), Hancock County,
Iowa.-BOND SALE.-On April 10 an issue of $35,000 5% 10-year
building bonds was awarded to the First Nat. Bank of Garner for $35,876.
equal to 102.502. Denom. $1,000.
GLENS FALLS, Warren County, N. Y.-BOND OFFERING.-Proposals will be received until 8 p. in. April 29 by Loren F. Goodson, City
Clerk, for $45,000
% bridge-construction bonds. Denom. $1,000.
Int. semi-ann. Due $10.000 on May 1 1934, 1935 and 1936 and $15,000
Certified
check on a national bank, State bank or trust
May 1 1937.
company for $500, payable to City Chamberlain, required. Bonds will
be ready for delivery on or before May 1. The legality of these bonds will
be approved by Dillon, Thomson & Clay of N. Y. City, whose opinion
will be furnished purchaser. Bonded debt (not incl. this issue) $258,650.
Assessed valuation $6,851,475.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
GRAND RAPIDS, Kent County, Mich.-BONDS DEFEATED.-The
question of issuing the $138.000 bridge bonds (V. 98, p. 942) was defeated
at the election held April 6 by a vote of 7,996 "for" to 10,687 "against."
1336
THE CHRONICLE
GRANT COUNTY (P. 0. Marion), Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. April 24 (and from day to day thereafter until sold), by Uz McMurtrie, County Treasurer, for the following
4 % highway-improvement bonds:
$11,180 Philip H. Hudson at at. highway-impt. bonds. Denom. $559.
4,380 Frank Keever et at highway-impt. bonds. Denom. $219.
Date Jan. 1 1914. Int. M. & N. Due part each six months beginning May 15 1915.
BOND SALE.-On April 4 the sixteen issues of 434% 6-year (ay.) taxfree gravel-road bonds, aggregating $183,220(V.98,P. 1103) were awarded
as follows:
$137,020 (ten issues) to J. F. Wild & Co. of Indianapolis for $138,116 91
(100.80) and interest.
35,100 (3 Issues) to Gavin L. Payne & Co. of Indianapolis for $35,376 80
(100.788) and interest.
5,800 (2 issues) to Geo. Webster Jr., Marion, for $5,835 (100.603)
and interest.
5,300 (1 issue) to A. G. Messick, Marion, for $5,351 (100.962) and int.
Interest M.& N.
GRANT INDEPENDENT SCHOOL DISTRICT (P. 0. Grant),
Montgomery County, Iowa.-BOND SALE.-The $19,000 building and
equipment bonds voted March 9 (V. 98, p. 942) have been disposed of.
GRANVILLE SCHOOL DISTRICT (P. 0. Granville), Licking
County, Ohio.-BOND OFFERING.-Proposals will be received until.
7 p. m. April 29 by C. W.McLees, Clerk of Board of Education,for $10,000
5% school-impt. bonds. Denom. $500. Date April 29 1914. Int. A. &
0. at office of Dist. Treas. Due $500 yearly on April 29 from 1915 to
1935 incl. Certified check for $500, payable to above Clerk, required.
Bonds to be delivered and paid for within 10 days from time of award.
GRIMES COUNTY (P. 0. Anderson), Tex.-BOND SALE.-According to reports, this county has sold $30,000 refunding bonds.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND SALE.
On April 21 the $4.000 5% 2-5-year (ser.) coup. infirmary bonds (V. 98, p.
1183) were awarded to the Ohio Nat. Bank, Columbus, at 100.555 and int.
Other bidders were:
Stacy & Braun, Toledo_ __ _$4,021 201Security S.B.& Tr.C.,Tol _ $4,012 75
GULFPORT SCHOOL DISTRICT (P. 0. Gulfport) Harrison County, Miss.-BONDS PROPOSED.-Reports state that the
' School Trustees
have prepared a petition to the County Board of Supervisors, asking for
authority to issue $15,000 school building bonds.
GITSTINE UNION HIGH SCHOOL DISTRICT, Merced County,
Calif.-BOND OFFERING.-Proposals will be received until 10 a. in
May 5 by the Board of County Supervisors (P. 0. Merced) for the $36,000
534% gold building and equipment bonds voted March 14 (V. 98, p. 1014).
Denom. $1.000. int. semi-ann. In Merced. Duo $1,000 yearly for 36
years. Certified check for 10%, payable to Chairman of Board ofSupervisors, required. Total debt April 14, $36,000.
HACKENSACK, Bergen County, N..J.-BONDS PROPOSED.-This
town is contemplating the issuance of $563,500 sanitary-sewer-system
bonds.
BOND ELECTION RESCINDED.-The election called for April 21 to
vote on the question of issuing $115,000 municipal-building bonds has
been rescinded.
HAMILTON, Butler County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. May 12 by Ernst E. Erb, City Auditor, for the
following bonds:
• $7,774 20 5% Kahn Ave. improvement bonds. Date Oct. 1 1913.
4,442 00 5% Cleveland and Wayne Avenues sanitary sower bonds.
Date Nov. 1 1913.
2.361 20 5% Vine St. and Greenwood Ave.sanitary sewer bonds. Date
Nov. 1 1913.
782 00 5% Beckett St. sanitary sewer bonds. Date Nov. 1 1913.
25,249 90 434% Walnut St. improvement bonds. Date Feb. 11914.
6,914 00 5% sidewalk-improvement bonds. Date Jan. 1 1914.
10,000 00 434% water-works-improvement bonds authorized by the City
Council on Feb. 18 (V. 98, p. 706). Date Feb. 1 1914.
Int. semi-annual. Due in ten equal installments from 1 to 10 years,
inclusive, except the $6,914 issue, which is payable in five equal installments
from 1 to 5 years, inclusive. Certified check for 5%, of amount of bid,'payable to City Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued Interest.
The first two issues ($7,774 20 and $4,442) were offered without success
on Feb. 12 (V. 98, p. 629).
HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND SALE.
On April 13 the two issues of 434 %, gravel road bonds dated March 4 1914'
(V. 98, p. 1014) were awarded to the Citizens' State Bank of Noblesville as
f Alows •.
$7,400 Theo. B. Harvey road, Washington Twp., bonds for $7,460 (100.81)
and interest.
2,900 Chas. Baldwin road, Washington Twp.,bonds for $2,912(100.413)
and interest.
Other bids were:
Gavin L.Payne&Co.,Ind's.$10,361 661Fletch.-Ainer.Nat.Bk.,Ind's_310,347
E.F.Parr & Co., Chicago. 10,351 70 Breed, Ell.& Harr., Indlis_ 10,343
Int. M.& N. Due part each six months beginning May 15 1915.
BOND OFFERING.-Proposals will be received until May 16 by M. L.
Cardwell, County Treasurer, it is stated, for $6,200 (denom. $310) and
$1,920 (denom. $96) 43i% road bonds.
HANCOCK, Washington County, Md.-BONDS VOTED.-At a
recent election this place voted in favor of the issuance of $30,000 waterworks-system bonds, according to reports.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND OFFERING.=
Proposals will be received until 12 m. May 6 by the County Commissioners,
Jean C. Copeland, Clerk, for the following 5% coupon road-impt. bonds:
$21,500 Gorsuch road improvement bonds. Due $2,000 yearly on June 1
from 1915 to 1921, inclusive, and $2,500 on June 1 1922, 1923
and 1924.
23,500 Henry road-improvement bonds. Duo $2,500 yearly on June 1
from 1915 to 1923, inclusive, and $1,000 June 1 1924.
11,500 Bibler road-Improvement bonds. Due $1,500 on June 11915, 1916,
1917 and 1918 and $1,000 yearly on June 1 from 1919 to 1923,
inclusive, and $500 June 1 1924.
22,500 G. M. Forney road-improvement bonds. Due $2,500 yearly on
June 1 from 1915 to 1919, inclusive, and $2,000 yearly on June 1
from 1920 to 1924, inclusive.
9,500 Tiffin or Fisher road-improvement bonds. Due $1,000 yearly on
June 1 from 1915 to 1923, inclusive, and $500 June 1 1924.
9,000 Williamson road-improvement bonds. Due $1,000 yearly on
June 1 from 1915 to 1922, inclusive, and $500 on June 1 1923 and
1924.
9,000 Heldman road-improvement bonds. Due $1,000 yearly on June 1
from 1915 to 1922, inclusive, and $500 on June 1 1923 and 1924.
4,500 Rodabough road-improvement bonds. Due $1,000 yearly on
June 1 from 1915 to 1918, inclusive, and $500 June 1 1919.
9,500 Otsego road-improvement bonds. Due $1,000 yearly on June 1
from 1915 to 1923, inclusive, and $500 June 1 1924.
Denom. $500. Date June 1 1914. Int. J. & D. at office of County
Treasurer. Certified check (or cash) for $100, payable to County Treasurer, required. Bonds and coupons will be furnished by the County
Commissioners.
HANOVER TOWNSHIP SCHOOL DISTRICT, Morris County,
N. J.-BOND OFFERING.-Proposals will be received until 2:30 p. m.
May 20 by F.E.Tilton, Dist. Clerk (P.0.Morris Plains),for $44,001 434%
bonds. Denom.(43) $1,000,(1) $1,001. Date July 1 1914. Int. J. & 3.
Due $1,000 yearly from 1918 to 1923 incl., 32,000 in 1924, 1925 and 1926,
$1,000 in 1927, 1928, 1929 and 1930, $2,001 in 1931, $3,000 in 1932 and
1933 and $2.000 yearly from 1934 to 1943 incl. Cert. check for 1% of
bonds bid for required.
HARRISON COUNTY (P. 0. Marshall), Tex.-BOND OFFERING.Proposals will be received until 12 m. May 14 by Geo. L. Huffman, County
Judge, for the $300,000 5% 10-40-year (opt.) Road Dist. No. 1 bonds
voted Feb. 24 (V. 98, p. 781). Date Apr. 1 1914. Cert. check for 1% of
bid required.
HELENA SCHOOL DISTRICT NO. 1 (P. 0. Helena), Lewis and
Clark County, Mont.-BOND OFFERING.-Proposals will be received
until 11 a. m. May 14 by Thos. E. Goodwin, Clerk, for $50,000 10-20-year
(opt.) coupon school-improvement bonds. Anth. vote of 268 to 122 at an
election held April 4. Denom. $1,000. Date July 1 1914. Int. (not
exceeding 5%)J. & J. at office of Co. Treas., or at some bank in N.Y. City.
Cert. check for $500, payable to above Clerk, required.
[VoL. xcvm
HEMPSTEAD SCHOOL DISTRICT (P. 0. Hempstead), Waller
County, Tex.-BOND OFFERING.-Proposals will be received until
May 10 for the $20.000 5% 10-25-year (opt.) building bonds authorized
by a vote of 161 to 5 at the election held March 3.
HENDERSON COUNTY (P. 0. Henderson), Ky.-BONDS PROPOSED.-According to local newspaper dispatches, this county is contemplating the issuance of ditch bonds.
HENDERSON COUNTY (P. 0. Lexington), Tenn.-BOND ELECTION.-An election will be held Aug.6 to submit to the voters the question
of issuing $200,000 road bands.
HICKORY SCHOOL DISTRICT (P. 0. Hickory), Newton County,
Miss.-BONDS PROPOSED.-Reports state that this district is contemplating the issuance of $10.000 6% school bonds.
HILLSBORO COUNTY (P. 0. Tampa), Fla.-BOND ELECTION
PROPOSED.-Reports state that petitions are being circulated calling for
an election to vote on the question of issuing $225,000 special school tax
district bonus.
HINDS COUNTY (P. 0. Jackson), Miss.-BONDS PROPOSED.
Local newspaper reports state that the Board of Supervisors have given
notice of their intention to issue $125,000 25-year District No. 2 road bonds
at not exceeding 535% interest.
HOLMES COUNTY (P. 0. Lexington), Miss.-BOND SALE.-On
April 8 $75,000 5% funding and current expense bonds were awarded, it is
stated, to the Merchants'& Farmers'Bank & Trust Co. of Lexington at par.
HOPEDALE SCHOOL DISTRICT (P. 0. Hopedale), Harrison
County, Ohio.-BONDS VOTED.-The question of issuing $10,000 bldg.
bonds carried, reports state, by a vote of 81 to 29 at an election held April 4.
HOPE VILLE, Fulton County, Ga.-BONDS PROPOSED.-According
to reports, this town is contemplating the issuance of water-works and
sewerage-system bonds.
HOPEWELL TOWNSHIP (P. 0. Tiffin), Seneca County, Ohio.
BOND SALE.-On April 9 $20,000 434% road-impt. bonds were awarded,
reports state, to the Tiffin Nat. Bank, Tiffin , at par and int. Denom.
$500. Due serially from 1915 to 1929.
HORSEFLY IRRIGATION DISTRICT (P. 0. Bonanza), Klamath
County, Ore.-BONDS NOT SOLD.-No bids were received for the $345,000 11-20-year (ser.)and $225,000 21-30-year (ser.) 6% gold reg. coup. irrigation-system-constr. bonds offered on Apr. 14 (V. 98, p. 781). Denom.
$100 to $1,000, as desired by purchaser. Int. semi-ann. at the Dist. Treas.
office. Due ($315,000). $17,250 11 yrs., $20,700 12 yrs., $24,150 13 yrs.
$37,950 17 yrs., $44,856
$27,600 14 yrs., $30,050 15 yrs.. $31,500 16
($225,000), $12,250121 yrs.,
18 yrs., $51,750 19 yrs., and $55,200 20 yrs.:yrs.,
25 yrs., $22,500
$20,250
$14,500 22
$16,750 23 yrs., $18,000 21 yrs.,
yrs.' yrs., $29,250 28 yrs., $33,759 29 yrs. and $33,000 30 yrs.
26 yrs., $24,75027
PROELECTION
-BOND
HOUSTON, Houston County, Minn.
POSED.-Reports state that an election will be held in the near future to
vote on the question of issuing $10,000 funding and jail-construction bonds.
HOUSTON, Harris County, Tex.-BOND SALE.-Local papers state
that on April 10 the City Council authorized the purchase of $100,000
drainage bonds of the city out of the sinking fund. The price paid was
par and int.
Housros HEIGHTS, Tex.-BOND ELEOTION PROPOSED.-Reports state that an election will be held in the near future to vote on the question of issuing $200,000 paving bonds.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m. April 30 (and from
day to day thereafter until sold) by Geo. W. Gill, County Treasurer, for
the following 434% highway-improvement bonds:
$14,240 Alvadore Ruse et at. highway-impt.bonds. Denom. $712.
6,670 John G. Eberhart et al. highway-impt. bonds. Denom. $333 50.
Date March 15 1914.
3,842 J. H. Carroll et al. Clear Creek Twp. highway inept. Denom.
$192 10. Date Mar. 15 1914.
Interest M. & N. Due one bond of each issue each six months from
May 15 1915 to Nov. 15 1924 inclusive.
HURON COUNTY (P. 0. Bad Axe), Mich.-BONDS DEFEATED.Local newspaper dispatches state that the question of issuing $85,000
coirt-house-construction bonds failed to carry at the election held April 6.
HURTSBORO, Russell County, Ala.-DESCRIPTION OF BONDS.
The $24,0006% coupon water and light-plant bonds purchased on March 10
by J. B. McCrary Co. of Atlanta (V.98, p. 943) are.in the delimit. of $500
and dated Jan. 2 1914. Int. J. & J. at the Hanover Nat. Bank, N. Y.
Due Jan. 2 1924. Total debt, including this issue, $34.000. No floating
debt. True val. (est.) 1914 $1,000,000; assess. val. 1913, $375,000;
assess. val. 1914, $430,000. These bonds were authorized by vote of 60
to 0 at an election held March 2.
IMPERIAL IRRIGATION DISTRICT Imperial County, Cal.BOND ELECTION PROPOSED.-An election will be held in the near
future, reports state, to vote on the question of issuing $3,500,000 bonds
to purchase the Imperial Valley water-system.
INDIAN LAKE SCHOOL TOWNSHIP (P. 0. Pulaski), Pulaski
County, Ind.-BOND OFFERING.-Proposals will be received until
1:30 p. m. May 7 by Fred.Senn, Twp. Trustee, for $13,000 4% schoolbuilding bonds. Denom. $500. Date "day a sale." Interest semiannual. Due $500 each six months from July 1 1915 to Jan. I 1928,
Inclusive. Certified check for $500 required. Successful bidder shall pay
for the preparation of the transcript.
INGUADORA, Cass County, Minn.-BOND OFFERING.-Proposals
will be received until 10 a. m. May 9 by Roy Devore, Town Clerk, (P. 0.
Longville), for $14,000 6% 18-year road bonds. Denom. $1,000. Int.
semi-ann. Certified check for $200, payable to "Town of Inguadona,"
required. Successful bidder required to furnish his own form of bonds.
JACKSON, Jackson County, Mich.-BONDS VOTED.-On April 6
this city voted to issue $13,000 market-building this purchase and $8,000
building bonds,it is stated.
JACKSON COUNTY (P.O.Brownstown), Ind.-BOND OFFERING.
-Proposals will be received until 10 a. in. April 28 by John E. Belding,
County Treasurer, for the following 434% semi-annual highway-improvement bonds:
bonds. Denom.
$6,720 John F. Steltenpohl at al highway improvement
$336. Date April 6 1914. Due $336 each six months from May 15
Inclusive.
1915 to Nov. 15 1924,
6,000 Jas. W. Wayman et al highway-improvement bonds. Denom.
$300. Due $300 each six months from May 15 1915 to Nov. 15
1924, Inclusive.
JACKSON UNION SCHOOL DISTRICT (P. 0. Jackson), Jackson
County, Mich.-BOND SALE.-This district has disposed of the $30,000
434% school bonds offered on Feb. 14 (V. 98, P• 467)•
JAMESTOWN SPECIAL TAX DISTRICT P. 0. Jamestown),
Guilford County, No. Caro.-BONDS PROPOSED.-According to local
newspaper reports, this district is contemplating the issuance of $7,500 vari(p. o Ridg
ous school-improvement
JASPER COUNTY bonds.eland), So. Caro.-BOND ELECTION.
