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I N C L U D I N G
Bank &
Q u o ta tio n
S e c tio n
R a ilw a y &
R a ilw a y
E a r n in g s
S e c tio n
B a n k ers* C o n v e n tio n
VOL. 100
I n d u s tr ia l S e c tio n
S e c tio n
E le c tr ic R a ilw a y S e c tio n
S ta te
and
SATURDAY, APRIL 3 1915
S i t e (C lt r c m id e .
P U B L IS H E D
w e e k l y
.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Y e a r ............................................
« ln n n
For Six Months..........................................................................
XX
European Subscription (including postage)............ .......................... 1 3 0 0
European Subscription six months (including p o s t a g e ) . ....... 7 5 0
Annual Subscription in London (including postage)........£2 14s
Six Months Subscription in London (including postage)"."” ............ £ 1 11 s'
Canadian Subscription (including postage)................................................. 60 '
C ity
S e c tio n
NO. 2597
W eek ending M arch 2 7 .
C learings at—
1915.
I n c . or
D ec.
%
Chicago______
274,759,550 299,001,428 —8.3 271,207,391 286,232,232
Cincinnati____
25.12G.050
25,401,100 — 1.1
17,230,550
25,929,550
Cleveland____
26,984,901
21,675,570 + 24.8
19,734,975
17,651,321
Detroit......... .
22,328,359
25,317,397 — 11.8
20,973,889
18,842,230
Milwaukee___
13,879,105
14,187,274 —2.:
12,470,952
12,099,487
Indianapolis__
6,044,439
6.801.040 —2.
3,740,409
0,432,878
Columbus........
6,216,200
0,755,800 —8.
4,308,900
6,037,300
Toledo_______
S u b s c r i p t io n i n c l u d e s f o l l o w i n g S u p p l e m e n t s —
4,820,604
6,420,437 —25.i
4,507,562
3,852,212
2,098,894
3.315.040 — 18.
3,391,510
2,947,410
B ank and Quotation (monthly) I R ailway and industrial (3 times voarlv) Peoria_______
Grand Rapids..
2,907,494
2,985,353 —0
2,733,213
2,867,783
R ailway E armnos (monthly)
E lectric R ailway (3 times yearly)
Dayton______
1,812,467
2,028,245 — 10
912,050
1,871,070
S tate and City (semi-annually) |B ankers’ Convention (yearly)
Evansville____
1,011,143
1,083,304 —6
878,567
946,039
Kalamazoo___
531,305
590,159 — 10
718,182
702,727
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Springfield, 111.
1,079,479
1,096,143 — 1.
1,100,208
1,140,269
Transient matter per inch spaco (14 agate lines)................................... $ 4 2 0 Fort Wayne___
1,257,821
1,118,537 + 12.4
955,020
. 1,133,636
( Two Months
(8 times)............................22 00 Lexington
008,309
647,170 —6.0
619,754
1.174,076
1,317,339
Standing Business Cards < ^hreo Months (13 times)......................... 29 00 Youngstown___
1,218,479
+ 8.
1,175,075
1,426,515
0
) Six Months
(20 times)......................... 60 00 Rockford_____
1,154,824
1,047,400 + 10.2
1,094,545
1,217,983
Bloomington__
L Twelve Months (52 times).......................... 87 0 0
637,800
745,280 — 14.5
505,813
715,058
855,171
926,328 — 7.7
756,974
Chicaoo Office—Goo. M. Shepherd, 513 Monadnock Block; Tel.Harrison 4012. Quincy.... ........
665,279
Akron_______
1,927,000
1,644,000 + 17.2
1,430,000
1,574,000
London Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
•
Canton______
2,000,000
1,665,992 + 20.
1,040,626
1,113,007
Decatur______
408,725
W I L L I A M I*. D A N A C O M P A N Y , P u b l i s h e r s ,
512,715 —20.0
357,435
371,952
Springfield, O ..
640,289
870,228 —20.4
353,068
471,139
P«
b ox 958.
F ro n t. F in e an d D c p c y s te r S ts..
N ew Y o r k .
South Bond___
532,371
498,003
+ 6.8
591,902
561,946
Mansfield.......
547,698
586,995 —6.7
290,253
340,797
Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville_____
582,857
589,826 — 1.2
403,075
482,560
Jacob Solbcrt Jr., President and Treas.; George 8. Dana and Arnold G. Dana, Jackson ______
450.000
438,489
+ 2.0
518,559
469,366
Vice-Presidents; Arnold O. Dana. Sec. Addresses of all. Office of the Company.
Jacksonville, III.
274,734
254,089
+
8.1
237,879
306,204
Lansing........
412,783
370,700 + 11.3
387,453
338,255
Lima______
379,102
440,950 — 13.8
278,267
307,383
CLEARING-HOUSE RETURNS.
Owensboro ..
250.000
338,372
—26.2
390,367
375,739
Tho following table, made up by telegraph, &c.. Indicates that the total
Arbor__
174,045
181,692 —5.4
177,461
180,363
bank clearings of all tho clearing houses of the United States for tho week Ann
Adrian_____
66,990
52,764 + 27.0
___38,838
26,387
rui sT
c&iwXa ^ Cn S3,289,826,363. against $2,936,427,323 last week
Tot. Mld.West 405,338,028 431,410,574 —6.0 375,571,934 400,804,153
and $3,758,960,468 tho corresponding week iast year.
San Francisco..
45,145,074
41,109,064
+ 9.8
43,527,359
45,594,979
Los Angeles___
18,302,412
20,943,038 — 12.6
Clearings— Returns by Telegraph.
20,591,939
19,094,878
Per
Seattle________
10,351,455
11,620,490 — 11.0
Week ending A p ril 3.
11,031,397
9,722,064
1915.
1914.
Cent.
Portland.........
10,945,053
12,972,059 — 15.6
10,381,081
10,222,513
Salt Lake City.
5,175,000
4,869,059
New Y o rk _______
+ 6.3
4,027,579
7,777,199
S1.660,992,479 $1,876,870,509 — 11.5 Spokane......... .
3,329,984
3,656,501 —9.0
B oston..................... ..
4,315,384
4,500,000
*135,000,000
160,850,701 — 10.1 Tacoma...........
1,873,960
1,991,545 —5.9
Philadelphia_____
2,352,010
3,202,602
109,350,409
102,052,275 —32.8 Oakland______
2,929,778
3,046,869 —3.8
Baltimore________
3,148,980
2,970,015
21,455,028
32,981,035
—38.0
Sacramento___
1,445,335
C hicago................... ..
1,847,158 —21.8
1,796,273
1,392,698
241,007,092
281.803,779
—
14.3
San Diego____
1,770,538
St. L ouis________
2,205,925 — 15.2
2,490,444
2,037,129
09,010,704
70,618,915
— 1.4 Stockton _____
729,451
New Orleans_____
089,271
653,714
+ 5.8
682,642
15,720,100
15,158,303
+ 3.7 Fresno_______
805,433
889,329 —9.4
890,494
700.000
San Jose...........
501,274
597,225 — 10.1
Seven cities, 5 days.
529,013
432,132
$2,253,801,872 $2,G 01,008,237 — 13.3 North Yakima..
535,917
386.000 + 38.8
Other cities, 5 days__
377,088
408,256
525,410,287
572,010,248
—8.2 Pasadena...........
950,509
1,024,792 —7.2
935,010
750,787
eno_________
260,000
250.000
Total all cities, 5 days.
+ 4.0
247,500
225.000
S2,779,218,159 $ 3,173,024,485 — 12.4 R
Long
Beach____
511,560
Not Included In total
All cities, 1 day________
510,008,204
585,935,983 — 12.9
Total Pacific.. 105,051,173 108,105,525 —2.8 107,941,271 109,702,894
Total all cities for week.......................... $3,289,820,303 $ 3 ,758,960,468 I — 12.5 Kansas City___
63,437,103
49,172,974 + 29.0
47,243,971
43,033,324
Minneapolis___
25,712,033
* Partly estimated.
19,680,454 + 30.7
23,154,296
16,995,026
Omaha_______
17,200,000
17,363,481 —0.9
Tho full details for tho week covered by tho above will be given next St
15,029,456
13,991,815
Paul.........
.
13,819,279
10,368,730
+
23.6
Saturday. Wo cannot furnish them to-day, clearings being made up bv the Denver......... .....
11,721,804
12,817.811
7,531,402
8,845,623 — 14.9
clearing houses at noon on Saturday, and honce in the abovo tho last dav St. Joseph_____
8,465,147
7,474,130
0,935,441
7,063,048 — 1.8
of the Wook has to bo 111 all cases estimated, as wo go to press Friday night
6,987,919
7,554,783
Dos Moines____
4,500,799
5,522,281 — 18.5
Wo present below dotailed figures for tho week ending with Saturday Sioux
4,793,013
4,338,764
City.........
3,012,910
noon, March 27, for four years:
y
3,431,947 —12.2
3,195,936
2,726,952
Wichita.............
3,183,857
3,273,072 —2.4
2,985,140
3,030,980
Lincoln .............
1,933,013
1,834,248
+5
1,441,382
1,369,704
Davenport_____
W eek ending M arch 27.
1,427,648
1,601,551
—
10
1,653,611
1,296,272
Clearings at—
Topeka_______
1,180,093
1,458,278 — 19
1,481,390
1,299,416
I n c . or
Cedar Rapids...
1,320,000
' 1,568,408 — 15
1,406,194
1,381,672
D ec.
Colorado Springs.
508,179
487,103 + 16.0
504,479
750,000
Pueblo........... .
588,926
545,669
+ 7.9
580,790
612,688
S
S
Fargo........... .....
%
1,312,769
370,854 + 248.8
452,227
634,811
Now York__
1,055,914,400 1,705,730,902 —6.2 1,003,072,759 1,997,028,884 Duluth_______
3,523,115
2,751,491 + 28.
3,003,294
2,693,113
Philadelphia___
133,977,958 142,424,338 — 5.9 751,303,379 142,300,701 Waterloo_____
2,025,102
1,557,3.82 + 30.1
1,274,794
1,627,482
Pittsburgh_____
47,209,031
52,957,411 — 10.7
57,393,14
875,533
51,713,103 Helena.............
918,130
1,301,206
839,588
Baltimore_____
31,780,055
34,900,692 — 8.9
33,879,000
301,189
31,209,775 Fremont.........
307,515 — is!o '
265,400
238,199
Buffalo________
8,620,217
9,387,373 —8.2
Hastings.........
9,074,648
156,123
9,235,054
135,000
+
15.6
152,607
164,130
Washington____
7,000,999
Billings______
7,235,778 — 2.4
7,010,294
384,366
319,962 + 20.3
7 ,459,190
311,535
291,268
Albany________
4 .700.000
5,005,951 — 10.2
4,039,033
463,207
458,907
5 ,300,285 Aberdeen______
+ 1.0
370,350
283,991
Rochester_____
3,733,338
3,710,172
+ 0.5
3,413,797
4,026,471
Tot.
Oth.
West
161,393,407 139,103,30s + 16.0 137,660,623 124,661,333
Scranton______
2,961,311
3,420,393 — 13.0
2,591,072
2,583,402
Syracuse______
2,280,964
2,536,104 — 9.9
2,451,577
1,984,210 St. Louis...........
08,169,974
Reading_______
70,285,238 — 10.6
04,723,975
67,724,925
1.800.000
1,900,000 — 5.3
2 ,030,790
1,858,513
New Orleans___
18,220,032
10,911,705
+ 7.7
Wilmington____
18,240,295
18,850,219
1,596,445
1,SSI,704 — 15.1
1,038,720
1,441,892
Loulsvlllo.........
10,265,878
12,962,641 —20.8
Wllkes-Barro___
9,567,600
14,553,593
1,415,131
1,397,882
+ 1.2
1,460,341
1,300,281
Houston...........
7,784,413
Wheeling...........
8,000,000 —2.7
8,759,517
1,751,970
2.110.410 — 17.2
2,100,940
1,712,141 Galveston____
4,035,522
2,936,000 + 40.9
Lancaster..........
3.422.000
1,572,579
4,516,500
1,757,590 — 10.5
2 ,007,700
2,800,121 Richmond____
8,587,737
7,534,824 + 14.0
Trenton_______
7,079,533
1,782,098
8.568.297
1.720.410
+ 3.2
1,030,580
1,485,589 Fort Worth___
6,454,260
6,880,338 —6.2
7,799,086
York.............
819,075
5,642,015
804,847
+ 1.8
978,405
1,020,633 Memphis.........
8,510,677
7,613,834 + 11.8
Erie......... .
7,398,450
8 5 1 ,8G7
6,616,478
918,170 — 10.2
895,291
801,890 Atlanta______
11.774.505
14,072,278 — 10.3
12,121,791
Binghamton___
510,200
12,018,504
020,700 — 18.4
535,100
550,100 Savannah .........
4,804,276
4,028,423 + 19.3
3,955,637
Greensburg___
687,131
5,544,275
723,631 — 18.8
712,711
440,981 Nashvlllo____
5,450,394
5,931,700 —8.1
0,747,605
Chester______
605,520
4,438,230
001,724 — 10.4
077,199
500,885 Norfolk_____
3,883,305
+ 0.6
3,800,625
3,582,478
Altoona______
482,217
3,118,563
510,379 —0.0
547,322
418,975 Birmingham . .
1,933,902
3,174,594 —39.1
3,104,457
Montclair____
324,059
2,385,576
365,128 — 11.2
308,499
Augusta_____
1,544,630
2,511,472 —38.5
1,972,359
2,346,184
Jacksonville___
3,064,927
3,188,715
—3.9
3,541,932
Total Middle. 1,912,315,204 2,013,290,773 —0.4 1,895,200,610 2,207,428,451 Mobile________
3,122,000
1,015,823
1,264,532 — 19.7
1.200.000
1,267,997
1,610,370
1,724,845 —6.6
Boston________
1,522,351
110,730,003 140,721,007 —4.1 150,794,870 192,954,275 Knoxville..
2,043,364
Little
Rock
1,917,141
2,032,809 —5.6
1.773.696
l’rovldcnco____
0,410,900
7.181,300 — 10.7
1,574,192
0,894,800
7,074,100
Chattanooga___
2,099,328
2,073,442
+ 1.3
H artford______
2,214,173
5,903,411
2,179,994
4,470,036 + 32.1
4,301,902
4,375,420 Charleston_____
2,450,990
2,063,947 + 18.3
Now Haven____
1,578,261
2,048,362
3,081,330
2,450,551 + 25.4
2,713,510
2,530,896 Oklahoma_____
2,147,480
1,503,200 + 37.4
1,433,843
Springfield____
1.330.298
2,035,938
2,962,032 — 11.0
2,555,172
2,894,209
Macon________
2,597,521
3,669,903 + 29.2
P o rtla n d ............ ..
3,092,301
3,396,574
1,043,575
1,853,122 — 11.3
1,670,689
1,879,351 Austin ...............
4.316.505
3,331,501
+
29.6
W orcester_____
2.007.697
1,981,147
2,489,428
2,701,518 — 7.8
2,021,185
2,752,881
Vicksburg_____
183,236
243,835 —24.9
Fall River_____
249,627
1,104,389
264,787
1,250,246 —0.9
1,110,672
1,240,212 Jackson _______
423,082
445,624 —5.1
298,221
New Bedford__
355,692
1,035,333
1,299,870 —20.3
1,050,978
1,007,748 Meridian______
300,000
350,892 — 14.5
348,201
Ilolyoko_______
080,993
350,000
797,592 — 13.9
020,128
015,408
Tulsa................
1,403,081
1,835,778
—23.5
L o w e l l ____________
809,774
604,531
604,090
015,370
+ 8.0
505,260
551,122 Muskogee.........
572,566
881,730 —35.0
710,991
Bangor...................
319,399
667,292
388,782 — 10.0
451,401
443,175
Total Southern 185,521,501 197,374,545 —6.0 179,321,917 177,509,148
Tot. New Eng. 106,807,290 172,701,632
-3.4 175,377,0671 218,931,253
Total all......... 2,936,427,323 3,091,992,357
871,140,022 3 ,299,037,232
Outsldo N. Y. 1,280,512,863 1,326,201,455
N o te .—For Canadian clearings see “ Commercial and Miscellaneous News.’
1,267,467,303 1 ,3 0 ^ 0 0 8 ,3 4 8
t h i s is s o a l s o c o n c e r n i n g o u r t r e m e n d o u s s h i p m e n t s
THE FINANCI AL SITUATION.
o f m u n itio n s o f w a r .
never
T h e r e is s u b s t a n t i a l r e a s o n f o r t h e m o r e c o n f i d e n t
t o n e t h a t is g r a d u a l l y s p r e a d i n g t h r o u g h
been
a b le
W e m u s t c o n fe s s t h a t w e h a v e
to
u n d ersta n d
by
w hat
lo g ic
our
S ta te D e p a r t m e n t , w h ic h h a s b e fu d d le d a n d b e m u d -
tra d e an d
fin a n c ia l c ir c le s , e v e n t h o u g h t h e e n d o f th e E u r o p e a n
d lc d so m a n y
w a r d o e s n o t y e t a p p e a r t o b e in s i g h t .
s tr ic t
T h e a c tio n
t h in g s , s e e k s t o s u s t a in it s v ie w
n e u tr a lity
r e q u ir e s
th a t
we
s h a ll
th a t
w ith h o ld
o f th e G o v e r n in g C o m m itte e o f th e S to c k E x ch a n g e
fin a n c ia l a id a t t h e v e r y t im e w h e n w e a r e l o a d in g a ll
o n W e d n e s d a y in d e c id in g t o d o a w a y w it h t h e r e g u
o u t g o in g s h ip s w it h
la t io n s p r e s c r ib in g m in im u m p r ic e s a n d w it h a ll o t h e r
m a te r ia ls
r e s tr ic tio n s
now ,
E xch an ge
now
on
is
tr a d in g
in
bonds
and
stock s
on
th e
in
s e c u r ity
E xch an ge
a u th o r it ie s t o
o b v io u s ly
too
fa s t a n d
m a n ip u la tio n
b e h in d
w h ic h
in d u c e d
th e
t a k e th is s t e p , th e
fu r io u s , a n d
th e
too
p a c e is
sam e
of
S ta te
B ryan ,
n e ith e r
p a s s iv e
m o d ifie d
th e
has
a ttitu d e .
is n o w
a p p r o v in g
nor
d is a p p r o v in g ,
w o u ld
to
here.
be
W h e th e r th e
a d o p te d
r a is e m o n e y
if
e ffo r ts
h ere o n
lo n g
t i m e b o n d is s u e s is n o t a l t o g e t h e r c l e a r .
W it h
la s t
w eek s.
our
G overn m en t
now
lo o k in g
on
c o m p la c
F ren ch
l o a n is a t
p r e s e n t b e in g p la c e d in t h is c o u n t r y , a n d , n o d o u b t ,
T h e s i g n i f i c a n c e o f s o m e o f t h e s e e v e n t s is h a r d l y
in t h e S o u t h .
its
G overn m en t
e n t ly , a $ 5 0 ,0 0 0 ,0 0 0 o n e - y e a r 5 %
as y e t s u ffic ie n tly g r a s p e d .
d e a th -d e a lin g
A d m in is tr a tio n
o b lig a tio n s
a ttitu d e
s h o u ld b e u n d e r t a k e n
a h i g h e r l e v e l o f v a l u e s t h a n h a s r e c e n t l y p r e v a i l e d in
fe w
a m easu re
m e e t th e ir p r e s s in g
p a lp a b le ,
c ir c u m s ta n c e s o f th e
The
w h e r e t h e p u r p o s e is t o e n a b l e f o r e i g n g o v e r n m e n t s t o
Y e t t h e r e is w a r r a n t f o r
th e fa v o r a b le e v e n ts a n d
in
a rra n g em en ts,
S to ck
th e s p e c u la tiv e
m ovem ent
t o b e a lt o g e t h e r a s s u r in g .
k in d .
m a in t a in in g a p a s s iv e a t tit u d e t o w a r d s fo r e ig n c r e d it
A s t o th e m a r v e lo u s a d
v a lu e s ,
h ow ever,
S ecreta ry
g e t a lo n g w it h o u t a r tific ia l p r o p s , n o t w it h s t a n d
van ce
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every
A c c o r d in g t o t h e a n n o u n c e m e n t m a d e th is w e e k b y
e v id e n c e t h a t th is c o u n t r y a t le a s t c a n
in g th a t th e w a r c o n tin u e s .
of
a n e v e n la r g e r c r e d it o f o n e k in d o r a n o t h e r f o r t h e
T a k e t h e s t a te o f th in g s
B r itis h
T h a t im p o r ta n t p a r t o f th e c o u n tr y
G o v e r n m e n t w ill b e e s t a b lis h e d
here
soon er
w a s d e a l t a s e r i o u s b l o w b y t h e b r e a k i n g o u t o f w a r in
o r la te r .
E u rope.
is j u s t t h e m a n f o r c a r r y i n g t h r o u g h s u c h n e g o t i a t i o n s
m oney
T h e p r ic e o f t h e S o u t h ’ s m a in s t a p le — its
crop ,
a tw in k le ,
in t h e p r o p e r w a y , f o r t h e b e n e f i t o f a ll c o n c e r n e d .
a b o u t 13 c e n ts a p o u n d t o o n ly a b o u t
T h e s e fo r e ig n lo a n s , o r c r e d it s , as th e c a s e m a y b e ,
co tto n — w as
d r o p p in g fr o m
M r . J . P . M o r g a n is n o w i n E u r o p e a n d l ie
h a lf t h a t fig u r e ,
cu t
a n d fo r
in
tw o
in
a num ber of very
w ill s e r v e
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re sto re
e q u ilib r iu m
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exch an ges,
o f E u r o p e e n g a g e d in a s a n g u in a r y s t r u g g le , a n d t h e
T h e c o u n tr ie s o f E u r o p e a re n o w
c o t t o n -m a n u fa c t u r in g in d u s tr y o f G r e a t B r ita in a n d
su ch
th e
C o n tin e n t p ro s tr a te , th e
co tto n
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be
n il.
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R ecen t
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dem and
have
t h a t th is w a s a n e n t ir e ly e r r o n e o u s v ie w .
en orm ou s
co tto n
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a v e r tin g
th e
w e e k s i t a p p e a r e d a s i f , w i t h a ll t h e l e a d i n g c o u n t r i e s
and
w ar
every one o f
sh ow n
W h eth er
su m s
fo r
th a t
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th a t
sou rce.
in d e b te d
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th e m
in
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u s in
fo o d s tu ffs ,
c o u ld
ban kru pt
s h o u ld w e in s is t o n t h e ir p a y in g
in g o l d a l o n e , a f t e r t h e m a n n e r o f t h e B a n k o f E n g
e n o r m o u s q u a n t it ie s o f c o t t o n a r e b e in g u s e d in t h e
la n d la s t s u m m e r , w h e n it in s is te d
m a n u fa c tu r e o f g u n c o t t o n
S ta te s m u s t m e e t its m a t u r in g o b lig a t io n s a b r o a d b y
a n d o th e r e x p lo s iv e s , o r
t h a t th e U n ite d
a w a y fo r fu tu re
a c tu a l s h ip m e n ts o f th e m e ta l, t h o u g h a t th e tim e o u r
u s e , t h e f a c t is t h a t d u r i n g t h e la s t f e w m o n t h s e x
C le a r in g -H o u s e b a n k s w e r e s h o w in g a la r g e s h o r t a g e
p o rts o f c o tto n fr o m
t h e U n it e d S ta te s h a v e b e e n o n
of
U p to
c o u ld ill a f f o r d t o s p a r e t h e g o l d .
w h e th e r th e
co tto n
is b e i n g s t o r e d
a p r o d ig io u s s c a le .
y e ste rd a y a fte rn o o n
ag
cash
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g r e g a te e x p o r t s s in c e t h e b e g in n in g o f t h e c r o p s e a
o n e in t h is c o u n t r y c o n t e m p la t e s a n y s u c h m e a s u r e s
s o n o n A u g . 1 h a d r e a c h e d G ,5 7 3 , 5 0 9 b a l e s , c o m i n g
— w e a r e n o t g o in g t o e x a c t p a y m e n t in g o l d , e s p e c
w ith in
ia lly
fo r
1 ,2 6 9 ,9 4 0
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b a le s o f t h e v e r y
c o r r e s p o n d in g
p e r io d
of
la r g e m o v e m e n t
th e
p r e v io u s
crop
and
year.
N o t a l o n e is t h e o u t w a r d m o v e m e n t o f t h e s t a p l e
as
at
th e
m om ent
s u p p lie s o f th e m e t a l.
fin a n c ia l
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about
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v e r y h e a v y , b u t t h e r e h a s a ls o b e e n a g r e a t a d v a n c e
c h a n g e s in s u c h a w a y a s n o t t o i n v o l v e h a r d s h i p t o
in
a n y o n e , a n d th e fa c t t h a t u n d e r ta k in g s t o t h a t e n d
p r ic e
s in c e
m id d lin g
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8 .2 5
fir s t
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9 .8 0 c e n t s , a r is e o f o v e r 1 y
On
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O n t h e la t t e r b a s is t h e v a lu e o f a 5 0 0 -
p o u n d b a le o f c o t t o n w a s o n ly $ 3 6 2 5 , w h ile n o w , a t
9 .8 0
cen ts,
th e
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per
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now
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O th e r fa v o r in g
out
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M arch
o f our
p ap er.
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of
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m u st
in e v ita b ly
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cou rage
is
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d e c id e d ly
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th e
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in
and
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“ B ank
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Q u o t a t io n ” S e c t io n w h ic h a c c o m p a n ie s t o - d a y ’ s is s u e
g r e a t a p p r e c i a t i o n in t h e v a l u e o f t h e s t a p l e w i t h t h e
la r g e
on
e le m e n ts
n a r r a tiv e
c o n ta in e d
a re h a v in g
b e n e fic ia l e f f e c t in t h e S o u t h , in fu s in g n e w
c a r r ie d
c ir c u m s t a n c e .
c e n ts d u r in g th e m o n t h .
L a s t D e c e m b e r th e s ta p le h e re a t o n e t im e t o u c h e d
7 1 4
are
F or
C on gress.
becom e
th e
fir s t
a r e s p it e fr o m
P r e s id e n t
know n
W ils o n
has n o
has
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c a n n o t fa il e r e lo n g t o m a n ife s t n e w e n e r g y , a n d th e
g o o d r e a s o n t h a t h e is n o t o b l i v i o u s o f t h e f a c t t h a t
m o m e n t t h i s o c c u r s , a s i t m u s t , t h e f r i g h t f u l l o s s e s in
t h is n e w
le g is la t iv e
e a r n in g s w h ic h S o u t h e r n r a ilw a y s y s t e m s h a v e b e e n
tou ch
th e
s h o w in g w ill b e a t h in g o f t h e p a s t .
A n d it s h o u ld n o t e s c a p e n o t ic e t h a t th e c h a n g e fo r
b e tte r
w h ic h
body
th a t
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e x p ir e d
has becom e
tim e
it
c a llin g
r e g u la r s e s s io n n e x t D e c e m b e r , p r o b a b l y f o r t h e v e r y
w ay
th e
we
a c tiv itie s
a llo w e d
in te n tio n
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years
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U n d e r s u c h a p o w e r fu l s tim u lu s t r a d e a n d in d u s tr y
in
new
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d e s tr u c tiv e
a n d h o p e , a n d r e v iv in g c o n fid e n c e p r e v io u s ly w a n in g .
N o r is t h e p l a c i n g i n t h i s c o u n t r y o f f o r e i g n l o a n s ,
th e
th a t
tim e
th e
fo r
p lia n t
to
C on gress
in c r e a s in g ly
its
h is
w as.
m a n ife s t
a n d th e e s t a b lis h m e n t h e re o f fo r e ig n c r e d it s , w it h o u t
o f la t e , d a t e s fr o m
its fa v o r a b le
s titu tio n a l m a n d a te , th e o ld C o n g r e s s h a d t o q u it.
th is w a y
great
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m u st ten d
d e s id e r a tu m
is
To
to
its
b e s u re , e x te n d in g
p r o lo n g
speedy
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t e r m in a tio n .
th e
But
T hen
m u ch
k n o w le d g e
th a t
M a r c h 4 , th e tim e w h e n , b y C o n
c o m fo rt
p u b lic
is
to
be
s e n tim e n t,
d e r iv e d
fr o m
a c c o r d in g
to
th e
a ll
i n d i c a t i o n s , is g e t t i n g d e c i d e d l y i m p a t i e n t o f r a d i c a l
of
and
fa c t u r in g e s ta b lis h m e n ts r e c e iv e d a n a v e r a g e o f o n ly
at
d e s tr u c tiv e
b u s in e s s
p o lic ie s a im e d
in te r e s ts .
L ast
a t th e r a ilr o a d s a n d
N o v e m b e r’s
e le c tio n s
fu r n is h e d th e fir s t b r o a d e v id e n c e t o t h a t e ff e c t a n d
1 9 1 4 s h a r e h o ld e r s o f t h e
1 .1 4 %
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t h e U n ite d
E lih u
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T o th is m u s t b e a d d e d
S ta te s S u p r e m e C o u r t d e c is io n s h o ld in g
th e ir in v e s t m e n t ,
c o tto n -g o o d s m a n u
and
s in c e t h e n , p e r io d
b y p e r io d , t h e r e tu r n h a s s t e a d ily c o n t r a c t e d , fa llin g
th e sp e e ch e s th e p a st m o n th o f fo rm e r C o n g re ssm a n
W .
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0 .9 4 %
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in
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la te s t
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q u a rte r
c a p ita l— c a p ita l p a y in g n o
d iv id e n d
le s s t h a n
fr e ig h t-r a te
t o t a l i n v e s t e d in t h e m ills o f N e w
of
N o rth
D a k ota
and
la y in g
d o w n t h e p la in p r o p o s it io n t h a t r a t e s n o t c o m p e n s a
is t r u e
tory
s p e a k in g ,
in
th e m s e lv e s
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F u rth e r
n o n -p r o d u c tiv e
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in v a lid a p a s s e n g e r r a t e la w o f W e s t V ir g in ia a n d a
sta tu te
1915.
th e
2 0 m illio n
d o lla r s , o r c lo s e
o f F a ll R iv e r a n d
a
fa c t
as
N ew
regards
to
h a lf o f th e
B e d fo r d .
B e d fo r d
co tto n
W hat
is , b r o a d l y
m a n u fa c tu r in g
t h e o r y t h a t t h e lo s s c a n b e m a d e u p o n o t h e r c la s s e s
e ls e w h e r e a t t h e N o r t h — d e c r e a s e d o u t p u t a n d v e r y
of
m u c h r e s tr ic te d p r o fit s .
tr a ffic .
O f c o u r s e s o m e o f t h e la w s p u t u p o n t h e s t a t u t e
T h e s itu a tio n a t th e S o u th ,
h o w e v e r , is d i s t i n c t l y m o r e f a v o r a b l e .
It does n ot
b o o k b y t h e la t e C o n g r e s s p o s s e s s in h e r e n t a n d p o t e n
fo llo w , o f c o u r s e , t h a t fin a n c ia l r e tu r n s a re n o r m a l,
tia l p o w e r s o f m is c h ie f, d e p e n d in g u p o n h o w t h e y a re
but
a d m in is t e r e d .
A s th e A p r il c ir c u la r o f t h e N a t io n a l
c o t t o n fo r t h e s e a s o n t o d a t e a p p r o x im a t in g c lo s e t o
C i t y B a n k o f C h ic a g o p o in t s o u t , t h e r e a r e 3 0 0 ,0 0 0
t h e h ig h r e c o r d t o t a l o f 1 9 1 3 -1 4 w it h t h e p r o b a b i l i t y
c o r p o r a tio n s
o f s h o w in g a n e x c e s s fo r th e fu ll t w e lv e m o n t h s .
w ith
th e ir
in
th e
U n ite d
s h a r e h o ld e r s ,
S ta te s
w ill
be
w h ic h , t o g e t h e r
d ir e c tly
m ills
are
w e ll
e m p lo y e d ,
th e
c o n s u m p t io n
of
in te r e s te d
in t h e w o r k in g o u t o f t h e r e m a r k a b le e x p e r im e n t in
W h a t e v e r t h e f i n a l r e s u l t , i t is g r a t i f y i n g t o k n o w
G o v e r n m e n t r e g u la t io n i n v o l v e d in t h e c r e a t io n o f t h e
t h a t t h e w a r w ill n o t h a v e b e e n e n t ir e ly w it h o u t s o m e
n e w F e d e r a l T r a d e C o m m is s io n .
B u t it w ill b e s o m e
c o m p e n s a tio n s .
R u s s ia
at
th e
b e g in n in g
of
th e
t im e b e f o r e t h a t b o d y g e t s in w o r k in g o r d e r a n d t h e
s t r u g g le
d a n g e r o f m i s c h i e f i n t h a t d i r e c t i o n is m o r e f o r t h e
a lc o h o lic liq u o r s , F r a n c e p r o m p t ly fo llo w e d a n d t h is
fu tu r e t h a n fo r th e im m e d ia t e p r e s e n t .
w eek
th e
hope
expressed
by
th e
C h ic a g o
W e jo i n in
bank
t h a t t h is
to o k
b oth
o ffic ia l
a c tio n
E n g la n d
and
ta k e n th e m a tte r u p .
r e s tr ic tin g
G erm an y
th e
have
use
of
o ffic ia lly
D a v id L lo y d G e o r g e , r e p ly in g
n e w C o m m is s io n w ill “ fe e l it s w a y ” a n d w e c o n c u r in
o n M o n d a y t o a d e p u t a t io n o f t h e S h ip b u ild in g E m
it s v i e w t h a t “ if t h e b u s in e s s m e n o f t h e U n it e d S t a t e s
p lo y e r s ’ F e d e r a tio n ,
a r e g i v e n a p e r i o d o f c l e a r s a i l i n g i t is s a f e t o s a y t h a t
G e r m a n y , A u s t r ia a n d d r in k , a n d s o fa r as I c a n see
th ere
th e
w ill
be
a
s u s ta in e d
r e v iv a l
in
gen eral
tra d e
b e fo re lo n g .”
g re a te s t
The
of
m em bers
th ese
of
u n a n im o u s in
T h e c o tto n -m a n u fa c tu r in g in d u s tr y o f th e U n ite d
d e c la r e d
th re e
th e
th a t
d e a d ly
u r g in g t h a t in o r d e r t o
in p r o d u c t i o n
of
a s a r e s u lt o f th e E u r o p e a n
th a t
th e
m en ts
d iffic u lt ie s
fr o m
w ar.
a tte n d a n t
G erm an y
and
com e
I t w as assum ed
upon
m a k in g
A u s tr ia
w o u ld
s h ip
g r e a tly
th e
s a le
a p p ly ,
it
of
is
in to x ic a tio n g
d e c la r e d ,
not
p e r io d
liq u o r s .
o n ly
(s a lo o n s ), b u t a ls o a p p ly t o
e q u a lly w ith
is
d r in k .”
m e e t th e n a
t io n a l r e q u ir e m e n ts a t t h e p r e s e n t t im e
b e a t o t a l p r o h ib it io n d u r in g t h e
to
fo e s
F e d e r a tio n ’s d e p u ta tio n w ere
S ta te s a s a w h o le h a s y e t t o e x p e r ie n c e t h a t in c r e a s e
o f g o o d s th a t w a s p r e d ic te d
“ w e a re fig h tin g
to
th e r e s h o u ld
of
th e w ar
T h is
s h o u ld
p u b lic
hou ses
c lu b s , s o a s t o o p e r a te
a ll c la s s e s o f t h e c o m m u n i t y .
It w as
r e s tr ic t t h e m o v e m e n t o f g o o d s fr o m th o s e c o u n tr ie s
sta ted b y
t o S o u th A m e r ic a , a n d th a t c o n s e q u e n tly th e d e m a n d
w o r k w a s b e in g c a r r ie d o n n ig h t a n d d a y , s e v e n d a y s
fr o m
o f t h e w e e k , t h e t o t a l w o r k in g t im e o n t h e a v e r a g e
be
th a t
q u a rte r fo r
g r e a tly
s tim u la te d .
A m e r ic a n -m a d e
g o o d s w o u ld
F u rth e rm o re , an
e x p a n s io n
o f o u r t r a d e w ith C h in a w a s c o u n t e d u p o n .
n e ith e r
case
has
e x p e c ta tio n
been
B u t in
r e a liz e d .
D is
in n e a r ly a ll t h e B r it is h s h ip y a r d s w a s a c t u a l l y l e s s .
th a n b e fo r e th e w a r , a n d th e a v e r a g e p r o d u c tiv e n e s s
had
a p p o i n t m e n t is i n l a r g e p a r t e x p l a i n e d b y c o n d i t i o n s
of
d e p r e s s io n
e x is t in g
in
th e
c o u n tr ie s
r e fe r re d
to.
th e re a so n th e G o v e r n m e n t h a d n o t h e r e to fo r e ta k e n
m ore
e x p a n s io n
b r e a k in g
our
out
of
co tto n -g o o d s
h o s tilitie s
s h ip m e n ts
a c tio n
r e g a r d in g
th e
liq u o r
q u e s tio n
th e
w a s b e c a u s e it n e e d e d t o b e a s s u r e d t h a t it w a s n o t
th rou gh
th e
g o in g
co u n te r to
h a rm
t h a n g o o d w o u ld b e d o n e ; b u t , t h e C h a n c e llo r
t h a t o u r e x p o r t s in t h e a g g r e g a t e h a v e b e e n le s s t h a n
c o n t in u e d , h e w a s su re t h a t th e c o u n t r y w a s b e g in n in g
in
to
W it h
com e
d r a s tic
s in c e
fillin g o f o r d e r s fo r G r e a t B r ita in a n d h e r A llie s , a n d
th e p r e v io u s y e a r .
has
d ecreased .
T h e C h a n c e llo r in t h e c o u r s e o f h is r e p ly s a id t h a t
I t is t o b e n o t e d , m o r e o v e r , t h a t t h e o n l y i m p o r t a n t
in
th e d e p u t a t io n t h a t d e s p it e t h e fa c t t h a t
th is th e g e n e r a l s it u a
p u b lic s e n tim e n t— o th e r w is e
r e a liz e t h e g r a v i t y
o f th e s itu a tio n .
m ore
T h a t som e
t i o n i t is b u t n a t u r a l t h a t t h e f i n a n c i a l r e t u r n s f r o m
d r a s tic m e a s u r e s a re c o n t e m p la t e d
t h e o p e r a t i o n o f t h e m ills s h o u l d b e f o u n d t o b e r a t h e r
tio n , b u t y e s te r d a y ’s L o n d o n
u n s a tis fa c to r y .
t h e B r i t i s h p u b l i c is d i v i d e d in o p i n i o n a s t o w h e t h e r
th e
p r e m ie r
T h is p r o v e d t o b e tru e o f F a ll R iv e r ,
te x tile
cen tre
of
th e
co u n try ,
w h ose
of
fe r r e d
c o n tr o l.
on
F eb.
13,
and
is e q u a l l y
tru e
of
N ew
B e d fo r d , a c c o r d in g t o d a ta n o w a t h a n d .
beyond
qu es
d is p a tc h e s s ta te d th a t
t h e p r o h i b i t i o n is t o b e t o t a l o r w h e t h e r c o n s u m p t i o n
d iv id e n d r e c o r d fo r t h e fir s t q u a r te r o f 1 9 1 5 w e r e
to
is
a lc o h o lic
liq u o r s
w ill
be
p e r m itte d
under
sh arp
T h e s e n s e o f p e r s o n a l l i b e r t y is s o s t r o n g
in E n g la n d , q u o t i n g p r e s s d is p a t c h e s , “ t h a t it m a y
W it h a t o t a l o f o v e r 2 ,5 0 0 ,0 0 0 p r o d u c in g s p in d le s
d e fe a t t o ta l p r o h ib it io n .
B u t t h e se n se o f fa ir p la y
in s t a lle d in it s m ills , N e w B e d f o r d s t a n d s s e c o n d t o
fig h ts
F a ll R iv e r a s a c o t t o n -m a n u fa c t u r in g
o p i n i o n is g r o w i n g t h a t i f e m p l o y e e s b e d e p r i v e d o f
c e n t r e in t h e
on
t h e s id e
o f th e ex tre m e
U n it e d S t a t e s , a n d h a s , lik e it , f e lt t h e e f f e c t o f c o n
t h e ir
d itio n s
p la c e in th e s a m e b o a t .
of
d e p r e s s io n
fin e r lin e s o f g o o d s .
in
b oth
th e
I t is q u i t e
p r in t
c lo th
and
a little t im e s in c e
r ig h t
to
d r in k ,
o p e ra tio n s
D e fe n s e o f th e R e a lm
has been
r e c e n tly
fo r c e
has
n o tic e a b ly
at N ew
B e d fo r d ,
con tra cted .
F or
and
th e
fir s t
it
q u a rte r
m u st
tak e
th e
th e ir
I t is b e l i e v e d t h a t t h e C a b i
n e t is i n f a v o r o f t o t a l p r o h i b i t i o n , w h i c h u n d e r t h e
w h a t m ig h t b e te r m e d a fa ir r e tu rn fr o m
secu red
e m p lo y e r s
m ea su re, fo r
w ith o u t
any
A c t , it h a s th e p o w e r t o e n
fu r t h e r
le g is la t io n .”
P ress
d is
p a t c h e s d o n o t g iv e d e ta ils o f t h e m o v e m e n t t o w a r d
p r o h ib it io n
in G e r m a n y , s i m p l y s t a t in g t h a t s u c h
m ovem ent
is
under
a
m u s t b e m a d e a t th e sa m e tim e t o G r e a t B r ita in a n d
F ra n ce.
c o n s id e r a tio n .
th a t
E ach
day
is
e ffe c tiv e n e s s
of
d e s tr o y in g
fu r n is h in g
th e
B r itis h
p a r e n t l y is t o
c a b le
G erm an
e v id e n c e
s u b m a r in e
m e r c h a n t s h ip s .
to
cru sh
corresp on d en t,
of
th e
w a r fa r e
The
in
r e s u lt a p
a r o u s e B r itis h s e n tim e n t t o
d e te r m in a t io n
one
d is tin c t
th e
enem y.
“ th e
s u b m a r in e
a g re a te r
To
q u o te
savagery
I t is a s s e r t e d i n s o m e q u a r t e r s i n L o n d o n
G reat
p rop osal
B r ita in
in
th e
have done.
th e
and
sam e
T h ere
peace
is
F ra n ce
lig h t
no
m ov em en t.
w ill
as
c o n s id e r
R u s s ia
c o n fir m a t io n ,
M a il
a d v ic e s
is
th e
s a id
to
h ow ever, of
fr o m
L ondon
s t a t e t h a t e v e n b e t t i n g is t a k i n g p l a c e a t L l o y d s t h a t
t h e w a r w ill e n d S e p t . 1 .
at 3 to
1 a g a in s t p e a c e
p e a c e b e f o r e S e p t . 1 , 1 0 t o 1 in f a v o r o f p e a c e b e f o r e
th e
e n lis t m e n t s .
The
r e m a r k a b le
w ar
began
seem s
to
be
le th
q u a r te r s s in c e
d is a p p e a r in g .”
The
D ec.
1 and
d e n ia ls
15 to
are
even
1 b e fo re M a r ch
p u b lis h e d
th a t
1 1916.
T u rk ey
O ffic ia l
is c o n s i d e r i n g
r e p o r t s t h a t t h e d e c r e a s e d a c t i v i t y in t h e b o m b a r d
ever,
reach ed
1 ,5 5 9
p ort.
D u r in g
v e s s e ls e n t e r e d
and
th e
fr o m
t h a t a re s e c r e t ly u n d e r w a y b e t w e e n t h e A llie s a n d
T u rkey.
It
R e p o r t s o f th e m ilit a r y o p e r a tio n s o f th e w e e k h a v e
c e r t a i n l y d o e s n o t c o m p a r e w it h t h e t r e m e n d o u s lo s s e s
o n t h e C o n t i n e n t , e it h e r in life o r w e a lt h , r e s u lt in g
been
q u ite
fr o m
d u e ls
and
o p e r a tio n s .
G erm an
a tta ck s
w a r n in g
of
have
C h ie f
been
passen ger
th e
s h ip s .
c r itic is m
of
The
B r itis h
th e
c o n flic tin g .
T h ere
o c c a s io n a l in fa n tr y
w ith o u t
b u t th ese
stea m er
p o r tio n s o f a b a ttle .
t o r p e d o in g
to
m e n t o f t h e D a r d a n e l l e f o r t s is d u e t o n e g o t i a t i o n s
rea l d a m a g e d o n e w a s n o t c o n s id e r e d e x c e s s iv e .
la n d
resp on se
B r itis h
p o r t s ; t h u s , e x c e p t fo r t h e d e p lo r a b le lo s s o f life t h e
th e
in
how
w eek,
s a ile d
are
a
M arch
but
d e n ia ls
fo r
sep a ra te
31 w e r e fiv e s te a m e r s ; a s ix th v e s s e l w a s t o r
T hese
m oney
B r it is h lo s s e s o f f i c i a l l y r e p o r t e d f o r t h e w e e k e n d in g
pedoed
p eace.
1915,
1
in
t h a t h a s b e e n e v id e n t in m a n y
1
2 to
a g a in s t p e a c e
e n c o u r a g in g
June
1 1915,
o f G e r m a n y i s d e e p l y r e s e n t e d a n d is p r o v i n g e f f e c t i v e
argy
b e fo re
T h e q u o ta tio n s are g iv e n
b e fo re M a y
h a v e in n o
been
a r t ille r y
th e
in s ta n c e a p p r o a c h e d
W e st,
th e
p ro
I n th e E a s t th e p o s itio n o f th e
F a l a b a , w h ic h w a s t o r p e d o e d in S t . G e o r g e ’ s C h a n n e l
o p p o s in g
o n S u n d a y a ft e r n o o n , c a r r ie d a c r e w o f 9 0 a n d a b o u t
T h e c o n t e s t in N o r t h e r n P o la n d h a s b e e n d e s u lt o r y ,
160 p assen gers.
e a c h s id e a p p a r e n t ly h a v in g a b a n d o n e d
O f th is t o t a l o n ly 1 4 0 w e r e r e s c u e d .
a r m ie s
have
a t t a c k s in
a n y id e a o f
R u s s ia n s a re s h o w in g s o m e w h a t m o r e e n e r g y
B r itis h
m erch a n t
stea m
In
ch an ge.
to r p e d o in g
m ore
p resen t.
e s s e n tia l
a d v a n c in g
th re e
th e
w ith o u t
A L o n d o n d is p a t c h d a t e d y e s t e r d a y d e c la r e s t h a t “ t h e
of
fo r
r e m a in s
C e n tr a l P o la n d
th e
G er
s h ip s , w it h a lo s s o f t h i r t y liv e s , b r o u g h t n e w d e m a n d s
m a n o ff ic ia l r e p o r t s f o r t h e la s t fe w d a y s h a v e n o t e d
fo r r e p r is a l t o - d a y fr o m
E n g lis h s h ip p in g fir m s , w h o
a t t e m p t s o f t h e R u s s ia n t r o o p s t o r e s u m e t h e o ffe n s iv e
p rop osed
p r is o n e r s
o n t h e R a w k a R i v e r , w h ile r e p o r t s f r o m V ie n n a c h r o n
th a t
G erm an
of
w ar
be
p la c e d
a b o a r d a ll E n g lis h v e s s e ls t r a v e r s in g t h e G e r m a n w a r
ic le a s e v e r e a t t a c k
zone
o f t h e P ilic a R i v e r , w h ic h t h e A u s t r ia n s c la im t o h a v e
as a sa fe g u a rd
p e titio n
to
th a t
a g a in s t s u b m a r in e
e ffe c t
w as
a tta ck s.
c ir c u la te d
in
c ir c le s y e s t e r d a y a n d h a d m a n y s ig n e r s .
o ffic ia ls ,
how ever,
fe a s ib le .
T hey
doubt
if
d e c la r e d
th e
th a t
in
A
s h ip p in g
A d m ir a lty
p la n
w o u ld
“ her
d e s p e r a tio n ”
p rove
r e p u ls e d .
T hese
b y t h e R u s s ia n s in t h e v i c i n i t y
m ovem en ts,
it
is
b e lie v e d ,
have
b e e n u n d e r ta k e n t o p r e v e n t th e A u s tr ia n s a n d G e r
m a n s fr o m
fo r c e
s e n d in g t r o o p s fr o m
t h e a r m ie s w h ic h
t h is f r o n t t o r e -e n
are tr y in g
to
h o ld
th e
C ar’
t o r p e d o B r itis h
p a t h ia n p a s s e s a g a in s t th e o n s la u g h t o f t h e R u s s ia n s .
m e r c h a n tm e n e v e n w ith th e k n o w le d g e th a t G e r m a n
T h e la t te r r e p o r t a lm o s t d a ily th e c a p t u r e o f a la r g e
p r is o n e r s o f w a r w e r e o n b o a r d .
num ber
G erm an y
w o u ld
not
h e s ita te
to
O ffic ia l a n n o u n c e
of
m e n t is m a d e t h a t a m o n g t h e m i s s i n g p a s s e n g e r s o f
v e r y s lo w
th e
L upkow
ste a m e r
F a la b a
is
L eon
C h ester
T h rash er,
an
and
A m e r ic a n e n g in e e r w h o h a d b e e n liv in g f o r t h e la s t
p orted
y e a r o n t h e g o ld c o a s t o f B r itis h W e s t A fr ic a .
C au ca su s.
S ta te
D e p a rtm e n t th rou g h
v a r io u s a g e n c ie s
is i n v e s t i g a t i n g t h e c a s e a n d
in t h is c o u n t r y t o
is s e e k i n g i n f o r m a t i o n
m a k e c e r ta in
in f a c t a n A m e r ic a n c it iz e n .
Our
a b roa d
th a t T h ra sh er w as
U n t il h is c it iz e n s h ip h a s
p r is o n e r s ,
but
a p p a r e n tly
are
m a k in g
p r o g r e s s in t h e ir m a jo r o p e r a t io n
U zsok
p asses.
t o b e s lo w ly
The
a g a in s t
R u s s ia n s
are
re
p u s h in g t h e T u r k s b a c k in t h e
N e ith e r I t a ly n o r G r e e c e h a s y e t ta k e n
a n y p o s i t i o n in t h e d i r e c t i o n o f e n t e r i n g a s a n a c t i v e
p a r t ic ip a n t in t h e c o n t e s t .
A rep ort th a t com es b y
w a y o f R o m e s t a t e s t h a t t h e G e r m a n E m p e r o r in a
v is it
to
S ch oen b ru n n
h a s s u c c e e d e d in in d u c i n g t h e
b e e n d e fin it e ly e s t a b lis h e d t h e G o v e r n m e n t w ill m a k e
A u s tr ia n E m p e r o r t o a g r e e t o c e d e c e r ta in t e r r it o r y
n o m o v e in t h e m a t t e r .
to
la r
ch a ra cter
w as
th e
A n o t h e r in c id e n t o f a s im i
arrest
in
R o lfe S w o b o d a , c h a r g e d w ith
c a u s in g
th e
fir e
on
th e
P a r is
of
R aym ond
I ta ly
in
exchan ge
fo r
her
c o n tin u e d
n e u tr a lity ,
th is r e p o r t , h o w e v e r , h a s n o t b e e n c o n fir m e d .
b e i n g i n s t r u m e n t a l in
F ren ch
N e g o tia tio n s
ste a m e r T o u r a in e .
c o n d itio n .
C h in a
b e e n f o u n d a m o n g S w o b o d a ’ s e f f e c t s , o n e o f t h e s e , it
tr ie s .
is r e p o r t e d , b e i n g a p h o t o g r a p h o f t h e p r i s o n e r i n t h e
S h i-k a i a n d t h e C h in e s e F o r e ig n M in is t e r , L u C h e n g -
u n ifo r m
H s i a n g , t h e C h i n e s e i n s is t t h a t t h e y c a n n o t a c c o r d
c o n s u lta tio n
The
c o n tin u e
t h a t t h e r e s u l t w ill b e a b r e a k b e t w e e n t h e t w o c o u n
A fte r
s tr a in e d
and
I n c r im in a t in g d o c u m e n ts , t h e F r e n c h p o lic e s a y , h a v e
O ur G overn m en t has
h ig h ly
Japan
in
o f a G e rm a n o ffic e r .
a
b etw een
S w o b o d a c la im s t o b e a n a tu r a liz e d A m e r ic a n c it iz e n .
b etw een
P r e s id e n t Y u a n -
a b s o lu t e
t h e s h ip W m . P . F r y e , t h a t w a s s u n k b y t h e G e r m a n
in M a n c h u r i a .
com m erce
a t P e k in g , M . H io k i, th e J a p a n e s e M in is t e r , r e fu s e d
P r in z
E ite l
F r ie d r ic h ,
w h ic h
to
peace
ch a ra cter
A u s tr ia
and
is
is
p rosp ects,
a v a ila b le
has opened
is w i l l i n g t o
th e
s e n s a tio n a l
in
very
th e
little
w e e k ’s
n e g o tia tio n s fo r
ce d e te r r ito r y t o
report
L o n d o n fr o m P e tr o g r a d .
of
r e c e iv e d
a
d e fin ite
new s.
That
sep a ra te
peace
as m e a n in g a n u ltim a tu m .
nese
dem ands
p a rtm e n t
at
has
been
T h e fu ll t e x t o f t h e J a p a
r e c e iv e d
W a s h in g to n .
at
Japan,
it
our
is
S ta te
D e
s a id , se e k s
a c h ie v e th is e n d
t o o b t a in a s u b s ta n tia l m e a s u r e o f J a p a n e s e p a r tic ip a
h ere
t i o n i n t h e C h i n e s e c u s t o m s a d m i n i s t r a t i o n , w h i c h is
by
w ay
of
R u s s i a is s a id t o b e w i l l i n g
t o l i s t e n t o s u c h a p r o p o s a l b u t h a s s t i p u l a t e d t h a t it
J a p a n e s e im m ig r a n t s
A t t h e c o n f e r e n c e t h a t is b e i n g h e l d
t o d i s c u s s t h e q u e s t i o n f u r t h e r , w h i c h is i n t e r p r e t e d
r e c e n t l y a r r i v e d a t N e w p o r t N e w s a n d is s t i l l t h e r e .
As
to
fe a r s
m a d e a fo r m a l d e m a n d o n G e r m a n y fo r p a y m e n t fo r
d e stro y e r
e x tr a te r r it o r ia lit y
la t te r
now
c o n tr o lle d
by
G r e a t B r ita in
u n d e r lo a n
m e n ts th a t are g u a ra n te e d b y th e c u s to m s .
agree
T h e re-
suit of the general election in Japan on March 28
shows a landslide for the Ministerial side. Not
counting the nine members whose votes still remain
unopened, the following is the alignment of the mem
bers just elected: On the Ministerial side, the Doshikai has 148 members, the Chuseikai 34, the new group
of Okuma supporters 27. On the Opposition, the
Seiyukai has 105, the Kokuminto 27. The Inde
pendents number 31. The above gives the Okuma
Cabinet the prospect of having in the Lower House a
majority of 70 to 80. The Seiyukai, which formed
the mainstay of the Opposition and commanded the
majority in the House at the time of its dissolution,
has not only dwindled in number, but some of its
most prominent leaders, such as Mr. Oaka and Mr.
Oku, both former Speakers of the House, have been
defeated, while Mr. Ozaki, Minister of Justice, has
won a record-breaking victory in the history of Jap
anese elections by polling 8,432 votes.
Reports are current that ex-President Huerta has
sailed for Mexico from San Lopez, Spain, to start a
counter revolution in Mexico. His family remains in
Barcelona. Huerta is said to have the backing of an
influential group of Mexican exiles in this country.
One thing is certain, Mexican affairs are in probably
as disorganized a condition as they have ever been.
Charges that before abandoning Mexico City a short
time ago Gen. Carranza and his Cabinet looted the
Treasury are denied by the Carranzista Junta at
Washington. Nevertheless, according to informa
tion received by our State Department from Mexico
City, extensive blocks of securities were unlawfully
removed by the Carranzistas from the State Treasury.
The Easter holidays have this week acted as an
additional influence restraining operations on the
London security markets. Nevertheless, a rather
brisk business has been reported in American stocks
in sympathy with the activity in New York. The
removal of minimum quotations by the Governors
of the New York Stock Exchange is reported by
London correspondents to have created an excellent
impression regarding the solidity of values of our
securities. On Monday last there were 159 individ
ual transactions in American issues and 43 in Cana
dian Pacifies; on Tuesday, 200 and 57, respectively;
on Wednesday, the number was not cabled, but on
Thursday the figures were 203 and 30. Aside from
American stocks, rubber shares seem to have been
the favorites in the London market, in sympathy
with improvement in the staple, while the market for
home investments received some encouragement
from the report of British revenues for the fiscal year
ending March 31. The Government’s returns show
the revenue for the year amounted to £226,694,080,
an increase of nearly £28,500,000 over that of the
preceding year. Last year’s Budget anticipated an
expenditure slightly over £207,000,000. The actual
expenditure has been approximately £560,500,000,
the war accounting for the entire £353,500,000 in
crease. To meet this increase £296,000,000 was
raised by war issues. At the end of the year the
balance on hand in the Treasury amounted to £83,
450,952.
The question has not as yet been taken up by the
committee of the London Exchange whether the
removal of minimum quotations in New York shall
be followed, so far as Americans are concerned, on
the London Exchange. The recent action in Lon
don, it will be recalled, was to recognize the London
equivalent of the New York minimum quotations.
The matter is not one demanding immediate con
sideration, as quotations in New York for American
stocks are as a rule considerably above the minima.
A favoring influence of the week in London has been
the cordial reception of six months’ Treasury bills
to the amount of £15,000,000 indicated by the tenders
received at the Bank of England on Tuesday. Appli
cants at £98 11s. lid. received 47% in allotments.
Applicants subscribing above this figure obtained
the amount of their bids in full. The interest works
out a shade over 2% % . There will be a further
issue of £15,000,000 in Treasury bills on April 10,
to replace similar bills maturing. In London about
£2,250,000 was dispersed in general dividends on
Wednesday and about £6,000,000 on Thursday.
A London financial authority declares that the £50,
000,000 British Exchequer bonds recently offered
were taken by “the banks and discount houses which
are keen buyers of all short-term obligations of the
first class. The issue hardly appealed to the gen
eral public.” Hartley Withers, who was financial
editor— known in London as “ city editor”— of the
London “Times” from 1905 to 1910, and became finan
cial editor of the “Morning Post” in 1910, has been
selected by Lloyd George as his personal financial
adviser. The appointment is said to be considered
an excellent one by financial London. This is a
second instance in which English journalists have
been called upon by the English Treasury during
the war times, for distinguished service, the first
instance being that of Sir George Paish of the “Stat
ist.” Financial circles in London seem, according
to cable correspondents, less confident of early peace
than they were a fortnight ago, the difficulties to be
encountered in forcing the Dardanelles being now
more fully and adequately appreciated.
The French Senate on Tuesday adopted the bill
which already had passed the Chamber of Deputies
providing for advances to Servia, Belgium, Greece
and Montenegro, as friends of the Allies, the sum
of 1,350,000,000 francs ($270,000,000). The fea
ture of French finance this week has been the an
nouncement in this City by J. P. Morgan & Co.
that they, with the National City Bank and the
First National Bank, had concluded arrangements
with the French Government under which they
are authorized to offer to American investors oneyear 5% French Treasury bonds to be dated April 1.
These bonds were publicly offered on Thursday at
99)^ and interest, and it is understood that the sub
scriptions have been very satisfactory. Bonds are
payable at the option of the purchaser, both as to
principal and interest, in New York in dollars or in
Paris at the rate of 5.18)^ francs. The proceeds,
it is officially announced, will be used for the pur
pose of paying for France’s purchases from this
country. This is the second formal arrangement
by France for credit here, the first having been
secured soon after the war started. Russia recently
obtained $25,000,000 on bank acceptances and there
have also lately been offerings of German Treasury
notes here. These transactions are not being ob
jected to by our Government at Washington. In
a statement issued by the State Department on
Wednesday it was declared that the Administration
does not make any objection to the establishment of
credits in the United States by foreign countries.
This is considered in financial circles a modification
of the Administration’s original position, although
Wednesday’s statement carefully avoids taking any
stand in the matter whatever. Soon after the out
break of the war, it will be recalled, arrangements
were completed tentatively by American financiers
to float foreign government loans here. The
Administration, however, intimated that such finan
cing was not in keeping with President Wilson’s
ideas of strict neutrality, and that it was the desire
of the Administration that the bankers would not
complete the loans. Secretary Bryan’s statement,
issued on Wednesday, is quoted on another page.
A press dispatch from Berlin states that the
Reichsbank’s transactions for the fiscal year amoun
ted to $130,500,000,000, or more than $25,000,000,
000 in excess of the previous year. The net profits
were $16,750,000, against $12,625,000 the previous
year. Cable reports state that call money in Berlin
is quoted at 1% on the Bourse, and that the private
discount rate is 4)^%. Of the total of 9,060,000,000
marks ($2,265,000,000), which is the final revised
total subscription for the new German war loan,
tenders of $50 or less, received from 452,113 per
sons, amounted to $17,750,000, according to offipersons amounted to $17,750,000, according to offi
cial statistics. The number of subscriptions of
$250,000 or more was 325, amounting to $290,500,
000. The Reichsbank transmitted $141,250,000 in
subscriptions, other banks $1,390,000,000, savings
institutions $494,250,000, life insurance companies
$961,000,000, loan associations $107,500,000, and
postal associations $28,000,000. Subscriptions have
been invited in this country at 99^ and interest for
a limited amount of $10,000,000 German Imperial
Government nine-months’ 5% Treasury notes. The
subscriptions, it is announced, will be received by
banks and trust companies and bankers in various
centres throughout the United States.
Official Bank rates at the European centres remain
without change from 5% in London, Paris, Berlin
and Amsterdam and 5J^% in Vienna. In London
long and short bills are quoted at 2%%, as against
2 K @ 2 ^ % for sixty-day bills and 2 % @ 23^ % for
ninety-day bills a week ago. Money in London for
day-to-day funds closed without net change at
Latest cable reports from Berlin quote
the private discount fate at 4% %. No private
bank rates have been received, so far as we have been
able to learn, from the other Continental centres this
week.
The weekly return of the Bank of England this
week was particularly poor. It recorded a decrease
of £3,380,277 in bullion holdings and a decline to
18.26% from 22.41% in the proportion of reserve
to liabilities. We have to go back to the week
ending Aug. 27 for a lower proportion, the ratio
then having been 17.87%. The total reserve de
creased £4,389,000, notes reserved were reduced
£4,250,000, note circulation increased £1,008,000,
public deposits increased £21,641,000, other deposits
decreased £3,367,000, Government securities in
creased £9,354,000, and other securities (loans)
increased £13,405,000. The Bank’s gold holdings
now amount to £53,868,251, against £39,014,628
one year ago and £36,303,979 in 1913. The loans
aggregate £140,003,000; a year ago the total was
£46,686,372, and two years ago £41,092,134. Our
special correspondent furnishes the following de
tails by cable of the gold movement into and
out of the Bank for the Bank week: Inflow, £66,
000, wholly bought in the open market; outflow,
£3,446,000 (of which £855,000 to Argentina, £1,
000,000 earmarked miscellaneous and £1,591,000 net
sent to the interior of Great Britain). We add a
tabular statement comparing for the last five years
the different items in the Bank of England return:
BANK OF
COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
March 31. April 1. April 2.
Aprils.
April 5.
£
£
£
£
£
Circulation.............. . . 35.173,000 29,495,605 29,025,020 29,558,165 28,375,850
Public deposits_____ -.113,690,000 27,608,062 21,088,938 22,102,425 19,786,882
Other deposits.
89,713,000 39,818,917 40,373,009 40,502,460
Government securitiesI.. ‘14,603,000 11,151,189 13,032,727 14,281.566 42,065,559
15,136,152
Other securities_____ ..140,003,000 46,686,372 41,092,134 41,856,537 36,460,624
Reserve notes and coin . . 37,141,000 27,969,023 25,728,959 24,889,274 27,931,607
Coin and bullion____ . . 53,868,251 39,011,623 36,303,979 35,997,439 37,907,457
Proportion of reserve to
liabilities________ . .
18.26%
41.43%
41.85%
39.71%
46.71%
Bank Rate_________ 3%
6%
Z'A%
3%
The Bank of France added 4,378,000 francs to its
gold but lost 306,000 francs in silver this week. An
ncrease of 67,039,000 francs was recorded in note
circulation, but all other items showed decreases,
including 16,545,000 francs in Treasury deposits,
36,710,000 francs in general deposits, 136,000 francs
in bills discounted and 2,950,000 francs in the Bank’s
advances. The Bank has again established a new
high record for its gold, which now stands at 4,626,
107,000 francs, against 4,257,145,000 francs one year
ago and 3,842,278,000 francs in 1913. The note
circulation aggregates 11,176,500,000 francs (also a
new high level), against 5,743,830,000 francs in 1914
and 5,590,648,000 francs in 1913.
Early in the week the tendency in local money
circles was toward increased ease. Subsequently,
however, in response to the broadening of specula
tion and of general trading on the Stock Exchange,
a rather firmer tone was displayed and this firmness
continued yesterday, Good Friday, in what few
transactions were completed at the banks. Quota
tions are, nevertheless, slightly easier for early
maturities than a week ago, but call rates are ruling
firmer, 2 @ 2 ^ % being the range on Thursday.
The most important application on the capital
market this week has been the offering of $50,
000,000 of one-year 5% French Treasury bonds at
99)^, thus making a net return of virtually 5>£%.
The market is expecting similar issues on behalf of
other of the European governments. Nevertheless,
supplies of loanable funds in the banks are still
excessive, and there seems slight disposition to
expect that the requirements of borrowers will be
sufficiently large to produce any important advance
in the general level of money rates. Last Saturday’s
statement of the New York Clearing House members
indicated an increase of $13,417,000 in the aggre
gate reserve. Reserve requirements showed an
expansion of $3,140,760, as a result of an increase in
deposits, thus leaving the increase of surplus reserve
over requirements $10,276,240. The amount now
stands at $149,875,760, which compares with $22,
337,950 under the old form of bank statement one
year ago and $15,762,600 in 1913. Loans for the
week registered an expansion of $1,400,000, net
demand deposits increased $17,928,000 and net time
deposits $2,561,000. There was an increase of
$15,210,000, to $395,541,000 (including $321,972,000
in specie) in reserves in “own vaults” . Reserves in
Federal Reserve banks decreased $357,000, to
$115,055,000, while reserves in other depositaries
decreased $1,430,000, to $32,694,000. Commercial
paper is in comparatively light supply, indicating
the inactivity of trade and industry.
Referring to money rates in detail, it may be said
that call money rates have this week covered a
range of 1 % @ 2 % % , comparing with 1% @ 2% a
week ago. The ruling rates have remained pegged
at 2%. On Monday 1% @ 2% was the range, on
Tuesday 1% @ 2% . Wednesday 1 % @ 2 % % and
on Thursday 2 @ 2% % . Yesterday (Good Friday)
was a Stock Exchange holiday. Time money closed
at 2% % f°r sixty days (unchanged for the week),
2% % for ninety days (against 2 % @ 3 % a week
ago), 3 @ 3 % % for four months (against 3%),
3% % for five months (against 3@ 3% % ) and 3% %
for six months (against 3@ 3% % ). Commercial
paper discounts still remain 3 % @ 3 % % for sixty
and ninety day endorsed bills receivable and for
four to six months’ single names of choice character.
Names not so well known still require 3% @ 4 % .
The Federal Reserve Bank in New York discounts
thirty to ninety days without change from 4%and
above ninety days (agricultural bills) 5%.
The sterling exchange situation has ruled irregular
rather than weak. It has also been very quiet. A
sentimental influence was the increase in imports
indicated by the report of the Department of Com
merce covering the foreign trade at the principal
customs districts of the country for the week ending
March 27. The excess of exports for that week was
only $15,000,000, comparing with $29,000,000 the
week preceding and $47,000,000 for the week ending
March 13. On the other hand, the importations
have been correspondingly increasing, amounting to
$40,000,000 for the week ending March 27 against
only $31,000,000 on March 20 and $22,000,000 for
March 13. For the four weeks of March the exports
have aggregated $242,000,000, the imports $124,
000,000, and hence excess exports $118,000,000.
Complete figures for February showed excess ex
ports of $173,004,360. The announcement of offer
ing of $50,000,000 of French Treasury bonds in this
market had somewhat of a steadying influence on the
general situation in connection with expectations that
an English credit of some character and of consider
able importance is soon to be announced as a result
of the conferences held this week by Mr. J.P. Mor
gan with English banking authorities. The official
announcement by Secretary Bryan showing that the
State Department is not opposed to the granting of
credits to foreign countries by American bankers
was likewise a satisfactory influence. Nevertheless,
it is desirable to bear in mind that sterling exchange,
and in fact all the foreign exchanges are much below
the gold-import point, and that the absence of an
important inbound movement of the precious metal
must necessarily be considered arbitrary in its
origin, even granting, what is undoubtedly a fact,
that with the large stocks of gold in this country
and the low money rates.that are ruling, that a
minimum inducement exists to force a movement
of the precious metal. International banking housse
here seem to agree that there has been reduced
pressure of foreign selling of American securities.
The only gold engagement reported this week was
$375,000 (750,000 yen) from Japan to San Fran
cisco, consigned to the International Banking Cor
poration.
The Continental exchanges have shown no dis
tinct trend. Paris checks closed at 5 32 against
5 30% a week ago, while cable transfers finished at
5 313^4 against 5 29%. Bankers’ sight drafts on
Berlin closed at 82% against 83 7-16 one week ago,
while cable transfers finished at 82% against 83 9-16.
Swiss exchange was quoted at the close at 5 38%
for bankers’ sight and 5 37% for cables, which com
pare with 5 37% and 5 36%, respectively, a week ago.
Bankers’ checks on Amsterdam are 39 7-16 against
39 last week and bankers’ cables are 39% against
39%. Italian lires closed at 5 79 for bankers’ sight
against 5 73% a week ago, while bankers’ cables
finished 5 78 against 5 73. In Paris the London
check rate closed at 25.52 francs on Thursday against
25.50% a week ago.
Compared with Friday of last week, sterling ex
change on Saturday was slightly easier for de
mand and cable transfers, which were quoted at
4 79%@4 80% and 4 80% @4 80%, respectively;
sixty days was unchanged at 4 79%@4 79%. On
Monday the heavy accumulation of bills over the
week-end induced further weakness at the opening,
Avith a decline of about %c.; later, hoAvever, renewed
discussion of impending credits to be arranged by
foreign nations brought about a rally, with the range
4 79%@4 79 15-16 for demand, 4 79 15 16@4 80%
for cable transfers and 4 77%@4 77% for sixty days.
Sterling was fractionally lower on Tuesday, though
actual quotations showed little change; demand
ranged at 4 79%@4 79%, cable transfers at 4 80@
4 80% and sixty days at 4 77%@4 77%; very little
business was transacted, the general tendency being
to aAvait developments noAV pending with regard to
the establishment of foreign credits shortly. On
Wednesday extreme dulness was again apparent;
early firmness Avas folloAved by a reaction Avith but
slight changes in rates quoted; demand remained
unchanged at 4 79%@4 79%, as did sixty days at
4 77%@4 77%, Avhile cable transfers Avere Aveaker
at 4 79%@4 80 3-16. There Avas a decline in the
initial transactions on Thursday on freer offerings of
commercial bills, but, later, firmness set in and prices
rallied on the publication of an exceedingly poor
English Bank statement; the day’s range Avas 4 79%
@ 4 79% for demand and 4 79 9-16@4 80 for cable
transfers; sixty days continued unchanged at 4 77%
@ 4 77%. On Friday the market ruled irregular but
rates Avere maintained. Closing quotations Avere
4 77%@4 77% for sixty days, 4 79%@4 79% for de
mand and 4 79%@4 79 15-16 for cable transfers.
Commercial on banks nominal, documents for pay
ment nominal. Seven-day grain bills at 4 78% @
4 78%. Cotton for payment nominal; grain for pay
ment nominal.
#
The N cav York Clearing-House banks, in their
operations Avith interior banking institutions, have
gained $4,187,000 net in cash as a result of the cur
rency movements for the Aveek ending April 2. Their
receipts from the interior have aggregated $7,827,000,
while their shipments have reached $3,640,000.
Adding the Sub-Treasury operations and the gold
imports, Avhich together occasioned a gain of $2,509,
000, the combined result of the floAV of money into
and out of the N cav York banks for the Aveek appears
to have been a gain of $6,696,000, as folloAVs:
Week ending April 2 1915.
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
Sub-Treas. oper. and gold Imports..
57.827.000
21.093.000
$3,640,000 Gain $4,187,000
18,584,000 Gain 2,509,000
Total.................. - ------- -----------
$28,920,000
$22,224,000 Gain $6,696,000
The following table indicates the amount of bullion whose co-operation as against Rumania’s passive
in the principal European banks:
hostility was confidently expected, held aloof. Eng
land, of which the Berlin authorities apparently be
April 1 1915.
April 2 1914.
Banks of
lieved that the Irish imbroglio would tie the Govern
Gold.
Silver.
Total.
Gold.
Silver.
Total.
ment’s hands from foreign war, entered the field
£
£
£
£
£
£
England, _ 53.808,251
53,868,251 39,014,628
39,014,028
Francea._ 109,949,280 15,094,920 185,044,200 144,025,360 25,072,280 109,697,640 against Germany the instant the treaty with Belgium
Germany* 110,494,400 2,119,750 118,614,150 02.999.000 15,973,250 78,972,250
Belgium itself, whose
Russia__ 170,791,000 5.417.000 170,208,000 178,339,000 7.244.000 185,583,000 was broken by invasion.
Am.-Hunc 51.578.000 12.140.000 63.718.000 52.105.000 12.284.000 64.389.000
Spain___ 23.584.000 29.203.000 52.787.000 20.147.000 28.903.000 49.050.000 armed opposition to Germany’s use of its territory
Italy____ 51,000,000 2.847.000 53.847.000 45.690.000 3.100.000 48.790.000
Netherl'ds 23.858.000
119,900 23,977,900 13.331.000
793,000 14.124.000 as an avenue of attack on France had apparently
Nat.Belgd 15.380.000
600,000 15.980.000 8.728.000 4.304.000 13.092.000
Sweden .. 0,289,000
6.289.000 5.790.000
5.790.000 been deemed inconceivable, made a bold and deter
Swltz’land 9,032,700
9,632,700 6.812.000
6.812.000
Norway.. 2,874,000
2.874.000 2,448,000
2,448,000 mined resistance to the invading soldiers and held
Tot. week 695,298,031 67,541,570 702,840,201 580,028,988 97,733,530 077,702,518 them back until France had mobilized and the English
Prev.wcek 697,481,778 67,037,170 764,518,948 585,330,347 98,073,437 683,403,784
expeditionary force had arrived.
c July 30. d Sept. 21.
Why did things happen in this way on the
BISMARCK A N D THE PRESENT EUROPEAN present occasion, when precisely the opposite diplo
WAR.
matic results invariably marked the beginning of
Thursday of this week (April 1) marked an occa Prussian campaigns under Bismarck? This ques
sion of more than the usual interest attaching to cele tion is answered in a review of the two periods con
brations of centenaries. It was the one hundredth tained in a brilliant paper by Munroe Smith, Pro
anniversary of the birth of Prince Bismarck, founder fessor of Jurisprudence in Columbia University, and
of the present German Empire, and unquestionably published in the last number of the “Political Science
the greatest diplomatist and statesman of German Quarterly.” Professor Smith begins by setting forth
history. Not so very long ago, Bismarck’s birthday die essential duty of the diplomatist, in advance of
used to be distinguished every year by special cele war, “ to detach, if possible, the enemy’s allies from
brations on the part of the German people. This active support of the hostile cause.” He must make
time it was observed, according to the cables, at Ber sure of this neutrality before invoking war. That
lin with a display of flags on the houses and with com such a policy was invariably Bismarck’s practice,
memorative exercises at the statue of Bismarck in the the paper shows convincingly. Not only were Den
square before the Reichstag. The present Chancel mark, Austria and France put in the wrong and made
lor, Von Bethmann-Hollweg, making the speech of to appear the aggressors in the wars between them
the occasion, referred emphatically to Bismarck’s and Prussia, but the attitude of neutral States was
having taught the German people “to have fear of absolutely determined before the die was cast. In the
God, but contempt for our foes.” The Kaiser wars with Denmark and with France, England sym
directed the Ministers of War and Marine to place a pathized with Prussia’s adversary; but Bismarck took
wreath on Bismarck’s monument, expressing his con the utmost pains to leave to the British Government
fidence that the Almighty was still protecting the no decent pretext for intervention. Part of the pol
Fatherland.
icy pursued by him in 1870 was his ready and posi
There is no report of any speeches or newspaper tive pledge to England of his Government’s observarticles devoted to the most characteristic and most vance of Belgian neutrality.
amazingly successful of all Bismarck’s achievements
As to Bismarck’s views on the policy of intervening
—his mastery of the diplomacy of Europe. In all in private quarrels of other States—such as Austria’s
probability this aspect of the story was quietly dispute with Servia— Professor Smith produces some
passed over. It is impossible to deny that the occa most illuminating contrasts with the diplomacy of
sion was of a character whose celebration by reminis 1914. In 1888, when urged to take up a belligerent
cences and analysis of this part of the great Chancel position in behalf of Bulgaria, Bismarck said in the
lor’s career would have involved a certain embarrass Reichstag that “Bulgaria is assuredly not an object
ment. The case was not merely that Bismarck never of sufficient magnitude that, on its account, Europe,
brought his Government into any war which was not from Moscow to the Pyrenees, and from the Baltic
immediately and completely successful. Even with to Palermo, should be hurried into a war of which no
that remarkable fact made a topic of thorough dis one can foresee the issue.” In the same speech he
cussion, it would lead unavoidably to the drawing of made this very remarkable declaration, which applies
comparisons, not alone regarding results on the bat in a most extraordinary way to the situation of last
tlefields of 1914 and 1915 as compared with results summer.
in the wars of 1870, 1866 and 1863, but, far more par
“If I were to come before you and say: We are
ticularly, regarding the diplomacy which had pre seriously menaced by France and by Russia; it is
ceded those eminently successful Prussian campaigns, td be foreseen that we shall be attacked; that is my
as compared with that which preceded the German conviction as a diplomatist, based also on military
ultimatums of last July.
information; for our defense it is better to employ
The outstanding fact in the diplomatic situation, the anticipatory thrust of the attack and open hos
when war began last summer, was that, except for tilities at once; accordingly, I ask the Imperial Diet
Austria (whose personal quarrel Germany was for a credit of a milliard of marks in order to start
the war against both our neighbors—well, gentle
espousing), Germany was virtually isolated among men, I do not know whether you have sufficient con
the European Powers. Italy, though a member of fidence in me to vote such a grant. I hope not. . . .
the Triple Alliance, refused to join the Teutonic We must not let the advantage of the defensive posi
Powers on the ground that the war was not, as stipu tion escape us, even if at the moment we are . . . su
lated in the treaty of friendship, a defensive conflict. perior to our future enemies. . . . Even if we are
Turkey is now, to be sure, an open ally, but only attacked at an unfavorable moment, we shall be
strong enough for our defense. And we shall keep
through a coup d’etat at Constantinople under the
the chance of peace, leaving it to Divine Providence
direct auspices of German emissaries, and against the to determine whether in the meantime the necessity
wish of the highest Turkish officials. Bulgaria, of war may not disappear.”
The results of this policy were that Prussia’s contests
were always limited to a trial of force between itself
and its main antagonist; other States remaining
neutral.
The change which has occurred, under the diplo
matic regime since Bismarck’s retirement in 1890, is
described by Professor Smith. Germany has indeed
pursued a steady policy of inviting the friendship of
Turkey, and has supported Austria’s particular am
bitions in the Balkans. But both of these policies
invaded the Russian sphere of influence and threat
ened to upset the balance of power in Europe.
Russia was thereby alienated, and the negotiations
with Turkey came to an unhappy end with the defeat
of that country in the Balkan war of 1913. Italy was
put on her guard, as Giolitti lately pointed out at
Rome, by Austria’s confidential announcement, two
years ago, that she might find it advisable to provoke
a war with Servia. England wasforced into a hostile
diplomatic attitude by the wholly superfluous and
eventually futile pressure of Germany on France, in the
Morocco affair of 1911. Last of all came the swift ulti
matums of midsummer, 1914, based solely on the argu
ment that Russia and France were mobilizing. But
as to these, Professor Smith points out that “in inter
national theory and practice, mobilization is not gen
erally regarded as cause for war; the proper answer
to mobilization is mobilization.” Finally came the
prodigious blunder of the invasion of Belgium.
How is this extraordinary change of diplomatic
policy since Bismarck’s day to be explained? Pro
fessor Smith ascribes it to the radical difference in
theory and motives between the military caste and
the diplomatic profession; to the fact that in Bis
marck the diplomatist held the reins of power, but
that the military strategist controlled the German
destinies in 1914. The military mind is by nature
directed solely to strategic results in an actual
campaign; the mind of the competent diplomat, to
safeguarding the relations of his government with
other States than the belligerent at whom the cam
paign is directed. We cannot set forth in detail the
extremely interesting evidence, collated by Professor
Smith, of the difficulties encountered even by Bis
marck, in sustaining his diplomatic plans and pur
poses when they collided with the impulses of the
General Staff. Enough to say that in the period
between the war with Austria and the war with
France, his relations with General Von Moltke him
self were at times extremely strained. Moltke, in
fact, wished to attack France only a year after Austria
had been defeated, and forcibly resented Bismarck’s
veto on the project. Bismarck replied that such
an action “might well have given rise to a common
feeling of distrust on the part of Russia, Austria and
England, and eventually to concerted action on their
part against the new and not yet consolidated em
pire which, in waging such a war, would have started
on the road on which the first and second French
empires went to destruction.”
Such was Prince Bismarck. Since 1890, Professor
Smith shows to what degree the Chancellors have
been mere figure-heads, and virtually under-secre
taries of the Emperor. Lacking a strong minister,
the Kaiser’s own personality has been the single
restraining force on the impulses of the General
Staff. Undoubtedly it was exercised, notwith
standing the Kaiser’s own “rattling of the sabre” ,
during the twenty-five years of peace after William’s
accession. Whether the truth about last summer’s
events is that the Kaiser deliberately chose to invoke
war under such unpromising political conditions, or
whether his hand was forced by a powerful and
arrogant military clique, against whom, deprived of a
strong and determined Chancellor, he could no longer
make resistance, it remains for history to say.
It would be difficult to question the justice of
these conclusions by Professor Smith. In fact,
the strongest kind of evidence supporting it has
accumulated since the paper was written. Nothing
could better prove his general contention than the
“war zone” order issued on February 4, not by the
German Foreign Office, but by the German Admir
alty; yet, addressed to neutral foreign Powers, and
containing not only the barbarous threat of sinking
passengers and crews of enemy merchant ships (a
threat which has become an act since the submarine
exploits of this present week), but menacing neutral
vessels also, with the plain intimation that the
friendliness of their governments to England made
any such misfortune to their ships and passengers
no more than their deserts. No Foreign Office in its
senses would have issued such a declaration at such
a juncture, and the Berlin Foreign Office has, in
fact, been busy ever since in trying to smooth down
the brutal language of the Admiralty order; yet
even the Foreign Office was at last compelled to
repeat the fundamental threats of Von Tirpitz and
the Navy Board.
Just as Germany owes to its army strategists the
position which it holds before the outside world
regarding its treatment of Belgium, so it owes to its
navy strategists the position which it holds before
the outside world regarding the destruction of inno
cent passengers on merchant ships, in defiance of
the rules of international law and of the dictates of
common humanity. Professor Smith draws the
broad conclusion that such results, both before and
during the present war, are not necessarily peculiar
to the German Government and to German institu
tions, but are inevitable under any government in
which control of the actual policies of war and peace
falls into the hands of the military group. This is
an aspect of the German “militarism”— of which
in its other aspects the world at large has had so
much to say since last July— that deserves the full
attention of all people who study past and present
in the light of political history.
THE
N EW
ERA OF LARGE DEM AND
SMALL ECONOMIES.
FOR
Some of the larger economic and social results
of the war, whichever side wins, and whatever else
may be uncertain, are reasonably sure, and ought
to be held in mind. Despite its savagery, the
moral effect of the war, we have good reason to
believe, will be powerful. The world is already
awakened to a discussion of moral questions that is
new in its intensity.
Neither morality nor the
religion that lies back of all effective morality as
applied to nations and to men, can be crowded into
the background, or even out of court, as has been
the case. The conscience of humanity is profoundly
stirred. We may comfort ourselves with the thought
that it will not soon go to sleep again, and that is
an important result, though the price is great.
The economic and social results of the war are
even more certain in at least two important direc
tions, namely the great diminution of productive
industry in the European countries and the reduc-
tion of available capital everywhere. These two
facts, which already are sufficiently obvious, and
which will both be emphasized as the war is pro
longed, will have important results. They ought
to be recognized in their bearing upon the common
life.
When it is stated that the governmental expenses
of the war are running at the rate of $20,000,000,000
a year, it is hard to grasp the real significance of th°
statement. Whether the figures will prove exact
or not, the fact is that an immense amount of the
capital of Europe, available for productive industry,
is being withdrawn. If we consider that the money
itself is not destroyed, but has merely changed
hands, nevertheless that for which it is spent, guns,
powder, ships, transportation— all the material of
war— is to be destroyed, so that the money becomes
the measure of the actual loss to the community
at war, so far as the warfare itself is concerned.
To this is to be added the immense immediate
loss occasioned by the withdrawal of so many mil
lions of men in the prime of life from productive
industry in the lines in which they were engaged.
The stopping of productive labor in the individual
means the loss of that surplus which, in the aggre
gate, constitutes capital, and when whole nations
are involved, means the arrest of their possible
activity. When to this is added also the actual
destruction of those forms of property which repre
sent the profitable industry of the past, it means
more or less complete inability.
For those who eventually win in the war there
may be territorial or other gain in some degree
relational to their sacrifice, but it is hardly con
ceivable that it can be large enough to offset the
tremendous losses of those who are defeated, and
for whom there can be no corresponding gain.
But when we pass to the consideration of the
ultimate loss in productivity of the nations engaged
in the war, the situation is far more serious. An
immense amount of labor has been withdrawn and
destroyed, which must needs be replaced. There is
doubtless a partial offset in the employment of those
persons hitherto idle or unproductive, but the
equilibrium cannot be reached for years. Houses,
factories, roads, bridges, forests and the like, which
have been destroyed in great degree, must needs
be restored before industry again can become pro
ductive. All the domestic animals that the war
has consumed, horses, cattle, mules, &c., are gone.
The usual means of traffic and transportation have
been thrown out of gear or entirely broken up, and
the demoralization of commercial and industrial
credit is so serious that only time can restore it.
Moreover, the war occasions a great increase in the
consumption of food, clothes, implements, medicines,
&c., much of which also was obtained at higher
cost than usual. All this has been recounted in
detail in various addresses and papers which we have
recently printed, but their significance needs to be
emphasized. It is to be borne in mind that with
the diminution of available capital and the loss of
the instruments of industry, the cost of production
increases, and so long as these conditions continue,
opportunity of employment fails, wages fall and
poverty spreads.
The very practical and pressing question before
the world is, How is this state of things to be met
and, as far as possible, guarded against? The
obvious answer is, first of all, to prepare for the
restoration of the means of productive industry.
This must begin with the reproduction of available
capital. Capital always represents the surplus of
production above the cost of living; in other words,
the aggregate savings of the community. Here is
the demand for the practice of exceptional economy.
The plea for maintaining unprofitable expenditure
for the sake of furnishing employment, is unsound.
Unprofitable industry is, in the main, wasted in
dustry. It contributes neither to capital nor to
life in its larger relations or permanent aspects. It
consumes not only the labor but also all the raw
material used in useless or extravagant output,
thus adding to the general waste.
Many justify such expenditure on the ground
that the individual outlay is small. Here is where
the value of the savings bank appears. Every
dollar deposited in the bank or invested in industrial
securities goes to augment the fluid capital which
is a necessity for the re-establishing of normal
industry. In the form of industrial and commercial
loans, it goes into the buildings, the machinery, the
raw material and labor which produce the goods the
community needs. The aggregate of these accumu
lations, small and large, constitutes the capital
without which efforts at revival after war are ren
dered feeble, and for a long time narrowly restricted.
If this thought could be spread abroad thoughout the
community, and brought into general adoption, and
unnecessary outlay in domestic life be kept at a
minimum, not only would the cost of living be
reduced and the comfort of a multitude of homes
promoted, but that united helpfulness of all the
people, women as well as men, would be secured upon
which any prompt restoration of normal life after
the waste of a great war must largely depend.
Of course, the same appeal or the same obligation
rests upon the commercial and industrial world.
There is everywhere need of that careful examination
of the details and management of every business
which always is required under the pressure of hard
times, but which now stands so closely related to
the world’s need for the future and to the conditions
upon which must depend the possible restoration
of business prosperity. “ Efficiency” has been of
late largely discussed, but often, and perhaps gener
ally, in an academic spirit. Most of our great in
dustries have been so prosperous of late years as
not to feel the need of any careful revision of their
methods. Many are still so circumstanced, for the
war is stimulating certain businesses to an unwonted
degree. Nevertheless, efficiency as now related
to the reduction of waste, to the increase of pro
duction and the augmenting of a surplus which
represents accumulation, whether in the hands of
the working people through the possible increase
of wages, or as larger earnings for the owners them
selves, has a new importance. It is the first step
toward a permanent prosperity. It is necessary,
if we are to furnish an answer to the inevitable
outbreak of social discontent which always charac
terizes the end of a great war when men are called
to face its worst results, no less than to provide the
means of wholesome life both for the immediate
survivors of the war, and for the larger world which
has been to a greater or less extent involved in their
distress and loss. The economy, which means the
stopping of waste, the minimizing of unnecessary
expenditure, the maximum efficiency of productive
industry and labor, becomes thus the dominant
note in the creation of those material conditions
upon which the larger interests of the community,
those that are social, moral and religious, so largely
depend. No small part of the evil which is done by
the wild schemes of economic upheaval, both civic
and industrial, which to-day are noisly advocated,
is that they tend to divert attention from the real
lines in which permanent well-being is to be sought.
EFFICIENCY THE FRIEND OF LABOR.
A partially successful attempt of organized labor
with the late session of Congress will obstruct the
use, in Government work, of certain tests and re
wards of individual efficiency, particularly under
what was called the “ Taylor” system. Since then
the death of Mr. F. W. Taylor has recalled to mind
the long struggle between those who insist that the
service of work lies in its usable results and the others
who seem to value work only because it makes work,
i. e., employment. He was an efficiency engineer
and apostle, although not the only one. He aimed
to use machinery which would yield the most profit
able service, to cut out wastes of material, time and
labor, and to reward individual zeal and effectiveness.
Every needless movement was to be eliminated;
time, space and energy were to be conserved by con
centration and by removal of everything that did
not conduce to results. In this he became known as
a specialist, and for this organized labor did not
like him.
Yet all this is merely carrying old processes farther
on. The “ case” containing type for composition
by hand was originally arranged to not only appor
tion the quantities of the various letters according
to their frequency of use but to reduce to the mini
mum the movements of hands and arms, and it was
long ago observed that the man who could set the
most type per hour was not always he whose move
ments were made most rapidly but might be the one
who moved less rapidly and yet made every move
ment effective. Bricks were once carried up in
hods by laborers toiling slowly up ladders; now an
engine hoists up a line of hods; other materials rise
by power instead of by hand-carrying, and the man
who sets the bricks in place does not pick up each
successive brick from the floor but finds them on
a temporary shelf near his hand. Coal delivers itself
by gravity through a metal chute; this eliminates the
man who followed the truck and “ put in the coal” ;
but if the object of work is to make work and the
method which employs the largest number is the
best for society, the horse-drawn (still more, the
motor-drawn) truck itself should be abolished and
a long line of men should wheel the coal in handbarrows over the several miles’ distance between
coal yard and the householder’s cellar.
This struggle for larger results, measured by all
the costs entering into production and trade, began
almost as soon as attempts at exchanges began, and
it has been increasing as machinery has increased.
For a very recent example, a machine has been de
vised called a “ productograph” ; its sole business
being to keep constant and accurate watch of every
machine with which it is connected and to record,
upon a revolving chart, exactly how the machine
runs during the day; its starts, its stops, its idle
time and its efficiency while running; it is intended
to be an overseer that cannot be tricked and a wit
ness that reports the exact truth in detail. To rail
roads it is offered as a watcher at grade crossings,
and its owners allege that it “ calmly, unerringly
and permanently records the exact facts preceding,
during and following an accident.”
The canals, the stage coaches and the roadside
inns, all of them powerful at that time, fought
George Stephenson, because the railroad would
throw them out of business, and it had that effect.
Machinery has been putting people out of employ
ment, and has been fought because it does so; but
it puts men into employment also. The object of
labor is to purchase things necessary for human
subsistence and other things conducive to larger
and more genuine life; as time goes along the com
mon people demand and get more of the latter and
the list of things necessary enlarges; the luxuries of
one century become the necessaries of the next. The
more can be bought with a day’s labor the better
for the laborer; his work is measurable by its pur
chasing power, and he is at least as vitally interested
in low prices of things as in high dollar rates of wages.
Nobody has more to lose than he by every kind of
inefficiency and waste. The head of the line should
be permitted and aided to pull the tail up with it,
instead of having the tail hold back the head. The
abundance which unionism appears by its own con
duct to dread is the desideratum for industrial
laborers, as for all others. The “ tab” system, the
reward for efficiency, the discouragement of sloth,
the stimulus— all this is the most genuine friend of
labor. Unionism constantly alleges the contrary,
but unionism is non-progressive and wrong in teach
ings and methods.
THE POSTMASTER-GENERAL AND THE RAIL
WAY MAILS PAY CASE.
The ship-purchase bill wasted so much time that
the threatened extra session was escaped only by an
emergency treatment of appropriation bills, in which
that for the post-office failed outright and a joint
“ continuing” resolution was caught up as a substi
tute. This left the subject of pay for carrying the
mails where it was before, and now PostmasterGeneral Burleson has rushed into print with a heated
accusation that the robbing is by the railroads and
not of them.
The one who loses his temper, in any controversy,
is always the one who realizes that he is on the wrong
side and is losing ground; therefore it is not neces
sary to comment on Mr. Burleson’s manner. Yet
his talk of “ emissaries” of the roads “ kept almost
constantly in Washington” and of “ an expensivelymaintained press bureau” whereby the majority
which he “ has every reason to believe” was with
him in the Senate was prevented from reaching a
vote, is a continuation of the Washington talk of a
quasi-conspiracy by railroads to force the hand of the
Inter-State Commerce Commission upon rates and a
more general conspiracy by business to prevent more
New Freedom legislation. In this matter the news
papers have been as open to Mr. Burleson as to the
roads. No other course was left to them, in respect
to the future, except to appeal to the public, and if
the public is coming to their side that is a verdict in
their favor.
It is now time to drop all conspiracy talk and come
to the final bar of public opinion on the basis of fact.
Mr. Burleson makes the extraordinary assertion that
the roads are no victims in this matter, but that all
he sought to do “ was, and is, a determined, wellconsidered effort to end a system under which the
postal authorities are compelled to stand helplessly
by while the railroads loot the postal revenues.” It
would be, indeed, strange if Government, which has
been belaboring the roads upon rates these many
years and is now undertaking to generally investigate
and punish any unfair methods in any and all busi
ness, is so helpless against “ looting” one of its own
departments that M r. Burleson has to snatch a
policeman’s club and rush to its aid; if Government
cannot defend itself, out of weakness, how can it
defend individuals in private business?
However, the issue is easily narrowed down to a
definite basis; the roads have for some years been
protesting against the misuse of a basis of pay, and
now the Government (so “ helplessly” trying to de
fend itself) proposes, without any movement to re
adjust the question of arrears due and even denying
that any arrears exist, to abandon the basis of
weights and substitute a basis of renting space on
cars. The grievance and wrong in the weight basis
has been often set forth, being that the weighing is
not done often enough. The postal business, the
postal revenues, and the volume of mails carried
increase, while the roads are held to weighings that
long ago became absurdly below an average of actual
loads carried. The carriers insist that the weighing
be annual instead of at intervals of several years, be
complete instead of partial, and extend over thirty
days’ time; that “ apartment” mail cars be paid for
on a scale pro rated upon that of exclusive mail cars,
and that they be relieved of carrying mail matter
between their own stations and the post-offices.
This last is distinctly not a part of physical trans
porting on the rail, and if the carriers are to do this
work (which resembles the like work with passengers’
baggage) they should have just pay for it.
Now here is something the ordinary man can under
stand: the huge injustice, the utterly unbusinesslike
and unprecedented requirement of carrying, on a
record of weighings several years old, a volume of
matter which notoriously has been increasing ever
since. It demands an increasing service, at a station
ary compensation. No other business in the country
is so much as asked to furnish ponderable goods or
any form of services in such a manner, and no busi
ness on earth could afford to do it or would submit
to attempting it except upon compulsion and in the
hope of soon obtaining remedy. The attempt to
substitute a “ space-rental” basis for that of weight is
nothing new; it has been proposed to the roads, and
has been steadily declined, for several years; the only
change now is that M r. Burleson takes a stand upon
it, denounces the roads as robbers, and says he in
tends to renew the attack upon them in December.
Former Senator Bourne of Oregon, as head of a
special commission appointed by Congress to go into
this whole subject, passed upon it, last summer,
pointing out, for instance, that while the postal
revenues had doubled in the last ten years (neces
sarily involving a similar increase in the load of
matter carried) the compensation to the carriers had
increased only 20% . In the trial of this case at the
court of public opinion Mr. Bourne is clearly the first
and chief witness, although Mr. Burleson may object
that he is prejudiced by having gone into it and
having declared his findings. But certainly the
effect of the parcels post upon the roads’ work is
something the ordinary man can understand; the suc
cessive raisings of the limit of weight in the parcels;
the abandoning of the special stamp, whereby (what
ever the intention) any complete and exact knowledge
of the relative share of this service in the postal work
was made almost or quite impossible; how the coun
try was congratulated on the vast practical value of
this post and the cost of living was to be reduced by
sending food per mail from producer direct to con
sumer; how huge and clumsy articles (lumber,
bricks, and even children) were thus transmitted,
according to the current news.
If the parcel-post
has been great in use and value, it must have been
great also in its additional burden on the roads. So
rapidly has the service grown, says Mr. Burleson,
that the number of parcels is now estimated at 800
millions annually, and he does not forget to say that
the Government gets only a slight margin of profit
out of it. But a joint committee of Congress, desig
nated to investigate the parcels post, reported,
scarcely four months ago, that it is “ impossible to
determine the cost of the parcels post service or the
revenue that is derived from it; any estimate is mere
guess.” It is reasonable to conclude that Mr.
Burleson does not know whether the Government
gets any profit at all from it, but the roads have the
best evidence for being certain that what they get
from it is an additional burden and loss, though they
may not be able to reduce that extra loss to precise
figures.
Have the roads been inadequately paid, and shall
Government longer attempt to resist readjustment?
This is the question.
LAST YEAR’S SMALL PRODUCTION OF STEEL
RAILS.
The statistics of rail production in the United
States for the calendar year 1914 have just been
made public and they afford striking testimony to
the unfavorable conditions which ruled in the rail
way world throughout the whole twelve months.
While the outbreak of war in Europe and its con
tinuance during the last five months of the year
undoubtedly had an influence in accentuating the
unfortunate plight of these rail carriers, they were
in the depths of despair long before the conflict in
Europe began. With their credit so seriously im
paired it was impossible for them to borrow on any
extensive scale, while the shrinkage in their reve
nues imposed upon them the necessity of curtailing
outlays on current account in every direction in
order that expenses might be reduced. Such a policy
of course meant light rail renewals with the neces
sary concomitant of a greatly reduced consump
tion of rails.
These are general observations the accuracy of
which every one will admit and yet one hardly ap
preciates their force and significance until one sees
the adverse conditions here portrayed reflected in
the official statistics. These statistics, it is proper
to state, are now compiled by the Bureau of Statistics
of the American Iron & Steel Institute under the
direction of William G. Gray, who for so many years
assisted Mr. James M . Swank of the American Iron
& Steel Association.
It appears from these official figures that the pro
duction of rails of all kinds in 1914 by all the different
processes aggregated less than two million tons. In
exact figures the make of rails reached 1,945,095
tons, against 3,502,780 tons in the calendar year
1913 and 3,977,887 tons as far back as 1906. In
1908, following the panic of 1907, the make of rails
was only 1,921,015 tons, but with that exception
the 1914 product is the smallest of any year since
1897.
Rail production has not been up to the normal for
a long time past, or at least has failed to show the
growth that would surely and inevitably come if the
affairs of the railroads were in a normal state. In
1914, however, the situation became so thoroughly
bad that the rail output was cut fully in two. In
1900, as we have seen, the product closely approxi
mated 4,000,000 tons; for 1914, on the other hand,
it was just a little under 2,000,000 tons. The part
played by this one item alone in causing the general
prostration of the iron and steel industries, which
was the feature of the year, can hardly be exagger
ated.
Of course the railroads bought diminished
amounts of everything else, and in particular cars and
locomotives, but this loss of 2,000,000 tons in the
production of rails of and by itself represents a money
value (at the established price of $28 a ton at the
mills in Pittsburgh) of $50,000,000. It is obvious,
therefore, that had the railroads been able to buy on
their old-time basis, things in the steel industry would
never have reached the pass they actually did, even
though the war in Europe had come in all the same
and acted as a damper upon enterprise.
It is not customary to hold any stocks of rails, and
therefore production and consumption pretty closely
correspond. T o show the home consumption of
rails, however, it is necessary to take into account the
imports and exports of rails. The imports are not
now of any great consequence. During 1914 they
were on a somewhat more liberal scale, owing to the
fact that the duty on rails was entirely removed
under the new tariff Act of October 1913. Never
theless, the importation of rails free of duty for the
twelve months aggregated no more than 22,571 tons.
On the other hand, however, exports of rails were
very greatly reduc6d, the war in Europe, of course,
having played an important part in the reduction.
We shipped altogether only 174,680 tons of rails in
1914, against 460,553 tons in 1913 and 446,473 tons
in 1912. Allowing for the imports and exports,
therefore, the home consumption of rails in 1914 was
only 1,792,986 tons, against 3,052,635 tons in 1913,
3,290,712 tons in 1910 and 3,298,500 tons in 1907.
In 1908, following the panic of 1907, the home con
sumption of rails was only 1,726,224 tons, or but little
different from what it was in 1914— from which it
would appear that 1914 was about down to the level
of panic conditions. In the following we furnish a
comparison of production, imports and exports, for
the last seven years.
R A I L P R O D U C T IO N S A N D C O N S U M P T IO N .
19 14 .
19 1 3 .
19 12 .
19 11.
19 10 .
1909.
19 08 .
T on s.
T on s.
T on s.
T on s.
T on s.
T on s.
T on s.
B e s s e m e r .. . 3 2 3 ,8 9 7
8 1 7 ,5 9 1 1,0 9 9 ,9 25 1 ,1 3 8 ,6 3 3 1,8 8 4 ,4 42 1 ,7 6 7 ,1 7 1 1 ,3 4 9 ,1 5 3
O p e n -h e a rth 1 ,5 2 5 ,8 5 1 2 ,5 2 7 ,7 1 0 2 ,1 0 5 ,1 4 4 1 ,6 7 6 ,9 2 3 1 ,7 5 1 ,3 5 9 1 ,2 5 6 ,6 7 4
5 7 1 ,7 9 1
M ls c c lln n ’s .
9 5 ,3 4 7
1 5 7 ,4 7 9
1 2 2 ,8 4 5
7 ,2 3 4
230
N one
71
'
T o t . p r o d . 1,9 4 5 ,0 9 5 3 ,5 0 2 ,7 8 0 3 ,3 2 7 ,9 1 5 2 ,8 2 2 ,7 9 0 3 ,0 3 6 ,0 3 1 3 ,0 2 3 ,8 4 5 1 ,9 2 1 ,0 1 5
Im p o r t s ____
2 2 ,5 7 1
10 ,4 0 8
3 ,7 8 0
3 ,4 1 4
7 ,8 0 1
1 ,5 4 2
1,719
E x p o r t s ____
1,9 6 7 ,06 0 3 ,5 1 3 ,1 8 8 3 ,3 3 1 ,6 9 5 2 ,8 2 0 ,2 0 4 3 ,6 4 3 ,8 9 2 3 ,0 2 5 ,3 8 7 1 ,9 2 2 ,7 3 4
17 4 ,GSO 4 0 0 ,5 5 3
4 4 0 ,4 7 3
4 2 0 ,8 7 4
3 5 3 ,1 8 0
2 9 9 ,5 4 0
1 9 0 ,5 10
H o m e con .. 1,792,980 3,052,635 2,885,222 2,405,330 3,290,712 2,725,847 1,726,224
The foregoing discloses one other interesting fea
ture, namely that the railroads are turning almost ex
clusively to rails made by the open-hearth process and
that Bessemer rails are almost entirely disappearing.
Only 323,897 tons of rails were made by the Besse
mer process in 1914, while 1,525,851 tons were made
by the open-hearth process. Change, too, has come
with wonderful suddenness. As recently as 1907
only 252,704 tons of open-hearth rails were made,
while the amount made by the Bessemer process then
aggregated 3,380,025 tons. Advantage is claimed
for the open-hearth^rail because of the fact that openhearth steel contains a smaller percentage of phos
phorus than does Bessemer steel. From this it is
argued that rail breakages due to brittleness are
greatly lessened. But whatever the explanation, it is
obvious that marked preference is now being shown
by railroad managers for the open-hearth rail.
CO M P A R A TIVE
FIG U R ES
C A N A D IA N
OF
C O N D IT IO N
OF
BAN KS.
As much interest attaches to the condition of the Canadian
banks, we have prepared the following, which compares the
leading items under the last two monthly statements with
the return for Juno 30 1914.
Gold and subsidiary coin—
In Canada_____________
Elsewhere______________
ASSETS.
Feb. 27 1915. Jan. 30 1915. June 30 1914.
39,379,493
26,745,533
40,136,255
25,931,116
28,948,841
17,160,111
66,125,026
T o t a l _____________________
Dominion notes______________ 138,727,871
Deposit with Minister of Fi
nance for security of note
6,734.982
circulation_________________
5,250,000
Deposit in central gold reserves.
98,046,456
Duo from banks_____________
Loans and discounts__________ 871,728,892
Bonds, securities, &c__ ______ 110,999,382
67,591,769
Call and short loans in Canada.
Call and short loans elsewhere
89,890,982
than in Canada____________
69,956.553
Other assets__________________
66,067,371
138,285,051
46,108,952
92,114,482
6,734,982
6,950,000
101,992,486
868,147,405
107,535,745
66,154,891
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67.401,484
85,796,641
73,654,435
137,120.167
71,209,738
Total
Capital authorized
Capital subscribed.
Capital paid up___
Reservo fund-------Circulation________
Government deposits.
Domand deposits___
Time deposits______
Duo to banks_______
Rills payable_______
Other liabilities_____
.
.
..1,525,051,913 1,521,319,012 1,575,307,413
LIABILITIES.
$
S
188,866,666
192,866,666
188,866,666
114,422,066
115,434,666
114,422,066
113,975,538
114,811,775
113,976,736
113,227,654
113,368,898
113,227,654
97.789,392
36,734,856
423,507,213
671,088,613
30,959,496
9,172,718
11,827,080
97,192,699
39,078,774
421.723.737
666,960.482
31,587,864
10,534,741
11,414,144
99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20.096,365
12,656,085
T t al^ e taf f l ^ . C.? . i.t! 1
.l,281,079,368 1,278.492,541 1,330,488.683
Note.— Owing to the omission of the cents, in the official reports, the
footings in the above do not exactly agree with the totals given.
N E W
$50,000,000
OF U .'S .
FRENCH
C R E D IT
TOWARD LOANS
A N D
A T TITU D E
TO B E L L IG E R E N T S .
Announcement that arrangements had been completed
for the financing in the United States of a French loan,
and a statement from Secretary Bryan that “ while loans to
belligerents have been disapproved, this Government has
not felt that it was justified in interposing objection to the
credit arrangements which have been brought to its atten
tion” , were important developments in the financial events
of the week. The French Republic one-year 5% loan for
$50,000,000 is now being offered for public subscription at
99 Y i and represents the largest single credit offered in the
United States in the interest of any one of the belligerent
nations since the war began. The announcement of this
French issue followed close upon the arrival in London of
J. P. Morgan; Mr. Morgan reached that city on March 26
and has since been in conference with British Government
officials with regard to the adoption of plans which would
tend to prevent further gold shipments by Great Britain to
the United States. In addition to the French loan, which is
being financed by J. P. Morgan & Co., the National City
Bank and the First National Bank, it is expected that a
credit of $100,000,000 to Great Britain will be effected in
this country.
Secretary Bryan’s statement indicating that the Govern
ment would neither approve nor disapprove loans to belliger
ents, was given out under date of March 31, and read as
follows:
_____
The State Department has from time to time received information direct
ly or indirectly to the effect that belligerent nations had arranged with
banks in tho United States for credits for various sums. While loans to
belligerents have been disapproved, this Government has not felt that it
was justified in interposing objection to tho credit arrangements which
have been brought to its attention. It has neither approved these nor
disapproved. It has simply taken no action in tho premises and expressed
no opinion.
_ _ _
It will bo recalled that when the tentative suggestion for
tho placing of a French loan of $100,000,000 first came up
last August, Secretary Bryan issued a statement saying that
“ in tho judgment of this Government loans by American
bankers to any foreign nation, which is at war is inconsistent
with the true spirit of neutrality.” Later, on October 20,
advices came from Washington to tho effect that the Admin
istration viewed credit loans to belligerent countries as priv-
ate transactions and would not attempt to interpose its
influence against such transactions on tho part of American
bankers.
With the $50,000,000 now offered, it is
stated that tho known credits established here on behalf
of France will amount to approximately $75,000,000, a
credit of $6,000,000 having been created with the inception
of the war, and that amount having later been supplemented
by $16,000,000. Russia recently obtained $25,000,000 in
the United States on bank acceptances, while $10,000,000
German Imperial Government Treasury notes have just
been placed here. The American market in recent months
has also made loans to Norway, Sweden, Switzerland and
Argentina, besides numerous Canadian municipalities which
had previously found a market for their securities in London.
Further foreign loans are understood to be pending.
A M E N D M E N T S TO T H E N E W J E R S E Y S E V E N S IS T E R S
ences between Prof. McCarthy and Chairman Frank P.
Walsh regarding the Commission’s policy aro said to havo
brought about the former’s withdrawal. In a dispatch from
Madison, Wis., to the New York “ Times” on March 30
Prof. McCarthy said:
Answering your inquiry, I objected to what I considered ridiculous and
wasteful budget making and financial plans of Chairman Frank P. Walsh.
Ho then suggested that I become advisor to tho Commission at a maximum
salary per diem. As I consider Walsh thoroughly incompetent to manago
such an important commission, I refused. Financial consideraiton had
nothing to do with the matter, as I had previously cut myself entirely out
of tho budget, which I had made with tho purpose of doing what I could
for tho success of tho work until tho end without pay.
The field work, which was under tho direction of Prof.
McCarthy, has been placed in chargo of Basil M . Manley,
formerly of the Department of Labor. All the effects of
the Washington office of tho Commission are being trans
ferred to Chicago where the field headquarters are estab
lished.
LA W .
Governor Fielder of New Jersey signed on March 31
Senator Read’s bill amending one of the “ Seven Sisters” laws
enacted in 1913.
The bill just signed was passed by the
Senate on February 15 and by the House on March 24. As
indicated in our issue of March 6 the bill affects Section 51
of the Corporation Act which, under the 1913 legislation was
amended so as to prohibit corporations organized under tho
laws of the State from holding the stock or the indebtedness
of other corporations. The law, as now amended, carries
a provision to the effect that the restrictions are not in
tended to prevent any corporation created under tho laws
of tho State from purchasing tho stock, bonds, securities
or evidences of indebtedness of any other corporation or
corporations of this or any other State solely for investment
and not using the same by voting or otherwise to restrain
trade or to bring out, or in attempting to bring about,
the substantial lessening of competition.”
Two other Read bills affecting tho “ Seven Sisters” Act,
were passed by the New Jersey Senate on March 24. Accord
ing to tho Trenton “ Times” , one of these bills allows cor
porations to fix prices ‘ ‘for the purposes of meeting com
petition.” Under the acts as they aro on the statute books
the Times adds*‘ the fixing of prices for any purpose
is not allowed.” Tho other bill allows the public utility
Commissioner to take testimony and givo approval to the
merging of companies in tho same lino.
CO U RT OF A P P E A L S U P H O L D S LABOR L A W P R O H IB IT
IN G N IG H T W O R K OF W O M E N .
The findings of the Appellate Division of the New York
Supremo Court upholding tho constitutionality of the pro
vision in the State labor law prohibiting the employment of
women between the hours of 10 p. m. and 6 a. m. were af
firmed by the Court of Appeals at Albany on March 26.
The opinion of the Appellate Division of the Supreme Court
was rendered in July last year; the case had beon brought
to this Court on an appeal from a Special Sessions order sus
pending sentence on tho Charles Schweinler Press, Inc., of
New York City, which had been found guilty of violating
the law in employing women during the prohibited hours.
The constitutionality of tho provision in question was at
tacked as unduly interfering with tho right of adult women to
contract for their labor; Judge Hiscock, in writing tho opinion
of the Court of Appeals, which was unanimous, holds that
tho Legislature was justified in believing that night work in
factories was so detrimental to the health of women that it
ought to bo prohibited for their own sakes, and in the inter
est of public welfare. The present law was passed in 1913
upon tho recommendation of the Factory Investigating Com
mission. It is pointed out by tho Court that tho present
case is distinguished from tho case of the People against
Williams, decided by the Court in 1907, involving a largely
similar statute, since at that time the necessity for such a
law for the purpose of protecting tho health of women was
not urged upon tho Court as it is now, and was not supported
R O C K E F E L L E R F O U N D A T I O N TO A I D U N E M P L O Y E D
by the results of much study and investigation of tho subject
I N COLORADO.
during tho intervening years, and especially that tho former
The Rockefeller Foundation has announced its readiness statute was not justified, as is the present one, by the recom
to supplement, up to July 1, funds received from other mendation of a commission, appointed by the Stato itself,
sources to relieve distress in Colorado in an amount up to after thorough and deliberate consideration of the subject.
$100,000. The announcement camo from John D. Rocke
The Court furthermore says:
feller Jr. in reply to an appeal for aid from the Colorado
It is not a basis for a constitutional objection to a statute iiko this, gen
State Committee on Unemployment and Relief. On Mar. 3, erally prohibiting tho labor of women botween certain hours, that in ex
cases it may prevent employment of some women for a short time
following an appeal for help from tho Trinidad Chamber of ceptional
between those hours under such conditions as would be productive of no
Commerce, Mr. Rockefeller replied that “ without official substantial harm.
A legislature must legislate in general terms, and its mandates aro not
representations in regard to tho general distress, I should
vulnerable becauso having power to act concerning a cer
fear that tho citizens of Colorado might not welcomo, and constitutionally
tain subject and to legislate in terms reasonably calculated to accomplish
that the foundation would not bo justified, in acting upon tho great purpose within tho scopo of its authority, it covers and prohibits
isolated transaction which by itself would bo harmless and unobjec
the suggestions made to me in your telegram to make the some
tionable.
aid general.” Tho official representation desired was re
Various other grounds havo been urged upon our attention as ones upon
ceived by Mr. Rockefeller on Mar. 25, and following its which the constitutionality of tho statute might rest. They havo not been
overlooked, but it is deemed unnecessary to consider them in view of our
receipt the reply as below was made:
_
.
New York City, March 30 1915.
State Committee on Unemployment and Relief, F. J. Radford Chairman
Trinidad, Colo.:
’
Your telegram of March 25, with reference to tho distress which exists
among tho unemployed and their families in Colorado, is received
I noto
tho expression of opinion by your committee that if tho necessaries of life
can be provided during the next three months, at tho end of that time
it should bo possible for employment to bo secured on farms, in tho mines
or elsewhere, but that your committee fears that in tho meantime the funds
from individual, county and Stato resources will prove Insufficient to meet
tho need and that unless further immediate aid is otherwise provided, wide
spread suffering and want will certainly ensue. Should this prove to be
true, tho Foundation stands ready, up to July l next, to supplement tho
lunds received from tho above-mentioned sources as may lie necessary
up to .$100,000. Since W. L. Mackenzie King, the Director of tho Indus
trial Relations Department o f tho Rockefeller Foundation, is now in Den
ver, the Foundation is requesting him to represent it in this matter in con
ference with you.
JOHN D. ROCKEFELLER JR .,
President, Rockefeller Foundation.
D IF F E R E N C E S
IN
FEDERAL
IN D U S T R IA L
C O M M IS S IO N
ON
R E L A T IO N S .
Tho fact that Prof. Charles McCarthy of tho University
of Wisconsin had resigned as Director of tho Research and
Investigation Department of the Federal Commission on
Industrial Relations, became known this week. Differ
conclusion with respect of tho question which has been discussed. There
fore, wo concludo tho statuto is constitutional as a polico regulation in tho
nterest of public health and tho general wolfaro of tho peoplo of tho Stato.
In reaching tho conclusion abovo set forth, wo havo not]overlooked or
failed to consider the forcibly expressed argument of tho appellant, that wo
havo been passing through days when many peoplo wero prodigal in their
gonerous willingness to doviso statutory cures for other peoplo who neither
demanded, desired nor needed them, and that this statute in its universal
application to all factories will inflict unnecessary hardships on a great many
women, who neither ask nor require its provisions, by depriving them of an
opportunity to earn a livelihood by perfectly healthful labor, although per
formed during some of tho hours of tho night.
There may or may not bo forco in some of theso arguments. They aro of
tho kind which involvo questions of discretion, judgment, and public policy,
and must bo addressed to tho Legislature.
P O S T M A S T E R -G E N E R A L
BURLESON
P R E S ID E N T
IN
REPLY
TO
PETERS.
A further statement on tho railway-mail-pay agitation
camo from Postmaster-General Burleson on March 28. Mr.
Burleson in this declaration sought to answer the statement
made by Ralph Peters, President of the Long Island RR.
and Chairman of tho Railway Mail Pay Committee, last
week. Mr. Peters had undertaken to roply to tho Postmas
ter’s charges to tho effect that the defeat of tho Post Office
Appropriation Bill had been duo to a propaganda carried on
by certain of the railroads “ in which the attitude of the Post
Office Department and subsequently the House of Repre
sentatives was grossly misrepresented.” Mr. Burleson’s
statement of March 21 was published in our last Saturday’s
issue (page 1045) along with Mr. Peters’ reply. In his sup
plementary statement of the 28th ult. the PostmasterGeneral, in accusing the railroads, says in part:
If the public wishes evidence of this, thoy need look no further than to
this statement of Mr. I’eters in which he says that through reliance upon
advisers who were accused by the joint bi-partisan commission of Con
gress of ignorance of their duties and greed for arbitrary power, I am per
mitting the Government of the United States to rob the railroads of at least
half of what is due them for carrying parcel post.
This statement contains two flagrant misrepresentations which can bo
intended for no other purpose than to mislead the public regarding the
conduct of the Post Office Department. The statement that the Joint
Committee of Congress accused the officers of the Department of ignorance
of their duties and greed for arbitrary power is false. The report of the
Joint Committee was written by ex-Senator Bourne, who for his own
reasons criticized the officers of the Department, but every other active
member of tile Joint Committee repudiated these criticisms in statements
over their own names printed in the same report, and Representative James
T. Lloyd, a Iiou.se member of the committee, repudiated them in'a speech
on the floor of the House.
The second misrepresentation is that the Postmaster-General is permitt i ng
the Government of the United States to rob the railroads of at least half of
what is due them for carrying parcel post. The truth is that up to the end
of the fiscal year the railroads will have received nearly .$4,500,000 for this
service in addition to their regular pay. and I have recommended to Con
gress legislation which, when passed, will allow them nearly $1,000,000
more for this special service. These allowances, upon the whole, have been
adequate, and are based in more than half the country upon the actual
weight of the mails carried. They include special allowances covering the
accretions of parcel mail following the orders of Aug. 15 1913 and Jan. 1
1914, reducing parcel postage and Increasing the weight limits.
The paramount question is whether a few large railroads will be able to
prevent legislation placing railroad mail pay upon a basis which will enable
the Department to conduct the service in a businesslike and economical way
for the public and at the same time pay every railroad company fully for
all the services which it renders, and, further, whether the rates in the pro
posed legislation are not amply adequate, if not indeed too high, for the
service rendered. Upon this point the public should bear in mind this
fact, among others bearing on the subject, which must have consideration
and which aro ignored by Mr. i ’eters, that the railroads are actually carry
ing for the express companies parcel matter which subsequently is deposited
in the mails at rates about one-half of what the Post Office Department is
paying the railroads for transporting just such matter over the same routes.
The Committeo on Railway Mail Pay, of which Ralph
Peters, of the Long Island RR. Co. is Chairman, lias issued
a circular reproducing some of the editorial comments made
by various newspapers on Postmaster-General Burleson’s
statement of March 21; one of these which is of particular
interest, since it explains the difference between mail and
express pay, was contained in an editorial in the New York
“ Evening Post” of March 22, and we reprint it herewith:
Those ravening railways, with their monstrous desire for more pay in
carrying the mails and for an annual determination of mail weights, are
scarcely vanquished by the logic o f Postmaster-General Burleson’s last
outburst. He returns to his old contention that, measured by express
rates, the roads are really overpaid. The express rate on 100 pounds from
Boston to Chicago is S2 50, o f which the railroad gets for transportation
just one-half, or SI 25- The average railway mail pay for 100 pounds
between these cities is $2 81, or twice as much. Could proof of Govern
ment liberality be more triumphant? But even the ordinary observer is
struck by the fact that 100 pounds of express matter will cost a good
deal over $2 50 if mailed in twenty separate packages, and that 100 pounds
of mail represents hundreds of units, occupying a space vastly larger than
one bulky parcel. The Postmaster-General, again, points out that the
Government pays the railways $1 20 on a 20-pound package sent by
parcel-post from New York to Chicago, while the express companies pay the
roads 64 cents on such a package. But the express companies havo just
been granted a hearing by tin; Inter-State Commerce Commission with a
view to increased rates, they having shown that in 1914 their operations
resulted in a deficit of $2,000,000. It is apparently a necessity that they
receive more from their patrons and pay tlio railways more. Why Mr.
Burleson should object to tlio obviously fair proposal to substitute annual
for quadrennial weighings is a mystery. The country, as ho admits, was
pretty well convinced by the railway “ propaganda” that tho bills just
defeated in Congress did not give enough to the roads; it has not yet had
reason to change its mind.
DOUBLE
LIABILITY
YORK
OF
STOCKHOLDERS
B A N K S — POSITION
OF
N E W
OF BROKERS.
In a decision handed down by Supreme Court Justice
Erlanger of New York in the ease of Eugene Lamb Richards,
New York State Superintendent of Banks, against Joseph G.
Robin and the other stockholders of the failed Northern
Bank of New York, the stockholders are held liable to pay
an assessment equal to the par value of the stock held by them,
respectively, to satisfy the claims of depositors and other
creditors of the bank. Among tho persons thus held liable
are a number who had sold their stock previous to the closing
of the bank but had neglected to have their transfers recorded
on tho books of tho bank. Others were held liable notwith
standing they held the stock as collateral security only, tho
reason for which was that tho statute imposes tlio liability
on all “such persons as appear by tho books of the corporation
to be stockholders.” Tho action was brought against all
the stockholders of the bank, nearly 150 in all, under a sec
tion of the Stato Banking Law which provides that tho stock
holders of every State bank shall “ be individually responsible,
equally and ratably, and not one for another, for all contracts,
debts and engagements of such corporation, to the extent
of the amount of their stock therein, at the par value thereof,
in addition to the amount invested in such shares.” Justice
Erlanger’s decision turns principally upon the sufficiency
of tho evidence to establish the liability of the stockholders,
which depends upon the question whether or not the bank is
insolvent. To show that the bank was insolvent, an inven
tory of its assets, made and filed by the Superintendent of
Banks pursuant to law, was introduced in evidence, and it
was shown that losses on the book values of certain assets
listed in the inventory reduced the actual value of the assets
below the liabilities to an amount in excess of the total stock
holders’ liability. Justice Erlanger holds this sufficient to
make out a prima facie case.
A subsidiary point in the decision will be of interest to
brokers who deal in such stocks. Certain of the stockholders of
record had the firms of Tefft& Co. and Battles & Co., brokers,
made parties defendant, claiming that the latter were the
parties ultimately liable by reason of their having purchased
the stock from holders of record. It was shown that these
purchases were made by Tefft & Co. and Battles & Co. with
out disclosing the names of the principals for whom they were
acting, but that in fact they acted merely as brokers. Jus
tice Erlanger holds that under such circumstances a broker
is not within the rule of law which makes a purchaser of stock
liable over to the seller for any liabilities which the latter
may incur because of failure to record the transfer on the
books of the corporation.
DISTRESS
IN
ST.
LOUIS.
An evidence of the existence of depressed conditions of
unusual magnitude is found in the appeals for aid being
made by the St. Louis Provident Association, a society for
relief and social service. In its appeal it addressed one of
our subscribers, who was asked to renew the support given
by him a few years ago in caring for the distressed poor of
tho city. The issuance of such an appeal at this time, and
in face of the fact that the weather during the month of
March was exceptionally favorable for outside work, moves
our correspondent to inquire whether this also is “ psycho
logical” . During his forty-five years’ residence in St. Louis,
lie points out, no such emergency has ever previously existed
at this season pf the year.
EFFICIENCY
TESTS ABOLISHED
N A V Y
UNDER
APPROPRIATION
A R M Y
A N D
BILLS.
Last minute legislation preventing the use of stop watches
or other efficiency tests under the so-called Taylor system,
and prohibiting the use of bonuses or premiums to employees
in arsenals and navy yards, was embodied in the Army
Appropriation and the Naval Appropriation bills passed at
the recently adjourned session of Congress. The legislation
carried as riders to the two appropriation bills was incorpor
ated in the House, but was stricken out by the Senate.
We learn from the Washington correspondent of the “ Iron
Ago” that the conferees on the Army bill found the rider
to be the chief bone of contention and, being unable to
agreo upon it, they decided to report upon all the remain
ing features of the Army budget, leaving the scientific
shop management provision to be fought out under the high
pressure of the last moments of the session. The conferees
having the Navy bill in charge also found the scientific shop
management feature a stumbling block and decided not
to act upon it until the corresponding provision of tho
Army bill should be finally disposed of. Fearing that
delay might imperil the Naval bill, however, the Senate on
tho March 2, yielded the point to the House, and the pro
hibition inserted by that body was accepted. Soon after
the conference report on the Naval bill was adopted by both
Houses the Senate conferees on the Army bill announced that
they would no longer stand out against their colleagues,
and the Army bill, carrying the House prohibition, was
hastily reported and passed in the closing hours of Congress.
In its comments on the legislation the “ Iron Age” says :
The fate of tho Naval hill naturally foreshadowed the action on "the Array
bill, although the sentiment in tho Senate in favor of striking out the pro
hibition of scientific shop management was stronger with respect to the
military establishments, for the reason that the War Department has
strenuously advocated the Taylor system, and the military committee of
the Senate, acting upon the recommendations of Secretary Garrison and
General Crozier, chief of the War Ordnance Bureau, had reported against
the House amendment. The situation was also influenced to some extent
by the understanding that the Secretary of the Navy was personally op
posed to tho introduction of scientific shop management system in navy
yards and naval gun foundries.
Tho victory of tho labor leaders, however, is a barren one, at least so far j
as its effect upon the conduct of Government establishments during the
next 16 months is concerned. Aside from moral effects, the prohibitions
will accomplish nothing. So far as the naval service is concerned the timestudy and premium systems have never been employed eithor in yards or
foundries.
The probition o f the Army bill relates only to the use o f funds carried
by the Army bill. As this measure does not become operative until July 1
one o f the first official acts o f the chief of ordnance following tho passage
of tho Army bill was to reinstate the Taylor time-study and premium
system at the Watertown arsenal, where it had been suspended during
debate on the Army bill in Congress in order that tho employees might
receive an object lesson as to the effect o f tho proposed prohibition. The
system will be maintained in full force at the arsenal until June 30. In the
second place the labor leaders appear to have overlooked the fact that all
the premiums paid on work at the Watertown arsenal, amounting to some
$45,000 per annum, have been taken from the funds provided by the
annual fortifications appropriation bill. This important measure, carrying
an increased sum for the fiscal year beginning July 1, was passed by Con
gress without any restriction with reference to premiums, hence tho pro
hibition in the Army bill against the use o f funds provided by that measure
for the payment o f “ any premium or bonus or cash reward” becomes a
dead letter.
All that is left of the prohibition as it applies to Watertown Is the require
ment that no part o f the appropriation shall bo paid for the salary, or pay
of any officer, manager, superintendent, &c., having charge o f the work
o f any employee “ while making or causing to bo made, with a stop watch
or other time measuring device, a time-study o f any job o f any such em
ployee between the starting and tho completion thereof or of the movements
of any such employee while engaged upon such work.”
Tho situation at the Frankford, Pa., arsenal differs materially from that
at Watertown. Time studies have never been made at Frankford, but a
premium system, based upon a day’s wage calculated at a fair performance,
has been In operation and will be affected by the prohibition, inasmuch as
the payroll o f this arsenal is provided from funds carried by the Army bill.
ARBITRATION OF WAGE SCALE OF WESTERN
LOCOMOTIVE ENGINEERS.
The contentions of the railroads versus the firemen and
engineers at the hearing of the wage differences in Chicago
before the Arbitration Board were set out in briefs filed on
March 29 by J. M . Sheehan, counsel for the railroads, and
W . S. Carter, President of the Brotherhood of Locomotive
Firemen and Enginemen. These hearings were begun on
Nov. 30 and are nearing conclusion. Mr. Carter continued
to inveigh against railroad management, and on Monday as
serted that much more money would be available for wage
increases to employees were it not for “frenzied financing” by
the roads. His brief was divided into nine chapters. Stand
ardization of rules and rates of pay, as proposed, the brief
contended, would be helpful to employees and railroads
alike, tending to clarify the atmosphere and reduce friction,
and would give the men only a living wage. Mr. Carter in
sisted that the railroad evidence exaggerated the earning
possibilities of the suggested increases. He added:
“ I f the railroads could create the impression that all engineers and fire
men earn as much as some engineers and firemen occasionally earn, they
evidently hoped jto defeat our proposition and retain tho old inequitable
order o f things. It has been shown that only the veterans, who havo
survived the dangers and hardships o f years o f service, get the fancy-priced
runs. Compared with the rates paid in other industries, engineers in
freight service rank below fifteen leading trades. Engineers in tho Chicago
switch yards are paid 42M cents an hour, when 48 cents is received by hod
carriers, while other trades pay 65 and 75 cents an hour.”
Mr. Carter also contended that in the period from 1890
1913, the productive efficiency of the men, as gauged by
the increased revenue, has advanced 40 and 50% , and the
railroads aro abundantly able to pay a higher scale; he
asserted that “ the combined accumulated surplus of the fortythree largest Western systems amounted on June 30 1914 to
$625,895,415, and the actual cash on hand to $208,278,196.’’
“ Dividends,” he said, “are increasing rather than decreas
ing.”
Mr. Sheehan, on the other hand, said:
Since 1910 tho railroads involved have expended over $660,000,000 in
extensions, additions and improvements to property, and over $220,000,000
of this amount was spent for tho purpose o f increasing efficiency and safety
and to expedito train movements. Engineers and firemen, with tho larger
powor, which takes tho higher rates o f pay, have been able to get over tho
road in a shorter period o f time than in 1910, and therefore tho higher rates
of pay taken by the larger power have been earned In fewer hours upon
tho road.
With tho installation o f heavier powor thero has been constant improve
ment in tho matter o f laboring devices, such as mechanical stokers, coal
pushers, ash pans operated by compressed air, pneumatic drawer openers,
sloping tanks, &c., &c.
These pay-roll figures demonstrate that tho present schedules provide
full, fair and adequate pay, whothor measured by comparison with other
trades, by comparison with other railroad employees who have like duties
and responsibilities, or by comparison with engineers and firemen of tho
East or the South.
-
TARIFFS SUSPENDED IN OFFICIAL CLASSIFICATION
TERRITORY.
The Inter-State Commerce Commission has suspended
from March 27 to July 17 proposed advances in lake-and-rail,
rail-and-lake, and rail, lake-and-rail rates between the East
and West, pending investigation. The filing of the new tariffs
by the roads grew out of the decision in the 5 % advanced
rate case. The Commission hac declined to permit the 5%
on these lake-rail rates, saying that “it is shown on the
record that since the rail carriers acquired ownership and
control of the lake lines, successive increases have been made
in the rates via lake, tending to lessen the difference betweem them and the all-rail rates.” Eastern live-stock rates
have been suspended by the Commission from March 25 to
July 13.
On March 12 the Inter-State Commerce Commission issued
a circular to the carriers in Official Classification territory,
to which, the 5% freight rate applied, requiring the carriers
to prepare an estimate of the additions to their transporta
tion rovenues and incidental operating expenses accruing
from the application of the increased rates. The carriers
aro called upon to keep the account for each of the months
of October, 1915, and April, 1916, and to prepare an esti
mate of such additions in revenues for the 12 months ending
June 30 1916.
HEARINGS ON ADVANCES IN WESTERN AND SOUTH
WESTERN RATES.
The case on behalf of the shippers protesting against the
increases in freight rates sought by the lines in Western
Trunk Line and Southwestern Tariff Committee Territories
was outlined before Inter-State Commissioner Daniels in
Chicago on March 30. The freight rate hearings have been
in progress since March 4, and have up to the present week
been concerned with the presentation of arguments on behalf
of the roads. Commissioner Daniels expects to conclude
the hearings on May 10;fthe railroads and shippers are ex
pected to file their briefs the latter part of May, and the
reply briefs not later than the middle of June, making it
possible, it is figured, to hear the oral arguments and rest
the case before July. Following the time given over to the
protestants on Tuesday, Wednesday, Thursday and yester
day of this week, the Commissioner announced the further
hearings as follows: April 3-8, unfinished evidence of rail
roads, if five days more are required; April 9-10, shippers
will present evidence as to advances on hay and broom corn;
April 12-13, cotton piece goods; April 14-16, coal and coke;
April 17-21, grain; April 22-23, fruits and vegetables; April 24,
rice; April 26-30, packing-house products; May 1-5, live
stock; May 6-10, all uncompleted testimony on part of
shippers.
Clifford Thorne, Chairman of the Iowa Railroad Com
mission, in outlining the opposition of the protesting ship
pers on Tuesday, submitted a statement saying:
Our object is not to make a general onslaught upon the credit of these
Western railroads. Tho result o f our efforts will be rather to help establish
tho soundness and strength of their credit.
As indicating conditions in tho territory Involved, only the testimony
of the presidents of the Chicago Great Western R B ., the Missouri Pacific
R y. and the Missouri Kansas & Texas Ry. was introduced. Nothing fur
ther need be said. This Commission and the public know whothor they
represented typical lines or weaklings. This procedure is in marked con
trast to that pursued by tho Eastern railroads, whore the chief executives
of tho representative lines testified.
Wo will show you that threo-fourths of the traffic in this territory Is
being handled by companies that are earning above all operating oxponsos,
and all interest on bonds and debt, from 6 to 16% on all thoir capital
stock outstanding in the hands of tho public.
Joined with the commissions aro the representatives of upwards o f
300,000 manufacturers, merchants, grain dealers, live-stock dealers and
other producers and consumers, scattered throughout the territory. Never
before has thero been such an extensive organization on bohalf of tho public
in any case.
It will bo proved that tho railroads In Western territory as a whole havo
actually expended in maintaining their properties during tho past five
years an averago of $50,000,000 a year moro than for any preceding fiveyear period since the first railroad was built in this territory. Every rail
road witness who took the stand admitted on cross-examination that they
were maintaining thoir properties at a higher standard during recent years
than ever before.
During tho year 1914, as all people know, there was a world-wide business
depression. In tho United States the grain crops of the preceding fall
(being in the fiscal year 1914) fell off over 900,000,000 bushels. In the
exhibits that will bo offered, it will be shown that in 1913 tho not rovenues
of the railroads in Western territory as a whole, above all operating oxponsos,
amounted to $420,000,000, being tho largest, with only one exception, 1910.
since tho first track was laid west o f tho Mississippi River.
