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financial
The.
ollitturctal
bruntrie
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
Railway St Industrial Section
Bankers' Convention Section
VOL. 99
Electric Railway Section
State and City Section
SATURDAY, AUGUST 15 1914.
The Thronicle.
Subscription includes following SupplementsBANK AND QUOTATION (monthly) 1 RAILWAY AND INDUSTRIAL(3 times
yearly)
RAILWAY Biro:Dos(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate Lnes)
$4 20
Two Months
(S times)
22 00
Three Months (13 times)
29 00
Six Months
(26 times)
50 00
I. Twelve Months(52 times)
87 00
CHICAGO 011TICE-Geo.M.Shepherd,513 Monadnock Bla ,k;TeLHarrison 40111,
LONDON ()FMB-Edwards do Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
P.O.Box 95S. Front. Pine and Depeyster Sts.,
New York,
Standing Business Cards
Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office of the Company
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $2.199,192,976, against $2,570,703,705 last week
and $2,790,633,164 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Aug. 15.
1914.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
Per
Cent.
1913.
$820,801,678
90,977,391
*99,368,660
26,398,416
217,623,447
59,000,385
13,591,143
$1,198,300,492
110,330,430
113,462,320
27.891,813
238,552,595
60,821,607
12,076,013
--31.5
--17.5
--12.4
-5.4
-8.8
-3.0
+12.5
Seven Cities, 5 days
Other cities, 5 days
$1,327,761,120
501,017,609
$1,761,435,270
526,274,819
--24.8
-4.8
Total all cities, 5 days
All cities, 1 day
$1,828,778,729
370,414,247
$2,287,710,089
502,923,075
-20.1
-26.4
Total all cities for week
$2,199,192,976 82,790,633,164 -21.2
*One day estimated.
KThe full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day,clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all eases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, August 8, for four years:
Week ending Aug. 8.
Clearings at
1914.
1913.
Inc. or
Dec.
1912.
1911.
$
$
%
New York
1,248,437,123 1,493,613,783 --16.4
1,576,877,801 1,769,112,345
Philadelphia __
140,810,824 143,136,442 --1.6 139,955,482 132,203,051
Pittsburgh
49,927,713
43,321,373
50,466,139
50,566,845 --1.3
Baltimore
52,617,957
33,836,033
31,328,916
34,426,920 +5.3
Buffalo
14,027,231
9,605,977
12,151,313
13,630,002 +2.9
Albany
6,492,558
5,676,110
5,821,939
+7.0
6,069,375
Washington
7,723,668
6,614,601
6,773,774
7.189,330
+7.4
Rochester
4,885,810
3,733,326
4,172,168
4,449,484 +9.8
Scranton
3,436,349
2,285,795
2,750,000
3,308,062 +38.4
Syracuse
3,270,691
2,528,040
2,162,493
2,904,702 +12.6
Reading
1,620,177
1,321,425
1,512,239
1,494,580 +8.4
Wilmington
2,015,621
1,252,783
1,752,870
2,227,779 --9.5
Wilkes-Barre_ _
1,818,807
1,280,331
1,582,201 +14.9
1,564.264
Wheeling, W.Va.
1,914,820
1,565,023
1,760,396
2,228,528 --14.1
Trenton
1.792,609
1,396,954
1,682,425 +6.5
1,531,874
York
838,180
811,081
862,774 --2.8
896,647
Erie
1,263,768
858,556
1,015,912 +24.4
976,996
Lancaster
1,500,468
852,093
1,385,915 +8.3
1,183,629
Greensburg
585,827
502,272
525,000
1,056,637 --44.6
Binghamton __ _
684,900
785,300 --12.9
470,900
640,800
Altoona
500,000
538,458
451,802
Chester
490,907
670,956
799,529 --16.1
390,227
Montclair
547,993
386,599
380,592 +1.6
Total Middle_ 1,547,222,656
1,775,335,575 --12.9 1,848,693,376 2,017,221,112
Boston
137.775,336
128,268,165
Providence
+7.4 144,791,298 142,170,729
6,395,700
6,674.500 _4.2
6,982.000
Hartford
6,718,900
5,878,838
4,957,801 +18.6
New Haven
4,003,511
3,635.619
3,619,179
3,026,747 +19.6
2,846,544
2,769,875
Portland
2,143,612
2,183,455 --1.8
2,007,603
Springfield
2,149.935
2,462,155
2,576,243
1,907,727
-4.4
Worcester
1,906.107
2,401,665
2,461,810 --2.4
2,510,370
Fall River
2,319,919
1,286,406
968.376 +32.8
868,531
•New Bedford__ _
1,099.759
824,189
979,581 --15.8
Lowell
865,336
798,615
882,415
447,076 +97.1
Holyoke
552.405
552,548
739,411
617,861 +19.7
Bangor
592,223
527.682
436,451
443,001 --1.5
438,064
445,645
Tot. New Eng. 164,845,357
153,603,616
+7.3 168,217,423 165,243,422
For Canadian clearings see
"Commercial and Miscellaneous News."
Week ending Aug. 8.
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 oo
For Six Months
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 14a.
Six Months Subscription in London (including postage)
£1 11 s.
Canadian Subscription (including postage)
$11 50
NO. 2564
1914.
1913.
Inc. or
Dec.
1912.
1911.
$
$
$
Chicago
285,563,561 287,796,669 -0.8 280,703,846 238,039,648
Cincinnati
22,622,400
22,292,050 +1.5
21,088,450
27,738,700
Cleveland
23,675,036
21,702,827 +9.1
19,665,609
18,210,121
Detroit
30,755,732
33,122,240 --7.1
27,500,000
25,675,853
Milwaukee
15,000,000
14,044,682
12,266,490
14,394,444
+6.4
Indianapolis...
8,280,472
8,533,445 --3.2
9,104,425
9,115,879
Columbus
6,589,300
6,642,300 -0.8
5,838,500
5,104,100
Toledo
5,725,725
5,096,014 +12.1
4,374,281
4,153,029
Peoria
3,325,846
3,622,651 -8.2
3,333,350
2,905,003
Grand Rapids_
3,869,095
3,954,505 -2.1
3,328,905
2,566,413
Evansville
1,390,024
1,269,238
1,017,447
+9.5
1,099,862
Dayton
2,134,236
2,460,757 -13.2
2,180.114
2,156,223
Kalamazoo
591,324
748,603 -21.1
713,024
656,735
Springfield, Ill
1,168,179
1,122,242
+4.1
1,077.207
1,105,854
Fort Wayne__ _ _
1,368,632
1,196,864 +14.4
1,088,059
1,052,981
Akron
1,501,000
1,889,000 -20.5
1,084,000
1,562,000
Youngstown __
1,454,562
1,639.690 -11.3
1,306,114
1,343,493
Decatur
519,298
606,127 -14.4
503,619
469,466
Lexington
604,860
555.443
+8.8
842,433
750,947
Rockford
722,437
780,905 -7.4
732,169
692,761
Bloomington___ _
765,435
618,620 +23.8
567,621
590,593.
Quincy
941,223
806,220 +16.7
713,876
668,734
Springfield, Ili
702,335
694,941
+1.1
554,337
533,407
Canton
1,493,033
1,225,000 +21.9
1,229,053
983,657
South Bend
557,210
586,703 -5.0
687,998
520,621
Jackson
505,599
725,000 -30.3
445,000
766,352
klanstleld
463,638
430,384
+7.7
383,317
351,599
Owensboro
408,721
408,585 +0.03
415,827
407,422
Lima
520,731
494,631
+5.3
415,226
328,221
Lansing
552,832
483,398 +14.3
325,000
309,000
Danville
525,0.10
541,709 -3.1
405,147
413,048
Jacksonville
_
323,378
396,700 -18.4
289,714
269,009
Ann Arbor
309,169
274,382
+9.6
171,457
150,617
Adrian
40,000
45,000 -11.1
30,000
33,682
Tot. Mid.West 424,961,023 426,807,525
-0.4 411,736,139 357,704,950
San Francisco__ _
48,164,618
46,266,962
+4.1
48,223,775
44.229,487
Los Angeles
21,206,741
20,351,764
+4.2
19.431,433
18,145,597
Seattle
11,123,510
11,798,664 -5.7
11,796,841
10,059,338
Portland
9,508,175
10,724,863 -11.3
10,342,810
10,388,825
Spokane
3,457,718
4,006,333 -13.7
3,976,940
4,168,611
Salt Lake City
5,345,057
5,382,364 -0.7
5,536,707
6,180,479
Tacoma
1,995,617
2,403,028 -16.9
2,571,058
2,366,453
Oakland
3,484,370
3,525,674 -1.2
3,428,723
3,220,230
Sacramento
1,962,487
2,230,888 -12.0
1,641,482
1,546,381
San Diego
2,024,493
2,347,276 -16.8
2,626,091
1,500,000
Pasadena
954,522
846,503 +12.8
901,291
796,095
Stockton
962,254
853,871 +12.7
886,699
854,662
Fresno
950,266
912,714
+4.1
839,162
724,396
San Jose
813,142
773,804
+5.2
703,767
600,000
North Yakima_
275,000
303,806 -9.5
330,774
405,577
Reno
270,000
280,000 -3.6
295,290
294,140
Long Beach
730,533 Not included in total
Total Pacific._ 112,497,970 113,008,514 -0.5
113,532,843 105,480,171
Kansas City_ _ _
55,991,212
56,801,971 -1.4
48,720,161
42,517,379
Minneapolis
22,030,382
20,155,978
+9.3
17,562,214
16,942,094
Omaha
15,519,344
18,707,962 -17.0
15,979,607
13,985,956
St. Pau
11,239,441
9,057,322 +24.1
9,217,165
9,269.477
Denver
9,869,122
10,674,327 -7.5
9,386,592
8.369,691
St. Joseph
5,216,608
8,247,738 -36.7
5,793,929
6,440,576
Des Moines
5,476,457
4,960,218 +10.4
3,454,182
4,426,586
Sioux City
2,923,008
3,208,045 -8.9
2,875.587
2,270,176
Wichita
4,050,597
4,031,000 +0.5
3,760,524
3,225,987
Duluth
3,665.777
3,640,634
+0.7
2,526,943
2,335,435
Lincoln
2,315,190
2,113,354
+9.5
1,788,948
1,489,168
Topeka
1,512,184
1,968,917 -23.2
1,845,867
1,568,765
Davenport
1,982,423
1,670,035 +18.7
1,272,363
1,477,518
Cedar Rapids
1,806,445
1,615,119 +11.8
1,255,293
1,175,245Waterloo
1,241,834
1,838,408 -32.5
1,051,054
1,382,487
Fargo
1,000,656
440,879
+127.3
411,128
806,37%
Helena
1,132,275
1,150,502
-1.6
997,280
885.388
Pueblo
619,395
790,388 -21.6
551,312
737,267
Colorado Springs
782,434
948.559 -17.5
736,357
1,178,157
Fremont
598,329
533,355 +12.2
391,921
382,910
Aberdeen
519,607
339,412 +53.0
373,762
327,531
Hastings
298,196
250,000 +19.2
204.922
245,372
Billings
446,625
446,625 -3.3
343,822
112,539
Tot. oth.West_ 150,237,541
150,237,541 -2.2 133,098,546 118,716,970
St. Louis
68,931,263
70,333,605 -2.0
67,771,887
63,524,875
New Orleans_
14,639,060
14,062,170 +4.1
16,829,296
17,712,129
Louisville
11,829,633
12,004,282 --1.5
12,095,942
12,040,734
Houston
6,940,586
7,300,480 -4.9
Galveston
2,483,292
3,672,000 -32.4
2,167,000
2,086,500
Richmond
7,547,272
7,062,507
+6.9
8.700,000
7,214,662
Fort Worth
6,253,069
6.241.020 +0.2
5,507,774
4,249,182
Memphis
5,812,407
5,633,068 +3.2
5,780,185
4,680,048
Atlanta
10.539.455
9,851,930 +7.0
10,136,487
8,668,585
Nashville
5,000,000
6,018,854 -16.9
5,545,512
4,244,172
Savannah
3,300,000
3,598.232 -8.3
4,037,209
3,348,297
Norfolk
3,666,610
3,794,145 -3.4
3,324.873
2,686,697
Birmingham
__
2,498,552
2,827,077 --11.6
2.652,744
2,045,983
Chattanooga _ _ _ _
1,928,634
2,338,240 --17.5
2,538,637
1,709,973
Jacksonville
2,840,000
2,850,000 -0.4
3,000,000
2,650,965
Knoxville
1,585,729
1,535,738 +3.3
1,739,862
1,604,236
Oklahoma
1,797,400
1,502,910 +19.6
1,353,192
1,580,476
Augusta
1,045,497
1,264.751 --17.3
1,282,175
1,292,349
Mobile
1,166,600
1,270,000 ---8.0
1,156,630
1,111,798
Little Rock
2,100,638
2,063,412 +1.8
1,885,443
1,549,760
Charleston
1,376,208
1,149,468 +19.8
1,327,786
1,050,064
Macon
3,110,462
2,025,817 +53.6
2,677.411
2,355,111
Austin
1,434.971
1,760.074 --18.5
1,830,612
2,063,079
Vicksbing
252,806
242,021
+4.5
269,895
280,080
Jackson
319,583
372,528 --14.2
322,329
348,000
Meridian
350,000
360,694 -3.0
271,492
Tulsa
280,000
1,534,431
1,382,321 +11.0
701,067
610
Muskogee
897
655,000
710,848 -7.8
577,459
Total Southern 170,939,158 173,246,053
-1.3 165,482,899 151,5
55
30,0
86
00
52
Total all
2,570,703,705 2,795,490,761 ---8.0
2)40,822,226 2,9f5,905,277
Outside Ti. It_ 1,322,266,582 1,301,976,478
-I-1.6 1,2617943,425
1,146,792132
432
THE CHRONICLE
[VOL. xmx.
the financial world. The Comptroller of the Currency gave expression to this view in the statement
THE FINANCIAL SITUATION.
Washington
he furnished to the press on Friday night of last
It is to the credit of the authorities at
history
world's
week, and which was published in our issue of last
the
in
that in the present grave crisis
the
page 381. This statement contained a
for
energy
Saturday,
commendable
they have acted with
afthreat. Mr. Williams said: "I see no
a
hint
and
monetary
country's
the
of
relief and protection
there should be any suspension of curwhy
they
with
which
reason
promptness
and
vigor
The
fairs.
anywhere in this country, and if this
emergency
rency
payments
supplying
for
motion
in
machinery
the
set
currency under the Aldrich-Vreeland law deserves Department hears of any national bank refusing to
all praise. They recognized from the first that the honor the legitimate requests of its customers or
country's financial mechanism would be called upon correspondents for currency, when such ample opporto deal with a very unusual situation and one of ex- tunities exist for supplying all proper applications,
traordinary character. Quick action and quick such delinquent bank will be promptly investigated
comprehension were imperative, and Messrs. Mc- and dealt with." The purpose of this announcement
Adoo and Williams, by their skilful handling of af- is plain enough.
Simultaneously all sorts of propositions are being
fairs, proved that they were equal to the task.
The alertness of the Government was in marked suggested, in and out of Congress, for issuing emercontrast with the indifference in the financial gency notesin large volumes in order to help the cotworld here to the critical situation which was de- ton planter. One proposal was to advance $50 a
veloping with lightning rapidity. The future his- bale. Secretary McAdoo is said to have turned this
torian in studying economic conditions of the pres- proposition down promptly. A somewhat similar
ent time will no doubt be puzzled to explain the proposition came from W.P. G. Harding, a member
attitude of helplessness displayed by the whole of the Federal Reserve Board. He argued that the
financial community week before last. Only one new emergency notes "can be put to excellent use
desire appeared to exist and that was to respond to in saving the cotton crop from the sort of disaster
the call for gold from abroad. Day after day from which must come if the export trade is blockaded
fivelto ten million dollars of gold was being withdrawn and if the cotton belt is forced to pay off its oans."
and all transactions were conducted on the theory It would in our estimation be a grave mistake to
that our banks had unlimited supplies of the metal use the emergency notes in this way or to put them
and that they could part with the same with perfect out in unlimited amounts, thereby encouraging specimmunity. Even the Treasury Department at this ulative endeavors such as are so decidedly in evijuncture facilitated the movement by rushing gold dence in the grain market. The largest winterhere from other points, so as to let the exporter have wheat crop in the history of the country is now being
the metal in the precise form desired by him. What gathered and there are literally (as expressed in one
dangers this involved to our financial stability was newspaper account in Kansas) "oceans of wheat,"
clearly shown when the Clearing-House statement yet prices of wheat since the outbreak of war have
was issued on Saturday, Aug. 1, and revealed a been boosted up 20 cents a bushel. If the banks did
deficiency of no less than $17,425,750 below the re- not finance those back of the speculation, it could
quired cash reserves. By the following Saturday never be maintained.
The weak point in the emergency currency plan is
(Aug. 8) the deficiency had increased to the extraordinary figure of $43,116,000, according to the state- that the notes are issued without being fortified with
ment of averages for the week, and the Clearing an adequate reserve of gold. To emit paper money
House did not deem it advisable to issue at all the usual in this way involves a grave menace to the country's
of
supplementary statement showing the actual con- financial stability and also to the maintenance
further
release
to
amounts
order
In
payments.
gold
dition at the end of the week.
Clearly, with the banks so heavily short in cash of gold, it is being urged in certain highly esteemed
they were in no condition to stand any such drain quarters that the national banks shall actually be
upon their gold stock, and the outflow of gold ought allowed to count bank notes as legal reserve. We
by common consent to have been stopped before the would not deem it worth while to refer to this sugend of that week. Yet on the very day that the gestion except that it has the endorsement of so
Clearing-House statement recorded its deficiency in eminent a banker as Mr. Jacob H. Schiff. In an
cash reserve,foreign exchange bankers were in confer- address delivered before the New York Chamber of
ence and giving serious consideration to a proposal Commerce on Thursday, Mr. Schiff argued in favor
to accommodate our English friends with another of the release of further amounts of gold by the banks,
$100,000,000 of our stock of gold. It never seemed so that the United States might meet pressing deto occur to any one that we owed a duty to ourselves mands from abroad, and he contended that if bank
notes could be counted as bank reserves, the necesas:well as to the outside world.
Fortunately the Secretary of the Treasury and the sary gold could be released and availed of to meet
Comptroller of the Currency recognized what was our obligations abroad. On this occasion Mr. Schiff
coming,and prepared for it. Thanks to their efforts, has allowed his scrupulous sense of honor as a banker
there is now no danger of an inadequate supply of to blind him to the fallaciousness of the theory that
currency. In truth, the peril now is of a different emergency notes, or bank notes of any kind, can
in the light of cash reserve.
kind, namely the issuance of too much of the emer- properly be considered
are
debts—are
notes
obligations—and cannot
Bank
gency notes, and it is by no means certain that the
anything
else.
as
They ought to be fortitreated
be
Treasury Department can be depended upon to
of
supplies
gold;
new
and to argue that more
with
fied
energetic
same
grapple with this situation in the
be
Issued
in
should
order
that the gold now
notes
the
of
Secretary
The
one.
way as with the earlier
may
be
reserve
a misconinvolves
released
in
held
if
as
acted
occasion
one
than
more
on
has
Treasury
most
process
the
the
If
of
dangerous kind.
the Department regarded an unlimited amount of ception
how
counlong
up,
the
before
be
would
it
kept
tes as a panacea for all the ills that might afflict were
-0
AUG. 151914.]
THE CHRONICLE
433
try would be forced back to a paper basis and gold European wars does not rest on us. Most Ameripayments be completely suspended?
cans regard them as a blot on civilization. Being
No one contends that a bank shall count its own one of the family of nations we cannot escape some
notes (just issued to it by the Treasury in return for of the serious consequences resulting therefrom.
the securities pledged) as cash reserves, but it is But certainly it would be the height of folly for us to
contended that when it holds the notes of other practice complete immolation. Our gold supply
national banks they should be treated as the equiva- should be safeguarded beyond peradventure and
lent of cash reserve. What a convenient doctrine bank notes should never be allowed to be treated
this would be, and how quickly it would lead to the as legal reserve.
expulsion of all gold from circulation, will appear
when it is considered that all it would be necessary
Fall River cotton-manufacturing corporationsstockfor a bank to do would be to swap its own notes with holders experienced another lean period in the third
those of some other bank. For instance, if the Na- quarter of the current year, the average rate of retional City Bank and the National Bank of Com- turn on the capital invested having been quite a little
merce each wanted to put out $5,000,000 of notes, below that for 1913. The exhibit for the nine
they would simply have to exchange notes with each months, also, is far from satisfactory, and more parother and the notes of the City Bank would consti- ticularly so as it is well known that the distribution
tute proper reserve for the Bank of Commerce, and made is in greater or less measure due to encroachthe notes of the latter be legal reserve for the City ment upon previously accumulated reserves, earnBank. We are very glad to note that Carter Glass, ings alone not having been sufficient to meet it.
the Chairman of the House Committee on Banking
In all, ten corporations at Fall River passed their
and Currency, has declared himself vigorously in dividends for the third quarter of 1914, and most of
opposition to the idea, saying that it would put the these, in fact, have paid nothing whatever to sharecountry on a fiat-money basis under pretext of meet- holders since 1911. Moreover, the amount to be
ing an alleged emergency.
dusbursed for the period by the thirty-seven estabNor can we agree with Mr. Schiff in thinking that lishments our compilation includes is not only less
our bankers should let more gold go abroad. Of than in 1913 but below the average of preceding
course, the country ought to be supplied "with a years. It aggregates $291,167, or an average of
means of paying its proper debts abroad." But 0.99% on the total capital involved, as against
if we had to settle all our debts abroad in gold we $352,675, or 1.21%, a year.ago, $308,116, or 1.11%,
would be in the position of the bank that is suddenly in 1912, and higher rates in the four previous years.
called upon to meet the whole of its deposits. It For the nine months of the current year, the total
has to be confessed that it cannot be done. The distribution of $960,501 and the average of 3.25%
situation to-day is that we are asked to pay our debts tell a tale of poor return, comparing with $1,046,775,
abroad in gold while the foreigners owing debts or 3.57%, in 1913. Between 1907 and 1910, both
here have not the least intention of paying us in gold. years inclusive, the nine months' dividend rate
Such a state of things, if tolerated, would drain the ranged between 5.23% and 7.27%.
United States of its entire stock of gold in ashortiltime.
Every leading country in the world is to-day protect,
The Lever Bill, to regulate dealings in cotton
ing its stock of gold. Why should we not protect futures and compel the use of Government standards
ours?
of grades (referred to on July 4, page 12), which
As enormous additions are being made to our passed the House of Representatives on Monday,
volume of paper money, we cannot in safety allow June 29, and has since been amended in minor parthe country's stock of gold to be depleted anyfurther. ticulars by conferees representing the Senate and
All the European countries are keeping a tight hold House, met the final approval of the Senate yesterday
bn their supplies of the metal, and for the United (Aug. 14) and, now goes to the President for his
States to part with any of its gold would be to let signature, becoming effective six months later. As
it go without hope of being able to get it back. approved, the bill imposes a tax of $10 per bale, inObviously,with the foreign exchanges deranged as a stead of $5, where the provisions of the Act are not
result of the gigantic war which is engulfing the whole complied with, and, instead of compelling trading in
of Europe, it is not an easy matter to buy bills of ex- cotton to be in accord with• Government standards
change with which to meet obligations due abroad, "permanently"fixed, provides that trading shall be in
and therefore gold shipments suggest themselves accordance with standards fixed at various times by
as the easiest way out of the difficulty. But that the Government, no grade to
be altered under one
makes the exercise of caution all the more incumbent. year's 'notice. With the bill going into effect six
Ordinarily only balances are settled in gold, not the months after its passage, it is provided that nothing
whole gross amount that may be owing to the in the Act shall be held to interfere with existing
outside world. Until the
old state of cotton contracts, and that being the case, it would
things returns we must protect ourselves in seem that ample time is allowed to adjust methods of
the same way that the rest of the world is business on the exchanges to meet the provisions of
protecting itself. This is a duty we owe to ourselves the Act. The passage of this cotton-futures legislaand it is a duty we owe to the community of nations tion marks the culmination of efforts extending over
who would have to suffer with us if we were pulled a long period of years.
down to financial destruction by allowing ourselves
to be drained of our stock of gold.
Eighteen of Secretary Bryan's peace treaties were
It should be recognized, too, that we are in no way ratified on Thursday by the Senate after two
days of
responsible for the unfortunate condition of things debate. The treaties with Panama and the
Dominithat has arisen in the foreign exchange market. can Republic were not ratified for fear they
will emWe have had no part in bringing it about and barrass this Government should it
become necessary
it certainly is not to our liking. The blame for to preserve order. Those
which were approved by
. 434
THE CHRONICLE
the Senate were treaties with Salvador, Guatemala,
Honduras,Nicaragua,Netherlands,Bolivia,Portugal,
Persia, Denmark, Switzerland, Costa Rica, Venezuela, Italy, Norway, Uruguay, Argentina, Brazil
and Chili. The treaties are all similar in scope and
provide for an investigation by an international commission into matters of dispute before resort to war
measures. In five of the treaties the contracting
parties agreed not to increase their naval or military
programs during this investigation unless danger
threatened from a third party. The Senate objected
to this paragraph on the ground that it might result
in complications which would injure the United
States more than it would help the other parties to
the treaty. The treaties with Salvador, Guatemala,
Honduras, Nicaragua and Persia were amended in
this particular.
On Wednesday night Provisional President Carbajal of Mexico and his Cabinet left Mexico City for
Vera Cruz, thus deserting the capital before the
arrival of General Carranza, the head of the Constitutionalist army. Carbajal left behind him a manifesto addressed to the nation saying that he had done
his best in a provisional capacity to save the country
from further bloodshed, and that his peaceful overtures had been met on the part of the Constitutionalists by uncompromising demands for unconditional
surrender. Two paths lay before him, he said—to
fight or to accede to the Constitutionalists; under
such conditions Carbajal declared his Government
no longer could exist. "I leave the high post which
I have occupied in the belief that I have fulfilled my
duty towards my country," he said. "I entrust
the lives and interests in the capital to the Governor
of the Federal District. The whole responsibility for
the future rests with the revolution, and if we should
behold with affliction a repetition of the situation
which I am trying to put an end to, the truth will be
manifested once more that by violence society cannot
be reconstructed." The Constitutionalist army
will at once peacefully occupy the capital. Eduardo
Iturbide, Governor-General of the Federal District,
telephoned from the camp of General Carranza that
a peace protocol had been signed guaranteeing justice to the army and the protection of life and
property of citizens in the capital. Thus, apparently, the current revolution is coming to a close.
On Monday last, on moving the adjournment of
the House of Commons for a fortnight, Premier
Asquith intimated that he was hopeful that in the
interval he might be able to make proposals regarding
the Irish Home Rule problem which would meet
with something like general acquiescence.
The censorship of news is so complete as it comes
by cable that it is possible to give merely a general
outline of the week's developments in the European
war. Press dispatches are full of inconsistencies
and in many instances contain reports altogether unreliable. On Friday of last week, for instance, it
was reported that Italy had formally joined the
Allies and declared war against Germany and Austria. Official denial of this report was made on
Saturday. Italy has refused to accede to the entreaties and threats of both Germany and Austria
to reconsider its determination. King Victor Emmanuel is reported to have told the Ambassadors of
the two countries that no inducenient would be suf
[VoL. XCDL
ficient to make him "sell the honor of Italy." Germany's insistence that Portugal should declare where
she stands has brought forth the announcement this
week that Portugal stands with England. France
on Monday severed diplomatic relations with Austria and on Wednesday Great Britain did the same,
presenting passports to the Austrian Ambassador
in London. The British fleet in the Mediterranean,
according to newspaper accounts, has been ordered
to attack the Austrian fleet, which was last reported
in the Straits of Otranto. A strong French fleet
which is now in the Mediterranean will, it is believed, co-operate with the British ships in this
attack.
In the week's military operations, it seems reasonable to suppose that the alleged successes of the Allies
may be exaggerations and their defeats understatements, since what news has become available has
come from London, Paris and Brussels as a rule.
Direct connection with Germany is completely suspended. Our own Government has prohibited the
transmission of cipher messages from the wireless
station at Sayville, Long Island. This station has a
trans-Atlantic sending power, but the German stations on the other side are not sufficiently strong to
reach this side. Therefore, so far as direct communication from land to land is concerned, only outbound messages can be forwarded. The German
Charge d'Affaires on Wednesday called upon Secretary Bryan for a "conversation" on the wireless
situation. The Charge d'Affaires laid before Mr.
Bryan a complete statement of the situation in respect
to wireless as viewed by the German Embassy and
his Government at Berlin. He told Mr. Bryan that
it had been next to impossible for the German Embassy to communicate with its Government over the
cable that passes through England and that the
British and French embassies were able to communicate by cable with their governments and that
therefore the German Government was completely
at a disadvantage. He asserted that it was impossible to send wireless messages of a confidential
character unless they were coded and that the result
Was the practical cutting off of the German Embassy
here from communication with its Government.
No decision has yet been reached at Washington
whether this condition shall be changed.
As to the physical part of the great European conflict, the most spectacular developments are reported
in Belgium, where the forts surrounding Liege, at
latest accounts, still hold out against the terrific
bombardment by the Germans. The German troops,
however, have occupied the city itself, having been
able to move through a narrow strip that the range
of the forts did not cover. While the Belgians have
made a most memorable defense, latest advices indicate that the Germans are making slow but steady
progress, although no information is available from
Namur, where French and British troops are believed
to be supporting the Belgian defenders. German
troops are reported to be close to Antwerp, which, if
occupied, will furnish a port of great advantage to
them. Toward the close of last week French troops,
after a fierce battle, captured Altkirch in upper
Alsace, and immediately marched upon Muelhausen,
eight miles distant, which was also occupied. Sub
kquently the French troops advanced to Colmar,
twenty-two miles beyond Muelhausen and forty
miles from Strassburg, the Alsatian capital. Some
AUG. 15 1914.]
THE CHRONICLE
433
reports stated that the Germans lost 30,000 men and
the French 15,000 men in the conflict. Later the
French army withdrew behind Muelhausen and is
reporting to be holding its own there; the French
War Office explaining that the move was a strategic
one. French advices also say that the French have
driven the Germans back with heavy losses at Spincourt, south of Longwy, on the Northeastern French
frontier, after desperate fighting. It seems safe to
assume, however, that the various conflicts thusfar
have been more in the nature of skirmishes having
ulterior purposes than being a part of the great battle
plan of either side. The German army is reported to
be advancing slowly along the entire line of attack
on Belgium and France and to be concentrating for
attacks at Namur and other points. Their plan in
Belgium seems to be to isolate Liege.
branches. So far as Canada is concerned, the
arrangement will be a simple one, the Canadian
Minister of Finance being merely appointed custodian
of the gold deposited with him for account of the
Bank of England. Presumably, however, the custodian will be in a position to honor drafts by the
Bank of England on the gold he so holds, payable to
bankers and others in this country. In this way a
certain amount of elasticity will be created in international arrangements. The $10,600,000 in gold
which was brought back to Bar Harbor on the North
German-Lloyd steamer Kronprinzessen Cecilie arrived in this city on Saturday morning and was
deposited in the Sub-Treasury. Of this amount
$5,000,000 was forwarded to Ottawa on Thursday
by the Guaranty Trust Co. As a considerable part
of the remainder was originally intended for the
Bank of France, no decision has yet been reached
English newspapers have been threatened with as to what will finally be done with the metal.
suspension if they published any war news not given
out by the official bureau of publicity. Hence very
The London Stock Exchange, when the closing
little has been printed, either of the movements was decided on on July 30,postponed the
mid-August
of English troops or English ships. The British settlement, but ruled that deliveries and payments
Admiralty has issued a statement declaring the must be made as usual on the
July 31 settlement.
various waters safe for commerce, with the exception On Wednesday last the Stock Exchange Committee
of the North Sea, which has been mined with contact announced the postponement of contracts for the
mines by the Germans. British warships are being mid-August settlements to mid-September, and for
daily heard from along the Atlantic Coast and a num- the end-of-August settlements to the end of Sepber of German merchantmen have been reported tember. London brokers, according to press discaptured by them. Thus far no important naval patches, favor a resumption of cash business in a
engagement has been reported. A dispatch from limited list of securities on the lines of the Paris
St. Petersburg contains a semi-official statement Parquet, and bankers are exerting some pressure
that the Russian troops have carried Sokal, in Aus- upon the Stock Exchange committee to start business
trian Galicia, by assault. Two Austrian cavalry with limited cash dealings. Brokers have not been
regiments were reported annihilated by Cossacks at waiting for the Exchange to open before doing busiBielgora,j, opposite Lemberg.
ness. They have been circularizing their clients
with lists of securities available for purchase and sale
specific prices, and it is reported that there has
at
The condition of American tourists who have been
been
a good response. Canadian Pacific is said to
unable to return home from abroad has been ameliosold privately on the London market.at 159©
have
orated during the week. Financial arrangements
between international bankers have been completed 162 The London price on July 30 was'165. Consols
2,the quotaby which tourists can at least obtain part of the have been selling at 69@,70, against 693/
amounts due on their letters of credit. Seven United tion when the Exchange closed.
The German banks in London which operate under
States transports left Galveston yesterday for Newport News, Va., and when stores have been placed licenses were temporarily closed early in the week,
on board will be sent by the Government to Europe and it was reported that their funds on hand had
to bring back Americans who are stranded there. been confiscated. This was a mistake. The licenses
Besides the transports the Christobal of the Panama were suspended temporarily, pending arrangement
Railway Co. will also bring back citizens to the under which they might continue business. On
United States. Mr. Garrison, Secretary of Tar, Tuesday permission was given to the German banks
states that the American Line has promised to make to resume business under the supervision of Sir
nine trips to Europe,by using its six steamships, in the William Plender, who was appointed by the Treasnext thirty days. - This, with the aid of the trans- ury. Incidentally, it may be mentioned that a
ports, it is figured, means that at least 20,000 Ameri- Central News dispatch from Berlin, dated Monday,
cans will be brought back to this country within a says that Russian funds seized by the German Govmonth.
ernment in Berlin banks totaled $25,000,000.
One of the most important measures taken to clear
the international financial situation has been the
opening of a station in Ottawa where gold can be
deposited for the account of the Bank of England.
We refer more particularly to this development in our
remarks on the sterling exchange market. But it
may be pointed out here that the move is an important one, since it avoids the risk of shipment of the
precious metal and also avoids the high insurance
charges that are now quoted for over-sea gold. It is
reported that similar arrangements will be made by
the Bank of England for deposit stations in Africa
and Australia. The stations will by no means be
The official department, the Parquet, of the
French Bourse is still open, notwithstanding the war
excitement. Trading, however, is entirely for cash
and is particularly limited. French Rentes are
quoted, according to latest cable advices, at 75.50
francs, which compares with 77.55 francs on July 30.
It is reported that some of the large credit associations are opening special accounts not bearing interest. The Bank of France has made public announcement that funds in its possession will be delivered
on request, to those entitled to receive payments, at
their residences between the hours of 9 and noon
on the fourth day after the application is made.
436
TIIE CHRONICLE
[VOL. xca
are needed. The action of the Bank will necessarily
A month's moratorium, beginning Aug. 4th, was
release an enormous amount of credit and should lead
declared in Paris.
to a return to more normal conditions in the money
A
Berlin.
in
declared
No moratorium has been
market in England and, in turn,with England's rereported
is
it
and
raised,
be
German war loan is to
from the Bank
by a special dispatch from the German capital that lations with our own country. Aside
6% by the
people whose property exceeds 30,000,000 marks will of England and a reduction from 7% to
been no
have
there
be levied on first. The Reichstag has passed 77 National Bank of Denmark,
rates
Bank
official
European
the
emergency bills. The first authorizes a $1,325,- changes reported in
Paris,
5%;
London,
being:
s
this
the
week,
quotation
000,000 war loan. The German Bank Law provision
m, 6%;
is suspended which makes the Imperial Bank pay a 6%; Berlin, 6%; Vienna, 8%; Amsterda
7%.
Brussels,
in
n
in
notes
of
circulatio
tax of 5% of the amount
excess of the stock of cash. All paper money issued
It has not yet been found necessary to suspend the
by the Imperial Bank is now legal tender and exportation of all important foodstuffs and fodder is bank charter Act. Instead the Bank of England
prohibited. The moratorium declared in Russia at has been issuing small notes in the place of large
been
the outbreak/Of the war has been extended for two denominations and the currency circulation has
of
use
the
by
advices,
press
to
months7 and the Chinese Government also has de- relieved, according
as
g
circulatin
been
have
which
orders,
money
postal
clared a moratorium for an indefinite period.
One effect of the financial upheaval has been to cash. W print on another page the text of the
suspend negotiations for a loan for Brazil. The moratorium as passed by the House of Commons
Brazilian:Cabinet has in consequence been compelled on Monday, Aug. 3, after having been signed by the
to make other arrangements and has introduced a King after a meeting of the Privy Council which
bill in Congress to authorize the emission of paper was held at Buckingham Palace on Sunday aftermoney. Thebill has been approved by both Cham- noon, Aug. 2.
bers and7provides for 300,000 contos, approximately
The weekly statement of the Bank of England
$160,000,000. Of this sum 200,000 contos is inshowing
tended for7payment of Treasury creditors and is con- registered a moderate recoveryirom the poor
0
£5,392,56
of
expansion
An
.
preceding
week
the
of
for
vertible,r10% of customs receipts being allotted
in
0
of
£5,563,00
and
item
this purpose. The remaining 100,000 contos is to was shown in the bullion
percentage of the
aid thelbanks, which will pay 6% interest and are the total reserve, bringing the
14.60% last
against
17%,
to
up
latter to liabilities
called:upon to purcha,se them before Dec. 311915.
There
ago.
year
a
date
this
at
week and 58.07%
of
reserved,
in
notes
0
£6,372,00
of
increase
One of the practical signs of improvement in the was an
in
00
£12,000,0
of
deposits,
ordinary
in
00
£26,576,0
bankinesituation in London has been the gradual
and of £5,435,000 in loans
resumption of discounts by Lombard Street. The Government securities
of public funds showed
Deposits
.
securities)
(other
Bank ofiiEngland has itself been doing a very heavy
0,
£3,610,00 while note circulation
business in bills this week, at its minimum rate of a reduction of
reduction of £171,000. The
small
5%, which came into operation on Saturday last. indicated the
now stands at £33,014,629,
item
This was a reduction from 6%, which was Friday's Bank's bullion
1913 and £40,878,192 in
in
99
£41,069,6
figure. The Bank's loans are at 53/2%. The private against
s £20,374,000. One
aggregate
reserve
The
1912.
bankrratei for bills, all maturities, as last quoted
was £29,944,759 and the year preby cable,rwere 53i@53/2%. Day to day loans are year ago the total
27. Meanwhile note circulation is
quoted at 33/2% to 4% and weekly loans at 4%. So ceding £29,815,2
years, standing at £35,934,000,
far aifcan be learned from the cable accounts, the much ahead of recent
year ago and £29,512,965
one
40
ba,nks7and discount houses of the Continent have against £29,574,9
show the large total of
deposits
Ordinary
done no!business this week. Official announcement in 1912.
89 in 1913 at this
£42,210,1
against
00,
was made from London on Thursday that the British £83,325,0
1912.
The loans are L70,in
23
£43,263,1
and
date
Government had decided to guarantee the Bank of
66
in
1913 and £34,141,£27,240,5
against
786,000,
in
England against any loss that might be incurred
special
Our
dent furnishes
correspon
1912.
in
958
discounting bills of exchange of either home or forby
cable
details
of
the
gold
movement
following
the
this
eign banks accepted prior to Aug. 4. In view of
for
Bank
the
the
Bank
of
Imports,
week:
out
and
into
that
formal
notice
has
given
the Bank of England
which
£837,000
(of
from
South
0
America,
£9,627,00
exbill
of
any
approved
discount
it is prepared to
gold released and £6,790,000
Change accepted before Aug. 4 at any time before its £2,000,000 India
open
the
market); exports, £38,000,
in
due date at the Bank's minimum rate and without bought
Straits
d
ts, and shipments of
earmarke
Settlemen
recourse to the acceptor. Upon maturity of the
the
to
net
interior
of Great Britain.
0
£4,197,00
bill the Bank will give the acceptor the opportunity
of postponing payment,with interest at 2% over the
The formal statements of the Bank of France and
Bank rate. It is also announced that the Bank will
Imperial Bank of Germany have,it is understood,
the
as
exchange
be prepared to approve such bills of
discontinued during the crisis. At any rate the
been
discount
also
will
usually are discounted by it and
have not been cabled,so far as we have been
figures
or
foreign
such
of
good trade bills and acceptances
to this centre.
discover,
to
able
in
d
establishe
are
colonial firms or bank agencies as
acguaranty,
nt's
Great Britain. The Governme
In local money circles conditions have responded
cording to a Central News cable, is understood to
energetic distribution of emergency currency
be the result of a conference between David Lloyd to the
n and also to the issuance of Clearing-House
circulatio
George, Chancellor of the Exchequer, and the
s to facilitate the settlement of balances
certificate
Governor of the Bank of England. The bankers,
New York banks-29 institutions
banks.
between
accepting houses and principal traders propose to
thus
far taken out slightly above
all—have
in
provide the country with such banking facilities as
AUG. 15 1914.1
THE CHRONICLE
437
$80,000,000 in emergency currency. The
continued of interchanges of credit betw
een bankers in New
absence of Stock Exchange business has
relieved the York and London. The Bank
banks of any important demand for call
of England, by esloans. Re- tablishing a station at Otta
wa where gold may be
quirements for trade and industry have
been cor- deposited for its account,and
on which, presumably,
respondingly light, owing to the general
restriction disbursing orders for gold
can be drawn,seems to pos)n our national activities, which has been
a cumulative sess important poten
tialities in the form of clearing
feature of the last few months. The banks
have up the current deplorable situa
tion.
experienced from the agricultural districts a fair
There is, we believe, too much hysteria and
inquiry for funds, but otherwise the demands
too
of little common sense being displ
ayed in sterling exborrowers have been light. The bank statement of
change circles at the present moment.
It must be
Saturday last appeared in the form that is usually
conceded that a condition of demoraliza
tion, not
adopted when Clearing-House certificates are outstanding, only the totals being given and only the improbably without precedent, exists. This is not
due to any financial weakness on
this side of the Ataverage and not the actual figures. No returns for
lanti
c. Local conditions, in fact, are eminently
the separate banks were given. The totals regissound. The trouble has been
tered a decrease in the average of cash of $57,845,00
the sudden with0, drawals of credits that
our bankers were operating
making the deficit below reserve requirements
$43,- on abroad. In turn,
these withdrawals have left
116,000. The loan item indicated an expansion
of a considerable amou
nt of bills uncovered and in
$28,965,000, deposits were reduced $26,875,00
0, specie suffered a reduction of $51,800,000 and legal numerous cases new credits are not available to cover
them. This is a situation that
tenders of $6,045,000. Cash in bank vaults
has in effect caused
de- an unexpected dema
nd upon American bankers that
creased $49,821,000; cash in trust company vault
s decreased $8,024,000 and trust company cash in bank they provide immediate cash to take the place of
s their foreign credits.
Meanwhile, foreign interests
was lower by $7,137,000. A year ago at this date
are protected by their morat
the Clearing-House members showed an average
oria and are in a position themselves to demand
surplus of $26,427,350 and two years ago a surpl
payment, but not to make
us payment on their
own obligations. This obviously
of $21,436,900 was reported.
is a one-sided arrangement
and justifies at least the
As already noted the demand for call loans has been
unusually light as the Stock Exchange has remained expectation of co-operation and forbearance. We
have very recently experience
d an object lesson of
closed. There has been some movement in re-paying
the
danger of the New York Market arrog
loans representing the taking up of securities by the
ating to
itself a too independent position in
the world's financlients of the brokerage houses, although this has
probably been very nearly counterbalanced by col- cial markets. For several days before the close of
lateral loans that have been placed by these clien the Stock Exchange it was the loud boast in finants
direct with the banks. It is understood that the busi- cial circles here that New York was the "only free
market open in the world." By the lamp
of experiness of the closing day of the Stock Exchange;
ence it is now possible to see that it would have
Thursday, July 30th, has been almost completely
been
wiser to have closed the Exchange before our
market
settled by deliveries. Call loan rates, which have
had become,to the extent it actually did, the
dumpbeen more or less nominal during the week, have
ing ground for the world's holdings of our secur
ities.
covered a range of 6@8%. These figures have been
The selling orders, virtually without restrictio
n as to
the lowest and highest rates named each day and 6% price that
,
were received for execution for Friday,
if
has been the ruling rate on each day. Time money is the Exch
ange had unfortunately opened, were
so
now quoted at 6@7% for sixty and ninety days, large
that it is difficult to appreciate how
an upagainst a nominal quotation of8% a week ago. Four heaval
of monumental proportions could have been
months' funds are also quoted 6@7%, against 7% avoided.
As things stand at present, it may be said
last week, and later maturities up to six months are
that the active selling of securities by Euro
pe is one
also available at
6®7%. Commercial paper is in of the main causes of the present
disru
both light supply and very
ption
of the
moderate demand. High- foreign exchange situa
tion. It is estimated that it
grade names are being take
n at 6@64% for sixty would require between $100,000,0
00 and $200,000,000
and ninety-day endorsed
bills receivable and for four to settle American debts in
England alone. There
to six months' single
names of choice character. are a few among the impo
rtant banking houses at
Names less favorably
known require anywhere from this centre who advo
cate the immediate payment of
6M@M•
this debt in gold. They would go so far as to substitute bank notes as bank reserves in order
to reThe market for sterling
exchange has continued in lease the gold for the purpose of making these
paythe nominal and
demoralized position to which we ments.
referred last week.
There are, it must be added,
As stated at the beginning of this article, we cannot
signs of a somewhat
more promising outlook. The agree with this plan nor with the claim that
necessity
nominal rates quoted
for demand bills and cable exists for such action. The function
of the foreign
ti•ansfers have declined
somewhat. But it is neces- exchanges is to adjust by means of credits the seasary to emphasize that
the quotations from day to sonal balances that alternate in either direction.
A
day, while they may be
said to have represented ac- balance of $200,000,000, even if that figure is
not a
tual business, must be
.regardsd as mere indices gross exaggeration, is not a large balance were time
s
of actual conditions wad
not
any one desiring to utiliz as figures available for at all normal. The week's developments show
e them in the course of quite clearly that credit interchanges
between New
routine business.
York and London are being gradually re-establi
Nevertheless, underlying
shed.
conditions have shown Furthermore, prospects for a sudden
some improvement. The
turn of the exarrangement between J. P. changes in our favor are each
day growing more
Morgan & Company and the
Bank of France, to which favorable. It cannot be long
before it will be safe
we alluded last week, has been
followed by a number to begin exporting our
phenomenal crops on what
438
THE CHRONICLE
WoL. xcrx.
ing their attitude in
seems to promise an unexampled scale. We have with the facts and ascertain
this
at
time.
loans
to
regard
foreign
of
crop
largest
the
far
by
is
already harvested what
We advised them that, irrespective of any legal
counour
in
grown
been
ever
has
winter-wheat that
right to loan to belligerents, we should not care to
try. Prospects for spring-wheat and corn and the consider the subject if the Administration should
grass crops, while perhaps less brilliant than a few have the slightest doubt in the matter. We have
weeks ago, are, nevertheless, well above an average. not as yet been advised of the attitude of the DepartThe war in Europe means that virtually every bushel ment and can quite understand that possibly they
to refrain from expressing any opinion.
of grain that our own people can spare will be taken may desire
express no opinion we shall be govshould
they
If
of
bushel
Every
buyers.
foreign
at high prices by
the interests of the general situaby
entirely
erned
wheat that is shipped from our shores will be more tion as we see them, should an application be made
than the equivalent of a gold dollar. Foodstuffs of for the loan, which is not yet the case.
all kinds, including provisions and canned goods,
President Wilson has not yet directly announced
will be in tremendous foreign demand as soon as the his position in respect to the loan, but in the indiseas are safe. In any event, foreign governments rect and unofficial way in which news is permitted
themselves are willing to take the risk of war insur- to leave the White House, it is intimated that the
ance, and American producers and American packers President believes the safest course for the United
will be able in a short time to sell their wares f. o. b. States to pursue is to keep entirely out of the matter,
ship in American port for cash. Meanwhile our own leaving to the bankers, both American and foreign,
importations of foreign merchandise will probably the responsibility of negotiating the business deal
be severely restricted by the war and by the dulness at their own risk and their own way.
of trade at home. Hence it is obvious that Britain
and other foreign countries will need op this side imCompared with Friday of last week,when no quotaportant credits and gold balances on which to draw
were available, the sterling exchange situation
tions
for the payment of food supplies. Emergency note
began to show some signs of improveSaturday
circulation and bank-note circulation generally are as on
bills were nominally quoted at 5 25
Demand
ment.
good as gold for domestic purposes so long as care is
at 5 35 and 5 50. On Monday
transfers
cable
and
taken not to interfered with the gold reserves in the
or less a waiting one. Some
more
was
attitude
the
manner suggested for instance by the substitution
at the relaxation in open
felt
encouragement was
of notes for gold in bank reserves. Conditions cersubsequent to the reLondon,
in
discounts
tainly justify any extension of credit by London market
rate to 5%, indiEngland
of
Bank
of the
banks and by the Bank of England to cover the period duction
quotations were
there;
feeling
better
the
when our debit balances can be paid with products cating
at 5@5 10 and cable
demand
for
nominal
ly
practical
instead of gold. It is on these lines, we believe, that
at 5 0015@5 0025, without trading; no
the present problem should be worked out, and we transfers
rates were named. On Tuesday a few small
are gratified to see evidences of various movements in other
were reported for cable transfers at a range
this direction. The decision of the Bank of England sales
of 5 15@5 25 and for demand bills at 4 95@5 05; the
to come to the aid of the London discount houses and situation, however, remained without essential
banks should help to remove the existing dislocation. change. A small amount of business was transacted
The Bank is now discounting all approved bills of
in demand and cable transfers on Wednesday; deexchange accepted before Aug. 4. This action has mand bills sold at 4 95@5 00 and cable transfers at
already exercised a substantial influence,relieving the
5 15@5 20; there were no other quotations. On
money situation in London.
Thursday a slightly easier feeling prevailed; the bulk
of the transactions that were put through were neAn incident that is illuminative of conditions that gotiated for demand bills at 4 95 with a range of
may be expected to prevail in sterling exchange 4 95@5 00,while cable transfers were done as low as
circles in the near future has been developed by the 5 00@5 05. On Friday;quotations for cable transfers
tentative negotiations for a loan through J. P. and demand bills were reduced to 4 983/
2@5 00 and
Morgan & Co. for the French Government. In an 4 94@4 96, respectively; other quotations conofficial explanation of the purpose of the loan the tinued unavailable. Closing quotations were: Sixty
bankers declare that it would be for the purpose days,nominal; commercial on banks,nominal; docuof creating a credit in the United States, the proceeds ments for payment, nominal; seven-day grain bills,
of which would be used to buy American products for nominal; cotton for payment, nominal; grain for
the French people an ihat no part of the credit would be payment, nominal.
used for gold exports. We give herewith in full the
bankers' statement of the French-loan situation:
The New York Clearing-House banks, in their
We have not been asked by the French Government operations with interior banking institutions, have
to make a loan, but we have been approached by lost $2,185,000 net in cash as a result of the currency
private interests to know whether we would enter- movements for the week ending Aug. 14. Their retain negotiating a loan for the French Government
from the interior have aggregated $7,376,000,
incase the Government should desire such a loan. ceipts
the shipments have reached $9,561,000.
while
made,
be
should
loan
the
if
It_was stated to us that
it would be for the purpose of creating a credit Adding the Sub-Treasury operations and the gold
in the United States, the proceeds of which would exports, which together occasioned a floss of $3,be used to buy American products for the French 257,000, the combined result of the flow of money
people,and that no part of the credit would be used into and out of the New York banks for the week
for gold exports.
appears to have been a loss of $5,442,000, as follows:
Immediately upon receipt of this inquiry we
Net Change in
Duo
Out of
communicated the fact to the State Department,
Bank Holdings.
Banks.
Banks.
Week ending Aug. 14.
saying that we were not at all clear that if asked
$9,561,000 Loss $2,185,000
$7,376,000
Banks Interior movement
18.962,000 Loos 3,257,000
we should desire to negotiate the loan, but that Sub
15,705,000
-Treasury oper.and gold exports_
considmatter
the
give
in any event we would not
Loss 85,442,000
128.523.000
823.081.000
... Tnts.1
eration without first acquainting the Department
At*. 15 1914.]
THE CHRONICLE
439
The following table indicates the amo
unt of bullion grave responsibility
rests on the German Kaiser
in the principal European bank
s.
for his refusal to co-operate with othe Powe
r
rs, in
Aug. 13 1914.
asking the reference of the Austro-Servi disp
Aug. 14 1913.
Banks of
an
ute
Gold.
to an international conference or in medi
Total.
Gold.
Silver.
Total.
ating be.e
tween Russia and Austria. But we do
England_ _ 33,014,629
33,014,629 41,069,699
not yet know
France_ _a 165,653,680 25,013
41,069.699
,960 136,031,400 25,065,320 161,096.720
precisely what Russia's attitude has
Germanys 67,842,8.50 16,727,280190,666
84,569
,050
86,647
,900
,000
been during
14,288
,750
Russia__ a 174,509,000 7,382,
70,936,750
000181,891,000 161,662,000 7,795,000169
,457,000 1914; nor do we know how
Aus.-Huns 51,578.000 12,140,000
63,718,000 50,590,00 10,705,000 61,295
far
the
misc
hievous acSpain_ _a 21,740,000 29,191,000
50,931,000 18,449,00 29,668,000 48,117,000 tivities
Italy_ _ _ a 45,400,000 2,883,000
.000
of the military clique, whether in Aust
48,283.000 46,034,00
3,300,000 49,334,000
Neth'ds
ria,
13,498,000
534,80 14,032
676,900 12,950,900 in Russia or in
Nat. Bel.b 8,472,000 4,236,0000 12,708,800 12,274,00
Germany, have this time forced the
,000 8,149,33
4,074,667 12,224,000
Sweden _a 5,818,000
5,818,000 5,701,00
5.701,000 hand of the sovereig
SwItzer'da 7,202,000
7,202,000 7,942,00
ns.
7,942,000
Norway- a 2,892,000
2,892,000 2,512,00
2,512,000
Probably no consideration has been mor dram
Total wk_ 597,620,159 98,107,130695,727,
e
aticPrey. wk.592,262,599 99,258.030691,520.289547.061,432 95,574.637642,636,069 ally pushed to
629542,306,274 96.069,270638,375,544
thefront,in the very beginning of this
a Data for 1914 Is for July 30. b Data for Aug.
war, than the unexpectedly importan
6.
t role performed
by smaller European States. Of
Belgium, this has
been so far true as to become a sali
THE CAMPAIGN IN BELGIUM.
ent fact in the history of the day. Yet perhaps
From the point of view of people who have
ther
e was no other
watched country in Europe
—aside from the Scandinavian
the successive stages in the events of the Eur
opean States—of which the
crisis, the most remarkable fact about the
prediction that it might be the
outbreak central figure in
a great European war would have
of hostilities is the suddenness and, in the mai
n, the seemed, three or
unexpectedness, with which it occurred
four weeks ago, more absolutely
. But from improbable.
No doubt it might have been rememthe large historical point of view, the much mor
e im- bered that Belgium
pressive fact is the alignment of the Eur
was the battle-ground of the
opean States Austrian Succ
ession war of 1745, of the pitched enon the one side or the other. England and Fran
ce, gagements of Louis
hereditary enemies during fully five hundred
XIV. and Marlborough, of the
years— French revoluti
onary campaign, and of the final
except for their brief and perfunctory co-o
peration struggle of the
allied forces with Napoleon. But
in the Crimean War, and until the diplomatic
ef- these facts had
largely been overlooked, in the
forts of Edward VII.—are fighting side by
side. changed relation of
European States in recent history,'
Russia and England, States which the dipl
omacy of and Belgium's
neutrality had been respected in
.the century past have marked out as natural
the
foes, Fra.nco-Prussian war.
because of their colliding interests in the
The present situation is
Mediter- once more, as on so
many previous occasions in hisranean and on the Indian frontier, are
engaged tory, the unfortun
ate consequence of this prosperagainst a common antagonist. The Triple
Entente be- ous little kingdom'
s geog
tween France,Russia and England,long cons
idered the sible as it is on one side raphical situation—accesfrailest of diplomatic bonds, has held
by the sea to England, and
firm in the face providing on its
other boundaries access through
of what lately would have seemed insu
a
perable ob- level plain to both
France and Germany.
stacles, while the Triple Alliance, the fore
most factor
To military critics, it cannot have
in European affairs during the past quarter
been surprising
century, that Germany's attack on
France was directed first
has been broken by the flat refusal of Italy to
go to through Belgium, despite the
previous guaranty, in
the help of Austria and Germany.
which Germany participated, of
Belgian neutrality.
So far as regards the proximate cause of war, the
It seemed the one quick road to
fact that events in the Balkans were the spark which
Paris. Whether
the Kaiser underestimated the forc
started the general flame is quite in accordance with
e of Belgium's
resentment of this action, and
predictions made for a generation past,by European
whet
her he misread the attitude of the Brit
ish Ministry in the
political and military observers. Yet one of the
matter of military interven
tion to protect Belextraordinary considerations is that a war which did
gium
's neutrality, will be among
not occur over the criti
the controversies of
cal disputes of the Balkan future history. It is
at least a possibility that GerStates themselves a year ago, whe
n material inter- man military authorit
ests of neutral Eur
ies had looked for the easy
opean Powers visibly clashed, thrusting-aside
of Belgian resistance, and
nevertheless should have
of the
broken out over the minor summary dispersa
l of descendants of the soldiers
question of determining
who
the Servian Government's gave way so
quickly on the first day of
responsibility for the assa
Wate
rloo
ssin
.
fore
atio
ign
n of a
prince.
It is equally
Still, in this regard
the present war does not very experts may a possibility that the German army
greatly differ from that
have reckoned on England's sure
neuof other first-class conflicts. trality. The
People have forgotten
negotiations over the neutralizati
that the immediate cause of the of the
on
Channel, set forth by Sir Edward
Franco-Prussian war was
Grey in his
the candidacy of a King war speech to
of Spam, or that the
the House of Commons, suggest
such
the custody of the HolCrimean conflict was based on expectation. It is a highly interesting fact
y Places in Palestine.
that
the
German newspapers last at
Controversy always
han
d,
in
thei
r
edit
surr
oria
l
ound
s the question of re- views of the prob
sponsibility for actu
able alignment of the Powers, real war from so seemingly inade- flect
a strong belief, on the eve of
quate a cause, and
Germany's declarathe question will long be dis- tion
of war on France, that
cussed in connection
Engl
and's hands were
with this war. Russia mobil- tied by
the prospect of civil war in
ized her army on the
Ulster. Such an
Austrian border in 1913; yet Irish uprising
the trouble was adju
did actually occur when Nap
sted without an ultimatum opened
oleon
hostilities against Englan
from Germany or any
d in 1803. But
one else. Russia mobilized how comp
letely erroneous any such jud
again in July 1914, and
gment was
Germany almost immediately on this occa
declared war. We shal
sion, was speedily indicate
l have to await the dis- mon
d by Redd's speech in Parliament, offe
closures of later history
ring the Ulster
actually stood in the waybefore we can be sure who and Nationalist volunteers as a harmonio
us guard for
of harmonious settlement Irel
and, or for service in the army, and
on this last occasion. On
Sir Edward
the face of things, very Cars
on's prompt confirmation of the
pledge.
440
TIIE CHRONICLE
xczx.
but it would also necessarily
Whatever the facts may be as to the German reserves to call upon;
n of affairs, financially and
conditio
the
on
depend
clearly
stands
thing
Government's expectations, one
ed the Government or
confront
that
e,
the
g
otherwis
regardin
rs
particula
out of the confusion of
home.
at
ents
governm
Liege.
before
res
manoeuv
le
past week's remarkab
It is that the Belgian resistance has blocked the initial
objective whereby France was to be taken by sur- IF GOVERNMENT REVENUES DECLINE, WHY
prise, has deranged and delayed the German plan
NOT REDUCE EXPENSES?
of campaign, and has given a precious ten days of
made (and with some reason) for enactplea
One
time for France to mobilize its army, and even for the ing an income tax, although not necessarily just the
English expeditionary force to cross the Channel and defective one rushed through so tumultuously, was
join the French. As for Italy, it is as yet a negligible that tariff reductions might cause a serious decline
quantity in the struggle, and the Kaiser must have
in revenue which must be made good somehow. At
been aware of the possibility that popular feeling in
present, the decline in both imports and exports rethat country against Austria would prevent the
sembles that of an embargo. The duties collected
Italian Government's redeeming its full engagements
at this port in the first ten days of this month were
to the Triple Alliance. Italy's attitude, nevertheless,
almost one-fourth less than in the like time of last
remains an awkward fact; first, because it denies the
year, and nearly one-half of the collections in this
shelter of friendly ports to the Mediterranean fleets
August has:been on goods withdrawn from warehouse.
of Germany and Austria, at a moment when the
is of transient interest as showing the effect of
This
English Government commands the Atlantic and the
but is to be taken in full view of the
quasi-embargo,
a
Channel, but, second,because of the possibility which
interruption (almost amounting
the
y
that
certaint
remains, that if Italy were to cast her lot with the
e) of all sorts of communication with
Allies, her flank movement against Austria might to a severanc
Europe is necessarily worst at its beginning
have important consequences.
y relieve itself through its intolerAt the moment, it seems that the initial great and will graduall
battle of the campaign will be fought to the southeast ableness.
Yet.:it is within possibility that some modified
of Brussels. The engagement may conceivably focus
necessary, or be so deemed, and
on the historic field of Waterloo, which is now only taxing may be found
as sugar, coffee and stamp
slightly to the west of where the hostile lines are several subjects, such
tioned. But, on the other hand,
known to be drawn up, and which commands the taxes, have been:men
of expenditures as an alternadirect road to Brussels. Censorship is so rigid on what about:reduction
e of more revenue? The word
all war news, and the exclusion of war correspond- tive and avoidanc
still in all the dictionaries; it is usual in
ents from the army so complete, that the information economy is
n platforms, in which the party out of power
which this country gets is based almost wholly on campaig
with alarm the reckless extravagance of the
bulletins from the war offices, and hence is naturally views power; it is mentioned now and then on the
in
party
one-sided and possibly at times intentionally misof one or both houses of Congress, and the honfloor
Gerwith
leading—especially since communication
orab!e members decorously hold their faces straight
many has virtually stopped through the cutting of
they ostensiblyllisten and approve. Everybody
the cables. News of the first importance cannot, as
but everyin favor of economy and retrenchment,
however, be very long delayed. With possibly a is
into
either
putting
of
favor
Lin
'
not
s
continue
million men already aligned on each side of the con- body
r
particula
the
in
or
time
present
this
just
practice at
test, with the enormously increased effectiveness of
the
have
to
willing
direction proposed; everybody is
modern artillery, with the consequent radical change
applied outside of his own district and far
pruning
in military tactics, with the field telephone and the
from his own plans for officially returning to
aeroplane as new factors in warfare, and with this away
Washington.
the first engagement in which first-rate Powers
Economy is honored (in the promise) by talking
have fought under these thoroughly modern condiit; by instituting commission after commission.
tions, the next few days or weeks should be rapidly about
inquire into everything, including the cost of livmaking history. Whichever side wins the victory, to
the reasons why so much public money is
we shall see no utter rout of the defeated army, like ing and
and there is no such thing as a budget or
d
the famous debacle of the French at Waterloo. We expende
bookkeeping system or other mode
genuine
are unlikely to witness a blockading movement and ay
finances in a business-like way. Inpublic
treating
surrender, such as Sedan. A line of battle more than of
is added to inquiry; commission is piled upon
a hundred miles long, with the fighting and sup- quiry
commission; and there is an almost total absence of
porting troops numerically so enormous, presents
recognition by the public, as well as by office-holders
little probability of that.
legislators, of the fact that officialism of every
What is most probable is that the Battle of Mouk- and
is a public burden to be borne.
den will be repeated on a larger scale; ending, as that kind
That war is costly and must be paid for is plain
conflict did(afterthree or four days of engagement in
even the most illiterate; nearly all comprehend that
force from end to end of the line of battle) in the to
war establishment is a drain even in time of peace,
slow withdrawal of its shattered forces by the defeated a keepin many thousands of able-bodied men nonarmy, and a halt from pure exhaustion by the victors. by
producers and turning the labor of many others into
The campaign would then inevitably shift to ground
what is non-productive, for munitions of war are
nearer the capital of the defeated army, and preparaseeds that grow crops of destruction only. Most
tions for the next engagement be renewed. How
persons can see without aid that a failure of imporlong such a series of engagements could continue,
tant food crops would produce scarcity and higher
without one or the other party suing for terms of
prices; but through some strange lack of reasoning
peace—no doubt through the medium of the United
people do not realize that the annual waste of propStates—would depend mainly on the staying power
by fire and the existence of a too-large officeof the retreating troops and the quality of available erty
•
AUG. 15
1914.]
THE CHRONICLE
441
holding class means waste by unprofitable consump- noted upon
how slight inducement food prices rise
tion in the one and a deficiency of production in the and how sluggishly they
respond to what apparently
other.
are reasons for a decline. The upward movement
To impose more taxes and higher taxes is the most hardly requires a concer
ted action; it can become
"natural," and, unhappily, the more popular way, simult
aneous by unspoken "suggestion," and there is
also, of preventing any deficit. With all property to probably no
doubt that many dealers have been very
draw from, and with the miserably deceitful notion hasty in trying
to seize opportunity while it is still
that whoever "has no property" pays no tax, why new. On the
other hand the most real causes for
not lay hold of enough? With extravagance stead- high prices of
food have existed for many months.
ily growing, "enough" is a steadily retreating pros- As to meats,
one of the largest of the Chicago conpect; as we have possibly remarked already, to over- cerns avers that
receipts at the stock yards have been
take and satisfy an increasing expenditure is as hope- almost on a
famine basis for the last two weeks,
less as to try to fill up a rathole by pouring water particularly
saying that in its nine plants the number
into it.
of cattle and of hogs killed in the first week of the
Here is an occasion; who is the man in public life war was
not much more than one-half and one-fifth
to respond to and be equal to it? The role of enforced that in the
last week before the outbreak. This
economist is not popular. Some who essayed it have would
put the blame back upon the producer, who
been rewarded by the not highly honoring title of is an
evasive person to find; but the supply of meats
"watchdog of the Treasury." He who rises to this notorio
usly does not keep pace with consumpoccasion must have firmness. He must regard right tion.
and principle more than expediency. He may be
It is to be remembered, also, however unwillingly,
beaten at the polls by somebody who talks for "an that the
highest large bidder controls any market,
appropriation." None the less, the opportunity is and
that we cannot expect to remain unaffected by
created by the need.
a European demand for food which is coupled with
decreased production. If sins and errors carried no
penalty beyond those who commit them, their numTHE ADVANCE IN PRICES.
ber would swiftly decline; but vicarious sufferi
ng is
The President's letter to the Attorney-General the
law of the universe, because interdependence
is
regarding the advance in prices which has occurred a still
more fundamental law. The personal bursince the outbreak of war in Europe directs atten- dens of
bereavement and consequent poverty will
tion to an undoubted abuse. There has been some lie most heavil
y on the countries involved in this
gratifying disposition shown to stand together in most causele
ss of wars; but we must all take some
minimizing the unhappy effects of the war upon this share in its trials,
because we are living.
country, instead of rushing to seize the utmost individual gain without consideration of others or of
IMMIGRATION AND EMIGRATION IN
the future. One large drug concern, for example,
1913-14.
promptly announced that it had not raised prices
The latest bulletin issued by the Bureau of Immiand would not do so until compelled, and that it
had withdrawn some wholesale stocks for the benefit gration, Department of Labor—that for June and the
fiscal year ended June 30 1914—confirms the opinof retail customers. Large importers or handlers
ion we expressed on July 11, that the movement of
of important articles, such as dye-stuffs, which are
aliens in this direction in the twelve months of 1913necessary for manufacturing uses and come largely
14, while of great magnitude and, under existing
from abroad, have notified their distributing agents conditi
ons, in excess of current needs for additions
to accept no orders at present from new customers, to our
labor force, would be smaller than for 1912-13.
to supply only moderately to any one, and then The
expectation was that the June influx, when ofonly upon inquiry into the needs of the customer as ficially compil
ed, would fall far below 1913. That
to the next three or six months. On the contrary, has proved
correct, and, moreover, the July arrivals,
the outcry about higher prices of food is already as unofficially
tabulated, are the smallest for the
raised, and an advance in meats, particularly, is period since 1908.
Furthermore, with Europe indemanded. Besides the action of the Federal Ad volved in war, the
arrivals of foreigners for some time
ministration, the Mayor and the District Attorney to come are likely
to be practically nil. Thus it is
here have begun looking
into any possible con- that within a period of a few days a new situation as
certed advance; similar action reported from Chi- regards the
is
ordinary labor force of the country has
cago; resolutions for the customary inquir are
y
of- developed—a change from a fear of plethora to one
fered in Congress, and a bill
for penalizing any agree- of anxiety as to where sufficient hands are to be obment to advance prices of any
food article handled in tained to carry on much work for which contracts
inter-State commerce is talked
have already been arranged.
of.
The affirmation of a
The alien arrivals at the various ports of the
sentence to imprisonment
against certain members of
an alleged "poultry United States in June 1914 aggregated only 85,094
trust" under an old and
almost unknown law of this (made up of 71,728 immigrants and 13,366 non-imState ["Chronicle" Feb. 14,
p. 482] is a reminder migrants), this comparing with no less than 198,457
that there has long been law
enough to cover agree- in 1913 and 108,235 in 1912. For the six months
ments and conduct which
do amount to conspiracy ended June 30, the number admitted was but 572,to raise the prices offood,and
presumably similar laws 337, against 786,159 the previous year for the same
exist in most other States. Undoub
tedly dealers period and 580,562 in 1912. For the full fiscal year
and growers of food have noted
the situation and have 1913-14 (July 1 1913 to June 30 1914), however,
assumed that it means an
opportunity; the con- owing to the heavy movement the first half
of the
sumer will expect to be confro
nted by higher prices, period, the decline from the preceding twelve
months
so why should he not be? As consum
ers, we have au is small, 1,403,081 contrasting with
1,427,227, and
442
THE CHRONICLE
[VOL. xcDE.
1 approximates
the gain over both 1911-12 and 1910-1
THE LEHIGH VALLEY REPORT.
in the latinflow
the
t
agains
But
close to 400,000.
l report of the Lehigh Valley Railroad
annua
The
ures
of depart
est year we have to set a larger volume
with the usual promptness and covertted
submi
w
Co.,
t
outflo
than usual, the emigrant and non-emigran
twelve months ending June 30
the
time
this
reing
3,
totaling 633,805, against 611,924 and 615,29
that the company passed very credspectively, in the two preceding years. It follows, 1914, shows
through a period of adverse conditions. The
therefore, that the net gain in foreign-born popula- itably
com- presence of these adverse conditions, however, is
tion falls moderately below 1912-13--769,276
of clearly reflected in the results.
paring with 815,303—but is considerably in excess
The extent and nature of the unfavorable condi1911-12.
which the company had to contend is
For an extended period of time Italy has fur- tions with
generally appreciated. It has been
nished the largest quota of the arriving aliens- probably not
the policy of the present management to
323,863 in 1913-14, or more than one-fifth of the part of
of secure greater diversification of the traffic of the
grand aggregate—but the return movement
it has succeeded in its purpose. There
Italians in the'latest twelve-month period was very system and
advantage in diversification of tonnage
heavy, reducing to 184,704 the net inflow. Ar- is, of course,
on for it in the Lehigh Valley case
rivals of Hebrews, too, were very large, and, as de- (and the occasi is recalled that the Lehigh Valley
it
when
partures were small, the net influx was decidedly will appear
ered a distinctively anthracite
consid
ly
greater than in 1912-13. The immigration from was former
tonnage in that traffic is still very
Austro-Hungary, Bulgaria, &c., Canada, Germany, carrier and its
all classes of traffic suffer alike
Greece, Mexico and Roumania was also ahead of large), but when
another,a diversification of tonnage
1912-13. On the other hand,the inflow of IPoles fell from one cause or ameliorate the loss, but tends
to
considerably under the unprecedented total of the does not serve
it and make it the more consize
empha
to
rather
heless
large.
nevert
previous year, but was
Aside from the matters already referred to, the spicuous.
general
It will readily occur to everyone that
bulletin under review gives a mass of information of
on must have been an important factor
an interesting nature, as, for instance, a compilation trade reacti
company's income. But other unindicating the occupations of the new additions to as affecting the
circumstances in the year's operations
our population. Information on this point is classi- favorable
oked. Last season's grain harfied under three heads—professional, skilled and should not be overlo
were deficient and as the road
miscellaneous. Under the first head, the influx in vests in the West
through traffic, its agricultural
1913-14 was a little ahead of 1912-13, with teachers, carries no little
was considerably reduced. The anthracite
electricians and musicians showing the largest in- tonnage
underwent contraction because of dull
creases. Most of the various classes of skilled work- coal traffic that trade incident (as explained in the
in
ions
men also arrived in greater numbers, conspicuous condit to the exceptionally mild winter, particu)
report
cars,
barber
among
found
being
13
gains over 1912the Northwest. We should imagine that
in
larly
penters, clerks and accountants, dressmakers, lockcut
the bituminous coal tonnage must have been
ed
smiths, masons, milliners,painters,tailors and seamoccurr
which
g
minin
of
sion
by the suspen
ts
stresses. But in one important vocation—mining— down
distric
ous
numer
in
1914
April
of
the 1st
the year's movement in and out resulted in a decrease after
all
At
ng the adjustment of wage questions.
in the labor force. The miscellaneous division, pendi
, the bituminous coal tonnage fell off.
embracing all those not included under the heads events
it will not be
In view of all these circumstances,
already mentioned, is, of course, very largely made
reduced in
were
es
revenu
d surprising that
up of farm laborers, other laborers and servants. deeme
g
tments.
leadin
depar
the
of
cally every one
Of the first-named class, the net inflow was over practi
a
was
se
there
t
decrea
freigh
coal
revenue from
284,000, but, unfortunately, no great proportion In the
ue
from
the
merreven
In
.
9.28%
or
$1,892,705,
of them would seem to have reached the locations of
se freight there was a decrease of $1,313,064,
chandi
es
chanc
the
d
and
where their activities are most desire
or 8.04%. The earnings from the passenger traffic
of personal benefit greatest.
the whole well maintained and yet showed
That phase of the immigration problem, in fact, were on
se. Some of the minor items of revedecrea
is the main cause for disappointment in the working a slight
somewhat on the year preceding, but
ved
impro
of our laws. The Far West and South, as is well nue
was a falling off in aggregate gross
there
ther
altoge
known, are in need of a constantly augmenting farm
of $3,259,808, or nearly 8%. It should be
labor force to attend to existing cultivated territory earnings
however, that comparison is with very large
and assist in the opening up of new crop-producing noted, revenue the preceding year and that,barring
of
areas, but according to tabulations in the official totals
earnings of all the leading departments—
the
1913,
little
y
ns
get
ativel
sectio
compar
bulletins, those
andise and passenger alike--were the
merch
e referred last year to coal,
aid through immigration.
.
record
on
t
the fact that the majority of the arriving aliens seem larges Lehigh Valley Co. was more fortunate than
The
to settle in three States on the North Atlantic searoads in being able in part to offset the loss in
most
the
y
On
of
4.
true
equall
1913-1
is
that
and
board,
earnings by a reduction in expenses. This it
other hand, out of a 1,218,480 total of immigrant gross
able to do because certain items of expenses,
aliens admitted (non-immigrants not being included was particularly the outlays on maintenance account,
in the table), of which 288,053 are classed as farm and
been of unusual magnitude in the years immedilaborers, the South got but 30,979 and the large had preceding. The maintenance expenses were
grain-producing areas west of the Mississippi only ately
ed as compared with the year preceding $1,46,205. It is an anomalous situation that, with so reduc
5, but,as indicating their adequacy, it is only
many farm workers arriving each year, so few ap- 668,68
to say that they are far in excess of those
ary
necess
parently reach the points where they are most
of any previous year,with the single exception of 1913.
needed.
AUG. 151914.1
THE CHRONICLE
443
Transportation expenses,however,again increased, for 1914 the average train-load of revenue freight
notwithstanding the smaller volume of tonnage trans- was 595 tons, while the total load, including company
ported, and the traffic expenses and the general freight, was no less than 617 tons.
The high state of operating efficiency attained
expenses also were larger, all of which goes to emphain great measure from the large sums spent in
follows
has
which
expenses
of
size anew the rising tendency
nt and development
been such a serious feature in the affairs of all the recent years for the improveme
the money for
extent
small
no
To
prominent railroad systems and has been particularly of the property.
current
earnings,
of
out
came
work
nt
improveme
the
in evidence in the case of the Lehigh Valley Co.
all diviomitting
of
followed
been
having
policy
the
President E. P. Thomas tells us that some reducwas
the
property
while
time
a
for
payments
dend
but
tions were effected in the operating expenses,
tion.
reorganiza
financial
and
physical
undergoing
high
the
and
paid
that with the high rates of wages
are being maintained on a basis of
prices ruling for all commodities required in railroad Now dividends
annum, and this rate of distribution was
operation, it was impossible to curtail expenses 10% per
year,notwithstanding the loss
proportionately to the falling off in revenues. The fully earned in the late
referred to. The margin
already
net
earnings
in
part played by higher wages can be judged when it
is no longer as large
however,
dividend,
the
above
for
labor
is noted that the total payments direct to
for fixed charges,
providing
After
it
was.
once
as
been
to
have
stated
the year covered by the report is
remained on the
surplus
a
like,
the
and
rentals
lease
operating
total
the
•
of
$17,120,151, or 56.30%
call
.
expenses, including outside operations, the sum hav- year's operations in amount of $7,056,659 The
thereleaving,
,
ing been distributed among an average of 22,017 for the 10% dividend was $6,060,800
employees. In the general expenses the increase fore, a balance of, roughly, a million dollars. This
results of the
of $72,447 as compared with 1913 is explained as surplus does not take account of the
Co., all the
Coal
the
Lehigh
Valley
of
operation
being due almost entirely to the expenses incurred
company.
railroad
the
by
is
of
stock
which
owned
is
The
statement
in valuing the company's property.
in its net
shrinkage
a
large
coal
This
suffered
concern
increase
the
review
under
year
also made that in the
demand
restricted
the
to
in
the
due
late
year,
earnings
laws
full-crew
so-called
the
with
due to compliance
state
winter—a
mild
for
the
of
as
a
result
pass
anthracite
lines
company's
the
which
through
of the States
by
profits
the
and the increases granted to labor amounted approxi- of things which not only reduced
but
done,
business
of
mately to $375,000. Owing to all this it was possible reason of the smaller volume
per ton of mining
to offset the $3,259,808 loss in gross earnings to the also added materially to the cost
anding all this,
Notwithst
coal
as
such
was
large
shipped.
the
extent only of $1,498,658, notwithstanding
a surplus in
earned
the
company
coal
however,
loss
a
leaving
saving in the maintenance expenses,
charges for
deducting
after
of
amount
$564,859,
12.63%.
or
,
in net earnings of $1,761,150
the
property
of
on
funds,
depreciati
sinking
royalties,
infurther
was
earnings
to
The ratio of expenses
previous
the
In
debt.
on
the
funded
and
interest
against
as
69.40%,
reached
1914
creased and for
much
as
was
months
67.62% in 1913, 66.98% in 1912, 62.11% in 1911 year the surplus for the twelve
and 59.95% in 1910. In four years, it will be ob- as $1,471,275.
The book-keeping methods of the company conserved, this ratio of expenses to earnings has risen
exemplary. In the profit and loss account
tinue
from 59.95% to 69.40%, illustrating the diffihas been charged off to represent the dis$1,000,000
culties that railroad managers are having to contend
General Consolidated Mortgage bonds
the
on
count
with in that regard.
reduction has been made in the
further
a
and
sold
ratio
But this tells only part of the story. The
stock of Coxe Bros. & Co. of
capital
the
of
value
book
taxes.
the
given is that before the deduction of
like reduction was made in the book
These have risen even more decidedly than the $1,000,000. A
property in each of the six preceding
ordinary expenses. The addition to taxes in the value of this
has been charged
late year was $102,690, thereby further raising the years, so that altogether $7,000,000
loss in net to $1,863,874. In the last six years the off.
The company sold during the year $10,000,000
aggregate amount paid in taxes has risen from
4IA% General Consolidated bonds, and President
$1,122,867 to $1,549,895.
It deserves, too, to be pointed out again that the Thomas points out that this represents the only new
rise in the ratio of expenses to gross earnings has capital obligations issued and sold by the company
since
occurred in face of steadily developing operating to provide it with funds for capital expenditures
of
efficiency. Owing to the contraction in tonnage, the the sale to stockholders in 1910 of $20,166,900
cash.
0
$20,166,90
average train-load of revenue freight in the late year capital stock at par, which yielded
was not quite equal to the extraordinary average A statement is introduced to show that in the four
of the previous year, and yet aggregated 595 tons years from July 1 1910 to July 1 1914 the company
(this being against 599 tons in 1913), and the earnings incurred outlays for the retirement of outstanding
of the freight trains per mile run were even a trifle obligations, acquisition of new property and imbetter at $3 82 than in 1913, when the average was provements to existing property aggregating alto$3 78; in 1912the average was $3 65 and in 1911 $3 55. gether $40,329,462. Of the total, $23,009,924 reprePresident Thomas, in the report for 1910, directed sents expenditures for construction,for new property
attention to the increase in the average train-load and for rolling stock and floating equipment. This
from 485 tons in the year 1903 to 542 tons in 1910. last furnishes a graphic illustration of the large outIn the four years since then there has been an in- lays that have been and are being made for the imcrease, first to 544 tons in 1911, then to 566 tons in provement of the property.
The company's financial condition is one of great
1912, and now to 599 tons in 1913 and 595 tons in
The amount of cash on hand June 30 1914
strength.
further
When
extended
the
1914.
comparison is
back, the progress made becomes still more impress- was a couple of million dollars smaller than on
ive, for in 1898 the average train-load was only 384 June 30 1913, notwithstanding the putting out of
tons, and this apparently included company freight; $10,000,000 new Consolidated Mortgage bonds,but
444
THE CHRONICLE
amounted, nevertheless, to $11,020,820. At the
same time the company holds unissued in its treasury
$18,711,000 of its own securities, and these two, together with accounts due and receivable and other
items (including $3,373,260 of materials and supplies) brings the total of what are called working
assets up to $37,151,939, while the working liabilities
aggregated no more than $4,074,585, though in addition there were $2,954,020 of liabilities accrued but
not due, including the dividend due July 111914.
[VOL. xcix.
The subject persists, and some of the union men in
the General Electric works at Schenectady are reported as threatening a strike of 16,000 there unless
that concern gives up attempting to reduce its hazards
by winnowing out those likeliest to cause heavy
claims. The first annual report of the Massachusetts
Industrial Accident Board says that "one of the logical but most unexpected developments of the Workmen's Compensation Act" was shown almost immediately in throwing out the aged and the weaklings, one
company discharging twenty-two together, after a
physical examination; "the State (it says) which has
thrown these employees out of work will eventually
be asked to make provision for them," although the
danger of attempting non-employment and superannuation insurance is mentioned in the same sentence. Protest on the ground of hardship is quite
vain; one might as well complain of the common
discrimination against elderly men in hiring, or
against the advanced marine insurance rates imposed
now on Americans who are not responsible for the
war.
All this illustrates once more that benevolent intervention on behalf of one class, in confident expectation that its burdens will have to be borne by
another class, is liable to encounter unforeseen difficulties. Nor is it amiss to point out that in Brooklyn
the retail price of anthracite has been raised 25 cents
a ton, mainly to cover the cost of Compensation Insurance.
COMPENSATION INSURANCE.
The peremptory demand of a deposit of $10,000 by
each insurance company doing a compensation business named an amount plainly inadequate as to some
companies and excessive as to others, if the intention
was to obtain some advance guaranty of prompt
settlement of claims which would probably arise;
moreover, it was justly protested by the companies
as without any warrant in the law as well as without
reason, and the Commission has abandoned it, substituting "a voluntary deposit," the amount also
being left voluntary. A report made by an inquiry,
on account of the Commission, into the discrimination by employers against persons below the highest
physical standard and against married men, considers
that the amount of this has been somewhat exaggerated. The Commission sends out a statement repeating the unwarranted assurance that no policyholder in the State Fund will ever be called upon for
an assessment, and saying that "no discrimination in
the treatment of employees will be countenance by
RAILROAD GROSS EARNINGS FOR JULY.
the State Fund," and no employer insured there will
There is nothing encouraging in the preliminary
have any inducement to practice the discrimination statement of railroad gross earnings for the month
complained of.
of July, which we present to-day. The total falls
To this, Commissioner John Mitchell adds an as- considerably below the amount for the correspondsurance of his own that the premiums charged by the ing month last year and the loss is participated in
Fund "are the same, regardless of whether employees by the greater number of the roads included in the
have families or fail to come up to the highest physical tabulation. The outcome is not surprising. The
standards." The Commission's statement also seeks European war troubles did not occur until towards
to make a point for the Fund scheme by this declara- the close of the month, and hence cannot be claimed
tion, coupled with the assertion that an employer to have affected results in any appreciable degree in
carrying his own insurance has a strong temptation July, though they have been a potent cause of disto lighten his burden by drawing the line against the turbance thus far in August. The fact is, howweak and the married, and that an employer insured ever,that,independent of this new element in affairs,
In stock companies may be tempted to it by them. trade in the United States has for many months
How much attention has been or will be given to this been very much depressed, a circumstance which
part of the subject by employers we do not know, nor could not fail to leave its mark in diminished traffic
do we assume to predict how much will be given and revenues by our transportation systems.
to it by the insurance companies; but the distinction
The agricultural traffic, too, in many articles still
which the Commission seeks to make is wholly artifi- remains small as a result of last season's deficient
cial. A factor which has a direct bearing upon the harvest, though the wheat movement exceeded that
hazard assumed cannot be kept out of the computa- of 1913, since the 1914 crop of winter wheat is of untion of rate to be charged; if ignored, either by exampled dimensions and is now being freely marnegligence or because some particular scheme of in- keted. Furthermore, local disturbances have consurance is to be operated without the strictest follow- tinued in certain parts of the country, one example
ing of the laws of business, it will force itself in and being the disorganization of industrial conditions
make itself felt, sooner or later, to the exact extent occasioned by the coal miners' strike in Southern
that it is real. Argument and protest are vain Colorado, which has been in progress so long.
against it. Commissioner Dowling correctly reOur compilation—which comprises mainly the
minded some complaining men that while an employer roads that make it a practice to furnish
early apcannot force a physical examination upon anybody, proximations of their gross
earnings, consisting
he can refuse to employ those who refuse to permit chiefly of Western grain-carrying and Southern cotone, and Commissioner Mitchell said he believed a ton-carrying lines, together with the three large
man dependent on his labor for a living has a right to Canadian systems—namely the Canadian Pacific,
concea' any physical defect which is upon him; but the Grand Trunk Railway and the Canadian NorthMr. Mitchell did not venture to deny that the em- ern—show a loss of $4,061,048, or 5.22%. The agployer has a right to discover the defect or to turn gregate length of road covered is a little less than 100,away the man who admits one by refusing the test.
000 miles, including the three Canadian roads re-
AUG.
THE CHRONICLE
151914.]
ferred to, and which are rather conspicuous for the
extent of their falling off in revenues.
Comparison is with a month last year which had
recorded an increase in earnings (speaking of the
roads collectively) about the same as the present
amount of decrease. In other words, our early
statement last year showed a gain of $4,027,892,
or 5.57%. Previous to that, July had made
a good record as to earnings for many years past.
Thus in July 1912 our early statement registered
$5,881,771 increase, or 9.01%. In July 1911 the
increase by our preliminary statement was $2,149,002, or 3.39%. In July 1910 the increase was
$5,247,226, or 9.02%. And if we should extend the
comparisons further back, we would find an almost
uninterrupted series of increases for a long time, the
only prominent exception being in 1908, when there
was a heavy loss, owing to the great industrial depression prevailing at that time following the panic
of 1907. We annex a summary of our early July
totals back to 1896.
Mileage.
July.
k Year. Roads
1896__-- 126
1897__-- 122
1898_ - 126
1899 ---- Ill
1900__.- 99
1901-- 88
1902._-- 79
1903 ---- 75
1904__-- 67
i905_ - 55
1906-- 68
1907...-- 65
1908-- 53
1909-- 52
1910...- 50
1911 ___. 49
1912.... 44
1913._.. 48
1914 ---- 48
Jan 1 to July
1896..... 121
1897 ___- 120
1898..-- 125
1899-- 108
1900.... 99
1901 ---- 85
1902...... 78
1903-- 75"
1904....__ 67
1905 ---- 54
1906 ---- 68
1907 ---- 65
1908_.. 53
1909 ___ 51
1910 _.... 50
1911 ___ 48
1912 ____ 44
1913.... 48
1914._ 48
Year InYear
Given. Preced. er'se.
Gross Earnings.
Year
Given.
Year
Preceding.
The Western grain movement ran somewhat heavier than in the corresponding period last year, but
solely because of the large deliveries of wheat. For
the five weeks ending Aug. 1 the present year, the
receipts of wheat at the Western primary markets
aggregated 53,541,000 bushels, against only 41,885,000 bushelKin the same five weeks of 1913 and
but 21,940,159 bushels in 1912. In the case of the
other cereals, however, the receipts were 'smallerfor corn being only 13,114,000 bushels, against 14,296,000 bushels; for oats, 21,853,000, against 22,419,000;for barley, 3,440,000, against 6,920,000, and
for rye 629,000 bushels, against 839,000. For the
five cereals combined, the amount the present year
was 92,577,000 bushels, against 86,359,000 last year.
The details of the Western grain movement in our
usual form appear in the following:
Increase(+)
or
Decrease (-).
$
Miles. Miles. %
$
$
%
93,193 92,413 0.84 39,923,091 38,504.094 +1.418,997 3.68
96,605 95,286 1.38 43,055,387 41,056,206 +1,999,181 4.86
+579,026 1.49
90,942 90,417 0.58 39,401,085 38,822.059
94,980 93,906 1.14 49,779,446 42,625,375 +7.154,071 16.78
93,573 90,528 3.36 48,884,012 46,085,544 +2,798,468 6.07
91,846 89,891 2.17 52,849,645 46,334.619 +6,515,026 14.06
94,718 92,947 1.91 61,197,348 56,849,967 +4,347,381 7.64
97,910 96,049 1.93 89,395,816 61,980,921 +7,414,895 11.96
85,558 83,243 2.78 54,602,603 55,607,185 -1,004,582 1.80
75,398 73,629 2.42 50,144,735 46,659,292 +3,485,443 7.47
96,484 94,276 2.34 81,578,288 71,186,181 +10,392,107 14.60
97,152 96,231 0.95 90,308,407 80,982,305 +9,326,102 11.62
82,225 80,944 1.58 56,560,742 67.803,094 -11,242,352 16.57
78,680 77,193 1.93 53,904,004 49,721,071 +4,182,933 8.42
88,593 85,507 3.61 63,504,951 58,267,725 +5,247,226 9.02
89,573 87,624 2.24 65,753,422 63,604,420 +2,149,002 3.30
89,717 88,008 1.94 71,146,586 65,264,785 +5,881.771 9.01
90,307 88,321 2.25 76,359,850 72,341,958 +4.027,892 5.51
92,909 91,304 1.76 73,420,804 77,481,852 -4,061,048 5.2','
31.
90,918 90,118 0.88 254,840,255 238,948,747 +15,891,508 6.61
96,048 94,729 1.38 274,635,194 272,821,160 +1,814,034 0.61
90,290 90,395 0.58276,540,565 247,351,746 +28,888,819 11.61
94,604 93,530 1.14 321,435,882298,502,81 +22,933,065 7.61
93,573 90,528 3.36 336,441,873 299,297,422 +37.144,451 12.41
288,590,907317,871,965+29,281.05810.1,
88,374 86,419 2.03
94,573 92,802 1.91 400,633,078 369,655,341 +30.977,737 8.31
97,910 96,049 1.93 462,741,784 408,483,911 +54,257,873 13.21
85,558 83,243 2.78 3372,108,55065.668,378-6,440,172 1.71
75,141 73,372 2.42 334,014,442312,876,815 +21,137,627 6.7.
96.484 94,276 2.34 541,466,463 468,552,630 +72,913,833 15.5.
97,152 96,231 0.95 592,730,696 537,562,604 +55,168.092 10.2
82,225 80,944 1.58 361,745,684 436,752,181-75,006,497 173
77,616 76,170 1.90 346,539,778 311,855,551 +34,684,227 11.1
88,593 85,507 3.61 437,424,445377,461,389 +59,963,056 15.9
89,249 87,300 2.26 439,009,431 434.380,212 +4,629,219 1.07
89,717 88,008 1.94 467,423,390 434,848,109 +32,575,28 7.49
90,307 88,321 2.25 511,672,156 466,752,751 +44,919,405 9.62
92,909 91,304 1.76 481.901,747 514,197,618 -32,295,871 6.30
Note.-Neither the earnings of the Mexican roads nor the mining operationS
Of the anthracite coal roads are included in this table.
As far as the separate roads are concerned, the
losses are large and they are general. The Canadlan
Pacific, of course, leads, having fallen behind
$1,514,000, and it is well to note that in that case the
present decrease is in addition to $497,000 decrease
in the same month last year. But the Great Northern Railway in the United States is also distinguished
for a large loss, having suffered a decrease of $945,460.
In this latter instance, however, the present decrease
comes after no less than $1,046,856 increase in the
same month last year. In the case of other United
States railroads, the losses are much smaller in
amount, but they are very general. The roads with
increases are meagre in number and there is really
only one of good size, namely the $365,209 improvement for the month reported by the Chesapeake &
Ohio. In the table we now insert we show all changes
for the separate roads for amounts in excess of $30,000, whether increases or decreases.
PRINCIPAL CHA-NORS IN GROSS EARNINGS IN JULY.
Decreases.
Increases.
Chesapeake & Ohio
$137,431
$365,209 Chicago Great West
Southern Railway
135,402
83,705 Colorado & Southern___Mobile & Ohio
54.843 Wabash
Texas & Pacific
13
30
0,
733
29
1
38,920 Minn St P & S S M
049
112
90:500
-.542,677 StLo &Sor
Southwestern-R
Representing 4 roads in
Denver Pacificw
ee
rn-.
e8ntd
li
Gra
our compilation
000
$
Western
a56:666
Grand Trunk Pacific
44,294
Decreases. Chicago & Alton
Canadian Pacific
44,000
$1,514,000 International & Gt Nor_ Great Northern
42,556
945.460 Missouri Hans & Texas
Canadian Northern
31,360
334,500 Illinois Central
Grand Trunk
318,086
Buffalo Roch & Pitts__ -199,056
Representinii 18 roads in
Louisville & Nashville
195,052
$4,528.472
our comp lation
a These figures are for three weeks only.
445
Five weeks
end.Aug.l.
Chicago-
WESTERN FLOUR AND GRAINIRECEIPTS„
Flour.
Wheat.
Corn.
Oats.
Barley.
(tots.)
(bush.)
(bush.)
(bush.)
(bush.)
1914_ _
617,000 22,320,000
1913_
778,000 11,394,000
Milwaukee1914.___ 346,000
532,000
1913_
279,000
590,000
St. LOUTS:::
1914- _ 280,000 7,480,000
1818.__
294,000 6,099,000
Toledo1914_
1,256,000
1913_
733,000
Detroit1914_ _ _
45,000
318,000
1913___
40,000
105,000
Cleveland1
914---56,000
205,000
1913-- _
85,000
161,000
Peoria1914 _ _ _
161,000
730,000
1913_
199,000
278,000
Duluth1914 _ _
3,222,000
1913.__
3,448,000
Minneapolis1914 _ _
4,760,000
1913_
4,678.000
Kansas City1914__ _
10,352,000
1913._
10,287,000
Omaha1914_
2,366,000
1913_
4,112,000
Total of All1914.- 1,505,000
1913.... 1,675,000
Jan.1 to Aug.1.