-A vote will be taken May 5, it is stated, on the issuance of $40,000 courthouse and jail bonds.
JOHNSON COUNTY (P. 0. Franklin), Ind.-BOND SALE.-On
April 21 the two issues of 434% gravel-road bonds (V. 98, p. 1260) were
awarded, it is stated, as follows:
$10,800 R. M. Green at al road bonds to Gavin L. Payne & Co. of Indianapolis for $10,886 60-equal to 100.801.
4,740 Ragsdale et al road bonds to Breed, Elliott & Harrison of Indianapolis for $4,770-equal to 100.063.
JUNIATA, Blair County, Pa.-BOND ELECTION.-An election will
be held May 19 to submit to a vote the question of issuing $50,000 5%
municipal improvement bonds. Due not less than 15 years nor more than
30 years. Amount of existing indebtedness $80,630. Assessed valuation $2,100,000.
KAUFMAN COUNTY (P. 0. Kaufman), Tax -PONDS VOTED.
The question of issuing $80,000 Improvement District No. 1 levee bonds
carried, reports state, at a recent election.
RESULT OF BOND ELECTION.-The question of issuing the $300,000
Terrell District road bonds (V. 98:P. 1014) carried, it is stated, at the election held April 16, while the proposition to issue the $250,000 (not $200,000
as first reported) Kaufman Precinct No. 1 road bonds failed to carry. The
result of the election in Crandall Precinct No. 8 wa.s not reported. azi ,„11
APR. 25 1914,)
THE CHRONICLE
1337
KELSO, Cowlitz County, Wash.-DESCRIPTI
ON OF BONDS.-The
LOS ANGELES, Los Angeles County, Calif.-BOND
$7,000 6% refunding bonds awarded on
ELECTION.
12 to the Kelso State Bank According to local
of Kelso at par, interest and blank bondsMarch
papers,the date for holding the election to vote on
(V. 98, p. 1104) are in the denom. $6.500,000
the
power
of $100 and dated March 11914. Due $1,000
$1,250,000 for the completion of power project
yearly for 7 years. These works now under bonds,
bonds were previously awarded on Dec. 23
construc
tion
and
$5.250,000 for the "construction or
to the First National Bank of acquisition" of a distributing
Kelso. but were subsequently
system, has formally been fixed for May 8
advertising and in the bids. refused because of an error found in the and not May 5 as first reported. (V. 98, p.
1014)•
LOS
ANGELES COUNTY IRRIGATION DISTRI
KENNEWICK, Benton County, Wash.
CT NO. 4, Cal.-BOND ELECTION PRO- BOND OFFERING.-Bids
POSED.-An election will be
will be
held in the near future to submit to the state,
until 2 p. m. May 4, reports
voters the proposition to issue $25,000
by the Bd. of Supervisors (P.received
0.
Los
Angeles
)
for
bonds.
330,00
06% bonds.
Denom. $1,000.
KENOSHA, Kenosha County: Wisc.BONDS DEFEATED.-The
LOVELAND, Clermont County, Ohio.
questions of issuing $300,00
0
-BOND
high-sch
ool,
OFFERI
Main
St.
bridge
NG.-Profiltratio
and
n posals will be received until 12 m. May
bonds failed to carry, reports state,
at the election held April 7.
$4,191 6% refunding bonds. Denom. 18 by L. Shawhan, Vii. Clerk, for
KINGS COUNTY (P. 0. Hanfors1), Calif.-BOND
(8)
$500,
$191.
(1)
Date
Apr. 1
1914.
Int. A. & 0. Due Oct. 11923. Cert. check
ELECTION PROPOSED.-It is reported that the County
for 5%0 of bonds bid
Board of Supervisors are consider- for, payable to Vil. Treas., required
ing holding an election to vote
within 10 days from time of award.. Bonds to be delivered and paid for
on the issuance of $1,000,000 road bonds.
Purchaser to pay accrued int. and
furnish bonds.
KLEBERG COUNTY (P. 0. Kingsville), Tex.-BONDS TO
BE OFI
FERED SHORTLY.-Local
McLENNAN COUNTY (P. 0. Waco), Texas.
newspap
reports
state
er
that
this
county
-BOND SALE.-On
wil
Apr. 15 the $1,075,000 5% Road Dist.
shortly offer for sale $300,000 court-house, jail and hospital
No. 2 bonds (V. 98,
bonds.
1104) were
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND SALE.-On April awarded to the Harris Tr. & Say. Bank of Chicago at par andpint.
MACEDONIA
15 the $64,888 25 5% levee-repair bonds were awarded to the Fletcher
GE SCHOOL DISTRICT (P. 0. Macedonia)
- Summit County,VILTA
American Nat. Bank of Indianapolis, it is stated, for $65,400
Ohio.
-BOND OFFERING.-Proposals will be received
and int. Denom. (64) $1,000, (1) $888 25. Date March 225 (100.789) until 11 a. m. May 15 by I). L. Grimm,
Clerk of Board of Education, for
1914. Int.
J. & J. at the Citizens
5% building bonds.
' Trust Co. of Vincennes. Due $16,000 July 1 1915, $7,000
ty vote of 95 to 10 at an
March 31. Denom. $1,000. Authori
held
$16,000 Jan. 1 and July 1 1916 and $16,888 25 Jan.
Date May 15 1914. Int. A. &election
1 1917.
0.
Second Nat. Bank, Akron. Due
First$1,000 yearly on April 1 from at
LADYSMITH JOINT SCHOOL DISTRICT NO. 1 (P. 0. Lady- 1929, inclusive.
1923 to
Certifie
d
check
for
smith), Rusk County, Wis.-BO/VD
5% of bid, required.
OFFERING.-Proposals mill be reMACOMB
ceived until April 30 by the Board of Educatiin for $65,000
L DISTRICT NO. 160 (P. 0. Macomb),
5% school ough CountySCHOO
McDonbonds. Due serially from 1921 to 1934.
,Ills.-BOND SALE.-On April
10 the $85.000434% 13-year
(ay.) building bonds(V.98, p.
1015) were awarded to the
LANETT, Chambers County, Ala.-BOND OFFERING.-Proposals of Kansas City, Mo.,
Fidelity Trust Co.
for
$85,627
will be received until May
50
-equal
to 100.738. Other bids were:
18 by R. W. Jennings, Mayor,
the $12,000 N. W.Halsey & Co., Chicago-$86,080: payment
5% 30-year school-building bonds voted Feb. 9(V. 98, p. for
s $10.000 Aug. 1 and each
six months thereafter until and including
541). Interest
semi-annual. Certified check for 10% of amount required
Feb. 1 and $15,000 on March
. Bonds to be Yard, Otis & Taylor, Chicago-Par,
1.
delivered and paid for July 1.
$59b premium.
Bolger, Mosser & Willaman, Chicago-Par,
$408 50 prem. and printing bds.
LANSFORD, Carbon County, Pa.-BOND ELECTION.-A
Macomb Nat. Bank, Macomb-Par and $374
proposipremium
.
tion to issue $150,000 bonds will be submitted, it is stated, to
Harris Trust & Savings Bank, Chicago-Par
the voters First
and $287 30 premium.
on May 19.
Trust & Savings Bank, Chicago-Par and
$87 premium.
Little & Hays Inv. Co., St. Louis
LAPEER, Lapeer County, Mich.-BONDS DEFEATED
-Par,
premium
$56
and printing bonds.
tion of issuing $15,000 electric-1451A bonds failed to carry at.-The ques- John Nuveen & Co., Chicago-Par.
the election H. C. Speer & Sons Co. Chicago
held April 6 by a vote of 312 "for to 398 "against.
-Par, less $425 for expenses
Kissel, Kinnicut & Co.,'
Chicago-Par, less $637 for expenses..
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND
OFFERING.
- E. H. Rollins & Sons-035,059 50, less $892 50 for expenses.
Proposals will be received until 10 a. m. Apr. 27
by Jos. Johanni,
McCoy & Co., Chicago-Par, less $750.
Treas., for $16,000 44% W. H.
et al. highway-impt.County
Wm. R. Compton Co., St. Louis-Par,
Denom. $420. Date Apr. 15 1914.Higgins
bonds.
less $1,113 50 for expenses.
Int. M. & N. Due part each six
months for 10 years.
MADISON COUNTY (P. 0. London), Ohio.-BOND
OFFERING.
Proposals will be received until 12 m. May
LAUREL, Prince Georges County,
11 by H. M. Chaney, County
Md.-L
OANS VOTED.-On April Auditor ,for $4,500 5% coup. Bever
20 this city voted in favor of loans $52,000
county road improvement bonds.
for sowers, $23,000 for water- Denom. $500. Date May 15 1914.Join
system and filtration-plant-extensiof
Int.
on and $5.000 funding bonds.
office. Due $500 each six months from M. dr S. at County Treasurer's
LAWRENCE COUNTY(P.O.
incl. A cash deposit of $300 required. March 1 1915 to March 1 1919
Ironton), Ohio.-BOND OFFERING.
Further details are at hand relative
to
the
MAHONING COUNTY (P. 0. Youngstown), Ohio.
offering
on May 6 of the $10,000
5% 10-year taxable coup, highway-constru
-BOND
Proposals for these bonds will be received ction bonds (V. 98, p. 1260)• ING.-Proposals will be received until 11 a. m. May 13 by Frank H.OFFERVogan.
Clerk
of Board of County Commissioners, for 025,000
until
10
a.
m.
that
on
day
by
S. A. Bowman, County Auditor. Denom.
434% road-impt.
bonds.
$1,000. Date March 11914.
Denom. $1,000. Date May
Interest M.& S. at County
1914. Int. M. & S. at County
y. Certified check for 2%, payable to Treasury. Due $2,000 yearly on Sept.20
County Treasurer, requiredTreasur
1
from
1915 to 1919, inclusive, and
. Bonded debt $826,000; no floating, debt. $3,000 yearly on Sept. 1 from 1920 to
Assessed valuation 1912, $30,004
1924. Inclusive. Certified check for
$500, payable to County Treasurer, required
,016.
. Bonds to be delivered and
LE ROY TOWNSHIP, Lake County
paid
for
on
May
20.
Bids
Ohio.
-BOND
must
,
be
unconditional. Purchaser to pay
OFFERING.Proposals will be received until 12 m.
April 25 by C. H. Eggleston, Twp. accrued interest.
Clerk (P. 0. It. F. D. No. 2, Painesville),
$7,000 5% coup. Old Plank
MANISTEE COUNTY (P. 0. Manistee), Mich.
Road impt. bonds. Denom. $500. Date for
-BONDS VOTED.
April
An
11914. Int. A. & 0. at
election held April 6 resulted, it is stated, in favor
Cleveland Trust Co., Painesville. Certified check
of the issuance of
for 5% of
bid $8,000 bridge-constrdction bonds.
for, payable to Twp. Treasurer,
required. Bonds to be deliveredbonds
and paid
for within 10 days from time of award. Purchaser
MAPLE GROVE SCHOOL DISTRICT (P. 0. Des
to pay accrued interest. County, Iowa.
Moines), Polk
Bonded debt, this issue; no floating debt. Assess.
-BONDS VOTED.-The
of issuing $8,000 school
val., $596,060.
bonds carried at the election held April 11question
LEWISTON INDEPENDENT SCHOOL DISTRI
by a vote of 116 to 115.
CT NO. 1 (P. O.
MARENGO SCHOOL DISTRICT (P. 0. Mareng
Lewiston), Nez Perce County, Idaho.-BOND
the $25,000 10-20-year (opt.) coupon manual arts SALE.-On April' 14 County, Ind.-BOND SALE.-On Apr. 18 the $3,360 o) Crawford
building improvement (ser.) bldg. bonds(V. 98, p.
41i% 20-year
bonds a not exceeding 5% interest (V.
1184) were awarded to S.
98, p. 1184) were awarded to equal to 100.148.
Beals or 63,365Parson, Son & Co. of Chicago, it s stated.
Denom.$168. Date June 25 1914.A.Int.
J. & D.
MARICOPA COUNTY SCHOOL DISTRICT NO.
LEWISTOWN, Fergus. County, Mont.-BOND
OFFERING.-Further OFFERING.-Proposals
17, Ariz.-BOND
details are at hand relative to the offering
will
be
received
until
10
a.
on
m.
May
11
May
of
the
11 by James
$60,000 and Miller Jr., Clerk Board of Supervisors
$30.000 5% 15-20-year (opt.) water bonds (V. 99..
(P.0.Phoeniz), for $15,000
20-year
City Clerk,, will offer these bonds for sale at publicp. 1184). H. L. Fitton, school bonds at not exceeding 6% int. Denom. $500.
Date May 1 1914.
auction at 10 a. m on Int. M.& N. at office of
that day. Denom. $1,000. Date
County
Treasur
er.
Jan.
Certifie
1
1914.
d
City Treasurer or at some bank in Now York City Int. J. & J. at office of bank or any Arizona bank for 31,000, payable to check on a national
to be designated by City required.
County Treasurer.
Treasurer. Certified check for $3,000, payable
to City Treasurer, required.
A copy of the transcript of the
MARION COUNTY (P. 0. Salem), Ore.
ngs of the City Council in the matter
-BOND
S
of said bond issue may be hadproceedi
VOTED.-An elecwill
tion
be
held May 15, it is stated, to submit
by anplying to City Clerk.
to a vote the question
of issuing $850,000 highway-Improv
LIBERTY TOWNSHIP (P.
ement bonds.
Marengo), Crawford County,
'
Ind.BOND SALE.-On April 18 the0.
MARSH
ALL COUNTY (P. 0. Plymouth),
$3,000 0.4% school-bldg. bonds (V.
Ind.-BOND OFFERING.
p. 1184) were awarded to S.A.Beals
98. -Proposals will be received
of English for 33,005-equal to 100.166.
until
p. m. May 15 by Geo. A. Maxey,
County Treasurer, for the following2
LIBERTY TOWNSHIP SCHOOL DISTRI
4
%
highway
CT
-improvement bonds:
(P.
0.
Girard), Trum- $15,900 0. A. Reeve et al highway bonds.
bull County, Ohio.-BONDS DEFEATED.
Denom.$265. Due $795 each
question of issuing the
$60.000 high-school-construction bonds (V. -The
six months from May 15 1915 to Nov.
15 1924, inclusive.
98, p. 1184) failed to carry,
7.700 A. B. Farmwald et al highway bonds.
It is stated, at the election held April 14. The
Denom. $385. Due
vote was 99 "for" to 136
"against."
each six months from May 15
to Nov. 15 1924, inclusiv$385
e.
13,600 Harley A. Logan et al highway1915
bonds. Denom. $340. Due $680
LILLINGTON TOWNSHIP (P. 0. Lillington),
each six months from May 15
No. Caro.-BONDS VOTED.-The proposition issue Harnett County,
Date May 15 1914. Int. M. & N. 1915 to Nov. 15 1924. inclusive.
$15,000 road bonds
carried, reports state, by a vote of 116 to 3 at anto
election held Apr. 14.
MARSHALLTOWN INDEPENDENT SCHOOL
DISTRICT (P.
LINCOLN, Neb.-BOND OFFERING.-Proposals will be
received until Marshalltown), Marshall County, Iowa.-BOND SALE.-On April 0.
2 p. m. May 20 by Theo. H. Berg, City Clerk, for
15
$1,740 Paving District the $30,000 434% 10-year First Ward school-building bonds
No. 115: $7,600 Paving District No. 263; $1,630 Paving
(T. 98, p.
1104) were awarded to Geo. M. Bechtel & Co. of Davenpo
No. 265; interest
rt at 100.25 and
$4,870 Paving District No. 270: 35,700 Paving District District
.
Other
bids
were:
ment) bonds at not exceeding 5% interest. Denom. toNo. 274 (assees- C. H. Coffin, Chicago, $30,201
suit purchaser.
(100.67) for 534s.
Date June 11914. Interest annuall at office
Kissel, Kinnicutt & Co., Chicago, $30,045
of City or State Treasurer.
.
Duo one-tenth of each issue yearly yfor
Continental & Commercial Trust &
years beginning June 1 1915,
Savings Bank, Chicago, $30,042.
subject to call any interest-paying date. 10
Certified check for 1% of bonds N. W. Halsey & Co., Chicago. $30,025, less $290 for
expenses.
bid for, payable to Geo. Dayton, City Treasurer, required.
H. T. Holtz & Co., Chicago, $30,019, less $300 for expenses
Official cir- Chosley
.
cular states that the city has always
, Parsons Co., Des Moines, par less 8415 for expenses
.
terest on all bonds previously issued.promptly paid the principal and inMARTINS FERRY SCHOOL DISTRICT (P.
0. Martins Ferry),
LINCOLN SCHOOL DISTRICT (P. 0. Lincoln),
Belmont County, Ohio.-BOND
OFFERI
NG.
-Bids
Lincoln
will
be
County
received
, 3 p. m. May 18 by Harold H. Riethmil
Kans.-BOND ELECTION PROPOSED.-Reports
until
ier, Clerk of Bd. of Ed., for $16,000
state that an election 5%
will be held in the near future to
school bonds. Denom.$1,000. Int.
M.& N.in Martins Ferry. Due
about $20,000 building bonds. submit to the voters the question of issuing $1°
,000 yearly on March 1 from 1916 to 1931
incl.
Cert.
check
for 6500.
payable to Board of Education, required.
LONDON, Madison County Ohio.-BOND
OFFERING.-Propos
will be received until 12 m. May,12
MECKLENBURG DRAINAGE DISTRICT
by John W. Byers, Village Clerk,als
NO. 6, Mecklenburg
for
County
$35,000 5% North Main St. impt.
,
No.
Caro.
-BOND
OFFERING.-Proposals will be received
Denom. $500. Date
1914. Int. ann. Due on March 1 bonds.
1 until 12 m. May 4 by Jas. R.Alexander,Chairma
as follows: $3,000 1915, 1918,May
n of Drainage Commission
1922 and 1924; 33.500 in 1916, 1917,
1920, for $11,000 6% coupon bonds. Denom.
to suit purchaser. Interest
1919, 1921 and 1923, and $500
on
annual.