The aggregate net revenues of these railroads during tho past five years
averaged $400,000,000 per year. This was greater than during any fiveyear period prior to 1913 in their whole history.
It will be proved that the percentage return of not corporate lncomo on
capital stock outstanding in 1913 was more than doublo what it was sixteen
years ago, and five times greater than it was twenty-five years ago.
On the first day of these hearings we announced that wo expected to
provo these railroads have been building many additions and betterments,
which they were charging to operating expenses. In other words, aftor
paying a return on their investment, wo have been building thoir properties
for them, and then aro required to pay a return, not only on their invest
ment but also on our investment, on what we build for them. This is
fundamentally unsound and unjust.
Appearing in opposition to the railroads’ plea that they
be permitted to charge rates that will yield them at least
$10,000,000 a year more revenue, Wayne Ellis, statistician
of tho Iowa Railroad Commission, asserted that the rail
roads, judged by statistics which ho compiled, were pros
perous. He said:
Their net revenues for the last five years have been greater than over
before. Compared with 1900, tho last five-year period shows a net increase
of 75%. Less taxes, tho total net shows a corresponding incroaso. The
railroads claim that operating exponsos have increased at a greater rate
than net revenue, but this is true only of tho last five years. Tho cause
of this is that tho railroads have charged to operating expenses largo
amounts connected with additions and botterments.
Tho Western railroads are being built up and improved from operating
expenses. It is also significant that tho total maintenance expenses for
a mile o f lino in tho Western district were greater in both 1913 and 1914
than 1910. In 1914 the gross revenues wero reduced by 4% as compared
to 1913, but the maintenance charges wore reduced only 1-6 o f 1% , and tho
maintenance of equipment w.os actually increased.
ATTITUDE OF RESERVE BOARD TOWARD NATION
ALIZE TION OF STA TE BANKS.
In explanation of tho resolution adopted last week by the
Federal Reserve Board, in which it recorded itself as in sym
pathy with the efforts of those seeking to remove restrictions
which bar national banks from exercising trust privileges
and State banks from becoming members of the Federal
system, the following statement was issued on Tuesday by
Paul M . Warburg, a member of the Board:
The resolution published by the Federal Beservo Board cohcerning na
tional banks’ powers to act as trustees, executors, &c., has led to some un
fortunate misconception as to the Board’s attitude, because tho wording of
tho resolution lends itself to misconstruction. I happened to bo absent
Mr. Ellis asserted that tho railroads were now paying on tho day the resolution was passed, and therefore I think it well to state
more dividends than ever before and that the rate at which my views in the matter in this way.
There is no difference of opinion in tho Board as to the desirability of see
they wero able to borrow money compared favorably with ing national banks secure the powers permitted to be given them by the Act,
the rate which industrials had to pay. Henry C. Wallace, provided State laws permit, but it is unfortunato that any one should sup
pose that tho Federal Reserve Board wishes to interfere with tho rights and
Dos Moines, la., appeared as an agricultural expert and tes action
of the States.
tified that the railroads were attempting to impose a burden
It is, I believe, proper of mo to say that a majority of the Board would not
on tho farmers.
wish to create such erroneous impressions. I have no reason to think that
there Is any dcsiro on tho part of tho Board to "nationalize” State banks; on
tho contrary, the wish appears to bo general to deal with tho State banks
Tho question as to whether tho roads seeking the higher and trust companies as liberally as possible, so]as to enable them to join the
rates could bo required to submit correspondence between system. It is this thought and hope that was intended by the preamble of
tho resolution.
their officials concerning tho increases came up at tho hear
But it is clear that in order to carry out this policy fairness to the national
ing on March 26. One of tho attorneys for the packers, banks demands that they should bo treated with equal liverality, and that
L. M . Walter, called upon the railroads to furnish not only tho Board should wish them to receive to the largest possible degree the
powers conferred upon them by the Act.
tho records of the railroad meetings at which freight rates
The problem would not be difficult if tho trust companiesjhad not invaded
wero discussed prior to tho application for the increases, tho field of commercial banking. But inasmuch as they have done so, and
but also tho correspondence botween tho railroad officials intend to remain there— a question which the States only have the power
to regulate— while tho Act has placed on the Federal Reserve Board the
bearing on the subject. C. C. Wright, General Solicitor duty
of providing a basis for the admission into tho Federal Reserve system
for the Chicago & North Western road, had agreed to fur of those State institutions, tho Board can only follow one policy; that is one
nish the shippers’ attornoy with extracts of records of the of being fair and liberal in dealing with both tho national and tho State in
stitutions.
formal meetings. When tho correspondence files wero
That this task is difficult no ono will deny. It must bo dealt with in the
asked for, T. J. Norton, counsel for the Atchison Topeka broad spirit not only by tho Board but equally so by the banks and trust
companies.
& Santa Fe Railroad, objected, assorting that heretofore the
production of such ovidonco had led to suits against tho rail
roads under tho Sherman Anti-Trust Law, and said that as
tho Intor-Stato Commerce Commission has no jurisdiction
undor tho Sherman Anti-Trust Law, tho railroads protested
tho production of any such correspondence. Commissioner
Daniels ruled that roads should produce the letters, taking
such precautions to conceal identities as would prevent their
being used in any suits. Ho held that information in the
records and correspondence was relevant in considering the
reasonableness of rates.
Heavy expenses in handling coal were given as one reason
why the railroads are seoking to increase tho freight rates
on that commodity in certain territory west of and including
Indiana at the hearing on March 23. Statements were made
in behalf of tho railroads that the proposed increase on soft
coal would average 7.95 cents a ton; that this would impose
a burden on the coal consumers in tho territory affected of
only five cents a year for each inhabitant, if tho increase
wore added to tho retail price of coal, and that tho revenues
of the railroads from this commodity would be enhanced
$1,266,000 a year.
In seeking to justify tho demand of the Western roads for
higher rates on coal, J. M . Daly, former General Superin
tendent of Transportation of tho Illinois Central RR., as
serted that bituminous coal as a predominating article of
freight is a liability rather than an asset to tho Central
Western coal roads. “Every two years, with clocklike
regularity,” Mr. Daly said, “ the mines close down or threaten
to closo because of labor troubles. In 1910 tho loaded car
mileago on one coal branch foil off to ono-twonty-fifth of
normal in a few days, due to the strike. In January Feb
ruary and March overy two years every one rushes to stock
up on coal, anticipating a strike, so that not only must wo
furnish cars for a normal winter peak in coal shipments,
but extra cars must bo maintained because mino operators
cannot agree with their miners.”
Tho decrease in live-stock traffic was also cited as one of
tho factors adversely affecting tho roads. Conrad Spens,
Assistant Freight Traffic Manager of the Chicago Burling
ton & Quincy RR., in commenting on this during the hear
ing on March 18 remarked:
Livo-stock tonnage In tho United States is practically standing still, so
there Is no increase In tho industry to bo looked for and no liopo o f increasing
tho revenue from a growing traffic. Tho Burlington handled less live stock
in 1914 than in former years, excepting 1910. In our opinion, this com
modity does not contribute its proper proportion to our rovenuo.
Whilo it may be urged that tho cost of producing live stock has increased,
tho cost to us of tho service performed has increased also, but so far without
any increase in our compensation.
On few commodities is tho revenue per gross ton milo or per car mile
so small as on Ilvo stock. Tho total rovenuo expected by the Burlington
from this advance on live stock is only 2.54% o f tho present rovenuo.
Edwin G. Merrill, President of the Trust Companies Asso
ciation, who last week had something to say with regard to
tho policy of the Federal Reserve Board as represented in its
resolution, made a further statement this week in the
matter, following Mr. Warburg’s expression of opinion, as
follows:
“ In view of tho statement made by Mr. Paul M . Warburg, of tho Federal
Reserve Board, that ‘It is unfortunate that any one should suppose that
tho Federal Reserve Board wishes to interfere with tho rights and action
of tho States,’ it may bo of interest to citizens of New York, and especially
to tho members of thoN . Y . Legislature, to know that apparently the people
most interested in urging this legislation at Albany yesterday wero one
of the directors of the Federal Reserve Bank of New York and an attorney
who has been associated in the public mind with tho interests of Secretary
McAdoo and tho Federal Administration hero in New York. This situa
tion is also interesting in tho light of tho resolution passed by tho Federal
Reserve Bank of New York that ‘it was inadvisable for tho Federal Reserve
Bank of New York to take any action respecting State legislation at this
time.’
" I t is, of course, natural that the Federal Reserve Board should desire
to secure for its member banks every privilege possible, particularly as It
has not so far been able to bring into the System any appreciable number
of institutions that were not forced In by tho mandatory features of the law
“ Mr. Warburg’s plea for a fair and liberal policy in dealing with both the
National and State institutions would bo more convincing if tho Federal
Reserve Board were not endeavoring to bo fair and liberal to national banks
at tho expense of State banks and institutions ail over this country. His
statement that he had ‘no reason to think that there is any desire on the
part of tho Board to nationalize State banks’ is not quite in harmony with
tho spirit of the resolution of the Federal Reservo Board itself, which looked
toward ‘the establishment of a co-ordinated system of banking in the
United States under effective Governmental supervision.’
"Perhaps it is true that tho trust companies and State banks would be
welcomed in the Federal Reserve System, even if they did not give up their
State charters, bu tif tho StateofNew Y ork,by A ctof the Legislature,gives
up to outside institutions over which it has no control tho privileges which
are now wisely confined to the trust companies of tho State, it will sacrifice
what has hitherto been most jealously guarded as ono of the most precious
of State rights, and it will take a first and a long step toward the utter
disintegration of Now York’s great banking system.
"The legislatures of soveral States have already shown their resentment
at Federal interference in their State banking systems by killing such
proposed legislation outright. In North Carolina the measure conferring
trust company powers on national banks not only failed of passage, but I
understand that a law specifically forbidding national banks to exercise
such functions was passed. In Ohio and Maryland similar measures
conferring such powers were adversely reported by the Committee to which
they were referred, and it is understood that tho Connecticut Legislature
has x)ermanently shelved such a bill. In New Jersey a similar bill is still
held in committee, while in Delaware attempts to secure such legislation
have been abandoned.”
AMERICAN BANKERS’ ASSOCIATION NOT TO ENTER
CONTROVERSY CONCERNING RESERVE ACT.
That tho American Bankers’ Association has decided to
refrain from participation in the controversy with regard to
the question of the Constitutionality of the Federal Reserve
Act was made known by William A. Law of Philadelphia,
President of the Association, on Wednesday. According to
Mr. Law, the Administrative Committee of the Association,
whichJs the_supreme authority of the organization between
the annual meetings of the Executive Council ancl the an
nual conventions, has gone on record against any action of
this nature. It is also announced that the Special Committee
of Twelve, appointed after the Richmond convention to
make recommendations as to the changes in Reserve Bank
Act, which would induce State banks and trust companies
to enter the system, has taken a similar stand, this committee
having fmanimously adopted the following resolution at a
meeting held on March 23:
Resolved, That it is the judgment of this committee that it would bo
unwise for the American Bankers’ Association as an association to enter into
any test of the constitutionality of the Fcdoral Reserve Act or any portion
thereof.
The Committee of Twelve consists of Uzal H. McCarter,
Newark, N. J.; John W . Platten, New York; John II. Mason,
Philadelphia; William E. Knox, New York; R. C. Stephenson,
South Bend, Ind.; B. F. Saul, Washington, D. C.; E.C.McDougal, Buffallo; George E. Lawson, Detroit; Mills B. Lane,
Savannah; Daniel G. Wing, Boston; P. W. Goebel, Kansas
City, and L. G. Kaufman, New York.
TRU ST C O M P A N Y SECTION H A S N O T Y E T D ECLAR ED
ITS A T T IT U D E .
them would subject Stato banks to losses which would fall upon their
stockholders and depositors. There has been no desire, so far as we know,
on the part of bankers in the larger cities to establish trust departments.
The policy of Michigan has been to keep trust companies and Stato
banks as distinctly separate institutions. Cordial relations exist between
Stato and national banks and trust companies witli respect to this legisla
tion.
j
According to the “ Free Press” , Mr. Stone says the permits
which the Federal Reserve Board proposes to issue to na
tional banks would not enable national banks in Michigan
to exercise the functions of a trust company, as their doing so
I would be in contravention of the Stato law. AttorneyGeneral Fellows has already given an opinion to this effect
to Banking Commissioner Merrick, he says. A similar
view of the situation is reported to have been taken by
counsel for the Federal Reserve bank in Chicago in passing
on applications for such permits from national banks in
Michigan.
B AN K S N A M E D
B Y RESERVE BOARD
TRUST
TO
ACT
IN
CAPACITY.
The Federal Reserve Board has authorized the following
national banks to act in a trust capacity: Shenandoah Valley
National Bank of Winchester, Va.; Claremont National
Bank, Claremont, N. II.; Norwood National Bank, Norwood,
Mass.; and National Mahaiwe Bank of Great Barrington,
Mass.
While the magazine “Trust Companies” was quoted last
week as stating that the Executive Committee of the Trust
Company Section would seek an interpretation by the Su
preme Court of the provision in the Federal Reserve Act en
abling national banks to assume trust powers, the committee G O V E R N O R H A M L I N A N D M R . M I L L E R O N A T O U R
OF IN S P E C T I O N OF F E D E R A L RESERVE B A N K S .
has not yet formally made known its intentions in the matter.
The departure for California of Governor Hamlin of the
The subject was considered at a meeting of the committee
on Wednesday, but nothing was made public regarding the Federal Reserve Board and the proposed inspection by him
deliberations; further consideration of the matter is to bo and Mr. Miller of the San Francisco and other Federal
Reserve Banks was announced in the following statement
had at another meeting.
issued on March 2G:
N E W
YORK
BILL
AUTH ORIZIN G
TO A S S U M E
N ATIO N AL
B AN K S
TRUST FUNCTIONS.
Governor Charles S. Hamlin of the Federal Reserve Board started to
night for California. Ho will meet Mr. A. C. Miller, Member of the
Board, in San Francisco. Mr. Hamlin and Mr. Miller will together in
spect the Federal Reserve Bank of San Francisco and on their return trip
will visit various other Federal Reserve banks. During the absenco of
Governor Hamlin, Vice-Governor Delano will be the presiding officer of the
Board. A quorum, that is four members of the Board, will bo regularly
present. The next meeting of the Board will be held on Monday, March 29
A hearing at Albany on the Marshall bill, authorizing na
tional and State banks to serve in a trust capacity was sched
uled for Wednesday last, but was postponed until the 8th
inst. Stuart G. Gibboney, counsel for the Federal Reserve
At this meeting consideration was given to regulations
Board, was present in Albany this week, with a view to urg
ing the passage of the bill. Mr. Gibboney, it is said, appears governing the discount of acceptances under the recent legis
Counsellor Elliot and Vice
as the representative of Secretary of the Treasury McAdoo, lation passed by Congress.
Governor Delano submitted tentative drafts of proposed
who is anxious to have the bill go through.
regulations.
PEN N SYLVAN IA
LEGISLATION
REGARDING
TRUST
W ITH D R A W A L
PRIVILEGES.
Legislation designed to confer trust privileges upon national
banks Avas introduced in the Pennsylvania Legislature by
Representative Luppert on March 31. There is a provision
that the capital shall be considered as security for the faith
ful performance of trusts and that the acts of the banks
shall be subject to the orphan’s courts. All trust funds must
be kept separate.
It is stated that to date fifty-five banks have made appli
cation to the Philadelphia Federal Reserve Bank for author
ity to adopt trust powers; of the applicants, 35 are Pennsyl
vania banks, 19 New Jersey and one a Delaware institution.
VIEW
THAT
TRUST M A N A G E M E N T
WOULD
SUFFER
IF F ID U C IA R Y POWERS ARE IN D IS C R IM IN A T E L Y
GRANTED.
OF
PUBLIC
M E N T
M ONEYS
FROM
GOVERN
DEPOSITARIES.
Under the recent decision of the Treasury Department to
withdraw Government deposits from the national banks
acting as United States depositaries, with a view to their
transfer to the Federal Reserve banks, we learn that in somo
instances the entire public deposits were withdrawn and the
institutions forthwith discontinued as depositaries, while
in other instances the public balances were simply reduced.
In the latter case the banks were directed, after the deposit
of a designated amount to the credit of the Treasurer of the
United States with an Assitant Treasurer, to return to the
Treasurer the receipts given for the bonds hold as security
for the moneys, accompanied by proper resolutions of the
directors authorizing their withdrawal and disposition. The
bonds deposited to secure the public deposits aro divided
into four groups, viz.:
In indicating the grounds upon which objection is had to
Group 1— United States bonds.
the bill pending in the Michigan Legislature designed to
Group 2— Philippine, Porto Rican, District of Columbia and Hawaiian.
Group :S— Philippine Railway Co. and Manila Railroad Co.
give trust, powers to National banks, Ralph Stone, Vice
Group 4— Stato, city and county.
President of the Detroit Trust Co., refers to the fact that
Tho Treasury Department in its lotter said:
the Michigan trust companies have demonstrated the success
“ In taking out bondsjdeposited to secure public moneys, those of Group 4
of corporation management of trusts and estates, and ex (State,
city and county) must bo first withdrawn; bonds of Group 3 next’
presses the belief that if theso powers are granted indiscrimin then Group 2, United States bonds being tho last to bo released.”
ately mistakes and losses are bound to occur, with the result
that corporation or trust company management will suffer in M I N I M U M P R I C E S A B O L I S H E D B Y N E W Y O R K A N D
reputation. Mr. Stone’s views are set out as follows in the
OTHER STOCK EXCHANGES.
Detroit “Free Press” :
The Governing Committee of the New York Stock Ex
Even though the bill now pending in the Legislature to givo national change on Wednesday of this week voted to abolish all mini
banks trust company powers should be passed, it will bo impractical for
national banks to go to the expense o f establishing trust departments, mum prices below which stocks could not be traded in on tho
because attorneys agree that the exercise of such powers would bo un Exchange. This rule had been in force sinco tho reopening of
constitutional, in that national banks were not organized for such purposes.
tho Exchange on Dec. 12 and by rescinding it, tho last of tho
Trust companies feel embarrassment in offering objection to this legisla
tion because State and national bankers may infer they do so to prevent extraordinary restrictions placed on trading following tho
competition. This would not bo a correct inference. Wo feel, however, closing of the Exchange in July of last year has been re
that Michigan trust companies have demonstrated the success of corpora
tion management of trusts and estates. We believe that if these powers moved. Trading was therefore resumed on April 1 under tho
are granted indiscriminately, mistakes and losses are bound to occur, and in same conditions as existed before tho outbreak of the Euro
this way corporation or trust company management will suffer in reputa pean war. Tho committee states that tho necessity for
tion.
it has been demonstrated that such departments cannot bo made profit minimum prices no longer exists, as tho prices ruling in most
able in small communities and that the risks and liabilities attached to cases are far above the minimums established, and also that
financial affairs throughout the country and our foreign
trade situation have so improved as to remove the danger
existing at the time of reopening the Exchange. It will be
remembered that one of tho principal reasons advanced at
the time of the establishing of minimum prices was the fear of
tremendous foreign liquidation if trading should be resumed
without such restriction. This liquidation, however, de
veloped in only a limited way, and it is evident from the com
mittee’s action that it is felt there is no longer any danger
from that source.
The announcement was made after tho close of business on
Wednesday and Avas in the form of the adoption of reports
and recommendations made by tho committees in charge.
Following is the official circular:
NEW YORK STOCK EXCH AN GE.
New York, March 31 1915.
To Members of the Exchange:
At a meeting of the Governing Committee held this day, the following
reports were received and the recommendations therein adopted:
The special committee appointed by the Governing Committee on the
15th day of December, 1914, for the purpose of establishing minimum prices
below which stocks could not bo dealt in on the Exchange, are unanimously
of the opinion that tho necessity for such minimum prices no longer exists.
Their reasons for arriving at this conclusion are: First, that In most cases
the ruling prices are far above tho minimum prices, and lienee the latter
are practically useless; Second, that financial affairs throughout the coun
try and our foreign trade situation have so improved as to remove the danger
existing at tho time of tho re-opening of tho Exchange.
Such being the case, the committee recommends the abolition of the min
imum prices referred to, and tho discharge of the committee.
The Special Committee o f Three appointed by the Governing Committee
Dec. 15 1914, to continue the supervision theretofore exercised over listed
bonds, bogs to report:
Tho conditions prevailing at that time no longer exist and the continu
ance of such supervision is no longer necessary or desirable.
It is therefore recommended that all minimum prices on bonds be abolshed and tho committee discharged.
GEORGE W. ELY,
Secretary.
The above-mentioned committee in charge of establishing
minimum prices was composed of H. O. S. Noble, President;
Henry K. Pomroy, Ernest Groesbeck, Donald G. Geddes
and Samuel F. Streit. Tho special committee having super
vision over trading in listed bonds was made up of Charles
M . Newcombe, William II. Remick and Willis D. Wood.
Following the action of the New York Stock Exchange, the
authorities of the Boston, Philadelphia and Chicago exchanges
took similar steps, though in the case of several of tho out
side exchanges minimum price restrictions on their local
stocks had been removed some time ago.
The following were tho last changes, made this week, in
minimum prices before the decision to abolish tho rule:
S to ck s—
entering on a new commercial era and it will require the brains and brawn
of every thinking man within its borders, if tho new business and financial
scheme is to bring us to success and prosperity and not leave us in a general
condition of commercial ineptitude.
Discussing the Federal Reserve Act, and in particular the
provision which would confer trust privileges on national
banks, Air. Farnsworth had the following to say:
A provision whose potentialities were not generally recognized was
placed in tho law at almost the last moment. Bills for the Federal Reserve
system wero plentiful; changes and corrections frequent; but it was not until
tho Senate had the measure under consideration that a provision to confer
on national banks the trust company functions of executor, administrator,
trustee and guardian were inserted in the law.
The provision did not receive much attention and very little discussion;
but no sooner had tho Federal Reserve Board issued a general regulation,
under which tho individual national banks might secure these powers, that
it was discovered that the laws of several States forbade the exercise of
trust company functions by national banks.
In a brief that lias been filed with the Federal Reserve Board in behalf of
a Michigan trust company, it was argued that action under this provision
involved conferring, by the Federal Reserve Board, powers which could be
granted only by States. Soon after, in the Chicago Reserve District, the
operation of tho regulations for granting trust company powers was sus
pended by the Reserve Board.
Bills permitting national banks in New York and New Jersey to exercise
these trust company functions are now being contested.
The right to make tho laws for tho settlement of the estates of decedents
is so distinctly a matter within tho powers of a State that it seems clear
national banks cannot exercise these functions without State authorization.
On the other hand, it seoms in Congress that a State should either di
rectly or indirectly confer powers on an institution which is chartered by
tho Federal Government.
The law question may be properly settled by the lawyers and the courts;
but back of it all there is the old problem of tho separation of banking
functions.
One of the greatest defects of tho banking system, which the Federal
Reserve Act was designed to correct was the confusion of investment and
commercial banking. The two have little in common— the commercial
bank, guaranteeing short-time credit to business on tho security of goods
moving to manufacture and to consumption, is engaged in a radically
different business from tho savings institutions, which collect capital
for permanent investment.
But an institution which is restricted by law to the transaction of com
mercial business naturally chafes when it has to meet the competition of an
institution which has no restrictions.
It has already been seriously questioned whether tho proper solution o
this problem is not to restrict the commercial banking activities of trust
companies and Stato institutions rather than to extend the powers of the
commercial banks into these fields. This question is now up for settle
ment.
It may be many months or even several years before there is a complete
and satisfactory solution of this problem. It is most complex. It perhaps
involves the almost impossible result of harmonious action by the forty-nine
separate governments. There is no question, however, that the problem
is with us and will stay until it is solved. What the bankers think and do in
connection with it is going to bo fully as important as what tho forty-eight
State and one national legislature will do.
On the question of improved credit facilities for the farmer,
which he pointed out has been growing more and more
interesting for several years, Mr. Farnsworth expressed
45Mar.31
himself as follows:
42Mar.31
P r e v i o u s ------ C h a n g e s x e ith D a t e s ------M in im u m .
W h e n E ffe c tiv e .
,
American Cities Co., preferred______________ 48
California Petroleum Corp., preferred_______ 45
May Department Stores, common___________48
Nashvillo Chattanooga & St. Louis R y _____ 125
43Mar.31 The popularity of rural credit plans was probably due in some measure
120Mar.31
to the discovery that in Europe there are several well-developed systems
of co-operative credit organizations and that the European farmer has been
greatly
benefited by them. The advantages which came of these systems
Three New York Stock Exchange memberships were re were magnified
in transmission and in many cases they reach consumption
ported posted for transfer this week, the first two for $44,000 on this side of the world as magic methods by which all financial ills were
healed.
and the last for $44,500. The last previous transaction was
Wo are very fond of magic financial methods in this country. We have
at $44,000.
been getting prescriptions steadily for a great many years—from the
Greenbackers, from tho Free Silverltes, from the Populists; and, lately,
Reports stato that, beginning noxt Tuesday (April 6), all from the advocates of guaranteeing deposits.
first notion was to take ono of these European systems, transplant
stocks and bonds selling on the Montreal Stock Exchange it, The
and live happily ever after. Transplanting necessitated a study of the
over the official minimum set by tho Stock Exchange Com scheme, and study brought not only disillusionment, but information.
mittee which has been handling sales since trading was al Studying European co-operativo credit systems became a popular pastime.
It was even better than having a doctor prescribe a trip to Europe. It is
lowed after the outbreak of war, can bo dealt with in tho open enough to say that in the end it was found that tho foreign systems were
market. Those still selling at the minimum or any that particularly adapted to foreign conditions; that conditions in this country
sink in price to the minimum must bo handled through the differed greatly from those abroad, and that there was also a wide divergence
of conditions within tho borders of this country.
committee. All mining stocks and other shares whose offi
It was found, for instanco, that a system of rural credits which might
cial minimum trading price is below 15 can also be handled, suit Mississippi or Georgia would not do for Dakota or Kansas; that what
Maine
needed and wanted was quite different from what Oklahoma thought
it is stated, on the open market.
would be to its advantage. In tho course of two or three years a great deal
was learned, and much of it was important as well as interesting.
About as much information came from tho careful investigation of con
SECRETARY FARNSWORTH ON THE FEDERAL RE ditions
in this country as was secured by study of European methods. It
SERVE ACT—ALSO RURAL CREDITS.
was learned, for instance, that the farmer has need of two kinds of credit:
(1)
Short-time
loans on current account, the proceeds of these loans being
Secretary Farnsworth of tho American Bankers’ Associa
used by him for tho purchase of equipment such as machinery, implements
tion had something to say with reference to tho Federal and work animals, and for working capital with which to pay for fertilizer,
Reservo Act and tho subject of rural credits in an address seed and labor necessary in preparing land and in gathering and marketing
delivered at tho annual convention of tho Florida Bankers’ the crops; (2) fixed capital with which to purchase land or to make perma
nent improvements thereon.
Association, held at Palatka, Fla., on March 20 and 27.
In the discussion of the better organization of our rural credit facilities
Secretary Farnsworth incidentally sought to impress upon very little has been heard of the first item of short-time loans. Under tho
Federal
Reserve Act preference is given to agricultural transactions at
his hearers that the obligation which rests upon the banking
six months acceptable for re-discount. When the Reserve Act was under
fraternity of this country is one of tremendous importance. discussion the necessity for longer maturities for agricultural paper was so
Declaring that it is bound to take the banker into politics, strongly emphasized that tho larger banks in agricultural centres have
made a moro particular study of tho question and more efficient
and that it is proper that the banker should go into politics, since
private arrangements have been made for this kind of credit— more par
he said:
ticularly in cattle-raising districts.
I do not mean that ho should beconio a participant in the job-seeking,
Otherwise, no attention seems to have been paid to the farmers’ needs
patronage-distributing, office-scrambling divisions of tho political struggle: for short-time loans. It is probable that they will bo adequately met by
but I do mean that ho is charged with the duty of giving every ounce of his tho Federal Reserve banks. In any event there has been shown no particu
support and every scrap of his information and experience to tho solution lar necessity for that form of rural co-operation which is an essential part
of problems which underiy and uphold tho commercial and financial structure of tho German system. Farmers abroad have customarily no banking
of the country. No matter by what name it is called or by what political connections. They use no checks. Germany and France are note-using,
party It is supported or opposed— it is beyond question that this country is not check-using countries. This Is essentially a check country. In Kansas
practically 99% of the exchanges areCpaicl for by checks. This is a moro
liberal use o f the check system than obtains oven in Chicago.
Moreover, tho American farmer is a man of independent thought. Ho
does not need the stimulation o f co-operation with his neighbors. If ho
had felt tho want of co-operative societies he would probably havo had them.
There is nothing in tho existing law which forbids them. Tho enactment
of a law which permits tho formation of such societies may not havo much
influence with the farmer.
The plans under general advisemont, and particularly that which inter
ests Congress, relato to tho farmor’s capital requirements to bo raised by
loans on land mortgage. Tho invariable scheme by which conditions are
sought to be improved is tho establishment o f a land mortgago bank in
which farm mortgages may bo deposited and by which bonds may be issued
for sale to tho public against tho security of the mortgages; by this means
a part o f the surplus money o f tho country will presumably bo diverted to
investments in such securities.
An essential feature is that tho loan should run for a long period— from
thirty to sixty years— and the indebtedness may bo discharged by annual
payments, including both principal and interest, and in the aggregate
amount reach little moro than the current rates of interest now prevailing.
Tho farmers o f the country already havo a mortgago debt of $2,800,000,
000. How much moro they may want to borrow or what proportion of
this they might divert to a new system is problematical.
Our investigations havo now disclosed about everything except what tho
farmer will do. It may be that in tho general enthusiasm to aid him, a
great deal moro financial machinery will bo provided than he has use for.
T o this subject bankers havo given too little attention. They owo it to
themselves and their committeos that thoy study tho question and come to
some conclusion in regard to what is necessary.
If it should bo the general conclusion that it is a matter for a State rather
than national action, that would bo important. If there is danger of an
over-supply of farm mortgage machinery, it would bo well to express that
fear.
RURAL CREDITS BILL PASSED IN MISSOURI.
The Gardner land-bank bill, providing for a system of
rural credits, was passed by the Missouri Legislature at its
recent session and signed by the Governor on March 25.
The measure passed the House on the 11th ult. and was
adopted by the Senate on the 19th ult. Despito the failure
of the Legislature to pass a joint and concurrent resolution
providing for tho submission to the people of a constitutional
amendment to mako the new law operative, Governor Major
advances the opinion that the police power of tho Stato is
sufficient to mako tho bill effective. Tho Governor says:
I have signed tho Gardner land-bank bill. It is regretted that in tho
closing hours the joint and concurrent resolution, submitting an amend
ment to tho constitution, did not pass. This failure, however, was because
it required unanimous consent.
I might say, in passing, tho Act is not effective, under its provisions, until
December 1916. I incline to tho belief, however, without investigation,
that this legislation can rest upon our constitution as it now stands; that tho
police power vested in tho State is ample upon which to rest it. Howover,
the matter can very easily be submitted to the peoplo through initiative
petitions.
A movement to submit tho matter to the people through
the initiative has been started by Col. Fred. D. Gardner,
who framed tho land-bank measure.
LAND BANK AND RURAL SAVINGS BANK BILLS
SIGNED IN UTAH.
A land-bank bill and a rural savings bank bill were signed
by Governor William Spry of Utah on March 23. The
land-bank bill as introduced in the Senate by Senator Ride
out on Jan. 22 permitted landholders to form associations for
the creation of “land mortgage banks” which would lend
money to farmers for long time at a minimum rato of interest.
Senator Rideout’s rural savings bank bill, as introduced in
tho Senate, made provision for tho organization of savings
banks, prescribing the method of organization and tho terms
of business with a view to safeguarding the deposits. Tho
measure was designed to promote savings among country
people to whom tho ordinary savings banks are not ac
cessible.
RURAL CREDIT ORGANIZATION IN OKLAHOMA.
The State Rural Credit Association, incorporated, was
formally organized in Oklahoma City on March 20. Tho Asso
ciation, whoso capital is fixed at SI,000,000, purposes to
lend money to Oklahoma farmers at a low rato of interest.
It is to bo a co-operative institution, according to report,
with a maximum and minimum limit of subscriptions by
any individual and will not receive deposits or do a banking
business. The Association is said to have been designed in
accordance with a plan recommended by Myron T. Herrick,
former United States Ambassador to France, who advo
cated a system of rural credit banking after an investigation
of European conditions. The following officers of tho Asso
ciation have been selected: Robert II. Wilson, Stato Super
intendent of Schools, President; Dr. T. P. Howell of Davis,
J. B. Tosh of Hobart and Tom C. Ilarrill of Wagonor, Vice
Presidents; Ben Lafayette of Checotah, Secretary and Treas
urer.
WHAT ARKANSAS THINKS OF LAND BANKS.
In its daily Bulletin of Tuesday the Little Rock Board
of Trade quotes what wo had to say last week concerning the
system of rural credits advocated by W . P. G. Harding of the
Federal Reserve Board and the proposal to establish a land
mortgage bank in each State, and concludes its reference
to tho matter by saying: “Arkansas, remembering its State
Bank, will go slow in this matter. That old building, corner
Markham and Center, was a State bank.”
COTTON BILLS OF LADING CASE, AFFECTING GUAR
ANTY TRUST, TO BE TRIED IN ENGLAND.
Under a judgment entered in England in tho suit of the
Guaranty Trust Company of New York against Anthony
S. Hannay, a cotton merchant of Liverpool, the action will
be allowed to proceed for trial in England. The proceed
ings had their origin in the United States, Hannay having
brought suit hero against the trust company in which it was
sought to hold the latter responsible for the amount repre
sented in a draft drawn by Knight, Yancey & Co. of Ala
bama, covering spurious cotton bills of lading. In Decem
ber 1913 a decision was handed down by the United States
Circuit Court of Appeals in New York, reversing a verdict
given tho previous February by the U. S. District Court of
Now York in favor of Hannay.
During the trial hore Sir
John K. Paget, Bart., K. C., an authority on English banking
law, who appeared on behalf of the trust company, testified
that it was contrary to tho established banking custom in
England to hold a bank responsible for the genuineness of a
bill of lading, but explained that tho law of Great Britain
regarding exchange differs from that of the United States.
In deciding that tho English law applied in tho action under
roview, Judge Rogers, who wrote tho opinion of tho U. S.
Circuit Court of Appeals, stated that “as all the transactions
took place in England, there is no doubt that the law of
England, as tho place whore the contract of acceptance was
made and to bo performed, must dotormino the rights and
liabilities of the respective parties.” Following this decision,
an application was made by the trust company’s attorneys
in England for an injunction restraining Hannay from the
further prosecution of the proceedings in America; tho trust
company also asked for a declaration as to tho English law
which was material to the proceedings in tho United States.
In January of the present year Justice Bailhache of the Com
mercial Court decided against tho defendant (Hannay), who
had interposed objections with regard to tho declaration of
the law of England on the ground that the Court had no
jurisdiction to hand down a judgment in a case where no re
lief other than a mere declaration was sought. Judge Bail
hache decided that it had jurisdiction. Tho latest develop
ment of the case is the dismissal by the Court of Appeals in
London March 11 of the appeal takon by tho defendant.
Tho judgment of tho English Court of Appeals was handed
down by Justices Piokford and Bankes (with Lord Jus
tice Buckley dissenting'*.
Tho Liverpool “Post” says:
“ Lord Justice Pickford pointed out that tho only quostion,
strictly speaking, beforo the Court was whether tho clause
asldng for a declaration should bo struck out; ho thought the
answer to that question was that it should not bo struck out,
for that summary procedure was only proporly applicable in
perfectly plain cases, and this was not ono of thoso. It had
been ascertained in this particular case that tho rights of tho
parties depended on a question of tho English law.” Ho, Lord
Justice Pickford, also gave it as his opinion that tho action
should be allowed to proceed to trial, where all tho facts could
be ascertained and a proper decision arrived at, which could
not be done in tho present proceedings. Ho therefore hold
that tho appeal should be dsimissed. Lord Justico Bankes
agreed with Justice Pickford, and tho defendant’s appeal was
accordingly dismissed.
VETO OF NEW JERSEY BILL REPEALING LAW AU
THORIZING TRUST COMPANY BRANCHES.
Gov. Fielder of New Jersey vetoed on March 30 a bill
passed at the current session of tho Stato Legislature that
would have repealed tho Act which permits trust companies
to establish branches within the county in which tho parent
institution is located. Tho vetoed measure, known as tho
Read bill, had passed tho Senato without opposition, and
later (March 24) passed tho House with only six dissonting
votes. The Monmouth County Bankers’ Association led
the movement for the passage of the Read bill, and is said
to have had the support of tho country bankors throughout
the State. In setting out his reasons for vetoing the bill,
Gov. Fielder said:
After the hearing held on this bill, and a careful consideration of the ar
guments presented, I am not convinced that our law permitting the estab
lishment of branch banks works to the disadvantage o f tho peoplo of our
State. In no place where they have been tried have they been shown to bo
injurious to tho community, and I think tho law should bo given a further
trial. As far as I can observe, tho objection to tho law conies mainly from
tho national banks and from those trust companies which would naturally
profer no business opposition, but I have heard no objections from tho busi
ness man who seeks tho greatest freedom for banking facilities.
It seems to mo that ho is tho ono to bo considered, and surely branch
banking provides more funds for discount purposes; it means tho establish
ment o f branches in small communities where an independent bank might
not be a paying enterprise, and it means larger experience in banking man
agement, thus minimizing tho danger o f bank failures.
It must bo borno in mind that no branch bank can be established with
out tho consent of the Commissioner o f Banking and Insurance, and whero
business conditions do not warrant it, no branch can bo located, so that thero
is but slight danger o f a branch bank in unnecessary competition with an
other banking institution. Looking at this question from tho standpoint
of tho investor, tho depositor, tho borrower and the general business man,
tho argument, in my opinion, is wholly in favor o f permitting tho present
law to remain in force.
T r e a s u r y C h a m b e r s , M a r c h 18 1915.
Sir— I am directed by the Lords Commissioners of his Majesty’s Treasury
to advert to your letter of tho 8th instant and to previous correspondence
on the subject of minimum prices, and to convey to you tho decision at
which their lordships have arrived in this matter.
After full consideration of the various representations made to them on
tho subject, their Lordships think that an immediate reduction of minimum
priced is desirable in tho public interest, and they accordingly sanction
tho revised list of prices annexed to this letter, and authorize you to intro
duce them forthwith.
I am to add that my Lords wish it to bo understood that they are not
prepared to agree to any proposal for periodical reductions of minimum
prices, and though they realize that it is impossible to imposo a definite
requirement that the prices now fixed shall not again bo revised, they will
not bo propared to consider any further variation until a period of at least
threo months has elapsed from tho present dato, and only then should
tho conditions prevailing at that time bo such as would, in their opinion,
justify tho reopening of tho question.
Tho prices of American shares may, however, bo revised from time to
timo without reference to this department, so as to correspond with the
English equivalent of the minimum prices officially fixed by the Committee
of tho New York Stock Exchango.
I am. Sir, your obedient servant,
JOHN BRADBU RY.
T h e S e c r e t a r y , S to c k E x c h a n g e , E . C .
An attempt to override the Governor’s veto failed on March
Ill addition to tho above, and its simultaneous announce
31, tho voto being 9 in favor of overriding and 8 against it.
ment that a revised list of minimum prices would come into
force on tho 19th, the Exchange gave out the following
Reminder as to New Issues:
PRESIDENT PREDICTS UNITY OF AMERICAS.
NOTICE— NEW ISSUES.
President Wilson, in an address at a luncheon given on
C o m m i t t e e R o o m , T h e S to c k E x c h a n g e , M a r c h 18 1915.
March 29 in his honor by Dr. Romulo S. Naon, tho Argentine
Questions having been raised as to tho action of members of the Stock
Ambassador, on board tho new Argentine battleship Moreno, Exchango in negotiating for their clients subscriptions to or purchases of
in Annapolis Roads, predicted that “ wo aro rapidly approach new issues mado abroad, the Committee wishes to remind members that
such subscriptions or purchases aro not allowed unless the permission of
ing a day when the Americas will draw together as they have tho Committee and the approval of tho Treasury havo been previously
never draAvn together before and that it will bo a union, not obtained.
4 (3) of the Temporary Regulations for tho Reopening of
of political ties, but of understanding and mutual helpful thoRegulation
Stock Exchange lays down that—
ness.” Tho President congratulated tho Argentine repre
"N o dealings will be allowed in any new issue mado after Jan. 4 1915,
sentatives on tho completion of tho Moreno and said, in part: unless specially allowed by the Committeo and approved by the Treasury.”
Tho Treasury Notice of Jan. 18, posted in the IIouso on Jan. 19, lays
I am particularly glad that this great vessel which I have so much admired
should represent some part o f the reciprocity and connection between the down that—
“ Issues or participations in issues for undertakings carried on or to be
United States of America and the great Republic of the Argentine. We have
been tho more glad to be instrumental in supplying you with this great arm carried on outside tho British Empiro shall not bo allowed.” .
Tlie Treasury Notices which at various times havo been issued by the
of war because wo aro so sure that neither of us will ever use such an arm
against tho other. I feel that I am speaking tho sentiments of my fellow- Lords Commissioners of his M ajesty’s Treasury state that such restric
tions,
held to bo necessary in tho national interests, shall bo considered
countrymen when I say that there is a growing warmth o f affection, as
well as understanding, for the other countries o f tho great American hemi binding not only on members of the Stock Exchango, but on the whole
By order,
sphere, which wo are coming daily to understand better, and which aro, I community.
EDW ARD SATTERTIIW AITE, S e c r e t a r y , C . G . P.
hope, daily coming to understand us better, and to which wo aro drawn
by feeling as well as by interest, by tho desire to be comrades in such
Tho London “ Economist,” commenting on the effect of
common undertaking for humanity as well as neighbors.
It is a fino thing to believe, and I believe it in the midst of this period tho change sanctioned by tho Treasury, prints the following
of war, that tho real ground of respect is justieo and fairness and good will; in its issue of March 20:
that you cannot respect a man or a nation for which you cannot sooner
Tho now scale to which tho Treasury has assented was published yester
or later acquire an affection, and the great advantage o f intermixture, not day (Friday) morning. It brings Consols to 66><j, and goes a long way in
only of actual intermixture of blood, but o f constant intercourse between somo instances towards putting prices on a genuine basis, many stocks
nations, is that there grows up a common understanding. We speak being reduced by 3, 4, or even 5 points. There is hope, therefore, that
different languages, we havo followed to some extent different customs, tho number of stocks in which dealings are not prohibited by the operation
wo havo to some degree different national traditions, but at tho bottom of the minimum price regulation may bo substantially increased. The
wo havo got just tho same sort o f parts and understandings and tho samo Stock Exchango viewed the revision with lively interest— largely, however,
essential interests, and when we mix with ono another and touch hands, of tho academic order, since members cherished no false Illusions in the way
we aro apt to touch hearts, also.
of thinking that business would be vastly stimulated by publication of a
fresh and reduced schedule. The Treasury notified at the same time that
In toasting President Wilson, Ambassador Naon said :
It is perhaps the first time that a President of the United States of Amer no further variations would be allowed in prices for a period of at least
ica sets foot on a pieco o f foreign soil which, like this battleship, springs threo months, but they omitted that salutary provision, which would have
from tho industrial capacity and ability o f this great country. Ilcnco, I mado tho list logical, of insisting that accrued interest should bo added
could not find any more suitable and gratifying occasion than tho present to prices day by day, and that buyers should be called upon to pay this,
ono to drink to your personal happiness, and, voicing what Is a feeling of on Consols, for instanco, in tho samo way as is already dono in tho case of
my peoplo and a purpose of my Government to say that may tho ties which most short-dated notes, so as to remove tho present anomaly of stocks
havo always bound our two countrios together daily grow stronger and being the'samo prico "x d ” as they were "cum . d iv.” tho day before. Wo
stronger, until they constitute tho expression of tho most perfect inter havo mentioned on several occasions that Stock Exchange opinion was a
good deal divided as to the desirability or not of lower minimum prices; but
national friendship.
tho House all along has proved most adaptable, and has received the
now scalo witli a somewhat favorablo eye, although thero aro plenty of
MICHIGAN INQUIRY CONCERNING ATTITUDE OF experienced men who make no secret of their conviction that the altera
tions will havo so little effect upon business that from this merely domestic
RAILROAD COMMISSION.
point of view they might just as well have not been made.
Supplementing tho resolution adopted last week by tho
Michigan IIouso of Representatives calling upon tho mem
bers of tho Stato Railroad Commission to advise tho Legisla
ture whether the viows upholding tho railroad’s appeal for
higher rates, expressed by Commissioner Cunningham,
represent tho views of the entire Commission, a further
resolution has been adopted (March 25) by both tho House
and tho Senate directing an investigation by a joint com
mittee into statements made by members of tho IIouso
insinuating tho employment of questionable methods by
the railroads to gain rate increase legislation. This latter
resolution was sponsored by Representative Peterson and
Senator Roberts. It is stated, that although tho resolution
contains no names, Representatives Symonds (tho author of
tho first resolution) and Wiley havo accepted it as referring
to them.
EFFECT OF 1REDUCTION OF MINIMUM PRICES ON
LONDON STOCK EXCHANGE.
As indicated in our issue of March 20, a now list of mini
mum prices authorized by tho British Treasury was posted
on the London Stock Exchange on tho 19th. In announcing
its action tho Exchango mado public tho following letter
from tho Secrotary of tho Treasury Chambers approving tho
reduction:
MORATORIA AND FINANCIAL MEASURES ABROAD.
The London “ Economist” , from which we recently quoted
advices concerning foreign moratoria, prints further informa
tion on the subject in several recent issues; from that of
Feb. 27 wo take tho following:
Tho general moratorium in Belgium, according to a cable from Amster
dam, has been extended to March 31st.
The Board of Trade Journal announces that the moratorium in Roumania
has been prolonged indefinitely.
In Portugal a law has been passed granting an extension of tho mora
torium in respect of payments of foreign money represented by bills,
checks, &c., dated prior to August 10th. Summarizing tho effect of this
aw and a decree affecting Portuguese colonies, tho Board of Trade Journal
says :
Article 1 of the law stipulates that 25% of tho amount due will havo to
bo paid within 30 days of the expiry of the maximum period allowed under
docreo No. 1,036 of November 10th 1914 (viz., until January 10th); the
threo other payments of 25% each will have to be made 60, 90 and 12Q
days respectively after tho same date. By Article II an extension of 90
days is allowed in respect of tho liquidation of all bill business transacted
on tho Lisbon and Oporto markets. The issue of the Diarios of February
12th publishes a decree authorizing tho governors of the various Portu
guese colonies to concede a 90 days’ moratorium in respect of payments in
foreign money represented by bills, checks, &c., under tho terms of the
law of January 8th above-mentioned.
A translation of a Russian ukase of January 26th has also been received,
and its effect is summarized in the following quotation from tho Journal:
It extends for eight months from date of maturity tho moratorium on
bills of exchango executed prior to July 17th -30th 1914, and fallingduo up
to November 17th-30th 1914, inclusive, if the place of payment is in the
governments of Warsaw, Kalish, ICielce, Lomja, Lublin, Petrokov, Plotz, j Council announced by the Crown Solicitor revises Rule 29
Radom, Suvalki or Kholm. Similar bills of exchange executed previous i
to July 17th-30th, and falling duo between November 18th-Deceinber 1st of the Prize Court, which now reads:
Where it is mado to appear to the Judge on the application of the proper
1914, and January 17th-30th 1915, are granted an extension of four months
from the date of maturity. Such bills as fall duo between January 18th- officers of the Court that it is desired to requisition on behalf of His Majesty
31st and March 17th-30th 1915, are granted an extension of two months a ship in respect of which no final decree of condemnation has been made,
ho shall order that the ship shall be appraised and that upon an undertaking
from the date of maturity.
In Russian Poland the general effect of the moratorium laws is extended being given in accordance with Rule 5 of this order the ship shall bo released
and delivered to the Crown.
for a further four months.
The Wilhelmina sailed from New York for Hamburg on
In referring to the French and Italian moratoria on March
Jan. 22 with a cargo of foodstuffs for Germany and was
6th, the “ Economist” says:
The “ Board of Trade Journal” reports a French Decree dated Feb. 25, seized by Great Britain in February to be brought before a
prolonging the moratorium on bills of exchange for a further period of 00 prize court. The ease has been pending ever since. Its
days. French Ministers in presenting this Decree to tho President express
the hopo that, on tho expiry o f this extension, it may bo possiblo to “ dimin seizure was forecast in January with the issuance of a state
ish considerably tho scope of the moratorium.”
ment by the British Foreign Office, which in referring to the
In Italy tho administrative districts o f Aquila andSora (tho area affected action of Germany in ordering that all grain and flour would
by tho recent earthquakes) are granted a six months’ moratorium on bills
of exchange, checques, &c., falling duo between Jan. 10 and June 30 1915. bo placed under the control of the Government, said:
The extension also applies to bill business affected by previous moratoria.
A similar extension is conceded for the fulfilment of commercial obligation
in respect of the consignment of merchandise or agricultural produce con_
traded by persons in tho areas mentioned. Interest will not be payable for
the period established by the moratorium.
The “ Economist” of March 20 gives the following advices
concerning moratoria in Bulgaria, Portugal and Sweden:
The current issue of the “ Hoard of Trade Journal" reports a Bulgarian
law dated Feb. G, prolonging tho moratorium in that country until further
notice. As regards Portugal, the official “ Diario do Governo” of March 4
publishes a decree conceding a further period of 90 days, as from April 8
next, in respect of the liquidation of all bill business transacted on the Lisbon
and Oporto markets prior to Aug. 3 1914. The same decree prohibits dur
ing the same period demands for cash payments of loans or tho exaction of
interest at rates above those current on Aug. 10 1914. In Sweden the mora
torium as regards creditors domiciled abroad has been extended from
March l to Juno 1. This moratorium does not, however, apply to creditors
domiciled in tho United States, Netherlands, Spain and Norway, and the
extension does not apply to Switzerland.
FRENCH MORATORIUM AS APPLIED TO RENTES
EXTENDED TO JULY 15.
Tho new German decree makes it evident that all grain and flour is to
pass under control of the German Government, and it must, therefore, when
imported, be regarded as virtually consigned to the German Government
or to the authorities under its control.
This creates a novel situation, and it is probable that if tho destination
and cargo of tho Wilhelmina are as supposed, the cargo will, if tho vessel
is intercepted, be submitted to a prize court in order that the new situation
created by the German decree may be examined and a decision reached
upon it after full consideration.
On March 24 counsel representing the owners of the cargo
on board the Wilhelmina made an unsuccessful application
to the Admiralty Court to have the case heard in the present
term. Complaints concerning the delay in the hearing re
sulted in the announcement on March 26 by the Solicitor of
the Treasury to the effect that application would bo mado to
the Court to unload tho cargo and sell such part of it as is
deteriorating.
_________________________
LATEST CUSTODIAN BANKS NAMED IN WOOL
SHIPMENT PLANS.
Reports from London received in tho United States under
According to advices from Paris March 21, a decree has
date of March 23 state that the declaration of wool, wool
been promulgated extending the French moratorium as
tops, noils, woolen and worsted yarns as absolute contra
applied to Rentes until July 15. The extension of the mora
band has resulted in some alteration in the method of con
torium to May 1, it is stated, applies to negotiable instru
signing wool purchases mado for America. According to
ments, advances against securities, payment of commercial
these advices, it has been decided to consign tho wool to
sales and reimbursement of banking deposits.
Brown, Shipley & Co., J. P Morgan & Co., Lee, Iiigginson
& Co. and Messrs. Baring Bros. & Co., who have agreed to
GOLD EXPORTS PROHIBITED BY HUNGARY.
hold it until President Patterson of tho Textile Alliance, Inc.,
It was announced on March 21 that the export of pure orders it released to American mills. The belief is expressed
and alloyed gold and silver in bars and also of coins had been that as a result of the new order declaring wool contraband
there will be little or no necessity to have licenses, as the mere
prohibited by Hungary.
fact that wool is contraband will prevent its consignment to
Germany or Austria, even through a neutral country, owing
FOODSTUFFS TO GERMANY AND AUSTRIA
to its liability to capturo.
FORWARDED BY PARCEL-POST.
G.
Herbert Windeler of Paterson, Wylde & Co., Boston,
Postmaster-General Burleson announced on the 25th ult. has been appointed agent in that city for the Textile Alliance,
that parcel-post packages of foodstuffs and merchandise Inc., which, as indicated in our issue of March 20, has en
sent into belligerent territory will be accepted by the Post tered into an agreement with the British Government
Office Department and forwarded at the sender’s risk. The whereby tho shipment of certain kinds of wool from Great
shipment of food by parcel-post to Germany and Austria is Britain and Australia to the United States is provided for
said to have increased 33% since the beginning of the war, in under licenses.
spite of the high cost of transmission. The use of the mails
to send foodstuffs to Germany and thus circumvent the PRIZE COURT PA YMENT FOR AMERICAN SHIPMENTS
blockade declared by Great Britain was recently tried as an
The London Prize Court ordered the payment on March 22
experiment by Dr. George Barthelme, Washington corres
of $600,000 for American shipments of flour and wheat, &c.,
pondent of the “ Cologne Gazette,” an eleven-pound sack
detained on board the Norwegian steamers Alfred Nobel,
of flour being sent by him by parcel-post fromWashington Kim and Bjornstjerno Bjornson and the Swedish steamer
to a friend in Germany.
Fridland. It is stated that, so far as is known, this is tho
Because of the large volume of foodstuffs sent to belliger first money to be paid out by the Prize Court on Amorican
ent countries in this way, Postmaster-General Burleson foodstuffs seized. The steamers Alfred Nobel and Bjornasked the State Department for a ruling as to the precise stjerne Bjornson, loaded chiefly with lard, bacon and other
responsibility of the postal administration in tho matter. products of Chicago packing houses, havo been held in Brit
Upon receipt of the ruling from the State Department, the ish ports since the middle of November. Tho Fridland,
Post Office Department issued tho following instructions to from Now York, Oct. 28, for Copenhagen, also with packers’
postmasters:
products, was taken into Kirkwall Nov. 10, and the Kim,
Foodstuffs and merchandise deposited at various post-offices to be sent
into belligerent territory will bo accepted and sent at sender’s risks, and, so loaded with foodstuffs, was detained at Newcastle Dec. 10.
far as action of belligerent nations is concerned, with reference to such
parcels, the same rules obtain as apply to foodstuffs and merchandise sent
by mail.
In the acceptance by postmasters of such foodstuffs or merchandise to
bo forwarded by parcel-post, care should be taken by them to have the
same put up in parcels separate from other articles, so that any action
taken by belligerents in regard to them need not delay or otherwise em
barrass the regular mail traffic.
GREAT BRITAIN MAY REQUISITION NEUTRAL
VESSELS.
A heretofore unpublished Order in Council which provides
that the British Government may requisition any neutral
ship was introduced by tho Crown Solicitor at London on
March 31 with the presentation of an argument before the
Prize Court in favor of requisitioning the cargo of foodstuffs
of the American steamer Wilhelmina. The new Order in
GREAT BRITAIN AGREES TO PURCHASE SEIZED
COPPER.
On March 17 it was reported that copper interests of this
city had received advices to the effect that tho British Gov
ernment had agreed to buy 4,000 of 5,000 tons of copper
which had been shipped from the United States to Italy and
held up at Gibraltar several months ago. Tho 5,000 tons
were shipped by the American Metals Co., Ltd., tho United
Metals Selling Co., L. Vogelstein and the American Smelt
ing & Refining Co. Somo of the shipments were insured
against risk of capture as well as the ordinary marine risk,
but a large portion was not. In furtherance of efforts to
arrange for a settlement in tho matter, Howard S. Harring
ton of Harrington, Bigliam & Englar of this city went to
London on behalf of some of the insurance companies and
the shippers, and took up the question of tho seizures with
the English Admiralty. It was finally arranged that tho
metal should be carried to England by returning naval col
liers, which ordinarily come back empty after taking coal
to the station at Gibraltar, the consideration being that an
option should be given to the British Government to purchase
any or all of the copper at the market price. Under this
arrangement the copper was released from the custody of
the Prize Court at Gibraltar. The option expired on March
15, and on that date it was exercised by the British Govern
ment to the extent of 4,000 tons. The other 1,000 tons, it
is believed, will be sold in tho London market. The market
price in London on March 15 will be determined by experts,
as provided in the agreement.
GREAT BRITAIN’S REQUIREMENTS CONCERNING
SHIPMENTS OF TIN.
With regard to the recent order of Great Britain forbidding
the exportation of tin, chloride of tin and tin oro except
under special licenses, the following information concerning
shipments of the metal to the United States was cabled to
the Department of Commerco at Washington from tho
American Consul-General at London on March 24:
The British Board of Trade states that applications for licenses to export
to tho United States chloride of tin and tin oro (recently placed on the Brit
ish embargo list) will in goneral only receive consideration when shipments
aro to 1)0 consigned to tho British Consul-General at Now York. Shipment
of these products to tho Netherlands will only bo permitted when consign
ment is to tho Netherlands Oversea Trust, and exportation is only allowed
to such of tho other neutral European countries as have placed an embargo
on tin, chlorido of tin and tin ore.
ANILINE OIL AND SALT TO BE SHIPPED FROM
GREAT BRITAIN IN REDUCED QUANTITIES.
Concerning tho shipment of aniline salts placed on Great
Britain’s absolute contraband list March 12, tho Depart
ment of Commerce at Washington has received a cable
saying:
Tho British Foreign Offico states that tho demands upon the limited
output in Great Britain of aniline oil and aniline salts (recently placed on tho
Britisli embargo list) mako it necessary to consider only applications for
shipment in reduced quantities.
Soon after he became of age Lord Rothschild entered the
financial house, the English branch of which was founded
by his grandfather, Nathan Mayer de Rothschild, who was
a son of Mayer Amschel Rothschild, the original founder of
tho banking house of Frankfort. As a young man Lord
Rothschild took considerable interest in politics, having
been chosen to represent Aylesbury as a Liberal. In 1885
he was raised to the peerage and was the first member of the
Jewish faith to enter the House of Lords. Lord Rothschild
was a forceful figure among the Rothschilds and since the
death of his father in 1879 had occupied a prominent position
in British finance. lie was of great service to England in the
early days of British occupation of Egypt and aided the
British Government in purchasing the Khedive’s Suez
Canal shares; after the Franco-Prussian War he headed a
syndicate of bankers who agreed to maintain the integrity
of foreign exchange, thus facilitating the payment of France’s
indemnity.
The annual banquet of the Trust Company Section of the
American Bankers’ Association will be held in this city on
May 7. The date selected was chosen so that members
of the Council of the Association, who will be at Old Point
Comfort on May 3, 4 and 5, will have time to return to New
York and be present at the banquet, which promises to be
as successful as its predecessors. The following trust com
pany officers will serve as a committee of arrangements:
Alexander J. Hemphill, Chairman of tho Board Guaranty Trust Co.,
Now York.
A. A. Jackson, Vice-President Girard Trust Co., Philadelphia.
Clarence II. Kelsey, President Title Guarantee & Trust Co., New York.
Willard V. King, President Columbia Trust Co., New York.
Alvin W. Krccli, President Equitable Trust C o.. New York.
Edwin S. Marston, President Farmers’ Loan & Trust Co., New York.
Edwin G. Merrill, President Union Trust Co., New York.
John W. Platten, President United States Mortgage & Trust Co.,
Now York.
Seward Prosser, President Bankers' Trust Co., New York.
Philip Stockton, President Old Colony Trust Co., Boston.
George C. Van Tuyl Jr., President Metropolitan Trust Co., New York.
Ralph W. Cutler, President Hartford Trust Co., Hartford.
John II. Mason, Vice-President Commercial Trust Co., Philadelphia.
Uzal II. McCarter, President Fidelity Trust C o., Newark.
The Twenty-Second Annual Convention of the New York
State Bankers Association will be held at Saratoga, Thurs
The public sales of bank stocks this week aggregate only day and Friday, June 24 and 25, at the Grand Union Hotel.
7 shares, of which G shares were sold at the Stock Exchange An invitation to hold its convention in New York City was
and 1 share at auction. One sharo of trust company stock recently extended to the Bankers’ Association by the Mer
was also sold at auction. Extensive tables reporting bid chants ’ Association of New York.
and asked quotations, deposits, surplus, &c., of banks and
George M . La Monte, New Jersey Commissioner of Bank
trust companies in all important cities in the United States
aro published monthly in the “ Bank and Quotation Section,” ing and Insurance, took occasion to deny, on March 23,
the April issue of which accompanies to-day’s “ Chronicle.” reports that he intended to resign his position as the head of
Bid and asked quotations for all New York City bank and the Banking and Insurance Department. Mr. La Monte
trust company stocks are also published weekly in another states that he has never even considered resigning. It is
department of the paper, and will be found to-day on page stated that the rumors probably gained currency because
of his appointment as Deputy Reserve Agent and Vice
1159.
Low. High. Close. Last previous sale.
Shares. BANKS—New York.
Chairman of the Board of Directors of the Philadelphia
407
407
407
Fob.
1914—
421
'A
1 Chemical National Bank------165
165
Mar. 1915— 165 H Federal Reserve Bank of Philadelphia.
*0 Commerce, National Bank of. 165
B A N K IN G ,
L E G ISL A TIV E
AND
TRUST C O M P A N Y — New York.
1 Union Trust C o______________ 346
346
F IN A N C IA L
346
NEWS.
Doc. 1914— 360
* Sold at tho Stock Exchange.
The New York Stock Exchange was closed yesterday
(Good Friday), the Governors of tho Exchange having voted
to observe tho holiday after considering a petition signed
by members of the Exchange to close on that day. Tho
question of closing the Exchange had been submitted to tho
members on the floor on Monday and by a viva voce vote
they decided not to close. A petition was subsequently
circulated to change this decision, however, and as a result
the Governors voted to close on Good Friday. In addition
to the Now York Stock Exchange the following exchanges in
this city wero closed : the Consolidated Stock Exchange,
the Produco Exchange, the Cotton Exchange and tho Coffee
Exchange. Tho Chicago Board of Trade, the Philadelphia
exchanges, the Boston Stock Exchange, the Baltimore Stock
Exchange, tho Cincinnati Stock Exchange, the Chicago,
Minneapolis, Duluth, St. Louis and Kansas City grain ex
changes and tho London and Liverpool exchanges were also
closed on Good Friday.
Baron Nathan Mayer Rothschild, head of the English
branch of tho Rothschild banking firm, died in London on
March 31 in his seventy-fourth year. Lord Rothschild
underwent a serious operation last Saturday. Nathan Mayer
Rothschild was the son of Baron Lionel do Rothschild.
Tho question of the adoption of a plan which would facili
tate the collection of checks from banks and trust companies
not members of the Philadelphia Clearing House has been
referred to a committee consisting of Levi L. Rue, Charles S.
Calwell, Joseph Wayne Jr. and Howard W . Lewis. Tho
plan favored, it is said, is to have non-members send items
direct to the Clearing House, where bank runners could
make collections more expeditiously than under the present
system of sending runners about to each institution.
The movement for the creation in Pittsburgh of an organi
zation which would bring about the establishment of a uni
form rate of exchange crystallized on March 21 in the or
ganization of the Tri-State Association of Foreign Exchange
Bankers and Agents. As stated in these columns March 20,
preliminary steps for the establishment of this Association
were taken at a meeting in Pittsburgh on March 7 by repre
sentatives of nearly one hundred banks of Ohio, Western
Pennsylvania and West Virginia. At the later meeting the
following were elected officers of the Association: President,
William F. Benkisker, manager of the foreign department of
tho First-Second National Bank of Pittsburgh; Vice-Presi
dent, Henry Friedman of Joseph Roth & Son, McKeesport;
Secretary, It. S. Abczynski of the Louis Moeser Co.,
Pittsburgh; Treasurer, B. Itanki of the Homestead Savings
& Trust Co. A constitution and by-laws were adopted at
tho meeting. It is reported that the Association will publish
a monthly bulletin containing changes in rates and other mat
ters of interest to bankers.
An article on “An International American Bank” , by
Elmer H. Youngman, Editor of the “Bankers’ Magazine,”
has been reprinted in pamphlet form from the Pan-American
Magazine” of January. Mr. Youngman advocates the
establishment of an International American Bank with a
minimum capitalization of $100,000,000, as a means of
securing better credit and banking facilities with all those
countries with which the United States sustains important
commercial relations. Mr. Youngman points out that
“ every person who has given serious attention to the LatinAmerican trade problem” emphasizes the necessity of
establishing American banks there; he furthermore states
that not only in Latin-American countries but “in the Orient,
and in other parts of the world, we should gain immensely
by having constantly on the ground fit financial representa
tives that would aid in the expansion of our commerco and
industry.” Mr. Youngman goes on to say that “ the
handicap of inferiority in size and strength under which
many American banks have heretofore labored, while en
deavoring to make headway in the foreign field, will not be
removed by the provision of the Federal Reserve Act,
which allows national banks with a capital as low as $1,
000,000 to establish foreign branches.” In advocating
an international bank of large capitalization, the author says
that “a United States bank, with a capital of $1,000,000,
doing business in Latin America, would cut rather a sorry
figure beside a branch of the Canadian Bank of Commerco
with its $28,000,000 capital and surplus or the Bank of
Montreal with $32,000,000.”
Mr. Youngman suggests
that tho International American Bank have its head office
in Now York and branches at tho outset in Chicago, New
Ch’leans and San Francisco, tho branches to be gradually
extended to the principal trading points in Latin^America and
other countries of tho world, and also to such additional
cities as circumstances may warrant. Mr. Youngman
argues that “the commercial organizations of evex-y part
of tho country ought to be invited to participate in sub
scribing for the capital and the principal manufacturing and
exporting interests brought into close relations with tho
bank.” “ With support from all these sources,” ho adds,
“an Act might be passed by Congress providing for the
incorporation of such a bank, either under a general or
special law.”
Steps have been taken in this city looking toward tho
formation of an institution to be known as the Bank of the
Americas, the solo purpose of which will be the financing
of commercial operations between tho United States and
countries of South and Central Amei-ica. It is the belief
of tho sponsors of this bank, who are headed by O. H.
Fuerth, Chaii’man of tho Ethelburga Syndicate, Ltd., of
this city, that thoro is great need for better banking facilities
between the United States and Latin-America. The bank
contemplates beginning business with a capital of $5,000,000
to bo increased as occasion demands. It is planned to
have a substantial part of tho funds necessary for starting
business subscribed by private bankers and exporters in
terested in Latin-Amorican trade. The new bank will
absorb an established English banking institution which has
occupied a prominent place in tho business of South and
Central America for a number of years, and which has a
local office.
.
A booklet entitled “ How to Mako tho Farm Pay,” which
sums up the principal pi’oblems of tho farming community,
has been distributed by the Northwestern Trust Co. of St.
Paul to country banks throughout tho Northwest. Tho
booklet has been prepared by F. R. Crane of the Agricultural
Extension Department of tho Great Northern Ry. As is
pointed out in the booklet, during tho last few years efforts
to improvo American farming have been earnest and wide
spread; the Great Northern Ry. has been one of tho loaders
in tho work of demonstrating tho value of good methods in
action on tho soil of the farm itself, and three years ago
started a campaign for tho improvement of agricultural meth
ods in tho Northwest. Tho work which it has accomplished
toward raising tho level of farm production, which is not
alone of benefit to itself and the Northwest, but to tho
nation as well, is indicated in tho booklet. Incidentally
it may bo noted that tho Northwestern Trust Co. is in the
market at all times for well-secured farm loans and is inter
ested in the purchase of entire issues of municipal bonds.
Henry Parrish, tho dean of trust company presidents in
this city, x’ecently resigned the presidency of tho New York
Life Insurance & Trust Co., 52 Wall St. and has been elected
Chairman of the Board. Walter Kerr, tho First Vice-Presi
dent of the company, was elected President at tho last
meeting of tho trustees. Mr. Pamsh was elected President
of tho institution in 1871 and has served in that capacity over
44 years. Mr. Kerr has been a Vice-President since 1889.
The Corn Exchange Bank of this city, Walter E. Frew,
President, has published an interesting statement as of
March 19, showing the continuous growth of this institution,
which is the chief exponent of branch banking in this country.
The bank was organized in 1853, inaugurated branch banking
in 1899 and now has thirty-four branches in Greater New
York, a total larger than the aggregate number of all the
trust companies in this city. Within two months tho bank
will open a new bi’anch on the corner of Lexington Ave. and
60th St. Tho amount due depositors at the close of business
March 19 was $89,412,932. To meet theso deposits the
institution had $20,705,479 cash in vaults and banks, $6,
402,959 exchanges and cash items, $11,801,763 demand
loans on collateral, and $60,775,279 loans and investments,
or $99,685,480 altogether, leaving a balance for capital and
surplus of $10,272,548. William A. Nash is Chairman of
the board and William II. Nichols, Vice-President.
Augustus G. Paino, former Vice-President and dii’ector
of tho Columbia Trust Co. of this city and a member of tho
dry goods commission firm of A. G. Paino & Co., diod on tho
26th ult. Mr. Paine was Pi-esident of tho Johnsonbui’g (Pa.)
National Bank, a President and director of tho New York
& Pennsylvania Co., President, manager and director of the
McDonald Electrolytic Co., Treasurer and a director of the
Yaryan Co., a trustee of the New York Lifo Insurance Co.,
President of tho Armstrong Real Estate Improvement Co.,
the Hanover Land & Dock Co. and the Highland Paper Co.
Tho Chelsea Exchange Bank has built an annex to tho
main banking building at 266 West 34th Sti’eet, this city,
to accomodate its growing business. The officers aro now
located in this new annex, which also accomodates tho
ladies’ department, a new feature just started.
On
March 1 doposits were $2,805,455 and total resources $3,
407,470. A. E. Stilger is President and Win. A. Lobb,
Cashier.
Tho Transatlantic Trust Co. of this city has taken ad
ditional space at 67-69 William St., where tho main office is
located; tho entiro fourth floor of the building has been
leased to accommodate the institution’s foreign exchange
and money order business. Tho company’s East Sido
branch has, moreover, outgrown its original quarters at
207 Second Avenuo and is now located in larger and very
attractive banking rooms at Avenuo A and 7th Street. The
company’s profits show a gain of $24,000 betweon the close
of tho year 1914 and tho Superintendent’s call of March 19,
surplus and undivided profits increasing from $367,384 to
$391,606. Doposits the latter date wero $3,063,131 and
aggregate resources $4,208,228. Tho Transatlantic is the
only trust company which has been organized in tho city
of Now York since 1907. It has made monoy order business
a specialty. Julius Pirnitzor is President, II. B. Fonda,
Vice-President; Geo. Plochmann, Treasurer; II. L. Sorvoss,
Secretary and E. S. Cubborloy, Assistant Treasurer.
Edwin W . Orvis has been elected a director of tho Green
wich Bank of this city to fill tho vacancy caused by tho recent
death of his brother, Charles E. Orvis.
The Now York agents of the Anglo-South American
Bank, Ltd., have received cable advices from tho main
offices in London advising them that a dividond has boon
declared for the half-year ended Dec. 31 1914 at tho rate
of 8 % per annum.
Tho deposits roported by the Brooklyn Trust Co. for
March 19 are the largest on record at a bank call, having
totaled $30,169,565. Tho company’s capital, surplus and
undivided profits wero over $4,861,036, and aggregate re
sources $36,286,165.
The Bankers Trust Company of Buffalo has declared a
dividend of lH%Ifor tho quarter ending March 31, payable
to stockholders of record March 31. The sum of $15,000
has been carried from profit and loss to surplus fund, making
the company’s capital and surplus $1,105,000. E. Corning
Townsend, President of the Buffalo Savings Bank, has been
elected a director of the company. As previously stated in
these columns, tho trust company paid a dividend of 1% on
its capital stock on Dec. 31, which was tho first dividend
since its organization last August.
dividend rates. The National Security (capital $250,000)
has declared a quarterly dividend of $4 a share, payable
April 1, which is an increase of $1 over the previous quarterly
dividend. The Fourth-Atlantic National increased its an
nual dividend rate from 7% to 8 % by declaring a quarterly
dividend of $2 per share, payable April 1.
J. R. Andrews, President of the First National Bank of
Bath, Maine, and the Hyde Windlass Co., died suddenly
Benjamin Ellery Chase, President of the Central Bank of at his residence in New York on the 24th ult.
Rochester and the East Side Savings Bank, died on March 27.
Mr. Chase was a trustee in tho Rochester Trust & Safo De
The Provident Life & Trust Co. of Philadelphia cele
posit Company, a director of tho New York Telephone Com brated its fiftieth anniversary on the 22d ult. More than
pany and connected in one capacity or another with many five hundred employees, agents and guests were present at the
other corporations. Ho was seventy-three years of age.
exercises in commemmoration of the event, at which J. Barton
A change in the name of tho City Bank of Hartford to the
City Bank & Trust Co. was authorized at a special meeting
of the stockholders on March 15. Tho directors wero also
empowered to enlarge tho board by six members, thereby
increasing the total membership to fifteen.
Four now
members have been elected in accordance therewith, viz.,
Frederick C. Billings, Fred. J. Castonguay, Michael C.
Manternack and John L. Dower.
Tho three first-named
men are members of the syndicate which recently se
cured control of the bank.
The two additional mem
bers which tho directors havo been authorized to name
will bo elected in the near future. On March 1 John Por
ter, Louis J. Korper and Amos Mitchell wero elected to tho
board to take the places of Ceorge H. Stoughton, Edgar J.
Sloane and Charles L. Taylor, resigned. With regard to
tho change in the namo Fred. P. Holt, who becamo Presi
dent of tho institution in February, announces that, since
tho City Bank has the right to ongago in trust company
business under its charter, it was deemed advisablo to
change tho titlo in order to indieato tho truo nature and
seopo of tho institution’s business. William P. Landon
Doputy State Bank Commissioner, was elected Secretary
and Trust Officer of tho institution on March 22. Mr.
Landon will resign his Stato position to tako up his now
duties under his former chief, President Holt. Mr. Landon
had been associated with the Stato Banking Department
for six years as Chief Clerk and Doputy Bank Commis
sioner. He is Secretary and Treasurer of the National
Association of Supervisors of Stato Banks, and has for
several years been Secretary of tho State Association of
Certified Public Accountants. The bank opened a savings
department on tho 1st inst. in which deposits made up to and
including the third of any month draw interest from the first
of that month at 4 % per annum, compounded quarterly.
In addition to tho regular banking hours, this department
will bo open Saturday evenings from 7 to 9 o’clock.
Townsend, Vice-President of the company, presided. A
tablet of brass, recording the date the company started busi
ness, fifty years ago and giving the names of the officials and
directors, was presented to the company by Joseph Ashbrook.
A receiver was appointed on March 29 for the banking and
brokerage firm of Woelpper & Co., members of the Phila
delphia Stock Exchange. John A. McCarthy is the receiver
named. This action was taken following the filing of a bill
in equity by Albert W . Morton and William S. J. Wetherill
against Wilson Woelpper, all three being members of the
firm. The plaintiffs, who had previously been employees
of the old firm, became partners with the defendant on
March 1 in the firm of Woelpper & Co., which prior to that
time had been known as Woelpper, Crawford & Co. A
recent investigation of the firm’s books, it is stated, dis
closed liabilities of $536,976 and quick assets of $319,437.
Equities in collateral pledged with banks is estimated at
$80,000, leaving liabilities, in excess of assets, amounting to
$137,539. The petition filed sets out that Messrs. Morton
and Wetherill had been employees o the firm of Woelpper,
Crawford & Co. and that when they entered into partner
ship with Mr. Woelpper, he had represented to them that
the assets of the old firm, which were to be taken over by
the new concern, exceeded the liabilities by approximately
$95,000. Tho business of the firm was founded by George
B. Atlee, under the firm name of George B. Atlee & Co., and
at his death in 1911 was continued by the surviving partners,
Wilson Woelpper and Alexander L. Crawford; Mr. Crawford
withdrew on February 28 last.
The proposed merger of the Diamond Savings Bank of
Pittsburgh with tho Diamond National Bank, which we men
tioned in these columns last week, was approved by the
stockholders of the savings bank at a meeting on March 31.
Tho business of the savings bank will bo continued in its
Nathan Dyer Prince, Vice-President and Cashier of tho quarters as the savings department of tho Diamond National,
Windham County National Bank of Danielson, Conn, has the quarters of the latter being devoted as heretofore exclu
been chosen Vice-President of the banking department of tho sively to commercial banking. The details incident to the
Connecticut Trust & Safo Deposit Co. of Hartford. The merger were outlined in our issue of Saturday last.
olection of Mr. Princo is the result of a plan formulated by
tho trustees to place tho banking department of the com
Formal action on the question of placing the Lincoln Na
pany under tho management of a separate head. Mr. Prince tional Bank of Pittsburgh in voluntary liquidation will be
is President of tho Connecticut Stato Bankers’ Association.
taken by tho stockholders on April 30. As stated in these
columns last week, the business of the Lincoln National was
Edward P. Metcalf, former President of tho failed Atlantic
taken over by tho People’s National Bank of that city on the
National Bank of Providence, who was found guilty on Jan. 22d ult.
23 on all ton counts of an indictment charging him with
misapplication of the bank’s funds, was sentenced on March
The Guardian Savings & Trust Co. of Cleveland has an
22 to fivo years’ imprisonment on each of tho ten counts
nounced tho organization of a bond department under the
in tho Rhode Island State Prison at Cranston, tho sentences
management of George B. Johnson. This department has
to run concurrently. Henry E. Do Kay, a Now York
been established to relieve Vice-President J. Arthur House
banker, who was found guilty by tho same jury on nino
of a largo amount of detail work which has developed with
counts of an indictment charging him with aiding and abottho growth of the bank’s activities in investment securities.
ting Metcalf, has been granted a further extension of thirty
R. W. Judd resigned on April 1 as Vice-President of the
days in which his counsel may file an appeal. Ex-Presidont
Guardian Savings & Trust Co., owing to impaired health.
Metcalf in a statement issued on tho day of his sontonco said:
With all duo respect to tho verdict of tho jury, I maintain that I havo
never in any way wilfully intended to injure or defraud tho Atlantic Na
tional Bank, or any ono else, and I can go away with a perfectly clear con
science. I havo never deposited a chock or a draft to my account or tho
account of any ono olso that I did not bellovo would bo paid without loss
to tho bank, and I havo never recommended a noto to tho directors that I
did not bellovo to bo well secured. Tho records of tho bank show that every
noto that was In tho bank on March 31 1913, when I resigned, had been
road beforo tho board o f directors and accepted and approved by them,
excepting tho notes for the current week, which wero all approved on April 4
1913.
Tho National Security Bank of Boston and tho FourthAtlantic National Bank of that city havo both increased their
Dividends upon the stock of the First National Bank of
Chicago and the First Trust & Savings Bank were declared
March 30, equivalent to 5j^% on the stock of the National
bank, or at tho rate of 22% per annum. President Forgan’s
advice to tho stockholders under date of March 31, reads as
follows :
For the past three years the earnings of tho First Trust & Savings Bank
havo been accumulated until at this date its surplus fund equals its capital
of $5,000,000, besides which it has a substantial amount in undivided
profits. Tho directors, feeling that tho stockholders are now entitled to
more liberal returns upon their investment in their allied institutions,
havo, therefore, decided to disburse regular quarterly dividends at the rate
[V o l . 100.
o f 12% per annum on the capital stock of both the First National Bank
and the First Trust & Savings Bank.
Besides these regular quarterly dividends, equaling 18% per annum on
the stock of the First National Bank, it is hoped that the combined earnings
of the two institutions may be maintained at figures sufficient to warrant
the payment of special quarterly dividends between them equal to 4% per
annum on the stock of the First National Bank.
The net earnings of both banks for 1914 amounted to
10M % on the average aggregate capital employed by them
during the year or over 33% on the capital stock of the
First National Bank. The annual report of the banks
showed the stock held by 286 women, 400 men, 21 firms and
corporations and 76 trusteeships and estates. Silas H.
Strawn, of the law firm of Winston, Payne, Strawn & Shaw,
was elected a director of the First National Bank at this
week’s meeting of the Board.
William Lorimer, former President, and three other of
ficials of the failed La Salle Street Trust & Savings Bank of
Chicago, which closed last June, were arraigned on March 20
in the Federal District Court in Chicago and pleaded not
guilty to indictments charging them with violating the
national banking laws while the institution was operating
under a government charter. As previously stated in these
columns, the La Salle Street Trust & Savings Bank was
formed in 1912 as a conversion of the La Salle Street National
Bank which had been established in 1910. Charles B. Munday, former Vice-President of the failed institution and
H. W . Huttig, who are also under indictments in connection
with the operations of the bank, entered pleas of not guilty
on March 27. Mr. Munday and his son, J. G. Munday,
whose private banks and elevator company went into bank
ruptcy with the failure of the La Salle Street Trust & Savings
Bank have made an offer of composition to their creditors.
Control of the Illinois State Bank of Chicago, which was
one of the chain of banks, closed last June at the time of the
failure of the La Salle Street bank, but which was reorgan
ized and reopened on August 1, has been taken over by a
syndicate of business men. On March 27 49% of the bank
stock, which was owned by the Lorimer-Munday syndicate
and had been held in the name of William Lorimer Jr., was
sold at auction. This action was taken because Lorimer
Jr. was unable to pay his sharo, $49,000, of an assessment
of $100,000 which the State Auditor levied on the stock
holders of the bank when it was reopened under new officers.
Alfred Decker of the firm of Alfred Decker & Cohn, clothiers,
has been elected President of the bank and Emile Levy has
been chosen Vice-President.
Adolph G. Sam, Assistant Examiner of the St. Paul and
Minneapolis clearing-house associations, has been appointed
Cashier of the Stockyards National Bank of South St. Paul to
succeed Gordon C. Smith. The latter has been chosen Vice
President to succeed W . E. Briggs, who resigned.
W . T. Ravenscroft resigned on the~23d ult. as President
of the Federal National Bank of Denver, Colo., and Allan
Farrell Ayers was chosen to succeed him. As recently
mentioned in these columns, Mr. Ravenscroft has been
elected Vice-President of the St. Louis Union Trust Co. of
St. Louis. Joel F. Vaile, a director of the Federal National
of Denver, has been chosen a Vice-President of that institu
tion.
The Mercantile National Bank of Pueblo, Colo., closed
its doors on March 29 after a run on Saturday, and rumors
of irregularities circulated after the resignation on March 20
of Cashier C. C. Slaughter. Francis A. Chapman, of Den
ver, has been named as temporary receiver. It is stated
that the affairs of the bank were under inquiry for nearly a
month. The bank had a capital of $200,000 and reported
deposits at the last call of about $1,765,000.
The City National Bank of Omaha and the GermanAmerican State Bank of that city wero consolidated on
March 27 under the name of the City National Bank. Ac
cording to an official announcement, the German-American
State Bank, which had occupied temporary quarters since
the fire on February 15 in the Board of Trade Building,
in which the institution was located, “has for some time
been diligently seeking a good location, and this con
solidation with the City National Bank, with its modern
and beautiful banking quarters, offers a complete solution
of its desire.” The City National makes no change in its
capital of $500,000; the deposits of the consolidated bank are
approximately $2,500,000. Tho officers of the new bank are:
President, Fred R. Baker; Vice-President, E. L. Thomas;
Cashier, John F. Hecox; Assistant Cashiers, J. P. Hackett,
J. D. Utendorfer and E. C. Goerke. All but Messrs. Hecox
and Utendorfer were identified with the German-American
State Bank; Messrs. Baker and Hackett were, respectively,
President and Cashier of the latter. In the case of the two
who had heretofore been associated with tho National City
and are retained in the management Mr. Hecox had been
Vice-President and Mr. Utendorfer Assistant Cashier.
John F. Flack, heretofore President of the City National,
has retired from the management to give his attention to the
Arrangements looking to the consolidation of the First Bankers’ Mortgage Loan Co. and the Occidental Building
National Bank of Bay City, Mich., with the Bay County & Loan Association, of both of which he is President.
Savings Bank are reported to have been completed March 23.
As previously stated in these columns, a consolidation of the
The Arkansas Savings Bank of Little Rock, Ark., was con
Lumberman’s State Bank of Bay City with the Bay County
solidated
with the People’s Savings Bank of that city on
Savings Bank was arranged last August to become effective
with the beginning of the present year. The First National March 24. W . E. Lenon continues as President of the Peo
Bank lias a capital of $100,000 and deposits of over $1,000, ple’s Savings Bank. The Arkansas Savings Bank had a
000 and the Bay County Savings Bank has a capital of $50, capital of $25,000 and the People’s Savings Bank has a capi
tal of $100,000.
000 and deposits of over $2,000,000.
The newly formed First & Security National Bank of
Minneapolis opened for business on March 29 in its new
banking rooms in the First National-Soo Lino Building,
corner of Marquette Avenue and Fifth Street. As stated in
these columns last week the First & Security National Bank
represents tho consolidation of the First National Bank and
the Security National Bank. Tho assets of both banks were
moved into the new quarters on the 27th ult. F. A. Cham
berlain, President of the Security National, is President of
the new bank and F. M . Prince, President of the First
National, Chairman of the Board. Tho Vice-Presidents of
the two banks have been retained by the consolidated insti
tution in the same capacity, with the exception of F. G.
Winston, Vice-President of the Security National, who re
signed; the Vice-Presidents are C . T. Jaffray, Perry Har
rison, A. A. Crane, J. S. Pomeroy and D. Mackerchar.
G. A. Lyon, Assistant Cashier of the First National, has
been chosen Cashier of the new bank. The Assistant cash
iers are: P. J. Laeman, Stanley II. Bezoier, George Lawther,
John G. MqcLean, J. G. Byam and Walter A. Meacham.
The First & Security National Bank has a capital and sur
plus of $10,000,000 and resources of $60,000,000. The
Minneapolis Trust Co., which is associated with the First
& Security National, has a capital and surplus amounting
to $1,200,000.
A petition for a receiver for the Central Trust Company
of Macon was denied by Judge H. A. Mathews on Feb. 17, on
the ground that tho company is solvent and competently
managed by officers fitted for their positions. Application
for a receiver was mado on Feb. 13 by several stockholders
owning a small minority of the stock of tho company. The
plaintiffs charged mismanagement, waste and disqualifica
tion of the present management to properly administer tho af
fairs of the concern. After hearing voluminous evidence,
the Court rendered a decision upholding tho management.
Arrangements providing for the merger of the Farmers’ &
Merchants’ State Bank of Waco, Texas, with the First Na
tional Bank were recently completed. All demand non
interest-bearing deposits have been taken over by tho First
National. Vice-President L. P. Kean of tho Farmers &
Merchants State Bank has been appointed by State Bank
Commissioner J. S. Patterson to wind up tho affairs of that
institution. The bank was organized in 1911; it had a capi
tal of $100,000.
The abandonment of negotiations for the consolidation
of the Northwestern National Bank of Portland, Ore., and
tho Lumbermen’s National Bank of that oity was announced
on March 20. The proposals to amalgamate had been pond
ing since early in tho year and had progressed so far that an
8, 567— Tho Citizens’ National Bank of Orleans, Nebr., March 15 1915.
application to organize as the Lumbermen’s & Northwestern
Liquidating agent : W. P. Pierce, Orleans, Nebr. To be succeeded
by a State bank.
National Bank was approved by the Comptroller of the Cur
INSOLVENT NATIONAL BANK.
, ,
.
rency on March 16. The inability to agree on terms
7 5 7 — The German National Bank of Pittsburgh was placed in the hands
of a receiver March 4 1915.
satisfactory to all the interests is said to have resulted in
tho discontinuance of the proceedings. The Northwestern
National Bank has a capital stock of $500,000, with deposits
B r e a d 3 tu ffs
F ig u r e s
b r o u g h t
fr o m
p a g e
1 1 8 4 . — The
of over $3,000,000, and the Lumbermen’s National has a statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
capital of $1,000,000, with deposits of over $4,500,000.
lake and river ports for the week ending last Saturday and
The Standard Bank of Canada (head office Toronto) has since Aug. 1 for each of the last three years have been:
declared a dividend for the current quarter, ending April 30
Rye.
Barley.
Wheat.
Oats.
Corn.
Receipts at— J Flour.
1915, at 3 )4% , being the at rate of 13% per annum upon the
bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu.56 lbs.
paid-up capital stock of the bank, and which will bo payable Chicago----- bbls.imbs.
25.000
452.000
134,000
930.000
850.000 3,176,000
76.000
319.000
770.000
34,000 ' 38,000
251.000
on and after the 1st of May to shareholders of record as of Milwaukee..
4,000
2,000
46.000
708.000
39.000
475.000
562.000
1,032,000 1,045,000
Minneapolis.
tho 23rd of April 1915.
.........
T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .
Cleveland ._
St. Louis__
Peoria___
Kansas City.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 18 1915:
Total wk . ’ 15
8,666
12,000
56.000
43.000
74.000
68.000
19,000
372.000
330.000
357,COO
116.000
33.000
36.000
98.000
329.000
224.000
87.000
212.000
74.000
84.000
102.000
389.000
169.000
118.000
225,000
1,000
2,000
17,000
1,000
7.000
2.000
287.000 4.044.000 3.165.000 5.715.000 1,268,000 154.000
395.000 3.573.000 4.745.000 3.929.000 1.267.000 199.000
GOLD.
Same wk. ’ 14
2.87.000 3.262.000 2.267.000 2.686.000 1.408.000 154.000
Same wk. ’ 13
The movements of gold have been again more active.
The following amounts have been received by the Bank o f England:
Since Aug. 1
Mar. 11..£1,193,000 in bar gold.
1914-15... 14,022,000 327.174.000 188.884.000 213.865.000 72.719.000 17838000
•1913-14... 14,322,000 232.553.000 169.185.000 163.010.000 72.139.000 19955000
Mar. 1 1 ..
123,000 in foreign gold coin.
1912-1.3__ 12,201,394 289,208,777 169,751,363 177,128,462 81,764,506 13672000
27.000 in bar gold.
Mar. 1 2 ..
19.000 in bar gold.
Mar. 15. .
Total receipts of flour and grain at the seaboard ports for
15.000 in bar gold.
Mar. 1 0 ..
the week ended March 27 1915 follow:
100.000 in sovereigns released.
Mar. 10. .
Oats,
Barley,
Corn,
Rye,
Wheat,
Flour,
120.000 in bar gold.
Mar. 17 ..
bush.
bush.
bush.
bush.
bush.
bbls.
Receipts at—
25.000 in sovereigns released.
Mar. 17.
585,000
876,000 31,000 36,000
_ 269,000 1,753,000
Withdrawals have been made as under:
1,000
59,000
2,000
224,000
Boston___ ____ . 23,000
Mar. 11 .. £124,000 in foreign gold coin.
108,000
6,000
28.000 1,157,000
204,000
. 27,000
Mar. 1 1 ..
400,000 in sovereigns set aside for Argentina.
735,000 25,000 186,000
423,000 1,122,000
. 21,000
Mar. 1 2 ..
100,000 in sovereigns set aside for Argentina.
116,000
352,000
493,000
. 91,000
Mar. 1 3 ..
150.000 in sovereigns set aside for Argentina.
175,000 1,183,000
373,000
12,000
Newport News.. .
Mar. 1 5 ..
115,000 in sovereigns set asido for Argentina.
1 000
477,000
Galveston______
Mar. 1 5 ..
503,000 in foreign gold coin.
—
—
12,000
21,000
2,000
. 26,000
Mar. 1 0 ..
70,000 in sovereigns set aside for Argentina.
13,000
30,000
2,000
101,000
.
9,000
Mar. 1 7 ..
380,000 in sovereigns set aside for Argentina.
162,000
86,000
324,000
St. John..... .. . . 47,000
212,000
Port Arthur........ ...............
During the week the reduction on balance was £274,000.
SILVER.
Total week 1915. . 526,000 4,694,000 2,373,000 4,330,000 09,000 229,000
The undertone continues good, but tho movements of the price during Since Jan. 1 1915. 7,122,000 75,631,000 23,840,000 29,181,000 4254,000 4421,000
353,000
798,000 155,000 119,000
Week 1914_____ . 472,000 1,830,000
the last few days glvo little encouragement to prophecy.
A succession of foreign coinago orders have lifted quotations from the Since Jan. 1 1914. .5,381,000 27,102,000 7,999,000 9,674,000 2989,000 746,000
dead lovel of 22%d. ruling throughout November and the three succeeding
* Receipts do not include grain passing through New Orleans for foreign ports
months, but before higher prices can bo maintained, China has to be on through bill3 of lading.
reckoned with.
The exports from the several seaboard ports for the week
It must be remembered that not only are stocks in Shanghai extremely ending March 27 are shown in the annexed statement:
large, but also a- substantial portion of tho stock in London about a million
Peas,
Oats,
Rye, Barley,
Corn, Flour,
Wheat,
and a quarter sterling—is held on account of tho same quarter.
bush.
bbls. • bush.
bush. bush.
bush.
Exports from—
bush.
1,865 3,604
A sudden upward rise in the price of silver provokes necessarily a- some New York_____ 1,288.208
561,260 161,015 285,540 48,818
what similar movement of tho China exchanges. This movement, in turn, Portland, Me----- 108,000
52,500
55,529
34,143 6,895
Boston________ 382,214
often causes exchango operations that set free some of the silver held on Philadelphia----430,000
139,000
China account in this market.
Baltimore______ 316,972 1,001,193 23,954 583,932 443,771 82,571
52,000 28,000
4,000
Thus an automatic reaction takes place, more or less effective in propor New Orleans.__ 721,000
___
Newport News.. 373,000 175,000 12,000 1,183,000
tion to the amount of silver set free, the power of tho silver market here to Galveston______
___
550 7,000
582,000
absorb it, and the limits set to sales by the conditions which govern tho Mobile________
21,000 26,000
12,000
2,000
86,000 47,000 162,000 ........
St. John_______ 324,000
........
........
China exchanges at the time.
Port Arthur------ 212,000
These considerations throw light on the movements of the last few days.
V,66o
........
........
-----A week ago the convergence at one period o f several Continental buying Norfolk________
orders upon a very ill-supplied market ran tho price to 24 5-10d., and dis
Total week___ 4,448,394 1,931,146 312,864 2,716,981 492,589 136,886 3,604
149,823 238,076 107,462 77,471 249,291 2,381
Week 1914_____ 2,078,567
turbed the balance of tho China exchanges.
The issue remained in doubt for three days, but when China began co
The destination of these exports for the week and since
sell the price fell from 24Md. on tho 15tli to 24K d. on the 16tli. Yester July 1 1914 is as below:
day selling orders limited to 24d. upon a market temporarily deprived of
-------- Flour--------------------Wheat---------------------- Corn----------buyers forced tho quotation to 23 15-16d. To-day a still more havy fall
Since
Since
Since
Week.
July 1
Week.
July 1
Week.
July 1
occurred and 23Vsd. was recorded.
1914. Mar. 27.
1914. M ar.21.
1914.
Meanwhile tho actual condition of the silver market has not been material Exports for week and Mar .27.
since July \to—
bbls.
bbls.
bush.
bush.
bush.
bush.
ly effected. Supplies, apart from China, are, and are likely to be, very United
Kingdom... 85,416 4,124,2271,541,289 99,605,818 149,857 2,061,851
restricted, and tho prospects of demand are far from discouraging.
Continent________ 140,157 4,331,9852,894,894 140,174,015 1,674,138 19,775,805
Tho Indian Bazaars, which have purchased on a smaller scale than usual Sou. & Cent. Amer. 26,135 1,154,880
9,621 2,898,897
27,'107 1,058,014
2,590
40,223
78,569 1,621,866
for several weeks, will probably ask for silver when they realize that the West Indies______ 60,856 1,198,389
Brit. Nor.Am. Cols.
75
62,858
...................... -------11,118
level is really justified by the conditions of tho market.
Other Countries___
225
220,070
527,382
1,475
25,895
The stock in Bombay consists of 0,700 bars, compared with 5,700
Total.................. 312,864 11,092,409 4,448,394 243,246,935 1,931,146 24,554,549
last week.
No shipment has been made from San Francisco to Hongkong during Total 1913-14____ 238,076 8,822,678 2,078,567 148,212,977 149,823 3,183,222
The world’s shipments of wheat and corn for the week
tho week.
Quotations for bar silver, per ounce, standard:
ending March 27 1915 and since July 1 1914 and 1913 are
Bank rate............ .......... ............ .....5%
No
shown in the following:
Mar. 12___ 24 3-16 cash
quotation Bar gold, per oz. standard....... 77s. 9d.
Mar. 13___ 24 3-16 “
French gold coin, per oz____ Nominal
fixed
Mar. 15___ 24H
“
Corn.
Wheat.
United States of America, peroz Nominal
for
Mar. 16 .21 'A
"
forward
Mar. 17___ 23 15-16 “
1913-14.
1914-15.
1913-14.
1914-15.
Exports.
delivery.
Mar. 18___ 23 %
“
Averago for
Since
Since
Week.
Since
Since
Week.
thoweek.24.052
"
July 1.
Mar. 27. July 1.
July 1.
Mar. 27. July 1.
Tho quotation to-day for cash is ll-16d. below that fixed a week ago.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 8,136,000 340,432,000 215.398.000 1,810,000 24,999,000 1,649,000
11.287.000
4.811.000
12.074.000
118.290.000
Russia------9.431.000 22.407.000
2.347.000 44.642.000
Danube___
Argentina .. 5,228,666 35.059.000 32.534.000 689,000 118,391,000 131,924,000
48.690.000
,8,996,000
Australia —
N a t i o n a l B a n k s . — The following information regarding
56,666 18.232.000 25.992.000
India.. . .
national banks is from tho office of the Comptroller of the Oth. countr’a 56,000 5.057.000 6,574,000
(ikmxmcv ct al au d ip is celXiwco n s gUxtfs
Currency, Treasury Department:
VOLUNTARY LIQUIDATION.
486— Tho Charter Oak National Bank, Hartford, Conn., Feb. 15 1915.
Liquidating agent, Myron A. Andrews, West Hartford, Conn.
Consolidated with the Phoenix National Bank of Hartford,Coim.,
1
’
889— The Hock Island National Bank, Rock Island, 111., March 3 1915.
Liquidating agent, II. E. Casteel, Rock Island, 111. To bo con
solidated with the Central Trust & Savings Bank of Rock Island,
8
152—The City National Bank of Roanoke, Va,, January 12 1915.
Liquidating agent : N. W. Phelps, Roanoke, Va. Consolidated
with Tho National Exchango Bank of Roanoke, No. 4,027.
9 ,5 8 9 — The National Bank of Commerce o f Spokane, Wash., March 4
1915. Liquidating agent : George K. March, Spokane, Wash.
Consolidated with Tho Exchango National Bank of Spokane,
No. 4,044.
Total___ 13476000 422,797,000 492,120,000 2,499,000 157,632,000 167,267,000
The quantity of wheat and corn afloat for Europe onjdates
mentioned was as follows:
Corn.
Wheat.
United
Klnydom. Continent.
Total.
United
Klnydom. Continent.
Bushels.
Bushels.
Bushels.
52.840.000
Mar. 27 1915..
53.920.000
Mar. 20 1915..
Mar. 28 1914.. 27.748.000 20,544,666 48.292.000 1.878.000 3.630.000
Mar. 29 1913.. 24.336.000 33,152,000 57.488.000 3.953.000 7.973.000
Bushels.
Bushels.
Total.
Bushels.
15,029,000
16.499.000
5,508,000
11.926.000
B a n k C l e a r i n g s . — The clearings for the week
March 27 at Canadian cities, in comparison with the
same week in 1914, shows a decrease in the aggregate of
C a n a d ia n
e n d in g
Per
When
Cent. Payable.
Name of Company.
St. & Elec. Rys. (Concluded).
.
1 1 .9 % .
-
Week ending March 27.
Clearings at1915.
1914.
Inc. or
Dec.
1913.
Nashoille Ry. & Light, common.
Preferred (quar.)__________
1912.
Canada—
S
$
$
S
%
Montreal...................... 43,529,801 45,108,911 —3.5 37,506,170 44,071,433
Toronto----------- -------- 30,270,924 36,609,971 — 17.3 35,872,060 37,300,000
Winnipeg...................... 20,583,242 20,544,111 + 0.2 19,278,676 25,155,501
Vancouver ....................
5,023,764 9,882,263 —49.2 9,104,388 11,230,660
Ottawa............. ...........
3,690,320 3,404,365 + 8.4 2,702,275 4,669,910
Quebec.........................
2,276,446 2,305,335 — 1.3 2,014,461 2,185,128
Halifax.................. .......
1,441,906 1,643,866 — 12.3 1,266,699 1,476,393
Hamilton____________
2,331,364 2,494,823 —6.5 2,887,777 2,593,595
St. John--------------- 1,357,670 1,373,572 — 1.2 1,094,577 1,249,397
London______________
1,447,119 1,409,724 + 2.7 1,340,109 1,224,328
Calgary..........................
2,796,015 3,006,991 —7.0 3,766,958 4,567,768
1,583,519
Edmonton....................
2,017,336 3,140,105 —32.6 3,118,372 3,886,562
1,069,096 1,749,915 —38.9 1,818,240 2,043,994
Regina--------------------Brandon.......................
458,338
444,086 + 3.2
432,913
368,005
Lethbridge ....................
309,438
430,458 —28.1
590,535
430,295
Saskatoon.... .................
687,032 1,086,421 —36.7 1,407,848 1,799,230
Brantford......................
469,569
538,865 — 12.8
460,367
492,966
Moose Jaw............. .......
788,008
783,996 + 0.5
929,439
924,917
Fort William................
426,346
567,744
538,850 —20.8
511,556
Now Westminster.........
261,590
415,316 —37.1
452,695
Medicine Hat____ ____
212,655
383,209 — 44.6
..........
Peterborough.................
403,511 Not lncl. In total.
Books Closed.
Days Inclusive.
Philadelphia Co. 6% pref. (No. 5).
Virginia Ry. & Power, common______
Banks
Fifth National (quar.) (No. 159)____
Flalbush, Bank of, Brooklyn (quar.)...
Produce Exchange, New York (No. 60).
Fire Insurance.
Hanover Fire (quar.) (No. 131)...........
Miscellaneous.
Ahmeek Mining (quar.)___ ___ . . . .
Alliance Realty (quar.)...... ........ ........
)
■
■
■
.
)
.
.
.
.
.
1K
IK
IK
IK
K
IK
IK
3
IVi
1V4
50c.
lVi
May 1 Holders of rec.
April 15 Holders of rec.
April 1 Holders of rec.
April 30 Holders of rec.
Mar. 31 Holders of rec.
Mar. 31 Holders of rec.
April 15 Holders of rec.
May 1 Holders of rec.
April 15 Holders of rec.
April 15 Holders of rec.
April 15 Holders of rec.
April 20 Holders of rec.
April 15a
Mar. 31
Mar. 29a
April 20a
Mar. 20
Mar. 20
Mar. 31
April la
Mar. 2'/a
Mar. 31
April la
April 5a
3
April 1
1K April 1 Mar. 30 to Mar. 31
April 15 Holders of rec. April 8
4
2K
Holders of rec. April 1
April 10 Holders of rec . Mar. 17a
$3
■ lVi April 15 Holders of rec . April 10
. 1
April 15 Holders of rec Mar. 22a
lVi April 15 Holders of rec Mar. 22a
1
April 20 Holders of rec . April 15a
■ IK April 15 April 11 to April 14
■ IK May 1 Holders of rec . April 21
1
May 15 Holders of rec May 10a
■ 154 April 21 April 6 to April 21
. SI May 3 Holders of rec . April 15
. 62c. May 1 Holders of rec . April 15
American Malting, preferred.
April 15 Holders of rec Mar. 31a
Amer. Seeding Machine, con
1 1
Preferred (quar.)_______
IK April 15 Holders of reo Mar. 31a
April 15 Holders of roc Mar. 31a
.
2
April 15 Holders of rec . April 10a
. 1
Total New York____ 123,031,498 139,707,809 — 11.9 128,725,421 149,256,386 Amer. Typefounders, com. (quar.).
Preferred (quar.).......................
- 154 April 15 Holders of rec . April 10a
. 154 April 15 Mar. 20 to April 1
A u c t io n
S a l e s . —Among other securities, the following,
. 25c. April 14 Holders of rec . April la
Anaconda Copper Mining (quar.).
. $1.50 April 15 Mar. 27 to April 15
not u su ally dealt in at the Stock E xchange, were recently sold Associated Oil.... ..........................
April 15 Holders of rec. Mar. 25
. 2
Bell Telephone of Canada (quar.).
a t auction in New York, Boston and Philadelphia:
lVi April 15 April 6 to April 15
. 154 April 10 Holders of rec. Mar. 31
By Messrs. Adrian H. Muller & Sons, Now York:
. 1V4 April 5 Mar. 26 to April 5
Shares. Stocks.
Per cent. Shares. Stocks.
Percent.
April 10 Holders of rec. Mar. 31a
. l
25 Casein Co. of Amer, prof........11
1 Union Trust C o .................... 310
• 154 April 1 Holders of rec. Mar. 29
50 Casein Co. of Amer., com.75c. persh 30 “ New Yorker Staats Zeltung”
April 15 April 1 to
April 15
•
IK
10 Hock. V. Prod.Co. v.t.c.S 1.80 persh.
$600 per sh.
■
IK April 8 Holders of rec. Mar. 31a
22 U. S. Title Guar. & Indera. Co.
50 Arkoslte Co., pref____ _____
1
Chicago Pneumatic Tool (quar.).
April 16 to April 26
April
26
1
(old stock) ..........
17Vi 640 Va. Prod. Corp., pref___ $1,000 lot
i lVi Mar. 31 Holders of rec. Mar. 31
15 Realty Associates................. . 95)1
Bonds.
Percent. Preferred (quar.) (No. 59)_____
IK Mar. 31 Holders of rec. Mar. 31
1 Chemical National Bank---------107
$1,500 Hock. Val. Prod. Co. 1st 5s. 35
Corn Products Refining, pref. (quar.)...
1V4 April 15 Holders of rec. April 5a
1 W’chester & Bronx T. & M.
1,000 N. Y. Investors Corp. 1st
April 10 Holders of rec. April 1
. 2
Guar. Co...................
106
4Vis, 1919.....................................98
lVi April 15 Holders of rec. Mar. 31a
1 2 Vi April 15 Holders of rec. April la
By Messrs. R. L. Day & Co., Boston:
Detroit Edison (quar.)................
154 •\pril 15 Holders of rec. Mar. 31a
Shares. Slocks.
$ per s Share”. neks.
$ per sh. Distilling Co. of America, pref. (qi
Vi April 30 Holders of rec. April 9a
5 Dartmouth Mfg., common____160
120 New River Co., common....... 1.01
Dominion Textile, Ltd., pref. (quar.) —
154 April 15 Holders of reo. Mat. 31a
30 American Felt, pref------ --------- 95
5 Springfield Gas Light............. 273)1 du Pont (E.I.)de Ncm. Powd., ptd. (qu.)i 1V4 April 26 April 16 to April 26
2 Plymouth Cordage.... .............. 220
Electrical Securities Corp., pref. (quar.).
1V4 May 1 Holders of rec. April 24a
Eureka Pipe Line (quar.)...............
. 6
May 1 Holders of rec. April 15
By Messrs. Francis Henshaw & Co., Boston:
General Electric (quar.)...............
2
April 15 Holders of rec. Feb. 27a
Shares. Stocks.
$ per sh. S'tares. Stocks.
General Motors, preferred...............
$ per sh.
3 Vi May 1 Holders of rec. April 14
1 Boston Belting_____________ 120
Globe-Werntcke, preferred (quar.)..
2 Massachusetts Cotton Mills.-.115
lVi April 15 Holders of rec. Mar. 31
4 Dartmouth Mfg., common___ 160
Goldfield Consolidated Mines (quar.)__ 10c. April 30 Holders of rec. Mar. 31a
18 Peppered Mfg., new ............. 114
Houghton County Elec. Light, com. (No.20) 62 Vic. May 1 Holders of rec. April 15a
Bonds.
Per cent.
37 Pacific M ills.!______ ______ 115K $1,000 City of Lowell water 4s, 1920 99)1
Preferred (No. 2 5 )....................
75c. May 1 Holders of rec. April 15a
5 Lowell & Andover RR______ 100
Illinois Northern Utilities, pref. (quar.)..
$1,000 City of Minneapolis (Henne
IVi May 1 Holders of rec. April 20
2 Provincial Sliver Black Foxes,
Indiana PIpo Line (quar.)...........
$2
May 15 Holders of rec. April 24
pin & Minn.) 4s, 1920...
. . 98
L td ..................................., 5
1
April 15 Holders of rec. April 1
$1,000 Cent. Vt. Ry. 1st 4s, 1920.. 68)1
April 15 Holdors of rec. Mar. 25a
1V
4
By Messrs. Barnes & Lofland, Philadelphia:
International Paper, preferred (quar.)----Vi April 15 Holders of rec. April 6a
50n. Mav 1 Holders of rec. April 23
Shares. Slocks.
$ per sh. Shares. Stocks.
$ per sh. Island Creek Coal, common (quar.)........
Kayser(JulIus)* Co., 1st* 2d pref. (qu.)
154 May 1 Holders of rec. April 20a
10 1st Nat. Bk..Ocean City, N. J.226
6 Reliance Insurance, S50 each.. 47
Kelly-Sprlnglleld Tire, com. (quar.)........
IVi May 1 Holders of rec. April 15
28 Commonwealth T. I. & Trust.230
9 Phila. Lifo Insur., $10 each__ 10)1
April 20 April 1 to April 18
La Roso Consolidated Minos (quar.)........
1
40 West Phila. T. & Trust., $50
S i John B. Stetson, common___ 350
each_____ _________ 141)1-144)1 10 Washington Gas L, $20 oa.73)l-73)l Lehigh Valley Coal Sales (quar.)_______ $1.25 April 17 Holders of rec. April 8a
May 1 Holders of rec. April 17
20 Real Estate Title Ins. & Trust-300
100 Johnstown & Cramer Turnpike 85 lot Lowell Elec. Light Corp. (quar.) (No. 76).. S2 April
15 Holders of rec. Mar. 31a
MacAndrews & Forbes, common (quar.) 2.Vi
10 Fire Assn, of Phila., $50 each..315
10 Grand Rapids Ry., prof............70
April 15 Holders of rec. Mar. 31a
Preferred (quar.)-----------------ivi April
14 Chester, Pa.. Gas C o ........... 50)1
5 North Phila. Trust__________136
15
April 1 to April 15
Manufacturers
Light
&
Heat
(quar.)...
4 Farmers * Mech. Nat. Bank..135
2 Corn Exchange Nat. Bank___ 270
May
Holders of rec. April 15a
1 Manufacturers Nat. Bank___ 125)1
3 Phila. Bourse, pref., S25 each. 17)1 Massachusetts Gas Cos., com. (quar.).. $1.25 April
15 Holders of rec. Mar. 25
Massachusetts Ms- Cos., old com. (qu.) $1.75
4 Philadelphia National B ank...429
4 Phila. Bourso, com., $50 each. 6
25c.
April
15
Holders of rec. Mar. 25
New
common
(quar.)________
5 Falrmount Savings Trust C o.. 100
70 Geo. M. Splegle* Co.,Inc.$5,100 lot
SI.50 April 15 Holders of rec. Mar. 25
New preferred (quar.)________
3 Land Title & T ru st.............. 500
Mexican Telegraph (quar.)....................
2Vi April 15 Holders of rec. Mar. 31a
4 Penn. Co. for Insurances, &C..623
Bonds.
Per cent.
Mountain States Tolep. & Teleg. (quar.).
IK April I f Holders of rec. Mar. 31a
5 Phila. Trust, S. D. & Ins____ 725
$8,000 Birdsboro Stone Co. 1st 5s,
National Biscuit, com. (quar.) (No. 67).
IK April 15 Holders of rec. Mar. 29a
5 Provident Life & Trust........... 825
1936............................................ 80
National Carbon, common (quar.)-------IK April I f April 6 to
April 15
2 Real Estate Trust, preferred.. 80)1 $1,000 Phila. & Balt. Cent. HR. 1st
4
April 15 Holders of reo. Mar. 25
New
York
Transit
(quar.)---------------1 Robt. Morris Trust Co........... 56V4
4s, 1951________________________ 92Vi
2
April 15 Holders of roc. Mar. 31a
Niagara Falls Power (quar.)--------------1 West End Trust......................165
$15,000 Salem Mfg. Co. 1st 6s, 1924
5
April 20 April 1 to
35 Ins. Co. of N. Am., $10 each.21-21 Vi
April IS
$500 lot Nlplsslng Mines Co. (quar.)....................
Northern States Power, pref. (quar.)----IK April 1 Holders of reo. Mar. 31
1 Pennsylvania Fire Insur. Co..391)l $1,000 Gogebic Service Co., WIs.,
April 15 April 1 to
April 14
5 Franklin Fire Ins., $25 each__ 57
1st 5s, 1919.................... .......$10 lot Ohio Fuel Supply (quar.)........................ 2
Osage & Oklahoma Co. (quar.) — .........
IK April 10 April 1 to
April 11
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Osceola Consolidated Mining (quar.)----- $2
April 30 Holders of rec. Mar. 30
Elevator, common (quar.)......... ..
IK April 15 Holders of rec. Mar. 31
Shares. Stocks.
$ per sh. Bonds.
Per cent. Otis
Preferred (quar.).................- ............
IK April 15 Holders of rec. Mar. 31
13 Insur. Co. of State of Penn___ 100
$1,000 Wilmington & Nor. RR. 4s. 90 Vi Pacific
Telephone & Teleg., pref. (quar.) IK April 15 April 1 to
April 15
5 East Pennsylvania RR., guar.. 67
Pennsylvania Lighting, preferred (quar.)..
IK April 15 April 2 to
April 15
3 Elmira & W’msport RR., pref. 67
April 15 Holders of rec. Mar. 31a
Pennsylvania Salt Manufacturing (quar.) 2
Pittsburgh Coal, preferred (quar.).........
IK April 26 Holders of rec. April 15a
Pitts. Term. Warehouse* Transf.(mthy.) 21V4c. April 15 Holdors of rec. April 8
D IV ID E N D S .
2
April 15 Holders of rec. Mar. 3 la
Procter & Gamble, preferred (quar.)----The following shows all the dividends announced for the Public Serv. of Nor. III., com. (quar.)----- IK May ] Holders of rec. April 15
IK May ] Holdors of rec. April 15
Preferred (quar.)..................................
future by large or important corporations.
Quaker Oats, common (quar.)— ---------- 2K April 1. Holders ol reo. April la
D ivid en d s annou nced this week are -printed in ita lics.
Preferred (quar.)__________________
IK May 29 Holders of reo. May la
Reece Buttonhole Mach, (quar.) (No. 116). 3
April 15 Holdors of rec. April 1
1
Reece Folding Mach, (quar.) (No. 24)----April 15 Holdors of rec. April 1
Per
When
Books Closed.
Securities Corporation General, pref.(quar.) IK April 15 Holdors of rec. April la
Name of Company.
Cent. Payable.
Days Inclusive.
Shawinlgan Water & Power (quar.).......
IK April 10 Holders of rec. April 1
Southern Cal. Edison, pref. (qu.) (No. 23)
IK April 15 Holders of rec. Mar. 31
Railroads (Steam).
Southern New England Telephone (quar.)..
IK April 15 Holders of rec. Mar. 31
Central RR. of New Jersey (quar.)____
2
May 1 Holders ol reo. April 16a Standard Milling, preferred (No. 24)----2 K April 15 April 6 to April 15
Delaware Lackawanna & Western (quar.) 2K April 20 Holders of rec. April 5a Stewart Mining (quar.)......................... 10
April 15 April 4 to April 15
Georgia RR. & Banking (quar.)_______
3
April 15 April 2 to April 11
2
Temple Coal, preferred (quar.)________
April 12 April 3 to
April 12
Great Northern (quar.)_______ ______
1K May 1 Holders of rec. April 7a Tennessee Copper (quar.)____________
75e. April 8 Holders of rec. Mar. 27
Joliet & Chicago (quar.)______________
IK April 5 Mar. 21 to April 6
Thompson-Starrett Co., preferred.........
4
May 15 Holdors of rec. May 8
Kanawha* Michigan (quar.)_________
1K April 15 Holders of rec. Mar. 31a Tonopah Mining of Nevada (quar.)........ 25
April 21 April I to April 7
Kansas City Southern, pref. (quar.)____
1
April 15 Holders of rec. Mar. 31a Union Natural Gas Corp. (qu.) (No. 47).
2 K April 15 April 1 to April 15
Lehigh Valley, com. & pref. (quar.)____ $1.25 April 10 Holders of rec. Mar. 27a Unton Switch & Signal, com. * pref. (qu.) $1.50 April
l Holders of rec. Mar. 31
Minn. St. Paul & S. S. M., com. & pref.. 3Vi April 15 Holders of rec. Mar. 19a United Fruit (quar.) (No. 63).................
April 15 Holders of rec. Mar. 25a
New York Central RR. (quar.).............
1K May 1 April 2 to April 20
United Gas Improvement (quar.)--------- $1.00 April 15 Holders of rec. Mar. 31a
Norfolk & Western adj. pref. (quar.)___
1
May 19 Holders of rec. April 30a United Shoo Machinery, com. (quar.)----- 50c. April 5 Holders of rec. Mar. 16
Philadelphia & Trenton (quar.)_______
2V4 April 10 April 1 to April 11
Preferred (quar.)................................. 37 Vic. April 5 Holders of rec. Mar. 16
Plttsb. Ft. W. & Ch., reg. guar. (quar.)..
IK April 6 Mar. 14 to April 6
U. S. Indus. Alcohol, pf. (qu.) (No. 34)
IK April 15 Holdors of rec. April 8a
Reading Company, common (quar.)___
2
May 13 Holders ol rec. April 26a U. S. Rubber, common (quar.)-------------IK April 30 Holders of rec. April 15a
Reading Company, 2d pref. (quar.)____
1
April 8 Holders of reo. Mar. 23a
First preferred (quar.)______________
2
April 30 Holders of rec. April 15a
United N. J. RR. & Canal (quar.)_____
2K April 10 Mar. 21 to Mar. 31
Second preferred (quar.)........................
April 30 Holders of rec. April 15a
Warren.................................................... 3K April 15 Holders of reo. April 6a U. S. Smelt., Ref. * Min., pref. (quar.).. 87IK
Vic April 15 Holders of rec. April 3
Street and Electric Railways.
Vacuum Oil.............................................
3
May 15 Holders of rec. May 1
Aurora Elgin & Chic. RR., pref. (quar.). IK May 1 Holders of rec. Mar. 23a
Extra____________________________
May 15 Holdors of rec. May 1
2
Boston Suburban Elec. Cos., pref. (quar.) $1 April 15 Holders of rec. April 3a Western States Gas & Elec., pref. (quar.)
IK April 15 Holders of rec. Mar. 31
Cin. Newport & Coo. L. & Tr., com. (qu.) IK April 15 April 1 to April 15
Western Union Teleg. (quar.) (No. 184).
April 15 Mar. 21 to April 14
1
Preferred (quar.)___________________
IK April 15 April 1 to April 15
\Vesllnghouse Air Brake (quar.)...............
$2 April 15 Holders of reo. Mar. 31
Citizens Trac..Oil City,Pa., pref. (quar.) IK April 12 Holders of reo. Mar. 31
Westinghouse Elec. & Mfg., com. (quar.)
April 30 Holders of rec. Mar. 31a
1
City Ry. (Dayton, O.), common (quar.)___
IK Mar. 31 Mar. 24 to Mar. 31
Preferred (quar.)__ ____ _____ ____
IK April 15 Holders of rec. Mar.Sla
Preferred (quar.)_______ ____ _______
IK Mar. 31 Mar. 24 to Mar. 31
Dallas Electric Co., first pref. (No. 4)___
April 12 Holders of rec. April 2a
3
a
Transfer
books
not
closed
for
this
dividend,
b Less British Income tax. d Cor
Second preferred (No. 4 )..................... 2K April 12 Holders of rec. April 2a
Dayton & Troy Electric, pref. (qu.) (No.56) I K Mar. 31 Holders of rec. Mar. 30a rection. e Payable In stock. /Payablo In common stock, a Payable in scrip.
Duluth Superior Trac., common (quar.). U
July 1 Holders of reo. June 15a h On account of accumulated dividends. 1 April dividend on common stock not to
be paid.
■
and since Jan. 1 1915, and for the corresponding periods in
I m p o r t s a n d E x p o r t s f o r t h e W e e k . — Tlio following are
the imports at New York for the week ending March 27; also 1914 and 1913:
EXPORTS A N D IM PO RTS OF SPECIE A T N EW Y O R K ,
totals since the beginning of the first week in January:
FO R EIG N IM PO RTS A T N EW YO R K.
S
$2,808,534
10,785,442
S
General Merchandise---------
19,703,157
G old.
$
$2,535,036
18,581,225
$
S2,707,347
16,624,3 45
General Merchandise............
Since
Jan. 1.
Week.
.
S
Great B rita in ....................................
F’rance........................ - .....................
G erm any-.................... - ...................
$22,917,103 S19,593,976 S 19,331,692 S21,116,261
Since January 1.
Imports.
Exports.
1912.
1913.
1914.
1915.
S31,667,173 $49,977,040 $39,594,615 $36,562,593
1S8,628,823 197,512,587 207,897,598 200,250,720
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 27 and from Jan. 1 to date:
Silver.
EXPORTS FROM N EW YO R K.
$
$
$40,000 $1,636,863
6.000
S
162,700
1,881,350
5,000
012,350
South America— ............................
A ll other countries------- ----------------
$247,492,213 $230,819,313
Total 12 weeks................ - $218,295,990 $247,490,227
|
$167,700 $2,493,700
60,000 18.335.S54
109,860 46,957,267
$184,562 $6,255,809
111,114 3,008,936
306,916 4,220,769
$224,811 $8,342,338
946,500
$755
2,078
1912.
S
1
s
$
$
$20,142,020 $20,571,289 $21,648,051 S16,931,353
214,927,032 179,289,700
228,574,816
297,348,704
Previously reported_______
$236,575,083 $196,221,059
Total 12 weeks................. $320,490,724 S249,146,105
55,749
294,220
707,949
340,452
203
272,462
33,831
109,105
41,279
4,410
A ll other countries---------- ------------Total 1914......................................
Total 1913--------------------------------
193,478
803,645
1,604,173
2,011,650
11,666
3,669
32,838
97,055
12,658
1913.
1914.
1915.
Since
Jan. 1.
Week.
S224.811 S9,347,185 , $415,601 $1,401,203
322,959 2,793,657
1,047,507 9,769,732
145,349 2,594,027
902,548 13,043,857
Of the above imports for the week in 1915, $96,218 were
The following table shows the exports and imports of
American gold coin and $575 American silver coin.
specie at the port of New York for the week ending March 27,
„
,
11,0 wooklv statement issued by the Federal Reservo Board on March 27
„ „ __. „
. „
:
T h e F e d e r a l R e s e r v e B a n S.
S
1 m illio n d olla rs San Francisco a nd M in n e a p o lis re p o rtin g th e largest cash w ith d ra w a ls
T h o cash resources o f th e banks show a decrease o f a bo u t 1.4 m illio n
^
, largest decreases being shown fo r N ew Y o rk , San Francisco a n il
fo r th e week. Tho com bined gold rosorvos show a declino o f 2.8o *n lY l^ r cash reserves w hich m oro th a n offsets th o decline in its gold reserves.
M inn e a po lis. T h e N ow Y o rk B a n k, how ever, re po rts
?a > i V m ilU o if dolla rs
AH th o banks w ith th o exception o f A tla n ta and S t. Lou is re p o rt
Loans and discounts show an increase fo r the w ooli o f 1.8 m d lio n d o lla r
incre ases are shown fo r th o N ew Y o rk and San Francisco banks
larger figures under th is head th a n a t the end o f th o Previous,( 1 C A b o u t 0 7 m illio n d olla rs o f th e la tte r ty p e o f paper is now being held b y e ig h t
b o th o f w hich re p o rt considerable gains in accoj )Ca“ C&s p urchased. A b o u t 9. m 111 .
P h ila d e lp h ia and C leveland s lig h tly over one m illio n d o lbanks. O f tho to ta l a m ount N ow Y o rk re po rts 4.8l m illio n .' “ “ ar^ . ° nr.n ,^noH s about 83007000 andKansas C ity a b o u t S40.000. O f the to ta l loans and
lars each, Boston over *900,000. San Francisco a b o u t* 3 6 0 ,000, M ta n o a p o iis ^ o u ts .m u
c . O ver 30% o f a ll com m ercial paper held b y th e
uy
over 50%
holdings Is repo rte d by
b y Chicago.
C hicago.
....... Of the bond
_______________ported
/u
.. .
..................... c l r n m m
sin n n
la s t
o f th e
— *-------
popor
w
—
OK
RESOURCES A
w co,„ ,n„
™
™
*
™
S
S
S
js ^
- »s » s» «w» ■ r 2 ra," io“ moro “ “
r
”
*
“ *•
~
...... 8 & S & So.^!S S .88&
LBgaFtcmli'^ Jioto^, silver certificates and
“
™
h i d by th o NOW vooh b a n h . w t u ,
■ ■ of 41.2 millions
—m .--------<•-----------------*--------<■„».,
ronort a total
of reserve notes outstanding, which
. nmjorvn
V
21iG50,000
21,603,000
............................................ S265,2667000 $200,668,000
..................M14,514,000
W
^ l i l ’coo
M aturities w ltliin
60 (lays-------------------'
O ther............................................. .........
7,454,000
23,292,000
29.0S5.000
29,887,000
22,117,000
22,041,000
20.8S2.000
W 0 ^ 0 0 0 ii77.991.000 $281,095,000 $281.373.000 $278,858,000 $256,787,000
* ? :!«
9,013,000
6',909,ooo
8,127.000
9’.869,000
Total............................................... $31,683,000
1 ^ 4 . 0 0 0 $27,785,000
Duffrom'Federal''Rl'sErve''banksT Item s'In *21,579,000
21,572 000 820.478.000
$257731.000
?
«:q«:ooo
2,761,000
*1:151:38?
2,721,000
$20,469,000 $17,762,000 $17,090,000 $16,420.0^0
$13,955,000
5,711.000
2
8(088.0C0
Z lt Z
siosoiooo
3.132,000
7,421,000
10,891,000
5.419.000
6.823.000
4.462.000
6.551.000
2.766.000
8.917.000
A Mother
o r n resources.
T r ls m u Y e i: :: ::: ::: ::: ::: ::: ::: ::
o iu o.ooo
s’.oos.ooo_______________________
q.s h .ooo
7 ,7 0 5 ,00 0
All
__________
Total resources............................... $333,211,000 $333,181,000 $331,122,000 $330,357,000 $331,733,000 $3 2 6 ,4 5 4 ,0 0 0 S325.022.000 $322,224,000 $302,234,000
S 3 W S3S8 »
Fed0nabllhy)erVe U0*C3 lD Clr! - l'a-ti0-,-----e!
'‘ ’
a N d , ^ S S | | « | . . K . b ...........
Cash reserve against net liabilities.b...........
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation--------------------------------------
—
»
»
S S S & & » SK f f l 8S:!S?«
a8.889,000 aS,487,000 n7,004,000 a6.392,OCO
a5.328.000 al.930,000 a4,185,000
a3,000,000 a2.273.000
S T S T S o JM l.m .000 i 5 » « « 5 7 « 3 ,0 0 0 S328.-I5t.000 2325.O22.0M S322.221.000 3302.M 0M
»3.J%
84 3%
85.3%
S« %
3 .0 %
82.3%
03.6%
9i.07o
Ji.s./0
jz .i /o
<»
8*
93 4%
""
9l 0%
95.5%
97-7%
98.8%
0
.
99.7%
99.6%
94.0%
rT . iniR . ljo , QK
„...........„ * « ■ . .....■&SS®
Deduct: Gold and lawful money in hands
tlremont"of Mtstandlng^notMU-7 7
30,969,000 28,359,000
26,961,000
23,413,000
20,844,000
19,702,000 15,921,000
15.702,000
lS jm W
N ^ o S u tM d m g ^ tM °-B- n-k--U
----
S8.889.000
$8,487,000
S7.004.000
$6,392,000
$5,328,000
$4,930,000
$4,185,000
$3,000,000
$2,278,000
<b) A*tetw e ^F e d e raltReservel Banks!vlzT:
$5,573,000
$0,551,000
$5,352,000
$7,162,000
$8,088,000
$2,766,000
$4,402,000
$5,419,000
$7,421.00
W E E K LY S T A T E M E N T OF RESOURCES AN D L IA B IL IT IE S OF EACH OF T H E 12 F E D E R A L RESERVE BANKS A T CLOSE OF BUSINESS Mj?ILJh_19_15
Boston.
S
RESOURCES.
Gold coin and certificates-------- 15,095,000
Legal-tender notes, silver certifi
cates and subsidiary coin----- 1,772,000
16,867,000
T o ta l............ - ...............
Bills discounted and loans------- 1.037.000
Investments........ ............... - - - 1.061.000
459.000
Due Irom other !•. It- bks. net.
581.000
All other resources......................
Total resources.......... .......
20,005,000
New York.
Phlla.
Cleveland Richmond. Atlanta.
LIABILITIES.
Reserve deposi ts._................- - 1G,788,000 125,493,000 19,529,000 17,042,000
Duo to other F. R. banks— net.
Federal Rcscrvo notes In circu
lation— net amount.......... ..
3,217,000 6,640,000 4,156,000 4,009,000
Capital paid In ---------------------20,005,000 132,133,000 23,685,000 21,051,000
Total liabilities............
S ta te m e n t
also given:
o f
N e w
Y o r k
Chicago,
j St. Louis. Mlnneap. Kan. City. Dallas.
%
S
$
i
$
$
$
$
S
S
8,517,000 10,890,000
96,260,000 15,078,000 16,385,000 8,751,000 4,870,000 33,595,000 10,120,000
563,000
4,0 0 0
302,000
957,000
39,000 1,041,000
630,000
13,321,000 3,795,000
8.521.000 11,459,000
33,897,000
11,077,000
5.911.000
8.790.000
17,015,000
18,873,000
109,581,000
522.000
705,000
616,000
5.080.000 2.032.000 1.944.000 6.608.000 5.787.000 2,112,000
806.000
5.939.000
772,000 1.385.000
14,000
7.256.000 1.987.000 1.251.000
2.905.000
2,653,000
340.000
557.000
8,020,000
319,000
266,000
2,056,000
869,000
312,000
61,000
498.000
236.000
2,190,000
10,877,000 13,166,000
47,602,000
15,987,000
12,010,000
15,473,000
21,051,000
132,133,000 23,685,000
C ity
C le a r in g -H o u s e
San Fran.
$
S
7,023,000 14,97S,000
663,000
11,000
8,280,000 14,989,000
3,516,000 1.724.000
1.045.000
367,000
755,000
12,169,000 18,513,000
6.961.000 12,372,000
8.015.000 5,724,000 43,197,000 14,127,000 8,962,000 9.977.000
283,000 1.326.000 2.140.000 3,536,000
826,000
1.349.000
1.132.000
3,877,000 3,880,000
1.936.000 2,605,000
2,202,000 1,580,000 4,405’,666 1,860,666 1,632,666 1,863,666
13,160,000 12,169,000 18,513,000
15,373,000 12,010,000 47,602,000 15,9S7,000 10,877,000
B a n k s
a n d
T r u s t
C o m p a n ie s .—
1T h e
R o w in g
^
i i ^
e s ^
f o T
t h
e
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
C L E A R IN G S H O U SE
M EM BERS.
C a p ita l.
Week Ending
Mar. 27 1915
N et
P r o fi t s .
L oan s
D is c o u n ts ,
I n v e s t m 't s .
<f:c
N a t.B a n k sM a r . 4 )
S ta te B k s .D e c .2 4 /
(00s o m itt e d .)
Members of Federal
Reserve Bank
A vera ge
s
S
2,000,0
2,000,0
6,000,0
B a n k o f N . Y ., N . B . A .
M e r ch a n ts ' N a t. B a n k .
M e c h . & M eta ls N a t ___
N a tio n a l C it y B a n k ___
C h em ica l N a t. B a n k ___
M e r ch a n ts ’ E x ch . N a t .
N a t . B u tch ers' & D r o v .
A in er. E x ch . N a t. B ank
N a tio n a l B ank o f C o m .
C h a th a m & P henlx N a t.
H a n o v e r N a tion a l Bank
C itizen s ' C en tral N a t _ .
M a r k e t & F u lton N a t . .
Im p o rte r s’ & T ra d e r s’ . .
N a tio n a l P ark B a n k ___
E a st R iv e r N a t. B a n k ..
S econ d N a tion a l B a n k .
F irst N a tion a l B a n k ___
Irv in g N a tion a l B a n k . .
N . Y . C o u n ty N a t. B k .
C h a se N a tion al B a n k ..
L in coln N a tion a l B a n k .
G a rfield N a tion a l B ank
F ifth N a tion a l B a n k ___
S ea boa rd N a tlon alB a n k
L ib e rty N a tion al B a n k .
C o a l & Iron N a t. B a n k .
U n ion E x ch a n g e N a t . .
N a ssau N a t . B rook ly n
4 .6 0 9 .3
2 .1 1 4 .7
9 .0 3 3 .2
0 1 8 ,9
3 5 ,8
7 .900 2 .8
0
770,9
73,5
5 .102 3.8
25.000.
3.000.
1.000.
300.0
5.000.
25.000. 17.558.5
0
2.250.0
1.437.6
3.000.
15.352.6
0
2.550.0 2 .4 8 9 .6
1.000.0
1.500.0
5.000.
250.0
1.000.
10.000.0
4.000.
500.0
5.000.
1.000.0
1,000,0
2 ,0 0 0,9
7 .6 5 3.4
0
15,392,8
59,8
3 .10
1 9.9
2 2 ,4 9 1 ,3
3 .709 7 .4
1.418.3
9 .700 3 .3
1,888,1
1,000,0
1.257.3
415.3
2 .8 0 9 .6
1,000,0
643.4
969,6
1 .123.0
250.0
1,000,0
1,000,0
1,000,0
2.896.0
A vera oe.
S
2 9 .3 6 1 .0
2 4 .4 6 9 .0
9 7 .7 9 4 .0
2 2 0 .8 1 7 .0
3 3.2 08 .0
9 .0 7 7 .0
2 .0 6 6 .0
6 4 .2 4 2 .0
162.451.0
2 6 .0 3 5 .0
9 7 .0 7 5 .0
2 4 .9 3 9 .0
8 .7 2 3 .0
2 9.1 60 .0
111.619.0
1.987.0
15.594.0
123.36 6.0
4 9 .7 1 1 .0
9 .5 8 0 .0
128.102.0
14.896.0
8 .8 0 9 .0
4 .3 4 7 .0
2 8 .9 7 3 .0
3 0 .4 7 1 .0
6 .7 6 7 .0
9.73.8.0
8 .5 5 8 .0
S
1.432.0
1 .252.0
10.599.0
5 6.9 57 .0
1 .142.0
749.0
64.0
4 .7 0 2 .0
11.454.0
1.382.0
12.015.0
1.149.0
822.0
1.364.0
6 .6 4 6 .0
52.0
992.0
18.292.0
5 .8 0 4 .0
548.0
11.556.0
961.0
631.0
120.0
2 .5 5 8.0
1.454.0
849.0
102.0
222,0
T o t a ls , a v g e . fo r w eek 112,600,0 179,933,8 1 ,3 8 9,1 35 ,0 155,870,0
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
a ctu a l
actu a l
actu a l
a ctu a l
a ctu a l
co n d itio
co n d itio
con d itio
co n d itio
co n d itio
n
n
n
n
n
N a t .B an k N a t .B an k F ed era l
N otes
R eserve
N otes
[reserv e
[n ot
B ank
f o r S tate
c o u n ted
N otes
In stitu
as
[n ot
tio n s1
r e s e r v e ].
reserv e].
L eo a l
T en d ers.
A vera ge
$
859.0
2 15 .0
1.1 2 4.0
2 7 ,4 7 3 ,0
500.0
177.0
3 5.0
909 .0
2 .7 3 8 .0
621 .0
1 .4 3 8.0
199.0
9 7 6 .0
1.1 8 6.0
617.0
4 0 .0
277 .0
1 .386.0
1 .846.0
139.0
3 .7 0 0.0
510.0
155.0
164.0
892 .0
344.0
139.0
191.0
162.0
A vera ge.
S
A v era ge.
A vera ge.