Chicago1914_ _ - 5,351.000
1913_ _ -- 5,485,000
Milwaukee1914,- 1,657,000
1913_-__ 1,136,000
St. Louis1914_ _ 1,813,000
_ 1,766,000
1913_Toledo
1914_
1913.__
Rye.
(bush.)
884,000
5,925,000 12,272,000
7,075,000 11,219,000 2,081.000
175,000
216.000
1,231,000
883,000
1,487,000
1.514,000
689,000
976,000
90,000
159,000
1,168,000
1,195,000
2,365,000
1,705,000
96,000
40,000
32,000
30,000
185,000
233,000
272,000
224,000
1,000
1,000
8,000
7,000
142,000
88,000
351,000
332,000
231.000
252,000
308,000
, 366,000
2,000
9,000
8,000
1,000
653,000
879,000
1,645.000
1,028,000
137,000
185,000
19,000
32,000
49,000
251,000
300,000
533,000
2,869,000 1,462,000
161,000
166,000
606,000
358,000
997,000 1,098,000
1,775,000 2,166,000
133,000
228,000
989,000
1,269,000
619,000
600,000
1,935,000
1,813,000
1,237,060
787,000
53,541,000 13,114,000 21,853.000 3,440,000
41,885.000 14,296,000 22,419,000 6,920,000
629,000
839,000
38,081.000 46,640,000 57,158,000 11,957,000 1.626,000
26,700,000 87,456,000 75,168,000 18,521,000 1,510,000
2,996,000
4,094,000
7,974,000 10,496,000 8,306,000 1,211,000
7,243,000 7,788,000 10,374,000 1,462,000
15,820,000 11,054,000 14,555,000 1.008,000
748,000
18,631,000 15,415,000 12,529,000
118,000
484,000
3,056,000
1,588,000
2,931,000
2,604,000
1,064,000
2,026,000
1914-.... _ 258,000
1913-229,000
681,000
359,000
1,735,000
1.668,000
2,007,000
1,937,000
68,000
11,000
1914-- 386,000
1913.___ 282,000
Peoria1914.__.1,232,000
1913- - 1.473,000
mawh1914_
1913-- - 128,000
Minneapolis1914_
1913ansas City1914._
1913Omaha1914__
1913
529,000
566,000
2,508,000
2,603,000
2,466,000
2,799,000
22,000
45,000
32,000
4,000
1,445,000 9,023,000
1,289,000 11,484,000
7,214,000 1,625,000
6,096,000 1,888,000
175,000
344,000
10,896,000
21,910,000
780,000
447,000
1,472,000 1,525,000
5,666,000 4,254,000
407.000
671,000
43,620,000
52,596,000
6,277,000
3,749,000
Detroit-
cievaarui
25,000
2,000
25,000
16,000
7,594,000 9,284,000 1,658.000
9,016,000 15,257,000 2,006,000
17,434.000 19,610,000
20,389,000 9,894,000
6.050,000
4.343,000
7.578.000 22,086,000
11,950,000 12.418,000
7,774,000
6,933,000
Total of All1914-.10,697,000 142,134,000 130,618,000 117,850,000 33,752.000 8,252,000
1913-10,499.000 160,072,000 154,981,000 134,301,000 51,157,000 6,508,000
The cotton movement over Southern roads is never
of much importance in July, it being the tail-end
of the crop season. The shipments overland for
the month were 25,944 bales this year, against
31,697 bales last year, and the receipts at the Southern ports 85,173 bales, against 85,411 bales.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND IFRO
JANUARY 1 TO JULY 31 1914, 1913 AND 1912.
July.
Since January 1.
Ports.
1914.
Galveston
TexasCity, die
New Orleans
Mobile
Pensacola, dzo
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,Sic
Total
1913.
1912. I
1914.
1913.
1912.
bales. 35,034 29,739 15,6801,263,707 948,594 1,253,121
_ I 217,969 267,543 328,812
4,672
18,546 18,628 18,078 846,606 482,230 797,293
999 2,601 2,241; 130,515
71,454 150,689
2,636
354
601; 57,521
41.426 179.439
8,423 14,282 7,206, 430,710 302,008 810,087
205
380
67,900
44,134 162,075
1,549
926: 41,779
50,681 114,539
110
589
52
413
198, 70,023
47,953 189,879
10,394 9,548 8,4811 217,120 169,324 288,452
8,947 3,420 1,455, 106,487
62,615
27,976
-ea
85,173 85,411 55,246 3,450,337 2,488,070 4,302,951
THE CHRONICLE
446
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading
roads, arranged in groups:
EARNINGS OF SOUTHERN GROUP.
I
July.
1914.
1913.
$
413,280
Alabama Gt So
AlaNO&TPNO&NEast
336,636
Ala & Vicks_' 134,216
135,607
Vicks Sh & P
Ches & Ohlo_c 3.227,092
828,728
Cln NO&T P
Lou & Nash_b_ 4,749,990
Mobile & Ohio 1,111,863
Seaboard A L_ 1,790,909
Southern Ry__ 5,596,919
819,680
Yazoo & M V_
1912.
1911.
432,289
374,260
356,344
381,559
148,815
147,320
2,861,883
820,467
4,945,042
1,057,020
1,812,213
5,513,214
807,830
319,616
150,045
134,439
2,801,974
776,818
4,501,175
942,925
1,738,490
5,454,833
726,167
270,373
123,507
108,490
2,717,589
753,261
4,286,746
896,704
1,636,165
4,797,308
731,171
1910.
1909.
353,362
279,874
276,259
240,815
134,422
121,332
125,417, 106,298
2,688,695 2,410,007
743,154
662,013
4,201,600 3,885,980
838,272, 783,566
1,502,245' 1,361,549
4,786,6511 4,360,497
671,618, 643,930
Total
19,144,920 18,907,652 17,920,742 16,677,658 16,321,695 14,835,861
S Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
July.
1914.
Colo & South_
Deny & R G__
Internet & GN
Mo Han & T_a
Mo Pacific__ _ _
St Louis S W.
Texas dr Pacific
1913.
1,068,953
2,002,000
718,000
4,613,453
5,159,529
925.166
1,421,739
1,204,355
2,092,500
762,000
2,656,009
5,153,653
1,037,215
1,382.819
1912.
1911.
1910.
1,048,895
2,057,138
801,268
2,283,431
5,183,953
1,083,397
1,276,823
$
1,157,904
1,977,616
596,580
2,154,663
4,436,549
821,228
1,115,716
$
1,343.246
2,049,726
692,379
2,140,480
4,139,745
910,487
1,133,016
1909.
1913.
1
1912.
$
3
$
J
Canadian Pac_ 10,041,000 11,555,00012,O52,398
Chic Gt West
'1,066,589 1,204,020 1,069,275
Dul So Sh & At
288,648
318,381
320,143
Great North'n 6,570,267 7,515,727 8,468,921
Minn & St 1...1
762,461
742,787
738,978
Iowa Cent_ j
M StP & 8 E3 M 2,380,785 2,511,124 2,149,897
1
1911.
1,279,809
1,990,516
572,030
1,913,863
4,008,199
798,793
1,018,727
1910.
1909.
$
$
$
9,661,818 8,869,214 7,140,030
1,010,127
952,841
865,024
280,336
311,983
285,234
5,745,918 5 792,462 5,314,938
599,395 4 13,569
366,760
1242,890
252,739
2,014,101 1,903,210 1,711,950
Total
21,109,750 23,847,019!22,799,612 19,311,695
18,486,169 15,936,675
_
*Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN
GROUP.
•
July.
1914.
Buff Roch & P
Chic & Alton_
Chic Ind & Lou
Grand Trunk
Ord Trk W
D GE & M
Canada Atl
Illinois Cent_c
Tol Peo & W__
Tol St L & W_
Wabash
Total
1913.
1912.
1911. 1 1910.
1909.
$
$
941,495 1,140,551
893,219
822,232
796,585
758,904
1,293,949 1,338,243 1,230,611
1,170,992 1,089,688
593,387
581,889
544,283 1,314,9011
543,909
487,232
528,187
4,724,017 5,042,103 4,641,868 4,237,383 3,179,896 3,491,184
s
$
1
s
$
5,326,548 5,357,908 5,097,005 5,128,212 54,804,791 4,330,861
116,765
114,299
83,608
109,645
102,265
93,903
377,562 403,985
304,202
289,330
288,342
335,525
2,607,095 2,737,816 2,550,011 2,447,442 2,344,431 2,238.363
15.98051504 715 704 15 flgs 079 IA 021 RA0'1.1150445 12821.725
S No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of Indianapolis Southern beginning with July 1910.
We now add our detailed statement for the month
of July, comprising all the roads from which it has
been possible to procure returns for that period up to
the present time. We also give the comparative
earnings for the same roads for the period from Jan. 1.
GROSS EARNINGS AND MILEAGE IN
JULY.
Gross Earnings.
Name of Road.
1914.
Alabama Great South
Ala N 0 & Tex PacNew Orl & Nor East
Alabama & VicksbVicks Shreve & Pac
Ann Arbor
Bellefonte Central__
Buffalo Roch & Pitts);
Canadian Northern
Canadian Pacific_ __ _
Chesapeake & Ohio
Chicago & Alton
Chicago Great West_..
Chicago Ind & Louisv
Oln NO & Texas Pac_
Colorado & Southern_
Denver & Rio Grande
Western Pacific_ _ _ _
Denver & Salt Lake
Detroit & Mackinac
Dub South Shore & Atl
Cleorgia South & Fla..
Cirand Trk of Canada
Grand Trunk West
Det Or Hay & Mil
Canada Atlantic_ _
Grand Trunk Pacific_
Great Northern
Illinois Central
Internet & Grt North
Louisville & Nashville
Mineral Range
Minneapolis & St L..1
Iowa Central
Minn St Paul & S S M
Missouri Kan & Tex_a
Missouri Pacific
Mobile & Ohio
1913.
1914.
Nevada-Cal-Oregon-Rio Grande Southern..
StLouis Southwestern
Seaboard Air Line.__ Southern Railway_ __ Tenn Ala & Georgia_ _
Texas & Pacific
Toledo Peoria & West
Toledo St L & West_ _
Wabash
Yazoo & Miss Valley-
"1
8.644
2,802
925.166
1,790.909
5,596,919
6,982
1,421,739
116,765
377.562
2,607,095
819,680
Mileage.
Inc. -F) or
Dec.(-). 1914. 1913.
1913.
41,221
53.904
1,037,215
1.812,213
5,513.214
8,514
1,382.819
114,299
403,985
2,737,816
807,830
-2,577
-11,102
-112,049
-21,304
+83.705
-1,532
+38,920
+2,466
-26,423
-130,721
+11.850
237
180
1,753
3,098
7,010
94
1,885
248
451
2,514
1,372
237
180
1,608
3,082
7,037
94
1,885
248
451
2,514.
1,372
73.420.804 77,481,852 -4,061,048 92,909 91,304
Total (48 roads)
Net decrease (5.22%)
Mexican Roads(not in eluded in to tal)183,071
Interoceanic of Mex__
729,502
-546,431 1,031 1,031
Mexican Railway_ _
9434,800
9576,000
-141,200
395
361
National Rys of Ivlex.x 1,375,053 2,723.477 -1.348.424 6,135 6.135
a Includes Texas Central In both years.
x Now includes Mexican International in both years.
it These figures are for three weeks only.
Name of Road.
1914.
1913.
Increase. Decrease.
3
EARNINGS OF NORTHWESTERN AND NORTH
PACIFIC GROUP.
1914.
Gross Earnings.
Name of Road.
GROSS EARNINGS FROM JANUARY 1 TO JULY 31.
Total
15,908,840 14,288,551 13,734,905 12,260,256 12,409,079
11,581,937
a Includes Texas Central in 1914, 1913, 1912, 1911 and 1910 and
Wichita Falls
line from Nov. 1 1912.
July.
[VOL. xc
Mileage.
Inc. (-I-) or
Dec.(-). 1914.11913.
$
413,280
3
432.289
$
-19,009
9306,293
6,570,267
5,326,548
718,1 i t
4,749,9'0
77,749
762,461
9362,959
7,515,727
5,357,908
762,000
4.945.042
59,958
742,787
-56,666
-945,460
-31.360
-44.000
-195,052
+17,791
+19,674
1,104
7,803
4,763
1,160
5.046
121
1,588
2,380,785
2.613,453
5,159,529
1.111.RM,
2.511,124
2,656,009
5,153,653
1.057.020
-130,339
-42.556
+5,876
4-S4.942
4,10, ,976
3,86 - v.817
7,284 7,283
1.150 1.122
.3091
309
333,636
361,559
-27,923
203
203
134,216
148,815
-14,59!
142
142
135,607
147.320
-11,713
171
171
186,941
194,288
291
-7,347
291
6.905
6,138
+767
27
27
941,495 1,140,551
-199,058
586
576
1,594,300 1,928,800
-334,500 4,670 4,316
10,041,000 11,555,000 -1.514,000 12.227
11.605
3,227,092 2.861,883
+365,209 2.367 2,324
1,293,949 1,338.243
-44,294 1,026 1,026
1,066,589 1,204,020
-137,431 1,496 1,496
593,387
581.889
+11.498
616
616
828,728
820,467
336
+8.261
338
1,068,953 1,204.355
-135,402 1.867 1,867
2,002,000 2,092,500
-90,500 2,598 2,560
551,000
618,000
-67.000
942
933
154,553
132,104
214
+22.449
255
98,707
112,845
411
-14,138
411
288,648
318,361
626
-29.713
627
214,600
203,105
+11,495
395
395
4,724,017 5,042,103
-318,086 4,549 4,548
1,104
7.752
4,763
1.160
4,919
122
1,586
Name of Road.
Alabama Great Southern_ _
Ala New Or!& Tex PeaNew Orl Northeastern__
Alabama & VicksburgVicks Shreve & Pacific_ _
Ann Arbor
Bellefonte Central
Buffalo Rochester & Pitts..
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western__ _
Chicago Ind & Louisville.._
Chic New Orb & Tex Pac_ _
Colorado & Southern
Denver & Rio Grande__ - _
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl_
Georgia Southern & Fla__ _
Grand Trunk of Canada..
Grand Trunk Western
Det Or Hay & Mllw__ _
Canada Atlantic
Grand Trunk Pacific
Great Northern
Illinois Central
Internet & Great North__ _
Louisville & Nashville. _ _ _
Mineral Range
Minneapolis & St Louis__}
Iowa Central
Minneap St P & 88 M_ _ _
Missouri Kan & Tex
Missouri Pacific
Mobile & Ohio
Nevada-Calif-Oregon
Rio Grande Southern
St Louis Southwestern_ ___
Seaboard Air Line
Southern Railway
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western
Wabash
Yazoo & Mississippi Valley
1914.
2.967.461
2,274,458
1,003,459
996,122
1,205,231
51,026
5.551,276
10,930.000
64,569,660
21,264,645
7,568,430
7,793,525
3,848,709
6.239,863
6,978,927
12.005,609
3,093.741
729,217
688.517
1.867,145
1.461,975
1913.
Increase. Decrease.
3.042,883
75,422
2,393,301
118,843
1,080,676
77,217
991,045
5,077
1,285,630
80,399
3.255
47,771
880,921
6.432,197
1,738.700
12,668,700
12,854,847
77,424,507
19,982,528 1,282,117
-8-5r2r.62.2
8,420.752
130,324
7,923,849
52,933
3,901.642
154,189
6.085.674
1,279,127
8.258,054
963,757
12,969.366
357,369
3.451,110
119,097
610,120
32,588
721,085
140,326
2,007,471
41,241
1,503,216
2,492,196
29,688.100 32,180.296
92.360.220
37.020.111
37.042,532
5.057,163
32,737.927
419,585
5.358,375
92,517,018
42,059.590
36,730,679
5,555.506
34,484,425
474.913
5,298.762
15.124.994
16,819,000
32.805.416
7,415,193
191,913
313,459
6,740,362
14.802,994
38,765.360
49.137
0.971,720
692,616
2,497.776
16,320.624
6,618,474
16,448.925
17.377,981
34,460.690
7.296.573
205,263
370,805
7,253,451
14,684,806
38.792,685
76,964
9,554,533
782.446
2.626.455
17,627,158
6,134,017
-Iff;SM
156,798
5,039,479
- 498.343
1,746,498
55,328
59.613
1,323.931
558.981
1,655,274
118.615
13.355
57.436
513.089
118,188
27,325
27,827
417.187
89,830
128,679
1,306,534
484.457
481.901.747 514.197,618 3,071.648 35.367,519
Total (48 roads)
Net decrease (6.30%)
32,295.871
Mexican roads (not incl in totallIn terocean ic of Mexico.... 4,518,135 5,466,448
948,313
94,888.100 y5,400,300
Mexican Railway
512.200
17.389,771 27.477.023
Nat Rye of Mexico_x
10,087.252
a Includes the Texas Central in both years.
x Now includes the Mexican International in both years.
y These figures are down to the end of the third week only in both years
HOW CANADA SUFFERED THROUGH FOREIGN
EXCHANGE DISLOCATION.
[From a Canadian Correspondent.]
Such action as that which has characterized the
foreign exchange market during the last fortnight
has not been witnessed since the time of the Napoleonic wars. The sweeping advance in sterling
rates to a level beyond all reasonable limits has
proved very embarrassing to many Canadian financial and commercial houses. In the case of many
Canadian business men who are affected, the situntion is all the more perplexing in that they are not
perfectly familiar with the mechanism of foreign
exchange.
One wholesale dry goods house in Toronto has had
a falling out with one of the largest manufacturers
of woolens in Scotland as a result of the former's
refusing to buy exchange at the prevailing rates.
The Scottish house, of course, for the conservation
of its own credit, insisted that the Canadian house
meet its obligation immediately. Some very heated
cable.messages were exchanged, with the result that
AUG. 151914.]
THE CHRONICLE
4i7
a commercial connection of twenty years' standing of packing, of carting to the steamship wharf, of
is probably now at an end. This is but a represen- transporting to Europe, of insurance against loss,
and of loss of interest in transit. Then he ascertative case.
Many Canadian commercial and financial houses, tains the selling price of gold in London. If there is
which had shipped goods or securities across the a profit, he ships the gold. A profit of as little as
Atlantic before the outbreak of war, were beginning $200 frequently brings about the shipment of $1,to congratulate themselves on having sold, at the 000,000 in gold.
But the carrying of gold across the Atlantic takes
normal rates prevailing at the time of their shipments,
bills of exchange drawn on the consignees. A little time, and time was exactly what the London and
later, however, they were amazed to receive cables Continental bankers could not spare in the panic
from the British or Continental agents of the banks which followed the outbreak of war.
Again, the shipment of gold in time of war,with
which had negotiated the bills stating that accepwarships patrolling the seas in search of merchanttance of these bills had been refused.
Frequently it was but a case of delay made neces- men of the enemy's register, is a very hazardous unsary by the prohibitive Bank of England discount dertaking. The result is a very sharp advance in
rate of 10%. In such instances the bills have since the insurance rates on gold shipments. Such insurance protects the assured from loss or damage
been accepted.
Not so in France, however. One Toronto house to the gold, and from interest losses for periods of
which had drawn on a Paris house for 125,000 delay over the usual time of transit. When the New
francs received a cable stating that the bill could York Stock Exchange closed, insurance risks were
not be met on account of the banks in Paris refusing abandoned altogether; the underwriters would not
all discounts. The bank which had negotiated the assume them at any price.
In the light of these facts, it is no cause for wonder
bill demanded that it be covered immediately.
The Toronto house looked into the rates of French that foreign exchange rates have soared to proexchange and ascertained that it would have to pay a hibitive heights. General opinion among bankers
total of 30 cents for the transfer of one franc-19.3 and foreign exchange brokers is that the reduction of
cents-from Toronto to Paris. This the firm flatly the discount rates of the central banks of England
refused to do, as it would have meant a loss of some and the Continent and the restoration of relative
$13,000. The Toronto house held that all re- clamness throughout the financial markets of the
sponsibility rested upon the Paris house. In the world will witness a gradual return of foreign exchange
midst of the cabling there came the proclamation rates to a workable level.
of a general moratorium throughout France, deferring
the payment of all obligations until the end of the EFFECT OF EUROPEAN WAR ON MUNICIPAL BONDS.
The unsettled condition of the money market brought
month. This saved the situation, and the Paris
by the serious aspect of European affairs has resulted
about
accept
the
bill
when
the
period
of
morahouse must
in the failure of many municipalities, both in the United
torium comes to an end.
States and Canada, to sell their securities. The absence
Canadian sterling rates rest upon the antiquated of demand and consequent lowering of prices has also, in
123/2% premium basis. Scores of years ago, the numerous cases, led to the postponement of proposed new
pound sterling was of the value of $4 33 in Canadian financing, while in some instances bond issues scheduled for
the war started have since been withdrawn.
currency. The present pound sterling, of the value sale before
One of the cities which felt compelled to change its plans
2% greater than the old $4 33. for the issuance of bonds is Newark, N. J. That city had
of $4 86 2-3, is 123/
2% arranged to ask for bids until Sept. 24 for $3,000,000,gi%
Canadian sterling quotations treat this 123/
premium as the par of exchange and all variations of bonds, intended to refund several temporary issues for the
the rate are quoted on the per cent basis above or payment of the city's share of the Passaic Valley trunk
On Aug. 7 the Common Council decided, however,
below this. Much simpler is the New York method sewer.
to increase the interest rate to 4%%,and at the same time
of quoting the rate in dollars and cents-the total cost authorized the City. Comptroller to sell the bonds whenever
of a bill of exchange made up of the principal sum he could secure bidders. Essex County, N. J., of which
advertised for bids until Aug. 12
and the exchange charge proper. These rate ssoared Newark is the county seat,
for $450,000 4%% park bonds. The advisability of postas high as $6 50 and $7 for cables in New York last poning this sale because of uncertainty in investment conweek. The Canadian quotations were the equiva- ditions was discussed, but it was finally decided to go ahead
and open bids. Of the bonds offered, the county managed
lents of these figures. Canadian business men could to
sell $200,000 at par and interest, $135,000 being taken by
scarcely be blamed for deferring their obligations two local banks and $65,000 by the sinking fund. No other
bids were received and the remaining $250,000 bonds were
rather than pay such exorbitant rates.
withdrawn from the market. Another New Jersey municiThese remarkable quotations simply meant that pality which offered bonds recently is the city of Trenton. In
European bankers were in such frenzied haste to that case $170,000 43.% bonds failed to attract a single
bidder. Other issues offered without success since Aug. I
transfer capital from New York to British and are as follows:
/et.
Int.
foreign markets that the available supply of drafts Place Offering Bonds. Amt. Rate.
Place Offering Bonds. Amt. Rate.
plyesp
cisst.s
tu
on
.o
Acs
m
$3,500 5
.
.wt.$9,000 4
New Vienna, Cl
Europe
was
not
large enough to provide for the
on
Northfield S. D., 0_ 25,000 5
Allen Co.. Ind.(3 iss.) 68,000 4½% Olmstead Twp.,0
8,325 50/
immediate transfer of funds. Under this condition, Benicia
S. D., Cal_ _ _ _ 18,000 5%
Painesville, O.(2 las.) 8.500 5%
50,000
4%
0
S.
D.,
Piqua
25,000
4%
the facilities of the exchange market simply went to 11Briclecdkergrdiaglaie
, Minn _ _ 12.000 5%
Poplar S. D., Cal_ __ _ 2,800 6
58.000 5
Cincinnati. Ohio
100,000 4%% Pulaski S. D., Va
27,392 5%
the highest bidder. This capital was raised in Cloaluremnbce,
Rocky River,0
10,000 5%
us1‘'°
S
1.D..0 _210,000 43,5% Salem, Ohio
25,000 43.5%
400,000 5%
Co., Ind_
New York through the sale of British and foreign Decatur
4,360 4%% San Diego, Cal
41.000 434%
Defiance Co.. Ind_ _ 11,000 5%
Sandusky,Ohio
holdings of American securities and through the call- DelawareCoand.(2iss.)10,050
Smokey Hollow,Minn. 8,000 6%
5%
Delta, Ohio
South Amboy, N. J. 15.000 5%
15,000 5%
Fostoria. Ohio (2 iss.)_ 23.450 5
Summit Co., Ohio- 89,794 5%
ing home of European credit balances in New York.
Franklin Co., 0.(2iss.) 48,000 5
Thief River Falls,
10,000 5%
Granger. Tex
Minn
In normal times, when sterling exchange rates rise Hamilton
Co..0
80
10
5.8% 4
5 % Trumbull Co., Ohio
72,000
5%
Huntington
issues)
(2
Co..
Ind.
approximate
figure
of
$4
89,
it
becomes
above the
40,000 43i%
(2 issues)
8,610 4% Utica, N. Y
Buren Twp.S.D.,
Johnstown. Ohio
Van
transfer
funds
by
the
of
gold
shipment
to
less costly
1,400 534%
Marion Co.,Ind.(2iss.) 28
Ohio
5.888 5
44%
Waterbury, Conn...._100,000
Mercer Co.,0.(10 iss.)131.000 5%
%
bullion. The shipper of gold treats the yellow Miami,
Williamson, W. Va...150,000 5%
Fla
250,000 5%
Winston-Salem. N.0A28,000 5%
Muskingum Co.,0 _ _200,000 5
Wyandotte, Mich. (2
metal simply as an article of merchandise. He cal- New
Boston,0
%
40,000
New Boston S.D.,0.... 9
issues)
25
2188 5 a
Yankton, So. Dak
60,000 5%
culates what it costs him in New York, the expenses Newton Co.,Ind
217,182 5%
448
THE CHRONICLE
Among the bond issues withdrawn from the market after
a date for opening bids had actually been fixed is that of the
Yazoo-Mississippi Delta Levee District, Miss., consisting
of $1,000,000 5s. Owing to the general depression, the Commissioners of Everglades Drainage District of Florida decided to withdraw for the present $1,000,000 6s which were to
be offered for sale on Aug.20. A sale of $150,000 6s of the city
of Warrenton, Ore., scheduled to take place Aug. 3, was also
postponed at the request of bidders. The city of Durham,
N. C., had arranged to open proposals Aug. 4 for $60,000
43% bonds. The date of sale has now been changed to Oct.6
in the hope that that time will be more propitious for floating
the issue. The bidders for $58,000 5% bonds offered by Pulaski School District No. 4, Va., on Aug. 3 withdrew their
offers prior to the sale. The sale of $20,000 5% Washington
County School District, Va., bonds, which was to have occurred Aug. 10, was adjourned indefinitely.
One instance of the abandonment of contemplated loans is
found in Tulare County, Cal., where the Board of Supervisors decided it unwise to call an election at this time on
the question of issuing $1,500,000 road bonds. In the
county of Victoria, Tex., the officials postponed indefinitely
an election which was to be held Aug. 19 to vote on an issue
of hospital bonds. One of the larger city issues held in
abeyance is that of Providence, R. I. The issuance of
$1,700,000 street and highway bonds was contemplated, but
the City Council Finance Committee has decided not to ask
the Aldermen to authorize the bonds. An ordinance providing for the issuance of the remaining $200,000 of the
$1,500,000 bonds noted in 1912 by the city of Pittsburgh,
Pa., was introduced in that city's Council on Aug. 11, but in
an interview with a local newspaper, the City Comptroller is
quoted as saying that the bonds will not be offered until
the financial situation clears somewhat. In the city of
Houston, Texas, the Mayor has sent letters to citizens
seeking an expression of public opinion on the question of
holding an election at this time to authorize $5,000,000
bonds, the proceeds of which are needed for wharves and
docks, sewage-disposal plants and drainage completion.
[VOL. xciEC.
authorization, to create many hundred millions of
emergency currency.
national bank notes, to-day because all emergency currency stands
on a
par with every other national bank note outstanding. The trouble,
however, is that national bank notes cannot go into the reserves of
the banks:
it is unlawful to put them into the reserves of the banks. But
in the first
instance to some extent I believe the trust companies and kindred
institutions are permitted to hold part of their resources in national bank
notes,
and, as I am informed, if I am correctly informed, there is a very
large
amount of gold in the reserves of the trust companies, and that a number
of these trust companies have variously said that they do not need that
gold, that they want legal reserve money, money that it is legal for them
to hold in reserve. and I am sure part of the gold needed can come out of the
trust companies before the banks need be approached.
But if that should not suffice, and if the question is put before the banks,
"Shall this country, or the corporations, or the city of New York, default
upon its obligations rather than your drawing down your reserves, and
rather than your going to Congress and asking, as a temporary measure,
limited for a very short time, that you be permitted to count national banknotes in your reserves?" I cannot see that there can be any doubt about the
answer that should be given.
We have no dearth of gold in this country. We have more gold in this
country than, I believe, any other country in the world has; something
like fifteen hundred million dollars. probably. We have a thousand millions Treasury gold certificates outstanding, for which the Treasury holds
the gold, these certificates being to a large extent in the banks. We are
not short of gold. I tell you what we are short of; we are short of money to
pay our debts. We wave the American flag and say we are willing to help
the entire world, and are prepared to do it—and we haven't got enough
money to pay our own debts.
What does an honest man do if he cannot pay his debts? He tries to
borrow it, he makes his note for it. Well, that is just what we should do.
As we cannot borrow that money in Europe or anywhere now, we must
borrow it from our own people, who are willing to loan it to us by means of
emergency currency, the redemption of which the law protects, and we
must pay our debts, if we can do it, in this way.
Though advanced by such eminent people, the proposal to
substitute bank notes for gold in the reserves of the banks
has not met with much favor. Carter Glass, the Chairman
of the House Banking and Currency Committee, promptly
responded to the following effect:
The Federal Reserve Board is not considering any such thing,and will not
consider it. The Board has no power to do such a thing. I do know that
New York bankers are trying to get such a plan under headway and want
Congress to authorize it. I don't think Congress will do anything of the
kind. The New York bankers seem to be trying to put this country on a
fiat money basis under pretext of meeting an alleged emergency.
A.Barton Hepburn,of the Chase National Bank,discussed
the suggestion at length, and is quoted as saying:
There may be some bankers in New York who favor making national
bank notes lawful reserve for national banks, but there are many who are
violently opposed to such a scheme. National bank notes are a liability
of the bank issuing the same and not an asset—a liability is not a good reserve against another liability. Congress has just authorized over a billion
dollars of bank notes issuable by the banks against their assets, as provided
in the Aldrich-Vreeland law; they are in form, force and legal effect indistinguishable from notes secured by Government bonds.
Shall these be made lawful reserve? Under the Gresham law how long
would it be before the cheaper reserve would drive out the better—the
gold reserve? I presume banks would not be permitted to count their own
notes in their own reserve, but bank "A" can take out a block of this currency and swap with bank"B,"which has done the same thing,and its practical effect would be that their deposit liability could be protected only by
their note.
It is said State banks and trust companies are allowed to keep part of
their reserve against deposits in national bank notes; very true. State
banks and trust companies do not issue bank notes; national bank notes
in their hands are an asset, and may be presented for redemption to national banks and legal tender money demanded and received. In case of
national banks it is radically different, and to make bank notes lawful
reserve would be wrong in principle and worse in practice.
INCIDENTS OF THE SITUATION.
There have been many developments of an extraordinary
character, both here and abroad, in connection with the
financial situation. In Great Britain the Government, in
addition to the numerous other unusual measures previously
taken, has decided to guarantee the Bank of England
against any loss that might be incurred in discounting bills
of exchange of either home or foreign banks accepted prior
to Aug. 4. We give particulars in our article on the Financial Situation.
In this country a proposition has been advanced to amend
the national banking law so as to allow national bank notes
to be substituted for part of the gold reserves of national banks
H. P. Davison, of J. P. Morgan & Co., also found it imin order to release gold with which to meet maturing oblito endorse the scheme. The newspapers report
possible
gations in Europe. The proposition was presented to the
as having said:
Treasury officials and the Federal Reserve Board on Thurs- him
"I have seen no disposition on the part of anybody to take advantage of
day by H. R. Eldridge, Vice-President of the National City this situation," Mr. Davison said. "Every true American will pay his
Bank of New York. Mr. Eldridge had a letter from Frank debts when and where due, but this plan would do more to make payment
difficult than it would to facilitate discharge of obligations or re-establish
A. Vanderlip, the President of the bank, explaining the cause customary
intercourse in commerce and finance.
and occasion of the proposal. Mr. Jacob H. Schiff also ad- "Great progress has been made in unlocking this situation,both on this
and it is perfectly reasonable to assume that the strain
vocated the idea at a meeting of the New York Chamber side and on the other,
will lessen as the days go by.
of Commerce in this city on the same day. Mr. Schiff
spoke quite at length. Part of his remarks follow:
The San Francisco.banks last week decided not to resort
"The fact remains that to-day we are unable to provide for our debts in
the issue of Clearing-House certificates but to pay
to
Europe, because the banks have for the present, wisely probably, concluded
not to let out anything that could be utilized for shipment of goods to balances in gold the same as before. Following a meeting
Executive Committee of the San Francisco ClearingEurope. Now the question comes up in how far is it prudent; no.
in of the
how far should it be permitted that such a condition continue? I do not
Association on Aug. 3, the announcement was made
House
want to speak of individual indebtedness, but some of us know, probably
many of us know, that very considerable amounts of corporate indebted- by James K. Lynch, Chairman, that the members had
ness, of municipal indebtedness, will gradually have to be paid, or at least reached the unanimous conclusion that no necessity existed
become due, abroad; indebtedness which is payable to some extent in
for the issuance of Clearing-House paper. The Stock and
sterling, to some extent in francs and to slight extent in reichsmarks.
"The question is, should we permit that indebtedness for the present to Bond Exchange of San Francisco is closed.
remain unpaid? The moratoria that have been established by Government
The Clearing House at Boise, Idaho, according to latest
authority in England and Franco only cover acceptances, I believe, in accounts, also deems it unnecessary
to issue Clearing-House
francs, also checks, but these moratoria do not cover coupons, corporate
or municipal obligations that come due, and similar debts payable on certificates.
stipulated dates. Now,if those debts are not paid the debtor is in default
and no sophistry can change this.
It is said that we are not responsible for this condition of affairs, that we
have not broughtit on, and that those who have brought it on must suffer
for it. I cannot, and I do not, bellevemany honest men will agreewith that
view. If I create an indebtedness I cannot put a string to it,and say I will
only pay it in fair weather; I must pay it also in storm and stress.
Now we can pay this indebtedness nly if the banks, for certain Purposes which should be carefully &Teti ed by the banks, will let out gold.
The banks answer us: "Yes, we slam unwilling to let out gold, but this
gold is in our reserves and if we let it out we will have either to reduce or
deplete our reserves, which we must not do." That is correct, too. But
what have we emergency currency for? Therdi4now7authority,there is
There have been reports during the week that J. P. Morgan & Co. contemplated bringing out a French loan in this
country, and it appears that they have been tentatively
approached in the matter by private interests, but will not
entertain the suggestion if the attitude of the Administration
is unfavorable. A statement to that effect was given out by
the firm yesterday, and appears in our article on "The
Financial Situation" on a previous page. It is contemplated
that "no part of the credit would be used for gold exports."
AUG. 151914.1
THE CHRONICLE
449
Earlier in the week the firm made an announcement on money holdings decreased $79,988,000 and surplus reserve
decreased $68,243,850—from a surplus of $25,127,850 to
another subject, as follows:
The French Government to-day materially increased its deposits with a deficit of $43,116,000; circulation increased $9,352,000.
J. P. Morgan ez Co. and the firm announce that they are prepared to sell
checks and cable transfers on Paris in liberal amounts.
The Philadelphia Clearing-House has likewise discontinued
publication of the statement of condition of individual
the
the
by
The text of the British moratorium as passed
members, but gives out the totals for all member institutions.
House of Commons on Monday August 3 is as follows:
These totals of averages for the week ending Aug. 8 show
BY THE KING.
reserves at $87,213,000, a loss of 1,693,000 from the preOF
PAYMENT
THE
A PROCLAMATION FOR POSTPONING
vious week and a decrease of $12,537,000 since July 25.
CERTAIN BILLS OF EXCHANGE.
Loans increased $3,300,000 over the previous week and $3,George, R. I.:
Whereas, In view of the critical situation in Europe and the financial 728,000 over the figures of two weeks ago, to $400,172,000;
difficulties caused thereby, it is expedient that the payment of certain
individual deposits were $299,555,000, a decrease of $7,914,bills of exchange should be postponed as appears in this Proclamation:
advice ofour Privy 000 from last week and of $5,943,000 since July 25;bank deNow, Therefore, We have thought fit,by and with the
hereby proclaim,
Council, to issue this our Royal Proclamation, and we do
posits decreased $10,303,000 to $126,689,000, a loss of $14,
direct and ordain as follows:
from two weeks ago, and circulation increased $149,a
other
than
exchange,
262,000
of
bill
a
of
payment
for
If on the presentation
check or bill on demand, which has been accepted before the beginning 000 last week and decreased $40,000 from the figures of
a
the
by
bill
-accepts
of the fourth day of August 1914, the acceptor, re
July 25, standing at 811,613,000.
of the bill in the form set out hereunder, that bill
declaration on the face
or endorser
shall,for all purposes, including the liability of any drawer
or any other party thereto, be deemed to be due and be payable on a date
of on
maturity,
instead
one calendar month after the date of its original
the date of its original maturity,and to be a bill for the original amount
thereof increased by the amount of interest thereon calculated from the
date of re-acceptance to the new date of payment at the Bank of England
rate current on the date of the re-acceptance of the bill.
Form of Re-acceptance.
Re-accepted under proclamation for ginsert increased sum)
Signature
Date
Palace. this second day of August,
Buckingham
at
Court
Given at our
In the year of our Lord one thousand nine hundred and fourteen, and in
the fifth year of our reign.
When the House of Commons met on Monday afternoon
August 3 Lloyd George obtained leave to bring in a bill to
suspend temporarily payment of bills of exchange. The moratorium bill was read a second time, and it was afterward
passed through all its stages without discussion. The Chancellor of the Exchequer then announced that the Government had decided to extend the Bank holiday to three days.
The following is the text of the proclamation extending
the Bank holidays:
TUESDAY (AUGUST 4).
A PROCLAMATION FOR APPOINTING
WEDNESDAY (AUGUST 5) AND THURSDAY (AUGUST 6)
BANK HOLIDAYS THROUGHOUT THE UNITED
KINGDOM.
George, R. I.: We,considering that it is desirable in view of the crit'cal
situation in Europe and the financial difficulties caused thereby that
Tuesday (the 4th inst.), Wenesday (the 5th inst.) and Thursday (the 6th
inst.) should be observed as Bank holidays throughout the United Kingdom, and in pursuance of the provisions of the Bank Holidays Act, 1871,
do hereby, by and with the advice of our Privy Council, and in exercise of
the powers conferred by the Act aforesaid. appoint Tuesday (the 4th inst.),
Wednesday (the 5th inst.) and Thursday(the 6th inst.) as special days to
be observed as Bank holidays throughout the United Kingdom, under
and in accordance with the said Act, and we do, by this, our Royal Proclamation, command the said days to be so observed, and all our loving subjects to order themselves accordingly.
Given at our Court at Buckingham Palace this third day of August,
In the year of our Lord one thousand nine hundred and fourteen, and in
the fifth year of our reign.
The three additional bank holidays applied only to banking institutions and not to other trades or professions.
The extension of the Bank holidays was merely a measure of
protection to enable the Government to complete its arrangements in connection with the financial situation.
Following the custom pursued in 1907, when the last previous issue of Clearing-House loan certificates was made, the
New York Clearing House last Saturday discontinued issuing
the customary detailed weekly bank statement showing the
condition of the individual banks and trust companies.
Even the totals were issued in restricted form. The socalled actual figures, reporting the condition of the institutions at the end of the week, were entirely omitted. In
short, only the totals showing the averages for the week were
made public. Furthermore, the results for the banks and
trust companies separately were not given out, contrary
to the custom when conditions are normal. The summary of
averages covering both banks and trust companies registered an increase in loans, as compared with the week ending Aug. 1, of $28,965,000; a decrease in specie of $51.800,000;
a decrease in legal-tenders of $6,045,000; a decrease in deposits of $26,875,000 and an increase in circulation of $9,515,000. The cash reserve aggregated $386,589,000 (of
which banks held $324,225,000 and trust companies $62,364,000, this being the only item where the amounts for the
two classes of institutions are stated separately),and there was
a deficit under the cash reserve required of $43,116,000, this
comparing with a surplus of $8,603,050 the previous week in
the averages and a deficit of $17,425,750 in the actual
figures. For the two weeks from July 25 to Aug. 8 specie
decreased $73,492,000; legal-tenders decreased $6,496,000;
deposits decreased $48,269,000; loans incremed $26,679,000;
In the case of the Boston banks, the Clearing House suspended the publication of the full detailed statement a
week before similar action was taken in New York—that
is, it gave out only the totals for the week ending Aug. 1,
Last Saturday even the totals were withheld. In other words,
nothing whatever was made public for the week ending
Aug.8 concerning the Boston institutions.
Germany, it seems, has not as yet resorted to the use of
the moratorium. This is the information contained in a
news dispatch from Berlin dated Aug. 7, via London,
Aug. 8, reading as follows: "No moratorium is to be proclaimed in Germany for the present, according to the decision of the German Federal Council announced to-day.
Provisions were adopted, however, empowering courts to
deal leniently with debtors and the term for the payment of
debts may be extended for three months. Relief also was
granted in the case of bill of exchange transactions."
William P. Malburn, Assistant Secretary of the Treasury, on Saturday last gave out the following statement indicating how national banks not members of any currency
association can obtain emergency currency by applying directly to the Comptroller of the Currency. The statement
is as follows:
National banks which are not within the territory included in any
national currency association may make applicaMon direct to the Comptroller of the Currency for authority to issue circul„ting notes. These notes
will only be issued on the security of bonds or other interest-bearing obligations of any State of the United States or any legally authorized bonds
Issued by any city, town, county or other legally constituted municipality
or district in the United States which has been ii existence for a period of
ten years and which for a period of ton years previous to the deposit of such
security has not defaulted in the payment of any part of either principal or
interest of any funded debt authorized to be contracted by itand whose net
funded indebtedness does not exceed 10% of the valuation of its taxable
property. On the deposit of bonds which have been appro red, the issuance
market
of notes may be authorized not exceeding in amount 90% of their
value, but not in excess of their par value.
Commercial paper is not acceptable as security for note rissued by banks
not members of any currency association nor are other toms of bonds or
securities except those above described.
The National City Bank of New York, in view of the derangement of the world's exthanges, is offering to act as a
clearing house to facilitate the exchange of bank and cash
credits in South America and in other parts of the world.
The offer is contained in the following advsrtisement of
the bank printed in the daily papers:
Owing to the serious derangement of the foreign exchanges, the Nation&
City Bank of New York will undertake to act as a clearing house to facilitate the exchange of bank and cash credits in Sot I h America and in other
parts of the world. As a result of the moratoria nd bank holidays that
,it is for the time being
are in force in many important commercial countrier.
mpossible in a normal way to buy and sell exchange upon those countries.
It is feasible, however, in many cases to clear debits and credits upon foreign points, provided there can be brought together business interests having credits and debits at the same locality. If corporations, firms or persons having foreign credits or desiring foreign credits will communicate with
us, we will undertake so far as possible to offset these debits and credits.
At the meeting of the Chamber of Commerce of this city
on Thursday the report of a special committee urging the
establishment of a war risk insurance bureau by the Federal
Government,for the purpose of overcoming the drawbacks
regarding insurance that have arisen because of the European war, was adopted. The resolution reads as follows:
That the United States Government be requested to establish a bureau
of war-risk insurance to be administered under the direction of the Secretary of the Treasury by a board of three or five members, which shall
assume the risks of war on American vessels and American cargoes shipped
or to be shipped thereon, whenever in the judgment of the board It shall
appear that American vessels or American shippers on American vessels
are unable, in any particular trade, to compete on equal terms with the
vessels or shippers of other nationalities by reason of the protectionloffered
450
THE CHRONICLE
such other carriers or shippers by arrangements for war indemnity through
their governments; and that such board have power to fix rates of premium
subject to change to each country or for each class of cargo.
In view of the present crisis in commercial affairs and the imperative
necessity in the public interest of facilitating in every possible way the
shipment of merchandise to and from American ports, and in order that
shippers and merchants may know as accurately as possible the cost of
war-risk insurance and may all be placed on a parity in respect to this important factor in their calculations.
Resolved That the Chamber of Commerce calls upon all American marine
under writers in this emergency to co-operate to this end with the special
committee on shipments during the European war.
In adverting to the subject, the President of the Chamber
had the following to say:
We know something of the effect upon a steamship of collision with an
iceberg. With the outbreak of war in Europe between the groat Powers,
the international commerce of the world was halted as suddenly as a ship
by such a collision. Bills of exchange became almost unsalable; marine insurance to cover war risks was scarcely to be had; so that even the ships of
neutral nations became for the moment unavailable for shipments. One
hundred years ago the United States declared an embargo against Europe.
To-day, Europe has placed a momentary embargo on the foreign commerce of the entire world.
It becomes this Chamber to urge upon the Government any action that
may be necessary to enable our citizens generally to meet liabilities to
Europe, heretofore created. in so far as war conditions will permit, accord
ing to the letter of the bond. Nothing less than this is worthy of a powerful and prosperous people. Credits also can be exchanged across the wator,
when needs must, as well as at home. The next essential is adequate
marine insurance to cover war risks, and the increased hazards of navigation due to mines, to extinguished coast lights, and the like. England
has assumed the war risk for English bottoms, as a war measure. This
great neutral nation must devise some way to solve this problem for itself
as to shipments not only to countries at war but to that large part of the
world which is not at war. No feature of the situation calls for a higher
degree of statesmanship. These problems exist in the Gulf and on the
Pacific Coast. as well as on the Atlantic seaboard.
Of all the incidents that have grown out of the war in
Europe, none has excited greater criticism than the widespread advance in commodity prices. The Federal Government, the State Government and the city authorities have
all taken steps to probe into the matter with the view to
protecting the public and ascertaining whether the movement cannot be checked. On Thursday the President addressed the Attorney-General on the subject as follows:
The rapid and unwarranted increase in the prices of foodstuffs in this
country upon the pretext of the conditions existing in Europe is so serious
and vital a matter that I take the liberty of calling your attention to it.
I would be very much obliged if you would advise me whether there is
under existing law any action which the Department of Justice could take,
either by way of investigation or legal process, and what Federal legislation, if any, would in your judgment be justifiable and warrantable in the
circumstances.
I feel that this is a matter which we cannot let pass by without trying to
serve the country. Certainly the country ought to be defended, if possible,
against men who would take advantage of such circumstances to Increase
the price of food and the difficulties of living.
Faithfully yours,
WOODROW WILSON.
Attorney-General McReynolds sent the President an
answer the same day as follows:
I have your letter of Aug. 13, in reference to the unwarranted increase
In the price of foodstuffs.
The head of our special agents has been Instructed to give directions to
his men throughout the country to begin investigations in order to ascertain the real facts, and I am sending the various district attorneys similar
Instructions. This should enable us to secure some definite information in
respect of true conditions.
May I take the liberty of suggesting that perhaps the agents of the
Department of Commerce could render valuable assistance along the lines
Indicated.
When we have become somewhat more familiar with the exact situation.
I hope to be able to make you some suggestions In respect of legal proceedings or appropiriate legislation.
The Department has for some time been making investigations in various
directions concerning the price of foodstuffs.
Faithfully yours,
JAMES C. McREYNOLDS, Attorney-General.
The Attorney-General's suggestions had already been
anticipated by Secretary Redfield of the Department of
Commerce, the latter having set his agents at work to look
into the causes of the rise in prices.
The city authorities have also instituted investigations.
District Attorney Whitman has taken up the subject and
Mayor Mitchel appointed a Citizens' Committee which met
yesterday to prosecute an inquiry. In announcing the appointment of his committee, the Mayor dwelt upon the unprecedented situation created by the almost total cessation
of foreign commerce, and then added:
"Thousands of our citizens have been thrown out of work at a moment's
notice. Many industries have been prejudicially affected, with the result
that the number of unemployed has greatly increased.
"Prices of food and other necessities have begun to rise. How much
of this increase in price is atrributable to legitimately greater demands, how
much is due to a selfish hoarding of provisions, and how much is ascribable
to rapacity of unscrupulous dealers, is a matter for examination.
"The great exchanges have endeavored to minimize losses by suspending
the machinery for the registry of values until normal conditions are reestablished. The city should exercise what powers It possesses to render,in
so far as it may legally do so, a like service to those of its citizens in need.
"The situation is peculiar in that, while at peace with the world, we have
begun to suffer from a war without having the legal right to adopt the
summary measures that a Government can enforce when in a state of war.
But much can be done, if need be. through a legitimate extension of the
Police power under existing agencies of Government, and the aid of Con-
[Vol,. xcix
gress and the State Legislature can be invoked if other measures fail.
"Personally. I am inclined to trust In the decency and known fair dealing
of our people, and do not share the belief of those who fear that many
dealers in and producers of foodstuffs will selfishly take advantage of the
unusual conditions. Nor do I fear hoarding on any considerable scale, or
any great natural increase in the price of necessities.
"I realize, nevertheless, that it is well to be beforehand and to take steps
which, I hope, will proveunnecessary,to prevent unscrupulous greed from
being successful if attempted.
"I have accordingly appointed the following persons members of a relief
committee, with George W. Perkins as Chairman, to advise and suggest
ways and means open to the city to relieve the distress of those temporarily
unemployed citizens, with due regard for their self-respect; to ascertain
whether the raising of prices of necessities is natural or forced, and whether
an extension of the market functions of the city can help to keep prices at a
reasonable level, and to make other such recommendations and suggestions
as. in its judgment, may be of serfice to the city authorities in grappling
with the emergency.
"I have instructed the Commissioners of Health, Police, Charities and
Weights and Measures to give their most active co-operation to the committee, and to exhaust every agency of their respective departments in aid
of this work.
"I think I may safely say that the Board of Estimate and Apportionment
will give all the aid that may be required of it, should occasion arise for
appropriations of money by that body.
"I ask that the committee meet in the Council Chamber, City Hall,
to-morrow morning at 11 o'clock, and that, because of the shortness of
time, they will take this publication in the press as sufficient notification."
In Boston Attorney-General Boynton began an investigation on Thursday, and police officers were assigned to help
discover if the price advances were due to concerted action
of dealers. The Federal district attorneys in many parts
of the country are at work to see if ground exists for legal
prosecution.
Nowhere has the effect of the derangement in business due
to the European war been more keenly felt than by the former
subsidiaries of the Standard Oil Co. Partial evidence of
this is had in the reduction in the dividends declared this
week by the Buckeye Pipe Line and Crescent Pipe Line
companies to be paid Sept. 15. The former concern makes
its quarterly distribution $3, as against $4 Paid last June
and $5 paid each three months previously. In announcing
the dividend the company makes the following statement:
"The board of directors deemed it wise to reduce the dividend from that paid in June, owing to the continued decline
in business and the unusual conditions arising from the European war." The reduction made by the Crescent Pipe Line
Co. was to $1, comparing with $1 25 paid in June last and
$1 50 in previous quarters. One of the largest independent
oil companies, the Union Oil Co. of California, this week
decided to withhold the dividend of 2% which was to have
been paid Aug. 25, the report stating that this action was
due to the condition in Europe. This dividend was the
first the company had declared in over a year.
Another serious phase of the situation is the laying off of
employees or the reduction of working time, one report
saying that some 13,000 to 15,000 men of the Standard Oil
Co.of New Jersey alone are affected. One refining company,
which is essentially an export works, says it has made no
foreign shipments for several days and in consequence
manufacturing operations have been suspended. Loss of
business because of the inability to make shipments has led
purchasers to limit the amount of crude oil to be taken, with
the probability of a complete stoppage. Producers, on their
part, are curtailing output, instances of a reduction of from
25 to 50% of the normal production of the wells being reported. The price of crude oil has been steadily declining, a
further cut this week reducing Pennsylvania crude to $1 55
a barrel. At the beginning of the year the price was $2 50
a barrel. Nearly the whole of the decline, however, occurred
before the outbreak of the European war.
A big Government conference of prominent business men,
bankers, shipowners and shippers from all over the country,
and the members of the Federal Reserve Board, met in the
Treasury Department at Washington yesterday to discuss
ways and means to export our cotton and grain crops to Europe
and:finance our international trade balances under the conditions now existing as a result of the great European war. J.P.
Morgan participated, with James J. Hill, Seth Low, James A.
Farrell, John Bassett Moore, Festus J. Wade, J. J. Arnold,
John H. Fahey, Breckinridge Jones and others, to preserve our foreign commerce and shipping. James Speyer,
J. S. Alexander, William Woodward, John D. Ryan, William
L. Benedict of Kidder, Peabody & Co., James Brown of
Brown Brothers & Co., F. Q. Brown of Redmond & Co.,
Benjamin Strong Jr. of the Bankers Trust Co., A. J. Hemphill and Max May of the Guaranty Trust Co.; Pliny Fisk
H.L. Ickelheimer and John A. Donald were some of the New
York bankers taking part in the conference. Some of the
ATTG. 15 1914.1
THE CHRONICLE
451
proposals which the speakers laid before the Government
officials for the solution of commerce, shipping and foreignexchange problems during wax times were:
THE FEDERAL RESERVE BOARD.
The final step toward completing the Federal Reserve
"A recommendation that the Government make deposits in the natural banking system was taken on Monday, the 10th, when the
exchange centres. including New York, Chicago and San Francisco, thereby five members of the Federal Reserve Board appointed by
permitting a general resumption of foreign exchange necessary to the the President took the oath of office at the Treasury Departconduct of an international commerce.
"A recommendation that the Government follow Great Britain and ment in Washington. Charles S. Hamlin was designated
France in taking over during the war the business of insuring American by the President as Governor of the Board and Frederic .
bottoms and cargoes on the high seas, thereby enabling Americans to
A. Delano as Vice-Governor. Paul M. Warburg of New
control the prices of their own products, such as grain and cotton.
"That further amendments be made to the marine laws which will insure York, W. P. G. Harding of Birmingham, Ala., and Adolph
the immediate American registry of at least one hundred ships now ready C. Miller of San Francisco are the other three members.
to come in under the American flag."
Secretary McAdoo and the Comptroller of the Currency,
According to the New York "Evening Post," Seth Low John Skelton Williams, are ex-officio members of the Board.
said the New York Chamber of Commerce,which he spoke for, Mr. Warburg had previously retired from the firm of Kuhn,
would press for a solution of questions relating to Govern- Loeb & Co. and had severed all his other banking connecment insurance and foreign exchange.
tions.
The Treasury Department will be asked to deposit funds in the foreign
Secretary McAdoo took occasion to felicitate the Board and
exchange centres and through these deposits the banks will be able to carry
on an exchangebusiness in a satisfactory manner. Legislation is absolutely praise the new currency system, declaring that the new law
necessary to enable the Government to take over the marine insurance busi- had
been a strong factor in averting the financial shocks which
ness temporarily. The question as to whether or not ships admitted to
American register shall be allowed in the coastwise trade is a minor matter the European war threatened to this country.
"The present crisis, which has been precipitated by the European difficulties, is already well in hand," he said.
"Fortunately, this system, having already been authorized by legislation, was a reassuring factor in the situation; and the fact that the Board
At the present time, owing to war conditions. 40% of the vessels engaged was about to be confirmed and
about to actually take the oath of office.
in American commerce have been withdrawn from the seas. It is neces- and that these banks have been
organized to a point where they can be
sary to make up this deficiency as far as possible, but it must be done in a put quickly into operation,
has had a reassuring effect. also. And then.
manner which will not involve the United States in complications with any through the patriotism
of Congress, every man forgetting partisanship
of the belligerent Powers. That is one of the main questions to be con- and voting unanimously in
favor of measures to meet the unexpected
sidered, in my judgment, for nothing will be gained by borrowing trouble emergency, we have already
been able to get the situation in hand, and
while trying to solve an emergency. The question of buying outright there is no longer any danger,so far as the financial structure of this country
foreign ships tied up to our docks is an immense one. Even though we is concerned. Nothing
could more certainly testify to the strength of our
might escape complications with the belligerents, the question of the financial and economic position
than the way in which the country has
economical operation of these vessels is a vital one. Under the present laws withstood this world-wide shock
within the last two weeks.
it will cost 50% more to operate these ships with American crews than it
"The banks have progressed to this point: When the legislation was first
did before they were withdrawn from commerce. Should the wars end enacted the most careful estimates indicated
that they might be organized
quickly. American purchasers would be holding the bag in short order.
about the first of October, 1914. As a matter of fact, these banks could
E. N. Hurley of Chicago, representing the Foreign Trade have been organized by the first of August, 1914, but, due to causes over
which we had no control, the organization was not per focted by that date.
Council, said in part:
The fact that the board itself had not been organized on that date means
"The question of war insurance on American bottoms and cargoes is of the
the banks can certainly be organized by the first of October, 1914, or
that
utmost importance to American producers, especially of grain and cotton.
sooner, and that is a comforting thought considering the difficulties and
Great Britain has taken over Lloyd's business, and France has done the
the work that had to be done."
same for its commerce. If this is not done the price of these commodities
The Federal Reserve Board, being now complete, held its
will be absolutely controlled by that Government which hauls our cargoes.
the bill now pending in Congress providing means of attaining American first formal session on Thursday, Aug. 13. As a prelimiregistry will be useless unless this further step is taken. It is absolutely nary they
made a call on the President at the White House,
vital for the protection of our commerce. Whether or not vessels admitted
to registry shall also be admitted to the coastwise trade is a matter to be who addressed them as follows:
Recently, in the extraordinary circumstances existing in the world at
settled by others, but the question of the Government taking control of
the insurance is another matter. The question of foreign exchange is in large, we have been obliged to resort to legislation intended for unusual circumstances,
a resort which would not have been necessary if we had had the
comparatively good shape, but Americans must have a place in which to
organization which you are now about to consummate and put into operaship their grain, and those shipments must be properly protected.
I look forward with the greatest confidence to the result, because
The deliberations may result in the United States Govern- tion.
I believe we have devised a system which,though novel in some particulars,
ment insuring the ships to be placed under American regis- is clearly adjusted to the circumstances of American industrial and commertry against war risks, as has been done by the governments cial life; that has an element of local safe government in which it is quite
with the analogies of our political life and the habits of our
of Great Britain and France. It was the general opinion at consistent
regional life.
very happy to have played a small part in bringing this
the conference that the attempt to establish an American
personally,
I am,
a consummation, and I am particularly happy that you gentlemen
mercantile marine will be futile unless the Government plan to
have consented to serve the country in this direction, and to afford a guidenters the war-insurance field. Senator Owen and others ance to which I am sure it will respond with the greatest alacrity.
I know
proposed amendments to the navigation laws which will be what sacrifices many of you have made and, after all, that is not real sersome
price.
not
pay
which
we
The
do
very
fact
for
that personal sacvice
framed into a list of recommendations to be brought up for rifice
is involved is a guaranty to the country of what the results will be.
consideration in Congress immediately. It was urged that We will not serve ourselves, but the country at large.
in comparison, and one in which we have no such concern.
Bernard N. Baker, a representative of the shipping interests in Baltimore, said:
Congress make a quick but full revision of the navigation
laws.
Headed by Secretary of the Treasury McAdoo, the entire
delegation was received by President Wilson at the White
House after the morning conference.
President Wilson extended a hearty welcome to the
delegation during their visit and promised them Government
co-operation in the present dilemma, with reassurances "that
the antagonism between Government and business has disappeared and that there is to come upon business a spirit
of generous rivalry and co-operation that is the essence of
statesmanship." President Wilson's remarks follow:
I cannot refrain from expressing my gratification at Congresses of this
sort, where the methods by which the Government in all its departments
can co-operate with the business and life of the country can be shown
more intimately than it has ever been
shown before. If we get no other
benefit out of the present trying
circumstances in the world at large, we
shall at least get this benefit: We
shall enjoy a period when we meet each
other, not as members of the
different parties, all our prejudices fallen
away from us, coming together
as Ameircans for a common object that is
not touched with selfishness or
personal ambition of any sort. Surely
handsome results will come out of
the spirit in which conferences of this
kind are held.
I believe you will discover, those
of you who did not know it before, that
this Government has means,somewhat
fully developed means,for assisting
the commercial and industrial
operations of the country; and that, therefore, it is worth while to maintain
the kind of connections which is here
momentarily established. We have
been face to face with critical circumstances. For my own part I feel that the
period of apprehension has Passed
and that the period of steady,
sensible, concerted, constructive action has
come, and that we are in the temper to
bring that action about in the
most effectual way.
I am sure that we all wish to put ourselves
at your disposal. and I am sure
that you would wish to put yourselves at our disposal to
work out a common
means for a common end. Such a conference as
this furnishes acceptable
proof to the country that the antagonism between Government and business
has disappeared and that there is to come upon business a spirit of generous
rivalry and co-operation which is the essence of statesmanship.
Formal protests were laid before the Board by M. C.
Elliott, Secretary of the Organization Committee, against
the designation of certain of the Federal Reserve districts
and the location of the Federal Reserve banks.
As previously announced in these columns, a national
celebration will be held in Chicago Sept. 1 to mark the
completion of organization of the Federal Reserve banks in
the United States and in honor of the Reserve Bank Organization Committee, the Federal Reserve Board and the
directors of the Federal reserve banks. The leading commercial and banking organizations in the United States will be
invited to send representatives and it is expected that the
meeting, which will be held in the Auditorium at 2:30 in the
afternoon,will be one of the most notable in financial annals.
The celebration is under the auspices of the Illinois Bankers'
Association and the Illinois Commercial Federation, the latter representing over two hundred business and agricultural
associations in that State. The leading addresses will probably be delivered by President Wilson, the Secretary of the
Treasury and the'Governor of the Federal Reserve Board.
The same evening a large banquet will be given in honor of
the distinguished guests at Congress Hotel, when other
members of the Board and the directors will discuss additional
features of the new law. On Sept. 2, 3 and 4 the Reserve
Bank Organization Committee, the Federal Reserve Board
members and the directors of all the Federal Reserve banks
will hold a series of important conferences at the Blackstone
Hotel relative to the administration of the Federal Reserve
banks. The program is now being drawn up and will be announced shortly. Over a thousand commercial organiza-
452
THE CHRONICLE
tions and all the bankers' associations have been invited to
send delegates to the public meeting Sept. 1, it being the desire of President Wilson that the commercial organizations
attend the celebration exercises. Attendance at the conferences Sept. 2, 3 and 4 are limited to the directors of
Federal Reserve banks, and those officially charged with the
responsibility of putting the Act into operation.
The leading bankers of Chicago sent the following telegram to the Secretary of the Treasury on Aug. 10:
The Hon. William G. McAdoo. Secretary of the Treasury, and Chairman of the
Federal Reserve Board. Washington, D. C.:
Please accept our congratulations upon completing the organization of the
Federal Reserve Board, the personnel of which merits the highest degree
of confidence by the business interests of the nation.
Kindly extend to each member of the Board our best wishes and express
the hope that the labor required during the formative period of the new
system may not only meet with the general approval the patriotic service
deserves, but will be accompanied by some personal Measure.
We look forward to the pleasure of having each member of the Reserve
Bank Organization Committee and the Federal Reserve Board in Chicago
September first, with the Directors of the Federal Reserve Banks and
delegates from bankers' and commercial associations from all parts of the
country,to participate in the National Celebration of the establishment
of Federal Reserve Banks in the United States'
We believe the conference of all those charged with the responsibility
of putting the new Act into operation which will follow the celebration
will be of great value at this time.
Our readers can obtain complete details of the celebration
from R. L. Crampton, Secretary of the Illinois Bankers'
Association.
It appears that Edward W.Decker,President of the Northwestern National Bank of Minneapolis, was tendered an
appointment as a member of the Federal Reserve Board, the
membership of which was completed on Friday of last week
with the confirmation by the Senate of the nominations of
Paul M. Warburg of this city and Frederic A.Delano of Chicago. The Minneapolis Tribune" of Aug. 4 had the following with reference to the tender of the nomination to
Mr.Decker:
E. W. Decker. President of the Northwestern National Bank, has declined appointment by President Wilson to the Federal Reserve Banking
Board.
The offer was made Mr. Decker Friday by a personal representative of
the President, who came to Minneapolis. It was declined by Mr. Decker
because he felt he could not sacrifice his personal interests in Minneapolis.
Mr. Decker's acceptance would have completed the board of five members.
as it is now almost certain that Paul M.Warburg of New York will qualify
before the Senate Committee on Banking as the fourth member.
The distinction given Mr. Decker by the President is considered exceptional, more so because Mr. Decker is a Republican. The salary of the
Weldon is $12.000. In declining, Mr. Decker suggested two men, one a
Minnesotan, for the position, but will not publicly name either.
Disclosure of the fact that Mr. Decker had refused the highest honor
that can come to a banker in his business came last night in press dispatches
from Washington. Mr. Decker had said nothing and would say nothing
until shown that the news had been given out by the President. Then he
talked.
"A gentleman, whose name I do not care to divulge, came here from Chicago last Friday and offered me the place. He was commissioned by President Wilson to make the offer," said Mr. Decker. "I would have been
more than pleased to accept, but conditions here are such that I could not
sacrifice my interests with the bank and other institutions with which I
am connected. Had I been an older man, I should have taken the offer in
a minute, because I consider it one of the greatest which could be conferred upon a Republican by a Democratic President. I suggested the
names of two men whom I think are fitted. One of them is a Minnesotan,
although I will not say what his name is or in what city he lives."
When asked why he did not tell of the appointment, Mr. Decker replied
that he did not believe it his place to tell of the offer. Yesterday, while
discussing the action of the Clearing-House associations in restricting the
paying out of cash by banks. Mr. Decker mentioned the fact that had
the Federal Reserve Board been complete and the reserve banking system
been in operation, there would have been no necessity of taking the precautionary measures adopted. At the same time, a simple "yes" from him
would have completed the board.
The Federal Reserve Board is composed of seven MIL Two of them.
Secretary of the Treasury McAdoo and Comptroller of the Currency Williams, are named by law. The other five are appointed by the President
and the appointments must be ratified by the Senate. Three men have
been accepted. They are Charles S. Hamlin, Adolph C. Miller and W.P
G. Harding, [since then peel M. Warburg and Frederic A. Delano have
accepted.—Ed.1
[VOL. xciY.
year the Senate committee indicated its willingness to report
a treaty covering the right to Fonseca Bay and Little and
Big Corn Islands. The two ideas in the treaty have been
separated. The present treaty only includes the Nicaragua
canal route, Fonseca Bay and Little and Big Corn Islands.
The Platt Amendment Is left for future consideration.
[See V. 98, p. 1931.]
A committee formed for the purpose of safeguarding the
interests of the depositors of the closed East Side State banks
in this city conferred on Aug. 13 with State Superintendent
of Banks Eugene Lamb Richards and agreed upon a plan
to be followed in the future. Supt. Richards expressed his
gratification at the formation of this committee and .signified his willingness and desire to co-operate with it in every
way to the advantage of the depositors. The committee
assured the Superintendent of their approval of the manner
in which he has safeguarded the interests of these depositors.
As a result of this conference, the following statement was
prepared:
To the Depositors of the Closed Banks of the East Side, Williamsburgh and
Brownsville:
The undersigned, the Depositors' Protective Committee, have,in accordance with the plan heretofore announced, communicated with the Hon.
Eugene Lamb Richards, State Superintendent of Banks,who has signified
his gratification at the formation of this committee and expressed his
willingness and desire to co-operate with it in every way for the advantage
of the depositors. The committee is thoroughly satisfied with the manner
In which the Superintendent is safeguarding the interests of the depositors.
The Superintendent of Banks authorized the committee to make the
•
following announcements:
1. The Depositors' Protective Committee is to be the sole means of
communication between the Superintendent and the depositors. The
Superintendent believes that it is impracticable for the Banking Department
to deal with the innumerable committees that are being formed from day to
day at different mass meetings and otherwise. The Superintendent believes the formation of other committees or the retaining by the depositors
of private lawyers to be entirely unnecessary and wasteful and may result
in confusion and embarrassment to the State officials in their management
of the affairs of the closed banks and in unnecessary expense and costly
litigation which may prevent the distribution of the assets among the depositors for a long time to come. The State Banking Department has its
own lawyers,and the committee has the co-operation of eminent counsel and
dvisets
posito
a
rs who are serving without compensation and without cost to the de2. The Superintendent is diligently engaged in ascertaining the assets and
liabilities of the closed banks. He expects to be in a position soon to make
an announcement to this committee as to the condition of these banks,and
as to the probable amounts which the depositors may realize.
3. The Superintendent has expressed his willingness to confer with this
committee at the proper time in regard to such plans of liquidation as may
be productive of the best results to the depositors.
4. Meanwhile,in order to facilitate the work of the Banking Department,
and to avoid confusion and delay,the Superintendent of Banks recommends
that all depositors register their names and addresses, the numbers of their
passbooks and the amounts of their claims against the several banks, either
personally or by letter, with the committee,at its office. 356 Second Avenue.
corner 21st Street, New York City. The committee will act as register for
that purpose without cost or expense to the depositors.
5. The committee invites information and suggestions from all interested
parties and is prepared to answer all inquiries that may be made by the depositors and to obtain needed information from time to time from the Superintendent of Banks.
Aug. 13 1914.
The reply of the Banking Department was as follows:
I have read the foregoing announcement of the Depositors' Protective
Committee of the closed private banks on the East Side, Williamsburgh
and Brownsville, and I am in entire accord with the various statements and
recommendations therein made. I think it fortunate for the depositors
of the closed private banks to have the guidance, protection and advice of
this committee, whom the Banking Department will gladly recognize as
representing the interests and welfare of the depositors.
The appointment of a multitude of committees and lawyers cannot but
interfere with the work of the Department and is likely to create confusion
and bring about litigation as a result of which the liquidation of the banks
may be delayed for a long time to come while the assets may in the meantime become substantially diminished.
Aug. 13 1914.
[Signed] EUGENE LAMB RICHARDS.
Superintendent of Banks.
The Chicago Butter and Egg Board has been permanently
restrained from publishing quotations on butter, eggs and
other dairy products under an injunction issued on July 17
by Federal Judge Landis of Chicago. The suit is said to be
similar to that against the Elgin Board of Trade, which was
recently (April 27) restrained from engaging in any combination to fix the price of butter. In each case violation of the
Sherman Act was claimed; it was alleged that published
quotations fixed by a committee created higher prices than
the market warranted. The prices quoted are now required
to be those of actual transactions. At the time the proceedings were instituted by the Government, two years ago,
against the Chicago Butter and Egg Board the latter decided to temporarily discontinue the practice of having the
quotations furnished by a committee, and it is understood
that that system has not since been resumed by it.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
Newspaper dispatches from Washington, D. C., state
that on Aug.5 Secretary of State Bryan and Gen. Chamorro,
the Nicaraguan Minister,signed the treaty to pay $3,000,000
to the Central American Republic for the perpetual rights
to an inter-oceanic canal and naval bases in the Gulf of
Fonseca. It is understood to be framed along the lines Mr.
Bryan outlined to the Senate Foreign Relations Committee,
and is taken to have the approval of that body. The treaty,
as it stands, does not extend virtual American protectorate
over Nicaragua, as was proposed originally. Opposition in
the Senate caused the abandonment of this idea, and the
-*Secretary now is confident, the newspapers state, that the
Edward M. Flesh, a St. Louis grain man, has asked
treaty will be promptly ratified. He issued this statement:
-General Barker of Missouri to start suit under the
"The opposition to the treaty with Nicaragua was based Attorney
argely upon what is known as the Platt Amendment. TA-at anti-trust laws against the Merchants'Exchange of St. Lows.
AUG. 15 1914.)
THE CHRONICLE
453
His complaint is that a-rule adopted July 2 gives the "to
arrive" committee absolute control over the price of grain,
and shuts out all competition, preventing members of the
exchange from paying any price on grain save that fixed by
the committee. With regard to the new rule President
Marshall Hall of the Exchange says:
and quick liabilities are considered, and the banker should be exceedingly
inquisitive in his efforts to determine them accurately. A generally accepted rule requires that the quick assets be at least twice the amount of
the quick liabilities. Statements of the borrower should be required at
least annually. The preparation and study of a comparative statement
is a great help in the consideration of a purchase.
The rule was passed upon by our attorney, who declared it to be Constitutional, and not in violation of any State or Federal statute, its
working thus far has proved successful, and a great benefit to farmers and
outside grain men, rather than a detriment. Heretofore bids of members
were secret and privately sent out to the country. Now the bids are
open and are published in the daily papers, so that everyone may know
What they are. It does not set an arbitrary price, as members can bid
any price they like. Our rule was patterned after the one in use at Chicago
which, I understand, was passed upon by G. W. Wickersham, former
Attorney-General of the United States, when he held that office, and declared by him to be in accord with anti-trust laws.
It was announced yesterday that the sale of American
Bankers' Association travelers' checks for use and redemption in the United States has been resumed. Cable adviees
from Vice-President Kent of the Bankers Trust Co., now in
London, state that American tourists throughout the United
Kingdom in all accessible places on the Continent are experiencing no difficulty in cashing their travelers' cheeks or
obtaining small amounts on their letters of credit.
"Commercial Paper as a Secondary Reserve" was the
subject of an address delivered at the annual convention of
the Idaho Bankers' Association on June 10 by Edgar H.
Sensenich, Cashier of the Northwestern National Bank of
Portland, Ore. Mr. Sensenich in his discussion spoke in
part as follows:
Ha,llgarten & Co. of this city have received a cable from the
Swiss Bank Verein at London announcing,for the information
and reassurance of the friends and relatives, that the committee of the New York Bankers' Trust Fund has arranged with
the Swiss Bank Verein the payment in Switzerland of all requirements of American citizens on travelers' checks and
letters of credit.
A great many bankers operating in the towns and smaller cities of the
country districts are concerned for fear they will be unable to obtain material relief in time of need through the privilege of rediscounting under the
Federal reserve system. They are fearful that very little of their customers' paper will be acceptable for rediscounting purposes. Much of
their paper is in small denominations, based on the character, ability and
resourcefulness of the maker rather than his financial responsibility, and
practically all their loans are to parties who are very little known outside
of their own community. Paper of a non-liquid character will not be, nor
should it be, acceptable for rediscounting under the new banking system.
Even if permissible, the rediscount of such paper could offer no permanent
relief when a period of liquidation developed. Under any system of banking,
periods of liquidation are inevitable, and the prudent banker will forearm
himself to meet the shrinkage in deposits which is sure to follow. Heretofore bankers who have carried secondary reserves have done so in the form
of commercial or broker's paper, call loans or bonds. Wide differences of
opinion have been held as to which of these three forms of investment was
most satisfactory.
Call loans have always been subject to criticism because of the encouragement and aid they have given to speculation in the great financial centres.
They have been the means by which great sums of money have been diverted from commerce and trade to use for speculation in the rise and fall
In the prices of securities and staple commodities. Commercial or brokers'
paper is the only form of investment that weathered the panic of 1907 satisfactorily. During that panic bonds were practically unsalable even at
sacrifice prices, and call loans could not be collected, but commercia
paper bought judiciously was paid when due. One of the great lessons
taught by that panic was the reliability of commercial paper as a liquid
asset; and as a result that form of investment has grown tremendously in
favor for secondary reserves. It is that form of investment that I urge for
your favorable consideration. Under the new banking system only paper
acceptable for discount by the regional banks should be purchased for a
secondary reserve. The Federal Reserve Act permits the discount of"notes
drafts and bills of exchange arising out of actual commercial transactionsl
that is, notes, drafts and bills of exchange issued or drawn for agricultural,
industrial or commercial purposes, or the proceeds of which have been
used, or are to be used for such purposes, the Federal Reserve Board to
have the right to determine or define the character of the paper thus eligible
for discount." For the purposes of this discussion we need not be concerned
regarding the character of the paper which will be acceptable to the Federal
Reserve Board.
The purchase of commercial paper requires the utmost skill of the banker,
an experienced knowledge ofcredits,a far-sighted view of business and financial conditions and a trained sensitiveness to any changes that might be
indicative of danger. Accordingly, many bankers hesitate to assume the
responsibilities of purchase, and they rely almost entirely upon the reserve
city correspondent to buy paper for them, thus availing themselves of a
service now generally offered as one of the valuable considerations for a deposit account. But whether he buys his paper through his correspondent
or directly from the note broker, the
banker should insist on the right to
return the paper within the customary period of option, which in the Far
West is twenty days and in the East
from seven to ten days. During this
period of option he should take
advantage of every available means for
procuring reliable information and
expressions
of opinion regarding the makers of the paper and the desirability
of their notes, and the development
of the slightest information or criticism
should be regarded a serious objection to a purchase.
As a general rule, a bank
should not confine its purchases to the paper
of those concerns operating in but
one community or section, nor to those
engaged in but one line of business.
Misfortunes affecting general business
conditions, such as a failure of
crops, severe storms and their effects, a
great fire, a disastrous trick of
nature, or inactivity in an industry that is
localized, are more likely to
occur in a particular section than in each of
a number of them at the same time, and
a depression is more likely to happen in a particular line of
business than simultaneously in different lines.
The paper of concerns whose business
is of a decidedly speculative character
is an undesirable asset, and the same
is true of that made by the "styles
dealers," or whose business is
greatly affected by changes in fashions.
Scrutinize carefully the paper of allied
concerns and of companies operating
branch houses, incorporated or
otherwise, for the dangerous probability
of contingent liabilities or manufactured
credit is great. Avoid the Paper
of any concern that is borrowing on its own
paper and in addition is creating
a contingent liability by the
discounting of its bills receivable. The use
of all available credit facilities is indicative
of an over-extended condition.
Be careful of paper offered by more than one
broker or that is shifting from
one broker to another too frequently.
No consideration should be given to the
paper of any concern that wishes
to borrow in the open market but
cial condition. Long-established refuses to submit a statement of its financredit, prominence in the trade, pride or
fear of competitors' curiosity or interest are no
longer accented as excuses
for the failure to furnish figures. There is a growing
demand for statements
audited by regularly certified public
accountants,
which should be encouraged strongly; but the character and
ability of the auditor ought to
receive greater consideration, and higher
standards of accountancy should
be required. The careful analysis of the statement is one of the important
preliminaries in the purchase of paper. Ordinarily only the quick asset,
The Equitable Trust Co. of this city announces that it is
prepared to pay by cable in cash in Paris any amount up
to 1,500,000 francs.
The stockholders of the Manufacturers' National Bank
of Brooklyn at a meeting last Wednesday approved the directors' plans to consolidate that institution with the Citizens'
Trust Co. under the name of the Manufacturers'-Citizens'
Trust Co. The directorate of the Citizens' Trust Co. has
been increased from twenty-three to thirty; eleven of the
Manufacturers' National board are to be elected to its
board. The full official roster of the new combination will
include Nathan S. Jonas, President; George Freifeld, S. B.
Kraus, Charles Froeb and William K. Dick, Vice-Presidents.
Alexander D. Seymour, formerly President of the Manufacturers' National, will be made Chairman of the board.
James H. Conroy will be Secretary and J. C. Nightingale,
Cashier. The Assistant Secretaries are to be Wm. L.
Schneider, Chas. M. Mott, Norman B. Tyler and Reuben
W.Shelter. Full details of the consolidation plans appeared
in these columns Aug. 1.
A meeting of the depositors' committee of the Union Bank
of Brooklyn was held last Monday to protest against Banking Superintendent Richards' order reducing the salaries and
fees paid to some of the men employed by the committee
to investigate the affairs of the bank and look after its interests. The meeting was not attended by many of the
depositors, but several of the active depositors present went
into the matter in great detail and outlined their reasons
why the depositors did not want the investigators and workers' fees cut in any way. We referred to the economies
which Superintendent Richards put into effect Aug. 1 in
our issue of that date.
Serious charges have been made by the creditors of Max
and Sarah Kobre and Moses Ginsberg—the private bankers,
with a Brooklyn branch in the Brownsville section at 1783
Pitkin Avenue. The charges have reference to the disposition of deposits and other assets on hand before State Banking Superintendent Richards closed the concern several days
ago. It is alleged that while insolvent they transferred
certain real estate to the Collective Holding Co.,so as to give
the latter preference over other creditors, holding in secret
trust several pieces of Brooklyn real estate, withdrawing
large sums of money from the bank, secreting and disposing
of it to certain persons to be held for each of them in private
trust, and that Max Kobre and Moses Ginsberg advised
personal friends and relatives to withdraw their money,
knowing the bank was insolvent. A committee of the 8,000
depositors of the Brownsville branch of Max Kobre's Bank
are holding conferences with District Attorney Cropsey.
The Brooklyn "Eagle" states that "the Pitkin Avenue
branch, known as Max Kobre's bank, has assets of $750,000
and liabilities of $1,250,000. The Collective Holding Co.,
in which Sarah Kobre was interested and which controlle
the other two branches at 41 Canal Street and Si Gran
Street, New York City, has assets of $1,000,000 and liab
of $4,000,000, it is alleged." Special Commissioner Gil
will take the testimony of Moses Ginsberg and Max Frank
the bookkeeper, in the United States Court on the
454
THE CHRONICLE
[VOL. xcix.
inst. during the probe he will make of the bank's affairs. steps toward the standardization of forms, blanks, deeds and
George D. McLaughlin, Special Deputy Superintendent, books used by savings banks.
representing the State Banking Department, is in charge of
John P. Beagan, receiver of the New England Trust Co. of
the bank and is investigating its past transactions.
Providence, R. I., in filing his final report shows that he has
been unable to make any dividend and that there are no
The history of the First National Bank of Syracuse, N.Y., assets with which to pay $300,000 proven claims. The comextending over a period of fifty years, is portrayed in a pany failed Jan. 20 1908. Thomas D. Taylor, promoter of
leather-bound volume of half a hundred pages. Established the company, gave his note for $50,000 on Nov. 28 1909, in
as it was, at the time of the creation of the National Bank order to secure his release from jail in a civil action. Mr.
Act in 1863, the history of that Act and the National Bank Beagan states, however, that no payments have ever been
Bills of 1864 and 1865 are naturally mingled with the narra- made on this note. He asks the Superior Court to discharge
tive dealing with the development of the bank. The First him as receiver after allowing him to turn over his accounts
National of Syracuse was organized on April 11 1863, under to the General Treasurer of Rhode Island.
the National Bank Act approved by Congress on February 25
1863. The institution was founded by Edward B. Judson,
Perry, Coffin & Burr of 60 State Street, Boston, was the
and received the sixth charter issued by the Federal Governbanking firm in Massachusetts to register a bond under
first
already
Judson's
a
qualifications
as
banker had
ment. Mr.
shown themselves to such an extent that his counsel and help the new mortgage bond registration Act which became a
were, with those of several other bankers, sought by Secre- law on the 6th inst. It is stated that many Boston houses
tary Chase in the inauguration of the Federal system. have advised customers to wait until the constitutionality
At the time the Merchants' Bank of Syracuse was organized of the law is settled.
in 1850 Mr. Judson was made its Vice-President. A year
Joseph Wayne Jr., Vice-President and Cashier of the
or so later he was one of the incorporators of the Salt Springs
Bank, of which he became Cashier. This position he held Girard National Bank of Philadelphia, has been elected a
for six years, when he resigned to aid in the organization of member of the executive committee of the National Currency
the Lake Ontario Bank of Oswego, so-called a "bankers' Association for Philadelphia, succeeding Francis B. Reeves,
bank"; this institution numbered among its stockholders President of the Girard National Bank,resigned.
John A. Stevens, Charles H. Russell and Henry F. Vail of
the Bank of Commerce of New York; Erastus Corning,
Samuel M. Vauclain, Vice-President of the Baldwin
Rufus H. King and Thurlow Weed of Albany; Hamilton Locomotive Works, was elected a director of the PhiladelWhite and Horace White of Syracuse, and Luther Wright phia National Bank of Philadelphia last Wednesday,succeedof Oswego.
ing Alba B. Johnson, President of the Baldwin Locomotive
Although then at the head of a successful bank,Mr.Judson Works.
willingly consented to the proposal of Secretary Chase that
he assist in opening a national bank under the law of FebruEx-State Senator Lewis Mitchell Cresse, President of
ary 25. The First National of Syracuse was the only New the First National Bank of Ocean City, N. J., committed
York State bank among the first dozen institutions chartered suicide by shooting himself last Monday morning. Mr.
under the Federal system. Its capital, when it began busi- Cresse was worried by illness and the strain caused by acciness on July 20 1863, was $100,000. In October 1863 it dentally running over a child with his auto a few weeks ago.
was decided to increase the capital to $250,000; the amount He was born in 1867. When the First National Bank of
was not again enlarged until 1913, when it was increased to Ocean City was organized he was elected President. Mr.
$1,000,000. At that time a special cash dividend of $180 Cresse was prominent in political circles, holding public
per share was paid to the stockholders. The bank declared office several times and other positions of trust.
its first dividend of 5% in 1864, and since its organization
has paid to the stockholders an aggregate of $2,257,500 in
The stockholders of the Federal National Bank of Pittsdividends. During its operation it has taken over the burgh, which is in liquidation, last Monday voted to inbusiness of the New York State Banking Co. and the Robert crease the membership of the board to thirteen and to meet
Gere Bank. Edward B. Judson, the first President of the Sept. 15 to elect them. The Federal National went into
First National died in 1902, after.nearly thirty-nine years' voluntary liquidation in Dec. 1913, and on the 17th of that
continuous service as its head. Edward B. Judson Jr. month the Mellon National Bank took over its assets and
succeeded his father in the presidency, and continued in the
all the depositors' accounts.
office until his death in 1910; Charles W. Snow, who had
served eight years as Vice-President, has since officiated as
The following, relating to the moneys which the City of
its chief executive. His assistants in the management are
Broadway State Bank of
Albert P. Fowler and Alfred W. Hudson, Vice-Presidents; Chicago had on deposit with the
in June, is self-explanatory:
Edward S. Tefft, Cashier and George A. Cholet, Assistant Chicago when it suspended Chronicle":
"Commercial and Financial
Cashier. In addition to its paid-in capital of $1,000,000,the Editor
Dear Sir.—Our attention has been called to the news item published on
bank has a surplus of $500,000 and undivided profits of Page 394 of the "Commercial and Financial Chronicle" for the week
of August 8 1914. In this article it is stated that a deposit of 5100,000
$194,721. Its deposits on June 30 1914 were $6,852,550.
of the City of Chicago held by the Broadway State Bank will be allowed
The newly organized Bankers Trust Co. of Buffalo, which
is affiliated with the Marine National Bank of that city,
began business last Monday. Its initial statement shows
the results of the first day of business to be: deposits
$3,068,076; capital, $1,000,000; surplus, $100,000; undivided profits, $22,396, and aggregate resources, $4,160,471.
The executive staff is as follows: L. H. Gethoefer, President; Seymour H. Knox, Vice-President; R. J. H. Hutton,
Secretary, and Bainbridge D. Folwell, Treasurer.
The publication of an abstract of the general condition of
savings banks in Connecticut on the first of each month was
recently begun by the State Bank Commissioners of Connecticut. The movement is adopted with a view to allowing the
public to keep in closer touch with these institutions than
had been possible heretofore under the system of reporting
once a year. The abstract does not deal with the banks individually, as it is felt that it would be unfair to show the details of the business of each organization for comparison,
but all are included in a general report giving the aggregate
gain or loss of deposits throughout the State, together with
any change that may have been made in investments or other
official business. The Bank Commissioners have also taken
to remain with Ve•Edgewater State Bank (which absorbed the Broadway
in
State Bank) for eighteen months without interest. This is in error
several respects.
the
with
The city officials at no time contemplated making deposits
Broadway State Bank.the Edgewater State Bank, or any other bank, with
could
the understanding that the deposits were to draw no interest. Nor
City
deposits be made in any bank other than the banks named by the
State
Edgewater
Council in accordance with the city ordinances. As the
city
no
why
reason
this
would be a further,
Bank is not a city depositary,
moneys could be on deposit with this bank.
sureties
The National Surety Co. and the Illinois Surety Co. were the
and the
on the bond of the Broadway State Bank when it closed its doors,
the
under
liability
the
paid
in
city
their
full for
surety companies having
bond, the city assigned to the surety companies all its rights in the premises.
with
It is possible therefore, that some arrangements may have been made
in
the surety companies by which this money was to be permitted to remain
undersuch
but
Bank,
any
no such arrangement nor
the Edgewater State
standing has been made by city officials.
Your correction of the news item to agree with the above facts will greatly
Yours very truly,
oblige,
JOHN E. TRAEGER, Comptroller.
The Detroit Avenue Savings & Banking Co. of Cleveland,
0., formally opened for business last Monday. The new
institution has located at Detroit Avenue and West 65th
Street, in a neighborhood not conveniently served by a
bank. Charles T. Hurd is President; Dr. W. K. Mock,
A. L. Ehrbar and Charles E. Davis, Vice-Presidents; Joseph
H. Wenneman,Treasurer; U. W.Hird, Secretary, and F. W.
Staffeld, Assistant Secretary and Treasurer and bank man-
AIM. 15 1914.1
THE CHRONICLE
455
ager. Mr. Staffeld was formerly with the State Bank.
The stockholders of the Chatham Bank of Savannah, Ga.,
The Detroit Avenue Savings & Banking Co. was organized formally approved on the 6th inst. the action of its directors
last year, but postponed its opening until the completion of in proposing a merger with the Savannah Trust Co. The
Its three-story bank building. The capital is $100,000.
latter will move to the new building of the Chatham Bank
about Sept. 1, when the Chatham Bank goes out of existence.
A consolidation of the First National Bank and the Miami The consolidated institution will be known as the Savannah
Valley National Bank of Hamilton, Ohio, is now under con- Trust Co. and have combined deposits of $1,800,000.
sideration. The First National started in 1863, is the oldest bank in Hamilton and has $250,000 capital, $200,000
L. P. Connor, receiver of the First Natchez Bank of
surplus and $2,400,000 deposits. The Miami Valley Na- Natchez, Miss., has filed suit in chancery against the directional began business in 1893, has $200,000 capital, $40,000 tors of the bank seeking to make them jointly and severally
surplus and $1,000,000 deposits. Sam D. Fitton is Presi- liable to the stockholders for the $250,000 capital stock of
dent of the First and 0. M. Blake, President of the Miami the bank. The receiver had previously brought other suits
for $1,252,219 against the directors. He charges them
Valley.
Charles E. Mason, Cashier of the Miami Valley, will be with carelessness and negligence in failing to examine the
retained as Second Vice-President and Ed. B. Hughes will affairs and securities of the bank prior to its bankruptcy
be appointed Third Assistant Cashier of the First National. Oct. 30 1913.
0. M. Bake, President, and Ben Strauss, Vice-President
The name of the Blockman Commercial & Savings Bank
of the Miami Valley, will retire.
The First National will remain in its present quarters. of San Diego, Cal., has been changed to the Security ComThe officers and its working staff of the Miami Valley Na- mercial & Savings Bank. Only two months ago the title
tional will be utilized by the First National for the purpose was changed from the Blochman Bank, by which it had been
known for years. New capital has become interested and
of organizing a separate savings department.
L. A. Blochman, whose name the bank bore, desired that the
title of the institution should convey to the public its corThe consolidation of the St. Joseph Valley Bank and the
porate character.
First State Bank of Elkhart, Ind., went into effect last
Tuesday. The capitalization of the resulting institution,
The failure of J. C. Wilson & Co. of San Francisco, Portthe St. Joseph Valley Bank, will be $225,000 and the total land, Seattle, Los
Angeles, San Diego and Coronado was
resources over $2,000,000, with $1,675,000 deposits. John announced yesterday,
when the firm decided to go into volunW. Fieldhouse, formerly President of the St. Joseph Valley tary bankruptcy. The
Bank, is President of the amalgamated bank, the directors York Stock and Cotton concern were members of the New
exchanges, Chicago Board of Trade
of which will soon,it is stated, organize a new trust company and the San Francisco Stock
and Bond Exchange. A statement given out at the offices of the firm follows:
"The suspension is brought about solely by the extraordinary American
The Detroit Trust Co. of Detroit, Mich., announces the conditions
following on the European war.
addition of Julius C. Peter to the bond department. Mr. "The banks, to meet the decline
of money, naturally restricted their
loans,
and
called
for payment from their debtors. We met these demands
Peter was formerly connected with the Boston banking firm
some time, and then were compelled in turn to call on our margin clients
for
of Paine, Webber & Co., representing them in Milwaukee to make additional payments on
their accounts. They answered that they
and later in Detroit.
could furnish additional security, but could not furnish additional money.
The Exchanges being closed, we could not even sell the securities of such
defaulting
clients"
William T. Bacon, manager of the bond department of
The partnership was composed of John C. Wilson and
the Chicago Savings & Trust Co., is the author of a booklet
entitled "A Promise to Pay." It defines the characteristics Bernard A. Wilbrand. Harris, Winthrop & Co. were the
of bonds, indicates how to investigate their values and also firm's New York correspondents.
shows how they differ from stocks. The booklet is presented
Alexander D.Keyes was elected President of the Humboldt
in neat form and appears in a flexible gray leather cover.
Savings Bank, 783 Market St., San Francisco, Cal., on the
6th inst. Mr.Keyes has been attorney and counsel for the
W. C. Niblack, receiver for the defunct La Salle Street bank and a director since 1892, succeeding his father,
Trust & Savings Bank of Chicago, has expressed the opinion General E.D.Keyes,one of the founders and a Vice-President..
that the depositors would receive 80 cents on the dollar A brother, Winfield S.Keyes,was Vice-President at the time
without an assessment on the stockholders. The pros- of his death in 1906. John G. Sutton has been chosen a
pects for realizing upon the assets are more promising,and director. The bank was established in 1869 and has deif the commercial conditions of the country adjust them- posits of $7,100,000.
selves shortly,"payments to the depositors are expected to
A movement is under way to organize a new trust company
begin within the next few months.
in Fresno, Cal. W. C. Davis and Associates of Texas, acThe special Grand Jury which is investigating the failure cording to the San Francisco "Commercial News," announce
of the La Salle Street Trust & Savings Bank of Chicago that subscriptions to the stock of the new Fresno Trust Co.
and its allied institutions adjourned on the 8th inst. to have been closed and that a syndicate has been formed by
give Assistant State Attorneys Bliss and Case time to pre- them to take care of the shares not subscribed for. The
pare their evidence. The four subsidiary banks of the La capital stock, it is stated, is to be $2,500,000.
Salle Street Trust & Savings Bank are being reorganized
The alterations to the building of the French-American
and it is the belief of Assistant State Attorney Bliss that
these institutions will re-pay all depsoitors, not the stock- Bank of Savings of San Francisco have been completed.
if
holders.
The banking quarters have been doubled, while the enlargement of the building provides for over fifty additional offices.
Two small private banking concerns
bank vaults have been reconstructed and are now located
The
in Chicago closed
their doors last Saturday. Both institutions,
the Archer in the basement adjoining the safe-deposit departments.
Avenue Savings Bank, 3517 Archer Ave., and
the Madison The main entrance to the banking room has been improved
Street Savings Bank, were operated by P.
A. Hines. The and the interior decorations and lighting system renewed.
assignee predicts the depositors will be
The improvements have made the bank's offices more
paid in full.
attractive and convenient for the transaction of business.
Another small Chicago private
institution failed on the
A jury in Iowa gave a verdict for $30,000 in favor of the
7th inst. A receiver has been appointed for the
Greek- defunct Boise State Bank of Boise City, Idaho, and against
American Bank of 611 Blue Island Avenue. Since
the
3d inst. depositors have withdrawn deposits through fear the Title Guaranty & Surety Co.of Scranton,Pa. The latter
that the bank would fail because of the war in Europe. company was on the bond of N. W. Platt, former State
Nicholas Jairiakopoul was appointed receiver. The bank Bank Commissioner, who, it was charged in the trial, knew
was patronized mostly by Greeks on the West Side of Chicago the bank was insolvent for one month and twenty-three days
before he closed it, during which time the depositors increased
their deposits the amount awarded in the case. The bank
At a meeting on the 6th inst. the minority stockholders of was closed Dec. 19 1911.
The President, Edward Payne,
the Bankers' Trust Co. of St. Louis formulated plans for the was convicted on Feb. 9 1913
of making false reports to the
protection of their holdings.
State Bank Examiner.
The Montana Trust & Savings Bank, the youngest institution in Helena, Mont., will move from the National Bank
of Montana Building to new quarters in the adjoining
building, when alterations are completed some time in the
fall. The interior will be finished in mahogany and black
and gold Italian marble. The lobby will, it is stated,
be the largest of any Helena bank.
The State Savings Bank of Butte, Mont., was closed
and placed in charge of the State banking authorities on
the 5th inst. Edward Hickey is President and A. Perham
Cashier. Its capital was $300,000 and deposits about
$2,300,000.