March 1 1925, 1927, 1929, 1930 and
Due
yearly
for 10 years.
1931.
Certifie
d
check
for
5%
of
bonds
bid for, payable to Village Clerk, required. Bonds to
be delivered and paid
MELBOURNE, Brevard County, Fla.-BOND OFFERI
for within 10 days from time of award.
NG.-ProPurchaser to pay accrued interest. posals will be received until 8 p.
m. May 12 by J. V. E. Wiles, City Clerk.
for $7,000 6% 30-year coupon public-i
LORAIN, Lorain County, Ohio.-BOND SALE.
mpt. bonds. Denom. $500. Date
-On
April
14 the Jan. 1 1914. Int.
316,000 5% 9-year (ay.) coup. fire-dept. bonds
& J. Cert. check for $200 required These bonds
(V. 98, p. 944) were have been validatedJ.
awarded to C. -E. Denison & Co.
by the Circuit Court of Brevard Co. .Bonds
of Cleveland for $16,706 40-e
will be
qual to certified as to genuineness by the U.S. Mtge.
104.415. Other bids were:
& Tr. Co. of N.Y.City.
Otis & Co., Cleveland_ _ _$16,600 001Brig
MELBOURNE INDEPENDENT CONSOLIDATCD
r. Bk. Cin_ _$16,455 00
A. E. Aub & Co., Cin_ _ 16,570 001Wellhton-Ge
SCHOO
L DIS, Roth Co.,'
n
Ci___
Hanchett Bond Co., Cli16,417 00 TRICT, Marshall County, Iowa.-BONDS VOTED.
lc_ 16,517 001Hayden,Mill&er&Co.,
April 4 the
Clev. 16,398 00 voters of this district authorized the issuance of $35,000-On
Seasongood & Mayer,Cin. 16,493
site and building
121Spitzer, Rorick & Co.,
bonds. The vote is reported as 179 to 29.
Tol.
Sidney Spitzer & Co., Tol_ 16,491 00
16,363
50
25
Longstreth & RichPdELVILLE, St. Landry Parish, La.-BOND
Prov. S. 13. & Tr. Co.,Cin, 16,488 00 Field,
ards, Cincinnati
ELECTION.-On May 2
16,352
the voters of this place will have submitt
Stacy & Braun, Toledo_ _ _ 16,458
ed to them a proposition to
Tillotson&WolcottCo.,Cle.*16.341 00
issue
60 $15,000 electric-light-plant-construction bonds,
it is stated.
LORAIN COUNTY (P. 0. Elyria), Ohio.-BOND
SALE.-On April 15
MEMPHIS, Tenn.-BONDS PROPOSED.-Repor
the $150,000 5% 9-year (aver.)'Road Dist.
ts
state
No.
1
that
bonds
an
ordi(V. 98, p. 1014) nance was to have been passed on Apr. 21 by the
wire awarded to A. E. Aub & Co. of Cin. and
City Commission, authorTillotson &
Cleve., at their joint bid of 102.90 and
int. Other bids were:Wolcott Co.of izing the issuance of $1,000,000 North Memphis levee bonds.
Breed,Elliot& Her_ ICin. $153,795 IStacy&
MERCHANTVILLE SCHOOL DISTRICT (P.
Braun,
Toledo_
0. Merchantville),
_$152,910 00 Camden County, N. J.-BOND
Prov.S.B.& Tr.Co.,f
Co. Cleveland__ 152,775
S VOTED.-By a vote of 232 to 123,3ths
New First Nat. Bk., Col_ _ _ 153,690I0tis&
00 proposition to issue $50,000 building
C. E. Denison & Co_ ___ 152,317
bonds carried, reports state. atithe
Hay, den,Miller & Co. Clem_ 153,630 Mayer,
50 Ilection held April 17.
,
Deppe
& Walter,
Weil..Itoth-& Co., ("In _ _ _ _ 153.4201w Cincinna
b
ti
MIAMI COUNTY (P. 0. Troy)! Ohio.6151.950 00
BONDrOFFERING.-ProI LO Z111 • e
posals will be redeived until 10 a. m. May
,t a .DS I E
8 by Mahlon T. Staley, County
ANICERS.-Inan Auditor, for $5,000 5%
advertisement on a preceding page
Lindsay Road improvement (assess.) bonds.
IT. Rollins & Sons of San Francisco Denom.
offeringito investors $2,2413,000E.
$500. Date April 411914. Int. A. & 0.
434 Vharbor bonds.
at office of County
Auditor. Due $1,000 yearly beginnin
g April 4 1915. CertifiedIcheck
1338
THE CHRONICLE
xevrn.
12 m. on that day by
required. Proposals for these bonds will be received until
29 1914. int.
(or cash) for 5% of bonds bid for, payable to County Auditor,
D. F. Dawson, Twp. Clerk. Denom. $500. Date April1921,
inclusive,
Bonds to be delivered and paid for within 10 days from time of award.
A. & 0. Duo $1,000 yearly on April 29 from 1915 to
1925 and
1924,
29
April
on
,
$3,000
and
Gahanna)
and
1933,
April
0.
29
1922
(P.
T
on
$2,000
MIFFLIN TOWNSHIP SCHOOL DISTRIC
required.
Clerk,
$3,500 6% 1926. Certified check for $500, payable to Township
Franklin County, Ohio.-BOND SALE.-On April 11 the awarded
to
4-year (aver.) coupon funding bonds (V. 98, p. 1015) were
NEW PALTZ, Ulster County, N. Y.-BOND OFFERING.-Proposals
Weil, Roth & Co. of Cincinnati for $3,612 50 (103.214) and int. Other will be received until 2 p. m. May 6 by Otto B. Schmid, Village Clerk, for
bids were:
water-system-improvement bonds. Denom. (49)
Toledo_$3,521 35 $49,500 436% coup.
of Village
Hanchett Bond Co., Chicago_$3,577'Sid. Spitzer & Co.,
(1) $500. Date May 15 1914. Int. M. & N. at officeand
$1,500
Secur. Sav.Bk.& Tr.Co.,Tol. 3,576 New First Nat. Bk., Col__ 3,500 00 $1,000.
yearly on May 15from 1919 to 1942 incl.
$2,000
Due
Treasurer.
national bank or trust company for
First Nat. Bk., Barnesville__ 3.551
May 15 1943. Certified check on a
of
Poughof
Lee
Wm.
Morgan
opinion
The
required.
for
bid
bonds
of
-An
N.
2%
ELECTIO
MILAM COUNTY (P. 0. Cameron), Tex.-BONDon
legality of these bonds. Bonded debt,
the question of keepsie will be furnished as to the
vote
election will be held May 23, reports state, to98,
this issue. Assessed valuation real estate 1913. $331,125.
p. 1015).
Issuing the $65,000 Road Dist. No. 7 bonds (V.reports
state that an elec4% 20-year coupon reBOND ELECTION PROPOSED.-Newspaper
NEWPORT, Ky.-BOND SALE.-The 350,000
on April°13 (V. 98, p. 1261),
tion will shortly be held to submit to a vote the proposition to issue $100.000 funding bonds, for which bids were received
sale to Newport banks as follows:
Road District No. 8 bonds.
have been awarded at par at private
Central Savings Bank & Trust Co.,
0. South Milford), German National Bank, $30,000;l & Savings Bank, $10,000.
MILFORD TOWNSHIP SCHOOL DISTRICT (P.22
the $11,400 434% $10,000, and Citizens' Commercia
La Grange County, Ind.-BOND SALE.-On Apr.
Calif.-BIDS REJECTED.
rewere
1104)
awarded,
p.
98,
(V.
County,
1-10-year (ser.) bldg. and impt. bonds
NEWPORT BEACH, Orange
street-lightingports state, to L. Rose, Vice-Pros. of the Nat. Bank of La Grange,for 311,- All bids received for the $25,0006% 1-25-yr. (ser.) municipal
rewere
1016)
p.
98.
(V.
30
March
on
offered
bonds
616-equal to 101.894.
system-construction
J.-BONDS AUTHORIZED. jected. The bonds will be re-advertised.
MILLVILLE, Cumberland County, N. the
0;
(P.
1
NO.
T
localissuance of $43,000
-The City Commission recently authorized
NEWPORT BRIDGE IMPROVEMENT DISTRIC
s will be received unti.
impt. bonds, it is stated.
Newport), Ark.-BOND OFFERING.-Proposal
%
$24.6605
than
536%'
less
not
for
10:30 a. in. May 22 by J. R. Cox, Sec.,
MISSISSIPPL-BOND OFFERING.-Proposals will be received until
at Jackson for the $1,250,000 and 6% bonds.
12 m. May 20 by Earl Brewer, Governor,
, Wash.-BOND ELECTION
&
Due
J.
$62,500
J.
Int.
1101).
p.
98,
NEZ PERCE COUNTY (P. 0. Lewiston)will
(V.
% coup. funding bonds
be held in the near future
that an election
yrly. July 1 from 1919 to 1933 incl. and $312.500 July 1 1934. Cert. check PROPOSED.-Reports state
road bonds.
$100,000
issuing
of
for
question
required.
on
bid
the
bonds
vote
of
to
nth
one-te
or cash for
OFFERINO.-Proposals
NILES, Trumbull County, Ohio.-BOND
MISSISSIPPI CITY RURAL SCHOOL DISTRICT, Harrison
City Clerk, for the
Board of Super- will be received until 2 p. m. 1VIay 4 by Homer Thomas,
on
County, Miss.-BONDS AUTHORIZED.-The County upon
petition of $16.500 5% park-site-purchase bonds authorized by the City Council
visors has given notice that it will issue $15,000 bonds
Int. M.& N.
11914.
May
Date
$500.
944).
p.
Denom.
98,
28
(V.
Feb.
of
2%
for
check
the district trustees.
Certified
1946.
on May 1 1944. 1945 and
Calif.-BOND Due $5,500
to be delivered and
MITCHELL SCHOOL DISTRICT, Merced County,
bonds bid for, payable to City Treas., required. Bonds to pay accrued int.
bonds.
school
Purchaser
$6,000
of
issue
an
award.
sold
this
of
7
district
from
time
Apr.
-On
days
10
within
for
SALE.
paid
43 (P. 0. CaliELECTION.-Local
MONITEAU COUNTY SCHOOL DISTRICT NO.
NORFOLK, Madison County, Neb.-BONDvote on the question of
5% 10-20-year (opt) papers
fornia), Mo.-BOND SALE.-On April 15 the $30,000were
state that an election will be held May 11 to
awarded to the
p. 1104)
bonds.
n
water-extensio
$10,000
and
park
site-purchase and equipment bonds (V. 98.and
interest. Other bids were: issuing $35,000
Mercantile Trust Co. of St. Louis at 103.35
Madison
St.Louls_$30,257
NORFOLK SCHOOL DISTRICT NO. 2 (P. 0. Norfolk)
A.G.Edward & Sons,St.Louis.$30,765 Fidelity Trust Co.,
St. Louis__ 30,234 County, Neb.-BOND SALE.-On April 15 the $47,000 5-20-year (opt.)
Smith, Moore & Co., St. L__ 30.594 Whitaker &&Co.,
Halsey &
W.
N.
to
awarded
30,156
were
Bk.,
Chicago
S.
944)
p.
Tr.
98.
(V.
Frarris
bonds
building
30,447
tax-free
Francis Bros., St. Louis
bids were:
30,381 Bolger,Mosser&Willaman,Ch. 30,155 Co. of Chicago as 5s for 347,275-equal to 100.585. OtherPrice
Wm.R.Compton Co., St. L
Int.
30,315 Little & Hays, St. Louis__ _ 30,153
Farm. & Trad. Bank, Cal_
Rate.
Offered.
30,076
Chicago
Coffin,
H.
C.
BidderKissel. Kinnicutt & Co.,Chic. 30,310
5
$47,268
John Nuveen & Co.. Chicago 30,302
48,036 5 %
Cowan), Delaware County, *Cutter, May & Co., Chicago
49,043 6
MONROE SCHOOL TOWNSHIP (P. 0.
4
May
m.
11
a.
until
be
received
will
ls
47,050 5
.-Proposa
Ind.-BOND OFFERING
coup. high-school47,415 5%
by David S. Koons, Twp. Trustee, for $26,880 5365'°
*H. C. Speer & Sons Co., Chicago
Union
at
J.
&
J.
6
Int.
1914.
4
48,200
May
Date
$960.
Denom.
bonds.
building
to
5 %
50 6
501
40;0
47
Nat. Bank, Muncie. Due $960 each six months from July 15 1915
F. E. Magraw, St. Paul
Jan. 15 1929 incl. Certified check for 2% of bonds bid for, payable to Hoehler, Cummings & Prudden, Toledo
6
48,603
required.
Trustee,
Twp.
H. T. Holtz & Co.. Chicago
48,517 6
- Bolger; Mosser & Willaman, Chicago
SALE.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND
48,025 6
ditch-improvement Spitzer, Rorick & Co., Toledo
On April 21 the $3.300 5% 4-year (ay.) coup. ComerSay.
47,807 6
& Trust Co. of Hanchett Bond Co., Chicago
bonds (V. 95, p. 1261) were awarded to the Dayton
47,526 6
Toledo
Co.,
Trust
&
Bank
bidders.
Savings
no
other
were
Security
There
int.
47.501 6
Dayton for $3,305 (100.151) and
Chicago
0. H. Coffin,
bonds.
blank
20
Apr.
-On
furnish
SALE.
* Agreed to pay accrued interest and
MONTPELIER, Williams County, Ohio.-BOND
(V. 98, p. 1104) were
AUTHOR-BONDS
Mass.
the $15,000 55', 9-year (aver.) coup. paving bonds
Other bids were:
NORTHAMPTON, Hampshire County,
of $60,000 schoolawarded to McCoy & Co. of Chicago at 101.74.
Toledo__$15,171 50 IZED.-On April 16 this city authorized the issuance
Security S. B.& T. Co., T01_315,2271Stacy & Braun,
stated.
Cinc__ 15,157 50 building and equipment bonds, it is
Mansfield S. Bk., Mansfield_ 15,225 Well, Roth & Co.,
Col. 15,137 00
AWARDED IN PART.
Seasongood & Mayer,Cincin. 15,182 New First Nat.Bank,
NORTH BEND, Coos County, Ore.-BONDS
(opt.) street-impt.
County, Ohio. -On April 14 $9,014 38 of the $10,396 25 65' 1-10-yr.
Medina
Gidlev at par and int.
MONTVILLE TOWNSHIP (P. 0. Medina),bonds were
&
Perkins
to
awarded, it is bonds offered on that day were awarded
road
55'
22
32,500
for expenses.
Apr.
-On
$310
SALE.
less
-BOND
oye of Spokane bid par and int.,
$500H
Ferris
stated, to the Old Phoenix Nat. Bank, Medina, at 100.50.
Denom.
County,
Alamosa
Mosca),
0.
(P.
T
DISTRIC
ION
MOSCA IRRIGAT
the month of March
be received until 10 a. m.
NORTH DAKOTA.-BOND SALES.-During
Colo.-BOND OFFERING.-Proposals will
for $25,000 65' bonds, the following four issues of 4% bonds, aggregating $18,600, were purchased
May 6 by Wm.J. Etherton, Sec. Board of Directors,
D.
&
J.
Int.
1
1914.
June
Date
par:
$500.
at
Denom.
by the State
series 1 to 10, incl.
Date.
Purpose.
Place.
These bonds are the second installment of irrigation bonds, $75,000 of Amount.
Feb. 10 1914 Feb. 10 1934
$1,600 Brown School District__Fundlng.
which were issued Dec. 1 1912.
31 1914 Jan. 31 1934
Jan.
uilding.
District_B
School
- 11,500 Melrose
Mich.-BONDS DEFEATED.
Feb. 10. 1934
MT. PLEASANT, Isabella County,
School District _Funding. Feb. 10 1914 Feb.
Prophets
1,000
carry
to
failed
bonds
fire-hall
and
10 1934
city
The question of issuing $35,000
4,500 Saunders School Dist.. Building. Feb. 10 1914
at the election held April 6.
-BONDS OFFERED BY
Wash.
County,
Yakima
YAKIMA,
NORTH
-BOND ELECBond & Mtge. Co. of Seattle is offering to
MT. PLEASANT, Charleston County, So. Caro.
vote the question BANKERS.-The Northern
Date (est.)
TION.-An election wit be held June 9 to submit to as-constr. bonds.
Investors $20.000 7% improvement bonds. Denom. $500.
Treasury. Due $2,000 yearly from 1915
City
at
ann.
Int.
of issuing 518.000 6% 20-40-year (opt.) coup. water-work
11914.
July
g
date.
interest-payin
any
- to 1924 incl., subject to call
N.
MUSCATINE, Muscatine County, Iowa.-BOND ELECTIO
98, p. 708) will be
-BOND SALE.-On Apr. 22
The question of issuing the 390.000 city-hall bonds (V.
NORWALK,Fairfield County, Conn.
will likely
or reg. improvement bonds(V. 98,
% 40-yr. (opt.) coupon
re-submitted to the voters. The date of the election, it is stated,
the $100,000
of Hartford at 101.441 and int.
s.
Burr
thereabout
or
&
12
Parkinson
May
be fixed for
. 1186) were awarded to
OFFERING.
ther bids were:
r & Weeks, N. Y_100.80
NAVARRO COUNTY (P.O. Corsicana), Tex.-BOND
Hornblowe
1.213
&
Co.,N.Y.10
Johnson.
Kinnicutt
D.
H.
Kissell,
15
by
May
Proposals will be received until 10:30 a. m.
Farson, Son & Co., N. Y.. _ _100.666
let No. 3 bonds. Denom. $1,000. Spitzer, Rorick & Co., Tol_101.197 Merrill.
Oldham & Co., Bost.100.649
County Auditor. for $75,000 Road-Dist
101.152
Y
Y.
N.
N.
in
or
Bros.,
Treas.
of
County
Kountze
office
at
S.