%
$
1.2 3 8.0
1.359.0
2 .9 9 5 .0
19,7 13 ,0
1.8 0 3.0
311 .0
143.0
2 .1 6 7 .0
2 .0 3 1 .0
802.0
2 .0 0 6 .0
1 .482.0
733.0
861 .0
6 .6 7 1 .0
183.0
456 .0
4 .1 0 1 .0
3 .5 3 7 .0
647 .0
4 .2 2 8 .0
9C0.0
997 .0
290.0
1.839.0
1.3 9 3.0
338.0
782.0
523.0
A v era ge.
%
R eserve
w ith
L egal
D e p o s i
ta r ie s .
F ic e s s
d u e fr o m
R eserv e
D e p o s i
ta r ie s .
N et
D em a n d
D e p o s it s .
N et
T im e
D e p o s it s
N a tio n a l
B a nk
C ir c u l a
tio n .
A v e ra g e .
A v e ra g e
A vera ge
A vera ge.
A vera ge.
S
S
S
146.0
2 4.0
73.0
52.0
13.0
3 5.0
26.0
3 6.0
3 1.0
2 5.0
4 ,0
1 .966.0
4 6 .0
1 .689.0
17.0
6 .9 4 8 .0
571 ,0 2 9 .3 3 8 .0
2 .1 6 1 .0
697 .0
133.0
19.0
6,111,0
3 7.0 11.696.0
3 0.0
1,806,0
2 4 .0
7.3 0 9.0
33.0
1.777.0
4 ,0
852.0
1.960.0
7 .9 4 7.0
134.0
16,0
1.001.0
2,0 8 .6 1 5.0
75.0
4 .1 0 5 .0
5 ,0
650 .0
109 ,C 10,147,0
6 4.0
1.090.0
10.0
708 .0
3 3 0 .0
" 8 .6 2 .4 6 8 .0
2 .5 4 7 .0
7 3,0
513 .0
'" 2,6
758 .0
557.0
2 6.7 17 .0
2 3 .1 1 5 .0
9 7 .2 2 7 .0
2 9 4 .7 1 1 .0
2 7 .5 6 1 .0
9 .3 1 5 .0
1 .656.0
6 3 .8 6 8 .0
143.145.0
2 6 .5 3 4 .0
1 01.243.0
2 1 .4 7 9 .0
9 .1 0 9 .0
2 5.1 40 .0
109.524.0
1.788.0
12.858.0
118.241.0
5 6.4 39 .0
9 .5 5 5 .0
141.880.0
1 4.8 22 .0
8 .8 3 4 .0
4 .5 5 5 .0
3 3 .0 3 3 .0
3 0 .5 3 6 .0
6 .9 4 3 .0
9 .1 0 1 .0
7 .8 0 4 .0
7 .0
14.0
140.0
317.0
4 5 .0
21.0
10,0
116.0
2 78 .0
130.0
5 .0
39.0
123.0
27.0
177.0
14.0
8 5 .0
6 4 ,C
20.0
S
6 61 ,0
2 ,3 2 7 ,0
2 6 8 ,C
’ " 82',6
179.0
692 .0
221,0
1,223", 6
2 25 .0
250 .0
9 0 ,0
5
7 9 9 .0
1.9 2 9.0
5 ,0 0 0 ,0
3 .5 6 3 .0
4 4 9 .0
4 9 6 .0
5 0.0
3 .7 9 9 .0
4 .9 4 3 .0
1.1 9 9.0
305 .0
1 .6 5 5 .0
150.0
5 0 .0
3 .5 8 0 .0
5 0 .0
6 8 5 .0
5 .0 7 7 .0
7 4 0 .0
200.0
648 ,0
3 0,0
4 5 0 .0
8 9 0 .0
3 5 0 .0
2 5 0 .0
4 0 5 .0
5 0 0 .0
4 0 0 .0
4C0.0
2 6 7 .0
2 8 ,0
1 ,250,0
8 1,0
14,0
4 8 ,9 5 2 ,0
6 4,5 29 ,0
2 ,0 9 3 ,0
1 ,1 4 9 ,0 1 1 6 ,0 1 3 ,0
1,4 3 6,7 33 ,0
8 ,2 7 5 ,0
3 8 ,6 3 1 ,0
1 .3 8 2.2 47 .0
1.3 8 6.4 07 .0
1 .3 8 5.2 57 .0
1.3 7 0.4 35 .0
1 ,3 3 8 ,9 4 0 ,0
164.406.0
149.743.0
142.990.0
1 40.495.0
1 41,700,0
4 9 .0 0 9 .0
4 9.7 01 .0
4 8 .1 2 8 .0
5 1.8 58 .0
5 3.3 94 .0
6 4 .7 2 2 .0
0 4 .2 0 9 .0
4 7.7 39 .0
6 4 .6 2 3 .0
5 9 .4 0 9 .0
2 .3 2 2 .0
2 .4 3 3 .0
2 .4 5 5 .0
1 .863.0
2 .6 2 8 .0
9 7 1 .0 1 1 5 .0 5 5 .0
1.1 8 9.0 115,412,0
1.4 6 2.0 113,070,0
1 .5 1 2.0 111,665,0
7 4 0 .0 1 1 3 .0 6 6 .0
1 .439.551.0
1.4 2 9.2 45 .0
1.40 0.1 12 .0
1 .4 0 2.4 91 .0
1 .3 6 9.1 25 .0
5 .289.0
8 .1 6 0 .0
7 .7 9 9 .0
7 .9 8 1 .0
7 .8 6 5 .0
3 8 .6 2 3 .0
3 9 .5 5 6 .0
38.7.84.0
3 9 .1 1 4 .0
3 9 .1 1 8 .0
1 .705.0
1.455.0
1,000,0
7 .7 0 5.0
3 .0 7 1 .0
913 .0
251 .0
154.0
803 .0
6 .2 8 2 .0
288 .0
521.0
1,601,0
4 82 .0
598.0
1 .321.0
320.0
1 .645.0
1 ,179,6
6 09 .0
4 .2 4 1 .0
1 .509.0
195.0
774.0
2 05 .0
718.0
2 .1 6 2 .0
3 0.0
711.7
856.1
6 8 7 ,0
301.8
4 1 .6 0 0 .0
2 9 .4 7 6 .0
10.407.0
4 .9 4 3 .0
2 .1 1 3.0
12.119.0
7 0.9 01 .0
3 .5 4 8 .0
4 .5 4 7 .0
14.327.0
3 .5 2 5 .0
5 .7 7 1 .0
12.642.0
4 .5 0 7 .0
11.489.0
17.634.0
10.388.0
637.0
6 9.0
108.0
487 .0
179.0
405 .0
4 4 1 .0
80.0
8 2,0
9 31 .0
147.0
123.0
1.1 0 5.0
205.0
622.0
7 34 .0
328.0
77.0
1 ,379,0
6 3.0
15.0
107.0
76.0
8 5.0
235.0
30.0
140.0
587.0
180.0
16,450,0
3 2,7 79 ,7
2 59 ,9 3 7 ,0
2 7 ,7 4 3 ,0
12,461,0
13,405,0
3 ,6 6 9 ,0
6,020,0
12,828,0
11.705.0
2 9.7 49 .0
10.484.0
3 .8 6 0 .0
3 .5 4 3.0
3 .5 1 4 .0
3 .6 6 4 .0
3 .8 0 0 .0
6,112,0
631 .0
126.0
M a r .27
M a r .20
M a r. 13
M a r. 6
F e b . 27
S ta te B an k s
N o t M em bers o f
F e d e r a l R eserv e B a n k .
B a n k o f M a n h a tta n C o .
B a n k o f A m erica _____
G reen w ich B a n k ..........
P a c ific B a n k ___________
P e o p le ’s B a n k .......... ..
M e tr o p o lita n B a n k ___
C orn E x ch a n g e B a n k .
B o w e ry B a n k ............... ..
G erm a n -A m erlca n Bank
F ifth A v en u e B a n k ____
G erm a n E x ch a n g e B ank
G erm a n ia B a n k _____
B a n k o f M e t r o p o lis ..
W est S id e B a n k _____
N . Y . P rod u ce E x c h ___
S ta te B a n k __________
S e cu rity B a n k _______
2 .0 5 0 .0
1.5 0 0.0
500.0
500 .0
200.0
2,000,0
3 .5 0 0 .0
250 .0
750.0
100.0
200,0
200,0
1,000,0
200,0
1,000,0
actu a l
a ctual
a ctu a l
a ctu a l
a ctu a l
con d itio
co n d itio
con d itio
co n d itio
con d itio
2,110
1 .5 0 0.0
T o t a ls , a v g e . fo r w e e k .
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
4 .8 6 7 .6
6 ,3 2 8 ,8
1 .124.2
1.004.7
460.7
1.827.2
6 .9 7 9 .3
778.7
691.6
2,2 2 7,1
820.7
999 .0
n
n
n
n
n
M a r. 27
M a r . 20
M a r . 13
M a r. 6
F e b . 27
021,0
157.0
119.0
744.0
4 .1 9 6 .0
68,0
221.0
2 61 .5 1 5 .0
2 5 8 .5 1 4 .0
2 59 .9 8 6 .0
2 5 4 .2 2 7 .0
2 5 4 .3 2 8 .0
11.201.0
187.0
>47,0
23.8.0
4 9 ,0 0 0 ,0
2 7 .5 5 0 .0
10.9 58 .0
4 .8 3 0 .0
2 .2 3 3 .0
10.462.0
7 8.1 01 .0
3 .1 6 9 .0
4 .4 8 6 .0
1 4.8 81 .0
3 .4 0 9 .0
5 .6 6 5 .0
12.585.0
4 .6 0 3 .0
12.4 21 .0
19.5 38 .0
9 .4 9 8 .0
4 ,0
3 ,1 8 9 ,0
2 ,7 0 0 ,0
2 73 ,39 2,0
3 ,2 5 3 ,0
2 .5 5 5 .0
2 .5 6 8 .0
2 .4 6 6 .0
2 .8 0 0 .0
2 ,6 2 7 ,0
2 74 .97 7.0
2 70 .44 0.0
2 9 3 .9 0 2 .0
2 6 2 .3 5 1 .0
2 6 2 .8 0 0 .0
3 .2 5 6 .0
3 .2 5 8 .0
3 .2 5 7 .0
3 .2 5 7 .0
3 .2 7 1.0
1,-215,0 1.510.0
6 .5 3 5.0 10.169.0
1.577.0 4 .5 3 0 .0
817.0 1.838.0
1.018.0 5 .0 7 5 .0
7.6 7 0.0 10.821.0
588.0
316.0
336 .0
681 .0
2 .1 7 2.0 2 .2 1 6 .0
863 .0 2,001,0
1.478.0 6 .1 2 4 .0
577.0 1.061.0
690.0
4 93 .0
1 .493.0 1.191.0
745.0 2 .6 2 3.0
2 4.3 23 .0
1 30.096.0
3 1 .5 5 3 .0
16.335.0
2 0.3 68 .0
104.820.0
6 .3 4 0 .0
13.620.0
4 3 .4 4 6 .0
17.203.0
2 9 .5 3 2 .0
11.535.0
9 .8 6 2 .0
2 9 .8 5 9 .0
14.902.0
3 .8 8 9 .0
2 6 .0 5 0 .0
4 .5 9 7 .0
754.0
2 4 .7 5 0 .0
154.0
332 .0
14.516.0
793.0
3 .8 1 6 .0
2 .4 1 4 .0
1.048.0
3 .1 7 7 .0
4 1,0
170,0
2 7,6 50 ,0 5 0,8 03 ,0
5 64 ,45 4,0
9 5 ,3 1 9 ,0
132.0
190.0
181.0
8 5.0
6 5.0
26.5 82 .0
2 7.9 74 .0
2 7.8 83 .0
20.5 45 .0
2 6 ,8 0 3 ,0
5 3 .3 0 5 .0
5 1.0 15 .0
4 7.2 96 .0
5 7.7 40 .0
5 5,7 87 ,0
5 62 .56 5.0
5 59 .47 4.0
5 58 .22 0.0
5 32 .77 1.0
5 37 .77 7.0
9 7.3 80 .0
9 4.9 46 .0
9 4.0 85 .0
9 1 .6 0 9 .0
8 7 .6 1 0 .0
202.0
21,0
1,0
2,0
3,000
190
1 3 6 ,0
200.
" 205"
208,
9 3 0 ,6
1,100,
1,631,0
570,
6 .1 5 6.0
6 .2 2 8 .0
5 .8 2 3.0
6 .2 0 5 .0
199,0
5 7,0
3 ,0
T r u s t C o m p a n ie s
N o t M em bers o f
F e d e r a l R e ser v e B a n k .
B r o o k ly n T ru st C o ___
B a n k ers’ T ru st C o _____
U . S . M t g * T ru s t C o . .
A s to r T ru s t C o _____
T it le G u a r. & T ru s t C o .
G u a ra n ty T ru st C o .
F id e lity T ru st C o _____
L a w y ers’ T it le & T r u s t .
C o lu m b ia T ru st C o ____
P e o p le ’s T ru st C o ..........
N e w Y o r k T ru st C o ___
F ranklin T ru st C o ..........
L in coln T ru st C o .......... ..
M e tr o p o lita n T ru st C o .
B r o a d w a y T ru st C o ___
T o t a ls , a vg e. fo r w eek.
T o t a ls ,
T o t a ls ,
T o ta ls ,
T o t a ls ,
T o t a ls ,
actu a l
actu a l
actu a l
a ctual
a ctu a l
3 .3 4 9 .0
12,451,
4 ,2 2 6,9
1 .038.8
1.2 5 0.0
5 .0 0 0 . 0 11,652,1
10,000,0 2 1,3 60 ,8
1.000.0 1.330.3
5 ,008 3 ,2
4 .0 0 0 .
7 .009 4.1
2.000.
1,000,0 1,376,7
11,647,6
3 .0 0 0 .
0
1.000. 0 1.036.9
545.2
1,000,0
2,000,0 6 .1 2 3 .4
875.2
1.500.0
1 .500.0
10,000,0
2,000,0
4 6 ,2 5 0 ,0
8 9,1 91 ,7
con d itio
con d itio
con d itio
con d itio
con d itio
3 0 .1 3 9 .0
1 53.076.0
4 1.8 91 .0
2 1.0 04 .0
3 4.7 15 .0
2 33 .66 5.0
7,8 2 6,0
2 0 .8 6 5 .0
6 0 .7 3 7 .0
17.934.0
4 3.4 44 .0
14.3 26 .0
10.948.0
3 5 .6 3 2 .0
14.829.0
1.433.0
12.9 63 .0
2 .7 9 4 .0
1.140.0
1.621.0
13.074.0
381.0
1,0 8 0,0
3 .3 4 3 .0
1 .088.0
3 .1 3 2.0
575.0
6 04 .0
212,0
79.0
62.0
16,0
109.0
1.273.0
140.0
244.0
140.0
180.0
2 ,0 7 1 ,0
106,0
80,0
2.020.0
1,020,0
82,0
29.0
298,0
46.0
1 .039.0
61.0
329.0
53,0
198.0
204.0
800.0
459 ,0
180,0
15.0
271 .0
264.0
187.0
635.0
2 5.0
36.0
395.0
227.0
4 ,0
169.0
77.0
168.0
339,0
7 41 ,03 1,0
4 6,2 68 ,0
3 ,9 0 0,0
5 ,9 6 9 ,0
2 ,9 9 2 ,0
7 41 .05 8.0
7 38 .49 9.0
7 24 .00 2.0
7 04 .97 6.0
7 04 .23 0.0
4 0.3 49 .0
4 6 .2 6 7 .0
4 5.3 94 .0
10.114.0
4 6 .3 5 4 .0
210.0
112,0
414.0
G ra n d A g g reg a te, a v g e . 175,300,0 3 01 ,90 5,2 2 ,3 9 0 ,1 0 3 ,0
C om p a rison p rev . w eek
+ 12,897,0
-- —
G ra n d A g g reg ate a ctu a l
C om p a rison prev . w eek
G rand
G rand
G rand
G rand
G ra n d
G ra n d
A g g reg ate,a ctu a l
A g g reg ate,a ctu a l
A g g reg a te.a ctu a l
A g g erg a te,a ctu a l
A g g reg ate.a ctu a l
A g g erg a te,a ctu a l
6 ,6 6 1 ,0
+ 509 ,0
M a r. 2 7 . 2 ,3 8 4 ,8 2 0 ,0 2 38 ,88 5,0
+ 1,400,0 + 1 4 9 2 8 0
con d ition
con d ition
con d ition
con d ition
con d ition
con d ition
M a r.
M a r.
M a r.
F eb.
F eb .
F eb .
20.
13.
6.
27.
20.
1 3.
2 ,3 8 3 ,4 2 0 ,0
2 ,3 6 9 ,3 0 5 ,0
2,329,63,8,0
2 ,2 9 7 ,5 0 4 ,0
2 ,2 8 0 ,9 4 8 ,0
2 ,2 8 7 ,3 7 9 ,0
2 23 .95 7.0
216.21 5.0
2 14 .14 6.0
2 15 .42 9.0
2 14 .31 5.0
66,210,0
+ 427,0
6 5 .7 8 3 .0
6 6.4 85 .0
6 4 .8 9 4 .0
6 5 .8 9 6 .0
66.216.0
67,938 :o
8 3 ,0 8 7 ,0
- 1 ,2 6 5 ,0
+ 1,120,0
8 4.3 52 .0
8 2.6 33 .0
7 9.9 31 .0
7 5 .3 6 1 .0
7 7 .3 4 4 .0
8 0.2 65 .0
6 .2 3 9 .0
6 .2 7 1 .0
0 ,5 7 6 ,0
6 .8 0 8 .0
7 .3 0 1 .0
7 .4 3 3 .0
2 7.0
11.0
10,0
10,0
22,0
4 .0
54.0
14.0
12.0
6.0
2 ,0 9 3 ,0
— 682 ,0
7 ,3 5 9,0
2 .4 3 3 .0
2 .6 5 4.0
1.863.0
2 .6 2 8.0
2 .7 4 8 .0
2 .1 8 9 .0
8.688.0
1 ,322,0 149,683,0 5 3 ,5 0 3 ,0 2 ,2 7 4 ,5 7 9 ,0 106,847,0
+ 8 94 ,0
— 195,0 + 1,690,0 + 8 91 ,0 + 2 4 ,2 4 7 ,0
3 8 ,6 3 1 ,0
— 138,0
1 .105,0 147,749,0 55,860,0 2 ,2 7 7 ,0 9 3 ,0 108,925,0
— 278,0 — 1,793,0 + 22770 + 17,9 28 ,0 + 2 ,5 6 1 ,0
3 8,6 23 ,0
— 933,0
5 3.5 83 .0 2 .2 5 9 .1 6 5 .0 100.364.0
1 9 .7 8 2 .0 2 .2 5 2 .2 3 4 .0 105.141.0
2 .1 9 7 .6 1 3 .0 102.847.0
2 .1 6 9 .7 0 2 .0 9 8.7 46 .0
2 .1 5 6 .0 5 2 .0 9 7.9 97 .0
2 .1 6 6 .8 6 1 .0 9 3.1 22 .0
3 9.5 56 .0
3 8 .7 8 4 .0
3 9 .1 1 4 .0
3 9.1 18 .0
3 9.4 15 .0
3 9 .4 6 4 .0
1 .383.0 149,542,0
1.6 5 1.0 147,181,0
1.606.0 144,033,0
8 1 2 ,0 1 4 6 ,0 7 4 ,0
1 .141.0 144,487,0
1 .080.0 146,006,0
6 0 .5 4 6 .0
5 8 .4 1 4 .0
4 9 .9 0 8 .0
4 3 .0 1 4 .0
S T A T E M E N T S O F R E S E R V E P O S IT IO N .
A v era g es.
C a sh re se rv e R eserv e in
i n v a u lt.
d e p o s ita r ie s .
T o ta l
r e se rv e.
* R eserv e
r e q u ire d .
A c t u a l F ig u r e s .
S u r p lu s
re se rv e.
I n c .o r d ec.
fr o m
C a sh reserv e R eserv e in
d e p o s ita r ie s .
p r ev io u s w k.
i n v a u lt.
s
5
T o ta l
re se rv e.
a R eserv e
r e q u ire d .
S u r p lu s
r e se rv e.
I n c . or d ec.
fr o m
p r e v io u s w k .
s
M em b ers Federal
5
S
5
5
S
S
s
1
8
R eserv e B a n k .. 2 6 9 ,35 1,0 00 110.013.000 3.35,364,000 2 5 9 ,02 5,6 90 126,338,310 + 11597330 278,1.37,000 115,055,000 393 ,19 2,0 00 259 ,53 3,6 30 1.3.3,058,370 + 1 2 2 0 5 4 7 0
S ta te B a n k s. ______ 5 7 .2 7 8 .0 0 0
6 ,0 2 0 ,0 0 0 6.3.298.000 49,2 10 ,50 0 14,087,440 — 1,194,220 57.3 59 .00 0
6 , 1 1 2 ,0 0 0 6.3.471.000 4 9 ,4 9 5 ,8 6 0 13,975,110, + 4 1 3 ,4 2 0
T ru st c o m p a n ie s .. 5 9 .1 29 .00 0 2 7.6 50 .00 0 8 6 .7 79 .00 0 8 4 ,6 68 ,10 0
2 ,1 1 0,9 00 — 1,997,600 6 0 .0 45 .00 0 2 6,5 82 ,00 0 8 6.6 27 .00 0 8 4 ,3 3 4 ,7 5 0
2 ,2 4 2 ,2 5 0 ;— 2 ,3 4 2 ,6 5 0
T ota l
T ota l
T ota l
T ota l
T ota l
T ota l
T ota l
M a r.
M a r.
M a r.
M a r.
F eb.
F eb.
F eb.
2 7 ..
2 0 ..
1 3 ..
6..
2 7 ..
2 0 ..
1 3 ..
3 8 5 .75 8.0 00
3 7 4 .90 8.0 00
368.77.3.000
3 6 7 .58 0.0 00
3 65 .4 7 9 .0 0 0
3 6 7 .13 9.0 00
368.688.0001
149.683.000
147.99.3.000
1 46.170.000
1 46.209.000
146.987.000
1 45.107.000
144.328.000
5.35.441.000
5 2 2 .90 1.0 00
5 1 4 .94 8.0 00
5 1 3 .78 9.0 00
5 1 2 .46 6.0 00
512 .24 6.0 00
>13,016,000
392 ,90 1,3 50
3 88 ,76 9,8 00
383 ,41 6,9 50
379,67.3,260
375 ,66 0,2 20
.37.3,747,230
374,115,180,
1 42,538,650
134,131,140
131,531,050
134,115,740
136,805,780
138,498,770
138,900,820
+ 8 ,4 0 5,5 10
+ 2 ,6 0 0,0 90
— 2 ,5 8 4,6 90
— 2 ,6 9 0,0 10
— 1 ,692,990
— 402 ,05 0
— 4,000,3401
395 .54 1.0 00
.380,331,000
371 .60 4.0 00
365 .54 7.0 00
363 .49 4.0 00
3 65 .17 6.0 00
368 .15 1.0 00
147.749.000
149.542.000
147.181.000
144.033.000
146.074.000
144.487.000
146.066.000
s
5 43 .29 0.0 00
529 .87 3.0 00
5 18 .78 5.0 00
509 .58 0.0 00
509 .56 8.0 00
5 09 .66 3.0 00
5 14 .21 7.0 00
3 93 ,41 4,2 40
.390,27.3,480
3 89 ,04 5,4 70
3 7 9 ,98 6,2 00
.374,806,300
3 7 2 ,48 8,5 50
3 7 4 ,34 3,0 50
119.875,760 + 1 0 2 7 6 240
1.39,599,520 + 9 ,8 5 9 ,9 9 0
129,739,530
+ 1 4 5 ,7 9 0
129,59.3,740 — 5 ,1 6 7,9 60
134 ,76 1,7 00 — 2 ,4 1 2,7 50
1 37,174,450 — 2 ,6 9 8 ,9 0 0
1 3 9 ,8 7 3 ,3 5 0 — 4 ,1 1 8 ,2 3 0
^ 1 his Is the reserve required on N et D em a n d D ep osits In th e case o f Sta to Banks and T ru st (C om p an ies, b u t in the case o f M em b ers o f the F ederal R eserv e Bank 11
nnn.T . l a o2
o f rcscrv e required on N et T im e D e p o sits, w h ich w as as follow s: M a rch 27, 5413,750; M a rch 2 0 , 5388,600; M a rch 13, 5398,100; M a rc h 6 , 5 4 0 0 ,-
UUu, fcCD.
«
S
i a.
US
, v'xi/UpiOO,
reserve required on N et D em an d D ep osits in the case o f S ta te B a n ks and T ru st C om p an ies, b u t in the case o f M em b ers o f the F ederal R eserv e Bankl
a !)7° t o n J o r T i ° J r^ ^ & £ e3 iI! re(1 on N c t T im c D e P °sIt9» w hich w as as follow s: M a rc h 27, 3414,4 50 ; M a rc h 20, S403,000; M a rc h 13, 3389,950; M a rc h 6 , 5 3 9 9 ,-
UoU, D e o . J / J
o
,Jo u, l 1CD. 2 (i, S39S,<850.
In addition to the returns of “ State banks and trust com
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City n o t i n th e C le a r in g H o u s e ” furnished
in New York City n o t i n th e C le a r in g H o u s e , and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering a ll the institutions of this class
in the whole State. The figures are compiled so as to distin
SUMMARY OF SPATE BANKS AND TRUST COMPANIES IN G R EATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.)
Differences from
March 27.
precious week.
York) and those for the rest of the State, as per the following:
$729,500
Loans and Investments____________ _______ _______ 8559,903,400 Inc.
For definitions and rules under which the various items
177,000
Gold_______ ______________________ ______ _______ 43,932,500 Dec.
9,920,400 Inc.
85,900
Currency and bank notes_________________________
661,157.500 Inc. 5,119,100 are made up, see “ Chronicle,” V. 98, p. 1661.
Total deposits.......... .............................. .................-- 661,157,500
Deposits, eliminating amounts due from reserve de
The provisions of the law governing the reserve require
positaries and from other banks and trust com
508,118,000 Inc. 1,043,000 ments of State banking institutions were published in the
panies in New York City, and exchanges---------- 503,118,000
Reserve on deposits......... . . ........... - --------- ----------- 150,421,500 Inc. 4,567,800
Percentage of reserve, 28.3%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula
RESERVES.
tions relating to calculating the amount of deposits and what
-------State Batiks------- — Trust Companies—
Cash In vault_____ ______________ 810,848,700 11.62%
843,004,200
9.85%
Deposits In banks and trust cos----- 14,457,700 15.48%
82,110,900 18.81% deductions are permitted in the computation of the reserves
.825,306,400 27.10% 8125,115,100 28.66% were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
Total
The averages of the New York City Clearing-House banks
and trust companies, c o m b in e d with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST
GREATER NEW YORK.
COMPANIES IN
Jan. 2........
Jan. 9____
Jan. 10........
Jan. 23........
Jan. 30____
Feb. 6........
Feb. 13........
Feb. 20........
Feb. 27........
Mar. 6____
Mar. 13........
Mar. 20........
Mar. 27____
8
2.744.806.5
2.745.014.3
2.749.071.9
2,764,600,2
2.775.955.6
2.810.842.7
2,839,130,1
2.844.507.9
2.860.024.7
2.880.964.8
2,906,083,5
2.936.439.9
2.950.066.4
Demand
Deposits.
Specie.
S
S
2,560,108,2
2.580.567.9
2.600.658.9
2.644.972.0
2.664.534,5
2.699.873.7
2.720.179.4
2.728.181.5
2.741.073.7
2.761.539.0
2.784.801.1
2.817.407.0
2.842.697.0
Entire
Total
Money Reserve on
Holdings. Deposits.
Other
Money.
S
83.404.1
85.177.0
87,001,4
88.585.8
89.077.3
85,552,6
84.868.8
84.242.4
83.359.0
81.487.2
81.037.1
82.055.5
81,894,4
303,354,2
301.574.0
312.482,9
321.088.7
333.163.7
338.596.1
336.982.7
336.932.2
336.325.4
339.957.2
340.782.2
340.796.5
357.716.5
State Banks
Trust Cos.
Trust Cos.
Slate Banks
in
outside of
in
outside of
Greater N. Y. Greater N. Y. Greater .V. Y. Greater N. Y.
f
$
S
$
Capital as of Dec. 24___
24,550,000
67,300,000
13,100,000
10,913,000
Week ended March 27.
Surplus as of Dec. 24___
We omit ciphers in all these igures.
Week ended— Loans and
Injeslments
STATE BANKS AND TRUST COMPANIES.
S
386.758.3
386.751.0
399.544.3
409.672.5
422.241.0
424,148,7
421.851.5
421.174.6
419.685.0
421.444.4
422,419,3
428.852.0
439,610,9
S
607.295.8
602.350.5
629.276.2
650.606.3
660.446.2
058.143.6
653.807.9
602.375.7
055.540.7
653,529,0
653.470.3
608.754.7
685,802,5
39,269,500
151,327,000
13,749,700
11,225,000
Loans and Investments..
Change from last week.
335,843,500 1,195,133,500
—95,800 + 8,347,200
132,532,900
+ 807,200
192,978,800
+ 593,900
Gold______ __________
Change from last week.
41,787,700
— 1,622,900
85,628,100
—386,100
...............-
.................
Currency and bank notes.
Change from last wcek.
26,046,100
+ 168,300
16,544,300
—316,600
Deposlts________ ____ _
Change from last week.
428,286,500 1,345,467,600
+ 1,901,800 + 11,352,300
........... —
........... .
139,774,000
— 43,600
202,753,900
—464,200
Reserve on deposits.......
Change from last week.
98,751,800
—792,600
271,029,200
+ 4,912,700
25,629,000
—416,500
28,808,600
—801,300
P. C. reserve to deposits.
Percentage last week..
27.7%
27.7%
25.9%
25.9%
20.6%
20.9%
17.2% ‘
17.6%
+ Increase over last week. — Decrease from last week.
RETURN OF_NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Net
Profits.
Capital.
Nat. Bank Nat. Batik Federal
Notes (Re- NoteslNot Reserve
Loans,
/Nat. banks March41 Invest
(State banks Dec. 24/ ments, Ac.
Week Ending
March 27 1915.
Members of
Fcd’I Reserve Bank
Battery Park Nat.. .
First Nat., Brooklyn
National City.Bklyn
First Nat., Jers.City
Hudson Co. N.,J. C.
First Nat.,Hoboken
Second Nat.,IIobokTotal...................
State Banks
Not Members of the
Federal Reserve Batik.
Bank of Wash. Hgts.
Colonial Bank_____
Columbia Bank----Fidelity Bank.........
Mutual Bank.........
Now Netherland----Yorkvllle Bank.......
Mechanics’, Bklyn..
North Side, Bklyn..
Total...................
Trust Companies.
Not Members of the
Federal Reserve Bank.
Mechanics, Bayonne
Gold.
Tenders.
Silver.
Reserve
with
Legal
Slate In
as
NoteslNot Deposi
stitutions] Reserve]. Reserve',. taries.
Excess
Due from
Deposi
taries.
National
Demand
Deposits.
Time
Deposits.
Circu
lation.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
S
S
$
$
S
S
S •
S
$
$
$
$
S
200,000
136,000 1,975,000
06,000
57,000
90,000
11,000
13,000 194,000
200,000
1,832,000
300,000
680,900 4,663,000 112,000
37,000 106,000
14,000
8,000 532,000
294,000
188,000 4,244,000
300,000
617,500 4,982,000 171,000
56,000 127,000
22,000
119.000
10,000 622,000
218,000 4,965,000
400,000 1,265,500 4,662,000 222,000 408,000
79,000
394.000
34,000
526,000 2,115,000 4,389,000
250.000
14.000
61,000
804.800 3.640.000
97.000
* 68,000
194.000
3.000 309.000
755.000 2.577.000
220.000
25.000
23,000
658.800 5.024.000
58,000
3.000 307.000
614.000 1.839.000 2,591,000 217.000
90.000
39,000
125,000
84,000 .........
304,400 4,039,000
64,000
7,000
99,000
—
212,000
288,000 1,771,000 1,761,000
1,795,000 4,468,500 28,985,000 846,000 645,000 572,000
179,000
24,000 2,708,000 4,178,000 21,617,000 4,365,000 1,511,000
100,000
500,000
400.000
300.000
200,000
200,000
200,000
100,000
1,600,000
200,000
360,600
477,800
731.700
694.700
183,000
478,500
288,400
514,000
727,500
186,900
1,833,000
7,783,000
7.339.000
6.678.000
1.170.000
5.338.000
3,468,000
5,305,000
16,689,000
3,108,000
90,000
412,000
294.000
397.000
99,000
566,000
155,000
347,000
696,000
178,000
3,800,000 4,643,100 58,711,000 3,234,000
500,000 1,020,700 6,916,000
317,300 3,527,000
50,000
489,000
91,000
550,000 1,338,000 10,443,000 580,000
Total...................
Grand aggregate___ 6,145,000 10,449,600 98,139.000 4,660,000
_____ _______ + 617,000 —431,000
Comparison, prev .wk
$283,770 Increase
Excess reserve.
6,145,000 10,449,600 97,522,000 4,791,000
Grand aggr’te Mar 13 6,145,001 10,380,600 96.874.000 4,793,000
Grand aggr’te Mar 6 6,145,001 10,380,600 96.638.000 4,702,000
Grand aggr’to Feb.27 6,145,001 10,380,600 96,474,000 4,764,000
Grand aggr'tc Feb.20 6,145,000 10,380.600 96,347,000 4,836,000
9,000
169,000
204,000
82,000
9,000
59,000
71,000
90,000
138,000
39,000
55,000
195,000
461.000
271.000
27,000
153,000
142,000
169,000
548,000
110,000
18,000
277,000
37,000
124,000
9,000
52,000
'72,000
71,000
286,000
42,000
870,000 2,131,000
988,000
14,000
46,000
19,000
60,000
33,000
50,000
60,000
79,000
83,000
113,000
178,000
—
291,000
—
1,575,000 •17782,000 1,071,000 470,000
+ 238000 + 94,000 + 54,000 —46,000
1,337,000 2,688,000
1,294,000 2,741,000
1,216,000 2,663,000
1,262,000 2,749,000
1,303,000 2,725,000
1,017,000
1,058,000
1,063,000
1,067,000
1,142,000
516,000
574,000
482,000
586,000
543,000
105,000
241,000 1,401,000
394,000
948.000 6.558.000 1,637,000
480.000
297.000 8,000,000
420.000
201.000 7.015.000
63,000
100,000 1,046,000
314,000
903,000 5,242,000 392,000
195,000
8,000 3,461,000 135,000
318,000 5,611,000
337,000
1,029,000 1,971,000 17,145,000 811,000
74,000 3,293,000
—
- ........ 198,000
5,000 3,535,000 5,061,000 58,772,000 2,975,000
5,000
2,000
271,000 1,315,000 5,422,000 857,000
67,000
556,000 1,332,000 2,038,000
2,000
308,000 1,871,000 6,754,000 2,895,000
..........
.........
31,000 6,581,000 11,110,000 87,143,000 10235000 1,511,000
+ 3,000 — 10,000 —953,000 — 285,000 + 848000 — 10,000
28,000 6,591,000
20,000 6.364.000
20,000 7.322.000
30,000 6,965,000
30,000 6,595,000
12,063,000 87,428,000 9,387,000
10,344,000 87,209,000 8,556,000
9,802,000 86,975,000 8,547,000
9,604,000 87,558,000 8,186,000
11,316,000 87,550,000 8,130,000
1,521,000
1,516,000
1,514,000
1,518,000
1,519,000
Philadelphia Banks.— Summary of weekly totals of
Boston Clearing-House Banks.— We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00) s in all these figures.
BOSTON CLEARING-HOUSE MEMBERS.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
16.............
23.............
30.............
6.............
13.............
20.............
27_______
6.............
13......... .
20.............
27............
Capital
and
Surplus.
Loans.
Reserve.
Deposits.
a
Circula
tion.
Clearings
S
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103.084.3
103,684,3
103,684,3
103,684,3
103,684,3
$
395,052,0
393,071,0
394,575,0
395,604,0
397,425,0
402,966,0
401,622,0
406,929,0
410,428,0
411,220,0
412,354,0
$
79,909,0
82,966,0
84,437,0
85,162,0
87,508,0
90,514,0
91,485,0
92,277,0
91,186,0
91,266,0
90,718,0
$
437,435,0
438,174,0
438,966,0
443,310,0
445,806,0
458,620,0
458,793,0
461,943,0
459,147,0
460,763,0
456,791,0
S
11,647,0
11,592,0
11,554,0
11,562,0
11,521,0
11,510,0
11,510,0
11,512,0
11,518,0
11,516,0
11,423,0
S
151,220,0
150,965,1
144,309,4
168,439,7
120,041,2
163,893,9
124,704,2
169,945,0
138,902,4
139,536,7
133,978,0
a Includes Government deposits and the Item "duo to other banks" (March 27,
8132,012,000); also "Exchanges for Clearing House" (March 27, $11,465,000).
Due from banks March 27, $47,887,000.
Change from
Mar.27,’ is ) previous week. Mar.20 T5. Mar. 13 ’ 15.
Circulation_______________
Loans, dlsc’ts* Investments.
Individual deposits, lncl.U.S.
Due to banks_____________
Time deposits____________
Exchanges for Clear’g House.
Due from other banks_____
Cash reserves_______ : ____
Reserve In Fed. Res’ve Bank.
Reserve with other banks___
Reserve excess In bank_____
Excess with reserve agents—
Excess with Fed. Rcs’ve B’k.
$9,365,000 Dec.
$1,000 $9,366,000 $9,365,000
236.257.000 Inc. 1,911,000 234.346.000 236.704.000
182.008.000 Inc. 1,144,000 180.864.000 178.113.000
88.438.000 Inc.
247,000 88.191.000 87.786.000
7.170.000 Inc.
138,000 7.032.000 6.712.000
12.256.000 Inc.
936,000 11.320.000 13.126.000
24.320.000 Dec. 1,775,000 26.095.000 24.674.000
20.562.000 Inc.
612,000 19.950.000 19.507.000
9.413.000 Dec.
478,000 9.891.000 10.124.000
39.605.000 Inc.
566,000 39.039.000 35.040.000
8.010.000 Inc.
503,000 7.507.000 7.042.000
27.053.000 Inc.
457,000 26.596.000 22.581.000
3.137.000 Dec.
533,000 3.670.000 3.891.000
Imports and Exports for the Week.— See second page
preceding.
f jJ a w h m ’
(fe a e ite .
W a l l S tre et, F r id a y N i g h t , A p r i l 2 1915.
The Money Market, &c.— The increased activity and
strengthTreferred to in this column last week as a prominent
characteristic of the security markets, has continued with
additional force. It was announced early in tho week that
the French Government had negotiated a loan hero of
$50,000,000, thus establishing a credit in this country for
that amount, and later all restrictions upon trading at tho
Stock Exchange were removed. While these events have
no relation whatever one to the other, both have contributed
to a broader market for securities and a moro widespread
interest therein, because each is evidence of progress towards
normal conditions in international and domestic finance.
No argument, we presumo, is needed to prove that only very
recently could a foreign loan of that amount liavo been
negotiated here with such complete satisfaction, and only
within a few days, perhaps, would a proposition to mako
Now York an absolutely free and open market for securities,
the only one in the world in fact, have been looked upon with
favor on both sides of tho Atlantic. Announcement of the
latter action was mado after the close of business here on
Wednesday, and on Thursday tho price of Americans ad
vanced in London and our own market was strong.
Railway earnings are again less discouraging than of late,
showing in several important cases, including Pennsylvania
and N. Y. Central and tho Atchison and other Southwestern
lines, favorablo comparisons with February of last year,
the latter as a result of increased traffic. In tho case of
Penn, and N. Y . C., however, increased net was duo to great
ly reduced expenso account.
The war in Europe far exceeds, of course, all other in
fluences in its effect upon sentiment and action and con
templation of its awful waste of human life and treasure is
most disheartening. The very fact, however, that this is so
enormous seems to indicate that the end cannot bo very long
delayed. A prominent figuro in financial and transporta
tion circles, whoso forecasts of probable future events have
always been based on logical reasoning, sound judgment
and a remarkable knowledge of facts, has ventured to pre
dict that peace will be declared in tho approaching mid
autumn. Many others have similar hopes, and there is no
doubt of a more optimistic feeling in business circles generally
than has existed during tho past ten months.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 1% to 234% . The
rate on Thursday was 134 @ 2 % . Commercial paper closed
at 3 34 @ 3 34% for sixty to ninety-day endorsements and
prime four to six months’ single names. Good single names
334@4% .
Tho Bank of England weekly statement on Thursday
showed a decrease of £3,380,277 in gold coin and bullion
holdings, and tho percentage of reservo to liabilities was
18.26, against 22.43 tho week before. Tho rate of discount
remains unchanged at 5 % , as fixed Aug. 13.
Foreign Exchange.— The market for sterling exchange
during the week ruled quiet and irregular. An engagement
of $375,000 gold from Japan was reported.
To-day’s (Friday’s) actual rates for sterling exchange were 4 77M @ 4 77 'A
for sixty days, 4 79A @ 4 70% for cheques and 4 79 W @ 4 79 15-16 for
cables. Commercial on banks nominal, and documents for payment
nominal. Cotton for payment nominal, and grain for payment nominal.
There were no rates for sterling posted by prominent bankers this week.
T o d a y ’s (Friday’s) actual rates for Paris bankers’ francs were nominal
for long and 5 33 for short. Germany bankers’ marks woro nominal for
long and 8234 for short. Amsterdam bankers’ guildors were 39 for short.
Exchange at Paris on London 25.50A francs; week’s range, 25 fr. 4814c.
higli and 25 fr. 52c. low.
Exchange at Berlin on London not quotablo.
Tho range for foreign oxchango for tho week follows:
Sterling Actual—
Sixty Days.
Cheques.
Cables.
4 77 A
4 80 A
H i g h f o r t h o w e e k ____
4 8034
L o w fo r th o w e e k —
4 7734
4 7934
4 79 9-16
Paris Bankers’ Francs—
H ig h fo r th e w e e k
L o w fo r th e w e e k
__________
__________
5 3034
5 32
5 2934
5 3134
H i g h f o r t h o w e e k ____
L o w f o r t h e w e e k ____
__________
__________
8334
8234
8334
8234
H i g h f o r t h o w e e k ____
L o w f o r t h o w e e k ____
__________
__________
3934
3 9 7 -1 6
3934
3934
Germany Bankers' Marks—
Amsterdam Bankers' Guilders—
Dom estic Exchange.— Chicago, 5c. per 81,000 premium. Boston, par.
St. Louis, 5c. per 81,000 premium. San Francisco, 50c. per 81,000 pre
mium. Montreal, 86 5634 per 81,000 premium. Minneapolis, 30c. per
81,000 premium. Cincinnati, 10c. per 81,000 discount.
State and Railroad Bonds.— Sales of Stato bonds at the
Board this week include $2,000 New York Stato 4%s, 1965,
at 10434. $17,000 New York Canal 4%s at 108% to 108%;
$1,000 Now York Canal 4s of 1961, at 99%; $1,000 Now
York Canal 4s of 1962, at 100%, and $5,000 Now York
State 4 34s, at 108%.
The opinion of prominent men as to tho probable duration
of the war and the remarkably favorablo trade balanco
caused by orders from tho belligerent, factors noted last
week have lent material aid to increased activity in the
markot for railway and industrial bonds.
Sales of these securities havo, in the past four days, ex
ceeded tho high record established last week by $2,352,500.
Although a tendency toward reaction is shown in a few
issues, prices have, as a whole, advanced substantially.
In sympathy with the stocks, Third Avo., adj. 5s showed a
net loss of 234 points and New York Railways adj. 5s de
clined 2 points from the closing price last week. On tho
other hand, Chicago Rock Island & Pacific ref. 4s advanced
434 points. Buying in the C. R. I. & P. issues has been
decidedly heavy, probably by insido interests. Of a list
of twenty other active railroad bonds, sixteen show gains
ranging from % to 2 % points and only three losses.
Among the moro active industrial issues, Inspiration Con.
.Copper con. 6s of 1919 and 1922 have continued their pro
nounced upward movement of tho past fortnight. The
large demand for copper metal for tho manufacture of war
materials and recent sales at advanced pricos have con
tributed, in a large measure, to this advance.
Sales on sellers’ 20-day option (s-20-f), representing,
presumably, selling on foreign account, have been on a
greatly reduced scale, reaching for tho 5 days this week
$808,000, against .$1,256,000 last week and $1,869,000 for
the week preceding. The principal items woro Armour
& Co. 4%s $31,000, Cent. Pac. gtd. 4s $207,000, Nor. Pac.
4s $122,000, Nor. Pac. 3s $83,000, Den. & II. G. con. 4s
$20,000, So. Pac. 1st ref. 4s $128,500, Mo. Pac. 1st oon. 6s
$16,000 and Erie con. 4s, sorios B, $20,000.
United States Bonds.— Sales of Government bonds at
the Board are limited to $500 Panama 3s coupon at 10134
$3,000 3s, coup., at 10134, and $500 2s, coup., at 99 34!
F o r t o - d a y ’s p r i c e s o f all the d iffe r e n t i s s u e s
r a n g e , s e e th ird p a g e f o l l o w i n g .
and fo r
w ee k ly
Railroad and Miscellaneous Stocks.— Tho stock market
has taken on somewhat of its old-time activity and vigor.
Tho recorded transactions on Wednesday— 745,021 shares—
were exceeded only once in 1914 previous to the last week in
July, when war was imminent, and but threo times during
the year 1913. Also, prices advanced in many cases to now
high levels, and it is said that a larger percontago of tho
purchases than heretofore was on account of commissionhouse orders from tho outsido public. Reports are curront
that thero havo been liberal sales for foreign account, and if so
the strength maintained is tho moro significant.
Railway shares generally reached the highest prices of tho
week on Monday, since which somo havo suffered a roaction
and about half this list shows a not decline. Rock Island
was bid up nearly 16 points, but lost 1-3 tho gain. Erio
common and 1st preferred are between 2 and 3 points higher.
On tho other hand, Nor. Pacific, Sou. Pacific, St. Paul and
Reading are lower.
Several of the industrial group havo been erratic. Gen.
Motors was exceptional in an advance of over 27 points.
Bethlehem Steel|added’ 2334 points to its provious advance,
Max. Motors 14 and Studobaker and Texas Company each
about 10.
F o r d a i ly v o lu m e o f b u s i n e s s s e e p a g e 1159.
Tho following sales havo occurred this weok of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending April 1.
Sales
or
Week.
Range for Week.
Loicest.
Highest.
Range since Jan. 1.
Lowest.
200 85 Mar 29 '85 H Mar 29 80
Adams Express.... ........
10C 93 Mar 31 93 Mar 31 83
American Express_____
173 58 A Mar 30 59 Mar 30 58
Amer Teles A Cable.. .
Amor Writing Paper,pref
IOC S'A Mar 30 8W Mar 30 7
10c 8 Mar 31 8 Mar 31 5
Assets Realization____
1C 90 Apr 1 90 Apr 1 90
Buffalo Rooh A Tittsb..
100 (>!4 Mar 27 GW Mar 27 4
lies Moines A Ft Dodge
Detroit Edison.............
00 115 Apr 1 115}4 Apr 1 m u
300 52M Apr 1 58 W Apr 1 52W
Detroit United_______
1 low Mar 29 10W Mar 29 10W
Green Bay A W, deb B.
374 5W Mar 31 0 Mar 31 5W
Internat Agrlcul Corp.
300 12 W Mar 30 14 Mar 30 8
Preferred__________
420 1% Mar 31 2 Mar 31 1W
Internat Steam Pump..
440 6 'A Mar 29 8 X
A Mar 31 5
Preferred................ r, 60 Apr 1 60 Apr 1 60
K C Ft S A Mem, pref..
Lackawanna Steel_____ 1,100 32 Mar 29 35 Mar 31 28
100 75 Mar 30 75 . Mar 30 75
M StPASSM leased lino.
100 125 Mar 31 125 Mar 31 125
Nashv Chatt A St Louis
N Y Chicago A St Louis 200 32 Mar 30 34 W Mar 31 32
10C 67 Apr 1 67 Apr 1 07
700 6% Mar 30 7M Apr 1 4
Peoria A Eastern.........
Union Pacific warrants. 1,100 29 « Mar 27 29 W Mar 31 27 K
100 50 Mar 30 50 Mar 30 48 W
United Dry Goods, prof.
600 42 Mat 29 42 Mar 31 30 W
Virginia Iron, Coal A C.
350 93 Mar 30 94 % Mar 31 77 W
Wells, Fargo A Co........
750 38 Mar 27 40 Mar 30 25
Western Maryland, pref
Highest.
Jan 8514
Fei or)
Man 00
Fell 8 W
Jar 8
Api 90
Feb 7
Feb 115 K
Apt 58 W
Jan 12%
Mat 0
Mat 14
Mat 2
Jan 8W
Apr 05
Jan 35
Mar 75
Jan 126
Mat 30
67
Jati 7W
Feb 29 H
Jan 60
Feb 44
Jan 94 W
Jani 40
Mar
Mar
Jan
Apr
Fob
Mar
Mar
Feb
Feb
Mar
Outside Market.— Increased activity and strongth in in
dustrial securities was a feature of tho ‘‘curb” markot this
week, sharp advances occurring in a number of issues.
Kelly-Springfield Tire com. was conspicuous for a rise of ovor
13 points to 13034* with tho closo at 130. Tho 1st pref. sold
up 2 points to 84 and tho 2d pref. 8 points to 132, with tho
final sale at 131. Electric Boat com. was also a strong issue,
jumping from 35 to 60, with tho closo at 59. Activity was
likewise f renounced in United Cigar Stores new com., which
moved up about a point to 10%. Tho old com. improved
from 100 to 107 and ends the weok at 10634- Tobacco Pro
ducts pref. rose from 96 to 100. N. Y. Transit was promi
nent, advancing from 10 to 12%, with tho closo at 12%.
The Standard Oil group was less activo and somewhat irregu
lar. Vacuum Oil declared an extra dividend and tlio stock
roso from 190 to 205, but reacted to 199. Ohio Oil rose early
from 14234 to 144, then dropped to 140, moving upward
again, it rested finally at 141. Prairie Oil & Gas was irreg
ular, moving up at first from 246 to 249, then declining to
245. It advanced again, touching 258, tho closo being at
255. Southern Pipo Line sank from 212 to 206 and recov
ered to 216, with a final reaction to 215. Standard Oil
(California) fluctuated between 291 and 295 and finished tho
week at 293. Standard Oil (Indiana) lost 12 points to 416
and recovered to 418. Standard Oil of N. J. rose from 397
to 400 and broko to 395. In bonds, Wostorn Pacific 5s
gained 3 points to 36%. Mining shares were activo.
Outsido quotations will bo found on pago 1159.
•
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
„
For
STOCKS--HIOHEST
Saturdag
Afar. 27
99*8
*98
104
72*8
09*4
8912
Monday
Mar. 29
AND
Tuesdau
Mar. 30
.
re c o rd
.
of
.
.
s a le s
.
d u rin g
O C C U P Y IN G T W O P A G E S .
th e w e e k o f s to c k s u s u a lly in a c t iv e ,
LOWEST SALE PRICES.
Sales oj
Wednesday
Mar. 31
Week
Shares
Thursday
April 1
Friday
April 2.
1
99*4 99*4
9834 OSI2
104
104
72*2 72*8
70*2 70%
90*a 89*2
1633a 163*4
340 *300
44*4 44
99%
99% 99
100*4 99
99% 99
98*2 08*2 98*2 *98% 98*? *98% 98*?
104 *103 106 *104 106 *103 100
73% 72
71*8 72% 71*2 72%
73
70*8 70
70*2 70*s 70%
70*2 70
88% 89%
90*4 89*4 89% 89*4 90
102
105
163 165
160% 162
I6 H4 163
*300
325 *300 330 *300 330 *300 325
44
45*2
44'% 43*4 44% 44*4 46% 44
12% 11% 12%
* 11°8 11*8 11*8 12*4 12
12*a 12
31*4 32
32
32*5 32% 32%
30*4 31
32*4 32
90
89*« 88*4 89%
90*4 89
90*2 89
90*4 90
{124 124
124 124*2 124-*4 12434 124*2 12434 125 125
120 126% 126% 127 *126 127*2 *120% 127*2
126 126
*105
*105
*165 ___ *165 175 *105 175
28
19*2 21*2 19% 26
33*2
31*8 31% 30%
+__ 130
130
130 *__ 130 ** 28,8 130
*__ 150 *__ 150 *
150
150
150 *
32
30
*28
30
*29
*22
30
30
30*2 *25
03
*56
*56
65
65
65
*56
*68
25*4 25*4 20
27% 28*4 29%
26*4 26*2 27
27
*49
52
51
51
52*2 52%
{51
53
53
51
*38
45
*39
45
45
45
*42
45
*40
45
*147 149*4 149 149 *147*2 149*2 149 149 *14812 14U34
*420 430 *420 430 425 425% 420 425 *416 425
*5*2 6*2
7
6*8 0*8
7% 7*2
7*4
6*2 7*4
11
11
n
It
13*2 14
10% 13*2 13*2 15
23*8 24
23% 24% 23% 24% 24
25*8 25*4 20*4
39*8 39*8 38% 39*2 3834 39*? 39% 41
40*2 42
32*2 33*2
31
*3Ul2 3112 31
31
33
30*2 31
JL18l4 n y
118 118% 117% 118*? 117*2 118*8 11734 118*41
34*4 35
34*s 35‘) 34% 35*2 33*4 35*8 34% 36
109 109
*10712 109'| 108*4 109*4 108*2 108*2 103*4 109
13
1278 13
13*4 13
13% 13% 14% 14*4 15*2
62
0212 62
63
61*2 63*2 63*2 60*4 65% 67*4
♦22*2 23
23
24
23% 23% 24% 24*8 25
24%
59
*5**2 5912 *57lz 59*2 58
59
58% *58*2 59
7
*6
*0
7
*6
0% 7%
8
7
*10
18 *10
18
*10
18 *18 ___ *18 ___
13/12 133
137*2 133
137% 137*4 136*8 137% 135% 136%
at
"au
3034 36% 36% 36% *33
37
*110 119*4 120 120
118 118
120 120
118 119
*124 128 *124 128 *124 128
127 127 §123 128
14
14 §13*2 14
15
*13*2 14% 13*2 14*? *13
40
39*8 39*8 40
*33
40
*39
38
39
40
115*8 115*8 1JLO'8 11/
116*4 117% 117*2 117*2 116 110
*123 128 *1Z3 1*6 *123 125 *123 128 *123 128
13
13*2 12*2 13*8 12*4 13% 13*4 14% 13*2 14%
35*2 36
*32
30
3434 34% 34*2 36*2 37*2 39*4
11*2 12*4 11
11*4
12*4 14
11*4 13% 12% 14
*12
17 *12
17
17
*12
17
*12
17 *12
*4
7
*4
7
*434 61, *4% (>•■*. *4% 6%
85*t 85*4 85*4 87*4 85% 86% 85
85*8 rt3% 85
69*8 60*8 58*2 60*2 58% 60*4 58% 62*2 59*4 61
27
28*4 27*2 28*4 27*2 28*4 27% 28*4 28*4 29%
*----- 20
20 *__
20
*16
20 *10
20
102*2 102*2 102*2 102*2 101% 102*2 *101 102% 101% 101%
*83
85*3 §83
83
§80% 86*2
89
85*8 85% *85
106 106*2 105*8 106*2 104*8 105% 104% 105*2 104*2 105*4
106*4 100*i 100*4 108
107*4 108% 106*2 107*4 106*8 106%
YJs 5YU 70
7o
72
72
72
72
100 *___ 100 ♦
100 *__ 100 * : : : : 100
14734 148'8 147 148*2 146*8 147*4 145% 147*8 144% 145*8
'.'I) *----- 90
*80
*80
90
90
90
84
*81
*81
84
84
84
84
*82*2 84
*81
»5S
**2
•
’4
*4
%
%
*2
%
%
%
1
1
1
**8 1
1
1%
1*2
*8 1
*2
2*2
2% 2,8
2% 2*2
2*8 3
3
3
*8
10
*7
10
10
11*4 10*2 11% 10*2 10*2
*5*4 6
*5*4 6
7% 7%
7
8
5*4 7*2
17
17
1778 17*8
17*4 17*4
*16*4 18
18
*33*i 3.5*2 *33*2 40 *__
35
35
35 ♦__
13*4 14
13*4 13*8 13*2 13*2 13*2 15
14*2 14%
34
34*8 34*2 35*2 35*4 36% 35% 38
36*2 37
87*8 88*s 87% 88*8 80*2 87% 86*2 87% 80% 87
99*8 99*8
10*4 16*8 16*2 16*8 1638 16*2 16*2 77% 10*8 ~vT
54% 54*2 55
51*4 51*i 52
54*2 54*2
54*2 55
*13*2 14*2 13*8 13% 14
14*2 14% 15*2 15
15*4
55% 53*4 55*4 53% 54% 53% 54%
55*4 55*2 54
*1*2 3
*1*2
*1*2 3
2*2 2*2 *1*2 3
9
*7
7*2 *7
*7
7*2
7
7*2 *0*2 8
97*2 97*2
*2
U7*8
97*2 'J712 9712 9/1, 97
125*8 125*8 125U 12012 12434 120*4 12453 126
124% 125U
*80
880%
su%
8034
NO 80*2
80*4
80% §80% 80%
*8*2 11
9
*8
8*2 9
*8*8 878 *8*8 8*2
25
25*8 20
25*2 25*8 25*4 20
25
25
25
34
1
**2
s4
**2
%
%
%
1%
1*2
2% 2%
2
2
*1*2
2*2 3
25*2 2534 26% 25% 20% 25% 25%
23*4 23*4 24
3
3%
2% 3
2*4 2*3 *2*4 2*4 *2*4 2%
14
13
14
*8
*8
13
*8
12*2 12% *10
4*4
4
4*2 4%
4% 4% *3
4
5
4*2
31'8 34*8
35
30
30
*32
*31
*32
30
36
34*4 3434 35*8 31*2 35
34% 35% 34% 34%
9*4
9*4
12
13% 11*2 12
9*8 12
44% 40
38
3/
39
3934 45
45*i 47
02*2 61*4 62% 01% 63*8 02*4 03*">8 61% 02%
49
48*4 48*4 48*4 49*4 49*2 50*4 49*8 50%
*88
00
*87t»
91*2
*88
90
*89*2 91
44% 4434
43% 40
45*8 44% 45*4 44% 40
§85% 85%
85
*85
87
*85
87
*85
87
90
*90
92
*80 ___ c90
*90 92
*13112 135 *131*2 135 *131*2 135 *13U2 13134 *131%
du
29*4 31
30% 3214 31*4 32*8 31*4 31*8
04*8 94*2 95
95*8 90
95
95% 9512 96
45*4 45*a 40
46*2 46% 46% 46% 47*8 46*2 47%
*112 115 *114 114*2 *114 114*2 114% 114*8 114 114
48*2 48*2
48 —
*45% 47%
___ *45*2 47
{84
"87*2 87*2 90
90
92% 91% 92*4
109 *108 109 {108 108 {109 109
{108*4 108*4
47*4 47*i 47*, 48*8 47*2 48% 46% 47% 46% 46%
*95*4 99
*95*4 99
*95% 99
*95% 99
*95*4 99
5
5*4
5*4
5
*4% 0 I4
5
5
27
27
*26*4 27*4 *26
27
271, 28*4 27 27
29*4 28*4
28
29
28*2 28% 27% 28*2
*9% 10*2 10*4 11*4 10*4 10*2
*9*4 10*8 *9%
*27*4 28*4 *27*2 28*4 *27
30
28*8 30% 29% 30
26*4 20*8 26*2 27*4 26% 27% 27% 28% 28*2 29
*84
84
83*2 83*2 84
86
85
85
89*2 8934
4*4 4*8 *4*2 5*2
4*8 5
5
5
*4*2 5I4
*29*2 30*2 *29
31
30*2 30*2 31
32l2 31*2 32*2
*78
78*2
VS‘ 2 *78
78*2 *78
78*2
0734 08*4 67% 08% 67*8 68*2 08
69% 67*4 63
103i8 103*8 104 104 *103*2 104*8 104 104 §103% 103%
*147 150 iiyj 4
*148 152
150 LoU
*103 106 *103 106 *103 100 *103 100
20*4 20*2 20*8 26*8 27% 27*2 27*2 27*2
104*2 105*8 104*2 105
04% 104% 100*2 100% 108*8
104
111 111 *110 112*2 *110
12 *110 112 *110 113
122 122*8 1 Z 1<8 t Z i ' S 121*8 22*4 rl20 120% 119 119*8
*223 225 223*8 224 224
24 224 224% 224*8 224*8
*106 107*2 *106 107*2 *1 U0 107*2 *106*2 107*2 *107 107*2
1# *2 *18% 17*2 *1534 17% *10
17*2 *16
17*2
*81
83
80
81*2 79*2 79% *79
81
*79*4 80%
34*4
*8*2
*37
61*4
*48*4
90
44*8
85
:
1
§
1
1
1
see
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads
14,250 Atchison Topeka* Santa Fe..
1,101
200
19,300
2,950
13,250 Brooklyn Rapid Transit____
•
:
:
1
1
!1
1
1
1
1
l
l
1
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1
1
1
1
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•
15,000
3,100 Chicago Great West tr ctfs...
1,950 Do pref trust ctfs______
7,631
710 Do pref...........................
1,610 Chicago & North Western__
276,702 Chic Rock Island <fc Pacific.. .
Do
pref........... ................
200 Cleve CIn Chic A St Louis...
100
1,901 Colorado A Southern_______
491 Do 1st pref............. ........
101
Do 2d pref.................. .
22C
31C Delaware Lack A Western__
1,73C
4,225
102,266 Erie................ ...................
29.10C Do 1st preferred_______
5.50C
9,501
28,051
601
39,400 Interboro-Metropolltan v t eti
51,651
0,275 Kansas City Southern______
800
901
4*7,401 Lehigh Valley........................
201
730 Louisville A Nashville...........
105
521
865
1,782 Minn St P A S S Marie.........
30,100 Missouri Kansas A Texas___
6,100
09,351
Nat Rys of Mexico 1st pref..
24,804 N Y Central A Hudson River.
46,250 N Y N HA Hartford.............
8,651
1,001
204 Do adjustment preferred.
12,481
8,975
570 Plttsb Cin Chic <&St Louis.._
182,000
500
690
3,200 Do pref...........................
2,850 St Louis A San Francisco___
1,545 Do 1st preferred_______
3,040 Do 2d preferred__ . . . . .
300 St Louis Southwestern______
4,800
5,500
41,625
Certificates (when Issued)..
7.100 Southern v tr ctfs stamped__
2,150 Do preferred do
__
5.100
24,270
100 Toledo St Louis A Western...
200
800 Twin City Rapid Transit___
133,400
672
500 United Railways Investment.
1,200
4,550
1,500
4,620
1,100
100
2,400
600
p r e c e d in g
Range Since Jan. 1.
On basis of 100 share lots.
Lowest
11 5 1
page.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
92% Feb 24 100*4 Mar29
89*2 July 100*8 Jan
90 Jan 5 99 Feb 11 *96*2 Dec 101*4 June
98 Mar 1 107 Jan 22 {99*8 Dec 126 Jan
68*4 Feb 25 74*8Jan 26
67 Dec
98*8 Jan
07 Feb 23 73*4 Jan 20
69 Dec
83*8 Jan
8-4*2 Jan 0 90*4 Mar29
79 July 94*4 Mar
115314 Mar 1 163*4 Jan 21 153 Dec 220*2 Feb
324 Jan 22 325 Jan 22 300 July 310 Jan
40 Feb 23 46*8 Jan 26
40 Dec
68 Jan
10% Jan 4 12*8 Jan 22
9*4 July* 15*4 June
27 Jan 11 321, Mar31
25 July 41*2 June
83% Feb 24 93*2 Jan 22
84*4 Dec 107*8 Feb
123 Feb 25 130 Jan 22 126 Dec 143 Feb
121 Mar 3 1291, Jan 22 122 Dec 13678 Feb
1166 1-eb 10 {175 Jan 30 170 Jan 180 Jan
18U Mar 1 36*4 Mar31
33 June 33 June
125 May 131U July
132 May 132 May
{21 Jan 18 30 Mar26
22 July 40 Jan
53*8 Feb 17 65 Apr 1 40 July 70 Feb
24 Marl5 29*4 Apr 1 20 Mar 28*2 Jan
45 Jan 18 53 Mar31
377g July" 62 Jan
37 Jan 18 45 Apr 1 29 Dec
35 Mar
142 Jan 4 152 Jan 18 138*4 Dec 159*2 Feb
399*8 Jan 6 425*4 Mar30 388 Jan 406*4 June
4 Jan 12
7*2 Jan 25
4 July 19*4 Jan
6 <j Jan 7 15 Mar31
8 July1 31*8 Feb
19*8 Feb 24 26*4 Apr
20*8 July 32*2 Jan
32*4 Feb 24 42 Apr .
32 July 49*4 Jan
27 Feb 25 33*2 Apr 1 26*4 July 40*4 Jan
112*4 Jan 2 119 Mar27 111*8 Deo 13434 Feb
25'4 Jan 2 36 Mar31
22*2 July 39*4 . n
102ij Marll 110 Jan 22 103*2 Dec 115
Ln
10*8 Jan 16 15*9 Apr 1
10*4 July 16*8 <*u
49 Jan 19 67*4 Apr 1 50 Dec
65% J it e
20*8 Feb 24 25*8 Jan 22
20*4 July 23*2 J . y
54*8 Feb 24 *59 Mar31
49*8 Dec
62 J.o
5 Jan 5
73sMar31
5*8 July
9 J*/l
17 Apr
21*2 Jaa
129*4 Feb 24 139*4 Mar24 118 July 156*4 Ja 1
30 Jan 11 39 Jan 20
28 Jan
36 F e .
110 Mar 1 121N Jan 22 125 Dec 1417g Jan
127 Mar31 123 Jan 20 128 Jan 133 Feb
10*2 Jan 11
19*s Feb 15
9*8 July 16*4 Jan
25 Jan IS 49 Feb 15
27*2 June 35*2 Jan
106 Jan 4 117*4 Mar30 101 Dec 137 Feb
120 Jan 14 123 Jan 19 130 June 145 Feb
7*8 Jan 4 14*8 Apr
8*8 Dec
24 Jan
20 Jan 4 39*4 Apr
26 Dec
60 Jan
6*8 Jan 8
15*4 Jan 21
7 Dec
30 Jan
23 Jan 5 23 Jan 5
30 Jan
34 Feb
4*8 Jan 23
6 Mar23
5 Dec
14 Jan
8 U2 Mar 1 92*4 Jan 22
77 July 96*8 Jan
43 Feb 25 62*2 Mar31
49*8 July 78 Jan
2 1*4 Jan 6 29*4 Apr 1
18*4 Dec
31*8 Jan
25 Feb 15 25 Feb 15
25*8 July 43 Jan
99i2 Jan 4 103*2 Jan 22
90*2 Dec 1057g July
85 Jan 27 85*2 Jan 26
85 Jan
90 Apr
99's Feb 24 107 Jan 22
96*8 Deo 118*2 Feb
103*8 Feb 24 10S*2 Jan 22 10212 Dec 115*2 Jan
63 Marl5 72 Jan 18
64*8 July 91 Feb
95 June 101 Mar
140*8 Feb 24 153*g Jan 22 137 July 172*4 Jan
85 Mar 8 86*2 Jan 11
87 July 89*8 June
80 Feb 23 85*2 Feb 2 *80 Dec
93 Jan
*2 Mar25
1 Jan 19
*8 Dec
16*8 Jan
*8 Mar23
Us jan 15
1 Dec
25 Jan
1*4 Mar22
3 Mar31
2 Apr
5% Jan
10 Jan 25 11*4 Mar31
8 May 17*2 Jan
3 Jan 18
8 Mar31
2*4 Dec
9*4 Jan
15 Feb 15 1778 Mar30
177g July 28*4 Jan
33 Mar24 37 Jan 21
36 July 65*8 Jan
11*4 Jan 4 15*2Jan 26
10*4 Dec
22*8 Feb
32 Feb 25 41 Jan 26
45*4 Jan
58 Feb
81*4 Feb 5 88*2 Jan 22
81 Dec
99*2 Jan
94*8 Feb 20 9978 Mar30
9278 Dec 106*2 June
12*4 Feb 24 18 Jan 23
14 Dec
28*4 Feb
43 Feb 25 63 Jan 20
58 Dec
85*4 Feb
11 Jan 11 15*2 Mar31
11*2 Dec
17*4 Apr
35 Jan 2 55*8 Mar26
33 July 45*4 Jan
1 Jan 6
2*2 Mar31
2 Dec
12*4 Jan
6 Jan 6
9*8Jan 23
4*4 Deo
23 Jan
95*8 Feb 25 99*2 Jan 16
947g July 108*2 Jan
115*4 Jan
12012 Mar29 112 July 164*8 Jan
*79 Mar 1 81*4 Feb 26
77*2 Dec
86 Feb
8 Jan 5 14*4 Jan 20
7*2 Deo
23*4 Feb
21*4 MarlS 35 Jan 19
22 July 49*4 Mar
*2 Mar25
1*8Jan 22
*2 July
4*8 Jan
1*8 Feb 24
3*8 Jan 22
1*4 Dec
13 Jan
9*4 Jan 4 26*4 Mar31
10*4 Dec
35 Jan
l*i Jan 6
3*4 Jan 18
2*2 July
6*8 Jan
10 Mar24 16 Jan 18
8*4 July 21 Jan
3 Jan 4
6 Jan 18
3 Dec
11 Jan
30*8 Feb 24 39*8 Jan 21
29*4 July 48 Feb
Industrial & Miscellaneous
9,800 (JAlaska Gold MlnIng.Par *10 $20*8 Jan 7 $3512 Mar23 $19*2 July
12,450
7*4 Jan 12 13*8 Mar31
6 July
8,200
33 Feb 10 47 Mar31
32*2 July
95,900
50*8 Feb 24 63*8 Mar31
48*4 Dec
2,010 American Agricultural Chem. 48 Jan 4 52*4 Jan 19 47*4 Jan
100
90 Mar27 91*2 Feb 16 90*4 Dec
18,400
33*4 Jan 6 46 Mar30
19 July
110
83 Feb 1 86*4 Mar22
66 May
200 Amer Brake Shoe & Foundry. 87*4 Feb 25 c92*4 Mar22
80 Apr
132i2Mar25 137*4 Jan 22 129*2 Jan
103,160
25 Feb 24 327S Mar31
19b July
3,700
91*2Jan 5 97*8 Jan 21
80 July
2,810 American Car A Foundry___
40 Feb 23 48*2 Jan 18
42*4 Dec
200
112 Feb 23 115 Jan 20 112 July
100
43*4 Marl2 60 Jan 12
59*2 July
904 American Coal Products____
82 Jan 20 92*4 Apr
{82 Jan
30
105 Jan 7 {109 Feb 20 {102 Jan
6,300
39 Jan 4 48*4 Mar30
32 July
97*2 Jan 8 97*8 Jan 26
93*8 June
900 American Hide A Leather___
4*8 Feb 19
5*2 Feb 9
3*4 July
2,100 Do pref.... ................. .....
19*4 Jan 5 28*4 Feb 9
17 July
5,370 American Ice Securities_____
20*8 Jan 4 29*4 Mar27
197g July
3,100 American Linseed__________
7*4 Jan 2 11*2 Jan 16
7*2 July
800 Do pref______ ________
24 Jan 6 30*4 Jan 18
24 Dec
10,000
19 Mar 2 29 Apr 1 20*4 July
565.
75 Mar 6 96*4 Jan 9
96 Jan
825 American Malt Corporation..
4 Jan 6
6 Jan 22
4*4 Dec
800
28*2 Jan 20 32*5 Mar31
30 Dec
250 Amer Smelters Sec pref B _____ 78 Jan 19 SO Marl7
79*4 July
26,500 Amer Smelting A Refining... 58 Jan 2 69*8 Mart 1 50*4 July
510
100 Jan 4 104i2 Feb 10 97*2 Apr
300
144 Jan 10 155 Jan 29 148 Deo
103 Jan 19 106 Feb 1
997g Jan
1,250 Amer Steel Foundry (new)__
24*8 Mar 5 32 Jan 18
27*2 July
10,035 American Sugar Refining___
99*2 Feb 24 111*2 Jau 29
97 Mar
200
:09 Feb 5 114*2 Jan 29 107*8 Mar
7,000 Amer Telephone A Telegraph. 116 Jan 4 122*4 Mar20 114 July
775 American Tobacco............... !20 Jan 4 234*4 Jan 29 215 Apr
103*4 Jan 4 108 Mar 8 101*4 Jan
15*4 Mar 6 17*4 Jan 23
12 July
6001 Do pref_______ ____ __
77*4 Feb 27 81*4 Marls 1 72*2 Mar
*287g May
14U Feb
49 Jan
78*8 Feb
59*2 Mar
97*2 Jan
33*2 Deo
80 Deo
97*2 Feb
140*8 Feb
35*8 Jan
96 Jan
53*2 Feb
118*8 Jul
68 Jan
{ 86*2 Mar
107 July
46*2 Feb
97*8 Mar
5*4 Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
37*4 Jan
102i2 Mar
9*4 Jan
50*8 Jan
85 Jan
71*8 Feb
105 Jan
172 Jan
106*4 July
37*2 Feb
109*8 Jan
115 Deo
124*4 Jan
256 Ma
109 Jun
20*8 Jan
83 Jan
New York Stock Record—Concluded—Page 2
F o r re c o rd
o f s a le * d u r i n g
th e
w eek
STOCKS—HIGHEST AND LOWEST SALE PRICES.
M on d ay
M a r. 2 9
Saturday
M a r. 2 7
Tuesday
M a r. 3 0
Fridr
A p ril
T huisday
A p r il 1
| W ednesday
S tar. 3 1
of
s to c k s
Sales of
the
Week
Shares
*
*98%
27%
*116
53%
93% »
11%
*72
50
*93
*
8%
*8
26%
5185%
5107
*142
112
99%
37%
*96
52%
§115
23%
95%
*112
*71
*96
*8
*36
*80
*106
119
*106
*95
*215
5116%
*19%
*91%
*
*160
§117
§76
*67%
.33
75%
31
*
♦
70%
*75
23%
52%
101%
* 120%
*121
70
100%
* 12%
*80
58%
*107
12%
*65
*19
*26
122%
*20
*91
*
31%
*91
152
* lo
28%
35%
99
%
28%
33%
*95
*12
152
153
%
1
%
24
23%
*
90
19%
18%
19
21%
21%
21%
*77%
78%
78
1
* 78
%
4%
*3%
*3 1 2
136
136
136%
*122
125% *1 2 2
*27
29
§29
52%
52%
52%
73
*70
49%
49%
48%
95%
*93%
95%
29%
2 9 l.i
29%
134%
134
134%
*64
66
*62
107
*100
*100
*%
*22%
6
12 0
*99
1054
118%
6%
251
47%
104
13
70
25
80%
41
64%
105%
494
105%
56%
22%
87%
651
721
120
120-1
10 0
10 0 7
118*
29
35
98
29
35
§96
*%
89
86%
104%
05
*124
128
6
*4%
29
29
15
16
45
*76
83%
34%
35%
:0 2 %
101%
*118
38%
40
*
60
100
100
26%
27%
116%
117
56%
56
*93
95
11%
11%
72%
72%
49%
48
*93
105
86
7%
8%
9
*9
27%
27
*184
186
107% *1 0 6 %
142
113
121
125
99%
100
39%
38
1 0 0 >4 * 9 6
54%
53%
*114
116
24%
24%
*94
96
*
112
154
lo
*
25%
*46%
*102
*9
*32%
70
*24
80
*40
63%
* 105%
48%
105%
55%
22%
87%
64%
72
*118
•%
28%
35
*94
%
*4
84%
91%
104%
:o 4 %
.2 8
*125
*4%
6
29%
29
15
15%
42
45
*76
83%
31%
35%
102
*101%
►1 1 6 %
39%
39%
60
100
*98%
2734
27
I 17%
118%
59
60
95
9 1%
12
11%
73%
73%
50%
50
96
93
86
*86
8
8%
7%
984
10
§9
27
28
28%
186
*184
*18 4
107% §1 0 7 %
§107%
143
*141
142%
122%
123
126%
101
99%
100%
42%
41%
38
99%
101
99%
54%
54
52%
*114
116
*115
24%
21%
24
*91
96
98
* _
1 15
112
*71
74
70
75
*71
*97
110
*90%
*96
10 1
9
9
*8
*8 %
■
8%
37
37
37%
37
37%
82
*75%
*80
81%
*79
*105
109
*107
109
*106
122
123
*120
120
120%
1 10
*106
109% *107
* 106
97
97
*96
97%
97%
220
*218
217
215% 215%
116% 117% * 1 1 6
*116
118
22
*2 0 %
26
19%
20
*94
*93
95
95
*91%
*
*
*
60
66
*160
178
178
♦160
*160
♦
117
*113
118
1 IS
*73%
76
*75
*73%
76
*67%
69
*67%
68
68
44%
39
35
38%
41%
82%
79
78%
77
78%
3534
33%
37%
32
33%
*
*
48
43
48
*
*
99
96
99
72%
73%
721.
74%
71%
79%
78
*78
79%
79
24
23%
24%
24%
23%
53
52%
5 3 It
54%
53%
10 1
101
101
10 1
10 1
120
120
120%
120
r l 20
124
121%
124
*120
*120
75
78
77%
73%
71%
101
101
100% 100%
§101
13%
13
13%
* 12%
13%
§80
79%
79%
80%
.8 0 %
63%
03%
60
58%
59%
*108
*1 0 7 % 109
* 1 0 6 % 109
12%
12%
12%
12%
12%
*65
69
68
6.3V,
68%
*65
70
70
10
*65
19%
19-%
19%
*26
*26
28%
*20
28%
122% 122%
122
122% 122%
21
20%
20
20
20%
94%
93%
94%
93%
92%
*
*
*
80
80
34%
34
34%
33%
33%
93
*92
93
93
93
76
76
05
1 0 4%
28.
*125
6
*4%
29
*28
15%
15
45%
45
83%
*76
351.1
34%
02% *101%
*118
39%
38%
60
00
*981.1
27%
27%
.1 7 %
116
53%
54
93%
*92%
11%
11%
73%
72%
50
*46
96
*103
♦
86
8%
10
26%
18 6
107%
14 3
12 0
99%
38%
10 0
52%
11 5
24%
95%
113%
74
10 2
9
38
82
109
119
109
98
218%
116%
19%
95
66
178
117
76
69
34%
76%
31%
48
99
72%
79
23%
54%
101%
122
124
70
100%
13%
90
59
109
12%
70
70
20%
29%
123
21
93
80
32%
98
291,s
33%
99
6
27%
46%
*9
34
*65
*24
80
41
63%
105%
49
105%
55%
22%
87
654
72%
*118
lo
*%
%
*23%
23%
*
no
19
19%
21%
21%
78%
78
*%
%
*3%
4%
135
136%
*122
125
*28
29
52%
53%
72%
*70
55
521
96
95%
29%
29%
135
135%
66
66
107
*100
6%
6%
*26
47
103
*9
13
*34
34
♦65
69
*24
25
*78%
80
42
42%
62%
64%
105%
105%
48%
491
106
105%
55%
56%
22%
22%
89
89
65%
723
71%
*118
120
27%
47
1 2 0 % 12 2 1
•991 10 0
106
*1181
153
* lo
1061
12 0
12 1%
991
106
*118%
153% *1 5 2 %
%
%
1
24
23*4
*
90
19%
19%
23
22%
79%
78*4
1
1
5
4%
135
136
*124
125
§27
30
52%
*51
73
*71
55%
57%
97
97%
29%
29%
140
143%
*62
66
*100
107
6
6%
*26
27%
§47%
47%
*102
103
14
*9
*33%
40
*65
68
*25
80
80%
47
45%
04%
66%
105%
105%
491
48%
105%
1051
56
56%
22%
231
89%
89
6 534
66%
*71%
73
*116%
120
12 2
125
10 0 1
§ 10 1
1091
...
*1
*\o
12
8 3 3 .,
89
*101%
105
*125
128
* 4 i2
6
*28
30
123,1
15
41
42%
83% ' *76
3534
31%
101%
102
*115
39
40%
60
99%
100
271t
27
118%
120
S o li
61
943/
§95
12%
11 »4
*72
74
51
51
*90
93
*80
7%
%
*8
91i
29%
29%
§181
186
1071. * 1 0 6 %
142%
1 13
12 2
127
103
103
41
44%
*99%
99%
53%
54%
§ 1 16%
1 16
24%
25%
*94
974t
8
115
71
107%
884
37%
82
110
124
110
98
220
118
22
95
66
178
117
70
68%
47
S3
38%
43
90
73%
78
24%
53
101
120%
121%
80%
102%
13%
80
65
108%
12%
68
71
20%
27%
122%
21%
95%
80
34%
98
65
*96%
8%
37%
*77
*108
* 120%
*107
*95
220
*115
22%
95
*
_
*160
*114
*75
*67%
42
80
35
42
* , - 71%
*75
23%
53
*100
118
*121
75
102
12%
79
62%
*108
12%
*65
71
*19%
26%
122
201i
94%
*60
3234
*92
*152%
155
%
3|
25%
90
191t
23
79%
4%
9%
137%
125
27
53
73
58%
97%
30%
143%
67
107
6%
28
47%
105
13
40
70
____
80
49%
66%
105%
49%
105%
57%
231
89%
67
721
120
127
10 1
107
109%
18*4 _____
* Bid and asked prices; no saos on this day.
dividend. 2 Ex-dlvldend
*28%
35
*94
29%
30
96
*2
%
28%
35%
98
1
86
7%
10
30
1851i
107%
144
124
103%
4334
100%
54
1 16%
2a %
97
115
65
103
9%
371i
81
110
124
110
98
220
1 17%
22%
95
66
178
118
76
69%
44
81%
37
44
97
72%
79
24%
53
101%
120
121
79
102%
1 2 >s
79
04%
109
12%
69
71
20%
26%
1221i
21%
9534
SO
33%
96
see
second
1 7 ,8 7 0
1 ,1 0 0 B a l d w i n L o c o m o t i v e ____________
D o
p r e f .............................................
39
$20
100 d B a to p lla s M i n i n g . . .
1 3 1 , 6 0 0 B e t h l e h e m S t e e l __________________
900
D o
p r e f .............................. ..............
2 4 , 9 5 0 d C h l n o C o p p e r ____________
*
1
1
1
1
1
1
1
1
Par $ 5
300
3 ,4 0 0
6 ,4 6 0
4 ,4 3 0
375
1 9 ,9 5 0
1 ,7 0 0
2 ,2 0 0
100
D o
p r e f ________________________
C o lo r a d o F u e l
I r o n __________
C o n s o l i d a t e d G a s ( N Y _______
C o n t i n e n t a l C a n __________________
D o
p r o f .............................................
C o r n P r o d u c t s R e f i n i n g _______
D o
p r e f __________ ______________
C u b a n - A m e r t c a n S u g a r ________
D o
p r e f . . ..................... .................
1 ,8 0 0
120
1 ,4 5 0
60
160
1 .4 0 0
1 5 ,3 5 0
3 ,2 9 0
4 6 ,4 0 0
500
1 7 ,3 0 0
23
4 5 ,4 0 0
200
100
300
D i s t i l l e r s ’ S e c u r i t i e s C o r p _____
F e d e r a l M i n i n g Sc S m e l t i n g ____
Do
p r e f _______________________ G e n e r a l C h e m i c a l _________________
D o
p r e f . . .................. .. .................
G e n e r a l E l e c t r l o __________________
G e n e r a l M o t o r s v o t t r c t f s _____
D o
p re f v o tin g tru s t c t fs .
G o o d r i c h C o ( B F ) .........................
D o
p r e f _______________ _________
d G u g g e n h e lm E x p lo r .
$25
H o m e s t n k e M i n i n g ...........................
d I n s p ir a t io n C o n C o p .
$20
I n t e r n a tio n a l H a r v e s t e r o f N J
D o
p r e f ....................................... ..
I n te r n a tio n a l H a r v e s t e r C o r p .
.t
Par
Par
1 ,1 3 5 I n t e r n a t i o n a l P a p e r _____________
D o
p r e f . . .............................. ........
965
1
1 ,1 0 0 K r e s g e C o
( S 3 ) __________________
1
><
Q
2 0 0 L a c l e d e G a s ( S t L o u i s _________
7 0 0 L i g g e t t <fc M y e r s T o b a c c o _____
693
D o
p r e f ....... ................. ....................
4 0 0 L o o s e -W ile s B is c u it tr c o c t f s .
100
D o
1 s t p r e f e r r e d ____________
&
122
Q
50
100
5 7 ,3 1 0
2 7 ,7 5 6
4 6 ,3 2 5
1 ,1 0 0
100
3 4 ,2 0 0
300
2 1 ,0 7 0
6 ,2 6 0
600
1 ,1 0 5
100
4 ,4 5 5
1 ,0 8 5
810
320
5 5 ,1 1 5
O
I
A
m
0
w
0
'A
W
W
O
5 ,1 5 0
Ul
155
%
1
24
90
19%
19%
22%
22%
78%
78
2
23.1
8%
6%
*1 3 5 % 136%
1
2
5
*124
30%
*28
521i
52
72%
72%
54
58
97
§97
293,1
30
140
138
66
*62
107
*100
*5 3 4
6%
27%
27%
461i
4734
105
*100
13
*9%
*34
40
70
*65
____
*24
80
80
48
47
053;
64%
1053.1 1051]
4834
4734
105% 106%
50^ 4
56%
23%
23^8
90
916
66
65
73*7
72%
125
* 119
123
12 2
*99% 10 1%
107% 1081
* 1 1 8 3 4 -------- 1
24
200
600
1 ,0 0 0
200
2 ,0 3 8
1 1 ,8 0 0
7 ,9 5 5
D o
p r e f _________________________
M a c k a y C o m p a n i e s _____________
D o
p r e f ............................................
M a x w e l l M o t o r I n c t r c t f s ____
D o
1 s t p r e f s t k t r c t f s _____
D o
2 d p r e f s t k t r c t f s _____
M a y D e p a r t m e n t S t o r e s .............
D o
p r e f .............................. ..............
M e x i c a n P e t r o l e u m _____________
D o
p r e f _________________________
$5
d M I a m l C o p p e r __________
M o n t a n a P o w e r _______ ___________
D o
p r e f _________________________
N a t i o n a l B i s c u i t __________________
D o
p r e f _________________________
Par
Sc
N a t E n a m e lin g
S t a m p in g ..
D o
p r e f _______ _________________
N a t i o n a l L e a d _______ ______________
D o
p r e f _________________________
d N o v a d a C o n s C o p ____
$5
N e w Y o r k A i r B r a k e ............. .........
N o r t h A m e r ic a n C o ( n e w ) . . .
P a c i f i c M a l l .............................................
P a c ific T e le p h o n e
T e le g r a p h
P e o p l e ’ s G a s L t Sc
( C h i c ) ____
P i t t s b u r g h C o a l .................................
Do
p r e f ......... ...................................
Par
Sc
C
5 , 5 7 0 P r e s s e d S t e e l C a r ..............................
200
D o
p r e f ........................ ................. P u b lic S e r v ic e C o r p o f N
____
92C P u l l m a n C o m p a n y _______________
9 0 0 Q u i c k s i l v e r M i n i n g _______________
1 ,1 0 0
D o
p r o f . . .................................... ..
2 , 0 1 0 R a i l w a y S t e e l S p r i n g ____________
J
*
§ Le3.s than 100 shares,
2 1 ,3 0 5
1 1 ,1 0 0
2 ,7 7 0
9 ,4 5 0
6 ,6 0 0
960
120
1 ,2 9 0
475
4 6 ,6 0 0
87C
5 ,6 0 0
9 ,3 5 0
IOC
Pat
d l t a y C o n s C o p p e r ____
$10
R o p u b l l o I r o n & S t e e l ...................
D o
p r e f _________________________
R u m e l y C o ( M ) __________________
D o
p r e f __________
S o a r s , R o e b u o k Sc C o ____________
Do
p r e f . . . ....................................
S t o s s - S h e f f i e l d S t e e l Sc I r o n ____
S ta n d a rd
M illin g . _ .
D o
p r o f __________
S tu d e b a k e r C o r p o r a t io n (T h e )
D o
p r e f .....................
.............
d T eu n esseo C o p p e r ...
$25
T e x a s C o m p a n y ( T h e ) ...................
U n d e r w o o d T y p e w r i t e r _________
Par
3 , 4 0 0 U n i o n B a g Sc P a p e r _____________
300
D o
p r e f ........................... .................
75 0 U n i t e d C i g a r M f r s ...........................
IOC
D o
p r e f .............................................
U S C a s t Ir o n P ip e
F d y _____
IOC
D o
p r e f _____________
101 U 8 E x p r e s s ____________
Sc
710
4 ,5 0 0
3 4 ,8 0 0
3 ,1 0 0
1 8 0 ,3 2 5
3 ,8 3 5
4 1 ,5 5 0
2 ,7 0 1
1 ,1 3 0
1 2 .7 5 C
1 4 ,7 0 0
D o
p r e f ............. .............. .....
U 8 R e a l t y Sc I m p r o v e m e n t - U n i t e d S t a t e s R u b b e r __________
D o
1 s t p r e f e r r e d ____________
U n i t e d S t a t e s S t e e l . . ............. ........
D o
p r e f _______________________ _
d U t a h C o p p e r ...................
SIC
V l r g l n l a - C a r o l l n a C h e m i c a l ____
D o
p r e f _________________________
W e s t e r n U n i o n T e l e g r a p h _____
W e s t ln g h o u s o E le o
M f g _____
Par
Sc
8 ,9 4 5 W l l l y s - O v e r l a n d ( T h e ) _________
540
D o
p r e f ________________________
1 1 ,1 0 1
IOC
D o
p r e f _______ _________________
t Ex-rights, a Ex-dlv. and rights.
p re c e d
ng.
$24% F e b 24
26% M a r 3
92
M ar 9
$i2
46%
91
118
4%
27
12%
41
77
32%
100%
§110
32%
Range for Preeiout
Year 1914
Highest.
Lowest.
4 0 0 B u t t c r l c k ____________________________
6 ,7 7 0 C a lifo r n ia P e t r o le u m v t c t f s . .
D o
p r e f . . . .................................
850
C a s e ( J I) T h r e s h M p ( t r c t f s .
1 2 , 1 0 0 C e n t r a l L e a t h e r . . ............................
D o
p r e f _________________________
600
1
page
Range Since Jan. I.
On basis of 1 0 0 share lots.
N E W
Y O R K STO C K
E X C H A N G E
Par
%
87%
10534
128
6
30
14%
41
83%
35
102
_____
39%
60
99%
27%
121
62%
95
12
74%
53%
in a c t iv e ,
Industrial & IVlisc (Con)
dA n acon da C op p er
Par $ 2 5
§
2S%
*33
*94
*1 2
67%
105
*124
*4%
*28
15%
545%
*76
35
*101%
*118
38%
u s u a lly
5
Jan
2
Jan
2
Jan
5
M a r l2
F eb
4
Apr
1
Apr
1
M ar 1
F eb 20
Jan
7
Jan
6
Jan
6
$29%
40
103%
S '8
91%
105%
129
5
30
21%
54%
SO
39%
104
5118
40%
M ar31
J a n 11
J a n 15
Jan
9
M ar30
M ar25
J a n 22
F eb 25
F e b 23
F eb
8
F ob
8
M a r lO
Jan
8
J a n 27
M a r lO
M ar31
102
M a r l5
98
J a n 20
28% M a r 2 4
21% Jan
6
122% J a n 21
113% J a n
4
62% A pr
1
40% J a n
4
91% M a r3 1
88% Jan
5
8
Jan
2
1 2 % M a 13 1
74
M a i 31
65
Jan
5
53% A p r
1
38
J a n 25
95
M ar24
93
M a r l7
SO
F ob 11
88
J a n 29
13% J a n 2 5
5% M a r 2
10
Jan
0
8
M ar24
30
J a n 22
20
M a r lll
192% M a r 3
105
J a n 26
1 0 8 % F e b 10
106
M ar 1
1 4 5 % J a n 19
138
M ar 3
127
M ar31
82
Jan
2
103% A p r
1
9 0 % Jan
4
44% M ar31
2 !!<■ J a n
7
100% M a r lS
95
J a n 14
$54% M a r3 1
$ 4 5 is J a n
7
J a n 19
5114
Jan
8 5118
$ 2 5 i .i M a r 3 1
$16% Jan
2
9 9 % J a n 11
90% M a r 5
117
Jan 20
112
M ar24
7 3 % J a n 11
55
F eb 20
114
J a n 14
90% M a r 0
9 % J a n 16
8
Jan
6
38% M a r2 2
33
F eb 21
81% M a r2 4
77% F eb 20
108% M a r2 5
107
J a n 13
123
M ar22
99
J a n 18
108
M ar22
1 0 5 % F e b 15
98
Feb
9
9 2 % J a n 15
220% M a r 8
207
Jan
9
1 19% J a n 21
113% J a n
5
31
J a n 11
16
F e b 17
1 0 5 % J a n 13
86
F e b 20
65
M a r ll
65
M a r ll
184
M ar 8
165% J a n
6
118
J a n 19
112% J a n
6
70
F e b 17
7 2 % J a n 11
6 9 % J a n 19
05
F e b 25
47
M a r ll 1
15% Jan
6
83
M a i 31
43% Jan
2
38% M a r3 1
18
Jan
6
56
M ar 2
42
Apr
1
z98% M a r lS
96
F e b 19
77
Feb
9
51
Jan
9
8 0 % F e b 11
67
J a n 15
$24% M a r3 1
$17% Jan
6
54% M a r2 9
42
Jan
4
1 0 1 % F o b 16
99
Jan 29
132
J a n 22
118
F e b 24
128
Fob
3
1 2 0 % F e b 19
8 0 % M a r .3 1
68
M ar25
102% M a r3 1
100% M a r2 5
13% M a r lO
9% Jan
4
80% M a r2 9
79
Apr
1
65
M ar31
44
Jan
4
1 0 9 % J a n 19
104% Jan
4
$ 1 3 % J a n 19
$11% F e b 24
69% M a r2 4
5 6 % F e b 26
71
M ar31
64
J a n 19
2 2 % J a n 19
18
M a r l7
2 6 % F e b 11
3 1 % J a n 16
123
M ar24
117% F e b 24
15% Jan
4
21% M a r3 1
81% Jan
4
93
F e b 10
F eb
1
575
Fob
1 {7 5
25
M ar 6
39
J a n 11
102% J a n 25
86
M a r lO
108
J a n 13
106
J a n 13
155% J a n 22
1 5 0 % M a r 12
l % J a n 12
i.i M a r l 5
2% J a n 22
% M a r2 G
2 5 % J a n 12
19
M ar 6
88
Jan
8
87
M ar 3
$19% M a r3 1
$15% Jan
2
23
M a r .3 0
19
Feb
1
7 9 1 - M a r .3 1
72
J a n 30
4% M a r3 I
% J a n 22
16
Jan
5
2% J a n 20
209% F eb
1
8131% M a r l7
1 2 5 % F e b 19
121% Jan
4
28% M a r2 4
24
Jan
6
54
M ar23
4 3 % F e b 23
73
M ar22
60
F e b 17
5 8 % M a r .3 1
35% Jan
2
97% M a r3 t
9 1 Jan
2
$33% Jan
8
$ 2 5 % F e b 21
143% M a r 3 0
123% F e b 21
66
M ar 9
55
F e b 18
100
M a r lO
100
M a r in
4% Jan
4
6 % J a n 19
2 8 % J a n 15
25% M a r2 7
42
J a n 25
47% A pr
1
102% F e b
1 105
F o b 11
8
Jan
2
10% M a r 4
32% M a r 3
35
Jan 22
565
F e b 13
73% M a r 9
15
J a n 27
27
M ar24
70
J a n 26
80% M a r2 4
36
F e b 11
50
J a n 12
5 t 78 J a n
2
66% M a r3 0
1 0 1 % F o b 21
106
M ar23
38
Feb
1
5 3 % J a n 21
J a n 21
X 102
Feb
1 109
$57% M a r 3 1
$48% Jan
6
23% M a r3 0
15
Jan
4
91% A p r
1
80
Jan
6
67
M ar31
57
Jan
2
74
Jan ll
04
F e b 21
119
M a r lO
117
M a r l2
127
M ar31
87
F e b 23
1 0 0 % M a r 17
96
F e b l:
109% M a r3 1
118% M a r 2 7
H ighest.
$24% Deo
3812 Jan
102% Jan
S% Apr
2912 Jan
08 Jan
118 Dec
5% July
20 Jan
15>8 Deo
50 July
577 Doc
257s Jan
94% Jan
103 Jan
$3112 Dec
0812 Feb
99 July
20>2 July
112ls Deo
37% June
84 July
7 July
58's July
$38% Feb
62% Mcb
110 June
$1% Feb
40% Deo
9138 Deo
130 Jan
8% Feb
29%June
30% Feb
68 Mcb
95% Jan
38% Deo
104 July
5109% Feb
$44 Feb
70 Feb
104% Feb
34% Feb
139% Jan
45% July
9 H4 July
13% Jan
72 Jan
90 Deo
90 Deo
9934 Feb
01J4 Jan
11 July 20% Mcb
7% May 15 Jan
43 Jan
28% Dec
100 Apr 180 Jan
107*2 Feb 110 June
137*2 Dec 150% Feb
99 May
37% Jan
70 July 95 Feb
28% Apr
19% Jan
79% Jan
95 Deo
$4012 July $57% Apr
10934 July 5122% Mcb
*14*4 July $19% July
82 July 113% Jan
U3l2 Jan 118% July
82 Dec 111»4 Jan
114*4 May 118 July
034 July
10% Feb
30 Deo
41 Jan
80 Jan
94 June
100 Mch IO834 May
81 Jan 105 Feb
99 Jan 105 Mcb
85 July 101 Feb
207% Deo 231 Mcb
1113s Jan 118% July
20 Dec
38 Jan
101 Apr 105 Mcb
89 Jan
95% June
100 July 190 Apr
110 Jan 117% July
01 July 87% Feb
70 Jan
05% Jaa
14% Deo
15% Deo
41% Deo
44 Deo
17 Deo
17% Doo
51% Juno 69% Jan
97% June 10134 Feb
40% Jan
73% Feb
07 May 87 Feb
$10% Deo $24% Feb
41 Deo
52% June
101 Apr 103% June
120 July 139 Feb
119% Jan 128 June
9 July
80 June
40 July
105 Jan
$10% July
58 July
64% July
17% July
20 July
106 July
15 Dec
79 Doo
82 Apr
26*4 Jan
9734 Jan
107 Jan
150 Dec
% June
1% Juno
19*4 July
88 Dec
$15 Deo
18 Dec
75 Deo
3% Deo
20*4 Apr
170% July
120 Dec
19% July
32 Jan
59% Deo
20 Jan
70 Jan
$2434 July
112 July
73% June
103 Dec
358 Juno
18% July
39 Doc
99 June
7*4 Juno
30 July
40 Jan
15 Deo
75 Dec
61% Deo
44% July
95% July
48 Doo
103% Deo
$4538 Deo
17 Deo
96 May
53*8 July
04 Jan
115%Jan
14 Feb
86% Mcb
52 Jan
109 Fob
$16% Jan
69 Jan
79% Mcb
29 Jan
31 Jan
125 Jan
23% Feb
93% Feb
93 Feb
40 Feb
105% Mcb
114 Apr
159 Jan
2% Jan
4 Jan
34% Feb
101 Feb
$22% Apr
27 Jan
91% Mcb
18 Jan
41 Jan
197% July
12434 June
35 Jan
45 Deo
67% Doo
36% Mch
92 May
$3054 Feb
149% Mcb
88 Jan
113 Apr
8*4 Feb
' 32% Feb
60% Feb
103% Feb
13% Jan |
49 Feb
87 Mob
20 Apr
85% Jan
6334 Mch
63 Mob
104% Jan
67% Jan
11234 Jan
$593g June
34% Moh
107% Mob
60% Feb
79% July
124%June
89 July 103% Feb
118% Mob
11234 Jan
b New stock, d Quoted dollars per share, a Ex-stock
New York Stock Exchange—Bond Record, Friday, Weekly and
Yearly
1153
4*t/>r\rm
snml fififnil1tP.fi hOTlfiS.
11
W eek’ s
Range or
Last Sale
P rice
Thursday
A p ril 1
.
Range
Since
Jan. 1.
High N o . Low H igh
.lid
A sk rjOw
U. S. Government.
99%
U 8 28 consol registered__ dl930 Q - J 98% 9878 98% Mar’ 15 __ 98%
98 99
U 8 2s consol coupon____ <11930 Q - J 985s 99% 98% Feb ’ 15 __
__
101%
101%
01%
Mar’
15
101%____
U 8 3s registered------------- 11918 Q - F
3 101% 102
101%
U 8 3s coupon----------------11918 Q - F 1017s Sale 01%
09% Mar’ 15 . . . . 109% 110
U 8 4s registered---------------1925 Q - F 109% 110 110%
110% 111
—
Mar’
15
11012___
U 8 4s coupon............
1925 Q - F
95% July'13
U 8 Pan Canal 10-30-yr 28-11936 Q - F 93%------ .01%
100% 102
Mar'15
U 8 Panama Canal 3s g-----1961 Q-M 101 h ----- 100 Feb
’ 15 — 100 100
U 8 Philippine Island 4s. 1914-3 Q ~F ___ 100
F o r e ig n G o v e r n m e n t
93 99%
94 Mar’ 15
Argentine— Internal 5s of 1909.. M- S ----- 97
July’ 14
Chinese (Hukuang Ry)—5sof ’ ll J -D ----- 79*4 88
96
96% 64 93% 90%
Cuba—External debt 5s of 1904 M- 8 : 90 Sale 93%
5 90% 93%
93%
Exter dt 5s oi '14 scr A ... 1949 F - A 93 94
External loan 4 !$s---------- 1949 F - A I 85 87*2 85% Mar 15 ___i 85% 85%
78% 84%
79
Japanese Govt— £ loan 44$s 1925 F - A 7878 79% 79
5 77% 82
78
Second series 4Hs............1!)25 J - J [ 78 86 78
76% 45 73% 79%
t 76i2 Sale 75%
Do do "German stamp".
8terling loan 4s............... 1931 j - j i ___ 75i2 78% June’ 14 — ----- ------79% Apr ’ 14
Mexico— Exter loan £ 5s of 1899 Q- .J t ___ 82
65 July’ 14 ___ ----- ------Gold debt 4s of 1904------- 1954 J - D ___ 85
95% Jan ’ 15 . . . . 95% 95%
Prov of Alberta—deb 4HS..1924 F - A t ___ 90
82 82
82 Jan ’ 15 —
___
8
1
7
«
t
Tokyo City—5s loan of 1912----- M- S
tThese are prices on the basis 0/ $5(0 £
S t a t e a n d C it y S e c u r i t i e s
99% 12 99 100%
99% Sale 99%
N Y City—4Ms................... 1960
99% 68 99 100%
99% Sale 99%
4Ks Corporate stock___ 1964
15 10334 105%
4 Hs Corporate stock----- 1963 (VI- s I0U2 Sale 101% 104% 15
95 97
95%
4% Corporate stock____1959 M - N 951.1 96 95%
95%
95% 11 95 97
4% Corporate stock____1958 M- N 95% 90 95%
4
95
97
95%
95%
95%
r
v
i
n
4% Corporate stock____1957
96 Feb '15 . . . . 95 96
4% Corporate stock....... 1956 M-N 91% 96 104%
i 103% 105
104%
M- N 104% 104%
M- N 100% 102 101% Feb ’ 15 — 100% 101%
. . . 104 105
M-N 101% 104% 101% Mar’ 15 .—
100% 101
M-N 100%___ 100% Mar’ 15
2 84
86%
85%
85'.i
85%
86%
M-N
M- S 99% - . . 99% Mar’ 15 ___ 99% 100%
N Y State—4s.
i 99% 100%
99%
J - J 99% Sale 99%
i 100 100%
J - J 100% Sale 100% 100%
J - J 99% 100% 99% Mar’ 15 ___ 99% 100%
J - J 108% Sale 108% 108% 17 108% 110
2 104% 104%
J - J 101% 104% 104% 104%
5 10S% 108%
M- S 108% 108% 103% 108%
84%
July’
14
J - J
55 58 55% Mar’ 15 . . . . 52 60
6s deferred Brown Bros etfs.
R a ll r o a d .
Q - J 59%___ 59% Mar’ 15
93% 98
A - O 93% Sale 92%
A - O 87% 93% 91% Mar’ 15 ___ft
85l2
80 ___ 81
Nov
8ft Mar’ 13
Nov
40
853s
M- N 84b Sale 84%
99% 10
J -D 99 ----- 99%
99%
May’
13
J -D
J -D 100% Sale 99% 100% 194
4
J -D 101%___ 101% 101%
9.3 Mar’ 15 —
M- 8 93 . . .
J - J 87% 88% 87% Mar’ 15 . . . .
3
96
M- S 95 96 96
M- S 99%___ 103 Feb ’ 15
91% 21
M- S 90% 91% 91
J - D 85 ___ 92% July’14
M- N 104 105% 105% June’ 14 . . . .
J - J 9U2 9234 93% Feb ’ 15 "
2 M-N 84 85 87% Mar’ 15
1 A - O 116% 122 115 Deo’ 14
t A -O 101%___ 110% May’ ll
$ J - J 97% 98% 97% Mar’ 15 __
3
91%
5 J - J 91% Sale 91%
5 Q - J 89 90 89% Mar’ 15 ___
89% 13
8 A -O 89 Sale 89
8 Q - J ------ 88% 88% Fob '15
86 Sale 86
86% 137
1„ —
2 J - J 101 ___ 112 Jan ’ 12
86%___ 88 Fob ’ 15
5M n
14
1 M- 5 79 79% 78%
79
89% 12
5 J J 89 Sale 89
100 Apr ’ 13
0 M- S
3 A - O 103% 105% 103% Mar’ 16
102% June’ 12
, J -D 101%___ 105% Juno'14
7 A - O 98 101% 104% May’ ll ___
2 A < ___ . . . . 113% Feb *12 ___
7 J - J ............... 96% Mar’ ll —
91 June'12
3 J -D
7 M- S
7H -N
8 A- C
3J 1F- 6
2J -0
2 A- C
105%----___ 101
89 941,
103 . .
106% 108
108%----102 Salt
8 J -t
5F-J
5 M- h
1 J -L
6J 7J 6J7«I-N
7J - J
7Q- J
1J 0J 1 M- S
0Q - F
9J 9 M -M
ft 171 - \
___ 99
104 105
101% Sal
...............
100% . . .
10.3 . . .
102% . . .
92 94
114% 1147.
114%----103% 104b
100%___
91%___
___ 9.3
10344 Sale
102 ___
59
91
91
81
81»4 87
92% 99%
9*2% 100%
100% 101%
92 94
86% 89
C6 96
103 103
88 93
___ ____
91 93%
S t r e e t R a ilw a y
84
87%
97%
89%
88%
88
87%
82%
97%
92%
89%
91%
88%
88
87 88
78 84
87% 90%
103'% 104'
___ _ _
______
................
106% Mar’ 15
101% Feb ’ 15
94% Feb ’ 16 mmmm
112 Apr’ ll —
107% Jan ’ 15
111% July’ 14 II”
2
102
102
106% Apr ’ 1- —
96% Feb ’ IS . . . .
1 01 %
ion.
V
101% io n
80 Feb ’ If
107% Jan ’15 IIII
100% Mar’ If __
109% May’ l
92 Mar’ 15
114% 114%
4
111% 1141.
:
103% Mar’ 15 . . . .
100 Juno’ If . . .
100% Jan ’ IS ___
68 Feb ’ If
92 Mur’ IE
103
103% 18
105% June’ 14 ___
M ISC E LL A N E O U S
Brooklyn Rapid Tran g 5s.. 1945 A - O
1st refund conv gold 4s — 2002 J - J
6-year secured notes 6s— 1918 J- J
Bk City 1st con 6s.-1916-1941 J - J
Bk Q C oA S con gu g 5s. .1941 M - N
BklynQCoAS 1st 5s-----1941 J - J
Bklyn Un El 1st g 4-5S---1950 F - A
Stamped guar 4-6s........ I960 F - A
Kings County El 1st g 4s. 1949 F - A
Stamped guar 4s......... 1949 F - A
Nassau Elec guar gold 4s. 1951 J - J
Chicago Rys 1st 5s..............1927 F - A
Conn Ry A L 1st A ref g 4 44s 1951 J - .1
Stamped guar 444s.......... 1951 J J
Det United 1st cons g 4 44s.. 1932 J - J
Ft Smith Lt A Tr 1st g 5s. ..1936 M - S
Grand Rapids Ry 1st g 5s.-.1916 J - D
Havana Elec consol g 6s-----1952 F - A
« No price Friday; latest this week.
“ German stamped...
66%
95%
91%
86%
102% 106%
100 103
94-% 94%
___ ____
107% 107%
101% 103*%
96% 96%
103% 104%
101 102%
86 80
ioo'% ioo%
91% 92
112% 115%
112 114%
10234 104
68 68
92 96
102% 10434
.
11
.1
i .--i
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 1.
Sale
86
Sale
Sale
B O N D S— C on tin u ed
1 0 0 %1 0 2 %
80 85%
98% 100
100% 101
100 101%
99% 100%
82% 83
82% 82%
76 78
94% 97%
________
________
65*4 79
___
...
W eek’ s
Range or
Last Sale
Range
Since
Jan. 1.
P
H igh N o Low .H igh
Bid
A sk Low
Chesapeake * Ohio (C on .)—
87% 26 8534 9)
General gold 4Hs..............1992 M- 8 871 Sale 86*4
93% Feb ’ 14
Registered____ _______ 1992 M- 8
75% 105 70 76%
Convertible 4>4s_______ 1930 F - A 7434 Sale 73-2
83 83% Jan ’ 15 ___ 83% 83%
Big Sandy 1st 4s..............1944 J -D *un OOI.
83
July’
14
0
\j
0
*
l2
Coal River Ry 1st gu 4s.-1945 J -D Ufi
Craig Valley 1st g 5s........1940 J - J i7VJ .----- 96% Dec’ 13
84*4 Jan ’ 13
Potts Creek Br 1st 4s___ 1946 J - j
R * A Dlv 1st con g 4s__ 1989 J - J 83 ____ 88*4 July’14
2d consol gold 4s........ 1989 J - J 75 77 82 Apr ’ 14
90 Apr ’ 14
Greenbrier Ry 1st gu g 4s. 1940 M- N
55 ‘ do*
56% " 3
Chic * Alton RR ref g 3S...1949 A - O 55 5 7 % 56%
20 38 42
40
42
41% ,
Railway 1st lien 3)4s........ 1950 J - J
98% 99%
99 Mar’ 15
Chic B & Q Denver Dlv 4s.. 1922 F - A 99% .
84% " i 2 81% 84%
Illinois Dlv 344s................1949 J - J 84 Sale 83%
86*4 Aug *1‘?
Registered................... 1949 J - J 82 .
1 93% 94%
94
Illinois Dlv 4s__________ 1949 J - J 94% ’ 95% 9 4
93 June’ 13
Registered..............
1949 J J
101% 102%
102% Mar’ 15
Iowa Dlv sink fund 5s___ 1919 A - O 102%
1 9634 99 ‘
99
Sinking fund 4s______ 1919 A O 99 Sale 99
14 95% 97
97
Nebraska Extension 4s.. . 1927 M-N 97 Sale 96%
Registered.....................1927 M-N 95 ,____ 96% Sep ’ 12 - - - - - --p
--- —
Southwestern Dlv 4s____ 1921 M S 97 -I I I 99% July’ 14 —
Joint bonds. See Great North
91% 51 89 92%
General 4s_____________ 1958 M- 8 91% 8ale 91%
27% Mar 15 ___ 26% 29
Chic & E III ref & imp 4s g. 1955 J - J ___ 27
2 91 103
97%
1st consol gold 68..............1934 A - O 97% Sale 97%
39 51% 75
60
General consol 1st 6s____ 1937 M- N 59% ___ 55%
52% Mar’ 15 ___ 52% 59%
Registered.....................1937 M- N 51
Pur money 1st coal 5s___ 1942 F - A . . . . 90 ’ 97*4 Feb ’ 13 ___ . . . . ___
Chic* Ind C Ry 1st 5s.-.1936 J J 20 33 27% July’ 14
70% Sale 70%
70% 10 68% 73*4
Chic Great West 1st 4s____ 1959 M- S
1 113 117
113
Chic Ind & Loulsv—Ref 68.1947 J - J ___ 113% 113
101 103% Mar’ 14 . . . . — —
Refunding gold 5s______ 1947 J - J —
95% Apr ’ ll
Refunding 4s Series C___ 1917 J - J
88 July’ 12
Ind & Loulsv 1st gu 4s__ 1956 J ----- 88% 90% Aug ’ 12
Chic Ind & Sou 50-year 4s. .1956 J 104 D ec’ ll
Chic LS A East 1st 4Hs-----1969 J
Chicago Milwaukee & St Paul—
92
90%
1 88
90% 90% 90%
Gen’l gold 4s Series A___ el989
92*4 July ’ 14
Registered...................«1989
88% 19 88% 90
I 88% Sale 88%
Gen A ref Ser A 444s........ 2014
101% Sale 101% 101*4 322 100% 102%
Gen ref conv scr B 5s___ 2014
r 78% 80 80 Feb ’ 15 ___ 80 80%
Gen’l gold 344s Ser B___ *1989 J
23 99% 101%
(
100
Sale 99% 100
General 4 44s Ser C......... «1989 J
88% 30 87% 90%
1 8734 Sale 8734
25-year deben 4s_______ 1934
96% 53 93% 97*4
1 96% Sale 96%
Convertible 444s............. 1932
| 102% ___ 102% Feb ’ 15 ___ 102% 102%
Chic A L Sup Dlv g 5s-----1921
| 103% 105 104% Mar’ 15 ___ 104% 104%
Chic A Mo Rlv Dlv 5s___ 1926
| 102% 102% 102*4 10234 17 .10134 103%
Chic A P W 1st g 6s_____ 1921
6 88 90
88%
1 88% 88% 88
C M A Puget Sd 1st gu 4s. 1949
100% Feb ’ 15 ____ 100% 100%
1 100%
Dak A Grt Sou gold 5 s .-.1916
107 107%
Dubuque Dlv 1st s f 6s... 1920 J 1 106% H I - 107% Feb ’ 15 —
110 June’ 13
r 110%
Far A Sou assum g 6s___ 1924 J
1 101% . . . . 102% Jan ’ 14 ___ . __ ___
La Crosse A D 1st 5s____ 1919J
1 10234 " .
101% Jan ’ 15 . . . . 101% 101%
Wls A Minn Dlv g 5s........1921 J
1 106% 108% 107 Feb ’ 15 . . . . 107 107
Wls Vail Dlv 1st 6s......... 1920 J
Mil A No 1st ext 444s___ 1934 J 1 99% 100% 100*4 Mar’ 15 ___ 100% 100%
100% Mar’ 15 . . . . 100*8 100%
) 99%
Cons extended 444s___ 1934
l ----- ’ 9 4 % 92% Jan ’ 15 . . . . 92% 92%
Chic A Nor West Ext 4s 1886 -1926
l ----- ___ 94% July’ 14 . . . . ___ __ _
Registered........... 1885-1926
78*4 81
1 80% 82 81 Mar’ 15 —
General gold 344s............ 1987
i1 ____
78% Jan ’ 14
Registered____ _____pl987
21 89% 94
1 94 Sale 94
94
General 4s............
1987
7 89 92%
92
1 92 ___ 92
Stamped 4s.................. 1987
110% 110% 12 109 111
. 110%
General 6s Interim ctfs... 1987
1 109 109%
— 109% 109%
Sinking fund 6s___ 1879-1929
105% Dec ’ 13
Registered............ 1879-1929
1 102% 103%
IIII 103% 103%
Sinking fund 6s........1879-1929
1
102 Oot ’ 13
Registered______ 1879-1929
> 1 0 0 % 101 100% Mar’ 15 ___ 100% 101%
Debenture 6s__________ 1921
) 98*4 ___ 101 Dec ’ 12 ___ ____ ___
Registered___________ 1921
102 Feb ’ 15 ___ 102 103
I 100%
Sinking fund deb 5 s..t___1933
J ----- 101 99 Mar’ 15 ___ 99 99
Registered___________ 1933
Frem Elk A Mo V 1st 6s.. 1933 A > 117% - - - - 1173.1 Mar’ 15 - - - - 117*4 119%
90% Sep ’09
Man G B A N W 1st 3448.1941 J 1
M llwASL 1st gu 344s... 1941 J T
6 105 1081*
105
3 105 Sale 105
Mil L S A West 1st g 6s.. . 1921
1 104% 105 101% Mar 15 ___ 104% 104%
Ext A Imp s f gold 6S-..1929
113% Feb ’ 14
3 111%
Ashland Dlv 1st g 6s.-.1925
Mich Dlv 1st gold 8 s... 1924 J - » 110% ili’% 113% M a-’ 14
2 89% 92
3 89% 90% 90%
90%
Mil Spar A N W 1st gu 4s. 1947
Northw Union 1st 7s g__ 1917 M- 3 104% ___ 107% May’ 14 ___ ____ __ 8t L Peo A N W 1st gu 63.1918 J - J 105 106 106 Mar’ 15 .. 102*4 106
___
Winona A St P 1st ext 78.1916 J > 10334 ___ 106% July’ 14 . . . .
J 101% Sale 1 0 1 % 1 01 %
3 101% 102%
Chicago Rock Isl A Pac 6s _. 1917
___
101*4
10134
Mar’
15
103
J
10134
101*4
Registered.....................1917
8334
3 81*4 84*4
J ----- 83*4 82
General gold 4 s................1988
82 82
J ----- 82 82 Feb ’ 16
Registered.................... 1988
1029
64% 71%
Sale
67
71%
J
70%
Refunding gold 4s______ 1934
J 62*4 Sale 55%
04% 12G4 53 6434
20 year debenture 6s__ 1932
. - __ 4 ___ 91 94*4 June’ ll ____
Coll trust Series P 4s........1918
18 Feb ’ 15 ___ 18 25
4 ___ ___
Chic R I A Pac RR 4s___ 2002
___ 21*4 Mar’ 15 ___ 19% 25%
Trust Co certs of deposit__
_ __
85 July’ 13 . . . .
S IIII
It I Ark A Louis 1st 4 44s.. 1934
D 99 99*4 99 Mar’ 15 . . . . 99 99%
Bur C R A N—1st g 5S... 1934
3
100% May’ 14
C R I F A N W 1st gu 5s.1921
___ ___ ___
3 ___
M A St L ist gu g 7s........1927
— —
J 93% ‘ 9 8 I4 '99% May’ 13
Choc Okla A G gen g 6S.01919
q
99% Juno’ 14
Consol gold 5s..............1952
83 84
3 ___ 80 83 F'eb ’ 15
Keok A Des Moines 1st 5s 1923
4
90%1 68% Deo ’ 14
St Paul A K C Sh L 1st 4448 ’41
2 115% 117*4
117
3 i f f " 118 117
Chic St P M A O con 6s___ 1930
3 ___
no 90
90 Jan ’ 15
Cons 6s reduced to 3 44s.. 1930
Debenture 5s................... 1930 M s 100 1013*1 100 Mar’ 15 __ 100 102
Cb St P A Minn 1st g 6s.. 1918 M 4 116% — 116% Jan ’ 14
-- —
129% May’091
North Wisconsin 1st 6 s ..-1930 J J 116%
105% 105*4
St PA S City 1st g 6s---- 191 9 A 0 105% IIII. 105% Mar’ 15
a
[)
85 Jan ’ 14
1105 1061J
1 106% 106%1 106% Mar’ 15
77 80
Consol 50-year 4s............. 1952 J J 79 80 77 Mar’ 15
— ----Cln II A D 2d gold 4448........1937 J J 60 ___ 96 Mar’ 14
J ___ 88 . . . . . . . . . . ___ . . . . . . . .
J ___ — . 86% Jne ’ 12
on
next
S t r e o t R a ilw a y
101% 101%
8
85% 10
84%
99% 160
99*4
100% 100%
1
98 Apr ’ 14
101 May’ 13
100% Sale 100% 100% 42
100% 101 100% Mar’ 15 ___
83 83% 83 Mar’ 15 ___
82% 83% 82% Jan ’ 15 ___
72 78 76 Feb ’ 15 ___
95% 95% 93 Mar’ 15 ___
___ 101% June’ 12 ___
92% . __ 96% June’ 14 . . . .
76
0
75% Sale 75%
84 Jan ’ 14
99% 1 0 0 % 100 June’ 14
A
pr
’
14
80
89% 92
101%
84%
99*4
100%
P rice
Thursday
A p ril 1
fCO
i n ec
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 1.
.
Bondi
Bold
.
page.
Hud A Manhat 5s Ser A-----1957 F - A 75 Sale
26% 28
Adjust Income 5s_______ 1957
N Y A Jersey 1st 5s......... 1932 F - A 99%
Interboro-Metrop coll 4448-1956 A - O 78 Sale
Interboro Rapid Transit—
1st A refunding 58............ 1966 J J 9$ Sale
Manhat Ry <N Y) cons g 48.1990 A O 88*4 90
90
Stamped tax-exempt........1990 A O 83
Metropolitan Street Ry—
Bway A 7th Av 1st c g 6s. 1943 J - D 100 100%
QQ
1
Col A 9th Av 1st gu g 5s.. 1993 1M 9 <JX3« I vnil
Lex Av A P F 1st gu g 5s. 1993 M- S y o w4 99*4
Met W S El (Chic) 1st g 4s.. 1938 F - A
Milw Elec Ry A Lt cons g 6s 1926 F - A 1 02
Refunding A exten 444s..1931 J J 91% ’ 9"4‘ *
Mlnneap St 1st cons g 5s-----1919 J J 99*4 —
Montreal Tramways 1st A ref
30-year 6s Ser A -.............. 1941 J J
75
27%
75
28
76%
79
5 74 79%
24 26% 29%
1124 73% 79
157 97 98%
98
97%
88 Mar’ 15 ___ 88 91
8S% 91
90 Feb ’ 15
100 Mar’ 15
(W M ar’lft
VO
101 Apr *14
80 Mar’ 14
1001* Dec *14 ..
92&s Feb ’ 15 __
102 Nov’ 12 —
9414 Feb ’ 15
99% 101
98 98
__ ___
92% 925*
—
94% 941*
Oln Ham
&
Day
Z2
ANGI
1
c&
P rice
Thursday
A p r il 1
W eek's
Range or
Last Sale
Bonds
Sold
BONDS
N . Y. STOCK EX
R ange
Since
Jan . 1.
XT „
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 1
CQCQ
Price
Thursday
A p ril 1
W eek 'i
Range or
L a st Sale
Range
Since
Jan. 1.
( C o n .)—
Sta
A s Low
H ig 1 N o Low H igh St I* M & M ( C o n t in u e d )Lots
High
IW-F .............. 100*2 Mar’ l 1___
Begistered...............
1937 J -J
13014 May’06
g_102 1.VI-1 .............
88 Mch 1 ___
1st
guar
gold
5s______
1937
105
J
-J
____
10634
Feb
’ 14
..1 95 1 J -.
l ___
Begistered..................1937 J -J
s.103 J-.
94*8 D e c '1 4 ___
Will & y E 1 st gold 5s___ 1938 J-D 105*2 ____ 104*2 J'ne’13
..103 > J-J ----- 65 05 J'ly '1 1 ___
Gulf& S 1 1st ref & tg;>s._ 61952 J -J
83 8412 83 M ch'15
..1 93 J -.
reg istered ________
M952 J-J
..199 J-L
68*2 70 70 M ch’ l 1 ___ 69 74
ITock Val 1stconsg4>4s._ 1 9 9 9 J -J
94 Sale 94
94
J -. ----- 85*
[ ___
^ Begistered____________ 1999 J -J
9734 Jan 'll
..1931 J-J *------80
81 F'eb '1 —
81 81
X 0} * if v ls t e x tg 4s____1948 A-O "sida 85 ’ 85i2 Jan '16
..199
____80
83 Feb '1 [
00i2J’ no '14
ii ° l ^ 1 01 lat ext “Is______ 1955 F-A
St L D ivlst coll tr g 4s.I..1991 Yl-M 75 80 83 Dec '1 ___
rmUS
Term 1st 5s__ 1937 J -J ------91*2 93>2 Feb '15
1 ..
..1991 ,VI-b ________
1 iiinois Central 1st gold 4s_1951 J-J
90*?____ 07i8 J'iy '14
M-S
Begistered.............
1 9 5 1 J-J
100 Sep 'll
___
..1941 J -J ____92
ist gold 3
: : : i i 9 5 i J-J
81's .
78*4 Jan '15
..1921 VI-N ________ 105*4 Apr '1 ___
Begistered....................... 1 9 5 1 J-J
88i2 Feb '13
Q-F
89 ___ 90 Feb ’ ll
90 90
Extended
1 st g 3 M s ......... 1 9 5 1 A-O
___
81
78U
Dec '14
i 87 87
88 ___ 87
Q-F
87
Begistered_____________ 1 9 5 1 A-O
Gin S & Cl con 1st *.
-.192; J-J
103 May'F ___
1st
gold
3s
sterling______
1 9 5 1 M -8
80 J’iy "’09
O O C & 1 gen con •
..1934 J-J 104 ___ 105*4 J'ly 'F ___
Begistered....................... 1 9 5 1 M-S
J - .!
Coll trust gold 4 s________ 1952 A-O 85l2 8612 85 Mch'15
_104(1 A-O
04 J’ly 'Oi ___
Begistered_____________ 1952 A-O
96b Sep 12
O Ind & W lstp re f5 s___dl93«
1st ref 4s------------------------- 1 9 5 5 M-N 8C34 87 863
4
86=4
Peo & East 1st co 1 4s__-.1940 A-O ____ 637s 6378
037
1 6378 05
Purchased lines 3 M s _____ 1 9 5 2 J -J
82 Feb 14
Apr ------24*{
23*2 Feb ' If
21 23*-> L N O & Tex gold 4s.___.1953 M-N
84
78Q
801?
84
-.196] A-O 93 >8 Sale 93*8
93*.
1 91
93*4
Begistered_____________ 1953 M-N
84 May'14
Ool Mid and 1st;
25 15 17
..1947 J J 17 Sale 17
17
Cairo Bridge gold 4s_____1950 J-D 88
89 Feb '15
3Sit__ ___ ____ 18
14*2 Mch ’ 1£
14*2 15
Litchfield DIv 1st g 3s__ 1951 J-J
74 Feb '14
-.1921 F-A ____89*j
89
89 *j 24 85*8 901?
Louisv Dlv& Term g 3H s 1953 J -J
77U . . .
77l2
77l2
..1935 M-N 81*4 82*t 817s Mch'l.r
8 H2 85
Begistered_____________ 1953 J -J
83 Aug '12
Ft VV & Den O 1st g 6s_ ..1921 J-D 101*4 Sale 10134 io 134
100 102*4
Middle Div reg 5s______ 1921 F-A
123 Mav'99
-.11)4; A-C
Omaha
Div
1st
g
3s______
1951
F-A
73 Mch’ 15
..1952 J -J ____Iod*2 100 May'id
________
St Louis Div & term g 3s. 1951 J -J
7512 JUch’12
el Back & Western—
Begistered_________ ..1951 J -J
S.1915 J-D 10038 ___ 100=8 Mch’ 15
100=8 101
Gold
3 M s ______________ 1951 J -J
7734 80 78" M ctf'll
103 N ov'li
1915 J -1
Begistered____________1951 J -J
101*8 Oct ’9
84*2 84*4 84*8 M ch’ 15
. . 2 0 0 0 J-D
84 84=8 Spring Div 1st g 3 M s ____1951 J -J
77
78=s Mch'14
..1921 J-J 107*4 108*4 109 F e b '15
107*4 109
Begistered....... .............. .1951 J -J
..192.1 F-A 101*4___ 104*2 Feb '14 - - -Western
lines
1st
g
4s____1951
91
Feb '14
F-A
..1923 Vl-N 95 95*8 95*2 Mch’ 15
95*4 95*"
Begistered_____________ 1 0 5 1 F-A
..200C F-A 82 85*4 102*8 Feb '0:i ___
Bellov & Car 1st 6s______1923 J-D
117*2 M ay" 16
Del & Hud 1st Fa Div 7s. 1-.1917 M-S 105*2 103*2 108*8 Mch’ 14
9 4l2 J 'l y '1
Carb & Shaw 1st g 4s___ 1932 M-S
1917 \I-S
Chic St L& N O g 5s_____1951 J-D 109*4 Sale 109b
109b
9934 13 "99 99^
..1010 J-D 99*4 9978 99*4
114 F e b ' l l
Begistered_____________ 1951 J-D
1 99 100*2
..1922 J - J 100*2___ 100*2 100*2
Gold 3J^s______________ 1 0 5 1 J-D
90 O c t '09
VI-N 9178 93*4 93*4
93*4
1 92 96
Begistered____________1951
J-D
8434
..1946 A-O 843s 81*4 84*a
7 84 843t
Joint 1st ror 5s ser A ___ 1903 J-D G978 Sale 9 9 78
9 9 78
..1021 V.-N 112 ___ 113*8 Jan '15
1133s 1133s
Memph Div 1st g 4s____1951 J-D 8612 8834 80*2 M c h ’ 15
Deny & B Gr 1st con i
75 75*2 74*2
75
..1936 J-J
24 73*4 78
Begistered____________1951 J-D
81*4___ 81*2 Mch'15 ___ 81U 8134
J-J
St L Sou 1st gu g 4s______1931 M-S ------ 95>2 98 J’ly '08
14 77*? 80
..1928 J 1) 77*2 83*f 78
78
Ind 111 & la 1st g 4s_______ 1 9 5 0 J -J
8412 8678 85*s Feb '15
F-A 46 Sale 45
40
19
lnt& Great Nor ls t g 6s__ 1919 M-N 99=8 Sale 993s
9938
..1939 J-D
109 Dec '12
J-D
James
Franks
Clear
1st
4s
1959
1
----88 91*2 Mch'14
..1040 J -J
0 P 2 Apr 'll
an City Sou 1st gold 3s. . 1 9 5 0 A-O 08 Sale 08
0S*2
40 85 Mch’08
..1940 J -J ...
Begistered____________1950 A-O
03 Oct '00
..1930 J -J
72*8----- 71*8
19 70*2 72
72
89 9034 89*2
Bef & impt 5s...........Apr 1950 J -J
90*4
..1940 A-O 58 70 58 M ch’ 15 ___ 58 " 59
Kansas City Term 1st 4s__ 1960 J -J ___ 91
90
. 90
.01917 A-O
90 Apr ’ 14
r
akeErio&
W
1st
g
5s._.1937
------93
J
-J
95
Mch’
15
.
.
.
___
__
_
.1917 M-N
100 Mch'15
100
100
J-J 2d gold 5s____________1041 J -J ___ 92
9414 May'14
.1995 J-D 8 0 ' ___ 80 Jan ’ 16 ____
North Ohio 1st gu g 5s.__1945 A-O ___ 100*8 98 Mch’ 14
J-D 78 80 82 J'ly '14 __ _
Leh Vail N Y 1st gu g 4^s_1040 J -J ------10138 101*4 10.1*4
5.1061 M-N ____ 90 93*4 J'ly '14
Begistered__________
1 9 4 0 J -J
------9912 1003S Feb ' 15
5.1941 J-J 103*4 104*4 104 J’ly '14 ___
Lehigh Vail (Pa) cons g 4s.2003 M-N 87 . .
87 F eb '16
.1937 A-O ____100 101 Ft 0 ' 10 ___ 100 ioi
General cons -i^ s ______2003 M-N
97*4
97*4
100*2 Mch'08
.1937 A-O
Leh V Ter By lstg u g 5S...1941 A-O 103b____ 100*8 Feb '16
101 Feb T 1
J-J
Begistered__________
1 0 4 1 A-O
111*8
Dec
'll
Du So Shore & At ~g 5s
__
.
.
.
.
101
J’ly
'14
J-J
.1937
Leh Val Coal Co lstgu g 5sll033 J -J IOI34 III I 101*4 Feb '15
pUgin Jol & East 1st g 5sl .1941 M-N 100*2 103 104'j Feb '15 ___ 10112 105
J -J
105 Oct '13
-<rle 1st consol gold 7s__ .1920 M-S 1083.4 11U 108*8 n o
12 108*8 110*2 Begistered______________1933
1st int reduced to 4s_____1033 J -J
N Y & Erie 1st ext g 4s. . .1947 M-N 91*2___ 97*2 J’no '14
Leh & N Y 1st guar g 4s__ 1045 M-S
M-S 101*8___ 101*4 101*4
4 ioo 1 0 1**» B egistered_____________ 1945 M-S 8412 8978 88*a Fetf'14
iVI-S 9338 99 98*4
99
6
Long Isld 1st cons gold 5s.A1931 Q-J 103 " 104*2 104 Meh’ l
.1920 A-O 101*4 Sale 101*4 101*4
5 100*4 1011;
1st consol gold 4s_______ /U931 q - j
90*4 Mch '12
J-1)
93=8 May'14
General gold 4s_________ 1938 J-D 85 87 85 Mch'15
110*2 J'uo’ 14
.1020 VI- s
Ferry gold 4 M s _________ 1922 M-S ------94
95U M ay'll
82
41 80*4 84*2 Gold 4s_________________ 1932 J-D
.1990 J-J
81*4 Sale SI
99*4 Oct '00
J-J . . . . 80 83 Jan '14
Unified gold 4s___________1049 M-S 8434 89 85
85
1st consol gen lien ;
.1996 J-J
G978 Sale 07*2
6978 12 66 C978 Debenture gold 5s_______ 1934 J-D 95 101 95*8 Jan '15
J-J
77 ADr’ 12
Guar ref gold 4s__________1949 M-S 84 85 83*2 Mch’ 15
F-A 87*4 88*4 88*4 Mch'15
Begistered_____________ 1040 M-S
95 Jan 'll
A-O 64 Sale 02
01*4 107
N Y B & M B 1st con g 5 s .1935 A-O 100*4 III 100 Feb '1
do
Series 11_____ .1953 A-O 60*4 Sale G478
66*4 145
N Y & It B 1st g 5s...........1927 M-S *98 ----- 102*2 Jan '14
Buff N Y & Erie 1st 7s__ .1910 J-D ___ 10234 102*4 Mch'15
NorSh B 1st con g gu 5s_ol932 Q-J ___ 101
102 J'ly '14
Oliic & Erie 1st gold 5s__ .1982 M-N 103*4 103*4 104*2 Feb '15
101*? 104*0 Louisiana & Ark ls t g 5s__ 1927 M-S
9 1*2 Feb '14
Olev & Mahon Val g 5s. .1938 J-J
101
F eb '15 __
Louisv & Nash Gen 6s____1930 J-D 11034 113 111 Mch'15
Long Dock consol g 0s_. .1935 A-O 120*8----- 122*2 Alay'14
Gold 5s______
1037 M-N 106*4 107 106*4 Mch'15
Coal & B B 1st cur gu Os. .1922 Vl-N ___ 103
100 Dec '12
Unified gold 4s___________1940 J -J
9338 Sale 93
93*s
Dock & Imp 1st ext 5s__ .1943 J -J 102=8___ 102*2 M ch’ 15
I02*o 103
Begistered_____________1040 J -J
95 J'n e’ 14
.1946 M-N ___ _
103*2 Aug '12
101
____
M-N
Collateral
trust
gold
5s_
_
1931
103*4
Jan
'15
.1937 J-J ------ 90 93 J'ly '14
-------E II & Nash 1st g 6s_____1919 J-D 10438___ 108*8 May’ 14
F-A
LOOM Dec ’06
L Cin & Lex gold 4 M s ____1931 M-N 99 ___ 10238 J'ly '14
General gold 5s.
.1940 F-A ----- 80 70 Mch’ 15
N O & M 1st gold 6s_____1930 J -J II 4 3 4 ___ 11338 Jan '15
.1943 Vl-N
102 Jan '14
N O & M 2d gold 6 s.......... 1930 J-J 107 110 108 F e b '15
.1940 A-O 102*2___ 111*2 May-1 2
Paducah& Mem dlv4s__ 1946 F-A
84 D e c '14
.1942 J-D 80 88 92 J’ly '14
St Louis Div 1st gold 6s._1921 M-S 10078 10738 10078 107
Ky & Ind 1st con gu g 6s. .1926 J-J
100 May'12
2d gold 3s...............