DEBT STATEMENT OF JULY 31 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued July 31 1914. Fgr statement of June 30 1914,
see issue of July 25 1914, page 248; that of July 31 1913,
see issue of Aug. 23 1913, page 496.
INTEREST-BEARING DATE JULY 31 1914,
Amount
Amount Outstanding
InterestIssued,
Registered, Coupon.
Total.
Payable.
S
Vile of LoanQ.-J. 646,250,150 642,833,200 3,416,950 646,250,150
28, Consols of 1930
Q.-F. *198,792,660 46,202 880 17,742,580 63,945,460
38, Loan of 1908-18
Q.-F. x162,315,400 101,219,250 17,270,650 118,489,900
48 Loan of 1925
22,900 54,631.980
28, Pan. Canal Loan 1906..Q.-F, 54,631,980 54,609,080
1908.Q.
-F. 30,000,000 29,678,920
Loan
Canal
Pan.
321,080 30,000,000
25,
38, Pan. Canal Loan 1911.Q.-S. 50,000,000 40,020,800 9,979,200 50,000,000
230,Post.Sav.bds.'11-'13.J.-J.
4,635,820 3,995,080
4,635,820
640,740
1872,240
761,880
872,240
21is, Post. Say. bds. 1914_J.-J.
110,360
Aggregate int.-bearing debt_ _1,147,498,250 919,321,090 49,504,460 968,825,550
*Of this original amount issued, $132,449,900 has been refunded into the 2%
Consols of 1930 and $2,397,300 has been purchased for the sinking fund and canceled. x Of this original amount issued, $43,825,500 has been purchased for the
sinking fund and canceled.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
June 30.
July 31.
Funded loan of 1891, continued at 2%,called May 18
1900, Interest ceased Aug. 18 1900
$4,000 00
$4,000 00
Funded loan of 1891, matured Sept. 2 1918
23,650 00
23.650 00
Loan of 1904, matured Feb. 2 1904
13,050 00
13,050 00
Funded loan of 1907, matured July 2 1907
594,900 00
590.800 00
Refunding certificates, matured July 1 1907
13,300 00
13,290 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
903,660 26
903,650 26
Aggregate debt on which interest has ceased since
maturity
81.552,560 26
$368,729,529 90 $369,270,811 90
Aggregate debt bearing no interest
RECAPITULATION.
July 31 1914.
8968,825,550 00
1,548,440 26
369,270,811 90
Increase(+)or
Decrease (-).
June 30 1914.
$967,953,310 00 +$872,240 00
-4,120 00
1,552.560 26
+541,282 00
368,729,529 90
51,339,644,802 16 51,338,235,400 16 +81.409.40200
Total gross debt
310,978,390 60 -1,517.41924
309,460,971 36
Cash balance In Treasury..._
Total net debt
The foregoing figures show a gross debt on July 31 of
$1,339,644,802 16 and a net debt (gross debt less net cash
in the Treasury) of $1,030,183,830 80.
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of May,June, July and August 1914.
May 1 1914. June 1 1914. July 1 1914, Aug, 1 1914
Hairlines in Sub-Treasuries$
$
$
$
209,366,825 210,156,910 240,902,501 280,551.354
Net gold coin and bullion
40,899,673 32,117,723 18,911,496 24,578,363
Net silver coin and bullion
notes
9,195
Treas.
8,693
11,942
12,981
Net United States
6,271,854
6,688,925
7,841,373
9,677,117
Netlegal-tender notes
38,757.559 31,820,091 32,586,262 34,393,205
Net national bank notes
21,358,200 21,571,234 22,052,188 22,318.627
Net subsidiary silver
2,161,204
2,553,716
2,620,344
2,546,294
Minor coin, dtc
ff Total cash In Sub-Treasuries_318,824,008 304,917,794z324,853,056x374,151,991
150,000,000 150,000,000 150.000,000 150,000,000
Lem gold reserve fund
Cam balance In Sub-Treasuries._ 168,824,008 154,917,794 174,852,056 224,151,991
Cash In national banks51,196,145 54,906,266 93,388,666 56,172,212
To credit Treasurer of U. S
6,985,352
7,510,772
6,099,882
6.566,059
To credit disbursing officers
58,706,917 61,006,148 99,954,725 62,157,564
4,782,622
5,935,182
4,375,159
4,516,329
Net cash in banks, Sub-Treas_232,047.254 220,706,564 280,741,963 290,684,714
136,224,063 130,424,330 119,763,572 131,223,743
Deduct current liabllities_a
95,823,191 90,282,234 160,978,391 159,460,971
Balance
National bank redemption fund- 15,585,676 16,131,221 15,142,889 15,684,170
Available cash balance
80,237,515
74,151,013 145,835,502 143,776,801
a Chiefly "disbursing officers' balances." x Includes $3,321,179 44 silver bullion
and $2,620,344 30 minor coin, Ste., not included in statement "Stock of Money."
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
July 31 are set out in he following:
LIABILITIES.
Ti' Trust Fund Liabilities:
3
Gold certificates
1,024,046,869 00
Silver certificates
487,157,000 00
Treasury notes
2,433,000 00
513,636,869 00
Total trust liabilities_1,513,636,869 00
Gen't Fund Liabilities:
In Treasury officesDisburs. officers' bats. 59,230,959 29
outstand's warrants_
1,519,016 51
Outst's Treas. checks
4,221,639 36
Outstand's int. checks
278,032 43
P.0. Dept. balances_
9,756,529 65
Postal savings bats_ _ _
1,746,373 58
Judicial officers' balances. Atc
8,592,326 77
National bank notes:
Redemption fund
15,684,170 50
Nat. bank 5% fund
25,583,877 76
Assets of failed national banks
1,651,227 70
Misc. (exchanges,Atc.)
7,473,169 48
1
Total trust fund
Gent Fund Holdings:
In Treasury officesGold coin
Gold certificates
Standard silver dollars
Silver certificates_ United States notes
Treas. notes of 1890Cert. checks on banks
National bank notes_
Subsidiary silver coin.
Fractional currency
Minor coin
Silver bullion
80,891,204 24
49,660.150 00
8,701,521 00
12,555,662 00
9,677,117 00
12,981 00
440,652 79
34,393,205 41
22,318,627 02
78 19
2,179,613 32
3,321.179 44
Tot. in Sub-Treateles_ 224,151,991 41
In Nat.Bank Depositories:
Total
135,737,323 03
Credit Treas. of U.S. 55,172,211 78
6,985,352 50 Subtract: Checks not
Cred. U.S. dis. officers
634,071 94
cleared
62,157,564 28
Total in banks_ _
135,053,251 09
In Treas. Philippine Islands:
1,780,016 90 In Nat. Bank Depos.:
Credit Treasurer U.S.
Judicial officers' bal2,595,141 55
Cred. U.S.die. officers
6,985,352 50
ances, &c
560,297 89
Outstanding warrants
4,375,158 45
Total in PhilippinesTotal in banks..
In Treas. PhilippinesDisburs. officers' bats.
Outstanding warrants
7,545,65039
2,595,14155
1,713,87025
Total
4,309,011 80
Total Habil. against cash 146,907,913 28
Cash Bal. d, ReserveTotal cash reserve
293,776,800 86
Made up ofAvailable 143,776,800 86
and
Reserve Fund:
Gold and
Reserve Fund Holdings:
bull _150,000 000 00
Gold coin and bullion__ 150,000,000 00
Grand total
1 954,321,583 14
Grand total
1,954,321,583 14
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of June,
and we give them below in conjunction with the figures preceding,thus completing the results for the fiscal year 1913-14.
IMPORTS OF GOLD AND SILVER AT SAN FRA NCISCO.
Months.
Total,
Coin.
1913-14.
July
August
September__
October
November...December _
January
February
March
April
May
June
47,808
770
5,240
15,070
43,060
5,926
8.583
252,700
2,690
1,535
4,704
1,478
Total 12 mos__
389,564 1,441,824 1,831,388
346,852
119,286
64,377
103.734
61,749
80,271
97,285
132,450
112,308
98,266
134,851
90,395
304,660
120,056
69,617
118,804
104,809
86,197
105,868
385.150
114.998
99,801
139,555
91,873
Cain.
2,700
1,967
5,254
700
480
2,344
BUIliOn,
$
353,644
106,439
348,458
257.808
65,942
120,534
87,405
35,505
48,677
66,856
91,766
31,326
Total.
356,344
105,439
350,425
257,808
65,942
120,534
92,659
35,505
48,077
67,556
92,246
33,670
13,445 1,613,360 1,626,805
497,971 1,310,492 1,808,463
12 mos. '12-'13 1,741,434 2,210,639 3,951,973
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
81,030,183,830 80 $1,027,257,009 56 +82,926,821 24
•Includes $150,000,000 reserve fund.
a Under the new form of statement adopted by the United States Treasury on
July 1, the item "national bank notes redemption fund" is not only included in
the "debt bearing no interest," but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication, the amount Is eliminated as a current liability.
Increasing to that extent the cash balance In the Treasury.
Total
Cash in Philippine Islands
ASSETS.
Trust Fund Holdings:
$
Gold coin and bullion__ _1,024,046,869 00
487,157,000 00
Silver dollars
2,433,000 00
Silver dollars of 1890...
Gold.
$1,548,440 26
DEBT BEARING NO INTEREST.
June 30.
July 31.
$346,681,016 00 $346,681,016 00
United States notes
53,152 50
53,152 50
Old demand notes
15,684,170 50
15,142,888 50
National bank notes, redemption fund
Fractional currency, less $8,375,934 estimated as
6,852,472 90
6,852,472 90
lost or destroyed
Interest-bearing debt
Debt interest ceased
Debt bearing no interest
[VOL. xcix.
THE CHRONICLE
456
Silver.
Gold,
Months.
Coin.
1913-14.
July
August
September_
October
November
December _
January
February
March
April
May
June
Bullion.
1,390
800
Total,
$
1,390
800
1,200
1,200
457,050
457,050
200
1,500
700
200
1,500
700
Coln.
Bullion.
$
1,233,382
1,121,640
1,279,108
150
550,573
48,050 1,036,895
47,855
744,538
27,027
220
346,177
320
69,011
953,489
1,032,022
1,196
663,713
Total.
1,233,382
1,121,640
1,279,108
556,723
1,084,945
792,393
27,027
346,397
69,331
953,489
1,032,922
664,909
Total 12 mos..
3,790
459,050
462,840
124,818 9,037,448 9,162,266
125108. '12-'13
4,015
106,593
110,608
7,150 11,753,184 11,760,334
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.The United States Steel Corporation on Monday, Aug. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of July. From this statement it appears that the
aggregate of unfilled orders on Aug. 31 was 4,158,589 tons,
recording an increase of 125,732 tons over last month, when
the amount of orders outstanding was 4,032,857 tons. In
the following we give the comparisons with previous months:
Toms.
July 31 1914-4,158,589
June 30 1914___4,032,857
May 31 1914-3,998,160
Apr. 30 1914-4.277,068
Mar. 31 1914___4,653,825
Feb. 28 1914_._5,026.440
Jan. 31 1914-4.613,680
Dee. 31 1913-4,282.108
Nov. 30 1913_4.396.347
Oct. 31 1913_4.513,767
Sept. 30 1913-5,003,785
Aug. 31 1913_5,223,468
July 31 1913_5,399,356
June 30 1913_5,807,317
May 31 1913-6,324,322
April 30 1913-6,978,762
Mar. 31 1913_7,488.956
7tm.t.
Feb. 28 1913 _7,656,714
Jan. 31 1913_7,827,368
Dec 31 1912 _7.932,164
Nov. 30 1912...7,852,883
Oct. 31 1912_7,594,381
Sept. 30 1912_6,551,607
Aug. 31 1912_6,163,375
July 31 1912_5,957,079
June 30 1912_5,807,346
May 31 1912_5,750,983
April 30 1912_5,664,885
Mar, 31 1912_5,304,841
Feb. 29 1912___5,454,200
Jan. 31 1912_5,379,721
Dec. 31 1911_5,084,761
Nov. 30 1911_4,141,955
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dee. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
Tons.
1911...3,694.328
1911_3.611,317
1911_3,695.985
1911_3,584.085
1911_3,361,058
1911...3,113,187
1911...3,218,704
1911_3.447,301
1911...3,400,543
1911...3,110,919
1910_2,674,750
1910_2,760,413
1910...2,871,949
1910.....3,168.106
1910_3.537.128
1910_3,970.931
AUG. 15 1914.1
THE CHRONICLE
Prior to July 31 1910, reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
Name of Company.
457
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Cambria Steel (guar.)
1% Aug. 15 Holders of reo July 31a
Canadian Converters, Ltd.(guar.)
1
Aug. 15 Holders of rec. July 31
Tons.
Tons.
Tons
Cent.Miss.Val.ELProp., pref.(gu.)(No. 3) $1.50 Sept. 1 Holders of rec. Aug. 150
June 30 1910...4,257,795 June 30 1907-07,603.878 June 30 1904_03,192,277 Central
States Elea, Corp.,corn.(quar.)Aug. 19 Aug. 12 to Aug. 19
Mar. 31 1910_5,402,514 Mar. 31 1907-08,043.858 Mar. 31
4.136.961 Cleve. dr Sandusky Brewing, pref. (qu.) 1
Sept.15 Holders of rec. Aug. 310
Dec. 31 1909___5,927,031 Dec. 31 1906_08,489,718 Dec. 31 1904-1903...3,215,123 Columbus Gas dr Fuel, corn. (guar.).- 1
Sept. 1 Holders of rec. Aug. 15
Sept. 30 1909_4,796,833 Sept. 30 1906_07,936,834 Sept. 30 1903-03,728,742 Consolidated
Gas (guar.)
134 Sept. 15 Holders of rec. Aug. 120
June 30 1909_4.057,939 June 30 1906_06,809,589 June 30 1903_04,666,578 Consumers' Company,
preferred
3)4 Aug. 20 Holders of rec. Aug. 100
Mar. 31 1909_3,542.595 Mar. 31 1906_07,018,712 Mar. 31 1903_05,410,719 Crescent
Line (guar.)
Sept. 15 Aug. 21 to Sept. 15
$1
Dec. 31 1908...3,603,527 Dec. 31 1905_07,605,086 Dec. 81 1902_05,347,253 Deere at Pipe
Co., pref. (guar.)
1% Sept. 1 Holders of rec. Aug. 150
Sept. 30 1908...3,421,977 Sept. 30 1905_05,865.377 Sept. 30 1902_04.843.007 Diamond Match
1% Sept. 15 Holders of rec. Aug. 310
(guar.)
June 30 1908_3,313,876 June 30 1905_04,829,655 June 30 1902_04,791,993 Dominion Bridge,
2
(guar.)
Aug 15 Holders of rec. July 316
Mar. 31 1908_3.765,343 Mar. 31 1905..05,597,560 Deo. 31 1901_04,497,749 Dominion Tactile, Ltd.
(quer.)
1% Oct. 1 Holders of rec. Sept.15
Dec. 31 1907_4,624,553 Dec. 31 1904_04,696.203 Nov. 1 1901_02,831.692 Eastern Steel, 1stLtd.
pref. (guar.)
Sept. 15 Holders of rec. Sept. 1
Sept. 30 1907_08,425,008 Sept. 30 1904_03,027,436
Eastman Kodak,corn.(guar.)
234 Oct. 1 Holders of rec. Aug. 316
Common (extra)
Sept. 1 Holders of rec. July 316
•The figures prior to Dec. 31 1907 are on the old basis. Under the present
Common (extra)
234 Oct. 1 Holders of rce. Aug. 316
method only orders received from sources outside of the company's own interests
Preferred (guar.)
Oct. 1 Holders of rec. Aug. 316
134
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, ths General Asphalt, pref. (guar.) (No. 29)
1% Sept. 1 Holders of rec. Aug. 15a
former basis, would, it is stated. be 2.434.736 tons on that now employed.
GeneralChemical, corn. (guar.)
134 Sept. 1 Holders of rec. Aug. 200
General Electric (guar.)
Oct. 15 Holders of rec. Aug. 290
Goodrich (B. F.) Co., pref. (guar.)
1;$ Oct. 1 Holders of rec. Sept. 180
Hercules Powder, pref. (guar.)
134 Aug. 15 Holders of reo. Aug. 5
Homestake Mining (monthly) (No. 477) 65e. Aug. 25 Holders of reo. Aug. 200
Ilium.& Pow. Secur., pref.(qu.)(No.8) 154 Aug. 15 Holders of reo July 310
Independent Brewing, Preferred (goat.)
Canadian Bank Clearings.-The clearings for the week Inland
1;$ Aug. 31 Holders of rec. Aug. 19
Steel (guar.)
1;$ Sept. 1 Holders of rec. Aug. 10
ending Aug. 8 at Canadian cities, in comparison with the
Extra (payable in stock)
25e
Sept. 1 Holders of rec. Aug. 10
same week of 1913, shows an increase in the aggregate of Int. Harvester of N.J., pr.(qu.)(No.30) 154 Sept.
1
of rec. Aug. 10er,
Int. Harvester Corp., pref.(qu.) (No.6) 1% Sept. 1 Holders
of reo Aug 11.la
4.6%.
International Nickel, common (guar.)- 2% Sept. I Holders
Aug. 15 to Sept. 1
Jefferson & Clearfield Coal & Iron, pref_ 2% Aug. 15 Holders
of rec. Aug. 100
Week ending August 8.
Kings Co.Elec. Lt.& P.(qu.)(No.58).
2
Sept. 1 Holders of rec. Aug. 210
Clearings at
Lackawanna Steel, preferred (quar.)._- 1;$ Sept.
1 Holders of rec. Aug 316
Lehigh Coal & Nay. (guar.)(No. 143).
Inc. or
- $1
Aug. 31 Holders of rec. July 316
1914.
Liggett & Myers Tobacco, corn. (guar.)1913.
1912.
Dec.
1911.
3
Sept. 1 Holders of rec. Aug. 150
May Department Stores, corn. (guar.)
1.51 Sept. 1 Holders of rec. Aug. 200
Canada$
Mergenthaler Linotype (guar.)
$
255 Sept.30 Holders of rec. Sept. 5a
49,755,605 51,344,791 -3.1 57,825,518 43,860,658
Montreal
Extra
35 Sept.30 Holders of rec. Sept. 50
33,864,450 34,344,640 -1.4 36,029,816 29,996,071 Miami Copper (guar.) (No. 10)
Toronto
50c. Aug. 15 Holders of rec. Aug. la
25,405,527 26,041,399 -2.4 24.602,076 20,663,844 Middle West Utilities, preferred
Winnipeg
14
(guar)
Sept. 1 Holders of rec. Aug. 15
.
9,028,745 11,419,203 -20.9 12,455,18.5 11,042,428 Mobile Electric, preferred (guar.)
Vancouver
151 Aug. 15 Holders of rec. July 31
4,392,042 5,063,117 -13.2 5,108,689 3,902,674 Montreal Lt.,Ht.& Power(cm.)(No.
Calgary
53) 255 Aug. 15 Holders of rec. July 316
4,401,175 3,640,457 +20.9 4,032,772 3,341,282 National Biscuit, cont. (guar.)
Ottawa
(No. 85)..... 151 Oct. 15 Holders of rec. Sept. 284
3,719,504 3,590,457 +3.6 3,381,216 2,781,215
Quebec,
Preferred(guar.) (No. 66)
141 Aug. 31 Holders of rec. Aug. 176
2,657,788 3,414,818 -22.2 3,867,510 2,281,810 National Carbon, preferred
Victoria
151 Aug 15 Aug 6 to Aug 16
(guar.)
3,126,649 3,839,465 -18.6 3,222,932 2,006,006 National Cloak & Suit, pref. (guar.)
Hamilton
151
Sept. 1 Holders of coo. Aug. 20a
3,286,524 4,284,498 -23.3 3,733,665 2,075,487 National Lead, common (guar.)
Edmonton
41 Sept.30 Sept. 12 to Sept. 16
2,465,379 2,262,820 +9.0 2,160,832 1,728,512
Halifax
Preferred (guar.)
151
Sept.15 Aug. 22 to Aug. 25
1,818,203 1,756,077 +3.5 1,760,971 1,549,179 National Refining, corn. (guar.)
St. John
151 Aug. 15 Holders of rec. Aug. 1
1,791,386 2,209,225 -18.9 2,000,080 1.336,300 Niles-Bement-Pond, pref.(guar.)
Regina
155 Aug. 15 Aug. 7 to Aug. 18
1,778,497 1,657,528 +8.0 1,615,806 1,308,261 North American Co.(guar.)
London
(No.
151 Oct. 1 Holders of rec. Sept. 15a
1,055,469 1,297,736 -18.6 2,076,054 1,225,867 OhioCities Gas,common (guar.) 42)....
Saskatoon
1/1 Sept. 1 Holders of reo Aug 15
809,671 1,035,610 -21.8 1,113,894
Moose Jaw
759,875 Pabst Brewing, common
155 Aug. 15 Aug. 2 to Aug. 14
489,106
Penmans
808,346 -19.6
579,590
Limited, common (guar.)
1Jrandon
484,618
1
Aug. 15 Holders of rec. Aug. 5
415,745
477,019 -13.0
632,064
Lethbridge
466,000 people's Gas Light & Coke (quar.)
2
Aug. 25 Holders of rec. Aug. la
496,595
648,813 -23.4
544,510
Brantford
442,653 Philadelphia Electric (guar.)
3945e.
Sept.
15 Holders of rec. Aug. 206
902,842
936,372 -3.6
Pittsburgh Brewing, corn. (guar.) '
720,708
Fort William
Aug. 29 Aug. 20 to Aug. 30
399,082
565,101 -29.4
Preferred (guar.)
New Westminster
151 Aug. 29 Aug. 20 to Aug. 30
386,776
622,354
Rican
-26.1
Porto
Medicine Hat
-Amer. Tobacco (guar.)
bg Sept. 3 Holders of rec. Aug. 15
553,657 Not incl. in total.
Peterborough
Pratt & Whitney, pref. (guar.)
14 Aug. 15 Aug. 7 to Aug. 16
Pressed Steel Car, corn. (qu.)(No. 22)
51 Sept. 9 Aug. 20 to Sept. 8
152,446,760 159,862,391 -4.6 167,463,888 131,257,740
Preferred (guar.)(No. 62)
Total Canada
141 Aug. 19 July 30 to Aug. 18
Procter & Gamble, common (quar.). - 4
Aug. 15 July 26 to Aug. 18
Common (extra, payable in corn. stock) Sf Aug. 15 July 26 to Aug. 18
DIVIDENDS.
Pullman Company (guar.)(No. 190).... 2
Aug. 15 Holders of rec July 31e
The following shows all the dividends announced for the Quaker Oats, common (guar.)
255 Oct. 16 Holders of rec. Oct. la
Preferred (guar.)
155 Aug. 31 Holders of rec. Aug. la
future by large or important corporations.
Preferred (guar.)
134 Nov. 30 Holders of rec. Nov. 20
Sears,Roebuck & Co.,common (quar.).Dividends announced this week are printed in italics.
141 Aug 15 Holders of reo July 31a
Silversmiths Co. (guar.)
1
Aug. 15 Holders of rec. Aug. 7
Southern Cal.Edison,corn.(qu.)(No.18) 155 Aug. 15 Holders of rec July 31
Boots Closed,
When
Per
Southern Pipe Line (guar.)
8
Sept. 1 Holders of rec. Aug. 17
Name of Company.
Days Indusivs.
Cent. Payable,
Southwestern Pow. & L. Co. Pref. (guar.) 141 Sept. 1 Holders of rec. Aug. 250
Standard Oil (Indiana) (qaar.)
Aug. 31 Aug. 11 to Aug. 31
3
Railroads (Steam).
Extra
Aug. 31 Aug. 11 to Aug. 31
3
Alabama Great Southern, preferred.... 3
Aug. 27 Holders of rec. July 180 Standard Oil of New York (guar.)
Sept. 15 Holders of rec. Aug. 28
2
Atch.Top.& S. Fe., corn.(qu.)(No.37)- 14 Sept. 1 Holders of rec. July 310 Studebaker Corporation, Pref. (guar.)
151 Sept. 1 Holders of rec. Aug 200
Baltimore dr Ohio, common
Sept. 1 Holders of rec. Aug. la Swift at Co.(guar.)(No. 112)
3
Oct. 1 Holders of rec. Sept. 10
Preferred
Sept. 1 Holders of rec. Aug. la Underwood Typewriter, common (guar.) 1
2
Oct. 1 Holders of rec. Sept.210
Boston & Albany (guar.)
Sept. 30 Holders of rec. Aug. 310
2
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.210
Holders
of rec. Aug. 104 Union American Cigar, pref. (guar.)._
Buffalo Rochester & Pittsburgh, common 2
Aug. 15
13.4 Aug. 15 Aug. 2 to Aug. 15
Preferred
Aug. 15 Holders of rec. Aug. UM United Cigar Mfrs., pref. (qUar.)
3
141 Sept. 1 Holders of rec. Aug. 250
Canadian Pacific, corn. (qu.) (No. 73)
255 Oct. 1 Aug. 22 to Oct. 14
Un. Cigar Stores of Am.,com.(qu.)(No.7) 1
Aug. 15 Aug. 1 to Aug. 16
Preferred
Oct. 1 Aug. 22 to Oct. 14
2
United Cigar Stores of Am., Df.(gu.)(No.8) 151 Sept. 15 Sept. 1 to Sept. 15
Chicago billw..11 St. Paul, common
254 Sept. 1 Holders of rec. Aug. 126 G. S. Envelope, common
Sept. 1 Aug. 18 to Sept. 1
335
Preferred
34 Sept. 1 Holders of rec. Aug. 12a
Preferred
334 Sept. 1 Aug 16 to Sept 1
Chic. St. Paul Minn.& Om.,corn. de pref. 355 Aug. 20 Holders of rec. Aug. la U.S. Gypsum, pref.(guar.)
135 Sept.30 Holders of rec. Sept.15
Ctn. N.0.& Texas Pacific, pref. (guar.)_ _
151 Sept. 1 Holders of rec. Aug. 22a U. S. Steel Corporation, corn. (guar.)._
15( Sept.29 Sept. 2 to Sept.10
Cleveland & Pittsburgh,reg. guar.(qusx.) 141 Sept. 1 Holders of rec. Aug. 100
Preferred (guar.)
141 Aug. 29 Aug. 4 to Aug. 17
Special guaranteed (guar.)
Sept. 1 Holders of rec. Aug, 100 White (J.G.)Eneln'gCo..
1
141 Sept. 1 Holders of rec. Aug. 20
(No.6)
PfAriu.)
Cripple Creek Cent., corn. (qu.)(No. 19) 1
150
Sept. 1 Holders of rec. Aug.
White (J.G.) Man. Co., pf. (qu.)(No.6)
Sept. 1 Holders of rec. Aug. 18
Preferred (guar.)(No. 35)
Sept. 1 Holders of rec. Aug. 150 Woolworth (F. W.)Co.,com.(qu.)(No.9) 141
1
155 Sept. 1 Holders of rec. Aug. 100
Illinois Central (No. 119)
255 Sept. 1 Holders of rec. Aug. 100 Woolworth (F. W.) Co., pref.
(guar.)
141
Oct. 1 Holders of rec. Sept. 10a
M.St.P.& 8.8. M.,corn. dr pf.(No.
23) 34 Oct 15 Holders of rec. Sept. 210
Norfolk & Western, corn. (guar.)
155 Sept. 19 Holders of rec. Aug. 316
a Transfer books not closed for this dividend. fi Leas British income tax. dccc.
Adjustment preferred (guar.)
rec.
Holders
July
Aug. 19
310 rection. e Payable in stock.
of
1
Northern Central
!Payable in common stock. q Payable In serfP.
Aug. 24 Holders of reo Aug 3a S On account of accumulated
10
Special (pay. on 40%
dividends. f Being a distribution in cash on the 40%
North Pennsylvania (guar.)increased stk.) 284 Aug. 24 Holders of rec. Aug. 30 increased stock of the rental accruing from Jan. 1 1911 under the lease. k Transfer
Aug. 25 Aug. 13 to Aug. 19
2
Pennsylvania RR. (guar.)
books closed from Aug. 15 to Aug. 25, both Inclusive.
155 Aug. 31 Holders of rec. Aug. la
Pitts. Youngs. & Ashta., corn. &
Pl. (en.) 151 Sept. 1 Holders of rec. Aug. 200
Reading Company, 1st pref. (quar.)
Sept. 10 Holders of rec. Aug. 25a
1
-The 1914 edition of -Walker's Manual of California
Seaboard Air Line, preferred
(quar.)---- 1
Aug. 15 Aug 6 to Aug 16
Southern Pacific (guar.) (No. 32)
135 Oct. 1 Holders of rec. Sept. la Securities & Directory of Directors" (the sixth annual numUnion Pacific, common (guar.)
2
Oct. 1 Holders of rec. Sept. la ber) is a volume of 544 pages giving much valuable informaPreferred
2
Oct. 1 Holders of rec. Sept. la
Street and Electric Railways,
tion ?warding California corporations in which the investing
American Railways, preferred
151 Aug. 15 Holders of rec. July 316 public is interested. Every effort, it is stated, has been
Boston Elevated Ry. (guar.) (guar.)._
14
Holders
Aug. 15
of rec. Aug. 1
Brazilian Tract., L. & Pow.,
made.to obtain official statements from the various corCent. Ark. Ry.& L.Corp., corn. (qu.). 155 Aug. 20 Holders of rec. July 31
td.(c111.)(No.6) 151 Sept. 1 Holders of rec. Aug. 150 porations. Compiler, H. D. Walker, 454 Montgomery St.,
Connecticut Ry.& Ltg., corn.
dr
pf.
(qu.)
1
Aug. 15 Aug 1 to Aug. 18
Detroit United Ry. (guar.)
134 Sept. 1 Holders of rec. Aug. 150 San Francisco.
Illinois Traction,common (guar.)
55 Aug. 15 Holders of rec. July 25
Pacific Gas & El., pref. (qu.)(No.
134 Aug. 15 Holders of rec. July 3I0
Philadelphia Co. 5% non-cum. 34)National Banks.-The following information regarding
prof.... 24 Sept. 1 Holders of rec. Aug. 10a
Rochester Ry. & Light, pref. (guar.)
151 Sept. 1 Holders of rec. Aug. 25a national banks is from the office of the Comptroller of the
Tampa Electric Co. (guar.)(No.
Washington (D. C.) Ry. el Elec., 39)-- - 24 Aug. 15 Holders of rec. Aug. 30 Currency, Treasury Department:
com.(qu.) 151 Sept. 1 Aug. 16 to Aug. 17
Preferred (guar.)
APPLICATION TO ORGANIZE RECEIVED.
131 Sept. 1 Aug. 16 to Aug. 17
Miscellaneous.
Adams Express (guar.)
The American National Bank of Kewanna, Ind. Capital, $25,000.
$1.50
Sept.
1
Aug.
18 to Aug. 31
Correspondent, Henry D. Howell, Kewanna, Ind. T. J. Willoughby,
Amalgamated Copper Co (guar.)
155 Aug. 31 Holders of rec. July 250 B. Ir. Smith, Charles S. Callahan, L. M. Barnes and L. M.Shoemaker.
American Bank Note, corn.
(guar.)
1
Aug. 15 Holders of rec. Aug. la
APPLICATION TO ORGANIZE APPROVED JULY 31.
American Chicle, common (roonth41)
1
Aug. 20 Holders of rec. Aug. I5a
The First National Bank of Capac, Mich. Capital, 525,000. CorreAmerican Coal
Sept. 1 Holders of rec. Aug. 310 spondent, J. H. Dancey, Capac, Mich. A. H. Medbury. S. R. Miles,
Amer. Graphophone, pf. (qu.) (Na. 65) 3
151 Aug. 15 Holders of reo. Aug. 1
A. Moore and J. F. Wilson.
American Radiator, common (quarJ
254 Sept.30 Sept.22 to Sept.30
Preferred (guar.)
CHARTERS ISSUED TO NATIONAL BANKS JULY 31 TO AUG. 3,
134 Aug. 15 Aug. 7 to Aug. 15
American Sewer Pipe
10.591-The First National Bank of Eureka, Ill. Capital, $25,000.
55 Oct. 1 Sept.20 to Oct. 1
Amer.Smelt.4 Ref., corn.(OIL)(No.44)
Hammond A. Pearson, Pres.; Mark L. Harper, Cashier.
1
Sept. 15 Aug. 29 to Sept. 7
Preferred (guar.) (No. 61)
10,592-The Security National Bank of Sioux Falls, S. Dak. Carel,
151
Aug.
23
to
Sept.
15
1
Aug.
Amer. Sugar Refg., corn. & Pref. (guar.)._
W. E. Stevens, Pres.; John Barton, Cashier. Con$200,000.
141
Sept.
la
rec.
Holders
Oct.
of
2
Amer. Tobacco, corn. (payable in scrip)_
version of The State Bank & Trust Co., Sioux Falls, S. Da .)
5p Sept. 1 Holders of rec. Aug. 14a
Blackstone Val. G. Sr E., corn. (quar.)
10,593-"First National Bank of Woodruff," S. C. Capital, $50.000.
15a
rec.
Aug.
of
Holders
Sept.
1
Bond dr Mortgage Guarantee quar.)_
I. W. Gray, Pres.; S. G. Anderson, Cashier. (Conversion
4
Aug. 15 Holders of rec. Aug: 8
of
Borden's Condensed Milk, corn,(No.38) 4
The People s Bank, Woodruff. S. 0.)
Aug. 15 Aug 6 to Aug 16
Buekeye Pipe Line (guar.)
10,594-The American National Bank of Tucumeari, N. Mex.
Aug.
25
ree.
Holders
Sept.
of
15
$3
Capital,
Burns Bros., common (guar.)
J.
$25,000.
R.
Wasson.
Aug.
1
Pres.; W.A. Foyil, Cashier.
151 Aug. 15 Holders of rec.
Butterick Company (guar.)
,Sept. 1 Holders of rec. Aug. 17a 10,595-The First National Bank of Drumright, Okla. Capital, 325,000,
Floyd L. Griffith, Pros.
Commercial andnliscellaneonsgems
[VOL. xcrx.
THE CHRONICLE
458
VOLUNTARY LIQUIDATIONS.
Dexter, Kan., Aug. I 1914. Liqui9,225-The First National Bank ofWinfield,
Kan. To be succeeded by
dating agent: M. B. Light,
the Farmers' & Merchants' State Bank of Dexter.
July 20 1914. LiquiNeb.,
Spalding,
of
7,574-The First National Bank
dating agent: John P. Dunning, Spalding, Neb.
Neb., July 20 1914.
Rapids,
Cedar
of
Bank
National
First
8,282-The
Succeeded by the Citizens' State Bank of Cedar Rapids. Liquidating agent: James A. Gleason, Cedar Rapids, Neb.
STATE BANKS AND TRUST COMPANIES.
State Banks
Trust Cos.
State Banks
Trust Cos.
in
outside of
outside of
in
Week ended Aug. 8.
Greater N. F. Greater N. F. Greater N. F. Greater N. F.
$
$
$
$
67,300,000 *10,588,000 .10,750,000
23,850,000
Capital as of June 30____
38,502,800 155,158,200 *14,063,889 *13,006,407
Surplus as of Juno 30_--Loans and investments__ 328.605,500 1,113,537,900 133,578,200 189,056,700
-818,000
+880,160
+3,342,700
+419,900
Change from last week_
84,912,500
46,310,400
Gold
-4,204,200
Change from last week_ -5,042,000
19,822,300
26,480,200
Currency and bank notes_
Change from last week_ -1,003,300 -2,457,900
401,451,400 ,179,239,900 138,940,300 196,950,400
Deposits
-637,900
-465,900
Change from last week_ -26,865,100 -49,525,900
24,103,200
24,610,600
89,610,000 220,173,800
Reserve on deposits
-727.100
-1,423,400
-15,396,000
-12,332,400
Change from last week_
18.3%
14.6%
23.5%
25.7%
P. C. reserve to deposits_
14.8%
19.8%
24.8%
28.7%
Percentage _last week
2.
March
of
As
last
week.
from
-Decrease
+ Increase over last week.
Statement of New York City Clearing-House Banks
and Trust Companies.-The New York Clearing House
has discontinued for the present issuing its detailed statement showing the weekly averages of condition of the separate banks and trust companies, both the member and the
"non-member" institutions. The reserve items "Cash reserve in vault" and "Trust companies' reserve with C. H.
members carrying 25% cash reserve" are separately stated
as to banks and trust companies in the summarized statement furnished by the Clearing House; but with these exBoston and Philadelphia Banks.-Below is a summary
ceptions the figures are for banks and trust companies to- of the weekly totals of the Clearing-House banks of Boston
gether and are not apportioned between the two classes of and Philadelphia:
We omit two ciphers (00) tn all these figures.
institutions. The publication of the statement in the usual
form, it is stated, will not be resumed until all outstanding
Capital
Specie, Legate. Deposits. Circu- Clearings.
Loans.
and
Clearing-House loan certificates are retired. The last Banks. Surplus.
lation.
a
statement issued, that for August 1 1914, will be found in
on
398.
$
8
page
August
Boston,
of
"Chronicle"
the
20_ 60,735,0 239,768,0 30,423,0 5,263,0 296,787,0 9,771,0 140,871,6
We show below the figures as given out by the Clearing June
June 27_ 60,735.0 239,288,0 30,111,0 5,264,0 236,300,0 9,759,0 133,237,4
totals
by
reported
the
the
print
BankState
also
3_ 60,735,0 242,616,0 27,943,0 4,670,0 294,124,0 9,782,0 157,147,3
July
and
House
July 11_ 60,735.0 242,561.0 25,738,0 4,743,0 287,433,0 9,762,0 159,779.9
ing Department for the State banks and trust companies July
18_ 60,735,0 240,798,0 25,445,0 5,464,0 287,490,0 9,750,0 159,099,5
290,077,0 9,551,0 163,112,0
in Greater New York not in the Clearing House. In addition July 25_ 60,735,0 242,421,0
1. 60,735,0 243,662,0 26,564,0 4,941,0 285,713.0 9,317,0 159,674,9
we combine,as has been our custom,each corresponding item Aug.
137,775,3
8_ No state ment 18311 ed
Aug.
in the two statements, thus affording an aggregate for the Phil*.
*459,782,0 11,591,0 162,230,5
106,696,0
whole of the banks and trust companies in Greater New June 20_ 103,684,3 398,422,0
*453,102,0 11,611,0 158,199,4
102,682.0
June 27_ 103,684,3 398,285,0
York.
*459,268,0 11,607.0 178,089.1
97,198,0
July 3_ 103,684,3 393,020,0
NEW YORK CITY BANKS AND TRUST COMPANIES
Week ended Aug. 8.
Clear.-Houst Clear.-House State Banks rt Total of all
Members
Trust Cos. not Banks et Tr.
Members
in C.-H., Av. Cos., Aver.
Average.
Actual Floe.
Capital as of June 30-- $175,300,000 $175,300,000
; ?•,_ tow.
296,930,801 296,930,800
128,950,000 1204,250,000
Loans and investments__
Change from last week
669,732,900 2,654,887,900
-1,079,500 +27,885,500
Surplus AS of June 30____
70,887,900
367,818,700
Deposits
Change from last week
2,085,155,000
+28,965,000
igen
1,908,946,000
--26,875,000
a563,178,600 2,472,122,600
-4,439,700 --31,314,700
Specie
Change from last week
311,580,000
-51,800,000
543,880,500 355,460,500
+348,400 -51,451.600
Legal-tenders
Change from last week
75,009,000
-6,045,000
85,556,500
c10,547.500
+795,800 -5,249,200
ACTUAL
FIGURES
NOT
Banks: Cash in vault--GIVEN
Ratio to deposits
334,225,000
Not given
12,128,500
12.67%
336,353,500
Trust cos.: Cash in vault_
62,364,000
42,299,500
104,663,590
Aggete money holdings,.
Change from last week
386,589,000
---57,845,000
54,428,000 441,017.000
4-1,144,200 ---56,700,800
Money on deposit with
other ban & trust eos.
Change from last week
53,958,000
--7,137,000
68,406,500 122,364,500
--15,331,600 --22,468,600
Total reserve
Change from last week
440,547,000
--64.982,000
122,834,500 563,381,500
--14,187.400 --79,169,400
Surplus CASH reserveBanks (above 25%)--Trust cos.(above 15%)
Not given
Not given
% of cash reserves of trus t cosCash In vault
'
Cash on dep. with bks..
Total
Not given
Not given
10.32%
13.93%
I Not given
24.25%
4-Iacrease over last week. -Decrease from last week.
a These are the deposits after eliminating the Item "Due from reserve depositaries
and exchanges"; with
and from other banks and trust companies in New York City
this item included, deposits amounted to $629,198,600, a decrease of $17,621,300
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency
and bank notes.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED REstnirs OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
June
June
June
June
July
July
July
July
9ug.
Awe
6____
13____
20____
27__
3____
11____
18_
25____
1____
ft_ __
$
2.686.486,8
1.693,062,4
2,704.916,9
2,692,658,8
2,695,191,2
2,678,283.6
2,648,964,3
2,631,527,5
2,627.002,4
2.654.887.9
Deposits.
$
2,628,539,3
2.631,571,3
2,132,876,6
2,609,054,5
2,598,481,3
2,560,2407
2,529,964,8
2,530,917,6
2,503,437,3
2.472.122.6
Specie.
$
486,598,3
482.504,2
471,020.8
463,148,9
447,033,3
424,266,6
418,781,3
427.809,1
406,912,1
355.460,5
Legate.
TotMoney Entire Res
Holdings onDeposti
$
1
83,528.5 570,126,8
84,582,7 587,086,9
87,872,3 558,853.1
86,941,2 550,090.1
81.769,4 528,807,7
83,062,8 507,329.4
89,974.5 508,755,8
91,313,7 519,122,8
90,805,7 497,717,8
85,556,5 ; 441.017,0
775,756,4
762,028,6
753,271,7
741,075,1
710,565,9
665,677,5
656,680,2
667 378 3
642,550,9
563,381,5
We add herewith the weekly returns furnished by the State
Banking Department of the State banks and trust companies
under its chyge. These returns cover all the institutions
of this class in the whole State, but the figures are compiled
so as to distinguish between the results for New York City
(Greater New York) and those for the rest of the State, as
per the following:
For definitions and rules under which the various items
are made up, see Chronicle," V. 98, p. 1661.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Aug. 8; also
totals since the beginning of the first week in January:
For Week.
FOREIGN IMPORTS AT NEW YORK.
1912.
1913.
I
1914.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
53,397,3101
12,419,7831
13,136,417
14,380,257
$3,330,559
16,417,773
1911.
$2,491,811
15,483,835
$15,817,093 $17,516,674 119,748,332 $17,975,646
$114,901,570 $91,704,995 $88,854,814 $85,686,544
520,365,795 508,860,879 525,284,135 449,938,869
$635.258,365'$600,565,874 $614,138,949 $535,625,413
Total 32 weeks
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Aug.8 and from Jan. 1 to date:
ExPowrs PRO',!NEW YORK.
1914,
1913.
1912.
1911.
For the week
Previously reported
$12,071,056 $13,515,717 $16,472,871 $13,667,459
535,210,243 546,131,906 493,725,711 462,149,839
_Total_ 32 weeks
5547,281,299 5599,647,623 $510;198,582 $475,817,298
The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 8
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
.ef43,116,000
Not given
Total
Change from last week
*452,896,0 11,537,0 167.248.1
100,317,0
July 11_ 103,684,3 397,124,0
*454,701,0 11,605,0 162,321,9
100,652,0
July 18_ 103,684,3 398,408,0
*446,449,0 11,573,0 138,919,8
99,750,0
July 25_ 103,684,3 396,444,0
95.906,0*444,461,0 11,464,0 154,138,8
Aug. 1_ 103,684,3 396,872,0
*423 473 0 11,613,0 140,810,9
87,213,0
Aug. 8, 103,684,3 400,72,0
a Includes Government aeposits and the Item-"due ;to other banks."which were
•"Deposits" now include the item "Exchanges for Clearing [House,"
reported on August 8 as $10,559,000.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
/Marts
Gold.
Week. 1Since Jan.1
Week. Since Jan. 1
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
_Total 1912
8
1
8
18,780,034 37,426,960
4,825 85,152,015
$
105,0161
%TM
1,105,120
100.016
51,375
I
683,492
135,900
90,199
0,847
18,941,250 126,457,349
47,000 68,742,696
25,000
494 533
I 32"
80,406 20,397,516
3,204,408
275
201,795
91,346
72
111:9
.;
80,681 25,144,749
1,208,429 30,972,159
;_ 1,345,371 33,661,543
17,366
107,712
3,602
1,145,009
862,061
2,259,549
1,218,744
200,062 5,614,043
320,668 12,092,888
664,128 14,164,064
25,295
7,976
9,305
10.595
18,267
36,565
2,455,903
1,891,345
947,002
33,271
452,184
181,607
6,368,982
6,049,557
6,103.35.
1
Of the above imporls for the week in 1914, $513 were
American gold coin and $1,243 American silver coin.
For General Distribution
Circular No. 616 describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Albany
Chicago
Boston
Members New York and Chicago Stock Exchanges
AUG. 151914.]
THE CHRONICLE
Vanktrs'
1.
459
mune.
The Bank of England weekly statement on Thursday
Wall Street, Friday Night, Aug. 14 1914.
an increase of £5,392,560 in gold coin and bullion
showed
n
The Money Market and Financial Situation.—I holdings and the percentage of reserve to liabilities was
the financial district the matter of devising a plan whereby 17.20, against 14.60 the week before. The rate of discount
the existing suspension of international trade and finance was reduced on Aug. 13 from 6%, as fixed Aug. 6, to 5%.
no statement.
may be overcome has absorbed a good deal of attention this The Bank of France issued
to the meagre details afforded by the ClearingOwing
consideraa
releasing
our
by
done
be
week. This can only
House statement in its abridged form, we are unable to comble amount of gold or providing some sort of substitute or pile the comparative statement of the position of the New
equivalent. To facilitate this matter, the Bank of England York Clearing-House banks (separate from, and not includdepartment.
has established a depository at Ottawa, the Canadian capi- ing, trust companies) usually presented in this
Using all the figures available, we have prepared, instead,
tal, where gold may be sent for its credit, and it is confidently the
following table, in which the totals for all the Clearingexpected that a way will soon be found whereby the present House members, both banks and trust companies, are comand
commercial
international
embargo may be lifted and
pared with corresponding dates in 1913 and 1912.
financial operations be re-established. At present, how- NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
ever, the deadlock remains almost complete, although there
1912.
1913.
1914.
Averages for Averagesfor
have been limited sales of foreign exchange and the price
Differences
Averages for
week ending week ending
from
week ending
declined to 4 98, the lowest quoted since the outbreak of war,
Aug. 10.
Aug. 9.
previous week.
Aug. 8.
as against 5 15 a few days before.
$
$
$
$
The matter of resuming business at the Stock Exchange
179,900,000 174.275.000
Capital (June 30)
175,300,000
continues to be shrouded in uncertainty. In the meantime Surplus
302,892,900 293,808,000
30)
(June
296,930,800
a committee of that institution provided for completing Loans and investments 2,085,165,000 Inc. 28,965,000 1,917,796,000 2,040,071,000
46.716,000,45.372,000
51,093,000 Inc. 9,515,000
such transactions as were in progress when. the Exchange Circulation
Deposits
1,908,946,000 Dec. 26,875,000 1,778,313,000 1,907,798,000
363,942,000
350,190,000
closed, and perhaps others, by private negotiation at prices Specie
51.800,000
311,580,000 Dec.
86.698,000
79,354.000
75,009,000 Dec. 6,045,000
not lower,in any ease, than those then quoted, and a limited Legal-tenders
amount of business of that character has been transacted.
Cash reserve held_ _ _ 386,589,000 Dec. 57,845,000 429.544,000 450,640,000
Cash reserve required 429,705,000 Dec. 6,125,950 403,116.650 429,203,100
No details or statistics are available, however, but relief
has been afforded in individual cases which while in statu
26427350 21.436.900
det43 116 000 Den 51 719 0511
Surplus
quo were somewhat embarrassing.
Foreign Exchange.—The market for sterling exchange
Among other more or less important events of the week
mention may be made of a settlement and withdrawal of the may be said to have shown some slight improvement this
Government suit against the New Haven RR.and a decision of week, but is still in an almost nominal position, since it is
to do business in anything like a routine way.
the U.S.District Court at St.Paul declaring the International impossible
To-day's (Friday's) actual rates for sterling exchange were nominal for
Harvester Company.a combinatioa in restraint of trade and sixty
days. 4 94©4 96 for cheques and 4 98)4@5 00 for cables. Commerordering its dissolution. A report of the American Car As- cial on banks and documents for payment nominal. Cotton for payment
grain for payment nominal.
sociation shows that the number of idle freight cars was re- andThere
have been no posted rates available this week.
To-day's (Friday's) actual rates for Paris bankers' francs are not quotaduced about 30,000 during the last half of July, and illusble. Germany bankers' marks not quotable. Amsterdam bankers'
trates to what extent early crops were moving to market, guilders
not quotable.
Exchange at Paris on London not quotable. Exchange at Berlin not
and also how general traffic had been stimulated thereby
quotable. The range for foreign exchange for the week follows:
before European hostilities began.
Cables.
Sixty Days.
Sterling. Actual—
Cheques.
The Bank of England's weekly statement, although show- High for the week_
4 9834
5i0
5 50
for the week_
4 94
ing a larger percentage of reserve, gave evidence of the un- Low
Parts Bankers' Francs—
usual strain to which the institution had been subjected. High for the week.._
No quotations available
for the week_ _
The local money market is very gradually assuming normal Low
Germany Bankers' Marks—
conditions and rates have a declining tendency.
No quotations available.
High for the week__ I
The open market rates for call loans on the Stock Exchange Low for the week__ J
Amsterdam Bankers' Guilders—
during the week on stock and bond collaterals have ranged High
No quotations available.
for the week__
from 6%. to 8%. Friday's rates on call were 6@8%. Low for the week__ J
Exchange.—Chicago,40c. per 31.000 discount. Boston, par.
Commercial paper closed at 6@63.1,% for sixty to ninety- St.Domestic
Louis,40c. per S1.000 premium bid and 45c. premium asked. San FranPaul. 20c. per $2,000 premium. Montreal, par. Minneday endorsements and prime four to six months single cisco, par. St. $1,000
premium. Cincinnati, 10c. per S1.000 discount.
20c. Per
apolis,
names.
single
good
for
63/2g7%
and
names,
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings have by common consent
been discontinued, it having been decided to omit even the customary auction sales of securities at New York, Boston and Philadelphia so long as the Stock Exchanges are closed, we are compelled to omit the 10 pages of stock and bond prices ordinarily
appearing in this department.
THE CHRONICLE
460
tutiestuu, it
i1211.1
[VOL. xclx.
'tiattrlar..1
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. 'I be first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
eriod. The returns of the electric railways are brought together separately on a subsequent page.
-
Latest Gross Earnings.
ROADS.
Week or
Month.
Current Previous
Year.
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Previous
Year.
Year.
Ala N 0& Tex Pac$
$
8
8
8
$
$
331,636 361,559
NO & Nor East.. July
333,636
361.559 NO Mobile do Chic. May
174,770 211,679 2,037,471 2.323,978
134,216 148,815
Ala & Vicksburg_ July
134,216
148,815 NY N H & Hartf__ May
5,589205 5,718,771 60.927,389 63.872,461
135.607 147,320
Vicks Shrev & Pac July
135,607
147,320 N Y Ont & West__ June
809,706 816,012 9.040,812 9,454.349
4th wkJuly
62,258
Ann Arbor
63,952
186.941
194,288 N Y Sus(' Sr West__ May
367,329 321.333 3,653,280 3,490.447
9,271,364 8,620,429 111109770 116896252 Norfolk Southern__ May
Atch Top & S Fe...._ June
346.146 322,530 3.895.886 3,816.028
Atlanta Birm & Atl May
230,949 247.113 3.159,445 3,010,462 Norfolk & Western.. June
3,714.153 3.742,889 44,470.619 43.739,921
Atlantic Coast Line June
2.851,072 2,609,254 36,832,898 36,123,072 Northern Pacific__ May
5.076.147 5,766,417 62,887.165 66.651.916
Chariest & W Car June
138,995 132,674 2,095,812 1,895,999 Northwestern Pac_ June
363.540 352,850 3,745,805 3.709,766
May
Lou fiend & St L
108.907 103,799 1,247,8401,127,977 Pacific Coast Co_ June
528.662 709,765 7,063.649 7.945,931
7.801.303 9.015,427 97,411,441101,556,132 Pennsylvania Int.__ June
g Baltimore & Ohio_ June
14261298 15559936 178983559 181830904
B &0 Ch Ter RR June
133.097 150,022 1,594,454 1,794,351
Balt Ches & Atl_ _ June
37,808
27,025
366.619
318,659
Bangor & Aroostook May
305,068 300.224 3.487.448 2,979.707
Cumberland Vail June
351,650 299.759 3,511,897 3.521.447
Bessemer & L Erie June
1,060,610 1,058,468 8,488,074 9,012.362
Long Island
June
1,357,184 1,291,017 12,625,290 11,641,881
Birmingham Sou...._ June
84,669 113,158 1,161,830 1,276,628
Maryl'd Del & Va June
13,947
12,890
156,588
152,951
Boston & Maine
May
3.820.867 3,973.644 43.290.901 44.464,852
NY Phlia & Norf June
362,150 393,681 3.812,825 3.781,498
Buff Roth & Plash 1st wk Aug 210,814 258.838 1.152,309 1.399,389
Northern Central June
1,037,299
1,106,921
13,124,534
13,334,941
Buffalo & Susq_ _ - _ June
127,394 210,382 2.098,416 2,492,515
Phila Balt&Wash June
1,810,513 1,783,321 20,656,988 21,103,721
Canadian Northern. 1st wk Aug 354,400 418.700 1,948.700 2,347,500
584.933 570,745 6,397,731 6,351,135
W Jersey & &ash June
Canadian Pacific
1st wk Aug 2,236,000 2,581,000 12,277.000 14,136.000 Pennsylvania
June
5,053,211
6,154.779 60.779,682 66.573,351
Co......
Central of Georgia.. May
953.620 1.003.172 13,258,771 12.958.452
Grand Rap Sc Ind June
436,264 451,881 5,538,483 5,519,072
Cent of New Jersey May
2.542.865 2.535,218 28.644,601 29,344,696
Pitts C 0 & St L_ June
3.649,06342,098.659 44,510.898
3.313,415
England..
May
Cent New
310.088 306.895 3.457,362 3,406,996
Vandalia
893,860 884,236 11,255,236 11.204,405
June
May
Central Vermont
336,216 358.935 3.679,247 2.824,956 Total linesChes & Ohio Lines_ 1st wk Aug 711,308 688.201 3.938,400 3,550,084
East
21072188
22362546 253000861 257729627
Pitts
June
&
E.__
Chicago & Alton.. 4th wkJuly 496,528 473.138 1,293.949 1,338,243
West Pitts & E June
9.895,011 11352014 122102212 130189738
Ohic Burl g-, Quincy. May
6,520.269 7,295,560 85,239,094 86,878.698
All East & West_ June
30967200 33714562 375103077 387919374
June
f Chic & East II1
1.128,8211,345,432 15,544,286 16,214.972 Pere Marquette.....
1,242.867 1.309,768 16,431,939 17.406,755
June
p Chic Great West_ 1st wk Aug 264,586 277,820 1,331,175 1,481,840 Reading CoChic Ind & Louisv_ 1st wk Aug 144,894 143,272
738,281
725,161
4.054.812
Phila.
4.369,543 44,785.792 47,521,484
&
Reading_
May
June
St
Milw
P_1
Chic
&
7,671,406 7,631,916 91,782,691 94,084.055
Coal Sc Iron Co.- May
2,931,775 3,294.073 30.718,287 38,489.448
ChicMll& Pug ST
Total both cos
6.988,587 7,683,616 75,504,079 86,013,930
May
oChIc & North West June
7.735,988 7,626,494 86,583.661 88,510,709 Rich Fred
& Poacria
284,174 259,219 2.977.081 2,968.612
. June
°Chic St P M & Om June
1,498,284 1.417,742 18,241,942 17,223,996 Rio Grande June
70,554
75,787
938,669 1,024,220
Chic Terre H & 8 E May
149,668 153,001 1,988,444 1,786,722 Rio Grande South.._ May
10.649
10,965
wk
Aug
53,767
1st
64,553
Cin Ham & Dayton June
864,643 931,268 10,081,217 10,071,297 Rock Island Lines June
71,364,934
68,208,113
6,375,933
6,157.112
Colorado Midland_ June
136.675 127,695 1.761.982 1,828,335 Rutland
316,153 323.456 3,714.789 3.706,981
June
b Colorado & South 1st wk Aug 250,044 280,303 1,318,997 1,484,658 St Jos & Grand Isl. June
126.426 121.425 1,610.060 1.553.465
Cornwall
June
10,392
18,596
177.447
240,851 St L Iron Mt ar Sou May
2,621.978 2,781,859 30.648,232 31,656,657
Cornwall &Lebanon June
23,981
28,014
311,374414,019 St L Rocky Mt & P May
219,299 199,178 2,285,927 2,083.566
Cuba Railroad_ _- June
432,183 399.100 5.164,671 4,632,040 St Louis & San Fran
'3,441.450 3,706,121 44,915,891 46,040,163
Delaware & Hudson June
1,965,163 1,953,503 23.090,060 23,999,532 St Louis Southwest.. June
1st wk Aug 228,000 252.000 1,153,166 1,289,215
Del Lack & ANTt June
3.463,5753,392,183 39.819.28440,518,044 San Pod LA & S L June
899,581 941,128 10,626,703 10,238,050
Deny & Rio Grande 1st wk Aug 450,400 507,000 2,452,400 2,599,500
Seaboard Air Line..: 4th wkJuly 503,245 515,409 1.790.909 1,812.213
Western Pacific._ 1st wk Aug 118,800 140,800
758,800 Southern Pacific.. June
.
11544275 11644536 138520259 142774705
Denver & Salt Lake 4th wkJuly
50,163
43.114
154,553
132,104 Southern Railway 1st wk Aug 1,302,833 1,311.311 6.899,752 6,824,525
Detroit Tot & Iront June --- - 157,630 137,407
1,542.734 1,673.286
Mobile & Ohio.... 1st wk Aug 248,207 227.919 1,360.070 1,284,939
Detroit & Mackinac 4th wit-July
32,762 38.913
Cin N 0 & Tex P 1st wk Aug 190.902 188,864 1,019.630 1,009,331
112.845
98.707
Dul& Iron Range.... June
757,630 1,052.769 6,518.526 7,121.719
Ala
Great South_ 1st wk Aug /89.181
522,594
90,305
502,461
Duluth So Sh & At! 1st wk Aug
63,307
74,691
Georgia Sou Sc Fla 4th wkJuly
351.955
393,052
69.295
66.734
214,600
203,105
Elgin Joliet & East Jane
761,921 1,149,451 11,252,392 13,350,982 Sopk Portl & Seattle June
415,928 458,910 4,901,740 5,341,466
El Paso & Sou West June
836,062 691,680 9,057,553 8,657,716 Tenn Ala & Georgia 4th wkJuly
2,557
2,799
6,982
8,514
Erie
May
4,863.226 5.410,711 55,671,464 57.290,468 Tennessee Central_ June
139.660 134,735 1.707,339 1,684,334
Florida East Coast., June
347,658 304,150 5,347,818 5,037,056 Texas & Pacific
1st wk Aug 318,661 309,690 1.740.400 1,692,509
FondaJohns& Cloy May
89.418
85.682
898.180
901.881 Tidewater & West_ June
8,520
8,882
89,280
106,535
Georgia Railroad June
238,157 221.804 2,327,444 3.117,765 Toledo Pear & West 4th wkJuly
46.988
47,482
116,765
114.299
Grand Trunk Pan_ 3d wk July
99,057 119.176
93.312 101,406
306,293
470,874
362,959 Toledo St L & West 1st wk Aug
505,391
Grand Trunk Syst_ 1st wk Aug 1,106,823 1.149,584 5,830.840 6,191,687 Union Pacific Syst_ June
7.210.399 7,563,761 92.115,333 93.638.459
Grand Trk West_ 3d wk July 136,894 142,597
159.038 145,809 1,939,104 1.806.627
414,288 Virginia & So West- June •
405,686
Dot Gr H & Milw 3d wk July
519,337 499,553 6.680,903 6.189,760
June
50,349
44,227
139.682 Virginian
151,044
Canada Atlantic- 4th wkJime
2,607,095 2,737,816 2,607,095 2,737,816
July
87,037
63,775 2.387.076 2,414,847 Wabash
Great North System July
711.148 656,459 8,267,736 7.571,094
6,570,267 7.515,727 6,570.267 7,515,727 Western Maryland_ June
Gulf & Ship Island_ June
536,409 765.697 7,637,346 7,831,948
147,137 184,803 1,995,766 2,114,620 Wheel & Lake Erie.. June
Hocking Valley.._.._ June
17.8701
15,111
352,118
306,583
476,936 723,500 7.021.145 7,817.644 Wrightsv & Tennille June
Illinois Central........ July
819,680. 807,830
819.680
807.830
5,326,548
5,326,548 5,357,908 Yazoo & Miss Vail_ July
Internal & Grt Nor let wk Aug 158,000 5,357.908
158,000
920,000
876,000
a Interoceanic Mex- let wk Aug
Cturent
Previous
42,403 181,276
910,778
225,474
Kanawha & Mich June
Period.
Year.
Year.
Various Fiscal Years.
165,625 296,772 3,110,148 3,303,229
Kansas City South- June
980.467
853,980 10,993,454 10,708.309
Lehigh & New Eng.. June
X
8
274.410
136,998
2,255,799
1,793,785
Lehigh Valley
May
Jan 1 to June 30 10,685,318 11.691,472
3.518.422 3.795,218 36.181,938 39 299 894 Delaware &Hudson
Louisiana & Arkan_ June
126,367 127.092 1.741872 1,717'290
N Y Central & Hudson Itiver_e_ Jan 1 to June 30 43,819,999 47,683,314
s Louisville & Nash 4th wlauly 1,580,475 1.615.112
Jan 1 to June 30 7,843,144 8,178,922
o
Bost n & Albany
4.749,990 4,945,042
Mon
ac & 131rmalam June
9,803
Lake Shore & Michigan South Jan 1 to June 30 24.436.591 29,034,354
8.482
156.278
155.890
Maine Central
June
Jan 1 to June 30 2,685,262 2,876.257
1,031,888 942,991 11,685,969
Lake Erie & Western_n
11,331.406
Maryland & Penna.. June
40,095
Chicago Indiana & Southern.. Jan 1 to June 30 2,064,873 2.197,428
41,233
532,417
506,861
a Mexican Railways 3d wk July 129.000 178,100
Jan 1 to June 30 15,961,704 17.705,136
Michigan Central
434,800
576000
Mineral Range
1st wk Aug
Oleve Cin Chic & St Louis-. Jan 1 to June 30 16,408,877 17.608,956
17,642
65'504
5546
95391
Minn & St Louis... 1st wk Aug 178,324 175,940
Jan 1 to June 30
Cincinnati Northern
637.601
940,785
615,032
918,727
Iowa Central......
Jan 1 to June 30 7,972,937 9,948,825
Pittsburgh Sc Lake Erie
Minn St P Sr S S - let wk Aug 546.782 617,187 2,927.567 3.128 291
New York Chicago Sc St Louis Jan 1 to June 30 5,539,288 6.124,177
Mississippi Central_ June
Jan 1 to June 30 2,048,568 2,728,769
80.450
Toledo & Ohio Central
86,672 1.027,097 1.054'566
u Mo Kan & Texas.. 1st wk Aug• 595,622 596,832 3,209,075
Jan 1 to June 30 129418844 144701 170
Total all lines
3,252,841'
r Missouri Pacific.... 1st wk Aug 1.126,000 1,208,000 6,285
Jan 1 to June 30 82,816,157 89,253,421
Pennsylvania Railroad
490
6361374
[lathy Chatt Sc St L June
972,653 1,068,182 12,778,334 13'317'162
Baltimore(Meseta Sc Atlantic_ Jan 1 to June 30
149,439
128,824
a Nat Rye of Mex_t 1st wk Aug 208,408 603,778 1,583.461 3'327'255
Jan 1 to June 30 1,701.952 1 764
Cumberland Valley
391
gevada-Cal-Oregon 4th wkJuly
Jan 1 to June 30 5,793,848 5,373,293
10,495
11,356
Long Island
38,644 '41'221
New Orl(4reat Nor_ May
148,541 176,217 1.723,285 1,639'528
VirginiaJan
1
to
June 30
Maryland Delaw &
60,251
60,317
e NY 0 & Hod Rio June
7.985,097 8,489,109 95,870170 8,130'583
N Y Philadelphia Sc Norfolk.. Jan 1 to June 30 1,793,082 1,911 454
Boston Sc Albany June
1,480,944 1,473,450 16.835,042 16,957.359'
Jan 1 to June 30
Northern Central
6,500,828
Lake Shore & M S June
4.383,4544,827,892 53.344,15558,272,0
Jan 1 to June 30 6.061,643 10.326,278
Ball Sc Washington
Phila
50
n Lake Erie & W.June
483,174 515.045 5.743.648 6,062324
Jan 1 to June 30 9,818,926
Seashore
Sc
Jersey
West
2,638,662 2,648,716
Chic Ind Sc South June
333,998 340,536 „ 4,407'455 Pennsylvania CompanY
Jan 1 to June 30 26,066,954
Michigan Central June
2.839,363 3,015,718 34,268,450 35,379,492'
Jan 1 to June 30 2,537,773 31122649
Grand Rapids Sc Indiana
2,579,520
Cloy C C & St LI June
2.922,876 3,180,668 36.027,648 37551796
Pitts CM Chic Sc St Louis.- Jan I to JUDE, 30 19.024.472 21 165 198
Peoria& Eastern!
Jan 1 to June 30 5,130,707 5,275,405
Vandalia
Cincinnati North. June
118,370 122,935 1,459,274 1.416.920
Total lines-Itast Pitts Sc Erie Jan I to June 30 116568282 124821529
Pitts & Lake Erie June
1,383.415 1,735.242 17,622,027 20,040,506
-West Pitts Sc Erie Jan 1 to June 30 53.915,219
NY Chic.Sc St L.. June
897,609 1.093.276 11,757,109 12,623 140
-Ail lines E Sc 1V Jan 1 to June 30 170483501 61,329,80_,
18615133*
Tol Sc Ohio Cent_ June
225,649 601.865 ,326.036 5.672,729 Rio Grande Junction
Dec 1 to May 31
452,182
411,000
Tot all lines above June
23053939 25395736 282583443 296514364 Rutland
Jan 1 to June 30 1,673.760
1,711,745
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Previous
Increase or
Year.
Monthly Summaries.
Year.
Decrease.
%
$
$
Mileage. Cur. Yr. Prey. Yr.
iS
$
$
$
4th week May (39 roads)...._.. 16.865.235 19,681,512
299.195,006
240,886
---243,690
October
300,476.017 -1.281,011 0.48
14.33
let week June (39 roads).- 12,090,999 13.389,559 -2.825.277
November_243.745 241,452 269.220.882 2/8.364.475 -9.143,593
-1,298,560 9.70
3.35
2d week June (38 roads)___ 12,203.407 13,313,869 -1,110,462
December -243.322 241,180 254,218,891 266,224.678 -12,005.787 4.51
8.34
3d week June (39 roads)____ 12,447,270 13,534.675 -1,037,405 8.03
241,469
233,073,834
January._ 243,732
249,958,641 -16.884,807 6.75
4th, week June (38 roads)___. 16,710,590 17,481,230 -764,640 4.37
February..::244.925 242.928 209,233,005 233,056,143 -23,823,138 10.22
week July (38 roads).___ 12,323,697 12.867,446 -543,749
lst week
March ----245.200 243.184 250.174,257 249,514,091
+680.166 0.27
July (37 roads)__ _ 12,692,460 13,393,790 -701.330 4.39
213,813 241,547 238,531,600 245.048,870 -8,517.270
2d
Ajoil
5.24
3.48
July
(37
roads)_--- 12.891.583 13,810,667
3d week
246. 70 243,954 239,427.102 265,435,022-26.007,920 9.73
may
-919,084 6.57
roads)___ 19,122,365 19,809,127
(39
July
week
t
190.207
191,886
197,231.111
-686,762 3.47
June
4 week Aug 130 roads)____ 12,115.052
207,139,547
-9,908,438
4.80
12.909,538 -794,486 6.15
92.909 91,304 73.420.804 77.481,852 -4.061,048 5.22
July
1st
a Mexican currency. hi Does not include earnings of Colorado Springs Sc Cripple Creek District By.from 4Ov. 11911. e Includes the New York Sc
Ottawa. the St. Lawrence Sc Adirondack and the Ottawa Sc New York By.,
being a Canadian road, does not make returns to the
which,
of
latter
Inter-State Commerce Commission. f Includes Evansville Sc Terre Haute andthe
Evansville Sc Indiana RR. g Includes the Oleveland Lorain & Wneeling
By. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City
Fort Dodge and Wisconsin Minnesota & Pacific. s InIt
cludes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. t Includes the Mexican International. u Includes the Texas Central in both years and
the Wichita Falls Lines in 1912. beginning Nov. 1. o Includes not only operating revenues, but also all other receipts. r includes St. Louis Iron \loanlain Sc Southern. * We no longer include the Mexican roads in any of our totals.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of August. The table covers 30 roads and shows 6.15% decrease in the aggregate under the same week last year.
First week of August.
1914.
1913.
$
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville
Cinc New On & Texas Pacific_ _
Colorado & Southern
Denver & Rio Grande
Western Pacific
Duluth South Shore & Atlantic..
GrandTrunk of Canada
• Grand Trunk Western
• Detroit Gr Hay & Milw_
Canada Atlantic
Internet & Great Northern__
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M_ _
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo Peoria & Western
461
THE CHRONICLE
AUG. 15 1914.]
c After allowing for additional income for the month of June 1914, total
net earnings were $166,807, against $217,104 last year, and for the period
from July 1 to June 30 were 62,067,566 this year, against $2,623,844.
f After allowing for outside operations and taxes, operating income for
June 1914 was 6556,362, against $322.881: from July 1 to June 30 was
$7,191,571 in 1914, against $8,194,317 last year.
I Increase. Decrease.
I
90,305
89,181
258,838
210.814
418,7001
354.400
2.236,000 2,581,000
688,2011
711.308
277,820
264,586
143,272
144,894
188,864
190,902
280,303
250,044
507.000,
460,400
140,8001
118.800
74,691
63,307
$
1,124
48,024
64,300
345.000
23.107
13,234
1,622
2.038
30,259
56.600
22,000
11,384
1.106,823 1,149,584
158,000
158,000
1,099,245 1.135,700
5,546
17,642
175.940
178,324
617,1671
546.782
596,832
595,622
1,126,000 1,208,000
227,919
248.207
10,649
10,965
252,000
228,000
1,302.833 1,311,311!
309.690
318,661
101.406
93.312
12,115.052 12.909,538
Total (30 roads)
Net decrease (6.15%)
I
Mexican Rds.(not incl. in total)181,276
42,403
Interoceanic of Mexico
603.778
208,408
National Railways of Mexico-
42.761
36,455
12,096
2,384
70,385
1,210
82,000
20,288
316
24,000
8.478
8.971
I
8.094
70,822
865,308
794,486
I
1 138,873
395,370
For the fourth week of July our final statement covers
39 roads and shows 3.47% decrease in the aggregate under
the same week last year.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
680
946
Bellefonte Central
240
240
July
8.738
6,532
Jan 1 to July 31
1,680
1,665
z42,917
x2,912
Buffalo & Susquehanna_June
30,257
13,177
Jan 1 to June 30
x14,838 2168,581
111,972
181,833
Greenwich & Johnsonvillex8.642
x3,041
April 1 to June 30
11,329
10,751
x34.364
x17,115
July 1 to June 30
37,425
44,432
x30,582
St Louis & Southw
June 258,002
232,370 zdef51,269
July 1 to June 30
3,019,115 2,757.950 x335.771 x1,886,191
x15,999
Toledo Peoria & West_June
25,477
24.518 zdef11,396
x37,670
292.240zdef187,841
July 1 to June 30
304,176
July
23,688 xdef2,733 zdef9.027
25,156
Roads.
INDUSTRIAL COMPANIES.
Houston Gas& FuelApr 1 to June 30
16,411
22,263
16,414
July 1 to June 30
50,510
103,256
54.171
Keystone Telephone_ July
26,232
25.767
28,707
Jan 1 to July 31
181,816
177,264
206.056
Westerly Lt & PowerApr 1 to June 30
5.481
5,263
6.751
Jan 1 to June 30
22,044
20,562
35.511
z After allowing for other income received.
20,886
113,899
25,319
183.294
5,547
35,155
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
8
$
American Rys Co___ June
466,970 451,130 2,602,851 2.434.593
Atlantic Shore Ry___ June
155.037
146,243
29.863 34,419
cAur Elgin & Chic Ry June
905,236
938,710
186.770 184,786
Bangor Ry & Electric June
349,820
368,686
71.595 60,780
Increase. Decrease. Baton Rouge
1913.
1914.
Fourth Week of July.
Elec Co June
74,344
87,151
15.603 12,299
Belt LRyCorp(NYC) March
180.546
166,301
54.680 59,281
3
8
$
Berkshire Street By.. May
370,382
367,153
85,462
86.038
Previously reported (26 roads)- 16,985,842 17,648.323 251,819 916,300 Brazilian Trac,L & P June
2013,832 1916.693 11,791,355 11,552,887
20,111 Brock & Plym St By.. May
170,941
150.830
Alabama Great Soutnern
39,336
41,364
10,999 10,279
1,694 Bklyn Rap Tran Syst March
63,952
62,258
Ann Arbor
2106,233 2103,039 6,063,037 5,820,852
23,390
473.138
496,528
Cape Breton Elec Co June
Chicago & Alton
174,626
167.321
29,697 30,645
21,593
321,289
299,696
Chattanooga By & Lt June
Chicago Great Western
595,008
552,114
91,477 101,635
3,366 Cleve Painesv & East June
282.189
278,823
188,540
Cinc New Orl & Tex Pacific_ _
196,293
42,596 40.989
7,049
43,114
50,163
Cleve Southm & Co1_,June
Denver & Salt Lake
575,158
596,846
110,026 111,601
2,561
66,734
69,295
Columbus(Ga) El Co June
Georgia South & Fla
288,533
54,120
326,401
49,093
4.760
193,300
198,060
1
ComwthPow,Ry&Lt June
Minneapolis & St Louis
228,837 213,804 a1,495,659
917.666
Connecticut Co
May
Iowa Central
720,693 760,408 3,064.841 3,174,390
861 Consura Pow (Mich)_ June
11,356
10,495
Nevada-California-Oregon
255,055 226,768 1,680,625 1,538,259
2,010 Cumb Co (Me)P & L June
16,583
14,573
Rio Grande Southern
217.868 200,339 1,137.586 1.044.980
12,164 Dallas Electric Co_ _ June
515,409
503,245
Seaboard Air Line
177.620 168,592 1.113.975 1,028,202
242 Detroit United Lines 4th wIrJuly 335,436 355,811 6,974,881 7,419,150
2,799
2,557
Tenn Ala & Georgia
DDEB&B (Rec)-- March
124,333
143.310
41,513 51.415
a • 't
111,812 110.530
19,122,365 19,809,127 291.579 978,341 Duluth-Superior Trac June
Total (39 roads)
636,735
596.107
686,762 East St Louis & Sub_ June
225,180 207,251 1,330,892 1,265,222
Net decrease (3.47%)
515.602
80,051 68,169
El Paso Electric Co..- June
439.011
St M & St N Ave March
411,832
138,754 157,847
447,221
Net Earnings Monthly to Latest Dates.-The table 42d
Galv-Hou Elec Co-- June
221,694 206,916 1,196,234 1,112.248
STEAM
of
earnings
Rapids
Co
June
Grand
By
109.413 112,045
621,019
following shows the gross and net
625,414
Harrisburg Railways. June
88,368 85.812
484,670
467,987
railroads and industrial companies reported this week:
Havana El By.L & P
-Net
Earnings
Wk Aug 9 54,066 56,067 1,717.913 1,725,320
Railway Dept_ _
-Gross EarningsPrevious
Current
Previous
24,508 26,163
Houghton Co Tr Co_ June
Current
140,152
148,635
Year.
Year.
Year.Year.
473,462 464,440 2,384.930 2.329,273
bHudson & Manhat_ May
Roads.
$
$
Traction _ _
June
646.174 627,668 4,038,628 3,789.048
Illinois
$
$
920 Interboro Rap Tran_ June
1,186
8 138
2714,667 2591.271 17.515,941 16,760.701
6,905
Bellefonte Central_b- _July
10,418 Jacksonville Trac Co June
8,197
47,.771
59.531 56,702
382,679
51,026
Jan 1 to July 31
331.498
Electric_
June
10,837 11,007
gig
West
2,395
Key
65.685
154,876
68,835
June
104.101
Buffalo & Susq_b
127,203 129,354
2
Lake Shore Elec By.. June
29,660
658,106
633,700
932,753
675,823
Jan 1 to June 30
LehighValley Transit June
176.469 148,222
861.083
794.463
1,064,352
964,768
3,060,497
Ches & Ohio_b
June 3,161,159
62,002 63,459
Lewis Aug & Watery_ June
303,920
301,752
July 1 to June 30
36,690,021 35,085,278 11,036.084 10,633,718 Long Island Electric_ March
14,431 16.204
43,637
44.901
344,007 Louisville Railway_ _ June
279,768
Chic Great Western-b-June 1,158,123 1,224,843
279,099
275,723
1,592,547
1,584.880
July 1 to June 30
14,260,522 14,000.618 3,429,354 3,740,476 Mllw El By & Lt Co.. June
480.995 479,432 3.023,671 2,965.341
754,395
727,112
Maw Lt Ht& Tr Co_ June
129,781 135.328
Delaware & Hudson_b-June 1,965,163 1,953,503
707,029
646.894
91,430 79,473
Jan 1 to June 30
403,859
10,685,318 11,691,472 3,151,115 4,297,105 Monongahela Val Tr_ May
363,329
N Y City Interboro_ _ March
50,525 47,374
148,040
135,790
Greenwich & Johnsonv_bNY
March
18.634
&
Long
Island....
24,712
30,214
13,553
75,895
83,561
April 1 to June 30
35,617
28,609
68,985 N Y & North Shore June
15,799 15,504
76.740
75,090
58,755
July 1 to June 30
132,891
114,552
N Y & Queens Co.._ _ March
94.418 107,248
283,341
301,373
Grand Trunk of CanadaNew York Railways.. May
1199,849 1232,152 5,509.710 5.878.534
Grand Trunk Ry_ _ _June 3,465,921 4,034,815 1,221,191 1,258,906 NY
Westch & Boston May
132,550
39.305 33.709
159,534
19,175,713 21,245,192 5,221.453 5,262,818 N Y & Stamford By.. May
t° June 30
*Tan 1Trunk
33,451 32,104
124,376
126.525
Grand
62,291 Northampton Trac.... May
23,359
681,309
West__June 605,392
69.510
17,783 16,124
72.258
Jan 1 to June 30
257.194
def37.473
3,684,900
3,450,580
Nor Ohio Trac & Lt_ June
317,780 291,518 1,721.700 1,997,237
Det,Gr Hay & Milw_ _June 223,859
236.268 def18,493 def46,962 North Texas Elm Lt_ June
181,432 174.56 1,038,786 1,009,294
Jan 1 to June 30
def192,955
def210,475
Northw Pennsylv By May
131.301
129,344
30,365 30,874
1,176478 1.157,984
Canada Atlantic
14,356 Ocean Electric (L
14,088
March
15,962
5,535
5,397
39,905
June 247,705
181,764
Jan 1 to June 30
138,826
24,613 23,760
150,257
1,134,413 def91,977 def39,905 Paducah Tr & IA Co_ June
1,15947
Pensacola
June
Electric
24,050
138,472
138.566
Co
24,364
Minneap & St Louls_a_June 786,899
c208,996
c175,803
770,024
Phila Rap Transit Co May
July 1 to June 30
2178,842 2173,824 9,956,212 9.958,736
9.620884 9,707003 c2,288,550 c2,617,373
530,974 568,875 3,271,659 3,293,523
Mo Kan & Texas_b_ __June 2 312 027 2 351 588 1678.038 f434,692 Port(Ore)Ry.L&PCo. June
Portland (Me) RR_ _ June
457,564
93,108 93,150
467,921
July 1 to June 30
f
3,
9 '
8,7 9 069 9,537,846 Puget Sound Tr,I,SrP May
. :
706,471 715,073 3,568,390 3.464.329
Nash Chatt & St L b_ __June 972,653 1,068,182
146,707
284,813
Republic Ry & Light June
1,422,492
248,874
248,792
1,503,821
July 1 to June 30
487.006 468,043 2.057.752 2.052,768
12.778,334 13,317,162 2.698,894 2,878,379 Rhode Island Co_ --- May
Pacific Coast
24,230 25,923
71,862
73,679
87,518 Richmond Lt & RR_ March
June 528,662
37.804
709.765
July 1 to June 30
825,685 1,182,111 StJoseph(Mo)Ry.Lt.
7,063,649 7,945,931
Heat & Power Co_ June
634.642 603,932
106,26 100,513
Rock Island Lines_b_ _June 6,157,112 6,375,933 1,891.370 2,137,907
39,566 37.614
230,175
224.885
Santiago El Lt & Tr_ June
July 1 to June 30
68,208.113 71,364,934 17,208.167 18,860,833 Savannah
423,394
73,015 69,391
402,994
Electric Co June
St Louis & Southwest a June 857,060
120,426
146,659 Second Avenue (Roe) March
960,049
191,591
61.668 83.136
235,668
July 1 to June 30
3,599,816
2,356,217
12,744,555 13,296.950
47,565
41,401
Southern Boulevard.. March _-- 15.772 14,829
Toledo Peoria & W_b_June 104,060
16.970 18,355
,
10,975
34,891 Staten Isld Midland_ March
131,209
July 1 to June 30
484.320
81,685 69,773
395,700
1,293,610 1392958
257,711 Tampa Electric Go.. June
57,455
938,967
314,00 334,143
959,515
March
17,4227,981 ThirdAvenue
116,765114,299
Virginian_a '
525.553 512,086 3.035,301 2,893.843
June 519,337
218,059 Toronto Street Ry.... June
234,023
499,553
wkJuly 255.143 245.060 5,333.810 4.996.788
July 1 to June 30
6,680,903 6,189,760 2,890,488 2.601,304 Twin City Rap Tran- 4th
London
of
Underground
Elea
By
Wabash_b
June 2,337.655 2,598,496
449,689
196,346
London Elec Ry Wk July 25 £12,425 £12.550 £420,515 £419,075
July 1 to June 30
30,022,494 31,769,286 5,618,662 7,075,797
Metropolitan Dist_ Wk July 25 £12,583 E12,757 £393,909 £393.71
Western Maryland_b_June 711,148
def75,376
def27.550
656.459
London Gen Bus.... Wk July 25 E73.731 £68,381 £1,910,406 £1,849082
July 1 to June 30
196,833 207,026
419,106 1,563,034 UnionRy Co of NYC March
584,592
8,267.736 7,571,094
586,831
1078,21 1073.783 6.312,782 6,221,722
United Rys of St L-- June
INDUSTRIAL COMPANIES.
438.461
June
418.813
Power..
2,536,931
2,418,395
Virginia RY &
66,654
June
76,972
Annap_
381,947
Wash Bait 8z
400.311
Houston Gas & Fuel a-40,41
March
41,736
119,370
119,080
April 1 to June 30_
37,297 Westchester Electric_
38,677
109,677
98.021
23.518 22.114
St RR_ May
91,570
July 1 to June 30
90.858
164.409 Westchester
157,427
467,912
412,368
June
210.22 204.436 1,263,524 1,206,239
Western Rys & Light
Keystone Telephone-a_July 111.468
51,086 Wisconsin Gas & Itiec June
54.939
105,668
59,29
391,074
359,877
Jan 1 to July 31
360,558 Yonkers Railroad
387,872
March
767,715
51,93
731.839
g1:417
5
154.800
136.261
Westerly Lt & Pow a-June
York Railways
65,21
64.987
389.092
365,063
Youngstown & Ohio_ June
Apr 1 to June 30
20,63
30.253
21,136
27,619
121,140
5
13:ggg
115.676
June
Youngstown
&
South
July 1 to June 30
16,84
130,881
15,176
122,135
82,972
78,867
a Includes earnings on the addit onal stock acquired May 1 1913. b
a Net earnings here given are after deducting taxes.
here
given
earnings
are
before deducting taxes.
resents income from all sources. c These figures are for consolidated Repb Net
co.
Agli9
462
THE CHRONICLE
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
[VOL. xclx.
INCOME ACCOUNT.
1913-14.
1912-13.
1911-12.
Operating income
$10,344,263 $12,208,137 $10,582,434
Other Income-.
-Gross Earnings- -Net Earnings
$327.655
- Hire of equipment balance
$286,733
$72,257
Joint facilities-rents
Current
Previous
402,958
Current
Previous
416,543
316,599
Dividends on stocks
Year.
Roads.
al.241,034
Year.
Year.
Year.
666,123
654.495
Interest
on
bonds
423,060
$
382.314
$
461.579
Miscellaneous
469,565
552.042
611,532
Aurora Elgin & Chic_a_June 186.770
184.786
70,004
81,477
July 1 to June 30
2.037,790 1,955,722
725.572
790,867
- Total income
813,208,535 $14,511,892 $12,698,896
Chic & Milw Elec_b__ _June
87,664
87.952
Deduct35,717
33.888
Interest on funded debt
$3,308,429 $3.127,360
Elmira Water, Lt & RR_aDeductions for lease of other roads.- 2,212.420 2,239.295 $3,167,635
Apr 1 to June 30
272,840
240,337
102,003
88,223 Joint
facilities-rents
167.062 9131g
Ry_b___
Poughk City & Wap Falls El
Miscellaneous tax accruals
141,346
161.948
139,300
Apr 1 to June 30
54,365
52.683
21,838
14,498 Miscellaneous deductions
279,358
54,399
185.719
to
June
30
Jan 1
98.231
96.410
35,516
24,994 Preferred dividends (10%)
10,630
10,630
*10,630
Republic Ry & Light and
Common dividends (10%)
6.050,170 6.050,170 *6.050,170
Sub Cosa
June 248,874
248,792
98,863
93.453
Jan 1 to June 30
Total deductions
1,503,821 1,422.492
$12,212,675 $11,810,864 $11.946,676
602,958
520,431
Balance, surplus
$995.860 32,701.028
$752,220
Schenectady Ry..b$685,080
on
Temple Iron Co. stock.
Apr 1 to June 30
dividend
of
a
Includes
341,727
350.941
122,318
147,809
* Also special div. of 10% on pref. and com,stocks paid on Feb. 26 1912.
Jan 1 to June 30
646,645
661.909
215,583
266,572
BALANCE SHEET JUNE 30.
United Rys of St L.a.-June 1.078.210 1.073,783
270,835
319.684
Jan 1 to June 30
6.312,782 6,221,722 1,542,768 1,810.251
1913.
1914.
1914.
1913.
AssetsLiabilities-$
$
$
$
a Net earnings here given are after deducting taxes.
Road & equip't_ 71,263,754 66,849,404 Common stock_ 60,501,700 60,501,700
Securs. pledged_ 62,629,308 59,991,307 Preferred stock_
b Net earnings here given are before deducting taxes.
106,300
106,300
Secs. unpledged. 12,402,766 12,360,230 Mortgage bonds 77,639,000 67,639,000
Advances
4,653,015 4,240,669 Coll, trust bonds 12,000,000 13,000,000
479,786 Equip. tr. °bliss 6,200.000 5,200,000
Interest Charges and Surplus.
479,786
Real estate
11,020,821 13,149,152 Real estate mtgs
Cash
1.669
1,669
-Int., Rentals, &c.- -Sal. of Net Earns.
- Seems, in treas.. 18,711,000 17,211,000 Traffic,&c.,bals_
29,682
71,027
Current
Previous
325,000 Vouch. & wages. 2,985,983 3,715,180
Current
325,000
Previous
Marketable secu
Roads.
Year.
Year.
804,100 1,124,512 Matured hat.4e
Year.
Year.
Agents&c00000
413,397
396,325
163,023 0th. work. nab_
198,666
Traffic, &c.,ba1s
$
462,822
977,426
3,373,261 3,865,346 Misc. accounts_
Aurora Elgin & Chic...June
182,702
188,720
34,778
32,957
35,226
48,520 Mater. & situp- 2,556,329
1,629,152 Int., &e., accr__
933,041
July 1 to June 30
908,956
413.387
388.245
402,622 Misc. accounts_
312.185
390,717
Divs.due
July 13 1,515,200 3,030,400
395,913
Acc.int..rents,&e
Chic & Milw Elec
June
9,846
9,596
x25,743
z27,637 Prepaid Ins., &c.
158,100 Taxes accrued__
147,007
505,779
597,735
Elmira Water, Lt & RRDot. cred. Items 2,930,110 1,318,742
Other def. debit
Apr 1 to June 30
782,013 Profit and loss_ _x23,898,684 25,066,231
1,345,343
Items
68,088
' 66.391
33,915
21.832
Poughk City & Wap Falls El RyTotal
190,306,069 182,719,411
190,306,069 182,719,411
Total
Apr 1 to June 30
14,079
14,968
z7,840
zdef 426
Jan 1 to June 30
x After deducting $1,000.000 for reduction of book value of capital stock
20,280
20,918
z15.391
z4.175
$1,000,000
discount on general consolidated
of Coxe Bros. & Co., Inc.,
Republic Ry & Light and
sold, $78,493 for property abandoned and $84,914 for
Sub Cos
June
57,576
58,387
41.287
35.066 mortgage bonds
adjustments.
-V. 98. P. 1920.
Jan 1 to June 30
240,922
342,925
262.035
177,506 miscellaneous
Schenectady ThyValley Coal Co.
Lehigh
Apr 1 to June 30
45,934
42,829
z77,042 5105,515
Jan 1 to June 30
90,164
84,073 x127,141
(Report for Fiscal Year ending June 30 1914.)
x184,004
United Rys of St Louls_June 217,956
222,299
260,210 x104,945
Vice-Pres. & Gen. Mgr. F. M. Chase, Phila., Aug. 12,
• Jan 1 to June 30...
1.315,356 1.336,572 z271.029 2517,547
wrote in substance:
z After allowing for other income received.
Results.-The total net income, after deducting charges for royalties,
sinking funds, depreciation and interest, amounted to 8564.859. a decrease
of $906,415. This shrinkage is due almost entirely to the restricted demand
for anthracite coal as a result of the mild winter. This not only reduced
the profits by reason of the smaller volume of business done, but also added
ANNUAL REPORTS.
materially to the cost per ton of mining such coal as was shipped.
The production of anthracite coal from the lands owned and leased by the
company, including that mined by tenants, was 7,877,390 gross tons, a
Annual Reports.-An index to annual reports of steam decrease of 982.642 tons. The percentage a sizes above pea produced by
mining operations was 66.46%, a decrease of 2.22%. The Snow Shoe
railroads, street railways and miscellaneous companies which our
lands in Centre County. Pa., produced 252.731 gross tons of bituminous
a decrease of 97,373 tons.
have been published during the preceding month will be coal,
Additions, &c.-Additions and betterments cost $344.785. The new
breaker at Franklin Colliery has been put in successful operation. Developgiven on the last Saturday of each month. This index will ments
have oeen continued in order to place the Park colliery on a better
unwatering of the old workings at the western end of
not include reports in the issue of the "'Chronicle" in which operating basis; the
the property, so that mining can be undertaken in that territory, is under
it is published. The latest index will be found in the issue way. Extensive renewals and improvements have been made to Centralia
Breaker. The new washery at Springdale for the purpose of re-working
of July 25. The next will appear in that of Aug. 29.
the cults banks on the Delano lands Is now in operation. The shaft at
Blackwood Colliery has been sunk so that mining can be conducted on a
lower level, and, upon the completion of the necessary tunnels and gangLehigh Valley Railroad.
ways, operating conditions at that colliery will be improved. At all
collieries considerable sums have been expended to reduce the fire risks.
Prospecting on the Snow Shoe property has demonstrated that there is
(Report for Fiscal Year ending June 30 1914.)
sufficient coal in the lower or "A" vein to warrant the construction of a
construction work is now under way.
On subsequent pages will be found the remarks of President plant to mine same,and the necessary Estate
at the Packer and Continental
Leases.-The leases with the Girard
E. B. Thomas at length, and also the profit and loss account collieries
expired by limitation Dec. 311913. but were renewed for a further
As soon as the new leases
royalty.
rates
of
higher
for the late year and the balance sheet of June 30 1914. Be- period of 15 years at
were executed, the construction of a new steel fireproof breaker was underlow are comparative figures of operating results and income taken
at Packer No. 5 colliery and extensive alterations and betterments
account for several years and comparative balance sheet:
at Packer No. 4. Many important underground developments and mining
improvements are also being prosecuted. These expenditures will place
these operations on a most economical basis as was necessary because of the
OPERATIONS.
high rates of royalty.
New Office Building.-The general offices located in rented quarters in
1913-14.
1912-13.
1911-12.
1910-11.
Average miles operated_
Wilkes-Barre have of late years been very inadequate. The company has,
1,440
1,451
1,441
1,432
Oper. revenue per mile_
$27,628
therefore, erected a modern office-building, of fireproof construction, on
$29,665
$25,616
$26.313
Wilkes-Barre, with sufficient space for both present and
Net earnings per mile.$8,454
$9,604
$8.458
$9,970 North River St.,
No. passengers carried__ 5,729,042 5,518.524
5,349,848
5,359,754 future requirements.
assessments have increased heavily in recent years.
No. pass. carried 1 mile_265,337,930 271.691.102 264,996.053
tax
Taxes.-Onr
257,962,043
were about 25% greater than in 1912-13. This
Average distance each
The taxes for the late year State
tax of 2;i% of the value of the coal mined.
pass. carried (miles).46.31
does not include the special
49.23
49.53
48.13
constitutionality of the law imposing this tax is now
Av.rev, per pass. per m. 1.807 cts.
the
of
question
1.792 cts.
The
1.775 eta.
1.771 cts.
determination.
Passenger train mileage- 4,340,095 4,491,013
for
courts
the
4,523.420
4,448,049 before
Pass. rev, per train mile. 110.48 cts. 108.38 eta. 103.99
Financial.-No new capital obligations have been issued and short-term
cts. 102.70 cts.
Av. No. pass. in each tr.
61.14
glyen for the purchase of property in prior years have been reduced
60.50
58.58
58.00 notes
Sinking fund payments amounted to $111,136. Current
No.tons carr.(rev.fgt.). 29,924,119 32,367,796 28.013.300
28.512,312 by $1.00,000.
excess of current liabilities.
Tons 1 mile (rev. fgt.) *- 5,218,752
5.812,385 4.785,077
4.884,206 assets are $2.543,103 in
Freight train mileage_ _ _ 8,768.300
9,703,311
8.452,978
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
8,975,970
Average rev, per ton per
1913-14.
1912-13.
1911-12.
mile (revenue freight) 0.642 cts. 0.632 cts. 0.646 cts.
1910-11.
0.652 cts. Total surp. begin. year. $3,714.239 $3,486,637 $4.864,200 $3,393,443
Freight train earnings
564.859
_
year__
_
1,471,275
for
1,162.241
Net income
1,512.844
(rev.) per train mile__
$3.82
$3.78
$3.65
$3.55 Impts. Jan. 1 1909 to
Average No. tons in each
June 30 '12 originally
train (revenue freight)
595.18
599.01
566.08
1,407,917
544.14
income
deducted from
84,279,098 $6,365,829 $6,026,441 34.906,287
* Three 000s omitted
Total
DeductOPERATING REVENUES. EXPENSES, ETC.
Deprec'n of impts.. Jan.
$2,566,240
1 '0900 J'ne 30 1912_
Revenue from Oper.50,000
1913-14.
1912-13.
Appr'ns for incur. fund_
1911-12.
1910-11.
Coal freight revenue---$18,492,683 $20,385,389 $16,301,316 $17,155.534
853,413
35,349
_
adjustments_
$10,924
Miscell.