&
M.
Bros. & Co., BridgeDate Sept. 1 1913. Int.
$2,000 yearly after 1 year. Estabrook & Co., Hartford..101.050 Hincks
100.47
Due in 40 years, subject to call after 20 years orCounty
port
101.012
Co., Hartford_
required.
&
Judge,
Richter
Owen,
R.
R.
to
payable
& Sons, N.Y_ -100.331
$1,000,
for
Rollins
check
Cert.
Forbes & Co., N.Y__100.818 E. H.
sale Harris,
-No
NOT
SOLD.
NDS
interest.
Neb.-BO
accrued
County,
pay
to
agreed
Nuckolls
All bidders
NELSON,
Tex.-BONDS REGISwas made on April 6 of the $9,000 5-20-yr. (opt.) water, $11,000 10-20-Yr.
bonds
NUECES COUNTY (P. 0. Corpus Christi),
(opt.) water-ext. and $8,000 5-20-yr. (opt.) lighting 536% coupon
r registered an issue of $100,000
-On April 16 the State Comptrolle
TERED.
p.
853)•
offered on that day (V. 98,
bonds.
1
No.
Dist.
Road
(opt.)
-year
April 11 5% 20-40
Oakland), Alameda County,
NELSONVILLE, Athens County, Ohio.-BOND SALE.-On
944) were
OAKLAND SCHOOL DISTRICT(P.O.
state that an election
the three issues of bonds. aggregating $26,622 19 (V. 98, P.
N PROPOSED.-Reports the
ELECTIO
-BOND
Calif.
follows:
question of issuing
as
stated,
awarded, it is
to a vote
will be held in the near future to submit
To Weil, Roth & Co., Cincinnati.
bonds.
building
and
at 104.57.
31.334,500 site-purchase
$20,000 6% I-10-year (ser.) refunding bonds
$6,694 19-equal to 101.08.
0. Oakmont), Allegheny
To the Mansfield Sao. Bank, Mansfield, for
OAKMONT SCHOOL DISTRICT (P.
% 20-year
improvement bonds.
Apr. 20 the $18,000were awarded
$1,925 75 5% 536-year (ay.) Franklin St.
County Pa.-BOND SALE.-Onbonds
to
p. 1262)
98,
(V.
4,696 44 5% 536-year (ay.) Madison St. improvement bonds.
equipment
coup. bldg. and
(aver.)
were:
bids
Other
1914.
int.
12
March
and
The bonds are dated
Ifarris, Forbes & Co., N. Y., at 103.821
ollins & Sons, New
R
H.
yerk
.
E
$220,of
&
a
loan
17
Clothier
April
ry,
-On
LOAN.
Montgome
$18,37044
NEWARK, N. J.-TEMPORARY
interest,
Tyler, Philadelphia_ _ _ _$18,487 80 Gordon & Co., Pittsburgh *18,360 60
000 was negotiated with L. von Hoffman & Co. of N.Y.at 3.15%
Lyon, Singer & Co., Phil.. 18,464 40jMellon
it is stated.
Nat. Bank, Pitts. 18,350 00
001
18,451
Pitts_
Co.
Trust
Colonial
* And cost of bonds.
-John B. OldAll bidders agreed to pay accruea interest.
NEW BOSTON, Bowie County, Tex.-BOND SALE.
r (opt.) water bonds
DEFEATED.
ham of Dallas has purchased the $15.000 55' 20-40-yea
COUNTY (P. 0. Hart), Mich.-BONDS
OCEANA
$500.
Denom.
1765).
p.
97,
(V.
sale
private
court-house-constr. bonds failed to
this city has been offering at
The proposition to issue the 3100,000 p. 631).
98,
(V.
6
Date Aug. 1 1913.
April
held
carry at the election
Ohio.-BOND OFY.-BOND OFFERING.
NEWBURGH HEIGHTS, Cuyahoga County,
OGDENSBURG, St. Lawrence County, N.
May 12 by J. A. FitzJames F. Akin, City
FERING.-Proposals will be received until 12 m.
s will be received until 3 p. m. May 29 by
80
for
55'
-Proposal
$6,787
3),
No.
or reg. refunding bonds
coup,
gerald, Village Clerk (P. 0. Brooklyn, R. F. D.
4%
$40,000
of
issue
an
of
$500, (1) Treas., for $6,000
(12)
Denom.
3.
Series
bonds.
sewer
and $2,000 June 1
Ave.
1926
1
June
Harvard
$500 yearly on April 1 Denom. (2) $1,000. (8) $500. Due $4,000
5787 80. Date April 1 1914. Int. A. & 0. Due 1923 and 31,287 50 on 1927. Bonds will be ready for delivery June 1.
from 1915 to 1921 incl., $1,000 on April 1 1922 and
bank for 5% of amount
County, Calif.-BOND
ORLAND SCHOOL DISTRICT, Glenn
April 1 1924. Certified check on a Cleveland
by above Clerk.
site-purchase bonds were awarded
bid required. Bids must'be made on forms furnished
SALE.-On April 6 the 35.000 V/ schoolbids were:
Other
andint.
101.72
at
Murdoch
-On
W.
S.
to
SALE.
0
500
-BOND
10
2107
0 3
:0
55,
$5
NEW CASTLE, New Castle County, Del.
98, p. 1015 were Torrance, Marshall & Co., San Francisco
April 21 the 330.000 5% street-improvement bonds (V.
San Francisco
Co.,
&
Blymyer
G.
in
30
Due
G.
int.
and
at
100.02
Phila.
of
Co.
awarded to N. W. Halsey &
State Board of Control
0. Due $500 yearly
Years. subject to call any interest period after 5 years.
•
Denom. $500. Date April I 1914. Int. A. &
u.
inclusive.
N7P7'sut.
1926
to
1917
ONDS
from
Ofiro.-B
County,
m
D,
Muskingu
NEW CONCOR
Mich.-BOArDS DEFEATED.
bonds for the purpose of
-No sale was made on April 14 of $2,500 5% reg.
OSCEOLA COUNTY (P. 0. Hershey),
failed to carry.
offered on that day.
providing for a deficit in the Electric Light Fund, 'Date
-At a recent election the question of issuing bonds
1914.
1
May
$500.
Denom.
re-advertised.
be
The bonds will
OFFERING.-Proposals
yearly
PAINESVILLE, Lake County, Ohio.-BOND
Interest payable at the Sinking Fund Trustees' office. Due $500' •
by Frank L. Kelly, City Clerk,for
will be received until 12 m. May 18-purificati
Nov. 1 from 1919 to 1923 inclusive.
on-works bonds. Denom.
5% 40-year coupon water 0. at office of City Treasurer. Due
Huron
$30.000
,
Junction)
Chicago
0.
(P.
IP
TOWNSH
A. &
NEW HAVEN
are at hand relative $500. Date April 11914. Int.
other than the one making thehid,
bank
County, Ohio.-BOND OFFERING.-Further details
a
on
check
Certified
1
1954..
April
1185).
to the offering on April 29 of the $20,000 5% road bonds (V. 98, p.
APR. 251914.]
THE CHRONICLE
for 5% of bonds bid for, payable to City Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
elaAiliomnilaAt..pirsilu6o
nay
to Hayden,
o notfegetv.
Zugl
Millearec
(V. 98, p. 1185).
PARAGOULD PAVING DISTRICT NO. 1 (P. 0. Paragould),
Greene County, Ark.-DESCRIPTION OF BONDS.-The $100,000
street-paving bonds awarded on Mar. 31 to Wm. R. Compton Co. of St.
Louis at 97.35 for 53's (V. 98,p. 1185) are in the denom. of $50 and dated
mt. M.& N. Due sdrially from 1 to 15 Years.
May 1 1914. I
PARIS SCHOOL DISTRICT (P. 0. Paris), Edgar County, Ills.BONDS DEFEATED.-Reports state that the question of issuing $30,000
school bonds failed to carry at the election held Apr. 14.
PARK COUNTY SCHOOL DISTRICT NO.(19 ,Mont.-BOND SALE.
-The $1,700 6% 10-15-year (opt.) coupon site-purchase and building bonds
offered on March 9 (V. 98, p. 783) have been awarded to the State of
Montana at par.
PASADENA CITY SCHOOL DISTRICT, Los Angeles County,
Calif.-BOND OFFERING.-Reports state that bids will be received until 2 p. m. May 4 by the Board of County Supervisors (P. 0. Los Angeles)
for $75,000 5% bonds. Denom.$1,000.
PASSAIC, N. J.-BOND OFFERING WITIIDRAWN.-The passage of
Chapter 144 of the Laws of 1914 of New Jersey, known as the Hennessy
Act (which is an amendment of the Walsh Act) has created an uncertainty
as to what statutes are and what are.not applicable to the city of Passaic.
In view of this situation and on the advice of counsel, the city of Passaic
has withdrawn its offering of $373.000
% refunding bonds, the sale of
which was advertised for April 30 1914 at 3 p. m• (V• 98. p. 1105). Any
proposals which may be received from prospective purchasers who do not
hear in time that the bonds are withdrawn will be returned unopened.
PATON, Greene County, Iowa.-BONDS VOTED.-The question of
issuing electric-light-installation bonds carried by a vote of 102to 59 at an
election held Aptil 7, it is stated.
PAULDING COUNTY (P. 0. Paulding), Ohio.-BOND OFFERING.
-Proposals will be received until 3:30 p. in. May 1 by Ed. McGaharan,
Co. And., for $35,900 5.70 pike refunding bonds. Denom. (1) $700,
(1) $600. (1) $1,600, (33) $1,000. Date May 15 1914. Int. M. & N. at
Co. Treasury. Due $5,300 May 15 1916, $4,000 May 1 1917, 1918 and
1919: $3,000 yearly on May 15 from 1920 to 1924 incl. and $3,600 on May 15
1925. Cert. check or certificate of deposit on a local bank fot $1,000 required. Bids must be unconditional. Purchaser to furnish blank bonds
and coupons at own expense.
PENSACOLA, Escambia County, Fla.-BOND OFFERING.-Additional information is at hand relative to tho offering on June 15 of the
% 30-year gold coupon Dock & Belt lty. aid bonds (V. 98,
$400,000
p. 1262). Proposals for these bonds will be received until 12 m. on that
day by the Board of Commissioners. Denom. $1,000. Date Oct. 11913.
Int. A. & 0. at U. S. Mtge. & Ttust Co., N. Y. Certified check for 2%
of bonds bid for, payable to above Board, required. Bonded debt (not
including this is.sue), $1,000,000. Floating debt, $254,000. Assessed
value, $15,636.321.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Atlanta), Pickaway County, Ohio.-BOND SALE.-On April 17 the $25,000 5%
7-year (average) coupon building and equipment bonds (V. 98, P. 9455
were awarded to Sidney Spitzer &Co.., Toledo, at 100.944 and interest.
Other bids were:
Well, Roth & Co., Cin_ _ _$25,203 5010tis & Co., Cleveland
$25,094
Hayden,Miller&Co.,Clev_ 25,177 50 Spitzer, Rorick & Co., Tol
25,086
New First Nat. Bk., Col_ 25,150 00 McCoy & Co., Chicago
25,084
PIERCE COUNTY SCHOOL DISTRICT NO. 88, Wash.-BOND
SALE.-On April 11 an issue of $20,000 1-10-year (opt.) school bonds was
awarded to the State of Washington at par for 5s. Denom. $1,000. Int.
annual. Geo. H. Tilden & Co. of Seattle bid $20,050 for 6s.
PIQUA SCHOOL DISTRICT (P. 0. Piqua), Miami County, Ohio.BOND OFFERING.-Proposals will be received until June 15 for the $50,000
4%% refunding bonds authorized by the Board of Education on March 26
(V. 98, p. 1105). Denom. $500. Int. J. & D.at office of City Treasurer.
Duo $2,500 each six months from June 15 1918 to Dec. 15 1927, inclusive
PLEASANT TOWNSHIP (P. 0. Bellefonte,ine), Logan County,
Ohio.-BOND ELECTION.-An election will be held May 2,reports state,
to submit to a vote the question of issuing $28.000 school-bldg. bonds.
PLEASANTON, Alameda County, Cal.-BOND SALE.-On April 6
the $10,000 6% municipal-impt. bonds (V. 98, p. 1016) were awarded to
the Bank of Pleasanton at 102.60. There were no other bids. Denom.
$500. Date June 11914. Int. J. & D. at the Bank of Pleasanton. Due
$500 yrly. for 20 Yrs.
POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Pocatello), Bannock County, Idaho.-BOND SALE.-On Apr. 6 the
$85.000 5% 10-20-year (opt.) coup. site-purchase and bldg. bonds (V. 98,
p. 1016) were awarded, reports state, to the Farmers' & Traders' Bank of
Pocatello for 386,335-equal to 101.57. Denom. $1.000. Date May 1
1914. Int. M.& N. at the First Nat. Bank, N. Y., or at the Dist. Treas.
office.
POLK, Polk County, Neb.-BONDS VOTED.-The question of issuleg $10,000 school bonds carried,reports state, at the election held Apr.4.
POLK COUNTY (P. 0. Benton), Tenn.-BOND SALE.-The $24,000 5% 143' -year (aver.) coup. taxable Copperhill high-school bonds (V.
98, p. 543) were awarded on Mar. 2 to Stacy & Braun of Toledo at 101.67.
POMPTON LAKES, Passaic County, N. J.-BOND OFFERING.
Proposals will be received until 8 p. m. April 30 by J. Frank Cornelius,
Borough Clerk, for $55,000 water-works and $20,000 electric-light 20-year
coupon or registered bonds. Bids are requested at 43i% and 5% interest.
Denom. $1,000. Date May 11914. Int. M.& N. Certified check on an
incorporated bank or trust company for 2% of bonds bid for, payable to
Borough Collector, required. Purchaser to pay accrued interest. These
bonds will be certified a.s to genuineness by the Columbia-Knickerbocker
Trust Co. and their legality approved by Hawkins, Delafield & Longfellow
of N. Y. City, a duplicate original of whose opinion will be furnished
purchaser.
7'he official notice of this bond offering will be found among the advertisements elsewhere in this Department.
PORT AUSTIN TOWNSHIP (P. 0. Port Austin), Huron County,
Mich.-BONDS VOTED.-On Apr. 6 this township voted in favor of the
Issuance of $25.000 road bonds.
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. May 9, reports state, by C. A.
Blachly, Co. Aud., for $13,252 50 5% 5-Yr. ditch bonds.
PORTLAND, Me.-TEMPORARY LOAN.-A loan of $100,000 was recently negotiated with F. S. Moseley & Co. of Boston at 3.36% discount,
It is stated.
PORT OF NEW ORLEANS,La.-BONDS OFFERED BY BANKERS.In an advertisement on a preceding page,N. W. Halsey & Co., Chicago,
Wm. R. Compton Co., Chicago, and the Inter-State Trust & Banking Co.,
New Orleans, are offering to investors the $3.000,000 5% coupon or reg.
gold bonds (V. 98, p. 1101). Denoms. $1,000, $500, $100. Date April 1
1914. Int. A.& 0. at the State Trans. office or at the fiscal agency of the
State in N. Y. Due serially April 1 from 1920 to 1954, incl. The bonds
are tax exempt in Louisiana. Bonded debt, including this issue, $17.491.500. Real val. $1,000,000,000. Assessed val. equalized for 1913
$581.063,253.
PORTSMOUTH, Scioto County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 5 by Geo. L. Gableman, City Aud.,
for $50,000 5% water-works-ext. bonds. Denom. $500. Date Apr. 1
1914. Int. A.& 0. at office of City Treas. Due $10,000 yearly on Apr. 1
from 1923 to 1927 incl. Cert. check for 2% of bonds bid for, payable to
City And., required. Bids must be unconditional. Purchaser to pay accrued interest.
PORT TAMPA CITY, Hillsboro County, Fla.-BOND OFFERING.
Further details are at hand relative to the offering on May 4 of the $17,000
1339
6% 20-year municipal-impt. bonds voted Mar. 23 (V. 98, p. 1186)• Proposals for these bonds will be received until 12 m. on that day by the Board
of Bond Trustees. Denom. $1,000. Int. semi-ann. Cert. check for
$700, payable to City Treas., required. Bonds to be delivered and paid
for within 30 days after notice of acceptance of bid.
POSTVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Postvilla), Allamokee County, Iowa.-BOND SALE.-On April 15 the
$40,000 5% 8(-year (average) building bonds (V. 98, p. 1016) were
awarded to Geo. M. Bechtel & Co. of Davenport for $40,863-equal to
102.157. Other bids were:
Chesley, Parsons Co., Des Moines!340.681 50 and int.
I 40,421 65 and int.
Harris Trust & Savings Bank, Chicago. $40,435 and int.
Bolger, Mosser & Willaman. Chicago. $40,405 and int.
John Nuveen & Co., Chicago, par and int.
N. W. Halsey & Co., Chicago par and int., less $490.
par and int., less $770.
C. H. Coffin, Chicago, $40,040. less $800.
McCoy & Co., Chicago, par and int., less $770.
POTJGHKEEPSIE, N. Y.-BOND SALE.-On April 23 $98,000 454
30-year refunding bonds were awarded to Isaac W.Sherrill of Poughkeepsie
at 106.17. Other bids were:
Rhoades & Co.. New York..106.144 Spitzer, Rorick & Co., N. Y..104.87
Biodget & Co., New York_..106.06 Curtis & Sanger, New York 104.475
IIarris, Forbes & Co., N. Y_ _105.318 Farson Son & Co., N. Y.._ _ _104.437
Adams & Co., New York..... 105.225 Farmers & Mfg. Bank,Poug_104.20
A. B. Leach & Co., N. Y. __ _105.178 FailkiliNat. Bank,Poughk_
_103.84
First Nat. Bank, Poughk
105 031
Denom. 31,000. Date May 1 1914. Int. M.& N.
PRATT, Pratt County, Kans.-BONDS VOTED.-On April 7 this
town voted in favor of the issuance of $50,000
municipal-lighting-plant
bonds, it is stated.