19.80 M-S 01 6378 61 Mch'15
.1921 J -J
80*4 Sale 86*4
87
11 85 97
Atl Knox& Cln Div 4s__ 1955 M-N ------ 8758 87*2
87*2
.1942 A-O ------59
OO’a Dec '13
Atl Knox & Nor 1st g 5 s ..1946 J-D 101 ___ 111 Jan '13
.1923 A-O
108 N ov’ li
Hender Bdge 1st s f g 6 3 . . 1931 M-S 105 ----- 105 Mch '15
.1930 A-O
95 J’ne'12
Kentucky Cent gold 4s__ 1087 J -J
80's 87*2 80
SO
.1059 J-D 88 89 89 Mch’ 15
89 9078 L& N& M & M 1st g 4 ^<Js 1945 M-S 991* . . . 101 May '14
.1941 J-J
02 Aug *10
L & N-South M joint 4 s ..1952 J -J
78 ------ 78 Mch’ 15
.1928 J J 50 54 62 Apr ’ 14
Begistered___________ ill 952 Q-J
96 Feb '05
N Fla & S 1st gu g 5s_____1037 F-A iof*2 ” 11 100 J’ly '14
C B & Q coll trust 4s. .1921 J -J
96*2 Sale 96*4
06=8 306 947s 90*,
N & C Bdge gen gu « 4 H s 1945 J -J
96*2----- 97 Dec '14
Q-J
90*8 Sale 96*3
3 94=8 063S P en s* Atl lstg u g 6s___ 1021 F-A IO734 109*2 108 Mch’ 15
90*8
1961 J -J
98*4 Sale 98*4
1 96=8 101
98*4
S & N Ala con gu g 5s____1936 F-A 101*4____ 105*8 Feb '15
....
Gen cons gu 50-yr 5s..1963 A-O 1 0 0 * 4 _____ 100=8 Mch’ 15
.1933 J -J
94*2 96*8 9134 Mch’ 15
9 1*4 9 1*4 L& Jeff Bdge Co gu g 4s__ 1045 M-S ____83
83*2 Mch'14
.1033 J-J 119*2 120*2 19*2 M ch’ 15
17*2 120
\ |anila Bit— Sou Unes4s_1036 M-N ___ 80
J -J ------121*8 17*2 Aug '13
ex Internat 1st con g 4s 1977 I v l-S
77 Mch’ 10
.1933 J -J 100*2 101 00*2 Mch’ 15
00*4 101*2
Stamped guaranteed____1977 M-S
79 N ov’ 10
I -J -----102*8 08*i J'ne'09
vlinn & St L 1st gold 7s____1927 J-D
111*2 Mch'15
.1937 J-D 92*8 Salt 923s
92*8
3 92 94
A-O 101*4___ 110*8 Aug '11
t’aciflcE
xt
1st
gold
6s____1921
J-l)
1st consol go.d 5s________ 1934 M-N 85's___ “
85
.1940 J-J
92=8 Mch'll
lstand refund gold 4s____1049 M-S 54*4 Sale
55
E Minn Nor DIv 1st g 4sl .1948 (V-O 89*s___ 95 May'14
Dos M & Ft D ls tg u 4 s ..1935 J -J
Feb '15
.1922 I-J 107*2___
Iowa Central 1st gold 5s. 1938 J-D . . . I " 9 0 "
Mch'15
.1937 I -J 119 122*2 120
120
i 20 120*2
Itefunding gold 4 s _____1951 M-S 62 54
53*4
D
K
M IS C E L L A N E O U S
Street Railway
New Orl By & Lt gen 4t<s.l935 J-J
N Y Bys 1st B E & ref 4s 1942 J-J
30-year adi Inc 5s______al042 A-O
N Y State Bys 1st cons4 Hs ‘ 6 2 M-N
Portland By lst& ref 5s__ 1930 M-N
Portland By Lt & Pow 1st
& ref conv s f 5s.............1942 F-A
Portland Gen Elec 1st 5s_1935 J -J
St Jos By L, H& P lstg 5s 1937 M-N
St Paul City Cab cons g 5s. 1937 ,l-.l
Third Ave 1st ref 4s______ 1960 J-J
AdJ Inc 5s_____________ al060 A-O
Third Ave Ky 1st g 5 s ___ 1937 J -J
Trl-Clty B y & Lt 1st s f 5s. 1023 A-O
Undergr of London 4 )4 s-.l»3 3 J - r
Income 6s__________
1948
Union Elev (Chic) 1st g 5s_1549 A-O
United Rys tnv 5s Pitts Issl 9 2 6 M-N
* No prfco Friday: latest bid and asked
------80
71=8 Sale
52 Sale
----- 85
96*2___
78 Feb ' 15
71
7U ,
52
54
84
84
99*8 Feb '15
82 89 92 Mch'14
99*4___
97*2------ 98 N ov'08
103*2 Feb '13
81=8 Sale 81=8
82
79*8 Sale 79*8
82
106 107 10534 Mch’ 14
96 97 90*2 M ch'15
____94
96*2 J'ly '14
75 90 87*2 J'ly '14
84 Oct ‘OS
___ ____ 71 J’ne’ 13
this week. a Due Jan.
B O N D S~C ont*nuotl
on
Next
H igh
821j 88
91
95
85*2 85«j
93
g3*j
7834 7834
85
S7U
853s 871*
8U2 863s
86*4
89
77 " YYq
68
73
78
78
10S
10978
981a 100
S0*2 86*2
83*2 S5*a
98 100
67*8 09
88*4
9l*j
90
95
93
98*2
9934
1003s
87
97*4
10534
101*2
1003a
S7
97*4
100*8
101*4 104*4
10334 104*j
85 " *87«8
85 85
95*8 95*8
8312 80*2
foo" ioo"*8
110 115
100*4 107
91 94*4
103*4 103*4
113*8 1133a
108 108
100*4 107l|
CO 65
851a 88*j
105
80
105
8734
107*2 108*8
105*8 105*8
99*2 102
111*2 111*2
92*4
60
00
90*4
60
1
Street Railway
78
United Bys St L 1st g 4s___1934 J -J
7278 St Louis Transit gu 5s____1924 A-O
55=8 United Bits San Fr s f 4 s ..1927 A-O
84
Va By & Pow 1st & ref 5 s..1934 J -J
99*8
Gas nnd E lectric Light
Atlanta O L Oo. 1st g 5s__ 1947 J-D
Bklyn U Gas 1st con g 5S..1945 M-N
Buffalo Gas 1st g 5s_:______1947 A-O
Columbus Gas 1st g 5s___ 1932 J -J
Consol Gas conv 6s when Issued
79*s 82*8 Detroit City Gas g 5s_____1923 j'-S
753a 82
Det Gas Co. con 1st g 5s__ 1918 F-A
105*2 106*2 Det Edison 1st coll tr 5s__ 1933 J -J
05 97*4 Eq G L N Y 1st con g 5s__ 1932 VI-S
Gas& Elec Berg Co e g 5 s ..1949 J-D
Gr Bap O L Co 1st g 5s____1915 F-A
Hudson Co G.v- 1st g 5s___1949 M-N
Kan City (M o) Gas 1st g 5s 1922 A-O
78
7078
51*8
84
99*3
N o . Low
------65
69*2 65
46 Sale
------91*8
69*4 D ec’ 14
59*8 Mch'15
40
47
89*2 Mch’ 15
59*8 69*8
45 55*8
89*2 89*2
102 ___ 1011? May’ 14
103*8 104 104 Mch’ 15
103 104*j
54 * tie '13
97 Feb '15
"9"7“ "97""
114 Sale 113*4 114
127 109*8 115*8
08 100 1 00 Mch’ 15
99*2 100
OS*?
'08
102*1 103 103 Mch'15
io1=8 idi"
100*2 . . . 106l2 G e t '12
98 ___ 100 F eb'13
100 Oct '09
101*2 103*4 103 Mch'15
101U 103*1
____ 91
02 Mch 14
N.
„
BONDS
Y . STOCK EXCHANGE
Week Ending April 1
•5ft,
M StP&SSM co n g 4 sln tg u 1038 J -J
1st Okie Term is i 4s____ 1041 M-N
M S S & A 1st g 4sintgu_1026 J -J
Mississippi Central 1st 5s_1049 J -J
M o Kan & Tex lstg o ld 4 s_1000 J-D
2d gold 4s______________fflOOO F-A
1st ext gold 5s__________ 1944 M-N
1st & refund 4s__________ 2004 M-S
Gen sinking fund 4 J^s____1036 J-J
St Louis Div 1st ref g 4s_2001 A-O
Dai& Wa Istg u g S s____ 1040 M-N
Kan O & Pac 1st g 4s_____1900 F-A
M o K & E 1st gu g 5s____1042 A-O
M K & Ok lstg u ar5s____1042 M-N
M K & T o f T lstg u g5s_1042 M-S
Sher Sh & So 1st gu g 5s_1942 J-D
Texas& Okla lstg u g 5s_1043 M-S
Missouri Pac lstcon s g 6s_1020 M-N
Trust gold 5s stamped_al917 M-S
Registered____________al917 M-S
1st collateral gold 5s_____1020 F-A
Registered_____________ 1920 F-A
10-year gold loan 4s_____1045 M-S
1st & ref cony 5s________ 1959 M-S
3d 7s extended at 4 % ____ 1038 M-N
Cent Br R y 1st gu g 4 s ...1919 F-A
Cent Br U P 1st g 4s_____1948 J-D
Leroy & O V A L 1st g 5 s.1926 J -J
Pac R o f M o 1st ext g 4 s ..1938 F-A
2d extended gold 5s____1038 J -J
St L Ir M&S gen con g 5 s .1031 A-O
Gen con stamp gu g 5s_1931 A-O
Unified & ref gold 4s____1920 J -J
Registered____________ 1 0 2 0 J -J
Riv& G Div 1st g 4s____1033 M-N
Verdi V I & W 1st g 5 s . ..1026 M-S
M ob& Ohio new gold 6s__ 1927 J-D
1st extension gold 6s____/|1027 Q-J
General gold 4s_________ 1938 M-S
Montgom Div 1st g 5s____1947 F-A
St Louis Div 5s................. 1927 J-D
St L & Cairo guar g 4s___ 1931 J-J
Vjashville Oh & St<L 1st 5s 1928 A-O
Jasper Branchilst g Osl923 J-J
M cM M W & Al ls'tfOs__ 1917 J-J
P & P Branch 1st 0 5 _____ 1017 J -J
Nat Rys o f M expr lien 4^81957 J -J
Guaranteed general 4s__ 1977 A-O
Nat o f Mex prior lien 4^3.1026 J-J
1st consol is _____________ 1951 A-O
N O M ob & Chic 1st ref 5S.10G0 J -J
N O & N E priorliengGs__pl915 A-O
*few Orleans Term 1st 4 s ..1953 J -J
N Y Con RR deb 6s wh iss.1935 -----Ref & imp 4 Jks " A ” ____ 2013 A-O
N Y Central & II R g 3 ^ s_ 1 0 0 7 J -J
Registered____________1097 J -J
Debenture gold 4s_______ 1034 M-N
Registered____________1934 M-N
Lake Shore coll g 3>$s____ 1008 F-A
Registered____________1008 F-A
J P M & Co ctfs o f dep___ - -
Mich Cent coll gold 3 Hs-1998 F -—
Registered------------------1998 F-A
Beech Creek 1st gu g 4s__1936 J - J
Registered____________103G J -J
2d guar gold 5s________ lose J -J
, Registered------------------1936 J -J
Boech Or Ext 1st g 3 JSs.61951 A-O
Oart& Ad 1st gu g 4s____1081 J-D
G ouv& Oswe lstg u g 5 s..1942 J-D
Moll & Mai 1st gu g 4s__ 1991 M-S
N J June R guar 1st 4 s._ . 1986 F-A
N Y & Harlem g 3 V$s____2000 M-N
N Y& Northern 1stg 5 s_1927 A-O
N Y& Pu 1st cons gug4s_1993 A-O
Nor& M ont lstgu g 5s__ 1916 A-O
Pine Creek reg guar 6s__ 1932 J -D
R W & O con 1st ext 5s._hl922 A-O
Oswe& R 2d gu g 5s____clfllB F-A
R W& O T R lstg u g5s__1018 M-N
Rutland 1st con g 4
1941 J-J
Og& L Cham lstgu 4s g 1948 J-J
ltut-Canad lstg u g 4 s ..1940 J-J
d t Lawr& A d lrls t g 5 s __ 1996 J -J
2d gold 0s______________ 1996 A-O
Utica & Blk Riv gu g 4s_1922 J -J
Lake Shore gold 3 ^ s ____ 1097 J-D
Registered_______
1997 J-D
Debenturegold4s______ 1928 M S
25-yr gold 4s__________ 1931 M-N
Registered____________1931 M-N
K aA & G R lstg u c5s__ 1938 J -J
Mahon O ’ IR R 1st 5s__ 1934 J -J
Pitts & L Eric 2d g 5s___ 11028 A-O
PittsMcIC& Y lstgu 0 s._ 1932 J -J
2d guaranteed Gs_______ 1034 J -J
McKees & B V 1st g 6s . . 1 0 1 8 J -J
Michigan Centra' 5 s ____1931 M-S
Registered____________1931 Q-fY;
4 s ..................................... 1040 J-J
Registered____________1940 J-J
J L & S 1st gold 3 ^ 8 — 1051 M-S
1st gold 3 ^ s ................... 1052 Vl-N
20-year debenture 4s__ 1020 A-O
N Y Chlc& St L 1st g 4 s .. 1037 A-C
Registered......................1937 A-O
Debenture 4s_______ .1031 M-N
Wost Shore 1st 4s g u a r...2361 J-J
Registered_____________2361 J-J
m Z Connect 1st gu 4 ^ 8 A .1953 F-A
N Y New Haven & llartf—
Non-conv deben 4s______ 1055 J -J
Non-conv 4s__ __________1056 M-N
Oonv debenturo3 l<js__I_Il950 J-J
ConvdebentureGs______ . 1 0 4 3 j . j
Harlem R-PtC hes 1 st 43.1054 M-N
R f t N Y Air Line lst4s__ 1053 F A
Gas and E lectric Light
Kings Co E jL & P g 5s____1937 A-O
Purchase money 6s__ ___ 1997 A-O
Convertible deb 6s______ 1025 M-8
Ed E 1111 Dkn 1st con g4s_ 1030 J-J
Lac Gas L o f St L 1st g 5s_cl019
R ef and ext 1st g 5s______ 1934 SB
Milwaukee Gas L 1st 4 s . . . 1927 M-N
Newark Con Gas g 5s_____ 1048 J-D
N Y G E L H & P g 5s......... 1948 T-D
Purchase money g 4s_____ 1049 F-A
Ed El 111 lstcon s g 5 s . ...1 0 0 5 J -J
NY& Q EIL& P 1st con g 5s 1930 F-A
N Y * Rich Gas 1st g 5s.__1921 M-N
Pacific G & El Co Cal G & E
Oorp unifying & ref 5s___ 1037 M-N
Pac Pow <fc L t 1st & ref 20-yr
5s Intemat Series_______1030 F-A
Pnt»V, Passaic G & E 5s___ 1049 M-S
Price
Thursday
A p ril 1
W eek's
Range or
Last Sale
60
Range
Since
Jan . 1.
„
„
BONDS
N . Y . STOCK EXOHAN
Week Ending April 1
2 if
Price
Thursday
April 1
Week's
Range or
Last Sale
1?
§8
Range
Since
Jan. 1.
Bid
Ail: Low
Hig)1 No. Low High
N Y N II & Hartford ( C o n .)
__
81 Mch’ 14i . . . ___
Cent New Eng lstg u 4 s ..19611 J -J _____
ilousatonic li cons g 5s___10377 M-N1 105%___ . 106% Mch’ lii ----- 105 i0*5%
___
95 06‘
N Y W ’ches&B Istser 1 4H s '466 J -J I 75% Sale 72
757)j 5t! 66% 757g
01
J’ly ’ H ___
8 6 <8 ----N U & Derby cons cy 5s__19188 M-N1 100
107 Aug ’0!) ___
IV 75 81
801
80% Sale 80
New England cons 5s____19455 J -J ____
00
02
----- 60
53 60
Consol 4s______________10455 J -J
99i* Mch*lll ___
Feb
’
1
j
89
____8 8 ?
89 89
Providence Secur deb 4: ..19577 M-N1 ------56~
55 M ch’ 11
55 68%
50b is 49 56% N Y O& W ref 1stg4s____j/19922 M-S1 8 1 % Sale 81%
55-Ji Sale 54%
82 J ""ic i 78% 82%
697
: 69% 74
G!)78 Sale 69%
Registered 55,000 only__(7l0922 M-S
92% J’ne’ i:1
00*2 64*2 60i* Feb ’ 1 £
60% 60% Gen era 14s________
1 0 5 85 J-L > ________
75% Feb ’ li>___ . 75% 75%
90*4 Dec ’ la
Norfolk Sou 1st & ref A5sZZl9611 F-A, . . . . so 94 j ’ne'K 1 „
78 J’ly ’ 14
Norf& Sou lstg old 5s.........10411 M-N[ ------101% . 102 Jan 'li
102 102
95 102 96% Mch'IS
96% 96% Nori& Westgen gold Gs__ 10311 M-N 117 118 120 Feb ’ li>III! 120 120
____93% 85% Mch’ 15
85% 8 8
Improvement & extg6s_.10341 F-A 118 119%■119 Feb ’ li> .... 119 119
88
Mch’ 15
8 U2 8 8
80 89
New River lstg old 0 s__. 19322 A-O1 116% 120 120 J’ly ’ Hi ___
86
May’ 13
N & W Ry lstcon sg 4s__ 10065 A-O 1 92% 94 92%
925,3
91% 94
7
991* Jan '14
------90
Registered_____________ 1996S A-O 1 ______
94 May’H\___
51
1
0
0
%
1
0
0
%
10012 Sale
99% 101%
D iv’l 1st l& gen g 4s____10441 J -J
88% 90%1 88% M ch’ li
87%
88%
<J6 % 8 89% 96%
OGU Sale 96%
10-25-year conv 4s_____19322 J-D 1 100 103 98% Feb'li
98% 102
97 May’ 12
10-20-year conv 4s_____19322 M-S 100 103 101 Mch’ li
99*4 101
6
91%
8 8 % 91%
91*2 92 91%
Convertible 4 H s ____ 1938SM-S 102% Sale 102% 1023t ii 101 103
, P o c a h ° & C Joint 4 s . ..19411 J-D 1 88% Sale 88
881;■ is1 8734 90%
48% 46 37% 50% C C & l 1st guar gold 5s..l9 2 2•> j - j 101
48*4 Sale 48
.
Jan 'l:!
23 38 49% Scio V & N E lstg u g 4s. .19393 M-N! ------ 91 105%
48
47 Sale 45
90 Mch’ li
90 90
78 Jan ’ 15
78 78
923,I "2 7 s1 8S34 93%
92% Sale 92*%
Northern Pacifijprior Ig4sl9977 Q-J
85 F e b ’ 15
------9 2 h
85 85
Registered_____________ 19977 Q- J ♦89 ___ 91% M ch’li
88%
91%
77% Dec ’ 13
General lien gold 3s_____«20477 Q-F 64% Sale 64%
65 ’ *1421 62 65
no Mch ’05
Registered___________ a2 0 4 77 Q-F
03 Mch’ li
61% 63
16
867g
87%
86
87% St P.iul-Duluth Div g 4 s. 1996'» J-D
8 6 % 87%
90 Jan 'D1
97 ___ 07% J'ly ’14
100% Sep 1£1___
D ulSbort L lstg u 5s____19161 M-S
47 97% 101% St
99
99 Sale 98%
P & N P gen gol.l Cs__ 10231 F-A iio ‘ 110% 110 M ch’ li:>. . . . 109% 111%
___
102
J’ly
’
1
4
...... 09
,, Registered certificates.. 19231 Q-F
115% Aug ’ll L___
68
Mch’ 15 —
63% 71
66
68
St Paul & D .luth 1st 5S..19311 F-A 103 104%!102 Feb ’ 1£1 . . . . i o f ’ i o i '
80% net ’ 12
2d 5s............................... 1917r A -o 101 ____ 100% Jan ’ 15) . . . . 100% 100%
___
67 69 67 Mch’ 15
66
69
1st consol gold 4s...........10681 J-D
87 Feb ’ll .,
92% Dec 'li
Wash Cent lstgold 4s____19481Q-M
81% Dec ’ ia
11012 ___ 112 Mch ’ 15 . . . . 112 114% Nor Pac Term Co 1st g 6 s .. 19331 J -J
ill” in*7g i l l Mch’ 15. . . . . 111 111%
105 112 112% Apr ’ 14
Oregon-Wash lst& rel4s._1961 J -J
87% Sale 87%
87%
83% 88
72
___ 72 M ch’15 . . .
72 75
p a c ific C o a stO o 1 st g 5s .1946i J-D 95% 98 95% M ch ’ 10
94 98%
IOII4 103 104% J'ly ’ 14 —
* ■ e n n s y l v R R 1st g 4 s ____1923 l M-N
86% 97% 96% Mch’ 15
96%
97
95 Dec ’13
Consol gold 5s_______
19191M-S
102 May’ 14
86%----- 87 Jan ’ 15 ___ 87 87
Consol gold 4 s ........... ...1 9 4 3 t M-N 97 ____ 97% Feb ’ 15
97%
08%
—
105% 100 105%Mck’ 15
104% 106% Convertible gold 3H:;___ol915i J-D 100 Sale 100
100% ” 38 993g 100%
111 Jan '13
Registered___________ ol915i J-D _. . —tmm— 99% J 'ne'14
.
.
.
.
103%
Jan
’14
Consol gold 4s__............1 9 4 8 1M-N 97% 98% 98 M ch’ 15
97 98*4
..............: 113 J’ iy ’04
...............
Consol 412 s when Issued. 19601____ 103% Sale 103% 1037g *323 103% 104%
___ 60 58 J’ue '14 ___
AI leg Valgen guar g 4 s . . .1942! M-S 92% 94% 94 Jan ’ 16
94 94
77 Feb ’ 13 —
...............
n, M
* B,’? e 1st gu 4s g '36i F-A 92%____ 91 Mch T4
ZZZZ’si" 90% Feb '13
Phlla Balt& W 1st g 4s. 19431M-N 95 ___ 99% J’ly ’ 13
50 Apr ’ 14
102 Jan '03
Sod Bay & Sou 1st g 5 s ...29241 J -J
1 31% 38
38
____41% 38
90" . . .
Sunbury & Lewis 1st g 4 s .19361 J -J
____104 101 J’n e ’14
U N J RIt 5c Can gen 4 s .. 1944l M-S 98% 99 "9 8 % Feb ' 16
*08% *08%
79% May’13
Pennsylvania Co—
100i« Sale 10C% 100% 1619 100% 101% Guar 1st g4>$s................. 1921 J -J 1007g 101% 1007g 1007g
2 100 102%
88 223 87% 88
88 Sale 87%
Registered____________ 1921 J -J 100 ____ 100 M ch’ IS
100 100
80% 21 79 81% Guar 3H s coli trust reg_1937'M -S
80% Sale 70%
84 ____ 84% Apr ’ 14
76% 78% 75% Feb '15 ___ 75% 78% Guar 31$s coll trust ser B . 1941 F-A 84% 86 84% M ch’ IS
84% 84%
84%
9 84% 88
84% Sale 84%
Trust Co ctfs gu g 3 J 4 s... 19161M-N 99 ____ 98% J 'ly '14
Guar 3 J^s trust ctfs C ____1042 ! J-D 83%___ 83 Feb '15
83
83
2 72% 75
73
72% Sale 72%
Guar 3 M s trust ctfs D ____1044 J-D 83 ____ 84 J’ly T4
70% J’no'14
Guar 15-25-year g 4s_____1931 A-O 92% g4 92% Feb ’ 15
92% 04%
79
Deo
'14
8U?
CIn Leb& N org u 4 sg ____1942 M-N 85 ____ 93% Apr ’ 14
71% 71% 71 Mch’ IS . . . . 68% 71
Ol & Mar 1st gu g 4 ^s._1935 M-N 96 ____ 98 May’ 14
75 J’n e’14
____74%
Cl & P gen gu g 4
ser A 1942 J -J 100%___ 1 101% Nov’ 13
1 9 4 2 A-O 100*2___ 109% J’ly ’09
Series B _________
91%------ 95% Apr ’ 14
90 May’ ll
Int reduced to 3 J .$ s .„1942 A-O 84%___ 91% Feb ’ 12
Series
C
314s_____
1948 M-N 83%___ 90% Oct T2
_____ __ _
___ . . . .
Series D 3 H s_______ Z"l050 F-A 83%___ 84% Dec ’ 13 ___ ___ ___ _
70 ___
83%____ 86% May'14
Erie & Pitts gu g 31$s B ..1940 J -J
88 Oct ’ 12
Series O_________
1940 J -J
83%____ 90% J’ly ’ 12
95 98 100 F e b ’ 15
Gr R & I ex lstg u g 4 1 4 sZl 9 4 1 J -J
100 100
95% J’n e ’14
Pitts Y & Ash lstcon s 5s-1027 M-N 101%___ 109 May’ 10
86%------ 86 Jan '15 . . . . 86 86
T o n y V & Ogu 414s A . . . 1031 J -J
97%___ 99 J’ly ’14
87% Dee ’ 12
97%____ 98% J ’ne'14
Series B 4 14s___________1033 J -J
103 " ------ 101% Mch’ IS . . . . 101%101%
Series C 4s______
1 9 4 2 M-S
88 ____ 93% J’ly '14
92 Oct '13
P C O & St L gu 4 1 4 s AZZZ1940 A-O 100%____ 101 Feb *15
99 101%
Series B guar______
1942 A-O 100% Sale 1003g 150% ” *5 99% 101%
116 F e b '14
101% Feb ’ 16 . . . . 10 1 % 1 0 1 %
Series O guar_______
1042 M-N
C IOD4 103
10234 Sale 102% 102%
Series D 4s guar............. 1945 M-N 93 ____ 93% Feb ’ 15 _. __ 93% 93%
100% Mch’ 15
100% 100%
Series E 3 14s guar g____1949 F-A 90% 91% 90 Mch’ 15
90 90
104 J’ne’io
Series l-’ gu 4s g________ 1953 J-D 93 . . . 95% Jan ’ 14
90 A p r’ 13
07%
Jan
13
Series
G
4sguar________
1057
93
____
M-N
___ 71 70 Feb ’ 15 ___ 70 70
O St L & P 1st con g 5s__ 1032 A-O 101%___ 106% May’ 14
92 .1 no ’09
Peo& Pek Un 1st g 6 s____1021 Q-F ------101% 101% May'14
____101 101 Mch' 10 ___ 1 01 101
2d gold 414s..................... 61921 M-N
89 Feb '14
119% Mch'12 ___
25 May’ 14
Pere Marquette— Ref 4s__ 1955 J -J ____20
95%----- 97 F eb ’ 16 —
96 97
Refunding guar 4s_______ 1955 J -J
9 12 40 D e c '13
____83
82% M ch’ 15
82 84% Ch & W M 5s..................... 1921 J-D 60 ____ 73 M ay'14
82 Mch’ 15
82 82
Flint & P M g 0s.............1920 A-O 93 ____ 90 Mch’ 15
90 90
0184 92
91%
91%
7 90 93
1st consol gold 5s______1039 M-N 67%___ 68
6 65% 69
68
33 89% 92%
9134 Sale 90%
92
Pt Huron Div 1st g 5 s..1939 A-O
65 Mch’ 15
65 65
917g J’ne’ 14
Sag Tus & II lstg u g 4s. .1031 F-A
65 May’ 14
Philippine Ry 1st 30-yr s f 4s '37 J -J ____60
104%------ 167'% Apr ’ 14
108% M ay'14
Pi ,ts Sh & L E 1st g 5s_____1040 A-O
103 ------ 103 Jan ’ 15
113% N ov’ ll
103 103
1st consol gold 5s________ 1943 J -J
111 ___ 130% Jan ’09
94% 20 91% 04%
T>eading Co gen g 4s_____1997 J-J
94% Sale 94
110 ----- 123% Mch’ 12
LL R egistered ...________ 1007 J-J ----- 93% 0134 Mch’ 15 ___ 90% 93
Jersey Cent coll g 4s_____1051 A-O 92 ___ 02% Mch *15 ___ 91 92%
102 ___ 105% J ’ne’ 14
Atlan City gu 4s g _______ 1951 J -J
101 ----- 103% May 14
75% ' ' t v ’ 14
J-J ____68
106% 108%
J -J 108%___ 10S%Mch'15
87 Feb *14
General gold 5s__________1931 J -J
997g ' " 2 99 101
-------99% Sale 9978
90 J’ ne’08
St L & S F RR cons g 4s_1096 J -J
75
J’ly
’
14
79%----- 81 Feb ’ 15 ___ 79% 81
Gen 15-20-yr 5s__........... 1027 M-N 47% sale 47%
51%
8 *35** 51%
____78
78%
78%
4 78% 81%
Tr Co certfs of deposit___ . . . .
51
24 32% 51
47% Sale 47%
93
92% 93 9234
3 92 93%
do
Stamped____
46 Sale 40
49
20 32% 49
92% J’ly ’ 14
Southw Div 1st g 5s___ 1947 A-O
93 Dec *13
76 82 82 Dec ’ 14
Refunding g4s_________ 1051 J -J
70
2 63% 70
71%___ 70
92 Sale 92
92% 19 89% 92%
Registered................. ..1951 J -J
8034 Mch’ ll
88% 25 87% 89%
Trust Co ctfs of deposit__
88% Sale 88%
9 61% 71%
7112 Sale 71%
71%
94%
Feb
’
15
do
Stamped____
94% 94%
—
68
151 60% 68
94% 94%
08 Sale 05
K C F t S & M con g 6s__ 1028 M-N 107 Sale 1107
5 107 110
107
KO Ft S & M Ry ref g 4s. 1036 A-O 72% 73 72%
72 78% 71 Mch’ 15
71 75
72%
1 69 73%
75
K C S M I U B 1st gu 5S.1020 A-O
72 ----- 72
6 70 75
95 Mch 14
65
21 61% 65
t L S W 1st g 4s bd ctfs___1989 M-N 75 75% 75
65 Sale 64
75
6 75 80*
110% Sale 106% 110% 77 101 110% 2d g 4s inc bond ctfs____pl989 J J ____64
55 Feb '15 ___ 55 55
Consol gold 4s___________1932 J-D ____57
2 56 61
89 ------ 99% Nov’ 12
66
56
99% J’ne’12
Gray's Pt Ter 1st gu g 5 s .1947 J-D
98% Jan ’ 14
MISCELLANEOUS BONDS— Continued on Nex” Page.
Bid
As) Low
91% 92
H igl
90%Mch'L
97% J'ne’ li
No
v .v .
02%
9234
80%____ 91 Feb *15
99% 101 100 Jan ‘ 14
90
H igh
93"
G as and E lectric L ight
10234 103% Peo Gas & C 1st con g 6 3 ___1943 A-O
Refunding gold 5s______ 1947 M-S
113 113
115 115
Registered_____________1947 M-S
Ch G-L & Oke 1st gu g 5S.1037 J -J
87% 88
Con G C o o fC h lstgu g 5sl936 J-D
100% 101
Ind Nat Gas & Oil 30-yi 5s ’36 M-N
97 101
00% 91% Mu Fuel Gas lstg u g 5s__1947 M-N
Philadelphia Co conv 5s___ 1019 F-A
ioi’% 103*% Conv deben g 5s_________ 1922 M-N
82% 85% Stan Gas & El conv s f 6s._1026 J-D
Syracuse Lighting 1st g 5s._1951 J-D
Syracuse L & P 5s________ 1054 J -J
Trenton G & E 1st g 5j ____1949 M-S
Union Elec L & P 1st g 5 s ..1932 M-S
38 91 9 3%
Ref & ext 5s_____________ 1933 M-N
Utica El L & P 1st g 5s____ 1950 J -J
88% 91
Utica Gas & E ref 6s........... 1957 J -J
Westchester Ltg g 5s______ 1950 J-D
104 ____ 103% F o b ’ 15
111%113 113 Feb ’ 15 __ _
115 116% 115 F e b ’ 15
87% 89 87%
87%
9
101
10034 Sale 10034
12
100 Sale 100
100%
3
91% 92 91% MclT 12 ___
101%___ 10134 Jan '14
102% 10234 102
10234 ' 65
83% 84% 8334
84% 131
106 ____ 109 J’ly ’ 14
101 Feb ’14
92% J’ly ’09
90% 93
L ow
9
114
114% 114 1114
100%102 1101% 101% 25
99 Sep ’ 13
101% 102% 1102 Mch’ 15.___
99 100% 1100% F e b ’ 15.___
93 Mch’ 12
100%____1 iOO Jan ’ 16 .___
95 Feb ’ 15 .___
____95
. - 84 96»4 J’nc'14
87% 90 88% Jan ’ 15 .___
99 100 1100 Mch’ 14
80 8 6 I2 J’ne '1 2
99%___ 1 01%J’ne’ 14 .___
98 100% 99 Mch’ 15 .__
88 90 89 Mch’ IS .___
............... 1 102% Mch’ IS .....
________ 1 00% Dec 11
1011* 103 1102% Jan *16.___
110 114
100% 101%
101% 103
100% 100%
100 ioo
95 95
88% 88%
*99'101
89 90
98 102%
1021* 1021*
8
Price
Thursday
A p ril l
B ta
A & A Lass 1st gu g 4s._ .1943
.1919
.1950
Gold 4s scamped_______ .1950
.1950
Adjustment 5s_________ M949
1959
el933
Car Cent 1st con g Is__ .1949
_191b
J-J
J-J
A-O
A-O
A-O
F-A
A-O
M-S
J-J
J -J
J-J
J - .]
Ga & Ala Uy lstco n 5 s ._01945 J .1
Ga Car & No 1st gu g 5s_ .1929 I - J
Scab & Roa 1st 5s______ .1926 J -J
W eek's
Hanot or
Last Sale
Ask Loir
H igh
73*t Sale 7358
74*2
100 Sale 1 00
100
80 81 75 Dec T4
80<2 81 8012
80t2
Sale
67 70
81*4___
85*4 8 8
lOO-'s___
100:*4 104
1003.1 1 0 l»8
10D.I 103
1 01 l2 ____
1 0 Ha . . .
66
6358
66
667s
82 Jan T5
8511
85 Ci
66
No
Range
Since
Jan. 1.
1
4
BONDS
Y. STOCK EXCHANGE
Week Ending April 1
3
§t
<1 -a
Range
Since
Jan. 1.
80
8
D4 Mch’ 15
8
D4
8
D4
88
70*2 Sale
1 0 1 * 2 ___
75*2 77
. 35
____
1 00
90
85 _
65 65l£
70
71
101*3 Mch'15
75
75
34 Feb '07
100 Mch' 15
35 54
S'1 101
1 75
too
91 Feb ' 14
65 M ch’ 15
83
841**
86*2 Sale" 86*2
85 ____ 85
65
71*3
1 0 2 7s
781*
160"
65*4
8
1
84*4 87
84*2 85*4
101 Sale 101
101*2
18
100*8 10038 IOOI4
3
100*4
9 Us 93*4 91 Mch'15
102
1023s 102*2 Mch'15
83 8 8
86
Mch’ 15 _____
10433 105*3 105
9
105*4
9434 J’ly ' 14
---------89
*92*4_____ 94 J*uc’14
120
1 22
120 Mch'15 _____
997s 102*s
9978 100*4
9212 94
IOOI2 10314
80* 8 6 *
103*8 105*i
--------
98
02 65
100^4____
Sale
Sale
987s Salo
00 98
95 90*4
92 94
95*? 90*2
48 Sale
88
89
100*4
88
747s 78
103 Sale
101*8 Sale
83*4 84
99*2 Sale
100
_____
100*8 Safe
77 80
40 45
90 91
65 70
Sale
sale
993| Sale
9834 100
90*4 100
89 9234
83*2_____
933.1 Sale
92*2 Sale
100*4
1 22
97*4
8 6 *?
85
Mch’ 15
04
64
1
F e b '15
10038 29
88
8834 240
98*8
9S78 37
9734 Jan '15 . . . .
95*4 Mch' 15 ----- -93 Mch' 15 ----- -9634
9078 34
47*4
50*2 51
5
89*3
89*3
87*2 J’ly 14
747i
747s
1
103
103*1 2 2
101*4
1013s
7
8
83*2
83*2
99*2
9934 10
100 Oct 13
3
100
100*8
3
79*2
80
47*2 Mch' 15
90*2 Mch' 15
70 Feb ' 15 ___ _
17
27
100*8
100*2
1213.1 122
5
29
9934
100
5
99
99
9978 Feb ' 15
92*4
<J234 ij
84
84
2
93s8
9834
2
2
92*2
92*2
101
100
9534 9778 96 Mch’ 15 _____
90*4 92 9038 Mch' 15 . . . .
104 J’ly '14
923.| 9 1
93
933.,
7
8
90*2 91 90*2
90*2
99*4 117
99*2 sale 983.i
75 80 7 5 Mch 15
75 _____ 91b Jan 13
74 76 74*«
75
16
20 Jan '15 ____
21
102*2 Sale 102*8
102*8
102 Sale 101*2
*02
101
101*8 M ch’ 15 - - 91*2 Sale 91*4
91*2 30
101 -S
g 7
101*8 101*2 101*4
92*4 Sale 913s
02*4 08
99*2 99*8 99*4 Mch'15 ____
717s Sale 70
6
71*s
128
130
29
9134
92
51
85*4 87 85 Mch'15 ____
86
91*4 80*8 Mch'15 _____
85*2 86*3 8 6 Mch' 15
101
23
100*2 Sale 100
113 Sale 10973 111 367
1 12*2 sale 109
113*4 279
37*2 22
37*8 Sale 36
36
2
35 37b 36
3738 -------- 30 Mch’ 15
9138 92*8 91*2
91*2
9
88*2 Jan 14
_____ 90
83 Apr 14
94 _____ 100 J’ iy 14
71 75
7 9 ’ 4 Dec 14
2
___ 101*4 10078 10078
89*3 93 89*2 Mch' 15
93 9434 94 Mch 15
------88
90 Feb '15
87*2 Sale 87*2
8834 30
103 110 10934 110*4
12
_____ 129
9134 sale
120
121*8
97*4 98*8
59
61
100*4 101
98*2 101
85*3 89*3
967g 99*2
97*4 97*4
9434 97*4
92 94.3s
95 967s
46*4 56
84 89*8
747s 747s
102 105
100*4 10H|
8278 87
99 100*2
100
79*2
38
89
65
lOllj
82
50
91
71
9978 102
12134 124
99*2 102
95*2 100*8
95 100*8
92 93*4
84 84
95 997*
90 94
95*4 96*i
90 93
90*2 93*4
90*?
97*2 100
75 75
88*2
60
76
20
20
101*8 102*8
9978 1025*
99*4 102*4
89 95*2
100*2 101*4
8978 94
98*4 90*«
70 73
118 130
90*2 93
85 85*4
86*3 90
83 8078
98 101
97 111
94*4 113*4
30*4 38
33*2 30
30 67
88*4 92*2
1007g 101
891? 9 m
94 95*8
90 90
86*8 89*4
103 110*2
98*2___ 103*2 Jan 14
Telegraph & lelep horn
J-D
M-S
F-A
F A
J-D
.1 -D
F-A
A-O
J J
J J
J -J
Teun Ooa> gen 5s________ .1951 J-J
Birm Div 1st consol 6 s ._.1917 J-J
Torn) Div 1st g C s .------- a 1917 A-O
. 1922 J -D
.1953 - J
Va Iron C oal*C oke ls t g 5s 1949 M-S
♦No price Friday; latest bid and asked,
W eek's
Range or
Last Sale
H igh
F-A
101 Mch’ 15
F-A
102*8 Mch'15 ___ 100*2 1025s West Maryland 1st g -Is ...1952 A O
___
IO2 I4 Mch '15
100*2 102*4 West N Y & Pa 1st g 5 s . .. 1937 J-J
10U2 Mch'15 _____ 101*2 101*2
Gen gold 4s____________ 1943 A-.O
84*4 31 8138 86*4 Wheeling & L E l s t g 5 s __ 1926 A-O
Gold 4s (Cent *'ac c o ll). AT940 J -D 84i2 Sale 84U
k 1949 J -D
90 Feb ' 14
.1 .1
8238 93 80*8 83*4
01929 M-S 82 Sale 8 lit
F-A
98l2 296 95*4 9934
20-year conv 5 s ________ .1934 J-D 9778 Sale 9734
RR 1st consol 4s. _____ 19 19 M-S
8812 347 86 90
.1940 F-A 8 8 Sale 83
J -J
_ 1949 F-A
8612 Mch To
8 6 *?. 8 6 i->
J-J
10 87*2 89
88*4
M ort ;uar gold 3 T$s_ AT929 7 -D 88*1 Sale 8 8 C1
Wis Cent 50-yr 1st gen 4 s ..1949 J - j
Mch' 15 ------- 85 87
86
Through St L 1st gu 4s.1954 A-O ____8 6
Sup&Dul div Sc term 1 st 4s ‘36 M-N
G 11 Sc S A M i : i> 1st 5s.1931 .VI-N 100 _____ 102 Mch' 15 - - . 102 102*2
1924 (Vl-N
'M
anufacturing & Industrial
Ilous K Sc W ' 1' 1st g 5s. .1933 M-N ___________ 103 Jan '15 ____ 103 103
A-Oi
.1933 iVl-N 9812 101 104*2 J’ly 'l l
Am Oot Oil ext 4 } ^ s ____p l 9 l 5 Q-F
II & T C 1st g 5s int gu. .1937 J J 1U6 ___ 109 J'ne’ 14 _____
M-N
1921 A-O
95'2 Jan '15
93 95*2
M-S
M-N 108 ___ 108 Mch'14
Amer Ice Secur deb g 8 ____ 1925 A-O
A Sc N W 1st gu g 5s____ .1941 J -J 100 103 100 Mch'15 _____ 100 1 00
107*2 J 'ly ' 14 ____
Am Smelt Securities if 6 s .1926 F-A
Morgan's La & T 1st 7s. .1918 A-O
M-S
.1920 J - J 10233 ___ IO6 I4 j'ly '14
A O
112 Feb ’07
J J
4 9934 101*2 Ain Tobacco 40-yr g Gs.-_.1944 A-O
Ore & Cal 1st guar ; 5s. 119 27 j j 1 0 0 * 2 ------ 10034 101
101*2 Nov 13
A-O
M-N 105*2 Gold 4s __________ _
1951 F-A
1927 J J 89*4_____ 91*2 Sep 12
24 7734 8258
807s
81
F -A
A O
J -J
j j
86*4 357 S3*8 89
Baldw Loco Works ist 5 s -1940 M-N
So I’ac It It 1st ref 4 s __ .1955 j - j 86*4 Sale 8558
98;
>
3
987
8
51 98*1 101
Beth Steel 1st ext s f 5 s ____1926 J-J
Southern— 1st cons g 5s. .1994 j j 9334 Sale
...
93i2 1 00 Aug '13
M-N
1994 j j
66*4 76 6234 69 Oont Leather 20-voar g 5s_1925 A-O
Develop & gen 4s Ser A . .1056 A-O 6 6 Sale 6534
72*2 76 Consol Tobacco g 4s______ 1951 F-A
Mob Sc Ohio col! tr g 4s. .1938 M-S 72 ___ 7278 Mch' 15 —
98 U9?8 98*4 Mch '15 ____ 9834 9.334 Corn Prod Ref s f g 5 s . . . 1931 M-N
Mem Div 1st g 4!ij-5s_. .1996 J-J
1 80*4 80*4
80*4
1st 25-year s f 5s_____ ______ 1934 M-N
9t Louis div 1st g 4s _____ .1051 J J 80T -------- 80*4
A-O
1918 J J * _____ 1013s 104**4 J'ne'14
95 93i2 9934 MayT4
J -D
AO
Atl & Danv 1st g 4s_____ M948 J J 83 85 85*s Jan '15 _____ 85*3 85*3 E I du Pont Powder 4 J4s._1936 J-D
J -D
82*4 Feb 12
J -J
7534 D e c' 14
F-A
A-O
100'*8 J’ly '14 _____
Debenture 5s
_~1952 M-S
Ool & Greenv 1st Os_____ 11916 J -J
A-O
E T Va Xr Ga Div <r fis
1920 J -J IO2 I4 _____ 106 J’n o’ 14
Con 1st gold 5s_______ .1956 M-N 10334 _____ 10334 Mch’ 15 _____ 103*2 104b III Steel deb 4J^s.......................1940 A-O
- . - IOD4 103*2 J 'ly ' 14
Indiana Steel 1st 5s
1952 M-N
1938 M -s
Ingersoll-Rand 1 st 5 s
</l9 3 5 J-J
1946 A-O ___ 65 64*2 May’ 13
Ga Pac Ily 1st g 6 s_____ .1922 J-J 10714_____ 106*2 Jan T5 _____ 106 106*2 Int Paper Oo 1st con g 6 s..1918 F-A
J -J
_J,925 J -J lUO^s_____ U0*s May'14
Int St Pumn 1st s f 5s
1029 M-S
_1945 J -J 10034 -------- 105*2 Nov 12
Lackaw Steel 1st a 5 s
1923 A-O
Mortgage gold 4s_____ .1945 J -J _____ 84Ci 79 Mch'13 _____
1st con 5s Series A _________1050 M-S
Rich & Dan con g Os__ .1915 J-J _____ _______ 1007, J’ly T4 . . . .
A-O
10234 Men* 15
A-O
- 4
73 Sep 12
F-A
1948 M-N
So Car & Ga 1st g 5s____ 11919 M-N IOOI4 10012 100*3 Mch'15 _____ 100 100*3 Lorillard Oo (P)7s ____________ 1944 A-O
.1951 F-A
5s___________
Virginia Mid ser O Os____ .1916 M-S IOICi 10t>2 100*4 Mch'15 . . . . 100*4 100b
A-O
103*>4 Nov 12
1921 M-S
A-O
1926 M-S 101 -------- 102 Dec '12
J-D
104 Mch 13
1931 M-S 101
.1936 M-N 10212 -------- 103 Mch'15 ___ 102 103*8 Nat Starch 20-yr deb 5s____ 1930 J -J
101
2 100
National Tube 1st 5s_________1952 M-N
Va & So’w 'n lst gu 5s. . 200.1 J-J too 10078 101
101
M-N
195t A-O 85 89 86*2 Dec ' 14
92 J’ne’ 13
J 924 F-A
Latrobe Plant j s t s f 5 s. .1921 J -J
Jpokane Internat ls t g 5s. .1955 J -J ___ 98 96*2 J 'ne'14 ____
2
99*?
Inter-ocean P 1st s f 5s._1931 A-O
"Tier A )f St L 1st g 4 !4s_ _103£ A-O 9912 ----- 99*3
99*2 991A-O
F-A 101 _____ lot Mch' 15
821? 8 6
8334M ch’ 15
83 833.
10-30-yoar 5s s f ________ 1940 A-O
Gen refuncf s f g 4s_____ .1953 J -J
100 -vlch ’ 15 ____ 100 100
Standard Milling 1st 5s_____ 1930 M-N
St L M Uge Tor gu c 5s. _193C A-O _____ 1 00
94*>8
4 94 96
The Texas Co conv deb 6 s . 1031 J -J
Tex Sc Pac 1st g dd 5s______ _ 2 0 0 C J-D 9412 _____ 94
J -J
7200C Mch . . . 40 51 Nov 12
J -J
1931 J-J _____ 90 95 May 14
J -J
106*2 Nov 04
\V Min \VSc N VV 1st gu 5s.1930 F-A
U S Red & Refg 1st g 6 s__ 1031 J -J
Tol Sc O C 1st g 5s__________ .1935 J -J 101*4 10412 101 Mch’ 15 - - 101 103
101 Aug’ 13
J -D
1935 A-O * 1 0 0
M-N
.1935 J-D ----- 10112 101*2 Apr H
Kan Sc M 1st gu g 4s__ .1990 A-O *___ 85*4 80 Mch’ 15 . . . . 80 80*2 S f 10-60-yr 5 s ( r e g __ (11963 M-N
Va-Oar Che'm 1st 15-vr 5s 1923 J -D
2d 20-year 5s_________ .192'! J -J _____ 9534 95*2 Mch' 15
95*2 96
West Electric 1st 5s Dec 1922 J *J
Tol P & \V 1st gold 4s__ .1917 J -J ___ 65 65 M ch’ 15 _____ 65 6 8
76 77 77 Mch'15 ___
Westinghouse E & M s f 5s. 1931 J-J
Tol SC L& W pr lien g 3 VSs .1925 J -J
76 78
8
1 0 -year coll tr notes 5s_.19l7 A-O
50
50-year gold 4s____________ _ 1DSC A-O 50 Sale 48*3
42*2 50
_1917 F-A -------- 50 43 J'nel4
.niscellancou*
Tor llam & Huff 1st g 4 s .. M046 J -D 80 _____ 82*2 Mch’ 15
8212 87*2
Adams Ex coll tr g 4s_________1U48 nl-S
TTlstor & Del 1st con g 5s _192C J-D 100 101 101 Jan T5
100
101
.1952 A C 74 _____ 74 ilch'15
9538 74 9438 97*8 Armour & Oo 1st real est4 4$s '39 J-D
Union Pacific 1st g 4s _____ .1047 J J 95*4 Sale 95
94 95 93*2 Mch’ 15
Hush Terminal 1st 4s______1952 A-O
Registered _______________ .1947 J -J
93 95
Consol 5 s _____________ 1955 r - t
89>s Sale 89*s
20-year conv 4s________ .1927 J -J
89^3 72 88*2 91
00
16 88*4 904i
Bldgs 5s guar tax ex_____ 1 0 6 0 A-O
1st Sc ref 4 s ___________ 0 2 0 0 f M-S 89>2 90 8 934
4 8 8 91
Granby Cons M S & P com 6 s A '28 M-N
91
Ore Ity & Nav ion g 4s. . 194C J-D 90Ci 0112 901?
1081.
9 107*2 109b Inspir Cons Cop lstco n v 6 s 1922 M-S
Ore Short Line let g Os. . 1 0 2 2 F-A 10.312 Sale 108
5-year conv deb 6 s______1919 J -J
1 st consol :5 s ________ .1946 J J 10312 104i2 104 Mch’ 15
103 105
Guar refund 4s_______ _ 192£ J D 90i2 Sale 90*4
907s 26 877g 9178 Int Mercan Marine 4 t£ s.. 1922 A O
108
May'll
-1926 J - J 10 U3 .
83 _____
Int Navigation 1 st s f 5s____ 1920 F A
.1933 J -J
921.._____ 93 A p r '13
1 J
1955 F A
92*« May' 14
Morris Sc Co 1st s f 444s _____ 1930 J J
♦ Consol 4s Series B____ .1957 M-N *90 .
A O
97 94 Oct 12
1924 J J *
9638 16 95*2 091*
J J
1962 M-N 96 90i2 96*i
995s 1 00
11 97 1 0 0 7x N Y Dock 50-yr 1st g 4s____1051 F-A
.1930
W 2d gold 5s........................... .1939 F-A 89 91 90
90
5 86
9433 Niag Falls Pow 1st 5s_______ 1932 J-J
M-N
90 J'ne 12
.1939 .) J
1st lien equip s fd g 5s__ .1921 M-S ___ 90 8978 Mch'15
8978 S978 Ontario Powor N K 1st 5s 1043 F-A
65 . . . . 75 Apr 14
Ontario Transmission 5 s __ 1945 4-N
1st lion 50-yr g term 4s. .1954 J-J
29 671 2234 34
Pub Serv Oorp NJ gen 5 s . . 1959 A-O
1st rel and ext g 4s_____ .1956 J- J
28 Sale 251»
22
22
1 22
RayConsCopper 1 st conv 6sl921 J J
Cent Trust Co ctfs-----22
F A
21)10
22
7
22
J -J
23
24*2
23 " 2U .
Do Stamped____________
24 Sale 21*4
25 250 19 30 “
MISCELLANEOUS BONDS— Concluded
~o«*
im n
bull it otisq lroi s f ->s__ .1932
Debenture 5s .
cl926
>oi F& 1 Co reu s f nr 5s._ .1913
Ool Indus 1st Sc coll 5s gu. .1934
.1935
*950
.1952
51919
.1951
P jcah Con Collier 1st s f 5s.1957
Price
Thursday
A p r il 1
Rid
Ask Low
High N o. Low High
Wabash ( C o n c lu d e d )—
3 99 100
99 Sale 99
99
Det & Oh Ext 1st g 5s__ 1941 T-J
J-J
A-O ___ 60 59 Mch'15
59 60*4
Tol & Oh Div ls t’g 4s____1*141 M-S 6 6 * 2 ___ 66*2 Mch T5 ___ 60 7234
78 83*2
6
Feb ’ 15
J-D ___ 10
6
884
5934 7134
734
9 200
6
9
8*2 Sale
Cent and Old Ool T r O o certs.
7 j'ly '14
6*2
8
67 i.i
66
10
7
8
7
8
7
8
81 82
1 F e b '15 ___
.1354 J-D
84*2 85*4
2d gold 4s________
*8
78
*8
1
Low
17 73
5
77
5
N.
Interest
Period
Ss
BONDS
Y STOCK EXCHANCE 1 !
Week Ending April 1
"a.
bonds
Sold
N.
88
60 87 89*8
2 9134 95 '
94
100*8 428 96 ' 100*4
9SB Mch ' to
98*8 99
SHU J'ne 14
79 anr 14
96*4
1 95 97*s
89 99
j j
96 96*2 96*4
j j
89*» 1)ec '14
90 95
90*i___ 93 Mch 14
M-N 100*1___ 100*2 Mch To
too 100*4
86 89 88 Jan T5
Mich StateTelep 1st 5s___ 1924 F-A 98*4 100*4 98*4 Mch' 15
88 88
97*4 9 9
101 Dec 'l l
M-N
75 75
96*8 56 94*2 96*8
80 81*4 80 Mch’ 15
75 81»n N Y Telep lst& gen s f l '<5s 1939 \\ ■N 96*8 Sale 9578
97*4 10 9 434 9778
100*2 101 100*4 Feb ' 15
100
101*4 I’ ac Tol Sc Tel 1st 5s.............1937 J .1 97*i Salo 96*4
101*8 101*4 101*4 Mch'15
9778 19 96U 99
100*4 101*4 South Bell Tel & T lsts f 5s 1941 J J 9734 Sale 97*2
1 96 07*j
101*i 101*4 10178 .Vlch'15
100*4 1017a VVest Unlon col tr cur 5 s __ 1938 J - J 96 97*2 97*2
97*2
M \ 92*4 Sale 91
20 88'a 93
103*2___ 101 Dec T4
93
,1 \
84 73 \’>r 14
.1
11
in 4
85 *8 87 85 Mch'15 —
84 86
Northwest Tel ru *Ha g . 1934 1 * 90 ___ 90*2 Mch’ 15
90*2 90*2
a Due Jan. d Due April, e Duo May. g Due June, h Due July, k Due Aug. o Due Oct. p Duo Nov. q Due Dec. s Option salo.
89 ___
___ 80
87 ___
70 72
92 J’ly 14
80 J ly T4
87 Feb ' 15
717g Mch’ 15
73 M ch'll
8913 J’ly ’ 14
99*8 Fob 14
87
70
87
73
J -J
M S
20-yr convertible 4 t$ s__ 1033 ,.1-S
Cent 1>lst ’Tel 1st 30-yr 5s. 1943 1 D
'J J
6- j
88 Sale
94*4 95*2
99*4 Sale
98l2 98*4
75 ___
87*i
94
9934
APR. 3
1 9 1 5 .]
Mondai/
M a rch 29
*09*8 99-1.1
*9812 99
181
181
87's
86
*120 125
31
30
231
231
10
*10
* ___
*103'
*151
65
*117
*86'2
*91
*7
46
59*4
152
* 16
125l.|
7978
120
*0 0 '2
91
99>2 991.
*90l.i 99*4
9878 9878
9S*g 98*8
186
183
186
181
87
88'2
88
87
120 12 0
*120 125
2978
29
28*4 30'2
*231
231
231
10
To
*40
*40
* ____ 158'2 * ____ 158*2
10314 103*4 103*2 103*2
16.'
*154
152
162
65
64
6 H2 65
*117
*117
*86'2 ss "' *86*2 871.1
94
93
91
*91
7*2
712
7*2
7U
4712
46
4 6 '1 461.
46'2
60
59
58*4 60*4
60*2
90
90
152
152
154
154
152
21
*16
*16
20
20
126
12512 125*4 125*4 125
80
120 ‘ 120 126 *120 128
67
67
66*2 66*2
67
91
91
91
89*8 89%
W eek
Shares
W ednesday
M a rch 31
Tuesday
M arch 30
STOC K
99*.
*99
99
99
EX
98*4 98*i
*98*4 98*4
CHANGE
185
185
186
185
CLOSED—
84
87U
86
GOOD
*120 125 *120 125
3134 F R I D A Y
34
35
32
*230
230
M a r ’ If
Last Sale
To '
M a r ’ 15
East Sale
N o v ’ 13
Last Sale
M a r ’ 15
East Sale
►40
Eas 1Sale 158 M a r ’ 15
159
*10311
*10314
East Sale
165
*154
*66
68
69
69
Eas 1 Sale 171.M a r 15
*117
Eas tSale 87-1.1 M a r ’ 15
*80*2 88
94
93*8 93's
94
7
714
8
*7'4
4 7 l2 47*.i *4612 47
59*2 601.
58*4 621.)
95
95
92
92
150*4
150*4 152
M a r ’ l.
East Sale 15
____
20
125
125*8 125*8 125
*121
66*2
86>2
130
6612
8 6 *.
120
65
89
130
651
89
52
98
199
656
11
2,267
8
Range S ince J a n . 1.
STOCKS
BO STON STO C K
EXCHANGE
Sales
0/ the
S H A R E PRICES— N O T PER C E N T U M P R IC E S .
Saturday
M arch 27
Lowest.
R a ilr o a d s
A tch T o p e k a & S anta F e .-lO O
Do
p ref_____ __________ 100
B oston A A lb a n y __________ 100
B oston E le v a te d ----------------- 100
B oston & L o w e ll___________100
B oston & M a in e ___________100
B oston & P r o v id e n c e ____ 100
B oston S u b u rb an E lec C o s ..
Do
p re f.........................—
B o s t o n * W ore E lectric C os
Do
p r e f . ..............................
61
Do
p r e f________
Do
p r e f.
Do
p r e f.
230
449
5,389
34
10S
199
45
798
12
Do
p r e f.
49*8
891.
2
2
*16*2 17
10H 2 105*4
110 * 2 H I
*16
81
60
*991.
*4*4
* 16*2
80
60
48*i
88*2
122*8 122*4 122
*10
12
8 1'4
60
101
1012
12
1 ()13
12
213
241
243
142
142*4 142
10312 10312 103*2
83
83
83
90
*9 0
91
172*8 17238 172
____
3
* ____
*30
132
151
►161.
109*8 10978
*28*2 2878
27
*26
1
1
120 1 2 1
60*4 61*2
281
28
48'2 4 9 lS
105>2 106
*30
' ____
' ._ 133
151*4
161.
109*2
28*4
27
1*8
1 2 0 '|
60-18
28
4878
105*2
49
49
891. 90*2
2*8
*2 i8
17
17
105
104
111
122*4 122
17
81
60
101
10*2
12
244
143
104
83'4
91
174
3
40
20
35
133
153
17
109*4
29
27*2
1»4
12 1
02
28*2
49*4
106
*16
7 9 's
611.
1111
122*8
80
61
*9912 100
49*8
S9U
* 2*8
*16*2
1041.1
110 * 2
arl20
16
79
OU2
99*t
*4*4
10 12
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1
1
Range lo r Previous
Y ear 1914.
__
H ighest.
F eb 23
Jan 15
M ar 5
M a r2 2
F eb 20
F eb 13
Jan 5
M a r2 3
Jan 8
92*4
97
170
82
109
20
225
10
50
Miscellaneous
*48*2 49*2
8 8 I4 8 SI4
2
2
16*2 16*4
105*4
105
ll()l2 1 1 2
1157
BOSTON STOCK EXCHANGE—Stock Record s^NextPa*
2,815
113
7,300
15,450
Week's
Salesfor
Range.
Friday
Week.
Sales. Low. High. Shares.
Outside Exchanges—Record Transactions
Boston Bond Record.— Complete record of transactions
in bonds at Boston Stock Exchange Mar. 27 to Apr. 1, incl.
Thurs
Week's
Salesfor
day
Week.
Sales. Low. High. Shares.
B on d s.
101
87*4 87*4
99*4
120
61*4 61
96*4
101*4
96*4 90*4
_____
96
92
100*4
99*4
110
110
97
95
95
_____ 101*4
_____
99*4
_____
95
91*4
.........
Low.
Amer Gas A Elect 53.2007 85*4
Small.................... 2007 85*4
BethlehemSteeIpm6s.l998
1st & refund 5 s... 1942
Choc Ok & Gulf gen 5s 1919
Consol 5s________ 1952
Consol Trac N J 1st 5s 1932 101*4
El A Peoples tr ctfs 4s. 1945 77
Small----------------- 1945
Eqult I Gas L 53____ 1928
Inter-State Rys coll 4s 1943 58*4
Small____ _____ ..1943 _____
Keystone Tel 1st 5s. .1935 93*4
Lch C & N cons 4*4s.l954 99*4
Lehigh Valley annuity 6s.. 135*4
Gen consol 4s_____ 2003 87*4
Gen consol 4*4s___ 2003 97*4
Lehigh Val Coal 1st 5s 1933
Market St Elev 1st 4s. 1955
Pennsylv RR temp ctfs4*4s 103*4
Peoples Pass tr ctfs 4s. 1943 80
Philadelphia Co 1st 5s 1949
Cons & coll tr 5 s... 1951 79*4
Phil Electric tr ctfs 5s. 1948 102
Small ..................... 1948
Trust ctfs 4s............ 1950 79*4
Small................1950
Phil A Reading imp 4s 1947
Pub Serv Corp N J 5s. 1959
Reading gen 4 s _____ 1997
Spanish-Am Iron 6s.. 1927 101
United Rys g tr ctf 4s. 1949 74
United Rys Invest 5s. 1926
Welsbach Co 5s small. 1930
West N Y & Pa 1st 5s. 1937
x Ex-dlvldend.
High.
10114
88
100
120
61*4
96*4
101*4
96*4
96
92
$7,000 99*4 Jan 101*4 Feb
33,000 86*4 Jan 89
Jan
25,200 95*4 Jan 100
Feb
11,000 98
Mar
Feb 120
39,000 60
Jan 62
Jan
2,000 96*4 Mar 96*4 Mar
5,000 101*4 Mar 101*4 Mar
25,000 95
96*4
3,000 95
97*4
5,000 92
94
1,000 100*4 Mar 100*4 Mar
27,000 99*4 Jan 101*4 Feb
110
3,000 103
110
98
7,000 95
98
95
2,000 93
Feb 95M
101*4 4,000 99*4 Feb 102*4
99*4 3,000 99
99 y*
95
10,500 94*4
97
91*4 5,000 91*4 Mar 91*4 Mar
— uumpimt) xtjuoru oi transac
tions at Chicago Stock Exchange from Mar. 27 to Apr. 1,
both incl., compiled from the official sales lists, is as follows:
Thurs
Week’s
Salesfor
Range since Jan. 1.
day
Range.
Week.
Par Sales. Low. High. Shares.
Low.
High.
American Radiator___ 100 . . . .
376 376
14 375
Jan 390
Jan
Preferred__________100
132 132
2 zl30*4 Feb 132
Jan
Amer Shipbuilding, pf.100
70
70
55 70
Mar 70
Chic Pneumatic Tool,. 100 52 ?4 49*4 52*4 1,445 45*4 Feb 53*4 Jan
Chic Rys part ctf “ 1”
88
88
220 88
Feb 93
Chic Rya part ctf ’’2”
25*4 25*4
53 25*4 Feb 31*4 Jan
Chic Rys part ctf ’’3”
20
4*4 4*4
4*4 Mar
5*4 Feb
Chic Rys part ctf “ 4”
25
1*4 1*4
1
Feb
3
Chicago Title A Trust. 100 212*4 212*4 213
18 205
Jan 213
Mar
Commonw’th-Edlson . . 100 139*4 139*4 139*4
340 136
Jan 139*4 Mar
Diamond Match_____ 100 95
94
96
465 90
Mar 98
Goodrich (B F) com...100 42*4 40)4 43
275 24*4 Jan 43
Hart, Scharf A Marx.pflOO 110*4 110*4 111
200 105
Jan 112*4
Illinois Brick_________100
62*4 63
115 60
Feb 65
Jan
Maxwell Motors 1st prof..
80
80
100 60
Feb 80
Mar
Maxwell Motors 2d pref.. —
33
36
400 31
Mar 36
Mar
National Biscuit_____ 100 —
j 121
121
50 120
Feb 125
Preferred__________100
123 123
4 120
Feb 125
Feb
National Carbon.........100
134*4 135
111 119*4 Jan 140
Jan
Peoplo’s Gas Lt A Coke 100 122
122 123
342 116*4 Jan 123
Mar
Pub Ser Co of N Ill.comlOO
85
85*4
215 75
Jan 86
Mar
Preferred_________ 100
99*4 99*4
396 95
Jan 100 Mar
Quaker Oats Co_____ 100 —
235 235
100 230
Jan 235
Feb
Preferred__________100 103*4 103*4 103*4
240 103*4 Jan 104*4 Jan
Sears,Roebuck com ... 100 136*4 135*4 137*4
768 al31*4 Mar 215
Jan
Stewart-War Speed com 100 58
56
58*4 1,012 48*4 Jan 60
Mar
Studebaker Corp pref.. 100
97
97
3 94
Jan 97
Mar
Swift & Co__________ 100 109*4 109*4 110*4
727 104*4 Jan 110*4 Mar
Union Carbide Co___ 100 158
158 159
391 144*4 Jan 165
Jan
U S Steel common___ 100
49*4 49*4
30 38*4 Feb 53
Jan
Ward, Montgom A Co,pref 113
112*4 114
198 110*4 Jan 114
Mar
Bonds.
Armour A Co 4*4s...l939
92*4 92*4 $1,000 91
Jan 92*4 Feb
Chicago City Ry 5s..1927 98
3,000 97*4 Mar 99
97*4 98
Feb
Chicago Rys 5s..........1927 95*4 95 ?4 96
9,000 94*4 Mar 97
Feb
Chic Rys 4s, S e r "B "...
76*4 76*4 5,000 74
Feb 77*4
Chic Ry adj Inc 4s. . 1927
40*4 41*4 17,000 40*4 Mar 44
Chicago Telcp 5s____ 1923 ________ 100*4 100*4 2,000 99*4 Jan 101
Commonw-Edison 5s. 1913 101*4 101*4 101*4 20,000 100
Jan 102
Dlam Match con deb 6s ’20
101*4 101*4 1,000 101*4 Feb 102
Met W Side El 1st 5s. 1938 75
75
75
9,000 75
Jan 77
Feb
Morris A Co 4*4s____1939 ________
87*4 87*4 1,000 86*4 Jan 87*4 Feb
Ogden Gas 5s_______ 1945 ________
94*4 94*4 3,000 92
Jan 94*4
Peop G L&C ref g 53.. 1947
100*4 100*4 2,000 99*4 Jan 101*4 Mar
Pub Ser Co 1st ref g 5s 1956 90
90
90
3,000 87*4 Jan 90*4
89
South Side EIcv 413 s. 1924 89
89
10,000 88
Jan 89
Feb
Swift & Co 1st g 5s... 1944 90
96
96
14,500 94*4 Jan 96*4 Feb
Stocks.
Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
March 27 to April 1, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, n o t per cent. For bonds the quotations
are per cent of par value.
Stocks.
Thurs
Week's
Salesfor
day
Range.
Week.
Par. Sales. Low. High. Shares.
Range since Jan. 1.
Low.
, High.
Alliance Insurance__ ..10
16*4 16*4
60 15*4 Jan 16*4 Mar
American Gas of N J. .100 " 161*4 101*4 101*4
170 100
Jan! 104
Feb
American Railways . . ..50 30*4 30*4 31*4
369 30
MarI 36
Jan
Baldwin Locomotive- .100 _____
34
34
50 30
Feb 1 40
Jan
Preferred ................ 1Q0
Tort
90
97
96 90
103*4 Jan
Cambria Iron______ ..50 43
43
43
22 41*4 Mar 43
Mar
Cambria Steel........... ..50 44
42*4 44
704 41
Fob 45
Jan
Elec Storago Battery...100 48*4 47*4 49
805 47*4 Jan 50
Jan
General Asphalt_____.100 25*4 25
750 24
25*4
Mar 32
Jan
Preferred_________.100 64*4 63
64*5
12 60
Mar 08*4 Jan
Insurance Co of N A....10 21
21
233 21
21*4
Jan 22
Jan
Keystone Telephone.....50 _____
14
14
5 13*4 Jan 15*4 Feb
Preferred..................50 ____
64*4 64*4
15 61
Jan 64*4 Mar
Lake Superior Corp....100 0 7-16
6*4 6*4 1,810
6
Mar
9*4 Jan
Lehigh Navigation___..50 74
73*4 74*4
456 73*4 Mar 76*4 Feb
Lehigh Valley....... . ..50 68*4 68
79 65
68*4
Jan 69*4 Mar
Lehigh Valley Transit...50 15
15
15
155 13*4 Jan 16*4 Mar
Preferred..................50 29
28*4 29
225 26*4 Mar 29
Jan
Mlnehlll A S H ______ ..50
55
55
3 65
Jan 55*4 Jan
North Pennsylvania-....50 90*4 90*4 91
52 90
Feb 92*4 Feb
Penn Salt M fg............ ..50 83*4 83*4 85
161 80
Mar 90
Jan
Pennsylvania________ .50 53 7-16 53*4 54*4 1,600 51*4 Feb 54*4 Mar
Philadelphia Co (Pittsb) 50 31*4 31*4 32
40 29*4 Mar 34*4 Jan
-Preferred (5%)— _...50 33
33
33
60 31
Mar 33
Mar
Pref (cumuUUive 6%).50
37
38
36 32
Mar 39
Jan
Philadelphia Electric.22H 23*4 23*4 24*4 1,333 23*4 Jan 24*4 Feb
Phlla Rapid Transit.....50 _____
10
40
10*4
9*4 Mar 11*4 Mar
Voting trust receipts...50 10*4 10
10*4 1,485
9*4 Mar 11*4 Mar
Philadelphia Traction. .50 70
70
76*4
77 76
Mar 79*4 Jan
Reading................. . ..50 72*4 72*4 74*4
953 70%, Feb 76*4 Jan
Tonop-Bclmont Devel....1
4*4
4*4 4*4 2,290
5*4 Mar
3*4 Feb
Tonopah Mining_____ ...1 7 7-16 z7 7-16 7*4
985
6*4 Feb
7*4 Jan
Union Traction______ .50 35*4 35*4 35*4
472 34
Mar 39*4 Jan
United Gas Impt____ .50 84
*83*4 85
1.070 80*4 Jan 87*4 Mar
U S Steel Corporation..100 48*4 48
49*4 19,606 38
Feb 53*4 Jan
Preferred____ ____ .100 105*4 105*4 105*4
3 103
Jan 108
Jan
Warwick Iron A Steel.. .10
9*4
190
9*4 9*4
Jan
9*4 Feb 10
Welsbach Co________ .100 .
35
35
25 35
Mar 35
Mar
W Jersey A Sea Shoro. .50 50
49
50
27 48
Mar 50
Jan
Westmoreland Coal... .50 _____
6 58
60*4 00*4
Jan 62
Mar
York Railways______ 50
7
7
50
7 Mar
7*4 Feb
97*4
96*4
B on d s.
oo oo
Am Agrlc Chem 5s__ 1928
Am Tel A Tel 4s____ 1929
20-year conv 4*4s..l933
Am Zinc L A S 6s___ 1915
Atl G A W I SS 5s___ 1959
C B A Q-Neb 4s____ 1927
C M & St P conv 5s full pd
Gt Nor-C B A Q 4 s... 1921
Mass Gas 4*4s______ 1929
Debenture 4*4 s___ 1931
N Eng Telephone 5s..1916
5s------------ ---------- 1932
N Y N I I AI1 conv 6s 1948
Pond Creek Coal 6s. .1923
United Fruit 4*4s___ 1923
U S Steel Corp 5s___ 1963
West End Street 4s.. 1917
Western Tel A Tel 5s. 1932
Westlnghouse Elec 5s. 1931
Cambria s1eel"s'crlp..l916
do
..1917
Philadelphia Co scrip. 1918
Range since Jan. 1.
97*4 97*4
96
96*4
88*4 88*4
202
1,387
393
$8,000
85*4 86
85*4 85*4 1,100
116 116*4 2,000
88*4 88*4 10,000
97*4 97*4 1,000
2,000
93*4 94
101*4 101*4 3,000
77
77*4 6,000
500
80
80
105*4 105*4 4,000
58*4 58*4 22,000
59*4 59*4
300
93*4 93*4 16,000
99*4 99*4 28,000
135*4 135*4 3,000
87*4 87*4 4,000
97*4 97*4 18,000
103*4 103*4 1,000
92*4 92*4 2,000
103*4 103*4 33,000
80
80
1,000
95
05
5,000
78
79*4 16,000
5,000
101*4 102
800
101*4 102
79
80
17,000
500
80
80
96*4 96*4 8,000
88*4 88*4 1,000
94*4 94*4 22,000
5,000
101 101
2,000
73*4 74
59
6,000
58
100
90 |
90
101*4 101*4 2,000
Range since Jan. 1.
Low.
High.
95
95
80
Feb
Feb
Feb
97*4 Jan
97
Jan
88*4 Mar
85
85
115*4
87*4
95*4
93*4
101*4
77
80
105*4
57*4
58
90
97*4
133*4
87
97
103
92*4
103*4
80
95
70
100*4
101
77*4
79
96
87*4
91*4
100*4
73
55
90
101*4
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Mar
86*4 Fob
85*4 Mar
117
Jan
88*4 Mar
97*4 Mar
94 Mar
102*4 Feb
79
Feb
81*4 Jan
105*4 Mar
59*4 Fob
59*4 Mar
94*4 Feb
99*4 Feb
135*4 Mar
88*4 Jan
98*4 Feb
104*4 Jan
93*4 Jan
Feb
105
83
Jan
Jan
97
79*4 April
102*4 Jan
102*4 Jan
SO .April
80*4 Jan
97
Mar
88*4 Feb
95
Feb
101*4 Mar
74 .April
65*4 Jan
Mar
90
102*4 Jan
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from March 27
to April 1, both inclusive.
Stocks,
Thurs
Week’s
Salesfor
day
Range.
Week.
Par Sales. Low. High Shares.
A t la n C o a s t L (C o n n ) .1 0 0
B a lt im o re E le c t r ic , p r e f .5 0
C o n s o l G a s , E L A ^Pow lOO
P r e f e r r e d ......................100
C o n s o lid a t io n C o a l____ 100
C o s d e n A C o ..................
H o u s t o n O il t ru s t c t f s . . 100
P re fe rre d t ru s t c t f s . . 100
N o rt h e rn C e n t r a l_______ 5 0
S e a b o a rd A i r L in o _____ 100
U n it e d R y A E l e c t r i c . . . 5 0
W a y la n d O il A G a s _______ 5
B o n d s,
A n a c o s tla A P o to m 5 s. 1949
G u a ra n t e e d 5 s ______1949
B a lt E le c sta m p e d 5 s . 1947
B a lt S p a r P t & C 4 * 4 s .l9 5 3
B e lv e d e re H o t e l 5 s ____
C h a r le s A W C a r ls t 5 s 1946
C h ic a g o R y 1st 5 s ____ 1927
C i t y A S u b u rb 1st 5 s . 1922
C o a l A I r o n 1st 5 s ____ 1920
C o n s o lid a t e d G a s 5 s . .1 9 3 9
G e n e ra l 4 * 4 s ________1954
C o n s G a s , E A P 4 * 4 s . 19 35
N o t e s ________ ______ _
N o te s , s m a l l ............
C o n s o l C o a l re f 5 s ____ 19 50
C o n v e rt ib le 6 s ......... 1923
D a v is o n C h e m ic a l 6 s . 1932
D e t U n it e d R y 4 1 4 s . . 1932
E lk h o r n F u e l 5 s ............1918
F a ir A C la r k s T r 5 s . . 1938
F t W o rt h A D C 6 s - _ G a C a r A N o r 1st 5 s . . 1929
G a S o u & F lo r id a 5 s . . 1945
M a r y la n d E l R y 1st 5 s l9 3 1
M t V -W o o d C D c t fs d ep
N O M o b & C 1st 5 s . . 1960
N o r f A P o rt s T r a c 5 s . 1938
N o rf o lk R y & L t 5 S ..1 9 4 9
P o rt la n d R y re f 5 s . . . 19 30
U n it e d R y A E le c 4 s . . 1949
In c o m e 4 s ..... ........... .1 9 4 9
F u n d in g 5 s ................. 1936
do
s m a ll............1936
N o t e s 5 s ......................1916
1 a M id 3 d se r 6s s m a ll____
V
W a s h & V a n d e m e re 4 * 4 s ._
‘ x Ex-dlvldend.
i
i
1
113
44*4
106*4 106
111
110*4
92
92
5*4
11*4 10*4
54
84*4 84*4
13*4
z 2 o" z20
3*4
95*4
105"
99*4
99*4
88*4
99 *4
104
98*4
35*4
40*4
83*4
97*4
"8 2 "
61*4
84*4
85
113
44*4
107*4
111*4
92
5*4
11*4
54
84*4
13*4
20*4
3*4
100*4 100*4
102 102
98*4 98*4
96
96
96
96
102 102
95*4 96
102*4 102*4
96*4 96*4
105 105
93*4 93*4
88*4 88*4
99*4 99*4
99*4 99*4
88*4 88*4
99*4 100*4
98*4 98*4
75
75
95
95*4
99*4 99*4
104 104
102 102
102*4 102*4
98 *4 98*4
35*4 35*4
39
40*4
82*4 83*4
97*4 97*4
97*4 97*4
81*4 82
61*4 61*4
84*4 85
85
85*4
100 100
100*4 100*4
91*4 91*4
Range since Jan. 1.
Low.
100 113
40 43
665 102*4
111 106*4
18 92
36
5
480 10
25 54
26 83
100 12*4
1,029 24
200
3*4
$2,000 99*4
3,000 102
2,000 90*4
2,000 95
3,000 90
1,000 101*4
3,000 94*4
2,000 101*4
1,000 94*4
3,000 103*4
1,000 93
1,000 87
54,100 98*4
10,200 98*4
6,000 86*4
10,000 99*4
2,COO 97
1,000 65*4
7,000 92*4
4,000 98*4
2,000 104
5,000 101
2,000 101*4
21,000 96*4
13,000 35
7,000 33
10,000 81
9,000 95*4
1,000 97*4
23,000 81*4
31,000 59*4
13,000 83*4
1,800 84
1,000 100
700 100*4
3,000 91*4
High.
Mar 113
Jan 44*4
Jan 107*4
Jan 115
Jan 95*4
Jan
5*4
Mar 12
Jan 55
Jan 85*4
Mar 13*4
Feb 27
Mar
4*4
Jan 100*4
Mar 102
Jan 99*4
Jan 97
Mar 96
Jan 102
Mar 97
Jan 103*4
Jan 96*4
Jan 105
Jan 94
Jan 88*4
Mar 99*4
Mar 99*4
Jan 91
Mar 100*4
Jan 99
Jan 75*4
Jan 95*4
Jan 100
Apr 104
Jan 102*4
Jan 102*4
Jan 98*4
Jan 40
Jan 40*4
Feb 84*4
Jan . 97*4
Mar 99*4
Mar 82
Mar 63
Mar 87
Mar 87*4
Jan 100
Mar 101*4
Mar 91*4
Mar
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Jan
Apr
Feb
Feb
Jan
Feb
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Pittsburgh Stock Exchange.— Following sales were re-
Stocks.
^unerlcan Sewer Pipe (par $100)—Mar. 27, 100 at 19: Mar. 31, 100 at 18*4.
^Lmerlcan Window Glass, pref. (par 8100)—Mar. 29, 10 at 108*4: Mar. 30. 50 at
108*4: April 1, 50 at 108*4.
<Itttzens' Traction (par $50)—Mar. 27, 88 at $50*4: Mar. 29, 50 at 351.
<lolumbla Gas A Electric (par $100)—Mar. 27, 170 at 10@10*4; Mar 27, 125'at 10‘
Mar. 29, 100 at 10*4010*4; Mar. 30, 210 at 10*4010*4; Mar. 31, 270 at
10*4: April 1, 200 at 10*4010*4.
^Jructble Steel, common (par S100)—Correction.—Last week Mar. 26 should read
110 at 13*4013?,: Mar. 29, 180 at 13*4014; Mar. 30, 50 at 13*4013*4;
Mar. 31. 21 at 14.
Preferred (par $100)—Mar. 27, 15 at 77; Mar. 29, 46 at 77*4 077*4; Mar. 30.
120 at 77; Mar. 31, 232 at 77077*4; April 1, 45 at 77©77*4.
1 ayette County Gas (par $100)—Mar. 27, 30 at 101.
I larblson-Walker Refractories, pref. (par $100)—Mar. 27, 40 at 99; Mar. 29, 100
at 99; April 1, 20 at 99.
I adependent Brewing, common (par $50)—Mar. 27, 95at $3*4: Mnr. 31, 20 at $3*4.
Preferred (par $50)—Mar. 27, 25 at S16*4: April 1, 25 at $16*4I
I
h
245 at $48*4 ©$48*4; Mar. 30, 120 at $48*4©$18*4: Mar. 31, 105 at $48*4©
47*4, ex-dlvldend.
>rational Fireproofing, common (par $50)—Mar. 29, 150 at $5; Mar. 30, 80 at $5
Mar. 31, 25 at 35: April 1, 20 at 85*4.
Preferred (par $50)—Mar. 27, 120 at $16*4: Mar. 29, 145 at $16*4@$10*4;
Mar. 30, 155 at $16*4: Mar. 31, 260 at $16*4: April 1, 220 at $16*4©$16*4.
Cihlo Fuel OH (par $1)—Correction.—Last week Mar. 26 should read 50 at S14;
Mar. 29, 32 at S13*4: Mar. 30, 50 at $13*4; April 1, 60 at 313*4.
C
C
C
r
Mar. 30, 50 at 84*4: April 1. 20 at $4*4.
Preferred (par $50)—Mar. 27, 50 at $16*4; Mar. 30, 45 at $10; April 1,00 at $16.
Pittsburgh Coal, common (par $100)—Mar. 29. 310 at 20®20:KS; Mar. 30, 795 at
Tobacco Stocks—Per Sha re.
Par B i d . Ask.
20%i@21; Mar. 31, 150 at 20ya©2l'A; April 1, 430 at 21@21%.
108 112
Preferred (par $100)—Mar. 29, 27 at 93; Mar. 30, 100 at 94%.
Pittsburgh Plato Glass (par 3100)—Mar. 29, 30 at 106.
97% 100
Pure Oil, common (par S5)—Mar. 27, 380 at S14%; Mar. 29, 762 at $14% @$14%;
65
75
Mar. 30, 410 at $14%@S15; Mar. 31, 2,000 at S15@S15%; April 1, 555 at Brltlsh-Amer Tobac ord
•17-> 18
Ordinary, bearer_____ £1 *18
18%
$15%@S15%.
San Toy Mining (par SI)—Mar. 29, 2,300 at 9c.@10c.; Mar. 30. 2,500 at 10c.;
300 320
13 0 160
Mar. 31, 3,500 at 9c.; April 1, 6,100 at 8c.@9c.
Union Switch & Signal, common (par $50)—Mar. 30, 101 at $94%@$95; April 1,
175 185
200 210
48 at S92%.
0% scrip.
Preferred (par $50)—Mar. 30, 12 at $95.
190 2 05
United States Steel Corporation, common (par $100)—Mar. 29, 75 at 49%@49%:
29 0 3 1 0
Mar. 30, 20 at 49; April 1, 100 at 48%.
117 119
Westlnghouse Air Brake (par S50)—Mar. 27, 90 at $120; Mar. 29, 25 at $119% @
50
70
$120; Mar. 30, 140 at $119% @$120.
„
„
„
99 100%
Westlnghouse Klee. A Mfg., common (par $50)—Mar. 27, 10 at $36%; Mar. 29,
102 106
182 at S36%@S36%; Mar. 30, 40 at S36@$36%; April 1, 70 at S36% @$36% <
115
120
Volume of Business a t Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY._______________
Week ending
April 2 1915.
Stocks.
Shares.
Par Value.
Railroad,
&c..
Bonds.
264,683 $21,851,050 $1,599,500
2.502.000
537,720 47,542,000
3.026.500
088,256 62,461,275
4.479.000
745,021 68,439,200
3.538.500
541,900 49,147,500
..........IIOLI D A Y ..........
Saturday__
Monday___
Tuesday___
Wednesday.
Thursday- -.
Friday........
1914.
1915.
V. S.
Bonds.
$17,000
37,500
43.000
62.000
OS,000
3,500
Jan. 1 to April 2.
Week ending April 2.
Sales at
New York Stock
Exchange.
State
Bonds.
1914.
1915.
22,747,199
17,893,867
1,130,885
2,777,580
Stocks—No. shares—
Par value________ $249,441,025 $98,177,500 $1,546,186,500 $2,006,102,579
SS6.900
$229,000
S600
$25,400
Bank shares, par........
Bonds.
$198,000
$377,500
84,000
$39,500
Government bonds__
18,026,000
5,528,500
1,720,500
227,500
State bonds .......... ..
209,773,000
161,871,500
15,805,500 12,235,500
RR. and mlsc. bonds.
S227.997.000
S167,777,500
Total bonds........... S16,037,000 S13,995,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
April 2 1915.
Boston.
Philadelphia.
Baltimore
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday.............
Monday__ _____
Tuesday-----------Wednesday_____
Thursday-...........
Friday_________
42,883
76,580
67,577
53,466
28,233
S12,000
73,000
52,500
65,700
15,200
Total________
268,739
$218,400
S24.393
6,019
45,094
10,669
9,523
63,865
45,774
7,801
8,518
80,856
IIOLI DAY
251
156
829
1,319
338
$31,300
70.500
49,300
53,100
99.500
$259,982
2,893
$303,700
42,530
New York City Banks and Trust Companies.
Bid
Ask
550
208
120
400
225
160
145
120
165
665
Cbath APhen 176
Chelsea Ex*. 125
Chemical — t407
Citizens Cent 165
City ......... 350
Coal A Iron. 148
Colonial* — 450
300
Commerce . . t l 0 5
Corn Exch*. 300
Cosmopoiltn* 80
East River.. 75
Fidelity*___ 150
Fifth Ave*.. 1300
250
First ______ 830
Garfield___ 190
Gcrm-Amer* 130
German Ex*. 375
Germania *.. 425
190
265
620
2S5
Imp A Trad. 495
Irving_____ 170
565
215
135
Banks
New York
America* —
Amer Kxch..
Battery Park
Bowery*___
Bronx Boro*.
Brons N at...
Bryant Park*
Butch A Dr.
Century* . . .
260
130
175
600
182
135
___
172
355
155
325
310
100
90
160
300
840
210
140
475
280
040
295
510
175
535
325
320
247
Lincoln ....... 300
Manhattan*. 310
Mark A Fult. 238
* Banks marked with
Exchange this week.
B ank
Mcch A Met.
Mcrch Exch.
Merchants’ ..
Metropolis* .
Mctropol’n*.
Mutual____
New Neth* .
New York Co
New York__
Pacific*____
Pcome’s* . . .
Prod Exch*..
Public*........
Seaboard___
Security*__
Sherman___
Stato* .........
23d Ward*..
Union Exch.
Unit States*.
Wash H’ts*.
Westell Av*.
West Side*..
Brooklyn.
Ccnoy Isl’d*.
First ...........
Flatbush----Grcenpolnt-.
Hillside*----Homestead*.
Mechanics* .
Montauk* ..
Bid
240
165
ISO
300
165
325
210
725
375
200
390
225
157
410
400
130
100
135
500
275
160
400
540
—
260
110
___
105
80
130
___
195
270
175
145
Ask
245
190
340
175
225
825
385
220
400
102
175
430
425
80
135
145
135
140
T ru st G o’s
Bid
New York
Astor........... 345
Bankers T r.. 398
B’ way Trust. 144
Central Trust 960
Columbia__ 4 50
Commetclal. ___
Empire........ 295
Equitable Tr 400
Farm L A l r 1075
Fidelity....... 200
Fulton_____ 275
Guaranty Tr 550
Hudson------ 125
Law Tit A Tr 105
too
Metropolitan 393
Mutual Aill100
Mut’l (WestChester)__ 130
___ NYLHelATr 960
___ N Y Trust... 580
175
Tltlo Gu A '1 r 3 70
450
Tr’nsatlantlc 200
575
Union Trust. f316
U SM tgA Tr 385
United States 1035
Westchester. 125
105
270
130
150
120
100
140
105
210
Brooklyn
Brooklyn Tr.
Franklin___
Hamilton__
Kings County
Mariufact’rs-
465
255
270
600
Ash
355
405
150
975
460
85
305
410
1110
205
300
560
135
115
107
403
110
135
9S0
590
380
220
395
1015
135
480
265
285
615
137
280
National City
People s ____ 280 295
200
Queens C o..
80
North Side*.
155
People’s ___
a (•) are State banks. tSale at auction or at Stock
Inactive and Unlisted Securities
All bond prices are ' and Interest” etcept where marked "1."
Standard Oil Stocks —Pt 'Share
Par Bid. AS*
*153S 15%
Atlantic Refining......... .100 580 585
Borne-Scrymser Co----- .100 260 270
Buckeye Pipe Line C o.. . 50 *108 110
Cbescbrough MIg Cons. .100 665 680
Colonial Oil.................. .10(1 95 105
Continental Oil............. .10(1 226 230
Crescent Plpo Line C o.. . 50 *37 39
Cumberland Pipe Line.. . 100 45 48
Eureka Pipe Line Co__ .100 225 230
Galena-Signal Oil com.. .100 135 140
Preferred__________ .100 155 158
125 131
Illinois Plpo Line.........
Indiana Pipe Line C o ... . 50 101 103
National Transit Co___ 25 *28 30
Now York Transit C o.. .100 215 220
Northern Pipe Lino Co. .100 92 94
Ohio Oil Co.................. 25 *140 142
Pierce Oil (new)______ . 25 ♦MU 14*4
Stand Oil Stks (Concl)— Per share
Par Bid. Ask.
Prairie Oil oc Gas.
100 250 255
Prairie Plpo Lino (wh Isa). . . 144 146
Solar Rellning................100 235 210
Southern Pipe Lino C o.. 100 213 217
South Penn Oil__ _____ 100 275 280
Southwest Pa Pipe Lines. 100 110 115
Standard Oil (California) 100 291 294
Standard Oil (Indiana).. 100 415 420
Standard Oil (Kansas) ..100 350 360
Standard Oil ol Kentucky 100 255 260
Standard Oil of NebraskalOO 320 330
Standard Oil of New Jer.100 393 397
Standard Oil of New Y’rklOO 185 187
Standard Oil of Ohio___ 100 427 432
Swan A Finch...............100 120 125
Union Tank Lino Co___ 100 80 82
Vacuum Oil____ _ _____ 100 198 202
Washlnefon Oil____ _ .. 10 *34 37
Bonds.
Pierce Oil Corp conv 6s 1924 81 83
W e s t P e n n T r A W a t P o w 100
P r e f e r r e d ______________ i o r
6
20
11
25
E le c , G a s & Power Cos—
86%
A m G a s A E le c c o m ------- 51 *85
*48
P r e f e r r e d -------------------48*4
5i
A m I . t A T r u e c o m m o n . _10U 3 1 5 318
P r e f e r r e d ______________ llll 10S 109%
60% 0212
A m e r P o w e r A L t c o m . . .101
81%
P r e f e r r e d ______________ _ 10( z7S
33
30
A m e r P u b lic U t ilit ie s c o m lO r
65
P r e f e r r e d ______________
45
47
C it ie s S e rv ic e C o c o m . . : i a
58
55
P r e f e r r e d ______________ 1(M
10%
10
C o lu m b ia G a s A E le c ___ .1 0 1
71
71*4
1st 5 s. 1 9 2 7 .................. _ J -.
C o n s u m e rs P o w e r ( M in n )
89% 90%
1st A re f 5 s 1929 . . . M A N
98% 100
*103s 10*4 E le c B o n d A S h a re pref__10<
80
79
G r c a t .W c s t P o w 5 s 1946 J A J
150 160
39 . . . .
In d ia n a L ig h t in g C o ___ . 1 0 c
70
63
Short Term Notes—Per Cent.
4 s, 19 58 o p t i o n a l ____ F - /
Amer Locomotive 5s, ’ 15.J-J 100% 100% P a c if ic G a s A E l c o m ___ _ 10 ( 4 3 4 4
84
81
5s, July 1916...............J-J 9934 100%
P r e f e r r e d ....... ....... ....... .101
74%
5s. July 1917.............. J-J 99% 100 S o u th C a li f E d is o n co m .101 7 3
89
91%
Am Tob 6% scrip, Sep 1 ’ 15 10078 101%
P r e f e r r e d _____________ 101
5
Am T A T Sub Cos 5s, 1916 100% 100% S t a n d a rd G a s A E l (D e l) - 5(! *4
fir *1S%
Anaconda Copper 5s ’ 17-M-!
99% 99%
21
Balt * Ohio 4%s, 1915.-J-D 100% 100-% U n it e d G a s A E le c C o r p -10C 2 0
63
60
BetbSteel5s,J’nell ’ 15 J-D 11 I00>4 10011st p re fe rre d __________ 10(
22
21
Chatt Ry & L 5s, 1915.JAD 9934 100
2 d p re fe rre d ___________ KM
14
13
Chcs * Ohio 5s 1919 ...J -D 91 91% U t a h S e c u rit ie s C o r p ___ .101
Cblc Elev Ry 5s, 1916...J-J 95% 96%
6 % no tes— See S h o rt -T e rm N o te s
14 ' 15%
Chic A W Ind 5s, 1915. .M-S 100% 100% W e s te rn P o w e r c o m m o n . 1 0 (
60
Consol Gas 6s, June 25 ’ 15.. 63 % % 2 .5 0
5S
P r e f e r r e d ______________ .U K
Consum Pow 6s, 1917.MAN 97% 99
Erie RR 5s, Oct 1 1915-A-O 100% 101
5s April 1 1916____ ____
98-% 99
In d u s t r ia l
5%s, A prll 1 1917___ A-O 98% 98%
and Miscellaneous
71%
General Rubber 4%s, ’ 15.J-J 100% 1()()•% A d a m s E x p c o l t r g 4 s 4 7 J - D / 7 0
85
75
Har Rlv A Pt Ch 5s. *15 M-N 99% 99% A llia n c e R e a lt y ................ .1 0 1
Hocking Valley 6s, '15.M-N 1 0 1 % 1013s A m e r B a n k N o t e c o m . . . . 5 1 *34 4 0
Int Harv 5s. Febl5 ’ 18.F-A 99% 9934
*48% 5 0
P re fe rre d ______________ ..5 1
Lake Sh A Mich So, J’ne ’ 15. 6 3 % % 2 .5 0 A m e ric a n B o o k __________ .1 0 1 160 170
5s Sept 1915___________ 100% urn. A m e ric a n B r a s s ________ .101 139 141
A m e ric a n C h ic lo c o m ___ .10< 160 165
5s Dec 1915___________ 1003., 101
92
94
P r e f e r r e d ______________ 10C
Louisv G A E 6S, 1918.AAO 97 98%
72
Minn Gen El 6s, 1917. J AD 100 100% A m G t a p h o p h o n e c o m . .10(1 7 0
P r e f e r r e d ______________ .10(1
85
89
New Eng Nav 6s, 1917.M-N 94*4 95%
A m e ric a n H a r d w a r e ___ .1 0 0 116 119
N Y C A II Rlv—
100 100% A m e r M a lt in g 6s 1914
4%s, May 1 1915...
10038 I0 0 5 S
E x t to 1 9 1 7 .................. J - D 1 96% 99
5s, Sept 15 1915___
1003S 100% A m e ric a n S u r e t y _______ . .5 0 1 3 5 155
37
N Y N II A II 5s, 1915.M-N 99% 993, A m e r T y p e fo u n d e rs co m .1 0 0 3 4
89
87
P r e f e r r e d ....... ............... .1 0 0
loots 100%
Pac G A E 5s, Dec 15 1915
% 1
Pub Ser Corp N J 5s, ’ 16 M-S 100 100% A m e r W r it in g P a p e r ___ .1 0 0
Schwarz A Sulzb 6s, ’ 16-J-D 99% 99% B lis s ( E W) C o c o m ____ ..5 1 2 0 0 2 0 5
13 5 145
P r e f e r r e d ______________ ..6 1
Seaboard A I, 5s, 1916..M-S 99*4 1001,
Southern Ry 5s. 1916..F-A 9938 9934 B o n d A M t g e G u a r ------ .101 2 7 5 2S 0
97% 97% B o rd e n 's C o n d M il k co m .1 0 0 11 0 111%
5s, Mar 2 1917.........
10( 103 104%
P r e f e r r e d .....................
SulzASonsCo 6s, J’ne 1 ’ 16M-S 995s 99%
7%
*7%
UnTypew 5s,Janl5 ’ 16 J-J15 96
97% B ra d e n C o p p e r M i n e s . . . . . 5
68%
United Frult6s,Mayl ’ 17M-N 100% lOUs B u rn s B ro s , c o m ------------ IOC 5 7
P r e f e r r e d ______________ 101
99% 101%
Gold notes 5s 1918..M-N 9734 98%
Utah Co 6s, 1917_____ A-O 96 97% C a s u a lt y C o o f A m e ric a _lot 100 ____
C e llu lo id C o ____________ _lot 132 13 5
80
UtahSecurCorp 6s,’ 22M-S15 79
15
20
Western Power 6s, 1915.JAJ 100% 100% C i t y In v e s t in g C o ______ _10(
70
80
P r e f c r r e u ______________ 1 G(
West States GAE6s O ct‘ 17 96 97%
60
63
C o n s o l C a r H e a t in g ------- _ 10 (
*1
D a v ls - D a ly C o p p e r C o . .- 1 U
1%
New York City Notes—
d u Pont. (E I ) d e N e m o u rs
P o w d e r ......................... _10( 2 95 3 0 0
6s, Sept 1 1915___________ 101% 101%
92
1023, 103
89
P re fe rre d __________ KM
6s. Sent 1 1916..........
12
10438 101% E m e rs o n -B ra n t ln g h a m . .101
7
6s. Sept 1 1917..........
42
35
P r e f e r r e d __________ 1IM
PerCt. Basis G o ld fie ld C o n s o l M in e s .
* 1%
1*4
RR. Equipments—
3
Bid. As*. H a v a n a T o b a c c o C o __ . 10(
1%
10
5
4 .5 5 4 .4 5
P r e f e r r e d __________ _lot
Baltimore A Ohio 4% s..
__ _
4.60 4 .4 5
1st g 5 s J u n e 1 1 9 2 2 . . J-D / 5 4
7
6%
4.6(1 4 .4 5 In t e rc o n t ln e n t ’l R u b co m 101
Equipment 4s_____
Caro Clinch! A Ohio 5s____ 5 .2 5 5 .0 5 I n t e r n a l B a n k in g C o — .IOC 97 103
. lot 119 120
Central of Georgia 5s______ 5 .0 0 4.8 0
100 104 106
Equipment 4%s________ 5 .0 0 4 .8 0
P r e f e r r e d ................
21
24
In t e rn a t io n a ) S a lt ____ _10(
Chicago A Alton 4s_______
6
1st g 5 s 1 9 5 1 . . ......... A -t) / 6 3 __ 66%
Chicago A Eastern Illinois 6s
6
-1 0 ( 107 n o
Equipment 4%s________
0
1st 6s 19 48 ............... J-D 106 108
Cblc Ind A Louisv 4%s___ 5 .0 0 4 .8 0
97% 100%
D e b 6s 19 33 ............. J-J
Chic St L A N O 5s............. 4 .7 5 4 .6 5
Chicago A N W 4%s........... 4 .6 0 4 .4 0 K e l ly S p rin g fie ld T i r o . . .101 129 131
84
82
1st p re fe rre d ..... ........... KM
Chicago R I A Pac 4%s___ 6 .5 0 5 .5 0
2 d p r e f e r r e d __________ 101 130 133
Colorado A Southern 5s___ 5 .0 0 4 .7 5
•4%
4*4
Erie 5 s ................ .............. 5 .0 0 4 .9 0 K e r r L a k e M in i n g ..........
'int
Equipment 4%s________ 5 .0 0 4 .0 0
i
*% %
Equipment 4s__________ 5 .0 0 4 .9 0 L a R o s e C o n s o l M in e s . .
K
M
185
190
Hocking Valley 4s________ 4 .8 5 4 .7 0 L a w y e rs ' M t g e C o ______
4 .8 5 4 .7 0 L e b lg h V a l C o a l S a le s. .-5 1 163 170
Equip 5 s __ ___________
58
"A*
Illinois Central 5s................ 4 .6 0 4 .4 0 M a n h a t t a n T r a n s i t ____ ..2 1
27*
*2%
4 .6 0 4 .4 0 M a r c o n i W ire le s s ol Am __l
4 % s .............................
5 .1 0 4 .9 0 M o rt g a g e B o n d C o ____ .101 108 115
Kanawha A Michigan 4%s.
Louisville A Nashville 5s... 4 .6 0 4 .4 0 N a t io n a l S u r e t y . ............ 101 160 170
Minn St P A S S M 4 % s... 4 .8 0 4 .6 0 N Y M t g e A S e c u r it y . . lot 130 138
Missouri Kansas A Texas 6s 5 .7 5 5.20 N Y T i t le In s C o ............ KM 5 0 5 7
*6%
6%
6 .2 5 5 .2 0 N lp ls s ln g M in e s . .......... --f
Missouri Pacific 5s_______
Mobile A Ohio 5s_________ 5 .0 0 4 .SO O h io C o p p e r C o .............. . K • 5 c . 10 c.
70%
Equipment 4%s......... ..... 5 .0 0 4 .8 0 O t is E le v a t o r c o m .......... 10(. 69
91
89
P r e f e r r e d ______________ 1IM
5 .0 0 4 .9 0
New York Central Lines 5s.
Equipment 4%s________ 5 .0 0 4 .9 0 P it t s b u rg h B r e w in g ___ ..51. *4S4 ____
16%
P r e f e r r e d ______________ ..5 1 *10
4 .9 0 4 .7 0
N Y Ontario A West 4%s.
KM
Norfolk A Western 4%a___ 4 .5 0 4 .4 0
9 5 100
4 .5 0 4 .4 0 R e a lt y A sso c ( P k l y n ) . .10(1
Equipment 4s............. .
Pennsylvania RR 4%s....... 4 .4 0 4 .2 5 R e m in g to n T y p e w r it e r —
13
11
C o m m o n ______________ inn
4 .4 0 4 .2 5
Equipment 4s___ ^_____
65
1U( 60
0
Pere Marnuette 5s________
.1 0 (
45
40
6
Equipment 4%s________
6*8
*6
St Louis Iron Mt A Sou 5s.. 5 .3 0 4 .9 0 R lk e r A I l e g e 'n ( C o r p f o r s t k )
R o y a l B a k P o w d c o m . . .101 150 160
6
St Louis A San Francisco 5s
P r e f e r r e d ____ _____ 10< 101% 102
Seaboard Air Line 6s_____
5 .0 0 4 .SO
Equipment 4%s____
5 .0 0 4 .SO S a fe t y C a r H eat. A L t . . .101 100 101
Southern Pacific Co 4%s__. 6 4 .6 0 4 .5 0 S in g e r M l g C o .................. KM 2 2 8 2 3 1
35
Southern Railway 4%s....... 6 4 .8 0 4 .6 0 S t a n d a rd C o u p le r c o m . lot 2 5
10( 100 ____
P r e f e r r e d .............. .
Toledo A Ohio Central 4 s... 5 .0 0 4 .8 0
3%
*3%
S t e w a rt -W a rn e r S p e e d o 'r 10(
57*4
57
Railroads—
P r e f e r r e d __________ tor 101 103
New York Central “ rights”
13
% S u lz b e rg e r A S o n s p re f . 101 87% 88
T e x a s A P a c if ic C o a l __ 10( 140 ____
West Pac 1st 5s, 1933__ M-S / 3 6
37
*234 2%
T o n o p a h E x t e n s io n M in ...1
3*4
*3%
Street Railways—
Par Bid Ask. U S C a s u a lt y ________ ion 190 210
U S E n v e lo p e c o m ____ 1(M 135 140
Com’w’lth Pow Ry A L..100 5 1% 5 3
( 100
P r e f e r r e d __________
Preferred___________ 100 80 81%
10
4
Federal Llebt A Traction 100 15 19 U S F i n i s h i n g . . ......... KM
35
P r e f e r r e d __________ 1(M 3 0
Preferred................. ..100 58% 61%
90 . . . .
1st g 5 s 1 9 1 9 ............. - J - J
Republic Ry A Light___ 100 201. 2 2
72%
68
C o n g 59 1 9 2 9 . ......... J-.l
72
Preferred___________ 100 7 0
50
U fi T i t G u A In d e m __ 10( 3 0
7
Tennessee Ry L A P com. 100
5
W e s tch e ste r A B r o n x T it le
29
Preferred____ _______ 100 2 7
A M t g e Guar............. IOC 165 180
46
United I.t A Rys com__ lOOj 4 3
W llly s O v e rla n d see S tock
1st preferred________ 100: 68 7 0
70
67
88% W o rt h in g to n ( I I R ) C o m 87
43
50
84
pany p r e f --------------- .100
Preferred__ ________ 100 83
--S •2*4 27*
81% Yukon Gold
81
10
* Per share,
sSale price.
*
a And accrued dividend.
-dividend, u Ex-rlghta.
Baals.
Fiat price,
102
a Nominal.
f t m e s t w m i t ira x l J X a iltcra tX f r t i c X X i g jm c c .
K A 1 l. H
AD
G H O S S
E A R mI n GS
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.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N O & Tex Pac$
$
2 :i 759 330,667
N O & Nor East. February .
,374,163
,760,807
Ala & Vicksburg. February . 1C. 724 137,902
,029,536
,291.965
Vicks Shrov & P . February .
89.957 142,975
951,332
,253,246
Ann Arbor________ 3d wk Mar
42,160
41,762
,673,335
694,903
Atch Top & San Fe. February.. 8,956,290 ,885,040
,879,770
,332,735
Atlanta Birm & Atl February. _ 197,624 272,761
,785,831
,393,338
Atlanta & West P t. February. .
95,225
99,434
793,464
889,250
Atlantlc Coast Line February . 2,681,011 ,235,247
,332,310
,894,671
Chariest & W Car February .
131,513 157,415
,166,605
,408,061
Lou Hend & St L January _. 109,215 111,316
840.181
821.621
a Baltimore & Ohio. February . 6,469,049 ,432,584
,093,755
,495,845
B & O Ch Ter UK February..
116,289 103,435
,055,205
,150,728
Bangor & Aroostook January _. 335.908 315,647
,039,789
,097.964
Bessemer & L Erie. February.. 202,979 262,020
,660,084
,907,243
Birmingham South. February..
59,576
574,090
79,510
807,474
Boston & Maine__ February.. 3,210,802 ,056,532
,185,821
,388,347
Buff Uoch & Pittsb. 3d wk Mar 175,781 219,859
,943,720
,414,644
Buffalo & Susq R R . February .
998.181
115,391 137,448
,222,3S1
Canadian Northern. 3d wk Mar 304,400 331,000
,904,300
,241,300
Canadian Pacific _. 3d wk Mar 1,738,000 .132,000
,686,152
,769,377
Central of Georgia. February._ 964,228 ,157,938
,300,639
,007,288
Cent of New Jersey February.. 2.048,224 ,129,819
,177,023
,362,450
Cent New England.. February . 288,723 247,272
,515,051
,488,347
Central Vermont.. January . .
271,369 281,750
,259,621
,459,837
Ches & Ohio Lines. 3d wk Mar 679,633 784,875
,424,860
,839.707
Chicago & Alton__ 3d wk Mar 253,663 257,628
,429,902
,761,081
Chic Burl & Quincy January . . 7.062,602 ,075,659
,856,818
,570,782
fChicago & East III. January . . 1,208,983 ,317,991
,803,859
,810,966
p Chic Great West. 3d wk Mar 282,554 325,383
326,565
039.000
Chic Ind Sc Louisv. 3d wk Mar 129,262 133,811
,699,654
,069,970
Chic Milw & St P . l February . 6,472,696 ,246,913
,958,881
659,624
ChicMil & Pug S/
rChic & North West February.. 6,408,128 ,309 ,223
,677,799
,774,679
Chicago Peo & St L February _ 114,630 119 ,160
,119,881
,119,349
tChic St P M & Om February.. 1.373,303 ,301 .994
,597,226
,779,020
Chic Terre II & S E February .
169,608 182 ,021
,531,468
,508.954
Cln Ham & Dayton February._ 651,364 632 ,952
,494,293
,756,062
Colorado Midland. February..
103.832 106 ,106
.271,883
,253,709
fiColorado & South. 3d wk Mar 228.586 223 .311
,668,242
,067,892
C o rn w a ll__________ January . .
10,078
13 .299
76.882
110,484
Cornwall & Lebanon January . .
22.814
19 ,422
179,031
186.713
Cuba R ailroad___ February.. 522.587 488 ,122
,073,936
,139,875
Delaware & Hudson January . . 1,585.640 ,778 ,763
,506,284
,250,387
Del Lack & Western February.. 2,890,449 ,736 ,893
.585,788
,227,127
Denv Sc Rio Grande 3d wk Mar 351,700 387 ,300
,068,756
,759,120
Western Pacific. . 4th wk Feb 118,300 105 ,200
.723.827
,358,557
Denver & Salt Lake 3d wk Mar
19,600
20 ,330
,225,477
859,198
Detroit Tol Sc Iront January . .
122,702 113 ,304
,169,390
950,901
Detroit & Mackinac 3d wk Mar
19.815
26 ,754
771,937
857.756
Det & Tol Shore L . January . .
143.121 160 .991
880,471
965.958
Dul & Iron Range. . January . .
86,748 114 .828 ,817.610
.910.966
Duluth So Sh & Atl 3d wk Mar
65 ,226
52,415
,071,575
,580,253
Elgin Joliet & East. February . 594,926 751 ,082
,824,341
.403,049
El Paso & Sou West February.. 557,752 711 ,102
,996,041
,900,999
E r i e ............................ February.. 4,384,694 ,990 ,919
,176,693
,971,059
Florida East Coast. February . 598,498 627 ,737
,220,946
,220,626
Fonda Johns & Glov January . .
61.182
71 .803
521,125
591.527
G eorgia Railroad . . February . 206,708 255 ,231
,303,982
,942,143
Grand Trunk I’a c. . 1st wk Mar
68,442 105 ,831
,671,531
,082,042
Grand Trunk Syst. 3d wk Mar 857,937 ,044 ,181
,815.192
,691.507
Grand Trunk Ry 2d wk Mar 678,925 825 ,470
,194.030
,007.778
Grand Trk W est. 2d wk Mar 134,296 144 ,442
,094,501
,024.896
Det Gr II & Milw 2d wk Mar
43,896
46 ,139
,845,533
,786,058
Great North System Fobruary.. 3,926,816 3 ,850 ,051
,953,021
,096,102
Gulf & Ship Island. February.. 116,303 135 ,520
,075,171
,379,823
Hocking Valley___ January . .
400.909 455 ,130
,940,560
,737.730
Illinois Central____ February.. 4,729,205 ,973 ,153
,632,354
,116,292
Internat & Grt Nor February.. 728,627 687 ,646
,403,721
,194,640
Kanawha & M ich .. February.. 200,256 192 ,483
,987,105
,159,983
Kansas City South. February . 736,477 835 ,416
.191,781
,813,404
Lehigh & New Eng. February . 135.426 I25 ,830
,266,947
,660,166
Lehigh Valley_____ February . 2,910,302 ,433 ,838
,926,643
,031,041
Louisiana & Arkan. January . .
138.757 151 ,107
.007,416
,025,282
Louisiana Ry & Nav February..
160.474 137 ,866 ,322,167
,344,881
sLouisv & Nashville 3d wk Mar 943,270 ,179 ,280
,717,940
,717.175
Macon Sc Bfrm'ham Fobruary..
10,361
13 ,087
98,043
107,190
Maine Central_____ February.. 855.575 816 ,432
,602,416
,876,446
M aryland & Penna. January _ .
32,861
34 ,988
312,801
323,264
Midland Valloy____ February.. 107,541 110 ,377
988,316
,142,624
M ineral Rango____ 3d wk Mar
17,282
11,,212
577,115
297,446
Minn Sc St Louis. .1 3d wk Mar 235,381 217,,574
,573,012
,182.804
Iowa Central__ /
Minn St P & S S M . 3d wk Mar 492,585 543,777 20,784.218 22,230,501
Mississippi Central, February..
56,370
80.588
578,966
699,573
u M o Kan & Texas. 3d wk Mar 583,232 544,776 24.432.575 24,333,130
x Missouri Pacific. . 3d wk Mar 1,015,000 1,166.000 42.932,527 44.600.549
Nashv Chatt & St L February.. 849,618 1,010.693 7,361,415 8,635,987
Nevada-Callf-Ore.. 3d wk Mar
5,207
5,886
274,871
267,781
New Orl Great N or. February..
118,731 141,165 1,058,742 1,276,631
e New York Central February . 10872325 10609976 101241681 108959059
Boston Sc Albany February . 1,124,695 1,113,648 10,801,674 11,668,934
n Lake E rie* W . February . 443,617 377,875 3,797,897 3,870.067
Michigan Central February . 2,431,294 2,330,995 22,200,309 23,596,984
Clev C C & St LI
Peoria Sc Eastern/ February . 2,597,324 2,436,526 24.181,737 24,995,311
Cincinnati North. February _ 109,906
92,103 1,052,049 1,020,322
Pitts & Lake Erie February . 935,644 1,236,956 9,430,170 12,033,690
N Y Chic Sc St L . February _ 849,740 882,781 7,528.043 8,100,588
Tol & Ohio Cent. February _ 323,066 340,201 3,552.189 4,016.226
Tot all lines above February . 19687611 19421061 183785747 198261177
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
$
$
N O Mobile Sc Chic. January . .
188,439
141
N Y N It & Ilartf.. February . 4,590
4,567,770
N Y Ont & W e s t... February.. 545
567,710
N Y Susq & W est.. February.. 302
271,552
Norfolk Southern.. February._ 298
323,229
Norfolk & Western. February . 2,934
3,030,010
Northern Pacific__ February.. 4,125
4,335,798
Northwestern Pac. February..
177
208,342
Pacific Coast C o__ January . .
409
496,621
zPennsylvania RR .. February.. 12687
13298961
Balt Ches & Atl. February..
59
55,654
Cumberland Vail. February-. 201
263,798
Long Island____ Fobruary.. 755
716,522
Maryl’d Del & Va February-.
48
43,913
N Y Phila Sc Norf February.. 249
239,693
Phil Balt & Wash February.. 1,380
1,405,105
W Jersey Sc Seasb February.. 362
322,10
3.666,019
Pennsylvania Co__ February.. 3,424
Grand Rap Sc Ind February.. 376
357,761
Pitts C C Sc St L. February.. 2,734
2,844,956
February.. 806
Vandalla____
816,136
Total lines—
East Pins Sc Erie February.. 15969515 16541 151
West Pitts & Erie February-. 7,449.913 7,799,254
All East & West. February.. 23419429 24340407
Pere Marquette__ February.. 1,326,870 1,135,677
Reading Co—
Phila Sc Reading. Fobruary-- 3,263 ,742 3,421 ,816
Coal & Iron C o .. February-. 1,890 ,585 2,461 ,062
Tota* both cos— Fobruary-. 5,154 ,327 5,882 ,878
219 ,688 244 ,019
Rich Fred & Potorn January . .
58 ,189
65 ,421
Rio Grande June__ January . .
9 ,491
10 ,015
Rio Grande South. . 3d wk Mar
Rock Island Lines. _ February.. 5,377 ,289 4.749 ,323
Rutland__________ February . 225 ,039 234 ,604
95 ,140 113 ,109
St Jos & Grand Isl. February..
166,,168 246 ,259
St L Brownsv Sc M . January . .
St L Iron M t & Sou January . . 2,409 ,019 2,927 ,191
St L Rocky Mt & I’ Fobruary . 210, ,514 186 ,213
St Louis & San Fran January . . 3,429, ,715 3,713 ,014
St Louis Southwest. 3d wk Mar 183 ,000 238 ,000
658, 226 757 ,036
San Ped L A & S L . February.
Seaboard Air L ine.. February.. 1,763, 624 2,173, 404
Southern Pacific__ Fobruary . 9,477, ,024 9,850 724
Southern Railway.. 3d wk Mar 1,144, 406 1,376 644
Mobile & Ohio__ 3d wk Mar 196, 685 247 920
Cin N O & Tex P 3d wk Mar 168, 873 215 837
84 110
96 ,111
Ala Great South. 3d wk Mar
39, 121
48 ,904
Georgia Sou & Fla 3d wk Mar
288, 513 314 ,800
Spok Port Sc Seattle January . .
1 310
1 ,769
Tenn Ala Sc Georgia 3d wk Mar
110, 872 131,,379
Tennessee Central . January . .
Texas Sc Pacific___ 3d wk Mar 304, 477 332 050
5, 723
9, 140
Tidewater & West. January . .
21, 580
21, 257
Toledo Poor Sc West 3d wk Mar
Toledo St L & West 3d wk Mar 101, 901 101, 203
75, 502 183, 919
Trinity & Brazos V . February..
Union Pacific Syst. February . 5,571, 389 5,909, 571
126, 758 137, 365
Virginla & Sou West February..
511, 843 583, 694
Virginian_________ January—
W abash__________ February . 2.153, 261 2,036, 700
W estern M ary land . February. . 594, 213 6671910
313, 142 525 896
Wheel & Lake Erie. January__
21, 005
29, 794
Wrightsv & Tennilte February..
Yazoo Sc Miss Vail. February . 979, 378 986, 386
Current
Year.
Previous
Year.
$
1,060,381
42,408,061
6,119,878
2,542,789
2,551,318
27,414,833
43,731,488
2,428,128
3,856,826
121817754
872,053
1,933,752
8,850,594
656.797
2,446,980
13,356,830
4,476,964
35,360,536
3,612,830
25,621,688
7,479,467
s
1,341,789
45,064,758
6,233,401
2,597,477
2,790.372
29.948.811
49,101,051
2,503,993
4,563,579
133532588
877,(577
2,353,585
8,605,400
672,158
2,528,227
13.810.811
4,525,925
42,973.459
3,787.571
29,240,002
7,854,662
157918080
73.032,984
230951 066
12,085,670
171907138
84,924,349
256831491
11,510,585
Current
Year.
Period.
Various Fiscal Years.
Buffalo & Susq R R ..................... Jan
Delaware & Hudson___________ Jan
E rie__________________________ Jan
New York Central.... ............
Jan
Boston & Albany____________ Jan
Lako Erie Sc Western.n _____Jan
Michigan Central___________ Jan
Cleve Cine Chic & St L ouis.. Jan
Cincinnati Northern_________Jan
Pittsburgh & Lake Erio____ Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central........ JJan
Total all lines_______
Jan
N Y Susq & Western___________ Jan
zPennsylvania Railroad.............. Jan
Baltimore Chesap Sc Atlantic. Jan
Cumberland Valloy__________ Jan
Long Island________________ Jan
Maryland Dolaw & Virginia.. Jan
N Y Philadelphia & Norfolk. Jan
Phila Baltimore Sc Washlng’n Jan
West Jersey & Seashoro_____|Jan
Pennsylvania Company________ 'Jan
Grand Rapids Sc Indiana___ iJan
Pitts Cine Chic & St Louis__ Jan
Vandalla.................................... Jan
Total lines— East Pitts & Erie Jan
— WestPltts & Erie Jan
— All Lines E Sc W . Jan
Rio Grande Junction___________ Dec
R u tlan d __ ___________
Jail
l to
l to
1 to
1 to
1 to
l to
l to
1 to
1 to
1 to
l to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
Feb
Jan
Feb
Feb
Fob
Fob
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Fob
Feb
Feb
Feb
Jan
Fob
,034,286 34,034,163
,267,064 21,398.132
,301,350 55,432,295
,567,419 1,616,127
671,594
667.118
405,579
487,492
,321,296 46,854,454
,313,706 2,544,875
,048,283 1.107,121
.315,427 1.497,036
.218,364 20,344,400
,939,188 1,665.155
,919,457 27.978,237
,935,106 9,826,584
,018,525 7,042,343
,854,985 16,687.713
,235,935 93,670,217
,436,641 52,100,938
.862.107 9,410,443
,757,732 7,942,752
,393,535 3.999.827
,651,778 1.925.951
,820.724 3,102,356
51,071
67,830
877,604 1,019,879
,434,841 14,270,597
48,838
50,117
883,971
974,309
,373,423 3,406,489
764,137 1,782,381
,492,889 64,294,797
,248,168 1.308,411
,565,462 4,147,719
,657,677 20,754,436
,451,258 5,541,807
,180,974 5.022.952
193,701
251,552
,024,038 8.938.828
Previous
Year.
28
227,808
292,704
31
,585,640
.778.763
28
,959,985
.422,100
28
,732,187
,515,777
28
,368,681
,395,972
28
880,389
811,680
28
.997,630
.928,214
28
,399,892
.173,580
28
218,177
198,644
28
,828,382
,359,906
28
,795,974
,854,122
28
677,513
720,242
28
,898,825 40 ,958,137
28
636,760
617,746
28
,305,553 28 351,091
28
123,149
125,084
28
415,161
536,586
28
,585,512
535,189
28
99,887
101,923
28
496,771
508,467
28
,972,748
,818.194
28
720,695
672,477
28
,923.827
,837.090
28
763,615
773,399
28
.649,269
,154,647
28
,663,580 . ,730,134
28 33 ,028,564 35 ,222,280
28 15 ,214,309 16 ,737,356
28 48 ,242,874 51 ,959,638
31 j
130,076
139,449
28'
467,661
497,021
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage.
Cur. Yr. Prev. Yr.
(35 roads)__
9.918.756 10,897.423
— 978.667 8.98
M ay ............. 2-16.070 243,954 239,417,102 265,415.022 — 26,(1)7.920 9.73
(35 roads)____ 10,454.162 11.820,619 — 1.366,456 11.56
June............. 222,001 219,691 230.751,850 241,107,727 — 10,355.877 4.30
(37 roads)____ 14,161.846 17.112.484 — 2.950,636 17.28
July............. 235,407 231.639 252.231.248 261,803,011 — 9,571.703 3.67
(35 roads)___ 10.067.722 11,332,852 — 1.265,130 11.16
August------- 240,831 237,159 269.593.446 280.919.858 — 11.326.412 4.03
(36 roads)___ 10.871.529 11,168.618
— 297,119 2.66
September. .242.386 238,698 272.992.901 285,850.745 — 12.857.844 4.50
(36 roads)___ 10.825.811 11,400.202
— 574.391 5.04
October____244,917 241,093 269.325,262 298.066.118 — 28,740,856 9.64
(37 roads)___ 11,119,689 11,894,841
— 775,152 6.51
November ..246.497 242,849 240.235,841 272,8,82.181 — 32.646.340 11.96
(34 roads)___ 10,301.377 11,375,997 — 1,074,620 9.44
December ..246,807 243.242 232.598.369 258,285,270 — 25.686.901 9.94
(35 roads)___ 10,730,658 12,306,444 — 1.575,786 12.80
January----- 246,959 243,559 220.282.196 236,880,747 — 16.598,551 7.01
(36 roads)___ 10,682,708 12,351,434 — 1.668,726 13.51
F ebru ary... 87,973
'•6,985 55.056.314 58,286,691 — 3,230,377 5.37
tho tS,
i, a 1
1
nuT
.u
^ V? i .
L...luriei, n y . k u i c i u u e s cno iiaKO snore
Mien, so., tne unicago ind. & So..
Vall° ?
1 itts” the New York & Ottawa, the St. Lawrence Sc Adirondack and the Ottawa & Now York R y.? the latter of
vine1*: ^ndiAnaCRR
«
n°^
reViriJs wut h d Int o ' St? te^Gomtnerce Commission. /Includes Evansvillo & Terre Haute and EvansGitv & Fort
d ^ I ai? * WheelTinK Ky. in both vears. n Includes the Northern Ohio R R . p Includes earnings of Mason
Central arnl thodwi?hRa'Fafn. r
^
£ Pac‘fic- , » Includes Louisville & Atlantic and the Frankfort & Cincinnati, u Includes the Texas
,neslM B.In?h‘de? nPfc
operating revenues, but also all other rocolpts. x Includes St. Louis Iron Mountain Sc
Southern, z Includes the Northern Central beginning July f 1914. * We no longer include the Mexican roads in any of our totals.
2d week
3d week
4th week
1st week
2nd week
3d week
4th week
1st week
2d week
3d week
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of March. Tho table covers 36 roads and shows 13.51%
decrease in the aggregate under the same week last year.
Third Week of March.
1915.
1914.
s
S
84.110
96,111
41,762
42,160
219,859
175,781
331.000
304,400
1,738,000 2.132,000
781,875
679,633
257.628
253,663
325,383
282,554
129,262
133,811
215,837
168,873
228,586
223,311
387,300
351,700
19,600
20,330
19,815
26,754
65,226
52,415
48,904
39,121
Alabama Great Southern.
Ann Arbor_____________
Buffalo Rochester & Pittsburgh
Canadian Northern----------------Canadian Pacific_____________
Chesapeake & Ohio----------------Chicago & A lton ................. —
Chicago Great Western---------Chicago Indianapolis & LoulsvCinc New Orl & Texas Pacific. _
Colorado & Southern-------------Denver & Rio Grande-----------Denver & Salt Lake--------------Detroit & Mackinac--------------Duluth South Shore Atlantic.
Georgia Southern & Florida----Grand Trunk of Canada--------- )
Grand Trunk Western____ |
857,937 1,044,181
Detroit Grd Haven & M ilw. 1
Canada Atlantic__________ J
Louisville & Nashville________
943.270 1,179,280
11.212
17,282
Mineral Range________________
217,574
Minneapolis & St Louis______\
235,381
Iowa Central______________ j
543,777
492,585
Minneapolis St Paul & S S M__
583,232
54-1.770
Missouri Kansas & Texas_____
Missouri Pacific---------------------- 1,015,000 1,166,000
247,920
196,685
Mobile & Ohio................ ............
5,886
5,207
Nevada-California-Oregon------9,491
10,105
Rio Grande Southern-------------238,000
183,000
St Louis Southwestern-----------Southern Railway------------------- 1,144,406 1,376,644
1,310
1.769
Tennessee Alabama & Georgia.
304,477
332,050
Texas & Pacific---------------------21,257
21,580
Toledo Peoria & Western--------101,203
101,901
Toledo St Louis & Western___
Total (36 roads) _...........
10,682,708 12,351,434
E Z
Z £
pi? c 3 c * c * c
’< Z % P5
0^ ~
<-g
- g - f “ S?
o H o c /io t fc o * o E
-r*C/3
hjt*l
^ o O5 0 3
” tfC c-ja. era
Z, cc oo
- L“ £G
5oUJ;
^
Increase. Decrease.
S
398
5,275
S
12,001
44,078
26.600
394,000
105,242
3,965
42,829
4,549
46,964
35,600
730
6,939
12,811
9,783
186,244
6,070
17,807
38.456
614
698
236,010
51,192
151,000
51,235
679
55,000
232,238
459
27,573
323
69,318 1,738.044
1,668,726
Net Earnings Monthly to Latest Dates.— The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
------ Gross Earnings--------------Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
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Roads.
w w 4* *- W
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$
s
s
$
oCl —
---4*tO ... tOO tO05
Atlantic Coast Line.a_____Feb 2,681,611 3,235,247
782,702
070,212
05 W Ml— CO
C5M *—M too
July l to Feb 28_______ 20,332,310 23,894,671 3,890,077 5,906,304
Boston & M aine.a________ Feb 3,210,802 3,056,532
491,819 def25,723
July 1 to Feb 28________ 31,185,821 32,388,347 5,633,400 4,853,762
8
* WO
il C
Il 4I* OH
o. IOM
Canadian P acific.a____ Feb 6,735,688 7.594,172 1,979,015 1,471,576
July 1 to Fob 28________68,782,831 90,796,551 22,792,824 29,683,187
Central o f G e o rg ia .b ...F e b
964,228
1,157,938 c250,546
c282,137
I
July 1 to Fob 28_______ 8,300,639 10,007,288 c2,142,552 c2,756,620
4*00
lC
Il O
Cll C
£*. E i . | a |
J4—
C
<i CO4* W— *. S i
-i-I
■C
Central of Now Jersey.b.Feb 2,048,224 2,219,819
621,229
741,967
*1“
W
0
5
0
|
C
i
O
to
OM
W
O
O
C
l
W
tO
tO
O
l
C
l
July 1 to Feb 28------------21,177,02322,362,450 8,704,338 9,484,322
*tO 004* 4*. fl5
* ton
too boo
l CI bo
4* 4O
b n obo c>ci 0 4 * n o
—4
05
4-W C
to—
WM
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CX30 too 4*05 WM OO
Cheaspeake & O h io .b .. . Feb 2,867,273 2,534,013
806,689
486,053
COCO OW 0 05 tow W4* C
Cl Cl MO M4
WW 05— Cl CI O Cl O 4*
July 1 to Feb 28----------- 25,508,62624,751,140 7,457,564 7,378.711
Chicago & A lton .a-------Feb 1,015,923
s61,004sdef 119,428
908.133
: m —.
July 1 to Feb 28--------- 9,671,582 9,988,887 s i ,843,331 s i,203,786
C5 Cl O —05 o — WM
c ’hie Ind & Louisv. b ___ Feb 454,555
457,253
163.311
44,941
►
C*i C
OW
CO
W —O tO C5tO tOtO C5*- OW --j— —o WO MCn
■V
—
—M
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‘ 135 OM O
W
G
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WO
W
C
l
04
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O
MM
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C
O
tO
Jan 1 to Feb 28...........4,317,611
4,665,356 1,147,978 1,213,581
, -I 4* too WM 04* OO O Cl COO 4*M 4- >- MCl M4* Ci 4- to Ci WO
5
Chic Milw & St P a u l.b -. Feb 6,472,696 6,246,913 1,293,515 1,305,517
z
July 1 to Feb 28______61,958.881 63,659,624 19,380,958 20,666,363
*
—
C
O
—
M
C
l
_
—
—
C
l
O
C
i
Chic & North West -a. . .Feb 6,408,128 6,309,223
........ ....... 1,761,458
..........................
■4-*
C3 tO— Ci — —GO
1,578,195
*
C5l M 4
*C
5 —W
OO
0O
5 050
■WM CO— —M. tOCl COO WCC to C
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OO
—05 C
M
O to *
July 1 to Feb 28--------- 57,677,799 59,774,679 15,842,738 16,830.081
1 WO —COOOW to—w o 05 —4*— 00— 00Cl
z i
1
WM
M—
005
0505
OO
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05—
OO
—
W
Chic St P & Minn & 0 _ a .F e b 1,373,303 1,301,994
282,341
297,403
* bj 4* OC5 O 4I ww Wt I 005 04* to Ci COO WW—GO 4*M to to OO
July 1 to Feb 28--------- 12,597,226 12,779.020 3,551,947 3,603,403
Cine Ham & D ay ton .b .-F eb
651,364
632,952
2,133 dcf81.638
I i l l I, iI I i i I 1 2
I5 4C
*i ICi 00CO O
ClC!i <*—
O
July 1 to Feb 28........... 6,494,293 6,756,062
922,254
723,139
—4I* 0
Ci Cl Ci too —— tO" tOO O W C
5Cl tO4
Cuba R R _____________ Feb 522,587
488,122
287,844
249,001
1
W
0
5
OM
CIO
WO
C
O
C
l
tOMM
tO
M
C
O
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—
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W
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'
July 1 to Feb 28--------- 3,073,936 3,139,875 1,472,173 1,468,384
1M
W
WM
4* M
05K
Ci O O Ci tO MW O — tO05 4*W to Ci Cl C (
-G
OW
............0
5 0 0 W — M4*t
Delaware Lack & West.b .Feb 2,890,4 19 2,736,893
876,232
768,786
July 1 to Feb 28--------- 28,585,788 29,227,127 10.403,232 10,433,863
Detroit & M ackinac.a.-Feb
i.
I
I
I
I
I
I—
I W
- M
I 00
I I
80,576
87,829
9,644
13,379
M
—W
W Cl I| ClICiWItOi- 44.*]_
GO10
O to
July l to Feb 28------715,569
788,204
162,813
05 . M
0 IO
05 0I 0I5 —
OO
4*— WtO MO M4* Cl Cl WOl 4*to Ol Cl I
135,269
3
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W
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0
5
W
tO
W
0
3
0500
C
l
W
005
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C
O
O
C
5
C
i
—
M
Duluth So Sh & A tl.b — Feb
221,245
242,367
34,342
38,683
• CIWCi 05 C5M Cl M 4*QO4*Cl O M CCM QCO GOO COCi W—11
1,939,072 2,377,510
July l to Feb 28
! O WO © Ci M O Ci Ci — 05 4* Cl 05 10W O M4*O O to C5OS '
348,148
488,134
El Paso & Southwest-b-Feb
557,752
711,102
184,966
291,599
------ Gross Earnings----Net Earnings-----July I to Feb 28........... 4,996,041 5,900.999 1,933,770 2,086,934
Current
Previous
810,211
E rie .a _____ _____ _____ Feb 4,384,694 3,990,919
216,619
Year.
Roads.
Jan I to Feb 28_____ 8,959.985 8,422,100 1,611,640
634,982
125,830
Lehigh & New Kngland.b.Fcl) 135,426
37,741
38,152 N Y Susq & Western-a . .Feb 302,130
Jan 1 to Feb 28__ ___
636,760
July 1 to Feb 28--------- 1,660,166 1,266,947
715,112
529,886
816,432
Maine Central - b ----------- Feb 855,575
246,181
171,013 Norfolk & W estern.b.- .Feb 2,934,604
July 1 to Feb 28--------- 7,602,416 7,876,446 2,107,117 1,979.037
July 1 to Feb 28. ___ 27,414,833 29,948,811
Mineral R ange.b---------- Feb
68,304
19,861
47,470
9,841 Nortliern Pacific.b.Feb 4,125.077 4,335,798
261,499
July 1 to Feb 2 8 .------526,490
M2,208
2,710
July 1 to Feb 28______ 43,731,488 49,101,051 18,153,508 19,072,043
Minneap & St Louis .a --F e b
772,298
727,725
k144,707
*129,032 Pennsylvania Railroad.a Febl2,687,673 13,298,961 1,005,346
655,015
July 1 to Feb 28--------- 6,934,353 6,562,543 *1,860,953 *l,677,’ ll8
Jan 1 to Feb 28______ 26.305,553 28,351,091 2,180,418 2.127.058
Minneap St P & S S M - a Feb 1,215,529 1,057,800
300,575
96,442
Balto Ches & A tl. a _. _Feb
59,984
55,654
def8,942
def7,633
July 1 to Feb 28...........12,745,111 13,278,461 4,384,654 4,093,045
Jan 1 to Feb 28______
123,149
125,084 def 16,836 def 13.149
810,679
Chicago Division.a — Feb 803,541
212,764
190,064
Cumberland Valley .a-F eb
201,022
263,798
62,215
54,404
July 1 to Feb 2S--------- 6,645,329 7,154,333 1.725,265 1,949.542
Jan 1 to Feb 28______
415,161
536,586
117,822
129,656
80,588
Mississippi Central.b___ Feb
56,370
23,808
30,785
Long
Island
.
a
.
.
........