$42,087
Mdse. freight revenue__ 15,026,684 16,339,749 14,591.240 14,687,291 Int. on ctfs. of indebt.
Passenger revenue
4,795.147
2.528.880
4.867,554
4,703,734
accr. prior to J'ne 30'11
4,568,030
Mail revenue
195,053
191,821
853,413 112,651.590 912,539,804
191.704
190,760
Total
$42,087
Express revenue
443,972
506.191
471.957
453,820
Total surp. end year. 84,225,685 83,714.239 33.486,637 84,864.200
Other transp'n revenue_
478.454
415,732
379.919
360,717
B
GENERAL
ALANCE
SHEET
CONDENSED
JUNE
30.
Miscellaneous revenue
351,571
336,936
266,065
271.251
1913.
1914.
1914.
1913.
Liabilities$
Total open. revenue_ -$39,783,564 843,043,372 $36,905,935 $37,687,403
AssetsCapital stock_ 1,965,000 1,965,000
Operating ExpensesProperty & plant_24,580,588 23,700,498
200,000 Funded debt
Malta. of way & struc__ $4.575,062 $5,694,422 $3,963.589 $33,620,176 Securities owned__ 200,000
20,296,000 20,296.000
Audited vouchers_ 845,650
Maint. of equipment__ _ 7.011,946
796,995
7,561.271
6,313,317
6,003,287 Sink.fd. with true. 2,758,523 2,497,031 Wages
due & unp'd 533,847
Traffic expenses
618.101
1,002.872
982,858
980.117
1,010,675 Advances for coalDue indlv'is & cos.
22,392
42,244
Transportation expense; 14.071.183 13.993.617 12.606.962 11.979,278
mining rights__ 4,479.461 4,494,778
110,547
RoyaltIes
on
coal
General expenses
948.099
875,651
856,265
793,902 Insurance fund _ _ _ 122,189 1,801,270 mlned,due lessors
68,907
2,302.051
62.431
424,102 Int.on funded debt
Total open. expenses327,609.162 $29,107,820 324.720.250 $23,407.318 Cash
Mat'ls & supplies_ 323,0,54
4,000 due & accrued
P.C.oper. exp. to rev-413,900
4,340
413,900
(69.40)
(62.11) Bills receivable__ _
(66.98)
(67.62)
Def. real mt. pay'ts 700,000
Net operating revenue_ 312.1'74.402 $13,935,552
800,000
indivls
$12,185.685 $14,280,085 Due from
Outside oper--Net def_ _
349,142
280,244
280.210
320.170
and companies. 2.421,815 2,256,713 Miscellaneous.., 832,389
291,239
Depr.& 0th. res've 7,445,073 6,502,966
Insurance & other
72,080 Profit & loss
Total net revenue- _ _$11,894,158 $13.655,342 $11.894.446 $13.959,914
4,225,685 3,714,239
deferred assets_ 156,822
Taxes accrued
1.549.895
1,447.205
1.312,012
1.145.477
37,348,843 35,561,019 Total
37,348,843 35,581,019
Total
Operating income_ 410.344.263 $12,208.137 $10,582,434 812,814,437
gg, p. 916.
AVG. 15 1914.]
THE CHRONICLE
463
are
Adams Express Co., and under this arrangement through express cars
operated from Philadelphia to Allentown.
freight with the PennTrack connections for the interchange of carload
Strafford and near Norristown.
sylvania RR.are maintained at Philadelphia.gauge,
4 ft. 8% in.; rail, 85 lb.;
1911-12.
1912-13.
1913-14.
Miles of line, 17.50; miles of track, 38.05;
3. total 27.
flat
2,
express
22,
$16,826.005
-passenger
517,886.817
cars
$18,462.578
motor
Transportation revenue
147.218
191,966
190,107
Other revenue
INCOME ACCOUNT YEARS ENDED JUNE 30.
Taxes Other Interest Balance,
GY OSS Operating Net
$18.652.685 $18,078,783 $16,973.223
Total operating revenue
Earns. Expenses. Earns. Paid. Deduc. Charges.Surplus.
14,238,007 14,772,781 13,308.296
Operating expenses
$1.065 $136,940 $14.375
1913..14.._$371.857 $208,377 $163,480 $11,100
def1.735
$4,414.678 $3,306,1303 $3,664,927 1912-13
297,061 174,697 122,361 10,459 1,023 *112,617
23,672
743 •
2.414
20,829
*48.238 1911-12
40.415
62.536
143,426 116.597
Outside operations, net deficit
22,958
*
174
2,276
25,408
97,769
77
1910-11......123,1
$3,616,689
$4,352,142 $3.265,588
Total net revenue
to construction of Norris728,070
693.441
757.341
*The proceeds of all bonds issued were appliedon
Taxes accrued
said bonds was charged
extension, and until its completion interest
town
interest, including that
other
$3,594.801 $2,572,147 $2,888,619 to construction. Since Sept. 1 1912 this and all
Operating income
operating accounts.
the
into
*229.457
directly
178,324
172,860
charged
been
has
debt,
floating
upon
Other income
BALANCE SHEET JUNE 30.
$3,767,662 $2.750,471 $3,118,076
Gross corporate income
$180.693
1913-14. 1912-13.
$116.430
$339,871
1913-14. 1912-13.
Hire of equipment, balance
101,757
106,324
$
Liabilities118,854
Joint facilities rents, deduction
Assets6,000,000
19,473
12.897
-6,000,000
16,585
stock_
Capital
8.488.854
equip't.8,477,713
rentals
Other
&
1.637,252
1,624,049 Road in
1,600.015
1st M.5% bds_ _3.000,000 2,030.000
970,000
treasury
Interest on bonds
1st
54
283.718
229.835 Stks. of sub. cos. 25,000
204.909
35,000 Notes payable.. _ 480.000 480.000
Other interest
1,893
1.349,047
1,352,183
1.108,069
22,345 Int.& taxes accr. 67.502
Additions and betterments
Mat'ls & supplies 37,509
17.739
1,580
50,509
11.317 Miscellaneous _ _
55,650
Miscellaneous
Cash
27,884
42,259
Profit and loss__
74,398
Miscellaneous
$3,389,883 $3,510,813 $3,502,845
Total deductions
sur.$377,779def 4760.342def.5384,769
9,640,270 8,557.516
Total
Balance,surplus or deficit
Total
9.640.270 8.557,516
is inaccurate, owing to changes
marked
authorized and outstanding. $2.000,000 is
* Comparison of the two items so
stock
capital
$6,000,000
the
Of
unPar of
In later years. All other items and the final results remain, however,
preferred 5% (cum. after Jan. 11916) and $4,000.000 is common.
$3,000,000
changed.-V.99, p. 408, 50.
all shares $50. Bonded debt, authorized. $4,000,000; issued.
J. & J.
1st M.50-year gold 54, dated July 1 1910, due July 1 1960: interest
,Safe
at Edward B. Smith & Co., Philadelphia. Trustee is Phila. Trust
Canadian Pacific Railway.
are in the
Dep.& Insurance CO. Of the $3,000,000 bonds issued. 5970.000 syndicate
The
public.
the
of
1914.)
hands
30
the
June
ending
in
and
are
$2,030,000
treasury
Year
Fiscal
for
(Statement
limiwhich purchased $2.000,000 of these bonds in 1910 dissolved by
absolute
tation on June 21 1913. These bonds are secured by an Strafford.
The results for the fiscal year were as follows:
to
line
main
the
including
on
entire
property,
the
lien
first
1910-11.
1911-12.
1912-13.
1913-14.
The
power house, equipment, &c., and also the Norristown extension.
$
(auth. 520,000.000) was canceled.
129,814,824 139.395,700 123.319.541 104,167,808 old mortgage to the Trust Co. of America
Gross earnings
tax.
income
normal
for
87,388,896 93,149,826 80.021,298 67,467,978 Interest is paid without deduction
Operating expenses
C. E.
Directors.-Thomas Newhall (President), Edward B. Smith, Gerald
and Henry Wood,
42,425,928 46,245,874 43,298.243 36.699,830 Ingersoll, George H. Frazier, Thomas R. Tunis
Net earnings
George
Philadelphia;
of
all
Holsman (Sec.-Treas., office Franklin Bldg.).
SS. earns. In excess of
Julius L. Adams
1,104,448
1,118,350 R. Sheldon and G. Trowbridge Hollister, New York.-V.
1,245,563
amts.in mthly. state's
97. p. 1427.
is General Manager. Office, Upper Darby P. 0., Pa.
Total net income_ _ _ - 42,425,928 47,491.437 44,402.691 37.818,180
10,011,071
10.524.937
10,227,311 10,876.352
Fixed charges
The Porto Rico Railways Co., Ltd..
1,000,000
1,000.000
1,000.000
__ ______
SS. replacement fund
80,000
125.000
125,000
125,000
Pension fund
(Report for Fiscal Year ending Dec. 31 1913.)
Transferred to special
Pres. Sir W. M. Aitken wrote in substance:
2,115,842
income account*
( 13,650,000 12,600.000 12,600.000
Div.on com.(77)_a_..1
The gross earnings amounted to 5850,121, an increase of 522.037, and the
2,253,867
2.592.235
Div. on preferred (4%)i. 20,259.5211 2,960,013
net income was $447,375, an increase of $73,970. After providing for
I
Int. on installments on I
interest charges and pref. dividends, the surplus was 5222,156, being equal
569,814
i
new stocksubscrip'nsj
to 7.40% on the common stock. .This sum, with the undistributed profits
31 1912, made a total to the credit of profit and loss of $356,217,
9,698,254 18,310.258 17,560.519 11,873,242 Dec.
Balance, surplus
which has been appropriated as follows: Dividends on common stock.
written off property account. $44.000; fees paid fiscal agents,
8120.000:
* Includes the net earnings of the Pacific Coast steamships, commercial $16,370; balance carried forward, $175,847. Passengers carried. 7,283.479.
telegraph and news department transferred to special income account.
freight hauled. 165,958 tons. decrease 18,030 tons. The
Increase
572,176;
in
a Also 255% extra paid in 1910-11 from special income, viz.: h'%
number of customers for light and power on Dec. 31 1913 was 8,231, inJan. and % each in April, July and Oct. 1911, and in 1911-12, 1912-13 crease 1.190.
and 1913-14 3% extra, % quarterly.
The construction of the new storage dam at Comerio was completed in
The above statement does not ihclude special income from interest on December. and It Is now available for the storage of water. Three new subland sales and from other extraneous assets, amounting to $8,587,870 in stations and other improvements were completed during the year. Work
1913-14. against $6.598,151 in 1912-13 and $5,158,585 in 1911-12.- on the new power house in connection with the storage dam will be completed as rapidly as possible. In all there has been expended on capital
V. 99, p. 195, 118.
account during the year $493,326.
Ry.
Western
&
During the year there was expended (and charged to operating account)
Norfolk
for physical maintenance and improvements $101,677.
The sinking fund retired 536,500 1st M. bonds, making $191,000 bonds
(Preliminary Statement for Fiscal Year ending June 30 1914).
so far redeemed.
EARNINGS, EXPENSES AND CHARGES.
Conditions on the London market having been unfavorable for disposing
1910-11.
1911-12.
1912-13.
of bonds, it was decided to issue the balance of the pref. stock, the present
1913-14.
2.004 shareholders being first allowed to subscribe pro rata, and the remainder
2,018
2.023
2,036
Miles operated June 30_
$
being placed in the hands of the Royal Securities Corporation, Ltd.. our
$
s
Earnings5.130,111 Meal agents. Considering the extreme financial stringency prevailing,
5.332.841
5,758,004
Passenger, mail & exp._ 6,005,820
30,427,411 the results obtained we regard as very satisfactory. The total amount of
34.402,396
37,981,917
38.464,799
Freight
new stock subscribed and paid for up to the close of the year was $327.400.
44,470,619 43.739.921 39.735.237 35.557,522
Total earnings
RESULTS FOR FISCAL YEARS ENDING DEC. 31.1
Operating Expenses1910.
4.328,717
1911.
1912.
r 1913.
.816.378
Maint. of way & struc_ 4,998.612 5.542.960 4
$561.662
$748,802
5828.084
$850,122
7,676,464 6,638.842 Gross earnings
8,336,631
Maint. of equipment _ - 9,214,008
293,903
586,716
400.120
449,853
524,771
_639,936
expenses_
691.558
Operating
737.690
Traffic expenses
10.672,624
Conducting transport'n_ 14,068,577 13,192.922 11,771.800
5267.759
731,381
5303,313
5348.682
5400.269
764,852
earnings
Net
801,742
916,955
General expenses
31.102
70,092
47.106
Other income
29.935,842 28,565.813 26,669,430 22,958.280
Total expenses
5267.759
12.599,242
$379,784
$447,375
$373,405
14.065,807
income
Gross
15,174,108
14.534.777
Net earnings
5146.812
1.254,003 Bond, &c., Interest......5184,673
$145,225
5160.016
1.147.931
1,495.970
1,828.757
Other income
20.636
35,000
40,546
35,000
Preferred diva. (7%)_ _ _
13.853,245
(2)60.000
15,213,738
-(4%)120,000
(4)120,000
dividends_
Common
Gores income
16,363,534 16.670,078
4,792.867
4,215.920
Fixed charges
4,475,395 4,019.436
$100.311
1.320,00()
$139.559
$102,158
1,410.000
558.389
1,452,000
Balance. surplus
Taxes
1,620.000
919,668
919.668
Div. on pref. stock(4%)
919,668
919.668
BALANCE SHEET DEC. 31.
Div. on com. stock (6)abt.6,250.000 (6)5,759,521(555)4668.438(5)
3499•131
1912.
1913.
1912.
1913.
$
Total deductions..
Liabilities-$
Assets13 265 063 12 150.625 11,214.026 10,531.673
3,321,572 Property
3,000,000
3000.000
3.999,712
stock
Common
7,613,080
3
,062,406
Bal.-V,98"8..p(.10P712x..
5
4%519.4
account-8
3.098',
71
4
827,400 500,000
Securities of oth. cos. 151,780 151,780 Preferred stock
3 779,333 3,315,833
780 Funded debt
Cash on hand,&c___ 48,455
St. Louis Southwestern Railway.
Acc'ts receivable___ 72,034 113,301 Loans & advances.. 283,032 198,210
10,148 Employ dep., &c.... 33,524
10,143
Gov't
deposits
31,801
(Statement for Fiscal Year ending June 30 1914.)
10,568 Accrued bond Int___ 31,497
9,015
Fuel supply
38,750
1910-11.
3,908 Divs. pay. Jan. 2... 44,296
5,191
1911-12.
Miscellaneous
1912-13.
1913-14.
50.000
Contingent ace').... 50.000
Operating revenues_ ---$12,744,555 $f3.296,949 $12,042.543 $11,888,037
135,000
135.000
reserve
8.957.917
Depreciation
Operating exp. dr taxes- 10,388,338
9,697.132 8.892,471
134,061
*175,847
Surplus
_Operating income__ _ _ $2,356,217 $3 599,817 $3.150,072 $2,930,120
8,359,929 7,003,655
Total
526,884
Other income
8 359,920 7,003,655
Total
897.844
1:044,325
998,669
--Total net income--_ $3 354 886 $4 644 141 $4,047,915 $3,457,004
• After writing off 814,000 for property account and $16,370 fees paid
•
Fixed chgs., rentals, ire_ $2
$2.119,481 to fiscal agents.-V. 98, p. 763. JAM
'
897'415 $2,636,249 $2,308,596
Int. on 2d mtge. bonds- '121'700
1 21,700
121.700
'121.'700
Div. on pref. stock--(215 %)497:341 (5)994,682(455)895,214 (4)795,746
American La France Fire'Engine Co., Inc., Elmira, N. Y.
Texas & Pacific Railway.
(Preliminary Statement for Fiscal Year ending June 30 1914.)
Balance
def.$161,570sur.$891.510sur.$722,405sur.5420.077
Company deducts dividends
from profit and loss, but they are deducted
above for the sake of simplicity.
-V. 99, p 122.
(Report for Fiscal Year ending Jan. 1 1914.)
Pres. J. R. Clarke, Elmira, Feb. 4 1914, wrote in subst.
the most successful in
The year 1913 has been from every point of view present
comnany corm-*
our history. As the result of the reorganisation. the
menced business Dec. 21 1912. at which time it took over all of the property and assets. The net earnings for the 10 days from Dec. 21 to 31. 1912.
were 55,609; the net earnings from Jan. 1 to Dee. 21 1913 were 8238.154:
the total net earnings,therefore,for practically the first year were 8243.763.
Incorporated June 6 1907 as successor of the Phila. & Western Railroad
Prior to 1911 the company's yearly production averaged some 8950.000,
Co. In 1910 control was aemired by a syndicate headed by Edward B• made up entirely of horse-drawn apparatus. About Jan. 1 1911 marked
Smith & Co. of Paha. and N. Y. Operates, by electric third rail, a high- the change from horse-drawn to motor-propelled apparatus. Passing over
speed double track road between Philadelphia and Stratford, entirely on the difficulties and expenses attending so radical a change in its product,
to note the successful result, as follows (showing in each
private right of way, and connects
the Philadelphia Rapid Transit it is interestingthe
year next preceding):
Co.'s elevate,l-snhway system in thewith
case gain over
Union Station at 69411 and Market
streets. Philadelphia, and with the Pennsylvania RR. Co.'s main line at
Gain.
1912.
1911.
1913.
GM.
YearStraffo-d. In Aug. 1912 a double-track extension from Villa Nova into Sales
$1.100,000 52.100,000 9147. 52.450,000 17
Norristown. which is entirely oa Private right of way, was put in operation. Invoiced sales or shipments_ 1;100.000 1.500,000 37% 2,150.000 43
In Doleraby 1112 a connoAion was made with the Lehigh Valley Transit Work on hand
195,000
740.000 280%
975,000_32.
Co.'s lines at Norristown via Norristown Transit Co.. and a through
This large increase in sales and production Is the result of the highly
service establish el between Allentown
and Philade'phia. The capital specialized
character of the company's motor fire apparatus, which also
stodc of the Nor •Istown Transit Co. is owned one-half bv the Philadelphia
& Western Railway Co. and oho-hal by the Lehigh Valley Transit Co. exam nts, in large measure, for the repeated failures of some of the old and
In Dec. 1912 a contract for carrying express matter was made with the experienced automobile manufacturers, who have attempted to enter this
Philadelphia & Western Ry. (Electric-Third Rail System.)
(Statement for Fiscal Year ending June 30 1914.)
Secretary-Treasurer Gerald Holsman reports in substance:
464
THE CHRONICLE
fire department field. The severe service of fire duty demands not only
the highest quality of materials, but,the designing of such special types as
pumping engines and hook and ladder trucks requires many years' experience specializing in fire-fighting machinery. Therefore, considering the
tremendous task of changing the character of its product, the company's
substantial gain in volume and profits is very encouraging.
RESULTSFOR PERIOD DEC.21 1912 TO DEC.31 1913 AND CALENDAR
YEAR 1912 (COMPARE V. 97. P. 46).
1913.
1912.
1913.
Annual ship's_32.150.000 31.500.000 Preferred divs.(7 21-100%)$144,200
Net profits_ __ $243.763 $227,057 Balance, surplus_
------ $99,563
covers
above
the
dividend
as
period from Dec. 20 1912 to Dec. 31
The
1913. The net profits from Dec. 20 to Dec. 31 1912 were $5,609, making
a total of $243,763 for the period from Dec. 20 1912 to Dec. 31 1913; deducting from this the dividend of $144,200 leaves a surplus of $99,563.
BALANCE SHEET JAN. 1.
1914.
1913.
1914.
1913.
AS3(13-$
Realest., bldgs., maPreferred stock
2,000,000 2,000,000
a2,595,604 2,569,135 Common stock
chinery, &c
1,450,000 1,450,000
Capital stk. In trees_ 52,325 b89,435 Gen. 1st M. bonds
52,325
89,435
Inventory & suppl s_ 854,284 636,754 Accounts payable_
137,094 187,785
Acc'ts receivable__ _ 554,081 420,840 Notes payable
625,000 100,000
rec'le
warts
102,412
Notes &
51,172 Accr'd bond int., &c.
785
19,253
Prepaid int. & insur_ 10,577
1,172 Surplus
99,563
5,609
Cash In banks, &c__ 165,484
83,574
Total
4 364,787 3,852,082
Total
4,364,767 3,852,082
a Real estate, buildings, &c., include real estate, buildings, machinery,
tools, fixtures, furniture, patterns, drawings, patents, good-will, &c.,
and stocks of subsidiary co. lb Securities to acquire bonds.-V 98, p. 612.
Canadian Consolidated Rubber- Co., Ltd.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. D.Lorne McGibbon, Apr.7 1914 wrote in substance:
The volume of business was not as great as in 1912, largely duo to unfavorable weather conditions for the sale of rubber and felt
footwear during
the latter part of the year. Sales of automobile tires during the year
were
made sufficient only to maintain a safe connection with tire dealers
the completion of your new factory. While we early foresaw the pending
possible
contraction of purchases by many retail dealers for the
of reducing
stock, the actual falling off was not noticeable until wellpurpose
on towards the end
of the year.
Your company now has 28 distributing branches located
through
Canada, and has on its books over 14,000 active retail accounts.allThe
modern rubber tire plant of your Dominion Tiro Co., Ltd., was completed
Dec. 1913. and since Jan. 1 has been in operation with a daily increase in
in
output fully warranted by the existing demand.
For 1914 your directors anticipate a continuance of the confidence which
the retail trade has In the past given to them. With the additional
volume
of tire business during 1914 and with no abnormal conditions,there is
every
reason for expectation of a fairly prosperous year.
RESULTS FOR FISCAL YEAR ENDING DEC. 31
1913.
Net sales, footwear, tires, mechanical and miscellaneous
$6,788,850
Cost of manufacture, selling, general expenses and taxes
5,878,089
Net profits for year
$910,770
Other income
89.805
Gross income for period
31.000.575
Bond interest, cash discounts to customers, provision for bad
debts and interest on borrowed money, $593,515; expenses
previous to period not provided for, $16,411; total
$609,926
Dividends declared and paid during year
250,907
Balance, surplus, for fiscal year ending Dec. 31 1913
$139.742
CONSOL.BALANCE SHEET DEC.31 1913 (Total Each Side. $14,180,987).
Assets-.
Property and plants
$5,273,930
Inventories, manufactured goods and materials
3,055,613
Cash. $107,580; accts. rec., 31.189,055; misc., $154.505; total
1,451,140
Investments, including good-will
4.400.304
LiabilitiesPreferred stock $1,976,780; common stock. $2,804,120; minority
stock Canadian Rubber Co. of Montreal, $9,200; total
$4,790,100
6% bonds due Oct. 1 1946
2.590,800
Bills payable
4,141.371
Accounts payable, $433,574; mtges. on real estate, $4,200; total 437,774
Reserve for bad debts, depreciation, &c
91,303
Surplus
2.129.639
-V. 98. p. 1318.
Standard Motor Construction Co.
(Financial Statement Dec. 31 1913.)
Profits" for 1913, $34,280, against $82,129 in 1912.
BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
1912.
AssetsLiabilities$
Patents
1,716.388 1,716,388 Cap.stk.(all corn)1,800.000 1,800.000
Cash
8,458
11,492 Bills payable_ _ _
43,882
44.787
Bills receivable1,749
100 Accts. payable..- 26.065
45,309
Accts. receivable 49,272
34,778 Depos. on orders
2,587
1,700
Bldgs.,mach.,&c. *329,364 313,841 Bds. pay'le 1927 244,197 251,146
Inventories(merSurplus & undi093330 313,891
chandise)----vided profits_ 281,830 247,549
Total
2.398,561 2.390,491
Total
2.398.561 2,390.491
* Buildings, machinery. &c.. include buildings, $117,778; land. $88,993;
machinery, equipment. Sic.. $106,009; tools (small), $12,642; furniture,
fixtures and office supplies, 83.942.-V. 97, p. 517.
Porto Rican-American Tobacco Co.
(Report for Fiscal Year ending June 30 1914.)
Pres. L. Toro Aug. 6 wrote in substance:
The decrease of $102,075 in the net profits ($569,198 against $671,973
in the preceding year) is caused especially by the general strike in all the
cigar factories for 434 months, or from Feb. 1 to the middle of June, during
which period we were unable to manufacture more than 25% of our regular
production. While the company opened some small factories in the interior of the island, the output of same, which was very limited, was the only
source from which the company could take care of its customers. Since
the middle of June all your factories, including such as were opened during the strike, have been working full force.
Further, the revenue tax on cigarettes sold locally on the island was advanced last year from $1 25 to $2 per 1,000, on account of which the prices
to the consumer had to be advanced accordingly, which caused a reduction
In our sales of cigarettes on the island for the first 6 months of the year.
Cigarette sales are gradually increasing to the amount formerly sold before the increase in revenue, and as the demand in the United States for
our goods is larger than it has ever been in the history of the company. I
have every reason to believe that with the new plans which have been formulated for increased business, we will be able to overcome during the current
year the loss in results for the months that we were handicapped on account
of the strike. Considering that we were practically out of goods for5 months
of the year, and the abnormal conditions on account of increase in internal
revenue, the Treasurer's report is very satisfactory.
Treas. A. H. Noble Aug.6 1914 said in substance:
Of the $1.000.000 5% serial gold notes issued Feb. 1 1912. as per indenture agreement with the Guaranty Trust Co.of N.Y.,of which $300.000
[VOL. xerx.
were paid last year, the second maturity of $300,000 was paid on
1914, and there now remains outstanding $400,000, maturing Feb. 1 Feb. 1
1915.
The sales for the year amount to $5,005,712[against
in 191213 and $4,887.913 in 1911-121 and the net earnings, 95.053,213
after deducting all
charges and expenses, including provision for obsolete machinery
estate and buildings depreciation fund. &c., were $438,459. fund, real
Add dividends from the industrial Co. of Porto Rico and Porto Rican
Leaf Tobacco
Co., $35,340; interest on loans, de_posits, &c., $44,869,
aad
income,
$136,320; total net income. $651,988. After deducting U. other
S. Govt. corporation and 1% normal tax, $5,218; interest and proportion
of discount
on 5% serial gold notes. $33.913, and interest on scrips.
there remained $569,198, out of which four quarterly dividends of$46,659,
5% were paid in
scrip, leaving applicable to surplus $169,318.
The statement does not include this company's share of the undivided
earnings of the Industrial Co. of Porto Rico or of the Porto Rican Leaf
Tobacco Co., in which it holds stock.
INCOME STATEMENT FOR YEARS ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
Sales
$5,005.713 $5,053.213 $4.887,913
Net earns. (after prov, for obsolete
machinery, &c.)
$438,459
$477,957
$498.868
Divs. from other companies
35,340
47,240
41,714
Interest on loans, &c
44,869
55,009
44,292
Miscellaneous
136,320
163,921
148.630
Total net income
$654.988
$744,127
$733,504
U. S. Government corp. tax
$5,218
$5,599
$7,605
Int.and propor. of disc. on 5% notes33.913
51,041
24,306
Interest on scrip
46,659
15,513
Dividends x
(20%)399.880x(18)359.892 (16)319,904
Balance, surplus
$169,318
$312,081
$381,689
x Dividends in 1913-14 include four quarterly dividends of 5% each;
In 1912-13 two quarterly cash dayments of 4% each and two
5% in
scrip. There was also a 20% extra scrip dividend paid Dec. 5 of
1912 and
deducted from profit and loss.
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
$
$
Real estate & bldgs_1,054,237 999,024 Capital stock
1,999,400 1,999,400
Mach., fixtures, &c_ 191,511 185,054 5% gold notes
400,000 700,000
128,000 128,000 Scrip
999,700 599,820
Mfd. stk., sup., dm. 383,551 427,445 Bills & acc'ts pay_ _ _ 482,665 684,427
Leaf stock
2 054,999 1,944,837 Accrd. int. on notes_
8,333
14,583
P. R. Leaf Tot). Co_ 674,992 678,046 Accrd. Int. on scrip_ 26,333
15,113
Stock in 0th. cos
288,654 288,654 Prov. for comm.,obCash
108,406
91,463
solete machinery
Bills & Imola reedy_ 608,483 597,727
and other funds__ 268,906 188,729
Surplus
1,307,496 1,138,178
5,492,833 5,340,250 Total
Total
5,492,833 8,340,250
-V. 99, P. 411:
Nipissing Mines Company.
(Ninth Annual Report-Year ending Dec. 31 1913.)
Pres. E.P. Earle, New York, Apr. 15 1914 wrote in subst.:
The production of silver was 4,552.173 ozs., valued at $2.756,612. and
was approximately the same as in 1912. The expense of production was
24.09c. per or. This is 6.70c. per oz. more than in 1912. The increased
expense was due to the fact that nearly one-half the silver was produced
from milling ore, and because of the lower average grade of the ore. The
average price received for silver was 60.26e. per oz. $1.800,000 was distributed to stockholders during the year. The known ore reserves contain
9,510,000 ozs. of silver, about one-half of which is in high-grade ore. The
surplus is $1,259,061. These figures show that the reserves and
surplus
are at almost the high-record point. The mines are in excellent condition.
and the high and low-grade mills are being operated efficiently.
Data pont General Manager R. B. Watson.
The Nipissing Co. has now entered the second stage of its career. Before
1913 practically all the receipts came from the high-grade ore alone, the
mill ore being thrown on the dump. When the low-grade mill went into
operation at the end of 1912. the small picking plants were shut down; now
the mixture of high and low grade ore, just as it is broken down in the
mine, is sent to one central picking plant,where the rich ore is sorted:out
and the balance goes to the low-grade mill for treatment. The high-grade
ore is not only less in quantity than formerly, but its production is limited by
the capacity of the low-grade mill,which must handle all the ore which goes
through the picking plant. While mining the wide, rich veins near the surface, the company was enabled to turn out a large production at small cost;
as greater depth is obtained the veins generally split up into stringers; this
results in much wider stopes and a lower average grade of ore.
In 1912 the yield was 4,688,000 ozs.-practically all from high-grade ore.
Although the mine produced almost the same amount of silver last year.
2.500.000 ozs. came from the rich ore sorted out, and 2.000,000 ozs. from
mill rock. This treating of the low-grade rock accounts for the increase
from 17.39c. per oz. in 1912 to 24.09c. in 1913.
The results obtained at the new low-grade plant are very gratifying; the
company is now fully equipped to treat all grades of its ore, with resulting
products of fine bullion and cobalt residue; a considerable custom business
is also done in high-grade ore; the total shipments of bullion in 1913
all sources amounted to over 6,500.000 ozs. The ore reserves are from
at their highest point, the 215.000 tons of ore ready for treatmentalmost
being
enough to keep the mill running to its present capacity for nearly
While there has been some falling-off In the yield of rich ore,the threeyears.
property
still in splendid condition and there is an assurance of good earnings is
for
several years to come.
TOTAL SHIPMENTS TO DECEMBER 31 1913.
GrossValueSilver Net Value
Gross
Dry
Npg.Mg.Co.
Ounces, pluspaCiodbaFlot c.frmn
Weight,
Rec
sei
me
veld
ters. Di;iadends
id.
Silver.
Pounds.
1904-- - 124,659
32
$24,164
505.638
171,gg
$300,000
12
52
4
5:7:: 4,0
25
14
3,8
199
906
93
19
94
39
73
4 2,7
1,576,853
1,421,656
600,000
2,239.552
1907-- 4,804.426
1,373,089
1.234,492
880,000
2,893,031
1908--- 7.009,998
1,526,686
1,364,478
740,000
4,646,869
1909..__12.825,169
2,417,767
2,180,407
1,370,000
5,596,136
1910_ -13.388,039
3,008,958
2.742,842
2,122,500
1911---- 5,829,254
4,678,074
2,507,197
2,381,713
1,853,430
4,719,578
1912---- 3,701,726
2,893,277
2,827,318
1,842,367
4,844,169
1913---- 2.657.250
2,945.327
2,920,706
1,835,000
Total _55.299,388 32.585.418 818,778,956
817,569.166 111.543,297
The item of net value for 1913 (32.920.706)
includes: Silver bullion,
$3,894.123; cobalt residue, $62,484; by-products and
claims paid.$29,824;
bullion from ore milled by Nova Scotia
85,059;
total shipments,
$3.991,490; less custom ore purchased. $1,070,785;
Co'
shipments of Nipissing
product, $2,920.706.
Annual Dividend Record (Dividends Payable
Q.-J. 20.)
1906 1907 1908 1909 1910 1911
1912 1913
1914
Regular
6% 12% 12% Id% 20% 20% 20%
20%
5,5,
2% None None 8% 15% 10%
10% 10% 2%, -.ISSING MINES CO.INCOME ACCOUNT
E
Nx
IP
tra
(HOLDING
. COMPANY).
Divs. on Nipissing Mining Co. stock31,842,500
Interest received
-$1,830,125
56
Total
$1,830,125 81,842,556
Deduct-Dividends(30%)
$1.800,000 $1.800,000
General expenses
31,757
35,054
Total deductions
$1.831,757 $1,835,054
Balance, deficit or surnills
def.$1,632 sur.$7,502
1911.
20
$1.843,297
$1,843,319
31,800,000
51,290
$1,851,290
def.$7.971
NIPISSING MINES CO. BALANCE SHEET DECEMBER 31.
1913.
1912.
Assets1913.
1912. 1 LiabilitiesCap.stk. N.M.Co.$6,000,000 $6,000,000 I Capital stock.- --$6,000,000 $6,000,000
450,000
Divs. receivable__
450,000' Divs. payable Jan. 450,000
455,000
7,911
6,280
Cash
1,280
7,911 Surplus
Total
NIPISSING
Total
$6,456,230 $6,457,911 I
$6,456,280 $6,457,911
MINING CO. INCOME ACCOUNT (OPERATING CO.)
1912.
1911.
1913.
$2,756,612 $2,896,990 $2,820,257
47,168
50,375
47,481
Gross value of ore
Other income
$2,804,093
$1,143,822
15,164
1,830,000
Total
Cost of mining, &c
Cost of special investigations
Dividends
Balance, surplus or deficit
465
THE CHRONICLE
AUG. 15 1914.1
$2,947,365
$865,655
$2,867,425
$772,184
1,812,500
1,813,297
def.$181,892sur.S239,210 sur.$251.944
NIPISSING MINING CO. BALANCE SHEET DEC. 31.
1912.
1913.
LiabilUies-1912.
1913.
AssetsMining property__ $250,000 $250,000 Capital stock _ _ $250,000 $250,000
Incl.
payable,
Acc'ts
583,195
540,503
&c_
equip.,
Plant,
218,341
estimated taxes. 278,826
33,430
33,430
Investments
17,571
10,570
586,664 Accr'd exp. on ore.
434,824
Ore at smelt., &c_
455,000
450,000
payable....
Divs.
5,234
2,538
Acc'ts receivable_
1,259,061 1,443,954
921,343 Surplus
992,162
Cash
$2,253,457 $2,379,866 I
Total
-V. 98, p. 1320. 1248.
Total
$2,253,457 52,379,866
North Butte Mining Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Thomas F.Cole, Duluth, April 20,wrote in substance:
New Properties.-In addition to the mining properties acquired in the
Butte East Side Mineral Area, as shown on map of Dec. 26 1913, purchases
have been made of the remaining one-fifth interest in the Carlisle and Protection lode claims and undivided interests in the following lode claims:
Lillie May, Free Trade, Occidental and Lone Star, which, with the exception of the Lone Star claim, adjoin our original mining properties located on
Butte IIIII. We also received Government patent to the Midget and Jake
lode claims, small fractions located in our original mining ground.
Production.-During the year there were shipped 462,799 wet tons of ore
and 71 wet tons of precipitates, and there were treated at the smelter
454,984 dry tons of ore and 45 dry tons of precipitates, of which 121,773
dry tons, or 26.8%, were first-class. and 333,211 dry tons, or 73.2%. were
second class. This ore produced 28,315,321 lbs. of fine copper. 1,602,163.67 ozs. of silver and 1,567.114 ozs. of gold.
Sales and Prices of Metals.-DurIng tho year sales of metals for immediate
and future delivery were made as follows: Copper. 27,685,400 lbs.. at
prices averaging 15.0854. per lb.; silver, 1.422,177.08 ozs., at prices
averaging 59.824c. per oz.; gold, 1.567.114 ozs., at $20 per oz.
Dividends.-Four dividends of 50c. per share each were paid during the
year, aggregating in all $820,000.
New Stock.-There were Issued and delivered 20,000 shares of capital
stock as part payment for the new mineral properties, which makes the
total outstanding capitalization on Dec. 31 1913 430,000 shares of the
authorized capitalization of 600,000 shares.
Reserves -0en Mgr. Pope says: "Our development during the past year
has kept the ore reserves at the figure at which they stood on Jan. 1 1913."
PRODUCTION AND AVERAGE PRICE RECEIVED ON SALES.
Price per oz. Gold.
Period- CopperProduced. Price per lb. Silver.
"8,318,321 lbs. 15.086c. 1,602.164 oz. 59.824c. 1.567.114 oz.
1913
62.885c. 1,367.08 oz.
oz.
1,377,468
16.369c.
lbs.
26.480,123
1912
24,810,669 lbs. 12.561c. 1,134,300 oz. 53.709c. 1.280.9.5 oz.
1911
25,267,092 lbs. 12.771c. 998,190 oz. 54.503c. 1,195.99 oz.
1910
Sales of copper in 1913, 27.685.400 lbs.; silver. 1,422,177.08 ozs. and
gold (at $20 per oz.), 1,567.114 ozs.
Illinois Northern Utilities Co.
(Report for Fiscal Year ending Dec. 31 1913.
Pres. Samuel Insull, Chicago, Feb. 24, wrote in substance:
The report for the eight months' period ending Dec. 31 1912 showed
gross earnings to the amount of $466,309, which, on a 12 months basis,
would be 5699.464, while the gross earnings for the year just ended
were $881,949, an increase of 5185,485, or 263.i%. This increase is
largely new business obtained on .xisting lines, as the lines constructed
this year have only been in service during a very few months. The company has therefore not yet obtained the advantages of the increased business
and the economies of operation due to closing down steam plants and the
improvements and extensions made during the year.
The company has constructed 121 miles of transmission lines: Sterling
to Prophetstown, Erie, Lyndon and Tampico, 38 miles; Freeport to Polo.
20 miles; Mendota to Amboy. 18 miles; Somonauk to Plano, 10 miles, and
Belvidere and vicinity to Genoa. Hampshire and Kirkland, 35 miles.
As the result of this extension of the transmission system, the following
steam plants have been closed down: Fulton. Tampico, Sandwich, Hampshire, Erie, Forreston, Plano, Prophetstown, Earlville, Genoa and KirkThe company has also built during the year out-door sub-stations
land.
at Mendota, Somonauk, Leland and Sterling.
During the year the company made very favorable arrangements by
which it secures for a long term of years, under its own operation. the total
output of a hydro-electric plant now being built under plans approved by
its engineers at the Government dam at Sterling, Ill. This plant will have
an ultimate capacity of 2,000 k. w.
INCOME ACCOUNT (Including Sterling Dixon & Eastern Electric Ry.).
Year end.8 Mos.end I
Year end. 81110. end.
Dec.3113.Dec. 31'12.
Dec.31'13.Dec.31 '12.
Cross earnings
$884,949 $466,309 Bond Interest
1
90
294
5:
74
9 $5
80
55
4
:
5
38
Exp. (incl. taxes)... 624,254
290,509 Preferred dividends_ $110
Net earnings
$260,695 $175,800
Balance, surplus__ 816.356
$45,569
COMBINED BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
AssetsLiabilities$
MIA,real est.,&c _10,164,577 9,395,953 Preferred stock__ 2,000,000 2,000,000
Open accounts...
3,366
2,519 Common stock__ 5,000,000 5,000,00
2,824,200 2,454,000
Math in storeems 144,134
153,852 Funded debt
4,500
3,001)
Coal in storage....
17,174
13,981 Real estate mtges_
417,858
Prepaid acc'ts____
8,253
Notes payable_ _ _ _
138,947
143,957
Acc'ts & bills rec_
payable
Acc'ts
106,535
106,736
36,520
39,602
Cash
65,904 Accr'd bond int_
53,163
9,203
4,862
Miscellaneous__
45,569
61,924
Surplus
10,497,403 9,738,744
Total
10,497,403 9,738,744
Total
Note.-Of the stock. $192,000 pref. and $365,000 common are in the
treasury.-V. 95, p. 1395.
Canada Foundries & Forgings, Ltd., Brockville, Ont.
(Second Annual Report-Year ending Dec. 311913.)
Pres. John M.Gill, Brockville, Ont., wrote in substance:
Notwithstanding the marked depression in trade conditions that existed
during the latter half of the past year, the statement of earnings herewith
shows that the dividend on pref, stock and bond interest for the year have
been provided for, leaving the sum of $9.540 to be carried forward to the
profit and loss, which now stands at the sum of $35,220.
Out of the earnings. $21,700 was expended on renewals and repairs to
plants at Welland and Brockville,advantage having been taken of the slackening demand for the products of our companies to devote attention to
improving in every possible way the efficiency of machinery and equipment.
Additions to buildings, machinery and equipment chargeable to capital
account have been made during the year to the amount of $85.308, the
principal items in which are the new steel forge shop at the Canada Forge
Co., replacing the wooden structure destroyed by fire, electric cranes, sidRESULTS FOR YEARS ENDING DECEMBER 31.
ing, &c., and at Canadian Billings & Spencer, boiler house and boilers.
1911.
1910.
1912.
1013.
drop hammer and accessories. To provide in part for this expendisteam
53,752.160
$3,789,492
55,182,674 $5,120,322
Total income
ture, bonds have been disposed of to the amount of 850.700.
ExpensesThe trade depression that set in about the middle of last year is still in
$3,060,017
$3,132,012
$3,406,301
Operating expanses.....-153,697,995(
evidence, but it is hoped that the arrival of spring will see a return to normal
7,446
6.486 conditions.
21,124
Construction
5
While our trade in Eastern Canada and for export has been
42.839
40.654
22,178
46,902
General exp., taxes, Sze _
and is perfectly satisfactory, the returns from the Northwest and the Pacific
been much below the record of former years.
have
Coast
$3,744,897 $3,449,603 $3.110,302 53,179,152
Total expenses
[The company owns and operates the James Smart Mfg. Co., Ltd.,
$610,340
$641.858
Net earnings
$1.437.777 $1,670,719
Ont.; Canadian Billings & Spencer, Ltd., Welland, Ont., and
492,000
446,000 Brockville,
697,000
820.000
Dividends
Forge Co., Ltd., Welland, Ont.)
Canada
(7 1-3%)
(8%)
(13 1-3%) (11 1-3%)
RESULTS FOR THE FISCAL YEAR ENDING DEC. 31.
$164,340
$149,858
$973.719
$617,777
1912.
Balance, stir. for year
1912.1913.
1913,
$112,899 $108,7821 Deductions (Concl.)Net earnings
BALANCE SHEET DECEMBER 31.
$3,951
Miscellaneous
;
9,500
21,700
&c.
Dupree., renewals,
1912.
1913.
1912.
1913.
67,200
67,200
4,020 ; Pref. diva. (7%)
8,102
Bond, &c., int
S
AssetsS
25,680
9,540
2,382 I Balance, surplus
2,406
6,450,000 6,150,000 Proper, organ. exp.Mining property_ 8,759,841 7,876,172 Capital stock
2,426
1,042
3,517 Divs. unclaimed__
Furn. & fixtures
BALANCE SHEET DEC. 31.
600,507
146,877
9,600 Accounts payable_
Investm't account
9,600
1912,
1913.
1912.
1913.
Cash
293,254 Unpaid treatment
s
48,628
S
Liabilities-$
Assets$
charges(not due) 230,232
Accts. receivable_
15,298
5,344
960,000 960,000
stock
Preferred
est.,
Real
ma,
bldgs
386,917
Inventory
960,000
a2,310,261 1,355,871 Adv. on metals_
960,000
stock
Common
elliffY, pats., good3,413,556 2,300,779
Surplus
67,000
117.700
will, &c
1,860,278 1,776,232 First mtge. bonds_
238,136 131,299
Leans
Total
11,133,674 9,553,712 Cash. fleets & notes
Total
46,460
11,133,674 9,553,712
201,313 221,685 Accounts and wages- 54,872
receivable
-33,600
11,200
383,719 294,147 Dividend payable_ _ _
a Includes supplies at mine, 6.56,027, and copper and silver, 62,254,234. Inventories
2,010
2,043
interest
Bond
2,002
2,161
Unexpired insur.,&c.
98, p. 1320.
77,545
77,545
Reserves
Organization exp. &
25,650
35,220
9,528 Surplus
9,245
bond discount__
Wabasso Cotton Co., Ltd., Three Rivers, Que.
(Report for Fiscal Year ending June 30 1914.)
Pres. C. R. Whitehead, July 31 wrote in substance:
The
installation of the machinery in the plant of the St. Maurice Valley
Cotton Mills, Ltd., was completed about the end of Dec. 1913.
Early In the fiscal year the orders received were sufficient to keep both
the Wabasso and St. Maurice Valley works in full operation, and the profits
were such as to justify our estimates of the results to be obtained from the
combined plants. As adverse trade conditions became more general, the
demand became less active, and with the gradual curtailment of the production, increased manufacturing costs naturally followed, and profits
were correspondingly reduced. We consider, however, that in view of the
extremely unfavorable trade conditions which universlaly prevailed during the year, the showing made is quite satisfactory.
With the revival of trade activity which will be the inevitable accompaniment of the return to normal conditions, profits should at least equal,
if not considerably exceed, the excellent results obtained during the early
portion of the last fiscal year.
RESULTS POR YEARS ENDING JUNE 30.
1913-14. 1912-13.
1913-14. 1912-13,
Profits, trade account S115,663 $123,374 Bond interest
$57,010 $58,070
Rents.
475
151
177 Redemption of prem.
121
250
Doubtful accounts--Total profits
$115,814 $123,551
Balance, surplus.... $58,554 $64,885
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilitiesPlant, mach'y,&c.$1,412,484 51,398,511 Capital stock.._ _ _51,750,000 $1,750,000
Mat'is, supp., &c_
951,000
615,902
941,000
336,710 1st M.6% bonds_
Cash,acc'ts rec.,&c. 72,220
98,223 Acc'ts & bills pay..
33,630
60,930
Bt. M. Vali. Cott.
&c
246,037
290,196
Mills stock_ _ _ _ 1,250,000 1.250,000 Collat.& oth. l'ns_
Deferred items,&c. 102,200
147,726
206,280
Profit and loss_ _ _
$3,350,606 83,133,444
Total
-F. 97, p 516.
Total
$3,350,606 $3,133,444
Total
-V. 95, p. 178.
2 456,716 2,303,594
Total
2456,716 2,303,594
Canton Company of Baltimore.
(Report for Fiscal Year ending May 31 1914.)
Pres. W.B. Brooks as of June 11 reported:
During the fiscal year there have been two dividends declared from
income, namely, July 1 1913, $2 per share, and Dec. 31 1913.82 per share.
There are now outstanding 22.163 shares of stock.
Owing to the general business condition, our improvements west of
10th St. on the water-front are still lying dormant and cannot be finished
until the railroads see their way towards making additional improvements.
On Boston St.. we have entered into a contract and completed a new
warehouse and pier for the Webster, Butterfield Co., successors to the
Lord-Webster Co., having removed the old building formerly occupied
by the Ludington Co., thereby taking in 135 feet on Boston St. This improvement is now in hands of occupants, and will yield us a larger return.
The city's new sewerage system put us to large expense on the Boston St.
and Aliceanna St. properties for sewer connections, replacing tho former
connections with the harbor.
The question of drainage is one that we must necessarily recognize and
provide. During the year we have put in an open drain through the swamp
between 9th and 11th Sts. and 7th Ave. and the water-front, developing an
area for filling that will increase our holdings for factory sites. Effort is
being made to have the county join us in this drainage, as a rapidly increasing number of houses is being built in this section.
Between 8th and 10th Sts. near-Eastern Ave. we have constructed another
drain at a heavy expense, and over this drain we are now filling, at no cost
to the company, for the purpose of making a yard for the Canton RR.
This yard ought to be the central point of shipping for that whole section.
The Canton RR. has been busy completing its tracks, making extensions
and putting itself in position to carry out the development of the property.
It, like all other railroads, is suffering from general business depression.
It has been impossible to get industries to even consider the location of
plants. We,however, have leased one site at Eastern Ave. and 36th St. to
Itainkoto Felt Mfg. Co., in a territory that has never had an industry be
fore. The plant is about completed, and they expect to begin operations
466
THE CHRONICLE
in a few days. This will be a constant feeder to the road in a small way.
and the beginning, we anticipate, of a considerable development.
Including the main line and sidings, we now have about 13 miles of track.
Our extensions have led us into the largest industries on the property, and
we have an outlet on our wharf at 5th Ave. and the harbor.
We are building a warehouse on the water-front between 5th and 6th
Sts. south of 12th Ave.,80x200 ft., six stories high,constructed of reinforced
concrete, with sprinkler system, steam heat, electric elevators and all modern devices for handling freight. In front of the warehouse, and extending
Into the harbor, we are building a pier 850 ft. long by 150 ft. wide, which
above mean low water is constructed of concrete and steel covered with a
steel shed, thereby making the maintenance very slight. Surrounding
the above pier we will dredge to a depth of 35 ft., connecting with the main
channel, and on this pier we will run our own tracks. The location of the
pier and warehouse should make this an attractive and economincal position for the handling of foreign and domestic freights and storage purposes.
RESULTS FOR YEARS ENDING MAY 31.
1913.
1912.
1911.
Income from1914.
$51,091
$49.329
Ground rents
$49,194
$49,782
15,485
14,775
15,418
Farm and lot rents
13,615
51,436
52.480
52.461
56,467
Wharfrents
1,519
1,228
1,351
House rents
1,832
9,309
6,964
7,282
5.478
Wharfage, w'house, &c_
18,670
7,618
Interest
20,872
12,920
1.259
1,654
837
Sand.gravel,&c
680
4,234
Sundry exp.,refunded_ _
5.393
3,865
2.669
Bills receivable
112.965
Perrn't impts. refund_
1,272
1,712
2.601
Sales of real estate
699,464
149,061
139,945
121,110
7,527
Sales of annuities
2,219
2.292
51.499
Total income
$859,050
$306,773
$401,526
$311,490
DeductionsPermanent improv.acc't,
new buildings,grading,
real estate purcla.,&c- $370,512
$246,101
$134,132
$32,931
Roads,streets & sewers_
336
1,354
1,425
34
Sundry exp. & repairs
6,735
2,044
5,654
959
Salaries, office exp.,&c.
29,675
58,519
27,533
23,540
State,city & county tax.
27,634
27,044
27,508
Dividends
(4%)88,652 (4%)88,652 (4%)88.652 (334)77,570
Bills receivable
29,238
91,376
112.965
IVOL. xcix.
The earnings may be regarded as very satisfactory. A proper comparison
with the preceding year is not possible, as the business of the British Canadian Power Co., Ltd., was not taken over until Oct. 1 1912. The net
earnings, however,for the three months ended Dec.31 1913, which are comparable, show an increase of $32.715. or 21%. over the corresponding period of 1912: while those for the first nine months of 1913 show an increase
of $106,250, or 30%, over the combined net earnings of the two companies
for the same period of 1912.
Capital Account.-In view of the construction of the Fountain Falls development, arrangements were made in July last for the underwriting of
$350,000 bonds. A call of 10% thereon was duly made,and the balance for
the remaining $315,000 bonds may be called at such times as the company
deems fit. We are thus assured of ample capital during the ensuing year.
Bonds.-At Dec. 31 1913 the issued loan capital consisted of $4,745,000
in 6% 1st M. 20-year sinking fund gold bonds, less $187,500 bonds in
the sinking fund, of which $122,000 were deposited in compliance with the
terms of the mortgage as of Oct. 15 1913.
We are entitled to issue an additional $392,000 in bonds to cover the
balance of expenditures on new works made by it out of earnings and other
sources since the commencement of operations in April 1911.
New Plant-To meet the continually increasing demand for electric power,
the company acquired a transfer of Crown Lease No. 1805 for 40 years from
March 18 1909 and in July last commenced the construction a a hydroelectric development of 3,000 h. p. at Fountain Falls on the Montreal
River, about 13( miles below the company's Ragged Chutes development.
The work has progrsed satisfactorily and is expected to be completed in
March next. This plant will substantially increase the earnings.
Maintenance.-The whole of the undertaking, including the hydro-electric and compressed air installation, dams, buildings, machinery, transmission lines and sub-stations, in the Cobalt district and at Haileybury, New
Llskeard, Cochrane, Porcupine and Sturgeon Falls, have been maintained
in good condition out of earnings.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
1912.
1913.
1912.
1913.
}$872,510f$521,605 Net earnings
2658,408 $369,609
2,084 Bond Interest
$272,263 $178,980
Pref. dividends
142,758 117,948
Total income
50,000
$872,510 $523,685 Reserves
Op.exp.,rent,int.,&c. 214,102 154,076
Total deductions_ _ _3465,021 $296,928
Net earnings
2658,408 $369,609 Surplus
$193,387 $72,681
BALANCE SHEET DEC. 31.
Total deductions_...$520.063
$429.389
$375.816
$275,507
1913.
1912.
1913.
1912.
Balance for year
sur.$338,987 def.$122,616 sur.$25.710 sur.$35,983
AssetsLiabilities;$
$
Prop's, hydraulic,
2,400,000
2,400,000
Preferred
stock_
.
_
In bank at end of year $406.572
$67,585
$190,201
$164.491
&c.,air compresCommon stock... 4,585,000 4,585,000
-V.97. p. 885.
sors, &c
4.743,500 4,598,500
11,701,880 11,539,720 Funded debt
Inv. in other cos
66,523
68,930
45,000 Acc'ts&wages pay.
45,000
Utah Consolidated Mining Company.
Bonds in sink. Id_ 187,500
10,692
58,046
65,500 Reserves
Stores on hand__ _
75,630
68,141 Acced bond Int_
67,519
(Report for Fiscal Year ending Dec. 31 1913.)
Cobalt Hyd. Pow.
Pref. div. pay.
71,985
Co., Ltd., bds_
10,800 Jan. 15
Pres. R.H. Channing Jr. Mar.24 1914 wrote in substance: Guarantee
*323,040
134,876
21,000 Surplus
deposit
21,000
89,677
There was mined 181,077 tons of copper ore and 70,889 tons of lead ore, Acc'ts receivable_ 126,674
16,878
92,433
which yielded 7.710,668 lbs. copper, 19.208,063 lbs. lead. 378,960 ozs. Cash
6,912
6,088
silver and 14,172 ozs. gold. 20.510 ft. of exploration and development Miscellaneous_
work was done. The copper ore reserves were maintained during the year
12,248,094 11,863,628
Total
12,248,094 11,863,628
Total
and the lead ore reserves increased. The profits for the year were $630,829.
* After deducting in 1913 sundry adjustments. $5,224.-V. 98, P. 917
Data Furnished by Manager Frederick Cowans.
There was mined and shipped to the International Smelting & Refining
Co.'s smelter at International, Utah. 251,966 dry tons, viz.: (a) 181,077
GENERAL INVESTMENT NEWS.
dry tons of copper ore, averaging 1.987% copper. .056 ozs. gold and .705
----ozs. silver; (b) 70,889 dry tons of lead ore, averaging 15.053% lead, .060
ozs. gold, 3.922 ozs. silver and .968% copper.
RAILROADS, INCLUDING ELECTRIC ROADS.
During the year 20.510 ft. of exploration and development work was
done, the most important and successful work being accomplished in the
Arkansas Oklahoma & Western RR.-Deposits.-Dewestern portion of the upper limestone, which overlies the Highland Boy
Limo. The ore here developed is lead and makes on the contact between fault having occurred in the payment of the interest due
the limestone and quartzite. It was found to be continuous from the July 1 1914 upon the $300,000 1st M. 6s of 1907, the comCalifornia to the No. 5 level, a distance of 570 ft. on the dip, while its
below urges the deposit of said bonds with the
greatest length is on the No.5 level, where the ore shoot is 500 ft. long, with mittee named
an average width of 4.8 ft. and an average assay of.9% copper, 18.7% lead. Real Estate Trust Co., Broad and Chestnut Sts., Phila., as
.06 ozs. gold and 3.07 ozs. silver. Below the No. 5 level a 45-ft. winze depositary, prior to Sept. 15 1914. The road forms part of
was sunk in ore with the bottom still in ore; and on the No.7 level. 600 ft.
lower down on the dip, a 1,500-ft. crosscut is being driven to cut the contact. the Kansas City & Memphis recently placed in receivers'
There is in sight in the mine: (1) 287.038 tons of copper ore, averaging hands (V. 99, p. 269).
1.90% copper, .05 ozs. gold and .70 ozs. silver. (2) 51,409 tons of lead
Committee: Francis X. Quinn, Chairman, John J. Tyler, James H.
ore, averaging 15.30% lead,.054 ozs. gold, 3.27 ozs. silver and .98% copper.
Morris, Stanley L. Smith, Richard Billings, with Byron A. Milner as Secretary, 1318 Real Estate Trust Building. Phila., and Joseph deF. Jimkin as
PROFIT AND LOSS ACCOUNT YEARS ENDING DEC. 31.
Counsel.-V.94, p. 696.
1913.
1910.
1912.
1911.
Sales of copper,&c
$1,889,845 $1.976,454 $1,725.999 $1,509.045
Brooklyn Rapid Transit Co.-Official Data.-The comRefining, freight, selling
We Need Nickels",
expenses, &c
121,307 pany.has, under the caption of "Why
94,480
175,090
96,984
Net
$1,795,365 $1,879,470 $1.550,909 $1,387,738
Add stock of bullion end
of year
572,690
327,620
628,572
580.361
Miscellaneous income.._
56,521
51.190
47.091
43,779
Total
$2,424,576 $2,258.280 $2.178,361 $2,060,089
Less stock of bullion at
beginning of year
327,620
580,361
628,571
806.374
Total net income
$2,096,956 $1,677,919 $1,549,790 $1,253,715
DeductMining expenses
$632,111
$462.598
$404,932
$392,798
Exploring & development 159,403
124,898
181,796
118.709
Mine plant, &c., writ. off
5,641
36,985
96,340
12,144
Smelting expenses
626,048
450,643
485.172
606,508
42,924
Miscellaneous expenses
35,851
39,460
58,207
Total deductions
Balance. surplus
Previous surplus
Total
Dividends
General reserve
$1,466.127 $1,110,980 $1,207,700 $1,188,366
$630,829
$566,939
$342,090
$65,349
591,268
474.329
322,239
406.890
$1,222,097 $1,041,268
$664.329
$472,239
(30%)$450,000(30)$450,000(10)$150,000(10)5150,000
40,000
Gross earnings
Other Income
re-printed in pamphlet form under date of July 25 a series of
ten newspaper advertisements which were published with
a view to a • better understanding by the public of some of
the company's problems." Compare V. 98, p. 348, 338.
Canadian Pacific Ry.-Earnings.-See "Ann. Reports."
To Increase Limit of Issue of Ordinary Stock-None to Be
Issued Without Further Vote.-The 33d annual general meeting, set for Oct. 7, will be made special for the purpose of
considering a proposition to increase the present authorized
ordinary capital stock by the amount of $75,000,000, that
is, from $260,000,000 to $335,000,000, "in order to make it
accord with the amount for which the company has the sanction of the Government, no portion of such additional stock
to be issued, however, until the authority of the shareholders
has been obtained at a special general meeting called for the
purpose." See adv. on another page.
Statement Made by President Shaughnessy on Aug. 12.
"No new works of any magnitude are contemplated at present, and
no necessity exists for a further issue of capital stock. It is not
Total surplus Dec. 31- $772.097
$591.268
$474,329
$322,239 therefore however,
that the directors will at the meeting in October recomunlikely,
BALANCE SHEET DECEMBER 31.
mend to the shareholders that the authorized ordinary share capital
be
the amount for which the company has legal warrant
to
conform
made
to
1912.
1913
1913.
1912.
so as ,to provide for the company's future capital requirements as they
Liabilities$
$
Assets$
1,500,000 1,500,000 arise."-V. 99, p. 195. 118.
Cost of prop., &c_ _ _ a850,195 850,195 Capital stock
33,876 Sundry creditors_ -_ - 91,664
Smelter property__ _ 631,931
58,791
Cape Breton (N. S.) Electric Co.-Earnings.-367,775 391,640 General reserves_ _ _ _ 50,000
50,000
Debtors
Net
30
Interest
772,097 591,268 June
Sinking & Balance,
Copper bull. & supp_ 619,041 401,430 Profit and loss
Earnings.
Year-Earnings.
Charges. Impt. Fds. Surplus.
Int. Smelt. & Refin$373,647
$17
63
6:0
1913-14
30
48
5
$5
60
5:9
93
71
3
$14,280
500,000 500,000
$91,055
ing Co.stock
1912-13
373,783
22,918
14,819
14.380
102,734
Cash
-V.98. D. 1315.
Total
2,413,761 2,200,059
2,413,761 2,200,059
Total
Chicago Milwaukee & St. Paul Ry.-Tunnel Opened.
a Consists of cost of acquiring properties, &c., of the Highland Boy Gold
Mining Co.,including expenditures to Dec.31 1912; all expenditures during
1912 and 1913 on plant and improvement have been written off.
b Consists of estimated value of property not realized, $33,876, less
realization during year, $1,945.-V. 99, D. 54.
Northern Ontario Light & Power Co., Ltd.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. D.Fasken, K.C.,Jan. 31 1914 wrote in substance:
Revenue.-The sum of $142.758 has been paid to the preferred stockholders, representing a dividend at the rate of 6% on the outstanding cum. pref.
stock, and $50,000 has been transferred to general reserve account. The
balance of $323.039 55 has been carried forward to next year's account.
The sum of $122,000 has been applied in settlement of the year's installment of sinking fund on the bonds.
The Snoqualmie tunnel, through the Cascade Mountains,
about 12,000 ft. in length, was completed on Aug. 4.
It reduces the summit level of the line crossing the range
443 ft., saving
also, it is stated, 4 miles in distance. The line which
will be abandoned
was subject to heavy snow-slides.-V. 98, p. 1766.
Cities Service Co., N. Y.-Dividend Policy.-The directors adjourned the meeting planned to be held on Friday,
Atig. 7, until Monday, Aug. 10, and at that time decided to
refer to the executive committee the course to be pursued in
regard to dividends on the stocks of this company and allied
properties; the executive committee being instructed to be
prepared to make recommendations on the occasion of the
next directors' meeting, which will be held shortly.
:A.UG. 151914.]
THE CHRONICLE
467
The Midland Pennsylvania RR.was projected in 1910 to run from MillersOne interested in the company has this to say:
ville to Ashland, Pa., a distance of 44 miles, through the Lykens Valley,
"Cities Service Co. and its subsidiaries have grown at a very rapid rate. Valley, and was financed largely by Phila. capital. The road defaulted
This is clearly shown byithe record of its earnings. Growing rapidly,large July 1 1912 on the interest on its $812.300 1st M. 50-year bonds. Conamounts of money have been required for extensions and additions to plants struction was suspended after about 10 miles of road had been partially
and equipment. The company's surplus has been used in providing these completed. It is understood that under the terms of the option existing,
funds and the growth of the company has been further aided by the usual bondholders would receive not more than 50% of their investment in any
methods of corporate financing, through the issuance of securities, &c. event and might not receive more than 33 1-3%. The identity of the synUsual methods and channels of finance are now disrupted throughout the dicate is not disclosed.—V. 95, p. 298.
world, and it is difficult to prophesy how soon the financial system will
National Railways of Mexico.—Sub Co. Receivership.—
again be in proper working order; consequently, the directors have deemed
See Texas-Mexican RR. below.—V. 99, p. 407. 343.
it wise to adopt the protective and precautionary measure of withholding
and
conserving the
disbursements heretofore made in way of dividends
New York Central & Hudson River RR.—New Suit.—
company's cash. By this means, earnings will be available to maintain the
excellent position of properties and by the careful guarding of expenditures, A suit was filed in the U. S. District Court in this city on
Cities Service Co. should rapidly attain a position independent of financial Aug. 7 by Annie L. De Koven and Cecil Barnes of Chicago,
disturbances."—V. 99, p. 406.
Duluth South Shore & Atlantic Ry.—Earnings.—
June 30.
1913-14
1912-13
—V. 97, p. 883.
Other Inc. Int.,Tax.,&c.Bal.,Def.
Net.
Gross.
$3,412,575 $648,579 $30,451 $1,230,019 $550.989
1,265,005
537,520
39,144
688,341
3,412,832
Hocking Valley Ry.—Equipment Maturity.—The installment of 8,000 of principal and the interest on the $288,000
car trust Series "B" No. 2 of 1907, due Aug. 15, will be paid
at the office of the company,71 Broadway,N.Y. Payments
have been made at the Lincoln Trust Co.—V.98, p. 1316.
International & Great Northern Ry.—Receivership.—
Judge Burns in the U.S. Court at Houston, Tex., on Aug. 11
appointed James A. Baker of Houston and Cecil A. Lyon
of Sherman as receivers of the property at the instance
of the protective committee which recently published a
plan for the extension of the $11,000,000 3-year 5% notes
(secured by $13,000,000 First Refunding Mortgage bonds).
A statement by Pres. Thomas J. Freeman said that it was
impossible to meet either interest or principal of the notes
due Aug. 1, and as there was no market for the bonds, a
default resulted The executors of the Jay Gould Estate
consented to the plan for extending the notes for 2% years
at 6%, but the unsettled financial situation brought about
by the European war and a less favorable outlook for the
cotton crop along the line caused the plan to fall through.
Holders of Three-Year 5% Gold Notes Due Aug. 1 1914
Urged to Deposit Same with Guaranty Trust Co.—The afore
said noteholders' committee, Alexander J. Hemphill, Chairman, announces:
On July 31 this committee asked for the deposit of the above-named
notes in order to effect, under what is believed to be advantageous conditions,an extension thereof to Feb. 1 1917. with interest at 6%. Unforeseen
circumstances have brought about a receivership of the property and have
made the plan impracticable of execution at the present time.
In view of the receivership, it is necessary that the committee shall have
such full powers as will enable it to act for the noteholders in any situation
that may arise. Accordingly, the committee, representing a majority in
amount of the notes, has constituted itself a protective committee, with
the broader powers which the changed conditions have made necessary,
under a protective agreement which is now in course of preparation and
under which Guaranty Trust Co., 140 Broadway, will act as depositary.
Holders of notes are requested to deposit them at once with the depositary. Notes so deposited should have attached thereto the Aug. 1 1914
coupon,which should be accompanied by proper Federal income tax certifi_
cates. The depositary will accept the interim receipts of Central Trust Co
of N.Y.for notes heretofore deposited with it. Compare V.99.P.342.406.
as trustees under the will of John De Koven, who owned
500 shares of Lake Shore & Michigan Southern Ry. stock, in
behalf of themselves and other minority stockholders, to
enjoin the proposed merger into the New York Central. A
similar action which had been brought in the U. S. District
Court at Detroit was dismissed on July 30 last for want of
jurisdiction. Compare V. 99, p. 343.—V. 99, p. 407, 343.
New York New Haven & Hartford RR.—Settlement of
Government Suit on Substantially Same Basis as Authorized
April 21 1914—Howard Elliott President.—The following was
given out on Tuesday:
Statement Issued on Aug. 12 1914.
A meeting of the board was held this afternoon at the Grand Central
Terminal. After the meeting President Hustis said that an agreement
had been reached in pursuance of the hope expressed in his statement of
July 22 (V. 99, p. 270) that a way might still be found to accomplish the
peaceful dissolution of the properties. The agreement is substantially a
renewal of the original agreement between the Attorney-General and the
company in all respects except as to the Boston & Maine stock, and is in
accordance with the vote of the stockholders at New Haven April 21 1914
(V. 98. P. 1000, 1072, 1239, 1316) authorizing a settlement with the Govt.
President Hustis said in conclusion that this arrangement, having been
accepted by the Attorney-General, had been ratified by the board of directors at the meeting and that the members of the board highly appreciated
the courtesy of the Attorney-General and his co-operation in their endeavor
to solve the problem without inflicting unnecessary loss upon the shareholders and to effect a rehabilitation of the property in the interest of the public.
President Hustis resigned as a director of the New Haven. as on Saturday
he becomes President of the Boston & Maine. Chairman Elliott was thereupon elected President of the New Haven. The resignation of John L.
Billard was accepted.
• Statement Issued by President Hustis on Aug. 13 1914.
An erroneous impression seems to have gone forth that the company has
yielded in its settlement with the Government the time limit set for the sale
of the Boston & Maine stock. The agreement between the AttorneyGeneral and the representatives of this company of March 21, which was
ratified by the stockholders, provided that the company should have 211
years from July 1 1914 to complete the sale, but for good cause shown.
the time may be extended by the United States District Court.
The arrangement just agreed to provides that the company shall have
until Jan. 1 1917 to dispose of the stock, unless,for good cause, the Court
grants additional time.
But if by July 1 1915 the New Haven company and the Massachusetts
Legislature agree on terms on which this control shall be parted with,satisfactory to the United States and approved by the court, such plan shall be
adopted by order of the court.
It will be seen that under the agreement just announced
the company will have an opportunity of again going before
the Massachusetts Legislature and attempting to have it
recede from its position of insisting on the so-called "string"
proviso of the Act recently passed under which the Boston
Kankakee (Ill.) Urbana Traction Co.—Authorized.-- Railroad Holding Co. stock would be purchasable by the
thereof,
The Illinois P. U. Commission has authorized the company Commonwealth of Massachusetts at the fair valueobjected,
company
to sell $213,000 pref. capital stock, to extend its line from in accordance with the law," to which thesuit
on July 23 last.
resulting in the filing of the Government
Rantoul to Paxton, 10 miles.
Moreover the company will be permitted to retain the Rutland RR. and
Owns and operates 15 miles of track from Urbana to Rantoul and has the New England RR.,and to apply to the Inter-State Commerce Commisunder construction Smiles between Rantoul and Ludlow. A reorganization sion for permission to hold the Sound steamship lines as contemplated by
under Illinois laws in 1912. Capital stock (total auth., $1,000,000), com- the original agreement for a voluntary dissolution. Demands for the sale
mon, $88,000, and pref. $287.200. No bonds, mortgages, notes or other of these properties were made in the Government suit (V. 99. p. 270)•
indebtedness. An extension from Ludlow to Kankakee is projected, but
An agreed decree will be entered in the near future in the
will probably not be built soon, "as the company makes it a strict policy
not to run into debt.' Pres., George M. Bennett; V.-Pres., William I. Federal Court in this city embodying the terms of the settleSoffell; Sec., C. N. Clark; Treas., G. H. Baker; Aud.. C. C. Burfard. ment, but this will in no way affect the criminal proceedings
Office, 106 No, Market St., Urbana, In. W. I. Soffell, Gen. Mgr.
Kansas City & Memphis Ry.—Default—Deposits.—
See Arkansas Oklahoma & Western Ry. Co. above.—V. 99, p. 269.
Keokuk Electric Co.—Dividends.—A dividend of 2%
has been declared on the $615,000 common stock (all owned
by the Mississippi Valley Electric Properties), payable
Aug. 15, along with the regular quarterly payment of 1M%
on the $215,000 6% cum. pref. stock. On Feb. 16 1914
2% was paid on the common and on May 15 1 Vi%.—V- 98,
p. 73.
Lancaster Oxford & Southern RR.—Sold.—The road,
it is reported, has been sold for $35,000 to farmers of Lancaster and Chester counties, Pa., who will operate it with a
motor-propelled car system.—V. 98, p. 1993.
Lehigh Valley RR.—New Passenger Terminal in Buffalo.
—The Lehigh-Buffalo Terminal Ry. Co. was incorporated
at Albany on Aug. 3 with nominal ($50,000) cap. stock,
by Lehigh Valley officials, in connection with the plan for a
new passenger terminal to be built for the road at, it is
understood, Main, Scott, Quay and Washington streets.
Negotiations are ngoowf
with
railrodads entering Buffalo
looking to the leasing
terminal
istheorr!
and
to
will be three other roads using therights
ista
iscompany
nttioW
tad
n.thTemhe.
ganizing the aforesaid terminal company,
charge of the contake
which
will
struction of the station and terminal yards. All of the capital stock and
bonds of the new company will, it is expected b taken over by the Lehigh
Valley RR. Co. from time to time as
itadvances
e cash for the construction
work, and will probably be held
in the latter's treasury.—V. 98, p. 1920.
Little Miami RR.—Application.—The company has applied to the Ohio P. U. Commission for authority to issue
$306,500 additional special guaranteed betterment stock to
repay the Pittsburgh Cincinnati Cleveland & St. Louis Ry.
for advances under the terms of the lease from 1908 to 1913.
—V. 96, p. 420.
Midland Pennsylvania RR.—Option on Property.—Philadelphia"News Bureau" Aug 11 said.
An option has been given on the property to a syndicate which would
complete the building of the road. The option runs until December, but
large interests in the company have little expectation of its being taken up
since the European war has broken out.
which, it has been stated, will be brought against former officers and directors.—V. 99, p. 407, 343.
Oklahoma Central Ry.—Receivers' Certs. to be Paid Sept.l.
—Notice is given that all of the receivers' certificates issued
under order of the Oklahoma Circuit Court on Oct. 12 1911
will be redeemed at par and accrued int. on Sept. 1 at the
office of F. J. Lisman & Co., N. Y.—V.99, p. 199, 121.
Pacific Electric Ry.—San Bernardino Line Opened—
Other Improvements, &c.—The line from Los Angeles to
San Bernardino,59 miles, was opened on July 11. The company has also begun the improvement and extension of a
number of shorter lines around San Bernardino.
The City Council of Los Angeles last month granted the company a
40-year franchise for the construction and maintenance of an elevated road
from the rear of the Sixth St. station to San Pedro St. The Los AngelesSan Bernardino line is the longest in the system, and represents an expenditure of $1.250,000. It penetrates a very fertile and wealthy district, and
is expected to bring a large additional revenue to the company, although a
large part of the country traversed is as yet undeveloped, and there are
long stretches where there are no towns of much importance. The cars
running will be operated at a very high speed. Later, when the country
shall have reached a greater development, additional tracks will be laid
so as to accommodate both fast and slow trains. Bridges are of concrete
arch construction, with provision for additions when a second track becomes
necessary. County and city highways are used as much as possible for
right of way. Twenty passenger cars are now operated, and later the number will be increased to 45. The present cars, which were rebuilt for the
purpose. are intended only for temporary use. but 45 new all-steel cars of
non-telescopic construction, seating 60 persons each, to cost $675,000, have,
it is stated, been ordered. The present service consists of 10 two-car trains
In each direction daily.—V. 97, p. 522.
Pere Marquette RR.—Default.—Interest due Aug. 1 on
the $1,000,000 Saginaw Tuscola & Huron RR. 1st M. guar.
4s of 1900, due 1931, remains unpaid. See V. 70, p. 947;
V. 71, p. 30; V. 72, p.88; V. 98, p. 1072, 1461, 1609, 1767.
—V. 99, p. 50, 121.
Pittsburgh McKeesport & Westmoreland Ry.—Sale.—
On July 30 1914 a petition was presented in the suit of the Traction Materials Co. versus the railway in the Court of Common Pleas of Allegheny
County. praying the Court to direct a sale of the property free and clear
of all liens and encumbrances. A hearing on the request will be held
Aug. 17. James B. Secrist is receiver.—V. 98, p. 1991.
Pittsburgh Shawmut & Northern RR.—Coal Tonnage.
* —"Coal Trade Journal" Aug. 12 reported (tons):
468
THE CHRONICLE
Bituminous Coal Shipments Over Road Years ended June 30 (000 omitted).
July. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Alch. Apr. May. J'ne. Total.
1912-13_ 140 156 171 218 196 211 229 224 229 227 214 202 2,417
1913-14_ 233 240 239 270 228 264 287 247 257 73 163 182 2,673
Tonnage transported during the past fiscal year (2,672,980 tons) increased 256,980 tons, or 10.5%. over year 1912-13.-V. 98, p. 1920.
Portsmouth (0.) St. RR. & Lt. Co.-lst 5s Called.-
Twenty-five ($25.000) 1st M. 10-year 5% bonds, dated July 1 1906,
for payment at par & int. on Oct. 1 at Bankers Tr.Co.,N.Y.-V.98,p.1317.
Rapid Transit in New York City.-Contracts.-
The P. S. Commission will at Its meeting on Aug. 21 order advertising
for bids for the construction of routes Nos. 43 and 26, the diagonal station
at 42d St., connecting the Lexington Ave. and the existing subways at the
Grand Central Station. Bids are to be opened Sept. 11.
The Steinway tunnel will be connected with the diagonal station concourse by elevators, and transfers will be issued between the existing lines
and the Steinway tunnel. This concourse is located above the level of
the diagonal station. Passengers will be able to take trains of the existing subway. the Lexington Ave. subway and the Steinway tunnel, and
provision will be made for connections with the extension of the Hudson &
Manhattan line from Herald Square to the Grand Central and the Grand
Central terminal. The diagonal station and concourse will be located to
the east of the present subway station, and the Grand Central station will,
therefore, be more accessible than from the present subway station.
The station and concourse will,it is stated, be one of,if not the,strongest
constructed underground in the world. With its platforms and four tracks
at grade, it will be more than 100 ft. wide and will be strong enough to support a 25-story building on the site of the Grand Union Hotel. Most of
the excavation will be through solid rock. At the southern end of the
station beneath Park Ave. everything must be done without interfering
with trains of the present subway. Most of the work therefore will be
done after midnight. The whole job is to be completed within 28 months
after the contract is signed.
The new subway station under the Municipal Building for the B. R. T.
trains connecting with the Centre St. loop over the Williamsburgh Bridge
was opened on Aug. 10. It is hoped to have the connection between the
Brooklyn Bridge and the Municipal Building completed by November.
-1r. 99, p.408,344.
Rates.-Nebraska Reduction-Coal Rate Decision.-
[VOL. xclx.
to retire an issue of (Brinson Ry.) 1st M.5% bonds, of which $865,000 are
outstanding (V. 91. p. 335). These notes are convertible at maturity into
the 6% First and Ref, bonds on a basis of 100 for notes and 95 for bonds.
The railway is a through standard-gauge steam line between Augusta
and Savannah, the second largest export city of the United States. The
company owns from Savannah to St. Clair, Ga., 110 miles, with trackage
rights of 16 miles from St. Clair to Augusta. The extension from Waynesboro to St. Clair has lately been completed.
Of the 161 acres of Savannah real estate owned, 80 acres lie between
the terminals of the Seaboard Air Line and the Georgia Central, and bordering on the Union Terminal, near the centre of the city, was the only remaining property practicable for terminals in Savannah. The company
has recently purchased 55 acres of terminal property with 900 ft. of waterfront at Port Wentworth, on the Savannah River, about 33 miles from the
business centre of Savannah. Has also purchased a terminal railway of
about three miles, connecting at Central Junction with the company's
main lino and also with the other roads entering Savannah from the north.
The Savannah & Northwestern has rights of way through about 3,000 acres
adjacent to its terminal properties, and is building docks which will be completed in time for handling tho next movement of export cotton. Its city
and water-front properties give a wholly satisfactory terminal situation,
being surpassed in Savannah only by that of the Central of Georgia.
Westinghouse, Church, Kerr & Co. in April 1913 appraised the tangible
assets at $2,709,574. Since that time a large sum has been expended for
improvements and additions.
The territory tributary to the road supplies a diversified traffic, making
for stability of earnings throughout the year. The tonnage is chiefly
cotton,lumber,naval stores, quarry products and garden truck to Savannah
and Augusta, and fertilizer and general merchandise from these cities.
The passenger traffic provides a considerable proportion of the gross earnings. Within the past year an extensive and valuable stone quarry, the
only one within a great distance of Savannah, has been opened, on the line.
and the acreage of cotton and garden products has been materially increased.
The strategic position of the property makes for the possibility of its becoming the necessary part of a larger system. The gross earnings increased
from $161,844 in 1912 to $210,112 in 1913, or over 30%. The net earnings were small, because of the continuation of the large expenditures on
the property charged to maintenance and other operating accounts.
Directors are: George F. Armstrong, Savannah' Richard Billings, New
York; T. P. Goodbody, Treasurer Great Eastern Lumber Co., New York:
E. T. Comer, Savannah; E. M. Frank, Savannah; R. M. Hitch, Hitch
& Denmark, Savannah; James Imbrie. New York; John Hurd Hunter
(President), Savannah; Mills B.Lane,President Citizens'& Southern Bank,
Savannah; H.D. Stevens, Savannah; John F. Wallace,President Westinghouse, Church, Kerr & Co., New York.-V.99, p. 408.
The Nebraska RR. Commission has ordered a reduction of 19% in intraState freight rates, effective Sept. 6, on what is stated to be more than onethird of the freight business done in Nebraska, and which, it is stated, will
amount to about $750,000 yearly. The new schedule is a distance tariff,
placing the jobbing towns of the State upon an equalized basis. About
Southern Pacific Co.-Cut-Off.-The new cut-off line
10,000 items are affected, including all merchandise, groceries, agricultural
implements and many manufactured products.
of the Southern Pacific from Eureka, Tex., on the Houston
The P. S. Commission of Pennsylvania, on Aug. 7, on a complaint made
against the Pennsylvania RR. by a number of manufacturing companies, & Texas Central, to Stella, on the Galveston Harrisburg &
held it to be unlawful and inequitable for the rate to be lower on coal shipped San Antonio, 9 miles, has been put in operation.
in producers' cars than when shipped in cars belonging to the carrier haulpoints and the port
ing it. Most of the rates put into effect by the carrier on June 1 1914 are ofBy the cut-off through freight between North Texas
Galveston is expedited materially, as it does not need to pass through
declared reasonable, and the service performed is characterized as a line
Houston.
199,
122.
-V.
p.
99.
switching
movement. The opinion states that the
haul instead of a
granting of a special rate on coal when moved in producers' cars enables cerTexas-Mexican Ry.-Receivership.-Upon application by
tain buyers of coal mined at the collieries of the Westmoreland Coal Co.
to obtain an advantage in rates that other buyers at the same collieries the State of Texas, Federal Judge Mulally at Laredo, Tex.,
could not secure. A system that makes possible such discrimination, it on Aug. 11 appointed G. F. Cotter of Houston receiver.
is stated, is a violation of the fundamental principles of the common and
The road runs from the centre of the Rio Grande bridge at Laredo to
statutory law regarding the charges of common carriers.-V.99, p.408. 121.
Corpus Christi, 161 miles. The receivership, it is stated, was brought
Republic Ry. & Light Co.-Earnings of Controlled Cos. about
through the refusal of the National Railways of Mexico to reopen
Year end. June 30. Cross. Net,af.Taxes. Interest. Pref. Divs. Surplus. the bridge across the Rio Grande at Laredo. The company's entire capi$3,093.848 $1,210.682 $704,458 $311,709 $194,515 talization, both stock and bonds, is owned by the National Rys. of Mexico
1913-14
2.844,334
1,086.739
1912-13
632,501
142,319 and pledged as part security for the National RR. of Mexico prior lien
311,919
The company announces that it will hereafter issue a consolidated state- bonds of 1902.-V. 33, p. 528.
ment of earnings showing the operation of all of the subsidiary operating
companies as well as the parent company.-V. 97, p. 1824.
Toronto Hamilton & Buffalo Ry.-New Line.-Merger.
St. Louis & San Francisco RR.-The Chairman of the
4% refunding protective committee announces that over
75% of the outstanding bonds have been deposited with the
Central Trust Co., under the bondholders' agreement.V. 99, p. 408.
Salt Lake & Utah RR.-Road Opened-Bonds.-Electric
service was inaugurated on this new road on July 24 between
Salt Lake City and Provo, a distance of 48M miles, gauge
4 ft. 83 in. Temporary steam service was started
some weeks ago pending delivery and installation of electrical
equipment. It was reported last spring that arrangements
were being made to float $1,000,000 bonds in connection
with an extension of the road to Payson. It is understood
that E. H. Rollins & Sons are interested. Total length of
line as originally projected, 66 miles, reaching from Salt
Lake City to Salem. The "Electrical World" on Aug.8 said:
-A subsidiary, the Erie & Ontario Ry. Co.,has been incorp.
in Canada with $500,000 cap. stock, to build from Port Maitland on Lake Erie, Ont., north about 20 miles, to Smithville
on the T. H. & B.; also from Port Maitland east to Port
Colborne, 20 miles. Pres. J. N. Beckley, writes:
Ry. Co. and the Toronto Hamilton
It is expected that the Erie & Ontario under
the provisions of the Railway
& Buffalo Ry. Co. will be amalgamated
this time. Meanwhile,the
Act of Canada within two or three months fromSmithville
to Dunnville and
construction of the Erie & Ontario Ry. from
arrangements
made between the
pursuant
to
way
Port Maitland is under
two companies.-V.98,P. 1539.
Twin City Light & Traction Co., Chehalis, Wash.-
See Washington-Oregon Corporation below.
Underground Electric Rys. of London, Ltd.-Dividend
recently issued the following:
Prospects.-The directorssanction
of the Court, become a share
and
The company has, with the
securities holding company. The revenue receipts of the company in reyear remaining after paying or
spect of the first 6 months of the current
providing for all revenue outgoings in respect of the same period would. In
W. C. Orem, Pres. and Gen. Mgr.. and W. R. Armstrong, Asst. Gen. the opinion of the board, Justify the distribution of approximately £60,000
Mgr. and Chief Engineer, were congratulated on the excellent showing by way ofinterim dividend on timeshares(£10 ordinary and is."A"ordinary)
made. Just 16 months was consumed in completing the line after con- according to their respective rights. The board, however, have decided to
struction work had been started. Approximately $2,000,000 had been ex- defer the question of the payment of a dividend until the next annual
pended for construction, equipment and right-of-way. The company owns meeting, when it can be dealt with on the audit for the complete year.
all the right-of-way over which it operates, except the portions within incorporated towns. There are 32 scheduled stops between Salt Lake and
Dividends of Controlled Companies.Provo. many of which have heretofore been without direct rail connection
The directors of the London General Omnibus Co. have declared a diviwith either of the present terminals of the road.
of 8%, free of income tax on the ordinary shares for the half-year
dend
The road traverses the Salt Lake Valley almost in its centre. On either ended June 30, being at the same rate as last year. Owing to the acquiside there is an uninterrupted view of the mountains, and after the Jordan sition of the assets of other omnibus companies, the dividend is on the
Narrows are passed one can see for miles on either side. The view of Utah increased capital of £1,600,480,as against £1,150,480 last year. An interim
Lake at one point is superb. The cars are built entirely of steel. The dividend on the ordinary shares of the London & Suburban Traction
Co.
present schedule calls for seven trains each day between the terminals: has been declared at the rate of 1% per annum for the 6 months ending
running time is 1 Yi hours. Just as soon as the operation of the present June 30. This is the first dividend paid by the company
on its ordinary
road has been perfected construction will be started on the extension to shares. The company was formed in Nov. 1912.-V.
99. P. 408. 271.
Payson. the ultimate terminus.
[The company was incorporated in Maine. Auth. Capital stock,
United Light & Railway Co. (of Me.), Chicago and
$3,000,000. Officers: Press. & Gen. Mgr., W.C. Orem. Salt Lake City;
ca
.::noinngs, &c.-The company reports as
.TaE
idasp
Rarom
Vice-President, Jas. G. Berryhill, Des Moines, Ia.; Sec. & Treys, F. M.
pages 54 to 56 of "El. Ry. Sec."):
Orem,Salt Lake City.
follows (see
the
controlled
by
interests
Lake
Terminal
Ry.,
Salt
Salt
the
The
back of
Consolidated Earnings Statement for 12 Months ending June 30.
Lake & Utah RR. and the Salt Lake & Ogden RR., has been preparing for
Subsidiary Companies1913-14.
1912-13.
Increase.
the establishment of ample terminal facilities for the aforesaid electric roads
$6,199,421
$486,883
In Salt Lake City, and has sold or contemplates selling $1,000,000 bonds to Gross earnings
Fed. inc. tax)_ 3.817,070 $5,712,538
453,506
3,363,564
provide shops, yards, tracks, car barns and an up-to-date passenger station Oper. exp., atc. (incl.
at West Temple and Pierpont Streets.
Net earnings subsidiary cos
$2.382,351 $2,348,974
$33,377
United Light & Railways Co.
San Antonio Uvalde & Gulf Ry.-Receivership.-Judge
available on securities owned
Burns in the Federal Court at San Antonio, Tex., appointed Earnings
of subsidiary companies
$1,366,543 $1,234,736
$131.807
Duval West of San Antonio receiver for the company and Miscellaneous earnings
124.811
38.296
86,515
also for the Medina Irrigation Co.-V.99, p. 408, 199.
Total earnings
$170,103
$1,491.354
$1.321,251
and taxes
97.384
17,453
79,931
Savannah & Northwestern Ry.-Notes.-William Mor- Deduct-Expenses
Interest charges
401,598
63,621
337,977
Pro-rata dividends-1st pref. stock
ris Imbrie & Co. in May last issued a circular offering at 99
458,367
95.626
362,741
Pro rata dividends-2d pref. stock
69,565
89,930 dec. 20.364
and int., and have since sold, the last of the outstanding
Collat. Trust Convertible 6% 2-year gold notes dated Aug. 1
Balance,surplus (exclusive in 1913upon
$34,483
suspended
102
of
at
1914
earnings
call
1913 and due Aug. 1 1915, but subject to
pending rate adJustm't,in progress) $464,440
$13,767
$450,673
30 days' notice on any interest date. Convertible at 100 'Operating expenses for 1914.
as compared with 1913, include Increased
into 6% First & Ref. bonds at 95. Int. F.& A. at Equitable charges for maintenance reserves, general taxes and Federal income tax.
Capitalization Outstanding June 301913.
1914.
Trust Co. N. Y., trustee. Notes auth., $1,250,000; out,
and Refunding 5% bonds
$7,214,000 $5,221,000
$1,000,000. Par, $100, $500 and $1,000. A circular says: First
First preferred stock (6%)
7,426,300
7.713,600
(3%)
stock
preferred
2,936,505
2.108,700
Secured by deposit of company's First and Refunding Mtge. 6% bonds Second
in ratio of 125% of bonds for each 100% of notes issued. The authorized Common stock (present div. rate 4%; also paid
6,282,800
1% extra in common stock April 1, 1914)
6,898,700
issue of First and Refunding bonds is $5,000.000, of which only those seAn extra dividend of 1% in common stock was declared payable
curing these notes are outstanding and no more can be issued during the
life of these notes. Of the First and Ref. bonds, $1,000,000 are reserved April 1 1914 on common stock outstanding March 16.-V. 98, P.1
AUG. 15 1914.]
THE CHRONICLE
Washington, D. C., Railway & Electric Co.-Minority
Report on Crosser Bill for Municipal Ownership.A minority report on the Crosser Bill providing for municipal ownership
of street railways in the District of Columbia has been filed by Representatives Winslow, Reed, Walton, Keister, Prouty, Caraway and Johnson.
3. Messrs. Prouty and Caraway in a postscript declare themselves in favor
of municipal ownership "where local conditions make it practicable," but
say that they consider "it is unfair to the inhabitants of the District of
Columbia to have so large an indebtedness imposed upon them by the Federal Government without their consent or expressed wish."
The report criticises the framers of the bill for providing for the purchase
of the existing roads by condemnation without specifying how the value
of each is to be obtained. Moreover, no data were presented to the committee as to the probable amount of the award. The District Commissioners are also criticised for their "blind enthusiasm in advocating the general
principles of municipal ownership"
, as well as their "gross carelessness in
studying the structure of the bill.' Compare V. 99. p. 344.
Washington-Oregon Corporation, Vancouver, Wash.
-Default-Committee.-
The following committee is requesting deposit of the "First and Consol.
M." 25-year gold 6s of 1911, due April 1 1916, the interest on which, due
April 1, is in default: Clarence M. Brown, representing John Pitcairn,
J.•;Crosby Brown of Brown Brothers & Co., Phila.: James D. Winsor Jr. of
Thomas A. Biddle & Co. and Lawrence J. Morris of Lawrence Johnson &
Co. Total auth. bond issue of $5,000,000, of which $1,563,500 said to be
outstanding; Fidelity Tr. Co. of Phila., trustee.
l‘The July 1 interest also remains unpaid on the $350,000 Twin City Light
&I.Traction Co. 1st M. 25-year gold 6s of 1909, due Jan. 1 1935, secured
on properties formerly owned by Chehalis Electric & Traction Co. and Centralia Electric 8: Traction Co. There are also outstanding and possibly in
default with other bonds $65,000 Lewis County Water Co. 1st 6s of 1909,
due July 1 1929, and $40,000 Centralia Water Co. 1st 6s of 1906, due
Oct. 1 1926.
The Washington-Oregon Corp. was incorp. in Wash. Dec. 8 1910 with
$5,000,000 of auth. cap. stock, of which $500,000 113 6% cum. pref. (outstanding at last accounts $1,266,100 common and $286,400 pref.), and
acquired the ownership or control of various local public utility companies,
notably Vancouver (Wash.) Traction Co., Vancouver Water Co., Vancouver Gas Co., Twin City Light & Traction Co., Haines Electric Power Co.,
Kalama El. Lt. & P. Co., Clarke County Development Co., Kelso Lt. &
P. Co., Rainier Lt. & P. Co. A considerable sum has been expended on
additions and improvements, including a modern steam-power plant of
1.500 k.w.,and the business depression recently necessitated a receivership
(V. 99, p. 412). A special meeting was called for April 30 1914 to vote
on selling the entire property and franchises. Pres., I. W. Anderson,
Tacoma; Treas., C. A. Heller, and Sec., J. C. Stevens, both of Philadelphia.-V. 99, p. 412.
Western Maryland Ry.-Coal Tonnages.-The "Coal
Trade Journal" reports:
Gross Bituminous Tons Shipments Fiscal Years EndecliJune 30 (000 omitted).
Joy Aug Sept Oct. Nov Dec. Jan Feb.Mar AprMay JuneTotal.
205 279 242 254 220 277 260 210 283 242 167 201 2,840
1913-14
197 229 241 220 263 209 259 265 279 247 247 248 2,905
1912-13
184 205 218 219 223 255 214 253 266 316 263 221 2,837
1911-12
Of the shipments during the half-year endin,g June 30 1914, 1,211,661
tons originated on the West Virginia division and 151,598 was shipped over
the Georges Creek & Cumberland line.-V.99, p. 122, 50.
Wheeling & Lake Erie RR.-Sale Sept. 25.-The property is advertised to be sold at auction in Cleveland on Sept.
25 under foreclosure of the General Mortgage of 1905, as
ordered by the U. S. Court for Nor. Dist. of Ohio, Eastern
Div. The sale will be made subject to the several prior
lien mortgages executed by the company and its predecessor
prior to Aug. 1 1905, and subject also to all equipment trust
agreements, including the receivers' equip. trust dated
Mar. 1 1913 (V. 96, p. 792). Upset price $20,000,000.
Included in the property to be sold, along with the physical assets, are
the following securities, the stocks being all in $100 shares, viz.: $1,000,000
capital stock and $1,000,000 bonds of the Adena RR.Co.: $300,000 capital
stock (all the stock issued) and $224,000 bonds of the Toledo Belt Ry. Co.:
all of the $50,000 capital stock of the Toledo Dock & Coal Co.; $10,000
capital stock of the Sugar Creek 8: Northern RR. Co.; all of the $100,000
capital stock of the Chagrin Falls & Lake Erie RR.Co.; all of the $5,000,000
capital stock and $838,000 of the bonds of the Pittsburgh Lisbon & Western RR.;$500,000 capital stock of the Zanesville Belt & Terminal Ry.Co.
Ps Expressly excepted from the property to be sold are: (1) The alleged
traffic agreement dated Oct. 10 1902 between the Wheeling Company, the
Pittsburgh Carnegie & Western RR. Co. and the Wabash RR. Co., and
the supplemental agreement dated May 10 1904 between the Wheeling
Company and the Wabash-Pittsburgh Terminal Ry. Co. and the Wabash
RR. Co. and (2) $750.000 pref. capital stock and $500,000 common capital stock of the Pittsburgh Wheeling & Lake Erie Coal Co. (all in $100
shares), owned by the Wheeling Company.
Along with cash in settlement of the purchase price may be applied at
oo tohledextnt o
of
t,
tritit;4incrisgigu
erotrdot
haorn
sns
eceviavleurs
e
'certificates of indebt(!d
notes
1905 and the interest accru
n.esne. Wp.1074, 1462.g
nenligereoe
INDUSTRIAL, GAS AND MISCELLANEOUS.