PROVIDENCE, R. I.-LOAN AUTHORIZED.-Reports state that the
City Council recently authorizeda loan of $500.000 for permanent paving.
PUNTA GORDA, De Soto County, Fla.-BIDS REJECTED.-All
bids received on April 18 for the $60,000 30-year gold coupon taxable
municipal-improvement and refunding bonds at not exceeding 6% int.
of ered on that day (V. 98. P. 945) were rejected. New bids will be recalved until May 9.
QUINCY, Norfolk County, Mass.-LOAN OFFERING.-Dispatches
state that the City Treasurer will receive bids until 12 m. April 27 for
purchase at discount of a temporary loan of $50.000, dated April 28 and
due Nov 25 1914.
QUINT SCHOOL DISTRICT, Glenn County, Calif.-BOND OFFERING.-Proposals will be received until May 5 by the Clerk of Board of
County Supervisors (P. 0. Willow) for $3,500 6% site-purchase, constr.
and impt. bonds. Auth. vote of 13 to none at the election held Apr. 14.
Denom. $500. Int. semi-ann. Due 3500 yearly from 6 to 12 yrs., incl.
RACINE, Racine County, Wis.-NO BONDS VOTED.-The City
Treas. advises us that the reports stating that this city during March votod
In favor of the is.suance of $100,000 school bonds (V. 98, p. 1016) are erroneous.
RALEIGH, Wake County, No. Caro.-BONDS VOTED.-The question of issuing the $100,000 5% 30-year coup. street-Inapt. bonds (V. 98.
p. 1016) carried at the election held Apr. 15 by a vote of 1,024 to 138.
RANCHOS DE ATRISCO SCHOOL DISTRICT, Bernalillo County,
N. Mex.-DESCRIPTION OF BONDS.-The $3,000 6% school-bi .
bonds awarded on Mar. 28 to Keeler Bros. of Denver for $3,001 (100.033 ,
int, and blank bonds (V. 98. p. 1186),are in the denom.of $500. and dated
Apr. 1 1914. Int. A.& 0. Due Apr. 11934,subject to call Apr. 1 1924.
RAVALLI COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Stevensville), Mont.-BOND SALE.-The $1,700 6% 10-20-year (ser.) gold
coupon school-completion bonds offered on Mar. 16 (V. 98, p. 783) have
been sold to the State Board of Land Commissioners at par.
READING, Hamilton County, Ohio.-BOND SALE.-On April 20
the $3,500 5% 1-10-year (ser.) Sanitary Sewer Dist. No. 1 (assess.) bonds
(V. 98, p. 1016) were awarded to Field, Longstreth & Richards of Oin.
for $3,546 90 (101.34) and int. Other bids were •
Seasongood & Mayer, C1n_33.524 551Reading Inc., Reading_ -33.512 50
READING, Berks County, Pa.-LOAN PROPOSED.-Reports state
that a bill was introduced in Council at a recent meeting authorizing a loan
of $175,000 for street-paving purposes.
RED LODGE, Carbon County, Mont.-BOND SALE.-On Apr. 14
the $30,000 5% 10-20-year (opt.) coup. water-works bonds (V. 98. _Ip• 884)
were awarded at public auction to White, Grubbs & Co. of St. Paul at
101.05 and int. Purchaser to furnish lithographed bonds. Other bids:
E. P. Parr & Co., Chicago_ __$29,935
Hoehier, Cummings & Prudden, Toledo
*$30,579 Wm.E.Sweet & Co., Denver 29.780
N. W. Halsey & Co., Chicago 30,311 Ferris & Hardgrove, Spokane 29,551
Wells & Dickey Co., Minn'lis 30,261 Sidney Spitzer & Co.,Tol___ 29,405
Farson, Son & Co., Chicago_ 30,183 Jas. N. Wright & Co., Denver 2
29
99
:0
22
50
es
Minnota
L.& T.Co.,Minn. 30.157 C. H. Coffin, Chicago
Too
hnhiN
cag
uvomn & Co., Chicago 30,156
Bolger, Mosser & Willaman,
30,123
* For 51,
6% bonds.
RHODE ISLAND.-BOND ELEOTION.-An election will be held
Nov. 3, reports state, to submit to the voters the question of issuing $150,000 bonds to purchase the Mount Hope Park.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 30 by J. A. Dalton, Co.
And., for $20.000 5% flood-emergency bonds. Denom. $500. Date
May 1 1914. Int. A. & 0. at office of Co. Treas. Due $1,000 each six
months from April 1 1915 to Oct. 1 1924 incl. Cert. check on a Mansfield
bank, a N. Y. draft, or cash for 1% of bonds bid for, payable to Co. Aud.,
required.
RICHLANDTOWN, Bucks County, Pa.-BOND SALE.-Reports
state that the $3,000 school bonds have been sold at premiums from 50 cts.
to $1 90. Denom. $100.
RIDGEFIELD TOWNSHIP (P. 0. Monroeville), Huron County,
Ohio.-BOND SALE.-On April 6 the $15,000 5% 8k-year (average)
coupon road bonds (V. 98, p. 1016) were awarded to Seasongood & Mayer.
Cincinnati, for $15,130 (100.866) and interest. Other bids were:
Stacy & Braun, Toledo_ _ _$15,124 65(Otis & Co., Cleveland _ -$15,038 00
Sidney Spitzer&Co.,Tol__ 15,107 00 Spitzer, Rorick & Co., Tol 15,007 50
Hayden,Miller&Co..Clev_ 15.097 50
RIPLEY COUNTY(P.O. Versailles), Ind.-BOND OFFERING.-Proposals will be received until 12 m. May 4 by John N. Hess, Co. Trans., for
39.500454% road bonds. Denom. $475. Date May 4 1914. Int. M.&
N. Due $475 each six months from May 15 1915 to Nov. 15 1924 incl.
Cert. chock for full amount of bid required from all bidders living outside
of county.
RISING SUN, Cecil County, Md.-BONDS VOTED.-On April 20
this town voted in favor of the issuance of $25,000 water-works and electriclight-system bonds, it is stated.
RIVES SCHOOL DISTRICT (P. 0. Rives), Obion County, Tenn.
BONDS TO BE OFFERED SHORTLY.-According to local newspaper reports, this district will shortly offer for sale an issue of $10,000 school-bldg.
bonds.
ROCHESTER, N. Y.-NOTE OFFERINGS.-Proposals will be received
until 2 p. m. Apr. 28 by E. S. Osborne, City Comptroller, for $200.000
water-works-impt. and 328,000 "unpaid taxes 1912' notes, payable eight
months from May 11914. They will be drawn with interest and made payaable at the Union Trust
New York. Bidder to designate rate of interest, denomination of notes
Co.,desired and to whom (not bearer) notes shall
be made payable.
ROCKY FORD SCHOOL DISTRICT NO. 4 (P. 0. Rocky Ford),
Otero County, Colo.-BOND ELECTION.-An election will be held
April 25, reports state, to vote on the proposition to issue $25,000 additional
school bonds.
1340
THE CHRONICLE
ROSEDALE, Wyandotte County, Kans.-BONDS DEFEATED.
The proposition to issue $25,000 water-system-impt. bonds was defeated,
reports state, at the electiop held Apr. 7.
ROSENBURG, Fort Bend County, Tex.-BOND SALE.-Reports
state that the Commonwealth Trust Co. of Houston has purchased the following 5% bonds registered by the State Comptroller during the week ending April 4 (V. 98, p. 1187):
318,500 water-works bonds. Due in 40 yrs; subject to call $500 yrly.
beginning 1916.
11,500 street-impt. bonds.
Due in 40 yrs.; subject to call $500 yrly.
beginning 1917.
ROSEVILLE SCHOOL DISTRICT (P. 0. Roseville), Placer County,
Cal.-BONDS VOTED.-The questions of issuing the $20,000 grammar
and $45,000 high-school bonds (V. 98, p. 1186) carried, it is stated, at
the election held April 13 by a vote of619 to 191 and 743 to 241,respectively.
ROSWELL, Cobb County, Ga.-BONDS VOTED.-The question of
Issuing $8,000 school-building bonds carried at the election held April 11
by a vote of 153 to none. Due $400 yearly for 20 years.
ROYSTON, Franklin County, Ga.-BOND SALE.-On April 6 the
$10,000 5% 25-year gold coupon taxable building and equipment bonds
(V. 98, p. 1017) were awarded to J. B. McCrary & Co. of Atlanta at 101.76
and interest and furnish blank bonds.
RUNGE, Karnes County, Tex.-BOND SALE.-According to reports,
the $20,000 5% 10-40-yr. (opt.) water-works and electric-light bonds offered without success on Jan. 25 (V. 98, P. 1924) have been disposed of
RUTHERFORD, Bergen County, N. J.-BOND SALE.-On April 21
the $200,000 43 % 30-year gold coupon or registered funding bonds(V. 98,
p. 1186) were awarded jointly to Kean, Taylor & Co. of N. Y. and J. S.
Rippel of Newark at 100.51 and interest.
R. M.Grant & Co., N. Y..$200,540 A. B. Leach & Co., N. Y$200,200
Rutherford Nat. Bank_ _ _ _ 200,500'Bergen Co.. Bk.. Rutherf'd_ 200,000
ST. CHARLES, Kane County, Ills.-BONDS
of 369 "for" to 165 "against" bonds were authorized to the amount of its
outstanding floating indebtedness now represented by warrants. (V. 98,
p. 1017.)
ST. CLAIR COUNTY (P. 0.Port Huron), Mich.-RESULT OF BOND
ELECTION.-Reports state that the proposition to issue $50,000 countyhome bonds carried at the election held April 6, while the question of issuing
the $500,000 road bonds (V.9,p. 1186) was defeated.
ST;JOHNS, Ore.-BONDS DEFEATED.-On Apr. 6 bonds issued for
an auto fire-engine and for parks were defeated.
ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.-BONDS VOTED.
-Local newspaper reports state that this county has voted in favor of the
issuance of the $250.000 road bonds (V. 98, 13. 325)•
BOND OFFBBINV.-Proposels will be received until 10 a. m. May 11
by W. Wallaee Snow, Clerk Board of County Commissioners, for $650,000
% coupon bonds. Date May 1 1914. Int. M. & N. Due May 1
1944, subjeet b. mill at 102 after 5 years and 101 after 10 years. A bond
for 5% of amount of bid running to County Treasurer, required. Certified
checks will net be upeoptad.
ST. JOSEPH COUNTY (P. 0. Centerville), Mich.-BONDS VOTED.
-According to lossl newspaper reports, this county recently voted in favor
et the issuanes of good-roads bonds.
ST. PAUL, Minn.-BOND SALE.-On April 15 $73,000 class "A" and
$12,483 Wass "B" street-improvement bonds were awarded to A. B. Clark
and A. P. Deshauriers at par for 5y6s. Denom. $1,000 and $500. Int.
semi-ann. Due in 3 years. subject to call any interest-paying date.
SALEM, Essex County, Mass.-BOND SALE.-An issue of $6,000 4%
Canal Street bonds was meetly awarded, it is stated, to the Salem Says.
Bank of Salem at 100.00-a basis of 3.70%. Date Apr. 11914.
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County,
Ohio.-BOND OFFMBING.-Proposals will be received until 12 m. May 12
by Albert Hayes, Clerk of Bd. of Ed., for the $125.000
% coupon
school-site-purehase and impt. bonds voted March 30 (V. 98, p. 1106).
Denom.$500. Dab."day of sale". Int.semi-ann. in Salem. Due $5,000
yearly on April 1 from 1921 to 1945 incl. Cert. check for 2% of bonds bid
for, payable HI Beard of Elduestion, required. Purchaser to pay accrued
interest.
SALINA SCHOOL DISTRICT (P. 0. Salina), Saline County,
•Kans.-BONDS DEFBATBD.-At the election held in this district on
April 7 the proposition to Issue $175,000 building and improvement bonds
was defeated by a vote of 731 "for" to 1,171 "against", according to local
papers.( V. 98.p. 1106.)
SALT LAKE CITY, Utah.-BONDS OFFERED BY BANKERS.Blodget & Co.and Merrill, Oldham & Co.of Boston are offering to investors
3775,000 4j % eoupon bonds due 1934 at 102.66 and int., to net 4.30%.
(See advertisement on a preceding page.)
SAN ANGELO SCHOOL DISTRICT (P. 0. San Angelo), Tom
Green County Tex.-BOND OFFBRING.-Proposals will be received
until May 25 for the $30.000 5% 40-year high-school-building bonds,
authorized by a vote of433 to 186 at the election held March 25 (V.98,
p. 1106).
*a SAN DIEGO, Calif.-BOND ELECTION.-An election will be held
May 5 (not Apr. 30 as previously reported), it is stated, to submit to the
voters the question of issuing $400,000 harbor-dredging and pier-equipment bonds.
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. May 7 by Fred. W. Bauer, City Aud., for the
following 454% (city's portion) bonds:
$2,000 subway-paving bonds. Denom. $500.
800 Fulton St.-impt. bonds. Denom. $100.
la 500 Jefferson Stimprovement bonds. Denom. $100.
Date May 1 1914. Int. M. & N. Due In 4 years. Cert. check for
1-00, payable to Robert A. Koegle, City Treas., required. Bonds WON)
delivered and paid for within 10 days from time of award.
SANTA MONICA, Los Angeles County, Cal.-BOND ELECTION.
Local newspaper reports state that an election will be held in the near
future to vote on the questions of issuing $35,000 fire-engines-purchase and
$1,000,000 municipal water-plant bonds.
SCHOHARIE, Schoharie County, N. Y.-BOND SALE.-On Apri 17.
$9,000 4)4% road-constr. bonds were awarded, it is stated, to the Schoharie
County Bank of Schoharie at 100.50.
[SHAWNEE COUNTY SCHOOL DISTRICT NO. 14, Kans.-BOND
ELECTION PROPOSED.-An election will be held in the near future, reports state, to submit to the voters the question of bldg. bonds.
SHERIDAN COUNTY (P. 0. Plentywood), Mont.-BOND SALE.
On April 13 $187,000 6% bonds were awarded to Keeler Bros. of Denver
at a price exceeding par and interest.
We are advised, also, that a taxpayer instituted proceedings in the
Supreme Court-in connection with the findings of the Board of Appraisers between Valley and Sheridan counties on the division settlement.
The Supreme Court handed down a decision April 11th, sustaining the
arpraisementw:ichvalis
seeersaeeerdiel
indebtedness and the county commisypreerwtthesale of the bonds.
14 SONOMA SCHOOL DISTRICT, Sonoma County, Calif.-BOND
OFFERING.-Proposals will be received until 12 m. May 7 by W. W. Felt,
Jr. Co. Clerk (P. 0. Santa Rosa), for the $30,000 554% building bonds.
Authorized by a vote of 267 to 56 at the election held March 21 (V. 98,
p.1106). Denom.$1,000. Date June 1 1914. Int. J.& D. Due 31,000
Yearly from 1 to 30 years. incl. Cert. check for 10% of bid, payable to
Co. Clerk, required. No indebtedness. Assessed val.- $905,435.
SOUTH BETHLEHEM SCHOOL DISTRICT (P. 0. South Bethlehem), Northampton County, Pa.-BOND OFFERING.-Proposals wil
be received until 12 m. May 5 by John Donegan, Chairman Finance Committee, for the $50,000 4% tax-free school bonds, series "B" (V. 98, p.
1263). Denom.(50) $500,(25) $1,000. Date May 15 1914. Int. M. &
N.tat office of Dist. Treas. Due not less than 20 years nor more than 30
years. Cert. check for 2% of bid, payable to above Chairman, required.
1111 SOUTH SAN JOAQUIN IRRIGATION DISTRICT, Cal.-BOND
SALE.-On April 4 the $739,900 5% bonds (V. 98, p. 1017) were awarded,
It Is stated, to E. Zion of Modesto at 80.
SPRINGFIELD, Lane County, Ore.-BOND OFFERING.-Further
details are at hand relative to the offering on April 25 of the $61,132 37
6% gold coupon street-improvement bonds (V. 98, p. 1187). Proposals
for these bonds will be received until 7:30 p. m. on that day by Herbert E.
vliFkrin356.Thlr27
[VOL. xcvm.
Waller, Town Recorder. Denom. $500 and $250. Date April 1 1914.
Int. A. & 0. at office of Town Treas. Due April 1 1924 subject to call
any interest period after 1 year. Bonded debt (incl. this issue) $193,050.
Floating debt $49,353. Assessed val. $12,000,000.
SPARKS, Washoe . County, Nev.-BONDS AUTHORIZED.-On
April 13 a resolution was passed by the City Council,it is stated, authorizing
the issuance of $25,000 street and sewer-impt. bonds.
STATESVILLE, Iredell County, No. Caro.-BOND SALE.-On
April 13 the $30,000 5% 30-year refunding street-improvement bonds
offered on April 3 (V. 98, p. 946) were awarded, it is stated, to Cutter,
May & Co. of Chicago for 330,035-equal to 100.116. Purchaser to pay
all legal expenses.
STEUBENVILLE, Jefferson County, Ohio.-BOND OFFERING.Proposals will be received until 12 m. May 21 by Chas. R. Wells, City Aud.,
for $5,500 5% automobile-fire-truck-purchase bonds. Date May 1 1914.
Int. M. & N. Due $3,000 Sept. 1 1915 and $2,500 Sept. 111917. Cert.
check for 3% of bonds bid for, payable to City Treas., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
STEUBENVILLE CITY SCHOOL DISTRICT (P. 0. Steubenville),
Jefferson County, Ohio.-BOND SALE.-On Apr. 20 the $200,000 4 A %
113 -year (aver.) school bonds(V.98,p. 1017) were awarded to C. E. Denison & Co. of Cleveland at 100.423 and. int. Other bids were:
$200,662 50
Weil, Roth & Co., Cincinnati
200,575 00
Mayer, Deppe & Walter, Cincinnati
200,140 00
E. H. Rollins & Son, Chicago
200,125 00
People's National Bank. Steubenville
STRUTHERS, Mahoning County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m.. May 20 by Jonah Richards, VII Clerk,
for the following 6% bonds:
$1,900 00 Weatherhead judgment coupon bonds. Due $500 on April 1
1916, 1917 and 1918 and $400 April 1 1919.