Feb
755,355
716,522
def17,144
def45,130
July l to Feb 28______
578,966
699,573
239,942
283,351
Jan 1 to Feb 28______ 1,585,512 1,535,189
5,144 def30,887
Missouri Kan & T e x .b .-F o b 2,818,684 2,357,484 _/067.525
______
/490.428
Maryland Del & V a.a-F eb
48,772
43,913
def4.548 dcfl0,134
OVJ‘> AI ft /6,232,050
July 1 to Feb 28______ 22,848,689 22,691,821 f t , 282,415
Jan 1 to Feb 28______
99,887
101,923
def9,456 def12 976
Q Missouri P acific.a----- Feb 4.327,162 4,257,922 1,028,670 1,093,672
N Y Phila & N o rf.a .-F e b
249,190
239,693
13,053
def2,404
July 1 to Feb. 2 S---------40,052,067 41,263,919 11,135,586 11,454,966
Jan 1 to Feb 28______
496,771
508,467
23,081
10,376
Nashv Chatt & St L .b ._ F e b
849.618 1,010,693
130,821
147.749
Phila Balt & W ash.a.Feb 1,380,913 1,405,105
46,610
def3,959
July 1 to Feb 28--------- 7,361,415 8.635,987 1,217,924 1,742,349
Jan
1
to
Feb
28______
2.818,194
2,972.748
105,546
90,334
Now York C en tral.b-.-F eb 10,872,325 10,609,976 2,160,824 1,215,391
West Jersey & Scash. a Feb 362,303
322,107 def62,256 def95,380
Jan 1 to Feb 28--------- 22,732,187 22,515,777 4,885,174 3,144,825
Jan 1 to Feb 28______
720,695
672,477 def 124,315 def190,941
Boston & A lban y.b. . . Feb 1.124.695 1,113,648
102.047
232,426
Pennsylv Company, a .Feb 3,424,767 3,666,019
Jan 1 to Feb 28. —
244,093
2,368,681 2,395,972
33,259
511,291
231,426
Jan 1 to Feb 28______ 6,923,827 7,837,090
343,479
540.007
Lake EIric & W est.b ._Feb
443,617
377,875
88,821
17,450
Grand Rap & Ind a .-F e b
376,328
357,764
20,552 def27,070
Jan 1 to Feb 28.
880,389
811,680
178,707
74,327
Jan 1 to Feb 28______
763,615
773,399
42,966
def9.694
Michigan Ccntral. b -.F o b 2,431,294 2,330,995
359,664
222,517
Jan 1 to Feb 28. ________ 4,997,630 4,928,214
PittsCinChic&StL.a.Feb 2,734,491 2,844,956
749,835
51 1,330
325,369
158,443
Jan 1 to Feb 2 8 - - . - . - 5,649,269 6,156,647
677,171
ClovCinChic&StL.Ib-Feb 2.597,324 2,436,526
798.749
404,602 def 131,145
Jan 1 to Feb 28. —
5,399,892 5,173,580
887,654 def 175,741
Vandal ia. a __________Feb
806,061
816,136
104,121
86,579
Jan 1 to Feb 28______ 1.663,580 1,730,134
109,907
168,265
Cine Northern _b__ . _Feb
225,461
92,103
19,024 def27,165
Jan 1 to Feb 28- ________
218,177
198,644
26,210 def51,7 74
Total East I* & E . a . -Febl5.969.515 16,541.151 1.125.698
587,672
Pitts & Lake Erie.b .-F eb
935,644 1.236,956
Jan l to Feb 28______ 33,028,564 35,222,280 2,493,674 2,232,282
271,874
380,282
Jan 1 to Feb 28. ________ 1,828,382 2,359,906
447,240
650,798
Total West P & E .a .-F e b 7,449,913 7,799,254
701,260
255,900
N Y Chic & St Louis b Feb 849,710
882,781
Jan 1 to Feb 28______ 15.214,309 16,737,356 1,243,069 1,578,330
74,250
63,415
Jan 1 to Feb 28. ________ 1,795,974 1,854,122
177,161
105,353
Total all lin es.a..........Feb23.419.429 24,340,407 1,826,958
843,571
Toledo & Ohio Cent _b Feb 323,066
340,201
19,698
12,473
Jan 1 to Feb 28______ 48,242,874 51,959,638 3,736,743 3,810,612
Jan 1 to Feb 28.
677,513
720,242
39,246
28,298 Reading Company—
Total all lines, b ___ ..F e b 19,687,611 19,421,061 3,031.183 1,855,865
Phila & Readingb__ Feb 3,263,742 3,421.816
862,996
847,066
Jan 1 to Feb 28. ........ 40,898,825 40,958,137 7,902,518 4,518.842
July 1 to Feb 28........ 31.034,286 34,034,163 9.320.791 10.783.402
S
-I s.
------ Gross Earnings—
----- Net EarningsCurrent
Previous
Current
Previous
Roads.
Year.
Year.
Year
Year.
Reading Co (Con.)—
$
$
$
Coal & Iron C o .b ___ Feb 1,890,585 _________
90,805
2,461,062 defl56,531
July 1 to Feb 28...........20,267,064 21,398.132
441,256
405,271
Total both c o s .b ___ Fob 5,154,327 5,882,878
937,871
706,465
July 1 to Feb 28...........51,301,350 55,432,245 9,726,062 11,224,658
Reading C om pany.b-Feb
______
______
557,533
551,403
July 1 to Feb 28______
______
______ 4,458,848 4,406,844
Total all c o s .b ______Feb
______
______ 1,263,998 1,489,274
July 1 to Feb 2 8 ..________ _____
______ 14,184,910 15,631,502
Rio Grande Junction__ Jan
58,189
W17.457
nl9,626
65,421
Dec 1 to Jan 31____
130,070
n39,023
139,449
n41,835
Rock Island L ines.b___ Feb 5,377,289 4,749,323 1,331,599
754,439
July 1 to Feb 28______ 49,321,296 46,854,454 12,335,589 12,066,549
225,039
234,604
41,522
13,057
R u tla n d .b ...................... Fob
Jan 1 to Feb 28............
467.661
497,021
87,833
55,306
St Louis Southwest.a.-Feb
837,238
979,198
96,367
112.862
July 1 to Feb 28---------- 7,384,344 9,096,782 1,075,889 2,030,979
Seaboard Air L ine.a____ Feb 1,763,624 2,173,404
424,027
605 109
July 1 to Feb 28---------- 13,845,985 16,687,713 3,181,110 4,422!56l
Southern R ailw ay.b------ Feb 4,617,407 5,310,007
952,976 1,127 346
July 1 to Feb 28----------42,035,986 48,031,015 10,102,868 13,823,060
Cin N O & Tex P a c.b .F e b
725,007
906,958
203,581
267,377
July 1 to Feb 28______ 6,264,259 7,316,642 1,579,719 2,209,933
Ala Gt Southern, b __ Feb 358,374
417,543
88,791
76,231
July 1 to Feb 28........... 3,159,373 3,717,077
706,607
922,645
158,057
Georgia Sou & F la.b-F eb
204,102
10,830
29,134
July 1 to Feb 28........... 1,525,967 1,779,569
241,966
339,161
Virginia & Southwest.b.Feb
126,758
137,365
14,971
25,332
July 1 to Feb 28_______ 1,248,168 1,308,411
339,213
392,165
Western M aryland.b__ Feb
594,213
567,910
121,069 def300,163
July 1 to Feb 28______ 5.451,258 5,541.807 1.360,675
476.806
Wrightsv & Tonvillo.b.Feb
21,005
29,794
2,387
10,198
July 1 to Feb 28...........
193.701
251,552
42,262
93,910
IN DU STRIAL COMPANIES.
----- uross E armngs------ ------Net Earnings-----Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Ablngton & Rockland Elect
Light & Power . a ____ Feb
12,081
11,872
2,668
3,693
Jan 1 to Feb 28______
25,889
25.249
5,621
6,775
3 Lines—
1,528,083 1,570,677
336,079
238,246
Blackstone Val Gas&El.a.Fob 117,877
111,183
48,234
40,374
Jan 1 to Feb 28______
244,038
238,774
101,111
94,444
Cleveland Elect I ll.a __ Feb
393,163
412,904
216,595
211,046
Jan 1 to Feb 28______
810,722
822,373
439,364
420,956
Edison Elec 111 (Brocktn)Fob
46,899
40,425
21,096
15,962
Jan 1 to Feb 28______
97,464
87.067
42,618
32,874
Fall River Gas W orks.a.Fob
37,984
40,657
12,051
8,630
Jan 1 to Feb 28______
84,222
88,699
28,029
20,681
Haverhill Gas L igh t.a ..F e b
20,996
22,060
5,979
6,762
Jan 1 to Feb 28______
44,746
46,380
13,312
14,089
Houghton Co Elec L t.a .F o b
28,156
28,403
11,653
14,115
Jan 1 to Feb 28______
60,638
60,400
27,136
31,072
Lowell Elect Lt C orp.a.F eb
40,423
40,151
16,438
16,706
Jan 1 to Feb 28______
84,658
83,910
33,257
33,290
Miss River Pow er.a___ Feb
131,752
123,972
103,135
99,128
Jan 1 to Feb 28. - ____
268,835
252,460
212,598
204,171
Sierra Pacific E lect.a
Feb
39,331
54,735
23,204
33,991
Jan 1 to Feb 28______
81,606
111,790
47,769
68,531
Southwestern Pow & LtaFeb
(Subsidiary cos)_____—
236,494
218,402
115,829
99,174
Mar 1 to Feb 28______ 2,842,693 2,362,618 1.349,018 1,073,104
a Net earnings hero given are after deducting taxes,
b Net earnngs hero given are before deducting taxes.
f After allowing for uncollectiblo revenue and taxes, operating incomo
for Fob. 1915 was $854,874, against $367,097; and from July 1 to Feb 28
was $6,400,102 in 1915, against $5,205,322 last year.
c After allowing for outside operations and taxes, operating incomo for
Feb. 1915 was $199,779, against $229,884; from July 1 to Feb. 28 was
$1,766,416 in 1915, against $2,334,468 last year.
k After allowing for additional incomo for the month o f Feb. 1915 total
net earnings were $114,649, against $84,146 last year, and for the period
from July 1 to Feb. 28 were $1,617,978 this year, against $1,454,348.
n Theso figures represent 30% of gross earnings.
q Includes St. Louis Iron Mountain & Southern. Operating income was
$814,526 in Feb. 1915, against $864,585 in 1914, and from July 1 to Feb.
28 was $9,425,482 in 1915, against $9,848,663 last year.
s After allowing for miscellaneous charges to incomo for tho month of
Feb. 1915, total net earnings were $944, against def. $187,141 last year,
and for period from July 1 to Feb. 28 wero $1,359,426 this year, against
$718,297 last year.
Interest Charges and Surplus.
— Int., Rentals, A c.--------Iial. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Boston &M aino...............Fob 830,877
904,898zdef290,915.rdcf880,245
July 1 to Feb 28........... 6,907,638 7,507,853xdef5ll,377xdfl,481,323
Central of New Jersey..Fob
627,276
686,645
def6,047
55,324
July 1 to Feb 28........... 5,398,399 5,795,894 3,305,939 3,688,428
Chosapeake & Ohio.........Feb 787,344
752,880
x29,841xdefl97,039
July 1 to Feb 26........... 6,300,225 5,945,866 x l ,507,291 22,216,693
Chicago & North W e s t..Feb 851,023
863,441
910,435
714,754
July 1 to Feb 28______ 7,576,460 7,484,660 8,266,278 9,345,421
Chicago St P Minn & O.Feb
234,381
210,913
47,960
86,490
July 1 to Feb 28........... 1,915,293 1,826,867 1,636,654 1,776,536
Cuba R R __.....................Feb
72,308
66,792
215,535
182,209
July 1 to Feb 28...........
564,622
534,333
907,551
934,051
Duluth So Sh & Atl_____ Feb
95,255
99,888 xdef59,437 xdef.59,661
July 1 to Feb 28______
748,128
824,857xdef373,570xdof324,492
Mineral Range__________Fob
12,199
13,065
27,786 zdef2,951
July 1 to Feb 28______
98,454
97,949
247,481 2def92,7l6
Reading (all companies).Feb 1,240,667 1,247,333
23,331
241,941
July 1 to Feb 28........... 9,925,334 9,929,666 4,259,576 5,701,836
Rio Grande Junction____ Jan
8,333
8,333
9,123
11,293
Dec 1 to Jan 31.............
16,666
16,666
22,356
25,168
St Louis Southwestern..Fob 264,105
258,333 2def58,418 2def56,605
July 1 to Feb 28........... 2,126,256 2,042,9452def239,051
2700,142
INDUSTRIAL COMPANIES.
— Int., Rentals, Ac.------- Pal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
S
$
Ablngton Sc Rockland Elect
Light & Power---------- Feb
671
436
1,997
3,257
Jan 1 to Fob 28...........
1,513
910
4.108
5,865
American Power & Light Co. (Includes Kansas Gas & El. C o., Portland
Gas & Coke C o., Pacific Power & Light Co., and Southwestern Power &
Light Companies subsidiaries)—
February................ Feb 585,650
548,192
268,401
251,397
Mar 1 to Feb 28........... 6,714,731 6,009.063 3,175,467 2,761.047
Roads.
— Int., Rentals, A c .— — Pal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Atlantic Gulf & West Indies SS Linas—
(Subsidiary Cos)_____Jan
162,957
149,735
173,123
88,510
Blackstono Val Gas& E l.Fob
19,018
17,616
29,261
22,756
Jan 1 to Feb 28______
38,422
35,257
62,689
59,185
Cleveland Elec 111______ Feb
35,428
37,243
181,167
173,803
70,854
Jan 1 to Feb 28______
72,846
368,509
348,109
Edison El 111 (Brockton)-Fob
2,934
2,610
18,162
13,352
Jan 1 to Feb 28______
6,207
5,439
36,411
27,435
Fall River Gas W orks.. .F ob
3,278
1,145
8,773
7,485
Jan 1 to Feb 28______
7,037
2,657
20,992
18,024
Haverhill Gas Light___ Feb
3
1,611
5,976
5,151
Jan 1 to Feb 28______
536
3,094
12,776
10,995
Houghton Co Elec Light.Fob
3,442
3,441
8,211
10,674
Jan 1 to Feb 28______
6,884
20,252
6,891
24,181
Lowell Elec Lt Corp___ Feb
______ 229
16,438
'16,477
Jan 1 to Feb 28______
1
33,256
460
32,830
Mississippi River Power.Fob
107,632
def4,497
84,557
14,571
Jan 1 to Feb 28______
216,013
43,607
160,564
def3,415
Sierra Pacific Electric__ Feb
7,630
7,562
215.950
226,805
Jan 1 to Feb 28______
15,570
15.003
254,280
232.951
2 After allowing for other Incomo received.
Companies.
EXPRESS COMPANIES.
---------Decetnber---------- -----July 1 to Dec. 31----i 1914.
1913.
1914.
1913.
Adams Express Co.—
$
$
'
S
$
Total from transportation__ 3,167,103 3,409,080 17,733,604 18,272,377
Express privileges— Dr_____ 1,583,494 1,931,400 9,130,232 9.666,577
Rovenuo from transporta'n 1,583,609 1,477,679 8,603,371 8,605,800
Oper. other than transporta’n
41.097
35,149
258,702
196,266
Total operating rovonuos. 1,624,707 1,512,829 8.862,074 8,802,067
Operating expenses______ 1,650,293 1,572,605 9,395,500 8,707,936
Net operating revenue___ — 25,585 — 59,775 — 533,425
94,131
Uncollect, rev. from trans..
363
2,739
Express taxes_____________
17,113
17,291
102,244
98,610
Operating income________ — 43,062
— 77,067 — 638,409
— 4,479
---------------- D e c e m b e r
Jan. 1 to Dec. 31—
1914.
1913.
1914.
1913.
American Express Co.—
$
$
Total from transportation__ 4,108,479 3,954,986 23,972,785
Express privileges— Dr_____ 2,143,986 1,950.331 12,038,405
Revenue from transporta. 1,964,492 2,004,654 11,939,379
Oper. other than transporta.
154,188
185,617 1.079,112 1,137,706
Total operating revenuos. 2,118,681 2,190,271 13,018,491
Operating expenses_________ 2,124,016 2,058,338 12,869,482
Net operating rovenuo___
Uncollec. rev. from trans__
Express taxes_____________
—5,335
239
35,320
131,933
31,067
149,008
943
213,111
549,326
67
181,085
Operating income________
— 10,896
100,865
— 65,045
368,173
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys C o__ Fobruary _ 391,190 383,248
822,304
812,266
20,961
18,835
Atlantic Shore R y __ February .
42,861
40,832
cAur Elgin & Chic Ry FebruaryJ. 130,652 133,794
274,797
286,555
65.330 63,687
Bangor By & Electric January _.
65.330
63,687
13,906
13,748
Baton Rouge Elec Co February .
29,540
28.768
65.516 66,821
BeltLRyCorp (N YC ) December.
746,674
764,681
62,068 67,870
Berkshire Street R y . February .
132,431
143,438
Brazillan Trac, L & P January . . /5996190 /6194227 /5 ,996,190 /6 ,194,227
6,226
5,785
Brock & Plym St Ity. February .
13,688
13,118
Bklyn Rap Tran Syst December. 2150,306 2208,470 27,145,924 26,570,710
23,349 25,285
Cape Breton Elec Co Fobruary .
52,493
55.083
81.330 99,233
Chattanooga Ry & Lt January _.
81.330
99,233
27,713 28,814
Clevo Paincsv & East January . .
27,713
28,814
83,791
82,929
Clove Southw & Col. February .
177,105
176,981
55,777 53,510
Columbus (Ga) El Co February .
116,544
109,495
Colum (O) Ity.P & L. January . . 274,752 272,026
274.752
272,026
tfComwthPow, Ity&L February . 1140,832 1133,879 2,382,734 2,362,456
Connecticut C o_____ Fobruary . 556,153 535,364 1,160,616 1,127,188
Consum Pow (M ich). January . . 328,920 318,067
328,920
318.067
Cumb Co (Me) P & L January . . 194,212 184.509
194,212
184,509
Dallas Electric C o__ February . 149,396 183,066
328,750
384,137
Detroit United Linos 1st wk Mar 207,083 199,436 1.943,880 1.874,661
41,288 48,223
D D E B & Bat (Rec) Decomber.
510,850
595,498
90,591
Duluth-Superior Trac February .
92,523
189,695
194,413
East St Louis & Sub. January . . 206,162 231,944
206,162
231,944
48,408
Eastern Texas E lec.. February 50.038
101,935
105,052
79,240
El Paso Electric C o .. February .
89,664
171,642
182,377
42d St M & St N Ave December. 160,658 160,963 1.875,088 1,904,104
Galv-Hous Elec C o .. February . 148,941 175,051
310,940
372,328
Grand Rapids Ry Co January _ 104,728 102,585
104,728
102,585
72,400 71,188
Harrisburg Railways. February .
151,773
151,021
Havana El Ry, L & P
(Railway Dept)__ Wk Mar 28 45,368
52,004
648,815
691.848
49.836 54,888
Honolulu R T & Land Fobruary .
96,556
104,888
18,765 20,946
Houghton Co Tr C o. February _
38,781
43.083
b Hudson & Manhat. January ._ 473,192 487,055
473,192
487,055
Illinois Traction____ January _. 967,195 940,540
967,195
940,540
Interboro Rap Tran. February . 2707,690 2768,498 5,586,422 5,702,367
Jacksonville Trac Co February _ 48,521
56,778
103,282
119,323
Keokuk Electric___ February _ 18,250
18,756
38,733
39,950
Key West Electric__ February _
9,206
11,110
19,354
22,896
Lako Shoro Elec R y. January _
98,336 105,489
98,336
105,489
Lehigh Valloy Transit January__ 150.720 141,175
150,720
141,175
Lewist Aug & Waterv January . .
49,527 45,299
49,527
45,299
Long Island Electric. December.
16,459
16,745
245,999
245,152
Loulsvillo Railway... February . 222,767 236,672
446,158
495,287
Milw El Ry & Lt Co. February . 486,608 501,267 1,023,087 1,029,922
Milw Lt, Ht & Tr Co February . 106,200 110.509
220,766
229.849
Nashville Ry & Light January _ . 197,278 197,893
197,278
197,893
N Y City Interboro. . December .
57,733 54,578
666,129
619,156
N Y & Long Island.. December .
31,649 31,230
416,226
412,657
N Y & North Shore.. December.
12,453
12,755
169,035
164,283
N Y & Queens C o__ December _ 105,211 108,787 1,359,707 1,385.391
New York Railways. December. 1131,229 1197,935 13,497,143 14,202,963
N Y & Stamford Rys February _ 21,129
44,200
19,731
42,319
N Y Westchest & Bos Fobruary .
32,206 25,708
67,701
55,014
Northampton T ra c.. December
13,690
15,210
183,378
188,880
Nor Ohio Trac & L t. February . 260,451 248,006
541,290
518,967
Nort Texas Electric. February _ 121,300 155,975
265,972
329.068
Northw Pennsylv Ry February .
24.516 23,610
49,975
48,776
Ocean Electric (L I ). December.
5,559
5,107
160,663
154,109
Paducah Tr & Lt C o. February .
23,986 26,244
50.059
51,914
Pensacola Electric Co Fobruary _
40,221
19,989 22,287
45.988
Phlla Rap Transit__ Fobruary . 1833,778 1779,010 3,832,173 3,785,537
Port(Oro)Ry.L&PCo. January . . 489,713 582,610
489,713
582,610
Portland (Mo) R R ._ January __ 73,370 72,159
73,370
72,159
Puget Sound Tr Lt&P January . . 670,885 754,035
670,885
754.035
Republic Ry & Light December
276,879 295,137 3,033,436 2,997.670
Rhode Island C o___ February . 358,756 358,331
753,821
762,393
Richmond Lt & U R . Docembor .
27,573 26.9 3 904 1,392
385,622
L a te s t O r o ss E a r n i n g s .
N am e of
R oad.
W eek or
M o n th .
St Josepli(Mo) R y.L t
Heat & Power C o .
Santiago El Lt & T r.
Savannah Electric Co
Second Ave (R ec)__
Southern Boulevard.
Statcn Isl M idland..
Tampa Electric C o ..
Third A venue--------Toronto Street R y __
Twin City Rap Tran.
Union Ry Co of N Y C
Virginia Ry & Power.
AVash Balt & Annap.
Westchester Electric.
Westchester St R R -Western Rys & Light
Yonkers Railroad—
York Railways. . . . . .
Youngstown & Ohio.
Youngstown & South
February .
January . .
February .
December .
December.
December.
February .
December.
February .
3d wlc Mar
December.
February .
January -
December.
February .
December
December .
February .
February .
January __
C urren t
Y ear.
P r e v io u s
Y ear.
106,352
40,180
64,995
68,303
17,496
20,040
82,890
330,462
440,313
177,000
219,564
392,389
55,941
45,376
16,080
245,807
60,463
61,887
22,409
12,576
104,053
37,501
66,654
79,336
18,082
20,257
80,357
358,368
471,273
170,282
221,163
387,168
57,690
44,600
14,909
237,170
59,314
62,465
19,256
12,554
Jan.
1
C urren t
Y ea r.
223.627
40,180
135.585
917,935
223,867
321,808
168,250
3,943,475
911,539
2.003,438
2,864,202
828.585
55,941
604,887
33,474
2,694,234
721,750
128,098
44,939
12,576
P r e v io u s
Y ea r.
217,467
37,501
139.115
1,042,628
211,093
312,152
160,515
4,083,658
973.116
1,924,801
2,746,208
■828,990
57,690
591,739
32,422
2,570,746
700,719
130,793
40,917
12,554
b Represents income from all sources, c These figures are for consoli
dated company. / Earnings now given in milreis. o Includes constituent
companies.
Electric Railway Net Earnings.— The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
------- G r o ss
E a r n in g s-
— N e t E a r n i n g s ------C urren t
P r e v io u s
R oads.
Aurora Elgin & Chic b--F eb
July 1 to Feb 28...........
Baton Rouge E lectric.a.Feb
Jan 1 to Feb 28--------Brockton & Plymouth a Feb
Jan 1 to Fob 28...........
Capo Breton E lectric.a.Feb
Jan 1 to Feb 28...........
Oleve Southw & C o l-b .-F e b
Jan 1 to Feb 28...........
Columbus (Ga) E lec.a.-F eb
Jan 1 to Fob 2 8 ..........
Dallas Electric C o .a ___ Feb
Jan 1 to Fob 28--------Eastern Texas E lec.a— Feb
Jan 1 to Feb 28--------El Paso' Electric.a--------- Feb
Jan 1 to Feb 28--------Galvoston-IIouston El a Feb
Jan 1 to Feb 28--------Harrisburg Railways------ Fob
Jan 1 to Fob 28--------Honolulu R T & Land.b.Feb
Jan 1 to Feb 28--------Houghton Co T ra c.a— Feb
Jan 1 to Feb 28--------Jacksonville Traction.a.Feb
Jan 1 to Fob 28...........
Keokuk E lectric.a.. — Feb
Jan 1 to Feb 28...........
Key West Electric.a------ Feb
Jan 1 to Feb 28...........
Nor Ohio Trac & L t------ Fob
Northern Texas E lec.a.F ob
Jan 1 to Feb 28...........
Paducah Trac & L t.a -.-F e b
Jan 1 to Fob 28--------Pensacola E lectric.a-----Feb
Jan 1 to Feb 28--------Savannah E lectric.a----- Feb
Jan 1 to Feb 28--------Tampa E lectric.a--------Feb
Jan 1 to Feb 28...........
Youngstown & O h io.a.-F eb
July 1 to Feb 28...........
130,652
133,794
372,173 1,423,742
13,906
13,748
29,540
28,768
5,785
6,226
13,118
13,688
23,439
25,285
55,083
52,493
83,791
82,929
-------176,981
177,105
53,510
55,777
109,495
116,544
183,066
149,396
384,137
328,750
50,038
48,408
105,052
101,935
89,664
79,240
182,377
171,642
175,051
148,941
372,328
310,940
72,400
71,188
151,021
151,773
54,888
49,836
96,556
104,888
20,946
18,765
43,083
38,781
48,521
56,778
119,323
103,282
18,250
18,756
38,733
39,950
9,206
11,110
19,354
22,896
260,451
248,006
541,290
518,967
121,300
155,975
265,972
329,068
23,986
26,244
50,059
51,914
19,989
22,287
40,221
45,988
64,995
66,654
135,585
139,115
82,890
80,357
160,515
168,250
22,409
19,256
186,083
196,167
41,881
502,042
5,137
10,573
def990
dof 1,007
8,380
19,651
28,813
62,969
28,808
62,704
67,088
141,422
18,092
41.333
36,976
85,382
54,594
114,582
8,656
21,309
21,182
38,346
4,847
8,834
13,988
31,246
5,565
12,193
2,434
4.970
95,465
194,325
46,023
103,425
8,118
17,467
8,377
15,373
23,169
47,016
43,369
87,758
8,400
71,211
39,948
535,995
4,234
9,025
dof 1,391
def 1,319
9,587
20,822
27,504
61,415
31,224
63,004
69,248
141,919
16,623
35,048
41,936
85,101
68,550
145,680
9,592
22,627
25,630
46,321
5,669
12,608
20,999
44,493
7,115
15,370
4,419
8,439
93,128
192,797
61,107
127,953
10,742
18,255
7,985
16,749
22,816
46,239
38,339
74,642
6,388
66,957
a Net earnings here given are after deducting taxes,
b Net. earnings here given aro before deducting taxes.
Interest Charges and Surplus.
— I n l .,
R e n t a ls , & c . ---------B a t. o f N e t E a r n s .—
C urren t
P r e v io u s
C urren t
P r e v io u s
Aurora Elgin & Chicago-Feb
July 1 to Feb 28...........
Baton Rouge Electric— Fob
Jan 1 to Feb 28...........
Brockton & Plym outh..Fob
Jan 1 to Fob 28...........
Capo Breton Electric— Feb
Jan 1 to Feb 28--------Oleve Southw & Col___ Feb
Jan 1 to Fob 28...........
Columbus (Ga) Elec___ Feb
Jan 1 to Fob 28...........
Dallas Electric C o---------Feb
Jan 1 to Feb 28...........
Eastern Texas Electric..Feb
Jan 1 to Feb 28--------El Paso Electric...............Feb
Jan 1 to Feb 28--------Galveston-Houston E l..F e b
Jan 1 to Feb 28--------Honolulu R T & Land.b.Feb
Jan 1 to Feb 28--------Houghton Co Traction.-Feb
Jan 1 to Fob 28--------Jacksonville Traction— Feb
Jan 1 to Fob 28--------Keokuk Electric________ Feb
Jan 1 to Feb 28........ Key West Electric______Feb
Jan 1 to Feb 28______
Nor Ohio Trac & L t___ Feb
Jan 1 to Feb 28...........
Northern Texas Elec___ Feb
Jan 1 to Feb 28______
38,933
318,320
2,083
4,263
1,127
2,272
6,558
13,279
32,153
64,207
28,791
57,583
33,426
66,842
8,908
17,678
4,198
8,383
36,209
72,418
6,427
12,854
5,599
11,204
13,516
26,964
1,894
3,803
2,561
4,962
50,862
101,113
27,204
54,469
38,726
302,863
2,148
4,253
1,064
2,130
6,401
12,839
31,588
63,483
24,838
50,119
26,653
53,431
8,242
16,486
4,344
8,628
38,963
75,447
6,260
12,521
5,595
11,204
12,860
25,728
2,185
4,370
2,554
4,956
50,031
99,493
25,339
49,567
— I n t .,
R e n t a ls , & c .—
C urren t
P r e v io u s
Y ea r.
Y ea r.
to la test d a te .
2,947
183,723
3,054
6,310
def2,117
dof3,279
1,822
6,372
def3,340
def 1,237
17
5,121
33,662
74,580
9,184
23,655
32,778
76,999
18,385
42,164
14,755
*26,987
dof 752
def2,367
472
4,282
3,671
8,390
defl27
8
44,603
93,212
18,819
48,956
1,223
233,131
2,086
4,772
def 2,455
def3,449
3,186
7,983
def4,084
def2,068
6,386
12,885
42,595
88,488
8,381
18,562
37,592
76,473
29,583
70,232
19,370
*35,458
74
1,404
7,237
18,765
4,930
11,000
1,865
3,483
43,097
93,304
35,768
78.386
R oads.
7,659
15,454
7,249
14,631
22,956
46,365
4,427
8,853
4,166
33,333
Paducah Trac & L ight.-F eb
Jan 1 to Feb 28--------Pensacola Electric______ Feb
Jan 1 to Feb 28______
Savannah Electric______ Feb
Jan 1 to Feb 28______
Tampa Electric________ Feb
Jan 1 to Feb 28______
Youngstown & Ohio____Feb
July 1 to Feb 28...........
- B a l . o f N e t E a r n s .—
P r e v io u s
C urren t
Y ear.
Y ear.
$
7,639
15,318
7,169
14,436
22,612
45,627
5,073
10,135
4,166
33,333
$
3,103
2,937
816
2,313
204
612
33,266
64,507
2,224
33,624
459
2,013
1,128
742
213
651
38,942
78,905
4,233
37,878
* After allowing for other income received.
ANNUAL REPO RTS
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n o t include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Mch. 2 7 . The next will appear in that of April 2 4 .
Pittsburgh
&
Lake Erie RR.
( 3 6 th A n n u a l R e p o r t— Y e a r e n d e d D e c . 3 1 1 9 1 4 . )
President Alfred H. Smith says in substance:
Additions.— The cost of road and equipment was increased by $949,122,
less value of equipment retired (624 cars), $429,480; net, $519,642.
Our proportion of the advances for the construction o f the subsidiary
linos mentioned below was made from current earnings.
Merger— Monongahela Ry.— The construction of the Buckhannon &
Northern RR. (V. 99, p. 1831) as an extension of the Monongahela RR.
from State Line to Fairmont, W. Va., is practically completed, and these
two lines are in process of consolidation as the Monongahela Railway Co.,
which company will issuo during the ensuing year its securities in payment
of advances mado by the two owning companies.
Lake Erie & Eastern RR.— Except the proposed connection with the Lake
Erie & Pittsburgh R y. west of Youngstown, O., the Lake Erie & Eastern
R R . is practically completed (V. 100, p. 399), thus enabling the owning
lines to make direct connection with industries In the Youngstown District,
and in so doing avoid excessive charges for terminal service.
Pittsburgh Chartiers & Youghiogheny Railway.— The grading and masonry
on the extension from Van Emman to Eighty-four, Pa., and on the Chartiers
Southern R R . from Eighty-four to Marianna, Pa., aro completed, but the
track construction has been deferred by reason of the unusual depression
In the coal and coke industry, and until sufficient revenue is assured.
The revenues of the company were sufficient to pay the expenses of opera
tion and interest onfundeddebt. Wopurcliasedin 1914 $7,850ofits stock.
Monongahela RR.— This company was able to pay the interest on its
bonds and a 6% dividend.
Data from V.-Pres. J. M. Schoonm aker, P ittsburgh, Jan. 26 1915.
The total operating revenues reflect the business depression, resulting
In a decrease of $4,046,746. Freight revenue decreased $3,778,175. The
tonnage carried shows a decrease in bituminous coal o f 2,173,805 tons, in
coke 1,999.662 tons, in ores 787,560 tons, in stone, sand and other like
articles 625,986 tons, in manufactured articles 1,520,905 tons and in mis
cellaneous commodities not classifiable 201,159 tons. The total tonnage
decreased 7,246,598 tons.
. , . .
Equipment retirements were heavy, a number of the old wooden freight
cars having been sold or demolished to avoid excessive cost of repairs to
same. With the delivery of new all-steel passenger equipment, some of the
oldest passenger train cars were disposed of by sale, and the difference be
tween the cost and sale prico of same, less depreciation, charged to expenses.
Deductions from income amounted to $1,575,176, a decrease o f S590.276,
duo to reduction in rentals o f leased linos on a traffic basis, rent for equip
ment and to a decreased residue for distribution account of profit from opera
tion of the Pittsburgh McKeesport & Youghiogheny R R ., one-lialf o f which
amount, under agreement, is payable to the Lake Shoro & Michigan South
ern Ry. Co. The balanco for the year, after payment of two dividends
aggregating 10%, was $1,084,619.
Many contemplated improvements to the property were In consequence
of adverse business conditions temporarily abandoned, and only projects
of immediate necessity have been completed or are under way.
RESULTS FOR CALENDAR YEAR.
1914.
1913.
1912.
1911.
215
Miles operated_______
224
224
223
•Tons (revenue) freight.. 28,112,846 35,359,444 32,372,112 27,513,466
2,835.720
Company’s freight_____ 2.618,506
2,907,078
3,083,608
Revenue tons 1 mile___ 1743832,106 2278471,828 2030299,504 1731562,696
Company freight 1 mile. 88,852,885 106,588,644 141,892,959 127,539,836
Bituminous c o a l........... 10,220.104 12,393,909 10,977,544 10,508,182
5,257,622
Coke
- 4.996,987
6,996,649
6.353,166
3,295,352
o r e s . : : : : : : : : : ............. 3 ,939,181
4 ,726.741
4 ,237,433
1,919,396
Stono, sand, &c_______ 2,414,902
3,040,888
2,674,195
4,435.156
Passengers carried_____ 4,583,214
4,935,070
4,586,773
Passengers 1 mile______ 90,758,842 96,895,584 87,960,892 88,413,477
0.769 cts.
Earns, per ton per milo. 0.762 cts.
0.749 tcs.
0.784 cts.
1,244
Ton load (all).................
1,172
1,282
1-300
$71,067
Gross earnings per mile.
$69,563
$87,646
$81,503
IN C O M E
E a r n in g s—
Mail, express, &c.
Incidental, &c___
ACCOUN T.
1914.
$
1 3 ,2 8 1 ,2 9 9
1 ,6 8 6 ,3 8 9
4 7 6 ,0 8 7
1 5 3 ,5 9 0
1913.
$
1 7 , 0 5 9 ,4 7 5 ]
1 ,8 2 5 ,2 1 9
5 1 7 ,5 7 2
2 4 1 .8 4 5 J
1 5 , 5 9 7 .3 6 5
1 9 ,6 4 4 ,1 1 1
1912.
$
1911.
$
1 8 , 1 9 0 ,9 1 2
1 5 .3 1 8 .0 4 2
1 8 ,1 9 0 ,9 1 2
1 5 .3 1 8 . 0 4 2
9 ,1 9 1 ,0 3 9
7 .9 7 0 ,1 0 4
9 ,1 9 1 ,0 3 9
(5 0 .5 3 )
8 .9 9 9 ,8 7 3
7 ,9 7 0 ,1 0 4
(5 2 .0 3 )
7 ,3 4 7 ,8 3 7
E xpen ses—
Maint. of way & stru c..
Maint. of equipment__
Traffic expenses----------Transportation expensesi
General & miscell. ex p ..
1 ,9 1 1 ,6 1 0
3 ,6 7 3 ,0 3 8
1 7 3 ,4 7 7
4 ,2 0 7 ,1 1 9
3 8 5 ,9 6 0
2 ,0 0 2 ,5 9 1 ]
3 ,5 6 0 ,1 8 7
1 7 3 ,7 3 3
4 ,7 6 0 ,3 0 2
3 8 6 ,9 0 2 ]
P. c. exp. to earnings__
Net rev. rail operations.
Uncollectibles_________
Taxes accrued--------------
1 0 ,3 5 1 ,2 0 4
(6 6 .3 7 )
5 ,2 4 6 .1 6 1
125
6 3 1 ,5 9 6
1 0 ,8 8 3 ,7 1 5
(5 5 .4 0 )
8 ,7 6 0 ,3 9 6
6 6 2 ,0 8 6
3 7 2 ,7 8 8
3 5 7 ,3 8 9
Hire of equipment_____
Interest on loans, &c__
4 ,6 1 4 ,4 4 0
5 6 8 ,1 5 3
4 7 6 ,0 0 2
8 ,0 9 8 ,3 1 0
4 7 5 ,4 3 6
4 2 5 .4 4 2
8 ,6 2 7 ,0 8 5
3 8 9 ,3 4 6
3 5 2 ,1 0 5
6 ,9 9 0 ,4 4 8
2 0 9 ,5 9 5
1 7 4 ,6 5 0
Gross corporate in c ..
5 .6 5 8 ,5 9 5
8 ,9 9 9 .1 8 8
9 ,3 6 8 ,5 3 6
7 ,3 7 4 ,6 9 3
5 3 8 ,6 5 8
5 3 8 ,5 2 5
5 2 2 ,8 8 6
D e d u c t—
Rentals leased lines____
Interest on bonds____ i
Int. on equip, certfs— J
Improvements & equip.
Joint facillties,rents,&c_.
♦Dividends (10% ).........
6 7 3 ,7 7 4
2 ,9 9 8 ,8 0 0
1 ,2 3 9 ,7 1 1
2 ,9 9 8 ,8 0 0
1 ,2 8 6 ,9 1 9
2 ,9 9 8 ,8 0 0
1 ,4 9 4 ,1 1 7
5 3 3 ,2 4 6
2 ,5 2 0 ,0 0 0
.
4 ,5 7 3 ,9 7 6
1 ,0 8 4 .6 1 9
5 ,1 6 4 ,2 5 1
3 ,8 3 4 ,9 3 7
5 ,0 4 4 ,2 4 4
4 ,3 2 4 ,2 9 2
5 ,2 9 0 ,2 4 9
2 ,0 8 4 ,4 4 4
5 1 4 ,1 5 8
3 8 7 ,2 4 4 f
l
220,000
220,000
220,000
1 6 7 .0 8 2
* Also $6 (12%) extra dividend paid from accumulated surplus Mar. 1912
and $2 50 (5%) Feb. 26 1913. No extra divs. were paid in 1914 or 1915.
GENERAL BALANCE SHEET DEC. 31.
1911.
1913.
A ssets—
S
S
R o a d A eq u ip m ’ t .3 5 ,7 4 6 ,7 0 0 3 4 ,8 34 ,08 1
P . M c K .A Y .,A c .,|
e q u ip . A b e lt ’s (0,775,8001 5 ,2 8 2 ,5 6 3
A d v . t o o th e r c o s .)
t 1,20 1,9 33
M ls c . p h y s . p r o p - 4 ,5 6 8 ,0 3 8 4 ,5 6 8 ,6 3 8
I n v . in a ffll. co s .—
S tock s _________ 3,516,2161 6 ,3 8 4,6 29
N otes _________ 4 ,7 3 5 ,5 0 5 /
M a teria l & su p p l's 2 ,1 3 9 ,6 2 5
1,852,187
C a sh ______________ 1 ,534,254 2,82 8,7 11
L oan s & bills r e c - -----------79,269
334,164
590,461
Traffic bal.recelv.
Agents & conduct,
345 ,33 7
407 ,21 7
M lsc e ll. accounts. 1 ,4 6 5 ,5 6 8
1,646,945
A c e r. ln t .,d lv s .,& c .
4 5 ,4 1 0
_____
O th er a d v a n c e s___
1,233
27,284
O th .d e f. d eb .item s
4 ,6 1 7
2 38 ,44 0
T o t a l .............-- .6 1 ,2 1 3 ,0 6 7 5 9,9 43 ,25 9
1911.
1913.
L iabilities—
8
S
C a p ital s t o c k ____ 2 9 ,9 88 ,00 0 2 9 ,9 8 8 ,0 0 0
P rem . on s to c k sold
285
285
F unded d e b t _____ 7 ,7 1 6,5 25 7 ,9 8 1 ,9 9 2
V ou ch ers A w ages
314 ,30 2
558,245
L oans & bills p a y 7 5,0 00
75,0 00
T ra ffic bals. p a y . .
3 80 ,10 0
397 ,87 2
In t. a ccru ed , A c . 8 5,0 00
8 5,0 00
D lv s. d e c l a r e d . .. 1,49 9,4 00 1 ,4 9 9,1 00
T a x es a c c r u e d ____
4 2 ,0 0 0
3 ,0 0 0
S u n d ry a c c ’ ts p a y .
774 ,66 4
718 ,35 0
D o t. cred it Item s.
2 8 ,7 6 5
11,385
5 5 ,1 10
261 ,81 2
R e s e r v e s . ............ ..
D e p r e c'n (e q u ip .).
8 07 ,17 5
________
A d d itio n s fr o m In
co m e sin ce 1907—
P . A I,. E . R R . 2 ,8 1 8,9 33 2 ,8 1 8,9 33
P rofit A l o s s ...1 6 ,6 2 7 ,2 0 8 1 5 ,5 13 ,98 5
T o t a l __________ 61,2 13 ,06 7 5 9 ,9 4 3 ,2 5 9
— V. 100, p. 1079, 399.-
Chicago City Railway.
31 1915.)
Pres. Leonard A. Busby, Chicago, Mar. 16, wrote in sub
stance :
( R eport f o r
F is c a l
Year
en d ed
Jan.
The gross earnings of all tho Chicago surface lines amounted to S31,9G6,048. expenses §19,889,275, or 62.22% of gross, leaving residue receipts of
§12,076,773, divisible 59%, or §7,125,296, to tho Chicago Railways Co.
and 41% , or §4,951.477, to tho South Side lines, namely the Chicago City
Uy. Co., the Southern Street Ry. Co. and the Calumet & South Chi. Ry. Co.
Your property has produced a net income after the payment of all operat
ing expenses and bond interest of §1,769,417, from which four quarterly
dividends have been paid, aggregating a total of 9% upon tho §18,000,000
capital stock, leaving surplus earnings for tho year of $149,417.
Tho dividend rate shows a decrease from 10 % last year [only 10% from
earnings of road— Ed.) to 9% this year, largely duo to the decrease in gross
receipts during the last half of the fiscal year. The beginning of tho Euro
pean war Aug. 1 1914 was followed by the closing, or by a material re
duction in the operating forces, of a large number of manufacturing plants
in the city. This immediately affected our receipts adversely, and during
the last six months of the year tho gross receipts of tho Chicago surface lines
were §608,085 less than for tho same half of 1913-14.
The company lias built 7.04 miles of single track and now owns a total
mileage of single track o f 312.75 miles; 226 double-truck passenger cars of
tho most improved type have been purchased and put in service, and 12 cars
aro now under construction. Wo have also bought real estate and erected
thereon sub-station buildings of 8,000 k.w. capacity each at 44th St. and
Ivedzie Avo. and at 82d and Halsted streots, and have installed machinery
anti apparatus to tho extent of 12.000 k.w.
The board of operation of tho Chicago surface lines is now composed of
Henry A. Blair, Wallace Heckman, Charles C. Adsit and John M . Roach,
representing the Chicago Railways Co., and Harrison B. Riley. Frank O.
Wetmoro and Leonard A. Busby, representing tho South Side lines.
RESULTS ON ALL CHICAGO SURFACE LINES.
Year ended Jan. 31—1914-15.
Gross earns., §31,966.048; oper. exp., §19,880,275; residue rects.§12,076,773
Chicago Railways, 59% ___________ ________ ________________ 7,125,296
South Side lines, 41 % .................................................................. §4,951,477
INCOME ACCOUNT YEAR ENDING JAN U ARY 31.
1913-14.
1912-13.
1911-12.
1914-15.
Passenger rects., incl.l Not stated §11,289.037 §10,838,714 §10,321,770
Southern Street R y. / separately
South Side lines, 4 1 % -- $4,951,476 Unification ordinance tvent into effect
Feb. 1 1914.
♦Joint acct., exp.,&c__ 3,612,888
Net earnings
.........§1,338,588
City’s proportion, 55%,
as per ordinance_____
736,223
Company’s proportion,
45% , as per ordinance
Int. on capital, as certi
fied by Board of Su
pervising Engineers..
§602,365
§1,803,722 a $ l,758,158 a $ l,654,254
992,047
966,987
909,840
$811,675
§791,171
§744,414
2,416,913
2,305,151
2,217,266
2,088,089
Incomo from oper’n .. §3,019,278
Other income...............
279,547
$3,116,826
220,799
$3,008,437
260,172
$2,832,503
295,259
Net income__________ §3,298,826
Interest on bonds______§1,529,409
x Dividends........ .......... (9)1,620,000
§3,337.625 §3,268,609 §3,127,762
§1,409,549 §1.286,102 §1,181,722
0) 1800,000 (10)1800,000 (10) 1800,000
Balance, surplus_____
§149,417
§128,076
§182,507
§146,040
♦Joint account, expense, Ac., includes interest on capital investment of
Chicago City Ry. and Calumet & South Chicago Ry. and net earnings of
Southern Street Ry.
{i Includes only net earnings of Chicago City Ry. and Southern St. Ry.
after deducting operating expenses, Ac., and interest on capital investment
of Chicago City Ry.
x Extra dividends of ]/. of 1% were paid in Dec. 1913 and 1912 and \'A%
In Dec. 1911. No extra payment was made in Dec. 1914.
Tho income account of the Calumet A South Chicago Ry. for the yoar
ending Jan. 31 1915 shows company’s proportion of 41% of Chicago sur
face linos residue receipts, pursuant to unification ordinance and operating
agreement, representing interest and capital as certified to by the board
of supervising engineers, §497,523; other incomo, net, §13,270; total income,
§510,793. After deducting interest on bonds outstanding, §259,625, and
dividends, §125,000, the balance surplus forjtho year was §126.168.
BALANCE SHEET JAN U ARY 31.
1915.
Assets—
S
1914.
S
Liabilities—
1915.
S
1914.
?
P u r. price o f p rop .
1st M .5 % g old b d s 3 t,200,000 28,9 50 ,00 0
In term s o f o r d .4 9 ,731,541 4 7,4 8 0 ,1 4 0 A c cts . p a y a b le ,A c . 1,460,321
1 ,346,754
A c co u n ts r e c e lv ..
95,5 24
93,059 Surp. assets, repre
sented b y e q u ity
R ea l e s ta te ______
14,962
14,962
of
.$18,000,000
C ash on h a n d ____ 1,001,911
748,928
ca p ita l s t o c k . . . 18,183,617 18,040,335
T o t a l ............ ...5 0 ,8 4 3 ,9 3 8 4 8 ,3 37 ,08 9
— V . 100, p . 981.
T o t a l ................. -5 0 ,8 4 3 ,9 3 8 4 8 ,3 37 ,08 9
Illinois Traction Co., Champaign, 111.
S ta tem en t f o r Y e a r e n d in g D e c . 31 1914.)
( P r e li m i n a r y
1914.
1913.
1912.
Gross earnings.................$8,486,249 $7,948,097 §7,415,647
Oper. expenses A taxes.. 4,989,276
4,613,336 4,353,214
1911.
$6,902,221
4,133,641
Net earnings_________ §3,496,973 $3,334,761
Interest charges, A c___ $2,371,346 §2,072,539
Preferred dividends (6%)
428,130
406,372
Common dividends..*(3%)299,802(2M )224,805
$2,768,580
§1,885,221
318,276
______
Balance, surplus.........
$397,695
$631,046
§3,062,433
§1,975,969
344,547
______
$741,917
$565,083
* Inserted by editor, being based on the $9,993,400 common stock out
standing Dec. 31 1913.
WESTERN RAILW AYS & LIGHT CO.
1914.
1913.
1912.
Gross earnings...............$2,694,234 $2,570,746 §2,294,830
Oper. expenses A taxes.. 1,598,186
1,585,537
1,421,829
Net oarnings................. §1,096,048
Interest charges, A c___ $722,314
Preferred dividends (6%)
190,140
$985,209
§618,306
190,140
$873,001
$536,399
160,035
1911.
$2,044,895
1,270,982
§773,913
$474,691
142,2(50
Balanco, surplus______ §183,594
$176,763
§176,567
§156,962
Up to March 8 the Illinois Traction Co. had acquired $4,508,600 com
mon stock of tho Western Rys. A Eight Co. out of a total outstanding of
$4,521,800, and for this purpose had increased its own outstanding common
stock to §12,251,100 (see plan V. 97, p. 1426, 1504).— V. 98, p. 1542.
Western Union Telegraph Co., New York.
( R ep o r t f o r F is c a l Y e a r e n d in g D e c . 31 1914.)
The remarks of President Carlton will bo found at length
on subsequent pages, also the income account and balanco
sheet. Below are the comparative income account and
balance sheet for several years.
— Years ending Dec. 31--------Years ending J’nc 30—
1914.
1913.
1912-13.
1911-12.
Rovonucs for year_____$40,264,777 $45,783,512 $46,385,993 $41,661,439
Oper. exp., incl. rent of |
leased lines, recon-1
struc’n, repairs, A c . ) 40,578,751 42,327,1211 41,939,934 35,350,422
1 1,020,000
713,414
Taxes _______ _____ j
T o ta l_______________§40,578,751 $42,327,121 $42,959,034 $36,063,836
Balanco________________ §5,686,026 §3,456,391 §3,426,059 $5,597,603
Income from invest., Ac. 1,022,611
1,115,755
1,037,450
1,326,368
Net profits............
$6,708,637 $4,572,146 $4,403,509 $6,923,971
Disbursements__
For interest on bonds__ §1,337,242 $1,337,229 §1,337,229 $1,670,417
Reserves for repairs and
rcconstr. of land lines...........
...........
...........
1,250,000
Cash dividends_____(4%)3,988,886 (3)2,992,246 (3)2,992,166 (3)2,991,823
Total disbursements. §5,326,128 $4,329,475 $4,329,395
Balance, surplus________ §1,382,509
$242,671
$134,114
BALANCE SHEET DEC. 31.
1914.
1914.
1913.
A ssets—
L ia b ilitie s —
s
S
S
T eleg ra p h lines A
eq u ip m en t a . .1 3 5 6 86 ,39 0 131834,592
R ea l e sta te ______ 9 94S.542 7,77 0,2 26
108,944
P a t e n t s ...................
100,551
A m ou n t recovera
b le at ex pira tion
1,18 0,0 00
o f l e a s e . . .......... - 1 180,000
S tk . o f cos.lea sed b 5 866,789 5 ,8 8 5 ,9 1 7
S to ck o f com p an ies
n ot lea sed _____ 4 ,942,609 4 ,8 8 0,0 94
141,797
192,900
Sin king f u n d . .
348,682
M lsc . Investm ents 2 ,04 6 ,8 5 8
P u rc h .m o n e y notes
and o b lig a tio n s . 2 ,000,000 6,000,000
1,960,174
M a terial A su p p l’s 1 ,92 6 ,9 0 0
B ills A a e c’ ts rec.
(less re s erv e)___10 ,409,557 6 ,6 5 7 ,8 4 9
C ash on sp ecial de
p os it ____________ 2 ,791,335 3 ,0 0 0 ,0 0 0
2 ,2 7 8,9 48
T rea su ry balance
.1 7 7 ,0 9 2,4 31 172047,223
$5,912,240
§1,011,730
1913.
C a p ital s t o c k ____ 99, 786,759 9 9 ,7 8 6 ,7 5 9
S u b . sto c k s not
ow n ed (p a r )—
3 ,4 3 2 ,8 2 5
P erp etu al leases 3, 4 3 2 ,7 2 5
4 46 ,15 0
4 4 5 ,45 0
S to ck ow nership
F u n d ed d e b t (see
“ R y . A Indus.
S e c . ) ....................c3 2 , ,601,000 3 2 ,6 0 2 ,0 0 0
3 ,4 0 3 ,2 8 5
A c co u n ts p a y a b le . 3, 037 ,43 0
477 ,28 1
A c cru e d ta xes____
607,694
2 3 1 ,79 8
I n t .A g u .d iv s .a c e r .
231,785
U n pa id d iv s. (Incl.
783 ,15 8
J an. 1 5 )________ 1 032 ,80 4
D e f. n o n -in t.-b e a r
in g lia b ilitie s .d . 12 ,879,843 1 2,881,243
1 ,676,926
R es’ ve for c a b le s . . 2 928,778
l i e s , for rccon str.
2 ,1 6 8,0 84
o f land lin es____ 5 576,242
,000,000
E m p lo y . b en . fund 1 000,000
Surplus re s erv e___3 451 ,92 2 3 ,4 5 1 ,9 2 2
S u r p lu s _____ ___ 10 ,079,999 9 ,7 0 5 ,7 9 2
1
T o t a l _________ 177,092,431 172047,223
a Telegraph lines and equipment include properties controlled by stock
ownership or held under perpetual leases and merged in the Western Union
system, b Stocks of cos. leased does not include securities held by the co. as
lessee, c Funded debt includes bonds of sub. cos. assumed or guaranteed
by the W. U. Tel. Co., §7,000,000, less held in treasury, §3,143,000. d De
ferred non-interest-bearing liabilities consist of proceeds of sales of securities
and other properties held under leases for terms oxpiring in 1981 and 2010
from cos. in which the W. U. Tel. Co. has for tho most part a controlling
interest, payablo only on the termination of tho leases.— V . 100, p. 235, 146.
(J. I.) Case Threshing Machine Co., Inc., Racine, Wise.
{R e p o r t f o r F is c a l Y e a r e n d in g D e c . 31 1914.)
The report of the board of directors, the incomo account
and balance sheet for the late fiscal year, and the certificate
of Price, Waterhouse & Co., the chartered accountants,
will bo found on subsequent pages. Comparative figures
follow:
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1912.
1913.
1914.
Gross sales_______________________ $14,395,384 §13,417,406 $14,026,634
Deduct— Cost of manufacturing, Ac.
1$11,552,253 $11,606,183
x212,935
x 158,984
Repairs, maintenance, A c______ §12,370,506
i
392,012
305,856
General expenses, incl. taxes____
Net profits_____________________ | $2,024,878,[ $1,260,206
[
945,618
Other incomo_____________________
$1,955,611
828,311
Gross profits__________________ . §2.024,878
Bond, Ac., interest_______________
Depreciation reserve_____________
50,000
Reserve for contingent lossos_____ .
850,500
Preferred dividends (7 % )_________ .
$2,205,824
$733,627
103,546
100,000
850,500
$2,783,922
$200,482
119,005
200,000
813,167
Total deductions_______________
Balanco, surplus_________________ .
§1,787,673
$418,151
§1,332,654
$1,451,268
$116,198
x Additional, it is understood, to amounts included in “ cost of manufac
turing, A c.,” sufficient to maintain tho efficiency of the plants.
♦ Includes in 1914 proportion of bond discount applicable to the year.
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
8
Liabilities—
8
8
S
P la n t, A c __________10,120,995 9 ,6 8 0 ,1 6 8 P referred s t o c k ___12,150,000 12,150,000
1,026,118 C om m on s t o c k ___ 8 ,30 0 ,0 0 0
P a ts ., designs, A c . 1,033,013
8 ,3 0 0 ,0 0 0
1st M . 6 % b o n d s . 1 0,500,000
In v e n t, (in cl. a d v .
87,267
110,942
a c c ’ t p u r c h .)___ 8 ,997,791 11,166,483 Real cs t. m tg e s ___
N o te s receiv a ble .*1 5 ,6 9 9 ,8 5 9 14,740,458 Bills p a y a b le .......... 2 ,0 5 0 ,0 0 0 12,9 25 ,50 0
4 3 5 ,92 8
369,213 A u d ited v o u ch e r sA c c t ’s re c e iv a b le .
330 ,81 0
257,373
553 ,52 0 A e o ’ ts p a y ., A c —
1,519,134
C a sh _____________ 596,765
199,543
192,369
P r o p , held lo r sale
152,546 A c c r 'd taxes, A c . .
97,319
...............
248,052 D iv id en d p a y a b le In v estm en t a ____
260,852
212 ,62 5
R c s ’ v e fo r lo s s .,A c .
650 ,00 0
6 0 0 ,00 0
B on d d ls c t ., A c . . .
719,490
659,971
P rep aid h it., A c . .
311,311
510,272 D e p r e c’ n reserv e.
674,335
P rofit and lo s s . _ . b 2 , 9 7 3 , 173
1 ,856,975
A s se ts—
T ota l
- . .3 8 ,2 6 3 ,2 5 5 3 8 ,4 46 ,83 0
T o t a l ....................3 8,2 6 3 ,2 5 5 3 8 ,4 46 ,83 0
* Of which notes of a faco value of §12,000,000 aro plcdgod as collateral
security to tho 1st M . 6% serial gold bonds outstanding on Doc. 31 1914.
a Investment in and advances to Compagnio Case do Franco, s. a.,
Paris, b After adding §1,000.000 appropriated Dec. 31 1913 as special
inventory reserve, now restored to surplus account.— V. 100. p. 1081.
Bethlehem (Pa.) Steel Corporation.
(1(M A n n u a l R e p o r t— Y e a r e n d e d D e c . 31 1914.)
Pres. Charles M. Schwab, April 0, wrote in substance:
Results.— Notwithstanding the generally depressed state of trado through
out the year in commercial lines, tho variety or the products of your corpora
taion, which has diroctly resulted from its policy of extensive development
in diversified lines of manufacture, enables it to report tho host record in its
history, tho total net earnings of your corporation and its subsidiary com
panics for 1914 being .$9,649,(568, as against $8,752,671 for tho year 1913.
In view of these earnings a dividend was declared on the pref. stock of
your corporation of tho full 7% , payable in quarterly installments in 191
Orders on Hand Dec. 31 (000s omitted).
1906. 1907. 1908. 1909. 1910. 1911. 1912.
$
s
$
s
s
s
s
1913.
s
1914
s
Emerson-Brantingham Co. (Agricultural Implements).
( R ep or t f o r F i s c a l Y e a r e n d in g O ct. 31 1914.)
Prost. Brantingham, Rockford, 111., Mar. 2, wrote in subst.:
Results—-From a profit standpoint the company has had a disappointing
yoar, duo to (a) decreased sales, (b) increased costs duo to slow factory
operations, (c) largely increased cost of collections after Aug. 1, (d) higher
rates of interest most o f the year. Since Aug. 1 material reductions in ex
penses have been mado. Only a small amount of our foreign trade was in
countries at war, and while the foreign trade as a whole has been greatly
curtailed, we do not. stand to lose any large direct amount.
“ Afntorles show a decrease of $1,741,235, bringing them
Iiractically dfnvn to normal, except on one line that whl be further reduced,
i , “ <i*y.^tmaHOIi r!'ser.v’e .ha-s not been increased, but the properties have
i> , ).? u. w .,, £,h'T£ Cal w;ndlt,10,n at cost of $66,885, absorbed in expense.
ovn^« 7 rn0nnoel T>hUrf-lerireduce<l between Nov. 1 1914 and Doe. 31 1914
° V T ;^ ; , : t00- w he fl.x,ed expenditures shown were for work begun in 1913.
dr-iii n c r " ? '— ',Ve 1>ald pref. dividends up to Aug. 1 1914 aggregating
$638,.151, based on the usual estimate of cost of sales, showing ample
fn 7 h fl^ m ,a r t n lld i,pr0fit1 n,lade UR to « » t time. However, the8changes
the1rU vid en ^ ^ on i^ iw ^ 0'*1 th * Proflt5* then shown to a loss, showing that
lorn den,nfffh te ?,nuubette^ nc£ ? av? been paid. Had we been operating
beoTi simiinr
t ^rllp a substantial surplus, tho situation would have
™T
h
e
i
r
successful companies which have had to draw
on their surplus to pay dividends this year (V. 99, p . 1054)
account'Ta^Sho™°maXC™
be.resumed until any shortage in the surplus
be starisl nnifl r^nd?,gT l,a n d ,to a yold an°thcr interruption, should not
b Outlook ■S l f f L rtSiX? account is equal to one or more year’s divs.
uiaioo/c. I Ians foi dealing with certain unprofitable parts of the business
'vd* squ ire time to work out, but it is believed will Ve for the uUimato
but * bii si ness'i
m P dan’ , 4 future orders havo been improving,
On hand. 13,300 8,425 7,592 14,073 17,370 15,885 29,282 24,865 46,513
Tho average number of employees In tho U. S. in 1914 was 15,586, agst
15,052 In 1913: salaries and wages paid in IT. 8., $14,312,948, against
$13,366,399 In 1913. Tho above does not includo tho men employed in tho
Cuban and Chilian mines.
Notes.— On Juno 11 1914 Bothlehom Stool Co. issued $3,000,000 of its
1-yoar 5% Secured Gold Notes, guar., prin. & int., by your corporation
and secured by a pledge o f $4,300,000 First Lien & Refunding Mtgo. 5%
30-yoar gold bonds, of which notes $1,410,000 have, since Doc. 31 1914, been
cancolod or called for redemption (V. 98, p. 1847, 1922: V. 100. p. 231).
Surplus Account Jan. 1 1905 to Dec. 31 1914.— Net earnings from opera
tions, after deducting expenditures for ordinary and extraordinary repairs
1905............... $3,622,476 1909
--$2,993,536 1913............... $8,752,671
1906. .............. 2,011,368 1910
.. 4.524,141 -----------------1914............... 9,649,668
-- 2,642,178 1911
1907
-- 4,792,714
1908
..
2,196,1721912
...5.114,440
Total___ $46,299,36
Deduct— Int. charges, inch proportion of discount &
? £ .“ ' ? c S r " r d l . M ? S . " " n t r y
' " ° ’, o n " m “ n t r o s a c l l n s b u y . n g l a
expense of bond and note issues_____________ $18,951,716
INCOME ACCOUNT.
Special reserves for extraordinary losses and other
Y
ear
end.
1
5
.
l
f
o
s
.
r
r
a
4
.
direct charges to surplus_____________________ 2,174,290
Y e a r e n d . 15 M o s . e n d .
Oct. 3 1 1 4 . Oct. 3 1 ’ 1 3 .
Provision for extinguishment of mining investOct. 3 1 ’ 14. Oct. 3 1 ’ 1 3 .
P r o fit fr o m o p e r
$ 1 2 9 , 2 1 9 3 1 , 6 9 1 , 9 5 8 N e t e a rn in g s ..........
monts, amortization of patents, &c___________
1,417,503
$ 1 2 8 ,1 4 1 $ 1 ,7 8 5 ,5 6 0
I
n
t
.
,
&
c
.
,
r
e
c
e
i
v
e
d
4 5 4 ,5 4 8
Provision for depreciation of other properties and
5 9 7 , 2 9 1 In t e re s t o n lo a n s .
$ 4 1 7 ,1 0 6
$ 3 0 3 ,3 6 4
accruing renewals____________________________ 6,177,848
P re f. d i v i d e n d s . . .
6 3 8 ,9 5 1
1 ,0 3 4 ,9 1 9
$
5
8
3
,
7
9
7
S
2
,
2
8
9
,
2
5
9
$28,721,357
A d m in ., & c ., e x p .
6
55 00 33 ,6
_ .
___ A °
415
5 55 ,,6
6 55 6
----. . .
................ .. $3 ,018,870
,6 9
99
9
Dividends
Appropriated for and invested in additions to prop
„ . .
----------------- ------------------- T o t a l d e d u c ’n s . $ 1 ,0 5 6 .0 5 7 S 1 .4 5 8 2 8 3
,1 4
erty and working capital______________________ 12,500,000
,7 8
85
5 ,5
,5 6
60
N e t in c o m e ------ $$ 11 22 88 ,1
4 11 $3 11 ,7
0
B a b . s u r .o r d e f .d f .S 9 2 7 , 91 6 s r . $ 3 2 7 ,2 7 7
15.518,870
Profit from operations for tho 15 months ending Oct. 31 1913 was after
deducting depreciation; no deduction was made for tho fiscal year 1913-14.
Unappropriated surplus__________________________________ $2 059,137
BALANCE SHEET OCT. 31.
T o ta l P r o v is io n s f o r R e p a ir s , D e p r e c ia t io n , e t c .
gsss’L's.'sa
1909.
1910.
1911.
1912.
1913
1014
$2,809,639 $3,261,760 $3,525,237 $3,759,599 $4,532,097 $4,716,273
[Seo also statement by President Schwab on a subsequent page.]
B E T H L E H E M S T E E L C O R P O R A T IO N A N D
S U B S ID IA R Y COS.
C o n s o lid a ted I n c o m e A c c o u n t f o r Y e a r s e n d in g D e c e m b e r
1914.
A ssets —
S
R e a l e s t a t e , b u ild
i n g s , & c . ............... * 6 , 6 5 9 , 5 9 5
G o o d - w ill & p a t ’ ts 4 ,6 1 4 ,4 0 3
N o t e s & a c c t s . r e c .a 8 ,8 7 1 ,8 7 8
C a s h ---------------------------8 9 9 ,8 5 3
& s u p p li e s .b 6 ,4 2 0 ,2 8 6 b
P r e p a id in s u r ., & c .
1 4 9 ,0 0 9
M i s c e l l a n e o u s _____
2 7 6 ,4 9 3
1913.
S
6 ,5 2 4 ,1 0 4
4 ,6 1 4 ,4 0 3
9 ,2 6 1 ,7 4 9
7 6 2 ,2 4 2
8 , 1 6 1 ,5 2 2
1 6 9 ,0 7 6
1 9 7 ,8 4 1
L iabilities —
1914.
$
P r e fe r r e d s t o c k . . . 1 2 ,1 7 0 ,5 0 0
C o m m o n s t o c k . . . 1 0 ,1 3 2 ,5 0 0
N o t e s p a y a b l e -------- 5 , 1 3 3 , 8 2 5
A cco u n ts p a y a b le .
4 8 9 ,8 1 5
P r e f. s tk . p a y a b le
N o v . 1 1 9 1 3 _____
R e s . fo r c o n t in g e n t
l o s s e s , & c ________
4 3 9 ,6 1 8
S u r p l u s ...................( d e f . ) 4 7 4 , 7 4 1
1913.
$
1 2 ,1 7 0 ,5 0 0
1 0 ,1 3 2 ,5 0 0
5 ,4 1 5 ,8 9 8
8 3 8 ,7 1 6
31.
Mat’ls
2 1 2 ,9 8 4
1914.
1913.
1912.
1911.
4 6 7 ,1 6 3
Gross business about ..$47,500,000 $44,352,496 $33,633,520 $30,09.3,02.3
Net manufacturing profit 9,378,385
* -------- ------4 5 3 ,1 7 5
8,530,708
4,846,814
4,605,410
Dividends and interest.
126,674
83,545
157.811
51,557
T o t a l .................... . 2 7 , 8 9 1 , 5 1 7 2 9 , 6 9 0 , 9 3 6
Miscell., including routs
33,929
T
o
t
a
l
....................
2
7
,
8
9
1
,
5
1
7
2
9
,
6
9 0 ,9 3 6
55,205
108,015
101,242
Prof, on purch. for sk.fd.
110,680
83,213
1.800
34,504
.'.b^ucting reserve for depreciation to Oct. 31 1913, $181 035
$9,329,132, Including accrued interest, less $322,424 outstanding com
Total inc. (seo n o te ).. $9,649,668 $8,752,671 $5,114,440 $4,792,713
Int. on notes & advances $170,999
$137,164
$159,437
$210,886 b*At or befotv'coS* and ^^4,730 reservo for discounts and allowances.
Int. on bonds. &c.—
N o t e . — There is also a contingent liability in respect of customers’ notes
B.S.Co.pur mon.bds.
450,000
450,000
450,000
450,000 discounted amounting to $1,144,589. No provision has been made in
B. S. Co. 1st oxt. M ._
399,950
468,196
528,779
613,708
Vf lho ?h!ki^7 fund bistallment for retirement of preferred stock
I3.S.Co. 6 % gold notes
______
202,163
514,631
B .S.C o.lst lien & ref.
901,286
AnlChif^QiaUhaT
v i^not
,«t been
I 014,paid.—
*260.000.
Preferred
dividends accrued since
906,321
567,819
Aug.
1 1914 have
V. 100,
p. 1081.
B .S.l-yr.5% sec.notes
139,693
F. It. .Shipbldg. 5 s . ..
37,500
20,395
Standard
Gas
&
Electric
Co.,
Chicago.
Titusville Forge 1st 5s
19,167
16,667
San Fr. Dry Dock 5s.
25,000
25,000
25,000
25,000
{R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1914.)
Un. I.W .D .D .O 0 .6S47,275
47,453
48,752
51,361
II.&II.Corp.6 % .dob.bds. 21,505
29,987
21,965
rPre,s - J1;.
SyUesby, Chicago, March 23, wrote in brief:
Paid by Standard Gas & Electric Co.— While, as shown below on
$7,437,293 $6,651,488 $3,110,525 $2,927,127 theDividends
basis of actual income, tho dividend disbursements for the year 1914
Exting. min. inv., &c__
$347,273
$256,516
$256,306
$213,148
b ith e form of scrip have exceeded the actual income of the company by
Depreciation fund____
_ _
__
1,500,000
1,272,270
790,578
675,000 $165,699, yet if the interest of Standard Gas & Electric Co. in the belowPref. divs.— seo note.(7%) 1,043,560 (5 % )747)',400(5% )745,400
undistributed balance of earnings, which interest amounts to
Is considered, these figures aro changed from a deficit of
fioo
Balance, surplus___
$4,546,460 $4,377,302 $1,318,241 $2,038,979 «$4o5,0<39,
to a surplus of $299,340; or if a full preferred dividend of 8 % amounting
007 ’ ls ^uusjdered, the balance after paying same would amount
N o t e . — Tho dividends deducted above aro thoso declared payable in m
stallmonts beginning with April following the fiscal years, and are deducted to $142,207, or 1.53% on common stock.
Earnings of Subsidiary Companies .— The yoar 1914 includes two distinct
from tho income account for the sake o f simplicity, although not so treated
periods of conditions in the United States. From Jan. 1 to Aug 1 a gen
in tho pamphlet reports.
During tho year 1914 thoro was charged to cost of operations for ordinary eral, though slight, improvement in business conditions was iii evidence
and extraordinary repairs and maintenance $2,869,000, against S3 no t ‘liu in the country at large. From Aug. 1 to Dec. 31 tho general trend was
in 1913, $2,712,716 in 1921 and $2,850,238 in 1911; but this appears in tho somowhat difficult to determine, duo to tho effect of the European war
Iho combined operating results of our subsidiaries arc in fact tho difference
incoriio account abovo only in so far as work was shipped.
betweon (1) pronounced gains and bettering conditions of the San Dieiro
£°u?oh Gas & E Co (V. 100. p. 985; V. 99, p. 1601). Western States Gas
C O N S O L I D A T E D B A L A N C E S H E E T D E C E M B E R 31.
,* kjeetric Co. (V 99, p. 1150, 1218; V. 100, p. 59, 817), both operating
in California; Oklahoma Gas & Elec. C o., Northern States Power Co in
zlsseis—
1914.
1913.
1912.
Property account Jan. 1...................... $72,891,695 $63,401,132 $58,705 514 M*un., Wis., parts of tho two Dakotas and Illinois; Arkansas V’alley Ry.
Additions
year_____________
7,589,225
------during
...............
9,490,563
2,198,166 Light & low er Co., in Colorado; (2) the substantially stationary
Transfer to depreciation reserve_____
______
1.068,546 condition o f toe Muskogee Gas & El. Co. (V. 98, p. 1320), the' Mobile ElecTransfer to prop. prov. carried in inv.
______
(V. 99, p. bl2) , tho Ottumwa Ry. & Light Co. and the Enid Electric
1,428,906
Special funds in hands o f trustees a . 34,479
34,462
32,739 , Gas Co., (3) the extremely depressed conditions in tho territory served
Contingent and depreciation fd. assets
403,839
! Cn )1' / ;lCO,rlY)
- tlio Everett Gas Co., the Fort Smith Lt. & TracRaw materials andsupplics_________ 5,498,415
</0; a|ld the Northern Idaho & Montana Power Co., and (4) the still
4,919,590
4,097,907
Workod material and contracts in
different class, tho Louisville Gas & Electric Co.
progress, less bills rondered on acc’ t 5,632,318
In
the
caso
of
tho
two
companies operating in California largo gains have
5,287,144
4,678,672
Accounts and notes receivable........... 8,448,851
9,909,956
6,534,440 been made in gross and net incomes beginning about July 1 1914 and conMiscellaneous Investments_________
437,664
gratifying
regularity
up to the date of this report. In the case
365,372
232,255
Cash for coupons payable............ ......
231,575
235,710
, 228,732 of tho Northern States Power Co. the upward tendency has been marked
Cash in banks and on hand_________ 4,989,336
front tho beginning of 1914 and continues. In the case of tho Arkansas
1,727,571
1,791,614
Deferred charges
to operations
’
"
220,369
'
Power Co. the gain becamo, we believe, permanent
227,800 c3,421,461
with Dec. 1914 and promises to continue.
Total - ....................................... -..$106,377,767 $95,599,300 $84,418,952
t , ,
. Earnings and Operating Expenses of Subsidiaries.
Incl. Louisville Gas & El. Co. properties for entire year 1913, the gross for
Liabilities—■
that year would have been $14,060,442 and net $6,316,448]
Preferred stock...........................
$14,908,000 $14,908,000 $14,908,000
1914.
1918
Common stock ____________________
1 4 o a o non
'14,862,000
• ° " " r'r'r' 14.862.000
•■
Combined income of all of the c o .’s subsidiaries..$14,354,689 S12 926 287
Both. Steel Co. 1st oxt. M . b o n d s . ! ’ 7 ’999 000
7,999,000
7,109,627
8,000,000 Oper. exp. (inch $970,604 taxes & $857,119 maint., 7,613:455
Bethlohom Steel Co. purchase monoy
’
’
6% gold bonds, due 1998-------------- 7,500 000
Not earnings_______________________
7,500,000
7,500,000
$6,741,234 $5,816,660
Both. Steel Co. 1st lien & rof. M . 5 s._ 15,406 500 15,300,500 15.200.000
Interest on bonded debt_________ ! . ! ! ! ! ! ! !
$3,794,474 $3,216,017
One-year sec. gold notes------------------- 2!oi50n o
Interest on floating debt________
68,687
194.326
Foro River Shipbldg. Corp. 1st M . 5s
750 000
750.000
Dividends on preferred stocks (subsidiary’ cos’ .) ”
1,622,402
1,300,112
Titusville Foreg Co. 1st M . 5s______
380 000
400.000
Dividends on common stocks (subsidiary cos.)
605,371
650,364
San Francisco Dry Docks 5s________
500,000
Amortization
bond
discounts___________________
500.000
500.000
21,465
Union Iron Works Dry Dock 6s_____
7871200
789,533
791,533
II. & Hoi. 6% debenture bonds______
270 000
360.000
Total of abovo deductions, incl. dividends___ $6,112,400
450.000
$5,360,818
Notes p a y a b le ...----------1,283,610
3,383,500
1.830,500 Leaving a balance o f___________
$628 834
$455,841
Accounts payablo...................
11,381,009
6,259,314
3,723.241
Note. -The increase in bond interestpref.‘stock dividends and operating
Bond interest accrued_____________
256,239
248,097
221,873
expenses is duo principally to the inclusion in this report of the operations
Coupons payablo__________________
231,575
235,710
228,732 of the Louisvlllo Gas & Electric Co. for an entire year, whereas in the pre
Depreciation reserve______________ 10,721,074
9.586,010
0,080,312 ceding report they were included for but six months.
‘
Reserves for re-lining furnacos, &c._,_
428,728
390,069
316,843
The balance of $628,834 is tho result of merging in the foregoing state
Contingent, &c., reserves................... 1,538,695
2,413,050
087,904
ment
tho
operations
of
all
companies.
All
of
the
subsidiary
companies
in
Appropriated for additions, &c______ 12,500,000
7,500,000
7,500,000 1914 earned in excess of their interest disbursements excepting only the
Profit and loss, surplus........................ b2,059,137
2,214,517
1,017,953
l acoma Gas Co., tho Everett Gas Co. and the Northern Idaho & Montana
low er Co
Theso three companies jointly earned $51,662 less than their
Total .............................................. $100,377,707 $95,599,300 $84,418,952 interest disbursements. All of tho subsidiary companies earned substan
In excess of their dividend disbursements excepting the Louisville
a Consists of funds for redemption o f mortgages, h After deductino- tially
Gas & Electric Co. This company earned far in excess of its interest
$5,000,000 appropriated for and invested in additions to property and work- charges
and it disbursed in the form of dividends $184,039 in excess of the
bonds’1.— v ' 100 p 477e8312C2 3 ft ° " realIzation of Bethlehem Steel Co. earnings of that year, and its certified balance sheet shows a surplus of
not earnings after the payment of the foregoing dividends.
Tho aggregate results for the year 1914 of all companies other than thoso
named have left them with a remaining balanco from earnings for that year
of $864,535 and this amount has boen allocated by thoso companies oithor
to depreciation reserve or undistributed surplus.
Expenditures for Improvements During 1914, Aggregating $3,390,032.
Companies controlled by Standard Gas & Electric C o--------------$1,770,309
Properties of Northern States Power Co., including Northorn
Mississippi K iverC o------- --------------------- - -------- ------------------Properties of Northern Idaho & Montana Powor C o---------------78,foJ.
Depreciation Reserves, Ac.— During 1914 tho subsidiary companies sot
aside from current earnings for depreciation rosorvo $335,000 and re
invested their surplus roservo for that year of $479,535; and credited to
depreciation reserve through current operating accounts $16,560; total re
invested in tho properties for 1914, $881,095, making ^ho grand total de
rived from said sources and so invested to Doc. 31 1914, $3,987.24$.
Ti
' *
‘
'
"
1914
of the _
operatiorTin 1914 wereVoToTeol.'^n increaso ovor m 3 o f $83,974 and ovw
1910 of 8300,855. Whilo there is an inclination to treat the companies
more fairly, tho taxes are still disproportionately high, being in total
14.4% of the aggregate net earnings.
,
„
. .
.
Louisville Gas & Electric Co.— This company has suffered from a general
commercial depression in its territory as a result of which thero has been an
unexpected slowness in tho building up of the sales ot natural gas. rho
net earnings for 1914 proved disappointing, but thoy aro now improving,
and. independent of a revival in tho general activity of Louisvillo, wo have
reason to expect a rapid development of the natural gas business. With tho
completion of tho consolidation of tho numerous power houses, which will
be effective about Aug. 1 1915, a large gain in net earnings will result. Wo
beliovo tho company will prove ono of our most profitable assets, (v . 99,
p. 541, 1370, 1455; V. 100, p. 1082.)
Companies in Pacific Northwest.— Tho Northorn Idaho & Montana Power
Co (V 99 p. 535), Tacoma Gas Co. and Evorott Gas Co. oporate in a
section of tho United States which has sufforod a groat business depression
for tho past three years. One of tho principal industries in tho territories
served is tho lumber business, which Is depressed at tho present timo be
yond all previous experience. Thero seems to bo no reason to anticipate
any improvement in tho earnings of thoso properties during tho next 12
months, but it is also bolioved tho operating results will not bo loss.
Fort Smith Light & Traction Co.— 'This proporty has suffered from a
pronounced business depression in tho territory which it serves and in addi
tion from a shortago of natural gas and tho necessity o f lowering rates.
An additional supply of natural gas from a new field has boon arranged for
which should bo available by Aug. 1 1915, and this will substantially in
crease the net earnings.
, ,,, , . ,
,
Northern States Power Co.— This company, with its subsidiaries, is develop
ing rapidly. Tho territory served is enjoying groat prosperity and tho only
limit to the further development of tho company s that which may be
prudently prescribed by tho supply of further capital for enlargements and
extensions. (V. 99, p. 533, 612, 1303. Also seo Consumers Power Co.,
V. 100, p. 645, 400.).
, ,
. . .. .
.
. .
.......
General__It is believed that tho incomo is at its lowest point and that it
will improve from this timo on. A decided improvement has alroady taken
place in the earning conditions o f certain of Its properties, and in others
there aro no conditions which would warrant an apprehonslon of any further
diminution, whilo thero is evory reason to expect at some timo a rovival,
and with only a comparatively reasonable improvement in tho earning
condition of tho properties which have been more or less stagnant for the
last two or threo years, tho incomo of Standard will riso to a point which
will bo far moro than sufficient to provide for tho normal 8% prof, dividemvidend Policy— 1
Collateral Notes.— Scrip dividends only havo been con
tinued on tho prof, stock and with tho dividond of Doc. 1 1914 tho rato,
therotoforo 2% quarterly, was reduced to 1% per quarter in order to bring
the disbursement well within collectiblo incomo. lh o company will con
tinue tho retirement of Its collateral trust notes, and at tho proper time
will tako steps to provido for capital expenditures on a hotter basis than
heretofore. When this is accomplished Standard will return to a cash divi
dend basis, but it is not deemed prudent to restore cash dividends until
tho financial arrangements for tho future are definitely completed.
Contingent Liabilities.—-Tho company has no contingent liabilities other
than $5,000,000 Miss. Valloy Gas & El. Co. 5% bonds of 1912, and its
credit or endorsement is not boing used to aid its subsidiaries.
Estimated Population Served—No. of Consumers.
-1914-1915Pop.(est.) Consumers. Pop.(est.) Consum.
i?nr companies o f which Standard
Gas & Elec Co. owns con trol..
889,386 221,727
876,027 213,104
Northern Idaho & Mont. Pow. Co.
59,760 17,411
59.760 17,130
Northern States Power C o........... 783.755
69,240
720,215 57.298
Total (population estimated)..1,732,901 308,378 1,656,002 287,532
INCOME AND PROFIT AND LOSS CALENDAR YEARS.
1914.
1913.
1913.
Earnings—
1914.
Gross Income___ $1,435,419 $1,502,530
Interest on (owned):
$597,057 $615,670
$565,408 Bond Interest.
Bonds........$550,434
79,419
Int.on coll.tr.notes 148,998
Coupon notes..
2,660
53,622
5,892
86,935 Int.on pf.stk.scrlp.
Notes&accts.rec.
72,840
50,043
15,778
Mlscell. Interest..
Dividends on (owned);
245,698
Preferred stock. 247,210
Balanco, surplus $619,964 $751,506
606,702
Common stock. 601,120
34,568 Bal. brought for'd 679,245 1,008,659
Spec.on com.stk.
Total surplus..$1,299,209 $1,760,165
$1,474,264 $1,539,311
362,456
36,507 Dlvs. pd. In cash.
39,610
Gen. exp. & taxes.
471,398
In scrip______
740,380
78,566
Accr.pay.ln scrip
39,283
$1,434,654 $1,502,804
150,000
deb 274 Prcm on bds red.................
765
Sale of securities..
Prem. on coupon
18,500
notes red_____
451
$1,435,419 $1,502,530
BALANCE SII
1913.
1914.
$
S
Assets—•
Securs. owned----- 33,888,497 33,755,596
208,600
Tress, securities..
51,500
52,371
Sinking fund-----33,774
83,845
Cash------ ---------Bills & accts.rec.- 927,206 1,116,535
42,091
42,094
Organiz. expenses.
275,217
Int., div., &c., rec . 294,062
325,018
310,608
Dlsc't on securs..
13,109
17,761
Miscellaneous----
Surplus as of Dec .31 .$513,095
$079,245
1914.
Liabilities—
$
Common stock__ 9,343,150
Preferred stock__ 11,784,950
Preferred stock
dividend scrip.. 1,296,345
Funded debt____ 9,900,000
Collateral notes.. 2,197,000
Notes & accts. pay. 468,589
Accrued int.&dlv. 107,315
Surplus________
513,095
1913.
S
9,343,K>0
11,784,950
471,389
10,136,000
3,000,000
257,841
148,868
679,245
Total...............35,016,444 35,821,443
Total...............35,616,444 35,821,443
Mote,—6 { the prof, stock, $750,000 par value has tho right of exchango at any time
for $716,406 promissory notes duo In 5 years with Interest at 6% per annum.
EARNINGS OF SUBSIDIARIES FOR CALENDAR YEARS.
------ Net Eat nlngs------Gross Earnings
1913.
1914.
1912.
1913.
1914.
$468,862
$422,389
Arkansas Valley— $1,156,851 $1,140,759 $1,103,589
50,997
130,084
52,497
128,964
Enid......................
130,183
34,302
126,143
33,465
133,536
Everett__________
121,5m
200,819
170,968
616,994
572,959
Fort Smith_______
492,397
1,031,748
2,106,430
1,047,465
Louisville*_______ 2,043,245 2,230,704
181,832
379,812
195,175
378,264
Mobllo..................
383,478
234,084
242,789
575,045
563,212
Muskogeo-Sapulpa.
557,190
290,822
293,081
632,162
676,401
Northern Idaho___
661,169
3,557,770 2,419,491 2,043,036
Northern States*.. 4,492,747 4,015,642
399,678
1,234,005
427,597
1,171,156
Oklahoma-El Reno. 1,198,372
145,513
299,943
145,802
320,684
Ottumwa________
324,929
624,175
1,019,471
669,271
1,325,675
San Diego_______ 1,377,011
74,952
47,190
118,339
103,631
Southwestern_____
71,819
132,985
113,669
310,126
343,601
Tacoma-Olympla. .
325,764
486,486
978,862
520,619
1,083,309
Western States___ 1,114,858
Total.................. $14,451,567 $14,218,677 $13,194,805 $6,799,215 $6,402,550
*For purposes of comparison tho earnings of all tho constituent companies of tho
Louisville Gas & Electric Co. aro given hero for tho full year and Northern States
figures Include Sioux Falls for full years.
Standard Oas & Electric Co. Subsidiaries—Number of Consumers, Etc.
1912.
1913.
110,166
130,948
149,225
169,412
Electric consumers-------120,897
129,15$
133,019
132,474
Gas consumers________
2,702
8,145
2,290
2,156
Water consumers--------835
826
883
973
Steam consumers______
2,138
2,473
2,660
2,778
Telephone subscribers—
230,738
266,518
287,532
308,368
Totals ______ ______
Kilowatt hour output— 380,212,118 339,977,796 291,306,636 251,728,523
13,069
15,890
18,781
21,423
Motors_______________
108,793
133,328
160,S56
183,081
Horse-power In motors..
2,082,932
2,727,970
2,441,75$
3,108,410
16 candle-power equlv__
9,529
10,116
10, ,854
11,553
City arcs.......................
6,996
9,330
12,761
17,295
City incandescents_____
9,310,453,927
9,824,253,465
9,122,718,102
,243,652,626
Gas output (M. cu. ft.).9
8757,204
8801,963
$828,108
$767,907
Street railway receipts..
— V. 100, P- 1098.
United States Worsted Co., Boston.
F i s c a l Y e a r e n d in g D e c . 31 1914.)
Pres. Andrew Adie, Boston, March 2, wrote in substance:
{R e p o r t f o r
Tho past year has been most perplexing, with many unusual manufac
turing problems, but. notwithstanding, tho company has demonstrated a
substantial earning capacity. Difficulties affected consumers as well as
producers throughout the world. On Jan. 1 1914 tho roducod duties on
worsted goods went into effect, and as a result importations increased to an
amount over threo times the imports of tho year precoding. I doubt if
this resulted in any material reduction in prico to tho ultimate consumer,
but wo do know that it affected general bustnoss most adversely, for a
marked depression followed curtailing the purchasing power of our people.
Tho earnings of tho first six months proved to bo up to our expectations,
but with tho advent of tho war, business becamo stagnant and that condi
tion continued for tho balanco of the year, resulting in a markod reduction
in earnings for that period. Tho report for 1913 showed a not loss of $544,
000- tho statement for 1914 shows a net protit of $241,000. or a difference
of moro than $780,000. Inventories are on a most consoryativo basis
Tho war has seriously affected tho procuring of raw materials as well as
dyestuffs. Wo aro, however, well supplied with both for tho time being.
Our financial position is steadily improving and much credit for this is
..so to tho banking interests, who during a trying and critical ponod have
afforded every possible assistance.
,
, , .
The U. S. Worsted Sales C o., Inc., of Now York, organized for tho pur
pose of distributing our goods [both on a commission and a cash basis! has
taken tho nlaco of a selling agent in a most satisfactory mannoi. its capital
stock is $250,000, all fully paid in cash, $150,000 boing 6% l»rof. stock and
$100,000 common. All tho common is owned by your company, whilo the
prof, stock is held by outsido parties. It is provided that the prof, stock
can be purchased at any timo by your company at par. lh o earnings over
and above divldonds of 6% on tho pret. stock and necessary running ex
penses aro turned over to your company as the owner of tho all common
stock. This arrangement has greatly facilitated our financing, lho
hoad of tho Sales Co. reports: "Our fabrics are more firmly established and
our merchandise has proved to bo up to standard. Customers have made
favorable commont on deliveries, and I am sure, upon the return of normal
times tho U S. Worsted Co. will havo all tho business thoy can handle.
Wo’ havo been fortunate in securing certain emergency ordors from for
eign governments. Tho goods produced havo given great satisfeation and
have been adopted as standard by these governments. No goods havo boon
rejected or returned for any cause. I hero has boon a slow but steady im
provement in business sinco Jan. 1, gnd wp can only hopo that bustnoss will
revive and staisfactory results bo achieved for tho present year.
[Tho investments, $396,500, as per balance sheet, include: U. S. Worsted
Sales Co. common stock, paid in at par, $100,000; paid on account of Sax
ony Worsted Mills, $280,997 (increaso for year $90,997); miscell., $15,504.1
PROFIT A ND LOSS ACCOUNT FOR YEAR ENDING DEC. 31 1914.
Profits for year 1914, after charging Interest on floating debt---------$499,324
Less: Repairs and maintenance, $108,813; int. on Saxony option.
$65,311; investment and accounts charged off, $39,201; extra
dinary oxponsos, $44,779; total--------------------------------------------------.
BALANCE SHEET.
____ $241,219
Dec. 31 ’ 14. Dec. 27 ’ 13
Dec. 31 ’ 14. Dec. 27'13.
Liabilities—
8
Assets—■
5>
1st prof, stock___ 5,000,000 5.000.
Real estate, plant
2d pref. stock___ 4,000,000 4.000.
and machinery.. 5,231,948
Common stock__
700,000
700,000
Good-will_______ 4,348,812
Notes payable___ 2,300,000 1.995.000
396,501
Investments____
186,499
Accts.,
Ac.,
pay..
598,546
Cash....................
23 4,031
Sink, fund certfs. 1,300,000 1.300.000
Accts. A bills rec. 639,981
Reservo________
6,000
Inventories_____ 3,232,723
Profit and loss__
241,220
Prepaid Ins., &c._
61,770
Total ......................1 4 ,1 4 5 ,7 6 6
— V . 100, p . 907.
1 3 ,1 * 1 ,4 9 9
Total...............14,145,766 13,181,499
Union Bag & Paper Co., New York.
(16th A n n u a l R e p o r t— Y e a r en d ed J a n . 31 1915.)
Pres John S. Riegel, March 23, wrote in substance:
Results.__Earnings, applicable to dividends, woro $365,912 as compared
W*Bus1ness
w s !— Forytho "first six months of tho yoar tho bag busi
ness waflom owhat under normal
When the war began, about Aug. 1
there was a markod improvement in volumo, which, howoror, was only of
short duration, and during tho last quarter of the year’s shipments wore
abnormally low Tho result was a volumo of business considerably smallor
than in tho previous year, but at hotter prices, enabling us to show materially
enlFbfnnrmi — As*a result of a special effort to reduce liabilities, bankers’
loans of $650 000 havo boon redoomed, and thero have also beon paid $136,OOfMst M 5s $10 000 assumed bonds and $23,333 purchase money obli
gations a total of $819 333. This reduction has beon secured essentially
through earnings as reported in tho Income account, and sums realized
from the sale of certain curront assets not actually nocossary as working
oanttal and other sums from the salo of obsoloto properties and machinery.
S
»
r
4”
£ v e also made a beginning toward rehabilitating
the p a n t r X c l as pointed out a year ago, was most necessary (V 98,
p 995). Wo havo expended during the past year, in addition to ordinary
renairs charged to operating costs, $223,676, principally as follows:
K
W
r
S
concrete dam across Hudson River, at
Hudson FalIs N"
————
—————— ————
———————
*4
Improvements to bag machinos, new bag machines.. . . —
— 64,129
Paid acct. now auxiliary steam plant at Hudson 1 alls, now b ld g .. 2J.821
New flumo, wator wheels, A c ., for the Kaukauna, WIs., m i l l . ----- 14,772
Now boilers at Charlemagno & Lac Quareau Lumber Co. plant,
Province of Quebec - —
10, 5oo
New shingle mill at Montcalm, l’rovinco of Quebec, Canada---------19,217
Improvements to sulphito mill at Hudson F a lls ---------------- . . . 15,833
wo intend to pursuo vigorously a similar policy this year and expect to
havo tho auxiliary steam plant at Hudson Falls comploto boforo low wator
reaches us so that our papor mills should havo ample powor during tho lowwater months
Wo havo also effected arrangements oanbllng us to erect
a modern bag factory in Chicago, work on which bogan March 17. This
will close down certain factories that aro not located so as to give proper
servico to our Western trado. Wo expect by this a considerable saving.
Agencies.— As desired by certain of our stockholders, thoso of our agents
who wero holders of tho so-called 10-yoar contracts havo cancelod tho samo
for the nominal consideration of $1, and new contracts which can bo ter
minated by oither party by giving ono year’s notico are in force. Iheso
wo beliovo are tho cheapest and most feasible that can bo devised at this timo.
Finance Committee.— This committee was appointed at tho last annual
stockholders’ meeting hold April 14 1914 to recommend financial plans, &c.
Under recent chaotic financial conditions tho committoo has deferred making
its report (V. 98, p. 1272).
RESULTS FOR YEARS ENDING^ JANUARYj 31.
1911-12.
1914-15.
$546,356
$554,251 $1,017,835
Profits per year________
$833,305
$170,146
$199,803
$200,217
Interest on bonds______
$191,468
32,334
30,493
53,532
Int. on pur. mon. oblig.
27,670
(3)330,000 (4)440,000
Preferred dividends------------ 122,205
122,585
115,801
Depreciation, &c______
96,285
114,095
134.925
140,725
Sinking fund for bonds.
151.970
Surplus or d e fic it... .sur$305,912 sur$59,534 def$287,007 sur$138,995
000
000
BALANCE SHEET JAN U ARY 31.
1915.
1914.
C o s t o f I>ropertlesa30,141,051
In v e n t o rie s (a p
p ro x im a t e co s t) .62,254,519
A c c o u n t s a n il b ills
receivable........
C a s h _______________
30,217,621
2,4 30,158
637,931
150,434
751,262
217,963
19 14 .
19 15.
.?
$
P re fe rre d s t o c k . . . 1 1 ,0 0 0 ,0 0 0 1 1 ,0 0 0 ,0 0 0
C o m m o n s t o c k . . .1 6 ,0 0 0 ,0 0 0 1 6 ,0 0 0 ,0 0 0
F i r s t m tg e . 5 % ____ 3 ,5 1 7 ,0 0 0 3 ,6 5 3 ,0 0 0
O b lig . f o r p r o p .p u r c 6 5 5 ,0 0 0
6 8 8 ,3 3 3
R a n k e r s ’ lo a n s ___
6 5 0 ,0 0 0
2 3 5 ,9 2 1
2 1 1 ,7 8 0
A c c t s . & b ills p a y .
In t e re s t a c c r u e d . .
3 0 ,1 5 4
3 3 ,9 4 3
S u rp lu s ..................
1 ,7 4 5 ,8 6 1 1,3 7 9 ,9 4 8
T o t a l .................. 3 3 ,1 8 3 ,9 3 6 3 3 .6 1 7 ,0 0 4
T o t a l .................. 3 3 ,1 8 3 ,9 3 6 3 3 ,6 1 7 ,0 0 4
a After deducting $2,019,991 for extinguishment, depreciation and sink
ing funds (against $1,844,654 in 1914) and adding in 1915 $98,7(58 for addi
tions to buildings, i>lant and machinery, after deducting proceeds of sundry
sales and transfers to extinguishment fund, against $30,784 in 1914.
b Inventories includo in 1915: Logs in rivers, $755,270; pulp wood in
piles, $490,251; lumber, $162,445; supplies, stores, fuel, &c., $141,912;
merchandise on hand and in process, $704,641.
c Includes in 1915 Allan Bros, bonds assumed, $200,000, and obligations
on account of purchaso o f properties, $455,000.— V. 98, p. 1772.
In g e r s o ll-R a n d
( R ep o r t f o r
F isca l
C om pan y.
Y e a r e n d in g
D ec.
31 1914.)
STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31.
1914.
1913.
1912.
1911.
Earns, boforo chg. dopr. $1,967,723 $2,017,900 $2,154,008 $1,470,730
Depreciation__________
595,712
*714,619
486,357
461,743
Net earnings for year. $1,253,104
Special div. in mfg. c o --
$1,422(188
$1,667,651
354,600
$1,008,987
Total not incomo___ $1,253,104
Intorost on bonds______
$100,000
Div. on pref. stock (6%)
151,518
Div. on com. stock (5%)
W
Special reservo for pat
ents and licenses____
28,000
$1,422,188
$100,000
151,518
y423,470
$2,022,251
$100,000
151,518
338,705
$1,008,987
$100,000
151,518
Z329.515
5,000
5,000
5,000
Net surplus for y ear..
$973,586
$742,200 $1,427,028
$422,954
* Includes depreciation set up as reserve against capital assets, $456,390
and depreciation applied directly to reduction of capital assets, $258,229.
x No common dividend has yet been declared in 1915 out of the earnings of
1914. This payment is usually made at tho end of April, y Thero was also
paid a stock dividend of 25% ($1,693,875) on common stock May 1913.
z Thorp was also paid a stock dividend of 25% ($1,318,625) on tho common
stock in Oct. 1911.
CONSOLIDATED BALANCE SHEET DEC. 31.
19 14 .
Assels—
§
R e a l e s t a t o _______
1 7 8 ,20 0
16 2,779
W a t e r s u p p ly ____
b u ild in g s __________ 2 ,08 8 ,8 4 1
M a c h in e r y __________ 3 ,6 1 6 ,9 4 6
T o o ls a n d J ig s ____
78 0 ,9 0 2
P a tt e rn s a n d d ie s .
2 9 3 ,7 3 8
D r a w in g s __________
169,861
F u r n it u r e & f ix t ’s .
2 1 3 ,1 3 0
P a t ’ ts, lice n se s,& o .
6 8 3 ,0 0 0
In v e s t . In m fg .co s.
a n d t re a s . s e c u r . 1 ,5 8 1 ,1 2 5
M a t e r ia ls , A c ____ 5 ,3 3 1 ,9 6 8
A c c t s . r e c e iv a b le . 2 ,3 4 5 ,4 0 2
B ill s re c e iv a b le ___
2 7 7 ,8 2 8
M a r k e t a b le s e c u r . 1 ,0 8 1 ,1 3 5
A g e n t s ' ca sh b a l'c o
4 5 ,5 9 4
C a s h a t b a n k ______ 1 ,4 0 3 ,0 5 8
D c f . ch g es. to ln o .
10 ,679
19 1 3 .
$
L ia b ilitie s —
1 7 7 ,7 3 3 P re fe rre d s t o c k ___
1 5 6 ,4 0 3 C o m m o n s t o c k ___
2 ,0 5 6 ,9 5 7 F i r s t m tg o . g o ld
3 ,4 9 3 ,7 9 1
b o n d s ...................
8 19 ,19 9 A c c o u n t s p a y a b le .
2 5 8 ,2 0 8 B i ll s p a y a b le to as
15 6 ,0 11
so cia te d c o s ____
1 9 1,35 1 B o n d In te re s t a c
6 5 5 ,0 0 0
c r u e d ----------------P re f. sto c k d i v i
1 ,6 0 7 ,4 5 0
dend J a n . 1 . . .
5 ,2 8 0 ,6 0 6 D e p re c ia t io n
re
2 ,2 2 2 ,3 1 2
s e rv e .....................
2 7 9 ,2 2 0 P a te n t a n d lice n se
1 ,1 8 1 ,3 3 4
r e s e r v e -------------3 8 ,0 7 1 S p e c ia l In v e n t o ry
9 8 4 ,4 9 5
r e s e r v e .................
8 ,8 9 3 S u rp lu s a ...............
T o t a l ................... 2 0 ,2 6 4 ,1 8 6 1 9 ,5 6 7 ,0 3 4
_________
1914.
1 9 13 .
2 ,5 2 5 ,5 0 0
8 ,4 6 9 ,4 0 0
2 ,5 2 5 , 5 0 0
8 ,4 0 9 ,4 0 6
2 ,0 0 0 ,0 0 0
4 6 5 ,0 4 1
2,000,000
4 2 8 ,0 0 0
6 2 6 ,0 0 0
5 0 ,0 0 0
5 0 ,0 0 0
s
5 6 7 ,2 5 9
7 5 ,7 5 9
7 5 ,7 5 9
2 ,8 0 6 ,4 9 1
2 ,3 5 0 ,1 0 1
6 8 3 ,0 0 0
6 5 5 ,0 0 0
6 9 3 ,1 5 1
2 ,0 6 7 ,8 4 4
7 3 0 ,4 1 2
1 ,5 1 7 ,6 0 3
T o t a l ................. 2 0 ,2 6 4 ,1 8 6 1 9 ,5 6 7 ,0 3 4
a The totai surpluses as above are tho amounts beforo deducting tho
dividends on the common stock declared payablo in April next following
tho close ot tho respective years—see abovo.— V. 98, p. 1243.
M is s is s ip p i R iv e r P o w e r C o ., K e o k u k , I o w a .
31 .1914.)
The Stone & Webster Management Association, Boston,
General Managers, report as of Jan. 1 1915:
{R e p o r t f o r F is c a l
GENERAL INVESTMENT NEWS
L ia b ilitie s —
Y e a r e n d in g D e c .
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.— P u r c h a s e . —
Sco St. Louis Rocky Mtn. & Pacific Co. below.— V. 100, p. 395.
Canadian Northern Ry.— A p p l i c a t i o n .— Tho company
lias applied to the Manitoba Legislature for an increase of
its guaranty of the bonds to $15,000 per mile.
.This would make the guaranty the same as thoso of Saskatchewan and
Alberta. Manitoba province has guaranteed 1,407 miles at $10,000 per
mile and 692 at $13,000 per mile.
O p e n i n g o f N e w L i n e s — Sir William Mackenzie announces
that on Ma,y 1 the main line will be opened for freight traffio
from Winnipeg east to Toronto, Ottawa, Montreal and Que
bec, and on June 7 the new through passenger service between
Winnipeg and Toronto and Ottawa will be inaugurated.
Seven complete standard passenger trains are being built and equipped
for the service under tho direction of thocompany’s sleeping and dining car
service. Sir William says that tho work of completion is being expedited
as rapidly as possible, and that tho entire transcontinental system will
soon bo an accomplished fact in spite of the depression caused by the war.
I assenger t rains are being operated over tho Lake Winnipeg branch,
extending from St. Bomfaco, Ont., to Grand Marais-, 58 miles.— V. 100.
I). 641, 396.
Central California Traction Co.— L e a s e . —
. 1 he California It It. Commission has authorized the company to lease
its lines in Stockton to tho Stockton Electric R R . for $12,#500 per annum for
the first three years and $15,000 for the remaining period of the lease
to run from Jan. 1 1915 to Jan. 1 1953.— V. 100, p. 900.
Chicago & Eastern Illinois RR . — D e f a u l t s . — The com
pany has defaulted in the payment of the coupons due April 1
on the following bond
C. & E. I. consol. 6s, $2,736,000; Evansville & Terro Haute bonds, vizM t. Vernon Branch 5s, $375,000; 1st gen. 5s, $3,175,000, and Sullivan
Co. Coal Br. 5s, $450,000; also $744,000 Series G 5% equipment trusts
and the $124,000 series then maturing.
Press dispatches say that the receivers havo been ordered
by the Court not to pay any interest on the underlying bonds
until the further direction of the Court.— V. 100, p. 981, 641.
Chicago & Interurban Traction Co.— E a r n i n g s . —
February 28.
Gross
Operating
Net
Interest
Balancel
Year—
Earnings.
Expenses.
Earnings.
<H Taxes. Surplus.
1914-15..............$290,372
$138,894
$151,478
$82,257
$69,220
1913-14------------ 293.011
137,414
155,597
79,123
76,474
Capital stock, $1,000,000; bonds, $1,350,000 1st 5s, duo Jan. 19321
$290,000 additional being held in tho treasury.— V. 95, p. 968.
Chicago Rock Island & Pacific Ry.— P r o x y C o m m i t t e e s ,
& c . — Tho stock of the company has made a spectacular ad
vance in price during tho week, dealings on tho N. Y . Stock
Exchange having taken place on Mar. 27 at as low as 19)^
and on Wednesday as high as 36
closing Thursday at
29 on considerable transactions. Books closed yesterday
for tho annual meeting April 12. A favorable statement of
earnings (see another page) was issued on Thursday.
The Sheldon committee issued an appeal for proxies last January (V. 1002
p. 396, 900). Tho proxy committeo for the company consists of President
Mudgo, Vice-Presidents Gorman and Quinlan and Sec. Crosby. The
Ainstcr proxy dommitteo includes N. L. Amster, Boston; George G. Pren
tice, New Haven, Conn.; Joel W. Burdick and George Warren Smith.
Only four directors aro to be elected on Aptil 12. Tho terms of five more
expire next October and tho other four in October 1916. Under the Iowa
law tho voting will be cumulative. President Mudgo suggests that his
committee may hold tho balance of power between tho other committees.
— V. 100, p. 1078. 981.
Cincinnati Hamilton & Dayton Ry.— D e f a u l t . — The re
ceivers will pay interest on the $216,000 Kleybolte 4)^%
equipment notes due April 1.
The principal of the series then due will, however, not bo paid since they
have been unable to secure from the Pere Marquette receivers their pro
portion of tho amount of tho notes, and payment will be deferred until
Earnings.— Tho earnings for 1914 wore somewhat loss than estimated
duo to the fact that somo customers experienced unexpected delays in tho such time as a remittance is received from tho latter. Compare V. 99, p.
installation of their electrical experiment, while other customers curtailed 1451, 1299 and Pore Marquette plan, V. 99, p. 539.— V. 100, p.641,555.
their use of power during tho later months o f tho year on account of tho
Cities Service Co.— E a r n i n g s f o r C a le n d a r Y e a r .—
gonoral unsatisfactory business conditions. Tho same unsatisfactory Dec. 31.
Gross
Net
Interest on Preferred Common Balance
conditions have also retarded the development o f now business and tho sale
Year—
Earnings. Earnings.
Notes.
Dividend. Dividend. Surplus.
of any material amounts of add.tional power. Tho entiro plant and lines 1914--------$3,934,453
$3,817,545
$420,000
$1,635,993 $471,048 $1,290,504
aro in excellent condition and operation is economical, efficient and reliablo
2,172,411 2,087,063 123,062
908,778 466.426
588.797
Additions.— Tho charges to plant account amounted to $1,002,643 cover 1913-------12 months’ statement ending Dec. 31 1913 includes 10 months’ on
ing tho cost o f (a) carrying to practical completion the initial development- thorite
old basis and two months on tho now basis after tho Cities Servico Co.
(b) preparations for future development; tho purchase o f additional riowage acquired
Utilities Improvement and Consolidated Cities Light, Power A
lands for tho ultimate development; (c) short extensions to now customers
traction companies. Pref. stock outstanding, Dec. 31, 1914, $26,168,426;
(Compare V. 96, p. 1025.)
common stock, outstanding, $20,000,000, of which $5,281,620 in the
Outlook for 1915.— Tho company looks for future increases in earnings
treasury.— V. 99, p. 1831.
chiefly from tho development o f business and industries in tho cities and
towns now served by its lines. However, no considerable increase in In
Cleveland Cincinnati Chicago & St. Louis Ry.—
como from new sources Is expected until general business conditions show
The stockholders havo authorized the company to join with tho Pitts
material improvement. Wo think it reasonable to expect gross earnings burgh Cin. Chic. & St. L. Ry. and tho Vandalia R R . in guaranteeing prin.
of approximately $1,700,000 for tho year 1915.
and int. on tho now Indianapolis Ry. Gen. & Ref. bonds (limit of issue
$10,000,000, of which $1,000,000 to bo issued in 1915) (V. 100, p. 555).—
CONDENSED RESULTSiOF OPERATION FOR 12 MONTHS ENDING —
V. 100, p. 1073, 1089. 555.
'
DEC. 31 1914.
Cleveland Southwestern & Columbus Ry.— A p p l i c a
Earnings, $1,576,469; expenses, (operation, $242,538; maintenanco, $45,86.5; taxes, $33,544); $321,947; net earnings_______ $1,254 522 t i o n . — The company has applied to the Ohio P. S. Com
IDiorest charges, $1,183,262; amortization o f debt discount, &c.,
’
mission for authority to issue $319,875 first eonsolidated
$10,800; total, $1,194,062. Less intorest properly chargeablo
to capital account, on amount expended in preparing for
5% Mortgage bonds at 85, and, ponding their sale, to hy
future development, $151,125.................................................. .. 1,042,937 pothecate them at 65.
The proceeds aro to bo used to reimburse the treasury for expenditures
B a l a n c e --------- — — - —
____ ___. . . .
$211 584
Not direct charges to reservos and s u rp lu s....’ " . ” ” ! ” " ” ”
6,769 in 1913 and 1914, and to retire $200,000 first M . 5% bonds of tho Cleve
land & Elyria R R . maturing May 1.— V. 100, p. 473.
Bal. (making with $284,387 prov. surpl., a total of $489,202)
$204,815
Connecticut Valley Street Ry.— P r o p o s e d C o n s o li d a t i o n .
See Massachusetts Consolidated Street Ry. below.— V. 98, p. 1392.
BALANCE SHEET DECEMBER 31.
A s s e ts —
19 14.
P r o p ’ty, plant, &C.45,842,673
M a t e r ia ls & s u p ’lie s
61,8 08
A d v a n c o p a y m e n ts
2 7 ,2 6 0
N o t e s r e c e iv a b le ..
3 ,3 2 0
A c c o u n t s r e c e lv 'Ie .
1 3 6 ,1 1 5
T r e a s . c o u p . d e b s . 2 ,5 0 0 ,0 0 0
S u s p e n s o ...............
10,098
U n a m o rt . d e b t d is
c o u n t , & e x p ___
134,946
C a s h .........................
1 7 9 ,7 1 3
1 9 13 .
L ia b ilitie s —
19 14 .
19 13 .
44,839,991 C o m m o n s t o c k . ..1 6 , 0 0 0 , 0 0 0 1 6 ,0 0 0 ,0 0 0
3 4 ,3 0 6
P re fe rre d s t o c k . . . 6 ,0 0 0 ,0 0 0 6 ,0 0 0 ,0 0 0
12 ,4 9 7 B o n d s
(V .
9 7,
-----------------P- 1 6 6 7 )..............2 0 ,0 0 0 ,0 0 0 1 9 ,8 0 0 ,0 0 0
1 5 7 ,8 1 3 C o u p o n d e b e n s . . . 4 ,0 0 0 ,0 0 0
. .
-----------------N o te s p a y a b lo ____ 2 ,3 4 2 ,0 0 0 3 ,0 1 8 ,9 0 7
____________
A c c o u n t s p a y a b lo .
19 ,963
4 8 ,5 4 0
A ccts. not yet duo.
4 2 ,9 8 1
10 ,4 8 0
- S u s p e n s e . ..............
1 ,7 8 7
3 2 ,8 5 9
150,566 R e s e rv e s & s u rp lu s
4 8 9 ,2 0 2
2 8 4 ,3 8 7
Denver & Salt Lake RR.— N e w
C h a i r m a n .—
Dr. F. S. Pearson, of London and New York, who is understood to have
a largo interest in the securities of tho company, will, it is reported, be
elected Chairman of tho Board (an offico provided for by tho by-laws
which has never been filled) at a meeting of the board to be held early next
week.— V. 100, p. 811, 732.
Detroit United Ry.— S a le A p p r o v e d . — Tho stockholders
on March 31 voted to accept tho city’s offer to purchase the
city lines for $24,900,000. Compare V. 100, p. 900, 811.
T o t a l ...................4 8 ,8 9 5 ,9 3 3 4 5 ,1 9 5 ,1 7 3
Erie RR.— N o t e P a y m e n t . — Holders of the 3-yoar collateral
T o t a l .................. 4 8 ,8 9 5 ,9 3 3 4 5 ,1 9 5 ,1 7 3
[Tho Flvo-Year 6% Gold Debentures dated May 1 1914, duo May 1 1919
trust notes due April 1 and of the notes duo Oct. 1 next
aro part of an authorized $10,000,000. o f which $1,500,000 were sold pri availed themselves of the offer of exchange for tho new onevately in 1914 to a syndicate and havo never been distributed to the nubile
$2,500,000 aro in tho treasury and $6,000,000 are unissued. Theso deben year 5% notes ($10,000,000) to the extent of between 80 and
tures aro callable as a wholo at 102 & int. on any intorest day. Tho unissued 90% of tho latter. The bankers have sold the small remain
debentures will boar interest at 6% or such lower rate as determined bv tho
board. Dcnom. c* !5100, $500 and $1,000; r $5,000 and $10,000. Int. ing amount of the new notes. Tho notes due April 1 have
M . Sc N „ payablo at Stato Streot Tr. Co., Boston, trustee.]— V. 100, p.1082. been paid off at the Bankers Trust Co.
A u t h o r i z e d .— The P. S. Commission on March 31 au
thorized the issuance of $1,000,000 additional general lien
bonds to reimburse the company for capital expenditures,
which are to be used as part collateral for the $10,000,000
new 5 % notes.— V. 100, p. 981, 900.
F t.
W a y n e
& S p r i n g f i o l d E l e c t r i c R y . — S a l e . — Re
ceiver French Quinn will offer the property at public auction
on May 4 at Decatur, Ind., under decree of the Adams
(Ind.) Circuit Court.
The property will be sold free of Hens, except taxes and Calhoun Street
Improvement assessment In Fort Wayne, Ind.— V. 98, p. 522.
G e o r g ia
& F l o r i d a R y . — R e c e iv e r s h i p .— Judge Ham
mond in the Superior Court at Augusta, Ga., on March 29,
upon petition by the Baltimore Trust Co., trustee for the
mortgage of 1907, placed this property, the company ad
mitting its insolvency, in the hands of the following receivers:
Col. J. M . Wilkinson of Valdosta, Ga., Vice-President of
the company; Harry R. Warfield, Vice-President of Balti
more Trust Co., and W . R. Sullivan with Redmond & Co.,
N . Y . and formerly with the Atlantic Coast Line.
In Jan. 1914 about 82% of the 85,595,000 bonds o f 1907 then outstand
ing consented to the funding of 3-years coupons on condition that in case
of default thereon or o f a receivership, the coupons should be returned to
the bondholders (V. 97, p. 1024, 1504; V. 98, p. 155). The debt is now
stated as follows; Millen & S. W . 1st M . 5s, 8212,000, an underlying
Issue (interest due April 1 1915 now being paid at Hanover Nat. Bk., N .Y .);
mortgage bonds of 1907, 86,240,000 (incl. probably some amount outstand
ing as collateral; General M . of 1912, Incomes for 10 years, 82,000,000 (V.
94, p. 630, 826, 911, 1118): equipment trusts 877,712: bills and accounts
payable 8653,000. The 8175,000 6s of Ga. & Fla. Term. C o. are guaranteed.
D ig est o f S ta te m e n t b y P re s id e n t R . L a n ca s te r W illiam s.
I regret It has finally been necessary for the Georgia & Florida to seek
the protection o f the Court. When I was elected President, about threo
years ago, 1 hoped to bring about tho development o f its business and such
a rearrangement o f its securities as would be necessary, without a receiver
ship. The history of these three years has been a constant struggle, with
encouragement in somo directions and disappointment in others.
The receivership would have been avoided had it not been that the gen
eral depression in business resulting from tho European war and the con
stant demands of the labor unions, which, combined with the action of tho
l.-S . C. Commission, throttled the proposition just at the time it seemed
to be commencing to mako good. A short time prior to my election as
President a disastrous strike completely tied up tho road, and although tho
property had never recovered from that trouble thero has hardly been a
'month, up to the present time, when wo have not had burdensome labor
problems and demands for increase in wages and exactions o f one sort or
another. There are instances where our engineers have earned 40% to
50% more per month than their Superintendent. [See V. 98, p. 1537; V.
'99, p. 1430 — Ed.]
We have for some months been developing plans which, with the restora
tion of anything like normal times in tho South, we expect to consummate
and, within a reasonable time, restore the securities of tho railway to their
intrinsic value.— V. 99, p. 1451.
G r e e n
B a y
&
W e s te r n
R R .—
E a r n in g s .—
------------- Dividends------------Calendar
Gross Net (after Improve- Deb. A
Stock
Deb.
Bal.,
Year—
Earns. Taxes, &c.) ments. (5 % ).
(5% ).
B.
Surp.
1914..........8776,330 8239,169 828,000 830,000 8125,000 aS52,500 $3,669
1913_____ 757,737 230,882 27,000 30,000 125,000 b43,750 5,132
a M o f 1% . b % o f 1% . Compare V. 100, p. 397.
H a r t fo r d
(C o n n .)
&
S p r in g fie ld
S t.
R y .
— R e p o r te d
S a le .
See Northern Connecticut Light & Power Co. undor “ Industrials” below.
— V. 96, p. 1297.
I d a h o
R a ilw a y ,
L ig h t
&
P o w e r
C o .
— P l a n .—
See Idaho-Oregon Lt. & Pow. Co. under “ Ind.” below.— V. 99, p. 1528.
I llin o is
N o r th e r n
Calendar
Gross
Year—
Earnings.
1 9 1 4 ______ $886,882
1913 ........._. 884,949
— V. 99, p. 465.
I n d ia n a
H a r b o r
U t ilit ie s
Net (after
Taxes).
$339,307
260,695
B e lt
C o .—
E a r n i n g s .—
Bond
Interest.
$176,154
135,859
R R .
C o .—
Preferred
Dividends.
$108,480
108,480
Balance,
Surplus.
854,673
16,356
E a r n i n g s .—
I n t e r s t a t e
R a ilw a y s
C o .
(o f
N .
J .),
P h i l a . — H o ld er s
A s k e d to E x c h a n g e P r e s e n t P r e f . S h a r es f o r I r r e d e e m a b l e P r e
f e r r e d . — Pres. John A. Rigg, March 26, wrote in substance:
On Jan. 16 1915 the company addressed to its pref. stockholders a letter
suggesting, for the reasons therein given (V. 100, p. 308), that they convert
their present shares into other shares of pref. stock to bo issued without the
retirement clause, thus making the pref. a permanent investment.
The response has been generally favorablo and the directors have selected
the Real Estate Title Insurance & Trust Co., 523 Chestnut St., Philadel
phia, trustee, to receive certificates of the present issue to be exchanged for
temporary receipts, to carry tho same dividend, until the permanent cer
tificates are ready for delivery. Holders are asked to deposit their certifi
cates at once with said trustee, duly executed in blank (no revenue stamps
will bo necessary), in exchango for negotiable receipts.
(The shareholders will vote April 23 on amending Article 4 of tho certifi
cate of incorporation to read in substanco: “ Tho total auth. capital stock
is 810,000,000, divided into 100,000 shares [81,000,000, all outstanding] of
tho par value of $10 each, known as pref. stock, and 90,000 shares [$9,000,
000, $2,291,200 outstanding] of the par value of $100 each, to bo known
as common stock. Said pref. stock may be issued as and when the directors
shall dotermino and shall entitle the holder thereof to receive out of tho net
earnings, and the corporation shall be bound to pay; a fixed cumulative
dividend at the rate of, but not exceeding, 6% p. a., payable semi-annually
on Jan. 1 and July 1. The pref. stock shall, In caso of liquidation or dis
solution, before any amount shall be paid to the common stock, bo entitled
to be paid in full. The pref. stock shall have no voting power in the elec
tion or directors, and in no event shall a holder of pref. or common stock be
personally liable for the debts o f the corporation. ]— V. 100, p. 308, 812.
Brothers &
Co. have sold their control of this property to Laird & Co.,
bankers and brokers, Wilmington, Del., acting, it is said, on
behalf of the du Pont interests. The new owners took con
trol March 27.— Y. 99, p. 269.
M a i n e C e n t r a l R R . — P r e f . Stock A u t h o r i z e d . — The Gov
ernor has signed tho bill passed by the Maine Legislature,
permitting the company to sell to its minority stockholders
$10,000,000 5% non-voting preferred stock at par and with
proceeds retire that amount of the $15,799,700 common stock
now held by the Maine Railways Cos. The stock is at pres
ent deposited as collateral for Maine Railways notes, which
it is intended to call for cancellation on Oct. 1 next. Tho
Act becomes a law 90 days from its passage.— V. 100, p. 642.
C e n tr a l
T r a c t io n
C o .—
S o l d . — Morris
Net (after
Taxes).
$94,072
97,338
Other
Income.
$2,047
1,788
Fixed
Charges.
$171,262
161,391
Balance.
Deficit.
$75,143
62,265
Massachusetts Consolidated Railways.— C o n s o lid a
company has applied to the Mass. Legislature
for authority to consolidate the Connecticut Valley St. Ry.
and the Northern Mass. St. Ry. on the same general plan
that the Boston & Northern and the Old Colony Street Ry.
companies were allowed to consolidate as the present Bay
State Street Ry.
t i o n .— The
At present the eastern terminus of the Connecticut Valley is at Miller’s
Falls and the western terminus of the Northern Massachusetts at Orange.
They are 12 miles apart and it is reported that a physical connection will
be made by the construction of a line to cost $400,000.— V. 97, p. 951.
Michigan Central RR . —
D em u rra ge
V e r d ic t .—
A jury in the U. S. District Court on Mar. 25 beforo Judge Tuttlo re
turned a verdict of guilty against the company on 12 of 30 counts of an
indictment found in Juno last charging tho company with failure to collect
demurrage from the National Firo Proofing Co. Tho remaining 18 counts
were quashed. A fine of $24,000 was imposed. The maximum penalty
would have been $240,000. The National Co., it is alleged, omitted to
remove material promptly from cars brought to Detroit over tho railroad
and were not obliged to pay full demurrage costs.— V. 100, p. 1073, 1091.
Millstone
&
New Brunswick RR.— S a l e .—
The stockholders of tho road, which extends from Millstone Jet. to East
Millstone, N. J., 6.56 miles, voted on March 31 to soil tho property and wind
up the company's affairs. Tho road is operated by the Pennsylvania UIt.
but has not earned operating expenses for a number of years. Of the
$95,750 stock, $48,000 is owned by the United N .J . R R . & Canal Co.
and $250 by the Pennsylvania R R . The company owes tho Pennsylvania
RR. $320,894 and the United RR. of N. J. $17,654. The debt is $203,342
in excess of tho cost at which the railroad is carried on the books. The
Pennsylvania RR. is expected to purchase tho road.
Milwaukee Western Electric Railway Co.— B o n d s , & c .
— The shareholders have authorized the issue of $5,000,000
of the 30-year 5 % .gold bonds, denom. $100, $500, $1,000.
Of these bonds, $2,500,000 havo been authorized by the Railroad Commis
sion of Wisconsin to bo issued for the construction of a line from Milwaukee
to Fox Lake, via Hustisford, Juneau and Beaver Dam, with a branch line
from Sussex via Pewaukee to Waukesha, making a total distance of about
74 miles. Tho other $2,500,000 of bonds are to bo issued later for exten
sions. Tho Wisconsin Trust Co. of Milwaukee will be the mortgage
trustee. The only prior obligations outstanding are certificates of debt
redeemable one year after date o f issue in stock. Incorn, in Wise. -Nov. 17
1906. Capital stock $1,000,000 in $100 shares; out, $709,500. President,
Alvin P. Kletzsch; Sec., J. W. Barber, and Treas., II. J. Janzer, all of
Milwaukee.— V. 97, p . 1426.
Missouri Kansas & Texas Ry.— E a r n i n g s .—
8 Mos. end. Operating
Feb. 28—
Revenues.
1914-15____ $22,848,689
1913-14____ 22,691,821
Avge. miles oper., 3,865
Net Oper.
Other
Taxes and
Balance,
Revenue.
Income.
Charges.
Surplus.
$7,282,415 $139,219 $5,654,902 $1,766,722
6,232,050
142,719
5,569,037
805,732
in 1914-15, agst. 3,817.— V . 100, p. 1078, 734.
Montreal Tramways & Power Co.— N o t e P a y m e n t . — Tho
$5,000,000 6% notes due April 1 are being paid off at tho
Bankers Trust Co., this city, see V. 100, p. 812, 734.
Nashville (Tenn.) Ry. & Light Co. — C o m m o n D i v i d e n d .
—A div. of 1 % was paid on the $4,000,000 com. stock Apr. 1 .
Dividend Record of Common Stock (Per Cent).
1915.
1909
1910. 1911. 1912. ------------------ 1913------------------- 1914.
July, 1
3
3H
5 X Feb., 1H; M ay, 3; Aug.. 2M None April, 1
— V. 98, p. 1538.
National Securities Corp.— P l a n .—
See Idaho-Oregon Light & Power Co. under ‘Industrials.
Calendar
Total
Net (after Other
Bond
Other
Balance,
Year—
Revenues. Taxes). Income. Interest. Int., &c. Deficit.
1914
- -..$3,329,172 $844,530 $89,656 $294,000 $988,076 $347,890
1913II________ 3,303,809 730,969 86,405 294,000 755,994 232,620
— V. 98, p. 1602.
J e r s e y
Maryland Delaware & Virginia Ry.— E a r n i n g s . —
Calendar
Operating
Year—
Revenues.
1 9 1 4 .....................$949,285
1913
959,135
— V. 98, p. 999.
New York New Haven & Hartford RR . — M e e t i n g to
C a n c el T r e a s u r y S to ck , A c c e p t C h a r te r A m e n d m e n t a n d A u t h o r
i z e th e I s s u i n g o f B o n d s U n d e r M o r t g a g e s o f A b s o r b e d R o a d s .
— The shareholders will vote on April 24 on—
1 Reducing tho capital stock from 1,800,170 shares to 1,571,179 shares
by retiring and cancelling 228.991 shares now in tho treasury.
2 & 3. Accepting the amendment to the charter by the General Assembly,
Connecticut, approved March 19 1915, and by tho General Assembly.
Rhodo Island, and to authorize the directors to oxerciso the powers therein
conferred. [Among tho powers so obtained by the company, is the right
to sell or pledge Its holdings of stock in the Boston & Providence and Old
Colony, aggregating at par unpledged June 30 1914 $1,582,443 and $13,
065,342. Those, it is expected, will be used as collateral in connection
with the renewal of short-term notes maturing shortly.
4.
Authorizing the issue of bonds by tho company as successor to tho
N. V. Providence & Boston R R . Co. and as successor to tho New Haven
& Northampton Co., pursuant to the terms of and for tho purposes set forth
in the mortgages of said companies dated April l 1892 and Juno 1 1906,
respectively. [Issues limited to $4,000,000 and $ 10,000,000,respectively,
with $1,000,000 and $2,400,000, respectively,outstanding.] V .100,p .1079.
Northern Electric Ry., San Francisco.— S ta tu s — O u t
San Francisco paper says:
l o o k .— A
Receiver J. P. Coghlan roports that tho business of the railway shows a
steady improvement. When tho receiver took possession he was confronted
with a deficit of $30,000. This has been cleared off and necessary repairs
havo been paid for out of current earnings, and there is $1)0,000 in treasury.
It is stated that unless at least another $500,000 is subscribed by the
stockholders beforo April 1, tho plan will fail and the holders of tho under
lying bonds will forcloso.
____
,,
.
,
,
Han Francisco News Bureau, March 25, said : Tho holders of more than
sufficient (over $1,500,000) of tho notes secured by collateral havo signed
agreement No. 1, to render operative that particular section which pro
vides for tho formation of the "bankers’ syndicate” , but subscriptions to
the new underlying bonds at 90 in the proportion of 60% of tho present
holdings of notes are coming in slowly. Seo V. 100, p. 902, 141, 55.
Northern Massachusetts St. Ry. —
P r o p o s e d C o n s o li d a t ’ n
See Massachusetts Consolidated Rys. abovo.— V. 97, p. 1357-
Opelousas Gulf & Northeastern RR . — S a l e .— Tho road
was purchased at foreclosure sale at Opelousas, La., on
Mar. 29 by Pierce & Greer. The Texas & Pacific Ry.,
which owned all of tho bonds, will acquire title when the legal
details are worked out.— V. 99, p. 1367.
Pacific Gas & Electric Co. — R e d e m p t i o n o f $1,500,000
A d d i t i o n a l N o t e s .— It is officially announced that tho com
pany has completed arrangements for the redemption on
April 22 1915 at 1 0 0 } 4 and int. an additional $1,500,000 of its
one-year 5% notes, maturing Dec. 15 1915.
The redemption of these notes eight months bofore they are payable,
will result in a largo saving of interest to the company. The company is
reported as having cash balances of approximately $3,000,000, which ac
counts for its ability to get theso notes out of tho way. After this redemp
tion has been accomplished there will be only $1,500,000 of theso notes
left, as compared with $7,000,000 outstanding a year ago. It is anticipated
that tho balance of $1,500,000, will also bo called in very shortly. Seo
V. 100, p. 902. 309
P e n n s y lv a n ia
R R . — O f fe r i n g o f C o n s o l. 4)^ s N o w a F ir s t
L i e n o n M a i n L i n e a n d B r a n c h e s , & c . — A. B. Leach & Co. are
recommending by adv. on another pago at the market price
(104), yielding about 4.30%, Consolidated Mortgage
gold 4 j^ % bonds of 1915 of tho Pennsylvania RR. Co.,
maturing Aug. 1 1900, secured by a first lien on tho main line
and branches, important terminals, &c. Free of Penn.
State tax. Coupons payable without deduction of normal
Foderal income tax. Legal investment for savings banks
in N. Y ., Mass., N. J., Conn., R. I., Penn., &c. Closed
mortgage $100,000,000 (V. 100, p. 475). The Bankers
report in substance:
Dcnom. $1,000 c*&r. Principal and int. (F. & A.) payablo In gold at
company’s office, Philadelphia, without deduction for any taxos under any
present or future laws of the U. S. or of the State of Pennsylvania. Trustee,
Girard Trust Co., Philadelphia.
Those bonds aro issued under the Consolidated Mortgage, dated July 1
1873. and known as a continuing mortgage, which limits the amounts of
bonds outstanding thereunder at any ono timo to $100,000,000. Tho sale
of tho $49,000,000 bonds, of which tho bonds herein offered are a part,
makos a total of $100,000,000 bonds outstanding, and therefore closes this
Consolidated Mortgage. Tho $49,000,000 bonds aforementioned were
issued to cover capital expenditures. Simultaneously with their issue
there was placed under the mortgage securing these bonds additional rail
roads having an aggregate length of 348.59 miles, together with branches,&c.
Tho Consolidated Mortgage! is a first lien (1) on tho main line and certain
branches, having an aggregate length of more than 900 miles, o f the Penn
sylvania RR. Co. between Pliila. and Pittsburgh, except tho Harrisburg
Portsmouth M t. Joy & Lancaster Rlt. (52.57 miles), operated under a
999-year lease from 1861 and pledged under this mortgage; (2) on valuablo
terminals and yards in Philadelphia, Pittsburgh and other places in Penn
sylvania; (3) on valuable rolling stock, shops and other equipment; (4) on
the lease for 999 years from 1871, and pledged under this mortgage, of tho
railroad lines known as the United Now Jersey R lt. & Canal Co. (excepting
a small branch and real estate connected therewith). Tho mortgage there
fore covers by direct lien and pledge of leasehold interests railroad lines from
Jersey City, N. J., to Philadelphia, Harrisburg and Pittsburgh. In addi
tion, the mortgage is secured by tho pledge of securities of great value.
C o m p a r a tiv e A n n . G ro s s a n d N e t E a r n s , p e r M i l e — A l s o M a i n t . E x p . p e r M i l e .
Gross. Maint.
Net.
Gross. M a i n t .
N e t.
Penn. U R .$43,821 $14,796 $10,997 Erie H R __ $25,611 $8,114 $6,632
N. Y. Cent. 30,015 10,242
7,187 Balt. & O -. 21,753
6,452
5,662
N. Y. N. II
Philadelphia
& Hartf. 32,560
9,394
8,848
& Reading
42,074 12,540 13,688
______
.
During 1914 tho Pennsylvania earned about three times tho entiro
amount o f its fixed charges and since 1907 moro than$73,000,000 has been
expended from income and surplus on tho property.— V. 100, p. 1079, 982.
T o le d o
I
&
O h io
C e n tr a l
R y .—
E a r n i n g s .—
Calendar
Gross
Net (.after Other
Bond Other Int., Balance,
Year—
Revenue. Taxes). Income. Interest. Rents, Ac. Sur. or Def.
1914------- $4,930,626 $635,695 $413,926 $496,241 $859,996 def.$306,616
1913 ------- 6,031,4301,071,084 205,740 490,485 345,112 sur. 441,227
— V. 100, p. 399.
U n ite d
T r a c t io n
C o .,
P it t s b u r g h .—
O per.
A g reem en t.
In view, It is understood, of tho controversy with respect to the dividend
on the prof, stock, tho Pittsburgh Railways Co. has announced its inten
tion to cancel tho operating agreement with the United Traction Co.
W e s t E n d S t r e e t R y . , B o s t o n . — Stock S o l d . — The $8,700
new shares (par value $435,000) which were recently au
thorized by the Mass. P. S. Comm, to provide for additions,
were sold at auction on April 1 at from 63 x/i to 64
The largest purchasers were R. L. Day, 3,790 shares; Moors & Cabot,
1,035 shares, Kidder, Peabody & Co., 1,000 shares.— V. 100, p.983.
IN D U S T R I A L ,
G A S
A N D
M IS C E L L A N E O U S .
— A p p l i c a t i o n . — On a subsequent
page will be found at length the application to the New York
Stock Exchange in connection with the listing of the $10,
500,000 10-year 6% conv. debentures, ser. A, due 1925.
The debentures were sold to provide for the extension of
the mining and milling operations of the Alaska Gastineau
Mining Co. (the only subsidiary of the Gold Mines Co.),
over 95% of whose $12,000,000 outstanding stock and 93%
of whose $3,500,000 1st M . 20-year 6% bonds are owned
by tho Gold Mines Co.
The application contains, in addition to a description of
the bonds, interesting facts in regard to the properties of
the Gastineau Mining Co. and balance sheets of both com
panies as of Dee. 31 1914.— V. 100, p. 1080, 476.
A lg o m a
S t e e l C o r p o r a t i o n . — B o n d s .—
A la s k a
G o ld
M in e s
C o .
Tho 5% First & Ref. M . bonds should bo lodged at Bank of Montreal in
Montreal, N. Y. or London, in order that notice of the arrangements re
cently made between the company and tho holders of the said bonds may
bo endorsed thereon. Notice is also given that the coupons on the bonds
due Oct. 1 1914, and the coupon on the 6% 3-year notes due March 1 1915,
may now be presented at the office of the Bank of Montreal, for exchange
for scrip certificates pursuant to tho above-mentioned arrangements.
See V. 99, p. 1368, 1599, 1526.
P e re
M a r q u e tte
R R . — F o r e c l o s u r e . — The trustees of a
A m e r i c a n M a l t C o r p o r a t i o n , N . Y . — P r e fe r r e d D i v i d e n d .
A semi-annual dividend of 1% has been declared on the $8,844,300 6%
number of mortgages on March 22 applied to tho U. S. Dis
cum. pref. stock, payablo May 3 to holders of record April 15, being tho
trict Court asking that the property bo sold at public auc same rate as in Nov. 1914. The American Malting Co. has also declared
tion to satisfy tho same. A hearing will be held on April s. the same dividend as 6 months ago, viz.: 62 cts. a share on the $14,440,000
The mortgages include: Flint & Pero Marquette R R ., Chicago & West
Michigan R R ., Chicago & North Michigan, Detroit & Grand Rapids,
Grand Rapids Belding & Saginaw and Saginaw Tuscola & Huron. There
is $1,503,490 interest in default on tho bonds.— V. 99, p. 1833.
pref. stock, $14,265,000 of which is owned by the American Malt Corp.