American-Hawaiian Steamship Co.-Canal Route.The
469
Arnold, Constable & Co., Inc., N. Y.-Incorporated.-This company was incorporated at Albany on June 29 with $2,500,000 of
auth. capital stock and on July 6 succeeded to the business heretofore carried on at 19th St. and 5th Ave., N. Y. City. by the firm of
by the estate of
Arnold, Constable & Co. which of late had been owned'
The corporation assumed the debt of the firm.
Edwin H. Weatherbee. '
Directors: Harriette M. Arnold, Hicks Arnold Weatherbee and Wm. H.
Sheehy, all of New York City.
Atlas Portland Cement Co.-New Mortgage-Stock Increase.-The stockholders will vote on Oct. 14 on authorizing:
(1) An increase of indebtedness by an issue of not to exceed $10,000,000
First and Refunding Sinking Fund 6% or General and Refunding Sinking
Fund 25-year 6% gold bonds, as may be deemed advisable, secured by a
mortgage upon its property or certain parts thereof.
(2) An increase in the pref. capital stock from $1,500,000 to $3,000,000.
The stockholders will probably be permitted to subscribe for the new
stock when authorized. No early sale of bonds is contemplated.-V.
91, p. 1097.
Beaver River Power Co., Idaho.-Appeal.The Great Shoshone & Twin Falls Water Power Co.of Idaho has appealed
to the U. S. Supreme Court from the recent decision of Judge Walters in
the dispute between the two companies. The Beaver River Co.claims that
its permit for water from the Malad River constitutes a prior right over the
permit granted to the Great Shoshone Co. Judge Walters granted an injunction restraining the Great Shoshone Co.from further use of water from
the river for power and canceled the Great Shoshone Co.'s permit. The
Great Shoshone Co. appealed from the order and also brought suit in the
Supreme Court against the State of Idaho and the members of the State
Land Board to condemn certain State lands along the Malad River for the
location of a large hydro-electric power plant, dam and reservoir.-V.
97, p. 1735.
Berwind Fuel Co., Superior, Wis.-Stock Subscribed.The $800,000 new stock recently issued was, we are informed, all taken
by the old stockholders. Compare V. 99. p. 409.
Bituminous Coal Companies.-Further Ohio Settlement.
-"Coal Trade Journal" says: "Conferences of the scale committees
of operators and miners have settled working conditions in several districts in Ohio and preparations are being made to resume operations as
soon as possible. The Hocking Valley proper and the Jackson and Cambridge districts are working and producing a considerable tonnage. In the
Pomeroy Bend district there has been a slight hitch in the negotiations and
only about half of the mines are in operation. The other mines are halted
because of a demand on the part of miners of a differential of 4 cents for
'brushing. In the Crooksville district the working conditions were adjusted late in the week and resumption of mining will take place at once.
There was considerable discussion required to arrive at a settlement. A
split occurred in the Massillon district. Operators have been holding out
against the miners in their demand for the scale signed in other districts.
Finally, two of the larger operators in the district signed up on the 47-cent
basis and others are expected to follow.
A conference of operators and miners was held at Wheeling last week,
comprising sub-district No. 5 of Eastern Ohio. The miners offered to
sign up on the 47-cent basis with operators individually. A counter proposition by the operators of signing up with the miners individually on the
basis of 1912 and 1913 was hooted by the miners, and Mr. Maurer, who
made it, was threatened. In Jefferson and Belmont counties the sheriffs
of both Counties have the situation well in hand and every outbreak of
the I. W. W. is promptly dealt with.
Operators in the Bergholz district anticipate a settlement within the next
month and the outlook is for a settlement throughout the State, with the
possible exception of No. 8 field in Eastern Ohio, where the suspension will
probably be stubborn and lengthy.
It was reported yesterday that the coal operators and miners of district
No. 6, which includes all of Tuscarawas County, Ohio, have agreed to a
wage scale favorable to the miners and that the mines, which have been
idle since April 1, will be opened Sept. 1. About 3,000 miners are involved.
-V. 99, p• 345. 200.
British Columbia Packing Co.-Bonds-Bal. Sheet.See George & Barker Salmon Packing Co. below.-V.99. p. 409.
Buckeye Pipe Line Co.-Dividend Reduced.A quarterly dividend of $3 per share (6%) has been declared on the
$10,000,000 stock, payable Sept. 15 to holders of record Aug. 25. This
compares with $4 (8% in June 1914 and 35(10%) quarterly from March
1912 to March 1914, inclusive. Ail official statement says: "The board
has deemed it wise to reduce the dividend from that paid in June 1914,
owing to the continued decline in business and unusual conditions arising
from the European war."-V.98, p. 1696.
Canada Steamship Lines, Ltd.-First Dividend.4% has been declared on
An initial quarterly dividend of 13
the 7% cum. preferred stock.-V.99, p. 51.
Canadian Consolidated Rubber Co., Ltd.-Report.See "Annual Reports" on a preceding page.
A Canadian financial paper says: "It is officially stated that all the outstanding shares of the Canadian Rubber Co. of Montreal. Ltd.. a subsidiary
of the Canadian Consolidated Rubber Co., have been turned in, and under
the terms of the trust deed securing the bonds of the Consolidated Company.
the bonds now constitute a first mortgage charge on all the property of the
Canadian Rubber Co. of Montreal, as well as that of the Granby Rubber
C
yo
..
9
.8Lt
pd.13T
18h
.e bonds were originally issued as collateral trust bonds.-
Chicago Duluth & Georgian Bay Transit Co.-Securities.-F. J. Lisman & Co. some time ago offered
at par and int. first lien marine equipment trust 6% certificates on steel passenger steamship "South American."
company will inaugurate its regular Panama Canal service between
Atlantic and Pacific coasts and Hawaiian ports with its steamship Mexican,
sailing from New York Aug.
15. Transit between New York and the
first California port it is thought
will take 18 days. The fleet of 26 steaDated Nov. 1 1913 and due $20,000 annually Nov. 1 1914 to Nov. 1
se IgageantbeLakbo
au
nta240r,a0.
with 1923,
c00 tons
tea
(jocarta
escomhpaavneyannouncedicommonn
ec
a
incl. Int. M. 8: N. at N. Y. C. Trustee, Erie (Pa.) Trust Co.
steamship
lines,
Total
antis. and issued. $200,000; cost of ship and equipment, $450,000.
reductions in ocean freight rates from San
and New York, effective upon the opening of
Data
from President R. C. Davis. Chicago, Nov. 19 1913.
the
Amer.
by
the canal. The rate fixed
Hawaiian SS. Co. on canned goods,
An Indiana corporation. Capitalization: 7% pref. stock, $500,001i
which California exports extensively,
is stated as 20c, per cwt.,
common
rate
by
stock,
$500,000; 1st M. bonds on steamer "North American,
cwt.,
the
rail,
per
88c.
contrasting
with
and 45c., the rate by the Tehuantepec
route, now closed.-V.97, p• 1117. $175,000; certfs. against steamer "South American," $200.000.
Stockholders, well-known Detroit and Chicago business men, have a large
American Sugar Refining Co.-Prices.-The war, with cash
investment in company.
the prospect of a large reduction in the foreign supplies, has
The "North American"(20% smaller than the "South American") shows
Total income. $206,022; net income over
sent the prices for sugars, both raw and refined, on an active for season ending Sept. 30 1913:and
sinking fund requirements ($27,700)
or 23.4 times isterest
market, to phenomenally high figures. This company, $70.000,
on the "North American." Based on last season's exrrienee, the two
which is credited with having bought raw sugar in large steamers should easily earn $200,000 net,or three times all annual interest
and sinking fund charges. Overhead expenses (about $30,000) will be inamounts early in the year at 2c. per pound, was reported creased
only slightly. The "South American" is to be 321 ft. over all and
yesterday to have paid this week 5 4c., cost and freight, 47 ft• beam, and is to ply between Chicago Mackinac Islands, Detroit.
Buffalo and Georgian Bay ports.
for 300,000 bags
g
of Cubas and Porto Ricos on the spot and
August position. A speculator is said to have bought 10,000
bags of Cubas, September shipment, at 53
4c., cost and
freight, basis 96-degrees. This last price is said to be the
highest price paid since the Civil War. Refiners are quoting
firm at 7)4c. less 2% for fine granulated, as against 5.250.
at the close of last week and 4.40c. on July 18.-V.98,p. 199
plAmerican Vulcanized Fibre Co., Wilmington, Del.No Preferred Dividend.The company announces by letter to the holders of the $768,000 7%
cum. pref. stock that the regular semi-annual
distribution will be deferred,
for a time on account of business depression. The company,it is reported,
has earned the money necessary to make the payment. Dividends of 4%
yearly were paid on the common stock, of which $2,215.200 is outstanding.
from 1902 to 1907 inclusive; in 1908. 1%; 1909. none; 1910 and 1911.
1%; none since.
NtIS
Chicoutimi Freehold Estates, Ltd.-Bonds, &c.Subscription books were opened in London on May 4 at Parr's Bank,
Ltd., as bankers for the owners, at 93% for £246,550 69' 1st M. sinking
fund 15-year sterling bonds (equivalent of $1,200,000 at $4.86 2-3 to £1),
unconditionally guaranteed (endorsed) as to principal, interest and sinking fund by Chicoutimi Pulp Co. A circular shows:
Secured by trust deed to Royal Trust Co., Montreal, trustee, as a first
charge on all lands and a general charge on other assets. Repayable at
par on or before May 1 1929. Cum, sinking fund 4% per annum begins
Nov. 1914. Redeemable, all or any part, at par on 3 months' notice. Par
£100 and £50 (c5). Principal and interest(M.& N.) at Parr's Bank,Ltd.,
London, in sterling or at Royal Trust Co. 1VIontreal, at $4.86 2-3 to £1.
Formed under laws of Quebec with $1:200,000 full-paid stock (in $100
shares) to acquire 400,000 acres of freehold lands (with water areas) in one
block on Peribonka and Manouan rivers, tributaries of Saguenay River,
in Province of Quebec. Estimated timber 3,910,918,000 ft. (board measure), ranging from 90% spruce and 10% fir to 75% spruce and 25% fir
6 in. at breast and upwards, with a large second growth of white birch and
undersized spruce and fir. The lessees are restricted from cutting on the
470
THE CHRONICLE
average over 100.000 cords per ann. out of an estimated annual growth of
14,000 cords (one cord 425 ft. 6 in.).
rental of$125,000 a year
The timber lands have been leased for 20 years atentire
cap. stock and unthe
to Chicoutimi Pulp Co.. which has purchased
conditionally guarantees the bonds as to principal, interest and cumulative
sinking fund of 4% per ann., being sufficient to retire 95% of issue.
and J. E. A. Dubuc,
Digest of Letter from N. Garneau, Chairman.
Managing Director. of Chicoutimi Pulp Co. April 61914.
We began operations in 1897 with ono mill, and now have three mills,
daily output capacity increased from 45 to 300 tons, dry weight of mechanical wood pulp (for paper making). Dividends paid on ordinary shares:
but profits
in 1910, 4%;for 1911 and 1912, 6%;for 1913 not yet declared,
practically the same as in 1912. Mills at Chicoutimi on Saguenay River
and at Ouiatchouan on Lake St. John, by water-power plants located, respectively (a) on River Chicoutimi (11 miles of bed owned in fee), with
400 ft. head capable of developing 35,000 h.p.,of which about 20,000 h.p.
has been harnessed. (b) On River Ouiatchouan capable of developing
15,000 h.p., of which 7.500 h.p. developed.
For the four years 1910 to 1913 the earnings, before providing for interest, sinking fund, depreciation and directors' fees, averaged $4 30 per ton.
Average annual production for the last four years. 36,844 tons, production
for 1913 was 47.952 tons. Daily capacity of original mill at Chicoutimi
(110 tons) was increased last year to 120 tons. A new mill of 60 tons capacity was built in 1912 and later increased to 125 tons. The mills of the
Ouiatchouan Co., daily capacity of 55 tons, were acquired early in 1914,
so that our productive capacity is now 300 tons per working day, or 90,000
tons per annum, which is the largest output of mechanical pulp for the
market of any mills in the world.
Of the annual output of 90,000 tons above referred to, 86,000 tons per
annum have been sold on firm contracts for the next ten years to Becker
Ltd., Edward Lloyd, Ltd.,and other leading buyers at prices slightly
Co.,
&
above the average of the past four years.
Estimated Profits ($5 on an output of 90,000 tons per annum)._$450,000
Saving in stumpage dues, which will cease on taking supplies
45,000
from the Estates Co. from 1916 onwards
Estimated revenue from investments in affiliated companies
57,000
Estimated annual profits
$552,000
Deduct interest and sinking fund on present authorized issue of
$3,150,000 Pulp Co. bonds (See that co. below)
236,250
Estimated profits, security for annuarrent of $125,000'payable to Estates Co
$315,750
Bal. Sheet of Pulp Co. as of Dec. 31 1913 (Totals, $7,182,298)•
[Modified so as to give effect to absorption of Oulatchouan Co. and acquisition of the share capital of Chicoutimi Freehold Estates Co. and
control of Roberval Saguenay Ry. Co.]
Assets-Water power.real estate, plant and machinery,as apped$3,510,500
Additions subsequent to appraisal
214,345
Pulp wood, freehold lands, farms, house property, &c. (less
mortgages, $3.633)
461,712
at
acres
market
timber
limits. 436,000
val.,$2 p.acre 872,000
Leasehold
Investments: $1,200,000 cap. stock of Chicoutimi Freehold
Estates, Ltd.; $300.000 common shares and $800.000 6%
pref. shares of Roberval Sasuenay Ry. Co., and $150,000
corn. shares of Port of Chicoutimi Co.. valued at__
1,225,000
Current assets, pulp shipped, pulp manufactured, pulp wood
and supplies
*898,741
Liabilities-6% 30-year gold bonds (part of $3,150,000 auth.) $2,005,000
Current liabilities, including advances on pulp shipped, and
pulp and pulp wood on hand
*1,361,804
Surplusforming security for guaranty of the bonds now offered 3,815,493
xca.
King's Island in the Connecticut River, other lands and the lower Montgomery mill on the canal bank."
The stockholders of the Connecticut River Co. on Dec. 22 authorized:
1. $300,000 1st M. 6% bonds to mature Jan. 15 1934, redeemable on
any interest date at 110 and interest, covering all property and franchises
now owned or thereafter acquired. [The entire issue has been taken by
Richter k Co.of Hartford City and H.C. Warren & Co. of New Haven,
and Is offered by them at 105, as stated in "Chronicle" of Jan. 3,p. 75.]
2. The acquisition of additional real estate, property and riparian rights
for the purpose of carrying out the improvements authorized by Act of
the Conn. General Assembly in Jan. 1909 and duly approved June 1 1909.
3. The dismissal of the complaint dated May 24 1911 in the suit, No.
15.121, pending against the Northern Connecticut Securities Co., now
in the Superior Court for Hartford County, and a mutual release as to
all matters referred to in an alleged contract of sale between the Northern
Connecticut Securities Co. and the Connecticut River Co. and others.
dated May 31 1910, thus ending the agreement wherein Stone & Webster
had an option to finance and build the dam, &c.
The new officers of the Connecticut River Co. are: Pres., Charles IT:
Tenney of Springfield; V.-Pres., Francis R.Cooley of Hartford; Sec., Harrison B. Freeman of Hartford; Treas., James B. Andress of Hartford.
Directors-Messrs. Tenney, Cooley and Freeman; Lucius F. Robinson of
Hartford, Frank Cheney Jr., of Manchester, Francis T. Maxwell of Rockville, Edward D. Redfield of Hartford, J. R. Montgomery and Arthur D.
Coffin of Windsor Locks.
The Northern Connecticut Securities Co. is a Connecticut and Springfield. Mass.,syndicate. It was organized 5 years ago to assist in the financing of the water-power development at Windsor Locks. Connecticut
banking and business men are largely back of the syndicate and representatives of many of the electric lighting interests of the State are also interested.
The officers are: Pres., Harrison B. Freeman of Hartford; V.-Pres., Frederick T. Lye of Springfield; Treas., Francis R. Cooley of Hartford; Sec.,
Charles It. Tenney of Springfield; Asst. Treas., Thomas C. Perkins
of Hartford.-V. 98. p. 75.
Consolidated Gas, Electric Light & Power Co., Baltimore.-Common on 7% Basis-Retirement of Preferred.A quarterly dividend of 13/% was declared on Wednesday
on the outstanding $6,688,454 common stock. This compares with 13/% quarterly from April 1913 to July 1914 and
d 13i% from April 1911 to Jan. 1913, both incl., and increases the rate from 6 to 7% yearly.
1910.
4
Dividend Record of Common Stock (Per Cent).
1913.
1914.
1912.
1911.
1%, 114, 1.54. 1St
5
4i
President James E. Aldred says:
During the past year the company expended for improvements and extensions approximately $2,300,000, and we shall be forced to expend similar large sums each year to keep pace with the demands of the public for
additional service.
In providing for its future needs, the company will be largely dependent
upon the sale of Its debenture stock. The successful marketing of this
security demands the retirement of the pref. shares by the exchange into
common shares. The directors have decMed that the present is an opportune time to bring about this exchange, and to facilitate this they have declared a dividend of 1 % on the common stock, placing that stock on the
basis of 7% per annum.
The company feels that this increase of dividend is the most economical
means of accomplishing the retirement of the pref. stock, as it relieves
the company of the necessity of calling the same at a premium of 20%.
*As against the difference between these amounts the company has which, on the present outstanding issue, would involve a cash outlay in
$1.145,000 bonds in the treasury.
excess of S1,000,000.
The ability of the company to carry out its known policy of from time
See les() Chicoutimi•Pulp Co. below.
to time reducing the rates for gas and electricity will depend largely upon
Chino Copper Co.-Earnings.-3and 6 mos. end.June 30: the
successful carrying out of this plan of financing its requirements for
-3 mos. end. June 30- -6 mos. end. June 30- extension and improvement of its property. Compare V. 96. p. 288.
1914.
'913.
1914.
[Holders
1913.
of the preferred stock ($5,272,454 outstanding) who exchange
Gross production___Ibs_ 17,032,871 11,990,832 34.321,549 23,012,704 their stock prior to Sept. 19 will receive common stock carrying the
$1,052.241
$682,052 $2,229,981 $1,460,856 quarterly dividend at the increased rate.]-V. 98, p. 1159.
Milling and profit
49,863
34,706
Misc. inc., rents, &c
111,105
63,724
Crescent Pipe Line.-Dividend Again Reduced.A quarterly dividend of $1 a share (2%) has been declared on the 63.$1,102,104
$716,758 $2,341.086 $1,524,580
Total net profits
stock, payable Sept. 15 to holders of record Aug. 20, comparing
629,790
652,080
Dividends paid
1,300,695
629,790 000,000
with $1 25 (23i%) in June 1914 and $1 50(3%) quarterly from Mar. 1912
1914, incl. The reduction, it Is stated, is due to the unsettled
Mar.
to
$450.024
686.968 31,040,391
Net surplus
$894,790
war. Compare V.98,p. 1463.
The above earnings are computed upon the basis of 13.9191 cents and conditions caused by the European
quarters
the
in
copper
ending
for
June 30 and March 31 1914,
14.4227 cents
Co.-Plan.
Telephone
Valley
Cumberland
respectively, and 15 and 15.06 cents for the respective quarters in 1913.In connection with their plan of reorganization, outlined in "Chronicle"
V. 98, p. 1462.
20 wrote in substance:
of July 25, the bondholders committee July$1,193.000
of the company's
whom is deposited
Citizens Telep. Co., Grand Rapids.-New President.- The committee, with 1st
M. 5% bonds, now believe that the physical
Charles F. Young, V.-Pres. of the Commercial Savings Bank and Pres. $1,405.000 outstanding
sufficiently rehabilitated and extended, through the exbeen
has
property
Grand
of
Rapids
Co.
Supply
Tanners'
has been elected President penditure
of the
to warrant
by the receivers of about $100,000 from the earnings,
to succeed C. F. Rood, deceased.-V. 97, D. 53,
All complications have been worked
a foreclosure and reorganization. the
Juniata & Susquehanna Telephone
out, except the controversy with
Clyde Steamship Co.-Stock Reduction.property had not earned its interest charge, and
See Atlantic Gulf & West Indies SS Lines V.98,p. 1314.-V.91. p. 1387. Co. bondholders. Thathearings,
determined that the receivers were not
a Master, after many
The matter was, on exceptions, recently
Coast Valley Gas & El. Co., S. Fr.-Reduction Ordered. obliged to pay this interest.
$95,000 of the $1,500,000 bonds
determined;
finally
yet
on
Commission,
not
complaint of the City of Monterey against argued, but is
The Cal. RR.
Co. were reserved to take up these
Telephone
the company, a subsidiary of the California Ry. & Power Co., ordered a of the Cumberland Valley
present plan, while omitting this system.
reduction of the maximum rate for gas from $1 50 to $1 30 a thousand with $95.000 bonds when due. The
terms can be arranged.
reductions for larger quantities than 5,000 cu. ft. a month and a minimum Is elastic enough to take it in if equitable
1st M.bonds (about $600.000), which are
The plan provides that the newpurpose
charge of 60 cents a month. The company insisted that it should be alrefunding the General M. bonds
of
the
for
trustee
the
10%
of
return
by
its
on
a
earn
held
used
investment
in supplying Monterey to be
lowed to
$600,000) shall only be used for such
with gas, which it placed at $263,000. Engineers for the Commission issued under the plan (approximately
exceed twice the interest charges
refunding (6 for $) after the net earningsconsecutive
reduced this to 6113,703.-V. 95, p. 1610.
fiscal years, and there
all outstanding bonds at 5% for two
Colorado Fuel & Iron Co.-No Dividend on Preferred.- on
has also been deducted for each fiscal year up to that time 5% of the gross
&c.
depreciation.
for
earnings
No dividend was paid July 1 on the $2,000,000 8% cumucash from sale of 1st-M. bonds, from which
The plan provides $150,000
receivership and reorganization (estimated at
lative pref. stock.
are to be deducted costs of
On July 1 1913 and Jan. 1 1914 4% each was paid. A yearly dividend of 345,000), and also dividend due non-assenting bondholders. Net income
5% was disbursed out of the earnings of the Meal year ending June 30 1912 for first Year, based upon last year's earnings, should amount to $45,000;
in semi-annual installments of 2%% each on July 20 1912 and Jan. 20 deduct interest on $150,000 1st M. 5% bonds, $7,500, and interest on
1913, being the first distribution since Feb. 1903. when a semi-annual pay- $630.000 (est.) Gen. M.4% bonds, $25,200; balance, est. sure. $12,300.
ment of4% was made. On March 23 1913 a dividend of 35% was paid on
The new common stock will be held by the present bondholders' comaccount of accumulations, leaving the amount then due 39%.-V. 98. mittee under a voting trust agreement for three years, subject to terminaupon vote of two-thirds of the outstandp. 1540, 1159.
tion thereof at end of any fiscal year
the voting trust recelpts.-Ed.]
ing stock [meaning, presumably,
six times the interest charges on the
about
Connecticut Mills Co., Inc., Danielson, Conn.earning
now
is
property
The
forthwith. The amount of these bonds to
See the allied Canadian Connecticut Cotton Mills Co.in V. 98, D. 239.
$150,000 1st M. 5s to he issuedare
entitled to subscribe is not limited, but
bondholders
present
the
which
Connecticut River Co., Hartford, Conn.-New Control.
the allotment will be equal to 10% of the
case of over-subscriptioncompany
will start without any debts except the
It was announced in Hartford on Dec. 12 that the Northern Connecticut in
bonds denositeci. The new
Securities Co. had ended a contest of several years' standing by the pur- new
issues and with adequate working capital.
bond
Chairman;
Brady,
chase of practically all of the Coffin interests in the Connecticut River
Wm. J. Leecure, John E. Fox,
Committee: Tames
Company. Arthur D. Coffin of Windsor Locks, however, remains a Chas. A. Kunkel and Henry M. Tracy. with A. E. Pendergast, See.,
Pa.
Harrisburg,
-V.
99. P. 273.
director. "Hartford Daily Courant" Dec. 13 and 23 said:
Square,
Market
"An option has existed for a number of months and it has now been 3 N.
Dalton Adding Machine Co. of Ohio, Cincinnati.closed. By the acquiring of the Coffin interests the Northern Connecticut
Securities Co. is in a position to carry out its plans for the development of
.ef. Stock.-George Eustis & Co., Cincinnati, recently
the water power at Windsor Leeks. The Securities Company has also Pr
7% pref. stock at 107M and div.
secured the stock owned by Richter & Co. and other shareholders of the offered $100,000 cum.
Connecticut River Co. so that it will own all but twenty of the 2,035 shares Divs. Q.-J. Total issue $500,000. A circular says:
of that company. (V. 95, p. 1042; V.93, p. 532.)
debt and cannot contract one except
Salient Features.-(1) No bonded
"It is intended to have the Connecticut River Co. purchase all the lands
of two-thirds of the pref. stock. (2) Net profits for past
and flowage rights, including a large paper mill, necessary for the develop- with the consent
over three times the pref. dividend. (3) Net assets
ment, at an approximate price of 3150.000. Tele, with the present rights, three years averaged
of patents, real
machinery, &c., more than
would give the company all the necessary riparian rights from Windsor Dec. 31 1913, exclusive(4) Pref. stock is estate,
preferred as to p. & d. and particiLocks to Holyoke, Mass., as well as the No. 2 paper mill with power on twice the pref. stock.
with the common stock in profits after the common
Stony Brook, Suffield. The Conn. River Co. will endeavor to secure legis- pates also, pro rata,convertible
into common stock at any time at holders'
lation at Washington which will give it the right to build a $5,000,000 dam receives 7%. Also
The managers are the experienced men who since 1906 have
in the Connecticut River just above the railroad bridge at Warehouse Point, option. (5) business.
and to sell electric light and power throughout the State and into the city built 1113 the
Machine Co. of Missouri made and sold six machines
The Dalton Addingprogress,
of Springfield and the surrounding territory. The new dam and power
became the second largest builder and disstation will generate about 30.000 electric h.p. and will be built with a in 1906; with steady
in the world.
machines
adding
of
tributer
dredging
for
of
plan
system
locks, which, coupled with the Government's
Machine
Co. of Ohio has outstanding $1,540,000
Adding
The Dalton
the river, will make navigation possible to Holyoke, Mass.
which they purchased all the assets a the Dalton
"The Connectiest River Co. was organized in 1828 and In 1831 began common stock, with of
Missouri,
Co.
amounting, as shown by their books, to
Machine
operating a canal from Windsor Locks to Enfield. In 1850 the company Adding
valued by the Ohio Company at only $1,540,000.
began selling water for power purposes, furnishing water to the Windsor about $2,000,000 net, but
Locks Mills. To-day the company has developed 3,500 h.p. and owns The Ohio Company has just issued the $500.000 7% cum. pref. stock and
AUG. 15 1914.]
THE CHRONICLE
has sold the same to George Eustis & Co. for cash. The company Is located at Norwood (part of Cincinnati) in the fine plant just vacated by the
Dana Mfg. Co. Total assets, 52.040,000 (over $1,100.000 being quick
assets), with only 512,000 of liabilities other than $1,540,000 common and
5500,000 preferred stock.
Denver Reservoir & Irrigation Co.-Settlement.--
The Chicago Title & Trust Co., as agent for the syndicate of French
capitalists who have furnished the money to pay the debts of the Denver&
Greeley and Denver & St. Vrain irrigation districts, on Feb. 13 paid
5593,380 to W. R. Patterson, representing the entire amount of interest,
back taxes and penalty for 4 years on the two districts, $21,000 being in
cash to the County Treasurer and the remainder for interest coupons. No
more interest will be payable until 1915. County Treasurer W. R. Patterson holds $7,316 until such time as pending legal proceedings against the
county in payment of interest on the ponds is decided, when it will be turned
over to the county or the bondholders, as determined by the Court. Compare V. 97. p. 889, 447, 368.
471
May 1912 with $600.000 capital stock, of which $350.060 was preferred, and
was adjudged bankrupt as ofJuly 7 1913. The assets are stated as 38,500
and liabilities 5115,915.
Great Shoshone & Twin Falls Water Pow.Co.-Appeal.
See Beaver River Power Co. above.-V.98, p. 916.
Harleigh-Brookwood Coal Co., Phila.-Bonds.-Brown
Brothers & Co.,.Philadelphia, some time ago sold at par
1st M. 6% sk, fd. gold bonds of 1911, due July 1 1928.
Sinking fund payments, sufficient to retire all bonds at maturity together with interest charges, are guaranteed by
Madeira, Hill & Co. (Inc.), who own all the cap. stock.
Authorized,$1,500.000: reserved to acquire and develop additional leaseholds and other properties under restrictions, $500,000; outstanding, 51,000,000. Redeemable at 105 and int, on any int, date on or after July 1
1915 on 60 days' notice, or for the sinking fund at 102)5 and int. on or after
Dooley, Smith & Co.(Inc.), N. Y.-Sale.The assets (office furniture, fixtures, &c.) of this bankrupt exporting July 1 1915. Par 51,000 sc). Interest J. & J. Tax-exempt in Penna.
concern were sold at auction yesterday for $309 at 135 Front St., N. Y., by Trustee. Girard Trust Co.. Phila. Incorp. in Pa. Cap.stock, $600,000.
order of the U. S. Court for Southern District of N. Y. Martin Saxe is Data from Percy C. Madeira,Pres, Madeira, Hill Ec Co.. Phila., Jan.20.
trustee in bankruptcy. Incorporated in N. Y. in 1903 with $350,000 corn.
A first lien upon leasehold estate and property in fee at Spear Point,
stock and 5150.0008% cum. pref. (p. & d.) stock, as successor of a co-part- known as the Harieigh colliery, situate in the Lehigh basin near
Hazleton.
nership which for the year 1908 reported a gross business of $1,020,709, Pa., and on leasehold estates (Brookwood. Stanton, Lawrence and
West
with net earnings of 516,801.
Bear Ridge) in Mahoney Basin, Schuylkill District near Mahanoy Plane,
all plants, locomotives, &c., now owned or hereafter acquired.
Easton (Pa.)& Bethlehem Telephone Co.-Foreclosure. Pa.with
The sinking fund of 20 cts. per ton et 2,240'be. on coal shipped will proThe E. P. Wilbur Trust Co. of South Bethlehem, Pa., trustee of the vide
for interest and principal, provision being made for minimum paymortgage for $300,000. has brought suit to foreclose the same.
ments sufficient to retire at or before maturity all bonds issued. First
May 24 1915 covering all coal mined from 1911 to April 30 1915.
Electric Light & Power Co. of Abington & Rockland, payment
Madeira, Hill & Co. guarantee to make up any deficiency in the 20
cts.
Mass.-Meeting Adjourned.per ton to meet the fixed annual payments arranged to meet interest charges
The meeting of stockholders to vote on authorizing an increase of $47,200 and retire all the bonds.
in the stock has been adjourned from Aug. 10 to Sept. 15. It is proposed
Your experts, A. B. Cochran & Son and T. D. Jones. conservatively
to offer the new stock to shareholders at $140 per share in the proportion of estimate that there are between 11,000,000 and 12,000,000 tons available
one new share to four shares of old stock. Stone 8c Webster Management coal in the properties. If only two-thirds of this be produced during the
Association are manage's.
lease, the total net profit should exceed $2,600.000. Company was formed
June 15 1011 and now has two breakers, producing about 30,000 tons per
General Pipe Line Co.-Time Extended.month,and a third breaker under construction. By
1914 we should
the
deposit
Columbia
of
bonds
with
Trust Co. for be producing about 2,500 tons a day, by Jan. 15 1915Sept.
The time for making
3,500 tons per day,
the purpose of having the same stamped as guaranteed by the Western- and rapidly thereafter 4,000 to 4,500 tons a day from the combined
propOcean Syndicate, Ltd., has, it is reported, been extended for 90 days from erties. Will have outlets over both Penn. RR. and Reading
By. The
July 30.-V. 98, p• 1770.
coal!sofhighest grades and commands best market. Treas. L. C. Madeira.
George & Barker Salmon Packing Co. (of Wash.).-
Aemlthis JarvLs & Co., Toronto. recently offered at 98 and int., yielding
about 6)'S %,$150,000 (closed) 1st M.6% 15-year sinking fund gold bonds.
dated June 1 1914 and due June 1 1929. Guaranteed unconditionally as
to both principal and interest by British Columbia Packers' Association
(V. 98, p. 1696). Principal and interest (J. & D.) payable at Canadian
Bank of Commerce in Toronto. Montreal and London. Principal redeemable as a whole at 102% and int. on or after June 1 1919, on prior notice,
or annually for sinking fund drawings. Denom. $500, with sterling equivalent (cs&r). Trustee. Prudential Trust Co., Ltd., Montreal.
Incorporated in State of Washington as successor of George & Barker Co.,
a firm successfully engaged in the salmon-packing industry since 1905 at
Point Roberts and for some years past having close business relations with
B. C. Packers' Ass'n, which, on death of Mr. George, secured control.
Average annual net earnings for past five years: George & Barker Co.,
$42,717; Britislfrolumbia Packers'rAssociation. after depreciation (has no
bonded debt). $365,015; total to meet interest (59,000) and sinking fund
($6,694), $407,732.
Bal. Sheet of British Columbia Packers' Assn. Dec. 31 '13 (Totals 54.047.338)•
Ordinary shares
Plants, brands, good-will,
$1,601.000
$2.579.972 Preferred shares
&c
545,400
Accounts payable
Packers' Steamship Co.,
19.402
Ltd
180,645 Due banks
412,256
Nimpkish hatchery
7,000 Reserve account
635,000
Sundry debtors
207,799 Insurance reserve
30,023
Salmon, consigned and on
Contingent reserve
5,000
hand
645,621 Surplus (see below)
709,256
Supplies,lumber,&c
Surplus account-Bal. Dec. 31
301.891
Alert Bay sawmills
18.398 1912. $649.175; profit for cal. year
Insurance reserve invest1913. 5429.568: total. $1,078,743.
ment
26,129 Deduct-Div. at 7% on pref. shares
Sundry advances- 1914
and 7% on com.shares.5150.248; adpack
71.434 justment after realization 1912 pack,
Cash on hand
2,891 537,900; renewals, $31.339: de r'n.
Unexpired insurance
5,5581555,000. coating. res., $5,000, al..
-V. 99, P. 410.
5709.256.
Hartford(Conn.) City Gas Light Co.-Bonds.-Merrill,
Oldham & Co., Boston, are offering at 985 and int., yielding about 4.10%, $250,000 1st M. 4% gold bonds, dated
July 1 1905 and due July 1 1935. Interest J. & J. in Hartford. Par $1,000 (c5&r). A circular shows:
Capitalization.-Pref. stock (8%). $750,003: common stock (12%).
51,250,000; 1st M.4% gold bonds, $759,099; a first mtge. on all franchises.
plant, &c., now owned and hereafter acquired. The bond issue is limited
to 51,000,000(V.81, D. 511, 157). Company agrees to "pay all taxes upon
said bonds laid by the State of Connecticut or any town or municipality
within said State."
Does the entire gas business in Hartford. West Hartford. East Hartford
Fire District and Wethersfield. Conn. Als3 sells gas to the
v which
supplies Windsor Locks, Thompsonville and Enfield. Franchises are
stated to be unlimited asto time. Population served est. at over 140,000.
Equity above the bonds outstanding represented by $759.003 pref. stack
receiving dividends of8% and 51,250.003 common stack receiving dividends
of 12%_ per annum, is, at current market prices for these stocks, about
54.500.000. Earnings for cal. year 1913: Gross, $804,714; net (after taxes),
$264,478; interest on $750,003 bonds, $30.000; balance, surplus, $234,478.
-V.95. p. 484.
(Edward) Hines Lumber Co.-Decision.The Supreme Court of Mississippi on March 30, in the suit brought by
the State four years ago, unanimously sustained the decision of Chancellor
Sheeby holding that, being a foreign corporation, it had not violated the
provisions of Section 903 of the Code, Chapter 24. which restricts to
52.009,000 the land holdings of a corporation. It was sought, to collect
the penalty prescribed in addition to confiscating the excess holdings. The
constitutionality of the Act is upheld in general terms, but the corporation
never having domesticated,the statute is held not to apply to it. The
Attorney-General will file a suggestion of error, claiming that the application is not in conformity to the "rule of reason."
International Harvester Co. of New Jersey.-Lower
Georgia-Carolina Brick Co., Augusta, Ga.-Bonds.-John W. Dickey, Augusta, recently offered at par. Federal Court Orders Dissolution.-The U. S. District Court
$250,000 1st M.7%bonds dated July 1 1914 and due $20,000 at St. Paul, Minn., n Aug. 12, by a divided Court (Judges
serially on Apr.1,1916 to 1925 and $25,000 in 1926 and 1927. Walter I. Smith, Who writes the main opinion, and Win. C.
Interest A. & 0. at Planters' Loan & Savings Bank, trustee, Augusta. Hook forming the majority and Judge Walter H. Sanborn
Denom. $500 and $1,000. Callable in whole or in part on any interest dissenting), held in the suit brought by the Government
date at 102)4 and int. A circular further reports:
Capitalization.-$250,000 1st M. 7% bonds; $100,000 first pref. 7% (V. 94, p. 1252; V.96, p. 1843) that the company and its
stock; $500,000 pref. 7% stock; $50.000 common stock. Purpose of bond subsidiaries constitute a monopoly in restraint of inter-State
issue: (a) To provide working capital to enable the plants to run full time and foreign trade in violation of the
Sherman Anti-Trust
in summer, when cost of producdon is low, and to hold the stock for winter
delivery, when maximum prices are obtained. (b) To refund floating Law. The Court directs that a plan be submitted within
debts of the several constituent plants. (c) To consolidate the operations 90 days (or in case of an
appeal within 90 days from the filing
and management, which is possible only through one absolute ownershiP•
Net Earnings and Average for Past Five Years-Estimate for New Company. of the mandate of the Supreme Court) for the dissolution
1909-10, 1910-11. 1911-12. 1912-13. 1913-14. Av.5 Yrs. Est../gewCo of the combination into at least three independent concerns of
599,528 5120,871 5104.025 5121.543 $93,557 $107,940 $107,612
about equal size and with no stockholders in common. If
Deduct-Interest (517,500)
and maturing Principal (520.000) of
these
this is not done, the Court will entertain an application for
--- ------------Divs,bonds_
on firstiie-de.
5:080 the appointment of a
37
ch-ref. Block ($28,000)_ 5
---------- 13
receiver. An appeal, it is stated, will
Balance (for impts., additional pref. and corn. diva &c.)
537.312 be taken to the U. S. Supreme Court.
The
directors expect, by
the
f3
in operation, the funding of
floating debt, &c., to increaseeconomies
the profit shown by at least 525.000.
Property.-Owns 7 successful brick
700 acres of land (market
plants
and
value of $213,362), with an unlimited supply of brick may of finest quality
in valley of Savannah River.
Land. machinery' and equipmest appraised
at $632,373. Plants formerly
owned by Standard Brick Co., Merry Bros.,
Inc.. Electric City Brick Co.. Dunbar Brick Co.. McCoy Brick & Tile Co.,
McKenzie Brick Co.all located south of Augusta. Ga., and plant of Hankinson Brick Co., just across the river from Augusta in So. Caro. Average
annual production during past five years. 60,600.000 common building
brick and 702,360 dry pressed brick.
The officers and directors own 75% of the stock of the corporation and
will give its affairs their
carefu personal attention. Directors: Howard IT.
Stafford, Pres. and Treas.;
Leroy Hankinson, V.-Pres. and sec.; John C•
Hagler, V.-pros. and Gen.J.
Man • Ernest B. Merry, Chief Engineer, and
Arthur H. Merry.-V. 99, p.
52.
Goldfield Consolidated
Co.-Settlement.-
Mines
The "San Francisco
Bureau" recently said that, after 7 years'litigation, law suits over News
bullion taken from properties owned to the value
of about $1,700,000 have been settled. The suits were dismissed by
stipulation entered into between the
Frances-Mohawk Leasing Co. and the
Goldfield Co. During the early
days of Goldfield-Mohawk Co. it leased
a block of ground to the
Hayes
&
Co. and the D. McKenzie Co.
Monett°
Millions were, it is said, taken
out, and when the lease terminated the
Goldfield-Mohawk Co. sued
the parent leasing company for damages for
not properly timbering the
After commencing the suit the Goldfield
Consolidated Co. absorbed land.
the Goldfield-Mohawk Co. and prosecuted the
suit. The Frances-Mohawk,
Hayes
& Monett° and D. McKenzie companies then sued the Goldfield
Consolidated Co. as the trustee of the Goldfield-Mohawk Co. for money alleged
to
due diem for bullion which they
claimed had not been given to them bybe
the Goldfield-Mollawk Co. under
their lea.sing contract.-V. 98, p. 1075. 692.
Grand Rapids (Mich.) Motor Truck Co.-Suit.-
A suit was begun on July 31 by the Grand Rapids Trust Co.. trustee in
bankruptcy, against 64 stockholders who
subscribed for preferred stock
and received a bonus of an equal amount of common stock, to recover over
5100,000 to pay the company's debts. The company was ineorporated in
Salient Points in the Opinion of Judge Smith.
Judge Smith holds that the organization in 1902 was in violation of the
law in that the five concerns of which it was formed restrained competition
among themselves and the combined organization also tended to monopolize trade in contravention of the second section of the law. The decision
states that, while the International Harvester Co. and its selling organization, the International Harvester Co. of America,control from 80% to 85%
of the trade in agricultural implements manufactured by them, their treatment of smaller competitors in general has been fair and Just. Fault is
found with only two acts of the company aside from the technical violation of the Sherman Law, namely, (a) the advertising of the products of
D. M. Osborne & Co. as independent for two years after that concern had
been acquired by the Harvester Co.,in order, as it is stated, to tempt purchasers from among those who were opposed to purchasing from the combination, and (2) the manner in which the five original concerns were turned
over to the International Harvester Co. by the banker who acted as intermediary,and who contended that he had purchased the properties. As to
the latter, it is stated that: "The Court is clearly of the opinion that the
process by which it was made to appear that the properties were sold to
Lane was merely colorable." It is also held that the case involves no question of ever-capitalization, the property turned over being greater in
amount than the stock ssued.
8xtract from Dissenting Opinion of Judge Sanborn.
The evidence in this suit seems to me to present a new case under the
Anti-Trust Law. No case has be n found in the books, and none has come
under my observation, in which e absence of all the evils against which
that law was directed alp the time e suit was brought,and for seven years
before, was so conclusively prov as in this suit, the absence of unfair
oppressive treatment of competitors, of unjust or oppressive methods or
of
competition, the absence of the drawing of an undue share of the business
away from competitors and to the defendants, the absence of the raising of
prices of the articles affected to their consumers, the absence of the
ing of the product, the absence of the deterioration of the quality, limitthe absence of the decrease of the wages of the laborers and of the
prices of ma.terials-the absence,in short, of all the elements of undue injury
to
the
public and undue restraint of trade. together with the
of free competition, which increased the share of the competitors presence
in the inter-State trade
and decreased the share of the defendants.
472
THE CHRONICLE
Statement of President Cyrus H. McCormick.
The adverse decision Is a great disappointment. As I understand it,
It Is not based on actual wrongs done in the conduct of the business of the
International Harvester Co., but upon the elimination of competition more
than ten years ago between the companies whose properties were purchased
by it. The opinion acquits the company and its officers and directors of
the charge of overcapitalization and unfair and oppressive policies and
practices. It does not sustain the charge made in the petition of the Government, but abandoned on the argument that the company had charged
excessive or unfair prices.
Aside from its original organization and the facts connected with its purchase of competitive plants, the opinion finds nothing to be condemned
In the history of the company's growth or in the manner of developing and
carrying on its business. The organization of the company and the purchase of its plants were acts done in the belief that no law was being vioate& after consultation with counsel of the highest standing.
The organization of the company is condemned by the majority of the
Court as a violation of the Sherman Act, but the company is not found
ty of having violated the law in the conduct of its business or of having
tired its customers or its competitors.
il
The conclusion arrived at seems to be that the Harvester Isin good but
illegal trust. Its business has been conducted fairly, and the economies
secured by its organization have inured to the benefit of its customers,
the farmers, but nevertheless the majority of the Judges hold its existence
Is illegal. The decision is by a divided Court, and the case will not be ended
until the Supreme Court has said the last word. We still hope that the
great public benefits secured by the organization of the company and the
methods adopted in carrying on its business will be made permanent by
the final decision in the Court of last resort. It may well be that that Court
will hold the view expressed in the dissenting opinion of Judge Sanborn.
Statement of Edgar A. Bancroft, General Counsel.
The decision is remarkable in several respects Each of the three judges
who heard the case filed a separate opinion, all agreeing in acquitting the
International of overcapitalization or unfair or oppressive practices or
excessive or unreasonable prices or any wrongful conduct
The adverse majority opinion of Judge Smith. In which Judge Hook
concurs, has these notable features: It does not sustain any of the Government's charges of monopolization and coercion of local dealers; or local
price-cutting to destroy competitors; or excessive prices; or oppressive
trade practices; or destruction offreedom of competition in the manufacture
and sale of harvesting machines
The adverse decision is based by this opinion upon an entirely new construction and a new application of the Sherman Anti-TrustLaw. The percentage of the trade controlled by the company and the competitive condition
existing in 1912 when the bill was filed are here wholly ignored.
The now construction and application of the Sherman law in this opinion
Is two-fold: (a) Where independent competitors may not lawfully agree
upon terms and prices they may not legally unite their properties In a
partnership or in one corporation. This proposition was not mentioned in
the Government's brief or suggested by court or counsel during three days
of oral argument.
(b) A corporation may be decreed Illegal and its business and properties
be divided on account of an illegality in its organization, however remote the
time, and regardless of the conditions at the date of the suit and decree.
This proposition is in direct conflict with the position taken by the Government on this question upon the argument.
Suits and decrees in equity are to redress actual wrongs and grant relief
against existing evils. In this case the decree is punishable and remedial.
Some persons who did the acts here held to be Illegal have now no present
interest in the corporation or its business. Many of the parties injuriously
affected by the decree had no connection whatever with those acts. The
facts held illegal were public without complaint on the part of the Government for ten years; and meanwhile the ownership of the property and business of the company had changed in largo part.
The Court's opinion confines its inquiry to the circumstances of the
International's organization in 1902; although the sole issue made by the
Government was whether the International was restraining or monopolizing
trade in 1902, when this suit was filed. This company is condemned for
a state of facts which no longer exists by a rule of law that never existed
till now.—V. 98, p. 1812, 1848, 1850.
Iroquois Gas Co., Buffalo, N. Y.—Suit.—
See Buffalo Gas Co. in V. 98. p. 1074.
[VOL. XCDE.
been settled, according to reports in the
financial district. The Western
Electric, it is said agreed to pay $263,000 to the Kellogg
Companyin set.
Cement of all claims. The agreement permits each of the
continue making the appliances with reapect to which each companiess tcompanyhtoas
accused the other of infringement on patents.'
A special cash dividend of 15% was paid June 29 on the
capital stock, to holders of record June 26, from the proceeds of81,340.000
the settlement referred to above.—V. 98. p. 1690. 307.
Kentucky Pipe Line Co.—Bonds Pledged Under Louisville Gas it Electric Co. Mortgage.—
This company, incorporated in Kentucky on or about July 1 with
$2,000,000 of auth. capital stock as a subsidiary of the Louisville Gas
&
Electric Co. which owns all the outstanding shares except directors'
shares (V. 97,
'p. 54), recently filed a mortgage to the Harris Trust & Savings Bank of Chicago,as trustee, to secure an issue of $3.000,000 1st M.6%
bonds dated July 1 1913 and payable on demand. These bonds are ail
deposited under the First & Ref. M.of the Louisville Gas & Electric Co.
and are issued in connection with the building of the 180 odd miles of 12-41;;:
pipe line that will be completed early in 1914 from the natural gas fields
of the Standard 011 interests in West Virginia to Louisville, to supply that
city with 35-cent gas as planed by the Byllesby interest when they
obtained control of the local lighting properties. The following has been
published:
"The Louisville Gas & Electric Co. has contracted for gas with the Standard Oil Co. and is assured a supply from the West Virginia gas wells which
will prove sufficient to supply the city for many years and probably for
generations to come. It also means cheaper gas, involving a reduction in
rate from 75 to 35 cts, early in the year 1914. A feature of the contract
with the City of Louisville, under the provisions of which the company was
permitted to merge the local public utilities, was that the gas line should
not be used for any other community until the maximum requirements of
Louisville had been taken care of. Instead, therefore, of following a winding course through various cities on its way to Louisville, the pipe line is
being run almost as the crow flies, passing near Paintsville and Frankfort.
Ky. The gas Is to be carried at a pressure of 250 lbs. to the sq. inch, and
one cubic foot of the compressed gas when released into the atmosphere.
will expand into 23 feet for illuminating or heating purposes. The Louisville Gas & Electric Co. itself provides the belt line around the City of
Louisville for the distribution of the gas to the various mains. John G.
Pew of Pittsburgh is President and F. C. Gordon of Chicago Vice-Pres.
of the Pipe Line Co."
Long Sault Development Co.—Decision.—
The N. Y. Court of Appeals has held valid the law passed by the Legislature (Chapters 452 and 453. Laws of 1913),repealing the legislation passed
In 1907 granting the company the right to utilize the Long Sault Rapids
River for power purposes.
y
Lahwrence
onthhee
T
company claims to have already expended 8750.000. The Court of
Appeals holds that the repeal is effective, but that it could not operate to
confiscate any valid franchise or property right the company had previously
acquired under the Act repealed. The Court must therefore determine
whether the Legislature "possessed the constitutional power to convey away
the State control over the navigation of the St. Lawrence River to the extent attempted by the Act of 1907."
The Court states that the grant "virtually turns over to the corporation
(if Congress consents)
entire control of navigation at the Long Sault Rapids"
the contemplated works,
"All that the corporation must do is to construct
pay the stipulatedsums and keep navigation as good as it is now. No matter how much the interests of the public may demand the improvement
thereof in the future. the State will be powerless to act either directly or by
constraint upon the corporation. It Ls precisely as though the Legislature
should confer upon the corporation exclusive authority to construct works to
improve navigation between Albany and Troy upon condition that such
navigation shall be preserved in as good condition as the same is at present,
and thereby preclude the State from over hereafter improving navigation
Itself. That can not be done. The privilege of the State to control the
St. Lawrence cannot be assigned to others as here attempted; the State is
bound to retain control. This vitiates the entire statute and neither this
company nor its successors has any rights against the State or its officers
to be enforced by mandamus or otherwise."—V. 96, D. 1559.
Lord & Taylor, New York.—Dividends Omitted.—
The directors have Issued the following statement: "In view of the large
expense necessarily incurred by the company in removing Its place of
Judge Aldrich in the U. S. District Court in New Hampshire recently business to its present location and equipping the new store, and by reasustained the master's findings holding that price of $975 a share, based on son of the present business conditions, it was considered inexpedient to
the market for the stock in 1911, cannot be forced upon the dissenting declare a dividend on the stock at this time.
shareholders, who, it is stated, are entitled to receive what would be their
The United Dry Goods Companies in June 1910 acquired control of the
distributive share of the company's assets based on the cost of replacing stock, which consists of $2,500,000 6% first cumulative pref.. $2.000,000
that company's property. The decision further directs that this value 8% cumulative 2d pref. (having been increased in Jan. 1914 from $1.000.shall be $3,228 13 per share, or as of 1913, and not $2,721 23 as of 1911, 000) and
000,000 common. Payments have been made on the first
with March and on the 2d pref. quarterly begin-.
when it was first proposed to merge the two companies.
pref. quarterly
$3,y beginni
istributions on common stock were: 1905, 6%:
Judge Aldrich rules that the appraisal "nearest the time of the actual ping with February.
is entitled to recover, 1906, 7%; 1907 to 1909, incl., 8% yearly; 1910, none; July 1911 to
co
should be the value for which the complainant
vet
atankdinttat would be the calculation based upon the latest date, for as A 1914. 2% semi-annually.—V. 98, p. 1996.
there has been no actual taking. That date would be the year 191g."
Compare V.97.D. 668.
Madeira, Hill & Co., Philadelphia.—Sub-Co.
See Harleigh-Brookwood Coal Co. above.
(The) Jessup & Moore Paper Co. (of Mass.), Boston
Jackson Co., Nashua, N. H.—Decision.—
and Phila.—Consolidation.—Thiscompany was incorporated
in Mass. on July 14 with $3,000,000 of auth.cap.stock viz:
Capital Stock of New Company in $100 Shares.
$1.250,000
Common stock authorized and issued
1st pref. stock, 7% cum., redeemable at $107 50. 3% sinking
fund after July 1919. No voting power unless dividends
700,000
thereon are unpaid for one year. Auth. $1,000,000; issued
2d pref. stock, 7% cum.,redeemable at $102. Auth. and Issued 750,000
The company is a consolidation of (1) The Jessup & Moore Paper Co. of
Delaware, consisting of Rockland Mills and Delaware Soda Fibre Pulp
Mills, at Cristianna Hundred,and the Augustine Mills at Wilmington, Del.
These were conveyed subject to $1,000,000 1st M.5% sinking fund bonds
of 1899, duo Aug. 1 1919. Trustee, Girard Trust Co., Phila. Interest
payable F.& A. Outstanding $720.000. (2) Of the Kenmore Pulp & Paper
Co.of N.J., consisting of Radner Pulp Mlli in Ellcton,Md.,and Kenmore
Paper Mills at Providence, Cecil County. Md. These were conveyed
subject to $700,000 1st M.6% bonds of 1907. due 1937 (V. 97, p. 179)•
Interest payable F. & A. Outstanding $625,000. Sinking fund provision.
No further bonds can be issued by new company without consent of 2-3
of first pref. stock except to replace outstanding bonds, which amount, as
stated above, to $1.325,000.
Officers: Pres.. W. H. Sharp, and Sec.-Treas.. Eugene W.Fry. 29 South
Sixth St.,Phila.; Assistant Treas., Amasa C. Gould,24 Milk St.. Boston.
Kansas Natural Gas Co.—Appeal.—
Medina Irrigation Co.—Receivership.—
See San Antonio Uvalde & Gulf By. above.—V. 93. P. 535.
Merchants Ht. & Lt. Co., Indianapolis.—Contract, &c.
An officer writes in substance: "The city lighting contract was awarded
ago after competitive bidding. The right of
to the company some months
the city to enter into the contract was questioned in the courts by the
o.he teeThuorstlaetfterer,igitinisesail jerd.fedhaidethieelhddteeheidcedonttrhactet
d.ti CT
Eea
Indianapolis Light &__H
for about 10 Years.
the city had a right to enter Into the contract, but the Indianapolis Co. have
appealed the case to the Supreme Court, and final decision will not be
rendered until some time in October or November. In the meantime the
company is constructing extensions to its existing pole lines so as to be
thecompetingpeApril
lewt contract
over
ethe
thecreating
Public Service Commission
prepared.Asecttcliontakof
requires
by
only
not
Incex
poles,
of
use
joint
the
oMpanies, but by telephone
and telegraph companies as well. At an informal session of the Commission
the Chairman expressed his views rather strongly on the duplication of pole
lines and requested the companies to agree among themselves as to a joint
use of poles, and intimated that the Commission might not be willing to
authorize securities to cover such expenditures or allow such expenditures
p
mak
to be included in the capital account for rate-m
purposes.
"The company has always been willing to comply with ae la in rmpect
to the joint use of poles, but up to this time has not been able to obtain
to
such an arrangement.
the consent of its competitor
"The contract with the city compels the companyPoles,tiso_sertovaroanra: poles
enable it to perform the contract. New
to be
set wherever a lamp or fixture is supported, whether it Se arc or Incandescent,and for this reason the company feels that the Commission will be slow
allow
it
not
to capitalize these
to make a rule that will
expendituree."—
V. 99. p. 52.
J. W. Dana, attorney for the Kansas City Pipe Line Co. and the Fidelity
Title & Trust Co., recently filed a petition for a writ of supersedeas to U. S.
Circuit Court of Appeals to review the order of Judge McPherson turning
over the funds in the hands of the Federal receivers to the State receivers,
amounting,it is stated, to over $1,000,000. This, if granted, will, it is
stated,suspend the order of Judge McPherson until the case can once more
be threshed over.
Michigan Buggy Co., Kalamazoo,_.,._
The two Kansas City distributing companies, the Kansas City Gas Co.
The property has been sold to T. Willard Ready of Niles, Mich.. for
Co. on the Kansas side, on
on the Missouri side and the Wyandotte Gas
the lowest price that would be accepted by the Federal Court.
Jan. 17 paid over more than $1,000,000 due theinKansas Natural Gas Co.. $40,000,
The purchaser has arranged to move a number of smaller concerns into some
the day by the State.
thus avoiding a receivership suit brought earlier
the buildings. The plant consists of 9 large buildings, comprising a
of
Orders Regarding Moneys.—
total floor space of 269,000 sq. ft. The buildings and various switching
an order of supersedeas tracks
occupy 18 acres of land just outside of the city limits.—V. 97, p.448.
Judges Sanborn and Adams lately entered
the
Federal
by
$500,000
receivers
about
applion
of
payment
suspending
Minneapolis General Electric Co.—New Plan.—
Co., which alleges that the Federal
cation of the Kansas City Pipe Line
of pipe lines and other equipment.
See Northern Mississippi River Power Co. below.—V.98, p. 1771.
receivers are indebted to it for the useheld
in May, when a motion will be
A final hearing on the matter will be
Mitchell-Lewis Motor Co., Racine, Wis.—Bonds Offered.
order of the Federal District Court for
argued to set aside permanently anmoney
over to the State receivers.
—S. W. Straus & Co., Chicago and N. Y. are offering at
the Federal receivers to turn the an order directing the
Kansas
made
and
City
Judge McPherson has also
hereafter for the gas received par and int. $300,000 (closed) 1st M.6% serial bonds. Dated
St. Joseph gas companies to make payments
the Federal Court receiver instead of Aug. 1 1914. The bankers report in substance:
from the Kansas Natural Gas Co. to
receivers.
The amount due Is
State
the Montgomery County. Kan.,
Bonds.—Principal and interest(F.& A.) payable at offices of S. W.Straus
has retained Jurisdiction
stated to be about $230,000. The Federal Court
N. Y.. and in London Principal callable at any InCompare
properties.
Wyandotte County & Co. Chicago and
of the Oklahoma and Missouri
*date at 102 and int. at option of mortgagor. Denom. $500 and $1,terest
Gas Co. below.—V. 98. p. 75.
000(0). Maturities: $50.000, Aug. 1 1915;$75,000. Aug. 1 1916;$75.000.
1 1917: $100,000, Aug. 1 1918,
Kellogg Switchboard & Supply Co.—Leitigation Ended. Aug.
A closed first mortgage on 33.34 acres of land and modern concrete build"Chicago -Examiner" recently said: "Long pending patent litigation beabout 15 acres, with equipment, &c., located at Racine. Wis
tween Kellogg Switchboard & Supply Co. and Western Electric Co. has ings covering
THE CHRONICLE
AUG. 151914.1
All buildings except one (erected in 1908) constructed in 1910 and 1911.
Appraisal Aug. 1 1912 (buildings. $565,046; land, $167,500; equipment.
$769.959), $1,502,505; additions Aug. 1 1912 to June 30 1914 (cost). $164.104; total, $1,686,609; less reserve for depreciation, $149.596; value July 1
1914. $1,537,013.
Company.-Capital stock, $10.000.000 ($5.000,000 pref. and $5.000.000
Company founded In 1834. Manufactures the well-known
common). automobile. The wagon business was sold on Feb. 10 1914 (see
"Mitchell"
Mitchell Wagon Co. below). Under new and vigorous management the
company has made a thorough revision of the design of its cars, which has
been reflected in rapid sales since the 1915 designs were placed on the
market. Company is rated AAA1.
Liabilities.-This $300,000 bond issue will refund on Aug. 1 outstanding
notes which. aggregating $2,500,000 on Nov. 11911. had on Feb. 10 1914
been reduced to $783.000. In addition to these 1st M.6s, the company has
sold to banks $400,000 debentures dated Aug. 1 1914. completing the present financing. The company covenants to maintain quick assets at all
times in excess of 150% of bills payable, plus said debentures.
Quick Assets and Indebtednessfor Last Three Years.
July 1 1912. July 1 1913. June 1 1914. July 1 1914.
1)Liquid assets
$4,549,579 $4.794.549 $4,092,476est$3,592,476
2,460,521 est1.866.886
2) Debt
2,904,017
2,828,879
165.1166.3
Percent(1) toj2)
192.5
160.8
Earnings.-During the last five fiscal years the average net earnings
have been in excess of $500,000 a year. Pres. H. L. McClaren states that
the output for the fiscal year ending in 1915 will be 6.000 cars, and that
on Aug. 1 1914 orders had been received for more than 4.000 of these cars,
or two-thirds of the 1915 output. Compare V. 93, p. 1468; V. 97. p. 179,
890; V. 98. p. 527. 1003.
Mitchell Wagon Co., Racine, Wis.-Bonds.-J. G.
Splaine & Co., Pittsburgh, recently offered at par and int.
$300,000 (closed) 1st M.6% gold bonds, dated Feb. 10 1914,
due Feb. 9 1917, redeemable at par on 60 days' notice, as
a whole or in part, in numerical order. Par $1,000. Interest F.& A.9. A circular shows:
Business in existence since 1834; occupies three large sets of modern,
brick buildings located on five city blocks in central section of City of Radne. Manufactures farm wagons of highest type, also automobile bodies.
Has 1,375 agencies in the U. S. Value of land, buildings and equipment
on March 31. based on appraisal of 1912. less subsequent depreciation
is about $1,000,000; merchandise and manufactured products Jan. 31 1914:
$1,024,209; total, about $2,000,000. Assessed value of tangible property
covered by the mortgage, $785,175.
Capitalization: 1st M.6% bonds, $300,000; 10-year 6% income deb's.,
$1.200,000; capital stock, $500,000. Fire insurance carried. $1,900.000.
Modern sprinkler system. Annual earnings average for 13 years ended
July 31 1913. over $116.000; for year 1913 (less certain inter-company
transactions) were $130,213, or over 7 times the $18.000 bond nterest.
Montreal Light, Heat & Power Co.-Bonds Called.-
Seventeen ($17,000) 1st M. 5% bonds dated 1906 of Provincial Light,
Heat & Power Co. for payment at 105 and int. on Sept. 1 at National
Trust Co., Ltd., Montreal -V.98. p. 1685.
National Cloak & Suit Co.-Initial Dividend.An initial quarterly dividend of 1N 7,, has been declared on the 85.000,000
7% corn. pref. stock, payable Sept. 1 to holders of record Aug. 20.-V. 98
p. 1849.
Natomas Consolidated of Cal., San Francisco.-Statement by Reorganization Committee.-
The deposit agreement provides that the committee may proceed with
the plan if in its opinion sufficient of the 1st M. bonds have been deposited.
In view of the fact that more than $9,000,000 of bonds have now been
lodged with the depositaries, and the holders of a large additional number
have given notice of their intention to come in on or before Aug. 15, the
committee will probably declare the plan operative on that date. The
committee is of the opinion that the war in which Great Britain is now engaged will not prevent the plan from being carried out in accordance with
the terms of the agreement. We urge you to deposit your bonds with the
Mercantile Trust Co. of San Francisco on or before Aug. 15 1914. See
V. 99, p. 52, 273, 410.
New York Steam Co.-Reconstruction Ordered.The P. S. Commission on July 24, after an investigation, made an order
requiring the company to replace 58.896 feet of its mains out of the total
of 73,553 in the streets at the rate of 12.000 ft. a year beginning Sept. 1
next with modern type hollow-tiled walls and concrete base surrounding
the mains. Damages have been done to asphalt and wooden pavements
and to the properties of other companies having sub-surface structures.
A great deal of the trouble is due to water leaking ,from the city's mains
which was turned into steam in the trenches.
The "Engineering News" of July 30 and Aug. 13 contains descriptive
articles on the mains of the company.-V.93. p. 1469.
Northern Mississippi River Power Co.-In Partial
Operation.-H. M. Byllesby & Co., Chicago, report:
The first 2,100 h.p. unit of the Coon Rapids hydro-electric development
was placed in commercial operation on Aug. 1, and has since been turning
current into the lines of the Minneapolis General Electric Co. This unit
is the first of five, all of which it is anticipated will be completed and placed
in service by Nov. 1. See V. 96, p. 1026, 1428.
Ohio Cities Gas Co.-Listed.-
The Columbus and Cincinnati Stock Exchanges recently listed the $5.128.800 common and $6,220,600 preferred stock.-V.99, p. 274.
Ohio Light & Power
-Securities-Acquisition.
On March 31 1914 the Ohio P.Co.
U. Commission granted authority to Issue
and sell $2,255,000 bonds
at
not
retire
the
outless
$500,000
to
than
85
standing bonds and $1.540,000
Yaryan Co., the F. W. Swezey notes issued to purchase the Fremont
property
Fostoria.
Licking
the
Light
&
of
Power Co.of Newark,the Frank.
Ball property of Mt. Vernon,Lancaster
Electric Co. and Logan Light & Power
Co., the George M. Tidd property
of New Lexington, the People's
and New Straltsville and Perry Electric Light & Power Co. of Shawnee,
Electric Co. of Crooksville. The Common
Council of Tiffin in June last passed
an ordinance extending the present
franchises to 1949 so as to enable
the company to float an issue of long-term
bonds. A new power plant is to be
to Tiffin. Fostoria and Fremont. built in Tiffin to furnish power and light
owing to the unsettled condition of None of the bonds has been Wiled,
and the details have not
been worked out. The stock, of the market,d
which onlya
amount has been
issued, is owned by the American
Gas & Electric Co.-V.97, P. 599.
Ohio & Texas Sugar Co.
473
franchise. The Council's approval to the compromise has been given.
Under it the Pacific Co. is to take over and operate under the franchise
granted to the Home company, during the remainedr of its life (42 years)
and pay to the city annually 2% of the gross earnings of the telephone
system in Oakland, and also the free use of 200 telephones for the various
city departments. The free telephones will save the city $25,000 a year
and the revenues from the 2% tax will amount to about $20,000 a year and
rapidly increase, making the total revenue to the city for the 42 years
more than $1,000.000 and an equal amount saved by the free use of telephones.-V. 98. is• 1997. 1541.
People's Gas & Electric Co., Oswego, N. Y.-Bonds.H. C. Warren & Co., New Haven, recently offered at 92M
and int., to yield 5.60%, $100,000 convertible 5%gold
bonds dated Dec. 1 1913. A circular shows:
Bonds due Dec. 1 1933 but redeemable at par and accrued interest after
Dec. 1 1925. with option to holder to convert the principal after Dec. 1
1915 and not later than Dec. 1 1925 into capital stock at_par. Interest
payable J. & D. at American Trust Co., trustee, Boston. Denomination.
0'81,000;r* $100 each and multiples thereof. Normal income tax assumed.
The company, which is under management of Charles H. Tenney & Co,
Boston, who for many years have handled similar properties located In
New England and elsewhere, controls the gas and electric lighting business
of the city of Oswego and suburbs, serving a population of approximately
30,000; also controls by long leases valuable water rights and powers on the
Oswego River, now being greatly enlarged and improved by the construction of the State barge canal. A recent contract with the Niagara Transmission Co., which delivers power from Niagara Falls, enables the company
to make large contracts with the manufacturers without materially increasing its capital investment.
Capitalization ($10.000 of the 1st M.bonds are retired each year for sk.fd.).
First mortgage 5% bonds outstanding
$410,000
5% convertible bonds auth.(this issue),$400,000; outstanding
Capital stock [Total auth.$1,000.000 as increased in March 1914] 300,000
600.000
Earnings for Years 1909 to 1913 and Estimate for 1914.
1909.
1910.
1911.
1912.
1913.
1914.
Gross earnings_ -$114.653 $140.250 $152,367 $177,063
$214,545
Net (after taxes) $43.665 $41,220 $57.816 $59,995 $191,558
$67,590 $84,545
Interest charges and rents
34,748 41,911
Balance for depreciation reserve ($10,218 in
1913)
and dividends (present rate 5%)
$32,842 $42.634
Partial List of Companies Operated Under Management of Charles if.
Tenney
Ss Co. and Recent Annual Dividend Rate.
Springfield (Mass.) Gas L. Co_ _12
Concord (N. H.) Electric Co_ _6
Salem (Mass.) Eloc. Ltg. Co_ 10
Rockland L.&P.Co.,Nyack, N.Y.6
Malden (Mass.) Electric Co_ .._ _12
Montpelier & Barre L.& P. Co--6
Haverhill (Mass.) Electric Co_ _10
People's Gas& El. Co., Oswego5
Suburban Gas& El. Co., Revere,
Malden & Melrose Gas Light 00.8%
Mass
10
Bristol & Plainville Tram. Co---8
Fitchburg (Mass.) Gas& El.Lt_10
North Boston Lighting Prop--6 -V.99. D. 53.
Phelps, Dodge &
The company has taken over the Tombstone Consolidated Mines, which
were sold at foreclosure in December last. The
price paid is said to have
been $500,000. See Development Co. of America items.
V. 97, p• 1901.
949. The Phelps, Dodge Co. had previously acquired practically
all claims
against the company.-V.99, p. 53.
Philadelphia (Pa.) Electric Co.-New Power House.
A contract has been awarded for the extension of the Christian
St. powerhouse at a cost of about $1,000,000, including two turbo
-generators
of,
it
is
understood. 40.000 and 46.000 electric h. p. (a technical paper
says 30.000
and 35,000 h.p.). See V. 98, p. 1154.
Pierce, Butler & Pierce Mfg. Co.-Amended Terms.-
The reorganization plan (V. 98, p. 1771) having been disarranged by
the failure of the La Salle Street Trust & Savings Co. Chicago, it has been
amended so that the creditors will receive: 40% in cash;
15% in 6% notes
of new Kellogg Co., payable Dec. 15 1915: 10% in 6% notes of new Pierce
Co., payable Dec. 15 1916: 25% in new Kellogg Co. poref. stock and 10%
in notes of new Pierce Co.. payable Dec. 15 1917.-V. 99. p. 411. 274.
Reno (Nev.) Power Light & Water Co.-Decision.-
The Nevada P. S. Commission on complaint of the city ordered the
pany to furnish water which is not turbid or offensive to the tastecomand
has no bad odor. The Commission holds that under any circumstances
a company furnishing a municipality with water is bound to make
reasonable effort to improve the water and the value of the plant and every
earnings will not be considered. The company contended that the proposed
improvements would reduce its profits below 4%% net.-V.88. p.
690.
Republic Distilling Co.-Bonds Called.-
Ninety ($90,000) first mortgage 7% sinking fund gold bonds, dated
March 15 1904. for payment at par and accrued hat. on Sept. 1 at
the
Equitable Trust Co. of N. Y.-V.92. p. 1114.
Riker-Hegeman (Drug) Co.-10% Stock Dividend.-
A dividend of 10% has been declared on the $7,000,000 common stock,
of which $3,589,500 is owned by the Corporation for Riker
Hegeman
stock, payable to-day in stock to holders of record Aug. 12.-V.&
98.p. 1611.
Rosenbaum Co.(Dept. Store), Pittsb.-New Securities.
The stockholders will vote on Sept. 22 on (1) creating an indebtedness
of $1,600,000 in connection with the building of a new structure under way
and also (2) on further ratifying an increase in the preferred stock from
$1,000,000 to $1,500.000, which was authorized by them on July 2. In order
to make certain that the new Pennsylvania law has been complied with
The stock consists of 53.000.000 common, all outstanding, and 7%
$1,500.000, of which 5813,000 was outstanding on Jan. 31 1914. pref.,
San Antonio Land & Irrigation Co., Ltd.-
See San Antonio Uvalde & Gulf Ky. above.-V.99, p. 411, 124.
Scott Steamship Co. (of Ohio).-Bonds.-The Superior
Savings & Trust Co. of Cleveland, the trustee, has purchased the entire issue of $500,000 10-year serial 1st M.
6% bonds and is offering them at par.
Dated Aug. 1 1914,due $50.000 yearly Aug. 1 1915 to 1924 incl., bet red.
on any interest date at par plus 1% for each year before maturity, but not
less than 2%. Interest F. & A. at office of trustee. Par $1,000. Mortgage covers 3 stool freighters-Edward A. Uhrig, J. J. Turner and Edward
U. Sanders Jr. Compare American Shibpuilding Co., V. 99, p. 200.
Southern Alberta Land Co.-Proposed Loans.-
Nov. 1.Judge Waller T. Burns on July -Sale
The debenture stockholders on June 29 authorized the receiver. Sir
21 ordered Special Master McDaniel William
to offer the property for sale Nov.
Plender, to borrow £77,000, having priority over the debenture
1 and to receive 11 bid
Theproperty stocks and on July 8. in order to provide for continuthg construction
was offered on Sept. 30 913 and Feb.
work,
13 1914, theaUpset ap
.riceon the first- to make an application to the Court to borrow a further sum of $800,000.
nameddate being $150,000 and an
the
latter date a lesser amount.-V.92. ranking in priority to the debenture stocks, maturing Dec. 31 next, and
p. 466.
carrying 7% Interest and 2I,e% commission, in order to proGvide fop
reco
conley
n:
Pacific Midway Oil Co.-Favorable
lion.
W.
tinuing construction work. The receiver explained
Decision.Register Frank Buren and
Acting High Commissioner for Canada, had offered in behalf of the DominReceiver O. W. R Robinson
ecisin
ooftilie
n Ued
United
f ion Government to lend $316,000 if the Court sanctioned the loan, in which
States Land Office in Los Angeles
handed do
favor
a
the company in the case broughthave
all deb.emiders will be given an opportunity to participate.-V.99,p.411.
dismisses the charges of by the United Statesagainst it. Thedcison
fraudulent
Southern Cotton Oil Co.-Arkansas Suits.entry upon which the contest
based.
The Government contended
was
that
Suits were filed Jan. 24 by Attorney-General William L. Moose of Arkanby G. W. McCutcheon and members of his "dummy" tries were used
family, who originally filed on sas against six cotton oil companies. asking that they be ousted from the
the land and that therefore no patent
and that fines of 34.215,000 be assesed against each, because of alvolved is 160 acres of rich land in the should be issued. The land in- State membership
in a trust formed for the purpose of controlling the price
et district. In their leged
review of the case, which occupied several
Maricopa
months
-$wia
the land officials found of cotton seed. The defendants include the company, the Buckeye Cotton
that out of the 8 mineral claims filed
Arkansas
upon
011 Co., Little Rock Cotton Oil Co., Dixie Cotton
Cotton
Co.,
Oil
the
actions
section
1900.
since
6
had been started by the McCutcheons
Co. and Rose City Cotton Oil Co. The trust, it is alleged, has been
application for patent was based on the or those working for them. The 011
in
since
operation
1
1911.
Sept.
made
"Hawk
claim,"
by
placer
8
different men. including G. W. McCutcheon.
The suits against the companies were filed under an anti-trust Act
The Govt. will appeal.
passed by the State Legislature Jan. 23 1905 and amended in 1913.
Pacific Telephone & Telegraph Co.-Setaement.providing that It shall be unlawful to form any combination to fix the
price of any
The City Attorney of Oakland some time since informed the City Council article sold in the State. The fine provided
for by the law is from $200
to
that he was ready to ask the Cal. lilt. Commission
for its approval of the $5,000 for each offense, and each day such combination is in existence
proposed compromise of the city's suit against bondsmen
of the Home Tele- constitutes a separate offense. The
-General states that many
phone Co. to collect 11100,000 forfeited at the time the Home concern was other cotton oil companies in ArkansasAttorney
have formed unlawful
absorbed by the Pacific Tel. & Tel. Co. in violation of the terms of the and that he will soon institute suit
against them.- V. 93. p. combinations
161.
THE CHRONICLE
474
Report.Southwestern Power & Light Co.-Annual
98. p. 1923.
See Amer.Power Sr Light Co. in V. 99, p. 45.-V.
Southwestern Utilities Corporation.-Annual Report.
p. 1923.
See Amer. Power & Light Co. in V. 99. p. 45.-V. 98,
ia Power Co., Fredericksburg, Va.-Merger
Spottsylvan
laws of Virginia on June 1 by
This company was organized under the
of the Fredericksburg Electric Co., the Fredericksburg
consolidation
a
all of Fredericksburg, Va., and
Co.,
Generating
Electric
Power Co. and the
of Ashland, Va. The maximum authorized
the Virginia Light & Power Co.
as to securities. &c.,
particulars,
further
No
$2,000,000.
is
stock
capital
Pres., Wm.C.Whitner: V.-P.and Treas.,
are obtainable. The officers are:
Williams. Office, Fredericksburg, Va.
B.
G.
Sec.,
Northrop;
G.
II.
Stromberg-Carlson Telephone Mfg. Co-Reorganization.
in New York on July 1 1914 with $450,The company was incorporated
has taken over the property of the old company
000 authorized stock, and
which was sold at auction on June 30
of
property
of the same name, the
trustees in pursuance of a plan of reorganby the directors and liquidating
in letter of May 14. The new comstockholders
the
to
zation submitted
has made an issue of registered 3-year
pany has not issued any bonds, but an
indenture to Fidelity Trust Co. of
6% notes dated July 1 1914 under
the Atlanta Telephone
Rochester, N. Y., as trustee, secured by deposit of redeemable
at par and
owned. The notes are
& Telegraph Co. securities Interest
J. by check. Capital
&
J.
payable
is
day.
interest
any
on
int,
$1,363.019,
assets
of
value
book
net
83,000.000;
was
stock of old company
in securities of
including $1,004,936 for Rochester plant and $395,829has
substantially
Atlanta Telephone & Telegraph Co. The new company
equipswitchboard
continue
will
supplying
and
the same officers as the old associated electrical devices. Pres., F. N.
ment. telephones and other
McCanne,
R.
W.
Mgr.,
Gen.
&
Treas.
Goodwin;
C.
F.
Vice-Pres.,
Kondolf;
and Sec., W. M. Angle.-V. 95, p. 55.
Suffolk Light, Heat & Power Co.-Authorized.-
[Void. xcm.
gether sufficient to pay the entire divs, on its auth. pref.stock. The proceeds
of this stock will retire notes payable, considerably reducing int. charges.
Preferred Stock.-Annual sinking fund. 2% of total issue onto!earnings:
One vote for each share of stock, when eight !consecutive quarterly dividends have been passed, otherwise no voting power. No mtge. without
consent of 75% or pref. stock. Redeemable any time at $120 per share
and diva
J. H. Drury, Treas.; W. B. McDirectors: John A. McGregor,
Pres.*.W. Boynton and Simon Mackay,
Skimmon, Sec.; L. S. Starrett. John
Athol, Mass.•, Augustus P. Loring, Wm. L. Putnam and Edgar T. Ward,
Boston.-V. 96. p. 558; V. 94, p. 213.
United Cigar Stores Co. of America.-Authorized.-
The stockholders on Aug. 14 approved the plan of reducing the par
value of the stock, both common and preferred, from $100 to $10 per share.
-V. 99, p. 412, 124.
United Profit-Sharing Corporation, N.Y.-Business.--
The new premium catalogue lists the following, among others, as packing
"United Profit-Sharing Coupons" with their products: Southern Cotton
Oil Co., E. It. Durkee & Co., Durham Duplex Razor Co., James Pyle &
Sons and the soap products of Swift & Co.-V.93, p. 1465.
United States Light & Heating Co., Niagara Falls.-
A. H.Ackermann,Vice-Pros. & Gen. Mgr. prior to the receivership, and
retained as Gen Mgr. under the receiver, has issued from the office at
Niagara Falls. N. Y.. the following: "The action recently sustained in the
tep etvoereyonsoeflvaer
ATiatKerty
mne
tppointment Igereceivers
a
onssfor
of three
eZvsas
neeersls
of all.
assfor
of debt, the company is amply stable, and the court's direction to continue
the business is the last proof necessary to reassure the buying public. There
are already under way plans for broad financing, and with the return of
general prosperity in the country the company intends to secure its own full
share of the business in special electrical products."-V.99, p. 412, 347.
United States Rubber Co.-Prices.-The Rubber Club
5% 25principal importers and
The P. S. Commission on July 9 authorized the issue of $72,500
Columbia- of America, which is composed of the
year refunding and extension M.bonds under the mortgage to the
bonds, manufacturers of rubber in the United States, has issued a
Knickerbocker Trust Co.(now Columbia Trust Co.), as trustee, the
transof
construction
for
so
to
$61,625
85,
as
net
to be sold at not less than lines of Long Island Lighting Co. at St. James statement on conditions in the rubber industry, due to the
mission line connecting the
war, saying in part:
with those of Suffolk Co. at Good Ground.
Tax-FreeDuring the past week rubber manufacturers throughout the United
Ref. & Ext. M. 25-year 5% Gold Bonds-Total Auth. $1.000.000,
States have been obliged to increase the prices on their manufactured
interest
with
bills
outstanding
for
Issuable at not less than 85
products from 15% to 25% on account of the crude rubber situation arising
$94,50
to Dec. 31 1912. amounting to $80,385
0 from the war between European nations. The breaking down of interIssuable at not less than 85 for additions, betterments and imexchange, together with the relatively small supplies of crude rubnational
90,700
_
provements made since Dec. 31 1912, amounting to $77,069_
ber in the hands of manufacturers, besides the difficulty of rubber Importers
at
Issuable at not less than 90.118% to retire underlying bonds
crude rubber on their future contracts through the sudden
delivering
dated
6s
income
-year
20
viz.:
$25,000
maturity,
or before
cutting off of shipping facilities, have all contributed to produce an unMay 1 1902, $20,000 1st M. 20-year 5s dated Aug. 1 1903.
precedented situation in this branch of the trade. In some cases factory
$20,000 10-year 2d 6s dated Oct. 1 1904 and $15,000 10-year 88,800 forces
have been reduced to conserve raw material supplies now on hand.
debenture 6s dated May 1 1908
72,500 These increased prices will apply to all rubber goods from automobile
Issuable for general purposes
rubber bands.
to
tires
for
general
time
to
purposes
time
from
issue
Reserved for
re0
The small stocks of spot rubber have advanced in price more than 1005'
653;,5°
Total issued or issuable as above, $346,500. Dated July 1 1913
Aug. 1, and unless the situation is in some measure relieved. there is
deemable as a whole on any interest day (J. & J.) after July 1 1918; de- since
no telling how far the advance will go. Nearly all of the carrying trade
nominations $100, 5500 and $1,000.-V. 95, P. 548.
between Brazil, the East Indies and the United States is in the hands of
ornia.-Dividend.the English, German and Dutch. It has been estimated that the total
Union Oil Co., Calif
the directors had decided to product of plantation rubber in the Far East for the calendar year 1914
It was reported in this city yesterday that on
the $46,292.800 stock re- would be 67,000 tons, as against 40,000 tons in Brazil. Of this total product
2% dividend
rescind the declaration of thepayable
Aug. 25 to holders of record July 31. the United States takes 45%, the United States being the largest single
cently made, which was to be
Union
British
Oil
the
Co. syndicate to make rubber-manufacturing company in the world. So far this year the imof
failure
on account of the
shipping conditions
payment of the second installment of $2,500,000 due this month on account portations have been well up to this estimate. Unless
Co.
011
Union
stock.
$15,000,000
of
treasury
improve greatly, the situation here outlined will be greatly aggravated as
purchase
of the
the war develops.
Damage Suit on Sunset Road Oil Co. Bonds.has filed
Sub-Company Report."Sao Francisco News Bureau" of May 27 said that the companyas
trustee
Tevis,
S.
W.
against
suit
for
$2.000.000
damage
See Rubber Goods Mfg. Co. In V. 98. p. 1534.-V. 98. p. 933. 758.
at Bakersfield a
Tevis, pledgee, and a
of the bonds of the Sunset Road 011 Co., and W. S.the
United States Steel Corporation.-Orders July 31.-See
Kern Valley Bank.
number of other defendants,including among others
First National Bank of Bakersfield. 'Trade and Traffic Movements" on a previous page.-V.99,
the State Bank Superintendent,
Co.• Western Metropolis Nat.
Canadian Bank of Commerce, Nat. Tube
Bank,the administrator of 0.5. Smith, p. 339, 204.
Bank, Metropolis Trust & Savings
out a contract stated to have been made by
Utah Light & Power Co.-Acquisitions.deceased, for failure to carryplaintiff
against the foreclosure of the Sunset
the
The Western Colorado Power Co. has taken over the properties of the
the defendants to secure transferred
from Los Angeles County. The Union Ouray
Electric Light & Power Co., Montrose Electric Light & Power Co.
011 bonds. The suit was
bonds
Oil
and other holders of the Sunset
Delta Electric Co. and Ridgeway Electric Co., and will connect them
Co. claims that W. S. Torts
of their bonds a statement to the effect and
with those formerly owned by the Telluride Power Co.,San Juan Water
agreed to have endorsed upon all
takwas
Co.
lease
011
a
to
Union
which
the
& Power Co., Durango Gas & Electric Co. and Telluride Electric Light Co.
that they were to be subordinate
Sunset company in the Sunset 011 field, and The
properties were purchased with treasury cash and no additional seing upon the property of the
signed and recorded and the plaintiffs had curities will be issued on account of the same. There are outstanding
that later, after the lease wasproperty,
which
Bank,
when the Kern Valley
common and $3,000,000 pref. and 87.837,000 2d pref. stock
825.000.000
begun drilling oil wells on the
held several hundred thousand dollars of the of the Utah Co. and $10.000,000 1st gold 5s.-V.98, p. 528.
failed in 1911 (and which
the subordination of the bonds, W. S. Tevis and
bonds) refused to agree to entered
the
into a written agreement to protect
Westinghouse Machine Co.-New Officers, irtc.the Sunset Road Oil Co.
Union Company,in
Thaw were recently elected: President, Herman H. Westinghouse:
Union Oil Co. from a foreclousre of the bonds. The
defendants
the
all
Vice-Pros. & Gen. Mjgr., H. T. Herr (re-elected): and the following three
addition to asking for $2.000,000 damages, requests that
bonds, that all the bonds be new Vice-Presidents: V.-P. in charge of finance, W.D. Uptegraff: V.-P. in
be enjoined from disposing of any of their
Company,
Union
the
to
lease
the
to
charge
of production, W. A. Bole; V.-P. in charge of sales, F. H. Sniffin.
their
subordination
endorsed to evidence
to hold the bonds for the protection of the J. D. Callery has been elected Chairman of the Executive Committee, the
and that a receiver be appointed
in other members being H. M. Brackenridge, John F. Miller, J. It. McCune
Ltd..
Co.,
011
of
pref.
Union
British
stock
of
offering
(See
plaintiff.
and W.D.Uptegraff. Charles A.Terry,a Vice-Prest. of tho Westinghouse
V. 99, p. 400.)-V. 99, p. 294, 347.
Elec. & Mfg. Co., has been elected a director to succeed George Westing-Status.Mass.-Bonds
Athol,
Co.,
house, deceased.-V.98, P. 1854.
Drill
Union Twist
Durell & Co. Inc., Boston, offered last spring at 95 and div.
6% cum. pref. (p. & d.) stock. Par value,$100. Dividends
Q.-J. Total auth. $3,000,000; issued, $2,293,800. Re'dividends.
deemable at 120 and
Western Electric Co.-Litigation Ended.-
Soo Kellogg Switchboard & Supply Co. above.-V.08.9. 997,933,
Western Union Telegraph Co.-Decision.-
The U.S. Dist.Court at Madison, WLs..early this month (Judges Sanborn,
Geiger and Kohlsaat) in suits against the company and the Philadelphia
& Reading Coal & Iron Co. held invalid the Wisconsin law under which State
charters may be revoked for the removal of cases from the State to the
Federal courts.-V.99. P. 204, 54.
J. H. Drury, Athol, Mass., Jan. 1 1914
Digest of Letter from Treas.
in Mass.In 1910. PropIncorporated in Maine in 1905: re-Incorporated
employees. Also controls, through stock
650
about
Mass.;
Athol,
erty at
(240 hands), and ButMass.
Mansfield,
ownership. S. W. Card Mfg. Co.,
Windsor Gas Co., Ltd.-Bonds Called.Line, Vt., and Rock Island, Quebec.
terfield & Co.,Inc.,(200 hands), Derby
drills, gear and miltwist
Two 1st M.5s, dated Nov. 11904,Nos. 180 and 181,for payment at 103
highest-grade
of
manufacturers
One of the largest
plant
Athol
and
of
int. on Nov. 1 at Canadian Bank of Commerce, Windsor, Ont
Sales
trade.
foreign
t., Can,large
ling cutters of all kinds. Has a1913.
V. 98, p. 242.
$1,049,371.
1908, $238.744; 1912, $874,481:
Issued.
Authorized.
Debt)Capitalization (No Funded
$3,000,000 $2,293,800
stock
6% cumulative preferred owned
-The municipal bond department of the Columbia Trust
1.190,000
1,500,000
by management)
Common stock (majority
Co., main office 60 Broadway, this city, has recently closed
Company's Balance Sheet Dec. 31 1912 and 1913.
1912.
1913.
contracts for certifying sixty issues of municipal bonds, aggre1912.
1913.
3
Liabilities$
$8,625,000 in par value. The company prepares, and'
gating
Assets542,264
seets
&
Doyle
1,017,723
Notes
5,581
260,337
9,655 certifies as to the genuineness of, issues of municipal bonds,
Cash
Interest accrued__
169,569
185,565
ace'tsrecle_
Notes&
Reserve for depree... 187,303 139,130 and has an elaborate system of safeguards
intended to insure
Mdse., supplies, &e_ 555,366 557,156 Sinking fund res've. 45,876
Holdings in sub.cos.3,022,850 500,000 Preferred stock
2,293,800 1,000,001 against both accidental over-issues and fraudulent duplica15,876
500.000 tion.
Sinking fund
190,000
1
stock
Common
639,841
Machinery & tools__ 678,780 369.910 Surplus
58,599
358,422
Land, plants, &c___ 374,350
-Thompson, Towle & Co.. have compiled in sheet form
7,591
1
Patents,designs, arc.
5,093,124 2,249,648 a list of important copper mines of the United States, Mexico
Total
2,249,648
5,093,124
to July 1914,showing in a clear manner
Total
1912. 5,000 common shares of L. S. Starrett and Canada,revised
Holdings in sub. cos.:(a) In $1,500.000
notes of L. S. Starrett Co., se- their capitalization, production, earnings, dividends, &o.,
ButterCo., $500.000. (b) InS.1913,
shares
7.500
and
pref.
Co.
Mfg.
W. Card
cured by 7,500 shares
Co., common stock, 5,000 shares, for several years, with estimates for 1914. In studying the
field & Co., Inc., pref.; L. S. Starrett
data, recent events and their influence upon the statistics
pref., 7,500 shares, $750.000; and common
$500.000; S. W. Card Mfg. Co.,Butterfield
& Co., Inc., pref. stock, 2,500 referred to should, of course, be carefully considered.
stock, 15.000 shares, $15,000; 7,850 shares, $7,850.
stock,
common
shares, $250,000;
-The old-established bond firm of Edgar, Ricker & co.,
1912 and 1911 and June 30 1910.
Results for Years ending Dec. 31 1913,
31 1911.J'ne 30'10. Milwaukee, Wis., are now occupying handsome new offices
Dec. 311913. Dec. 311912.Dec.
Years ending8645.105
8663,970
$874,481
third floor of the Wells Building in that city. The
$1.049,371
Net sales
$197,120 on the
$20,4.155
$166,997
$310.588
in high-grade public utilities and local WisNet profits
dI Co. (Years firm specialize
Butterfield
and
Years)
(Cal.
Co.
Reports of S. W. Card Mfg.
consin issues.
ending Apr. 30 1911 and 1912 and Dec. 31 1913)•
Co.: NelSales. Op.Profs.
-An "Investment Letter" has just been issued for graEL W.Card Co.: Net Sales. Op. Profs. j Butterfield
$56,883
$166,459
$76,66911911
$324,842
1911
63,597 tuitous distribution by Geo. H. Burr & Co., .14 Wall St.,
181.427
1912
130,466
411,697
1912
61.8W New York, detailing a list of high-grade securities which are
195,591
103.703 1913
396,582
1913
of (a) pref. stoek
The dividends received by the company on the holdings
are to- available at attractive prices.
Company
Starrett
in
(b)
in the Card and Butterfield companies and
475
THE CHRONICLE
AUG. 15 1914.]
711,,,eports mitt Poicuntetx s.
PUBLISHED AS ADVERT iEMEHTS.
-
LEHIGH VALLEY RAILROAD COMPANY
SIXTIETH ANNUAL REPORT-FOR THE FISCAL
Philadelphia, August 12 1914.
Company.
To the Stockholders of the Lehigh Valley Railroadannual
The Board of Directors herewith submit the for thereport
fiscal
of the business and condition of your Company
year ended June 30 1914.
MILEAGE.
and operated
The first-track mileage owned or controlled
the main line of
by the Lehigh Valley Railroad Company,
City, N. J.,
which is double track, extending from Jersey
follows:
as
is
Y.,
N.
Bridge,
Suspension
and
to Buffalo
Miles.
Lehigh Valley Railroad Company
stock
Controlled by ownership of entire capital
lease
Controlled by ownership of majority of capital stock and
lease
under
Operated
Total mileage operated (owned or controlled)
Trackage rights over railroads owned by other companies
Total first track mileage
YEAR ENDED JUNE 301914.
Company's freight, not included in the above, amounted
to 3,135,755 tons,a decrease of 186,286 tons, or 5.61 per cent.
The total freight-train mileage was 8,768,300 miles, a decrease of 935,011 miles, or 9.64 per cent.
The revenue received per freight train mile was $3.82, an
increase of $0.04, or 1.06 per cent.
The average trainload of revenue freight was 595.18 tons,
a decrease of 3.83 tons, or .64 per cent. Including Company's freight, the average trainload was 617.13 tons, a decrease of 3.58 tons, or .58 per cent.
316.90
938.90
115.37
27.73
1,398.90
44.84
1.443.74
PASSENGER.
The earnings from passenger traffic amounted to $4,795,147 44, a decrease of $72,406 59, or 1.49 per cent, compared
with the preceding year.
The total number of passengers carried was 5,729,042, an
increase of 210,518, or 3.81 per cent.
The number of passengers carried one mile decreased
6,353,172, or 2.34 per cent.
The average revenue per passenger was 83.70 cents, a
decrease of 4.50 cents, or 5.10 per cent.
The average revenue per passenger per mile was 1.807
cents, an increase of .015 cent, or .84 per cent.
The average distance traveled by each passenger was 46.31
miles, a decrease of 2.92 miles, or 5.93 per cent.
Passenger train mileage was 4,340,095, a decrease of 150,918 miles, or 3.36 per cent, as compared with a decrease in
this revenue of 1.49 per cent.
The average revenue from passengers per passenger train
mile was 110.48 cents, an increase of 2.10 cents, or 1.94
per cent.
miles, or 41.24
In addition to the above, there are 595.36
third track, 44.84
per cent, of second track, 99.51 miles ofof
yard tracks and
miles of fourth track and 1,207.56 miles
at the
sidings, a total of 3,391.01 miles of track in operation
mileage is
close of the year. A detailed statement of track
The average
shown on pages 49 to 51 [pamphlet report].
number of miles of railway operated for the year was 1,439.99,
upon which the mileage statistics in certain tables submitted
in this report are based.
the preceding
The total increase of 36.18 track miles over of
the Seneca
construction
year is due, in the main, to.thetrack
and additional sidings
Falls Branch, extension of third
at terminals and important yards.
MAIL.
The sum of $195,052 87 was received from the Federal
OPERATING REVENUES AND EXPENSES.
the total revenues and Government for the transportation of United States mails, an
The following statement sets forth
for the fiscal year, increase of $3,231 76.
operation
from
revenue
net
and
expenses
EXPRESS.
income, compared
other
and
operations
outside
including
not
The revenue from this class of business amounted to $443,The complete
1913.
year
fiscal
the
for
figures
similar
with
971 75, a decrease of $62,219 36.
income account appears on a subsequent page.
OTHER TRANSPORTATION.
OPERATING REVENUES.
Increase (-I-) or
The earnings derived from transportation other than
(-).
Decrease
1913.
1914.
From74 shown under the preceding headings were $478,453 44, an
$18,492,683 35 $20,385,389 09 -$1,892,705 86
Coal freight
increase of $62,721 73.