2,432 09 Broad sSt. sewer (assess.) bonds. Due $486 41 April 1 1915 and
$486 42 on April 1 1916. 1917, 1918 and 1919.
2,059 56 Broad St. sewer (village's portion) bonds. Due $411 92 April 1
1915 and $411 91 on April- 1 1916, 1917, 1918 and 1919.
Date April 1 1914. Int. A.& O. Cert. check for $100, Payable to VIITreas., required. No abstract of proceedings will be furnished to bidders
by the village on the judgment bonds, and they must be delivered and paid
for within 10 days from time of award.
SUGAR CREEK SCHOOL DISTRICT (p. 0. lowers), Montgomery
County, Ind.-BIDS REJECTED.-All bids reeeived on April 20 for the
$21,000
% bonds offered on that day (V. 92, p. 1107) were rejected.
SULLIVAN COUNTY (P. 0. Blountville), Tenn.-BOND OFFERING.-Proposals will be received until 1 p. ii. May 21 by
W. D. Lyon, Chairman of Road Commission, for the $108,000 5% roadimpt. bonds authorized by the County Court on Feb. 16(V. 93, p.632)•
TANGIPAHOA PARISH (P. 0. Ponchatoula), La.-BIDS REJECTED.-Two bids were received for the $75,920 5% 153i7Year
(aver.) Seventh Ward Road Dist. No. 2 bonds offered on April 13 (V. 98.
P• 1018.) These offers were rejected, however, as being unsatisfactory.
TAUNTON, Bri tol County, Mass.-BOND SALE.-On April 30 the
$15,000 4% 8-year (aver.) reg. sewer bonds, dated Dec. 1 1913 (V. 98,
IL 1263) were awarded to Adams & Co. of Boston at 101.726. Other bids
were:
R. L. Day & Co. Boston-101.341131odget & C.., Boston
101.064
Boston_ _101.20 Merrill, Oldham & Co.,Bost_100.819
Blake Bros. &
Curtis & Sanger, Boston_ _ _ _101.18 Estabrook & Co., Poston_ _ _100.81
THORNDALE SCHOOL DISTRICT (P. 0. Therndale), Milam
County, Tex.-BONDS VOTED.-The question of issuing $20,000 building
bonds carried, reports state, by a vote of 194 te GO at an election hold
April 15.
TIFFIN, Seneca County, Ohio.-BONDS AUTHOBIZED.-Reports
state that the City Council on Apr. 15 approved plans for the $300,000 Sandusky River impt. bonds issue voted Nor. 4 1913. (V. 97, P. 1842.)
TIFTON, Tift County, Ga.-BOND ELECTION.-An election will be
held May 12, reports state, to submit to a vote the questions of issuing $17,000 water-mains and works-improvement, $13,000 school-improvement,
$8,000 city-hall and fire-department-headquarters and $7,600 fire-equipment and headquarters furnishing bonds.
TRENTON, N. J.-BONDS NOT ,SOLD.-The following bids were re% 10-yr. (aver.) reg. street-impt.
ceived on April 22 for the $150,000
bonds (V. 98, p. 1203):
102.35
& Co., N. Y....102.67 Rhoades & Co., N. Y
Estabrook & Co., N. Y____102.55 John II. Watkins, N. Y_ _ _ _102.27
102.265
ICountze Bros., N Y
102.511 Barbour & Co., N. Y
Equitable Trust Co., N. Y_102.49 A. B. Leach & Co., N. Y......102.037
Curtis & Sanger, N. Y
102.445 Merck. Un. Tr. Co., Phila101.76
Blodget & Co.. N. Y
102.41 R. M. Grant & Co., N. Y__-101.67
Remick, Hodges & Co., N.Y_102.393 I
Although White, Weld & Co., were the highest bidders thisfirm declined
to accept the issue because counsel could not render a favorable opinion
in view of the amendment to the Walsh Act by the Hennessy Act.
TROTWOOD, Montgomery County, Ohio.-BOND ELECTION.
An election will be held May 14, reports state, to submit to the voters the
question of issuing $5,000 municipal water-system-installation bonds.
TROY TOWNSHIP (P. 0. Nova), Ashland County, Ohio.-BOND
SALE.-On Apr. 22 the $44,000 5% 114-year (aver.) road impt. bonds
(V. 98, p. 1018) were awarded, it is stated, to the Mansfield Say. Bank,
Mansfield, for 344,885-equal to 102.011.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Tulsa County, Okla.BONDS NOT SOLD.-No sale was made of the $500,000 5% 20-yr. schoolbldg. and equip. bonds offered on April 1 (V. 98, p. 1018), reports state.
UMATILLA, Umatilla County, Ore.-BOND OFFERING.-Proposals
will be received until 12 m. May 6 for $14,000 of an issue of $20,000 67.
water bonds. Authorized by a vote of 78 to 65 at the election held Feb. 16
(V. 98, p. 783). Due part yearly on May 1 from 1916 to 1931.
UNADILLA SCHOOL DISTRICT (P. 0. Unadilla), Otoe County,
Neb.-BOND ELECTION.-An election will be held May 4, it is stated, t•
submit to a vote the question of issuing building bonds.
UNION VILLE, Tuscola County, Mich.-BOND OFFERING.
Proposals will be received until 3 p. m. April 28 by Earl W. Eckfeld, Vii.
Clerk, for $8,000 5% bonds. Bids are also requested at the rate of 5%.
Denom. $500. Date May 1 1914. Int. M. & N. at First Nat. Bank,
Detroit. Due $500 yearly on Nov. 1 from 1915 to 1932 Incl. Cert. check
for $200, payable to Vii. Treas., required. No bonded debt. Assessed
val., $180,670.
UPPER ALTON (P. 0. Alton), Madison County, Ills.-BOND ELEC,
TION PROPOSED.-The election to submit to the voters the,question of
issuing $150,000 city-hall and $10,000 hose-house bonds will be held sometime this summer or autumn, we are advised.
UPPER SANDUSKY SCHOOL DISTRICT (P. 0. Upper Sandusky),
Wyandot County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Apr. 30 by C. D. Hare, Clerk Board of Ed., for$8,000
5% heating, ventilation and sanitary closets constr. bonds. Denom.$500.
Date Apr. 1 1914. Int. A. & 0. at office of Vii. Treas. Due $1,000 on
Apr. 1 1919 and 1920 and $1,500 yearly on Apr. 1 from 1921 to 1924 Incl.
Cert. check (or cash) for $500, payable to above Clerk, required.
UTICA, Oneida County, N. Y.-BOND OFFERING.-Proposals will
be received until May 5 by Arthur M.Burke, City Comptroller, for $20,000
paving, $18,000 parkway-Improvement, $90,00 school-construction and
$25,000 subway-construction bonds, it is stated.
VAN BUREN COUNTY (P. 0. Keosauqua), Iowa.-BONDS DEFFEATED.-The question of issuing $35,000 county-home-insane-ward
bonds failed to carry, it is stated, at the election held April 7.
VANDALIA SCHOOL DISTRICT, Tulare County, Calif.-BOND
OFFERING.-Proposals will be received until 11. a. m. May 6 by the Bd.
Sups., Avon M. Coburn (P. 0. Visalia), for the $16,000 6% gold coupon
school bonds voted March 21 (V. 98, p. 1107). Denom. $1,000. Date
May 1 1914. Int. ann. on May 1 at office of Co. Treas. Duo $1,000
yearly on May 1 from 1915 to 1930 incl. Cert. check for 5% of bid, payable to Chairman Bd. of Sups., required. Bonds to be delivered and paid
for within 5 days after notice thatjtbondtrejready forAdelivery. • Bids
must,be unconditional.
BOOM EMMA
APR. 25 1914.j
THE CHRONICLE
VENTURA COUNTY (P. 0. Ventura), Calif.—BOND ELECTIO
N
PROPOSED.—According to reports, an election
be held in the near
future, to submit to a vote the question of issuing will
about $250.000 road and
bridge bonds.
VERMILION COUNTY (P. 0. Danville),
ND ELECTION
PROPOSED.—Reports state that an election willIlls.—BO
shortly be held to submit
to the voters the question of issuing $1,500,000 road bonds.
VERMILION COUNTY SCHOOL DISTRICT NO. 6,
Ill.—BOND
OFFERING.—Proposals wIl be received until 8 p. m. to-day
(April 25)
by
F. Van Doren, Secretary Board of Education (P. 0. East
Lynn),
for P.
f. 12,500 5% building bonds. Authority vote of 126 to 3 at
an
election
recently held. Denom.$1,250. Interest annually on Apr! 1 in East
Lynn.
Due $1,250 yearly on April 1 from 1917 to 1926, inclusive.
VERMILLION PARISH (P. 0. Abbeville), La.—BOND SALE.—O
n
April 15 $72,500 road bonds were awarded, it is stated, to the Bank of
Abbeville at par and int., with an allowance for legal expenses.
Proceeds
to be placed upon deposit in the bank for one year without interest,
but
subject to check.
VIVIAN SCHOOL DISTRICT NO. 3, Caddo Parish, La.—BOND
OFFERING.—Proposals will be received until May 10 by the Board of
Parish School Directors, C. E. Byrd, Supt. (P. 0. Shreveport), for the
$70,000 5% site-purchase and building bonds. Denom. $1,000. Date
June 1 1914. Interest annually on June 1 at the Seaboard National Bank,
N. Y., or at the office of the School Board, Shreveport. Due on June 1 as
follows: $3,000 1915, 1916 and 1917; $4,000 1918, 1919, 1920 and 1921;
$5,000 1922, 1923 and 1924; and $6,000 yearly from 1925 to 1929,inclusive.
Certified check for $500, payable to the Board of School Directors, required.
The district has no indebtedness. Value of property (est.), $2,300,000.
WALLINGTON SCHOOL DISTRICT, Bergen County, N.
OFFERING.—Proposals will be received until 8 p. m. Apr. 28 J.—BOND
by Arthur
J. Prall, Dist. Clerk (P. 0. Passaic), for $40,000 5% school bonds.
Denom. $1,000. Date Apr. 1 1914. Int. A. & 0. at Passaic Nat.
Passaic. Due $2,000 yearly, beginning after 10 years. Cert. check Bank,
on
Incorporated bank or trust company for 2% of bonds bid for, payable an
to
Peter E. Da Kayser, Boro. Collector, required. Putchaser to pay accrued
interest.
WARREN, Trumbull County, Ohio.—BOND SALE.—The
Issues of 5% bonds, aggregating $26,800,bidsfor which were received three
until
April 15 (V. 98, p. 1264) have been awarded to Stacy & Braun of
Toledo.
We are not advised as to the price paid. The other bids
Weil,Roth & Co.,Cin_ _ _ _$26,918 95 1 Prov.Sav.Bk.& Tr.received were:
Co.,Cin.$26,867
Field,Longst'h & Rich.,Cin. 26,879 00 Hayden, Miller & Co.,
'elm 26,848
Spitzer,Rorisk & Co.,Tol. 26,878 50 Otis & Co.,
Cleveland
26,825
- NEW LOANS.
1341
WARREN CITY SCHOOL DISTRIC (P. 0. Warren), Trumbull
County, Ohio.—BOND ELECTION.—AnTelection
will be held May 5 to
vote on the question of issuing $235,000
site-purchase, construction and
equipment bonds.
WASHINGTON SCHOOL TOWNSHIP, Adams County, Ind
.—
BOND OFFERING.—Proposals will be
until 10 a. m. May 12 by
Sam Butler, Township Trustee (P. 0.received
for $9,000
% school
bonds. Denom. $450. Date June 1 Decatur),
each six months beginning Aug. 1 1915.1914. Int. F. & A. Due part
WASHINGTON TOWNSHIP (P. 0. Beecher), Will County,
Ill.—
BONDS VOTED.—Reports state that
proposition to issue $35,000 road
bonds carried at an election held Aprilthe
7,
WATERBURY, Conn.—BOND OFFERING.—Further details
are at
hand relative to the offering on May
18 of the following coupon or reg. bonds
(V. 98, n.1264.):
$400,000
% city-hall, police and fire-station bonds. Due $10,000
yearly on Jan. 1 from 1924 to 1963 ,incl.
100,000 4% school bonds, third series.
Due $5000 yearly on Jan. 1
from 1934 to 1963 incl.
Proposals for these bonds
Wm. F. Moher, City Clerk.will be received until 8 p. m. on that day by
Denom. $1,000. Date Jan. 1 1914. Int.
J. & J. at First Nat. Bank, Boston.
Cert. check for 1% of bonds bid for,
payable to City Treas., required. These
genuineness by the above bank and their bonds will be certified as to
legality approved by Storey,
Thorndyke, Palmer & Dodge of Boston,
whose legal opinion will be fur
nished purchaser.
WATERTOWN,Jefferson County, N.Y.—BOND
SALE.—On April 21
the $65,000
% 30-year reg. public-impt. bonds (V.
98, p.
awarded to Biodget & Co., N.
Y.. at 106.03. Other bids were:1264) were
Parkinson & Burr. N. Y...105.7
91 A. B. Leach & Co., N. Y....105.27
Adams & Co. N. Y
105.77 Farson Son & Co., N. Y_ —105.257
John H. Watkins, N. Y
105.53 Spit
z er, Rorick & Co.. N.Y_105.17
Harris, Forbes & Co., N.
Northern N .Y. Tr. Co._ _ _ _105.11
Curtis & Sanger, N Y Y_105.424
105
312
Kean,
Taylor & Co., N. Y _ _104.69
Leo, Higginson & Co., N.Y_105.30
Kissel, Kinnicutt & Co.,N.Y.104.49
Remick. Hodges & Co., N.Y.105.293 IJames
R. Ma,goffin, N. Y _104.25
C.E. Denison & Co., N.Y-105.292
3 W. N. Coler & Cs., N. Y___103.78
Estabrook & Co., N. Y
105.29
WAUCOMA, Fayette County, Iowa.—BOND
ELECTION ILLEGAL
—NEW ELECTION PROPOSED.—Report
s state that the election hold
Mar. 2, which resulted in favor of the question
of
issuing
tric-light-plant-installation bonds (V. 98, p. 855) was notthe $12.000 elmelection will shortly be held to re-submit the proposition. legal and a new
NEW LOANS.
545,000
City of Glens Falls, N. Y ,
$7,000,000
BRIDGE BONDS
BALTIMORE CITY, MD.,
The Common Council of the City of Glens Falls
will, at 810 p.m. on the 29TH
OF APRIL,
1914, sell to ths highest bidder DAY
bonds of the City
af Glens Falls to ths amount of Forty-five Thousand Dollars ($45,000), for the purpose of erecting a free public bridge across the Hudson River
between Glen street, a public highway in the City
of Glens Falls, Warren County, and Main Street,
a public highway in the Village of South Glens
BALTIMORE,April 22nd, 1914.
Falls, Town of Moreau, Saratoga County.
Proposals will be received at the MAYOR'S OFFICE,
Sealed proposals for the purchase of such
City Hall, Baltimore, Md., until 12
o'clock noon MONDAY, MAY 4, 1914, for
whi be received at the office of the City bonds
Clerk
up to 8:00 s'elock p.m.,April 29th, 1914.
$500,000 CONDUIT LOAN,redeeinable August 1st, 1962.
Interest February and August.
The city reserves the right to reject any or all
$1,500,000 WATER LOAN,redeemable December 1st,
bids.
1953. Interest June and December.
$1,000,000 PAVING LOAN, redeemable August 1st,
A certified shack payable to the order of the
1951.
Interest February and August.
City Chamberlain of said city for the sum of
$500,000 ANNEX IMPROVEMENT LOAN,redeemabl
e August 1st, 1951. Interest Febru$500.00, drawn upon a national bank, State bank
ary and August.
or trust company, must accompany each bid,
which check will be returned to the bidder in case
$3,500,000 NEW SEWERAGE IMPROVEMENT LOAN,
redeemable August 1st, 1061. Inhis proposal is rejected, and which will become the
terest February and August.
property of the city in case of the failure of the
All these loans bear Interest at the rate of 4 per centum per
successful bidder to comply with the terms of his
annum, payable semi-annually. Interest will be computed from the interest payment period next
bid.
preceding the date fixed for delivery of
The bond. will be numbered one to forty-five, the stock.
both inclusive, each bond for the principal sum
Circulars have been prepared showing the authority for the issue
of $1,000.00, with interest payable semi-annually
of theca Loans, together with
at the rats of 4% per cent per annum.
the purposes to which the proceeds of the sale will be applied,
which circulars can be obtained from the
Said bonds will be ready for delivery on or be- City Register
upon application.
fore May 1st, 1914. Ten of said bonds will become duo May 1st, 1934, and ten of said bonds
CONDITIONS OF SALE.
will become due on the 1st day of May in each of
1. No proposals containing conditions inconsiste with
nt
those herein set forth will be entertained.
the years 1935 and 1936. Fifteen of said bonds
2.
All
proposals
must name a price for each $100, WITH ACCRUED INTEREST to
will become due May 1st, 1937.
date of setThe bonds cannot be sold for less than par and tlement. The date of delivery shall be May 15, 1914, unless deferred under
the provision of Paragccrued interest.
graph 4.
The legality of this issue of bonds will be ap3. Every bid must be accompanied by a certified
proved by Messrs. Dillon, Thomson & Clay of
check on a Clearing-House bank, drawn to the
Nrew York City, whose opinion as to legality will order of the Mayor and City Council of
Baltimore, or a certificate of deposit of a Clearing-House
be furnished to the purchaser.
bank
so endorsed, or cash, for two per cent of the amount
Dated April 16th, 1914.
of stock for which bid is made. But no deposit by any one party need be for more than two per
LOREN F. GOODSON,City Clerk.
cent of the entire amount offered for sale.
4.
A
successful
bidder may, at any time prior to May 15, 1914, defer the time
Financial Statement.
for delivery of not
Assessed valuation, real estate..