— V. 99, p. 1530.
A m e r ic a n
R o llin g
M ill
C o .,
M id d le to w n ,
O .—
N o t e s .—
The company has sold to a syndicate consisting of A. G. Becker of Chi
cago and W. E. Hutton & Co. and Field, Richards & Co. of Cincinnati,
P it t s b u r g h
R a ilw a y s
C o . — O p e r a tin g A g r e e m e n t .—
an issue of $2,500,000 6% notes maturing $500,000 in 2 years, $750,000
Soo Pittsburgh Railways Co. abovo.— V. 100, p. 475.
each in 3 and 4 years and $500,000 in 5 years. J. M . Hutton, a director,
is quoted: “ These notes are issued to retire every dollar of bank debt,
R e a d i n g C o . — N e w I n d i c t m e n t s F o u n d .—
to provide additional working capital made necessary by tho enormous
Tho Grand Jury in tho Federal Court at Philadelphia beforo Judge and
increase
of business."
Thompson on March 31 returned three new indictments containing 126
A final decree was entered in tho U. S. District Court at Cincinnati on
counts against the Philadelphia & Reading Ry. charging violation of tho
Inter-Stato Commerco Act in connection with the transportation of an Mar. 23 in the suit brought about 3H years ago by the International Metal
thracite and bituminous coal between Philadelphia and New England Products Co. (which is controlled by tho Rolling Mill Co.) against tho
points. Tho Court on March 12 quashed tho former indictments handed United Steel Co. and associated interests of Canton, O., for “ improvements
down on Jan. 6 on tho ground of tho prosoncc of stenographers in tho court in iron manufacture” and “ improvements in ingots,” which together cover
room at tho time the indictments wero handed down. CompareV.100,p.230. the manufacture of "pure iron” and “ ingot iron.” An official statement
says that the settlement embraces “ the guaranteed payment in damages
and royalties of $176,000 and of substantial royalties on all similar material
S t . L o u i s R o c k y M o u n t a i n & P a c i f i c C o . — S a le o f R a il
manufactured during tho life of the patents under licenses to be issued by
w a y C o n s u m m a t e d . — The Atchison Topeka & Santa Fo Ry.
the International Metals Products Co. to tho United Steel C o., the Stark
Co., in accordance with the plan of Aug. 1 1913 (V. 97, p. Rolling Mill Co. and tho Berger Manufacturing Co., which aro associated
interests. A full acknowledgment of the validity of all the Carnahan pat
306, 445, 803, 1824), has acquired tho St. Louis Rocky ents,
comprising both 'basic pure iron’ and all alloys of samo, was made a
Mountain & Pacific Ry., whoso lino extends from Des Moines part of the settlement.” — V. 99, p. 1830.
to Ute Park, low Mexico, a trackage, including sundry
A m e r i c a n T e l e p h o n e & T e l e g r a p h C o — B oa rd R ed u ced .
branches, of 100 miles. An authoritativo statement follows: — The stockholders having on Monday voted to reduce the
This lino gives the Atchison tho control of tho traffic which originates
from the vast Raton coal fields of Colfax County, New Mexico, and assuros board from 25 to 17, the following 8 men have retired:
to tho company also a practically inexhaustible supply of fuel coal for
locomotive use. In the consummation of this transaction, the St. Louis
Rocky Mountain & Pacific Co., owners of tho railway, obtained, through
Robinson & Co., tho consent of the holders o f its $7,559,000 1st M . 5% gold
bonds, to the extent of 99.83% of tho entiro amount of outstanding bonds.
The record shows that tho holders aro scattered over practically the entiro
globo, including Alaska, Japan, China, India and 35 cities in Europe,
with more than 600 owners in tho United States.
The purchase price was $3,000,000 Atchison 4% bonds, secured by a
first inortgago on the acquired property, which bonds have been substi
tuted for the St. Louis Rocky Mountain & Pacific Railway Co. securities
formerly held under tho lion of tho St. Louis Rocky Mountain & Pacific
Co. 1st M . 5% gold bonds.— V. 99, p. 1367, 1298.
S t. L o u is & S a n
F r a n c is c o
R R . C o . — P l a n . — Interests
concerned in reorganization of the St. Louis & San Francisco
RR. Company state that it will probably bo some time
beforo a harmonious acceptance of a complote reorganization
plan is consummated. What has been dono is this: Frederick
Strauss, Chairman First & Refunding M . bondholders’ com
mittee; Speyer & Co., representing General Lien M.bond
holders in United States, and stockholders’ representatives,
have agreed on a tentative reorganization plan which would
lay an assessment of $15 on stock to raise about $7,500,000
and call for a new blanket mortgago for the purpose of pro
viding cash for tho future needs of tho reorganized company
and for refunding. Above-mentioned stock and bondholding
interests havo agreed to accept such reorganization plan.
Tho task now is as follows:
(a) To secure acceptance of plan by General Lien Mtge. bondholders
residing in Franco and by remaining stockholders, (b) Negotiations with
Chicago & Eastern Illinois representatives on account of the broken con
tract, whereby Frisco secured control of Chicago & Eastern Illinois, (c)
Somo settlement with New Orleans Texas & Mexico bondholders as to the
guaranty of these bonds, (d) A deal with holders of $2,600,000 Frisco ‘2-yr.
6% and $2,250,000 5% notes; also with some other junior creditors. It is
supposed that foreign bondholders own about $35,000,000 or $40,000,000
of the General Lien M . and approximately $23,000,000 of tho Refunding 4s.
A u t h o r i z e d . — Dispatches
which cannot bo confirmed state
that Judge Sanborn in U. S. District Court at St. Louis
on March 30 authorized tho receivers to make interest
and rental payments due April, May and June 1 on issues on
which default has not previously beon made; also payment
of principal of equipment trusts, tho total aggregating
about $1,249,540.— V. 100, p. 734, 557.
T e x a s & P a c i f i c R y . — A c q u i s i t i o n .—
See Opelousas Gulf & Northeastern RR. above.— V. 100, p. 982, 1080.
Thomas B. Bailey, Charles It. Bangs, Harry II. Brigham, Itudulph Ellis,
Alfred E. Holcomb, John J. Mitchell, Harry B. Thayer and Robert \Vinsor.
Tho other 17 members wero re-elected. All of tho officers were re-elected
except II. B. Thayer and B. E. Sunny, who havo been serving as Vice-Pres
idents and whose places wero not filled. William J. Stout has been elected
Assistant Treasurer to fill a vacancy.— V. 100, p. 974, 994, 814.
A m e r ic a n
Z in c ,
L e a d
&
S m e ltin g
C o .—
E a r n i n g s .—
Calendar
Net
Int. on
Balance,
Year—
Earnings.
Bonds, Ac.
Dividends.
Surp. or Def.
$108,466
__________
sur.$77,692
1914-.................... .$186,158
1913--------------- loss91,656
77,418
(2%)$85.600
def.254,674
There was transferred in 1914 to special reserve fund $12,000 for additions
and betterments to properties, leaving $65,692 carried to surplus account
— V. 98. p. 1247.
A t l a n t i c G a s & E l e c t r i c Co., N . Y . — S o l d . — The securi
ties deposited by this company and its subsidiary, the Penn
sylvania Utilities Co., to secure the first (collateral) mort
gago of 1912, were sold at auction in N. Y. City on March 27
and w e r e bid in for $283,388 by the bondholders’ protective
committee, and, it is understood, will shortly bo taken over
by the General Gas & Electric Co. See V. 98, p. 231.
Bonds, Notes and Stock (including Stock Represented by Purchase Money
Certificates) Embraced in Sale.
Amt. Sold—Par— Com. Stk. Pref. Stk. 1st Consols.5-yr.Notes. Oth.Notes
Bingh.Lt.,11 .&P.CO-S448,825 $134,900
........................ ........ $348,276
Sayre Electric C o__ 150,000
100,000
_______
_______
_______
East. Penn Power Co. --------729,100
_______ $471,000
90,000
Penn. Utilities C o . . . y8,500
_______ $3,000,000
- ...........
x24,500
Morris & Som. E l__ 48,800
_______
_______
_______
_______
Also (a) IstM . bonds as follows: Slade El. Lt.. H. & P. Co.. $20,000;
Nazareth El. Lt. & P. Co., $20,000; Slade Belt El. St. Ry., $2,500; Jersey
City Hoboken & Pat. St. R y., $14,000; Chemung Land Co., $6,000; (b)
notes of Jersey Corporation, $110,132.
x Also all right if any in $25,363 notes held by trustee, y "Old company.”
Tho East Penn Power notes aro 5-year 6% Construction & Purchase
Money notes dated Feb. 1 1912, with any coupons of Aug. 1 1914 attached.
— V. 100, p. 983. 231.
— Seo “Annual’ Reports.”
Fisk & Sons are recommending at
the market price, to net about 5.90%, First Lien & Refund
ing M . 5% 30-Year gold bonds, Series A, due May 1 1942,
guaranteed by Bethlehem Steel Corp., as to principal and
interest, by endorsement. Tax-free in Pa. The firm re
ports in substance:
B e th le h e m
B on d s,
S te e l
C o .
& c . — Harvey
Authorized, $50,000,000; issued, $20,915,000; retired by sinking fund,
$1,137,500: outstanding, $19,777,500. Annual sinking fund of 214% of
the face value of bonds of this issue outstanding with minimum sinking fund
of $300,000 per year, to be used for the purchase or redemption of those
bonds for cancellation. Red. all or part at 105 and Int. on any Int. date
on 12 weeks’ notice. [See full description V. 94, p. 1450.]
While Mr. Schwab has been building up the business of the company,
he has at the same time been creating a business machine no less perfect
than the plant itself, each department being in charge of men o f marked
ability, and they, in turn, having capable understudies, thus assuring for
years to como a successful management. The success of the company,
moreover, during 1914, is not due to temporary conditions. A study of
the remarkablo records of tho past 10 years shows that the development has
been a progressive one. Except for a temporary setback in 1908, each year
since 1906 has been moro fruitful of results than tho year which preceded,
and there is every indication that 1915 may show a larger business than any
of its predecessors.
Digest o f Letter from President C. /VI. Schwab, New York, Feb. 1 1915.
[To Hallgarten & Co., Harvey Fisk & Sons and William Salomon & Co.|
Security for These Bonds.— Secured upon tho real estate and manufactur
ing plants o f tho company, the largest subsidiary of the Bcthlohem Steel
Corporation, subject to $7,500,000 purchase-money mortgage 6% bonds,
duo 1998, and $7,999,000 First Extension Mortgage 5% bonds duo 1926,
consisting principally of tho thoroughly modern plants at South Bethlehem,
Pa., covering about 500 acres, viz.: (a) Saucon plant o f open-hearth fur
naces, mills, &c., for manufacture o f structural steel and rails from pig iron;
capacity, 600,000 tons per annum. (6) Lehigh plant o f blast furnaces,
open-hearth furnaces, press and hammer forges, annealing and tempering
departments, machino shops, armor-plate department, projectile shops,
drop forge, crucible steel department, steel, iron and brass foundries, puddlo
furnaces and mills, &c. (c) West of and adjacent to Lehigh plant, large
new merchant bar mills, now nearly ready for operation. Upon retire
ment of First Extension M . bonds, due Jan. 1 1926, these bonds will be a
1st M . on the Saucon plant and on tho west extension of the Lehigh plant,
and a lien, subject only to $7,500,000 Purchase-money Mortgago bonds,
on the balance of tho Lehigh plant.
The payment of tho principal and Interest of these bonds is guaranteed by
endorsement by Bethlehem Steel Corporation. As security for this guar
anty, tho corporation has pledged tho entire outstanding capital stock (ex
cept directors’ sharos) o f tho companies owning or controlling its oper
ating properties, viz.: Bethlehem Steel Co., Harlan & Hollingsworth Corp.,
Union Iron Works Co., Samuel L. Moore & Sons Corp. and Bethlohom
Iron Mines Co.
I r o n O re i n C h i l e . — During 1912 the company obtained control of valuable
and extensive Iron ore deposits near Coquimbo, Chile, and Incorporated
Bethlehem Chile Iron Mines Co., whoso entire capital stock (except direc
tors’ shares) is owned by Bethlehem Steel Co., to operate theso mines.
Ore proved up aggregates about 40,000,000 tons, with tho property not yet
fully developed, and is reported to bo of the highest quality ever commer
cially used for pig Iron, being free from deleterious impurities and having an
iron content averaging about 67% , as compared with about 50% for present
Lake Superior ores. During tho last year tho ore was used very successfully
in the blast furnaces at South Bethlehem. Largo expenditures are now be
ing made for the development o f the mines and o f the railroad and harbor
used in connection therewith; upon the completion of theso developments the
mines will furnish sufficient of this high-grade ore to supply Bethlehem
Steel C o.’s entire requirements.
B u s i n e s s . — Since its formation in Dec. 1904, Bethlehem Steel Corporation
has shown remarkable progress, and now occupies an enviable position
among tho independent iron and steel companies. Its annual business has
Increased from $14,554,117 in 1905 to approximately $47,500,000 in 1914.
Total Annual Business (000 omitted)— 1914 Approximate— All Dollars.
1905.
1906. 1907. 1908. 1909. 1910. 1011. 1912. 1913. 1914.
14.554 17,381 20.490 15,292 22,215 26,283 30,093 33.633 44,352 47,500
Tho corporation and its subsidiaries started the year 1915 with orders on
hand aggregating $46,513,000, being about doublo tho amount at tho
beginning of 1914, insuring a most satisfactory business for the year
1915. Tho Bethlehem Steel Corporation has outstanding $14,908,000
non-cum. 7% pref. stock and $14,862,000 common stock. Dividends of
5% per annum wero paid on tho prof, stock for tho years 1913 and 1914;
for the year 1915 a dividend o f 7% has been declared. See also “ Annual
Reports” above. — V. 100, p. 477, 312.
B u r r o u g h s
A d d in g
M a c h in e
D e c i s i o n .—
C o .—
Judgo Landis in tho U. S. District Court at Chicago has decided in favor
of the Felt 3c Tarrant Manufacturing Co. the suit against the Burrough
Co., involving 59 claims o f infringement o f comptometer patents.
B u s h
T e r m in a l
C o .—
B ill P a s s e d .—
The Assembly on Mar. 30 and the Senato on Mar. 3 passed tho bill
requested by tho city authorities, commonly known as tho “ Brooklyn Mar
ginal Terminal R R .” bill. Tho bill amends tho Act passed in 1911 provid
ing for tho improvement o f tho water front facilities of the city in relation
to the receipt, delivery and shipment of freight. The bill permits railroads
with the consent o f tho Board of Estimate and Apportionment to hold tho
securities o f a company which enters into a contract with tho city for the
operation o f terminals in Brooklyn and Queens boroughs.— Y. 98, p. 1312.
C a n a d ia n W
C a le n d a r
N et
Y ea r.
E a r n in g s.
e s tin g h o u s e
C o .f
Dividends
Paid.
(7%) $349,489
(9%) 445,027
Bank
Int.
$5,626
28,700
1914----$386,114
1913...1,002,619
— V. 100, p. 814.
C a s tle
V a lle y
C o a l
L t d .—
E a r n i n g s .—
Ins. Fd. Prop.&Plant. Balance,
Reserve. Written off. Surplus.
$30,999
50,000
250,000
228,892
See United States Fuel Co. below.— V. 99, p. 1530.
C h a r le s to n
(S . C .) L t .
&
W a t.
C o .—
P r o p o s e d S a le to C i t y .
See “ Charleston” in “ State and City” department.
W o r s t e d
M ills
C o .—
C o n s o lid a t io n
F u e l
C o .—
See United States Fuel Co. below.
D i v i d e n d s .—
C o n t r a
C o s ta
G a s
C o .,
M e r g e r .—
I n c .,
S a n
F r a n c is c o .—
This company, incorporated in Cal. April 24 1914, recently offered
$109,000 of Its 1st M . 6s for subscription at 97Ms and int., and a block of
its stock at 90 a share. The company reports:
Formed to supply gas to cities in Contra Costa County, rapidly develop
ing as a manufacturing centre owing to pipe lines that supply cheap oil.
A gas-manufacturing plant is being built adjoining Pittsburg, Cal., and a
high-pressuro transmission system will be laid to Antioch, Concord and
Martinez. Mains are already being laid to Pittsburg and gas will be sup
plied in that city by March 15. Owns 50-year franchises in Pittsburgh,
Antioch, Concord and Martinez and tho County of Contra Costa for use
of roads. At least 1,462 consumers should be connected within one year.
Authorized capital (all common) stock, $250,000 in $100 shares; to
bo issued at this time_________________________________________ $61,150
Authorized bonded debt, 1st M . 6s dated Oct. 1 1914. Total auth.
$500,000. Due Oct. 1 1954, but red. at any timo at 102H* Int.
A. & O. in S. Fr. Donom. $1,000 and $100. Sinking fund after
5 years 1% of bonds out. Remaining bonds Issuable only for
75% of new capital outlays when earnings are twice tho interest
charge, incl. bonds proposed. Trusteo, Merc. Tr. C o., S. Fr.
Co. pays normal Federal income tax. Prosent issue__________ 109,000
Estimated annual earnings, $36,842; not earnings (after taxes), $14,052;
interest on bonds, $6,540; depreciation, $1,500; amortization of bond
discount, $272; balance, surplus, $5,740.
Pres., S. Waldo Coleman (Pres, and Gen. Man. (’ oast Counties Gas &
Electric Co.); Sec.-Treas., L. W. Pryor. Office, 454 California St., San Fr.
C o r n
P r o d u c t s
R e fin in g
C o .—
W i s . L a b e l A c t R e s tr a in e d .
Judge Sanborn in tho U. S. District Court on March 30 issued a porpotual
injunction restraining the State authorities from enforcing the Wisconsin
law of 1913 requiring tho labeling of tho ingredients on syrup packages
except an internal commerce of tho State. The language of the Act is broad
enough to cover Inter-State as well as internal coinmerco and would, it is
stated, interfere with tho Federal Food and Drugs Act, which governs
inter-Stato commerce.— V. 100, p. 1081, 914.
C u m b e r l a n d V a l l e y T e l e p h o n e C o . — P l a n . — The bond
holders’ committee, Harrisburg, March 24, wrote in subst.:
Owing to tho extremely unfavorable conditions in the latter part of 1914,
tho bondholders failed to subscribe for onough bonds under plan of July 20
1914, to insure Its success, and tho plan was therefore abandoned. (V . 99,
p. 470). Wo havo formulated a now plan, the success of which is assured,
an underwriting syndicate having agreed to purchase any of $150,000 bonds
not subscribed for by the bondholders.
Proposed Capitalization under Plan of March 24 1915.
First Mortgage 5% 50-yoar sinking fund gold bonds (auth.), $750,
000. T o be sold at once for cash, either (a) to depositors in
amounts equal to 10% of holdings (or more), subject to allot
ment) at 92% with 100% bonus in stock or (b) to syndicato.$150,000
T o remain in treasury to be issued for not over 85% of cost of
extensions and improvements________________________________ 600,000
General Mortgage Bonds, bearing interest at 4% for five years, and
5% thereafter, to the amount necessary for reorganization, but
not to exceed (closed mortgage) $750,000. T o bo issued with
25% in stock for existing $1,500,000 bonds if deposited, 60%
For bonds now deposited $1,326,000-........................ ............. - 663,000
Capital Stock (par $50) to be deposited in 3-year voting trust (to be
given as bonus with now 1st M . 5s, $150,000; to underwriting
syndicate, $137,500; in partial exchango for old bonds,2 5 % ,say
$331,500, & c.)___________ ___________________________________ 750,000
Status as to Earnings Based on Receiver's Report for Year 1914.
Not earnings for year 1914 as shown by report of receiver------------ $55,303
Interest on new bonds: (a) On $150,000 1st M . 5s, $7,500; 4% on
$663,000 Gen. M . 4s (if no more than tho prosent $1,326,000
bonds now on deposit aro deposited), $26,520; total--------------- 34,020
Balance, surplus____________________________________________ $21,283
Thus the new company, rebuilt and thoroughly equipped for business,
will start with no debts and earnings over 1 'A times all interest charges.
The underwriting syndicate agrees to tako up all bonds not subscribed
for, on the samo terms, less 2 H % commission, and is to receive in addi
tion thereto $137,500 stock.
_
„
The voting trustees will be John E. Fox, S. W . Foulkes, James Brady,
Henry M . Tracy and William J. Lescuro.
Your committee strongly recommends this plan, as they aro of tho opinion
that if carried out, it will place tho property in a good position. Depositors
will be presumed to havo assented unless they shall dissent within 30 days.
Committee: James Brady, Chairman; Wra. J. Lcscure, John E. Fox,
Chas. A. ICunkel and Henry M . Tracy, with A. E. Pendergast as Secro
tary. 3 N. Market Square, Harrisburg, Pa.— V. 99, p. 470, 273.
D ia m o n d
M e r g e r .— •
C o .—
C le v e la n d
A quarterly dividend of 2% has been declared on the $4,500,000 stock
as increased Jan. 1915 from $3,000,000, being at the same rate as on the
original amount. Compare V. 98, p. 841.
I c e
&
C o a l C o .—
President. —
George S. Capelle, Wilmington, Del., has been elected President to suc
ceed Charles Warner and Miller Stradley of Wilmington has been made
Chairman of tho board. Alfred D. Warner Jr. has retired as Treasurer.
See V. 100, p. 143.
D o d g e
M fg .
C o .,
M is h a w a k a ,
I n d .—
Pref. Stock. —
A New York investment house is offering $250,000 additional 7% cum.
stock, par $100, maturing Jan. 1 1930 at 110 (V. 92, p. 61). to make
Calendar
Net
1st Pref. 2d Pref. Balance,
Total Surplus pref.
$964,900 pref. outstanding.
Year—
Profits. Div.(G%).Div.(7% ). Surplus.
or Deficit.
Data from Pres. M. VV. Mix, Mishawaka, Ind., Feb. 20 1915.
$153,457 $57,350 $34,921 $61,186
def.$l ,047,079
1914....................
Capitalization Dec. 31 1914: Authorized, $2,500,000 ($1,500,000 pref.
1913
........ .......... 472,030
60,000
35,000 377,030
sur. 186,382
Total deficit as abovo ($1,047,079 in 1914) was after deducting losses 7% cum.); outstanding, $714,900 pref. and all of (ho $1,000,000 common.
on Investments and other assets disposed o f during the year, $16,929. Tho main offico and manufacturing plants, normally employing 1,200 peoprovision against further loss on liquidation, &c., $617,719, and amount plo, have a total floor spaco of nearly 20 acres in area. Com puny manufac
writton off book values of investments in affiliated companies, $660,000. tures everything pertaining to the mechanical transmission of power.
— V. 99, p. 971.
Net Sales for Year 1904 and from 1910 to 1914 (Increase 1904 to 1913, 40%)
1904.
1910.
1911.
1912.
1913.
1914.
C i t i z e n s ’ G a s C o . o f I n d i a n a p o l i s . — E a r n i n g s .—
about $1,400,000 $2,073,927 $1,863,851 $1,947,344 $1,994,933 $1,750,184
Calendar
Gross
Expenses Rental on
Net Bond,etc., Balance,
Not earnings for a period of nlno years ended Dec. 31 1914, after charging
Year—
Revenue.
& Taxes. Oper.Prop. Earns.
Interest. Surplus.
off all operating expenses and ample maintenance, and allowing liberally
1914.........$2,575,026 $1,989,259 $365,190 $220,577 $90,798 $129,779
for depreciation, averaged over $200,000 per annum available for Interest,
1913-------- 1,265,182
972,186
90,412 202,584 59,508 143,076 pref. dividends, &c. During 1914, notwithstanding tho genoral businoss
Dividends o f 7% were paid yearly. Capital stock outstanding Dec. 31 disturbance, tho incomo from operations and other sourcos was $179,673,
1914, $1,250,000. First and Ref. bonds outstanding Dec. 31 i914, $1, after writing off $49,657 to depreciation reserve, and beforo paying interost,
530,000, and 5-yr. 5 K % debentures, $83,000; 1-year 6 % collateral notes, prof, dividends or other charges not applicable to current operations.
$100,000.— V. 99, p. 1133.
Based upon gross sales according to the estimated quota of $3,000,000,
.....I
- - ..
- ------------— li.ihai .................... .. “ " i i u n m ir T n i
I estimate not oarnings of approximately $400,000 to $450,000 ann.
C o n s o lid a te d
G a s C o . o f N e w
Y o r k . — E a r n i n g s .— Tho
Sheet Dec. 31 1914 (Totals. $3,858,838, compare V. 92, p. 61).
report of tho Public Service Commission, First District, PlantBalance
Common stock__________ $1,000,000
and equipment_$1,683,145
issued this week, shows earnings of the various sub-com Trade-marks, patents, &c. 600,000 Preferred stock__________ 714,900
and invest
Current notes & accts. pay 326,467
panies included in the system for the year end. Dec. 31 1914; Inventories
ments at cost, cash and
Acer, int., taxes, prof. dlv.
53,094
receivables_______ 1,419,038
6 % bonds, duo ser. to 1925
925,000
O p e r a t in g
N e t ( a fte r
O th er
In ter es t,
D lv tB a la n c e .
Prepaid expenses, &c-----156,654 Surplus account_________
839,376
R even u es.
T a x e s ).
In com e.
tfcc.
d en d s .
S u r p lu s .
1. G a s C o s .—
S
s
S
S
S
Figures are hero shown after deducting reserves, viz: from plant, etc..
C j n s o l. G a s C o . . 14 ,1 8 5 ,2 4 6 2 ,9 48 ,48 4 >,‘(76,63(5 1 ,0 3 8 ,1 5 2 5 ,9 8 8 ,9 9 0 2 ,3 9 7 .9 7 8
$474,857; from receivables, etc., $313,077.
N e w A m s . G a s C o . 2 ,9 2 3 ,6 9 6
1,0 0 5 ,3 6 4
1 2 3 ,6 2 0 1 ,0 6 4 ,6 3 3
_______
6 4 ,3 5 1
The
proceeds from sale of additional pref. stock will be utilized in increas
N . Y . M u t . G a s C o . 1 ,5 2 0 ,9 6 7
2 0 4 ,7 9 1
2 0 ,7 9 6
3 0 9 ,2 9 4
8 9,639
* 3 5 ,6 6 0
ing current working capital incident to tho Increased businoss tho company
S t a n . G a s L t . C o . 1 ,7 6 0 ,4 0 0
4 8 1 ,5 1 5
9 0 ,4 1 4
4 0 7 ,3 1 3
108 ,079
9 1 ,8 6 7
is
planning
to do. Compare V. 92, p. 61.
C e n t . U n . G a s C o . 2 ,5 2 1 , 2 1 7
7 7 4 ,7 5 1
2 0 1 ,5 8 5
............
7 2 ,8 2 7
6 4 5 ,9 9 3
C h ic a g o
L u m b e r
N o r . U n . G a s C o . 1,3 1 4 ,1 8 8
A s t o r la L . H . & P . C o 6 ,0 2 0 ,0 4 5
N .Y .& Q .G a s C o
2 4 7 ,1 7 5
&
C o a l
2 8 8 ,4 8 5
1 ,7 6 1 ,0 5 2
6 2 ,4 9 0
T o t a l g a s « o s ._ 3 0 ,4 9 2 ,9 3 4 7 ,5 2 6 ,9 3 2
2 . E l e c tr ic C o s .— N . Y . E d is o n C o . 2 3 ,5 3 8 ,3 4 2 1 2 ,1 4 1 ,9 7 5
U n . E l. L . & P .C o . 3 ,8 2 1 ,0 1 3 2 ,1 2 7 ,9 5 0
N . Y . & Q u een s E l.
L t . & P o w . C o . 1 ,2 4 7 ,1 4 5
5 2 3 ,0 1 2
C o .—
E a r n i n g s .—
2 ,1 6 0
4 ,3 1 8
315
8 5 ,9 1 8
3 5 7 ,3 5 8
4 4 ,7 9 1
_______
4 5 0 ,0 0 0
2 0 4 ,7 2 7
9 5 8 ,0 1 2
18 ,014
5 ,877,59 4 2 ,9 0 3 ,6 4 7 7 ,1 5 5 ,5 9 7 4 ,3 4 5 ,2 8 2
1 ,3 7 0 ,10 5 3 ,7 8 8 ,1 4 5 3 ,7 2 0 ,2 0 4 6 ,0 0 3 ,7 3 1
............ 1 ,0 1 7 ,0 2 0
1 1 ,1 3 4 1,0 9 2 ,0 6 4
474
18 2 ,6 46
5 0 ,0 0 0
2 9 0 ,8 4 0
T o t a l elec, e o s .2 8 ,6 0 6 ,5 0 0 1 4 ,7 9 2 ,9 3 7 1 ,3 8 1 ,7 1 3 5 ,0 6 2 ,8 5 5 3 ,7 7 0 ,2 0 4 7 ,3 4 1 ,5 9 1
• D e n o t e s d e fic it .
C o m p a re V . 10 0, p . 3 9 4 .— V . 10 0, p . 9 0 4 , 3 9 4 .
I llu m in a t in g
C o . , B o s t o n . — S u b s c r ip
capital stock having been increased from
$20,480,000 to $22,528,000, the company offers to share
holders of record April 1 1915 tho right to subscribe at $215
per share (par $100), on or before April 23, at the Old Colony
Trust Co., Boston, for $2,048,000 new stock, to tho extent
of one share for every ten shares now held.
E d is o n
E le c t r ic
tio n R ig h t s .— The
Subscriptions aro payable at tho aforesaid trust company, $115 per share
May 3 1915 and $100 on Aug. 2 1915, or in full M ay 3 1915; in either case
the shareholder will receive interest at 4% per annum on amount paid
on May 3 from that date to Aug. 1. See V. 100, p. 736, 645.
Electric Properties Corp. —
house, Church, Kerr & Co)—
E a rn in g s
(incl. Westing-
Calendar
Total
Net
Bond
Pref.Dies.
Balance,
Year—
Income.
Earnings. Interest.
E.P.Corp.
Surplus.
1914..............
$665,368 $301,775 $24,000
*190,010
$81,765
The preferred dividends on the Electric Properties Corp. pref.stock
cover the poriod from Nov. 30 1913 to Sept. 30 1914.— V. 99, p. 1600.
General Asphalt Co.— P a y m e n t
o f D e b e n t u r e s .—
Holders o f the 5% debentures ($1,116,900), duo Sept. 1 arc given tho
option of presenting tho samo at once at tho office of tho Fidelity Trust Co.,
Philadelphia, and recoivo par and accrued interest instead of waiting until
Sept. 1, as previously statod. Comparo V. 100, p. 815.
General Motors Co. — R e d e m p t i o n o f F i r s t L i e n 5 - Y e a r
S in k in g F u n d G o ld N o t e s . — J. & W . Seligman & Co. and Lee,
Higginson & Co. announce by adv. on another page that they
aro authorized by the company to redeem all or any part of
its $7,852,000 6% First Lien Five-Year Sinking Fund gold
notes due Oct. 1 1915, paying therefor at a price yielding 3 %
per annum for the unexpired time (but subject to change of
price at any time without notice), the price named being
Equal as o f April 1 to 101.455 & int.; equal as to April 15 to 101.342 &
int.; equal as of May 1 to 102.213 & int., and decreasing progressively
thereafter.
Paymont for tho notes will bo made on presentation thereof at tho fol
lowing offices: (1) In Now York. J. & W . Seligman & Co. and Leo. Higginson & Co.; (2) in Boston, Leo, Higginson & Co.; (3) in Chicago, Lee, Higgin
son & Co.; (4) in Dotroit, First & Old Detroit Nat. Bank.— V. 99, p. 1913.
Goldfield Consolidated Mines Co . —
E a r n i n g s .—
Calendar
Cross
Net
DepreDividends
Balance,
Year—
Revenue.
Earnings.
ciation.
Paid.
Deficit.
1914---------$3,895,748 $1,835,224 $798,691
(3) $1,067,744
$31,211
2,731,945 1,245.932 (7)2,491,403
1,005,390
1913 ____ 4,793,475
Depreciation yearly includes depreciation of plant and equipment and
stocks owned, accounts charged off and amount allowed under Federal
income tax law as depreciation o f ore deposits.— V. 100, p. 815, 144.
Hale & Kilburn, Phila. &
N .
Y .
City.— E a r n i n g s .—
Calendar
Net
1si Pf.Div. 2d Pf.Div. Com. Div. Balance,
Total
Year—
Income.
(7% ).
(7% ).
(2 % ). Surplus. Surplus.
1914 ........ .$351,527 $142,100 $160,538
______ $48,889 $540,921
140,350
160,538 80,000
6,369 492,032
1913 ............. 387.257
— V. 98, p. 1687.
Hanford Irrigation & Power Co., Seattle.— S a l e .—
Press reports state that John J. Blake of Boise, representing Honry K. T.
Lyons of Denver, purchased tho assets o f tho company at the recent
receiver’s sale held at North Yakima. Wash., the prico paid boing $386,000,
Including, it Is said, $172,677 1st M . bonds assumed.— V. 99, p. 1217.
now on doposit; therefore dissenting bondholders must pay $48 41 per bond
to the depositary upon withdrawing.
Assenting bondholders will be entitled to receive the aforesaid securities
without paym ent on account o f tho com m ittee's expenses. Bondholders
to whom advances woro originally m ade b y the N . Y . com m ittee, in respect
to tho coupon o f A pril 1 l9 l3 , amounting to $30 per bond, who have not
already repaid tho samo, are to repay this advance and interest. The new
debentures to bo received will bear Interest from the date o f exchange for
the present bonds. T he exchange should therefore bo m ade as prom ptly
as possible. A blank form o f authorization for that purpose is enclosed
herewith to bo signed and sent to tho Broadway Trust C o ., W oolworth
B ld g., N .Y . C ity, accom panied b y the certificate o f deposit fo r bonds held-
Any scrip certificate, if the holder so elects, will be purchased by the
National Securities Corporation, 71 Broadway, N. Y ., on or before May 15
1915 at $37 50 for each $50 deb. scrip and $30 for each $50 income scrip;
or, at option of holder, the corporation will, on or before May 15, sell to
him scrip certificates at $37 50 for debenture scrip and $30 for income scrip,
joenablo depositors to have integral amounts of bonds. Each depositor
having an odd number of bonds will become entitled to one $50 debenture
scrip and one $50 income scrip, and ho may combine these two and on or
before May 15 1915 surrender them and at hiselection pav $7 50 and receive
therefor one $100 debenture bond, or the corporation will pav him $7 50
and deliver to him one $100 income bond.— V. 100 p. 983. 401.
I d a h o
P o w e r
&
L ig h t
C o
. — P l a n .—
See Idaho-Oregon Light & Power C o . above.— V . 100, p. 478.
I n d ia n a p o lis
(I n d .)
W a te r
C o .—
P r o p o s e d S tock D i v i d e n d .
The company has applied to tho Indiana P. S. Commission for authority
to declare a stock dividend of $650,000 (13%) on the $5,000,000 outstanding
f
°,Yfc,.?f ^J10 ?
ulated surplus, and also to pay another
dividend of $350,000 (7% ) later out of the accumulated surplus
?LviiV rie ^r(ars' ,
' Vater Works Securities Co. obtained
control In Dec. 1912 (V. 96, p. 422). In 1912 $200,000 was paid in divicQn7 onon A ? 3 .SV)7:M 07 ? nd ln 1914 $325,000. Since Jan. 1 1911 about
$307,000, It is stated, has been added to accumulated surplus.— V.98,p. 1075
I n d ia n
R e fin in g
C o .
o f
M e .—
E a r n s ., in c l. S u b sid ia r ie s .
Not income for calendar year 1914, before depreciation, &c. . $1,036,799
Deduct depreciation of physical properties. . .
_
_ 715 912
Amortization of bond Issuance exp., $145,102; gen .Yes’ ,'$61 ~237 206]339
Balance, surplus for calendar year 1914_____________________
— V • 99» P • 3 4 1•
$114,848
I n t e r n a t io n a l
M e r c a n tile
M a r in e
C o . — D e f a u l t . — The
time of grace for the payment of the interest duo Oct. 1 1 9 1 4
on the $ 5 2 , 7 4 4 , 0 0 0 coll, trust 4 J ^ % bonds expired April 1 .
T he protective com m ittee o f holders o f aforesaid bonds, organized in
Amsterdam to co-operate with the Now Y ork com m ittee, consists of: B . W .
von V lotcn, Chairman; P. Ilofstedo de G root, II. Portein T zn , J. A . van
Sonsboeck, Jan J. Vierhout, J. W ilm ink and J. II. W ijsm an Ilzn , with
J. II. L . Bergsma as Secretary and Amsterdamsche Bank at Amsterdam
and B otterdam as depositary.— V . 100, p. 1082.
Idaho-Oregon Light & Power Co.— P la n — A m a l g a
I n t e r -S t a t e
S h a d e
C lo t h
C o ., H o b o k e n ,
N . J . — N ew
bondholders’ protective committee (A. W . E n t e r p r i s e . — This company, recently incorporated in N . J.
Priest, Chairman), at Chicago, March 20, wrote in substance: with $ 1 0 0 , 0 0 0 cap. stock, expects by June 1 5 to have i n
It has been generally understood by thoso familiar with the conditions operation its large factory at Hoboken, now under construc
existing in and around tho territory served by tho Idaho-Oregon Co. that
tho ultimate solution o f tho problem would bo found in the) olnt operation tion, for the manufacture of hand-made shade cloths, win
of tho various electric properties in that region, and since tho committee dow shades and window-shade rollers.
m a t i o n .— The
camo into control of tho property through the purchaso at foreclosure sale
on Jan. 18 laet.lt has beon ablo to completo arrangements for joining in a
consolidation upon terms which it behoves to bo advantageous to the
depositors, and which aro submitted herein.
The National Securities Corp. (of Va.) office 71|Broadway, N .Y .. has been
organized for the purpose o f acquiring properties in Southern Idaho and
adjacent territory which may bo advantagoously operated together, having
in view the number, location and character o f tho generating plants and the
location and distribution of tho consumers. This new company has ac
quired the interests o f tho Idaho Iiy., Light & Power Co. (V. 99, p. 1528)
and tho Idaho Power & Light Co. (V. 100, p. 478) (formerly Beaver Biver),
thus including all tho eloctric and traction properties in, and directly affect
ing, tho Idaho-Oregon territory, and Is in process of acquiring other prop
erties which can bo advantageously operated in connection therewith.
Tho Railway Syndicate has accepted, in exchange for their syndicate
holdings, securities of tho samo classes as thoso to bo received by you undor
this plan. In tho financial structure of tho National Securities Corpora
tion adequate provisions havo been mado for tho great growth of its business
and useful public service which may reasonably be anticipated.
A proposal has been mado to purchaso tho bonds deposited with this
committee, paymont to be mado therefor in securities o f said National
Securities Corporation, and we have entered into an agreement with respect
theroto. subject to tho assent of tho depositing bondholders. Tho plan of
reorganization dated Nov. 7 1914 (V. 99, p. 1531) is therefore withdrawn
in favor of the following now plan:
Securities of National Securities Corporation to be Delivered to the Committee
for the Respective Depositors in Payment for Each $1,000 Deposited
Bond (Total Deposited, $1,869,000).
Collateral 10-Year 6% (.Prior Lien) Gold Notes subscribed for at 90
with a bonus In common stock, and offered at samo rate to holders
o f deposited bonds to an amount equal to 50% thereof______soo below
Thirty-year 6% gold debenture bonds, issued under agreement dated
Julv 1 1914 with Astor Trust Co. of N. Y ., as trusteo. Denom.
$100, &c. To bear a fixed interest of 6% , o f which 3% must bo
paid In cash In year 1915, 4% in 1916, 5% in 1917, and tho ontiro
6% thereafter. Tho difference between tho foregoing rate and 6%
to bo paid In cash if earned; otherwise in certificates o f indebted
ness payable in cash on or before Dec. 1 1918. The debentures
aro callable upon any interest date at 101 and int. and at option
of holder, aro convertible at any time into prof, s to c k -------------------- $450
Thirty-year 6% income bonds, Issued under agreement dated July 1
1914 with Bankers' Trust Co. o f N. Y . as trusteo. Banking next In
priority to debentures and, after interest in full on tho debentures,
entitled to recoivo as Interest tho earnings up to 6% on amount
outstanding. Denom. $100, &c. Convertible, at option of holder,
into pref. stock____________ _____ _____________________ _____ ____ $450
Preferred stock, 7% cum. after Jan. 1 1919. None Is to be presently
issued and. when issued, will be for the conversion of the deben
tures and incomes, or for cash, or for tho equivalent thereof in prop’y __
Common stock (or voting trust certificates) _________________________ $400
Right to Subscribe at 90 with Common Stock Bonus for 50% in New 6%
10-year Collateral Notes.
Tho aforesaid debentures aro tho senior securities of tho company ex
cepting that, for temporary purposes, it has authorized tho issuo of 10-year
6% collateral trust notes which it is contemplated will ultimately be retired
with tho proceeds from securities o f tho underlying companies.
The collateral notes havo boon subscribed for at 90, with a bonus of com
mon stock, and the right Is offered to all depositors assenting to this plan
to participate In this subscription at tho samo prico as tho original subscrib
ers on or boforo April 19. Subscriptions may bo made for $500 or any
multiple thereof, to tho extent of 50% of tho respective holdings o f fdahoOregon bonds (on blanks to bo furnished by tho committee, 123 Madison
St., Chicago). Subscriptions payable 30% in cash, 30% in 90 days and
tho balance in 6 months.
Tho physical properties will bo held by one or moro operating companies
whoso securities will bo primarily owned and hold by the National Securities
Corporation. Bonds may be issued, secured by mortgago upon tho physical
properties, for retiring tho collateral notes above referred to and to provide
tho funds required for tho future additions, improvements, &e. The now
debentures, therefore, hold the samo relative position with respect to earn
ings as the gonoral mortgago bonds proposed under tho plan of Nov. 7 1914
would havo hold in an independent reorganization.
Tho National Securities Corporation is a holding company organized by
Interests which are universally recognized as among tho largest and most
successful operators of electric proport las in the United States, and which
will manage and operate these properties.
From statements o f earnings of the combined properties which aro avail
able tho committoo boliovo that tho full interest on tho debentures for tho
latter half of 1915 should be earned.
Depositing bondholders not expressly dissenting from this plan on or
before April 9 will bo hold to havo assented. The expenses of tho com
mittee aggregatol(net) $90,483, to bo distributed upon tho 1,869 bonds
have been identified for over 20 years with tho sales and manufacturing
departments of the Jay C. Wemple Co., 35-37 E. 20th St.. New York, the
oldest window-shade manufacturers In New Y o.k.
I s la n d
C r e e k
C o a l
C o .,
B o s t o n .—
E a r n i n g s .—
Cal.
.
Net
Net
Other Preferred Common Reserve Balance,
Year— Earnings. Profits. Income. Divs.
Dies.
Fund.
Deficit.
1914.--$1,008,387 $938,908 $4,245 $298,872 $562,711 $119,672 $38,102
1913. . .
800,448 730,056 5,662 298,754 530,943 106,047 200,025
— V. 98, p. 1922.
K a n s a s
N a tu r a l
G a s
C o .—
„
,
Gas sales ...................................
Oil, &c------------------
E a r n i n g s f o r C a l e n d a r Y e a r s .—
1914.
$2,726,173
108,073
1913.
1912.
$2,979,693 $3,954,277
98,970
109,721
Total
-----$2,834,246
Gas purchased.................................
$841,613
Gas expenses-----------------741,888
Beceivers’ expense............................
137,463
Oil expense, &c.....................
48,841
$3,078,663 $4,063,998
$762,398
$726,138
806,614 1,059,942
79,746
6,888
57,788
49,416
Net earnings.......................
$1,064,442
Bond, &c., Interest...................
$255,163
Property rentals.............................
a974,596
Premium on 1st M . bonds.......... ......
9,167
$1,372,117 $2,221,614
$244,031
$252,888
1,001,729 1,001,398
10,000
9,390
Total deductions.................
$1,238,926
$1,255,760 $1,263,676
Balance, surplus or deficit................ def.$174,484 sur.$116,357sur.$957,938
a Incl. K. C. Pipe Line Co., $716,452, and Marnet Mining C o.. $258,144
BALANCE SHEET DEC. 31.
19 14.
1913.
1914.
19 1 3 .
Assets—
,$
Liabilities—
S
S
S
B e a l e s t a t e _______
2 2 ,1 2 3
2 2 ,1 2 3 C a p it a l s t o c k ____ 1 2 ,0 0 0 ,0 0 0 12,000,000
I.o a s e h o ld ------------ 1 ,6 7 0 ,3 7 0
W e lls ,p ip e lin e s ,& c 6 ,7 1 2 ,0 9 8
O il p ro p e r t ie s ____
7 5 ,7 6 0
I n t . o th e r p ro p ’s . . 2 ,2 6 7 ,2 4 6
M a t e r ia l ln s t o c k .
3 2 8 ,3 6 8
C a s h ......................... 1 ,3 3 5 ,3 0 6
A c c t s . re c e iv a b le .
8 9 2 ,3 1 7
S in k in g f u n d .......... 1,8 0 6 ,9 1 7
D e fe rre d c h a rg e s . 1 ,1 8 1 ,3 2 4
D e f i c i t ............... . . . * 5 , 3 0 8 , 7 2 5
2 ,5 7 3 ,9 5 2 B o n d s o u t s t a n d in g —
7 ,1 0 3 .8 9 4
K . N . G . C o . l s t M 1 ,6 0 0 ,0 0 0
4 3 ,4 3 1
K . N . G . C o . 2 d M 2 ,2 6 7 ,0 0 0
1,98 4 ,4 8 9
M .& M .le t M .
4 6 8 ,0 0 0
2 7 5 ,4 7 4 A c c o u n t s p a y a b le . 4 ,0 5 8 ,8 2 4
1 1 0 ,5 3 0 R e s e rv e s —
1 ,8 2 0 ,3 0 6
D e p re c . ( p la n t ).
9 7 3 ,3 5 4
1 ,1 6 6 ,9 1 7
A b a n d o n e d w e lls
2 9 3 ,9 7 6
1,2 6 0 ,3 2 4
3 ,9 0 3 ,0 4 0
T o t a l ................... 2 1 ,6 6 1 ,1 5 4 2 0 ,2 6 4 .4 8 0
1 ,6 0 0 ,0 0 0
2 ,2 6 7 ,0 0 0
5 4 7 ,0 0 0
2 ,8 6 8 ,4 1 1
6 5 3 ,1 2 5
3 2 8 ,9 4 4
T o t a l ____________ 2 1 ,6 6 1 ,1 5 4 2 0 ,2 6 4 ,4 8 0
* After adding $906,201 for deprec'n on leaseholds and $325,000 on plant
Tho hearing on tho proposition to increase rates to a basis permitting tho
carrying out of the financial plan to which tho State o f Kansas would be a
party, will probably not bo held it is stated, until late in May. A report
filed by tho receivers in tho District Court of Montgomery County, Kan.,
shows that (a) under the present arrangement the company delivers an
average of 29% moro gas to the city limits of tho cities on its lines than it
gets pay for, because under the present system the distributing companies
havo no interest in preventing leaks, (b) Tho receivers expended approx
imately ono-third of their gross income during 1914 for the purchase or gas in
Oklahoma, or $841,612, indicating that moro than $200,000 was lost
through leakage from mains of distributing cos. (c) It will be impossible
to continue to operate the plant and procure an adequate supply of gas for
tho consumers unless an increase in the prico is authorized. Attached to
tho report is an estimate showing that a gross income of $3,012,000 will be
needed during 1915 to meet the terms of the creditors’ agreement and pre
vent foreclosure under the 1st M ., but without provision for the 2d M .
bonds. If these bonds are taken care of, $283,000more in gross income will
bo needed. Tho receivers believe that if the prico of gas is raised so that
tho aforesaid plan may become operative, they can continue to operate
tho plant for six years, pay the legitimate debts of the company and turn
tho plant back to the stockholders. The report shows the company re
ceived an average of only 14.98 cts. per 1,000 cu. ft. from the distributing
companies during the year and much less if all the gas actually delivered
at city limits is considered. See plan V. 100, p. 401.— V . 100, p. 1082.
L a k e
S u p e r io r
P a p e r
C o
.—Readjustment. —
The holders of tho ($486,667) sterling notes will meet at Toronto to-day
to vote on: (1)— (a) Converting the notes into 110% in 6% " A ” debentures,
payablo Mar. 1 1924, bearing interest from Mar. 1 1916 and having the
samo security as the notes; (b) postponing the Interest due Sept. 1 1914 and
Mar. 1 and Sept. 1 1915 and Mar. 1 1916, and providing for tho exchange
of the same for promissory notes to run until June 1 1922 or until previously
called by the company on 6 months’ notice. (2) Consenting to the modifi
cation of tho rights o f tho holders of tho outstanding $5,000,000 1st M . 6%
bonds so as to permit of the postponement until Oct. i 1922 of the payment
of tho interest (compounded) falling duo thereon in 1915 and 1910, and of
canceling for five years the operation o f the sinking fund. (See also Span
ish River Pulp & Paper Co. below and V . 99, p. 1830.)— V . 99, p. 1835.
L ig h t
&
D e v e lo p m e n t
C o .,
S t.
L o u is .—
H o ld in g C o .— ■
See United States Public Service Co. below.— V. 95, p. 622.
M c K e e s p o r t ( P a . ) T i n P l a t e C o . — B o n d s .- —E. W . Clark
& Co., P h i l a . , are placing at 98 and int., yielding at maturity
5.10%, tho final $300,000 of the $2,000,000 1st closed mort
gage 15-year sinking fund 5% gold bonds dated March 1 1915.
Principal due on or beforo March 1 1930, but subject to redemption as a
whole or in part after March 1 1917 at 102H and int. Denom. SI,000 (c*).
Interest M . & S. Free of Ponn. State tax. Company to pay normal Fed
eral income tax so far as may bo lawful. Trusteo, Fidelity Title & Trust
Co., Pittsburgh.
Digest o f Statem ent by E. W. Clark & Co., P hila., March 1913.
Organized in 1902. Some five years ago tho number of mills was in
creased from 10 to 22 and work lias recontly been started for tho installa
tion of 20 new mills, giving a total of 42 mills of low operating cost and
making it tho largest tin-plato plant in the country.
T h e s e $2,000,000 B o n d s . — Tho proceeds aro to bo deposited with tho
Bank of Pittsburgh and paid out against certified expenditures made for
building tho 20 now mills, which will cost about .$1,500,000, other improve
ments, additional working capital, &c. Secured by a closed first mortgage
upon all property, &c., now or hereafter owned in connection with tho
present plant. Sinking fund to rotire tho bonds: 1917 to 1923, 8100,000
per annum, 1923 to 1925, .$160,000 p. a.; 1925 to 1928, $200,000 p. a.;
1928 to 1930, $240,000 p. a.; total, $2,000,000.
P l a n t . — Consists of 16 2-3 acres in borough of Port Yuo, near McKees
port, Pa., with plant which, on completion of the 20 additional tin mills
on or about March l 1916, will havean annual capacityof at loast 3,000,000
boxes of coko tin plate, which is used principally in canning and litho
graph work. Property, with tho additions, will be worth at loast $4,000,
000. Also has not current assets over current liabilities of over $1,500,000,
which must bo maintained at not less than $1,000,000.
Output is taken directly by four customers, viz.: American Tobacco Co.,
Bordon’s Condensed Milk Co., Stand. Oil Co. and Crown Cork & Seal Co.
C a p i t a l i z a t i o n . — Until recently, capital stock, $1,200,000: 1st M ., $625.
000. A short time ago a 100% stock dividend was declared, $400,000 stock
sold to the stockholders and old mortgage canceled. Present capitaliza
tion: Stock, $2,800,000; 1st M . 5% bonds, $2,000,000.
P r o f i t s . — For past five years tho 22 mills have had net earnings of over
$500,000 a year, or five times tho annual interest chargo on these bonds.
With the 20 now mills completed and in operation for two years, tho aver
age net earnings should bo $750,000 per annum.
M a n a g e m e n t . — President, E. R. Crawford, who organized tho company.
Entiro management known for ability and integrity.— V. 100, p. 559.
M a r c o n i
W ir e le s s
P e r io d e n d in g —
G ross.
T e l.
.
N e t.
C o .
o f
A m e r ic a .—
O th . I n c .
E a r n i n g s .—
D e p r 'n . R e s .,A c .
B a l,,S u r .
Year Dec. 31 1914.$746.573 $121,615 $150,274 $59,511 $62,500 $149,877
11 Mos. Dec. 31 ’ 13 177,914
18,082 213,373 33,233 19,971 178.251
— V . 99, p. 1532.
M a y
D e p a r tm e n t
S to r e s
C o .,
N e w
Y o r k .—
E a r n i n g s .—
31
N et
O th er
I n t..
D ep reP f .D i v s . C o m .D iv . B a la n c e ,
Yiar.
P r o fits .
In c.
T a x ..A c . d a ., A c .
(7%)
(5%)
S u r p lu s .
1915-..$1.902,889 $22,215 $318,683 $201,085 $544,320 $750,000 $111,016
1 9 14--- 2,281,510 37,721 228,634 212,030 577,500 750,000 551,067
— V . 98, p. 993.
Jan.
M a n n in g ,
M a x w e ll
&
M o o r e ,
I n c .—
D iv id e n d
M o r r illto n
R ecord
1911.
444
(A r k .)
W a te r
(P er
1912.
4
W o r k s
C e n t) .
1913.
644 (incl. 44 ex.)
C o .—
1914.
6
S a l e .—
II. M . Doan, Commissioner in Chancery, Arkansas, will on M ay 22 1915
offer for salo all tho property, rights and franchises.
N a tio n a l
C a s h
R e g is t e r
C o .,
D a y t o n .—
A p p e a l—
Attorney-Goneral Gregory on Mar. 31 on behalf o f the Government
applied to tho U. S. Supremo Court for a writ o f certiorari to review
tho decision of the U. S. Circuit Court of Appeals on Mar. 13, reversing
the verdict rendered in tho lower Federal Court, holding President Patter
son and 26 other officers and sales managers guilty of violation of the Sher
man Anti-Trust Law.— V. 100, p. 984.
N a tio n a l I c e
&
C o ld
S to r a g e
C o .,
S a n
F r a n c is c o ,
1st M . 6% gold bonds of this company, whoso
advertisement appeardd on page 8 (seo also p. 136) of tho
“ Panama-Pacific Section,” issued Nov. 28 1914, were ofered in 1913 in part by Kennett Cowan & Co. and E. F.
Hutton & C o . and in part were placed in Europe.
B u s i n e s s . — The company harvests natural ico in tho Sierra Nevada Mtns.
manufactures artificial ice in various factories located in tho principal cities
of California, and does a diversified business in storage of ail classes of moats,
poultry, fruits and vegetables, car icing and tho salo of ico for wholosalo
and retail consumption throughout practically the entire State of California.
C o m p a n ie s .
Pac. I. & C. S. Co.
Tahoe Ico Company.
Sonora I. & C. S. Co.
California Ico Co.
M t. Ice Co. of Cal.
South. Cal. Ico Co.
Petal’a I. & C. S. Co. Floriston Ico Co.
Dist. 1. & C. S. Co.
Marysvillo I. & C. S. Co. S. Pablo I. & C. S. Co. Cone I. & C. S. Co
Stockton I. & C. S. Co. Fresno Con. Ico Co.
San J. I. & C. S. Co.
Watson I. & C. S. Co.
Con. Ice & C. S. Co.
Valley Ico Co.
Oakland I. & C. S. Co.
P h y s i c a l P r o p e r l y . — Owns and operates four natural ico plants located at
Floriston, Iceland and Polaris, Cal., producing capacity, 50,000 tons per
annum and a storage capacity of 37,000, and wholly or partly owns and
operates 25 artificial ico factories in the following cities: San Francisco (2),
Los Angeles (2), Sacramento, Oakland,(2), Stockton (2), Fresno (2), Red
Bluff, Vallojo, Sonora, Berkeley, Riverside, Santa Rosa, Watsonville,
Merced, Petaluma, San Jose, Marysvillo, San Bernardino, Porterville and
Bakersfield, with a daily capacity o f 1,011 tons and a storage capacity of
46,775 tons of ico. Plants, equipment, real estate, &c., were appraised
at $5,750,000 on May 22 1913, and since that date new construction to the
amount of moro than $500,000 has been completed or nearly completed.
C a p ita liz a t io n —
A u t h o r iz e d . O u ts ta n d in g
$200,000
Preferred (7% cum.) stock_______________________ $5,000,000
Common stock_____________ '____________________ 15,000,000 15,000,000
Funded debt— 1st M . 6% bonds__________________ 15,000,000
3,530.000
Bonds dated Dec. 1 1912. Duo Dec. 1 1942, but redeemable all or in
part for sinking fund on any interest period after Dec. 1 1917 at 105 and
int. Denom. $1,000. Trustees,. Union Trust C o., Ltd., Toronto, and
George E. Stevenson, Detroit. Interest J. & D. at Nat. City Bank, N. Y .,
and in London, at $4 86 per £ sterling. Annual sink. fund. 1% of bonds
outstanding, beginning Dec. 1 1913, for retirement of bonds after Dec. 1 T7.
Secured by a first lien on all co’s freehold lands and properties in San
Fran., Stockton. Oakland, Petaluma, Marysvillo, Santa Rosa, Los Angeles,
Floriston and Watsonvilio, and in Nevada County; on leasehold proper
ties at Stockton and Riversido, and, through tho deposit of securities, on
tho company’s plants in Fresno, San Joso, Sacramento, Sonora and other
cities in California. Also on hereafter-acquired property. Tho $11,470,
000 reserved bonds can only bo issued for additions, improvements and
extensions at not to exceed 75% of the cost o f same, and for tho acquire
ment of new properties at not to exceed 50% of their fair value as going
concerns, but only when tho net earnings of tho company aro twico the an
nual interest charge, including tho additional bonds to be issued.
Y o r k
T e le p h o n e
C o .
— O r d e r .—
N o r t h e r n
C o n n e c t ic u t
L t.
&
P o w .
— A p p lic a tio n .
C o .
The company recently applied to tho Conn. Legislature for authority
to increase Its authorized stock from $500,000 (of which $250,000 common
and $150,000 preferred is outstanding) to $2,000,000. Tho company
wishes, it is stated, to purchaso water or water companies that now supply
the territory covered by it and to financo the improvements of tho Thompsonville Water Co. Seo that co. below.
Negotiations, it is reported, aro under way for tho sale to tho company
of the Hartford & Springfield Street Ry. Tho Northern company, it is
stated, is to develop tho distribution of electricity to be produced by tho
hydro-electric plant at Windsor Locks when the Northern company can
obtain a Federal charter for its dam.— V. 94, p. 283.
.—
N o r t h e r n S t a t e s P o w e r C o . — C o m b in e d E a r n i n g s
C o n s o li d a t e d S ta t e m e n t Y e a r e n d i n g D e c . 31 1914 (i n c l u d i n g S u b s i d i a r y C o s . ) .
B a la n c e ,
N e t ( a fte r
B ond, e t c .,
P re f. D io .
C a len d a r
G ross
S u r p lu s .
T a x e s ).
In t e r e s t ( n e t ) .
(7% ).
Y ear—
E a r n in g s .
1914..................$4,395,868
1913 ................. 3,887,408
— V. 99, p. 1303.
O h io
C itie s
G a s
$2,364,370
1,956.934
C o .—
$1,339,668
-------------1,204,000
$587,069
572,138
$437,633
180,796
D e c i s i o n .—
Judge Kinkead in the Common 1’ lcas Court of Franklin Co. on Mar. 17
held that tho city is entitled to recover only $86,265 from the Federal Gas
& Fuel Co. instead of $183,671 as held by Master Commissioner M cCoy,
submitted on Dec. 30 last. Judge Kinkead rules that the city is entitled
only to 10% of tho receipts from tho sale of natural gas in excess of 15 cts.
for the benefit of tho general expense fund. The Court says that a munici
pality can assess a gas company only enough for ‘ ‘inspection” and “ regula
tion” purposes, and that if 10% of the total receipts wero taken by the city,
the franciiise would bo a “ rovenuo” measure in violation of statutes apply
ing to utilities. The city will appeal. Comparo V. 100. l). 145.
P h ila d e lp h ia
E le c t r ic
C o .—
P o s s ib le
A s s e s s m e n t . — Tho
In regard to tho roports in reference to a final assessment on tho stock,
on which $22 50 is now paid in on a par of $25 per share, it is probable that
tho management of tho company some timo in the near future will call for
an assessment of $2 50 per share, thereby making stock full-paid. No
official confirmation of the contemplated assessment is available, and it
can bo stated tfiat tho management has not yet decided on any of tho
details Tho total outstanding authorized capital stock on Jan. 1 1914
was $24 987 502, divided into 999,510 shares, so that tho final assessment
will net nearly $2,500,000, for improvements and extensions. The last two
previous assessments were $5 per sharo on Dec. 1 1913 and $2 50 on June 1
1912 Stockholders have received stock dividends of $1 50 and $2 50
respectively, applicable toward theso assessments.— V. 100, p. 737.
P o n d
C a le n d a r
Y ea r—
C r e e k C o a l C o ., B o s to n
G ross A d m i n .,A c .,
N et
E a r n in g s . E x p e n s e s . P r o fits .
1914
$104,137
— V. 98, p". 1764.
P r a ir ie
O il
&
G a s
1914.
C a l
B o n d s .— Tho
S u b s id ia r y
N e w
The V. S. Commission on Mar. 31 mado a formal order directing tho com
pany to put into effect for 3 years from July 1 noxt tho reduced rate sched
ule in this city recently announced. Tho company yesterday announced
that it would accept tho order.— V . 100, p. 1082, 731, 737.
“ Philadelphia News Bureau” March 30 said:
N o D i v i d e n d .—
The directors on Mar. 31 took no action on the usual quarterly dividend
paid at this timo on the $5,000,000 stock. From Sept. 1912 to Dec. 1914
was distributed quarterly.
1905.
1906 to 1910.
444
6 yearly
— V. 95, p. 753.
N e t I n c o m e , I n c l u d i n g P r o p o r t i o n s o f E a r n i n g s o f C o n t r o lle d C o m p a n i e s .
1909.
1910.
1911.
1912.
1913.
Not earnings________ $387,349 $363,116 $420,597 $460,157 $487,734
O f f i c e r s . — N. Ohlandt, I’ res.; Jno. A. Buck, 1st V.-P.; F. B. Whipple,
2d V.-P.; Joseph Martin, Gen. M gr.; J. T. Donahuo, Soc. & Treas.
Data from Pres. IN. O hlandt, San Francisco, May 23 1913.
Recently formed and has acquired the business and all the property and
assets of tho National Ico & Cold Storage Co. (excepting moneys ac
counts and bills receivable), and thus is successor of National Ice Co.,
founded in 1891. During tho year 1912 sold 300,000 tons of ico against
20,000 sold in 1891. The cold-storage business has also shown romarkablo increase, tho capacity of the warehouses owned and controlled hav
ing increased from 25,000 cu. ft. in 1897 to 3,313,900 cu. ft. in 1912.
The staplo industry of California is the production and export of vegetables,
fruit and dairy products, and the growth of this industry is illustrated by
the fact that the exports of those goods increased from $96,905,000 in
1900 to $227,565,000 in 1910. Even now botli branches of our business
are insufficient to supply tho domand.
To provide part of tho purchase price paid for tho business, property and
assets of tho National Ico & Cold Storago Co., $3,530,000 of I s t M . bonds
have been issued and aro now being offered for salo, and tho balance of
tho purchase price has boon provided by the issuo of common stock. For
tho acquisition of further properties and to provido working capital, 18,000
shares of pref. stock have been underwritten and part of the funds derived
therefrom have been used to purchaso tho remainder of the shares of fivo
subsidiary companies. The property owned has boon appraised at $5,
750,000 as a going concern, and the salo of prof, stock contracted for will
bring into tho treasury $1,500,000, tho greater part of which will bo exponded to acquire other properties.
$23,640
C o .—
$80,497
—
E a r n i n g s .—
O th e r
In com e.
B ond
I n ter es t.
$20,047
$120,000
B a la n c e ,
D e f ic it.
$19,456
B a la n c e S heet D e c . 3 1 . —
1914.
1913.
Liabilities—
1 ,4 2 5 ,7 5 3
R e a l e s t a t e ________ 1 , 4 9 0 , 9 4 4
P e r s o n a l p r o p e r t y 3 0 ,0 9 5 ,6 9 3 3 0 ,1 9 9 ,3 3 0
M e r c h a n d i s e _______ 3 4 , 8 5 0 , 4 4 2 4 2 , 4 2 , 8 , 9 0 0
C a s h o n h a n d _____ 5 , 9 9 2 , 4 3 3
3 ,5 6 8 ,0 2 7
A c c ’ ts r e c e iv a b le - 1 4 ,2 8 6 ,5 3 0
0 ,9 4 4 ,8 3 0
T o t a l ................... 9 2 ,7 1 0 ,0 5 0 8 4 ,5 07 ,44 0
— V . 100, p . 403, 234.
$
1913.
$
C a p it a l s t o c k p a id
.1 8 ,0 0 0 ,0 0 0 1 8 ,0 0 0 ,0 0 0
u p .........................
A c c o u n t s p a y a b le - 7 ,8 5 8 ,4 1 9
5 ,4 9 0 ,1 2 8
B o n d e d d e b t ________ 9 , 0 0 0 , 0 0 0 9 , 0 0 0 , 0 0 0
B a l a n c e _______________5 7 , 8 5 7 , 0 3 1 5 2 , 0 7 1 , 3 1 8
T o t a l ........................ 9 2 , 7 1 6 , 0 5 0
8 4 ,5 6 7 ,4 4 0
(W illia m
H .)
R a u
C o r p o r a t i o n . — I n c o r p o r a t e d . — This
corporation has been incorporated in Delawaro to acquiro tho
photographic business of William H. Rau, soveral valuable
patents in connection with tho motion picturo business, and
to own and operate a moving picture manufacturing plant.
Capitalization, 8% cum. pref. (p. & d.) stock (participating equally as
to dividends with tho common stock) authorized, $250,000; to bo issued at
this time, $210,000. Common stock, $600,000. Mr. Rau will bo tho
President and devote his entire time to ttie corporation’s affairs. Ho has
associated with him men of wido experience in business and theatrical pro
duction work to administer witli efficiency those departments. II. E.
Mitchell & Co., Philadelphia, aro interested.
R e m in g t o n
T y p e w r it e r
C o .—
E a r n i n g s .—
Calendar
Net
int.,
1st Pref.
2d Pref. Com.Div. Balance,
Year— Earns. Depr.,&c.
Div.
Div.
(1%) Stir, or Def.
•
$
$
*^*
$
$
$
1914____ 576 416 562,645 (5)4)210,000 (6)300,000 ______def.496,229
1913____1,751,987 537,893 (7%)280,000 (8)400,000 100,000 sur.434,094
The dividends in 1914 are deducted by tho company from profit and loss
account, but aro shown as abovo for tho sake of simplicity. Tho total ac
cumulated surplus Dec. 31 1914, after deducting the same, also $1,639,816
for readjustment of inventories and $500,000 for contingent war and Euro
pean reserve, was $2,200,220.— V. 100, p. 985.
S a c r a m e n t o V a l l e y I r r i g a t i o n C o . — S t a t u s . — In present
ing their plan (V. 100, p. 1083), the bondholders’ committee
says in substance:
In tho settlement of Dec. 31 1913 with tho American Water Works &
Guarantee Co. mentioned in letter of Mar. 16 1914 (V. 98, p. 917), approxi
mately $500,000 was paid over to your committee to bo used for the pro
tection of the interest of tho depositing bondholders. Otherwise a re
ceivership would undoubtedly have been necessary. When tho committe
was organized in 1913 thero wero outstanding $7,260,800 of bonds (V. 90,
p. 56, 171) and additional liabilities of over $5,000,000.
Of the bonds, $7,162,200 havo now been deposited with tho commltteo.
Practically all suits except one for a large amount for construction work
havo either been taken care of or will be removed when tho reorganization
is completed. The committeo has had assigned to it practically all of tho
indebtedness, including ttio judgment of $87,117 in tho Beckwith suit, all
taxes havo been paid and small creditors havo beenlsatlsfied. As stated
in our letter of Dec. 5 last, the Irrigation Co. gave your committee on Sept. 5 proxies in names of R. E. McDonnell and James J. Franc,
1914 a mortgage to secure $4,658,939 claims assigned to the committee
and all sums that might be advanced by us.
attorney, 30 Broad St., N. Y ., for use at the annual meeting
Owing to the pending foreclosure the salo o f land has been practically
at a standstill. The small sales in 1914 averaged $174 per acre, which is April 23, with a view to electing a new management. A cir
no criterion of actual valuo. The company did no farm development work cular dated Mar. 27 1915 says in substance:
except cultivation, &c., of its orchard lands; of its other lands about 56,000
Wo are stockholders of the above company and represent others dis
acres were leased for the season for grain and hay farming, the return satisfied with the management. The reports show income for 1901-02 of
amounting to $42,508. The total receipts in 1914, from normal sources, $1,373,849 and for 1912-13 of $159,180, a shrinkage of 88% , with a reduc
including land contracts, amounted to $249,611; total expenditures o f a tion of surplus from $470,809 to $34,176. It now appears that the company
normal character, $269,105. On Jan. 1 1915 the unpaid principal on con for some time past has been without income other than rentals barely suf
tracts for land sold was $2,077,361, of which $259,461 was past due. Some ficient to meet the interest on its bonds. The leases have lately expired
portion of the unpaid principal will have to be canceled as uncollectible and or are about to expire, and we are without information as to what arrange
the lands resold. The collection of part o f the past-due accounts may ments, if any, havo been made for their renewal. For three years past the
have to bo deferred. The operating expenses for 1914 for the Sacramento company has been without a President and tho stock books show that the
Valley West Sido Canal Co., including pumping, maintenance, general directors hold only 19 shares; the officers hold all told 20 shares. Thesituation
expenso and taxes, amounted to $96,761 (compared with $107,149 for 1913), seems to demand a new board of directors independent of the old manage
not incl. exceptional charges to oper. of $20,734. See plan V. 100,p. 1083.
ment. Compare V. 98, p. 1843.
San Antonio Land & Irrigation Co., Ltd.— C o m m i t t e e .
As to the result of the negotiations between the President of the company
and Mr. Mead-Taylor, Chairman of the bondholders’ committee formed in
July 1914, the following new committee of bondholders has been formed and
will endeavor to formulate a plan of reorganization: A. P. C. C. Luxmooro,
H. M a c o m Hubbard, Alfred S. Marks, II. Mead-Tay or (Chairman),
F. S. Pearson, Thomas Rowe and Thomas Walter Simpson, with T. Porter
of 34 Ilishopsgato, E .C ., London, Eng., as Secretary.
Sandusky River Power Co.— F o r e c l o s u r e .—
The Cleveland Trust Co., acting as trustee, in accordance with request
of a majority in interest o f bondholders, has declared the outstanding 1st
and 2d mortgage bonds, aggregating $375,000, to be due and payablo, and
has intervened in the receivership proceedings, asking for foreclosure of
trust deeds covering hydro-electric plant at Ballvillc, O. The water supply,
it is stated, is not sufficient, except at flood stage, to enable the company to
fulfill its contracts for current. The company having, it is reported, pur
chased late in 1912 the property of Fremont Power A Light Co., made two
new mortgages, viz., 1st M ., $300,000 1st 5s dated Sept. 1 1912 and due
Sept. 1 1937; 2d M ., $75,000 6s dated M ay 1 1913 and due May 1 1915 to
1922. Int. due and unpaid on 1st M. since Mar. 1 1914, on 2d M . from
Nov. 1 1913. Capital stock, $600,000. Budd J. Jones is receiver.
(C. A.) Smith Timber Co.— L iq u id a tin g
M e a s u r e s .—
There has been sold 38,000 acres of the Linn A Lane timber property in
Oregon and $50,000 of the $1,350,000 1st 6s of 1910 of that company
havo been paid by tho C. A. Smith Timber Co., and the balance ($1,300,000)
assumed by tho purchaser of the property (tho Continental Timber Land
C o.), who also paid in $200,000 which has been used to settle some of tho
funded obligations.
Tho liquidating committee is gotting the noteholders of the C. A. Smith
Timber Co. to agree to take now bonds for the overdue notes and others
maturing in July. Thero are $2,100,000 collateral trust notes (V. 97,
p. 891) due in July 1915 and $602,000 o f other notes overdue. Tho plan
provides that both lots shall be exchanged for new bonds maturing in seven
years. Deposit of the $5,000,000 o f 1st M . sinking fund bonds of 1912
(V. 94, p. 1321), of which $112,500 matured Feb. I, lias been requested
by the Poole bondholders’ protective committee, and $4,700,000 bonds
havo been deposited; it is planned to extend tho maturity of these bonds
to give the liquidating committee a chance to liquidate other of the Smith
timber holdings. These consist of three tracts not tributary to the opera
tion of tho company at Marshfield— ono of redwood, one of sugar
pine and ono of spruco. Tho unsecured creditors are co-operating and a
large number havo already accepted one-year notes. The plan, liowover
has not yet been declared operative. Compare V. 99, p. 1752.
Southport (N. C) Lt. & Pow. Co., Inc.— F o r e c lo s u r e
S a le .
Thos. E. Cooper, trustee in bankruptcy, will, on April 15 1915, offer tho
entire property at auction in Southport, N. C., including 40-year franchise,
street-lighting contract, power-house, 70 k.w. (new) and 50 k.w. generators
and 3 miles of service lines, etc. Population of city, 1,500.
Spanish River Pulp & Paper Mills.— R e a d ju s t m e n t . —
Tho holders of tho £300,000 6% (2d M .) sterling notes were to meet in
London Mar. 31 to voto on: (1)— (a) Converting tho principal of tho notes
into 110% of “ A ” debentures payablo Mar. 1 1924, bearing the same rate
of interest from Mar. 1 1916 and having tho same security as the said notes;
(b) postponing tho interest duo Sent. 1 1914 and Mar. 1 and Sept. 1
1915 and Mar. 1 1916, and providing for tho exchange of tho same for
promissory notes to run until June 1 1922 or such prior date as company
shall on (i months’ notico fix for their payment. (2) Consenting to a modifi
cation of tho rights of the holders of tho ($2,327,000) 1st M . 6% bonds of
tho company, and also tho $1,451,600 1st M . 6s of Ontario Pulp & Paper
Co., Ltd., so as to permit of tho postponement until Oct. 1 1922 of tho in
terest duo thereon in 1915 and 1916 (compounded) and to tho canceling
for five years of tho operation of tho sinking funds. (3) Approving tho
modification of tho rights of tho 6% sterling notes of Lake Superior Paper
C o., Ltd., as above stated.— V. 100, p. 313, 59.
Standard Gas & Electric Co.— A n n u a l
E a r n i n g s .—
See “ Annual Reports” on a preceding pago. The brief statement widely
published last week was improperly compiled.— V. I()(), p. 1098.
Standard Oil of Kansas.— B a la n c e
1914.
1913.
A ssets —
S
$
H eal cat. * plant . 1 ,3 9 4,0 10 1,10 2,0 92
862
1,198
P ersonal prop erty M e r clia n d lso .......... ..
374 ,33 9
749,012
61,345
C a s h - . ______________ 533 ,02 0
S to ck s, b on d s, A c
390,49
398,594
4 9 0 ,4 1 0 /1 ,4 2 4 ,4 0 0
B ills receiv a b le.
A c c ’ ts r e c e iv a b l e ..j
\ 134,096
T o ta l____
_____ 3,183,142 3,871,338
S h eet D e c .
TAabllUies—
Capital
31.—
1914.
s
1913.
$
s t o c k . ............. 2 , 0 0 0 , 0 0 0 2 , 0 0 0 , 0 0 0
3 8 ,7 2 0 /
2 5 0 ,0 0 0
B i l l s p a y a b l e ------------ 1
A c c ’ t s p a y a b l e _____/
j
2 .5 0 ,2 3 3
p r o f i t s ..............1 , 1 4 4 , 4 2 2 1 , 3 7 1 , 1 0 5
Undiv’d
T o t a l .........................3 ,1 8 3 ,1 4 2 3 ,8 7 1.3 38
— V . 100, p. 480.
Thompsonville (Conn.) Water Co.— A p p l i c a t i o n .—
T h e c o m p a n y recen tly applied to tho C o n n . Le gislatu re fo r a u th o rity to
increase the a uthorized stock from $280,000 to $500,000 and to change the
p a r value of the stock from $25 to $100 per share if a pp ro ved b y a tw o th ird s v oto of tho stock; to issue bonds to an a m o u n t n o t exceeding 7 5 %
of the ou tstan d in g stock and to extend the rig h t of em in en t d o m a in for tho
ta k in g of w ate r for p ub lic purposes so as to enter Som ers and oth e r te rri
t o r y outside of E n fie ld . See N o rth e rn C o n n e c tic u t L ig h t & B o w e r C o .
a b o v e — V . 99, p . 274.
Union Oil Co.— D e a l O f f .—
I t is rep orte d th a t at the ann ua l m eeting on A p r il 15 tho B ritis h synd ica te
represented b y A n d re w W e ir of L iv e rp o o l w ill be g iv e n an a m o u n t
of stock equal to tho cash p aid in to tho trea su ry ($ 2 ,4 8 3 ,0 0 0 ), a nd the deal
m a de in A p r il 1914 for the sale of tho rem aind e r of tho $15,000,000 tre a su ry
stock bo declared off, o w in g to the w a r measures of the B ritis h G o v t ,
w h ic h forb id E n g lis h s i b i e j t i t o m p i r i h t s i n ; fo re ijn se iu rltie s .
Com
pare V . 100, p . 897; V . 99, p . 347, 744.
United Cigar Stores Co. of America.— R e t ir e m e n t .—
George J . W h e la n , fo u n de r of tho c o m p a n y and other concerns, announced
his retirem ent fro m a ctivo business on M a r c h 27 on his 50th b ir t h d a y . M r .
W h e la n w ill, how e ve r it is un d ersto od , n ot dispose of his h oldin gs in th o
v ariou s properties.— V . 100, p . 4 04, 314.
United States Fuel Co., Utah.— C o n s o li d a t i o n . —
Press reports state th a t th is c o m p a n y is being organized in U t a h w ith
$10,000,000 capital stock ($3,000,000 p re f., $7,000,000 c o m m o n ) and an
authorize^ bond 1:-------r o i nnn nnr, ........
..
.
th o Indebtedness
B la ck Ha
Smelting, nenmng <x iviinmg ' ,u. mrougn tne Utah Company.
___ _
bon ds, it is stated u n o ffic ia lly, w ill bo used in p a rt to take up floatin g debt
a nd p ro v id e for re tirem en t a t o r before m a tu r ity , n a m e ly tho follo w in g
u n d e rly in g bonds: Ca stle V a lle y C o a l C o ., $1,000,000 ( V . 99, p . 1530)
Con so lida ted Fu e l C o ., $500,000, a n d B la c k H a w k C o a l C o ., $200,000.
United States Light & Heating Co.— S a le O r d e r e d . —
Ju d g e H a ze l in the Fe de ral C o u r t a t B u ffa lo on M a r . 30 a uth o rized tho
receivers to sell tho assets p re p a ra to ry to a reo rga n iza tio n — V
100
p . 1099, 906.
United States Reduction & Refining Co.— P r o x i e s . —
Byrne & McDonnell, GO Broadway, N. Y ., aro asking for
United States Smelting, Refining & Mining Co.—
The regular quarterly dividend of 87V2 cents (1M % ) has been declared
on the prel. stock, payable April 15 to holders of record April 3. No action
was taken on the common dividend, although the figures for the first three
months ol the current year (March estimated) show that the company is
earning a substantial balance above the requirement for the pref. dividend,
rhe dividend was also omitted in Jan. and Oct. last.
E a r n i n g s . — For
C a len d a r
the year ending Dec. 31:
N et
E xp en ses &
P ref. D ie s .
C om m on
B a la n c e,
, nYfar—
kn9F D e p r e c i a t i o n . (7% ).
D iv id e n d s .
S u r p lu s .
...................$2,932,519 $666,877 $1,702,144
(3)$526,748 $36,749
19h3- - - - - - - - - 4.555,122 969,535 1,702,144 (6)1,053,322 830.120
n
of copper, lead silver and gold, 17,946,659 lbs., 64,443.260 lbs.,
?i(?36k! 37i a
1? o ’7iR 2Zl‘ m
respectively, against 20,239,973
lbs., 58,116,504 lbs., 13,089,<08 ozs. and 148,372 ozs., respectively in 1913.
Average prices received, 13.404c. copper per lb., 3.827c. lead per lb.
^no n c 5’564<(k slve,r per ° z 1914, against 15.433c. per lb. for copper.
4.396c. per lb. lead and 60.503c. per oz. silver in 1913.— V. 99, p. 1533.
United Steel Co., Canton, O.— S e t t le m e n t . —
See American Rolling Mill Co. above.— V. 84, p. 1434.
Utah Company.— C o n tr o lle d
M e r g e r .—
Com pany
See United States Fuel Co. above.— V. 97, p. 600.
Vacuum Oil Co., Rochester,
N.
Y .—
E a r n i n g s — D i v s .—
The report says: “ After charging $101,904 to insurance reserve, profits
for tho yoar 1914 amount to $2,075,644. Owing to tho war it is not possi
ble to determine the undivided profits on the shares held by this company
in the various foreign marketing companies. While there'has been some
growth of business, cash surplus has increased, due to a temporary reduc
tion in capital requirements.”
Results for Calendar Years.
1914.
1913.
1912.
1911.
aNet profits...................$2,075,643 $3,375,7741
C o.’s prop, of profits of
} $4,159,006 $2,938,037
foreign market cos__ Not reported 1,457,156/
T o ta l.......................... $2,075,643
Int. to Stand. Oil of N.J.
______
$4,832,930
---------
$4,159,006
---------
$2,938,037
502,020
Balance for dividends $2,075,643 $4,832,930 $4,159,006 $2,436,017
D ividends...............(8%) 1,200,000 (6)$900,000 (6)$900,000 (6)$150,000
a After deducting insur. reserve, $101,903 in 1914, against $100,840
in 1913.
An extra dividend of 2% has been declared on the $15,000,000 stock, in
addition to the regular semi-annual disbursement of 3% , both payable
May 15 to holders of record May 1. On May 15 and O ct.'31 1913 and 1914
3% was paid, also Aug. 15 and Oct. 31 1912 and earlv in 1911 6 % :pre
viously at irregular intervals. The stock was increased in 1912 from $2 500,000 to $15,000,000 (V. 94, p. 491, 703, 771).
B a la n ce S h e e t D ec. 31.
Assets—
1914.
s
1913.
1914.
Liabilities—
$
1913.
§
R ea l e s t.,p la n t,A c . 4,13 9,7 91
3 ,5 0 1,1 08 C a pital s t o c k _____ 15,0 00 ,00 0 15,0 00 ,00 0
S tock s o f foreign
D u e foreign V a cu
V a cu u m O il c o s . 1 2,4 59 ,08 6 11,376,385
um O il c o s -------- 1,90 7,5 04
1 ,299,874
S tock s o f o th er co s .
5 9,3 80
60,181 S u n d ry a ccou n ts
G o v ’ t s e c u ritie s -.
15,862
16,875
p a y a b le _________
696 ,01 7
931,421
M d se . A m aterials 7 ,1S 8,372 7,00 8,8 86 Insurance res erv e.
202,744
100,840
A c c ’ ts re c civ a b t3 .* 9 ,1 1 8 ,0 5 0 11,421,088 S u r p lu s ------------------ 18,326,693 17,1 51 ,04 9
C ash and sh ort
term secu rities. 3 ,1 5 2 ,4 1 7
1,096,661
------------36,132,958 34.484,184
T o t a l _. _____ 36,132,958 34,484,184
* Includes $6,609,087duo from foreign Vacuum Oil cos.— V .9 8 .p . 1606.
T o ta l
Vicksburg (Miss.) Water Works Co .—
P u r c h a s e b y C i t y .—
See “ Vicksburg” in "State and City” Department.— V. 100, p. 235.
Warren Bros. (Asphalt) Co., Boston.— D e c i s i o n .—
Justice Hindman, in Calgary, Alberta, on March 22 in tho suit brought
against the City of Calgary and the Canadian Mineral Rubber Co., of
which the American Asphalt A Rubber Co. of Chicago is a subsidiary, held
that the defendants had infringed the basic Candaian patents of tho War
ren Co. covering bitulithic pavement. A referee has been appointed
to fix tho amount of damages, which will havo to bo met by the surety
company on the bond, as the defendant companies passed into receiver*
hands about a year ago. The contract amounted to about $300,000. The
company’s bitulithic patents have been sustained by the U. S. courts.
— V. 98, p. 843.
Wildwood (N. J.) Waterworks.— P r o p o s e d
Seo “ Wildwood" in "State and City” department.
S a l e .—
(J. S.) Young Co. (Former Subsidiary of the American
Tobacco Co.).— P r e f . Stock — S t a t u s . — Howard R. Taylor &
Co., who arc offering 7% cum. pref. (p. & d.) stock (divs.
Q.-J.) at a price to yield about £»)•£%, report:
Established in 1882. incorp. Dec. 1911 in Md. under plan for segregation
of the assets of American Tobacco Co., and took over the Baltimore plant,
operated by tho MacAndrews & Forbos Co., brands of licorice paste and
good-will. Is paying dividends of 10% on common stock, which, at marIcot price $155 per share, represents an equity of $1,555,000. No bonded
debt. Not quick assets nearly equal to the $1,000,000 pref. stock. Net
profits for year ended Dec. 31 1914, after deducting charges for deprecia
tion, represented over 30% earned on the pref. stock for the fiscal year.
Total net profit for year ended Dec. 31 1014, after liberal (leprec. charge,
$306,433. Deduct pref. dividends, $70,000, and 10% dividend common
stock, $100,000; bal., sur., $136,433.
Balance Sheet Dec. 31 1914 (Totals, $2,490,732).
Plant, trade-marks, good
Pref. stock/Total auth. 1_$1,000,000
will, A c---------------------- $1,551,961 Com.stock) all out / . 1,000,000
Raw mat’ls, supplies, A c.
404,444 Accounts payable_______
4,643
Cash
122,816
420,421 Reserve for depreciation . .
Bills and accounts receiv
Reserve for dividends___
42,500
able
113,906 Total surplus___________
320,773
Tot. surp. Dec. 31 1913, $184,340; Dec. 31 1914, $320.773.— V.95,p.241.
Westchester Lighting Co.— S e ttle m e n t .—
A compromise of the long-pending dispute has, it is stated, been reached
under which gas and electric light rates will be reduced, the latter from
13 to 12 cts. per kilowatt hour. The saving to consumers will, it is said,
amount to about $100,000 yearly. The P. S. Commission was expected
to sign tho final order late this week. Compare V. 100, p. 146.
Western Electric Co. —
C h a n g e i n D i r e c t o r s .—
In order to comply with the spirit of tho Clayton law as to interlocking
directors, II. B. Thayer has retired as a director and Vice-President of tho
American Telep. A Tcleg. Co., and Theodore N. Vail and associates of the
Telephone Co. from the Western Electric board, which has been reduced in
number. The new members of the Western Electric Co. board are men
who havo long been connected with the company. Tho board now consists
of: E. M . Barton, II. A. Halligan, W. H. Miner, A. L. Salt, W. I’ . Sidley,
Gerard Swopo and II. B. Thayer.— V. 100, p . 985.
J . 1. CASE T H R E S H I N G M A C H I N E C O M P A N Y , Inc.
1914IANNUAL REPORT.
R a c in e, W i s c o n s i n , M a r c h
16 1915.
T o the-, S to ck h o ld er s o f th e J . I . C a s e T h r e s h in g M a c h i n e C o . :
The Directors beg to submit Income Account for the fiscal
year ending Dec. 31 1914, together with Balance Sheet as
of that date, supplemented by report on the Company’s
business for the period.
INCOME ACCOUNT|FOR 1914.
Profit from sale of Agricultural and Road ^Machinery auto
mobiles, &c., and Income from other sources, after deduct
ing all operating expenses and ascertained losses, but before
deducting Interest Charges and Bond Discount applicable
to the year and additional Reserve for Losses on Receivables
and Collection Expenses............ ......... ............................... ..$2,024,877 77
Deduct:
Interest on Bonds and Notes, and proportion
o f Bond Discount applicable to the year__ $1,008,180 17
Reserve for Losses on Receivables and Col
lection Expenses________________________
50,000 00 ' "’ I
---------------------1,058,180 17
Net Profits and Income for the year which have been car- a!
rled to the Balance Sheet next following------------------------
___ _
$966,697 60
REPORT ON OPERATIONS.
gross sales for the year amounted to $14,395,384 04,
the greatest volume for any year in the history of the Com
pany; of this amount, $12,178,286 63 were domestic and
$2,217,097 41 export sales. It will be observed that domes
tic sales were greater, while foreign sales were less, than in
the previous year.
_
_
In previous reports we have dwelt on the impracticability
of estimating profits for the year in advance, as well as on
the lack of purpose in attempting to furnish monthly state
ments of earnings. It has been explained that while ex
penses are fairly uniform throughout the year, the Company
does not take credit for sales made until the goods have been
delivered and settlement received therefor in cash and notes;
deliveries vary considerably as compared with sales and sales
expense, and as monthly statements of earnings would mani
festly be misleading, they have therefore not been attempted.
The variation in volumo is clearly shown by a comparison
of the sales for the 1st and 2nd half-years:
First half-year_____________________ $5,459,431 98
Second half-year................................... 8,935,952 06
£3
LIABILITIES.
Capital Stock—
Authorized:
7% Cumulative Preferred Stock, 200,000
Shares of $100 each........................ ........... $20,000,000 00
Common Stock—200,000 Shares of $100
e a c h ......................................
20,000,000
00
$40,000,000 00
Issued and Fully Paid:
7% Cumulative Preferred Stock, 121,500
Shares of $100 each_____________
$12,150,000 00
Common Stock, 83,000 Shares of $100 each 8,300,000 00
--------------------- $20,450,000 08
First Mortgage 6% Serial Gold Bonds, dated
Feb. 1 1914:
Authorized and Issued______________________ $12,000,00000
Less— Redeemed and Canceled-------------------- 1,500,90000
--------------------- 18,500,000 00
Real Estate Mortgage onBranch Property m
Buenos Aires, South America------------------87,266 86
Current Liabilities—
■ .__^
__
Bills Payable_______________________________ $2,050,000 00
Audited Vouchers:
Merchandise Bills__________ $375,137 80
Expense Bills...........................
60,790 22
-------------------435,928 02
Miscellaneous Accounts Payable due to Deal
ers, Employees, &c.........................................
257,373 21
Interest, Taxes and Wages Accrued_________
199,542 62
___
--------------------- 2,942,843 85
Reserves—
For Contingent Losses on Notes
Receivable and against future
Collection Expenses—
Balance at Jan. 1 1914........... $600,000 00
Further Provision out of
Earnings for the year_____
50,000 00
-------------------- $650,000 00
For Depreciation and Accruing
Renewals—
Balance at Jan. 1 1914.........- $674,335 27
Less:—Abandoned Property
written off during the year.
14,364 19
-------------------659,971 08
--------------------- 1,389,971 08
Balance at Jan. 1 1914______________________ $1,856,975 26
Add:
Surplus Net Profits for year. $966,697 60
Less:
Preferred Stock Dividends..
850,500 00
-------------------116,197 60
Add—Amount appropriated at Dec. 31 1913
as Special Inventory Reserve, now restored
to Surplus Account.................
$1,973,172 86
1,000,000 00
---------------------
2,973,172 86
$38,263.254 65
$14,395,384 04
PROPERTY ACCOUNT.
To meet conditions occasioned by competition, the Com
pany is following its policy of economical management, of
The additions to property during the year were as follows:
steady attention to maintaining a sound condition of its Real Estate, Buildings and Equipment-------------------------------- $440,827 30
assets and discrimination in the acceptance of orders. This Patents, Designs, Devices, &c-------------------------------------------0,894 99
policy is reflected in the Balance Sheet herewith presented,
T o t a l.......................................................................................... $447,722 29
regarding the items of which we wish to make the following
The main items of expense consist in the completion of the
comments:
South Works equipment and of the Company’s Branch
BALANCE SHEET.
House at Kansas City. The Company’s properties have
The following is a Balance Sheet of the Company as of been fully maintained and kept in first-class working order.
Dec. 31 1914.
INVENTORIES.
ASSETS.
Properties—
Real Estate, Buildings, Plant and Equipment:
Balance at Jan. 1 1914---------$9,680,168 00
Net Additions during year—
440,827 30
------------------- $10,120,995 30
Patents, Designs, Devices, &c.:
Balance at Jan. 1 1914______$1,026,118 29
Net Additions during year__
6,894 99
1,033,013 28
-$11,154,008 58
Current Assets—
Inventories o f Raw and Worked Materials,
Supplies and Finished Stocks of Agricultural
Machinery, Automobiles, &c., on hand:
At Factories.............................$4,272,602 23
At Branches, Sub-Agencies,
&c......................................... 4,725,188 28
$8,997,791 05
Customers’ Installment Notes
Receivable, for Agricultural
Machinery, Automobiles, &c.,
Including Interest Accrued
thereon__________________ $17,151,240 56
Less— Commission Certificates
Outstanding * . ...................... 1,451,381 27
15,699,859 29
Miscellaneous Accounts Receivable due by
Dealers, Employees, &c__________________
330,809 75
Investment in and Advances to Compagnie
Case de France, S. A. Paris______________
260,852 23
Real Estate and Properties acquired under
Foreclosure and held for sale_____________
192,368 34
Cash on hand and in banks_________________
596,765 06
26,078,445 72
Deferred Charges to Future Operations—
Bond Discount and Expenses, loss proportion
written o ff___ ______ ________ ___________
$719,489 38
Selling and Publicity Expenses on account of
1915 Season, Unmatured Advertising, Pre
paid Interest and Insurance Premiums and
Experimental and other preliminary Oper
311,310 97
ating Expenses_________________________
1,030,800 35
The inventories of raw and worked materials, supplies and
finished stocks of agricultural machinery, automobiles, &c.,
were taken by the Company’s Staff on the same conservative
lines as in past years. Stocks have been valuod at cost or
market prices, whichever were tho lower at tho timo of taking
them, and all obsolete and unsalable stocks wore not included
therein, except at scrap or other appropriate values.
During the past year it has boon the Company’s effort,
in the interests of its Bond and Stockholders, to liquidate
inventories as much as was consistent with effective manage
ment. The result thereof is best shown by a comparison
of the volume of stocks carried at tho date of the present Bal
ance Sheet and that of a year ago.
Inventory at December 31 1913.---------------------------------------$12,166,483 09
Inventory at December 31 1914__________________________
8,997,791 05
Decrease in inventories.................... - ................................... $3,168,692 04
This liquidation of stocks was, of course, accompanied by
a curtailment of our manufacturing activity, and required
certain sacrifices in some of the slower moving lines of our
product. The showing, however, is most satisfactory.
CAPITAL STOCK.
No change occurred during tho year in the amount of
capital stock outstanding.
An agreement was entered into under dato of Nov. 6 1914
whereby tho Voting Trust has been extended until Jan. 1
1918.
FIRST MORTGAGE 6% SERIAL GOLD BONDS.
The
Company redeemed and canceled on Doc. 1 1914
$38,263,254 65
SI,500,000 under tho Trust Deed dated Fob. 1 1914, leaving
$10,500,000 outstanding at this date.
* Of which Notes of a face value of $12,000,000 are pledged as Collateral
In this connection it is interesting to note tho largo margin
rity to the First Mortgage 6% Serial Gold Bonds outstanding on
of fluctuation between the high and low points of indebted31 1914.
We have satisfied ourselves that during the year only out
ness on Bonds and Notes in the course of tho year. The high
point was reached on July 5, with a total liability in Bonds lays for actual additions and extensions to the Properties,
and Notes of $16,785,000, liquidation of Current Assets Plant and Equipment have been added to the Capital Ac
being effected to tho extent of $4,535,000 between that date counts, and that the expenditures carried forward as Deferred
and Dec. 24, when the said liability was reduced to its low Charges to Future Operations are reasonably and properly
chargeable against the Profits of future years.
est point for tho year— $12,250,000.
Tho Inventories of Raw and Worked Materials, Supplies
and Finished Products on hand at the Factory and in the
CURRENT LIABILITIES.
It has for many years been the practice of the Company Field, which have been taken by the Company’s staff and
to tako cash discounts on its invoices for purchased material, are certified by the responsible officials to be correct and to
the liability on which is kept to the lowest working figure. contain no obsolete or unsalable stock, have been cheeked
At the date of the Balance Sheet it is impossible ,on account by us as to their clerical accuracy and we have ascertained
of the requirements of the ensuing season, accrued taxes, that the prices used were not in excess of Cost or Market
Prices, whichever were lower on Dec. 31 1914.
&c., to show the minimum or low point of debt.
The Bills Receivable on hand or out for collection have been
substantially verified by us and in accordance with the Com
RESERVES.
pany’s policy of gradually building up a Reserve sufficient
The Company has written off all its ascertained losses to provide for future Collection Expenses of Installment
against the profits for the past year, after having made every Notes, as well as for Contingent Losses, the sum of $50,000
effort to clear its books of items that were doubtful. It has has been added to the Reserve out of the Profits for the year,
furthermore made additional provision amounting to $50,000 which is in addition to the regular charge against the Profits
against such losses out of tho Income for the year.
for actual ascertained Losses amounting to $160,768 17.
Tho Cash and Bank Balances have been confirmed by
FOR DEPRECIATION AND ACCRUING RENEWALS. actual count or by certificates obtained from the depositaries;
During the past year tho manufacturing operations were and we have satisfied ourselves that full provision has been
considerably curtailed as compared with previous years. made for all ascertained liabilities other than for invoices
In view, therefore, of the liberal expenditure on the mainte covering material in transit at Dec. 31 1914, amounting to
nance and renewal of plant and equipment during the year, $130,077 63, which was not inventoried.
Having regard to the curtailment of factory operations
amounting to $188,127 40, and the reserve of $659,971 00
standing on the books, no further provision under this during the past year and to the amounts actually expended
for maintenance of the Plant and Properties, as a whole, the
heading was considered necessary at this time.
Directors are of opinion that further provision in respect of
Depreciation and Accruing Renewals out of the earnings of
SURPLUS.
tho year 1914 is unnecessary.
Moreover, in view of the
The Balance Sheet at Dec. 31 1914 showed a Surplus of liquidation in Inventories during the year, tho Directors are
$2,973,172 86, after paying dividends on Preferred Stock also of opinion that the special Reserve of $1,000,000 estab
of $850,500.
lished at Dec. 31 1913, in respect to the Abnormal Inventories
The additional security afforded Bond and Preferred Stock carried over at that date, is no longer necessary as a precau
holders by the substantial Surplus carried by the Company tionary mesaure, and the amount has therefore been restored
amounts to over 13 % par value of the combined outstandings.
to Surplus Account.
The annual audit of tho Company’s books and records was
Subject to the foregoing remarks, WE CERTIFY that,
conducted by Messrs. Price, Waterhouse & Company, Cer in our opinion, the Balance Sheet is properly drawn up and
tified Public Accountants, whose certificate is appended shows the true financial position of the Company at Dec. 31
hereto.
#
1914, and that the relative Profit and Loss Account, showing
All of which is most respectfully submitted.
surplus Net Profits and Income for the year amounting to
BOARD OF DIRECTORS.
$966,697 60, is a fair and correct statement of the Net Earn
ings and Income for the year ending on that date.
Wo further certify that during the year tho high and low
points of the seasonal borrowings wero reached on July 5
C h ic a g o , M a r c h 6 1915.
and
December 24, respectively, when the indebtedness was
T o th e D i r e c t o r s o f th e J . I . C a s e T h r e s h in g M a c h i n e C o .,
as follows:
R a c in e,
W i s .:
High.
Low.
Fluctuation.
Bonds................................ .$12,000,000 00 $10,500,000 00 $1,500.000 00
Wo have examined the books and accounts of the J. I. Notes
Payable.................. 4,785,000 00
1,750,000 00
3,035,000 00
Case Threshing Machine Company for the year ending Dec. 31
T ogeth er---------- r ......... $16,785,000 00 $12,250,000 00 $4,535,000 00
1914, and certify that the attached Balance Sheet is correctly
prepared therefrom.
(Signed) PRICE, WATERHOUSE & CO.
A L A S K A G OL D MINES C O M P A N Y .
(A Holding Company.
Organized under the Laws of Maine.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF THE TEN-YEAR SIX PER CENT CONVERTIBLE COUPON DEBENTURES, SERIES “A ” .
N e w Y o r k , M a r c h 22 1915.
Referring to this company’s previous application A-4264,
dated July 25 1913, for the listing of its capital stock, the
Alaska Gold Mines Company respectfully applies for tho
listing of $1,500,000 par value (the total authorized issue)
of its Ten-Year Six Per Cent Convertible Coupon Deben
tures, Series “A” , due 1925, included in numbers M l to
M l,250, both inclusive, for $1,000 each; D1 to D500, both
inclusive, for $500 each, and Cl to C2.500, both inclusive,
for $100 each (excess numbers of $1,000 debentures to pro
vide for exchange of $100 debentures), on official notice of
issuance in exchango for outstanding subscription receipts.
Said debentures are issued under an agreement bearing
date March 1 1915, between the Alaska Gold Mines Com
pany and Guaranty Trust Company of Now York, as trustee.
Thoy aro dated March 1 1915, maturing March 1 1925, and
carry interest from March 1 1915, at Six Per Cent per
annum, payable March 1st and September 1st in each year.
Tho principal and interest aro payable in gold coin of the
United States of America, at the agency of the company,
in tho Borough of Manhattan, City of Now York, without
deduction from principal or interest on account of any taxes,
assessments or other Governmental charges by whatover
authority levied or imposed, savo and excepting any Federal
Incomo Tax, and any incomo taxes which tho company
may be required to deduct or retain therefrom, for the ac
count of the holder thereof.
The Stamp Tax required under the Act of Congress,
approved October 22 1914, and known as tho “War Revenue
Law” , has been paid on all of said debentures, the stamps
have been affixed to the Indenture between tho company
and the trustee above referred to and said stamps duly
canceled, and the debentures contain a legend reciting
such fact.
The debentures are in coupon form, registerablo as to
principal and are in denominations of $100, $500 and $1,000.
Ten $100 debentures may be exchanged for one $1,000
debenture.
Section 6 of Article II of the Agreement between the
company and the trustee above referred to, provides as
follows :
“ Section 6. That the holder of any debenture issued hereunder shall
have the right at any time prior to the date of maturity thereof, unless
sooner redeemed as hereinafter provided, to convert such debenture into
stock of tho company, and that during such period it will on presentation
and surrender of such debenture, in negotiable form, with all unmatured
coupons attached, at its office or agency, in the Borough of Manhattan,
City of New York, issue and deliver to the holder thereof a certificate for
such number of shares of its capital stock fully paid as at Thirty Dollars
($30) per share shall be equal to the face valuo of such debenture so pre
sented and surrendered, together with a cash payment of any interest
which may have accrued upon such debenture since the date of the last
matured coupon; provided, however, that if at tho time of such conversion
a dividend payable after such conversion shall have been declared upon
said stock of the Company, the interest to be paid to the debenture holder
shall be computed to the date fixed for the payment of such dividend and
the amount of such dividend shall be deducted from the interest to be
paid such debenture holder. No fraction of a share will be Issued on such
conversion, but tho company will pay to the holder of any of said deben
tures so presented for conversion the cash equivalent of said fraction of a
share of stock at said conversion price. The company shall not bo re
quired to make any such conversion while its stock transfer books shall be
closed for a meeting of stockholders or for tho payment of dividends.
The rights of the holders of any debenture, if called for redemption, to
convert it into stock, shall continue only until and including tho date so
fixed for its redemption as hereinafter provided.”
Tho transfer books of the company will not be closed for
payment of dividends or for meetings of stockholders for a
longer period than seven days.
These debentures are subject to redemption on any interest
day on or after March 1 1918, at One Hundred and Ten Per
Cent of par, in addition to the accrued interest, upon sixty
days’ previous published notice.
All redeemed debentures, or debentures converted into
stock, are to be canceled.
Section 2 of Article IV of said agreement with respect to
remedies of trustee and debenture holders upon default,
provides as follows :
“ In caso (1) default shall bo made in the payment upon demand of any
installment of interest on any debenture or debentures issued hereunder
and then outstanding, and such default shall havo continued for the period
of six months, or (2) default shall bo made in the observance by the com
pany of its covenants contained in Sections 3, 4 and 6 of Articio II of this
indenture, then, and in any such caso during tho further continuance of
sucli default, tho Trustee, upon tho written request of tho holders of a
majority in amount of tho debentures issued hereunder and then outstand
ing, by notice in writing delivered to the company shall declare tho princi
pal of all debentures issued hereunder and then outstanding to bo duo and
payable immediately, and upon any such declaration tho same shall becomo
and be duo and payablo immediately, anything in this indenture, or in
said debentures, to tho contrary notwithstanding.
This provision, however, is subject to tho condition that if, at any time
after tho principal of said debentures shall havo been so declared duo
and payablo, and before any judgment or decree for tho payment of tho
moneys duo shall havo been entered as hereinafter provided, all arrears of
interest upon all such debentures, with interest at tho rate of Six Per Cent
per annum on overdue installments of interest, and tho expenses of the
Trustee, shall bo paid by tho company and all tho defaults hereunder shall
havo been remedied, then and in every such caso tho holders of a majority
in amount of the debentures issued heroundcr and then outstanding, by
written notice to tho company and to tho Trusteo, may rescind and annul
such declaration and its consequences; but no such rescission or annulment
shall extend to or shall affect any subsequent default, or impair any right
consequent thereon.”
By a voto of tho Board of Directors at a meeting duly
held on January 7 1915, which action was duly ratified by
tho stockholders at a special meeting called for that purpose,
held on January 21 1915, this issuo of debentures, Series “A ” ,
was authorized.
The stockholders at said special meeting held January 21
1915, duly authorized tho increase of the company’s capital
stock from 750,000 shares to 1,000,000 shares, all of tho par
value of $10 each, and 50,000 shares of said increased capital
stock was authorized to be set aside and specifically reserved
for tho conversion of said debentures so long as tho right to
convert exists.
By resolutions of the Board of Directors and stockholders,
respectively, parsed at meetings held on tho aforementioned
dates, all stockholders of record of the company at tho close
of business on January 25 1915, were offered tho privilege,
to and including February 10 1915, of subscribing for its
said debentures, Series “A ” , at par pro rata. Subscriptions
were payable in two installments; Fifty Per Cent to accom
pany the subscription on or before said February 10 1915,
and the balance of Fifty Per Cent on or before March 10
1915.
Of this amount, $1,403,900 par value of debentures were
subscribed by the stockholders and tho remaining $36,100
par value of debentures were taken up and paid for by tho
underwriters.’ Subscription receipts were issued for the
payments made and wore listed upon the Stock Exchange.
The debentures were sold to provide funds for extending
the mining and milling operations of tho Alaska Gastineau
Mining Company, over Ninety-fivo Per Cent of tho out
standing stock and over Ninety-three Per Cent of the out
standing bonds of said company being owned by this com
pany.
Since July 25 1913, the date of its previous application,
No. A-4204, this company has acquired additional stock
and bonds of tho Alaska Gastineau Mining Company, and
now owns $3,208,000 par valuo, out of a total outstanding
issue of $3,500,000, of the First Mortgage Six Per Cent
Coupon Bonds and $11,438,680 par value, out of a total
outstanding issue of $12,000,000, of tho capital stock of the
Alaska Gastineau Mining Company.
The details in regard to the organization of tho Alaska
Gastineau Mining Company and description of its property
are set forth in the application for listing this company’s
capital stock, No. A-4204, dated July 25 1913. The Alaska
Gastineau Mining Company is tho only subsidiary of this
company.
During the process of the opening of tho mine of the
Alaska Gastineau Mining Company preparatory for opera
tion, continual developments of new ore bodies havo demon
strated an increaso in the average grade of tho ore above the
$1 50 per ton, which was tho figure used in the original
computations and given in the application for listing this
company’s capital stock, and havo also added enormously
to tho known tonnage the property will ultimatel yield.
The metallurgical results which havo been obtained in
experimentation with processes similar to those so familiar
in connection with tho copper industry, but which were
more or less new to the gold industry, have likewise de
monstrated tho economic success of the milling plant, which
started operations during tho month of February 1915.
Tho coarse crushing plant of the company has been in opera
tion sinco December 24 1914. In view of theso facts, it
appears desirable that the milling operations be extended
to a capacity of 20,000 tons per day, by gradual increases
to be mado as rapidly as practicable. As all indications
pointed to this during the past year’s activities in tho develop
ment and equipment of the property, the present con
struction and equipment has been carried out with a view
to such future increase of daily production. Tho general
mill, as stated in this company’s previous application for
listing its capital stock, was originally planned for a capacity
of 6,000 tons per day; this has been increased to an estimated
capacity of 8,000 tons per day. Tho various facilities of tho
Sheep Creek main haulago tunnel and system have been
arranged for a greater transportation capacity and likewise
the workings and development throughout tho mine have
been proportionately extended. Theso $1,500,000 Series
“A” debentures were issued to provido funds for tho purpose
of meeting these additional expenditures and at the same time
modeling the present financing on a basis which will not be
prejudicial to a future financing for tho balance of the 20,000
ton plant. As stated in this company’s previous application
for listing its capital stock, $500,000 had been loaned by this
company to the Gastineau Company on demand notes.
As will appear from the balance sheets submitted herewith,
there has been loaned by this company to tho Gastineau
Company on demand notes a total of $4,237,723 04, all of
which has been expended in mine development, construction
and equipment.
As tho property of tho Gastineau Company is still in the
development stage, and being the only subsidiary of this
company, no income account can bo furnished.
ALASKA GOLD MINES COMPANY.
BALANCE SHEET, AS OF DECEMBER 31 1914.
ASSETS.
Investment in Stocks and Bonds of Alaska Gastineau Min
ing C o . . ................................r................................................... $4,045,101 27
Loan to Alaska Gastineau Mining Co.:
Notes receivable________________________________________ 4,273,723 04
Interest thereon________________________________________
186,477 60
Interest accrued on Alaska Gastineau Mining Co. Bonds___
Cash_____________________________________________________
$8,505,301 91
375,820 00
964 65
$8,882,086 56
LIABILITIES.
OciDitcil Stock *
Authorized issuo, 750,000 shares of $10 each-------------------$7,500,000 00
Notes payable------------------------------------------------------------------750,000 00
Deferred credit :
__ _
_ _
,
Interest accruod on Alaska Gastineau Mining Co. B onds..
375,820 00
Surplus___________________________________________________
256,266 56
$8,882,086 56
ALASKA GASTINEAU MINING COMPANY.
BALANCE SHEET, AS OF DECEM BER 31 1914.
ASSETS.
Capital assets :
Mining grounds, titles and rights— ___ $14,163,267 81
Mine development, construction and
equipment______________________ ___ 5,993,992 61
--------------------- $20,157,260 42
Current assets :
$54,551 66
Material and supplies-------10,763 84
Product on hand---------------23,738 82
Accounts receivable_______
21,805 82
Cash______________________
110,860 14
234,288 45
Deferred charges to operation.
$20,502,409 01
LIABILITIES.
Capital liabilities :
Capital Stock :
,
„
Authorized issuo, 2,400,000 shares of
$5 each____________________- -$12,000,000 00
First Mortgage 20-yoar 6% Gold Bonds,
authorized issuo------------------------------ 3,500,000 00
Current liabilities :
.
„
Notes payablo Alaska Gold Mines C o------- $4,273,723 04
Accounts payablo_______________________
85,332 05
Pay roll________________________________
54,370 32
Interest accrued________________________
588,977 60
$15,500,000 00
5,002.409 01
$20,502,409 01
Tho Alaska Gold Mines Company agrees with tho Now
York Stock Exchango, in addition to tho agreements con
tained in its previous application No. A-4204, dated July 25
1913 :
;
That it will not solect, as a trustee of its bonds or other
securities, an officer or a director of the company.
The annual meeting of tho corporation is hold at tho
statutory offico at Portland, Maine, on tho third Friday in
April in each year :
Tho Directors are : Charles Hayden, Edward A. Clark,
William H. Coolidgo, all of Boston, Mass.; K. It. Babbitt,
Sherwood Aldrich, both of New York, N. Y.; C. M. MacNeill, Colorado Springs, Colo.; I). C. Jackling, San Fran
cisco, Calif., and Frederick H. Goff, Cleveland, Ohio.
The Officers are : Charles Hayden, President; D. C.
Jackling, Vice-President and Managing Director; II. G.
Bell, Second Vice-President; K. It. Babbitt, Secretary and
C. W . Peters, Treasurer.
ALASKA GOLD MINES COMPANY,
By CHARLES HAYDEN, P r e s id e n t .
This Committee recommends that tho above-described
$1,500,000 Ten-Year Six Per Cent Convertible Coupon
Debentures, Series “A” , duo 1925, bo admitted to tho list
on official notice of issuance in exchango for outstanding
subscription receipts.
W M . W . HEATON, C h a i r m a n .
A d o p t e d b y the G o v e r n in g C o m m i t t e e , M a r c h 24 1915.
HARRISON S. MARTIN, A s s i s t a n t S ec r e ta r y .
THE WESTERN
UNION T E L E G R A P H
COMPANY
(INCORPORATED)
ANNUAL REPORT— FOR THE YEAR ENDED DECEMBER 31 1914.
APPROVED BY THE EXECUTIVE COM M ITTEE AND ORDERED TO BE SUBM ITTED.
Deduct—
Amount transferred to Reserve for Accrued
T o S to ck h o ld er s:
Depreciation as representing deprecia
The Company’s accounts for the fiscal and calendar year
tion accrued on ocean cable plant prior
1914, consisting of a balance sheet showing the assets and
to December 31 1913__________________ $1,000,000 00
adjustments_______________
8,300 92
liabilities at December 31 1914, an income account for tho Miscellaneous
Dividends paid and declared____________
3,988,886 00
4,997,186 92
year ended that date, and a surplus account, are herewith
Surplus at December 31 1914, as per Balance Sheet___ $13,531,921 16
presented for your consideration.
BALANCE SHEET DECEMBER 31 1914.
The value of telegraph lines and equipment has been in
creased since the last report by $3,851,798; there have been
added to the land line plant 2,449 miles of pole line, 27,458
miles of iron wire, 15,752 miles of copper wire and 2,464 miles
of wire in cables, a large portion of the latter being under
66
ground. At the close of the year under review there were
73
25,784 offices operating in conjunction with 1,581,571 miles
84
of telegraph wire, 210,515 miles of polo line and 26,768 miles
of ocean cables, the latter having been extended during the
00
$146,915,482 23 year by the addition of 494 miles.
Other Securities Owned—
To "conform with the requirements of tho Inter-State
Stock of Telegraph, Cablo and Other Allied
Commerce Commission’s classification of accounts for tele
Companies operated under term leases
' (not including securities held as Lessee). . $5,866,788 78
graph companies, effective January 1 1914, an inventory,
Stock of Telegraph, Cablo and Other Allied
priced at cost, was taken of all replacement work in progress
4.942,60« vv
Companies not leased............................ Miscellaneous Investments.............- ...........
2,046,858 58
as of that date. The value of this work, amounting to $3,
Purchase Money Notes and Obligations—
2,000,000 00
14,856,256 13 588,890, was added to construction work in progress, reserve
Inventories of Material and Supplies----------------------------1,926,900 04
for depreciation of land lines being correspondingly increased.
This reserve now stands at $5,576,242, an increase over the
C u t r e n t j\sscts~^~“
Bills and Accounts Receivable, including
balanco on December 31 1913 of $3,408,158.
Managers’ and Superintendents’ bal
Of the total increase of $2,178,316 in value of the Com
ances, etc. (less Reservo for Doubtful
Accounts)_____________________________ $10,409,556 76
pany’s real estate, $136,240 was disbursed for new buildings
Treasurer’s balances, including Cash at
and improvements of cable stations at North Sydney and
Banks at New York and outsido deposi
tories and in transit___________________
2,791,335 46
Halifax, N. S., Rockaway, N. Y ., Bay Roberts, N. F., and
13,200,89222 Penzance, England. The remainder of the increase repre
._______________
192,90041
Sinking and Insurance Fund (Cash and Securities)—
sents, with a few exceptions, expenditures on the new build
T o t a l-.................................................. .............................................. $177,092,431 03 ing on Dey Street, New York City.
The completed portion of tho new building was ready for
LIABILITIES.
occupancy on July 1 1914, and tho Company’s administra
Capital Stock Issued_____________________ $99,817,100 00
tive offices were moved thereto from the old building at
Less— Held In Treasury_______________
30,341 04
$99,786,758 96 195 Broadway, which has since been razed, the main operat
Capital Stock of Subsidiary Companies not owned by tho
ing room having been transferred to the large modern build
Western Union Telegraph Company (par value):
ing at Walker and Lispenard Streets, where quarters are
Companies controlled by perpetual leases $3,432,725 00
Companies controlled by Stock ownership 445,450 00
now occupied under a long-term lease. The Company is
3,878,175 00
to be congratulated on having the highest type of telegraph
Funded Debt—
Bonds of tho Western Union Telegraph Co.
offices established in a building unequaled for safety and
4>4 % Funding and Real Estato Mort
efficient operation.
gage 50-Year Gold Bonds, 1950------------ $20,000,000 00
Collateral 5% Trust Bonds,
___
The value of stock owned in leased companies has been
1938 __________ _____ ____ $8,745,000 00
decreased $19,128 by the annual Avriting down of the Com
Less— Held in Treasury-----1,000 00
-------------------8,744,000 00
pany’s holdings in the shares of the American Telegraph &
Bonds of Subsidiary Com
Cablo Company, in conformity with the Executive Commitpanies assumed or guar
the resolution referred to in the annual report for 1913. The
anteed by the Western
Union Telegraph C o------- $7,000,000 00
increase of $62,515 in the stock of telegraph, cablo and other
Less— Held In T re a su ry .... 3,143,000 00
allied companies not leased is the result of sundry purchases
3,857,000 00
32,601,000 00 of shares made during the year. The value stated for
Total Capital Liabilities.............................. ....................... $136,265,933 96 materials and supplies, $1,926,900, represents a physical
Current Liabilities—
inventory of the Company’s property, priced at cost, less a
Accounts Payable---------- ------------------------- #3,037,429 89
sufficient reserve for depreciation.
Accrued Taxes (e s tim a te d )...------------- 607,694 00
Interest and Guaranteed Dividends accrued
Tho increase in bills and accounts receivable of $3,751,707
on Bonds and Stocks---------— - - - —
231, 784 82
is mado up of the following:
Unpaid Dividends (including Dividend of
ASSETS.
Properly Account—
. . . .
Telegraph Bines and Equipment, including
properties controlled by stock ownership
or held under perpetuel eases and merged
in tho Western Union System__________ $135,686,389
Real Estate-------------------------------------------9,948,541
Patents_________________________________
100.550
Amount recoverable on tho expiration o f
long-term lease in respect o f obligations
assumed thereunder___________________
1,180,000
$997,230 00, payable January 15 1915)--
1,032,803 73
Deferred Non-Interest-Bearing Liabilities, in respect of
proceeds of sales o f securities and other properties held
under leases for terms expiring in 1981 and 2010 from
companies in which tho Western Union Telegraph Com
pany has, for the most part, a controlling interest, payablo only on the termination of tho leases----------------------
^
^
Short-term investments_____________________________________ $3,000,000
Transfer from miscellaneous investments to accounts receivable 293,859
Not increase in other accounts receivable_____________________
457,848
The not increase in other accounts receivable consists in
principal part of additions to tho accounts owing by the
British Post Office, attributable to the increase in tho Com
pany’s ocean cable business. The total of accounts receiv
For Maintenance of Cables.--------------------- $2,928,778 26
For Depreciation of Land Lines---------------5,o76,242 04
able, as shown on the balance sheet, is a net figure, ample
For Employees' Benefit Fund----------------1,000,000 00
----------------------9,505,020 30 reserve to provide for bad and doubtful accounts having
Surplus (as per Annexed Account)---------------------------------- 13,531,921 16 been made. Cash shows an increase of $512,387.
The payment of $4,000,000 of notes in hand maturing in
Total........................................................................................$177,092,431 03
1914 reduces purchase money notes and obligations by that
amount. This sum, together with tho $3,000,000 formerly
INCOME AND SURPLUS ACCOUNTS— THE YEAR carried as cash on special deposit, a total of $7,000,000, and
tho accumulation of cash as the result of operations, finds
ENDED DECEMBER 31 1914.
reflection in the following increases in assets:
12,879,843 17
INCOME ACCOUNT.
Gross Operating Revenues_______________________________ $46,264,776 61
Operating Expenses, including Repairs, Reserved for De
preciation, Rent for Lease of Plants, Taxos, etc________
40,578,750 90
B alance_____________________________________________
$5,686,025 71
.................
Income from Loans and Investments____________________
1.022,611 30
$6,708,637 01
Interest*on bonds of Tho Western Union Telegraph Com
p a n y ...---------------------- ----------------------------------- ---------
1,337,242 50
Balance transferred to Surplus Account------------------------
$5,371,394 51
SURPLUS ACCOUNT.
Surplus at December 31 1913-----------------------------------------Add—
„
Balanco from Incomo Account for year
__
ended December 31 1914---------------------- $5,371,394 51
Balanco of Other Surplus Reserved trailsferred to Surplus Account-------------------3,451,921 72
-----------------------
$9,705,791 85
8,823,316 23
$18,529,108 08
Disbursements during the year on account of now buildings.
New York C ity____________________________________________ $2,000,000
Investments in short-term bonds, carried as miscellaneous
investments_______________________________________________ 1,990,000
Short-term notes____________________________________________ 3,000,000
Increaso in cash on deposit___________________________________
510,000
The total of accounts payable has decreased at tho end of
this year, as compared with the amount shown on the previ
ous balance sheet, by $365,855, while accrued taxes have
increased $130,412. A study of taxes paid during the last
four years indicates an average annual increase of 6% , with
the result that the taxes for the year 1914 are approximately
24% higher than the taxes for the year 1910. This annual
addition in expense, which is already indicated for 1915, is
ascribed to increases in rates and assessments, charges for
local licenses and changes in methods of assessing, though a
portion of tho increase is due to tho annual growth of plant
and gross revenues. Unpaid dividends, which include divi
dends payable January 15 1915, show an increase of $249,
646 on account of the change in dividend rate from 3 % to
4 % for tho year 1914.
Reserve for maintenance of cables has increased over last
year by $1,251,852, which is composed of a net increase of
$251,852, the excess of the reserve during^the year over actual
disbursements, and $1,000,000 transferred from surplus
account as representing depreciation accrued on ocean cable
plant prior to December 31 1913.
The transfer of Other Surplus Reserved of $3,451,921 to
Surplus Account plus net income for the year, less the appro
priation for addition to Reserve for Maintenance of Cables,
Sundry Adjustments and dividends at 4 % paid and de
clared during the year, shows an increase in Surplus of
$3,826;129.
The Company’s gross operating revenues increased over
those of the previous year by $1,475,900 due to unprece
dented cable business during the last five months of the year,
the land line earnings remaining approximately constant
with 1913.
The combined operating expenses for land lines and cables,
including taxes, show a net decrease of $588,800, or 1.43%,
this figure being made up of a decrease in tho land line
operating expenses of $819,300 (2.23%), and an increase in
the cable operating expenses of $230,500 (5.04%). The
decrease in the land line expenses can, in part, be ascribed
to the re-classification of accounts, conforming with the
Inter-State Commerce Commission regulations, effective
January 1 1914, to changes in organization and various
economies effected, and to improvements in the service,
which have materially decreased expenses without impair
ing efficiency.
The amount set aside for depreciation of land lines was
$223,000 greater than that of last year, and current mainte
nance was carried on as usual; the cable plant and stations
and the land lines were substantially improved. During
the year under review the Company paid out $493,600 in
connection with the Benefit Plan to employees, covering
pensions, sickness, accident and death benefits, which was
an increase of $142,850 over the amount disbursed in the
preceding year. As a result of larger operations (principally
cable business) and reductions in expenses, the Company’s
net income for 1914 increased over that of 1913 by $2,136,
400, or 66%.
Pursuant to an agreement, effective January 1 1915, the
Canadian Northern Telegraph Company and the Great
North Western Telegraph Company combined, under the
name of the latter company, and acquired control of the
shares owned by the Western Union Company in the Great
North Western Company, equal to 66% of the capital stock.
Prior to this arrangement, the Great North Western Com
pany was confined to a limited territory in Canada without
access, save through other companies, to the Pacific sea
board. As a result of this consolidation of properties, the
lines of the new Great North Western Telegraph Company
extend entirely across Canada from coast to coast and the
Western Union Company will benefit by obtaining a strong
ally in Canada.
At the close of 1913 the Western Union Company had
12,790 stockholders. On December 31 1914 there were
15,529, an increase of 21% during the year. Of this number
9,679 held 25 shares or less and 13,194 held 100 shares
or less.
Tho Western Union Company is now subject to the author
ity of forty-three public service commissions and twentythree workmen’s compensation or industrial commissions.
Besides voluminous reports to these commissions the Com
pany has also to prepare 3,100 annual reports to tax authori
ties, theso reports being further subdivided by taxing dis
tricts. In all, there aro required not less than 17,700 state
ments to the public authorities. In addition the Company
has now to collect and remit monthly to the Government
the internal revenue tax recently levied upon commercial
telegraph messages.
The Western Union Company also conducts a large na
tional and international telegraph and cable business, made
up of a vast multitude of small items, the operating revenues
being derived not only from various classes of message serv
ices, but also from commercial news, stock quotations, money
order transfers, &c., in addition to which the Company has
operating contracts with 260 railroad systems, which in
clude many subsidiary railroad lines of an intra-State and
inter-State character.
For these reasons it is obvious that a satisfactory separa
tion of revenues and expenses between inter-State and intra
State business is impracticable, and, since Stato commissions
have no authority over inter-State rates, it follows that
arbitrary reductions in intra-State rates made without refer
ence to inter-State rates aro unfair and subversive of reason
able regulation. It would seem, therefore, to be in the
public interest that a company doing a national business,
like the Western Union, should be relieved of supervision
by State legislatures and commissions so far as regards tho
regulation of rates and the preparation of accounting state
ments, and should report, in these respects, to the Federal
commission alone.
The Inter-State Commerce Commission began, in tho fall
of 1914, an inventory of the Company’s property. Tho
work will consume several years and is estimated to cost
the Company about $1,000,000.
Respectfully submitted,
NEWCOMB CARLTON,
P resid en t.
C U R R E N T N O T IC E .
— A compilation by William P. Bonbright & Co. shows that the 52 gas
and electric companies reporting to them for the first six months of the
I war have made the following gains in not earnings as compared with tho
corresponding months of 1913-14: August, 9.10%; Sept., 10%; Oct., 9.8% ;
N ov., 5.6% ; Dec., 12.5%; Jan., 10.6%. Total net earnings of thoso com
panies for the period was $18,150,064, or 10% groater than for tho six
months ending Jan. 31 1914.
— By advertisement on another page, A . B. Leach & Co. o f New York
and Chicago recommendjfor conservative investment among institutions,
trustees and individuals: Pennsylvania Railroad Co. consolidated mort
gage 4% % bonds maturing Aug. 1 1960. Prlco at market (103M) yielding
about 4.30%. Descriptive circular on request.
Tho security features and
possibilities of this bond are described fully in to-day’s advertisement.
— Subject to prior sale. Chandler & Co., Inc., 34 Pine St., this city, and
1338 Chestnut St., Philadelphia, are advertising and offering a limited
amount of $10,000,000 Imperial German Government 5% nino months
Treasury notes duo Jan. 1 1916, at 99% and int., to yield 5.52% . Sub
scriptions will also be received by the Central Trust Co. o f this city, the
depositary. See to-day’s advertisement for particulars.
— In an advertisement in to-day’s ’ ’Chronicle,” William R. Compton
Co., Pino St., this city, St. Louis and Chicago, are offering a selected list
of municipal bonds which aro legal investments for savings and trust funds
n Now York. Tho list includes City of New York, St. Louis, Cleveland,
Milwaukee and village of Bath, N. Y ., issues owned by tho firm yielding
4.11 to 4.30%.
— “ Low-Pricod Securities— Aro They Cheap ?” a booklet issuodfby HarrisWinthrop & Co., 15 Wall St., this city, is ready for free distribution. Tho
prices at which fifty-two stocks quoted on the New York Stock Exchango in
March 1915 at or below $16 a sharo could be bought in 1894 and sold in
1906 is considered In connection with the history, oarnings and past record
of the securities.
— II. B. Otis has retired from the firm of Yard, Otis & Taylor of Chicago,
his interest having been purchased by F. A. Yard and B. F. Taylor. The
business will bo continued by Messrs. Yard and Taylor under the firm
name of Yard, Otis & Taylor. The firm has moved to more commodious
quarters on the fourth floor of the Borland Building at 105 South La Salle
St., Chicago.
— Tho firm of Chapman, Mills & Co. of Chicago was dissolved on
March 31. Paul W . Chapman will continue in tho bond business at
16 W . Monroe St., Chicago, under the firm namo of P. W. Chapman &
Co. A. Lawrenco Mills Jr. will also continue in the bond business under
the firm name of Lawrenco, Mills & Co., with offices at 39 South La Salle
St., Chicago.
— Hollister & Carpenter, dealers in Government and municipal securities,
31 Nassau St., this city, aro offering for investment $100,000 City of
Malssonneuvo, Canada, 6% 3-year bonds, duo Jan. 1 1918, at 100% and
interest, yielding 5% % . The city ofMaissonneuve Is located within tho city
of Montreal. Descriptive circular will be mailed to inquirers.
— Bamberger, Loeb & Co., 25 Broad St., this city, will furnish particu
lars on United Cigar Stores Co. of America, United Profit Sharing Corpora
tion, Corporation for Riker & liegeman stock and Tobacco Products pre
ferred stock, in which they aro specialists. Inquiries aro invited from
any one interested in these stocks.
— Tho bond department o f tho National City Bank of this city has
issued a reprint of the report of tho Stato Superintendent of Banks showing
the list of bonds which are legal for New York Stato savings bank invest
ments. This booklet will be furnished free to trustees and other investors
of high-grade securities.
— Russell, Brewster & Co., Chicago and New York, have issued a cir
cular regarding the properties, earnings, &c., of the People’s Gas Light &
Coke Co., tho Public Service Co. of Northern Illinois and the Common
wealth Edison Co.
— Millet, Roe & Hagen, New York and Boston, aro offering, at prices to
yield 5M % , a small amount of Fore River Shipbuilding Corporation 1st M .
5% serial gold bonds, principal and Interest guaranteed unconditionally by
Bethlehem Steel Co. (see above).
—Foster & Adams o f 2 Wall Street, Now York, aro sending upon request
a descriptive circular on New Haven Railroad securities.
T h e F i n a n c i a l R e v i e w for 1915, issued by the publishers
of the “Commercial and Financial Chronicle,” will be
ready March 25. It is an invaluable book (360 pages) for
reference throughout the year.
Some of the contents are as follows:
Retrospect o f 1914, giving a comprehensive review of tho business of that
year, with statistics in each department, financial and commercial.
Bank Clearings in 1914. with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchango in each of the
past 20 years.
Securities listed on tho New York Stock Exchango In 1914, with sta
tistics for a series of years.
Call money rates dally In 1914.
Money rates by weeks for past three years on all classes o f loans.
Weekly statements in 1914 for Banks and Trust Companies.
Crop statistics for a series of years.
Iron and Coal— Production for a series of years.
Gold and Silver— Production for a series of years and Monthly Range
of Price of Silver in London from 1837 to 1914, Inclusive.
Building Operation Statistics, United States and Canada, comparison
for a series o f years.
Comparative prices of Merchandise for a series of years.
Foreign Exchange— Daily Prices in New York in 1914.
Groat Britain— Review of commercial and financial affairs, with com
parative statistics.
Bank of England Weekly Statements In 1914, and the changes in the
Bank rate for a series o f years; also money rates in Continental cities.
Government Bonds— Monthly Range since 1860 and Debt Statement for
each year since 1793.
State Bonds— Record of prices since 1860.
Foreign Government Securities— Range o f Prices monthly on New York
Stock Exchange for five years.
Railroad and Miscellaneous Bonds and Stocks— Monthly Range of
Prices for five years In New York and for one year In Boston. Philadelphia
and Baltimore.
Exports and imports for a series of years.
Stock Quotations During Period when Stock Exchange was closed.
Railroad and Industrial Dividends. 1905-1914.
Description of Railroad and Industrial Securities, Record of Earnings,
Dividends, Railroad Construction, Total Mileage, Capitalization, Passenger
and Freight and other statistics for a series o f years.
The price of the Review, bound in cloth, is $2 25. Parties
desiring ten or more copies can have their names stamped on
the covers, in gilt, at reduced prices. Publishers, William B.
Dana Co., 138 Front Street, New York. Copies may also
be had from Geo. M . Shepherd, 513 Monadnock Block,
Chicago; Edwards & Smith, 1 Drapers Gardens, London.
% \u
© x rm m m M
^ im jc a .
COMMERCIAL EPITOME
1915.
Trade is slowly improving. Grain exports continue large.
Since July 1st those of wheat have reached 270,500,000
bushels, in sharp contrast with 116,000,000 bushels during
tho same period last season. Cotton has further advanced
and trade reports from the Southwest havo latterly been
more favorable. Tho rise and activity in stocks of late and
tho abolishing of the minimum quotations at tho Stock
Exchange havo tended to hearten tho rest of the business
world. Money continues easy. The trade balance in favor
of this country continues to grow. Tho total for nino
months approximates $700,000,000. European govern
ments, notably England and Franco, are buying largo quan
tities of steel in tho United States'and are expected to con
tinue such purchases for a time. Copper has advanced
with a better demand and efforts are being made to have
the British authorities facilitate American exports of this
metal to neutral countries. Reports in regard to tho con
dition of winter-wheat are, in tho main, favorable. Sales
of war materials to Europo continue largo. On tho other
hand, domestic trade is far from activo. In fact, improve
ment, as already intimated, is slow.
Collections in most
parts of the country are anything but prompt.
Failures
for tho first quarter of tho year are reported as tho largest
ever known. Yet it is true that recently the number has
been decreasing. Liabilities in March wero less than half
tlioso noted in January. Hope is still widespread and deepseated that decidedly bettor conditions will sot in later in
the year, hopo that seems far from groundless.
LARD has been easier; prime Western 10.05c.; refined for
tho Continent 10.65c.; South America 10.90c. and Brazil
11.90c. Lard futures havo declined on liquidation by a
good many of tho commission houses. Besides, tho move
ment of hogs has beon largo and cash trado disappointing.
On Thursday prices advanced.
F rida y N ig h t, A p r i l 2 n d
D A ILY CLOSING PRICES
Sat.
M ay delivery_____ c t s . 10.30
July delivery__________10.55
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
10.25
10.15
10.05
10.07
Hoii10.50
10.40
10.32
10.35
day.
PORK has beon steady; mess $19 @$19 50; clear $20 @
$22 50; family $23@$24. Beef, mess, $18 50@$19; packet
$19@$19 50; family $20@$21; extra India mess $35@$36.
Cut meats steady; pickled hams, 10 to 20 lbs., 10J^@12c.;
pickled bellies, 6 to 12 lbs., l 2 1A @ Y 3 A o . Butter, creamery
extras, 3034jc. Cheeso, State, wholo milk, held colored
specials, 16M@17c. Eggs, flesh gathered extras, 22c.
COFFEE lias beon dull; No. 7 Rio 8@8^sc.; No. 4 Santos
1 0 \ i @ l Q lA a .] fair to good Cucuta 1 0 ^ @ llc .
Coffee
futures woro advanced somowhat and then eased a little,
rallying later. Receipts at Rio and Santos have been rather
largo. The advance hero has been on covering by shorts,
also on the ovo of the Easter holidays. Europo bought.
Tho Now York Coffee Exchange was closed to-day, Good
Friday, and will also bo closed to-morrow. Cost and
freight coffco has been firm and Santos quotations havo
risen. On tho othor hand, however, Rio exchango fell to
13d., later 13 l-16d., as against 13^d. last week. Tho fear
of heavy May liquidation tends to check very aggressive
bull operations. On Thursday prices wero irregular, with
light trading. Closing quotations wero as follows:
M arch........... 7.82@7.83
A p ril............. 6.16(<§6.17
M a y _______ 6.21@6.22
J u n o ............. 6.26(3)0.27
July............... 7.34(3)7.35
A ugu st------- 7.40(3)7.41
September _.7.40(",7.48
October_____ 7.51@ 7.52
November __7.57(3)7.58
December__ 7.04(3)7.65
January___ 7.72(3)7.74
February ___7.77@7.78
Pennsylvania dark $1 40
Second sand______1 40
T ion a ___________ 140
Cabell___________ 1 00
Mercer black_____1 00
New Castle______1 00
. 95c.