15.026,684 11 16.339.748 97 -1.313,064
Merchandise freight
4,795,147 44
195,052 87
443,971 75
478,453 44
351,570 99
Passenger
Mail
Express
Other transportation
Miscellaneous
4,867,554 03
191,821 11
506,191 11
415.731 71
336,935 87
Total operating revenues $39,783,563 95 $43,043,371
OPERATING EXPENSES.
Maintenance of way and
structures
Maintenance of equipment
Traffic expenses
Transportation expensesGeneral expenses
1914.
$4,575,061 96
7,011,946 34
1,002.872 11
14,071.182 70
948,098 72
-72,406 59
+3,231 76
-62,219 36
+62,721 73
+14,635 12
89 --$3.259,807 94
Increase (4-) or
Decrease (-).
1913.
55.694,422 24 -$1,119,360 28
-549,324 53
7,561,270 87
+20.014 45
982,857 66
+77,565 35
13,993.617 35
+72.447 27
875,651 45
57 -$1,498,657 74
Total operating expenses $27,609,161 83 $29,107,819
-$1,761.150 20
32
Net operating revenue__$12,174,402 12 $13,935,552
Ratio of operating expenses
to operating revenues....
69.40%
67.62%
+1.78%
OPERATING REVENUES.
COAL FREIGHT.
The transportation of coal and coke produced a revenue of
$18,492,683 35, a decrease of $1,892,705 74,or 9.28 per cent,
as compared with the preceding twelve months.
The percentage of coal freight revenue to total operating
revenues was 46.48 per cent, a decrease of .88 per cent.
The coal and coke transported, excluding the Company's
supply coal, was 16,464,948 tons, a decrease of 1,430,459
tons, or 7.99 per cent.
This class of tonnage was 55.02 per cent of the total tonnage hauled during the year, a decrease of .27 per cent.
MERCHANDISE FREIGHT.
The revenue received from the transportation of merchandise freight was $15,026,684 11, a decrease of $1,313,064 86,or 8.04 per cent,as compared with the preceding year.
The revenue derived from the transportation of merchandise freight was 37.77 per cent of the total operating
revenues, a decrease of .19 per cent.
The tonnage moved, excluding Company's material, was
13,459,171 tons, a decrease of 7.00 per cent.
GENERAL FREIGHT.
The total revenue from both coal and merchandise freight
was $33,519,367 46, a decrease of $3,205,770 60, or 8.73 per
cent, as compared with the preceding twelve months.
The entire freight traffic amounted to 29,924,119 tons,
a decrease of 2,443,677 tons, or 7.55 per cent.
The number of tons carried one mile was 5,218,751,555,
a decrease of 593,633,362 ton miles, or 10.21 per cent.
The average haul was 174.40 miles,a decrease of 5.17 miles,
or 2.88 per cent.
The average revenue per ton was 112.01 cents, as compared with 113.46 cents last year, a decrease of 1.45 cents,
or 1.28 per cent.
MISCELLANEOUS.
Miscellaneous revenue amounted to $351,570 99, an increase of $14,635 12.
OPERATING EXPENSES.
MAINTENANCE OF WAY.
The expenditures for maintenance of way and structures
amounted to $4,575,061 96, a decrease of $1,119,360 28, or
19.66 per cent, as compared with the preceding year.
Seven steel bridges, one concrete-steel bridge and seven
steel reinforced concrete culverts were built in connection
with additional track construction. Eighteen steel bridges
and six concrete-steel bridges were placed in the track, replacing light iron or wooden bridges and seven iron bridges
were strengthened. Seven bridges were replaced by pipe
culverts and three iron bridges were abandoned and the
openings filled. One steel highway bridge with concrete
floor was built to eliminate a grade crossing, one wooden
highway bridge was replaced by a steel structure and one
iron highway bridge was replaced by a new steel bridge with
concrete floor. One arch culvert was extended for two additional tracks and another was filled up and abandoned.
4,203 tons of 110-pound rail, 21,440 tons of 100-pound
rail and 31 tons of 90-pound rail, together with necessary
frogs, switches, etc., were placed in the track.
1,146,583 tie plates and 238,649 anti-rail creepers were used.
809,663 cross ties, 2,323,285 feet B. M. switch ties,
615,754 feet B. M. bridge ties and lumber amounting to
4,139,088 feet B. AC were used.
537,952 of the cross ties, 1,882,832 feet B. M. of switch
ties and 560,112 feet B. M. of bridge ties were treated with
creosote.
40,761 cubic yards of crushed stone were used in ballasting
in the roadbed.
track. 40,512 feet of drain tile were placed
wire
1,630.47 miles of copper and 148.76 miles of iron telewere used in extending and renewing the telephone,
graph and signal wires on the system.
MAINTENANCE OF EQUIPMENT.
The sum of $7,011,946 34 was expended for the maintenance of equipment, a decrease of $549,324 53, or 7.26 per
cent, as compared with the preceding twelve months. Ineluded therein is a charge of $1,234,729 16 for the depreciation of equipment, as called for by the accounting requirements of the Inter-State Commerce Commission.
Sixteen worn-out locomotives, one combined passenger
and baggage car, one express car, 730 freight equipment
cars and forty-two road service cars were condemned and
either sold or destroyed during the year and their value
written off the books by appropriate charges through operating expenses.
476
TIIE CHRONICLE
Three library buffet cars were converted into combined
pamenger and baggage cars, one baggage and express car into
woombined baggage and mail car, three passenger coaches
and one combined passenger and baggage car into workmen's
cars and 169 produce cars into ice cars. Three combined
passenger and baggage cars were transferred to caboose
service and 140 freight equipment cars to road service.
One light passenger engine has been converted into an
inspection engine. Seventy-six locomotives have been
equipped with additional air pumps and fifty-two with bull'seye lubricators, replacing old tubular lubricators, to meet the
requirements of the Inter-State Commerce Commission.
1,044 locomotives received heavy and general repairs.
411 passenger equipment cars received heavy repairs, 252
were painted and varnished and thirty-six equipped with
electric lighting apparatus. Two dining cars, twelve wooden
coaches and one milk car were equipped with steel underframes.
Steel underframes were applied to 1,779 wooden freight
and coal cars, making a total of 12,372 cars so equipped
during the last six years. 9,643 freight equipment cars, 154
passenger equipment cars and thirty-nine road service cars
were equipped with safety appliances to conform to the requirements of the Inter-State Commerce Commission. 261
steel coal cars and high side gondolas, of 100,000 pounds
capacity each, were equipped with solid steel wheels. 27,480
freight equipment cars received heavy and general repairs.
The total number of locomotives on hand at the close of
the year was 947, with a tractive power of 30,231,790
pounds. The total number of freight equipment cars was
46,080, with a capacity of 1,710,000 tons.
[VOL. xc
track system of 12.07 miles on an ascending grade
between
the former point and Stafford. This improvem
greatly facilitate the movement of freight trains. ent will
213,259 feet, or 40.39 miles.
, of Company's sidings and
20,117 feet, or 3.81 miles, of industrial sidings,
were constructed during the year.
The excavation of the rock cut and the building
of the
necessary concrete retaining walls to provide
for the
construction of a switching lead from Florenceroom
mentioned in the preceding annual report, have beenYard,
completed
and the construction of the track will be undertake
n shortly.
An additional switching lead and tracks for cripple
cars
were constructed at Richards. A trestle with the necessary
tracks for transferring bulk freight was built at Suspension
Bridge and tracks with a capacity of forty cars to provide
for the transferring of freight from crippled cars were
constructed at Tifft Farm, Buffalo. The yards at Plainsville,
Delano and South Plainfield were enlarged, resulting in
increased capacities of 205, 93 and 80 cars, respectively, and
the yard for the interchange of business with the New York
Central & Hudson River Railroad at Sterling was re-arrang
and the capacity slightly increased. The yard tracks ed
at
Ithaca were moved to a new location, the land on which they
formerly laid having been transferred to the State of New
York for barge canal purposes.
Additional freight delivery tracks, with paved driveways
were constructed at East 22nd Street, Bayonne, and the,
driveways leading to the freight house at Elmira, the passenger and freight stations at Cortland and the passenger
sta.,tion at Hazleton were paved.
The concrete and steel transfer platforms, with necessary
TRAFFIC EXPENSES.
office and other buildings at Manchester, mentioned in the
The expenditures under this heading amounted to
last annual report, have been completed and placed in
opera$1,002,872 11, an increase of $20,014 45, as compared with the tion. To facilitate the transferring of freight, electricall
y
preceding twelve months.
operated trucks are used.
Seventeen
stalls
reinforced
of
concrete
TRANSPORTATION EXPENSES.
construction, each
The cost of conducting transportation was $14,071,182 70, 102 feet in length, were added to the Coxton roundhouse,
making
thirty-tw
total
of
a
o
stalls,
and
increase
in connection therean
of $77,565 35, or .55 per cent, over the preceding
with a steel and brick machine shop was constructed.
year.
To
improve
method
the
cleaning
of
the
interior of freight
The ratio of transportation expenses to total operating
revenues was 35.37 per cent, as compared with 32.51 per cars used in the transportation of grain and grain products,
a track with platform and hot-water connections was incent last year, an increase of 2.86 per cent.
stalled at Tifft Farm, Buffalo. The rebuilding of the ore
GENERAL EXPENSES.
at that point, mentioned in the preceding annual reThis class of expenses amounted to 8948,098 72, or 2.38 dock
port, was completed, and an electric car-haulage system was
per cent of the total operating revenues. The increase of installed
on the coal-shipping trestle.
$72,447 27, as compared with the preceding year, is due
Hollow tile and concrete structures were erected as folalmost entirely to the expenses incurred in valuing
the com- lows: A passenger and freight station at Gorham, a passenpany's property.
ger station at Lehighton, a freight house at East 22nd Street,
TAXES.
and a tool and bunk house at Vosburg.
The taxes accrued on your property, capital and business Bayonne,
An ice house of 1,000 tons capacity was erected at Mauch
during the year amounted to $1,691,241 47, an increase of
Chunk. The ice house at Jutland was enlarged and the
2,090 08 over the preceding year.
freight station and platform at Rochester were extended.
At Warren Street, Jersey City, the milk platform was exADDITIONS AND BETTERMENTS.
tended and the driveway paved.
ents were made
'there was expended during the year, for the acquisition to the milk-shipping stations at Improvem
Wysox, Springof new property and for the improvement and development ville, Freeville, Truxton and Fair Jutland,
Haven.
of existing property, the sum of $7,647,524 25, which was
At Wilkes-Barre, Cortland, Auburn and Canastota 46-ft.
charged to Additions and Betterments. A statement of track scales were installed, replacing
these expenditures, classified, as required by the Inter-State track scales at National Stores were 38-ft. scales, and the
strengthened and moved
Commerce Commission, appears on page
[of pamphlet to a new location.
report]. The more important expenditures46
An air-testing plant was installed in the Claremont Yard,
are here specifically referred to:
Jersey City, and air compressors were placed in the engineThe new equipment purchased and added to the property house at
Lehighton and the machine shop at Hazleton. A
during the year is as follows: Thirty-eight freight locomo- new air compresso
r with necessary extensions of the pipe
tives, seven passenger locomotives, fifteen switching locomo- lines, and an electric
for lighting the buildings and
tives, seven locomotive tenders, thirty-five steel passenger yard, were installed generator
at Delano. A thirty-ton electric dercoaches, one thousand 80,000-pound steel underframe box rick was erected
at Easton.
cars, two thousand 100,000-pound steel coal cars, twenty-six
At Coxton and Lehighton 100-ft. electrically operated
100,000-pound flat cars, three steel well cars of 220,000 turntable
s were installed and the 75-ft. turntable replaced
pounds capacity each,one hundred eight-wheel cabooses, two Coxton was
at
moved to Towanda. The 60-ft.
locomotive cranes and one 120-ton steam derrick. A portion
Auburn was replaced with a 70-ft. table andturntable at
an electric
of this equipment is covered by the equipment trusts men- tractor was installed on the
one at Cortland.
tioned in detail under the heading Financial."
Eighteen gasoline motor cars were purchased for
In addition to the foregoing, orders have been placed
section, bridge, signal and telegraph gangs, making use of
three passenger locomotives, ten switching locomotivfor
a total
es, of ninety-nine now in service.
thirty steel passenger coaches, ten steel smoking cars,
Two
40,000-gallon
standard
steel
water tanks were erected
Awenty-five steel baggage cars, twenty-five 80,000-pound at the Lehighton
enginehouse, replacing one wooden
flat cars and twenty-four 100,000-pound flat cars.
tank,
and a new 50,000-gallon wooden tank on concrete
Construction work in connection with the passenger and was erected at Richford.
foundation
A
brick
addition is being made to
freight terminals at Buffalo is being advanced as rapidly as the pumphouse at
Manchester and new large-capacity
possible. The raising and lengthening of the viaducts pumps with boilers
steam
are being installed. Owing
to the recarrying the several streets over the right of way was prac- curring shortage of water on
the
Mountain Cut-Off during
tically completed June 30th. Detailed plansfor the station the summer season, an
emergency pumping system was in• structures are in course of preparation and work will be start- stalled in connection with
the
ed thereon at an early date, as provided in the contract with drawing water from another Gardner's Run water station,
source. Extensive improvethe City of Buffalo.
ments are being made in
n with the water supply at
The extension of the Seneca Falls Branch for a distance of Lehighton and Packertonconnectio
, comprising the construction of a
5.7 miles to a connection with the New York Central & reservoir of 5,000,000 gallons
Hudson River Railroad, the re-building of the Cayuga dam across Mahoning Creek, capacity on Beaver Run and a
• Branch and the installation of the necessary "Y" connection machinery and necessary pipetogether with electric pumping
with the Auburn & Ithaca Branch at Cayuga Junction were dependent and ample supply oflines, whichwill afford an inwater for the locomotives and
completed and the line placed in operation on July 1 1914. shops at those points.
These improvements, together with trackage rights over the
Mechanical interlocking plants were
installed at the coal
New York Central & Hudson River Railroad for a distance docks at Perth Amboy and
at the ends of the third and
of 2.2 miles, mentioned in the preceding annual report, will fourth tracks west of Flagtown
shorten the haul from Auburn and points north to Geneva interlocking at Pittsburgh & . A complete revision of the
Lehigh Junction was made in
and points west by 55.2 miles.
connection with the third-track work in that vicinity. ImThe third track from Pittsburgh and Lehigh Junction to provements were made to
the interlocking plants at East
North LeRoy, a distance of 4.98 miles, referred to in the last
Junction, Packerton, Black Creek Junction, Hazle
annual report, was completed, making a continuous third- Penn
Creek Junction, Pittston Jimetion and Tifft Farm Junction.
AUG. 15 1914.]
THE CHRONICLE
477
treasury and are available for sale or other disposition as ocThe Lehigh & Lake Erie and Ithaca Branches have been casion
may require. This trust is a lien upon one thousand
-quadrant
completely equipped with three-position upper
third self-clearing double-hopper steel coal cars of 100,000 pounds
automatic acetylene-gas-lighted signals and the new Leroy
capacity each, one thousand steel underframe box cars of
track from Pittsburgh & Lehigh Junction to North The 80,000 pounds capacity each and twenty-five freight locomowith two-position lower-quadrant automatic signals.
g tives.
automatic disc signals between Slatington and Phillipsbur
An additional Equipment Trust, known as Series M,covsighave been replaced by three-position upper-quadrant
the issue of $1,800,000 Four and One-half Per Cent
ering
signals
disc
nals, acetylene-gas-lighted, and the automatic
, was also authorized and will be a lien upon one
Certificates
twoby
replaced
between Athens and 14,,ceyville have been
earing double-hopper steel coal cars of 100,self-cl
thousand
were
signals
position lower-quadrant signals. Mechanical to protect 000 pounds capacity each ,sixty-five steel passenger coaches,
Quakake
installed at Gerhard's, Stewarts and
electric twenty-five steel baggage and express and ten steel smoking
crossovers at those points. Controlled absolute
cars. This equipment is now under construction and delivmanual
and
block signals were placed at New Boston Junction
ery will be completed in the near future, at which time the
Carmel.
absolute block signals were installed at Mt.were installed at certificates will be executed and placed in the treasury.
Visible and audible crossing signals
crossings visi- These certificates will mature in annual installments of
nine highway crossings at grade and at three
already in $200,000 on March 1st each year, commencing March 1
signals
ble features were added to the audible
1915, the last installment falling due March 1 1923.
service.
The advances made by the Lehigh Valley Railroad Comlines were erected for
New telegraph and telephone pole
to subsidiary companies, of which it owns the entire
pany
Division,
Lehigh
&
Jersey
a distance of 1.50 miles on the New
stock, were reimbursed by the issuance of Fifty-Year
capital
miles
5.70
Division,
.33 mile on the Malianoy & Hazleton
Cent Gold Debentures,as follows:
Per
Five
Division.
Buffalo
the
on
on the Auburn Division and .35 mile rebuilt for a distance of The Lehigh Valley Railway Company
$3,000.000
275.000
Lehigh Valley Railroad Company of New Jersey
Telegraph and telephone lines were
the
on
miles
14.65
175.000
on
Company
Valley
Division,
Transportati
Lehigh
1.58 miles on the New York
135.000
& New York Canal & Railroad Company
Pennsylvania
Wyoming
the
On
miles
10.65
35000
,
Company
New Jersey & Lehigh Division,
Storage
National
miles
22.35
and
Division
18.000
Auburn
Easton & Northern Railroad Company
Division, one mile on the
of
Company
Railroad
distance
a
Montrose
for
reset
were
Poles
on the Buffalo Division.
18.30
These securities, with the exception of those issued by
38.55 miles on the New Jersey & Lehigh Division and
the Montrose Railroad Company which are in your treasury,
miles on the Wyoming Division.
have been deposited with the Trustee as required by the
FINANCIAL.
terms of the General Consolidated Mortgage. Included in
of
$2,000,000
the advances to The Lehigh Valley Rail Way Company,
To provide cash funds for the retirement
Company Five and for which $3,000,000 of debentures as above were received,
Elmira Cortland & Northern Railroad
the
pur1914,
1
April
Six Per Cent Bonds which matured prosecution of needed is the sum of $2,000,000 which was used to retire a like
chase of additional equipment and the Company issued, un- amount of bonds of the Elmira Cortland & Northern Railroad Company which matured April 1 1914, that company
improvements to the property, your
dated September 30 having been merged with The Lehigh Valley Rail Way
der its General Consolidated Mortgage
Bonds,
Gold
Cent
Per
Company in February 1905.
1903, $10,000,000 Four and One-half
the proceeds
There have also been received and placed in the treasury
Maturing May 1 2003, which were sold, andThe
mortgage
purposes stated.
of your Company $30,000 Wyoming Valley Water Supply
used or will be used for the
inbearing
bonds
of
the issuance
Company First Mortgage Five Per Cent Bonds, in reimin question provides for Company
may,from time to tune, bursement of advances made to that company for capital
terest at such rate as the exceeding five
per
annum.
cent
per
expenditures.
determine, up to but not
that mortgage
The account "Advances to Subsidiary Real Estate ComAlthough previous issues of bonds under
careful
after
cent,
per
panies" shows an increase of $117,020 74 over the preceding
have been at the interest rate of four
deemed
advisable
was
year, due to additional real estate acquired for terminal
reflection by the Board of Directors, it
rate of four and and other improvements.
to have the above issue bear interest at theexisting
condition
The charter of the Penn Haven Junction & Glen Onoko
one-half per cent per annum,in view of the
Railroad Company, organized in 1902 to project a branch
of the market for railroad securities.
capital
new
These $10,000,000 bonds represent the only
line from Penn Haven Junction to Glen Onoko, was allowed
obligations issued and sold by your Company to provide it to lapse, as there was no further necessity for maintaining
stockto
that corporation. The nominal amount of capital stock
with funds for capital expenditures since the sale
par, issued has been written off the books.
holders, in 1910, of 403,338 shares of capital stock at viz.,
then,
In accordance with the practice in preceding years, the
which produced funds of $20,166,900. Since
es book value of the capital stock of Coxe Brothers & Company,
July 1 1910, the Company has made capital expenditur
obliof
(referred to in the yearly reports) for the retirement prop- Incorporated, has been reduced by the sum of $1,000,000,
Profit and Loss having been charged with that amount.
gations in the hands of the public, acquisition of new
Materials and Supphes on hand at the close of the year
erty and improvements to existing property, as follows:
amounted to $3,373,260 78, a decrease of $492,084 99.
Securities in Hands of Public Retired—
Working Assets are $33,077,353 61 in excess of Working
Bonds:
00
Lehigh Valley RR. Co. 2nd Mtge. 7% 4%66,000,000
Liabils.itie
Lehigh Valley RR. Co. Collateral Trust
00
4,000,000
Semi-annual dividends of five per cent each on the pre(matured)
Lehigh Valley RR. Co. Collateral Trust 4%
ferred and common capital stocks of the Company were
1,255,592 89
(purchased)
declared in December 1913, payable in January 1914, and
Elmira Cortland & Northern RR. Co. 1st
750.000 00
Mtge. Preferred 6%
quarterly.dividends of two and one-half per cent each were
Elmira Cortland & Northern RR. Co. First
1.250.000 00
declared in March and June 1914, payable in April and July
Mtge.6%
00
2,000,000
%
Equipment Trust, Series J,Certificates 4
$15.255.592 89 1914, respectively.
Certified public accountants have verified the cash and
Capital Stock Guaranteed by Lehigh Valley RR.Co.'
Morris Canal & Banking Co Preferred 10% _$1 476*,917 65
of the Company for the year and furnished
472,027 12-1,948,944 77 security balances
Morris Canal & Banking Co.
* Consolidated 4% '
115,000 00 a certificate as to the correctness of the same, which is given
Real Estate Mortgage _
Expenditures for Property—
_ ----------------ion-----ConstructHays
Branches__ -- 1,069,889 74 on page 21 [of pamphlet report].
Creek
and Buck Mountain
New property and additions and betterments chargeable to
Capital Accounts of Lehigh Valley RR. and subsidiary
9 911 766 73
companies --12:028:267 86
Rolling Stock and fkia-in-----------------$40,329,461 99
Total July 1 1910 to June 30 1914
20.166,900 00
Proceeds of increase in capital stock In
1910
Inustve
$20,i62.561 99
Balance
From the foregoing it will be observed that up to the close
of the present fiscal year the Company has expended $20,162,561 99 in excess of the funds raised by the increase in
the capital stock. That portion of the funds representing
this balance, not derived from the sale of the $10,000,000 of
bonds referred to, has been provided out of the cash resources
of the Company.
The following capital obligations of your Company matured and were retired during the year:
Interest
Amount.
Description—
Maturity.
Rate.
Collateral Trust Bonds
Feb. & Aug. $1,000,000
Equipment Trust, Series I. Certificates
000
00.°°
10
5
Equipment Trust, Series J, Certificates- 444
_eepvt. '
)
.tr4
1% MSaerp
300.000
Equipment Trust. Series K. Certificates
4% Mar. & Sept.
Elmira Cortland & Nor. RR.
ponds::750,000
First Mortgage,Preferred Co.*
April
6%
1.250.000
First Mortgage
5%
_______
Total ____________
____________________________ $4,200,000
An Equipment Trust, designated Series L, was created
during the year, under which were issued $2,400,000 Four
and One-half Per Cent Certificates, maturing in semi-annual
installments April 1st and October 1st, each year, the final
maturity being October 1 1919. $200,000 matured April 1st
and the remainder, $2,200,000, have been placed in the
GENERAL REMARKS.
The Company has experienced a sharp decline in its earnings for the year under review from practically all sources
of revenue as a result of the general business depression
throughout the country. In addition, the earnings from
the transportation of anthracite coal have been adversely
affected by dull trade conditions in that commodity incident
to the exceptionally mild winter, particularly in the Northwest. Some reduction was effected in the operating .expenses, but with the high rates of wages paid and high prices
of all commodities required in railroad operation,it was impossible to reduce expenses proportionately to the falling off
in earnings. The increase due to compliance with the socalled Full Crew Laws of the States through which your
Company's lines pass and the increases granted labor
amounted to approximately $375,000 for the year. All
work not immediately necessary for safety and economy of
operation or to maintain the property in its usual high state
of efficiency, together with such improvements and extensions as could be deferred, has, of course, been suspended
.
until general business improves.
In order to establish a closer relationship in the operation
of the Lehigh Valley Railroad Company of New Jersey, which
is owned by your Company, it was deemed advisable to
effect a lease of the property and appurtenances of the
New Jersey Company. Accordingly, by proper action of
both Companies and with the approval of the Board of
Public Utility Commissioners of New Jersey, a lease has been
478
THE CHRONICLE
(VoL. actpc.
consummated for a term of ninety-nine years from July 1
PROFIT AND LOSS ACCOUNT FOR
1914, the consideration being the- cost of maintenance,
JUNE 30 1914. THE YEAR ENDED
taxes, the payment of interest on all bonded and other in- Balance. July 1
Dr.
Cr.
1913
debtedness, and providing also for reimbursement, by the Net income for year
$25,066,231 42
ended June 30 1914
7.056,659 69
of book value of capital stock of
issue of securities to your Company, for amounts expended Reduction
Coxe Brothers & Co., Inc
for additions and betterments to the property.
Discount on general consolidated mortgage $1,000,000 00
bonds sold
The Lehigh Valley Transportation Company, the entire Property
1.000.000 00
abandoned
capital stock of which is owned by your Company, has Miscellaneous
78,492 83
adjustments
84,914 53
fully maintained its floating equipment and has, in fact, Dividends:
5%
on
preferred
stock
stock,
added to the same during the year by the purchase of one
paid Jan. 10 1914
$5,315 00
57. on common stock, paid
steel tug, one steam lighter, one steel car float, two steam
Jan.10 1914
3,025,085 00
hoisting barges,five covered refrigerator barges, five covered
23,4% on preferred stock,paid
house barges and five open lighters equipped with gasoline
April 11 1914
2,657 50
23,4% on common stock, paid
hoists. In addition to the above, five covered house barges
April 11 1914
1,512,542
50
were ordered but have not as yet been delivered. One cov23,4% on preferred stock, due
July 11 1914
ered barge was converted into a cattle boat, one fuel lighter
2.657 50
234% on common stock, due
was sold, and nine barges, unfit for further service, were
July 11 1914
1.512,54250
condemned and sold. The inventory of equipment on page
6,060,800 00
Balance,
June 30 1914
23.898,683 75
48[of pamphlet report]shows in detail the floating equipment
used by your Company and its affiliated companies.
$32,122.891 11 $32,122,891 11
Thus far the Legislature of the State of New Jersey has
Balance broughtforward July 1 1914
$23.898,683 75
failed to pass any bill which would relieve the Company
GENERAL BALANCE SHEET JUNE
from the necessity of operating the Morris Canal and settle
30 1914.
the various matters in dispute with the State, although every
Dr.
ASSETS.
and Equipment-effort has been made in that direction by your Company. Road
Investment to June 30 1907
$54,365,714 13
Further efforts to bring about a satisfactory adjustment
Investment since June 30 1907
24,065,602 97
of the points at issue are being made.
10
Your Company entered into a contract with the American
Less reserve for accrued depreciation_ ---$78,431.317
7.167,563 18
•
Express Company covering the handling of express business
$71,263,753 92
Securitiesover your lines beginning July 1 1914, the United States
Securities of proprietary, affiliated and
controlled companies-pledged
Express Company, which formerly handled this business,
Securities of proprietary, affiliated, and$35,717,451 58
having served notice terminating its contract with your
controlled companies-unpledged
3,978.432 83-39,695,884 41
Company, effective June 30 1914.
Other InvestmentsAdvances to proprietary, affiliated and
A loss of $199,598 04 for the year was experienced in the
controlled companies for construction,
operation of the Lehigh & New York Railroad under the
equipment and betterments
$211.036 79
Real estate
lease made in 1895.
479,785 99
Advances to subsidiary real estate comFifty-nine new industries were located on the system durpanies
3.325.381 40
Securities-pledge
d
ing the year, of which forty-nine have direct track connec26,911,855 93
Securities--unpledged
8,424,332 93-39,352.393'04
tions with your Company's lines.
Working AssetsCash
There were no fatalities to the 5,729,042 passengers
$11,020,820 79
Securities issued or assumed-held in
carried during the year resulting from a train accident.
treasury
18.711,00000
Marketable securities
There has further been a very gratifying decrease in the
325,000 00
car-service
balances
and
Traffic
due
from
injuries to employees as a result of the Safety Committee
other companies
198,666 03
work conducted by the Company and its men.
Net balance due from agents and conductors
804.100 06
The total payments direct to labor for the year amounted
Miscellaneous accounts receivable
2,556,328 63
to $17,120,151 82, or 56.30 per cent of the total operating
Materials and supplies
260
63 78
3,3
16
73
2:7
Other working assets
expenses, including outside operations, the same having
03-37,151,93932
Accrued Income Not Duebeen distributed among an average of 22,017 employees.
Unmatured interest, dividends and rents
receivable
Your Company contributed $59,677 13 to its Employees'
233.149 97
Deferred Debit ItemsRelief Fund.
Advances
$1,116.597 55
Rents
and insurance paid in advance
"Mr. Morris L. Clothier of Philadelphia and Mr. William
147.007 58
Other deferred debit items
1,345,342 99- 2.608.948 12
P.Clyde of New York were elected Directors to fill the vacanTotal Assets
cies caused by the resignations of Mr. George F. Baer and
6190.306,068 78
Mr. Charles Steele.
Cr.
LIABILITIES.
The Directors thank the officers and employees for their Capital Stock1,210,034 shares common stock, par $50-360.501.700 00
faithful and efficient services rendered during the year.
2,126 shares preferred stock. par $50_
106,300 00
E. B. THOMAS, President.
860,608,000 00
COMPARATIVE INCOME ACCOUNT FOR THE YEARS ENDED
JUNE 30 1914 AND 1913.
Increase (4-) or
1914.
1913.
Deel ease (-).
Operating Revenues$
$
$
Coal freight revenue
18,492.683 35 20,385,389 09 -1,892,70574
Merchandise fr't revenue_ _ _15,026,684 11 16.339,748 97 -1,313,064 86
Passenger revenue
4.795,147 44 4,867,554 03
-72,406 59
Mail revenue
195,052 87
191,821 11
+3,231 76
Express revenue
443,971 75
506,191 11
-62,21938
Other transport'n revenue
478,453 44
415,731 71
+62.721
73
Miscellaneous revenue
351.570 99
336,935 87
+14,635 12
Total operating revenues_39,783,563 95 43,043.371 89 -3.259,807 94
Operating ExpensesMaintenance of way and
structures
4,575.061 96 5,694,422 24
Maintenance of equipment_ 7,011,946 34 7,561.370 87 -1.119,36028
-549,324 53
Traffic expenses
1,002,872 11
982,857 66
20,014 45
Transportation expenses_ _ _14,071,182 70 13,993,617 35
+77.56535
General expenses
948,098 72
875,651 45
72.447 27
Total operating expenses_27,609.161 83 29,107,819 57 -1,498.657 74
Ratio of operating expenses
to operating revenues_ _ -(69.40%)
(67.62%)
(+1.78%)
Net operating revenue_ _ _12,174,402 12 13.935,55232 -1,761,150
20
Outside Operations, Net
*280,244 11 *280,210 32
-33 79
Total Net Revenue
11,894,158 01 13,655,342 00 -1,761,183 99
Railway Tax Accruals
1.549,89538 1.447.205 04 +102.69034
Operating Income
10.344,262 63 12.208,136 96 -1,863,87433
Other IncomeHire of equipment-Balance 327.655 51
286,732 93
+40,922 58
Joint facility rent income__ _ 402,957 70
416,543 34
--13,585 64
Dividend income
x1,241,034 58
666,123 10 +574.911 48
Income from funded secur's 423,060 00
382.314 16
+40,745 84
Miscellaneous income
469,564 64
552,041 07
-82.476 43
Total other income
2,864,272 43 2,303,754 60 +560.517 83
Total Income
13,208,535 06 14,511.891 56 -1,303,35650
Deductions from IncomeInterest deductions for
funded debt
3,308,428 49
Deductions for lease of other
roads
2.212.420 00
Joint facility rent deductions 210,322 40
Miscellaneous tax accruals_
141,346 09
Miscellaneous deductions
279,358 39
Total deductions from
income
6.151,875 37
Net Income
7,056.659 69
3,127,360 15
+181,06834
2,239,295 00
167,062 33
161,946 35
54,399.51
-26,875 00
+43,260 07
-20,600 26
+224.958 88
5,750.063 34
+401.812 03
8,761,828 22
1.705,168 53
*Deficit. z Includes dividend of $685.080 00 on stock of Temple Iron
Co
*Funded DebtMortgage bonds
$77.639,000 00
•
Collateral trust bonds
12,000,000 00
Equipment trust obligations
6,200,000 00
Mortgage on real estate
1,669 18-95,840,669 18
Working LiabilitiesTraffic and car-service balances due to
other companies
$29,681 68
Audited vouchers and wages unpaid
2,985,982 79
Miscellaneous accounts payable
182,702 14
Matured interest, dividends and rents
unpaid
413,396 75
working
liabilities
Other
462,822 35-- 4,074,585 71
Accrued Liabilities Not DueUnmatured interest and rents payable_ _ _ $033,041 33
Dividends declared June 17, due July 11
1914
1.515.200 00
Taxes accrued
505,778 60- 2.954,019 93
Deferred Credit ItemsOther deferred credit items
2,930,11021
Profit and Loss
23,898,683 75
Total Liabilities
$190,306,068 78
*$18.711,000 00 held in the treasury of the Company.
STATEMENT OF FUNDED DEBT JUNE 30 1914.
nterest--Description-Date of
AceruedDuriny
Maturity. Rate. Payable. the Year. Principal.
Lehigh Valley RR.Co.
First Mortgage Bonds
June 1 1948 4% 3. & D. 1200,000 $5,000,000
Consolidated Mtge. Bonds:
$1,319,000 Dec. 1 1923 6% J. ar.o.
Coupon
4,319,000 Dec. 1 1923 6%
Registered
10,062,000 Perpetual
Annuity
6%
942,000 15,700 000
$1,669,000 Dec. 1 1923 43.4%
Coupon
Registered._ 3,093,000 Dec. 1 1923 43,4%
Annuity ____ 2,538,000 Perpetual
%
328,500 7,300,000
General Consolidated Mort-}May 1 200314% M.& N. 1,065,560 26,639,000
gage Bonds
1434%
241,250 10,000,000
"
$500,000 semlCollateral Trust Bonds.__ annually to 4% F. & A. 442,893 10,739,000
Feb. 1 1926
Equipment Trust, Series $250,000 seml3, Certificates
annually to 454%M,86 8. 88,125 1,750.000
Sept. 1 1917
1,669
Mortgage on Real Estate. _
100
--$3,308,428 $77,129.669
Total amount of funded debt outstanding
Amount of Funded Debt in the Treasury of the Company. v12.:
13,000,000
General Consolidated Mortgage Bonds
1,261,000
Collateral Trust Bonds
Equipment Trust, Series I, 4% Certificates, maturing $400,000 an1,200,000
nually to September 1 1916
Equipment Trust, Series K, 4% Certificates, maturing $150,000
1,050.000
semi-annually to September 1 1917
Equipment Trust, Series L. 434% Certificates, maturing $200,000
2,200.000
semi-annually to October 1 1919
$95,840.669
Total Funded Debt. per Balance Sheet
479
THE CHRONICLE
AUG. 15 1914.]
he Tomnx.ercial Witn,C5.
COMMERCIAL EPITOME.
Friday Night, Aug. 14 1914.
able in one of the greatest
inevit
trade
of
ion
Disorganizat
Exports are difficult.
ent.
appar
still
is
y
of
histor
wars
on to handle. How
questi
hard
a
still
is
nge
gn
Forei excha
heads of the counwisest
the
xing
is
perple
e
crops
to financ the
it is by no means
and
,
closed
still
are
nges
try. The Excha
affects adversely
war
The
n.
reope
will
they
n
certai when
ing grain, cotinclud
ry,
count
this
in
sts
e
innumerabl intere
other branches
many
as
well
as
sugar
and
ton, iron and steel,
business, raw wool,
cal
chemi
and
drug
the
ing
of trade, includ
for grain, iron and steel
&c. The general tendency of pricesbeen
upward.
has
s
ditie
commo
and many other
Western early in
prime
quiet;
but
firm
been
LARD has
10.40c. nominal,
d
quote
ly
latter
but
.,
10.650
the week was
rawn. Refined to the Contiwith offerings generally withd11.50c
., Brazil 12.50c. Lard
ca
Ameri
South
.,
nent 10.750
with hog prices sharply
,
strong
were
week
the
in
early
s
future
t in over four years.
highes
the
tions
quota
ing
reach
,
higher
the week came heEwy
in
later
but
light,
then
were
pts
Recei
due partly to lower prices
liquidation and a marked decline,
ts at Western points.
for hogs, coincident with larger receip
advance within a week of
Yet for all that prices showed a net
at 10.40c., the highest in two
$1 50. Fat cattle have soldlower
.
years. To-day prices were
S
DAILY CLOSING PRICE
Sat.
cts_ 9.95
Sept. delivery
10.10
October delivery
10.25
January delivery
CHICAGO.
OF LARD FUTURES IN Thurs.
Fri.
Wed.
Mon. Tues.
9.50
9.50
9.60
9.55
10.10
9.65
9.75
9.80
9.72
10.25
10.00
10.12 10.10
9.95
10.42
COTTON.
Friday Night, Aug. 14 1914111
CROP,as indicated by our
THE
THE MOVEMENT OF
telegrams from the South to-night, is given below. For the
ts have reached
week ending this evening the total receip
4 bales
8,197 bales, against 5,891 bales last week and 16,35
1
Sept.
since
ts
receip
total
the
g
makin
week,
us
the previo
the
same
for
bales
,296
t
9,557
agains
bales,
1913, 10,257,818
1 1913 of
period of 1912-13, showing an increase since Sept.
bales.
22
of 700,5
Sat.
Galveston
Texas City
Port Arthur
Aransas Pass,,Kc.
New Orleans
Mobile
Pensacola
Jacksonville,&c_
Savannah
Charleston
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
Philadelphia
Total.
Fri.
690
289
261
564
493
403
2,700
isiO
86
eiti
78
'igi
541
2,8ii
4
ii
50
i
'3ii
----
82
727
i§
217
----
1.851
§
d
____
1.085
892
50
49
876
1,573
50
----
--__
5
____
----
----
____
125
125
1.221
0,115
5 107
i§§
----------------846
-
Totals this week-
Thurs.
Wed.
Tues.
Mon.
734
The following shows the week s total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
Stock.
1912-13.
1,913-14.
clear $21 ©$22, family
PORK higher; mess $24 75 ©$25,
Receipts to
20,
t
$19@$
Sep
packe
Since
19,
This
Sep
$18@$
Since
mess
This
August 14.
1913.
$25©$26. Beef steady;
1914.
Week. 1 191.3. Week. 1 1912.
$28@$30. Cut meats
family $20@$22, extra India mess
c.;
©15%
Yi
14
30,764
lbs.
28,114
20
22
to
3.833.8
10
19,541
96
hams,
d
2,700 3,337,1
Galveston
559
quiet and steady; pickle
2.034
-_-- 666.875
466,873
Texas City
163'2c. Rater,creamery, Port
2
138.64
46,238
pickled bellies,6 to 12 lbs., 143'@
Arthur
d
colore
milk,
whole
State
6
e,
128,18
Chees
109,188
s Pass,&c_
extras, 29%©30%c.
19.211
51.835
extras, 27@29c. Aransa
New Orleans_ _ -- 2,514 1,879,500 1.032 1,433.317
%©16c. Eggs, fresh-gathered and
specials, 153
176
;
prices
easier
lar
irregu
at
2.143
active
2,217
less
32 226,905
5
434,33
4
Mobile
COFFEE has been
124,899
164.055
No.4 Santos 14©143ic.; fair to good Pensacola
370
145
15,865
No.7 Rio 8Yi ©8Mc.;Coffee
407
etc_
29,245
ville,
futures have been irregular, Jackson
15.775
8.647
256 1.815,234 1.582 1.284.356
Savannah
Cucuta 133/2@14c.
has
still
here
343
nge
4
Excha
The
234.33
0
curb.
291,50
ick
the
2,082
latterly declining on receipts at Brazilian points have had a Brunsw
1,158
392 307,184
50 423,352
Charleston
110
been closed. Largerlate, especially as the country demand Georgetown
8.586
7,843
1 342,726
49 398.751
Wilmington
depressing effect of
14,258
15,567
876 585.999 1,749 557,294
September sold on the curb Norfolk
3
117,00
__-_
4
149.76
1,573
Stehere has fallen off. At one time
News,
ed to 7.450. Decem- N'port
27,347
15.326 101.067
9
6.732
50
New York
here at 8.50c., but has latterly dropp
4,780
4,873
45,711
47
21,098
latterly sold at 7.35e. Boston
2.574
3.174
77.110
203
ber, which at one time was 8.250., has
96,586
125
ore
Baltim
the
in
most
upper
still
1.506
is
1.642
crop
the
7,631
__-_
ing
Philadelphia ----------1,996
The question of financ
be
found
will
way
a
that
ed
000
120
believ
is
5
it
(Mc 0 Ac7 90A 00521
911.
1R
minds of the trade, but
10237/1
S.107
Totals
Warehouse deliveries
to ship the coffee to this country. ship
lines will shortly
other years,
In order that comparison may be made withsix
have been liberal. Some of the steam
seasons:
ly.
the totals at leading ports for
below
give
we
resume railings. Tea has advanced sharphigher
on the wax
SUGAR has been active, excited and ; molasses, 891909.
191,0.
1911.
1913. I 1912.
1914.
Receipts atnews; centrifugal, 96-degrees test, 6.52c.
six principal Cuban
6.313
26,480
35,547
18,110
19.541
2.700
__
_
degrees test, 5.87c. The receipts at the
ton
Galves
475
ced sharply with TexasCIty,etc
3,438
ports were 7,000 tons. Refined has advan
2,287
2.501
1,083
1.032
2,514
_
Orleans
New
2.273
15
17
131
32
4
a brisk demand. Granulated 7.50c.
Mobile
1,028
7.563
60c.; boiled 61c.; Cal- Savann
2.281
1.417
1.582
256
ah
OILS firm; city raw, American seed,
Cochin 14©15c.; Ceylon Brunswick.
,
higher
16
nut
1
1.891
Cocoa
4
392
70c.
50
tta
Calcu
Castor steady at 831@ CharlestonAc
26
1
49
gton
12©13c. Olive unchanged at 850. Lagos. Cod, domestic, Wilmin
479
8
2.651
802
1,749
876
Norfolk
20. Palm higher at 12c. for
83/
1,573
N.,&c.
c. Spirits of tur- N'port
374
820
356
412
456
175
steady at 350. Corn firm at 6.25c.©6.30
All others_ _ _ _
95.
$3
rosin
ed
strain
14,396
pentine 44©443ic. Common to good
40.770
38.537
21,959
24.785
8.197
Refined in barrels Total this wk.
PETROLEUM in moderate demand.
725 7900551 0 591 592
Naph8.25 ©9.25c., bulk 4.75 ©5.75c., cases 10.75 ©11.75c. drums Since Sept. 1- 102578189.557.086 11503296 8.487.
tha, 73 to 76 degrees, in 100-gallon drums, 233/20.;degrees,
The exports for the week ending this evening reach a total
$8 50 extra. Gasoline, 86 degrees, 260.; 74 to 76declined,
1,308 bales, of which 1,157 were to Great Britain,
have
of
250.; 67 to 70 degrees, 220. Crude prices
to France and 151 to the rest of the Continent.
with
erence
interf
partly owing to the European war and its
the exports for the week and since Sept. 1 1913.
are
Below
the export trade.
Pennsylvania dark $1 55
155
Second sand
1 55
Tiona
1 15
Cabell
1 12
Mercer black
Corning
Wooster
North Lima
South Lima
Indiana
$ .90
1 28
1 06
1 01
1 01
90
02
Princeton
Somerset,32 deg_ _$1
67
Ragland
III.,above 30 deg 1 02
75
Kansas and Oka
TOBACCO has been firm, partly owing to the European
war. That may check importations of Sumatra this fall.
The better grades of binder and filler of the domestic crop
show an upward tendency. Good prices have been paid for
the Connecticut crop, of which three-quarters has already
been disposed of. Drought has cut down the crop in New
York and Wisconsin. Naturally this is an additional incentive to keep prices firm. Cuban tobacco has been steady.
COPPER has been quiet, with Lake 123o. and electrolytic 124e. Small sales of standard copper are said to have
been made in England of late at £60 on the spot, and of
American electrolytic at as high as £70, owing to the warprices to which little attention is paid here. Tin has been
strong at around 650. on the spot, with small sales. There
has been some ringing out of August contracts. Spelter has
been excited and higher at 5.65o., with sales at East St. Louis
at 5.50c. Lead has been stronger at 3.85c. Pig iron has
been quiet; No. 2 Eastern $13 50, and No. 2 Southern Birmingham $10©$10 25. Steel feels to some extent the
recent sharp advance in tin and spelter. Ferro-manganese
has advanced, with sales at $100 to $120 a ton, as against
$38 before the war. Spiegeleisen has risen to $28©$30,
against $23 before the war. Bars, shapes and plates have
risen to the basis of 1.20c., hoops to 1.30©1.350•, and bands
to 1.20©1.25c.
Week ending Aug. 14 1914.
Exported toEOM.
from-
From Sept. 1 1913 go Aug. 14 1914.
Exported to-
Great
ContiGreat
Britain.France.nent&c. Total. Britain.
Galveston
Texas City_
Port Arthur
Ar.Pass,gie.
NewOrleans
Mobile
Pensacola__
Savannah__
Brunswick
Charleston_
Wilm'ton
Norfolk_
N'p't News
New York_
Boston
Baltimore_
Philadel
Detroit_
San Fran__
T'wns'd
Total____
1,157
100
51
1,157
151
1,067,913
349,058
2,006
30,148
897,545
145,819
53,996
1,157 229,368
89,608
118,943
73,024
48,741
51
137,210
85,367
57,862
42,841
313
COWSFrance. nent.r4c.
Total.
315,9681,459,943 2.843,824
80,896 456,842
26,88
32,808
30,802
38,319
8,171
187,142 617,866 1,702,553
371,681
151,865
73,997
61.212 164,155
48,947
240,990 773,416 1,243,774
155,479 268,041
22,9
5,030 181.434 305,407
353,313
102,434 177,85
87,053 135,794
569
569
19,152 218,282 374,644
94,505
9,138
99,983 173,167
15,322
57,890
15,049
313
179,255 179,255
76,198
76,19
052
1.3083.429,762 1,058,8244,384,4668,873,
979,533 3,955,082 8,518,826
8,194 21,755 3,584,211
Tot. '12-'13 13,561
1 include 14 894 bales Peruvian 75 bale
Note.-New York exports since Sept.
Liverpool; 26 bales West Indian to Havre aP
Brazilian, 27 bales West Indian toand Hamburg.
T22 bales West Indian to Bremen
our telegrams to-night also
In addition to above exports, of
cotton on shipboard,not
give us the following amounts
add similar figures for
cleared, at the ports named. We
New York.
480
THE CHRONICLE
On Shipboard, Not Cleared for-
Altev 14 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
New Orleans__
3,609
124 4,576 1,140
Galveston_-- 1,713
---- 1.447 1,386
Savannah -------------------Charleston_ __ _
____
------Mobile
-3
---Norfolk
New York_ _ _ _
____
____
------Other ports_____
- --------Tota11914- 5.322
124 6,361 2,526
Total 1913._
1,361 2,672 9,272 5,962
Total 1912
2,939 1,090 1.973 1,859
Total.
456
530
Leaving
Stock.
9,905
5,076
-------338
147,160 14,100
-------
41,930
23,038
8,647
1,158
1,879
1,467
101,067
19,711
15.086 29,419
12,916 32,684
11,908 19,819
198,897
97,614
191,271
[VOL. xcIX.
The official quotation for middli
New York market each day for the ng upland cotton in the
past week has been:
Aug. 810 Aug.
14Middling uplands
Sat. Mon. Tues. Wed. Thurs.
-- - 11.00 11.00 11.00 Fri.
11.00
NEW YORK QUOTATION FOR
32 YEARS.
The quotations for middling upland
Aug. 14 for each of the past 32 years haveat New York on
been as follows:
191,4..c
11.00 1906_c
10.40
1913
1912
191,1
1910
1909
1908
1907
11.90 1905
12.00 1904
12.40 1903
15.60 1902
12.70 1901
10.60 1900
13.25 1899
1898-c
10.55 1897
10.55 11396
12.75 1895
9.00 1894
8.00 1893
10.12 1892
6.3811891
6.00
8.00
8.19
7.56
7.00
7.56
7.19
8.00
1890..c
1889
1888
1887
1886
1885
1884
1883
12.06
11.31
11.38
9.75
9.44
10.44
10.88
10.19
Speculation in cotton for future delivery has still
been
suspended, owing to the fact that the cotton exchan
MARKET AND SALES AT NEW YORK.
ges at
The total sales of cotton on the spot each day
New York, New Orleans and Liverpool have remain
during the
ed
week at New York are indicated in the following statem
closed. All that has been done here has been the
ent.
up of old contracts as far as possible. There has settling For the convenience of the reader we also add column
s which
a show at a glance how
good attendance at the Exchange daily and everybbeen
the
market for spot and futures closed
ody is on same days.
wondering when it will reopen for business.
largely on the nature of the war news, especiallyThat depends
question
of British supremacy on the seas, the ability to the
Futures.
SALES.
Spot Market
Market
which to export cotton, the question of the get ships in
Closed.
straddl
es
beClosed.
Spot. Contecti Total
tween New York and Liverpool and, finally, the
resumption Saturday__ _ NO MARKET
of the usual facilities looking to the financ
of the crop. Monday ___ NO MARKET
As soon as the question of grain shipmentsing
is disposed of, Tuesday
3.000
_ 3,000
Wednesday.
it is understood that Secretary of the Treasury
193
193
Thursday__ Quiet
McAdo
o
will
1.6671
take up the question of shipping American cotton
1,667
Friday
Nominal
to foreign
145 40-,865 40,945
ports. On Aug. 27 a very important meetin
bankers and merchants it is said will be held g of planters, _Total_
5,010 40,800 45.810
in New Orleans,
looking to the adoption 94 measuresfor a
FUTURES.-There have been no transactions
resump
tion
of
cotton
in cotton
exports and the financing of the crop. Variou
s measures for future delivery on the New York Cotton Exchange this
have been proposed for marketing the staple
week.
and
preven
ting
any disastrous decline in prices, on the reopen
ing of the exTHE VISIBLE SUPPLY OF COTTON to-night,
changes. Some form of valorization has
as made
been suggested up by cable and telegr
from time to time, but there is no general belief
aph, is as follows. Foreign stocks,
that
any
such
as
well as the afloat, are this week's returns,
plan will be adopted. If cotton can be shippe
and consequently
d to Europe, all foreign figures are brough
that, it is felt, will be three-quarters of the
t down to Thursday evening.
be that Great Britain will yet take action inbattle. It may But to make the total the complete figures for to-night
regard to war Friday), we add the item of export
risks on cotton similar to what both Great
s from the United States,
and France including in it the exports of Friday
are taking in regard to grain war risks. Britain
only.
In
any
case,
it
is
August 14felt that there is a way out and that it will
1913.
1913.
1912.
1911.
Stock
Liverpo
at
ol
be
bales.
found.
*882,00
655.000
0
The Stock at London
687,000 513,000
shipping bill, it is maintained, is one way.
5,000
5,000
4,000
15.000
The
rehabil
itaStock at Manchester
tion of the American marine cannot
35,000
61.000
77.000
43.000
a day, but it is believed that if be accomplished in
Total
Great
Britain
948,000 695,000 768.000 571.000
made, as now seems certain, thea start is really Stock at Hamburg
29,000
17,000
10,000
14,000
ultimate result Stock at Bremen
*265,000 141,000 244.000
will be satisfactory. The Liverpool
34.000
Stock
at Havre
*237.000
98,000 121.000
Exchan
ge
has
notifie
72,000
d
Stock at Marseilles
New York and New Orleans that it will
4,000
3,000
3,000
2.000
give 24 hours' notice Stock at Barcelona
34,000
18,000
15,000
of the reopening of that board. Meant
18,000
at Genoa
36,000
11,000
ime Liverpool has Stock
12,000
16,000
Stock at Trieste
been doing a small spot business daily
58.000
18,000
10,000
7,000
on the basis of 6.50d.
for middling and also some business in
Total Continental stocks
663,000 306,000 415,000 163.000
Jan.-Feb. delivery
at 6.12d. It notified the New York Exchan
Total European stocks
1,611,000 1,001,000
that New York people were offering Jan. ge last Monday India
0 734,000
afloat for Europe.- 157,000 102,000 1,183.00
-Feb. in Liverpool Amer.cotton
80,000
50.000
cotton afloat for Europe_
at 6d., and that the Liverpool Excha
40.346
64,545
43,904
29,146
nge
would
allow
not
Egypt,Brazil,&c., afit.for Europe 23,000
26,000
trading at under that price. The New
30,000
33,000
Stock in Alexandria. EITYPt
*160,000
74,000
York
Cotton
Ex38.000
62,000
Stock in Bombay. India
clidtige issued a statement last Tuesd to
718,000 672,000 476,000 453.000
the effect that the Stock in
U. S. ports
228,316 130.298 214,090 158,701
Board of Managers, "considering it ay
Stock in U. S.interior towns
for
interes
the
113.751 123,129
best
of
ts
93,172
94.511
the Exchange that no trades be made below
682
closing prices U. S. exports to-day
3,722
(those of July 31),requests that membe
Total visible supply
rs
trade
will
2,991.413 2.193.654 2.158.166 1,618,080
here
not
below those prices, and that they send
Of
tho
above,
America
totals
of
n and other descriptions are as follows:
no orders to any other
Americanmarket except at the closing
" The crop news during
bales. *625,000 459,000 564,000
the week has been in the mainprices.
329,000
Mancre
ster stock
41.000
22,000
ble. Texas has had very Contine°
58,000
31,000
ntal stock
beneficial rains and Oklahfavora
513,000 263.000 383,000 117,000
oma
has
America
also
afloat
had
rain.
n
for
Europe
40.346
64,545
In the eastern and central sections of the belt
43,904
29.146
U. S. port stocks
228.316 130,298 214,090
158,701
rapid growth. In Texas the severe drough cotton has made U. S. interior stocks
113.751 123,129
93,172
t has been relieved U. S. exports to-day
94,511
especially in the eastern and central portio
682
3,722
ns
of
State,
that
and the condition of the crop has been,
Total American
1,561,4
13 1,062.654 1.356.166
763,080
East Indian, Brazil, &C.
improved. There has been a rumor that it is stated, much Liverpo
ol stock
Japan was buying
*257.000 196,000 123,000
cotton in Texas at 10 cents. First bales have
London stock
184.000
5,000
5,000
4,000
Manchester stock
15,000
Texas at 10 to 11 cents. It is said that Texas been selling in Contine
20.000
13,000
19,000
12,000
ntal stock
has
strict
sold
150.000
43,000
middling cotton to New England mills, August
32.000
India afloat for Europe
46,000
157,000 102,000
shipme
nt,
at
80,000
Egypt. Brazil, &c., afloat
50,000
11 cents. Sales have been made at New York at
23,000
26.000
30.000
11 cents for Stock in Alexandria, Egypt
33.000
100,000
middling, spot trade having been resumed here.
74.000
33,000
Stock in Bombay, India
62,000
718.000 672,000 476.000
But,
needless to say, the spot business in this countr
453,000
Total East India, &c
1,430,000 1.131,000 802,000
organized. It is believed that the coming cropy is still disTotal American
855,000
can
be
mar1.561.4
13
1.062,654 1.356,166 763,080
keted to advantage if it is sold gradually
..
Total visible supPlY
Southern newspapers are strongly urging Very many of the Middlin
2,991,413 2,193.654 2.158,16
g Upland. Liverpool
6 1,618,080
plante
rs
to
hold
6.50d.
6.40d.
their cotton and at the same time are advising
Middling Upland, New York- _ _ _ 11.00c.
6.72d.
6.688.
bankers and Egypt,
11.90c.
11.90c.
Good Brown, Liverpool
12 50c.
merchants to assist in this holding-back movement.
8.90d.
9.85c.
103
Peruvian. Rough Good,Liverpool
4
d.
10%d.
To-da
y
Nom.
New York and Liverpool spot prices were unchanged.
8.85d.
Broach, Fine, Liverpool
9.75d.
10.40d.
544d.
The Tinnevel
614d, 6 7-16d.
ly, Good, Liverpool_ - 5 11-16d.
634d.
New York Voluntary Committee suggests the throwi
6 1-16d.
•Estimated.
all
ng
of
6,4d. 6 5-16d.
contracts into December at certain discounts and premi
ums
Contin
import
ental
s for past week
mentioned in another column, and the Liverpool Excha
The above figures for 1914 show have been 4,000 bales.
authorities have concurred in this suggestion. It seemsnge
to of 62,993 bales, a gain of 797,759 a decrease from last week
bales
meet with the approval of most of the trade. Reports from of833,24
7 bales over 1912 and a gain ofover 1913, an excess
parts of Texas now say that sales are being made at 83' to 1911.
1,373,333 bales over
93/ cents. It is also reported that latterly sales of strict
middling have been made at Houston, Tex., at 10 to 1034
QUOTATIONS FOR MIDDLING
COTTON AT OTHER
cents, and that several days ago Little Rock sold the same MARKETS.-The market
s being practically all closed, no
grade at 103/2 cents. Spot cotton closed here at 11 cents for quotations are obtain
able, except for Augusta, which are
middling. This has been the nominal price since the re- 11 Mc. for middling upland
s old cotton and 10 Mc. for new
sumntion of spot business on Aug. 12th.
cotton.
The rates on and off middling,as established Nov.19 1913*
NEW ORLEANS CONTRACT
by the Revision Committee, at which grades other than
MARKET.-There have
been no dealings at New Orlean
middling may be delivered on contract, are as follows:
s this past week.
Fair
c 1 75 on Middling
Basis Good. mid. tinged_c Even
c
AT THE INTERIOR TOWNS
Strict mid lair._.i.50 on Strict low midelling.0.50 off Strict mid. tinged.0.20 off
the movement-that is,
Middling fair
130 on Low middling
1 25 off Middling tinged...0.40 oft the receipts for the week
Strict good mid_.0.90 on Strict good ord__ _2.00
and since Sept. 1, the shipments
mid. ting 1.25 off for
off
Strict
low
Good middling__ __0.135 on Good ordinary___ _3.00 off Low mid. tinged...3.00
the
week
and
the
stocks to-night, and the same items for
oft
Strict middling._0.32 on Strict g'd mid. ting.0.45 on Middling stalned.
_1.25 off the corresponding period of the
previous year-is set out
*Reaffirmed Feb. 4 1914.
in detail below.
THE CHRONICLE
A tIG. 15 1914.]
481
Henrietta, Tex.-There has been rain on four days of the
past week,the rainfall being three inches and four hundredths.
Stocks
Receipts.
Towns.
Ship
The thermometer has averaged 80, the highest being 94
ments. Apr.
15.
Week. Season. ;yea.
14.
Week. Season. Week.
and the lowest 66.
Huntsville, Tex.-Rain has fallen on three days during the
860
21,3661
26
709
____
3
22,476
Ala., Eufaula_ _
654 3,664 week, the rainfall reaching two inches and sixty-eight hun294 158,6791
20 156,574
____ 2,951
Montgomery
939
96
165 119,975
613
18
thermometer has averaged 78, ranging from
5 126,419
Selma
102 dredths. The
41,6431
33 1,056
65,812
1
Ark., Helena_ _
8 181,759, 2,617 7,701 64 to 92.
616 6,210
66 189,961
Little Rock_ _
650
7
23,970t
5
_ __ 1,136
Lampasas, Tex.-We have had rain on two days during the
27,654
Ga.,Albany_ _
185
206 1,227
107,385
an inch.
100 3,187
Athens
5 118,576
683 past week, to the extent of thirty-six hundredths of
454
93 165,4011
927
423
Atlanta
9 232,481
813 338,815 2,097 8,128 Average thermometer 80, highest 92, lowest 68.
44: 10,205
12 375,45:
Augusta
5,181
550
75,3411
40
.1 1,867
2 81,281
Columbus_ __
Longview, Tex.-There has been rain on four days of the
688 1,802
36,8031
4
31
25
44,49
Macon
8
75 3,580 past week,the rainfall being one inch and seventy hundredths.
50 52,0581
200 2,949
58,499
Rome
54
3,261
254
141,221
259
the highest being 94
____ 3,200
La.,Shrerepor
---- 194,845
113 The thermometer has averaged 82,
27,652,
76
____
38,231
---.
Miss.,Columb'
142 and the lowest 70.
3
7 49,334f
708
___
85,99
Greenville _ _ •_
1,000
200
110,137
500 2,500
142,29.
Luling, Tex.-We have had rain on four days of the past
Greenwood._
195 1,879
58,953
38
___ 1,926
. 35,142
Meridian _ _ _
525 week, the rainfall being one inch and forty-six hundredths.
18,131
1,100
19,706
Natchez
9
766
29,390
635
____
thermometer has averaged 82, ranging from 70 to 94.
34,352
Vicksburg _ _ •____
111 1,900 The
22,476
8 40,794__ 1,008
Yazoo City_ •
Nacogdoches, Tex.-Rain has fallen on three days during
2,740 8,064
1,419 576,731 1484 14,624 1,319 572,028
Mo.,St. Louis
40 the week, the precipitation reaching one inch and fifty hun100
11,592
2
25
14,973
N.C., Raleigh
237,451 1,644 23,967
0., Cincinnati • 1,116 254,562 1,555 12,798 1,738
dredths. Thermometer has ranged from 68 to 94, aver30,200
____ ____
___
37,135
Okla., Hugo__ •____
197
412 aging 81.
21,403
92
217
___
13,49
S.C.,Greenw'd•_
2,467
15,555
818,778
1,042
15,652
1231
-i23 1,128,61
Tenn.,Mempht
76
308
Palestine, Tex.-We have had rain on two days during the
7,851
6
130
_-__
,
Nashville . _ _
472
300
18,591
500
438
____
17,794
week, to the extent of ninety-four hundredths of an inch.
past
Tex., BrenhalT
43,835
_
____
49,702
Clarksville_ _
120 1,899 Average thermometer 80, highest 92, lowest 68.
133,426
iii
100,519
Dallas
45,137
___ __
33,202___
Paris, Tex.-There has been rain on four days of the week,
Honey Grove
2 ,5073,331,006 27,897 28,541
9
2 ,458
6
Houston _ . 5,268 2,771,502 3,742
the rainfall being six inches and fifty-eight hundredths. The
151,138
114,944
Paris
thermometer has averaged 81, the highest being 94 and the
36.1017.202.928! 43.98i 123.129
Total, 33 town n 5014 7 215 2nol 104091117511
lowest 68.
The above totals show that the interior stocks have deSan Antonio, Tex.-We have had rain on two days of the
creased during the week 1,419 bales and are to-night 9,378 past week, the rainfall being one inch and seventy-six hunat
The
receipts
year.
last
time
bales less than at the same
dredths. The thermometer has averaged 81, ranging from
all towns have been 27,189 bales less than the same week 70 to 92.
last year.
Taylor, Tex.-Rain has fallen on two days of the week, the
OVERLAND MOVEMENT FOR THE WEEK AND rainfall being ninety hundredths of an inch. Minimum
the
SINCE SEPT. 1.-We give below a statement showing
thermometer 68.
overland movement for the week and since Sept. 1, as made
Weatherford, Tex.-We have had rain on three days the
for
the
past week, the rainfall reaching five inches and forty-four
up from telegraphic reports Friday night. The results
follows:
as
last two years are
94,lowest 66.
week and since Sept. 1 in the----1913-14-------1912-13---- hundredths. Average thermometer 80,highest
Ardmore, Okla.-There has been rain on three days of the
Since
Since
August 14Week. Sept. 1. past week, the rainfall being two inches and ninety-four
Week. Sept. 1.
Shipped2.740 567.931
1,484 568,295
Via St. Louis
5261 6298.545 hundredths. The thermometer has averaged 81, the highest
471 406,408
Via Cairo
790 being 94 and the lowest 67.
6.74821,
Via Rock Island
93.637
68
122,874
276
Via Louisville
Holdenville, Okla.-There has been rain on two days of the
132.715
213
117,799
188
Cincinnati
Via
145.035
402
158,394
week, the rainfall reaching fifty-eight hundredths of an
past
Via Virginia Points
18 385,164
346.250
Via other routes, &c
inch. The thermometer has averaged 81, ranging from 67
4,279 1,644,817 to 94.
2.419 1.726,768
Total gross overland
Deduct ShipmentsMarlow, Okla.-We have had light rain on four days dur259 145.778
126,412
&c_..
175
Boston,
Y.,
Overland to N.
274 126,038 ing the week, the precipitation reaching one inch. The
2,143 184,610
Between interior towns
1.344 111,183
3,139 170.745
Inland, &c., from South
thermometer has ranged from 64 to 96, averaging 80.
1.877 382.999
5,457 481.767
Augusta, Ga.-We have had rain on five days during the
Total to be deducted
fifty-six hundredths.
2,402 1.261.818 past week, to the extent of one inch and
x3,038 1,245,001
Leaving total net overland*
Average thermometer 82, highest 94, lowest 70.
* Including movement by rail to Canada. b Revised.
Savannah, Ga.-There has been rain on four days of the
Deductions greater than overland
to the extent of sixty-nine hundredths of an inch.
week,
movement
overland
net
week's
The foregoing shows the
The thermometer has averaged 82, the highest being 92
week
last
the
for
bales
2,402
has been -bales, against
and the lowest 72.
year, and that for the season to date the aggregate net overCharleston, S. C.-Rain has fallen on one day of the week,
bales.
16,817
of
ago
land exhibits a decrease from a year
being fifty-four hundredths of an inch.
-----1913-14----- -----1912-13----- the precipitation
Since The thermometer has averaged 83, ranging from 74 to 91.
Since
In Sight and Spinners'
Sept. 1.
Week.
Sept. I.
Week.
Takings.
Greenville, S. C.-It has rained on three days of the week,
8,197 10.257.818 24,995 9,557,296
Receipts at ports to Aug. 14_ 2.402 1.261.818 the precipitation reaching one inch and ten hundredths. The
x3,038 1,245,001
Net overland to Aug. 14
2,854,000
59.000
2,965,000
Southern consumption to Aug. 14 54,000
thermometer has ranged from 67 to 92, averaging 80.
Total marketed
59.159 14,467.819 86,397 13,673.114
Spartanburg, S. C.-We have had rain on four days of the
26.093
*7,883
h763
Interior stocks In excess
*1,495
past week, to the extent of seventy-three hundredths of an
78,514
Came into sight during week__ 57,664
thermometer 79, highest 94, lowest 64.
Total in sight Aug. 14
13,699.207 inch. Average
14.467.056
Charlotte, N. C.-There has been rain on two days of the
North'n spinn's takings to Aug. 14 8,267 2,718.281
15,306 2.539,716 past week, the rainfall being forty-seven hundredths of an
* Decrease during week. x Deduction. h Less than Sept.
inch. The thermometer has averaged 77, the highest being
90 and the lowest 68.
Movement into sight in previous years:
Goldsboro, N. C.-Rain has fallen on three days during the
WeekBales.
Bales,
Since Sept. 11912-Aug.16
15.591,099 week, the rainfall reaching fifty-eight hundredths of an inch.
76.573 1911-12-Aug. 16
1911-Aug. 18
11.881.228
70,638 1910-11-Aug• 18
ranging from 70 to 94.
191,0-Aug.19
10,469,185 The thermometer has averaged 82,.
61,976 190910-Aug. 19
1909-Aug.20
Weldon, N. C.-We have had rain on five days during the
13,647,698
63,887 1908-09-Aug. 20
one inch and thirty-two
WEATHER REPORTS BY TELEGRAPH.-Telegraphic week, the precipitation reachingha.g
ranged from 67 to 95,
advices to us this evening from the South are quite favorable hundredths. The thermometer
81.
averaging
on the whole. Rain has been general and for the most part
Dyersburg, Tenn.-We have had rain on two days the
beneficial. As a result of the rains, reports from Texas past week, the rainfall reaching one inch. Minimum therindicate a great improvement in the condition of the crop.
mometer 82, highest 95, average 69.
Milan, Tenn.-It has rained on five days of the week,
Galveston, Tex.-Rainfall has been quite general throughout
the week and in some sections has been excessive. Tempera- the rainfall being one inch and ninety-two hundredths. The
tures have been much lower. Condition of growing cotton thermometer has averaged 83, the highest being 96 and the
greatly improved. Local receipts of new cotton thus far,864 lowest 69.
Memphis, Tenn.-We have had rain on six days of the
bales. Rain has fallen on four days of the week, the rainfall
being three inches and seventy-nine hundredths. Average past week, the rainfall being two inches and sixty-eight
hundredths. The thermometer has averaged 79, ranging
thermometer 82, highest 88, lowest 76.
Abilene, Tex.-It has rained on two days of the week, the from 69 to 88.
rainfall being two inches and fifty-six hundredths. Mini- • Eldorado, Ark.-The week's rainfall has been two inches
and seventy-one hundredths, on five days. Average thermum thermometer 66.
Brenham, Tex.-Rain has fallen on six days of the week, mometer 80, highest 93 and lowest 67.
Fort Smith, Ark.-There has been rain on five days of the
the precipitation being two inches and fifty-eight hundredths.
past week, the rainfall being two inches and twenty-eight
The thermometer has averaged 81, ranging from 70 to 92.
Cuero, Tex.-It has rained on three days of the week, the hundredths. The thermometer has averaged 81, the highest
precipitation reaching three inches and eighteen hundredths. being 92 and the lowest 70.
Little Rock, Ark.-It has rained on three days during the
The thermometer has ranged from 72 to 94, averaging 83.
Dallas, Tex.-The week's rainfall has been seventy-five week. The precipitation reached ninety-one hundredths of
hundredths of an inch,on four days. Minimum thermometer an inch. The thermometer has averaged 77, ranging from
70.
Movement to Aug. 14 1914.
Movement to Aug. 15 1913.
Receipts.
•----
Stocks
Ship
ments. Aug.
THE CHRONICLE
482
[VOL. xcrx.
Alexandria La.-Rain has fallen on five days during the
WORLD'S SUPPLY AND TAKINGS OF
COTTON.
week, the rainfall being one inch and eighty hundredths. The following brief but comprehensive
statement indicates
ranged
from 69 to 95, averaging 82.
The thermometer has
at a glance the world's supply of cotton
for the week and
New Orleans, La.-There has been rain on each day of the since Sept. 1 for the last two seasons,
week, the rainfall being two inches and one hundredth of an which statistics are obtainable; also thefrom all sources from
inch. Average thermometer 82, highest 92, lowest 74.
gone out of sight, for the like period. takings, or amounts
Shreveport, La.-The week's rainfall has been one inch and
seventy-eight hundredths, on five days. The thermometer
Cotton Takings.
1913-14.
1912-13.
Week and Season.
has averaged 81, the highest being 94 and the lowest 68.
Week.
Season.
Week.
Columbus, Miss.-It has rained on five days during the
Season.
supply Aug. 7
3.054,406
week. The precipitation reached two inches and thirty-nine Visible
2.362.947
Visible supply Sept. 1
2.055,351
hundredths. The thermometer has averaged 81, ranging American In sight to Aug. 14...... 57,664 14,467,056
2.135.485
78.514 13.699.207
Bombayreceipts to Aug. 1307,000 3,733,000
from 69 to 92.
6,000 2,697,000
Other India shipm'ts to Aug. 13
882.000
13,000
Greenwood, Miss.-We have had rain on five days during Alexandria receipts to Aug. 12_ _ 31.000
532,300
0100 1.014,900
100
994.400
the week, the precipitation reaching one inch and seventy- Other supply to .Aug. 12 *
3,000
360,000
5,000
338,000
nine hundredths. The thermometer has ranged from 68 to
Total supply
3,153,170 22,512,307 2,465.561 20,396,392
Deduct92, averaging 80.
2,991,413 2,991,413 2.193,654 2.193.654
Vicksburg, Miss.-We have had rain on five days during Visible supply Aug. 12
the past week, to the extent of one inch and seventy-four Total takings to Aug. 12-a-- 161,757 19.520.894 271.907 18.202.738
Of which American
113,657 13,947,994 181,807 14.003,038
hundredths. Average thermometer 79,highest 90,lowest 70.
Of which other
48,100 5,572,900
90,100 4,199,700
Livingston, Ala.-It has rained on four days of the week, -*Embraces
-receipts in Europe from Brazil, Smyrna, West Indies, &c.
the rainfall being one inch and forty-three hundredths. The
a This total embraces the total estimated consumption by Southern
mills
thermometer has averaged 83, the highest being 94 and the 24965,000 bales in 1913-14 and 2.854,000 bales in 1912-13-takings
not
being available-and the aggregate amounts taken by Northern and foreign
lowest 72.
61311111ers. 16,555.894 bales in 1913-14 and 15,348,738 bales in 1912-13, of
Mobile, Ala.-In some sections there has been too much which 10,982.994 bales and 11.149.038 bales American.
rain, inducing weed growth at the expense of fruit. General
NEW YORK COTTON EXCHANGE.-The following
conditions, however, are favorable. We have had rain on statement was given
out by Mr. E. K. Cone, President of
four days of the past week, the rainfall being three inches and the New York Cotton Exchange
forty-nine hundredths. The thermometer has averaged 80, The voluntary committee, to facilitate on Thursday afternoon:
the liquidation of open contracts,
ranging from 71 to 89.
in view of the fact that the Board of Managers
of the New York Cotton
Exchange have informed them that the Board has
Montgomery, Ala.-We have had rain on four days during existing
no authority to change
contracts between members of the Exchange,
suggest that it is
the week. The rainfall reached one inch and twenty-nine for the best interests of the cotton
trade that all cotton contracts now open
under the rules of the New York Cotton Exchange should be
hundredths. The thermometer has ranged from 70 to 92, in
one position. The committee therefore urge the membersconsolidated
averaging 81.
YorkCotton Exchange to obtain the consent of their clients of the New
to transfer
Selma, Ala.-There has been rain on five days of the week, all their contracts to December delivery at a fair
and equitable
Should
be unable to agree upon terms, this committeedifference.
offers its
the rainfall being one inch and seventy hundredths. Aver- servicesmembers
as arbitrators to settle all such disagreements.
Taking into consideration all the circumstances, the committee suggests
age thermometer 79, highest 90, lowest 71.
that
contracts
should
be
transferred
to December based on the following
Madison, Fla.-Rain has fallen on five days of the past differences:
week, to the extent of fifty-eight hundredths of an inch. September
45 points discount I February
10 points premium
October
35 points discount March
15 points premium
The thermometer has averaged 82, the highest being 93 and November
25 points discount April
40 points premium
the lowest 72.
January
5 points premium JMay
45 points premium
In the opinion of the committee, no commission should be charged for
Tallahassee, Fla.-We have had rain on six days of the past
transfer, but the usual commission must be charged for closing transweek, the rainfall being forty-eight hundredths of an inch. such
actions.
The thermometer has averaged 81, ranging from 70 to 92.
It was stated later that the voluntary committee for the
Albany, Ga.-Rain has fallen on four days during the week,
the rainfall being three inches and twenty hundredths. The proposed transfer of all positions into December will put
through no transactions to-day, but will meet again on Monthermometer has ranged from 70 to 95, averaging 82.
The following statement we have also received by tele- day at 10 a. m.for the purpose of explaining to all members
graph, showing the height of the rivers at the points named desiring information the proposed action, its results and the
methods of making it effective.
at 8 a. m. of the dates given:
Aug. 14 1914. Aug. 15 1913.
The Board of Managers of the Exchange ruled that notices
Feet.
Feet.
Above zero of gauge..
New Orleans
might be started Thursday for delivery of cotton on Monday.,
4.7
4.5
Above zero of gauge_
Memphis
6.5
and that the transferable notice price shall be 9.90e. This
8.4
Above zero of gauge_
Nashville
8.1
6.9
notice will not become a short notice until 12 o'clock noon
Below zero of gauge..
Shreveport
3.1
3.0
Above zero of gauge..
Vicksburg
on Saturday.
6.2
8.0
RECEIPTS FROM THE PLANTATIONS.-The followLIVERPOOL COTTON EXCHANGE.-The New York
ing table indicates the actual movement each week from the Cotton Exchange has received the following cablegrams from
plantations. The figures do not include overland receipts the Liverpool body:
a meeting of the directors held Monday it was decided for the purpose
nor Southern consumption; they are simply a statement of ofAt
reducing open accounts in this market that all American future contracts
after August-September 1915. up to and including January-February 1919.
the weekly movement from the plantations of that part of the shall
be transferred into January-February 1916 at the agroed-upon settlecrop which finally reaches the market through the outports.
ment prices of July 31.
At a meeting held on Friday it was decided, for the purpose of reducing
Receipts at Frets.
Week
ending. 1914. 1913. 1912.
Stock at Interior Towns. Receiptsfrom Plantations
1914. 1913. 1912. 1914. 1913. 1912.
open accounts in this market, that all American future contracts in Jan.-Feb
1916 be transferred to Jan.-Feb. 1915 at the agreed upon settlement prices
of July 31.
January-February, 6.12d.; middling, 6.50d., until further notice.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues quiet for both yarns and shirtings with prices nominal.
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods, &e., from Great Britain for the month of June
The above statement shows: 1.-That the total receipts and since Oct. 1 in 1913-14 and
1912-13, as
by us
from the plantations since Sept. 1 1913 are 10,257,055 bales; from the British Board of Trade returns. Itcompiled
will be noticed
In 1912-13 were 9,583,389 bales; in 1911-12 were 11,496,031. that we have reduced the movement all to pounds.
That although the receipts at the outports the past week were
Cloth.
Yarn de Thread.
8,197 bales, the actual movement from plantations was
Total of AU.
000s
6,702 bales, the balance being taken from stocks at interior omitted. 1913-14 1912-13 1913-14 1912-13 1913-14 1912.13 1913-14 1912-13
towns. Last year receipts from the plantations for the week
Yds.
Yds.
Lbs.
Lbs.
Lbs.
Lbs.
Lbs.
Oct..-- 21,811 24,703 630,937 686,185 117,932 124,621 139,743 149,224
were 17,112 bales and for 1912 they were 20,299 bales.
Nov -- 19,979 19,897 563,650 588,946 105,355 106,346 125,334 126,242
18,884 20,007 530,692 554,370 99,194 103,621 118,078 123,628
Dee
DOMESTIC EXPORTS OF COTTON MANUFAC4th guar 60,674 64,607 1,734,279 1,789,501 322,481 334,487 383,155 399,094
TURES.-We give below a statement showing the exports of
21.024 20,974 688,105 648,913 142,879 121,292 145,903 142.266
domestic cotton manufactures for May and for the eleven Jan......
19,647 18,455 583,452 583,608 109.056 105,437 128,703 123,892
Feb...
19,034 590,375 580,905 110,350 104,842
21,696
Mar
-months ended May 31 1914, and, for purposes of compari132,046 123,878
son,like figures for the corresponding periods of the previous 2d guar. 62,367 58,463 1,861,932 1,773,424 344,285 331,571 406,852 390,034
year are also presented:
April___ 20,568 20,449 631,909 587,553 99,422 109,823 119,990 130,272
June
July
"
"
"
"
Al
26
3
10
17
24
31
17
4
30,500
32.609
24,319
20,222
13,096
16,354
5,891
8.197
27,282
21,534
21,448
20,081
18,042
14,527
16.633
24,915
16,456 202,124 227,688 155,385 11,779 3,925 7,231
16,946 174,652 209,428 144,215 5,137 3,274
5,776
13,080 158,507 192,537 136,640 8,174 4,557
11,670 144,499 173,609 120,206 6,214 1,133 5,505
12,478 129,729 158,015 110,503
2.775
8,277 120,139 143,458 98,904 6,764 2,448
9,579 115,246 131,012 94,832
998 4,193 5,507
21,959 113,751
6,702 17,112 20,299
Manufactures of Cotton
Exported.
Month ending May 31. 11 Mos. ending May 31.
1914.
1913-14.
1912-13.
1913.
Piece goods
yards 29,938,677 43,653,578 382,986,682 403,883,789
Piece goods
value $2,054,907 $3,065,328 $28,603,653 $27,881,461
Clothing, &O.-Knit goods_._value
178,705
187,115 2.314,852 2,334,685
Clothing, &o.-All other
value
776,007
853,937 7,458,282 7,690,971
Waste cotton
value
295,333
393,425 4,176,574 4,077,921
Yarn
value
88,286
91,365
671,406
653,845
All other
value
586,112
585,761 8,015,304 8,366.072
Taw manufactures or
value 33.970.330 $5,178,031 887.240.071 348,984.955
21,783 19,586 572,913 808,254 107,087 113,319 128,870 132,906
May..
Jane_ __ 18,869 18,632 498,505 815,558 93,179 115,058 112,048 133,690
3d quar. 01,220 58,667 1,603,327 1,909,385 299,688 338,200 360,908 398,867
socka
Stockings and -----------------------------------------763
767
Sundry articles
31,962 •35,792
Total exports of cotton manufactures
1 181,4441,222.550
The foregoing shows that there have been exported from
the United Kingdom during the nine months 1,183,444,000
pounds of manufactured cotton,against 1,222,550,000 pounds
last year, or a decrease of 39,106,000 pounds.
Ara. 15 1914.]
THE CHRONICLE
4
shipped in British vessels. It seems superfluous to
say that Europe is in urgent , need of grain supplies
particularly as its own crops of wheat are in some cases deficient. Military operations will interfere with harvesting
and farming work generally. In France the weather of late
NEW COTTON YEAR.-Change in Period Covered.-The has been unfavorable, and it is said that much of the crop
New York Cotton Exchange, following the action of leading will not be gathered, as inexperienced help, mostly women
Southern exchanges, has decided to adopt the suggestions
supply.
of the Conference of Cotton Exchanges recently held at and children, now constitute the farming labor
It is
high.
very
are
prices
and
instead
1
light
are
August
in
France
Stocks
from
year
Augusta, Ga., and date its trade
of September 1, beginning with the season 1914-15. This added that the first arrivals of the new French crop were in
action will serve to have the statistics from year to year damp condition and unfit for milling. In Argentina the outinclude only a very limited quantity of new-crop cotton in- look for the wheat crop is unfavorable. Not only is the acrestead of several hundred thousand bales, as in recent yearsage reduced, but bad weather has delayed planting and the
much of it early cotton from the Southwest.
is, therefore, getting a poor start. New high levels of
crop
SHIPPING NEWS.-As shown on a previous page, the prices have been reached in this country for the season,
exports of cotton from the United States the past week have
reached 1,308 bales. The shipments in detail, as made mainly owing to a belief that a way will be found to hurry
up exports of wheat and flour to Europe, where the United
up from mail and telegraphic returns, are as follows:
Total bales.
Kingdom, France and Belgium are said to be badly
1,139
1,139
-Lorca.
12
Liverpool-Aug.
SAVANNAH-To
18
British
To Manchester-Aug. 12-Lorca. 18
100 in need of supplies-so much so that the
To Oporto-Aug. 12-Lorca, 100
51 Government has taken unusual action in regard to war risks
,51
BOSTON-To Yarmouth-Aug.81,308 on cargoes. In Chicago large elevator interests have been
Total
The particulars of the foregoing shipment; for the week. buying September and December. On the other hand,
arranged in our usual form, are as follows:
some of the Eastern exporters have been re-selling important
Great French Ger- -Oth.Eurpoe-- Mex.,
Britain. Ports. many. North. South. ,Sc. Jaan. Total. quantities to Chicago and other interior points. Kansas
100 --- ---1,257
__
1,157 ---- -- Savannah
51 City has sold considerable wheat to Canada, supposedly
51 -__
Boston
.....__
for export. Of course the trade is in a disorganized condi-51
00
1,308
1,157 ------------1
Total
tion and will remain so until ships are provided for the
251,255
bales
been
have
1
Sept.
since
Japan
The exports to
export trade and international financial arrangements can
Galveston,
34,550
from
bales
32,670
ports,
from Pacific
bales from Savannah and 10,550 bales from Mobile, 3,000 be resumed. But there is a very general belief in the trade
that if the war continued there is nothing for it but higher
bales from Wilmington and 5,872 bales from New York.
LIVERPOOL.-By cable from Liverpool we have the prices. It is said that the Canadian crop will not amount
following statement of the week's sales, stocks, 861., at that to more than 135,000,000 bushels, or some 70,000,000 bushels less than that of last year. The world's visible supply
port:
July 24. July 31. Aug. 7. Aug. 14.
7,000
26.000
27,000
decreased for the week 662,000 bushels, against an increase
Sales of the week
500
1.000
Of which speculators took_--the same time last year of 4,269,000 bushels. To-day
600
in
took
Of which exporters
5,000
21,000
22.000
Sales, American
were irregular, closing lower. Hedging sales have
prices
3,000
2,000
6,000
Actual export
24,000
51,000
43,000
the Northwest and the effect was more or less perForwarded
at
begun
868.000 856,000 874,000
Total stock
634,000 618,000 612,000
Deliveries on September contracts are expected
ceptible.
Of which American
45,000
40.000
34.000
Total imports of the week
14.000
At all the terminal markets stocks are rapidly
23.000
large.
14,000
be
to
American
which
Of
52.000
64,000
97.000
Amount afloat
increasing. Grain merchants are conferring with Secre21,000
35,000
54,000
Of which American
of the Treasury McAdoo at Washington, looking to the
Dealings in spot cotton during the week have been as tary
up of exports to Europe and the bringing back of
opening
follows:
foreign exchange rates to the normal level. A cargo of 218,Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
000 bushels of wheat has just been cleared from Galveston
6.50
6.50
6.50
6.50
6.50
6.50
Mld.Upl'ds
for Liverpool by a Chicago exporter. He is said to have been
1,500
1,400
500
500
1,000
500
Sales
paid by a Chicago bank on a cable from London ordering
its payment.
COTTON CROP CIRCULAR.-Our Annual Cotton Crop
Review will be ready in circular form about Thursday,
Sept. 10. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible, to secure early delivery.
BREADSTUFFS.
Friday Night, Aug. 14 1914.
on the whole less activity
with
irregular,
Flour has been
and trade, but the general tendency of prices has been upward. The effect has been to restrict trading of late,
though in the fore part of the week business was brisk. The
advances from the low point of the season has been marked.
The future cost of prices will naturally be governed very much
by the fluctuations in wheat. Mills, however, as a rule
are holding their output at very firm prices, in the belief
that if the European war lasts very much higher quotations
are bound to be made. It is stated that an order for 2,000
sacks of flour at Chicago for export to London was paid for
by the exporter receiving the money from a Chicago bank on
a cable order from London, directing its payment. The
production last week at Minneapolis, Duluth and Milwaukee was 426,335 barrels, against 387,485 last week and 359,625 last year.
Wheat has continued to advance, though a certain kregularity has been noticed, owing partly to the uncertainty
about the export outlet. There are rumors that something
like 100,000,000 bushels has been sold for export to Europe,
of which perhaps two-thirds was for the Continent, and that
of this total amount about 35,000,000 bushels have been
shipped. The rest is accumulating at the ports or has been
delayed in transit or simply ordered held back. Of course
this means a congestion which calls imperatively for prompt
measures, and Secretary McAdoo was to meet representatives of the grain trade in Washington to-day with the idea
of devising measures of some sort looking to the breaking of
the embargo. It is felt that it is only a question of time
when there will be substantial relief. Great Britain it is,
stated, has already assumed the war risks on grain cargoes
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. WFri.
ed. Thurs.
cts_ 96
96
110
99% 9774 98
No.2 red
101% 99% 98
9874 98
September delivery in elevator_ __-100
10774 105% 104
104 *4 104
December delivery in elevator_ -106
OF
WHEAT
PRICES
IN
FUTURES
CLOSING
CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts. 9474 9674 94% 9374 92% 9074
in
elevator_ __-100
102% 100% 9974 9874 9674
December delivery
10774 107
10774 100
10574 104
May delivery in elevator
Indian corn has again advanced, in spite of beneficial
rains and increased offerings of old corn from the country.
Now and then, it is true, prices have reacted on profit-taking and liberal arrivals at Western points, but there has
been good buying of September by cash houses and in the
fore part of the week the receipts were so small and cash markets so strong as to carry futures upward sharply. Aside
from this, the feeling is pronounced that if the war in Europe
continues for any length of time higher prices are inevitable.
Yet the rains this week have to all appearances meant a
noteworthy increase in the size of the crop. At any rate,
that is the impression of not a few of the trade. The shipping demand at Chicago of late, however, has been brisk.
Stocks in Liverpool are decreasing steadily. The advance
in meats is a factor which is not forgotten. To-day prices
were very irregular. Beneficial rains were reported and
larger offerings. But there was considerable buying on
declines.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. F
cts_ 93
935i 93
93
93
93
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
793 7774
September delivery in elevator-cts- 7874 7774 7874 80
December delivery in elevator_...71% 6974 6974 70% 69 *4 6874
72%
71% 69%
71%
7074
elevator
7474
in
delivery
May
Oats, like other grain, have advanced, though there has
been some heavy selling at Chicago by elevator interests.
The offerings from the country have been of fair volume,
and, indeed, of late have increased somewhat, while the cash
demand has not been quite so brisk. But there is certainly
a gerieral impression in the trade that if the European war
continues, there will be no escaping an advance in American
markets. At times there has been a good deal of profittaking, but the undercurrent of sentiment has been distinctly
bullish. The crop is one of the largest on record, and visible
THE CHRONICLE
xcix.
supplies are liberal, but an unprecedented demand is expected CHICAGO BOARD OF TRADE
NEW CORN CONand despite the recent advances prices are still somewhat
TRACTS.below those of a year ago. To-day prices were steadier than -The application of the new grading
on corn on the Chicago
Wise for other grain, owing to the fact that there have been Board of Trade, in effect July 1 1914,
is as follows:
export sales at the seaboard of late. At Chicago the indicaFor delivery on and after July I 1914 all contracts
for corn, unless othertions pointed to a large shipping business. Cash houses wise specified, shall be understood as for "contract"
contracts a tender of the following-described grades of corn and on such
there have been large buyers of futures latterly.
portions as may be convenient to the seller, but in no corn in such proDAILY CLOSING PRICES OF OATS IN NEW YORK.
than 1,000 bushels of any one grade in one elveator case an amount less
shall be deemed a
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
Standards
cts_4634-47 4634-47 46-4634 4634-47 4634-47 46.34-47
No. 2 white
47-4734 47-4734 4634-47 47-4734 47-4734 47-4734
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts- 414 4134 4134 4234 42
4134
December deliver), in elevator_ _
44%
May delivery in elevator
4734 4734 47% 48% 4834 47%
The following are closing quotations:
FLOUR.
Winter, low grades__33 60133 80 Spring clears
001445 25
Winter patents
4 90 525 Kansas straights,sacks_$5
4 500 4 75
Winter straights
4 60 4 80 Ifamessclears,sacks___ 4 25@ 4 50
Winter clears
4 201 4 40 City patents
6 85 6 95
Spring patents
5 50
575 Rye flour
400(1)450
Spring straights
5 25 5 50 Graham flour
3 80 450
GRAIN.
Wheat,per bushel-f.o.b.
Corn,per busheleta
N.Spring, No.1_ El 0731ig I 13%
No. 2 mixed
93
N.Spring, No.2
No. 2 yellow
105%
9234
Red winter, No. 2
98
No. 3 yellow
92%
Hard winter, No.2,arrive I 00
Argentina in bags
87(00
Oats, per bushel, newcts
Rye, per bushelStandards
46%147
New York
8631
No. 2, white
47@i4 %
Western
No. 3. white
4604634 Barley-Malting
63
WEATHER BULLETIN FOR WEEK ENDING AUG.
10.-The general summary of the weather bulletin issued
by the Department of Agriculture for the week ending
Aug. 10 is as follows:
Continued severe beat and drought over
of the corn belt, with
unusually heavy rains in portions of Texas, much
were the marked features of
tne weather during the past week. In the corn
belt the early part of the
week was hot and dry and corn deteriorated badly
portions, as well as in Iowa, Nebraska ann Kansas, in the more northern
the outlook had
heretofore been satisfactory. In Missouri little rain where
occurred and the crop
in that State is seriously injured. Over the Ohio
Valley
and
to the eastward good rains in many portions during the last day
or two of the week
benefited the late corn, and will doubtless
improve the early-planted to
some extent. Over the southern portions of the
the general rains should
greatly benefit the late-planted, which in manybelt
sections is now reported as
being in good condition. Threshing of winter-wheat
oats progressed.
of
oats generally reported as fair. Pasturesand
with yield
are mostly dry, and
plowing for fall wheat has male but little progress.
Tobacco in the Ohio
Valley, where not too badly injured, was benefited by
the rains near the
end of the week. In the spring-wheat belt drought
and heat still further
Injured the growing crop in the more northern
localities, and damage from
rust is reported from many points in North Dakota
and Minnesota, but
harvest is progressing rapidly in most sections with
favorable weather, and
threshing is under way in the southern
portions.
In
the Eastern and
central States of the cotton belt the weather was nearly everywhere
favorable and cotton has made rapid growth.
is now under way in the
southern portions, but delayed somewhat inPicking
Georgia
rains.
In
by
frequent
Texas the severe drought was very generally
during the week,
especially in the eastern and central portions, relieved
and
outlook
is
the
cotton
much improved. In Oklahoma hot and dry
the first part of the
week stillfurther injured cotton, but moderateweather
rains the latter part will, no
doubt, improve conditions, although the late-planted
is small and shedding
is reported. Rains sufficient for present needs occurred
much of
Florida, and citrus fruits and other produce are reported asover
in promising
condition. Over the Atlantic Coast States from Virginia northward
but
little rain occurred in Virginia, Maryland and adjoining States, and corn,
other growing crops and pastures are snowing the effect of the continued
dry weather. In the States farther north
rain occurred, but crops
are making satisfactory progress, except it littletoo
cool for corn in some
portions, and rain is now needed in others. was
Over
western portions of
the Great Plains and in the Mountain and Plateauthe
districts good rains in
the:southern and central portions greatly benefited
and favored
the
the growth of crops, while dry weather in the northern ranges
districts permitted
the harvest of wheat and hay, hut
interfered with the proper development
of spring wheat. Over the Pacific
Coast States the weather continued
favorable for harvesting and threshing
winter wheat, and for hay-making,
but heat and lack of rain over the northern
portions caused premature
ripening of spring wheat and interfered
of the
grain. Seasonable weather prevailed inwith the proper developmentcuring
and shipping of fruits continued in full California. and the drying,
swing.
NEW CORN GRADES.-The Government grades of
commercial corn as promulgated by the
Department to go into effect July 1 1914 are asAgricultural
follows:
. No.1 Corn shall be sweet,exclusive of heat damaged
mahogany kernels
and must not contain more than 14% moisture. 2%ordamaged
corn,
1%
foreign material,* 2% cracked corn.a
No.2 Corn shall be sweet,exclusive of
damaged or mahogany kernels
and must not contain more than 15.5%heat
foreign material,* 3% cracked corn.a moisture, 4% damaged corn. 1%
No.3Corn shall be sweet,exclusive of
and must not contain more than 17.5%heat damaged or mahogany kernels
foreign material,* 4% cracked corn.a moisture, 6% damaged corn, 2%
No.4 Corn shall be sweet and mast not contain
more than 19.5% moisttnre.8% damaged corn,2% foreign material.
4% cracked cocoa, % beat
damaged or mahogany kernels.
No.5 Com snail be sweet and must not contain
than 21.5% moisttore. 10% damaged corn. 3% foreign material,* more
5% cracked corn,a 1%
heat damaged or mahogany kernels.
No. 6 Corn must not contain more than 23%
moisture, 15% damaged
corn, 5% foreign material,* 7% cracked coma, 3%
heat damaged or mahogany kernels. May be musty,sour and
finch as immature and badly blistered corn,include corn of inferior quality.
Sample Corn. All corn that does not meet the
requirements of either of
the six numerical grades'by reason of excessive moisture,
damaged kernels,
foreign matter, cracked corn, hot corn, heat damaged
infested with live weevil, or otherwise of distinctly lowcorn,fire-burnt corn.
White Corn. (All grades.) Shall consist of not less thangrade.
98% white corn.
Yellow Corn.(All grades.) Shall consist of not less than 95%
yellow corn.