_ _ ....$6,360,950 00 more than seventy-five per cent (75%) of the amount of stock allotted to him until June
Assessed valuation, special fran16, 1914, by
placing
in
the
hands
of
the
City
Register
an
chises
additional deposit, similar to the first, of one per cent
Assessed valuation, personal prop- 306,525 00 of the amount deferred; at any time prior to June 15, 1914,
he may still further defer the time of deliverty
184,000.00 ery of not more than fifty per cent of the amount of stock originally allotted to
him, until July 15, 1914,
by placing in the hands of the City Register a further addtional
Total assessed valuation
deposit of one per cent of the amount
.00
Bonded debt, exclusive of this issue._$6,851,475
258,650.00 thus further deferred; at any time prior to July 15. 1914, he may still further defer the time of delivery
Population, 1910 Census-15,243.
of not more than 25% of the stock originally allotted to
him, until August 15, 1914, by placing in the
hands of the City Register a further additional deposit of one
per cent of the amount thus finally deferred; but if he shall have failed to pay in full for the amount of stock
allotted to him within the time
fixed for its delivery, the deposit or deposits made therefor
shall be forfeited to and retained by the
City as liquidated damages for such neglect or refusal, and shall
thereafter be paid into the sinking fund
of the City for the redemption of the funded debt.
5. Upon the payment to the City Register on the day of delivery by the persons
5% 30-YEAR BONDS
whose bids are
Until MAY 11TH, 1914, at 1 o'clock P. M., accepted, of the amount due for the stock awarded to them, respectively, as named above, certificates
the Mayor and Recorder of the City of Athens, thereof will be issued to them in sums of $100 or multiples thereof, as they
may desire.
Tenn., will receive bids for
purchase of an
6. Checks, certificates of deposit or cash accompanying bids not accepted,
issue of $30,000 of city bonds,the
will be' returned to
to run 30 years
the bidders immediately after the allotment is made. Deposits of
bear 5 per cent interest—to take up floatingand
successful
bidders will be applied as
in partial payments
debtedness and for improvement pourposes. Each
for the stock allotted to them. Should there be more than one proposal
at the same
bid to be accompanied by New York exchange for price, a pro rata allotment may be made.
4500 as guaranty of good faith.
7. Bids will be received for the whole or any part of the amount offered, and
bids will also be received for all of any part or none. Unless bids specify "all or none,"
of the amount bid for, a portion
of the amount may be allotted.
8. The proposals must be enclosed in a sealed envelope, addressed
to the "Commissioners of Finance of Baltimore City," and endorsed outside "Proposal for Four Per
Cent Registered Stock of the
LIST ON APPLICATION.
City of Baltimore," and sent to the Mayor's office.
9. Each bid must bear the address of the bidder and notification of acceptance
of any bid will be
considered accomplished when mailed in the Baltimore Post Office
to such address. Bids must be received at the Mayor's office not later than 12 o'clock noon, May
Ingalls Building
4, 1914, and the Commissioners of
Finance reserve to themselves the absolute right in their discretion to
reject any or all proposals.
CINCINNATI
RICHARD GWINN. City Register.
Registered 4% Stock
$30,000
ATHENS, TENNESSEE,
MUNICIPAL AND RAILROAD
BONDS
SEASONGOOD & MAYER
THE CHRONICLE
1342
xcvm.
for $1,000 re- to Sept. 1 1919 incl. Cert. check on a Bowling Green bank
OFFERING.
WAYNE COUNTY (P. 0. Wooster), Ohio.-BOND
the Board of Commis- quired.
Proposals will be received until 12 m. May 21 by5%
will be received
road-Improvement
WOONSOCKET,R.I.-BOND OFFERING.-ProposalsCity
sioners. Wade Fahr, Clerk, for the following
Treas., for
until 10 a. m. Apr. 29, reports state. by Arthur J. Follett,
(assess.) bonds:
and $500,000
1 1914.
$800
May
Due
Date
$500.
bonds.
funding
-year
($45)
30
(1)
$300.
Denom.
43%
bonds.
road
322,800
.
1914 was
part each six months thereafter
TEMPORARY LOAN.-A loan of $200,000 maturing Oct. 28Boston
on April 1 and $1,500 on
at
35,000 road bonds. Denom.$500. Due $2,000inclusive.
recently negotiated, it is stated, with the First Nat. Bank of
Oct. 1 from April 1 1915 to Oct. 1 1924
discount.
3.32%
CertiTreasurer.
loan
Date June 1 1914. Int. A. & 0. at office of County
the
18
Apr.
Auditor,
WORCESTER, Mass.-TEMPORARY LOA.N.-Onand
fied check for 5% of bonds bid for, payable to Chas. Fahr, County
issued in anticiOct. 16 1914,
of $100,000 dated Apr.21 1914, maturing
required. Purchaser to pay accrued interest.
negotiated with Kissel, Kinnicuttle
pation of taxes (V. 98, p. 1265), wasadditiona
l
discount of $31 25.
an
and
ND
discount
Mo.-BO
3%
at
of
Louis),
Boston
Co.
St.
0.
(P.
CT
WELLSTON SCHOOL DISTRI
Sandusky), Ohio.-BOND
stated, to submit to a
WYANDOT COUNTY (P. 0. Upper
ELECTION.-An election will be held May 5, it is g.
until 12 m. April 29 by Jay MarOFFERING.-Proposals will be received
vote the question of issuing $40,000 high-school-bld bonds.
road-impt. bonds. Denom.
Kilborne
5%
$10.300
-BOND SALE.-On guerat, Co. Aud., for
1 1914. Int. A. & 0. at office of Co. Tress.
WELLSVILLE, Columbiana County, Ohio.
5% bonds, aggregating $500 and $530. Date April1 from
incl. Cert. check (or cash)
1924
to
1915
Apr. 20 the three issues of street-impt. and sewer
April
on
yearly
East
Due
$1,030
the Dollar Say. Bank,
Bonds to be delivered and paid
,938 51 (V. 98, p. 947), were awarded to Other
payable to Co. Treas., required. must
$500,
for
were:
bids
int.
be unconditional.
and
)
Liverpool, for $9,121 84 (102.051
$9,015 51 for within 5 days from date of sale. Bids
Security Savings Bank & Trust Co., Toledo
9,028 51
DISTRICT NO. 51, Wash.-BOND
SCHOOL
COUNTY
i
YAKIMA
Cincinnat
Mayer,
&
od
coup. bldg. and equip.
Seasongo
-On Apr. 18 the $3,500 1-5-year (opt.)of Washington at par and
DISTRICT (P.O. West- SALE.
WESTMINSTER INDEPENDENT SCHOOL
bonds (V. 98, p. 1188) were awarded to the State
of
issue
-An
RED.
REGISTE
S
bids were:
minster), Collin County, Tex.-BOND
d by the State Comptroller int. for 53is. Other
Y. par for 6s.
First National Bank of Dolgeville, N.
$6,500 5% 40-year school bonds was registere
6s, less $100 attorney's fees,
on April 17.
Ferris & Hardgrove, Spokane, par and int. for
County,
Hudson
en),
3,
Weehawk
&c.
bonds.
Station
0.
blank
(P.
YORK
WEST NEW
NO. 54, Wash.-BOND
4%
the
CT
$5,750
that
DISTRI
advised
are
-We
YAKIMA COUNTY SCHOOL
N. J.-DESCRIPTION OF BONDS.
by Jas. F.
Commissioners on April 14
received until 10 a. m. May 2 and
play-ground bonds awarded to the Sinking Fund
equipOFFERING.-Proposals will becoupon
building
(opt.)
of
date
-year
bear
and
of
$1,150
tion
5-20
denomina
the
In
are
1264)
$27,000
Co. Treas., for
at par (V. 98, p.
or the
Wood,
sale,
of
day
Date
4.
1.
April
on
May
yearly
May 11914. Int. M.& N. Due $1,150
6%)
ment bonds. Authority election held
to
exceed
not
bidder. Int. (rate
s state that first of some month, at Option of
$35,000. Warrants
WHIGHAM, Grady County, Ga.-BOND SALE.-Report
at office of Co. Treas. Bonded debt
annually
payable
of
an
issue
d
$8,000
purchase
recently
Whigham
of
Bank
the Farmers' State
outstanding $123. Assessed val. $1,261,645.
bonds at 102.5.
SALE.-Reports state that
YOAKUM, Dewitt County, Tex.-BONDthe $2,000 incinerator bonds
'SALE.WICHITA COUNTY (P. 0. Wichita Falls), Tex.-BOND
the Sinking Fund Trustees have purchased
of
$25,000
issue
an
purchased
recently
have
98, p. 1019).
Parson. Son & Co. of Chicago
it Is stated. voted Mar. 18 (V.
-BOND OFFERING.
5% 40-year hospital-construction bonds voted March 21,1
YOUNGSTOWN, Mahoning County, Ohio. the City Auditor for the
(V. 98, p. 856.)
Proposals will be received until 1 p. m. May 18 by
-By a, following 5% coupon or registered bonds:
1 from 1915
WILMINGTON, Clinton County, Ohio.-BONDS VOTED.
ving bonds car- $7,990 Cherry St. paving bonds. Due $1,598 yearly on Oct.
vote of 991 to 137, the question of issuing $12,000 street-pa
was
bonds
of
issue
incl.
A
similar
1919
18.
to
Apr.
1 from
held
an
Oct.
at
election
is
ried, it stated,
yearly on
12,655 Parmelee Ave. paving bonds. Due $2,531
offered without success on Dec. 5(V.97, p. 1767).
1919 incl.
to
1915
from
1
Oct.
on
OF
yearly
IPTION
WOODBURY, Gloucester County, N. J.-DESCR
1,915 Frederick Ave. sewer bonds. Duo $383
Apr. 7, $20,000 to
1915 to 1919 incl.
to
BONDS.-The $30,000 4 % water bonds awarded on
1915
from
1
Fd.
Oct.
Sink.
on
City
yearly
the
to
$232
$10,000
and
the Merchants' Union Trust Co.of Phila. 98, p. 1265), are In the denom.
1,160 Pyatt St. sewer bonds. Due
1919 incl.
at prices ranging from 100.90 to 101.55 (V. O. Due $2,000 yearly from
Oct. 1 from 1915
on
yearly
$370
Due
&
A.
bonds.
Int.
sewer
St.
11914.
n
Apr.
of $1,000 and dated
1,850 Champio
to 19th incl.
1920 to 1934 incl.
1 from 1916
rchase bonds. Due $2,000 yearly on Oct.
-BOND OFFERING. 13,750 refuse site-puand
WOOD COUNTY (P. 0. Bowling Green), Ohio.
$3,750 Oct. 1 1921.
to 1920 incl.
gh,
on Oct. 1
Stinebau
E.
C.
yearly
by
11
May
m.
p.
1
$2,000
Due
until
bonds.
be
received
will
-Proposals
6,000 street impt. (city's portion)
S. B. Rinker (dated May20
County Auditor, for $50,000 E. H. King andF.
from 1915 to 1917 incl.
Fund Trustees.
Huffman (dated May 21
of
Sinking
office
at
N.
&
M.
Int.
1914), $50,000 Stratton-Hendricks and C.
1914.
Date May 25
to City Aud.
May 22 1914), and
each block of bonds bid upon payable
1914), $50,000 L. R. Hanback and Morris Rees (dated
25.
May 23 1914) stone-road Cert. check for 2%toofbe
delivered and paid for not later than May
$50,000 Philo, Libbe, Gorral and Blandin (dated
M.& S. at office of County required. Bonds
of'
bonds.
block
each
for
made
be
impt. 5% coup. bonds. Denom. $1,000. Int.
Separate bids must
1951
1
Mar.
from
months
six
each
issue,
each
of
Treasurer. Due 85,000
NEW LOANS
NEW LOANS.
$30,000.00
BOROUGH OF POWTON LANES,
$55,000
WATER-WORKS BONDS
$75,000.00
WILMINGTON, DELAWARE,
CITY OF PLAINFIELD, N. J.
4% Joint Sewerage System Bonds.
$20,000
ELECTRIC-LIGHT BONDS
Sealed proposals will be received by The Mayor
Lakes,
and Council of the Borough of Pompton
for
N. J., until 8 P. M., on APRIL 30. 1914,
$55,000 Water-Works Bonds and $20,000 Electric
bonds
these
of
All
Borough.
said
of
Light Bonds
will be of the denomination of $1,000 each, dated
May 1st, 1914, will be payable May 1st, 1934,
and will be coupon bonds, registerablo as to principal alone or as to both principal and interest
at the option of the holder. Proposals will be
received for bonds bearing interest at either 4%%
or 5% per annum, interest to be payable semiannually on the first day of May and of November
in each year. All proposals must provide for the
payment of accrued interest from the date of said
bonds to the date of delivery thereof, and must be
accompanied by a certified check upon an Incorporated bank or trust company for 2% of the
par value of bonds bid for, payable to the order
of the Collector of the Borough of Pompton
Lakes. The bonds will not be sold for less than
par and accrued interest.
The Council reserves the right to reject any or
all bids.
Proposals should be enclosed in a sealed envelope addressed to J. Frank Cornelius, Borough
Clerk, Pompton Lakes, N. J., and should be
marked upon the outside "Proposals for Water
and Light Bonds."
The bonds will be prepared and certified as to
genuinesness by the Columbia-Knickerbocker
Trust Company, and their validity will be approved by Messrs. Hawkins, Deiafield & Longfellow, attorneys of New York City, a duplicate
original of whose opinion will be furnished to the
purchaser.
Dated, April 16, 1914.
J. FRANK CORNELIUS,
Borough Clerk.
NEW LOANS.
SINKING FUND 43/2% LOAN
until 12 o'clock
Sealed bids will be received1914,
at the office
27,
Notice is hereby given that on the 4TH DAY noon, MONDAY, APRIL
on, Delaware, for
Wilmingt
Council
,
the
at
Treasurer
M.,
P.
o'clock
8
City
at
the
1914,
of
OF MAY,
) of
($75,000
Dollars
of
City
the
Thousand
In
Seventy-Five
Chamber, No. 149 North Avenue,
Four and
Wilmington, Delaware, Sinking Fund
Plainfield, N. J., the Common Council of said
City will receive sealed bids for the purchase of One-Half Per Cent Bonds. May 1, A. D. 1914.
the following-described bonds of said city:
Said bonds will date from
of $50 or
$30,000 Joint Sewer System Bonds, dated and will be issued in denominationsat
the rate
April 1, 1914, and maturing $5,000 annually on multiples thereof, and bear interestper
annum,
centum
to
1917
years
the
of
the let day of April, in each
of Four and One-Half per
1922, both inclusive. The bonds will be coupon payable semi-annually on October 1 and April 1
bonds with the privilege to the holder of register- of each year, and will mature as follows:
ing the same, either as to principal alone or as
$38,850 on April 1, A. D. 1937.
to both principal and interest, and will bear
$36,150 on October 1, A. D. 1937.
of an
interest at the rate of 4 % per annum, payable
Said issue is being made under authority
State of Delawill
semi-annually. Both principal and interest of Act of the General Assembly of the
and under
be payable in gold coin of the United Statesand ware, approved April 18, A. D. 1911,
Council of
authority of an ordinance of the
America of the present standard of weight
A. D. 1914, and
Wilmington, pas.sed April 9, and
fineness.
Is to provide
All proposals should be enclosed in a sealed approved April 9, A. D. 1914,
ent of park
envelope addressed to J. T. MacMurray, City funds for the purchase and improvem
Clerk, Plainfield, N. J., and should be marked lands.
ied by a certiaccompan
Sewerage
Joint
for
be
ls
must
"Proposa
outside
proposals
the
upon
All
"THE MAYOR
System Bonds."
fied check, payable to the order of
GTON",for two
A certified check for 2% of the par value of the AND COUNCIL OF WILMIN
bonds for which
the
of
of
the
amount
Treasurer
the
to
payable
the
for,
of
bid
bonds
per centum
forfeited if the bidder
City of Plainfield, N. J., must accompany each bId is made, the same to bethe
awarded.
bonds
bid. No bid for less than par and accrued interest falls to accept and pay forbidders will be required
or
will be accepted.
The successful bidder
accrued
with
awarded,
bids.
all
bonds
or
any
The right is reserved to reject
to settle for the
D. 1914, at or before
The bonds will be prepared and certified as to interest from May 1, A. May
11, A. D. 1914.
ker
Monday,
ickerboc
Columbia-Kn
noon,
the
by
ss
genuinene
12 o'clock
any or all bids is reserved.
Trust Company of New York City, and will be
The right to rejectMONAG
HAN,
JOHN J.
delivered to the purchaser on or before May 8,
KEMP,
nt
D.
subseque
a
unless
M.,
A.
ROBERT
1914, at 11 o'clock
Commissioners.
Fund
Sinking
the
date shall be mutually agreed upon between
WELLER E. STOVER,
purchaser and the City Treasurer.
AND,
GRANTL
by
be
E.
will
approved
bonds
GEORGE
the
The validity of
JAMES ICANE,
Messrs. Hawkins, Delafield & Longfellow, attorFinance Committee.
neys, of New York City, a duplicate original of
whose opinion will be furnished to the purchaser.
Dated April 7, 1914.
J. T. MAC MURRAY,
City Clerk.
$100,000
Flathead County, Montana,
REDEMPTION BONDS
onal Bank
Mellon Nati
SBURGH, PA.
PITT
8-26
3% on RESERVE ACCOUNTS
is paid by this bank
Correspondence Is Invited
Resources over - $65,000,000
be
Notice is hereby given that sealed bidsofwill
Flatreceived by the County Commissionersthe
office
head County, State of Montana, at Kalispell.
of the County Clerk and Recorder at
A. M..
Montana, on MAY 4TH, 1914, AT 10.00
the purpose
for the sale of 5100,000 00 bonds forbonds.