.$1 10
. 86c.
83c.
78c.
84c.
Corning___
W ooster___
North Lima.
South Lima.
Indiana____
Princeton...
Somerset, 32 deg_83c.
Ragland___________85c.
Illinois, above 30
degrees_________ 84c.
Kansas and Okla
homa___________ 40c.
TOBACCO.— Sales have been light, but prices have re
mained pretty steady At tho first inscription at Amster
dam of Sumutra tobacco a short time ago 1,200 bales were
taken for America. Another inscription took place on
Thursday of tho present week. Cuban leaf has been in
fair domand and steady.
But as a rule trade in this
country is rather slow. It is characteristic of the tirpes that
the consumption of cigars has fallen off. Naturally, manu
facturers feel this.
COPPER has been stronger, with Lake 16 cents and
electrolytic 15Me. Brass manufacturers have at times
bought freely, notably for June and July shipment to meet
their export contracts. Also, there was some demand for
August shipment. The buying by brass mills has been the
principal feature. London has been stronger. Tin has
beon quoted at 54 cents, later 51 cents. London has been
strong and higher, reacting later. Lead here 4.15c. and
spelter 9 } 4 c . , with London rather weak for both. The
steel trade improves slowly. Steel specifications and ship
ments during March are said to have been more than 60,000
tons daily. Eastern railroads are beginning to send in
specifications to rail mills. Structural work is more active.
European govern ments within a fortnight have bought the
most freely since the beginning of tho war. French interests
have ordered 100,000 tons of bars and have already sent in
specifications on 45,000 metric tons on this order. De
liveries are to be 25,000 tons a month; further orders are
ponding for 30,000 tons. American mills, it is believed, will
havo to furnish England and Franco with large quantities
of steel, also sales to both neutrals and belligerents are larger
than is commonly supposed. Some 250 locomotives have
been sold during the last six months for export. Less
business in Buffalo pig iron is reported. Within 10 days,
however, some 350,000 tons have been sold. Some have
advanced quotations to $12 50 for No. 2x second quarter
and $13 for second half of tho year; cuts are rumored, how
ever. For tho third quarter the Steel Corporation asks
1.25c for bar plates and structural shapes.
COTTON
F rid a y N ig h t, A p r i l 2 , 1915.
THE MOVEMENT OF THE CROP, as indicated by our
tolegrams from tho South to-night, is given below. For the
week ending this evening the total receipts have reached
232,229 bales, against 258,968 bales last week and 227,227
bales tho previous week, making the total receipts since
Aug. 1 1914 9,027,785 bales, against 9,609,833 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 582,048 bales.
Receipts at
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston______ 17,934 10.608 18,114 10,841 13,026 *8,000 78,523
902
1,825
8,254
2,339
1,620
1,568
Texas City_____
____
____
___
____
8,439
8,439
Port Arthur___
125
125
Aransas Pass, &c
9,153 16,609
4,492 10,521
1,790 *6,000 48,565
New Orleans___
339
806
1,283
602
2
18 3,050
Mobile__________
____
____
8,015
8,015
Pensacola _____
___
___
___
Jacksonville, &c.
Savannah ______
4,587 5,789 4,924 3,365 4,347 3,965 26,977
1,500
3,000 4,500
Brunswick_____
717
787
Charleston_____
1,689 3,875
1,305 10,145
1,772
___
___
____
106
106
Georgetown----1,519
482
1,824
*500 9,126
W ilm ington___
1,809 2,992
1,941
2,555
16,185
Norfolk________
3,565 5,853 2,271
2,638
3.780 6,418
N ’port News, &c
130
26
278
72
Now York______
50
_
172
190
588
2,150
B o sto n __ _____
223
977
327
1,046
1,373
Baltimore. _ .
—
Philadelphia____
—
—
—
....
—
—
SUGAR receded to 4.77c. for 96-degrees test centrifugal
and 4c. for molasses, 89-degrees test. Yet the receipts Totals this week. 38,077 40,151 58,206 43.604 25,171 27,020 232,229
havo been smaller, duo, presumably, to recent rains in Cuba.
* Estimated.
Production is about 300,000 tons less than that of a year
The following shows the week’s total receipts, the total
ago. Some demand has prevailed hero for granulated from
Franco and Greece. Greece has been prevented from buying sinco Aug. 1 1914 and the stocks to-night, compared with
in Austria by the embargo instituted by England and France. last year:
Pro-holiday selling has had some effect. On Thursday
Stock.
1914-15.
■i 1913-14.
prices wero a little easier.
Receipts to
This Since Aug This Since Aug
April 2.
Closing quotations for sugar futuros wero as follows:
April ............ 3.82@3.83 A ugu st____ 4.03 @4.05 November ..3.96(3)3.98
Api
3.86 (3)3.87
M a y ----------3.87(3)3.88 September __4.08@4.10 December
Juno ............ 3.93(3)3.94 October____ 4.06 @4.08 January___ 3.70@3.75
Juiy_______ 3.98 @3.99
OILS.— Linseed quiet and steady; City raw American
seed, 62c.; boiled 63c.; Calcutta 70c. Cocoanut oil steady.
Cochin 13@14c.; Ceylon 1 0 % @ llc .; olive 92@95c. Castor
9 @ 9 ^ 0 . Palm 12@13c. for Lagos. Cod domestic 38@
39c. Cotton-seed oil slightly higher at 6.75@7.50c. for
winter and 6.80@7.40c. for summer white. Corn in good
demand at 6.26@6.31c. Spirits of turpentine 463^@47c.
Common to good strained rosin $3 40.
PETROLEUM has been slightly lower; refined in barrels
7.60@8.60c.;bulk4.10@5.10c.; cases 10.10@11.10c. Naph
tha, 73 to 76-degrees, in 100-gallon drums, 23Kc.; drums
$8 50 extra. Gasolino, 86-degreos, 26c.; 74 to 76-dogreos,
22@24c.; 67 to 70-degrees, 22c. Crude prices havo beon
steady. Advices from Toledo state that there is no revival
o ofperations anywhero in tho Central West. Prices wero as
follows :
Week.
1 1914.
Week.
1 1913.
1915.
1914.
396,530
60,386
256.099
4,749
2,994
365,036
153.500
41,516
30,258
596
163,742
31,000
86,811
293
70,054
2,834
11,367
49,867
81,190
21,707
42,605
152,088
12,000
2,874
3,475
126,020
11,354
3,477
2,583
Totals________ 232,229 9,027,785 108.998 9,609,833 1,450,105
736,900
Galveston_______
Texas City______
Aransas Pass, &c.
New Orloans___
Gulfport..............
M o b ile_________
78,523 3,548,493 29,748 3,271,031
8,254 481,928
1,517 464,364
48,159
8,439
40,245
144,808
125
49,244
48,565 1,531,253 24,230 1,620,504
3,050
8.015
Jacksonville, &c_
Savannah____ __ 26,977
4,500
Brunswick______
Charleston______ 10,145
106
9,126
Wilmington_____
Norfolk
16,185
6,418
N ’port News, &c.
278
Now Y o rk ______
2,150
B oston_________
1,373
Baltimore_______
—
Philadelphia------
147,786 5,666 382,177
65,194 6,902 147,468
29,102
30
28,780
1,588,727 17,548 1,692,389
177,808
900 292,592
373,655
1,153 411,060
1,473
235,814 2,317 387,079
490,561
7,296 515,847
123,927 9,574 102,691
16,580
346
5,538
48,447
15.124
329
67,689
1,442
86,795
—
1,741
1,945
In order that comparison may be made with other years,
wo give tho totals at leading ports for six seasons:
Receipts at—
1915.
1914.
1913.
1912.
1911.
1910.
40,828
10,036
23,419
5,531
29,375
4,000
4,971
6,528
14,992
2,410
9,363
15,523
--------9,881
697
4,041
744
1,262
598
3,344
--------1,773
23,365
11,065
23,040
3,102
7,789
1,080
897
2,934
6,445
208
1,920
case, some estimates of the world’s consumption of American
cotton are as high as 14,000,000 bales and oven higher.
Largo spot interests have been heavy buyers of late. This
of itself has had not a little to do with the advance. Some
of this buying, it is understood, has been against selling to
mills. Exports have latterly been liberal, as tho time ap
proached for the putting into active effect of the English and
French embargo against German commerce. The exports
N ’port N.,&c.
All others___
for the season are now only about 1,270,000 bales smaller
than at the same time last year, whereas at ono time this
Total this wk. 232,229 108.998 110,473 151,453
37,853
81,845
season the deficit was more than double this quantity. Also,
Since Aug. 1. 9,027,785 9,709,833 8,943,820 11014948 8,062,934 6,593,870 of late the weather at tho South has been cold and rainy.
Little cotton, it is said, has been planted in Texas, except
j . u o u a [ j u i tt) i u i t a t ) w b o k enaing uns evening reaen a total
of 245,672 bales, of which 81,447 were to Great Britain, possibly in the extreme southern part of the State. In
13,400 to France and 150,825 to the rest of the Continent. many parts of the belt the season is said to be backward,
Exports for the week and since Aug. 1 1914 are as fol freezing temperatures have recently been frequent. This,
lows:
to be sure, may cut both ways. Freezing temperatures may
force farmers to plough up corn and re-plant with cotton.
Week ending April 2 1915. From Aug. 1T1914 to April 2 1915.
But anything tending to retard field work and planting opera
Exported to—
Exported to—
tions around this time of the year is usually regarded as a
Exports
Tom—
Great
Conlibullish factor. The South of late has been buying more or
Great
Conti
Brltaln. France, nent. Total. Britain. France.
nent.
Total.
less. Spot markets have been strong and rising, with not a
Galveston.. 22,105
39,956 62,061 1,043,100 242,030 1,187,085 ‘,472,195 little activity at some points. Believers in higher prices
Texas City. 14,749
14,749 370,771
37,862 408,633 have also been encouraged by reports of large sales of cotton
Port Arthur 8,439
8,439 42,872
400 43,272 goods here. Last week the sales of print cloths at New York
Ar.Pass.&e.
618
618
NewOrleans 4,652
19,095 23",747 610 ,234 105,592 413,722 ,129,548 reached, it is said, fully 750,000 pieces, on contracts running
Mobile .
58 ,265
837
59,102
from July to January, and it is reported that cotton goods
Pensacola.. 8,015
,015 39 ,138 25,500
400 65,038
Savannah _. 14,537 13,400 37",814
,751 335 ,865 72,386 695,603 ,103,854 mills and commission houses sold fully 1,500,000 pieces of
Brunswick .
105,682
11,247
13,103 130,032 gray and brown goods for converting printing and manufac-,
Charleston.
20,000
",666 56 ,84
174,575 231,419
Wilmington
10,460
,460 41 .174 "l'3ri 19 92,528 146,821 tunng purposes. Sold-out bulls in New York and at the
Norfolk___ 2,800
,800 17 ,887
46,348 64,235 West have latterly been buying, after having waited for a
New York.
7,393
,393 49 ,776
1()„S01 267,365 327,942
Boston i.__
r,6i7
71
,688 52 ,782
4,354 57,136 reaction for a week or more. Latterly, too, some of tho cov
Baltimore.. 4,033
,033 33 ,062
6,550
1,600 41,212 ering has been on stop orders. On tho other hand, tho ad
Phlladel’a ..
500
600 28 ,805
3,727 32,532
Portl’d, Me
1,167
1,167 vance has been very sharp (over $8 a bale, or $14 a bale from
San Fran..
16,036 16,036
127,319 127,319 the low point of tho season), and under ordinary circumstances
Pt. Towns’d
129,991 129,991 a reaction would be due. Besides, as the price rises, peoplo
Pembina__
1,503
1,503
are becoming sceptical as to the likelihood of tho South
Total----- 81,447 13,400 150,825 245,672 2,887,424 487,2253,198,920 6,573,569
greatly reducing the acreage at all. Some Southern advices
Tot.1913-14 42,228 27,364 39,800 109,392 3,027,542 1,002,3273,813,6407,843,506 bluntly describe the talk of a sharp decrease in tho acreage as
It is even
W t - l f e w York exports since Aug. 1 include 6,276 bales Peruvian and 25 bales bosh. Texas advices say it will not bo over 10%.
West Indian to Liverpool, 50 bales Egyptian to Mexico.
asserted that the use of fertilizers will bo larger than some
In addition to above exports, our telegrams to-night also people suspect. It also remains to be seen how tho British
give us the following amounts of cotton on shipboard, not and French embargo on trade at German ports will affect
cleared, at the ports named. Wo add similar figures for the exports of cotton from this country during April and later
New York.
on. If trade is cut down and the acreage is not greatly re
duced, plenty of peoplo will take it for granted that some
thing like 5,000,000 bales may possibly bo carried over into
On Shipboard, Not Cleared for—
next season. In that case, even if the noxt crop is only
Gi eat
Ger
Other Coast
Leaving
April 2 at— Britain. France. man!/. Foreign wise.
12,000,000 bales, there would be a supply of 17,000,000 bales.
Total.
Stock.
And while there are predictions that tho war will end in three
New Orleans.. 19,034 11,058
------! 2 1 , 0 2 1
657 51,770 313,266 or four months— Lloyds of London is said to be wagering
Galveston___ 49,666 16,953
------' 31,836
2.500 100,955 295,575
Savannah ___
9.000
------ 5,000
1.500 15,500 148,242 even that it will end by Sept. 1— nobody, of course, really
Charleston___
-----5,000
5.000
81,811 knows anything about tho matter. If anything, the war
M o b ile .......... 18,572
100
___
‘ 666 19,272
22,244
1.000
26,000 27.000
54,190 spirit across the water, it is feared, is becoming increasingly
New York___
I III
4",666
4.000 148,088 bitter. On Thursday prices declined twelve to fifteen points, •
Other ports__
5",666
------1 8,000
13.000 150,192
but recovered much of this later. Liquidation was heavy,
Total 1915.. 102,272 28,011
100 74,857 31,257 236,497
but towards the close shorts covered. Exports for tho day
Total 1914. _ 28,361
6,313 43,622 31,582 19,016 128,894 1,213,608
608,006
Total 1913.. 35,290 4,757 61,936 23,705 21,117 146,805 544,401 were reported at 48,199 bales. Large spot interests and
Liverpool houses were buyers. Wall Street and the South
kjycuuiari/ivu. in uuutuu iui xuiuru ueiivery nas oeen rather sold to a fair extent. Spot cotton closed at 9.80c. for mid
brisk for these times, and prices have risen sharply to new dling uplands, showing an advance for the week of 25 points.
high levels on this movement. There is persistent talk to
The following averages of the differences between grades,'
the effect that there will bo a sharp reduction in the use of as figured from the March 31 quotations of the nine markets’
fertilizers and also in the acreage. Private reports insist designated by tho Secretary of Agriculture, are tho differ
that the acreage reduction will average 20% and the decrease ences established for deliveries in the New York market on
in fertilizers something like 40% . The mills have been buy April 7.
ing somewhat more freely at the South and large spot con Middling fair..
1.04 on Good middling ••yellow” tinged.0.04 on
cerns have had to protect themselves by buying here. Also, Strict good middling__________
......... 0.77 on Strict middling ••yellow” tinged.0.20 off
there has been a good deal of speculation for a rise, which Good middling............. . _____ 0.54 on Middling "yellow” tinged______ 0.50 off
middling.......................... 0.27 on Strict low mid. "yellow” tlnged.O 99 off
the strong and active stock market has encouraged to some Strict
Strict low middling______ _____0.44 off Low middling “ yellow” tinged.. 1.61 off
........1.00 off Middling "blue” tinged.............0.80 off
extent. Besides, the talk is very general to the effect that Low middling..........
good orrllnnrv _ _____1.58 off Strict low mid. "bluo” tinged... 1.20 off
the consumption will be considerably larger than was at one Strict
Good ordinary......... ...................2.15 off Low middling “ blue" tinged___ 1 .7 5 off
time expected. Not a little of this will go for gun cotton, Strict good mid. "yellow” tinged.0.37 on Middling “ stained” ___________ 1.13 off
and in the manufacture of smokeless powder. Powder mills
The official quotation for middling upland cotton in the
are said to be overwhelmed with contracts for European de New York market each day for tho past week has been:
livery as promptly as possible. It was rumored that one
March 27 to April 2—
o«u.
ues. W ed. T hurs. Fri.
Sat. Mon. T
Tues.
concern has a contract for 100,000,000 pounds of smokeless Middling
uplands____________ 9.65
9.65
“9.65'
~
""
‘
9.80
9.80
II.
powder, which is about ten times its ordinary annual pro
duction. Old powder mills are being opened up and started.
FUTURES.— The highest, lowest and closing prices at
People formerly in the shipbuilding trade are going into the
manufacture of smokeless powder. One ordnance expert is New York for the past week have been as follows:
quoted as predicting a consumption of cotton for the produc
Saturday, Monday, Tuesday, Wed'day,' Thursd'y, Friday,
tion of gun cotton this season at 1,200,000 bales. This, it
Mar. 27. Mar. 29. Mar. 30. Mar. 31. Apr. 1. Apr. 2.
Week.
is insisted, partly explains the mysterious and largo absorp
tion of cotton this season, so much in excess of what anybody April—•
____ _ __
Range____
had expected.
It represents not only consumption but quick
____ __
Closing___ 9.41-.44 9.36-.40 9.47-.54 9.56-.65 9.45-.65
destruction of cotton, in sharp contrast with the ordinary Mag—
Range....... 9.55-.65 9.56-.08 9.55-.70 0.73-.88 9.04-.83
9.55-. 88
life of cotton goods, which may be a year or two if not longer.
Closing___ 9.62-.64 9.57-.58 0.68-.69 9.78-.80 9.69-.70
Also, when cotton is selling at around 'these prices it enters July—
Range........ 9.83-.05 9.85-.00 9.80-.98 10.02-.19 9.93-.09
9.80-.19
into a multitude of new uses for which it is not ordinarily
Closing___ 9.91-.92 0.87-.88 0.97-.98 10.08-.09 10.01-.02
employed when the price is high. Aside from this, there is a August—
Range____ 9.97-.02 10.12-.14 10.10 — —
10.13-.16 HOLI 9.97-.16
large consumption for wall paper, automobile tires, imitation
Closing___ 10.03-.05 9.99-.01 10.09-.il 10.19-.22 10.12-.14 DAY.
leather, celluloid, cotton fibre board in making sample cases September—
.
Range........
and trunks; also a good deal is used for batting, cushions,
____ __
Closing___ 10.12-.I4 10.08-.10 10.18-.20 10.27-.29 10.21-.23
upholstering, mattresses, wadding, pads, felt and writing October—
Range____ 10.14-.26 10.16-.31 10.11-.33 10.33-.50 10.28-.42
paper, as well as in wrapping twine, cheap rope and candle
10.11-.50
Closing___ 10.23-.21 10.17-.18 10.29-.30 10.39-.40 10.35-.36
and lamp wicks, &c. It is used for many other things be December—■
Range....... 10.31-.44 10.35-.49 10.27-.47 10.51-.67 10.42-.57
sides when prices are relatively low. Some take the ground
10.27-.67
Closing___ 10.42-.43 10.36-.37 10.46-.47 10.55-.56 10.51-.52
that the extraordinary consumption brought about by the January—
Range------ 10.41-.50 10.42-.55 10.33-.53 10.56-.71 10.49-.61
European war will offset any decrease in the ordinary con
10.33-.71
Closing___ 10.49-.51 10.43-.44 10.52-.53 10.61-.62 10.57-.58
sumption in this country and elsewhere in the world. In any
Galveston__
TexasCity,<Scc.
New Orleans.
M obile______
Savannah __
Brunswick__
Charleston,&c
W ilmington..
78.523
16,818
48,565
3,050
26,977
■ 4.500
10,251
9,126
16,185
6,418
11,816
29,748
1,517
24,230
5,666
17,548
900
1,153
2,317
7.296
9,574
9,049
34,229
20,081
18,803
1,676
12,085
3,100
1.937
2,629
5,180
3,348
7,405
1913-14-----Since
Aug. 1.
463,686
346,646
5,970
106,106
3,745
106,411
2,088
132,239
3,042
340,365
3,597
THE VISIBLE SUPPLY OF COTTON to-night, as made
April 2—
_ .
up by cable and telegraph, is as follows. Foreign stocks, Shipped—
Via St. Louis___________________ 11.908
as well as the afloat, are this week’s returns, and consequently
Via Cairo_______________
7,959
Via Rock Island-----------------------396
all foreign figures are brought down to Thursday evening.
Via
Louisville----------------5,741
But to make the total the complete figures for to-night
Via Cincinnati___________________ 2,085
(Friday), we add the item of exports from the United States,
Via Virginia points-------------------- 3,813
Via other routes, &c_____________ 18,583
including in it the exports of Friday only.
1915.
1914.
1913.
1912.
A n r il 2__
Stock at Liverpool------------ bales. 1,459,000 1,241,000 1,281,000 1,274,000
24,000
5,000
(>,000
.5,000
at T.ondon
Stock at Manchester----------------- 112,000
88,000
86,000
95,000
P®Total Great Britain----------------1,595,000 1,334,000 1,373,000 1,372,000
Stock at
at Hamburg_____________
17.000
14-Q00 , 7 ’OQO
Stock
Hamburg.......... - ........... ..x*30,000
x 'x x s
660,000
498.000
Stock at Bremen-----------------------*522,000 5^ ,00 0
354,000
381.000
Stock at Havre ................
21 l ’Rno 39^’nnn
4.000
2,000
Stock at Marseilles --------16,000
o'o’nno
33.000
24.000
^nnn
sn’nnn
Stock at Barcelona-----------------24.000
57.000
Stock at Genoa — ..........
5*Z’nnR
39’RRR
5.000
28.000
Stock at Trieste---------*5,000
44,000
Total Continental stocks______1,398,000 1,064,000
Total gross overland__________ 50,485 1,432,219
DeOverl1m$toNS. Y ., Boston, & c ... 3,801
Between interior towns------------- 9,536
Inland, &c., from South________ 4,141
980,000 1,111.000
Total European stocks______ 2.993,000 2,398,000 2,353,000 2,483,000
99.000
72.000
India cotton afloat for Europe__ 150,000
198,000
687,688
263,659
Amer. cotton afloat for Europo-. 939,559 414,645
52.000
37.000
Egypt, Brazil,&c.,afloat for Eur’pe 64,000
50,000
236.000
Stock in Alexandria, Egypt------- 247,000 288,000 232.000
660.000
889.000
Stock in Bombay, India________ 703,000 1,005,000
Stock in U. S. ports_____________1,450,105 736,900 691,206 882,005
402,379
568,341
Stock in U. S. interior towns____ 927,849 608,687
19,089
20,721
U. S. exports to-day____________
14,537
16,346
Total visible supply__________ 7,489,450 5,715,578 5,126,927 5,521,161
Of the above, totals of American and other descriptions aro as follows:
Liverpool stocks_________ bales. 1,159,000 1,014,000 1.099,000 1.159.000
58,000
56,000
Manchester stock----------------------- r,§2’9RR rJ R ’RRR 952,000
1.084.000
Continental stock----------------------*1,248,000 980,000
263,659 687,688
American afloat for Europe------- 939,559 414,645
882,005
691,206
U. S. port stocks------------------------ 1,450,105 736,900
402,379
568,341
U. S. fntorior stocks____________ 927,849 608,687
19,089
20,721
U. S. exports to-day____________
14,537
16,346
Total American_____________ 5,822,050 3,829.578 3,650,927 4,292,161
East Indian, Brazil, &c.—
______ „
,,_
Liverpool stock_________________ 300,000
227,000
182,000 115,000
London stock__________________
24,000
5,000
9,000
,,'i’RRR
29,000
29,000
30,000
37,000
Manchester stock______________
Continental stock_______________ *150,000
84,000
28,000
^7,000
India afloat for Europe_________ 150,000
198,000
72,000
99,000
Egypt, Brazil, &c., afloat............
64,000
50,000
37,000
Stock in Alexandria, Egypt_____ 247,000 _ 288,000
232,000 236,000
Stock in Bombay, India______ 703,000 1,005,000
Total East India, &c_________ 1,667,000 1 ,8 8 6 , 0 0 0 1,476,000 1,229,000
Total American_____________ 5,822,050 3,829,578 3,650,927 4,292,161
U, 1lUitMU
Total visible supply___________
6.17d.
6.96d.
7.26d.
5.62d.
Middling Upland, Liverpool------11.00c.
12.60c.
13.40c.
9.80c.
Middling
ltL
lU U U U K Upland,
w p ia u u , A
Now
. V li York----A v /iik
—
10.55d. 9 13-16d.
9.70d.
8.60d.
Egypt, Good Brown, Liverpool-.
9.10d.
9.90d.
9.00d.
9.15d.
Peruvian, Rough Good, Liverpool
C,%d. 5 13-16d.
6 J4d.
5.25d.
Broach, Pino, Liverpool________
5Vid
6V»d.
5.38d. 6 5-16d.
Tinnevolly, Good, Liverpool___
* Estimated.
Continental imports for past week have been 222,000 bales.
The above figures for 1915 show a decrease from last week
of 58,715bales, a gain of 1,773,472bales over 1914, an excess
of 2,362,123 bales over 1913 and a gain of 1,967,889 bales
over 1912.
AT THE INTERIOR TOWNS the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in de
tail below.
M ovem ent to A p ril
T ow ns.
Receipts.
W eek.
Ala.,Eufaula.*
Montgomery .
Selma______
Ark., Helena-*
Little Rock__
Ga., Albany.-*
Athens _____
Atlanta_____
Augusta____
Columbus___
Macon_____
Rome ...........
La., Shreveport
Miss.,Columbus
Greenville___
Greenwood__
Meridian___
Natchez____
Vicksburg----Yazoo City.*
Mo., St. Louls.
N .C., Italolgh*
O., Cincinnati.
Okla., Hugo.—
S.C., Greenw’d
Tenn.,Memphis
Nashville----Tex.,Brenhnm*
Clarksville. . .
Dallas_____ *
Honey Grove.
Houston____
Paris.............
Season.
2 1915.
Ship
m ents.
W eek.
23,085
192,855
127,205
01,127
195,470
31,738
113,219
172,559
418,858
95,159
30,874
01,293
140,024
30,097
71,788
1 30,550
44,012
21,201
37,071
39,315
13,571 545,303
10,481
300
8,200 233,773
10,354
"400 22,404
10,594 948,013
727
0,020
350 17,704
207 45,055
700 113,271
22 24,281
59,287 3,147,820
919 114,920
75
2,071
1,493
500
1,742
100
1,245
2,112
3,902
925
43
705
1,784
989
301
1,170
930
247
300
Stocks
A
n r i l
2.
288 9,200
3,715 66,470
3,458 25,096
1,255 12,030
3,625 40,632
591 12,000
1,800 21,924
2,701 16,953
2,944 133,072
1,350 42,227
1,010 10,149
879 8,859
3,314 46,710
837 5,702
1,414 10,430
2,881 14,282
2,131 10,275
540 7,407
649 9,032
578 9,000
11,908 38,733
410
325
10,139 18,935
___
*800 7,500
26,278 192,222
50 2,107
528 1,000
1,010 1,168
811 3,400
148
385
65,603 142,171
1,735 2,302
* This year’s figures estimated.
The above totals show that the interior stocks have de
during the week 33,198 bales and are to-night 319,162
bales more than at the same time last year. The receipts at
all towns have been 57,768 bales moro than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.— We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
Total to be deducted.............. .17,478
134,661
154,856
102,143
391,660
Leaving total net overland *____ 33,007 1,040,559
34,941 1,501,423
2,117
7,928
8,909
18,954
109,198
128,898
110,566
348,662
15,987 1,152,761
* Including movement by rail to Canada.
The foregoing shows the week’s net overland movement
has been 33,007 bales, against 15,987 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 112,202 bales.
1914-15Since
In Sight and Spinners’
Takings.
Week.
Aug. 1.
Receipts at ports to April 2____232,229 9,027^,785
Net overland to April 2 _________ 33,007 1,040,559
Southern consumption to April 2- 60,000 2,070,000
.325,236 12,138,344
.*33,198
807,710
.292,038
12,946,054
Total in sight April 2 -----------. 80,744
* Decrease during week.
2,339,602
-1913-14Since
Aug. 1.
9,609,833
1,152,761
2,106,000
Week.
108,998
15,987
60,000
184,985 12,868,594
465,219
*38.693
146.292
40,494
13,333,813
2.349,683
Movement into sight in previous years:
W eekBales.
Bales. ,
4 .........................142,146 1911— April 7 . . ------------------ 74,665
1912—April 6 _____________ 195,78511910— April 8 --------- -------- ..104,473
Week—
1 9 1 3 — April
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
_________________
Closing Quotations for Middling Cotton on—
Week ending
April 2.
Galveston_____
Now Orleans__
M o b ile .............
Savannah _____
Charleston----Wilmington___
N orfolk _______
Baltimore.........
Philadelphia . . .
Augusta............
Memphis______
St. Louis..........
H ou ston______
Little Rock-----
Saturday. Monday. Tuesday. Wed’day. Thursd'y. Friday
9.20
8.75
8.50
IH
1(88
8Vs
9.90
8.75
8.62
8H
9.35
8.55
9.20
8.88
8.50
8H
8%
8H
8.88
SVs
9.90
8.75
8.62
§&
8.50
9.35
9.06
8.63
8 Vs
S:'t
8*A
9.00
8V s
10.05
9.00
8.87
8%
9.50
8.50
9.35
9.06
8.68
8J4
8H
8H
9.00
8V»
10.05
9
8.87
8%
9.40
8.65
HOLI
DA Y.
NEW ORLEANS CONTRACT M ARKET.— The high
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday, Monday, Tuesday, Wed’day, Thursd'y, Friday,
Mar. 27- Mar. 29. Mar. 30. Mar. 31. April 1. April 2.
April—
Range_______
Closing--------- 9.05 — 8.97 — 9.11 — 9.24 — 9.20 —
May—
M ovem ent to A p ril 3 1914.
Range---------- 9.18-.30 9.23-.32 9.20-.38 9.41-.51 9.32—47
Closing______ 9.29-.30 9.23-.24 9.37-.38 9.44-.45 9.40-.41
S hip- Slocks
Receipts.
June—
A p ril
_____ — 9.43 — 9.34 — — :— — 9.53 —
Range
W e e k ’.
3.
W eek . | Season.
Closing--------- 9.37-.39 9.34 — 9.45-.47 9.58 — 9.53-.55
116 1,893 July—
258 22,551
R ange.______ 9.42-.54 9.43-.59 9.40-.61 9.64-77 9.56-.72
1,081 154,617 2,316 19,297
Closing--------- 9.52-. 53 9.44-.45 9.60-.61 9.68-.69 9.65-.66
500 124,605 1,294 10,000
004 11,275 August—•
59 64,044
________ 9.70 — ________ __ _____ HOLI
Range_______
2,019 179,228 1,757 51,440
150 2,400
Closing______ 9.60-.62 9.52-.54 9.68-.70 9.76-.78 9.73-.75 DAY.
28,425
l",250 111,869 2,800 10,642 September—
Range_______
648 219,275 2,050 12,415
Closing______ 9.71-.73 9.62 — ~9.76-.78 9.84 — 9.81-.83
3,500 357,320 10,155 54,926
445 78,025 2,985 11,981 October—
57
813
Range_______ 9.81-.91 9.82-.96 9.75-.97 10.00—13 9.91—05
46 44,427
Closing______ 9.91-.92 9.82-.83 9.96-.97 10.04-.05 9.99-.01
225 5,827
463 56,014
1,337 187,197 2,132 32,080 November—
310 2,360
Range_______
82 37,192
Closing______ 9.99-.01 9.99 — 10.04-.06 10.12-14 10.07-09
911 12,010
53 84,773
444 138,627 1,598 18,877 December—
Range_______ 9.99-.08 9.99-.12 9.93-.12 10.17—27 10.06—19
475 7,154
215 31,115
Closing______ 10.0S-.09 10.08-.10 10.12-.14 10.20-.21 10.15—16
304 4,010
20 19,555
99 33,132 1,339 4,063 January—
___
40,676
Range_______ 10.08 — 10.11-.20 10.10-.17 10.26-.37 10.20-.27
631 7,111
13,701 485,235 13,034 33,794
Closing.......... 10.15-.17 10.05-.07 10.19-.21 10.27—29 10.23-25
13,080
143
Tone—
125
351
Steady
Firm
S pot............... Steady Steady Steady
6,672 204,216 10,912 18,133
Steady Steady
Steady Steady
Firm
37,530
450
Options____
100
___
_.
13,875 1,000
142
11,912 1,053,744 17,029 120,769
WEATHER REPORTS BY TELEGRAPH.— Telegraphic
50
598
85 10,399
224 1,346 advices to us this evening from the South indicate that, while
120 22,870
48,511
500 2,000
1,073 97,802 1,602 3,861 temperature continued low during a portion of the week, the
32,502
200 1,200
17,9102,795,819 24,823 134,857 rainfall has been moderate or light.
500i 4,000
200| 106,803
G alveston, T ex .— Prevailing low temperatures in the in
Total, 33 town;)122,103 7,292,685 155,301 927,849 04,335!6,936,331 103,028 608,087
creased
Week.
13,634
8,835
terior have moderated somewhat, although frosts occurred
again during the week. Much damage has been done to
fruit and tender vegetation. Rainfall as a rule has been
light. Dry all the week. Minimum thermometer 46,
highest 72, average 59.
A b ile n e , T ex .— Dry all the week.
The thermometer has
averaged 58, the highest being 82 and the lowest 34.
D a lla s, T ex .— Rain has fallen on one day of the week, to
the extent of two hundredths of an inch. The thermometer
has averaged 56, ranging from 36 to 76.
Palestine, T ex .— There has been rain on one day of the past
week, and the rainfall has been one hundredth of an inch.
Thermometer has ranged from 40 to 78, averaging 59.
San A n t o n i o , T ex . — Rainfall for the week one hundredth
of an inch, on one day. Average thermometer 62, highest
82, lowest 42.
T a ylor, T ex . — Rainfall for the week four hundredths of an
inch, on three days. Minimum thermometer 42.
N e w O rleans, L a . — There has been rain on three days the
past week, to the extent of one inch and ono hundredth.
The thermometer has averaged 64.
Shreveport, L a . — There has been rain on three days the
past week, the rainfall reaching fifty-six hundredths of an
inch. The thermometer has ranged from 35 to 68.
Vicksburg, M i s s . — Rain has fallen on two days of tho week,
to the extent of ninety-four hundredths of an inch. Mini
mum thermometer 51, highest 68, average 38.
M o b ile , A l a . — Rain has fallen on two days of the week,
the rainfall being fifty-four hundredths of an inch. The
thermometer has averaged 59, the highest being 72 and the
lowest 40.
S elm a , A l a . — Rain has fallen on four days of the week,
to the extent of one inch. The thermometer has averaged
51.5, ranging from 35 to 75.
M a d i s o n , F la . — There has been rain on two days of the
past week, and the rainfall has been ono inch and fifty-fivo
hundredths. Thermometer has ranged from 40 to 75, aver
aging 57.
Savannah, G a . — Rainfall for the week sixty-five hundredths
of an inch, on one day, and snow on three days. Average
thermometer 55, highest 77, lowest 38.
C harleston, S . C . — There has been rain on three days tho
past week, to tho extent of thirty-five hundredths of an inch.
The thermometer has averaged 56, ranging from 37 to 74.
Charlotte, N . C . — Thero has been rain the past week, the
rainfall reaching sixty-nine hundredths of an inch. The
thermometer has ranged from 31 to 63, averaging 47.
M e m p h i s , T en n . — Wo have had rain on three days of tho
past week, tho rainfall being eight-six hundredths of an inch.
Average thermometer 44, highest 61, lowest 31.
NEW YORK QUOTATIONS FOR 32 YEARS.
1915.C__ . . 9.80
1914___ ..13.40
1913___ --12.60
1912___ -.10.95
1911___ . . . 14.40
1910___ -.14.75
1909. . . . 9.95
1908___ -.10.50
1907.C---- -.10.90
1906_____ -.11.65
1905......... . . 8.15
1904........ ..15.35
1903____ -.10.05
1902____
9.00
1901. . . . . 8.31
1900____ - - 9.56
1899.C.........
1898_______
1897_______
1896.............
1895_______
1894............
1893......... ..
1892...........
6.31
6.19
7.31
7.88
6.38
7.75
8.62
6.69
1891-C-.
1890___
1889___
1888___
1887___
1886___
1885___
1884___
- - 9.00
-.11.44
...1 0 .1 9
. 9.44
...1 0.62
. . . 9.19
__ 11.19
...1 1 .5 0
COTTON CONSUMPTION AND OVERLAND MOVE
MENT TO APRIL 1.— Below we present a synopsis of tho
crop movement for the month of March and tho eight
months ended March 31 for two years:
1914-15.
Gross overland for March________________bales.
211,684
Gross overland for 8 months___________________ 1,423,762
145,322
Net overland for M arch_______________________
Net overland for 8 months_____________________ 1,037,142
1’ ort receipts in March________________________ 1,127,738
Port receipts In 8 months______________________ 8,975,594
Exports in March_____________________________ 1,252,826
Exports in 8 months___________________________ 6,510,833
Port stocks on March 31____ _________________ 1,492,912
Northern spinners’ takings to April 1___________ 2,303,602
Southern consumption to April 1__________ .___ 2,050.000
Overland to Canada for 8 months (included in
net overland)_______________________________
119,064
1,741
Burnt North and South in 8 months____________
18,935
Stock at Northern interior markets April l . _ ____
Came in sight during March___________________ 1,359,446
Amount of crop in sight April 1_________________ 12,877,122
Came in sight balance of season________________
Total crop_____________________________________
Average gross weight of bales___________________
514.34
Averago net weight of bales____________________
489.34
Futures.
Market
Closed.
Years ending June 30—
Saturday__ Steady 10 pts adv._ Steady________
M on d a y __
Tuesday__
Wednesday. Steady 15 pts a d v ..
Thursday . .
HOLIDAY
Total
..
1912-13.
1913-14.
1911-12.
1914-15.
Season.
Contr’cl Total.
2,400
900
1,700
200
2,400
900
1,700
200
5.200
5,200
1913-14.
Week.
69,456,504
372,808,800
11.374,716
79',219,308
10,732,697
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
March 10.
1914-15.
1913-14.
1912-13.
Receipts (cantars)—
This week_____________
Since Aug. 1___________
135,000
5,502,156
95,000
7,206,177
50,000
7,262,538
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
7,900 148,882 4,000 172,211
118,912 8,250 173,869
19'.606 196,686 15,000 321.650
To Am erica.. _________ 7,500 103,743 3,500 47,843
2,250 173.772
176,289
7~,506 297,855
1,500 102,831
MANCHESTER MARKET.— Our report received by
cable to-night from Manchester states that grey goods for
India and China are quiet, but that there is moro doing in
other descriptions. Substitutions are granted moro readily.
We give tho prices for to-day below and leave those for
previous weeks of this and last year for comparison :
.
1915.
Week.
38
2,099,764
17,202
18,195
74,765
Total__________ "
760,791,034 675,854,264 678,730,266 543,592,025
Equal’g 500-lb. net bales
1,357,460
1,087,184
1,521,582
1,351,709
Yarn produced______lbs. 660,952,087 590,588,156 451,706,800 445,912,200
Piece goods produced.yds 439,971,601 381,909,845 289,039,671 226,313,958
WORLD’S SUPPLY AND TAKINGS OF COTTON.
C otton Takings.
Week and Season.
1910-11.
34
Establishments____No.
44
43
Spindles___________ “
2,577,342 2,287,264 2,169,796
Looms_____________ “
23,783
25,325
17,531
Handsemployed.malo “
19,167
22,351
76,361
“ female “
88,227
94,765
Consumption—
American________ lbs. 189,896,286 209,957,569 182,620,083
Indian. . ________ “
502,993,375 392,008,842 324,184,116
E g y ptian ________ “
16,817,062 12,711,098 13.676,600
2,425
Japanese_________ “
54,508
501,377
Chinese__________ “
38,809,439 50,863,320 62,632,554
O th e r___________ “
11,773,495 10,258,927 95.614,488
Total exports________ 35,000 568,223 30,750 715,573 11,250 750,747
SALES.
Spot.
118,463
1
16,617
769,882
13,271,048
1,338,920
14,609,968
515.56
490.56
JAPANESE COTTON MILLS.— Through the courtesy of
Messrs. Mitsiu & Co., Limited, we have obtained tho details
of operations of tho cotton mills in Japan for 1913-14, and
give them below in conjunction with tho rovised results for
tho three preceding years:___________________ __________
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during tho
week at New York are indicated in the following statement. Exports (bales)—
For the convenience of the reader wo also add columns which
To Liverpool___________
show at a glance how the market for spot and futures closed
To Manchester_________
To Continent and India.
on same days.
Spot Market
Closed.
1913-14.
147,186
1,483,985
94,577
1,146,298
578.305
9,560,746
685,301
7,780,694
762,571
2,329,729
2,076,000
Season.
Visible supply March 26______ 7,547,765
5.861,471
Visible supply Aug. 1_________
3,176,817
2,581,551
American in sight to April 2__
292.038 12,946,054 146,292 13,333,813
Bombay recoipts to April 1___ 6130.000 1,664,000 121.000 2,511,000
Other India snipm’ts to April 1
69.000
41,000
466.000
Alexandria receipts to March 31 620,000
790,000
5.000
984,600
Other supply to March 31 *__
53.000
6.000
263.000
Total supply________________ 7,989,803 18,698,870 6,180,763 20,139,964
Deduct—
Visible supply April 2_________ 7,489,050 7,489,050 5,715,578 5,715,578
8 4 lbs. Shirt- Cot'n
ings, common Mid.
Upl's
to finest.
324 Cop
Twist.
d.
Mar
5 T’A
12 8
19 m
20 8 4
Apr.
2 8%
8. (1.
d.
84 5 3 4 @ 0
84 5 34@ 0
m 6 0 @7
9 6 3 @7
9
9
6
9
4.99
5.17
5.27
5.48
@
9 4 0 3 @7
9
5.62 9 4
3.
d.
8 4 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upl's
325 Cop
Twist.
@
@
@
@
d.
1914.
d.
d. s. d.
9%, @
94 @
954 @
9% @
@
10%
104
104
10H
0
0
(1
0
s. d.
0 4 ©11
0 @11
0 4 @ 11
0 4 @ ll
d.
1
0
1
1
6.99
7.02
7.08
7.11
104 0 1 @11 2
7.26
SHIPPING NEWS.— Shipments in detail:
Total bales.
5,893
NEW YOUIC— To Rotterdam— Mar. 26— ............ 5 ,8 9 3 ................
To Venice— Mar. 30— Giovanni G., 1,500----------------------------- 1,500
GALVESTON— To Liverpool— Mar. 27—Median, 14,498________ 14,498
Total takings to April 2 .a ____
500.753 11.209,820 465.185 14,424,386
To Manchester— Mar. 26— Maria do Larrinaga, 7.607............. 7,607
Of which American. _______ 409.753 8,803,820 275.185 10,837,786
To Rotterdam— Mar. 31— Fotis, 12,020------------------------------- 12,020
Of which other ____________
91,000 2,406,000 190,000 3.586.600
To Barcelona— Mar. 26— Ontanodo, 750: l’ io IX ., 4,025______ 4,775
To Genoa— Mar. 27— Monginovro, 14,873; Mar. 29—Mongi* Embraces receipts in Europe from Brazil. Smyrna, West Indios.&c.
bello, 8,2*8
..............- .............. ............................................... 23.161
a This total embraces tho estimated consumption by Southern mills TEXAS C IT Y - ”
’ -----2,070,000 bales in 1913-14 and 2,106,000 bales in 1913-14— takings not PORT
being available— and tho aggregate amounts taken by Northern and NEW
____ ____
_______ ____
foreign! spinners, 9,139,820 bales In 1914-15 and 12,318,386 bales in
1913-14, of which 6,733,820 bales and 8,731,786 bales American.
T o Gothenburg— Mar. 31— Artemis, 11,553; Dronnfng ~Ol
b Estimated.
ga, 500...............- ......... - ................... ..................................... .. 12,053
To Moxico— Mar. 31— Tobasco, 1,675---------------------------------- 1,675
BOMBAY COTTON MOVEMENT.— The receipts of PENSACOLA—
To Liverpool— Mar. 29— Gracia, 8,015__________ 8,015
India cotton at Bombay and tho shipments for tho week SAVANNAH— To Liverpool—April 1— Cayo Manzanillo, 5,178;
Dania, 9,350................ - - - ............................... ................. ........14,537
ending March 11 and for the season from Aug. 1 for three
To Havre— Mar. 27— Mohacsfield, 13,400___________________ 13,400
years have been as follows:
To Rotterdam— Mar. 27— Panaghi Vagliano, 6,500; Mar. 30—
Carolyn, 5,939___________________________________________ 12,439
To Gothonburg—Mar. 27— Baltic, 7,006; April 1—Anglia,
1913-14.
1914-15.
1912-13.
4,694; Atlantic, 1 0 ,1 2 5 -..r ............................ ............... ........... 21,825
March 11.
To Barcelona—Mar. 29— Pena Rubla, 2,050_________________ 2,050
Receipts at—
Since
Since
Since
To
Stockholm— April 1— Anglia, 1,500______________________
1.500
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
CHARLESTON— To Rotterdam—Mar. 31— Southerner, 14,000.. 14,000
T o Gothenburg—Mar. 27— Carolina, 6,000__________________ 6,000
Bombay............................ 107,000 1,377,000 144,000 2,155,000 94,000 1,618,000 W ILM
INGTON— To Rotterdam— Mar. 30—City of Memphis,
10.460 ...................................
10.460
NORFOLK— To Liverpool— Mar. 29— Egyptian, 2,800--------------- 2,800
For the Week.
Since August 1.
BOSTON—To
Liverpool—Mar.
26—
Etonian,
1,070-------------------1,070
Exports
To Manchester— Mar. 24— Ninian, 547_____________________
547
Great Conti Japan
from—
Great
Conti
Japan
To Yarmouth— Mar. 27— Boston, 71_______________________
71
Britain. nent. itChlna Total. Britain.
nent.
A China Total.
BALTIM ORE—To Liverpool— Mar. 25— Quernmore, 4,033........... 4,033
PHILADELPHIA— To Liverpool— Mar. 25— Dominion, 500........
500
Bombay—
1911-15-- 1,000 18,000 19.000 38.000 27.000 207.000 673.000 907.000 SAN FRANCISCO— To Japan— Mar. 27— Mongolia, 10,951......... 10,951
To Vladivostock—Mar. 27— Mongolia, 5,085_______________ 5,085
1913-14.. 1,000 26,000 45.000 72.000 21.000 584.000 663.000 1,268,000
191213..
1,000
9,000 23.000 33.000
7.000 225.000 457.000 689.000
T otal..............................................................................................245,672
L I V E R P O O L .—
S a le s ,
sto ck s,
& c .,
fo r
p a st
sh ow n
w e e k :
Mar. 12. Mar. 1!). Mar. 26. April' 1.
Sales of the week_______________
47,000
53,000
46,000
21,000
Of which speculators took-------7,300
11,400
3.100
6,500
2,900
_2,?Q9
16,000
Of which exporters to o k ______
Sales, American________________
37,000
44,000
37,000
11,000
16,000
14,000
IZ’OQQ
Actual oxport__________________
Forwardetl_____________________
76,000
97,000
.§9.000
Total stock........................ - ......... 1,368,000 1,426,000 1,407,000 1,459,000
Of which American___________ 1,064,000 1,113,000 L}57,000 1,109,000
Total imports of the week---------- 139,000 168,000
}47>000
Z^’RSS
Of which American---------------- 108,000 141,000 121,000
423,(DO H^.OOO
Amount afloat-------------------------- 485,000 447,000
Of which American__________ *' 430,000
394,000 373,000 365,000
T h e
e a c li
to n o
d a y
sp o t
o f
o f
th e
th e
co tto n
L iv e r p o o l
p a st
h a v o
w eek
b een
as
m a rk e t
a n d
fo r
th e
sp o ts
d a ily
a n d
c lo s in g
fu tu r e s
p r ic e s
o f
fo llo w s :
so
b e e n
m e n t
h a s
In
Saturday.
Monday.
M arket, f
12:15 1
P . M. 1
Quiet.
Fair
business
doing.
M id.Upl’ds
5.40
Spcc.&cxp.
Futures.
Dull.
5.47
5.48
5.52
5.62
5,000
800
8,000
800
5,000
800
6,000
1,000
4,000
1,000
p r ic e s
w ill
fo r
th e
ca se
R o u m a n ia
In d ia
is
g o o d .
so
r a p id
as
b u lls
Quiet,
Steady,
b u y in g
T h e se
in c lu d e d
/ 2 pts. adv. 2 pts. adv.
Quiet,
Firm,
Quiet,
f Steady,
Steady,
324@ 4 24 l pt. dec.to 124 points 13@14 pts. 3 24 @4 pts.
advance.
advance.
pts. adv. 1 pt. adv. decline.
b e lo w .
o f
fu tu r e s
P r ic e s
c la u s e ,
a ro
u n le s s
decline.
a t
o n
L iv e r p o o l
th e
o th e r w is e
b a s is
p a rts
a n d
e a ch
d a y
u p la n d ,
13
th e
L a st
g iv e n
•
F lo u r
h a s
a lth o u g h
fr o m
e a r ly
o r d in a r y
Wed’day. Thursday.
th e
o f
w eek
th e
a
o ld
m a rk e t.
b u y e rs,
O n
as
a
as
b a r r e ls .
r u le , a re
th e
o r,
it ie s ,
in
o th e r
a w a itin g
c h a n g in g
a
b e e n
fa c t
n o t
in c lin e d
th e ir
w o rd s,
p o lic y
W h e a t d e c lin o d
er.
W a r
sea son
t im e
o f
is
b u llis h .
E x p o rt
b u s in e s s
b u s h e ls a
to
b u y .
to
T h o
A n d
th e y
2 4 ,0 0 0 ,0 0 0
0 0 0 ,0 0 0
g r a in
th e
S ta tis tic s ,
o n
D a r d a n e lle s
ca te
th a t
th o
b e
re a cte d
8 8 .5 ,
u p
o f
b o
in to
th o
h a s
b een
o ffe r in g s
w h e a t,
as
som o
b y
th o
it s
m a rk e t
P r ic e s
stro n g .
In
c o n tin u e d
a tin g
fr o m
A t
th o
on o
w ill
im p o r t
a
a lr e a d y
a d v ic e s
su m ed
sa y
a n d
reserv es
s c a lo ,
b u s h o ls
it
th o
a
b u y
th a t
o f
r e c o n tly
b e in g
O n
th o
th o
n o w
in
B r itis h
b e in g
o th e r
th a t
is
g o o d
h a s
b een
th o
a cre
re d u ce d
10
E m p ir o
fr o m
a ro
to
a ro
h e a v y
e s tim
8 0 ,0 0 0 ,0 0 0
b u s h e ls ;
b u s h e ls .
t h is .
C h ile
is
T h o
w ill
to
I ta lia n
h a v o
d is a p p o in tin g .
h a s
b u y
re ck o n e d
th o
It
c o n
r e a liz in g
o n
a t
to
L iv e r p o o l
b een
G o v e rn m e n t,
h a n d ,
s h ip s
tim o o x p e c te d .
b e
w h e a t
b e g a n
P la to
q u a n tity
A r g e n tin a .
n a tiv e
d o p le te d ,
co n s u m p tio n
w e e k .
fr e e ly
In d ia
1 0 4 ,0 0 0 ,0 0 0
n o r m a l.
th o
h a s
R u s s ia ,
s h ip p e r s
th a n
h a rv ests
so m e
R iv e r
q u a lit y
la r g e r
it s
a n d
R u s s ia n
to
o n ly
b o
L iv e r p o o l
a
to
la t e r
e s tim a te s
th o
A r g e n tin e
a t
o r
co n tin u e d
m u ch
to
m o st
is
d a m a g e
th o
m a y
re d u ce
w e a th e r
a t
as
so o n e r
w ill
is p u t
b e lo w
o p e n in g
E u ro p o .
b e lie v e d
th o
b y
a
lib e r a l
4 ,7 5 0 ,0 0 0
m a rk e t
h a s
n o t
fir s t
F e b ru
O re g o n ,
a n d
O f 27 v o y a g e s,
8 8 .
O n ly
3 ,
h o w
e x p o rte d
fr o m
(1 9 1 4 -1 5 ).
g r a in
w h o se
th e
tr a n s it
p a rt
th e n
G r a in
to
fr o m
th e
v o y a g e s
to
O f 2 2 ca rg o e s, th o sh o rte st
Avas
ro u te s
U n ite d
C a n a l.
e x p o rt
a n d
o f
in te r e s t
fr o m
1914
g r a in
v e s s e ls ,
9 4
lo n g e s t
fo r
171
d a y s j
s te a m s h ip s
ca rry
d a y s,
o f
o r
n e a r ly
1 9 1 4 -1 5 .
r a llie d .
T h e
8 8 .3
in
w ere
3 0 ,0 0 0 ,0 0 0
O n
a n d
d o u b le
T h u rs d a y
c o n d it io n
D e ce m b e r
th e
is
9 1 .7
s a id
la s t
to
y e a r.
b u s h e ls .
in
C o u n try
h a v o
o f
lig h t,
b een
Y e t,
Ave
o n
th a n
tim o
in
y e a r
in
th o
p o rte d
O n
a
1 9 1 3 .
m a in
a n d
T h u rs d a y
in
fa v o r a b le .
p r ic e s
d ecrea sed
th a t
s m a ll.
sto ck s
A y re s
b u s h e ls
m o re
th a n
a t
A r g e n tin a
h a s
la tte r ly
re
o ffe r in g s la r g e r .
e a r ly
d u r in g
b e in g
a v a ila b le
fr o m
A v e a th e r a n d
a fte r a n
R e c e ip ts
a re
1 6 ,0 0 0 ,0 0 0
a d v ic e s
sa m e
q u a n tity .
th o
b u s h e ls
m o re
th o
b e e n
S ta te s
3 8 , 0 0 0 , (X X )
in
h a n d ,
p o in t.
A veek,
seen ,
B u e n o s
S o u th ,
fr e e z in g
la s t
o f
a t
h a s
th o u g h
th e
h a v e
o th e r
W e st
la tte r ly b e e n
d ecrea se
cro p
a d v a n ce d
le a d in g
h a s
th e
b u s h e ls , o r
M o r e o v e r ,
e ig h t
a
a t
ca sh
to n e
p r e v a ile d ,
to
1 3 ,0 0 0 ,0 0 0
p r i c e s A v e a k e r , A v it h g o o d
reserv es
h a v e
a g o
th o
h a v e
th e
s u p p l y , a f t e r a ll, is 3 8 ,8 0 0 ,0 0 0
m o ro
a t
A v e a th e r
o n e -fifth
m o re o v e r,
re d u ce d .
h a s
la t e r .
d o m e s t ic
stro n g e r
d ecrea sed
a g a in s t
as
a
A v e a th e r
doA vn
a b o u t
A v h ile ,
a d v a n ce d
th o
in c r e a s e d ,
sto ck
o n ly
in
A v it h
T h o
ca ses,
b u s h e ls ,
o ffe r in g s ,
b e e n
h a s
so m e
tim e ,
d e m a n d
u rg e n t.
A m e r ic a n
y e a r
o n e
in c r e a s e
B a d
e x p o rt
v e ry
a n d
a t
a n
m a rk e t.
a crea g e
a v a ila b le
o f
s y m p a th iz e d
S o m e
co rn
e a s ie r
a ls o
w h e a t
b een
A v et,
T h e
d e c lin o .
M a rc h
F a rm
a ro
s a id
to
b u s h e ls .
DAILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW YORK.
„
,
Sat. Mon. Tups. Wed. Thurs. Fri.
8424 8324 8324 Hoi.
No. 2 mixed......................... . . . c t s . 8224 83
D AILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator-------- cts. 7124 7224 7324 7224 7324 HoliJuly delivery in elevator.................- 7324 7524 7624 7524 7524 day.
fr o m
is
to ta l
s c a le
b eg u n
th a t
is
S t r a it s
th o
w a s a t o n e
R u s s ia
e x p o rt
th o
v e ry
m u ch
la r g o
w oro
in
recen t
fo r
w as
it
in d i
d e c r e a s in g .
it
th e
to
o f
to
T h o
th ro u g h o u t
is c o n f ir m e d .
sou rce
b o
o n
a crea g o
s u r p lu s
tim e
a n d
fr o m
W e ste rn
th ero
T h e ro
4 0 ,
1 91 3.
lik e ly
th ero
sta te d ,
A y re s .
s m a lle r t h a n
g r a in
th o
w ill
as
in
is
A r ch a n g e l,
s m a ll.
K in g d o m
A r g e n tin a
r a in s
a n o th e r
cro p
h a s
o f
h a v o
b o
o f
a n d
n ow s
o f
la s t
a g a in s t
seem ed
th ere
fr e e ly
If
a g o
tim e
A r g e n tin a .
cro p
B u e n o s
s p r in g -w h e a t
1 5 % .
o w n
fir m .
to
a t
y e a r
n o t
b eon
w e e k
b u s h e ls ,
T h o
th o u g h
h a s
c o n
d is p o s itio n
sa m o
sa m o
I ta ly
o f
a g e w ill, th e r e fo r e , b o
T h o
o v en
n ow
a
m a rk ets
b e e n
5 ,1 0 0 ,0 0 0 b u s h e ls
fo r c in g
th a t
n o t
c o ld ,
a ro
p o s tp o n e m e n t
to o ,
ru m o rs
m a n y
U n ite d
a
th e
co u n te d .
A vh ero
m illio n
h as
s u r p lu s
b een
d em a n d
in
in
h a v o
e x p e cte d
o x p o rt
w o t
w a r
o ffe r in g
b e fo r e
th e
d a y s
b eca u se
h a s
la s t
n e c e s s i-
o f
s a il
tim e
th o u g h
A veek
m o ro
th o
It
in
h a s
h a lf a
th o
w o rd s,
th o
it
a b o u t
in
b u llis h .
e a r ly
b o
te n d e n cy ,
sto ck s
n o t
a n
to
a t
o p in io n ,
p e r s is te n t
e x p o r ta b le
re p o rte d
a ro
o th e r
to
th e
o f
th is
t h is
a ls o
t h is
sh o w n
co rn ,
A vas p a r t l y
tim e s
stro n g .
1 6 2 ,0 0 0 ,0 0 0
th a n
b o
In
b een
T h o
o n ly
g en era l
w o u ld
ra te
b u s h e ls
th a n
s u p p lie s
h a v e
d ra w n
o n
n o w
a p p ea ra n ces,
d e la y .
th e
a n d
cle a r a n c e s
d e m a n d .
b een
to o , d ecrea sed
m o ro
fle o ts .
R u s s ia n
R u m o rs
a t
h a s la tte r ly
th e
w e a th er,
o f
o n e -h a lf w h a t
P o r tla n d ,
lo n g e s t
th e
DAILY CLOSING PRICES OF AVIIEAT FUTURES IN NEW Y O RK.
Sat. Mon. Tucs. Wed. Thurs. Fri.
cts.16024 16024 16424 16324 16324 HoliNo. 2 red_______ _____
16124
day.
M ay delivery in elevator__________15724 15824 16224 161
July delivery in elevator--------------- 12724 12824 13124 12924 13024
D A ILY CLOSING PRICES OF AVIIEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
M ay delivery in elevator_____cts.148
14924 153
15124 15224 IloliJuly delivery in elevator.................. 11824 12124 123
12124 12224 day.
Sept, delivery in elevator------------- 10724 10924 11124 10924 11024
h a v o
q u o ta tio n s
A u g u st
136 d a y s.
th e
a g a in s t
a m o d e ra to
h a v o
is
is a b o u t
P a n a m a
o f
to
R e p o rts ” , sta te
th e
th e
in
102
th ese
fo r
2 ,5 5 0 ,0 0 0
th e w e e k , b u t la te r b e c a m e s tr o n g
w a te r
T ra d e
n o t
b een
H e s s ia n
th a w in g
fr o m
M o s t
m o st
a v e ra g e
o v e r
a v e ra g e
r a p id ly
th e
a n d
c a r r ie d
Avas
th e
o v e r,
re sp e ct.
a cross
w h o le ,
th o
th ere
A llie d
p resen t
th e
in
th e
w a s
w a n ts.
th e ir
p a s s in g
t h is
in
d o m e s t ic
s itu a tio n
in
m oro
to n o
th a t
o f
4 ,2 7 0 ,0 0 0
b u s h e ls
b u s h e ls
o f
s u p p ly
b een
a ro
fir m n e s s
to p u rch a se o n
th e
to
a t,
ste a d y
a n tic ip a te
s a le s
b e e n
to
w o r ld ’s s t o c k s ,
a g a in s t
a
q u ie t ,
tr ie d
h a s
u p
L iv e r p o o l
h a s
h a v o
m e r e ly
d a y , as E u ro p o
w e e k ,
y e a r.
e a r ly
in
u n d e n ia b le
d a y s
is
s itu a tio n .
a n d
It
a ls o
h a s
th e
s te a m s h ip s
F r a n c is c o ,
(1 9 1 3 -1 4 )
tr a n s it
1 9 1 3 -1 4
T h is
1 91 5.
o x p o rt
th e
a n d
is
w e a th er
d a m a g e
w e a th e r
E n g la n d
o f
in
s e r io u s .
fo r
R u s s ia
s u p p lie s
o f
a n d
th e re,
In
th e re
4 8 d a y s fo r a v o y a g e .
d a y s.
p o rts a v e ra g e d
In d ia n
2
c le a r in g
d e v e lo p m e n ts
s id e r e d
la s t
in
m ills
3 4
5 4
is
p o rts
S a n
B r itis h
in g
d.
d.
d.
56
61
68 24 HOLI84 24 DA Y .
93
9824
o f
to
o p e n in g
fr o m
w a s
it
tr a n s it
B r itis h
co a st
In
Friday.
ra th o r
b u s in e s s
r e fle c te d
th e
g en era l
b u t
L a tte r ly
th e c o n t r a r y , th e y a r e d is p o s e d
s c a le ,
r u le ,
S o m o
d ea l o f
q u o ta tio n s .
S till,
a
th ere w ere re p o rts
g o o d
w h e a t h a s u n d o u b te d ly
flo u r
ste a d y ,
1 0 0 ,0 0 0
p r ic e s , b u t
u n d er,
d.
d. tl .
d.
d.
40 3924 4424 52 24 54
45 44 24 4924 57 24 59
56 64 24 66
5124 51
67 6624 71 24 8024 8224
75 24 75 80 89 91
81 8024 8524 9424 9624
BREADSTUFFS
Friday Night, April
p ro tty
in
C h ic a g o
a d v a n ce
o r
b een
d.
d.
39 24 41
4424 46
51
5224
65. 68
7324 7624
4 82
th e
P a c ific
M a rc h
d.
42
47
53
67
7524
5
5
5
5
5
C o n s u la r
o f
fa cto r s
d r y
w a r.
w h e a t,
T h a t
S t ill
fr e e z in g
“ D a ily
a t
e x ce e d e d
fr o m
to
H a r v e s tin g
c o m p la in ts
th a t
p o rts
th e
1 st.
A m e r ic a n
b u llis h
W e s t,
tim e
G o v e r n
in to
t h e P a c i f i c c o a s t is c a r r ie d in s t e a m s h ip s t h is s e a s o n
a re
g o o d
sh ortest
th e
a lte r n a te
co a st
1915
in
n o t
S ta te s
a d v a n c in g
A p r il
e x p e c tin g .
c la im s
a v e ra g e
b e fo r e
p r ic e s
d.
th a t
I ta lia n
fa v o r a b le .
B u lg a r ia .
som e
th e
fr o m
a r r iv in g
ev e r,
Jan. 29. 1224 1224 1224 4 1224 4 1224 4 1224 4 1224 4
p.m. p.m . p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
May-Junc
Juno-.Iuly
July-Aug.
Octi.-Nov.
Jan.-Fob.
Mar.-Apr.
a ls o
P a c ific
w a s
a ry
Thus, 5 42 means 5 42-100d.
Tuesday.
o f
n o b o d y
th e
s h ip s
sta te d .
Monday.
Saturday.
fo r
o f
The prices are given in pence and lOOths.
J a n .23
in
is
d ecrea se
o n
th o
s lo w ly
b e g in n in g
b e e n
P u g e t S o u n d a v e ra g e d
M arket,
4P. M .
p r ic e s
h a v e
o b se rv e
it
Steady,
24 @3 pts.
advance.
Quiet,
1@2 pts.
advance.
Barely sty.
) unch’g’d to unch’g’d to 1@224 Pts.
T h e
h a v e
W e ste rn
e n te r in g
a re
cr o p
a n d
h a v e
o u r
b e a la r g e a r e a p la n te d
w in te r
c o n s id e r a b le
th a t
M arket
opened
T h e
in
to
a b o u t
p o ta to e s
re d u ce d
th e
in
S ta te s
HOLTDAY.
p r ic e s f o r
flu c tu a tio n s
fr o m
O f la te
h e s tia te
t h e r e is s a id
b e
a n d
fa v o r a b le .
to
o u tlo o k
to
Quiet.
re p o rts
th e
th o u g h
Quiet.
a c tiv ity
C ro p
g e n e r a lly
a lth o u g h
flo u r
fo r m e r
seem ed
G e rm a n y
a n d
flie s
Friday.
Wednesday. Thursday.
Tuesday.
its
v io le n t .
h a v o
cro p
Spot.
q u it e
b een
O a ts
lia v o
r a lly in g
to
b e e n
a
s a le s ,
b e in g
m illio n
a
la t t e r ly
tim e s ,
a ro
is
n o t
C o ld
h a s
B u t
sto ck s,
som o
to
o n ly
sa m o
it
h a d
s u p p ly
in
is
2
p resen t
y ea rs
U n ite d
th en
g reA v
r e c e iv e d
is
O n
b u s h e ls ,
a re
as
is
is s o m e
n e a r ly
T h u rs d a y
A vest
17 ce n ts
p r ic e s
R e p o rts
o f
th e
o f
o f
a
th e
S h orts
th e
th e
as
la s t w e e k
3 6 ,2 2 3 ,0 0 0
1 0 ,0 0 0 ,0 0 0
in c r e a s e d .
o n
o f
th ese
e x p o rt
s e c t io n s
d e c r e a s in g
b u s h e ls .
a
th e
p a r tly
o f
ru le ,
o r d in a r y
m o d e ra te .
a g a in s t
a g o .
a
B u t
if
s e c tio n s
o ff
as
In
h a s
so m e
n o t
5 4 0 ,0 0 0
S ta te s
h a n d ,
th en
In ste a d
d a y .
b u y in g
m a n y
a n d
w e e k
h a v e ,
b u s in e s s
in
fa llin g
a
b u s in e s s .
b een
b een
b u s h e ls le s s t h a n
stro n g e r.
fr o m
h a v e
T h e
o f
o th e r
s e e d in g
a d d e d ,
y e a r
A v h ite h e r e
s to ck
a g o .
b e
la r g e
t im o
o f
o ff.
th e y
b u s h e ls a
a
th o
in
o n e
th a t
fa lle n
d a y
d o m e s tic
h a v e
4 8 0 ,0 0 0
a b o u t 3 ,0 0 0 ,0 0 0
o f N o .
th e
n eed ed
m u st
la s t
th o
b e
O n
d e la y e d
o x p e cte d .
a b o u t
w e e k
tim e s .
h ou ses
R a in
a
2 5 0 ,0 0 0
A v o u ld
a t
a b o v e
p la in ly
m ore
o ffe r in g s
c o m m is s io n
as
to
th is
h a s
C o u n ty
A v e a th e r.
o r
d ecrea sed
A v e a th e r
W e st.
a n d
2 0 0 ,0 0 0
o r d in a r y
d em a n d
h a v e
b u s h e ls
tru e,
d e c lin in g
s o m e th in g
h o w e v e r,
b oon
it
ir r e g u la r ,
p o in t
E x p o rt
co ld
W e s t.
ra p id ly
a m o u n te d
d ecrea se
T h e
in
th e
a v a ila b le
o r
o n ly
y e a r a g o , A v h ile t h e
b u s h e ls ,
p r ic e
h ig h e r
th a n
b u s h e ls
A veakened
d e la y e d
M is s is s ip p i
th e n .
la r g e r
fo r
a
s e e d in g
T h e
th a n
tA v o
t im e
a n d
a re
b e in g
R iv e r .
D A ILY CLOSING PRICES OF OATS IN NOW YORK.
Sal. Mon. Tues. IVed. Thurs. Fri.
63
63
6224 6224 HollStandards.................................. cts. 63
No. 2 white---------- --------- ---------- 6324 6324 6324 63
63
day.
D A ILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
M ay delivery in elevator.
5724 Holielevator____ cts. 5624 5724 5724 57
elevator..
July delivery in elevator...............
5224 5324 5424 5324
54
day.
Sept, delivery in elevator.
elevator............... 46
4624 4624 4624 46 24
T h o
fo llo w in g
a r e 'c l o s i n g
q u o ta tio n s :
in g
GRAIN .
Wheat, per bushel—f. o. b.
Corn, per bushel—
C ts.
N . Spring, No. 1_______ $1 64
N o. 2 mixed_____f. o. b.
83 %
N . Spring, No. 2 _______ ______
No. 2 yellow______c. i. f.
83%
Red winter, N o. 2______
1 63%
No. 3 yellow___________
81%
Hard winter, N o. 2 _____ 1 66%
Argentina in bags_______
Oats, per bushel, now—
Cts.
Rye, per bushel—
Standard_______________
62 %
New York______________ 1 23
No. 2, white___________
63
Western________________ ____
N o. 3. white.....................61% @ 62 Barley— M alting_________ 82 @87
FLOUR.
Winter, low grades___ $5 40(
Kansas straights, sacks.$7 15@$7 40
Winter patents_________ 7 50 <J
Kansas clears, sacks__ 6 65@ 7 00
Winter straights _______ 0 75 (
City patents__________
8 65
Winter clears______________ 610C
________
Ryo flour____________
Spring patents____________ 735<i
Buckwheat flour______
________
Spring straights___________ 700<i
Graham flour_________ 6 25@ 6 50
Spring clears______________ 675(
For other tables usually given here, see page 1145.
T h e
v is ib le
g ra n a ry
a t
se a b o a rd
s u p p ly
o f
p r in c ip a l
p o rts
g r a in ,
p o in ts
M a r c h
2 7
c o m p r is in g
o f
th e
a c c u m u la tio n
1 91 5
w a s
a s
sto ck s
a t
la k e
in
a n d
fo llo w s :
a
m o re
co u ra g e d
in g
a
h o p e fu l
b y
la r g e
b een
h e ld
th o
a m o u n t
in
fr o m
0 ,8 9 5
to
o f
th e
p o in ts
s itu a tio n
o f
p o rt
v a lu e d
s p e c ifie d
th o
a t
in
fo r
lo n g
th a t
w e e k
m a rk e t,
T h o
b e in g
en
co v e r
w h ic h
e x p o rts
e n d in g
8 3 8 9 ,3 1 0 ,
th e
C h in a ,
in s tr u c tio n s
h a d
t im e .
G O O D S .—
fo r
in
s h ip p in g
s h e e tin g s
C O T T O N
th is
p a ck a g e s,
th o
o f
h ere
a b e y a n ce fo r a
D O M E S T IC
g o o d s
v ie w
a r r iv a l
ta b le
o f
M a rc h
th e ir
co tto n
2 7
d e s tin a tio n
w ere
b e in g
b e lo w :
------- 1915-------- --------------1914------- Since
Since
Jan. 1.
Week. Jan. 1.
17,625
152
549
6,613
69
968
2,131
25,292
8,676
418
""3
4,017
14,196
808
3,912
3,068
5
247
2,956
10,851
1,037
970
14,442
126
17
179
665
4,558
603
6,035
8,522
651
899
13,976
18,116
663
1.873
17,231
Neiv York to March 27—
Great Britain____________
Other Europe____________
C h in a ___________________
India_____________
Arabia______________I I .I *
A frica ___________________
West Indies_________ I
M e x ico _________ *________
Central Am erica____ I I .I
South America___________
Other countries__________
Week.
.2,854
- 664
U N ITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
94,482
5,703
89,557
TotaI.............- ......... - -----------------------6,895
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousands-—
bush. bush. bush. bush. bush. bush. bush. bush.
T h e v a lu e o f th e s e N e w Y o r k e x p o r ts s in c e J a n . 1 h a s b e e n
890
New York.......... ............. . 4,373 1,296 1,649
120 *237
430
87 8 5 , 9 3 8 , 2 1 4 i n 1 9 1 5 , a g a i n s t 8 0 , 4 8 3 , 2 8 1 i n 1 9 1 4 .
“
afloat_____
24
Boston_____________ . 474
166
88
8
6
1
152
S ta p le c o t t o n
g o o d s a re a c tiv e
a n d
h ig h e r , s e v e r a l lin e s
Philadelphia________ . 1,078
55
667
429
75
87
h a v in g b e e n a g a in m a r k e d u p d u r in g th e w e e k .
T h e sh a rp
Baltimore- ________ - 797
23 1,997 1,000
158
58
New Orleans................... . 3,113
129
723
r is e in c o t t o n p r ic e s is b e g i n n in g t o a f f e c t v a lu e s o f fi n is h e d
Galveston................... . . . 1,010
18
g o o d s , a n d s e llin g a g e n t s a r e w a r n in g b u y e r s t o c o v e r t h e ir
p u ffa lo ............................ .
951
421 1,830
748
25
3
205
r e q u ir e m e n t s a t p r e s e n t le v e ls , a s p r ic e s w ill g o
h ig h e r in
“
afloat_____ . 3,050
150
750
Toledo________ ____ . 453
290
444
4
th e fu tu r e .
W e ll-k n o w n b r a n d s o f 4 -4 b le a c h e d g o o d s h a v o
D etroit_____ ______ .
219
600
27
13
b e e n a d v a n c e d a q u a r te r o f a c e n t a y a r d d u r in g th e w e e k a n d
Chicago............................ . 876
11,927 10,965
24
616
“
afloat............ _ _.
4,5 1 5 1,879
a re fir m ly h e ld a t th e n e w le v e l.
B r o w n g o o d s a r e a ls o b e
M ilw aukee............ ......... .
19
690
443
10
395
in g m a r k e d u p in c e r t a in q u a r t e r s .
In s o m e ca se s c o m m is
“
afloat_____
256
D u lu th ___ ________ .1 1 ,6 4 5
194 1,977 3,029
25
42
691
6 s io n h o u s e s a r e r e fu s in g t o b o o k fu r t h e r fu t u r e b u s in e s s a t
“
afloat_____ .
668
334
258
p r e s e n t m a r k e t le v e ls , s ta tin g th a t p r ic e s a r e t o o lo w c o n s id
Minneapolis________ . 9,990
954 2,053
135
390
St. Louis___________ .
528
223 1,281
4
e r in g th e s tr e n g th o f s p o t c o t t o n .
C o t t o n w a s h fa b r ic s a r o
18
Kansas C ity................... . 2,165
3,728
585
18
s e llin g w e ll a n d t h o v o lu m o o f s a le s f o r t h e m o n t h o f M a r c h
Peoria_____________ .
2
131
358
7
404
Indianapolis________ .
166
a r e r e p o r t e d t o b e h e a v ie r t h a n la s t y e a r .
W a sh g o o d s a ro
915
Omaha . ............ ............. .
132 —
2,478
828 —
38
50 —
fa v o r a b ly a ffe c t e d b y t h o s c a r c it y a n d h ig h p r ic e o f lin e n s .
Total M ar. 27 1915. .4 2 ,3 1 5 2,305 35,320 27,202
170
774 3,092
94 P r i n t c l o t h s a n d g r a y g o o d s a r o f a i r l y a c t i v e , w i t h t h e t e n
Total M ar. 20 1915. .4 3 ,3 2 8 2,308 37,809 27,466
151 1,038 3,531
139 d e n c y u p w a r d .
B u s in e s s is la r g e l y f o r n e a r - b y d e l i v e r y , a s
Total M ar. 28 1914. .5 3 ,6 3 4 3,155 19,754 19,860 5,869 1,439 4,388
686 m a n u f a c t u r e r s a r o r e s t r i c t i n g f o r w a r d b u s i n e s s a t c u r r e n t
Total M ar. 29 1913. .5 8 ,9 9 0 3,625 21,494 13,115
098 1,063 2,558
316
* Including 20,000 bushels bonded.
p r ic e s .
G r a y g o o d s , 3 8 -in c h s ta n d a r d , a ro q u o t e d a t
to
CANADIAN GRAIN STOCKS.
,
Canadian Bonded Canadian Bonded
Canadian Bonded 4 K c .
W O O L E N
G O O D S .— T h e
p a st w eek
h as b een
q u ie t in
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousands—
bush. bush. bush. bush. bush. bush. bush. bush.
dress
g o o d s
m a rk e ts,
b u y e rs
b e in g
in c lin e d
to
a w a it
th o
Montreal......................... .. 342 ___
121
772 ___
15
234
p a s s in g o f b o t h th e J e w is h a n d E a s t e r h o lid a y s b e fo r e e n t e r
F t .Wllllam&Pt. A rthur. 7,680 ....................... 2,969 ___
___
___
___
“
afloat............... 283 ........
................................................................__
” ”
in g th e m a r k e t a g a in .
R o a d s a le s m e n h a v e s t a r t e d o u t w ith
Other Canadian.............. 2,395 ____
___ 1,424 .......................
........
......I
n ew
Total
Total
Total
Total
M ar.
M ar.
M ar.
M ar.
27
20
2S
29
1 9 1 5 .. 10,700
1 9 1 5 .. 10,239
1 9 1 4 ..1 9 ,2 5 7
1 9 1 3 ..2 5 ,2 2 3
121 5,165 ___
15
234
130 5,032 . . .
15
234
12 12,346 ___
21
431
___
22 9,851
50
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley
In Thousands—
bush.
bush. bush. bush. bush. bush. bush, bush
A m erican_____ ____ .4 2 ,3 1 5 2,305 35,320 27,202
170
774 3,092
94
C an ad ian___________ 10,700 -----121 5,165 ____
15
234 ____
Total M ar. 27 1 9 1 5 ..5 3 ,0 1 5
2,305 35,441
Total M ar. 20 1 9 1 5 ..5 3 ,5 6 7
2,368 37,939
Total M ar. 25*491 4 ..7 4 ,2 7 7
3,155 19,766
Total M ar. 29 1 9 1 3 ..8 4 ,2 1 9
3,625 21,516
* Including 2 0,000 bushels bonded a t New
32,367
32,498
32,206
22,966
York.
170
151
5,869
698
*789
1,053
1,460
1,063
3,326
3,765
4,819
2,608
94
139
686
316
fa ll
p o rt
a n d
th e jo b b in g
e x p e ct to
ro a d
u p
t h e ir
m u ch
su m m er
fo r
a n d
n ex t
C o n d itio n s
w ith
p r ic e s
in
th e
d ry
s h o w in g
p a r tic u la r ly
tru o
a
as
stro n g
reg a rd s
b u s in e s s fo r t h e m o n t h
h ou ses
r e p o r tin g
y e a r.
W ith
s te a d ily
h a n d s,
m o st
m a te r ia l
c lin e d
h e a v ie r
w ith
as
ch ea p
th e
fo r
s h ip p e d
a re
v e ry
to
B u t
w e ll
as
p r ic e s
m a n y
w a r,
b o th
tu n ity
to
in c r e a s e
g o o d s ,
u n fo r tu n a te ly ,
a n d
h a d
m a te r ia l
m a r g in
o n ly
o f
s u r p lu s
p la c e
so
fo r
fin is h e d
g o o d s
la r g e ly
d ia te ly
fr o m
d u o
im p r o v e d
to
th e
d e v e lo p e d .
fr o m
h e a v y
W h a te v e r
n o t
th e
a n
a c tiv e
ca se
m a y
th e
E a ster
s a le s
R e ta il
h a v in g
w ea th er
r e t a il
a c tiv ity .
an
e ig h th
in
m e e tin g
to
a
d r ills w e r e
a ro
q u a rte r
b een
as
b u s in e s s
eq u a l
s e c tio n s
E x p o rts
e s tim a te d
sta n d a rd
b een
m o st
o f s h e e tin g s h a v e
w e e k ,
n o
s lu m p
in
to
u n lo a d
b e ,
th e
th e
o u t lo o k
fa v o ra b le .
d e m a n d in g
S a le s m e n
w ith
o f
im m e
o n
su ccess
th e
a n d
fa ir o r d e r s , a s w e ll a s e n c o u r a g in g r e p o r t s c o n c e r n
o u tlo o k .
G o o d
a ro
h a d
w ith
w h ic h
b u y ers
a re
s e n d in g in
th e
is d e c id e d l y
ro a d
in g
o p p o r
th e w a r
b e g in n in g
d e m a n d
b u s in e s s , w it h
g o o d s
lik e
c o m p e lle d
u n d er o rd e r.
s e a s o n a b le
o f fin is h e d
a
o rd ers,
w h en
o f
e a r ly
o p p o r
m a n u fa c tu r e r s
p r o m p t d e liv e r ie s o f a ll g o o d s
w ith
th o
p r e c e d in g
v e ry
th e m a n u fa c tu r e r s ’ p o in t o f v ie w
J o b b e r s a re d o in g
w ith
on
th o o th e r h a n d , d e m a n d
e x p o rt
th o
in
co tto n
th e
B u y e rs
th a t
w ere
th e
a d v a n ta g e
o f
m a d e
h ig h
a ls o
a s
to
o f
is
u p
th ose
th e
im p r o v in g
ce n t
fo r
7 ,0 0 0
m a d e
to
a n d
h ig h e r .
R e d
to
o f
S ea
b a lo s .
In d ia .
e x p e c ta tio n s ,
p r e v io u s
co u n tr y
is
y ea rs.
p r o m o tin g
p r ic e s
o b ta in e d
S u b s ta n tia l
a cco u n t
s a le s
d u r in g
M o d e ra te
E x p o rte rs
th e
s a le s
a re
a n d
m e n t
u n til
in
a h ea d
d u r in g
w e e k ,
F ir s t
ra w -
o f
ta k
N e w
lo n g o v e r d u e .
sh o rta g e
a ro
o f
w a r.
c o m p le te ly
lin e n
ro u g h
in
D R Y
th e
o f
y e t
tu rn
th e ir
p la id s
a re
b e in g
to
fa b r ic s
fir m ly
d e m a n d
e x p e cte d
a tte n tio n
a ro
e x p e cte d
fin is h e d
a ro
a ro
to
d o
m e e t
a re
fin is h
fa ll a n d
w ith
a ls o
lik e ly
ex
fa v o r.
c o n s id e r e d
a n d
b o
in
th e ir
to
to
re
n ot
fe a tu r e d
m a in ta in e d
w o u ld
is
G O O D S .—
to
th o
b u s in e s s
w ith
T h o lin e n
b a ck w a rd n ess
a n y
su d
fo llo w e d
b y
m a r k e t is b e c o m i n g
o f d e liv e r ie s c a u s e d b y
is in s ig n i f ic a n t ,
e ffo r ts
to
secu re
as
im p o r te r s
th ere
is
a re
a
b e g in n in g
ch a n g e
in
fa b r ic s
is
b e lo w
d e v e lo p in g
in
p la in
sh a d es.
to
n o r m a l,
H o u s e k e e p in g
c o n tin u e
d e m a n d
a t 5 .1 0 c . a n d
to
fo r
h e a v y
I m p o r t a t io n s
&
d is p la y
a
fir m
h e a v y w e ig h ts .
a re
w h ic h
o f
n ow
im p r o v e
a b ro a d .
a lth o u g h
lin e n s ,
lin e n s
ta k e n
a re
a b r o a d d u r in g th e
d e s p a ir
c o n d itio n s
w h ite
b u y e rs
g o o d s
T h e r e w e r e n o a r r iv a ls fr o m
d ress
n a tu ra l
B u r la p s
tim e
to g e t o rd e rs fr o m
a r o in fa ir d e m a n d , b u t lit t le is b e in g d o n e
a c tiv e
h a d
d e v e lo p m e n ts
a d v a n ce s.
u p
h a n d
in
g o o d s
co v e re d
a ctu a l
s u r p lu s g o o d s a t s a c r ific in g p r ic e s ; o n
la s t
c o n c e r n in g
a d v a n ce
ta k en
a n d
a g a in s t
th ey
as m a d e .
a v a ilin g
p resen ted
sto ck s,
to
c o tto n
d e p r e s s io n
g o o d s
to o k
h a v e
n o w
o f
th e a d v a n c e in c o t t o n
n o t
th a t fo r a lo n g p e r io d
s u ffe r e d
co m in g
co tto n
o f p r o fit.
n o t
p e r io d
ste a d y
a n d
a re
v o lu m e
m a n u fa c tu r e r s
m u st
y a rn s
w ore
o u t
a c cu m u la tio n
w a r,
is
a ro
la r g o
th ese
t h e ir
tu n ity , fo r th e re a so n
tu r n in g
th e y
s p in n e r s ,
fo r
th e
tra d e
th a t
b e in g
sa m o
o p tim is tic
o f
t h is
T h o
as so o n
th e
1 91 5.
im p r o v e ,
s a tis fa c to r y , m a n y
th e
b u s in e s s
o w in g
ex cu se
o f
ra w
g o o d s .
th a n
2
to
a n d
P r ic e s
p a r a ly z e d , o w in g
te n d e n cy ,
w as v e ry
M a n u fa c tu r e r s
sta g e s
th e
c o n tin u o
t o m a r k u p p r ic e s in k e e p in g w it h
fa b r ic s ,
b een
b e in g
p r ic e s ,
m a te r ia l.
th e
s a le s
in s ta n c e s ,
o f
v a lu e s .
fu tu r e s ,
ra w
co tto n
o f M a rc h
g o o d s a re
cou rse
tra d e
u p w a rd
m a n u fa c tu r e r s ,
a n d
in
fu tu r e
g o o d s
n o t
a w a itin g
b u y e rs
L a rg o
fa ll a n d
o th e r
p ro p e rty .
F O R E IG N
THE DRY GOODS TRADE.
New York, Friday Night, April
E a sto r
b u y in g
im p r o v e m e n t
fu r th e r
h a v o
a ro
u n til jo b b e r s b e g in
A fte r
re q u ir e m e n ts .
T w e e d s
b u t
a g en ts
t r a d e s o fa r a s fa ll lin e s a r o c o n c e r n e d , a n d
d o
te n s iv e ly
g o o d
lin e s ,
S e llin g
s a le s m e n .
w in te r
d en
w in te r
r e s u lt s .
as
fo r
B u y in g
a
s e r io u s
w e ll a s
sp o t
th ose
d e liv e r y
fo r fu tu r e a c c o u n t.
u n d e rto n e ,
w ith
L ig h tw e ig h ts
q u ite
a re
an
q u o te d
w e ig h t s a t 5 .9 5 c .
W a r e h o u s e
W ith d r a w a ls
o f
D r y
G o o d s ..
Imports Entered for Consum ption for tho Week and Since Jan. 1
Week Ending
March 27 1915.
Since Jan. I 1 9 1 5 .
I'kgs.
Value.
Pkgs.
Value.
Manufactures of—
$
S
510
166,174
W ool.............
2,642,665.
C o tton _________
3,272
888,974
7,839.161
Silk.............................................. 1.854
931,608
6,378,370
F la x ............................................. 1.101
338,238
3,353,885
Aliscellaneous________________ 3,043
307,323
3.735,004
Total 1915................................. 9.780 2,632,317
98,666 23,949,085
Total 1914.............................. 13,599 2,234,731 164,928
______ 39,986.497
W arehouse W ithdrawals T hrow n Upon the Market
Manufactures of—
- 254
W ool..................................
116,980
5,404
1,700,915
58.5
C otton ___________ _____
7,081
173,280
2,344,975
- 433
Silk................ ......... .........
104,751
4,849
1,876,290
F la x ___________________
- 497
211,427
5,643
1,011,283
Miscellaneous________________- 1,287
129,204
23,890
1.820.688
Total withdrawals--------------3,054
- 3,054
795,648
47,467
9,354,151
Entered for consumption............ . •9,780
9,780 2,632,317
98,600 23,949,085
Total marketed 1915----------12,834
.12,834 3,427,965 146,133 33,303,230
Total marketed 1914----------18,392
.18,392 2,989,468 231,025 50.902,052
arehouse During Same Period.
Manufactures of—
W ool...................- .............
110,581
. 300
3,646
1,479,880
C otton _________________
147,543
. 485
7,098
2,032,402
Silk....................................
85,007
. 210
3,541
1.405,387
F la x ___________________
113,190
. 300
4,454
1,303,978
Miscellaneous________________. 1,845
125,308
21,072
1.430,435
T o t a l.........................................3,206
. 3,200
Entered for consumption_________. 9,780
581,629
2,632,317
39,811
98,660
7.718,088
23,949,085
Total imports 1915_________.12,980
12,986
.17,134
3,213,946
2,808,534
138,477
217,761
31.667,173
49,977,61ft
Proposed Constitidional Amendment.—
M ic h ig a n .—
S W f
AN&
C ity
'B t f m
m
m
*
A p ril
tu tio n a l
22
th e
s titu tio n a l
c itie s
a n d
tow n s
o th e r
In
a n
lo c h
a n d
h e ld
o f
m a jo r it y
t h a t w h ile
th e
A s h e v ille ,
Adopted.—
d o w n
b y
o f th e
th a t
v o te s
N o .
c o m m is s io n
fo r m
o f
h a d
th a t
1 91 4,
to
o th e r
N .
e le c tio n
h e ld
m is s io n
fo r m
o f
p .
a
1157
Commission Form of Government
th a t th e
q u e s tio n
g o v e rn m e n t
c a r r ie d
o f e s ta b lis h in g th o
a t
a n
e le c tio n
M a rc h
h e ld
16
th e
q u e s tio n
o f
e s ta b lis h in g
B e a u fo r t
C o u n t y ,
S o .
th e
q u e s tio n
it
is
re p o rte d ,
c o m m is s io n
D u r h a m ,
16
n ew
M a n a g e r
m en
a n d
a
c lu d e d
a re
P r ic e 9 9 ^ 2 a n d
th e
J .
P .
fo r
M o r g a n
w ith
th o
th o
A p r il
e le c t io n
o f
a
a p p o in tm e n t
th a t
b e in g
r e q u ir e d
C o .,
o f
5 %
th e
fo u r
o f
1
th e re o f,
C ity
b o
th a t
o f
C h a n d le r &
fr a n c s , in
A p r il
b y
a ro
th eso
o r
1
I n c .,
1
in
c o m p a n ie s
a n d
b a n k in g
000
5 %
n in e
a cce p te d
T h e
in
o f
a re
m en t
w ill
Y o r k
in
T h e
th e
ta k e
a n d
c o n
Issu ed
Y o r k ,
In te r
a ll
as
h o ld e r ’s
a n d
a ll
ta x .
p a y m e n t
w a r
p a y
fr o m
in c o m e
th e
sta te ,
b o n d s
o f
w e ll
th e
a s
o f
n a tio n a lity
w ith o u t
w ill
F re n ch
in te r e s t
1st
A s
o f
N e w
N o w
in
fo r
b o
p r o o f
e x p e n d e d
R e p u b lic
in
t h is
b y
S la te r
th o
M is s is s ip p i
o f S t.
a n d
&
p r ic e
o f
h e ld
e le c t io n
F a lls ,
“ fo r ”
h e ld
a n d
T ru st
651
a n d
B y
fo r m
p a ssed
b ra n ch es
ted.—
in
b een
C o .
o f
1 91 5,
N e w
1916.
a n d
o n
lo a n
C e n tra l
T ru st
&
I n c .,
C o .
w ill
o f
C o .,
o f
R .
a n d
o f
N e w
It.
1 .,
a n d
in
th e
B a n k ,
F r a n c is
a n d
o f
th e
W e st
M e r
B ro th e rs
b a n k in g
fir m s
T h o
p .
2 3 3 , th o q u e s tio n
g o v e rn m e n t
p .
Commission
I d a h o .—
q u e s tio n
fa ile d
5 7 0 ).
c a r r ie d
7 4 8 ).
o f
to
e s ta b lis h in g
ca rry
T h e
v o te
a t
th e
w a s
281
o f th e
in
D is tr ic t ,
th o
press
L e g is la tu r e
o f M a rc h
C a lif.
th a t
a
v a lid a tin g
—Bonds
b ill
th o
h as
b o n d s
6 , p a g o 8 2 9 .
Commission Form of Government Adop
o f
o f
e s t a b lis h in g
th e
c o m m is s io n
9 1 7 ).
on
cu re d
A t
p ro p o se d
is s u a n c e
a
1 5a ,
o f
n ew
to
th e
c o n s ti
b o n d s
b y
s e c tio n
b e
r e a d a s fo llo w s :
T h u rs d a y
h a s
as
w e ll a s
la w
W e b e r
1
to
in
le v ie d
u p o n
d e b ts
o rd e r
to
p re v e n t
d u r in g
th e
o f
b ill
p a ssa g e
ta x
a ll
a n n u
secu red
u p o n
o p e r a tio n s
th e
th is
u n d e r
G o v e r n o r
cla s s
th e
se
W h itm a n
o n
— Bond Issue Extended. —
U ta h .
$ 2 5 ,0 0 0
1915
p ress
th e
m ills
n o w
ta x
fr o m
le g is la tio n
tw o
in
r e c o r d in g
th a t
M a y
th e
r e c o r d in g
a m o u n ts
th e
b y
o f
1 ).
C o u n t y ,
a n n o u n ce d
d u e
o u t,
o f
s ig n e d
(A p r il
A c c o r d in g
to
a
a
p a ss
p resen t
la r g e
s u s p e n d in g
w a s
a fte r n o o n
fa llin g
in
A s s e m b ly
s e c u r it ie s
m ills
th e
p o in te d
d e b ts
a n tic ip a tio n
b ill
o f
to
o f a b o u t
fiv e
o f
a n d
o p e r a tio n
m e a s u r e , it w ill b e
e x e m p t
d e b ts
in
T h e
b e e n
is
T h is
p a y m e n t
in it ia l
it
th e
p ro p o s e d
s u s p e n s io n
a n n u a l
O g d o n ,
b o n d s
s h a ll
th e
S en a te
1.
th e
u p o n ,
ta x
S ta te
n o w
secu red
to
tw o
d e b ts
o f
h a v e
w a te r -w o r k s
b o n d s,
th e
b e e n
a cco u n ts ,
b u t
th o
$ 5 0 ,0 0 0
e x te n d e d
th ere
fu n d s
m o n e y
Legislature Adjourns.—
M a rch
2 4.
T h o
1915
L e g is la tu r e
Legislature Adjourns.—
O k la h o m a .—
th is
S ta te
e n d e d
P a r is ,
lis h in g a
b y
a
it s
e le c tio n
c o m m is s io n
o f
Increased.—
to
o f
is
a t
w a ter
fo r
tw o
s u ffic ie n t
th e
is n e e d e d
p resen t
fo r
o th e r
in te r e s t
o n
o n
It
fifty -th r e e
T re a su re r o n
o r d in a n c e .
G ir a r d
T h e
a n d
o r d in a n c e
p a ssed
D e c .
b y
tru st
M a rc h
th e q u e s tio n
o f e sta b
b y
2 4
fr o m
C o u n c ils
la s t
2 %
to
th a t
$ 1 0 0 ,0 0 0 .
c o m p a n ie s
a n d
s ig n e d
in c r e a s in g
2 j^ %
th e
b e ca m e
so
as
c ity
to
th re e a c t iv e
S treet
p ro te st,
n ew
term s
as
e x e m p t
a c tiv e
fu n d s .
If a n
o r d in a n c e
o f
th o
a ffe c te d
n o t ifie d
th e
th e
to
c ity
c ity
d e p o s ito r ie s , th e
n a tio n a l b a n k s , a g r e e d
a n d
fu n d s
h a v e
m a d e
k n o w n
F r a n k lin ,
to
A c c o i ’d i n g
c e iv e d
b y
to
th e
$ 1 5 1 ,9 9 6
a c t iv o
c ity
a n d
it
r e ta in
th em
a
a t
b a la n c e s
th e
e le c t io n
th e
$ 3 0 0 ,0 0 0
o f
U n d e r
ea ch
b e in g
w ith o u t
reg a rd ed
in te r e s t o n
n o
th e
th is
o n
to ta l
$ 3 1 ,9 7 7
a cco u n t
fo r m
tru st
w a s
c o m p e n s a tio n
a m o u n t
in
o f
th e
C o u n t y ,
T h e
c ity
I d a h o .
q u e s tio n
fo r
o f re v e n u e
o n
re
1 9 1 4 , in c lu d in g
c o m p a n ie s
p a id
a c t iv e
a ll c i t y
c ity .
in te r e s t r a te
a n d
th e
d e p o s ito r ie s
o r d in a n c e th e s e
2 j^ %
w ill r e c e iv e
2 %
a c tiv e
ren d ered
p a y
d e p o s ito r ie s
B a n n o c k
h e ld
o f
p resen t
to
a n d
re q u e ste d .
1910
s e r v ic e
th e
of Government Defeated.—
a n
a n d
in t h o a c t iv e a c c o u n t s , A vas $ 2 9 0 ,5 8 1 .
o f
$ 4 ,0 8 0
c o m m is s io n
s a id , b e
1892
lo c a l n e w s p a p e r , th e
c ity
d e p o s its ;
P o c a t e llo ,
is
r e q u ir e d
a c t iv e
fu n d s d e p o s ite d
p a id
in te r e s t
o f
fr o m
n ew
in te n
a m e n d ed
p a ssa g e
U n d e r
b y
th o
d e p o s ito r ie s
th e
th e ir
p a y in g
w ill,
w ill b e
h a n d le d
as
c ity
in te r e s t,
c o m p e n s a tio n .
d e p o s ito r ie s
C ity
a m e n d m e n t is n o t p o s s i b l e , t h e
o r d in a n c e s
p e r m itte d
th e
t h ir t y -e ig h t b a n k s
tio n o f a p p e a lin g t o C o u n c ils to lia v o th e p r e s e n t la w
o n
e ffe c
t h is w ill in c r e a s e
T h o
b y
ra te
2 3 o f th e ir a c c e p t a n c e o f t h e t e r m s o f t h e
M a rk e t
u n d er
Commission Government
F e b . 2 6
is e s t i m a t e d
c i t y ’s a n n u a l r e v e n u e s
a n d
o f
6 2 0 .
d e p o s its
2 4 .
L e g is la tu r e
2 3 .
o f g o v e r n m e n t c a r r ie d , it is s t a t e d ,
o r d in a n c e
c ity
M a rc h
T h e
M a rc h
— Rale of Interest on City Deposits
P a .
B la n k e n b u r g
tiv e o n
o n
1 1 1 .—
h e ld
fo r m
1 ,4 5 7
T h o
s e s s io n
C o u n t y ,
A t th e
v o te
M a y o r
1914
E d g a r
P h ila d e lp h ia ,
B a n k s
$ 1 0 6 ,1 2 7
s in k in g
in s u r a n c e
fu n d
o n
a c
fu n d .
— Commission Form
o f
e s ta b lis h in g
th e
o f g o v e r n m e n t w a s d e f e a t e d , it is s t a t e d , a t
M a rc h
16.
T h e
v o te
w a s 3 6 8
“ fo r ”
a n d
4 23
“ a g a in s t .”
U t a h .—
W illia m
th e
Initiative and Referendum Bill Vetoed.—
S p ry
h a s
in it ia t iv e
a n d
m ea su ro
16.
a d jo u r n e d
o r
a n
in g
,
to
o f
1 00 ,
I r r ig a t io n
th o “ C h r o n ic le ”
q u e s tio n
p .
a
th a t
s u s p e n d in g
th a t
o f secu red
s e c u r it ie s .
&
fo r m
1 00 ,
w e e k
in
Commission Form of
2 59
fo r m
C o u n t y ,
1 00 ,
C o .
in
C o . o f C h ica g o ;
p o in ts .
g o v e rn m e n t
(V .
r e c e iv e d
I .,
N a tio n a l
a n d
bo
P r o v id e n e o ,
B o s to n ;
K a n s .—
(V .
re p o rte d
T e n n .—
K a n s a s .—
o f
su b
in te r e s t.
v o te
5
p a g e
g o v e r n m e n t c a r r ie d , it is s t a t e d , a t t h o e l e c t i o n h e l d M a r c h
(V .
T h o
o f
2
It
to
th e
re p a y
th o
o th e r
a
M a rc h
V a lle y
J a c k s o n ,
th o
ce n t
is
u p o n
d e c id e d
le v y in g
p u rch a sed
T h o
th e
C o .
C o u n t y ,
Validated.—
re fe rre d
b e
o f
a n d
B o n n e v ille
is
r e g is te r in g
p a y in g
“ a g a in s t .”
I m p e r ia l
w a s
th e
n ex t
It
T h e
th e
u n til M a y
p e r
a d d itio n
s e r v in g
p r e c e d in g
in s titu tio n s
c o m m is s io n
M a rch
b o th
a
P a w tu ck e t,
Form of Government Defeated.—
c o m m is s io n
h a s
b y
B a n k
is 9 9 ^
B r o w n
th e
th e
to
O cto b e r
o n
T ru st
o th e r
M ilw a u k e e
a t
ta x
ta x
w ere
to
1st o f J a n u a r y ,
o f
C o m m e r c ia l
V a lle y
th e
e le c t io n
th e
C h a n d le r
C o .
N a tio n a l
Government Adopted.—
I d a h o
a m o u n t
I n d u s tr ia l
e s t a b lis h in g
in
a
r e g is tr a tio n .
co u n t
P h ila d e lp h ia
T ru st
o f
im p o s in g
a lly
o n e
t a x a tio n .
th e ir
191 6.
L o u is ; a n d
H o r to n ,
a re
C e n tra l T ru st
a d v e r tis e m e n t
lim it e d
o ffe r in g
o n
a s S e ctio n
b ill
p r o v id e s
o n e -h a lf o f
tru st
$ 1 0 ,0 0 0 ,
o ffe r
$ 1 ,0 0 0 .
T r u s t C o ., a n d A . G . B e c k e r &
th o
C in cin n a ti,
th e
1st
o n
a n d
a n d
th e
C o n tin e n ta l
C o .
T h e
th ro u g h
o ffe r
o f
o f
G o v e rn m e n t.
1915
p a y a b le
th e
ch a n ts L o a n &
1
$ 5 0 0
a n
w h ic h
in
le a d in g
p u rch a se
n o te s,
o n
F o u r th -A tla n tie
b y
A p r il
o f
m a d e
th e
co in
a n d
E n g la n d
h a v e
fo r
h ou se
P h ila d e lp h ia ,
n u m b e r
Im p e r ia l
$ 2 5 0 ,
b a n k in g
a n d
a
h ou ses,
d e p o s ita r y ,
a n d
o f
S ta te s g o ld
a n
a
Y o r k
Y o r k ,
th o
o f
J a n u a ry
sta ted
s c r ip tio n s
in
is
o f
fu tu r e
o f a
T h e
Y o rk ,
tre a su ry
d a ted
p la c e
U n ite d
re m e m b e re d ,
a
la w
m o re
.
a n d
o f
th e
n a m es
G erm a n
d e n o m in a tio n s
d e b t ta x
o ff th e
N e w
e x e m p t
tim e
th ese
G o v e rn m e n t
th e
n otes
th e
m on th s
b y
ta k en
p ro p o s e d
W h itm a n
p a y
b o n d s.
1 9 1 6 .
b o n d s,
b o n d s
in
o f
b y
N e w
a n d
Im p e r ia l
is
sta n d
p a ssed
a n d
1916.
s h a ll b e
h o s t ile
s a le
m a d e
n a m e
G erm a n
secu red
31
tim e
P a r is , a t th o r a to
A p ril
th ese
a n d
Treasury Notes.—
C o .,
G o v e rn o r
M a rc h
m o n e y
co u n try .
o w n
to
o f
reg a rd .
th e
p u rch a ses
G e r m a n y .—
o n
u n d er
trea su ry
d o lla r s in
D u o
m a d e
fr ie n d ly
p roceed s
b e
Y o r k
S t a t e . — Secured Debt Tax Suspended Until
— New Tax Proposed.— U n d e r a n e m e r g e n c y m e s s a g e
1 .
fr o m
C ity
h a v e
G o v e rn m e n t
ta x e s , in c lu d in g a n y
o n
s h a ll
in
A r t ic le 8
see advertisement on a Adopted.—
(
1 -y e a r
1 9 1 5 .
c o n s id e r a tio n
a
It
y e a rs.
a
w ill
p e r m ittin g
d is tr ic ts .
p r o
A id e r -
N a tio n a l
Y o r k
F re n ch
in v e s to r s
1 1915 a n d
in te r e s t
w ith o u t
b e in g
&
P a y a b lo in
fu tu r e F r e n c h
o f
a m e n d m e n t
to
N e w
May
It
A n
v o te
Section 15a . A ny drainage d is tric t, established u n d e r provision of law ,
m ay issue bonds for drainage purposes w ithin sucli d istric t.
a d o p tin g
d e fe a t
C o u n c il
o f N e w
th o
to
re p re se n te d
th ereof
fo r
in
C ity
o f t h e h o ld e r , in
O cto b e r
P a y m e n t
T h e
a
B a n k
o f $ 1 ,0 0 0 .
D a te d
p resen t a n d
p ea ce,
h e ld
a
p u rp oses.
d is c h a r g e
p r in c ip a l
b e
o f
in te r e s t, y ie ld in g s lig h tly o v e r 5 ^ %
o b lig a t io n
in
o f
$ 5 0 ,0 0 0 ,0 0 0
o p tio n
e s t p a y a b lo
T h e
sta te d ,
p r o v id in g
o ffe r in g
d e n o m in a tio n
5.18H-
is
e le c t io n
Loan.—
preceding page)
m en ts
it
F ir s t N a t io n a l
th e y
o r, a t
o n
New Charter Defeated.—
ch a rte r
a n d
v o te
w ill
g o v e rn m e n t.
C a r .—
a rra n g em en ts
w h ic h
th e c o m
M a y o r.
F r a n c e .—
a n d
to
o f
r e s u lte d ,
c ity
C ity
B a n k
fo r m
N o .
M a rch
p osed
th o
Election on
C a r o .—
A p r il
14,
A t
o f g o v e r n m e n t w a s d e f e a t e d , it is s t a t e d .
e le c tio n
o n ly
o f
r e c e iv e
o ffic e r s .— V . 9 9 ,
A n
o f
C o u rt,
m a jo r it y
n o t
Commission Form of Government.—
in
th o
a
s u b je c t , it d id
M c C u l
Commission Government Defeated.—
J .—
B e a u fo r t,
h e ld
A .
16.
A v o n ,
th e
b o n d s
o f a d o p tio n .
a m e n d m e n t r e c e iv e d
ca st fo r S ta te
O n
c o n
p e r m ittin g
E .
m em b ers
th e
is s u e
fa ile d
C h ie f J u s tic e
p a r tic u la r
sta te
14
c o n d it io n s
b y
fo u r
C a r .—
R e p o rts
S e p t.
ce r ta in
in
on
d e c la r e d
in d e b t e d n e s s
h a n d ed
ca st
C o u rt
s u b m itte d
u n d e r
co n cu rre d
v o te s
M a rch
S u p rem e
e v id e n c e s
o p in io n
it w a s
th e
S ta te
a m e n d m e n t
a n d
a d d e d
Constitutional Amendment Declared Void.—
A r k a n s a s .—
e le c tio n
d r a in a g e
N ew s Ite m s.
M a rc h
5
to
re fu s e d
to
a p p r o v e
re fe re n d u m .
O n
th o
b ill
M a rc h
th o o ffic e o f th o S e c r e ta r y o f S ta te
sta te m e n t
23
G o v e r n o r
p r o v id in g
h e
w ith
sen t
th o
fo r
th e
fo llo w
:
W ithout m y ap p ro v al. I tra n sm it h erew ith for filing in your office H ouse
B ill N o. 9 . by M r. Shields, entitled "A n A ct providing for tho in itiativ e
and referendum m easures by th e qualified voters of tho S tato of U ta h ,
providing for sponsors, tho per cent of voters necessary a nd th e ir qualifi
cations, th e m anner of signing petitio n s and th e form a nd c ontents there
of, providing penalties for th e violation thereof, providing com petitive bids
for p rinting tho proposed bills and th e p aym ent for fees and expenses, defin
ing th e d u ties of tho A ttorney-G eneral, G overnor, Secretary of S tato and
sponsors in relation th e re to , a nd providing for appeal to th e Suprem o C o u rt
of tho S ta te .”
T his bill has failed to receive m y approval for th e following reasons :
T h e in itiativ e a t th is tim e is w holly unnecessary since th e people of this
S ta te , if th e y desire any m easure of a general n a tu re enacted into law , m ay
p e tition th e L egislature to have such passed w ithout incurring a tith e of
th o expense th a t this bill m akes necessary in order to have such a m easure
e n ac te d .
,
,
,
If tho present m easure becom es a law and is to be m ade available to
th e people it w ill impose burdens upon them a t this tim e far in excess of
an y benefit th a t can be derived from th e m easure itself.
b ecause the m easure, in Sections 10 a nd 12, confers jurisdiction a nd
powers upon th e Suprem e C ourt of this S ta te n o t conferred upon it by tho
c o n stitu tio n , and for th a t reason th e c o n stitu tio n a lity of th e m easure, to
say tho least, is questionable. Indeed its c o n stitu tio n a lity in th a t a nd in
o th er respects is so d o ubtful a nd th e changes in th e pow ers of th a t co u rt
so sweeping th a t I do n o t desire to assum e th e responsibility of approving
tho m easure in its present form .
T h e expense of carrying th e m easure into practical effect w ill be so great
in th is S ta te as to counteract every possible effect th e people m ay derive
from a referendum vote.
The am o u n t of m oney th a t w ill be required from th e S ta te T reasu ry to
m ake th e m easure effective betw een legislative appropriations is so uncer
ta in and undoubtedly will be so g re a t th a t in th e present condition of tho
S ta te ’s finances it would be very unwise to place such a m easuro on our
statute books, and especially so when the benefits to be derived therefrom
are so meagre and uncertain.
ARCADIA, Los Angelos C ounty, C alif.— BONDS NOT YET SOLD.—
No sale has yet been made of the two issues of 514% bonds, aggregating
$281,250, offered without success on Nov. 19 (V. 99, p. 1847).
ARDSLEY, W estchester County, N. Y.— RESULT OF BOND ELEC
— A t a s p e c ia l e le c tio n
h e ld M a r c h
2 3
th e v o t e r s d e c id e d
TION.— The questions of issuing the following bonds at not exceeding 5%
int. were submitted to the voters on March 16 :
(8 3 9 t o 1 1 4 ) in fa v o r o f a b a n d o n in g w o r k o n th e p r o p o s e d
$25,000 municipal-building site-purchaso and construction bonds. Int.
n e w
sy stem
o f
w a te r -w o r k s
a n d
to
u se
th e
u n e x p e n d e d
semi-ann. Due within 5 years or at option of Bd. of Trustees, in
p r o c e e d s o f t h e $ 4 0 0 ,0 0 0 b o n d s s o ld b y t h e c i t y o n M a y 5
25 ann. installments of $1,000, first installment payable within
5 years from date. This proposition was defeated.
1 9 1 4 (V . 9 8 , p . 1 5 5 7 ) t o p u r c h a s e a n d im p r o v e th e p r o p e r tie s
6,000 automobile firo-apparatus-purchase bonds. Int. semi-ann. Due
o f th o V ic k s b u r g W a te r -W o r k s C o .
W h e n th e b o n d s w ere
in twelve ann. installments of $500 each, first installment payable
within 5 years after date. This proposition carried.
o r ig in a lly is s u e d it w a s s p e c ifie d t h a t t h e y w e r e t o b e u s e d
ASHDOWN, Little R ock C ounty, Ark .— BOND SALE.— On March 18
fo r b u ild in g a n e w
p la n t.
I t is u n d e r s t o o d , h o w e v e r , t h a t
the $45,000 21-year (aver.) Water works Dist. No. 1 and $39,000 Sewer
th e c it y c h a r te r h a s s in c e b e e n a m e n d e d t o p e r m it th e u s e
Dist. No. 1 18&-year (aver.) 6% bonds (V. 100, p. 830) wero awarded,
it is stated, to James Gould of Pine Bluff at 96.50. Tho purchases are
o f th e m o n e y fo r th e p u rch a s e o f th e o ld p la n t.
T h e p r ic e
subject to the approval of tho bonding attorneys and, if approved, will be
t o b e p a id f o r t h e p r e s e n t s y s t e m o f w a t e r -w o r k s is s t a t e d t o
dated June 1 1915.
ASHLAND, Hanover County, Va.— BONDS NOT YET ISSUED.— The
b o $ 2 0 0 ,0 0 0 .
$10,000 5% 20-yr. school-bldg.bonds voted Dec. 19 have not yet been issued.
W a te r v lie t,
A lb a n y
C o u n t y ,
N .
Y . — Water Bond Bill
COUNTY (P. O. A shtabula), O hio.— BOND SALE.—
Signed.— O n M a r c h 2 6 G o v e r n o r W h i t m a n s i g n e d a b i l l OnASHTABULA
March 29 tho three issues of 5% highway-improvement bonds, aggre
w h ic h p r o v id e s , i t is s a id , t h a t t h is c i t y , w it h t h e a p p r o v a l o f
gating $122,500 (V . 100, p. 1017), wore awarded to the First Nat. Bank of
Cleveland for $124,796 80— equal to 101.874. Other bidders were :
th e
S ta te
C o n s e rv a tio n
C o m m is s io n ,
m a y
is s u e
$ 5 0 0 ,0 0 0
$57,500
$44,500
$20,500
b o n d s fo r th e p u r p o s e o f d e fr a y in g th e c o s t o f b u ild in g a
Niles-AshHartsgroveAustinburg
.
tci!lula Road.
Romo Road.
Road.
m u n ic ip a l w a te r s u p p ly .
Davies-Bertram Co., Cin----- $58,433 25
$45,211 50
$20,75995
Spitzer-Rorick & Co., C in ... 58,180 00
45,026 00
20,71050
W ild w o o d ,
C a p e
M a y
C o u n t y ,
N . J . —Proceedings for
& Braun, Toledo_____ 58,190 00
45,020 00
‘’ 0,66650
Purchase of Water Plant.— T h e a r b i t r a t i o n c o m m i t t e e a p Stacey
Hayden, Miller & C o., Cleve. 58,178 00
45,020 00
20,39250
p o in t e d t o s e t a p r ic e o n th e h o ld in g s o f th e W ild w o o d W a t e r
Sidney Spitzer& C o., Toledo. 57,757 00
44,767 00
20,60300
For All Issues.
W o r k s C o ., w h ic h th e c it y c o n t e m p la t e s p u r c h a s in g , r e p o r t e d
Continental & Commercial Tr. & Savs. Bank, Chicago............. $123,970 00
M a r c h 2 6 , it is s a id , t h a t t h e y h a d a g r e e d u p o n t h e p r ic o o f
Weil, Roth & C o., Cincinnati------------------------------------------------ 123,761 75
Tillotson & Wolcott C o., Cleveland--------------------------------------- 123,614 75
$ 5 5 4 ,0 0 0 .
I t is u n d e r s t o o d t h a t s t e p s a r e n o w b e in g t a k e n
Otis & Co., Cleveland_______________________________________ 123,600 00
t o v o t e $ 6 0 0 ,0 0 0 b o n d s , t h e a d d it io n a l $ 4 6 ,0 0 0 o v e r t h e p r ic e
Breed. Elliott & Harrison, Cincinnati_______________________ 123,506 60
ATTLEBORO, B ristol C ounty, Mass.— TEMPORARY LOAN.—
m e n t io n e d t o b e u s e d f o r a d d it io n a l m a in s a n d fir e p lu g s .
Reports stato that a loan of $50,000 dated March 29 1915, maturing Oct. 29
1915 and issued in anticipation of taxes, has been awarded to N. W . Harris
& Co. of Boston at 3% discount, plus $ i promium.
AURORA, Kane County, Ills.— BOND ELECTION.—The question of
B o n d C a lls a n d R e d e m p t io n s .
issuing $75,000 water bonds will bo submitted to tho voters on April 20,
L o v e la n d ,
L o r im e r
C o u n t y ,
C o l o . — Bond Call.— P a y
it is reported.
AVON, Livingston County, N. Y .— BOND OFFERING.— Bids will be
m e n t w ill b o m a d e o n A p r il 6 a t th e C it y T r e a s . o ffic e o r th e
received until 8 p. m. Apr. 8 by Win. II. Clark, Vil. Clerk, for $8,000 sowerC h e m ic a l N a t . B a n k o f N e w
Y o r k , o f N o s . 2 3 t o 2 7 , in c l.,
ext. bonds. Denom. $500. Int. (rate to bo named in bid) payable semio f th e T o w n (n o w C it y ) o f L o v e la n d r e n e w in g a n d r e fu n d in g
ann. in N. Y. exchange. Duo $500 yearly on Oct. 1 from 1919 to 1934 incl.
Cert, check for $300 required. Successful bidder to furnish at own ex
b o n d s , d a t e d N o v . 1 1 8 9 7 , d u e N o v . 1 1 9 2 7 a n d r e d e e m a b le
pense suitable blank bonds.
b e g in n in g N o v . 1 1 9 1 2 .
BADGER, Roseau County, M inn.— BONDS DEFEATED.— Tho ques
tion of Issuing the $12,000 water-works and electric-light bonds (V. 100,
S p o k a n e ,
W a s h . — Bond
Call.— T h o f o l l o w i n g s p e c i a l p.
831) failed to carry at the election hold March 9. The vote was 34
im p r o v e m e n t b o n d s h a v e b e e n
c a lle d fo r p a y m e n t a t th e
“ for’ ’ and 54 “ against.”
C it y T r e a s u r e r ’s o ffic e o n A p r il 1 5 :
BAKER, Baker C ounty, Ore.— NO ACTION YET TAKEN.— 'The
Mayor advises us that no action has yet been taken toward tho calling of an
GRADE.
SEWER.
Dist. Bonds
Dist. Bonds election to vote on tho question of issuing tho $180,000 lighting-plant
installation bonds. (V. 100, p. 1924.)
Name—
No. Called.
Name—
No.Called.
19 A lle y ........ ..........................533
Cataldo Street___________427
16
BARNARDVILLE SCHOOL DISTRICT (P. O. Barnardville), B u n
Jefferson Street__________888
12 First Ward.............
10
67 combe County, No. Caro .— BOND ELECTION PROPOSED.—According
21st Avonuo_____________ 99
24
to reports, this district proposes to hold an election to vote on the question
of issuing $6,000 high-school-building bonds.
BEATRICE, Gage C ounty, Neb.—-BOND ELECTION PROPOSED.—
Reports state that a petition has been filed with tho City Commissioners
B o n d P r o p o s a l s a n d N e g o t ia t io n s this week asking them to call an election to vote on the question of issuing $20,000
municipal electric light plant bonds.
have been is follows:
BEAUMONT, Jefferson County, Tex.— BONDS DEFEATED.— 'The
ALAMEDA]COUNTY (P. O. Oakland), C alif.— BONDS DEFEATED- question of Issuing the $150,000 Island Park Improvement bonds (V. 100,
— Tho question of issuing $1,000,000 ranama-Pacific International Ex" p. 749) failed to carry at tho election hold March 3. The voto was 359
osition bonds (V. 100, p. 918) failed to carry, it is stated, at tho election “ for" and 463 "against.”
eld March 19. While a majority of tho votes cast was in favor of the
BEDFORD, Cuyahoga C ounty, O hio.— BOND OFFERING.— Bids
bonds they failed to receive the two-thirds necessary to authorize a bond will bo-received until 12 m. Apr. 5 by II. T . Hubbell, Vil. Clerk, for the
issue.
following 5% coup, street-impt. (assess.) bonds:
ALBANY, Dougherty County, Ga.— BOND ELECTION.— The elec $4,183 61 Columbus St. impt. bonds. Denom. (1) $183 61, (8) $500.
Duo $183 61 Oct. 1 1915 and $500 yearly on Oct. 1 from 1916 to
tion to vote on the questions of issuing the $40,000 sito-purchase, building
1925 incl., except that no bonds mature in 1919 and 1924.
and equipment and $40,000 municipal auditorium-erection and equipment
614 35 White St. impt. bonds. Denom. (1) $114 35, (1) $500. Due
5% 30-year bonds (V. 100, p. 749), will be held April 8. Denom. $1,000.
$114 35 Oct. 1 1915 and $500 Oct. 1 1923.
Interest semi-annual.
739 82 Adams St. impt. bonds. Denom. (1) $239 82, maturing Oct. 1
ALBANY SCHOOL DISTRICT (P. O. Albany), A thens County>
1917, and (1) $500, maturing Oct. I 1923.
O h io.— BOND ELECTION.— Reports state that an election will be held
Int. A. & O. at Cleveland Trust Co., Bedford. Cert, check on a Cuya
to-day (April 3) to submit to the voters tho question of issuing $12,000 hoga
County bank for 10% of bonds bid for, payable to Vil. Treas., re
building bonds.
.
quired. Bonds to bo delivered and paid for within 10 days from time of
ALEXANDER COUNTY (P. O. Taylorsville), No. Car.— BOND award. Purchaser to pay accrued interest.
OFFERING.— Proposals will bo received until April 6 by J. T. Hedrick,
BELL COUNTY (P. O. Pinoville), K y .— BOND SALE.— On March 29
Co. Commr., It is stated, for $50,000 5% 30-year road bonds voted Mar. tho $250,000 5% 18-ycar (avor.) road and bridge bonds (V. 100, p. 918)
9 (V. 100, p. 1108). Int. semi-annual.
wero awarded to J. 0 . Mayer & Co. of Cincinnati at 102.07 and Int.— a
ALLIANCE, Stark County, Ohio.— BOND OFFERING.— Proposals basis of about 4.827% • Denom. not less than $100, nor moro than $1,000.
will bo received until April 12 by Chas. O. Silver, City Auditor, for tho Dato April 1 1915. Int. A. & O. Duo on April 15 as follows : $40,000
following 5% bonds:
1920, 1925, 1930, 1935 and 1910 and $50,000 1945.
$5,000 city-hall-construction bonds. Denom. $500. Date April 15 1915.
BELL COUNTY (P. O. Belton), Tex.— BONDS REGISTERED— On
Duo April 15 1937.
Mar. 4 $6,000 5% Road Dist. No. 1 bonds wero registered by tho Stato
13,900 street-impt. (city’s portion) bonds. Denom. (27) $500, (1) $400. Comptroller. Duo in 35 years, subject to call $1,000 every 5 years.
Date April 15 1915. Due April 15 1935.
BONDS VOTED.— Tho election lickl in Road Dist. No. 16 on Feb. 27
7,000 street-impt. (city’s portion) bonds. Denom. $500. Date April 1 resulted,
it Is stated, in a voto of 17 to 6 in favor of the proposition to issue
1915. Due April 1 1940.
6,950 street-impt. (city’s portion) bonds. Denom. (13) $500, (1) $450. tho $4,000 road constr. bonds (V. 100, p. 749).
BELTRAMI
COUNTY (P. O. Bemidji), Minn .— BONDS AUTHOR
Date April 1 1915. Due April 1 1940.
Int. A. & O. at office of City Treasurer. Certified check on a solvent IZED.— On Feb. 9 tho Board of (bounty Commissioners passed resolutions
national or Stato bank for 3% o f bonds bid for, payable to City Treasurer, providing for the issuance o f the following 5H % coupon ditch bonds:
required. Rids must bo made on forms furnished by the City Auditor. $16,000 Judicial Ditch No. 22 bonds; Duo $1,000 yearly March 1 from
1921 to 1934, inclusive, and $2,000 March 1 1935.
Successful bidder to furnish at own expenso the necessary blank bonds.
90.000 Judicial Ditch No. 23 bonds. Duo on March 1 as follows: $5,000
ALTA SCHOOL DISTRICT, Fresno County, Calif.— BOND OFFER
1921, 1922, 1923 and 1924: $6,000 yearly from 1925 to 1931,
ING.— Proposals will bo received until 2 p. m. April 6 by D. M . Barnwell,
inclusive; $/,000 1932, 1933, 1934 and 1935.
Clerk Bd. o f Co. Supers. (P. O. Fresno), for tho $7,000 6% building and
63.000
Judicial
Ditch No. 24 bonds. Due $3,000 March 1 1921, $4,000
equipment bonds voted Jan. 28 (V. 100, p. 659). Denom. $1,000. Date
yearly March 1 from 1922 to 1931, inclusive, and $5,000 yearly
May 15 1915. Int. ann. on May 15 at tho Co. Treas. office. Duo $1,000
March 1 from 1932 to 1935, inclusive.
yearly May 15 from 1918 to 1924, incl. Cert, check for 10% of bid, pay
43.000 Judicial Ditch No. 26 bonds. Duo on March 1 as follows: $2,000
able to the Chairman of the Board of Supers., required. The district has
1921, 1922 and_1923, $3,000 yearly from 1924 to 1934, incluslvo,
no bondod debt. Assess, val. equalized 1914 $209,150.
and $4,000 1935.
ANDERSON-COTTONWOOD IRRIGATION DISTRICT (P. O.
78.000 Judicial Ditch No. 27 bonds. Duo on March 1 as follows: $4,000
And8r3on), Shasta County, Cal.— NO ACTION YET TAKEN.— The
1921, 1922 and 1923; $5,000 yearly from 1924 to 1929, inclusive,
Secy. Bd. of Directors advises us under dato of March 15 that no action
and $6,000 yearly from 1930 to 1935, inclusive.
has yet been taken toward the calling of the election to vote on the question
89.000 Judicial Ditch No. 28 bonds. Duo on March 1 as follows: $4,000
of issuing the irrigation-system bonds (V. 100, p. 324).
1921 and 1922, $5,000 1923 and 1924, $6,000 yearly from 1925 to
1931, inclusive, $7,000 1932, 1933 and 1934 and S8.000 1935.
ANOKA SCHOOL DISTRICT (P. O. Anoka), A noka C ounty, Minn.
Denom. $1,000. Date March 1 1915. Int. March 1 and Sept. 1 at the
— BONDS VOTED.— Tho election held March 13 resulted, it is stated,
in a vote of 384 to 64 in favor of the question of issuing to the State of Minne Corn Exchange National Bank, Chicago.
sota $25,000 4% bldg, bonds. (V. 100, p. 918). Denom. (10) $2,000 and
BENTON COUNTY (P. O. Fowler), In d .— BONDS NOT SOLD.—No
(1) $5,000. Dato July 1 1915. Duo $2,000 yearly July 1 from 1925 to bids were received on March 16, it is stated, for the two issues of 4H %
1934 incl. and $5,000 July 1 1935.
highway-improvement bonds, aggregating $20,620, offered on that day
ANSONIA, New Haven C ounty, Conn.— BOND OFFERING.— Bids (V. 100, p. 918).
BESSEMER, Jefferson C ounty, Ala.— BOND OFFERING.— Proposals
will bo received until 12 m. April 21 by Fred. W. Drew, City Treasurer,
for $150,000 4M % coup, refunding bonds. Denom. $1,000. Date May 1 will be received until 8 p. m. April 6 by J. B. Houston, City Treasurer, for
1915. Int. M . & N. at office of City Treasurer. Due $5,000 yearly on $30,000 5% gold coupon tax-free school bonds. Auth. Sec. 1430, Alabama
M ay 1 from 1916 to 1945 Incl. Bonds may bo registered as tojprincipal Code. Denom. $1,000. Dato Juno 1 1914. Int. J. & D. at tho Hanover
and will be delivered on May 1 at First Nat. Bank, Boston, which will also National Bank, N. Y. Duo June 1 1944. Certified chock for $1,000,
certify as to the genuineness o f tho bonds. Tho opinion o f Ropes, Gray, payable to the “ City of Bessemer,” required. Bonded debt, exclusive of
Boyden & Perkins of Boston as to tho legality will be furnished purchaser. this issue, $333,500. Floating debt, $31,000. Assessed valuo 1914,
Bonded debt, $505,000: grand list, 1915, $12,284,569.
$4,300,000.
BIG HORN COUNTY (P. O. Hardin), M ont.— BOND ELECTION.—
APPLETON, Outagamie C ounty, W is.— BOND SALE.— On March 12
the $75,000 4H % 18H-year (average) water-works-lmpt. bonds were Reports state that an election will be hold June 1 to voto’ onjthe proposition
awarded to tho First National Bank of Appleton for $76,341 50 (101.788) to Issue $50,000 bridge-building bonds.
and interest— a basis of about 4.359%. Denom. $1,000. Dato March 1
BIG ISLAND TOWNSHIP SCHOOL D ISTR IC T (P. O. M arion),
1915. Interest semi-annual. Duo $37,000 1933 and $38,000 1934. Marion County, O h io.— BONDS DEFEATED.— Tho question of issuing
Bonded debt, including this issue, $588,500. Assessed value, $18,340,200; tho $28,500 bldg, bonds (V. 100, p. 918) failed to carry at tho election held.
real value, $20,000,000.
Mar. 17 by a voto of 25 for” to 95 “ against.”
V ic k s b u r g ,
M is s .—
S
Voters Favor Purchase of Water Plant.
BIRMINGHAM, Ala.— BOND ELECTION.— W o learn that an election
will bo held April 12 to vote on tho question o f issuing $1,250,000 bonds to
pay off the present accumulated deficit o f tho city treasury.
BLACKSBURG SCHOOL DISTR IC T NO. 3 (P. O. B lacksburg),
M ontgomery C ou n ty ,Va.— BONDS NOT SOLD.— Up to March 27 no
sale had boon made of tho $15,000 6% 10-30-year (opt.) registered school
bonds offered in November (V. 99, p. 1472.)
BLOOMINGDALE TOWNSHIP SCHOOL DISTR IC T NO. 10 (P. O.
B loom ingdale), Van Buren C ounty, Mich.— BOND OFFERING.— Bids
will bo opened by tho lid. of Ed., at 3 p. m. April 10 for $15,000 4 32 % build
ing-improvement bonds. Denom. $1,000. Dato $10,000. Juno 1 1.116
and tho balance as needed. Int. J. & D . at People s State Hank, Bloomingdalo. Duo $1,000 yearly on Juno 1 from 1916 to 1930 incl. An uncon
ditional cert, check for $500, payablo to r^reas. of Bd. o f Ed., required
Bids must bo unconditional.
BLOOM TOWNSHIP SCHOOL DISTRICT (P. O. B loom dale), W ood
C ounty, O hio.— BONDS DEFEATED.— 'The question of issuing the $60.
000 school bonds (V. 100, p. 749) was defeated at the election held March 2
by a voto of 72 “ for” to 76 “ against.”
BLUE SPRINGS, Jackson C ounty, Mo.— BOND ELECTION.— The
question of issuing $10,000 street-improvement bonds will bo submitted
to a vote, it is stated, on April 14.
BLUFFTON, Allen C ounty, O hio.— BONDS AUTHORIZED.— Re
ports state that an ordinance has been passed providing for the issuance of
$17,000 1 ) 1 4 % wator-works-impt. bonds. Denom. $1,000. Date May 1
1915. Duo beginning Sept. 1 1918.
BOARDMAN TOWNSHIP SCHOOL DISTR IC T, M ahoning C ounty,
O hio.— BOND OFFERING.— Proposals will be received until 12 m.
April 6 by Geo. H. Davidson, Clerk Board of Education (P. O. Poland,
It. D .), for $4,000 5% school bonds. Denom. $500. Dato April 15 1915.
Int. M . & S. at Mahoning Nat. Bank, Youngstown. Duo $500 each six
months from March 15 1923 to Sept. 15 1926. inclusive. Certified check
on a Mahoning County bank for $500 required. Purchaser to tako bonds
not later than April 15.
B R A T E N A H L (P. O. Cleveland), Cuyahoga C ounty, O h io.— BOND
OFFERING.— Bids will bo received until 12 m. May 1 by C. A. Neff,
Villago Clerk, for tho following 5% bonds:
$38,918 grade-crossing (village's portion) bonds. Denom. (1) $918, (38)
$1,000. Due 1918 May l 1916 and $1,000 yearly on M ay 1 from
1917 to 1935 incl
,,
„
60.000 park bonds. Denom. $1,000. Duo $3,000 yearly on M ay 1
from 1916 to 1935 incl.
40.000 town-hail site-purchase and construction bonds. Denom. $1,000.
Duo $2,000 yearly on M ay l from 1916 to 1935 incl.
Dato May 1 1915. Int. M . & N. Certified check for 10% of bonds
bid for, payable to Villago Treasurer, required. Bonds to bo delivered and
paid for within 10 days from time of award. Purchaser to pay accrued int.
BROCKTON, P lym outh C ounty, Mass.— BOND SALE.— On Mar. 25
$205,000 bonds were awarded to Curtis & Sanger of Boston at par for 4s.
Duo from 1920 to 1940.
BROCTON, C hautauqua C ounty, N. Y .— BOND OFFERING.— Bids
will bo received until 5 p. m. April 19 by II. M . Fleming, Vil. Clerk, for
tho $20,000 5% 143^-year (aver.) rog. watcr-works-oxt. bonds voted Mar. 16
(V. 100, p. 1108). Denom. $1,000. Dato May l 1915. Int. M . & N.
at tho Stato Bank, Brocton, or at Seaboard Nat. Banic, N. Y ., to suit
purchaser. Due .$1,000 yearly on May 1 from 1920 to 1939 incl. Cert,
check for 5% of bonds bid for, payablo to E. D. Sullivan. Vil. T rois.,
required. Bonded debt (not incl. this issue), $25,000. Floating debt
$9,400. Assess, val. 1914 $606,684.
BROKEN BOW, Cu3ter County, Neb.— BOND ELECTION.— An
election will be held April 6 to voto on tho question of issuing $14,500 5%
5-20-year (opt.) coupon sewer bonds. Denom. $500. Dato “ day of issu
ance.” Int. ann. at tho State Treasurer's office.
BROOKING TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
NO. 6 (P. O. Kansas City), Jackson County, Mo.— BOND ELECTION.
— Tho proposition to issue $12,000 building bonds will bo submitted to a
voto, it is stated, on April 6.
BRUCE SCHOOL DISTR IC T (P. O. Bruce), Brookings County,
So. Dak.— BONDS VOTED.— Tho question of issuing school-building
bonds carried at a recent election, according to reports.
BUFFALO, N. Y .— M ATU R ITY CHANGED.— Wo are advised that the
maturity of the $80,000 4 1 4 % reg. tax-freo police and fire-dept. bonds to
bo offered on April 6 (in addition to tho four other issues, all of which were
described in last week's "Chronicle” , page 1108) has been changed from
$4,000 yearly to a straight 20-year bond maturing April 15 1935.
BOND SALE.— On March 29 tho $121,909 96 4% deficiency bond m atuv
Ing July 1 1916 (V. 100, p. 1108) was awarded to Bond & Goodwin of N. Yfor $121,980 96 (100.041) and int. The Bankers’ Tr. Co. of Buffalo and
the Farmers’ Loan & Tr. Co. of N. Y . each submitted a bid of par and int.
During tho month of March tho following four issues of 4% bonds,
aggregating $242,439 90, were disposed of:
$15,000 00 snow-removal bonds. Dato Feb. 15 1915. Duo July 1 1915.
9,488 50 water-works bonds. Date March 15 1915. Due March 15 '16.
96,041 44 Dept, of Boor and Bureau Bldg, bonds. Dato March 1 1915.
Duo July 1 1915.
121,909 96 sundry departments and snow-removal bonds. Date April 1
1915. Due July 1 1916.
Tho first tv o issues of bonds were purchased at par by the City Comp
troller for tho account o f Sinking Funds, and tho two remaining Issues were
purchased by Bond & Goodwin of New York at a premium of $319 82 and
$51, respectively.
BONDS AUTHORIZED.— According to reports, tho Board o f Aldermen
on March 29 authorized tho issuance of $600,00p hospital bonds
CADILLAC, W exford C ounty, M ich.— BOND ELECTION.— An elec
tion will be held April 5 to vote on the question of issuing $40,000 5%
bonds. Duo serially from 1926 to 1930.
CALIPATRIA SCHOOL DISTR IC T (P. O. Calipatria), Im perial
C ounty, Cal.— BONDS VOTED.— A favorablo vote was cast at an elec
tion held on March 26. it is stated, on tho question of issuing $40,000 6%
20-yr. (sor.) building bonds.