*fixed Corn. (All grades.) Shall consist of corn
of various colors not
easing within the limites for color prescribed for white
corn.
or
yellow
Foreign Material. Includes dirt,cob,other grains,finely
Cracked Corn. Includes all coarsely broken pieces of broken corn,&c.
will
kernels
that
pass through a perforated MeV() with round holes, 34-inch in diameter.
except, that the material defined as finely broken
corn shall not be considered as cradked corn.
Finely Broken corn. Includes all broken particles
cork that will pass
through a perforated sieve with round holes 9-64-inch of
in diameter.
Inspector's Certificate for No.6 and Sample Corn shall
bear statement of
reasons for so grading.
Moisture Percentages. As provided in grade specifications shall conform
to results obtained by the Svandard method and tester described in circular
No. 72, Bureau of Plant Industry. U.S. Department of Agriculture.
Note. It is understood that the damaged corn; the foreign material,
including pieces of cob dirt, finely broken corn. other grains, &c., an 1 the
cOarsely broken or cracked corn as provided for under the verb:is q•ades
shall be such as occur naturally in corn when haadled under g, od commercial conditions.
*Note description "foreign.material."
a Note description of "cracked corn."
valid tender at the price differences mentioned
the following
subject, however, to the provisions of Section 5in
of Rule XXI: schedule,
No 1 White Corn, No. 2 White Corn. No. 1 Yellow
Corn. No. 2 Yellow
Corn, at % cent per bushel over contract price.
I (mixed) Corn.
No. 2 (mixed) Corn at contract price. No. 3 WhiteNo.
Corn, No. 3 Yellow
Corn,at two cents per bushel under contract price. No.
3(Mixed) Cornet 234 cents per bushel under contract price. The above
grades of corn
to conform to the standards established by the U. S. Government
July 1 1914. Also, that Sec. 3 of Rule XXII be amended by effective
after "No.3(Mixed) Corn",the following: No.4 White Corn. No.inserting
4 Yellow
Corn at 434 cents per bushel under contract price. No. 4 (Mixed)
Cornet 5 cents per bushel under contract price. Provided that
No. 4 Corn of
the new crop can be delivered only during the months of November,December, January and February.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Flour. I Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196Ib5. bash.60 lie bush.58 lbs. bush. 32lbs. bush.48lbs. bu.56 lbs.
Chicago__
177,000 6,345,000 1,266,000 6,954,000
197,000
88,000
Milwaukee__
72,000
332,000
182,000
817,000
104,000
32,000
Duluth
391,000
10,000
26,000
27,000
, 1,141,000
Minneapolis.
115.000
183,000
130,000
77,000
Toledo
292,000
47,000
421,000
1,000
4,000
Detroit
9,000
160,000
12,000
229,000
Cleveland
13,000
80,000
41,000
222,000
St. Louis_
67,000 1,411,000
218,000
821,000
16,000
14,000
Peoria
40,000
119,000
122,000 1.082,000
37,000
2,000
Kansas City,
I 2,587,000
257,000
255,000
Omaha
I
782,000
482,000
402,000
Receipts at-
Tot. wk. '14
Same wk.'13
Same wk.'12
378,000 13,640,000
377,000 11,557,000
312,182 8,443,973
2,742,000 11,396,000
2,480,000 6,056,000
2,740,645 5,242,954
511,000
819,000
384,926
Since Aug. 1
1914
1913
1012
I
378,000 13,640,000
377,000, 11,557,000
312.1821 8.443.973
2,742,000 11,396,000
2,480,000 6,056,000
2,740,645 5,242,954
511,000 244,000
819,000 265,000
384,926 234.389
244,000
265,000
234,389
Total receipts of flour and grain at the seaboard ports for
the week ended Aug.8 1914 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
New Orleans•
Newport News
Norfolk
Galveston
Mobile
Montreal
Quebec
Corn,
Wheat,
Flour,
bbls.bush.
222,000
231,000 1,031,000
1,000
25,000
322,000
883,000
47,000
29,000
46,000 1,345,000
84,000
823,000
92,000
8,000
16,000
4,000
1,651,000
7,000
3,000
4,000
31,000 2,952,000
1,000
3,000
Oats,
bush.
367,000
148,000
137,000
52,000
95,000
Barley,
bush.
41,000
Rye,
bush.
1,000
3,000
6,000
103,000
60,000
1,000
Total week 1914_ 475,000 9,026,000
396,000
902,000 101,000 10,000
Since Jan. 11914-12,855.000 123928.000 15.068,000 22,158,000 8379,000 2342,000
470,000 8,298,000
Week 1913
294,000
738,000 260,000 87,000
1913_12,158,000
111364,000
Jan.
1
42,824,000 34,677,000 14800000 2217,000
Since
• Receipts do not include grain passing through New Orlean for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Aug. 8 are shown in the annexed statement:
Wheat,
bush,
Exports from219,622
New York
269,387
Boston
Philadelphia
32,000
128,000
Baltimore
New Orleans____ 738,000
16,000
Newport News__
1,228,000
Galveston
3,000
Mobile
1,348,000
Montreal
Norfolk
Quebec
corn, Flour,
bush.
bbls.
16,278 71,511
2,595
22,283
12,105 8,842
65,000 17,000
8,000
4,000
38,000 7,000
12,000
4,100
3,000
Total week.___3,980,009
6,527,202
Week 1913
131,383 160,331
73,129 225,470
Oats,
Rye, Barley,
bush, bush, bush.
38,006 88,538
Peas,
bush.
1,356
19,625
1,000
201,000
28,000
259,631 88,538 28,000
325,800 35,828 332,106
1,356
706
The destination of these exports for tile week and since
July 1 1914 is as below:
Flour
Week
Exportsfor week and Aug. 8.
bblc.
since July 1 toUnited Kingdom-- 57,339
19,999
Continent
Sou. Se Cent. Amer_ 28,572
45,355
West India]
Brit. Nor. Am.Cols. 9,421
442
Other Countries
Wheat
-Corn
Since
Since
Since
July 1
Week
July 1
1Veek
July 1
1914. Aug. 8,
1914, Aug. 8.
1914.
bole.
bush,
bush,
bush.
bush.
480,291 2,124,178 15,104,752
282,898 1,817,243 19,646,406
231,875
35,588
106,997
210,802
60,450
178,080
3,000
6,242
229,135
69,115
11,503
812
11,555
468
5,523
1,818
160,331 1,176,211 3,980,009 34,864,865
446,272
131,383
225,470 1,072,056 .8,527,202 23,720,370
173,l29 _1,s75,042
Total
Totalj 1913
The world's shipments of wheat andOn for he week
ending Aug. 8 1914 and since July 1 1914 and 1913 are shown
in the following:
Wheat.
Exports.
I
1914.
I Week
I Aug. 8.
Since
July 1.
Corn.
1913.
Since
July 1.
1914.
Wee*
Aug. 8.
1913.
Since
July 1.
Bushe:s. Bushels,
Bushels. Bushels.
Bushels.
North Amer.6,594.000 44,576,000 31,250,000 49,000 Bushels.
494,000
172,000
11,922,000 8,948.000
•
Russia
2.900,000
•
1,531,000
•
2,304,000 2,436,000
Danube--- _,
•
2,772,000
8,185,000
Argentina ! 456,000 2,274,000 3,972,000
Australia_ _ _I 420,000 4,004,000 4,680,000 3,299,000 21,977,000 36,974,000
' 696.000 6,960,000 11,824,000
ndla
•
th.countr's
246,000
474,000
'.166.000 72,286.000, 63,584,000 3,348,000 31.865.0001 43,140,000
Total
•Not availa le.
Si- nce
July 1,
485
THE CHRONICLE
MTG. 15 19144
The quantity of wheat and corn afloat for Europe on dates
• mentioned was as follows:
Corn.
Wheat.
United
Kingdom. ContinetU,
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels. Bushels.
Bushels. Bushels.
16,924,000
Aug. 8 1914
33,176,000
21,188,000
Aug. 1 1914._
37,512,000
Aug. 9 1913__ 18,160,000 15,912,000 34,072,000,11,127,000 22,686,000 33.813,000
Aug. 10 1912__ 22,312,000 13,336,000 35,648,0001 8,050,000 23,387,000 31.937,000
Bushels,
New York to August 8Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
--1913
-1914
Since
Since
Week. Jan. 1.
Week. Jan. 1.
5
1,084
2,679
41
751
5
1,847
5
46.044
48.909_
9.944
e;12
15.063
1,853
23,610
1.924
9,193
18,976
754
6.039
155
23.245
293
29,603
640
1.596
21
322
9.897
162
14,194
302
33.630
370
36.210
1.130
92,908
2,842
45,844
2.243
6,369 209,403
7.018 210.685
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan.1 has been
granary at principal points of accumulation at lake and $15,022,979 in 1914,against $16,472,870 in 1913.
seaboard ports Aug. 8 1914 was as follows:
Domestic cotton goods are fairly active and steady.
There is a good demand from retailers for fall goods, but
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded spring lines, particularly underwear, are being held.up
Bye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
situation.
bush, bush, bush, bush, bush, bush. bush. bush. pending further developments in the raw-cotton
In Thousands110
28
609
57
114
2,181
Considerable business is being done in bagging and some of
New York
1
2
267
7
5
76
170
Boston
the materials have advanced sharply during the week.
148
59
1,108 ____
Philadelphia
_ __.
111
23
3,193
Sales are reported of over 10,000,000 yards of coarse sheetBaltimore
108
61
3,187
New Orleans
ings for bagging purposes during the week, with demand still
2,75611
Galveston
134 -41l
--- --ii - 125
--3active. Staple Imes of bleached goods are moving steadily
- 1,533 -556
Buffalo
5 __ _ _
307 ---39
998
Toledo
and all contracts are being taken up as delivery dates fall
10
123 ____
77
322
Detroit
91
59
due. There seems to be less fear of a glut of raw material
837 5,369 ......
4,370
Chicago
7 _--16
33
.
7
540
afloat
at Southern centres, and the Southern mill situation is
fi - oi
--.
228
111
43
Milwaukee
139
7 clearing. Some of the mills have canceled their advance
20
--io
64
877
Duluth
216
5
34 ____
3
2,840
Minneapolis
orders for raw material, but not enough to do any harm.
47
118
2,768
St. Louis
Print cloths and gray goods are a shade easier, but without
21
____
61
260
3,711
Kansas City
5
____
3 1,081
29
Peoria
any great increase m buying. A moderate business has been
313 ---137
1,579
Indianapolis
done for near-by delivery, but converters and printers are
---fl - -ia
435 ____
193
675
Omaha
59
27
____
136
523
1,380
not willing to book any heavy orders for either ginghams or
On Lakes
152
____
On Canal and River
prints for late delivery. The European war has cut on
971
7 their supply of dye stuffs and they are afraid that they will
208
305
584 2,717 10,111
Total Aug. 8 1914_34,323
902
8
168
204
6,483
3,208
292
Total Aug. 1 1914..29,743
8 only have sufficient to fill present contracts. Gray goods,
468 1,284
537
941 5,222 17,157
Total Aug. 9 1913..41,546
295
244
so 38-inch standard, are quoted at 43
127
/0.
Total Aug. 10 1912..18,083 1,355 2,852 1,210
CANADIAN GRAIN STOCKS.
WOOLEN
GOODS.
-In
and worsted dress goods
woolen
Canadian Bonded
Canadian Bonded
Canadian Bonded
Rye. Barley. Barley. business for the new spring season is being restricted by the
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush. bush, bush. bush. prospect of a shortage of dye stuffs. Selling agents are inIn Thousdands-178
23
8 1,048
5,090
Montreal
structing salesmen to accept orders only subject to confir____
734
Ft.William& Pt.Arthur 1,806
mation by the mills, as they are not certain of the amount
1,265
2,371
Other Canadian
of goods'inch manufacturers will be in a position to furnish.
178
23
8 3,047
Total Aug. 8 1914-- 9,267
Several lines of serges have been advanced from the opening
241
24
14 3,725
Total Aug. 1 1914-- 8.956
446
33
22 6,155
level, but buyers have not as yet shown any disposition to
Total Aug. 9 1913._ 5,065
1
2
3,893
7,051
1912-Total Aug. 10
place further business. Buyers are being warned that the
SUMMARY.
cutting off of imported lines will greatly increase the demand
Bonded
Bonded
Bonded
Rye. Barley. Barley. for domestic fabrics and that they had better place their
Wheat. Wheal. Corn. Oats. Oats.
bush, bush. bush, bush. bush. bush, bush. bush. requirements early. Some English manufacturers have
In Thousands7
971
208
305
10,111
2,717
584
34,323
American
178 --__ notified their representatives here that they will send for23
9,267 ____
8 3.047
Canadian
ward their spring fabrics as usual, but Austrian and German
7
231 1,149
305
584 2,725 13,158
Total Aug. 8 1014..43,590
are greatly discouraged, there being little hope .of
8 agents
192 1,143
204
292 3,222 10,208
Total Aug. 1 1914..38,699
8 their obtaining any goods from their respective countries
501 1,730
537
941 5,244 23,312
Total Aug. 9 1913_46,611
80 for an indefinite period.
296
244
127
Total Aug. 10 1912-25,134 1,355 2,854 5,103
FOREIGN DRY GOODS.-Linens have been active, with
a rush on the part of buyers to cover requirements as a result
THE DRY GOODS TRADE.
of the war, and all grades of goods from the finest to the
New York, Friday Night, Aug. 14 1914.
coarsest have been in urgent demand. It is estimated that
only last a few weeks and prices are
Despite the worldwide unsettlement as a result of the present supplies willrecord
levels. Imported lines of silks,
European war, American dry goods markets continue active, being advanced towoolen and
worsted fabrics are also being
with the volume of sales steadily increasing. The centre of laces, cottons and
for the same reasons. Linen importers are
activity during the week has been the H. B. Claflin Co. rapidly absorbed
of importations if England
receivership sale of fall merchandise. Buyers from all sec- hopeful of an early resumptionopen
across the Atlantic, but
tions were in attendance and buying was brisk, particularly in succeeds in keeping navigation
lines of imported fabrics. Exceptional values were offered state that the time lost during the present unsettlement will
in all departments and buyers were quick to take advantage be difficult to overcome. Burlaps continue to be readily
of the opportunity to replenish their present low stocks. In taken, with the demand far in excess of the supply. The
other quarters business was reported to be active, but chiefly market is firm, with prices advancing,as there is little prosin imported lines, as buyers realize that present supplies of pect of fresh supplies being received from abroad in the near
these will be speedily taken up and that arrivals from now future. Light-weights are quoted 7.75c. to 8c. and heavyon will be light. The demand for domestic goods is increas- weights at 9c.
ing, with many large distributers of foreign fabrics turning
their attention to domestic lines with which to meet their Importations & Warehouse Withdrawals of Dry Goods.
requirements when importations have stopped. Domestic Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
manufacturers are consequently strengthening their lines
Since Jan. 11914.
Aug. 8 1914.
wherever possible and are looking forward to a heavy deValue.
Pkgs.
Value.
Pkgs.
mand later. Many lines dependent upon imported materials Manufactures of62.603 17,655,182
608.521
2.214
Wool
for their production have been advanced in price, and while
750.891 112,037 29.682.369
Cotton
2.766
demand for them is good, manufacturers are conservative in
47,857 22,856,561
549,595
1,307
Silk
46,947 11,227,901
323.019
1.298
Flax
eepting orders very far ahead. The question of securing
95,285 8.810.627
264.464
2.047
Miscellaneous
•equate supplies of dye-stuffs is becoming a serious one, as
9.632 2,496.490 364.729 90.232,640
Total 1914
porters of dyes are reported to have not more than three
7,203 2,118,893 286.991 68.431,606
Total 1913
a six weeks' supply on hand. Dyers and finishers are not
Warehouse Withdrawals Thrown Upon the Market.
i,vered ahead and are holding whatever supplies they have Manufactures
of7..585.472
28.311
232.654
take care of what business they have already contracted
802
Wool
23,875 6.536,838
357.017
1.042
Cotton
. Export business is, of course, at a standstill. Ship3.822.332
8.745
232.288
622
Silk
4.099.515
,•nts for the West Indies and South America are piling up,
15,839
334.737
1,298
Flax
3.784.509
65,763
137,660
899
Miscellaneous
there are no ships available to handle them. Exporters
lizn the excellent opportunity to increase their business,
4,663 1.294.356 142,583 25.828,666
Total withdrawals
9.632 2.496,490 364,729 90.232.640
. t state that their hands are tied by the lack of shipping Entered for consumption
ilities and suitable international financial arrangements.
14,295 3.790.846 507.312 116.061.306
Total marketed 1914
10.429 2.952.782 409329 86,647,578
s, porters handling cotton duck report that they have reTotal marketed 1913
ived indirect inquiries for prices on army duck, but will
,
Imports Entered for Warehouse During Same Period.
of
•t state from what source or to what extent. They say Manufactures
21,907
6.518.621
490
Wool
23,507
6.671,028
229:933
,ey are in a position to make quick shipment of large
Cotton
8.950 3.859,279
147.565
393
Silk
ounts, but as yet no orders are known to have been aetu100,138
17.564
4.270,980
423
Flax
i56,267
43,551
• y placed.
620
3.349.022
Miscellaneous
DOMESTIC COTTON GOODS.-The exports of cotton
k)00.820 115.479 24,668.930
2.569
Total
9,632 2496390 364.729 90.232.610
goods from this port for the week ending Aug. 8 were 6,369 Entered for consumption
packages, valued at $466,423, their destination being to the
12.201 5.397.310 480,208 119.901,570
Total imports 1914
12,137 3.136.417 940,839 91.704,995
points specified in the table below:
Total imports 1913
THE CHRONICLE
486
STATE MID CITY DEPAKMENT.
MUNICIPAL BOND SALES IN JULY.
We present herewith our detailed list of the municipal
bond issues put out during the month of July, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 422
of the - Chronicle" of Aug. 8. Since then several belated
July returns have been received, changing the total for the
month to 825,879,206. The number of municipalities issuing bonds was 489, and the number of separate issues 686.
JULY BOND SALES.
Rate. Maturity. Amount. Price.
Name.
Page.
5
282_ _Abilene, Kans
$85,000
422__Abilene, Kans.
50,000 100.50
5
01919
43
1919-1944
60,000
138--Abington Twp. S. D., Pa
422- _Akron, Ohio90,000
282-Allendale, So. Caro
131 41934-1954
65.000
359„Allendale Sch. Dist., N.J
5
1929
3,200 101.5
212-Allegheny County, Pa
43(
1944
500.000 103.592
282.-Alliance, Ohio
5
1939
6,500 104.867
488__AltamontUn.Fr.S.D.No.1,N.Y- 5
1915-1926
12,000 100.725
359__Amsterdam, N. Y
43
1926
25,000 104.35
282_-Arlington Heights Twp. High
Sch. Dist., 111
5
01926
45,000 104.077
212_ _Ascension Parish, La
35,000 100
5
138-Athens, Ohio
01920
6,500 100.693
138-_Attala County, Miss
6
1024-1939
50,000 y103.403
5
282- _Auburn Sch. Dist., Calif
47,000 100.214
212-_Aurora, Ill
30,000 y101.4
5
359__Azua Sch. Dist., Calif
10,000 101.10
282.._Bakersfield Sch. Dist., Calif..
01922
40.000 102.827
212__Barberton, Ohio
5
15,000 103.095
282__Barnes Sch. Dist., Calif
6
01918
5,000 100.22
282....Bartholomew Co., Ind.(3 iss.)_ 43
01920
38,120 100.17
6
138_ -Barton Heights, Va
1944
25.000 113.05
5
__
282-..Batavia VII. S. D., Ohio
2,000 100
4.40 01921
488--Bath, N.Y
10.000 100.05
5
282-..Beardstown S. D. No. 15, Ill
01924
25,000 103.608
5 d1919-1934
138--Benson, Neb
44,500
99.055
138-Beverly, Mass
4
1915-1923
44,000 101.36
_Billings County,No.Dak
359_Billings
51924
15,000 100.50
63_13ingharnton, N. Y
4% 1924-1926
15,000 101.25
4J
212-..Binghamton, N. Y
01923
50,000 102.677
4
212- _Binghamton, N. Y
01931
70.000 104.377
488-Donneville Co.S.D. No.46,Ida. 6 41924-1934
5,000 101.74
4%
359- _Boone County, Ind
01920
3,360 100.297
6
422-Boonville, Ind
15.000 100
4
488_ -Boston, Mass.(4 issues)
32,000 z100
4;1
359.. Boston Sch. Twp., Ind
01923
17,000 100.911
282-_Bradentown, Fla.(4 issues)
5
d1934-1944
60,000 100
359__Brazil, Ind
20,000
5
282--Bremen,Ohio
1,800 101.25
359-Brighton. N. Y
4.39 01926
25,000 100
County,
Mass
212-Bristol
4
01922
45.000 101.86
422-_Brockton,
_Brockton, Mass
1915-1924
26,000 100.219
359-Brooldand Spec. S. D.71, Ark.. 6
8.000
98.5
1919-1934
213-..Brookline, Mass
4
1915-1933 131,0001 102.617
213__Brookline, Mass
4
1915-1923
4%
359-_Brown County, Wis
01920
25,000 100.64
282-Browngold Sch. Dist., Calif_ _ 6
01918
5,000 100.22
422__Brunner Ind. Sch. Dist., Tex- 5 41934-1954
16,000
283__Buena Vista Sch. Dist., Calif__ 6
12.000 101.775
423....Buffalo, N. Y
10,000
4
1915-1924
423__Buffalo, N. Y. (2 issues)
4
190,000}z100
1934
114,000
423__Buffalo, N. Y
4
1934
101.359
-- 108,5
I
___
i
138-Cambridge, Mass.(2 issues)
cfoi.
25,000 102.83
359--Cambridge S. D.,Ohio
11,700 109.261
213__Canton, Ohio
1924
44,600 105.506
213__Canton, Ohio
1920
4.200 102.78
213.. _Canton, Ohio
534
01918
3,700 102.58
213_ _Canton, Ohio
5%
01917
359_ _Carbon Co. H. S. D. 1, Wyo 6
8,000 103
01921
359- _Carey, Ohio
12,500 100.968
1915-1924
5
283__Carlisle Sch. Dist., Pa
50,000 100
4
d1924-1944
359....Carroll County, Ind
4%
01920
423__Carterville Sch. Dist., Mo..- _ - -13:888
359__Cass County, Ind
2,600 100.153
01920
434
213__Cedar Creek S. Twp., Ind
11,500
1929
360__Cedar Falls Sch. Dist., Iowa
1924
5
31?:888 103.233
213__Cedar Lake, Wis
5
1915-1919
283-Challis Ind. S. D.No. 1. Idaho_ 6
2,000
138-Champaign County, Ohio
01915
138-Charlotte. N.Y
18:R8888
01920
423-Charlottesville, Va
1934
283-Chattanooga, Tenn
6
1915-1918
2 __ ee
wags, N. Y
5
01917
283-Chehalis Co. S. D. 59, Wash
5% 41915-1919
4:088 188.153
213....Cherokee Sch. Dist., Iowa
5
1924
Sch. Dist., Calif
6
1917-1930
8 :88g
283-Cherryville. No. Caro
5
1944
20,000 100
213__Chicopee, Mass.(2 issues)
4
68,500 100.79
213__Circleville, Ohio (2 issues)
5
36.260
360--Clarksville, Texas
5
20,000 100.25
283__Clay Co. S. D. No. 74, Mo_--- 6
1919
139-Clinton Sch. Twp., Ind
4%
a
ct t42401
101.754
.._Clyde, Ohio
5
100.40
139--Coahom,a County, Miss
5
Ail 101.20
213-Collins Sch. Dist., Calif
6
01917
5,500 101.818
139__Connellsville. Pa
434
100,000 102.942
213-..Coventry Twp., Ohio (3 issues) 5
3559.000 100.102
1.39__Crawford County, Ohio
-Iffiii-1.463
0:0
000 100
213__Crittendon County, Ark
6
1915-1944
360-Crystal Falls, Mich
5
16,000 101.45
-Cuyahoga
County,
283Ohio
5
11,860 102.27
283--Cuyahoga County, Ohio
5
55,349 102.69
423.. Cuyahoga County, Ohio
5
01920
21,885 102.40
423.. CuyahogaCounty, Ohio
5
01920
49,039 102.585
350--Darby Twp. Rural S. D., Ohio_ 6
4,500 100.40
213__Dearborn County,Ind
434
1934
9.000 100.60
283--Decatur County, Ind.(4 issues) 434
01920
24,520 100.489
64__Dedham, Mass. (4 issues)
5
42,500 100.449
283__Defiance County. Ohio
6
01915
4.500 101.03
423-_Defiance City S. D., Ohio
01924
16,500 102.273
139-De Graff,Ohio
01918
7,500 101.466
4
214-Delaware County, Ind
01920
8,400 100.954
423-Delaware County, Ind
4%
01920
12,400 100.77
360__Delaware County, Ohio
5
01920
22,000 101.345
36()__Delaware County, Ohio
5
01922
12,000 100.416
Ne.. mex
283-..Dexter,
6 41924-1934
95.458
12,000
md
5
214.. DorchesterCo:41v,
21.000 104.068
434
423--Dubois County, ind
01920
10,720 100.102
Sch.
-Dudley
TwP••
Ind
434
01916
360
5.000 100.05
Wig
5
284..East Milwaukee,
19154934
30,000 y103.512
2I4_ -Easton, Md. 3 issue.)
74,000 108.682
lssues
2
Ohio
5
360-Eaton,
12,500 100.408
4
284--Elizabeth, N. J
1934
23.700 193.432
1944
284-Elizabeth, N. J
14,800 104.396
Calif.
D.,
214- _El Segundo S.
15.000
5
65-..Elyria Two. S. D., °hit
01918
5,000
5
Twp.
S.
D.,
0110
01918
360-Emerald
1.000 100
4
139__Erie, Pa.(4 issues)
1934
170,000
- 4g 1929-1944 225,000 102.241
139-Erie Sch. Dist.. Pa
,n".489
i66
1
872,7 1811715
283__cherokee
18?:127
1
5
[VOL. xcrx
Page.
Name.
Rate. Maturity. Amount. Price.
284__Everett, Mass
4
1915-1924
20,000 100.589
360__Fairport, Ohio
5
01925
284__Fayette County, Ind
434 1915-1924
180112
284_-Fergus Co. S. D.No. 2, Mont.... 6 41919-1924
2.200 100
490_ _Fergus Co.S. D.No. 115, Mont. 6 d1921-1924
1,100 100
423__Ferry Co.S. D.No. 1, Wash
5
36.000 100
490__Florala, Ala
20,000
423__Fort Madison S. D.,Iowa
434
1924
25,000 100.369
423__Fort Myers, Fla
1934
30,000
92.166
214__Fostoria Sch. Dist., Ohio
20.000 101.025
361__Franklin County, Ind
434
01916
2,000
100.075
284__Franklin Comty,Ohio
5
01918
50,000 101.30
284__Franklin County, Ohio
5
01921
20,000 102.875
284.. _Franklin County, Ohio
5
01921
38,000 102.531
361__Franklin County, Ohio (2 issues) 5
44.000 101.436
139__Freehold Sch. Dist., N. J
4)4
01927
25.000 101.404
351__Fremont Co. S.D.No.20, Idaho 6
4.000 100
284__French Camp S. D., Calif
6
a1917
5.000 100.22
5
424....Fulda, Minn
6,000 y100.25
County,
Ohio
(3
214__Fulton
issues)- 5
101.354
214__Fulton Sch. Dist., Ark
6
1919-1939
284__Gallatin Co. S.D.No.64, Mont_ 6
d1922-1924
5.000 100
361-Gallipolis, Ohio
5
01921
20,000 100.875
284__Geddes (T.) Un. Free S. D.
No. 2, N. Y
4
1935-1938
15.000 102.62
361__Gibsonburg, Ohio
5
1915-1918
2,200 100.409
284__Glenwood Springs, Colo
5 41924-1929 110,000 100
214.._Gloucester, Mass
4
1915-1934
10,000 100.679
361__Goshen, N. Y
434
01940
50,000 102.625
424__Gouverneur S. D. No. 1, N. Y- 4.40 01922
14,000 100
490_ _Gowanda, N. Y
5 1919-1939
21,000 105.67
214__Grafton Ind. S. D.. W.Va
5 d1924-1948 110,000 101.109
284....Grand County, Utah
5 d1924-1934
10,500 100.523
284__Grant Co. S. D. No.83, Wash.. 5% 41915-1924
3,000 100
490__Greece, N. Y
4
01923
15,000 100
214__Greencastle Sch. City, Ind- _ 4
44,000
104.036
284__Greene County, Ind.(3 issues)- 434
23,900
214-Greenville, Miss
5
1949
65,000
101.279
Miss
284__Greenville,
5
1934
50,000 1,100
284__Greenwich, Conn. (2 issues)434
120,000
139__Guernsey County, Ohio
5
01921
300,000
102.74
215__Guilford Twp. Ohio
5
4,500
424__Guyton Local Tax S. D., Ga
6
1934
12,000 y103.191
284__Hamilton, Ohio
4% 1915-1924
27,583 100
361__Hamilton Co., Ind.(3 issues) 4
01920
8,320 100.30
284_ Hancock County.Ind.(2issues) 4
23.700
Twp.,
Pa
215__Hanover
4
1924-1934
90,000
4
361__Hartford, Conn
1932&1937 100,000 100
5
215__Hardin County, Ohio
01920
20,000 102.03
215_ _Hardin County, Ohio(2issues)_
22.000 100.689
8
361__Harrison, Ark
191163
-1834
45,000 100
361__Harrison Sch. Twp., Ind
8.000
99
4)4
361__Harrison Twp. S. D.. Ind
:18i9
4.680 100.363
139__Harrison Twp. Sch. D., Ohio- 5
01919
8,000 100.12
County,
Ind
4
01925
284....Henry
54,000 101.389
43
215--Henry County, Ohio
21,000 100.1
215__Henry,
County, Ohio
9.000 100
01928
139„Henry Ind. S. D., So. Dak
20,000 102.11
1944
215__Highland Park, Va
30,000
96.50
1924
285__Holgate, Ohio
1,218 103.489
21,000 103.077
215....Hornell, N. Y.(3 issues)
01920
434
12,400 100.766
139....Howard County, Ind
01920
139__Howard County, Ind
43
17,600 100.767
01920
139__Howard County, Ind
24,080 100.581
01920
139__Howard County, Ind
19,680 100.513
01920
45,600 100.528
139....Howard County, Ind
4
215__Howard County, Ind
4,320 100.347
1925-1927
361_ _Hudson, N. Y
14.500 100.51
4%
10,340 100.44
285_ _Huntington County, Ind
01918
140__Indianapolis, Ind
4
45,000 100.72
1916-1922 122,300 100
6
424-_Inlet Swamp Dr. Dist., III
361__Iron River, Mich
50,000
490__Ironton. Mo
5 1919 & 1924
5,000 100
1915-1919
6
215-Jackson Centre, Ohio
1,000 100.7
1915-1934 122,300
5
215-Jackson County, Minn
140__Jamestown T7n. F. S. D., N.Y.. 4
01923
70,000 102.047
4
01920
361__Jay County, Ind
7,700 100.467
01920
285__Jefferson County, Ind
9,748 100.707
215....Jefferson County, Miss
10,000 107.502
01917
5
361__Jefferson County, Ohio
10,000 100.675
01920
361_ Johnson County, Ind.(3 issues) 4%
15.260
01917
5
361__Johnstown, N.Y
38.000 101.97
215__Kahoka, Mo
15,000
Mich
140....Kalamazoo,
10,000
4%
01929
361__Kansas City S. D., Kan
137,000 100
5
215__Kearney, Neb
45,000
5
01920
140__Kent, Ohio
15,500 100.838
5
01923
285- Keiser School Twp.,Ind
16,500 105.80
5
Tex
d1924-1954
16,000
4%
01920
362- Knox aounty,Ind
15,000 100.565
362__Knox Co. S. D. No. 117. Web.... 6 01919-1934
3,980 102.16
4
1944
362.-Lackawanna County, Pa
100,000 100
6 41915-1924
215- La Grange, Ore
47,392
140__Lake County,Ind.(5 issues)_.... 4
01920
68,960 100.594
4
362-..Lake County,Ind.(5 issues)
01920
42,000 100.454
4
424_ Lake County, Ind
01920
14,000 100
216-_Larksville School District, Pa
5
1920-1944
65,000
5
424...La Rue, Ohio (5 issues)
30,100 102.904
362--Latrobe, Pa
434
01923
24,000 101.375
140_ _Lawrence, Kan
29,500
67- Lawrence County, Ind
_ 01920
8,600 100.524
67- Lawrence County, Ind
01920
2,900 100.137
67_ _Lawrence County, Ind
01920
3,300 100.486
67_ _Lawrence County. Ind
01920
2,900 100.448
363_ _Lawrence County, Ind
4
01920
4,800 100.312
491__Lee County, Va
46,000
424__Lestershire, N. Y
01919
10,000 100
216__Liberty Twp. Rural S. D. Ohio
01924
30,000 100.52
285_ _Lindsay School District, Cal
6
50,000
102.50
424.. Lorain,Ohio
5
_ 01921
35,000 101.81
216__Lorain County. Ohio (4 issues)- 434
136,000 100.26
5
140-Lorain School District, Ohio
01932
125,000 106.1'
362- Los Angeles, Cal
7
96,848 100
285-Lost Nation Ind.S.D.No.3,Ia
5 41917-1924
7,500
216- Lowell,Ohio
5
01923
7,000 11
140__Lucas County, Ohio (8 issues) 5
01919
197,100
-140 _Lucas County, Ohio
5
79,893
102.1
216__McComb City, Miss
5
1915-1934
20.000
285...MadisonCounty,Ind
09.4
01920
9,700 1140_ _Madison County,Ind
4.1t1
01920
60,040 100."
285-Madison Co. S.D.No.15.Mont_ 6 41917-1924
1,500 101
216._Madison County, Ohio(2 issues) 5
55,000 10^
216- Madisonville, Ky
6 41918-1923
3,900
lf
285--Mahoning Co.R.D.No.1,0hio 5
01924
60.000
___________
67--Maine
500,000
-Mancheifer,14.
1401915-1934 100,000
425.._Manhattan.
5
1915-1924
85,000
oN.San.D.No.3.Ariz
535
1934
,
30,000 102:
216__Maricopa Co. 8. D.No.66,Ariz. 5
1934
mow 101.1
425-..Marion, Ohio (2 issues)
5
15,000
285__Marion County, Ind
4
____________
0-0-.2
9,600 1425--Marlon School Township,Ind
4
01916
2,500 101
6
362-Marvell Special S. D., Ark
1917-1929
98.'
13,500
issues)
216__Maryland (2
4
91.'
3,950,000
425..Mason, Ohio
5%
01926
14,000 10
-Medford,
Mass.
(2
issues)
285
4
1915-1934
47,500
IC
362--Melvin School District, Iowa..
10,000
216-_Mesa Union High S. D., Ariz 5%
1934
150,000 11
.
362....Methuen, Mass
4
34,000
101. JD
01923
140....Miami County. Ind
01925
8,930 101.052
140- _Miami County, Ind
01920
6,020 100.611
140__Miami County,0.(3 issues).- 5
33,000 102.03
a1920
362-Miami County,0.(2 issues)_
5
87,000 103.307
-Middlesex
County, N.J
4h
,
141
1934
79,000 100.11
1/..188
tog
ig
THE CHRONICLE
ArG. 151914.]
487
Amount. Price.
Rate. Maturity.
Name.
Amount. Price. Page.
Rate. Maturity.
Name.
334
8.000 100.574
Page.
01916
288 _Truro Twp.S. D. Ohio
107,801
5
5,000 100
41917-1924
216- _Middletown, Ohio (5 issues)--- 5
Dist. Iowa
ch
S.
Udell
219150,000
y101
362-Milam County, Tex
25,000
5
Wyo....
41924-1939
1,
No.
'
D.
S.
Co.
nta
219-Ui
39.000 100.641
7,990 100.201
01917
362--Millburn School District, N.J-- 434 1915-1934
(2
Ohio
5
issues)42,000 103.571 288-Union County,
01940
5
4,000 100.162
434
41916
425-Milltown,N.J
Sch. Twp., In
-Union
71
100
620.006
4
39.900 106.15
425__Minnesota (76 issues)
01919
6
(5 issues)
26,000 103.873 219„Urbana, Ohio(5
01921
68,000
434
362--Montgom,ery Co., Md.(2 issues) 5
Issues)
7,900 100.957 142--Utica, N. Y.
01920
6.000
98.916
41919-1934
6
362--Morgan Co.,Ind.(2issues)-_ 434
Dak
So.
-Utica,
219
104.684
35,000
01929
5
20,000 100.075
1917-1924
5
Iowa_
D.,
S.
286--Morgan County, Ohio
Consol.
Cleve
288__Van
35,000 101.59
5
33,000 101.06
01925
434
286--Morgan County, Ohio
burgh Co., Ind
142-Vander
101.57
5.000
5
7,400 100.675
01920
434
286-Morgan County, Ohio
288 _Vanderburgh County, Ind
150,000 107.78
5
22,000 101.495
434 1915-1936
425....MorgantownS. D., W. Va
_Vandergrift, Pa
1919-1939 200,000 100.321 364 __Vermillion Co.S. D.No. 112,111. 5
4
20,000
1919-1933
286-Muncie School City, Ind
493
100
25,000
20.000
5
5
1919-1934
425-Napa,Cal
427 Vienna Ind. S. D.,So. Dak
75,353
7,800 100.576
01920
434
491-Nebraska (10 issues)
142--Vigo County, Ind
3,000 100.20
01938
19,000 100.478
5
01920
434
286-Nelson Twp. S. D., Ohio
Ind
County,
-Vigo
288
102.50
24,000
01922
100.564
434
23.920
(2
216-Nevins School Twp.,Ind
434
issues)
Ind.
County,
142--Wabash
144,882 100.36
15,000 104.832
363--New Bedford, Mass. (4 issues)_ 4
219-..Warren. Pa1944
8,348 100
18.000 100.705
01920
81
Ind
363- _Newburgh Heights,0.(3 issues). 5
County,
-..Warren
142
60.000 100.208
3,560 100.308
, 419244944
01920
434
141_ New Castle School District, Pa.. 431
4,000 100.564 142_ _Warren County,Ind
01922
45,000 104.244
1934
5
286--New Lexington Vii. S. D.,Ohio.. 5
2.0001 101.018 493-Waseca, Minn
a1927
52,000 101.921
5
01921
434
N. Y
County,
141-New Richmond, Ohio
_Westchester
364_
2.0001
01919
11,500 105.869
01922
534
434
141_ _New Richmond, Ohio
219_ _West Creek Sch. Twp.,Ind
16.800 100.91
01925
10.000 y100.57
434
1915-1924
6
426-Newton County, Ind
7,530 100.345 219__West Salem, Ore
01920
14,000
100.542
434
01920
434
Ind
County,
426-Newton County, Ind
-White
31.112 101.446 142
01918
22,200 100.36
01920
5
County,Ind.(3 issues).- 434
363 __Newton Falls. Ohio
-White
142x100
250,000
1923
3
14,000
01920
5
101.428
Ohio
e,
-Whitehous
426_ _New York City
289
4( 1938-1941 160,000 108.72
(T.) Un. F. S. D.
141__Niagara Falls, N. Y
6,500 105.815 220-White PlainsY
1945
5
35.000 101.60
434 1920-1930
No. 1, N.
217_ _Niles, Ohio
50,000
2,000 102.105
5
363__Nodaway County, Mo
142_ _White River Twp.„ Ind
10.000 100
5 41919-1934
01929
8,000 3100.712
141_ _Norfolk, Neb
220-White Sulphur Springs, W. Va- 6
85.100 100
4
Co.
an
492--North Dakota (13 issues)
364„Whitm
100.07
50.000
434
534 419174924
2,250 100.222
Wash
363--North Plainfield S. D., N. J
85.000
6
217-North Richmond, Va
142__Wilna (1') U. F. S. D. No. 1,
25.000 100
8,500 100
4.40 1927-1934
217--North Sacramento S. D.. Cal 5
N. Y
51,500 100.783
29,897 100
217__North Tonawanda, N. Y.(3'se) 434 1915-1924 100,000
101.265 142-Winchester, KY
1944
434
6
5,000 101
1918-1927
Nev
a,
217-Norwalk, Conn
_Winnemucc
220_
100.18
210,0001
1915-1929
5
5
1934
30,000 100
363_0akiand, Cal
289-Winner, So. Dak
431 1915-1939 500,0001
10,000 100.80
01917
5
363-Oakland, Cal
365__Wood County, Ohio
101.474
35,000
01925
434
3.000 101.248
01918
6
286--Oak Park, Ill
72--Woodstock, Ohio
10.000 100
41919-1934
10,000 100.68
431 1915-1925
286-Okanogan Co.S.D.No.49,Wash. 534
6,040 100.745 143__Worth Sch. Twp., Ind
01920
434
12,500 101.30
141-Orange County, Ind
365-_Wyandot County, Ohio
98.776
23.500
1919-1932
4
3,000
217 Orleans, Vt
98.776 289--Yawn Con.sol. S. D., Miss_
10.000
1915-1924
4
55.000
5
41924-1934
217--Orleans Graded S. D.,Vt
12,000 101.125 365--York, Neb
01923
5
146,770
town, Ohio (17 issues)- 5
217--Osborn, Ohio
289„Youngs
101.516
150,000
15,000 100.50
434 1915-1944
287-..OttawaCounty. Mich
2.0.000 y105.558 143-Zeeland, Mich
1934
5
217--Owatonna, Minn
16.000 100.637
1917-1924
Dist., Iowa_ 5
s,
for
July
1914
(489
sales
municipalitie
bond
426-Pacific Junct. Sch.
Total
100.492
18,000
01921
5
, Ohio
$25,879,206
287-Painesville Twp
covering 686 separate issues)
2.500 101.28
01931
5
287-Painesville Twp.S. D.,Ohio
26,000 100.08
5
41919-1934
426_Palmyra, Mo
and after the earlier
call
in
d
to
of
Subject
maturity.
date
Average
a
100
25.000
5
363....PaloAlto, Calif
year and mature in the later year. k Not including $14,290,751 of tem373,000 104.90
1944
434
263-Passaic, N. J
loans reported, and which do not belong in the list. z Taken by
porary
100.795
3,2001
01919
5
426-Paulding,Ohio
sinking fund as an Investment. y And other considerations.
5.1001
1934
5
426...Paulding. Ohio
31,000
REVISED TOTALS FOR PREVIOUS MONTHS.
287-Peoria, Ill. (3 issues)
105.056
25,000
01927
5
141-Perry County, Ohio
50,000 101.97
01920
5
The following items, included in our totals for previous
217--Perry County, Ohio
100
20,000
01928
4.35
363-Pe1ham Manor, N. Y
1915-1954 110,000 100.462 months, should be eliminated from the same. We give the
5
217--Petaluma H.S. D•,Calif
500,000 z102.201 page number of the issue of our paper in which the reasons
1944
4
141-Philadelphia, Pa
500,000 z102.131
1944
4
141-Philadelphia, Pa
445,000 x102.091 for these eliminations may be found.
1944
4
Pa
ia,
-Philadelph
141
50,000 z102.202 Page.
1944
Amount.
4
Name.
141--Philadelphia, Pa
5,000 102.10
1944
$90,000
4
422__Akron Ohio (May list)
141-Philadelphia, Pa
100
12,642
Mo.
(May
41915-1924
12,000
5
Dist.,
ille
Wad.
School
list)
423__Carterv
308,
No.
D.
S.
363-Plerce Co.
50,000 100
16.044
6
360__Delphos, Ohio (June list''''''
217-Pike County, Miss
y100.20
150,000
165,000
County, Ind.(June list, 4 issues)
534
Miss
489..
County,
ike
217--P
100
55.779
45,000
41915-1920
list)
Neb.
(June
6
y.
215__Hearne
141-Pikeville, Ky.(5 issues)
26,000 101.353 491_ _Michigan City Sch. City.Ind.(June list)
35,000
01920
217--Plpe Creek Sch. Twp., Ind__ _.. 434
275,500 101.92
20.000
01929
43;
426 _Pullman. Wash. (June lfstif
141--Pittsbur8h, Pa
102.401
76.500
75,000
Cal
.
list)
(April
Sch.
Dist.,
nd
01926
434
287Richmo
Issues)
(2
141-Plattsburgh, N. Y.
5,500 100.21
80,000
1924
Angelo, Tex.(May list)
434
Y
N.
an
le,
363-S
-Pleasantvil
217
102.08
15.500
5
01934
Ohio
Twp.,
217-Plymouth
10,000
We have also learned of the following additional sales for
534 41917-1929
492-..Polk Co. S. D.No.72, Neb
25,000 y100.40
01917
5
previous months:
426-Pontiac, Mich
102.04
42,000
01930
5
Ohio
Price.
Rate. Maturity. Amount.
Name.
217-Portage Twp. S. D.,
Page.
33,975
363-Port Chester, N. Y.(5 issues) -4348t5
5
1924-1934 $18.000 Y100.177
282 _Afton, Iowa
41915-1924 166,571 104.51
6
6
18,000 104.239
01928
287.-Portland, Ore
S. 13., Calif.(March)
_Allison
359_
15.000
5
20,000
5
1924
363--Port of Seattle. Wash
282_ _Baxter Sch. Dist., Iowa
10,000 103.81
01922
5
20,000 101
363„Portsmouth, Ohio
(May)
115,000 101.544 422....Boone. IowaSch.
01944
Ill
40.000 103
Dist.,
1916-1934
5
287- _Portsmouth City S. D.,Ohio_ - _ 434
_Carbondale
104.32
283_
230,000
1934
434
6
4,200 100.20
1928
287--Poughkeepsie N Y
1,724 101.505 359_ -Cardiff Sch. Dist., Calif. (Feb.)
01916
15,000
218-Powbatan Point S. D., Ohio-- _ 6
5,600 100.303 359_ _Carson, Iowa S. D., Iowa-- 5
01920
434
10.000
1924
Ind.
426_ _Pulaski County. Ind
Centreville
283_
20,000 Y101.16
1934
534
426--Pullman, Wash
283-Cocoanut Grove S. D. No. 5, 6
42,000
01920
434
15,000 100.18
01925
142..-Putnum Co.,Ind.(6 issues)
Fla
75,000 100.386
5
5
1934
10,000
287--Richmond Sch. Dist., Calif.._
283__Crisfield, Md
15,000 100
01922
7,000 100
nd S. D.,Calif.(April)._ 6
426-Ridgeway Un. Sch. Dist., Ohio- 5
283__Dixiela
100.60
15,000
01920
5 41924-1934
72,500 101.962
issues)-_-_
(3
Iowa
142_Ripley County, Ind.(2 issues)_ 434
_Estherville,
100
423_
18,000
6
1.000
Wash__
29,
No.
41917-1924
D.
S.
287-Rock Island, Ill
Co.
423_ Ferry
8,000 100.88
1915-1922
4
55.000 100
01924
69-Rockport,Mass
284_ _Forkedeer Dr. Dist. No. 1,Tenn.6
15,000
1919-1944
6
5.500
218_ _Rocky Comfort S. D. Ark... 6
41929-1944
Colo
D.,
S.
Lupton
Fort
45,000 100.002 214_
5
426-Roseville Sch. Dist., Calif
4
50,000 100
1919-1943
490 _ _Franklin School Dist.,Pa
8,000
363--Roundhead S. D.. Ohio
5
60.000
(Apr.)
1925-1944
24,520 100.701 214__Gallup, N. Mex.
01920
363.-Rush County,Ind
134
6
1934
10.000
Ga
S.
D..
kland
284__Gay-Oa
30,000 105
363--St. James, Minn
424-Gibson Co. Dr. Dist. No. 1.
31,000
01929
287-St.Lawrence CountyN.Y_.._- 4
6
105.000
(May)
Tenn.
65,000 3100.266
363-8t. Louis County, Mi.
434 1924-1933
=
40,000
490- _Greenesville Co., Va.(May)___ 5
7,136 102.30
41915-1924
218-Salem, Oro
6
434
15,000 y100.263
284_ _Holland, Mich
5,100 100
363-Salem Twp., Ohio
01917
5
6
26,075 100
215_ _ Idaho (6 months)
9,000 101.33
287-Salisbury Twp., Ohio
01919
534
6 41915-1924
1,000 100
at Co. S. D. 74, Wash
215__Kliekit
15,000
426....SanAngelo, Texas
5
10,000 100
285_ _Larkspur S. D., Calif. (May)_ 5
36.3._San Diego, calif
434 1915-1954 1,500.000 100
60,000
R.Dist. No.7,.Ark. 6
1915-1934
40,000 102.222 424_ Lonoke Co.County
`87,--San Fernando S. D., Calif
Sch. Dist.
425-Maricona
7,000 y103
218-Santa Fe, New Mex
1934
5
534
12,000 I/100.62
No. 57, Ariz. (May)
363_ _San Gabriel, Calif
21,500 101.674
534
01925
35,000
1924
216_ _Melbourne Ind. Cons. S. D.,la. 5
8,000 104.20
427--San Gabriel S. D., Cal
534
105.20
150,000
1934
S.
6
D.
Tax
Spec.
2,
Fla_..
286__Miami
101.20
10,000
364-Sangerfield, N. Y
5
01919
30,000 101.52
364_ _Santa Cruz Co.S.D.No.l. Ariz_ 534
60,000 100.125 286_ _Minster, Ohio
10,000 100
6 41524-1934
216_ _Molalla, Ore
2,500 100
118-Schuyiersville, N. Y
24,3231 100
425_ Montana (June, 12 Issues)
25,200
18--Scott County, Ind. (3 issues)._ 43-4 1915-1919
107.1081
7,077 100.634 425....Montana (5 months)
5
.18-Shaker Heights, Ohio
9.218 100
6
,
41919-1924
Ky.
(Mch.)
Morganfield
491_
.18_ _Shaker Heights, Ohio
100.66
7,510
5
1,000 100.50
6
a1917
286_ Nowberry Twp. Ohio
s..Shelby County, Ind. (3 issues)_ 4
19.600
8.000 100.656
1916-1924
426__Norris School District, Cal...... 6
)-_Shelby County, Ohio
5
7,300
100,000
534
Tex
41924-1954
Pinto
County,
_Palo
Sch.
_Southeast
Twp
426_
..
4
1.000
10.000 3100
6 41924-1944
s .veuth Milwaukee, Wks
40,000 103.162 426 Rives. Tenn. (May)
5
12,000 y100
01927
6
j. Q-Pringfield, Mo
7
70,000 100.214 287_ _Rockport. Mo
100
40.000
1934
5
(May)
ld
Tenn.
_Rockwood,
Ohio
•__8pringfie Twp.,
5
3.825 100.677 426_
01919
148.000 102.932
6
01931
. Springfield Twp., Ohio
'
5
24,000 101.012 287__St. Petersburg, Fla
01927
100
20,000
Calif.
D.,
S.
Anselmo
5
San
(May)
_
287_
( __Steen Sch. Tvg).. Ind
434
3,000 100.25
01917
4.800
01920
5
' _Steuben Sch. Tw ., Ind
3,900 102.566 287Sebring Spec. S. D., Ohio
1915-1920
185,000 100
1933
5
,,..Steubenville, Ohio (2 issues)
5
'
26,500 100.944 218_ _Sevier County, Tan. (Feb.)__
15.000
)
5 41924-1954
(Ma[
It. .Steubenville, Ohio (5 issues)
5
38,000 100.736 427_ _Shamrock, Texas
50,000 103.212
434
6
Ohio (2 issues)
truthers,
in
,, t
4,228 100.662 288_ _Trenton. N. J. (3 issues)
01917
2,287 100.218
01918
434
.11i_.:_t5_h_io
Y
N.
_Utica,
e Sch. Dist.,.Ca
'288_
100.333
6,000
4,169 z100
01917
434
fl4 . r-ar Creek Twp S
20,000 102.937 288_ _Utica, N. Y
3100.625
4,000
1917-1926
Co., Ind. (2 issues)288_ _Vale S. D. No. 16, So. Dak_ _ _ _ 6
434
25,780
01920
75,000
4
(May)..
Pa.
Dist.,
Sch.
•A Ilivan County,Ind.(2 Issues) 434
364__Warren
100.413
18,128
01920
100
8.563
aii
-8:1
iol
4
Pa
Y
N.
,2bammerhill,
288__Watervliet,
5
5.000 100
41919-1925
13,000 100
1934
So. Dak...... 5
1 l_sunnyvale S. D., Calif
25,000 104.003 289_ _Wilmot Sch. Dist., Pa
534 1915-1940
25,900
434
Dist..
Sch.
_Winton
365_
_Superior, Neb
5 41924-1934
22,000 100
Sch. Dist.
Tampa 5th. Dist., Fla
225,000 100.511 289_ _Yellowstone County
5
01928
23.500 100.10
5 41924-1934
No. 7, Mont.(May)
Tarpon Springs, Fla.(5 issues).. 6 41924-1949
80,000 100.937
Calif
['chains,
as indicated) are for June.
10,000
(except
sales
above
the
All
5
Texas(62 issues)
41,610
These additional June issues will make'the total sales (not
Three Forks, Mont
5 41924-1934
45,000 100
5
Tippecanoe, Ohio
12,000 102.075 including temporary loans) for that month $54,853,140.
01925
1pton County. Ind.(3 issues)_ 434
10.440 100.383
5
obias Sch. Dist., Neb
20,000
1919-1934
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY.
414 1932-1936 250,000 104.29
i'°led°, Ohio
Rate. Maturity.
Price.
Amount.
Cal
Dist.
Sch.
1.800 100.555
Tolenas
i
53E534 1915-1934 $90.200
101.538
Calif
'
13.,
5
S.
6,500
1924
i 0_ _Tres Pino Un.
__
5
5
N
Man_
t
Dist.,
e
n
S
le
°
oo
am
h
'
37.000
13eriin
EBrando4
1;
6
1919-1434 400,000 100
493__Tri-County Dr. Dist., Ark-• 19331&9314
953 134,431
6
5,000 103.187 220_ _Brantford Out
142--Trotwood, Ohio
01920
,_ , ay.
23,i :INA
488
THE CHRONICLE
[VOL. xcix.
Name.
Pays.
Rate. Maturity. Amount. Price.
ALEXANDER SCHOOL DISTRICT
495 _ _Camrose, Alta
(P. 0. Alexander), McKenzie
38.000 95
County, No. Dak.-BONDS
143...Chaplin, Sask
DEFEATED.-The question of
8
1915-1924
2.000 98
school-impt. bonds failed to carry,
issuing
428-_C1arence Township. Out
it is reported, at a recent
5
1915-1934
14,633
a vote of 178 "for" to 181 "against.
election by
428-Clinton Township, Out
5
1915-1929
9,928
ALLIANCE IRRIGATION DISTRIC
429--Colchester So. Township, Ont.- 5
1915-1916
3,180
429__Cornwall Township, Out
BOND OFFERING.-Proposals will be T (P. 0. Bridgeport), Neb.5
1915-1929
11,236
received until 10 a. m. Sept. 1
the Bd. of Directors. R. E. O'Neal, Sec..
495Dauphin, Man
by
31.000
for $45,000 6% 11-20-yr.
bonds.
429...Dover Township, Out
5
1915-1924
(set%)
7,554
144_ _Dunnville, Ont
1915-1923
ALTAMONT (Town) UNION FREE
9,500
97.232
495_ _Edmonton, Alta
SCHOOL DISTRICT NO.
N. Y.-BOND SALE.-On July 23
5
1954
850,000
1,
$12,000 5% bonds
495_ _Englehart, Out
were
Isaac W. Sherrill Co. of Poughkeep
28,000
to
sie
495__Galt, Out
$12.087 50-equal awarded
5
Denom. 31.000. Interest semi-annual.for
41,005
to 100.725.
99.85
Due $1,000 yearly
429- _Gray Township, Out
5
1915-1934
1915
Sept.
inclusive.
to
1926
5,200
1
from
429_ _ Greater Winnipeg Water Dist..
ANDERSON SCHOOL TOWNSHIP (P. 0.
Man
434
1954
2.000,000
Milroy), Rush County,
Ind.-BOND OFFERING.-Proposals
429_ _Hamilton, Out
will be received until
43-i
968,000
Sept.
1 by John D. Kinnett for $4,600
1:30 P• nt•
429-Lochiel Township, Out
% school bonds.
6
1915-1934
5,000
Date
Aug.
Denom. $230.
1914.
1
Int.
&
221_ _Malsonneuve, Que
F.
A.
Due $230 each six months
5
1954 2,000,000
from Aug. 1
1915 to Feb. 1 1925 incl.
429__Mar1boro Township, Out
5
1915-1934
4,000
429__Mersa Township,Ont
ASBURY PARK, Monmouth County, N. J.
5
1915-1934
16,680
-BOND OFFERING._
299. Moose Jaw Roman Catholic
Proposals will be received until 8 p. m. Aug.
24 by S. H. Calvert,
Sch. Dist., Sack
Clerk,
for the $50,000
6
City
% 30-year coup. or reg. water bonds
1954
170,000
429...New Liskeard, Out
voted June 9
(V.
98,
p. 1863). Denom. $1,000. Date Sept. 1 1914.
6
16,500
Int. M. & S.
429--Newmarket, Ont
Official advertisement states that there
5
1915-1924
is
13,200
no
sy or litigation
221__New Westmhister, B. C.(14 is.) 543, '62 & '63 916,021
pending or threatened concerning the validity controver
the bonds, the corporate
221__North Sidney. B. C
existence, boundaries of the municipality or theof
5
1934
12,000 96.50
title of the present
429__Ontario (Province of)
officers
to their respective offices, and that there has never
43
d1945-196
5,000,000
5
221_0shawa, Ont
the payment of principal or interest of any bonds been any default in
5
55,477
of the city. Total
429--0wen Sound, Out
bonded debt (incl. this issue). $1.671,000; water
5
63,000
-works
bonds, incl., $262,290_ _Pelee Twp.. Ont
6
1915-1934
9,350 102.171 000.
429__Port Coquitlam, B. C
ATHENA SCHOOL DISTRICT (P. 0. Athena),
100.000
495_ _Port Moody. B. C
Umatilla
6
County,
1944
-BOND
Ore.
SALE.
80,000
92
-Accordi
ng to
36b_ _Rockland S. D. No. 3016. Alta_ 6
Morris Bros. of Portland re1934
cently purchased an issue of $50,000reports.
5,000
429--St. Jean Baptis S. D., Ont
school bonds.
63-i
1915-1924
1.200
BARKER
,
Niagara County. N.
221_ _ St. Jerome, Qui
5
1964
Y.-BONDSDEFEATED.-Theques50,000
tion of issuing water-works bonds failed
366__ St. Lambert, ue
53-i
1954
480,000
by a vote of 60 "for" to 65 "against.' to carry at the election heldJuly 25
495__St. Paul. Maita,.
6
1915-1944
18,000
495- _St. Vital. Man.1
BARTOW, Polk County, Fls.-BO
6
1915-1934 140.000
221_ _ South Vancouv
ELECTION.-An election will
B. C_____
be held Oct. 6, reports state, to vote on ND
5
1962
223,287
the question of issuing
366__Stratitroy, Ont
street-paving bonds.
$75,000
5
25,000
95.65
429_ _Tilbury No.To
p, Out......
-- SA 1915-1924
BASSETT TOWNSHIP, St. Louis County,
2,400
495__Truco, N. S__ ._
Minn.-BOND OFFER-Proposa
MG.
ls
74,250
97.26
will
be
received
until
221_ _Waterloo Tvrp , nt
5 by the Board of Supers..
5%
1924
18,360 100
John A. Beckman. Town Clerk (P. 0.Sept.
221_ _Winnipeg. Man
Fairbanks), for $1.500 town-hall
43-i
2,000,000
bonds at not exceeding 6% int. Due $300
yrly. from 1915 to 1919 incl.
Total debentures sold in July
BATAVIA, Kane County, Ill.-BOND
$15,779,592
ELECTION.-Reports state
that an election will be held Aug. 22 to vote
on the question of issuing
ADDITIONAL SALES OF DEBENTURES FOR
PREVIOUS MORPHS. $6.500 water-supply bonds.
Page.
Name.
BATAVI
SCHOOL
Rate.
A
DISTRICT (P. 0. Batavia),
Maturity. Arneunz.
Price.
429_ _Port Arthur, Out.(April)
Jefferson County,
Iowa.-BONDS VOTED.-By a vote of 116
1934
100,000
290__Smiths'Falls R.C.S.S. D.,Ont 5
3, the question of
issuing
$18,000 bldg. bonds carried, ills reported, at a to
5
1915-1944
30,000
recent election.
The above sales (except as indicated) are for June. These
BATH, Steuben County, N. Y.-BOND SALE.-On
July
28
the
$10.(aver.)
coup. or reg. tax-free electric-light
000 6 5-6 year
additional June sales make the total of debentures sold
-system bonds
that (V. 99, p. 282) were awarded to Isaac W. Sherrill
Co. of Poughkeepsie
month $35,214,166.
at 100.05 for 4.40s.
BAY MINETTE, Baldwin County, Ala.-BOND
OFFERING.
posals will be received until Sept. 15 for the
83.500 5% 20-year -ProwaterNews items.
works, sewerage and electric-light bonds authorize
d by a vote of 261 to 30
at the election held July 27 (V. 99.p. 422)•
Bell County (P. 0. Belton), Tex.-Road Bonds Upheld.
BEACH GROVE SPECIAL SCHOOL DISTRICT NO. 3
-The District Court on Aug. 5 denied the petition for
bridge R. F. D. No. 6), Guernsey County, Ohio.-BOND(P. 0. Caman Aug.
3 the $5,000 5% 45.‘-year (aver.) school bonds (V. 99. SALE.-On
injunction restraining the County Commissioners from
p. 212) were
awarded, it is stated, to Pearl Nicholson of Cambridg
e.
selling the $250,000 Rogers Road District bonds.
BEAUMONT, Tex.-BOND OFFERING.-Proposa
ls
will
be received
Sept.
in.
a.
until
10
1 by J. G. Sutton, City
Florence, Lauderdale County, Ala.
for the $175,000 5% 20on on Com- 40-year (opt.) wharf and dock bonds votedSec.,
May 18 (V. 98. p. 1707)•
mission Government.-Reports state that -Electi
$1.000.
Denom.
Date
July
11914.
Int. J. & J. at office of
an election will be or at Chase Nat. Bank, N. Y. C.
Treas.
held early in September to vote on the question
Cert. or cashiers' check on aCity
Beaumont
of establish- bank for 1% of bonds required. Bids
must be made on forms furnished
ing a commission form of government. This same
city.
The
legality
the
by
of
question Attorney-Genoral and Wood these bonds has been approved by the State
& Oakley of Chicago, whose opinion will
was defeated at an election held in September 1912.
be
delivered to the purchaser.
New Mexico.-Bidsfor Road Bonds Illegal.-Judge Abbott
BEDFORD SCHOOL DISTRICT NO. 3,
Tex.-BONDS VOTED.
vote
By
of
a
28
to
2,
the question of issuing the $5,000 5%
in the Santa Fe District Court on Aug. 6 decided that the
20-40-year
bldg. bonds (V. 99. p. 359) carried,
it is stated, at the election held
conditions attached to the bids for the $500,000 4% gold (opt.)
Aug. 1.
highway bonds offered in June (V. 99, p. 68) renders them
BELLEFONTAINE, Logan County, Ohio.
AUTHORIZED.
was passed July 28 providing -BONDS
illegal. The Supreme Court had remanded the so-called test -An ordinance
for the issuance of $8.500
5% coup. motor-driven fire-apparatus-purchase
bonds. Denom. $500.
case to the District Court after deciding that the statute Date Sept. 11914. Int. M.& S. Duo $500 each six
months from Sept. 1
under which the bonds were issued is constitutional, and that 1917 to Sept. 1 1925 incl.
BENECIA SCHOOL DISTRICT, Solano County, Calif.-BONDs
the written bid of Kelly & Kelly, offering to take the bonds
SOLD.-No bids were received for the $18,000 5% impt. bonds
at par was legal, but that the oral understanding which sup- NOT
offered
on Aug. 3 (V. 99. ro• 359)•
plemented the written agreement was illegal.
BEREA SCHOOL DISTRICT (P. 0. Berea), Madison County,
Ky.BOND
-The
SALE.
$10,000
5% 5-20-year (opt.) bldg. bonds voted Jan.
Nicaragua (Republic of).-Treaty Signed.-On Aug. 5 (V. 98, p. 406) have been purchased
17
by Berea College. Denom.
$500.
Secretary of State Bryan and General Chamorro, the Nica- Interest semi-annual.
BIGLICK TOWNSHIP, Hancock Count, Ohio.
raguan Minister, signed the treaty by which the United
-BONDS NOT
SOLD.-The sale of the $18,500 5% 3-yr. (aver. coup.
States agrees to pay $3,000,000 to Nicaragua for
bonds which was to have taken place on Aug.8(V. 99. p.Centre road-lmpt.
the
Perpetual rights to an inter-oceanic canal and naval bases in because of injunction proceedings brought by Wm. H. 212) was held up
Adelsperger.
BILLINGS, Noble County, Okla.-BOND OFFERIN
the Gulf of Fonseca. (See item in our "Bankin LegislaG.-Proposals
will be received until Aug. 17 by Louis Pontan, Pres.
tive and Financial News" on a preceding page.) g,
City
$23,000 water-works and $7,000 electric-light-plant 6% Board, for the
coup, tax-free
bonds voted July 7(V. 99. p. 212). Denom. $1,000.
Rhea County (P. 0. Dayton), Tenn.-Pike Bonds Up- Int.
J. & J. at pine to suit purchaser. Cert. check for Date July 10 1914.
held.-On Aug. 8 Chancellor V. C. Allen
of Billings. required. Bonded debt, this issue;$1,500, payable to
the consti- "City
no floating debt.
Assessed
vaw
3,8
BLAm
luge.
a
,1K
t$
L3
tutionality of the special Act under whichupheld
county voted
°
y0.County,
March 31 to issue $250,000 pike road bondsthe
-NO BONDS VOTED.-Wo are
(V. 98, p. 1186). advised that the reports stating thatOkla.
this city recently voted
in favor of the
Santa Rosa, Sonoma County, Cal.-Charter Election.- issuance of $40,000 park bonds are erroneous
.
A new city charter including provisions
BONNEV
ILLE
COUNTY
SCHOOL DISTRICT NO. 46 (P. 0.
initiative, Falls), Idaho.-BOND SALE.
for
the
Idaho
-On
referendum and recall will be voted upon on Sept. 28, it is bldg. bonds were awarded
30 $5.000 6% 10-20-year (opt.)
to Sweet,July
Carney. Foster & Co.
reported.
Denver at
of
101.74-a basis of about 5.70%. Other
bids were:
Oswald F. Benwell, Denver
Toledo, Ohio.-Official Count of Vote on Purchase of Jas.
N. Wright & Co.. Denver
$5,057 50
Central Trust & Savings Bank, Denver
Toledo Railways & Light Co.-The official count
5,010 00
of the vote ICeeler Bros., Denver
5,011 00
$5.050 less $50 for bonds and
cast Aug. 4 on the question of purchasing
Chicago
Coffin
H.
attorney'
Rails fees.
Toledo
$5.005
the
$150 for bonds and attorney's
ways & Light Co. and issuing ,000,000 city
foes.
Denom. to suit purchaser. Date less
Aug. 11914. Int. J.
bonds therefor
& J.
BONNIE VIEW SCHOOL DISTRICT
showed 10,581 ballots "for' and 9,380 "agains
accordi
NO.
ng
66, Tex.-BONDS VOTED.
t,"
-The question of issuing $7.000 bldg.
to a local newspaper. As stated last week
bonds carried, it is stated, at the
99, p. 422), election held Aug. 5 by a vote of 16 to 1.
there is doubt as to whether the ordinance(V.
required a bare
BOSTON, Mass.-BOND SALES.
-During the month of July the folmajority or two-thirds of the votes cast in order
four issues of 4% bonds, aggregati
carry, lowing
ng $32.000 were purchased bY
the city's Sinking Funds and Trust
and it is said that a suit will be started to settle this to
Funds
par:
point.
$10,000 fire-station, Charlestown bonds. at
D us $1,000 yearly July 1 from
1915 to 1924 inclus.ive. '
Ward
2, bonds. Duo
4,000 playground,
$1,000 yearly July 1 from 1915
1924, inclusive.
Bond Proposals and Negotiations this week 8,000 to
police-station, South Boston,
bonds.
Due $1,000 yearly July 1
from 1915 to 1922 inclusive.
have been as follows: 10,000 Avery Mason and Washington streets
bonds.
Due $1,000 yearly
from
July
1
1915
ACTON WEST AND SOUTH WATER SUPPLY DISTRICT (P. 0.
to 1924 inclusive.
All bonds are dated July 11914.
Acton), Middlesex County, Mass.-BONDS
NOT SOLD.-No bids were
received on Aug. 6 for the $9,000 4% 155i-year
BRADFORD, DARK& AND
(aver.) coup. water bond.
offered on that day (v.99, p. 358).
OFFERING.-Proposals will be MIAMI COUNTIES, Ohio.-BOND
received
12 m. Sept. 11 by Roy
ALAMEDA, Alameda County, Calif.-BOND ELECTIONS PRO Brown, Vii. Clerk,for $5.000 CP% sidowalk-cuntil
onstr. bonds. Auth. see. 3860.
POSED.-According to reports, elections will be held in the near future Gen. Code. Denom. $500. Date Aug. 11914.
Int. F. & A. Due $500
months
from Sept. 1 1916 to Mar.
to vote on the questions of issuing $200,000 water-front and $100,000 each six
1 1921 incl. Cert. chock for
5% of bonds blrl for, payable to Vii.
street-improvement bonds.
Treas. required. Bonds to be dolivered and paid for within 10 days from
time
' of award. Purchaser to
ALBANY COUNTY (P. 0. Albany), N. Y.-BOND SALE.-On pay accrued int. Bids must be
unconditional.
Aug. 12 the $33.000 431% 8 3-5-yr. (aver.)
reg. highway-impt. bonds
BRATENAHL (P. 0. Cleveland
(V. 99. p. 422) were awarded at par as follows: $23,000
),
Cuyahog
a County, Cal.-BONDS
the N. Y. State VOTED.-According to newspaper
Nat. Bank of Albany and $10,000 to Chas. C. Bullock,to
dispatches, the question of issuing the
Executor. There $60,000 park-property-purchase
were no other bids received.
bonds
(V.
99.
359) carried at the elecp.
tion held Aug. 11 by a vote of 50 to 20.
AUG. 15
1914.]
THE CHRONICLE
489
• BREAUX BRIDGE, St. Martin County, La.-BOND OFFER NG.- bonds (V. 99. p. 213) were awarded to John F. McLean & Co. of Detroit
Further details are at hand relative to the offering on Aug. 20 of the $112,000 at 101.042-a basis of about 4.675%. Other bids were:
66:000000737
$6,
5% electric-light-plant and water-works-ext. bonds (V. 99, p• 359)• Pro- A. J. Hood & Co., Detroit
posals for these bonds will be received by C. C. Rees, Mayor. Denom. H. W. Noble & Co.. Detroit
ed
$500. Date July 1 1914. Int. A.& 0.at Interstate Trust & Banking Co., Hoebler. Cummings & Prudden, Toledo
6.000
New Orleans. Due CLOW on Apr. 1 1916. 1917 and 1918 and $1.500 H. C. Speer & Sons Co., Chicago
6,000
yearly on Apr. 1 from 1919 to 1924 incl. Total bonded debt (incl. this is- W E. Moss & Co., Detroit
sue), $23,500. No floating debt. Assess. val. (equalized), $285,000;
VOTED.
COFFEYVILLE, Montgomery County, Kans.-BONDS
actual (est.), $1,000,000.
The question of issuing $4,000 incinerator-plant bonds carried, it is stated.
- at the election held Aug. 4. The vote is reported as 1,086 to 638.
BRECKENRIDGE, Wilkin County, Minn.-BONDS NOT SOLD.
No offers were submitted for the $12,000 5% 20-yr. city-hall and Jail bonds
COLUMBIA SCHOOL TOWNSHIP (P. 0. Connersville), Fayette
advertised to be sold Aug. 10 (V. 99, p. 282)•
County, Ind.-BOND OFFERING.-Proposals will be received until
BROOKLYN, Jackson County, Mich.-BONDS DEFEATED.-The 2 p. m. Aug. 28 by Warren B. Murray, Twp. Trustee, for $8.250 5% coup.
question of issuing $17,500 water-works bonds failed to carry at the elec- school bonds. Denom. $412 50. Date .Aug. 20 1914. Int. J. &
Due $412 50 each six months from June 20 1915 to Dec. 20 1924 incl.
tion held July 27.
COLUMBUS CITY SCHOOL DISTRICT (P. 0. Columbus), Ohio.BROOKSIDE (P. 0. Martin's Ferry), Belmont County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. Sept. 7 by BONDS-NOT SOLD.-No bids were meceivod for the $210,000 4)4% 40mbool-property-purchaso and impt. bonds offered on Aug. 1 (V• 99.
J. C. Curtis, Vii. Clerk, for $2,000 53% deficiency bonds voted June 20 pyea. r1se
21
Denom. $250. Date Sept. 1 1914. Int. M. & S. Due $250 yearly on
Sept. 1 from 1916 to 1923 incl. Cert. check for 10% of bonds bid for,
CORPUS CHRISTI, Nueces County, Texas.-BOND ELECTION.
payable to VII. Clerk, required. Bonds to be delivered and paid for within Reports state that an election will be held Sept. 3 to decide whether or
10 days from time of award. Purchaser to pay accrued interest.
not this city shall issue $300,000 municipal water-works bonds. This is
BUCK CREEK SCHOOL TOWNSHIP (P. 0. Oaklandon), Hancock on the supposition that in the Aug. 25 election municipal ownership will
County, Ind.-BOND SALE.-On Aug. 7 the $34.470 44% school-house be favored by the voters, and should the election go otherwise the second
bonds (V. 99. p. 283) were awarded to Win. A. Hughes for $34,570-equal election will not be held.
to 100.29. Denom. $1,149. Date May 11 1914. Int. J. & J. Due
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.-BOND SALE.
$1,149 on Jan. 15 and July 15 for 15 years.
On Aug. 6 the $14,700 5% 2-year (aver.) inter-county highway-impt.
- bonds (V. 99, p. 213) were awarded to the Commercial Nat. Bank of
BURGETTSTOWN, Washington County, Pa.-BONDS VOTED.
The question of issuing 430.000 434% paving and sewer bonds carried at Coshocton at par and int. Other bids were:
Coshocton National Bank, Coshocton par and interest.
the election held Aug. 1 by a vote of 68 to 67.
- People's Bank Co.. Coshocton. $14.710 less $25 for attorney's fees.
BURLESON COUNTY (P. 0. Caldwell), Tex.-BONDS VOTED.
COTTONWOOD FALLS, Chase County, Kan.-BONDS PROThe question of issuing the $136,045 5% 10-40-year (opt.) Brazos River
POSED.-The Mayor under date of Aug. 6 advises us that this city is conlevee-construction bonds carried, reports state, at the election held Aug.
templating the issuance of water-works completion bonds.
by a vote of 198 to 2.
BURLINGTON, Des Moines County, Iowa.-BOND SALE.-Thts
COVINGTON,Kenton County, Ky.-BOND ELECTION PROPOSED.
city has disposed of the $92,000 04% coup. flood-protection bonds au- -Reports state that the question of Issuing $165.000 high-school bonds will
thorized on July 20 (V. 99. p. 359). Denom. $1,000. Date Aug. 1 1914. be submitted to the voters at the November election.
Davenport.
Due
$2.000
Int. M.& N.at office of Geo. M.Bechtel & Co.,
CROWVILLE, Franklin Parish, La.-BOND ELECTION.-An elecNov. 1 1915 and $5,000 yearly on Nov. 1 from 1916 to 1933 incl.
tion will be held Aug. 16 to vote on the question of issuing $16,000 5%
BYRAM CONSOLIDATED SCHOOL DISTRICT, Hinds County, 1-20-year (ser.) high-school-bldg. bonds.
Miss.-BONDS PROPOSED.-Notice is given that the County Board of
CULPEPER COUNTY (P. 0. Culpeper), Va.-BONDS NOT YET
Supers. propose to ISSUE) at its regular meeting on the first Monday in SOLD.-No sale has yet been made
of the 336,000, the unsold portion of
Int. semi-ann.
November $8.000 6% coup. tax-free school bonds.
an issue of $40.000, 5% 2534-year (aver.) coup. tax-free Catalpa Magic'
years.
20
Due within
terial Dist.road bonds offered without success on Dec.8. See V.98. p. 407.
CAMDEN, Benton County, Tenn.-BOND OFFERING.-Proposals
We are further advised that an issue of $36,000 Salem Dist. bonds has not
will be received at any time by J. M. Smith, Town Recorder, for the yet been disposed of.
$20.000 5% 20-year school bonds voted March 20 (V. 98, p. 1013). Date
CUMBERLAND COUNTY (P. 0. Crossville), Tenn.-BOND ELEC.
July I 1914. Int. J.& J. Certified check for $500 required. These bonds TION.-The question of issuing $75,000
road bonds will be submitted to a
were offered but not sold on May 6(V. 98, p. 1259)•
vote on Aug. 20.
(P.
0.
Newport),
Ky.-BOND
COUNTY
ELECTION
CAMPBELL
CYNTHIANA
SCHOOL
DISTRICT
(P. 0. Cynthiana), Harrison
PROPOSED.-Reports state that petitions are being circulated calling for County, Ky.-BONDS DEFEATED.
-We are advised that the c4uestt -n of
an election to determine whether or not this country shall issue $100.000 issuing the $15,000 bldg. bonds failed
to
carry at the election held July 7
road-impt. bonds.
(V. 98, p. 1335).
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.-DANVILLE,
Pittsylvania
County,
Va.-BOND ELECTION PROProposals will be received until 12 m. Aug. 24 by M. M. Minnick, Co. POSED.-Reports state that an election will
be held in the near future to
Treas., for the following 434% highway-impt. bonds:
on
the
vote
question
of
issuing
$100.000
bonds
for railway purposes.
road
bonds
in
Clay
Twp.
al.
Denom.
$735.
$14.700 J. M. Carson et
DARKE COUNTY (P. 0. Greenville), Ohio.-BOND OFFERING.
2,300 Chas. Arnold et al. road bonds in Eel Twp. Denom. $115.
will
Proposals
be
road
bonds
in
Eel
received
al.
Tarp.
et
Denom.
$425.
until
12
m
Sullivan
Aug.
31 by J. L. Morgan. County
8.500 John
$25,000 5% Greenville and Celina State highway bonds. Auth.
Date Sept. 1 1914. Int. M. & N. Due one bond of each issue each Aud for
Section 1223, General Code. Denom. $500. Date Aug. 31 1914. Int.
six months from May 15 1915 to Nov. 15 1924 incl.
Proposals will be considered until 10:30 a. in Aug. 25 by McClean John- F. & A. at office of County Treas. Due $8.000 Aug. 31 1915 and
31 1916 and 1917. An unconditional cert. check for $300,
son, Co. Treas., for $2.900 434% Wm. E. Girton et al. highway-impt. $8,500 Aug. Board
to
of County Commissioners, or a deposit of $300 with
bonds in Van Buren Twp. Denom. $145. Date Aug. 8 1914. Int. payable Aud.,
required. Bids must be unconditional.
M.& N. Due $145 each six months from May 15 1915 to Nov.151924 incl. County
DAVIDSON
COUNTY
(P. 0. Nashville), Tenn.-BOND ELECTION
TOWNSHIP
(P.
SCHOOL
0.
Greenfield),
Hancock
CENTRE
County, Ind.-BOND OFFERING.-Rids will be received until 10 a. m. PROPOSED.-We are advised by he County Judge under date of Aug. 12
Aug. 29 by Abram W. Frost, Twp. Trustee, it is stated, for $47,000 4S4% that an election will probably be called within the next 30 days to submit to
a vote the question of issuing railroad-aid bonds.
15-year school bonds.
DAVIS SCHOOL DISTRICT, San Joaquin County, Cal.-BOND
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND OFFERING.
-Additional information is at hand relative to the offering on Aug. 24 SALE.-On Aug.4 the $7,500 6% 4-14-yr. (ser.) bldg. bonds were awarded
the Stockton Say. Bank of Stockton for $7,628 (101.706) and int.-a
to
coup.
Mad
bonds
$19,600
5%
River
impt.
No.
3
394
the
consecutive
No.
of
basis of about 5.75%. Win. R. Staats Co. of San Francisco bid par and
(V. 99, p. 423). Proposals for these bonds will be received untll 11 a. in
on that day by 0. E. Eby, County Aud. Auth. Sec. 6489. Gen. Code. int. Denom. $500. Date Aug. 1 1914. Int. F. & A
Denom. (18) $1.000, (2) $800. Date Aug. 24 1914. Int. F. & A. at
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.-BOND OFCounty Treasy. Due $3,800 on Feb. 24 and Aug. 24 1915 and $3.000 each FERING.-Proposals will be received until 10 a. m. Aug. 17 by Andrew
six months from Feb. 24 1916 to Aug. 24 1917 incl. Cert. check for $1,960. Burke, County Treas., it is reported. for $23,000 434% road bonds.
payable to County Treas„ required. Bonds to be delivered and paid for
DECATUR COUNTY (P. 0. Decatur), Ind.-BOND SALE.-The
within 10 days from time of award. Purchaser to pay accrued int, and $4,360 4
5 2-3-year (aver.) highway-improvement bonds offered withwill be required at their own expense to satisfy themselves as to the legality out success on Aug. 5 (V. 99, p. 423) were awarded on Aug. 6,
it is stated.
of this ifS1.143.
to E. M. Campbell. Sons & Co. of Indianapolis at par and interest.
CHATHAM COUNTY (P. 0. Savannah), Ga.-BOND ELECTION-.
Fulton County,g Ohio.-BONDS NOT SOLD.-We learn
DELTA.
PROPOSED.-Local papers state that this county proposes to hold an elec- that no bids were received for the $15,000 5% 1134-yr. (aver.) coup. watertion to vote on the issuance of $400,000 road-construction hoods.
works bonds offered on Aug. 10 (V. 99, p. 214)•
CINCINNATI, Ohio.-BONDS NOT SOLD.-We are advised that no
DES MOINES, Iowa.-BOND OFFERING.-ThIs city will offer for
sale was made of the $100,000 4349'20-yr. fire-protection bonds offered sale at public auction at 2 p. in. to-day (Aug. 15) an Issue of $110,000
434%
Aug. 12 (V. 99, p. 213) because of the failure to receive bids for the same.
Southwest Seventh St. bridge bonds. Denom.$1.000. Date Aug. 1 1914.
CLARENCE, Shelby County, Mo.-BIDS REJECTED.-Reports Int. F. & A. at office of City Treasurer. Due $5,000 yearly on Aug. 1
state that all bids received on Aug. 10 for the $10,000 5% 5-20-yr. (opt.) from 1915 to 1924 incl. and $6,000 yearly on Aug. 1 from 1925 to 1934
electric-light bonds offered on that day (V. 99, p. 64) were rejected. The incl. Certified check for $3.000 required. No litigation affects this issue.
bonds are now being re-advertised.
The favorable opinion of Wood & Oakley of Chicago will be furnished
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals purchaser. Bonds to be delivered and paid for within 5 days from time
will be received until 10:30 a. m. Aug. 17 by McLean Johnson. County of award. All expenses in connection with this issue, such as printing,
legal opinion, &c., paid by the city.
Treas., for the following 434% highway-impt. bonds:
$4,900 L. 0. Sheets et al highway bonds in Perry Tarp. Denom. $245.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Due $245 each six months from May 15 1915 to Nov. 15 1924 incl.
Moines), Iowa.-BOND SALE.-On Aug. 1 the $15,000 bldg. and 84,000
16,800 Thos. 0. Woolsey et al. highway bonds in Harrison Twp. Denom. site-purchase 4349' bonds voted Mar.9(V. 98. p. 852) were awarded,
it is
$420. Due $840 each six months from May 15 1915 to Nov. 15 stated, to George M. Bechtel & Co. of Davenport for $19,060 (100.333)
1924 incl.
andIlot.
Date Aug. 4 1914. Int. M.& N.
ENSON COUNTY (P. 0.
D
Va.-BONDS NOT YET
CLEARCREEK TOWNSHIP (P. 0. Savannah), Ashland County, SOLD -We are advised that no saleClintwood),
has yet been made of the $32.000 5%
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 5 Kenady Magisterial District bonds offered in March (V. 98, p.
852)•
Township
Trustees,
by the
L. 0. Hartman. Twp. Clerk, for $6,000 534%
DIXON UNION HIGH SCHOOL DISTRICT, Solano County,
township-hall-impt. bonds. Auth. Sec, 3396, Gen. Code. Denom. $500.
Date Sept. 1 1914. Int. M.& S. Due $500 each six months from Mar. 1 Calif.-BOND SALE.-On Aug. 3 the $60,000 5% 30 year high-school
bonds (V. 99, p. 283) were awarded to R. D. Robbins, President of Bank
1915 to Sept. 1 1920 incl. Cert. chock or draft, payable at sight to Twp
Clerk, for $100, required. Bonds to be delivered and paid for within 10 of Suisun. Suisun. at par.
DOVER (P. 0. Canal Dover), Tuscarawas County, Ohio.-BOIVDS
days from time of award. Purchaser to pay accrued int.
CLEVELAND, Ohio.-BOND OFFERING.-Further details are at REFUSED.-Local papers state that the Provident Say. Bank & Trust
of Cincinnati has refused to accept the six issues of 5% bonds, aggreCo.
relative
to
the
offering on Sept. 801 the following 434% coup. or reg.
hand
gating $115.800, awarded to them on July 6 (V. 99, p. 139)•
bonds (V. 99. P. 423):
$75.000 hospital bonds. Due May 11944.
DURHAM. Durham County, No. Caro.-BOND SALE POSTPONED.
30,000 pal I( bonds. Due June 1 1934.
-The sale of $60,000 4
15-year sewerage bonds which was to have taken
65.000 street-impt. (city's portion) bonds. Due June 11935.
place Aug. 4 (V. 99. p. 284) has been postponed until Oct. 6, local papers
110,000 Central viaduct repair and constr. bonds. Due Aug. 11935.
state, because of the poor condition of the market.
Bids for these bonds will be received until 12 m. on said day by Thos.
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BONDS DEFEATED.
Coughlin, Director of Finance. Denom. $1.000.
Int. semi-ann. at Amer. -The questions of issuing the 8250,000 funding. 5200.000 highway-bridgeExch. Nat. Bank. N. Y. Cert. or cashier's
bank other than the construction and $550.000 highway-construction 5% 30-year coup. bonds
check
on
a
one making the bid.for 5% of bonds bid for, payable to City Treas.. re- (V• 99, p. 3601 failed to carry, reports state, at the election held Aug. 4,
quired. Bids must be made on blank forms furnished by above Director.
by a vote of 830 "for" to 1583 "against."
BONDS VOTED.-The question of issuing the $950,000 bridge bonds
EAST CLEVELAND, Cuyahoga County, Ohio.-BONDS VOTED.
(V. 99. p. 423) carried at the election held Aug. 11 by .a vote of 27,471 to The question
of issuing the $35,000 Carnegie library bonds (V.99. P.423)
9,945.
carried, reports state, at the election held Aug. 11.
CLINTON Worcester County, Mass.-BOND OFFERING.-The
ELKHART COUNTY (P. 0. Goshen), Ind.-BONDS REFUSED.
Water Commissioners are offering for sale an issue of $50,000 434% water- According
to reports, the Fletcher-American Nat.. Bank of Indianapolis
supply bonds, it is stated.
has refused to accept the four issues of 434% highway-iinpt, bonds, aggreCLINTON COUNTY (P. 0. Frankfort), Ind.-BONDS AWARDED gating $165,000, awarded to them on June 25(V.99.p. 65)•
IN PART.-Of the 11 issues of 434% 5 2-3-yr. (aver.) highway-impt.
ELMWOOD VILLAGE SCHOOL DISTRICT (P. 0. Elmwood
bonds. aggregating $38.320, offered on Aug. 10(V. 99. p. 360). three issues Hamilton County, Ohio.-BOND OFFERING.-Proposals willPlace),
be reewinardrege.reen w
0lavn
16r
t1,1a
re
t ndoayollartrhgereerri:laviii3dN. at. Bank ceived until 12 m. Aug. 28 by J. L. Chapman. Clerk Bd. of Ed.. for $1,600
Ofgralgogrt3g,pa
5% deficiency bonds. Auth. Secs. 5656 to 5658, incl., Gen. Code. DeCLINTON TOWNSHIP (P. 0. Tiffin), Seneca County, Ohio.- nom. $200. Int. semi-ann. at First Nat. Bank of Elmwood Place. Due
BOND ELECTION PROPOSED.-Local newspaper reports state that an $200 yearly from 5 to 12 years incl. Cert. check for $160 required. Purelection will shortly be held to vote on the question of issuing $100.000 chaser to pay accrued interest.
road bonds.
ESSEX COUNTY (P. 0. Newark), N. J.-BONDS AWARDED IN
COB TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Shepherd), PART.-Of the two issues of 4Si% 40-year gold COM), park bonds, aggreMich.-BOND SALE.-On Aug. 1 the $6.000 5% 334-year refunding gating 5450,000, offered on Aug. 12(V.99.p. 284), the 3200.000 issue was
490
THE CHRONICLE
[VoL. xc
disposed of on that day at par and int.. $100,000 to the Union National
GRANT COUNTY (P. 0. Marion), Ind.-BOND
OFFERING -ProBank of Newark, $35,000 to the Manufacturers National Bank of New- posals will be received until 2 p. m. Aug. 21 by
Uz McMurtrie, Co. Treas..
ark and $65,000 to the Essex County Sinking Fund Commission. There for the following 43i% road-impt. bonds in Center
Twp.:
were no other bidders.
$2,220 Elsworth Harvey et al. road bonds. Denom.
$111. Date May 5
1914.
EVANSVILLE, Rock County, Wis.-BOND SALE.-On Aug. 4 the
7,200 Ira McClure et al. road bonds. Denom. $360.
$3,000 5% coup, paving bonds (V. 99. p. 360) were awarded, it is stated.
Date June 2 1914.
8,700
Crumrine
H.
B.
et
al.
road bonds. Denom. $435.
to Theodore Wolff.
Date June 2
1914.
EVERGLADES DRAINAGE DISTRICT, Fla.-BOND OFFERING
W.
6,300
Stotlar
Geo.
et
al.
road
bonds.
Denom. $315. Date May 5
WITHDRA WN.-On account of the general depression, owing to the Eu1914.
ropean war, the Board of Commissioners have withdrawn for the present
Int. M.& N. Due one bond of each issue each six months
from May 15
the 11,000,000 6% drainage bonds advertised to be sold on Aug. 20(V. 99. 1915 to Nov. 15 1924 incl.
p. 13
.)•
GREISNESVILLE COUNTY (P. 0. Emporia), Va.-BOND
FERGUS COUNTY SCHOOL DISTRICT NO. 115, Mont.-BOND The
SALE.
$40,000 5% coup. or reg. refunding A. & D. RR. bonds
SALE.-An issue of $1.100 6% building bonds was awarded to the State out success
offered withon April 22 (V. 98. p. 1103) were awarded to Harris,
Board of Land Commissioners at par on July 27. Denom. $100. Date & Co. of New
Forbes
on
York
May
30.
Aug. 15 1914. Int. ann. in Aug. Due Aug. 15 1924, subject to call
GREENWOOD TOWNSHIP (P. 0. Cameron),
after Aug. 151921.
Caro.-BONDS
NOT YET .SOLD.-We are advised that up to Aug. No.
12 no sale had been
FERGUS FALLS, Ottertail County, Minn.-BONDS DEFEATED. made of
to
proposition
issue the 317.000 street-impt., power-sprinkler and for sale. the $10,000 6% road bonds which this township has been offering
-The
street-roller purchase bonds (V. 99, p• 360) failed to carry at the election
HAMILTON COUNTY(P.O. Chattanooga), Tenn.-BONDS VOTED
held Aug. 11.
to issue the $200,000 school and $100,000
FERRIS, Ellis County, Tex.-BOND OFFERING--J. S. Wister, City -The propositions
bonds carried, it is stated, at the election held Aug. 6Erlanger
Secretary, Is offering for sale an issue of $16,000 57,10-40-year (opt.) Hospital
(V. 99.
p.
361).
reg. tax-free sewer-system bonds. Denom. $1.000. Date Feb. 9 1914.
HARRIS, Osceola County, Iowa.-BOND ELECTION PROPOSED.
Int. ann. In Feb. at office of State Treasurer or at Mechanics & Metals
Reports
that
an
election
will
state
be
held
some time this month to vote
Nat. Bank. N. Y. Certified check for $500. payable to City Secretary,
required. Bonded debt, this issue; no floating debt. Assessed valuation, on the question of issuing $7,000 electric-light bonds.
$750,000. A similar Issue of bonds was offered on July 10(V.99, p.65).
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg),
Harris
FINDLAY SCHOOL DISTRICT (P. 0. Findlay) Hancock County, County, Tex.-BOND SALE.-Reports state that a Chicago firm has
Ohio.-BONDS VOTED.-By a vote of 1,186 to674.the proposition to issue purchased the $50.000 building bonds voted June 6 (V. 98, p. 1866)•
the $300,000 school-bldg. bonds (V. 99, p. 214) carried, it Is stated.
HENDERSON COUNTY(P.O. Henderson), Ky.-BONDS
AUTHORFLORALA, Covington County, Ala.-BOND SALE.-An issue of IZED.-The Board of Drainage Commissioners have authorized
the issuance of $18,356 6% coup. drainage bonds. Denom. $183 56. Date
320,000 bonds has been awarded to J. B. McCrary Co. of Atlanta.
July!
ann.
on
July
1914.
1
Int.
at
office of County Treas. Due $1,835
FLORENCE INDEPENDENT SCHOOL DISTRICT (P. 0. Flor- yearly beginning 2 years after
60
date.
ence), Codington County, So. Dak.-BOND OFFERING.-Proposals
HENDERSON
SCHOOL DISTRICT, San Joaquin County,
will be received at any time for $5.000 5% 15-year funding bonds.
Cal.
BOND SALE.-On Aug. 4 an issue of $4.500 67
Auth. vote of 7 to 1 at an election held July 28.
0 site-purchase-constr. and
equip. bonds was awarded to the Bank of Lodi at
par and int. Denom.
FLOYD COUNTY (P. 0. New Albany), Ind.-BOND OFFERING.
Date July 1 1914. Int. ann. on July 1. Due from
Proposals will be received until 10 a. m. Aug. 22 by Claude A. Sittason. $450.
July 1 1915 to
July 1 1924.
% highway-taint, bonds:
County Treas., for the following
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND
321,000 Martin L. Belvin. J. F. Richey. W. J. Trinler et al. highwayOFFERING.received
will
Proposals
be
until
10
in.
a.
bonds
impt.
in New Albany Twp. Denom. $525.
Aug. 24 by G.E. Rafferty, County
17.560 Newton A. Greene, Peter J. Losson, Henry A. Bleker et al. high- Auditor, for the following 5% coup. Holgate-Kiefersville inter-county
highway No. 320 bonds:
way-impt. bonds in New Albany Twp. Denom. $439.
Denom.
bonds.
(1)
road
$525,(4) 51.000. Due $525 Sept. 1 1915
14,400 Ed. C.1ierr highway impt. bonds in Georgetown Twp. Denom. 54,525
and $1,000 yearly on Sept. 1 from 1916 to 1919 Mel.
$360.
4.525 road bonds in Flatrock Tvrp. Denom (1) $525. (4) $1,000. Due
Date Aug. 22 1914. Int. M. & N. Due part of each issue every six
$525 Sept. 1 1915 and $1,000 yearly on Sept. 1 from 1916 to
months.
1919
incl.
FORREST HILL CONSOLIDATED SCHOOL DISTRICT, Hinds
Auth. Sec. 1223. Gen. Code. Date Sept. 1 1914. Int. M.& S. CertiCounty, Miss.-BONDS PROPOSED.-Notice is given that the County fled
check for $500 required.
Board of Supers. proposes to Issue at its meeting on the first Monday in
Proposals will be received until 10 a. m. Aug. 17 by G. E.
Sept. 38.000 6% coup. tax-free school bonds. Int. semi-ann. Due County Auditor, for the following
Rafferty,
5% coup, road-improvement bonds:
within 20 years.