'The
00
5100.000
of
an
issue
g
of redeemin
each.
be $1,000 00in
denomination of said bonds to redeemab
ten
le
payable in twenty years and
exceed five
years. and to bear interest at not to Payable at
Interest
3 per annum.
per cent (57,)
of said County
the office of the County Treasurer of each year.
on the first day of January and July
County Comof
office
Bids will be opened at the
Monday. May 4th,
missioners of said County on
certified check
A
in.
a.
o'clock
1914 at 10:00
y eachIbid.
for bfiid
ai
vs
e per cent of bid to accompan
to reject annand
The Board reserves the right
MN
OM
CommissionBy order of the Board of County
.
ers of Flathead County, Montana
By FRED S. PERRY,
County Clerk
TIIE CHRONICLE
APR. 25 19141
Canada, its Provinces and Municipalities.
BEETON, Ont.-DEBENTURE ELECTION.-Reports state that an
election will be held May 4 to vote on the proposition to issue $2,000
water-works-system-extension bonds.
BROCKVILLE, Ont.-DEBENTURES PROPOSED.-It is reported,
that this place is contemplating the issuance of $13,000 school debenturet.
CALGARY, Alta.-DEBENTURE ELECTION.-An election will be
held May 7, it is stated, to vote on the propositions to issue $100,000 Ogden
sewer $17,000 publicity and receptions, $30,000 fire-department, $300,000
electric-light-extension, $50,000 parks, $60,000 water-works-extension and
$60,000 Hillhurst Park purchase debentures.
CAMROSE, Alta.-DEBENTURES VOTED.-The proposition to issue
$38,000 local-improvement debentures carried, reports state, at an election
held April 7.
EDMONTON, Alta.-LOAN.--Of an issue of £368,800 5% bonds recently offered in London at 98,30% was returned to the underwriters, 70%
being subscribed for.
RESULT OF DEBENTURE ELECTION.-The questions of issuing debentures aggregating $2,297,232 carried at the election held April 6, it
Is stated, while the propositions to issue $2,099,966 and $50,613 debentures
was defeated.
FERGUS, Ont.-DEBENTURE OFFERINO.-Bids will be received
until 12 m. May 4 by John Thomson, Chairman of Finance Committee,
for $15,000 5%% coup. 30-ann.-installment debentures.
FORD, Ont.-DEBENTURE ELECTION.-Local newspaper dispatches state that an election will be held May 2 to submit to the voters
the question of issuing $35,000 5 % village-hall-construction debentures.
FORT FRANCIS, Ont.-DEBENTURE SALE.-The two issues of
6% debentures offered on Mar. 28 (V. 98, p. 711) have been awarded to
Gibson & Co. of Toronto as follows:
840,000 00 20-installment public school debentures at 99.64 and interest.
2,315 84 5-year local-improvement debentures at 99.14 and interest.
LONGUEUIL, clue.-DEBENTURES PROPOSED.-Newspaper dispatches state that this municipality is contemplating the issuance of $90,000
paving sidewalk and public-impt. debentures.
LUMSDEN, Sask.-DEBENTURE OFFERINO.-Proposals will be receuved until 1 p. m. Apr. 30 by B. Morton, Sec.-Treas., for $5,000 localimpt. and $1,000 skating-rink 6% 20-year debentures.
MONTREAL, Que.-LOAN.--Subscription lists for the £1,500,000
4K% registered stock, redeemable in 1953, offered by the Bank of Montreal
In London at par, closed April 17, and it was announced that 473 % had
been left with the underwriters.
The proceeds of tnis issue will be used partly for the redemption of Treasury bills and partly for the construction and extension of public works,
Including municipal electric plant awl aqueduct.
MOOSE JAW, Sask.-DEBENTURE ELECTION PROPOSED.-An
election will be held in the near future, it is stated, to vote on the question
of issuing $434.000 local-improvement debentures.
DEBENTURES AUTHORIZED.-Reports state that the provincial
Local Government Board has authorized the issuance of $826,999 debens.
MORSE, Sask.-DEBENTURE ELECTION.-Reports state htat the
rate payers will soon vote on the issuance of $500 debentures for land purchase, $2,000 for electric-light-fixtures and apparatus, $1,000 for cemetery
and grounds and $1,000 for sidewalks.
1343
NOVA SCOTIA.-LOAN.-It was announced April 22 that subscriptions were received for only 18% of the £750,000 43 % loan offered in
London at 99.
PINCHER CREEK, Alta.-DEBENTURE SALE.-Reports state that
C. H. Burgess & Co.of Toronto have purchased $15,000 debentures.
POINT GREY, B. C.-DEBENTURE SALE.-Reports state that this
city has sold $3,500,000 5% debentures at 95 to the Bank of Montreal,
which will handle the debentures through its London office.
REDCLIFFE, Alta.-DEBENTURES PROPOSED.-This place is contemplating the issuance of $124,000 debentures, it is stated.
RED DEER, Alta.-DEBENTURE OFFERING.-Proposals will be received until 12 m. May 4 by A. T. Stephenson, City Commissioner, for
$5,500 20-year, $1,300 20-year. $5,500 20-year, $1,400 30-year and $1,300
10-year 6% debentures. Due in ann. installments of principal and int.
REVELSTOKE, B. C.-DEBENTURES VOTED.-The question of
issuing the $40,000 power-plant-extension debentures (V. 98, p. 1266)
carried, reports state, at an election recently held.
ST.JOHN COUNTY(P.O. St. John), N. B.-DEBENTURE SALE.
Reports state that $35,000 4% '7_0 debentures have been awarded to the
Eastern Securities Corporation, Ltd., of St. John.
SASKATOON, Sask.-DEBENTURE ELECTION PROPOSED.-The
questions of issuing debentures aggregating $489,305 will be submitted
to the voters in May, reports state.
SAULT AU RECOLLET, Que.-DEBENTURE SALE.-It is stated
that $300,000 6% 40-year debentures have been sold to N. B. Stark & Co.
of Montreal.
SCARBORO, Ont.-DEBENTURES AUTHORIZED.-On April 13 a
by-law was passed by the Council providing for the issuance of $4,000
school-building-completion debentures.
SUNNIDALE TOWNSHIP, Ont.-DEBENTURE SALE.-According
to reports, Gibson & Co.of Toronto have bought 83.3505%
10-year debs.
THETFORD MINES, Que.-DEBENTURE SALE.-Hanson Bros. of
Montreal are reported as the purchasers of $90,000 5% debentures due
serially from 1918 to 1942.
TILLBURY NORTH, Ont.-DEBENTURE SALE.-According to reports. $12,401 73 5% 10-installment debentures have been sold to Macneil& Young of Toronto.
TRENTON, Ont.-DEBENTURE SALE.-Gibson & Co. of Toronto
have. it is stated, purchased $35,000 5% debentures at 97.
WATROUS,Sask.-DEBENTURE SALE.-According to reports W.L.
McKinnon & Co. of Toronto have purchased 835.000 water-works and
$35,000 sewerage 6% 30-year debentures. Similar issues of debentures
were reported sold in July to Terry, Briggs & Slayton of Toledo (V. 97.
p. 398).
WEST KILDONON, Man.-DEBENTURE SALE.-According to reports, the sale of $250,001 53 % debentures at 94 has been consummated
through McKee, Carlyle &Garland, the fiscal agents of the municipality.
WEYB17RN, Sask.-DEBENTURES AUTHORIZED.-Reports state
that the Provincial Local Government Board has authorized the issuance of
$27,000 electric-light-ext., 315.000 sewage-filtration-plant, $8,500 fire-hall
and equipment and $105,000 water-works-system-ext. debentures.
WOODBRIDGE, Ont.-DEBENTURES VOTED.-The question of
issuing $8,000 hydro-electric power debentures carried, reports state, at a
recent election.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$33,000
$400,000
$218,000
BOROUGH OF CHATHAM City of Vicksburg, Mississippi City of Perth Amboy, N. J.
5% BONDS
Sealed proposals will be received by the Council
of the Borough of Chatham, New Jersey, at the
Municipal Building, in said Borough, until
8 p. m. FRIDAY. MAY 8TH, 1914, for all or
any part of Thirty five Thousand Dollars of
Bonds; the said bonds to be coupon bonds, to be
Issued upon the credit of the Borough of Chatham,
New Jersey, under authority of Chapter 82. Laws
of New Jersey, 1900. Said bonds will be in the
name of the Borough of Chatham; will be dated
and issued as of May 8th, 1914, will bear interest
from date at the rate of five per centum per
annum, payable semi-annually, and will be in
denominations of One Thousand Dollars each,
numbered consecutively from 1 to 35, inclusive;
the principal being payable at the expiration of
twenty years from their date, the proceeds of
which to be appropriated to the payment of the
sum to be expended for extensions and additions
to be made to the water and light systems of the
Borough. Said bonds will be delivered as soon
after the award as practicable, but not later than
June 8th. 1914. All proposals must be accompanied by a certified check, payable to the order
of the Borough of Chatham for five per centum
of amount of bonds bid for, the same to be forfeited if the bidder fails to accept and pay for the
bonds awarded, the bonds to be settled for on
delivery. The right to reject any and all bids is
reserved.
Address all bids to Patrick J. Reilly, Clerk,
Chatham, New Jersey.
By order of Borough Council.
PATRICK J. REILLY,
Borough Clerk.
Dated April 20th, 1914.
CITY OF WESTMOUNT
5% Serial-20-Years
School and Harbor Improvement
Water-Works Construction Bonds.
Bonds.
SALE
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 the 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 Construction
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 seml-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 $5,000, will be received by A. M. Paxton,
City Clerk, up to time of sale.
J. J. HAYES,
Mayor of the City of Vicksburg.
BLODGET &
CO.
Sealed offerings will be received by the undersigned at his office in the City Hall, Perth Amboy,
N. J., until four o'clock p. m., APRIL 30, 1914.
for $115,000 4%% School Bonds, dated May 1,
1914, maturing $23.000 each in 10, 20, 30. 40 and
50 years, and $103,000 (or such smaller amount,
not less than 373.000, as it may be decided to
issue) 434% 50-year Harbor Improvement Bonds.
dated June 1, 1914.
Bonds will be issued with coupons, but may be
registered.
The opinion of Messrs. Caldwell, Masslich &
Reed will be furnished by the City, and the bonds
will be engraved and certified In amounts of$1,000.
Certified check for Two Per Cent of par value
of bonds bid for must accompany each bid, which
must be made on blank form which will be fur-.
Walled by the undersigned.
CHARLES K. SEAMAN,
City Treasurer.
Bolger, Mosser& WI I laman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
BONDS
00 STATE STREET, BOSTON
30 PINB STREET, NE
YORK
29 South La Salle St.,
CHICAGO
3TATE. CITY & RAILROAD BONDt
TENDERS FOR BONDS
Tenders are invited for the following issues of
40.5% 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
350,000
By-law No. 282
1st May, 1958
110,000
By-law No. 283
1st May, 1928
50,000
By-law No. 285
1st May, 1928
175,000
$385,000
Tenders must be enclosed In sealed envelopes
plainly marked "Tenders for Bonds", and filed
with the undersigned not later than MONDAY,
THE 4TH DAY OP MAY, 1914.
The Council does not bind itself to accept the
highest or any other tender.
Full particulars as to these issues may be had
upon application.
ARTHUR F. BELL,
Secretary-Treasurer.
Westmount, Canada.
CHARTERED 1864
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE. 80 BROADWAY
Fifth Avenue Branch,
Plaza Branch.
423 Fifth Avenue. corner 88th St.
781 Fifth Avenue. corner 80th St.
Modern Safe Deposit Vaults at both Branches.
Capital $3,000,000
Surplus (earned) $5,300,000
ALLOWS INTEREST ON DEPOSITS
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.
[Vol,. =nu.
THE CHRONICLE
1344
Zruzt Companiess
Iinancial
Mountain States
Telephone
CHARTERED 1853.
United States Trust Company of New York
45-47 WALL STREET
BELL SYSTEM IN COLORADO,
NEW MEXICO, ARIZONA. UTAH.
WYOMING. IDAHO AND MONTANA
7% STOCK
•
Capital,
•
Surplus and Undivided Profits
. $2,000,000 00
- $14,103,810 00
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and Invests money, securities and other property, real or
personal, for estates, corporations and Individuals.
No Bonds—No Preferred Shares
BOETTCHER,PORTER
ta COMPANY
DENVER
engineert(
EDWARD W. SHELDON, President.
WILLIAM M. (INGSLEY, Vice-President
WILLIAMSON FELL, Asst. Secretary
JOHN
WILLIAM ROCKEFELLER
ALEXANDER E. ORR
WILLIAM D. SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LED YARD
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secy.
TRUSTEES
A. STEWART, Chairman of the Board
LYMAN J GAGE
WILLIAM STEWART TO1)
PAYNE WHITNEY
OGD EN MILLS
EDWARD W.SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HENRY W. de FOREST
ARTII UR CURTISS JAMES
ROBERT I. GAMMELL
WILLIAM VINCENT ASTOR
WILLIAM M. KINGSLEY
CHARLES FRED.HOFFMAN.
THE J. G. WHITE COMPANIES
MANAGERS
ENGINEERS
FINANCIERS
Exchange Place. - NEW YORE
Chicago.
San Francisco.
Londoeu
tlanlia, Para. Buenos Aires, Santiago, ChM.
ATLANTIC MUTUAL INSURANCE COMPANY.
•
New York, January 22d, 1914,
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on Os
31st of December, 1913.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the let January, 1913, to the 31st December, 1913
$3,600,334 83
Premiums on Policies not marked oil let January, 1913
767.050 94
Premiums marked off from January 1st. 1913. to December 31st, 1913
Interest on the investments of the Company received during the year— _$308,419 46
Interest on Deposits In Banks and Trust Companies, etc
39,877 91
130,212 32
Heat received less Taxes and Expenses
5/.236,544 97
Returns of Premiums
$105,1X33 85
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements, etc
650,942 08
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the issue of 1908 will be redeemed and paid to the holders thereof, or theft
legal representatives, on and after Tuesday the third of February next, from which date all interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company,for the year ending 31st
December, 1913, which are entitled to participate In dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary,
TRUSTEES
SAMUEL T. HUBBARD,
JOHN N. BEACH,
CHARLES M. PRATT.)
THOMAS 11. HUB13ARD,
ERNEST C. BLISS.
DALLAS B. PRATT,
LEWIS CASS LEDYARD,
WALDRON P. BROWN.
ANTON A. RAVEP,
WILLIAM H.LEFFERTS,
JOHN CLAFLIN
JOHN J. RIKER,
CHARLES D. LEVERICH.
GEORGE C. CLARK,
DOUGLAS ROBINSON
GEORGE II. MACY,
CLEVELAND II. DODGE,
WILLIAM J. SCHIEFFELIN
NICHOLAS F. PALMER.
CORNELIUS ELDERT,
WILLIAM SLOANE,
HENRY PARISH,
RICHARD H. EWART,
LOU1S STERN,
ADOLF PAVENSTEDT,
PHILII A. S FRANKLIN:
WILLIAM A. STREET;
JAMES II. POST,
HERBERT L. GRIGGS,
GEORGE E. TURNURE.
ANSON W. HARD,
EICIIARD H. WILLIAMS.
A. A. RAVEN, Prestdent,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY; 3d Vice-President,
$670,000 00
1.783 700 00
2,737 412 00
282,520 00
1,000,000 00
4,299,426 01
75,000 00
475.727 45
605,891 79
LIABILITIES
Estimated I.osses and Losses Unsettled
in process of Adjustment
$1,806,024 00
Premiums on Unterminated Risks
654,783 28
Certificates of Profits and Interest Un264,136 25
paid
Return Premiums Unpaid
108,786 90
Reserve for Taxes
28,905 88
Re-Insurance Premiums
221,48506
Claims not Settled, Including Compensation, etc
70,799 43
Certineates of Profits Ordered Redeemed
Withheld for Unpaid Premiums
22,556 09
Certificates -.Profits Outstanding
7,240,320 00
9#T8
7
7
$107117,7-
Thus leaving a balance of
$9,841.227 29
Accrued Interest on the 31st day of December, 1913, amounted to
$51,1350 26
Rents due and accrued on the 31st day of December, 1913, amounted to
28,373 26
ork,
Re-insuranee due or a
comani autize
th
day
ember
1913, amounted to
166.330 00
Unexpired re-Insurance-Pier-alums on
31st Clay icf-necemlier, O.amounted to
55,903 22
Note: Tke Insurance Departessrnt has estimated the value of the Real Estate comer Wall and
William Streets and Exehange Moe in excess o the Book Value given above, at
450,573 96
And tne property at Staten Island in excess of the Book Value, at
63,700 00
The Market Value of Stocks, honds and other Securities os the 31st day of December, 1913, exceeded the Compaty's valuation by
1,268,075 10
Plans, Methods, Examinations
Publio Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alten 5. USW
Alm 0. Humphreys
HUMPH REVS & MILLER,Int
ENGINEERS
Power—Light—Gas
,53 BROADWAY
•
•
•
NEW TOOLE
engineeri4 —
—
H. M. CHANCE & CO.
inning Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
aresel Bldg.
PHILADELPHIA. PA,
1914 ISSUE
NOW READY
320 PAGES
ISSUED ANNUALLY BY THE
505,000 00
10,000 00
On sbe baste of these Increased valuations the Da/ince would be
C. G. YOUNG
Engineering and Construction
THE FINANCIAL REVIEW
177.891 39
636,465 49
113,259.024 16
ENGINEERS
478,509 72
31,790,8885
$233.482 06
320,813 71
47 58 554,343 35
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits In Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
Provisions of Chapter 451,Laws of 1887)
Premium Notes
B Ils Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bask
Temporary Investments (payable !tummy asd February. 1914)
Loan.
Charles D. Bobbed)
FORSTALL AND ROBISON
investigations and Appraisals of Gas and
Bleetrie Properties tor Ownen or Mandel
• 54,367.385 77
Institutions.
153,712,602 51
NEW YORK CFTC
14 William St.,
Total Premiums
Losses paid during the year
Less Salvages
Re-insurances
Discount
lfred A. Borstal]
54.926,338 011
Commercial & Financial Chronicle
TERMS.
Price of the Review, bound in cloth----32.2E
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138 Front Street, New
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