CAMDEN, Camden C ounty, N. J .— BOND OFFERING.— Proposals
will bo received until 8 p. m. April 12 by Arthur R. Gemborling, Chairman
of Financo Committee, for $75,000 20-ycar fire, $10,000 20-year fire, $50,
000 30-yoar water and $35,000 30-year park 4 ]4 % bonds.
Registered
bonds will lie issued in lieu of coupon bonds at option of purcahser. Date
M ay 1 1915. Int. M . & N. Cert, check on a national bank for 2% of
bonds bid for, payablo to Geo. A. Frey, City Treas., required. Official
circular states that this city has never defaulted in the payment of any of
its obligations, or payment of interest when duo and that there is no con
troversy or litigation ponding or threatened concerning tho validity of tho
abovo bonds, tho corporate existence or boundaries of tho municipality or
tho title of tho present officers to their respective offices.
CAMULOS SCHOOL D ISTR IC T, V entura C ounty, Cal.— BONDS
NOT YET SOLD.— No sale has yet been made o f the $16,000 5^S% bldg,
bonds offered without success on Dec. 3 (V. 99, p. 1847).
CANTON SCHOOL DISTR IC T (P. O. C anton), L in coln County,
So. Dak.— BONDS VOTED.— Tho proposition to issue school-building
bonds carried, reports stato, at a recent election.
CASCADE, Cascade C ounty, M ont.— BOND ELECTION.— 'The ques
tion of issuing $3,500 10-20-yr. (opt.) clty-hall-orection and fire-department
building bonds at not exceeding 6% int. will bo submitted to a voto on Apr.5
CATHLAMET SCHOOL DISTRICT (P. O. Cathlam et), W ahkiakum
C ounty, W ash.— BONDS VOTED.— By a voto o f 154 to 8 tho question o f
issuing $9,500 building bonds carried, it is stated, at an election held Mar.20.
CEDARTOWN SCHOOL DISTRICT (P. O. C edartown), Polk
C ounty. Ga.— BONDS VOTED.— By a vote of 200 to 6 tho question of
issuing tho $50,000 building bonds carried, it is stated, at an election held
March 20.
CHARLESTON, So. C at.— WATER ELECTION PETITION.— Accord
ing to tho Charleston "Now and Courier” , petitions signed by 2,664 free
holders, requesting tho calling of an election to voto $1,500,000 bonds for
the purcliaso of tho property of tho Charleston Light & Water Co. and
$100,000 for tho extension of mains and improvement of the plant were
presented to Council on March 23. Tho petitions wero referred to tho
Committoo on Water Supply, which will be required to determine whether
tho number of signatures constitute a majority of tho freeholders in Charles
ton and to certify if those signing are really freeholders. Tho total number
of freeholders in the city is said to bo 4,930. As stated in V. 99, p. 1765.
Council Doc. 8 1914, by a vote of 19 to 2, passed a resolution endorsing the
recommendation of the Committee on water supply that the property of the
Charleston Light & Water Co. be purchased for $1,500,000. 4 he petition
signed by the freeholders asking for an election is for issuing 1,500 coupon
bonds of the City of Charleston, each in the denomination of $1,000. payable
forty years after date, with privilege of redemption after twenty years.
The bonds are to bear 4 14 % interest, payable semi-annually. They are to
bo used in the purchase of tho water-works of tho Charleston Light & Water
Co. at tho price of $1,500,000.
.
Tho question of issuing 100 additional coupon bonds of tho same denomin
ation and character, aggregating $100,000, to bo used in repairing and
extending tho water-works, was also contained in the petition.
CHEVIOT (P. O. C incinn ati), H am ilton C oun ty, O h io.— BOND
OFFERING.— Proposals will bo received until 12 m. April 21 by Albert J.
Reusing, Vil. Clerk, for $15,000 5% Washington Ave. improvement (assess.)
bonds. Date March l7 1915. Int. ann. Due $1,500 yearly on Mar 17
from 1916 to 1925 incl. Cert, check for 5% of bonds bid for, payable to
Vil. Treas., required. Bonds to bo delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
CHOTEAU, T eton C ounty, M ont .— BOND OFFERING.— A. L. Pow
ers, Town Clerk, will offer for sale at public auction at 8 p. m. May 3, it is
stated, $12,000 6% 5-20-year (opt.) funding bonds. Interest semi-annu
ally. Certified check for $500 required.
CIBOLA VALLEY IR R IG A TIO N DISTR IC T (P. O. Cibola), Yuma
County, A riz.— NO ACTION YET TAKEN .— The District President
advises us under date of March 1 that no action has yet been taken toward
the offering of the $782,975 6% 20-30-year (ser.) levee and irrigation system
bonds voted Oct. 1 (V. 99, p. 1314).
CLARE, Clare C ounty, M ich.— BOND ELECTION.— Tho proposition
to issue $34,000 municipal-electric-light-plant bonds will be submitted to
the voters on April 5.
CLARKSFIELD TOWNSHIP, H u ron C oun ty, O h io.— BONDS NOT
SOLD.—-No sale was made on March 15 of the $30,000 of an issue of
$50,000 5% coup, road-impt. bonds (V. 100, p. 831) offered on that day.
CLARKSVILLE, M ontgomery C ounty, T en n .— BONDS TO BE
OFFERED SHORTLY.— Reports state that the Mayor and the Finance
Committee have made announcement for the sale of $47,100 5% 30-year
refunding bonds.
CLATSOP COUNTY SCHOOL D ISTR IC T NO. 2, Ore.— BOND
SALE.— The $2,500 6% 10-20-year (opt.) school bonds (V. 99, p. 1766)
havo been disposed of.
CLAY TOWNSHIP SCHOOL D IST R IC T (P. O. W apakoneta),
A uglaize C ounty, O hio.— BOND ELECTION.— Reports state that the
proposition to issue $40,000 site-purchase and construction bonds will be
submitted to tho voters on April 5.
CLIFFSIDE PARK SCHOOL D ISTR IC T (P. O. C liffsidel, Bergen
County, N. J.— BOND OFFERING.— Proposals will be received until
8:30 p. m. April 14 by John F. Kelly, District Clerk, for $102,000 5% coup,
school bonds. Denom. $1,000. Date Mar. 1 1915. Int. M . & S. at
Northern New Jersey Trust C o., Edgewater. Due on Mar. 1 as follows:
$3,000 1938, $4,000 1939, $5,000 1940, $16,000 1941, $17,000 1942, $18,000
1943, $19,000 1911 and $20,000 in 1915. Cert, chock on an incorporated
bank or trust company for $2,000, payable to Board of Ed., required.
Purchaser to pay accrued interest.
The official nolice of this bond offering will be found among the advertise
ments elsewhere in this Department.
CLIFTON SPRINGS, O ntario C ounty, N. Y .— BONDS DEFEATED.
— The question of issuing tho $25,000 school-building bonds was defeated
at the election held March 16 by a'vote of 61 “ for” to 142 “ against."
CLINTON TOWNSHIP (P. O. T iffin ), Seneca C ounty, O h io.—
BOND OFFERING.— D. S. Hamilton, Twp. Clerk, will receive bids until
12 m. April 23, it is stated, for $20,000 5% 5 M-year (aver.) road bonds.
Interest semi-annual.
CLOVIS SCHOOL D ISTR IC T (P. O. Clovis), Curry C ounty, N. M.
— BOND ELECTION.— An election will bo held April 6, it is stated, to vote
on the question of issuing $18,000 high-school building and equipment bonds
CLYDE, Sandusky C ounty, O hio.— BOND OFFERING.— Bids will be
received by Fred. Shaw, Village Clerk, until 12 m. M ay 3 for $4,000 5%
George St. improvement (assessment) bonds. Denom. $400. Date May 1
1915. Int. M . & N. Due $400 yearly on M ay 1 from 1916 to 1925.
Inciuslvo. Certified check on a Clyde bank for $300, payable to Village
Treasurer, required. Bonds to bo delivered and paid for within three days
from time of award. Purchaser to pay accrued interest. Bids must be
unconditional.
..
COATESVILLE SCHOOL DISTR IC T (P. O. C oatesville), C hester
C ounty, Pa.— BOND SALE.— The following were tho bids received on
March 26 for the $115,000 44<i% tax-free coupon school bonds offered on
that day :
2d Bid.
1st Bid.
Martin & Co., Philadelphia----------------------------------*101.78 +
101.914
llenry & West, Philadelphia-------------------------------- 101.56
102.37
M . M . Freeman & Co., Philadelphia-------------------101.50
101.750
Montgomery, Clothier & Tyler, Phiia---------------------101.461
101.578
Reilly, Brock & Co., Philadelphia.............................. 101.28 +
101.423
Harris, Forbes & C o., New York-------------------------- 100.801
100.901
* This Did was successful and also included tho expense of preparing the
bonds. “ First" bids were for $115,000 bonds, payaDle as follows : $2,500
yearly for the first 10 years, $3,500 yearly for the second 10 years and $5,500
yearly for the third 10 years, tho “ second” bids were for $115,000 bonds,
payablo $12,500 in 5 and 10 years, $17,500 in 15 and 20 years and $27,500
in 25 and 30 years.
Denom. $500 and $1,000. Int. M . & N.
COLOME SCHOOL DISTRICT (P. O. Colome), T ripp C ounty
So. Dak.— BOND ELECTION PROPOSED.— An election will be called
soon, it is stated, to vote on tho question of issuing $16,500 building bonds.
COLUMBIANA COUNTY (P. O. L isbon), O hio.— BOND OFFERING.
— Proposals will bo received until 12 m. April 19 by II. R. Dickey, Clerk
Board of County Commissioners, for $7,800 5% school-bldg, (county’s
portion) bonds. Denom. (14) $500, (1) $800. Date April 19 1915. Int.
A. & O. at office of County Treasurer. Due $1,000 yearly on April 19 from
1916 to 1922 incl. and $800 April 19 1923. Cert, check on a bank other
than tho one making tho bid for $500, payable to County Treas., required.
Bonds to be delivered and paid for on April 19. Purchaser to pay accr. int.
COLUMBUS, O hio.— BONDS AUTHORIZED.— 'The City Council on
Feb. 23 passed ordinances providing for the issuance of the following
4 14% coupon bonds:
$30,000 library-improvement bonds. Date not later than July 1 1915.
Due not later than Sept. 1 1925.
10.000 fire department improvement bonds. Dato not later than Sept. 1
1915. Due not later than Sept. 1 1925.
35.000 High St. improvement bonds. Date not later than May 1 1915.
Due not later than March 1 1945.
100,000 water-works-improvement bonds. Date not later than M ay 1
1915. Due not later than March 1 1945.
10.000 Glenwood Park improvement bonds. Date not later than July 1
1915. Due not later than Sept. 1 1935.
40.000 Schiller Park improvement bonds. Date not later than Sept. 1
1915. Due not later than Sept. 1 1935.
60.000 fire-apparatus-purchase bonds. Date not later than Sept. 1 1915.
Due not later than Sept. 1 1935.
275.000 sewago-disposal-plant-improvement bonds. Date not later than
Sept. 1 1915. Due not later than Sept. 1 1935.
Denom. $1,000. Int. M . & S., payable at agency of City of Columbus in
New York City, except on the $10,000 fire department and $10,000 park
bond issues, which arc payable at office of the City Treasurer.
COSHOCTON, C osh octon C ounty, O h io.— BOND OFFERING.—
Bids will be received until 12 m. April 24 by Hugh Gamble, City Aud., for
tho following South Fifth St. lmpt. (assess.) bonds:
$9,500 5% impt. bonds. Denom. $500. Due $500 Sept. 1 1916 and
$1,000 yearly on Sept. 1 from 1917 to 1925 incl.
1,100 6% impt. bonds. Denom. $220. Duo $220 yearly on Sept. 1
from 1916 to 1920 incl.
D a te M ay 1 1 9 1 5 . I n t. M . Sc N . C e rt, check on a C oshocton C o u n ty nor is thero pending or threatened any litigation whatever affecting in
bank for n o t loss th a n 1 0 % of bonds bid for. re q u ire d . Bonds to bo d e any manner this issuo of bonds, nor has any previous issue been contested.
livered a n d paid for w ithin 10 d ay s from tim e of a w ard . P u rc h a se r to
Chemung County, N. Y .— BOND SALE.— On Mar. 29 tho
p a y accrued in te re st.
$600,000 series “ A ” and $900,000 series “ B ” 443% 17M-yr. (av.) water
COOK COUNTY SCHOOL D ISTRICT NO. 152, (P. O. Harvey) > works bonds (Y. 100, p. 1018) wero awarded, it is stated, to Clark,
Uls.— BOND SALE.— According to a new spaper re p o rt th is d isctric t r e Dodgo & Co. of N. Y ., at 102.79—a basis o f about 443%.
c ently sold a n issue o f $ 2 0 ,0 0 0 443 % building bonds a t 1 0 0 .2 2 5 .
ENGLEWOOD, Bergen County, N. J . — BOND SALE.— On Mar. 30
COTTONW OOD COUNTY (P. O. W indom ), M inn.— BONDS A U tho $84,000 443% 20-year coup, (with privilege of registration) funding
THORIZED.— T h e B oard of C o u n ty C om m issioners h av e p assed resolu bonds (V. 100, p. 1018) wero awarded to Clarke, Dodgo Sc Co. of N. Y. at
tions p roviding for th e issuance of th e following 4 % bonds:
102.97—a basis of about 4.278%. Other bids wore:
$ 3 ,7 £ 0 Ju d icial D itch N o . 12 c o n str. b onds. D enom . $ 2 5 0 . D uo $ 2 5 0 Remick, Hodges & C o., N .Y . 102.313 II. L. Crawford Sc Co., N. Y.101.653
„ „
y early Ju ly 1 from 1 9 2 0 to 193 4 incl.
It. M . Grant & C o., N. Y __ 102.217 Harris, F orbes* Co., N. Y__101.432
9 ,6 0 0 Ju d icial D itch N o . 11 co n str. bonds. D en o m . $ 6 4 0 . D uo $ 6 4 0 R. E. Robinson Sc Co.. N. Y_102.032 Outwater
& Wells, Jor. C ity. 101.341
y early Ju ly 1 from 1 9 2 0 to 1 9 3 4 Incl.
Kean, Taylor & Co., N. Y ...101 .91 9 A. B. Loach & C o., N. Y ___ 101.079
D a te F e b . 2 4 1 9 1 5 .
Ludwig & Crane, N. Y ______101.90 Mackay Sc Co., N. Y _______100.513
CUMBERLAND, Md.— BIDS.— T h e following a re th o o th e r bids th a t Knauth,N achod*Kuhne, N .Y101.73 Palisades Trust and Guaranty
w ere received on M arch 2 5 for th o $ 1 5 0 ,0 0 0 4 4 3 % 5 43-y ear (a v e r.) coupon J. D. Everitt & C o., N. Y _._10l.69
Co., N. Y .'.......................... 100.50
tax-free street-p av in g bonds aw ard ed to A lex. Brown & Sons of B alto . a t
TOWNSHIP (P. O. Jer3eyville), Jersey C ounty, 111.—
1 0 0 .3 8 a n d In t. (V. 1 0 0 , p . 1 1 0 9 ) w ere as follows :
BOND ELECTION.— According to reports, an election will bo held April 6
B ak e r, W a tts & C o ., N elson Cook & C o. a n d Tow nsend S co tt & 1 1 0 0 .1 4 5 to vote on tho proposition to issue road bonds.
Son of B altim o re, jo in tly ____________________________________ J
ERIE COUNTY (P. O. Sandusky), O hio.— BOND SALE.— On Mar. 26
C itizens' N atio n al B an k , F ro stb u rg ____________________________1 0 0 .1 2 1
E
° f couPon highway-impt. and refunding bonds, aggregating
J . S. W ilson J r . & C o ., B altim o re ________________________________ 1 0 0 .0 0 0
►
P.- 1018) wero awarded to Weil, Roth & Co. of Cinein.
Jen k in s, W hedbee & Poe; W . W . L a n a h a n & C o. a n d Riggs &1
at 101.45 and int., it is stated.
M cL an e , B altim o re, jo in tly ________________________________ / 9 9 .5 5 4
S p itzer, R orick * C o ., T o led o _________________ _______ _________ 9 7 .8 8
W£l‘3HII> (P. O. M onroe), Monroe C ounty, O h io.— BOND
T h ird N a tio n a l B an k , C u m b erlan d (for S 1 0 .0 0 0 ) _________________1 0 0 .0 5
ELECTION. The question of issuing $20,000 road impt. bonds will bo
CUMBY SCHOOL D ISTR IC T (P. O. Cum by), H ookin s C ou n ty, submitted to tho voters on April 5.
Tex.— BONDS VOTED.— An election held M arch 2 0 re su lte d , it is s ta te d ,
EY?«R£ ? ;T,V?Ii£ dlesax C oun ty< Mass.— BOND SALE.— On March 30
n fav o r of th e proposition to issue $ 8 ,0 0 0 bldg, boods.
the $10,000 4% 30-year coupon tax-free sewer bonds (V 100 p 1109)
CUSHING SCHOOL DISTRICT (P. O. C ushing), Payne C ounty, were awarded, to Curtis Sc Sanger of Boston at 101 52 Other hills'
Okla.— BOND ELECTION.— A v o te will bo ta k e n on A pril 6 , it is s ta te d , Blodget Sc Co., Boston---------100.2871 Blake Bros. Sc Co., B oston ._Ii00.15
on th e question of issuing $ 5 0 ,0 0 0 building bonds.
SCHOOL D ISTRICT (P. O. Ewen), O ntonagon C oun ty,
CUSTER, Custer C o u n tf, Okla.— BONDS VOTED.— A favorablo v o te M ich.— BOND SALE.— This district has disposed of an issuo of $‘>5 000
w as cast a t a recent election, it is re p o rte d , on th o questio n of issuing $ 10,000 school bonds.
m um cipal-ice-plant-installation bonds.
FITCHBURG, W orcester C ounty, Mas3.— TEMPORARY LOAN.—
CUYAHOGA COUNTY (P. O. Cleveland), O h io.— BOND OFFER- According to reports, this city has negotiated a loan of 8100,000, maturing
Oct. 5 19i5, with tho Nat. Sliawmut Bank of Boston at 3.08% discount.
1 V G,'~~-Proposals will be received u n til 10 a . m . A pril 7 by E . G . K ra u se ,
C lerk B oard of C o u n ty Com m issioners, for th o following 5 % coupon
FORT SMITH, Sebastian C ounty, Ark .— DESCRIPTION OF BONDS.
C lague road-im provem ent N o . 2 bonds :
— Tho $28,000 5% 11-ycar (average) Water District No. 2 bonds awarded
$ 1 ,8 3 5 assess, p ortion bonds. D enom . (1) $ 1 3 5 , (1) $ 1 0 0 , ( 8 ) $ 2 0 0 . D ue on March 13 to Speer Sc Dow of Fort Smith for $27,305 (95.517), a basis
on A pril 1 as follows: $ 1 3 5 , 1916; $ 1 0 0 , 1917; $ 2 0 0 yearly 1 9 1 8 to of about 5.30% (V. 100, p. 1110), are in the denom. of $500 and dated
1 9 2 3 incl. an d $ 2 0 0 on A pril 1 an d O ct. 1 1 9 2 4 .
April 1 1915. Int. Jan. * July. Due on July 1 as follows: $1,000 yearly
1 5 ,9 1 0 c o u n ty ’s p o rtio n bonds. D enom . (1) $ 9 1 0 , (1 5 ) $ 1 ,0 0 0 . D ue from 1910_ to 1920, inclusive; $1,500 1921 and 1922; $1,000 1923; $1,500
yearly on A pril 1 as follows: $ 9 1 0 in 1 9 1 6 , $ 1 ,0 0 0 1917 to 1920 in c l.,
924^1925,1926 and 1917; $2,000 yearly from 1928 to 1933, inclusive, anil
$ 2 ,0 0 0 1921 to 1 9 2 3 in cl., $ 3 ,0 0 0 1 9 2 4 an d $ 2 ,0 0 0 O ct. 1 1 9 2 4 .
D a te A pril 1 1 9 1 4 . I n t. A . & O . a t office of C o. T rea s. An uncondi
FRAMINGHAM, Middlesex C ounty, Mass.— BOND SALE.— On
tional c e rt, check on a b an k o th e r th a n th o one m aking tho bid, for 1 % of
bonds bid for, p ay ab le to C o u n ty T re a su re r, req u ired . B onds to bo d e March 30 the $30,000 4% 8-year (average) coupon tax-free water-loan
livered and paid for w ithin 10 day s from tim e of aw ard . P u rch aser to p ay bonds, Act of 1906 (V. 100, p. 1110), were awarded to Curtis Sc Sanger of
Boston at 100.29—a basis of about 4.958%.
accrued in terest. S ep arato bids m u st bo m ade for each issue.
FRANKENMUTH TOWNSHIP (P. O. Frankenm uth), Saginaw
DARDANELLE, Yell C ounty, Ark.— BONDS NOT SOLD.— T ho tw o
C ounty, M ich.— BOND ELECTION.— Tho question of issuing $10,000
issues of 6 % bonds, aggregating $ 2 5 ,0 0 0 , a d v ertised to bo sold on M arch 22
(V . 10 0 , p . 1 0 1 7 ) w ere n o t disposed o f on th a t d a y , becauso tho S ta te road-impt. bonds will bo submitted to a vote at tho April election, it is
Suprem o C o u rt on M arch 2 2 declared void tho am en d m en t p erm ittin g stated.
cities a n d tow ns u n d er certain conditions to issue bonds. Seo news item
FRANKLIN COUNTY (P. O. Colum bus), O h io.— BOND OFFERING.
under head of "A rk an sa s” on preceding pago.
— John Scott, Clerk of Board of County Commissioners, will offer at public
DAVIESS COUNTY (P. O. W ashington), In d .— BONDS NOT SOLD. sale at 10 a. m. April 8 (dato changed from April 1) $30,000 5% bridgo
bonds (V. 100, p. 919). Denom. $500. Dato April 1 1915. Int. A. Sc O.
— N o bids were received on M arch 3 1 , it is s ta te d , for th e $ 3 ,5 0 0 4 4 3 %
at offico of County Treasurer. Duo $10,000 April 1 1918. 1921 and 1925.
6 -year (a v e r.) coup, tax-free highw ay im p t. bonds offered on th a t d a y (V.
Certified check (or cash) on a solvent national bank or trust company for
1 0 0 ,p . 1 1 0 9 ). R eports fu rth er s ta te th a t th is issue will be re-advertised.
1% of bonds bid upon, payablo to Board of County Commissioners, re
DAYTON, Campbell C ounty, K y.— BONDS PROPOSED— It is re quired. A complete transcript of all proceedings had in tho issuance of
p o rted th a t th is city is c o n tem p latin g th o issuance of refunding bonds.
these bonds will bo furnished successful bidder at time of award and a
DECATUR COUNTY (P. O. Greensburg), In d .— BOND OFFERING. reasonable length of time will bo allowed purchaser for examination of
— Bids will be received u n til 2 p . m . A pril 6 by A lbert Boling, C o . T re a s ., same. Purchaser to pay accrued interest.
for th e following 4 43 % highw ay-im provem ent bonds :
FRANKLIN COUNTY (P. O. Colum bus), O h io.— BOND SALE.— On
$ 1 ,8 0 0 Jam es D . Ilito e t al highw ay-im provem ent bonds in C lin to n T w o . Mar. 29 tho four issues of 5% road-impt. bonds, aggregating $156,000
D enom . $ 2 1 0 .
(V. 100, p. 1018) were awarded totlio Cent. & Comm. Trust Sc Savs. Bank
7 ,9 8 0 W m . II . B iddlngor e t al highw ay-im provem ent bonds in Sandcreek of Chicago for $157,451—-equal to 100.930. Other biddors wero:
T w p . D enom . $ 3 9 9 .
Weil, R oth * Co., Cincinnati---------- ----------- -------------------------- $157,211 20
1 2 ,7 0 0 N ew ton B en n e tt e t al highw ay-im provem ent bonds in C lay T w p. Provident Savings Bank Sc Trust Co., Cincinnati____________ 157,185 60
D enom . $ 6 3 5 .
Stacy Sc Braun, T oledo............................................................. . 156,108 38
D ate A lar. 15 1 9 1 5 . I n t. M . & N . D uo ono bond of each issue each six Ohio National Bank, C olum bus................................................. 156,819 38
m onth s from M ay 15 1 9 1 6 to N o v . 15 1 9 2 5 incl.
R. L. Day Sc C o., Boston........................................ ................. . 156,700 44
DELHI (TOWN), Delaware C ounty, N. Y .— BOND SALE.— On Sidney Spitzer & C o., T oled o.. . . . -------------------------------------- 156,691 00
M a r. 3 0 th e $ 1 0 0 ,0 0 0 4 4 3 % coup, refunding bonds (V. 1 0 0 , p . 1 0 1 7 ) wore Titlotson Sc Wolcott Co., Cleveland-------------------------------------- 156,639 60
Hayden, Miller & C o., C lev ela n d ...------------------------------------- 156,639 00
aw arded to G eo. B . G ibbons Sc C o. o f Now Y ork a t 1 0 0 .4 1 .
DEWEY COUNTY (P. O. Isabel), So. Dak.— BONDS PROPOSED.— Hoehler, Cummings Sc Pruddon, Toledo-------------------------------- 156,405 00
Otis & Co., Cleveland— ........ - ..............................— ................. 156,390 00
R ep o rts s ta te th a t th is co u n ty proposes to issue $ 5 0 ,0 0 0 refunding b onds.
FREMONT, Sandusky C ounty, O h io.— BOND SALE.— 'Tho bids re
EAST HARTFORD, H artford C ounty, C onn .— BONDS VOTED —
T ho question o f issuing $ 1 0 0 ,0 0 0 4 4 3 % school-building bonds carried a t ceived on Mar. 30 for tho tlireo Issues of 5% coup. impt. bonds aggregatin'’’
$34,000 offered on that day (V. 100, p. 920) wero as follows
th e election held F e b . 2 7 . D uo $ 5 ,0 0 0 yearly a fte r 5 y ears.
$25,000
$4,600
$4,400
EATON RAPIDS, Eaton C ounty, M ich.— BOND ELECTION .— Loca 1
Clover St.
Sewer I nipt.Street Impt.
new spaper dispatches s ta te th a t an election will bo held A pril 5 to subm it
(Assess.)
(Assess.) (C.Por.&A.)
to th e voters th e q uestion of w hether o r n o t th is c ity shall issuo $ 1 6 ,0 0 0 Soasongood Sc Mayer, Cincinnati---------*$25,302
pav em en t bonds.
Tlllotson Sc Wolcott Co., Cleveland----- 25,257
$4,600
$4,400
EAU CLAIRE, Eau Claire C ounty, Wise.— BOND ELECTION.— An Weil, Roth Sc Co., Cincinnati.............. . 25,197
election will be held A pril 6 to decide w h eth er or no t this city shall issue Sidney Spitzer & C o., Toledo--------------- 25,161
4,601
4.401
\r»»f Bank,
Rant ninp.irm
n.fci
9ft 159
n o t m ore th a n $ 5 0 ,0 0 0 city -h all-co n str. a n d eq u ip m en t bonds.
Fifth-Third Nat.
Cincinnati------25,132
4,600
4.401
EDDYVII.LE, W apello C ounty, Iowa .— BONDS AUTHORIZED.— First National Bank, Fremont-------------- 25,000
-----*4,018
*V,423
A resolution was passed re c en tly , it is s ta te d , b y tho Tow n C ouncil providing Fremont Savings Bank, Frem ont.- - - - •Successful
bids.
All
bids
provided
for
payment
of
accrued
interest.
for th e issuance of $ 4 ,0 0 0 funding b onds. D enom . $ 5 0 0 . D ato Ju n e 1
1915.
GALLITZIN , Cambria County, Pa.— BOND ELECTION.— 'Tho ques
tion of issuing $60,000 water-plant-construction bonds will bo submitted
EDGECOMBE COUNTY (P. O. T arboro), No. Car .— BOND OFFER to
tho voters on April 6, reports stato.
ING.— Proposals will bo received un til 10:30 a . m . A pril 15 by II. S. B unn,
GLENCOE, McLeod County, Minn.— BONDS VOTED.— The question
C o u n ty C lerk , for th e following 5 % coupon bonds:
$ 2 0 ,0 0 0 road bonds au th o rized by vote of 7 6 5 to 4 7 9 a t a n election held of issuing tho $(>,500 water-works-system-ext. bonds (V. 100, p. 832)
carried at the election held March 9.
Ju ly 2 9 1 9 1 3 . D uo $ 2 ,0 0 0 yearly J a n . 1 from 19 2 9 to 1 9 3 8 , incl.
1 0 ,0 0 0
bridge bonds au th o rized by voto of 7 6 7 to 688 a t an election held
Ju ly 29 1 9 1 3 . D ue $ 2 ,0 0 0 yearly J a n . I from 192 9 to 1 9 3 3 , incl.
D enom . n o t lass th a n 8 1 0 0 , nor moro th a n $ 1 ,0 0 0 , option of purchaser. by Thos. H. Beetle, rwp. uiont, iur me »o,ouu oy0 coupon (with privilege
D a te J a n . 1 191 5 . In t. J . & J . a t place to be nam ed by p urchaser. C e rti of registration) road funding bonds authorized as mentioned in V. 100 n
fied check for $ 5 0 0 required. Bonded d e b t, including above Issues, $ 8 6 ,0 0 0 . 656. Donom. $500. Date March 11915. Int. M . Sc S. at office of Twp.
F loatin g d e b t. $ 1 0 ,0 0 0 . Assessed valuo 1 9 1 4 , $ 1 2 ,3 3 9 ,0 0 3 . A ctual value Treas. Due $500 yearly on March 1 from 1919 to 1929, inclusive. Certi
(e s t.), $ 4 0 ,0 0 0 ,0 0 0 . Official circular states th a t thero is no litigation fied check on a national bank tor 5% of bonds bid for, payablo to Two.
th re a te n ed or pending affecting the.se issues and th ere has never been a ny Treas., required. Bonds to bo delivered and paid for not later than April 20.
d efault in pay m en t of principal a n d in terest o f a n y bonds issued by this
G LO V ERSV ILLE, Fu lton County, N. Y .— BOND SALE.— On April l
c o u n ty . T h e legality of tho ponds to be ap proved by S to rey , T h o rndike,
Palm er Sc Dodge o f B oston. Sim ilar issues of bonds wero offered on tho $14,000 443% 7-year (average) funding bonds (V. 100, p. 920) were
awarded to II. A. Kahler & Co. ot N. Y. at par and int. Donom. $100.
M arch 1 (V . 1 0 0 , p . 6 5 5 ).
Date April 1 1915. Int. A. Sc O. Duo $1,000 April 1 1920 and $5,000
ELIZABETH, U nion C ounty, N. J .— BOND OFFERING.— Proposals April 1 1922 and 1923.
will be received u n til 12 m . A pril 14 by Jo h n S. Sauer, C ity C o m p t., for the
GRAND JUNCTIO N, Mesa County, Colo.— BOND OFFERING.—
$ 3 9 5 ,0 0 0 443 % 40-y e ar coupon (w ith privilege of reg istratio n ) school bonds Proposals will be received until 4 p .m . April 6 by II. F. Vorbcck, Commr. of
(V . 9 9 . p . 1 6 9 4 ). D enom . $ 1 ,0 0 0 . D a te J a n . 1 1 9 1 5 . I n t. J . & J . a t N a t. Finance and Supplies for $21,000 6% paving and sidewalk construction
S ta te B an k , E lizab eth . C e rt, check on an in co rp o rated ban k or tru s t , bonds. Said bonds to bo issued, subject to call and absolutely due in 12
com pany for 2 % of bonds bid fo r, payablo to C ity T re a s ., req u ired . These years. Cert, check for $500 required.
bonds will bo certified as to genunineness b y th o IJ. S. M tg o . Sc T r. C o. and
GRAND JUNCTIO N, Hardeman County, Tonn.— BOND SALE.—
th e ir v alid ity ap proved b y H aw kins, DelafieUl Sc Longfellow of N . Y „ a
d u p licate original of whoso opinion will be furnished to th e successful bidder, i On March 22 $10,000 6% 20-year school bonds wero awarded, it is stated,
to Bowman, Cost Sc Co. ot St. Louis.
ELIZABETH TOWNSHIP RURAL SCHOOL DISTRICT, Miami j
COUNTY (P. O. Sheridan), Ark.— BOND SALE.— On
County, O hio.— BOND OFFERING.— Bids will be received u n til 2 p . m . ! GRANT
19 an issue of $160,000 Dist. No. I road-improvement bonds was
A pril 10 by R . S. H ufford, C lerk Board of E d u catio n (P . O. T ro y , R . D . : March
N o. 2 ) , for $ 4 ,8 0 0 6 % school bonds. D enom . $ 4 0 0 . D ate A pril 10 1915. awarded, it is stated, to Gunter & Sawyers of Little Rock.
G RA N T SV ILLE, Calhoun County, W. Va — BOND OFFERING.—
In t. A . & O. D ue $ 8 0 0 each six m o n th s from S ep t. 1 1917 to M arch l 1920,
inclusive. C ertified check for 3 % o f bonds bid for, payablo to above Proposals will be received until April 5 by L. M . Williams, Mayor, and S. T.
C lerk, req u ired . B onds to be delivered and paid for w ithin five days from Waldo, Recorder, for $7,500 water-works-systom-installation and $2,500
sowerage-system 6% coupon bonds voted Feb. 20. Denom. $100. Int
tim e of a w ard . B ids m u st bo u nconditional.
annually at Grantsvillo. Duo in not loss than 10 years nor moro than 34
ELM CITY, W ilson C ounty, No. Car.— BOND OFFERING.— F u rth e r years after dato of issue. No deposit required. The town has no indebt
d etails a re a t h an d relativ e to th e offering on A pril 7 of th e $ 7 ,0 0 0 6 % 20 -y r. edness. Assessed val. 1914, $362,405.
coupon w ater-w orks an d sew erage funding bonds (V . 1 0 0 , p . 1 1 0 9 ). Pro
GREEN BAY, Brown County, Wise.— BOND ELECTION.— Tho pro
posals for these bonds will be received u n til 2 p. m . on th a t d a y by C larenco
W instead, C lerk B d . o f Com m issioners. D onom . $ 5 0 0 . D ato Ju n o 1 positions to issuo $5,000 Pleasant St. bridgo building and $55,000 East
River bridgo erection bonds will bo submitted to a vote, local papers stato,
1 9 1 5 . In t. J . Sc D . a t place nam ed by purch aser. C e rt, check for 2 %
a m o u n t bid on, payablo to th o C lerk B d. of C o rn s..re q u ired . Bonded d e b t, on April 6.
GROTON TOWNSHIP, Erie County, Ohio.— BONDS VOTED.— The
including th is issue, $ 1 7 ,0 0 0 . N o floating d e b t. Assess, val. 1 9 1 4 , $ 3 5 5 ,
180; real v al. (e s t.). $ 8 0 0 ,0 0 0 . Official circular sta te s th a t th e tow n has question of Issuing tho $25,000 road bonds carried, reports state, at tho
never d efau lted in th o p ay m en t o f in terest on a n y p a rt of its indebtedness, election hold March 22 by a voto of 72 to 59.
HAMDEN (T ow n), Delaware C ounty, N. Y .— BOND SALE.— On
M arch 3 0 th e tw o issues of coup, refunding b onds, aggregating $ 4 3 ,0 0 0
(V . 1 0 0 , p . 1 0 1 9 ), w ere a w arded to G eo. B . G ibbons & C o. of N . Y . a t 1 0 0 .1 4
fo r 4 ) 4 s .
O th er bid s w ere :
Isa ac W . Sherrill C o ., P o u g h ., $ 4 3 ,0 2 5 for 4 .6 5 s a n d p rin tin g of bonds.
II. A . K ah ler & C o ., N ew Y o rk , $ 4 3 ,4 9 3 6 4 for 5s.
HAMLIN COUNTY (P. O. H ayti), So. Dak.— BOND SALE.— On
M arch 2 4 th e $ 6 0 ,0 0 0 5 % 15 1-3-year (a v e r.) coupon court-house an d jailsite-purchaso a n d co n stru ctio n bonds (V . 1 0 0 , p . 7 5 2 ) were aw arded to
W ells & D ickey C o . of M inneapolis for $ 6 1 ,8 8 0 (1 0 3 .1 3 3 ) an d in t.— a basis
of a b o u t 4 .7 0 9 % .
HARBOR BEACH SCHOOL D IST R IC T (P. O. H arbor B each),
H uron C ounty, M ich.— BOND S A L E — Th is d istric t h as sold a n issue
of $ 1 6 ,5 0 0 school bonds.
HARDIN COUNTY (P. O. K enton), O h io.— BOND OFFERING.—
Proposals will be received u n til 12 m . A pril 5 b y U lrich J . P feiffer, C o. A u d .,
Date Mar. 1 1915. Int. A. & O. Due $5,000 yrly. Mar. 1 from 1916 to
1925 incl.
,
LINCOLNTON GRADED SCHOOL D IST R IC T (P. O. Lincolnton),
Lincoln County, No. Caro.— N O B O N D E L E C T I O N .
March 16 was not held to vote on the issuance of bonds. M reported in
V. 100, p. 753, but for tho purpose of permitting the Board ot lrustees to
borrow $10,000, payable in 10 years.
LORAIN, Lorain County, Ohio.— B O N D S A L E .—The following bids
were received for the $45,000 5% coup, water-works-impt. bonds ofierod
on March 30 (V. 100, p. 833):
,,
„
.
,
E . H. Rollins* Sons, C h i.*$46,174 50| Hoehler, Cummings &
Prudden, Toledo------- $45,721 00
Continental & Comm. Tr.
& Savs. Bank, Chicago. 46,080 00 Weil, Roth & Co., C i n ... 45,693 00
Seasongood & Mayer. Cin. 46,005 00 Tillotson & Wolcott Co.,
Cleveland---------------- 45,679 55
First Nat. Bank------------ 45,989 60
Sidney Spitzer* Co., T ol. 45,978 00 Spitzer, Rorick&Co.,Tol- 45,622 00
O tis* Co., Cleveland----- 45,825 00 Fifth-Third Nat. Bk.,Cin. 45.496 00
C. E. Denison & Co., Clev. 45,738 80 Prov. S. B. & Tr. Co.,Ciu. 45,481 50
♦This bid, it is stated, was successful.
$ 5 ,3 1 0 d°tchVbnonds°,'“series “ W ” . D en o m . (1 ) $ 2 8 0 , (3 ) $ 3 2 0 0 1 ) S 130,
(3 )
$ 6 4 0 , ( 1) $ 4 4 0 , (5) $ 2 5 0 an d (1) $ 3 3 0 . D uo on A pril 5 as follows:
LOVELAND, Larim er County, Colo.— BOND ELECTION— An electon
will be held April 6 to vote on the question of issuing the $79,000
$ 2 3 9 0 , 1916: $ 1 ,2 1 0 , 1917; $ 1 ,2 1 0 , 1 9 1 8 a n d $ 2 5 0 in 1 9 1 9 an d 1 9 2 0 .
10 0 0 0 pike bonds, series “ G ” . D enom . $ 1 ,0 0 0 .
D uo $ 2 ,0 0 0 yearly on municipal-electric-light-plant bonds.
A pril 5 from 1 9 1 6 to 1 9 2 0 incl.
McPHERSON SCHOOL D IST R IC T (P. O. McPherson), McPherson
1 0 ,0 0 0 pike bon d s, series “ F ” . D enom . $ 1 ,0 0 0 . Duo $2,000 yearly on County, K an s .— BOND ELECTION.— An election will be held April 6.
A pril 5 from 1 9 1 6 to 1 9 2 0 incl.
reports state, to vote on tho question o f issuing $30,000 building bonds.
5 .0 0 0 p ik e bon d s, series “ E ” . D enom . $ 1 ,0 0 0 . Due $1,000 yearly on
MADISON, Dane County, Wis.— BOND SALE.— On Mar. 26 the $120,
A pril 5 from 1 9 1 6 to 1 9 2 0 incl.
5 .0 0 0 piko b onds, series “ D ” . D enom . $ 1 ,0 0 0 . Duo $1,000 yearly on 000 4)4% 1-20-yr. (ser.) coupon school-bldg, bonds (V. 100, p. 1019) were
awarded to II. T. Holtz & Co. of Chicago for $121,414 40 (101.178) and
A pril 5 from 1 9 1 6 to 1 9 2 0 incl.
D a te as of A pril 5 1 9 1 5 . I n t. d itc h bonds b e ar 5 ) 4 % in t. a n d piko bonds int. Purchaser to furnish blank bonds. Other bids were:
5 % in t.. payablo A . & O . a t office o f C o. T rea s. C e rt, check on a Devitt, Tremble & Co., Chicago, $121,364 40, int. and blank bonds.
K en to n b a n k for $ 5 0 0 req u ired . B onds to b e delivered a n d p aid for M cCoy & Co., Chicago, $121,200, int. and blank bonds.
Second Ward Savs. Bank, Milwaukee, $120,900 and int.
w ith in 1 5 d ay s from tim e o f aw ard .
Bolger, Mosser & Willaman, Chicago, $120,732 and int.
HEMPSTEAD (TOWN), UNION FREE SCHOOL DISTRICT
NO. 19 (P . O. East Rockaw ay), Nassau C ounty, N. Y .— EOND SALE. E. II. Rollins & Sons, Chicago, $120,660 and int.
MADISON SCHOOL D IST R IC T (P. O. Madison), Lake County,
— On M arc h 31 $ 8 ,0 0 0 school bonds were aw arded to th e B an k of R ockville
C en tre a t 1 0 0 .3 9 an d in terest an d p rin tin g o f b o n d s, for 4 1 4 s . O ther So Dak — BOND ELECTION.— An election will bo held April 20, reports
state, to vote on the question of issuing $50,000 building and $5,000 sitebidders were:
.
...
purchase bonds.
L yn b ro o k N atio n al B an k , L y n b ro o k ------------------------------ $ 8 ,0 0 0 for 4 )4 s
MAINE, State of.— BOND OFFERING.— Proposals will be received until
I. W . Sherrill C o ., Poughkeepsie------------------------------------- 8 ,0 1 5 for 4 )4 s
G eo. B . G ibbons & C o ., N ew Y o rk ---------------------------------- 8 ,1 0 4 for 4 .6 0 s 2 p. m. Apr. 15 by E. E. Newbert. State Treas. (P. O. Augusta), for
H . A . K a h le r * C o ., N ew Y o rk -----------------------------------------8 ,0 1 7 for 4 .6 0 s $500 000 4% gold coup, highway bonds. Denom. $1,000. Date Apr. 1
1915 Int A & O. at office of State Treas. Due $25,000 yearly from 1918
H em p stead B ank, H e m p ste a d ---------------------------------— 8 ,0 0 0 for 4 .9 4 s
D enom . $ 8 0 0 . D a te M ay 1 1 9 1 5 . In te re st payablo a t L ynbrook N a t.
to 1933 Incl. and $50,000 in 1934 and 1935. These bonds are part of an issuo
B an k , L ynb ro o k . D ue $ 8 0 0 yearly on J a n . 1 from 1 9 3 0 to 1 9 3 9 , inclusive. of $‘> 000 000, $300,000 of which was sold Oct. 1 1913 (see V. 97, p. 969)
B onded d e b t (including th is issu e), $ 1 4 ,6 0 0 . Assessed v a lu e , $ 7 9 1 ,6 3 2 .
and $500,000 of which was sold on July 1 1914 (see V. 99, p. 67).
HERNANDO COUNTY SPECIAL T A X SCHOOL DISTRICT
MANATEE COUNTY (P. O. Sarasota), F la .— BONDS VOTED.— The
NO. 1 (P. O. Brooksville), Fla.— BOND OFFERING.— Proposals will be proposition to issue $250,000 road and bridge bonds in Sarasota-Venice
received u n til 12 m . A p r. lO b y W . A . T h o x to n , S u p t. Public In stru c tio n , District carried, it Is stated, at a recent election.
fo r $ 1 0 ,0 0 0 6 % 20-y e ar coupon school-im pt. bonds. A u th . C h ap . 6 5 4 2 ,
MANHATTAN, R iley County, K a n . — BOND ELECTION — The ques
A cts 1 9 1 3 . D enom . $ 1 ,0 0 0 . D a te A pril 1 1 9 1 5 . I n t. J . & J . a t th o F irst tion of whether or not this city shall issuo $72,500 water-works-systemN a t. B an k of Brooksvillo. C e rt, check for $ 1 0 0 , payablo to tn e S u p t., re improvement bonds will be submitted to a vote, it is stated, on April 6.
q u ire d . T h e d istric t h as no indebtedness. A ssess, v a l. 1 9 1 4 $ 6 4 0 ,0 0 0 .
MANLY SCHOOL D IST R IC T (P. O. Manly), Worth County, Iow a.
INDIANAPOLIS, In d .— LOAN OFFERING.— Bids will lie received
BONDS VOTED.—This district at an election held March 29. reports
until 12 m. April 5 by J . P. Dunn, City Comptroller, for $50,000 track- —
state, voted in favor of the question of issuing $40,000 building bonds.
elevation fund notes at tho annual rato of interest, penom . $10,000 or
MASON COUNTY (P. O. Maysville), K y .—-BON'D ELECTION — An
moro, to suit purchaser. Date April 6 1 9 1 5 . Duo May 10 1 9 1 5 .
to vote on the proposition to issuo $200,000 road bonds will be held
IRONDEQUOIT COMMON SCHOOL DISTRICT NO. 5, Monroe election
May
15, it is stated, instead of April 10 as first reported. (V. 100, p. 753).
C ou n ty, N. Y .— BOND SALE.— O n M arch 2 9 G eo. B . G ibbons & C o. of
MEDFORD, Middlesex County, Mass.— CORRECTION.— 'The fol
N . Y . w ere aw arded a t 1 0 1 .2 3 . $ 1 0 ,0 0 0 5 % coupon school bon ds. D enom .
$ 1 ,0 0 0 . In t. a n n . on J a n . 1. D u e $ l,0 0 0 yearly on J a n . 1. O ther.biddcrs: lowing are the other bids received on Mar. 26 for the loan of $100,000 issued
Isaac W . Sherrill C o ., P o u g h k .1 0 l.ll |G enesco V al. T r ., R o c h e s te r.. 1 0 0 .2 5 in anticipation of taxes, which was awarded to Blake Bros. & Co. o f Boston
p. 1111):
JACKSON, T e n n .— BOND OFFERING.— Proposals will b e received on at 3.58% discount (V. 100, Discount.
D is c o u n t .
or before 12 m . A pril 2 0 by W . F . A lexander, C ity R ecorder, for $ 6 ,8 2 0 R. L. Day & Co., Boston___
Curtis & Sanger, Boston------3.87%
10-y car general im p ro v em en t, Series N o . 3 an d $ 1 3 ,6 4 0 1-5-year (serial) Estabrook & Co., Boston----- 3.61%
Wildey
Savings
Bank_______
3.90%
3.86%
,
stre c t-im p t. Series N o . 3 5 % coupon bon d s. D a te A pril l 1 9 1 5 . In t.
The bids reported under Medford, Mass., in V. 100, p. 1111, were placed
A . & O . A deposit o r certified check for a t least 1 0 % o f bid required
there by mistake and should have been inserted under Muncie, Ind.
JAMESON AND CLEVELAND CONSOLIDATED SCHOOL DIS
MIAMI COUNTY (P. O. Peru), In d .— BOND SALE.— On March 18
TR ICT (P . O. Sherman), Grayson County, Tex.— BOND ELECTION .— the two issues of 4)4% road-improvement bonds (V. 100, p. 921) were
A n election will bo held A pril 10 , it is s ta te d , to v o te on th e question of
issuing $ 8 ,0 0 0 high-scliool-bullding bonds.
S M M ^ a r t e u S road bonds to First National Bank o f Peru for $6,435 41—
JEFFERSON DAVIS PARISH (P. O. Jennings), La.— BOND ELEC
equal to 100.240.
. .
TION.— An election will be held Ju ly 2 7 , rep o rts s ta to , to v o te on th e propo
3,420 Jenkins road bonds to Henty Grump of Peru for $3,430— equal to
sition to issue $ 4 0 0 ,0 0 0 ro ad -co n str. bonds.
100 2§2.
BOND OFFERING.— Bids will be received until 10 a. m. April 8 by
JOHNSTOWN, L icking C ounty, O h io.— BOND OFFERING.— Bids
will bo received u n til 12 m . A p r. 27 by E. II . F ren c h , V il. C lerk , for $ 5 , Aaron B. Zook, County Treasurer, for $10,240 20-year Walter Sharp et
0 1 8 6 7 5 % refunding bonds. A u th . See. 3 9 1 8 , G en. Codo. D enom . (9) al. road in Washington Twp., $4,900 10-year Walter D. N. AYllson et al.
$ 5 0 0 (1 ) $ 5 1 8 0 7 . In t. a n n . a t office of Vil. C lerk. D uo $ 5 0 0 yearly on road in Butler Twp. and $4,700 10-year Clarence Flora et al. road bonds
Int. 4 )4 % , payable M . & N.
Due begmning May
J a n . 9 from 191 6 to 1 9 2 4 incl. a n d $ 5 1 8 6 7 J a n . 9 1 9 2 5 . C e rt, check for in Jefferson Twp.
1 0 % of bonds bid fo r, payablo to Vil. T re a s ., req u ired . B onds to be de 15 1916.
livered an d p aid for w ithin 10 d ay s from tim e of a w ard . P u rch a ser to p a y
MIDDLE FORK & SPRING CREEK DRAINAGE & LEVEE DIS
accrued in terest.
TR ICT (P. O. Dresden), Weakley C ounty, T en n .— BOND OIFLRIAG.
KARNES COUNTY (P. O. Karnes City), Tex.— BONDS VOTED.— — Proposals will bo received until 12 m. April 8 by W. E. Tonsd. Secy. &
B y a v o te of 1 8 9 to 61 th e question of issuing th o $ 7 5 ,0 0 0 road-im provem ent Treas., Board of Directors, for about $146,000 6% 5-20-year (ser.) coupon
bonds (V . 1 0 0 , p . 7 5 2 ) carried , it is s ta te d , a t th o election h e ld in Iiunge ditch-improvement bonds. Auth. Chap. 185, Drainage Acts of Tenn.
1907 and amendments. Denom. $500. Date probably about July 1 1915.
P recin ct on M arch 2 3 .
KEEWATIN, Itasca C ounty, M inn.— BOND SALE.— On M arch 2 7 Int. ann. at placo to suit purchaser. No deposit required. The district
$ 8 0 0 0 0 5 % funding bonds were purchased b y G . A . E ld o r of D u lu th . D ato has no indebtedness.
A ug. 2 9 1 9 1 4 . I n t. F . & A . D uo $ 8 ,0 0 0 y rly . A ug. 2 9 from 1 9 1 5 to 1 924
MIDDLETOWN, B utler C ounty, O h io.— BOND OFFERING.— Bids
will be received until 12 m. Apr. 30 by Louis T. Nein, City Aud., for $5,000
in c l.
KENDELL COUNTY (P. O. Boorne), T ex.— BONDS VOTED.— Tho 5% water-works-ext. bonds. Auth. Sec. 3939, Gen. Code. Denom. $500.
proposition to issue good-road bonds c arried , it is s ta te d , a t a n election Date Apr. 1 1915. Int. A. & O. at National Park Bank, N. Y . Due $500
each six months from Apr. 1 1916 to Oct. 1 1925 incl. Cert, check for $100
held M arch 2 0 .
Bonds to be delivered and paid for within 10 days from time of
KENNETT SQUARE SCHOOL DISTRICT (P. O. K en n ett Square), required.
Chester C ounty, O hio.— BOND SA L E.— M a rtin & C o. of P hila. havo award. Purchaser to pay accrued interest.
MONONA COUNTY (P. O. Onawa), Iow a.— BOND OFFERING.—
been aw arded tho $ 3 0 ,0 0 0 4 ) 4 % school bonds vo ted N o v . 3 1 914 (V . 9 9 ,
Proposals will bo received until 1 p. m. April 7 by J. P. Olander, Co. aud.,
p . 1 4 7 4 ). D uo serially from 1 9 1 6 to 1 9 4 4 .
$69,188 99 1-5-yr. (scr.) coup, drainage bonds. Denom. $1,000. Date
KIRKSVILLE, Adair C ounty, Mo.— BOND ELECTION . — Local p a p er for
1 1915. Int. (rate not to exceed 6% ) payablo J. & J. at the Co.
s ta to a n election will lie held A pril 6 to v o te on th o q u estio n o f issuing Jan.
Aud.
offico. Cert, check for $1,000, payable to the Co. Aud., required,
$ 6 7 ,0 0 0 w ater-system -im provem ent b onds.
bonded debt, $462,965 99. Assess, val. 1914, $8,272,188.
LAKE COUNTY (P. O. Crown P oint), In d .— BOND OFFERING.—
MONONGAHELA, W ashington County, Pa.— BOATDS PROPOSED
B ids will bo received until 10 a . m . April 6 by A . J . Sw anson, C o u n ty T re a s .,
— Reports state that an ordinance providing for the issuance of $4o,000
for th e following 4 % % hig h w ay -im p t. bonds:
Denom. $520. Dato sewer-system-extension bonds will come up for final consideration before
$ 1 0 ,4 0 0 Alwin Wild ro ad bonds in R o b art Tw p
the City Council on April 5.
3 9 0 0 0 J o sf'G rim m er ro ad bonds in C alum et T w p . D en o m . $ 4 8 7 5 0 .
MONTGOMERY COUNTY (P. O. Crawfordsvillo), In d .— BON'D
OFFERING.— Bids will be received until 10 a. m. April 5 by O. P. Everson,
’
D ato M a r. 8 1 9 1 5 .
, ,
, , „
.. m
„„„„
5 5 0 0 W alter W . K a p tu r ro ad bonds in N o rth T w p . D enom . $ 2 7 5 . Co. Treas., for $11,900 4)4% highway-impt. bonds, it is stated.
'
j)a to M a r. 15 1 9 1 5 .
MORGANFIELD, U nion C ounty, Ky .— BOND SALE.— The $17,
1 9 ,0 0 0 W m . A . W irt ro ad bonds in C alu m et T w p . D enom . $ 4 7 5 . D ato 290
92 6% 1-10-yr. (opt.) South Morgan St. impt. (assess.) bonds which
M a r. 15 1 9 1 5 .
,
„ „„„
to have been sold on Feb. 10 (V. 100, p. 493) have been taken over by
4 ,2 0 0 G eo. Schneider ro ad bonds in N o rth T w p . D enom . $ 2 1 0 . D a te wore
Brown
& Co. and O. W. Rash, contractors, of Henderson.
M a r. 15 1 9 1 5 .
,
,
MORRALL VILLAGE SCHOOL DISTRICT, Marion C ounty, O h io.
I n t. M . & N . D ue one bond of each issuo each six m o n th s from M ay 15
1 9 1 6 to N ov. 15 1 9 2 5 incl. T ran sc rip t w ith approved opinion of M atso n , — BOND SALE.— On Mar. 29 tho $37,000 5% 10-year (aver.) coupon
K ano & Ross will accom pany tho bonds an d no b id s will bo considered ex building bonds (V. 100, p. 921) wero awarded to the First Nat. Bank of
Cleveland for $37,042 60—equal to 100.115, it is stated.
cep t for im m ediate cash.
MORROW COUNTY (P. O. Mt. Gilead), O h io.— BOND SALE.— On
LA MOURE COUNTY (P. O. La M oure), No. Dak.— WARRANT
OFFERING.— Proposals will bo received u n til 2 p . m . A pril 6 b y th o B d. March 19 tho following two issues of 5% coupon road bonds (V . 100, p. 753)
.
„
, .
of C o. C om m rs. for $ 2 0 ,0 0 0 7 % seed-w hcat-purchaso bonds. D enom . $ 5 0 0 . wero disposed of:
M t. Gilead-Delawaro road bonds to M t. Gilead Nat. Bank of
LA PORTE COUNTY (P. O. La Porto), I n d .— BONDS NOT SOLD.— $14,000 00 M
t. Gilead for $14,181— equal to 101.292.
N o bid s were received on M a r. 2 5 , it is s ta te d , for th o tw o issues of 4 ) 4 %
39.338 67 Gallon-Bloominggrove road bonds to Tillotson & Wolcott Co.
hig h w ay -im p t. bonds aggregating $ 3 7 ,4 0 0 offered on th a t d a y (V . 1 0 0 ,
of Cleveland for $39,389 81— equal to 100.129.
BOND OFFERING.— Bids will be received until 11 a. m. April 9 bythe
P A ccording to rep o rts, no bid s w ere received on M a r. 2 9 for th e tw o issues
Board of County Commissioners, C. O. Diggins, County Auditor, for
of 4 ) 4 % h ighw ay-im pt. bonds aggregating $ 3 4 ,5 0 0 offered on th a t d a y .
5% Blackbird Road improvement bonds. Denom. (80) $600.
LA SALLE TOWNSHIP (P. O. M onroo), Monroe C ounty, M ich.— $49,100
(2) $550. Date March l 1915. Int. M . & S. Due $3,500 Sept. 1 1916
BOND ELECTION.— An election to su b m it to th o v o ters th o question of and
$2,400
each six months from March 1 1917 to March 1 1926 incl.
w h eth er or n o t th is tow nship shall issue $1 5 ,0 0 0 .ro a d bonds w ill be sub m itted Certified check
on a Morrow County bank for 5% of bonds bid for,payable
to th o voters on1 A pril 5 , it is s ta te d .
to County Auditor, required. Bonds to be delivered and paid for within
LAWRENCE COUNTY (P. O. B ed ford), Ind .— BONDS NOT SOLD.— 15 days from time of award. Purchaser to pay accrued interest. Bids
N o bids wero received on M ar. 27 for th o $ 7 ,4 0 0 4 54 % 6-yoar (a v er.) must be unconditional and upon forms furnished by the County Auditor.
highw ay-im provem ent bonds offered on th a t d a y (V . 1 0 0 , p . 1 0 1 9 ).
MT. VERNON (City), W estchester C ounty, N. Y — BOND OFFER
BOND OFFERING.— New bids for th e ab o v e bonds will be received u n til ING.— Proposals will be received until 8 p. m. April 5 by John II. Cordcs.
2 p . m . A p r. 10 by E arl G . S h o rt, C o u n ty T reasu rer.
City Comptroller, for $20,000 4)4% tax-free water-tax-relief bonds. If
LEAVENWORTH, Leavenworth C ounty, Kan.— BOND SALE.— On no valid bids are received at 4) ( % , bids will be considered at 4)4 % int.
M a r 16 $ 5 0 ,0 0 0 5 % 5} 4-y r. (a v er.) refunding bonds wero aw arded to tho Denom. $1,000. Date April 1 1915. Int. A. & O. at office of City Treas
L eavenw orth N a t. B an k a t 101— a basis of a b o u t 4 . 8 0 % . D enom . $ 1 ,0 0 0 . urer, or will be remitted by mail in N . Y . exchange. Due April 1 1918.
Denom. $182 40. Dato April 6 1915. Int. M . & N . Duo $182 40 each
six months from May 15 1916 to Nov. 15 1925 incl.
PARKERSBURG, W ood C oun ty, W. Va.— BOND SALE.— On
March 25 tho $200,000 5% 10-yoar coupon sewerago and street-improve
ment bonds (V. 100, p. 754) wero awarded to tho Fifth-Third Nat. Bank
of Cincinnati for 203.863 (101.931) and int.— a basis of about 4.75%.
Other bids were:
Breed, Elliott & Harrison, Cincinnati_______________________ $203,060 00
Estabrook & C o., Now Y ork________________________________ 202,980 00
Seasongood & Mayer and Field, Richards & Co., Cincinnati.. 202,635 00
A. E. Aub & C o., Cincinnati, and Union Savings Bank______ 202,550 00
Sidney Spitzer & Co., Toledo----------------------------------------------- 202,540 00
J. C. Mayer & Co., Cine., and Wm. R. Compton C o., St. Louis 202,540 00
Harris, Forbes & C o., New York____________________________ 202,386 00
Tillotson & Wolcott Co. and Otis & C o., Cleveland__________ *202,343 50
Stacy & Braun, Toledo, and Weil, Roth & Co., Cincinnati__ *202,300 00
Iloehler, Cummings & Prudden, Toledo------------------------------ 201,580 00
Provident Savings Bank & Trust C o., Cincinnati-.,__________ 201,220 00
First National Bank, Cleveland_____________________________ 200,982 60
Rudolph Kloybolte & C o., Cincinnati_______________________ 200,150 00
Farson, Son & C o., New York...................................................... 200,000 00
* And blank bonds.
PEEBLES, Adams C ounty, O hio.— BOND OFFERING.— Proposals
will be received until 12 m. Apr. 20 by G. A . Petersen, Vil. Clerk, for the
following 5'A% coupon bonds:
$11,500 electric-light bonds.
Denom. (10) $175, (10) $275, (10)
$300, (10) $400.
Dato May 1 1915.
Due each six months
as follows: $175 from April 1 1920 to Oct. 1 1924 incl.; $275 April 1
1925 to Oct. 1929 incl.; $300 April 1 1930 to Oct. 1 1934 incl., and
$400 from April 1 1935 to Oct. 1 1939 incl.
3,500 town-hall bonds. Denom. $350. Dato Mar. 8 1915. Due $350
each six months from April 1 1940 to Oct. 1 1944 incl.
Int. A. & O. at offico or Vil. Treas. ' Cert, check for 5% of bonds bid
NEVADA, Story C ounty, Iow a.— BONDS VOTED.— Tho election held for,
payablo
to Vil. Treas., required. Bonds to be delivered and paid for
March 29 resulted in favor, reports state, of tho proposition to issue $15,000 within 10 days
from time of award. Purchaser to pay accrued interest.
water-works-extension bonds mentioned in V. 100, p. 1112.
Similar Issues of bonds wero awarded to tho Farmers’ Bank & Savs. Co. of
NEW BRITAIN, H artford C ounty, C onn .— BIDS.— Tho following Peebles on Mar. 3 (V. 100, p. 923). Bonded debt $250. Assess, val. 1914,
were the bids received for the two issues of bonds, aggregating $260,000, $657,140.
PERRY RURAL SCHOOL DISTRICT (P. O. Perry), Lake C ounty,
awarded to Clarke, Dodge & Co. of N. Y . on March 26 for $261,974 77,
equal to 100.759 (see V. 100, p. 1112):
O hio.— BONDS DEFEATED.— By a vote of 69 “ for” to 176 “ against,” tho
Merrill, Oldham & C o., B oston.................. ....................... ......... $261,501 40 voters on March 24 defeated tho proposition to issuo $40,000 school bonds.
Richter & C o., New Britain, and Parkinson & Burr, Bos., jointly 260,204 96
PERRY TOWNSHIP SCHOOL DISTR IC T (P. O. New L eban on),
Estabrook & C o., Boston.................. ............. ......... ................... 259,284 00 M ontgomery C ounty, O hio.— BOND ELECTION.— An election will bo
R. L. Day & Co., B oston..................................... ....................... 258,756 00 held April 6, it is stated, to vote on tho question of issuing $38,000 school
Harris, Forbes & C o., Boston____________ _____ ____________ 252,670 60 building bonds.
Kissel, ICinnicutt & C o., N. Y. (school bonds only)__________ 169,597 00
PERU TOV/NSHIP (P. O. M onroeville), H uron County, O h io.—
NEW HANOVER COUNTY DRAINAGE DISTR IC T NO. 1 (P. O. BONDS OFFERED BY BANKERS.— Tillotson & Wolcott Co. of Cleveland
W ilm ington), No. Caro.— BONDS PROPOSED.— Notice has been given are offering to investors an issuo of $20,000 5% road bonds. Denom. $500.
Date April 1 1915. Int. A. & O. at Farmers & Citizens’ Banking Co.,
that tho Board o f Drainago Commissioners propose to issue $22,000 6%
improvement bonds. Duo $2,200 yearly beginning 3 years from date of Monroeville. Due $500 each six months from April 1 1916 to Oct. 1 1933
incl. and $1,000 April l and Oct. I 1934. Total debt (incl. this Issue),
issue.
$76,000. Assess, val. $1,670,000. These bonds wero offered but not sold
NEWINGTON, Hartford County, Conn .— BOND SALE.— On April 1 on March 20 (V. 100, p. 1113).
the $84,000 4}^% 22J4-year (aver.) coup, funding bohds (V. 100, p. 1112)
PHILADELPHIA SCHOOL DISTRICT (P. O. Philadelphia), P a.—
were awarded, it is stated, to Richter & Co. and Parkinson & Burr of Hart BOND
SALE.— On April 1 Reilly, Brock & Co. of Phila. wero awarded,
ford on their bid of $86,308 40, equal to 102.748— a basis of about 4.38%.
tho $2,000,000 4 M% 20-yr. (aver.) reg. gold tax-freo site-purchase bonds
NEW ORLEANS, La .— BONDS AUTHORIZED.— Local papers state dated Jan. 1 1915 (V. 100, p.923), on their bid of 102.6979 and int. Other
that tho ordinance providing for the issuanco of the $100,000 Audubon Park bidders for the issuo wero:
Montgomery, Clothier & T y
Brown Bros. & Co., Phila__ 101.797
impt. bonds (V. 100, p. 1112) was adopted by tho Council on March 22.
ler, Philadelphia__________102.19 H en ry* West, Philadelphia. 101.741
NEWPORT, R. I.— BIDS.— The following wero tho other bids received A. B. L ea ch * Co., Phila___ 101.98 Harris, Forbes & Co., Now
on March 25 for tho loan of $50,000 maturing Sept. 3 1915, which was Newburger, Henderson&Loeb,
Y o r k . . . ............................1 0 1 .0 9 2
negotiated with Bond & Goodwin of Boston at 3 .12% disc. (V. 100, p .1112):
Philadelphia........................ 101.81
Discount.
PLEASANT TOWNSHIP, Seneca C ounty. O hio.— BOND OFFER.
F. S. Moseley & C o., Boston-----------------------------3.14% plus 85 cts. prem.
ING.— Proposals will bo received until 2 p. m. April 10 by Wm. MortonAquidneck National Bank, Newport___________ 3.15%
Clerk of Board of Trustees (P. O. Watson), for $25,000 5% highwayBlake Brothers & C o., Boston__________________ 3.18%
improvement
bonds, series No. 4. Auth. Sec. 7033, Gen. Code. Denom.
Estabrook & C o., Boston______________________ 3.21%
$500. Int. semi-annual. Duo $1,000 each six months from April 1 1910
Salomon Bros. & Hutzler, New York__________ 3.23%
to April 1 1928 Inclusive.
Curtis & Sanger, Boston_______________________ 3.24%
PLYMOUTH, R ichlan d C ounty, O hio.— BOND OFFERING.— Pro
Farmers’ Loan & Trust C o., New York________ 3.25%
posals will bo received until 12 m. April 6 by W. A. Jeffrey, Vil. Clerk, for
Loring, Tolman & Tupper, Boston______________3-37%
Bernhard. Schollo & Co., Now York.................... 3.49% plus $7 premium $11,900 5% Sandusky St. improvement (assess.) bonds. Denom. (1) $500.
(19) $000. Dato March 1 1915. Int. M . & S. Due $1,200 yearly on
NEW ZION SCHOOL D ISTRICT NO. 15, C larendon C ounty, So. March 1 from 1916 to 1924 incl. and $1,100 March 1 1925. Cert, check
C aro.— BOND OFFERING.— Bids will be received at any timo by E. J. on a bank other than tho one making tho bid, for 5% of bonds bid for
Browne, County Supt. o f Schools (P. O. Manning), for $5,000, 20-year payable to Vil. Treas., required. Bonds to bo delivered and paid for within
school bonds at not exceeding 6% int.
10 days from timo of award. Purcaliser to pay accrued interest.
PONTIAC UNION SCHOOL DISTR IC T (P. O. P ontiac), Oakland
C ounty, M ich.— BOND SALE.— On March 26 tho $25,000 \ '/3% refund
ing bonds (V. 100, p. 1021) wero awarded to tho Detroit Trust Co. of De
NORTH LEWISBURG VILLAGE SCHOOL DISTR IC T (P. O. No. troit at par and int. There wero no other bidders. Duo $10,000 M av 1
Lewisburg), Champaign County, O hio.— BOND OFFERING.— Pro 1916 and $15,000 M ay 1 1917.
J
posals will be received by M . C. Gowey, Clerk of Board of Education,
PORTLAND, Ore.— PRICE PAID FOR BONDS— As already stated in
until 2 p. m. April 12 for $16,500 5% building and equipment bonds. theso columns, $460,000 4% 25-year water bonds wero awarded on Feb. 23
Tlieso bonds are part of an issue of $25,000 authorized by a vote of 181 to 86 to the Harris Trust & Savings Bank of Chicago (V. 100, p. 834). Tills firm
at tho election held March 17 (V. 100, p. 922). Denom. $750. Date offered to pay 94.03 and interest if tho bonds proved acceptable for invest
May 1 1915. Int. M . & N. Duo $750 each six months from March 1 ment under tho restrictions of tho savings bank law or Massachusetts; other
1916 to Sept. 1 1926 incl. Purchaser to pay accrued interest.
wise the price was to bo 93.03. It is now stated that an investigation
OCONOMOWOC, W aukesha County, Wise.— BOND SALE.— Tho showed that the bonds met tho requirements of tho law referred to and tho
following bids were received for tho $15,000 5% sewer, water and street higher prico will bo paid accordingly.
improvement bonds offered on March 27:
PORT LAVACA, Calhoun C ounty, T ex.— BOND ELECTION.— An
Bidder.
Price Bid.
Bidder.
PriceBid.
will bo held April 5, it is stated, to voto on tho quostion o f issuing
First Nat. Bk., Oconom-_$15,402 00 Devitt,Tremble&Co.,Chic$15,302 55 election
$19,000 street-improvement bonds.
H. T . Holtz Co., Chicago- 15,387 00 Elston,Clifford&Co.,Chic. 15,251 75
PORT
OF ASTORIA (P. O. Astoria), Clatsop C ounty, Ore.—
Cont. & Comm. Trust &
Chas. Kidder & Co., Chic. 15,250 55
Sav. Bank, Chicago__ 15,369 00 JohnE.DoWolf&Co., M il. 15,241 00 BOND SALE.— According to reports, tho Port Commission lias accepted
the bid of 99.50 submitted by tho Detroit Trust Co. for tho purcliaso of
A. B. Leach & Co., Chic_. 15,368 00 Iloehler, Cummings &
Bolger, Mosser & WillaPrudden, Chicago------- 15,233 00 $150,000 5% port bonds.
POSEY COUNTY (P. O. Mt. Vernon), Ind .— BOND SALE.— On
man, Chicago-------------- 15,354 00 Yard, Otis&Taylor, Chic. 15,222 00
Mar. 30 tho three issues of \'A% highway-impt. bonds, aggregating $31,600
N. W . llalsoy&Co., Chic. 15,346 51 2d Ward Savings Bank,
M cCoy & Co., Chicago__ 15,312 00
Milwaukee___________ 15,108 00 (V. 100, p. 1113), wero awarded as follows, it is stated:
E .H . Rollins* Sons,Chi. 15,310 00 Ilanchett Bond Co., Chic. 15,088 00 $16,500 road bonds to tho M t. Vernon Nat. Bank of M t. Vernon for $16,542
— equal to 100.254.
First Nat. Bank, Milw__ 15,303 00 C. II. Coffin Co., Chicago 15,076 00
7,600 road bonds to tho First Nat. Bank of New Harmony for $7,625—
Tho bonds have been awarded to tho First National Bank of Oconomowoc
equal to 100.328.
subject to the approval of tho Common Council.
7,500 road bonds to tho First Nat. Bank of Now Harmony for $7,512 50
OGDEN, U tah.— BONDS VOTED.— By a vote of 599 to 43 the question
— equal to 100.166.
of issuing the $75,000 413% water-works-system-impt. bonds carried, it
is stated, at an election held March 27 V0 100, p. 1110.
PULASKI COUNTY (P. O. Pulaski), Va .— BOND ELECTION.— An
OKOLONA, Chickasaw C ounty, Mis3.— BOND SALE.— On March 19 election will be hold Apr. 6 in Nowbern Magisterial District, it is stated,
tho $58,000 5% 20-year coupon sowcragc-system-installation bonds (V. 100, to voto on the question of issuing $80,000 road-constr. bonds.
p. 834) wero awarded to G. W. Colo of Okolona at par and interest.
PUTNAM COUNTY (P. O. Groencastlo), Ind .— BOND OFFERING.—
OREGON CITY, Clackamas C ounty, Ore.— BOND SALE.— On Bids will bo received until 2 p. m. April 5 by II. H. Runyan, County Treas
March 25 tho $375,000 5% 5-30-year (serial) puro-mountain-water-system urer, for tho following 4>s% highway-improvement bonds:
constr. bonds (V. 100, p. 1020) wero awarded to Sweet, Causey, Foster & $8,140 James Hollick road bonds in Groencastlo Twp. Denom. $407.
11,700 It. W. Bunten road bonds in Cloverdale Twp. Denom. $585.
Co. of Denver at 95.56— a basis of about 5.40%. Other bids were:
Lumbermen’s Trust Co., Portland_______________________________ 95.07
3,620 J. G. Hunt road bonds in Washington Twp. Denom. $181.
Morris Brothers, Portland______________________________________ 94.03
Dato April 5 1915. Int- M . * N. Duo ono bond of each issue each six
months
from M ay 15 1916 to Nov. 15 1925 incl.
OTTAW A COUNTY (P. O. P ort C linton), O hio.— BOND OFFERING.
— Bids will bo considered by D. L. Mackey, County Aud., until 10 a. m,
PUTNAM COUNTY (P. O. Ottawa), O hio.— BOND SALE .— On
Apr. 19 for $21,500 5% coup, highway-impt. bonds. Denom. $500. Date Mar. 30 tho tlireo Issues of 5% road-impt. bonds aggregating $15,900
Apr. 19 1915. Int. M . & S. at offico of County Treas. Due $2,000 each (V. 100. p. 1113) wero awarded, to Tillotson & Wolcott Co. of Cleveland
six months from Mar. 1 1916 to Mar. 1 1919 incl. and $2,500 Sept. 1 1919 at 101.03, and int.
Tho other bidders wero :
and Mar. 1 and Sept. 1 1920. Cert, check on a Port Clinton bank for $1,000
required. Purchaser to pay accrued interest.
Provident Savs. Bank & Trust Co., Cincinnati, $16,059.
OWEN COUNTY (P. O. Spencer), In d .— BOND SALE.— On Mar. 29 Seasongood & Mayer, Cincinnati, $15,922.
tho $3,814 \A°7o 6-year (aver.) highway-impt. bonds (V. 100, p. 1112)
RALEIGH, No. Caro.— BOND SALE.— On March 22 tho $57,000 5%
wero awarded to tho Spencer National Bank of Spencer at par and int.
30-year coup, funding and permanent impt. bonds (V. 100, p. 923) wero
PACIFIC COUNTY SCHOOL DISTRICT NO. 25 (P. O. Ilw aco), awarded, it is stated, to Alexander Brown & Sons, Baltimore, for $59,628 84
W ash.— BONDS TO BE OFFERED SHORTLY.— This district will offer for (104.612) and int.— a basis of about 4.712%. Other bids wero:
salo shortly $27,000 6% gold coupon tax-free building bonds. Denom. Breed,Elliott*Harrison, Cin. 103.499 II. T . Holtz & C o., Chicago-102.21
$500. Tho district has no indebtedness. Assessed valuation $527,600.
Harris, Forbes* Co., N. Y -_ 103.422 Field, R ichards* Co., Cinc.101.900
PALMYRA TOWNSHIP (P. O. Diam ond), Portage C ounty, O hio.— Stacy & Braun, Toledo------- 102.84 Tillotson & Wolcott Co..CIovl0l.894
Baker, W atts* Co., B alto.. 101.78
BOND OFFERING.— Joe Williams, Twp. Clerk, will receive bids until Bolger, Mosser & Wlllaman,
C hicago_________________ 102.65 Spitzer, Itorick & Co., T o l - - 101.583
1 p. m. Apr. 15 for $7,000 5% road-impt. bonds voted Nov. 3 1914. De
nom. $500. Dato Apr. 15 1915. Int. A . & O. Duo $500 each six months J. C. Mayer & Co., Cine----- 102.60 C. C. McDonald, Raleigh — 101.50
from Apr. 1 1916 to Oct. 1 1922 incl. Cert, check for $200, payable to Merchants’ Bank, Raleigh. . 102.59 A. B. Leach* Co., Now Yorkl01.279
Twp. rreas., required. Purchaser to pay accrued interest. Tlieso bonds W. 14. Compton Co., St. L--102.38 ilornblower & Weeks, N. Y.101,11
Virginia Trust C o., Rlchm’d . 102.365 Iloehler, Cummings & Prud
were offered without success on Mar. 1 (V. 100, p. 922).
Sidney Spitzer & Co., Toledo 102.360
den, Toledo_____________ *100.78
PARKE COUNTY (P. O. R ockville), In d .— BOND OFFERING.— E stabrook* Co., Now York-10‘2 .290 Terry, Briggs & Slayton,
Bids will bo received until 2 p. m. April 10 by J. II. Rush, Co. Treas., for It. M . G ran t* Co., N. Y . -.102.278
T o led o _________________ 98.00
$3,648 4 'A% Joseph Stevens et al. highway-impt. bonds In Llberty,Twp.
* Bid was on $50,000 Instead of $57,000.
Certified check for $500, payablo to “ City o f M t. Vernon,” required.
Bonds to bo delivered and paid for at offico o f U. S. Mtge. & Trust Co.,
N . Y ., on April 12, unless a subsequent date shall bo mutually agreed
upon. Bids must bo made on forms furnished by the city. Purchaser to
pay accrued interest. The abovo trust company will certify as to tho
genuineness o f the signatures of tho officials signing the bonds and tho
seal impressed thereon and their legality approved by Caldwell, Masslich
& Iteed of N. Y. City, whose opinion will bo furnished successful bidder;
Bonded debt (not incl. this issue), $4,222,050. Sinking funds, $246,778.
Assessed valuation, real estate, $37,601,530; special franchise, $1,976,962
personal property, $57,300; total valuation, $39,635,792.
MUSKINGUM COUNTY (P. O. Zanesville), O h io.— BOND OFFER
IN G .— Bids will bo received until 11 a. m. April 5 by Fred. C. Werner,
Clerk Board o f County Commrs., for the following 5% road-impt. bonds:
$8,000 Madison Twp. road bonds. Due $4,000 on Juno 1 1919 and 1920.
40,000 State and road-impt. bonds. Due $20,000 on Juno 1 1919 & 1920.
Denom. $500. Date Juno 1 1915. Int. J. & D . at offico o f County
Treasurer. Certified check, cash or a surety bond represented by a local
agent in Muskingum County for 2% o f bonds bid upon, payable to County
Auditor or the Board of County Commissioners, required.
NASHUA, H illsboro C ounty, N. H .—NOTE SALE.— On March 30
tho $50,000 4 A % coup, notes maturing April 2 1916 (V. 100, p. 1112)
were awarded to Bond & Goodwin of Boston at 100.29— a basis of about
4.20%.
Other bidders were :
Curtis & Sanger, Boston----- 100.161Indian Head Nat. Bk.,Nashua.l00.01
F. S. Moseley & C o., B oston..100.13|Blako Bros & C o., Boston____99.80
NSENAH, W innebago C ounty, W is.— BOND ELECTION.— An elec?
tion will be held April 6 to vote on the question of issuing $8,000 Commercia1
St. bridge-repair bonds.
RED OAK INDEPENDENT SCHOOL DISTR IC T (P. O. Red Oak),
M ontgomery County, Iow a.— BONOS DEFEATED.— The question of
Issuing the $100,000 high-school-bldg, bonds (V. 100, p. 755) was defeated
at an election held March 27.
REDWOOD COUNTY (P. O. R edw ood Falls), M inn.— DESCRIP
TION OF BONDS.— The $05,000 4 'A% coupon Ditch No. 12 construction
bonds awarded on Jan. 26 to C. A. Kalman & Co. of St. Paul (V. 100, p.
494) are in the denom. of $1,000 and dated March 1 1915. Int. .1. & J. at
the Northwestern Nat. Bank of Minneapolis. Due $13,000 yearly July l
from 1920 to 1924 incl.
RENSSELAER, Rensselaer C ounty, N. Y .— BOND OFFERING.—
Bids will be received until 12 m. April 7 by Raymond A. Blakeman Jr., City
Trcas., for $70,000 4!^% coup, (with privilege o f registration) paving
bonds. Denom. (00) $1,000, (20) $500. Dato Jan. 1 1915. Int. .1. & J.
at office of City Treas. or at request of reg. holder will be remitted by
mail in N. Y. exchange. Duo $3,500 yrly. on Jan. 1 from 1916 to 1935 incl.
Cert, check on a national or State bank or trust company (or cash) for 2%
of bonds bid for. payable to City Trcas., required. Bonds to bo delivered
and paid for at 11 a. m. April 15 at office of U . S. Mtge. & Tr. Co. in N. Y .,
unless a subsequent dato shall bo mutually agreed upon in writing. Pur
chaser to pay accrued interest. Bids must be made on blank forms fur
nished by the City Treas. or the above trust company. The legality of
this issue will be examined by Caldwell.‘Masslich & Reed, whoso favorable
opinion will bo furnished purchaser. The above trust company will cer
tify as to the signatures and tho seal thereon. Bonded debt (excl. this
issue), $331,000. Assess, val. (real estate, excl. special franchises), $5,
316,577; special franchises, $869,964.
CERTIFICATE OFFERING.— Reports state that the City Treas. wil'
also receive bids until April 7 for $12,154 4 \4 % 2-yr. certs, of indebtednessRICHLAND, Stewart C ounty, Ga.— BONDS VOTED.— The election
held March 24 resulted, it is stated, in favor of tho question of issuing
$15,000 sewerage-system and $5,000 water and light-system-impt. bonds.
RIDGE TOWNSHIP (P. O. Carey), W yandotte C ounty, O hio.—
BOXD OFFERING.—-Further details are at hand relative to tho offering
on April 5 of the $15,000 5% coup, road-improvement bonds (V. 100, p.
1021). Bids for theso bonds will be received until 12 m. on that day by
Geo. W. Baughman, Township Clerk. Denom. $500. Date April 1 1915.
Int. A. & O. at People's Bank Co. in Carey. Due $500 April l 1923 and
1924, $500 on April 1 and $1,000 on Oct. 1, from April 1 1925 to Oct. 1
1932 incl and $1,000 on April 1 and Oct. 1 1933. Certified check or cash
for $500, payable to Township Treasurer, required. Purchaser to pay ac
crued interest. Bids must be unconditional.
RIVERSIDE COUNTY (P. O. Riverside), C alif.— BOND OFFERING.
— Proposals will bo received until 11 a. m. April 14 by D . G. Mitchell, Co.
Treas., for tho $65,000 6% coup. Indio road division impt. bonds. De
nom. $500. Dato May 1 1915. Int. ann. on May 1 at offico of Co. Treas.
Duo $,>,000 yearly on May 1 from 1921 to 1933 incl. Cert, check for 10%
of bid, payablo to Co. Treas., required. This division has no bonded or
floating debt. Assess, val. $451.110. Theso bonds were authorized at an
election held March 13 by vote of 132 to 13. The issue was voted on twico,
tho second election being necessary because of an error in tho call published
for tho previous election (V. 100, p. 755).
ROANOKE COUNTY (P. O. Salem), V a.— BONDS DEFEATED.—
The proposition to issuo tho $90,000 road bonds (V. 100, p. 755) failed to
carry at the election held March 2 in Cove Spring Dist. Tho vote was
151 “ for” and 159 “ against.”
ROCHESTER, N. Y .— NOTE OFFERING.— Sealed bids will be re
ceived at tho office of E. S. Osborne, City Comptroller, until 2 p. m. April 7
for $400,000 revenue, $100,000 school-constr. and $6,500 land-purchase
No. 36 school playground notes. Tho revenue notes will bo payable in
2 months and the school and playground notes will bo payablo in 8 months
from April 10 1915. They will bo payablo at Union Trust Co. of N. Y .,
will be drawn with interest, and will bo deliverable at said Trust Co. of
N. Y . on April 10. Bidder to state rate of interest and to state whom (not
bearer) notes shall bo made payablo to and denomniations desired.
ROCKCASTLE COUNTY (P. O. M ount V ernon), Ky.— BOND ELEC
TION PROPOSED.— It is reported that tho proposition to issuo $100,000
road bonds will bo submitted to a vote at an election to bo hold shortly.
ROCKLAND (Town) (P. O. R oscoe), Sullivan C ounty, N. Y .—
BOND SALE.— Tho First Nat. Bank o f Roscoe has been awarded at par
tho$7,500 5% 4M-yr. (aver.) road bonds offered on Feb. 15 (V. 100, p. 575).
Donom. $500. Int. ann. on Feb. 1.
RUNNELS COUNTY (P. O. B allinger), Tex.— BOND ELECTION.
— On April 10 an election will be held to vote on tho proposition to issue
$60,000 Precinct No. 1 and $60,000 Precinct No. 2 road bonds, according
to reports.
SAGINAW, Saginaw C ounty, M ich.— BOND ELECTION.— Reports
stato that an election will be hold April 5 to voto on the proposition to issue
$500,000 filtration-plant bonds.
BONDS DEFEATED.— The questions of issuing tho $675,000 water"
works-plant-construction and $75,000 pipe-extension bonds (V. 100, [p
923) were defeated at tho election held March 15.
ST. CLAIR, Schuylkill C ounty, P a.— BONDS DEFEATED.— Re
ports state that at a recent election tho question o f issuing $30,000 street,
paving bonds was defeated.
ST. CLAIR COUNTY (P. O. Belleville), Ills.— BOND OFFERING.—
Bids will be received until 10 a. m. to-day (Apr. 3) by E. F. Winkler
County Clerk and ox-officio Clerk Boardlof County Supervisors, for (lie
$14,001 5% 2-yr. road bonds voted Nov. 3 1915 (V. 100, p. 755). De
nom. (28) $500, (1) $61. Dato April 11915. Int. ann. Cert, check for
2% of bid, payablo to Fred. Warning, County Trcas., required. Bids must
bo made on iorms furnished by tho above Clerk.
ST. FRANCIS LEVEE DISTRICT (P. O. Marion), Ark.— BOND
SALE.— On March 24 the $194,000 funding and $271,000 Ievee-impt. 6%
bonds (V. 100, p. 834>, were awarded, it is stated, to John Nuveen & Co.
of Chicago for $466,400 (100.301) and expense of engraving tho bonds;
$250,000 to bo paid in cash ami tho balance at tho rate of $50,000 per month
as tho construction work progressed.
ST. JOSEPH, B uchanan C ounty, Mo.— BONDS PROPOSED.— The
Comptroller advises us under dato of March 27 that this city has in contem
plation tho issuance of $900,000 bonds in the near future.
ST. JOSEPH SCHOOL DISTRICT (P. O. St. Joseph), Mo.— BOND
E L E C T I O N PROPOSED.— An election will be called, it is stated, to vote on
tho question of issuing $650,000 building and improvement bonds.
ST. PAUL, Minn.— BID.— Geo. S. Ring of St. Paul advises us that lie
submitted tho following bids for two o f three issues of coupon refunding
bonds sold on March 22: For $200,000 4J4% 30-year Robert St. bridge
bonds, bid 100.025, and for $280,000 414 % 10-year water-works bid 101.85.
Theso bids wero not reported in tho list furnished us by the Bond Clerk.
See V. 100, p. 1113.
SALEM, Colum biana C ounty, O hio.— BOND OFFERING.— Bids will
bo received until 12 m. April 7 by Geo. Holmes, City Auditor, for $10,000
5% sanitary-sewer bonds. Auth. Sec. 3939. Gen. Code. Denom. $500.
Date March 1 1915. Int. M . & S. Duo $1,000 yearly on March 1 from
1916 to 1925 incl. Certified check for 2% o f 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.
SAN ANGELO, Tom Groen C ounty, T ex.— BOND SALE.— On March
22 tho SS0.000 5% 10-40-year (opt.) coupon high-scliool bonds dated May 1
1914 (V. 100. p. 835) were awarded to tho First Nat. Bank of San Angelo
for $80,150 (100.187) and int. Purchaser to pay for printing bonds. There
wero six other bidders.
SAN FERNANDO, Los Angeles C ounty, '"'C alif.— BONDS DE
FEATED.— The questions of issuing $65,000 watcr-works-system-cxt. and
$8,000 fire-dept. bonds failed to carry, it is stated, at an election held March
10. Tho voto was 95 “ for” to 253 “ against” and 213 to 139, respectively
a two-thirds majority being necessary to carry.
SCHOOLCRAFT COUNTY (P. O. M anistique), M ich.— BOND ELEC
TION.— An election will bo held April 5 to submit to a voto tho proposition
to issuo $75,000 road-construction bonds.
SEA ISLE CITY, Cape May C ounty, N. J.— BOND OFFERING.—
Bids will bo received until 12 m. Apr. 14 by Irving Fitch, City Clerk, for
the following 5% bonds:
$18,000 boardwalk bonds. Denom. $1,000. Duo in 20 years.
8,000 bulkhead bonds. Denom. $500. Due in 30 years.
Dato May 1 1915. Int. M . & N . A deposit of 2% is required.
SEATTLE, W ash.— BONDS NOT SOLD.— No bids wero received for
the two issues of 4H % gold coupon bonds, aggregating $525,000, offered
on March 20 (V. 100. p. 756).
SHERIDAN, Yam hill C ounty, Ore.— BONDS NOT TO BE ISSUED.—
The City Treas. advises that the $6,000 city-hall-constr. bonds (V. 99,
p. 1852) will not be issued because tho election at which the issue was au
thorized has been declared void.
@
SHERIDAN COUNTY SCHOOL D IS T R IC T NO. 40 (P. O. Dale),
M ont.— BOND SALE.— On March 9 $4,000 6% site-purchase and building
bonds were awarded to the State Board of Land Commissioners at par.
Othor bids were:
F.
E. Magraw, St. Paul (conditional bid)— Par and interest: also furnish
blank bonds.
C. II. Coffin, Chicago (conditional bid), $3,911.
James N. Wright & Co., Denver, $3,850.
Hanchett Bond C o., Chicago— Par, less $95 for attorneys’ fees.
Sheridan Co. Bank, Plentywood— $3,600 and blank bonds.
Denom. $500. Dato Jan. 1 1915. Int. J. & J. Due July 1 1935.
subject to call at any interest-bearing date.
SLAUGHTERSVILLE SCHOOL D IST R IC T (P. O. S lau gh tersville),
W ebster County, Ky .— BONDS TO BE OFFERED SHORTLY.— A. J.
Couch, Secretary of Board of Education advises us that an issuo of $4,500
building bonds will probably bo offered for sale some time in April.
SMITHFIELD, Joh n son C ounty, No. Caro.— BOND OFFERING.—
Further details are at hand relative to the offering on April 10 of the $12,000
6% coupon 5-30-year (opt.) refunding bonds (V. 100, p. 1113). Proposals
for these bonds will be received until 12 ni. on that day by Jas. A. Wellons,
Mayor. Denom. $500. Dato March 1 1915. Int. J. & J. at place desig
nated by purchaser. Cert, check for $250, payablo to the Mayor, required.
Purchaser to furnish blank bonds at own expense. Bonded debt, including
this issue, $72,000. No floating debt. Assess, val. 1914. $974,000.
SOCORRO COUNTY SCHOOL D IST R IC T NO. 47, N. Mcx.— BOND
OFFERING.— Bids will be received until April 5 by J. L. Perea, Deputy
County Treas. (P. O. Socorro) for S10.000 6% 10-30-year (opt.) bonds
dated Jan. 1 1915.
SOUTH BEND, St. Joseph C ounty, I n d .— BOND SALE.— On Mar. 31
tho $50,000 4% 20-year water-works bonds (V. 100, p. 924) were awarded
to Miller & Co. of Indianapolis at par, it is stated.
SOUTH DAKOTA.— WARRANT SALE.— On March 26 the $300,000
1-year revenue warrants (V. 100, p. 924) wero awarded to the Sioux Falls
Sav. Bank of Sioux Falls at 3.96% interest. Other bids wero :
Int. rate.
Int. rale.
W ood, Struthers& Co., N . Y_
4% First Nat. Bk., St. Paul_____ x5%
Pierre Nat. Bank, Pierre_____4 14% First Nat. Bk., Lead, So. Dak.
5%
First Tr.& Sav.Bk., Chicago. _*4 'A % First Nat. Bk., Dead wood
5%
Curtis & Sanger, Chicago___ 4.45% Terry, Briggs & Slayton,
Farmers’ Loan & Tr. Co.,N.Y.a4H
. %
T o le d o ..................................5.47%
*And $25 premium, a And $15 premium, x And $60 premium.
SPIRO, Le Flore C ounty, Okla.— BONDS VOTED.—-The question
of issuing the $10,000 natural-gas-system bonds carried, it is stated, by a
vote of 103 to 30 at an election held March 17.
SUPERIOR, Douglas C ounty. Wise .— BOND ELECTION.— A vote
will be taken on April 6, it is stated, on the question of issuing $75,000 au
ditorium bonds.
TEXAS.— BONDS PURCHASED B Y STATE BOARD OF EDUCA
TION.— On March 10 the State Board of Education purchased 5% bonds
amounting to $70,765. Of this sum $33,500 was paid on new issues and
$37,265 on issues contracted for at previous meetings of the Board. We
print below a description of the bonds purchased, showing in each case the
total issue and amount of samo taken by the Stato in March:
Amount
County Common
Total
Parch'd
School Districts—
Date.
Onlion.
in Mar.
Due.
Issue.
Angelina No. 25-------- May 11 1914 40 yrs. 10 yrs.
$8,000
$2,000
Angelina No. 27-------- May 11 1914 20 yrs. 10 yrs.
2,000
500
Atascosa No. 34-------- Sept. 15 1914 40 yrs. 10 yrs.
10,000
2,500
Bosque No. 35______ Jan. 10 1914 20 yrs. 10 yrs.
3.000
1,000
Bosque No. 3 _______ July 10 1914 40 yrs.
7,800
1,900
5 yrs.
Bowie No. 57_______ Oct. 13 1913 20 yrs. 10 yrs.
1,200
300
Brazoria No. 37-------- Aug. 1 1914 20 yrs.
1,000
200
5 yrs.
Brazoria No. 39-------- Aug. 1 1914 20 yrs.
1.000
200
5 yrs.
6,000
1,500
Brazoria No. 7______ M ay 1 1914 20 yrs. ’ 5 yrs.
Briscoe No. 2----------- Sept. 10 1914 20 yrs. 10 yrs.
300
1,500
Calhoun No. 13-------- Sept. 15 1914 20 yrs.
2,500
5 yrs.
None
3,000
1 000
Carson No. 6 _______ April 10 1913 20 yrs.
Comanche No. 8 ------ M ay 1 1914 20 yrs.
300
1,500
5 yrs.
2,000
600
Comanche No. 9____ Juno 1 1914 20 yrs.
5 yrs.
2,000
600
Comanche No. 36-----Aug. 1 1914 20 yrs.
5 yrs.
Comanche No. 62-----Dec. 1 1914 20 yrs.
2.500
500
5 yrs.
Dallas No. 66_______ Aug. 10 1914 40 yrs. 10 yrs.
7,000
1,500
Delta No. 22_________M ay 15 1914 20 yrs. 10 yrs.
2,500
400
Dickens No. 6______ M ay 11 1914 20 yrs. 10 yrs.
4,000
600
ErathNo. 45________ Sept. 10 1914 20 yrs.
1,500
375
5 yrs.
E rathN o.76_________July 10 1914 20 yrs. 10 yrs.
1,000
200
Falls No. 36.................Dec. 1 1914 11 yrs.
3,600
None
Fisher No. 28_______ Oct. 10 1914 20 yrs.
400
1,600
Fisher No. 36_______ April 10 1914 due y ’ly
2,000
500
Floyd No. 26_______ July 10 1914 20 yrs.
1,500
300
5 yrs.
Goliad No. 21_______ Aug. 10 1914 10 yrs.
1,000
5,000
Grayson No. 72-------- July 10 1914 40 yrs.
5 yrs.
2,500
10,000
Grayson No. 36_____ July 10 1914 20 yrs.
600
5 yrs.
Grayson No. 39_____ July 10 1914 20 yrs.
5 yrs.
400
1 yr.
Grimes No. 27______ Sept. 15 1914 20 yrs.
400
1,500
Grimes No. 32______ June 1 1914 20 yrs.
1 yr.
1,000
200
Haskell No. 16______ April 10 1914 20 yrs. no opt.
1,600
400
600
5 yrs.
1.800
Henderson No. 47___ Sept. 1 1914 20 yrs.
5.000
1,200
Hidalgo No. 12.........--O ct. 10 1914 40 yrs. 20 yrs.
1,000
5 yrs.
Jack No. 4__________M ay 16 1914 20 yrs.
200
5,000
750
Jim Hogg No. 1_____ Juno 10 1914 40 yrs. 10 yrs.
2,000
Lamar No. 52________July 1 1914 20 yrs. 10 yrs.
500
1,800
Lamar No. $6________Aug. 1 1914 20 yrs. 10 yrs.
400
750
300
Loo No. 23__________April 10 1914 20 yrs.
1 yr.
6,000
1,400
Liberty No. 13______ Nov. 10 1913 40 yrs. 10 yrs.
Limestone No. 13___ Nov. 10 1914 20 yrs.
2,000
None
500
Lubbock No. 5______ July 10 1914 20 yrs. no opt.
2,000
500
McLennan No. 36___ Aug. 8 1914 20 yrs. 10 yrs.
4,000
900
McCulloch No. 10___ Sept. 10 1914 20 yrs. 10 yrs.
1,000
200
McCulloch No. 11___ Sept. 10 1914 40 yrs. 20 yrs.
7,000
1,700
Milam No. 50_______ Oct. 10 1914 serial
12,000
900
Navarro No. 36_____ Aug. 10 1914 30 yrs.
9,000
2,200
5 yrs.
8,000
2,000
Nueces No. 2________Juno 1 1914 40 yrs. 10 yrs.
Red River No. 13___ Sept. 1 1914 40 yrs. no opt.
3,000
600
Red River No. 32___ Sept. 1 1914 20 yrs. no opt.
2,000
500
500
Red River No. 74----- Aug. 1 1914 20 yrs.
1,200
200
Robertson No. 32----- Jan. 1 1914 10 yrs.
5 yrs.
1,000
500
Shelby No. 19________May 1 1914 20 yrs.
2,500
5 yrs.
Shelby No. 44________Inly
1 1914 20 yrs.
1,500
300
5 yrs.
Shelby No. 55________Sept. 1 1914 20 yrs.
5 yrs.
1,100
500
500
Stonewall No. 16____ Sept. 14 1914 20 yrs. 10 yrs.
2,000
Tarrant No. 33_______Aug. 10 1914 40 yrs. 20 yrs.
5,000
1,000
Upshur No. 3 ________July 10 1914 20 yrs.
400
5 yrs.
1,500
Upshur No. 9 ------------July 10 1914 15 yrs.
1,000
200
5 yrs.
Upshur No. 30_______April 10 1914 30 yrs.
1,000
200
5 yrs.
Upshur No. 48_______July 10 1914 20 yrs.
300
1,500
5 yrs.
Upshur No. 6 ________Oct. 10 1914 20 yrs.
1,000
5 yrs.
1,000
Van Zandt No. 87___ Dec. 10 1914 20 vrs. 10 yrs.
1,500
Wood No. 1------------- July 10 1914 40 yrs. 20 yrs.
2,500
10,000
Independent School Districts—
Belleville........... .......... Jan. 1 1915 40 yrs.
7.500
5 yrs.
1,875
Biromo______________ June 1 1914 20 yrs.
3,700
740
5 yrs.
Cunningham_________ July 1 1914 20 yrs. 10 yrs.
5,000
1,000
1,500
E lkhart_____________ June 1 1914 40 yrs. 20 yrs.
6,500
2.500
500
Iola_________________ May 4 1914 40 yrs.
1 yr.
5,000
1.000
Joaquin_____________ July 14 1914 40 yrs. 10 yrs.
8,000
2,000
Mabank........................ July 15 1914 40 yrs. 10 yrs.
1,000
1,000
Meridian____________ April 6 1912 40 yrs.
None
1,000
Mission_____________ May 1 1913 40 yrs. 20 yrs.
5,000
Pottsvi lie____________ Juno 1 1914 40 yrs. 20 yrs.
6,500
1,625
1,000
4,000
1’rovident City_______Dec. 9 1913 20 yrs. 10 yrs.
1.500
300
Sand Springs_________ Jan. 1 1914 20 yrs. 10 yrs.
3,000
1.000
Shamrock___________ Feb. 20 1915 40 yrs.
5 yrs.
Wills Point__________ July 1 1914 40 yrs. 10 yrs.
3,000
500
County Road District—
None
6,000
1,500
Bell No. 14.............. -.D e c. 31 1914 35 yrs.
SUTTLE LAKE IR R IG A TIO N D ISTR IC T (P. O. Culver), Ore.—
ELECTION.— Reports state that an election will be hold on April 10 to
submit to the votors tho question of the formation o f this district and the
uthorization o f bonds for tho project proposed.
TARENTUM, Allegheny C ounty, Pa .— BOND SALE.— On M ar. 22
an issue o f $20,000 l l/ i% 30-year stroet-impt. bonds was awarded to Lyon>
Singer & Co. o f Pittsburgh at 101.925 — a basis of about 4.8 8% . Denom$1,000. Dato Mar. 1 1915. Int. M . & S.
TAUNTON, Bristol C ounty, Mass.— BOND SALE.— On March 29
the two issues of 4% sewer and water bonds, aggregating $35,000 (V. 100,
p. 1114) wero awarded to R. L. Day & Co. of Boston at 100.298, it is
stated.
TOLEDO, Lucas County, O hio.— BOND OFFERING.— Additional in
formation is at hand relativo to tho offering on Apr. 12 o f tho $150,000
4 'A% 10-year coup, park bonds (V. 100, p. 1115). Bids for these bonds
will bo received until 12 m. on that day by Amos McDonnall, City Aud.
Denom. $1,000. Dato Apr. 1 1915. Int. A. & O. at U. S. Mtgo. & Trust
C o., Now York. An unconditional cert, check on a Toledo national bank
for 5% o f bonds .payable to City Aud., required. Purchaser to pay accrued
int. Bonds to be delivered in Toledo at expense of purchaser.
TRENTON, N. J .— BOND OFFERING.— Bids will bo received until 2
p. m. Apr. 8 by II. E. Evans, City Treas., for $40,000 4H % 30-year reg.
contagious-hospital bonds. Denom. $100 or multiples thereof. Date
April 1 1915. Int. A. & O. Cert, check on a national bank for $800, pay
able to City Treas., required. Official circular states that this city has
never defaulted in the payment of principal or interest.
T R O Y, N. Y .— BOND SALE.— On Mar. 29 the $100,000 5% tax-free
certificates of indebtedness or revenue bonds (V. 100, p. 1115) were awarded
to Salomon Bros. & Hutzier of N . Y . at 101.03 and int. Due Oct. 18 1915.
J.fcs fB a c h o ^ C o ^ N . Y ____ 100.9751 Bernhard Schollo & C o .,N .Y .100.969
Nat. State Bank, T roy______100.9731Manufac. Nat. Bank, Troy._100.923
BOND OFFERING.— Bids will be received until 10 a. m. April 5 by Wm.
H. Dennln, City Compt., for $84,000 4 K % reg. tax-freo public-impt.
bonds. Denom. (20) $1,200, (60) $1,000. Dato April 15 1915. Int.
A. & O. Due $4,200 yearly on April 15 from 1916 to 1935 incl. Cert,
check for not less than 1% of bonds, payable to “ City o f Troy” , required.
Bonds to bo delivered and paid for within 5 days from day o f award. Bids
must be made on forms furnished by the city official Circular states.that the
city has never defaulted in any of its obligations.
TUCSON, Pima C ounty, A riz.— BOND SALE.— On March 22 the
seven issues o f 5% 20-30-year (opt.) coupon bonds, aggregating $239,000
(V. 100, p. 757) wero awarded to Field, Richards & Co. of Cincinnati at
100.60 and int.— a basis of about 4.953% to optional date and about
4.962% to full maturity. Other bids were:
Wm. It. Compton Co., St. Louis, bid $241,605 10 and int., which was re,127 10
commission.
„
„
Southern Arizona Bank & Trust Co., Tucson, for W . 1’ . Richards & Co.
of Chicago, bid $234,044.
UNION COUNTY (P. O. U nion), So. Caro.— BOND ELECTION.—•
Tho proposition to issuo $200,000 public-highway-constr. bonds will be
submitted to a vote, reports state, on April 6.
UNION TOWNSHIP SCHOOL DISTRICT (P. O. M ilford C en ter),
U nion C ounty, O hio.— BONDS VOTED.— We learn that the proposition
to issue tho $65,000 bldg, bonds (V. 100, p. 1022) carried by a vote o f 223
to 77 at the election held March 30.
VANDERBURG COUNTY (P. O. Evansville), I n d .— BOND SALE.—
On Mar. 25 tho $8,200 4>3% road-impt. bonds (V. 100, p. 925) were
awarded to the City Nat. Bank of Evansville at par and interest.
VERONA, Preble C ounty, O h io.— BOND OFFERING.— Proposals
will be received until 7 p. m. Apr. 24 by V. J. Shilt, Vil. Clerk, for $1,345 49
6% Main St. impt. (Village’s portion) bonds. Auth. Sec. 3939, Gen. Code.
Denom. (12) $100, (1) $145 49. Dato Jan. 21 1915. Int. J. & J. Due
$100 each six months from Sept. 1 1916 to Mar. 1 1922 incl. and $145 49
Sept. 1 1922. Cert, check for 5% of bonds bid for, payable to Vil. Treas.,
required. Bonds to be delivered and paid for within 10 days from time of
award. Putchaser to pay accrued interest.
WAHKIAKUM COUNTY (P. O. C athlem et), W ash.— BONDS NOT
YET SOLD— No sale has yet been made of the $75,000 6% highway bonds
offered without success on Feb. 15 (V. 100, p. 757).
WARRENTON, Clatsop C oun ty, Ore.— BOND OFFERING.— Further
details aro at hand relative to tho offering on April 12 of tho $150,000 6%
20-year gold coupon gravity-water-system constr. bonds. (V. 100, p. 925).
Proposals for these bonds will be received until 12 m. on that day by John
Evenden, Clerk of tho Water Commission. Denom. $100 to $1,000, to
suit purchaser. Date April 1 1915. Int. A . & O. at the State fiscal agency
_______
in New York City. Cert, check
for5% of bid, payable to tho Water Commission, required. No bonde
bonded indebtedness. Floating debt $856 8b.
Assessed val. 1914, $1,018 525.
WASHINGTON COURT HOUSE, Fayette C ounty, O h io.— BOND
OFFERING.— Dispatches state that bids will be received until 12 m. Apr. 19
by John McFadden, City Aud., for $14,000 street and $10,000 sewer 5%
1-10-year (ser.) bonds.
WAUKESHA, W aukesha C ounty, W is.— BOND ELECTION.— An
election will be held April 6, it is stated, to vote on the question of issuing
$4,000 fire-department equipment bonds.
WAYNE TOWNSHIP SCHOOL D ISTR IC T (P. O. Dundee), T u sca
rawas C ounty, O h io.— BOND OFFERING.— Further details are at hand
relative to tho offering on Apr. 7 of the $15,000 5% coup. bldg, bonds (V.
100, p. 836). Bids for these bonds will bo received until 1 p. m. on that
day by Frank Strauss, Clerk Bd. of Ed. Denom. $500. Date M ay 1
1915. Int. M . & N. Due $500 eadh six months from M ay 1 1916 to
N ov. 1 1930 incl. Cert, check for 1% of bonds bid for, payable to Dist.
Clerk, required. Bonds to be delivered and paid for on or before M ay 1.
Purchaser to pay accrued interest.
WILMINGTON, Newcastle C oun ty, D ela.— BONDS PROPOSED.—
Reports state that this city is contemplating the isusance o f $500,000 street
and sewer bonds.
WOODLAKE SCHOOL DISTRICT (P. O. W oodlake), Tulare
C ounty, Calif.— BOND ELECTION.— An election will be held April 5,
it is stated, to vote on the question of issuing $40,000 site-purchase and
building bonds.
WORCESTER, W orcester C ounty, Mass .— TEMPORARY LOAN.—
Reports state that a loan of $450,000, dated March 29 1915 and maturing
Oct. 18 1915, has been negotiated with Morgan & Bartlett of N. Y ., at
3.0295% discount.
W YANDOT COUNTY (P. O. Upper Sandusky), O h io.— BOND OF
FERING .-— Bids will bo received bd Jay Marguerat, County Aud.. until
12 m. Apr. 7 for $12,300 5% road-impt. No. 58 bonds. Denom. $500 and
$230. Date Mar. 1 1915. Int. M . & S. at office of County Treas. Duo
NEW LOANS.
NEW LOANS.
NEW LOANS.
$ 1 0 2 ,0 0 0
$ 5 5 ,0 0 0 .0 0
CITY OF MINNEAPOLIS, City of Wilmington, Delaware, School District of the Boroughof Cliffsids
Park, Bergen County,
S I N K I N G F U N D 4 ^ %
L O A N
G r a d e S c h o o l B o n d s
AND
Sealed bids will be received until 12 o ’clock
NewJersey
noon on MONDAY, APRIL 5TH, A. D. 1915, at
the office of the City Treasurer, Wilmington,
$2 19,2 81.70
6
%
B O N D S
Delaware, for Flfty-fivo thousand Dollars ($55,
$ 1 0 0 ,0 0 0 .0 0
S p e c ia l
S tr e e t
I m p r o v e m e n t
B o n d s
Sealed bids will be received by the Committee
on Ways and Means of the City Council o f the
City or Minneapolis, Minnesota, at the offico of
the undersigned, THURSDAY. APRIL 8, 1915,
at 2:45 o ’clock P. M ., for the whole or any part of
$100,000.00 GRADE SCHOOL BONDS.
Theso bonds to be dated April 1, 1915: to be
come due and payable at a time not less than five
years or more than thirty years from tho date
thereof, as desired by the purchaser thereof, and
will bear interest at the rate of four (4%) per cent
per annum, payable semi-annually.
__
The whole or any part of $219,281.70 SPECIAL
STREET IM PROVEM ENT BONDS
There
aro thirty-one separate issues o f these bonds, nine
of which will bo dated October 1, 1914, each issuo
to become duo and payable substantially onetwentieth on October 1, 1915, and one-twentieth
each and every year thereafter, to and Including
October 1, 1934; and twenty-two of which will be
dated April 1, 1915, each Issue to become duo and
payable, substantially one-twentieth on April 1,
1916, and one-twentieth each and overy year
thereafter to and including April 1, 1935.
No bids will bo entertained for tho $100,000.00
Grade School Bonds for a sum less than ninetyfive (95%) per cent of the par value of said bonds
and accrued Interest upon same to date of deliv
ery.
No bids will be entertained for the $219,281.70
Special Street Improvement Bonds for a sum less
than the par value of same and accrued interest
to dato or delivery, and the rato of interest must
be bid by the purchaser and must not be in excess
of five (5%) per cent per annum, payable annu
ally or semi-annually.
Tho right to reject any or all bids is hereby re
served.
A certified check for two (2%) per cent of the
par value o f the bonds bid for, made to C. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minn.
000) o f Wilmington, Delaware, Sinking Fund
Four and One-half Per Cent Bonds.
Said bonds will date from April 1st. 1915, and
will bo Issued in denominations of Fifty Dollars
or multiples thereof, and bear interset at the rate
o f Four and One-half per centum per annum,
payable semi-annually on October 1st and April
1st of each year, and will mature as follows:
$55,000 on April 1st, A. D ., 1938.
Said Issuo is being made under authority of an
Ordinance o f Tho Council of Wilmington passed
March 18th, A. D. 1915, and approved March
18th, A . D. 1915, and is to provide funds to re
deem Water Bonds maturing May 1st, 1915, and
June 1st, 1915.
All proposals must be accompanied by a certi
fied check payable to the order of "Tho Mayor
and Council of Wilmington,” for two per centum
of the amount o f bonds for which bid is made, the
samo to be forfeited if the bidder fails to accopt
and pay for the bonds awarded.
The right to reject any or all bids Is reserved.
No bid for less than par value will be received.
The successful bidder or bidders will be required
to settle for the bonds awarded, with accrued In
terest from April 1st, A. D. 1915, at the office
of the City Treasurer, Wilmington. Delaware, at
or before 12 o ’clock noon, Tuesday, April 20th,
A. D . 1915.
Address all bids in sealed envelopes to James
F. Price, City Treasurer, Wilmington, Delaware.
Mark “ Proposal for Sinking Fund Loan.”
R obert D. Kemp,
Weller E. Stover,
John J. M cGovern,
George E. Grantland
John J. M onoghan,
James Kane,
Commissioners of The
Finance Committee
Sinking Fund.
of The Council.
B arnes
L o f la n d
City of Westmount, Canada
and
Bonds
AT
A U C T IO N
L IST ON A P P L IC A T IO N
SEAS0N G 00D
I n g a lls
&
B u ild in g
C IN C IN N A T I
MAYER
BOND CALL.
147 So. 4th St., Philadelphia, Pa.
S to ck s
MUNICIPAL AND RAILROAD
BONDS
8a
Notice Is hereby given that' tho Board of Edu
cation of tho Borough of Cliffsido Park, In tho
County of Bergen, will recelvo sealed proposals
at the School liouso No. 3, situated at the South
westerly corner of Palisado Avenue and Park
Ave., on the FOURTEENTH DAY OF APRIL,
1915, at 8:30 o ’clock In tho evening for an issue
of coupon bonds in tho sum of Ono Hundred and
Two 'rhousand dollars, to bo issued under an
Act of tho Legislature of tho State of Now Jersey,
‘ ‘an Act to establish a thorough and efficient
system of free public schools and to provido for
tho maintenance, support and management there
o f” , approved October 19, 1903, and tho supple
ments and amendments thereto: said bonds to
bear dato March 1st, 1915, and to be of the
denomination of Ono Thousand dollars each and
payable as follows : threo bonds on March 1st,
1938, four bonds on March 1st, 1939, fivo bonds
on March 1st, 1940, sixteen bonds on March 1st,
1941, .seventeen bonds on March 1st, 1912, eightteen bonds on March 1st, 1943, 19 bonds on
March 1st, 1944, and twenty bonds on March 1st,
1945, and bear interest at tho rato of 5 per cent
per annum, payable semi-annually on the first
day of September and March in each year, prin
cipal and interest payablo at tho Northern New
Jersey Trust Co., Edgowator, New Jersey.
All bids shall provido for tho payment of ac
crued interest from tho date of tho bonds, March
1st, 1915, to the dato of delivery of tho bonds.
Each bid must bo accompanied by a certified
check upon an inconjoratcd bank or trust com
pany to tho order or tho Board of Education of
the Borough of Cliffsido Park, in tho sum of
$2,000.
,
,
'I'ho right is reserved to reject any or all bids.
By order of tho Board of Education of tho
Borough of Cliffsido Park.
Dated March 29th, 1915.
JOSEPH F. WHELAN.
President.
JOHN F. KELLY,
District Clerk.
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourse
S IN K IN G
F U N D
C O M M IS S IO N
Tho Sinking Fund Commissioners of tho City
of Westmount desiro to purchase approximately
$36,000 of municipal debentures, thoso Issued by
the city of Westmount proferred.
Sealed offers, marked “ Sinking Fund Commis
sioners of Westmount” , will bo received at the
offices of the Montreal Trust Company until noon
on MONDAY. THE 26TH APRIL, 1915.
A full description of bonds offered for sale Is
essential. Delivery of the bonds offered for sale
is to bo made on 1st M ay, 1915.
.
ARTH UR F. BELL,
Secretary-Treasurer.
MAHONE BAY, N. S.— DEBENTURE SALE.— Local investors have
purchased an issue of $18,000 school debentures, it Is stated.
MAIDSTONE TOWNSHIP, Ont.— DEBENTURE SALE.— An issue
of $2,247 6% 10-installment debentures has been purchased by Macneui &
Young of Toronto, it is reported.
MAISONNEUVE, Que.— DEBENTURES OFFERED BY BANKERS.—
Hollister & Carpenter of N. Y . are offering to investors an issue of $100,000
6% 3-year gold coup, treasury bonds. Denom. $1,000. DateJan. 1 191o.
Int. J. & J. in N. Y ., Montreal and London. Due Jan. 1 1918, redeemable
at option of city at 102 and int. on any interest date on 90 days notice.
The retirement of these treasury bonds is provided for by an issue of 30-year
5% sinking fund gold bonds already authorized. Total bonded debt (incl.
this issue, but excl. of City Park Comm, debt), $7,358,903; Park Commis
sion debt, $4,207,580, against property valued in June 1914 at $10,665.06.1.
Total val. roll for 1914-15, $54,792,935, exempted property $27,373,095;
taxable property, $27,419,840.
MINIOTA RURAL MUNICIPALITY (P. O. Miniota), Man.— DE
BENTURE SALE.— On March 26 tho $7,000 5 46% 20-year telephonesystem-completion debentures (V. 100, p. 1024) were awarded to Wood,
Gundy & Co. of Toronto for $7,087 (101.242) and int. Other bidders were:
W . L. McKinnon & Co.,
M acneill&Young,Toronto$6,Q3-> 00
" 'Noxon *& Co., ”T o r .. "6,929
" 00
R eg in a ______________ *$7,140 00 “Brent,
A. II. M arkus& Co., T or_. 7,067 00 A. E. Ames & Co., Toronto 6,870 50
G. A. Stimson & C o., T or. 7,056 00C. H. Burgess & Co., T or. 6,695 70
R. C. Matthews & C o., Tor. 7,017 00 Savago & McGavin, T o r .. 6,695 00
J. A. Thompson, Winnipeg 7,005 00 Jno. Dolmer, Winnipeg— 5,705 00
Murray,Mather&C o.,T or. 6,934 90
REDCLIFFE, Alta.—DEBENTURES VOTED.— Tho propositions to
issue $5,500 20-year water-works deficiency and $2,200 10-year marketbldg. 5% debentures carried at the election held Alar. 22 by a vote of
114 to.21 and 106 to 29.
REGINA, Sask.— DEBENTURE SALE.— Reports state that on Mar. 24
W ood, Gundy & Co. of Toronto purchased $285,000 5% additional debs.
ST. CATHARINES, Ont.— DEBENTURE SALE.— Reports state that
tho Imperial Bank, acting in conjunction with W ood, Gundy & Co. of
Toronto, has been awarded at 97.33 an issue of $120,000 5% 20-year debens.
SALTFLEET TOWNSHIP (P. O. Stoney Creek), O n t.— DEBEN
TURES AUTHORIZED.— It is stated that on March 15 the Council passed
a by-law authorizing tho issuance of $12,000 school-building debentures.
TEESWATER, Ont .— DEBENTURE ELECTION.— An election will be
held April 6 to vote on the proposition to issue $4,000 Village-llall improve
ment debentures, reports state.
TILBURY EAST TOWNSHIP, Ont.— DEBENTURE SALE.— Macneill & Young of Toronto have purchased an issue of $7,346 6% deben
tures, reports state.
WALLACE RURAL MUNICIPALITY, Man .— DEBENTURE SALE.—
According to reports C. H. Burgess & Co. of Toronto have been awarded
$25,000 446% 30-installment debentures.
WEST VANCOUVER, B. C .— DEBENTURES AUTHORIZED.—
Newspaper dispatches state that an issue of $6,000 546% 20-year ferry
debentures has been authorized.
WINNIPEG, Man .— DEBENTURES AUTHORIZED.— According to
reports tho City Council on March 15 passed by-laws authorizing the issu
ance of $533,000 debentures for various municipal purposos.
S I,230 yearly on Mar. 1 from 1916 to 1925 incl. Cert, check or cash for
$500, payable to County Treas., required. Bonds to be delivered and paid
for within 5 days from date o f sale (or execution by proper officers). Bids
must be unconditional.
YAMHILL, Yam hill C ounty, Ore.— BONDS VOTED.—-The question
of issuing $9,000 6% 1-10-yoar (ser.) street-lmpt. bonds carried by a vote
o f 287 to 85 at a recent election. The issuo will bo offered some time this
month.
YPSILANTI, W ashtenaw County, M ich.— BONDS VOTED.— R e:
ports stato that this city voted In favor of tho issuance o f $12,000 additiona1
school bonds on March 25.
ZOLFO-POPASH SUB-SCHOOL DISTRICT (P. O. Z o lfo), Do Soto
C ounty, Fla.— BONDS VOTED.— Tho question o f issuing $12,500 build
ing bonds carried, it is stated, at an election held March 13.
C a n a d a . Its P r o v in c e s a n d M u n ic ip a lit ie s .
BERLIN, O n t.— DEBENTURES AUTHORIZED.— On March 15 tho
Citv Council passed a by-law, it is stated, providing for the issuance of
$6,000 tuberculosis-sanitarium-construction debentures.
BOWMANVILLE, O n t.— DEBENTURE SALE.— Nowspaper reports
stato that W. A. Mackenzie & Co. o f Toronto recently purchased an issue
o f $35,000 5'A % 30-installment debentures.
CANADA (Dom inion o f).— LOAN OVERSUBSCRIBED.— 'Tho issue
o f £5,000,000 446% Dominion Government bonds, the lists for which were
opened March 26 by the Bank o f Montreal in London was, it is stated,
largely oversubscribed (V. 100, p. 1117). The subscription books were
closed March 29. Tho loan is to provide capital expenditure on public
works and takes tho form o f coupon bonds, payable M ay 1 1925, but re
deemable, in whole or in part, by the Government on three months notice
at any time after M ay 1 1920. The issuo price was 9946 •
CARROLL CONSOLIDATED SCHOOL DISTRICT NO. 868 (P. O.
Carroll), M an.— DEBENTURE SALE.— On March 22 tho $8,000 5% reg.
tax-free building and equipment debentures (V. 100, p. 1024) wore awarded
to W. L. McKinnon & Co. o f Regina for $6,875 (85.937) and int. Other
bidders were :
C. N. Moyer & C o______*$6,875 00 Goldman & Co., R egina..$6,851 00
H. O’Hara & Co., T o r . .. 6,875 00 Brent Noxon & Co., T or. 6,806 00
T . It. Billet & C o________ 6,863 60 C. H. Burgess & Co., T o r .*6,705 60
MacNeil & Young, T o r . .. 6,860 00 Savago & M cGavin______ 6,640 00
All bids provided for the payment o f accrued Int., except the two marked
with an asterisk. (*)
DOVER TOWNSHIP, O nt .— DEBENTURE SALE.— It is stated that
Macnoill & Young or Toronto have recently purchasedjan issue of $4,000
6% 10-installment debentures.
DUFRESNE SCHOOL D ISTRICT, Man.— DEBENTURE SALE.—
Reports state that H. O’Hara & Co. o f Toronto have pruchased $4,750
6% 19-installment debentures.
OALT, O n t.— DEBENTURES VOTED.— The question of issuing tho
$15,000 546% hospital-impt. debentures (V. 100, p. 1024) carried by a vote
o f 258 to 176 at the election held Mar. 26. Int. semi-ann. Due in 1935.
INGERSOLL, O ht.— DEBENTURE SALE.— On March 20 tho $21,000
5% 20-annual-installment debentures (V. 100, p. 926) were awardod, it is
stated, to Morgan, Doan, Rapley & Co. o f Hamilton at 97.26.
TRUST COMPANIES
ENGINEERS.
T he
U n io n
T ru st
C om pany
of
N ew
Y ork
1 8 6 4 ) h a s fo r m a n y y e a r s m a d e a s p e c ia lt y o f
TH E J G W H IT E
C O M P A N IE S
under
W ill
or
under
A g reem en t— a n d
(e s ta b lis h e d
in
P erson al T ru sts—
m a in ta in s
a
c a r e fu lly
or
g a n iz e d d e p a r t m e n t fo r h a n d lin g t h e m .
M a n y m illio n s o f d o lla r s w o r t h o f p r o p e r t y — real a n d p erson a l
EN G IN EER S
F IN AN C IER S
— have
been
r e s id e n ts n o t
in tr u s te d
to
th e
o n l y -o f N e w
com pan y
Y ork
S ta te
by
c o n s e r v a tiv e p e o p le ,
but
of
oth er
S ta te s
in
w h i c h t h e U n i o n T r u s t C o m p a n y is a u t h o r i z e d t o t r a n s a c t b u s i n e s s .
MANAGERS
OPERATORS
C orresp on den ce
fo r m a tio n
or
in te r v ie w s
o f tru sts o f a n y
a re s o lic ite d .
w ith
k in d — fo r
U N IO N
TR U ST
p erson s
c o n s id e r in g
th e
t h e m s e lv e s o r fo r o th e r s —
CO M PAN Y,
80
B roadw ay
43 E X C H A N G E P L A C E , N E W Y O R K
CHICAGO
LONDON
SAN FRANCISCO
BlmoisTrast&SavmgsBanli:
C H IC A G O
Alex. O. Humphrey*
Alten 8. Miller
Capital, Surplus and Undivided Profits
■
$ 1 5 ,7 0 0 ,0 0 0
H U M P H R E Y S & M I L L E R ,I n c
ENGINEERS
P a y s
P o w e r — L ig h t— G a s
189 BROADWAY
NEW YORK
In terest o n
A c co u n ts .
o h a n g e .
Alfred E. Forstall
R O B IS O N
ENGINEERS
Investigations and Appraisals or Gas and
Electric Properties for Owner* or Financial
Institutions.
84 William St.,
NEW YORK CITY
M IN IN G
M .
E N G IN E E R S
C H A N C E
&, C O .
Mining Engineers and Geologists
C O A L
A N D
M IN E R A L
E x a m in e d ,
Orexel Bldg.
D e a ls
In
T ra n sa cts
H a s
R e se rv e
F o r e ig n
a
o n
h a n d
E x -
G en era l T ru st
a t
a ll
t im e s
o e lle n t S e c u r it ie s .
a
v a r ie ty
B u y s
o f ex -
a n d
G o v e r n m e n t , M u n ic ip a l
B u s in e s s .
C o r p o r a t io n
s e lls
a n d
B o n d s
Charles D. Robison
F O R S T A L L A N D
H .
T im e
D e p o s lts , C u rre n t a n d
P R O P E R T IE S
M a n a g e d ,
A p p r a is e d
PHILADELPHI « !
MELLON NATIONAL BANK
P IT T S B U R G H
S t a t e m e n t o f C o n d it io n a t t h e c lo s e o f b u s in e s s M a rch 4, 1915
RESOU RCES
L o a n s a n d In v e s tm e n t S e c u r it ie s ____________________ $46,480,005 59
O v e r d r a f t s ______________________________________________
811
C a s h _____________________________________________
5,009,088 53
D u e fr o m B a n k s ________________________________________
9,006,903 94
$60,496,006 17
L IA B IL IT IE S
C a p i t a l ____________________________________________________$ 6,000,000 00
S u r p lu s a n d U n d iv id e d P r o f i t s ----------------------------------- 2,908,918 36
C ir c u la t i n g N o t e s ______________________________________ 3,500,000 00
D e p o s i t s _________________________________________________ 48,087,087 81
$60,496,006 17
® r u s t C o m p a n ie s
ffitatt& enf &
United States Trust Company of New York
4 0 -4 7
C a p ita l,
S u rp lu s
T h is
C o m p a n y
D e p o s ita r y
a n d
I t
a llo w s
It
h o ld s ,
p e r s o n a l,
fo r
In
■
and
■
W A L L
■
U n d iv id e d
a ots
a s
o th e r
E x e o u to r,
r e c o g n iz e d
m a n a g es
a n d
In v ests
co r p o r a tio n s
■
■
P r o fits
G u a r d ia n ,
T ru ste e ,
W
o o d s
C o u rt
P IT T S B U R G H
S E C U R IT IE S
Unlisted and Inactive Issues.
d e p o s its .
s e c u r it ie s
a n d
o th e r
p r o p e r ty ,
rea l
S en d f o r o u r s p e c ia l lis t o f q u o ta tio n s .
or
In d iv id u a ls .
TRUSTEES
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILL8
EDWARD W. SHELDON
EGERTON L. WINTHROP
OHAUNOEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HENRY W. de FOREST
ARTHUR CURTISS JAMBS WILLIAM VINCENT ASTOR
WILLIAM M. KING8LEY
CHARLES P. HOFFMAN
WILLIAM STEWART TOD
ATLANTIC MUTUAL INSURANCE COMPANY
_
&
Union Bank Building,
P I T T S B U R G H . PA.
EDWARD W. SHELDON. President.
WILLIAM M. KINQSLEY. Vice-President
WILPRED J. WORCESTER. Secretary.
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS. Sd Asst. Secy
JOHN
WIDLIAM ROCKEFELLER
FRANK LYMAN
JAMBS STILLMAN
JOHN J. PHELPS
LEWIS OA88 LED YARD
LYMAN J. GAGE
C h ild s
IN V E S T M E N T S E C U R IT IE S
$ 2 ,0 0 0 ,0 0 0 ,0 0
c a p a c itie s .
m o n e y ,
a n d
D o n n e r ,
Members New York Stock Exchange, Pittsburgh
Stock Exchange. Chicago Board of Trade.
- $ 1 4 ,1 7 8 ,0 9 4 .8 2
A d m in is t r a t o r ,
tru st
In terest a t o u rre n t ra te s o n
esta tes,
S T R E E T
■
o u t# fo e j f t . $ .
PITTSBURGH
CHARTERED 1853
H -P -T a y io r & C D .
NEW YORK
BUFFALO
Quotations and Information Furnished on
PITTSBURGH SECURITIES.
B A L L A R D
M em bers
&,
M cC O N N E L )
P itts b u rg h
S to ck
Commonwealth Bldg..
Exchan ge.
PITTSBURGH. PA
PHILADELPHIA
W m .
_
New York, January 26th, 1915.
T h e T r u s t e e s , i n c o n f o r m i t y w i t h the Charter of the Company, submit the following statement of its affairs o n th e
.
31st of December, 1914.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1914, to tho 31st December, 1914................. 5,026,461 19
Premiums on Policies not marked oil 1st January, 1914________ __ ___________________
654,783 26
Total Premiums.................................................................................................................... 5,681,244 45
PITTSBURGH
G .
S T O C K
H opper
&
B O N D
Co.
k
B R O K E R S
28 SOUTH THIRD STREET
P h ila d e lp h ia ,
VV. G. Hopper
Member Fblla. Stock Ex.
P a .
H. S. Hopper
Member Phila. Stock Ex.
Premiums marked off from January 1st, 1914, to December 31st, 1914................................... 4,687,279 32
6RAND RAPIDS
Interest on tho Investments of the Company received during the year 330,262 43
Interest on Deposits In Banks and Trust Companies, etc..
42 065 85
Rent received less Taxes and Expenses......................................J.. 141,088,74 513,417 02
Losses paid during the year.......................................................... ..................... 2,253,324 69
Less: Salvages................................. 242,315 69
Re-Insurances......................... 372,200 31 614,516 00
,
Returns of Premiums______________________________________ .
.
Expenses, Including officers’ salaries and clerks’ compensation, stationery, advertlsements.etc...........................................................................................
H o w e , S n o w *
7
L IA B IL IT IE S .
Estimated Losses, and Losses Unset.. „„
670,000 00
tied In process of Adjustment____ 2,162,711 00
993,965 13
Premiums on Unterminated Risks__
1,783,700 00 Certificates of Profits and Interest
277,510 45
2,723,912 00
Unpaid........................
...
104,970 64
357,095 00 Return Premiums Unpaid_______ _
47,993 70
Reserve for Taxes_____ __________
209,323 69
500,000 00 Ro-insurance Premiums......... ..... . . .
Claims not Settled, Including Com
122,813 07
pensation ,etc ......................... .
4,299,426 04 Certificates of Profits Ordered Re
deemed, Withheld for Unpaid Pre
22,656 64
miums......................
.
1,264 40
75,000 00 Income Tax Withheld at the Source..
941,068 28 Certificates of Profits Outstanding... 6,986.620 00
775,688 06
149,249 82
1,756,535 26
70,000 00
F U L M O R E
R a ilw a y
5,383,085 11
E V E R S
Buffalo. N. Y.
&
A R L IT T
offer direct to Investors at
attractive figures
S y ste m
and other
Local Securltlei
n e g o tia te
P u b lio
e n tir e
S e r v io e
Issu es a n d
p r o p e r tie s
e s t a b lis h e d
p u roh a se
o f
w e ll-
e a r n In g a
CINCINNATI
F IE L D , R I C H A R D S &
CO*
“ {SSKL
C L E V E L A N D
K D G A R
.
C IN C IN N A T I
F R I E D L A N D E R
DEALER IN
C in c in n a ti S e c u r itie s
C I N C I N N A T I ..........................O H I O
MONTGOMERY, ALA.
B.
W .
S tr a s s b u r g e r
IN V E S T M E N T
S E C U R IT IE S
PORTLAND, MAINE
W A N T E D
W ic h ita
S t.
W a te r
J o s e p h
C o .
W a t.
C o .
6 s,
5 s,
d u e
1931
d u e
1941
S h r e v e p . W a t. W k s . C o . 5 s, d u e l9 8 9
H.
M.
PAYS0N
93 EXCHANGE ST.
&
CO.
PORTLAND. MAINB
AUSTIN
BONDS
of the
314 Blllcott Square.
M ic h .
M ONTGOM ERY, A ljt
BUFFALO
&
W e
SO U TH E R N
On the basis of these Increased valuations the balance would be______________ . . . _____ _
T E L L E R
8 l B e r te le s
R a p id s ,
P u b lic U t ilit ie s S e c u r itie s
10,929,734 62
14,101,674 46
3,171,939 84
Thus leaving a balance of____________
Accrued Interest on the 31st day of December, 1914, amounted to..........................
36,725 45
Rents due and accrued on the 31st day of December, 1914, amounted to..........................
28,122 35
Re-insurance due or accrued. In companies authorized In New York, on the 31st day of
December, 1914, amounted to................
...........
158,649 70
Unexptred re-insurance premiums on the 31st day of December, 19"l4", amounted to....... .
33,421 71
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above at__
450,573 96
And the property at Staten Island In excess of tho Book Value, at.....................
63,700 00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by.... ........................ ................................................ .................... 1,439,952 10
In te r n a tio n a l
G r a n d
562,724 57
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 tho second of February next.
The outstanding certificates of the Issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday tho second 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 tho earned premiums of the Company for tho year ending
31st December, 1914, which are entitled to participate in dividend, for which, upon application, certificates
will he Issued on and after Tuesday the fourth of May next.
By order o f the Board,
G. STANTON FLOYD-JONES, Secretary.
TRU STEES.
EDMUND L. BAYLIES,
ANSON W. HARD,
CHARLES M. PRATT,
JOHN N. BEACH,
SAMUEL T. HUBBARD,
DALLAS B. PRATT,
NICHOLAS BIDDLE,
THOMAS H. HUBBARD,
ANTON A. RAVEN,
ERNEST C. BLISS,
LEWIS CASS LEDYARD,
JOHN J. RIKER.
JAMES BROWN,
WILLIAM H. LEFFERT^,
DOUGLAS ROBINSON,
„
JOHN CLAFLIN,
CHARLES D. LEVERICH.
WILLIAM JAY SCHIEFFELINi
GEORGE C. CLARK,
GEORGE H. MACY,
SAMUEL SLOAN,
CLEVELAND H. DODGE,
NICHOLAS F. PALMER,
WILLIAM SLOANE,
CORNELIUS ELDERT,
HENRY PARISH,
LOUIS STERN,
RICHARD H. EWART,
ADOLF PAVENSTEDT,
WILLIAM A. STREET,
PHILIP A 9. FRANKLIN,
CHARLES A. PEABOd V,
GEORGE E. TURNURE,
HERBERT L. GRIGGS.
JAMES H. POST,.
RICHARD H. WILLIAMS.
A. A. RAVEN. President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
^
ASSETS.
United States and State of New York
Bonds...........................................
New York Citj> 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, con
taining offices..............
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)...............................
Premium Notes__________________
Bills Receivable.................................
Cash In hands of European Bankers
to pay losses under policies payable
In foreign countries...... ..............
Cash In Bank....................................
Loans...............................................
C o r r ig a n
1,638,80869
138,873 43
C it y , C o u n t y , S c h o o l D is t r ic t
and
R oad
D is t r ic t
B on ds.
BOX 951
AUSTIN. TEXAS
C H R O N IC L E
V O L U M E S
FOR SALE
Second-hand volumes In good condition for
years prior to 1908.
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