516.000 J. E. Leist et al road bonds in Liberty Twp. Denom.
FORSYTH, Rosebud County, Mont.-BOND OFFERING.-In addiDue 31,000 Sept. 1 1915 and $1,000 each six months from $1,000.
Sept. 1
tion to the $15,000 6% 10-20-yr. (opt.) coup. water bonds to be offered
1916 to Sept. 1 1923 incl.
on Aug.22(V.99,p.423),35.0006% 10-20-yr.(opt.) coup.jail-bldg. bonds
6,000 Wm. Sturdevant et al road bonds in Freedom Twp. Denoin.
will also be offered on that day. Denom. $500. Date July 11914. Int.
$1.000. Due $1,000 yearly on Sept. 1 from 1915 to 1920 incl.
J. & J. in Forsyth. N. Y., or Chicago. Cert. check for $250, payable to
20,000 Wm.Sturdevant et al road bonds in Libery
Denom.$1,000.
City Treas., required. Bidder to furnish bond forms.
Due $1,000 each six months from Sept. 1Twp.
1915 to Sept. 1917
incl. and 52.00000 Mar. 1 and $1,000 on Sept. 1 from Mar.11 1918
FRANKLIN COUNTY (P..0 Columbus), Ohio.-BOND OFFERING.
to Sept. 1 1922 incl.
-Proposals will be received until 10 a. m. Aug. 29 by John Scott, Clerk
17,000 B. E. Sampsel et al road bonds in Damascus Twp. Denom.
Board of County Commissioners, for $50,000 5% bonds for the relief and
$1,000. Due $1,000 Sept. 1 1915 and Mar. 1 1919. $1,000
support of the poor. Auth. Sec. 2434, Gen. Code. Denom. $500. Date
six months from Sept. 1 1916 to Mar. 1 1918 incl., $2.000 on each
Sept. 11914. Int. M.& S. at office of County Treasurer. Due $10,000
1918. 1919 and 1920 and on Mar. 1 1920 and 1921, and Sept. 1
on Sept. 11916, 1917 and 1918 and $20,000 Sept. 11919. Certified check
$1,000
Sept. 1 1921.
(or cash) on a national bank or trust comapny for 1% of bonds bid for, pay5,500 A. E. Couch et al road bonds in Monroe Twp. Denom.(1)
able to County Commissioners, required. Bonds will be ready for de$1,000.
Due
(5)
$500 Sept. 1 1916 and $1,000 yearly on $500.
livery on Sept. 1. Purchaser to pay accrued interest. A complete tranSept. 1
from 1917 to 1921 incl.
script of proceedings had In reference to these bonds will be furnished
A.
E.
Couch
5,500
et
al
road
bonds in Richfield Twp. Denom.(1) 3500,
successful bidder at time of award, and a reasonable time will be allowed
31.000.
(5)
Due $500 Sept. 1 1915 and $1,000 yearly
the successful bidder for the examination of said transcript.
on Sept. 1
from 1916 to 1920 incl.
BONDS NOT SOLD.-No bids were received for the two issues of 5%
6,000 Lewis Hess et al road bonds in Pleasant Twp.
Denom.
$1,000.
Inter-county highway-impt. bonds, aggregating $48,000, offered on Aug.
Duo $1,000 yearly on Sept. 1 from 1916 to 1921
incl.
12 (V. 99, p. 214).
Auth. Sec. 6949, Gen. Code, Date Sept. 1 1914.
Int. M.& S. Certidraft
or
fied
check
for
$1,000
-BOND
FRANKLIN SCHOOL DISTRICT, Sutter County, Calif.
required.
OFFERING.-Proposals will be received until Aug. 27, reports state, by
HERMOSA BEACH, Los Angeles County, Calif.
-BOND ELECthe Board of County Supervisors (P. 0. Yuba City) for the $2,500 6% TION.-Reports state that an election will
be held
26 (not Aug. 25
school bonds recently voted (V. 99, p. 424). Denom. $500.
as first reported) to vote on the questions of issuingSept.
$10.000 city-hall and
bonds.
flre-house
35.000
FRANKLIN SCHOOL DISTRICT (P. 0. Franklin), Venango
County, Pa.-BOND SALE.-Harris. Forbes & Co. of N.Y. were awarded
HICKSVILLE, Defiance County Ohio.
OFFERING.
-e
R In June an issue of $50.000 4% school bonds at par and int. Denom. $500. Ports state that bids will be considered Until 12 -BOND
m. Aug. 25 by 0.P.BevingDate July 1 1914. Int. J. & J. Due $2,000 YrIY. July 1 from 1919 to ton. Vii. Clerk, for $55.000 5% 5-yr. (aver.)
street-impt. bonds. Int.
1943 incl.
semi-ann. Cert. check for $2,000 required.
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND OFFERING.
HIGHLAND PARK, Wayne County, Mich.-BONDS DEFEATED.-Proposals will be received until 12 m. Sept. 1 by the County Commission- The question of issuing the $100,000 playground
bonds (V.
p. 424)
ers, Harman L. Gayer, Clerk, for $36,000
% 15-30-year (opt.) coup. failed to carry, reports state, at the election held Aug. 11 by a 99,
vote of 206
bonds. Denom. $500. Date May 1 1914. Int. M. & N. Cert. check "for" to 215 "against."
for 5% of bonds bid for, payable to County Commissioners, required.
HILL COUNTY SCHOOL DISTRICT NO.24, Mont.-BOND
Purchaser to pay accrued interest. These bonds are exempt from county ING.
OFFER-Further details are at hand relative to the offering on Aug.
and municipal taxes.
25 of
the $9,000 16-20-year (opt.) site-purchase, building and
equipment bonds
FRUITLAND PARK SPECIAL TAX SCHOOL DISTRICT NO. 23, (V. 99. p. 424). Proposals for these bonds will be
received until 2 p. m
Lake County, Fla.-BOND OFFERING.-Proposals will be received until on that day by 0.P. Slaenefelt, Clerk. Board of Trustees
(P. 0. Hingham).
11 a. in. Aug. 17 by Wm.T. Kennedy, Secretary (1'. 0. Umatilla, Box 92). Denom. $1.000. Date Sept. 30 1914. Int. (rate
not to exceed 6%)
for $2,000 6% 10-year school-building and equipment bonds. Auth. payable annually on Sept. 30.
Chap. 6542, Acts of Legislature of 1913, also an election held Feb. 14.
HOLLAND, Ottawa County, Mich.-BOND ELECTION
Denom. $500. Date Sept. 1 1914. Int. ann. on June 1 at Leesburg
PROPOSED.
state that the question of issuing
State Bank. Leesburg. Certified check for 2% of bid, payable to Board of -Reports
-pool and skatingpond
bonds will be submitted to a vote at theswimming
Instruction,
required.
Public
primary election to be held
this month.
GALESBURG, Knox County, 111.-BOND ELECTION.-An election
HUNTINGTON COUNTY P. 0.
will be held Sept. 15 to vote on the question of issuing $100.000 455%
Ind.-BOND OFReports state that bids will Huntington),
be received until
coup. water-works-system-impt. bonds. Denom.$500. Date Oct. 11914. FERING.10 a. in. Aug. 18
by
County Treasurer, for $10,132
City
Treas.
at
the
office. Due $50,000 Oct. 1 1924 and 1934. DueGeo. W. Gill,
Int. A.& 0.
% highway bonds.
part each six months for 10 years.
GARFIELD TOWNSHIP (P. 0. Newaygo), Newaygo County, Mich.
BONDS NOT SOLD.-Reports state that no
bids were received for the
-I3ONDS VOTED.-At a recent election it is stated that this township two issues of 43 % 5J4-year (aver.)
highway-improvernent bonds, aggrevoted in favor of the issuance of $3,500 bonds.
gating $8,610, offered on Aug. 6 (V. 99.
P.361).
GENOA, Nance County, Neb.-BOND OFFERING.-Proposals will
INGLENOOK, Ala.-BONDS VOTED.-A
Birmingham newspaper
be received until 8 p. m. Aug. 28 by B. D. Gorman, City Clerk,for $13,000 states that the questions of issuing 39.000
school-bldg. and $3,000 City-mil
5% 5-20-Yr. (opt.) coup. sanitary sewer bonds. Denom. $200. Date and jail bonds carried at a recent election.
Aug. 11914. Int. ann. on Aug. 1 at fiscal agency in Lincoln. Cert. check
IRONTON, Iron County, Mo.for 5%. payable to 0. E. Green, City Treas., required. Bonded debt purchaser
PURCHASER OF BONDS.-The
of the $5,000 5% street(not incl. this issue). $16,500; floating debt, about $8,000. Assess. val. (V.
bonds recently sold at par
99,D. 285) was Little & Haysimprovement
Investment
1913, $209,882.
$500. Date June 11014. Int. J & D. Due Co. of St. Louis. Denom.
32,500 June 1 1919 and 1924.
GILBERT, St. Louis County, Minn.-NO ACTION YET TAKEN-JACKSON COUNTY (P. 0. Brownstown),
We are advised that no action has yet been taken looking towards the issuInd.-BOND OFFERING.
-Proposals will be received until
ance of the $40,000 bonds voted May 18 (V. 98, P. 1708)•
10 a.
Aug. 22 by John E. Belding,
for the following 43i% Owenm.
GOLIAD INDEPENDENT SCHOOL DISTRICT (P. 0. Gonad), Co. Treas.,
Twp.
highway-impt. bonds:
C. Louden et al. orad bonds. Denom.
Goliad County, Tex.-BONDS VOTED.-Thls district on Aug. 5 voted $4,160 Ben
$208. Date Aug. 15
1Isaac9 14.
in favor of issuing 55,000 high-school-completion bonds, it is stated.
al.
2,000Fish et
road bonds. Denom.
3100.
GOWANDA, Cattaraugus County, N. Y.-BOND SALE.-Isaac W.
Int. M.& N. Due one bond of each issue
each six months from May 15
Sherrill Co. of Poughkeepsie was awarded on July 20 $21,000 5% street- 1915 to Nov. 15 1924 incl.
Paving bonds at 105.67. Denom. 31,000. Int. semi-annual. Due $1,000
JENNINGS COUNTY (P. 0. Vernon), Ind.
yearly July 20 from 1919 to 1939 inclusive.
-BOND OFFERING.
Proposals will be received until 11 a.in.
18 by Henry Harman,County
GRANDVIEW SCHOOL DISTRICT NO. 81 (P. 0. Grandview), Treasurer, for the following 43 % roadAug.
bonds:
Yakima County, Wash.-BONDS DEFEATED.-Reports state that the $9,000 C. F. Lurton et al highway bonds in
Montgomery Twp. Denom.
proposition to issue $3,800 school bonds failed to carry at a recent election.
$450.
6,196 Benton Legg highway bonds in Geneva and Spencer twps. Denom.
GRANGER, Williamson County, Tex.-BIDS REJECTED.-All bids
80.
$309
received on Aug. 4 for the 315,000 5% 20-10-yr. (opt.) sewer-impt. bonds
Date Aug. 15 1914. Int. M. & N. Due one bond of each issue each
(V. 99, p. 361) were rejected. Reports state that the highest bidder six months from May 15 1915 to Nov.
15 1924 incl.
offered a premium of $100, less $749 for fiscal agent fees.
JOHNSON COUNTY (P.
Franklin), Ind.-BOND OFFERING.GREECE, Monroe County, N. Y.-BOND SALE.-Myron W. Greene Proposals will be received until0.
a. in. Aug. 24 by Harry Bridges, County
of Rochester was awarded on July 24 $15,000 9-yr. (aver.) reg. tax-free Treas.. for $17,680 4 % inapt. 10
bonds, it is stated.
impt. bonds at par for 4.50s. Denom. $1,000. Date Aug. 11914. Int.
JOHNSTOWN, Licking County, Ohio.-BONDS NOT SOLD.-No
F.$c A. with N. Y. exchange. Due serially Aug. 1 from 1916 to 1930 incl.
Total debt, Incl. this issue. $41,600. Assess. val., $7.536,410; real val. sale was made on Aug. 10 of the $5.000 5% 53i-Yr. (aver.) refunding bonds
Mist.). 510,000.000.
offered on that day (V.99. P. 215).
AUG. 15
1914.1
THE CHRONICLE
JOPLIN, Jasper County, 310.-NO BOND ELECTION.-We are advised that the reports stating that an election was to have been held Aug. 4
to vote on the question of issuing $15,000 fire-department bonds were
erroneous.
KENTON COUNTY (P. 0. Covington), Ky.-BOND ELECTION
PROPOSED.-Reports state that the question of issuing the $150,000 roadonstr. bonds(V.98, p. 1632) will be submitted to the voters at the November election.
BERENS, Navarro County, Tex.-BOND OFFERING.-Further details are at hand relative to the offering on Aug. 25 of the $21,5005% 20-40yr. (opt.) gold reg. water-works bonds (V. 99, p. 424). Proposals for these
bonds will be received until 12 m. on that day by J. M. Daniel, Mayor.
Denom. $500. Date June 10 1914. Int. send-ann. at any place in N. Y.
to suit purchaser. Cert. check for 2% of bid, payable to W.II. Anderson,
City Treas., required. Bonded debt, this issue; no floating debt.
Assess. val. 1914, $671,000.
KERMAN UNION HIGH SCHOOL DISTRICT (P. 0.
Fresno County, Calif.-BONDS DEFEATED.-The questionKerman),
of issuing
the 540,000 bldg. bonds (V. 99, p. 215) failed to carry at the election held
July 20 by a vote of 223 "for" to 255 "against."
KINGS COUNTY (P. 0. Hanford), Cal.-BOND ELECTION
SCINDED.-Reports state that the election to vote on the propositionREto
Issue the $675,000 57
0 40-yr. highway-constr. bonds, which was to have
been held Sept. 18 (V. 99, p. 362), has been rescinded.
KIRKLAND SCHOOL DISTRICT (P. 0. Kirkland), Oneida
County, N. Y.-BOND OFFERING.-Proposals will be received until
8 p.M.Aug. 19, reports state, by the School Trustees for $12.000 5% 10 1-3year (aver.) school bonds.
LAKEWOOD, Cuyahoga County, Ohio.-BONDS DEFEATED.
The question of issuing the $100.000 nark-land-purchase bonds (V. 99, p.
215) failed to receive a two-thirds majority at the election held Aug.
11.
it is reported.
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND
Proposals will be received until 10 a. m. Aug. 17, reports OFFERING.
state. by Jos.
Johann', County Treasurer, for $8,000 43,e% 20-year (ser.) highway
-improvement bonds.
LARCHMONT, Westchester County, N. Y.-BOND
Proposals will be received until 8:30 p.m. Aug. 18 by EugeneOFFERING.D. Wakeman,
Clerk of Board of Trustees, for $6,000 fire-equip.-purchase bonds
not
exceeding 5% int., authorized at an election held June 16. Denom.at
$500.
Int. A.& 0. Due $500 yearly on April 1 from 1918 to 1929 incl. Certified
check for $600. payable to Village Treasurer, required. Bonds
be
furnished by purchaser at own expense and shall be in such form asto
shall
be approved by Board of Trustees.
LEE COUNTY (P. 0. Jonesville), Va.-BONDS AWARDED IN
PART.-The Clerk of the Circuit Court advises us,under date of Aug.
8,
that of the two issues of road bonds W. 97, p. 1840) $46,000 has been
disposed of, $16.000 of Rose Hill Magisterial District and $30,000 of the
$60,000 Rocky Station Magisterial District.
LEESBURG SPECIAL TAX SCHOOL DIST. No. 21, Lake
Fla.-BOND OFFERING.-Proposals will be received until 11 a.m.County,
Aug.17
by Wm. T. Kennedy (P. 0. Umatilla) or L. M.Johnson (P. 0. Leesburg)
for $35,000 6% school-site-purchase and building bonds. Denom. $500.
Date Sept. 1 1914. Interest ann. on June 1 at the Leesburg State
Leesburg. Due $7,500 in 15 and 20 years and $10,000 in 25 and 30 Bank.
Years.
Certified check for 2% of bid, payable to Board of Public Instruction,
required. These bonds were validated on July 8 by the Judge of the Fifth
Judicial Circuit of Florida, and authorized under Chap.6542, Acts of Legislature of 1913. No outstanding indebtedness. Assessed valuation,
$793,655: actual (est.), $1,750.000.
LEAVENWORTH, Kans.-BONDS AUTHORIZED.-An ordinance
was passed July 28 providing for the issuance of $1,820 77 5% coup. internal general impt. bonds, series "A." No. 4. Denom. (1) $1.820 77,
(9) $182. Date Aug. 11914. Int. F.& A. at office of State Treas.
$182 77 Aug. 1 1915 and $182 yearly on Aug. 1 from 1916 to 1924 incl. Due
LIBERTY SCHOOL TOWNSHIP (P. 0. Tangier), Parke County,
Ind.-BOND OFFERING.-Further information is at hand relative to the
offering on Aug. 22 of the $2,000 414% 5-yr. refunding bonds (V. 99.
p. 424). Proposals for these bonds will be received until 2 p. m. on that
day by Stephen G. Lindley, Twp. Trustee. Denom. $500. Int. ann.
LITTLE YORK, Warren County, Ill.-BOND SALE.-On Aug. 10
the $4,350 5% 5
(aver.) coup. water-works bonds (V. 99. p. 424)
were awarded to W. C. Tubbs for $4,355 (100.114) and int.-a
basis of
about 4.977%.
LIVE OAK COUNTY (P. O. Oakville), Tex.-BOND ELECTION
RESCINDED.-We are advised that tho election which was to have been
held Aug. 1 to vote on the proposition to issue $100,000 road and bridge
bonds was rescinded.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.-BOND SALE.
The $10,500 57
0 2 2-3-year (aver.) inter-county highway bonds offered
on Aug. 1 (V. 9). p. 216) have been awarded, reports state, one-third
to
each of the following Bellefontaine banks: Bellefontaine Nat. Bank,
Commercial & Say. Bank Co. and People's Nat. Bank.
LONDON, Madison County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Sept. 7
by John W. Byers, Village Clerk, for
the following 5% Walnut St. improvement
bonds:
$6,000 village's portion bonds. Due $500 on Sept. 1 every other year
from 1915 to 1937 incl.
12,000 assess. bonds. Due $1,000 yearly on Sept. 1 from
1915 to 1920
incl. and $1,500
on Sept. 1 from 1921 to 1924 incl.
Auth. Sec. 3914, Gen.yearly
Cede. Denom. $500. Date Sept. 11914. Int.
ann. Certified check
for 5% of bonds hid for, payable to Village Clerk.
required. Bonds to be
and paid for within 10 days from time
of award. Purchaser todelivered
pay accrued Interest.
LONG BEACH, Los
Angeles
County, Calif.-BOND ELECTION
PROPOSED.-An election will
vote on the proposition to issuebe held in the near future it is stated, to
$1,100,000 convention auditorium co nstr
bonds.
LORAIN COUNTY (P
oR
fI
C
N
rd
FE
byBO
0
aF
tti
i2o
6
seDno
oG
.
u.
n
ty
Proposals will be receiveds-un. 0.
Aug.
Commissioners, F. L. Ellenberger,
improvement (assessment) bonds: Clerk, for the following 5% road$20.000 No. Ridge Road. Section
No. 2. bonds in Avon Tivp Due $1,000
each six months from
8 1915 to Sept.8 1922 Mel. and $2,000
on March 8 and Sept.March
8 1923.
17,000 No. Ridge Road, Section
No.
3, bonds in Sheffield Twp. Due
each
$500
six months from
March 8 1915 to March 8 1923 incl.
Denom. 21.000. Date Sept.
Treasurer. Certified check for11914. Int. M. & S. at office of County
$800, payable to C. A. Horn, County
Auditor, required. Purchaser to
PaY accrued interest. Bids must be
unconditional.
LUVERNE, Rock County, Minn.
will be held Aug. 18 (not Aug. 11, as -BOND ELECTION.-An election
first reported) to vote on the question
of issuing 520.0004% pumping-station
and elecrtic-light-plant-constr. bond
(V. 99. p. 424).
McARTHUR, Vinton County,
Ohio.-BOND OFFERING.-Propoods will be received until 12 m.
Aug. 31
E
p
for $9,000 5% coup. street-impt.
„,;
Clerk
1914. Int. ann.in Sept. at Vintonbonds. Denom,31,00ej. Date Aug.
on Sept. 15 from 1937 to 1945 incl.County Nat. Bank. Due $1,000 yearly
Cert, check for $100, payable to Vii.
Clerk, required. 'Bonds to be
delivered
aid for within 10 days from
time of award. Purchaser to pay
and')
Int. These bonds were reported
sold to the Sinking Fund at par in accrued
V.99. p. 424.
MADERA, Madera County, Cal.
--BOND ELECTION RESCINDED.
Reports state that the election which
was to have been held some time in
September to vote on the question
of issuing the 5100,000 sewer, watar•
bridge. city-hall and fire equipment bonds
(V. 99, D 362) have been called
off until late in the fall or early next
spring.
-*
MANCELONA, Antrim County, Mich.
-BONDS DEFAETED.-The
proposition to issue $5,000 public-impt.
bonds
failed
to carry at a recent
election.
MANGUM, Greer County, Okla.
VOTED.-The election
held A.4 resulted, it is reported, in -BONDS
favor of the question of issuing the
$100,900 municipal-electric-light, water-pumping
and ice-plant bonds
(V.99, p. 362)•
MANKATO, Blue Earth County, Minn.
The City Council on July 29 voted to issue -BONDS AUTHORIZED.
$10,000 5% local improvement
491
bonds, it is reported. Date Aug. 3 1914. Due $3.000 in 1 and 2 years
and $4,000 in 3 years.
MARION COUNTY (P. 0. Indianapolis), Ind.-BOND OFFERING.
-Reports state that bids will be received until 10 a. m. Aug.
17 by Carl
von Hoke, County Treas.. for $19,000 4 % highway-impt. bonds.
Due
part each six months for 10 yearn.
MARION COUNTY (P. 0. Marion), Ohio.-BOND OFFERING.
In addition to the $21,500 Riley Turnpike and $6,000 Dry Lane Turnpike
6% coup. bonds to be offered on Aug. 22(V. 99, p. 425), 510.0005% coup.
Kerns Free Turnpike bonds will also be offered. Denom. (1) $300, (3)
$400,(17) $500. Date Sept. 1 1914. Int. M.& S. at County Treasurer's
office. Due $300 March 1 1915,$400 Sept. 1 1915 and March land Sept. 1
1916. 5500 each six months from Mar. 1 1917 to Mar. 1 1924 Incl. and
$1,000 Sept. 1 1924. Certified check on a Marion bank (or cash) for 2100,
payable to Road Commissioners, required. Bonds to be delivered and
paid for within 10 days from time of award. Bids for this issue will be
received at the office of Hayes Thompson, attorney, in Marion.
MARTIN COUNTY (P. 0. Fairmount), Minn.-BOND OFFERING.
Further details are at hand relative to the offering on Aug.
28 of the following ditch bonds at not exceeding 6% int.(V.99, p. 425):
513.000 judicial ditch No. 25 bonds. Denom.(11) 51.000.(4) $500. Due
$1,000 yearly from 4 to 14 years incl. and $500
yearly from 15
to 18 years inclusive.
7,500 Judicial ditch No. 26 bonds. Denom. $500. Due $500 yearly
from 4 to 18 years incl.
23,000 Judicial ditch No. 27 bonds. Denom. (4) 52.000. (8) $1.500.
(3) 51.000. Due $2,000 yearly from 5 to 8 years incl., 21,200
yearly from 9 to 16 years incl. and $1,000 in 17. 18 and 19 years.
17,500 county ditch No. 33 bonds. Denom.(15) 51.000,(5) $500.
81,500 yearly from 5 tog years incl. and $1,000 yearly from 10Due
to
19 Years Ind
:
8,000 judicial dived No. 32 bonds. Denom. $500. Due $500 yearly
from 4 to 19 years incl.
11,000 Judicial ditch No. 34 bonds. Denom.(7) $1,000, (8) $500. Due
$1,000 yearly from 5 to 11 years incl. and $500 yearly from 12 to
19 years incl.
49,000 Judicial ditch No.36 bonds. Denom.(45) 51.000.(8) $500. Due
53,500 yearly from 5 to 12 years incl. and $3.000 yearly from 13
to 19 years incl.
21.000 Judicial ditch No. 37 bonds. Denom. (1.5) $1.000. (12) $500.
Due $1,500 yearly from 5 to 16 years incl. and $1,000 in 17, 18
and 19 years.
Proposals for these bonds will be received until 1 p. en. on that day by
H. C. Nolte. County Aud. Int. semi-ann. Cert. check for 54.000,
ble to County Aud., required. Purchaser to furnish blank bonds. payaMAUMEE, Lucas County, Ohio.-BOND OFFERING.-Proposals
be received until 12 m. Sept. 14 by Thos. N. Dowling, Village Clerk.will
for
$56,000 5% 10-year water-works bonds voted July 20. Auth. Secs. 3939
to 3954, inclusive, General Code. Denom. $1,000. Date Sept. 1 1914.
Int. M.& S. Certified check for 10% of bonds bid for, payable to Village
Treasurer, required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued
interest. Owing to an
amending ordinance changing the denomination of these bonds,
date of offering was changed from Sept. 1 to above date (V. 99, &c.. the
p. 425)•
MIAMI, Dade County, Fla.-BONDS NOT SOLD.-No bids were
received on Aug.6 for the five issues
of 57 gold coupon municipal improvement bonds, aggregating $250,000 offered on that day (V.
99. p. 286)•
MICHIGAN CITY SCHOOL CITY (P. 0. Michigan
City), Laporte
County, Ind.-BONDS REFUSED.-According
reports, the FletcherAmerican Nat. Bank, Indianapolis, has refused totoaccept
the $35,000 5%
school-house bonds awarded it in June (V. 98. p.
1935)•
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-LOAN
AWARDED
IN PART.-No bids were received for the temporary
due Nov. 11 1914, offered on Aug. 11 (V. 99. p. 425). loan of 5100.000,
N. W. Harris & Co.. Inc., of Boston were subsequently
awarded $50,000
of the above loan at 6% interest.
MIDDLETOWN, Orange County, N. Y.-BOND SALE.
-On Aug. 5
the 510.000 43.5% 19-23-year (serial) tax-free street-improve
ment bonds
(V. 99. p. 362) were awarded to Geo. B. Gibbons & Co. of N.
Y. at par
and interest.
MIFFLIN TOWNSHIP (P.0.Pittsburgh), Allegheny County,Pa.BONDS AUTHORIZED.-Reports state that the Twp. Commissioners
on
Aug. 12 authorized the issuance of $40,000 road bonds.
MONETT, Barry County, Mo.-BOND OFFERING.-Proposals will
be received until 2:30 p. m. to-day (Aug. 15) by P. :Martin, Mayor, for
520,000 5% 5-20-year (opt.) coup. tax-fre water-works-system-Impt.
bonds. Denom. $500. Date Aug. 1 1914. Int. F. & A. at place to suit
purchaser. Cert. check for $1.000. payable to Mayor, reouired. Bonded
debt (not incl. this issue), $53,000: floating debt, $15.000. Assessed val.
1912. $910.856.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BONDS
REFUSED.-Reports state that Seasongood & Mayer of Cincinnati who pur-,
chased on July 18 the 522,250 5% 6-year (aver.) road-impt. bonds (V• 99.
p. 286) have notified the County Commissioners that they will not
the bonds, on account of an alleged flaw in the procedure relative totake
the
Issue. The board will endeavor to dispose of the issue at private sale.
MONTGOMERY COUNTY (P. 0. Christiansburg),
V&.
-BONDS
TO BE OFFERED NEXT YEAR.-The County Clerk advises us
that the
3100,000 road bonds voted March 17 for Blacksburg Magisterial
District
(y, 98, p. 1015) will not be put on the market
until the early part of next
year.
MORGANFIELD, Union County, KY.-BOND SALE.
-The 59.218
6% 5-10-year (opt.) Court St. Impt. (assess.) bonds offered
Mar. 3
(V. 98, p. 853) were awarded on that day to Bedford & Nugenton
of EvansInd.,
at
par.
The
bonds
ville.
are dated Dec. 22 1913.
MOUNT VERNON, Skagit County, Wash.-BOND
ELECTION
PROPOSED.-The question of issuing bonds to purchase
the court house
from the county will be submitted to a vote, it is stated, at
an
election to
the
In
held
near
future.
be
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.-BONDS
NOT
SOLD.-No legal bids were received, we are Informed,
for the $200,000
5% l2(-year (aver.) coup. flood-emergency bonds offered
on Aug. 10
(V. 99.P• 216). These bonds will be re-advertised within thirty
days.
NATIONAL SCHOOL DISTRICT, San Diego County,
Cal.BOND SALE.-On Aug. 7 $9,000 5 % bldg. bonds
were awarded to A. P.
Curley at par. There were no other bids received.
Date July 14 1914. Int. J.& J. Due 21,000 yrly.from Denom. $1,000.
1915 to 1923 Incl.
NEBRASKA.-BONDS PURCHASED BY STATE.-During
the month
of July the following thirteen issues of bonds, aggregating
$103,353, were
purchased by the State of Nebraska:
$1,200 5% school-house bonds of Antelope County School Dist. No. 52 at
par. Date June 25 1914. Due one bond yearly July 1 from
1916to 1924.
3.500 5% light bonds of the village of Bristow at par. Date Jan. 2 1914.
Due Jan. 2 1934. opt. Jan. 2 1919.
5,000 5% light bonds of the village of Decatur at par. Date Jan. 29
1914. Due Jan. 291934,opt. Jan. 291919.
*15,000 5% water bonds of the village of Dorclwster at par. Date Oct. 1
1913. Due Oct. 1 1933. opt. Oct. 1 1918.
17,000 5% school-house bonds of Fillmore County School Dist. No. 16 on
a 4%% basis. Date Nov. 17 1913. Due Nov. 17 1933, opt.
Nov. 17 1918.
1,000 5% light bonds of the village of Gering at par. Date July 11913.
Due July 1 1933, opt. July 11923.
800 5% school-house bonds of Greeley County School Dist. No. 44 at
par. Date Aug. 1 1913. Due Aug. 1 1917 and 1921.
900 5% school-house bonds of Greeley County School Dist, No. 66 at
par. Date June 29 1914. Due July 15 1924.
*3,000 5% light bonds of the village of Mead at par. Date Jan, 1
1914.
Due Jan. 11934. opt. Jan. 11915.
*10,000 5% water bonds of the village of Mead at par. Date Jan.
1 1914.
Due Jan. 1 1934, opt. Jan. 1 1915.
33,000 5% funding bonds of Pawnee City at par. Date
July 1 1914.
Due July 1 1934, opt. July 11924.
4,953 5% light bonds of the village of Salem at par. Date
Oct. 1 1913.
Due Oct. 11933. opt. Oct. 1 1918.
8,000 6% water-ext. bonds of the village of Walthill
on
a
5% basis.
Date Nov. 11913., Due Nov. 1 1933, opt.
Nov. 1 1923.
•The sale of these bonds was previously
reported in the "Chronicle."
492
THE CHRONICLE
[VOL. xerc.
of Denver, and John Nuveen & Co. of Chicago. Date
RATE ON PROPOSED BOND ISSUE Foster1 & Co. Interest
semi-annual.
NEWARK, N. Z.-INTEREST
on Aug. 1914.
in local papers that the Common Council
INCREASED.-It is reported
PEKIN, Tazewell County, Ill.-BOND ELECTION.-According to
offer $3,000,000 43i% funding bonds for sale
it reports, an election will be held Aug. 21 to vote on the question of Issuing
Aug. 7 changed its plans tounfavorab
market,
money
of
the
condition
le
Sept. 24. Because of the
of interest to 4%%.and the City Comp- $48,000 bonds for the purchase and rehabilitation of Pekin & Petersburg
was decided to increase the rate
By. in Pekin and the building of an extension.
whenever he can get bids.
troller was authorized to sell the issue
BY CITY.-Local papers state that the
PIERCEFIELD (TOWN), SCHOOL DISTRICT NO. 1 (P. 0. Pierce.
BONDS TO BE PURCHASED
ation
administr
Ed.
of
Bd.
1%
,
field),
43
St. Lawrence County, N. Y.-BOND OFFERING.-Proposals will
$500.000
Sinking Fund will purchase
stable bonds.
be received until 10 a. m. Aug. 19 by Harry Town. Chairman Board of
Works
of
Bd.
4%
$150.000
and
building
Denom.
n, for 117.500 school bonds at not exceeding 6% in
uth),
Educatio
Portsmo
CT
(P.O.
DISTRI
Date Oct. 11914. Interest annual. Due $2,000
NEW BOSTON VILLAGE SCHOOL
S NOT SOLD.-Reports state that no bids (16)11.000.(1) 11.500.
$3,000 Oct. I 1917, 1918, 1919 and 1920 and $1,500
1916,
and
Scioto County, Ohio.-BOND
1
bonds
1915
pt.
Oct.
school-im
coup.
(aver.)
ar
21-ye
were received for the $25,000 5%
Oct. 1 1921.
offered on Aug. 12(V.99. p. 217).
PIQUA SCHOOL DISTRICT (P. 0. Piqua), Miami County, Ohio.
UNION FREE SCHOOL DISTRICT
NEW HARTFORD (TOWN)
S NOT SOLD.-According to reports, no bids were received on
be
N. Y.-BOND OFFERING.-Proposals will ). -BOND
NO. 8, Oneida County,
1 for the $50,000 05% 9-year (aver.) coup. bonds offered on that
Aug.
Chadwick
O.
(P.
Clerk
Brooks,
B.
C.
by
20
received until 5 p. m. Aug.
day
99,
(V.
Denom.
p.217).
bonds.
ion
d site-purchase and construct
for $31,000 5% registere
PITTSBURG, Crawford County, Kan.-BONDS DEFEATED.unless other denominations are mutually agreed upon.
(20)11,000.(1)$550, Interest annually at First National Bank, Utica, or, The question of issuing $15,000 central fire-station constr. bonds failed to
Date March 1 1914.
d holder, will be remitted in N. Y. exchange. carry, it i reported, at the election held Aug. 4 by a vote of 1,071 "for"
upon request of registere
Certified to 1,100 "against."
on March 1 from 1915 to 1934. inclusive. Treasurer
,
Due $1.550 yearly
D.
for, payable to E. M.Griffith, District
PITTSFIELD, Berkshire County, Mass.-BONDS PROPOSE
check for 1% of bonds bid
for at 11 a. m. Sept. 2 at above
paid
and
delivered
be
city is contemplating the issuance of $34,000
to
Bonds
required.
agreed According to reports, thisbonds.
mutually
be
shall
date
nt
subseque
a
and
place
West Street paving
bank, unless another
pay accrued interest. Bids must be uncon- New
G.-Pro.
upon in writing. Purchaser to
POINT MARION, Fayette County, Pa.-BOND OFFERIN
by the District Treasurer. No bonded
Boro.
ditional and upon forms furnished
will be received until 7 p. m. Aug. 17 by H. B. Frankenberry,
posals
.
$566,060
,
personal)
5% 3-30-year
ement
debt. Assessed value (real and
street-improv
$4,200
and
funding
for
$3,800
Secy.,
streetissue
to
on
propositi
-The
VOTED.
S
J.
J.
-BOND
&
Int.
Denom. $100. Date July 1 1914.
NEWPORT, Calif.
at the election held July 28 by a vote of (opt.) bonds.
lighting bonds carried, it is stated,
POLK COUNTY SCHOOL DISTRICT NO. 72, Neb.-BOND SALE.
147 to 10.
% 3-15-year (opt.) school bonds voted April 4
of
$10,000
issue
-An
SOLD.
NOT
y), Ind.-BONDS
NEWTON COUNTY (P. 0. Salisbur
been awarded to II. C. Speer & Sons Co. of Chicago. Denom. $500.
received on Aug. 6 for the $7,182 56 5% has
Int. J. & J.
11914.
July
Date
Reports state that no bids were
286)•
99,
(V.
p.
on
day
that
6-yr. (aver.) Salisbury ditch bonds offered
POPLAR SCHOOL DISTRICT, Kern County, Cal.-BONDS NOT
County, Ohio.-BONDS NOT SOLD.-No SOLD.
-No bids were received for the 32,800 6% coupon site-purchase and
NEW VIENNA, Clinton
for the $3.500 5% 7-yr. water-worksreported,
is
it
received,
were
building bonds offered on Aug. 4. Denom. $400. Date July 8 1914.
bids
Inncte
lus
s eannually on Jan. 8. Due $400 yearly July 8 from 1917 to 1923,
eiv
rt
impt. bonds offered on Aug. 11 (V. 99. P. 217)•
nal
-BOND OFFERING.-Additio
NILES, Trumbull County,toOhio.
the offering on Aug. 25 of the $70,000
Information is at hand relative
PORTAGE, Columbia County, Wis.-BOND OFFERING.-Proment bonds (V. 99, P. 426). Proposals for
-improve
street
coupon
osals will be received until 1 p. m. Aug. 22 for an issue of $30,000 bonds.
5%
until 2 p. m. on that day by Homer Thomas Cert.
check on a State or national bank for $1,000, payable unconditionally
these bonds will be received
1
Aug.
Date
$500.
Code.
Denom.
3914. Gen.
City Clerk. Auth. Sec.
of City Treasurer. Due $7,000 yearly on to the City Treasurer, is required.
office
at
A.
&
F.
Int.
1914.
PORTLAND, Curaberland County, Me.-BOND OFFERING.-Pro1924, inclusive. Certified check for 1% of bonds
Aug. 1 from 1915 to
and posals will be received until 10 a. m. Aug. 20 by Arthur W. Beale, City
City Treasurer, required. Bonds to be delivered
bid for, payable to
accrued int. Treasures., for $150.000 4% coupon tax-free funding bonds. Denom.
to
r
pay
of
Purchase
award.
time
from
days
10
paid for within
Date Sept. 11914. Int. M.& S.at office ofCity Treas. or bank given
Albion), Ind.-BOND OFFERING.-Pro- $1,000.
NOBLE COUNTY (P. 0.
below. Due $10,000 yearly on Sept. 1 from 1924 to 1938,inclusive. These
10 a. m. Aug.17 by W.T. Hines,County Treas.. bonds
will
be certified as to genuineness by the First National Bank, Boston,
posals will be received until
months
six
each
part
Due
ji% highway bonds.
and their legality approved by Ropes, Gray, Boyden & Perkins, whose
it is reported,for $17,040 4
opinion will be furnished purchaser. Bonds to be delivered to purchaser
for 10 yeafs•
the
S PURCHASED BY STA TE.-Duzing
on Sept. 1 at above bank.
NORTH DAKOTA.-BONDthirteen
issues of 4% bonds, aggregating
PORTLAND, Ore.-BOND OFFERING.-Proposals will be received
month of July the following
State of North Dakota at par:
until 2 p. m. Aug. 18,it is reported, by C. A. Bigelow, Commr. of Finance,
185.100, were purchased by the Purpose.
Due.
Date.
Place.
for $269,500 and $7I.545 6% 1-10-yr. (opt.) impt. bonds,it is stated. Int.
Amount.
1
June
1934
1914
1
_June
Building
Clay Center S. D
1924 semi-ann. Cert. check for 5% required.
$3,500 Fairview
School District_Refunding-May 2 1914 May 2 1934
1.000
_ _Building ___ _July 1 1914 July I
PORTSMOUTH, Rockingham County, N. H.-BOND OFFERING.
4,000 Hurley School District_
1924
1
June
1914
1
__....June
Building
District_
Proposals will be received until 11 a. m. Aug. 17 by the City Treasurer for
1,200 Koenig School
Building __June 1 1914 June 1 1929 $35.000 4% street-paving bonds, it is stated. Date Sept. 1 1914. Due
District
School
Monson
1,000
District Building _ _ _ _June 1 1914 June 1 1934 $5,000 on Sept. 1 1915, 1917, 1919, 1920 and 1921 and $10,000 Sept. 11922.
5,400 Newbre SchoolSch.
DistBuilding __June 1 1914 June 1 1934
ACTION YET TAKEN.
11,000 New England
PORTSMOUTH, Norfolk County, Va.-NO
Dist Building __June 1 1914 June 1 1934
School
rg
Petersbu
that no action has yet been
10,000
_Funding ._May 1 1914 May 1 1934 -Under date of Aug. 10, we are informed
municipal-water-plant
1600,000
10.000 Rugby School District
of
the
the
issuance
1934
1
looking
towards
School District_ _Building ____July 1 1914 July 1 1924 taken
6,000 RutlandCounty
bonds (V. 97. p. 1841).
Refunding __July 1 1914 July
9,000 Towner
0.
1934
Pulaski), Pulaski
1
(P.
July
4
NO.
1914
1
CT
Water-works.July
PULASKI SCHOOL DISTRI
21,000 Williston
Dist__ _Building ___ -July 1 1914 July 1 1934 County, Va.-BONDS NOT SOLD.-All bids submitted for the $58,000
2,000 Willow Lake Sch.
were
142)
withdrawn, acp.
99,
(V.
3
on
Aug.
offered
bonds
Ohio.coupon
5%
T, Summit County,
NORTHFIELD SCHOOL DISTRIC
satisfactory bids were received, it is stated,for the cording to newspaper reports.
BONDS NOT SOLD.-No
-An issue of
SALE.
-BOND
Conn.
County,
4
287)•
(V.
99.
P.
m
on
Aug.
offered
bonds
PUTNAM, Windha
$25,000 5% 10-year school
sewer bonds was recently awarded to Parkinson
Va.-BOND SALE.-The 35.0005% 30-year $100.000 4Ji% gold coupon
Date Sept. 1 1914.
$1,000.
Denom.
sale.
private
NORTON, Wise County,
at
Y.
N.
of
sale
(V.
Burr
&
for
98.
bonds which this place has been offering
street-improvementsold
Int. M.& S. at First Nat. Bank. Putnam, or Boston. Due $5,000 yearly
to John Nuveen & Co. of Chicago at par.
.
p. 1262) have been
G.-Pro from 1920 to 1939, inclusive
OFFERIN
-BOND
Ohio.
n
County,
Hamilto
-BONDS AUTHORIZED.-ReNORWOOD,
QUITMAN, Clarke County, Miss.Aug.
Auditor
until 12 m. Sept. 8 by G. P. Evans, City-extensio
4 authorized the issuance of
Sups. on
of
Board
the
n
that
pose's will be received
state
ports
4 5% 20-year coupon debt
Series
$15,000
and
3
Series
for 825,000
$20,000 bonds.
$500. Date Sept. 8 1914. Int. M. & S. at Norwood
-BOND
Caro.
SALE.-On Aug. 10
payable
bonds. Denom.
No.
for,
County,
bid
Wake
bonds
of
. Certified check for 5%
RALEIGH,
-impt. bonds (V. 99. p.426)
National Bank, Norwood
the $75,000 5% 30-yr. water-works-systemTrust
required.
Co. of Spartanburg for
Security
the
to
to City Treasurer,
stated,
is
it
OFawarded.
BE
were
TO
Nowata), Okla.-BONDS
of about 4.965%•
NOWATA COUNTY (P.s0.
state that this county will shortly offer for $75,419 (100.558)-a basis
FERED SHORTLY.-Report
Va.-NO ACTION YET
bonds to repay the Indian Homestead Tax authorized
RALEIGH COUNTY (P. 0. Beckley), W.
sale the $20.000 6% on July 8(V. 99. p. 217). Due in 5 years.
has yet been taken looking
TAKEN.-We are advised that no action
by the Co. Commrs.
in the Town District
bonds
road
7
e
1
1
o!
p
us
,
e
1)
180,000
$
c
8
9
uan
Stanisla
CT (P. 0. Oakdale),
towards the isesv
OAKDALE IRRIGATION DISTRI
voted June 9
ELECTION PROPOSED.-According to local newsCounty, Cal.-BOND
to
r
Septembe
,
Morgan
(P.O.
Paragon)
IP
during
County, Ind.
election will be held some time
RAY SCHOOL TOWNSH
paper dispatches anof
irrigation-system-completion bonds. -BOND OFFERING.-It is stated that bids will be received by J. A.
vote on the question issuing $400,000
28
for
Aug.
p.
m.
1:45
5% schooluntil
$6,000
ELECTrustee.
Blakenship, Twp.
County, Mich.-BOND
OAKWOOD (P. 0. Detroit), Wayne
be held Aug. 31. it is stated, to vote on the ques- house bonds.
TION.-An election will
n-ext. bonds.
RICHLAND COUNTY SCHOOL DISTRICT NO. 116 (P. 0. Enid)
tion of issuing $8,000 water-mai
Y.-BOND OFFERING.-Proposals Mont.-BONDS NOT SOLD.-No sale was made on July 25 of the $1,500
OLEAN, Cattaraugus County, N.
F. J. Cousedine, City Clerk,for 6% 3-5-year (opt.) bldg. bonds offered on that day.
by
17
Aug.
m.
p.
1:30
until
received
will be
tax-free street-impt. bonds:
RICHMOND, Va.-BONDS TO BE TAKEN BY CITY.-The City
the following 4%% coup. or reg.
of Aug. 8 that the $500,000 street-hnpt.
Denom. $700
Auditor advises us under date
$6,300 Main Street bonds.
$1.650.
Denom.
bonds.
Street
bonds (V. 99, p. 363) will be taken up by the Commissioners of the City
13,200 N. First
Denom. $224.
Fund at par.
Sinking
2,016 Sullivan Street bonds.
$155.
1,395 Sullivan Street bonds. Denom.
RIO, Knox County, 111.-BONDS AUTHORIZED.-The City Council
Denom. $185.
1.665 So. First Street bonds.
on Aug. 3 authorized the issue of $100,000 bonds for sinking artesian
$195.
Denom.
bonds.
Street
Green
1.755W.
wells, it is stated.
bonds. Denom. $438.
3.942 So. Fourth Street
bonds. Denom. $395.
RIO VISTA UNION HIGH SCHOOL DISTRICT, Solano County,
3,555 Eighth Streetbonds.
$815.
Denom.
Cal.-BONDS REFUSED.-Reports state that Torrance, Marshall & Co.
Street
7,335 Tenth
$760.
Denom.
of San Francisco have been advised by their attorneys not to accept the
6.840 Irving Street bonds. Denom. 11.290.
bldg. bonds awarded to them on July 6(V. 99. P. 218).
11,610 Wayne Street bonds.
in'N:Y. C. 160.0005%
or
of
Treas.
City
office
at
S.
&
M.
Int.
Cecil County, Md.-BONDS VOTED.-According to
SUN,
check
Date Sept. 1 1914.
Cert.
RISING
1915.
beginning
1
Sept.
on
this reports, this town, at a recent election, authorized the issuance of waterDue one bond of each Issue yearly
of Olean," required. Bonded debt (incl. 0.
electric-light-plant bonds.
and
for 10%. payable to "City
39,464,37
works
1913
val.
Assess.
$50.()00.
issue), $420,204; floating debt,
RITENAUR SCHOOL DISTRICT, St. Louis County, Mo.-BONDS
SALE.-Reports state that
ORLAND, Glenn County, Cal.-BOND
suc- DEFEATED.-The question of issuing 831,000 improvement bonds failed
sewer and water bonds offered without
at the election held Aug. 7. A two-thirds majority
Control.
the $12.000 water and $3,000
to carry, it is reported,
have been sold to the State Board of
necessary to authorize.
cess on July 27(V.99. p. 426)
-BOND OFFErNr. was
),
Ohio.
Paulding
0.
(P.
Y
COUNT
NG
PAULDI
ROCKMART, Polk County, Ga.-BONDS VOTED.--The proposition
p. m. Aug. 15 by Ed. McGaharan,
-Proposals will be received until 3:30
to issue $5,000 5% 1-10-year (ser.) electric-plant-impt. bonds carried at
5% bonds:
$1,000 the election held Aug.8 by a vote of 103 to 6.
County Auditor,for the following
Due
$1,000.
Denom.
bonds.
pike
rn
$14,000 Paulding-Woodbu1917, 1918 and 1919 and $2,000 yearly on Aug. 1
ROCKWELL CITY, Calhoun County, Iowa.-BONDS VOTED.
on Aug. 1 19I6,
$15,000 20-year water bonds carried at the elecfrom 1920 to 1924 incl. Denom.(4) $1,000,(1) $1,100,(3) $1.200. The question of issuingvote
of
244 to 56. These bonds will be offered for
tion held Aug. 10 by a
8.700 Campbell pike1bonds.
$1.000 1916 to 1919 incl., $1,100 1920 sale in about a month.
Due on Aug. as follows:and
1923.
1922
or
and $1.200 in 1921,
ROCKY RIVER, Cuyahoga County, Ohio.-BONDS NOT SOLD.A. at County Treasury. Cert. check
Date Aug. 1 1914. Int. F. St of Paulding for $500,payable to County No bids were received for the $27,392 20 5% 5 2-3-year (average) Frazier
furnish
to
certificate of deposit on a local bank
r
Purchase
improvement (assessment) bonds offered on Aug. 11 (V. 99, p. 218)•
onal.
unconditi
Treas., required. Bids must be cost to county. Bidders are required Drive
G...ROSEBUD COUNTY (P. 0. Forsyth), Mont.-BOND OFFERIN the
r to pay
Purchase
blank bonds and coupons without
bonds.
of
the
of
legality
Further details are at hand relative to the offering on Sept. 21Interest
to satisfy tnemselves as to the
$75,000 10-20-year (opt.) coupon bonds at not exceeding 59 10 a. m.
accrued interest.
-BOND
Mont.
for
until
Proposals
these
142).
53,
received
be
will
bonds
NO.
p.
CT
99,
DISTRI
PARK COUNTY SCHOOL
29 by S. S. (V.that day by the Board of County Connors., R.J. Cole. Clerk. Denom.
be received until 2 p. m. Aug.
York.
OFFERING.-Proposals willof
for $3,800 6% on
31,000. Date Sept. 21 1914. Int. J. & J. in Chicago or New
Trustees (P. 0. WIlsall).bonds.
Denom.
Working, Chairman Board , building
solvent banking institution for $3,000, payable to
t
and equipmen
Certified check on a
-purchase
site
or
(opt.)
r
.
re7
-year
Treasure
5-10
r,y
reT
uN
astr
eci
c
yKTr
J. at office of County
trts
un
$100. Date Sept. 15 1914. Int. J. &for $150.payable to above,required CoR
•
mith), Wis.-BONDS AUTHORIZED.
at some bank in N.Y. Certified check
Los Angeles -According to reports,*Ladys
a),
Pasaden
0.
(P.
this county has voted the Issuance of $100,000
CT
DISTRI
PASADENA SCHOOL
an
that
state
s
dispatche
per
County, Cal.-BOND ELECTION.-Newspa proposition to issue $24,000 bonds to help settlers clear their lands.
D.
election will be held Sept. 9 to vote on the
SAGINAW,Saginaw County, Mich.-BOND ELECTION PROPOSE
deficiency bonds.
ing to reports, petitions signed by the voters have been presented
Aug. 5 -Accord
$250,000
-On
SALE.
issue
to
-BOND
on
Wash.
propositi
g
the
n
a
of
requestin
Council
County,
submissio
PASCO, Franklin
the
to Jas. N. Wright & Co. of to
-electric-lighting-plant bonds.
$27,500 20-year funding bonds were awarded
Sweet, CauseY. municipal
Denver at 97.50 and int. for 514s. Other bidders were
g
AUG. 151914.]
THE CHRONICLE
ST. JAMES, Watonwan County, Minn.-BOND OFFERING.-Proposals will be received until 8 p. m. Aug. 17 by Christ. Larsen, City Recorder, for $30,000 20-year funding bonds at not exceeding 5% interest.
Denom. $1,000. Date Aug. 15 1914. Int. F. & A. Cert. check for 5%
of bonds bid for required. These bonds were awarded on July 13 to Wells
& Dickey Co. of Minneapolis at 100.05 for 4.54s (V. 99. p. 361), but were
subsequently refused because, in the opinion of the purchaser's attorneys
the notice of sale did not comply with the statute.
SALEM, Columbiana County, Ohio.-BONDS NOT SOLD.-No bids
were received on Aug. 11 for the $25,000 4%% 10-34-year (serial) refunding
bonds offered on that day (V. 99. P. 287)•
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BONDS DEFEATED.-The proposition to issue $400.000 court-house bonds failed to
carry at the election held Aug. 11.
SANTA MONICA,Los Angeles County, Calif.-BONDSDEFEATED.
-The proposition to issue $150,000 auditorium-construction bonds failed
to:carry at the election held July 28 (V. 99,P. 287). The vote is reported
as 1.145 "for" to 1,150 "against.
SAUK CITY, Sauk County, Wis.-BONDS VOTED.-The question of
issuing $8.000 electric-light-system-impt. bonds carried, it is stated, by a
vote of 104 to 3 at an election held Aug. 4.
SCHLEISINGERVILLE, Washington County, Wis.-BOND ELEC.
TION.-A vote will be taken, it is stated, on Sept. 3 on the question of Issuing $6.000 5% electric-light-Plant bonds.
SCOTT COUNTY (P. 0. Gate City), Va.-BONDS DEFEATED.
been advised that the proposition to issue the $41.000 Floyd
we have Just
Magisterial District road bonds(V.98,P.854)failed to carry at the election
held April 21.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND OFFERING.
Proposals will be received until 10 a. in. Aug. 22 by W. A. McDonald,
County Treasurer, for the following 43 % highway-improvement bonds:
$6.160 Charley Shutt et al road bonds in Henrclicks Twp. Denom. $308.
7,460 Martin Moore et al road bonds in Van Buren Twp. Denom. $373.
Date Aug. 15 1914. Int. M.& N. Due one bond of each issue each
six months from May 15 1915 to Nov. 15 1924, inclusive. Certified chock
for 2% of bonds required.
SMOKEY HOLLOW (P. 0. Shovel Lake), Cass County, Minn.
BONDS NOT SOLD.-The $8,0006% 15-year road and bridge bonds offered
on Aug. 1 (V. 99. p. 142) failed to attract any bidders, according to newspaper reports.
SOLVAY, Onondaga County, N. Y.-BOND OFFERING.-Proposals
will be received until 8 p. m. Aug. 18 (postponed from Aug. 11) by E. M.
Hall, Village Clerk, for $50,000 4%% tax-free general improvement bonds
V. 99, p. 427)._ Denom. $1,000. Date Aug. 1 1914. Int. F. & A. at
Chase National Bank. N.Y.City. Due $1,000 yearly on Aug. 1 from 1915
to 1922,inclusive, and $2,000 yearly on Aug. 1 from 1923 to 1943,inclusive.
Certified check for 3% of bonds bid for payable to W.Hoyt North.Village
Treasurer, required. Bonds to be delivered and paid for within 15 days
from time of award. Official circular states that there is no litigation or
controversy pending or threatened concerning this issue of bonds, directly
or indirectly, and that the village has never defaulted in the payment of its
obligations, principal or interest. Total bonded debt (not including this
issue), $422.300. Assessed value 1914, $6.064,695. These bonds were
authorized at an election held July 28.
SOMERSET SCHOOL DISTRICT, Los Angeles County, Calif.BOND OFFERING.-Local newspaper reports state that proposals will be
V Clerk (P.O. Los Angeles), until 2 p. in.
received by H. J. Leland°, County
5%% building bonds. Denom. $500.
Aug. 24, for an Issue of $12,
Date Aug. 1 1914. Int. ann. Due $500 yearly on Aug. 1 from 1917 to
1940 incl. Certified check for 3% of bonds bid for required.
SOUTH LEBANON SCHOOL DISTRICT (P. 0. South Lebanon),
Warren County, Ohio.-BOND SALE.-On Aug. 11 $20,000 5%%
173 -year (average) school bonds were awarded,it is stated, to the Lebanon
National Bank of Lebanon at 100.375.
SPENCERVILLE, Allen County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 1 by John W.Berry, Village Clerk,
for the $10,000 5%% electric-light-plant-improvement bonds voted
June 22 (V. 98, p. 70). Auth. Sec. 3939, Gen. Code. Denom. $500.
Date Aug. 11914. Int. F. & A. Due $500 each six months from April 1
1916 to Oct. 1 1925. Inclusive. Certified check for 5% of bonds bid for,
payable to Village Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
SPRINGFIELD, Greene County, Mo.-BONDS PROPOSED.-Reports state that this city is contemplating the issuance of municipal-incinerator and sewer-impt. bonds.
SUMMIT COUNTY (P. 0. Akron), Ohio.-BOND OFFERING.-Proposals will be received until 11 a. m.Aug.31 by C.L.Bower.Clerk Board of
County Commissioners, for the following 5% coup. road-impt. bonds:
$5,442 22 Manchester road (assess.) bonds. Denom. (5) $1,000, (1)
442 22. Due $1,000 on Oct. 1 1915, 1916, 1917 and 1918 and
$1,442 22 Oct. 1 1919.
41,534 41 Manchester road (county's portion) bonds. Denom. (41)
$1,000, (1) $534 41. Due $4,000 yearly on Oct. 1 from 1915
to 1922 incl.. $5,000 Oct. 1 1923 and $4,534 41 Oct. 11924.
4.863 15 Norton Centre road (assess.) bonds. Denom. (4) 11.000. (1)
5863 15. Due $1,000 yearly on Oct. 1 from 1915 to 1918 incl.
and $863 15 Oct. 1 1919.
37.954 05 Norton Centre road (county's portion) bonds. Denom. (37)
$1,000. (1) $954 05. Due $4,000 yearly on Oct. 1 from 1915 to
1923 incl. and
05 Oct. 11924.
Auth. Secs. 2294, 2295$1,954
and 6912, Gen. Code. Date Aug.311914. Int.
A.& 0. at office of County Treas. Cert. check on a bank other than the
one making the bid, for 5% of bonds bid for, payable to County Treas.,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
Sinilar issues of bonds were
offered on Aug.6(V.99, p. 219), but no bids were
received.
SUNFLOWER COUNTY (P. 0. Indianola), Miss.-BOND OFFER/NO.-Proposals will be received until Sept. 14 for an issue of $5,000 Road
District No. 1 bonds. A. P. Stubblefield is County Clerk.
SYRACUSE, N. Y.
-TEMPORARY
-On Aug. 14 this city negotiated a loan of $50,000 with the First LOAN.
Bank of Syracuse at 6%.it is
reported. The City Comptroller was Nat.
given authority to negotiate another loan of $250,000.
TEMECULA UNION SCHOOL DISTRICT, Riverside County,
calif.-BOND ELECTIOIMM-An
electon will be held Aug. 27, reports
state, to vote on the question of issuing $10,000
site-purchase and construction bonds.
TERRE HAUTE SCHOOL CITY (P. 0. Terre Haute), Vigo
County,
Ind.-NO BOND ELECTION.-We are advised that the reports
stating
that an election was to have been held July 28 to vote on the question of
issuing $200,000 school bonds (V. 99. p. 219) are
erroneous.
THIEF RIVER FALLS, Pennington County, Minn.-BONDS NOT
SOLD.-No bids were received
on Aug.4 for the $10,000 5% 20-year coup.
water-works bonds offered on that day (V.
99. p. 288)•
TOLEDO, Ohio.-BOND OFFERING.-Further details aro at hand
relative to the offering on Aug. le of the
waters
.-y0,r
%p4
1,
works high-pressure-pumping-station bon1c188°"°(V.49
coup.4e27)Proposals
for these bonds will be received until 7:30 p. m. on that day by Amos McDonnell, City Aud. Denom. $1,000. Date Sept. 1 1914. Int. M.& S.
at U. S. Mtge. Sic Tr. Co.. N. Y. Cert. check on a Toledo national bank
for 5% of bonds, payable to City Aud., required. Purchaser to Pay accrued interest.
TRENTON, N. J.-BONDS NOT SOLD.-No bids were received on
Aug. 12 for the five issues of 4)i% registered bonds, aggregating $170,000.
offered on Aug. 12 (V. 99, P. 427).
TRI-COUNTY DRAINAGE DISTRICT (P. 0. Earle) Crittenden,
Cross and St. Francis Counties, Ark.-DESCRIPTION'
OF BONDS.
The $400,000 6% drainage bonds awarded on July 28 to Wm. R. Compton
Co. of St. Louis at par and int. (V. 99. p. 364) are in the denominations of
and
$100
dated
July 1 1914. Int. M. & S. at the St.
$1.000, $500 and
Louis Union Trust Co. of St. Louis. Due $16,000 1919 $17,000 1920;
518,000 1921; 119.000 1922; $20,000 1923; 521,000 1924 $22,000 1925;
$24,000 1926; $25,000 1927; $27,000 1928; $28,000 1929 $30,000 1930;
$32,000 1931; 534,000 1932; $36,000 1933 and 531,000 1934.
493
TEXAS.-BONDS PURCHASED BY STATE BOARD OF EDUCATION.-On Aug. 7 the state Board of Education purchased $23.180 5%
school-house bonds. All of the bonds taken were parts of issues contracted for at previous meetings. We print below a description of the
school-house bonds purchased, showing in each case the total issue and
amount of same taken by the State in August:
Amount
County Common
Purch'd
Total
School Districts-Option. Issue. in August
Due.
Date.
Atascosa No. 22
July 15 1913 40 years 10 years $20.30
08 5.I.188
Atascosa No. 7
6
Oct. 15 1913 40 years 10 years
Cameron
. 17
500
No
Sept. 1 1913 40 years 10 years 13.000
Comanche No.
26250
April 10 1913 20 years
None
2,500
Crosby No. 12
1.0
300
April 10 1913 40 years
5,000
None
Donley No. 6
July 1 1913 40 years 2 years
3,000
Galveston No. 6
500
Jan. 10 1914 40 years 20 years 10.000
Galveston No. 17
500
Jan. 10 1914 40 years 20 years
8,000
Harris No.
4340
Aug 4 1913 40 years 20 years
0
8,000
Harrison No. 8
300
June 10 1913 40 years 20 years
8,000
Jackson No. 19
500
April 10 1914 40 years 5 years
6,000
Jim Wells No. 12
April 10 1913 40 years 10 years
500
6,000
Kaufman No.28
400
Oct. 1 1913 20 years 5 years
1.300
Limestone No. 5
July 10 1913 20 years 10 years
300
5,000
Limestone No. 64
June 10 1913 20 years 10 years
500
7.500
McCulloch No. 44_ _-_June 10 1914 40 years 20 years
800
6,500
Medina No. 3April 10 1913 40 years 5 years
500
8,000
Medina No. 9
Jan. 10 1913 40 years 5 years 10,000
500
Nacogdoches No. 1__Dec. 9 1913 20 years 5 years
500
1,000
Nacogdoches No.27_Dec. 9 1913 20 years 5 years
250
1,000
Nolan No 24
June 11 1913 40 years 20 years
1,000
6.000
Tarrant No. 18
Sept. 10 1913 40 years 20 years
500
7,400
Tarrant No. 52
Sept. 10 1913 40 years 20 years
500
7.500
Tarrant No. 91
April 17 1913 40 years 20 years 13,500
500
Travis No. 43
Mar. 2 1914 20 years 10 years
3,000
300
Van Zandt No.21
Jan. 15 1914 20 years 10 years
300
1.400
Van Zandt No.81
April 10 1914 20 years 10 years
2,000
300
Van Zandt No. 109
June 1 1914 20 years 10 years
1,300
500
Victoria No.9
July 15 1913 40 years 15 years
500
9.000
Wheeler No. 16
Sept. 10 1913 20 years 5 years
1.000
200
Independent Sch. Dists.Calallen
June 14 1913 40 years 10 years 10,000
500
Cockrell
May 10 1914 40 years 10 years
1:0
000
8.000
Crosbyton
April 10 1914 40 years 10 years
Frultvale
Nov. 1 1913 20 years 10 years 18M0
2,300
230
Groveton
Jan. 3 1914 40 years 10 years
400
9,000
Hutchins
July 10 1913 40 years 5 years 10.000
500
Lakeview
June 16 1913 40 years 20 years
500
6.000
Malakoff
Sept. 1 1913 40 years None
400
4.000
Matagorda
July 15 1913 40 years 20 years
500
8.000
Mertens
Jan. 1 1914 40 years 10 years
1,000
sraunfels
Oct.l 11
0 119
913
4 40
0 ears 10110
0 ears 14
2:00
500
500
Port Aransas
10.000
1.000
Poteet
Oct. 1 1913 40 years 10 years 12.'00
000
0
1,000
Rio Hondo
Aug. 1 1913 40 years 15 years 16
500
Richardson
Aug. 1 1913 40 years 5 years 15.500
500
Streetman
July 1 1913 40 years 10 Years
500
9,000
Sweeney
July 1 1913 40 years 5 years 10,000
500
Theney
June 10 1913 40 years 5 years
4,500
300
Thorndale
May 1 1914 40 years 10 years 20,000
1,000
Dec. 1 1913 40 years 20 years 12,000
1.000
T°alitear
W
r Valley
June 1 1913 50 years 5 years
8.000
1.000
Wellington
July 1 1913 40 years 10 years 12,000
1.000
Westminster
April 1 1914 40 years None
6.500
500
TULARE COUNTY (P.O. Visalia), Cal.-NO BOND ELECTION AT
PRESENT.-Because of the disturbed
condition of the money market,the
County Board of Supervisers has decided, it is said,
to abandon for the
present theproiect ofcalling an election to authorize an Issue
of $1,500,000
bonds for building highways.
VALLEY COUNTY SCHOOL DISTRICT NO. 15ont.-BOND
ELECTION.-Reports state that an election will be held
Aug.A
22 to submit
to a vote the question of issuing $3,200 site-purchase, constr. and equip.
bonds.
VAN BUREN TOWNSHIP SPECIAL SCHOOL DISTRICT (P.dri,
R. F. D. No. 8, Dayton), Montgomery County, Ohio.-BONDS NOT
SOLD.-No bids were received. it is stated, for the $1,400 5%% 1%-year
(aver.) coup. building-equipment bonds offered on Aug. 10 (V• 99. P• 364)•
VANDERBIIRGH COUNTY (P. 0. Evansville), Ind.-BOND
OFFERING.-Carl Lauenstein, County Treasurer. will offer for sale at
public auction at 1 P. in. Sept. 1, $7.500 4%% Middle Mt. Vernon roadImprovement bonds in Perry Township. Denom. $375. Int. M. & N.
Due $375 each six months from May 1 1915 to Nov. 1 1924. inclusive.
VENTNOR CITY (P. 0. Atlantic City), Atlantic County, N. J.BONDS AUTHORIZED.-The City Council on Aug. 4 authorized the issuance of $20.000 police and fire-alarm-system bonds, it is stated.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND OFFERING.
-proposals will be received until 10 a. in. Aug. 24 (and from day to day
thereafter until sold) by A. J. Haxford, County Treasurer, for 59.640
454% H. M.Booe eta! highway-improvement bonds In Eugene Township.
Denom. $482. Date Aug. 3 1914. Int. M. & N. Due $482 each six
months from May 15 1915 to Nov. 15 1924. inclusive.
VERMILLION COUNTY SCHOOL DISTRICT NO. 112, 111.-BOND
SALE.-This district has disposed of an issue of 520,000 5% school bonds.
Denom. $1.000. Date July 11914. Interest annual. Due $1.000 yearly
on July 1 from 1919 to 1928. Inclusive, and $2,000 yearly on July 1 from
1929 to 1933, inclusive. These bonds were offered without success on
June 25.
VICTORIA COUNTY (P. 0. Victoria), Tex.-BOND ELECTION
POSTPONED.-Because of the unsettled condition of the money market
the election which was to be held Aug. 19 for the purpose of voting $70.000
bonds for the erection of a county hospital has been indefinitely postponed.
WADSWORTH, Medina County, Ohio.-BOND OFFERING.-Propals will be received until 12 in. Aug. 25 by Harry E. Hiers. Vil. Clerk.
for $3,500 5% coup. taxable Highland Ave. paving-impt. bonds. Auth.
Secs. 3820-3821, Gen. Code. Denom. $500. Date Apr. 1 1914. Int.
A.& 0. in Wadsworth. Due $500 yearly on Apr. 1 from 1918 to 1924 incl.
Cert. check for 5%. payable to Vii. Treas., required. Bonded debt (incl.
this issue), $113,520; no floating debt. Assessed val. 1914, 54.119.505.
WAHPETON, Richland County, No. Dak.-BOND OFFERING.
Proposals will be received until 8 p. m. Aug. 25 by S. H. Murray, City
And- for $21.000 water-works bonds at not exceeding 6% int. Auth. vote
of 172 to 17 at the election held Aug. 4 (V. 99, p. 219). Denom. $1,000.
Date Sept. 11914. Int. ann. on Sept. 1. Due $1,000 yearly for 19 Years
and $2,000 in 20 years. Cert. check for $500, payable to City Treas..
required. Bonded debt $54,000. Outstanding warrants, $69.844 41.
Assess. val. 5642.216.
The official notice of this bond offering will be found among the advertisements elsewhere its this Department.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
County, 01110.-BONDS VOTED.-By a vote of 1,182 to 757, the question
of issuing the $160,000 site-purchase-construction and equipment bonds
(V.99, p. 427) carried at the election held Aug. 11.
WARRENTOWN, Clatsop County, Ore.-BOND AWARD POSTPONED.-We are advised that the opening of bids for the $150,000 6%
10-20-year (opt.) gold coup. water-system-constr. bonds scheduled to take
place Aug. 3(V. 99, 13. 219) has been postponed at the request of bidders
WASECA, Waseca County, Minn.-DESCRIPTION OF BONDS.
The $45,000 5% 20-year refunding bonds awarded on July 14 to
Minneapolis Trust Co. of Minneapolis for $46,910 (104.244)-a basis the
of about
4.672% (V.99, p.364) are in the denom. of 51.000 and dated Aug. 1
1914.
Int. F. & A. Due Aug. 11034.
WASHINGTON COUNTY DISTRICT (P.O. Fulton), Ohio
County
W. Va.-BOND SALE ADJOURNED.-The sale
of the 520.000 5%
.
10-25-year (opt.) coupon school bonds which was to have taken
place on
Aug. 10 (V. 99, p. 219) was postponed indefinitely.
WASHINGTON SCHOOL TOWNSHIP(P.O. Washington)
Daviess
County, Ind.-BOND SALE.-On Aug. 11 the
$15.000 6%'1%-Year
[VOL. xcrx.
THE CHRONICLE
494
(aver.) school bonds (V. 99, p. 427) were awarded to the Citizens' Loan
& Trust Co. of Washington at 100.72-a basis of about 5.50%. Bonds
are dated Aug. 111914.
The following are the other bids received:
E. M.Campbell Sons & Co., ndianapolis
$15.037
Breed. Elliott & Harrison. dincinnati
15.023
WASHINGTON TOWNSHIP (P. 0. Marysville), Ohio.-BONDS
VOTED.-According to reports, this township at a recent election voted in
favor of the issuance of $30,000 5% school bonds.
WASHINGTON TOWNSHIP (P. 0. St. Mary's), Pleasant County,
W. Va.-BOND OFFERING.-This township is offering for sale the issue
of $60,000 6% 20-year road bonds voted Dec. 16 1913 (V. 97, p. 1924).
Denom. $100 and $500. Date May 11914. Int. ann. on May 1.
WATERBTJRY, Conn.-BONDS NOT SOLD.-It is reported that no
bids were received on Aug. 10 for the $100,000 4Yi % 3035-year (aver.)
coup. or reg. school bonds,3rd Series, offered on that day (V.99, p. 142)•
WATERTOWN, Mass.-BOND SALE.-On Aug. 10 the following 4)4%
coup. bonds dated July 1 1914 were awarded, it is stated, to Ti. L. Day &
Co. of Boston:
$2,500 South Side school-house original furnishings bonds. Due $1,500
July 1 1915 and 51.000 July) 1916.
8,000 macadam pavement loan bonds. Due $2,000 July 1 1915, 1916 and
1917 and $1.000 July 1 1918 and 1919.
20,300 sewer loan bonds. Due on July 1 as follows: 53,300 1915. $3.000
1916.$2.003 yearly from 1917 to 1922 incl. and $1.000 1923 and1924.
Int. J. & J. at the Fourth Atlantic Nat. Bank of Boston.
WAYNE COUNTY (P. 0. Waynesboro), Tenn.-VOTE.-We are
advised that the vote cast at the election held July 14, which resulted in
favor of the issuance of the $150,000 5% 20-year railroad-aid bonds (V. 99,
p. 288) was 1,471 to 402. These bonds will be exchanged for capital stock
In the railroad company.
WELLESLEY, Norfolk County, Mass.-TEMPORARY LOAN.
Reports state that this town has sold a temporary loan of $40,000, maturing
Nov. 10. to the Wellesley National Bank at 534% discount.
WEST BATON ROUGE PARISH (P. 0. Port Allen), La.-BOND
ELECTION.-An election will be held Sept. 10 in Road District No. 1. it is
reported, to vote on the proposition to issue 375.000 road bonds (V. 99, p.
427).
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.-BOND
OFFERING.-Proposals will be received until 10 a. m. Aug. 20 by Geo. T.
Burling, County Treas., for $13,500 5% registered highway bonds: Denom. (2) $5.000,(1) 53.580. Date Aug. 11914. Int. F. & A. at office of
County Treas. Due $5,000 Aug. 1 1929 and 1930 and 33,580 Aug. 11931.
Cert. check on a national or State bank or trust company for 2% of bonds
bid for, payable to County Treas., required. Bonds to be delivered and
paid for at office of County Treas. at 10 a. m. Aug. 28. unless a subsequent
date shall be mutually agreed upon. Purchaser to pay accrued int. Bids
must be made on forms furnished by the county. These bonds will be certified as to genuineness by the U. S. Mtge. & Trust Co. and their legality
approved by Hawkins, Delafield & Longfellow of N. Y. City, a copy of
whose opinion will be furnished purchaser. Total bonded debt (not Including this issue), $6,389,707; floating debt, $90,330. Assessed value, personal, $8,657,498; real, $383,081,684.
WHEATFIELD (TOWN), Jasper County, Ind.-BOND OFFERING.
-Proposals will be received until 2:30 p. m. Aug. 18 (date changed from
Aug. 16) by the Board of School Trustees, for the $2,600
% schoolbuilding bonds (V. 99, p. 428)•
WHITLEY COUNTY (P. 0. Columbia City), Ind.-BOND OFFERING.-Proposals will be received until 11 a. m. Aug. 27 by Oliver E. Long.
County Treasurer, for the following 4;4% road bonds:
$16.397 Stephen D. Shaw road bonds. Denom. $819 85.
16,427 Geo. K. Sisson road bonds. Denom. $819 35.
16,498 John C. Lawrence road bonds. Denom. $824 90.
Date Aug. 27 1914. Int. M. lk N. Due one bond of each issue each
six months from May 15 1915 to Nov. 15 1924. inclusive.
WHITTIER CITY SCHOOL DISTRICT,Los Angeles County, Calif.
-BOND OFFERING.-According to reports, bids will be received until
2 p. rn. Aug. 24 by H. J. Lelande, County Clerk, (P. 0. Los Angeles), for
the 550,0005% school bonds voted July 1 (V.99,p. 143). Venom.$LOW.
Date Aug.1 1914. Int. ann. Due $2,000 yearly on Aug. 1 from 1915 to
1939 incl. Certified check for 3% of bonds bid for required.
WHITTIER UNION HIGH SCHOOL DISTRICT, Los Angeles
County, Calif.-BOND OFFERING.-Reports state that bids will be received until 2 p. m. Aug. 24 by H. J. Lelande, County Clerk (P. 0. Los
Angeles),for the $15.000 554% building bonds voted June 19(V.99,P• 71)•
Denom. $1,000. Date Aug. 1 1914. Int. ann. Due yearly on Aug. 1
from 1915 to 1929 incl. Certified check for 3% of bonds bid for required.
WICHITA, Sedgwick County, Kan.-BONDS VOTED.-By a vote
of 3,064 to 2,190, the question of issuing 515.000 concrete-bridge constr.
bonds carried, it is stated, at the election held Aug. 4.
WINNEBAGO, Faribault County, Minn.-BONDS VOTED.-The
election held Aug. 4 resulted in favor of the question of issuing the $7,000
refunding and $16,000 funding 4% bonds (V. 99, p. 364). The vote is
reported as 58 to 10.
WINSTON-SALEM, Forsyth County, No. Caro.-BOND SALE
DEFERRED.-Local papers state that the sale of the five issues of 5%
30-yr. coup bonds, aggregating $428.000, which was to have taken place
on Aug. 5 (V.99, p. 289), was deferred.
WOODLYNNE SCHOOL DISTRICT (P. 0. Camden), Camden
County, N. J.-BOND OFFERING.-Proposals will be received until 8:30
P• m. to-day (Aug. 15) by L. E. Rupertus, District Clerk, for $3,700 5%
school-building'completion bonds. Denom. (7) 3500, (1) $200. Int.
J. & J. at Security Trust Co., Camden Due every other year from 1924
to 1938, inclusive. No deposit required. Bonded debt, $45,000; no
floating debt. Assessed value 1914, $500,000.
WYANDOTTE, Wayne County, Mich.-BONDS NOT SOLD.-No
bids were received on Aug. 11 for the $29,000 electric-light and $11,000
water 454% bonds offered on that day (V• 99, p• 428)•
NEW LOANS.
NEW LOANS.
N EW LOANS
$15,000
$21,000
530,000
NEWBERN, TENN.,
City of South Amboy, N. J., CITY OF WAHPETON,NORTH DAKOTA
SEWER BONDS
WATER WORKS BONDS
Sealed proposals will be received by the Common Council of the City of South Amboy, New
Jersey, at 8 P. M.. on TUESDAY .THE
EIGHTEENTH DAYOF AUGUST. NINETEEN
HUNDRED AND FOURTEEN, at the Council
Chamber in the City Hall in the City of South
Amboy, New Jersey, for the purchase of any or
all of an issue of bonds of the City ofSouth Amboy,
for the payment of the construction of a part of
the sanitary sewer system of said City of South
Amboy to the amount of Fifteen Thousand
($15.000) Dollars, of the denomination of One
Thousand (51,000) Dollars each.
The bonds will be dated February 1, 1913. and
the first bond will be redeemed twenty years from
the date thereof, and thereafter said bonds shall
be redeemed seriatim at the rate of one bond
Per year up to and including the year 1941.
and during the years 1947 and 1948 three
bonds will be redeemed in each year. Said
bonds shall bear interest at the rate of five
per cent per annum from the date thereof. The
bonds may be registered as to principal and
principal and interest. The principal and interest
on Said bonds shall be payable at the First National Bank of South Amboy. or a check for the
interest can be mailed to the registered holders.
The bids or proposals will be opened on the
date aforesaid and at the time and place aforesaid. Each bidder is requested to state in writing
the number of bonds he will purchase. Each bid
must be accompanied with a certified check of
not less than two per cent of the face amount of
the bonds bid for, and the Common Council
reserves the right to reject any or all bids.
No bonds will be sold for less than par and
accrued interest, and interest from the date of the
acceptance of the bid to the date of delivery of the
bonds will be charged to the purchaser.
Each proposal, together with certified check.
should be enclosed in a sealed envelope and endorsed "Sanitary Sewerage Bonds of the City of
South Amboy". and should be addressed to the
Clerk of the City of South Amboy. Delivery of
the bonds will be made as soon alter the acceptance of the bids as possible.
FINANCE COMMITTEE of the Common
Council of the City of South Amboy, N.J.
RICHARD M.MACK,City Clerk.
Sealed bids will be received up to eight o'clock
P. M. TUESDAY. AUGUST 25TH. 1914, by
the City Auditor of the City of Wahpoton, North
Dakota,for the purchase of Twenty-one Thousand
Dollars (321,000 00) City of Wapheton Water
Works Bonds.
The Bonds will be dated September 1st. 1914,
will be of the denomination of One Thousand
Dollars ($1,000.00) each and will draw interest
at the rate at which they are bid in at, interest
payable annually on the first day of September;
the bonds will be numbered from one to twentyone and will be made payable One Thousand
Dollars each year until the twentieth year, at
which time Two Thousand Dollars will become
due.
No bids will be accepted at a rate exceeding
six (6) per cent per annum, and each bid must be
accompanied by a certified check in the sum of
$500.00. payable to the City Treasurer as evidence of the good faith of the bidder.
The City Council reserves the right to reject
any and all bids.
By order of the City Council of the City of
Wahpeton, North Dakota.
S. H.MURRAY,City Auditor.
Date August 5th, 1914.
SCHOOL BONDS
The Board of Mayor and Aldermen will offer
SEPTEMBER 1ST. 1914. $30.000 6% TwentyYear School bonds. Sealed bids and $2,000
certified check required. Further information
apply to
H. J. SWINDLER, Mayor.
CHICAGO, ILL.
Continental-Commercial Bldg.
ROBINSON. MASQUELETTE
Co.
CERTIFIED
PUBLIC ACCOUNTANTS
SIMON BORG & CO.,
Members of New York Stock:Exchange
NEW ORLEANS
WHITNEY BANK BLDG.
No. 20 Nassau Street
-
Now York
HIGH-GRADE
HOUSTON, TEX
UNION NAT. BK.BLOOk
Hand-Book of Securities
INVESTMENT SECURITIES
Bolger, Mosser& WIllaman
MUNICIPAL BONDS
192 Pages
Union Pacific Distribution
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.'
BLODGET &
We deal in the fractional certificates
for Baltimore & Ohio, Common and
Preferred Stocks resulting from this
CHICAGO distribution, and will even out your
holdings at the ruling bid and asked
markets on the New York Stock Exchange for these stocks.
CO.
BONDS
60 STATE STREET. BOSTON
30 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
SelIMIDT
GALLATIN4
Members of the New York Steck Exchange
111 Broadway, New York
Telephone
Rector 3260-1-2
Income-Prices-Dividends
for a series of years
to July 1
Price
To Chronicle Subscribers
$1 00
75 •
Commercial Sr Financial Chronicle
Froot. Pine and Depeyster SU.
NEW VCR K
AUG.
15 1914.1
THE CHRONICLE
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.—BONDS NOT
SOLD.—We are advised that the $500,000 bridge bonds offered on Aug.8
(V. 99, p. 365) failed to sell, no bids having been received.
WYOMING INDEPENDENT SCHOOL DISTRICT(P.O. Wyoming),
Jones County, Iowa.—BOND OFFERING.—This district is offering at
private sale an issue of 830,000 5% bldg. and equip. bonds. Denom. in
multiples of $100, to suit purchaser. Date Sept. 1 1914. Int. M.& S. in
Wyoming. Due $1,000 yearly on Sept. 1 from 1915 to 1923 incl. and $21,000 Sept. 1 1924. Official circular states that there is no litigation pending
or otherwise as to the corporate existence of the district, its boundaries, the
rights of its officers to hold office or the validity of these bonds. A deposit
or $500 required. Bonds to be delivered and paid for as soon after Sept.1
as possible. Purchaser to pay accrued interest.
YAZOO-MISSISSIPPI DELTA LEVEE DISTRICT (P. 0. Clarke.
dale), Miss.—BOND OFFERING WITHDRAWN.—We are advised that
the offering of the $1,000,000 5% 40-year levee bonds, which was to have
taken place on Aug.3(V.99, p.289) was"withdrawn because of conditions.'
Canada, its Provinces and Municipalities.
BOLTON, Ont.—DEBENTURES VOTED.—The election held Aug. 3
resulted, it is stated, unanimously in favor of the proposition to issue the
$9,500 debentures to purchase the plant of the Bolton Light, Heat & Power
Co. V. 99, p. 290.
BRANDON SCHOOL DISTRICT, Man.—DEBENTURE SALE.—
This district, it is stated, has awarded $37,000 5% 20-year debentures to
Wood, Gundy & Co. of Toronto.
CAMROSE, Alta.—DEBENTURE SALE.—The $38.000 local improvement debentures voted April 7 (V. 98, p. 1343) have been disposed of, it is
stated, at 95—$36.000 to Murray, Mather & Co. of Toronto and $2,000 to
D. R. Wilkie of Toronto.
CARDSTON, Alta.—DEBENTURE OFFERING.—Alpha J. Higgs,
Secretary-Treasurer, will receive bids until Sept.2for an issue of $11.0006%
20-year debentures. A similar issue of debentures was offered without
success on July 29 (V. 99,P. 220)•
DAUPHIN, Man.—DEBENTURE SALE.—C. H. Burgess & Co. of
Toronto have, it is stated, purchased $31,000 debentures.
EDMONTON, Alta.—DEBENTURE SALE.—An issue of $350.000 5%
40-year school debentures was recently purchased by Sidney Spitzer & Co.
of Toledo. Denom. $1,000. Date June 30 1914. Int. J. & D.
ENGLEHART, Ont.—DEBENTURE SALE.—Reports state that
$28,000 debentures have been sold to C. H. Burgess & Co. of Toronto.
GALT, Ont.—DEBENTURE SALE.—It is stated that A. E. Ames &
Co. of Toronto have purchased the following 5% debentures at 99.85:
$13,804 86 lateral sewers,$15,200 58 permanent roadways and $12,000 industrial loan.
HAMIOTA CONSOLIDATED SCHOOL DISTRICT NO.692, Man.—
DEBENTURE OFFERING.—Proposals will be received until Aug. 18 by
John Nairn, Secy.-Treas., for $16,000 6% coupon school debentures.
Denom.(19) $400. ()) $8,400. Int. at Union Bank of Canada. Hamiota•
Due $400 yearly on Dec. 1 from 1915 to 1933, inclusive, and $8.400 Dec. 1
1934.
HUMBOLDT, Sask.—LOAN AUTHORIZED.—Council on July 20
authorized a loan of $18,000 to cover the cost of new cement sidewalks,it is
stated.
LETHBRIDGE, Alta.—DEBENTURES VOTED.—At elections held
July 3 and Aug. 4, this city was given authority to issue $408,151 30-year
deb a ntures.
NELSON, B. C.—DEBENTURE ELECTION.—An election will be held
shortly, it is stated, to vote on the question of issuing $30,000 5% 20-year
hospital debentures.
NEWMARKET, Ont.—DEBENTURES NOT SOLD.—No bids were
received, it is stated, for the $15,000 5% 20-year water-works-systemextension debentures offered Aug. 1. V. 99. p. 366.
OAK BAY, B. C.—DEBENTURE ELECTION.—Propositions to issue
$24,000 general municipal purpose and $11,000 land purchase 53i% 30-year
debentures will be voted upon, it is stated, on Aug. 15.
PARRY SOUND, Ont.—DEBENTURES WITHDRAWN.—Report,
s
state that the $43.000 5 % coupon debentures advertised to be sold
Aug. 3 (V. 99. p. 366) have been withdrawn from the market.
PORT MOODY, B. C.—DEBENTURE SALE.—An issue of $80,000
6% 30-year water-supply debentures, voted July 13, has been awarded,
newspaper reports state, to Terry, Briggs & Slayton of Toledo at 92.
RICHMOND, B. C.—DEBENTURES VOTED.—An election held
July 18 resulted, it is stated, in favor of the question of issuing $40.000
water-works-extension debentures.
ST. PAUL (RURAL MUNICIPALITY), Man.—DEBENTURE SALE.
—An issue of $18,0006% 30-installment debentures has been awarded, it is
stated, to Geo. A. Stimson & Co. of Toronto.
ST. VITAL, Man.—DEBENTURE SALE.—The $140,000 6% 20installment paving debentures voted July 9 (V. 99. p. 366) have been
awarded, reports state, to Wood. Gundy & Co. of Toronto.
SOMBRA TOWNSHIP, Ont.—DEBENTURES AUTHORIZED.—On
July 27 Council authorized the issuance of $10,000 drainage debentures,
according to newspaper reports.
SUDBURY, Ont.—DEBENTURES VOTED.—The question of issuing
the $30.000 5% 20-year bridge debentures (V. 99, p. 366) carried at the
election held Aug. 7 by a vote of 95 to 2.
TRURO, N. S.—DEBENTURE SALE.—A block of $74.250 debentures
has been sold, it is stated, to F. B. McCurdy & Co. of Halifax at 97.26.
WESTON, Ont.—LOAN AUTHORIZED.—A loan of $21,000 for paving
Main Street was authorized by Council on July 28. it is stated.
MISCELLANEOUS.
Public Utilities
in growing communities bought
and financed.
qTheir securities offered
to investors.
495
MISCELLANEOUS.
The Union Trust Company of New York (established in
1864) has for many years made a specialty of Personal Trusts—
under Will or under Agreement—and maintains a carefully organized department for handling them.
Many millions of dollars worth of property—real and personal
—have been intrusted to the company by conservative people,
residents not only of New York State but of other States in
which the Union Trust Company:is authorized to transact business.
Correspondence or interviews with persons considering the
formation of trusts of any kind—for themselves or for others—
UNION TRUST COMPANY, 80 Broadway
are solicited.
CAPITAL and SURPLUS
$8,300,000
West
Utilities Co.
Middle
Mellon National Bank
PITTSBURGH, PA.
112 West Adam St.
CHICAGO, ILLINOIS
8-26
3%
H. M. Byllesby & Co.
Incorporated
Correspondence is invited
NEW YORK
CHICAGO
TACOMA
TrIalt5 Bldg. Cont.& Comm. Washington
Bank Bldg.
Purchase, Finance, Construct ane
Operate Electric Light, Gas,Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
F. WM. KRAFT
LAWYER.
Specializing in Examination of
RESERVE ACCOUNTS
is paid by this bank
on
Resources over - $65,000,000
Girard Trust Company
AMA as
gasantor.
Trustee,
Administrator,
Guardian,
Rsosimr,
Registrar and
Transfer Agent.
CAPITAL and SURPLUS,$10,000,000
isseorost allowed
.deposits.
E. B. Morris, President.
PHILADELPHIA
Chartered 1836
Municipal and Corporation Bonds
517-520 HARRIS TRUST
111 WEST MONROE BUILDING.
STREET
CHICAGO,
ILL.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION.
B. W. Strassburger
SEASONGOOD & MAYER
SOUTHERN INVESTMENT SECURITIES
Ingalls Building
CINCINNATI
7110X241011111.12r, Ara.
IRViliG WHITEHOUSE CO., Inc.
INVESTMENT BONDS
First Mortgage Loans
titer:nation on any Western Stocks or Bonds
furnished on request.
216-217-218 Hutton Bldg.. Spokane, Wash,
xcix.
THE CHRONICLE
496
ttrut liannpanies
inancial
CHARTERED 1863.
United States Trust Company of New York
BELL SYSTEM
IN COLORADO.
NEW MEXICO, ARIZONA, UTAH.
WYOMING, IDAHO AND MONTANA
45-47 WALL STREET
Capital,
•
Surplus and Undivided Profits
Mountain States
Telephone
• $2,000,000.00
• $14,151,944.23
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
7%
STOCK
No Bonds—No Preferred Shares
BOETTCHER,PORTER
Et COMPANY
DENVER
We Are Specialists
EDWARD W. SHELDON, President.
in the following types of sound securities,
netting 5;4 to 6%.
WILFRED J. WORCESTER. Secretary.
WILLIAM M. KINGSLEY. Vice-President
First Mortgage Serial Bonds Issued by DaPartSecy.
CHARLES A. EDWARDS, 2d Asst.
WILLIAMSON PELL, Asst. Secretary
mant Store corporations of the highest credit
stoma:11nm in the large cities.
TRUSTEES
First Mortgage Serial Bonds secured by the
highest class of improved real estate in Chicago
and other Western cities.
JOHN A. STEWART Chairman of the Board
First Mortgage Loans secured by Improved
PAYNE WHITNEY
OGDEN MILLS
WILLIAM ROCKEFELLER
Chicago prolicrty•
EDWARD W. SHELDON
EGERTON L. WINTHROP
WILLIAM D.SLOANE
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
No investor has •ver been compelled to
FRANK LYMAN
loss on any security purchased of
FOREST
L.
GEORGE
RIVES
STILLMAN
acespt
de
W.
HEMRY
JAMES
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
this house.
JOHN J. PHELPS
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
LEWIS CASS LEDYARD
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
LYMAN J. GAGE
S.W.STRAUS & CO.
MORTGAGE Ax° BONDBANKERS
•11,.....•0 1•••
STRAUS BUILDING
OHS WALL STREET
CHICAGO
NEW YORK
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1914,
The Trustees, in conformity with tlu Charter of the Company, submit the foliating Statement of its affairs on Pe
31it a December, 1913.
The Company's business hog been confined to marine and inland transportation insurance.
33,600,334 83
Premiums on such risks from the lot January, 1913, to the 31st December, 1913
767.030 94
Premiums on Policies not marked off 1st January, 1913
Total Premiums
$436738371
Premium' marked off from January 1st, 1913, to December 31st, 1913
33,712,602 51
Interest on the Investments of the Company received during the year____$308,419 46
Interest on Deposits in Banks and Trust Companies. etc
Rest received less Taxes and Expenses
94
77 32
9;8212
30
13
478,509 72
61.790,88832
$233.482 06
1 654.343 36
78
35
17
320,84
Losses paid during the year
Less Salvages
Re-insurances
Discount
engineers(
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS
43 Exchange Place - NEW YORK
-$1.236,544 97
Returns of Premiums _______________________________________________________ $105,033 85
Expenses. Including officers' salaries and clerks' compensation, stationery, advertise650,942 08
ments, etc
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the issue of 1908 will be redeemed and paid to the holders thereof, or theft
legal representatives, on and after Tuesday the third of February next, from which date all Interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending 31st
December, 1913, which are entitled to participate In dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
By order of the Board,
O. STANTON FLOYD-JONES, Secretary.
JOHN N. BEACH,
ERNEST C. BLISS,
WALDRON P. BROWN,
JOHN CLAFLIN
GEORGE C. CLARK,
CLEVELAND H. DODGE:
CORNELIUS ELDERT,
RICHARD If. EWART,
PHILIF A. S FRANKLINJ
HERBERT L. GRIGGS.
ANSON W. HARD,
TRUSTEES
SAMUEL T.ITUBBARD,
THOMAS H. HUBBARD.
LEWIS CASS LEDYARD.
WILLIAM H.LEFFERTS,
CHARLES D. LEVERICH,
GEORGE H. MACY,
NICHOLAS F. PALII1ER.
HENRY PARISH.
ADOLF PAVENSTEDT,
JAMES H. POST. '
3670.00000
I 783 70(3 00
2,737 412 00
282,520 00
1,000.000 00
4,295,426 1)4
75,000 00
475 727 45
t05,891 79
LIABILITIES.
Estimated Lo.sses and Losses Unsettled
81,806,024 00
in process of Adjustment
654,783 26
Premiums on Unterminated Risks
264,136 25
Certificates of Profits and Interest UnPaid
108,786 90
Return Premiums Unpaid
28.905 88
Reserve for Taxes
221,485 06
Re-insurance Premiums
Claims not Settled, including Compen70,799 43
sation, etc
Certificates of Profits Ordered Redeemed,
22,556 00
Withheld far Unpaid Premiums
7,240.320 00
Certificate,Profits Outstanding
FOR.STALL AND ROBISON
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alex. C. Humphreys
Altsa S. Miller
HUMPH REVS & MILLER,Inc
Power—Light—Gas
503 000 00
10.00000'
165 BROADWAY
NEW YORK
$10,417,706 87
$9,841.227 29
Thus leaving a balance of
$51,650 20
Accrued Interest on the 31st day of December, 1913, amounted to
28.378 26
Rents due and accrued on the 31st day of December, 1913. amounted to
December,
Re-lasurance due or accrued, in companies authorized In New York, on the 31st day of
166.8.30 00
1013, amounted to
55,903 22
Unexpired re-Insurance premiums on the list day of December, 1913, amounted to
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
450,573 96
William Streets and Exchange Place In excess of the Book Value given above, at
00
63,700
And toe property at Staten Island in excess of the Book Value, at
!foe Market Value of Stocks, Bonds and. other Securities on the 31st day of December. 1913, ex- 1,258,075 10
ceeded the Compady's valuation by
$4,926,338 011
13 the bash of these increased •,aluatione the bat nee would be
Charles D. Robison
ENGINEERS
177.8.01 39
636.46.5 49
113,259.024 16
Alfred E. Foretell
ENGINEERS
CHARLES M. PRATT.]
DALLAS B. PRATT.
ANTON A. RAVEF,
JOHN J. RIKER,
DOUGLAS ROBINSON,
WILLIAM J. SCHIEFFELIN
WILLIAM SLOANE.
LOUIS STERN,
WILLIAM A. STREET,
GEORGE E. TURNURE.
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 City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Itafiroad.s
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions of Chapter 481,Laws of 1887)
Premium Notes
B Ils Receivable
Cain In hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bank
Temporary Investments (payable January and February. 1914)
Loa..
London
Sars Francisco
Chil
Manila, Para, Buenoe Aires, Santiago,
Chicago
engineerss
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER